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&
r
w
otttmertia' f
FEG. U.
COPYRIGHTED
VOL 150.
IN 1940 BY WILLIAM B.
DANA COMPANY, NEW
YORK.
lssuedW«^aCopy~
PAT.
OFFICE
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE
AT NEW YORK,
NEW YORK, UNDER THE ACT OF MARCH 3, 1879,
NEW YORK, MARCH 30,1940
NO. 3901.
THE
BROOKLYN TRUST
COMPANY
I
BANK
CHASE
NATIONAL
BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
NEW YORK.
BROOKLYN
NEW
respondent hank service
is
YORK
Corporation
traditional
a
policy of
the Chase National Bank.
Member FederaVJDeposit Insurance
Broaden
service
PUBLIC UTILITY
your customer
with
Chase
cor¬
respondent facilities.
INDUSTRIAL
Member Federal
Deposit Insurance
Corporation
RAILROAD
preferred
MUNICIPAL
stocks
BONDS
City of
ACALLYN^dCOMEANY
INCORPORATED
Philadelphia
CHICAGO
New York
Philadelphia
Milwaukee
Detroit
Boston
Omaha
Bonds
first boston
CORPORATION
NEW YORK
Hallgarten & Co
BOSTON
CHICAGO
PHILADELPHIA
Established
NEW
1850
AND OTHER
Moncure Biddle & Co.
SAN FRANCISCO
PHILADELPHIA
PRINCIPAL CITIES
YORK
Chicago
London
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
FINCH, WILSON & CO.
Company
Drumlu'lli'r. Ehrlkhmati
Company
Members New York Stock Exchange
Commission Orders
Capital Funds
.
Carefully Executed
$37,500,000
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.
AND 40TH
STREET
Head Office:
8 Moorgate, London,
Subscribed Capital
E. C.
2, Eng
£6,000,000
Paid-up Capital
£2,000,000
Reserve
Members
New York Stock Exchange
£1,000,000
Fund
Currency
New York Curb Exchange
The
Bank
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
CarlM. Loeb,Rhoades&Co.
61
Established 187 k
NEW YORK
London
DeHaVen & Townsend
BROADWAY
Paris
Member
Amsterdam
of the
Federal Deposit
Insurance Corporation
NEW
YORK
80 Broad St.
PHILADELPHIA
1618
Walnut St.
The Commercial & Financial Chronicle
of record only and is under no circumstances to
solicitation of an offer to
The offering is made only by the Prospectus.
This advertisement appears as a matter
construed
buy
as an
any
he
offering of these securities for sale, or as a
of such securities.
The Mead
Corporation
$6,000,000
Fifteen Year
4y2% First Mortgage Bonds, due March 1, 1955
Dated March i, 1940
Price
f0and accrued interest
101
Copies of the Prospectus may be obtained from such of the several underwriters,
the undersigned, as are registered dealers in securities in this State.
including
Lehman Brothers
A. G. Becker & Co.
Goldman, Sachs & Co.
Incorporated
Kidder, Peabody & Co.
Graham, Parsons & Co.
March 7.6, 1940
MERRILL
A. PIERCE
E.
LYNCH,
CASSATT
BROKERAGE AND INVESTMENT
WILL CONTINUE THE
BUSINESS HERETOFORE CONDUCTED
BY
♦
•
MERRILL LYNCH &
&
'
CO. INC.
E. A. PIERCE & CO.
CO. INCORPORATED
CASSATT &
COMMENCING APRIL
'
1940
i,
WALL STREET, NEW YORK
40
'
&
'
,
MEMBERS NEW YORK STOCK
AND OTHER
PRINCIPAL STOCK AND COMMODITY
BRANCH
Private Wires to
OFFICES IN 37
LINE
PIPE
COMPANY
A
been
dividend
declared
of Ten (10) Cents per share has
on the Capital Stock ($10.00 par
J.
R.
FAST, Secretary.
For other dividends see pages ix
COMPANY
Noble and West Streets
Electric Bond and Share
Brooklyn, New York
The Board of Directors of the
Company
16 and $5 Preferred Stock Dividends
American Manu¬
regular
quarterly
dividends
of $1.50
share on the $6 Preferred Stock and $1.25
share on the $5 Preferred Stock of the Com¬
pany have been declared for payment May
1,
1940, to the stockholders of record at the close
of business April 10, 1940.
The
regular
on the
per
Preferred Stock and a dividend of 25c. per share
per
facturing
quarterly
on
April 26, 1940.
Dividends
Dividends
York, March 27, 1940.
value) of this Company, payable May 15, 1940
to stockholders of record at the close of business
CITIES
MANUFACTURING
AMERICAN
26 Broadway,
New
EXCHANGES
Principal Security and Commodity Markets
Dividends
INDIANA
EXCHANGE
the
Company has declared the
dividend of $1.25 per share
Common
payable April
March
1,
Both
1940 to Stockholders of record
Stock of the Company.
16, 1940.
ROBERT
B.
BROWN,
Treasurer.
A.
O.
RAY,
Treasunr.
Volume
The Commercial & Financial Chronicle
ISO
This is not
The offering of these
Offering Prospectus.
an
securities is made only by means of the Offering Prospectus.
:
'
.
The
in
'
I
*
-
•
'
.
•
Kresge Foundation
$8,500,000 Ten-Year 3% Collateral Trust Notes
(Convertible after May 1,1941 into Common Stoc\ of S. S. Kresge Company)
To be due March 15,1950
To be dated March 15,1940
$3,000,000 Serial Collateral Trust Notes
To be dated March 15, 1940; to
be due in ten equal semi-annual installments between
March 15,1940
and March 15, 1945.
The Ten-Year Notes and the Serial Notes are to be secured
National Bank of Detroit,
as
of Common Stock of S. S.
From Mayl, 1941 to
into 33 shares
initially by pledge with
Trustee under the Indenture, of 1,150,000 shares
Kresge Company.
and including March 14,1943, each $1,000 Ten-Year Note is to be convertible
of Common StockofS.S. Kresge Company; thereafter to and
1946 into 29 shares of such
including March 14,
Stock; thereafter to and including March 14,1948 into 26 shares
of such Stock; and thereafter to and including March 14,1950 into 23
shares of such
Stock- The conversion privilege in respect of T en-Y ear ffotes called for redemp¬
tion will cease
on
the sixth day prior to the date fixed for redemption.
Price of Ten-Year Notes 102%
(plus accrued interest from March 15, 1940 to date of delivery)
Further information is
contained in the Offering Prospectus, which is obtainable from such of the
underwriters, including the undersigned, as are
registered dealers in securities in this State.
Lehman Brothers
The First Boston Corporation
Goldman, Sachs & Co.
Watling, Lerchen C95 Co.
March 29, 1940.
•
.
'
The Commercial & Financial Chronicle
IV
INTERBOROUGH-MANHATTAN
To Holders
March
30,
1940
UNIFICATION PLAN
of Securities of
Interborough Rapid Transit Company
AND
Manhattan Railway Company:
The
on
in
Interborough-Manhattan Unification Plan, which
November 22,1939, was
opinion handed down
an
of all classes of
ment
of the
declared to be operative by the Transit Commission
on
March 12,1940. The Court held that the Plan is fair and equitable in its
security holders. In view of the prices at which the properties
provisions of the order
assent to
was
approved by the United States District Court for the Southern District of New York
as to
the Plan will receive
or
treat¬
sold in foreclosure and
the settlement and allowance of claims, the holders of securities who do
substantially less than those who
assent,
and, in the
stockholders, will receive nothing. The Committees referred to below therefore
Interborough
were
case
not
of the Interborough
all holders of undeposited
urge
Manhattan securities to deposit their securities promptly.
Copies of the Plan and of the letters of transmittal for the deposit of securities thereunder
be secured
may
application to the appropriate depositary named below.
upon
Committee
Committee for
Interborough
Committee
for
Manhattan
Rapid Transit Company
Interborough Rapid Transit Company
First and Refunding Mortgage 5% Gold
Ten-Year Secured Convertible
Bonds,
Notes,
By J. HERBERT CASE,
Chairman
Committee for
Committee for
Manhattan
Guaranteed
Modified
5% Stock,
pany
Committee
Railway
Com¬
Guaranteed
Manhattan
pany
Chairman
Committee
for
Railway
Com¬
Consolidated Mortgage
By WILLIAM S. KIES,
Chairman
Depositary for
Depositary for
Interborough Secured 7% Notes,
J. P. MORGAN & CO.,
CITY BANK FARMERS
23 Wall
Street, New York, N. Y.
TRUST
22 William
By NORMAN JOHNSON,
Chairman
Interborough 5% Bonds,
for
Interborough Rapid Transit
Company Ten-Year Secured
Convertible 7% Gold Notes,
4% Gold Bonds,
By CHARLES FRANKLIN,
Chairman
By VAN S. MERLE-SMITH,
Chairman
Manhattan Railway Company
7% Stock,
Company
Mortgage 4% Gold
Bonds,
By J. P. MORGAN,
By THEODORE S. WATSON,
Consolidated
7% Gold
for
Railway
Chairman
Depositary for
Manhattan Consolidated
Mortgage Bonds,
CENTRAL HANOVER BANK
AND TRUST COMPANY,
COMPANY,
Street, New York, N. Y.
70 Broadway, New York, N. Y.
Depositary for
MANHATTAN
INTERBOROUGH
Second
Mortgage Bonds
Guaranteed 7% Stock
Unsecured 6% Notes
Modified Guaranteed 5% Stock
CHEMICAL BANK & TRUST
Capital Stock
COMPANY,
165 Broadway, New York, N.Y.
Notices
We wish to
announce
the formation of
RICHMOND
the firm of
The
Houston & Jolles
COMPANY
$300,000. outstanding
cured by
43^%
Bonds,
se¬
Consolidated Mortgage of Richmond and
Petersburg Railroad Company, maturing April 1,
1940,
Industrial and Financial Consultants
PETERSBURG
AND
RAILROAD
together
with
interest
coupon
maturing
April 1, 1940, will be paid on and after April
upon
1
presentation at office of Brown Brothers
Harriman & Co., 59 Wall Street, New York City.
George H. Houston
52 WALL STREET, NEW
YORK
RICHMOND
By
WHitehall 3-0680
Edward W. Higgins
AND
RAILROAD
Hendrik R. Jolles
PETERSBURG
COMPANY
ATLANTIC COAST LINE
H.
March
29,1940
RAILROAD
COMPANY, SUCCESSOR.
L.
Borden,
Vice President.
Volume
ISO
The Commercial & Financial Chronicle
The First National
1
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.
4
,
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Bank
.
'
•
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1
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of Chicago
Statement of Condition March 26, 1940
ASSETS
Cash and Due from Banks,
United States
.
.
•
•
•
•
$290,214,716.74
Obligations—Direct and fully Guaranteed,
Unpledged,
....
.
$389,375,665.42
.
Pledged—To Secure Public Deposits and
Deposits Subject to Federal Court Order,
34,053,897.23
To Secure Trust Deposits,
40,818,645.57
....
Under Trust Act of Illinois,
.
.
Other Bonds and Securities,
464,798,208.22
.
79,337,618.86
........
Loans and Discounts,
Real Estate
550,000.00
.
247,713,023.67
•
(Bank Building),
.
.
...
.
.
.
.
Other Real Estate,
5,722,187.78
1,124,340.69
Federal Reserve Bank
Stock,
.
.
1,950,000.00
Customers' Liability Account of Acceptances,
.
.
2,931,813.12
Interest
3,929,617.96
.
.
Earned, not Collected,
Other Assets,
.
.
.
.
.
.
.
.
.
•
.
.
.
.
.
326,572.41
$1,098,048,099.45
LIABILITIES
Capital
Stock—Common,
.
.
.
$30,000,000.00
.
.
.
35,000,000.00
.
.
.
3,136,603.49
....
...
814,578.07
.
Surplus Fund,
Other Undivided
Profits,
.
.
.
.
Discount Collected but not Earned,
Dividends Declared, but
Unpaid,
.
1,200,000.00
......
Reserve for Taxes, etc.,
.
.
2,933,300.88
.
3,020,371.06
Liability Account of Acceptances,
.
.
.
Time Deposits,
Demand Deposits,
.
.
.
$182,234,945.57
•
•
.
Deposits of Public Funds,
.
•
783,203,425.52
.
.
56,501,918.57
Liabilities other than those above stated,
.
.
.
.
1,021,940,289.66
2,956.29
$1,098,048,099.45
MEMBER' FEDERAL
DEPOSIT
INSURANCE
CORPORATION
The Commercial dc Financial Chronicle
VJ
COMPARATIVE
30, 1940
CORPORATION
FOODS
GENERAL
assets
March
BALANCE
CONSOLIDATED
SHEET
;
December 31, 1939
December 31, 1938
CURRENT ASSETS:
Cash
$
.
Accounts and notes receivable:
$ 8,872,898
..7...
working funds......................
Notes, drafts and acceptances receivable..
Customers'accounts
$ 8,233,488
1,148,042
206,252
v.
Miscellaneous, including deposits and
1,029,011
444,588
.
.
..
$10,227,192
Less—Reserves for discounts and for doubtful accounts and notes
Inventories, at cost or market, whichever is lower:
$ 9,707,087
368,861
,
;'
9,400,321
306,766
9,918,331
.
materials.
Raw
$13,938,010
7,890,087
:
.
.
$18,401,213
16,607,588
Finished and semifinished stock.
$14,715,686
.14,453,449
908,480
Supplies
35,917,281
29,865,216
696,081
$53,203,547
$53,725,699
Total current assets
OTHER ASSETS:
Investments in and advances to
tionate
share
book
of
value
controlled companies (not consolidated) at proporof net tangible assets, less reserve of $134,365
($130,644 in 1938)
Due from officers.
.
...............
•*
.
*
•
.
•
......
976,733
$
...
.
....
•
•
$ 1,026,199
59,090
—
..
108,951
126,577
3,149,776
208,989
employes.....
Investment in The Best Foods, Inc. (29% of capital stock)
Other stocks and bonds, at cost, less reserve of $385,000....
Balances in suspended banks, less reserve of $163,400.. .
Due from
3,149,776
623,362
76,836
.
94,302
338,820
Long-term notes and accounts receivable
Advances to growers under production agreements
149,809
223,481
5.083,586
5,478,301
249,186
PROPERTY ACCOUNTS:
$ 3,973,467
Land, factory sites, etc
,
$ 4,039,571
16,059,243
30,563,545
16,152,696
33,256,633
Buildings, docks, etc.
Machinery, equipment, motor trucks, vessels, etc,
$53,382,796
are stated at cost,
values in 1916 and 1926; the
(Properties
values
in
excess
of
$50,662,359
22,783,766
Less—Reserve for depreciation
30,599,030
28,793,046
21,869,313
excepting certain properties appraised at sound
balance at December 31, 1939, of the appraised
yet covered by depreciation was $924,545—
not
cost,
$993,732 in 1938).
TRADE-MARKS,
1
PATENTS AND GOOD WILL (Notel)
1
DEFERRED CHARGES TO OPERATIONS:
$
Prepaid advertising expense and supplies
Prepaid insurance premiums and other expenses
Purchase contract rights—balance unamortized..
$
525,267
702,046
457,932
782,954
1,545,130
304,244
1,507,054
279,741
$89,020,025
$90,915,370
;
COMPARATIVE
STATEMENT OF
CONSOLIDATED
FOR THE YEARS
PROFIT
AND
LOSS
ENDED DECEMBER 31, 1939 AND DECEMBER 31, 1938
Y6&rs ended
December 31, 1939
December 31,1938
$135,221,301
$145,615,242
Net sales
provision for depreciation and freight charges.
Selling, administrative and general expenses and other charges
Cost of goods sold, including
.
.
.
.
.
$94,052,135
33,016,220
437,798
...
.
.
.
Provision for Profit Incentive Plan Fund
127,506,153
$
Profit from operations
$88,288,687
31,065,592
293,244
.
.
-v
*
'
119,647,523
$
15,573,778
$
16,522,682
$
18,109,089
13,577,075
Other income:
Dividends received from The Best Foods, Inc
.
$
...
97,399
$
Total income
Provision for Federal income tax
...
Provision for foreign income taxes
Interest
on
foreign exchange
paid
.
$
614,800
110,299
948,904
223,805
19,010,416
$
3,268,200
165,240
309,510
23,481
2,712,814
104,189
—
21,115
91,441
Preferred stock—expense of issuance
s
$
profit, carried to surplus
16,048
3,892,353
125,922
Proportionate share of losses of controlled companies (not consolidated)
Net
901,327
332.678
Royalties and miscellaneous income
Provision for unrealized loss
$
471,250
Other dividends and interest
15,118,063
2,945,607
NOTES
1—Intangibles consisting of good will, trade-marks, patents, etc., carried in
the accounts at substantial amounts, have been applied as at December 31,
1939, against reserve accounts (representing, in part, appropriations, as
Board of Directors on February 14, 1940, of capital surplus
arising from reduction of capital stock liability account) and, consistent with
the procedure followed since 1922, are shown at the nominal amount of $1.00.
authorized by the
2—Net current assets and deferred expenses of subsidiary companies located
in Canada, England, and Philippine Islands and the results of their opera¬
tions are summarized in accompanying text of report to stockholders, and
have been included in the
foregoing balance sheet and related statement of
profit and loss at amounts reflecting current rates of exchange at the close of
the respective fiscal periods; property accounts have been included on the basis
of approximate cost of exchange.
3—Depreciation provided for 1939 aggregated $2,874,409 ($2,357,760 in 1938)
of which $966,205 ($705,505 in 1938) has been included in selling, adminis¬
trative and general expenses, and other charges.
4—The consolidated statements
subsidiary companies
on
reflect the accounts of three small foreign
the basis of their fiscal
year
ending November 30th.
Volume
The Commercial & Financial Chronicle
ISO
COMPANIES
SUBSIDIARY
AND
DECEMBER
AND
1939
31,
VII
DECEMBER
1938
31,
LIABILITIES
December 31,
December 31, 1939
1938
CURRENT LIABILITIES:
Acceptances and drafts payable
$
,.
Preferred dividend
payable.
Foreign drafts discounted.
Accounts payable.
......
........
. ..... .
.
Accrued expenses.
Accrued salaries, wages, etc..,,.
Accrued taxes
.
..........
$
344,971
168,750
100,224
3,206,449
1,092,208
602,076
168,750
80,346
3,576,971
1,046,123
522,213
818,565
3,241,701
1,042,980
Provision for Federal and foreign
3,795,378
income taxes
1,433,649
$10,888,318
$10,353,036
Total current liabilities
RESERVES:
For tax
contingencies.
For loss
on
J
.
commitments for purchase
of
raw
materials..
MINORITY INTERESTS IN PREFERENCE STOCK
MON STOCK OF SUBSIDIARY
$
700,000
94,937
700,000
41,633
794,937
741,633
1
AND CLASS "A" COM¬
COMPANIES (aggregate par value—$1,871,100)
CAPITAL STOCK AND SURPLUS:
Preferred stock:
Authorized—350,000 shares without par value
Issued—150,000
$4.50
shares
preferred (involuntary liquidation
cumulative
$15,000,000
$15,000,000
$48,402,798
preference $100 a share)
$48,402,798
Common stock:
Authorized—6,000,000 shares without par value
Issued—5,359,751 shares.....
....
..
...
.
.
.
.
(Including 85,778 shares held by a subsidiary company for
Class "A" stock in hands of public).
conversion of its
Capital surplus (Note 1)......
Earned surplus, statement
—
attached..,.......
,
Less—Amount allocated in respect of common
ury
.
.
...
stock reacquired and held in treas¬
5,131,454
5,131,454
$16,364,599
(108,311 shares at cost)............,.
$13,987,275
.
*
Total capital
$19,118,729
$21,496,053
77,390,073
79,767,397
stock and surplus
$89,020,025
$90,915,370
»
Copyright 1940, General Foods Corp.
COMPARATIVE
CONSOLIDATED
STATEMENT OF
FOR THE YEARS ENDED DECEMBER 31, 1939
EARNED
SURPLUS
AND DECEMBER 31, 1938
YGHrs Gndcd
December 31, 1939
*
Net
beginning of
year.
December 31, 1938
$19,118,729
15,118,063
..
profit, from consolidated statement of profit and loss..
Dividends
on
$30,375,359
13,577,075
stock in hands of public:
of amount paid for
stated amount.
minority interest in subsidiary company over nominal
....................
.
Excess of preferred
..........
.
...
.
249,999
.
—
stock liability over net consideration received for shares upon
issuance, charged to surplus.
Earned surplus at
$10,502,880
491,250
$11,815,740
675,000
Common—$2.25 per share ($2.00 a share in 1938)
Preferred—$4.50 per share ($3.27^ a share in 1938)
Excess
$16,798,284
$34,236,792
Balance at
—
ACCOUNTANTS'
To the Board of Directors
12,740,739
$21,496,053
end of year.
262,500
11,256,630
$19,118,729
OPINION
February 11+, 191+0
of
General Foods Corporation:
of the consolidated balance sheet of General
subsidiary companies as at December 31, 1939 and of
the related statements of profit and loss and earned surplus for the year 1939.
In connection therewith, by methods and to the extent we deemed appropri¬
We have made an examination
Foods Corporation and
reviewed the system of accounting control and procedure and,without
making a detailed audit of the transactions, examined or tested accounting
records and other supporting evidence of the parent corporation and sub¬
sidiary and controlled companies in United States and Canada. We have been
furnished with reports of other public accountants pertaining to the accounts
ate, we
56 Pine
Street, New York, N. Y.
five foreign subsidiary and controlled companies located in England and
Philippine Islands; the aggregate assets of such companies represent
approximately 1% of the consolidated assets.
of
in the
In
our
opinion, the accompanying consolidated balance sheet and related
of profit and loss and earned surplus present fairly the combined
statements
position of the companies at December 31, 1939 and the results of their
operations for the year 1939, in conformity with generally accepted account¬
ing principles applied on a basis consistent with that of the preceeding year.
Price, Watekhouse & Co.
The Commercial & Financial Chronicle
vni
New
March 30,
1940
Issues
$28,160,000
City of Miami, Florida
.
Dated
3V2%, 33/4% and 4% Refunding Bonds of 1940
April 1, 1940
Bonds maturing
Due July 1, 1941-65 incl.
after 1960 will be subject to redemption on July 1, 1945,
tive maturities, either in whole or in part,
102% if redeemed thereafter and
interest payment date thereafter prior to their respec¬
in the inverse order of their maturities, at 103% if redeemed
prior to, July 1, 1955, at 101% if redeemed thereafter and on
on or
100%
or on any
thereafter
maturity,
to
plus
accrued
interest
each
in
on or
or
prior to July 1, 1950, at
prior to July 1, 1960, and at
case.
Principal and semi-annual interest, January 1 and July 1 (first coupon due January 1,1941), payable in New York City at the Chemical Bank & Trust
Company.
Coupon bonds in denomination of $1,000, registerable
and
interest,
and interchangeable
Interest
with
respect
as to
to
principal only
or as to
both principal
fully registered bonds.
Exempt from all present Federal Income Taxes
AMOUNTS, MATURITIES AND YIELDS
Yield
Amount
Rate
Due
$ 400,000
4%
1941
1.00%
400,000
4
1942
1.60
400,000
4
1943
Amount
Rate
Due
Yield
4%
1949
1,100,000
4
1950
3.30
2.00
1,100,000
3M
1951
Amount
3.20%
$1,100,000
Rate
Yield
Due
3^%
1957
1,500,000
334
1958
3.60
3.40
1.500,000
3
H
1959
3.65
$1,400,000
3.60%
400,000
4
1944
2.25
1,200,000
3M
1952
3.50
1,600,000
3H
1960
3.65
500,000
4
1945
2.50
1,200,000
3V2
1953
3.50
1,600,000
3M
1961
3.75
600,000
4
1946
2.75
1,300,000
3M
1954
3.60
1,700,000
3M
1962
3.75
500,000
4
1947
3.00
1,300,000
3M
1955
3.55
1,800,000
3%
1963-64
3.75
1,000,000
4
1948
3.10
1,400,000
3
1956
3.55
1,460,000
3%
1965
3.75
K
ea.yr.
(Accrued interest to be added)
The above Bonds are offered when, as and if
lo
The Chase National Bank
Smith, Barney & Co.
Pheips, Fenn & Co.
issued and received by
us
and subject
approval of legality by Messrs. Masslich and Mitchell, Attorneys, New York City.
Chemical Bank & Trust Company
Hornblower & Weeks
Lazard Freres & Co.
Lehman Brothers
Stone & Webster and Blodget
Paine, Webber & Co.
Incorporated
Union Securities Corporation
The First Cleveland Corporation
McDonald-Coolidge & Co.
Cleveland
Schlater, Noyes & Gardner
The Wisconsin Company
Reynolds & Co.
Cleveland
Bacon, Stevenson & Co.
Darby & Co., Inc.
-
Milwaukee
Swiss American
W. E. Hutton & Co.
Incorporated
First National Bank & Trust
of
The
Company
Robinson-Humphrey Co.
Minneapolis
Starkweather & Co.
Paul H. Davis & Co.
Sehoellkopf, Hutton & Pomeroy
Hawley, Huller & Co.
Cleveland
Wheelock & Cummins, Inc.
Des Moines
The First National Bank
of Miami
of
Chicago
Coffin & Burr
Hartford
Kansas
Minneapolis
Mason-Hagan, Inc.
Minneapolis
City, Mo.
Richmond
Merrill, Turben & Co.
Soucy&Co.
Cleveland
Benjamin Lewis & Co.
Boston
Atlantic National Bank
Chicago
First National Bank
Jacksonville
Palm Beach
New York, March 28, 1940.
Michigan Corporation
Commerce Trust Company
Weils-Dickey Company
Bigelow, Webb & Co., Inc.
Pittsburgh
Putnam & Co.
First of
Atlanta
Incorporated
Singer, Deane & Scribner
Incorporated
Trust Company of Georgia
Toledo
The Illinois Company
Incorporated
Cleveland
Braun, Bos worth & Co.
Chicago
R. H. Moulton & Company
Hayden, Miller & Co.
Atlanta
Corporation
I
Fenner & Beane
Martin, Burns & Corbett, Inc.
"
Chicago
Miami Beach First National Bank
Miami Beach
Volume
ISO
The Commercial & Financial Chronicle*
DC
—J-
Meetings
/
NEW
YORK
AND
HONDURAS
MINING
STOCKHOLDERS'
The
t
of
ROSARIO
COMPANY
NOTICE
„•
OF
ANNUAL
MEETING
Annual
NEW
Meeting of* the
Stockholders
YORK and HONDURAS ROSARIO
The "EXPANDIT" BINDER
1.
The
election
.ensuing
of
eleven
or
year,
until
Directors
their
for
J
•
'
'
.
A
'
'
Practical and Serviceable Binder for Your
Magazines and Publications
the
successors
'
,
J
MINING COMPANY will be held at the
office
of the
Company, at Ro<
1919, No. 120 Broad¬
way, New York, N. Y., on Wednesday,
April 3rd,
1940, at 2:00 o'clock P. M., to consider and act
upon the following matters:
are
elected and qualified.
2.
The authorization
of the
cancellation
of
11,633 shares of this Company's capital
stock, held in the Company's treasury, and
directing the amendment of the Company's
The
Continuing the employment of Ernst
the Company's auditors.
The
transaction
of
such
other
& Ernst
'
inch
business
Binder
is
so
con-
that it will always open flat,
whether it be filled to its capacity of aixstructed
,
as
4.
"Expandit"
'
charter accordingly.
3.
expansion,
only
as
properly come before the meeting, or
any adjournment or adjournments thereof.
or
whether
it
contains
one issue.
/may
Its
For the purpose of the
meeting, the transfer
books of the Company will be closed from
noon,
09
Anril A
lOifl
rch 23, 1 QA(\ iinfil ftm a.
1940, until ten
m., April 4, 1940.
q
BY
greatly to its
and
takes to tell about
It,
holes, pulling strings,
in
any
turbing
the
SHAREHOLDERS
Annual
i
the
transaction
of
in
other
or
without
or
issues.
You
the
the
business
to
an
issue
"Expandit"
its
All
books
second
will
value
that
and
It
has
It
is
an
are
can
be
Inserted
In
less
time
than it
to
in
proved
avoids
all
thin
or
adjustable
of
that
every
practical
are
objec¬
In sizes up to
13x8)4 inches
Price $2.00 each
Plus Postags
day of May.
Prices for larger sizes
9
By order of the Board,
F.
desire
remain
em bodies
Thursday, the
on
Is
tionable.
time.
be re-opened
adding
handle only
thick
Binder
thickness.
feature
be
Toronto, New York and
London at 3 p.m. on Tuesday, the ninth
day of
April.
The Preference Stock Books will be closed
same
This
magazines
punching
you
others
Montreal,
in London at the
The
mutilating copies
that
copy
remove;
Whether
generally, will be held on Wednesday, the first
day of May next, at the principal office of the
Company, at Montreal, at twelve o'clock noon,
daylight saving time.
The Ordinary Stock Transfer Books will be
closed
and
space
appearance.
their proper position.
General
Meeting of
Shareholders of this Company, for the elec¬
tion oi Directors to take the places of the
retiring
for
of
or
particular
insert
the
and
size
intervening issues may
be inserted without the
necessity of dis¬
CANADIAN PACIFIC RAILWAY COMPANY
.Directors
the
to
way.
Successive
The/Fifty-ninth
waste
held in place by means of a wire holder,
PERLMAN, Secretary.
TO
adjustable
exclusive feature.
Dated March 20. 1940.
SrOTICE
is
*vi
ORDER OF THE BOARD
OF DIRECTORS,
J.
back
the number of issues it contains,
thereby
eliminating all
on
application
BRAMLEY, Secretary.
Montreal, March 11, 1940.
The "EXPANDIT" Binder
NORFOLK AND
RAILWAY
WESTERN
25
COMPANY
Spruce St.,
New York
Roanoke, Virginia
Marph 0
NOTICE
OF
OF
The
104.0
ANNUAL MEETING
STOCKHOLDERS
Annual
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,
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
at
act
staggering of terms in office of its Board of Di¬
rectors, and to alter and
It
J
amend the Company's
By-laws so as to permit such staggering, t© change
the date of annual meeting of stockholders to the
second Thursday in May
beginning in 1941, to
conform the time 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,
before the meeting.
as
Directory of Stock
properly may come
and
Stockholders of record at the close of
business
March 22, 1940, will be entitled to
vote at such
meeting.
L
W.
Bond
"Security Dealers
COX. Secretary
Houses
of North America"
Published semi-annually
A
1,202 Page Book containing1 over
11,000 listings arranged
alphabetically by States and Cities with full details such as:
Dividends
Street address
Officers or Partiers
Department Heads
Branches maintained with street
address and
PACIFIC GAS AND ELECTRIC CO.
of resident
manager
name
Character of business and class of
securities handled
Stock Exchange
DIVIDEND NOTICE
memberships held
Correspondents
Common Stock dividend No. 97
A cash dividend declared
of Directors
quarter
on
Private wire
corrections
Local & Long Distance
Telephone Numbers
by the Board
March 20,1940, for the
ending March 31, 1940, equal
to
2% of its par value, will be paid upon the
Common Capital Stock of this
Company
by check
on
April 15, 1940,
holders of record
at
to
share¬
the close of business
March 30,1940. The Transfer Books
will not be closed.
HERBERT D. SEIBERT & CO.
on
Incorporated
i
D. H.
Foote, Secretary-Treasurer.
Publishers
SB
San Francisco, California.
Spruca Street
Hew
Telephone—BEekman
For other dividends
see
http://fraser.stlouisfed.org/
\
Federal Reserve Bank of St. Louis
pages
ii.
3-1767
York
Oity
City
30\
March
Chronicle
Commercial & Financial
The
X
f
1940
1
F. H. PRINCE &
CO,
Established 1856
OF COMMERCE
H. Hentz & Co.
BANKERS
HEAD
PROVIDENCE, RHODE ISLAND
TORONTO
OFFICE:
Established
INVESTMENTS
Members
1867
New
York,
Chicago & Boston
Stock Exchanges
business.
Members New York
And other Exchanges
N. Y. Cotton Exchange.
Slock Exchange
Bldg,
NEW YORK.
DAJLLAS
CHICAGO
DETROIT
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco;
Seattle; Los An¬
Wellington & Co.
>.
New Orleans Cotton Exchange
BOSTON
AMSTERDAM
every
Tra'de
Exchange
Grain
important
in
Branches
Exchange
of
Board
Chicago
This Bank is in close touch
*
Member®
New
Exchange
Cotton
York
Winnipeg
with
the commercial and financial life
of Canada and is well equipped to
serve
corporations, firms and in¬
dividuals interested in Canadian
Exchange
Curb
York
New
20,000,000
Reserve
Stock
York
New
$30,000,000
Paid-Up Capital.
HIGH-GRADE
\
THE CANADIAN BANK
PITTSBURGH
LONDON
GENEVA
ROTTERDAM
PARIS
MONTE CARLO
geles; London, England; Havana;
Kingston, Jamaica; Bridgetown,
Barbados,
and
Port of Spain,
120 Broadway
LAMBORN & CO., INC.
Trinidad.
NEW YORK
Wall Street, N. Y. C.
99
YORK AGENCY
NEW
St.
Exchange PI. & Hanover
j
SUGAR
Export—Imports—Futures
Foreign
OTTO FUERST &
CO.
Australia and New
New York
120 Broadway
Cables: "Lindros"
Zealand
Foreign
BANK OF
WALES
NEW SOUTH
Leading Out-of-Town
Bankers & Brokers
Established l8l7
£8,780,000
6,150,009
Paid-Up Capital
Reserve Fund..
.....
Reserve Liability
8,730,000
of Proprietors...
Head
ST. LOUIS
30th Sept., 1939. £130,803,611
Capital
K.B.E.,
ALFRED DAVIDSON,
SIR
Total
George Street,
Head Office:
President
A
Vice-Presidents
of New South
The Bank
largest
Stock Exchange
Wales is the oldest and
With over 900
Australasia.
in
bank
Maj.-Gen. The Hon. S. C.
Threadneedle Street,
29
47 Berkeley Square,
WISCONSIN
Mewburn, C.M.G.
Bog
General Managers
Jackson Dodds
Agency
E.C.
the U. S. A.
G. W. Spinney
throughout
CORPORATION SECURITIES
Agencies
and Newfoundland—
More than 500 Branches.
In Canada
W. 1
Arrangements with Banks
—
Branches and
LONDON OFFICES:
MILWAUKEE
A,
W.
all States of Australia, in New
Zealand,
Fiji, Papua and New Guinea, and
London, it offers the most complete and efficient
banking service to investors, traders and travellers
interested in these countries.
in
branches
In London:
47 Threadneedle St., E.C. 2;
9 Waterloo Place, S.W. 1.
In the United
Wall St.;
States—New York, 64
Chicago: 27 South La Salle St.:
San Francisco: Bank of Montreal
(San Francisco), 333 California
Teletype—Milwaukee 92
RICKER&CO.
Michigan St.,
Incorporated by Royal Charter
1727
NATIONAL BANK
Over
BIRMINGHAM
2C0 Years
Street.
I
Royal Bank of Scotland
Milwaukee, Wis.
of Commercial Banking
of
MARX & CO.
HEAD
BIRMINGHAM, ALABAMA
OFFICE—Edinburgh
EGYPT
Head Office
Cairo
......
General Manager
MUNICIPALS and
Total number of
CORPORATION BONDS
Bishopsgate,
6 and 7
Securities
principal Towns in
£69,921,933
EGYPT and the
Associated Bank,
f,
Williams
Street, E. C. 4
Branches in all the
£4,125,965
fund
Deposits
AGENCY
King William
£3,780,192
Capital (fully paid)
Reserve
£3,000,000
£3,000,000
.
....
LONDON
London, England
HARTFORD
Specialists in Connecticut
CAPITAL
RESERVE FUND
offices, 258
FOREIGN DEPARTMENT
CHIEF
3
FULLY PAID
William Whyte
>
SOUTHERN
\
Huntly R. Drummond
509 OUVC ST
East
$36,000,000
-
-
-
SYDNEY
GA/NT LOU/B
Members St. Louis
-
-
Undivided Profits
$40,265,700
Assets in Excess of $1,025,000,000
Rest and
General Manager
St/x $ Co.
Montreal
Office
£23,710,000
Aggregate Assets
X.
MONTREAL \
BANK OF
(ESTABLISHED 1817)
EDGAR,
,
York Stock Exchange
Members New
Investment
/
DIgby 4-2727
SUDAN
Deacon's Bank, Ltd.
PUTNAM & CO.
Members New York
6
Stock Exchange
CENTRAL ROW,
Tel. 6-0151
A.T.T.
HARTFORD
Teletype—Hartford 564
NATIONAL BANK OF INDIA,
Bankers to
the Government in
and Uganda
Kenya Colony
26, Bishopsgate,
London, E.C.
Head Office:
DETROIT
Branch« in India, Burma,
Cblony and Aden and
INVESTMENT HOLDINGS
Paid-Op Capita!
Reserve
Charles A* Parcells
Members of Detroit
Stock Exchange
PENOBSCOT BUILDING.
& Co.
DETROIT, MICH.
The
Fund
Bank conducts
Ceylon, Kenya
Zanzibar
description of banking
and exchange
Incorporated in the Colony of Hongkong.
members is limited to the extent
liability of
in
manner
undertaken
(Hongkong Currency)
(Hongkong Currency)
Authorized Capital
Reserve
Reserve
Fund in Sterling
Fund in Silver (Hongkong
H550,000,000
HS20,000,000
£6,500,000
Cur¬
rency)
Liability of
kong Currency)
Reserve
A.
also
The
and
No. 6 of 1929
of the Colony.
business
Trusteeships and Executorships
prescribed by Ordinance
Paid-up Capital
£4,000,000
£2,000,000
£2,200,000
Subscribed Capital
ANALYZED
LIMITED Hong Kong & Shanghai
BANKING CORPORATION
72
G.
WALL
Proprietors (Hong-
HS10,000,000
H$20,000,000
KELLOGG, Agent
STREET, NEW
YORK
CONTENTS
Editorials
1978
The Financial Situation
Arrogance of SEC Demonstrates Wisdom of Doing Away
with Bureaucracy and Reverting to Government by
Law_
The
.
1990
_
_
1992
Vice-Presidency in History and in 1940
Comment and Review
1994
1983
Report of the United States Steel Corporation,..
Week
on
the European Stock
Exchanges
1983
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
1988 & 2031
1993
Course of the Bond Market
Indications of Business Activity.
1996
-
Week
on
the New York Stock Exchange
1981
Week
on
the New York Curb Exchange..
2028
News
Current Events and Discussions
Banx and Trust
\
Company Items..
General Corporation
and Investment News
2009
2028
2075
2141
2142
Dry Goods Trade
State and Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking
Fund Notices
.2031
Dividends Declared
2029
Auction Sales.
New York Stock
New York Stock
New York Curb
2039 & 2041
2031
Exchange—Stock Quotations
...2042
Exchange—Bond Quotations..2042 & 2052
Exchange—Stock Quotations
2058
2062
2064
Canadian Markets—Stock and Bond Quotations
2068
Over-the-Counter Securities—Stock & Bond Quotations .2071
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and
Bond Quotations
Reports
1987
2029
Foreign Bank Statements
Course of Bank Clearings
2009 & 2039
Federal Reserve Bank Statements
General Corporation
and Investment News
2075
Commodities
The Commercial Markets and the
Crops
2132
Cotton
Published Every Saturday
2135
Breads tuffs
2139
Morning by the William B. Dana Company, 25 Spruce Street,
New York City, N. Y.
Board and Editor; William Dana Seibert, President and Treasurer; William D. Rjggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613)
London—
Edwards & Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23. 1879, at the post office at New York, N. Y.. under the Act of March 3. 1879.
Subscriptions in United States and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada. $19.50 per year, $10.75 for 6 months.
South and Central America. Spain, Mexico and
Cuba. $21.50 per year, $11.75 for 6 months; Great Britain. Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12 50 for 6 months.
Transient display advertising matter, 45 cents per agate 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. Seibert, Chairman of the
The Financial Situation
has been given a place of prominence in our thinking
PRONOUNCEMENTS sundry others in presiden¬
tial candidates, and by party leaders, positions
which
of
there is need
enough to make
away
of
public
debate
have
influence
that
has
been
in
during the past week
called
vealed there.
will
play
paigns
Both
close
Senate
under
throughout
tional trade
re¬
before
The
The
entering
innumerable
however, but
and
is
be
to
with
even
of
one
this
the
before
question
A
we
may
emerge
benefit
of
going inquiry into the
eral
subject of
tions,
the
our
outcome
will
rela¬
to
influence
already
that
conflict itself.
It
be
trade.
tribution
of the
Stabilization
world*8
problems that will
have
that will
Much
gold
of
official
are
unen¬
all
the
nique
idealism,
merely
in
in
hand
than
and
without
pur¬
at
defects
its
entire
in
form
and
theory
reserved
the
war
for
the
for
sentatives
Under such conditions, a
futile
a
effort
to
even
or
the
in
objective—our
economic
author
is
abroad
to world
of
tariff
abroad,
ing
the
reductions,
control,
currency
own
national
sirable
wel¬
lend¬
or
however
relations
after
of
the
conditions
de¬
be
the
a
generally
now
striking
evinced
in
contrast
in
1915,
to
it
make
of
for encouragement.
of
which
this
our
economic
position in
certain nations and to
to others.
economic
When
we
various, often
more
relations
do
so
we
with
may
the
rest
well find
that this trade treaty
program of the Administration
are
in
vir¬
place in the 1920's,
would not need to be
minded
of
such
re¬
facts
as
they have
learned anything of great moment from that period
of
national
our
existence
national economic relations
They
appear
wholly
at
least
are
so
reshaping
them
our
economic system,
so
our
seven
far
possibility—which
hardly
than
more
a
producers.
spect
has
our
a
way
years
in
it within
a
thought to
fortunately
possibility in view of
hibitive tariff rates—of
large part of
in
as
need to compete
foreign markets and without giving
the
inter¬
as
that they have been
unaware
lay, in total disregard of
far
concerned.
feverishly engaged during the past
in
'
unrelated, topics disentangled in our minds,
come
really to grips with the broad, general
world.
they
as
flaws
to indicate that
relations
less
our
fond
these, but there is nothing
We must somehow
get these
of
as
picking
support for it among the great rank and file.
to purnish
can
give aid and comfort
that
suppose
planners at Washing¬
took
pbtaining
economic
use
highly
tually everything that
in
much
The task remaining is that of
working out a
rational foreign trade policy and of
idealists, as witness the "moral
embargoes" and the evident desire of the Adminis¬
to
might
the
the
and
evidence there is
become
productive of disaster.
One
of
here
circum¬
dangerous and in the end
forward
more
normal
in
stances, may under other
real problem of
very
of the
nificant
here
but
sentences
the attitude
Congress.
international
question
or
—that, indeed, really sig¬
be
economic
sell
attainment
idea of the Wilsonian
and
to
would
buying would be conducive
particular program is a part is further complicated
by the intrusion of the persistent "peace sanctions"
or
re¬
tink¬
ton,
attitude
through their
legislative ' repre¬
way
trade
com¬
country.
We have
reason
any
of
embargoes,
of such matters
looking business executives throughout the
of
exercise
tration
formidable
more
expressing not only
the views of the great institution
responsible
people themselves for
The
be
some
international
the
Department of
government,
our
or
bined with currency
Guaranty Survey.
Few, if any, familiar with the trend of
thought in the business community will for
a moment doubt that in
looking forward with
concern
to the conditions
likely to exist in
found
of action, namely,
investment
chosen
will
past mistakes
Neither
a
policy of
nor
recovery,
authority normally, under
the
or
fare.—The
Executive
our
of
disastrous.
isolation
trade
before.
ever
repetition
immediate
practically
the
making,
strictions
ering and foreign lending
the
of the
program
not
matter of tariff
a
international
tech¬
the
is
even
also suffers from
moment
one
for
foreign
our
policy
foreign
countries; inflationary dangers will be pres¬
ent throughout
the world, and barriers to
chosen by the Ad¬
ministration
poses
The
that
economic
the
among
be further increased at the
expense of
understanding,
rest.
and
thought in Wash¬
ington,
the
on
important,
more
cur¬
for settlement and
press
Matter
a
Tariff
always appreciated
policies followed by the
By the end of the war, our
already unwieldy gold holdings will probably
lightened selfishness, lack
unrealistic
of
con¬
certainly wholly alien to
largely depend for their successful
question in American poli¬
broad
far
so
however, is the fact, not
United States.
of
Merely
of
rencies, removal of trade barriers, and redis¬
solution
hypocrisy,
program,
establishment
Not
helpful than in the field of
more
always clung to the tariff
tics—
a
cerned, is severely limited.
seems
an
international
bedeviled with the factors
of
of the
the theoretical
permanent relations is
a
position
important part in the great task
reconstruction,
and nowhere
can
our
play
efforts
part.
is
engulfed
determined
The United States should be in
par¬
is but
matter
be
international economic relations.
of
a
will
however, that the whole world
staggering under the burdens and
be
ticular trade treay
program
The
time
imposed by the war and will
need every aid and
encouragement that can
possibly be given to the resumption of normal
inter¬
of which this
large
or
are
opportunity for
the
as
dislocations
gen¬
economic
national
been
inevitable,
deep-
any
that
such
foreign trade].
our
partly by the duration, destructiveness, and
from the elections without
the
[as respects
at
of
scope
the post-war period is even
beclouded [than the war period] with
uncertainties
Conditions
autumn
of it,
in war, even
Getting Ready for Peace
glance into
more
this
country
autumn.
has
*
On
leading issues
the
not
halting approach to
a
parts
that
feared
last
war
that the world,
now
particularly edifying, and
it
of
Administration
the
that
are,
restrictions,
from which interna¬
unnaturally,4 in greater degree
outbreak
the
problem,
beginning in clearing
a
long been suffering, and is today
not
treaties
the
been
not
suffering,
Heaven knows
fully deserve.
the
has
than
cam¬
earnest.
not
absolute prohibitions,
still
however,
have,
some
say
opinion
of
in
way
does
it
of the Ad¬
program
division
to
so-
strongly suggest that the matter
be
to
soon
the
question of the
important role in the political
an
discussions
the
and
in the
progress
the
on
reciprocal trade treaty
ministration
foreshadowed
long
was
our pro¬
foreign producers taking
a
domestic markets from domestic
What they have been doing in this re¬
imposed
burdens
grievous to
be
borne
Volume
in any
The Commercial &.
150
No such system could possibly long
event.
competition from other countries where
been no New Deal or where New Deals
survive real
there has
been
have
conservatively
more
wisely ef¬
virtually presupposes a very large de¬
the New Deal
in addition to our
For various excellent reasons
tariff
feel
great deal of real competition from
have not
we
the effects of a
neutral
abroad either in
cent
yet been called upon to
as
thing, have been too
their
for
much engrossed in building
combat, and more recently in the
There
be
can
no
doubt, however, that once
has been restored on anything
peace
approaching a
petition, and it is none too soon to be
preparing for
export trade of late years has
Our
it.
of such com¬
footing we shall feel the effects
solid
for
conduct of
autarchies, in preparing themselves
own
mortal
war.
foreign markets in re¬
or
Our more important competitors,
years.
been sup¬
ported in part at the expense of debt service pay¬
ments due but not made, and in part by the inflow
of
"capital funds."
A substantial part of the latter
invested here, other parts
temporarily
been
has
merely left here for safe-keeping, but a
of this so-called
Most
tered
good deal of
paid for goods purchased in this country.
has
it
capital is
now
being seques¬
if the war con¬
should grow more active,
unquestionably be expended for goods needed
by warring governments, and
tinues, particularly if it
will
that conflict.
to conduct
Such
a
development would
naturally stimulate exports for the time
funds with
being, but
foreigners minus this source of dollar
would leave
which to purchase our post-war
Precisely what the status of the foreign
goods.
industrial
plant will be at the close of the war cannot of
course
at this time be foreseen, but it is a wellknown fact that
several countries either actually or
potentially competitive with us have been and are
buying immense quantities of
machine tools, indus¬
trial
machinery and the like to bring their plants as
near
to
perfection in the productive process as pos¬
sible in the circumstances.
The immediate purpose
in most instances has been
and is without question
preparing for the utmost war effort, but the
that of
quickly and easily
converted to the pursuits of peace. It is well within
the bounds of possibility that at the close of the war
plant for the most part can be
we
want
we
shall find ourselves faced by
be
a
and services among
Washington to provide loans to this, that, and
country desiring to buy goods in this coun¬
the other
Conceivably,
try.
Involved
method—provided
situation
as
be
would
to
this
in
of tariff duties alone
terms
leave other equally
en¬
oul of consideration.
tirely
be
would
terms
of
Still more inadequate
any analysis of the problem merely in
currency control mechanisms and loans,
of gold,
whether
as
some
observers are now sug¬
any
very
abroad and lehve them and their
in addition, to finance payments on
are,
already owed us by foreigners—and any dis¬
debts
cussion of the
a
bottom
present be foreseen is hardly of more than
at
can
academic interest.
Obviously,
we
national
payments
harmless
by
of
In
stabilization
this
agreements, by the operation
funds,
or
by other similar devices.
connection, it should be said at once and
bluntly that the vague idea of "lending gold" for
such purposes may as
now.
The
loans
to
foreign
take the form of
chinery
or
that
will need
upon a
magic to the transaction.
It may
us are
in balance
or
approximately
gold to establish its currency system
In such circumstances we
give favorable consideration to a loan of
gold, so-called.
relations
as
as
governments
sound footing, and therefore may prefer the
could well
quite
foreign
gold rather than, let us say, ma¬
yellow metal to steel.
loan
by arbitrary agreement
or
country whose trade relations with the
a
world and with
so
peoples
cotton, does not and can not impart a
touch of economic
occur
well be abandoned here and
fact that
mere
A fundamental balance in the trade
country in question is, however,
the
of
essential in considering a so-called gold
anything else. Too many peo¬
in the loan of
ple appear to lose their common sense when engaged
in
the discussion of
gold.
Further Vital
Most
of
discussions
Considerations
these
subjects end here—if
That, however, is one of their
weaknesses. An enlarged import trade
tliey get this far.
fundamental
does not
by
any means
guarantee a flourishing ex¬
Our ability to sell our goods abroad
vitally affected by the price of the dollar in the
foreign exchange markets, but it likewise
upon a
It
depends
number of other factors of equal importance.
is, of course, perfectly obvious that our difficul¬
ties
in
recent
years
in exporting our cotton and
wheat have not been so much
of the dollar
as
the
the result of the price
price of cotton and wheat. Arti¬
ficial factors introduced
by government for the pur¬
satisfying to the farmer (but at the expense of
The impact of the war is even now
at
export sales, and a long continu¬
ation of the conflict must
on
be overcome or rendered
can
currency
level
making larger imports more and more es¬
decision
should be more than naive should
we
that a substantial unbalance in inter¬
suppose
It has long been true
sential to greater
a
placement of such sums abroad under
present conditions or under any circumstances that
substantial enlargement of our ex¬
enduring is dependent
freer admission of foreign goods into otir
markets.
proportions—exceedingly large
have to be of large
they
funds
Such export of capital would, however,
definitely.
if
our
earnings there in¬
of holding the prices of these commodities at a
port trade to be sound and
upon
find suitable invest¬
willing to send
were
pose
gesting, or of anything else.
that
vital factors
could
we
abroad and
ments
is
Obviously, to discuss the preparation for such a
could finance an export trade
we
quite out of proportion to our imports via the loan
port business.
Factors
goods
It is in this fact that
of the program being fostered
nations.
find the weakness
we
ders
ing at capacity.
Loans are not and
substitute for a reasonable balance
payments resulting from the interchange of
of
the severest of com¬
petition from precisely those customers whose or¬
are now keeping our machinery makers work¬
by additional imports.
can
never
trade enough to permit it to be
export
financed
in
of economic isolation.
gree
one
more
of planned econonfy envisaged by
The type
fected.
or
1979
'inancial Chronicle
our
almost inevitably render
part unavoidable as to whether
the rest of the
community) simply placed them out
of reach of would-be
to find other
foreign buyers who were able
suppliers ready to take a lower price.
Secretary Wallace has often had a good
about
deal to say
"opening foreign markets" to our agricultural
products, and upon occasion there has been good
hard sense in what he had to say, but he has ap-
The Commercial & Financial Chronicle
1980
parently
been able to bring himself to see that
never
member banks
foreigners
are
not likely to take our farm products
000,000, to
when
can
get similar products elsewhere much
which is
they
cheaper—not merely because dollars are expensive
but
also
because
commodities
the
We have in
speaking, high in terms of dollars.
of these
some
basis for
no
In
thing
pro¬
have been doing much the
respects practically all the goods
as
normally offer in the export market.
it has
method
a
enduring export trade in them.
an
different way we
a
same
products* but while such
of them for a time it patently
may move some
vides
one
another been indirectly subsidizing exports
way or
of
relatively
are,
we
Administration
turers
of
many
policies
the
subsidize
to
country
of
either
the
their export trade, but
or
Administration
the
manufac¬
have
con¬
sistently and persistently increased the cost of
man¬
ufacturing goods and thus rendered it the
ficult
manufacturers
for
market where
has
in
sell
to
competitive goods
dif¬
foreign
any
available.
are
the effect of most of the New
been
more
This
Deal
pro¬
but results have been most direct and most
grams,
conspicuous
Taxes
and its
in
the
field
of
upon
the petroleum industry
imposed
now
products during 1939
taxation
are
and
labor.
estimated by
com¬
petent students of the subject at $1,335,000,000 com¬
pared with $671,000,000
amount
Deal
recently
as
1930.
as
The
$747,000,000 in 1932, the last pre-New
was
General
The
year.
Motors
Corp.
recently
only $100,000,000 under the record esta¬
records in
excess
credit
change in the week to
weekly reporting member
their business loans off $5,000,000 in the
banks found
week, to $1,679,000,000.
statement
55.6% of total net
further
No
action
with
banks
Reserve
total
$67,000,000 although its
over
were
to less than
These, of
$60,000,000.
illustrations.
The
matter which
no
course, are
picture is substantially the
way
we
turn.
oper¬
deducted amounted
market
The Treasury
$2,475,270,000.
remaining at
Washington deposited $49,996,000 gold certifi¬
in
the
with
cates
regional institutions,
holdings to $16,047,618,000.
increased
banks
vanced
modestly,
$60,377,000
Reserve
in
notes
raising their
Other cash of the 12
and total reserves ad¬
Federal
$16,428,119,000.
to
circulation increased
actual
069,000 to $4,899,117,000.
$4,,-
Total deposits with the
$13,801,-
regional banks advanced $47,464,000 to
773,000, with the account changes consisting of a
gain
member
in
bank
a
by $37 ,-
balances
reserve
752,000 to $12,294,002,000;
decline of the Treasury
general account by $7,616,000 to $699,877,000; an
of
increase
foreign bank deposits by $4,293,000 to
$395,073,000, and
to
at
increase of other deposits by
an
The
$412,821,000.
87.8%.
Discounts
trial advances declined $15,000 to
ating income after taxes
12 Federal
open
portfolio of United States Treasury securities, the
institutions increased
in the amount of
the
to
respect
Steel
same year
$467,000,000.
taken by the
was
earnings available for dividends. The United States
Corp. reports taxes paid during the
Brokers' loans
security collateral fell $18,000,000 to
remained
some
demand side, the
On the
New York City
at
or
probably will be attained
reserves
weeks.
of
picture shows little
March 27.
on
a
matter
a
$13,035,000
$101,884,000,
There appears to be little
change in the situation, and fresh
of
estimated its "ascertainable direct tax bill" in 1939
some
estimated total of $5,680,000,000,
likelihood
in
30, 1940
legal requirements increased $90,-
over
an
blished two weeks ago.
True enough,
certainly not been the general practice of the
March
by
ratio
regional
reserve
the
$124,000 to $2,090,000.
Indus¬
$10,483,000, while
commitments to make such advances were lower
by
$856,000 at $8,224,000.
but
Foreign Trade in February
same
It is difficult to
present direct statistical evidence concerning labor
THE United States in February merchandise other
exported to than
countries $147,004,000
costs of
was
is
products normally offered for export, but it
knowledge that these too
common
enormously in
strides
made
ments in
It
recent
years
have
despite the immense
in
perfecting technological improve¬
production.
would
plainly be suicidal for
markets to
to open our
us
foreign competition and to expect
producers to sell competitively abroad with
at the
same
make it
time that we,
expensive
as
prises to operate.
nomic relations
much
risen
more
as
through
our
possible for
The question of
is thus
than is
plainly
success
government,
our own
our
our
enter¬
foreign
eco¬
as
embracing
popularly assumed.
We must
seen
more
formulating
a
of
excess
the
exception in the past few years.
month
preceding
685,000
figures appeared,
since
year,
trend
the
was
credit
resources
interrupted
over
of
the
This
country.
the March tax date, but
outpouring of Treasury funds from the general
account
with
the
Federal
Reserve
In only the
of exports
of $126,-
which, until the February
the largest of any month
In the first two months of the
therefore, exports have exceeded imports by
less than
in
the
$273,689,000 compared with $95,276,000
same
an
period of 1939, $217,367,000 in 1938,
import balance of $62,364,000 in the two
months of 1937.
It
net
OFFICIAL banking statistics this weekexpansion
reveal a
resumption of the tendency toward
idle
balance
was
October, 1929.
no
and
a
recorded,
was
does not
balances
the
1928—and
since November,
appear,
however, that the heavy ex¬
port movement resulted in any depletion of foreign
wise policy.
Federal Reserve Bank Statement
in
month
any
large export balances have been the rule rather than
consider it in all of its
aspects if we are to be suc¬
cessful in
imported during the month, the largest export
banks
now
has
to
here, for during the two opening months
imports of gold to the United States amounted
$437,814,000, which compares with $379,627,000 in
the
corresponding period of last year and $10,124,-
000 in the 1938
ceived here
amount of
the
same
period.
In addition, silver was re¬
during January and February in a net
$9,120,000, compared with $16,532,000 in
months of 1939 and
$43,608,000 in 1938.
been resumed, and gold imports are
exercising their
usual effect.
In the week to March 27 the
gold
779,000, 6% below January's $368,583,000 but 59%
stocks of the United States increased
$53,000,000 to
higher
$18,413,000,000, which is of
amounted
in circulation fell
471,000,000,
member
record.
Money
$13,000,000 in the week, to $7,this helped the upbuilding of
deposits.
Excess reserves of the
and
bank
course a
February's merchandise exports aggregated $346,-
ruary,
than
to
February,
1939
only $218,682,000.
amounting to $199,775,000
reduced
from the
when
shipments
Imports in Feb¬
were more
sharply
preceding month, the total being
17% below January's $241,897,000; compared with
Volume
the
The Commercial &
150
February, 1939 total of $158,072,000 the month's
imports showed
shorter by two days than January
February
was
would
more
be
reduction in
count for
sufficient to
than
account for the
exports from January, and would ac¬
considerable part
a
The fact that
increase of 26%.
an
1981
Financial Chronicle
of the decrease in im¬
owing its advance largely to indica¬
latter group
types of combat airplanes are to
tions that latest
available
made
be
the
to
Cotton
shipments, alone, however, which were sea¬
sonally reduced by $15,601,000 last month, explain
nearly
entire export decrease of $21,804,000.
the
of
Exports
aggregated
February,
in
staple
the
shares
generally
improved.
Rail shares advanced to a modest de¬
gree.
Earnings reports for 1939 still are appearing
favorable, but current busi¬
and the results remain
ports.
Motor
Allies.
little, while other industrials were
varied
is the European
still
market
the
that curious conflict may
course
are
not en¬
Overshadowing all other aspects
tirely comforting.
of
States
the United
within
trends
ness
war
and the
take, and the neu¬
The
confused
than at present, and our markets were not inclined
to speculate on events.
It was almost entirely on
the pivot of domestic affairs, such as the United
that
eventually become involved.
793,934 bales, valued at $44,283,000, in comparison
trals
with
European outlook seldom has been more
but
1,058,078 bales worth $59,884,000 in January,
writh
only 282,307 bales worth $13,732,137 in
February last
than
in
about
shipped in smaller quantities
were
January; copper shipments were reduced
$6,000,000 and aircraft about $5,000,000, but
both remained
Tobacco
of
There were other itdms of
year.
trade which also
1939,
substantially higher than a year ago.
shipments, which, in the last six months
were
little
than a third as great as the
more
corresponding 1938 period, dropped even lower in
February.
There
decreases also in soy beans,
were
petroleum and its products and passenger automo¬
Increased truck
biles.
smaller passenger
car
increases in
were
and
leather
shipments about offset the
In addition, there
exports.
shipments of grain, canned fruit,
industrial
manufactures,
paper
ma¬
Smaller
about half the
silk
and
rubber
imports accounted for
$44,810,000 reduction in imports from
Steel dividend, that
States
higher by small fractions.
moved
high-grade bonds that appeared on
absorbed
vertible
continued,
as
a
stance
sugar
cane
previous
in
months,
A few items,
ago.
year
as
and hides and skins
much
for in¬
im¬
were
FOR a few brief sessions, this week, the New
climbed
of
lethargic
York stock market
months.
trading
for
gains and losses reported in
After the close
the first two sessions of the week.
of
market
the
Tuesday, however, directors of
on
United States Steel
Corp. held
ing and declared
dividend of $1 a share
of
the
unexpected meet¬
in
on
the
organiza¬
This stimulated trading to
country.
extent
some
a
an
stock of that foremost industrial
common
tion
four
some
Dealings started in the usual dull fashion,
small fractional
with
the
out
marked
has
that
sessions
the
of
idle at previous
Wednesday
and
only modest changes for
leading grains losing a
were
marked
mere
London.
ling" balances held in
in the British
rates, but hasty
caused a plunge in the
years.
terms
continued to move in heavy
sterling from London
dollar.
the
of
Gold
United States.
volume toward the
the
On
touched
touched
New
Stock Exchange
York
touched new high levels and 61
Exchange 87 stocks
stocks touched new low
On
levels.
New York Stock Exchange re¬
Call loans on the
mained
unchanged at 1%.
Stock Exchange the sales on
the New York
Saturday were 392,470 shares; on
change of only a little more than 500,000 shares in
previous sessions, dealings mounted modestly
the
over
1,000,000-share
The
Thursday.
Steel" dividend
turnover
toward
stimulating
wore
and
of the
"Big
effect
off by Friday, however, and
that
came
some
into demand yesterday on indi¬
progress
soon
may
be
made
intergration under the Public Utility Hold¬
ing Company Act of 1935.
stocks
Wednesday
again fell below the 1,000,000-share figure.
Utility stocks
cations
level
were
Aircraft manufacturing
in fair demand throughout the week.
The net result of this
week of fair stock market
activity is an irregularly higher scale of prices for
leading issues.
A few specialties, such as Loft, Inc.,
The steel and aircraft stocks
gains for the week of one to three points, the
forged ahead rapidly.
show
On
the
New York
1,019,888 shares, and
Curb Exchange the sales on
Saturday were 150,465 shares; on
shares; on Tuesday,
Monday, 594,990
622,600 shares; on Wednesday,
1,191,870 shares; on Thursday,
on Friday, 836,530 shares.
the
141 stocks
high levels for the year while 84 stocks
new low levels.
On the New York Curb
new
of
against turnover on the New York Stock Ex¬
by the
transfers of
quotation to the lowest level in nearly seven
French francs dropped to a historic low in
shares; on Tuesday,
price levels that took in virtually the entire list.
Most transactions
unit were covered, of course,
Thursday, and also brought about an improvement
As
The commodity
levels.
the week,
little ground. Base
steady.
Foreign exchange dealings
by violent fluctuations in "free ster¬
markets showed
free
The New York Stock Market
slightly improved
also gained mild stimulation
sentiment.
Foreign dollar securi¬
official British control
ported in larger volume than in January.
routine
The
the better
were
metals
higher than
the
price rise of related equities.
other groups
some
ties
New issues of
the market were
showed best results, owing to
lower-priced railroad bonds were
and
obligations
In the speculative groups, con¬
readily.
issues
influence of the
list of items
named
United States Treasury
firm.
securities and the best rated corporate
with
The last
market tendencies were mixed,
In the listed bond
with the undertone
January while the balance was spread over a wide
including wool and mohair.
the market turned this
week.
from
chinery and agricultural implements.
may
Monday, 175,120
166,695 shares; on Wednesday,
Thursday, 261,100 shares, and
276,585 shares; on
on Friday, 252,535 shares.
Advantage was
on
apparently taken of the holiday
Friday of last week by many
tended the customary
from the market on
tained
Saturday.
A narrow range ob¬
throughout, with opening prices
irregular.
quiet and
Aeronautical issues held the day's inter¬
est, with stocks of
Notwithstanding
airline companies most popular.
this
fact,
assumed the leadership and
record with
the
traders who ex¬
week-end by remaining away
an
however,
Loft,
Inc.,
broke into a new high
advance of 1% points to
general list, prices at the close were
33%.
For
mixed.
No
The Commercial & Financial Chronicle
1982
In
change of consequence developed on Monday, and
stocks
that
prominent
were
dominated the
beverage and
associated
stocks in this group
creased
in
values.
the
list
and
States
Steel
ing, but had
again showed
show
to
a
dividend
a
its
,on
stock
common
Tuesday to affect that day's trad¬
beneficial effect
on
compared with
as
Right from the start United
gain of 1% points.
hour
rise
and
three
points higher
part
of
traders
surged forward
With the approach
brief pause came,
a
600,000
equities finished from
the day.
on
realize
to
to
one
The desire
profits
ex¬
on
the
Topeka & Santa Fe at 22% against 22;
Central
York
at
at
15%
15%;
against
Union
95% against 95%; Southern Pacific at
12% against 12; Southern Railway at 16% against
15%, and Northern Pacific at 8 against 73/4#
stocks
Steel
against 55%
Steel at 38
SteeL
this
advances
modest
made
States
United
closed
yesterday
week.
57%
at
Thursday of last week; Crucible
on
against 37%; Bethlehem Steel at 7o%
against 75, and Youngstown Sheet & Tube at 40%
against 39%.
In the motor group,
arresting the
list, but fresh support
against 34%.
fractionally higher
Pennsylvania RR. closed yester¬
present week.
Atchison
Wednesday's
about
lifted
were
day at 22 against 21% on Thursday of last week;
Pacific
day before.
the
the
by United
on
shares
Railroad
Word of the declaration
forward movement of the
tended
up
The day's transactions totaled about
noon
week; B. F. Goodrich at 18% against 18%,
New
States Steel took the initiative and
of the
of last
and United States Rubber at 34
numerous
1,200,000 shares
shares the
once
Closing time found the general
a very
operations.
enjoyed much activity and in¬
Goodyear Tire & Rubber
group,
yesterday at 22% against 22% on Thursday
Tuesday, and
on
rubber
the
1940
30,
closed
more
of
too late
shares
dull, losses being
than advances.
came
Interest shifted to the
Loft, Inc.,
forefront.
mixed
again
session, with Loft, Inc., establishing
high record at 34%-
a new
Saturday
on
March
Auburn Auto closed yester¬
day at 1% against 1% bid
General
Motors
at
Thursday of last week;
on
54%
Chrysler at
against 54;
86% against 85%; Packard at 3% against 4, and
Thursday
Hupp Motors at % against %.
proved too alluring and resulted in profit-taking
filtering through the general list.
Further, the
yesterday at 43% against 43%
spending
new
afforded
embarked
program
of
obstacle
by the House
hope for that long-awaited trend to¬
no
ward Government economy
session
on
on
Congress,
in
the
but
only
proved
be
to
opening
Avas
shoAV of
strength around
an
The
followed by an easier tendency, until
noon
a
time colored trading;
subsequent softening of prices ensued and left the
list
irregular
at
the
close.
Yesterday generally
higher prices prevailed at the close, with best values
recorded in the
fractions to
firm
morning session, when advances of
more
undertone
than
was
point
a
were
attained.
Inc., again broke through for
a new
high at 38%.
McKesson &
Robbins, in its initial trading since it
stricken from the list, showed unusual
activity
made impressive gains in both classes of stock.
was
and
Utility shares also perked
ately good showing.
comparison
those
on
38%
son
on
and made
moder¬
a
Advances predominate in
closing prices for yesterday
Thursday a week ago.
a
AAdth
Electric at
31% against 31; Columbia Gas &
6% against 5%
;
Public Service of N. J.
against 42; International Harvester
at
58%
against 56; Sears, Roebuck & Co. at 86% against
85%;
Montgomery Ward
&
Co.
at
52^4
against
53%; Wool worth at 40% against 403/4, and Amer¬
ican Tel. & Tel. at
172% against 1713/4.
yesterday at 22% against
Thursday of last week; Allied Chemical &
Dye at 179 against 179; E. I. du Pont de Nemours
on
at
1853/4 against 185%; National Cash Register at
143/4 against 15; National Dairy Products at 18
•against
17%;
National
Biscuit
at
23%
against
23%; Texas Gulf Sulphur at 33% against 33%;
Loft, Inc., at 38% against 31%; Continental Can
at
473/4
against 46%;
against 152
Eastman
Kodak
at
151%
Standard Brands at 6% against 6%;
Westinghouse Elec. & Mfg. at 113% against 111;
Canada Dry at 223/4 against
21; Schenley Distillers
at
;
14% against 12%, and National Distillers
against 25%.
closed
the
Anaconda 'Copper
stocks,
copper
yesterday at 29% against 28%
of last
on
Thursday
Aveek; American Smelting & Refining at 50
49%, and Phelps Dodge at 37% against
against
36%.
•
In
the
aviation
Curtiss-Wright
group,
yesterday at 10% against 10%
Aveek;
Boeing Airplane
against 21%,
23
at
closed
Thursday of last
on
and
Douglas Aircraft at 84% against 82.
Trade and industrial
variations
in
reports reflected only small
business.
week
ending today
Iron
and
Steel
Steel
operations for the
estimated
were
Institute
at
60.7%
against 62.4% last week, 65.9%
56.1% at this time last
power
Avas
a
by
American
of
capacity,
month ago, and
Production of electric
year.
reported by Edison Electric Institute
for the week ended March 23 at
2,424,350,000 kwh.,
against 2,460,317,000 kwh. in the previous week and
1939.
Car loadins of
March
to
23
are
American Railroads at
901
cars
over
over
the
at 26
freight for the week
revenue
reported by the
619,886
Association
cars, an
of
increase of
previous Aveek, and of 17,938
cars
the similar week of 1939.
As indicating the course of the
commodity mar¬
kets, the May option for wheat in Chicago closed
yesterday at 104%-c. against 105%c. the close
Thursday of last week.
Western Union closed
22%
Refining at 22% against 22%.
Among
2,198,681,000 kwh. in the corresponding week of
yesterday at 38% against
Thursday of last week; Consolidated Edi¬
Co. of N. Y. at
at 42
up
of
General Electric closed
Atlantic
A
present throughout, and Loft,
Thursday of last
on
Shell Union Oil at 11% against 10%, and
Aveek;
promised at the initial
of higher stock prices.
way
Among the oil stocks, Standard Oil of N. J. closed
at
May
corn
56%c. against 56%c. the close
last Aveek.
41c.
on
closed yesterday
on
Thursday of
May oats at Chicago closed yesterday at
against 41%c. the close
on
Thursday of last
week.
The
spot price for cotton here in New York closed
yesterday at 10.79c. against 10.84c.
Thursday of last week.
closed
on
last
closed
20
week.
Domestic
In
London
the
pence per ounce
week,
and
spot
in
on
closed
Thursday
per ounce
the close
silver
copper
price of bar silver
yesterday at 20 7/16 pence
11/16
last
on
yesterday at 18.19c. against 18.50c. the close
Thursday of last Aveek.
yesterday at ll%c. to ll%c., the close
of
the close
The spot price for rubber
on
NeAV
against
Thursday of
York
closed
Volume
The Commercial &
ISO
yesterday at 34%c., the close
week.
foreign exchanges, cable trans¬
London closed
on
$3.72% the close
transfers
yesterday at $3.52% against
Friday of last week, and cable
on
closed
Paris
on
The
against 2.11%c. the close
yesterday
at
2.00%c.
airplanes to the Allies was debated at great
length in Washington, and restrictions were removed
Whether
early this week.
important American
some
military "secrets" also will be divulged remains to
be
Washington
seen.
disclosed
Tuesday that
on
British trade authorities have decided to curtail im¬
Friday of last week.
on
1983
problem of supplying latest types of American
combat
*
In the matter of
fers
Thursday of last
on
inancial Chronicle
ports of American cotton in an endeavor to conserve
European Stock Markets
their
SMALL and irregular movements in the reported
exchanges were
leading
week
this
stock
on
After the long Easter
European financial centers.
foreign exchange resources, this measure being
entirely in keeping with
it necessary
from
Paris, Amsterdam and Berlin, with tension regard¬
seized for examination
nized
developments unrelaxed.
war
It was recog¬
everywhere that the Allies and Germany are
equally at
loss Avhether to make war or to make
a
and in the prevailing uncertainty traders and
peace,
investors
obviously preferred
The
the sidelines.
Europe.
stand
continue to
market recovered.
America
levels
est
were
Bourse
the Paris
steady
to
were
securities, after the $1
somewhat
Premier
Reynaud took
action in the
on
on
quiet throughout, with the
securities in¬
Paris
the
a
market
when
firm stand for vigorous
The Amsterdam market was
war.
settled in the
Dealings
S. Steel.
Demand for
firm.
creased
Some inter¬
fairly steady.
declaration by U.
dividend
but
Exchange, and home in¬
taken in American
was
tone
by its Ally, the British
the London Stock
on
un¬
opening session of the week, Tuesday,
regained most of its losses in subsequent trad¬
The Berlin Boerse reported a firm tone in all
ing.
but
sessions,
tions of the
and
more
variations were small.
.
Trade rela¬
European countries are being unsettled
by the great conflict, and a good
more
deal of market
discouragement is occasioned thereby.
our
mails had
cision to eliminate Bermuda
trans-Atlantic
Brit¬
as
a
provoked
de¬
a
port of call for the
clippers.
European Warfare
ALMOST
European
great
Allies
French
Welles Returns
Thursday,
on
en
route to Wash¬
have
elapsed
betAveen
Avar
no
Anglobegan,
definite indication of the
in which the conflict will reach
ner
since the
the
Nazi Reich
the German
and
but there is still
man¬
decisive stage.
a
Throughout Europe the feeling prevailed, this week,
that intensification of the Avar,
by
other, cannot be long delayed.
The unfortunate
one means or an¬
re¬
sult of the Russo-Finnish conflict continued to echo
Britain
in
and
Cabinet in France
fate for the
The fall of the Daladier
nearly folloAved by
Avas
a
similar
regime headed by Paul Reynaud, Avhich
sustained
Avas
also in
France, particularly, but
neutral countries.
many
first
its
on
test
by
a
single vote.
Growing unrest in Britain Avith the conduct of the
reflected in many Avays,
Avas
Avar
to
increasing determination of the Allied Gov¬
an
the
on
the conflict to
carry
successful
a
con¬
With the advance of better weather there
indeed, someAvhat
was,
and demands for
All signs point, however,
them.
peace Avere among
clusion.
MAINTAINING a strict diplomatic Welles ar¬
decorum,
LTnder-Secretary of State Sumner
months
seven
ernments to
rived at New York
the air¬
on
by previous measures of this nature.
ish interference with
Gilt-edged issues held at former
dustrial stocks also
80,000 letters
some
plane, notwithstanding the resentment occasioned in
early in the week, but when it appeared that France
would
authorities promptly
British
The
subdued the London market
Cabinet crisis
French
It ap¬
previous steps.
to halt at Bermuda on a return flight
holiday, business was resumed quietly at London,
ing the
many
peared, Thursday, that an American airplane found
high
culated
seas,
policy
merely
or
activity in the air and
more
but whether this reflected a cal¬
be determined.
a
greater opportunity could
On the Western
ington after having gathered information for Presi¬
not
dent Roosevelt and Secretary of
Avhile, the huge Allied and German armies continued
to
as
the
present state of affairs in Europe.
Welles traveled
which
for
a
on
held
was
Gibraltar
the
State Cordell Hull
while
Mr.
the Italian liner Conte di Savoia,
to
unsuccessful search
mythical German passenger.
parried
Under-Secretary
all
was
made
On his arrival
questions
with
Magi not
significant
more
Since
moves.
than
the Finns
found it
It
with the President and his
tainty is most apparent.
comment would be
in advance that
forthcoming during the day
regarding the findings submitted by Mr. Welles, and
tion.
representatives were urged to avoid specula¬
It is still obvious, however, that the mission
could
not
press
for
the
visited
have been
American
are
simply
Embassies
one
in
of "fact-finding,"
the
four
capitals
quite capable of supplying all available
information.
The real intent of Mr. Roosevelt in
is
to those
really anxious to avoid measures
leading to involvement in the European
conflict.
in
steadily to mount.
France, typically enough, that the
uncer¬
Resignation of the Dala¬
regime last Aveek, oAving to abstentions by some
maneuver,
power
the
Paul
Avas
intended
as a
political
designed to bring M. Daladier back to
with greater Parliamentary support.: But
maneuver
actually resulted in the selection of
Reynaud to head
Reyand
was
a
successor
regime, and M.
accorded a majority of only
vote Avhen he outlined
a
a
single
policy of "arousing, gather¬
ing and directing all energies of France in order to
closed.
ing along in a haphazard fashion which gives much
ac¬
Deputies, possibly
the
concern
to
dier
Avin"
neutrality, meanwhile, seems to be limp¬
necessary
300
sending Mr. Welles abroad thus remains to be dis¬
American
Avere
military
cept the harsh terms meted out by Russia, unrest
ington, where he immediately conferred at length
no
strictly
the
in Britain and France has tended
At the White House it was stated
fortifica¬
Diplomatic aspects of the European struggle
far
diplomatic ease and promptly proceeded to Wash¬
Departmental superior.
Limes
and
mean-
tions.
by the British for some hours at
an
their
in
repose
Front,
the
Avar.
Undaunted
tensification of the
end
by this
narroAV
energetic Premier promptly deliberated
a
number of
conflict, and
over
escape,
on
in¬
the last week¬
Deputies decided to change their
votes, so that the official count was more favorable
than the first tabulation.
The Commercial & Financial Chronicle
1984
In
the
England, dissatisfaction
seemed to
war
lasted
longer.
develop
There
the conduct of
over
slowly, but it also
more
general expectation that
was a
move
defi¬
was
the war, moreover,
sea¬
tain
reported in London dispatches, with the Easter
possibly contributing to the sentiment.
Laborite factions seemed
direction.
German
sponsible for the
which could
take
to
propaganda
in
that
held largely re¬
was
some
London
reflections of the trend
were
hardly be attributed to German radio
speakers and other Reich propagandists.
novelist, H. G. Wells, declared
the Chamberlain Cabinet is
and
Smaller
lead
the
agitation by
peace
observers, but there
ish
toward
a
pronounced "end-the-war" movement
nite and
he likened
the
"grossly incompetent,"
British people in
trust of the
meeting was
Allied
the
ous
ments
French
of
the
new
leadership mollified the British critics to
expectation that a general in¬
some degree, on the
tensification of the conflict would follow.
Great and
costly attacks
regarded
were
the Western Front
on
highly unlikely, regardless of the
as
unrest, and there were signs pointing ever
clearly to
broadening of the warfare in Eastern
a
The neutrals in the Balkans
Europe.
more
were
already
apprehensive because of the Hitler-Mussolini
ference last
week, and their anxieties increased
the
British and French
his
Ministerial
deliberated
on
declaration, M. Reynaud
made known at
Moscow, early
It
Suritz, the Russian Ambassador to Paris, had
been recalled at the
request of the French Govern¬
ment, which took exception to
telegram of
a
gratulations sent by the Ambassador to
Government after the Finns
breach
Franco-Russian
in
capitulated.
relations
of
Several
craft.
made
battle.
sensation
a
torpedoing of
control
and
German
and
near
that scant regard
the
and
the
crew
the coast of
on
Also
Mauretania
significant
and
Queen
evidence
was
Mary,
the
that
great
British
were
proceeding to the Pacific, where they prob¬
ably will be used
tralia to
the
troop transports from
as
Near
East.
These
moves
Aus¬
carry
the
suggestion of strokes against the Russian supply
lines
for
second
the
war
sion
a
ner
designed
establish
two
to
in
was
continued
on
more
ore
trade between
The British seizure of Rus¬
ships in the far Pacific
was
said in London to
merely a tightening of the blockade, for the Soviet
transporting materials from the United
Vladivostok
destined for
which
Germany.
the
It
British
was
thought
made known
London, Thursday, that all British diplomatic
representatives in Southeastern European countries
had been called home to the British
a
sterner
This
was
regarded
as
capital for
con¬
the beginning of
"diplomatic" offensive by Britain in the
Balkans and the Near East.
French lines
A
tightening of Anglo-
resulted, finally, from
and
conflict.
great
The
especially indicative in England and France.
ships engaged in the
sultations.
man-'
only was the Russian Ambassador to France
Sweden and the Reich.
to
a
was
wegian coast and torpedoed at least two German
States
the
in
countries
popular reaction to the Russian defeat of Finland
recalled, Wednesday, at the insistence of the French
Government, allegedly because Ambassador Jacob
Suritz sent to his
were
in
war
Not
mean
British submarines appeared off the Nor¬
were
peaceful
involve
fronts
tasteful
craft
day.
THROUGHOUT neutral Europe much apprehen¬
prevailed this week regarding
possible
Europe.
be
same
intensification of the Allied-German
stringent lines, involving neutrals in all parts of
sian
the
centering around the Black Sea.
area
against Germany
merchant
A British
shot down by Netherlands
a
Reich, which in turn would
Meanwhile, the economic warfare conducted by
the Allies
Norway, Thursday,
Nervous Neutrals
the
luxury liners which sailed from New York last week,
in¬
some
A German sub¬
promptly was interned.
Hong Kong and held
extensive
paid in
was
rights of neutrals.
marine stranded
in
engaged
ac¬
Both Brit¬
the opposing territory, and it
on
there.
airplanes in¬
convoyed ships,
on
airplanes
over
fighting airplanes
taken into
German
port of Kirkwall.
cording to reports available yesterday.
flights
were
caused, Wednesday, by
was
creased their bomber attacks
ish
warships
Norwegian ship in the British
a
direction when ships of the
same
British
German submarines also
was
were
ore
of its desire to entice the German
secret
no
fleet out to
bombing airplane
Soviet Union
German
the
cautious withdrawal by the Reich
a
sible, and Britain seemed to be moving at least ten¬
tatively in the
of
route
sighted off the Norwegian coast, and London
were
stances to
pos¬
the
on
merchant
its
appears
An open
land"
The most
ships, two of the German vessels being sent to the
bottom before
con¬
held
was
No large-scale develop¬
Maginot and Limes lines.
submarines
ish
own
his
was
more numer¬
spectacular event at sea was the appearance of Brit¬
active, and
Wednesday, that
on
the
between
the
was
Western Front
fire and
occurred, however, in the "no-man's
as
referred
The great
airplane dog-fights.
In
policy.
openly to the "treason" of Soviet Russia.
Jacob
con¬
along previous lines, but on a somewhat
of heavier artillery
scene
The
was
greater
fighting between Germany and the Allies
active scale.
government to the German faith in Herr Hit¬
This
foreshadowing
as
activity.
war
much
their
aggressive tone and spirit
notation that the Allies now have
a
future course of action.
interpreted
Actual
was
a
upon
generally
ler.
l
Also included in the official summary of
decided
more
After conclusion of
the two Governments will main¬
be necessary to safeguard their se¬
may
as
curity.
The Brit¬
Thursday that
on
mutual decisions will any
be made.
peace
"community of actions in all spheres," for so
a
long
the
meeting, at which agreement
reached that only by
and this view still
son
The highest functionaries of both Gov¬
ernments attended the
was
Early this week
1940
30,
ing of the Supreme Allied War Council, in London,
Thursday.
changes would be effected in the British Cabinet,
prevails.
March
a
further meet¬
to
own
Paris, but
British and French
French
ministerial
treason."
talk
was
capitals about
the Soviet Union and
new
government a telegram dis¬
open
a
heard in the
ttill break with
enlargement of the
war.
The
Premier, Paul Reynaud, spoke in his
declaration, late last week, of "Russian
London
tained that
war
dispatches of last Sunday main¬
against Russia would be preferred
by Great Britain to
any
Russo-German
move
which
might swing Rumania into the German economic
orbit.
in
the
which
British seizures of Russian
Pacific also bear out the
may
lead to
aimed at the
merchant ships
general tendency,
conflict in the Near East
a
cutting of Russian oil and other
sup¬
plies to the Reich.
If intensification
active
of
strife between
the
war
the Allies
takes
and
the
form
of
Russia, it is
Volume
The Commercial &
150
clear that
involved, and
real neutrals will be
some
Italy is the first country to come up for considera¬
tion.
The
Brenner
in
move
important
an
diplo¬
Balkans, but nothing of
the
has
far
so
of
Berlin
from
matic
Hitler
meeting occasioned
That
Mussolini.
intimations
nature
subject discussed at the
one
was
close the Mediter¬
to
Pass, early last week, by Chancellor
Premier
and
Italy
of
ability
possibly
ranean
this
In the meanwhile,
developed.
however, pressure has been increased by both sides
in order to induce the Balkan countries to side
economically with either Germany
For
of
measure
success
Rumanian
indicated in
Southeastern
a
attaining
a
Bucharest,
in
to report at London for
are
Premier,
Hungarian
The
in
representatives
diplomatic
Count
Teleki, conferred in Rome over the last week¬
Paul
substance of
conversations has not been disclosed.
It is
Italian
with
end
admitted
was
Europe
consultations.
are
But counter moves by the Allies
London announcement, Thursday,
British
all
that
Germans
in their efforts to obtain greater
supplies
early this week.
are
the
That
matter.
ous
the Allies.
or
neutrals, such as Kumania, this is a peril¬
some
these
officials,
indicated in Rome
reports, on the other hand, that
Northern
the
the
will be maintained in the Balkans.
the status quo
For
but
European
neutrals, problems
becoming in¬
creasingly vexatious.
British forays against Ger¬
man ore ships using the territorial waters of Nor¬
way occasioned a protest by the Norwegian Govern¬
ment to London, last Monday, but the Birtish view
was held to be anything but sympathetic.
In Paris
it was proclaimed that the inability of a neutral
to enforce respect from one belligerent gives the
other belligerent the right to take measures.
The
arising from the great war also are
clouded additionally, Thursday, when
the Norwegians acted briskly against a real Ger¬
man breach of their neutrality.
A Nazi submarine
position
was
and the crew
promptly was interned, notwithstanding a German
protest. The aerial activities of the belligerents are
providing still more headaches for the small neutral
States of Europe.
Copenhagen reported last Satur¬
day the appearance of an airplane with Allied
markings
which
machine-gunned
promenading
grounded
Norwegian
in
Danes in Jutland and then
waters
disappeared.
A Nether¬
military airplane shot down a British bomb¬
lands
ing airplane, Thursday, over
by the Russians, early this week, that they
to obtain food, water and electric
made
unable
were
from Finland for the Hangoe base, but this
doubtless will be adjusted without much
power
incident
Dutch territory.
doughty Finns started their long and ardu¬
As the
upon
being placed in effect, and the small
country is finding itself
with
in much the same position
respect to its huge neighbor as
found
Lithuania
and
land
bv
t/
and of aiming to
the Kremlin.
sian
demands
Latvia, Estonia
themselves.
world, however, shows signs
The
outside
of remembering Fin¬
right the wrong committed
The last of the immediate Rus-
was
carried out last
Saturday, at
important base at the mouth of
Finland was turned over to Russian
Hangoe, when that
the
Gulf
forces
of
under
vented the
array
reputedly desired to send to Hangoe,
understood that a garrison of 5,000 men
will occupy
ally.
Thick ice on the water pre¬
dispatch by the Russians of the imposing
they
but it is
lease.
the 100 square miles of the base eventu¬
Formal
reconstruction, they may conceivably
of
task
ous
gained
little encouragement from a speech
a
Halifax, the British Foreign Secretary,
which Lord
"When
delivered last Sunday.
representations
apparently
wrere
our
victory has been
spokesman said, "Finland will
won," the British
inevitably share in the benefits which
will spring
establishment of that lasting and righteous
from the
which the British Prime Minister and the
States both have declared
peace
President of the United
only peace which is possible."
to be the
tical Finns gave no
this
Instead, they suggested on
promise.
vague
The prac¬
sign, however, of having noticed
Tuesday that Germany may well become
customer of their small
the best
country, owing to the exi¬
gencies of war-time transportation and the Reich
products and metals. The
needs for Finnish wood
hope also was expressed
Of
land.
States, Belgium and Hol¬
the United
with
sumed
in Helsinki, according to a
dispatch, that trade can now be re¬
Press
United
interest
some
belated
are
Russo-Finnish
accounts of the
war
spondents, who now are able to
eye-witness
by press corre¬
disregard censor¬
These reports suggest that the Russians
conducted an able offensive in the sweeping opera¬
ships.
which
tions
Feb. 1,
began
notwithstanding some
bungling and wastage of man-power. For a correct
estimate of the part which Russia now is playing
general European game, these reports are
the
in
significant.
As
factor in the immense
one
lem faced
reconstruction prob¬
country
Ryti
The principal change
by Finland, the Cabinet of the
reconstructed, Wednesday, with Dr. Risto
was
continuing as the Premier.
of Professor Rolf J. Witting
the substitution
was
Foreign Affairs post for Yaino Tanner,
in the
held the office
Pekkala
Mauno
settlement.
the peace
and
war
was
are
to
be
to prove a
Finance Minister
retained in the Finance Min¬
which promises
istry,
who
throughout the trying period of the
to be a highly important
reconstruction from foreign
requested.
named Minister of Food
Russia
Finland in the settlement of
QUIETLY and steadily the peace terms imposed
reach their conclusion.
elapse for such measures to
sure
are
good deal of time necessarily must
filled, and a
countries
by
agreement now remain to be ful¬
the Russo-Finnish
have
of
Only the rail transportation portions
trouble.
office, since loans for
Finland
March 13
1985
Financial Chronicle
Dr. Tanner was
and Supply, which also is
difficult and worthy office.
"Our
and this is a matter that we
mourn," said President Kyosti Kallio, in an ad¬
dress concerning the ministerial changes.
"But the
country is mutilated,
people are alive to their duties, and our
Finnish
independence and our heroic army still exist. These
are the foundation
stones on which we shall con¬
build
to
tinue
its first
our
and heard Premier
now
a
Internal reconstruction and
be
build, lie indi¬
will Finland endeavor to regain
policy of peace and neutrality will
keystones on which Finland will
cated.
all
The Parliament held
Ryti outline the program which
will be followed.
foreign
the
future."
post-settlement session late on Wednesday,
Not only
her losses,
within her new borders, but efforts
will be made to increase
useful production beyond
anything previously achieved, said the
the remarkable Finnish nation.
Premier of
The Commercial & Financial Chronicle
1986
China and Japan
the Provincial
March
by
JAPANESE authorities will attempt today to give
direction
new
inaugurating
headed
Nanking
at
"China
their
to
liam
pupx>et-regime
new
a
social
incident"
has
Ching-wei, who formerly held high office in the real
Nationalist Government of China.
occasion
may
The
Japanese
of
manner
world,
States.
totalitarian
however,
the
no
establishment
in China,
war
For
inauguration
of the
the
of
significance
more
ist
the
than
Wang
was
of China still
area
will
calmly
Generalissimo
owned lands
continue
Japanese invaders.
its
lands
Nor,
intent
Even
coastal
some
cities
held
are
of
area
week.
The
•
drain
was
the
from
conquest.
of
less than
cution
of
sessions
Arita
session, which voted
10,633,000,000
the
of
war
the
expressed
much of it for
yen,
against China.
Diet,
Foreign
regret
over
In
the
Minister
the
United States to understand the
Mr. Arita also gave the
prose¬
closing
Hachiro
inability of the
Japanese attitude.
impression that he is fully
cognizant of the eventual outcome of
the
but he failed to enlighten the Diet
war,
budget of
a
European
elections
New
time
York
have
held
in
that
Dominion, Tuesday, and they resulted in a sweep¬
ing victory for the Liberal regime headed by Prime
Minister W. L. Mackenzie
King. The campaign was
waged largely on the issue of prosecution of the
with
war
enced
to
Germany.
ditions, but
the
ter
slight
a
Returns possibly
degree
by harsh
-weather
hearty support apparent for the Prime
and his
soldier
take
some
con¬
Minis¬
party associates in the balloting.
vote
remains
weeks.
to
be
made
"Times"
found
in
the
to
legal
men
in
uniform
record
the
in
owners
the
exceeded in the
regime will have
an
voting
on
Mr.
Tuesday, and
According to present
King will be able to count upon
jority of 125
combined,
or
Parliament.
lost their
or
25
more
more
over
all
indications,
The
a
clear
ma¬
the
"It claims
original land grant
century by the late President,
contention, according
never
were
of the lands, although they have been
State Department in Washington
in¬
the matter
onr
protection of United States interests in
It is
measures.
can
be hoped
Treasury continues to buy Mexican
levels, at the
for
interesting to note that
very
silver at
moment when
Mexico
"expropriates" the property of American citizens
held under titles
running back for decades.
Discount Rates of
Foreign Central Banks
THEREdiscount no changes during the week in
have been
of the foreign central
the
banks.
rates of any
Present
rates
at
the
leading centers
are
shown in the table which follows:
Rate in
Country
Pre¬
Effect
Date
vious
Mar29
Effective
Rate in
Rale
Country
Argentina..
3H
Mar.
Belgium
2
Jan.
5 1940
Bulgaria...
6
Aug
15 1935
Canada
2H
Mar. 11
Chile
3
Dec.
16 1936
4
Japan
Colombia..
4
July
18 1933
5
3
Jan.
1
4
Jan.
2 1937
10 1939
Date
vious
Effective
Rate
Java
1 1936
1935
Holland
3
Aug. 29 1939
2H
Hungary...
4
Aug. 29 1935
4H
7
India
3
Nov. 28 1935
3X
«•«*
Italy
4H
May
Chechoslo¬
vakia
Danzig
Denmark
...
3.29
5H
Oct.
3
June 30 1932
England...
2
Oct.
4H
Oct.
7 1936
Jan.
14 1937
4
3.65
26 1939
1
1935
6
July
15 1939
7
Morocco
6H
May 28 1935
4
5
Norway
4M
Poland
3H
Sept. 22 1939
4*
Portugal...
4
Aug. 11 1937
Rumania
3H
May
South Africa
4
Dec.
3 1934
4M
4 1939
2J4
Sept. 22 1932
0
Jan.
3H
5 1938
M
3}i
5
4Vz
4M
15 1933
4
Mar. 29 1939
5
3
Sweden
Germany
..
Spain
Jan.
1937
17 1937
3
4
4
Dec.
5
2
_.
5
Apr.
3
3M
Finland
•
18 1936
2
Lithuania..
1936
Eire
..
Pre¬
Effect
Mar29
Dec.
2 Vi
•4
May
15 1939
5
Switzerland
1H
Nov. 26 1936
2
7
Yueoslavla.
5
Feb.
6
V£
1
1935
*4
Not officially confirmed.
than he had in the previous
some
instances.
But
Canadian
ing in Alberta Province, where "social credit"
is the
issue, proponents of that particular form of
eco¬
late last week retained their hold
Tuesday.
on
in
America, and not much
Greece
regarded as entirely satisfactory,
despite the national electoral trend. In local ballot¬
nonsense
varied
sufficiently to obtain
stay of 30 days, but the Department is notoriously
inflated
groups
affairs cannot be
nomic
said
The Mexican
itself in
terested
Even the leaders of the Conservatives
seats, in
last
Government
Mexico City dispatch to the
France
opposition
corpora¬
of land in the State
acres
a
flaw
a
Estonia
enlarged majority in the
Parliament.
This,
pay.
Government
undisputed possession for periods of 35 to 40
cannot
support given the Liberals in the 1935 elec¬
was
basis for
a
The
change the general results, no matter how
they
voted, for Mr. Mackenzie King emerged with the
greatest triumph of his political career.
Even the
tions
even
report, is that the corporations
years.
counted, and this may
But the
Only
could justify
influ¬
were
these could detract but little from
even
evident.
Mexican
Mexican
the
attack,"
Porfirio Diaz."
Latin
were
1,500,000
some
from such
new
oil
Chiapas, devoted largely to the production of
to
a
TWO months after dissolution of the Canadian
Parliament
made
voiding the titles of three American
lax in the
Canadian Elections
been
adequate compensation
its method of
to the
as
winner.
respect to the
chicle.
.re¬
indicated, Tuesday, by the termination
of the Tokio Diet
no
Japanese
has
law
did not deter the
tions to
feebly by the
upon
this week.
appearance
with
obviously because Mexico is unable to
however,
"This
occasioned
approximately
compensation has been laid down in the oil matter,
Japanese, according to reports made available this
sources
action
high-handed action, and not
Kai-
to
at
contrary to all ordinary concepts of in¬
prompt and
Reports of battles in various
enlarging the
upon
was
ternational
portions of China show clearly that the real strug¬
gle continues, even though the Japanese no longer
are
the
uncon-
opposition
valued
again made its
Mexican
That
Chang
properties
the
such
by
oil
$450,000,000, the Mexican tendency to seize foreign-
All accounts agree that the real National¬
regime headed
shek
Expropriation
on
quered by the Japanese militarists likely to be im¬
pressed.
little.
SLIGHTLY more than two years after Mexicoand
ex¬
propriated
flimsy pretexts American
British
outside
Peiping puppet-regime.
is the great
appears,
but
Mexican
is controlled in the typical
press
regime is of
it
attempted unsuccessfully to apply,
appeal of the group to the electorate
diminished
expedient
owing to the
Prime Minister Wil¬
better feeling among the Japanese
a
people regarding the long-continued
for the
Aberhart
but the vague
by the renegade Nationalist Chinese, Wang
which
doctrines
credit
1940
The financial affairs of the
regime.
Province have been chaotic for years,
a
30,
on
Foreign Money Rates
IN bills
LONDON open market discount rates for short
Thursday
1 1-32%,
against
on
1
1-32%
for
were
as
Friday of last week and 1 1-32© 1 1-16%
three-months' bills, as against 1 1-32@1
1-16%
on
on
Friday of last week.
on
Thursday
was
1%.
Money
on
call at London
Volume
The Commercial &
150
1987
Financial C hronicle
(at 27.5 mg gold 0.9 fine per franc) under the
effected In the statement of Nov. 17, 1938; prior to
valuation had been at the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 26, 1936, the value
was 49 mg. per franc, and before Sept. 26,
1936, there were 65.5 mg. of gold to
the franc.
The present value Is 23.34 mg. gold to the franc.
Revaluation of the Bank's gold
Bank of
England Statement
decree of Nov.
13, 1938,
was
that date and from June 30, 1937,
THERE was a further expansion of £2,466,000 in
Bank's
circulation
the week ended
the
in
note
March 27,
bringing the outstanding to £543,106,000,
compared with £481,986,595
rily there is
decline in circulation in the week follow¬
a
ing Easter, but the rise in the present instance is
probably associated with the approaching month-end.
Feb.
Since
21
outstanding has increased
currency
steadily and the total increase in the period
amounts to
culation
attended by a
was
23
culation during
£2,492,000 in
Public
level of
week ago,
a
Public
but there
deposits
a
corresponding
accounts which
compared
£43,143,000
total
now
£21,774,470
Other deposits consist
which fell off £150,937 and other
a year ago.
Government securi¬
£430,952.
rose
£550,000
rose
not
was
deposits which increased only £280,015.
of bankers' accounts
ties
resulted.
reserves
deposits dropped £6,341,000 from the high
rise in other
with
of
decrease
a
while
other
fell
securities
Gold and bullion fell off 270,000 marks
total of
a
77,451,000 marks and bills of exchange
and checks 66,011,000
marks.
062,000
remained
circulation
discounts and advances and
pared with 0.65%
proportion
reserve
rose
a
total of 11,555,-
a
proportion of gold to note
unchanged
(the lowest
1.03%
quarters and
previous
0.67%,
at
a
21.8% from 21.4%
in the
week
a
little to
No change was
Below we show the
ago.
2% Bank rate.
different items for several years:
REICHSBANK'S COMPARATIVE
STATEMENT
Changes
Mar.
Jot Week
Reichsmarks
Assets—
—260,000
23, 1940
Reichsmarks
77,451,000
23,1939
Mar.
Reichsmarks
70,772,000
10,572,000
a
Of which dep. abr'd.
6,019,000
Bills of exch. & checks
—66,011,000 11,555,062,000 6,992,413,000
233,932,000
c429.616.000
36,950,000
c37,327,000
968.265,000
128,101,000
+ 8,373,000
Silver & other coin
Advances
Investments
+ 108,488,000
Other assets
STATEMENT
Mar. 31,
April 1,
1939
1938
1937
1936
£
£
£
Mar.
Mar.
29,
30,
a
9,736,394
21,774 470 17,766, 651 52 ,246,279
43,143,000
140,153,962 134,777 081 145,515, 375 100 ,808,960 141,117,342
Bankers' accounts.
97,966,940 98,508 737 108,132, 417 62 ,346,594 102,647,914
Other accounts-..
42,187,022 36,268, 344 37,382, 958 38 ,462,366 38,469.428
95,874,996
Governm't securities 134,189,000 102,301, 164 110,816, 164 100 ,529,300
Public
Other
liabilities
Propor'n of gold & for.
curr. to note circul'n
543,106,000 481,986 595 485,410, 073 473 ,836,760 413,018,030
Circulation
23,1938
Reichsmarks
70,771,000
20,333,000
5,622,000
4,921,760,000
239,830,000
44,216,000
422,980,000
830,909,000
—29,506,000 11,526,232,000 7,463,727,000 4,807.821,000
832,199,000
1,648,947,000 1,014,222,000
+ 94,551,000
204,626,000
469,360,000
c689,660,000
Notes in circulation.
Oth .dally matui .oblig.
27,
1940
1,698,310,000 1,303,400,000
Mar.
Liabilities—
BANK OF ENGLAND'S COMPARATIVE
Mar.
for
previous years:
Res. In foi'n currency.
made
com¬
record)*the two
year ago.
Below
on
furnish the different items with comparisons
we
Gold and bullion
The
securities.
marks to
The
off
Of the latter amount £1,123,790 was
£2,978,473, from
£4,102,263.
from
7,463,727,000 marks the third quarter of March
year ago.
to
the last quarter of February rose to
high of 11,877,237,000 marks, compared
record
with
small loss of £25,752 in
holdings,
gold
Notes in cir¬
11,526,232,000 marks.
standing to
a
a
marks, which reduced the total out¬
of 29,506,000
a
nominal
Bank's
the
Statement
THE quarter-month statement of the Bank dated
March
showed
decline in note circulation
now
As the current rise in cir¬
£13,131,000.
Bank of Germany
Customa¬
a year ago.
coin and bullion."
c
1.03%
0.67%
No change
"Reserves in foreign
currency" and "Deposits abroad" are
1.58%
included in "Gold
Figures as of Feb. 29, 1940.
deposits
Other deposits
29,119,659
Other securities
6,093,775
Dlsct. & advances.
Securities
Reserve notes & coin
23,025,884
38,192,000
28,922, 778
30 ,022,076
22,471, 837
8,702, 238
20,220, 540
22 ,883,563
14,582,833
45,244, 622
41,823, 884
40 ,809,000
48,616,336
27,247, 976
4,776, 139
7 ,138,513
24,691,126
10,108.293
1,298,172 227,231, 217 327,233, 957 314 ,645,760 201,634,366
Coin and bullion
Proportion of reserve
21.8%
2%
Bank rate
Gold val. per fine oz.
28.9%
2%
168s.
to liabilities
148s. 6d.
•
25.6%
2%
84s. llHd.
32.22%
26.06%
2%
2%
84s. ll^d.
84s. ll^d.
Bank of France Statement
New York Money
DULL conditions prevailed this week onwere New
the un¬
York
market, and .rates
money
changed in all departments.
March 21
of
a
505,000,000 francs, which reduced the total out¬
standing to 154,943,000,000 francs, compared with
the record
ago
The
gold holdings and temporary advances to
115,922,329,625 francs a year ago.
and
Bank's
State
high, 156,150,385,560 francs three weeks
remained unchanged, the former
francs.
and
and
francs
6,000,000
portion of gold to sight liabilities is now at
Below
compared with 62.50% last year.
the various items with comparisons
BANK OF FRANCE'S
loans
for
49.60%,
show
we
for previous
Francs
bills
commerc'l
discounted.,
abr'd
against secure.
circulation
Credit current accts.
Adv.
Note
c
Temporary
Stock
continues
Mar.
21, 1940
Francs
Mar.
23,
1939 Mar. 24,
Francs
1938
Propor'n of gold on
hand to sight liab.
—38,000,000 11,689,000,000
8,396,358,090 11,567,863.309
826,877,276
745,005,859
*70,013,783
3,627,166,055
*—39,000,000 3,352,000,000 3,332,149,921
—505,000,000 154943,000, COO 115922329,625 94,815,301,260
+ 573,000,000 15,643,000,000 23,704,612,883 24,392,734,213
No change
—0.02%
20,349,990,139 20,627,440,996 36.673,974,773
Figures as
49.60%
62.50%
46.81%
Rates continued nominal at 1J^%
continued moderately active this
all
week, there being
little change in the volume of business over
preceding week.
Ruling rates are ^@1% for
maturities.
Francs
of Feb. 29, 1940.
a Includes bills purchased In France,
b Includes bills discounted abroad, c In
the process of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
three entries on the Bank's books representing temporary advances to the State
were wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-lnterest-bearlng loans to the State.
*
quiet.
to 90 days and llA% for four to six months'
maturities.
The market for prime commercial paper
up
Bankers' Acceptances
84,613,667,810 87,265,942,141 55,806,959,832
39,193,875
15,027,485
59,000,000
+ 6,000,000
ad vs.
to State
Rates
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
very
COMPARATIVE STATEMENT
French
b Bills bought
1%% for four
datings.
ruling quotation all through the week for both new
loans and renewals.
The market for time money
No change
Ciedit bals. abroad,
a
six months'
New York Money
the
Gold holdings.
held to 1%
transactions, while time loans again were
1%% for maturities to 90 days and
to
years:
Changes
Jot Week
the New York Stock Exchange
on
all
latter
the
573,000,000
francs, while French commercial bills discounted,
and advances against securities dropped 38,000,000
francs and 39,000,000 francs respectively.
The pro¬
gained
counts
days, and awards were either at or above par,
indicating costless borrowing because of the tax
situation in certain Middle Western States.
Call
at 84,613,-
at 20,349,990,139
Balances abroad, and creditor current ac¬
francs
667,810
bankers' bills and
The Treasury sold on Monday a
of f100,000,000 discount bills due in
commercial paper.
91
THE statement of the declinefor the week ended
Bank in note circulation
showed
Only the usual small
amount of business was done in
further issue
'
Market
THE market formoderate activityacceptances has
prime bankers' this week, as
shown only
prime bills have been in
been
no
change in rates.
light supply.
There has
Dealers' rates as reported
Federal Reserve Bank of New York for
and including 90 days are
bid and
7-16% asked; for bills running for four months,
9-16% bid and A% asked; for five and six months,
by the
bills up to
The Commercial & Financial Chronicle
1988
%% bid and 9-16% asked.
New
the
of
York
Reserve
The bill buying rate
Bank
is
%% for bills
running from 1 to 90 days.
Discount
Government
obligations
in the footnote to the table.
of paper
The
other nations
many
at the different Reserve banks:
far
as
30,
1940
the United
concerned, the
only
Only
prior to March 9.
without much
a
shadow of
a
few weeks
ago
probably could have absorbed,
difficulty,
volume of orders such
a
as
appeared this week.
shown
are
following is the
in effect for the various classes
now
are
and
the New York market
rediscount rates of
schedule of rates
so
States
demand for free market sterling is
THERE have been nothe Federal Reserve banks;
changes this week in the
on
jute products, whiskey, and furs,
the demand
Rates^of the Federal Reserve Banks
recent advances
March
On March 9 the
lations
British
amended
were
by
Defense
(Finance)
regu¬
Order-in-Council
an
re¬
quiring the export of certain goods from the United
Kingdom to specified countries to be paid for in
DISCOUNT RATES OF FEDERAL RESERVE BANKS
stipulated currencies at the official exchange rates.
Rate in
Federal Reserve Bank
Effect on
Dale
Afar. 29
Established
•Formerly they could be bought with free sterling.
Previous
V
1
Rale
'
Boston
1
Sept.
New York
1
Philadelphia
IH
1H
1H
Aug. 27. 1937
Sept. 4, 1937
Cleveland..
1. 1939
Atlanta
•1H
Chicago
•1H
Aug. 21.
St. Louis
Sept.
Kansas City
•1H
\y>
•1H
Dallas
•IH
Aug. 31. 1937
Sept. 3. 1937
Minneapolis
San Francisco
a
regulations
to
was
remove
major part of the former sterling
demand.
2
2
Payment for the goods, principally those
2
1937
2
enum¬
2
2. 1937
Aug. 24, 1937
Sept. 3. 1937
IH
of these
effect
net
from the market
2
May 11. 1936
Aug. 27, 1937
Aug. 21. 1937
Richmond
The
IH
1H
erated
above,
be
must
made
in
2
Netherlands East Indian
2
2
United States dollars.
2
belgas,
guilders,
guilders, Swiss francs, and
The countries to which these
*
Advances on Government obligations bear a rate of 1%, effective Sept. 1, 1939,
Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas; Sept. 21, 1939, St. Louis.
regulations apply
with the
Course of
Sterling Exchange
and
STERLING exchange in theThe undertone is
free market continues
irregular.
and
nervous
very
and trading is extremely limited.
easy
has been further curtailed
by
houses
during the past two weeks
of the Easter holidays.
reason
closed
are
this
at
The market
Most European
The
season.
range
for
North and South America,
are:
exception of British and French possessions
Argentina
later
order);
(Uruguay
States possessions,
rubber from
for cable transfers has been between $3.44% and
S3.72%, compared with
and
$3.77%
week
a
Burma, and rubber, tin, and smelted
York
cables,
Canada,
7.53-7.58;
by London
as
follows:
Paris
buying);
cents
4.43-4.47;
are
Amsterdam,
Australia,
3.2280; New Zealand, 3.2280-3.2442.
quoted. Italian lire
3.2150-
Berlin is not
unofficially quoted in London
at around 77.50.
The
was
which
market
decline
severe
markets
began
on
in
quantity in the free
Monday.
of
all
Tuesday,
on
low
so
There
a
practically
up
currencies
as
on
March
9
a
low
was
British pound and other foreign
the dollar fell.
of
was
last
the widest since
September.
Monday, and therefore
in the market until the
was
effective
There
as
were
then
no
sterling bought in the
Before the outbreak
sterling cable transfers averaged
in August, when between the
when London
was
confronted
by
a
flow of war-fearing
funds to this side.
As
to be
was
linked to the
falling to
at
low
a
expected, the French franc, which is
pound, had
on
a corresponding decline,
Tuesday of 1.99% cents, to close
2.00% cents. The franc quotation merely reflected
sterling.
The drop in the franc carried
it close to the historic low of 1.96 cents in New York
on
July 20, 1926, at the height of the post¬
French inflation.
in
paper
gold
dollars.
The 1926 quotation,
dollars, while
however,
Tuesday's rate
Tuesday's low of 1.99%
was
was
in
equal to
sterling
can
such
as
The weakness in the
the week,
when,
pound continued throughout
greatly accentuated
under the
of
on
Wednesday last,
offerings
registered
no
longer be
from London's official
into
of March 25,
pressure
This level represented a net decline of
for key exports from Great Britain and
Dominions
to which
not
as
was
came
following day.
market
$3.46%.
uses
chiefly in
Europe and South America and overwhelming the
thin demand in New York, sterling broke to a low of
$3.44%, the lowest since April 15, 1933.
by the British authorities
free
It
exchange regulations announced
ruling
decline
1.17% cents in terms of the former gold dollar.
sterling
hostilities
new
a
28th, the rate dropped from 4.60 to 4.12,
the decline in
demand.
no
$4.60,
25th and
was
new
overseas
around
just beginning
States
The
used to pay
dropped to
Tuesday indicated
New York market could be put.
of the gold
Easter
the
excessive
April 17, 1933 that
effect.
Now that
so
on
was
the
on
of the present war
war
the
the
as
registered
gold exports,
on
recorded
beginning
occurred
low of $3.68%,
a
ex¬
attempt to obtain cheaper sterling.
51% cents below the official sterling selling quo¬
tation of $4.03%. The low for the pound on
April 19,
1933, when the United States placed an embargo
in the New
The current break in
the
an
The low
was seen
United
many
of
At that time suspension
the
in
drive
to
was
quotation for sterling
York market.
standard
European
European and South
the first time since
was
free
market, without takers, that
that cable transfers in New York
This
the
offered in such
offerings of sterling became
of $3.52.
change in
April, 1933. With the general opening
markets
American
The
was
sterling cable transfers registered
the lowest since
in
quotations
closed, but sterling
were
foreign exchange circles that
importers of the specified items who made contracts
restrictions
outstanding feature of the market this week
the
be paid for in free sterling until June 9.
It is believed in
checks
are
4.02%-4.03%;
(2.2883
176%-176%
may
Any shipments made after
contracts entered into before March 9
on
prior to March 9 have postponed buying their
ago.
The official rates fixed
New
of between $3.70%
a range
shipments of
jute and jute manufactures and rubber from India,
March 25
of between S3.70% and $3.77% last week. The
a
United
all
Indies, and Switzerland.
Similar requirements were imposed on
S3.72% for bankers' sight bills, compared with
range
and
Belgium, Belgian Congo, Nether¬
metal from the Colonies.
range
Islands
lands and Netherlands East
sterling this week has been between $3.44% and
a
also exempted in
was
Philippine
rubber, tin, jute,
The French
58% cents
selling quotation of $4.03%.
franc, pulled down by the pound, its
monetary partner,
fell in Wednesday's trading to
Volume
The Commercial &
ISO
1989
Financial Chronicle
Exports
Imports
the
lowest
level
which the
at
had
unit
ever
been
At the extreme
quoted in the New York market.
day, 1.95% cents, the franc compared
low for the
established
on
July 20,1926.
It was at that time that the French
inflation was halted by the first signs of French
political and financial stability with a gradual re¬
covery and stabilization at 3.92 cents two years later.
In terms of gold the value of the franc is still lower
than at the period of post-war French inflation, as
current quotations in New York are in terms of the
with the
previous record low of 1.96 cents
dollar.
devalued 59.06-cent paper
range
$3.92% and
for cable transfers was between
$3.99%.
The
present ruling rates
attention
attracted
have
for the pound seem to
Washington where,
in
according to press dispatches of March 27, adminis¬
officials indicated that employment of cur¬
tration
rency
by the tri¬
and by the reciprocal
agreements to stimulate export trade of bellig¬
depreciation practices outlawed
partite monetary agreement
trade
United States would not be
erents to the
However, it is clear that the
only
tolerated.
above agreements have
been
outbreak of the war.
than 80 of the world's
nominal- existence as they have not
a
practically effective since the
At the
present time more
commercial international ports
constantly changing exchange
work under numerous
restrictions and under
varying degrees
and export regulations in
import
adverse to
international trade.
The London
Bank of England's
price for gold, the
buying price, continues at 168s. per
market
money
rates continue easy
Call
from last week.
money
ounce.
Open
and unchanged
against bills is available
bills are 1 1-16%,
four-months bills 1%%, and six-months bills 1 3-16%.
Canadian exchange continues to be influenced by
the action of sterling.
However, the unit did not
follow the pound in its severe decline this week
except momentarily, and at no time did it reflect the
%%.
at
Two- and three-months
full extent of the fluctuations
in sterling.
March 27 the receipt of advices
follows:
from Canada as
United
midnight Saturday, March 30. Thereafter
notes and coin are in the same position as
deposits, namely, freely
at
British India
19%% and
GOLD
the week between a
discount of 18%.
March 20, 1940:
Mexico, $165,116 Ecuador,
Australia, $285,771 British Oceania.
Reserve banks was increased
during the week ended March 20 by $20,123,294.
The latest monthly report of the Department of Commerce showed that
$1,086,016,000 gold was held under earmark for foreign account as of
♦Chiefly
MARCH 20,
INCLUSIVE
Imports
Ore and base
bullion
Refined bullion
Exports
*$1,864,231
98,780,153
and coin.
$415
14,743
$100,644,384
.
held under earmark at the Federal
Gold
Feb. 29..
of
issue
current
of New
Bank
York
Detail of Refined
-
-
—- -
$15,158
Bullion and Coin Shipments—
Hungary
Italy...-
-
-
—
— -
the
Review" of the Federal
"Monthly
estimated that at
Reserve
the end of March $1,300,000,000
gold was held under earmark.
Referring to day-to-day rates
listless
sterling exchange on
Friday's average in
Bankers' sight was $3.71@$3.72%;
$3.71%@$3.72%.
On Monday,
trading.
transfers
cable
under
moved
last
Saturday
Most
closed in observance
of Easter Monday.
The range was $3.68@$3.71%
for bankers' sight and $3.68%@$3.71% for cable
transfers. On Tuesday sterling was again off sharply.
Bankers' sight was $3.51%@$3.64%; cable transfers
$3.52(543.64%.
On Wednesday sterling registered
extreme lows and was in slight demand.
Bankers'
sterling
off sharply in a dull market.
was
European business houses were
$3.44%@$3.56%; cable transfers $3.44%@
On Thursday the pound made a marked
recovery but the tone of the market was unchanged.
The range was $3.50%@$3.61 for bankers' sight and
$3.50%@$3.61% for cable transfers. On Friday the
sight
was
$3.56%.
sterling market presented no new
was
trends. The range
$3.52(543.59% for bankers' sight and $3.52%@
Closing quotations on
$3.59% for cable transfers.
Friday were $3.52% for demand and $3.52% for
cable transfers.
Commercial sight bills finished at
$3.50%, 90-day bills at
(60 days) at $3.50%,
seven-day grain bills at $3.50%.
Cotton and
60-day bills
$3.51%,
at
$3.50, documents for payment
and
grain for payment closed at
$3.51%.
Exchange
Continental and Other Foreign
THE Frenchfrom recent weeks. The no new
franc situation presents extreme
features
fluctuations recorded by
free
market
this
the franc in the New York
week
are
above
explained
fully discussed
and,
of sterling exchange
as
merely reflected the
which the franc is linked by
drop in the franc
there, the
changes in sterling, to
Anglo-French agreement.
Italian lire have for a long
the Roman control at
showed
no
time been held steady by
5.05 cents. This week the unit
change and was not
apparently in the
$2,939,168
4,465,489
by the wild sterling-franc quotations
Belgian currency continues to display the firmness
has characterized the unit for the past few
which
free
While spot belgas
have been ruling in the
17.07 cents as com¬
market between 17.01 and
pared with par of 16.95, the discount on future belgas
points below the spot rate for 90 days.
rules around 25
check rate
The London
at
on
Paris closed on Friday
176.50@176.75, against 176.50@176.75 on
center
finished at
against 2.11 and
Friday
the French
2.00 and cable transfers at 2.00%,
In New York sight
bills
on
Antwerp belgas closed at
bills and at 17.08% for
17.03% and 17.03%. Italian
2.11%.
17.08% for bankers' sight
against
cable transfers,
Total.
$134,297
Nicaragua,
$101,906
$696,136 Philippine Islands, $128,043
of last week.
IMPORTS, MARCH 14 TO
8,009,982
in New York.
gold imports and exports
EXPORTS AND
292,358
•_
Union of South Africa
usable and transferable by
a
1,915
,___
New Zealand
Canadian
which
follow are taken from the weekly statement of the
United States Department of Commerce and cover
the week ended
301,628
Philippine Islands
weeks.-
amounts of
______
Hongkong
Canadian
official rates."
The
$12,828
1,025,003
3,749
1,203,574
Mexico;...
least influenced
eligible for foreign exchange
Montreal funds ranged during
discount of
32,879,246
official
providing foreign exchange
for Canadian notes and gold received from abroad
terminates with shipments in transit not later than
8,991,415
__
Ecuador..
"Existing practice of
non-residents, but not
Kingdom
Canada
in the review
Bankers Foreign Exchange Com¬
The New York
mittee announced on
14,276,866
Switzerland
The
sterling is in¬
dicated by the fact that on Feb. 25, 1939 the pound
registered .a high for the month of $4.69%, and on
Sept. 15, 1939 shortly after the outbreak of the war,
the low wras S3.73, while in February of this year the
severity of the present drop in
The
$24,391,675
Sweden
lire
5.05
bills and at
5.05 and 5.05.
5.05 for bankers' sight
closed
at
for
cable
transfers,
against
The Commercial & Financial Chronicle
1990
Berlin
marks^areTnotf quoted in New York,
exchange
on
on
Czechoslovakia
or on
Bucharest closed at 0.50
(nominal).
Exchange
(nominal), against 0.50
closed at
(nominal), against 1.80 (nominal).
closed at 0.6734
1.90
Greek exchange
(nominal), against 0.70 (nominal).
EXCHANGE on the countries and apparently the
1914-1918
steady neutral during
of
war
is
un¬
by the sharp reaction in sterling.
In the
free market the Swiss franc and the Holland
showed
to
practically
no
has
Sweden
likewise
are
been
have
this side
For
long time
a
consistently increasing its
gold
Swedish gold exports to
averaged around $7,000,000
week
a
1 and in the week ended March 20
since Jan.
Bankers'
sight
Amsterdam finished
on
53.10, against 53.10
dates
transfers
at
sight bills
closed at
53.10,
at
53.10; and commercial
against
52.95,
Swiss francs
52.90.
against
22.4334 fc>r checks and at 22.4334 for cable
transfers,
22.43
against
and
Copenhagen
22.43.
checks finished at 19.33 and cable transfers at
19.32
against
closed
at
and
Exchange
19.32.
23.84 for
checks
and
on
19.33,
Sweden
for
23.84
at
cable
transfers, against 23.84 and 23.84; while checks
Norway finished
22.73
at
and
22.73, against 22.73 and 22.73.
shown for the
fine ounce)
(Friday); comparisons
are
corresponding dates in the previous
four years:
1937
1938
1939
1940
Banks of-
1936
£
Blg'm
95,089,000
89,086,000
Switzerland
86,187,000
50,872,000
6,505,000
6,667,000
110,936,000
33,111,000
6,555,000
8,222,000
314,645,760
347,628,740
2,432,200
25,635,000
6,550,000
6,603,000
327,233,957
293,720,843
2,521,900
87,323,000
25,232,000
122,150,000
92,716,000
76,300,000
26,323,000
o,542,000
7,442,000
England
.
*129,998,979
295,815,871
3,000,000
*656.486
_
242.446,039
b3,372,000
France
Germany
63,667,000
c63.667.000
Spain
Italy
a23.400.000
23,400,000
85,278,000
115,500,000
Netherlands
Nat.
Sweden.™
Denmark..
Norway
...
87,323,000
42,575,000
76,630,000
104,403.000
83,525,000
201.634,366
524,694,624
2,576.400
90,117,000
42,575,000
58,057,000
94,722,000
48,145,000
23,893,000
6,554,000
6,602,000
879,291,850 1,067,549,700 1,097,950,700 1,099,570,390
907,432,687 1.075,965,534 1,098,826,879 1,100,908,205
664,139,525
636,485,268
Prev. week.
*
Friday of last week; cable
on
per
Notes Act, 1939, the Bank o1 England
carried the gold holdings of the Bank
Pursuant to the Currency and Bank
statements for March 1, 1939 and since have
Friday
on
Il34d.
statutory rate, 84s.
principal European banks as of respective
of most recent statements, reported to us by
Total week.
they
$24,391,675, mostly government bullion.
were
at
The Scandinavian
steady.
shipments to New York.
Banks
the
in
guilder
change in quotations from day
day during the past week.
currencies
1940
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British
special cable yesterday
affected
30,
Poland. Exchange
Finland
on
Gold Bullion in European
is
nor
March
on
cable transfers
at
Spanish pesetas
are
at the market value current as of the statement date, instead
which
of the statutory price
On the market price basis (168s. per fine
formerly the basis of value.
was
the Bank reported holdings of £1,293,172 equivalent, however, to only
about £656,486 at the statutory rate (84s. U^d. per fine ounce), according to
our
calculations.
In
order
to
make
current
figure comparable with former
ounce)
periods
well as with the figures for other countries In the tabulation, we show
as
<
English holdings In the above In statutory pounds.
Amount held Dec.
a
Bank
of
31," 1938,
b Gold holdings of the
of April 30,
As
c
figures available,
"deposits held abroad" and "reserves in foreign cur¬
1938, latest figure available.
Also first report sub¬
Germany Include
rencies."
latest
sequent to Aug. 1, 1936.
■
*
*
•
*
The value of gold held by the Bank
of France was revalued with the statement
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 revalorization
the value of the Bank's gold holdings was calculated, in accordance with the de¬
cree of Nov. 13, 1938, at 27.5 mg. gold 0.9 fine per franc; previously and subse¬
quent to July 23, 1937, gold in the Bank was valued at 43 mg. gold 0.9 fine per
franc; before then and after Sept. 26, 1936, there were 49 mg. to the franc; prior
to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound
sterling at the English statutory rate (7.9881 gr. gold ll-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 65.5 mg., about 125 francs equaled £1.
of the Bank
nominally quoted at 10.00, against 10.15.
EXCHANGE onby the official exchange controls
the South American countries is
held steady
and in the free markets of South America
hardly
any
response
to the extreme
sterling in the New York market.
there.was
It is to be
variations in
The exchange
position of the South American countries is greatly
enhanced owing to the improvement in
new
trade
hoped that at long last the Securities and
Exchange Commission is due for the overhauling it
richly deserves.
Substantial
their export
The amounts involved in the
position.
Arrogance of SEC Demonstrates Wisdom
of Doing Away with Bureaucracy and
Reverting to Government by Law
Investment
credit for this
be
must
Association.
Bankers
given to the
Its
"Re¬
recent
agreement between Argentina and Japan are relatively
ply to the SEC Concerning the Underwriting and Sale
small.
of
Each country is to increase its
the other
purchases from
by about $7,000,000. The total is less than
1% of Japan's entire export trade last
than
2% of Argentina's total exports.
year
and less
It is less than
-
.
.
Street
history
from the
it to
free market closed at 23.25
@23.35, against 23.60@23.61
Brazilian milreis
Chilean
5.17.
on
Friday of last week.
quoted at 5.15, against 5.15.
are
exchange is quoted at 5.17 (official), against
Peru
is
nominally quoted at 18.00, against
18.00.
Related
an
ink
of
on
a
been
the
blast
was
still
lamb.
For years
This
wet.
is
everybody in the
SEC's
taking the
attacks
"lying
down," like the small boy in George Rea's speech
fashion.
For years
bully's attacks in that ignoble
Wendel Willkie has been almost
EXCHANGE onsteadiness Eastern countries shows
comparative the Far in all centers. The price
the sole individual in Wall Street to
changes
ington attacks.
are
unimportant.
Eastern centers
are
While most of the Far
allied to
sterling, either legally
by exchange control, they
seem
sterling in the current
New York free market.
Japanese
The
yen
is pegged
to the dollar at the rate of 23.46 cents.
Closing quotations for
23.46, against 23.46
at
23.10,
on
The
to
give
technical
been
Friday of last week. Hongkong
ness.
against
checks yesterday
23Shanghai at
background of the story is that the I. B. A.
has been
were
yen
6.20,
reply to Wash¬
And the Street has been steadily
paying the bill for its political cowardice.
not seriously to
have reflected the decline in
closed
a
original question while
in Wall Street; it is almost like
news
the rebellion of
has
SEC
the
who foiled the school
or
open.
spoken straight
reply, and capped that reply with
insistence
man-bites-dog
Street
down in Wall
go
shoulder, caught the SEC off base, provoked
abusive
courteous
the
Matters"
having cracked the situation
as
At last the investment bankers have
10% of its exports to Argentina.
or
and
be the document that will
may
3% of the United States exports to Japan and about
Argentine unofficial
U-12F-2
Rule
.
have
trying for nearly two years to get the SEC
serious
consideration to
certain
unnecessarily hampering and burdening busi¬
Singly and in
petitioned
the
groups
the investment bankers
Commissioners
by
against 6.50; Manila at 49.80, against 49.80; Singa¬
pore at 47% against 47% Bombay at 30.35, against
talked with them
carefully thought out
program
30.25; and Calcutta at 30.35, against 30.25.
nical modifications.
Nothing happened.
necessary
changes in Federal regulations which haye
day
and
by night, urging consideration of
a
of much-needed tech¬
The SEC
Volume
repeated that the time
and
the
as
politically inopportune,
was
Commission's
changed the
personnel
The SEC's conduct
bargaining
(b)(2) which deals with intercompany relationships.
The
phrase "eliminate the evils" comes from Section
1
the
on
in this
subject, containing
misleading mis¬
a
length bargaining or from restraint of free
independent competition" comes from Section
and
the last straw and its Feb. 29 letter to the
was
trade
the arm's length
on
of arm's
1
prospects of action dwindled instead of improving.
issue
1991
The Commercial & Financial Chronicle
150
(c) and refers to "
the evils
.
.
.
as
enumerated
section," and nowhere in the Section is arm's
quotation of the law itself, finally precipitated action.
length bargaining referred to except in the
The last standouts against action among
(b) (2),
above-mentioned, applying to inter-company
were
the bankers
and the I. B. A. issued its 45-page
over
won
1
reply—vigorous, but carefully documented.
Nothing could have better indicated the intolerant
attitude of the SEC than its prompt
the careful argument
sideswiping
with
it
Ignoring
reply.
of the I. B. A., and accidentally
about the
remark
a
been pressing
Commission has
for
floor-traders
and
specialists—the SEC termed the
reply "a lengthy assault
seven
"It
I.
on
all the statutes of the past
appears," said the Commission, "that the
A.
concerned
still
is
structionism and Government
of the
neurotic
same
Such is the response
constructive
with
not
but with ill-tempered ob¬
criticism and suggestion,
more
and consumers."
protecting investors
years
now
B.
the Stock Exchange
the capital requirements for its
to raise
years
There
baiting."
was
Most notable
turn received from the SEC.
was
the
reception given by the present Justice William 0.
Douglas, when he
the
to
Chairman of the Commission,
was
carefully-worked-out
tives of 20 stock
hammered out
of representa¬
program
exchanges who went to Washington,
a
for submission to the Com¬
program
mission, and 18 hours later had it roughly dismissed
by the Chairman
Mr.
"p-h-o-n-e-y."
as a
Douglas had several times referred to the "run-
securities
Stock Exchange,
apt for the treatment which the
individual
corporate
managements,
have
dealers
counter
bankers,
investment
The term is
Exchange.
investment
over-the-
and
trustees,
trust
The
suffered.
successively
utility managements, too, have laid out their tenta¬
tive programs
for SEC approval and have had them
misinterpretation of the law exposed by the
interesting example of SEC
I. B. A.'s
"Reply" is
method
The Commission's
.
stating that
"By
1935
Act of
direct
original letter began by
provisions of the . . .
the SEC is charged with the
.
competitive conditions'
of
distribution
companies
an
express
.
.
'maintenance of
the
bankers
their
and
of
securities
.
.in
.
holding
.
subsidiaries."
.
.
.
.
.
By
quotations from the Act, the I. B. A. "Reply"
others in the
or
The I. B. A. went
on
to
point out that Section 1
(b) (2) refers to "transactions in which evils result
from
absence of arm's
an
Comments the I. B.
a
1
(b)
.
.
precedent to the application of Section
condition
be
length bargaining
A., "It would seem therefore to
(2) to the type of transactions therein de¬
scribed, that the existence of 'evils' be affirmatively
It
shown.
that the
gress
a
was
holding
evidently not the intention of Con¬
existence of a relationship between
mere
and
company
a
subsidiary should be prima
facie evidence of evil."
as
Lastly the I. B. A. adds, "The position of Congress
to this matter is made still more evident on reading
phrase of Section 1 (c) in conjunction with
the first
the
1
(b).
preceding subsections of Section 1
Section
(c) begins with the statement—'When abuses of the
above enumerated become
character
persistent and
' (italics supplied).
Congress
suspicion of
non-existent evils but sought to correct the real evils
recited as resulting in persistent, and widespread
widespread
plainly
was
.
.
.
not concerned with the mere
abuses."
So, concludes the I. B. A., the SEC is off the reser¬
that ". . .
vation when in Rule U-12F-2 it directs
no
underwriter's
any person
finder's fee shall be paid to
or
relation to the declarant or
applicant
.
there is liable to be or to have been an
arm's
the
men
for
a
through
labyrinth of words to demonstrate that a
a
that such
sense
letter
that
respectable body of
to have to weave its way
Commission is exceeding its powers.
less
.
.
absence of
ordinary layman it must seem nonsense
professional
such
.
..."
length bargaining
To
.
.
who the Commission finds stands in such
that it should be necessary
quietly ignored.
The
investment
to
general market."
around" which the SEC used to receive from the old
administration of the Stock
trans¬
"In this Section
(2) Congress did not make any reference to
involved in the sale of public utility
(b)
calumny.
each branch of business has in
A. states,
B.
transactions
$25,000
capital requirements for I. B. A. membership—the
I.
As the
actions.
It makes even
Commission should send out a
a
misquoting the basic law under which it oper¬
ates, and then
should state in the letter that "it is
of this particular
felt that discussion of the merits
aspect of the law would, in this connection, be of
Least of all can it make sense for
little assistance."
Commission is
the Commission to
reply publicly to a correction on
charged with the maintenance of competitive condi¬
the actual meaning
of the law by terming the correc¬
showed
that
this
is
The
so.
only with respect to intra-system or inter-
tions
affiliate transactions
securities
of
not
or
or
to sale
"utility
by
a
assets"
holding
company
which it
already
The SEC letter also stated in the first
paragraph
that it is "directed to construe that Act so as to assure
'elimination of the evils
absence of arm's
which result from
an
length bargaining or from restraint
independent competition' in the distribu¬
securities of
holding companies
of free and
tion
and
"ill-tempered obstructionism and Government
baiting."
There
was
of
.
their
.
.
.
.
.
subsidiaries."
The
I.
B.
A.
"Reply" indicated that this was also a misreading
(as well
as
a
misquotation) of the law.
The phrase
"transactions in which evils result from an absence
ceived
widespread public disapproval last year
Federal Communications Commission re¬
when the
owns.
the
tion
report
a
from
one
of its members on the
Telephone & Telegraph Co., on which the
American
that it
cross-examination.
telephone company's principal comment was
had been
permitted
in
the
no
I.
rebuttal
B.
A.'s
or
"government-baiting"
One
item
was
pointing out that, despite the lengthy
Tem¬
National Economics Committee hearings on
investment banking in May and December, the
porary
I. B. A. has not yet
been granted an opportunity to
present testimony, the data and testimony so
far
on
The Commercial & Financial Chronicle
1992
investment
banking having been rigidly restricted to
of the
I. B. A.
of the
rest
"Reply," i.e.,
approximately the first 20 pages, were devoted to a
Mr.
have
was
been
presented
the
because
and
over
arguments
and the SEC has been
over
An excellent statement of them
deaf to them.
published in July last
Ripley & Co.; another
was
was
by the firm of Harriman
year
made by Harold Stanley in
Webster,
the
the
John
ances
that
means
stand-by competitive threat,
readily available for the Commission
are
underwriter's spread,
to determine the fairness of an
that New York
City issues have suffered from
com¬
antipathy to General Jackson and the slight ad¬
anticipated by
to
reason
of his political alli¬
in the South.
President
always maintains competitive conditions, that
by the Virginia Democrat,
Tyler, whose single claim to Whig support was
The Association's
a
attaining the destiny that
goal of his high ambition, would most cer¬
vantage
"private placement" is
he succeeded to that office,
as
great political leader of Albany, all of which were
by the SEC's tropismatic neglect of the obvious.
mar¬
well
reversed and abandoned
his
"Reply" pointed out that the
as
tainly have pursued the Whig policies approved by
December; and the subject has been worn threadbare
ket
and the Presidency
inauguration
As President, had
office.
hackneyed subject of competitive
hackneyed
1940
fully rejected the tendered designation for the second
discussion of the
bidding,
30,
passed to John Tyler, that Mr. Webster had scorn¬
what the SEC thought desirable.
Most
his
after
month
March
Tyler
attain the
death
his
of
the first of the Vice-Presidents
was
position of Chief Executive upon the
predecessor in that
Fillmore, whose attitude
his time,
upon
Millard
office.
the principal issues of
slavery and States' rights
involved in the
as
petitive bidding, that the Federal Government does
Compromise of 1850, was the exact reverse of that
not auction its
held
by President Taylor,
case
of Mr.
long-term securities, that the Recon¬
Finance
struction
frequently
Corporation
negotiated sales and gets
makes
better price than would be
a
was
the ,next and,
Tyler, his accession
was
in the
as
followed by the
re-instatement, at the next National election, of the
possible with competitive bidding, that Massachu¬
tory has done a great deal to rescue
His¬
political party which had opposed his election.
setts^ experience
been
with competitive bidding has not
that
encouraging,
almost
necessarily
groups—and
But
the
bidding must
competitive
underwriting
limit
selling
and
that
fact
mere
the
Andrew Johnson from the attacks of the radicals in
his
party, whose advice he rejected, and it is now
own
clear that he followed, as
few other arguments.
a
SEC
calls
this
"ill-
his
mined upon
is clear
character and
"I
It is
the law."
am
that
tion
The real law is
being distorted and abused.
Street is opposed to
the
The
in which the Securities
way
Acts
are
way
in which the SEC is squeezing
being administered, and in particular to the
every
inch of
closely
as
the limitations of
personality permitted, the course of action deter¬
tempered obstructionism and Government baiting"
enough evidence of its true attitude.
the reputation of
by Abraham Lincoln, but his defects of
he
capacity
weakened his administra¬
so
barely escaped impeachment and his
stormy term of office ended in
the election of General
Grant, his adversary in nearly all the elements of his
Alterations of policy were less conspicuous
of Chester Alan Arthur, who succeeded
policies.
in the
cases
the murder of President Garfield;
Theodore
leeway for discretion and interpretation to increase
upon
its
Roosevelt, who followed President McKinley; and
own
powers.
The fortunate
thing is that
a
responsible organiza¬
has at last taken its courage
tion
in its hands and
spoken out against the regulatory body which has
power over
has been
its members.
the
years
the Commission
publishing reports, studies, and statements
which have
distorted the facts and abused
which
ways
For
were
transparent to those familiar with
subjects discussed; but by and large
Street
has
logic in
heretofore
dared
no one
in the
publicly to point
out
the truth.
Calvin
Coolidge, who
the fact that
solation
faction
by which it
was
Vice-Presidency in History and
widow whose three
sons
One had been among
had sailed in
Piatt to
supersede him
a
disappeared without trace.
the missing after
ship that
never
a
great battle,
reached
any
port,
Called the most insignificant office ever con¬
man,
disdained by most of those of recog¬
nized fitness for the
President has
Presidency, and rarely sought
ready to regard their election to the
men
higher office
to the
as
a
inconceivable, the position of Viceway
of becoming suddenly important
consternation of those
by whom it has been
lightly considered.
It
is
the bitter
op-
as
Governor of New York
sup¬
Coolidge, in 1920, was the sudden and planless revolt
poor
of
a
much-bossed National convention against
who
had
all
dictated
seriously to be questioned whether Daniel
Webster, whose vanquished aspirations to the Presi¬
dency might have been satisfied,
by whom he
or
Thurlow Weed,
nation
as
his
own
Roosevelt
tions,
were
successor
a
and that his party met
election, while Presidents Theo¬
condi¬
indicating superior satisfaction with
their policies on
the part of their partisans
Nation,
a
or
of the
growth of executive power by no means
inconsequential at the present hour.
Even without the history here summarized, it must
seem
men
significant and highly important that of the 26
Presidency of the United
who have attained the
States by
election,
in office and have
regret, when President Harrison died just
That
than testimony
Henry Harrison, had the greater
William
to
those
nominated and re-elected, is probably
every
to
action.
proof of the growing power of the Presidency rather
denied the Whig nomination that
cause
previous
and Coolidge, under similar
was
went
its
President Arthur failed in his efforts to obtain nomi¬
dore
too
over
displeasing to Senator Hanna, his
States.
by
was
postion of William McKinley and Senator Hanna
and attributable to the desire of Senator Thomas C.
defeat in the ensuing
save
con¬
a
accepted without enthusiasm;
that of Theodore Roosevelt
the third had become Vice-President of the United
by
was
defeated and disgruntled
adversary in the Senate; and the selection of Calvin
1940
Everyone is familiar with the sad story of the
trived
a
plemented by the wish of Senator Matthew S. Quay
in
one
after President Harding.
Arthur's nomination
Mr.
prize accorded to
to act in any way
The
came
Nevertheless, the truth of history requires record of
by
/
no
less than six,
or
about
one
in
four (actually, a ratio of 1 to 4 1-3) have died
men
been succeeded, in each instance,
who could not possibly have been named for
Volume
ISO
the office
The Commercial & Financial Chronicle
~
by the conventions which chose them
candidates for the subordinate and
portant place.
been
Otherwise, the list of those who have
Vice-Presidents
without
dency, either accidentally
of the
D.
as
normally unim¬
electorate, is by
achieving the
by the subsequent favor
or
means
no
Presi¬
inspiring—Daniel
overcome
the threatened
rivalry of DeWitt
Clinton; Richard M. Johnson, of Kentucky, with his
mistress and mulatto
negro
of
Shuyler Colfax,
progeny;
Indiana, with his Credit Mobelier gains, clandes¬
ofjitinerant
paign"
Delano Roosevelt
speech-making,
seems
hope that
accord
support
Whatever may
the
acceptable to the country
The
fault
almost
as
as
manifestly
Presidents.
be the considerations that have
obviously lies in the laws
Constitution,
chosen
originally adopted, the electors
as
by the States did not vote at all for
President but each voted for two
dency and when the votes
was
the second choice of the
though less than
even
a
were
men
Vice-
a
for the Presi¬
counted, wThoever
largest number of electors,
majority voted for him, be¬
the Vice-President.
came
con¬
Under
In this
considered, when they
The method is
clearly
cipal
the
Within
will
conventions
shown
the Vice-President who served
came
the tie for the
and Aaron
throughout his
But, since the fourth election, when
Presidency between Thomas Jefferson
Burr, forced
an
election by the House of
Representatives, and Mr. Burr became Vice-Presi¬
a
third term,
the electors to
President and
As it has
vote separately for
a
Vice-President.
a
as
recognition
to pass
come
that the electors exercise
no
will of
ever
nominating convention, it follows that what¬
a
may
be the action of the National convention of
the successful party
No
tion.
one
determines the ultimate designa¬
votes for
against
or
a
candidate for the
office of Presidental Elector because of the
course
of that candidate,
dent is selected
vention
can
chooses
hardly be said that such
a
con¬
a con¬
candidate for the Vice-Presi¬
In reality the nominal choice is commonly
much less than
publican
'
act of deliberation.
It is
up
minutely
to
1992,
Louis
St.
The
of
firmation
at 28%,
weary
disappeared and
retired from the
for the
remnant after the real leaders
many
of the tired delegates have
Sometimes the candidate
gathering.
Presidency dictates the choice for the second
office, and in that
it is commonly used to
case
potential discontent of
any
assuage
Electric
a
faction to which the
and
&
dore Roosevelt
with
Charles
man, as
William E. Borah,
candidates and
Sometimes the office
it did in 1924, when Senator
a
successively refused to be¬
rapid
survey
of the field made
Charles G. Dawes the final selection.
ment of
figure
Theo¬
Governor Frank 0. Lowden, and
Senator Hiram Johnson
come
as
1904, and John W. Davis chose
Bryan in 1924.
really seeks the
less opposed,
designated Charles W. Fairbanks to
him in
W.
more or
Another ele¬
selection, occasionally dominant, is capacity
as
the principal actor in
a
"whirlwind
cam¬
3%s,
some
1st
up
1959,
4s,
advanced
several
1% for the week.
prevailed in the utility bond mar¬
but changes have
few issues, such as Central Hudson
a
1965,
were
singled out for gains of
Lower grades and speculative issues
demand,
but here, too, the gains have
Specific
small.
offerings were
developments
have been
limited to $5,000,000 Central
Telephone 4%s, 1965.
Industrials
this
week
Childs Co. 5s,
but
few changes
of
lower grades, including the
1943: the United Cigar-Wlielan 5s, 1952, and
the Paramount
the
have, shown
of the
Several
importance.
Pictures 3%s, 1947, showed strength, while
same
classification, such as the International
ground.
Steels and oils
fractionally higher, while
among metals, the Anaconda Copper 4%s, 1950, declined a
few points on the announcement that a substantial portion
of the bonds will be redeemed May 15 at prices ranging
Marine 6s,
Mercantile
been
have
principal candidate is
only
fraction.
in
lacking,
others in
bonds have been gen¬
Chesapeake & Ohio 4%s,
grades advanced,
High
week.
been narrow and
&
States Governments
decline of last Wednes¬
Lower grades have been more buoy¬
5s, 1952, were up 1%
Firm conditions have
Gas
sta¬
Southwestern
company's
points, closing
this
nearly
reorganization plan
a
the
Western
ket
remained
Upon announcement of the court's con¬
for the Chicago Great
18*4.
at
points
v":
unchanged at 122%, as also the Great Northern
were
Electric
a
unchanged.
414s, 1961, at 107%.
relatively
by
United
highs.
new
inactive and
ant.
■
of the higher grades having edged
High- and medium-grade railroad
erally
■
Thursday.
and
day
have
averages
some
after the lialf-point
have recovered
been
have
to
bond
various
been
per¬
office.
*
The
success
Course of the Bond Market
The
have
task hastily and perfunctorily
with much
candidate not fully capable of
a
*
concluding event, after everything else has been
a
or
In 1940, neither the Re¬
exalted station should misfortune call
more
him to that great
V
the coming conventions
Democratic convention should name for
nor
than
an
upon
predecessors has borne with full
Vice-Presidency
filling the
the fact that his health
as
with high credit;
or
more
formed
run
of their
always
settled, and
the
to the Vice-
exclusively in the nominating
But it
ever
dency.
the
as
Therefore, in actuality, the Vice-Presi-'
Presidency.
vention.
if elected,
anticipated
well
other than that of chance.
the
ex¬
It must be conceded, therefore,
obligation rests
tionary all week,
personal discretion but invariably vote to register the
The ratio of
his partisians, and others, ought always
to bear this in mind
none
un¬
Should Mr. Roosevelt be named for
ceedingly high.
dent, the Eleventh Amendment to the Constitution
has required
columns, is
mortality in the office has been lamentably and
an
administration.
these
in
fortunately much below the normal.
which
be¬
this
been
that
for the Presidency against him, in 1796,
for
Expectancy of life in the Presidency, as
hitherto
the first
ran
candidates
Never in history could
has
receiving only 34 out of 69 electoral votes, became
who
short time two prin¬
a
select
security of wise selections have been of greater
fail markedly.
also with less than half the electoral votes cast,
which has
one
importance.
may
son,
considered at all.
were
and it is
wrong
past produced injurious results, and may easily
way,-John Adams,
Vice-President, in 1789, and Thomas Jeffer¬
pre¬
ability in the highest office have always been the last
to be
potentially important office.
trolling the election and in their operation.
the
un¬
an
same surname.
produce them again.
others
Cox, in
vailed, it is plainly evident that fitness and accept¬
of
many
Franklin
account of their affection for
on
earlier possessor of
in the
Illinois, chief hatchet-man of the first Cleveland
and
named, in 1920,
of the remote constituencies would
some
tinely and gratuitously acquired; Adlai E. Stevenson,
Administration; and
to have been
the candidate second to James Middleton
as
the
Tompkins, of New York, adroitly used by Van
Buren to
1993
downward
generally
from
1941,
steady
104 to
lost
to
^
101.
Foreign bonds displayed a declining tendency, and
closing
been generally below the level of last week.
registered losses of several points, while
Canadians have been fractionally lower.
Fresh weakness
prices
have
Australian
bonds
developed in Danish bonds, while Norwegians moved within
narrow
limits.
Price changes in the other departments
have been
unimportant, but Japanese bonds have been firm
reaching 88, the 6%s established a
and
new
high for the
year.
Moody's
are
computed bond prices and bond
given in the following tables:
yield averages
I
■
The Commercial & Financial Chronicle
1994
U.
1940
8.
All
Domes¬
1940
Corporate by Groups*
tic
by Ratings
Ind.
120 Domestic
by Ratings
Corporate by Groups
Domesitc
Daily
P.
120 Domestic Corporate
120
All
120 Domestic
120 Domestic Corporate *
120
Govt.
Bonds
Daily
Aaa
Corp
RR.
107.88
123.56
119.25
106.92
87.49
93.85
113.89
118.38
Mar. 29
3.57
2.83
28- 116.76
107.88
123.56
119.25
106.73
87.35
93.85
113.89
117.94
28
3.57
A
Aa
Aaa
Corp.*
V.
Averages
93.85
113.89
117.94
27
3.57
2.83
87.35
93.85
113.89
117.94
26
3.57
2.83
3.02
25- 116.63
107.88
123.56
119.25
106.54
87.35
93.85
113.89
118.16
25
3.57
2.83
23- 110.42
107.69
123.33
119.03
106.54
87.35
93.85
113.68
117.72
23
3.58
2.84
20— 116.42
107.69
3.02
3.03
Stock
22.
123.33
118.81
106.36
87.35
113.08
117.72
107.69
123.33
119.03
106.54
87.49
93.85
113.68
117.72
123.33
118.81
106.36
87.35
93.69
113.48
117.72
16— 116.72
107.49
113.68
117.50
—
118.81
106.17
87.21
93.69
107.49
123.33
118.81
106.17
87.35
93.69
113.68
117.50
15
107.49
123.10
118.81
106.17
87.35
93.69
113.48
117.50
14
13- 116.39
3.07
3.28
4.37
3.28
3.65
4.79
3.09
f
3.08
2.84
3.04
3.65
4.80
4.37
3.28
3.09
2.84
3.03
3.64
4.79
4.37
3.28
3.09
2.84
3.04
3.05
4.80
4.38
3.29
3.09
3.10
3.28
4.38
4.81
3.0 4
3.59
2.85
?
3.66
3.04
2.84
3.59
—
3.66
4.80
4.38
3.28
3.10
3.04
2.84
3.59
16
123.33
16— 116.74
14— 116.53
3.27
4.37
Clos ed
3.58
18
93.85
4.37
4.80
3.06
3.58
19
107.69
4.80
P.
3.58
20
19— 116.76
18— 110.87
3.08
Exchan ge
3.03
2.83
3.58
21
3.27
3.64
87.35
106.54
117.94
4.37
3.64
106.54
119.25
113.08
3.08
4.80
119.25
123.56
119.03
3.08
3.27
3.64
123.66
107.88
123.50
3.27
3.64
107.88
107.69
4.37
4.37
3.63
110.76
21— 116.30
4.80
4.80
3.02
116.73
Exchan ge Clos ed
93.85
87.49
100.36
3.27
2.83
27-
Stock
4.37
3.62
20-
22-
RR.
4.79
3.02
3.02
Ind.
U.
Baa
A
Aa
Baa
Mar. 29- 116.87
Averages
Closing Prices)
{Based on Individua
{Basra on Average Yields)
1940
30,
f
BOND YIELD AVERAGES
MOODY'S
t
PRICES
MOODY'S BOND
March
3.66
4.80
4.38
3.29
3.10
3.30
3.11
4.36
4.80
107.49
123.10
118.60
106.17
87.35
94.01
113.27
117.29
13
3.59
2.85
3.05
3.66
12— 110.28
107.49
123.10
118.60
106.98
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
117.50
9
3.59
2.85
3.05
3.66
4.81
4.37
3.30
3.10
8— 110.03
107.49
123.10
118.38
106.17
87.21
93.69
113.0?
117.72
8
3.59
2.85
3.06
4.81
4.38
3.31
3.09
7— 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
3.10
115.90
107.30
123.10
118.38
105.79
87.07
93.69
112.80
171.29
6-.
3.60
2.85
3.06
3.68
4.82
4.38
3.32
3.11
6— 115.08
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
122.80
118.38
105.98
86.78
93.53
112.60
117.29
4
3.61
2.86
3.06
3.67
4.84
4.39
3.33
3.11
6
—
2- 115.45
107.11
122.86
118.38
105.79
86.78
93.53
112.80
107.11
122.63
118.38
105.79
87.07
93.53
112.80
2
117.07
3.61
2.86
3.06
3.68
4.84
4.39
3.32
3.12
1—
117.07
1- 115.42
3.66
3.61
2.87
3.06
3.68
4.82
4.39
3.32
3.12
Weekly—
Weekly—
3.12
Feb. 23„
115.32
105.79
80.92
93.85
112.66
3.60
2.85
3.05
3.68
4.83
4.37
3.33
10-
115.48
107.49
123.33
118.81
105.98
87.07
94.01
112.80
117.60
16
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3.10
9— 115.44
107.30
122.86
118.81
105.98
80.92
94.01
112.66
117.29
9
3.60
2.80
3.04
3.67
4.83
4.36
3.33
3.11
123.10
107.30
118.60
117.07
23
Feb.
—
'
2- 115.43
106.92
122.63
118.60
105.41
86.78
93.69
112.45
2
3.62
2.87
3.05
3.70
4.38
3.34
3.13
27— 116.54
Jan.
100.92
122.63
118.38
106.41
86.64
93.69
112.25
110.80
27
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13
86.21
93.21
112.25
110.43
20—
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
13
3.63
2.88
3.07
3.69
4.86
4.39
3.35
3.14
3.62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
2.90
3.09
3.71
4.89
4.43
3.36
3.16
110.86
117.94
105.41
13— 116.90
106.73
122.40
118.10
105.60
86.60
93.63
112.25
116.64
6— 116.03
100.92
122.86
117.72
105.60
87.07
93.85
112.45
Jail.
116.64
20- 115.05
122.40
100.64
6.
High 1940
107.88
123.79
119.25
106.92
87.49
94.01
114.09
118.38
1940 116.25
100.54
121.94
117.72
105.22
86.07
92.90
112.05
110.21
Low
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
110.43
Low
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.64
Low
104.67
119.09
115.35
102.30
85.93
92.59
109.64
113.27
90.29
113.68
105.04
90.75
64.09
72.87
97.45
105.51
3.64
High 1939
Hlgh 1940 110.87
Low
1939 108.77
3.57
2.83
3.02
3.62
4.79
4.36
3.27
3.06
4.00
3.34
3.55
4.10
5.26
4.76
3.76
3.64
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
Mar. 29, 1939
2 Years Ago—
3.74
3.00
3.20
3.87
4.90
4.45
3.48
3.30
Mar. 29, 1938.—
4.60
3.28
3.72
4.57
6.83
5.95
4.15
3.70
1
1 Yr. Ago
Mar 29'39 114.98
2 Yrs.Ago
Mar 29'38 110.10
*
These prices arc computed from average yields on the basis
ol one ''typical" b
level or the average movement ot actual price quotations.
They merely serve to II
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
The annual
Steel
corporation operated at
profit for the
a
of
year
$41,119,934 after deducting all general charges, in¬
cluding depreciation, interest
provisions
and
gages,
profits taxes.
for
This profit
on
bonds and mort¬
income
Federal
compares
$7,717,454 reported for 1938.
with
a
Year Ago—
—
(4%
.
maturing In 30 years), and do not purport to show either the average
more comprehensive way the relative levels and the relative movement®*
coupon,
ate In a
the Issue of Jan.
13, 1940. page 179.
and
loss of
The corporation, in
of facilities," "taxes" and
usage
the
as
March 28, reveals that the
on
1939
"interest."
pamphlet report of the United States
Corp., issued
1940
others," "wear and
Report of United States Steel
Corporation
4.84
is
As
to
little
control.
no
or
stand
payments,
of
of
others,
it
for
paid
and
wear
per
services
from
purchased
employee; $61,000,000,
of facilities,
usage
the
employee.
set aside 36.2%, or $310,-
or
per
in
sales
had
$3,829
or
and
goods
$1,384
or
of the
to 52.2%
came
corporation
$857,900,000,'
this
000,000,
They
In the account for 1939 these facts
The
out:
amount
for
these
explained in the .report, the corporation had
total received.
Out
of
amount
or
$274
or
7.1%,
per em¬
making public its newly-designed thirty-eighth an¬
ployee; $67,000,000,
nual
employee, and $9,000,000, or 1.1%, for interest, or
ing
report, discloses
which,
whole
under
10
simple
headings,
figures, in percentages, and
employee basis.
cial
different form of account¬
the
as
reduced to
a
In addition to the usual finan¬
outline, the report places at the disposal of
stockholders, workers and the public
of all the money
its
gives
operating history of the corporation in 1939
in gross
per
a
a
clear picture
received by the corporation, since
$42 per employee.
There
for
men
In
introducing the
of
the
Chairman of the
realizes if
ume
of the total
tion
paid 90%,
the
In
new
year,
form of annual report in
Edward R. Stettinius Jr.,
Board, explains that management
industry is to provide the maximum vol¬
of production and
employment the public must
the
every
the
1937.
net
employee
an
obligation
to
cooperate
of
the
corpora¬
wages
and sal¬
sum
as
as wages
for
of the year
Mr. Stettinius states:
the
none
of the forms and
phrases of accounting.
uses
It takes the
amount received from sales
shows the
by the corporation and
disposition of the money under two gen¬
divisions.
The first division
shows the
1938,
the
shipments of rolled and finished steel
year
increase of 60%.
an
shipments
attained
in
were
the
At the opening
somewhat
closing
the first six months' total
six
months
in
was
1938.
above the
months
of
1938.
greater than for the
In
the
second
half
of
shipments went sharply upward above the level
of the first half of the year
month
in
December
with
and reached their peak
1,443,969 net tons.
The
higher level of operations which prevailed during
the
year,
compared with 1938,
resulted
in
larger
earnings, although not in proportion to those of
sums,
1936—a
relative
earnings in 1939
business—"goods and services purchased from
factors,
an
amounted to 11,707,251
year
which had to be paid in order to
other than wages,
greater than in
Although they gradually decreased early in 1939,
1939
The account follows
were
since 1930 with the exceptions of 1936 and
Public
in
tons
anticipating the future requirements of the pub¬
lic," says Mr. Stettinius.
in
do
wages
sum
tons, compared with shipments of 7,315,506 net
first
eral
$369,000,000,
products during the
management in meeting the present and
of
for
the
employee, being 47.8%
per
Out of this
corporation's subsidiaries
level
the
legitimate needs of the public.
"Good
public relations begin at home, and there thus rests
none
over
facilities
leaving only $41,000,009
review
his
any year
stand
-
or
left
was
and
per
of facilities.
use
of
upon
of
receipts.
aries for men,
have a broad comprehension of the
problems of
industry, and industrial management must under¬
with
services
$299
or
"During 1939 production and shipment tonnages of
review
his
the
$410,000,000, or $1,830
organization, from the sale of its products and
services.
7.8%, for taxes,
or
year
of
comparable tonnage.
important
one
were
due to
being that
a
The
a
lower
number of
considerable
/
Volume
The Commercial &
ISO
tonnage consisted
of the total
part
yielding lower prices.
ence
of
of the lower
earnings available for payment of interest and
The
although
dividends,
It has been the policy
any
savings have come about through progress
nor
viewpoint an adequate return upon investment,
were the 1939 earnings sufficient to offset the
corporation to lower prices
wages as
(or to give a
to
examination of the quarterly returns.
an
ter of 1929 each
Dec.
Net working capital
The
ceding quarter, and that in the latter quarter of
In
As
a matter of fact, there were no net earnings at all
for any quarter of 1932 and the first quarter of
1933, each and every quarter having failed to earn
expenses, not to speak of charges and allowances
for depletion, depreciation and obsolescence and
interest charges on bonds and mortgages.
In the
June quarter of 1929 the corporation had aggregate
earnings of 173,861,425, and while in the September
quarter of that year the downward descent which
was
to last
amounted
that
condition
third and fourth
ter of 1933 of
respectively,
are
bonded
and other
of
obsolescence, but inclusive of allowances
and
tion
already
charges for interest on
debt, and of depletion, deprecia¬
exclusive
stated,
as
for estimated amount of Federal income taxes pay¬
able in
succeeding years:
Fourth
1934
1933
1932
1931
1930--.
23.038,230
Loss,
The
y
$28,247,189
11,500,257
48,213,455
30,192,889
13,469,570
3,768,863
11,816,832
x4,474,719
9,181,091
37,995,300
$17,325,669
11,334,085
45,260,205
17,664,596
12,428,449
6,578,731
x4,045,065
xl, 136,607
19.464,836
49,615.397
$17,324,233
11,170,183
53,716,626
29,227,034
14,117,865
21,082,389
4,631,963
x3,362,737
13,817,524
47.061.305
Figures reported in quarterly statements.
an
of the corporation
amounted to $904,-
increase of $271,618,514 over the total
$632,533,383 reported for 1938; after deducting
costs
of
goods sold, operating and other expenses,
allowances
including
for
and obsolescence the net
depreciation,
depletion
operating income (includ¬
ing other income received) remained at $63,440,550,
while the call for minority portion of profits of
companies not
and mortgages,
and
profits taxes left a net income available for
dividends
of
wholly owned, interest on bonds
and provisions for Federal income
on
the capital stocks of the
corporation
$41,119,934, from which was deducted preferred
paid amounting to $25,219,677, leaving a
dividends
balance
of
$15,900,257 of net income for common
within
one
by State and Federal authorities,
respect to the cost per ton of products
amounted
1939
of 1938 is
corporation for the
as
to
follows:
1938
1939
,
taxes)
Total of all taxes
State and local
stitute
the
$36,827,279
14,818,056
15,371,751
$32,044,825
11,309,215
$67,017,086
State and local taxes (includ. State income
Social security taxes (State and Federal)
social security)
Federal taxes (excluding
$48,842,131
5,488,091,
property and income taxes con¬
major part of the total taxes paid by
the
corporation's subsidiaries. This arises from the
that the production of steel involves a raw
material
reserve
proportion¬
and plant investment
ately larger than required in many other
industries.
Expenditures during the year 1939 for general
maintenance
further
and
charges
upkeep
of
properties
and the
against earnings and income for
accruing depreciation and obsolescence, of improve¬
ments, equipment and
of
►
report for 1939 shows that total gross sales
revenues
151,897,
of
First
Quarter
18,716,056
36,594,063
20,520,928
3,788,375
5,587,543
x3,755,503
4,020,549
1935
and
Second
Quarter
$48,801,947
21,336,676
y1939
y 1938
y 1937
y 1936-
x
Third
Quarter
collectible
not
$67,017,086.
Increasing
taxes, says Mr. Stettinius, have become a serious
factor in the production and marketing problems of
the
corporation.
Thus the taxes in 1939 were
equivalent to:
Per employee, $299.39; per ton of
finished steel, $5.59; per $100 of sales and revenues,
$7.41; per share of common stock, $7.70.- A sum¬
mary of the 1939 tax accruals compared with those
fact
Quarter
and after excluding from current
The total tax bill of the
year
most extraordinary one and
slump experienced.
In the fol¬
The figures,
levied
with
sold.
a
the last 10 calendar years.
receivables
creasing burden not only as to specific totals but
deficiency in the
lowing table we show the earnings by quarters for
year,
also
$4,474,719, $3,755,503 and $4,045,065,
the
one
especially in recent years, have constituted an in¬
quarters of 1932 and the first quar¬
was
of
indicative
a
after including in
preferred dividend declared in Janu-
the
Taxes
The change from
$>72,009,666.
to
of affluence to
$39,116,645
stated
year.
long began, earnings in that quarter
so
still
$392,871,801
are
assets
1933.
to the end of the first quarter of
and up
$93,499,040
54,382,395
within
calendar year 1932
continued all through the
Increase
Dec. 31, 1938
of succeeding years and capital obligations due
ery
greatly aggravated form the unfortunate record
was
31, 1939
.$482,378,097
89,506,296
amounts
net
liabilities the
shrinkage had been most pronounced of all.
the
$431,988,446
Current liabilities
exception, had shown smaller earnings than the pre¬
1931 the
following table shows
$575,877,137
143,888,691
Current assets
succeeding quarter, without a single
$39,116,645
past two years:
reviewing the results of the previous calendar years
pointed out that beginning with the third quar¬
year
position of current assets and current lia¬
bilities for the
In
during the
The
$431,988,446.
relative
corporation's operations are best disclosed
The
increased
subsidiaries
control have advanced faster
savings and improvements."
corporation has no
payment of preferred dividends.
working capital of the corporation and
The net
corresponding price advances, costs over which the
than technical
deficit after
1938
But in the absence of
manufacturing technique.
we
decided improvement over
a
previous year's results, do not represent from
product for the same price) and to increase
better
by
deficit of $32,-
the
the
in
a
937,131 in 1938 after preferred dividend payments.
The increased tonnage failed
price yield.
with
This compares
stockholders.
of products
sufficiently to offset the influ¬
to reduce unit costs
1995
Financial Chronicle
natural
resources
facilities, and for depletion
totaled $151,591,684 in
com¬
parison with $113,642,375 for similar expenditures
allowances for the preceding year.
Capital
and
dur¬
expendi¬
expenditures, necessarily on a restricted basis
ing the depression years (the net property
tures
reaching only $7,313,792 in 1934 as against
$7,875,635 in 1933), were increased from $31,705,235
in 1935 to $69,421,594 in 1936 and $123,617,832 in
1937, but declined to $66,949,512 in
917,623 in 1939.
1938 and $18,-
In previous years the capital out¬
lays were of large proportions.
At the close of 1939
balances on approved authorizations
additions, extensions and improvements to
unexpended
for
plants and facilities
000,000.
Chairman
year,
aggregated approximately $55,conditions, the
In referring to general
of the Board commented:
"During the
in addition to increased demand for heavy
The Commercial & Financial Chronicle
1996
goods, there
toward
continuation of the general trend
was a
for
In
situation.
we
ness
With
mand for
of
continued
improvement
in
expect further expansion in
may
And with
lighter steels.
duce
heavy
utilized."
steels
during 1939 was at
of
total
increase of
an
high
a
in
level.
21,736
employee
The
war
issues, war orders represent only a fleeting
business is certain to result in
war
destruction
a
of
capital
that
a
War results
economy.
takes
to
years
The
requisite of the attainment of
lasting prosperity is peace and the prospect of
a
hour was 89.7c., a decrease of
per
outbreak of
appropriate to state that,
seems
vinced that the first
earnings
average
the course
management of the United States Steel Corp. is con¬
1938,
over
Stettinius
year
restore and of lives that can never be restored.
233,844, while the payroll increased
$86,368,379 to $368,577,711.
per
It
prosperity and
number of employees working at the
average
a
moral
rapidly
more
Mr.
of the
influenced by the
was
Europe.
disruptive shifting of our
end of 1939 showed
or
even
per
quite aside from the question of humanitarian and
pro¬
•
Employment
The
be
may
in
renewed flow
a
employee
per
conditions,
war
"In the latter part
of business
busi¬
the de¬
capital the capacity of the corporation to
discussing
observed:
facilities to meet this
plants and
new
hours
average
1940
30,
week increased 5.5 to 35.2.
lighter steels, thus further justifying the
expenditures the management lias made in recent
years
while the
0.5c.,
March
enduring peace."
Indications of Business Activity
STATE
THE
TRADE—COMMERCIAL
OF
EPITOME
below
a
year ago.
Public construction is 15% to 29%
lower, respectively, than the i>receding week and the 1939
Friday Night, March 29, 1940.
Business
showed
activity
further
a
drop
this
week.
week.
Trade reports
would seem to indicate that the leveling off
point has not been reached as yet.
Steel output, automo¬
tive activity, coal production and electric output showed
declines
ings
the
from
crude
and
Loading of revenue freight for the week ended March 23
totaled 019,886 cars,
roads
previous week, while merchandise load¬
runs-to-stills
European
gained.
the
velopments are being watched closely, it being realized that
happenings
of
highly
a
drastic changes
about
momentous
could
This,
ing
much
the
to
great
having been
increase both
an
not
showing
ports
promising,
previous
the
for
there
countries
Chicago
week.
in
year ago.
the
amounted to
totaled
November, the
"March, traditionally
high point
its midweek
the
in
says
last
of
review.
cities
volume
the
above the
the
same
States
sharp
New
York
drop at
except New
recorded last
year.
compiled by Dun & Bradstreet,
as
$4,570,504,000,
$4,897,918,000 for the
changes
a decrease of 6.7% from
1939 week.
New YTork ex¬
same
$2,520,522,000.
representing
decrease
a
of
17.4% below the $3,050,033,000 recorded last year, while the
042,000.
gain
a
1939
like
York had
10.9%
of
above
aggregate of $2,050,$1,847,885,000 for the
an
the
week.
Class I railroads of the United
'
from
than
more
cars
the
to
major
above
21 cities outside of New
interruption
"Iron Age"
cars
and
from
cars
again fell below the amount
owing
all
for
substantially
Inc.,
re¬
although
business,
without
week,
Clearings
rose
improved slightly in some
products, has failed to develop in sufficient aggregate vol¬
ume
to check the decline in production, which
has con¬
tinued
March 27
Turnover for the 22 cities
that retail sales in the first three weeks
that important territory ran nearly 40% over
So the general business picture is not without
steel
1939
like
the
York.
its cheerful aspects.
New
17,938
year,
Railroads
increase of 901
an
Bank clearings for 22 leading cities of the United
industry continues at a high rate, though
gains over
this
for the week ended
indicate
of March
a
are
the number of
in
The
prevails.
have not helped mat¬
the number of items ordered.
placing orders here and in
The automobile
that
uncertainty
preceding week
American
of
This was
period two years ago.
This total was 97.18% of the aver¬
age
loadings for the corresponding week of the 10 pre¬
ceding years.
together with the domestic political situation, is contribut¬
erratic changes in foreign exchange
ters much.
However, export sales
today.
corresponding week in 1939, and 46,934
bring
the world.
nature
in the markets of
according to reports filed by the rail¬
Association
the
made public
de¬
war
with
States had a net railway
operating income of $78,373,416 in the first two months of
this
with $51,584,878 in the same period
$113,013,227 in the first two months of 1930.
operating revenues for the first two months this year
totaled $058,973,031, compared with $582,683,101 for the
same-period in 1939 and $868,785,724 in the same period
of
have
compared
year,
1939
of
of the most active months in
the steel industry, has failed this year to live up to earlier
expectations
of
seasonal
expansion," the survey
says.
"Bookings of a major steel company in March have fallen
below those of February, and while some other companies
and
net
had
one
gains of 10%
to
15% in aggregate tonnage, the
comparison loses significance from the fact that February
bookings were generally lower.
In only three of the 20
previous
years
show
to
to
gain
a
Gross
March steel production failed
that of the preceding February, and
of
The
Association
Automobile production
is
October
advance
may
material
gains from
have
upward
been
peak months in production in the steel
There is,
movement
moreover,
within
the
at the same time there may
for
belated
a
seasonal
indication of
no
immediate
broad
a
though
future,
expansion of moderate proportions,
the
production
decline
at
not
below its current rate, which
capacity
this week,
1% points
is estimated at Gl% of
below last week's average.
decrease
a
17,390 units
balance
be said to be reasonable hopes
possibly sufficient to check
much
still
of
25
of
be
the
costing
in
this
country, it
and
United
the
to
by
the
electric
States for
light
and
the week ended
2,424,350,000 kwh.,
an
increase of
power
industry
of
March 23 amounted
10.3%
over
the
total
for the like 1939 week.
ing
Output for the latest week, accord¬
released by the Edison Electric Institute,
figures
35,967,000 kwh.
to
was
below
the
preceding week's total
of
2,460,317,000 kwli., but was 225,669,000 kwh. above the
2,198,681,000 kwh. reported for the week ended March 25,
1939.
Record."
741,000,
vate
Current
or
awards
bring
1940
the
total
to
$642,-
20% below the 13-week period last year.
$215,826,000, is 2% above a year
construction,
Private
awards
are
12% lower than
a
week
ago,
and
Pri¬
ago.
7%
but
Ward's
This
gain
a
said,
of
minor
A
but
no
likely through the
are
the
necessary
the
are
declared
have
to
under
commissions
reported here today.
now
The negotia¬
advanced
to
the
placing of the orders awaits only
arrangements between
the War Department
permission to change over from
Government
contracts
already
awarded.
States
manufacturers,
will
reported
are
French
manufacturers for
United
Six
and
was
actual
the
receive the
Spring
majority of whom
a
Allied
business
traditional
sub-contract,
may
business, it is declared.
continues
seasonal
revival
tq
lag,
usual
at
failing
to
show
this
time
of
the
year,
according to the weekly trade review of Dun & Bradstreet,
Inc., released today.
Reports to the publication from trade
and
industry reveal
a
continuation of the
evidence since the first
added,
noted
Weather
appear
of the
to
have
hold
mixed
trend
in
Retailers, the review
post-Easter
slump
in
buying.
definite
a
conditions
prices continue
Engineering construction awards for the week total $45,018,000, a decrease of 14% from last week, and 24% below
the corresponding 1939 week,
reports "Engineering News-
levels
week,
1939 week.
$500,000,000
British
the
the survey
Production
last
week,
next
current
approximately
negotiation .by
where
Scrap markets reflect the uncertainty
prospects.
The "Iron Age" scrap composite
has declined 25c. to $16.29, lowest since the first week of
September, 1939.
a
season.
furthermore
observes.
had
Orders for approximately 5,000 American fighting planes
stage
immediate
from
corresponding
shown
with the comparative dulness of domestic steel
business is the continued high rate of activity in exports,"
of
carriers
I
this week is estimated at 103,370
units
the
over
tions
In contrast
Class
the
units, according to Ward's Automotive Reports, Inc.
these, three occurred in such periods of marked depres¬
sion as 1921, 1932 and 1933.
Not infrequently March and
industry.
said
operating income of $32,617,743 in February, compared
with
$18,637,700 in February, 1939, and $58,367,529 in
February, 1930.
1940 has
over
1930.
year.
been
a
deterrent
to
sales,
but
spring goods as merchants
to be determined to prolong the regular selling sea¬
up
on
Retail
trade, however, showed a gain of 4% to 8%
corresponding week of 1939, which was the second
before Easter.
A gain of less than 4% for the East
contrasted
with one of 9%
to 12% for the Southwest,
son.
over
the
week
where
creases
temperatures were quite
for
other
regions
were:
favorable.
Percentage
in¬
New England and Middle
Volume
to (3%; South, 5% to 10%;
Pacific Coast, 4% to 6%.
West, 3%
7%;
One of the outstanding features
week
and
State,
blow
the
was
regarded
was
1888.
in
of
were
So
buried
under
the
under
it
raged
tions
southward
far
as
experienced as far south as the central por¬
the east Gulf States and northern Texas, with
was
of
against February
but
represented
situation
automobile
the
in
of
increase
an
28.9%
10%
decreased
above
manufacturing
February,
industry
re¬
tonnage under January was
production.
Iron and steel products, representing about 3%
of the total reported
tonnage, showed a sharp drop
of 24.2% under January, but still held
3.2% above the February, 1939, volume.
Four per cent of the total
tonnage reported was miscellaneous com¬
modities, including tobacco, textile products, bottles, building materials,
cement and household goods.
Carriers in this group reported a decrease
Freezing
Sullivan County.
as
as
February
in
trucks
and
automobiles
labor
The
1939.
in
below 20 degree quite general in the Ohio
Valley and central and northern Great Plains.
Below zero
readings were reported from the extreme Northeast and
decrease in
off of
tapering
as
13%,
They showed an increase of
of 8.3% below January.
compared with February,
tonnage
however,
10%
continued
the
to
the
and
"quiet,"
attributed
in
drifts
new
of.
January,
mained
Onondaga County that snowplows were not used for fear
of hitting them.
The blizzard missed the big city, though
weather
it
January,
year.
Movement
Malone, N. Y., for there were no roads open.
automobiles, were
many
last
oi
Five cities were cut off by
liuge snow-drifts.
Police barred road traffic in or out of
Syracuse, Utica and • Rochester.
No order was necessary
in Rome and
under
26.7%
compared with January, and an increase of
as
since the historic
trapped in drifts,
worst
autos
4.7%
decreased
transported
17% increase over February, 1939.
of petroleum products, accounting for slightly more than
6% of the total tonnage reported, showed a decrease of 3.8% in February
a
Transporters
reported..
were
merchandise
general
represented
of the weather the past
in upper Uew York
the
as
Hundreds
deaths
and six
of
3% to
struck
that
blizzard
Northwest,
1997
Chronicle
The Commercial & Financial
ISO
1939.
temperatures
Week Ended March 23
Mississippi Valley, as well as the eastern Dakotas.
Lowest temperature for the week, as officially re*
ported, was 17 degrees below zero at Moorhead, Minn., on
the 23d and 25th.
In the New York City area the weather
was more or less unsettled during the week, with generally
cold
temperatures prevailing.
Today was overcast and
of 36
mum
sional
punctuated
announced
degrees and
rains
and
Occa¬
maximum of 46 degrees.
a
weather
warmer
in
prospect tonjght
and
Sunday, probably fair and cooler.
Overnight at Boston it was 34 to 41 degrees; Baltimore,
40 to 58; Pittsburgh, 47 to 60; Portland, Me., 24 to 44;
Chicago, 39 to 58; Cincinnati, 55 to 72; Cleveland, 45 to 53;
Detroit, 34 to 38; Milwaukee, 35 to 44; Charleston, 58 to
64; Savannah, 62 to 70; Dallas, 61 to 87; Kansas City,
Saturday.
Springfield, 111., 50 to 65; Oklahoma City,
Mo., 45 to 79;
43 to 78;
Commodity Index Declines
Moody's Daily Commodity Index declined to a new 1940
low of 155.7 this week, occasioned by small losses in eight
commodities.
Only two commodities had minor gains over
a week ago and five quotations were unchanged.
The movement of the Index is
Mar. 23
Mon.
Mar. 25
....157.8
Tues.
Mar. 26
156.1
Wed.
follows:
as
Holiday | Two weeks ago, Mar. 15___157.6lMonth ago, Feb. 29
Mar. 22
Sat.
Mar. 27
159.7
141.2
172.8
Low—Aug. 15
138.4
1940 High—Jan. 2
.___169.4
Low—Mar. 27 and 29 -.155.7
155.7
—
156.1
Fri. |
155.7
Mar. 29
157.4
Year ago, Mar. 29
1939 High—Sept, 22
Thurs. Mar. 28
Loading of revenue freight for the week of March 23 was an
of 901 cars or l-10th of 1% above the preceding
week.
The Association further reported:
increase
corresponding week in 1939.
Loading of merchandise less than
cars
Index
Wholesale
of
Prices
Commodity
below the corresponding week in
Coal loading
in
6,034
1939.
7,838 cars below the
above the corresponding week
amounted to 118,034 cars, a decrease of
preceding week, but an increase of 7,756 cars
1939.
decrease of 136
the cor¬
responding week in 1939.
In the Western Districts alone, grain and grain
products loading for the week of March 23, totaled 18,485 cars, a decrease
of 18 cars below the preceding week, and a decrease of 160 cars below the
grain products loading totaled 31,441 cars a
and a decrease of 238 cars below
below the preceding week,
corresponding week in
Live stock loading
1939.
amounted to 10,797 cars, an increase of 158 cars
above
corresponding week
week
of March 23, totaled 7,989 cars, an increase of 176 cars above the preceding
week, but a decrease of 405 cars below the corresponding week in 1939.
Forest products loading totaled 33,346 cars, an increase of 2,469 cars
above the preceding week, and an increase of 5,225 cars above the corre¬
week, but a decrease of 518 cars below the
the preceding
In the Western Districts alone,
in 1939.
loading of live stock for the
sponding week in 1939.
134 cars above the
2,867 cars above the corresponding week
amounted to 10,444 cars, an increase of
Ore loading
preceding week, and an increase of
1939.
Coke loading
amounted to 8,541 cars, a decrease of
preceding week, but an increase of
Gained 0.3 Point in Week Ended March 23
carload lot freight totaled 147,685 cars,
the preceding week, but a decrease of
increase of 158 cars above
an
in
"Annalist"
and an increase of 7,502 cars
the preceding week,
above
6,459
above the
totaled 259,598 cars, an increase of
Miscellaneous freight loading
cars
cars
—~
Fri.
on
or
Grain and
Salt Lake City, 41 to 52, and Seattle, 46 to 65.
Moody's
Association of American Railroads
March 28.
This was an increase of 17,938
3% above the corresponding week in 1939 and an
increase of 46,934 cars or 8.2% above the same week in 1938.
cars
by
intervals
at
ended March 23
Loading of revenue freight for the week
totaled 619,886 cars, the
Thermometer readings ranged between a mini¬
light rains.
Cars in
Freight Totals 619,886
Revenue
of
Loadings
the upper
503 cars below the
1,378 cars above the corresponding
week
in 1939.
"Annalist"
The
subsided
announced
25
March
81.0
at
point
bushel.
The "Annalist" index
of three-tenths of a
week, and placing
The announcement
a
the
but
much,
as
wheat
with
upturn,
up
and
corn
more
oats
3c.
than
a
showed smaller
silk and wool declined.
Metal
better tone was noticed late in
the preceding week's loss.
but
ground,
slightly easier, although
Rubber
week.
gained
Cotton
were
♦'ANNALIST"
and
districts
all
much
regained
WEEKLY INDEX
a
of
OF WHOLESALE COMMODITY PRICES
over
23, 1940 Mar. 16, 1940 Mar. 25, 1939
Mar.
77.1
Food products.
69.5
69.2
1939
2,288,730
Week of March
2
Week of March
9
620,997
Week of March
16
Week of March
23
618,985
619,886
2,282,866
594,424
588,426
591,166
601,948
7,536,556
6,947,560
Total
556,730
540,365
572,952
6,635,192
major railroads to report for the week ended
1940 loaded a total of 290,861 cars of revenue
The first 18
March 23,
on
in the
their own lines, compared with 294,787 cars
larch 25, 1939.
Preceding week and comparative table the seven days ended
A 282,733 cars in follows:
FROM CONNECTON3
LOADED AND RECEIVED
84.0
98.1
:
552,892
.
59.8
86.7
2,256,717
2,155,536
68.9
70.3
1938
1940
REVENUE FREIGHT
74.8
77.6
1938 except the Central
2,555,415
2,480,863
634,410
4 weeks of January
freight
(1926=100)
week in
compared with the corresponding
reported increases
Southwestern.
Hogs rose above $5 per hundredweight
high for the year.
new
again.
markets
All districts reported increases
1939
Western and
4 weeks of February
led
gained almost
Rye
reaching
the
gain
a
A much stronger tone prevailed: in the livestock market, with steers
gains.
once
23,
their best
stated:
commodities
War
March
compared with the previous
2% points above a year ago.
as
the index
further
on
rumors
peace
week and commodity prices staged
last
rally since the middle of January.
closed
that
97.5
Farm products
Textile products
69.7
Fuels
87.2
Metals
97.9
Building materials
72.4
Chemicals
86.8
86.8
86.0
80.7
80.5
69.2
81.0
80.7
(Number of Cars)
78.5
..
Miscellaneous
All commodities
.
Atchison Topeka Santa
February Truck Loadings 17.5% Ahead of 1939
of
volume
revenue
transported
freight
by
motor
5.7% under the volume trans¬
ported in January, but increased 17.5% above the tonnage
truck in
February decreased
1939.
February,
in
carried
The
contained
figures,
in
a
monthly survey prepared and released on March 25 by the
American Trucking Associations, were based on comparable
reports from 208 motor carriers in 39 States and the Dis¬
trict of Columbia.
The Associations' report also stated:
carriers
These
transported
853,700
tons
of
freight
17,413
28,435
22,737
13,860
17,994
13,876
2,666
1,700
3,721
Fe Ry—
in
February.
This
January and 726,629 tons in February of
monthly tonnage of the reporting carriers in 1936
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Milw. St. Paul & Pac.Ry.
Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
The
year.
was
726,252.
117.55
New York
Central Lines
St. Louis Ry
Norfolk & Western Ry
N. Y. Chicago &
Hie
index figure, computed
A.
of
February.
for
fewer
in
on
as
with
compared
days—there
were
26
in
January
was
chiefly the
24 in
East, was a
I
Eighty-three per cent of all the freight transported in the month
was
reported by carriers of general merchandise.
Although the volume
February.
contributing
Poor
weather
factor
to
the
conditions,
decline,
particularly
some
in
the
carriers indicated.
5,069
14,676
8,875
9,046
7,059
7,653
7,487
7,269
7,252
7,247
9,477
9,322
9,457
1,442
2,159
2,135
1,507
3,282
1,395
1,790
1,687
3,799
2,238
2,609
13,089
3,828
12,091
8,719
9,189
2,668
8,259
37,185
35,291
38,024
37,905
37,292
4,826
4,927
15,892
54,792
10,124
9,972
4,288
38,498
4,266
4,739
5,414
3,156
2,472
5,639
5,323
5,255
5,131
24,870
8,533
5,339
5,061
8,372
8,617
10,010
4,409
5,010
25,505
37,369
5,054
36,904
5,155
4,453
8,642
7,944
8,249
290,861 294,787 282,733 187,161 185,866
181,539
—
Total
LOADINGS
AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
at
in
January and only
5,213
15,704
9,324
5,524
25,511
54,885
Weeks Ended—
101.90.
February
business
5,277
14,732
18,295
27,925
20,351
13,914
17,544
12,989
17,727
55,179
5,741
17,930
Wabash Ry
the basis of the 1936 monthly
reporting carriers as representing 100, stood
In January the index figure was 123.54, and
it was
1939,
decline
of
the
17.306
29,024
23.307
14,554
17,931
14,006
5,094
Pennsylvania RR
_
Pere Marquette Ry
Pittsburgh <fc Lake Erie RR
Southern Pacific Lines
TOTAL
.
tonnage
February,
result
T
A.
The
average
average
12,114
36,825
4,937
Missouri Pacific RR
compared with 905,382 tons in
last
Received from Connections
Weeks Ended—
Own Lines
Mar.23 Mar. 16 Mar.25 Mar.23 Mar. 16 Mar.25
1940
1940
1939
1940
1940
1939
Baltimore & Ohio RR
The
on
Weeks Ended—
67.8
72.4
,
Loaded
Mar. 23, 1940
Chicago Rock Island <fc
Illinois Central System
St. Louia-San
Total
Pacific Ry -
Francisco Ry
—
Mar.
16, 1940
Mar.
25, 1939
23,058
30,117
22,278
29,982
12,423
22,160
12,092
65,185
64,420
64,317
22,645
29,167
The Commercial & Financial Chronicle
1998
In the
following
undertake to show also the loadings
for the week ended March 16,
we
for separate roads and systems
REVENUE FREIGHT LOADED
During this period 77 roads showred increases when
compared with the same week last year.
Total Loads Received
Freight Loaded
from Connections
1939
1940
1938
1940
Southern District—(.Concl.)
Mobile A Ohio
572
545
648
2,366
7,103
1,587
2,025
169
188
6,745
1,413
10,789
9,994
Norfolk Southern
Chicago Indianapolis A Loulsv.
2,368
7,004
1,240
2,208
1,930
20
17
32
52
51
1,299
4.139
8,391
1,202
4,387
1,258
3.433
7,454
1,841
1,702
Seaboard Air Line
7,464
6,850
6,593
Tennessee Central
Winston-Salem
Maine
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna A West-
8,457
1,186
1,092
7,376
241
244
279
90
106
2,529
1,895
1,431
1,608
3,375
11,050
7,584
288
Detroit A Toledo Shore Line...
263
10,763
4,607
Erie
Grand Trunk Western...
190
10,829
4,259
'
10,118
3,489
168
195
196
1,189
6,225
2,547
3,211
1,084
6,863
4,826
1,705
7,658
2,431
3,859
2,009
34,588
9,389
1,199
4,722
389
494
Pittsburgh A Lake Erie..
5,529
Pere Marquette
Maine Central.
7,461
2,723
...
4,384
1,566
37,185
9.140
Monongahela
Montour
New York Central Lines...
N. Y. N. H. A Hartford
960
New York Ontario A Western.
N. Y. Chicago A St. Louis
1940
1939
1,902
2,511
2,109
2,695
1,058
957
860
406
366
305
270
1,138
4,994
4,591
9,192
19,627
9,363
19,793
9,068
17,859
5,019
14,006
4,267
13,487
389
366
348
706
635
131
143
131
709
708
97,264
97,018
89,523
67,700
64,293
14,006
2,179
17,931
3,216
12,497
2,325
17,131
3,163
12,559
2,467
16,155
3,111
9,322
2,613
7,252
2,518
3,263
2,958
1,700
2,750
918
1,810
2,824
1,206
Piedmont Northern
408
Richmond Fred. A Potomac...
322
Nashville Chattanooga A St. L_
Southern System
3,282
10,734
6,751
1,692
1,689
1,546
Lehigh A Hudson River..
Lehigh A New England.......
Lehigh Valley......
from Connections
1938
....
2,149
2,652
949
921
Detroit A Mackinac
Detroit Toledo A Iron ton..
1939
1940
...
Ann Arbor
Boston &
Total Loads Received
Total Revenue
Freight Loaded
Railroads
1939
Eastern District—
Bangor A Aroostook...
1940
30,
1940.
AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAR. 16
Total Revenue
Railroads
March
N. Y. Susquehanna A Western.
992
6,276
3,114
3,254
207
223
Southbound...
Total
Northwestern District—
Chicago A North Western
Chicago Great Western
Chicago Milw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
9,127
6,721
1,166
24
31
Duluth Missabe A I. R
580
415
556
169
30,863
37,905
11,848
1,697
9,972
1,511
36,081
Duluth South Shore A Atlantic.
468
288
455
389
227
11,616
Elgin Jollet A Eastern
6,202
6,288
4,314
5,591
5,767
8,645
1.434
3,736
390
120
Ft. Dodge Des Moines A South.
Great Northern
1,433
408
440
205
195
9,288
8,419
8,564
2,652
2,411
505
1,890
9,041
539
536
587
478
Green Bay A Western
Lake Superior A Ishpeming
*
...
5,353
3,484
4,804
4,502
5,741
4,902
4;203
5,054
4,820
Pittsburgh A Shawmut
532
365
310
36
32
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
385
312
343
234
222
839
648
638
1,534
1,359
Rutland.....
576
541
464
957
988
5,339
3,412
4,941
3,490
4,558
2,775
8,642
7,844
3,087
2,889
136,192
131,935
114,496
155,194
145,139
443
422
369
805
767
29,024
2.446
26,873
1,703
23,471
15,704
1,432
14,625
1,410
Chicago Burlington A Quincy..
Chicago A Illinois Midland
287
291
3
1.447
5,633
1,532
1,106
7
15
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
5,586
4,957
11,326
11,019
Wabash
Wheeling A Lake Erie...
Total.
139
101
307
55
48
Minneapolis A St. Louis
1,542
4,624
9,064
1,445
4,080
7,432
1,486
4,126
7,768
1,923
2,148
1,809
Minn. St. Paul A S. 8. M
89
122
105
215
212
1,844
1,203
1,526
1,414
1,210
72,067
65,856
64,475
41,151
38,876
17,306
2,658
18,974
2,579
19,735
5,213
2,524
1,966
5,235
1,953
486
322
318
72
85
14,554
2,266
10,012
2,523
13,930
1,873
10,524
7,487
6,948
643
679
2,557
12,998
1,503
11,070
2,405
8,691
2,420
689
740
719
1,271
2,253
2,034
1,883
2,502
8,712
2,442
1,210
2,188
Northern
Spokane
Pacific
International
Spokane Portland A Seattle...
Total.
Central Western District—
Atch. Top. A Santa Fe System.
Alleghany District-
Alton
Akron Canton A Youngstown.
Baltimore A
Ohio
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana..
Central RR. of New Jersey...
Cornwall
1,166
272
7
1,892
3,183
3,353
Bingham A Garfield
Colorado A Southern
613
548
549
56
Cumberland A Pennsylvania..
235
237
192
26
25
Denver A Salt Lake
550
380
307
4
24
LIgonler
122
150
114
30
25
916
1,019
992
518
509
3,167
1,861
1,305
1,332
1,110
55,179
13,218
13,174
3,483
978
843
1,518
53,670
11,710
10,153
3,407
47,417
10,474
6,177
2,767
37,369
3,061
1,301
35,589
16,125
1,587
5,855
1,181
1,591
967
421
Fort Worth A Denver City
Illinois Terminal
Valley
Long Island
Penn-Reading Seashore Lines.
Pennsylvania System
Reading
.....
Co
Union (Pittsburgh)
Western
Maryland
Total.
126,835
117,778
53
16,627
2,417
6,209
100,414
96,700
91,460
Denver A Rio Grande Western.
M issouri-Illinois
Nevada
826
367
390
1,722
1,349
129
119
672
618
303
412
342
11
24
18
0
0
20,663
19,784
18,051
4,644
325
258
309
1,184
4,383
1,143
13,024
13,198
11,793
6,933
6,091
Peoria A Pekin Union
Southern Pacific
(Pacific)
Toledo Peoria A Western......
Union Pacific System
Utah
Pocahontas District—
1,569
1,107
1,824
...
Northern
North Western Pacific
298
229
230
6
7
1,523
1,154
1,143
1,786
1,551
95,240
94,595
89,797
48,025
45,761
....
Western Pacific
Chesapeake A Ohio...
23,307
19,537
Norfolk A Western
17,727
4,168
15,675
Virginian
16,053
15,673
3,505
3,749
8,875
8,883
4,131
1,192
4,266
1,132
325
Total.
Southwestern District—
Total.
45,202
38,961
35,231
14,273
14,206
Burlington-Rock Island
135
122
133
3,156
3", 391
3,808
1,948
Fort Smith A Western.*
Southern District—
Alabama Tennessee A Northern
209
184
159
198
193
Atl. A W. P.—W. RR. of Ala..
751
747
678
1,336
1,145
Atlanta Birmingham A Coast..
Atlantic Coast Line
615
646
543
898
990
9,501
3,765
10,433
4,115
10,012
4,023
International-Great Northern..
191
893
915
1,758
Litchfield A Madison
1,474
1,706
1,481
1,504
1,704
410
339
252
902
777
Midland
549
522
597
254
246
166
155
133
316
262
3,799
3,738
12,005
4,018
12,194
2,472
2,596
9,189
8,595
4,670
2,723
1,157
1,977
Missouri A Arkansas
438
389
1,046
324
363
308
347
470
Missouri-Kansas-Texas Lines..
199
149
170
386
361
Missouri Pacific
1,101
Durham A Southern
1,306
2,178
,/..
Florida East Coast
Galnsvllle Midland
984
714
27
24
33
112
82
793
Georgia
Georgia A Florida
816
815
1,464
1,560
278
255
293
513
599
1,582
20,253
20,327
1,585
19,468
18,878
1,544
1,109
10,580
Macon Dublin A Savannah
18,291
15,254
5,193
1,105
10,155
5,136
140
137
116
606
131
165
158
328
Valley
13,112
1,307
Quanah Acme A Pacific
60
80
126
119
90
St. Louis-San Francisco
6,354
2,334
6,568
3,707
6,545
2,239
4,483
2,727
3,727
6,476
2,382
6,366
4,066
2,901
3,891
3,906
2,608
3,017
4,030
111
188
205
67
65
18
44
21
21
40
46,185
45,023
46,429
35,338
34,266
St.
262
Louis Southwestern
696
Mississippi Central
2,159
259
1,906
1,514
1,093
Columbus A Greenville
1,659
202
City Southern
Louisiana A Arkansas
388
...
348
1,492
2,468
2,010
Kansas
4,980
2,869
1,224
2,240
Charleston A Western Carolina
Cllnchfield
1,790
Kansas Oklahoma A Gulf
1,443
Central of Georgia
315
f,442
144
Gulf Coast Lines
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Note—Previous year's figures revised.
New
York
in
Total
Reserve
February sales of
in
Reports
Chain
the
(New York)
District
corresponding period
number
the
of
Federal
were
of
business days was
Reserve
"Monthly Review"
The
increases
somewhat
were
comparison
report
stores
in
was
a
and
in
in
the
in
result
the
larger
a
net
total
a
Sales
Store
Wholesale
sales
3
in both months
more
York
in
than
states
stores, continued
Sales
and
ago,
than
of
slightly
a
1939,
in
its
reporting
showed
The candy
last
%%
of
a
to
shoe
less
show
chains
favorable
in
the
total
number
of
chain
in
grocery
per
than last
1939, and February, 1940, owing
and candy chain stores in operation.
grocery
the
total
number of stores in operation
chains to concentrate their operations in
store
year,
of
all
as
chains
compared
combined
with
the
were
rise
approxi¬
of
about
Ended
Prices
March
23,
Declined- 0.4%
According
to
During
Bureau
The downward movement in wholesale
commodity prices
which began early in
January continued through the week
ended March 23 when the Bureau of Labor Statistics' index
dropped 0.4% to 77.9% of the 1926
of Labor
the
the Department
was largely
falling prices for farm products and foods,
grains, cereal products and meats.
The all
index is nearly 4J^% above the 1939 low point
and 2% below the high point reached in late
The Labor Department's announcement further
reported,
result
March 28.
on
average,
The decline
of
particularly
commodity
of Aug. 19
September.
stated:
Each
of
the
commodity
groups
except fuel and lighting materials and
building materials declined during the week.
Building materials advanced
fractionally and fuel and lighting materials remained unchanged.
Each
group except fuel and lighting materials is
substantially above the Aug. 19
level.
The increases range from
2% for metals and metal products to nearly
12% for farm products.
Weakening prices for agricultural commodities and imported items such
as
coffee, silk, and rubber
in
the
raw
materials
were
group
mainly responsible for the decline of 0-6%
index.
product groups also declined.
The semi-manufactured
and
finished
The indexes for "all commodities other than
farm products" and "all commodities other than farm
products and
Percentage Change, February, 1940,
Compared with February, 1939
Tgpe of Chain
Grocery
Ten-cent and variety
Candy
All types..
Total
Sales per
Stores
Shoe
Number of
Sales
Store
—9.5
+ 19.4
+ 31.9
+0.4
+ 7.9
+ 7.4
dropped to the lowest point reached this year.
A decline of
+ 1.1
—5.9
—6.9
—7.3
—13.8
—6.9
+ 10.2
+ 14.1
(
1.5% in grains contributed largely to the decrease of 0-7%
Quotations were lower for barley, corn,
oats, rye, wheat, steers, hogs, sheep, cotton, lemons, oranges, and flaxseed.
prices
onions,
and sweet potatoes.
were
reported
for
calves,
cows,
live
polutry
(Chicago),
A general decline occurred in the wholesale
foods group and the index fell
0.7%.
and vegetables, 0.5%; meats,
Dairy products dropped 0.3%: fruits
0.7%; and cereal products and "other foods,"
0.8%.
—3.5
foods"
in the farm products
group index.
Higher
...
of
Labor Statistics' Index
chains continued to
year.
February,
of
decrease
mately 14% higher
10% in total sales.
chain
year.
year
sales
one
year,
Commodity
Week
The Bank adds:
preceding month.
reduction
tendency of the
units,
Total
6,590
Discontinued Jan. 24, 1939.
about 10% higher
last
New
variety
last
over
between
this
and
than
the number
of
of
April 1.
cent
sales
smaller
operation
declines
As
than
of
ten
Bank
considerably smaller
There
to
and
grocery
sizable
Wichita Falls A Southern
Wetherford M. W. A N. W
the reporting chain store systems
larger year-to-year gain than in January;
the
z
Texas A Pacific
February Were 10% Above Year Ago
in the Second
than
Bank
* Previous figures,
Texas A New Orleans
fresh
Prices
fruits,
were
lamb,
lower for butter, cheese (San Francisco), flour,
oatmeal,
fresh
and
cured
pork,
dressed
poultry
(New York),
Volume
The Commercial & Financial Chronicle
150
coffee, copra, lard, oleo oil, pepper, edible tallow, and most vegetable oils.
Lower prices for cow and steer hides accounted
in
the hides
and
leather
products
chrome calf leather advanced.
such
and
Prices for calfskins
index.
group
of 0.4%
decrease
a
Continued declines in prices
print cloth, sheeting, and
as
for
for cotton goods
together with lower prices for raw
yarns,
silk and burlap brought the textile products group index down 0.4% to
lowest point since
September.
the
were
reported in prices of
group
declined fractionally
Minor increases
silk weaving yarns.
||The index for the metals and metal products
because of lower prices for scrap steel and pig tin.
Higher prices for com¬
building brick, yellow pine timbers, linseed oil, rosin, turpentine, and
mon
prepared roofing caused the building materials group index to rise 01%.
Lower
red cedar
yellow pine lath and flooring,
prices were reported for
shingles, copal
Falling prices for fats and oils
Lower prices for sheets and pillow cases
the miscellaneous commodities group crude rubber
feed dropped 1.8%.
In
fractionally.
declined 2.1% and cattle
Prices were lower for cylinder oils and soap.
of commodities for the past 3 weeks for Feb. 24, 1940 and Aug.
and
19, 1939, and the percentage changes from March 16 and Feb. 24, 1940,
Aug. 19, 1939; and (2) important changes in subgroup indexes from March
16 to March 23, 1940.
the like week
over
Mar. Mar. Mar.
Feb.
FROM PREVIOUS YEAR
Mar. 9,
Mar. 2,
1940
9.2
9.0
13.8
13.5
13.4
13.9
7.5
10.7
11.3
8.0
8.3
8.0
Central Industrial
West Central
8.4
10.8
8.5
8.0
15.0
18.0
15.7
19.4
4.1
5.5
2.5
6.1
10.3
10.6
10.1
10.5
Southern States
Rocky Mountain
Pacific Coast
FOR
RECENT
1940
8.4
5.4
6.3
4.1
New England
Week Ended
Week Ended
Week Ended
23, 1940 Mar. 16, 1940
Mar.
KILOWATT-HOURS)
OF
(THOUSANDS
WEEKS
1940, from—
Change
Mar.
19
1940
Feb.
Aug.
16
24
19
1940
1940
Percent
Aug.
24
9
16
1940
year ago.
Percentage Changes to
March 23,
23
a
Week Ended
Major Geographic
Regions
DATA
.
1940
electricity by the electric
power
ended March 23, 1940, was
Total United States.
(1926=100)
Commodity Groups
Institute, in its current weekly re¬
industry of the United States for the week
2,424,350,000 kwh.
The current
week's output is 10.3% above the output of the correspond¬
ing week of 1939, when production totaled 2,198,681,000
kwh.
The output for the week ended March 16, 1940, was
estimated to be 2,460,317,000 kwh., an increase of 10.6%
light and
Middle Atlantic
(1) index numbers of wholesale prices for the
The following tables show
Electric
PERCENTAGE INCREASE
caused the housefurnishing goods group index to decrease
main groups
Edison
The
port, estimated that production of
responsible for the decline in the
were
chemicals and drugs group index.
23, 1940, 10.3%
Electric Output for Week Ended March
Above a Year Ago
shellac, sand, and gravel.
gum,
1999
1940
1939
1939
1940
Week Ended
1937
1940
1939
1939
All commodities.
77.9
78.2
78.3
78.6
74.6
—0.4
—0.9
+ 4.4
6
2,473,397
2,169,470
+ 14.0
2,244,030
Jan.
13
2,592,767
2,264,125
67.5
68.0
68.5
69.4
60.4
—.7
—2.7
+ 11.8
Jan.
20
2,572,117
+ 12.3
2,256,795
Foods
69.9
70.4
69.9
71.0
66.2
—.7
—1.5
+ 5.6
Jan.
27
+ 11.9
Hides and leather products.. 102.1 102.5 102.4 102.7
73.3
74.2
72.7
73.0
Textile products
92.8
—.4
—.6
+ 10.0
Feb.
3
2,565,958
2,541,358
+ 11.1
2,214,656
2,201,057
67.4
—.4
—2.0
+ 7.9
Feb.
10
+ 11.2
2,199,860
0
—.5
—1.4
2,522,514
Feb.
17
+ 10.1
2,211,818
.1
+ -1
+ 2.0
Feb.
24
2,269,846
2,289,659
2,292,594
2,287,248
2,268,387
2,248,767
2,225,690
+ 14.2
Farm products
+ 10.3
Jan.
Fuel and lighting materials..
72.6
72.6
72.8
73.0
73.6
Metals and metal products..
95.4
95.5
95.5
95.3
93.5
Building materials
93.3
93.2
93.3
93.0
89.5
+ .1
+ .3
+ 4.2
Mar.
2
2,475,574
2,455,285
2,479,036
2,244,014
+ 10.5
Chemicals and drugs
77.3
77.4
77.5
77.7
74.2
—.1
—.5
+ 4.2
Mar.
9
2,463,999
2,237,935
+ 10.1
2,212,897
+ 2.9
Mar. 16
2,460,317
2,225,486
+ 10.6
2,211,052
Mar. 23
2,424,350
2,198,681
+ 10.3
1,619,265
1,602,482
1,598,201
1,588,967
1,588,853
1,578,817
1,545,459
2,207,285
2,199,976
—
Housefurnishing goods
89.5
89.6
89.6
89.5
87.0
—.1
0
Miscellaneous
76.5
76.9
76.8
77.2
73.0
—.5
—.9
+ 4.8
71.5
71.9
72.2
72.9
66.2
—.6
—1.9
+ 8.0
Semi-manufactured articles.
79.4
79.6
79.7
79.6
74.3
—.3
—.3
+ 6.9
Finished
81.2
81.4
81.4
81.5
79.0
—.2
—.4
+ 2.8
80.2
80.5
80.4
80.6
77.7
—
.4
—.5
83.0
83.1
83.3
80.4
—.1
—.5
+ 3.1
1,542,000
1,512,158
1,519,679
1,538,452
1,537,747
1,514,553
1,480,208
1,465,076
1,699,250
1,733,810
1,736,729
1,717,315
1,728,203
1,726,161
1,718,304
1,706,719
1,702,570
+ 3.2
82.9
1929
1932
from
materials
Raw
All
products
commodities
farm
Mar. 30
2,209,971
2,200,143
2,146,959
6
2,173,510
2,176,368
Apr.
commodities
Bank Debits
other than
and foods..
CHANGES IN SUB-GROUP INDEXES FROM
IMPORTANT PERCENTAGE
TO MARCH 23,
16
MARCH
1940
Decreases
Increases
0.7
0.3
Meats
Lumber..
0.2
Silk
Other building materials
0.1
Other farm products
0.6
Other miscellaneous
0.6
Non-ferrous metals
0.5
Fruits and vegetables
Paint and paint
materials
0.7
*
2.1
Dairy products
2.1
Livestock and
1.8
Other textile products
0.5
0.3
0.3
0.3
1:5
Chemicals
Hides and skins
-
Cattlefeed——
...
poultry
parative figures for the current week and the corresponding
week a year ago.
Total debits for the 141 cities for which
figures are available since 1919 are shown in tabular form
1.4
0.8
Bituminous
Other foods
0.8
Cement
coal
district summary.
at the end of the
These
figures
are as
March 25, 1940, by the
on
SUMMARY BY FEDERAL RESERVE DISTRICTS
0.1
-
reported
Board of Governors of the Federal Reserve System.
0.2
Furnishings
Cereal products
Cotton goods
9% Higher Than Last Year
Beginning with this week, the district summary of bank
debits to deposit accounts shows comparative totals for the
13-week period ended with the current week and the corre¬
sponding 13-week period a year ago, in addition to com¬
0.2
Decreases
Crude rubber
Grains..
1,683,262
1,679,589
1,663,291
other than
products.
farm products
All
1,687,229
In Millions of Dollars
0.1
13 Weeks Ended
Week Ended
Federal Reserve District
Mar.
Prices Remained
Unchanged
During Week Ended March 23, According to the
Wholesale
Commodity
National Fertilizer Association
was
no
commodity prices last week, according to
index
The
the
in
week
1926-28
the
This
is the
Fertilizer
National
by
compiled
March 23
ended
the
average,
same
lowest point
the price index
This
Association.
remained
in
as
of wholesale
3,933
at
76.4%
of
preceding week.
the
reached by the index since early
last
September.
The index was 77.4 a month ago, 72.8 a
ago, and 75.8 two years ago.
The Association's an¬
nouncement, dated March 25, went on to say:
The food price average
the
sagged to
594
486
Richmond
331
294
299
2.50
Chicago
1,330
1,152
271
245
Cleveland
St. Louis
Minneapolis..
161
149
a
new
low for the
year,
with 11 items
A
moderate
287
252
Dallas
249
218
3,400
2,809
8,836
with
increases
in
textile
and
a
price
consecutive
fifteenth
average;
fractional
Although
declines
in
preceding
burlap
in
increase
was
Total, 274 reporting centers
140 Other leading
58,133
668
8,976
cities*
756
133 Other centers...
*
Centers for which bank
$106,238
45,031
43,328
52,952
8,254
debit figures are available back to 1919.
the building material
index.
all-commodity index remained unchanged for the week,
individual price series outnumbered advances 30 to 16; in the
the
week there
were
declines and 12 advances;
39
Profits During Fourth Quarter
Companies Nearly Double
Those of Third Quarter and 60% Above Year Ago,
Reports New York Federal Reserve Bank
in the second
(1926-1928=100)
Bank of New York states that
production which followed the outbreak of hostilities in
Europe last September was reflected in a very large in¬
crease in profits of several
groups of industrial corpora¬
tions during the last quarter of 1939.
A compilation of the
aggregate fourth quarter net profits of this group
that
Percent
Latest
Preced'g
Month
Each Group
Week
Week
Ago
Mar.
Group
Bears to the
23, Mar. 16,
Feb.
24,
Year
Ago
Mar. 25
1940
1939
70.7
72.6
69.6
50.7
51.9
53.1
50.7
appears
64.0
Fats and oils
65.4
fourth
in
65.7
66.7
63.9
62.9
65.8
63.5
Cotton
57.9
58.2
59.8
47.9
Grains
72.9
68.3
73.6
52.3
Cottonseed oil
Farm products
The Bank goes
1938."
1940
70.3
Foods
basis
the
On
the
of
the
on
profits
to
say:
reported
this
by
group
of
companies
it
of leading companies rose in the
to at least the same general level as prevailed
that seasonally adjusted profits
quarter of the year
first nine months of 1937,
third .quarter
which
this
a
level which
was
the highest since the
However, it should be emphasized that the reports
of 1929.
conclusion
is
drawn
in general,
those of the
60.5
60.1
62.7
69.8
from
84.1
Livestock
of
companies were nearly double those of the third quarter of
1939 and some 60% larger than in the fourth quarter of
1940
Total Index
the Federal Reserve
"the sharp rise in industrial
"Monthly Review"
1
March
its
In
of 221
1939—Profits
of
quarterly profits of 221 industrial and mercantile corpora¬
tions whose reports have been issued by this time indicates
PRICE INDEX
Compiled by the National Fertilizer Association.
(Corporate)
Business
weekly
WEEKLY WHOLESALE COMMODITY
23.0
$110,437
4,189
3,598
4,787
New York City *
the
preceding week there were 17 declines and 21 advances.
25.3
664
$8,367
3,509
was
decline took place in
the
only item in the group to move
upward, while seven items declines.
Declining quotations for steel scrap,
copper, tin, and lead were responsible for a downturn in the metal index.
Other changes during the week were small increases in the indexes repre¬
senting the prices of fertilizer materials and miscellaneous commodities,
The
cotton.
727
$9,141
San Francisco.
and
registered last \yeek by the farm product index,
grains and livestock more than offsetting a decline in
upturn
$5,800
48,764
5,343
6,339
3,595
3,182
14,284
2,937
1,792
3,261
2,612
8,329
2,026
Kansas City..
only three advancing.
Most of the
sharp advance in food prices which occurred last fall has now been lost.
declining in price
group
439
Atlanta
year
in
3,773
483
1939
$6,069
47,356
5,872
7,246
3,964
3,511
16,157
3,191
$445
Philadelphia..
'Mar. 22,
1940
$476
Boston.
change in the general level
Mar. 20,
1940
New York
There
Mar. 22,
1939
20,
84.1
83.7
76.1
87.6
88.5
77.8
larger
corporations of the country, and include a large proportion
87.3
are,
8.2
Textiles..
72.2
72.6
74.0
60.9
7.1
Metals
91.6
91.9
91.6
90.5
6.1
Building materials
86.7
86.6
86.0
84.6
of companies
producing durable goods, whose output rose more rapidly in the fourth
quarter of 1939 than the output of non-durable goods.
Profits reports
for all corporations in the country, were they available, undoubtedly would
1.3
Chemicals and drugs
94.3
94.3
94.3
91.9
show
0.3
Fertilizer materials
72.9
73.0
73.2
71.4
0.3
Fertilizers
78.4
78.4
78.7
77.6
0.3
Farm machinery
17.3
.
Fuels
10.8
Miscellaneous commodities..
>_
—
94.9
94.9
94.9
94.8
a
All
of
increases
100.0
All groups
combined
76.4
76.4
77.4
72.8
favorable
less
comparison
than
is
indicated
for
these
principal
corporations.
some
of
the
groups
of
companies
listed
in
the
the third and fourth
the principal groups of companies, such
in
profits
between
following
showed
of 1939, and
the automobile and
quarters
as
table
)
The Commercial & Financial Chronicle
2000
steel
which
profits
reported
companies,
expectations for the fourth quarter.
considerably above seasonal
were
As compared with the fourth quarter
increases were reported in profits of
of
1938,
the
steel, railroad equipment, paper and paper products, and textile groups
of
largest
the
percentage
the
tries
for
entire year
of
been
1940
30,
in certain
influenced
considered non-essential
is due to
imports
over
The demand
has
commodities
these
coun¬
the
by
strict
under war con¬
shift to other
demand for others
while the slackened
ditions,
aggregate net profits of these 221 companies
1939
twice the total reported by these companies for 1938.
The
indications
are, however,
that profits of principal companies for 1939
remained about one-fourth less than for the full year 1937.
This Bank's
of
some
maintained
control
sources
companies.
For
March
gasoline.
automobiles, crude petroleum and
a
supply.
Changes
by Economic
in Imports
Classes and Commodities
nearly
were
tabulation
business
annual
of
the April
will appear in
companies,
covering
profits,
much
a
larger
of
number
"Review.".
1
(Net Profits In Millions of Dollars)
1938
manufactures
of
Year
Quarter
Fourth
Automobile and automobile parts..
31
77.5
108.2
17.9
88.1
242.4
Building materials
14
6.6
15.0
8.3
11.4
70.8
27.8
Chemicals and drugs
Electrical equipment
22
32.4
108.1
11
4.9
16.4
5.7
8.3
26.1
Food and food
products.
Machinery and tools.
24
25.3
83.0
21.1
23.6
83.8
3.6
13.0
5.2
6.6
19.8
Mining
Paper and paper products
22
5.6
20.0
8.6
10.4
30.1
8
0.5
3.0
1.4
2.8
5.6
7
4.2
24.1
8.1
9.5
19.7
19
of
the
print
—1.8
1.6
4.3
7.5
—6.0
28.2
70.9
119.0
6.3
7.5
2.7
6.4
11.8
factures,
7
2.0
4.6
2.4
4.6
11.1
factures
21
7.4
23.5
8.8
9.8
February, while that of
The February total
though
corresponding
than
had
which
147.8
381.3
177.8
289.1
753.9
and
preceding
imports
Deficit.
of
rather
a
and
than
comprise
moderate
therefore,
was,
February,
in
Trade in February—Imports
Exports
and
works
larger
year,
but
about
any
in
in
larger
than
mainly
than
during
a
year
smaller
value than
foodstuffs
larger
to
larger
as
months
value
in
of
imports
than
February
February,
in
4% larger in
from
were
value
the
in
including
portion
This class
year.
news¬
the
in
leather
manufactures,
paper
value
in
February
in
while manufactured
due
States
declined
foodstuffs
20% in
a
slightly
imports,
other
linens,
smaller
a
Though
considerably
of
manufactures,
month
was
United
for
imports
the
increase
only
1939.
1939,
were
month
art
of
were
last
latter
above
also decreased
materials,
raw
shown
1940,
cotton
Imports
221
smallest
the
was
considerably
35.0
Textiles
Foreign
in
January.
January, to reach the smallest total in
burlaps
and
0.9
13.3
from
manufactures,
preceding,
February,
7
20%
semi-manufactures
and
September
trade
with
immediately
in
26%
dropped
silk)
reduced
finished
of
commodities
9
Country's
last
import
compared
of
and
was
1939.
Imports
19
Railroad equipment
Steel
Stores
14 groups...
of crude materials and semi¬
decline in total value during
the
for
accounted
materials
crude
since
February,
24.4
Total,
rubber
of
both
month
29.2
M iscellaneous
largely
receipts
February.
Crude rubber imports were valued at $16,526,000, a decrease
of $11,200,000 from January, while the value of raw silk imports dropped
off from $15,329,000 in January to $6,371,000 in February.
The value
of
crude
material
imports
(principally because of the decline in the
of
Year
Quarter Quarter
smaller
trade,
import
semi-manufactures
Third
Fourth
Cos.
Petroleum
the
quantity
1939
No.
Corporation Group
In
manu¬
steel
manu¬
ago.
in
value
than
Crude
1939.
the
in
foodstuffs
in the corresponding month
registered
the corresponding
24%
a
Cuban
of
movements
month
of
The
gain.
sugar
the
into
1939.
Exports, including Re-exports, General Imports, and Balance of Trade
The Bureau of Statistics of the Department of Commerce
at Washington on March 20 issued its statement on
foreign trade of the United States for February and
months
back
General
below
shipments
decline
of
due
of
rubber
have
6%
the
from
attributable to
was
January
Compared with the corresponding month of last
trade
influenced
was
February totals
last
over
As
by
lower
a
much
were
result
the
of
This
for
Exports,
1940,
decline
greater
including
in
The
value
of
from
February,
of
the
only
but
in
than
95,276
273,689
in
1940,
entered
for
the
exports
in
February,
in
and
with
$218,-
in
storage
$199,775,000
to
January,
bonded
February
as
in
in
(goods
which
entered
merchandising channels
arrival in the country, plus withdrawals for
amounted to $189,824,000 in February
January,
in
and
1940,
in
the
of goods
moved
consump¬
as
com¬
$152,577,000
with
into
$7,000,000
with
compares
again
were
consumption
since September;
during each month
December,
merchandise,
foreign
value
compared
as
corresponding
period
larger
in
channels.
larger
the
in
value
Arrivals
than
and
Reduced
for
tured
of
$10,000,000
and
shipments
$14,000,000
also
few
a
Re-exports—
decline
of
approximately
exports
in
February
cotton
totaled
domestic
they
February
in
smaller
in
of
total
January;
of
than
195,113
256,566
192,795
200,772
185,693
268,945
289,922
265,341
180,390
268,184
May...
164,151
165,459
June
170,244
July
173,230
172,126
August
in
December
mos.
ended Dec
commodities
January.
227,535
230,790
246,335
277,668
252,381
268,943
296,579
332,710
226,364
314,697
229,800
323.403
212,911
218,682
267,781
230,974
368,583
346,779
249,466
236,164
229,631
250,487
288,379
331,978
380,587
292,453
367,819
455,789
551,006
431,593
2,282,874 2,455,978 3,349,167 3,094,440 3,176,723
715,362
General Imports—
January
February
166,832
152,491
187,482
192,774
240,444
177.356
170,500
170,533
156,754
176,631
198,701
307,474
202,779
191,697
191,077
286,837
284,735
286,224
195,056
193,073
265,214
245,668
215,701
212,692
196,400
245,161
223,090
208,833
April
May
June.
July
August
169,030
161,647
October
189.357
November
169,385
December
186,968
2 mos. ended Feb
170,689
162,951
173,372
159,827
148,248
145,869
140,809
165,516
167,592
277,709
233,142
224,299
178,024
176,187
171,347
178,246
241,897
158.072
199,775
190,481
186,296
202,493
178,922
168,910
175,614
181,536
215,289
235,458
246,792
12
mos.
319,324
380,256
518,153
333,639
336,317
ended Dec... 2,047,485 2,422,592 3,083,668 1,960,428 2,318,108
the
February
of
the
in
2 Months Ended Feb.
Increase
(+)
Deer ease{—)
1939
1940
1939
1940
Imports for consumption
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
216,157
r
value of
Exports
441,672
Imports for Consumption
Exports and Imports
in
Exports (U.S. mdse.)._
accounted,
in
289,071
261,935
275,308
274,472
257,276
232,726
277,031
264,949
339,230
November
12
178,975
220,539
198,803
221,296
269,838
223,469
1,000
$20,000,000
from
January;
commodities,
the
and
in January.
338,639
189,824
152,577
426,418
697,737
+ 271,319
321,930
424,458
+ 102,528
total
unmanufac¬
decrease
aggregate
in
total
as
trucks,
a
exports
foodstuffs
February
grain,
canned
manufactures,
motor
Chiefly
the value of
larger
especially
paper
Changes in Export
Month
or
1935
1936
1937
1938
1939
1940
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Period
Exports—U. S.
in
these
Merchandise—
Dollars
Dollars
Dollars
Dollars
Dollars
173,560
...
March
April
May...
machinery,
in
value
result of the expansion
of
and
larger
were
three
oilcake
fruits,
industrial
than
in
November
December
manufactures—was,
January.
a
October
these
finished
Commodities from
August
classes—crude
economic
in
in
July
September..
in
2 mos. ended Feb...
195.689
160,312
179,381
181,667
160,511
January
February
192,405
159,791
167,278
167,865
169,683
196,040
218,184
267,258
220,931
333,873
12 mos. ended Dec... 2,243,081
189,574
197,020
181,386
177,006
175,825
217,925
262,173
223,920
226,666
219,063
229,671
252,443
264,627
285,081
256,481
264,613
273,561
293,374
329,373
311,212
319,431
285,772
210,260
259,160
270,429
271,508
253,713
229,554
224,866
228,312
243,595
274,059
249,844
266,358
216,157
359,098
338,639
263,995
227,624
246,119
233,465
226,740
247,796
283,815
323/77
286,761
357,450
375,070
448,734
544,932
426,418
2,418,969 3,298,929 3,057,169 3,123,260
697,737
Year Ago
Imports for
comparison
products
with
accounted
increase
of
for
February,
1939,
approximately
$122,500,000
in
larger
the total
products,
from
$20,600,000;
lubricants,
export
$8,140,000
Among
of
to
metals,
from
$10,254,000,
$14,344,000.
to
the agricultural commodities,
$44,283,000 in February, 1940,
February,
Exports
as
$13,111,000 to $36,809,000;
nori-ferrous
from $5,072,000
(or
value
non-agricultural
three-quarters)
in
February,
follows:
Iron
aircraft,
$8,099,000
and
from
to
and
of
1940.
steel-
$6,776,000
$18,389,000
;
metal-working machinery,
cotton
compared
exports
with
reached
a
$13,732,000 in
1939.
of
certain
commodities
February than in February,
were
Consumption—
168,482
152,246
175,485
186,377
228,680
189,590
194,296
260,047
March
April
166,070
199,776
May
189,008
June
166,756
155,313
280,899
278,118
194,311
278,300
July
173,096
262,919
August
180,381
179,760
197,458
200,783
218,425
213,419
200,304
240,230
226,470
212,382
203,644
320,728
375,968
488,726
January
February
September
raw
as
of
exports
$93,000,000
Exports of principal commodities showed gains
value
...
September
June
manufactured
instance,
from
Dollars
than
beans, crude petroleum, gasoline, aluminum, passen¬
cotton
manufactures
and
rubber
manufactures
were
implements,
foodstuffs,
mill
Dollars
185,026
were
manufactures,
February than
the
Dollars
222,665
233,125
re-exports
$10,369,000
soy
some
commodities,
In
Dollars
198,564
182,024
$44,283,000
copper
value
leather
agricultural
each
Dollars
176,223
163,007
products,
larger
were
for the month, down $15,600,000 from
$9,320,000, off by $6,200,000 ; and aircraft
$20,600,000, down nearly $5,000,000.
Exports of other commodities,
Exports
to
but
nearly $10,000,000.
meal,
Dollars
February
1939.
leading
the
automobiles,
was
1940
1,000
in
Commodities from Preceding Month
States
including tobacco,
ger
of
The
1939.
$9,000,000
of
exports
January,
February,
$2,525,000 in
January; those of
were
1939
1,000
withdrawals
of
excess
January
in
like
with
with
compares
Chartges in Export
United
1938
1,000
Exports of United States Merchandise and
of
in
$8,100,000
main,
1937
1,000
September
during February
goods
foreign
Re-exports
at
1936
1,000
January
December.
decreased
1935
Period
or
immediately
$158,072,000
and with
1940,
+ 105,356
1,000
Month
October
$346,779,000
to
+ 283,769
MERCHANDISE TRADE BY MONTHS
April
$127,000,000
from
merchandising channels
amounted
in
consumption
$234,634,000
February
336,317
147,004
March
aggregate
bond
199,775
60,610
March
1928.
goods for warehousing have been considerably
from
the
in value
the largest merchandise
also the largest export
January,
(goods
imports
country)
the
upon
of
158,072
Merchandise export bal.
the
1939.
Arrivals
than
Imports
foreign
our
activity,
59%
up
warehouses)
with
1,000
Dollars
715,362
441,673
2 mos. ended Feb...
$241,897,000
for
immediately
pared
in
1939.
Imports
1,000
Dollars
431,593
pur¬
1939.
general
in
with
February,
tion
$368,583,000 in
when
was
imports
November,
plus goods which entered
arrival
upon
compared
in
amounted
re-exports,
with
February,
warehouses,
1,000
Dollars
Exports Including
$15,600,000
industrial
$147,000,000
to
since
month
one
compared
as
682,000
1,000
Dollars
346,779
major
higher by 26%.
was
figure repi'esents not
recorded in recent months
any
The
total.
of
trade
latter
balance
balance
during
irregular
year,
world
Export
February export balance increased
January.
export
of
level
higher.
February and that of import trade
a
1,000
been
decrease
a
1940
218,682
cotton.
raw
1939
Dollars
has undoubtedly curtailed
high
1940
Exports
including re-exports, for the short month of Febru¬
of
Decrease (—)
1939
by
comparisons
at
price of silk
the high
decline
a
of this
part
and
Our exports,
showed
partly
silk.
with
Increase ( + )
Exports and Imports
follows:
$200,000,000, dropped 17%
to substantially reduced imports of
valued
Imports
total,
and
months,
chasing.
ary
February,
in
January
rubber
February,
The report
1935.
to
imports
the
both
recent
with
ended
months
two
2 Months Ended Feb.
February
the
the
smaller
in
quantity
and
1939—namely, wheat, fruit, tobacco,
value
in
passenger
168,683
October
189,806
November
162,828
December
2 mos. ended Feb
12
mos.
ended Dec
295,705
248,730
233,959
163,312
155,923
173,196
155,118
147,123
169,353
234,634
152,577
191,269
185,916
189,824
147,779
147,767
171,023
178,373
170,430
180,225
172,909
178,447
171,668
165,359
194,185
199,404
207,131
214,502
232,736
319,235
321,930
2,038,905 2,423,977 3,009,852 1.949,624 2,276,100
424,458
Volume
The Commercial & Financial Chronicle
J50
GOLD
AND
SILVER BY
MONTHS
figures into five separate
Exports. Imports and Net Balance
terials
Increase (. + )
2 Months Ended Feb.
February
Decrease (—)
Exports and Imports
1939
1940
1940
1939
2001
to
ranging from crude
groups,
the finished manufactures, in each of
agricultural and non-agricultural totals
ma¬
which the
shown separately.
are
This tabulation, which reveals that in the first two months
of 1940
25.4% of domestic exports and 52.6% of imports
,
1,000
1,000
1,000
Dollars
Gold-
Dollars
Dollars
1.000
1,000
Dollars
.
Dollars
for
Exports
15
53
96
75
—22
Imports
223,296
201,475
379,723
437,889
+ 58.166
223,281
201,422
379,627
437,814
Import balance
Silver—
Exports
2,054
298
3,724
750
—2,974
Imports
9,927
4,070
20,256
9,869
—10,386
7,874
3,773
16,532
9,120
Import balance
consumption
agricultural
were
below in the usual
products,
present
we
manner.
Another arrangement of the figures given out by the
Department shows the value of each of the chief items of
the export and import trade arranged according to economic
groups, and since a special interest attaches to these figures
at this time because of the war in Europe, we append them
also.
Both tabulations are given below:
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED
Month
FOR
Silver
Gold
THE
MONTH
FEBRUARY
or
1938
1937
Period
1939
1937
1940
1939
1938
1940
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
11
February
m
~
-
20
Dollars
Dollars
355
1,671
233
2,054
1,923
MONTHS
STATES
ENDING
(Value in 1,000 Dollars)
452
1,811
TWO
Dollars
2,112
53
I.
15
174
-
39
March
Dollars
22
81
5,067
AND
1939
Analysis by Economic Groups
1,000
Dollars
Exports—
January
1,000
FEBRUARY
OF
AND
1940
298
1,546
53
191
Month
2,054
13
145
231
1,668
250
May
4
212
36
1,841
317
81
131
19
1,144
254
303
July
206
65
9
214
193
640
August
169
17
13
278
401
2 Months Ended February
of February
1940
1939
1940
1939
611
June
Class
937
April
15
285
1,463
1,292
16
15
380
1,259
1,773
36,486
16.9
14
10
527
823
487
Agricultural
24,861
11.5
887
Non-agricultural...
11,624
5.4
11,402
11,234
5.3
5.2
61,113
49,921
11,192
8,752
8,694
Non-agricultural...
168
0.1
58
Mfd. foodstuffs & bev.
15,151
7.0
22,470
6.6
29,759
13,814
6.4
27,056
0.6
0.7
34,867
16.1
20,082
2,388
71,355
5.9
1,337
2,703
70,279
236
11
16
15,052
1,344
Crude
materials
Crude foodstuffs
Agricultural
end.
3,922
588
5,241
12,042
96
46,020
5,889
508
7,082
750
3,724
14,630
75
12
12 mos. end.
December
Agricultural
Non-agricultural...
Semi-manufactures
Imports—
5,799
121,336
120,326
7,155
156,427
236,413
2,846
February
8,211
14,080
28,708
15,488
10,328
9,927
154,371
52,947
223,296
365,436
201,475
March
5,589
14,440
7,207
April
2,821
3,165
15,757
17,952
7,143
6,152
6,025
19,186
18,326
4,985
24,098
14,770
5,531
January
215,825
71,236
606,027
May..
155,366
52,987
June
262,10 1
55,438
63,880
429,440
240,450
July
175,624
August
105,013
145,623
September
.
520,907
278,645
4,476
259,934
165,990
4,964
326,089
8,427
4,070
69,740
5,701
25,072
177,782
167,991
451,183
10,633
24,987
21,533
16,926
437,889
379,723
9,869
20,256
44,196
85,307
91,877 230,531
Decern her 1631,523 1979,458 3574,659
Canadian Sales of Life Insurance in February
Increased
of
in
Newfoundland
according to
a
Bureau,
of
February
report issued by the Life
Conn.
Hartford,
This
compared with a year
ago.
For the year-to-date the volume of sales amounts to
$65,546,000, which is 13% above the volume of sales in the
same period
of 1939.
The figures for February and the
year-to-date are given in the following table:
increase of 9%
as
Sales
Ratios
Ratios
1940 to
Volume
1940 to
Volume
1939
in $1,000
1939
$31,820
109%
$65,546
113%
90%
86%
130%
136%
99%
116%
99%
105%
2,733
4,763
4,130
103%
1,290
2,123
2,076
L
898
New Brunswick.
1,158
14,556
Nova Scotia
Ontario
142
Prince Edward Island
8,535
Quebec
2,190
103%
125%
132%
102%
29,979
118%
361
17,143
124%
106%
1,807
783
Newfoundland
.
97%
1,845
124%
259
Saskatchewan
89%
595
100%
Bureau Holds
Conference for Home Office Executives
Insurance
Sales
7.0
42,918
6.3
38,693
5.6
0.6
4,225
146,717
0.6
21.1
16.5
6.2
21.0
0.1
842
0.1
145,875
20.9
348,787
50.0
1,183
0.4
51.3
1,139
224,471
0.3
54.4 173,767
52.6
2,315
346,473
49.7
0.3
399
0.3
426,418 100.0
76.3
105,413
321,005
24.7
76.5 258,347
75.3
697,717 100.0
177,526 25.4
74.6
520,211
48,145
31.6
70,420
37.1
102,075
31.7
166,134
39.1
35,018
13,127
23.0
53,941
28.4
77,567
24.1
129,463
30.5
8.6
16,479
8.7
7.6
22,947
15.0
12.6
15.4
36,671
48,631
11.5
22,034
14.4
23,838
22,846
24,508
49,721
12.0
47,546
14.8
46,520
11.0
992
0.5
2,175
35,273
0.7
12.2
11.0
9.8
26,050
8.1
2.4
2.9
22.6
9,223
71,125
2,112
46,454
35,490
10,964
22.1
96,592
2.3
6,897
2.1
10,625
2.5
20.3
64,228
20.0
85,967
20.3
15.6
63,737
19.8
66,647
15.7
1,113
65,534
15.4
Agricultural
913
0.6
18,635
12.2
14,098
9.2
•
4,537
3.0
34,000
22.3
3,234
2.1
30,766
20.2
23,138
18,572
4,566
42,860
4,319
38,540
28,850
...
18.9
29,567
Non-agricultural...
N on-agricultural.
..
Finished manufactures
436
0.3
454
0.2
763
0.2
28,415
18.6
29,113
15.3
62,973
19.6
Agricultural
Non-agricultural...
8.6
0.5
10.9
8.4
2.6
22.7
0.3
Total Imports for con¬
152,577 100.0 189,824 100.0
sumption
Agricultural
74,820
49.0 100,133
77,757
51.0
321,930 100.0
52.8
Non-agricultural...
47.2
Analysis
89,691
158,822
163,108
49.3
50.7
424,458 100.0
223,211
201,247
52.6
47.4
by Leading Commodities in Each Economic Group
(Value In 1,000 Dollars)
Month of February
2 Mos. End. Feb.
1939
1939
1940
13,732
10,179
2,585
44,283
3,189
3,296
28,707
Tobacco, unmanufactured
5,179
6,897
6,328
4,403
12,143
10,208
1,748
2,351
Research
1940
Domestic Exports
Crude Materials—
Coal
Crude petroleum
18,653
104,167
9,264
-
Phosphate rock
All other crude materials..
4,369
4,307
70
788
102
2,880
365
1
Undressed furs
Soy beans
118
747
212
1,479
2,695
2,976
5,371
2,770
Crude Foodstuffs—
Oranges
832
726
11,960
6,214
1,137
4,201
1,786
Other fresh fruit
338
291
880
Wheat
5,379
1,245
Corn
1,704
3,989
1,666
Vegetables, fresh and dried
564
233
1,649
Apples, fresh
1,700
7,502
540
1,241
766
936
602
1,717
1,490
Manufactured Foodstuffs—
Meat products
2,101
5,060
4,489
10,179
Lard, Including neutral lard
Dairy products, except fresh milk
Fish, canned, prepared, &c
1,685
4,092
429
529
802
3,555
1,096
1,120
2,154
2.296
3,811
Wheat flour
All other crude foodstuffs
February sales of ordinary life insurance in the United
States was reported in our issue of March 23, page 1842.
Life
119
Cotton, unmanufactured..
Sales
in $1,000
Manitoba
0.1
m
16.4
Year to Date
February
Alberta
2.3
314
•«
52.9
Agricultural
ordinary life insurance in the Dominion
British Columbia
15,890
69,879
Semi-manufactures
9% Above Year Ago
Canada total
6.5
216,157 100.0 338,639 100.0
23.7
50,725 23.5 80,292
Agricultural
Research
27,581
225,610
Non-agricultural...
Sales
2.3
2.6
0.1
Mfd. foodstuffs & bev.
total represents an
16,009
51.7
Non-agricultural
end.
Insurance
6.6
Imports for
Consumption—
end.
Colony
27,895
21.0
Crude materials..
the
3.4
2.6
Crude foodstuffs
3,795
and
17.2
23,519
412
605
merchandise-
7,268
4,183
23,151
Canada
119,787
5.5
Agricultural
562,382
totaled $39,820,000,
20.5
11.5
70,943
Non-agricultural... 165,432
240,542
new
143,306
49,238
23,638
0.1
Agricultural
33,033
Sales of
17.1
3.3
54.7 174,950
4,639
52,194
15,365
72,876
14.7
Total exports of U. 8.
4,365
90,709
241,663
18.0
16.0
Non-agricultural... 117,647
December..
mos.
Cent
211
Non-agricultural...
Agricultural
November..
February.
Value
34,656
Agricultural
Finished manufactures 118,252
October
mos.
Per
Cent
Domestic Exports—
11
February.
12
Value
30,084
December..
2
Cent
Value
129
_
October
mos.
Cent
232
September
November..
2
Value
Per
Per
Per
1,865
2,024
2,095
3,647
Oilcake and oilcake meal
782
1,052
1,581
3,899
1,656
Vegetables, canned and prepared
456
395
843
2,084
1,201
3,195
Dried and evaporated fruits
Under the auspices
of the Life Insurance Sales Research
executives and other home
conference at the Stevens Hotel
Bureau, 27 agency department
office officials attended
in
Chicago
on
a
March 12-14.
Sixteen companies were re¬
executives of
companies having from $125,000,000 to $400,000,000 of
ordinary insurance iu force. The conference was devoted to
presented at this meeting which was limited to
department problems which were
selected in advance by the executives in attendance as being
of particular interest to the companies in this size grouping.
The topics of special interest seemed to be Compenstaion of
Agents, Home Office Supervision, Agency Financial Prob¬
lems, Agency Department Objectives and Policies, and
Supervision Within the Agency.
discussion
of
agency
1,551
Canned fruits
2,005
3,075
3,517
2,806
4,467
All other manufactured foodstuffs
2,718
4,724
5.297
9,365
891
1,351
1,699
2,418
Semi-Manufactures—
Leather
707
1,366
1,449
2,787
Cotton semi-manufactures
791
1,771
1,517
3,102
Sawed timber
363
432
722
881
2,401
1,639
4,703
3,645
224
1,326
514
Naval stores, gums and
resins.a
Boards, planks, &c
2,311
7,129
2,180
5,349
575
849
9,606
26,603
1,131
19,609
51,451
Iron and steel scrap.b
3,345
4,138
6,698
7,705
Tinplate and taggers' tin
1,196
7,056
2,556
14,467
401
1,608
1,623
1,041
3,251
Wood pulp..
Gas and fuel oil
Crude sulphur
Iron and steel semi-manufactures
Ferro-alloys
3,768
1,850
1,367
4,098
Copper (ingots, plates, rods)....
Coal-tar products
4,675
9,320
9,480
24,914
877
2,421
1,891
5,316
Industrial chemicals
4,727
3,569
8,933
Pigments
1,799
1,076
1,566
1,912
All other semi-manufactures
6,095
12,442
12,546
2,933
23,509
Aluminum semi-manufactures
617
Finished Manufactures—
f
772
'714
4,467
5,259
Rubber manufactures
2,413
2,906
4,400
6,125
Automobile casings
1,270
1,262
2,220
Leather manufactures..
Analysis of Imports and Exports of the United States
in February and Two Months Ended February /
The
of the
of the character
country's foreign trade reduces the export and import
Department of Commerce's report
Tobacco manufactures
1,439
1,164
2,486
2,709
2,378
Cotton manufactures
4,136
2,730
5,333
7,369
10,912
3,456
1,461
4,863
2,318
3,017
4,756
3,830
8,784
Cotton cloth, duck and tire fabric
Rayon manufactures
Paper and manufactures
1,289
1,973
7,144
The Commercial &
2002
Financial Chronicle
1940
Lubricating oil
.
......
5,434
12,922
11.754
10,254
5,683
5,072
.
10,554
20,233
621
961
1,234
1,995
Steel-mill manufactures..
3,505
10,206
7,027
Iron and steel advanced manufactures....
2,924
19,805
9,329
Glass and glass products....
...
4,404
5,979
7,115
9,254
Household refrigerators.
675
681
13,835
1,176
Radio apparatus.......
1,373
20,634
3,185
1,772
2,839
3,567
28,996
38,672
57,904
5,940
18,623
1,137
Metal-working machinery.—......
8,140
Office appliances....................
2,358
2,099
14,344
2,085
14,813
4,514
Frlntlng and bookbinding machinery...
404
1,418
month
same
of
3,873
4,497
25,297
23,835
7,395
46,693
6,889
8,967
11,914
9,907
6,136
20,600
18,818
6,776
11,672
46,081
but
change between January and February,
The cost of sundries did not
Ihan
in February, 1939 ; 7.4% higher than in June,
1933, but 3.6% lower than February, 1929.
The purchasing value of the dollar was 116.6c. in February as com¬
0.2%
was
higher
117.1c.
with
pared
January; 117.5c.
in 1923.
in
100.3c. in
1939 ;
February,
in
February, 1929, and 100c.
Per Cent
Indexes of
Relative
7,885
the
Living
Cost of
Increase
1923=100
Import¬
47,571
15,178
13,948
Passengers cars (new)...
lower than in the
1929.
926
Wells and refinery machinery.......
February, but were
prices advanced 0.4% between January and
0.2% lower than in February, 1939, and 8.4%
4,089
28,844
4,069
636
than those of a year ago.
lower
Coal
still
Finished Manufactures—Concluded—
clothing showed
women's
0.3%
1939
1940
1939
entirely by rises in costs of men's clothing, since prices of
no change between the two months and were
caused
were
2 Mos. End. Feb.
Month of February
30, 1940
March
of
(+)
(—)
Decrease
or
January,
from
Jan., 1940 to
Budget
1940
1940
Feb., 1940
Food.a
33
79.8
78.8
+ 1.3
ance in
Item
February,
Family
1,483
2,246
2,632
4,454
Housing............
20
86.6
86.6
Paints and varnishes
602
682
1,496
12
73.2
73.0
+0.3
Soap and toilet preparations.
673
792
Clothing
Men's.
80.0
79.7
+0.4
802
1,196
1,203
1,283
2,932
1,656
16,654
31,177
32,325
57,029
216,157
338,639
426,418
697,737
1,305
1,522
Scientific and professional
instruments...
1,559
2,700
2,437
86.0
85.8
+0.2
85.6
Fuel and
85.3
+0.4
86.9
86.9
0.0
96.9
96.9
0.0
85.8
85.4
+0.5
116.6
117.1
5
light
Coal
Gas and electricity.
Total domestic exports.
30
Sundries
Imports for Consumption
0.0
66.3
66.3
Women's
0.0
100
Weighted average of all Items...
Crude Materials—
3,937
.....
Undressed furs................
Crude rubber...
4,860
10,164
23,840
44,253
10,142
3,686
......
7,269
7,911
2,365
4,861
5,473
1,923
1,141
2,490
1,688
612
2,661
.....
112
440
7,627
13,545
19,738
21,700
2,003
2,287
4,537
479
612
972
1,178
1,668
2.419
3,115
718
Pulp wood
Crude petroleum
668
8,825
6,371
1,117
292
.......
158
3,399
5,301
811k, raw
Other textile fibers.c
238
1,034
of only
advance
an
in January, despite rises of 0.4% in food prices
of 0.5% in coal prices.
and
All
items
the same
It was 19.1% above the low
in January, 1939.
that wis reached in April,
January, 1929. The Board
point
January was
considered, the cost of living in
as
but 14.4% lower
Feb. 20 also said:
1933,
than in
on
19,838
20,651
857
4,228
2,257
533
1,086
1,025
1,417
1,098
587
ary,
1,802
1,932
740
530
1,559
4,516
9,579
11,801
1,245
Cattle, except for breeding........
Wheat for milling
and export
Vegetables, fresh and dried—
623
388
3,043
3,043
4,664
5,449
10,768
11,369
24,889
2,129
3,218
5,116
4,754
2,501
1,736
4,145
3,720
984
736
l,83p
1,524
1,633
2,066
5,572
—
beans..
Coffee....
............
Tea........
......................
—
All other crude foodstuffs
-
3,976
968
shellfish (canned, prepared, &o.j.
932
3,488
1,157
1,212
785
2,112
than
Coal
but
4,388
4,919
6,390
2,579
6,350
2,843
2,482
3,970
5,631
11,722
5,323
535
From foreign countries
Whisky and other spirits
......
1,928
......
459
536
1,060
3,292
3,127
6,961
7,750
835
483
1,908
4,463
6,460
10,339
630
452
1,609
1,081
637
481
1,189
and
1939,
higher
than
the
but
low,
0.4%
26.5%
1929.
of
and electricity costs,
sundries
of
cost
which
compiled only twice each year,
are
1940, than in July,
0.8%
1929, and
higher
than
0.1%
was
in
1939
higher
1939.
January
in
purchasing value of the dollar
than
December
in
1933, but 3.6%
117.1c. in January,
was
were
10.2% lower than in
;
January,
January last year; 7.4% higher than in June,
in January, 1929,
The
in December,
1933
1929.
lower in January,
The
than
1,365
20.3%
ago,
December,
lower
compared
as
1,184
2,939
December
between
January,
showed an 0.5% increase between December and January,
0.6% lower than in January, 1939, and 8.8% lower than in the
January,
and
year
a
in
month
Gas
1,265
All other manufactured foodstuffs.......
in
than
prices
were
0.2%
1,260
3,072
hay...
—............
Cane sugar—From Philippine Islands.
than
higher
lower
same
Choose
lower
1929.
5,184
Manufactured Foodstuffs—
Meat products.
0.4%
increased
prices
0.5%
Clothing prices in January were 0.1% higher than
23,189
1,639
2,701
2,026
Nuts...
Food
1,756
3,763
1,401
Bananas..................
Vegetable oils, edible
rise compared with
February
of 1%
0.1
were
..........
Fodders and feeds, except
This
539
327
2,220
Crude Foodstuffs—
Fish and
Statistics fo
and January.
They
24.9% lower than in
January, 1929, but 29.0% higher than in March, 1933.
Rents were the same in January as in December, 0.5% higher than last
January, 38.1% higher than in January, 1934, but 5.9% below Janu¬
422
1,020
Manganese, chrome, and other ferro-alloy'
ing ores
All other crude materials.
cacao
—0.4
food prices indexes of the United States Bureau of Labor
on
1940 and Jan. 16,1940.
Feb. 13,
516
Diamonds, rough, uncut.
Cocoa or
Based
a
5,898
532
Purchasing value of dollar
3,514
2,712
270
.......
Tobacco, unmanufactured...............
Cotton, unmanufactured..
Jute and Jute butts
Flax and hemp, unmanufactured
3,872
2,499
2,703
........—
Flaxseed.....
8,551
4,198
16,526
10,927
.....
Oilseeds
5,411
2,952
Hides and skins.......
Wines...
—
117.2c.
with
in
December,
100.2c.
in January,
1923.
1929, and 100.0c. in
Semi-Manufactures—
Leather
Expressed oils, inedible.d
—..
Wool semi-manufactures..
.—
Rayon filaments, short and tops
Sawed boards, sidings and lumber (except
1,122
1,382
2,243
6,694
11,086
4,180
4,925
205
158
483
413
6,000
5,213
11,992
1,843
2,071
3,734
4,612
5,111
6,239
9,003
14,525
1,794
1,146
419
3,610
1,601
1,136
2,266
2,544
2,417
3,061
5,665
6,170
6,409
—
7,659
12,476
16,278
Iron and steel semi-manufactures
Cop per. e
.....
Nickel and alloys..
Tin (bars, blocks, pigs).....
Coal-tar products.d....
Industrial chemicals.d..
Fertilizer.d
......—
....
....
All other semi-manufactures..
Finished Manufactures—
708
388
1,295
823
2,767
2,380
685
6,087
1,642
5,943
821
Leather manufactures..
....
Cotton manufactures.........
3,227
3,719
1,478
8,995
1,599
1,443
4,276
3,480
1,272
1,320
2,981
3,283
595
489
1,163
1,127
650
553
1,561
...
1,275
Burlaps...
Manufactures of flax, hemp
and ramie
Wool manufactures.
Bilk manufactures..
.....
Shingles.
Pottery...
.....
/._...
16,840
1,825
1,581
419
819
699
781
803
678
1,974
1,671
2,769
714
-
...
2,056
305
816
1,753
Steel-mill manufactures
Machinery........
Works of art
14,313
737
436
Other paper and manufactures
8,026
904
Newsprint...
net
to
gain in total factory employment of 0.8% from January
February.
All other finished manufactures....
6,970
6,951
14,833
14,621
Non-commercial imports, t
2,017
1,812
4,066
3,709
result
net
Includes
a
a
consumption
152,577
small item which is not
Scrap and waste-waste tin plate,
Board
Costs in
in
rise
a
the
of
1.5%
United
f Chiefly merchandise returned.
Reports Slight Increase in Living
February—January Figures
An Increase in the cost of
for
b Includes tin plate
c
Chiefly unrefined copper for refining and export.
Conference
424,458
321,930
189,824
semi-manufacture.
Includes sisal, m anil a, kapok, New Zealand
d Includes a few items which are not semi-manufactures,
fiber, crln vegetal, &o.
e
a
in
food
was
largely responsible
the cost of living of wage earners
States between
January and
February,
Average weekly
Some
Under
Food
prices
declining
to
rose
tendency
approximately
than
lower
in
the
February,
than
in
1.3% between
of
the
January
four previous
and February,
months,
and
reversing the
raised
food
prices
October level.
1939;
February,
February prices were 1.8% higher
30.6% higher than in March, 1933, but 23.6%
1929.
Rents were
0.6%
1934,
unchanged from those in January and December.
They were
than in February, 1939; 38.1% higher than in January,
but 6.8% below those in February, 1929.
higher
Clothing prices in February
over
those
in
However, they
February last
were
rose
year,
0.3%
over
and 20.6%
the January level;
1.1%
the low point of
1933.
over
26.8% lower than in February, 1929.
These increases
11
According to
a
by
earnings fell
in
$27.40 in
to
February
from
The statement continued:
leveling
of production in the producers' goods industries after
in the last quarter of 1939 was to be expected.
The losses
and payrolls that have occurred in these industries in
the rapid rise
employment
the
last
two
made then.
seasonal,
hectic
months have not as yet wiped out all the
gains that were
Although the February losses in these industries were contra-
they
represent
scramble
fill
to
their
normal
seasonal
occurred
upturn
in
return
a
orders
of the consumers'
to
that
in
course
February.
the
normal
more
the
last
goods industries,
last
The
operations
quarter
of
after
1939
the
witnessed.
the other hand, have followed
on
few
New
months
York
and
State
the
expected
Department
of
Labor's index of
factory employment, based on the 1925-27 average as 100,
corresponding payroll index was 85.9.
These indexes are
over
10% higher than those in February, 1939, and are higher than the
figures for any February since 1930.
An analysis of preliminary tabula¬
90.4.
was
The
tions, covering 2,264 factories throughout the State, made by the Division
of
Statistics
forms
the
reporting
of
and
basis
Information
for
factories
the
under
statements
employed
the
made
438,771
direction
in
this
workers
of
Dr.
on
total
a
E.
This
report.
B.
Patton,
February's
payroll
weekly
$12,023,700.
Employment Increases in Four Industrial Districts
Factory employment in New York City recovered in February from the
seasonal
Industrial Economics of the Conference Board.
March
the January figure of $27.72.
ac¬
date of March 12 the Board also said:
0.4% decline in payrolls.
a
issued
Industrial Commissioner
Frieda S. Miller, the experience this month was not as
good as the average January to February changes, which
indicate gains of 1.5% in both employment and
payrolls.
cording to the regular monthly survey made by the Division
of
was
statement
Moat
Total Imports for
Large payrolls losses at metals and printing
plants obliterated the wage gains at apparel firms and the
1,865
'
February of the highly im¬
portant apparel industries in New York State produced a
1,062
6,337
Cotton cloth
The usual seasonal revival in
16,819
2,162
—..—.
Diamonds, cut but not set..
Factory Employment Gained 0.8% from
January to February, but Payrolls Declined 0.4%
2,744
4,482
2,355
2,075
railroad ties)
Woodpulp
New York State
losses
that
were
suffered
in
January.
All
industrial
groups,
except metals and machinery, reported increases in forces this month, with
the largest gains at apparel plants.
At all the up-State districts the
varied
that
In
changes at metals and machinery plants
directed the
Rochester
the
movements
good gains
in
were
the main influences
the total employment
and payroll figures.
at railroad
equipment and
machinery firms
Syracuse and Albany Schenectady-Troy metal and wood products firms took on additional work¬
were
sufficient
while
ers,
to
lower
offset
average
losses
hours
at
apparel
reduced
firms.
payrolls.
In
Buffalo
and
Utica
the
primary metal plants reported large losses, and these were sufficient
the gains that consumers' goods industries in both these
districts reported.
Not only were the business machines firms in the
to
obliterate
Binghamton-Endicott-Johnson
shoe
firms
also reported
City
area
reducing
their
operations,
net losses.
I
but
Volume
The Commercial & Financial Chronicle
ISO
Reports
January to February, 1940
City
6.0%
Payrolls
Employment
New York
workers
City
+ 3.0
+0.8
—0.2
+ 0.5
—0.7
Syracuse
in
in
January
2003
non-manufacturing establishments
4,190
payrolls
indicate
from
December
for
period
recorded
Rochester
+0.3
+0.1
Buffalo
—0.1
—2.0
Blnghamton-Endicott-Johnson City
—0.8
—1.8
—3.1
—3.8
from
January
Utica
declines
The
to
declines
in
1938,
These
January.
to
declines
to
of
both
5.1% in employment and of 4.2% in
in each of the previous
January
employment
and
payrolls
11
from
years.
December
non-manufacturing industries
compare
favorably
8.9% in employment and of 6.0% in payrolls from
January,
and
were
for
of
206,070
employment
in
Declines
December
current
in
covering
industries during the previous 11-year
both employment and payrolls were
non-manufacturing
(1929-1939).
8.3%
of
declines
greater than the average declines of
payrolls
+ 1.6
Albany-Schenectady-Troy
from
with
to
the
December,
1939.
<i>
Pennsylvania
Employment and Payrolls De¬
February—Delaware Fac¬
tories Report Changes
Factory
clined from January to
Factory
clined
employment
Pennsylvania
in
payrolls
and
de¬
from
smaller
January to February, but tbe reductions were
than those that occurred the month before, accord¬
ing
figures
to
2,500 manufacturing
Reserve Bank of Philadel¬
from
Federal
received
some
Report of Lumber Movement Week Ended Mar. 16, 1940
Lumber
during the week ended March 16,
5% greater than in the previous week; ship¬
ments were 2% greater; new business,
0.4% greater, ac¬
cording to reports to the National Lumber Manufacturers
1940,
production
was
Association
from
regional associations covering the opera¬
tions of representative hardwood and softwood mills.
in February, or
Ship¬
above production; new orders, 7% above
Compared with the corresponding week of
1939, production was 19% greater; shipments, 9% greater,
and new business,
11% greater.
The industry stood at
69% of the seasonal weekly average of 1929 production and
72% of average 1929 shipments. The Association's reports
than
further
establishments
by
the
The number of wage earners decreased nearly 1%
to an estimated 893,000 in February, representing a reduc¬
tion of about 4% from the high reached last November.
phia.
Wage disbursements amounted to about $20,900,000 a week
3% less than in January and about 9% less
reached in December, 1939.
Compared
February, 1939, employment was 10% and payrolls
higher.
Under date of March 18 the Bank further
the
at
with
17%
peak
ments
Year-to-Date
Reported production
and
the major industry
Among
equipment.
instead
In
of
iron and steel
products,
were
and
increase at steel
at plants
transportation
and steel industry payrolls declined
the iron
showing the usual seasonal
and
mills
the sharpest declines
groups
building materials,
producing
substantially
of
While declines were reported for most lines
equipment, both employment and payrolls increased
considerably at plants producing locomotives and
non-durable
worsted
and
mills.
ings,
while
the
failed
to
The
ratio
1940,
a
feet
of
as
measured by wage disbursements,
as
orders,
Lumber
feet,
month.
softwood
Concerning conditions
the following to
had
Delaware
At
in Delaware
factories, the Bank
say:
fractionally from
a
to
year
stocks
and
1939
10%
stocks
gross
11% above
was
the
shipments,
period.
above
For
production,
22%
was
Unfilled orders
ago.
the
and
March
on
16,
32% heavier
were
2% less.
were
1940,
hardwoods
production,
230,119,000
totaled
515 mills produced 216,111,000
combined;
Revised
206,184,000
shipped 222,365,000 feet;
figures for the preceding week
feet; shipments, 217,552,000
feet.
220,278,000
Shipments
above
110
below
production.
hardwood
or
7%
for
the
feet,
reported
as
production.
11,184,000 feet,
Production
mills
give
Shipments
production
for
the
the
feet.
10,710,000
as
Production
of
211,181,000
were
205,203,000
was
reported
3% above production.
or
the
week
business
new
as
16, 1940, by 422 soft¬
above
same
Re¬
feet,
week
same
or
were
10,908,000 feet.
was
Identical Mill Comparisons
Production
during
mills
and
orders
week
March
feet,
and
a
16,
1940,
year
feet
of
it
ago
400
identical
168,842,000
was
respectively, 207,775,000 feet and 189,793,000 feet,
216,948,000 feet and 194,571,000 feet.
In the case
and
8,228,000
feet, and orders,
The principal reductions in payrolls
at plants producing building materials and metals.
ended
identical mills reported production
92
9,006,000
8,824,000
were,
received,
hardwoods,
ago
the
202,509,000
was
feet; shipments
of
declined 1% but payrolls increased
January to February but continued 6% and 11%, respec¬
employment
factories
the
orders reported for the week ended March
from
of factory workers in Pennsylvania declined
fractionally from the peak in January to about 7lc. in February.
The
hours worked per week also
declined somewhat to approximately 36
so
that average weekly earnings dropped from
$26.36 to $25.78 in the
earnings
hourly
orders
230,988,000 feet.
530;
3%
or
ports
usual.
of
Mills,
were:
mills.
clothing,
of
was
date
above
production.
16%
gross
softwoods
booked orders
same
much
to
5%
Softwoods and Hardwoods
some
men's
unfilled
ago;
mills
as
orders
During the week ended March 16,
2%
Average
of
year
wood
output of
the
1940
were
business
new
above
Comparisons
weeks of
shipments
;
above
date
compared with
than
feet;
increase
to
11
Supply and Demand Comparisons
in payrolls were sharply larger than were to be expected,
increases
1939
wage
reported
were
goods, while
factories
At
the
11%
6%
were
by mills turning out cotton and woolen
improvement was noted at carpet and rug
producing women's clothing and miscellaneous furnish¬
gains
customary
industries
goods
of
were
1940
for
cars.
disbursements for the most
part showed smaller than seasonal gains.
At leather tanneries and shoe
factories declines were reported instead of the customary expansion.
In
the textile and clothing industry generally, payrolls
increased less than
half
as
much as was to be expected.
Large decreases instead of the
the
In
of
shipments
foundries, and at plants turning out structural steel, and heat¬
transportation
orders
new
weeks
11
weeks
works and rolling
and plumbing supplies.
ing
showed:
corresponding
announced:
3%
were
production.
feet;
this
shipments,
and
year
a
year
feet
8,664,000
8,781,000 feet and 8,372,000
and
feet.
tively, above the levels of a year ago.
in the month
were
Domestic Demand for Farm Products
Slightly Affected
by Industrial Decline in Month Ended March 15
Employment and Payrolls
January
Illinois Industrial
Declined
from December to
6,565 manufacturing and non-manufactur¬
in Illinois, covering 631,828 workers in
January, indicate a decrease of 4.2% in employment and a
decrease
of 4.8%
in payrolls from
December, 1939, to
January, 1940, for reporting Illinois industries, it was
reported Feb. 27 by the Division of Statistics and Research
of the Illinois Department of Labor.
The following was
Reports from
ing establishments
also
employment and payrolls follow
the usual seasonal trend since declines in both employment and payrolls
from December to January have been reported in each of the 17 years
for which
the Division has recorded such data.
The average per cent
December
changes
in
to
decreases in
January
employment
show
that
the
were
Comparison
for
January,
of
in
the
1939,
employment
in
is
there
usual,
was
trend.
delayed
a
January
industrial
expected the buying power of
in
Industrial
weeks
recent
The
Bureau
further
relapse
in
industrial
reflection
activity.
held
it
close
activity
consumers
is
in
consumer
Although
the
to
more
purchasing
income
consumer
December
prolonged
level,
than
is
and
now
probably will not be substantially
reduced.
sample
the
to
middle
the
January
of
a
declines
were
only slightly
period
of
declining
employment.
1940, all-industries indexes with indexes
that employment was 10.0% higher and that
January,
and
Export statistics
group
an
adverse
in
cotton
of
industries
primarily due to the large seasonal decline
retail stores from December to January following the
indicate
to
of
exports
on
exports
that
American
the
farm
European
products.
war
is
Even
having
the
as
inquiries for aircraft and
to the
some
other items suggest that increasing support
be expected from foreign 6ales.
domestic demand situation may
The
stable
general
during
level
the
and
February,
of
past
signs
wholesale
month,
of
commodity
following
strength
have
the
prices
has
declines
appeared
in
been
from
a
few
unusually
December
to
commodities.
Commodity prices in general are considered less vulnerable than in 1937-38,
no
widespread declines in the general price level are anticipated.
and
Prices
received
February,
by
according to
remained at about
Farm
groups
effect
continue
gain
compared with those a year earlier,
induced by
depleted European stocks and export subsidies, is being rapidly diminished,
according to recent weekly data.
Industrial product exports continue to
show substantial gains
over
corresponding periods a year earlier, and
years ago.
non-manufacturing
higher
make
be
a
about
smaller
year
the
than
in
March
preliminary
same
level
less
earlier.
usual
in
farmers
declined
income
than
the
as
than
somewhat
and
lower
prices
paid
than
in
probably
during the past six months.
seasonally in
Income
seasonal
were
indications,
from
increase,
sales
but
February, and
in
March
Government
will
remained
probaby
payments
will
February.
industries,
December to January.
These percentage
declines are both greater than the average December to January declines
of 1.5% in employment and 2.9%
in payrolls for the previous 17-year
period.
Declines in employment in manufacturing industries from Decem¬
ber to January were recorded in 14 of the previous 17 years, and declines
in payrolls in 14 of the 17 years.
in
As
in
peak Christmas season employment.
Reports from 2,375 manufacturing establishments covering 425,758 wage
earners
in
January indicate declines of 2.1% in employment and of
4.3%
downward
in
reported declines in employment and payrolls from December to January.
The
relative
decreases were much
smaller for manufacturing than for
in
the
to
payrolls
manufacturing
non-manufacturing
end
decline
1938, or than during the same month two
the
months.
but
reported:
advance
payrolls were 14.0% higher than during the same month of last year.
'Another comparison shows that employment and payrolls in January,
1940, were 4.3% and 11.4% higher, respectively, than during January,
Both
recent
January,
gradual and there are several
preliminary indications which suggest the probability of an
the
December
shows
Economics
more
to
December, 1938, to January, 1939.
months
the decline has become
unless
from December to January for the
declines of 2.4% in employment and
Agricultural
of
in
as
since
the
4.0% in employment and of 3.8% in payrolls
Again, the current December to
January declines were considerably smaller than the declines of 7.1% in
employment and 8.5% in payrolls from December, 1937, to January, 1938,
which
same
declined
of
in
changes
current
the
has
failed
greater than the declines of
from
about
activity
power
of reporting establish¬
ments, especially during 1934 when many non-manufacturing firms were
added, the average decline for the 17-year period may not be representative
of
the
true December to January
seasonal change in employment and
payrolls for the present group of reporting firms.
Other comparisons
the
of
Bureau
the
on
no
mains
15,
March 18, but, says the Bureau, this weakness
more than
expected, and the demand outlook re¬
reported
were
and
17-year period (1923-1939)
of 3.2% in payrolls.
Because
March
ending
was
early
reported:
The
Business conditions affecting domestic demand for farm
products showed continued weakness during the past month
payrolls for the period
Wheat Supply in 1940-41 Expected to Be
900,000,000 Bushels, Says Bureau of Agricultural
Domestic
Economics
The domestic wheat
supply in 1940-41 is expected to total
900,000,000 bushels, according to present
indications, the Bureau of Agricultural Economics reported
on March 26 in its monthly analysis of the wheat situation.
This total, says the Bureau, is based on a winter wheat
crop
approximately
The Commercial & Financial Chronicle
2004
indicated
as of Dec. 1, 1939 at about 399,000,000 bushels, a
spring wheat crop (including durum) tentatively placed at
200,000,000 bushels on the basis of average yields on pros¬
pective plantings, and a carryover on July I, 1940 estimated
at about 300,000,000 bushels.
The total domestic supply
in 1939-40 was 1,009,000,000 bushels, consisting of a carry¬
over of 254,000,000 bushels and a crop of 755,000,000 bushels.
The
On the basis of supplies of
MILLS'
CANE
30,
1940
AND
STOCKS, PRODUCTION,
1940
DELIVERIES, JANUARY,
(In Short Tons, Raw Value)
Stocks
163,272
Jan. 1, 1940
on
!9.278
Production.
9,354
26,439
146,757
Deliveries—For direct consumption
For further processing
Stocks
Jan. 31, 1940
on
5—DISTRIBUTION
TABLE
SUGAR
OF
THE TERRITORY OF HAWAII AND
Bureau further said:
FOR LOCAL CONSUMPTION IN
PUERTO RICO, JANUARY, 1940
(In Short Tons, Raw Value)
900,000,000 bushels, prospects that domestic
will be about 660,000,000
disappearance
4—MAINLAND
TABLE
March
bushels,
and shipments
to
our
Territory of Hawaii
1,295
Puerto Rico
1,774
possessions 3,000,000 bushels, the quantity available for export to foreign
countries and for carry-over on
July 1, 1941 would be about 237,000,000
It is expected that exports in 1940-41 will be small.
bushels.
(Under the
Agricultural Adjustment Act of 1938 provision is made for a
30% of
a
The
normal year's consumption and exports, which, on the basis of
most recent
averages
is approximately 225,000.000 bushels.
of average yields in order to summarize the situation, such an interpreta¬
tion is not to
be considered
will indicate
probable
a
The Crop
estimate.
an
as
Reporting Board
in spring wheat production in its report
range
June 10 and will issue its first estimate
on
July 10.
on
Tons of Sugar Delivered During January,
Sugar Division of Department of Agri¬
375,317
Reports
culture
The Sugar
Division of the United States Department of
Agriculture issued on March 8 its monthly statistical state¬
ment for
January, 1940, consolidating reports obtained
from cane sugar refiners, beet sugar processors, importers,
and others.
Total deliveries of sugar during January,
1940, amounted to 375,317 short tons, raw value, compared
with 375,230 tons during January last year.
The Division's
announcement went
on
to state:
Raw sugar by refiners
shown
in the following table:
Less exports of
1936
1937
1938
1939
Deliveries by
Cane sugar refiners
1935
4,468,690 4,594,891 4,714,835 4,518,413 4,564,943
65,267
120,514
132,061
65,474
74,199
—
refined sugar..
Cane sugar refiners for domes¬
4,336,629 4,529,417 4,640,636 4,453,146 4,444,429
1,805,830 1,448,867 1,245,606 1,364,765 1,478,660
Beet sugar processors .a
Importers of direct-consumption
582,064
cane
572,460
635,212
729,225
614,590
140.879
b.
Continental
277,140
92,237
156,002
157,360
86,019
milLs for direct
consumption
63,209
Importers of direct consumption sugar (Table 3)
cane
(in short tons, raw value) by the four types of
Total deliveries of sugar
distributors during 1939 as compared with the previous four years are
sugar,
311
Department of Agriculture
its
obtained from cane sugar refiners, beet sugar processors,
importers and others.
Total deliveries of direct-consumption
sugar by manufacturers and importers of sugar during 1939
amounted to 6,865,402 short tons, raw value, as compared
with 6,642,981 short tons, raw value, in 1938; 6,677,456 tons
in 1937; 6,704,496 tons in 1936; and 6,623,698 tons in 1935.
The Department further said:
•
(Table 1)
36,303
mills for direct consumption (Table 4)
Total
6,865,402 6,642,981 6,677,456 6,704,496 6,623,698
—
9,354
—
a
Total
issued
21
tic continental consumption
Refined sugar by refiners (Table 2, less exports)._
Beet sugar processors (Table 2) —
the
statistical statement covering sugar
deliveries for the calendar year 1939, consolidating reports
'
Distribution of sugar in continental United States during January, 1940.
in short tons, raw value, was as follows:
Division of
Sugar
Feb.
on
While prospective spring wheat production has been interpreted in terms
Mainland
1939 Announced by Agriculture
Department—Deliveries Totaled 6,865,402 Tons
Sugar Statistics for
of
carryover
375,317
-
Includes
direct
for
raws
consumption
delivered by refiners.
(In the
above
table, the deliveries In form for consumption are converted to short tons, raw value,
by applying the factor 1.07 to all deliveries except those made by cane sugar re¬
The
distribution
of
sugar
for
local
consumption
in
the
Territory
Hawaii for January, 1940, was 1,295 tons and in Puerto Rico it was
tons
of
1,774
(Table 5).
Stocks of sugar on hand Jan. 31, in short tons raw value, were as follows:*
*
Not including raws for processing held by importers other than refiners.
Deliveries by refiners are converted to raw value
finers.
for 1939,
ing the year 1935, respectively.)
b These figures have been corrected as a result of a field audit made during the
Further adjustments may be made with the completion of the 1939 audit.
past year.
1940
Deliveries
1939
of sugar
during the calendar
Refiners'
raws
460,414
j
Refiners' refined
1,346,339
146,757
1,379,649
69,157
166,332
2,410,065
2,241,377
Importers' direct-consumption sugar.
Mainland
cane
88,985
factories
These
data
The
obtained
January
was
1—RAW SUGAR:
AND
the
in
of charges
statement
the month of
TABLE
were
DELIVERIES
administration
against
the
1940
made public on Feb. 14.
REFINERS'
FOR
of
the
Sugar Act
quotas
sugar
of
Stocks of sugar (in short tons, raw value) in the hands of refiners, beet
1939,
factories
are
and
importers of direct-consumption sugar
JANUARY,
(In Short Tons k Raw Value)
Source of
Jan. 1,
Supply
Receipts
1939
Melt¬
Lost
Stocks
on
for Direct
by Fire, Jan. 31,
&c.
1940
Consumption
ings
Refiners' stocks of
Less
over quota
179,418
358,229
47,080
164,829
376,425
141,412
263,411
13,659
90,516
264,574
34,649
311,149
358,505
341,776
1,356,409 1,383,052 1,084,214
249,752
965,838
165,967
919,928
a31,951
0
of
quota
46,212
Puerto Rico
118
0
247,083
Beet factories' stocks of refined-
62
0
46,623
Importers' stocks of direct-con¬
sumption sugar
7,887
20,868
63
0
17,902
42,397
31,157
7
0
29,135
27,787
34,895
61
0
98,607
re¬
88,419
all7,150
108,044
82,077
3,589
5,242
63,465
20,228
61,545
4,554
143,616
29,996
104,455
76,835
43,237
56,991
113,620
109,981
37,187
Philippines
Continental
1935
255,933
165,417
448,324
358,505
stocks
1936
199,685
58,273
Less overquota refined sugars.
Refiners'
1937
1938
207,381
42,552
raw sugar
88,892
250,841 124,348 127,988
Hawaii..
31,
288,971
109,553
480,275
raws
fined.
Cuba
Dec.
for the previous four years:
Refiners' stocks of quota raws
Refiners' stocks of refined
Deliveries
on
shown in the following table along with the corresponding figures
1939
FOR
In Puerto
Rico, 1939 deliveries totaled 62,393 short tons, raw value, as compared with
/
CONSUMPTION
the Territory of Hawai
69,086 tons in 1938 and 72,396 tons in 1937.
1940 *
Stocks on
consumption in
local
1939 amounted to 30,842 short tons, raw valu<»
during
STOCKS, RECEIPTS, MELTINGS,
DIRECT
for
year
compared with 27,476 tons in 1938 and 30,669 tons in 1937..
as
sugar
Total.
1937.
269,210
357,029
367,570
Beet sugar factories
by using the factor 1.060259
The
1.059 for 1938, 1.0571 for 1937, and 1.0575347 for 1936 and 1935.
factor represent the relationship between meltings of raw sugar and production of
refined su^ar during the two-year periods 1937-1938, 1936-1937, 1935-1936 and dur¬
24,143
0
0
0
0
0
0
9,397
365
6,313
0
0
3,449
0
11
11
0
0
Less overquota sugar.
0
Virgin Islands
Importers'
stocks
of
quota
*
Other countries
Miscell. (sweepings,
&c.).
sugar
Total stocks.b
Total..
*
0
311
a478,689 291,687 309,651
Form SS-15 A.
a
Less total
460,414
Compiled in the Sugar Division from reports submitted by sugar refineries on
Revised.
Total quota stocks.
2—STOCKS,
PRODUCTION,
AND
DELIVERIES
BEET SUGAR BY UNITED STATES REFINERIES
CANE AND
OF
AND PROCESSORS,
Sugar in bond
567,402
911,284
549,842
448,155
370,103
31, 1939.
b Excluding raws for processing held by
importers other than refiners, and the stocks of sugar held by mainland cane factories
a
TABLE
2,303,233 2,112,329 1,731,485 1,490,479 1,584,051
overquota stocks. 1,391,949 1,544,927 1,181,643 1,043,324 1,213,948
shown
on
Dec.
in table 4.
JANUARY, 1940 *
TABLE
(In Short Tons, Raw Value)
Refineries
refined, Jan. 1, 1940
Beet Factories
a
DELIVERIES
b354,985
Production
306,627
Deliveries.
C294.042
41,113
d53,209
Compiled by the Sugar Division from reports submitted
and SS-11 C by the sugar refineries and beet sugar factories.
Forms
on
SS-16 A
The refineries figures are converted to raw value by using the factor 1.061725,
which is the ratio of meltings of raw sugar to refined sugar produced during the
a
years
1938
and
1939.
b Revised,
c Deliveries
Include sugar delivered against
The Department of Commerce reports that exports of refined
16,902 short tons, raw value, during the month of January,
d Larger than actual deliveries by a small amount
representing losses in
sales for
export.
sugar amounted to
1940.
STOCKS, RECEIPTS, MELTINGS,
CONSUMPTION FOR JANUARY-
Slocks
Source of Supply
Jan.
Deliveries
on
1,
Receipts
Meltings
1939
Lost
Stocks
on
for Direct
by Fire, Dec. 31,
&c.
1939
Consumption
1,346,339
367,570
*
DIRECT
(In Short Tons, Raw Sugar Value)
«
bl,358.435
Final stocks of refined, Jan. 31, 1940.
FOR
DECEMBER, 1939*
Domestic
Initial stocks of
REFINERS'
1—RAW SUGARS:
AND
<•
transit, through reprocessing, &c.
Cuba.
Hawaii
Puerto Rico..
Philippines
Continental
Virgin Islands
Other countries
Misc. (sweepings, &c.)
Total
TABLE
3—STOCKS, RECEIPTS, AND DELIVERIES OF DIRECT-CON¬
SUMPTION SUGAR FROM SPECIFIED AREAS, JANUARY, 1940 *
Non-quota
raw sugars
10,136 1,553,765 1,311,356
863,473
22,299
890,178
894,995
817,699
114,705
911,714
902,510
28,112
423,125
442,214
99,953
0
5,566
5,566
76,743
72,520
13,766
1,704
2,792
0
250,841
0
222
0
1,006
0
46,212
37,187
17,902
118,736
527
288,971 4,684,979 4,487,499
109,553
527
0
306
0
0
0
0
146
0
9,397
0
0
0
6,176
0
480,275
a31,951
448,324
179,418
(In Short Tons, Raw Value)
*
Stocks on
Source of Supply
Jan. 1,
Deliveries
Receipts
1940
Cuba.
Hawaii
ab83,286
6,945
Stocks
Jan.
or
.
Usage
26,291
on
31,
Compiled in the Sugar Division, from reports submitted by refiners on Form
SS-15A.
a Sugar in bond on Dec. 31, 1939.
TABLE
1940
2—STOCKS, PRODUCTION, AND DELIVERIES OF CANE AND
SUGAR BY UNITED STATES REFINERS AND PROCESSORS,
BEET
JANUARY-DECEMBER, 1939 *
a63,940
138
0
60
11,313
9,888
7,352
13,849
Philippines..
England
11,517
1,191
1,590
11,118
0
0
0
0
0
5
5
(In Short Tons, Raw Sugar Value)
78
Puerto Rico
0
...
China and Hongkong
Other foreign areas—
0
5
5
0
106,254
18,034
35,303
88,985
Domestic
Refiners
Initial stocks of refined, Jan. 1, 1939
Production
Total
*
Compiled in the Sugar Division from reports and information submitted by
and distributors of direct-consumption sugar on Forms SS-16 B and
6S-3.
a Includes sugar in bond,
b Revised.
importers
Deliveries._
Final stocks of refined, Dec. 31, 1939
*
a
b358,229
4,468,966
c4,468,690
358,505
Beet Factories
bl,383,052
1,779,187
dl,805,830
1,356,409
Compiled by the Sugar Division, from reports submitted by sugar refineries
and beet sugar factories on Forms
SS-16 A and 8S-11C.
Volume
V
The refiners'
a
which
figures
are converted to.raw value
by using the factor
1.060259,
is the ratio of meltings of raw
sugar to refined sugar produced during the
1938.
b Revised,
d Deliveries include sugar delivered against
1937 and
years
for export.
sales
The Commercial & Financial Chronicle
ISO
The
Department of Commerce reports that exports of refined
sugar amounted to 132,061 short tons, raw
value, during the calendar year 1939.
d Larger than actual deliveries
by a small amount representing losses in transit,
through reprocessing, <fcc.
TABLE
3—STOCKS.
SUMPTION
BER,
RECEIPTS,
8UGAR
AND DELIVERIES OF DIRECT CON¬
SPECIFIED AREAS, JANUARY-DECEM¬
FROM
1939 *
(In Short Tons, Raw Sugar Value)
2005
while
stocks of foreign crude showed a gain of 390,000
barrels.
Heavy crude oil stocks in California, not included
in the "refinable" crude
stocks, totaled 13,463,000 barrels,
171,000 barrels.
up
New proven crude oil
reserves in the United States totaling
2,399,122,000 barrels discovered or developed in new and
old oil fields during 1939, which is almost double the amount
of oil produced in this
country during that period, according
to
Stocks on'
Source of Supply
Jan.
Deliveries
I,
on
or
Usage
1939
345.748
13,346
139,987
70,270
a85,076
6,994
364,406
13,484
143,513
74,793
0
0
0
1939
Cuba.
66,418
Hawaii
0
Puerto Rico....
a7,787
Philippines.
England
China and
Stocks
Receipts
Hongkong
Dec. 31,
0
191
5,468
82,077
601,855
575,888
0
6,346
Other foreign areas
Total
11,313
11,517
191
878
138
0
0
-
108,044
*
Compiled in the Sugar Division from reports and information submitted by
Importers and distributors of direct-consumption sugar on Forms SS-15 B and SS-3.
a
Includes sugar in bond and in customs' custody and control.
TABLE
4—MAINLAND
CANE
.
MILLS'
STOCKS, PRODUCTION, AND
DELIVERIES, JANUARY-DECEMBER, 1939 (IN SHORT TONS, RAW
VALUE)
Stocks
on
Jan. 1, 1939
al92,954
Production
540,553
Deliveries—For direct consumption
140,879
For further processing
Stocks
on
Dec.
429,356
31, 1939
163,272
Revised.
a
TABLE
5—DISTRIBUTION
THE
TERRITORY
DECEMBER,
OF
OF
SUGAR
HAWAII
FOR
AND
LOCAL
CONSUMPTION
PUERTO
RICO
IN
JANUARY-
1939
Its
and
Products—Texas
Again
Exceeds
Market Estimates—Crude Oil Production
Dips—Petroleum Inventories Jump—Proven Crude
Reserves
Mount in
1939—Set
Import Quota on
Trade Pact Oil
The Texas Railroad
Commission, for the second successive
month, ignored the market demand estimates of the U. S.
Bureau of Mines, in setting the April allowable.
When the
March allowable
by the Federal
was
set far
agency,
it
above the total recommended
was
indicated by the Railroad
Commission that this would be corrected in the
ration orders.
Daily
April
pro¬
production for April was set at 1,443,700
barrels in the Commission's proration orders issued in Austin,
which is 111,000 barrels above the figure set for the Lone
Star State by the Bureau of Mines.
The current allowable in
Texas is 1,556,000 barrels but actual production is
only
1,492,000 barrels daily.
While the April order permits less
production than in the current month, it still ignores the
suggestions of the Federal agency.
Exception to the new proration order was taken by Com¬
missioner E. O. Thompson, who refused to sign the new allow¬
able orders, favoring instead the return of Texas
daily
average production to the Bureau's April market demand
estimate of 1,332,000 barrels daily.
The order was signed
by Chairman Lon A. Smith and Commissioner Jerry Sadler.
Commissioner Thompson long has represented the
minority
interest on the Commission which he formerly headed.
"We firmly believe that the market will safely absorb the
allowable," Commissioner Sadler said, adding that while
operators generally at the proration hearing asked for a cut¬
average
back to the Bureau of Mines' estimated of 1,332,000 barrels,
individually
sought increases in specific fields.
"If
the market falls below the allowable production
figure, he
added, "we will immediately reduce it."
Although production showed a slight decline during the
week ended March 23, daily average output of crude oil
continued nearly 400,000 barrels in excess of the figure
recommended for the Nation by the U. S. Bureau of Mines
for March.
A drop of 18,600 barrels daily pared the daily
figure to 3,871,450 barrels, which compares with the March
quota of 3,500,600 barrels daily suggested by the Govern¬
many
ment
agency.
The American
Illinois, despite
18,483,012,000 barrels.
This figure, the committee's report
stressed, represents only a conservative estimate by the many
geologists and petroleum engineers who participated, of the
reserves
already proved by drilling and recoverable by present
production methods.
No estimates were included for oil
which still is to be found in areas known to be favorable to
the accumulation of oil, but as
yet untested.
New pools and new
producing horizons discovered in 14
States last year gave the Nation a minimum of
barrels of new reserves, the committee
stated,
"The ultimate magnitude of the reserves in the new
pools
now be known until their
respective production limits
will
trade agreement with Venezuela, Commissioner of Customs
Basil Harris informed the Customs Service in a notice re¬
leased in Washington on March 22.
This is the
equivalent
2,559,464,000 gallons.
Repeating that individual States cannot solve the problem
of conserving the Nation's oil
supplies, Secretary of the
Interior Ickes, speaking at a banquet in
Kilgore on March
27 celebrating the 10th
anniversary of the discovery in the
East Texas area by famed wild-catter Dan Joiner,
charged
that opponents Of the Cole bill oppose it "because
they want
to run their own business in their own
way, regardless of the
effect upon the public interest."
"I have often been accused of
wanting to be an oil dic¬
tator," he said.
"Let me point out that in the seven years
of
I have been associated with oil enforcement I have neither
dictated to any State, nor assumed that I had the right to
dictate."
In apswering another argument voiced
by
Institute report disclosed
that
to the
statements
red
as
were
read to
Russia.
me
leum
reserve
settlement
ended March 27 when the Government
8,050 barrels.
Okla¬
homa, which lost its traditional place as third-largest oil
State, was up 10,600 barrels to a daily figure of 418,450
barrels.
$7,138,297 from the Standard Oil Co. of
Judge Yankwich entered judgment in favor of
the Government in February of 1938, and the
Supreme
Court upheld his decision last Monday.
Dispatches from Mexico City on Wednesday reported that
California.
the First Civil District Court set May 28 as the
preemptory
time limit by which evaluation of the
properties formerly
belonging to the expropriated oil companies must be com¬
pleted. Immediately afterward the oil controversy will
enter, as far as the Mexican Government is concerned, into
its final phase in which the determination of how much the
Mexican Government will pay for the
expropriated prop¬
erties and how the payments will be effected.
There were no price changes posted
during the week.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
daily figure of 1,497,350 barrels, which
was
nearly 170,000
barrels above the total set for Texas in the Bureau of Mines'
Continuation of this trend
March market demand issue.
will
oil
see
consistant over-production of crude oil, well informed
point out.
Sharpest decline was shown by Cali¬
fornia, production on the West Coast dipping to a daily
average of 598,000 barrels, off 23,000 barrels. Louisiana was
off 1,200 barrels to 278,750 barrels, while Kansas was
up
3,400 barrels to a daily total of 180,150 barrels.
A gain of 1,000,000 barrels in inventories of domestic and
foreign petroleum stocks held in the United States during the
week ended March 16 lifted the total to 246,762,000 barrels.
The Bureau of Mines report disclosed that holdings of
domestic crude oil rose 610,000 barrels during this period,
men
22.75
1.02
1_
Illinois
95-1.05
Western Kentucky
IN
.90
1.03
1.25
.73
PRODUCTS—PRICE
MOTOR
FUEL
severe
price
over
are not
shown)
Eldoraro, Ark., 40
Rusk, Texas, 40 and
11.03
over
Darst Creek
1.10
1.03
Michigan crude
.76-1.03
Sunburst, Mont
.90
Huntington, Calif., 30 and over... 1.15
Kettleman Hills, 39 and over
1.38
WAR
STOCKS
V ERATIONS ABNORMALLY
A
Production in the Lone Star State climbed 7,900 barrels
accepted
of
REFINED
off
as
replied that if there was any concealed
communistic language in it, to strike it out."
Sixteen years of litigation over the Elk Hills Naval
petro¬
barrels of crude oil for Illinois
was
to the effect that the bill was
I
Mld-Cont't, Okla., 40 and above..
ROdessa, Ark., 40 and above
Smackover, Ark., 24 and over
a
op¬
ponents of the Cole measure, he said that "when I appeared
before the Cole Committee in support of the bill, several
Corning, Pa
,
Petroleum
completely outlined," the report pointed out.
"This
not occur for a period
of years.
As development
continues and as new reserves are discovered
they will appear
as upward revisions of these earlier estimates."
A total of 61,892,000 barrels of crude
petroleum will be
permitted entry into the United States during the calendar
year at the reduced rate of duty provided by the reciprocal
slight drop, had managed to hold on
third-place position from which she had dislodged Oklahoma
in the previous week.
Daily average output of 448,750
to
340,667,000
adding that
'pools tested by only one or two wells have been assigned
relatively low reserves which may be considerably augmented
by later developments."
may
30,842
62,393
-
Puerto Rico
Bureau's
ground stocks of petroleum, after deduction of the 1,264,256,000 barrels of oil produced in 1939, raised the Jan. 1,
last, proved-reserved inventory to a new record total of
are
(In Short Tons, Raw Value)
Territory of Hawaii
Petroleum
a report of the Committee on Petroleum Reserves of the
American Petroleum Institute.
The net increase of 1,134,866,000 barrels in known under¬
IN
EAST
TEXAS—RISE
SLACKENS—REFINERY
OP-
HIGH
Easter
broke out in the important East Texas
week-end, and prices broke as much as
4 cents a gallon "at the pump" as independents and
major
companies cut their quotations to meet the new competitive
conditions.
Fear was expressed that the weakness might
spread to the mid-continent where the price structure already
is under pressure due to the weakened statistical position of
the gasoline branch of the industry.
area
war
Behind the latest outbreak of price
cutting was the prac¬
independent refiners of cutting their profit margins
1H cents per gallon from refinery dock to retail
customer, a result of the abnormally heavy stocks of gaso¬
line they held.
Under this setup, retail prices were cut
generally to 11 cents, 13 cents and 15 cents, respectively,
for third-grade, regular and premium gasoline, with all
taxes paid.
tice of
as
low
as
The Commercial & Financial Chronicle
2006
the
Most of
19 to 18 cents
(Figures In Barrels)
from
from
a
gallon. Humble Oil and Refining and Sin¬
third-grade to 12 cents, and reduced other
grades one cent. Gulf, Texas and Cities Service have low¬
ered third-grade from 15 cents to 13 cents and have cut one
cent off other grades of motor fuel.
The steady rise in motor fuel inventories which has seen
total holdings of gasoline pass the 100,000,090 barrel level
slackened somewhat during the March 23 week despite a rise
in refinery operations.
This was due to the fact that broad¬
ening demand in response to the normal seasonal trend at
this time of the year cut down stocks somewhat.
The
American Petroleum Institute showed that stocks of finished
and unfinished gasoline were up 682,000 barrels, the smallest
7-day gain in months, to 101,298,000 barrels, a new high for
the industry.
Refinery operations showed a contra-seasonal expansion
of 1.6 points, to hit a figure of 83.7% of capacity, highest
recorded for several weeks.
Daily average runds of crude
oil to stills mounted 60,000 barrels to reach 3,560,000 barrels.
Inventories of fuel oils, light and heavy, were off 1,660,000
barrels in reflection of the low temperatures which prevailed
through the greater part of the country during the period
a
lated
Require¬
ments
Oklahoma
153,900
397,000
Southwest Texas
263,950
253,150
Total
Coastal
+ 1,400
30,600
-
212,200
96,100
372,850
250,450
217.500
+ 7,900 1,491,350 1,324,900
68,400
+ 800
210,350
Louisiana..
—2,000
68,200
212,400
191,350
261,900
253,200
277,412
278,750
—1,200
70,000
69,250
—500
69,300
b8,100
448,750
—700
7,800
329,700
—8.050
430,200
10,100
Mississippi.........
1,300
Illinois
70,550
280,600
65,500
Total Louisiana
Arkansas
Indiana
53,200
163",800
7,100
b9,500
—1,550
104,600
95,700
—2,200
97,350
64,800
63,850
—800
64.200
58,350
67,600
Eastern
(not incl. Hi
94,400
and Indiana)
New Mexico
third-grade, regular and premium grades of gasoline,
for
Chicago
I.07H-.08
08K-.08M
Texas
Gulf
Shell East'n
New
Orleans.
Gulf
.07^-.08
-.05)4
.06K-.07
05)4
.04J4-.05J4
ports
Tulsa
a
Refinery
$.17
Newark
revisions
Ended
that
estimates
Kansas, Nebraska,
the
are
made.
.
are
STOCKS
It
OF
This was a decline
barrels.
The daily average output for the
25, 1939, totaled 3,382,350 barrels.
Fur¬
reported by the Institute follow:
principal
Imports of petroleum for domestic use and receipts in bond at
ended March
the week
ports for
totaled 1,288,000 bar¬
23
barrels, compared with a daily average
185,143 barrels for the week ended March 16 and 226,143 barrels daily
daily
average
of
184,000
the four weeks ended March
bonded
in
Receipts
of
March
or
23.
domestic
for
amounted
to
but
it
impossible
is
make the
to
Atlantic
29,000
Coast
barrels,
the
ports
during
daily
week
of
4,143
average
a
barrels, which was fuel oil received at Baltimore.
a
net
wells
are
Past
completed and If any upward
figure of 400,645 barrels for East Texas
AND
UNFINISHED
any
estimate of any oil which
GASOLINE
OIL, WEEK ENDED MARCH 23,
Stocks of
Stocks of Gas Oil
and Distillates
Finished <fe
Unfinished Gasoline
AND
GAS
AND
1940
Stocks of Residual
Fuel Oil
Total
At Terms,
At Terms,
Total
Finished
At
in Transit
At
Finished
and
Refineries
and in
Refineries
Unfin'd
East Coast
20,288
Pipe Lines
2,012
21,135
and in
Pipe Lines
3,401
3,930
4,504
Louisiana Gulf
120
665
2,169
234
8,406
8,949
1,039
2,011
266
16,472
2,131
~444
2,996
1,954
1,401
5,200
"228
2,639
Texas Gulf
260
18,013
14,924
Inland Texas
3,959
17,374
1,723
Ind„ 111., Ky
Okla., Kan., Mo
3,090
589
28
697
172
554
692
193
11
444
1,702
150
No. La. & Arkansas
Rocky
in Transit
3,467
Appalachian
Mountain..
17
,
""§1
California
16,753
1,783
18,154
7,206
1*856
55,897
22",666
Reported
87,830
94,258
16,015
6,640
73,202
27,601
6,940
7,040
620
94,770
94,143
101,298
16,635
6,640
75,197
27,601
100,616
17,201
6,874
75,426
a28,232
80,802
86,700
18,799
7,830
79,770
30,102
Estd. unreported-_
weekly statistics.
California oil at
23
These figures include all oil imported,
use,
as new
District
oil-producing States during March.
Daily average produc¬
tion for the four weeks ended March 23, 1940, is estimated
week ended March
includes
FINISHED
FUEL
States Department of the Interior
be the total of the restrictions imposed by the various
States
net basic allowable as of the first of March.
(Figures in Thousands of Barrels of 42 Gallohs Each)
calculated by the United
as
pro¬
Mississippi, and Indiana figures are for week
Note—The figures Indicated above do not Include
might have been surreptitiously produced.
18,600 barrels from the output of the previous week, but
the current week's figures were above the 3,500,600 barrels
details
new
provided.
of
3,847,050
from
Recommendation of Central Committee of California Oil Producers.
crude production for the week ended
23, 1940, was 3,871,450 barrels.
or
March 20.
is the latest revised
shutdowns
e
Institute
either from stocks
after deductions for 13 shutdown days, namely all of the Saturdays except March 2,
and all of the Sundays and Wednesdays of the month.
For all other areas no
.174
1851 Chicago
*
Petroleum
in Its detailed forecast for the month of
be supplied
February allowable of 165,000 barrels in effect until order of March 12, setting
d This
»
gross
may
quota of 170,000 barrels retroactive to March 1,
$.17
....$.1661 Buffalo—
4
American
requirements
experience indicates It will Increase
Daily Average Crude Oil Production for Week
March 23, 1940, Off 18,600 Barrels
average
As
ended 7 a.m.
I
..$.053
Bureau of Mines' calculations of the requirements of domestic crude
are
b Oklahoma,
1.50
..$.02J4--03
| Tulsa
28 3 ID
i
624,600
605,600
—18,600 3,847,050 3,382,350
to be produced.
c
.17 I Boston
2% city sales tax.
Not Including
+ 5,300 3,241,450 2,757,750
—23,900
from the Bureau's estimated requirements to determine the amount of new crude
$1.00
C
Phila., Bunker C
(Chicago—
New York
3,700
108,600
duction, contemplated withdrawals from crude oil Inventories must be deducted
| New
$1.00-1.25
$1.50
Brooklyn
These
oil based upon certain premises outlined
Orleans.$.05J4-.05J4
I Tulsa
.04 -.04)4
North Texas..
$.04
Los Angeles.. .03)4-.05
'3,871,450
3,500,600
March.
•
3.273,450
598,000
13,100
113,000
—i',900
111,850
e592,000
587,100
J .05
Fuel Oil, F.O.B. Refinery or Terminal
New Orleans
California, 24 plus D
..$.04
114,000
Total east of Calif. 2,913,500
California
.061
$
103,200
4,000
Other Cities—
New York
Gasoline, Service Station, Tax Included
ended
3~850
+
1,330,600 dl498815 1,497,350
Texas
North Louisiana
that carried retail prices off as low as 11 cents, 13 cents
|
separation
86,150
419,000
251,400
248.500
17,000
27 plus
whether
266,750
+ 500
East Texas
Gas OH, F.O.B. Refinery or Terminal
for
+4,700
64,650
69,100
Bayonne)—
of
33,350
89,850
Coastal Texas
2.10-2.20
a
80,100
106,100
—150
273,950
West Texas
East Central Texas.
+2,300
—4,700
33,350
West Central Texas.
+400
Bunkder C
United
80,550
82,600
103,500
Panhandle Texas...
North Texas.
—100
Diesel
rels,
451,450
166,750
4,000
(Harbor)—
ther
174,300
16,950
(Bayonne)
at
413,150
+ 3,400
b
70,800
New York
to
+ 10,600
420,300 b418,450
cl70,000 bl80,150
420,300
Kansas
3,500
war
25,
1939
15,200
Kerosene, 41-43 Water White, Tank Car, F.O.B.
March
1940
Week
60,600
cents,
The
23, Mar.
Colorado
Std.OUN.J.$.06M-.07
Socoay-Vac. .06J4-.07
T. Wat. Oil .08X-.08X
RiohOll(Cal) .08X-.08X
Warner-Qu_ .07J4-.08
daily
Mar.
Previous
Wyoming
New York—
z
23,
1940
Nebraska
respectively, taxes paid.
z
Ended
Mar.
Montana
price
z
Week
Ended
off from 1 to
raged
N.
able
Weeks
from
gallon, depending upon the grade, as majors and independents
a
N. Y.
Allow¬
Change
{March)
Representative price changes followed:
15
Stale
Michigan
March 25—Prices of gasoline in the East Texas area were
4 cents
and
Week
Ended
Calcu¬
covered in the American Petroleum Institute report.
a
Four
B.ofM.
clair have cut
.
1940
30,
DAILY AVERAGE CRUDE OIL PRODUCTION
major companies have met the price cuts,
in part, at least.
Magnolia Petroleum cut third-grade
15 cents to 11 cents, regular from 17 to 16 and
premium
March
*
Estd. total
547
1,995
U. S.:
Mar. 23, 1940...
Mar. 16, 1940...
Reports received from refining companies owning 86.4% of the 4,441,000barrel
estimated
indicate
that the
daily
refining
potential
industry
as
a
capacity
of
whole ran to stills,
on
the
a
United
States
that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week 101,298,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,452,000 barrels during the week.
basis,
3,560,000
CRUDE
RUNS
barrels of crude oil daily during the week, and
TO
STILLS
AND
ENDED
PRODUCTION OF
23, 1940
GASOLINE,
WEEK
MARCH
(Figures In Thousands of Barrels of 42 Gallons Each)
Daily Refining
Capacity
Crude Runs
Gasoline
to Stills
Production
District
at
Potential
Rate
Percent
Reporting
U.
Refineries
Daily
Percent
Inc. Natural
Average
Operated
Blended
East Coast
615
100.0
592
96.3
Appalachian
Indiana, Blinols, KentuckyOklahoma, Kansas, Missouri
166
87.3
133
91.7
450
645
90.7
563
96.2
2,146
419
81.6
270
78.9
z953
1,501
50.3
115
72.3
502
1,055
90.0
810
85.3
2,390
Louisiana Gulf
179
97.8
120
68.6
100
55.0
41
74.5
118
54.2
54
84.4
828
90.0
510
68.5
3,208
83.7
a
Revised In California district.
Weekly Coal Production Statistics
The Bituminous Coal Division of the U. S.
Department of
that the total
production of soft coal in the week ended March 16 is esti¬
mated at 8,454,000 net tons.
This is an increase of 224,000
tons, or 2.7%, over the preceding week, and is 9.5% above
that in the corresponding week of 1939.
The U. S. Bureau of Mines reported that production of
Pennsylvania anthracite for the week of March 16 is esti¬
mated at 861,000 net tons, a reduction of 173,000 tons
(17%) from output in the week of March 9.
In comparison
with the corresponding week of 1939 (March 18), however,
there was a gain of 9%.
the Interior in its latest coal report stated
1,395
86.4
Mines
214
California
of
102
Rocky Mountain
B.
Mar. 23, 1939..
"■Estimated Bureau of Mines' basis,
253
North Louisiana & Arkansas
S.
*
Bureau of Mines
9,906
Inland Texas
Texas Gulf
316
ESTIMATED UNITED STATES PRODUCTION OF SOFT COAL
(In Thousands of Net Tons)
Coal Year to Dale
Week Ended
Reported
352
1,546
3,560
3,500
11,452
X3.191
Estimated unreported
ylO.655
Mar. 16 Mar.
1940
*
1940
1939
1939-40 1938-39 1929-30
Estimated total U. S.:
Mar. 23,
1940.
Mar. 16, 1940
4,441
4,441
11,372
Bituminous Coal—a
Total, including mine fuel
Dally
♦U. S. B. of M. Mar. 23, '39
♦
Estimated Bureau of Mines' basis,
x
March, 1939, dally average,
a
y
This Is
Mines March, 1939, dally average,
12% reporting capacity did not report gasoline production.
week's production based on the U. S. Bureau of
average
Includes for purposes of
8,454
8,230
7,721 386,516 349,471 502,475
1,409
1,378
1,287
1,315
1,189
1,707
historical comparison and statistical convenience the
production of lignite,
b Includes washery and dredge coal and coal shipped by
truck from authorized operations,
c Sum of 50 full weeks ending March 16, 1940,
and corresponding perious in other coal years,
d Sum of 49 weeks.
a
ft
c
9 Mar. 18
Volume
2007
The Commercial & Financial Chronicle
150
ESTIMATED PRODUCTION OF PENNSYLVANIA ANTHRACITE
previous
(In Net Tons)
week.
unfilled
COKE
AND BEEHIVE
orders
5.75c.,
Shipments
for the
tons.
week
The
36,341
• were
involved 3,569 tons, and the
remained unchanged at
price
Louis.
St.
Tin
Calendar Years to Date
Week Ended
Mar. 16
Mar. 9
1940
1939
1929
tin
in
downward.
Mar. 18
1940
Buying
quiet most of last week, * with the trend in prices
buying interest was in evidence yesterday, as the
was
Total,
c
Anthracite—
Including
liery fuel.
Dally
c
little
A
Straits.
Advices from Singapore indicated that
in that center during the last week, but
activity failed to support values, to the surprise of traders here.
Tin-plate operations in this country increased to around 58% of capacity.
Straits
tin
for
April,
May, June, and July delivery was quoted
price
good business was placed
861,000 1,034,000 791,000 11,191,000 11,106,000 16,410,000
254,400
172,200
173,500
172,300 131,800
143,500
982,000 751,000 10,632.000 10,551,000 15,228,000
Commerc'l produc'n.b 818,000
31,400
15,200
5,200
5,233
2,533
Daily average
1,322,300
20,035
189.300
467,000
31,200
2,868
7,076
coal shipped by truck from authorized
Adjusted to make comparable the number
45.625c.
at
Beehive Cote—
United States total
Chinese
March
99%,
tin,
b Excludes colliery fuel,
c
was
March
44.75c.;
22,
March
DAILY
PRICES OF
March 21, 44.75c.;
44.625c.; March 26,
nominally as follows:
23, 44.75c.; March 25,
27, 43,625c.
44.00c.;
Includes washery and dredge coal and
a
operations,
for
46c.
the
col¬
a..
average
fell below
some
Penna.
1939
1940
METALS ("E. A M
J." QUOTATIONS)
of working days In the three years.
ESTIMATED WEEKLY PRODUCTION OF
COAL, BY STATES
ments and are
subject to
trict and State
sources or
Exp.. Refy
Dom.,Refy
Zinc
Lead
Strait? Tir
Electrolytic Copper
carloadings and ilver ship¬
revision on receipt of monthly tonnage reports from dis¬
of final annual returns from the operators.)
(The current weekly estimates aie based on railroad
New York
New York
St
Louis
St
Louis
5.00
5.75
5.00
5.75
5.00
5.75
Mar.
State
2 Mar. 11 Mar. 12 Mar.
9 Mar.
Mar.
9
1929
1938
1939
1940
1940
*
5.15
11.025
11.200
46.750
5.15
11.025
11.200
46.750
5.15
5.15
5.00
5.75
Mar. 25
Week Ended—
'
46.750
Mar. 23
•
Mar. 21
11.325
Mar. 22
Tons)
(In Thousands of Net
11.025
Aver.
1923
11.025
11.200
46.625
Mar. 26
11.025
11.175
46.000
5.15
5.00
5.75
11.025
11.150
45.625
5.05
4.90
5.75
11.025
11.208
46.417
5.133
4.983
5.76
Mar. 27
e
Average
2
3
3
309
278
225
46
23
147
96
..
Alabama
f
f
3
303
Alaska
423
392
77
129
Arkansas and Oklahoma..
32
70
Colorado
93
112
1
1
964
1,077
1,027
699
1,170
1,684
345
403
392
293
401
575
Georgia and North Carolina
Illinois
Indiana
122
Kansas and Missouri
113
139
120
94
157
144
Kentucky—Eastern
680
781
622
498
935
560
152
168
161
153
302
215
33
36
39
26
58
52
13
12
13
14
14
32
53
59
60
40
76
68
19
24
28
20
54
42
60
50
36
f31
f34
455
363
410
740
Western.
Maryland
Michigan
•
Montana
New
Mexico
North and South Dakota
.
week ended March 23 are: Domestic copper f.o.b.
refinery, 11.025c.; export copper, f.o.b. refinery, 11.333c.; Straits tin, 46.646c.;
New York lead, 5.167c.; St. Louis, lead, 5.017c.; St. Louis zinc, 5.750c.; and silver,
Average prices for calendar
34.750c.
f
98
65
89
195"
181
f
1
66
54
Iowa
*
..
53
437
468
2,102
2,160
1,910
1,527
2,772
3,249
103
126
98
71
112
118
Texas
17
16
15
13
23
Utah
47
50
85
39
101
68
275
234
235
263
230
24
32
38
26
51
74
1,682
1,696
1,497
1,343
1,892
1,172
561
562
552
445
689
717
91
94
108
90
132
136
1
1
1
f4
f7
appraisal of the major United States
agencies. 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
prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sear
board. On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect
this change In method of doing business.
We deduct .05c. from f.a.s. basis
(lighterage, &c.) to arrive at the f.o.b. refinery quotation.
The above quotations are
"M. & M. M.'s"
markets, based on sales reported by producers and
the basis of cash, New York or St. Louis, as noted.
10,764
Ohio
•
Pennsylvania
bituminous
Tennessee
267
Virginia
Washington
West
Virginia—Southern.a
Northern, b
Wyoming
*
*
Other Western States.c
19
Total bituminous coal..
8,230
8,800
8,068
Pennsylvania anthraclte.d
1,034
866
769
6,439
1,057
10,447
1,176
8,837
7,496
11,623
12,804
however, are as follows:
March 21/ spot,
months, £248%; March 26, spot, £247%;
£245%, and March 27, spot, £245%, three
months, £243%.
prices
given,
£250%; three
three months,
2,040
9,666
the usual table of daily London
Prices on standard tin, the only
Due to the European war
prices is not available.
Includes operations on the
a
and
World
9,2641
Total, all coal
N. & W.; C. & O.; Virginian; K. & M.;
and Clay counties,
b Rest
the B. & O. in Kanawha, Mason
on
Copper Production
accounting of world production of copper
by the American Bureau of Metal Statistics is on the basis
of smelter output, excluding secondary copper.
The major
part of the production for 1939 has been reported, but
some figures are conjectural.
The figures are in short tons.
The following
B. C. & G.'
of State, In¬
cluding the Panhandle District and Grant, Mineral and Tucker counties,
c in¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Date for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Geoigia, North Carolina and South Dakota included
with "Other Western States."
* Less than 1,000 tons.
Week
Metals—Lead, Tin and
Non-Ferrous
in
Markets," in its issue of March 28,
Mineral
and
"Metal
reported that uncertainty concerning political developments
abroad again hung over the market for non-ferrous metals,
and new business came in slowly.
The Easter holidays con¬
tributed
Domestic copper prices showed no
quiet.
the
to
export quotations were lower.
Lead
reduced 10 points March 27.
Virgin aluminum declined
further
was
but
change,
reduction of lc.
Tin was easier.
Zinc showed
Owing to blocked exchange regulations, the
sharp drop in the free pound rate had little more than a
sentimental influence on metal prices.
The publication
to
19c.,
a
further
c5,000
12,500
118,000
-
Totals
Outside U. S
16,000
C119.000
6,000
4,500
19,105
386.042
7,500
5,000
c6,000
23,400
383,600
....2,140,135 2,35b,800
1,586,705 1,611,800
Imported, including receipts from
b Imports of blister copper into
the United States,
c Conjectural,
d Comprise Belgian Congo, including Katanga
matte smelted in Belgium, Rhodesia, and Union of South Africa.
«
.
Copper content (95%) of ore and matte
Cuba and the Philippines, admitted duty free,
a
the
producers
large
have
fabricators
that
copper
18,034 tons.
a
good
held
Sales for
producers.
tons in the previous week.
Copper was offered freely
to
ll^c. basis.
The
70,000 tons,
the
for March will be around
trade believes domestic consumption
and
by
tons against 3,773
to date total
but
Valley,
experienced
was
totaled 3,428
for the month
ll^e.,
at
week
quiet
week
last
Sales
volume
of unfilled orders.
sellers during the week at prices
ranging from 11.15c. to 11.575c., f.a.s. New York, prompt and near-by
delivery.
Inquiries for substantial tonnages of copper from scattered
neutral countries in Europe were reported during the week.
The trade was interested in the report that a cargo of copper bound
for Vladivostok was intercepted by the British in the Pacific and is now
Export trade was dull and there were
Hongkong.
Consolidated
Granby
Columbia,
British
with
the
&
Power
Co.,
in
operating
agreement to furnish Japanese interests
contract
to extend
over
a
period of three
Either party to the contract has the right
agreement as of June 30, 1941.
Negotiations for renewal of
were carried
on with the full knowledge of the Canadian
beginning with July.
the
cancel
contract
the
Smelting
Mining,
has renewed an
concentrate,
copper
years,
it
authorities,
stated.
was
Lead
stimulate
business
inactivity
The
10
York,
during the
the leading custom smelter to lower the price
establishing the quotation yesterday at 5.05c., New
caused
points,
the settling basis of the
4.90c., St.
announced in the previous week failed
seven-day period that ended March 27.
in the price of lead
The reduction
another
Louis.
American. Smelting & Refining Co., and at
Sales for the last week dropped to
less than 1,000 tons.
going forward at a better rate than
in February, but, with widespread uncertainty in all commodity markets,
created by conditions abroad, most buyers are moving slowly in making
Shipments to customers have been
new
*
purchases.
Zinc
Little
week.
business
The
was
done in
trade,- apparently,
the last
during that
the domestic zinc market during
exerted
no
selling
pressure
that increased demand for galvanized products will be
felt as soon as weather conditions become more seasonable.
Sales of the
common
grades last week totaled 421 tons against 402 tons in the
period,
New Steel Business
believing
Not Sufficient to Arrest
Production
Decline
The March
Copper
to
11,572
108,000
Britain
Norway
Russia-c.i...
11,000
2,500
111,300
Africa, d
73,000
75,838
4,409
Austria
Great
Austral'-sla
including
Germany,
reported:
Another
ta
Finland
45,900
change.
no
in
Peru
12,000
46,288
..
b4b,700 Other Europe.
252,600 Turkey, b
35/,800 Japan
37,500 India
14,500 Other Asia
40,870
238,052
372,046
39,230
13,034
Chile..
•
11,759
745,000
a67,800 Yugolsavia
74,672
Mexico
10,100
Sweden
553,430
Foreign oie
Canada
Decline
Aluminum
8,000
Spain
Domestic ore
Quiet
1939
1938
1939
1938
United States:
28 issue of the "Iron
Age" reported that new.
while improving slightly in some products,
has failed to develop in sufficient
aggregate volume to
arrest
the decline
in production, which has continued
business,
steel
interruption from the high point of last
"Iron Age" further reported:
<
March, traditionally one of the most active months of the steel industry,,
has failed this year to live up to earlier expectations of seasonal expan¬
sion of importance.
Bookings of a major steel company in March have
fallen below those of February and, while some other companies have had
gains of 10% or 15% in aggregate tonnage, the comparison loses sig- *
nificance from the fact that February bookings were generally poor.
/
In only five of the 20 years previous to 1940 has March steel productionfailed to gain over that of the preceding February, and of these three
occurred in such periods of marked depression as 1921, 1932 and 1933.
Not infrequently March and October have been peak months in production
Avithout
almost
The
November.
in
steel
,
history.
indication of a broad upward movement
at the same time there may be
said to be reasonable hopes for a belated seasonal expansion of moderate
proportions, possibly sufficient to check the production decline at not '
much below its current rate, which is estimated at 61% for this week, a
There
is,
moreover,
immediate
the
within
still
no
future,
though
half below last week's average.
1
steel industry needs and what it lacks at the moment as a
basis for second-quarter calculations is a definite idea of probable require- '
ments in some of the capital goods lines, notably building construction and '
railroad equipment.
A structural steel fabricating company whose busi- "
ness
is national in scope reports that the total tonnage being figured '
for
construction projects has declined to about one-third
the January
volume.
In the railroad equipment field there is an expectation that
point
and
What
50,000
a
the
or
more
freight
cars
may
be purchased
this year, but action
probably will be delayed for some months pending determination of the
future trend of car loadings.
The automobile industry is continuing a high and steady rate of pro¬
duction,
but
its
purchases of sieel over the remainder of
the 1940 model
production period will be mainly in small lots to round out inventories
as
a
precaution against left-over materials and parts when the industry
swings into production of 1941 models.
2008
The Commercial & Financial Chronicle
Small
purchases of steel for die tryouts on new models have been made.
The largest automotive
purchases of the past week were made by Ford
Motor Co., which authorized
specification of steel for 60,000 cars, but
much
of
production,
believed
this
Meanwhile retail
soon.
Can
high
sales
of
motor
cars
are
continuing at
an
of
encour¬
in
strongest
grades, apparently
tively little shell
material
in
last
use
low
fall,
because
of
capacity,
idle.
are
excess
The
while
hot
many
production
rate
on
mills,
which
percentage
a
been
is
most
of
the
industry
expects
15%
a
gain
sales
this
steel
in
con¬
sumption.
tionably
Pending
the
boats
call
has
played
weather
ably low temperatures and
of
the most active branches of
of
one
for
about
75,000
in
part
a
tons
of
steel.
Unques¬
the steel situation.
delayed the starting of some outdoor
activities which
usually are under way at this time.
In contrast with the
comparative dulness of domestic steel business is
the continued
high rate of activity in exports.
The bottom of the recent
sharp decline in export prices may have been reached as some mills show
inclination
an
toward
firmer
quotations.
Plates have been the conspicu¬
ously weak item, although weakness has affected virtually all products.
Domestic prices, however, are generally firm except on
reinforcing bars,
in
which the situation
is so chaotic that
both buyers and sellers are
unable to.name quotations which are
truly representative of the market.
Scrap markets reflect the uncertainty of immediate prospects.
Prices
the
on
No.
1
unchanged at
25c.
steel
grade
Pittsburgh.
lower
are
The
at
"Iron
Chicago
Age"
scrap
and
Philadelphia
composite
has
and
While
makers
run
booked
for
COMPOSITE PRICES
Lb.
Deferred
Based
on steel bars, beams, tank
plates,
wire, rails, black pipe, sheets, and hot
rolled strips.
These products represent
85% of the United States output.
High
Low
1940
2.261c.
Jan.
1939
2.288c.
Jan.
2
military
been
though
Alloy
manufacturers
except
involving
special
manufacture.
equipment
Rela¬
small-diameter
some
Holland
France,
busi¬
foreign
bar
frequently
bought,
projectiles.
is
Sweden
and
have
expanding
gradually.
Bethlehem Steel
Co.
the 7,000-ton Rainbow bridge at Niagara Falls,
for
2.261c.
Jan.
*10%
ing
to
include
18
last
pipe
in
pipe
larger
is
High
is
in
ever
scattered, many steel¬
buying and some estimates
of
this
Mo6t
year.
60%
is
steel
builders.
products,
some
South
notably wire.
by
sharp
a
above
that
of
makers.
better,
moving somewhat
and
tons
best
the
being compensated
the
in
some
February.
automotive
agricultural
production
103i395
March
Foundries,
builders
shipments being
especially those cater¬
manufacturers,
implement
drop
a
4,800
makers.
are
operating
also
are
at
taking
a
fairly
of
continues,
2,325
which
cars,
General
from
Motors
assemblies
total
the
previous
increased
overcame
increased
260,
last
week.
Ford
week
Chrysler
by
re¬
and
all
in
the
production
1,675,
540.
continues
future.
quick
a
automobiles
of
units,
declined
maining
dull,
bids
without
usual
of
declined
Pittsburgh
the
composite receded
Tin-plate
production
33c.
has
$16.25,
$36.84
to
stayed
a
as
were
without
since
below
course
early
previous
change.
result of
downward
its
lowest
Chicago
East continued
2c.
refuse to enter¬
"Steel's" composite of steel-
to
and
cases
many
by melters below the present level.
while prices in
chance
at
nominal and dealers in
are
marked
a
dip when buying is started, followed
the bottom of a movement.
Many
a
pattern
making scrap last week
September.
Purchases at
steel
indications
Many brokers expect
rise, the
quotations
present
and
South
been
shipped to
hurting
are
the
of
been
has
and
car
remainder
has
demand
than
tool
and
fall
light
is
freight
the
conditions
pig iron
rate
for
4,700
requiring
units,
tonnages.
being
tain
ordered
machine
higher
currently
cars
the experience
12%
to
good
May 16
2
orders
buying
50,000
Standard
quotations,
2.236c.
3
is
alloy bar market.
barge
buying of
Merchant
by
2.261c.
2.286c.
inquiries,
shapes.
weather
February in
near
Steel
2.261c.
One year ago
bid
for
has
the
river
cars
increase.
Scrap
a
low
as
Backward
others,
expansion.
Mar. 26. 1940. 2.2610.
One week ago
One month ago
steel
tin-plate,
weeks.
recent
of
indications of additional
high
as
decided
has
Finished
intended
in
railroad
see
output
THE "IRON AGE"
production
<■
slowing in recent
last week was un¬
Barge business this year
experienced, in the opinion of some fabricators.
declined
to
plant
lagged in
construction
Recent
$16.29, lowest since the first week of September, 1939.
Machine tool demand continues to expand.
There is so much unsatisfied
business in prospect that a Cleveland manufacturer of turret
lathes
upon
active
plates and
Unseason¬
have
snow
"
been
to commission approval.
Two pending jobs in the Panama Canal
for army barracks, lead the reinforcing market with 13,000 tons of
bars.
as
has
which
1940
30,
and
subject
zone,
year.
Shipbuilding continues
production,
number
anti-aircraft
submitted the
par¬
encouraging,
has
large
a
for
Building
Farm
tractor and implement
production is slowing down because
heavy stocks of finished machines.
Although crop forecasts are not
ticularly
latter
receiving
are
capacity.
the
in
ness
were
basis
steel
in
bars, sheets, semi-finished and
running
full
demand
apparently has reached a resting place and
from the preceding week, at 62.5%.
Recovery of 2% points at
Pittsburgh served to balance slight losses in several other districts.
Current export demand is the heaviest since the war started.
It is
are
practically
between
;
decline
producing at a higher rate than they were a
year ago, and are planning for huge food packs this
year.
Seemingly this
is not indicated
by the current rate of tin-plate production, estimated at
60%, up three points,
but the fact is that cold reduction mills are
a
March
of balance
changed
volume.
manufacturers
point
weeks,
ably
agingly
the
near.
Rate
will be furnished
by its own mills, outside purchases prob¬
not exceeding 20,000 tons.
A minor tonnage
was
placed by the
reorganized. Reo Motors, Inc., which is planning to get into production
but
weakness.
scrap
53%,
at
iron
The
with
1938
2.512c.
Oct.
8
1937
2.512c.
Mar.
9
2.249c.
Mar.
2
1936
2.249c.
Deo. 28
2.016c.
Mar. 16
especially in view of dissipation of inventory accumulated last fall.
In addition to Pittsburgh's increase of 2% points to
57%%, Cleveland
gained 1 point to 74% and Youngstown 1 point to 43%.
Wheeling made
the greatest recession, 7 points to 73%, followed
by New England, 5
May 17
2.211c.
1935
2.062c.
Oct.
1
2.056c.
Jan.
8
1934
2.118c.
Apr. 24
1.945c.
Jan.
2
1933..
1932
1.953c.
Oct.
3
1.792c.
May
1.915c.
Sept.
6
1.870c.
2
Mar. 16
specifications
points
Pig Iron
Mar. 26.1940. 122.61 a Gross Ton
One week ago.....
One month ago.....
St.
Based
.$22.61
on
average for basic iron at
furnace and
Valley
foundry Iron at Chicago,
Buffalo,
Valley,
and
22.61
Philadelphia.
20.61
...
Southern iron at Cincinnati.
One year ago
Low
$22.61
2
$22.61
22.61
Sept. 19
20.61
1938
23.25
June 21
19.61
1937
Sept. 12
July
6
23.25
Mar.
20.25
Feb.
1936
19.73
Nov. 24
18.73
Jan.
Steel
2
16
Aug. 11
1935
18.84
Nov.
5
17.83
1934
May 14
17.90
May
1
16.90
Jan.
1933
16.90
Deo.
6
13.56
Jan.
Jan.
5
13.56
Dec.
6
Steel
Scrap
on
No.
1 heavy melting steel
quotations at Pittsburgh. Philadelphia,
One year ago
and
Chicago.
15.29
High
ingot
points
58.
Low
78,
to
There
Cincinnati
ware
production
for
of
points
held
about
the
by
unchanged.
$16.29
3
14.08
1938
May 16
15.00
Nov. 22
11.00
June
1917
1986
21.92
Mar. 30
12.91
Nov. 10
1940
17.75
Deo. 21
62% +
12.67
June
1939
56
Apr. 29
1938
34+1
Sept. 25
1937
90
10.33
9.50
1933
12.25
1932
8.50
The
leading
The
"Journal"
9
8
6.75
Jan.
3
12
6.43
July
5
Industry
U. S. Steel
Independents
1936
+
1
57 X
66%— 3
57
%
34+2
86+3
54
+11
43%— 1%
59
+
8%
—
1%
an¬
1933
15+1
15%+
telegraphic reports which it had received indi¬
24
25
1
—
55—2
56%—
76+2
capacity of the industry will be 60.7% of
capacity for the week beginning March 25, compared with
62.4% one week ago, 65.9% one month ago, and 56.1% one
1929
95%+
83+3
97%+
%
1928
85
90
1927
90—2
96
46—1
1
1930
63+6
51%+ 1%
15+1
23%—
%
1
1931
having 97%
cated
of
that
the
operating
rate
of
steel
companies
steel
year ago.
This represents
from
estimate
the
for
a
the
decrease of 1.7 points, or 2.7%
week ended March
18, 1940.
Weekly indicated rates of steel operations since March 16,
1939, follow:
1939—
Mar.
6
1939—
55.1%
55.7%
55.4%
56.1%
54.7%
52.1%
50.9%
..48.0%
Mar. 13
Mar. 20
Mar. 27
Apr.
3
Apr. 10
Apr. 17
Apr. 24
1
May
May
8
47.8%
47.0%
45.4%
48.6%
May 15
May 22
May 29
5
19
55.0%
54.3%
38.5%
49.7%
56.4%
60.6%
59.3%
60.1%
62.1%
62.2%
63.0%
58.6%
70.2%
79.3%
83.8%
June 26
July
3
July
July
July
July
Aug.
Aug.
10
17
24
31
7
14
Aug. 21
Aug. 28
Sept. 4
52.2%
54.2%
June 12
53.1%
June
June
1Q1Q—
Sept. 11
Sept. 18
Sept. 25
Oct.
2
Oct.
16
Oct.
23
Oct.
87.5% Jan.
88.6% Jan.
90.3% Jan.
90.2% Jan.
91.0% Jan.
92.5% Feb.
93.5% Feb.
93.9% Feb.
94.4% Feb.
92.8% > ar.
91.2% Mar.
90.0% Mar.
73.7% Mar.
9
Oct.
30
Nov.
6
Nov. 13
Nov. 20
Nov. 27
Deo.
1940—
4
Dec. 11
Deo. 18
Dec. 25
1
82.2%
taxes and their effect
29
77.3%
71.7%
68.8%
67.1%
65.9%
19
26
4
64.6%
11
18
64.7%
62.4%
25
60.7%
"Steel" of Cleveland, in its
summary of the iron and steel
on March 25 stated:
markets,
Steel
buying
shows
further
moderate
gains, with principal suppoprt
by domestic consumers and from export
.
resulting from
markets.
of
Sellers
consumers
This
and
in
inventory depletion
are
results
some
in
of
the
commoner
products
report
an
entering the market for the first time
a
cases
increasing
in
larger gain in number of orders than
has
been
insufficient
to
check
the
several
in
number
months.
total tonnage
downward
trend
of
—
3%
69+1
93%+
79%+
1
84
2%
2%
—
%
sumer
entitled
5
—
54
1
The Cotton-Textile Institute, Inc., New
York, of which
Claudius Murchison is President, has issued a
22
12
1
Cotton Textile Institute Issues
Study of Cotton Taxes
and Their Effect on
Farmer, Processor and Con¬
85.7%
86.1%
84.8%
8
15
—
%
+
%
93—1
1%
1932
March 25
+
34
41—1
on
further
54%—
1%
45
Institute
as
7
47
Steel
25
Mar. 26
1935
Jan.
March
independents,
1934
American Iron and
nounced that
Aug.
ended
69%% in the preceding week and 65%% two weeks ago.
following table gives a comparison of the percentage of production
with the nearest
corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
2
10
week
The
Oct.
Deo.
and
Chicago,
against
Jan.
Mar. 13
51,
at
the industry as a whole, the rate is
placed at 62%%, compared
64% in the previous week and 64%% two weeks ago.
United States
is estimated at 57%%, the same as the week
before, and compared
62% two weeks ago.
Leading independents are credited with 66%%,
22.50
13.42
to
rate
For
with
$17.67
13.00
points
in
States Steel Corp. are estimated
1939
1934
3%
changes
upturn,
an
The entire decrease is attributed to
three
1940
1935
no
toward
drop of IY2 points, according to the "Wall Street
a
have
to
with
Based
16.71
4
tending
factors
reported:
Steel
$16.54
to
subsidiaries of the United
3
14.81
Mar. 26,1940, $16.29 a Gross Ton
Detroit
points
reduction
a
27
1932
One week ago.--..
One month ago
2
seasonal
Journal" of March 28.
1940
1939
9
65,
and
59%%; Eastern Pennsylvania, 60; Buffalo, 61; Birmingham, 78.
shows
High
Jan.
to
Louis
steady
"Save Your
Shirt," presenting
a
pamphlet
study of cotton
the
farmer, processor and consumer.
pamphlet "represents the considered view of the cottonindustry with respect to the Marketing Certificate
Plan of the
Secretary of Agriculture and of any other direct
tax on cotton."
It is observed in the pamphlet that "with
the desire to improve the farmers'
lot, we are in complete
sympathy; but we believe the method should be appraised
against the background of wide and realistic experience
gained during 30 months of the original (and unconstitu¬
tional) processing tax."
In part, Mr. Murchison adds:
on
The
textile
The shirt of the farmer, the mill
operator and the American consumer is
To save that shirt, the current
crop of plans to levy special taxes
at stake.
on
cotton, in the presumed interest of the cotton farmer, must be
plowed
under because:
1.
The processing tax or
effect levy a retail sales tax
mean a cotton tax on
its marketing certificate equivalent, would in
on
cotton of
approximately 12%.
the American consumer of
$500,000,000
This would
a year.
cotton
consumption in the United States would inevitably be
of consumer resistance to higher prices and of
cause
4.
American cotton,
time when foreign markets are being lost by
a
2009
The Commercial <St Financial Chronicle
ISO
Volume
2. At
and earning
accelerated inroads on
The
impaired, causing many mills either to shut down, with consequent
employment, or to turn to the processing of competing
plexities and uncertainties, demands not
would be further
3. The earning capacity of the cotton-textile industry
cash
would diminish his own producing
ability and tend to dislocate the economy of the South.
current situation, with its international as well as domestic com¬
beneficiary, its long-term consequences
curtailed be¬
by campeting fibers.
the traditional cotton market
would make the farmer an immediate
While the processing tax
dynamics but the patience of the
affecting so vital a
in the consideration of legislation
democratic process
loss of
part of the national economy as cotton.
fibers.
Current Events and Discussions
deposits-adjusted.
Commercial, industrial and agricultural loans increased $9,000,000 in
New York City, $4,000,000 in the Chicago district and $12,000,000 at all
reporting member banks.
Loans to brokers and dealers in securities de¬
clined $19,000,000 in New York City, $8,000,000 in the Chicago district
with Federal Reserve banks,
During the week ended March 27 [member bank reserve
Additions to member bank
arose from decreases of $13,000,000 in money in
balances increased $38,000,000.
reserves
circulation and $7,000,000 in Treasury deposits with Federal
Reserve banks, and an increase of $53,000,000 in gold stock,
offset in part by a decrease of $10,000,000 in Reserve bank
credit and increases of $8,000,000 in Treasury cash and
$17,000,000
Reserve
March 27
Federal
other
and
deposits
non-member
in
member banks on
estimated to be approximately $5,680,000,Excess reserves of
accounts.
were
increase of $90,000,000 for the week.
The statement in full for the week ended March 27 will
000,
an
2040 and 2041.
Changes in member bank reserve balances and related
items during the week and the year ended March 27, 1940,
be found
were as
on
balanced
$28,000,000 in holdings of Treasury bills, $159,000,000 in reserve
Banks
The Week with the Federal Reserve
pages
follows:
and $256,000,000 in demand
reporting member banks.
and $31,000,000 at all
States Treasury bills declined
Holdings of United
$35,000,000 in the
Holdings
reporting member banks.
Chicago district and $28,000,000 at all
district, and in¬
creased $45,000,000 in New York City and $16,000,000 at all reporting
member banks.
Holdings of United States Government bonds declined
$10,000,000 in the Chicago district, and increased $10,000,000 in the
Boston district, $6,000,000 in the St. Louis district and $10,000,000 at all
declined $24,000,000 in the Richmond
of Treasury notes
United
banks.
member
reporting
of obligations guaranteed
Holdings
Government declined
States
by the
and
$11,000,000 in New York City
$18,000,000 at all reporting member banks.
Holdings of "other securities"
declined $9,000,000.
Demand
$84,000,000 in New York City,
$25,000,000 in the Cleveland district
all reporting member banks.
Time deposits declined
declined
deposits-adjusted
$108,000,000 in the Chicago district,
Increase
(+)
(—)
or Decrease
Since
and $256,000,000 at
.
1940 Mar. 20, 1940
Mar. 27,
$10,000,000.
Mar. 29, 1939
—1,000,000
2,000,000
Bills discounted.
—1.000,000
Bills bought
U. B.
Government securities, direct
2,475,000,000
(not
advanoes
reserve
—89,000,000
10,000,000
—4,000,000
Including
$8,000,000 commit'ts—Mar.27)
__
22,000,000
2,510,000,000
18,413.000,000
bank credit
Total Reserve bank credit
Gold stock
+26,000,000
—10,000,000
—10,000,000
—68,000,000
+ 53,000,000
+3.253,000,000
2,990,000,000
+ l,000.0f0
+ 38,000,000
7,471,000,000
Treasury cash
2,382,000,000
Treasury deposits with F. R. banks..
700,000,000
-13,000,000
+ 3,169,000,000
+ 706,000,000
—340,000.000
foreign banks increased $21,000,000 in
.
Member bank reserve balances
Money in circulation
+8,000.000
—7.000,000
—501,000,000
New York City.
summary
+ 17.000,000
1,064,000,000
eral Reserve accounts...
+ 302,000,000
Mar. 20,
.
of the
Governor
System for the New York City member
member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
Reserve
WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
S
$
5
+ 574,000,000
—31,000,000
—166,000,000
—3,000,000
+ 2,000,000
+ 2,000,000
+ 3,000,000
—28,000,000
+ 16,000,000
+ 10,000,000
—57,000,000
+49,000,000
Loans to banks..
..........
Other loans.....
......
1,185,000,000
50,000,000
1,553,000,000
......
645,000,000
1,796,000,000
Treasury bills
Treasury notes...
United States bonds
6,500,000,000
Obligations guaranteed by United
States Government...........
Other securities
...
Loans and Investments—total..
9,050
2,946
9,036
2,970
7,895
2,864
2,170
560
2,273
554
1,974
541
1,679
112
1,684
115
1,860
118
386
18
380
18
363
15
467
485
611
29
30
159
190
64
63
70
112
43
369
113
45
369
112
77
396
14
14
49
49
48
185
830
68
743
247
160
354
156
123
212
2,500
2,505
1,980
720
725
664
1,251
1,348
6,134
79
138
352
1,236
1,310
6,124
75
85
351
1,054
1,186
4,390
55
128
392
140
343
947
28
202
47
139
345
884
26
222
46
109
325
708
24
154
50
9,037
701
7,135
629
1,503
501
1,655
502
1,265
471
44
8,908
700
44
111
85
85
83
3,522
3,568
2,651
1,031
936
806
672
686
540
7
7
10
Other liabilities
287
276
314
18
17
17
Capital account
1,490
1,489
1,480
249
249
258
+ 695,000,000
+ 333,000,000
+ 223,000,000
—159,000,000
+ 2,939,000,000
—15,000,000
2,369,000,000
3,482,000,000
10,318,000,000
461,000,000
3,191,000,000
+ 45,000,000
+ 619,000,000
+ 10,000,000
Liabilities—
Demand deposits—adjusted..
Time deposits.
13
174
831
+ 9,000,000
—203,000,000
—256,000,000
—10,000,000
...19,251,000,000
5,333,000,000
576,000,000
+ 3,000,000
+3,275,000,000
+121,000,000
—54,000,000
32
164
—40,000,000
+ 211,000,000
—18,000,000
—9,000,000
United States Government deposits
Loans—total
+ 28,000,000
or
Balances with domestic banks
$
9
5
+ 12,000,000
+ 5,000,000
473,000,000
purchasing
Cash in vault
Chicago
Mar.27 Mar.20 Mar.29 Mar.27 Mar.20 Mar.29
1940
1940
1939
1940
1940
1939
New York City
„
+1,656,000,000
+ 397,000,000
628,000,000
for
loans
carrying securities
Real estate loans.....
Reserve with Fed. Res. banks
(In Millions of Dollars)
Assets—
—10,000,000
4,379,000,000
338,000,000
securities
Other
banks and also for the Chicago
IN
—39,000,000
Investments—total....23,398,000,000
Loans—total
8,606,000,000
Open market paper
Loans to brokers and dealers in
New York City and
Below is the statement of the Board of
ASSETS AND LIABILITIES OF
Mar.
Commercial, Industrial, and agri¬
Chicago—-Brokers* Loans
Federal
1940
$
Assets—
cultural loans..............
Returns of Member Banks in
(+) or Decrease (—)
Since
13, 1940
Mar. 22, 1939
I
$
Increase
,
Loans and
Non-member deposits and other Fed¬
York
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended March 20, 1940, follows:
A
+153,000,000
12,294,000,000
Treasury currency..
;
increased $42,000,000 in New
all reporting member banks, decreases being
the districts other than New York.
Deposits credited to
and $16,000,000 at
City
shown in most of
and guaranteed
Industrial
Other
*
Deposits credited to domestic banks
5
Commercial,
and
Industrial,
agricultural loans
Open market paper
Loans to brokers and dealers..
Inter-bank deposits:
Domestic banks
...
Foreign banks
Borrowings......
...
+ 16,000,000
8,284,000,000
751,000,000
1,000.000
+ 21,000,000
+1,783,000,000
+139,000,000
Other loans for purchasing or
carrying securities
Real estate loans
Loans to banks.....
Other loans
Treasury bills
Treasury notes
United States bonds
Obligations guaranteed by the
United States Government...
Other securities
Reserve with Fed. Res. banks...
Cash In vault
Balances with domestic banks..
Other assets—net.............
Liabilities—
Demand
deposits—adjusted
Time deposits
United States Govt, deposits...
Inter-bank deposits:
Domestic banks........
Foreign banks
.....
Borrowings
Complete Returns of Member Banks of the Federal
Reserve System for the Preceding Week
As
explained above, the statements of the New
York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business March 20:
The condition statement
cities shows the following
of weekly reporting member banks in
101 leading
principal changes for the week ended March 20:
and agricultural loans,
$31,000,000 In loans to brokers and dealers in securities!.
An increase of
$12,000,000 in commercial, industrial
and decreases
of
British
Treasury Allows Nationals to Sell Some
Holdings in Canadian Market
of
Canadian
A plan for liquidating some British holdings of
securities, and at the same time protecting the
Canadian
Dominion
stock exchanges from a flood of concentrated selling, was
announced by the Treasury in London on March 28.
Ob¬
jective of the plan is to secure supplies of Canadian dollar
exchange for the government to be used for purchase of war
supplies said London advices to the "Wall Street Journal" of
March 29,
'
which added:
completed," the British Treasury stated,
"which make it possible to grant permits to United Kingdom residents for
the sale of a limited amount of Canadian dollar securities in the Canadian
"Arrangements
have
been
market.
willingness
purchase these securities as
part of a general program of repatriation which has been arranged to
provide Canadian dollars for purchase of war supplies in Canada,"
Applications for permits to sell Canadian securities will be available for
one month, and will be issued by the Bank of England.
Special forms will
be available for this purpose.
Selling orders sent to Canada must carry the
"Canadian authorities," it was
to cooperate
added, "have expressed their
by authorizing their residents to
number of the permit which
It is understood in
has been granted.
well Informed quarters that
this method of permitting
liquidation is the result of negotiations between the British and Canadian
authorities, designed to prevent a sudden flood of selling orders being
dumped on the Canadian markets.
The
plan whereby the British Treasury
would take over
securities was
holdings of its nationals in American
referred to in these columns of Feb. 24, page
the
1205.
Details of Bulgarian Government's Arrangements for
Current Service of League of Nations Loans and
Various
A
Pre-War Loans
joint announcement was issued
Loans Committee
recently by the League
(London) in respect of the two Bulgarian
League of Nations Loans
(7%, 1926, and 71928); the
The Commercial & Financial Chronicle
2010
Council
of
Foreign
Bondholders,
Nationale des Porteurs
and
Francais de
of the Bulgarian pre-war
5%, 1902; 5%, 1904; 4%%,
the
respect
Mobilieres, in
(6%, 1892; 5%,
loans
1907,
and
tion
4%%, 1909)
(Minister
Plenipotentiary)
and Molloff (Director of the Debt Ad¬
These bondholders' associations announce,
with reference to the
communique issued on Dec. 1, 1938,
that up to the month of
September, 1939, the Bulgarian
Government duly carried out the
undertaking set out in
the
loans in
their
provide, the
of Governors
full
service
of
of the
these
1940 and Jan. 1, 1941.
15 and Nov. 15, 1940.
and July 14, 1940.
will be transferred
immediately; the
14, 1940.
the
the
exchange
yet been transferred,
recognized instal¬
rest will be transferred on the
1902,
Coupons
regarded
The
to
paid
ments
in
40%
Dec.
of
31,
be
(4) At
ernment
service
the
end
to
1930
years
the
in
be
percentages
to
the calculations
provided
as
40%
1940,
transferred
account which
on
the
loans
interest
the
on
the
will
of
in
for
the
of
1933.
will
above
respect
no
(5)
only transferred in
throughout the year, the
The
Bulgarian
treatment
Bulgarian
the
whole
provisions
of
these
frame
the
loans
of
service
falling
coupons
1940,
year
when
foreign
while
loans
now
Government
with
the
for
first
they
up
after
pay¬
of
the Bulgarian Gov¬
40% of the interest
exchange
League
under
Nations
Commissioner
and
will
the
full
bondholders'
the
week
financial
in
will,
of
undertakings, they do
not
feel
discuss
committees
1941,
1940.
December,
course,
to
year
to
the
feel
exert
certain
to
consideration.
undertake
In proposing these
arrangements
ciations, the Bulgarian Government
that
due
maturing
provisional
as
treatment
the
budget
the
be
Government undertake that, if
they accord more
any foreign obligation due from or
guaranteed by
they will accord at least as favorable
Bulgarian
their
end
all
on
will
to
State,
of
(6) The
the
based
coupons
financial
have
favorable
For
be
contracts.
release to them the
Treasury bills for 60% of the interest
sinking fund mentioned in paragraph 2.
the
by
prejudice any arrangements which
to which they relate.
way
the
of
foreign exchange
future
concerned
in
above-named
that
case
thy
before
bondholders'
they should
make
to
efforts
the
Bulgarian
(Sd.)
N.
clear
fulfil
Government:
Minister
The
undermentioned
bondholders'
Bulgarian Government
will
the
the
out
above,
proposed
recommend
holders'
For
Plenipotentiary;
conditions
the
of
Bulgarian
associations
every
earnest
endeavor
hope that
service.
In
Government's
in
the
taking
to
no
fulfil
note
the
breakdown
existing
present
the
For the
proposals
to
of
Committee
the
in
(London)
to be made
by all firms for custodianship of accounts having
during an accounting period; the cutting of
coupons on securities in safekeeping; the collection of divi¬
dends, rights or interest on securities not in possession or
custody of a member; special transfers; transcripts of state¬
ments, etc.
The Exchange further explained:
transactions
Rescission of the
Nationale des Porteurs
:
partners of firms, were also
Special services, while
E.
(Sd.) L.
REGARD,
President
The questionnaire referred to above
MARTIN,
17, 1938,
New York Stock
VAssociation;
Comite;
In
a
letter to member firms of the New York Stock Ex¬
change on March 26, Charles E. Saltzman, Vice-President
and Secretary of the
Exchange, stated that the present
metered charge for bid and asked
quotations, which has been
in effect since Oct. 2, 1939, has
proved insufficient to meet
the costs of providing
adequate service. In addition, Mr.
Saltzman says, this rate has not resulted in a
proper alloca¬
tion of charges in proportion to the amount of service
rendered
to individual subscribers.
have been made:
voted
Due 1960 Drawn for
was
given
3686.
toes
notifying holders of
external loan
Gold Bonds
Irish
as
Free
sinking fund 5%
gold
May 1, 1940, at
par.
Payment will be
bonds, due
the
by
potato
and
in
and
cantile
New
Chicago
90
on
the following
charge of $25
per month,
Mileage charges for service outside
I
Mercantile
minutes
the
hides,
Monday
through
m.
Friday,
will close at
The Saturday closing
unchanged at 11:00 a. m.
Exchange is the Nation's only
York
Been
have
trading
futures, effective March 25.
trading schedule contract trading in pota¬
new
for
Exchange
week-day
hide
futures trading
Stock
The Chicago Mer¬
market
providing
in potatoes.
Exchange and Affiliates Show
$1,149,373—Compares with
$1,548,417—President
(Saorstat
made at the head
bank, 55 Wall Street, New York.
service
unchanged.
12:30 p. m. instead of at 2:00
p.
American fiscal
State
of
Deficit of
Nov. 1, 1960, that $12,000
principal amount of this issue has
been drawn by lot for
redemption through the sinking fund
office of the
no
a
the line will be billed at the rate of 2.4 cents
per call.
maximum charge.
No charge will be made for calls to the
hour remains
Redemption
York,
following changes
on
shorten
to
facilities
on
Therefore the
Effective April 1,1940, the quotation service will be billed
period
issue of March 23,
page 1853, we gave a brief ref¬
to this plan by
servicing the loans.
Eireann)
Exchange Amends Metered Charge for
Quotations
in Potato and Hide Futures
our
The National City Bank of New
our
Bid and Asked
Under the
$12,000 of Irish Free State External
5%
mentioned in
Chicago Mercantile Exchange Shortens Trading Period
Directeur.
page
was
issue of March 23, page 1854.
Valeurs
du
form of mandatory
longer required to be charged for by member
firms, may be charged for at the discretion of the firm.
Chief Operator over a quotation line.
de
GAUTHIER, President
any
no
the financial district will remain
The Dec. 1, 1938,
communique mentioned above
in these columns of Dec.
is
preponderantly against
service charge rule.
There will be
de
questionnaire
to the
and all calls made
Francais
a
questionnaire favored the repeal of the present rule, and
approxi¬
mately 300 of the firms favoring repeal did not want any
mandatory service
charge rule.
The replies from individual members of the
Exchange, not
Governors
(Sd.) P.
agent,
mandatory service charge rule follows
March 19 to all member firms and members of the
Exchange not
partners of member firms.
More than 400 of the 518 firms which
replied
sent on
bond¬
(Sd.) BESSBOROUGH,
President;
(Sd.) A. L. PIIILP,
Joint-Secretary.
Association
Exchange
March 27 repealed, effective immediately,
Board, relating to the mandatory imposition
of specified minimum service
charges by member firms. The
Rule, which became effective on March 1, required charges
on
they
(Sd.) BESSBOROUGH, Chairman;
(Sd.) A. S. G. HOAR, Secretary.
Foreign Bondholders:
(Sd.)
erence
meeting
a
basis: for each quotation line there will be
League Loans
Council
the
occur
circumstances
Mobilieres:
In
that
undertakings
will
acceptance.
the
For
express
use
cor¬
Rule 490 of the
their
(Sd.) A. MOLLOFF, Director of the Debt
Administration.
set
at
their
MOMTCHILOFF,
a
asso¬
it
ability to maintain trans¬
fers of 40% of the interest
throughout 1940 if Bulgarian exports to free
exchange markets do not yield adequate amounts of
free exchange to meet
the country's
requirements, including the debt service.
For
determine,
steps to make the formation of
Exchange Repeals Rule
Relating to Service Charges
service
before
any
best
their
of
the
and
no
The Board of Governors of the New York Stock
transferred
provided
original
interest
Member
Governors of New York Stock
no
the
in
in
may
up
by those payments.
instalments
1941, will
for
the
in accordance with
subsequently be made
may
calculated
gold francs
at
including
1,
be
will
satisfied
as
further
and
Jan.
due
percentages of
11, 1926,
1907 and 1909
1904,
amounts
the
Dec.
of
agreement
1892,
the
loans
pre-war
foreign
on
Firms which is instructed to receive
applications from member firms to
form affiliated corporations and to
grant such applications only under such
terms and conditions as the
Committee on Member Firms
Chandler Act.
(b) 40% of the further instalments of Interest service due in
foreign exchange
31, 1940.
For
has been distributed to the membership and dis¬
Be it Resolved that the report be referred to the
Committee
and is further instructed to take
to Dec.
in
report
cussed by this Board.
porate affiliate compulsory on any member firm, and
Be it Further Resolved that the Committee on
Member Firms cooperate
with the SEC on studying
any proposed amendments to section 60E of the
5% 1902 loan coupon due March 14 and Sept. 14, 1940.
5% 1904 loan coupon due May 14 and Nov.
14, 1940.
4H% 1907 loan coupon due Feb. 1 and Aug. 1, 1940.
4M% 1909 loan coupon due June 1 and Dec. 1, 1940.
Such Instalments as have
already fallen due, but not have
ment dates for each loan.
on Sept. 25, 1939 to study Recommendation 8 of the report
Examining Board has been received, and
Whereas such
fa) 40% of the instalments of interest service due in
foreign exchange in respect
of the following coupons:
and July
March 27, follows:
on
Exchange
of the Public
(2) They will immediately hand to the League of Nations
Commissioner
in
Bulgaria non-interest bearing leva Treasury bills for
60% of the
interest and the full amount of the
sinking fund where this applies.
(3) They will transfer-
7% 1926 loan coupon due July 1,
7H% 1928 loan coupon due May
6% 1892 loan coupon due Jan. 15
6% 1896 loan coupon due Jan. 14
This action followed discussion
Whereas the report of the Special Committee
appointed by the President
1940.
year
Committee
60E of the Chandler Act."
League and pre-war loans:
budget for the financial
Exchange,
instructing
applications from
by the Board of the report of the special committee on
separation of brokerage function from underwriting and
trading business. This report was mentioned in our issue of
March 16, page 1685.
The resolution adopted by the Board
temporarily suspended.
Subsequently, how¬
ever, the Bulgarian Government found it
possible to effect
all the transfers due in the
year 1939.
The Bulgarian Gov¬
ernment now propose the
following arrangements for the
will
Member Firms to receive
on
on
Member Firms may determine.
The
provides that the "Committee on Member
Firms cooperate with the Securities and
Exchange Com¬
mission on studying any proposed amendments to section
were
Government
Applications
resolution also
communique regarding the current service of the
above-named loans but that following the outbreak of war
transfers of the agreed percentage of the
interest in foreign
Bulgarian
to Receive
member firms to form affiliated corporations and to
grant
such applications only under such terms and conditions as
that
(1) The
Instructing Committee
the Committee
ministration).
current services of their
1940
The Board of Governors of the New York Stock
at its meeting on March 27, adopted a resolution
who have discussed the service of the
Bulgarian loans with
which they are concerned with MM. Momtchiloff
exchange
30,
Member Firms of New York Stock Exchange
May Form
Affiliated Corporations—Governors Adopt Resolu¬
Association
Valeurs
181)6;
March
1938
1939
Loss of
Martin
Says Services Have
Maintained, Despite Additional Economies
The New York
Stock Exchange, in its annual
report
dated March 23 and made public March
25, announced that
operations in the calendar year 1939 resulted in a net loss
of
$1,149,373,
as compared with a loss of $1,548,417 in 1938.
report, submitted by William McC. Martin Jr., Presi¬
dent of the Exchange, includes the accounts of
affiliated
The
Volume
The Commercial & Financial Chronicle
ISO
companies, such as the Stock Clearing Corp., the New York
Quotation Co., the New York Stock Exchange Building Co.,
and
the New York
operating
tion
loss
totaled
Gross income for
Stock Exchange
a
the
of
ber
Safe Deposit Co.
The
Exchange before deprecia¬
compared with a 1938 net loss of
Stock
$490,441,
$4,205,
was
against
as
Consolidated
financial
statements
for
1939
York
New
herewith
interested
submitted
attention.
operations
with
recommendation
Included,
the Gratuity
of
the
also,
that
they
statements
are
receive
problems.
All assets
Dec.
31,
others
other
1939,
than
securities,
amount)
fixed assets
estimated
members
for
reserves
than
at
their
or
doubtful
of
$164,476.
separate item.
of real
The
fixed
asset
values
of
this
year
has
account
land,
stated
realizable
for
item
items
&c.,
due
is
broken
New
indicated
does
not
also shown
purport
to
as
As
a
the
fixtures
and
balance sheet,
represent
the
realizable
values.
statement
major
sheet
of
of
sources
The
expense.
of
income
and
operating
of
excess
income
assets
is
expense
and
presented
important
liabilities
over
so
annual
It
should
be
made
clear
that
in
considerably less real estate than
dent
these
to
real
estate
date
operating costs, constituted
Without
this
it now
real
in
and
the
balance
heavy
inci¬
expenses
taxes
the "balancing
depressed
Exchange
condition
has,
revenue
investment
real
in
of
of
business
our
focused
course,
estate.
In
and
1939.
of
the
order
shrinkage
consequent
increasing
attention
in
The
than
next
for
by
Area in
Square Feet
Space Occupancy—
Per
Cera
affiliates—Trading floor..
32^6
234,037
39 8
11,114
2.0
Corridors, &c
*
and
all
the
15.4
this
occupied
space
by
estimates
Exchange
made
were
its
and
of
of
of
survey
and
case
square
foot
actual
costs
including,
operation
comparable
trading
of
special
of
affiliates.
$394,501
and
over
which
it
the
39
above
tubes
Broad
these
method
and
district.
of
Both
and
per
made
boards.
On
of
the
services.
This
was
$2,235,986
555,664
•o
I
Excess cost..
would
$394,501
result
of
that
show
effected during the latter part of 1939, it is
study covering the 12 months ended Dec. 31, 1939,
excess
cost of approximately
$370,000.
economies
cost
a
an
Results of
The
satisfaction
chief
be
to
reduced
57 to
from
a
physical
maximum
at
been
have
economies
has
equipment
efficiency.
introduced,
been
the
trust
review
of
the
demonstrated
additional
personnel
our
under
the
of
test
and
the obligation
Exchange is continuing its
The
provide service of
process of economy.
by
Exchange's
The
business.
1939
to
31,
with
1939,
result
a
of
of
statements
exacting
quality,
1938
these
of
which
are
operating
amounted
in
for
$1,548,417,
figures
projectors
per
increased,
is
year
1938,
1939,
a
loss
to
for
1939,
$490,442,
before
as
as
provision
credited
Exchange and
Fund
accordance
Exchange
with
activities,
the
Co.
Deposit
Exchange's
business
discontinued
was
was
the
taken
over
Feb.
on
policy
the
of
With
1923,
the
community,
our
assumed
of
volume
a
in
compared
before
great
The
consolidated
$400,000.
the
to
capital
depreciation
operating
$660,064.
investment
of
of
loss
of
of
fees,
The
$654,726,
on
itself
of
non-
Safe
Exchange
Feb.
15,
1940,
public responsibility,
its
to
has
of
income
and
expenses
CONSOLIDATED
STATEMENTS OF INCOME AND EXPENSES
Building Co., New York
Quotation Co., Stock Clearing Corp., New York Stock Exchange Safe Deposit
Co., 39 Broad Street Corp.
Year Ended
Dec.
Year Ended
31, 1939 Dec. 31, 1938
Income from members or their firms:
Membership dues
___$1,375,000.00 $1,375,000.00
611,011.43
637,870.02
1,081,947.92
1,106,656.34
'
Telephone spaces and other floor charges
Stock Clearing Corp. charges
484,954.98
office,
nection fees
and
wire
105,900.00
19,022.24
employee
375,187.99
128,020.00
,.
-
registered
550,111.04
350,189.03
Stock and bond ticker service
20,225.90
con¬
-
Fines and powers of attorney
$4,050,145.60 $4,170,951.29
Income
from others or not entirely
from members or
their firms:
Rents, Including light and power..
Stock Clearing Corp. charges
Ticker, Trans-Lux and Teleregister.
Subscriptions, services, &c
—
-—
Listing fees..
——
.......
...—.......
...
$583,705.88
81,800.00
131,539.57
12,744.74
387,855.34
17,046.92
72,854.09
$603,544.49
80,400.00
144,076.21
,13,136.22
483,016.15
52,127.17
110,079.16
$1,287,546.54 $1,486,379.40
.....—$5,337,692.14 $5,657,330.69
Gross income.........
Expenses—Salaries and wages.
Employees' insurance, annuities, &c
—......
$3,618,634.08 $4,056,927.77
244,028.71
219,879.01
Social security and unemployment taxes
141,966.52
Building, light, heat, maintenance, &c
282,987.29
Rent-_-.r!-l
179,460.35
'617,763.49
77,221.71
158,606.38
-
-
Committee fees..
129,341.62
296,831.81
Miscellaneous
—
—
Interest
—
Rents and accounts charged off
-
27,140.00
—
.....
—
2,305.86
51,857.06
158,013.95
305,006.57
194,535.61
627,708.55
129,146.70
230,105.44
129,628.73
360,111.51
55,423.33
11,174.35
1,920.00
73,714.94
$5,828,133.88 $6,553,296.36
Totai
$895,966
Initiation
the
loss
a
Both
do
of
Stock
and
1940,
Telephone and telegraph
Legal and other professional services
for
by approximately
divesting
York
Printing, stationery, postage, <kc
an
1940,
in
follow:
affiliated
with
com¬
by the
patience, is gratefully acknowledged.
your
securities
provision
together
1938,
affiliated
accompanied
are
of
New
14,
up
statements
of
depreciation
of the Gratuity
additional burdens.
The assumption of these
shrinking revenue, and of irritations which,
many
its
compared
for
made
the face of steadily
and
approximately
was
falling last year to the lowest level since
measuring
in
state
and
an
fee
by the Manufacturers Safe Deposit Co.
business
Exchange
of
item
this
$45,000
Developments
beginning early
depressed
reduction
directly
amounted to $224,000.
shares,
a
a
the basis of the present number of projectors.
on
the
depreciation
for
figures
Miscellaneous taxes
not include initiation
contribution to the capital investment of the Exchange.
after
are
and
Corp. in the latter part of 1939, the revenue to the Exchange derived from
ticker
Real estate taxes
companies for last year amounted to $1,149,373, as compared with
for
In
in connection with
arrangements concluded with the Trans-Lux Movie Ticker
the
of
other
Cole, Son & Co., Certified Public Accountants.
loss
net
of
the Fund for the year 1939.
the
the Gratuity
Current
As
comparative
statement of operations of
reflects
income
consolidated
superior
a
less
rate
our
requirements, notably in the sudden revival of market activity which
followed the outbreak of war in Europe last September.
Within the limits
imposed
annual
Fund
Exchange's
substantial
of
Since
but
more,
$296,832.
transactions
report is a statement of condition
certificate of Messrs. John I.
Miscellaneous
Although
adequacy
and
after salaries and wages,
operations for 1939 is in the fact that the quality of its services has been
maintained
or-
and the
53,
totaled
services
Interest, discounts
Operations
derived
the
officers
of
by $93,924.
$4,500
$1,680,322
1,285,821
Estimated rent and cost of services
a
this
in
Dec.
eonsolidateed
the
Branch
Cost to Exchange
As
annum
on
central depository for securities which
a
Quotation service
•
Total expenses (Including $515,748 for depreciation
Less income from tenants
estimated
been
receiving
New York Stock Exchange, New York Stock Exchange
building investment and
building) cost the Exchange
rent
number
the
per
employees
in
the
for
such
52
has been reduced from 16 to 9
expense
investment
panies and the statements. of
The
$15
was
a
by the Building Co.,
conditioning, and the
annunciator
that
Street
values
air
for
for
space
unavailable
arbitrary,
provided
follows:
as
financial
service,
estimated
is
the
all
the basis of
on
determination
a
are
For
this
made
necessarily
Also
protection
pneumatic
figures,
(including
determined
services
others,
the
used.
was
in
space
floor
estimate,
an
value
among
these
of
for
the
of
therefore
rental
maintenance
basis
paid
rents
character
unique
and
The
year.
by $44,662.
professional
certain
with a condensed
100.0
values
rental
except the trading floor, estimates could readily be made
that
of
a
but less than $10,000,
has
from
understandably, must have tried
study
the
reduced
Exchange
more
including that of the
salaries,
1938,
16,
salaries
the
of
or
special legal fee of $50,000 incurred
a
included
as
burdens
546,900
of
course
Approximately
real estate taxes of $617,753.
was
other
officials
$10,000
more a year
Gratuity
Also
Fund
.
In
been
decreased
special study of
-
area
of
42.8
217,900
83,849
Vacant—Rentable
total
$10,100 compared with the same
3, 1940, of the salaries of the
more,
largest single item of
this business
Total.
Area occupied by outside tenants
of
item
The
officers
firm of accountants.
a
In
4.7
single
and
Jan.
of
individuals
of
6.5
25,915
177,908
Other Exchange departments and affiliates
Total
has
has
included
$70,000
30,214
as
is applicable to the Department
$301,797
May
such
number
depreciation,
a
of
rate
the
or
or
the
upon
largest
employees
$3,432,328.
was
were
as
with
to
clarify this problem, a cost study
was
made for the Exchange by the firm of
Stevenson, Jordan & Harrison,
management engineers, covering 12 months ended Sept. 30, 1939.
This
study showed the following space utilization:
Are occupied by N. Y. S. E. and
Stock Clearing Corporation
$4,500
Since
and
Exchange's budget would be a much simpler problem.
The probleiti is
being carefully studied with the hope of finding a solution, or, at least,
of developing means of
substantially reducing the burden.
The
annual
date
$10,000,
depreciation,
estate,
over
$5,828,134,
to
$4,056,928.
was
all
executive
reduction of
rate
employees receiving $10,000
salaries
major factor in the Exchange's loss in
a
investment
excess
The
owns.
including
1939.
such
a
annual
compared
in
investigation
holdings,
payable
for the year.
the
1938
for
nine
were
salaries
of
$161,569,
$297,915,
same
such
operations require
whose
date
The
operating
the
there
1940,
that
was
than
in
for
1940,
3,
amounted
represent
figure
Jan.
individuals receiving
was
are
Exchange's actual
$175,000,
$725,162
decrease of
a
$3,618,634
of
of
as
3,
1939.
of
items
1938,
wages
on
the
Investment
the
Exchange
the
pay
1939.
depreciation,
excluding
in
companies
Legal
Estate
filed during
were
corresponding
Jan.
rate
President,
statement.
Real
years,
rate
show
"Capital Investment of the Exchange," and a separate analysis
changes in this item during the year is included as an additional
financial
charge at the
sum
Co.
affiliated
as
the
and
to
as
described
is
lump
a
Agreements to
approximately
aggregating
1939,
The
of
that
The
for
pay
Deposit
for
York.
the
1939.
Operations, $760,000 to other departments of the Exchange itself,
$570,000 to the Stock Clearing Corp., $500,000 to the building companies,
$180,000 to the New York Quotation Co., and $20,000 to the Safe
date
furniture,
on
lieu of
in
Floor
53
improvements,
As
provision
reflect separately
to
in
an
Exchange and affiliated companies
$1,400,000 of payroll as of Jan. 3, 1940,
of
chiefly to the prepayment
31, 1939, occasioned
down
in
reduced initial listing fee and
a
in
is
1939
the
from
Miscellaneous
after
are
for
income
fees
future
expense.
annual
of Dec.
as
of the City of
been
buildings and
these
of
be paid
may
into
listing
Salaries
of
as
receivable
$13,980.
value
insurance,
amounting to $277,300
equipment, and ticker equipment.
amount
of
$95,000
Only that part of the fees actually received during the
taken
against $6,553,296
separately after provision of
amount
Prepaid taxes,
increase in
estate taxes,
The
shown
are
the
estimated
or
by the change in the fiscal
book
in
Accounts
fee
mem¬
decreased
sources
sources,
Expenses
For example:
the balance sheet
on
values.
other
other
from
and
consisting chiefly of World's Fair bonds ($89,500 principal
and various marketable securities are carried at $71,407, which
figure represents market
reserves
firms
accounts
listing.
your
informative.
more
carried
are
realizable
charges, under which
continuing
of
was
Expenses
this report to make it
income
fee
Fund.
To that end certain changes have been made in the form
of presentation of
in
from
of
periods
Exchange will be best served by a full understanding
part of the membership of the Exchange's financial position and
the
of its
decrease
against $5,657,331 in 1938,
as
Income from members and
income
listing fees and results from the change adopted
additional
The welfare of the
on
the
while
of
time
Stock
condition
of
Of
$5,337,692,
$320,000.
$120,000,
item
year
Exchange and its affiliated companies, with comparative figures for 1938,
are
totaled
1939
approximately
basis
annual
Mr. Martin said:
the
of
of
decreased
the
profit of $7,612 in 1938.
a
firms
the
Depreciation amounted in 1939 to $654,725, com¬
pared with $660,004 in 1938, while the 1939 loss in sale of
securities
reduction
$200,000.
$895,905.
In his introduction to the financial
report
2011
Income
fees
Exchange,
Excess of expenses (lncl.
depreciation) over Income
Depreciation
Profit or loss on sale of securities
$490,441.74
654,725.70
4,205.79
$895,965.67
660,064.10
7,612.53
The total volume for 1939 amounted to 362,517,992
with
421,599,838
shares
in
1938.
Loss for the year
$1,149,373.23 $1,548,417.24
2012
The Commercial & Financial Chronicle
Total assets of
$38,085,875 are shown in the balance sheet
by Mr. Martin as of the end of 1939, as compared
$39,359,141 at the end of the preceding year.
The
following statistics are quoted from the report:
Exchanges Decreased 24.4%
from January
12% from February, 1939, SEC Reports
New York Stock
Exchange, New York Stock Exchange Building Co., New York
Quotation Co., Stock Clearing Corp., New York Stock
Exchange Safe Deposit
Co., 39 Broad Street Corp.
ASSETS
Dec. 31, 1939
$2,340,111.40
Dec. 31, 1938
$2,815,417.40
448,153.98
479,241.07
53,785.92
9,925.39
71,407.50
410,616.58
54,503.71
10,720.48
303,473.75
113,707.68
$3,334,000.77
Accounts
or
$3,777,064.09
their firms
receivable, other
Loans to employees
Miscellaneous securities
Prepaid taxes, Insurance, &c
The volume of sales In stocks, excluding rights and warrants, was 24,-
977,502 shares,
decrease of 21-1% from January's total.
a
amount of bonds sold was
Cash deposited In special funds
Stock Clearing Corp.
(contra):
$153,589,050,
clearing fund
Stock Clearing Corp. mark to
market deposits, &c
$11,267,500.00 $11,765,000.00
297,866.90
224,307.08
6,000.00
187,182.51
—
value of all sales,
92.5% of the market value of stock sales and 99.7% of the
Market value of bond sales
Deposit in closed bank.
deposited
1940
$683,558,
was
all
on
Total market value of sales
$11,752,549.41 $11,995,370.08
value
Total principal
decrease of 26.3% from January.
a
The two leading New York exchanges accounted for 93.6% of the market
Proceeds of sales of
memberships
Bonds
and
The market value of total sales on all registered securities
exchanges in February, 1940, amounted to $686,970,249, a
decrease of 24.4% from the market value of total sales in
January, and a decrease of 12.0% from February, 1939, the
Securities and Exchange Commission announced March 28.
Stock sales, excluding rights and warrants, had a market
value of $582,515,382, a decrease of 24.8% from January.
Bond sales were valued at $103,351,324, a decrease of 23.1%
from January.
Sales of rights and warrants in February
totaled $1,103,543.
The Commission further stated:
CONSOLIDATED BALANCE SHEETS
Cash
1940
30,
Market Value of February Sales on National Securities
submitted
with
Accounts receivable from members
March
registered exchanges.
exempt securities exchanges in February,
on
decrease of 3.9% from January.
a
$15,000.00
under
franchise
at
cost
(market
Principal Effect of European War
$24,450 Dec. 31, 1939)
$21,125.00
Fixed assets (see note)—Land
$10,428,952.20 $10,428,952.20
19,789,814.33
19,711,751.17
494,774.03
625,742.58
1,373,329.94
1,379,162.46
Building and improvements
Furniture, fixtures and equipment
Ticker equipment
on American Business
May Be Readjustment Rather Than Expansion,
Says Guaranty Trust Co. of New York
$15,000.00
For American business
the war,
as
whole the
a
principal effect of
indicated at this time, may prove to be read¬
as
.
$32,086,870.50 $32,145,608.51
9,108,670.91
8,588,901.49
justment rather than expansion, states the Guaranty Trust
Co. of New York in discussing trends in our
foreign trade
$22,978,199.59 $23,556,707.02
Less reserve fcr depreciation
since the war began, in the current issue of "The
Guaranty
Survey," its monthly review of business and financial con¬
$38,085,874.77 $39,359,141.19
ditions
LIABILITIES
Dec.
Accounts payable
Accrued payroll,
31, 1939 ^Dec. 31, 1938
$291,132.47
98,352.55
^
$294,525.21
$389,485.02
taxes, &c_
$397,439.18
102,913.97
Deposits In special funds (contra):
Stock Clearing Corp.
clearing fund
$11,267,500.00 $11,765,000.00
Stock Clearing Corp. mark to market
deposits, &c
297,866.90
224,270.08
Proceeds of sales of memberships
187,182.51
6,000.00
$11,752,549.41 $11,995,370.08
Unearned income..
$22,426.53
of the
Exchange
$21,184.66
—$25,921,413.81 $26,945,147.27
$38,085,874.77 $39,359,141.19
Note—The amount stated for fixed assets Is
book value, based
mainly upon cost.
The cost of obtaining premises under
long lease, demolition and
has
new
construction
been
capitalized; the allocation of costs between land and
"buildings is~that
made to meet the
accounting requirements for tax purposes.
The amount stated
does not represent realizable
value, which Is believed to be substantially less.
4
TRUSTEES
OF
THE
GRATUITY
FUND
OF
THE
NEW
YORK
STO^Ic
.
..
Due from Treasurer of the
Exchange in respect
contributions levied (net) when and as
1939 Dec. 31, 1938
$1,030,750.66
9,993.11
1,235,582.03
2 015 754 17
Suspense
'
(contra).—
Total resources....
3,333.33
'i30
00
3,333.33
$2,338,653.41 $2,511,080.79
$131,000.00
.70
Deposits in trust for beneficiaries (contra)
States.
and
$169,703.43
book
value
~~
$2,200,768.71 $2,341,377.36
339,330.16
of
securities 1938
471,314.17
Net worth of the gratuity fund
(securities at market
vaIue>
OPERATIONS, YEAR ENDED
DEC.
31, 1939
Balance of gratuity fund at Dec.
31, 1938 (securities at book value)..$2,341 377.36
Cash contributions received or due
from members on
deaths occurring in 1939 (includes Jan.
1,1940 billing) $268 168.83
Portion of net income of
gratuity fund (1938) allocated
to reduce April 1,
1939, contributions
16 265 81
Interest income from securities
(1939)
$51,917.78
Less legal and miscellaneous
expenses
tionary
5,591.72
$46 326 06
a
of
part:
lating
effects
recent
suggest
be
of
that
of
This
of
the
the
...
.
..
the
earlier
States
Portion of 1938 income not allocated
to reduction of members' con¬
tributions, due to transfers of memberships
during first quarter
of 1939
most
part
trade, clearly has
be
used
The
,
on
,
.
year——IIIII
840.00
$2,352,081.65
,
sale of securities
plan
for
foreign
warrant
may
Balance of gratuity fund at Dec.
of Dec.
31, 1939..
at
cost)
the
delicate
react
fact
balance
severely
the
efforts
of
those
optimism,
the
they
outlook
concerned
Government
our
have
been
The serious consideration
Pan-American
a
promotion
and
not
was
aimed
at
bank
purposes
that
suggests
large
a
on
that has
public
been
funds
may
scale.
of
that
serious
among
the
disturbances
various
Factors
large
long
in
measure
the
as
the
on
present
war-time
financial
goes
the
in
direction
comparative
Johnson
This
foreign
our
economic
trade
the
upset
structure
and
Act
our
taken
develop in
probably depend
developments.
As
inactivity
continues, the war may have
dislocations due to the blockade
more
active,
trade will probably be much more pronounced.
of
the
question
the
of
prohibit sales
increasingly potent
will
war
military
by
military operations become
If
resources
situation,
Outlook
the disruptions and
aspects
The
on.
our
trade during the
regulations.
to
consequences
foreign
our
little effect aside from
to
to
of
parts
business at large.
on
Future trends
in
as
factor
response
long
will
become
principal
the governments
to
as
limiting
it
remains
any
important
more
belligerent nations
in
as
this
and both the Neutrality Act and
further
of those countries
unaltered,
rise in
will
become
exports
that
on
an
may
to the war requirements of the belligerents.
Savings and Loan Associations Insured by FSLIC Paid
$56,000,000 in Dividends to Investors Last Year
'
695.00
than
$56,000,000 in dividends
investors last
$2,200,768.71
year
was paid to private
by savings and loan associations insur¬
their accounts up to $5,000 each with the Federal
Savings and Loan Insurance Corporation, it was estimated
by
economists
$1,870,063.19
496,200
503,800
$1,861,438.55
to
Net worth of gratuity fund at Dec.
31, 1939 (securities
obscuring
of
part
ing
31, 1939 (securities
Net worth of gratuity fund at Dec.
31, 1938 (securities
at market)
at market)
this
of
some
still
the
on
that tendency.
for
trade
importance
More
$2 200 073.71
as
brought about an upward
regarding the probable stimu¬
demand for American products.
152,007.94
.....
Adjustment of book value to cost of securities
the
welfare.
sharply
the
in
national
increased
own
104.29
..
Loss
abroad
to
even
maintaining sound conditions in our foreign trade
at the present difficult
stage of world affairs lies not so much in the
absolute magnitude of our purchases and sales abroad as in the
integral
relation of this branch of business to our economy as a whole.
In com¬
parison with our domestic trade, the volume of our exports and imports
i3
relatively small.
But this consideration should not be allowed to
tend to
.......
Initial contributions from members
elected during
sell
to
or
to
Under
disastrous.
have
to
uncertainties
caution
be
quarters
some
on
before.
ever
would
reeovery,
has
infla¬
barriers
and
futile effort
world
objective—our
seems
than
countries;
rather than restriction or regulation, of foreign trade.
The
provision of funds for loans to Finland, Sweden, Norway, Denmark,
Spain,
China, and Iceland, while not primarily designed in all cases to stimulate
the
9,760.00
more
curren¬
...
the
credit.
320,000.00
part
be
of
promotion,
time
.
efforts
world,
a
nor
to
United
war
many
foreign
mistakes
past
some
isolation
gain
in
of
formidable
conducive
developments
also
misplaced.
The
$329,760.00
Less gratuities paid or due to
beneficiaries of members
deceased during year.
important
an
our
Stabilization
the
expense
throughout
more
the
expectations
While
emphasize
present
be
immediate
trade
the
country, while large, are not unlimited;
T~.
play
can
already unwieldy gold holdings will
our
at
economic
would
months.
of
war
repetition
the
foreign
few
be
will
policy of
buying
revision
the
46,325.36
will
a
the
increased
trade
conditions
The
.70
Allocated to reduce Jan.
1, 1940, contributions..
at
should
af
further
dangers
attainment
and
Net income of gratuity fund
(1939)
Unallocated amount
be
international
obecure
$1,861,438.55 $1,870,063.19
CONDENSED STATEMENT OF
to state, in
on
States
By the end
probably
given the
Difference between market value and cost
of securities
1939...
value
3|333.33
$137,884.70
Balance of gratuity fund after
deducting total liabilities
and deferred credits..
market
15,370.10
3,333.33
Total liabilities and deferred credits
between
$151,000.00
3 550 67
Due to the Treasurer of the
Exchange and applicable
to reduce future contributions
and
seen
trade barriers, and redistribution of the world's
gold are
the problems that will press for settlement and that will
largely
depend for their successful solution on the policies followed by the United
For
Legal fees payable
be
cies, removal of
Liabilities and deferred
credits:
Unpaid gratuities
States
can
among
last
68,987.39
as
be in a position to
task of reconstruction, and nowhere
in the field of international trade.
great
helpful than
$481,870.18
collected
at cost
(market value $896,251.87).
1938 at book value (market value
$1,544,440)
Difference
the
of
from members
Cash deposited in trust for
beneficiaries
in
goes
United
without
Dec. 31,
Cash
Securities—1939
"Survey"
Neither
STATEMENT OF CONDITION
Rwources:
United
"As far
whole world will be staggering under the burdens and
dis¬
locations imposed by the war and will need
every aid and
encouragement that can possibly be given to the resump¬
tion
of
normal
international economic relations."
The
such
EXCHANGE
the
abroad, published on
present," the "Survey"
continues, "any trade expansion that may take place will
continue to be highly selective, with
stimulating effects in
some lines offset by further obstacles in others.
It seems
inevitable, however," continues the "Survey," "that the
The
Capital Investment
in
March 25.
say:
was
in
of
that
distributed
the
first
Corporation.
in
half.
the last
The
Of
half
this
of
total,
1939 and
announcement
$27,$28,-
went
on
Volume
Federal
insure
savings
their
dividends
and
The Commercial & Financial Chronicle
ISO
and
private
such
to
the
of
end
last
chartered—numbered
ings
entrusted
of
rise
to
associations—which
accounts—paid
last
$18,029,000
year,
by
required
are
Present-day
2,196
them
to
$355,432,000
$2,506,958,000
as
totaled
the
while
year,
important phase of
points emphasizing the progress of Federal savings
associations in 1939 were listed on March 23 by
A.
1,310
The
Loan
Home
identical
Bank
Board,
in
a
for
completed
associations
because
the
the repayments
total
3.
loans
new
institutions
the
Heme Owners'
Undivided
institutions
5.
Real
This
$289,388,000 Received to Offering of $100,of
91-Day
Treasury
Bills—$100,640,000
Accepted at Prices Slightly Above Par
^Secretary of the Treasury Morgenthau announced on
offering last week of $100,of 91-day Treasury bills totaled
$289,388,000, of which $100,640,000 was accepted at prices
000,000
associations
investments
that
increased
so
by the Treasury and
Corporation in shares of these associations by 6%.
than
owned,
such
mark
expanded 12.6%,
reserves
making the
ever.
of
foreclosed properties,
as
because
success,
14.3%.
reduced
was
frees
it
for
resources
more
V '.
♦
i
■
thereabouts,
or
slightly above par.
The Treasury bills are dated March 27 and will mature on
June 26, 1940.
Reference to the offering appeared in our
issue of March 23, page 1855.
*
The following regarding the accepted bids of the offering
is from Secretary Morgenthau's announcement of March 25:
Total
loans.
new
income;
protecting
March 25 that the tenders to the
exceptional
considered
is
give this balance.
to
the
in
reduce the
to
profits and general
stronger
estate
another
is
invested
able
Loan
This
during the year
funds
were
19%.
rose
all outstanding home loans are subtracted from
on
made
thrift
Private
the
4.
balances
loan
survey; -
000,000
i
Savings placed in the associations increased 24.2% in the 12 months.
more money available to their communities for home loans.
Mortgage
Subjects
preliminary
Tenders of
Board.
the
This makes
2.
developed.
the
aging management.
Statistics of
special survey
points, according to the announcement, were:
1.
can
Director of Research and
Fergus,
Federal
the
of
call for the best management tech¬
to be covered include: manage¬
planning income; producing
maintaining income; public relations in
property management; the control of administrative functions; purchas¬
ing ;
maintenance techniques;
covering building exteriors;
decorating
tenant space; selective and purchase of fuel; plumbing and heating; con¬
trol
of
utilities; building interiors setting production standards; per¬
sonnel ; furniture and furnishings; record keeping and accounting; man¬
and loan
Corwin
The
Total accepted, $100,640,000
for, $289,388,000.
applied
accepted bids
tendered at prices slightly above par, and at par.
were
Of the amount tendered at par, 75%
and Loan Associa¬
New York State Increase 28% in February
tions of
New; Offering of $100,000,000,
Over Last Year
the
Savings
of
inauguration
Loan
and
Week,
announcement was made on March 25 of a
substantial increase in the mortgage loans made by savings
associations
loan
and
February
New
of
York
State
for
1939.
the same month in
over
the
month
This increase
$791,193, follows another rise of 33.4% in total
mortgage loans made during January, 1940, over January,
1939, according to Zebulon Y. Woodard, Executive VicePresident of the New York State League of Savings and
of
28%,
Loan
or
Associations,
Savings
stated:
One
the
Loan
and
organization
Week.
The
is
which
sponsoring
further
announcement
.
and
hundred
twenty-six
its
of
member
institutions
assets
with
$244,438,726 report a total of 753 mortgage loans made during
February, 1940, for a total amount of $2,238,229.
Projecting these figures
Secretary of the Treasury Morgenthau announced March
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
29
will
all
include
of
1,205
institutions
loan
the amount
in
of
New
in
York
$3,581,166
State,
which
reached,
is
total
a
28% increase, or $791,193 over February, 1939, and also
27%, or 257, in the number of loans made for the same
the
increase
and
loans
mortgage
represents
an
savings
of
period.
actual
following
$766,503
162
made
loans
classes:
165
;
loans
refinanced
by
221
loans
for
the
loans
reporting
associations
the purchase of
for
construction
of
totaling $546,847;
$127,469, and
totaling
repair and
122 other loans j totaling
are
new
homes
new
83
Institute
of
Real
divided
American
The
totaling
homes
totaling
$684,160
;
modernization loans
$113,250.
of
week
Institute
case-study
courses
designed
to
of
in
Estate
real
Appraisers and
announce
estate
for
two two-
appraising
to
be
The courses
practical
training
in
and
procedure which today is an essen¬
tial part of the equipment of real estate appraisers, bro¬
kers, builders, mortgage men, tax assessors, and property
They will duplicate the successful case-study
given by the Institute in cooperation with the Uni¬
versity of Chicago in 1935, 1936 and 1938, in cooperation
managers.
courses
Columbia University in 1937, and in cooperation with
School of Finance and Commerce of the Univer¬
Wharton
1939, and with Tulane University
in 1939 and 1940.
Appraisal I, covering the fundamentals
of real estate appraising, will be given June 10-22.
Ap¬
praisal II, covering the appraisal of investment property,
sity of Pennsylvania
No
tender
for
an
amount
tender must be in multiples
than
less
of $1,000.
the basis of 100, with not more
on
$1,000 will
be considered.
Each
The price offered must be expressed
Tenders will be accepted
than three decimal places, e. g., 99-125.
and trust companies
without cash deposit from incorporated banks
and from responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a
ment securities.
10% of the face amount of Treasury bills
in
deposit
applied for, unless the tenders
by an incorporated
accompanied by an express guaranty ««f payment
or
trust
company.
Immediately after the closing hour for receipt of
all tenders received at the Federal Reserve
the
tenders on April 1, 1940,
Banks or branches thereof up
be opened and public announcement of the ac¬
closing hour will
thereafter, probably on the
the
and to allot less than the
amount applied for, and his action in any such respect shall be final.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
following morning.
The Secretary of the Treasury expressly reserves
right to reject any or all tenders or parts of tenders,
April 3, 1940.
The Treasury
and any
bills will be exempt, as to principal and interest,
thereof will also be exempt, from all
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes
gain from the sale or other disposition
taxation,
except
of any tax now or
estate
inheritance taxes.
and
hereafter imposed by the United States or any
of its pos¬
sessions.
amended, and this notice
of the Treasury bills and govern the conditions of their
Department Circular No. 418,
Treasury
prescribe the terms
as
issue.
follow
immediately, running from June 24 to July 6.
M.A.I., Los Angeles, President of the
American Institute of Real Estate Appraisers, will be one
George L.
the
Schmutz,
Large
Capital
Increase
lecturers.
Withdrawals
States
United
was
Broad
of
Real
Course
Estate
in
Management
Management
Given in New York City in
The
Institute
of
Real
of the
in
field, announced
this
Estate
Management,
of Real
March 23
on
Be
to
May
National Association
branch
Announces
Technique
a
professional
Estate
lecture
Boards
course
on
the
principles and techniques of real estate management,
be given in New York, May 6-10.
This, the first lecture
course
estate
of
the
Institute
management,
will
to
cover
the
be given at
will include from four to six lectures
consultation
of
the
students
whole
field
the Hotel
a
real
day and opportunity
the faculty, drawn
Institute's membership,
headed by its President, H. P. Holmes, Detroit.
The course
is open not only to members of the Institute but to all
from
leading
iqpnagers
of
the
with
of
Astor and
by
Allied
Powers
from
Balances
December—German
Slightly
a
inflow
net
United
Institute
in
into the
fig¬
ures published
in the March issue of the Treasury "Bul¬
letin."
That the net movement was toward this country
rather than away from it was due to neutral as well as
German balances here rising in an aggregate amount in
excess of withdrawals by the Allied Powers.
Great Britain,
Canada and France reduced their holdings here during De¬
cember by a total of $84,744,000, while Germany increased
hers by $397,000.
Other foreigners sent here during the
There
for
$500,000,
$100,000,
ceptable prices will follow as soon as possible
Real
need
the
meet
valuation methods
to
$10,000,
$1,000,
(maturity value).
are
given at Los Angeles in June and early July.
of
in amounts or
and $1,000,000
They (the bills) will be issued in bearer form only, and
denominations
to
University of Southern California
will
the
and
banks
ing, Secretary Morgenthau also said:
into
Appraisers to Give
University of Southern
Courses at
California in June-July
with
Reserve
Treasury bills will be dated April 3, 1940 and will mature
July 3, 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 April 3, in
amount of $101,930,000.
In his announcement of the offer¬
Estate
Case-Study
are
Federal
on
bank
American
the
the
at
Fractions must not be used.
The
the
received
be
branches thereof up to 2 p. m. (EST), April 1, but will not
be received at the Treasury Department, Washington.
The
totaling
to
Thereabouts, of 91-
or
Day Treasury Bills—To Be Dated April 3, 1940
April 1 to 7,
of
accepted.
was
Loans Made by Savings
Mortgage
With
ownership
institutional
property,
income
business,
the real
be
that
objectives;
income;
Progress Made by Federal Savings and Loan Associa¬
tions in 1939 Pointed Out in Survey
Five
for
management techniques are making management a most
new
ment
1940.
1,
and
nique
amounted
aggregate assets
levels
rental
estate, and other powerful influences are compelling new operating
real
economies
against 2,097 a year earlier.
Private sav¬
$1,811,188,000 at the beginning of 1940,
during
Jan.
on
of
State-
Federal and
associations—both
insured
year
In
qualified students of real estate management problems.
announcing the course Mr. Holmes said:
in
months
the last six
in
to
law
$33,029,000
estimated
an
$15,000,000 in the first six months of 1939.
At
a
loan
savers'
investors
2013
States from
month
of $17,619,000 capital
abroad in December, according to
$101,966,000.
About
three-fourths
funds classified
chiefly
in
as
of
the
British
withdrawal
was
in
short-term banking funds, and the rest
reduction
of
holdings
of
domestic
securities.
Large withdrawals by France and Canada of short-term
banking funds were partly offset by increases in other
classes of
capital funds held in the United States.
The Commercial & Financial Chronicle
2014
The following tabulation lias been
prepared from figures
appearing in the March issue of the Treasury "Bulletin":
NET
CAPITAL
MOVEMENT BETWEEN THE UNITED
STATES
FOREIGN COUNTRIES, JAN. 2, 1935 TO JAN.
1, 1940
+ Indicate* Inflow.
of
the
of
AND
of
the
of
December, 1939
Movement in Short-term Banking Funds—
Kingdom
S
All
+ 305,404,000
+234,922,000
—12,060,000
—45,214,000
...
—2,941,000
..........
other
Total
Movement in Brokerage Balances—
Kingdom
+ 19,545,000
+ 18,615,000
+ 31,398,000
Total
+ 1,994,000
+ 78,139,000
+ 1,049,000
—10,029,000
—3,146,000
—28,196,000
+ 725,299,000
—3,860,000
+ 1,098,517,000
—5,187,000
Kingdom
France
...
Canada
Germany
other
Total
Movement in Transactions in
Foreign Securities—
United
Kingdom...
+ 7,474,000
+ 720,102,000
+ 24,698,000
+ 1,117,273,000
+ 442,316,000
+229,202,000
+ 163,262,000
+ 2,945,971,000
—39,976,000
—10,759,000
—34,009,000
+ 397,000
+ 101,966,000
+ 4,898,024,000
+ 17,619,000
Net Capital Movement—
Kingdom
Canada
Germany..
other..
Total
been
amended
to
ROOSEVELT.
Proclamation
Inventors'
as
Designating
Patent Day—People
150th
Anniversary of
and
Commemorate
to
Law
Patent
proclamation
United
first of the
vited
States patent
include
laws.
The President in¬
the
people to celebrate the event, which contributed
greatly to the encouragement of inventive genius in
so
United
the
States.
The
following
the
is
his
of
text
proclamation:
the President
By
of
United States
the
of America
A PROCLAMATION
+ 107,000
Treasury Department's regulations relating to
has
D.
designating April 10 as Inventors' and
Patent Day was issued by President Roosevelt on March 21
to commemorate the sesqui-centennial anniversary of the
Whereas
+ 7,806,OCX)
Public Housing Agencies Included in
Treasury's Rules Relating to Money and Finance
finance
sixty-fourth.
+ 373,000
Obligations of
and
A
approved
France
The
First
+ 1,212,000
Total
All
and
of State.
Issues
Roosevelt
10
+ 15,200,000
other
United
—214,000
—11,469,000
+ 36,621,000
+ 527,345,000
.
Germany..
All
+ 1,442,000
+ 125,550,000
+ 42,055,000
France
Canada
hundred
one
Secretary
HULL,
Invited
—238,000
+ 328,218,000
+ 76.342,000
Movement in Transactions in Domestic Securities—
All
President
—135,000
.
other
United
the
America
—514,(XX)
+8,895,000
—214,000
France
All
CORDELL
—58,000
Canada
,
of
the President:
April
United
Germany.
States
+ 84,692,000
+ 3,001,266,000
...
„
be affixed.
to
+ 742,000
1-1,661,929,000
„
our
United
By
—31,101,000
+ 155,051,000
__
Germany
America
City of Washington this-eighteenth day of March, in the
Lord nineteen hundred and forty, and of the Independence of
(SEAL)
%
+ 643,960.000
France
Canada
I
FRANKLIN
United
1940
the
at
Of Which in
Jan. 1, 1940
30,
necessity of a national program for the control
suffering may be relieved and life preserved.
have hereunto set my hand and caused the seal
that
whereof,
the United States of
year
Jan. 2,1935,lo
the
States
the end
to
witness
Done
Indicates Outflow
—
United
cancer
In
March
money
the
preamble to Public Resolution
March
15,
1940,
"Whereas there will
58,
Seventy-sixth
Congress,
recites:
April 10, 1940, the 150th anniversary of President
George Washington's approval of the first Act of Congress authorizing and regulating
the grant of patents as contemplated In Article I, Section 8, of the Constitution; and
occur on
"Whereas the encouragement and the protection thus afforded to discoverers and
Inventors have both inspired and rewarded their genius to the benefit of this Nation
and the whole world; and
"Whereas the American patent system Inaugurated by this Act of Congress has
promoted countless applications of the arts and sciences to the needs and wellbeing of our people and thereby contributed notably to a higher standard of living
in our country; and
"Whereas it is fitting that the anniversary of the institution of a system so bene¬
ficial to the people of the United States should be worthily observed";
And
whereas
the
sisting of
of
man
the
the
said
Public
Chairman
House
of
Resolution
the
Senate
58
creates
Committee
commission
a
con¬
the Chair¬
Patents,
on
of
Representatives Committee on Patents, the Secretary
the Commissioner of Patents, and five other members to
by them to make arrangements for an appropriate observance
of
of
Commerce,
housing agencies, it was recently announced by
D. W. Bell, Acting
Secretary of the Treasury.
The supple¬
ment, dealing with the special
deposits of public moneys,
be
selected
of
the
obligations
public
issued by the
was
To
Federal
Reserve
Under
rated
Treasury
Banks
and
the Laws
of the
follows:
as
Other
Banks
and
United States
Companies Incorpo¬
of Any State:
or
caption
"11.
Security,"
will
read
Federal Land Bank Bonds, Obligations
of the Federal Home Loan Banks,
Obliga
tions[of the Federal National Mortgage Association, and Obligations
of Public Housing
Agencies—Bonds of
the Federal Land Banks,
obligations of the Federal Home Loan
of the Federal National
hanks, obligations
Mortgage Association, and obligations
Housing Agencies (as defined in the United States
Housing Act of 1937,
amended) when secured to the full amount thereof
by a Requisition Agreement
with the United States
Housing Authority; all at face value."
of Public
as
President Roosevelt Proclaims
April as Cancer Control
Month—Calls Upon All Interested in Public
Health
Unite
to
Impress
Program
National
President
Roosevelt
designating the
and
invited
similar
the
of
invite
a
People
Necessity
of
all
of
the
The
Control
national
several
President
States
also
be relieved and
the proclamation follows:
of
may
By the President
.
No.
of the
to
President
82, Seventj-fifth
issue
each
annually
year
6e\eral
as
States,
proclamations
Whereas
the
A
.
the
it
of cancer to
life
the end
preserved.
United States
proclamation
Control
and
Patent
to
for
is
agencies
and
national
like
also
program
purposes;
individuals
dedication to such
of
a
invite
education
and
to
invite
of
1938
the
the
(52
month
the
Stat.
of
United
148),
April
Governors
States
of
to
of
the
issue
the said
Public
medical
in
and
profession, the
the
other
Resolution
control
of
cooperative
by concerted effort
to
the people of
No.
82
press,
cancer
means
that
and
through
to
unite
all
a
in
impress its necessity
the Nation; and
Whereas by this dedication of the
month of
April to a voluntary national
program for the control of cancer, the
people of the entire country will
be acquainted with the
progress that is being made
by the Federal Gov¬
ernment through the United States
Public Health
Service, by certain of
the
States
and
by other agencies, as well as by
individuals, in the
struggle against that dread disease, which is second
among the causes of
death in the United States:
Now, therefore, I, Franklin D. Roosevelt, President of
the United States
of America,
do proclaim the month of April,
1940, as Cancer Control
Month, and do invite the Governors of the several
States, Territories, and
possessions
of
order
the
that
the
United
States
to
control
it,
to
issue
people throughout the
concerning the prevalence of
I also
invite
cancer
the
similar
land
and of
members
may
the
proclamations;
have informed
means
which
can
and
in
knowledge
this
to
States
shall
of
and
and
Patent
and
which
event
an
pro¬
suitable
conduct
the President of the
Investors'
as
law,
patent
the anniversary;
requests
1940,
do
hereby
that
on
day
and
encouragement to
contributed
the
United
Day
has
to
proved
Nation";
of
the
the
United
of
people
the
of
United
States
greatly
so
to
the
States
encouragement
of
inventive
States.
whereof, I have hereunto set
United
Done
year
the
in
witness
the
sesqui-centennial anniversary of the
patent laws, which, by affording protection
inventors as
envisaged and authorized by the
Constitution,
genius
invite
the
States
United
of
America
be
to
hand
my
and
caused
the seal
affixed.
the
at
City of Washington this twenty-first day of March, in the
Lord nineteen hundred and forty, and of the Independence of
our
United
States
of
America
the
one
hundred
and
sixty-fourth..
FRANKLIN
By
the
D.
ROOSEVELT.
President:
CORDELL
HULL, Secretary
National
of State.
Electric
Power
Grid
System
Considered
by
President Roosevelt—Confers with Leland Olds
Program Recently
Companies
President
Roosevelt
Proposed
Leland
and
consultation
a
by
20
Olds,
Major
on
Utility
Federal
Power
March
25, were re¬
ported to have considered a plan which Mr. Olds recently
proposed to 20 major utility companies calling for the
establishment of a high-tension electric grid system linking
vital manufacturing and munitions centers at an estimated
of
cost
$190,000,000.
in
his
on
Mr. Olds said that the
been presented to utilities
officials, with
a
had
program
request for their
He added that he had referred to the matter
conversation
Washington
with
dispatch
the
of
President.
March
25
We
to
quote from
the
New
a
York
"Times":
The broad
outlines
of
the
plan originated by the National Power Policy
estimated expenditure of $190,000,000 for
transmission lines and stand-by stations were
given by President Roosevelt
in December and discussed in
greater detail by Mr. Olds two weeks ago
Committee
and
calling
in
New
York
City
utility companies.
for
at
an
meeting
a
attended
by
executives
of
some
20
Although declining to give details of his conversation with the President
today, Mr. Olds is understood to have reported a cooperative attitude on
the
He
part
said
the
leaders
of
no
further
utility
matter
executives
the
industry with whom he talked
were
were
not
in
knows
the problem
whether such
a
be taken
in
at this time,
reach
any
New
York.
and indicated
decision
in
the
that
we
have
been
seeking
a
cooperative
approach
we are simply trying to determine
plan is feasible and economically sound," said Mr. Olds.
of the Plan
outlined by
construction
ment
to
since last December, and
Some Details
As
prospect
likely
soon.
"Everybody
to
of
meetings
of
the medical
profession, indi¬
vidually and through their associations, other scientific
groups, all organs
of opinion, including the
press, the radio, and the motion
picture, and all
others who have the interest of the
public health at heart, to unite
during
the month of April, 1940, in concerted
effort to impress upon the
people
and
of
cooperation.
and
the
interested
purpose and
salutary
Commissioner, after
'
"
of America
28,
apart
possessions
requested in
issued
Day
commemorate
text
requested by Public Resolution
March
setting
Month,
and
10,
commemoration
first
that
The
PROCLAMATION
authorized and
Congress, approved
Territories,
proclamations
upon
a
Cancer
is
and
mark
may
April
public
general
United
Representatives
the
'
Whereas
of
public resolution
aside
issue
to
invited
profession, other scientific groups
opinion to unite during April in con¬
impress upon the people the necessitv of a
program for the control
suffering
first
Now, therefore, I, Franklin D. Roosevelt, President of the United States
America, pursuant to the request contained in the aforesaid public
do hereby designate April 10 of the present year as Inventors'
of
Month
of
organs
certed effort to
the
House
Congress
said
set
important
so
proclamation
a
Cancer
as
members of the medical
and
the
"to
of
and
(SEAL)
April
Governors
proclamations.
Upon
March 18 issued
on
month
Senate
whereby
States
In
to
the
resolution,
follows:
as
sesqui-centennial
that
Whereas
Trust
Treasury Department Circular No. 92, dated Feb. 23, 1932, as
amended,
is hereby further amended to
include obligations of public
housing agen-*
cies.
Paragraph 11, Section 203.7
(1), therefore, under the
"Collateral
vides
exercises
and
of
the
Mr. Olds to the New York gathering, the plan envisages
the co-called grid system jointly by the Federal Govern¬
private
transmission lines,
industry.
It
would
include
transformers and supplementary
■
about
2,500
equipment.
miles
of
The extent
Volume
to
The Commercial & Financial Chronicle
150
which the Government and the
ing the jproject remains to
Officials
be worked
with
conversant
industry would participate in the financ¬
the
as
out.
details
the
of
engineering problem that would have to be
the
industry
is
industry and
the
Until
futile
date
It
these
that
lend
to
upon
When
he
President
was
to
an
component
each
should bear.
participation
if
prospective
request
when
and
the
or
the
plan
authorized, it
was
*
the
all
subject at
that
business
conference in December,
press
a
existing
electric
industrial
and
theoretical.
and
Federal
then
There
power
was
thought,
no
under
courses
said,
he
the state
that
and
of coordinating
limited
of
private
national emergency
recently proclaimed.
In
issue
our
matter
had
was
15,
and
made,
3814,
page
it
reference
a
noted
was
the
that
the
to
committee
been
hibiting
the
to meet both peace-time and emer¬
on
year
without
travel.
from
also
paid
for its part in
I
read
that
please
plane
House
now
any
the
regulating air
opening
a
my
lines—be
is
indeed gratifying.
heartiest congratulations
field
he
closing
our
broad¬
March 26 complete an entire
on
single fatal accident
extend
nation-wide
a
Mr. Roosevelt wrote:
domestic airlines will
our
the air
in
Lake City,
boy,
pilot
to
last
every
President—and to
or
em¬
your
'
deeply impressed by reports submitted to
am
to
tribute to
personnel in the CAA.
the year
air
full
a
me
showing that during
domestic air lines have flown 87,325,145
revenue
miles—a
Fact-Finding Mission Abroad—White
Warns Against Speculation on Washington
Talk
v.;.
"
.
March 28 aboard the Italian liner Conte di Savoia
on
following his fact-finding tour of Europe.
He went to
Washington later that day and conferred with President
Roosevelt and Secretary of State Cordell Hull at the White
House.
The conference lasted oomewhat
details
than
more
an
been authorized
to warn them against any speculation on
meeting. He said he had been authorized to offer them
"friendly word of advice"—to wit:
Not to write yourselves out
the end of
on
limb
a
or
President
or
to
or
unimpeachable
the
reliable
or
Secretary of State
or
to attribute what
are
the President, Mr. Hull and Mr. Welles
allegedly authorized
the
discussing to any
sources
friends close
or
to the Under-Secretary
of State.
That
neither the
President
Secretary of State will have
to the press or to any
the
nor
Secretary of State
word to
any
of their friends
or
say
the Under-
nor
following their conference
to any one
anywhere.
When
approached by newspaper reporters with the arrival
of the Italian liner at Quarantine on March 28, Mr. Welles
refrained from comment, and declared that "any information
must come from Washington," and confined himself prin¬
cipally to the following remark (as given in the New York
"Sun").
;..
"
As
representative
greatest
of
President
described
was
Roosevelt,
wherever I went.
courtesy
mission
as
That
I
treated
was
be
to
was
with
the
expected.
My
'fact-finding mission,' and that is entirely
a
I had every opportunity to get the information for which
correct.
the
I
went.
Mr. Welles was accompanied by Mrs. Welles and Jay
Pierrapont Moffat, chief of the State Department Division
of European Affairs, and Lucius Hartley Johnson of the
consular service, who served as Mr. Welles's secretary.
The Conti di Savoia was delayed on March 22 at Gibraltar
for 13 hours when British authorities were reported to have
searched the ship for Dr. Hjalmar Schacht, German finan¬
cial expert, rumored as having been on board.
Mr. Welles
conferred with Dr. Schacht in Berlin during his trip there,
as noted in our issue of March
9, page 1519,
The completion of Mr. Welles tour of Europe was reported
in these columns of March 23, page 1871.
it
ernment.
results
President
Roosevelt
signed
executive
an
order
on
March 26
indicating important military places and objects
which may be photographed or mapped only with official
permission and censorship.
The order covers virtually
angle of the national defense and is effective at
every
Regarding
New
law
A
the
order,
York
enacted
Washington
"Times"
two
years
advices,
March
dissemination
general
do
to
from
of
photograph,
so
person
the
define
im¬
or
commander
and
them
map
of
the
President
to
the
post
makes
it
unless he
or
a
must submit the material "for consorship
crime
receives
station
or
against the
for
any
permission
concerned.
Then
The
prohibitions
proving ground,
"air
Commerce
such other
action
Act
of
1926,
fort,
locations
reservations"
space
naval
yard, station, district
extend
existing
harbors
to
established
under
closed
to
foreign
or
area."
"defensive
authority
of
the
vessels,
sea
Air
areas
and to "any commercial establishment engaged
manufacture of military or naval arms, munitions,
purposes
development
or
equipment, designs, ships
Aircraft,
"any military.or naval reservation, post, arsenal,
mine field,
restricted
required for fleet
the
cover
range,
the
Moreover,
areeas,"
of
achieved
the
trust
air
that
through
transport
we
814,906,250
may
passenger
all take pardonable pride,
can
cooperation
and
lines and workers
this cooperation
years
flown
passengers,
teamwork
in the
between
Federal
Gov¬
continue with like satisfactory
ahead.
i
Senate
Passes
$923,000,000 Farm Appropriation Bill—
Measure
$202,000,000 Above Budget Estimates—
House Sends Legislation to Conference—Secretary
Morgenthau on Treasury's Working Balance
The House
March 25 sent to conference with the Senate
on
1941 Agriculture
the
Department supply bill.
The bill as
passed by the Senate by a voice vote on March 22 carries
almost $923,000,000 in direct appropriations, which com¬
pares with a House-approved bill (passed Feb. 2) appro¬
priating $713,896,084.
In addition the Senate measure
directs the Reconstruction Finance Corporation to authorize
loans of $50,000,000 for farm tenancy and $40,000,000 for
rural electrification.
The major increases in the Senate bill,
which exceeds by more than $200,000,000 Budget Bureau
estimates, were an item of $212,000,000 for farm parity pay¬
ments to farmers, which was approved by the Senate by a
vote of 63 to 19 on March 20, and $85,000,000 for surplus
commodities, involving the food stamp plan and export
subsidies, which was adopted by a unanimous vote (79 to 0)
of the Senate
March 21.
on
During the debate on the bill on March 22 Senator Byrd,
Democrat of Virginia, who had engaged in a discussion with
Administration leaders
earlier last
week regarding the
Treasury's ability to pay the increased appropriations out of
working balance, presented a letter from Secretary
Morgenthau and a supporting memorandum from the Gen¬
eral
Accounting Office.
Secretary Morgenthau's letter
its
follows:
.
the Congress in January of this year It
In the 1941 budget submitted to
working balance on June 30, 1940, will b3
is estimated that the Treasury's
about SI ,011,000,000, a reduction of
$1,291,000,000 during the current fiscal
The Treasury does not segregate its working balances in the general
year.
fund to show its obligations on any particular
siders its total
any
working balance
as
class of accounts, but con¬
available to meet the demands made on
of these accounts as well as to the general and trust fund expenditures
of the Government.
In view of the large amount
the Treasury may be
of deman 1 obligations now outstanding which
called upon to meet, such as the checking accounts
credit agencies, &c., in the
the unemployment trust fund,
amounting to $1,640,000,000; special obligations issued for account of the
Postal Savings System and the Federal Deposit Insurance Corporation,
amounting to $142,000,000, and outstanding United States Savings bonds
with a redemption value of $2,700,000,000, it is felt that the estimated
deposits of governmental corporations,
amount
of over $400,000,000;
working balance of the Treasury on
President's budget will
June 30, 1940, as contemplated by the
be about as low as it can be permitted to go.
The Secretary's letter was supported by the
memorandum from the General Accounting Office:
The
general fund working balance, as of June 30, 1939, is
following
reported to be
the form of
In arriving at such balance, liabilities in
trust funds and the like were not
taken into consideration, and if there
is to
stated
will be subject to a reduction of $1,150,788,296.12, leaving an actual general
fund working balance of $1,664,225,114.93.,
If such balance is to be re¬
be reserved an amount equal to
duced to the extent
such trust funds the balance above
of $1,150,000,000, ds indicated in the
XXV, it will be brought down to the low figure
budget, page
of $514,225,114.93.
be
necessary."
The order, which comes with the approach of the fleet's war games in
the Pacific, applies to all minitary or naval installations and equipment
which are or will be classified as "secret," "confidential" or "restricted."
may
I
been
$2,815,013,411.05.
authorizes
information"
sketch
to
said:
ago
portant military places and objects which require "protection
person
once.
26,
has
through the
aggregate
Roosevelt Issues Order Limiting
Photographs of Military Areas
2,030,000
"
and
President
carried
personnel
were
the
you assume
find
hour
given out. While the discussion was in
progress, Stephen T.. Early, White House Secretary, sum¬
moned reporters to his office and announced that he had
no
miles,
truly remarkable aggregate.
Looking behind this record, in which
we
Under-Secretary of State Sumner Welles arrived in New
York
in
domestic
injury
serious
or
He
Authority
flying without
you
fatality
member.
was
Salt
news
of
Nation's
the
letter to Robert H. Hinckley, Chairman of the
a
which
The
praised
single
a
crew
or
In
CAA,
Return from
the
vessels
on
March 26 for their record of having flown
passenger
Will
President Roosevelt and Secretary of State Hull Confer
with
Under-Secretary Welles Following Latter's
as
Roosevelt
lines
own
to
persons
with CAA
ployee of
the
of photographs by
taking
President
gency power needs.
to
imprisonment for one
President Roosevelt Praises Airlines for Safety Record
of
Past
Year—Achieved
Through
Cooperation
year
a
or
passing through the Panama Canal.
facilities
but
$1,000
punishable by a fine of
are
both.
or
cast
necessary
by the order.
So also
models, photographs, contracts
covered
are
plans,
charts,
maps,
specifications.
Violations
year,
holding conferences
with
representatives
of
private utility systems during December to determine what
were
restricted,
or
documents,
Civil Aeronautics
Dec.
of
books,
or
production
power
requirements
shortage mentioned by authors of the grid idea was entirely potential
any
and
confidential
secret,
are
classified
are
On March 27 the President issued an executive order pro¬
was
authorizing legislation.
Finance Corporation would be
might
Reconstruction
aid
of
awaiting
of the
each
that
expense
Federal
emphasized
meet
problem
the
of
by
.
discussed
Roosevelt
adequate
of
Roosevelt
the
.
the
still
was
before the attitude
settled
phase
derived
it
problems could be solved, officials said, it
Federal
.
last
One
be
to
amount
President
explained.
was
related
the
assumed
was
called
benefit
proportion of
of
which
on
determined.
the
and
talk
to
be
could
determination
said
plan
]
2015
either existing or in the course of development, which
ment,
weapons,
or
vessels for the United States Army or Navy."
ammunition,
vehicles,
manufacturing machinery, tools, devices,
ships,
or any
instruments,
other army
or
engines,
navy
equip¬
appropriations carried in the Senate bill, as
are $498,560,000 for soil conservation, and
$90,000,000 of RFC loans for farm tenancy and rural
electrification.
Under date of March 22 advices from
Besides the
indicated above
Washington to the New York "Journal of
Commerce" said,
in part:
The
only fight in
around proposed
revolved
offered as riders
the Senate today concerning the measure
amendments to the Sugar Control Act
La.) and Senator Byrd (Dem., Va.).
Senator Ellender proposed to amend the law to permit benefit payments to
be made to sugar cane growers who exceeded their acreage allotments last
to the bill
year
by Senator Ellender (Dem.,
but was defeated 28 to 38.
Senator Byrd sought to limit amount of
The Commercial & Financial Chronicle
2016
individual sugar benefit payments to $5,000 and was defeated 23 to 46 and
again by
000.
Defeat Is Ezplatned
by the beet
into
law
sugar
the
appropriation
time to amend the
proper
Senate from the
was
due entirely to objections voiced
bloc against writing legislation amending the
bill.
sugar
Members
sugar
argued successfully
control
that the
law Is when the Cummings bill reaches the
House, but they could offer
when this
no assurances as to
might be.
The
latest
information available concerning the Cummings bill is that
absolutely nothing has been done about It by the House Agricultural Com¬
mittee
which
to
has not
measure
it
referred
was
when
introduced
two
weeks
ago.
The
yet been referred to the Government departments for
even
report and no date has been fixed for hearings.
.
.
.
Senator Adams (Dem., Colo.) who led the fight of the beet bloc against
the amendment said that he
offered to
is not
an
opposed to this type of legislation being
was
appropriation bill.
The
concern
of the beet people, he added,
the matter of benefit payments but over the effect than an addi¬
over
tional 60,000 tons of sugar would have upon the market.
Senator
Pepper (Dem.,
Fla.)
accused beet producers
.
.
.
of opposing the
Inquiry
The
Senate Foreign Relations Committee on March 27
approved a resolution calling for an investigation of foreign
propaganda activities disseminated in the United States.
The measure, which was introduced by Senator Clark,
Democrat, of Missouri, calls for the appointment of a sevenmember board to make the inquiry and appropriates $25,000
to conduct it.
The measure which was approved unani¬
mously, directs the inquiry committee to make "a full and
complete study and investigation of the activities of any
person, firm or corporation acting for any nation, by way of
propaganda or otherwise, having as their ultimate goal or
tending to cause, directly or indirectly, a change in the
neutral position of the United States in the conflicts now
being waged abroad."
+
Ellender amendment because they knew they could not get their amend¬
adopted,
ments
although,
he added,
merit to the arguments of cane
beet producers admit that there is
1940
Committee Votes for Investigation of Foreign
Propaganda—Approves
Resolution
Calling
for
Appointment of Seven-Member Board to Make
.
Defeat of the Ellender amendment
30,
Senate
of 27 to 37 when he attempted to fix the ceiling at $50,-
a vote
..
March
House
Subcommittee
Approves $15,000,000 Grant for
Polish Relief
producers for the Ellender amendment.
A subcommittee of the House
Senate Debates Resolution to Extend Reciprocal Trade
Agreements Law—Senator Pittman's Proposal for
Senate
Ratification
Roosevelt Said
to
of Pacts
Defeated—President
Oppose Senate Voice
The United States Senate
on
on
Tariffs
March 25 opened debate on
the
House-approved resolution extending the reciprocal trade
law for three years.
Senator Pat Harrison,
Democrat, of Mississippi, and Chairman of the Finance
Committee, started the debate, on the resolution as its floor
leader, with an appeal that the system be retained lest an
agreements
evential
world
trade
war
threaten this country with "an
Senator Pittman, Democrat, of Ne¬
vada, Chairman of the Foreign Relations Committee, the
leading opponents, said the program was unconstitutional
economic
Foreign Affairs Committee
preliminary approval on March 28 to a bill to authorize
the appropriation of $15,000,000 for relief work in Poland,
according to the Associated Press.
The subcommittee,
meeting in closed session, instructed Representative Kee,
Democrat, of West Virginia, to introduce a revised bill
drafted so as to make sure that the money would go only to
gave
those in need.
Former President Herbert Hoover appearing before the
Foreign Affairs Committee on Feb. 29 recommended that
Congress appropriate $10,000,000 to $20,000,000 for Polish
relief; this was noted in our issue of March 2, page 1358.
collapse."
because it does not
The
agreements.
House Passes
$1,021,639,700 Labor Department-Federal
Agency Appropriation Bill—Measure is
$55,651,058 Above Budget Estimates and $67,450,000
Security
provide for Senate ratification of trade
Above
agreements
really are treaties, Senator
and therefore should be subject to ratifi¬
vote of two-thirds of the Senate.
The Pittman
cation
by
a
amendment
defeated by the Senate yesterday (March 29)
by a vote of 44 to 41.
Senator Guffey, Democrat, of Pennsylvania, on March 25
defended
was
the
while Senator Davis, Republican, of
supported Senator Pittman's proposal for
pacts
Pennsylvania,
Senate ratification.
Following a conference with President Roosevelt, on
March 26, Senator Harrison said that "the President
is, of
course,
intensely anxious that the Pittman amendment and
Total
Recommended
by
Appropriations
Committee
Pittman argued,
The House passed and sent to the Senate
$1,021,639,700 appropriation bill for the
Labor
which
and
the
Federal
on
March 28 the
Department of
Security Agency.
The measure,
passed without
a record vote, is $67,450,000 above
by the House Appropriations Com¬
mittee, when the bill was reported to the floor of the House
on March 21, and is
$55,651,058 above the estimates of the
Bureau of the Budget.
The increase is made up of an ad¬
dition of $50,000,000 to the $230,000,000 budgeted for the
Civilian Conservation Corps and $17,450,000 to the $85,was
the total recommended
all others be defeated."
000,000 recommended for the National Youth Administra¬
Concerning Senate debate on the resolution on March 26,
Washington Associated Press advices on that date said:
tion.
The House voted these two increases on March 27 and
affirmed this action the next day (March 28) by approving
the CCC increase by a vote of 204 to 170 and the NYA
ap¬
Meanwhile
Western
support
for
the
speeches by Senator Pat McCarran,
Pittman
proposal
welled
up
in
Democrat, of Nevada, and Senator
Joseph C. O'Mahoney, Democrat, o£ Wyoming, questioning the consti¬
tutionality of the trade agreements act unless Senate ratification is added.
In another day of debate,
struck
"at
the
heart
of
Senator McCarran asserted that the system
constitutional
government" by removing
Congress the taxing power involved in changing tariff rates.
from
The debate on March 27 was taken
up by Senators O'Ma¬
honey, Democrat, of Wyoming, and Vandenberg, Republican
of Michigan, in opposition to the
program, and Senator
George, Democrat, of Georgia, in its support.
In his speech attacking the Administration's trade
policy,
Senator Vandenberg made these six
contentions, according
to the Associated
Press:
2.
It
is
estimates to $2,843,000 and on March 28 an attempt to in¬
crease the item for the Board
by $248,000 was defeated by a
vote of 160 to 90.
The amount recommended for the
Wage
and Hours Administration was reduced $1,080,000 to $5,105,000 and
an
March 27
attempt to restore $1,035,000 of this amount
was
driving the country to
a
voted down
by 148 to 115.
on
From Washington
March 28 advices to the New York "Herald Tribune" said:
After the House had voted the $50,000,000 increase for the
CCC,
sentative
Malcolm
M.
Tarver,
Subcommittee,
Democrat
estimated
limitation,
of
Georgia,
that
amount could be used because of a "trick"
It is "economic dictatorship come to America."
3.
•'which will
a vote of 221 to 157.
The Appropriations
Committee in reporting the bill reduced the total for the
National Labor Relations Board by $337,000 under
budget
Appropriations
The trade agreements law is unconstitutional.
1.
propriation by
only
Repre¬
Chairman of the
$23,000,000
proviso in the bill.
of
the
Under this
written order of Paul V. McNutt, Federal Security Adminis¬
a
trator, would be required to dip into the excess and then only in the amount
basis of uncompensated
low
tariffs
of
ultimately wreck us."
10% of the budgeted $230,000,000.
Other items in the bill included $421,000,000 for the social
security pro¬
War and post-war trade competitions involve
gram;
5.
It is not working and cannot work
mission.
6.
The alternative is to provide
4.
ous
a multitude of
danger¬
trade weapons which the agreement law cannot touch.
ity which
can
cope
as
intended.
Board,
and
$5,000,000
for
Employees'
Compensation
Com¬
"a concentrated foreign trade author¬
with all the external trade penalties which American
U.
export increasingly confronts."
Approval of the measure by the Senate Finance Com¬
was
reported in our issue of March 9, page 1525.
mittee
House Subcommittee
$32,000,000 for the Labor Department; $125,000,000 for the Labor
Retirement
Adds Amendment to
Limiting Campaign Funds
to
Hatch Act
$3,000,000
The United States
Supreme Court on March 25 upheld the
Puerto Rican law enforcing a constitutional
limitation of 500 acres on land holdings of agricultural
corporations.
Washington advices, March 25, to the New
York "Journal of Commerce" from which we
quote further
validity of
a
said:
The
Senate-approved Hatch Act, which would curb politi¬
cal activities of State employees
paid in whole or in part with
Federal funds, was approved by a subcommittee of the
House
Judiciary Committee on March 27 after a clause forbidding
national political committees to spend more than
§3,000,000
each in any campaign was added.
The amendment limiting
national campaign expenditures was not contained in
the bill
as it passed the Senate on March 18
(noted in our issue of
March 23, page 1858) but the Senate measure
included
S. Supreme Court Upholds Puerto Rican Law
Restricting
Amount
of
Agricultural
Land
In the Puerto Rican land
ownership
case
the Court reversed the decision
of the First Circuit Court of Appeals, which held the laws
designed to enforce
the
The
Territory's 500-acre limitation unconstitutional.
text
case
was
brought by the Puerto Rican Government against Rubert Hermanos, Inc.,
firm.
a sugar
Under the organic law for the Island it is provided that no
agricultural
corporation shall
for violation.
own more
than 500
The limitation
Justice
was
acres
of land but provides no penalties
established in 1900 and reenacted in 1917.
Frankfurter Issues Ruling
a
Justice Frankfurter, in delivering the unanimous opinion of the Court,
$5,000.
This
was
retained
by the House subcommittee.
Concerning other changes made by the House group, Wash¬
ington Associated Press advices of March 27 said:
said that when Congress enlarged Puerto Rico's powers of self-government
and reaffirmed the organic law containing the 500-acre limitation it
provision limiting individual contributions
to
amendment
surely
meant its action to have
as
It eliminated, however, two Senate amendments—one
by Senator Brown
(Dem., Mich.) to exempt employees of educational, religious, eleemosynary,
philanthropic and cultural institutions from the curb on political activities,
and another by
to
run
Senator Adams (Dem., Col.) to permit affected
employees
for office in party primaries without
resigning from their jobs.
significance beyond
"To treat the absence of
an
a
implied bar against local enforcement
gress a
mere
empty words.
specific remedy for violation of the restriction
dog-in-the-manger attitude bordering
measures
on
is to impute to Con¬
disingenuousness," he said.
In its issue of March 27 the "Journal of Commerce" said:
The decision of the United
Rican
land
law which
limits
States
Supreme Court affirming the Puerto
corporation
land
holdings to
500
acres
doe
Volume
affect
not
stated here
held
are
of leading
corporations in the island, it was
sugar
Land holdings of the corporations, it is understood,
yesterday.
in
partnerships
and
growers'
500
groups,
individuals
To affect holdings, the law would have to be extended to
partnerships.
these
of stock¬
comprised
associations
holders of the companies, and the law does not affect holdings of
or
which
among
are
Puerto Ricans, holding more than
many
decision against the tax was based primarily
on
Federal or State questions of law.
Justice Douglas said that if the State court invalidated the tax be¬
cause it violated the State constitution,
the Federal Supreme Court would
court
have
no
Supreme Court
Decides to Hear Argument
Bituminous Coal Act
On March 25 the United States Supreme Court decided
to review the constitutionality of the National Bituminous
As to this
Coal Act.
Washington dispatch, March 25, to
a
The
case.
on
Upon reconvening today following a two weeks'
than
more
previously argued and to
cases
given over to
recess
appeals docket in the
new
the Court handed down 16 formal opinions and disposed of
last 30 days,
for review of
of other cases by routine denial of petitions
a score
the decisions of lower courts.
Bituminous Coal Act, under which the Coal
Test of the validity of the
Division is
set
areas
beginning to put into effect minimum prices for specific
now
case
a
brought by Sunshine
Co., which operates in the Spadra coalfield in Johnson
Coal
Anthracite
has been raised in
in the law,
out
jurisdiction in the case, which means that arguments
The Court noted
heard and
be
questions raised.
decision probably rendered on the
a
The coal company which has not subscribed to or
the coal code has challenged the law on the
accepted provisions of
ground that the coal produced
high
of
should
court
the
and that the Act is an unwarranted
applicable only to code members,
delegation of Congressional authority.
dissenters
based
tax was
took the position
on
non-Federal
that
grounds
Supreme Court was without jurisdiction
the
over the
dismissed the appeal and should have
have
the Chief Justice said.
U. S. Supreme Court
That Philippine
Sustains Lower Court in Ruling
Government May Require Na¬
tional Banks To Pledge Assets as Security for
Deposits of Government Funds
Supreme Court sustained on March 25, a Circuit
holding that the Philippine Government
could require National banks in the United States to pledge
assets to secure the repayment of Island Government de¬
posits. Associated Press advices from Washington, March 25,
The
decision
Court
indicating this, added:
The action was based on a decision delivered earlier
and Justices McReynolds and
funds now
recover
the
Columbia banks.
in the day involving
Chief Justice Hughes
Roberts dissented.
Pittsburgh, Detroit and Washington had sought to
receivers in
Bank
deposit in the Chase National Bank of New
on
York in
of the Treasurer of the Philippine Islands.
name
In its further advices that the
tax is
Spadra field is anthracite and not covered by the Act; the 19
in
invalidation
reason
Government deposits in District of
County, Ark.
will
grounds.
the -other
and
permitted the State court decision to stand,
the New York "Journal of Commerce" said:
consideration of
Hughes
court
that
while it would have such review power if the
Federal
on
Justice
for
its
of review,
power
State
and
whether
rested
decision
the
♦
S.
opinion
Chief
acres.
U.
2017
The Commercial & Financial Chronicle
ISO
the set-up
Supreme Court had ruled
National bank may pledge its assets to secure deposits
of Federal agencies, the Associated Press had the following
that
a
to say:
Court Upholds Oklahoma Law Taxing
National Banks Received From Tax-
U. S. Supreme
Income of
tax law
Oklahoma
1935
a
Court sustained
which levies
a
March 25,
on
income
tax on
banks on Federal Government securities
made tax-exempt.
The "Daily Okladecision from
Washington, March 25, said:
received by National
which Congress has
homan" of Oklahoma City, in reporting the
to the
In this case the majority decision was delivered by Justice
and
participate.
"This practice (pledging of assets to secure Government deposits) had
the approval of the Comptroller (of the Currency) because he believed it
within the scope of the National Banking Act," Justice Frankfurter
"Even constitutional power, when the text is doubtful, may be established
while
Frankfurter,
Chief
Justice
Hughes
and
Justices
Roberts
McReynolds dissented and Justices Reed and Murphy did not
by usage."
delivered by Justice Murphy, his first since being appointed
The opinion,
bench, affirmed a ruling by the Oklahoma high court
the 6%
(D. C.) banks had sought to recover
derived from the sale of securities pledged by the banks to protect
the deposits.
Exempt Federal Government Securities
The United States Supreme
The receivers of two Washington
money
which held that
levy was not an income tax but a franchise tax measured
Patentees May Not Fix
Supreme Court Holds
S.
U.
by net
Prices
income.
The tax
discriminated
Government,
financial
securities
and
against
violates
institutions,
the
denied the inherent
National
tax-free
favor of other
Government
in
of
constitutional power of Congreess to
the credit of the United States.
borrow money on
than $6,000 in taxes for 1936 and sought recovery.
The bank paid more
From United Press accounts from
we
banks
provisions
of the Federal
Washington, March 25,
take the following:
argued that Congress long ago placed
which
income
specifically allows taxes to
be "measured by" net
"from all
provides that such income shall include revenue
and
National
Legislation has
special status permitting States to tax them.
enacted
sources," it said.
Court declared the levy was a "franchise" tax
The Oklahoma Supreme
from
distinct
as
an
down
income tax, and that legal precedents for
supported the view that tax-free obligations may be included
a tax.
Justice Murphy's opinion upheld that view.
franchise of
80 years
in computing
yond the oil industry" and that it was the "most important
on
the subject of the use of patents to restrain
trade that has ever been handed down
the
be doubted," he
of
quiring jobbers to procure licenses in order to
measured
by net
Federal instrumentalities or
assets
net
or
♦
U.
S.
Ruling
Court Vacates
Supreme
Minnesota
on
Chain Store Tax
vices of March 25 from Washington said:
the decision of the
vacated
decision,
Supreme
Minnesota
holding invalid Minnesota's tax on gross receipts of
chain stores.
The Supreme Court, however, did not rule on
Court
constitutionality of the law, but returned it to the State
Court for a clarification of its ruling.
A Washington dis¬
the
March
patch,
25,
the
to
New
York
"Herald
Tribune,"
added:
decision
The
handed
was
down
in
an
action
by the
State
of Minne¬
Tea Co. and Allied Stores Corp.
Chief Justice
Charles Evans Hughes and Associate Justices Harlan F. Stone and Owen
J.
Roberts
dissented
from "the majority opinion delivered by Justice
sota
against
O.
William
The
on
the
gross
National
Douglas.
brought solely
of past levies, which ranged from one-twentieth of 1% on
Minnesota
validity
statute
was
repealed
in
1937
sales of $100,000 or less to 1 % on sales
Minnesota
was
exceeding $1,000,000.
State Court Ruling
V
The
and
originally had levied a progressively increasing tax
law
ten and, in
The State Supreme Court had
previously ruled that the portion of the law taxing stores on a unit basis
was
valid, but had ruled invalid the gross sales tax.
/
The State contended in its appeal that the gross sales tax is a valid
exercise of the police power of the State to restrain what it considers
undue expansion of chain stores.
It argued that the Legislature had de¬
termined the growth of chain stores to be an economic drawback to the
State and that the tax was a proper means of preventing further spread.
National Tea and Allied Stores attacked the impost and defended the
State court decision before the United States Supreme Court.
They charged
that the law
was
"arbitrary" and "discriminates" between chain stores
chain
on
addition,
and
based
stores
the tax
on
on
gross
the number of stores in excess of
sales
up
anti-knock
make
The
Supreme Court,
in
the
gross
further consideration
the constitutional questions in¬
the State court for
the.grounds that it was not clear from the State
in not passing on
sales tax, remanded the case to
on
fuel
123 refiners
with
of licensing 123 refiners to
patented tetra-ethyl lead fluid.
its
of all gasoline sold in this country.
handle 88%
The
restrictions upon their use of the fluid, one of
anti-knock gasoline muBt be sold at a certain
fixed price increase over other fuel.
Jobbers are required to apply for
licenses through the refiners.
The decision, written by Justice Harlan F. Stone, said that these li¬
censes
went beyond mere protection of the Ethyl patent monopoly and
license
impose
which
of
various
provides
that
the corporation
the
"dominion
over
the jobbers' business" and control
prices.
the leverage of its licensing contracts resting on the fulcrum of
patents," Justice Stone said, "it has built up a combination capable
and actually used, as a means of controlling jobbers' prices and
"By
its
of
use,
suppressing competition among them."
He added that "this attempted regulation
the
of
tices
jobbers," which the Ethyl Co.
of prices and market prac¬
could not legally bring about
by contract, could not lawfully be done by "manipulation."
Assuming that the company, as owner of a patent, could issue or with¬
hold licenses to jobbers at will, the decision said, "it does not follow that
it
lawfully
can
exercise
that
power
in
of the
limits
patent monopoly.
"Conspicuous
and
the
as to control thq
jobbers who had pur¬
ways not within the
such manner
patented commodity in the hands of the licensed
chased it, or their actions with respect to it in
among
such
controls
patent law does not sanction
which
the Sherman
law prohibits
is the regulation of prices and the
suppression of competition among the purchasers of the patented articles."
The Justice Department now is engaged in a campaign against alleged
use
of
patents to establish restraints of trade.
A case
industry is pending at Cleveland and another,
container
position hardboard industry, was
against the glass
against the com¬
filed two weeks ago in New York.
to 1%.
independent merchants.
volved
decision, the Court held that Ethyl Corp. was violat¬
unanimous
its
ing the Sherman Anti-Trust Act by its system
gave
Supreme Court on March 25 in a split
Tlie United States
handle the
In summarizing the ruling, Associated Press ad¬
product.
The
subject, such as a
income including tax-exempt
their income is likewise well settled."
of a State to levy a tax on a legitimate
"The power
Jus¬
enjoined the corporation from re¬
trict of New York, which
said.
franchise,
by the Court."
which affirmed a ruling
the United States District Court for the Southern Dis¬
the decision,
Stone delivered
tice
In
of Congress to authorize a State to impose a tax on
National banking association cannot now
a
monopoly to control their products after
legal
they have been received by the dealers, and also that they
may not impose restrictions fixing prices.
The case con¬
cerned the Ethyl Gasoline Corp.
Assistant Attorney Gen¬
eral Thuran Arnold said that the principle went "far be¬
such
"The power
their
tend
Supreme Court on March 25 handed
that patent holders may not ex¬
States
decision holding
a
decision
The State, in its defense,
banks in a
been
United
The
attacked by the Tradesmens National Bank of Oklahoma
was
City on the grounds that it impaired the borrowing power
U. S. Circuit Court of
in
Appeals Holds Federal Employees
District's Per¬
Is Claimed Else¬
Washington Are Not Subject to
sonal
Property Tax if Residence
where
Employees of the Federal Government living in the Dis¬
trict of Columbia, who claim legal residence in some other
jurisdiction, are immune from the District's tax on in¬
tangible personal property, it was ruled on March 11 by the
United States Circuit of Appeals for the District.
It was
believed that the decision might also exempt between 75,000
and
100,000 Federal employees from the
District's income
EL 2018
The Commercial & Financial Chronicle
From
tax.
Washington advices to the New York "Times'1
of hardship, was expressed on March 26 by
Secretary
Agriculture Wallace, who testified before the House
Agriculture Committee.
The bill would reduce the interest
of
Today's decision reversed a finding by the District Board of Tax Ap¬
peals rejecting a claim of James J. Sweeney, a Department of Justice
attorney, for refund of 88 cents in taxes paid in 1938 and 1939 on in¬
personal
property.
Although
Mr.
Sweeney has
been
The
in
chusetts
to
"One
to
in
who
render
State
unless
the
the
in
he
announced
intention
of
the attempts of
necessary
district,"
Massa¬
the
district
the decision set forth, "and remains
which requires his presence here may
the government
domicile
terminates,
if
courts
the
State
from
clear
evidence
gives
which
he
of
comes
his
until
intention
the
to
in part:
One fact which
service
forego
stock
conclusion, we think, is supported by sound policy, the clear
judicial authority,, many instances of Congressional recogni¬
principle, and the long-established custom and practice of other
officials and departments.
tinuity
the
of
principle
State
theoretical
more
"The
stated
domic-ilization
privilege derived from
of
is
privilege,
the
than
of
in
during
dutl
form
practical
the
of
be
overcome
it.
by
proof
be
overthrown
mere
ambiguous showing of
or
presumption
In
far away, and they looked on the
of
con¬
presumption
the State
case
long
5%
was not
But to most
impaired, he could
men
in the
as gone
that time seemed
same way
they looked
their 2% as gone when paid to the local loan
agent on a 5-year private
on
loan.
Furthermore, in
many cases, the farmers did not take any real interest
active part in their local "national farm loan associations."
The farmer
directors passed on the character of applicants for loans and
made appraisals
of the value of the land offered as
or
The
either
of
In the typical case, the borrower knew that at the
end of
sell the stock and get his money back.
employment, or of
is perhaps a matter
government,
could
not
a
Federal
waived.
require strong evidence to
formance
of
as
33 years, if his loan was paid up and his stock
consequence.
could
course,,
terms
its sponsors
as
Many farmer borrowers regarded the requirement of buying
just a form of commission which they
ha£ to add as part of the cost
of their loan.
of
in
"Whether
25 years of experience with the Land Bank
system has
had hoped.
"This
weight
our
demonstrated is that the cooperative feature did not work out
his
allegiance.
tion
Federal Land Bank and Land Bank Commissioner
3%, as compared with the present rates of 33^ and
4%, respectively.
Mr. Wallace said that the provision for
reducing interest is "a highly desirable objective," but he
refused to estimate the amount by which the rates could be
lowered by refunding present obligations and
by a Federal
guarantee of future issues of Land Bank bonds.
He
said,,
legal
Massachusetts.
to
comes
service to
his
retain
supplements
the
of
on
loans to
throughout the period.
today
resist
"inhabitants"
tax
to
Boston
decision
rate
employed in
Washington since 1918, his claim stated that he had maintained his
residence
1940
30,
cases
March 11, we quote:
tangible
March
residence
would
domicile
during
security.
per¬
vision of the loans
intention of change."
But from that point
on, super¬
almost completely in the hands of the
regional or
was
Federal Land Bank officials.
,
The farmer members and directors of these associations
could not control
the fluctuations in farm prices
Department of Justice Prohibits Use of Wire Tapping
in Obtaining Evidence
Acting
tor of
eral
Federal
Jackson
of Justice will
Bureau
March
on
17
Investigation, Attorney Gen¬
announced that the Department
March
1857,
by
20,
farmer borrower to keep such watch
In
Senate
in
voted
these
for
columns
March
23,
by its
Committee on Interstate Commerce, of wire
tapping and
listening devices.
Iri its advices from Washington March
17 the New York "Times" said in
part:
Attorned General Jackson noted today that
"advised
Mr.
put himself
record
on
as
against
kidnappers, extortioners and
changed the law to make it possible.
From
F.
the
Stone
tapping
time
until
of
1931
its
Hoover
had
twice
Mitchell pointed out to
practiced
was
racketeers,
Attorney
in
the
but
under
General
Bureau
use
not
Attorney
William
of
of
wire-tapping
unless Congress
General
D.
Harlan
Mitchell,
Investigation.
In
wire¬
1931
Mr.
a House Appropriations Committee that
since wire¬
by the Prohibition Enforcement Bureau it might as
well be used by the FBI and amended
the rules
The rule which prevailed prior to 1931 has
to
now
permit it.
been restored.
Wire tapping, entrapment, or the use of
any other Improper
or unethical tactics in procuring information in
connection with Investigative
activity will not be tolerated by the Bureau."
States
of
restoring
District
this
rule,
together
with
instructions
to
United
Attorneys and Justice Department attorneys to refuse
agencies where evidence has been obtained by such tactics,
been taken "in order that the rules
governing the FBI shall conform
to the decisions of the
Supreme Court in recent cases, which have held
interception and divulgence of any wire communication to be forbidden
by
Handles
All
1934."
Prosecutions
The
Attorney General noted that while other government
agencies con¬
investigations under some Federal laws, all their cases were
pre¬
grand juries and courts by Department of Justice
attorneys.
his announcement
today Mr. Jackson stated:
am
informed by the director that this
authority has been very little
and only in cases of extreme
importance: that without the use of
"I
used
tapping
several
kidnapping
that wire tapping has
never
Congress
or
had been
would
cases
been used
in
not
have
minor cases,
been
nor
on
lodged against him.
"In
is
view
of
fair
to
only
show
wire
officials
that
the
any citizens
except where charge
ings, but
Hoover
to
occasions
of
a
and
members
grave
of
crime
presumably
had
operated
in
Germany
unlimited liability—probably did not
operate in the
thousand in the United States.
Another fact which stands out
as
result of
a
with the land banks is that when interest rates
the farmer borrowers have trouble
is
where
was
a
25 years of experience
our
farm loans
on
there
of one farmer in
case
are
repaying their loans and the
jeopardized.
too
high,
entire system
.
All governments are, or ought to
be, interested in the welfare of all the
farm
people, and in helping farm people to cooperate with each other
accomplish sound objectives.
All governments are,
ested in working out a sound basis for
or
to
ought to be, inter¬
reasonably low interest
rates.
In
indicating his views regarding the various sections of
(H. R. 8748) Secretary Wallace stated that "the
provisions of Section 16 abolishing foreclosure
proceedings
bill
causes me some
Under
this
Federal
concern."
provision,
no
He went
personal
on
to say:
liability could
be enforced against
if he conveyed the mortgaged property to the Land Bank or
Mortgage Corporation.
The only qualification now con¬
any mortgagor
Farm
tained in the section is that the Governor
might require such mortgagor to
the amount of any damages to the mortgaged property
resulting from
or negligent act of omission of the
mortgagor.
It seems to me
the wilful
that the committee might consider
making the mortgagor personally liable,
in any event, for any interest on the
mortgage debt while the
state
he
has
of
indiscriminate wire
that
the
advised
tapping.
records
of
this
operated
tapping, it
Department
strongly against extension
of
"In
March, 1939, he advised this Department to
oppose a bill pending
Congress to legalize wire tapping, and stated his
view as follows:
in
even
other—Which
pay
solved;
with this
special effort only 17 or 18% of the farmer stock¬
holders have been attending stockholders'
meetings.
The cooperative principle, with the farmer
borrowers checking up on each
property was
widespread charges
Mr.
two
on
or
made.
The only contact which most farmer
stockholders have had with their
association is at the time of the annual stockholders'
meetings.
In the last
few years special attempts have been made to stir
up interest in these meet¬
the
ducted
wire
were
international consequence have resulted in situations
far beyond the
even
sented to
In
bad loans
farm loan associations that these asscoiations have
suffered losses of capita
investment, and have been unable to perform the service in the credit field
that was originally intended.
Circumstances of far-reaching national and
cases
other Federal
has
the terms of the Communications Act of
no
or to any lack of
diligence
good judgment on the part of the officers and directors of the
national
or
It reads:
illegal
action
that
see
It is not due to any lack of spirit of
cooperation
"Unethical tactics:
This
such pressure.
control of local groups.
approving the
reorganization
under
not authorized
was
tapping
Mr.
strongly" against extension of wire tapping.
Jackson
or exert
counties, of course, the farm loan association members
have
active and genuine interest in its affairs, and have
been extremely
an
careful to
investigation
an
hoped the
genuine interest
few
a
taken
reported
as
the
a
keep watch of their neighbors
and bring pressure on them if they were
delinquent, the experience of the
last 25 years has been that the
possibility of losing his 5% of stock (plus
another 5% for which he was liable up to
1933) did not cause the average
ing to do with laws governing the income tax, narcotic, mail
On
of those who had
some
5% stock ownership would give the farmer borrowers
fraud and alcohol tax.
page
factors which in
in their association and would lead them to
no
evidence
the
unsoundness of the mortgage loans
And, contrary to the expectations of
of
longer permit the use of wire tapping to
any Government department.
This re¬
striction, the announcement said, would apply to cases hav¬
obtain
or
they had recommended.
the recommendation of J. Edgar Hoover, Direc¬
on
the
and farm land values
the main determined the soundness
'While I concede that the
telephone tap Is from time to time of limited
value in the
Investigative field, I frankly and
sincerely believe that If a statute of this
were enacted the abuses
arising therefrom would far outweigh the value
which
might accrue to law enforcement as a whole.'
by the mortgagor, Which had
possession of the farm.
It
seems
not
been
paid by him
to me that cases will
mortgaged property
as
long
as
possible, with
no
while in
undoubtedly arise,
from time to time, in which an
unscrupulous mortgagor will
keep hold of the
intention of meeting the
mortgage debt, and who might take advantage of the proposed
provision
against deficiency judgments by making no payments whatever for the
period preceding his abandonment of the farm.
criminal
In
kind
"Upon
sustain
another
in the
occasion
serious
the
which
eermg,
a
is
that
arises
the good
"In
it
cases,
Bureau
he
advised
this
Supreme Court the practice
"Notwithstanding
it
believed
the
from
will
the
where
the
class
Department
against
trying
to
wire tapping.
handicap the FBI in solving some
extremely
by the Attorney General and the Director of
and suspicion of the law
enforcing branch
discredit
occasional
which is likely to
limited
of
of
come
cases,
telephone
is
use
of
wire
tapping
more
than
offsets
the
it
is
The provision
1.
as
kidnapping,
usual
means
extortion
and
racket-
of
conveying threats and
opinion of the present
Attorney General as it was
of Attorney General Mitchell
that wire
tapping should be authorized under
seme appropriate
safeguard.
Under the
existing state of the law and de¬
cisions, this cannot be done unless
Congress sees fit to modify the existing
statutes."
information,
legislation touches in any way on the cooperative features of
the production credit associations * oe the banks
for co¬
operatives."
As to the specific provisions of the
bill, Secretary Wallace
expressed his views in part, as follows: *
of it.
such
discussing the details of the legislation, Secretary Wal¬
nothing in the proposed
lace undertook "to make it clear that
for reducing interest rates
on
Land Bank loans and
Land Bank Commissioner loans embodies, in
my opinion,
objective.
the
2.
I
.
.
a
highly desirable
.
impressed with the desirability of the reamortization provisions
of Section 15 of the bill.
In my opinion, it is netiher sound
banking policy
nor
am
sound public
his loan within
policy to require the borrower
so
short
period
a
to repay
the principal of
as to
require the mining of the property,
buildings, and the loss by the borrower of the very oper¬
the neglect of farm
ating capital which he must have in order successfully to carry
Liberalization of Farm Credit Act
Approved by Secre¬
tary Wallace—Tells House Committee
that Measure
to
Lower to 3% Interest on
Land Bank Loans
Would Be Beneficial
General
endorsement of
the
farm
credit
plan designed to give Federal Land Bank
borrowers lower
interest rates, and to
readjust both principal and interest in
3.
farming
in
The refinancing provisions contained in Sections 10 to 14 also
embody,
my
opinion,
a
sound
policy from
equaUy from the standpoint of
4.
a
the standpoint of agriculture, and
really sound farm credit policy.
The provisions of Section 8, which look towards the
tional
reorganization
on
operations.
functions
in
national
farm
loan
associations,
vesting of addi¬
seem
to
me
highly
desirable.
5.
The provisions of Section 14
embody a desirable policy
.
(a) for favorable payments also
seem
to
Volume
6.
The Commercial & Financial Chronicle
ISO
The provisions of Section
14 (b), authorizing the Governor to adjust
uneconomic farm units and to make repairs necessary to
working condition
7.
seem to me
8.
1
farm loan associations,
without
of Section 6 for the re¬
and
and particularly the provisions for the retirement
regard to impairments resulting from losses by other borrowers
The House
March 18 had passed a bill
on
the existing 3*4
freezing for five
4% interest rates in Federal
and
Land Bank and Land Bank Commissioner loans.
This bill,
originally introduced by Mr. Jones, would have pegged
limiting them to
the rates permanently but an amendment
five years was adopted.
S. Goss, who recently resigned as
Commissioner, criticized the farm credit bill,
contending that it would encourage farmers to refuse to repay
their loans.
Appearing before the House group, Mr. Goss
said that the bill, which forbids deficiency judgments against
Land Bank borrowers, "destroys the principle of personal
responsibility, which underlies all sound credit policies."
His resignation as Commissioner was reported in our issue
of March 23, page 1871.
Bank
be
Minimum Coal Price Schedule for Western Area Recom¬
mended
by Department of Interior—-Represents
First Important Step in Three-Year Study
Another step in the Administration's three-year effort
March
on
Department
to
taken
in the bituminous coal industry was
when
24
of
Bituminous
the
Interior
the
Division
Coal
tentative
first
announced
the
of
schedules of minimum
prices covering approximately 1,000
miles in the Rocky Mountain and Pacific Coast States.
It
which fuel
at
approximate the same general level
sold last year in the same area.
Point¬
was
ing out that the prices are for coal at the mines and repre¬
recommendations by trial examiners,
sent
from
accounts
The
completion
While
will
and
be announced
examiners
coals
soon.
this
not
was
based
natural
instances
Government
theorv
the
its
basis."
fair
a
on
the
this
would
that
of below-cost coal
From
Division
sales.
Washington
1
The
general
minimum
the
"Wall
to
Schedules
Also
fair
to
time
the
and
adverse
first
the
schedule
final
step
was
will
the second time in
mark
forced
decision
the
their
revocation.
by
markets
commission
the
in
and
price
formulation
ation, it
domestic
the
of
minimum
schedule
the
for
the
used
transfer
Reorganization
functions
its
to
the
Act
range
to
as
of
of
sta¬
commercial
mines
whole continued to
a
this net over-all
year
latest
amounted
deficit
time
same
forms of
fuel
price schedule
minimum
will
in their
markets
natural
safeguarding
and
expresses
for producers their exist¬
preserve
the
energy—such
a
oil, natural
fuel
as
"on
public.
consuming
the differences in transportation methods
as
coal producers
upon
given full consider¬
were
stated.
was
report
by
Commission
the
that
states
the
prices
based
are
district
industry
"with
the minimum
upon
boards
the
and
old
modifications, deletions and additions
required and sustained by substantial evidence at the hearing."
The
report stated that
producers
the
showed
sales
less
Some price
wide
invoices
the
cases
sold
at
higher
the
from
prices
documents
than
more
valuable
as
are
the various
by
inexplicable
generally
and
filed
in
ranges
identical coals and showed repeated instances
coals
deducible
reasons
some
"extremely
prices of
valuable
in
prices
Bituminous
such
in which
ones,
for
no
themselves."
differences did not reflect relative values of coals but rather
such
factors as the bargaining power of particular consumers, dumping of
surplus sizes, price-cutting, "distress" sales and "in general the demoralized
conditions
To
of
the
ferences
the
industry," it
weighting
between
of
the
vailing during last
stated.
was
these
factors
occasional
dif¬
prices and the actual prices
pre¬
ascribed
was
proposed minimum
some
year.
*
Corporations—Contains Data
The
Securities
and
Nine Industries
on
Commission released on
March 19 Volume II of the Survey of American Listed Cor¬
porations, a 380 page book containing nine industry reports
covering 142 corporations with aggregate assets of $13,000,000,000 having securities registered under the Securities
Exchange Act.
The Commission states:
upon a
of
Exchange
a new
series of reports to be made available based
Work Projects Administration project sponsored by the Commission.
These reports in most cases cover information
for the five years 1934 through
1938 filed by these companies previous to June 30,
are
included in this book
1939.
The industries
are:
Aircraft and aircraft equipment.
Non-ferrous metals and their products, including smelting
and refining
(companies having assets over $20,000,000 each).
assets
producing facilities (companies having
$50,000,000 each).
over
Chain grocery
and food stores.
Dairy products.
Department stores (companies having annual sales over 10 millions each).
producers and distributors.
Copies of this publication, as well as of Volume I previously
released, may be secured without charge by request to the
publications unit of the SEC in Washington, D. C.
Issuance
a
mine prices
to
(retail sales not covered)
rail shipments to certain
pro¬
from $4.40 for
District
coals.
Colo.: District
coal
17
prices
16 prices for 21/£-inch
the Louisville coals to $3.20 for the
for 3-inch lump for this destination
Oak Hills and Canon No. 1 coals and $3.85
Canon No.
2 coals.
District 17 prices for
$4.10 for the Walsenburg,
for
the
Mount
slack
1%-inch
District
Harris
from
16
and
Mount
Harris,
prices for that size
Oak
Hills
and
Walsenburg
are
$1.70
shipments
to
Boise,
Idaho:
Above Year Ago—Total of $16,866,000,000 Is
Only $178,000,000 Under Largest Amount Ever
Reported—Deposits Increased 13%—Comparative
Statement of Assets and Liabilities
Loans
mercial
shipments
19,
from
coals.
$3.35
One
prices for 5-inch
for Rock Springs coals, to $3.00 for the Hanna
five-eighths inch slack from these sub-districts
to
and
for shipments
Cheyenne,
to Butte,
Wyo.:
District 19
from $3.75 to $4.00 and for 1^4-inch from $1.00 to $1.10.
for shipments to Portland, Ore.: District 23, 3%-ineh lump prices
$3.75 for southwest Washington coals, and $4.15 for sub-district Renton
these sub-districts.
and
$3.55
respectively for
District 19, 5-inch lump is priced $3.65 for the Kem¬
for the Rock Spring coals.
One and five-eights inch
screenings
are
13,535 insured com¬
by $842,000,000, or
by
reported
in amount
larger
were
on
Dec. 30,
1939, than
25
on
since the
inauguration of deposit insurance.
The
priced
$1.85
and
$2.75
Chairman
by
statement
comparative
of assets and liabilities of
Corporation also
all insured commercial banks issued by the
revealed
the
Total
significant
following
months ended
Dec.
increased
deposits
changes
during
the
12
30, 1939:
$6,298,000,000,
or
about
13%,
during the
$56,076,000,000, 'the highest ever reported to the Corporation.
attributed chiefly to inter-bank redepositing,
the influx of funds trom abroad, and increases in loans and securities of
period
to
The continued growth may be
on
of
Deposits of individuals, partnerships and
banks.
demand,
which
domestic
deposit
2.
Mont.: District 22 prices for 2-inch lump
Prices
Two-inch
discounts
March
priced $1.85 and $1.50 respectively.
Prices
and
banks
Dec. 31, 1938, it was an¬
Leo T. Crowley of the
Federal Deposit Insurance Corporation.
Outstanding loans
of these banks totaled $16,866,000,000 on Dec. 30, 1939, an
amount only $178,000,000 smaller than that reported on
June 30, 1937—$17,044,000,000—the highest figure reported
5%,
the
for
range
Rawlin
mercial Banks
000
1.
District
respectively.
Prices
3, page 763.
Reports Loans and Discounts of Insured Com¬
on Dec. 30, 1939, Increased $842,000,-
FDIC
$1.80.
are
6-inch Kemmerer
lump coals, $3.65 and that size of Rock Springs, $3.55.
One and fiveeighths inch screenings from those coals are priced at $1.85 and $1.75
for
Prices
of the first volume was noted in our issue of Feb.
nounced
Denver,
are
merer,
the
at
other
co-ordinated
Goal
to
Interior De¬
making another try at developing
was
applicable
as
shipments
lump
Jefferson
coals.
method
Modification of Early Schedule
The
but
process,
follow:
Prices
range
while
charges and their effect
In
Examples of Prices Proposed
are
decades
two
advanced.
Roosevelt
President
1939,
old
Examples
are
3,000
approximately
one
accompanying the
report
Motion picture
examiners' reports,
the
"co-ordinated"
lump
In
and hydrO-power—as well
but violent opposition from some sections
court
while the commission
price policy.
partment
and
1929
deficit.
net
a
Competition of
gas
and
was
coal,
no
July,
posed
at
basis"
another abortive attempt in 1939 by the old Com¬
determine "weighted average costs" for producing and selling
there
bituminous
abolish
and
1923
ing competitive opportunities to sell coal
Drafted,
almost completed and will be issued
are
schedule
proposed
price schedule;
industry
mission
In
nearly
acceptable
an
since
minimum
addition,
•that
for
Chain variety stores.
the enactment of the Coal Act that minimum prices
been officially promulgated.
In December, 1937, the old Bituminous
Commission, then an independent agency, announced marketing rules
the
of
the
of
years
a
outgrowth of
likely
the
to
^
Adoption
Coal
more
$50,000,000.
the actual
Mountain and
shortly.
have
seems
Mail order houses.
stated that the remaining portions of
covering other production areas,
the
Was
investigations
private
down, and from 1924 to 1939 the industry
The
1939.
Other
three
itself
Act
and
the opinion that the suggested prices
approximate
Coast
was
Coal
Between
closed
and
resources
Street Journal"
Pacific
during
It
bilizing the industry, although the need for stabilization was widely recog¬
in part:
recommended
repre¬
it will be the first
so,
Gray
Oil refiners and distributors with
prices at which bituminous coal was sold at Rocky
It also
1937
nized.
■
bureau the
prices
natural
average
mines
Director
congressional
prices,
minimum
by preventing destructive com¬
-
But if
will have numerous exceptions filed
recommendations, which may delay final promulgation.
examiners'
which
fix
to
conserve
of March 25 had the following to say,
and
because
their
empowering
Act,
on
markets
by the district boards
upon
price stabilization policy.
a
on
This is the second group
both the industry and the workers
petition
In
in all
true
believed
they
reported
their
in
Coal
protect
them on to
to
preserve
was
noted that
agreed
nearly three decades that the industry has agreed within itself and
the government
hearings,
of
pass
recommendations,
"in
safeguarding the
interests of the consuming public, will
to producers their existing fair competitive opportunities to sell
The
addition
The
who will
those
are
Rates
on
large percentage of these prices proposed
a
generally satisfactory to the industry.
circumstances."
"peculiar
their
months
many
Gray,
saying that the schedule approximated generally the present price
levels, the Division
of
upon
A.
that
SEC Issues Volume Two of Survey of American Listed
will be
Harold
L.
Ickes, Secretary of the Interior.
Before the prices become final the
mining companies will have an opportunity to file exceptions.
Recommendations covering other ateas, the examiners said, are nearing
based
Howard
Director
to
respec¬
Associated Press
Washington, March 24, said:
recommendations,
submitted
area
with
said that the prices
was
western
time in
as
stabilize prices
$2.00
senting the affected producers, and therefore predict that the schedule will
operate
On March 22 Albert
Land
the
claim
officials
that
through the local farm loan associations.
years
Division
for
also inclined to approve of the provisions
tirement of the presently outstanding capital stock of the Land Banks
$1.85 and
priced at
are
Claim Producers Agreed
highly desirable.
desirable policy.
a
am
2019
those sub-districts
from
tively.
place the farm in
The provisions for the abolishment of joint stock liability also seem to
embody
as
screenings
and
increased
foreign
$3,720,000,000,
banks
showed
or
the
corporations^' payable
almost
greatest
16%, and deposits
increases in the
items.
Cash
and
funds
due
from
banks
showed
an
increase
for
the
year
of
amounted to $21,876,000,000 on Dec. 30,
1939, the highest
on record.
3. Holdings
of United States Government obligations and obligations
$4,700,000,000,
or
27%,
figure
and
guaranteed by the United States Government increased by $1,061,000,000,
or
7%, and
4.
to
amounted to
$15,567,000,000.
Holdings of obligations of States and
$3,285,000,000
on
political subdivisions increased
Dec. 30, 1939, a gain of $274,000,000, or 9%, during
The Commercial & financial Chronicle
2020
the year.
10%,
5.
Reserve
banks,
during the period.
of other real
Holdings
used
bank premises,
as
amounted
$3,221,000,000,
to
a
Total
since
increase
held
assets
cash,
loans
7.
and
in
settlement
debt,
of
not
14%,
Dec.
on
$6,346,000,000,
of
banks
banks,
funds due from
during
and
$63,147,000,000
commercial
or
36%
1939,
11%.
or
30,
Dec.
on
30,
In another
1939,
Of
insured
a
deficit to capital surplus pursuant
board of directors, but without the
and
27%
approval of the stockholders, such action being permissible
commercial banks increased
by
a
applicable State law, Mr. Werntz stated:
It is my opinion that in such cases
reflecting increases in surplus, undivided
more
than offset retirements of preferred
which
charges
company
to
requires that
sound accounting practice ordinarily
clear report be made to stockholders of the proposed restate¬
a
ment and that their formal consent thereto be
capital.
Total capital accounts amounted to $6,524,000,000 on Dec. 30,
10.3% of total assets, compared with 11.3% on Dec. 31, 1938.
1939,
a
resolution of the
were
securities,
were
when
the
35%
period,
the
reserves,
of the
opinion made public March 16, relative to the
disclosure which should be made in the financial statements
an
under the
accounts
be made against income or earned
surplus.
discounts.
capita]
$89,000,000
to
1938,
31,
insured
and
Total
profits
Dec.
by
reserves
were
amounted
assetB
capital surplus in the course of the quasi-reorganization which
made to
were
would otherwise have been required to
acquired
estate
reduced during the year by almost
were
decrease
$67,000,000.
6.
30, 1940
reorganization, indicate the total amount of the deficit and any charges that
Holdings of other securities, exclusive of foreign securities and
Federal
in
stock
of
March
i'
the
obtained.
If, however, under
applicable State law it is permissible to eliminate a deficit without ob¬
taining the formal consent of stockholders and if such consent of stock¬
PRELIMINARY
STATEMENT
OF
ASSETS
AND
LIABILITIES
SURED
AND
COMMERCIAL BANKS AS OF DEC. 30,
DEC. 31, 1938
OF
IN¬
holders is not obtained, it is necessary in my
1939, JUNE 30, 1939,
the
In Thousands of Dollars
June
1939
13,535
Number of banks
Assets—
30,
1939
13,569
S
$
Dec.
1,067,155
917,759
1,861,058 2,239,001
11,603,504 10,010,744
7,319,063 6,142,436
In process of collection
With Federal Reserve banks
With other domestic banks
With foreign banks
24,810
44,344
31,
filed with the Commission thereafter.
On March 18 the SEC issued
13,659
*
950,394
1,813,703
8,694,388
5,663,962
53,638
21,875,590 19,354,284 17,176,085
Government obligations and obligations
territorial and Insular possessions
3,285,180
218.621
3,221,012
Foreign securities
Other securities
3,141,394
219,502
3,458,856
3,011,333
214,512
3,683,522
135,546
134,942
134,494
16,866,021 16,040,373 16,024,318
Stock in Federal Reserve banks
Loans and discounts (including overdrafts)
However, the advantages to be obtained from the adop¬
required.
a
annual
cycle of operations are clear and to my mind have never been shown
fiscal-year-end date which coincides with the lowest point in the
be outweighed
to
there
advantages
39,293,860 38,033,282 37,474,986
account of acceptances
103,674
109,891
122,371
Bank premises owned and furniture and fixtures..
1,091,114
1,106,829
1,123,363
Other real estate, acquired in settlement of debt;
not used as bank premises
422,182
451,750
158,639
217,401
a
2,038,293
2,149,183
and such items
Mention
minimum.
important
more
of obtaining
more
may
inventories, would
as
also be made of the fact that
by permitting them to spread much of their work
throughout the calendar year,
effective service to
257,750
1,977,076
probability
the general adoption of the natural business year would facilitate the work
156,143
210,486
the
and thus aid them in rendering the most
their clients.
489.556
143,403
mentioned
be
business year incomplete transactions,
of public accountants
Guarantees and securities of customers and banks
Among the
by related disadvantages.
may
complete and reliable financial statements since at the close of the natural
ordinarily be at
Total loans and securities
point out that the rules of the Commission do
prescribe the use of any particular fiscal year for the financial state¬
tion of
guaranteed by the U. S. Government
15,567,480 15,038,215 14,506,807
Obligations of States, political subdivisions,
on
not
ments
Loans and securities:
U. S.
additional release in its
an
accounting series relating to the use of the natural business
year as a basis for corporate reporting.
This question was
raised by a registrant which was considering the desirability
of changing from the calendar-year basis to the fiscal-year
basis for its financial reports and sought to ascertain the
attitude of the Commission towards this question.
In his
reply, Mr. Werntz stated:
In this connection I may
Total cash and funds due from banks
complete
1938
Cash and funds due from banks:
In vault
a
company's financial position in each balance sheet and surplus state¬
ment
Dec. 30,
opinion to make
disclosure of all the attendant facts and circumstances and their effect on
Investments and other assets Indirectly represent¬
ing bank premises owned
or
SEC
other real estate...
Other assets
Total miscellaneous assets
*
Total assets
53,146,526 59,425,859 56,800,254
IAdbUUie*—
Deposits:
Individuals,
payable
partnerships,
and
corporations
demand
on
Individuals,
24,772,378 23,476,863
partnerships,
and corporation?
deposited for periods of time
United States Government and postal savings.!
States and political subdivisions
Domestic banks, certified and officers' checks,
cash letters of credit and travelers' checks
outstanding
Foreign banks
4,471,056 14,298,215 14,012,540
859,402
818,047
924,062
3,413,160 3,657,639 3,516.769
9,373,382
Total deposits
8,171,622
608,853
512,370
The Securities and
Exchange Commission announced on
adoption of two minor amendments to the
rules for the registration of national securities associations
under the Maloney amendment to the Securities Exchange
Act of 1934.
The Maloney amendment provides for the
organization and registration of one or more associations of
over-the-counter brokers and dealers for the purpose of
effectuating a program of regulation.
The SEC announced
the changes as follows:
March
56,076,349 52,326,754 49,778,676
12
the
An amendment
7,336,072
762,507
Adopts Two Minor Amendments to Rules for
Registration of National Securities Associations
Under Maloney Act
was
ing changes in the membership, provided the association publishes
at least once a month
Borrowed money
13,609
Total miscellaneous liabilities
17,584
122,169
446,346
140,404
428,336
545,807
Other liabilities
15,550
126,107
406,091
Outstanding acceptances and bills of exchange
684,065
586,324
adopted to Rule X-15AJ-1 (b) to eliminate the
neces¬
sity for the filing of current supplements by a registered association, show¬
a
record
indicating such changes and promptly files triplicate
copies of the record with the Commission.
An amendment to Form X-15AJ-2 makes it unnecessary to
exhibits,
showing
indication
a
Total liabilities (excluding capital accounts)... 56,622,156 52,910,819
50,365,000
alphabetical
and
lists
geographical
to whether the member is a sole
as
of
proprietor,
corporation.
include in the
members,
any
partnership or
a
,
♦
Capital accounts:
Capital stocks, notes, and debentures
Surplus (paid in by stockholders or accumulated
2,914,004
2,954,886
2,981,666
from earnings)
Undivided profits
2,442,853
2,381,233
2,346,708
789,340
Total liabilities and capital accounts
a
Includes United
States
799,018
741,674
379,903
365,206
6,524.370
Total capital accounts...
6,515,040
6,435,254
63,146,526 59.425,859 56,800,254
Treasurer's time deposits,
open
account.
SEC Issues Three Opinions irt Its
Accounting Series—
One Has to Do with
Changing from Calendar-Year
Basis to Fiscal-Year Basis for Financial
Reports
The
Securities^ and Exchange Commission made public
March 16
on
opinion in its accounting series relative to the
description of surplus accruing subsequent to the effective
date of a quasi-reorganization.
The Commission points out
that "the term 'quasi-reorganization' has come to be
applied
in accounting to the
corporate procedure in the course of
which a company, without the creation of a new
corporate
entity, is enabled to eliminate a deficit and establish a new
earned surplus account for the accumulation of
earnings
subsequent to the date selected."
The opinion, prepared by
William W. Werntz, Chief
Accountant, follows, in part:
an
Question has frequently been raised
as
to the proper
earned surplus account subsequent to the
effective date of
tion.
in
description of the
a
quasi-reorganiza¬
By the term "quasi-reorganization" I refer
the
course
existing
or
of which
to the corporate procedure
deficit is charged to capital
surplus previously
a
arising in the
course of the
quasi-reorganization.
Frank
Chairman
Urges Stock Financing Rather
Planning to Revise
Holding Company Rules
than
378,173
Amounts set aside for contingencies, &c
SEC
Bond—-Also Says SEC Is
Financing by means of stock rather than bonds should
encouraged by the doctrines of corporate reorganization
recently laid down by the United States Supreme Court
and the Securities & Exchange Commission, Jerome N.
Frank, Chairman of the SEC, told the Bar Association of
the City of New York on March 27.
Mr. Frank also told
the Association that the SEC is undertaking a general re¬
vision of the rules which it has promulgated under the
Utility Act of 1935.
In reporting his remarks the "Wall
be
Street Journal" of March 28 said:
of these rules,
One revision
mo3t
utility
approval.
security
he said,
offerings
Other changes
are
which utilities must meet before
the roie
After
week
or
of service companies
10
led me
days
for the Bar Association
"As you all know,
surrounding
to
our
be distorted
clearance fc*
Commission
for
paying common stock dividends and with
in holding company systems.
that
.
.
"developments
reconsider momentarily
to
.
of the past
original
my
plan"
world with magnetic disturbances that tend
and comments with static of
SEC is not
and to try
Therefore,
by the
the
address, Chairman Frank said:
little SEC
fill all developments
ministration.
SEC
up
before
political sun spots have recently charged the atmosphere
But the function of the
but to administer
will speed
come
by saying
speech
his
opening
which
expected to deal with the depreciation charges
to
at the risk that the
sun spots,
a
seeming conflict.
fight—not to engage in conflict—
constantly to improve the technique of ad¬
I
am
meaning of
my
words
proceeding with my remarks
as
may
origi¬
nally pl-nned."
It is my opinion that sound
accounting practice ordinarily requires that
clear report be made to stockholders of
the proposed restatements and
that their formal consent thereto be
obtained.
In such a situation it is also
a
Discussing the work which the SEC has done under recent amendments
to the Federal
Court
Bankruptcy laws, Chairman Frank stressed recent Supreme
decisions
SEC
and
enunciations
which
have
essential, in my opinion, that full disclosure of the
procedure be made in
bondholders to full recovery in any reorganization
the financial statements for the fiscal
year involved and that any subsequent
statements of surplus should
upheld
the
right
of
given any participation in the reorganized company.
designate the point of time from which the
new
earned surplus dates.
on
the
new
basis
are
available for
an
appropriate period of
years
(at least
three) any statement or showing of earned surplus should, in order to
provide
additional disclosure of the occurrence and the
significance of the quasi-
"The
he said.
Furthermore, in view of the importance of such proceedings, I am of the
opinion that until such time as the results of operations of the
company
device of over-bonding is a
real
"It is desirable to discourage it.
it
hazardous to invest in the stocks
is
top-heavy.
is
not
to investors in
And one way to do
a
company
so
are
bonds,"
is to make
whose bond structure
It should be noted, in passing, that heavy bond financing
characteristic
expanding
of
menace
before stockholders
of
industries,
most
such
of
as,
our
prosperous
for
instance.
industrials
General
Electric, Du Pont and United States Steel," he said.
in
our
Motors,
major
General
Volume
The Commercial & Financial Chronicle
150
In
appraising the fairness of corporate reorganization plans under the
recent bankruptcy law amendments the Commission has
taken the position
•
The time has
that "to be fair, plans must provide full
recognition for claims In the order
or their legal and contractual
2021
expenditures.
it
was
priority," according to the SEO chairman.
The Commission does not consider
securities unless "there is
"The
based
a
plan to be fair if it recognizes
SEC statutes and the SEC administration of those statutes
on
the very sound doctrine that those who,
help to supply the capital funds for
protected.
told
junior
residuum of value for such interests," he said.
a
our
are
by investing in bonds,
industrial
machinery must be
Contracts made with them must be honest," Chairman Frank
the association.
Creation of Inter-American Bank Virtually Assured—
Four
Nations
Agree to Back $100,000,000 Institu¬
tion—Signing by Fifth Nation Required
Establishment of the $100,000,000 Inter-American Bank
put
To
by Secretary of State Hull on March 14.
In a letter to the
committee, which meets at the PaD American Union in
Washington and is headed by Under-Secretary of State
Welles, Mr. Hull wrote that the establishment of the bank
"would be a step of major importance in the development of
inter-American financial and economic cooperation."
On March 18 Secretary of the Treasury Morgenthau
asserted that he
was
in favor of the formation and purpose
of the bank.
Washington United Press advices
on the bank:
March 16 had the
on
Ten other countries responded to inquiries as to their position on estab¬
Six of these
The committee,
were
ment
answers to
a
required fifth member.
its inquiries to April 1.
It
was
believed
this would be more than sufficient time to receive at least one more promise
of adherence.
How and when the money subscribed for stock in the bank will be put up
definitely determined.
has not been
It is believed that in most
cases
Proponents of the proposed bank favor giving the institution wide powers
and functions in inter-American fiscal affairs.
In addition to acting as an
exchange stabilization and clearing house organ in
inter-American trade,
for develop¬
of its chief supoprters would have it act as a clearing house
income
New York State Senate Passes Bill Abolishing Double
on
and
derived
Odd-Lot Sales
a
■'
,
■■
New York Stock Exchange and others to obtain
Efforts put forth by the
a
downward revision of New York State stock transfer taxes apparently
today when the Coudert-Mitcheli bill to reduce the taxes was
had failed
amended in both houses of the Legislature to eliminate all its provisions
excepting the one abolishing the present double taxation on odd-lot sales.
power to
in
Special New York City's Relief Taxes—
Proposes
Changes in Law Affecting Business
Receipts Tax
Divert
President of The Merchants' Association of
public on March 11 a report prepared by
New York, made
its Committee
Taxation and Public Revenue,
on
Laurence
A.
Guardia's
is
criticizing
Chairman,
of which
Mayor
La
proposal
such
items
Tanzer
to divert special relief taxes to cover
veteran relief, old age assistance, aid to
as
dependent children, assistance to the blind, and other items
city's regular
At the Mayor's request the proposal has
levy budget.
embodied
been
in
Coudert-Moffat
the
transacted
in
other
levy these taxes is extended, the law be amended
particulars.
The Association's announcement
explained, in part:
The chief complaint relates to
the gross business receipts tax.
Informa¬
placed in the hands of the Association's Committee on Taxation and
tion
that
Revenue,
during
of
which
Laurence
months
committee
the
Under
recent
a
the
taxing
the
an
interpretation,
authorities
ordinary commercial
within
city
liaB
Tanzer
been
retroactive maimer
a
believes, will
city and result in the loss of
by
Arnold
is
Chairman, shows
attempting to enforce an
which, if sustained, the
be extremely prejudicial to the interests of the
recent
interpretation of this tax in
to
important volume of business.
the committee states, this tax
is
held
apply not only to income received from
actually conducted in whole or in part
transactions
city, but also to investment income from other sources.
The
that the city has been demanding from New York
corpora¬
states
tions
payment of the gross receipts tax
foreign
countries
which
than
dividends
from
as
credited
on
do
on
the
enter
not
the proceeds of transactions in
State of New York otherwise
foreign subsidiaries, and
the New York
books and not
even then may be
merely
actually received in the city.
State
Chamber
of
Commerce Urges Legislature
Amend State Income Tax Law to Permit
and
Normal
to
Emergency
Taxes
to
Be
Paid
in
Four Equal
In¬
stalments
A
plea to the Legislature to amend the State income tax
that emergency and normal taxes can be
paid in four
equal instalments was made on March 27 by the Committee
law
on
as
so
Taxation of the Chamber of Commerce of the State of
an interim
report.
The State income tax law,
it now operates in regard to time and
proportion of pay¬
"harsh" and working a "serious
hardship" on a large number of taxpayers.
The report,
which will be presented at the monthly
meeting of the
Chamber on April 4 by Jesse S. Phillips, Chairman of the
committee, said:
The present requirements
as
regarding the instalments and time of payment
of the State income taxes are
a serious burden to
many taxpayers.
In the
opinion of the committee, the taxpayer should be permitted to divide the
emergency and normal taxes into four equal instalments.
Furthermore,
none
of
the
dates
Federal dates.
when
instalment
an
is
due should
coincide with
the
Obviously, the Federal Government taxing the citizens of
change its collection dates because the
hardship
bill
on
the taxpayers.
It should be obvious that the present system imposes a serious
hardship
on
large number of payers.
In the first place, the total emergency tax
and half the normal tax must be paid on April 15.
The second payment is
a
due on June 15, the same date a Federal income tax instalment falls due.
This arrangement
is extremely harsh, and it is hoped remedial legislation
1
Passage
introduced
at
•+.
of Bill Abolsihing State Power Authority
Urged by State Chamber of Commerce
pi The total contribution of the New York State Power
Authority to public service in nine years has been the issu¬
ance of annual reports, Richard W. Lawrence, President of
the Chamber of Commerce of the State of New York, de¬
clared on March 26 in a statement commending the action
of the Rules Committee of the Assembly in reporting out the
Ehrlich bill which would in effect abolish the power body.
Lawrence's statement follows:
The members of the Rules Committee of the Assembly deserve the grati¬
tude of the taxpayers of New York State for their action in
reporting out the
Ehrlich bill which would suspend ail functions of the Power Authority.
is
to
It
be hoped that the measure will be passed without delay and that
Governor Lehman, in the interests of economy justified by the uselessness
of the power
body, will sign it.
IfcThe Power Authority will have been in existence nine years next month
and it has cost the taxpayers upwards of $1,000,000.
to
Its total contribution
public service in that time has been the issuance of annual reports.
Its
chief activity has
been an attempt to advance the St. Lawrence waterway
and power project
which would entail great expenditure of public funds for
a
development whose injury to American industry and commerce would far
outweigh its alleged sectional benefits.
The Chamber in
which have hitherto been provided for in the
tax
business
several
Mr.
Merchants' Association of New York Opposes Move to
John Lowry,
correct an interpretation of
city to levy taxes on invest¬
will be passed at this session of the Legislature.
bill to eliminate the double levy on odd-lot
transfers of stock, it was reported in Associated Press
Albany accounts of March 28.
Under date of March 21
Albany advices to the New York "Journal of Commerce"
said:
to
from
The New York State Senate has passed and sent to the
Assembly
of
and even in foreign countries, The Merchants'
Association proposes, in a report prepared by its Commit¬
tee on Taxation and Public
Revenue, that when the city's
law in one State works
P* The plan for establishing the bank was noted in these
columns Feb. 10, page 920.
Taxation
for which
further expansion
all the States cannot be expected to
Latin American countries.
ment investments in
on
States,
the
appropriations will require legislative action by the various governments.
some
taxes
ments, was described
non-committal in their replies.
anticipated early adherence by
Extended the time for
curb
put a
the purpose
New York in
following to report
lishment of the bank.
and
the law which has caused the
report
con¬
Constitution
ployment relief
share represents a
subscription of $100,000.
The intention of the United States to sign a
proposed
the
Berve
some
of the hardships that have existed in
City's administration of the emergency unem¬
York
Public
vention creating the bank for the promotion of trade and
financial stability in the Western Hemisphere was revealed
in
should
remove
New
virtually assured on March 15 when four nations—
United States, Mexico, Brazil and Columbia—notified the
Inter-American Financial and Economic Advisory Com¬
mittee that they would subscribe their allotted share to the
bank.
The bank's charter requires that five subscribing
countries with 145 shares are necessary to start operations.
The United States and Brazil each agreed to take 50 shares of
stock; Mexico 35 shares and Colombia 30 shares.
Each
was
when the tax limit
come
January and again in April, 1939, adopted resolutions
urging the repeal of the legislation creating the Power Authority.
still firmly
convinced that
a
continuation of its existence is
a waste
It is
of public
funds.
If
this
It
all
means
of
have
of
plan
in
to
The
present
is
its
that
their
having
money
for
year the city's
Mr. Lowry said:
another
levy emergency relief taxes.
limitations
will
extending
recently,
Albany
power to
carried through the city will be released from the
taxing power just as they begin to become effective.
taxes
from its traditional
of
relief
the matter
taxes
costly
administration, but face the prospect
every time the city runs
short of
imposed
sources
is that
increased
to
the
past
approximately
year
the yield of the
$80,000,000,000,
accord¬
ing to reliable information received by the Association, while the expendi¬
tures
for relief were substantially less than that sum.
Rather
than
keep
repealing
some
of
faith with the business community by reducing or
the taxes which business and industry assumed with
good grace because they were specifically earmarked for emergency relief
expenses, the Mayor now proposes to retain the full yield of these taxes
and use the surplus to avoid the curb on extravagant expenditures which
is
contained
in
the
constitutional
limit
on
with
Government
on
Permit 500 Latest Model Planes to Be Sold Abroad
Manufacturers of airplanes
and airplane engines attended
Treasury conference in Washington on March 27 to discuss
plans for speeding delivery of $1,000,000,000 worth of war
a
of revene.
within
Confer
Policy Regarding Sales to Great
Britain and France—United States
Reported to
overburdened business and industry of the city
only to the present emergency relief taxes with
and
Manufacturers
Officials
the already
submit not
arbitrary
additional
fact
Airplane
the
taxation
of
real
estate.
planes to foreign governments. More than 20 representa¬
tives of the industry conferred with Secretary of the Treasury
Morgenthau and officials of the War and Navy Departments,
after having negotiated with the British-French purchasing
mission in New York.
On March 27 the House Military
Affairs Committee gave its informal endorsement bf the
Administration's policy of releasing late model warplanes to
the Allies after Secretary of War Woodring and other officials
The Commercial & Financial Chronicle
2022
March
of the War
it," Mr. Ward said.
American productive
1940
countries and by traveling in them.
Department testified that the sales were increasing
capacity and making it easier for the
planes at lower prices. On the
following day (March 28) the Senate Military Affairs Com¬
mittee voted down, 5 to 4, a resolution
calling for an investi¬
gation of sales of war planes to foreign powers.
Secretary
Woodring and others also testified before this group.
In
discussing plans for the meeting (March 26) Associated Press
Washington advices of March 26 said in part:
armed forces to obtain better
The Conference coincides with the opening tomorrow of an
"If
the
Harry H. Woodring, Secretary of War, and other officials
be taking the position that an arrangement
acquire planes which
he
so
is
of political
to
of the
tor
policy provides for waiving immediate deliveries
tracts and
whether
for release for sale of additional
new
undue
under
foreign sales
some
army
aircraft.
In
Department will relax its restrictions on the sale
of recent models of airplanes
being built for the national
defense program to permit Great Britain and France to
obtain immediately more than 500 of the latest and
fastest
models now in production for the United States
Army, ac¬
cording to press reports from Washington on March 25.
It was reported that the change in
policy was agreed on after
a conference between President
Roosevelt, Secretary of War
Woodring and General George C. Marhsall, Army Chief of
Staff.
A Washington dispatch of March 25 to the New York
"Herald Tribune" said:
It is expected that the War Department will release
its claims on pursuit
planes which it has ordered in various plants throughout the United States
that Great Britain and France
may get quicker delivery to make up their
reported numerical weakness in planes compared with the Germans.
It is understood that the Allies, in their new
so
$1,000,000,000 purchasing
policy, will seek only the fastest types of planes, and that it was this desire
which held up negotiations between the Allied
American airplane manufacturers.
The
new
.
.
production.
the
as
a
step would be taken
Senate
Morris
Military
Shepard,
Affairs
vote
Democrat,
Committee,
of
Texas,
announced
Chairman
arms to
foreign
govern¬
ments.
announcement
by
the British
sion in New York
exploratory
French
conversations
between
Purchasing Commissions
industry
are
and
members
members
of
continuing satisfactorily, according to
of
the
the
British
American
and
by the
encountered in actual combat
operation.
These technical matters, which
an important
part of the conversations now in
progress, have to be
solved before any definite
steps can be taken.
It is understood, so far as
these discussions are concerned, that
quality, rather than quantity, is the
keynote of the conversations.
learned that
a
large number
stitutes something of a
March 26 that the Allies have
placed orders for more than
$600,000,000 worth of goods in this
country since the begin¬
ning of the war.
The New York "Herald Tribune" of March
quoted him in part
England and
greatest
France
as
have
industrial
follows:
turned
country
duction with quality
products,
the Overseas Automotive Club
Discussing the
war
Count
Sir
the
United
States
because
it
combining
world,
quanity
pro¬
Louis said at
and
run
about
the
a
session
sponsored
continues, he said.
D'Ornano,
chasing Mission here,
was
Throughout the general
.
by
budget¬
this year, while the French
$7,500,000,000.
.
is
Machinery-Metals Export Club.
$10,000,000,000
estimated at about
Henry
to
the
Secretariat
of the
French
Pur¬
sessions
of
was
on
the
convention the
focused
interest
the
the present problems created
Assistant Vice-President
credits
taxpayers, rather than
would
our
not
be
investors
made
of the
or our
more
by the
National City Bank of
war,
"There is only one real way in which
fulness the seed of our export trade after
we
can
insisted
collectible
manufacturers
write them."
it
that
the
provisions
preclude
rise
the
of
because
that
of
Third, it
increased
demand
On
foreign
activity
large
have
which
took
not
it
reason¬
was
be
States, thereby
time
that,
result
a
was
a
to
not
would
war
United
as
some
as
Hence,
was
contrary,
the
Johnson
and
States,
funds
of
clear at the
was
business
the
to
come
rates
fear
the
the
belligerents
interest
hostilities.
gold would
balances.
in
obvious
was
of
more
the
of
even
the
in
war,
for
money
consideration
the
and
for
monetary
interest
rates.
upward
lack
or
of
belief
position of the
of
financial
endeavor
fear
of
sell
to
rates
money
large
of
bonds have been
In
contrast
extent
to
affected
tions
with
debtor
the
The
late
business
corporations,
highest
degree
unpredictable
the
the
Stating that
money market
which
of
of
safety,
in
the
1939
Between
as
yield
and
from
half
insurance
of
of
United
in
of
Govern¬
position
of
high-grade bond
The
influence
manifest
the
European
Government
Sept.
of
obliga¬
interest
particularly
was
of
i.e.,
with
political
obligations
23.
end
by
or
second
rise
a
adds:
1939,
of
of
to
their
the
and
of
1931
The
guaranteed
increase
an
guaranteed
mutual
savings banks
grew
$3,091,299,000 in
largest legal reserve
of
Government
approximately
of
securities
to
49
portfolios
to
and
of
half
direct
$14,328,000,000,
direct
336%.
1930
the member banks increased
Government
Government
increased
the
at
1939,
30,
States
$4,061,000,000
the
1939,
companies
$303,431,000
of
high-grade
of
credit
move
fluctuation
and
governmental agencies
$709,046,000
second
the
defy evaluation.
long-term
19
1930, and Dec.
in
from
holdings
of
the
increasing extent
alone
bonds
of
of
period
a
acquiring
rule
a
result
a
on
between Aug.
June 30,
The
Because
a correct and timely
interpretation of the
is of vital importance to the financial
insti¬
have been investing to an
investments
252.8%.
that
The sales
and
market
money
when,
high-grade bonds, the bulletin
their
rates
factors
"money bonds,"
as
factors which
the
weekly
average
by 26.3%
tutions
in
of
summer
in
interest
entered
years.
conditions
prices
elements
are
in
bonds.
from
coun¬
rise
mainly by the Federal Reserve banks.
medium-grade bonds, which are to a large
of
the psychological
psychological factors on
of
rising
definitely
refrained
the
absorbed
prices
by general
individual
of
sharp
a
money-market
bonds, then selling at their lowest prices in
ment
prevent
for
high-grade
had
investors
institutions
to
hope
or
understanding
investors
that
movement,
would
baseless
was
number
a
prevalent
the
authorities
It
disregard
caused
bonds
$4,908,000,000
the
life
from
at
the
1,517.6%.
The following
is also taken from the study:
understanding
of
misconceptions
prevailing at the
tional
investors.
ment
is
has
that
the
case.
of
elimination
incorrect,
of
the
volume
of
still
is
the
the
deposits
elimination
unchanged,
is
of
Not
interbank
would
actually
Also
reserves.
the
still
would
baseless
also
time,
reserve
pyramided
balances.
reserve
that
excess
belief
has
would
present
believed
huge
deposits
excess
market
money
interbank
of
balances
reserve
it
to
excess
but
the
Similarly,
interbank
volume
the
Thus
contributed
the
not
volume
about
is
the
deposits,
that
fear
institu¬
Govern¬
the
this
large
balances
and
reduction
a
first
while
about
the
dispelling
the
although
reserve
bring
bring
of
balances,
prevalent
only
in
among
deficit
excess
is
aid
even
leaving
an
on
in
contention
total
increase
the
in
part
of
banks
many
that, because their deposits are now exceedingly
large, they
called upon to meet heavy withdrawals.
While it cannot
be
be
denied
that
market
would
in
volume
the
present
Unless
individual
reveal
of
conditions
for
some
large portion
Public
of
banks
the
their
deposits, a study of the money
that could bring about a decline
banking system as a whole.
Under
reduction of deposits is likely to take place
for
large
no
unknown
lose
may
circumstances
deposits
the
reason
high-grade
the
banks
bond
should
decide
to
liquidate
a
portfolios.
Should
or
that
because
the
"our
traders, under¬
help bring back to fruit-
the fire of
war
has ceased to scarify
Demand
Attitude
that
Toward
Government
Business,
Cease
Its
According
to
Major B. H. Namm
of the
the question of post-war
on
York, in discussing foreign credits after the
governmental
in
possible
market
The bulletin states, in part:
would
a
not
was
money
from
States
greatly
Hostile
Urges Post-War Travel
Wilbert Ward,
war,
immi¬
These costs will increase
outbreak of hostilities.
New
of
try,
another speaker.
readjustment of foreign trade and
European
of
.
Chief of the
than 800 exporters present
because
analysis of
bond
money
commercial
loans could
not
materially
market, because such demand would have to assume
beyond reasonable expectations.
Finally, it should have been
obvious that, in view of the
necessity for financing large Federal deficits,
of refunding
maturing Treasury obligations, and last but not least, out
affect
may
cost of the war, Sir Louis stated
that the British
ary expenditures will
war costs are
in
1939,
New York
of
in
proportions
many
Sir Louis
best
York Money
An
Beale, a member of the Anglo-French
Purchasing
Board, told the Export Managers' Club of New York on
more
increase
an
has
The question of the sale of United States
planes to Great
Britain and France was discussed in the
"Chronicle" of
March 23, page 1857.
the
of
event
con¬
liability.
period
Our
cure.
New
the
decline
the
an
evident
onset
that
assume
reserve
during the past
coast Germany
planes, rapidly becoming obsolete,
of
with
United
the
end
It is pointed out that from the result of
the aerial combats
six months over the
Maginot Line and the British
of
as
law
Second,
the
obligations
form
funds
increasing
Aircraft
an announcement
Experience since the beginning of the conflict has shown
the need for
certain refinements in aircraft
design and equipment to meet conditions
the
to
Purchasing Commis¬
Anglo-French Purchasing Board.
27
in
increased
on March 23 asserted that
technical details
and quality are the most
important factors in Allied purchase
of American aircraft.
The announcement said:
sharp
was
countries
expected.
able
it
neutrality
repatriated after the
crisis,
An
The
been
rates.
investigation of the sale of aircraft and
reasonable
a
borrowing in the United
shortly after the outbreak of the war in 1914.
for
refuge
prices
that
which
Read
September,
facts
place,
neutral
demand
the
today
the
outbreak
by the
the
case
Thursday [March 28] on a resolution
Follette jr., Independent, of
Wisconsin,
on
presented by Senator Robert M. La
an
the
the
so
basis for building up American
plant
a
trade
International Finance
and
actual
first
and
the
Senator
Committee would
calling for
that such
...
Meanwhile
Senate
.
policy will be in line with the statement of the President last
Tuesday, [March 19] in which he said
that these orders might be used
of
purchasing commission and
of
that
August
and
the
Act
of
The War
"How to
entitled
conditions would have shown.
con¬
late model American
military
world
sound domestic economy."
a
states
warranted
Roosevelt, the
with
wrong
Institute
University,
foreign buyers.
President
trade.
our export
bulletin
nence
As submitted in advance to
in¬
who
man
think in the terms of foreign goods and foreign travel,
can
nothing
prices in
favors had been shown
work,
government debts and increase
our
Market," issued March 25 by Dean John T. Madden, Direc¬
orders
and
war-torn
remain in the hands of the
may
tranquility through out the world would not
Secretary Woodring, Louis Johnson, Assistant Secretary of War; Gen.
George C. Marshal, Chief of Staff, and Maj. Gen. Henry II. Arnold, Air
Corps chief, were summoned to tell the House Committee whether the war
costs
to
men
den of Institute of International Finance
A
delivery of improved models
delayed Army contracts and raised
more
Sharp Decline in Money Bond Prices Because of Out¬
break of European War Not Warranted by
Facts,
According to Study of Money Market by J. T. Mad¬
for American defease forces.
had
decrease
income,
contribution to it is
permitting Great Britain and
later
assure
it,
"There
the Army Air Corps had ordered would
several million dollars and
save
said
are
domestic goods, put
shall have made the greatest possible progress toward the retention and
we
investigation
do it by purchasing goods rrom
can
more
proportion of income which
earns
countries.
France to
national
our
"We
produce
can
development of
revised policy liberalizing the sale of planes to foreign
a
we
crease
of plane sales by the House
Military Affairs Committee.
War Department
spokesmen have prepared to testify that the armed services expect to benefit-
substantially from
as
30,
In a radio address on March
25, Major B. H. Namm,
President of the Namm Store, Brooklyn, N.
Y., declared
that "social reforms, in order to be
lasting, must go hand in
hand with business recovery and
reemployment." He called
upon the public "to demand that Government shall cease
its hostile attitude towards
private enterprise."
"Business
men," he asserts, "are not economic royalists. Most of them
are, on the contrary,
economic realists.
They realize that
a
country cannot spend itself into prosperity any more than
a
man
can
drink himself sober."
Major Namm spoke
over
Volume
radio
The Commercial & Financial Chronicle
150
station
WOR
in
the
"What Helps Business Helps
You" program conducted
by the Merchants' Association of
New Aork and a
group of commercial organizations.
of which certain
of securities to unlisted trading on
The
registration
no one
Laws
Against State Trade Barriers Urged by
Dr. W. Y. Elliott, at Hearing Before Congressional
Monopoly Committee—Views of Secretary Wallace
and Truck Interests
States and local Governments
throughout the country should be broken down by the power
of Federal laws and Federal funds, Dr. W. Y. Elliott of
Harvard University, told the Congressional Monopoly Com¬
mittee
March
on
public hearings
23.
Dr.
Elliott
summarized
week of
a
interstate trade barriers.
In an abstract
of his testimony, Associated Press
Washington, advices of
on
March 23 said in part:
if protecting the free flow of inter-state com¬
the evil."
the
free
flow
of
when
States
such
commerce,
municipalities discriminated against
or
motor
as
and
truck traffic
sales,
milk
Congress would be justified in holding back Federal grants for highways,
health
and
other
usual
aids.
of
both positive and negative character to end trade obstacles.
Secretary Wallace,
favored
in
a
letter
"continuing committee
a
Chairman
to
said that he
He wrote
Federal State relations."
on
that Agriculture Department officials were "anxious to find a solution" for
the problems of trade barriers which will permit a freer flow of farm
in interstate
Russel
products
commerce.
E.
Singer,
of
manager
Automobile As¬
American
the
some
States were threatening
"full and free use" of highways which have been constructed largely
"promote the good neighbor policy
among
"have
vacation travel" and which, he added, serve "no real
a
serious
purpose."
22 to the New York "Herald Tribune":
markets
smoother flow of commodities
on
among
the
States and localities to permit
highways and protests against multiple
and non-uniform taxes and regulations were submitted by
Trucking Associations;
F.
Leon
Banigan,
John V. Lawrence,
National Council of
Private Motor Trucks Owners, and Park M. Smith, National
of the
I did not have
Securities
were
M.
certain few in
Holifield
there
'trade-barrier'
are
but
automobile and
to
18,000 pounds
Kentucky's limit of
trucks,
in
asserted
Association
that
"where
on
the
gross
there
are
as
weight of
many
traffic
rather
now
allowed would not remove any imaginary
would
create
an
insurmountable
light truck traffic."
barrier
to
people.
port
of entry upon
means
So
let
not
time
as
were
natural sequence to excesses of a
a
crossing
the
Protesting what he called
"surely
a
State
had provided
boundaries
of
most
on,
realize
us
ourselves
atune
us
our
Now if
business.
to
so as
one
Dealers
Association
has
new
"an
less expensive and annoying method" could
regarding
running
State
and
as a
I count
testimony at the hearings
March 23, page 1861.
was
reported in
not
as
Legislatures.
knowing it's all about.
why
legislators about
of
Frank
New
York Security
Dunne
Praise
and
Francis
Results
ment—French
Some
of
we
don't undertake to inform
and
of
Annual Meet¬
Association—
Dealers
A.
Bonner,
However,
Cooperation with Govern¬
British
me
them
of wonder¬
both the public and the
so
Much
of Mr.
Bonner's
bonds
of the
address
market
and
and'
the exchanges,
on
devoted
Consuls
General
Are
He continued, in part:
about 80%
60,000 off them with
of the country's
a
1937 market value for
The Securities and Exchange Com¬
business is the so-called "Little SEC"
"What
Idea Originated
regulation under governmental supervision, as distinguished from compre¬
hensive direct Federal control.
kers'
200
our
During administration of the code there were handled some
code.
investment
ended,
code
the
bankers
and
four
years
The
SEC
also
1,700 members supported the conference idea.
that this alternative method
some
became convinced
finally
self-regulation, under supervision, was a preferable one.
National
The
With passage
Act in 1938, investment bankers were authorized to form
of the Maloney
such regulation, and the National Association
into being.
Association
of 2,800 firms with
a
of Securities
Dealers
has
a
personnel exceeding 51,000.
membership in
The SEC lists
municipal dealers.
de Fontnaivelle, French Consul
another speaker, gave figures showing
the efforts of the French Government to prevent prices from
Count Charles de Ferry
General in New York,
rising and to check profiteering during the European war.
He said, in part:
fight is on against any avoidable rise in prices.
control
must
pensate for higher
been
be
Some sort of govern¬
imposed on consumption of many products such as meat, liquor
Besides, a policy of reducing the purchasing power of
and that nothing has been learned from the reports of
investigations made
of unlisted trading on exchanges.
of the New York State Legislature
by Governmental bodies on the question
headed by our now
Supreme Court Chief Justice Hughes, conducted an
investigation on unlisted trading on exchanges,
as a
result of which the
practice was abolished in the New York Stock Exchange.
1933 Attorney
Again in 1932
General Bennett conducted an investigation into
practice of unlisted trading on the New
the
York Curb Exchange, as a result
and
the people
so
forth.
at
large is being applied.
of
5% on all incomes from whatever sources appears therefore not merely
a fiscal measure but really as a potent economic weapon against rising
as
The levying of a national emergency contribution
For the same purpose, and in the same spirit, war
prices.
profits are being
and pay for overtime has been reduced by 40%.
The
Federation of Labor is granting full support to the government on
strictly limited,
French
Wages have not been reduced on the first 40 hours
this score.
"This is war;
force
months previous to the war.
But as M. Reynaud puts it:
policy is a cloth to be cut measure, according to the shape
No less a reversal of former procedure has been the
Speculation cannot be encouraged.
kept
In one year,
of work.
control is, of course, a departure from the principles in
This price
for vital
establish¬
Reserves
Success has fully justified expectations.
needs.
60 million francs equivalent to a billion and a half
dollars have
Out of this, 26 billions, more than one third,
came back between September and the middle of December.
But of course,
the flow is over.
Not much more can be expected.
freely flown back to
This is
IfcOnly within the last few weeks, the suggestion has been made that all
registered securities, listed or unlisted, should go on an exchange.
It
appears that nothing has been learned from previous efforts along this line,
To com¬
exercised over salaries and sales costs.
freight rates, taxes and raw materials, restrictions have
forward-looking legislator should consider it necessary to
keeping our fingers crossed in the hope that it will not be re¬
under
Through
brought the Investment Bankers Conference.
That
code.
body."
introduced before the close of the session.
officials
government
unwilling to give up the idea that was embodied in registration
nearly
of
The idea began with the investment ban¬
cases.
When
be
would not benefit the investing
Self-
continued, "is an alternative method of regulation.
of exchange control.
public, and would only add further hardship to an already harsased business.
This measure has been turned back by the Ways and Means Committee,
Exchange
have today in the 1938 amendment to the Securities
we
must
In view of the present highly regulated
As far back as June 1908 a Committee
1937,
000,000.
during the 10
impose further regulation, which obviously
done
and estimated over-the-counter trading in that year at $62,340,-
he said,
under the Federal Acts, it is hard to under¬
status of the securities business
scheme.
American
mission found that the exchanges did a volume of $24,000,000,000 in
of the
Wagner.
of the
exposition
an
the
a half times the amount of business
the latter of about $96,300,000,000.
ment
of Assemblyman
any
to
in
It is estimated, he said, that 6,000 issues are
organized exchanges.
traded
was
importance
and its agencies,
government
trading in all bonds and two
the
its
he said, that this market handles 95% of the trading in
It is estimated,
The
The current major threat to our
and
a source
business, in order that they may have a better under¬
our
over-the-counter
ment
we are
told
frankly
have
them
And it continues to be
security business to regulate itself, and
doing, the Government "took a bold step."
The
New York "Times" of March 27 quoted Mr. Bonner in
part as follows:
Speakers at Dinner
and
of the necessity
friends members of the
my
the over-the-counter
our
Speaking at the annual dmner of the New York Security
Dealers Association on March 26, Frank Dunne, President,
and Francis A. Bonner, Chairman of the Board, both urged
improvement in the Federal securities laws, although they
extrolled the successful cooperation that has led to the present
program of self-regulation of the over-the-counter market.
Mr. Dunne asked the members of the Association to help
educate the public to the function of securities dealers, and
said that most of the repressive legislation proposed to reform
the business was founded on incorrect or incomplete knowl¬
why
Over-the-
the
standing of it.
excess
Better Federal Securities Laws Urged at
stand
A variety
medium to indicate the investing
among
6,796 dealers and brokers, not including strictly
bill
vast one, and in
that they can't understand the fellows in Wall Street who appear to
of Securities Dealers came
edge.
a
advertisements that the New York
been
advertising
associations for the purpose of
port-of-entry system.
Earlier
Both
is
relations, and among them
These advertisements have received the most
Like many of you,
Federal
do to
can
order.
favorable of comment throughout the nation—and is proof
public.
that re¬
it should prove
run
distinct from propaganda.
similar to the series of newspaper
Security
with the
more
public opinion and see what we
position under this
The field for the work of education along this line
is
and
more
accept that promise, why
we
of efforts is required to make for better public
motor carriers."
"hodge podge" of "red-tape," Mr. Lawrence
some
be found to collect taxes than in the
ing
It has been said
evils and abuses in the future.
goes
improve and further
were
of exercising a reasonable control over
commented that
issue of
Exchange Act—and
gulation is not only here to stay, but that in the long
all
'
Strong testified that the Kansas system requiring trucks to proceed
efficient
are
.
Securities
and the
that of all of the New Deal measures, these are the most popular
Act of 1934," he
Commission.
Kentucky the admission to State highways of trucks
larger or heavier than those
Mr.
ex¬
that
business, and that they represent a demand by the public
our
for prevention of those
Strong, Attorney-Director
for the Motor Carrier Division of the Kansas Corporation
as
over-the-counter,
Holifield, First Assistant
B.
Attorney General of Kentucky, and Floyd D.
hazards
Act
Tells How
Officials who testified
Defending
issues
interest in the Consumers Power deal—I share the view
an
of Motor Bus Operators.
loaded
for
satisfactory service to the public.
a
held by many, that these Acts
on
Prpposals for cooperative action
State
exchange
an
I wish to make it clear that while at times I do not agree with the ad¬
that in
the several States."
States required tourist permits that
some
Spokesmen for motor-carrier interests testified before the
Committee on March 22 that conflicting State regulations
have imposed heavy burdens on interstate truck trans¬
portation. We quote from a Washington dispatch of March
American
find
we
Mr. Bonner said that the Government has allowed only
He said that
The
do object to, is when
we
with
He urged that Federal officials lead efforts to remove interstate barriers
on
established
ministration
Federal funds.
effect
have
pense,
ment to them
general
sociation, protested that "border barriers" of
and
But what
far expanding newspaper
O'Mahoney,
regarding It
security has all the requisites necessary for exchange trading,
a
Counter business in general.
He also urged joint State-Federal cooperation and Federal legislation
makes information
That alone does not make it adaptable to exchange
using the word education, I do
He suggested that
that Exchange.
attempting to exploit the business of dealers who after much effort and
Dr. Elliott said that the Justices had invited "Congress to remedy
merce,
If
for admission
upon
questions, and certainly we do not, that the security should be dealt
exchange.
an
then agreed
were
security merely
a
of value to the securities
Testifying that recent decisions indicated that the Supreme Court "washes
its hands of the problem"
in
rendering
Trade barriers erected by
of
publicly available.
trading.
Federal
2023
specific requirements
France.
why every effort is being made to limit the
depletion of gold stocks
of foreign securities.
If purchases of superfluous goods from
abroad such as tobacco, gasoline,
coffee, meat, canned fruits, have to be
and holdings
curtailed, our American friends
for freedom and
The budget
policy is clearly defined.
internal loans for military
normal expenses
stiff load
ought to make allowances; we are fighting
survival.
expenditures.
operations.
rather
Still, taxes
should amount approximately to 2 billion dollars, a
for a country where 5 million
shall take care of that.
above a certain
Taxation for all ordinary needs;
For the present financial exercice,
men are
mobilized.
War costs cannot be estimated so precisely since
irreducible minimum they depend on the tempo
of military
In this emergency—the greatest in our history—every
French-
2024
The Commercial & Financial Chronicle
understands that money is less
precious than blood.
man
being subscribed daily by rich and
War bonds
The
are
poor.
thoroughly inimical to the interests of
Godfrey D. N. Haggard, British Consul General
of the United
in New
as a
military
their
use
common cause
economic
an
as
common resources to
their greatest
well
to
our
plans
remember
that
We have to husband them
the assumption that this
may be a long war.
on
our
so
home,
foreign
resources
are
Just
as
we
are
have to cut down consumption
we
quirements of
our
populations.
This disturbance of trade in
I fear it has in fact
hardly begun.
Before we
victory we shall have to go much further than we have
war
We shall
modities from abroad
Britain
believe
free
our
that
have to cut down
and
more
the
faith,
our
can
time goes on.
more as
the determination
France and Great
and
the
we
our
opponents.
we can afford to
neglect any of the material
have to remember that the longer that
victory
the dislocation created
one
by the
war
and the
Group Meeting of
Declares Measure
Is
Inimical
to
bankers, simplicity is not unknown
For people who are
through
There is
no
so
or
today in some few respects
.'
thoroughly inimical to the interests of a very great
majority of the investors of the United States" and should be
changed this year, Allan M. Pope, President of the First
Boston Corp., stated in
Chicago on March 28 before the
.
annual conference of the Central States
Group of the In¬
vestment Bankers Association of
America.
Declaring that
the general
principles of the Act are sound, Mr. Pope said
it is "a pity that an Act
embodying such sound principles
still produces results which have
most serious consequences
which the Congress did not foresee at the
time."
Regarding
dangers for which certain provisions of the Act in a
the
securities
great
This
responsible, Mr. Pope said:
last
offered
the result of
few
years
the
to
a
large percentage of the high-grade
very
public have been,
because of easy money rates,
that
outstanding securities have in a great measure been
paid off and other securities, in whole or in
part, issued to replace them.
to need
as
long
work, yet cannot do
can
means
that the
are
offered.
were
This
indicates
in general confronted with the
Any
them.
refunding securities
There
ing
more
working capital
today unemployed and wants
employment
is
not
a
industry.
million, such non-public offerings aggregated approxi¬
mately $2,500,000,000 principal amount for the
five-year period beginning
a
This amount excludes at least
regarding which it is impossible to
$100,000,000 principal amount,
obtain dependable information.
This
resulted in investors
generally, who owned approximately $1,248,000,000
principal amount of bonds or notes which were taken from them
by call
during this same period, being given no opportunity whatsoever to
replace
them with the
were,
refunding securities of the
in
same
issuer.
Investors generally
therefore, precluded from purchasing
approximately $2,500,000,000
principal amount of bonds and
that
It
be said that the
can
and notes
were
very
notes because
they
were not
$2,500,000,000 principal
generally of
a
man
.
our own
or
some
.
to find out the prospects
in the United States who is
drawing a
directly concerned with the investment bank¬
woman
way
pocket book.
moment
happy and
as
It is
I
business
never will be
today and,
Again I
merely lamenting
am
are
a
situation which might
saying what I have said because
anxious to let every one
now
to
ceases
need
happy
long
as
we
for expansion and im¬
money
been
never
the list of unemployed is
as
know
else know,
long
as
the average, has been for the last eight or nine
years.
on
what I have said because I
say
am convinced that the
majority
of working people and the
majority of those who want work but cannot
find it, have been led to believe that
investment bankers have something
to do with their present
circumstances
or
their lack of opportunity.
industry is the channel through which the funds
turn the
They
publicly offered
amount of such
bonds
character sought by all classes of banks
and
men
Townsend
Silver
purchased by
employed;
Bill
otherwise
fact just the
a
Our industry must work to
it
ceases.
That
is
fact—
a
same.
End
to
Treasury Purchases of Foreign
by Merchants' Association of New
Favored
York
The Merchants' Association of New York sent a letter on
23 to Senator James M. Mead and the entire New
York City delegation in Congress
March
endorsing
the
Senate Committee
the action
of
Banking and Currency in report¬
on
ing favorably the Townsend
measure
to terminate foreign
silver purchases by the Federal
Treasury.
The New York
members were urged by the Association to
support the
Townsend proposal both by their influence and
by
The
vote.
The
letter
Merchants'
hearty
to
approval
Association
the
of
purchases
In
of
New
York wishes to record with
you its
Banking and Currency Committee's vote
Townsend's proposal to terminate foreign silver
Senate
by the Federal Treasury.
opinion
our
the
unsoundness
of
foreign
thoroughly demonstrated by experience.
however,
slow
The
their
read:
report favorably Senator
is
that
its
very
stability which
up
our
command
to
step
use
existence
has
economic
discontinuance
constructive
were
women
Uttle understood fact, but
to
of the $2,500,000,000 securities which
supplied that buy and
not
monetary
the few and not available to the
general public, the purchases were forced
by circumstances which affected the issuer and affected the
are
wheels of
industry.
A man cannot get a job when these wheels
turning fast enough to require new wheels and more wheels.
His
loss of a job and
inability to get another is our loss.
His plight is directly
are
I wish it to be fully understood that in
my opinion, based to a large extent
on conversations that I have
personally held and some which have been
me,
then
who need to
.
always known and
the
and fiduciary institutions.
reported to
or
provement, then unemployment is created and this nation has
five-year period.
a
business.
can
I would not waste
my time in
affect
and have
even though they are
Transactions by an issuer, not
involving a public offering of securities,
permitted under the Act without
registration with the Securities and
Exchange commission.
Omitting all except bonds and notes, omitting
all issues for railroad
equipment, municipal and governmental issues and
with 1935.
more
business is produced,
more
of
date their services and facilities.
up to
man who is
type
every
The only way
people is to have
more
that
larger plants, who need
salary who is not in
same
are
all issues of less than
people strive to find
means
do so by inquiring if the investment
banking
industry and the banking industry in general are making more commercial
loans.
If they are, he can
definitely consider that his chances of re-em¬
ployment are improving.
higher price of the privilege, if necessary, in order to
buy
a
such
asked to make loans by those large concerns who net d
are
improve and bring
a
investment problem, namely, how to find
securities suitable for Investment.
It is therefore to
many institutions, both large and small, an additional
burden if securities which they own are called for
payment and no oppor¬
willing to pay
reason
is because business, which
so,
profitably employ
investment bankers
and
on
the barometer of business registers stormy weather and
as
one-syllable, this
keep
tunity is offered to purchase the
/
do any more than
for them to improve their condition by getting
reflected in the investment
banking industry.
being developed at
the securities
that large and small
buyers alike
just and proper financial
can never
opportunity for them to improve their condition while
the financial trouble that
goes with it.
In words of
more
an
discussing it in
position in which they can merely live at a minimum cost.
a
prices beyond that
which
am
by any government in this
up
Because these securities have been
generally high-grade and because easy
money conditions created a demand for such
securities, the demand has
frequently resulted, in some cases, in a later market
at
I
should know this truism that cannot be shaken:
The investment banking
refunding operations.
means
ap¬
change not
necessary
disregarded.
that may be set
is there any hope
nor
off relief
of future
Securities Act stands
Within
any
to
with you supposedly sophisticated
recognized fact that this relief
a
place them in
even
unfortunate
so
any agency
country, it is
Interests
of Investors
measure are
a
somewhat different angle.
a
When confidence reaches the
stage
.
as
industry that employs people, is unable to employ them.
Revision of Securities Act
Needed, Says Allan M. Pope
of First Boston
Corp.—Before
"The
States
situation which, while it affects investment
a
syllable because after all,
that business
A.
It should be
difficult for
United
subject which has recently been discussed by
a
authority along
words of
relief
staying power
gravity of the post-war problems.
B.
the
holders of insurance policies.
as
I shall now refer to
eminent
com¬
that
mean
delayed the greater will be
I.
in
practically every investor in the United
States and for the millions of people
directly affected as depositors of banks
and
achieve
imports of unessential
democratic peoples is far superior to that of
But this does not
factors of victory; and
is
It is
conditions
opinion,
convinced it is,
am
may be called selifsh, nor is it mentioned for the
benefit of any small group, which again can be called a selfish
motive, but
time is
yet gone in enduring
privations.
I
it is mentioned for the benefit of
relief
inescapable.
of
utility
have to cut down the
import from abroad of goods which
not essential for the
prosecution of the war, or for the minimum re¬
so
our
majority of the investors
as
The situation is doubtless
investment
bankers both large and small, is mentioned here
inexhaustible.
not
to obtain from them the maximum
as
in the prosecution of the
war.
at
in
respects,
very great
1940
for that reason, which
countries.
have
with
preciate and analyze.
joint advantage,
unfortunate but inevitable
thing that the economic policy which
France and Great Britain are
obliged to adopt reacts on other
We
familiar
not
one
an
We have to make
a
If this statement is true,
changed this year—not 1941.
He said the two countries have agreed to
way.
and he added:
It is
in
States.
30,
the Act not only should be changed, but
changed promptly.
York, told the Association that Britain and France in the
present war have made
March
Securities Act stands today in some few
was
retarded
silver purchases has been
What is not generally appreciated,
one
of the underlying threats to
long-range investments and
helped
machinery.
of
this
policy
would,
therefore,
be
an
important
forward.
We urge you with all the earnestness at our
influence and cast your vote for the passage of the
your
Townsend resolution.
purchaser
and
one
of the
principal
reasons
visions of the Securities Act,
that this force existed
that it is my opinion that neither the issuer
to,
was
because of pro¬
I will further state from
personal observation
nor
action
of
of
March
the
23,
Senate
page
group
was
referred
to
in
our
1858.
in the great majority of cases,
from
desired to prevent the general
public
participating in the issues, regretted the necessity which
required
them to be
a
party to this method of operation and
were
at the recent growth
definitely alarmed
of such operations and of the ultimate effect
general investing public and on the country.
Recognizing that the
pressure for
on
entry by the Government into the mortgage business and other businesses
formerly conducted by many of our large institutions, and
recognizing that
a bearing
upon the situation which I have just described,
nevertheless I believe it must be admitted that
certain provisions now in¬
cluded in the Securities Act
the public
more
definitely stood in the way of permitting
offering of such securities, thereby preventing any correction of
this situation either in whole
The investment
any one,
either
as
or
in part.
banking industry is far from criticizing the actions of
issuer or as purchaser, who has been
by force a party
to such transactions.
The
industry joins the great majority of such issuers
and purchasers in viewing with alarm
a
situation, the consequences of which
have been little appreciated by the
general public as yet,
have not been, apparently,
and consequently
appreciated by the Congress.
I say without
hesitation that it is my belief that these same issuers
and purchasers are
almost universally in sympathy with
any correction of this situation which
be undertaken.
.
.
.
United States Should Halt Purchases of
Foreign Silver,
Declares H. H. Heimann of National Association
of Credit Men
the
high-grade bonds is due in part to the
that thiB fact has
may
The
issue
the few purchasers referred
Discontinuance of United States purchases of
foreign silver
is advocated by Henry H. Heimann, Executive
Manager of
the National Association of Credit Men, in the Association's
March Business Review sent March 23 to its 20,000 whole¬
saling, banking and manufacturing member firms throughout
the country.
"If we feel it is advantageous—as good busi¬
or good politics—to subsidize
our domestic silver in¬
dustry," Mr. Heimann declares, "let us at least discontinue
foreign silver purchases.
Contrary to the claims of the
policy's advocates in 1934, benefits have not been realized."
ness
He added in part:
'
China went off the silver standard, ostensibly because of our
program's
effects on its financial set-up, instead of being aided
by it.
purchasing
has
come
power
And whatever
has been developed abroad by our silver buying program
at the expense
of the American people who provided the funds
which bought that foreign silver.
...
Volume
Mr. Heimann states that the
Townsend bill
now
The results of the silver
purchase program bear witness to the poor judg¬
of these two objectives: (a)
buy silver until it has achieved either
succeeded in lifting the prive of silver to SI .29
(b) accumulated silver in quantity equal to one-third of our gold
stocks.
Despite
buying since 1934 of $900,000,000 worth of foreign silver—
our
not
than
more
savings
a
$847,000,000 from Treasury
Additional net receipts of
bonds.
designated as "Trust Accounts, Increment on Gold, etc." reflected
payments made by, Governmental agencies to the Treasury.
The largest of
not
$1.29
such
payments was made by the Reconstruction Finance Corporation, which
its
The
of
As this is written it is around 35 cents an ounce.
an ounce.
Despite
buying since 1934 of $900,000,000 worth of foreign silver—
our
including purchases of American-mined silver—we are further from
one-third-must-be-silver goal
than
we were
the
when we started because our
the
to
Treasury.
$1,750,000,000
savings boncfe in 1939 reflects
figure smaller than
would
Treasury
gold inflow has been greater than our silver buying.
in borrowing from
funds available
leave
financing
just about
its
run
There is also
course.
feeling of expectancy
a
that the forward movement will be resumed within the next
days
though the gains may be moderate.
even
approximately
3y2
of
the
issued
securities
bonds,
the
stituted
of
Security
tional
Treasury
proportion
the
refunding
About two-thirds
medium
of
and
long-term
of the total
it had at
than
time since
any
change was accomplished notwithstanding the increase in Social
obligations,
The
of 'which
mature within five years.
An addi¬
guaranteed debt was refunded by Governmental
all
$1,200,000,000
agencies.
included
year
consisted
obtained,
so
market debt.
notes.
Upon the completion of these
debt maturing within five years con¬
Government
direct
the
during
exchange
remainder
smaller
a
This
1933.
in
reduction of the
a
or
of open
dollars of Treasury notes.
billion
the
operations,
these sources
the total amount of money
for the retirement
operations
of
Turning to the domestic business situation and the possi¬
bilities for increase in American exports during the remainder
of the year, Mr. Heimann says that "there are a number of
indications that the recent decline in business activity has
from
a
increase
deficit
a
sales of special obligations and
steady growth in this type of financing.
proceeds
of
A continued
to
which to liquidate its in¬
funds with
obligations to obtain
own
debtedness
including purchases of American-mined silver—the price of silver is stiU
90
Of this
obligations to the Social Security funds accounted
billion dollars.
Another $767,000,000 came from sales
sold
an ounce or
not
of $607,000,000 of the General Fund balance, leav¬
use
of special
sales
accounts
the
with
partly
remainder of $3,362,000,000 to be supplied by other means.
a
amount,
for
met
were
and other general and special account receipts,
revenue
partly, by the
ing
$9,454,000,000
of
expenditures
$5,485,000,000 of
and
of
Witness the record.
The law requires the Treasury to
Treasury
before
Congress, which would call a halt to this program of foreign
silver buying, deserves the support of American business.
Continuing, Mr. Heimann said:
ment exercised.
2025
The Commercial & Financial Chronicle
ISO
of
Owners'
Home
Corporation's
Loan
exchange
of
its
called
2%'8 for eight-year \xk% bonds, callable in six years, accounted for more
Conference of Mayors
Appropriation
for
Appropriation Is Also Needed for Next Few Months
$1,500,000,000 relief funds should be allotted the
At least
Mayor Fiorello LaGuardia of New York City, acting in be¬
Mayors, told Presi¬
luncheon with the Presi¬
half of the United States Conference of
dent Roosevelt
At
March 21.
on
a
sizeable deficiency relief
appropriation for the balance of the present fiscal year.
He said that the Mayors' Conference estimates that unem¬
ployment will be not less than 9,000,000, on the average,
during the coming fiscal year, and may possibly reach
10,000,000 or 11,000,000.
A Washington dispatch of March
21 to the New York 'Times" quoted the Mayor as follows:
Mr. LaGuardia also urged
yet," he added.
"I pray
down here in
year, once for the regular Appropriation Bill and again
Deficiency Bill, but some one has to do it."
"The
this
for
estimates have not
Mayors'
God
to
are
we
the
It
wrong.
twice
role
been
wrong
pleasant task to come
not a
is
a
Says Cities Bear the Brunt
The
Mayors, by virtue of their offices,
LaGuardia asserted.
Mr.
as
another 600,000 soon afterward, he said.
This will leave
1,500,000, to judge from present figures, and only 1,350,000 can be kept,
July
and
1,
the average,
on
"And
LaGuardia
Colonel
weeks
told
ago
talking
C.
necessary
these
figures,"
Mayor
Conference of Mayors two
that $1,000,000,000 would not take care of the jobless employ¬
the
The Mayors were
would be
to be conserved for the high point of need in late
were
LaGuardia explained.
600,000 during the
layoff of
summer
at
meeting, and sent copies to
Birmingham
active in
most
the relief
members of Congress who
financial responsibility of the Federal Government to
provide Jobs for employable relief cases while It Is the accepted responsibility of
States, counties and cities to care for the unemployables;
"Therefore be it resolved. That this Southern regional conference of the United States
Conference of Mayors request the President of the conference to confer with the
President of the United States and urge upon him the necessity of basing WPA ap¬
"Whereas It is the accepted
propriation on the actual needs existing in the cities of the country; and
"Be it further resolved, That the Conference of Mayors also submit to the proper
Congressional committees a factual statement covering unemployment and relief
conditions now facing the municipalities."
of Mayors at
Conference
The
to in our issue of March
Birmingham was referred
16, page 1694.
Review
by C. J. Devine & Co., Inc., Analyzes U. S.
1939
played
life
economic
Fascist
even
more
Schmidt finds.
environment,
pro¬
Large
increasingly
an
since
Dr.
the
advent
Schmidt
de¬
important part of the nation's business and industrial
sys¬
tem, statistics show that Italy today is more "capitalistic"
to
it
in
was
1922, Dr. Schmidt continues.
In
1936 the three
held
56.1%
of
leading commercial banks, out of
banking
all
50.4% of all deposits.
goes
on
67.4%
capital,
of
a
total number of 94,
banking
all
and
assets,
On levels other than corporate ownership—that is,
personal and bureaucratic levels—business controls appear to have been
on
concentrated
The
of
from
greater
of
national
Although this rise
safe
it is
wealth—in
from
3,069
lire—was
current
in
1925.
This represents
111,a
rise
to
infer that stock
concentration of corporate wealth
is
firms
pertinent
to
the
Duce's
development may be measured in
of
that is,
1925;
halted during the
was
severe
company
depres¬
capital
is
today.
largest non-financial
1%
years.
According to the statistician
in 1914 to 36,500,000,000 in
5,300,000,000
marked
large
100
15
hand, the total "invested capital" of the stock companies
1927-34,
of
years
This
past
1914 and 550,000,000,000 in
in
other
by about 600%.
even
the
and is still rising.
400%.
the
increased
sion
within
stock companies in Italy has risen
1937,
the aggregate
Gini,
about
joint
in
20,018
000,000,000
On
further
even
number
to
Ccrrado
of
He
say:
all
corporations
under the command of
conception
of
a
"capitalism."
of capital and assets of the
terms
These great
in each of four years.
communications,
and trading companies—a' mere half
companies—owned almost half of all non-financial
stock
corporate assets.
Large
enterprises
business
than
others.
in
distributed
were
In
1936
various
are
of
the
100
course
biggest
industries
as
more
important
non-financial
follows:
in
some
corporations
electric
power,
30;
chemicals, 8; textiles, 7; machinery, 7; telephone serv¬
ice, 5; shipping, 4; automobiles, 3; shipbuilding, 3; -construction and
building materials, 3; sugar refining, 3; real estate, 3; petroleum, 2;
water supply, 2; railways, 2; gas, 2; rubber, 2; matches, 1; paper, 1;
cable, 1; distilling, 1; retail merchandising, 1.
Except for the water, railway, real estate, merchandising, and textile
firms, excluding those manufacturing rayons, these companies seem to be
dominant
in
their respective fields,
at least as regards ownership of
metallurgy,
9;
the
On
assets.
and
Government Financing in
become
have
kinds
Italian
other
hand,
corporate enterprise of even moderate size is
apparently quite unimportant in the
Survey Predicts Possibility of Reduction of Negotiable
Treasury Obligations if Deficit Is Cut—Annnual
Eco¬
of
the growth of large-scale business or¬
ganizations.
Despite Mussolini's assertion that Italy is not
"capitalistic" because small-scale enterprise forms the most
fields
year; and
has
of .banking, Dr.
all
in
The
manufacturing,
United States will shortly consider the work relief
appropriation for the next fiscal year; and
"Whereas the present WPA program la not now giving work to all the destitute
able-bodied unemployed by reason of the reduced appropriation authorized last
"Whereas the Congress of the
Department
clares, has spurred
few
problem:
of
role
Mussolini.
of
University
wealth
the field
prominent
The
Mayor showed President Roosevelt the following resolution, adopted
the
are
of
concentration
corporations
winter.
Resolution Is Presented
The
Columbia
the
of
reports in a study of joint stock enterprise in Italy.
nounced in
meeting of the
Mr.
year,
additional
if funds
and
autumn
all
Harrington, Commissioner of the Works Projects Admin¬
the Birmingham
during the next
that
employables in
about
said.
F.
istration, told
ables
A
1913
are
we
Schmidt
nomics
if WPA is to stay within the $1,000,000,000 appropriation
mind.
in
now
own approximately 50% of all the
non-banking corporations, Dr. Carl T.
wealth controlled by
The
plans, 800,000 will be dropped from the WPA rolls before
Under present
Less than 1% of the total number of stock companies in
Italy, excluding banks,
than
in the forefront of all relief
first shock of WPA layoffs hits
they must improvise local means of meeting unexpected suffering.
problems,
them,
are
accomplished by the
securities."
short-term
new
other refundings were
Large Corporations in Italy Control Wealth, According
to Study by Columbia University
Administration during the next fiscal year,
Works Progress
dent,
issuance of
The
this amount.
Additional
Roosevelt
President
Tells
Guardia
Asks $1,500,000,000 WPA Relief
Next Fiscal Year—Mayor La
half of
than
clothing
Discussion
fishing, wood-working, food-processing,
industries, and in the retail trades.
of the forces
involved in such economic
centralization
is
of this survey.
It may be observed, however, that the
political integration of economic authority in recent years has
overshadow the significance of control based on formal pro¬
beyond the
scope
cumulative
to
come
prietorship.
-
■
supply of negotiable Treasury obligations might be
reduced especially if the Federal deficit were to be cur¬
The
tailed, according to the annual survey published on March
C. J. Devine & Co., Inc., specialists in United States
Government securities.
This possibility, according to the
28 by
is suggested by financing of the $4,000,000,000 Fed¬
eral deficit without recourse to the open market for more
Improvement in Bank Supervision Urged by President
Hanes of A. B. A. Before Denver Regional Confer¬
ence—Advocates Program to Preserve
one-fifth of that amount in the year 1939.
The study
reviews the trends of Government financing during the last
than
and
year
credit
for its
in
thirds
in
of
of
1939
savings
vided
on U.
S. Treasury and Federal
The review remarks in part:
data
issues.
States
finance.
the
money
negotiable
were
less
,
Treasury's growing independence of the open market
cash requirements was
Treasury
sales
presents
agency
United
The
one
of the outstanding developments of 1939
in the previous six years more than twoneeded to finance the deficit was obtained by public
Whereas
Treasury
than
obligations,
one-fifth
of
the
funds received from
deficit
bonds alone supplied the Treasury with
through the sales of marketable securities.
requirements.
more
this source
Sales
cash than was
of
pro¬
Independent
Banking
survey,
Improvement of bank supervision on the part of govern¬
as a means of preserving independent banking in the
United States was stressed at the regional banking conference
of the American Bankers Association at Denver, Colo., on
ment
March 21 by
Mr. Hanes,
Trust
Robert M. Hanes, President of the Association.
who is also President of the Wachovia Bank &
Co., Winston-Salem, N. C., told the visiting bankers
of the educational program
of the A. B. A.
"The
assump¬
by government of the right to charter, supervise and
regulate banks constitutes a pledge to the public that gov¬
ernment will do all in its power to insure the highest stand¬
ards of bank management," Mr. Hanes asserted.
"I betion
The Commercial & Financial Chronicle
2026
lieve the public so
interprets such regulation.
Lax charter¬
ing of banks, indifferent examination and supervision by
unqualified officials, amount to a failure to keep that pledge."
He went
to say:
on
w'M" "mmnmmmmm-
independent chartered banking depends in a great degree
the continuation of the checks and balances represented in the dual
sys¬
tem of
banking.
But the dual system of banking will not survive unless
high quality of bank supervision is maintained in every State.
a
At the last convention of the National Association of Supervisors of State
Banks, the Secretary of that Association asserted that "if
at any
time the
State departments fail to render the type of supervision the
public interest
demands,
we can look for the Federal Government to
of all
tion
bank
that course."
supervisory
sometimes
follows
Too often is the tenure of office of the
Too often
the salaries
are
happy to be able to report to
am
of State Bank
survey
State
Bank
five-year
Division
by the A.
improvements in this field.
B.
A.
"The
"in the creation of banking boards, extension of
Commissioner, provisions for
of the
powers
adequate terms of office and salaries,
more
the elimination of partisan politics and the provision of a sufficient number
of qualified bank examiners.
whichj has been
Notwithstanding the real and definite
progress
made thus far, much remains to be accomplished.
Until
the ultimate goal,
placing supervision on the uniform and efficient basis
it deserves, is attained, continued effort is
necessary on the part of all those
concerned in the future of State banking."
Mr. Hanes further declared that "the time has
the Association to sponsor a constructive
with
State
specific provisions aiming at greater stability in our
banking departments and higher and uniform standards of
bank supervision."
In conclusion, Mr. Hanes said:
challenge to make
a
able that there will be
tunity for
our
in
program and
our
ment and
through the efforts of individual bankers
that
one
strong and
also
lifts
good supervision
the
But
or any oppor¬
Through
shall do all
we
will be incomplete
program
the standards of supervision.
are necessary
Good manage¬
partners.
Other addresses made at the conference were referred to
in
our
issue
of
March
23,
page
1867.
Holland
Says
Speech
Was
Made
House
Warning
so-called
Criticizing
His
on
Issues
Roosevelt
stories,"
March 23 declared
Isolationists
Responsibility—White
Denying That President
Speech Before Delivery
public against
news
American
Own
Statement
Saw
the
Canada James H. R. Cromwell
to
"believing
White
a
certain
House
types
on
address made in
Cromwell,
advance copy of the address,
which, said Mr. Crom¬
well, "was made entirely on my own responsibility."
The
referred
in
to
issue
our
of
March
23,
page
1857.
The White House
statement, given out by Secretary
Stephen T. Early, follows:
public
statement,
by certain
This
"it
hereby warned, this time through
well's
types
of
learned
speech
delivery
The
by
that
ity."
an
newspapers.
relates
to
articles
unimpeachable
stating1
authority"
received
was
was
reporter
other
words,
by
the
suggesting
or
that
Minister
President
prior
or
wholly
untrue
"the
but
from
newspaper
has
been
in
conclusively
continuing
that
its
to
not
proven
House
was
satisfaction
deliberately
the
of
White
this
reprehensible
policy
is
obvious
the
to
Toronto
The
of
speech
out
of
views
which
entirely
Since
that
authority to
had
President
I
Such
address
express
stories
expressed
and democratic
on .my
own
no
any
Roosevelt
knowledge
any
whole cloth.
totalitarian
made
or
of
saw
of
are
the
on
forms
its
an
advance
copy
beforehand
contents
contrast
between
government
expressing
symbol
one
has
views
at
for
the
present
economic
It
From
added
Hague
the
National
is
City.
by
the
a
long and successful
it continue to stand as a
friendship
and
coopera¬
and
W.
A.
also
Dr. E. N. van Kleffens, Netherlands
Affairs, addressed the luncheon by
The Netherlands Indies Governor
L. Tjarda van Starkenborgh Stac-
speaking by short-wave from Batavia,
Loudon,
Netherlands
States, presided at the luncheon.
United
Java,
congratulations.
Alexander
Dr.
Minister
to
the
At its conclusion
he announced that the Queen had conferred decorations on
two members of Holland House Corp.—Fenton B. Turck Jr.,
President, who was made an officer of the Order of Orange
Nassau, and Floris Ter Meulen, director and member of
the corporation's Executive Committee, was given the title
of kniglit of the order.
In
his speech Mr. Turck defined Holland House Corp.
private and non-profit organization, organized not to
develop political and war propaganda, but to promote wider
and
greater trade activities,
not one-way, but two-way
a
between
trade
the
East
lands
Plans
of
States
basic
relations
Indies
for
March
United
better
together with
the
West
and
opening
The
and
Indies
and
in
Nether¬
The
this
discussed
were
Netherlands,
between
country.
these
columns
16, page 1701.
Bronson
any
time
been
given
any
open
Emmett
were
reason
or
Toronto
Aug. 23 and continue
on
show
features
development
of
Canada
in
Dominion
authorities
as
high
that
as
this
year's
2,000,000,
Survey for I.
Program
B.
A.
on
F.
Conuely
of
First
the
of
Michigan
Corp.,
of Amer¬
ica, announced March 21 that arrangements had been
cluded
with
Bronson
Batchelor,
economist of New York
tion
for
the
Mr.
known
con¬
writer
and
founda¬
a survey as a
contemplated program of public
Batchelor
to
well
City, to make
Association's
information.
the
is
make
to
regular
his
spring
and
report
meeting
of
the
Board of
Governors, which is to be held at White Sulphur
Springs, W. Va., May 11 to 15.
Plans for this program
discussed in
were
issue of March 9, page 1538.
our
Death of Frank
White, Treasurer of United States from
1921 to 1928—Former Governor of North Dakota
Colonel
Frank
States,
and
March
23
year's
of
and
his
Illinois,
of
is
North
Hospital,
83
was,
career
White
of
United
the
Dakota,
died
Washington,
old.
on
after
a
The
following re¬
the Washington "Post"
years
taken
he
him
in
North
House
in
the
from
Stillman
B.S.
a
by the
educated
was
degree
in
1880.
university
same
Dakota
Valley, 111., the
He
White.
took
upon
State
born
was
(Brown)
where
Settling
Reed
Treasurer
of
23:
Ann
conferred
.He
former
Governor
Walter
illness.
Lucy
White,
one-time
at
March
after
his
in
son
the
at
An
of Joshua
University of
LL.D.
degree
was
1904.
graduation,
he
elected
to
the
was
elected
to
the
Legislature in 1898 to join the First North
Dakota
Volun¬
was
Senate.
He
teer
in
left
of
the
Infantry.
May,
Representatives
As
a
1898,
in
1891.
In
1893
he
major, he fought with these troops in the Philippines
September, 1899, and was cited for "gallantry
until
action."
1901
Colonel
served
With
14
In
served
He
until
this
and
service
saw
to
Make
to
President of the Investment Bankers Association
In
Be Held in
Batchelor
Public Information
me.
planned
Exposition will reach
radio,
Jhr.
his
1921
in
was
made
action
Colonel
this
elected
was
declaration
the governorship
to
colonel
in
White
of
the
in
he
war
returned
of North Dakota
Forty-first
to
Division,
active
Army
with which
he
France.
appointed Treasurer and for
was
seven
years
he
post.
resigned
Mortgage
White
1904.
country's
months'
the
position in
Guaranty
Corp.
of
1928
to become President
Chattanooga,
of
the
Southern
Tenn.
the
To
by
cele¬
York
featured
was
for
wishes
"best
Foreign
George
estimated
The * occasion
of
houwer,
the^Dominion's
is
New
Plaza,
Rockefeller
The
General,
connection
It
ceremonies
the new home of Holland
Netherlands-American
short-wave
war effort, and an unusual amount of
interest is expected in view of the
large sums being spent
by the Canadian and British Government for war supplies.
The Department's announcement further said:
with
19 by
March
on
day of festivities was a luncheon attended
a
her
of
Minister
principles
and their results
August
enterprise will
weeks.
the
tion."
from
National Exposition to
The
two
10
at
Netherlands.
State
are
absolutely untrue.
The Canadian National
Exposition will be held th's year
as
usual in Toronto, according to an official
statement
recently issued and received by the Department of Com¬
for
City
future of the Holland House, may
of my
responsibility.
in
merce.
between
reading of a message from Her Majesty, Queen Wilhelmina,
and
Canadian
ties
by 125 heads of leading interests in the United States and
The
Colonel
Cromwell's statement, issued through his New York
office, was reported as follows by the Associated Press:
made
Corp.
First event of
obvious
the story was not
"unimpeachable author¬
authority"
the
to
the
Mr.
reports that
Netherlands
historic
and
brating the official opening of
overwhelming majority of the reading public.
Published
cultural
York
New
garding
motive
Central and
Crom¬
House.
The
the
States and The Netherlands Empire were strength¬
in
ened
that
any
unimpeachable
is
invented.
This
benefit
to
Corporation Opens New Building in
City—To Promote Wider Trade Activi¬
House
stories carried
news
reading public should remember
statement
any
York
recommendations
White
Cromwell.
that the
the
In
occasion
Canada
Mr.
by
so-called
from
in
point
received
formal
a
^gainst believing certain types of 60-called
particular
was
fact
is
House
United
an
The
certain
Among those reported as
ties Between United States and
of
statement
States Minister to Canada, in which he criticized
American
isolationists.
Mr. Cromwell likewise on March 23 issued
a statement in which he denied
that the President had had
was
development
a
"untrue" reports that President Roose¬
as
velt had received prior to its
delivery the
Toronto on March 19 by James H. R.
address
expected to result in increased United
are
with
war,
Commercial,
as
United States Minister
conditions therefore not normal.
and
war
South America to bring
having already contracted for
space
are
Cuba, Switzerland and Bermuda.
Many private firms are
planning to exhibit their products in the Manufacturers Building, where
industrial displays will be featured.
so service¬
State chartered institutions.
our
achieve this result.
power to
without
so
place for any new banking system
no
attempt to eliminate
an
banking system
our
at
governments in the National Exposition will
the result that Canadian authorities are
foreign
the
by
exhibits.
official
for
come
program
We face
affected
United
periodic
reflect general advancement during the past 15 years,"
surveys
it states,
is
Ontario,
looking mainly to nations in North,
ex¬
however, that the quinquennial
you,
by
Participation
be
to
com¬
of commisisoners and
Supervision recently completed
reveals
travel
1940
30,
Exhibition.
New
aminers too small to attract qualified career men.
I
Toronto
political partisanship seem to influence appointments to
State banking departments.
missioner too brief.
country
March
attempt the assump¬
Centralization
powers.
the
tourist
States
I agree with his assertion.
Too often does
that
fact
Restrictions of foreign sea travel
mmrnmmmmmmmmmmm
The future of
on
the
attendance
at
notwithstanding
C.
Mathews
Join
mission's
The
March
signed
to
Laws
Securities and
26
as
accept
that
a
Resigns
Northern
States
Are
Member
as
Power
of
SEC—
Co.—Says
Com¬
Sound
Exchange Commission announced
George C.
Mathews
of Wisconsin
had
on
re¬
member of the Commission, effective April 15,
an
invitation
to
join
the
organization
of
the
The Commercial & Financial Chronicle
Volume ISO
Northern States Power Co.
Robert F. Pack, President of
Northern States Power Co., stated that he had invited Mr.
Mathews to join the organization of Northern States Power
Co.
soon as his
as
stood would
he
had
New York and formed Director of the
Budget, will speak.
Preceding the luncheon session there will be a morning
session devoted to "Reciprocal Trade Agreements, Policy,
Practice and Purposes.'
The speakers will be:
be about
already
than
more
arrangements permitted, which he under¬
April 15.
Mr. Mathews stated that
been in Washington two or three years
he
had
appointment,
expected when he accepted his original
and
that
he
had
stayed
his
interest in the development of securities regulation and in
the administrative problems of the Commission.
The Com¬
mission
made
public the
following statement by Mr.
Joseph A.
regret that
plans
my
moment
when
attack.
That system is
to
that
me
the
the
basic
leave
to
the
system of
Federal
fundamentally
would
country
Commission
should
securities
mature
regulation is
at
a
under
sensible that it is inconceivable
so
permit
it
be
to
destroyed
seriously
or
Edward
Emil
No
has
seas
wants
person
weaken
to
the
prohibitions
been
valuable business
asset.
As
it unquestionably
for
regulation
of
public utility holding
and is called for.
was
In
that field
one
com¬
of
the
that
the
Commission
the
cause
application of the
I
am
duties
of
it
Self-interest alone ought to
doing—to try to assist in the
are
Commission
has.
is
trusts
Yet,
is
there
not
is
for
eager
any
question
no
that
be
as
a
of
revision
real
powers
more
some
or
regulation
essential.
Basically, all of the statutes administered by the SEC
Tljey are capable of improvement as conditions warrant.
to
are
sound laws.
But
there is
if
improvement of these laws their revision should be undertaken
scientific
job.
is
It will be unfortunate for the country
undertaken
Chairman
Conditions."
Oliver
the
in
Jerome
Mathews.
On
exi>ertness
and
described
the
at
us
the
heat
of
political
is
a
program
controversy.
issued
the
F.
will
Commission
greatly
he
the
regret
departure
of
George
has
represented a bulwark of technical
business judgment which can best be
intelligent
as
know
I
as
Government
that
I
well
as
express
of
M.
the
is
losing
of its ablest public servants.
one
Director
Studies,
of
Bank
Council
of Washington.
on
Foreign Relations,
City.
Farmer
and
J.
Parker to
W.
Conference
Speak at Midwest
Chicago April 9-10
in
F. Malcolm Farmer, President of the American Institute
Electrical Engineers, and James W. Parker, Vice-Presi¬
dent of the American Society of Mechanical Engineers, will
the
share
speakers' rostrum at the "All Engineers" dinner
Chicago on April 9 as a
day's activities of a two-day program
of the Midwest Power Conference.
Mr. Farmer, who is
Vice-President and chief engineer of
Electrical Testing
Laboratories of New York City, will talk on "The Engineer
and His Profession."
Mr. Parker, Vice-President and chief
engineer of the Detroit Edison Co., has not yet announced
the title of his talk.
Regarding the conference an an¬
climax
the first
to
Sponsored
in
sentiments
of
my
colleagues
on
the Com¬
by
the
Armour
Middle-Western
Winston
The
of
the
offering
transmission
mutual
the
problems
technical
free
social
or
phases of
power
all
with
all
from
department
has
persons
to
meet
the
of Armour Institute.
established as that of
been
in power production,
annually for the study of
of required memberships in
interested
together
restrictions
organizations.
Such a central conference provides the
full correlation of all of the technical and social
production,
distribution and utilization.
special emphasis
electric and hydraulic power, and include
some
on
steam,
20 important sub¬
from educational and industrial
by authorities
jects to be discussed
in
conference
for
scheduled for the conference will place
Talks
cooperation
in
for
opportunity
only
Technology,
engineering
power
consumption
or
of
and
colleges and seven local and national
the conference is under the direction of Stanton E.
opportunity
an
Institute
mechanical
of
purpose
matter said:
universities
engineering societies,
the members of the staff.
J. P. Morgan & Co., Inc., Holds Organization Meeting—
J. P. Morgan Made Chairman of Board and T. W.
fields
parts of the country.
♦
%
,
Vice-Chairman—George Whitney Elected
H.
President
& Co., Inc., which will initiate its business
Monday next, April 1, held its organization meeting on
March 27, at which time J. P. Morgan was elected Chairman
of the Board.
Thomas W. Lamout
was
made Vice-Chair-
man
of the Board and Chairman of tne Executive Committee
and
R.
Leffingwell
Executive Committee.
dent of the company.
chosen Vice-Chairman of the
George Whitney was elected Presi¬
Other officers chosen are:
was
Hoover and L. W. Wallace Elected to Executive
E.
Qommittee of Industrial Research Institute
J. P. Morgan
II. Earl Hoover and L. W. Wallace, both of Chicago, have
on
C.
Pierson, President Export-Import
Bidwell,
Harvard University and
of
Diesel,
Lamont
Lee
W.
Yoik
Power
following state¬
good old American horse-sense.
He is the soundest financial
analyst I have ever met.
We shall need to spend far more effort in our
daily tasks without his keen judgment and counsel.
It will be exceed¬
ingly difficult to find any one man who will possess his unusual combina¬
mission
America.
The speakers are announced as follows:
nouncement
Frank
N.
SEC
highly
tion of abilities.
of
W.
M.
Percy
New
seven
of
Bureau Federation.
Union
Sprague, Professor of Economics,
former Economic Adviser, Bank of England.
ment :
All
Workers
Textile
to be held at the Palmer House in
the
now
investment
of them
some
law.
that
sure
than
the job alone.
do
must
companies—as
President
The topic for discussion at the afternoon session will be
Financial Policy Under the War and Post-War
Commission's
biggest tasks is the section of the law calling for integration
and simplification of holding company systems.
I think the most con¬
structive job will be done if the utilities recognize the
importance of
compliance and help to work out the program.
Any other policy means
O'Neal, President Americah Farm
Darlington, Foreign Exchange Manager General Motors Over¬
"American
stock
against
The disclosure of financial and corporate information which
brought about over the past six years has proven to be a
Harvard University.
Operations.
Warren
sensible
panies,
A.
Rieve,
Charles F.
weakened.
manipulation.
Economics,
ments.
Mathews:
I
Schumpeter, Professor of
Henry F. Grady, Assistant Secretary of State in charge of Trade Agree¬
because of
on
2027
been elected Chairman
Vice-Chairman, respectively, of
and
the Executive Committee of the
Industrial Research Insti¬
according to an announcement by Maurice Holland,
executive officer of the Institute.
Mr. Hoover, who was
tute,
Vice-Chairman of the committee last year, is Vice-President
of the Hoover
Co., and Mr. Wallace is director of engineer¬
Anderson, Thomas S. Lamont, H. P. Davison, Charles D. Dickey, Henry
ing and research of the Crane Co.
The Industrial Research Institute,
C.
with
Vice-Presidents:
Alexander,
Junius
I. C.
S.
Morgan,
Vice-President and Secretary:
Arthur M.
Comptroller:
organizations
which
maintain
research
was organized several years ago to pro¬
resultful
and
economical
of methods and more efficient,
in industrial re¬
management
search.
I.
Foley,
A.
HamiU Jr., E. Eldridge Thomas, Charles A.
Assistant Secretary:
It
mote constant improvement
Hartland S. West.
William
which is affiliated
Council, comprises 28 leading
National Research
laboratories.
Fred C. Billing.
Treasurers:
the
manufacturing
Longstreet Hinton.
Stuart W. Oragin.
Sidney Lanier.
Secretary:
Assistant
Bartow,
.
Vice-President and Trust Officers:
Treasurer:
D.
Raymond Atkin, William A. Mitchell, Leonhard A.
Keyes, John M. Meyer Jr.
Assistant
Francis
Stanley
Knowles,
+
Henry
Fulcher.
Growing Leadership in Chemical Research
Shown in Statistics Issued by American Chemical
America's
Arthur H. Sanford.
The directors of the institution
are
the present New York
partners, viz.: J. P. Morgan, Thomas W. Lamont, Junius S.
Morgan, George Whitney, R. C. Leffingwell, F. D.
Bartow,
Arthur M. Anderson, Thomas S. Lamont, H. P. Davison,
Charles D. Dickey, Henry C. Alexander, I. C. Raymond
Atkin, William A. Mitchell.
The incorporation of the firm under the State Banking
Department bringing to an end its 80-year old private bank¬
ing business was noted in these columns March 23, page 1855.
The company has applied to the State Banking Department
for authorization to open a branch office at Paris,- France,
it is learned from the "Weekly Bulletin," issued March 22 by
the Department.
It was announced on March 28 that the Guaranty Trust
Society
f
•
world made approximately
25,000 new chemical compounds last year, an increase of
about 6%, according to a report by the American Chemical
Society, which will hold its 99th meeting in Cincinnati,
April 8 to 12.
Biochemistry, closely allied to the organic
field, basis of major advances in modern industry, regis¬
tered an increase in activity, it is stated, of 5%.
These
gains were accomplished in the face of a general falling
Organic
chemists
of
the
.
off
of
about
0.5%
in
the
published results
research owing to war conditions in Europe, it
chemical
is explained
of
by (Professor E. J. Crane of Ohio State University, editor
of "Chemical Abstracts," in which the findings of the
Society's
international,
science
reporting
system
are
Co. of New York has been
assembled.
shares $100 par
Inc.
growing leadership in chemical research, Professor Crane
appointed registrar for 200,000
value capital stock of J. P. Morgan & Co.,
cussed Before Academy of
York
on
Barriers to Be Dis¬
Political Science in New
on
of
April 11
semi-annual
Science will
meeting
of
the
of Political
New York City,
Municipal Forum of New York to Provide Quarterly
Reports of Activities Effecting Security of Federal,
State and Municipal Obligations
The
Academy
be held at the Hotel Astor,
April 11, and will be devoted to a scientific discussion
"Economic Nationalism, Trade Barriers and the War."
The
indicates America's
points out.
Economic Nationalism and Trade
The
Analysis or the statistics
subject of the luncheon session of the meeting will be
Municipal
Forum of
New York has consummated
reports covering every
arrangements to provide quarterly
phase of political, economic and social activity effecting
the security of Federal, State and municipal obligations, it
was announced on March 28.
These reviews, will be pre¬
Toward
sented to and by Forum
members at meetings held for that
Peace," at which Dr. Henry
M. Wriston, President of Brown University, and Lewis W.
purpose.
Through this
current developments of
general interest to those interested
"The
Reciprocal
International
Douglas,
Trade
Stability
President
Agreements
of the
as
Progress
and
Mutual Life Insurance Co.
of
in
procedure it is stated important
public securities will be analyzed and discussed
by spe-
f
2028
cialists in
their
their particular field.
Harold
Economics,
S.
Craig
Seal,
S.
Bonds,
Leonard
Horton,
Cushman McGee, R. W.
Insurance, William C.
Government
Trust Co.;
First
National
Bank,
Chemical
Pressprich
Alfred
&
Trust
Co.;
& Co.;
O'Keefe, Metropolitan
Administration,
Bank
Reporting.
Real
William
Bonds,
Willoughby, Assistant
Director,
Na¬
W.
John
Moore,
F.
his
up
duties
new
on
Municipal
Market
ABOUT
Arrangements
York
Conditions,
BANKS,
Vanneman, and
Robert
T.
Veit,
Manager,
Mu¬
TRUST
COMPANIES,
Exchange
previous transaction
was
&c
March 27 for the transfer of
were made
Stock
affiliate of
ment
April 1st.
membership at .$52,000.
at $50,000 on Feb. 20, 1940.
He
Mr. McMillan
Co., invest¬
Mercantile-Commerce Banks &
the
In January, 1936, he
was
Trust
appointed
Chicago representative of the bank, which position he has
since
that
He is
time.
graduate of Princeton Uni¬
a
versity, class of 1929.
Hempstead Washburne of
Moody's Investors Service;
Dillon, Read & Co.;
Fowler Jr.,
Department, Shields & Co.
ITEMS
take
held
Estate, Charles P. Upjohn, of Donald K.
Technical
nicipal
will
Co., in September, 1929.
Life Insurance Co.;
Municipal League;
Revenue
New
Lawyers
Cashier,
Assistant
M.
1940
Hemingway, President of the Mercantile-Commerce
entered the service of the Mercantile-Commerce
Government
Housing,
30,
motion of John S. McMillan to Assistant Trust Officer.
City;
Jersey
W. L.
March
Bank & Trust Co. of St. Louis, Mo., has announced the pro¬
Vice-President,
Bartlett,
financial Chronicle
The various sections and
respective chairmen will be:
Banking,
tional
The Commercial d
Chicago
has
been
appointed
Chicago representative to succeed Mr. McMillan. Mr. Wash¬
burne has been in the investment banking business in Chi¬
cago for 20 years.
He was recently connected with Farwell,
Chapman & Co. and was formerly Vice-President of the Chi¬
cago office of the First of Michigan Corp. of Detroit.
♦
a
The
Effective at close of business March 23, the United States
National Bank of Portland, Oregon, absorbed the business
of the Farmers &
Middle Atlantic Division of the Association of Bank Women
announces that a
meeting of the Association will be held at
Fruitgrowers Bank of Medford, Oregon.
approximately $500,000 in
deposits to the United States National's branch in Medford.
The total deposits of the United States National Bank at the
4:30 p. m. on
time of last call
♦
Miss
Lillian
M.
Russ,
Regional Vice-President of the
April 5, at the Chase National Bank, 18 Pine
St., New York.
Dr. Benjamin H. Beckhart, Director of
Research
as
that institution will speak on "The Gold
Dr. Beckhart who is on sabbatical leave from
Professor of Banking at Columbia
University is
Educational Supervisor for the New York
Chapter of the
American Institute of Banking.
Miss Mary Vail
Andress,
Assistant Cashier of the Chase National Bank is Chairman
for that meeting, which is the fourth Divisional
meeting for
arranged by Jane A. Langthorne, Manager Women's
Department of the Title Guarantee and Trust Co., Brooklyn,
1940,
as
New York.
Robert S.
Darbee, President of the Bay Ridge Savings
Bank, Brooklyn, N. Y., was elected March 27 as Chairman
of Group V of the Savings Banks Association of the State of
New York, comprising the
savings banks of Brooklyn,
Queens, Long Island and Staten Island. Mr. Darbee was
chosen to fill the vacancy created
by the death of Richard
J. Wulff.
Joseph Upton, President of the Queens County
Savings Bank, Queens, N. Y., was elected Chairman of the
Executive Committee; Jacob Klinck, President of the
Kings
County Savings Bank, Brooklyn, N. Y., was elected a mem¬
ber of the executive committee to serve with Adam
Schneider,
Jr., First Vice-President and Comptroller of the Roosevelt
Savings Bank, Brooklyn, N. Y.
Daniel T. Rowe, VicePresident of the Kings Highway
Savings Bank, Brooklyn,
N. Y., continues as
Secretary of the Group.
death of Mr. Wulff
was
mentioned in
our
issue of
March 23, page 1873.
♦—
appointment of Richard V. Whelan
and Andrew Moreland
as
as an
The Grace National
of condition
the
Assistant Treasurer
Assistant Secretary.
an
Bank, of New York, in its statement
of
as
$4,340,008; and State, Municipal
Undivided profits
were $37,536,699; and surplus
other public securities $3,653,287.
stand at $722,775; deposits
amounted to $1,500,000.
♦
Morehouse, former President
of the East
Brooklyn
long illness on
home in Garden City, Long Island.
Mr.
Savings Bank, Brooklyn, N. Y., died after
15
at
Morehouse
his
was
a
President of the bank from February, 1921
June, 1937, after 53 years' of service
until his retirement in
with the institution.
joined the bank
as
A native of
a
clerk
in
Brooklyn, Mr. Morehouse
1884
and
Treasurer in 1905, Treasurer in 1911 and
♦
became
a
Assistant
Trustee in 1915.
1
E. L. Keeton, receiver of. the National
Bank of North
Hudson, Union City, N. J., (which closed Aug. 8, 1931)
announced
on March 28 that
checks for the fifth and final
dividend of 2.48% on claims established
against the bank
would be ready for
delivery to-day March 30.
With this
payment it is said creditors will have received
61.48% of
total claims filed for
$7,767,445.
*
George V. Strong has been elected President
of the Chest¬
nut Hill Title & Trust Co. of
William M.
Philadelphia, Pa., succeeding
Houston, resigned. Mr. Strong has been counsel
for the bank and a director for
many years.
of the law firm of
Strong,
He is
a
member
Saylor & Ferguson.
»
The Lumbermen's National Bank
of
Chippewa Falls, Wis.,
capitalized at $150,000,
was placed in voluntary liquidation
the close of business March 2.
The institution was ab¬
sorbed by the First National Bank
of the same place.
at
♦
As of March 8,
the First Dakota National Bank & Trust
Co. of Yankton, South
Dakota, changed its title
Dakota National Bank.
♦
to the First
The Farmers
organized in 1909.
♦
National
office, 24 Bishopgate, London, E. C.,
on April 2, to receive
with the relative report by the
dividend; to confirm the appointment
the accounts to Dec. 31 last,
directors, to declare
a
N. Stuart, as a director and to re-elect him; to elect
directors in place of J. A. Swan and L. T. Carmichael, who
of A.
retire
by rotation,
to
and being eligible offer themselves for
appoint auditors and for general purposes.
The transfer books of the bank have been closed from March
20 to
April 2, both days inclusive.
The directors recommend
a
final dividend of
8%, making
16% for the year, that £50,000 be added to the staff pension
funds &_nd £75,000 written off house
property account, carry¬
ing forward £246,572-6-10 to next accounts
THE
Trading
on
CURB
MARKET
the New York Curb Exchange has been mod¬
erately active this week and gains have been registered all
along the line.
During the early part of the week industrial
specialties attracted considerable speculative attention but
as
the volume of sales
increased, the public utilities followed
by the aluminum stocks
narrow on
the year.
as
were
taken up.
Mining and metal shares have been quiet and oil
stocks have moved within
levels
Market movements
Monday and Tuesday but broadened out on
the volume of sales reached its best top for
a narrow
Narrow price movements with
March 26, reports that cash in vault
and with banks amounted to
$20,046,556; demand loans to
brokers, secured amounted to $3,044,000; U. S. Government
securities amounting to
March
of $133,000,000.
excess
was
general meeting of the shareholders of the
Bank of India, Ltd., will be held at the head
Wednesday
announces
•
David
in
The ordinary
were
Guaranty Trust Company of New York
and
were
Fruitgrowers Bank
re-election;
*—
The
&
for
Problem."
his duties
This resulted in the addition of
were
the
outstanding
a
range.
tendency toward higher
characteristics
of
the
curb
market
during the abbreviated session on Saturday.
There
were occasional advances of a
point or more and some new
tops, but the changes in the general list were usually in
minor fractions.
The transfers were moderately
heavy the
volume of sales climbing up to
approximately 150,0(X) shares
against 100,000 during the preceding short session.
One of
the strong stocks of the day was Childs Co.
pref. which
worked up to a new top for 1940 with a gain of 2%
points to
29.
Aircraft shares were fractionally higher ana consider¬
able attention was given to the industrial
specialties which
was the strongest
group of the day.
Price movements again pointed upward on
Monday, and
while there was a sizable number of setbacks, the
gains out¬
numbered the declines
as
the market closed.
Public utilities
in
demand, Florida Power & Light $7 pref. moving
upward 2points to a new 1940 peak at 112
Aircraft
stocks were irregular and moved within a narrow
range.
were
American
Potash
& Chemical
was
one
of the
outstanding
strong issues and moved ahead 2 points to 103.
Among the
new tops
registered during the session were Air Investors
convertible
pref.,
Valspar
pref., and Phoenix Securities
off, mining and metal issues
moved narrowly and oil stocks were without
noteworthy
change.
Curb stocks were less active on Tuesday, and while there
were some new tops scattered
through the list, the trend
was
mixed and the changes largely fractional.
BorneScrymser was one of the strong issues and climbed up 2
points to a new high at 45.
Aircraft shares were quiet
with most of the group either unchanged or not appearing
on the tape.
Industrials were irregular and public utility
issues registered modest gains.
Stocks closing on the side
of the advance included, among others, Brown Co. pref., 1
point to 26; Colt's Patent Fire Arms, llA points to 77 V2\ and
Great Atlantic & Pacific Tea Co. n.v. stock, 1 point to 100.
Among the declines were Montgomery Ward A, 1 point to
167; N. J. Zinc, 1 point to 61^; and Bell Tel. of Canada, 2
points to 125.
Aluminum stocks led
a
brisk upward movement on
Wednesday, the gains ranging up to 3 or more points.
As
the market strengthened the advances extended to the
Com.
Aluminum shares
were
Volume
The Commercial & Financial Chronicle
ISO
industrial specialties, public utilities and aircraft stocks, the
transfers for the day climbing to 277,000 shares against
167,000 on Tuesday.
In the aircraft section Bell moved
upward 1 % points to 28hs and reached new high ground for
1940, followed by Brewster with a gain of 1
points to
173^.# Other
advances
noteworthy
registered
were
by
ENGLISH
as
Sat.,
Mar. 29
20 7~16d.
20 7-16d
168s.
168s.
168s.
£72%
£72%
£72%
£72%
Closed
£98%
£98%
£98%
£98%
Closed
W. L
168s.
Closed
Closed
2%%
3%%
Closed
£109%
£109%
£109%
£109%
168s.
4%
1960-90
The
States
price of silver per ounce (in cents) in the United
the same days have been:
on
34%
34%
71.10
34%
71.10
-
34%
34%
71.10
34%
71.10
BarN.Y.(for'n)
71.10
71.10
S. Treasury
(newly mined)
BANKS
NATIONAL
The
following information regarding National banks is
Comptroller of the Currency, Treasury
from the office of the
Department:
CAPITAL STOCK REDUCED
COMMON
Amt. of Reduction
Bank of Pennsburg, PennsFrom $75,000 to $18,750
$56,250
March 19—The Farmers National
burg, Pa.
STOCK "B"
PREFERRED
ISSUED
Amount
March 19—The Farmers National Bank of Pennsburg,
Penns¬
$50,000
Sold locally
burg, Pa.
VOLUNTARY
LIQUIDATION
Amount
$137,500
March 20—The National Bank of Westfield, N. Y_
downward.
point upward on
Friday and a goodly number of the trading favorites added
from 1 to 2 or more points to the gains of the previous day.
Public utilities were again in demand and there was interest
apparent in the industrial specialties. Aluminum issues were
higher but the aircraft stocks were generally irregular.
As
compared with Friday of last week the range of prices was
toward higher levels, Aluminum Co. of America closing last
night at 16134 against 158% on Friday a week ago; American
Cyanamid B at 38% against 38%; American Gas & Electric
at 35% against 34%; Bell Aircraft at 30% against 25%; Chi¬
cago Flexible Shaft at 79% against 78%; Electric Bond &
Share at 7% against 6; Gulf Oil Corp. at 36 against 34%;
Humble Oil (new) at 61 % against 60 and Sherwin-Williams
Co. at 95% against 93.
TRANSACTIONS
AT
$37,500; preferred stock A, $62,500; preferred
$37,500.
Effective at 10 o'clock a. m., Feb. 26,
Liquidating agents, G. P. Crandall and R. G. Koepka,
both of Westfield, N. Y.
Absorbed by Union Trust Co. of
Jamestown, Jamestown, N. Y.
Common stock,
EXCHANGE
Bonds tPar Value)
{Number
Week Ended
1940
Foreign
Foreign
of
Shares)
Domestic
Ooeernment
stock B,
1940.
Philadelphia Stock Exchange
March 23 to March 29, both
Total
Par
Stocks—
American Stores
...
for
of Prices
Week
Price
100
American Tel & Tel
124""
Bell Tel Co of Pa pref.. 100
Budd (E G) MfgCo
Budd Wheel Co
*
Chrysler Corp.
5
Curtis Pub Co com
5%
*
*
Electric Storage Battery 100
General M otors
.10
30 %
"~2%
......
1
50
917,000
$1,000
1,000
919,000
1,085,000
8,000
6,000
1,157,000
1,000
37,000
24,000
20,000
1,099,000
1,195,000
1,229,000
1,071,000
Phila Elec Power
Scott Paper
High
Low
13
*
Phila Elec of Pa $5 pref... *
$801,000
Range Since Jan. 1,1940
Week's Range
Sale
Pennsylvania RK
$5,000
Sales
Last
Pennroad Corp vtc
Corporate
$796,000
150,465
175,120
166,695
276,585
261,100
252,535
Saturday..
inclusive, compiled from official sales list*
Friday
Lehigh Coal & Navgtn...*
Lehigh Valley
...50
Natl Power & Light
CURB
NEW YORK
THE
Stocks
Monday
Tuesday
Mar. 28
20%d.
Closed
Consols,
The trend of the market continued to
Mar. 29.
Mar. 27
20 l-16d.
Closed
U.
Fri.,
Thurs.,
Mar. 26
Mar. 25
British
Wed.,
Tues.,
Mon.,
Mar. 23
Silver, per oz__
Closed
Gold, p.fine oz. 168s.
Fire Arms, 2
DAILY
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
British
move
MARKET—PER
FINANCIAL
The
Aluminum Co. of America, 2H points to 160; Great Atlantic
& Pacific Tea Co. n.v. stock, 4 points to 104; Colt's Patent
points to 793^; Midvale Co., 2
points to
107^; North American Light & Power pref., 5% points to
100; and United Milk Products pref., 5K points to 74.
Public utilities assumed leadership on Thursday, and while
the volume of trading was not as large as on the preceding
day, the market was stronger on the side of the advance, the
gains being about 3 to 1 in excess of the declines.
Profit
taking developed among the aircraft stocks, and while Bell
and Brewster reached new tops for the year, the rest of the
group were fractionally lower or unchanged.
Industrial
specialties continued their advance with Hygrade Sylvania
moving into new high ground with a gain of 3 points at 47.
Other noteworthy advances in this section were Mead John¬
son, iy2 points to 170; National Power & Light pref., 2lA
points to 95; Niagara Hudson 2nd pref., 3 points to 83;
St. Regis Paper pref., 334 points to 62% and Standard Steel
Spring, 1% points to 34%. Aluminum stocks were moder¬
ately higher and mining and metal shares were inclined to
2029
22%
118
pref—25
-
Low
High
458
11%
Feb
13%
Mar
445
168%
Jan
122%
Jan
175%
127%
Mar
207
225
4%
Mar
380
4%
276
13%
12%
171% 172%
123% 124%
5%
5%
5%
5%
87%
85%
4%
3%
31%
30%
53
54%
2%
2%
3
3%
7%
2
Shares
80%
3%
120
Mar
6
Jan
Jan
6%
Feb
Jan
90%
Feb
Jan
4%
32%
Jan
Feb
Jan
55%
Mar
Jan
1,060
2
Jan
2%
Mar
50
3
Mar
3%
Feb
185
7
Mar
8%
Jan
1%
Mar
2%
Jan
Jan
Jan
Feb
247
1,115
8
2
1%
22%
21%
117% 118%
31
30%
47%
46%
4,269
20%
50%
21
229
45%
Mar
24%
120%
31%
48%
44
Jan
47%
1,218
114
117%
491
Feb
Jan
Jan
Jan
Jan
Tacony-Palmyra Bridge—
Thursday
Friday
1,199,000
6,000
1,040,000
11,000
Westmoreland Tnc
*
10
10%
328
41%
%
1%
36%
11%
111%
9%
Westmoreland Coal
Wednesday
*
10%
10%
18
9%
Jan
10%
Mar
64%
64%
$1,000
64%
Mar
64%
Mar
Class A
participating..*
Transit Invest Corp pref..
Unlted Corp com
*
Total.
1,282,500
$27,000
$6,194,000
Jan. 1 to Mar. 29
Week Ended Mar. 29
Sales at
$6,314,000
$93,000
New York Curb
1940
1939
1940
Exchange
United Gas Imprvmnt
Preferred
cm-*
*
X
%
2%
*
Preferred
47
46
47
13%
116 %
2
258
%
2%
1,674
195
38%
39%
12%
13%
115% 116%
8,305
437
1
Feb
Jan
Mar
Mar
2%
Jan
41%
Feb
Mar
15%
Jan
Mar
117%
Feb
Jan
11%
Jan
1939
Bonds—
1,282,500
992,175
10,295,142
11,660,205
$6,194,000
27,000
$7,989,000
$87,124,000
112,000
675,000
93,000
120,000
1,629,000
$8,221,000
$89,428,000
$134,107,000
Bonds
*
Domestic
Foreign government
Foreign corporate
L
Total
ann
6s.
1,643,000
$6,314,000
Leh Val
$130,976,000
1,488,000
Stocks—No. of shares.
COURSE
OF
BANK CLEARINGS
this week show an increase compared with
Preliminary figures compiled by us based upon
Bank clearings
a
year ago.
the chief cities of the country
today (Saturday, March 30)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 0.1% above those
for the corresponding week last year.
Our preliminary
total stands at $5,497,713,294 against $5,495,783,001 for the
same week in
1939.
At this center there is a loss for the
week ended Friday of 4.9 %.
Our comparative summary for
telegraphic advices
NOTICES
CURRENT
...
No par value.
from
indicate that for the week ended
—Horace C. Sylvester Jr., and Pierpont
Presidents and Directors of
tion of the company in June,
Effective
April
1940,
1,
V. Davis, who have been ViceHarriman Ripley & Co., Inc., since the forma
1934, have been elected Senior Vice-Presidents.
Stewart,
R. McLean
transferred from the Sales Department to the
will
Stewart
assist
the
Vice-President, will be
Buying Department.
Mr.
Ripley, in connection with
Joseph P.
President,
general corporate matters.
Walter V. Millette has been appointed Sales Manager at
David L. Skinner has been appointed Manager
New York and
the week follows:
Clearings—Returns by Telegraph
Week Ending Mar. 30
according to the announcement.
—Seven
men
have been elected to membership in the Cashiers Associa¬
tion of Wall Street,
M. Leslie Denning of A. G. Becker & Co., Inc. is
Inc.
The
President of the Association.
men
Robert W. Dougal of Marine Midland
Verlin
J.
of Lehman
H. St. John Harvey,
who
was
grown
elected
to
elected are James G. Baldwin and
Trust Co. of New York, Hugh Cox
O'Connell of Granberry, Marache & Co., Ambrose
of Asiel & Co., Daniel J.
Brothers,
William
Vetter of Seligsberg &
Co.
and
Vice-President of Albert Frank-Guenther Law, Inc.,
The Association, which (has
honorary membership.
Boston
Kansas City..
St. Louis
San Francisco.
Pittsburgh
Detroit
Cleveland
Baltimore
D. Joyce, to the board
members.
new
of directors of City Title Insurance
Co. was
an¬
nounced by Harry Fromkes, President of the company.
and larger quarters on the ground
Total all cities, five
$2,516,952,126
240,365,428
days.
All cities, one day—
—4.9
+ 10.1
287,000,000
161,954,962
65,408,419
65,008,000
95,569,000
75,780,438
76,099,806
+ 22.0
68,853,034
57,467,339
+ 14.4
+ 13.7
+ 13.1
+ 15.7
+ 10.2
+ 36.0
+ 24.7
+ 21.7
+ 2.2
$3,794,330,315
787,097,430
$3,711,250,552
673,817,775
$4,581,427,745
916,285,549
$4,385,068,327
+4.5
1,110,714,674
-17.5
$5,497,713,294
$5,495,783,001
+0.1
+ 16.8
N. Y. Stock Exchange.
—Brown, Schlessman, Owen & Co. of Denver,
new
Crane,
Mr. Joyce is a partner in the firm of
Pyne, Kendall & Hollister, members of the
Eleven cities, dive days..
Other cities, five days
Mr. Mumma is the senior member of the law firm of Mumma,
Costabell & Cloutman, of this city.
their
Philadelphia..
Cent
1939
264,701,701
350,000,000
184,193,000
74,008,581
76,100,000
105,315,000
103,045,274
94,877,856
78,782,828
69,955,016
Chicago
Harries A. Mumma and Morton
of two
Per
1940
$2,393,351,059
New York
steadily since its inception in 1928, now has a membership of 100.
—The election
.
of the Syndicate Department,
Total all cities for week...
Colo., are moving into
floor of the Equitable Building
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday), and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elabroate detailed statement, however, which we
-
on
April 1.
The new quarters include mezzanine floor and they will have
2,000 additional square feet
over
their old office space.
being held in the new offices Monday evening,
AUCTION
The
following securities
were
April 1.
SALES
sold at auction on Wednesday
of the current week:
:
By R. L. Day & Co., Boston:
Shares
9
A reception is
S per Share
Stocks
Goodall Securities Co. common
31%
_
Pot Cent
Bonds—
$1,500 Poll New England Theatres gen. Inc. 5s, Nov.
15, 1983, reg
present further below, we are able to give final and complete
the week previous—the week ended March 23.
For that week there was a decrease of 1.1%, the aggregate
results for
r
17 flat
of clearings for the whole country having amounted to
$5,431,252,078, against $5,490,316,453 in the same week in
i
The Commercial & Financial Chronicle
2030
1939.
March
30,
1940
Outside of this
city there was an increase of 12.3%,
this center haying recorded a loss of
10.9%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a loss of 10.3%, but in the Boston
Reserve District the totals register a gain of 6.0% and in
the Philadelphia Reserve District of 4.5%.
In the Cleve¬
land Reserve District the totals show a gain of 21.9%,
in the Richmond Reserve District of 7.4%, and in the
Atlanta Reserve District of 15.5%.
The Chicago Reserve
District has to its credit an increase of 16.1%, the St. Louis
Reserve District of 15.7%, and the Minneapolis Reserve
District of 6.0%.
In the Kansas City Reserve District
the totals are larger by 11.6%, in the Dallas Reserve Dis¬
trict by 16.6%, and in the San Francisco Reserve District
by 15.6%.
In the following we furnish a summary by Federal Reserve
Week Ended March 23
the bank clearings at
Clearings at1940
Inc. or!
Dec.
1939
1938
1937
%
Seventh Feder al Reserve D 1st rict—Chic ago—
378,992
+ 2.9
390,104
MichAnnArbor
Detroit
116,623,628
2,989,355
1,750,757
1,641,642
19,512,000
1,800,144
Grand Rapids,
Lansing
Ind.—Ft. Wayne
Indianapolis...
Bouth Bend
Terre Haute
6,293,650
20,894,425
1,058,415
8,900,815
3,508,297
317,029
301,300,670
1,052,115
3,876,544
1,296,330
Wis.—Milwaukee
la.—Ced.
Rapids
Des Moines...
Sioux City
111.—Bloomington
Chicago
Decatur
Peoria
Rockford
Springfield
245,367
+ 33.4
78,480,392
4-22.4
87,420,251
2,441,798
1,088.548
2,111,542
878,024
+ 60.8
794,731 + 106.6
+ 23.3
15,826,000
1,348,019
+ 33.5
+ 42.4
4,418,406
+ 5.8
19,743,282
+ 0.7
1,051,204
+ 7.3
8,299.113
+ 11.8
3,136,955
375,258 —15.5
+ 10.2
273,481,629
783,903
+ 34.2
720,420
14,120,000
1,077,036
3,854,134
17,739,014
1,076,507
7,589,375
2,927,048
281,280
252,371,446
827,641
3,127,266
331,027
131,923,830
2,913,152
1,373,588
928,579
16,411,000
1,272,202
4,893,173
20,645,981
954,094
3,215,337
+ 20.6
877,996
+ 47.6
961,679
1,099,082
+ 2.0
1,089,205
7,369,457
2,866,161
367,467
324,097,040
811,277
4,369,417
1,334,021
1,190,595
+ 16.1
389,470,376
524,052,061
91,400,000
33,839,456
18,034,806
1,121,540
494,327,460
425,780,504
districts:
SUMMARY
OF BANK
Total (18 cities)
CLEARINGS
Inc.or
Week End. Mar. 23,1940
1940
1939
Dec.
1938
1937
*
$
%
$
$
Eighth Federa 1 Reserve
Dis trict—St. Lo uis—
Mo.—St. Louis..
Federal
Reserve
Dists.
1st
Boston
2d
New York,.13
3d
12 cities
263,316,473
248,325,625
+6.0
226,632,657
"
2,928,863,894
3,266,196,550
—10.3
95,800,000
81,100,000
+ 18.1
80,200,000
Ky.—Louisville.
34,736,277
33,120,682
17,762,326
+ 4.9
27,223,593
+ 25.4
16,893,948
.
274,549,894
Tenn.—Memphis
3,053,623,919
3,863,627,634
111.—Jacksonville
PhlladelphialO
Cleveland.. 7
"
395,164,736
378,082,518
325,984,243
378,597,100
4th
"
314,821,440
258,320,056
219,554,937
Richmond—
"
116,315,429
108,297,349
108,807,615
120,570,038
6th
x
x
x
x
300,633,288
5th
22,267,371
Atlanta
10
"
187,657,157
+4.5
+21.9
+7.4
162,443,646 + 15.5
7th
Chicago
18
"
494,327,460
425,780,504
8th
St. Louis..,
4
"
153,327,648
132,484,008
Minneapolis 7
10th Kansas City 10
11th Dallas
6
"
91,917,407
"
137,520,926
"
81,081,569
12thSan Fran... 10
"
266,937,939
6
524,000
113 cities
Outside N. Y. City
140,215,070
389,470,376
230,869,227
+15.6
5,431,252,078
5,490,316,453
—1.1
5 063,495,641
6,298,456,548
2,097,304,031
2,541,148,407
291,690,276
549,000
124,834,541
143,823,262
Reserve Dis trict—Minne
a poll s-
Mont.—Billings
+ 14.3
517,000
+ 15.7
S.D.—Aberdeen.
2,318,233,782 +12.3
+ 4.6
132,484,008
524,052,061
124,834,541
501,000
153,327,648
153,969.298
+ 16.1
+ 15.7
86,744,169
+6.0
123,227,946 + 11.6
69,544,855 + 16.6
2,603,646,784
9th
Total
Qulncy
Total (4 cities)-
143,823,262
83,458,957
87,784,810
Ninth Federal
117,331,783
142,713,730
Minn.—Duluth..
62,361,975
64,090,433
Minneapolis...
211,219,568
244,044,972
2,901,030
60,026,837
21,928,745
2,155,923
833,301
862,612
St. Paul
N. D.—Fargo...
32 cities
326,191,302
285,506,644
add
now
our
detailed
2,482,692
3,065,187
+ 7.8
53,975,889
—4.5
22,075,865
1,995,622
547,768
58,480,429
21,140,085
1,776,236
441,236
590,234
+ 14.2
687,858
+ 21.1
656,386
2,525,031
+ 31.4
+ 27.1
527,790
1,853.331
91,917,407
86,744,169
+ 6.0
83,458,957
87,784,810
+ 18.7
68,146
—7.5
102,706
2,038,397
24,665.007
99,676
122,656
2,363,123
29,084,155
2,291,403
360,361,825
Total (7
We
+22.9
3,208,959
Helena
Canada
2,359,531
55,667,238
22,959,592
1,888,533
cities).
statement
showing last week's
figures for each city separately for the four years:
Tenth Federal
Week Ended March 23
1940
1939
Dec.
Lincoln
1938
First Federal
Reserve Dlst rict—Boston
Me.—Bangor
+ 23.3
1,672,342
216,798,135
+ 7.3
623,084
+6.0
+6.5
428,141
River
343,080
1,794,380
229,788,211
663,851
454,428
—5.8
Lowell
New Bedford..
539,516
2,362,751
196,371,623
602,081
1,825,184
241,479,125
625,208
344,713
636,999
357,439
529,513
614,072
520,467
+ 18.0
478,480
3,023.884
+ 3.8
2,929,895
1,601,268
9,019,961
3,713,454
+ 18.0
1,608,225
8,537,682
—17.4
R.I.—Providence
3,137,491
1,888,970
9,265,579
3,068,182
11,633,500
10,024,400
+ 16.1
3,548,564
8,875,500
N.H.—Manches'r
610,950
531,122
+ 15.0
420,600
443,046
263,316,473
248,325,625
+ 6.0
226,632,657
274,549,894
Springfield
Worcester
Conn.—Hartford
New Haven...
+ 2.7
.
Second Feder al Reserve D (strict—New
N. Y.—Albany..
5,657,613
4,293,842
Blnghamton
Buffalo
9,512,900
5,823,811
948,548
.+ 45.8
744.815
+ 9.6
26,100,000
+ 1.3
6,582,630
831,628
34,600,000
366,744
467,537
—1.3
622,787
—10.9
,966,191,610
+ 21.9
5,786,782
+ 31.1
3,348,656
2,990,669
4,057,411
243,223
595,766
,757,308,141
6,734,812
3,697,115
2,995,456
cities) 2,928,863,894 3,266,196,550
—10.3
Syracuse
Westchester Co
J.—Montclalr
Newark
Northern N. J.
Total (13
Third Federal
Pa.—Altoona
Bethlehem
Chester
Lancaster.
....
Philadelphia...
Reading
Scranton
+ 19.6
+ 7.8
+ 5.2
—5.1
—0.7
Reserve Dist rict—Philad elphia
310,609
465,355 —33.3
415,057
297,904
1,204,858
384,000,000
1,137,347
2,207,338
856,237
15,804,179
21,643,232
3,957,608
294,195
18,728,973
26,833,773
—5.0
443,752
600,000
+ 10.0
2,346,183
434,431
2,916,088
515,268
+2.7
418,065
539,001
137,520,926
123,227,946
+ 11.6
117,331,783
142,713,730
+6.3
1,382,717
48,387,140
6,247,384
2,024,000
1,191,761
3,128,973
49,384,705
7,117,784
2,208,000
926,418
3,158,394
+ 16.6
62,361,975
64,090,433
32,208,177
39,736,362
2,741,538
Colo.—Col. Spgs
Pueblo
1,757,108
Eleventh Fede ral
Texas—Austin...
Reserve
District—Da lias—
Wichita Falls..
2,232,529
64,319,846
7,718,341
2,092,000
1,237,758
3,481,095
1,496,041
55,215,382
6,770,790
1,861,000
926,100
3,275,542
81,081,569
69,544,855
Dallas
Fort Worth..
+ 49.2
+ 16.5
+ 14.0
+ 12.4
+ 33.7
1,295,132
Total (6 cities).
Twelfth Feder al Reserve D istrlct—San
Wash.—Seattle..
Yakima
Ore.—Portland..
Utah—S. L. City
Calif.—L'g Beach
39,897,765
921,268
44,938,404
16,202,411
3,967,345
3,020,597
151,954,000
Franci
35,426,574
+ 12.6
773,989
37,880,420
+ 19.0
662,544
865,550
+ 18.6
32,115,810
13,563,233
+ 19.5
33,418,291
11,256,043
14,928,961
4,493,412
—11.7
4,333,195
4,123,248
—17.4
Santa Barbara.
2,458,150
1,320,158
3,658,492
129,832,000
2,214,244
1,163,581
2,257,841
1,863,282
+21.2
3,456,517
121,226,000
1,908,170
1,054,263
1,696,368
142,789,000
2,483,590
1,112,129
1,876,622
266,937,939
230,869,227
+ 15.6
211,219,568
244,044,972
Pasadena
San
Francisco.
San Jose
Total (10 cities)
346,939
492,421
*515,000
—19.4
330,116
1,193,394
—9.8
219,157
+ 1.0
1,063,508
+ 4.9
317,000,000
366,000,000
1,132,304
2,028,096
+ 0.4
998,598
+8.8
725,502
+ 18.0
370,757
327,993
272,784
1,463,069
369,000,000
1,071,480
1,908,794
665,339
1,240,884
3,745,200
1,126,251
4,566,500
—12.1
N. J.—Trenton..
—is ;o
2,162,000
395,164,736
378,082,518
+4.5
325,984,243
378,597,100
1,582,441
2,033,681
62,624,576
Grand total
990,186
cities)
5,431,252,078 5,490,316,453
Outside New York 2,603,646,784 2,318,233,782
Cincinnati
Cleveland
Columbus
Mansfield.....
Youngstown...
Pa.—Pittsburgh
_
Total (7 cities).
Fifth Federal
2,419,859
63,349,946
105,524,960
10,207,700
1,935,336
2,681,961
2,027,834
54,500,876
83,631,074
1,561,129
+ 24.0
2,028,126
+ 32.2
128,701,678
105,906,717
+ 21.5
314,821,440
258,320,056
Reserve Dist rict
W.Va.—Hunt'ton
511,455
2,629,000
Va.—Norfolk
Richmond
8,664,300
+ 19.3
+ 16.2
+ 26.2
+ 17.8
+ 21.9
48,036,559
66,277,905
8,603,800
1,404,514
1,449,965
92,199,753
90,839,968
11,904,000
2,120,791
2,725,222
128,385,050
300,633,288
+ 58.7
+ 18.1
—9.6
1,068,610
+ 15.0
3,047,000
40,039,474
1,041,805
53,464,398
40,203,314
1,125,004
47,515,543
24,331,113
49,787,792
20,625,704
+ 18.0
52,992,087
19,655,940
116,315,429
108,297,349
+ 7.4
108,807,615
120,570,066
Sixth Federal Reserve Dist
rict—Atlant
Tenn.—Knox vllle
4,495,343
+ 8.6
3,069,247
+ 7.6
3,181,095
16,986,221
17,215,830
+ 24.5
49,500,000
58,700,000
+ 18.6
880,633
1,269,561
887,848
S. C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
cities).
Nashville
Ga.—Atlanta....
Augusta
Macon
Fla.—Jacks'nville
Ala.—Birm'ham
.
Mobile
Miss.—Jackson.
18,653,100
70,700,000
1,281,387
1,138,390
23,745,000
24,423,419
1,878,330
x
.
Vicksburg
4,140,316
17,336,145
56,800,000
1,080,121
—4.6
111,063,585
Winnipeg
99,235,506
39,962,670
„
Vancouver
17,550,604
Ottawa
14,651,320
Quebec...
4,627,636
Halifax
2,690,686
Hamilton
5,373,759
Calgary
4,197,105
2,247,010
Victoria
22,645,696
1,573,872
2,513,033
3,884,458
...
Regina
3,502,758
230,413
Brandon
Lethbridge
474,230
Saskatoon
1,163,891
511,463
880,280
623,096
Moose Jaw
Brantford
Fort
William
New Westminster
Medicine Hat
806,890
+ 41.1
676,926
21,029,000
20,581,876
1,628,507
+ 12.9
*15,500,000
16,920,087
1,280,754
+ 18.7
+ 15.3
x
x
.
18,769,000
21,248,514
1,490,130
131,315
41,210,873
38,945,461
+ 5.8
35,174,880
31,211,354
Total (10 cities)
187,657,157
162,443,646
+ 15.5
140,215,070
555,219
196,213
635,954
722,511
1,023,530
Peterborough
Sherbrooke
Kitchener
Windsor
2,648,716
300,180
796,805
507,000
645,573
Prince Albert
Moncton
Kingston
Chatham
Sarnia
403,819
798,407
x
La.—NewOrleans
Sudbury
101,463,240
+ 9.5
90,339,008
+ 9.8
+ 44.5
27,652,956
+ 12.1
15,6 7,925
+ 9.7
13,355,290
+ 27.7
3,624,561
+ 12.7
2,387,683
+ 20.0
4,476,503
+ 2.3
4,103,701
1,500,800 ,+49.7
—1.4
1,596,967
+ 17.1
2,146,735
+ 37.7
114,474
107,814
Total (32 cities)
*
1938
1937
Estimated.
x
326,191,302
108,158,168
123,117,122
92,783,127
22,417,655
14,734,883
119,573,387
13,441,226
3,629,062
2,338,498
38,681,440
19,342,453
15,990,711
4,247,179
2,269,495
4,663,126
4,761,859
5,585,894
5,830,256
2,111,211
1,546,771
2,273,469
3,194,830
2,484,639
+21.6
1,597,578
1,437,437
2,549,060
3,465,999
+ 41.0
2,814,832
215,317
+ 7.0
239,903
357,914
978,290
+ 32.5
361,656
444,033
+ 19.0
1,086,196
1,169,558
—3.9
414,028
558,568
532,487
756,615
3,641,891
3,772,982
230,731
+ 16.3
831,074
964,129
449,092
540,373
+ 38.7
577,977
511,788
544,052
+ 2.7
662,918
151,443
+29.6
177,946
188,599
494,104
+28.7
535,322
554,042
538,446
+ 34.2
600,375
882,078
2.517,180
243,027
+ 16.0
+ 5.2
552,804
904,555
2,641,310
+23.5
274,369
701,627
+ 13.6
+ 5.9
650,888
736,332
478,769
970,415
3,095,386
292,468
+ 15.4
482,532
469,842
459,427
559,511
441,346
—8.5
431,601
451,991
684,187
+ 16.7
816,509
865,334
285,506,644
+ 14.3
291,690,276
360,361,825
153,969,298
95,330
Dec.
%
Edmonton
331,693
1939
Canada—
London
264,333
2,355,000
32,471,645
5,063,495,641 6,298,456,548
Inc. or
1940
St. John
219,554,937
—1.1
+ 12.3 2,097,304,031 2,541,148,407
Week, Ended March 21
Montreal
■Richm ond—
322,274
2,287,000
34,029,810
1,244,769
+ 13.5
4,013,700
Clearings at—
Toronto
Feder al Reserve D Istrlct—Ciev eland-
Ohio—Canton
+ 11.0
(113
2,276,000
Total (10 cities)
York
+ 17.0
3,053,623,919 3,863,627,634
1,798,380
708,399
1,194,841
Wllkea-Barre..
Total (6
102,497,316
Stockton
Conn.—Stamford
Fourth
2.819,339
82,331,914
2,036,975
776,972
Rochester
N.
+ 31.8
31,300,000
406,601
2,422,259
2,504,675
+ 16.5
97,921,179
3,016,930
10,549,343
3,560,359
2,827,605,294 3,172,082,671
7,619,687
6,251,578
4,266,142
3,255,038
3,924,063
3,280,090
4,388,982
4,070,661
334,856
318,298
15,692,982
16,541,231
22,512,583
22,671,020
New York
—0.3
York-
1,383,037
34,300,000
Jamestown
+ 7.7
—2.7
La.—Shreveport.
411,976
766,679
....
Elmira
City
+ 20.7
Mo.—Kan. City.
St. Joseph
Galveston
cities)
28,623,446
as
1,831,058
2,732,023
Total (10 cities)
90,828
139,979
2,340,762
2,264,344
84,062,732
2,886,747
403,483
584,567
.
Wichita..
_%
423,146
Portland
Mass.—Boston.
2,520,825
28,542,563
1,781,193
Omaha
1937
Kan.—Topeka
Total (12
107,806
129,447
Hastings
Inc. or
Fall
Reserve Dis trict—Kans
Neb.—Fremont..
Clearings at—
No figures available.
526,672
The Commercial <& Financial Chronicle
Volume ISO
FOREIGN
Pursuant to the
Act
of
EXCHANGE
RATES
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is
certifying
now
imports into India.
How¬
ever, when the budget was announced yesterday, no change was made in
the existing duty of three annas per fine ounce.
Quotations during February:
Cash
daily to the Secretary of the Treasury the buying rate for
FOREIGN
a
CERTIFIED
RATES
23,
Mar. 27
Mar. 28
Afar. 29
$
%
$
$
.170055
Afar. 25
.170400
.170694
.170656
Mar. 26
20 ll-16d.
20.
20%d.
21%d.
21%d.
6_.
21 ll-16d.
21 9-16d.
Feb.
21.
7_.
tfeb.
22
20%d.
Feb.
8_.
Feb.
Feb.
23.
20 3-16d.
9_.
21%d.
21%d.
21%d.
26.
20%d.
20%d.
Feb.
21 3-16d.
21%d.
21%d.
21%d.
21%d.
Feb.
21 l-16d.
Feb.
28.
20 13-16d.
20%d.
20%d.
Feb.
29.
20%d.
$
$
Belgium, belga
Bulgaria, lev
Czechoslov'ia, koruna
.170183
.170283
a
a
a
a
a
.193114
.193116
.193116
.193100
.193100
4.035000
4.035000
4.035000
3.610277
3.501666
3.668888
3.575138
Cash delivery, 20.9345d.: two months' delivery, 20.8839d.
York
(per
0.999 fine):
ounce
States Treasury price,
United
The official dollar rates fixed by the Bank of England
were as follows:
Buying, $4.03%; selling, $4.02%.
4.035000
3.683055
New
35 cents; market price, 34% cents.
.193100
4.035000
In
20 7-16d.
20 7-16d.
.20%d.
during February
a
Denmark, krone
Engl'd, pound sterl'g
20 7-16d.
27.
21 3-16d.
Average:
Unit
Mar. 23
20 ll-16d.
19.
Feb.
New York
Noon Buying Rate far Cable Transfers in
Value in United States Money
Country and Monetary
16.
Feb.
Feb.
Feb.
Feb.
1940, INCLUSIVE
1940, TO MARCH 29.
Feb.
21%d.
Feb.
OF 1930
BANK TO TREASURY UNDER TARIFF ACT
MARCH
21 ll-16d.
21 13-16d.
Feb.
RESERVE
FEDERAL
BY
2 Mos.
Cash
21%d.
Feb.
record for the week just passed:
EXCHANGE
Feb.
Feb.
In London (bar silver per ounce standard):
2 Mos.
Feb.
We
cable transfers in the different countries of the world.
give below
2031
Indian budget might increase the duty on silver
Europe—
a
Official...
3.708888
Free
*
a
a
a
a
a
Finland, markka
.015333*
.015500*
.015500*
.015750*
.017125*
.017625*
France, franc
.021031
.020865
.020454
.019850
.020215
.020248
Germany, reichsmark
Greece, drachma
.401150*
.401150*
.4C1225*
.401360*
.401150*
.401150*
.006975*
.006956*
.006881*
.006662*
.006600*
.006692*
Hungary,
.175912*
.175830*
.175930*
.175930*
.175930*
.175930*
Italy, lira
.050471
.050469
.050471
.050471
.050469
.050469
Netherlands, guilder.
.530894
.530988
.530883
.630883
.530966
.530894
Norway, krone.....
Poland, zloty
Portugal, escudo....
.227112
.227112
.227118
.227100
.227100
a
a
a
a
a
a
.033725
.033750
pengo
.034600
.033800
.034425
.034350
Rumania, leu
b
b
b
Spain, peseta
.097075*
.097075*
.097075*
.097075*
.238156
.238143
.238161
.227150
.097075*
.097075*
Sweden, krona
.238172
.238168
.238212
Switzerland, franc
.224155
.224172
.224161
.224177
.224172
.224155
Yugoslavia, dinar
.022435*
.022435*
.022435*
.022435*
.022435*
.022435*
A fi|a
Aola
China—
a
a
a
a
a
a
a
a
a
a
a
a
Shanghai (yuan) dol
dol.
Hongkong, dollar.
.063187*
.062806*
.060787*
.059687*
.061562*
.061025*
a
a
a
a
a
.229600
.227743
.223231
.216768
.219950
.221181
Tientsin (yuan)
a
India (British) rupee.
.301540
.301666
.301666
.301666
.301540
.302233
Japan, yen
.234383
.234383
.234383
.234383
.234383
.234383
Straits Settlem'ts, dol
.471356
.471356
.471356
.471356
.471356
.471356
2.955000
2.935625
2.876250
2.788750
2.843750
2.848333
Australasia—
Australia, pound
New Zealand, pound. 2.966875* 2.947656* 2.888750* 2.800000* 2.854437* 2.860000*
Africa—
South Africa, pound. 3.980000
3.980000
3.980000
3.'980000
3.980000
3.980000
North America—
cCanada, dollar—
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.811953
.809296
.805781
.806953
.817656
.816562
.165700*
.166550*
.166550*
.166550*
.166425*
.166550*
.909090
.909090
.909090
.909090
.909090
cMexlco, peso
cNewfoundl'd,
dollar
—
Official
.909090
Free
.80968
.806718
.802968
.804375
.815312
.814166
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050000*
.050333*
.050333*
.050333*
.050333*
.050333*
.051650*
.051650*
.051650*
.051650*
.051650*
.051650*
South America—
Argentina, peso
Brazil, mllreis—
Chile, peso—
Official
.040000*
peso.
.040000*
.0400C0*
.040000*
.040000*
.040000*
.571362*
Export
.570762*
.570762*
.570537*
.570050*
.570050»
Uruguay, peso—
Controlled
.658300*
c
Nominal rate,
a
.658300*
.658300*
.658300*
.658300*
.658300*
.391250*
;
Non-controlled
*
.391250*
.391500*
.391500*
.391000*
.39100Q*
b Temporarily omitted.
No rates available,
which ap¬
reprint them below
Quotations for these three countries were misarranged in the table
peared on page 1875 of our issue of March 23 and we therefore
correctly, for each day March 16 to 22 inclusive:
Mar. 16
Mar. 18
Afar. 21
Mar. 20
Mar. 19
Afar. 22
Canada—
.909090
Official
.816160"
.817812"
.817343"
.816093"
.812421"
.812578
.166633*
Free
Mexico
.166600*
.166600*
.166600
.166550*
.166250*
Newfoundland—
.909090
Official
.813750"
Free
THE
SINKING
ENGLISH
.815416"
GOLD
.814531"
AND
.813958"
.810416
MARKETS
SILVER
The bullion letter of Samuel Montagu
.809687"
& Co. of London,
formerly issued weekly, has, with the current issue, been
changed to a monthly survey.
The last weekly letter of
the firm was published in our issue of March 2, 1940, page
1375.
Following is the initial monthly report, written
under date March 1:
GOLD
The amounts of gold held in the Issue Department of the Bank of England
during the month of February, 1940, were as follows:
Feb. 7, £236,422;
Feb. 14, £236,422; Feb. 21, £236,747; Feb. 28, £236,747.
The Bank of England's buying price for gold remained unchanged at
168s. per fine ounce, on which the above amounts were based.
The Transvaal gold output for January, 1940, of 1,135,482 fine ounces
a new monthly high
record, being 32,347 fine ounces more
constituted
previous record of 1,103,135 fine ounces produced in November,
1939.
The January, 1940, output compares with 1,100,731 fine ounces
produced in December, 1939, and 1,038,717 fine ounces in January, 1939.
The Southern Rhodesian gold output for December, 1939, amounted to
66,190 fine ounces, as compared with 68,901 fine ounces for November,
1939, and 65,745 fine ounces for December, 1938.
than the
Below will be found
a
list of bonds, notes and
stocks of corporation called
sinking fund notices.
last date for
At the beginning of February, moderate speculative demand on a poorly
supplied market caused prices to improve to 21 13-16d. for cash and
21 %d. for two months' delivery, quoted on the 2d.
A decline then set
in, due chiefly to offerings from India; these followed a sharp fall in Bombay
rates, possibly influenced by news of the Indian Government's proposal to
reduce the fineness of the four-anna silver piece from present 0.916 to
0.500 fine.
Then on Feb. 9 came news from Washington that the Senate Banking
Subcommittee had approved the Townsend bill which would repeal the
foreign silver purchase provisions of the Silver Purchase Act, ana further
Indian selling and speculative reselling followed.
A report was received
on the 21st that the Advisory Council of the United States Federal Reserve
,
_
„
System had asked Congress to end immediately the Treasury purchases of
foreign silver, but so far no further news of these legislative activities has
The date indicates the redemption or
were
given in the "Chronicle":
downward until Feb. 23, when 20 3-16d.
was quoted for both deliveries and this was the lowest since Sept. 1 last.
Some recovery followed, due mainly to hestiation on the part of sellers,
and quotations on Feb. 29 were 20%d. and 20 7-16d. for the respective
deliveries.
'
Some Indian buying was seen during the last few days in sympathy
with a sharp advance in Bombay rates, possibly due to fears that the
...
,
.
Page
Date
1585
1127
2078
Apr.
5
Apr. 15
debentures
May 15
Bear Mountain Hudson River Bridge Co., 1st mtge. 7s—Apr.
1
Bethlehem Steel Corp. 3%% bonds
Apr.
1
5% preferred stock
Apr.
1
Brooklyn Borough Gas Co., 5% bonds
;
May 15
Alabama Power Co., 1st mtge. 5s
Allied Stores Corp. 15-year bonds
♦Anaconda Copper Mining Co. 4%%
Apr.
Apr.
Apr.
May
..May
May
Chicago Rock Island & Pacific Co., 3%% certificates
Chicago Union Station Co., 4% guaranteed bonds
♦Clear Spring Water Service Co. $6 preferred stock
1st mortgage 5s
♦Colgate-Palmolive-Peet Co. 6% preferred stock.
Consolidated Gas Utilities Corp. 5-year 6% notes
Consumers
1st mtge. 3%s
Power Co.
Crown Cork & Seal Co., Inc., 4%%
Denver Gas & Electric
Co.
debentures
gen. mtge
5s
Denver Gas & Electric Light Co. lRt mtge. bonds
Duluth Missabe & Iron Range Ry. 3%-bonds
7s
Apr.
Federal Light & Traction Co., 1st lien bonds
Apr.
Firestone Tire & Rubber Co., 3%% debentures
Apr.
♦Garlock Packing Co. 4%% notes
.May
German-Atlantic Cable Co
1st mtge 7s
Apr
Helvetia Coal Mining Co., 1st mtge. 5s
Apr.
Indiana Associated Telephone Corp., 1st mtge. 4%s
Apr.
Johns-Manville Corp., 7% preferred stock
Apr.
Kentucky Utilities Co., 1st mtge. bonds
J.
Apr.
Libby, McNeill & Libby, 5% bonds
Apr.
Louisville & Nashville RR„ unified 50-year 4s
....July
Marion-Reserve Power Co., 1st mtge. 4%s
—Apr.
♦Mead Corp. 6% bonds
May
♦Montana-Dakota Utilities Co. 4%% bonds
May
♦Morris Plan Corp. of America gold notes
Apr.
Mountain States Power Co., 1st mtge. 5s—
Apr.
1st mtge. 68—
Apr.
♦National Dairy Products Corp. 3H% debentures
May
♦Newport Water Co. 5% gold bonds
—May
♦Northern Indiana Gas & Electric Co. 1st mtge. 6s
May
Northwestern Electric Co., 1st mtge. bonds
May
Ohio Electric Power Co. 1st mtge. 5s
——June
Oklahoma Natural Gas Co. 1st mtge. 3%s
Apr.
♦Pacific Atlantic Steamship Corp.—
Manne equipment bonds
May
Pennsylvania RR., gen. mtge. 3%s
Mar.
Pennsylvania Telephone Corp 1st mtge. bonds
Apr.
Peoples Light & Power Co. coll. lien bonds
Apr.
Public Service Co. of Oklahoma 4% serial debs
Apr.
Republic Aviation Corp., 1st pref. stock
Apr.
Richmond-Washington Co. 4% bonds
June
San Francisco & San Joaquin Valley Ry. 1st mtge. 5s —Apr.
Sayre Electric Co. 1st mtge. 5s
Apr.
Skelly Oil Co. 6% preferred stock
May
Southern Natural Gas Co. 1st mtge. 4%s
Apr.
Electric Ferries, Inc., 1st mtge.
Telephone Securities. Ltd. 5%% notes
♦United Wall Paper Factories, Inc., 1st mtge. 6s___
Vandalia RR. consol. mtge. bonds
♦Wisconsin Telephone Co. 7% pref. stock
Woodward Iron Co., 5% bonds
♦Youngstown Sheet & Tube Co. 1st mtge. bonds
♦
Announcements
this week,
x
2
815
2088
2088
2089
27
21
£3713
1429
275
1431
£3714
1
1
1
1
1
1
1
£3714
1432
1932
1
15
1
31
1
1
1
1
1599
1599
2098
£2687
1601
1602
1603
1603
842
4
1
843
1
20
1
1
1
16
«-
1285
2106
2108
2108
1912
16
1
1
1942
2108
2109
1
1
1
2111
1
1003
1
30
1
2112
-609
£.3725
1608
1289
1783
25
*785
10
5
1947
1
4
145.3
1786
1
1
1294
145o
1146
1
May 15
-
813
1421
1421
1928
1928
1929
17
1
27
May
Apr.
May
Apr.
May
May
Apr.
Colorado Power Co. 1st mtge. 5s
May 1
-Mar. 30
Apr. 30
-.June 17
1
May
1789
2130
1790
2131
1955
2131
Volume 149.
DIVIDENDS
Dividends
are
grouped in two 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 com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
The dividends announced this week are:
first
we
bring
Per
Name
of Company
Share
Amalgamated Sugar Co., 5% pref. (quar.)
American Felt, preferred (quar.)
American Fidelity & Casualty (quar.)
American Home Products Corp
American Indemnity Co
American Products prior pref. (quar.)
American Seal-Kap (Del.)
Anchor Hocking Glass Corp.—
See "Gen. Corp. & In v. News" section of this
$1%
35c
issue.
pref. (quar.)
A nr.
Apr.
10
May
Apr.
15c
Apr,
20c
May
$1%
Apr.
8%c Apr.
12c
Apr.
Apr.
16
$1
12%c
$1%
,
issue, also Feb. 24
Aro
Arthur
Realty
15c
15c
Equipment Corp
.___—
$5
Apr.
Apr.
receipt (final)
Co. (quar.)
Atlas Acceptance Corp., 5% pref. (quar.)
American deposit
15
Mar. 30
Mar. 21
Mar. 20
Mar. 20
Mar. 22
Mar. 30
Anr.
15*
Mar. 21
Mar. 27
Mar. 29
1 Mar. 21
5
15 Apr.
Mar. 30 Mar. 27
Associated Electrical Industries—
Atlantic City Sewerage
Holders
Apr.
10c
20c
Albany Packing Co. (quar.)
7% preferred (quar.)
Alloy Cast Steel Co
When
Payable of Record
May
Apr.
Apr.
Apr.
Apr.
15c
(J. D.) Mfg. Co. (quar.)
Administered Fund, Inc
Alabama Fuel Iron (quar.)
Arkansas Fuel Oil 6%
to hand.
Prices had continued steadily
come
preferred
for redemption, together with
making tenders, and the page number gives the
location in which the details
Adams
SILVER
FUND
NOTICES
Casco Corp., 1st mtge. 6s
Chefoo (yuan) dol'r
Hankow (yuan) dol
Colombia,
AND
CALLS
Company and Issue—
b
b
b
REDEMPTION
10% Apr.
Apr.
Apr.
12 Mar. 28
25c
1 Mar. 30
$1 %
1 Mar. 22
The Commercd+1 & Financial Chronicle
2032
Per
Name of Company
Share
When
March
Holders
Holders
Name
Payable of Record,
of Company
of Record
10c
Mar. 15
Mar. 20
Mar. 20
2(,c
Apr.
12Hc
Apr.
Apr.
Mar. 22
Lane Co.,
75c
May
Apr.
Apr.
Apr. 20
Mar. 30
$1H
Apr.
Apr.
Apr.
Apr.
Apr.
July
Apr.
Apr.
Apr.
Apr.
Apr.
25c
June
Lawrence Gas & Electric Co. (quar.)
S1H
1 May
1 May 10
1 Mar. 20
Kendall Co. $6 part. pref. A (quar.)
Babcock & Wilcox Co
Apr.
June
Kekaha Sugar, Ltd. (resumed)
Mar.
Mar.
June
t30c
Apr.
15c
20c
S1H
$1.38
Attleboro Gas Light Corp. (quar.)
Axe-Houghion Fund A. Inc
Axe-Hough ton Fund B. Inc
$2
Backstay Welt' Co. (quar.)
Badger Paper Mills 0% pref. (quar.)
Baldwin Co.. 6% preferred (quar.)
Bandini Petroleum Co (quar.)
15
10C
Apr. 12
3(,c
(Detroit)
Apr.
5
Apr.
Barker's Bread. Ltd.. 5% pref. (quar.)
Mar.
Mar. 25
62 He
Bathurst Power & Paper class A
25c
May
Apr. 17
Bell Telephone (Pa.) (quar.)
Mar.
Mar. 30
$2
Mar.
Mar. 20
Bortgis Bros., pref. (quar.)
37Hc
Boston Storage Warehouse Co. (quar.)
Mar.
Mar. 23
Bourbon Stockyards (quar.)
Mar. 25
$1
Apr.
75c
June
Bower Roller Bearing Co.
June
7
40c
Mar. 30
Bridgeport Hydraulic Co. (quar.)
Apr.
Bruce (E. L.) Co.. 7% pref. (quar.)...
Mar.
Mar. 28
S1H
87 He
Mar.
Mar. 28
3H% preferred (quar.)
Brush-Moore newspapers, Inc.—
7% preferred 1st and 2d (quar.).
S1H Apr.
1 Mar. 20
Bullock's. Inc., pref. (quar.)
$1H
May
1 Apr. 11
75c
Business Systems (quar.)
Apr.
1 Mar. 25
Preferred (quar.)
15c
Apr.
1 Mar. 25
Butler Bros, preferred (quar.)
June
37 He
1 May
8
Butler Mfg. 6% preferred (quar.)
Mar. 30 Mar. 27
S1H
5
Byers (A. M.) Co. preferred..
1 Apr.
$2.16H May
Represents div. due Aug. I, 1935, and Int.
thereon to May 1, 1940.
California Oregon Power Co. 7% pref. (quar.).
fl *A Apr. 15 Mar. 30
S1H
Apr. 15 Mar. 30
6% preferred (quar.)
Apr. 15 Mar. 30
$1H
6% preferred (series of 1927) (quar.)
Canadian Fairbanks Morse pref. (quar.)
$1H
Apr. 15 Mar. 30
Canadian Oil Cos. (quar.)
12Hc
1
May 15 May
Extra.
12Hc
1
May 15 May
Case Lookwood & Brainard Co. (quar.)
1 Mar 20
$2H
Apr.
Central Eureka Mining Co. (new)
8c
Apr. 15 Apr.
1
Central Hudson Gas & Electric Corp., 4H % pref
1 Mar. 22
$1H
Apr.
Common (quar.)
20c
1 Mar. 30
May
Central Kansas Power 7% pref. (quar.)
Apr. 15 Mar. 30
6% preferred (quar.)
Apr. 15 Mar. 30
Central New York Power Corp. 5% pref. (quar.)
1
May
Apr. 10
Central States Electric Co., 7% pref. A
t43Hc Mar. 30 Mar. 15
+10.937c Mar. 30 Mar.15
7% preferred A. $25 par.—*
30 Mar. 15
6% preferred B
1-37 He
Mai^
6% preferred 13, $25 par
t9.375c Mar. 30 Mar. 15
Mar. 30 Mar. 15
6% preferred C
+9 He
5jc
1 Mar. 27
Chapman Valve Mfg..
Apr.
Chester Pure Silk Hosiery (quar.)
10c
1 Mar. 26
Apr.
15c
1 Mar. 26
6% cumulative preferred (quar.).
Apr.
Chilton Co. common
iltc
~
10C
5
Apr. 15 Apr.
Cincinnati Advertising Products (quar.)
1 Mar. 21
Apr.
Cincinnati Postal Terminal & Realty, pref. (qu.)
Apr. 15 Apr.
5
Collateral Loan Co. (Boston)
1 Mar. 12
sih
Apr.
Commercial Discount Co. (Los Angeles)—Class A preferred (quar.).
20c
1
Apr. 10 Apr.
Class B preferred (quar
1
17Hc
-.).
Apr. 10 Apr.
Coon (W. B.) (quar.)
15c
1 Apr. 13
May
1 Apr. 13
7% preferred (quar.)
$1 H
May
Corn Products Refining (quar.)
5
75c
Apr. 20 Apr.
Preferred (guar.)
5
Apr. 15 Apr.
Courier-Post Co., 7% preferred
1 Mar. 20
t$lH
Apr.
Connecticut River Power (quar.)
June
1 May 15
$1H
Consolidated Paper Co
June
25c
1 May 21
Apr. 10 Mar. 30
30c
Creamery Package Mfg. (quar.)
Cresson Consol. Gold Mining & Milling (qu.)
2c
May 15 Apr. 30
Cuban Telephone 6% pref. (quar.)..
Mar. 31 Mar.
5
$1H
Cuneo Press, Inc. (quar.)
1 Apr. 20
May
Preferred (quar.)
June 15 June
1
Detr.it Harvester (quar.)..
Mar. 25 Mar. 15
25c
Detroit-Michigan Stove 5% pref. (initial)
$ 1 Apr. 25 Apr. 15
Diamond State Telephone (quar.)
Mar. 30 Mar. 30
5Cc
Dow Chemical Co. common (quar.)
75c
May 15 May
1
Preferred (quar.)
May 15 May
1
Dravo Corp., preferred (quar.)
1 Mar. 21
Apr.
Eastern Magnesia Talc Co.. Inc
Mar. 30 Mar. 20
$1
Electric Bond & Share Co. $6 pref. (quar.)
1 Apr. 10
May
$5 preferred (quar.)
1 Apr. 10
May
Electric Household Utilities
10c
Apr. 25 Apr. 10
50c
1 Mar. 22
Elgin Sweeper, preferred (quar.)
Apr.
Preferred (quar.)
10c
1 Mar. 22
1
Apr.
Emerson Drug Co. pref. (quar.)
Aor.
1 Mar. 21
50c
Mar. 29 Mar. 25
15c
Equitable Investment Corp
Eureka Pipe Line Co
1 Apr. 15*
50c
May
Extra
1 Apr. 15*
25c
May
Fairmont Creamery Co. (Dela.) (interim) .1
20c
1 Mar. 21
Apr.
Preferred (quar.)
1 Mar. 21
j
$1H
Apr.
Falstaff Brewing Co. (quar.)
15c
May 29 May 15
Federal Service Finance Corp
75c
Apr. 15 Mar. 30
Preferred (quar.)
S1H
Apr. 15 Mar. 30
Forbes & Wallace, Inc. (quar.)
1 Mar. 22
75c
Apr.
Franklin Telephone 2 H
1 Apr. 15
$1H May
% gtd. (s.-a.)
Friek & Co., preferred (quar.)
1 Mar. 20
75c
Apr.
Fundamental Investors
15c
Apr. 13 Mar. 30
Gardner-Denver Co. (quar.)
25c
Apr. 20 Apr. 10
Preferred (quar.)
1 Apr. 20
75c
May
Gardner Royalties Co., Ltd., class A
T
12Hc Mar. 30 Mar. 27
Bankers Trust Co.
.—
—
—
....
— _
ll'ti
m
3im
Gilmore Oil Co
Gimbel Bros.
25c
6% pref. (quar.)
Gordon & Belyea Ltd. 6% 1st pref. (quar.)
Great Lakes Paper Co., Ltd., $2 cl. B part, pref.
$2 class A
cum.
partic. preferred (initial)
Great Southern Life Insurance Co.
(quar.)
Griesedieck-Western Brewery Co.—
5 H % preferred
(guar.)
Guardian Public Utilities
Preferred (s.-a.)
25c
35c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
25 Apr.
10
20 Apr.
5
1 Mar. 27
10 Mar. 30
10 Mar. 30
10 Apr.
1
34Hc
Investment
1 May
Apr.
1 Mar. 21
40c
25c
Inc. (quar.)
75c
Lawyers Tide Insurance Corp., 6% pf. (s.-a.)
Leath & Co., preferred (quar.)
Lehigh Portland Cement pref. (quar.)
Lenox Water Co. (quar.)
Lexington Telephone Co. 6% pref. (quar.)
Lincoln Telep. & Teleg. Co. class A (quar.)
Class B (quar.)
5% preferred (quar.)
Link-Belt Co. (quar.)
Preferred (quar.)
Lorain Telephone (quar.)
Lord & Taylor 2nd pref. (quar.)
Lowell Electric Light Corp. (quar.)
Ludlow Typograph Co.. $6 pref. (quar.)
Apr.
1 Mar. 21
Apr.
Apr.
Mar. 23
May
Apr.
Apr.
Mar. 25
May
May
May
May
May
Apr.
May
Apr.
10
May
3
18
Humphryes Mfg. Co. (initial)
6% preferred (quar.)
Huttig Sash & Door Co. 7% pref. (quar.)
Idaho Maryland Mines Corp. (mo.)
Pipe Line Co
Interchemfcal Corp
Preferred (quar.)
Interstate Hosiery Mills
Investors Fund C
Investors Mortgage Co. (quar.)
Preferred (quar.)
Iowa Elec. Light & Power Co., 7% pref. A
6H% preferred B
6%
preferred C
I. X. L. Mining Co. (block shares)
(quar.).
Jones & Laughlin Steel 7% preferred
68 He
40c
15c
S1H
75c
$1
$1H
Mar. 23
15
Apr. 25
Apr. 25
62 He
....
—
51
Manhattan
Bond
Fund,
Middlesex Products Corp.
10c
t$lH
-
15 Mar. 31
15 Mar. 20
15 Mar. 20
15 Mar. 30
1 Apr. 15
1 Apr.
1 Apr.
10 Apr.
1 Apr.
11
20
3
15
1 Anr. 15
5 Mar. 29
1 May
1
1 Mar. 22
1 Apr. 11
15 Mar. 30
15 Apr.
4
15 Mar. 30
1 Mar.
15
1 Mar. 25
15c
A nr.
75c
May
Mar. 30 Mar. 20
Mar. 30 Mar. 20
SIM
National Distillers Products (quar.)
National Manufacture & Stores Corp.—
1
24
50c
May
1 Apr.
15
S2M
SIM
$2
$5H prior preferred (s.'-a.)
New England Power. 6% pref. (quar.)
New York Telephone Co. (quar.)
Norfolk & Western Ry. pref. (quar.)
North American Rayon class A & B
North Penn Gas 7% pref. (quar.)
Apr.
15 Apr.
1
Apr.
1
Mar. 25
Mar. 30 Mar. 30
$1
50c
May
Apr.
SIM
Anr.
25c
May
Northwest Engineering
Northwestern Title Insurance (quar.)
Oahu Sugar Co., Ltd. (monthly)
18 Apr. 30
10 Apr.
2
1
1 Apr. 15
15 Apr.
$2
Mar. 30 Mar. 30
5c
Special
Apr. 15 Apr.
6
Apr. 15 Apr.
6
May
Apr. 15
Mar. 25
Apr.
Mar. 25
Apr.
Mar. 25
Apr.
Mar. 20
Apr.
Mar. 26
Apr.
Mar. 18
Apr.
Apr. 15 Apr.
5
10c
Oliver United Filters class A (quar.)
Ohio Leather Co
50c
40c
8% preferred (quar.)
7% preferred (quar.)
$2
Orchard Farm Pie Co., $5 class A partic. pref—
Pathe Film Corp. $7 con v. pref. (quar.)
Pacific Greyhound Lines $3H conv. pref. (qu.)_
SIM
tSIM
SIM
87 He
25c
Corp. (quar.)
Pahang Rubber Co., Ltd
Peas lee-Gaul bert Corp
6% preferred (quar.)
Peninsular Telephone (quar.)
Quarterly
Quarterly
10c
12Mc
SIM
Mar. 30 Mar. 23
Mar. 28 Mar. 25
Mar. 29 Mar. 26
50c
July
50c
Oct.
1 June 15
1 Sept.14
50c
«
(quar
14
May 15 May
Aug. 15 Aug.
4
5
35c
(quar.
Preferred A (quar.
1-1-41 Dec.
35c
35c
Preferred A (quar.
Preferred A
Nov. 15 Nov.
4
2-15-41
2-4-41
35c
Pennsylvania Power Co. $5 pref. (quar.)
SIM
Philadelphia Electric Co. (quar.)
Philadelphia Electric Co. $5 pref. (quar.)
Philadelphia & Trenton RR. (quar.)„
Pleasant Valley Wine
Pneumatic Scale Corp. 7% pref. (quar.)
Port Huron Sulphite & Paper preferred
Portland Gas Light Co. $6 preferred
Power Corp. of Canada 6% 1st pref.
(quar.)
Pyle-National Co
Preferred (quar.)
Rath Packing Co. 5% pref. (semi-ann.)
t.
Reading Co. (quar.)
Reed Drug Co
Class A (quar.)
Rhinelander Paper
Rhode Island Public Service Co. $2 pref.
(qu.)
Class A (quar.)
Roos Bros., inc. (Del.) pref. (quar.)
Royal Typewriter Co., Inc
Preferred (quar.)
St. Croix Paper Co
San Antonio Public Service (ser. 1939)
6% pref.
San Diego Consol. Gas & Electric Co. pref.
(qu.)
Santa Cruz Portland Cement Co. (quar.)
Schmidt Brewing Co
Secord (Laura) Candy Shops (quar.)
Securities Investment Co. (St. Louis) (quar.)
Preferred (quar.)
Security Storage (quar.)
Securitv Title Building, Inc., $7 part, pref
Sheep Creek Gold Mining (quar.)
Simpson's, Ltd., 6H % preferred
Sivyer Steel Casting
Southeastern Greyhound Lines (quar.)
.
Southern Berkshire Power & Electric
Southern New England Telephone
Mar. 26
Preferred (quar.)
Taunton Gas Light (quar.)
$1H
25c
10c
Glow Industries
^
45c
SIM
S2H
5c
17
ti
sHl
25c
$2
Telluride Power pref. (quar.)
20
Texas Gulf Producing
June
June
1
Apr.
Mar. 30
Taylor-Colquitt Co. (quar.)
Corp
Thatcher Mfg. Co. pref. (quar.)
Tivoli Brewing Co. (quar.)
Union Electric Co. (Mo.) pref. (quar.)
Apr.
1 Mar.21
20
25c
11
May
1 Apr,
May
9 Apr.
10c
Mar.
Apr.
8Mc Apr.
Mar.
20c
Mar.
Apr.
50c
May
Apr.
$1
May
Apr.
SIM
May
Apr.
$1
Apr. 15 Apr.
SIM
Apr. 15 Apr.
$1
Apr.
SIM
1M%
Apr.
15
15
25
15
15
15
5
5
15 Apr.
5
15
15 Mar. 30
Mar. 30 Mar.
50c
3c
Apr.
20c
June
50c
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
SIM
SIM
tSl
4c
SIM
25c
37Mc
50c
SIM
SI
75c
$1.13
tSIM
50c
t50c
12Mc
20c
Apr.
May
1 Apr. 15
May
1 Apr. 19
May
1 Apr. 10
Apr. 10 Apr.
1
May
1 Apr. 15
Apr.
1 Mar. 23
Apr.
1 Mar. 25
Apr. 15 Apr.
1
Apr. 15 Mar. 30
Apr.
1 Mar. 21
S2H
"I!
Apr. 10
Apr. 26
Apr. 20
50c
1 Mar. 26
Mar. 29 Mar. 22
1 May 15
1
1
10
8
15
1
15
30
Mar. 23
Mar. 23
Apr.
5
Mar. 30
Mar. 30
Apr. 20
Apr.
4
Apr. 20
Mar. 29 Mar. 21
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
15 Mar. 29
15 Apr.
5
15 Apr.
5
1 Mar. 25*
15 Mar. 22
15 Mar. 30
1 Mar. 25
15 Mar. 31
1 Apr. 15
1 Apr. 15
1 Mar. 15
Mar. 30 Mar. 21
SIM
Apr.
10c
June
15 May
90c
5c
15 Apr. 30
20 Apr.
1
15 Apr. 30
10 Apr. 10
1 Mar. 15
17
25c
25c
June
15 June
Mar. 30
Union Oil Co. of California (quar.)
United Merchants & Manufacturers, Inc
Semi-annual
May
Apr.
May
May
1
25c
Dec.
16 Dec.
2
Mar. 30
United Milk Products
50c
Apr.
Apr.
Apr.
May
25c
Mar.
Mar. 21
S1H
t87Hc
t81Hc
t75c
Mar.
Mar. 21
Mar. 30
May
5
5
2 Mar. 29
50c
Apr.
Apr.
May
May
May
20c
15 Apr.
15 Apr.
15 Apr.
1 Apr.
65c
—
National Discount (quar.)
Preferred (quar.)
Sun Ray Drug Co
t$l
12Hc
17
30
21
SIM
20c
SIM
Sl.H
10c
Sun
Apr.
Apr.
Apr.
Apr.
Apr.
10
15
18
1 Mar. 21
20 Mar. 30
15 Anr.
8
5 Mar. 26
15c
20c
Mar. 23
10c
1 May
1 June
July
1 Mar.
Apr.
1 Apr.
May
Apr. 13 Mar.
1 Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
SIM
S1H
Nana!mo-Duncan Utilities (s.-a.)
Nashua Gummed & Coated Paper. 7% pf. (qu.)
National Automotive Fibres (interim)
National Battery Co
Mar. 19
40c
10 Mar. 31
10 Mar. 31
25c
25c
15c
Montreal Tramways Co. (quar.)
Mar. 19
5c
14
1 Mar. 20
15 Mar. 30
10 Mar. 31
June
$1H
$1H
Mutual Insurance Fund Shares
Mar.
11
Apr. 10
1 Mar. 15
1 June
25c
35c
Minneapolis Brewing Co
Minneapolis Gas Light, pref. (quar.)
Preferred A
1 Mar. 23
13 Mar. 30
15
4Cc
25c
17Hc
17Hc
62Hc
—
Montana Power Co. $6 pref. (quar.)
Montreal Telegraph Co
Packer
10
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
Apr.
May
May
Apr.
2c
12Hc
(quar.)
Midland Oil Corp. $2 preferred
Midwest Piping & Supply (quar.)
Mar.
Apr.
Mar. 21
91 ;c
S1H
1 Mar. 29
Inc.—
Mar.
Mar.
Si H
$1H
$2
—
Ordinary distribution No. 7
Extraordinary distribution
Manning, Maxwell & Moore
Marchant Calculating Machine Co. (quar.)
Maritime Telep. & Teleg. Co. (quar
7% preferred (quar.)
Massachusetts Utilities Assoc. pref. (quar.)
McCall Corp. (quar.)
McLellan Stores Co. 6% pref. (quar.)
McCrorv Stores 6% pref. (quar.)
Memphis Natural Gas
Michigan Public Service Co. 7% preferred
6% preferred
Michigan Seamless Tube Co
Mid-Continent Petroleum
30c
50c
c
25c
—
$1H
$1H
20c
$1
$1H
$1H
—
Spicer Manufacturing Co
$3 preferred (quar.)
Springfield Fire & Marine Insurance
Strathmore Paper Co. preferred
State Street Investment Corp. (Boston)
Suburban Electric Securities $4 2d pref
Apr. 15
Mar. 22
$3
—
—
$1H
87 He
Hooker Electrochemical pref. (quar.)
Houston Natural Gas pref. (quar.)
Kalamazoo Stove & Furnace
June
40c
Trust—
Hatfield-Campbell Creek Coal Co.—
5% non-cum. partic. preferred
5% preference preferred (quar.)
Hartford Electric Light
Hartford Steam Boiler Inspection & Insurance..
Hecker Products Corp. (quar.)
Hercules Powder Co., pref. (quar.)
Hershey Chocolate (quar.)..
Preferred (quar.)
Holly Sugar Corp., 7% pref. (quar.)
Hook Drugs Co. (irregular)
Horn & Hardart Co. (N. Y. )
(quar.)
$1H
12Hc
$1H
25c
—
Guardian Rail Shares Investment Trust—
Non-cum. series I preferred (s.-a.)
Indiana
Mar. 29 Mar. 19
$6 part. pref. A (partic.)
Kobe, Inc.. 6% preferred
—
Glen Alden Coal
1940
30,
Mar. 29
Apr.
8
Apr. 20
—
$3 participating preferred
SIM
SIM
United Printers & Publishers, Inc., pref
50c
United States Playing Card (extra)
50c
1 Mar. 23
1 Mar. 23
1 Mar. 20
1 Apr.
15
Volume
The Commercial & Financial Chronicle
ISO
2033
Per
Name of
Company
Name of Company
United States Rubber Reclaiming prior pref
Union Public Service (Minn.) 7% pf. A & B (qu.)
Apr.
2
Apr.
1
Apr.
1
Apr. 26
$6 preferred O & D (quar.)
United States Steel Corp
United Stockyards Corp. conv. pref. (quar.)
United Stove Co
Apr.
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Utah-Idaho Sugar Co. class A
pref
Vermont & Massachusetts RR. (s.-a.)
Washington Title Insurance (quar.)
6% A preferred (quar.)
Waterbury Farr Foundry & Machine Co
Western Commonwealth Corp. class A (s.-a.)
Weston (Geo.), Ltd., pref. (quar.)__
Westvaco Chlorine Products (quar.)
5% conv. preferred (quar.)
Wico Electric Co. 6% A preferred (quar.).
Apr.
July
Mar. 20
American Sugar Refining, pref. (quar.)
American Thermos Bottle class A
Preferred (quar.)
Apr.
American Tobacco Co., preferred (quar.)
Mar. 30
Mar. 20
15 Apr.
5
2
Mar. 30 Mar. 15
Oct.
1 Mar. 30
1 June 29
1 Sept. 28
1-1-41
Dec.
30
Mar. 30 Mar. 25
,
Apr.
8 Mar. 27
Apr.
1 Mar. 26
Apr.
1 Mar. 26
Apr.
1 Mar. 25
Apr.
1 Mar. 25
May
1 Apr. 15
May
1 Apr. 10
May
1 Apr. 10
Apr.
1 Mar. 26
May 15 May
1
Apr. 30 Apr. 15
Apr. 30 Apr. 20
Mar. 30 Mar. 28
Wilson & Co. $6 nreferred_
Wisconsin Electric Power Co. 6% pref. (quar.)
Wisconsin Telephone Co. 7% pref. (quar.)
Woolson Spice Co. (quar.)
Worcester Suburban Electric
Mar. 30 Mar. 28
Mar. 29 Mar. 21
Wrigley (Wm.) Jr. (monthly)
May
6% preferred (quar.)
Monthly
Monthly
Monthly
Monthly
Monthly
Zeller's. Ltd., 6% preferred (quar.)
Below
1 Apr. 20
1 May 20
Tune
July
Aug.
i__
rept.
Oct.
May
1 June 20
1 July 20
2 Aug. 20
1 Sept.20
1 Apr. 15
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends announ ed this week, these
being given in the preceding table.
we
American Telep & Teleg.
SIX
When
Per
Abbott
Share
Company
$2
$1
(quar.)
Addressograph-Multigraph
Hocking Glass Corp.
$6 4 div. conv. oreferred (quar.)
Apex Electrical Mfg. Co
$14
25c
Preferred
tig
Appalachian Electric Power $7 preferred (qu.)_
Properties. 4% cum. class A (s.-a.)
Arkansas Power & Light. $7 pref. (quar.)
$6 preferred (quar.)
Armour & Co. (Del.) 7% preferred (quar.)
A P W
10c
$14
SIX
Arrow-Hart & Hegeman Electric
Art Metal Construction
50c
25c
Arundel Corp.
(quar.)
Asbestos Corp., Ltd. (quar.)
25c
15c
Extra
15c
Ashland Oil & Refining (quar.)
Assoc. Breweries ol Canada
l(c
125c
(quar.)
ill
Preferred (quar.)
Associates Investment Co
SIX
SIX
50c
Atlantic Ravon Corp. $2 4 prior
pref. (auar.)_.
Atlantic Refining Co.. preferred (quar.)
Autocar Trucks $3 cum & partic. pref. (quar.)_Autoline Oil Co., preferred (quar.)
Automatic Voting Machine
Automobile Banking Corp.,
621l
75c
2lc
124c
1
$1
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar.
9
Bank of New York
.
84c
1 Mar. 14
1 Mar.
9
1 Mar. 15
1 Mar. 20
1 Mar. 22
Air Associates, inc.—
1st $7 cum. and
preferred (quar.)
conv.
Air Reduction Co.. Inc.
Extra
25c
(quar.)
25c
Alabama Power Co., $7 pref. (quar.)
tig
$6 preferred (quar.).
$5 preferred (quar
Alabama & Vicksburg Ry. Co. (s.-a.)
SIX
3%
Alberta Wood
»lk
Preserving Co., pref. (quar.)
Allegheny Ludlum Steel
Allen-Wales Adding Machine $6 preferred
Mar.
Mar. 20
15c
Apr.
$14
Apr.
Apr.
Apr.
Mar. 15
Mar. 18
$14
Allied Laboratories (quar.)
Allied Stores Corp., preferred
(quar.)
Allied Products Corp., common (quar.)
Class A (quar.)
Allemannia Fire Insurance Co. (quar.)
25c
Mar.
2
Mar.
2
Mar. 21
Mar. 20
Mar. 11*
Bensonhurst Nat'l Bank (Bklyn.,
Extra
Mar.
5c
Aluminum Co. of America common
$1
preferred (quar.)
Mfg. Co
Aluminum Mfg.. Inc. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Agricultural Chemical
American Alliance Insurance (quar.)
American Asphalt Roof Corp. 6% pref. (qu.)
American Bakeries Co., class A (quar.)
Class A participating dividend
Class B (quar.)
Preferred (quar.)
American Bank Note 6% pref. (quar.)_
American Brake Shoe & Foundry
Preferred (quar.)
American Can Co., 7% pref. (quar.)..
American Canadian Properties Corp._
Liquidating.
American Capital Corp. S3 preferred..
American Casualty Co. (quar.)
American Cities Pow. & Light, $24 cl. A (quar.)
Opt. div. l-16th sh. or class B or cash.
American Coach & Body Co
American Cyanamid Co., cl. A & B. com. (qu.)_
5% 1st & 2d preferred (quar.)
6%
Aluminum Goods
.
_
_ .
„
.
-
_
--
American Discount Co.
Dr.
(Ga.)._
HP
20c
Apr.
Apr.
Apr.
Apr. 10
Apr.
1
Mar. 15
Apr.
Mar. 16*
50c
Mar.
Mar. 15
50c
June
June
June
15
Sept. 15
Dec.
30c
Mar.
Mar. 16
25c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar. 31
Bohn Aluminum & Brass
Mar. 15
Bon Ami class A (quar.)
Class B (quar.)
$1
•ift
American States Insurance Co.
American Steel Foundries
Mar. 15
Mar. 15
Mar. 15
Mar. 11
Mar.
Mar. 25
$1.31 X Mar.
Apr.
SIX
25c
Apr.
Mar. 25
Mar. 15
30c
25c
15c
68 Xc
25c
15c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
June
Mar. 25
1 Mar. 15
1 Mar. 25
1 Mar. 11
Mar. 21
Mar. 12
Mar. 20
Mar. 15
Apr.
May 25
Aug. 25
Apr.
5
Apr. 13
Apr.
Mar.
Mar.
Mar. 15
Apr.
8
Mar.
Mar. 19
Apr.
Mar. 15
Apr.
Mar. 15
Mar. 19
Mar. 14*
Mar. 15
SIX
Mar.
Mar. 18
25c
Apr.
Apr.
Apr.
Mar. 16
SIX
SIX
SIX
tsix
t934c
SIX
tsix
June
Mar. 23
June
5
Sept.
Sept.
624c
75c
(quar.).
SIX
SIX
—__——
25c
(quar.)
30c
Mar.
Mar.
20
Mar. 18
Mar. 16
5
Dec.
Dec.
5
Apr.
Apr.
Mar.
6
Mar.
6
June
May 24
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Apr.
Mar.
I
624c
(quar.)
15c
Mar. 15
Mar. 19
Apr.
5
Mar. 14
Mar. 14
Mar. 18
Mar. 15
Mar. 15
$14
$14
Mar.
7
Mar. 18
Mar. 28
Mar. 22
Feb.
29
Apr.
10
Mar. 11
Mar. 11
15
Mar. 30 Mar. 15
Mar. 30 Mar. 15
1
Mar. 22
15 Mar. 30
llMar. 18
1 Mar. 18
_
Mar. 30 Mar. 15
Mar. 30 Mar. 23
Mar. 30 Mar. 23
ADr.
1 Mar. 11
Apr.
1 Mar. 15
Hi?
25c
$1
624c
Bonomo (Joe) Publications (N.Y.), com. (Initial)
Common (extra)
6% partic. preferred (initial)
6% participating preferred (extra)
...
25c
Borg-Warner
Boston Acceptance preferred
tl74c
Preferred (quar.)
174c
$2
Boston & Albany RR. Co.______............
$2
Boston Edison Co. (quar.)
Boston Elevated Ry. (quar.)
$14
40c
Boston Herald-Traveler
$4
Boston Insurance Co. (quar.)
20c
Bralorne Mines (quar.)
20c
Brantjen & Kluge, Inc., 7% preferred..
Brazilian Traction, Light & Power, pref. (qu.)__
Apr.
Mar.
Mar.
1
Mar. 20
Mar. 22
25c
•
Brantford Cordage Co., 1st preferred
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
25c
.
Mar. 12
Apr.
Apr.
Apr.
Mar.
7 % pref. (qu.)._
Preferred (quar.)
30c
Dec.
20c
American Stamping Co. 7% preferred
$14
Sept.
25c
American Screw
B-G Foods. 7% preferred
Bickford's. Inc
June
25c
9
Mar. 20
June 29 June 29
$14
Birmingham Electric, $7 preferred
$6 preferred
Birmingham Fire Insurance (quar.)
Bliss & Laughlin
Preferred (quar.)
Bobbs-Merrill Co. 44% preferred (quar.)
50c
Mar. 15
Mar. 15
Mar.
Mar. 30 Mar. 30
June 29 June 29
25c
15
SIX
Mar. 20
Mar. 15
25c
-
Steel Corp. 7% preferred (quar.)...
Mar.
25c
(quar.)
American Mfg. Co
Preferred (quar J
American Optical Co.
American Paper Goods Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Power & Light Co., $6 pref—
$5 preferred
Z
Amer. Rad. & Standard Sanitary, pref. (quar.)_
American Rolling Mill Co., 44 % preferred
Extra
5% preferred (quar.)
Mar.
15
26
5
Mar. 19
Mar. 25
75c
Biltmore Hats
SIX
SIX
SIX
SIX
Apr.
Apr.
Mar. 30 Mar. 30
25c
15
20c
Preferred
c
N.Y.) (qu.)_.
Sept. 15
—
American Maize Products
50c
75c
Dec.
—
(qu.)_
25c
$14
$14
45c
Sept.
i\'iSept.
American Investment (111.) 5% preferred
434c
*¥£
Dec.
...
American Locker, class A.
25c
$14
$14
_
50c
Teleg. (N. J.)pref. (quar.)..
American Envelope Co., 7% pref. A (quar.)
SIX
7% preferred A (quar.)
American Fork & Hoe, preferred (quar.)
SIX
American Furniture Co. 7 % preferred (quar.)
SIX
Amer. Gas & Elec.Co. 44% pref.(initial) (qu.) sx.isx
25c
American General Insurance (Texas)
$2
American Hard Rubber, pref. (quar.)
25c
American Hardware (quar.)
25c
American Hawaiian Steamship Co
75c
American Hide & Leather, pref. (quar.)
American Home Products
$14
Quarterly
Preferred
1 Mar. 15
30 Mar. 20
1 Mar. 14
Apr.
1 Mar. 22
Apr.
1 Mar. 15
Apr.
1 Mar. 25
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 23
Apr.
1 Mar. 23
Apr.
Apr. 15 Mar. 31
1 Mar. 15
Apr.
1 Mar. 12
Apr.
Mar. 12
Apr.
May
Apr. 15
Mar. 15
Apr.
Mar. 8
Apr.
Mar.
Apr.
8
Mar. 15
Apr.
Mar. 15
Apr.
Mar. 23
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
25c
$1
50c
American District
American Smelting & Refining,
American Snuff Co. (quar.).
15
ar.
May
May
Apr.
Apr.
Mar. 30 Mar. 15
40c
6% preferred
Bethlehem
Mar. 30 Mar. 15
Mar. 30 Mar. 15
Apr.
June 29 June
684c
Beneficial Industrial Loan Corp
FTior preferred (quar.)
A
Mar. 20
60c
Beiding-Corticelli (quar.)—
Mar.
Mar. 20
Mar. 23
_
60c
Extra
Mar. 21
Mar. 15
Mar. 15
Mar. 11
2(jc
50c
Mar.
Electric & Equipment
AJlls-Chalmers Mfg. Co
All-Penn Oil & Gas (quar.)
$14
$14
Barker Bros. Corp. preferred (quar.)_
Bastian-Blessing
Preferred (quar.)
Bausch & Lomb Optical
Preferred (quar.)
Bayuk Cigars, Inc. 1st pref. (quar.)
Beacon Assoc., Inc., 7% preferred (quar.)
Beatrice Creamery Co. (quar.)
Preferred (quar.)
Beatty Bros., Ltd., 1st preferred (quar.)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
5c
Extra
22c
30c
$34
Preferred (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Pa. pref. (quar.)
Belt RR. & Stockyards Co. (quar.)
5
Mar. 30
Apr.
Apr.
Apr.
May
Apr.
Apr.
$14
(quar.)
(quar.)
43 He
25c
_
Allen
1 Mar. 18
Apr.
Apr. 15 Mar. 30
Mar. 30
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
May
Apr. 19
Mar.
8
Apr.
Mar. 27
Apr.
Mar. 18
Apr.
Bankers Trust Co.
Mar.
Apr.
374c
.
Mar. 20
Mar. 30 Mar. 13
Mar. 30 Mar. 15
Apr.
1 Mar. 15
50c
Avery (B. F.) & Sons, preferred (quar.)
10c
Baker (J. T.) Chemical Co.. 54% pref. (quar.)
Mar. 20
Mar. 20
Mar. 31 Mar. 15
Mar. 31 Mar. 15
$14
37 4c
25c
15 June
30c
5
Apr. 20
Mar. 25
Mar.
9
Mar. 15
1 Mar. 15
1 Apr. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
10c
Common (quar.)
Cumulative convertible preferred (quar.)
Automobile Insurance (quar.)
June
40c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
10c
(quar.)
class A (quar.)
10c
374c
Supply Mfg.. class A (quar.)
Aeronautical Securities, Inc
Aetna Ball Bearing Mfg
Aetna Casualty & Surety (quar.)
Aetna Insurance Co. (Hartford, Conn.)
Aetna Life Insurance (quar.)
Agnew-Surpass Shoe Stores preference (quar.)_
Agricultural Insurance Co. (quar.)
Ahlberg Bearing Co.. class A
X
50c
5% cumul. preferred (quar.)
Atlanta Gas Light Co. 6% cum. pref. (quar.)
Atlantic City Fire Insurance Co. (quar.)
35c
35c
(quar.)
May
Mar.
Anchor
Apr. 15 Apr.
1
Apr. 10 Mar. 25
1 Mar. 15
Apr.
Apr. 16 Apr.
5
Mar. 31 Mar. 14
$14
4 4% preferred
Mar. 31 Mar. 14
10c
Apr.
t$l
$1
(quar.)
American Water Works & Electric Co., Inc.—
$6 1st preferred (quar.)
American Zinc Lead & Smelting, prior pref
Badger Paint & Hardware Stores (quar.)
BancOhio Corp. (quar.)
Bangor & Aroostook RR. 5% conv. pref,
Bangor Hydro-Electric
7% 1st pref. (quar.)
6% preferred (quar.)
Bank of America (quar.)
Quarterly
Bank of the Manhattan Co. (quar.)
40c
Laboratories (quar.)
Extra
Aero
Holder
Payable of Record
Holders
Payable of Record
Apr.
2
May
1
Apr.
1
Apr.
1
Apr. 15
25c
874c
Avondale Mills
Name of
When
Share
324c
874c
$14
Apr. 30 Apr. 15
Apr. 30 Apr. 15
Apr.
1 Mar. 16
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
1 Mar. 15
Mar. 30 Mar. 27
Mar. 30 Mar. 27
Apr.
Mar. 30 Feb.
29
May
Apr.
Apr.
10
Apr.
Mar.
9
Mar. 23
Mar. 20
Apr.
Mar. 30
Mar. 30
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar. 23
Mar. 15
50c
Extra
Bridgeport Gas Light (quar.)
Briggs Mfg. Co.
.
Brillo Mfg. Co., common (quar.).
Class A (quar.)
British-American Oil (quar.)
British-American Tobacco Co.. Ltd. (Interim)..
British Columbia Elec. Pow. & Gas, 6% pref...
British Columbia Power, class A (quar.)
Broad Street Investment Corp
Brooklyn Borough Gas Co
Brunswick-Balke-Collender Co., preferred (qu.)
Bucyrus-Erie Co., 7% preferred (quar.)
Budd Wheel Co., preferred (quar.)
Preferred (partic. div.)
Buffalo Ankerite Gold Mines, Ltd
Buffalo Insurance Co. (quar.)
Buffalo Niagara & Eastern Power, pref. (quar.).
1st preferred (quar.)
Building Products Ltd. (quar.)
Burger Brewing Co., preferred (quar.)
Burdine's, Inc., $2.80 preferred (quar.)
Burkhardt Mfg
Burlington Steel Co., Ltd
Burma Corp. Ltd. (Amer. deposit rets.) interim
3 4 annas per share, equal to 3.93 pence per sh.
Burroughs Adding Machine Co—
Calamba Sugar Estates (quar.)
7% preferred (quar.).----..
Calgary Power 6% preferred (quar.)
-
Apr. 25 Apr. 20
50c
25c
Brewer (C.) & Co. (monthly)
Brewers & Distillers of Vancouver
20 Apr. 27
May 20 Apr. 27
50c
50c
20c
50c
25c
lOd
I$14
50c
20c
75c
$14
$14
$14
25c
May
Mar. 30 Mar. 15
Mar. 30 Mar. 19
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
1 Mar. 18
Mar. 30 Feb, 29
Apr.
1 Mar. 20
Mar. 30
Mar. 18
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 30
Mar. 20
Mar. 20
Mar. 30 Mar. 16
Mar. 30 Mar. 16
Mar. 16
n2%
Apr.
40c
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar. 15
$14
70c
50c
15c
2
May 29 Mar. 22
Mar. 15
Apr.
15
Feb. 26
Mar. 18
Mar. 20
Apr.
Feb.
10c
June
Apr. 27
40c
35c
Apr.
Mar. 15
$14
Apr.
May
16
Mar. 15
1 ADr.
15
-
Per
Share
Name of Company
Packing Corp., 5% pref. (quar.)
& Telephone. 6% pref. (quar.)
62 He
California-Western States Life Insurance (s.-a.)
Cambria Iron (s.-a.)
Semi annual
60c
Campbell, Wyant & Cannon Foundry Co
Canada Bakeries, new 5% pref. (initial)
Canada Bread Co., 5% preferred (quar.)
> pr
25c
California Water
Class B
fl
$1
Canada Foundries &
(quar.)
S1H
Forcings class A
X3\m
by
Mar. 30 Mar. 15
Mar. 15
Apr.
Apr.
Mar. 16
$2
Mar. 30
Mar. 15
Apr.
$1
$1
nm
(quar.).
:5c
:i5c
:5c
Second preferred (participating),
Canadiani Celanese, Ltd.—
-
:$i
:$2
Extra
Preferred
(quar.)
Canadian Foreign Investment Corp. 8% pref—
Canadian General Electric (quar.)
Canadian General Investments, Ltd
Canadian Industries, Ltd., class A
Class B (quar.)
7% preferred (quar.)
Canadian Marconi Co. (initial)
Canadian Oil Cos., 8% pref. (quar.)
Canadian Silk Products Corp., cl. A (qu.)Canadian Westinghouse (quar.)
x%\&
:s2
t$2
ft®
hix
Isix
Mar. 15
Connecticut Light & Power (quar.)
Mar. 21
Sept.
May 31
Aug. 31
Consolidated Aircraft Corp., pref. (quar.)
Consolidated Cement Corp.. class A
Consolidated Chemical Industries class A
Dec.
Nov. 30
Consolidated
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Consolidated Edison
Mar. 15
Mar. 15
Consolidated Film Industries, pref
Consol. Gas El. Lt. & Pow. Co. (Bait.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
June
X4%
:$2
Apr.
:37Hc Apr.
Apr.
Mar. 15
Mar. 15
Mar. 15
l'Mar. 15
1 Mar. 15
S1H
*•—_
50c
Cannon Mills Co
1 Mar. 15
Consolidated Laundries, pref.
Consolidated Oil (auar.)
1 Mar. 15
1 Mar. 15
1 Mar. 15
15 Mar. 30
30 Mar. 30
30 Mar. 30
15 Mar. 30
1 Apr.
1
1 Mar. 20
1 Mar. 15
1 Mar. 15
Mar. 30 Mar. 20
llMar. 18
15c
Mar. 30 Mar. 25
liMar. 18
Apr.
Apr. 20 Apr. 10
Mar. 16
Apr.
Mar. 16
Apr.
Mar. 25
Apr.
{2
50c
Carolina Telephone & Telegraph Co. (quar.)
l!Mar. 22
Continental Assurance Co. (Chic., 111.) (quar.)
Continental Baking Co., preferred (quar.)
Continental Bank & Trust (quar.)
50c
$2
1 Mar. 12
Davenport Hosiery Mills
Dayton & Michigan RR. (s.-a.)
H% preferred (quar )
1 Mar. 15
$3" 50
1 Mar.;15
June 30 June 14
$2.72
$1X
$15*
Apr.
Apr.
July
1 Mar. 15
37Hc
Apr.
15 Mar. 30
May
1st preferred
1st partic. preferred.
prior preferred (quar.).
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 Kansas Telephone (s.-a.)
Central Maine Power Co., 7% pref. (quar.)
6% preferred (quar.)
$6 preferred (quar.)
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 (quar.)
Chicago Daily News $7 pref. (quar.)
Chicago Dock & Canal Co. extra
Chicago Flexible Shaft (quar.)
1 Mar. 15
1 June
14
Mar. 30 Mar. 20
1 Mar. 18
Apr.
1 Mar. 20
Apr.
1 Mar. 15
Apr.
1 Mar. 11
Apr.
1 Mar. 11
Apr.
1 Mar. 11
Apr.
Apr. 15 Mar. 30
Apr. 15'Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15.Mar. 30
l'Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 19
Apr.
1 Mar. 20
Apr.
8
1 Mar.
Apr.
8
1 Mar,
Apr.
1 Mar. 20
Mar. 30 Mar. 26
Apr.
Mar. 30 Mar. 20
Extra
Chicago Junction Rys. & Union Stockyards
6% preferred
Chicago Pneumatic Tool, $3 preferred (quar.)__
$2H preferred (quar.)
Chicago Railway Equipment, pref
Chicago & Southern Air Lines pref. (quar.)
Chillicoth Paper preferred (quar.)
pref. (quar.)
Mar. 30 Mar. 20
1 Apr.
Apr.
1
Apr.
Apr.
1 Mar. 15
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Apr.
1 Mar. 23
1 Mar. 20
Mar. 31 Mar. 25
1 Mar. 20
Mar. 30 Mar. 16
1 Mar. 15
Apr.
Apr.
Churngold Corp
Cincinnati Gas & Electric, preferred (quar.)
Cincinnati Union
Stockyards (quar.)
Cincinnati Union Terminal, 5% pref. (quar.)
6% preferred (quar.)
5% preferred (quar.)
Mar. 30 Mar. 23
1 Mar. 20
Apr.
July
Oct.
Cities Service Power & Light, $5 pref
$5 preferred (quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
(quar.)
$7 preferred
Apr.
„
1 Mar. 22
1 Mar. 15
1 Mar. 26
Coca-Cola Bottling (Del.), class A (quar.)
*
Cohn &
Rosenberger.;
Coleman Lamp & Stove (quar.)
1 Mar. 16
Mar. 30
1
Apr.
Apr. 10
1
Apr.
Apr. 15
Mar. 21
Mar. 20
Mar. 30
Mar. 22
Apr.
1
1 Mar. 21
1 Mar. 15
_
5 Mar. 30
Mar. 30 Mar. 23
Extra
Colgate-Palmolive-Peet pref. (quar.)
Colon Development Co. 6% red. conv. preferred
Colonial Finance Co. (Lima, Ohio) (quar.)
Colonial Ice, 7% preferred (quar.)
$6 preferred (quar.)
Colt's Patent Fire Arms Mfg. (quar.)*
*
Mar. 30 Mar. 23
1 Mar.
5
Apr.
Mar. 30
Apr.
Apr.
1 Mar. 18
1 Mar. 20
1 Mar. 20
Apr.
Mar. 31 Mar. 15
1
Mar. 15
1 Apr.
May
Apr. 15 Apr.
15
2
7Hc
15c
Detroit Edison Co. (quar.)
Detroit Gasket & Mfg. Co
$1
25c
*
Detroit-Hillsdale & Southwestern
l(s.-a.)
$2
$2
Semi-annually
25c
Detroit Steel Products Co
$1U
1 Mar. 15
1 Apr. 15
May 15 Apr. 15
Apr.
1 Mar. 15
July
1 June 15
Oct.
1 Sept. 14
Mar. 30 Mar. 25
1 Mar. 15
8
1 Mar.
8
1 Mar.
Mar. 30 Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 18*
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 25
15 Mar. 30
Apr.
1 Mar. 25
.
1 Mar. 15
1 Mar. 11
1 Mar. 15
1
Mar. 15
1
Mar. 15
1 Mar. 15
May 15 Apr. 29
6 Feb.
Alar. 30 Mar.
29
9
Apr.
1 Mar. 11*
Apr. 25 Apr. 15
1 Mar. 13
Apr.
Apr. 15 Apr.
5
June
19 June
1
Mar. 30 Mar. 20
Mar. 30 Mar. 20
Apr. 20 Apr.
Apr. 20 Apr.
Apr.
1 Mar.
5
5
8
Mar. 30 Mar. 20
May
Apr.
Apr. 20
Apr.
15 Mar. 29
Apr
Apr. 20 Apr.
5
July
5 June 20
Jan.1'41 Dec. 20
Apr.
10 Mar. 30
Apr.
1 Mar. 20
Mar. 30 Mar. 23
25c
.
*
Apr.
Apr.
25c
Inc., 2d pref. (quar.)
Ginger Ale, Inc. (quar.)
Diamond Match Co. (quar.)
Quarterly
Quarterly
Preferred
(semi-ann.)
Preferred (semi-ann.)
Diamond Shoe Corp. (quar.)
Preferred (quar.).
Discount Com. of N. Y. (quar.)
Dixie-Vortex Co.. class A
Diamond
June
1 May 10
3 Aug. 12
50c
Sept.
25c
Dec.
2 Nov. 12
75c
*—
Sept.
3 Aug. 12
I 2-10-41
75c
60c
3-1-41
$1H
62 He
Apr.
Apr.
Apr.
Apr.
Pepper Co. (quar.)
Quarterly
30c
June
30c
Sept.
1 Mar. 21
1 Mar. 9
1 May 18
3 Aug. 17
Quarterly
30c
Dec.
2 Nov. 16
25c
Apr. 18 Apr.
1
Apr. 20 Mar. 30
Apr.
l.Mar. 15
liMar. 20
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Apr. 15
May
1 Mar. 15
Apr.
Apr. 15 Mar. 30
1 Mar. 30
Apr
1 Mar.
2
Apr.
$1M
Doctor
Doehler Die Casting (interim)
Dome Mines Ltd
Dominion Coal. 6% preferred
l5"c
:37c
(quar.)
Dominion Foundries & Steel
25c
Dominion Glass Co. (quar.)..
Preferred (quar.)
,
Dominion Tar <fc Chemical, pref. (quar.)
Dominion Textile. Ltd. (quar.)
Preferred (quar.)
Dover & Rockaway RR.
$1H
$15*
*
*__
Draper Corp. (quar.)
Driver-Harris, preferred (quar.)
Duke Power Co
75c
Apr.
*
Preferred
,
—
Mfg. Co. (increased)
Electric Storage Battery Co. (Phila.).
Preferred (quar.)
Electrical Products Corp. (quar.)
Elizabeth & Trenton RR. (s.-a.)
5% preferred (s.-a.)
Elizabethtown Consol. Gas Co. (quar.)
El Paso Electric Co., $6 preferred (quar.)
*
El Paso Natural Gas
Emerson
Drug class A & B (quar.)
Emerson Electric, preferred (quar.)
11$
nig
Co
six
$2
$1H
";!8
1 Mar. 20
1 Mar. 20
1 Mar. 21
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
Apr.
1 Mar. 15
50c
Mar. 30 Mar. 20
SIX
37 He
$3H
$1H
Mar. 30 Mar. 20
25c
50c
$1H
$1H
lt35c
12Hc
Apr.
Apr.
Apr.
Apr.
5 Mar. 26
Apr.
Apr.
Apr.
Mar. 15
Mar. 20
Mar.
15
Mar. 15
Mar.
_
5
Mar.
Apr.
Mar. 30
5
Mar. 15
Mar. 21
3c
Apr.
1 Mar. 11
25c
Apr.
1 Mar. 15
75c
75c
—
•
1 Mar. 15
l'Mar. 20
1 Mar. 16
Apr.
2 Mar. 15
Apr. 30,Apr.
2
Mar. 20
Apr.
Mar. 20
Apr.
$2
De Pinna, class A (quar.)*
Preferred (quar.)
Electric Controller &
1 Mar. 22
Apr.
Mar. 30 Mar. 14
Mar. 30 Feb. 29
Mar. 30 Mar. 15
3c
(initial)
De Long Hook & Eye
Dennison Mfg. Co., prior preferred
Debenture (quar.)
Devoe & Raynolds Co
_
25c
87 He
1 Mar. 12
1 Mar. 22
1 Mar. 22
Apr. 20 Apr. 15
1 Mar. 16
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$1
50c
Electric Auto-Lite
1 Mar. 22
Ap/.
Cliffs Corp
Clinton Trust Co. (quar.)
Clinton Water Works Co. 7% preferred
Cluett. Peabody & Co., Inc., pref. (quar.)
Coca-Cola Co
Mines
Apr. 15
Mar. 8
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
May 15 Apr. 30
Mar. 15
Apr.
Apr.
1 Mar. 16
2.5c
1 Mar. 15
1 Mar. 22
City Investing Co., preferred (quar.)
City Title Insurance (quar.)
Apr.
Delnite
$1H
1 Mar. 12
1 June 19
1 Sept. 18
Mar. 31 Mar. 15
Electric Illuminating
Preferred (quar.)
Cleveland Graphite Bronze (interim)
Cleveland Union Stockyards (quar.)
Crystal Tissue Co. (quar.)
Cunningham Drug Stores (quar.)
Preferred B (quar.)
Curtis Publishing Co. $7 preferred
Curtiss-Wright Corp.. class A.
(quar.)
Dun & Bradstreet, Inc., preferred (quar.)__
Dunean Mills 7% pref. (quar.)
Duplan Silk, preferred (quar.)
Du Pont (E I.) de Nemours
$4H t»ref. (quar.)
Duquesne Light Co. 5% cum. 1st pref. (qu.)__
Eagle PicherLead, preferred (quar.)_
Early & Daniel
Preferred (quar.)
Eason Oil Co. $1H cum. conv. pref. (quar.)
East Missouri Power Co., 7% cum. pref. (s.-a.)_
Eastern Gas & Fuel Assoc.. 4H % 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
Ecuadorian Corp., Ltd., ord. shs. (quar.)
Payable in United States funds.
Eddy Paper Go
Edmonton City Dairy Co. 6H% preferred
Elder Mfg. Co. 5% cum. partic. class A
City Ice & Fuel Co
Cleveland
$2
12 He
25c
David & Frere Ltd. class A
Apr.
$1H
SIX
25c
1 Mar. 12
50c
7%
7%
7%
7%
A
8% preferred (quar.)
8% pref
(quar.)
Apr.
Apr.
SIX
(quar.)
Celanese Corp. of America
Stock dividend (1 sh. for each 40 held)
50c
12 He
25c
5c
Crown Zellerbach Corp. (final)
Crura & Forster (quar.)
SI X
Case (J. I.) Co. preferred (quar.)
May
Apr.
Drug Co
Mar. 20
9
Mar. 27
Apr.
50c
Mar. 20
9
Apr.
Apr.
Apr.
$15*
$1H
$1H
5%
Cream of Wheat Corn
Mar. 26
$2
$2
$2
50c
pref. (qu.).
6H% preferred (quar.)
Corporate Investors class A (quar.)
Corrugated Paper Box Co. 7% pref
Corroon & Reynolds $6 preferred A
Cosmos Imperial Mills preferred (quar.)
Courtaulds Ltd.. Am. dep. rec. (final)
Apr.
8
Mar.
1 Mar. 15
$1 %
Apr.
8
1 Mar.
Apr.
May
$2
7% preferred (quar.)
60c
30,Mar.
Apr.
Apr.
25c
Mar. 20
Mar.
Mar. 30 Mar
Apr.
Apr.
90c
20c
Continental Steel Corp
Apr.
Mar.
15c
...
—
Continental Can Co., Inc., $4.50 pref. (quar.)__
Continental Gas & Electric prior pref. (quar.)
Mar. 18
1 Apr.
Apr. 15 Mar. 30
1 Mar. 29
$1H
$4H preferred (quar.)
Creameries of America, Inc. (quar.)
Crown Cork International Corp., class
1 Mar. 15
15
May
$2H
llMar. 18
1 Mar. 25
1 Mar. 25
1 Mar. 25
Apr.
$1 A
(quar.)
Mar.
2Hc
B
—
Consolidated Water Power & Paper
$1 H
Carpel Corp. (quar.)
Carriers & General Corp
Carter (J. W.) Co.
Carthage Mills, preferred A
Apr.
Apr.
Apr.
May
20c
llMar. 22
Holders
25c
8% preferred (quar.)
8% preferred (quar.)
Crown
When
Payable of Record
$1H
$1H
(quar.).
(quar.)
Continental Telephone Co. 7% part.
1940
30,
$1X
4H% preferred (quar.)
Consumers Gas (Toronto)
S1H
SIX
SIX
68Hc
preferred (quar.).
37 He
(quar.)
Consumers Power Co. $5 preferred (quar.)
Apr.
Apr.
Apr.
Apr.
10c
Coca-Cola International Corp
Cohen (Dan) Co
t$l
15c
(N. Y.), pref.
1 Mar. 15
75c
Cannon Shoe
5H % preferred (quar.)
Capital Administration, preferred A (quar.)
Capital Citv Products
Carnation Co. 5% 1st preferred
Carolina Clinchfield & Ohio Ry. Co. (quar.)
Carolina Power & Light, $7 pref. (quar.)
$7 preferred (quar.)
City Auto Stamping (quar.)
75c
Coppermines
1 Mar. 15
Mar. 30 Mar. 20
Canfield Oil Co
Christiana Securities Co.
20c
75c
Connecticut General Life Insurance
Mar.
Consolidated Retail Stores 8% pref. (quar.)
XSIX
:i.ie
:25c
7% participating preferred (quar.)
Partic. pref. (participating dividend)
Common (irregular)
Canadian Cotton Ltd. (quar.)
7% preferred
$1.061*
Apr.
:50c
preferred.
6% preferred (quar.)._
25c
25c
Participating preferred (quar.)
25c
Participating preferred (participating div.) —
Columbus & Southern Ohio Electric—
S1H
6% preferred
6 H % preferred
$1.63
10c
Commercial Alcohols, Ltd., pref. (quar.)
$1
Commercial Credit Co. (quar.)
Preferred (quar.)
Commercial Investment Trust (quar.)
Convertible preference (quar.)
$1.06 X
$2
Commercial National Bank & Trust (quar.)_.__
4c
Commonwealth Investment Co. (quar.)
,•*.
75c
Commonwealth & Southern. $6 preferred
Commonwealth Telephone preferred (quar.)
$1H
Commonwealth Utilities Corp., $7 pref. A (qu.)
$1X
Concord Gas. 7% preferred
t50c
75c
Connecticut Gas & Coke Securities, pref. (quar.)
June
First preferred (participating).
Second preferred (quar.)
6 preferred
t6 preferred
30'Mar. 15
Mar. 30
—
(quar.).
(quar..
Preferred
1 Mar. 30
Apr.
Apr.
:50c
Canada Steamship Lines, Ltd., pref
Canada Wire & Cable, class A (quar.)
$6
15
14
5
Apr. 26 Anr.
llMar. lo
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
the
Canada Packers, Ltd. (quar.)
:
Canada Permanent Mortgage Corp
Canada Starch Co.. Ltd
First preferred
20
31
J75c
7% cum. preferred (quar.)
Both
dfivs. subject to approval
Foreign Exchange Control Board.
Per
Share
Name of Company
Columbia Baking Co
;
XIX%
Canada Northern Power Corp., Ltd
Canadian Breweries, Ltd.,
Canadian Canners, Ltd
May
Apr.
1 Mar.
Apr.
Sept. 15 Aug.
liMar.
Apr.
Oct.
1 Sept.
Mar.
March
I Holders
When
Payable of Record
Apr.
30c
5% first preferred (quar.)
Class A
37 He
preferred (quar.)
Canada Lire Assurance (quarA
Canada Cycle & Motor Co., Ltd.
Class A
.
The Commercial & Financial Chronicle
2034
California
4*
Mar. 30
1
Apr.
1
Apr.
1
Apr.
50c
Mar. 30 Mar.
9
50c
Mar. 30 Mar.
9
25c
Apr.
t$15*
t$10
$1
S1H
$2H
$1H
50c
30c
SIX
Mar. 15
Mar. 22
Mar. 14
Mar. 20
1 Mar. 20
1 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 25
Apr.
Apr. 15 Mar. 29
1 Mar. 16
Apr.
1 Mar. 21
Apr.
1 Mar. 20
Apr.
,
Volume
The Commercial & Financial Chronicle
ISO
Per
Name of
Company
Share
Empire Trust Co. (quar.)
Emporium Capwell
7
preferred (s.-a.)
4
\% preferred (quar.).
4
\% preferred (quar.).
!% preferred (quar.).
15c
When
56 Mc
1-
75c
_
$5 preferred (quar.)
Europe-North American Ry. (s.-a.)
Ex-Cell-O Corp
Falstaff Brewing pref. (semi-annual)
Family Loan Society, Inc. (quar.)
$1)4 cum. conv. preferred A and B (quar.)..
Famous Players Canadian (quar.)
Fanny Farmer Candy Shops (quar.)
Farmers & Traders Life Insurance (quar.)
.....
Quarterly
Quarterly
Sept. 21
Harbison-Walker Refractories
Dec.
2-4
40c
Apr.
Mar. 12
3c
Apr,
Apr.
Apr.
Mar. 18
25c
37)4c
$2)4
$2)4
$2)4
$2 )4
Fedders
15c
$1
—
$6
(quar.)
Hart &
Mar. 15
cum.
Hawaiian Sugar Co.
Oct.*
Sept. 10
June
10
Jan.
Dec.
Apr.
Apr.
Apr.
Apr.
Mar. 15
11
Mar. 25
15 Apr.
5
1 Mar. 30
First National Bank of N. Y. (quar.)
First State Pawners Society (quar.)
Fisher Flour Mills,
preferred (final)
Fishman (M. H.) Co., 5% preferred (quar.)__
Fisk Rubber Corp. initial liquidating distrib. of
A of 1 sh. of com. stk. of U. S. Rubber Co,
and $6 in cash
Florence Stove Co
...
$6 preferred
Florsheim Shoe, class A
Food Machinery Corp
Preferred (quar.)
-
6% 1st pref. (qu.).
Jackson RR., 5)4 % pref. (s.-a.)_
49 West 37th Street Corp.
Foster & Kleiser 6% class A preferred (quar.)..
Apr.
Mar. 15
Mar.
Mar. 20
Mar. 16
Holmes (D. H.)
Holophane Co.,
$1M
Apr.
50c
$1M
SIM
$2H
$1
37 He
15c
25c
$2 H
25c
SIM
50c
25c
SIM
...
General Outdoor Advertising Co., class A
Preferred (quar.)
General Paint Corp., pref. (quar.).....
...
pref. (quar.)
Genera) Telephone Corp., $2)4 pref. (quar.)...
General Time Instruments
Preferred (quar.)
..............
preferred A (quar.)
Electric
—
General Tire & Rubber 6%
—
...
Apr.
Mar. 22
Houdaille-Hershey Corp., class A (quar.)
Household Finance Corp. (quar.)___
5% preferred (quar.)
15
Apr.
Apr.
Sept.
Apr.
Apr.
Apr.
1 Mar. 15
$1H
S1H
62]g
$IH
$1H
25c
75c
SIM
SIM
40c
56 He
50c
1 Mar. 15
5c
Preferred (quar.)
Goodrich (B. F.) Co.. $5 preferred
Apr.
Apr.
Mar. 15
Apr.
Apr.
Apr.
Apr.
July
Apr.
Apr.
Apr.
Mar. 20
Mar. 25
June 21
Mar. 30
Apr.
Mar.
Mar. 30
Mar. 15
Mar. 15
Mar. 15
15
Mar. 30 Mar. 23
10
Mar. 30
Apr.
Mar. 31 Mar. 20
Apr. 25 Mar. 15
Mar. 20
Apr.
1 Mar. 20
Apr.
Apr.
1
Apr.
Preferred (quar.)
class B (quar.)
Gorton-Pew Fisheries Co., Ltd
Goulds Pumps, Inc., 7% preferred
Grand Rapids Varnish
Grant (W. T.) Co. (quar.)..
5% cumulative preferred (quar.)
Insurance (quar.)
Great Lakes Engineering Works (quar.)..
Great Lakes Power Co., Ltd., A pref. (qu.)
Great-West Life Assurance
Great West Saddlery 6% 1st preferred
Great Western Sugar.
i
Preferred (quarJ
Green (D.) Co. 6% preferred
Green (H. L.) (quar.)-.-.---Greenwich Gas Co., participating preferred...
Greyhound Corp., common (quar.)
Preferred (quar.)
- - - - Grief Bros. Cooperage Corp., class A
Group Corp. preferredL
Guaranty Trust Co. (N. Y.) (quar.)
Guggenheim & Co., $7 1st preferred
Guilford Realty Co., preferred
Great American
75c
tsi
10c
35c
25c
May
Apr.
May
May
6
6
May 15
May 15
Apr.
Apr.
Apr.
8
Mar. 16
Mar. 20
Mar. 15
Mar. 15
Mar. 11
Apr.
Apr.
Apr.
Mar. 15
Mar. 18
Mar. 18
Apr.
Apr.
Mar. 30
Apr.
Apr.
Mar. 20
Mar. 14
Mar. 14
Mar. 15
Mar. 15
Apr.
Apr.
Apr.
Apr.
May
Apr.
Mar.
7
Mar. 22
Apr.
1
(quar.)..
A (quar.)
Mar.
2 Mar. 21
Apr. 25 Apr. 15
Mar. 30 Mar. 23
1 Mar. 18
1 Mar. 18
15c
SIM
t3M%
Apr.
Apr.
15 Mar. 30
tSlH
1 Apr.
24
1 Mar. 20
Mar. 30 Mar. 28
50c
Apr.
2 Mar. 15
SIM
SIM
Apr.
Mar. 15
Mar. 22
50c
31Mc
25c
13Mc
80c
t75c
3%
SIM
t75c
SIM
Apr.
May
Apr. 15
6% preferred (quar.)
_ ..
7% pref. (quar.)
6% preferred (quar.)
Indianapolis Power & Light, 6)4% pref. (quar.)
Quarterly
Indianapolis Water Co., 5% cum. pref. A (qu.)
Industrial Acceptance Corp., Ltd., $2cl. A (qu.)
5% convertible preferred (quar.)
Preferred
(quar.)
SIM
40C
SIM
Apr.
Mar.
8
Mar. 30 Mar. 20
Apr.
Apr.
Mar.
43 Mc
25c
Apr.
t75c
Apr.
1 Mar. 15
1 Mar. 20
30,Mar. 18
I'Mar. 22
1 Mar. 15
Mar.
Mar.
Mar.
Mar.
Mar. 16
Mar. 31
Mar. 11*
Apr.
Mar.
Mar. 23
Mar.
Mar. 23
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
32c
8?5&c
tl5c
20c
4
Mar.
4
Mar.
4
Mar. 25
Mar. 15
Mar.
Mar. 20
May
Mar. 30
25c
Apr.
Mar. 15
SIM
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 20
2M%
Interlake Steamship
A stk. div. at the rate of 5 shs. for each 100 shs.
held.
20c
International Button Hole Sewing Machine
International Cellucotton Products (quar.)
International Harvester Co. (quar.)
International Milling Co., 5% pref. (quar.)
37Mc
40c
SIM
SIM
1
Mar. 15*
Mar. 20
Mar. 20
Mar. 30
Apr.
Apr.
1
Mar. 30 Feb.
International Nickel of Can., pref. (quar.)
29
May
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
1 Mar. 30
Apr.
Mar. 30 Mar. 22
1 Mar. 15
Apr.
International Securities Corp., 1st pref.
International Salt Co. (quar.)
International Shoe Co. (quar.)
International Silver Co. preferred
International Vitamin Corp
Interstate Bakeries Corp., preferred.
6
Mar. 30 Mar.
1 Mar. 15*
Apr.
Apr.
Investors
Inc.
Royalty Co.,
(quar.)
Apr.
Apr.
Apr.
(quar.)
Preferred
25c
t43Mc
t40Mc
SIM
SIM
SIM
SIM
7% pref. A
6% preferred B
Iowa Power & Light 7% preferred (quar.)
6% preferred (quar.)
Service $7 preferred (quar.)
S6M preferred (quar.)
$6 preferred (quar.)
Iron Fireman Mfg. common v. t. c. (quar.)
Common v. t. c. (quar.)
Iowa Public
Apr.
1
15 Mar. 30
15 Mar. 30
Mar. 30 Mar. 20
Mar. 30 Mar. 20
1 Mar. 15
Apr.
Mar. 30 Mar. 15
Mar. 30 Mar. 15
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 20
1 Mar. 20
1 Mar. 20
June
1 May
Sept.
2 Aug.
10
10
Dec.
2 Nov.
9
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 12
15c
50c
Public Service, Ltd. (quar.)
7% preferred (quar.)
—
Preferred B (quar.)
5% preferred C (quar.)
-
SIM
1M%
1M%
25c
Jefferson Electric Co
Light, 7% pref. (quar.)
im
lVs
(quar.)
Kahn's (E.) Sons (quar.)
Preferred (quar.)
Vegetable Parchment Co. (quar.)
City Power & Light, pref. B (quar.)
7% pref. (quar.)
6% preferred (quar.)
15
30c
Island Creek Coal
Preferred (quar.)
Kalamazoo
1*
30c
25c
Jamaica
Kansas Electric Power,
15
30c
(quar.)..
Irving Air Chute (quar.)
Irving Trust Co. (quar.)
Common v. t. c.
Kansas
1 Mar.
Mar. 30 Mar. 20
Mar. 30 Mar. 21
Investment Co. of America (quar.)
Iowa Electric Co.,
1 Mar.
Apr.
......
(quar.)
6% preferred (quar.)
5M % preferred (quar.)
Johns-Manville Corp., 7% pref.
Johnson Service Co. (quar.).
Johnson, Stephens & Shinkle Co
Joliet & Chicago RR. (quar.)
Mar. 23
_
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
50c
6Mc
^
Jersey Central Power &
Mar. 30 Mar. 15
9
Mar. 20
Mar.
8
SIM
Industrial Credit (N. E.) (quar.)
Extra
Mar. 20
Mar. 22
Mar. 11
Mar. 15
Mar.
(semi-annual)..
Mar. 22
Mar. 22
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 11
Mar.
Interim
Preferred
Apr.
1 Mar. 15
15 Mar. 31
Mar. 15
Mar.
Investment Foundation, Ltd., cum. pref
Cumulative preferred (quar.)
15 Mar. 20
25c
Gulf Oil Corp
Mar. 19
Apr.
Apr.
Telephone
Illuminating Shares, class A
Imperial Paper & Color Corp. (s.-a.)
Imperial Tobacco of Canada (final)
Interstate Home Equipment
Mar. 30 Mar. 22
Apr.
1 Mar. 15
1 Mar.
2
Mar. 15
Mar.
Bell
Mar. 15*
9
Apr.
Illinois
Mar. 15
Mar. 30 Mar.
Mar. 31 Mar. 21
Apr.
Ideal Cement Co
Mar. 18
Apr.
May
25c
Mar. 30*
Mar. 20
Apr.
Apr.
Apr.
Mar. 20
Mar. 30*
Mar. 25
Payable in stock.
Co
International Business Machines Corp. (qu.)
8
Apr.
Apr.
Apr.
Mar. 21
Apr.
Apr.
Apr.
Apr.
Mar.
Institutional Securities Ltd. (Ins. Gp. Shs.)
Mar.
Apr.
20c
Apr. 20
Mar
Mar. 18
Apr.
Mar. 30
t62Mc
Mar. 22
May
Apr.
Apr.
Apr.
Apr.
68 Mc
Mar. 18
Apr.
Apr.
62 He
Gordon Oil Co.,
Fibre Corp,.
Apr. 10
May
Mar. 21
Mar. 15
Rubber (Can.) (quar.)..
Mar. 27
Apr.
Mar. 31 Mar. 21
Industrial Rayon...
Industrial Securities Corp. 6% preferred
Inland Investors (interim)
Apr.
t62c
Mar. 15
Mar. 31 Mar. 21
Hussman-IJgonier. preferred (quar.)-'.
Hydraulic Press Mfg. Co. (quar.)
Hydro-Electric Securities
Hygrade Sylvania Corp
-Prefeired (quar.)
Apr.
SIM
Mar. 16
Mar. 20
15c
Hummel-Ross
SIM
(quar.)
Mar. 15
Apr.
Apr.
Apr.
Mar. 23
JIM
37 Mc
Mar. 15
15c
Telegraph Co. (quar.)
Goldblatt Bros., Inc
1 Mar. 23
Apr.
Mar. 30 Mar. 20
Mar. 31 Mar. 15
1 Mar. 15
Apr.
Mar.
SIM
62Mc
SI
SIM
(quar.)
6% preferred (quar.)
Humble Oil & Refining Co
June
67c
June 28 June 18
1 Mar. 23
Apr.
Mar. 30 Mar. 22
Mar. 23
SIM
1 Mar. 18
26 Apr. 16
May 31 May 21
Mar.
87 Mc
15c
(quar.)
7% 1st preferred (quar.)
7% 2nd preferred (quar.)
Mar. 23
$1H
9
1 Mar.
1 Mar. 22
Apr.
15c
Howes Bros. Co.
Apr.
SIM
Apr.
Apr.
Apr.
Apr.
Mar. 30 Mar. 20
20
5
July
25c
Mar. 30 Mar. 20
9
1 Mar.
Apr.
Howe Sound Co.
3 Aug.
15 Apr.
2c
24c
1 Mar. 14*
Apr.
Mar. 30 Mar. 28
Mar. 30 Mar. 20
Mar. 30 Mar. 20
Houston Oil Fields Material Co., Inc.—
Preferred (quar.)
....
$2
87 He
35c
1 Mar. 22
1 Mar. 26
Apr. 20 Apr. 10
May 15 May 4
5
Apr. 15 Apr.
4
Apr. 25 Apr.
1 Mar. 20
Mar. 23
Mar. 20
15c
1 Mar. 15
1 Mar. 22
1 Mar. 15
Mar. 30 Mar. 15
Apr.
Apr.
Apr.
87 He
Mar. 22
(quar.)
Hardart Baking (N. J.)
75c
of Amer.. 7% pref. (quar.)
Gulf Power Co. $6 preferred
Hackensack Water Co., pref.
Horn &
Indiana & Michigan Electric
C.) Co., preferred (quar.)
Gillette Safety Razor, preferred (quar.)..
Glens Fails Insurance (quar.)
Glidden Co.. preferred (quar.),
Godchaux Sugar, class A.„„__
Goebel Brewing
Horders,
Mar. 16
1
$1 m
Gilbert (A.
Mar. 16
Mar. 30 Mar.
21
25c
Apr.
Apr.
Apr.
Inc.
SIM
Sl-05
6
30
Mar. 25
Mar. 30
Apr.
Apr.
Apr,
Apr.
18
'30c
Mar.
$1H
SIM
Bearing
Indiana General Service
$1H
$6 pref. (quar.)
Hoover Ball
1
10c
General Railway Signal,
Mar. 30 Mar. 25
Mar.
$l
1 H%
$5 pref. (quar.)..
2
2oc
50c
Apr.
Apr.
ilif
General Printing Ink
Preferred (quar.)
2 Apr.
SIM
31 Mc
37 Mc
Co. (quar.)
Inc. preferred (semi-annual)
Home Gas & Electric 6% preferred (quar.)
Home Telephone & Telegraph Co. (Ind.) (qu.)._
Honolulu Rapid Transit
JS1M
$1 M
$1H
Preferred (quar.)
General Mills. Inc.. 5% cum. pref. (quar.)
General Motors Corp., $5 preferred (quar.)
Mar. 30
15c
Hickok Oil Corp.,
Mar. 31 Mar. 15
25c
General Machinery Corp
22
Monthly
Monthly
37 He
50c
5c
(quar.)
General Foods, $4)4 pref. (quar.)
General Public Utilities, Inc.,
15c
Holland Furnace Co
Apr.
Apr.
5
5
25c
15c
June
50c
(quar.)
Fruehauf Trailer Co
Fuller Brush 7 % pref
Fuller (Geo. A.) 4% pref. (quar.).
Fulton Trust Co. (N. Y.) (quar.)
Fyr-Fyter Co. class A
Galion Iron Works & Mfg. Co.. 6% pref. (quar.)
GaiJand Mercantile Laundry Co. (quar.)
Galveston-Houston Co
Gannett Co.. Inc., $6 conv. pref. (quar.)
Garfinckel (Julius) & Co. pref. (quar.)
Garlock Packing Co
Gatineau Power Co. 5% pref. (quar.)
5)4% preferred (quar.)
Gemmer Mfg. class A (quar.).
General American Investors, pref. (quar.).
General Baking Co
Preferred (quar.)
.General Box Co. (semi-annual)
.
General Capital Corp
General Discount Corp., 7% preferred-__
General Electric Co. (quar.)
General Fireproofing—
Preferred (quar.).
(interim)
...
Mar. 25
Preferred
Hamilton Cotton
Hercules Motors Corp
June
Extra
Haloid Co.
Henkle-Clauss, preferred (quar.)
Mar.
1%
1%
$25
$1H
$1M
25c
(Peter) Brewing (quar.)
Goodyear Tire &
43Mc
SIM
SIM
$1)4
Preferred (quar.).._
7% preferred (quar.)
5% preferred (quar.)
Hilton-Davis Chemical, pref. (quar.)
Hinde & Dauch Paper
Preferred (quar.).
25c
Fort Wayne &
Gold & Stock
5c
Extra.
Helme (Geo. W.) Co
Preferred (quar.)
Mar. 20
25c
25c
...
$5 preferred (quar.)...
10c
Apr.
Apr.
50c
Class B
Gibraltar Corp.
7% preferred (quar.)
E.) & Co. (quar.)
Apr.
Apr.
t*2.19
t$1.88
Florida Power & Light, $7 preferred
Georgia Power Co.,
15c
Hazel-Atlas Glass Co
Mar.
25c
*
General Water Gas &
Preferred (quar.)
Mar. 20
50c
12)4c
$1)4
SI M
Mar.
.
(quar.)__
Quarterly
General Finance
(quar.).,..
OYhC
First National Bank of J. C.
Fox
10c
(quar.)
Hayes Industries, Inc
Heath (D. C.)
Heller (Walter
50c
50c
20c
Hibbard. Spencer, Bartlett & Co. (mo.)..
(quar.)
preferred (auar.)
Foreign Light & Power Co.
Formica Insulation
(quar.)...
Extra
Mar. 16
Mar. 11
20
SI
Mar. 16
Apr.
July
15
$1)4
SI M
SIM
25c
Cooley Co. (quar.)
Haverhill Gas Light
*.
Hawaiian Agricultural (monthly)
Hawaiian Commercial & Sugar Co.
Mar. 30 Mar. 20
Mar. 15
Apr.
1 May
1 Mar.
Apr.
Apr. 20 Apr.
1 Mar.
Apr.
Apr. 15 Mar.
1 Mar.
Apr.
SIM
Mar. 14
15c
Common A & B
Firemen's Fund Insurance (quar.)
Firestone Tire & Rubber
J
(quar.)
Hartford Fire Insurance Co. (Conn.)
Finance Co. of America at Baltimore—
$5
Co.6% pref. (qu.)
-
Preferred
1 Mar. 15
June
30c
Mar. 14
Mar. 30 Mar. 20
Mar. 30 Feb. 29
Apr.
sim
(quar.)
preferred
Harrisburg Gas Co., 7% pref. (quar.).
Harsh aw Chemical Co
Mar. 21
Apr.
Holders
When
Payable of Record
t$lM
SIM
Harris Hall & Co.. 5%
21
Mar. 14
25c
Mfg. Co
Hanna (M. A.) Co. $5 cumul. pref.
Hanover Fire Insurance (quar J
Mar. 21
40c
Mfg. Co., class A
June 22
Mar. 16
Apr.
Faultless Rubber Co (quar.)
Federal Light & Traction
Fifth Avenue Bank (N. Y.)
Hamilton United Theatres, preferred
Hammermill Paper 4H% pref. (quar.)
7
Apr.
Apr.
Apr.
Apr.
37)4c
25c
Hamilton
Sept.
SIM
$1)4
SIM
SIM
$2)4
Preferred (quar.)
Engineers Puolic Service Co. $6 pref. (quar.)
$5)4 preferred (quar.)
Share
Company
Mar. 22
Oct.
56Kc
4)4% preferred (quar.)
Enaicott-Johnson Corp.
Name of
Mar. 16
Apr.
Apr.
Sept. 2
Apr.
July
35c
Per
Holders
Payable of Record
$3y
56 Mc
56 YaC
2035
i%
25c
20c
$1%
25c
$1%
15c
i
1 Mar. 21
1 Mar. 21
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 31 Mar. 15
1 Mar. 11
Apr.
Apr.
Apr.
Apr.
1
Mar. 11
1 Mar. 11
1 Mar. 15
Mar. 30 Mar. 20
1 Mar. 20
Apr.
Apr.
Apr.
Apr.
ar.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 20
1 Mar. 20
30 Mar. 19
1 Mar. 14
1 Mar. 15
1 Mar. 15
The Commercial & Financial Chronicle
2036
Kansas Gas & Electric, 7% preferred (quar.).
$6 preferred (quar
Kansas Pipe Line & Gas, pref. (quar.)
Kansas Power Co. ($6 preferred (quar.)
(quar.)
7% preferred (quar.)....
(quar.)..
Kaufmann Dept. Stores
Kaynee Co., 7% preferred (auar.)
Keith-Al bee-Orpheum. 7% preferred
Kelley island Line & Transport
Kellogg Co
Kellogg Switchboard <Sc Supply
Preferred (quar.)
Kemper-Thomas 7% special pref. (quar.)—
Special preferred (quar.).
Soecial preferred (quar.)
Kendall Refining Co. (auar.)
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 County Lighting, 7% pref. B (quar.)..
6% preferred C (quar.)
...
5% preferred D (quar.)
Kirkland Lake Gold Mining (s.-a.)
Mar. 14
SIX
SIX
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
ilU
Apr.
Apr.
Mar. 21
Apr.
Apr.
Apr.
Mfar. 30
Apr.
Apr. 30
Apr. 30
Apr. 10
Mar. 22
SIX
37 Ac
SIX
SIX
$7 preferred (quar.)
Kansas Power & Light Co. 6% preferred
12c
SIX
"IP
25c
25c
15c
SIX
SIX
six
Six
Mar. 14
Mar. 15
75c
Mar. 20
Mar. 20
Mar. 20
Meadville Conneaut Lake & Linesville
75c
Medusa Portland Cement preferred A (quar.) _ _
Mercantile Acceptance Corp. 5% pref. (quar.)
Mar. 15
Mar. 15
Mar. 22
Mar. 21
1
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15 Mar. 30
Apr.
Mar. 15
Mar. 30
Mar. 30
Mar.
9
Mar. 15
Mar. 12
Mar. 12
Mar. 15
Mar. 15
Kirsch Co ..preferred (quar.)
Klein (D. Emil)
May
Apr.
Apr.
Kleinert (I. B.) Rubber
Mar. 30 Mar. 23
Knapp-Monarch, preferred (quar.).
Apr.
1 Mar.
Apr. 15 Apr.
1 Mar.
Apr.
June 13 May
1 Mar.
Apr.
Apr. 16 Apr.
SIX
SIX
six
(quar.
(quar.
Lang (John A.) & Sons, Ltd. (special)
(quarterly)
Langenaorr United Bakeries class B
Preferred
Class A
30c
17 Xc
15c
50c
(quar.)
Preferred (quar.)
LaSalle Extension University pref. (quar,)...
Lava Cap Gold Mining
Lawyers Trust Co. (quar.)
Leath & Co., preferred (quar.)
Lehigh Portland Cement
4% pref. (quar.)
Lehman Corp
Lerner Stores (quar.)
Preferred (quar.)
Life & Casualty Insurance Co. of Tenn
Life Insurance Co. (Va.) (quar.)
Liggett & Myers Tobacco preferred (quar.)
75c
SIX
3c
35c
62 Xc
-
37Ti
20c
50c
16
Sept. 16'
Dec.
30c
Mar. 30
Mar. 30
_
Mar. 20
Mar. 30 Mar.
9
Mar. 23
Apr.
Mar. 15
Apr.
May
Apr.
Apr.
Apr.
Mar. 22
Apr.
Apr.
13
Mar. 14
Apr.
4
19
Oct.
26
Apr.
Mar. 15
Apr. 20 Mar. 30
Mar. 26
Apr
Lipton (T. J.), Inc., cum. pref. (quar.)
Lit Brothers, 6% preferred.
Little Miami RiK. Co., original capital (quar.)_
37 Xc
«!!§
June
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
Loomis-Sayles Mutual Fund (quar.)
Loomis-Sayles 2nd Fund (quar.)
Loose-Wiles Biscuit 5% pref. (quar.)
Lorain Telephone Co. 6% preferred (quar.)
Lord & Taylor (quar.)
Lorillard (P.) Co
$1.10
$1.10
Dec.
10 Nov. 25
50c
June
10 May 24
50c
Sept. 10 Aug. 24
50c
10 Nov. 25
Mar. 16
Mar. 30 Mar. 21
Mar. 22
Apr.
„
...
Preferred
(quar.)
Louisville Gas & Electric Co., $7 pref. (quar.)..
6% preferred (quar.)
5% preferred (quar.)
Lunkenheimer Co. 6X% preferred (quar.)
6X% preferred (quar.)—
6X% preferred (quar.)
6X% preferred (quar.)...
Lux Clock Mfg. Co
Lynn Gas & Electric (quar.)
Mabbeit (Geo.) & Sons Co., 7% 1st & 2d pf (qu.)
MacAndrews & Forbes Co. (quar.)
Preferred (quar.)
McColl-Frontenac Oil Co., Ltd., pref. (quar.)..
McCrory Stores Corp. common (quar.)
McGraw-Hill Publishing Co., Inc
Mclntyre Porcupine Mines (quar.)
Quarterly
McKay Machine
McKee (A. G.) & Co. class B (quar.)
...
Extra
Extra...
Preferred (quar.)
Mahon (R. C.) Co. $2 pref. A (quar.)
$2.20 preferred (quar.)...
Mahoning Coal RR
Manischewitz (B.) Co., preferred (quar.).
Manufacturers Trust Co. (quar.)
Preferred (quar.)..
Mapes Consolidated Mfg. Co. (quar.)
Marathon Paper Mill preferred (quar.)...
Mar gay Oil Corp
Marine Midland Corp.
Marion-Reserve Power Co., preferred (quar.)..
Rockwell
6% pref. (quar.)
(quar.)
2nd preferred
(quar.)
Mar. 15
Apr.
Mar. 30 Mar. 15
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
July
60c
(quar.)
(quar.)
Telephone Co. (111.) 7% pf. (qu.'
Products Co
Non-cumulative dividend shares
$2
$1
8% cumulative first preferred
Midvale Co
SIX
Millers Falls Co.,
pref. (quar.)
Minnesota Mining & Mfg
Minnesota Power & Light 7% pref. (quar.)
$6 and 6% preferred (quar.)
Mississippi Power & Light, $6 pref
Mississippi Power Co. $7 preferred (quar.)
$6 preferred (quar.)
Mississippi River Power, 6% pref. (quar.)
Mississippi Valley Public Service Co.—
6% preferred B
Missouri Edison Co. cum. preferred
60c
Mar. 30
Nov. 15 Nov.
1
1
20
20
20
29
22
4
5
5
Mar. 30 Mar. 21
Mar. 30 Mar. 21
Mar. 30 Mar. 21
Apr.
Mar. 31
Mar. 31
Mar. 25
Mar. 20
1 Mar. 15
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
Mar. 31 Mar. 15
Mar. 15
iMar. 31
1
Mar.
1
Mar. 23
Apr.
Mar.
Mar. 20
Mar. 26
Mar.
Apr.
Apr.
Mar. 20
Mar. 20
Mar 15
May
Apr. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 16
Mar. 20
Mar. 30
Mar. 15
Mar. 20
Mar. 20
June 20
10c
Apr.
Apr.
Apr.
July
July
Oct.
Oct.
Sept. 20
Sept. 20
:20c
Jan.
Dec. 20
10c
Jan.
tsm
Apr.
July
Dec. 20
Mar. 20
June 20
six
SIX
:20c
10c
:20c
Quarterly
Extra
preferred (quar.
preferred (quar.
preferred (quar.
preferred (quar.)
mx
mx
tsix
Monongahela Valley Water Co., 7% pref (qu.).
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.)...
Preferred A and B
Oct.
Sept. 20
Dec. 20
Mar.
Mar. 15
SIX
Apr.
43Xc
87 Xc
S2X
SIX
SIX
Apr.
Apr.
1 Mar. 15
1 Mar. 11
50c
HP
37c
Apr.
1
June
1 May
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
Apr.
Apr.
15 Mar. 20
1 Mar. 20
10
] Mar. 15
Apr. 30
Mar. 30
50c
Mar. 30 Mar. 22
40c
Apr.
Apr.
Apr.
July
SIX
SIX
SIX
six
six
(quar.)
Moore (Wm. R.) Dry Goods Co. (quar.)
1 Mar. 7
1 Mar. 7
1 Apr.
50c
common
1
1 July
1
1 Oct.
1
1-2-41 Dec. 31
Apr. 25 Mar. 30
S2X
...
Class B common
Morris (Philip) & Co.. Ltd., Inc.—
Mar. 30 Mar. 15
50c
Oct.
Mar. 30 Mar. 15
June
preferred (quar.)
Morris Plan Insurance Society (quar.)..
cum.
11
Sept.
Dec.
Nov. 22
10c
Apr.
Apr.
Mar. 23
Mar. 15
lc
June
May 15
SIX
six
Apr.
Apr.
Apr.
Mar. 30
2 Mar. 22
25c
50c
June
1
35c
5c
Morristown Securities Corp
Mt. Diablo Oil, Mining & Devel. Co. (quar.)..
Mountain States Telep. & Teleg. (quar.)
Mar. 30 Mar. 11
Apr. 15 Mar. 30
Apr. 15 Mar. 30
50c
44c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
10c
June
25c
Apr.
Apr.
25c
55c
50c
(quar.)
$15*
25c
50c
(s.-a.)
Preferred (quar.).
National City Lines
SIX
25c
75c
(quar.)
Class A (quar.)
National Dairy Products (quar.)
Preferred A & B (quar.).
National Department Stores Corp.
May 15
May 24
Aug. 23
June
uarterly
Morrison Cafe Consolidated, 7% pref. (quar.)..
National Casket Co.
June 20
Jan.
6c
Quarterly
Quarterly
Quarterly
Morrell (John) & Co
Morris Finance Co., class A
Mar. 15
25c
Molybdenum Corp. of America (resumed)
50c
20c
__
pref. (s.-a.)_
National Fire Insurance (quar.)
National Fuel Gas (quar.)
SIX
30c
50c
25c
—
National Grocers, Ltd., prior pref. (quar.)
National Lead
37 Xc
12Xc
SIX
Preferred B
(quar.)
National Malleable & Steel Castings Co
25c
National Power & Light preferred (quar.)
National Shirt Shops (Del.) preferred (qu.)
SIX
SIX
National Standard Co
50c
National Steel Corp
50c
National Steel Car Corp. (quar.)
Natomas Co. (quar.)
50c
Apr.
May
1 Mar. 22
May 20
2 Mar. 20
1 Mar. 20
15 Mar. 15
15 Apr.
1
1 Mar. 15
1 Mar. 15
15 June
1
1 Mar. 11
1 Mar. 11
15 Mar. 30
15 May
i
Mar. 30 Mar. 15
Apr.
1 Mar. 20
1 Apr.
May
1 Apr.
May
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
Apr. 15 Mar.
1 Mar.
Apr.
15
15
1
1
25
21
30
15
Mar. 30 Mar. 15
May
1
Apr.
May
Apr.
1
Apr.
19
Mar. 30 Mar. 13*
1
1 Mar. 23
1 Mar. 15
Apr.
Mar. 30 Mar. 23
Apr. 15 Mar. 30
1 Mar. 14
Apr.
Mar. 30 Mar. 20
1 Mar. 18
Apr.
1 Mar. 18
S1-31X Apr.
20c
Navarro Oil Co. (quar.)
Nehi Corp
Preferred
Mar. 20
Mar.
1
Mar.
10c
—
—
1st and 2nd preferred (quar.)
National Cash Register
1 May
Seot. 3 Aug.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr. 10 Mar.
Apr.
1 Mar.
May 15 May
Aug. 15 Aug.
Mar. 20
Mar. 15
iin
Extra
June 21
16
13
29
Mar. 23
Apr.
SIX
National Brush Co. (quar.)
National Candy Co
1 Apr.
Dec.
Feb.
Mar. 15
SIX
SIX
pref. (quar.)..
Mock, Judson, Voehringer, preferred (quar.)
Preferred
Dec.
20c
Missouri Power & Light Co., $6
Modern Containers. Ltd. (quar.)
Extra
Mar. 30
Mar. 22
15 Mar. 30*
15 Mar. 30*
15 Mar. 30
Sept. 20
Sept.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
SIX
Missouri Gas & Electric Service
Preferred
June
Apr.
15c
Mar. 15
Mar. 30
May
1
Mar. 16
Mar. 20
June 20
Mar.
SIX
SIX
t$2
National Bond & Share Corp
National Breweries, Ltd. (quar.)
15
1 Mar. 22
15
15
1
1
50c
60c
40c
June
Apr.
Apr.
Apr.
Apr.
Apr.
60c
SIX
National Biscuit Co
Mar. 18
Mar. 18
Mar. 30 Mar. 15
Apr.
1 Mar. 20
Apr.
Apr.
Apr.
SIX
SIX
SIX
SIX
six
Mar.
1 Mar. 14
1 Mar. 14
1 Sept. 21
1-2-41 Dec. 23
Apr.
Apr.
Mar. 16
2 Mar. 15
22 Mar. 22
1
1
1
1
1
15
15
15
1
1
Mar. 20
Mar. 20
Mar. 20
Murphy (G. C.) 5% pref. (quar.)
Murray Ohio Mfg. Co
Muskegon Motor Specialties cl. A (quar.)
Muskegon Piston Ring Co
Mutual Systems, Inc
8% preferred (quar.)
Nachman Springfilled
National Battery Co., preferred (quar.)
Oct.
May
McQuay-Norris Mfg. Co. (interim)
Magnin (I.) & Co. preferred (quar.)
Preferred (quar.)".
Preferred (quar.).
Magor Car Corp. (quar.)
Marlin
50c
mx
Dec.
Mar.
Apr.
Apr.
May
$1^
Metropolitan Edison, $6 pref. (quar.)
Meyer-Blanke Co., 7% preferred (quar.)
Mickelberry's Food Products Co., pref. (qu.)—
5% conv
Sept.
25c
>referred (quar.).
Apr.
Mar, 30 Mar. 15
MacMillan Petroleum
Marsh (M.) & Sons. Inc
Marshall Field & Co., common
$1
$2
30c
Apr. 12 Mar. 30
10 May 24
Sept. 10 Aug. 24
Mar. 20
25c
Montana-Dakota Utilities
Nov.
Mar.
SIX
Montgomery Ward & Co.
Class A (quar.)
Montreal Light, Heat & Power Consol. (quar.)..
Monumental Radio Co. (quar.)..
Moore Corp.,, Ltd. (quar.)
Mar. 12
Mar. 30 Mar. 15
Dec.
SIX
.
Preferred. (quar.)
Middle States
Dec.
25c
Metal & Thermit,
Preferred
Midland Steel
Sept.
30c
Mar. 19
_
25
26
25c
June
1
30c
Mar. 15
Apr.
Apr.
July
25c
June
5X% cumulative
5X% cumulative
5X% cumulative
5X% cumulative
May
Aug.
SIX
30c
Mar. 30
30c
Link Belt Co. preferred (quar.)
Lion Oil Refining Co. (quar.)
(quar
(quar
(quar
Quarterly
30c
Quarterly
Quarterly
Dec.
Mar. 15
Mar. 16
Apr.
Apr.
SIX
12Xc
Sept.
Quarterly
xtra
16
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
12c
Lincoln National Life Insurance Co. (qUar.).—
9
1 Mar. 8
llMar. 18
May
75c
Lima Cord Sole & Heel Co
31
20
Mar. 30,Mar. 18
June 15
SIX
—
1
11
1 Apr. 19
1 Mar. 15
Apr.
Apr.
Lambert Co
Preferred
Mar.
21
Mar. 30,Mar. 20
Landers, Frary & Clark (quar.)..,
preferred (quar.)
Mar. 22
Mar. 20
Apr.
June
Sept.
Dec.
Mesta Machine Co
Preferred
Mar. 15
June
9
Apr.
Mar. 15
Mar. 23
25c
6% preferred (quar.)
Messenger Corp. (interim).
2 Nov. 20
1
,
4
4
Mar. 15
25c
Merck & Co.
1 May 20
3 Aug. 20
Apr.
May
-
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Mar.
(quar
9
Apr.
Koppers Co., 6% preferred (quar.)
Kresge (8. S.) Co. (quar.).:
Kresge Dept. Stores, preferred (quar.)
Kreuger (G.) Brewing
Kroger Grocery & Baking 6% preferred (quar.).
7% preferred (quar.)
Lackawanna RR. of N. J. (quar.)
Laclede Steel Co. (quar.)
Lamaque Gold Mine, Ltd
6%
Holders
When
Payable of Record
(quar *
Apr.
Mar. 30 Mar.
Knott Con>
6%
"
Mar. 23
Dec.
May
5%
6%
preferred
preferred
preferred
preferred
preferred
Merchants' Bank of New York (quar.)
Extra
Sept.
June
5 %
1940
SO,
Mar.
37 Xc
Mathieson Alkali Works (quar.)
Preferred (quar.)
Mar. 20
25c
25c
Share
Company
Mead Johnson Co. (quar.)
Extra
30c
SIX
Extra
Landis Machine
Name of
Payable of Record
Company
Kansas Utilities Co., 7% preferred
Katz Drug Co., preferred (quar.)
Per
Holders
When
Name of
March
10c
50c
(quar.)
Nehi Corp., stock div. of 4 additional shares of
common stock for each share of common held.
N. Y. Curb will
announce
ex-div. date later..
Neisner Bros., Inc., 4X% pref. (quar.)
Nelman-Marcus Co., 7% preferred
New Amsterdam Casualty
New Britain Machine Co.
(semi-annual)
(quar.)
f;
June
Apr.
Apr.
1
Apr. 15
May 20
Mar.
1
Mar. 20
Mar.
25c
Mar.
Mar. 20
12c
New England Fire Insurance (quar.)
New England Power Assoc. 6% pref
New
Apr.
May
50c
Extra
$2 preferred
New England Telep. & Telegraph
1.18X
SIX
37 Xc
Apr.
Apr.
Mar. 15
SIX
i.
Hampshire Fire Insurance Co
New Idea, Inc
New Jersey Power & Light Co., $6 pref. (quar.).
50c
SIX
40c
15c
SIX
Apr.
Mar.
Apr.
Mar. 23
Mar. 23
Mar.
8
Mar. 16
Mar.
Mar. i5
Apr.
Feb.
29
The Commercial & Financial Chronicle
Volume 150
Per
Name of
Company
Share
New London Northern BR. Co.
(guar.).
New Orleans Public Service $7
pref.
New York Air Brake Co
New York & Honduras Rosario
t$155t
Shipbuilding, preferred
(qu.)
-
New York Trust Co. (guar.)
Newark & Bloomfield RR. (s.-a.)
$lfc
$1H
$IH
Newberry (J. J.) Co. (irregular)
Newberry Realty preferred A (quar.)
60c
—
$1H
(quar.)
Niagara Alkali Co. 7% preferred (quar.)
Niagara Wire Weaving (quar.)
Nicholson File Co. (quar.)
1900 Corp.. class A (quar.)
Class A (quar.)
Class A (quar.)
Noblitt-Sparks Industries
North American Co. (quar.)
6% preferred (quar.)
.....
554% preferred (quar.)
North American Rayon, preferred (quar.)-J—
North & Judd Mfg. Co. (quar.)
North Texas Co. (initial)
Northern Illinois Finance Corp
Preferred (quar.)
Northern Indiana Public Service 5H % pref
6% preferred
7% preferred
...
Northland Greyhound line pref. (quar.)
....
Northwestern Electric 7% preferred (quar.).
6% preferred (quar.)
Northwestern National Insurance (quar.)
Norwalk Tire 6c Rubber, pref. (quar.)
Aug. 15 Aug.
50c
Nov. 15 Nov.
1
60c
30c
75c
Mar. 30 Mar. 15
1 Mar. 15
Apr.
1 Mar. 15
Apr.
(quar.)
37 He
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
tflH
t$154
$1H
$154
fl54
10c
Ohio Water Service
75c
25c
Oklahoma Natural Gas
$5H preferred (quar.)
$3 preferred (quar.)
Old Colony Insurance (quar.)
%
Colony Trust Associates
8% preferred (quar.)
...
Old Joe Distillers Co.
Omar, Inc., 6% preferred (quar.)
$5
25c
10c
$1H
Omnibus Corp
Preferred (quar.)__
Apr.
1
Apr.
1
Apr. 15
15
15 Mar. 30
15 Mar. 30
15 Mar. 30
25 Mar. 30
20 Mar. 30
20 Mar. 30
15 Mar. 30
Mar. 20
Mar. 20
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
Apr.
Mar. 30
Mar. 14
Mar.
July
15
Sept. 16
Dec.
Dec.
Apr.
Apr.
Apr.
Apr.
Mar.
Apr.
Mar.
May
May
May
Apr.
Apr.
$1)4
$1H
$154
25c
50c
$1)4
32Hc
75c
Pacific Telep. & Teleg. (quar.)
Preferred (quar.)-,
Pacific Tin Consol. Corp
$154
$1)4
Page-Hersey Tubes, Ltd. (quar.)
$1)4
20c
Panhandle Eastern Pipe Line—
Class A & B preferred (quar.)
May
Apr.
Mar.
16
2
2.
Feb. 29
Feb. 29
Mar. 22
Mar. 23*
Apr. 15
Apr. 15
Apr. 15
Mar. 30
Mar. 31
Apr. 15
Apr.
Mar.
Mar. 15
Mar. 20
Mar. 30
Mar. 22
Apr.
Mar. 15
Mar.
Apr.
1 Mar. 16
Apr. 10 Mar. 20
Apr. 15 Apr.
1
Apr.
1 Mar. 15
Paracale Gumans Consol. Mining Co
Paraffine Cos., Inc., preferred (quar.)
Paramount Pictures, Inc., 1st pref. (quar.)
Second preferred (quar.)-Davis & Co—
Apr.
1 Mar. 15
Mar. 30 Mar. 16
—
May
Apr.
July
1 Apr. 20
1 Mar. 15
1 June 15
Oct.
1 Sept. 14
1-2-41
Dec. 14
5% pref. A (quar.)
Telephone Co
10
June
20c
(quar.,
Parke
Apr.
1 Mar. 25
Mar. 25
Mar. 20
16)4c
$1)4
—
5% preferred (quar.).
Pacific Gas & Electric (quar.)
Pacific lighting Corp., pref. (quar.)
Pacific Public Service, pref. (quar.)
Pacific Southern Investors, Inc. (quar.)
——
Quarterly
Quarterly
Quarterly
Oct.
— -
—
May 15 May
Aug. 15 Aug.
- -
Apr.
Mar. 15
Mar.
—
Pet Milk Co.
-—
•
Extra
Reliable Stores
Reliance Manufacturing Co
......
7% preferred (quar.)
Remington Rand (interim).....
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.)
6% conv. preferred
Reynolds Metals Co. pref. (quar.)
Rhode Island Elecrtic Protective Co. (quar.)
-
$1)4
20c
87 He
$iH
20c
20c
10c
10c
15c
10c
10c
854c
25c
20c
$1H
10c
15c
20c
fig
sin
$1)4
lc
2d pref. (quar.).
Rich's. Inc., 6H % pref. (quar.)
Richman Bros. Co. (quar.)
—
...
50c
10c
5c
2
—
75c'
$154
Risdon Mfg. Co. 7% preferred (quar.)
10c
10c
10c
Quarterly
Quarterly
Quarterly
Rochester Button Co
Preferred
$154
$154/
Riverside Silk Mills, class A (quar.)
Roberts' Public Markets (quar.)
Extra
—
-
25c
37 He
(quar.)
$1)4
$154
Rochester Telephone Corp. (quar.)
6H% preferred (quar.)—-
25c
15c
Roeser & Pendleton, Inc. (quar.)
Royal China..
'
Rubenstein (Helena), Inc.,
(25c. and 25c. special)
Class A (quar.)
-
Apr.
Mar.
15
1
Mar.
1
Apr.
Apr.
Apr.
Mar. 20
—
Apr.
July
Mar. 13
Mar. 30
Mar. 20
Mar. 20
Mar. 20
Mar. 20
Mar. 20
Mar. 20
Mar 20
Apr.
Mar. 21
Apr.
Apr.
Apr.
Apr.
Mar. 21
Mar.
Apr.
Mar. 11
Apr.
1
$1)4
50c
30c
Apr.
Apr.
Mar. 20
Apr.
Mar. 22
42c
Mar.
Apr.
$1.31)4
12 He
Apr.
May
—
50c
Apr.
—
7)4c
42c
Mar.
Mar.
8
Apr.
Apr.
Apr.
May
Mar. 30
May
Mar. 11*
Mar. 11*
Mar. 30
Apr.
May
Mar. 22
Apr. 20
Mar. 15
May
4
Mar. 15
Mar. 15
2
2
Mar. 20
Mar. 20
Mar.
Mar. 15
Mar.
Mar. 15
Mar. 21
Apr.
Apr.
Apr.
Apr.
Mar. 19
Mar. 20
Mar. 15
Apr.
Mar. 15
Mar.
Apr.
Mar. 20
Mar. 20
Mar. 23
May
Apr. 20
Mar.
Mar. 21
Apr.
Apr.
Apr.
Apr.
Mar. 11
Mar. 11
Mar. 16
May
Apr. 15
Apr. 25 Apr. 16
Mar. 11
Apr.
Mar. 11
Apr.
May
Apr. 12
Mar. 20*
Apr.
Mar. 34
Apr.
Apr.
Apr.
1
Mar. 15
Apr.
Mar. 15
Mar.
Mar. 25
Apr.
Mar. 22
Apr.
Mar. 12
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
1 June 20
July
Oct.
1 Sept. 20
Dec. 15 Dec.
Apr. 20 Apr.
May
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
June
5
10
20
20
20
11
30
Apr. 15
Mar. 15
June
5
June
Mar. 15
Mar. 15
Mar.
Mar.
Apr.
Apr
Apr. 10
Mar. 20
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 18
Mar. 18
Mar. 18
Mar. 18
May
Apr.
Apr.
Apr.
Apr
Apr.
Apr.
Extra
....—_—..—..........
H'd
...
Securities Acceptance Corp. 6% cum. pf.
(quar.)
1
Apr. 15
May
Apr.
—
RuudMfg. Co. 'quar.)
Russell Industries, old (quar.).
—
Preferred (quar.)
—
Sabin Bobbins Paper..
...—
Preferred (quar.)
Safety Car Heating 6c Lighting Co., Inc
Safeway Stores, Inc
.——
7% preferred (quar.)...
*
6% preferred (quar.)
.
5% preferred (quar.)
Saguenay Power, Ltd., preferred (quar.)
St. Joseph Ry. Lt. Ht. 6c Pr.Co.5% pref. (quar.)
St. Lawrence Corp. preferred A_.
St. Louis National Stock Yards (quar.)
San Antonio Gold Mines, Ltd. (s.-a.)...
Common
8
Mar. 30
common—
Preferred (quar.)
First preferred (quar.)
Philadelphia Electric Power, pref. (quar.)
Philadelphia National Insurance
Phillipine Long Distance Telep. Co_
8
Apr.
May
May
Apr.
Apr.
Apr. 15
Mar. 15
Mar. 30
Mar. 25
,
Seaboard Commercial Corp. (quar.)
Mar. 5
Mar. 21
Mar. 14
8
Mar.
Mar.
Mar. 25
Mar. 25
Mar. 15
6
5
Mar. 15
Apr. ,1
Mar. 15
Mar. lo
1
Mar. 21
Mar. 25
Apr.
50c
50c
50c
Rice Ranch Oil
Rice-Stix Dry Goods Co. 1st 6c
Apr.
Mar.
15c
5c
37 He
15c
preferred (quar.)
Mar. 15
Sangamo Electric Co
Mar.
Sangamo Co., Ltd. (quar.)
— — — — Apr.
8avannah Electric & Power 8% pref. A (qu.)_.
Apr.
7H% preferred B (quar.).....
Apr.
7% preferred O (quar.)..
Apr.
6H% preferred D (quar.)
Apr.
6% preferred (s.-a.)—....
Apr.
Savannah Sugar Refining (quar.)
Apr.
Sayers-Scoville Co
Apr.
6% preferred (quar.)_
Apr.
Schenley Distillers, 5H% preferred (quar.)
Scott Paper Co., $4.50 preferred (quar.)—— $1.12H May
$1 May
$4 preferred (quar.)
25c Apr.
Scovill Mfg. Co
Apr.
Scranton Electric, $0 preferred (quar.) —
Mar.
Scranton Lace Co..
Co., Inc.—
Monthly
Phillips Packing, 5)4% pref. (quar.)Phoenix Acceptance Corp., class A (quar.)
Phoenix Fire Insurance Co. (quar.)
Pictorial Paper Package
—
Mar. 30
Mar. 15
May
*—
16 preferred (quar.)
7
Products
Mar. 11
Mar. 11
Mar. 15
Mar. 15
Mar. 15
1)4%
1)4%
1)4%
—
—
Mar. 25
Mar. 30
Apr.
$2.80 preferred (quar.)
Pennsylvania Power & Light $7 pref. (quar.)—
$6 preferred (quar.)
$5 preferred (quar.)
Pennsylvania Telep., preferred (quar.)..
Pennsylvania Water & Power (quar.)_
Preferred (quar.)
Peoples Drug Stores, Inc
5 preferred (quar.)
6 preferred (s.-a J
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Pennsylvania Edison, $5 pref. (quar.)
(quar.)
Philadelphia Co. (quar.)—
Mar. 16
Apr.
pref. (quar.)
—
Peoples Gas Light 6c Coke
Perfect Circle Co. (quar.).
5
2-15-41 2-5-41
Preferred A (quar.)
—
Penna. Co. for Insurances on Lives Sc Granting
Annuities (quar.)
Penna. Glass Sand Corp., $7 cum.
4
5
Nov. 15 Nov.
(quar.)
Preferred A (quar.)
Preferred A (quar.)
...
Mar. 23
Apr.
Apr.
Apr.
Apr.
30c
30c
30c
25c
—
Mar. 13
$2
10c
30c
5H% preferred (quar.)
6% preferred (quar.)
Putnam (G.) Fund of Boston
Quaker Oats Co., preferred (quar.)
Quarterly Income Shares (guar.)
Radio Corp. of America, $3H 1st pref. (quar.)
B preferred (quar.)
;
Railroad Employees' Corp. class A 6c 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.)
Reda Pump
Reece Button Hole Machine Co. (quar.)..
Reed Drug Co., common (quar.)
Class A (quar.)
Reed Roller Bit Co. (quar.)
Mar. 15
Mar.
6*
Mar. 21
Mar.
Mar.
50c
30c
Preferred (quar.)
Pure Oil Co., 5% preferred (quar.)
9
Mar. 23
Mar. 31
May
$154
$1)4
$154
t$l)4
6% prior lien stock (quar.)
Publication Corp., pref, (quar.)
Puget Sound Powerj&JLfgnt $5 prior pref,
Puget Sound Pulp 6c Timber
15
Apr.
Apr.
Apr.
Apr.
July
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
or
Public Service Co. (Oklahoma)—
7% prior lien stock (quar.)
Mar.
Mar. 20
Apr.
7% preferred (quar.)
Mar. 15
Mar. 15
Mar. 14
pref—
N. J. 6% pref. (monthly)
Public Service Electric 6c Gas, $5 pref. (quar.)—
Mar'. 30
Mar. 15
Mar. 15
Mar.
89
Public Service
Apr.
Mar.
;
-
11
1 Mar. 15
Apr.
Mar. 30 Mar. 15
-
29
Mar. 11
Mar. 11
Apr.
6% non-cum. participating prer. (quar.)Pratt & Lambert, Inc
Premier Gold Mining (quar.)
Prentice (G. E^) Mfg. (quar.)
Price Bros. 6c Co., Ltd., pref
Procter 6c Gamble 8% prat, (quar.)
Prosperity Co., 5% preferred (quar.)
5% preferred (guar.)
Providence Gas Co. (quar.).
Providence 6c Worcester RR
Prudential Investors, Inc., pref. (quar.)
Public National Bank & Trust Co. (N. Y.)
Public Service Co. (Colorado), 7% pref.(mthly.)
6% preferred (monthly)..
;
5% preferred (monthly)
15
15
Mar. 15
Mar. 15
Mar. 15
30c
Pacific Can Co
Pacific Finance Corp. (Calif.) (quar.)
Preferred A (quar.).
Apr.
Apr.
Apr.
Apr.
Apr.
11
1 Mar. 20
Apr.
Apr. 15 Apr.
1
Feb.
May 15
May 20*
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
-
-
Mar. 30
Mar. 30
Mar. 30 Mar. 15
Mar. 30 Mar. 15
Mar. 30 Mar. 15
Apr.
Apr.
Pond Creek Pocahontas
Powell Rouyn Gold Mines, Ltd
Power Corp. of Canada, Ltd., 6% cum.
-
Holders
Mar. 20
Mar. 15
Mar.
pref
June
June
Mar. 19
Mar.
Mar.
Mar.
Mar.
cumu.
When
Payable of Record
(s.-a.).
Pittsburgh Coke & Iron Co., $5 pref. (quar.)
Pittsburgh Fort Wayne 6c Chicago (quar.)
Preferred (quar.)
Pittsburgh Forgings Co
Pittsburgh Plate Glass
Pittsburgh Screw & Bolt
Plainfield Union Water (quar.)
Plomb Tool 6% pref.
(quar.)-—
Plough, Inc., common (quar.)
Plymouth Oil Co. (quar ).
Mar. 20
Mar. 20
Mar. 16
30c
Onomea Sugar (monthly)
Orange 6c Rockland Electric Co. 6% pref.(qur.)
5% preferred (quar.)
Ottawa Electric By. (quar.)
1
Quarterly
Quarterly
Quarterly
Ottawa Light, Heat & Power Co. (quar.)
5% preferred (quar.)—
Otter Tail Power, $6 preferred (quar.)
$5H preferred (quar.)
6%
Mar. 30 Mar. 18
f$lH
Co., 7% pref. (monthly) — 58 l-3c
50c
6% preferred (monthly)
412-3C
5% preferred (monthly)
Ohio Service Holding Corp. $5 non-cum. pf.(qu.)
$1)4
Ohio Telephone Service Co. 7 % pref. (quar.) —
$154
1 Mar. 28
May
Ohio Public Service
Philadelphia Dairy
1 Mar. 15
25c
$1H
$1.65
$154
$1.80
§7 preferred (quar.)
$7.20 preferred (quar.)
Ohio Loan & Discount (quar.)
Penney (J. C.) Co
Apr.
Apr.
Mar. 30 Mar. 23
1 Mar. 15
89
•
$6 preferred (quar.)
$0.60 preferred (quar.)
Preferred A
May 15 May
10c
40c
40c
Ohio Edison Co. $5 preferred (quar.)
Peninsular
1 Mar. 19
1 Mar. 18
1
1
$1)4
$1H
(quar.)
Pearson Co., Inc.,
1 Mar. 15
Apr.
1 Mar. 20
Apr.
1 Mar.
8
Apr.
Apr. 15 Mar. 21
1 Mar. 23
Apr.
1 Mar. 15
Apr.
1 Mar. 16
Apr.
1 Apr. 16
May
1 Apr. 16
May
1 Mar. 16
Apr.
Apr.
Apr.
87m
Novadel-Agene Corp. (quar.)..
Nova Scotia Light 6c Power (quar.).
Ogilvie Hour Mills (quar.)
6% preferred (quar.)
6% Preferred (quar.)
Preferred C
Pioneer Gold Mines of B. C. (quar.)
Pittsburgh Bessemer 6c Lake Erie 6% pf.
$1H
i
Northern States Power (Del.) 7% preferred
6% preferred
Northern States Power Co.(Minn.)$5 pfd. (an.).
Old
Pilot Full Fashion Mills, Inc. (quar.)
12
50c
30c
50c
50c
71 He
75c
Share
Apr.
$154
Northern Ontario Power pref. (quar.)
Preferred
1
Mar. 30 Mar. 20
1 Mar. 15
Apr.
1 Feb. 29
Apr.
1 Mar. 15
Apr.
niH
New York State Electric 6c Gas, 6H % pref.
New York Transit Co
Ohio Finance Co.
Apr.
May
US
Per
Name of Company
Mar. 15
Mar. 21
Apr.
75c
Mining Co
56 preferred (quar.)
Preferred B
Holders
Payable of Record
50c
New York Lackawanna 6c Western By. (quar.)„_
NY, Pa, NJ Utilities Co., $3 non-cum. pref
New York Power & Light 7% pref. (quar.)
New York
When
2037
—
(qu.)_
Apr.
5
Apr.
5
Mar. 15
Mar. 27
Mar.
8
Mar.
8
Mar.
8
Mar.
Mar.
8
8
Mar. 15
Mar. 20
Mar. 20
Mar. 20
Apr. 20
Apr. 20
Mar. 15
Mar.
5
Mar.
15
Mar.
Mar. 19
Mar.
Mar. 19
Apr.
Apr.
Mar. 10
Apr.
Apr.
20c
62 He
1 Mar. 15
1 Mar. 20
Apr.
Apr.
Apr.
1 Mar. 30
1 Mar. 20
1 Mar. 21
"
lc
——
Mar. 10
Selected Industries, Inc.,
S5H dividend prior stock (quar.)—
Seven-Up Bottling Co. (quar.)—
—
Previous announcement was incorrect
Shaffer Stores Co. 5% pref. (quar.)..—.—-—
Sharon Railroad Co..———
Sharon Steel Corp. preferred (quar.)
...
$1)4
The Commercial & Financial Chronicle
2038
Per
Share
Name of Company
Shasta Water Co.
20c
(quar.)
5c
Kxtra
10c
Shawmut Assoc.
(quar.)
Shell Union Oil Corp. 5>4% cum. pref. (qu.)-Sheller Manufacturing Corp—
Sherwin-Williams (Canada) preferred
Silbak J Vernier Mines, Ltd
Silver King Coaliron Mines
Silverwood Dairies, Ltd., partic. preferred
Simplex Paper
Singer Manufacturing Co. (quar.)
Sioux City Stockyards (quar.)
S|M
10c
JS3M
\4c
10c
—
t20c
5c
—
—
SIM
37Mc
37 Mc
SIM
...
$1 34 partic. preferred (quar.)
Skelly Oil Co. preferred (quar.).
If SEC approves proposed financing plan of
company,
pref. stock will be retired as
May I.
Skenandoa Rayon
pref. A (quar.)
When
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 25
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
Apr. 25 Apr.
5
Mar. 15
Apr.
Mar.
9
Apr.
Mar. 24
Apr.
(quar.).
Corona Typewriter (quar.)—
Preferred (quar.)
Smith (H.) Paper Mills, pref. (quar.)
Smyth Mfg. Co. (quar.)
Sonotone Corp.. preferred (quar.)
South Carolina Power Co., $6 1st pref. (qu.)
South Porto Rico Sugar Co. (quar.)
Preferred (quar.)
South West Pennsylvania Pipe Line
Southern & Atlantic Telegraph, gtd. (s.-a.)__Southern Bleachery & Print Works, Inc., 7% pf
Southern California Edison, orig. pref. (quar.)..
Original preferred (special)
Preferred C (quar.)......
9
Quarterly
Southern California Gas 6% preferred (quar.)..
7% preferred A (quar.)—
Southern Canada Power Co., Ltd. (quar.)
6% cumul. partic. preferred (quar.)
Southern Grocery Stores, Inc
Participating preferred (partic. div.)
Southern Phosphate Corp. (quar )
Southern Ind. Gas & Klec. Co. 4.8% pref. (qu.)...
—
JlH
12Mc
SIM
ms1
lfi
SIM
25c
2
62 Mc
...
Mar.
Mar. 23
Mar.
Mar. 23
Feb. 20
United New Jersey RR. & Canal (quar.)
United Shoe Machinery (quar.)
Mar. 16
United States Gypsum Co. (quar.)
Preferred (quar.)
Mar. 15
Apr.
United States & International Securities 1st pfUnited States Petroleum Co. (quar.)
Apr.
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
Apr.
Mar. 15
7
7
Mar. 12*
Mar. 16
Standard Steel Construction
Stanley Works
Starrett (L. 8.) Co
"IS
20
63c
Mar.
Mar. 15
Mar. 15
15c
Mar.
Mar. 15
1.2%
May
Apr. 15
Mar.
Mar. 20
Apr.
Apr.
Mar. 16
Mar. 15
Apr.
Apr.
Mar.
Mar. 20
Mar. 20
Mar. 16
(quar.)
Stearns (Frederick) & Co
Preferred (quar.)
Stecher-Traung Lithograph
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Steel Co. of Canada (quar.)—
Preferred
Steel
—
Feb"." 16"
June
Apr.
Apr.
Apr.
Mar. 15
Apr.
Mar. 30
Mar.
Mar. 14
Apr.
Apr.
Apr.
1
16
Mar. 15
Mar. 26
June
5
May
Apr.
1
Mar.
Mar. 15
....
Mar.
Mar. 19
SIM
20c
SIM
12Mc
SIM
Mar.
Mar.
Mar.
Mar. 19
Mar. 27
Mar. 27
Mar.
Mar. 15
Mar.
Mar. 15
SIM
—
June
June 15
SIM
SIM
t43Mc
_i
+43He
(quar.)
Products Engineering
Sept.
Sept.14
Dec.
Dec.
May
May
Mar.
Apr.
5
Apr.
5
Mar. 15
14
20c
75c
43 Mc
$1
t$3 M
Sundstrand Machine Tool
Sunray Oil Corp
Mar. 25
Mar. 15
Mar.
May
Apr.
Mar.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Mar.
68Mc
534% preferred (quar.)
Sunshine Mining Co.
Apr.
5c
Stix, Baer & Fuller Co., 7% pref. (quar.)
Strawbridge & Clothier, 7% preferred
Sun Life Assurance of Canada (quar.)
Mar.
50c
Sterchi Bros. Stores, 1st preferred (quar.)
(quar.)
40c
Superheater Co. (quar.)—
Superior Oil Co. of Calif., common
■
Superior Portland Cement class B
Participating class A
Superior Water Light & Power 7% pref. (qu.)..
Swift & Co. (quar.)
12Mc
25c
50c
82 Mc
SIM
30c
5c
Sylvanlte Gold Mines (quar.)__
Apr.
Apr.
Feb.
21
Mar. 16
Mar. 10
Apr.
1
Mar.
1
1
5
Mar.
Apr.
May 10
Apr.
2
Mar. 23
Mar. 15
Mar.
1
5c
Mar.
50c
Extra
Class A (quar.)
Extra
Feb.
Feb.
Mar.
Mar. 16
25c
Extra
Tacony-Palmyra Bridge (quar.)
12
12
Mar.
Mar. 16
50c
Mar. 16
Mar.
Mar. 16
SIM
Mar. 18
Mar. 16
Mar. 15
68Mc
May
Apr.
Apr.
Apr.
10c
A.pr.
Mar.
5c
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
62 Mc
10c
SIM
Texas Corp. (quar.)__
Texas Electric Service $6 pref. (quar.)
Thatcher Mfg. Co. (quar.)
50c
SIM
25c
25c
Thompson Products, Inc., common
$5 Conv. prior preferred (quar.)
Tide Water Assoc
Mar.
25c
Preferred (quar.)
Taggart Corp. preferred (quar.)
Talcott (James), Inc—
534% participating preference (quar.)
Teck Hughes Gold Mines (quar.)
Telautograph Corp. (interim)
Tellurlde Power Co. 7% preferred (quar.)
SIM
Oil pref. (quar.)
SIM
7 Mc
Mining Co
15c
Tip Top Tailors, Ltd. (quar.)
7% preferred (quar.)
SIM
Toledo Edison Co., 7% preferred (monthly)
58 l-3c
50c
6% preferred fmonthly)
41 2-3c
5% preferred (monthly)
Toronto Mortgage Co. (Ont.) (quar.)
SIM
40c
Torrington Co
Trade Bank of New York (quar A
15c
Traders Finance Corp. 7% pref. B (quar.)
SIM
6% preferred A (quar.)
SIM
Travelers Insurance (quar.)
S4
Tri-Continental Corp., pref. (quar.)
SIM
Trlco Products Corp. (quar.)
62 Mc
Troy Sunshade Co. (quar.)
50c
Tubize Chatillon Corp. 7% pref. (quar.)
SIM
Tuckett Tobacco 7% preferred (quar.)
Twentieth Century Fox Film Corp., pref. (qu.)
37 •
208 So. La Salle Street Corp. (quar.)
50c
Twin States Gas & Electric, 7% prior lien (qu.)
SIM
-
Tin tic Standard
—
Underwood Elliott Fisher Co.
United Bond & Share. Ltd. (quar.)
Quarterly
Quarterly
15
Mar. 15
Mar.
1
Mar. 16
Mar. 18
Mar. 22
Mar. 22
Apr.
Mar
Mar.
Mar. 25
Apr.
Apr.
Apr
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Mar. 20
Mar. 15
Apr.
Mar. 18
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar.
5
Mar. 20
Mar. l5
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 16
...
—
$2
25c
SI
25c
Mar.
Mar.
2
Mar.
2
Mar.
5
Mar. 21
Mar. 21
Apr..
July
Mar
15c
15c
Oct.
Sept. 30
15c
31
June 30
1 Apr. 18
1 Mar. 21
5
5
2
1
Sept.10 Aug. 31
10 Nov. 30
3-1-41
3-9-41
Dec.
Mar. 30 Mar. 14
July
1 June 15
Apr.
1 Mar. 20
Mar. 30 Mar. 25
Apr.
1 Mar. 8
5c
Vicksburg, Shreveport & Pacific Ry. Co.
Preferred (semi-annual)
1 Mar. 8
30 Mar. 20
1 Apr. 20
1 July 20
Mar. 30 Mar. 18
Apr.
Victor Chemical Works
ar.
May
Aug.
Virginian Ry. Co. 6% preferred (quar.)6% preferred (quar.)Vulcan Corp. $434 preferred
$3 preferred (quar.)__
Vulcan Detinning (quar.)
Quarterly.
7% preferred (quar.)
7% preferred (quar.
7% preferred (quar.)
Wabasso Cotton Co. (quar.)_.
Waldorf System, Inc. (quar.).
Wagner Baking Corp
2nd preferred.
2nd preferred (quar.).
1st preferred (quar
Washington Railway & Electric 5% pref.tquar.)
Mar. 30 Mar. 18
June 20 June 10
Sept. 20 Sept. 10
Apr. 20 Apr. 10
July 20 July 10
Oct.
Apr.
Apr.
19 Oct. 10
1 Mar. 23
Mar. 15
Mar. 20
Mar. 20
Mar. 20
Apr.
Apr.
Apr.
Apr.
Mar. 20
June
Wayne Pump Co
Weinberger Drug Stores
Welch Grape Juice Co., preferred
Preferred (quar.).
Mar. 15
Mar. 16
Apr.
Mar. 21
15
May 31
May 15
Aug. 31 Aug. 15
(quar.)
Wellington Fund. Inc
Wells Fargo Bank (quar.)
West Kootenay Power & Light pref. (quar.)
West Michigan Steel Foundry—
20c
,
—
$334
$154
Prior preferred (quar.)
Conv. preferred (quar.)
West Penn Electric, class A (quar.)
pref. (quar.)--.
May 15
Apr.
Apr.
-
May
June
5% preferred (s.-a.)
Waukesha Motor (quar.)..
7%
10 June
2
$2
Mar. 30 Mar. 15
1 Mar. 25
Apr.
Apr.
May
June
1 Mar. 22
Apr. 15
May 15
Mar.
Mar. 15
May
May
Apr.
-
6% preferred (quar.)
West Penn Power, 434% pref. (quar.)
West Point Mfg. Co
West Texas Utilities Co., $6 cum. pref. (quar.)..
West Virginia Pulp & Paper Co
Apr.
Apr.
Apr.
Apr.
Apr.
19
19
Mar. 20
Mar. 15
Mar. 15
Mar. 11
West Virginia Water Service pref. (quar.)
Western Electric Co
Apr.
Mar.
Mar. 15
Mar. 25
Western Grocers, Ltd. (quar.)
Preferred (quar.)
Western Massachusetts Cos. (quar.)
Apr.
Apr.
Mar.
Mar. 20
.
Western Pipe & Steel 7 % preferred (s.-a.)
Western Tablet & Stationery Corp.. 5% pf. (qu.l
West gate-Green land Oil Co. (monthly)
Westmoreland, Inc. (quar.)
Weston (Geo.) Ltd. (quar.)
July
Apr.
Apr.
Apr.
Apr.
--
10
Mar. 15
Apr.
Mar. 21
$134
$134
$1
$154
$134
$154
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 16
75c
Apr.
-
$154
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$134
May
50c
-
May
Aug.
Aug.
"S
25c
50c
$134
-—
50c
Mar. 15
Mar. 12
Mar. 12
Mar. 16
Mar. 14
Mar. 16
Mar. 20
Mar. 20
Mar. 15
Mar. 20
Mar. 20
Mar. 20
Apr. 15
Apr. 15
July 15
July 15
Nov.
Nov.
Oct.
15
50c
Oct.
15
25c
Apr.
10c
10c
Apr.
Mar. 11
Mar. 23
Mar.
Mar. 19
10c
May 22
May 22
$154
July
July
Apr.
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
$134
Quarterly
Extra
Wiser Oil Co. (quar.)
Wolverine Tube Co-
Woodley Petroleum (quar.)
Wright-Hargreaves Mines. Ltd. (quar.)
Extra (both payable in U. S. funds)
(Quarterly)
5c
JlOc
Extra
J 5c
Wurlitzer
(Rudolph) Co.
Yale & Towne Mfg. Co
$154
preferred (quar.)
15c
(qu.)
(quar.)
Youngstown Sheet & Tube Co. com—
534% preferred A (quar.)
Zlon's Co-operative Mercantile Institution
Quarterly
Quarterly
*
Apr.
Mar. 15
Mar. 15
Mar. 15
—
Wheeling & Lake Erie Ry
Wheeling Steel Corp., $5 preferred (quar.)
$6 preferred (quar.)
Whitaker Paper
Preferred (quar.)
White Villa Grocers, Inc., 6% pref. (quar.)
Whitman (William) Co preferred (quar.)
Wieboldt Stores 6% pref. (quar.)
Prior preferred (quar.)
Will & Baumer Candle Co. preferred (quar.)—
Winn & Lovott Grocery class B (quar.)
Class A (quar.)
Preferred (quar.)
Wins ted Hosiery Co. (quar.)_
Preferred
June 29
Mar. 20
Apr.
(quar.)
6% preferred (quar.)__
Wheatley Mayonnaise (quar.)
Extra
Mar. 20
Mar. 15
Apr.
Mar.
Wet her ill Finance Co.
Apr.'
Apr.
Apr.
Apr.
Ap.r
Apr.
Mar.
SIM
May
July
$134
$154
234 %
Ventures, Ltd
Vermont & Boston Telegraph (ann.)
Viau Ltd., 5% preferred (quar.)
Vlchek Tool Co. preferred (quar.)
tSl
Mar. 22
Mar. 25
J Mar. 21
$154
$154
$154
7% preferred (quar.).
7% preferred (quar..
7% preferred (quar.).
Young (J. S.) (quar.)._
95c
Mar. 25
Apr.
Vapor Car Heating Co., inc., 7% pref. (quar.).
Mar. 11
8
15
15
15
15
June
Apr.
Mar. 25
Apr.
Apr.
Apr.
July
1 Mar. 16
Mar. 27
Mar.
Dec. 20 Nov. 30*
Apr.
1 Mar. 16
1 Mar.
1 Mar.
Apr.
60c
5
Apr.
Yellow Truck & Coach Mfg. Co.. 7% pref.
Yosemite Portland Cement preferred
15
Mar. 12*
5
31*
Sept. 20 Aug. 31*
Apr.
$1
-
Apr.
Apr.
Mar.
Mar.
15 Dec.
Apr.
$6 preferred
Quarterly
Mar. 30
Dec.
Valve Bag Co. 6% pref. (quar.)
Extra
Mar. 20
Mar. 20
Sept. 15 Sept.
June 20 May
$2
Apr.
_-$ 1.16 2-3 Apr.
8% preferred (quar.)__
Apr. 19
Mar. 14
19
Mar. 30 Mar. 26
6
15 June
$1
-
Utah Power & Light, $7 pref_
Mar. 20
Mar. 15
1 Apr.
June
8734c
$134
$134
$15
(quar.)
15c
Union Pacific RR
Union Twist Drill Co_
8
May
2c
$1
7% preferred (quar.)
75c
Co. 7.6% pref. (quar.)
Preferred (semi-annual)
Union Premier Food Stores. Inc. (quar.)
Union Stock Yards of Omaha
Mar. 15
Playing Card
United States Smelting, Refining & Mining
50c
(quar.)
Underwriters Trust (N. Y.)
Union Bag & Paper Corp
Union Buffalo Mills 7 % 1st pref
Union Carbide & Carbon Corp
Union Investment
June
Apr.
1
30c
—
Preferred
Apr.
68Hc
$1 34
50c
30
June
Mar. 36
Mar. 16
50c
Apr.
Apr.
Mar. 23
Apr.
Apr.
50c
Quarterly
Quarterly
Mar.
40c
50c
(qu.)
Mar. 19
Mar. 30
Mar. 26
Mar.
2c
May
Apr.
Mar.
75c
50c
20c
pref. (quar.)
Mar. 20
Mar. 20
Mar. 19
40c
50c
United States Trust Co. (quar.)
Universal Leaf Tobacco (quar.)
30c
Standard Steel Spring Co
Stand. Wholesale Phosphate & Acid Wks.
Extra
Mar. 15
Mar. 15
Mar.
2c
Quarterly
Mar. 30
Mar. 30
50c
Screw
-
Quarterly
Apr.
Apr.
75c
tSl
SI M
25c
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
50c
United States Pipe & Foundry Co. (quar.)
Apr. 20
SIM
—
29
$134
$134
534 % conv. preferred (quar.)
Mar.
10c
S4M preferred (quar.)
Standard Chemical Co. (Interim)
Standard Fire Insurance (N. J.) (quar.)
Standard Fuel, preferred
Standard Oil Co. of Ohio pref.(quar.)
Feb.
Mar. 30 Feb. 29
United States Hoffman Machinery Corp.—
Mar. 30
Mar. 18
Mar. 15
May
$2
Ry.—Mobile & Ohio certificates (s.-a.)
5% pref. (qu.)
SIM
Co.—
$6 cumulative preferred (quar.)
SIM
$6 cumulative preferred
t87Mc
Square D Co
30c
5% preferred (quar.)
SIM
Standard
(quar.)
Mar. 16
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Southwestern Light & Power
Standard Brands, Inc. (quar.)
$234
6234c
37 He
United States Fidelity & Guaranty Co
United States & Foreign Securities 1st pf. (qu.)_
United States Guarantee Co
United States Sugar pref.
Preferred (quar.)
Southwestern Gas & Electric Co.,
1 Mar. 20
$134
—
Mar. 20
Southern
15 Mar. 21
Apr.
Mar.
Apr.
t20c
Apr.
Mar. 30
United Light & Railways Co.
Apr.
37 Mc
1 Apr.
75c
$1
United States
34 Mc
37 Mc
37 Mc
1 Mar. 18
8
1 Mar.
25c
United Fruit Co
United Fuel Investments pref. A (quar.)
United Gas Improvement (quar.)
Preferred (quar.)
Mar. 20
Mar. 20
Mar. 20
+S1M
37 Mc
40c
16
May
Apr.
Apr.
sih
Mar.
May
Holders
When
Payable of Record
75c
(quar.)
(Del.)—
58 l-3c
7% prior preferred (monthly)
53c
6.36% prior preferred (monthly).
50c
6% prior preferred (monthly)
$234
United Loan Industrial Bank (Bklyn.) (quar.)__
9
1940
30,
tin
United Biscuit Go. of America preferred
United Carbon Co
United Dyewood Corp., pref. (quar.)
25c
...
Southern Natural Gas Co
Share
Name of Company
Preferred
SIM
--
Prior preferred
Per
Holders
Payable of Record
of|
Smith (L. C.) &
March
$1H
5c
$134
$154
25c
Feb.
15
Feb. 15
Mar. 20
Mar. 21
Mar. 15
Mar. 21
Mar. 23
Mar. 23
Mar.
2
Mar.
2
50c
June
50c
Sept.
May
Sept.
5
5
50c
Dec.
Dec.
5
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable In Canadian funds, and In the
deduction of
a
tax of
case of non-residentr of Canada
5% ofthe amount of such dividend will be made.
Volume
The Commercial & Financial Chronicle
150
Condition of the Federal Reserve Bank of
New
The
Weekly Return of the New York City
Clearing House
York
following shows the condition of the Federal Reserve
The
Bank of New York at the close of business Mar. 27, 1940,
in comparison with the
weekly statement issued by the New York
Clearing House
previous week and the corresponding
on
City
Friday afternoon is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK
date last year:
Mar.
Mar.
27, 1940
20, 1940
Mar. 29, 1939
*
United States Treasury.*
Redemption fund—F. R. notes
Other cash
7,953,355,000 7,932,407,000 5,678,286,000
1,745,000
1,155,000
1,155,000
93,086,000
109,010,000
90,341,000
...
t
Total reserves...
U.
by
8,047,596,000 8,023,903,000 5,789,041,000
8.
Govt,
bills
145,000
Chem Bank «fc Trust Co.
612,000
discounted
35,000
477,000
1,029,000
467,000
512,000
1,110,000
223,000
bought In open market.-
Industrial advances
2,048", 000
2,048", 000
6,000,000
20,000,000
77,500,000
Deposits,
Average
Average
81,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
Irving Trust Co
Continental Bk & Tr Co.
Chase National Bank
3,834,000
Fifth Avenue Bank
407,496,000
344,089,000
Notes
407,496,000
344,089,000
Bills
257,500,000
134,762,000
Comm'l Nat Bk A Tr Co
Total U. 8. Government securities,
direct and guaranteed
751,585,000
754,145,000
17,000
1,325,000
168,577,000
Uncollected Items.Bank premises
Other assets
Total assets
'
9,005,000
,046,503,000
49,641,000
28,231,000
55,000
*
3,069,000
99,977,000
1,675,000
4,525,000
1,682,000
37,246,000
3,838,000
38,769,000
13,530,000
130,012,000
397,953,000
101,350,000
9,395, ,300
27,959, ,100
8,525, 000
9,910, ,300
6,124,000
2,958,000
29,390,000
2,051,000
86,207,000
52,087,000
925,016,000 13,826,476,000
518,887,000
As per official reports:
14,185,000
291,923,000
654,708,000
646.579,000
65,969,000
,823,842,000
51,669,000
,112,092,000
3,922, ,200
81,047, ,700
2,515, ,700
729,830,000
9,858,000
16,612,000
754,245,000
17,000
1,651,000
248,117,000
9,858,000
17,011,000
4,726,000
127,951,000
716,743,000
724,663,000
Totals
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks.
687,745,000
,136,200,000
628,553,000
7,000,000
7.000.000
Publio Nat Bk & Tr Co.
751,585,000
39,440,000
172,247,000
25,000,000
6,000,000
5,000,000
12,500,000
Title Guar & Trust Co..
Marine Midland Tr Co..
New York Trust Co
332,401,000
512,882,000
,230,131,000
500,000
Bankers Trust Co
Bonds
208,628,000
67,518, ,600
56.744, 100
184,702, 000
40,151, 100
72.745, 600
19,065, 100
109,480, 000
53,188, ,800
4,409, ,900
133,291, ,800
90,000,000
42,117,000
Corn Exch Bank Tr Co.
First National Bank
U. 8. Govt, securities, direct and guar¬
anteed:
13,931, ,000
26,512, 700
20,000,000
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
obligations
direct and guaranteed
Other bills discounted
Total
Time
Deposits,
%
Bank of New York
Bank of Manhattan Co.
National City Bank
Bills discounted:
Secured
Net Demand
Undivided
Surplus and
Capital
Members
hand and due from
on
HOUSE
Profits
Clearing House
Gold certificates
CLEARING
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, MAR. 28. 194U
Assets—
Bills
2039
National, Dec. 30, 1939; State, Dec. 30, 1939; trust
companies, Deo. 30, 1939.
156,060,000
Includes
13,481,000
deposits
in
foreign
(6)
9,078,495,000 8,974,437,000 6,700,541,000
March 20,
$72,869,000;
(e)
March 20,
branches
as
follows:
(a)
Feb.
24,
$247,284,000;
$19,671,000.
(c)
March 28, $3,469,000;
(d)
Feb. 29, $68,013,000;
Liabilities—
F. R. notes In actual circulation
Deposits—Member bank
Foreign bank
Other deposits
THE
1,271,969,000 1,265,109,000 1,017,788,000
6,826,869,000 6,827,831,COO 4,921,363,000
154,585,000
150,811,000
200,924,000
86,434,000
137,861,000
143,127,000
326,979,000
310.123,000
195,329,000
acc't..
reserve
U.S. Treasurer—General account
-
LONDON
each
Total liabilities
7,446,294,000 7,431,892,000 5,404,050,000
237,339,000
158,167,000
154,758,000
1,026,000
873,000
1,454,000
51,106,000
53,326,COO
7,109,000
10,326,000
-
Other capital accounts—
51,106,000
53,326,000
7,109,000
10,264,000
of
total
to
reserve
deposit
£60%
£14%
£60%
£14%
48 /9
£60%
£60%
£14%
-
48
/9
36/3
Electric & Musical Ind
8,172,000
Holiday
Holiday
92.3%
90.1%
1,674,000
2,646,000
Rand Mines
£14%
Rolls Royce...
t "Other cash" does not
Reserve bank notes.
f
x
These
over
116/10%
£22%
£22%
£7%
£7%
£14%
£14%
£7"u
78/9
67/3
8/9
17/4%
24/9
78/9
a bank's own Federal
as
91/3
91/3
91/3
£32%
£32%
£32%
78/9
15/26/3
18/3
78/9
14/9
26/6
18/3
,78/9
£32%
78/9
Swedish Match B
United Molasses
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
to 59.06 cents, these certificates being worth less to the extent of the
Vickers
100 cents
difference, the difference Itself having been appropriated
91/3
Royal Dutch Co
SheU Transport.
IncludeiFederal Reserve notes or
certificates given by the United States Treasury for the gold taken
are
67/3
8/9
17/4%
24/9
116/3
£7%
£14%
£7%
RioTinto
£7%
67/6
8/9
17/3
25/117/6
£22%
78/9
68/8/9
17/119/7%
£22%
78/9
London Mid Ry
Metal Box
48 /9
37/-
36/3
£7%
25/-
HudsonsBayCo
£14%
48 /9
36/-
£7%
Distillers Co
7,457,000
867,000
Fri.,
Mar. 29
42/9
102/6
De Beers
52,463,000
ad-
1
Mar. 28
42/9
102/6
Cons Goldflelds of 8 ACourtaulds S & Co
50,990,000
92.3%
industrial
make
to
vances
Thurs.,
Mar. 27
43/101/10%
Central Mln& Invest—
and
F. R. note liabilities combined
Commitments
Wed.%
Mar. 26
Cable & W ord
9,078,495,000 8,974,437,000 6,700,541,000
_
Tues.,
Mar. 25
Imp Tob of G B & IRatio
received by cable
42/9
103/9
Ford Ltd
Total liabilities and capital accounts.
Mon.,
Mar. 23
Capital Accounts—
Capital paid In
Surplus (Section 7)
Surplus (Seotlon 13-b)
as
Boots Pure Drugs
British Amir Tobacco.
8,956,628,000 8,852,632,000 6,581,459,000
...
EXCHANGE
day of the past week:
Sat.,
Total deposits
Deferred availability items
Other liabilities, lnol. accrued dividends
STOCK
Quotations of representative stocks
West
profit by the Treasury
—
14/9
26/10%
18/3
WItwatersrand
Areas
under the provisions of the Gold Reserve Act of 1934.
14/9
26/9
18/3
£3%
£4'i«
£4ij«
£4
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These
figures
are
always
the Federal Reserve
week behind those for the Reserve banks themselves.
a
System
the figures for the latest week
upon
immediately preceding which
in
appear
our
The comments of the Board of Governors of
department of "Current Events and Discussions
also give the figures of New York and Chicago reporting member banks for
we
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans
described in
an
announcement^ the Federal Reserve Bank of New York of April 20. 1937,
as
The changes in the report form are confined to the classification of loans and discounts.
as
a
week later.
reported in this statement, which
were
follows:
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
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
or
bank purchased or discounted" with "acceptances and
own
carrying
commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
,
Subsequent to]the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans"
would each be segregatedfas "on
A more detailed
securities" and "otherwise secured and unsecured."
explanation of the revisions was published in the May 29, 1937, Issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON MAR. 20, 1940 (In Millions of
Dollars)
Federal
Reserve
Total
Loans—total
New York
PhUa.
$
%
$
23,398
8,606
Loans and Investments—total
Boston
$
Districts—
ASSETS
1,176
9,846
1,150
1,932
691
638
3,379
727
406
685
531
-617
3,326
429
701
266
307
908
328
191
301
269
963
Cleveland Richmond
$
Atlanta
Chicago
St. Louis
$
$
$
*
Minneap. Kan. CUtj
$
%
Dallas
San Fran.
%
$
2,237
4,379
299
1,799
202
273
117
163
538
191
101
179
178
339
Open market paper
338
67
122
27
9
16
4
37
11
4
21
2
18
Loans to brokers and dealers In securs.
628
22
490
25
21
3
6
35
5
1
4
4
12
473
19
214
31
25
15
11
72
12
7
10
13
44
31
115
52
111
56
Commercial, Indus, and agricul. loans
Other loans for purchasing or carrying
securities
—
50
——————
1,553
Treaury bills
———————
Loans to banks
—
Treasury notes
United States bonds
81
1,185
Real estate loans.Other loans
——————
------
129
198
172
41
45
1
2
------
1
458
93
50
199
74
91
1
10
------
68
29
------
58
22
------
50
384
------
166
645
14
191
1
354
44
1
12
19
1,796
6,500
38
867
31
157
153
38
282
33
33
66
41
57
338
2,689
317
657
154
113
1,066
145
116
97
93
715
49
6
_
3
1,313
99
126
52
74
51
184
3,482
Other securities
Reserve with Federal Reserve
120
1,460
274
285
66
105
507
105
44
143
58
315
10,318
510
6,292
448
560
185
131
1,195
188
102
190
130
387
2,369
Obligations guar, by U. S. Govt
Bank—
262
72
21
66
461
142
94
21
44
22
14
59
12
7
15
11
20
Balanoes with domestic banks
3,191
176
223
226
330
241
226
542
192
106
325
300
304
Other assets—net
1,271
79
521
84
97
38
46
78
22
16
24
29
237
19,251
1,204
9,589
939
1,313
495
407
2,508
475
289
534
475
1,023
5,333
237
1,076
263
747
200
190
959
190
119
145
135
1,072
576
14
67
54
47
33
44
135
17
2
24
31
108
8,284
338
3,663
437
461
314
309
1,231
358
160
429
268
316
Cash in vault
LIABILITIES
Demand deposits—adjusted—
Time deposits
-
United States Government deposits.
_
lnter-bank deposits;
751
Foreign banks
Borrowings
———————
Other liabilities—————————
Capital accounts
—
1
22
687
5
2
1
1
9
1
1
------
------
721
21
282
16
16
37
11
3,722
246
1,612
215
377
97
93
390
2
21
------
------
------
------
------
'------
1
------
------
21
------
6
*
7
3
4
297
95
58
104
87
348
The Commercial & Financial Chronicle
2040
Weekly Return
March
30,
1940
of the Board of Governors of the Federal Reserve System
on Thursday afternoon, Mar. 28
Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business
Reserve agents
returns
and the Federal Reserve banks.
on
The comments of the Board of Governors of the Federal Reserve System
the
upon
for the latest week appear in our department of "Current Events and Discussions
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 27, 1940
Mar.
Three Cipher» (000) Omitted
27,
1940
Mar. 20,
1940
$
«
Mar. 13,
1940
Mar.
Feb.
6,
1940
3
28,
1940
3
Feb. 21,
1940
3
3
Feb.
Feb. 14,
Jan.
7,
1940
1940
-
3
$
31,
Mar.
29,
1939
1940
$
3
assets
notes)
Redemption fund (Federal Reserve
—"
Total reserves—.
—
16,047,618
8,239
372,262
15,997,622
16,428,119
S. Treas.x.
Gold ctta. on hand and due from U
8,334
361,786
15,932,621
9,36€
362,536
15,868.621
9,572
16,367,742
16,304.519
15,739,122
9,430
369,498
15,674,618
356,186
15,793,621
9,674
367,455
16,234,379
16.170,650
16,118,050
15,552,120
9,335
413,222
12,423,718
384,791
15,619,619
10,118
387,624
16,069,527
16.017,361
15,974.677
12,836,950
10,118
9,602
403,630
Bills discounted:
obligations,
Secured by U. S. Government
direct and fully guaranteed
.
——
Total bills discounted-...—.—
—
478
334
369
470
512
741
455
1,612
1,632
2,620
2,507
6,167
5,338
6,168
2,090
1,966
2,989
2,977
6,679
6,079
10"483
.........
Other bills discounted.........
"lb",498
"lb",423
10,404
Vojoi
1,342,045
1,133,225
1,342,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,226
520
558
6,264
6,388
1,834
1,488
6,023
6,784
6,946
3,322
"lb",427
lb",434
"lb",485
"lO,373
14,005
1,344,045
1,133.225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1.133,225
911,090
1,176,109
.
561
Industrial advances—
—
United States Government securities, direct and
guaranteed:
Bonds............................—...
Notes
——
.....
—
....
476,816
Bills..
Total U.
Govt, securities, direct and
8.
2,475,270
2,477,270
2,477,270
------
2,487,843
——————
2,476,270
mmmtmm
guaranteed
2,487,734
2,490,682
2,490,651
2,494,653
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,494,327
2,494,539
2,494,589
2,564,015
•
Total bills and securities
Gold held abroad..
—
—
m
""""47
47
47
47
17,604
721,035
41,689
57,081
18,484
712,167
41,703
—
19,691
743,276
41,671
58,005
69,540
619,180
41,703
65,695
———
19,778,652
19,692,932
19,637,142
19,471,690
Due from foreign banks-....—.*——
Federal Reserve notes of other banks—
Uncollected Items...
Bank premises..
------
2,493,776
...
............
..........
—
Other assets...
Total assets..—
—
19,935
2,581,903
mmm m
47
47
47
47
47
21,582
638,754
41,741
64.759
20,003
636,295
41,771
63,931
21.273
792,040
41,792
62,895
22,084
598,495
41,792
61,460
24,626
625,068
41,808
61,973
19,432,186
19,373,873
19,481,901
19,235,778
19,222,788
16,111,152
161
19,498
581,828
42,682
48,130
LIABILITIES
Federal Reserve notes In actual circulation....
4,899,117
4,895,048
4,881,754
4.889,287
4,858,677
4,860.778
4,846,468
4,830,768
4,832,101
4,345,363
Deposits—Member banks' reserve account...
12,294,002
699,877
395,073
412,821
12,256,250
707,493
12,438,680
12,367,086
642,138
392,626
340,077
12,090,727
631,565
388,173
354,408
12,149,576
549,441
407,313
315,284
9,124,860
353,633
377,032
12,240,683
595,990
361,381
354,865
12,150,709
526,387
364,406
389,876
12,317,794
661,406
380,844
363,381
13,801,773
721,553
4,371
13,754,309
f688,636
t3,334
13,719,249
678,445
13,633,639
594.538
3,098
13,623,425
6,452
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
10,830,994
586,372
3,929
19,426,814 719,341,327
19,285,900
19,120.562
19,081,351
19,023,136
19,131.350
18.885,415
18,872,569
15,766,658
136,074
136,081
151,720
26,839
136,093
151,720
26,839
35,899
136,093
151,720
26,839
35,711
136,008
151,720
26,839
35,652
135,031
149,152
27,264
33,047
United States Treasurer—General account..
Other deposits.........
Total deposits
...
...........
Deferred availability items....—
Other liabilities, incl.
—
....
accrued dividends......
Total liabilities
—-
-
390,780
399,786
535,988
1,201,387
242,286
262,461
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 advanoes—
136,132
151,720
26,839
37,147
136,107
151,720
26,839
t36,939
136,102
151,720
26,839
36,581
36,195
130,075
151,720
26,839
36,103
19,778,652
19,692,932
19,637,142
19,471,690
19,432,186
19,373,873
19,481,901
19,235,778
19,222,788
16,111,152
87.8%
8,224
87.8%
9.080
87.7%
9,080
87.6%
9,126
87.5%
8,966
87.5%
8,638
87.5%
8,361
87.5%
8,350
87.5%
8,376
84.6%
12,647
645
412
1,349
1,468
932
773
:
26,839
36,395
■
Maturity Distribution of Bills and
Short-Term Securities—
•
1-15 days bills discounted...........—....
10-30 days bills discounted..........—.....
31-60 days bills discounted..................
61-90 days bills discounted
Over 90 days bills discounted......
161,720
t
.....
Total bills discounted........
176
45
4,556
2,247
3,632
1,641
161
155
181
226
244
260
3,818
1.038
1,580
3,708
1,123
1,108
1,116
1,126
1,119
198
279
355
377
233
161
160
193
157
148
149
205
197
243
369
2,090
—-
125
3,995
1,191
2,368
21
140
1,966
2,989
2,977
6,679
6,079
6,623
6,784
6,946
3,322
1-15 days bills bought in open market
165
187
69
16-30 days bills bought in open market.......
31-60 days bills bought in open market..
61-90 days bills bought in open market
Over 90 days bills bought in open market.....
Total bills bought In open market
1-15 days Industrial advances
83
335
74
561
"
"T574
16-30 days industrial advances——...
31-60 days Industrial advances......
61-90 days Industrial advances
-
"11592
"T,453
"T.493
"l",587
"il468
"l",435
l",439
"M84
121
130
381
415
59
171
215
159
149
294
249
353
339
491
501
392
523
178
267
273
299
181
157
283
292
331
184
493
229
2,405
160
Over 90 days industrial advanoes............
8,221
8,228
8,055
8,000
8,284
7,995
8,061
8.180
8,069
10,944
Total industrial advanoes
U. S. Govt, securities, direct and guaranteed:
1-16 days..............................
16-30 days..............................
10,483
10,498
10,423
10.404
10,704
10,427
10,434
10,485
10,373
14,005
......
31-60 days
61-90 days
....
72", 518
185,125
..............
167,163
.....
Over 90 days............................
2,475",270
2,475", 270
2,477*,270
2.477,276
2,477",270
2.477.270
2.477",270
2,4771270
2,47~7~t276
2,139,209
Total U. S. Government securities, direct
and guaranteed......................
2,475,270
2,475,270
2,477,270
2,477,270
2,477,270
2,477,270
2.477,270
2,477,270
2.477,270
2,564,015
A
Total other securities
Federal Reserve Notes—
.
_
1
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank—............
5,237,827
338,710
5,227,268
332,220
5,216,078
334.324
5.210.592
321,305
5,180,520
321,843
6.166.486
305,708
5,163,324
316,856
5,160,100
323,332
5,164,940
332,839
4,631,078
4,899,117
4,895,048
4,881,754
4,889,287
4.858,677
4,860,778
4.846,468
4,836.768
4,832.101
4,345,363
Gold ctfs. on hand and due from U. S. Treas—
5,343,500
5,333,500
5,328,600
5,323,500
5,313.500
5,298.500
5,309,000
4,774,500
671
493
543
615
723
1,068
5,298,500
1,296
5,305.000
By eligible paper.—.————
United States Government securities........
1,152
1,307
3,102
5,344,171
5,333,993
5,329,043
5.324,115
5,314,223
5,299,568
5.299.796
5,306,152
5.310,307
4,777,602
In actual circulation
285,715
Collateral Held by Agent at Security for
Notes Issued to Bank—
Total collateral———...
*
...
"Other cash" does not include Federal Reserve notes,
t Revised figures.
x These are certificates given by the United States Treasury lor the gold taken over from the Reserve hwiaf when the dollar was devalued from 100
cents to 59.00
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
The Commercial & Financial Chronicle
ISO
2041
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Three
Federal Reserve Agent at—
Total
Boston
New York,
$
$
%
$
certificates
hand
on
Atlanta
St. Louis Minneap. Kan. City
Chicago
$
Dallas
$
$
$
%
870,263 1,009,049
8,239
372,262
910,447 7,953,355
537
1,155
93,086
32,200
10,428,119
943,184 8,047.596
10,047,618
Redemption fund—Fed. Bee. notes..
Other cash ♦
reserves
$
$
$
San Fran.
$
due
and
irom United States Treasury
Total
12 FEDERAL. RESERVE BANKS AT CLOSE OF BUSINESS MAR. 27. 1940
Cleveland Richmond
PhUa.
ASSETS
Gold
THE
OF
Ciphers (000) Omitted
...........
417,203
309,739 2,468,388
264,385
370,870
238,287
354,723
441
800
605
722
1,007
634
642
348
279
29,908
26,684
21,208
19,795
50,075
15,886
9,917
19.247
16,007
874,903
1,009
38,249
900,612 1,036.533
439,016
330,256 2,519,470
393,396
274,944
374,318
254,573
914,221
4
28
22
140
157
136
Bills discounted:
Secured by U. 8. Govt,
obligations,
25
13
15
19
64
140
127
121
87
135
80
80
25
2,090
150
612
165
140
136
106
189
10,483
1,410
2,048
3,209
301
902
807
338
1,342,045
1,133,225
95,983
81,049
407,496
344,089
110,049
92,927
130,881
115,581
68,047
57,459
54,420
45,952
144,666
122,156
60,199
2,475,270
177.032
751,585
202,976
252,462
125,506
100,372
2,487,843
178,592
754,245
206,350
252,903
126,544
101,285
4
2
2
6
1
1,712
70.927
5,510
6,461
2,854
61,604
2,528
3,507
2,985
25,523
2,465
87,299
3,373
5,902
1,053
28,889
2,250
2,438
19,778,652 1,180,661 9.078,495 1,172,281 1,380,050
636,115
464,371 2,885,864
Total bills discounted
47
140
161
164
183
110
483
686
50,832
39,720
33,541
62,820
63,044
51,129
43,173
110,635
93,422
266,822
111,031
73,201
115,864
94,302
204,057
267,349
111,111
73,491
116,120
94,946
204,907
1
4
704
16,073
1,391
1,740
1,642
29,360
3,213
2,589
2,208
34,243
539,138
368,383
527,243
securities, direct & guar.:
Bonds
...
Notes
.....
Total
150
1,612
Industrial advances
U. 8. Govt,
145
467
478
and gnarant,««d
Other bills discounted
U.
S.
Govt,
securities,
direct and guaranteed
Total bills and securities..
...
Due from foreign banks
Fed. Res. notes of other banks
47
18
19,691
743,276
41,671
58,005
457
1,051
57,709
2,880
248,117
9,858
17,010
1,222
54,812
4,541
4,739
...
Uncollected items...
Bank premises
3
5
...
Other assets............
Total assets
3,836
2,023
2,297
See
a
738
22,660
1,166
2,377
2,938
5,103
376,427 1,163.624
LIABILITIES
4,899,117
404,342 1,271,909
345,609
452,853
218,961
157.658 1,074,567
192,227
140,598
181,577
79,442
379,314
12,294,002
U. S. Treasurer—General account..
699,877
Foreign banks
395,073
Other deposits
412,821
609.603 6,826,869
154,585
56,489
28,688
137,801
7,137
326,979
614,046
57,862
39,074
23,034
709,309
65,598
37,080
222,208 1,511,932
26,616
114,107
13,955
47,845
6,873
3,471
252,696
34,333
11,961
7,094
157,100
33,653
8,772
6,488
265,839
30,338
8,415
278,300
44,793
17,145
2,275
594
208,988
39,711
11,961
2,177
637,112
41,792
29,168
18,684
701,917 7,446,294
734,016
820,402
342,513
269,652 1,677,355
306,684
205,013
308,334
262,837
726,750
59,536
73,292
59,247
24,133
88,663
29,260
13,471
20,670
22,198
32,063
383
412
121
145
473
87
155
262
739
236
19,420,814 1,162,272 8,956,628 1,139,544 1,346,959
620,842
451,688 2,841,058
528,258
359,237
610,843
14,011
14,323
1,007
3,750
5,271
5,247
3,246
1,509
13,011
22,824
1,429
6,942
4,114
4,709
1,519
2,953
3,152
1,001
2,040
4,376
3,613
1,142
1,269
Total liabilities and capital accounts 19,778,652 1,186,661 9,078,495 1,172,281 1,380,050
Commitments to make Indus, advs..
710
341
867
1,120
8,224
030,115
464.371 2,885,864
539,138
368,383
627,243
20
181
59
476
St. Louts Minneap
Kan. Citt
Dallas
$
$
F. R. notes In aotual circulation
Deposits:
Member bank reserve account....
....
Total deposits
13,801,773
Deferred availability Items
...
Other liabilities, lnol. accrued dlvs
721,553
4,371
Total liabilities.......
55,681
332
237,339
1,026
'
11,563
365,216 1,138,369
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
*
136,132
151,720
26,839
37,147
.......
9,341
11,906
14,198
4,393
2,240
51,106
53,326
10,405
2,874
1,709
7,109
10,326
"Other cash" does not Include Federal Reserve notes,
a
4,632
5,725
713
1,713
17
752
538
10,710
4,101
3,974
1,266
1,870
10,224
2,121
2,200
376,427 1,103,624
3,682
Less than $500.
RESERVE NOTE STATEMENT
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
paper
Atlanta
Chicago
%
%
$
$
$
„
.
quoted
480,968
28,115
234,786
15,824
173,108 1,123,542
48,975
204,887
12,660
145,680
5,091
191,297
9,720
89,040
9,604
439,409
60,095
404,342 1,271,969
345,609
452,853
218,961
157,658 1,074,667
192,227
140,598
181,577
79,442
379,314
5,343,500
440,000 1,385,000
375,000
482,000
250,000
175,000 1,130,000
209,000
147,600
195,000
91,000
464,000
185
67
40
21
111
440,150 1,385,185
375,067
209,040
147,62£
195,111
91,000>1
464,000
5,344,171
.....
are
150
15,450
93
482,000
175,000 1,130,000
250,093
Quotations of representative stocks as received by cable
Asked
Asked
Bid
each day of the past
week:
1940
0.05%
May 29 1940
1940
0.05%
0.05%
June 12 1940
1940
1 1940
May
8 1940.
5 1940.....
June
0.05%
0.05%
May 15 1940
0.05%
0.05%
May 22 1940
.....
.
June 19 1940
.
.
June 20 1940.......
Mon.,
Sat.,
Fri.,
0.05%
BOURSE
PARIS
THE
Treasury Bills—Friday, Mar. 29
for discount at purchase.
1940
May
Francs
0.05%
0.05%
0.05%
0.05%
Ban que
Francs
Francs
Citroen B
Quotations for United States Treasury Notes—Friday,
Mar. 29
Bid
Rate
Maturity
Asked
100.9
101.21
ibl"i3
102.1
102.3
June
102.1
102.3
Dec. 15 1943...
Dec. 15 1941...
1H%
1 H%
1 H%
102.14
102.16
Mar. 15 1944...
Mar. 15 1942...
lh%
103.14
103.16
Dec.
15 1940...
Mar. 15 1941...
June
15 1941...
Asked
104.30
Nord Ry
Orleans Ry
104.18
104.20
Pechlney
102.28
102.30
103.3
103.5
Rente*,, Perpetual 3%
4 K%
102.5
102.7
Bid
1
H%
1H%
15 1943...
{f:
June 15 1944...
101.3
101.5
1,712
665
HOLIDAYS
-
1,005
980
2,000
(0%).
......
74.05
81.45
114.80
902'
1,760
975
1,006
980
2,125
73.85
84.30
114.95
8,480
1,059
517
16,900
666
968
1,760
980
1,005
2,165
2,915
2,995
73.95
84.50
115.00
3,010
1,815
.....
6%, 1920
Saint Gobaln C&C
Schneider & Cle
280
600
—
875
1,005
104.28
Sept. 15 1942...
Deo. 15 1942...
15 1940...
752
256
..........
Liquids....
Lyon(PLM)
Rate
Maturity
1H%
1H%
June
...
L'Alr
Int.
073
2,310
615
760
272
282
630
1,732
305
659
Credit Lyonnals.
Kuhlmann
Int.
680
2,250
605
270
570
1,898
.......
Energle Electrlque du Nord
Energle Electrlque du Littoral..
point.
509
16,610
750
252
..
Credit Commercial de France...
32ds of
more
or
Francs
8,460
1,050
Comptolt Natlonale d'Escompte
CotySA
Courrleres
Francs
2,186
585
„
.
Francs
602
16,460
'660
/
BanquederUnlonParislenne...
Canal de Suez cap
Cie Dlstr d'Electriclte.
one
Thurs
8,332
10,25
de France.
Bank de Paris et Des Pays Bas
0.05%
Figures after decimal point represent
Wed.,
Tues.,
Mar.22 Mar.2Z Mar.25 Mar.26 Mar.21 Mar.28
Cle General d'Electriclte
a
$
366,903
21,294
071
Bid
3
April 10
April 17
April 24
San Fran.
419,195 1,368,998
14,853
97,029
.
United States
April
$
■
security
as
Total collateral
Rates
$
Issued to banks:
Gold certificates on hand and due
from United States Treasury....
Eligible
Cleveland Richmond
Phila.
$
4,899,117
In aotual circulation..
for notes
New York
%
5,237,827
338,710
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
Collateral held by Agent
Boston
$
Federal Reserve notes:
1,250
646
SocleteLyonnaise.............
102.8
100.31
•
THE
BERLIN
STOCK
EXCHANGE
1,205
645
646
Tubize Artificial SUM pref
Union d'Electriclte........
102.6
100.29
1,830
68
1,245
Soclete Marseillaise...........
i% 0
%%
Sept. 15 1944...
Mar. 15 1945
85
87
88
439
445
441
45
45
45
the
New
......
Soclete Generate Fonclere......
Wagon-Llts..................
Closing prices of representative stocks
each
as
1,859
66
received by cable
day of the past week:
Mar.
Mar.
23
25
Mar.
26
Mar.
27
Mar.
Mar.
28
29
141
181
142
Allegemelne Elektrizitaets-Gesellschaft (6%)
Berliner Kraft u. Licht (8%)
139
177
Commerz und Prlvat-Bank A. G. (0%)
113
Deutsche Bank (0%)
116
Deutsche Reichsbahn (German Rys. of 7%) -HOLIDAYS 129
Dresdner Bank (6%)...
112
Farbenludustrle I. Q. (7%)
181
Relchsbank (new shares)
107
Siemens & Halske (8%)
238
Vereinigte Stahlwerke (6%)
112
113
116
129
113
185
107
239
113
116
.
—
States
Government
Securities
113
116
129
112
183
107
238
United
180
113
Per Cent of Par
141
180
112
York Stock
Exchange—See following
Transactions
at
the
New
on
page.
York
Stock
129
113
Daily, Weekly and Yearly—See page 2057.
185
107
238
113
Stock and Bond
Averages—See page 2057.
Exchange,
2042
Stock and Bond Sales—New York Stock
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
computing the range for the year.
No
account Is taken of such sales in
United States Government Securities
Below
furnish
the New York Stock Exchange
on
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 PricesiMar.22 Mar .2% Mar. 26 Mar.21 Mar.28 Mar.29
High I
Treasury
120.2.r
Low.
1111
120.22
Close
4^8, 1947-52
112.3C
120.24
Daily Record of U. 8. Bond Prices Mar. 23 Afar.25 3far.26 Afar.27 Mar.28 Mar. 29
120.26
112.2S
Treasury
107.16
107.17
107.14
107.19
107.21
(Low.
107.6
107.16
107.17
107.13
107.16
107.21
Close
120.26
112.3(1
107.6
107.16
107.17
107.13
107.18
2MB, 1960-65
107.21
'
Total sales in $1,000 units...
5(1
5
114.28
4s. 1944-54
mmmm
Close
Total sales in $1,000 units...
114.29
4
mm
-
Low.
114.28
High
3H8, 1940-43
*•«*
Low.
--
.
.
.
.
.
115
115.1
...
mm
115.1
m
'mmmm
.
mmmm
.
High
m
m
me
.
..
.
....
..
-
1
mmmrn
mmmm
-
mmmm
rn
•
m-.m
-
m
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
m
mmmm
mmmm
mmm
'
m
m
106.17
mmmm
Low.
m
'
m
m
-
103.18
m
-
-
-
m
101.9
-
-
mm
mmmm
m
106.19
mmmm
mmmm
106*19
106.17
106.18
106.17
106.18
8
mmmm
106.19
*2
mmmm
2
103.17
103.20
High
mmmm
mmmm
.
....
103.18
103.17
103.20
Low.
mmmm
-mmmm
—
... .
103.18
103.17
103.20
Close
mmmm
Total sales in $1,000 units...
.
.
.
106.19
mmmm
109.20
109.23
109.20
4
....
104.18
104.19
Low.
104.19
104.19
104.19
mm mm
104.17
Total sales in $1,000 units...
1
4
109.26
109.27
Low.
109.26
109.27
109.27
1
7
Low.
51
1
mmmm
mmmm
....
mmmm
104.8
mmmm
104.18
104.8
mmmm
mmmm
mmmm
mmmm
104.16
104.18
3
■
mmmm
High
2s, 1947
mmmm
■-
mmmm
109.27
-
„
...
5
.
,
110.16
110.15
110.15
110.15
110.15
110.15
110.14
110.16
110.15
110.15
110.15
mmmm
mmmm
mm
mm
mmmm
mmmm
mmmm
.
—
—
^
....
m mm
m
m
:
.
.
.
.
.
.
.
.
mmmm
■
mmmm
104.7*
mmmm
Low.
104*13
104.7
mmmm
mmmm
104.13
104.7
104.13
mmmm
mmmm
mm
Close
mmmm
110.16
m
mmmm
rHlgh
•
m
rn-mm
mmmm
•
■
2s, 1948-50
'mmmm'
1
-
■
mmmm
109.27
„
m
Low.
■
Close
Total sales in $1,000 units...
mmmm
109.27
mvmarn
'
-
■
m-mmm
High
m
Total sales in $1,000 units
1
mmmm
104.8
Close
,
109.27
1
106.24
—
Total sales in $1,000 unils...
mmmm
mm mm
mmmm
109.27
109.26
106.23
'
mmmm
109.28
Close
2Mb, 1951-53
mmmm
4
High
106.24
106.19
106.19
106.21
High
*2
5
mm mm
104.17
104.19
10*6*19
106.21
106.21
mmmm
mmmm
mmmm
109.20
109.23
1
•r...
2Mb. 1950-52
2
109.23
109 20
m
mmmm
109.20
mm-
1
109.20
109.20
;
Close
Close
mmmm
.
1
Low.
mmmm
.
109.20
104.19
Total sales in $1,000 units
Close
Total salesHh $1,000 unils...
2
-
.
mm
mmmm
High
-
.
.
—
Total sales in $1,000 units...
m
5
mmmm
*4
I
High
112.1
....
112.3
112.1
....
112.3
Close
112.3
112.2
.
.
Total sales in $1,000 units...
3
High
112.26
.
.
.
•
....
Federal Farm
mm m-
Mortgage
3MB. 1944-64
3
112.31
mmmm
mmmm
mmmm
mmmm
■
mmmm
m
mm
.......
m
108.10
108.14
108.13
10*8.16
Low.
108.10
108.14
108.13
108.16
108.17
Close
108.10
108.14
108.13
108.16
108.17
Total sales in $1,000 units...
2
13
2
5
8
J
3s, 1944-49
'
112.31
2
High
m
m
Low.
Close
*
Total sales in $1,000
units...
,
^
2
j High
J
mmmm
....
mmmm
2
....
Total sales in $1,000
units...
mmmm
112.2
112.1
m
2
112.3
Low.
3MB. 1946-49
-
mm
rn
mmmm
.
Low.
[Close
m
.
109.20
(High
3^8, 1944-46
30
-
mmmm
m .
^
mmmm
mm
m .
.
m
m
Total sales in $1,000 units...
3M<B, 1943-45
-
mmmm
'mmmm
High
2Mb. 1949-53
-
'mmmm
mmmm
Close
101.9
mrnmm
-
mmmm
$1,000 units...
101.9
mmmrn
-
■mmmm
mm
'mmmm
Low.
Total sales in
.'mmmm
m
(High
2Mb, 1948
1
30
2
•
mmmm
mmmm
Low.
115.4
2
9
'
mmmm
Close
Total sales in $1,000 unils...
115.4
m
m
mm m
3
High
2Mb. 1945
5
_
*
'
.
Close
3Mb. 1941
■
115.4
mrnmm
....
.
....
mmmm
Low.
3Ks, 1943-47....
.
rnrnmm
Close
Total sales in $1,000 units...
3 MB. 1941-43
114.28
....
.
115
115.1
.
..
.
I
115
114.28
'
114.28
Close
Total sales in $1,000 units
114.28
1
114.28
High
3 MB, 1946-56
114.29
114.28
Low.
Total sales in $1,000 units...
*2
114.29
114.28
High
107.8
(High
120.26
m
113.1
...
.
10*8. i7
....
'
3tfs. 1949-52
112.26
Low.
112.26
Close
Total sales in $1,000 units...
.
10
.
.
.
112.31
imm mm
112.31
mmmm
Close
Total sales in $1,000 units...
111.7
High
111.4
16
m
mmmm
111.10
1
....
m,
113 1
m
111.4
....
111.4
....
111.10
111.10
m
1
^
111.11
mmrnrn
111.10
Close
mm
1
111.10
•
111.13
Low.
3s, 1951-55
113.1
112.31
m m
111.10
112.31
mm
mm
....
111.3
6
111.10
....
111.7
Low.
....
....
....
High
3s, 1946-48
....
111.10
111.11
111.11
rnmmm
J
3s, 1942-47
3
mmmm
m
m
108.28
108.30
Total sales in
109.5
Low.
108.21
108.26
108.29
108.26
108.28
Home Owners' Loan
1
1
29
9
2
109.15
109.19
109.18
109.19
Low.
109.15
109.19
109.18
109.19
mmrnm
Close
Total sales in $1,000 units
109.15
109.19
109.18
109.19
mmmm
*2
27
7
1
2MB, 1945-47
High
2
KB, 1948-51
mmmm
Low.
-
Low.
.
.
.
107.17
...
mmmm
107.31
.
.
mmmm
107.31
.
.
.
.
.
.
....
107.18
.
107.18
I
5
.
1
1
.
.
mm
1
3
3
104.18
mmmm
mmmm
1
m
m
10*2.3*
mmmm
10*2.6
102.3
mmmm
102.6
102.3
102.6
2
f Deferred delivery sale.
1
above table includes only
Transactions in registered bonds
1
....
J Cash sale.
•The
to 101.7
2
104.18
mmmm
1
Treas.3^s, 1940-43..101.7
4 Treas. 3^s, 1943-45..109.25
4 Treas. 3^8, 1944-46..110.14
108.6
"
104.18
m
"III
1
108.6
108.6
'mm^m
sales
of
coupon
were:
to 109.25
1
Treas. 3^s, 1946-49.. 111.29 to 111.29
Treas. 3s. 1951-55
111.1
to 111.1
110.14
2
Treas. 2Mb,
to
1955-60..108.16 to 108.16
15
.
107.18
$1,000 units...
m
( Low.
Odd lot sales,
Note-
.
.
107.17
....
■
*
bonds.
.
107.16
....
1Mb, 1945-47
107*31
*»*••••
108.3
mmmm
fHigh
100
mmmm
108.3
mmmm
Total sales in $1,000 units...
4
108.14
1
108.3
108.3
108.3
'
Close
109.22
108.13
27
107.24
108.3
108
Close
108.13
107.24
108
108
Total sales in $1,000
units...
107.24
....
109.22
.
108.13
1
mm'+m
High
....
1
11.1
105
105
■
{ Low.
2Mb, 1942-44
-
108.11
1
'mmmm
f High
18
109.22
...
.
mmmm
mmmm
mmmm
Total sales in $1,000 units...
109.5
mmmm
108.11
.
....
Low.
m
10*5 ""
•
Close
108 T4
■mmmm
Close
■■ ■
Total sales in
mm
108.13
....
Low.
2MB, 1958-63....
.
18
m
108.11
....
High
,
mmmm
...
.
108.28
mmmm
mmmm
....
....
Close
Total sales in $1,000 units...
108.26
mmmm
....
W
.
High
2MB, 1956-59
...
....
Close
1,000 units..
....
....
High
Total sales in
108.29
mmmm
Close
Total sales in $1,000 units...
2MB, 1951-54
108.28
mmmm
-
mmmm
i Low.
3s, series A, 194£-52
_
108.21
mmmm
mmmm
mm
m
$1,000 unils...
109
3
High
mmmm
mmmm
mmmm
111.15
108.30
Close
Total sales in $1,000 units...
mmmm
Close
111.15
108.28
2KB, 1955-60
mmmm
mmmm
J Low.
2MB, 1942-47
111.15
3
m
mmmm
mmmm
High
mm
108.21
mm
mmmm
mmmm
mmmm
'
mm
mm
High
m
.
Low.
Total sales in $1,000 unils...
mmmm
Total sales in $1,000 units...
4
High
Close
'
107.16
107.161
107.16
United States
107.161
107.20
71
.
107.20
United States
10
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
HIGH
AND
SALE
PRICES—PER
SHARE.
NOT
PER
CENT
*42
Thursday
Friday
Mar. 26
Mar. 27
Mar. 28
Mar. 29
$ per share
$ per share
$ per share
Shares
67%
*141
67%
150
67%
*138
*45
47%
*44%
*7%
*24%
7%
7%
7%
24%
24%
24%
24%
*18
18%
%
12
*10%
*10
-
45
24%
-
18%
49%
18%
18%
1834
1834
48%
49%
50%
%
34
5078
78
;z49%
%
78
78
48%
*10-%
*18
%
...
-
-
11%
10%
77
11%
10%
11%
11
*10
11
*10
16%
*15%
16%
22%
*10%
10%
21%
*10%
21%
10%
*15%
21%
*10%
*1%
*15
53%
*19
59%
15%
2
16
54
8
%
10%,
10%
16%
21%,
10%
179
12
12
13%
13%,
7%
7%
67%
36%
*14%
*1%
67%
36%
68
68
35%
36%
15%
*14%
15%
1%
1%
*15
16
2
*15
16
53%
54
5414
54%
19%
19
19
19
19
62%
63
10
10
48
48
»
7%
177
*9%
*48
Bid and asked
64%
62%
63%
10%
10
10
48%
48
prices;
45%
48%
6%
78
1178
1014
1034
*46
47%
7%
24%
778
24%
78
46
46
8
*24%
6%
78
200
$ per share
No par
67
Mar 21
100
141
Mar 19
Acme Steel
No par
Adams-Mllllls
No par
700
Address-Multgr
18%
49%
4978
78
78
9,200
1,700
25
Corp
41% Feb
21
10
20
Alabama&VicksburgRyColOO
77
6%
11,500
Alaska Juneau Gold Mln...l0
6
7g
12%
*10%
7g
3,000
12%
3,300
700
11
11
700
16
16
400
2134
22%
11%
2,300
178% 17978
1,800
1078
3,900
12
12
13%
13%
8
1,600
6,900
69%
36%
7,800
14%
1478
200
778
*68
1%
2
200
1,600
16
16
100
54
54
1,500
*18%
20
500
61
62
19,600
10
10%
48S4
*46%
X In receivership,
a
2,200
war.
100
war.
100
Allen Industries Inc
1
Allied Chemical <fc Dye.No par
Allied Kid Co
5
Allied Mills Co Inc
No par
Allied Stores
5%
Corp
No par
preferred......
100
AUls-Chalmers Mfg....No par
Alpha Portland Cem..No par
Amalgam Leather Co Inc.._l
6% conv preferred
50
Amerada Corp
No par
Am Agric Chem (Del)..No par
Am
Airlines
New stock,
r
7
9
78Mar 11
.
77
Mar 26
7
Jan
8
1% Jan
14% Jan
8
3
Apr
Apr
33% Apr
31% Mar
6% Aug
19
Sept
1578 Sept
45% Apr
% Jan
68
per
share
71% Sept
149% Sept
49% No*
56%
Oct
11% Sept
25
Mar
27%
Jan
Sept
68
1% Sept
Feb
68
Feb
6% Dec
% July
5% Aug
10
Jan
2
Sept
20% Sept
Jan 31
12
4% Aug
4% Sept
18% Sept
9% Jan 18
1334 Jan 19
17
Mar 14
8
23% 8ept
18%
23% Feb 21
14
Jan 15
9% Jan 23
171
4
4
11% Mar 29
2
180
Mar 15
14
Jan 25
13% Jan 15
15
Feb
9
9% Jan
2
12
Feb
Jan
12% Jan
734Mar 16
Feb 13
63% Jan 22
35% Feb 1
69
41% Jan
4
14% Mar 12
1% Feb 28
14% Mar 15
16
Jan
9
2% Jan
9
53
Mar 18
Mar 28
16% Mar 18
56% Jan 3
June
Apr
6% Apr
161% Apr
10
Apr
9% Apr
6
Apr
54% Apr
28
Apr
12% Apr
1% June
12
50
Aug
18
28%
Sept
Jan
11% Oct
200% Sept
14% Sept
15% Sept
11% Jan
71
48%
Aug
Jan
1978
Jan
3% Sept
21
Sept
74% Sept
4
16
Apr
Apr
64% Mar 25
26
June
47
.10
1834 Mar 16
4134 Jan 12
978Mar 18
11% Jan
4
1734
Jan
46
50
3
9'4 Sept
46% Dec
60
Jan
10
6% preferred.
n
Mar 26
Mar
34Mar 5
1034 Jan 30
3
3
53
120
.50
Inc
American Bank Note
330
Del. delivery,
No par
war. 100
$2.50 prior conv pref.No par
Algbny Lud St! Corp. .No par
600
3534
Allegheny Corp
LM % Dt A with $30
5J* % pf A with $40
f>M % Pf A without
9
Jan
26% Mar 14
19% Jan 4
58% Jan 2
17% Mar 14
48% Mar 16
% Feb 7
8
9
Jan 16
Air Reduction Inc
No par
Air Way El Appliance. .No par
Feb
41% Feb
48% Jan
7% Mar 15
Highest
$ per share $
70% Feb 14
6
Feb
share
per
147
3
45
6%
11%
$
No par
Co
Adams Express
4,000
Year 1939
Lowest
Highest
Abbott Laboratories
900
8%
24%
18%
*75
Lowest
Par
Range for Previous
100-<S/wro Lots
4M% conv pref
Abraham <fe Straus
1,300
45%
8
*75
6i4
69
150
*42
2478
12%
12i8
1234
10l2
1078
m2
11
11%
1U2
16
16%
16%
16%
2184
22%
22%
2278
10%
1034
10%
1034
178
179l4 *177% 17834
*12
*12
1278
127S
13l2
1358
13%
1378
734
8
8%
8%
69
69
69
*68%
36
3678
35%
3634
*1478
1578
*1478
16%
*178
2
*178
2
*]5l2
16%
*15
16
54i4
54%
53%
54%
*18%
19%
*18%
20
62
63%
61%
6278
10
10%
10%
10%
*46%
4834
*46%
48%
no sales on this day.
45%
45
7%
*42
*77i2
6%
*21%
178% 178%
*12
12%
13%
13%
77
6%
%
*15%
68%
*140
7%
24%
%
36%
150
47%
6%
36%
*14%
*140
7%
%
11%
*67%
*67%
*44%
6%
*177% 179
*12
12%
13%
13%
7%
7%
share
47%
%
11
ver
*68
*42
6%
12
150
$
45%
%
-
*138
69%
*42
18%
48%
-
67%
45%
*18
49%
*34
67%
150
*42
48%
Range Since Jan. 1
On Basis of
Weel
$ per share
67%
150
Wednesday
45%
6%
%
EXCHANGE
Tuesday
Mar. 25
$ per share
*140
STOCKS
NEW YORK STOCK
the
Monday
.
Mar. 23
67
Sales
for
Saturday
Cash sale,
x
Jan 22
Ex-div.
y
Jan
21
Ex-rlght
Jan
.
24% Sept
5 Called for redemption.
Dec
Volume
New York Stock Record-Continued—Page 2
ISO
AND
HIGH
SALE PRICES—PER
Monday
Tuesday
SHARE,
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
On Basis of
Mar. 25
Mar. 26
Mar. 27
Mar. 28
Mar. 29
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*7%
7%
41%
*39 <8
133
7'4
*397g
*132
73g
41%
13278
11412 114%
171% 171%
25i4
25i4
*40
*1934
*108
13634
*10%
*734
*1234
*90
*2%
8
8%
7%
8%
7%
7%
7%
7%
40-%
40%
*40%
41%
*3978
4078
40%
40%
*132% 135
*132% 135
13278 13278 *132% 135
115
115
115
115% 115%
115%
114% 115
13,800
200
10
2,400
11414 114^4
173
173
173
173
173
172
*170
173
172% *170
*25% 26
25%
25%
25%
26%
2434
25i4
24%
24%
41
42
41
*40% 41%
40%
41
*4012
41%
39% 39%
20%
20%
19%
20
20
19%
19%
20%
20%
20%
20%
111% *108
111%
111% *108
111% *108
111% *108
111% *108
137
137
137
136% 137
136% 136% *136% 138
137% 137%
*10
13
*10
*10
13
13
*10
13
*10
13
13
8
8
*?%
8%
8%
8%
*734
8%
8%
8%
8%
7
7%
*7%
7%
7%
7
7%
678
*634
6%
7%
13
13
13
13
13
13
12%
12%
13i2
*1278
13
90
*88%
91%
91%
*88%
91%
*88%
91%
91%
*88%
91%
2%
2%
3%
2%
2%
2%
2%
234
2%
2%
2%
*5
6
*1%
134
22
22
5%
5%
19
6
*5
1%
1%
21%
21%
5
21%
*4%
21%
21%
23%
23%
24%
5
5
5%
5%
*434
35
*32
35
6034
*60%
6034
3
*5%
*41
5%
4134
*51%
*20
*54
13%
*234
2434
18%
31%
*478
18%
5
Amer Hawaiian SS Co
1,100
American Hide &
4%
*32
61%
5%
3%
2434
*2%
13%
*42
42
52%
52%
52%
20%
20%
20
54
54%
*51
13 78
13%
3
13-%
13%
3
3
3
4%
*4%
*31%
35%
*31%
35%
61%
61%
62
62%
"""900
3%
11,700
3
3%
54%
4534
834
*155
26
3%
54%
4534
878
157
3%
14%
*66
14%
5%
2,100
42%
*42
42%
300
*51%
53
*51%
53%
200
20
20%
*20
20%
2,100
53
54
5%
54%
1334
13%
3
3
24%
24%
24%
24%
24%
124% *119
124% *119
124% *119
26
26
25%
*25%
26%
25%
3
3
3%
3%
3%
3%
3%
54
54
55%
54%
55%
53%
54
46
47%
46%
45%
45%
45%
45%
8%
8%
8%
8%
8%
8%
8%
67%
12
12
*10%
30%
10%
30%
49%
49%
*145
146%
65%
65%
*149%
26%
26%
13
13
*15%
*19%
85
16%
20%
85%
*16%
16%
17134 172
87%
89
87%
89%
*145
147
5%
9%
*95
5%
9%
98
*8
*
14%
*66
13%
14% I
67%
12%
10%
66
66
u
„
*84%
87%
16%
16%
171% 172
87
88%
146
*5
9%
96
87%
89%
146
87
88%
96
9%
40%
40%
39%
6%
6%
6%
28%
*35%
36%
*35%
*22
22%
*22
*2%
8%
9%
97
7%
7%
5,900
II,500
10
8,200
14%
14%
15
68
66%
66%'
*60
68
*60
*10%
11
*10%
39%
39%
7%
6%
42
40%
6%
6%
8%
8%
100
*85
7%
7%
87
2%
35
5%
52%
68
*60
41%
10%
10%
8%
7%
41
*10%
8%
8%
100
*85
8%
8%
American Sugar Refining.. 100
Preferred
100
18% Jan 23
23% Feb 23
81
93
Feb 23
18
Mar 13
400
1,000
500
Armour<tCo(Del)pf7% gtdlOO
7,400
700
68
"
41%
41%
41%
5,800
10%
8%
*10%
*8%
10%
8%
300
900
100
"7,700
8
75
*70
76
*74
77
*71
76
*70
76
*70
75
*68
75
53%
16%
15%
53
*16%
15
*14%
*44%
45
21%
*52%
16%
15
*14%
15
53
99
16%
23
22%
22%
8,700
53%
53%
53%
53%
600
17
17%
17
17%
16%
*14%
*14%
15
I
16%
15
15%
*14%
15%
*14%
16%
22%
*14%
22%
22%
22%
22%
22%
227g
22%
22%
22%
22%
109
*107% 109
*107
*107% 109
108% *107
,*107% 108% *107% 108%
9
9
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
48
48
48
47% 48
48%
47% 48
48
48%
48%
48%
73%
*70
73
*71%
73% *71
71
71
727g
727g *71% 74
117
117
117
117
*117% 118
*115% 118
118%
118% 118% *117
6%
6%
*6%
77g
*6%
7%
*6%
7%
*6%
7
*6%
7%
1%
1%
1%
*1%
1%
1%
1%
1%
1%
1%
1%
1%
4%
4%
4%
4%
478
5
4%
5
*4%
4%
*4%
4-%
29
*28%
30%
29%
30%
28% 29%
31%
28%
28%
29%
30
22%
6%
14%
4%
6
7%
14%
7
14%
5
4%
6
*534
7%
14%
478
7%
14%
14%
4%
47g
5%
5%
4%
5%
6
10%
10%
10%
*44
45%
44
44
10%
43%
10%
43%
*14%
14%
8%
14%
14%
14
14
7%
7%
10%
*7%
*27%
28%
10%
11
31%
31
*113%
27%
*105%
*122%
*9%
*27%
28%
10%
10%
31%
10%
43%
14%
7%
15%
69
33
34
*65
69
£
28%
29
10%
11
*21%
22
21%
*56
56%
5534
36
36%
36
74%
74%
119% 119%
35%
28
74%
74%
11934 119%
*27
27%
33%
21%
*55%
*35%
73%
120
28
*65%
33%
69
35%
*56
21%
56%
*36
37
120%
120
21%
75%
27%
28
260
14%
1,300
8%
300
11
1
11
%
*66
34%
21%
*56
36%
75%
77'
120%
121%
28
*27%
*66
69
20
20
20%
9%
9%
9%
18%
9%
19%
13%
14%
*1334
15
*18
| *13%
| *66%
9%
*18%
10
18%
15
*13%
15
*13%
15
I
75
*66%
72%
*68
70
I *67%
22
23%
23
24
9%
*66
72%
*66%
22
22%
21%
20
75
22%
*19%
21%
Bid and asked prices; no
sale
20
22%'
on
this day,
19%
600
1 %'
19%
t In receivership,
12
Sept
48
Sept
20%
Apr
40
Sept
35
Apr
54%
13%
Apr
100
1,900
18,800
1,400
500
400
10
*19%
10
20
3,300
*13%
15
70
60
23
a
23%
100
B", 700
Def. delivery,
Beneficial Indus Loan..No par
Pr
pfd82.50d'v ser*38No par
No par
Best & Co
Bethlehem Steel
(Del).No par
7% preferred
100
Blgelow-Sanf Corp Inc. No par
Black & Decker Mfg CoNo par
Blaw-Knox Co
No par
Feb 23
4
Dec
21
Apr
37
Sept
Feb 29
97
May
106
3% Aug
3334 Apr
60
6% Mar
57
64% Feb
9
1%
Apr
Dec
834 Sept
Sept
Mar
65
31'4 Sept
68
Jan
7% Sept
5% Apr
13
Mar
50
73
6%
100
10-%
Oct
Dec
Jan
Jan
78S4
Jan 16
41
Apr
81
Oct
Mar 26
30
Apr
38
June
90
Jan
100
June
Jan 11
100% Mar
70
Jan
Apr
10%
Jan
45
21% Mar 19
25% Jan
21
Sept
42%
50% Feb 24
16% Mar 16
13% Feb 1
13% Mar 20
20% Jan 16
54% Feb
23% Jan
z49%
Dec
Apr
Oct
30%
107% Mar
8
8% Jan 12
47% Mar 29
18
6%
Jan
18%
15
Jan
110
Jan 25
9% Mar 19
61
Feb 14
73
Feb
8% Mar
2% Jan
Jan 15
Marl6
4% Mar 23
5% Mar 18
10% Mar 26
43% Mar 29
13% Jan 18
7% Jan 23
26% Feb 8
10% Mar 1
25% Jan 15
Feb
19
16
10
15
6
Jan 15
63% Feb 27
26% Jan 15
21
Jan 15
55
Feb 19
35% Mar 23
70% Jan 22
115
Jan
2
26% Mar 18
19% Jan 16
9% Mar 26
18
Feb 29
18
7
43%
Apr
Apr
Apr
Jan
Mar
Jan
2634 Sept
26
2434
Sept
Oct
110% June
9% July
48%
Aug
Sept
Aug
71
116
June
127
Jan
8
Sept
4%
Apr
2
Apr
16
Nov
3% Aug
9% Aug
Jan
3% Aug
4% Sept
6% Jan
5% Sept
3% Jan
30%
Jan
9% Nov
21% Sept
834
Jan
1478 Jan
52% Jan
11%
Dec
11% Sept
30% Jan
49
Dec
87%
15% Feb 16
8% Jan 9
10% Aug
6
Apr
21%
13
Jan
24%
33
Feb
8
Jan
29% Mar
6
13% Jan
4
32
9
Mar
115% Mar 12
29% Jan 25
109% Mar 7
30% Mar 12
127
Jan 2»
9% Jan 27
64
Feb 28
Apr
11% Aug
15% Apr
109%
Oct
17
Apr
98
Apr
27% Sept
104% Sept
7%
Apr
28
July
107% Nov
32
Nov
128% Aug
9% Oct
73%
Apr
33«4
22%
Jan
Oct
Dec
56
Deo
48%
Apr
3
32
3
60% June
99%
15%
Sept
Apr
Apr
Apr
22% Jan
14
11% Jan
23% Jan
22
Dee
13%
Dec
35
Apr
25% Feb
115% Nov
Apr
Jan
19% Mar 18
19% Jan
26% Nov
Nov
83% Jan
5
Jan
17%
39
121%Mar 28
34% Jan 5
Jan
16%
52
35% Mar 27
22% Mar 13
66% Jan 18
Mar
arEx-dlv.
104%
1% July
7% Jan
14
4
5% Mar
32% Mar
6
18% Sept
71
50
124% Jan 10
l%Mar 2
1% Feb 7
16% Jan 19
Aug
9% Aug
23% Feb 16
80
sale.
4
Jan 11
Jan
r Cash
7
9% Jan 4
96% Jan 12
15
n New stock,
6
Mar
13% Mar 23
65% Jan 4
Boeing Airplane Co
8%. Apr
Jan
3% Jan
35% Feb 27
Inc
5
Bloomlngdale Brothers .No par
Blumenthal <fe Co pref..... 100
Bliss & Laughlin
Jan
78
No par
—5
15
-
111
85
9
Bendix Aviation..
Jan 10
Feb 13
122
Beldlng-Hemlnway
114
27% Aug
11434 Juno
21
Sept
Feb 10
20
No par
8
70
Beech-Nut Packing Co
^.-25
6434 Sept
75
50
Beatrice Creamery
Belgian Nat Rys part pref
1,500
*18
20
100
21%
9%
5
No par
100
preferred
Jan
36% Jan 12
97% Jan 3
113% Mar
26% Mar
109% Jan
30% Jan
1st
85 preferred w w
21%
19%
21
8% Jan 12
96% Jan 12
Beech Creek RR
900
22
56%
50
Bayuk Cigars Ino
5l", 300
*56
Brothers—...No par
5H % preferred
Barnsdal) Oil Co—
10
69
*36%
37
36%
75
76
77%
121% *121% 122%
28 I *27
28
20%
20% 20%
Barker
1,200
34%
56%
JBa'tlmore «fe Ohio-.-—..100
4% preferred
100
Bangor & Aroostook
50
Conv 5% preferred
100
Barber Asphalt Corp
10
2,800
34
9%
•
11
100
35%
*18%
*20
800
43%
....
69
7,800
No par
15% Sept
43% Jan 11
31% Jan
38% Jan
10% Jan
Austin Nichols
No par
of Del (The!.3
Baldwin Loco Works v t c... 13
Apr
Aug
Apr
4134Mar 29
1,500
85 prior A
96
Apr
Jan 15
7,700
Aviation Corp.
Jan
14%
Apr
Aug
Jan 15
Jan 29
880
8%
Apr
4
10
6
55,900
18% Jan
Dec
87% Jan
8934 Jan
153% May
171%
24
37
No par
XAuburn Automobile.-No par
14%
29
5% Jan 23
46% Jan 23
58% Jan 4
Jan 15
200
Oct
Sept
97% Sept
28%
110
106% Jan
Mar 26
43%
*7%
2% Mar 29
31% Jan 12
63
10%
*26
Feb
117
14%
8
5
50
5% conv preferred
Atlas Tack Corp
44
29
Mar 19
100
110
10%
8
A...100
Atlas Powder
14%
*26%
26% Jan 22
No par
200
44
31%'
34%
21%
56%
36%
74%
7,200
1,000
10%
10%
43%
14%
14" 200
4% conv pref series
Atlas Corp
6% preferred
6,200
6%
*10%
100
.25
5% preferred
Atlantic Refining
6%
5
6%
£
*65%
Atl G & W 1 8S Lines..No par
5
5%
6%
*26
*113%
34%
21%
55%
33%
900
"4",300
14%
15%
5
8
*30%
2,100
7%
14%
6%
29
1078
14%
7
7%
5
*7%
107g
6%
31%
31%
31% 31%
31% 31%
2114% 114% *112%
*113%
28
*27%
28%
28%
28% I
28
28
27%
27% *27%
27%
*108
112
112
*105% 110% *105% 110% *108
*105% 112
112
*
*29%
31
*29%
31
*-___
32
32%' *29%
31
126%
126% *124
*124
124
124
126% *124
126% *124
124
*9%
9%
*9%
9%
9%
9%
9%
*9%
9%
9%
31%
*113%
*65
28
67g
67g
14%
100
5% prefeirred
Atlantic Coast Line RR—100
16%
17
100
100
5% preferred
100
Atch Topeka & Santa Fe..l00
22%
|
8%
78
34
2258Mar
2
7% Mar 16
Associated Dry Goods
170
1
53%
*14
44%
100
53%'
21%%23
16%
*13%
100
5
No par
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Artloom Corp
No par
7% preferred
100
86 conv prior pref
Assoc Investments Co.No par
99
2178
15
44%
45%
Armour & Co of Illinois
200
99
52%
16%
*44%
99
21%
52%
16%
15
16%
45%
5
Paper Co Ino
6% 1st preferred
7% 2d preferred
75
*70
100
Jan
Oct
Sept
14% July
7% Feb 21
5% Jan 30
39
Dec
4% Sept
47% Jan
500
5%
75%
Marl6
9
52%
13%
39
35
5%
15% Apr
75% Mar
132
Jan
Nov
Jan
90% Feb 23
150% Jan 24
99
144
18%
Apr
8% Mar 18
Sept
Apr
Apr
Apr
5% Feb 23
12% Jan 4
63
8%
9
73
Jan 27
*70
45
_
Jan
46% Sept
Aug
148
Jan 12
11
76
*99
5
Jan
Jan
July
3%
Archer Daniels Mldl'd. No par
76
45
Jan
144% Mar 18
20
Jan
41
9% Jan
A P W
Nov
Aug
7
Feb
183a
20%
Mar 18
25
49
162
69
7
85 prior conv pref
Feb
153
No par
100
Preferred
Jan
7
68% Nov
Oct
Jan 22
Amer Zinc Lead & Smelt.... 1
x26
Apr
59%
140
175% Mar 12
89
Jan
127% Sept
95
300
*72
99% 100
21%
22
Jan
9
No par
86 1 st preferred
American Woolen
300
7%
9
500
2%
*85
Feb
900
14%
*70
*44
70
1358Mar25
17% Jan 5
1
Mar 21
75
99%
22
146% Mar 21
150% Jan 22
33% Jan
Feb 24
110
77
45
52% Jan
Feb
86%
Dec
Sept
10%
25% Aug
35% Apr
Jan
12
25
Apr
12% Mar
11% Feb 23
15
86.50 conv preferred-No par
Ande« Copper Mining
20
8%
Jan
Sept
34
2
9% Jan 16
85
Apr
8% Sept
No par
52%
100
54
No par
100
Oct
Apr
Apr
Jan
80% Sept
15% Mar
330
*60
32
American Stove Co
2%
68
3%
American Stores
Common class B
112
21% Sept
Mar
200
6% preferred
2258 Dec
Jan
50
25% Mar 26
*13%
5%
52%
Mar 19
Apr
70
2
110% 110%
1
Sept
Jan
Mar
2%
2234
19
109
3
4
79%.
1534
6%
40%
124%
117a June
AncborHockGla88 Corp No par
*34
Jan
Apr
17% Jan
300
35
30%
Aug
13% Mar 16
21%
109
Aug
11
28
Amer Steel Foundries..No par
Am Type Founders Ino
10
Am Water Wks & Elec.No par
Sept
140
6
Feb 28
200
9
Jan
Jan
64% Mar 28
149% Jan 18
2,200
12:900
Aug
i0% Jan
163
Mar
Mar
8% Mar 15
142
25
Dec
3% Aug
25
8
43
155
Co... 100
60
14% Jan
3% Sept
13
63% Jan
25
3,300
8
Sept
43% Sept
41
Mar 20
5
r51%Mar
Jan
Sept
4
5% Jan
35
*70
*99
26
300
*72
*44
121
Jan
Jan
Mar 18
100
37
109
52%
40
*85
7%
4
3
Anaconda Copper MInlng._50
Anaconda W & Cable_.No par
*34
35
6
9%
Mar 14
14% Jan
3% Jan
23% Jan 30
119
100
26", 100
2%
Mar 29
6% Jan
25
6% preferred
29%
21%
14
Jan
2% Mar 15
22% Jan 26
American Snuff
1,600
22
*2%
109% 109%
5%
5%
*60
100
Mar 18
20
4,400
36
14
2%
1%
3% Mar 29
35
60
13
900
6%
43
37
11012 110%
13
Apr
Apr
51% Feb 1«
Jan 22
41
36
22
25%
41%
52% Mar i7
22% Jan 3
46
28%
43
30
2
Jan
42
..100
Preferred
3
Apr
Apr
2% Mar
62% Mar 29
Mar 25
Refg.No par
6%
*40%
7%
6% Jan
37
50% Feb 16
18% Feb
1
Amer Smelting &
10,600
28%
40% Jan 24
2934 Feb
*39%
41
*21
36%
110% 110%
51%
68
5
3
4
4,400
12
39%'
10%
8%
33
6,600
89
22
51
12
89%' 89
89%
88%
89l.i
149%
1497g *146% 1497g *148
5%
5%
5%
5%
5%
9%
10%
9%
9%
9%
10
96
96
*95
97%
97%
97%
*7%
778
7%
8
7%
77g
87
*35%
51
35% Jan
1,900
I
87
22%
2%
25% Nov
2
167% Jan 15
36%
14
Apr
24% Jan
28% Jan
rl4% Feb 29
*22
*2%
Apr
5
10
85 preferred
No par
Am Rad & Stand San'y.No par
25
Jan
3% Jan
30% Nov
12%
American Seating Co..No par
Amer Ship Building Co.No par
500
86% Sept
Jan
1,170
800
Feb
7% Jan
64% Feb
11% Jan
1,200
8%
11% Sept
18% Sept
1
1
American Tobacco
28%
*12
...No par
American Rolling Mill
17% Sept
Mar
18
Amer Telep & Tel eg
*40%
110% 110%
100
No par
Preferred
Aug
6% Sept
Am Sumatra Tobncco-.No par
29
2%
86 preferred
132
5%
200
43
14
100
preferred
Oct
115% Mar
Dec
5,000
28
68
8%
17
American Locomotive..No par
conv
Oct
25%
1%
4H % conv pref...
100
American Safety Razor.. 18.50
500
86%
16%
88
*16%
172% 172%
*40
39%
1034
*85
*86%
17%|
172%'
28
52%
7%
49%
86%
50
Preferred
Oct
64
2% Jan
2% Jan
pref
40%
4% May
16%
172
43
*51
8%
47%
8%
I
8%
conv
July
2% Sept
24% Jan
Amer Internat Corp...No par
Amer Invest Co of 111..No par
5%
61
91% Mar 25
3% Mar
Apr
Feb
179
5% Jan
100
pref
6%
Aug
116% Sept
4
Jan
No par
non cum
Apr
5% Sept
Jan
14% Feb 23
172% 172%
86%
86%
*16%
41
40
6%
54
100
3,500
5%
35
35
35%
35% *35
108% 108% *108% 109% *108% 109%
5%
5%
5%
5%
5%
5%
*85
17,500
*147
*35
10%
86%
27%
*35%
*12
39%
*66%
*40
110% 110%
*60
68%
28%
36%
22%
*12
*52
14%
15
43
110% 110%
2%
88%
5
*95%
86%
86%
147
5
40%
*40
87
147
5%
9%
6%
14
14%
*66
86%
86%
*16%
16%
171% 172
40%
*2%
3%
57%
48
6%
6%
3%
Aug
4% Mar 18
Amer Power & Light..-No par
56%
Dec
5
33% Feb 15
56% Jan 13
American News Co
3%
9
8%
Leather__.l
Amer Metal Co Ltd...No par
56%
Feb 23
Jan
9% Mar
3
6% conv preferred
50
American Home Products... 1
"""360
25%
10
*29%
48%
7%
28%
25%
25%
13
434Mar
2,700
24%
24%
124% *119
124%
24%
2
21% Mar 26
Amer Mach & Fdy Co.No par
Amer Mach & Metals..No par
2,100
3
109%
Jan
140
1% Feb 28
10
American Ice
Aug
Feb 15
Feb
5
'1,300
13%
3
3%
*12
7%
43
13%
13%
500
52
52
12%
12%'
*12%
12%
12%
12%
12%
10%
10%
10%
10%
10
10
10%
30
30
31%
30%
30%
30%!
30%
30%
31%
49
49%
50
49%
50%
49%'
49%
49%
49-%
143% 143% *143% 144%
rl45% 145%* 144% 145%
144
144
66
66
64%
65
*65%
65%
65%
65%
*64%
66
*150
*150
149% 149% *150
*149%
28
26
27%
28%
28%
26%
27%
25%
26
26%
13
13%
13%
13%
13%
13%
13%
13%
1314
13%
16
16
16%
16%
*16%
167g
*15%
16
*15%
16
20
19
19%
20%
19%
19%
19%
19%
19%
19%
12%
10%
__
7%
28%
5%
5%
|*155% 157% *155% 157% *155% 157%
14%
8%
*40
3,300
*42
25%
157
35
34
52%
20%
24%
157
3%
3%
33%
42%
24
*155% 157
62
31-%
31%
5%
*117% 124% *119
*2534
5
4%
35%
16%
2
3
138
2% Jan 17
No par
2,700
2%
54
86 preferred
3,700
311
31%
5%
20%
No par
21%
27g
52%
No par
$7 2d preferred A
31
30%
5%
54
87 preferred
2,200
20%
278
20%
4,300
31%
29%
*51%
~~2~, 100
Apr
Sept
Feb 15
10% Jan 26
81% Jan 2
1%
25
90
Apr
83%
109
6% Jan 15
American Crystal Sugar
20-%
61
6
Amer European Sees...No par
Amer & For'n Power
No par
800
150
5
10% Mar
Co NJ25
19%
35
42
133
American Colortype Co
10
Am Comm'l Alcohol Corp..20
125
Jan 29
Jan 16
Jan 2
30% Aug
13% Apr
100
May
Mar
106
No par
American Chicle
Mar 26
Jan 15
100
preferred
31
3
56%
13%
conv
19%
4%
4%
52%
2034
19% Mar 18
_
31%
4%
61
41%
23% Mar 16
38% Mar 16
Preferred
18%
*32
5%
41%
100
Am Chain & Cable Ino. No par
31
29
*278.
29
American Car & Fdy. .No par
Am Coa. Co of Allegh
800
2,900
5
Highest
share $ per share
8
Jan
3% Aug
57% Sept
3134 Apr
8% Mar 28
Jan 3
132%
116%
176%
32%
51%
23%
169% Mar 19
18%
31
5
~l",666
Feb
Lotoest
per
45%
100
Preferred
5%
"
Jan 13
112
25
American Can
I,900
6
Highest
$ per share
share
38% Mar 16
130% Jan 5
100
5H% conv pre!
31
*17%
31%
5%.
800
2,700
1
Am Brake Shoe & Fdy. No par
6%
1%
23%
1%
2,500
American Bosch Corn
8
per
5%
Par
10
6% 1st preferred
100
American Encaustlo Tiling... 1
*5
*1%
600
6
6
1%
*5978
29
*5
1%
*32
*2%
6
1%
31%
*28%
*5
1%
'18%
*3078
434
434
6
*5
100-Share Lots
Loioesi
Mar. 23
$ per share
*132
Range for Previous
Year 1939
EXCHANGE
Friday
Thursday
Wednesday
Sales
for
LOW
Saturday
2043
8%
Apr
16% Aug
67% Mar
Sept
120% Sept
3234 Oct
24% Oct
1734 Jan
100
36% Oct
23% Ma
57
Dec
3434
Jan
yEx-rlghta. t Called for redemption.
New York Stock
2044
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
Record—Continued—Page 3
NOT PER CENT
Monday
Mar. 25
*2f>h
*120
Thursday
Friday
Mar. 27
Mar. 28
Mar. 29
f per share
% per share
$ per share
Shares
25%
70
25
2434
23%
24%
24
2134
22
25
25
24
24%
23%
22
2214
22
24%
22%
*2
212
*2
2%
33
33
33
0%
10^4
20%
22
33
33
0%
6%
117S
21%
2184
*38%
38%
*38%
2134
*38%
22
38%
11%
21%
38%
52%
52%
2%
18%
22%
5234
53
53%
53
53%
234
53
53
18%
22i2
18%
22
2034
2034
*20%
*35
30
25%
25%
25%
*9%
9%
9%
5%
18%
22
18%
21%
183s
22%
93%
91
91
60%
60
60%
20%
20%
21
35%
2134
*90
00%
20%
' *35
*100%
39
3934
38%
39%
5%
5%
5%
534
5%
24%
5
5
25%
25%
*30
30%
30
25%
30%
20
20%
1934
20%
19%
11
11
11
11%
*25
40
5%
25%
30%
20%
30%
30%
20%
11%
11
21%
11%
25%
30%
19%
11%
*3%
334
3%
3%
3%
3%
9
*8%
9
8%
8%
9
9
07g
22%
*3%
678
22%
3%
11%
6%
*22%
67g
11
11
6%
2234
3%
11%
70
*05%
14%
70
6
23
3%
*11
11%
2234
3%
3%
6%
2234
3%
12
70
*05
*13%
14%
*14
14%
24%
*51%
24%
24%
52%
24%
*51%
52%
*51%
52%
1%
1%
1%
1%
1%
7%
15%
07g
15%
67g
1%
634
6%
15%
15%
15%
15%
1084
20%
21%
21%
22%
223g
2338
39
39
39
7
15%
20%
*35
21%
*35
39
5%
6
*38%
39
5%
*38%
24
39
*36
578
5:
5%
5%
*41%
*8734
*23%
43%
43
43
89
87
87
*87
24
*23
24
*23
24
*278
*67%
3
*117
50
*27g
'67
69%
5%
3
69%
116% 117
118%
50
49%
29%
30
30%
116% 116%
10%
1034
116
10%
5%
67%
*115
4934
297g
67%
66
60
66
66
116
23
23%
*234
23%
23
23
2h
278
112
112%
3
112
*4%
4%
*4%
434
*7%
*5%
8%
*7%
57g
*5
*234
*112
8
5%
*94
102
37%
6%
31
96
38
37%
634
6%
31
*19
30%
3734
30%
19
19
103
103
22
*21
19«4
*21%
27%
*4%
29%
39%
39%
*93
28%
4%
39%
4%
*94
95%
*1%
134
*1%
37%
634
*30%
*20%
27%
29%
4%
*95
2
*1%
2
1%
1%
10%
10%
10%
10%
*3i«
%
31«
316
%
*%
*34
*11%
%
*18
3ie
11%
*34%
35
*46
48%
*11%
*34%
*477g
*%
*%
12%
6%
6%
6%
13%
9478
*13%
*93%
*
66
*2%
3634
*
10%
10%
%
%
•%
%
31«
%
%
*16
%
34
%
34
%
95%
134
*1%
134
134
11%
13%
9434
*45
*2%
36%
66
*
66
30
30
*109% 111
183s
30%
1734
*334
4%
*16%
*3»4
4%
*334
4%
*412
434
18%
30%
*109% 111
;*ie%
*3%
*ll
200
*%
400
*%■
700
3884
43
140
121
122
*61%
63
18%
18%
30%
30%
110
110
%
*%
13%
*94%
11%
1178
6%
38%
*3
38%
*6%
*3
113
38%
3834
5,200
110
4284
83
*48
49
3 884
39
39
39%
42%
43%
43%
43%
*140
122
*61%
18%
*140
142
123%
63
1834
31%
31%
*110
111
142
124% 125
63
*617g
18%
187S
*31%
32%
110
110
*48
39%
3,600
43%
44
6,800
142
142
125% 128%
63
18%
*31%
18%
15" 500
32%
800
*110
111%
5
5%
*5
434
25
*3%
434
2434
*3%
2434
478
2434
24%
5%
24%
*3%
24%
24%
534
86
87
87
87
*73
82
*73
82
97
98
*72%
82
534
5%
86
86
80
*73
97
7%
2234
46
45%
*105
106%
106% *105
543g
54%
54%
54%
*9634
7%
21%
2434
5%
86
78
97
7%
21%
584
7%
*20
5%
97%
7%
*7%
21%
*20%
45%
45%
0
30
17%
900
4%
50
5%
86%
*73
64
63%
63%
63%
63%
32%
32
32%
32
32%
•Bid and asked prioes; no sales
on
63%
32%
1,700
6%
40.800
87%
1,000
82
323s
this day.
3
4
29% Sept
4% May
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
5
Carriers A General Corp
1
Case (J I) Co
Preferred
5
4
Feb 27
43
35
July
89% Feb
8
77
Apr
Jan 18
23
27
Jan
5
3% Jan
3
13% Apr
2% July
63% Aug
2% Jan 24
60
Jan 30
100
111
Feb 14
No par
47% Feb 26
Celanese Corp of Amer.No par
7 % prior preferred
100
Celotex Corp....
No par
26% Jan 18
5% preferred
100
Preferred
100
Cerro de Pasco Copper.No par
Certaln-teed Products
1
6% prior preferred
100
Chain Belt Co
No par
(Cham Pap A Fib Co 0% pf. 100
Common
107% Jan 12
978 Jan 22
62
21% Jan
258Mar
111% Mar
4% Mar
634 Feb
5% Feb
22
18
28
6
1
$5 preferred
1
Mar
6% Jan 22
2734 Jan 26
18% Feb 13
102
Jan
9
4% Jan
38% Mar
2
94
9
1%
1%
9%
%
100
preferred
No par
Pr pi ($2.50) cum dlv No par
tChlc Rock 1st A Pacific
100
7% preferred
100
6% preferred..
No par
Chickasha Cotton Oil
10
Chllds Co
..No par
Chile Copper Co..
...25
Chrysler Corp
City Ice "A Fuel..
6H% preferred
City Investing Co
5
No par
Mar
6
Mar 15
Mar 25
Jan 29
18% Apr
33g Jan
114% Mar
9
5% Feb 10
9
Jan
2
Mar
7
Mar 27
8% Feb 15
Apr
103% Sept
3% June
3%
3%
Apr
Apr
85% June
32
June
5% Aug
35% Feb 15
22
Sept
20% Jan
4
18
Sept
105% Feb 20
27% Mar 21
98
Apr
17
Aug
29%
484
42%
97%
2%
Mar 23
Jan
3
Jan
8
Jan 16
Jan 3
2% Jan 24
12% Jan 4
6% Apr
z3% Dec
27
Apr
8534 Oct
l3g Sept
1% Aug
9%
Apr
Apr
% Jan
%
% June
% Jan
% Dec
1% Jan
1434 Jan
% Dec
357g jan
30% Aug
46
50
44
Jan 12
% Jan 8
% Mar 1
%Mar 19
8% Mar 5
11% Jan 16
4% Feb
30
8
Mar 12
79% Jan 15
12% Jan 15
Mar
%Mar 12
% June
2
% Aug
3
Jan
11% Mar 28
10
32% Mar 28
91% Jan 3
14% Jan 26
25
98
z60
28
65
Jan 17
Mar
6
Feb 27
35% Jan 2
76% Feb 14
Mar 26
35% Jan
3578 Jan
9
2
Feb
6
Jan 30
334
Jan
2
39% Mar 28
65
Mar
6
114% Jan 10
43% Mar 8
Apr
4% Dec
Apr
53% Apr
9
Apr
79
Jan
46% Sept
2% Apr
15
Apr
68
Feb
1067g sept
20% Apr
80
Mar 28
69
Sept
48
Mar 26
42
Jan
*39% Mar 14
45% Mar 7
100
136
No par
118
Jan
2
No par
61
Jan
8
63
Coigate-Palmolive-Peet
No par
16% Jan 15
2o
Collins A Alkman
No par
28
100
Colo Fuel A Iron Corp.No par
Feb 29
% Aug
7% Apr
13% Mar 8
6% Mar 25
Jan 30
111
Apr
Aug
%
Mar 13
2% Mar 19
10
% Jan
93
48
Class A
Oct
2%
% Jan
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody A Co..No par
Preferred
3
Feb 28
Clev Graph Bronze Co (The). 1
Clev A Pitts RR Co 7 % gtd_50
Coca-Cola Co (The)
Apr
7% Aug
24% Feb 23
z60
No par
CCC A St Louis Ry 5% pf.100
Clev El Ilium $4.50 pf.No par
84
58
100
5
13% Apr
68% Mar 29
100
City Stores
Clark Equipment
Apr
38% Apr
10% Mar 18
33% Jan 19
100
Chicago Yellow Cab
Mar 27
12% Feb 15
110
% Feb 28
% Jan 13
% Feb 9
...100
par
117
41% Jan 10
tChlcago A North West'n.100
Preferred
6
37
Jan 18
Chicago Pneumat Tool.No
4
6
15
100
Jan
56% Jan 4
317g Mar 12
97
Mar 19
No par
25
75
11834 jan
26
21
Preferred series A
Mar 25
92% Jan 31
5
^Chesapeake Corp
Chesapeake A Ohio Ry
$3 conv
Jan 12
No par
Cab Mfg
57g jan
Apr
4
5
38% Jan
85% Mar
100
Caterpillar Tractor
142
34% June
21% Apr
Feb 14
125
Sept
128% Mar 29
105
Sept
58
Jan
Feb 27
Mar 18
Feb 21
35% Feb 3
110
Feb 28
112% Feb 10
17
Mar 18
1934 Jan
3
11% Apr
100
3
Jan 19
4% jan
2
234 Aug
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
5% Jan
3
23
5% conv preferred
Colorado A Southern
Class B
4%
Jan 19
3% Mar 12
Jan 13
2.50
2234 Jan 13
Columbia Gas A Elec. .No par
6% preferred series A... 100
5% Mar 26
4%
26%
26%
7%
92%
Jan 12
11% Apr
20% Apr
100
Apr
378 Sept
3% Aug
Mar 12
14
Apr
Mar 12
14
Apr
Jan
4
86
Mar 20
100
72
Mar 15
79
Jan 96
No par
86
Mat 21
98
Maf 27
5% preferred
Jan 10
5% Apr
74% Jan
62% Jan
97%
734
97%
97%
"""906
7%
734
800
Columbia Plct
211
No par
21%
45%
634 Jan
9
21%
45%
8% Mar 15
400
6% Dec
$2.75 conv preferred.No par
Commercial Credit
10
19% Jan
2
23% Jan 29
15% Dec
5,000
400
4,400
200
6484
64
37% Mar
1
10
.
"MOO
2434
66
66
6 734
70,200
73,800
2,800
32%
321
32%
32%
31,000
1%
64
340
4%
24%
45%
45% 45%
45%
106
106% *106
106%
106% 107
*106% 109
54
54%
54%
54%
*54
54%
5434
54%
*110% 112
*110
*110% 115
115% *110% 113% *111
113% 111% 111%
14%
14%
14%
14%
14%
14%
14%
1534
15%
1578
15%
15%
1
1
1
1%
1%
1
1%
1
1%
1%
32
260
^2,900
*61%
5%
2434
2434 ♦2434
20
39%
5
17
2,600
10
5
5%
30
112% 113
*112% 113
42
42%
42%
42%
80
80
*7834 81
17%
4%
*85%
*7284
17,500
1,200
3%
41 o
5%
86%
*45
3%
39%
18%
86%
30
13%
*4%
5%
*85%
4,900
96
18%
434
300
6%
*95
43s
25
1,200
*13%
18%
24%
lllo
12%
96
8 534
43g
25
100
33%
*31
4%
5
4834
32%
87%
13%
*45
3%
*11%
12%
17%
24%
4534
34%
%
*3%
*4%
*3%
*2434
24%
25
96%
7%
34%
4834
*%
*16%
24%
*21%
4534
400
438
25
Q8
7%
13%
96
*48
140
1,900
17%
24%
21%
41%
*80
38%
18%
41
$
3,300
3,500
66
113
85%
42%
139% 140
120% 120%
*61% 63
6%
6
No par
6% Mar
40% Jan
jChic Great West 4% pf_-100
Chicago Mall Order Co
...5
JChic Mil St P A Pac..No par
600
1134
2
500
1,600
11%
4% Jan
700
%
Apr
25
.
Checker
9%
12
1%
*16
16% Jan 15
36
% Feb
47g Aug
36% Dec
3% Sept
10%
%
I7g Feb 21
8% Feb 21
17% Mar 29
23% Mar 27
:Chic A East 111 Ry 6% pf.100
*L
207g Feb 9
52% Mar 13
Apj
39% Jan 12
400
%
2
Jan
7
25% Apr
11% Aug
13% Apr
48% Mar
5
134
%
6%
32%
*
100
12%
86
48
4278
18%
113
9,600
*%
31%
48
39%
6334
11%
12%
*3
39%
.96
12%
86%
37
4%
2,100
1,600
*48%
%
%
%
*45
3%
37
300
12%
3434
4834
85
13%
*94%
2
*84
6%
31%
95
42
120%
6%
31%
94%
39
*120
*12
1234
84%
13%
3%
28%,
%
4%
3934
95%
100
110
22%
10%
4%
39%
11%
36 34
103
*21%
*1%
*17g
*10%
4%
96%
3g
42%
141
29
103
*27%
4%
39%
*95%
134
1%
10%
%
39
7%
21%
2,100
1,490
%
42
*97
32%
I984
%
*%
3834
*617g
31%
*19
3
1% Jan 23
6% Jan 15
13% Jan 18
Apr
I87g Apr
2% June
Mar
JCentral RRof New Jersey 100
Central Violeta Sugar Co
Century Ribbon Mills.No par
1934
*47%
5
100
Central 111 Lt 4^% pref..100
33%
%
Canada Dry Ginger Ale
Canada Sou Ry Co
Canadian Pacific Ry
40
6,300
2
Calumet A Hecla Cons Cop..6
Campbell W A C Fdy..No par
800
7
1%
1
Central Agulrre Assoc. No par
Central Foundry Co
1
38
3i«
51
60
1,300
1,300
39%
1%
5% preferred
Callahan Zinc Lead
284
*034
3
3
2234
38
Jan
4
234
7%
33
1934
4%
15% Jan
22%
60
2234Mar 12
13% Jan
23%
2%
500
Jan
81% Jan
350
11134 11134 *111% 112%
*4%
434
*4%
434
7%
7%
7%
7%
*5
*5
5%
5%
*94
97
*94%
97
7%
7
Mar 26
68%
4%
3912
*95%
6%
980
8,400
11
Mar
64% Mar 19
13% Feb 7
23% Jan 18
66
*28
85%
13%
*48
*140
234
116% 116%
11%
11%
No par
66
38%
%
*112% 113
*112
*112% 113
4184 4134
41
41% 41%
*79% 85% *7934 8512 *79
*48
22,200
29
49
*31
*45
3%
37%
31
49
13%
*93%
*27g
30%
67g
%
31%
85%
*30%
30% 31%
115% 116
ll3g
117g
12
85
*45
150
3,800
*34
*30
400
50
1134
31%
6834
115
49%
34%
8534
50
50%
11%
85
*67%
Byers Co (A M)
4
Participating preferred.. 100
Byron Jackson Co
No par
California Packing....No par
Capital Admin class A
$3 preferred A
20
400
*114
10
400
600
69%
dep7%pf JOO
Cannon Mills..
3
115
1
Bush Term Bldg
Butler Bros
400
24%
34%
*30
8,700
3
1138
*1134
100
24%
3434
6%
51,300
39
3738
%
*1134
23
7%
34
*11
22%
3
11%
11%
1234
10,200
24%
28
10
♦45
5,900
17%
3
34
49
7%
17
37%
*%
*11%
*11%
"3" 100
1134
*%
11%
3,300
1%
3434
*1»
1034
24%
52%
27%
%
578
1,000
30%
316
%
*34
Apr
4
24
21%
316
June
180
50
Apr
15% Aug
1
900
*68%
26% Mar 28
3
6% Mar
12
89
6% Feb 17
11
14%
5%
Apr
29% Apr
3
74%
*87
434 Jan 18
4
4
11%
89
4434 jan
Apr
6% Jan
Mar 19
Apr
9434
47g Jan
12% Jan
14
....
Mar 16
9% Apr
7
106% Mar 27
3% Mar 18
83gMar26
6%Mar 16
2034 Jan 3
3% Mar 16
74
534
Feb 10
Bush Terminal
14%
39
10% Feb
13% Apr
31% Jan
21% Apr
11% Apr
70
5%
*38%
*5%
*42%
27% Mar 27
4
3
70
534
38%
5%
Jan 15
Jan
Apr
12% Jan
5
5%
38%
Nov
33
30
*35
39
Mar 23
5% conv preferred
23
Apr
Mar 14
Nov
7%
11
Butte Copper A Zinc
39
11
27
Jan 15
Jan 19
Apr
3,700
200
22%
16% Apr
31
4134 Apr
1% Apr
Mar 11
Jan 15
38
Apr
Sept
7% Aug
18% Mar 11
22% Mar 13
35
Jan 15
Jai;
Apr
21% Jan 10
1,900
1,800
6%
Mar 20
Jan
Apr
Mar
3%
7%
3
Jan
12%
16%
18%
1%
19%
6%
18
23%
17%
Mar 15
21%
8%
101%
434
Jan 15
20
*3%
7%
16%
Jan
Marl5
No par
*2234
*51%
1%
4
48
Bulova Watch
3%
l3g
Mar
20
Bullard Co
1134
24%
5212
7
3
Jan
93%
60%
25%
35%
No par
No par
23%
21%
1%
10
Budd Wheel....
11%
21%
*1%
100
6
Sept
51
28% Jan 12
*18%
4%
7% preferred
7
14%
23%
*51%
1%
16
Highest
100% Sept
Burlington Mills Corp
1
Burroughs Add Mach._No par
684
10234 103
No par
7
39%
96%
39
95%
5%
97
Budd (E G) Mfg
6%
32%
*18%
10234 10234
2134
2134
4%
39%
7%
37
034
31
*18%
1934
*10234 103
21%
4%
7%
100
6%
*2234
3%
*2234
2%
7% preferred..
110
23
*5
2,100
1,500
19,400
5
1,000
66
112%
97
3,000
No par
Bruns-Balke-Collender.No par
37g
115
4%
102
37
634
103
*102
*94
430
Brown Shoe Co
Bucyrus-Erle Co
10%
66
234
112
4%
7%
5%
*5
96
23
3
112%
4%
*7%
69%
116
65
5,100
24%
2%
48%
50
30%
31%
116% 117
11%
11%
66
23
88%
100
*3%
*87
24
5,800
2,300
*9%
fi.%
*42%
2%
69%
117
*65
*112
5%
49
400
9%
*35
39
5%
24
2%
48%
29%
30%
115% 116%
10%
1078
10%
13g
7%
11%
3034
21%
11%
4
$6 preferred series A.No par
Ctfs of deposit
No par
Brooklyn Union Gas
No par
1,300
22,.500
3%
*87
48%
116%
52%
5%
2534
Jan
1% Jan 5
12% Jan 30
13% Jan 30
5
3%
9%
*42%
..
2%
24
684
38%
*53s
88%
5%
14%
7
39
*38%
5%
*42%
69
*14%
23%
*51%
13g
24%
5%
39
68
14%
26%
40
5%
253i
3034
207g
57g
4
1
110
40
*11
30%
33
9
40
Jan
Brooklyn A Queens Tr.No par
$6 pref ctfs of dep...No par
Bklyn-Manh Transit..No par
700
5%
25%
3
3
11,600
40
5;
Jan 17
Jan
63% Mar 27
9%
5%
Bower Roller Bearing Co
2
Mar 27
39% Feb
2634
20
25%
*30
39
2%
*1067g
5%
5%
......5
100
24%
257s
2%
35«4
2234 jan
9%
27%i
9%!
Borg-Warner Corp
21% Jan
21% Mar 26
Marl6
51
26%
27
27%
2734
9%
9%
100% 106% *106%
5%
53g
5%
15
20
Bristol-Myers Co
100
18%
2134
95%
60%
22%
35%
9%
Jan
2734 Mar 11
123% Jan 5
70% Mar 20
3
18%
27%
22
"
12% Jan
21%
*90%
60%
21%
35%
*9%
Jan 16
Mar
10% Jan 15
19% Jan 23
38% Mar 5
18%
*35
62
31% Jan 15
21%
21%
21% Jan 12
117
5
18%
*35
5%
38%
2%
95%
60%
21%
35%
$ per share
Brewing Corp of America
3
Bridgeport Brass Co...No par
Brlggs Manufacturing.No par
Brlggs A Stratton
No par
21%
*90%
60%
35%
5%
3934
5%
234
2078
27%
9%
*106
100
2%
18%
2034
36
234
Class B
Boston A Maine RR
1,100
1,500
12,400
11,800
% per share
6,700
034
12%
22%
38%
2%
100
$ per share
1,000
684
234
11,200
5
Lowest
No par
Borden Co (The)
11%
234
Year 1939
Highest
No par
1
7,300
6%
03
Bon Ami class A
24%
23%
2%
32%
11%
223g
38%
2%
*3%
33
Bohn Aluminum A Brass
Bond Stores Inc
684
91
*63
2%
50
3,600
113s
21%
60%
6%
*22%
*3%
*11%
23%
*2%
1,700
25%
6%
91
11
2234
25%,
23%*
22%
*2%
32%
24
Par
280
11%
60
a39
22%
23g
25%
1940
Range for Previous
Lot*
Lowest
6978
*38%
53
5%
24
33
33
69
6%
60
106
*68
68%
25%
2334
11%
95%
*35
26
26%
26% 2034
121% 121% *121
123%
69%
2534
24%
6%
60
*8812
26%
122%
697g
25%
21%
*2%
2
33
20%
*120
11%
21%
21
2012
38l2
*5212
234
18%
2
33
6%
11%
10%
*38
2534
121
70
70
25
Range Since Jan. 1
On Basis of 100-Share
Week
121
70
30,
EXCHANGE
Wednesday
$ per share
26% *2.534 26%
12212 *120
122%
70
*6812
STOCKS
NEW YORK STOCK
the
Tuesday
Mar. 26
1
$ per share
$ per share
Sales
for
Saturday
Mar. 23
March
J In receivership,
a
Def. delivery,
Columbian Carbon
v
v t c
t c
4
% conv preferred
100
Comm'l Invest Trust..No par
$4.25
conv
pf
ser
'35.No par
Commercial Sol vents..No par
Commonw'lth A Sou..No par
$6 preferred series
No par
Commonwealth Edison Co__25
n New stock.
r
Cash sale,
x
45
104
Mar 20
Jan
6
51% Jan 15
110% Jan 9
48
3
3834
98%
Oct
42
Apr
Jan
5534 Feb
113
Mar
9
6
Mar
2
1578Mar 28
1
Mar
1
1% Jan
73% Jan
32% jan
30% Jan 15
Ex-div.
y
Apr
10*% Feb 21
13
62% Mar 12
73
Ex-rlghts.
2
8
3
Apr
10334 Sept
8% Aug
1% Dec
4534 Jan
225% Apr
1 Called for redemption.
Volume
SALE
HIGH
SHARE,
PRICES—PER
NOT PER
STOCKS
NEW YORK STOCK
the
CENT
EXCHANGE
Monday
Tuesday
Wednesday
Thursday
Friday
Mar. 23
Mar. 25
Mar. 2b
Mar. 27
Mar. 28
Mar. 29
9 per share
8 per share
9 per share
9 per share
9 per share
9 per share
Shares
On Basis of
Week,
*5%
23%
5%
23%
*5%
235s
11%
5%
23%
11%
9%
26%
12%
*11%
11%
*8%
10%
27%
13
*8%
26%
26%
13%
1278
*83
♦83
85
*91%
92%
8%
8*4
93
8%
8
3078
31
10978 110%
%
1
3078
31
*10978 110%
*78
1
9*4
*4
4%
7%
26
26%
26%
13%
85
8
30*4 3078
109% 109%
%
1
4%
7%
12%
22%
22%
28*4
40%
378
4
28*4
16*4
16*4
53%
53%
53%
53%
5978
5978
172% 172%
6
6
1%
20*4
1*4
22%
28*4
9934
*29
30%
4
4
7%
7%
7%
12%
12%
4078
4
22%
28*4
40
40%
6%
4
3%
92
*58
68
*58
*18*4
*4%
16*4
*7%
*112
17%
17%
*17%
17%
16*4
4%
4%
%
%
*%
40
9%
19
19%
7,400
2,400
6
1%
43
42%
42%
15%
4234
15%
4234
89%
36%
*89%
*42
6%
1,500
Crosley Corp (The)
No par
Crown Cork & Seal
No par
27
i
180
92.25 conv pref w w__No par
42%
42%
300
Pref
15%
15%
89%
15%
15%
15%
89
89
38
38%
86
86
3%
3%
6%
6%
*89
37%
86%
*3%
3%
6%
*80
86
*80
84
*1234
*12%
13%
27%
13%
27%
378
378
6%
27%
27%
3%
41%
10%
27%
10%
10%
28%
29%
2734
20
3,400
90
*80
84
*12%
12%
27%
3%
3%
2,000
41%
4I84
909
1034
10%
29
27%
10%
28%
47,200
27%
27%
4
4
41%
42%
41
41%
10%
28%
10%
28%
*89%
92
*89%
92
92
*58
68
*58
68
*58
68
20
20
i",oo6
5
200
92
*89%
10%
29%
92
*58
68
18%
*18*4
16*4
*4%
*16%
7%
7*4
22
27%
21%
2634
1878
4*4
17%
7%
____
21*4
2634
18%
19%
*4%
484
17%
*16%
19%
4%
*16
7%
7%
7%
11134 11134 *11184
21%
21%
22
26%
*26%
2634
17%
16%
17%
16%
*17%
17%
18%
18
4*4
4%
♦
5
*4%
100
17%
*7%
7%
III84 112
27%
26%
I
,
18%!
70
10,500
600
!
18%'
5%'
18
18
18%
5% |
900
22%
26%
5
%
3s
Class
400
3,400
3,500
400
1
1
Conv 5%
preferred
20
Preferred
10
Delaware & Hudson
100
Delaware Lack & Western..50
{Denv A R G West 6% pf. 100
33%
900
Diamond
*39%
*9%
40
9%
40
200
834
19
19%
19
9%
19%
80
80
80
20%
20%
"
19*4
19*4
82
82%
155% 157
17*4
17*4
6%
*6%
13%
*12%
120
186%
125% 125%
19%
82%
*13
13%
*36%
37
20%
20
20%
1934
82%
8234
155% 156
1734
17*4
*6%
6%
*12%
13%
155
83%
155%
85
37
3684
2OS4
20%
20-%
20%
20
8234
155
38%
13%
85%
155%
19
1734
17*4
1734
8%
6%
*6%
6%
13%
♦12%
13% *12%
117
117
*116% 117
*116% 117
186
186%
185% 186%
185% 186%
125
125
125
125% *125% 126
*115% 116
115% *115% 116
38
37
37
38%
38%
38%
4%
4%
4%
4%
4%
4%
4%
*4%
15134 15134
150*4 151
*168% 172
*168% 172
33
a33
32%
33
151
151%
*79%
*13%
*19%
84%
85
13%
37
21
19%
86%
25
6% partlc preferred
,
*20%
21%
19%
19%
84%
20
8%
' """440
8%
125% 125%
125% 126
1
3734
38%
5
5
38
4%
151% 152
4%
19,300
1,500
2,000
90
171
171
172
*169
37%
1,100
100
116
116
116
116
No par
1
...No par
Rolling Mills
...5
Eastman Kodak (N J).No par
Eastern
100
6% cum preferred
33%
15%
33%
33%
15%
15%
15%
%
1
%
38%
38%
38%
37%
3734
37%
39
39%
38
14%
15
3734
1434
1%
%
38%
14%
14%
14%
15%
15
16
15%
38%
15%
20,900
*1%
1%
1%
1%
1%
1%
200
Elec A Mus Ind Am shares...
12,700
4,700
*1%
5%
1%
5%
29
*24
24%
1%
24
45
3134
1%
37%
*1%
*3634
45
*111% 112
8*4
8%
5%
6%
29%
30%
29%
31%
26%
26
2684
2634
4,400
31
31
31
1%
*1%
1%
400
...No
No
Elec Storage Battery..No
Elk Horn Coal Corp—No
37%
31%
1%
37%
27%
31%
38
38%
*37%
38
800
El Paso Natural Gas
45
4484
4434
4434
4434
300
Endlcott Johnson
5
*44%
80
77%
85
*83%
*86
90
8834
*4
*4
%
*1%
1%
*1%
77%
84%
8884
5%
4%
*1%
37
*44%
45
*1%
*111% 112
♦111% 112
9
9%
8%
8%
111% 111% *111% 112
8%
8%
*82
*76
5%
30
24%
31%
37
31«4
1%
37%
*4434
77%
78%
85
85
89
91
7 884
*77
85%
85%
93
*90
900
111% 111%
20
10%
16,000
9%
93
80
1,100
8.584
8584
86
93
78%
*84
93
93%
1,000
1,000
79%
7934
84
500
1%
1%
1%
13s
13»
1%
1%
1%
2%
2%
2%
2%
2%
2%
1,100
1,200
*%
%
13s
%
%
34
%
®4
*58
234
1%
2%
1%
*2%
*1%
2%
*1%
1%
*1%
1%
*13s
*4
4%
*4
4%
4
4
*4
4%
4
4
*8*4
25%
9%
*8%
9%
8%
85,
9%
8%
9%
27%
26%
27%
26%
27
*%
1
*2%
*1%
2%
26%
*634
25%
7%
*634
9%
26
26
7%
%
%
84
34
84
34
%
**4
26%
26
7%
7%
*%
7%
43
43
42
25%
25%
25
18%
25%
18%
99%
99%
100
100
102
102
*100
24
*23
24
*23
24
*23
24%
4
*4
*23
24
*23
*3*4
h
4%
*334
23%
22
*91
3%
4
18%
*18
3%
*25%
18%
3%
84
84
84
22%
22%
44
25%
25%
25%
18%
18%
23
3%
«4
%
22%
23
93
93
*91
93
*90
18%
*17%
18
1734
18
18
18
*17%
18%
39%
*18%
39%
2434
39%
3934
39
39%
*39
3984
*18%
2484
2434
*18%
2484
*91
18%
*17%
40%
40
*18%
24*4
*18%
2434
Bid and asked prices; no
93
*91
93
Bales on this day.
*90
*18%
{ In receivership.
a
12% Mar 16
1% Jan 2
4% Mar
26%Mar
22% Mar
28% Jan
1% Jan
36% Jan
Def. delivery,
2
15
15
23
27
12
Jan 12
42
109% Jan
3
50
6
—5
3
Corp. No par
Fairbanks Co 8% pref
100
Fairbanks Morse A Co.No par
Apr
Apr
32% Nov
45
Jan
55% June
25
Sept
13% Apr
3% Aug
14% Sept
4% Apr
103
Sept
3684 Sept
5% Aug
1334 Sept
66
Sept
984 May
20% Sept
55
Aug
13% Nov
Jan
Jan
34
July
8734 Nov
Apr
17%
934 Mar 29
Deo
Deo
Jan
144%
19%
10
Apr
120
108
Apr
187% Mar 12
126%
13S4 Jan 18
Jan 17
126
Mar
4
Jan
178
9
112
Apr
Sept
111% Sept
12% Apr
384 July
118%
31%
Feb
Deo
8% Sept
Jan
183%
30%
Feb
Oct
1
Aug
22%
Apr
3
8%
Apr
Apr
20%
Apr
1978 July
3% Jan
Oct
18% Nov
3% Mar
12% Jan
41% Jan
1884
23%
Apr
38
Apr
35
%
Apr
15% Sept
1% Sept
6% Apr
184 Jan
8% Jan
36% Jan
3184 Jan
32% Mar
134 Jan 10
3
45% Jan 29
41% Jan
Mar 19
112
124% Aug
186%
3978Mar 12
Jan
June
Apr
138%
15%
17
14
116% Nov
188% Sept
155% Sept
33% Mar 14
17% Jan 4
1% Jan 2
8
40%
Feb
Sept
3% Sept
42»4 Nov
28
32% Aug
55
*103% Mar
111
Sept
Jan
7
Apr
13%
Apr
80% June
Aug
Mar
1
12% Jan
72% Mar
4
83
Jan
62%
80
Mar
4
89
Jan
65%
Apr
89
Aug
84
Mar
4
97
Jan
69
Apr
95
Aug
8
l%Mar
Jan
4
8
84 Aug
% Jan
3
8% Jan 16
1
Feb
1
9®4 Jan
8
5
Aug
178 Sept
1% Apr
65% Sept
3% Sept
1% Sept
3
Sept
6
Apr
6
Sept
3% Sept
65% Sept
63$ Mar
13
Apr
Dec
9
8%Mar 11
34% Jan 15
44% Mar 11
28% Feb 23
18% Mar 20
24
Apr
Apr
20
Apr
11
Apr
25%
2%
8%
4378
38%
18%
Jan
Nov
Jan
Sept
98
20% Jan 15
a4 Mar 20
434 Jan
Mar 20
27% Mar 28
14%
3
%
I
Jan
284
Mar 27
81
Jan
3
29
Dec
4
Jan
9
Jan
3
r Cash sale.
10% Nov
20% Mar
90
July
Dec
4% Jan
n New stock,
32% Jan
34% July
4478 July
Mar
28% Jan
1
Y.$2.50
Filene's (Wm) Sons Co.No par
Jan
Oct
1%
125%
6
384Mar 18
Fidel Phen Fire Ins N
Oct
878 Sept
6
7
Feb 16
Ferro Enamel Corp
Deo
28
101%
Mar
Mar 29
100
Oct
27% July
2184Mar 29
162
23
preferred
11284 Deo
22%
*96
4% %
June
10% Sept
18%
*
2
Federated Dept Stores-No par
7
17% Mar
25%
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction... 15
Federal Water Serv A .No par
Nov
Apr
Apr
1584
23
25
preferred.
91
35%
1% Jan
Cleaner.
13% Nov
19%
73%
Apr
1% Feb 20
Co
4% Aug
Deo
7% Sept
63% Sept
Mar
1®4 Jan
3% Jan
Federal Motor Truck..No par
%
*34
23%
15% Mar 28
% Mar 28
34% Jan 16
Apr
10
38% Mar 23
6% Jan 3
16634 Jan 2
168% Mar 26
27% Jan 15
3% Sept
30
11834 Jan 19
145% Feb 26
28%
Feb 2»
38
% Jan 22
Federal Mln A Smelt Co
4
14% Mar 12
2% Mar 20
$6
102
8
Mar 25
4%Mar 25
Sept
19% Sept
Dec
Apr
26% Jan 2 >
Exchange Buffet
7%
2
93
Aug
Apr
100
..100
100
{Erie Railroad
4% 1st preferred
Ex-Cell-O Corp
4384
23
Jan
Aug
9
26
Sept
Equitable Oiflce Bldg..No par
Evans Products
40%
92%
*40%
No par
No par
95H preferred
$6 preferred
Eureka Vacuum
23%
23
5% preferred
—100
Engineers Public Service
1
$5 conv preferred
No par
884
102
102
par
—3
Corp....60
4
*684
18%
*18
34
84
*22%
*17*4
♦
25
22%
84
%
23
18%
25
4234
par
par
884
4%
18%
*99% 100
43
par
preferred
1%
43%
7%
7%
42*4
42
preferred
$6
4% 2d preferred
Erie A Pitts RR Co
*1%
1
*6*4
42%
25%
97
4
1%
42%
25%
*17*4
Electric Power A Light. No par
5%
28%
23%
31%
1%
*28
31*4
1%
28%
5
28%
24
45
*31%
1%
*36*4
*1%
600
9,300
7,000
Eaton Manufacturing
23%
31%
1%
5%
*5
*27%
*28
15
3,000
4
115
1
%
5
122
preferred
16
16
6
No par
J4.50
1
33%
5% Feb
1234 Feb
Duquesne Light 6% 1st pf.100
Eastern Airlines Inc
1
1
*u
2
48
18
Jan 25
Jan
Sept
28
Jan
14% Jan 12
13
103
81
142
8% Sept
Apr
34% Jan 27
43% Feb 3
10% Feb 21
20
11% Jan 31
34% Jan 15
16% Jan 15
Jan
96
3
125% Jan
23% Jan 10
Feb 27
Jan 15
16
33
Jan 15
8
278 Aug
37% Mar
Apr
12% Aug
3% Sept
% Deo
18% Jan 15
76
175
Du P de Nem
1
*15%
38% Mar
Jan
16
33
118%Mar 15
1834 Mar 15
33% Jan
117
preferred
I
*15%
4% Jan 31
% Jan 18
100
(E I) A Co.—20
8%
1
16%
16-% Mar 19
June
11%
19% Mar
23% Jan
5% Jan
84 Jan
Douglas Aircraft
No par
Dow Chemical C0—-No par
Co....4
Edison Bros Stores Inc
2
Eltlngon Schlld
No par
Electric Auto-Lite (The)....6
Electric Boat..
-.3
16%
9
86%Maf 28
Dunhlll International
5,100
Jan
Jan 15
Duplan Silk
185%
25«4 Jan
7
2
9
II284 Jan 5
23% Jan 3
27% Mar 1-1
16% Mar
8% Feb
75
Dresser Mfg Co..
"""ilO
Feb 26
16
20% Jan 11
21% Mar 11
23% Jan 10
18,700
934
13%
117
11% Mar
3238Mar 14
5% Mar
4% Jan
16
62
38
Jan
Marl6
15,600
|
184
2,900
86% Mar 29
4% Jan 6
8% Feb 23
91% Feb 24
14% Jan 11
29% Feb 24
4% Jan
19
Dome Mines Ltd..
II,700
|
2134
Jan 12
Feb 14
4
Jan
No par
Doehler Die Casting Co No par
6,100
85
*12%
i
No par
2,400
117
183% 186
118
No par
Co
Class A
,
160
157
117
5% pref with warrants. .100
Dlxle-Vortex
13%
37
""
20%
9%
13%
*12%
Distil Corp-Seagr's Ltd.No par
200
*13%
*36%
155% 155%
19%
Diamond T Motor Car Co.—2
,
151% 151%
151% 152
*169% 172
168% 170
3234
33
No par
600
115
*115% 116
100
A ..No par
Match
7,800
*36%
1
6% Jan 22
Dlesel-Wemmer-Gllbert
33%
13%
37
20%
19%
Deo
52% Sept
Jan 19
Dayton Pow & Lt 4^ % pf. 100 *111
1934 Feb
Deere & Co
No par
34
3934
*36%
5
25
Davega Stores Corp
*33%
3934
*13
Deo
94
Apr
18% Jan 30
Davison Chemical Co (The). 1
Detroit Edison...
13%
17%
Apr
24%
43
Jan 12
Devoe A Raynolds
37
Apr
75
Jan 15
53
520
80
Apr
9
Jan 12
500
*13%
*36%
20%
28
53
20
9
4234Mar 27
17% Jan 2
9234 Jan 6
No par
No par
120
19%
Feb
2
Mar 29
20
9
Apr
Jan
9
40%
92
Inc
13
41%
Sept
Jan 12
preferred
32% Aug
6% Aug
20% Apr
82
Cutler-Hammer
Deo
2% July
33
Cushman's Sons 7% pref.. 100
120
19%
*79%
*133s
Jan
46
19%
40
Apr
26%
3% Jan 16
119%
120%
93
5
4034Mar21
9% Jan 15
27% Mar 29
19
XII984 11934 *119
Jan
5
No par
A
Jan
110
3
Jan
(The).—No par
Curtlss-Wright
38
Feb 26
Feb 20
26
5
Preferred
5
% Sept
Sept
177
45
12% Feb 20
30
Ino
Curtis Pub Co
$8
"
*16%
21%
—
5%
20
92
22
18
18
1634
4%
17%
17%
4%
%
19%
434
1634
7%
98,700
Press
Sept
Jan
*79
100
Preferred
Cuneo
67% Sept
Aug
3
734 Jan 2
37% Mar 27
6% Feb
10
61% Sept
6
9
Jan
15
100
Cudahy Packing Co..
~
1~200
*41%
Cuba RR 8% preferred
Cuban-American Sugar
Jan
64%
3234 Feb
34% Jan 22
78% Jan 22
3% Jan 16
100
Preferred
Jan
Apr
Sept
24% Jan
89
5
$5 conv preferred...No par
Crucible Steel of£America_.100
200
86%
3%
6%
13
4
Crown Zellerbach Corp
90
2,900
84
84
*12%
4,100
•
38
49
37% Jan
No par
ex-warrants
32% Sept
Apr
16
105
28% Mar 15
6% Mar 28
24,000
37
31%
l.%Mar 25
Feb 28
3634
43
43
Deo
6% Nov
150
4
6% Mar
20% Mar 20
6%
400
Jan
40%
Jan 11
177
Mar 15
35%
*40
90
*3%
54% Mar 28
3
65% Jan
*29%
29%
10%
Apr
16%
61% Jan
29%
6%
38%
87
*84
6%
Apr
1% Apr
19% Aug
Mar 27
Mar 26
98
May
116
Sept
5
29%
6
2
% Jan 10
5% conv preferred
100
Cream of Wheat Corp (The).2
Mar
51% Sept
17% Mar 28
4% Jan
25
Co
Crane
Jan
100
Apr
*106
6
25
43%'
43
36%
500
2
32%
30
58% Mar 26
1
1
Dec
*87% Sept
Jan 22
170
22% Mar
Apr
1
Mar 28
Jan
34
11%
6
2
53
1C0
Internat Corp
Deo
8
52% Mar 19
25
Coty Ino
Sept
Deo
17%
40% Mar
434 Feb
50
pref. 6% series
101%
9% June
88
Feb
116% Jan
Jan 19
15% Mar 16
Corn Exch Bank Trust Co. 20
Corn Products Refining
Preferred
Aug
Sept
153,, Jan 10
1% Jan 10
97% Jan 10
Feb 29
25
5% Sept
9
Sept
8%
48% Mar 28
5
Copperweld Steel Co
9% Sept
Apr
17% Jan
3634!
36
6%
7,000
5
Continental Steel Corp.No par
12% Mar
7% Mar
Dec
1'4
3% Jan 22
22% Mar 26
1
Continental Oil of Del
Coty
108ia Aug
2% Jan
784 Sept
Mar
104
6% Jan 13
38
$2.50
Continental Motors
conv.
Jan
Deo
18% Mar
7
Feb
113
No par
119
*79
37
5%
1%
1%
1%
1%
20%
2034
20%
21
/ 21
*101
102
102
101% 101% *100
*29%
378
634
300
176
*174
6%
preferred
Continental Insurance
19*4
34
19%
*9
186
85%
13
27%
3%
6
6
500
55
Apr
84
4% Mar
92'2 Mar 29
41% Jan 19
20
Continental Diamond Fibre.5
80
34
*117
578
1%
20%
30
17%
29%
176
174% 174% *174
29%
85
*3%
6%
7
5978
4
22%
3%
22%
$4 50
1
100
*33%
20
*39%
5834
60
3934
39%
preferred
8%
Continental Can Inc
20
19
28
24
18
12% Mar 19
No par
Class B
119%
*119
119
34
378
--_,*11134
21%
*26%
*16*4
4%
*19
7,000
*54
6%
37%
75
*89%
10%
28%
*89%
119
480
61%
734
41
41
27
15%
*82
85
*3%
4
27
54%
60*4
43%
*27%
7%
54%
61
29
*12%
27%
21*4
*54%
54%
54%
54
36
*83
*6*4
54%
29%
6*4
13%
27*4
21%
54%
37%
86
♦112
17%
*6%
*12%
4*4
17%
29%
*83
17
17
35%
89%
19
17
29
36
19
1634
29
15%
3,200
5,100
21,200
8,200
2,600
6,600
2934
*6%
34%
90
700
7%
7%
3%
22%
54
37
115% 115%
4%
22%
30
*53%
42%
6,900
39%
53%
*43
4734
40
53
102%
93
47%
39%
3*4
22%
28%
*53%
1%
2034
300
92%
48%
8
39%
4%
2234
30
7%
16%
54%
1%
20%
1%
94
48
115% *114% 116
16%
37
*4%
*15%
47%
3%
22%
15%
*8934
10%
29%
1
93%
48%
28*4
173% 173%
57S
6
Continental Bak Co d A No par
1
28
5934
1,900
1,000
93%
*93
100
5% preferred v to
12%
1
27
IOI84
Jan
1% Mar
3% Mar
14% Feb
10034 Jan
14% Mar
Container Corp of America. 20
•
Mar
110% Mar 25
1% Jan 5
7
Consumers P Co$4.50 pfNo par
1
35
Jan 18
2%
900
12%
Aug
Sept
6% Aug
1
July
400
1278
11
384
15%
1
Feb
91
Jan
101% 101%
12%
85
Apr
7% Nov
734 Jan 30
30% Jan 15
Consol Coal Co (Del) v t C..25
1278
Apr
79%
8
100
101% 101%
73
Mar 19
9% Feb 21
32% Feb 7
438 Jan
600
100
Mai 29
93
10
1»4
17
87
Feb 23
Jan 31
334
*16
8234 Nov
9% Oct
8% Jan 31
334 Feb 77
*1%
17
5%
% Jan 19
*3%
*16
Apr
15% Aug
No par
$2 partlo pref
Jan
8
Apr
1
Consol Film Industries
334
1,100
12,600
8ept
4«4
Feb 10
107
No par
2
15%
115
preferred
30% Jan
9% Deo
Apr
5
79
Consol Edison of N Y..No par
95
19
86
100
100
5
*1%
1534
12%
500
7% preferred
6H % prior pref
Consol Coppermlnes Corp
Jan 15
5% Jan 13
Consol Laundries Corp
5
Consol Oil Corp
.No par
Consol RR of Cuba 6% pf.100
1534
3%
22%
58%
*9%
9%
Consolidated Cigar
*3%
1*4
378
3%
16%
16%
101% 101%
15%
1534
7
7
7
20%
21
9934100% *100
*82
1,400
1,200
1
934
4
37
41
*%
1
7%
15*4
90%
10%
31%
4
37
29
1
20,200
26,400
834
8%
31
107% 10734
7%
1*4
90
41
31%
Xl07% 10734
4
43%
7%
50
9
*4178
378
7%
40
92%
7%
42%
84
87
9234
4
*41
*3%
87
87
93%
9%
9
*40
*80%
1434 Feb 29
7%
43%
15*4
7% Jan 29
4
*41
7
34%
25% Jan 15
9%
678
36
43%
*6%
34%
1
No par
7%
1634
16*4
*53%
54
53%
53%
59%
60
*17278 175
578
6
1%
1%
2078
*98
8,700
6,500
Consol Aircraft Corp
13
28%
13%
4
7%!
*7
7%
40*4
28%
*9
12%
*1
1
1
*1
1%
1%
94% *93% 94%
*93*4
94% *9334
4634
47%
4634
47
46%
47
114
114
*113% 114%, *11334 115
7%
40*4
378
109
%
20
4%
.
1234
8%
3078
109
10%
8%
2878
14%
*78
9%
7%
7%
2
2
1%
*1%
*1%
♦1%
3%
3%
3%
3i2
*3%
3%
16*4
16% *14%
*14%
16% *14%
102%
101% 101*4 *100% 101*4 *101
15
15
*15
15% 15%
15%
*12%
*9234
*6
5
6% Jan 3
24% Feb 17
13% Feb 29
834Mar 11
29% Jan 2
8%
93%
8%
31
93%
8%
22% Jan 12
3078
85
13%
85
Conde Nast Pub Ino...No par
Congoleum-Nalrn I no. .No par
Congress Cigar
No par
{Conn Ry & Ltg 4H % prellOO
*9234
28
14%
12*4
400
I,800
2,200
8%
28%
13%
12%
10%
*92
5%
23%
12
8
share 9 per share
8% Feb
Apr
I per
5%
9%
*9
*9
1134
*9
share
23%
5%
23%
12
*85
*5%
23%
85
85
92%
5%
23%
11*4
10%
9 per
I per share
5
Mar 16
Highest
Lowest
Highest
Lowest
Par
Year 1939
100-Share Lots
*11%
5%
23%
*11%
5%
2334
5%
23%
11%
*8%
Range for Previous
Range Since Jan. 1
Sales
for
AND
LOW
Saturday
n
2045
New York Stock Record—Continued—Page 4
ISO
15
Mar
% Mar
21%
85%
17%
3784
22%
Jan
Jan
Jan
Jan
Jan
* Ex-dlv.
1
1
23
12
30
18
8
102
1
25
91
20
Mar 16
Jan
3
40% Feb 14
22% Jan 5
y Ex-rlghts.
2% Aug
84 May
1834
Apr
82®4 Sept
17% Nov
Apr
2784
16%
Sept|
Jan
Sept
Aug
Deo
31% Dec
6% Nov
1%
Jan
27%
Oct
8984 Feb
23% Nov
40%
Deo
21% Deo
1 Called for redemption.
New York Stock
2046
LOW
AND
Saturday
»
Mar. 23
HIGH
I
I per share
19i2
105i2
45lfi
1051s
♦44 3g
19i4
19U
*29
*3278
34
*13
17l2
*43s
14
4341
1134
48
6214
♦714
*135
5214
21
*55
58
♦116
38i2
477s
278
10
119
385S
4778
*116*2 118's
*20
953s
129
5378
104
*2
44
1934
58
59
*20
14*4
18*8
1334
14
18*4
185s
14
1834
434
6*4
11*2
11*2
4834
1734
104
*48
634
10414
534
11*2
2*8
104
6*8
*20
53
57g
Sept
30
35
21
*11*8
7
7
104
*101
104
44
*22
44
*22
53
54*2
6
6*2
57g
27
28
27
27
27*8
2312
1212
2312
235g
12*2
2378
235g
12*2
28*4
24
12*2
13*4
54
54
63g
1,630
"~2~, 20
General
Bronze
General
Cable
1,200
1,800
500
30
25,700
5,400
100
1,700
200
33,200
600
1,200
~3~666
17
200
30
30
2,700
1434
1434
1434
1,000
27*2
2834
24
24
2634
2334
24
2,300
13
2,700
13
13
127g
18
*16
18
*16
18
*16
18
*16
*98
*98
100
*98
100
*98
100
*98
870
18
100
100
*1912
6'4
5038
7'g
5314
17
*43
33g
*25g
*78i4
20
6I4
19*2
6*4
5012
1934
63g
20
17
17
4312
334
44*s
37g
17*8
*44*4
334
4478
378
20*4
6*4
5034
7*8
55*4
173g
44*4
334
234
503g
714
54
1714
4312
378
234
83
1912
6%
234
234
2S4
25g
50*2
7
505s
7*8
*81
5034
7
54*2
54*4
63g
55
82*2
73g
55
17*2
82*2
185g
18*s
*6412
217g
18U
18
18
66
65l2
2134
22*8
*93
95
94
94
95
3
3
*3
82*2
19
65*2
2214
65*2
22*4
*49
51
78
8
51
1
*24
51
78
8
*1314
95g
*1314
*3334
3*4
49
1
8
13*2
1338
13*2
*13
9*8
133g
34t2
*13*4
34*4
34*4
25
13
13
13*8
23 38
24*4
2334
27ig *27*4 27*2
*135l2 140
*135*2 138*2
*45
55
*45
34
34
34
54
3438
*318
1334
100
9%
93g
400
3434
400
2434
*24
14*4
3478
2434
400
3434
*1338
*343g
14
14
13
1378
"3",300
25
2384
24*4
12,600
2738
273g
27*2
27*2
*135*2 138
*135*2 138
1,200
139
139
*45
54
34*4
2*4
33g
15*4
15*4
*32
34
36
147
*136
8*4
101*2
23g
25
3*4
16
34*2
7?8
2*4
*23
3*4
*15*4
*35i2
*99
147
*8
812
10112
*136
35*2
18*2
800
23g
600
25
*3*8
334
147
8*4
*15
16
*32*2
*35*2
34
36
40
18
3,000
18
*136
83g
99
99
165
*155g
945g
*163
165
163
163
16
155g
1534
J 534
147
*136
8*4
8*4
*98*2 100
35s
4*8
95
95
95
95*8
*163
17
96
133
132*2 132*2 *132
*132*4 133
6512 *62*2
65*2
63l2
6312
*63*2
99
166
*163
63*2
64*2
11478 115
*112*2 115*2 *11278 115l2 *11412 115*2 115*4
*16l2 18
*1612
18
*16*2
18
*16*2
18
*16*2
3312 34
34
3378 34
35
347g
35
343g
*6*4
67g
634
634
634
7*4
67g
67g
634
13
1334
13
1334
1338
13i8
*13*4
13*2
13*8
*102
110
*102
110
108
,*102
110
108
*108
537g
54
533g 54
53*8
5334
54
5334
54
35*4 35*4 *35
35l2
35*4
*35
3512
35*2 *35
135a
1384
133g
1378
14ig
1412
143g
145g
14%
♦673s 68
68
68
68*2
68*2
*6784
68*2
68*2
*110*8 115
♦110*8 115
*110*8 113*8 *110*8 115
*110*8
5*2
5*2
5l2
55g
5i2
55g
5*2
558
5*2
*47*2 48*4 *47
48
48
48*8
48*2 48*2
473g
*I*8
1*4
1*8
1*8
Us
1
1*4
*1
1*8
5*8
5*8
5
*412
5
*45g
*4*8
5*8
*4*8
2034 21
20*g
21
20*4
20
20*2
20
203g
584
6
684
534
534
57g
6
57g
578
34
a4
34
34
34
34
34
34
10
10*4
1012
10*4
103g
lllg
11
1138
*21
22
*21
22
*21
22
22
22
2l5g
*40
41
41
41*4
*40*2 4H2
40*2
*40
40)2
*5*8
5*2
*5*8
5*2
512
5i2
5*2
5*2
*5*4
n"
,
Bid and aaked prices; no sales
on
this day.
X In receivership,
a
200
w
500
20
8*8
1,400
99
166
"l'ioo
80
15,600
100
6,900
300
20
183s
8,200
96*2
2,500
133
30
64%
400
115*4
300
18
343g
"2" 100
634
800
13*4
1,000
110
20
54*2
4,100
35*2
400
14*2
8,000
68*2
700
115
preferred
Feb
6
3134 Jan
23*2 Jan
12i2 Jan
22*8 Mar
26
Mar 19
Feb 13
88
Jan
70
2038 Jan
Jan
13i2 Apr
87
4is Feb
278 June
71*2 Jan
1*4 Jan 30
834 Feb 24
147g Jan
67
10
Jan
16
Jan
934
10
35*4 Mar 12
243g Feb 21
183g Jan
2784 Jan
29ig Jan
142
Apr
Apr
Nov
Feb
Dec
14*8
Apr
Dec
Dec
Apr
Jan
2484
227g Jan
12i2 Apr
16*4 Apr
23*8 Aug
129i2 Sept
100
v
t C..25
5
preferred
100
Hud Bay Mln Sc Sm LtdNo par
2,500
Hudson Motor Car
7g
1,900
Hupp Motor Car Corp
Illinois Central RR Co
100
No par
6% preferred series A... 100
Leased lines 4%
100
RR Sec ctfs series A
1000
Cash sale,
x
Sept
Sept
July
Dec
July
Mar
I2i2 June
6
1834 Dec
Apr
18
Oct
105
Oct
23*4 Mar 18
4
9
Jan
3
20*4 Feb 19
Jan
106*2 Jan 12
99
Apr
105*4 Mar 29
28*4 Jan 4
96
May
17
Apr
Sept
123
7*4 Jan
3
Jan
3
97g Jan 10
107*4 Mar
8i2 Feb
101*4 Mar
4*8 Mar
113*4 Jan
lli2Mar
2
Jan
5
Jan 15
112*2 Jan 16
Jan 23
2
5*8 Jan 18
I2ig Feb
1
2
5i2 Mar
6
8
4738 Mar 29
84 Jan
3
3
Jan 11
20
Mar 28
5*4 Jan 19
34 Feb
9
10*8
May
Oct
Jan
92
Nov
28
2
29
93
Apr
Apr
28
478
8*8
117
Mar
Oct
167
June
63
Apr
97
Jan
Mar 28
133i2 Jan 30
65
128*2 Apr
54
Jan
115*4 Jan
I884 Jan
100
Sept
115
July
19
Jan
Mar 28
I484 Apr
29*4 Sept
51
Jan
77g Mar 4
153g Feb 23
5*g Nov
8*s Aug
35
Mar 28
Jan 12
Mar 11
Mar 27
Jan 29
Jan 10
Jan 3
Feb 21
I5g Feb 20
7i2 Feb 20
27
Jan
5
6i2 Feb 17
1
Jan
38*4 Jan 2^
4134 Jan
5
6*2 Jan
3
95
May
4784 Sept
27
Apr
884
60*4
Apr
5
Mar
Ex-dlv.
5
yBx-righta.
3
Oct
102
8ept
4*2 Sept
40
Apr
*8 Dec
27g Sept
21'4 Sept
43g July
2
3
Maris
21
18*8 Nov
101*2 8ept
135*2 Mar
Mar
133g Jan
24ig Jan
934 Mar 18
484 Nov
1214 Dec
13*8 May
Apr
60*4
35*2
14*2
703g
111*8
67g
503g
Mar 16
144
Feb
71
26
23
10
108
11*2 Feb
1033s Nov
33*2 8ept
18i2Mar 28
Mar 28
67
Nov
Apr
Sept
Mar 11
1087gMar
3214 May
148
52
Jan 30
223g Sept
38
100
108
33 *g
Sept
684 Sept
8
110
166
Feb
Sept
36
Mar 20
1
Jan 12
87*2 Jan 10
1
3,500
Aug
Sept
15
100
5%
25
2212
3384
37*4
I41i2
53*2
35*2
2134
17
Feb 21
30*2 Mar
No par
preferred
Dec
16
10
Household Finance....No par
Dec
Sept
Aug
Apr
17
par
Apr
*2
35
Sept
Jan
10
12.50
Class B
234 Feb 23
28i2 Feb 23
May
Mar
1*2 Nov
I07g
15*8
10*8
2212
May
61
100
80
8
131
No par
42
Jan
Nov
11
100
5
Jan
86
24*4 Jan
74i2 Mar
383g Jan
10934 Jan
53s Sept
*2 Aug
4*8
Mar
384 Mar
278
32
14
Houdallle-Hershey cl A.No
r
47
Jan
I7g Apr
29
No par
Holly Sugar Corp
7% preferred
Homestake Mining
n New Btock.
May
2*8
Jan
155
11*8
21%
70
34
234 Feb
Feb 29
Feb 14
Hollander & Sons (A)
10,400
44*8 Mar 26
378 Mar 25
Jan
17*2 Jan
7
107
Hlnde & Dauch Paper Co
Holland Furnace (Del)
Jan
66*2 Mar
24*2
34
Feb
25
No par
Jan
Mar
I37g
37
15
No par
preferred
83s
54
3034 Jan 6
34*2 Jan 17
17*4 Jan 15
Mar 23
No par
Nov
Sept
3*8 Jan 27
3
25
Oct
4334 Sept
20*2 Nov
I5i2 Jan
Apr
Apr
Apr
Apr
91
1
Jan
15*2
Sept
10
2
20
Jan
41
14
12
10
20*4
43
2414 Jan
14i2 Apr
2
preferred
20*2
578
534
Mar 18
..100
Herahey Chocolate
200
Def. delivery,
16
13334 Jan 15
100
5*8
20
18
30
Jan
5684 Feb 16
1984 Jan 4
1734 Jan
1
Hudson Sc Manhattan
200
2
134 Sept
18
53
Mar 27
Jan
99*2 Feb
27*8 Mar
1578 Mar 21
11*2 Jan 4
No par
Preferred
Houston Oil of Texas
Howe Sound Co
3
Feb
678
I07g Jan
111*2 Nov
10*2 Aug
I53g Apr
534 Apr
43*8 Oct
6*4 Aug
par
10
Hercules Motors
Hercules Powder
900
6
Jan
38
97*2 Nov
Jan 29
25
Hazel-Atlas Glass Co..
Hecker Products Corp
Helme (G W)
900
9
Apr
15
Apr
8*8 Sept
Mar 28
25
6 M % preferred
Hayes Mfg Corp
~~3~506
Sept
35
Harbison-Walk Refrac.No par
6% preferred
100
1*8
14
55
..100
5%
*2 June
3034 Jan 12
Hat Corp of Amer class A
5%
634Mar
July
9212 Apr
1*8 Jan
21*8
6% preferred
100
104i2 Jan 25
Hanna (M A) Co $5 pf.No
Feb 14
par zlOl
conv
4
99
12884 Dec
6684 Oct
126*4 June
28
69i2Mar
.
100
Water
Hall Printing Co
Hamilton Watch Co
$4
Jan 17
U4 Jan
65*2 July
84 June
Mar 21
No par
100
7% preferred class A
cum
2
25*4 Jan
130*2 Mar
12i2 Sept
2434 Jan 19
97*4 Feb 21
13
Gulf Mobile & Northern
6%
Jan
Jan
85*2 Aug
1
Guantanamo Sugar
8% preferred
6%
100
Mai 23
27
Apr
Jan 15
3
50
105
Jan 15
No par
100
Mar
16
Jan 22
Feb 28
Jan 15
7
30
Mar 20
2*4
80i8
16*2
63i2
218s
Apr
5*4 Sept
3*4 Sept
19*8 Apr
12i2 Aug
3
3
Sept
28
15% Jan 11
5178Mar 14
7
Jan
112
1*8 Jan 11
19*4 Jan 4
99i2 Feb 21
34 Jan 9
18*8 Jan 9
3334 Jan 4
6*8 Jan
47*2 Jan
No par
100
3
233g Jan
7*4 Feb 6
13% Mar 16
9i8 Mar 8
Preferred
Jan
Dec
72*2 Jan
12512 Dec
363g Apr
Jan 10
9
Feb
*2
39
7
18 *2 Mar 18
34 Jan
preferred
20
Gt Nor Iron Ore Prop..No
par
5
3
98
49
Great Northern pref...No
par
Great Western Sugar..No par
47*2
41
130*2 Jan
55i2 Jan
7
1
..10
8
4
5
dlv ctfs.No par
Without dlv ctfs
Granite City Steel
Grant (W T) Co
Hackensack
147
8*8
167g
18
18*2
963g
97
96
13234 13234 *132
63
""166
18
35*2
338
3*2
33g
338
3*g
37g
378
*110*4 113*4 *110*4 113*4 *1)2
113
*112
113'4'*112
113*4
1034
11
1034
1034
IH4
113g
11
11%
11
11*2
109
109
*107*2 109
*1077g 110
110
*107*2 HO
11
*163
Preferred
Green Bay & West RR
1134
*2*4
*23
16*8
16*8
16*2
*16*8
1634
I684
1634
106*2 *105*4 106l2 *105*4 106*2 *105*4 106*2
105
104l2 104l2 *104*2 105*4
105*4 105*4
25
25
25
25
25*2
25*8
25*2
*99
par
Graham-Paige Motors
Granby Consol M SAP
Greyhound Corp (The)-No
SH% preferred
*3*8
18
par
2
Jan
Mar 28
18*2 Feb 27
...100
Gotham Silk Hose
19,700
25
97
1338 Jan
9H2 Jan 23
16
2*4
*20
44
2434 Mar
No par
No par
157g
1134
*32*2
*136
preferred
16*8
H7g
36
1734
25
No par
1578
117g
34*2
*104
10
54
44% Jan
4778 Aug
118*8 July
6
2
_
2*2 Jan 29
Green (H L) Co lnc
*32*2
*35l2
1734
25
*45
Jan
2
1534 Feb
1634Mar 16
38*2 Jan 2
"5"200
34l2
105
54
36*8
10734 Sept
48*2 Jan
118*8 Jan
I97g Jan
1178 Jan 16
47*4 Jan 13
5% preferred..
No
Goodyear Tire & Rubb.No
Grand Union
Jan 15
No par
Goodrich Co (B F)
conv
24
No par
50
35
*3212
*35i2
17l2
25
preferred
Goebel Brewing Co
1
Gold Sc Stock Telegraph Co 100
$5
1634 Mar 19
27i4Mar 19
14i2 Jan 13
No par
3434
16
*104
$6
Brothers
35
*15
106i2 *105
100
3478
16
*105
preferred
347g
*20
16
*45
General Telephone Corp
20
Gen Theatre Eq Corp..No par
Gen Time Instru Corp. No par
5%
23*8
*15
*16
*133s
14
1178
18
163s
2,300
27*4
1178
36
2,700
8*8
25
12
338
1
27*8
12
*3*8
*24
7g
8
13*4
2378
16*4
33g
70
9*2
157g
2*4
49
14*4
16
25
49
1
1334
157g
2*4
1,000
*9*4
14*4
23s
2512
214
*22
3*8
78
77g
*13*2
16'4
1134
1134
400
34*2
2434
*24
13
49
12,100
93S
14
*34*4
*24
49
500
227g
94*2
3*8
3*4
6534
2234
94*2
13*4
938
27
16
49
7g
2358
40
4,400
94
734
13*4
1334
2434
82
19
65*2
23*8
3*8
No par
No par
General Shoe Corp
1
Gen Steel Cast $6 pref..No par
4H % conv preferred..
Gobel (Adolf)
1834
6534
Oct
Apr
2
34 Feb 20
15*4 Mar 18
86*2 Jan 15
Glldden Co (The)
82
Dec
31
Jan
No par
100
1,500
19
16
106
1934 Jan
41
No par
1,200
82
5
117*2 Mar 29
Gen Public Service
17%
900
Jan
Jan
Gen Railway Signal
44*4
17,000
18
75
110
$6 preferred
General Refractories
Mar
July
35
9
678Mar
5
Sept
11
149
2i2 Apr
127i8Mar23
56*2 Mar 8
i2 Feb
65
Sept
128
Apr
109*2 Jan 27
1
103*2 Mar
Dec
Mar
No par
6% preferred
Gen Realty Sc Utilities
Jan
1734 Apr
438 Jan
9
Jan
9
43
10
175s
3*8
123i2Mar
37*2 Jan
Apr
Jan
Jan
71*4 Mar 27
Feb 16
44
234
_
Jan
40
7*g
*8 Jan
Jan
96
3
Jan
7*8
1834
52
3*2 Jan
1178 Jan
2378 Jan
i2 Jan
86*2 Jan 16
1
Glmbel
25s
Feb 10
40
No par
2,400
3*2
116
Jan 15
4,900
234
145
I8*s Oct
1512 Sept
IO414 Dec
3:9% Sept
45i2 Aug
512 May
Mar 20
67*4 Jan
8*4 Jan
37i2 Feb 29
45ig Jan 12
Jan 15
No par
Gen Outdoor Adv A...No par
Common
104
5
Feb
Feb 6
Jan 15
Jan 2
61
7%
37g
3
128
50*4
800
Jan
10
General Tire & Rubber Co
5
Gillette Safety Razor..No par
$5 conv preferred
No par
56
7
100
17*8
94
3*8
5,200
56
preferred
General Motors Corp
$5 preferred
44*4
65l2
227g
3*8
800
6*4
7*4
55*4
95
1
*9*4
73g
20*4
6*8
50*4
51
5%
5
9i4Mar 18
No par
July
Apr
384 Apr
94
3
Jan
1834
48i2
17*2
113*4
pref series A. No par
General Mills
6%
*19*2
63
1834
65*2
2234
8
8
*81
20*4
$4.50 preferred
No par
Gen Gas & Electric A..No par
conv
Jan
50
2*2 Mar 19
Electric Co...No par
General Foods Corp...No par
800
295g
1434
*16
No par
100
preferred
July
7*2 Aug
9
Jan
Sept
3*4 Sept
57s Sept
2
6*4 Mar 27
14
5
6i8 Jan 24
General
200
10
1634
27*2
7%
55
4
5
Jan
36
8
9
Mar
Mar 14
100
Sept
18*4 Apr
1*2 Apr
4*8 Mar 19
Jan 15
preferred
27
Feb
2*2 Jan
105*4 Mar 27
135
Aug
Aug
July
37*2 Sept
108*2 Jan
2984 Jan
9034 Jan
97g Sept
32i8 Jan 25
378 Jan 3
17*4 Feb 16
187sMar 5
Jan 19
51
31*2
35
Mar 26
No par
cum
14
66*2 Aug
1*2 Apr
Feb 23
48% Mar
102
Apr
10312 Apr
Mar
Feb 13
11
105*2 June
1*2 Apr
Jan
9
Jan
101
No par
Class A
7%
Mar 27
7
Corp
General Printing Ink
$6 preferred
1634
*1634
29l2
6
51
Corp
General Cigar lnc
$6
95
58
8
No par
100
600
58
75
5
Baking
18 preferred
6,200
*9
9*8
9*8
9*8
1097g 1097g *108*2 1 9*2
*34
7g
7g
7g
17
17
1612
16*2
*93
5
13
Gen Am Transportation
General
30
6,500
95
No par
1,400
6*2
*93
preferred
Jan 24
107i2 Jan
20*2 Jan
Feb
17gMar 26
234 Mar 18
12i2Mar 20
Gaylord Container Corp..
5M % conv preferred
50
Gen Amer Investors..-No par
4,400
"""900
<
54
63g
8
Mar 15
378 Feb
No par
Gannet Co conv 16 pref No par
Gar Wood Industries lnc
3
$6
"
44
54
6*2
Feb
17
70
3178 Jan 15
4834
*101
105
10
No par
S7 conv preferred
Francisco Sugar Co
Freeport Sulphur Co
10
Gabriel Co (The) cl A ..No par
Galr Co lnc (Robert)
1
$3 preferred
10
Gamewell Co (The)
No par
700
12
*48
7
Foster-Wheeler
Mar 18
29
400
11*2
4834
*48
Machinery Corp
4Vi% conv pref.
F'k'nSlmon&Co lnc 7% pf-100
90
7
9
9ig
9
9ig
918
*10812 110
*108*2 110
*108*2 110
*34
78
*\
7g
*34
78
*16
163s
163g
163g
16*2
17
*9212 95(
*93
95
*92*2 95
6g
1
5«
®8
**8
«4
*1634 17
*1634
17
*1634
17
28lg 2812
27*2 28*2
28*2
2934
*1434 147g
1434
1434
1434
1434
♦
5
10
100
11,400
7
*9
127«
Oct
par
Food
6
104
♦101
44
52
6
25
104
534
*94
953s
96
95*2 9534
97
97
97
97
*128
*12834 129
129
♦128
129
128*2 129
*125
129
5414
535s 54l8
53*8 535g
537g
5434
54*8
5458
537S
54*4
*12612 12734 *126*2 127*4
126*4 126*2 *126
127*2 12584 126*2
52
May
600
953s
57g
17
t Follansbee Brothers..No
2334 Jan 23
214 Jan 30
1,400
129
*50
38
100
3
51*4
515g
5158
5134
51*4
5134
7
7
7*4
7
7*8
7*8
*135*4 136
*135*4 13534 135
135*4
27g
*2l2
234
*25g
234
25g
2%
10
934
10*2
10*4
1034
10*8
10*%
1934
20*4
21*8
2 ,34
2H4
213s
2 34
63
63
60*2
68
70
70
71*4
18
18
1778
18
18*8 1*7*2
18
117*2 117*2 117*2 *116
118
*116
118
38
3734
38*2
38*4
3834
38*4
3834
4778
4734
48
48
483g
4734 48*2
118*2 *117
118*2 *117
118*2 *117
118*2
h
*2
1
**2
I
*2
%
*2*2
95g
44
3
*2
51*2
♦177s
18
177g
*116
*116i4 119
38
38l2
375g
4712 4778
47*2
116i2 116i2 *116*2
h
*2
h
*20
3
7*8
934
1934
278
2*8
27g
14*4
136
*2l2
9*g
1934
Sept
Apr
106
Jan 25
800
r2*g
1358
18*2
67S
7
15
25
Feb 26
40
2
105*4 105*4
11*4
*135
3
30
34
4834
5H2
714
2
Jan
1~666
5*4
*33*4
*65g
*101
Jan
21
30
34
4i2
11*4
46
1,20
3
share
per
25i2 Sept
38*4 Mar 26
24i2 Jan 3
3i2 Jan
300
17g
17*8 Apr
99*4 Jan
38*g Apr
18*4 Jan 15
104
No par
Florshelm Shoe class A.No par
"
3
3
2134 Jan
Highest
share $
per
43*8 Jan 18
18
34
19% Mar 25
I
32
75
*4*2
$ per share
Florence Stove Co
...
45g
Firestone Tire Sc Rubber—10
share
6% preferred series A...100
17*2
33*s
k
*48
58
1778
*2
412
5134
45g
per
Lowest
First National Stores...No par
Fllntkote Co (The)
No par
*72*2
75
f
Year 1939
Highest
3,000
2*4
33*8
17g
3
136
*72*2
Par
Range for Previous
300
32
1734 18*2
75
5*4
Lowest
1,400
25
*31
1940 3
2,200
6,800
34
33i2
6*g
18
*2434
2*4
*29
17g
113s
7*8
*135
18
197g
105*4 105*4
44*8
4434
20*4
20*4
*3634 37*4
*107
107*2 107l2 *107
Range Since Jan. 1
On Basis of 100-Share Lots
Shares
*19*2
March
EXCHANGE
$ per share
$ per share
19*4
193s
1934
19«4
10514 105*4 *105
105*2
4412
45
44*2
44*2
19*4
20
205g
207g
37
3712 38
375g
*245s 25
*2434
25
*2*4
2*2
*2*4
2*2
31
3114
315g
31*8
*72*2
*4i2
STOCKS
NEW YORK STOCK
the
Mar. 29
28
30*2
27g
104
5134
7-ls
% per share
Sales
5
Week
30
3312
434
| Mar.
Mar. 27
29
2
4834
*101
CENT
Friday
29
3
658
136
*2l2
934
*1978
1778
113s
NOT PER
Thursday
.
34
14
14U *13
185s
18lS
1834
10514 *102
10514
*48
104
*29
331%
*4U
6
$ per share
34
*13
*48
*101
*43s
18
1778
105*4 *102
•113s
6*g
17
75
33l2
*17g
*278
2
3
*102
3612
*2458
*214
*30i4
107l2
SHARE,
Wednesday
|
19*2
19i8
19i4
1051s *105
10514
443s
44U 4414
1914
1914
1914
37l2
37Sg 38i4
25l2 *245s 2514
2i2
*2i4
2i2
3H4 *30i4 31i4
10712 *105l2 107 i2
17
1714
1714
75
*72l2 75
514
*412
6I4
*29
34
2
3
443s
1914
,
Mar. 26
share
19ig
*35
3534
*245a
2512
*214
.212
*30i4
31
*105*2 107I2
*1634
17*4
*73*2
75
*434
538
Tuesday
»
Mar. 25
$
PRICES—PER
Record—Continued—Page
for
Monday
19*g
*105
SALE
65*2 Aug
113s Mar
21*4 Sept
110
17*4 Jan
73*4 July
11034 Aug
93g Sept
57
184
Sept
Jan
5*2 Jan
3534 Sept
87g Jan
84 Aug
9
Oct
66*4 May
36*8 Mar
Aug
16*4 Apr
38*8 Sept
484 Sept
1 Called for redemption.
Volume
New York Stock Record—Continued—Page 6
150
AND
HIGH
SALE PRICES—PER
Monday
Mar. 23
Mar. 25
$ per share
»63s
26%
.
Tuesday
|
Mar. 26
*6i4
7
263s
112
*6i4
7U
27
*26i4
Range Since Jan. 1
84
*8334
8412
13
1358
*578
6
334
3
*578
6i8
35g
35g
3
*2i2
45
4514
4514
110
43g
9i2
17g
93g
*134
*33
*33
*177
17934
177
17784
56
334
9%
6i2
*6%
6I2
133
612
3414
3514
3478
*130
*86
"l",8o6
10
101«
500
*134
*130
*614
6:
63g
3478
34
*130
638
32
131
327g
131
133
63g
32i2
323s
325g
333g
133
*130
133
600
34,600
100
133
4ig
5358
5334
53U
54
54
5512
*334
4
4
4
4
No par
8% Mar 18
1% Jan 19
32% Feb 1
100
Preferred
5% conv pref
4
53
*24
53
*52
523g
*52
523g
52
52
52
53
34%
3434
*3438
3512
*3458
36
*36
37
3512
35l2
300
International Salt
No par
3212
2612
3212
5234
32
32
32
*313^
32
32
32
900
International Shoe
No par
2612
*25U
27
*2512
27
334
*24
378
4
*37g
414
4
4
4%
4U
*9
93s
9l8
9I8
86
9i8
9U
4
4
*9
9
*8418
8
*8
8*4
28
*12512
86
8I4
*2714
86
28lS
8
86
28
*125l2
9ls
*85
86
—-
700
200
Foreign share ctfs
Interstate Dept Stores.No par
Preferred
100
400
lntertype Corp
300
Island Creek Coal...
8I4
28
28
*125i2
1512
15i8
1514
15
15i8
15iS
15is
1518
15l8
15
15
T760
50i2
5OI4
51
6958
5078
5078
52
52
52
52
52
52
6958
69
69
69
1,100
3,100
69
703s
*127
*5514
*1412
*5512
1478
14%
14l2
*12
*90
100
*90
6l2
18»4
*17l2
1834
*17i2
*12
1234
*12
1234
12
12
*90
100
11»4
1134
634
684
*614
*100
100
35
13U
13l2
*3612
37i2
*2U
234
*2i4
25g
*1314
*100
12
1312
4
27l2
*3l2
4
*312
414
*312
4
27i2
2712
2712
*275g
277g
277s
3134
32'S
31i2
32
28
32i8
7U
714
*1378
15l2
3134
758
153g
317S
75g
31l4
*714
*137g
*3i2
*7
*1378
15
*3H2
3134
3112
3112
*518
*3112
*22
2212
*223g
2212
*22
*5
53s
53s
11412 *110
114i2 *110
*110
1578
32i2
2212
514
11412
3U
16
2234
1
*3lS
78
114l2 *110
*1314
*28
5012
7
700
Lerner Stores Corp
49
22
23
135s
135g
133s
133s
133g
*2818
283s
28
2814
28
2838
*28
49%
49
133s
28i2
49i2
7j8
43
4278
50
7
4314
10738 107%
IO8I4 1085s
174
2034
634
7
*171
2034
173
49
7
43l8
43
2034
2034
18
313s
3358
12l2
1714
1714
1714
17U
123g
175g
3012
313g
305g
313g
314
*3
173s
1738
24%
150
150
1834
563a
*33l2
*1714
1834
563s
34
24l2
*150
183g
*563s
*337g
3584
108i4
173g
353s
4234
4234
4212
173s
152i2
1834
5634
34
2418
1738
150
278
173g
37i8
4212
35i8
4258
3
173s
*3
*10638
245g
150
3534
24i2
*150
245s
152i2
17%
*10638
2438
150
1834
573s
*57
34
*3312
34
*337g
*135
34
140
*33l2
*134
2412
2534
2512
*2818
283s
28l4
283g
28%
28is
28
28i2
28
*1178
12U
3378
314
=*1218
*12
1214
35
3434
12U
3434
314
*63s
67g
*3334
3i8
*6%
*30l2
3134
*30i2
31
31
31
31
31
*305s
*305s
*16'4
31
31
31
1614
3114
1658
1614
31
I6I4
3II4
I6I4
I6I4
*145g
15l2
*1458
147g
ll4
Us
Us
>314
16U
*1
312
5
5
5
3378
314
314
63g
6
63g
I6I4
I6I4
16U
1458
145s
161s
*1
5
5
3i8
63g
I45g
1458
*1414
*1
5i8
5
734
712
778
712
7%
712
1334
1334
1334
13&8
1334
1334
4234
43
427g
1178
4338
12!g
4212
36
2812
3512
28
35U
1218
3514
*35i8
2812
28
1U2
168
168
*5118
*35s
*2734
5112
334
297g
105
*103
*1484
163s
15
165g
*10778 110
•
*16612 169
5U2
5112
312
3%
*2734
*103
147g
1612
*108
2734
105
147g
1634
110
103
*1484
16i2
*109
Bid and asked price ; no
75s
1378
1612
110
1412
165s
*109
38is 196,100
900
43
150
1834
57%
34
12%
12%
35
35
*3
1478
1634
110
sales on this day.
7% preferred
—
Louisville Gas & El A ..No par
100
10
100
preferred
Mack Trucks Inc......No par
No par
Madison Sq Garden—No par
Macy (R H) Co Inc
10
Magma Copper
Manati Sugar Co
1
-No par
Mandel Bros
t Manhattan Ry 7% guar.
16%
16%
16%
24,000
15
14%
14%
300
16l2
3634
3634
30
30
30
334
105
1478
1634
16l2
*109
110
*3%
*28%
105
52
334
30
105
15
16%
*1434
16%
*109
t In receivership,
25
Maracalbo Oil
Exploration
pr
..6
pref.100
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores—10
Maytag Co
No par
S3 preferred
No par
Martin (Glenn L)
1,400
McCall Corp
3,100
McCrory Stores Corp
No par
No par
1
preferred
100
S6 1st cum pref
190
110
a
Def. delivery,
6%
conv
n New
stock,
r Cash
sale.
Jan
Jan
11%
Jan
24
Sept
I684 Nov
99% Jan
18
July
100% Dec
1484 Mar
10% Mar
June
28
3
Aug
79
9
Apr
5
3
39
Apr
19%
I2I84
7%
Mar 28
14% Feb
Apr
46% Sept
Apr
16% Sept
Apr
884
99
Sept
38
Dec
1%
Apr
4
Sept
31
Jan 24
12%
30%
26
Feb 16
20
4
Feb 26
Apr
Apr
Dec
Jan
20
2S4 Jan 24
9% Jan
334
23% Sept
20% Apr
7
Apr
1834 Jan
12% Sept
16% Jan 11
12
29% Jan
32% Mar 28
28% Jan 19
7% Mar 14
Mar 12
14
12% Apr
85
3878 Jan
Jan
Oct
26% Aug
5% Jan
2984 July
29%
13%
23%
Oct
Jan
Jan
18% Mar
5% July
37% Oct
15% Feb 1
434 Feb 6
31%Mar 25
21% Feb 21
109»4 Jan 31
115
Jan
Feb 20
4
Jan
2% Sept
6% Sept
1% Jan
% May
3% Sept
834 Sept
2734 Jan
3
5% Jan 17
3584 Jan 4
7g Feb 20
Jan 16
25
Jan
3384 Jan 15
25
Mar
118
Mar
1%
29
Apr
13% Nov
3234 Mar
36%
Jan 11
Apr
5634 Mar
Apr
9%
3
778 Feb 13
43% Feb 29
108
Apr
Sept
23
Feb 19
4%
Apr
33
Mar 13
Sept
95
Jan 23
109
24% Mar 18
36% Jan 18
1134 Jan 2
15% Jan 2
27% Mar 18
Apr
Dec
20
14
53% Jan
Jan
17
2378 Jan
12% Jan 12
2634 Jan 18
48% Jan 15
6% Jan 12
41% Feb 14
10534 Jan 15
Apr
112
8
4% Jan
2% Feb 19
21
3%
23% Jan 10
Sept
95% Sept
152
Sept
10
Aug
18% Sept
3434Mar28
30% Sept
101% Sept
38% Sept
167g Jan 30
I884 Jan 11
109
Jan 5
106
Mar
7
Jan
2$
Jan
6
149% Mar 20
16% Feb 10
55% Jan 16
159
Feb
7
21% Jan
4
60
Jan 25
33% Feb 24
133
Jan 12
35
Jan
6% Feb 28
Mar
6
3
23% Jan 15
2334Mar 16
27% Jan 15
11% Jan 9
33% Jan 19
234 Feb 5
Nov
47
37% Mar 15
4
May
19
Apr
13% June
2984 Dec
108% Mar
180
31%
5
3
Sept
40% Sept
38% Mar 29
46% Jan 2
Jan
10
43% Aug
108% Aug
10934 Aug
15
Apr
20% Aug
18% Jan 2
42% Mar 11
2% Mar 27
106
2
Aug
16% Sept
105
19%
138
Jan
19
Mar
Jan
3284 Dec
54% Jan
109% July
2134 July
62
Jan
6% Sept
22% Mar
110
June
Apr
Sept
24% Feb
159% June
20% Mar
1584
Jan
36%
Apr
3
28
Apr
35
Aug
135% Mar 11
2834 Jan 3
124
Feb
135
Nov
18
Aug
3384
Oct
30% Jan
25% Sept
43%
Feb
1284
11% Sept
25% Apr
19%
38
Jan
Mar
378
1
Jan
Apr
67
40
Sept
Jan
Sept
6% Sept
784 Oct
778Mar 11
35% Feb 28
5
Apr
1584 Nov
Apr
9
Apr
30
Nov
Jan
5
31% Feb 28
27
Nov
29
Nov
14% Jan
14% Jan
2
3
17
Feb 28
5
27
Jan
3
14% Feb 16
Mar 20
434 Jan 13
378 Jan 31
13
800
100
101
2
35%' Jan 15
734 Jan 15
4,200
600
2
Apr
Sept
90
8
Mar 29
13% Feb 15
7% Jan 3
Marshall Field & Co ...No par
Co
1
Martin-Parry Cor p. ...No par
Masonlte Corp
No par
1,300
15% Jan
Feb 27
25
838
Feb 23
97
24% Jan 16
3% Feb 29
1
20
...
30
—
Market St Ry 6%
37l2
*166%
5134
5H2
Ctfs of deposit
Manhattan Shirt
Marine Midland Corp
13,900
14
100
Modified 5% guar
4,500
4.650
7%
1334
11
104
9
2% Jan 15
25% Jan 15
28
1,400
8,100
5
100
Ctfs of deposit
410
12%
1478
(P) Co
160
447g
*103
100
10
100
preferred
Lorlllard
700
12%
*28
Corp No par
Long Bell Lumber A
No par
Loose-Wiles Biscuit
25
1,000
5,600
44,200
30
1
Lone Star Cement
6%
44
*16612
5U2
5134
334
384
No par
-
678
*30%
5
8
22%Mar 29
29% Jan 3
40% Mar 29
13% Mar 6
18% Mar 27
3%
31
Jan
15% Jan
20
17834 Jan 12
Mac Andrews & Forbes
500
4
4
No par
Inc
S6.50 preferred
Loft Inc
300
1,000
Sept
Jan
Apr
Apr
Feb 26
Louisville & Nashville
714
30
Loews
1,200
2,900
2,900
83
Apr
Mar 21
No par
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
140
2514
28%
Apr
13
3
19
Lion Oil Refining Co
230
800
35
117%
5%
Jan
Maris
105
No par
Link Belt Co
5%
2,800
June
171
Lima Locomotive Wks.No par
"
14
4578
1278
37
105
800
17l2
245g
714
.—
29i2
500
3
137g
44i8
1214
*3634
2934
7,200
1,100
357g
108
1
3512
*103
28
6,400
133
25
3184
31
16%
16%
55g
2912
1478
25
600
1,400
Jan
122
Mar
100
67g
1
13
103
*134
1,500
105
7
Sept
Aug
No par
Series B
Lily Tulip Cup Corp
*30%
3i8
678
31
5
4412
*28
2534
28i2
12%
3514
lis
1178
3534
2734
I6I4
140
5
4234
I66I2 166i2 *16612
*51i2
5114
5112
*35g
312
3i2
297g
31
16U
lis
433s
12
3%
*6i2
31
I6I4
I6I4
16%
7l2
11%
638
1214
3478
*1614
1334
28
1834
185s
57l8
25
1214
1.50
1834
140
35
1712
*1063g
2438
57i2
34
7
5
Liggett & Myers Tobacco..25
Life Savers Corp
Preferred
3412 101,000
3
57
25
35
42 58
*185g
*135
*1178
150
3534
1834
2514
140
245g
3534
108
5634
2514
*135
363g
425g
3i8
173g
*5638
2512
140
36
3312
*1858
*25
*135
3434
108i8 *10734 108
3434
*1063g
245g
363gl
353g
108
3378
31s
*106l4
*10618
24%
*3
3538
108
333g
No par
Libby McNeil & Llbby
175
"moo
5
Prod Corp
Llbbey Owens Ford Gl.No par
1,400
1087g 10878
*172
2078
3H2
500
109
12is
39
1212
36
*108
39
*3812
1234
3578
800
3812
3912
1234
36iS
108
7
12i8
*3812
36
108
700
11,200
43
7
3812
*2414
*10818 110
*10818 110
323s
3478
32%
3314
*4234
43
4234
4334
108
108
7
43
600
3,200
1,200
25
25
3078
43i8
*27g
314
2078
2434
*2014
*2414
*17
7
7
*7S
10834 10834
10834 109
*173
176
*17214 175
22
22
2212
2214
21
2 512
26
*2512
263g
25U
39
*38%
3934
395S
40U
12
12
12ig
1214 *12
*l75g
I8I4
1814
18%
183s
*171^2 175
25
25
4934
431s
4314
108
10734 10734 *107
IO8I2 10834
1083s 10838
4314
*171
49
50l2
67s
5
Lee Rubber & Tire
Lehigh Portland Cement
25
4% conv preferred
100
t Lehigh Valley RR
50
Lehigh Valley Coal ....No par
6% conv preferred
50
Lehman Corp (The)
1
49
3U
2214
1358
5012
•
*43
(The)....No par
No par
Lehn & Fink
314
2138
*1314
3is
Lane Bryant
500
3
2134
78
Lambert Co
1312
28
3
2112
'
100
1312
2778
3
2134
7S
10
preferred
23
3
1
300
2234
No par
Kroger Grocery & Bak.No par
Laclede Gas Lt Co St Louis 100
"1,600
2H2
*78
1,400
300
59
7% Jan
Feb 23
Jan
Oct
4
3
15% Mar 27
8
Jan
Mar
18
67
34% Mar 18
13% Mar 2
35
Jan 15
1
Jan
32% Sept
125
Sept
Jan
121
90
338
1
"
338
2312
3*8
2112
1358
283s
%
*3
2114
1,200
Feb
Jan
June
10%
121% Mar 11
Kennecott Copper
No par
87
Sept
Jan
Feb
Mar 27
130
Kendall Co $6 pt pf A ..No par
5%
1434
13
17
_
5% Feb
1
Class B
120
114lo
*3i8
338
1
3l8
%
312
3is
100
32
32
227g
7,000
16
5l8
157g
5i8
3l5g
""MOO
18
16
514
32
*110
33g
1
734
*22l4
53g
53s
3i8
16
157g
32
.11412 *110
3ig
318
15i2
2214
2212
*5
16
*15%
1512
28
3214
8i2
31%
75g
1534
157g
538
3214
16
*1534
75g
*3i2
*275g
76
9
10% Jan 31
No par
32
6
12% Mar 26
Kress (S H) & Co
*312
2778
Jan
8% Jan
Mar 28
95
2934
25%
6,500
86
Sept
7% Aug
119% Sept
97
No par
1512
*1378
preferred
5
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A
Kimberly-Clark
Kinney (G R) Co
$5 prior preferred
Kresge (SS)Co
Kresge Dept Stores
7%
*7
conv
Kayser (J) & Co
460
*29i8
2538
4
Mar 13
12
900
25i2
4
28
3214
3
3
9%
9%
Mar 18
17
3734
214
2934
251s
478 Jan
10% Jan
7
Keystone Steel & W Co.No par
2934
29U
253g
Dec
8
1
100
600
2514
30
25>4
Kaufmann Dept Stores
20,800
300
107
6% Jan 22
13i2
30
Jan
3% Sept
28
Feb
City Southern.No par
4% preferred
100
900
133s
3712
2l4
Oct
84
127
Mar
Sept
100% Feb 21
434 Jan 5
55% Jan 16
Kansas
38
40'4 Sept
Jan 13
13
May
60% June
Jan
7% Nov
18
Apr
120
634
634
634
*100
101
101
101l2
3514
3614
35l2
36
13%
2914
10
634
255g
29i8
25U
12
3714
234
2514
Jones & Laughlln St'l pref. 100
Kalamazoo Stove & Furn
10
Jan
57s8 Dec
6%
33
123% Jan 19
121% Mar 11
100
Jan
May
1484
Apr
77% Jan
Preferred
5534
138
19
Jan 15
Mar
Sept
6
Jan
69
No par
10
31% May
Johns-Manville
1
2,400
*2i4
30i2
"""266
28
29
Jan
17% Sept
Apr
6% Aug
25% Aug
3% Jan
39% Jan
6
6
5
52
5%
1234
56% Feb
368gMar
36% Jan
14% Feb 26
6
100
104
Dec
Sept
4578 Mar
100
100
35
123
2
60% Feb 9
5% Jan 24
Jewel Tea Co. Inc. new.No par
1214
*36l2
25
500
1834
1234
*1158
1214
*133g
*30
7i8
4
Jan 11
Apr
2434 Jan 18
Kan City P & L pf ser B No par
104
214
2912
*2i8
600
*90
115
1334
3712
37l2
214
2914
2514
214
135s
37i2
13%
*37
800
153g
*1712
*lll2
1212
12
1158
6I4
634
634
612
6I2
*100
101
101
IOH2 *100
35
3512
353s
3434
35
*3634
1834
*1134
13
115
1178
11%
100
*12
*100
12l8
*9912 115
1134
3534
1358
3712
353s
*90
100
1218
*9912 115
1134
100
*6%
*17l2
*90
5938
*15
*120li
*6i2
7i8
5%
387g Jan
Jan 30
123
7% pref. called
*5738
58%
1512
*6i4
125s
60
—-
5812
634
100
125s
*99l2 115
147g
612
17l2
12%
13
1512
*12014
58%
1512
5778
*12014
6I2
1712
65s
1834
*12
13
1412
6934
12714 12714 *12634 12714
*12114 122
*12114 122
*12014
*6i4
6l2
*17i2
*12114 122
567g
1412
*55l2
57
*12014
*125$
*12714 128
*12114 122
*12114 122
5712
*12014
69
69
69
12814 *12714 128
3
2% Aug
14% Jan
Oct
8%
Jan
133
Feb 6
Jan 15
Feb 29
Feb 29
8
...1
preferred
Jarvls (W B) Co
Sept
3%
7
82% Feb 16
No par
$6
—
142
Jan 23
5% Jan 5
11% Feb 17
2
9
No par
No par
86
Jan
25%
97%
384
334
100
Telep A Teleg
1,500
414
50i2
*6934
Inter
9
*734
28
171
Oct
Dec
Sept
195% Mar
71% Sept
16634 Aug
45% Sept
4
Dec
41
Sept
34% Mar 25
31% Mar 26
50
86
*12512
145
6234 Jan
Jan 22
51
100
7% preferred
9,300
*15ls
*126l4 128
*12114 122
preferred
9
*4 >8
8
28
2834
*127
5%
International Silver....
4
4
93
*734
8I4
*734
*275s
8
28
*12512
--
*84i8
•
*4
180
*98i2 10218
4
414
914
378
4
4
*334
*9812 10218
*9812 10218
*9812 1021s
4
4
*27
*24l2
26l2
4
4
*84i8
*24
*9812 102lg
*9812 102i8
32
32
3138
2612
*334
l91%Mar 12
5
Dec
Mar
16% Sept
3% Oct
1% Apr
Apr
5034 Jan 18
3% Mar 19
100
*
Internat Rys of Cent Am
2% Apr
7% Aug
16
10% Mar 18
5314
334
4
5
Jan
Sept
5%
9%
3%
46%
109%
5%
Apr
3
Mar 27
32
131
100
Inter Paper & Power Co.... 15
6
2% Jan
21
17% Apr
Jan
Aug
98% Sept
Apr
90
1278 Jan
6% Mar 16
3512
*35s
*5234
*3434
53% Mar
8
Jan
Sept
157
9% Apr
4% Apr
284 gept
234 Dec
Mar 28
38
Mar 25
177
Internat'l Mining Corp
1
Int Nickel of Canada.-No par
500
53&g
11®4
5414
6
4
Preferred
5,000
12
Mar 19
No par
8% Jan 15
547g
1H2
113
Jan
13,700
54
lll2
3
108
100
Jan
131
67
4
47% Mar 20
Jan 15
40
Corp....No par
3
157% Mar 12
3% Mar 20
55
113s
6% Feb 28
Jan
29%
Apr
147% May
Mar 26
6% Feb 14
Int Mercantile Marine.No par
7,300
1H2
3% Jan 15
234 Jan 15
Int. Hydro-Elec Sys class A.25
12
113s
147g Feb 21
100
200
1U2
1112
90
11% Jan 22
5% Jan 17
4,200
121s
1112
80% Jan 22
Int. Business Machines.No par
Internat'l Harvester...No par
800
33i8
32i2
*130
156
1
Prior preferred
6,300
612
63g
63s
3
Jan
Internat Agricultural..No par
600
IOI4
178
3314
178
33
86
Interlake Iron
"e'.ioo
17S
33i2
179
179
xl77% 178
5612
5778
5734
5814
10
10
1634 Apr
4
100
6% preferred
4i4
438
3
Jan
Intercont'l Rubber
*4
*4
438
Interchemlcal
310
112
112
9% Sept
Apr
Jan
20
t Interboro Rap Transit
Certificates of deposit
438
29
118
No par
Insuranshares Ctfs Inc..
455g
*45
46%
113
113
Inland Steel Co
2,300
Highest
share i per share
per
7% Mar 20
5% Jan 31
100
200
578
358
3
*2i2
share
per
150
preferred
Inspiration Cons Copper
Lowest
Highest
8
share
per
25% Mar 16
lll%Mar 2
..No par
11,300
14
57g
33g
3
6%
S
10
No par
Ingersoll Rand
600
8614
135s
55l2
543g
5518
*157
160
*157
160
*157
161
15934 160
*157l2 160
35s
37s
334
4i8
35s
334
3l2
35s
*35s
334
9%
934
9l2
103s
9
912
1012
9l2
9i8
9
5612
93g
30
3i2
46
4612
178
3358
1771417714
5514
5638
17712 17712
158
57g
3l2
178
3358
55
*15812 160
35s
912
2
335g
*33
578
113
*418
934
4%
9%
335g
134
4578
*111
1,400
1414
*2i2
3
Indian Refining
Industrial Rayon..
"l~506
113
2678
86I4
135s
6
35s
35s
*2i2
111
*4
9&s
178
335s
*578
453g
111
111
*4
4%
3%
*2l2
3
27
113
*154
158
*85
8512
12%
Par
73g
*634
7i2
*65s
265g
2714
112l2 H212
100-Share Lots
Lowest
Week
$ per share
On Basis of
Shares
*154
8334
4
9%
158
12i2
*578
*1®4
*154
83%
*212
*4
156
84
*35g
4512
4578
10978 10978
Mar. 29
112
125s
12i2
12%
6%
1278
112
156
*154lg
*8334
265g
112
Range for Previous
Year 1939
EXCHANGE
$ per share
714
2714
*6i2
7%
2612
2612
STOCK8
NEW YORK STOCK
the
CENT
Friday
Mar. 28
$ per share
112
112
*11H2 112
*15418 156
NOT PER
Thursday
f
Mar. 27
$ per share
$ per share
SHARE,
Wednesday
i
Sales
for
LOW
Saturday
2047
Jan 31
34% Mar
5
25% Mar 14
6
161% Jan
50
Mar 18
3% Jan 22
16% Mar 12
12%
Oct
16
Nov
16% Jan 17
10
Apr
16
Oct
3
1
Apr
4%
Apr
2% Sept
684 Sept
8% Mar
17«4 Nov
45% Nov
8% Dec
1%
Jan
5% Jan 5
8% Mar 29
1.5% Feb 21
45% Mar 28
14% Feb 20
40% Jan 8
3134 Jan 4
170
Mar 2
53% Jan 4
4% Feb 23
2734Mar26
26
Feb
98
Jan 11
105
14% Jan 13
1478 Jan 31
17
108
111
Feb 24
Feb
xEx-dlv.
2
6
16%
3% Aug
984
Apr
26% Aug
2
May
30
Sept
2034 Aug
155
40®4
Nov
Apr
3% Sept
2484 Dec
67% Jan
37% Sept
July
5384 Oct
176
6% Mar
36% Mar
105
June
93
Jan
8
10%
Apr
Mar 12
984
Jan
15% Aug
17% Nov
Jan
108% Dec
Mar 29
Jan
Ex-rights.
88
1 Called for
redemption.
New York Stock
2048
LOW
AND
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
Record—Continued—Page
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
7
Monday
Tuesday
Wednesday
Thursday
Friday
Mar. 23
Mar. 25
Mar. 26
Mar. 27
Mar. 28
Mar. 29
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
Ranoe Since Jan. 1
On Basis of 100-Share Lots
Week
25%
25%
*25%
25%
8
8
8
8
*39
40
10%
♦39
10 '4
*8%
8%
103
103
9%
914
*76
79
25%
25%
25%
25%
8
8
8
8
26
26%
*7%
8%
39%
11%
8%
40
26%
*7%
39%
10%
8%
*76
Lowest
Par
3,700
8%
39%
700
McGraw-Hill Pub Co.,No par
900
79
*76
79
*76
79
*76
79
*76
64%
32%
*63
66
*63
66
*63
66
*63
33
33
5
*4%
5
21%
21%
21%
13%
21%
13%
31%
900
*13%
*31
1312
31%
*31
9%
9%
9%
13%
33%
13%
33%
32%
4%
21%
13%
13%
33%
*118
119
13%
33%
119
119%:
50%
50%
*49% 50%
107% 107% *107
*4
3%
*117
*33%
119
*9%
%
3%
%
10
10
%
3%
%
118
118
♦50
6%
19%
170
170
15
12%
17%
*115
116
*112
113%
*5%
*6%
25%
*12%
*10%
*88
21
6%
7
25%
13%
11
92%
21%
*163
168
16%
14%
24%
168
6%
18%
16%
14%
23%
*165
21%
*166
170
21%
20%
170
166
21
20%
166
*163
50%
111
50%
6%
111
7%
*50
6%
18%
18%
17
17
14%
14%
23%
24
169
*162
21%
170
14%
52%
6%
18%
17%
15%
24
169
18%
*96
*19%
£14%
7%
*50
*18%
101
44% Sept
103% Sept
110
4
1,400
100
1,500
500
3,400
20
40
15,200
320
3,400
1,000
2,600
4,500
500
3,700
53,200
14%
6,800
300
900
18%
14%
15
12%
2,700
1,400
18
18%
36,100
115
26%
13%
21
90
*86
90
*86
90
*86
90
*86
*51
90
55
*51
55
52
52
*52%
54
52
53
*52
54
*108% 110
*108% 112
*108% 112
*108% 112
*108% 112
*108% 112
*72% 73% *72%
73%
72%
72%
71
71% -71%
71%
*71%
72%
12
12%
12%
12%
12%
12%
12%
12%
12%
13
12%
12%
*45
46
45
45% 45%
45
45
44%
44%
44% 44% *44
15%
15%
15
15%
15%
15%
15%
16%
15%
16%
15%
16%
16
*15%
16
16
17
*15%
17
16%
18
18
17%
17%
30% 30%
30%
31
30%
30%
31
30%
32%
31%
31%
31%
*31% 32% *317s 32
*31%
317g
31%
32
31%
31% 31%
*31%
*4
6
*4
5%
*4%
5%
*4%
5%
*4%
5%
*4%
5%
*112
118
♦110
*112
118
*110
*54
%
1%
%
157g
55%
%
1%
*53
112
*113
112
*110
55%
8
118
*7
113
*110
*53
*53%
54%
%
*%
%
%
1%
1%
*%
1%
1%
%
1%
%
*%
%
15%
1578
15%
15%
103% 104% ,*103% 105
*103% 105%
*32% 34
*32% 34%
*32%
33%
*214% 215% 215% 216
216
216
♦111
113% *111% 113% *111% 113%
15%
16%
104%
*32%
21
*57%
56%
24%
*89%
7%
*112
*%
21%
577g
56%
24%
90
7%
113
34%
4
*397g
7%
19%
34%
4%
41%
7%
19%
20%
*57%
56%
23 7g
*89%
7%
113
*33%
4%
397g
7%
19%
21
113
118
125
62%
6%
62%
*89%
5%
*62
5%
62%
62
4^500
$4.50
"moo
100
40
1,100
7,400
3,000
6,100
700
300
20
40,100
2,000
300
~
1~2O6
700
5,000
500
32,800
700
4%
7%
7%
7%
*115
62%
5%
20%
9%
20%
*12
10%
12%
34
34%
34
34%
47
47%
47%
6
20%
10
10
*12%
6
125
62%
62%
6
6
5%
19%
6
19%
10
*12%
34%
47%
12%
34%
47%
47%
13%
13%
13%
14
13%
13%
14%
135
135
135
135
*132% 134% 133% 133%
*151
153% *151
151
151
153%
*150% 153%
6%
6%
6
6%
6%
6
6
6%
*
47%
Bid and asked prices; no sales
300
conv
No par
6
National Lead Co
7%
20%
7%
10% Jan 19
7%
26%
157g
12%
96
12%Mar
2
Mar 20
19% Feb
7
on
this day.
*116
62%
5%
5%
19%
9%
12%
£33%
125
700
par
National Steel Corp
25
National Supply (The) Pa.. 10
$2 conv preferred
40
5 'A% prior preferred
100
6% prior preferred
8%
National Tea Co
39
No par
1
N Y Air Brake
2
6
10
2,300
100
100
"Y,4O6
6%
3,100
6
*9%
210
460
10%
*12
12%
33%
34
47%
47%
47%
48
14%
14%
14%
14%
133% 133%
132% 132%
149% 153
*149% 153
6
*6
6%
6%
e
740
100
4,000
2,100
1,100
90
20
1,700
Def. delivery,
43% Mar 12
33% July
Feb 1
43
41
8% Mar 27
10% Mar 28
25% Mar 13
Jan 26
87
Feb 14
Jan 16
53
Mar 28
110
Jan
Jan
29% Mar 16
31% Mar 28
39
"
Jan
3% Jan 12
5%
No par
6% Jan 31
8
110
9
Jan
115% Mar 11
%
Jan
% Jan
13% Jan 16
Jan 30
28% Jan 15
10
Jan 22
17%Mar 28
107
219
Mar 2
3
Jan
113% Mar 27
23% Jan 3
Mar
6
59
Jan
55
Mar
5
58
Jan 10
26% Jan
88
90% Feb 20
3
9% Jan
7% Mar 16
111
Jan 17
50
33% Jan 30
Norwalk Tire & Rubber No
par
Preferred
50
Ohio Oil Co
...No par
39% Mar 25
4
6% Feb 24
7% Jan
18% Jan 20
22
112
No par
No par
6% preferred
$5.50
5% Jan
5
No par
Mar 29
9% Mar 16
1st pref..No par
Outboard Marine & Mfg
5
Outlet Co ..........._No par
conv
35
Mar 19
Owens-Illinois Glass Co.12.50
3
5
Jan
7
June
Sept
29
Sept
2%
Apr
6
Aug
4
14% Sept
12
Sept
100% Sept
4% Aug
5% Jan
5
18% Jan
4
144
Feb 19
12% Jan
3
41
Jan 11
15% Sept
128
7%
33
30
Feb
8
16%
55
Jan 29
120
Jan 17
40%
114%
64% Jan
6
6% Jan 10
6% Jan
6
2d preferred
No par
9% Mar 20
32% Jan 15
13% MM 19
34% Feb 17
46% Feb
50
19
11
13
Mar 15
Jan 15
5
Jan 23
Apr
32%
Jan 22
5% Feb 29
5% Feb 24
10
Cash sale,
82
4
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Pacific Ltg Corp
No par
r
50% 8ept
12% Apr
Feb 23
59% Jan 15
Jan
103% Sept
18% Apr
52% Sept
Jan
Mar 28
No par
n Nv-w stock,
Apr
Dec
168
14% Mar
1st preferred
Pacific Mills....
..No par
Pacific Telep & Teleg
100
6% preferred
100
Pacific Tin Consol'd Corp
1
8% June
55
26% Jan 19
Dec
70
119
100
Pacific Amer Fisheries Inc
Pacific Coast Co
Jan 24
15% Mar 15
139
100
3
3
42% Jan 12
13% Mar 19
103% Jan 22
Oppenheim Collins
%
1% Dec
% May
100
Mar 2
34% Jan
6
100
Otis Elevator
Otis Steel Co
Jan 31
113
No par
(The)
8
3
20% Mar 18
5
July
31%
Feb 27
3 t7g
56
Jan
Nov
May
47
4
50
8% preferred A
Apr
106
% Jan 11
5%% pref series
50
North Amer Aviation
..1
Northern Central Ry Co.-.50
Northern Pacific Ry
100
North States Pow $5 pf No
par
Telegraph
Apr
1% May
4% July
3
Jan
2
% Jan 25
92
Feb 20
56
1% Mar 25
_
Northwestern
Apr
119
52% Jan
100
6% preferred series
8%
27
30
Jan
Mar 19
50
Ry Co.. 100
North American Co
Apr
11% Sept
10% Apr
18% Apr
33% Mar
No par
50
32
14% Feb 20
50
6% preferred series A... 100
NYC Omnibus Corp..No
par
N Y & Harlem RR Co
2% Apr
8% Sept
18% Apr
73% Mar
105% Sept
11% Jan 18
Mar 18
Apr
Dec
75% Mar
41
Jan 22
July
5% Aug
83
...1
Preferred
19
19
$ In receivership,
30
10
21% Jan
Omnibus Corp
300
52
9% Jan
137g Jan
15
Oliver Farm Equip
2,300
73% Jan
187g Jan
1,800
200
Apr
14% Mar 16
7,700
2,900
62%
*5%
12%
40
6%
40
No par
Oct
Apr
87g Jan
107% Mar 12
Mar 28
Sept
14%
Jan 12
71
Sept
JaD
New York Central
No par
N Y Chic & St Louis Co... 100
1,400
20
27
24
4%% conv serial pref
100
Newberry Co (J J)
No par
5% pref series A
100
Newmont Mining Corp
10
Newport Industries
Jan
40% Feb 10
3% Jan 4
9% Jan 10
No par
Neisner Bros Inc
Jan 15
12% Mar 26
100
Natomas Co
9
2i%Mar 18
7% Mar 6
63% Jan 22
Apr
17?g June
132
7%
6
34
100
8
Mar
148% Jan 29
4%
39%
62%
6
19%
10,500
125
62%
10
100
22
Mar
1NYNH & Hartford
55
Jan
10% Sept
8% Sept
83
140
Conv preferred
.100
JN Y Ontario <fe Western.. 100
21,600
Jan 31
^4%
6% preferred B
100
Nat Mall & St'l Cast Co No
par
National Pow & Lt
No
2,600
*116
Apr
4% Jan
20% Sept
152
2,100
27,200
Mar 14
Mar 27
Jan
6
Jan 3
173% Jan 31
N Y Lack & West
900
2
Jan 15
Mar 26
%
7%
21%
12%
166
1%
%
17%
4%
17%
14% Dec
£8% July
100
1%
*35
18% Mar 28
91
10
7% preferred A
Jan
23
preferred.No par
New York Dock
90
39%
6%
21%
10%
12%
6
19%
2,400
90
4
3
8
Jan
13% Mar 12
4
6% preferred
10
Nat Distillers Prod
No par
Nat Enam & Stamping No par
Nat Gypsum Co
.1
90
*35
16%
6% Jan
Nat Dept Stores
300
2,100
4%
6%
6
20% Jan
1
8ept
31,200
39%
125
18% Feb
I434 Mar 1
10% Jan 30
16% Jan 15
Sept
57%
4%
5%
10
12%
33%
*115
Apr
Sept
110
24%
*33%
6%
19%
*11%
33%
47%
13%
125
Oct
10%
21% Sept
107
57%
24%
4%
7% Sept
87
4
Jan 24
3
25%
39%
Aug
77g Aug
3
%
8
7%
8%
8
8%
7%
115% *113% 115% *112% 114
*113
114
35%
*33%
35%
*33%
35%
34%
34%
14
8
Mar 28
Jan
30
7%
177g Mar
43% Sept
5% Sept
Feb 26
Jan
110% Feb 26
20% Mar 5
90
52% Mar 12
7% Feb 15
22% Jan 3
97
16
100
90
Sept
Aug
92% Jan 17
208
90
4
1477g
Jan 24
100
57%
105
Mar 6
Mar 25
2
2234 Jan
165
Adjust 4% preferred
*57
Mar 14
8% Feb 16
114
10% preferred
17
Apr
111
116% Jan
55%
*51
*115
Register
No par
National Cylinder Gas Co
1
Nat Dairy Products
No par
5% preferred
19%
19%
19%
20%
21%
21%
13%
13%
13%
13% *13%
13%'
13%
13%l
13%
13% *13%
13% I
110
109% 110
110% *110
112
*110% 112
*110
110% 112
112
I
*47g
5% |
*47g
53
5%]
*5
5%
5%
5%
5%
*4%
5% I
16
16%'
157g
16 I
16
16
15%
16%
16%
16%
15%
16%
*138% 141% *138% 141% *138% 141
*138% 141
139
139
*138% 141
,
10%
10%
10%
10%|
10
10%
10%
10%
10%
10%
10%
10%'
*35% 39% *35
39%
*35
38
37
37
*36
37
*35
37%
*28
28% *28
*
28%
*28
28%
29
28%
*28%
29%
*28%
29
55
55
*54% 55
*51
55
*51
55
*51
55
*115
Nat Cash
Sept
50
15%
24%
170%
18%
Norfolk & Western Ry
24%
*4
*113
10
7% cum pref
100
Nat Bond & Invest Co.No par
5% pref series A
100
Nat Bond & Share Corp No par
ll%Mar 18
Apr
9
Mar 29
110% Jan 25
~
i
5
2
6
13% Jan 13
30
15% Mar 20
Feb 13
6% JaD
Apr
16% Apr
37g Aug
83
5% Jan 13
30
57%
*33%
7%
109
Feb 28
39
10
109% Jan 30
5% Mar 9
8
%
3
1,700
25
4%
397g
7%
19%
Jan 22
673g Jan 23
N Y Shipbldg Corp part stk.
1
7% preferred
100
Noblitt-Sparks Indus Inc
5
57
*33%
Feb
10
6% Feb 16
270
23%
*113
30
Jan 30
1,100
57
35
4
106% 106%
24%
*89%
7%
1
33%
33%
34%
217
217
217% 217
217% 218
113% 113% *110
113% *110% 113%
21
21
20%
22
20%
21%
58
58
57%
57%
58
57%
104
21%
57%
56%
*7
*52
9
18% Feb 27
267g Jan 9
100
*110
55%
%
%
1%
1%
%
%
16%
17%
104% 106%
33%
34%
23%
577g
7%
*52
20%
57%
24%
90
113
*110
55%
157g
8
Mar
15
6
Feb
40% Apr
31% Aug
22% Sept
9% Apr
100
•
*7
1
10% Jan 12
1534 Jan 20
300
170
*86
8
2
7% pref class B
10,400
10%
90
*7
3
7% pref class A
92%
*86
8%
Jan
Feb
23
National Acme Co
Sept
307g Feb
1
Nat Aviation Corp
National Biscuit Co
112
66
No par
preferred
121% Jan 30
45
5
Apr
Sept
43% Feb 14
par
-
Apr
110
90
„
*6%
Corp..No
10%
85%
8
Jan
27
Mar 14
Dec
%
50% Jan 15
par
Corp
118
114
1
Aug
2% Aug
% July
112%Mar 27
23% Feb 13
12% Jan 4
Jan
3
16% Jan
4
Oct
Apr
July
Apr
Jan
Jan
50
Apr
3
Aug
2% Apr
11% June
3% June
9% Apr
27% Apr
41
9%
130% Jan 16
139
Mar 12
114
151
154
Jan 24
Apr
Apr
128
6
x
Feb
6
Feb 26
Ex-div.
y
7% Jan
Ex-rights.
4
Dec
120% Nov
85% Jan
Sept
8% Aug
120
115%i
112% 113
*5%
6
6%'
67g
-
8%
par
Mar 26
17% Mar
24
144% 144%' 145
145 1*145
146
*145
146
*145
146
*145
146
*22% 23% *22% 23%'
23
22%
22%
23%
23%
24
23%
23%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
8%
7%
*65% 66%
66
67
66
66
67
67%
67%
67%
67%
67%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
*12%
13% *12%
13%
12%
12%
12%
12%
12%
13%
13%
13%
*41% 43
*41%
43
42%
42
*41%
*41%
42%
42%
42%
42%
*40% 42% *40% 42% *41%
42%
*41%
42%
42%
42%
*40%
42%
6%
7%
7%
7%
67g
7%
8
7%
8%
7%
8%
8%
10
10
10
10
10
10
*97g
10%
10%
10%
*10%
10%
24
24%
24
24%
24
24
*23
25
*23
*23
26
26
*6%
118
49% Mar 26
12%
20%
No par
8
Nashv Chatt & St Louis... 100
500
*165
116% Mar
Myers (F & E) Bros..-No par
Nash-Kelvinator Corp
5
12%
170
No par
50
15
*165
Jan 15
Apr
16% Sept
Sept
2% Sept
4% Jan
18%Mar 25
104
15,800
197g
167g
98%
10%
10
Munsingwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America.. 10
10
20
*12%
$7
43% Mar
Jan 18
%
20
Mulllns Mfg Co class B
30
111
7%
100
Apr
36
% Jan
78 Jan
19% Jan
60
Motor Wheel
6
4% Jan
*ii Jan 26
Essex
Motor Products
Jan 20
110
100
Montg Ward & Co. Inc.No
Morrell (J) & Co
No
Morris &
4
10% Jan
1% Jan
Carpet Mills
$4.50 preferred
Preferred series B
Jan
334 Jan 29
37% Jan 16
9%Mar 11
34 Feb 13
234Mar 16
Monsanto Chemical Co
Mueller Brass Co
14%
40
100
6% conv preferred
Mohawk
1,900
600
18
Apr
106
1,000
4%
35%
Apr
Apr
4% conv pref series B...100
7% preferred series A
J Missouri Pacific RR
Deo
6% Jan
28% Jan
21% Sept
39% Jan
6%
11%
18%
Jan 25
10
Nov
Nov
11% Sept
Feb 29
No par
Nov
Sept
63
30%
25
47
Mo-Kan-Texas RR
300
Sept
Oct
73
16% Jan 10
111
1,000
Jan
June
32% Mar 28
11% Feb 21
100
Impt_._l
10%
7
8% Jan 27
par
Minn Moline Power
25% Dee
59%
18%
10%
101%
14%
Jan 15
13% Mar
No par
*19
*88
8% cum 1st pref
Minn-Honeywell Regu.No
$6.50 preferred
Mission Corp
*96
26
Aug
5
18%
115
July
8
12
112% 112%
5%
5%
678
*6%
26
26%
13%
*12%
11
11%
*88
92%
29%
21
3
14
Feb 21
Mar
18
115
26
Mar 19
53% Jan
169
169
18%
98%
20%
21
397g Aug
28% Dec
5
5
120
190
1,300
52%
167g
14%
23%
434 Mar 19
50
Feb 24
66
34% Mar
6% Jan
4
6%
*18
6
29% Jan 30
Jan
82
"V*110
7%
July
37
24
82
56
Mar 16
50%
24
*34%
14%
35%
80%
Aug
1
Mar
33
%6
*%
*16%
17%
111% 11134
*116% 118
*118% 119%
52%
53%
*42%
43%
27%
27%
13%
14%
17%
17%
4%
6
80
6
53% Feb
Jan
6
No par
108
4%
Feb
6% Aug
11% Jan
Midland Steel Prod
200
24%
64
Apr
1,500
2,000
17%
88
8%
2
%«
24%
4%
Mar 23
9% Jan
103
9% Mar 23
1
1
(The)
1st pref
39
16% Jan
3%
14
conv
2
3
9
4
1334 Mar 23
*%
53%
5%
47% Jan
12% Jan
Mid-Continent Petroleum.. 10
3%
43%
27%
14%
17%
Mengel Co
Jan
9
28
*%
52%
*42%
27%
99
15% Apr
5% Sept
Sept
8% Feb
4,800
*9%
118
1
100
No par
$6 preferred series A.No par
15.50 pref ser B w yr.No par
$ per share $ per share
27% Mar 29
38% Mar 11
9% Mar 18
8% Feb 1
Mead Corp
Melville Shoe Corp
$ per share
15
9%
118
Co
conv preferred
share
per
r22% Jan 15
7% Jan 17
Merch & M'n Trans Co.No par
Mesta Machine Co.
5
Miami Copper
5
600
%
%
3%
3%
*%
%«
%
%e
17%
17%
*111% 112
7%
50%
750
42%
9%
%;
118
6%
1
Year 1939
Lowest
Highest
5,100
34%
118% 119
1940
Ranye for Previous
32%
10%
3%
35%
14%
7
470
14
13%
10%
14%
34%
*40
80
111%
22
*107
108
14%
18%: *18%
18%
18%
18%
*96
*96
97% *96
98%
98%
21
*19% 21
20
*19%
19%
15
14%
14%
15
14%
15%
*12
12%
12%
12%
12%
12%
17
17%
17%
17%
17%
18%
*114% 116
*114% 116 ,*114% 116
113% 113% *112
113% *112% 113%
*5%
6
*5%
5%
5%
578
6%
6%
*6%
6%
*6%
,6%
25%
25%
26
25%
26%
26%
*12%
13%
*12%
13%
*12%
13%
10%
10%
10%
10%
10%
11%
*88
92%
*88
*88
92%
92%
21
17
14%
24%
169%
37
111%1*110
50%
6%
18%
34% 34%
118% 118%
50%
51
80
14%
I
14
118
18%
98
12%
*35
18%
16%
14%
23%
16
118
*79
49%
6%
6%
*168
18%
15
37
14%
79%
6%
18%
14%
23%
14%
*96
17%
23%
4%
14%
79%
52%
6%
18%
*15%
23%
*19%
13%
37
*110
*50
16%
"18%
28
6%
52%
6%
*17%
16%
12%
23%
%«
119%
53%
53%
*43% 44%
27%
27%
14
13%
17%
17%
24%
24%
4%
4%
53%
44%
13%
*9%
%
*118
52%
*43%
*27%
13%
17%
*23%
*4%
*32
11
4
%»
118
32%
10%
43
%®
>*117
14
32%
4
17%
17%
111% 112%
118
900
22
'107
3%
'1®
1,800
4%
*40
J*
%«
33%
4%
4%
3%
*%
%
33%
5
43%
9%
9%
%
3%
*%
119% *118
119%
53% 53%
53% 54%
*43%
45
*43% 45
28%
28%
27%
28
*13%
14
*13%
13%
17%
17%
17%
17%
*23% 24% *23% 24
*4%
4%
*4%
4%
*36% 38% *34
37%
*14%
15%
14%
14%
79
79
79
79%
"~7%
108
3%
*117
*110
50%
*40
10
%
3
119
*107
4
42%
*118
7%
108
4
35%
"""266
33
22%
14%
13%
50%
16%
16%) *16% 17%
110% 111% 110% 111%
117
*110
119
50%
*40%
%«
118
13%
34%
119
50%
4%|
*%•
*16%
17%
110% 111
13%
34%
43
43
*1,
13%
*107
108
*4
4%
42%
10
%
3%
42%
*9%
31
9%
32%
4%
21%
5
21%
21%
13%
14%
31% 31%
9%
10%
13%
31
10
33%
5
4%
21%
McLellan Stores
100
1,500
66
5
3,700
79
64%
32%
*32
$
Mclntyre Porcupine Mines._5
McKeesport Tin Plate...__ 10
6412
3212
64i2
McGraw Elec Co
27%
39
39%
39
39%
39%
10%
10%
11
10%
10%
10%
11%
8%
8%
8%
8%
8%
8%
8%
103
103
*103% 105
*103% 106% "103% 106% *103% 106%
*9%
9%
9%
9%
9%
9%
9%
9%
*9%
9%
10%
8%
30,
EXCHANGE
Saturday
$ per share
March
Apr
Sept
6% Dec
5 Called for redemption.
Volume
LOW
SALE PRICES—PER
HIGH
AND
NOT PER
SHARE,
flTnPTra
Sales
CENT
Tuesday
Monday
the
On Basis of
NEW YORK STOCK
Lowest
Mar. 23
Mar. 25
Mar. 2b
Mar. 27
Mar. 28
Mar. 29
$ ver share
$ per share
% per share
$ per share
$ per share
Shares
22%
*7%
334
21%
8%
*7%
*7%
378
3%
7%
384
20l2
21%
2134
2212
21%
*758
812
*714
8%
*734
78
1
43
*%
42%
*95
7
718
7i8
9234
*875s
•875s
9i8
q
q
*16%
$ per share
*4314
2034
*16%
*43%
43%
20%
20%
20%
20%
2034
2%
1%
2
*134
2
1%
1%
11
11%
10%
6%
6%
65s
6%
6%
*553g
5534
55%
55%
9034
9134
35g
90%
91
56
334
35s
*20%
3l2
22l2
*2012
23
*20%
23
*13
14
*13
14
*13
14
*13
*121
*121
*3%
3%
21%
*40%
43
*40%
*35%
36
3534
4
*3
*10
11
11
11%
3334
34
34
34%
34%
35
4
4
*2%
11
34%
24
*10
*34
11
,34%
24
34%
2434
24%
25%
*23%
*21
*21
22
*21
22
*738
7%
7%
*834
3678
9 >4
37%
*834
3534
9
36%
*43
4434
*81%
14
87
*9034
92%
92%
%
91%
*130
142
*132
44
87
44
7%
3834
38-%
38%
3834
*4%
5
434
484
52
49%
*8%
*27%
*46%
9
2734
49%
*47
*
110
*
110
*
*5%
5%
*5%
*8%
38
Philip Morris & Co Ltd
28
49%
*
49%
135
5%
23%'
60
23
*7%
734
*7%
734
7%
7%
*7%
734
7%
7%
734
*71
72
| *71
71%
*7034
72
*7034
72
*7034
72
72
*172% 175
*172% 175 |
*172% 175
*172% 175
*172% 175
175
7
7
7
73s
*7%
7%'
7%
7%'
7
7
7%
9
9%
*9%
9%
*8%
9%
*9
934
9%
*8%
10
*22
*22
25%
*7%
*7034
*172%
7%
*878
*21
30
16%
*30
31%
*27
16%
*27
*16
17%
16
30
33
29%
*13
1334
13
13
12%
*78
*%
1
21
*1334
14
11
1»4
*10%
1034
1%
1%
%
%
1234
10%
1%
%
*1%
%
12
12
11%
11%
35%
68%
115%
12%
36%
6878
*1178
36-%
68%
115
115
4178
12534 126
144
162
162
*116
120
834
80%
14%
15%
6%
5%
6%
65%
66
*1%
1%
20%
20
*116
120
26%
26%
"8,656
9
92%
8%
9
92%
11,400
80%
80%
2,400
14%
14%
1,900
15
15
14
80%
14%
15
6
6%
1%
20
*16
*91
k
66%
1%
1%
20%
20
1634
16%
16%
28
28
28
15%
26
*25%
26%
*26%
15%
26%
22%
*21
22%
*21
22
*15
15%
15%
26
*21
*3%
15%
*3%
4
4
15%
*3%
15%
26%
*33s
*45
53
*45
53
*45
53
45
45
*43
*10%
11
*1034
11
*10%
11
11
11
*10%
*7%
734
9%
934
9%
57
*55
*65
80
*66%
1%
26
19%
*8734
19%
89%
*71%
12%
*25
7434 i
12%
26%
79
79
*77%
83%!
*50
55
*50%
55
14
I
93%
14%
*90%
14%
93%
53%
8%
41%
53%
7
7
*8%
41%
*6%
*1034
19%
*%
*38%
*%
*90%
*8%
413s
*53%
*6%
1034
193s
♦%
7
3
*2%
50%
111%
111%
26%
*
111
83%
*77
*50
55
13%
13%
93%
93%
14%
*91
8%
8%
8%
41%
*53%
6%
41%
41%
*6%
7%
10%
10%
19
19
*%
38%
*%
*%
*2%
1%
38%
%
%
%
3
55
7
3
111
111% 111%
2634
49%
111
50%
111
111% 111%
111% 11134
26%
26%
Bid and asked prices; no
*6%
*10
19%
*%
38%
%
*%
*2%
50%
111
9%
21%
90
75
75
14%
94%
8%
41%
8%
41%
55
7
7%
*53%
11
*10%
19%
1%
38%
%
%
3
Preferred
10
Rels (Robt)
7%
7%
9%
984
70
"2" 500
JReo Motor Car
20%
20%
36,100
Republic Steel Corp...No par
91%
1,100
6% conv
preferred
7534
300
6 % conv
prior pref ser A. 100
1334
28
*79
10
55
14%
*53
14
56
20
14
3,500
*91
94%
8%'
41%
55
8%
1,500
Reynolds
6,300
Reynolds
1,700
19%
1,200
1%
100
*6%
7%
100
*1014
1034
800
2,400
39
38%
38%
%
%
%
%
500
%
%
%
1
400
*2%
*4
51%
111% 111%
5034
3
...
51%
111% 111%
11 l»16lll% 111!%?
2734
11134
26%
26%
X In receivership,
preferred
Common
10
7
42
-—.10
No par
Ritter Dental Mfg
No par
Roan Antelope Copper Mlnes.
Ruberold Co (The)
No par
Richfield Oil Corp
J Rutland RR 7%
St Joseph Lead
pref
100
10
100
100
JSt Louis Southwestern... 100
5% preferred
100
jSt Louis-San Francisco...
6% preferred
Stores.......No par
preferred
...100
6% preferred
..100
7% preferred
100
Savage Arms Corp ....No par
Safeway
a Def. delivery,
5%
n New
stock,
5
18
112
r Cash sale,
Jan
6
31% Apr
101% Sept
112
128% Aug
Sept
129
Apr
143
Aug
147
Sept
166
June
Jan
Sept
Jan
1173s Dec
41% Sept
4
111
3
z22% Aug
934 Mar 11
6% Aug
90% Mar 26
80% Mar 20
6334 Aug
118
32%
15% Feb
15% Feb
70
Jan
3
67% Mar 28
53%
Apr
17g Jan 29
21% Feb 23
1% Dec
16% Apr
1678 Jan
Mar 15
25% Feb
72034 Mar 20
3% Jan 15
23
40
Jan 31
55
11
Mar 27
13
7
Feb 16
8
11% Jan 19
9% Mar 18
6% Jan 18
39% Jan 2
62% Jan 29
634 Mar 19
6% Jan 20
10% Mar ?6
18% Jan 15
Jan 23
7
% Jan 3
% Jan 19
36% Feb
2
4
Jan 30
Jan
9
44% Jan 15
104
Jan
2
lll%Mar 19
111% Mar 20
19% Jan 15
x Ex-dlv.
5% Sept
Dec
Mar
54
16%
Apr
10
13% Feb
10% Jan
9
9
Apr
9%
Oct
Nov
Dec
14% Sept
17% Jan
Mar 21
50
Dec
75% Mar
Jan
5
60
Apr
75
1% Jan
2
3
% July
12% Apr
4
45% Feb
9% Jan
Sept
27
2% Dec
Apr
1% Jan
22% Feb
Deo
2234 Sept
2834 Oct
7
56
6
6
16
28
3
12
2834
6%
69
11% Feb
Jan
Dec
9
6
Jan 23
Jan
19
Jan
6
18% Jan 22
79% Jan 23
Jan
23% Sept
40
Mar
Jan 12
49% Feb
Mar
64
67%
2%
July
16
Jan
4% Feb
Nov
8%
85% June
6% June
12% June
10% Apr
20% Sept
19% Jan 24
2834 Jan 3
Jan 13
14% Jan 16
1
16
Junei
Mar 11
65
1134 Sept
90% Mar
81% Jan
18% July
Sept
1034
9
3
6% Mar 20
15% Mar 16
Dec
II934 Feb
4134 Aug
1143g Aug
Jan 20
164
8
Sept
66
Apr
Mar
Aug.
19% Feb
25
49
Apr
50%
Jan
16% Sept
1634 Sept
Aug
Aug
60% Jan
27
34
6% Sept
85%
1
16% Sept
2% Jan
% May
3
3
5
100
Spring
1
(R J) Tob class B.10
5H % conv
Sept
11
87% Mar
41%
55
Brass..—5
10
17
% Aug
6978 Mar 13
118% Jan 2
Mar 28
7634 Feb
8%
*53%
*6%
100
6% Apr
7% Aug
Jan
% Feb 27
14% Mar 11
5% Jan 6
Dec
2% Sept
Sept
1478 Jan
1434 Jan
77% Feb 13
149
Apr
24
2% Feb 27
160% Feb 6
117% Jan 9
25% Mar 26
8% Feb 7
85
Feb 2
14
Aug
1138 Sept
16% Sept
48% Oct
25% Oct
40% Sept
20-% Sept
17% Sept
9
42% Mar 29
11034 Feb 21 116% Jan 11
124
Feb 20 zl27% Jan 12
145
Mar29
141% Jan 9
7% preferred
100
5H% preferred
100
Reynolds Metals Co—No par
4134
1%
3
Copper &
Class A
100
19%
27
Revere
600
83
111»1.111»4
sales on this day.
3,800
*26
111% 111% 111»J2 11134
27%
5
1%
1%
50«4
warrants..25
RRCo_-100
1%
*%
*2%
Preferred with
Rensselaer & Sara
111%4111%
27
2,400
& Co 1st pref.. 100
Reliable Stores Corp..-No par
Reliance Mfg Co
10
Remington-Rand
1
200
56
*66%
300
300
12
1334
*4
*51%
111
10
19%
38
5
100
Hosiery
12
7
6%
1034
1934
6%
6%
Silk
47%
94%
*91
4% 1st preferred
4% 2d preferred
Real
83
55
14%
.-1
25
50
.50
...50
Company
90%
28
*79
|
No par
Inc
preferred
*10%
*73
14
28
52
Reading
*43
56
56
13%
*3%
12
90
*4
*4
51
*53%
6%
734
Corp.. 10
500
22
3%
20%
28
1,200
26%
1%
83
55
12%
15%
*21%
70
134
*66%
184
21%
90
7434
13%
*50
111% 111%
26%
89%
*55%
70
*2684
*4
*110%
*1%
20%
9%
934
26%
%
51
11034
111%
111%
27
*4
5034
*66%
12%
15%
*25
12
12
56
7434
7%
1034
19%
1%
3s
9%
56
*7%
7%
7434
1234
38
38
*7%
*12
*71%
1234
*24
*77%
8%'
41%
55
!
*%
*2%
1334
6%
7%
11%
19%
1%
39
%
70
20
8984
19%
8934
26
*67
9%
1%
20%
12
70
12%
57%
*1%
8934
12
912
*55
134
20
73%
*12
9%
7%
184
8934
73%
7%
57%
*55
*1%
734
12%
*12
13
*12
*7%
Quaker State Oil Ref
Radio Corp of Amer
Rayonier
26%
3%
47%
12
.....100
100
400
22
*21
3%
16%
*27
1534
6% preferred
5% conv preferred
Purity Bakeries..
1,100
20%
16%
No par
16%
1%
28
pf $5.No par
..No par
(The)
2734
6634
1%
*20
20%
100
100
100
Sept
%
1234 Jan
15
% Jan 12
5
50
20%
66%
1%
20%
Mar 18
10
% Jan 16
No par
June
6
4
22?4 Feb
11% Mar 15
2,000
5,100
1,100
67%
1%
1%
63,300
2
12% Jan 13
20% Jan
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J_.No par
preferred
preferred
preferred
preferred
18
Feb 13
1% Mar 12
% Feb 14
11% Jan 15
*
Apr
Apr
142
1
No par
$5 preferred B
...No par
53.50 conv 1st pref..No par
tRadio-Keith-Orpheum No par
Raybestos Manhattan.No par
6%
*7334
16%
27%
6%
66%
67
200
800
____
27%
15%
16%
2734
*91
*7334
*7334
66%
6%
6
12% Aug
33% Mar 16
6684 Jan 2
Pullman Inc
Aug
6%
15>4 Jan
5
112% Feb 16
3934 Jan 18
Pure Oil
Sept
175
22
No par
Pub Ser El & Gas
26%
8%
15
20%
*27
4
120
26%
80%
20%
*16
26%
*116
14%
15%
66
16%
22
120
95
Sept
4% Aug
32
No par
140
80%
1%
2734
*3%
167
15
66
*27
*21
*164
14%
1%
*16
*25
167
*116
*7334
*7334
66
*164
Apr
158
2
5
ANo par
B
5% conv 1st pref
5% conv 2d pref
6%
7%
8%
50
7
9
Jan 18
Feb
Sept
32% Sept
14% Sept
Mar
19% Jan
Mar 18
12
Sept
12
8% Jan
174
34% Jan
16
24
51
72% Jan 25
r69% Feb 16
Jan 5
4
5
Procter & Gamble
$5
Mar
Jan
No par
JPorto Rlc-Am Tob cl
300
4
II
Pressed Steel Car Co Inc
1,200
12
4
5
Apr
Apr
Mar 18
Pond Creek Pocahontas No par
Poor & Co class B
300
80
-
5,900
115
145
14%
15%
6%
15%
5%
42%
4134
114
145
80%
15%
80
146
14%
14%
15%
115%
*115
8% Jan
2%
6% Feb 19
Plymouth Oil Co
Class
Mar 12
No par
Pitts Screw & Belt
600
2,600
69
*144
80
80%
14%
37%
146
90%
80%
.
.12%
68%
163% 164
2534
5
171
500
127% *126% 127%
127% *126
90%
92
8,300
*36
90%
8%
4,900
31% Sept
27% Jan
Jan 29
300
200
Apr
Jan 17
7
Mar 19
1,100
23
35% Mar
110
107% Feb 10
4% Feb 27
28
1,200
45% Mar
9% Oct
Feb
28% Mar 27
49% Jan 5
4
No par
50
3% Sept
Jan
Aug
Jan
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
130
Aug
Jan 22
Pittsburgh Steel Co
1%. 12,400
*12%
*12
12%
12%
38
37% *36
68% 68%
68%
115%
115% 115% *115
41%
41%
4134
42
114
114
114% 114%
26%
9%
90%
9
2,400
46% Sept
6
48
Feb
Apr
2
26
7
July
31%
36
Pirelli Co of Italy "Am shares
No par
7% gtd pf-100
Jan
35
8
9
$5 conv preferred
7
Apr
234 July
9
2
Pitts Coke & Iron Corp No par
Mar
154
25
Mar 27
Jan
21
103% Mar
5
8
Pitts Ft W & Ch
%
124
Mar 25
pref... 100
Plllsbury Flour Mills
25
-
12%
Jan 23
Sept
Sept
67g Feb
110
12
1234
Aug
74
1% Sept
41'4 Jan
4
320
21 I
1334
10%
91
'% July
7% Mar 21
200
%
%
%
12
25%
8%
25%
9
14%
*15%
6%
*7384
1%
%
9
25%
25%
*90%
10%
1%
12%
144
120
1334
10%
1%
12%
16234 163%
*116
20%
14
10%
36%
68%
*14334 146
120
*116
21
14
134
%
126% 126% *126
.
162% 162%
2578
9
92
80%
*90%
127
21
14
Jan
40
Jan 10
9
34
11%
12
""266
*145
1
*34
75
1
6
136
Jan 23
34
*12%
1334
13%
1
21%
1%
%
1134
4178
42
113% 114
42
113% 113%
*143% 145
144
2534
%
31%
*145
10%
1134
*11%
12
11%
*35
36%
36
68% 68%
68%
115%
115% *115
*126
13%
*13
11%
42
42
113% 113%
*31%
21
14
10%
1%
21
14%
21%
*
21%
32
4
9578 Mar
16%
31
1334
16
31
Aug
Jan
66
100
8% Mar
4838
5
preferred
10% Sept
47% Sept
6
6%
Sept
Sept
634 Sept
Apr
Jan
100
25
Apr
Apr
Jan
100
Sept
40
Jan
36
3
Pittsburgh Coal of Pa
45
17
534
28%
44
Pierce Oil 8% conv
Apr
13% Sept
%Mar
4% Jan 31
36% Mar
534 Sept
1934 Sept
Jan 11
5
Preferred..
Oct
45
Apr
21
Jan
10% Feb
30
3938 July
7%
40% Jan
136
Feb
2
Jan
27% Sept
Apr
May
30%
28% Jan
30
*26
*84
*21
21%
*1234
*10%
i
16%'
*145
%
1
30
16%
*13 %
12%
*145
*145
*145
30
17
*31
29%
1
100
Hosiery
Phoenix
*21
29%
29%
30
*28%
*21
23%
*16%
16
29%
*21
10
100
Pitt C C & St L RR Co
""166
5%
*5
10
300
135
,*
5
5
preferred
5% conv pref series A
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
No par
600
9%
28%
49%
*834
*2734
9
9
28
24
Mar
Aug
Jan
85
200
"
Mar 26
Jan 3
41%
3834
4%
1234
36%
% Mar 20
8884 Jan 15
6,300
5
15
74% Jan 26
10
58
4
No par
'
38%
*4%
*51
58
Mar
2434 Jan
Pblla & Reading C & I.No par
"""400
50
Dec
124
47
$6
5% Sept
120% June
5
40
Deo
17
6% Jan 11
3434 Feb
Apr
33
Jan 20
"
6%
37%
4%
4%
*46
135
1,800
*40
38%
37%
*51
9
*5
5%
23%
;
49%
*
l'.ioo
6%
50
28%
283s
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
142
*132
7
*40
'58
9
110
6%
4%'
*46
Pfelffer Brewing Co...No par
600
92%
142
*50%
9
*434
5%
25%
*132
6%
50%
*4%
28
49%
*27%
92
373s
434
58
400
%
92%
«4
8% Jan
6,300
9434 Aug
434 Sept
2% Aug
738Mar 20
9
37%
Apr
1134 Sept
5
44%
87
74
*227gMar
Petroleum Corp of Amer
59%
17% Aug
21% Mar 18
21
Jan 24
i~,66o
%•
92
*40
38
*4%
*49
9
2784
49%
*8%
*26%
37%
*47
%
30% Feb
II84 Mar
Apr
5
5
No par
Pet Milk Co
7%
3634
87
prior preferred
preferred
5%
5%
930
"
Deo
48
3
9% Mar 19
280
22
*8%
92
6%
100
100
100
Co
13% July
Apr
x5%
Jan
Feb 16
25
*42%
*82%
142
*132
7
50%
100
Sept
21
Sept
2% Feb
Feb 17
Mar 25
3
34%
9
3734
%
91%
91%
140
*42
40
52
3g
35
47
118% Jan
118% Jan
50
RR
34
*%
87
*82%
%
87
Peoples Drug Stores...No par
Jan
Jan
4% Sept
16% Jan
4
Peoples GL4C C(Chlc)._100
Jan
26
Aug
8
25
Mar 20
13
400
Pere Marquette Ry
*734
4% Jan
Jan
107%
13%
534
2
5
20% Feb
No par
No par
400
44%
36
v t c
Jan
3% Jan 23
No par
11%
734
*8%
2
Peoria <fe Eastern Ry Co
44%
*82%
8%
44%
2% Jan
300
22
7%
36%
44%
*684
40
52
8%
35%
91%
*130
7%
49
*40
9%
*82%
3g
140
*6%
7%
7%
35%
4434
9
35%
*44%
*82
%
734
734
95
Jan
Feb
14%
Apr
1%
Sept
60%
104
Apr
11%
Jan 17
22
6
4
*21
36
Feb
24%
11
*21
22
*21
22
*7%
7%
11
1%
88
*3
4
5
3
5
*10%
*3
4
Corp
Pennsylvania
14%
44% Jan
5
21% Jan 15
33% Feb 5
14,100
6
2% Jan
1,000
36%
Feb
Mar
$7 conv pref ser A...No par
17 conv preferred
22%
7%
65
Penn-Dlxle Cement
41
72
8
2% Mar 12
12% Mar 4
7% Mar 6
62% Jan 5
700
35%
25%
24%
24
*10%
4
22%
22%
6%
No par
10
Penney (J C) Co
Penn G1 Sand
Mar
2
Apr
Sept
Sept
Sept
Sept
Sept
Sept
Apr
Jan
834 Sept
June
%
No par
Penlck & Ford
14
2
18
1% Feb 28
9% Jan 11
584 Jan 13
Pathe Film Corp
100
Jan
6
8
978 Feb 20
Jan 15
18
Parmelee Transporta'n.No par
3%
23
22
34%
24%
22
40%
35
5,600
800
1,800
1
Patlno Mines & Enterprises. 10
i
41
22%
41%
36
22%
41%
35%
4
215s
40%
36
Parker Rust Proof Co....2.50
*121
*121
40%
21%
2178
40i4
36
1,300
2,600
No par
Mar
92
2
134 Feb
Penn Coal & Coke Corp
*13
*3434
2134
*39i4
Parke Davis <fc Co
Jan
7
42% Feb 24
1
1,900
Dec
I
8% Jan 18
17
Jan 9
1
800
*21
14
85
Park Utah Consol Mines
1978
44
Jan 15
3,300
Jan
978 Sept
92
7
Inc
9,500
*3%
3%
*13
14
Park & Tllford
100
434
35
100
10
6% 1st preferred
6% 2d preferred
3%
23
*21
100
11%
Apr
Feb 23
1
92%
3%'
3%
3%
22
92
92
3%
*121
*121
....
3%
3%
57
91%
3%
22
*3%
6%
56
92
3%
11%
11%
6%
6%
9034
384
*3%
11
11%
11%
11
56
91%
•
1%
4334
2034
7
55%
*3%
*2034
4384
2034
4334
21%
11%
*35s
43%
43%
*6%
59
2
44
11%
55
*6%
58
2
1%
44
2
1,400
*18
1834
1%
9%
1834
2%
4334
20%
1%
11%
6%
9%
Dec
8
Jan 18
Paramount Pictures Inc
21,000
7
3
101% Jan 25
8% Jan 4
100
share
per
4
8% Jan
22% Mar 25
100
4% conv preferred
7%
91%
*88
No par
Parafflne Co Inc
200
101%
7%
9%
*18
18
1%
*95
91%
9%
"2" 500
%
42%
*41%
734
*90
9%
18
2
178
101%
7%
91%
9%
42%
*95
5
Pan-Amer Petrol & Transp__6
Panhandle Prod & Ref
1
Highest
share
per
yl5% Feb 15
684 Jan 16
84 Feb 13
41% Jan 12
Corp
Pan Amer Airways
8%
h
%
91%
18
*1%
18
178
2is
2
9
*8
*42
43
101%
7%
7%
7%
91%
8%
No par
Packard Motor Car
!
4% Mar 11
7% Mar 21
3% Jan 12
Pacific Western Oil Corp... 10
7%
334 17~4o6
21% 107,300
21
1
♦%
9
92%
9i8
21%
*8
*95
101%
7%
*87%
7i8
*
*16i2
18
2
44
2034
*178
*95
10h2
*42
43
*42
43
*95
1
*%
%
♦415s
101%
7%
3%
21%
8%
7%
334
*7%
3%
*7%
3%
7%
3%
22%
*7i8
7%
3%
Par
Lowest
Highest
$ per share
Weet
$ vet share
*7%
100-Share Lots
EXCHANGE
Friday
Thursday
Wednesday
i
Range for Previous
Year 1939
Range Since Jan. 1
for
Saturday
2049
New York Stock Record-Continued—Page 8
ISO
2378 Jan
3
92% Jan 31
78% Mar 4
1434 Jan 3
29
Jan
2
43
Apr
42
Apr
9%
Nov
234 Nov
28% Sept
9584 Dec
8934 Oct
20% Jan
40% Jan
Apr
21% July
Aug
84
Sept
Mar 28
37% July
56
Sept
1578 Feb 20
7% June
83% Mar 14
55
Jan 10
94
9% Mar 11
63
7884
5%
1434
Jan
Jan
87
Dec
Apr
113s
Jan
4178 Mar 14
35
Sept
45
Jan
53%Mar 12
8% Jan 3
7% Jan 3
52
July
58
Jan
Apr
10%
Jan
934
Oct
Feb 27
6% May
10
Sept
17% Sept
4
15% Sept
34
12
20% Jan
6%
84
1% Feb
Jan
% Jan
Jan
23s Nov
Apr
27% Apr
% June
42
•
49% Sept
% Sept
78 Jan
% Aug
2
Jan
334 Feb
I84 May
6
Sept
4
33s May
Jan
6% Sept
5184 Nov
Mar 14
2784
Apr
lll%Mar 28
82%
Jan
96
Jan
113
Jan
Apr
116% June
53
114
Jan 29
116
Feb 23
2978 Mar
y Ex-rlghts.
6
104%
IO84
109
23
Aug
Oct
Sept
t Called for redemption.
I
as
New York Stock
2050
LOW
AND
Saturday
Monday
$ per share
13
<
|
$ per share
13
*7612
77
77
%
h
5
%
%
86
86
2%
86%
13%
13%
13%
13%
13%
5
5%
*54
55
7
7
40
5%
40
10%
2184
*2%
2%
21%
*2%
*22%
1984
*19
19%
24
*102l3i# 103 *10213i« 103
117
*115
117%
10%
11%
11%
2%
2%
15%
2634
*149
15%
2634
153
2934
112
112
*16%
*9%
*21%
14%
25%
17%
11%
2%
15%
25%
26%
14%
15
25%
25%
2%
*2
2%'
6
*5%
6
*35
*64
*22
34
9%
64
64
64
35%
7
6%
108
151.1
22%
25%
32
6
12%
16%
27%
14%
15
*35
38%
*35
*2
2%
*5%
70%
*64
22%
*22%
4334
34%
4234
34%
56%
54
55%
*7
22
29%
7%
*5%
*5%
*37%
4%
6%
45
3%
33%
7%
5%
*9%
4%
12
14%
15
23
22%
26%
43%
*31%
26%
43%
32%
26%
43%
32%
78%
78%
79%
7%
7%
8%
6%
6%
9%
9%
2
14
26%
43%
*31%
79
8%
7%
7%
1%
5
6.400
13%
16%
1,000
4,600
12,800
22%
27%
43%
32%
79%
7%
9,900
12,800
~3:2O6
2,700
7
6%
5%
*3%
*7%
5
5
11%
11
*14%
15%
*52
52%
*14%
*52%
4%
40
10%
91
90%
22%
49%
47%
6
6
19%
*7
8
2%
*78%
2%
87%
*4%
4%
9%
11%
23
5%
19
2%
4%
*8
11%
22%
5%
4%
33%
2
2
*17%
lOli
18%
90%
22%
46%
23%
5%
5%
18%
22%
49%
6
19%
*7%
*79
31%
5%
90%
49%
9%
22%
23
23
28
12%
I9
12
%
!•>
4134
417g
12%
12%
12%
12%
83
81%
82%
26%
47
26%
47%
19%
20
16%
*116
16%
60%
60%
18%
114%
95%
16%
95%
95%
86
86
86
27
*26%
27
16%
47%
47%
47
47%
20
20%
19%
20%
2%
17
17%
17
17
*116
39
118%
116
116
*61
61%
61
61
*17%
18
2
39%
*17%
2%
39
2
38%
Bid and asked prices; no sales
2%
85
2%
*27%
12%
23
82%
85
2%
*8%
11%
12%
85
2
17
9%
11%
11%
k114
35
4%
42%
114%
16%
4%
4%
83
16
6
17
*79
12%
82%
*95%
*85%
*26%
30%
4%
42%
*114
5%
*39%
5%
*30%
5%
4%
34%
9
*16%
10%
91
19%
42
16%
3%
40
4
*7%
2%
2%
95%
*14%
*52%
8
27%
12%
114
15%
53
19%
2%
16%
5%
11%
*7%
*26%
95
8
5%
11%
6
2%
%
7%
33%
24%
48%
29%
12%
3%
34
5%
18%
*2%
42
45%
23%
47%
*26%
%
6%
45%
3%
33%
10%
2%
12%
4%
91
2%
18
2%
39%
on
%
40
6%
45%
3%
10%
85
5%
4%
91
29%
%
*37%
8
*8
22%
6
19%
2%
7%
6%
2
47%
*4%
11%
*4%
34%
22%
28%
4%
10%
*79
4%
5%
30%
6%
40
90%
*7
2%
87%
39%
4%
*4%
33%
2%
10%
23
3%
40
4%
31%
33%
18%
10%
7%
5%
4
*39
5%
4%
2
8
*3%
31%
5%
*4
23
33%
*9%
31%
*17%
34
7%
5%
5%
2%
18%
45%
33%
11%
5%
*33%
3%
6%
15%
*3%
*39
6%
4%
3%
4%
6%
53
15%
*52
5%
7%
5%
*5%
45%
4%
3%
7%
32
*5%
*5%
*37%
5%
*9%
40
5%
5%
4,700
4,100
1,400
1,500
28%
5%
3%
22%
7%
28
7%
11%
100
714
6%
500
1,000
5%
4%
10
7%
29
8
5%
11%
15%
53
35%
9
18
10%
91
24%
47
48
*79
6
19%
8
2%
85
4%
9%
*4%
9%
11%
11%
11%
23
23
*2%
2%
27%
2%
12%
27%
12%
%
%
9%!
2,500
900
28%
7%
6%
5%
33%
*7%
5%
*10
*1434
*52%
31
Spear A Co
-.1
Jan
15% Apr
Jan
39
34
2% Feb 23
6% Mar 16
7
434
65
Jan 29
65
21
Jan 16
23% Mar
6
Apr
Sperry Corp (The) v t
14%
1
41
Marl6
47
~
36
Apr
No par
No par
29
Jan 15
38
Mar 29
11
Apr
50% Feb
9% Feb
56
Mar 21
42
60
65
c
Spicer Mfg Co
$3
conv
pref A
Spiegel Inc
-.2
Conv $4.50 pref
Square D Co
No par
Standard Brands
No par
No par
$4.50
1
preferred
Standard Gas & El Co.No par
$4 preferred
No par
$6
cum
prior pref
No par
$7 cum prior pref
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
5
29*4 Jan 26
Mar 18
4284 Feb 23
28% Jan 29
76% Feb 8
7% Jan 31
Sun
Oil
5
1
No par
6% preferred
Sunshine Mining Co
100
Jan
2
Jan 15
56% Jan 23
122
10c
Jan 23
9% Jan
Mar 29
Oct
Jan
2
Dec
Jan
484
Apr
Jan
10
Jan
13% Apr
24% Sept
2234 Aug
Jan
Jan
38
Aug
Jan
20%
Apr
65
12% Feb 21
63% Feb 20
Feb 13
6
22
Mar 21
2
Jan 19
Superior Steel Corp
13% Feb
1
28% Jan 11
6% Feb 7
2
2778 Jan
2% Jan
17% Jan
35% Feb 28
7% Mar 25
23% Feb 15
32% Jan 25
9% Jan 3
7% Jan 4
5% Mar 5
2
40
100
Sutherland Paper Co
10
Sweets Co of Amer (The)---50
Swift A Co
25
22
Swift International Ltd
28
Symington-Gould Corp w w.l
2
Jan
Mar 27
1
7% Mar 19
5% Feb 5
9
5
Without warrants
(James)
50
Feb
34% Jan
Mar
5
5% Mar
5
7
45%
18,100
1
33%
25
Texas Gulf Produc'g Co.No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil
10
Texas Pacific Land Trust
1
4238 Feb
2,000
5,400
4678
4%
35%
8%
6%
4
Feb 14
Jan 8
Jan 4
7%
5%
6,000
11%
500
Texas A Pacific Ry Co
15%
100
Thatcher
$3.60
"""500
90
5%
2,200
120
par
par
12,900
1,800
4,700
6
19%
2%
1
Thompson Prods Inc..No
2438
48
33,000
"
4^266
85
4%
Co
Thompson 8tarrett Co .No
3,300
1,000
8
100
1,600
10%
91%
19%
No par
Preferred—
$3.50
9%
200
11%
4,600
23%
2%
1,000
1,300
12%
*22%
2%
27%
11%
%
%
%
10
25
cum
preferred.No par
Tide Water Associated Oil..10
$4.50 conv pref
No par
Timken Detroit Axle
10
Tlmken Roller Bearing.No
par
Transamerica Corp...
2
Transcont'l A West Air Inc._5
Transue A Williams St'l No par
Trl-Contlnental Corp..No
$6
"""766
preferred
par
No par
Truax-Traer Corp
No par
Truscon Steel Co
10
20tb Cen Fox Film
CorpNo par
8,200
29
$1.50 preferred
No par
Twin City Rapid Tran. No
par
7% preferred
100
Twin Coach Co
1
8,300
JUlen A Co
110
12
Del. delivery,
10% Mar
15
100
100
Mar 26
No par
Under Elliott Fisher Co No
par
Union Bag & Paper
No par
Union Carbide <fe Carb.No
par
Union El Co of Mo$5
pf No par
Union Oil of California
25
Mar 19
Jan 16
3% Jan 16
2634 Jan 8
284 Feb 5
4
Jan
10
Feb
7
Jan 19
2% Feb 2
77% Feb 16
4% Feb 13
8% Mar 20
11% Mar 28
22% Mar 15
2% Jan 26
24
Jan 15
9% Jan 15
%
39%
11%
78%
Mar 16
Jan 16
Mar 18
Feb
112% Feb
Jan 16
Jan 15
IOO
84
Transport
United Biscuit Co
Preferred
United Carbon Co
5
No par
100
No par
Unlted-Cair Fast Corp.No
United Corporation
$3
preferred
n New stock,
par
No par
No par
r
Cash sale,
x
3
3
16
4% preferred
Union Tank Car
5
1
89% Mar 6
20% Jan 13
46% Jan 19
5% Mar 5
12% Jan 15
93
No par
2
2778 Jan 15
1% Mar 29
1534Mar 11
100
United Aircraft Corp
3
Mar
5
2284 Jan 11
43% Jan 15
14% Jan 15
15% Jan 2
112
Jan 31
54% Feb 5
17% Jan 12
2
Mar
36'% Mar
Ex-dlv.
y
5
5
Jan
9
Jan
12% Jan
10
Apr
2284 Sept
5% Sept
17
Apr
2434 June
4% Aug
3% Aug
478 Aug
33% Oct
3% Aug
8
4
Mar 21
4
26
8% Sept
15% Dec
Feb 16
48
3%
30
34
14
Mar
7
23
Jan 27
11% Jan
95
3
Jan 24
24% Mar 27
52
7
Jan
3
Mar 14
19%Mar 25
Sept
7
Aug
534 Nov
42% Feb 16
684 Mar 8
6% Mar 15
4% Jan 17
36% Mar 8
2% Jan 4
Apr
32% Aug
3% Aug
8
18% Jan
53
3% Jan 12
34
Union Pacific RR Co
Un Air Lines
6
50% Jan
5,400
18
5
No par
The Fair
Thermold
3% Jan 23
3234 Jan 2
7% Feb 21
No par
pref
$3 dlv conv preferred
Third Avenue Ry
Thompson (J R)
34%
1%
6
100
Mfg
conv
Jan 25
Apr
19% Sept
134 Aug
Mar 21
34%
1%
*8
5% Apr
4584 Sept
118% Sept
1078 Jan 20
Superheater Co (The) ..No par
Superior Oil Corp
1
5
500
4%
Apr
6% Aug
3% Apr
8% Apr
878 Feb 15
7% Mar 28
12% Jan
124
Apr
Jan
8O34 Jan
5% Feb
4%
*79
18% Apr
5% Dec
94
4
2,100
*7%
2%
5784 Dec
734 Jan 18
108%
2%
7%
18%
2234
26%
2734
46%
33%
5
534
*90%
24%
47%
Apr
8% Aug
Feb 28
39% Mar 29
2
Jan
103% Jan 4
1% Jan 19
3% Jan 19
10% Jan 19
13% Jan 19
22% Mar 14
25
Feb
60
11% Jan
Jan
6
Jan 29
5
3%
39%
Apr
Sept
$5.50 preferred
No par
Spencer Kellogg A Sons No par
preferred
53
Mar
1% Aug
Jan
Telautograph Corp
500
Apr
Apr
23% Jan
10% Apr
11% Apr
Jan
Tennessee Corp
Texas Corp (The)
8
Sept
14
127
Jan
1,200
31
*16%
10%
12% Apr
10% Aug
1% Sept
Mar 29
3,400
534
*4%
a
No par
18
18
23
15
Apr
Dec
13
Mar 28
4%
11%
t In receivership,
100
-
Sparks W1 thing ton
40
42
41% 42%
42%
4134
41%
1,600
12%
13%
1234
13%
12%
13
6,600
81%
83
83% 8334
8234
84
8,400
114% 114% *114
114% *114
30
114%
16%
16%
16%
16%
16%
16%
2,400
95% 95%
9534
9534
95%
95%
1,700
85%
85
85%
85
84% 84%
700
27
27
26%
27
26%
26%
1,100
47
48%
47% 48%
47%
4734 22,300
20%
21%
20%
21%
20% 21
116,700
17
17
1634
17
16s4
17
900
*116% 118% *116% 118% *116% H8I0
20
60%
62
61% 61%
62%
1.300
62%
*17%
18
18%
*18
18%
200
1834
2
2
2%
2%
2%
21* 59,900
39%
39%
3834
39
39
39%
3,900
this day.
100
No par
preferred
Talcott Inc
3%
3%
24%
5%
45%
39%
5%
5%
11% Mar
14% Mar
25% Mar
3734 Jan
1% Feb
5%
9
6%
40
5%
4%
9
6
4
32
Southern Pacific Co
Southern Ry
Jan
Feb
16% Jan
30%
15%
20%
347g
Jan
11%
2884 Feb 23
152
28% Jan 19
9% Mar 16
31%
5%
6
9
*6%
22%
27%
7%
*5%
*5%
*37%
4%
7%
1434 Feb 26
22% Jan 16
14434 Jan
Stokely Bros A Co Inc
1
Stone & Webster
No par
4,000
23
9
100
Studebaker Corp (The)
*30%
7%
*37%
4%
6%
45%
23
preferred
Jan
Jan
2%Mar 11
Jan 19
11,500
13,100
7%
7%
40
23
2
31,600
1,000
10%
*6%
22%
27%
7%
30%
7%
22%
40
10%
15
22%
34
*2
*
18,600
1,200
1,100
*14%
7%
45%
4%
2
1%
4%
*13%
15%
2234
5,100
2
14%
19% Jan 13
Southern Calif Edison—.—- 25
210
15%
31%
30%
3%
33%
7,400
2
22%
3%
10,800
*14%
31%
30%
5%
23
2
*6%
22%
28%
6%
45%
33%
23
2
31%
7%
22%
29%
4%
34
2
14%
22%
29%
6%
45%
41%
23
2
*13%
5%
6
39
7
11%
11%
11%
61
60%
61
61%
61% 61%
122% 122% *122% 124
*122% 124
10
10
10%
10
10
10%
14%
30%
*6%
*5%
*37%
4%
5%
*17%
79%
6%
108% 108%
11%
16
114
108%
1%
4%
13
16%
22%
26%
43%
32%
7
11%
53
*22%
*2%
*27%
12%
*1%
4%
12%
15%
22%
26%
43%
*31%
79%
8%
9%
3%
11%
4%
7
6%
*108
10%
*51
*8
1%
12%
15%
22%
14%
22%
26%
43%
*31%
78%
*7%
6%
79%
7%
6%
4%
12%
7
108
9%
5%
"""400
500
10%
*15%
18%
300
4,000
1%
8%
17%
11%
2434
12%
11% Feb 28
Mobile A Ohio stk tr ctfs 100
64%
9%
6
Socony Vacuum OH Co Inc. 15
South Am Gold & Platinum—1
39%
10%
7%
19,800
1,100
64%
9%
30%
Feb 26
38%
15%
2
""700
10
39
6%
15% Aug
Apr
64%
108
Feb 19
22% Jan I
103% Jan 31
Feb
64
1%
2% Dec
16% Apr
15
6
9%
Apr
17% Apr
10
38
10
484
Jan
2% Jan 10
Smith & Cor Typewr ..No par
Snider Packing Corp.—No par
100
6
55%
9%
Jan
9% Aug
98% Aug
Apr
"""600
35%
55%
6% Dec
28
108% Feb 7
6% Jan 10
25
June
101
2
70%
22%
42%
38
7% Mar 13
40% Feb 13
13% Jan 4
24
Dec
3% May
Mar 12
2
42%
43
Mar 25
113
2,400
16,500
7,700
8,100
*21%
51
55
Jan 29
30%
*64
67% Mar 6
634 Jan 11
111
..
S'eastern Greyhound Lines-.5
*35
3
4
No par
$6 preferred
Smith (A O) Corp
So Porto Rico Sugar.—No par
12%
16%
27%
38%
3
Jan
Jan
Apr
15% Aug
1% June
60% Apr
11% Apr
10% Apr
92
10
12%
15%
19
16
% Aug
1
3
70
800
26%
2
2
Jan
15
8
Apr
Sept
Feb 21
37%
7
15
105
118
64%
108
Slmonds Saw & Steel.—No par
19
18
Apr
Jan 30
64
10
6% Feb
20% Mar
2% Jan
21% Jan
18% Mar
99% Jan
10
Skelly Oil Co
Jan 15
384
44% Sept
16% Jan 11
Feb 24
Aug
Sept
%
105
10
37
934
Petroleum
2,400
2
54%
105
10
61
2% Mar 25
6% Jan 13
36% Jan 11
10% Mar 15
Sliver King Coalition Mines. -5
Simmons Co
...No par
Simms
30
12%
16%
27%
38%
36
preferred-— 10
6% preferred
..100
SIoss Sheffield steel A Iron. 100
90
9%
4
14
400
conv
15%
70%
11%
2
1,400
5H%
25%
22%
43%
9%
14%
32%
7%
22%
29%
7%
100
60
No par
153%
22%
42%
35%
54%
9%
10%
2
*17%
10%
*90%
35%
*64
9%
*14%
31%
500
2,900
64
*60%
61
60%
*60% 61
*121% 124
*121% 122% *121% 122%
10%
10%
10%
10
10%
10%
*22%
23
*22% 23
22%
22%
33%
23"
Shell Union Oil
200
36%
61
*31%
70%
2%
15%
*24%
6
25%
12
No par
No par
conv
*151
30
2
6
15%
25%
152
29%
12%
15%
26%
25%
38%
1%
43%
32%
7%
12
15%
24%
152
29%
12
12
43%
78%
15%
25%
153%
29%
6%
26
*31
22%
11%
2%
22%
12
preferred
conv
Sharpe & Dohme
% Jan
Mar 29
Mar 18
Feb 26
Feb 2
Highest
share
per
4
1% Jan
87
13%
12%
51%
4%
$
Feb 27
20
1% Jan 31
8034 Jan 15
No par
Jan
109
% Feb 26
.
share
115% Jan 11
% Jan
No par
-
49
1734 Mar 19
pref ser A .No par
Shattuck (Frank Q)...No par
Sbeaffer (W A) Pen Co.No par
4,700
17%
22%
No par
Year 1939
Lowest
1434Mar 27
79% Mar 27
% Jan 2
734 Feb 21
Jan
45% Mar 11
11234 Feb 10
108% Mar
Sears Roebuck & Co..,No par
Servel Inc
1
S3.50
200
11%
2%
2%
JSeaboard Air Line
Sbaron Steel Corp
1,900
2%
11%
11
*39
11%
9%
23
6
9%
11%
11%
42%
108
25%
734
6
40
11%
11%
2
11%
4
79
40
11%
*2%
15%
6
1%
4%
11%
*14%
22%
4334
*31
*7834
784
*39%
No par
No par
per
% Jan
4% Jan 11
100
No par
$
11% Jan 23
72
4-2% preferred
100
Seaboard OH Co of Del-No par
$5
63%
*35%
108
1%
41.1
12%
900
5
preferred
Seagrave Corp
5,900
100
22
34
36%
7
1%
300
10,500
V.500
7
22%
*55%
64
3534
108%
500
5
7
*21%
*24%
Range for Previous
Highest
share
per
1
$4 preferred
8,400
1,200
10
22%
34%
55%
9%
35%
1%
4%
*11%
15%
2234
2534
43%
10
8%
$
100
Scott Paper Co
$4.50 preferred
90
55
7%
40%
*9%
42%
*54
6%
200
"
10%
~
29%
*64
70%
22%
55%
108
61
*9%
2
43
9%
7
13%
*13%
*5534
*4%
*54%
10%
*5%
42%
*984
4,800
2%
86%
13%
14
- '
*9%
157% *151
*35
38%
34%
33%
5H% preferred
JSchulte Retail Stores
2%
29%
11%
14%
25%
*2
*54
Schenley Distillers Corp
11%
25
157% *150
29% .29%
12
12%
70%
5%
55
*5434
40
15%
22%
13%
14
5
4%
11%
11%
42%
55
40
11%
*5%
42
15,600
2,100
12,200
%
6%
8534
61
Par
14%
*16%
38%
*21%
4%
*54%
11%
*9%
*35
*65
13%
*55%
Lowest
81
%
87
13%
13%
40%
2%
15%
26%
15
13%
61
7
11%
2534
86%
7
21%
12%
87
7%
10%
21%
*149
12
4%
55
10%
22%
2984
86%
13%
13%
*55%
2%
*15%
22%
14%
*79
108% *106% 107%
107
107
107% 107%
6%
*5%
6%
5%
6
*5%
5%
21
21%
22
21% 22
22
22%
22%
2%
2%
*2%
2%
*2%
2%
*2%
2%
*22
24% *22%
24%
23%
24
23% 24
*19
19%
19
*19
19%
19
19%
19
*10213i# 103 *102i%4 103 *102i%« 103
*1021%# 103
115
115
*115
119
*113
119
*112
119
*112
112% *112
112
112
112%
*112
112%
*16%
17%
16%
16%
*16%
17%
*115
*9%
*2134
%
*5%
21%
2%
2434
17%
14%
80%
%
*5
7
6%
*16%
13
11%
5%
11234
14%
*78%
%
*40
*22%
*19%
*112
Shares
»
108% *106
6%
*21
%
13%
4%
11
*6
79%
61"
*54%
40
1084
108% *106
% per share
5
86%
13
7%
40
1084
*106
1940 3
EXCHANGE
Week
47
*56
55
7%
the
Range Since Jan. 1
On Basis of 100-Share Lots
NEW YORK STOCK
Friday
113
13%
61
55
•
78
%
86%
13%
13%
*55%
*4%
STOCKS
Mar. 29
5%
5%
5%
47
*46%
47
47
*47
47%
*112% 113% *112% 114
*112% 114
*108
108%
108% 108%
108% 108% *108
108%
%
%
%
%
%
%
%
%
%
%
%
*%
34
*%
%
17%
18%
18%
18%
*18%
18%
18%
18%
*2%
2%
2%
2%
*2
*2%
2%
86%
*13
61
*56
14%
5
*46%
108%
14
%
*5,
%
*17i2
18%
2%
2%
17%
Sales
I per share
$ per share
77%
113
*108
%
177b
*2%
CENT
Thursday
i
Mar. 27
14%
5
NOT PER
Mar. 28
Wednesday
14%
%
5
*46
46%
46%
47
*112% 114
*112% 114
108% 109
13%
77%
SHARE,
for
.
% per share
77
%
5
PRICES—PER
Tuesday
Mar. 26
13i4!
13
'4
*5
SALE
Mar. 25
■
9
mm
HIGH
Mar. 23
Record—Continued—Page
March
2%
1%
Dec
Dec
Sept
Apr
Apr
Jan
234 Sept
Apr
17
1% July
7% Apr
9% Aug
83
1034
34%
5
6%
5%
Sept
Apr
Apr
Sept
Apr
8% Jan
234 Jan
3
4
2
82% Mar
7
4
74
Apr
3
Apr
9% Feb 21
13% Jan 4
6
Apr
5% Jan
25%
2%
2984
13%
1%
45
Jan 23
Mar
Mar
8
Mar 14
Jan 11
Feb 19
1478 Jan
88% Jan
115
8
8
4
Jan 12
17% Jan 8
97% Jan 4
89% Feb 10
27% Mar 20
49% Feb 9
21% Mar 28
17% Mar 25
119
Feb 23
65% Mar
19
42
Ex-rlghts.
6
Feb 21
2% Jan
3
Feb 13
Apr
Mar
11% Dec
1934 Sept
1% Apr
17% Apr
7% Apr
34
Dec
34% Sept
6
Aug
65%
10834
15%
81%
Apr
Sept
78
Aug
Apr
Apr
20% Mar
31
7%
Aug
Apr
14% Sept
112% Mar
52
13%
Apr
Apr
2
Apr
30%
Apr
T Called for redemption.
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
150
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
2051
I
Mar. 23
$ per share
6%
*5
*63
18%
*116i2
*1212
.*4%
*5i2
*93I2
*8
914
Wednesday
Thursday
Friday
|
Mar. 26
Mar. 27
Mar. 28
Mar. 29
Week
$ per share
$ per share
S per share
$ per share
Shares
6*4
6%
63
64
4%
*3212
78%
5%
63
63
*93
98
6%
534
63
8
8
*8
9%
82
82
82
180
*176
180
5%
5l2
*31
81%
5%
180
*5
*31
34
6%
5%
*63
6%
64
4%
4%
*33%
78%
78%
13%
13
116
116
13
12%
4%
*92%
4%
5%
95%
93
8
8
9%
83
*9
180%
5%
34
180
83
*31
82%
*177
5%
5%
5%
200
United Fruit Co
U S & Foreign Secur
100
9%
1,800
2,300
U S
Gypsum Co
7% preferred
50
5%
32%
500
2234
23%
23%
23%
23%
23%
25%
"5", 200
*5%
2234
5%
22%
5%
5%
5%
*5%
5%
5%
5%
5%
5%
600
*9%
9%
9%
9%l
9%
9%
9%
9%
9%
9%
64
60
60
35%
35%
35
35%
37%
37%
*36%
1%
1%
37%
1%
*60
35%
37
37
1%
1%
33%
34%
*60
61%
*64
65
65
118
*37%
38%
*37%
38%
*37%
38%
*45
46
*45
46
*45
46
*45
2
2
2
*2
2%
2
6%
7
*6%
7%
*7
*45
46%
46
46
*2
2%
2
2
*7
7%
134
62%
15% I
68%
*33
134
61%
15%
68%
*151
155
109
110
*%
*17%
%
19
116
%
%
*17%
19
32%
32%
38
38%
31%
38%
*45%
*45%
45%
45%
63%
*61
80
*63
*
80
31
*30
31
*30
3%
*27%
3%
28%
3%
3%
*27%
28%
17
116% 116%
*115%
8%
35
*7%
*32%
33%
*91
96
*32%
8%
45
33%
91%
*43%
1
*1%
1%
*%
1%
*7%
21%
*97
21%
15
21%
*97
101
5%
32%
1%
*%
*7%
558
32%
5%
32%
1%
1%
7%
21%
100%
558
32%
*1%
*23%
3%
1%
26
3%
*1%
*23%
15%
7%
1%
24%
334
*45
49%
*45
8
*14%
*7%
*8
22%
*3%
138
.5%
32%
34
33%
*37%
34%
2,800
38%
700
*61
31
3%
3%
27%
27%
116%
8%
8%
43%
*33
43%
33%
*90
93
*1
1%
1%
*1%
7%
*7
*%
21%
22
*97
1%
1%
1%
7%
21%
33%
33%
90
90
1%
1%
1%
*%
*21%
11634 11634
8%
9%
290
44%
400
*33
35
200
*89
100
80
44%
1%
7%
22
*1%
22
*96
*101%
39%
*1%
*45
1%
24
3%
48%
3%
4%
1%
1%
10%
*8
2834
*28%
4
22
22%
*68%
5%
5%
*22%
V
24
*45
48%
48%
1%
10%
29%
2734
2734
18%
22%
18%
2234
*4
4%
22
70
21%
*68%
134
*8
*28%
*27%
18%
22%
70
*22
*68%
10734 10734
10734
109% *10734 109% *10734 109%
11234 113%
113%
113%
113% 113%
113
113
104
103
103
*103% 105
103% *103% 105
117
117
117% 117%
*116%
117% *116% 117
14
14
14%
14%
*13%
14%' *13% 14% *14
14%
*100
102
102
*100
*101%
*101%
40%
39%
40%
40% 40%
39%
40 1
39% 3934
40
*3%.
7
22%
23%
23%
111%
*134% 135
28%
34%
36%
35
35
22%
23
22%
23
4,600
23
2334
23
23%
5,200
11234 113%
134% 134%
4,000
35%
35%
36%
*35%
*60
67
*60
31
31
30%
31
98
31
*85
110
*90
110
*90
110
*90
*65
70
*65
69
*65
68
69
*9%
10
*9%
11%
6%
11%
11%
10
11%
4%
5%
*35%
*60
*9%
11%
5
4%
36%
3934
10
11%
6
32%
31%
5%
54
*46%
55
20
20
*20%
3
3
1%
1%
*2%
1%
21
3
1%
3%
334
334
3%
5%,
5%
5%
5%
64%
64%
55
*46%
*19%
20
*19%
20
3
3
3
3
3
1%
1%
1%
1%
1%
1%
*3%
5%
3%
3%
3%
3%
24%
40%
18
18
*63
73
4034
17%
*63
3534
*54%
34%
44
44
116%
87
23
88
24%
40%
63%'
64
64
5%
*118
*120
*64
*118
18%
*25%
40%
"
Y.666
25%
4034
10,000
18%
1,700
120
44%
*43
88
39%
*81%
3934
90%
*22%
*88
119% 124
124
3834
39%
*81%
90%
22%
22%
15%
16%
2%
23
16%
2%
2%
Bid and asked prlctf; no sales on
173s
17%
126
89
23%
18%
11834 11834 *11834 122
10%
113s
11%
39%
40
22%
41
90%
23
16
16%
*86
*23s
2%
this day.
100
Westlnghouse Air BrakeNo par
Westlnghouse El A Mfg
50
1st preferred
5% conv preferred
Wheeling & L E Ry Co
30
100
5)4 % conv preferred
100
Wheeling Steel Corp...No par
preferred
100
$5 conv prior pref...No par
White Dental Mfg(The SS).20
White Motor Co
1
White Rock Mln Spr Co No par
White Sewing Mach Corp...1
$4 conv preferred
Prior preferred
No par
20
Wilcox Oil & Gas Co
"
Willys-Overland Motors
6% conv preferred...
10
Wilson & Co Inc
No par
$6
preferred
No par
Wisconsin El Pow 6 % pref. 100
Woodward Iron Co..
10
Wool worth (F W) Co
17%
24,800
Yellow Truck A Coach cl B..I
200
*42%
44%
100
123
123
89
*119% 122
11%
41%
*11
90%
*86
39%
100
Preferred
10
Mar 14
138Mar
3
15
Young Spring A Wire..No par
7%
1%
21%
3%
45*4
1%
6%
28%
Mar
Jan
Jan
Jan
Jan
Mar
Jan
a
27% Mar 27
3% Jan
5
"21"
68
Mar 18
Sept
16
Aug
21
Sept
40
Sept
40
Nov
16
111
102
Mar 27
3% Jan 13
6% Feb 1
% Jan 31
21% Mar 18
22% Mar 18
118
July
15
Sept
Deo
Mar
3
1
June
5%
15%
Jan
Apr
Apr
Deo
60
1% Jan
9
Marl6
Dec
Feb
1% Nov
6% Apr
19% Apr
1434
20
Jan
4% Feb 23
"27% "Jan *3
1%
5
3% Jan
1334 May
3534 Oct
334
243g
Jan
Jan
Oct
80
Deo
28%
Jan
79
Jan
55% Aug
7
85
Apr
95
Apr
107% Deo
112% Deo
88
Apr
106
Dec
105% Sept
15% Nov
115
Nov
8
4
Jan
4
2
1
Jan
5
2884 Jan
28% Jan
3
3
118
138
33
Mar
Jan
July
3
7% Jan
Jan 20
6%
Jan
103% Feb 14
40% Mar 27
Jan 15
44
68
3 234
July
Jan
20% July
14% Mar
2% Jan
Apr
16
Jan
Mar
19% Jan
26
9%
6084
Apr
Sept
Dec
Oct
4
117% Mar 15
130
8
2388 July
98% July
3% Deo
36
Jan
Sept
3% Sept
3
Sept
Apr
85
1%
105% Jan 15
Jan
4
Jan
5
20%
2%
3%
%
16%
18%
82%
126
Apr
19%
Deo
36% Nov
Apr
684 Sept
Apr
11% Sept
Deo
2
Sept
Apr
37
Sept
Apr
Apr
May
Mar 29
10%
Apr
33% Jan 23
35% Jan 19
65
Feb S
38% Feb 13
39% Jan 3
15%
94% Jan 29
98
2584 Jan 18
33% Jan
37% Sept
121
Sept
145
Mar
28% Deo
39% Deo
39% Deo
67
x29
Apr
Apr
4
42
July
75
Oct
Jan 30
74
Apr
97
Oct
15%
Apr
38%
Oct
80
66% Jan 23
9
Mar 19
10% Mar 18
4% Mar 23
4% Jan 2
38
Jan
4
1934 Feb 28
2% Mar 29
1% Jan 5
3
Jan 15
4% Jan 13
51*4 Jan 5
2
116
Jan
22
Mar
1
38% Jan
2
17% Mar 18
68
Jan 19
34
Marie
Jan
80
Jan
45
July
78
Oot
Mar
3
70
Jan
3
10% Mar 29
8% Dec
13% Jan
8
7
9% Mar 27
6% Jan 26
57% Mar 8
14
22
14
Jan
4
3% Jan 11
Apr
3% Sept
134 Aug
Apr
Sept
238 Aug
1% Feb 16
1
4% Feb 16
2% June
2% Aug
6
70
Jan 29
Mar
6
121% Mar
25% Mar 28
June
Aug
105%
Apr
15
Apr
36
41% Feb
21% Jan
71
32
Jan 25
Sept
10% Apr
47% July
43
37% Jan
50%
May
23% July
31% Apr
12% Mar
1584 Oct
7
Jan
4% Nov
3484 Nov
2012 Deo
4% Nov
3% Feb
6%
Feb
7% Sept
60% Nov
115
Sept
31'4 Sept
50% Jan
23% Jan
74
Oct
69
Oct
38% Sept
53% Sept
Jan 22
Jan
126 Ma( 28
85
Apr
124% Nov
85
Jan 22
89% Mar 29
75
Mar
22
Marl6
25
18'4 Sept
11% Apr
85% Deo
33% Mar
21% Oct
43% Mar 16
105
16% Mar 19
115% Jan 5
10% Feb l
37% Mar 16
1,000
Zonlte Products Corp
r Cash sale,
Deo
56% Aug
65
Sept
2934 Deo
5«4 Sept
3384 Sept
131
21
4% Feb 19
Jan
33% Jan 13
44%
101
1% Jan 10
25% Jan 10
108
13% Mar 19
116% July
Apr
Dec
110
102% Feb 14
114% Jan 10
Feb
Mar
64%
7
114
3
1
Apr
9% Jan 10
2
5
No par
2%
17
112% Sept
4% July
Oct
Jan 30
Feb 15
IO584 Jan
Jan 15
ser A
18%
Sept
Apr
Aug
Sept
Apr
Apr
14%
Jan
Feb
No par
Apr
Apr
25
109
30*4 Sept
75
14% Feb
New stock,
1
80
22
n
June
78
16% Feb
"
15
13
12
13
Mar 7
86
Def. delivery,
163
Apr
Jan
60% Sept
4
Mar 15
6% Jan
26
3
100
Youngstown S A T
5)4% preferred
85
Sept
45%
%
146
35% Jan 11
Mar 23
Zenith Radio Corp
2%
2%
101
93% Jan 31
5% Jan 19
3134Mar29
Oct
Sept
July
1% July
6
8
22% Feb 17
20% Jan 18
2%
84 July
7% Mar
Youngst'n Steel Door..No par
1634
1
2% Jan
1
2,100
16%
Deo
17
4
1% Jan 18
"l*200
23
64
125
900
1634
t In receivership,
880
Apr
Apr
138 Jan
10,800
23
Jan
Mar
Jan 22
11%
16%
2%
Maryland.
4% 2d preferred...
100
6% pref.. 100
Western Union Telegraph. 100
Western Pacific
17%
36
23
2%
Western
100
*34
41%
90%
23%
*86
100
600
73
69
*42%
6% preferred
Western Auto Supply Co—.10
23%
*63
*54%
36
.100
89%
73
69
36
44%
*34
No par
*22%
18%
*63
69
34%
*54%
*34%
preferred
preferred
preferred
..10
Worthlngt'n PAM(Del)No par
7% preferred A
100
6% preferred B
100
Prior pref 4)4% series.. 100
Prior pf 4)4 % convserleslOO
Wright Aeronautical..-No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
69
35
July
Sept
8% Mar
9
100
1
Jan
100
100
WestPennPowCo 4M % pf-100
West Va Pulp & Pap Co No par
""*300
65
73
23
*
21
*54%
39%
90%
*2%
21
*63
23%
2%
7,500
69
35
44%
*88%
*2%
30,800
5%
1,400
..
par
No par
preferred
conv
7%
6%
55
73
88%
16%
8%
5%
*54%
*33%
*42%
23%
18%
16%
734
*48
*63
45%
*117
118% 120
1534
4,900
2,100
1,000
25%
88%
23
12
5%
4034
*22%
*81%
1,100
334
25%
88%
39%
1134
10%
5%
40%
18%
934
*3%
4034
No par
West Penn El class A..No par
""466
5%
25%
18%
70
3%
40%
18
*69
48
43% Mar 27
3134 Mar 14
Feb
6
9% Mar 29
5% Jan 23
90
Jan
6%
1,400
24%
Pipe
Wesson Oil <fe Snowdrift No par
110
3,300
24%
17%
*90
5,000
1%
4034
17%
3134
2%
40%
17%
300
""155
2%
1%
*24%
*22%
23%
*22%
23
*22
17%
17%
17%
17%
17%
17%
*118% 119% ♦118% 119
*118% 119%
10%
10%
*10%
10%
*10%
11%
87
5%
3134
73
*42%
116
63
*120
*24%
69
35%
*54%/
5%
5%
63
8%
9%
434
*48
5%
8
8%
7%
55
63
12
No par
$3 convertible pref ..No par
36%
98
1134
No par
tWarren Bros Co
Warren Fdy «fe
110
67
9%
pref
5
36%
*97%
9%
11%
100
Westvaco Chlor Prod..No par
*60
69%
No par
preferred
Warner Bros Pictures..
1,200
98
69%
9%
par
36
67
110
Co cl A ..No
36
*97%
*90
par
No par
50
*60
110
No par
Weston Elec InstrumentNo par
67
32%
Walworth Co
Walk(H) Good & W Ltd No
8,500
97%
*48
5%
36%
35%
36%
Walgreen Co
No par
4H % pref with warrants 100
33
31%
434
4%
35%
118
Mar 27
634 Feb
No par
32
97%
54
20
*61%
62%
*118
122%
2,700
23%
35%
116
100
System
conv
31% Mar 14
4% Jan 4
3I84 Jan 4
Mar 18
Waldorf
100
40%
22%
*97%
40%
400
22%
*35%
24%
200
14
800
67
3
117%
200
97%
*19%
190
104
400
97%
67
4%
20
%
112% 11234
3
27% Jan 31
1
400
7%
97%
5%
70
10734
113%
4%
134% 134%
3134
3234
25
100
2884 Jan 17
4
Sept
Sept
June
May
65
tWabash Railway Co.....100
5% preferred A
100
5% preferred B...
100
$4
*34
97%
*48%
1*456
22%
*6%
112%
..25
.
7%
*3%
31
35%
36%
Virginia Ry Co
6% preferred
Vulcan Detlnning Co
~
7%
%
29%
5
June
9
54%
Va El <fc Pow $6 pref
No par
Va Iron Coal & Coke 5% pflOO
$3,85
13g
Jan
46
59% Feb 28
.100
x70
Oct
184
34%
No par
5234
82'4
120%
37%
46*4
6% May
8
24
4%
134% 134%
Chem
Oct
Mar
Deo
39
Jan
—100
preferred
67
49
37% July
Jan
41% Aug
98% May
30
Sept
46
6
39% Mar 15
6
Sept
Sept
15% Sept
48
Jan 23
56*4 Jan
July
July
6% Mar
8
100
preferred
Mar
7%
35%
29%
10%
11484 Nov
68% Sept
Mar
43
Jan
180
Apr
Apr
July
116
35% Mar
113
Dec
28% Jan 22
35% Jan 15
5
Victor Chemical Works
7%
Feb 29
Jan 16
%
23%
111
Vlck Chemical Co
Vlcks Shreve & Pao Ry
Jan
1%
11484 Jan 23
par
11
31%
5
7% 1st preferred—
6%
19
Apr
100
Van Raalte Co Inc
Va-Carollna
% Jan 12
Feb 21
900
*6%
34
111
111
111%
111%
*134% ,135
*134% 135
28% 29% *28%/ 29%
_
6
3
Jan 15
17
4%
*4
23
Jan 22
Mar 27
22
7%
22%
70
1
4
22
2% Mar 12
59% Mar 21
15% Mar 13
1334 Feb 20
5
7
*%
48% Feb 20
2% Mar 6
7% Jan 12
Wayne Pump Co
Webster Elsenlohr
4
%
22%
%
Mar 15
Waukesha Motor Co
7
*6
39
2
Washington Gas Lt Co.No
334
4
*6
11834Mar 28
800
1,100
-
3%
Feb 19
600
28
*4
70*4 Jan 11
68% Jan 3
64% Feb 29
53% Mar 18
% Jan
16% Jan
Nov
60
4
31% Jan
2834 Feb
1934 Jan
18%
2234
*89
22%
700
""256
Jan
112
370
134
10%
29%
65
2
684 Aug
8684
159
100
50
3284 Sept
31% Oct
2
Ward Baking
Class B
5,800
48
115% Mar 21
Jan 16
Preferred
100
1%
8
4
Jan 19
300
384
2
37% Mar 28
I84 Jan 5
41% Jan 3
Jan 15
Feb
Apr
13% Apr
3% July
70% Jan
38% Jan
2
1% Jan 2
32% Mar 26
Jan
Apr
Jan
Feb 13
500
24
334
1%
*8
*28%
*1%
24
334
3%
*00
*82
22%
11%
4,000
2,300
7%
27%
18%
22%
23%
*9%
100
*7%
*1%
*22%
22%
23%
*60
99%
7%
3%
%
*35%
900
5%
18%
%
34%
22
15%
7%
22%
%
*28%
""260
32%
28%
*%
111
600
1%
7%
5%
22%
7%
3%
*6
"""366
1%
*34
*7
*106% 109% *107%
112% 112% *112%
103
*102% 103%
*116% 117% *116%
*13%
1%
Jan
54
Preferred
*1
11
67
900
70
9% Jan 18
62
*133
*1
*7
1,500
3134
*22%
70
8%
44%
700
3%
2834
*15%
7%
334
*68%
*7%
*43%
30%
3%
15%
28
70
116% 116%
2934
*28
32%
28
70
30%
3%
28%
23
148
5%
15%
24%
22%
3%
28
3234Mar 11
26% Jan 5
684 Jan 10
Feb 24
Jan 2
Feb 15
Jan 9
Jan 19
5
5% Aug
65% Sept
149*4 Sept
5% Mar 18
43%
1%
684
1%
No par
Jan 25
Jan 11
4
21
Sept
15
17% Sept
14
Sept
9
61
1
684 Mar
95
87% Mar
6% Mar
4% Feb 1
29% Feb 13
109
—.25
Corp of Am .No
117% June
14
Sept
7% Sept
Mar
100
Vanadium
Sept
6% Apr
334 Aug
62%
Feb
June
89
8
Jan
,/.
35% Sept
5
No par
80
32
*17%
23
30%
*
15%
18%
22%
4%
22%
*68%
80
*133
28%
23%
*
32%
3%
4%
300
46
5%
7%
1%
4
46
Feb
Mar 26
No par
preferred
8% Sept
Apr
Apr
Apr
75
Universal Pictures 1st pref. 100
Vadsco Sales.
.—.No par
Preferred
100
8%
74
Apr
Mar 18
181
80% Mar 15
177
8
3
share
7% Mar
884 Jan
9% Mar 12
10% Jan 3
7% Jan 25
8% Jan 23
35
Universal Leaf Tob
10
32%
15%
*2734
18% s*18
22%
20
*115% 116
*15%
7%
5%
323s
7%
1%
*22%
1%
I
99%
5%
*1434
*8%
2834
1,900
....
*30%
116
%
94
Jan 15
No par
preferred
5% Jan
7% Jan
5
5% Mar 18
115
United Stores class A
conv
4% Feb
80
per
3%
2534
13% Mar 12
Jan
Highest
54% Dec
11
Mar 26
50
preferred
3
15
Deo
110
100
Conv pref (70c)
10
980
33%
3034
*82
23%
*68%
105
34
80
49
100
I
157
103
19
1%
10%
29%
27%
18%
22%
*82
*151
7%
3
6
50
United Stockyards Corp
Jan
85% Jan
5
60
No par
U 8 Tobacco Co
16
*17%
1%
10
29%
*3%
157
Corp
65% Mar 14
5% Jan 3
117% Feb 24
Mar
34
10
share I
4%
6
100
Preferred
per
4% Aug
Mar 13
35
Feb 27
11% Mar
35
No par
8% 1st preferred
I
634Mar 23
Jan 18
10
US Rubber Co
share
per
6
4% Feb 29
20
U S Smelting Ref & Mln
Preferred
U S Steel
2
100
Universal-Cyclops Steel Corp 1
17%
*63
100
*97
68%
3,300
cl A..No par
tU S Realty <fe Imp
600
61%
15%
68%
103% 109
38
38
38%
38%
*115% 116
*115% 116
45%
46
*45%
45%
4534
"l%
*34
7%
*21%
500
conv
Prior preferred
10
2
,7%
1%
17%
*133
*45
49
22%
*14
46
1%
*55%
15%
68%
100
50
U S Pipe & Foundry
U 8 Playing Card Co
2,300
*%
1%
28%
1%
61%
64,400
%
*8%
29%
*17%
*1%
*55%
*13%
*67%
200
*66%
56%
118% 118%
*151
200
5
preferred
conv
Partlc &
700
33%
32%
38%
91
90
2,900
20,100
%
2
29%
58%
1%
34
%
17%
12
*1%
*28%
57
300
1%
33%
61%
66%
38%
114% 115%
*60
61%
1%
34%
61%
66%
68%
.157
*36%
%
17%
19
*3%
3%
*27%
27%
116% 116%
*7%
8%
4334
43%
*32%
33%
3%
15-%
*7%
*67%
*151
1%
33%
1%
61%
15%
80
*1
1
1
1
•
*14
%
*133
*133
*133
1%
*55%
37%
115% 115%
108% 112
....
3034
91%
*7%
*43%
33
36
37%
*115% 116
*115% 116
*60
*45%
7%
1%
61%
15%
68%
155
*150
39%!
116
1%
*55%
*13%
*67%
134
*14
*67%
33% I
*38
*7
*55%
103
%
*17%
2
7%
67%
54%
103% 108
149
102
2,100
38%
54%
1%
1%
35%
Corp
U S Industrial Alcohol-No
par
U S Leather Co
No par
100
36
68%
58%
118% 118%
*37%
38%
*37%
149
64
36
117% 118%
*66
55%
38%
1%
*5434
*13%
*67%
5)4 %
*61
64
115
*60
*66%
55%
1183s
118
*7
*61
35%
37%
1%
34%
115
61%
68
58
118%
65
55
55%
55%
11734 118
38%
*60
33% 33%
32% 33%
114% 114% *114% 115%
*60
*60%
61%
61%
115% 115U
64
35%
*36%
64
35%
20
100
U S Hoffman Mach
1,000
*60
10
No par
83%
180
Year 1939
Loioest
10% Jan 13
101
16 first preferred
No par
U S Dlstrib
Corp conv pref_ 100
U S Freight Co
No par
22%
10
v
Jan
56% Jan 10
33
75
800
340
5
$
share
4% Jan 11
112
800
8%
per
No par
5%
34
*9%
5
5
$
United Gas Improv't..No par
15 preferred
No par
4%
95
*5%
32%
100
7,100
*21%
*31
10
United Electric Coal Cos
United Eng <fc Fdy
13%
*31
24
*31
18,000
5
Corp.-
United Mer & Manu Inc
United Paperboard
8%
83
180
13%
8%
8%
9%
2,500
79
120
5%
*92
*177
5%
32%
*5%
12%
4%
5%
9%
800
200
13
93
8%
60
4%
78%
5
5%
63
33%
*116
13%
*4%
9%
83%
83%
180
79%
120
United Dyewood
Preferred
*4%
.13%
*116
12%
5%
63
United Drug Inc
500
5%
*33%
4%
34
Par
Range for Previous
Highest
Lowest
13.500
63)
*5%
64
*63
4%
33%
*33%
78%
6%
6%
5%
*5
12%
98
9
9%
82
6%
5%
8%
*93
*176
*5i8
*5
4^8
4%
4%
*4%
4%
33
33
33
33S4
78
78%
79
78%
78%
13
13
13%
13%
13%
rll6% 116% *116
118%
120
12%
12%
12%
12%
1234
4%
4%
4%
5
4%
6
*5%
*534
6
98
8%
9%
Ranae Since Jan. 1
On Basis of 100-Stare Lots
EXCHANGE
Tuesday
% per share
*5
STOCKS
NEW YORK STOCK
the
\
Mar. 25
534
Sales
for
Monday
Saturday
2
Mar
x Ex-dlv.
1
Jan
19% Jan
122% Feb 24
12
Jan
"
98
Apr
9% Aug
48% Jan
30
89
Jan
74
28% Jan
16% Jan
17
Apr
12
2% Mar 14
Ex-rLh s.
Apr
May
Apr
2
Aug
127
Nov
21% Jan
56% Sept
92
Sept
34
Sept
22% Jan
3% Sept
? Called for redemption
I
2052
March
Bond Record—New York Stock
1940
30,
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
are
the
shown in a footnote
Cash and deferred delivery sales are disregarded In
"and Interest"—except for income and defaulted bonds.
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are
in the week in which they occur.
No account is taken of such sales in computing the range foi the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
Friday
Week's
BONDS
Last
Range or
Range
BONDS
N. Y. STOCK EXCHANGE
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Price
Week Ended March 29
Low
Treasury 3Ks
High
119.30120.30
15
M 8
115.4
114.28
115.4
4
114.9
115.4
J
101.9
101.9
101.9
2
101 3
102.8
D
M 8
103.20 103.17
103.20
4
J
D
109.20 109.20
109.23
12
A
104.17
104.19
9
104.17105.17
109.26
109.28
10
Treasury 3Ks
Treasury 3s_.
1951-1954 J D
1956-1959 M S
...1958-1903 J D
1960-1905 J
D
109.12
108.2
109 5
109.5
108.11
108.14
128
107.24
107.31
16
106.9
107.20 107.16
107.20
23
105.27 107.20
107.21
107.21
75
105.25107.21
107.31
1945 J D
-.1948 M 8
107.6
*109.6
106.28 108.16
13
♦Guar sink fund 6s
12%
11%
16
12 %
1961 A
♦0s assented
1962 M N
♦Guar sink fund 6s
1962 MN
♦6s assented
1960 u
♦7s assented
of
♦6s
106.1
"!§" ""«
1951
J
100.24
53
105.5
100.31
104.18
8
33
O
UN
F
"27*
A
/
"~5
10%
1
D
Hf-N
39
F
72
14
17M
13
6M
13
34%
33%
37
26%
1
26%
27
6
31
14
27%
28%
34%
34
26
26 M
20
27%
26%
"44%
"II
41%
39
13%
6M
33%
32%
*26%
42 M
14
16
11M
10 M
26%
Oct 1901 A
1928
♦6s of 1927
Jan 1961 J
♦Colombia Mtge Bank 0KS—.1947 A
13
13
14%
12%
17%
13%
High
16
39
26%
52%
33%
49
72
72
72
1
60
J
83 %
84 M
8
73
85
♦Costa Rica (Rep of) 7s-... —.1951 UN
Cuba (Republic) 5s of 1904. ...1944 M S
10%
20
4
17
20 K
102
102 M
A
106.28
100.19
12M
1900 M S
♦Chilean Cons Munlc 7b
Cordoba (Prov) Argentina 7s. .1942 J
12
J
...1951-1953 J
D
1947 J
1948-1950 J
D
*105.22 105.26
104.10105.23
D
104.7
102 23 104 .17
Treasury 2s—
104.18 104.8
104.13
102.20104.18
External 6s of 1914ser A. —.1949 F
External loan 4 %tt ser C. —.1949
4 %b external debt
Federal Farm Mortgage Corp—
16 1944-1964 M 8
15 1944-1949 M N
108.10
108.17
J
15 1942-1947 J
1 1942-1947 M 8
Mar
11%
107.17108.31
106.19
Treasury 2g
-Jan
7
108.10109.2
109.11
*108.26 108.30
106.17
1950-1962 M 8
2Mb
12%
♦Sinking fund 7s of 1920
1940
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 5s
..1962
25-year gold 4%b
1953
I^Cordoba (City) 7sBtamped..l957
107.31
D
—..1949-1953
3s
12H
*13%
*12%
107.7
Mar
*6%s assented
♦Cologne (City) Germany 6^8.1950 M S
Colombia (Republic of)—
108.28 109.22
May
16
*6%
77
3Ks
13%
s
41
3s
1
D
110.18
112 6
109.22
Treasury 2Ks
14%
♦Chinese (HukuangRy) 5s
110.0
109.5
Treasury 2 Ms
14%
111.19113.1
111
1945-1947 M 8 109.22 109.15
♦109.8
1948-1951 M S
Treasury 2Mb.
♦Sink fund 6%b of 1920
8
109.28111.18
Treasury 2Mb
12%
I'M
16%
3
2C
110.10111.10
Treasury 2 Ms
3
110.16
11
Treasury 2K«-Treasury 2Ms
No.
14%
12%
113.1
12
Low
High
112.3
18
Treasury 2 Ms
Jan. 1
12%
14%
112.26
111.15
Treasury 2%a
Since
05$
1961 J
1961 J
1961 A
*6%b assented
109.24110.1
111.10
Treasury 2Ks
Low
?3
Asked
1957 J
Foreign Govt. & Munlc. {Com.)
1957 J
*13%
12%
17%
*12%
1951-1955 M 8 111" 15 111.4
108.21
....1965-1960 M 8 109.5
Treasury 2Ka
A
111.3
.1946-1948
Treasury 2%a
Bid
110.14
113.1
1949-1052
Treasury 3s
Friday's
112.1
—
Treasury 3 Ms
103.17 104.24
Range
Range or
Sale
♦Chile Mtge Bank 6%*
109.20109.30
F
Last
Price
Week Ended March 29
114.14115
.
Treasury 3 Ha
Low
57
115
D
1941
1943-1945
..—-.1944-1946
1946-1949
Treasury 3Ks
No.
120.30
O
J
1940-1943
1941-1943
1943-1947
Treasury 3 Ms
High
Jan. 1
114.28
A
1944-1954
1946-1956
1 Treasury 3Ks
Treasury 3 Ms
Asked
120.23
1947-1952
Treasury 3 %B
A
115
United States Government
rreasury 4Ks
Treasury 4a.
Bid
Week's
Fridayl
I*
*105.5
105.9
105
105
108
108.6
107.18108.6
104.18
104.18
104.15104.25
102.3
102.6
101.10102.0
*108.19 108.24
108.9
30
61K
.1977
♦Public wks 5Ks...June 30 1945
105.15
104.26105.2
80
"~2
61H
102%
80%
183
50
1
101
6
74
102 % 103
99
101M
61K
104
80 M
*13K
13M
13K
*13K
B... ...1952
ser
99K
60 %
102%
♦Czechoslovakia (Rep of) 8s —.1951
♦Sinking fund 8s
2
loo"
*103
Sinking fund 6Ks.-.Jan 16 1953
105.1
"I
—
108.20
107.29108.17
102 M
102 M
A
13 %
13%
Home Owners' Loan Corp—
3s series A
1 1944-1952 AfN 108.6
J
1942-1944 J
May
2Kb series G
1945-1947 J
1Kb series M
D
1st ser 6 Ms of 1920
1940
2d series sink fund 5 Ms
1940
Customs Admin 5Ms 2d ser.. 1901
6M8 1st series
—1969
5 Ms 2d series...
1969
New York City Bonds—
See Over-the-Counter Securities.
Foreign
Govt.
&
Municipal
♦Dresden
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 0s
1947 F
A
27
26M
27
14
♦Gtd sink fund 0s
1948 A
O
27
27
27
5
*62
65
Akershua (King of
Norway) 4a. 1908
♦AntloQUia (Dept) coll 7s A
Af 8
1946 J
60
13*
15 *
29
"15
14
13
10
3
13*
15*
14
14 X
14%
14*
23
15*
14*
14*
1945
14
1945
14
14
♦External s f 7s series D....1945
♦External s f 7s 1st soles
1957
60
(City) external 7s...1945
73
63%
32
54
52 M
52%
55
27
45
63 M
41
41
44%
36 M
75
75
75
71%
74%
74%
71
55%
75
74%
60%
60%
A
O
A
O
*74
70
75
M
S
*74
70%
75%
A
O
*74
70%
75
A
O
75
71%
75
15
UM
13K
15%
58
13 M
48
16
53%
75
40
74K
MiV
*11
28*
H%
f 7s series B
s
20*
26%
13Ji
J
♦External s f 7s series C
♦External
J
1942 J
External gold 6 Ms
1955 F A
External g 4Ms
Apr 15 1902 A O
Dominican Rep Cust Ad 6M8—1942 M S
Denmark 20-year extl 6s
13
13
16
♦External sec s f 7s 2d series. 1957
13
13
2
13*
12*
12*
f 7s 3d series. 1957
13
13
5
12*
71 %
72*
17
67
72*
M
Finland
15M
*55
8
73K
(Republic) ext 6s
1945
♦Frankfort (City of) s f 6 Ms... 1953 M N
French Republic 7 Ms
stamped. 1941 J
7 Ms unstamped
1941
External 7s stamped
..1949 J
15M
13%
13M
D
102
'
12M
103
102
80
13M
105
100
*92
14*
72 M
♦El Salvador 8s ctfs of
dep.—..1948 J
Eitonia (Republic of) 7s
1907 J
♦External
sec s
1968 J
Antwerp (City) external 5s
D
Argentine (National Government)—
..1948 M N
96
96
90 *
57
94
90 *
91 %
91
%
92 *
22
87 %
95
86%
85%
80*
117
87%
1972 A O
80
86
86 H
44
79*
80*
1955 J
1967 M
8 f external 4M8____
J
79K
79
80%
39
75%
91
8
79
77 K
79*
11
75%
00%
72 M
71
74
46
71
84
*8M
10*
8 f external 4 Ms
8 f extl conv loan 4s Feb
1971 M N
1972 F A
8 f extl conv loan 4s
Apr
Australia 30-year 5s
External 5s of 1927
1950 M N
J
..1967 J
External g 4Ms of 1928
♦Austrian (Govt) s f 7s
♦Bavaria (Free
State) 0Ks. ..1945
J
1955 J
1965 J D
f 6s
s
A
13K
1949 M S
Belgium 25-yr extl 6 Ms
External
F
External 30-year s f 7s..
♦Berlin
(Germany) s f 0Ms
♦External sinking fund 6s
100
98 M
107 >2
♦7s (Central Ry)_._........1952 J D
Brisbane (City) s f 5s
1957 M 8
99
1965 J D
I2K
Holder)'65
O
"15%
♦7s unstamped..
1949
German Prov A Communal Bits
♦iCons Agrlc Loan) 6Ms
1968 J D
♦Greek Governmentsf ser 7s..1964 UN
96
10)
Haiti
108
13
14
♦Hamburg (State 6s)
•Heidelberg (German)
11K
12%
"46
17%
23%
36
13%
13%
13
18%
18%
13%
10
65
79
12K
"Is"
15%
"51
1
10
10
40
1
8
15 M
8
'10M "l8M
7M
11K
15
*24
A
10
20
21
21
15M
14M
16M
88
79
90
*21%
15%
1968
8%
5%
13 M
*21
¥
108 %
15%
M
102%
89
100
12
*14K
1964
1908
106
8
1985
♦7s part paid
♦Sink fund secured 6s
♦6s part paid
116" 116"
*108M
stamped.. 1949 A
5
4
21*
16 %
16%
16 %
16K
16*
36
17
17
1
65
71
"65"
13K
unstamped...
♦5 Ms stamp (Canadian
♦German Rep extl 7s
35
16%
21 %
12K
10
German Govt International—
♦5 Ms of 1930 stamped
♦5Ms
*115K
D
1949
3
101 *
107*
D
♦Brazil (U 8 of) external 8s._..1941 J D
♦External s f 0Ms of 1926...1957 A O
♦External s f 6Ms of 1927... 1957 A O
2
107%
13H
*11%
21%
I960 A O
1958 J
98 %
13 *
6H
87%
7s unstamped
23
Sinking fund gold 6s
20-year s f 6s
1958 F A
...1950 J D
67
70
4
67
78
80
80
3
80
1962 J D
9
9
1
♦6s stamped
1901 M S
♦79K
External
1977 M 8
60 %
60
60 *
38
57%
65%
1970 F
60 %
60 %
62
11
57%
56%
56%
63%
40
45 %
s
ser
A... 1952 A
O
*82 %
1940 A
f 6s
O
*10
J
*10M
extl
7Msl950
J
Helslngfors (City) extl 6 Ms
1900 A O
Hungarian Cons Municipal Loan—
♦7 Ms secured s f
J
g
1946 J
♦7s secured
s
1940 J
f g
10
71
73
73
9K
*8
8
9K
9K
7
10%
7
9%
10M
9M
J
♦Hungarian Land M Inst 7 Ms 1961 M N
♦Sinking fund 7 Ms ser B
1901 Af N
Hungary 7Ms ext at 4Mb to—.1979 F A
11
22 M
"is"
7
8
8
7M
8
25 M
30
92
92
64%
72
87%
♦Budapest (City of) 6s
Buenos Aires (Prov of)
(Republic)
f 4M-4Ms
Refunding s f 4M-4MS.
External read) 4K-4MS
External
s
b
1976 A O
f $ bonds
Bulgaria (Kingdom of)—
♦Secured s f 7s...
♦Stabilization loan 7 Ms
9
61
64 M
65*
42 %
42 *
1967 J
Canada (Dom of) 30-yr 4s
1952 M N
6s
10-year 2 Ms
62
5
19
1
16
13
17
11%
14
96 %
103
95 %
102 %
96*
103
03%
93 *
*"85M
85 %
85 *
J
94 %
93 %
94 *
...1967 J
J
81%
83
79
89
"83"
82%
83
78%
88%
♦6s Jan. 1937 coupon on..1960
s f 6s...Oct 15 1960 a
♦Farm Loan
6%
"io%
16K
6
6*
16%
♦6s Apr. 1937 coupon on.. 1960
15M
♦External sinking fund 6s
1960 A O
♦6s assented
O
....I960
M
13K
♦External sinking fund 6s
♦6s assented
For footnotes see page
2057.
14 %
♦6s Berlea A__
New So Wales
"14"
"73
12
14%
17
"2
13%
12%
13%
17
"14"
14%
13*
14 *
1
13*
11
15
13%
14*
12*
14*
13*
13*
24
14 H
4
O
1963 AfN
15
♦Assenting 4s of 1904
♦Assenting 4s of 1910
§*Treas 6s of '13 assent
♦Montevideo (City) 7s
13*
14 %
O
(Colombia) 0Ms
(Prov) 4s read)
17
1
15
J
1963 M N
64
%
66
%
109
73
73
2
68
J
J
47 M
47
48
43
47
78%
54%
F
A
88 %
86 M
88 %
65
77M
88%
63K
65
21
57%
65
1905 Af N
65
19
15
17%
12%
*11%
D
2
17
14%
Milan
12%
s
f 5s
Norway 20-year extl 6s._
20-year external 6a
External sink fund 4 Ms
External s f 4 Ms
4s s f extl loan
12
14%
Municipal Bank extl
13%
17
12%
13%
14%
16%
12
14%
12%
12%
14%
81 %
82
72
82
*1
UN
*%
"IK
1
J
J
*1%
1%
"1%
J
D
*%
1954 J
D
*%
1945
1933 J
J
1%
1%
1%
1
1
Q
Q
1%
1
K
1M
""% "¥%
%
H
48
69
11%
11%
70%
44
71
67%
68%
40
71M
s
f 5s
A
11%
67%
8
8%
79
53 %
12%
12%
*76
81%
82
83%
24
78
89
94 M
95%
22
85
96 %
05%
17
85
96
81M
83
39
68
90
74
75%
70
61
71%
74%
62
59
80
73M
80
05%
05%
94 M
1956 Af S
82
1965 A O
1963 F A
1970 / D
75M
72
A
46
1%
1%
11%
1943 F
1944 F
47
31
46
1959 UN
extl 5s.. 1957 F A
Apr 1958 A O
16%
4
2
(State)
External
12 %
81%
1959 M S
1952 J D
14%-
1
13*
D
UN
1958 Af 8
12
15
D
1954 J
(City. Italy) extl 6 Ms—1952 A O
Geraes (State)—
♦Sec extl s f 6 Ms
♦Sec ext] s f 6 Ms
13%
13*
1954 J
♦Mexican Irriga'n gtd 4 Ms
1943
♦4Mb stmp assented...
1943
♦Mexico (US) extl 5s of 1899 £.1945
♦Assenting 5s of 1899
1945
♦4s of 1904
1954
13%
11%
13%
"I
14
J
S
♦Medellln
15%
"15"
14
Sept 1961 M S
♦External sinking fund 6s... 1962 A
♦6s assented
1962 A
13M
A
Jan 1961
Jan 1961 J
88 M
*65
64M
M S
*10M
Minas
*15
6s..Sept 1961
1960 UN
J D
*15
14
12
*15
♦Extl sinking fund 6s..Feb 1901
♦6s assented.....
Feb 1961
f 6s....
sinking fund 5 Ms
14
15%
*11%
15
s
7
*11 J*
♦Chile (Rep)—Extl s f 7s..... 1942 UN
♦7s assented
...1942 UN
♦6s assented
Extl
16%
15%
15%
*15
~o "l5%
A
f 5s
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947 F A
Mendoza
03% 101%
100% 107
96 %
01%
82% 03%
92
96%
J
30-year 3s
1968 UN
♦Carlsbad (City) 8s
J
...1954 J
♦Cent Agrlo Bank (Ger) 7s
1950 M S
♦Farm Loan s f 6s...July 15 1960 J
J
s
Italy (Kingdom of) extl 7s
1951
Italian Cred Consortium 7b ser B '47
Italian Public Utility extl 7s... 1952
Japanese Govt 30-yr s f 6Ms... 1954
14
*14M
1961 J
1944 /
7-year 2Kb
30-year 3s
♦Ry extl
67%
*13
Aug 15 1945 F A
25-year 3 Ms
♦Extl sinking fund
♦0s assented
66
Irish Free State extl
♦Lower Austria
(Province) 7 Ms 1950 J
J
1968 M N
P"!
1960 A O
iSC
10%
85
1975 Af N
J
1984 J
f 4M-4Ks
s
3% external
A
7%
*31K
82
90K
80 M
Volume
BONDS
Y.
Last
EXCHANGE
STOCK
1952
1953
1958
1955
1953
Oriental Devel guar 6s
Extl deb 5 Ha
Oslo (City) s f 4%s
♦Extl
♦Stamped assented
{{♦Auburn Auto
55%
65
Austin A N W 1st gu g
55%
56%
18
51%
58
72
75
7
67%
75
{Bait A Ohio 1st mtge g 4s July 1948
MN
A O
J D
♦104%
76%
72
70
s
8%
"io%
D
10
O
10
O
1958 A O
1947 A
f7s
10%
9%
9%
♦8%
10%
assented
0
*8%
105%
♦Porto Alegre (City of) 8s
♦Extl loan 7 Ha
1961
1966
1952
(Free State) extl 6)48-1951
♦Prague (Greater City) 7%s
103% 105%
....
78
8
73
78
72
132
68
74%
10%
3
9%
11
10%
59
9%
10%
17
9%
10%
Convertible
8%
8%
6%
10%
10
-
.
"l0%
.
.
1
7
1
11
*12%
13%
13%
13%
2
Queensland (State) extl s f 7s
25-year external 6s
1941 A O
1947 F A
100%
100%
10
♦Rhine-Main-Danube 7s A
1950 M
♦Rio de Janeiro (City of) 8s
1946 A 0
1953 F A
♦Extl
sec
6 %s
85%
100
85%
*19
S
13%
103
99
10%
9%
9%
10%
♦6s extl
1968 J D
1966 UN
11
s
f g
♦7s extl loan of 1926
♦7s municipal
Santa Fe extl
7%
7%
11%
14
....
8
1
l
""94
•
IN ib-
"80~"
1936 J
1950 J
8s external
9%
9%
20%
11%
20%
1
12%
20
11
J
J
1956 M S
1968 J
♦7s extl water loan
♦6s extl dollar loan
1940 A
f 7s
11
2
10%
11%
5
35%
16%
13%
12%
1958 J D
♦4 %b assented
1958 J D
♦Sllesian Landowners Assn 6s.-1947 F A
Sydney (City) s f 5%s
Taiwan Elec Pow s f 5%s
1971 J
Tokyo City 5s loan of 1912
1952
1961
♦Uruguay (Republic) extl 8s—1946
23
8
62
16%
3
13%
7%
7%
37%
11%
11%
37%
21%
17%
18
16
16
O
F
A
♦External
s
f 6s
s
f 6s
"59%
11%
15%
5
11%
14%
1964 Af N
1979 Af N
1979 Af N
J
D
3%-4%-45ii8 extl conv
1978
4-4%-4%s extl readj
1978 F A
3%s extl readjustment
1984 J
Venetian Prov Mtge Bank 7s.-1952 A O
1952
1958
.1958
1961
5
5
15%
15%
2
73
87
63
62%
39%
59%
*62%
10
55%
63
8
37
40
10
53
62
40
61%
51%
....
1
61
51
49%
49%
1948
10
43%
53
6
43%
53
6
46
51%
54%
50
....
51
43
F
A
J
D
8%
*5%
66
[8
65%
69
5
15
48%
104%
D
108
67
108"
108
108
3
67
4
110%
....
108
*40
A
3
....
67
*109%
5
48%
104%
*102%
3
59%
....
*54%
62
A
86
85%
86
14
F
79%
78%
80
79
71%
70%
72
55
45%
47
121
64%
"105%
1950
A
O
101%
1951
F
A
98
Allls-Chalmers Mfg conv 4s...1952 U
♦Alplne-Montan Steel 7s
1955 M S
Am A Foreign Pow deb 5s—..2030 Af 8
Amer IG Chem conv 5 %s
1949 Af N
Am Interaat Corp conv
Amer Telep
5%s—1949
J
64%
10
105%
105%
8
101%
97%
101%
3
110
Af S
..1942
....
47
1949 J
....1950 A
1998 A
4%s debentures
8%
7%
56%
69
110%
98
65
104%
37
UN
Amer Wat Wks A Elec 6s ser
A. 1975
4 %s 1950
UN
Anaconda Cop Min s f deb
A
55%
104%
103%
107% 108%
107%
O
109%
J
D
109%
J
/
O
Jan
1955
Q
58.1964
108%
102%
s
Adjustment gold 4s
1995
....1995
1995
...1955
39
113
67
80%
109
109
107% 108
54%
60
53
61
85
87
100
101%
94%
98
109% 111
60%
74
108
46
105%
2
108%
106%
146
A
45
.
17%
65
105%
105%
J
102%
101%
102%
O
105
104%
*85%
105
16%
15%
15%
Nov
MN
"87"
92
J
14
41%
41%
51
1961 A O
48%
46%
9%
50%
254
40%
50%
9%
5
9
77
77
14
62
78
9
109
110
Brooklyn City RR 1st 5s ctfs.,1941
Bklyn Edison cons mtge 3%s._1966 Af N
Bklyn Manhat Transit 4%s...l966 Af N
Certificates of deposit
Bklyn Queens Co A Suburban RR—
1st con gtd 5s stmp ctfs
1941
1st 5s stmp ctfs
109%
101%
101%
102
89
46%
27
89%
101%
89%
18
87
14
112
104
104%
100
107%
100
109%
106%
109%
107%
*114
.
.
.
34
40
50
98%
103%
99% 102%
103% 107
87%
85%
83%
85%
92
93%
97%
106%
97%
106%
-
.
23
34
105
12
109% 112%
108% 108%
36%
37%
5%
6%
5
5%
40
41%
37
68
66%
1960
Consolidated 5s
58
41%
56
103%
80
1957 J
Guaranteed gold 5s
July 1969 3
Guaranteed gold 5s
Oct 1969 A
Guaranteed gold 5s
1970 F
Guar gold 4%s
June 16 1955 J D
Guaranteed gold 4%s
1956 F
Guaranteed gold 4%s._Sept 1951 M
Canadian Northern deb 6%s—1946 J
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4 %8
1946 M S
6s equip trust ctfs
1944 J
D
Coll trust gold 5s
Deo 1 1954
Collateral trust 4%s
.1960
{♦Carolina Cent 1st guar 4s...l949
Caro Clinch A Ohio 1st 6s ser A1952
98%
97%
101%
101%
102
101%
99%
99%
98%
98
98%
110%
67%
87%
105%
97%
110%
67%
87%
104%
95%
96%
26
68%
77
54%
31
53
62
71
70
71
13
69%
76
65%
65%
66
40
64%
70
*38%
39
....
38
41
2
32
34%
71%
107%
68%
70
13
68
105%
106
12
105
37%
7
6%
66%
69%
40
44
51%
60
102% 104%
85
34
11
107
98% 105%
103%
96
96% 103
109% 113%
60% 68%
80%
101
89
108%
84
13
79%
30
70
77%
108
109%
75%
76%
42
109
99%
100
*44
*16%
94% 100
48%
87
D
84%
50
109
76%
87%
21%
29
6%
2%
A
2%
*7%
*4%
"85% "90%
7
A
8
87%
*4%
/
..1987
Cent Pac 1st ref gu gold
1950
1950
4%s (1935 issue)
S f deb 4%s (1938 issue)
S f deb
Chesapeake A Ohio Ry—
General gold 4%s_._—. —1992
Ref A imp mtge 3%s ser D..1996
Re A lmpt M 3 %s ser E
1996
Ref A impt M 3 %s ser F
1963
Craig Valley 1st 6s
May 1940
Potts Creek Branch 1st 4s.. 1946
R A A Div 1st con g 4s
1989
2d consol gold 4s*
1989
Warm Spring
1941
V 1st g 5s
A
6%
1
108%
4
95
34
15%
9
107%
65%
*
68
1
73%
61
64
64
58
62%
"44
60
1
110"3!
6
80%
59
106%
103%
5
106%
M
8
U
S
103%
M S
122%
48
16% 20%
14%
18
106% 110
45%
47
79
111
44
65%
64
60
"80%
95%
77
52
45%
110%
73
100% 109
110
"16
107%
"46%
3%
6%
17%
68
UN
110»ii 112'M
75
82
1
104% 106%
103
104%
1
122
D
105
J
*100
125%
99%
99%
103% 107%
101% 101%
109
109
J
*117
114
117%
J
*110
106
106
UN
98%
98%
F
99
98%
A
122%
99%
99%
105%
51
26
15
J
J
98%
98%
M S
♦Chicago A Alton RR ref g 3s..l949 A
Chic Burl A Q—111 Div 3 %s...1949 J
Illinois Division 4s—......1949 J
1958
1977
....1971
3%
14%
MN
M S
2%
9%
"47%
17%
O
1962
Central N Y Power 3%s
2%
16%
/
♦General 4s
2%
97%
74%
74%
107%
*111%
46%
J
1961
{♦Central of N J gen g 5s._—1987
{♦Cent New Engl 1st gu 4s
30%
7%
*5
Gen mortgage 5s
1941 U 8
Cent Hud G A E 1st A ref 3 %s. 1965 M 8
Cent Illinois Light 3%s
1966 A O
18
8%
27%
6%
2%
*95
1946 J J
1941 M 8
114
71
76
105%
UN
....
53
5
101
38
66
1959
1959
1st A ref 5s series A
68%
5%
103%
99% 106%
100% 107%
117
F
1st A ref 4 %s series B...
53
36%
80
68%
88%
J
General 4s
69
9
111%
1945
1945
114
July 1952 M S
1964 J D
10-year coll tr 5s
May 1 1945 Af N
L A N coll gold 4s-.—.Oct 1952 MN
Atl A Dan 1st g 4s
1948 J J
Second mortgage 4s
1948 J J
Atl Gulf A W I SS coll tr 6s
1959 J J
Atlantic Refining deb 3s—...1953 M 8
98%
98%
1948
106% 108%
95
13
102
1947
108% 110%
93%
9
100%
{♦Central of Ga 1st g 6s—Nov
♦Consol gold 5s
♦Ref A gen 5%s series B
♦Ref A gen 6s series C
2
92
11
101%
101%
deb 4%s w w
♦Cent Branch U P 1st g 4s
19
8
22
"37
107%
96
*26%
D
5
81%
J
99% 100%
6
58
103%
2
83
83
1950 UN
4a.....1981 F
Celotex Corp
101% 104%
95
32%
97%
107%
110%
108%
"5%
1952
1955
Bush Terminal 1st 4s
92
113%
111% 115
97%
93%
108%
A
1967 J D
♦Certificates of deposit...
5
92%
70
1950 J D
1957 Af N
29
94%
32%
Debenture gold 5s
94
92%
"32%
115
Champion Paper A Fibre—
109
102% 107%
95
J
89%
113%
115
107
110
95
*95%
104%
113
115
4%s stamped modified
1957 Af N
{{♦Burl C R A Nor 1st A coll 5s 1934 A O
47%
50%
101%
88%
38
12
1945 Af N
1st lien A ref 5s series B
82
47
1947 Af N
cons g
9%
83% 102
90
182
101%
6s
Certificates of deposit
Bklyn Un Gas 1st
51
44%
1941
..1950 F A
Bklyn Union El st g 5s
109%
89%
107% 109%
105% 107
"92%
2057.
109% 109%
1st g 4%s series JJ
O
91%
---.
105l5iel08%
104% 105%
130
A
98
46
57
437
F
J
1944
106"
51
A
100
94%
16
15
51
Through Short L 1st gu 4a—1954
Guaranteed g 5s
......I960
Central RR A Bkg of Ga 53—1942
Central Steel 1st g s 8s
1941
Certain-teed Prod 5%s A.....1948
107% 109%
69
116
97%
Pnr footnotes Bee Dasre
14%
16%
47
F
....
103%
*94
series B
"15% "l"6%
16
47
4s..-.1949
44%
99
*98
102
*92
General unified 4 %s A
"16%
49%
Central Foundry mtge 6s
109%
39
72%
134%
49%
64%
109%
44
45
115% 117%
131% 134%
S
59
80%
105% 106%
108%
105%
107%
102%
D
Atl Coast Line 1st cons 4s
116
•
1955 Af N
Boston A Maine 1st 5s A C...1967 M
♦Mobile Div 1st g 5s
102
103
A
Conv 4s of 1905
1st 30-year 5s
72%
*109%
.....1944 J D
Big Sandy 1st mtge 4s
72
108%
—....1955
Conv gold 4s of 1910..
1960
Conv deb 4%s
1948
Rocky Mtn Div 1st 4s
1965
Trans-Con Short L 1st 4s--..1958
Cal-Arlz 1st A ref 4%s A
1962 Af S
Atl Knox A Nor 1st g 5s
...1946 J D
J
Atl A Charl A L 1st 4%s A....1944 J
1909
1959
47%
76%
107%
109%
87%
Conv gold 4s of
84
*14%
105»u I0516i#
66%
103
36%
72
45
16%
41
102
20
70
57
50
♦Chatt Div pur money g 4s_.1961 J
♦Mac A Nor Div 1st g 5s
1946 J
♦Mid Ga A At Div pur m 58-1947 J
43
87
Stamped 4s
56
95% 101
16
♦BerllD Elec El A Undergr 6%s 1956
Beth Steel oons M 4%s ser D..1960
Cart A Adlr 1st gu gold
21
*41
J
M S
(Del) 4s series B-1955 F
f 4s ser C (Del)
1957 J
Armour A Co
1st m
19
18
67
Carriers A Gen Corp deb 5s w w
104%
105%
104%
A
1967
Atchison Top A Santa Fe—
General 4s
2
115%
133%
*105%
16%
1955
♦Debenture 6s
57
48%
♦Anglo-Chilean Nitrate—
{Ann Arbor 1st g 4s
3%s..l943
101
17%
.
65
62%
104
31
19
*16%
J
5%s.-.1943
3)* s debentures
1961
3%s debentures
1966
Am Type Founders conv deb-. 1950
Ark A Mem Bridge A Term
cons
104*
A Teleg—
20-year sinking fund
8 f income deb
134
Canadian Nat gold 4%s
51%
A
Allegh Val gen guar g 4s
Allied Stores Corp deb 4%s
58
9
13
*74
1960
53%
49%
1948
Allegh A West 1st gu 4s
53
55%
96%
56
Calif-Oregon Power 4s
1966
Canada Sou cons gu 5s A.....1962
48%
..1946
Alleghany Corp coll trust 5s...1944
5s
13%
13%
18%
23
*35
115%
Bush Term Bldgs 5s gu..
*5%
1952 A
1943 J
..1943 J
Alb A Susq 1st guar 3%s
conv
"56"
1948
Bell Telep of Pa 5s series B
1st A ref 5s series C
62
49%
*8%
10-year deb 4%s stamped... 1946
stamped
97
13%
57
1951
63
44%
♦44%
A
F
Coll A
49%
14%
95%
Battle Creek A Stur let gu 3s.. 1989
Beech Creek ext 1st g 3%s
1951
63
82
F
J
♦5s
46
54
55%
95%
1951
52
52%
UN
1947
4s series B
Con ref 4s
53
52%
{ {♦Abitibi Pow A Paper 1st 5s. 1953 J D
coll tr g 4s
1948 Af S
cons
37
13%
A
1943
63
65
60
*59%
Adams Express
1st
47
5
3
75
COMPANIES
Albany Perfor Wrap Pap 6s
6s with warr assented
59
46
"46"
J
J
Buff Niag Elec 3 %s series C
Buffalo Rochester A Pgh Ry—
INDUSTRIAL
Adriatic Elec Co extl 7s
14%
56
110
3%^4-4%s ($ bonds of *37)
Ala Gt Sou 1st cons A 5s
14
17
Buffalo Gen Elec 4%s series B.1981 F
3%s-4-4%s (I bonds of '37)
Coll trust 4s of 1907
53
59
5%
5
.....
60
1960 M N
♦External
17
13%
5
8
A
15%
.....
73
63
M
13%
12%
*5%
*15%
1955 F A
AND
14%
56%
1st lien A ref 6b series A
♦Silesia (Provof) extl 7s
External s f 5%s guar
13%
*15%
O
1962 Af N
1962 Af N
extl
37
D
♦Sinking fund g 6 %s
♦8s secured extl
10%
D
1945 J
1946 J
Serbs Croats A Slovenes (Kingdom)
♦Saxon State Mtge Inst 7s
RAILROAD
27
14
14
{♦Boston ANY Air Line 1st 4a 1955 F A
1957 Af N
extl 6s
24%
1st M 6s series II
♦6%s extl secured s f
external 7s
85
100% 103%
9%
7%
San Paulo (State of)—
♦4%s assented
26
104% 110%
10%
♦Warsaw (City)
30%
26%
24%
96
7
Yokohoma (City)
24%
70
3
♦Vienna (City of) 6s
26%
57
103%
11%
external conversion
25
110%
7%
external readjustment
27
28
109
5
sec
24%
74
102%
10%
♦7s series B
95
30
102%
10%
s
69%
26%
110
1952 Af N
♦Secured
28%
67
Cons mtge 3%s ser F
♦8s extl secured s f
{♦8s extl loan of 1921
25%
30
70%
56
fCons mtge 3%s series E.-.1966
3%s conv debs
1952
Sao Paulo (City of. Brazil)—
♦
68%
61
7%
80
67%
64%
12
54
99
66
106
101%
12
7%
18
14
*12
12%
....
59%
*11
1964 M S
f 4s
s
58%
8%
8
11
loan
1967 J D
Rome (City) extl 6%s
1952 A O
♦Roumania (Kingdom of) 7e -.1959 F A
♦February 1937 coupon paid
♦Saarbruecken (City) 6s...
1953.J
1
12%
10%
0
67%
♦Berlin City Elec Co deb 6 %s__1951
♦Deb sinking fund 6%s...._1959
Rio Grande do Sul (State of)—
1946 A
66%
87
100
7
26%
1959
Bangor A Aroostook 1st 5s
Belvidere Delaware
7
10
100 *32
68%
A
1960 F
♦Convertible 4 %s
♦Certificates of deposit
Toledo Cin Div ref 4s A
98
11%
82
13%
mtge...1950
21
7%
8
♦88 extl loan of 1921
S'western Div. 1st
85%
....
10%
59
43%
90
100
48..1951 UN
21
9
87
.....
13%
11%
13%
13%
a
High
Low
No.
58
67%
Feb 1 1960 F
P L E A W Va Sys ref
4s stamped
11
13
12
13%
1952
f 6s
s
11%
7%
11%
....
0
♦External
7
3%
1
♦Prussia
7%
5%
....
*10%
11
9
7%
....
7
♦6%
11
16%
15
....
11
100
J
July 1918
D
1995
1995 J D
2000 M S
1996 M S
1st mtge g__
Ref A gen series A
Ref A gen series C
Ref A gen series D
Ref A gen series F
6%
High
Stamped modified—
21
♦7 %
J D
/ J
MN
M 8
6s
9%
10%
♦14%
.-1968 A O
>1950 J J
1963 J
J
♦External sink fund g 8s
♦4 %b
56%
Since
Jan. 1
Asked
*84
1941
Baldwin Loco Works 5s stmpd.1940
conv
<fc
*55%
deb 4%s 1939
13%
23
1
Bid
Low
Railroad & Indus. Cos. (Cont.)
12
64
.-1940 A
♦4%s assented
High
Low
13%
63%
78
♦4%s assented
No.
High
13%
Range
Friday's
Sale
Price
Week Ended March 29
13%
♦Nat LoaD extl s f 6s 2d ser.-1961 A
♦Stabilization loan
N. Y. STOCK EXCHANGE
Jan. 1
Range or
Last
BONDS
Since
>3
63%
♦Peru (Rep of) external 7s
♦Nat Loan extl b f 6s 1st ser.-I960 J
♦PolaDd (Rep of) gold 6s
as
MS
.1963 M N
1947 M S
1959 M S
_
♦Pernambuco (State of) 7s
Ask
F A
1963 M N
extl 5%s
f 5s ser A
s
A
Range
is
y's
Bid
Low
(ConcJ)
Foreign Govt. & Mun.
♦Nuremburg (City) extl 6a
♦Panama (Rep)
Price
•s
or
Sale
Week Ended March 29-
Week's
Friday
■'s
Friday
N.
2053
New York Bond Record—Continued—Page 2
ISO
O
13%
13
13%
52
96%
40
13
16%
92% 97%
97% 102%
87%
92%
J
96
94%
J
99%
M S
99%
91%
90
91%
84
F
A
82%
82%
83%
25
77%
83%
F
A
88%
87%
88%
59
83%
90
100
61
,
I
New York Bond Record-Continued-Page 3
2054
Friday
Last
Range or
BONDS
N.
Y.
STOCK
EXCHANGE
3
Sale
V
Week Ended March 29
~»
Bid
A
♦Certificates of deposit...
No.
High
♦1195*
123
»
m
16 5*
175*
155*
175*
51
m m
~
94
*865*
~
mm,—
S
285*
27
295*
205*
195*
205*
22
195*
195*
J
7
J
7
mm*
mmm
88
mmmm
21
6
mmmm
57
60
112
114
J
94
♦865*
{Chic Milwaukee A St Paul—
J
J
J
J
J
J
J
275*
J
255*
F
A
O
63
24
285*
19
235*
65*
1 5*
285*
12
15*
240
186
165*
165*
175*
17
18
185*
,-mm
AfN
39
175*
175*
195*
82
16
18
1
mmm
D
10
J
D
105*
95*
1014
MJV
25*
25*
♦Certificates of deposit
J
25*
44
O
M
S
AfN
4s
65*
7
D
--
-
105*
4
13 5*
18
125*
17
75*
75*
75*
67
»mm
67
67
1
47
5*
60 5*
50
25*
109
1055*
1085*
105l8i«
7
1095*
31
M
S
1065*
1065*
1065*
14
J
7
1st A ref M 4Ms series D...
16
93
A
25
935*
94
35
575*
O
94
94
M
555*
57 5*
16
38
Af N
*12 5*
F
A
7
D
1095*
MJV
1095*
*1105*
1095*
1115*
*103
mm.rn.~L
10
mmmm
1085*
1085*
F
A
111
111
7
J
*75
7
D
65
7
D
J
Cln Wabash A M Dlv 1st 4s 1991 J
7
MJV
M
J
F
1
99
109
7
mmm
mmm
1065*
*109
7
-
111
*106
*
A
O
865*
86
O
73
73
O
68
Coal River Ry 1st gu 4s
J
D
Colo Fuel A Iron Co gen s f 6s..
♦6s income mtge...
F
A
105
A
O
70
mrn
70
27.5*
295*
mmmm
J
Stamped guar 45*s
Conn Rlv Pow
s
f
1951 7
35*8 A
675*
«
^
«
1045*
mm mmm
«
M N
1961 7
-
-
J
O
Conn A Pasump River 1st 4s..1943 A
Conn Ry & L 1st & ref 4 5*s
-
A
J
m
1045*
O
F
m
285*
Columbia G & E deb 6s..May 1962 AfN
A
-
m
mmm
*
..
-
(J
1075*
O
1065*
7
J
D
7
O
♦Debenture 4s
1956 7
Consolidation Coal
s f
5s
..I960 J
J
105
1st mtge 3 5*s
May 1
mmmmmm
«.«.
7
-
-
*,
_
57 5*
1965 AfN
1967 MJV
1st mtge 35*8
1st mtge 35*s__
1966 M JV
MJV
1969 M JV
■
-i
m
1095*
1075*
1075*
103
1943 7
D
1948 J
D
108
Crane Co
1951 F
A
1055*
s
f deb
35*s
Crown Cork A Seal
a
f 4s
1015*
1950 M JV
8 1 4Jis debentures
Crucible Steel 4 5*9 debs
Cuba Nor Ry 1st 55*8
1948 J
7
1948 F
A
1942 7
D
Cuba RR 1st 5s g
1952 J
7 Ms series A extended to 1946
J
6s series B extended to 1946
J
1045*
1045*
295*
7
D
58
1
200
89
3
675*
835*
905*
825*
68
275*
735*
345*
1035* 1055*
1035* 105
1035* 105
1135* 114
*155*
575*
435*
1075* 1095*
1095*
111
125
130
89
89
19
1075*
36
108
39
1065*
28
32
1095*
145*
2
105
67
155*
165*
mm
1
mm
mm
1095* 1095*
1085* 1095*
1065* 1075*
1065* 108 106
1075*
1075* 1095*
14
14 5*
1045* 10554
15
15
16
155*
-
"155* "10"
165*
575*
108
13
14
555*
60
1095*
110
28
1075* 1095*
1085* 1105*
1085* 111
1075*
108
22
1055* 108
107
1075*
18
1025*
103
109
1015*
1075*
1055*
*1065*
109
1015*
108
1055*
2
107
1075*
2
102 5* 1055*
6
1015* 1025*
1065* 1105*
1045* 1055*
1045* 1075*
1025* 1045*
1015* 105
32
9
1035*
1045*
18
1045*
295*
395*
435*
105
50
295*
7
285*
305*
395*
445*
9
35
395*
16
43
46
4
32
57
105
35
35
35
58
57
585*
60
59
59
mmmmm
54
555*
34
255*
251
205*
23
23
413
585*
26
42
215*
185*
35
19
24
18
21
2057
245*
16
145*
235*
165*
16
145*
165*
456
135*
135*
18
545*
575*
535*
54 5*
9
495*
575*
575*
9
535*
585*
92
925*
mmmmmm
1967 MS
O
1955 J
mmmmmm
53
J
57
*92
1938 M S
1954 F
mmrn
975*
1075*
1015*
mm
18
*75
Ernesto Breda 7s
A
Fairbanks Morse deb 4s
1956 J D
Federal Light A Traction 1st 5s 1942 M S
1942 M fl
s f 6s stamped
1st lien 6s stamped
30-year deb 63 series B
Firestone Tire A Rubber 3 5*8..
{♦Fla Cent A Pennln 6s
{Florida East Coast 1st 4 5*8
D
O
J
1025*
2
4
1035*
««
49
mmmmm-
65*
62
107
*42
—
—
»
-
1
49
65*
65*
102
102
1025* 1045*
1045*
1015* 104
1055* 107
465*
465*
103
49
50
65*
65*
98
108
54
65*
6
85*
85*
25*
25*
25*
25*
1
1982
J
25*
25*
1
25*
25*
V
25*
*101
1025*
535*
*525*
D
*125
....
-
mm
-
100i7,il00"„
49
53J*
1235* 1245*
F
A
1035*
104
27
103
105
J
J
104
104
2
101
104
J
J
*28
..1940 J
1035*
D
mmmmmm
mmmmrnm
245*
*30
MS
29
F
1045*
A
J
J
J
J
325*
mmmrnm
2
29
1045*
J
{{♦Ga Caro A Nor 1st ext 6s....1934 J
♦Good Hope Steel A Ir sec 7s....1945 A
46
1045*
685*
245*
325*
265*
29
1045* 107
30
66
14
14
2
14
14
20
21
3
17
225*
215*
67
mmrnmrnrn
mmmmrnm
O
Goodrich (B F) 1st mtge 45*s...1958 J D
Gotham Silk Hosiery deb 6s w W *46_ M 8
s f 65*s
1
102
93
owner.. M N
..1948
Gen Motors Accept deb 3
5*s_...1951
Gen Steel Cast 5 5*8 with warr...1949
{♦Ga A Ala Ry 1st cons 5s Oct 11945
jfe gen
1015* 105
1952
♦Sinking fund deb 65*8
♦20-year s f deb 6s
1st
106 H
1
104
*1035*
1065*
1065*
{{♦Proof of claim filed by owner.. M N
♦Certificates of deposit
Grays Point Term 1st gu 5s
Gt Cons El Pow (Japan) 7s
6
104
104
65*
♦Certificates of deposit
Fonda Johns A Glov 45*s
{{♦Proof of claim filed by
(Amended) 1st cons 2-4s
1954 J
1948 A
9
1025*
1942 M S
1959 J D
1974 M S
♦1st A ref 5s series A
102
1942 M S
1943 J
98
108
1015*
*205*
1055*
1055*
20
1055*
*87
705*
185*
mmrnmrn
89
104
105 5*
865*
915*
»oq
D
J
*1045*
mmmmrnm
1055*
1045* 1045*
..
.
..
..1947 J
D
..1944 F
A
915*
90
915*
5
85
965*
..1950 J
.
J
865*
865*
87
4
72
87
1075*
985*
1075*
'
m
Great Northern 45*s series A.. 1961 J
General 55*9 series B
1952 J
General 5s series C
1973 J
General 45*8 series D
1976 J
80
m
80
1075*
149
97
985*
79
92
89
92
36
845*
825*
845*
7
81
845*
83
845*
52
81
84 5*
995*
1015*
132
905*
93 5*
81
General 45*8 series E
General mtge 4s series G
Gen mtge 4s series H
1977 J
845*
1946 J
1015*
935*
Gen mtge 35*8 series I
1967 J
1946 J
♦Green Bay A West deb ctfs A
mm
76
725*
Feb
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5 5*8 B
1950 A
1950 A
64
*65*
O
75*
"865*
O
100
92
995* 104
"865*
5
815*
5
88
935*
715*
76
58
6
85*
1940 M N
1st mtge 5s series C
Gulf A Ship Island RR—
96
885*
58
118
76
*58
Feb
1055* 107 5*
81
1st ref A Term M 6s
stamped 1952 J
Gulf States Steel s f 45*s
1961 A O
100
Gulf States Utll 35*s ser D
1969 AfN rnLmmmrn
♦Harpen Mining 6s
1949 J
J
Hocking Val 1st cons g 4 5*8
1999 J
J
Hoe (R) A Co 1st mtge
1944 A
*855*
995*
ioo
1095*
1105*
121
37
59
---
121
-
5
725*
1
19
44«*
505*
995*
99
12
97
99
37
32
7
125
335*
325*
1265*
1265*
1265*
475*
47
48
♦Adjustment Income 5s.Feb 1957 A O
Illinois Bell Telp 35*s ser B...1970 A O
155*
155*
155*
108
1115*
*875*
1115*
2
1st gold 3s sterUng
Collateral trust gold 4s
Refunding 4s
Purchased lines 35*8
Collateral trust gold 4s
Refunding 5s
J
7
J
Litchfield Dlv 1st gold 3s
St Louis Dlv A Term
g 3s
Gold 3 5*s
45
mrnimm
-
*85
-
---
*85
O
1951 Af 8
mm
mm
mm
...1955 MJV
..1952 J
1953 J
1951 F
1951 J
90
91
68
mmmm
4
86
865*
515*
865*
45
485*
495*
5*
54
49
58
455*
43
2
415*
45
44 5*
45
43
535*
535*
1
515*
465*
565*
415*
425*
465*
43
435*
435*
72
*
*63
7
*635*
65
*
415*
465*
785*
625*
785*
635*
■mmmm
5*
65
m^mm
mmmm
78
mmmmmm
A
1951 J
7
Springfield Dlv 1st g 3 5*8... 1951 7 J
Western Lines 1st g 4s
1951 F A
455*
505*
125*
16 5*
1105* 1125*
43
J
7
5*
375*
1265*
475*
rn'mrnmrn
1955 MJV
1951 7
80
46
m
mmmmmm
1953 MJV
72 5*
86
mmmm
*_.
O
40-year 45*8
Aug 1 1966 F A
Cairo Bridge gold 4s
1950 J D
Loulsv Dlv A Term g35*s
Omaha Dlv 1st gold 3s
mrn-mmmm
1951 A
1952 A
100
505*
995*
335*
1951
96
1075* 1105*
215*
215*
120 5* 123
725*
Hudson Coal lstsf 5s Ber A
1962 7 D
Hudson Co Gas 1st g 5s
1949 MJV
Hudson A Manhat 1st 5s ser A.1957 F A
...1951 7
835*
90 5*
475*
{{♦Housatonic Ry cons g 5s...1937 M N
Houston OH 45*s debs
1964 AfN
Illinois Central 1st gold 4s
1st gold 35*8
Extended 1st gold 3 5*s
795*
905*
*20
O
"83" '875*
625*
655*
mmmm
525*
60
*
565*
mmmmrn-
*51
*76
60
*55
—
mmmm
-
70
525*
-
mmmmmm
53
-
—
— -
56
I
see page
1055*
525*
635*
D
935*
148
1075* 110
35
88
6
905*
141
----
22 5*
745*
105"" 1065*
1085* 1085*
108?*
56
205*
1975 A
♦Debentures ctfs B...
1943 Af N
Del A Hudson 1st A ref 4s
For footnotes
D
*15 5*
*155*
107J*
Container Corp 1st 6s...
16-year deb 5s
Continental OH conv 25*s
1946 7
1085*
1065*
1075*
1065*
1085*
155*
Consumers Power Co—
1st mtge 3 Ha
89
145*
1045*
J
1955 A
5
*1095*
„
~
1085*
107
♦Debenture 4s
43
*118
J
1955 7
114
105
9
A
1961 7
1045*.
104J*
114
71
1105*
1295*
J
non-conv deb 4s..1964 J
1045*
1045*
1045*
2
1295*
7
O
♦Debenture 4s
9
1105*
1275*
A
{♦Consol Ry
31
20
D
1956 7
695*
1055*
1085*
1968 A
of Upper Wuertemberg 7s
Consol Oil conv deb 35*s
86
73
1085*
O
_1968 J
♦Consolidated Hydro-EIec Works
78
19
45
1085*
A
3 5*s debentures
mmmm
59
*
Gouv A Oswegatchie 1st 5s.....1942 J
Grand R A I ext 1st gu g 4 5*s...1941 J
*112
m
1961 F
3 5*s debentures
1065*. 1065*
1095* 10954
*1075*
AfN
A
1085* 1105*
1065* 1085*
-
mmmm
765*
A
16 1961 7
100
mm mm¬
A
Columbus Ry Pow A Lt 4s
Commonwealth Edison Co—
m
1005*
*1025*
77 5*
87 5*
Jan
5*
100
*1055*
O
67
75
49
2
1085*
105
m
1953
Gas A El of Berg Co cons g 5a...1949
Gen Amer Investors deb 6s A...1952
Gen Cable 1st s f 5 5*s A
..1947
♦Gen Elec (Germany) 7s
..1945
62
-
m m
mmmmmm
75
46
-
47
m
25
*1005*
64
21
-
m
Fort St U D Co 1st g 4 5*3
J
1941 J
Francisco Sugar coll trust 6s...1956 M N
100
*1055*
A
A
1085* 1105*
109
1115*
665*
795*
545*
515*
A
F
895*
955*
57 5*
495*
125*
1254
1075* 1095*
1095* 111
100
*1085*
MJV
94
1
-
50
64
1085*
J
J
90
99
O
7
15
475*
mmmmmm
O
A
1055* 107
1065* 1095*
5* 1065*
104
100
99
7
A
795*
625*
S
7
3
105
*51
rn
2
mm'mm
255*
75
495*
475*
«...
64
J
W Yr Val Dlv 1st g 4s
M
14
655*
*77
50
mm
-
1075*
12
145*
1065* 1095*
,
4854
635*
535*
mmmm
AfN
7
105
49
90 5*
mmmmmm
..1953
5s International series
4
105
....
975* 101
1055* 1075*
1065* 1085*
♦1005*
...1953
1st lien
105
16
1095*
O
4s prior..1996
1996
{♦3d mtge 45*s
4
1075*
1085*
1095*
J
♦N Y A Erie RR ext 1st 4s...1947 MS
75
1085* 1105*
1095* 1115*
1105* 113
405*
405*
*106
mmmmmm
1940
4s series D
49
1075*
905*
*1415*
mmmmmm
♦Genessee River lstsf 6S....1957 J
75
4
1075*
*51
75*
55*
15*
112
mmmm
51
-
O
♦{Ref A imp 6s of 1927
♦{Ref A Impt 5s of 1930
♦Erie A Jersey 1st s f 6s
15*
-
-
J
85*
805*
—
conv
10
mm m mm
15
98
1065*
1075*
*145*
1075*
1075*
J
1940
♦Series B
♦Gen
45*
55*
-
cons g
9
1055*
,,mmmmm
O
1965 /
♦Conv 4s series A
109"
97 5*
D
♦let consol gen lien g 4s
Chicago Union Statlon-
Debenture 6s
{♦Erie RR 1st
49
39
52
AfN
Dow Chemical deb 3s
1951 J
Dul MlssabeAIr Range
Ry35*sl962 A
{{♦Dul Sou 8hore A Atl g 58... 1937 J
Duquesne Light 1st M 3 5*8
....
5
1941 AfN
115
60 5*
1055*
5
1965
179
505*
J
4
8
30
1965 A
6
605*
J
55*
*225*
6s stamped
Erie A Pitts g gu 3 5*8 ser B
Series C 35*s
332
605*
O
25*
65*
*45*
D
Elgin Joliet A East 1st g 5s
44
-
......
A
55*
J
El Paso A S W 1st 5s
85*
*49
J
38
13
105*
<05*
*60
M S
65*
48
195*
75*
65*
15*
D
55*
110 5*
16
*74
D
1961 J
75*
55*
D
J
g
175*
15*
7
7
35*
25*
1125*
185*
25*
71
75*
mmmm
Memphis Dlv 1st
18
75*
75*
85*
♦Certificates of deposit
25*
10
*40
15 H
12
*15 J*
A
♦Conv g 45*8.
45
165*
175*
mmmm
23
25*
111
13 5*
105
7
3
25*
85*
6
1105*
East Ry Minn Nor Dlv 1st 4S..1948 A
{{♦Chicago Railways 1st 6s stpd
A
25*
EastT Va A Ga Dlv 1st 6s
1956 M JV
Ed El 111 (N Y) 1st cons g 5s...1995 J
J
Electric Auto Lite conv 4s
1952 F A
85*
85*
1085*
105*
25*
41
D
17 5*
86
F
75*
25*
8
106 5*
-
95*
J
18
54
.
•
mmmmrn
M S
175*
73
10
95*
95*
10 5*
D
1045* 106
95*
J
135*
23
95*
J
J
High
1085* 109
3
9
O
14
-
Low
4
85*
95*
A
125*
23
18
No
mmm-rnm'm
A
135*
9
22
185*
*165*
—
Gen A ref mtge 35*8 ser G...1966
Detroit A Mac 1st lien g 5s
1995
♦Second gold 4s
1995
Detroit Term A Tunnel 4 5*s...l961
J
J
16
7
15*
65*
mmmm
MJV
285*
285*
285*
15
18
MJV
245*
27
265*
175*
MJV
24 5*
1
247
15*
MJV
21
245*
285*
16
MJV
27?*
245*
285*
285*
285*
65*
MJV
235*
26
mm-mm-
A
181
275*
J
O
95*
J
High
1085*
1045*
1085*
1045*
*1085*
1085*
95*
65
J
A
95*
*59
J
Detroit Edison Co 45*s ser D..1961 F
Gen A ref M 4s ser F
1965 A
7
J
Since
Jan. 1
*r;1
95*
9
D
Range
C,S
oq(§
Ask
Low
1971
1969
1969
•*t mortgage 4 5*s
or
A
{♦Des Plains Val 1st gu45*s...1947 Af 8
95*
7
& Indue. Co*. (Conl.)
^t A ref 45*8
1940
Friday's
Bid
105*
195*
95*
7
Railroad
Range
Sale
Price
{(♦Den A R G 1st consg 4s
1936
{♦Consol gold 45*8
1936
{♦Den A R G West gen 5s. Aug 1955
♦Assented (subj to plan)
♦Ref A Impt 5s ser B
Apr 1978
{♦Dea M A Ft Dodge 4s ctfs.._1935
295*
21
AfN
J
Laii
I?
EXCHANGE
30,
Week's
185*
105*
235*
105*
125*
125*
65*
8
19
*165*
STOCK
Del Power A Light 1st 4 5*8
195*
195*
86
592
7
120
155*
155*
*.
M
J
♦Refunding 4s series C....
Y.
Week Ended March 29
High
118
141
175*
AfN
Low
mmmm
175*
....
N.
Jan. 1
Friday
|3
BONDS
Since
Ask
Low
O
MS
Ranee
*5
Friday's
Price
Railroad & Indu*. Co*. (Conl.)
A
March
Week's
-
-
Volume
New York Bond
ISO
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Railroad
&
Indus.
Cos.
Price
<fc
Low
(Com.)
BONDS
Range
Friday's
Bid
Ask
High
II
N.
Since
1963
D
No.
Low
1st & ref 44s series C
1963
D
Illinois Steel deb 4148
1940
O
♦Ilseder Steel Corp 6s
1948
A
Ind Bloom & West 1st ext 4s..1940
O
Ind 111 & Iowa 1st g 4s
{♦Ind & Louisville 1st
J
34s series B...1986 M 8
J
Industrial Rayon 434a
1948 J
F
1961
{Interboro Rap Tran 1st 5s.1966 J
A
conv
1932
7% notes
1004
994
674
*57~~
634
154
*1054
164
1064
1044
1054
"46
1054
22
154
1054
1054
1054
M ~S
♦Certificates of deposit
50 4
47
100'u 100»«i«
21
21
21
12
Last
EXCHANGE
994
61
17
Maine Central RR 4s
ser
68
94
364
36
374
314
314
1
304
74
734
74
14
73
734
32
O
Interlake Iron conv deb 4s
1947 A
85
1942 M N
♦1st 5s series B
1956 J
♦1st g 5s series C
1956
1944
Internat Hydro El deb 6s
Internat Paper 6s ser A &
Ref
B...1947
Int Rys Cent Amer 1st 5s
1st lien & ref 634s
Int Telep & Teleg deb g
B...1972
1947
44s_.1952
{♦Iowa Central Ry 1st & ref 4s. 1951
0924
974
a924
5
"98"
98
984
19
J
41
40
45
444
414
454
123
A
Af S
*14
54
D
*31
Certificates of deposit
44s A..1961 M S
4a_.1990 A O
{{♦K C Ft S & M Ry ref g 4S..1936 A O
Jones <fc Laughlin Steel
*65
70
Certificates of deposit
1st gold 3s
"67"
1960
Kansas Gas <fc Electric 454s... 1980
(Rudolph)
39
66
12
674
48
14
28
65
644
37
694
684
50
107
103
19
1024 105
25
M N
109
Kings County Elev 1st g 4s
Certificates of deposit
1074
87
80
1954
J
1951
M N
Kresge Foundation coll tr 4s... 1945 J
83
80
85
F
89
1054
33
104
14
102 4
1064
A
1047n
1044
1047u
18
1044 1064
Lake Sh & Mich So g 34s
Lautaro Nitrate Co
107
108
Lehigh C & Nav 8 f 4 4s A
Cons sink fund 44s ser C
25
¥
A
"42"
64
54
2
54
7
44
54
14
"e"
6
30
44
7
2
9
14
24
*14
14
2
14
594
59
73
J
D
29
29
304
91
26
32 4
J
J
154
154
164
158
12
194
40-year 4s series B
1962
1978
Jan 1967
J
J
14
144
15
J!
15
14
154
116
A
O
64
12
114
T14
54
154
/
{♦Mo Pac 1st & ref 5s ser A.. 1965
F
134
214
204
RR—
Prior lien 4 4s series D
54
A
204
♦General 4s
1975 Af 8
34
23
164
84
♦1st & ref 5s series F
1977 Af 8
204
20
H
49 4
40
44
♦Montgomery Div 1st g 5s..1947 F
♦Certificates of deposit.
39
1
39
45
♦Ref & impt 44s
70
70
{♦Secured 5% notes
1
82
90 4
1
81
85
38
75
53 4
12
344
49 4
394
57
55
1981 F
♦1st & ref 5s series I
A
21
194
204
33
14
14
39
■14
194
21
173
134
21
204
2
154
204
♦
194
Mohawk & Malone 1st gu g 4s.1991 M
1st
Montana Power 1st & ref
J
Montreal Tram 1st & ref 5s
J
254
26
10
254
24 4
-
25
—-
-
70
334
25
294
294
244
244
29
424
1
15
24
294
50
55
414
2
244
60
494
414
65
204
25
234
"324
36
304
32
3
374
39
39
24
"264 "34"
304
32
32
404
*524
"56"
"514 "55"
106
106
105
110
S
1960 A
mtge 44s
90
25
204
754
1104
1094 1104
107
Monongahela West Penn Pub Serv
35
8
21
14
68
260
*384
32
26
134
75
31
324
32
874
35
21
20 4
*234
MS
48
374
24
*21
1938
2
29
21
75
75
Certificates of deposit
2
374
183
204
204
S
M
3
1
204
194
A
1977
884
37 4
13
4
21
{Mobile & Ohio RR
334
344
204
2
204
♦Certificates of deposit...
{♦Mo Pac 3d 7s ext at 4% .July 1938 MN
32
524
134
134
134
21
204
20 4
43 4
814
392
194
14
14
1949 AfN
1980 A O
44
364
24
69
204
♦Certificates of deposit
♦Conv gold 54s..
1
904
137
"204
1978 MN
♦1st & ref 5s series G
4
69 4
1
34
194
42
4
20 4
3
♦Certificates of deposit
♦1st & ref g 5s series
214
20 4
46
24
6s
1965
348.1966
1941
f 5s series A.
1955
f 5s series B
1955
debentures
s
Gen & ref
s
C—-1955
Gen & ref s f 5s series D
1955
Morris & Essex 1st gu 34s
2000
Constr M 5s series A
1955
Constr M 44s series B
1955
Mountain States T & T 34s—1968
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5% ..1941
Gen & ref s f 44s series
A
1114
O
D
_
A
1004
834
r-
834
*
212
554
♦
O
O
A
—
1114
994
1004
•
79
1094 1114
994 1004
86
834
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A
A
O
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D
414
MN
374
554
.....
•
564
-----
574
414
364
564
564
42
41 4
474
374
364
444
31
39
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33
32
D
109
109
109
1074 1094
1174
1174
1174
1174 120
J
MN
AfN
*1014
1978 F
A
694
/
J
334
1014 1014
484
1940
J
41
41
5
41
45
1940
44s assented
64
1962
ser
Nash Chatt & St L 4s ser A
{Leh Val N Y 1st gu 44s
4
53
40
55
1943
...
Leh Val Harbor Term gu 5s....1954
2
4
36
464
*544
25
27
"3
82
*25
A
j"j
6
73
7
244
1974
♦Sec 6% notes extended to..1943
♦6s stamped
54
58
27
*254
1974 F
8 tamped
54
24
58
48
374
1964
1
67
904
854
514
*25
A
14
24
73
88
32
2
*4
"58"
85
524
524
1944
1964 FA
♦1st & ref s f 58
14
Monongahela Ry 1st M 4s ser A *60 Af N
O
154
134
"54 "~74
74
J
9
814
38
15
73
J
5
904
1954
♦5s stamped
74
♦Certificates of deposit..
1954 F
♦58 stamped
144
*15
"224 "32"
J
34
*624
1997 J D
30
57
26
J
39
..1975 Dec
1954 J J
1954 / J
664
94
*234
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46
474
944
614
1014 1044
29
A^
Prior lien 5s
Gen & ref
......
♦1st & ref s f 6s
♦5s
54s
864
844
Lehigh Valley Coal Co—
8 tamped
274
914
1044
*45
J
34
"40
Lehigh &N Y 1st gug 4s......1945 M S
♦5s
1034
29
J
84
Lehigh & New Eng RR4s A... 1965 A
♦1st & ref s f 5s
104
J
J
86 4
Ltd—
♦1st mtge Income reg
62
♦Certificates of deposit...
-.1947 J
1941 J
3% to
J
1949
♦
1st & ref 5 4s series B
1978
{♦Mo-Ill RR 1st 5s series A.-.1959
Mo Kan & Tex 1st gold 4s
1990
♦25-year
Lake Erie & Western RR—
5s extended at
96
614
J
1946 J
♦1st & ref 6s series A
106
10224a
1942
2d gold 5s
J
{ {*M St P & SS M con g 4s Int gu'38
{♦1st cons 5s
1938
{♦1st cons 5s gu as to int
1938
1054 1064
1024
{♦Laclede Gas Light ref & ext 5s *39
Ref & ext mtge 5s
1942
Coll tr 6s series B
884 1004
87
91
*1084
1044
-1953
1960
1942
70
*934
♦Certificates of deposit
1004
10225M
{♦Kreuger & Toll secured 5s—
Uniform ctfs of deposit..... 1959 Af S
Coll tr 6s series A
170
J
105
4
"184 "184
62
1939 J D
1939 / D
{♦Mil Spar & N W 1st gu 4s...1947 Af 8
{♦Milw & State Line 1st 34s—1941 J J
{♦Minn & St Louis 5s ctfs
1934 MN
♦1st & ref gold 4j__
1949 M 8
♦Ref & ext 50-yr 5s ser A
1962 Q F
♦Cum adjust 5s ser A
*1064
J
74
4
80
*80
Koppers Co 4s series A
1947
60
85
89
3 j4s collateral trust notes...
60
*75"
*1634
1004
1954
Coll <fe ref 54s series D
1074
924
1014 103
107
1074
*80
Kings Co Lighting 1st 5s
1st <fc ref 6 34s
Coll & ref 5 4s series C
103
S
AfN
♦{Con ext 4 48
Missouri-Kansaa-Texas
1024
*
1961
1997
1949
unguaranteed
Kings County El L & P 6s
134
*134
1024
1961
Plain
134
*12
1946 Af"l3
J
Kentucky Central gold 4s
1987 J
Kentucky & Ind Term 4}4s—1961
Stamped
..........1961
Keith (B F) Corp 1st 6s
Michigan Consol Gas 4s
10
"284 "38"
Inc—
1645)-.1943
♦Ctfs w w stmp (par $925).. 1943
♦Ctfs with warr (par 1925)-.1943
M
1951
1952
{{♦Mil & No 1st ext 44s
1024
1024
90
7 •
*164
1979 J J
1963 M S
1940 A O
444
474
108
♦Ctfs w w stmp (par
4 J4s
654
78
*4
D
Ref & impt 44s series C
{♦Mid of N J 1st ext 5s
107
107
Kansas City Term 1st 4s
Karstadt
37
654
1950
Apr 1950
Ref <fe impt 5s
36
1977 M S
Jack Lans & Sag 34s
1st gold 34s
99
95
"45
1104 1124
80
*70
72
1034 1054
1114
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934
6
944
874
O
83
524
70
76
66
52 4
1044
1956 J
55
38
69
1945 AfN 104133j 1041332
111
1968 Af 8 1114
♦4s (Sept 1914 coupon)
♦Mlag Mill Mach 1st s f 7s
52
374
"38"
37
♦Certificates of deposit.
Kan City Sou
934
944
Kanawha & Mich 1st gu g
644
"si"
77
144
144
1
14
824
66
81
744
1034
964
994
84
934
964
384
81
84
"75"
*65
1950 A
{{*Met West Side El (Chic) 4s. 1938 F
964
*15
*704
4
42
14
484
1074
944
414
4
77
54
424
1977 M S
101
43
A
J
James Frankl <fc Clear 1st 4s—1959 J
24
12
♦Mex Internat 1st 4s asstd
764
136
51
464
Af N
2
654
69
42 4
105
74
10
984
9
*64
68
124
14
94
102
76
48
A
15
974
82
47
1959
{♦Man G B & N W 1st 348—1941
Metrop Wat Sew & D 54s
25
654
824
814
784
774
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904
1024
164
114
684
MN
1955 F
Debenture 5s
834
15
101
4
M~8
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14
114
674
82
1953
75
14
102
8
82
J
104
68
43 4
454
Market St Ry 7s ser A...April 1940 Q
102 4
13
39
47
36
754
"55
11
J
F
9
11
J
14 4
"684
A
1955 M
f 68 series A._
s
86
424
82
704
103
554
404
O
124
J
1941 A
Int Merc Marine s f 6s
*974
144
504
D
J
14
J
74
26
82
1947 A
114
{♦Int-Grt Nor 1st 6s ser A
1952 J
♦Adjustment 6s ser A
July 1952 A
11
514
♦Certificates of deposit
♦Second 4s
Metrop Ed 1st 4 4s series D
Int Agric Corp 5s stamped
76 4
504
404
Marion Steam Shovel s f 6s
30
High
108
74
724
162
Low
5
964
"5l"
774
384
724
No.
1054
944
O
Manila RR (South Lines) 4s
77
77
Ask
High
105
A
4s.-1990
1054 1094
734
774
764
764
Since
Jan. 1
Low
D
1960
Feb 1 1957 MN
cons
Range
&
964
2013 J
{♦Manhat Ry (N Y)
or
Friday's
Bid
D
A.-.1945
♦Certificates of deposit
Manila Elec RR & Lt s f 5s
77
Price
Gen mtge 44s series A
Manati Sugar 4s s f
Range
Sale
?!
Railroad & Indus. Cos. (Cont.)
McCrory Stores Corp 8 f deb 58.1951 AfN
McKesson & Robbing deb 54s 1950 M 8
1054 1054
101
1054
73 4
AO
♦Certificates of deposit
{♦10-year
43
314
1932
6s
20
77
J
♦Certificates of deposit
{♦10-year
44
♦204
Ind Union Ry
Inland Steel 3548 series D
46 4
♦100
J
1950
4s.1956 J
gu
50
434
.4334
48
STOCK
Week Ended Mar. 29
High
464
48
Y.
Jan. 1
Ill Cent and Chic St L & N O—
Joint 1st ref 5s series A
2055
Week's
Friday
<3
Range or
Sale
Week Ended Mar. 29
Record-Continued-Page 4
Week's
Friday
J
40
40
4
40
47
144
Nassau Elec gu g
1951
4s stpd
*144
154
164
Nat Acme 44s
2003 Af N
144
144
14 4
49
14
164
Nat Dairy
♦General cons 44s
2003 Af N
154
144
154
11
144
17
Nat Distillers Prod 34s—
♦44s assented..
♦General cons 5s
2003
IN
144
144
15
21
144
164
17
1
17
19
164
66
43 4
704
86
89
16
534
20
107
1074
"52
106
1074
1054
1054
43
104
1054
89
53 4
1024 1024
42 4
National Rys of Mexico—
17
11
53
534
Certificates of deposit
704
{♦Lehigh Val (Pa) cons g 4s—.2003 ATN
♦4s assented
♦5s assented
......2003 Af N
2003 AfN
164
5s assented
50
53 4
50
Lex & East 1st 50-yr 5s gu
1965
116
116
1254
1254
1314
A
O
Liggett <fe Myers Tobacco 7s. .1944
5s debenture
1951
Lion Oil Ref conv deb 44s
131
98
F
A
1044
Lombard Elec 7s series A
1952 J
D
694
Lone Star Gas 34s debs
1953 F
A
1094
1950
A
O
Lorlllard (P) Co deb 7s
1949
1
116
118
21
23
98
2
8
1044
1044
M
S
Af S
A
16
1014 105
68
734
24
70
1094
694
974 101
1084 110
104 4 1044
108
110
634
-
4
67
J
J
*1
J
J
4 on '57 J
J
*4
A
O
*4
A
O
*4
*77 A
1914 coupon on...1977
1914 coupon off
1977
♦Assent warr & rets No 5 on
Nat RR of Mex prior lien
4
O
*4
24
J
J
*14
14
A
O
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A
O
348
A
4
O
4
4
A
O
1024
102 4
103
102
J
D
1034
103
1034
1024 1034
914
89
22
874
924
{♦Naugatuck RR 1st g 4s
92
37
874
92
Newark Consol Gas cons 5s—1948 J
D
J
J
1034
914
924
1254
1254
1294
844
1294
844
85
10
1
30
1094
1094
8
1114
1094
1114
3
984
984
99
45
93
924
93
51
1st & ref 4 4s series C
2003
A
O
1st & ref 4s series D
2003 A
O
864
1st & ref 3 4s series E
2003
A
O
81
Paducah <fc Mem DIv 4s
1946 F
A
104
125 4
1264
1264 1294
83
854
1084 110
1084 1H4
794
974 1004
904 944
864
3
85
88
814
8
794
83
104
3
80
3
79
82 4
4
112
1124
J
774
3
Atl Knox & Cine Div 4s
1955 AfN
♦Lower Austria Hydro El 6 4s. 1944 F A
1064
1064
5
*104
1024 104 4
734
79
1954
{♦New England RR guar 5s...1945
♦Consol guar 4s
1945
New England Tel & Tel 5s A.. 1952
1st g 44s series B
1961
N J Junction RR guar 1st 4s..1986
N J Pow & Light 1st 44s
1960
New Orl Great Nor 6s A——1983
AfN
J
D
AfN
F
374
37 4
*1264
A
♦
71
56
1044
J
107
1054
109"
77
69 4
78 4
56
574
534
574
1044
1054
1024 1054
1034 1064
714
664
33
314
314
274
25
30
35
36
30
38
374
29
374
30
374
37 4
36
36
32
33
344
28
36
♦Certificates of deposit
1956 F A
D
1044
1054
*674
*334
♦Certificates of deposit
♦1st 44s series
38
1254 1284
1244 128
77
O
1954 A O
1st 5s series C
1054 107
34
128
♦Certificates of deposit
1st 5s series B
71
32
{{♦N O Tex & Mex n-c inc 5s.. 1935
♦
38
1264
107"
1955 J D
New Orleans Term 1st gu 4s... 1953 J
70
1234 1244
35 4
38 4
384
128
*
J
J
70
126
126
128
O
O
1st & ref 5s series B
70
*1244
A
A
J
A
New Orl Pub Serv 1st 6s ser A. 1952
70
"384
J
J
N O & N E 1st ref & imp 4 4s A 1952 J
1124
1124
774
1956
A
F
29
*334
♦Certificates of deposit
♦1st 54s series A
...1954 O
♦Certificates of deposit
4
1965
914
2003 A O
For footnotes see page 2057.
4
4
1954
National Steel 1st mtge 3s
Natl Supply
*4
44s—
{♦Assent warr & rets No 4 on '26
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off
1951
♦Assent warr & rets No 4 on '51
914
1st & ref 5s series B
1952 J
♦4s April
♦4s April
1054
*1
914
Loulsv & Jeff Bridge Co gu 4s. .1945 Af S
South Ry Joint Monon 4s
♦Assent warr & rets No
*1024
"1074
J
92
Louisville <fe Nashville RR—
St Louis Div 2d gold 3s.....1980 Af S
Mob & Montg 1st g 44s
1945 M S
D
924
O
5s debenture
1951 F A
J
Louisiana <fe Ark 1st 5s ser A.. 1969 J
Louisville Gas & Elec 34s
1966 M S
69
1094
"66
1254 1274
1274 1314
J
J
od._.1957
♦44s July 1914 coupon on..1957
♦4 4s July 1914 coupon off..1957
♦448 Jan 1914 coupon
54
110
*67
Af S
1949
1949
1944
194
514
50
M N
♦Long Dock Co 34s ext to
4s stamped
1304
514
5
....
1094
1952
Liquid Carbonic 4s conv debs. .1947
Little Miami gen 4s series A...1962
Loews Inc s f deb 34s.
1946
Long Island unified 4a
Guar ref gold 4s
3
164
1941
{Leh Val Term Ry 1st gu g 5s.. 1941
extended to...1946
Prod deb 34s w w__ 1951 Af N
1949 Af 8
A
374
354
*294
374
22
4
324
314
40
33
33 4
New York Bond Record—Continued-Page 5
2056
Friday
BONDS
N.
Y.
Last
STOCK EXCHANGE
Range
Sale
Week Ended March 29
Friday
or
Bid
Railroad & Indus. Cos. (Conl.)
A
No.
High
Low
5934
58
5934
50
5634
62
10-year 354 s sec s f
1946 A
7734
7534
7734
40
79
Iter & lmpt 4Mb series A
2013 A
2013 A
7434
5234
5134
5234
234
5834
79
5634
5734
5534
5834
1952 M N
5634
59
6534
6334
7634
13
74
7934
9334
49
86
5934
29
66
9334
6934
5834
7
£634
60
lief & lmpt 5s series C
Conv
secured
334 s
♦111
J
N>Y Cent & Hud River 334s—1997
7634
...1942 J
Debenture 4s
7634
9234
9334
1998 F
5934
Lake Shore coll gold 334s
111
5834
5834
Mich Cent coll gold 334S---1998 F
Pennsylvania Pow A Lt 334S--1969 F A
434s debentures
1974 F A
Pennsylvania RR cons g 4s._—1943 M N
111
5134
Consol gold 4s
5634
57
6234
4s sterl stpd
1948 MN
dollar.May 11948 MN
1970 A O
Gen mtge 334a series C
Consol sinking fund 434s
O
General 5s series B
63
6434
26
Kef 4^8 series C
1978 M S
5434
5334
55
77
1946 F
6134
5334
434s
434 s series D
Gen mtge 434s series E
Conv deb 334s
5934
4s collateral trust
81
8034
8134
13
7734
83 34
16
109
44
10834
51
109
11434
9
11334 115
1
115
113
"9034
8934
9034
89
11934
10234
11934
4
9034
11934
95
10034 103
10834
23
10634 10834
85
8934
9534 9834
9534 98
8634
89
65
97
98
45
9734
48
8434
9734
115
8734
117
103
10734
"89
1970
1981
1984
—1952
107J4 109
107
10834
10834 10934
2
115
115
High
8534
88
82
6
114
8234
8334
10834
10734
109
11434
1
Low
109
1968
Debenture g
No
High
"l0234
A—-.—1965
General
1974 A
Ref 534s series A
Since
Jan.
10834
1960
General 434s series
N Y Chic A St Louis—
109
Range
Asked
A
Low
Railroad & Indue. Co*. (Com.)
High
Newport A C Bdge gen gu 4 34s. 1945 J
N Y Cent RR 4s series A
1998 F
Bid
Price
si.
1940
Range or
Friday's
Sale
Week Ended March 29
Jan. 1
30,
Week's
Last
STOCK EXCHANGE
N. Y.
Since
Asked
Low
BONDS
Range
Friday's
Price
March
Week's
A
1st mtge 3 34s extended to___1947
3-year 6% notes
1941
N Y Connect 1st gu 4 34» A
79
1953
1st guar 5s series B
N Y Dock 1st gold 4s
107
1951
Conv 5% notes
*10734
"53"
10
"5
53
50
3
47
10934
43
108
10934
10934
10934
10934
10
12434
1
11734
12434
11734
11734
27
1965
1st lien A ret 334s ser E
107
10834
52
1947
N Y Edison 334s ser D
8134
8534
86
7834
10434 107
106
10834
5034 5334
15
8134
10634
.—.1953
1966
67
50
Purchase money gold 4s
1949
1946 M N
N Y A Harlem gold 334s
2000 M N
N Y Lack A West 4s ser A
1973 M N
4 3^8 series B
1234
12
♦Income
4s
Apr 1990 Apr
1974 F A
{♦NYNH&H n-c deb 4s
♦Non-conv debenture 334S--1954 A
1734
1943 MN
1634
♦Conv debenture 334s
1956 J
J
♦Conv debenture 6s—
..1948 J
J
1634
2134
1934
♦Debenture 4s
1967 J
1534
D
31
1834
♦General 4s
.634
114
115
109
107
109
60
General 434s series D
D
10734
10734
Phlla Co sec 5s series A
..1967 J
D
10534
10534
106
11034
11034
1134
111
10634 108
10434 10634
10934 11134
13
1034
3
334
71
7234
{♦Phlla A Reading C A I ref 58.1973 J
{{♦Philippine Ry 1st s f 4s
22
*16" "1734
26
15
1634
30
15
1634
21
1534
16
1734
24
Phillips Petrol conv 3s
1948 M 8
Pitts Coke A Iron conv 4 34s A. 1952 M 8
1634
Series C 4 34s guar
33
Series D 4s guar
7
354
4531
13
108 H
{♦2d gold 434s
1940 F
♦Terminal 1st gold 5s
1943 M N
N YTelep
334 s ser B
N Y Trap Rock 1st 6s
6s stamped
J
5s...1941 MN
1996 O
North Amer Co deb 334a
4
9034
Debenture 334s
12
534
14
534
3934
6234
10934 111
90
8534
52
5
13
110
112
10834
10454
108
102
104
1334
1434
26
1334
8
10
70
1
5434
12434
18
10534
10654
10534
21
10654
10
M 8
*114
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons.. 1945
87
9034
*50
♦Apr '33 to Apr '38 coups. 1945
North Pacific prior lien 4s
1997 Q
GeD lien ry A Id g 3s Jan
2047 Q
6554
"*84
34
"6834
4034
45
3934
43
42
4334
30
42
4734
6034
5134
5434
53 34
55
254
53
46
47
18
46
4634
Northern States Power 334s—1967 F
Northwestern Teleg 434s ext. .1944 J
10934
.1948 J
634
4534
109
634
.1943 M S
*109
.1965 MN
108
.1967 M
10934
.1972 J
10834
108
3
33
A
105
10434
105
25
105
105
105
3
11134
11834
1
106
D
*11134
.1961
Otis Steel
.1962
10634
75
Pacific Coast Co 1st g 5s
.1946 J
Pacific Gas A El 4s series G__. .1964 J
1st A ref mtge 3 34 s ser H
.1961 J
27
75
3
5854
11234
11334
72
11154
56
110
23
76
77
5
*73
.1966 J
if g 434s
.1955 J
J
Panhandle Eastern Pipe L 4s.. .1952 M S
Paramount Broadway Corp—
.1942 M S
A
10934
11034
*10134
104
A
Paramount Pictures 334s deb.. 1947 M S
Parmelee Trans deb 6s
.1944 A O
Pat A Passaic G A E cons 5s... 1949 M S
1941 F
40
10634
10934
10934
"~16
2
31
8
5
7134
*10234
*10534
10254
D
10734
10734
2
1952 M N
*10534
10434
9654
25
9634
D
O
*10634
9834
J
98
11134 113 34
10934 11234
10734 11034
7434
79
6
1
9834
4834
8434
42
124
12634
D
1981 J
^Providence
1st A ref mtge 8s
Pub Serv of Nor III 334a
110
84
84
J
104
59
53
378
O
1948 J
f deb 5s
78
8434
334
6334
334
5
6354
11054 112
11134
*14734
147
224
10434
10934
149
*22234
10934
D
1968 A
8134
10734
6834 78
1734
2534
10834 H034
79
84
11134
J
2037 J
for deb 6s A com stk
105
22234 224
108 34 10954
10254 105
J
(65% pd).
10934
11
148
D
1941
D
*5534
{♦Deb 6s stamped
1941
Reading Co Jersey Cent coll 4s. 1951
D
*5534
O
5634
1997 J
1997 J
75
Gen A ref 434s series B
J
60
"5734
69
6934
J
Remington Rand deb 434s w w. 1956 M S
434 s without warrants
1956 M 8
Rensselaer A Saratoga 6s gu
1941 MN
Republic Steel Corp 434s ser B 1961 F A
Purch money 1st M conv 534s '54 MN
Gen mtge 434s series C
1956 MN
Revere Cop A Br 1st mtge 434s 1956 J
♦Rheinelbe Union s f 7s
1946 J
♦334s assented
1946 J
♦Rhine-Ruhr Water Service 68.1953 J
6034
8734
4634
126
72
6734
10234 10254
10534 10534
106
10734
10434 10634
103
10434
94
98
105
1
h*
»
001
10634
9634
9834
9734
99
6934
10034
10034
10034
10034
*
7034
41
5234
65
5734
6434
5534 6034
69
7534
6934 75
9634
9634
10734
9634
10034
*2634
*1734
'9634
101
6934
6
10134
44
100 34
.
16
*1434
♦Rhlne-Westphalla El Pr 7s—.1950 MN
9634
109
9734
101
"40
1952 MN
.1953 F
O
17
A
1955 A
17
Richfield Oil Corp—
4s s f conv debentures
107
92
21
9934 101
Rlchm Term Ry 1st gen 5s
♦Rlma Steel lsts f 7s
"l7"
1634
1955 F
{{♦Rio Grande June 1st
1952 J
♦
Gen mtge 3 34s series I
♦Ruhr Chemical
s
30
f 6s
m s
1634
1434
106
1554
17
109
1034
-----
*108
10834 HI
10734 10954
654
934
*11134
10934
834
834
10934
834
21
1948 A
O
1949 J
1941 J
}♦ Rut-Canadian 4s stmp
{♦Rutland RR 4348 stmp
15
17
10334 105
1034
1034
3834 40
2834 31
1034
1234
30
1034
1967 M S
1969 M S
Gen mtge 3 34 s series J
15
"4134
*12234
S
1967 M 8
{{•R I Ark A Louis 1st 4348-1934
"""3
105
1949 A
1977 M
"17"
*9
{ {*Rio Grande West 1st gold 4s 1939 J
1st con A coll trust 4s A
Roch Gas A El 434s ser D
Gen mtge 3 34s series H
17
1554
1434
14
106
*37
30
15
"17"
*103
J
9734
1654
1934
106
gu 5a__1939 J
109
26
*17
1952 M S
9154
19
48
*1634
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
9834 102
9834 10054
10034
J
J
"634
634
"634
J
834
834
834
*20
9334
9334
634
734
11134
1
21
9
934
9254
9834
11034 112
'9334
11134
St Jos A Grand Island 1st 4s—.1947
St Lawr A Adlr 1st g 5s
1996
2d gold 6s
1996
70
1
65
St Louis Iron Mtn A Southern—
♦{Rlv A G Div 1st g 4s
1933 MN
{♦St L Peor A N W 1st gu 5S..1948 J
J
St Louis Pub Serv 1st mtge 5s. 1959 m s
St L Rocky Mt A P 5s stpd
J
1955 J
46
63
4
23
38
5934
5834
64
63
1834
1950 J
J
1334
1334
1334
1334
28
10
2334
6634
6234
1334
1334
/
15
1434
15
111
11
1554
14
7
1034
1534
'13"
1234
13
445
10
12 34
pr lien 4s A..1950 J
♦Certificates of deposit
1134
1234
78
10
1234
6434
61
65
48
56
65
32
33
4
2734
33
16
1834
1034
23
1978
m's
1989 MN
Nov 1989
2134
65
J
J
1834
J
1034
65
1
65
3934
♦Certificates of deposit
♦Con M 4 34s series A
♦Ctfs of deposit stamped
64
1334
{♦St L-San Fran
♦Prior lien 5s series B
6234
63
6334
♦Certificates of deposit
{♦ 1st terminal A unifying 5S.1952 J
♦Gen A ref g 5s series A
1990
page 2057.
2154
6734
8
81
'
*6534
♦2d 4s lnc bond ctfs
see
69
34
1956 M S
Term 1st 4s
s
7434
7434
2334
11034
334
Public 8ervlce El A Gas 334s..1968 J
1st A ief mtge 5s
2037 J
Purity Bakeries
74 34
10734
6934
guar deb 4s.. 1957 MN
{♦St L S W 1st 4s bond ctfs
For footnotes
J
Saguenay Pow Ltd 1st M 4348.1966
87 34
104
6034
10334 10434
5034
S
5834
5
104
.1944 J
A
10434 10834
73 34
77
104
.1942 J
28-year 4s..
.1963 F
Penn-Dixle Cement 1st 6s A... 1941 M
Penn Glass Sand 1st M 434s.. 1960 J
Pa Ohio A Det 1st A ref 434s A. 1977 A
119
10
4634
6934
834
108
10834
10734 10934
10834 10934
10634 10834
10934 11034
10534 107
10334 10834
105
10534
11034 11134
11634 11834
10834*110
10934 110J4
86 34
*125
6134
10934
634
74
10954
11034
4334
6034
4634
4534
108
118
109 34
.1938 J
..
119
113
.1966 A
.
6
111
4s... .1938 F
.1955 F
7334
3
10934
10634
10934
.1966 J
f g 3s loan ctfs
106
5834
Paducah A 111 1st
434s series B
41
.1945 MN
11834
E trust ctfs
110
10834
10934
10854
.1943 F
10934
*11834
ser
7
654
D
J
Guar 48
23
D
J
♦Paulista Ry 1st s f 7s
Penn Co gu 3 34s coll tr ser B
Guar 3 34s trust ctfs C
Guar 3 34s trust ctfs D
4634
10934
.1946 J
Guar stpd cons 6s
Ore-Wash RR A Nav 4s
s
6
.1966 J
Ore Short Line 1st cons g 5s... .1946 J
1st M
1942 /
♦6s stamped
110
71
107
72
4234
"63
47
g
J
7434
J
Gen A ref 434s series A
64
3934
2047 J
{♦Pac RR of Mo 1st ext
1950 J
conv 6s. 1942 J
{♦Providence Sec
*45
2047 J
{♦2d ext gold 5s
Pacific Tel A Tel 334 s ser B
Ref mtge 334 s series C
1st 5s extended to
{♦Porto Rico Am Tob
72
64
Ref A lmpt 5s series C
1st A ref mtge 3 34s ser I
4634
10634 10634
11034 11034
*11034
J
40
Ref A lmpt 5s series D
1st mtge A 434s
46
4434
4034
D
1960 M 8
Port Gen Elec 1st 4 34s
{♦Debenture gold 6s
/
.1946 J
*106
1977 J
19
*106
A
Potomac Elec Pow 1st M 3 34s. 1966 J
Pressed Steel Car deb 5s
1951 J
40
J
.1946 J
1948 /
1st 434s series D
....
2047 J
cod g 4s
41
44
1962 F
1974 J D
ser
1st gen 5s series B
72
40
82
2047 J
Oregon RR A Nav
4234
4334
4234
1st gen 58 series C
Pitts Y A Ash 1st 4s
54
Ref A lmpt 4 34s series A
..
45
4334
23
45
Ref A lmpt 6s series B
g 5s
Ontario Transmission 1st 5s.
10434 107
9734 100
9834
*4234
4234
J
114
104 34 10834
105
J
12134 12534
10434 107
10534 10634
10534 108
11534 11634
10534
10534
9834
1959 A
1960 A
11634
11734
10534
*109
{{♦Postal Teleg A Cable coll 5s 1953 J
10734 10734
3
5354
*56
I Ontario Power N F 1st
'
1977
116
11734
*11634
{♦Radio-Keith-Orph pt pd ctfs
53
1945
1st mtge 334s
Oklahoma Gas A Elec 334 s
4s debentures
1975 A
108
109 34 110
109
109
*11634
10534
1634
1534
1134
114
116
10734
5334
♦Apr '33 to Oct '34 coups. 1945
I Ohio Edison 1st mtge 4s
1st mtge 4s
Gen mtge 5s series B
634
Ctfs of deposit stamped—
{♦Og A L Cham 1st gu g 4s
Ohio Connecting Ry 1st 4s
D
Pitts Va A Char 1st 4s guar... 1943 MN
Pitts A W Va 1st 4 34s ser A... 1958 J D
109
13
10634
10534
10634
1974 M 8
♦Oct 1938 A sub coupons
'*> 9
12434
1954 F
1974
9034
81
—1959 F
North Cent gen A ref 6s
Gen A ref 4 34s series A
A
1964 MN
1970 J
Gen 434s series C
52
534
11134
124
1949 F
Debenture 4s
43
70
1434
♦Certificates of deposit...
1963 F
434s
1st mtge 4 34s series B
111
103 34
cons
Series J cons guar 434s
10734 110
10634 10834
10434 106
"
A
MN
{{♦Norfolk South 1st A ref 5s. 1961 F
Series I
834
434
*10834
A
112
108
*109
4s
108
10J
*109
1960 F
cons guar
1st mtge 434s series C
1
5
*10534
107
10834 10834
109~~
109
A
30
15
90
5
D
106
3
11134
10734
10734
1957 MN
9
12 34
5
10134 103
107
110
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1949 F
104
60
*8834
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J
M 8
7
3
1953
71
1234
11034
9934
10134
Series F 4s guar gold
47
60
111
9934
10134
Series E 334s guar gold
1334
{{♦N Y Westch A Bost 1st 4348 '46
Niagara Falls Power 3348--1966
Nlag Lock A O Pow 1st 5s A...1955
Niagara Share (Mo) deb 5348.1950
{{♦Norfolk A South 1st g
Norf A W Ry 1st cons g 4s
1
2834
♦9
A
1987 J
1946 J
1946
106
27
1937 F A
♦General gold 5s
106
10534
106
834
10134
Series G 4s guar
634
634
234
6
10931
J
O
Gen mtge 5s series A
4434
J
6
60
10834 11234
98
10034
2034
4
10934
Susq A West 1st ref 5s. 1937 J
334
8
109
63
434
19
634
1134
10934
9934
1734
*83
106
8
1942 A O
1942 MN
1945 MN
Series B 434s guar
2134
162
*10734
1 l*N Y
1940 A
Pitts C C C A St L 434s A
15
26
El Lt A Pow 3 348-1965 M N
N Y Steam Corp 1st mtge 334sl963 J
J
1937
334
734
♦Certificates of deposit
1834
2834
248
N Y Rys prior lien 6s stamp... 1958 J
J
N YARichm Gas 1st 6s A
1951 MN
N Y Queens
334
17 34
14
1134
1949 M 8
♦Conv deb 6s
J
60
334
1955 J D
10934 11034
11934
109
Series H
{♦N Y Ont A West ref g ,4s.—1992 M 8
11034
*115
J
64
64
*6034
{♦N Y Providence A Boston 4s 1942 A O
N Y A Putnam 1st con gu 4s.. 1993 A O
11034
A
67
3234
534
2034
*454
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{♦Harlem R A Pt Ches 1st 4s 1954 M N
11034
1974 F
65
1634
1634
1734
1734
1634
2134
17
1734
♦1st A rel 4J4s ser of 1927
58
6134
11134
9934
6134
9934
1734
1634
J
1940 A O
1957 MN
55
109
1977 J
1981 J
75
1634
1956 MN
♦Collateral trust 6s
5434
33
35
5734
111
General g 4 34s series C
65
16
O
♦Non-conv debenture 4s_.—1955 J
♦Non-conv debenture 4s
10
5534
55
11034
General 5s series B
9034
*79
1734
"e" "16
10614 10634
6034
67
Phlla Electric 1st A ref 334s.-.1967 M S
*58
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63
55
5734
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"29
110
6134
13
*65
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11434 11734
64
6934
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{{♦N Y A N E (Boat Term) 4s. 1939 A
J
"934
834
*107
55
100
♦N Y L E A W Coal A RR 554s *42 MN
1941 M 8
9
"62"
111
117
13
54
68
6634
8734
116
*65
J
1234
♦N Y L E A W Dock A Imp 5s 1943 J
N Y A Long Branch gen 4s
11734
68
1st g 4 34s series C
1980 M S
Phelps Dodge conv 334s deb... 1952 J D
57
J
115
117
117
10834 110
*98
1973 M N
8
O
12434 12634
1134
9934
6334
"57
M
114
♦Certificates of deposit
Phlla Bait A Wash 1st g 4s
♦N Y A Greenwood Lake 5s
O
Pere Marquette 1st ser A 5s—1956 J
1st 4s series B
1956 J
10934
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 5S...1948
Refunding gold 5s
A
♦Peoria A Eastern 1st cons 4s..1940 A
Peoria A Pekln Un 1st 534s
52
1943
1947
Peoples Gas LAC cons 6s
9734
8534
43
21
39
1334
1334
16
834
157
1834
44
1034
25
1034
854
13
Volume
8TOCK
Y.
Week's
Last
Range or
Sale
Friday's
Bid
&
As*
I*
EXCHANGE
Week Ended March 29
Railroda & Indus. Cos.
8t Paul A Duluth 1st con g
Price
t*St Paul E Gr Trk 1st 4Ms~.1947
J
1941
F
.
No.
"~5%
■
6M
5%
St Paul Minn A Man—
8t Paul Un Dep 5s guar
8 A & Ar Pass 1st gu g
97 M
1940
1972
t Pacific ext gu 4s (large)
1943
1963
1965
1942
4s
San Antonio Pub Serv 4s__
San Diego Consol G & E 4s
Santa Fe Pres A Phen 1st 5s
115M
7
26
114
O
108
108
108M
15
M N
110
110
111
14
109 % 111%
♦Ref A gen 5s series B
109 %
109M
5
109 % 111
♦Ref A gen 4 Ms series
M
S
54
J
J
"29 M
29 M
29 M
1
J
29 M
26M
29M
28
A
O
A
O
...
*40 %
43
Walker (Hiram) GAW deb
44
{♦Gold 4s stamped
♦Adjustment 5s
{♦Refunding 4s
O
1950
Oct 1949
1959
♦Seaboard Air Line 1st g
A
A
O
F
A
1M
1M
A
O
4M
4M
3M
M
S
6M
6
3M
6M
86
5M
5%
59
*13M
15%
4M
13M
2M
2%
12
2M
*10M
13
11%
♦Certificates of deposit
1945
6s series A
♦Certificates of deposit-
1933
1935
MS
F
A
♦6s Series B certificates
1935
F
A
Shell Union Oil 2 Ms debs
J
J
Shinyetsu El Pow 1st 6 Ms
1954
1952
J
♦Siemens A Halske deb 6 Ha
1951
M
1946
1941
1952
F
t{*Atl ABirm lstgu4s
^♦Seaboard All Fla 6s A ctfs
♦Silesia Elec Corp 6 Ms
Sllesian-Am Corp coll tr7s
Simmons Co deb 4s.
*2M
23 M
105 M
77
84 %
34 M
34%
4
31%
90%
36%
34 M
105M
*
109
A
*109M
127
131
30 M
M S
107 M
107 %
108
19
109 M
109%
109 %
3
J
J
105 M
105H
16
J
D
98 M
99 M
109M 111
105
106
70
97 M
4 %a
1951
So Pac coll 4s (Cent Pac coll)-.1949
1st 4)^8 (Oregon Lines) A
1977
1968
1969
1981
Gold 4 Ms
Gold 4 Ms
Gold 4 Ms
O
A
105 M 107 M
106 M
106
15
43 %
100M
100M
5
84%
,56
.1977 J
J
89 M
89 M
90%
11
88 %
.1943 A
O
108M
108%
8
107 %
2
16M
48%
44
43M
44 %
S
48
47
48 M
98
47
53
Winston-Salem S B 1st 4s
.1960 J
44 %
43 M
44 M
38
43 M
{♦Wis Cent 50-yr lstgen4s.-_ .1949 J
43 M
42 M
44 %
216
42 M
M N
43 M
42
44 M
140
42
50 %
51M
51
51 %
39
75 %
75%
1
J
51
80%
A
Conv deb 3Ms
5s
4s series A
Devel A gen
Devel & gen 6s
Devel & gen 6 Ha
68.-1945
1950
Tenn Coal Iron A RR gen 5s—1951
Term Assn of St L 1st cons 5s.-1944
Gen refund s f g 4s
1953
Texarkana & Ft S gu 5 Ha A—1950
Texas Corp deb 3 Ms
1951
221
54%
61H
56%
75
76
30
75
79 M
80
38
78%
9
66
110
107 %
7
107
21%
1
17M
2
f ♦ Wor A Conn East 1st 4 Ms
104 % 106%
105M
105M
53
104% 105%
107 %
109 %
68
105M
104%
105%
66
104 % 106
*128%
129 M
115M
12
108%
109
19
126% 128M
114% 115M
107% 109 %
90
90%
17
107
107%
98
105 %
105M
105%
82
*66
103 %
106 M
107M
66%
55
92
107%
88
105M 107 %
104M 106 M
14
107 % 110%
70
23
67%
69
8
67%
J
J
O
Jan 1960
1937
J
72
72%
J
J
69 M
16
92
92
1
91
97 %
57 %
57%
60
78
50 %
62
20
20
21
237
13M
2,2%
1953
Tokyo Elec Light Co Ltd—
/
D
imp 3 %s 1960
/
A
O
4s
M
j
65
106 M
15
64
65%
73
56 M
x
7
85M
J
*106M
-
98
99 %
J
J
86
107 M
^{♦Union ElevRy (Chic) 5s. —1945
series A.—1942
A
O
F
A
1959
4s.-.1947
June 2008
June 2008
F
A
102 %
J
8
UMon Oil of Calif 6s
3s debentures
Id gr
1st lien A ref 4s
1st lien & ref 5s
34-year 3 Ms deb
35-year 3 Ms debenture
1970
1971
deb 5s—1950
United Cigar-Whelan Ste 5s.— 1952
United Drug Co (Del) 5s
1953
U N J RR & Canal gen 4s
1944
U 8 Steel Corp 3Ms debs
1948
♦Up Steel Works Corp 6Ms 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
United Biscuit of Am
J
M
106 M
*8M
7
109 M 110M
-
108 M
107
108 M
36
105M
105 M
105 M
68
105M 109M
105M 106M
114M
114%
114%
82
101 % 102%
113
115
108
35
106M 109
108%
115%
1
97 M
17
96%
97 M
20
105%
105M
97 M
O
O
70%
85
73
84
85 %
106"
1*09
24 M
1
*14%
Deferred delivery sales
Transactions
Mar. 29,
1947
United
Total
Mis cell.
Municipal
Slates
Bond
Bonds
For'n Bonds
Bonds
818,000
628,000
236,000
80,000
$29,924,000
$3,416,000
$683,000
$34,023,000
6,568,000
'21% "24%
"23% "25"
4,658,348
$683,000
$3,450,000
6,136,000
A
63,618,847
$9,339,000
$24,341,000
71,655,000
Railroad and industrial
$34,023,000
Total.
26,584,000
59,723,000
326,884,000
$36,170,000
$395,946,000
3,416,000
29,924,000
92 M
42
86 M
Stock and Bond Averages
103M
94
94
8
112
28
94
25
100M 112
86 %
94
112
35
100
Below
are
the daily
closing averages of representative
stocks and bonds listed on the
New York Stock Exchange
112
compiled by Dow, Jones & Co.:
*109
*109
F
§♦4 Ms July coupon off
1934
{♦4Ms assented
1934 M S
Va Elec & Pow 3Ms ser B
1968
M 8
Va Iron Coal & Coke lstg5s...1949
Va A Southwest 1st gu 5s
2003 J J
-----—1958
368,121,000
$464,117,000
"90"" "93M
Bonds
Stocks
Pacific RR—
1st cons 5s.-
1939
45,159,908
6,020,610
Bonds
as
M N
Jan. 1 to Mar. 29
1940
1939
1940
20
101
106M
$97,000
109,000
99,000
62,000
Week Ended Mar. 29
Sales at
Exchange
100M 102 %
91
$281,000
368,000
766,000
555,000
New York Stock
Government
73
110
1959
1957
5,352,000
5,244,000
4,658,348
...
Friday
$2,709,000
4,669,000
5,382,000
106%
25
23%
31
107 %
Sales
392,470
594,990
622,600
1,191,870
1,019,888
836,530
105
102 M
94
Slate
$3,087,000
5,146,000
6,247,000
7,185,000
6,406,000
5,952,000
Stocks—No. of shares.
102 M
110
1955
Shares
110M
101%
1947
Exchange,
Railroad &
1940
Thursday
96
97%
105% 109
61M 73
77
85M
101%
91
York Stock
New
Number of
Total.
102
1959
A
the
at
Daily, Weekly and Yearly
98
96
102 %
94
under
week.
and not included
transacted during the current week
*14M
91%
Vandalia cons g 4s series
Cons s f 4s series B
No sales transacted during current
113M 116M
24
*23%
which have
15 at 100.
No sales.
State and foreign
*23%
t The price represented is
Accrued interest payable at
Bonds selling flat.
110
105 %
*14%
-
142
24%
106
1947
{♦Debenture 5s
*58 stamped
3
11
*110
Af 8
D
9
111»m112M
96%
maturity,
the New York Stock Exchange bond issues
♦
Tuesday
Wednesday
26
115%
yearly
during current week, a Deferred delivery sale; only
» Odd lot sale, not included In year's range.
Friday's bid and asked price.
Monday
""5
107%
J
95
102 %
8
M 8
85 M
106 % 109
8M
9%
week and not included in the
Stocks,
102 %
United Stockyards
^{♦Util Pow A Light 5 Ms
♦5 Ms 8 tamped
2
30
O
A
9M
9M
20
t Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
Week Ended
lll»u 111"«
4Mb w w—1951
Utah Lt A Trac 1st A ref 5s—1944
Utah Power A Light 1st 5s
1944
♦3Ms assented A
86
107 %
A
A
7M
110
Treasury 3 Ms 1940-1943, June
125
"13% "13%
M
M N
9M
7
8%
99%
125
106 % 108
107%
*13M
M S
1962
6M
200-pound unit of bonds.
per
1 The following is a list "of
been called in their entirety:
Saturday
1945
Ujlgawa Elec Power s f 7a
Union Electric (Mo) 3%s
22M
21M
23
8
105M 107M
*14
A
16M
exchange rate of $4.8484.
66%
67
*125M
Af N
16M
6
7%
{ Negotiability impaired by
the dollar quotation
89%
64%
99 M
8
195
21%
during current week.
Ex-interest.
66 M
85%
*65
r
J
2
22 %
109M
*9M
Cash sales: only'tr ana action
transaction
S
M
F
100M
95
100M
106%
85%
D
1950
Tol W V & Ohio 4s series C--.-1942
Toronto Ham A Buff 1st g 4s.-1946
Trenton G A El 1st g 5s
1949
Tri-Cont Corp 5s conv deb A.-1953
♦Tyrol Hydro-Elec Pow 7 Ms—1955
♦Guar sec s f 7
1952
1st 6s dollar series
110M
110M
21M
20 %
in the yearly range:
*99%
106 M
110
110M
22 M
110
*
67
J
1952
♦Adj income 5s
100
97
No sales.
72
68%
1960
13
99
99
Cash sales transacted during the current
e
r
92
68%
§ ♦Third Ave RR 1st g 5s
Vera Cruz A
12
range:
99 M 113%
68%
Tide Water Asso Oil 3 Ms
Union Pac RR 1st A
106%
23%
107%
105
51
107M
A
Tol St Louis A West 1st
13M
105 M
107M 109 M
z
Tol & Ohio Cent ref &
12M
106M
108 %
105 M
8
103
15
112
.
115%
M
96 % 100
102
-
12%
72
21
67
106
107 M
-
-
12M
78
78
80
111M
105M
108 M
1959
Texas & N O con gold 5s
1943
Texas A Pacific 1st gold 5s
2000
Gen & ref 5s series B
1977
Gen A ref 5s series C
1979
Gen & ref 6s series D
1980
Tex Pac Mo Pac Ter 5Ms A—1964
w.
52%
47
79%
111 %
21%
109
59
100
99M
*102*3*
_
41%
113M H5M
84%
105 M-
/
6
15
1st mtge s f 4s ser C
54 M
106
Af N
6
Af N
Conv deb 4s
105 M
J
46 M
115M
Youngstown Sheet A Tube—
107%
3s debentures
Third Ave Ry 1st ref 4s
45M
J
88 %
66
1953
2%b debenture
46%
.1948 M S
65%
86 %
56 M
Swift A Co 1st M 3Ms
16
109
.1943 J
67%
76
Studebaker Corp conv deb
70
15%
48
12M
D
89
*72%
14
*7%
.1961 J
"83
111%
66 %
10
47 M
O
58
1st g 5s
58
15M
108 M
.1968 A
87%
St Louis Div 1st g 4s
72
68 M
♦Certificates of deposit..
87 %
80
1996
1^51
So'western Bell Tel 3 Ms ser B.1964
1st A ref 3s series C
1968
♦fSpokane Internat 1st g 58.-1955
staley (A E) Mfg 1st M 4s
1946
Standard Oil N J deb 3s
1961
Mem Div
67%
O
Wisconsin Elec Power 3 Ms
57 M
58
21
{♦Sup A Dul div A term 1st 4s '36 IN
"87 M
1955
1955
1994
1956
1956
1956
4s
1st 4s stamped
Southern Ry 1st cons g
70 M
♦Certificates of denoslt
58
75%
67 %
100
J
M N
50 M
50 M
O
18M
64
15M
J
S
A
16M
10
115M
J
D
J
44
67 M
S
A
.1955 J
18M
17M
45M
_
91
67
_
1940 M N
Wilson A Co 1st M 4s series A
85
108%
17
68
J
White Sew Mach deb 6s
82 M
69 M
J
1949 M
99 % 100M
66 M
47 M
Registered
18
17M
17M
J
Wisconsin Public Service 4s
So Pac RR 1st ref guar
83
.
.2361 J
West Shore 1st 4s guar
Af
1946
4s
San Fran Term 1st
_
M S
M
J
110M 112
84 %
35
1950
10-year secured 3%b
106 M
HO
117M 120
22
100 M
f §♦ Wilkes-Barre A East gu 5s_ .1942 J D
1st mtge pipe line
127M
108
O
Wheeling Steel 4Ms series A.¬ .1966 F
100M
109%
126
D
.1952 A
Maryland 1st 4s
Wheeling ALE RR 4s
Southern Natural Gas—
109 %
4
12
-
111 M
t*Western Pac 1st 5s ser A... .1946 M S
107 M 108M
F
107M 109
111
M S
30-year 6s
J
♦Westphalia Un El Power 6s.- .1953 J
103M 105 M
70
5
117 M
*116M
109""
16
-
35M
70
35
-
Ill M
♦5s assented
104 %
M
127 M
109 M
M
109
Western Union Teleg g 4Ms._ .1950 M N
.1951 J D
25-year gold 5s
119
-
109
109
109 M
D
99% 102%
104M 106
53
32 M
70
*25
-
J
23
7
24
-
«
J
3s
14%
102 M
m
.1966 J
1st A ref 5 Ms series A
Wesf N Y A Pa gen gold 4s
104 M
4 Ms
70
74
276
A
33%
15%
104%
Southern Colo Power 6s A.
64
1
90 M
67 M
D
67
1962
1979
1961
1965
1947
1946
Southern Kraft Corp
25
76 M
89M
.1945 F
57
107%
A
67 M
76 M
S
1945 F
29 M
25
4s
66
O
.1941 M S
Western
108 %
1st mtge A ref
O
1948 M
40-year guar 4s
West Va Pulp A Paper
4%
9M
105M 106 M
.1955 A
96 %
108 %
Southern Calif Gas 4 Ms
3
1st mtge 3 Ms series I
108%
3s debentures
106
106
D
West Penn Power 1st 5s ser E. .1963 M S
105%
South Bell Tel & Tel 3Ms
105%
J
Westchester Ltg 5s stpd gtd__ .1950 J
.1967 J
Gen mtge 3 Ms
Socony-Vacuum Oil 3s debs
1964
South & North Ala RR gu 5s.-1963
*117
7
4Mb 1945
95
"l7%
101 M
9M
48
3M
1
102 %
9M
8
2
65 %
9%
7%
Wash Term 1st gu 3 Ms
65%
7%
O
1%
*32 %
60
7
6%
S
8%
7
4M
2M
7%
56
1M
D
*15
8M
21
3
108
13
^
7%
14
2M
13M
.
7%
1M
96 %
__
42%
7%
4M
4
12M
10M
7%
^♦Warren Bros Co deb 6s
1st
12%
*10%
Warren RR 1st ref gu g
5%
28
47
16
*
3 Ms- .2000 F A
Washington Cent 1st gold 4s.. .1948 Q M
96
A
*12
20
.1955 A
15M
8%
7%
15%
41
7%
6s debentures
15
b
3
46%
7%
28
13
25 %
44 M
46 M
J
11M
11
13M
1
17%
26%
O
Warner Bros Pict 6s debs
123%
45%
45
78
26%
17 M
High
106% 108 %
37%
16M
44%
A
Walworth Co IstM 4s
44 %
29 %
30
42%
16%
.1980 A
30%
118
125
108
Low
.1978 A
♦Ref A gen 5s series D
18M
28M
41
41
*121M
No.
.1976 F
C
30%
M N
Bonds Sold
A
107%
44%
{♦ Wabash Ry ref A gen 5 Ms A. 1975 M S
21
1989
4s. -1950
108
{♦Des Moines Div 1st g 4s. .1939 J J
.1941 A O
♦Omaha Div 1st g 3 Ms
♦Toledo & Chic Div g 4s... .1941 M S
A
62
S
.1941 J
♦Det&Chic Ext 1st 5s
98%
116M
68 %
107 M 108%
1946
t 6 Ms series B
♦Stamped
cons
116
63
115M
J
Scioto V & N E 1st gu 4s
♦1st
97%
J
♦Stamped
s
6
J
1946
{♦Schulco Co guar 6Ms
♦Guar
98 M
-1966 M
tig
Ask
High
Friday's
Bid
Low
t {♦Wabash RR 1st gold 5s.— .1939 M N
.1939 F A
{♦2d gold 5s
J
J
♦1st lien g term 4s
5%
7
4M
5%
21
7
Range or
Sale
Price
(Concl.)
Virginian Ry 3 % s series A
82
82
Last
Ineset r Period
EXCHANGE
Railroad & Indus. Cos.
High
Low
"~3
STOCK
Week Ended March 29
Jan. 1
61X
A
f»St Paul & K C Sh L gu 4 Ms.
Y.
N.
Since
13
High
*
J
BONDS
Range
Low
(Cont.)
4s..l968 / D
Week's
Friday
Friday
BONDS
N,
2057
New York Bond Record-Concluded—Page 6
150
A
O
10
*%
%
%
1%
109
109
50
40
75
75
75
60
60
59
62 M
10
Total
30
20
15
Total
10
First
Second
10
Indus¬
75
*45%
110
Date
45
109
Rail¬
Utili¬
65
Indus¬
Orade
Orade
Utili¬
40
trials
Rails
Rails
ties
Bonds
trials
roads
ties
Stocks
Mar.
29
147.54
30.66
25.15
49.51
107.29
91.94
47.05
108.95
88.81
28
147.25
30.55
24.55
49.27
107.18
91.99
47.08
108.85
Mar.
88.78
27
147.47
30.79
24.28
49.33
107.28
91.93
46.94
108.75
91.78
46.31
108.75
88.65
Mar.
88.73
Mar.
26
145.86
29.98
24.15
48.68
107.75
25
146.25
30.04
24.09
48.77
107.79
91.95
46.80
108.80
Mar.
88.83
146.73
30.10
24.24
48.94
107.60
91.59
46.64
108.71
88.63
Mar.
23
mt
New York Curb
2058
Exchange—Weekly and Yearly Record
mo
NOTICE—Cash and deterred delivery sales are disregarded In the
week's range unless they are the only transactions of the week and when
selling outside
of the regular weekly range are shown In a footnote In the week In
which they occur.
No account ts taken of such sales In computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (Mar. 23, 1940) and ending the present Friday (Mar. 29, 1940). It is
compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
the week
Friday
Last
Sales
Week
Sale
STOCKS
Pot
Range
t
Price
Low
for
Friday
Range Since Jan. 1, 1940
High
Low
19
Par
22%
Jan
22%
Mar
Mar
4%
6%
Jan
22%
5%
Jan
6%
Mar
12%
Mar
Bell Aircraft
Mfg—
Class A
Bellanca Aircraft
1
Class B
1
5
5%
Alnsworth Mfg common..6
Air Associates Inc com
1
7,100
1%
Jan
29%
300
17%
%
#i«
73% 73%
105% 105%
95%
96%
8,900
5i«
Jan
Mar
72%
Mar
2%
28
%
73%
Alabama Ot Southern..50
10
1,800
12%
3
2%
Alabama Power Co $7 pf. *
$0 preferred
200
6
11%
*
Warrants
2,300
5%
6
"l2%
{Air Investors common..*1
Conv preferred
Corp
25
20
101
140
Jan
3
Feb
Aluminum Goods Mfg
*
Aluminum Industries com *
9%
104%
107%
1%
Aluminium Ltd common.*
6% preferred
100
American Beverage com__l
American Book Co
8%
9%
98% 104%
106% 107%
46
Amer Box Board Co com.l
American Capital—
Feb
250
103%
%
900
5%
5%
600
«16
300
190
41
Jan
17%
17%
17%
80
80
100
50
1
Class A with warrants.25
Class B
"ili
Amer Cyanamld class A. 10
Class B n-v
10
Amer Export Lines com_.l
45
14%
Amer Lt & Trac com
3%
30%
Amer Meter Co
Feb
Mar
1%
Mar
7
Jan
38%
"39%
lb",700
39%
18%
Jan
7%
•11
Jan
Am dep rets ord bearer £1
Mar
Jan
3%
Jan
3%
Jan
25
Jan
British Col Power cl A
Mar
{Brown Co 6% pref
Jan
31%
34%
16%
Mar
Feb
11%
Jan
17
Jan
16%
29%
Jan
Jan
3%
29%
3%
30%
16
150
14%
16%
15%
400
2,000
28%
28%
300
%
"is
34
103
®ie
1,400
550
16
14%
28%
Mar
Jan
Mar
Mar
22
Jan
Feb
68
Feb
2,000
%
100
32
Jan
Jan
**Xi
30
Jan
Jan
%
Jan
125
86%
Jan
4,400
6%
Feb
8%
Mar
z6%
7i6
200
4%
Jan
6%
Mar
14,000
si»
Mar
»16
Jan
300
3%
Feb
1%
Mar
63
109
Mar
17
3%
400
3%
Jan
Feb
Jan
11%
100
11%
Mar
20
Mar
75
1,100
61%
11%
Mar
14%
2%
2%
7%
Jan
104%
"8%
61%
11%
3%
lie
2
Feb
12%
Jan
5%
preferred
Class A
94%
Jan
115
99
Jan
Jan
Jan
Jan
6%
Mar
5%
Feb
5%
Jan
7%
10,000
7%
Mar
8%
Feb
*16
100
%
%
Jan
Feb
'u
Jan
%
Jan
Mar
5%
Jan
*16
%
2,800
2%
100
Babcock & Wilcox Co
3%
*
2
6%
pref
Beech Aircraft Corp
Feb
Mar
3%
23%
Jan
Jan
%
Feb
2%
Mar
300
2%
13%
Feb
3%
Jan
Jan
3,100
100
19%
25
3%
23
%
10%
10%
4
35,000
47%
3%
110
6
Feb
100
Mar
%
Jan
Feb
1%
Jan
Jan
6%
Feb
Feb
7% Mar
16
Jan
20
14%
1%
Jan
15%
1%
3%
Am
Jan
Jan
Feb
3
Mar
4%
Jan
Feb
53
Jan
Jan
Jan
3%
Jan
19%
Jan
25%
Mar
5%
22%
Mar
6%
%
Jan
Mar
6%
2,000
23%
350
7
400
6
Mar
8
Class A voting
see
page 2063
Jan
3
Feb
1%
Feb
3%
Jan
%
29%
12%
Mar
Feb
14
Mar
20
30%
16%
Feb
34
Mar
Mar
18%
18%
Mar
20%
Feb
Mar
20
Feb
32%
17
17
100
18%
18%
18%
100
Jan
38
19%
Feb
Jan
1%
1%
Jan
Mar
22
Feb
22
Feb
1,250
22
Jan
700
4
Mar
27%
5%
Feb
18
25%
25
27
4
Jan
4%
1%
Feb
18%
1%
2
Jan
4%
1%
1%
2%
2%
9%
2%
9%
2,600
37%
37%
38%
750
28
20%
20%
100% 101%
12%
12%
2,700
1,200
98
Mar
12%
1%
%
Mar
20%
101%
.
.
500
9%
100
1,100
20%
Mar
Jan
Mar
Jan
Feb
Feb
Jan
11%
Jan
43
Feb
22%
Jan
108
Jan
Feb
14%
2%
Jan
Feb
1%
Jan
Jan
nii
Jan
1
Mar
%
%
100
"h
Jan
1
Mar
18%
18%
300
zl5%
Mar
18%
Feb
22
8%
9%
15,400
«16
18%
1%
2,500
19
Mar
1
com
Carolina P & L $7 pref
$6 preferred
*
*
39%
1
39%
%
Mar
%
Jan
9%
Jan
Jan
200
6
10%
7%
13%
Jan
6
Jan
Feb
15
4,800
Mar
6%
40%
200
38
Jan
4%
8%
Jan
Jan
12
*16
Jan
Jan
106
Jan
99
60
11%
7%
9%
12
1,000
11%
Mar
100
7%
9%
Mar
12
Jan
20
7%
9%
100
"960
118%
4%
800
31%
25
18
118%
4%
116
4
31%
£15% xl5%
*
108% 108%
103%
Cent Ohio Steel Prod
1
Cent Pow & Lt 7% pfd 100
Cent <Sr South West Util 50c
Cent States Elec com
1
400
102
103%
9
9%
111% 112%
300
10
490
700
100
2%
105
3%
20%
69%
14
Feb
Jan
3%
Jan
118%
Jan
Jan
5%
34%
Jan
85
Jan
106%
97%
15%
7%
17%
109
Jan
Feb
103%
9%
Feb
7%
109
Jan
115
100
1%
2
500
%
%
1%
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Chamberlln Metal Weather
6%
6%
100
5%
Mar
8%
1%
1%
75
1%
Mar
1
Mar
2%
2%
6%
preferred
%
%
7%
Co
16
2,700
2,500
3%
5
Char Is
Corp common
10
Cherry-Burrell common. .5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
7%
7%
50
Feb
Cities Service common..10
$6 preferred
*
112
79%
112"
78%
%
Mar
2%
Feb
Jan
Mar
13
Jan
116
112"
"56
110
79%
650
68
28%
5%
29%
400
4%
5%
8,400
Jan
62%
2,800
5%
100
61
59
*
55
55
Cities Serv P & L $7 pref.*
$6 preferred
*
105
£102
Co
5%
64%
4%
%
Jan
Feb
63
Jan
98
140
89
Jan
115%
82
Jan
110
7%
200
6%
6%
500
5%
6%
%
%
500
Jan
6%
50
6
6%
1,900
2%
2%
100
7%
Jan
6%
16%
Jan
3%. Mar
43
56
Mar
16
1
43
5%
Feb
140
105%
%
10
29%
5%
50
7%
Claude Neon Lights Inc__l
Clayton <fe Lambert Mfg..*
Cleveland Elec Ilium
*
79%
Jan
20
56
97
6%
7%
Jan
4
*
Clark Controller
4%
6%
21
$6 preferred BB
FeD
%
Jan
11%
100
City Auto Stamping
*
City & Suburban Homes 10
Feb
%
98
100%
92%
"3%
*
Jan
Mar
1%
200
Feb
200
5%
4%
12%
5%
Jan
%
1,400
6,100
25
8%
Feb
9%
Jan
Feb
97%
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Jan
1
1
%
Feb
Jan
1%
4
%
Mar
2%
Jan
Chief Consol Mining
Childs Co preferred
Mar
9%
39%
H.
*
*
com
Feb
%
5%
Castle (A M) common.. 10
Catalln Corp of Amer
1
Celanese Corp of America
diy. preferred
Mar
25
*
1st partic pref
Cent Hud G & E
9%
8
"GOO
*
Carrier Corp common
1
Carter (J W) Co common. 1
$7
Jan
*
Capital City Products...*
Carlb Syndicate
25c
Carnation Co common
Jan
6%
2%
*
Class B non-voting
Marconi
Canadian
Cleveland Tractor com
*
Clinchfleld Coal Corp..100
For footnotes
49
Mar
Chicago Rivet & Mach
10%
7%
Mar
Jan
400
6
Mar
2
Jan
26%
7%
%
11%
2%
dep 5%% prefshs £1
Calamba Sugar Estate..20
Camden Fire Insur Assn..5
Strip
42
Mar
400
32%
60c preferred B
10%
7%
17%
Jan
1%
%
5%
5
1,900
24
20
1
Mar
50c
7% 1st partic pref...100
Celluloid Corp common. 15
28,000
2
3%
17%
Baumann—See "Ludwlg"
Beau Brummell Ties Inc.. 1
Beaunit Mills Ino com..10
conv
Feb
Mar
200
6%
22%
6%
%
*16
1
5
2%
18
Feb
4%
7%
3%
"23%
Basic Dolomite Inc com._l
Bath Iron Works Corp
1
$1.60
200
6
45
Barium Stainless Steel... 1
Barlow & Seelig Mfg—
conv A com
300
330
4%
"l% "~1% "i'fioo
7% preferred...
30
Baldwin Rubber Co com.l
$1.20
2%
19
19%
Baldwin Locomotive—
Purch warrants for com.
Bardstown Distill Inc
2%
18%
4%
1%
3%
7%
10
%
60c
Carnegie Metals
>16
Ayrshire Patoka Collieries 1
Feb
17%
7% partic preferred...25
Feb
6
1
6%
Jan
Feb
44%
Can Colonial Airways
1
Canadian Indus Alcohol—
Feb
"l% "~1% """160
...
common
com
Vor trust ctfs
Jan
7
25
x-w
Warrants
Aviation & Trans Corp
Axton-Flsher Tobacco—
Cable Elec Prod
Jan
1,800
2%
15%
25
Jan
Mar
1%
8%
Cables & Wireless Ltd—
Jan
Assoc Tel & Tel class A_._*
Atlanta Birmingham &
Coast RR Co pref... 100
Atlanta Gas Lt 6% pref 100
Automatic Products
..5
Automatic Voting Mach__*
Avery (B F) & Sons com.5
7
5
10
Burry Biscuit Corp.. 12%c
Casco Products
1%
3%
6%
17%
Feb
Feb
59,200
7%
5%
15%
Jan
Mar
2,000
1,000
2,600
Burma Corp Am dep rets
%
2,900
700
25
2%
2%
7%
7%
5%
$1.60 preferred
$5 1st preferred
*
Bunker Hill & Sullivan 2.50
Feb
2%
50
Jan
Jan
Buckeye Pipe Line
50
Buff Niagara & East Pow-
Feb
•11
17
Mar
2%
$6 preferred
■_*
Brown Rubber Co com
1
Bruce (E L) Co common..5
Feb
*
Atlas Corp warrants
%
8%
%
Brown Fence <fe Wire com.l
Class A preferred
.*
Brown Forman Distillery .1
hi
2
warrants
Atlas Drop Forge com...5
Atlas Plywood Corp.....*
{Austin Silver Mines
1
%
7%
Jan
""166
1
*
100
113%
1,600
2
16
4%
Mar
5
Canadian Car & Fdy Ltd
900
2%
97
7%
18%
6%
Am dep rets ord reg
£1
British Celanese Ltd—
Am dep rets ord reg.. 10s
Assoc Laundries of Amer *
Atlantic Coast Line Co..'60
Atlantic Rayon Corp..._l
Jan
7
British Amer Oil coupon..*
Registered
•
13%
16
Atlantic Coast Fisheries..*
100
*
39%
1
2%
6%
British Amer Tobacco—
Carman & Co class A
Class B
....*
Mar
100
Feb
Feb
6
1
45%
7
_.*
Mar
97
5%
Jan
1
Mar
hs
2%
2%
31%
Mar
Jan
*
%
Mar
Jan
Mar
700
preferred
Jan
Mar
8%
1%
"566
11%
32%
%
113% 113%
{Associated Gas & Elec—
V t c common
7%
1%
44
Jan
Jan
28%
2%
Brillo Mfg Co common
Class A.
Feb
6
Jan
Jan
Mar
20%
2%
100
%
1%
£1
A
34
Jan
Jan
6
16%
180
*
"34% "35% "7^260
9,000
5
Class
Jan
Feb
Mar
1
40%
100
Mar
18
1%
1
Assoc Breweries of Can...*
Associated Elec Industries
Common
33%
33%
1%
6%
Jan
Jan
850
10%
Preferred
Mar
300
6%
1
Brill Corp class A
Mar
Mar
"7% "7%
1
Jan
14%
40
2%
31%
%
31%
14%
15%
11%
6% preferred...
10
Arkansas P & L $7 pref...*
Art Metal Works com.
Ashland Oil & Ref Co
Jan
Jan
45%
2%
42%
6%
100
%
Mar
z6%
2%
300
*
7% 1st preferred
20%
1
*18
._*
300
30
25
Mar
Feb
31
7%
14%
500
7
2%
100
Mar
200
8
63
1
44
Bridgeport Gas Light Co.*
Bridgeport Machine
*
%
104%
{Arcturus Radio Tube
1
Arkansas Nat Gas com
*
Common cl A non-vot._*
0%
*
7% 1st preferred
Borne Scrymser Co
Bourjols Inc
Bowman-Blltmore com
Jan
1,400
34
Apex Elec Mfg Co com
*
Appalachian Elec Power—
w w
1
7
*
Jan
5%
12%
7
*
2d preferred
Brazilian Tr Lt & Pow
Breeze Corp common
Mar
100
5,100
5%
14%
44
$3 opt conv pref
Blumenthal (S) <fe Co
Bohack (H C) Co com
*i«
31%
46
Feb
4
Jan
80
38
275
16
6%
15%
Brewster Aeronautical
*i«
Angostura-Wupperman __1
6% preferred
*
Jan
1%
%
$6 series preferred
*
American Thread 5% pf._5
Anchor Post Fence
*
Option
Mar
18
American Republics
10
Amer Seal-Kap common.. 2
Am Superpower Corp com *
1st $6 preferred
*
preferred
Feb
68
*
Amer Pneumatic Service.*
Amer Potash & Chemical.*
$5
Feb
Mar
33%
16%
15%
28%
6% preferred
25
Amer Mfg Co common. 100
Preferred
100
Amer Maracalbo Co
1
Amer deposit rets
Mar
46
33%
33%
1%
16
25
preferred
Feb
40
common
31
"35%
$2.50 conv preferred... 1
Amer Hard Rubber Co..60
Amer Laundry Mach_..20
$7
Mar
Mar
& Machine Co com
50
14%
40
2%
17%
Jan
Jan
Mar
*
$2.50 preferred
Blrdsboro Steel Foundry
Jan
72
43%
13%
Jan
Jan
31
38%
17%
%
Amer Foreign Pow warr
Amer Fork & Hoe com...*
American Gas & Elec
10
Amer General Corp com 10c
$2 conv preferred
1
75
Mar
Mar
Class B
33%
39
*11
77%
%
2,400
25
50
Jan
Am Cities Power & Lt—
Class A
39
Feb
1%
*
Mar
%
Jan
5%
125
h»
Mar
1%
40
1
5%
$3
Amer Centrifugal Corp
Feb
44%
Class A common....10c
Common class B
10c
preferred
$5.60 prior pref
7%
93%
%
100
Jan
250
1,000
Jan
39
Bliss (E W) common
Blue Ridge Corp com..
Jan
123
Mar
Blauner's
114%
17
25
Mar
Mar
550
124
%
Jan
100
Jan
124
*11
Feb
preferred
136
500
1%
11%
20%
168%
117%
17%
11%
110%
107%
6%
Mar
400
2%
Jan
Feb
124
%
98
Jan
Mar
110
1a
Jan
Feb
8%
128
%
Jan
10
Jan
124
124
hi
Feb
20
36%
Purchase warrants
Bickfords Inc common
108
138%
High
Jan
Berkey & Gay Furniture. 1
Jan
2,200
Low
17%
6%
Mar
Feb
157% 162%
110% 117%
29,700
1,600
Mar
1
101%
Shares
30%
6%
25%
6%
6-
Range Since Jan. 1,1940
High
29%
2
*
Low
Price
1
com
93
Allied Products (Mich).. 10
Class A conv com
25
Week
30%
Bell Tel of Canada
100
Bell Tel of Pa 0 %% pf. 100
Benson & Hedges com
*
Conv preferred
Alles & Fisher Inc com..
Aluminum Co common
for
of Prices
com..
Alliance
Investment....
Week's Range
Sale
High
Feb
Sales
,
Last
(1Continued)
Shares
Acme Wire Co common. 10
Aero Supply
STOCKS
Week
of Prices
42
Mar
%
5
6%
Jan
48%
7%
2
Jan
2%
Volume
New York Curb Exchange—Continued—Page 2
ISO
Friday
STOCKS
I
Sales
Last
Par
Week's Range
Sale
(.Continued)
of Prices
| Week
Loto
High Shares
Price
Club Alum Utensil Co...*
2059
Sale
Friday
Last
STOCKS
Range Since Jan. 1,1940
for
Sale
(Continued)
Par
High
Low
Mar
Fedders
Mfg Co
Price
Jan
3*
Cockshutt Plow Co com..*
6
Feb
6
Feb
7*
Feb
8*
Jan
2*
4*
Jan
Fidello Brewery
Jan
6*
Jan
Fire Association (Phlla) 100
Fisk Rubber Corp
1
Florida P & L $7 pref
Range Since Jan. 1, 1940
100
Flat Amer dep rets
Feb
6*
for
Wee
Shares
Fed Compress A W'h'se 25
Cobn A Rosenberger Inc.*
of Prices
High
6*
5
3
Week's Range
Low
3*
Colon Development ord...
3*
3*
100
1H
700
6% conv preferred
£1
Colorado Fuel & Iron warr.
4*
Jan
5*
800
4*
Mar
Colt's Patent Fire Arms.25
78*
76
81
1,050
71*
Mar
67 H
66*
67*
5*
.
5*
1*
83
Jan
Jan
70*
Feb
1*
Feb
2*
Jan
6*
Jan
8
Jan
Jan
*
1*
Jan
Mar
100
1
Columbia Oil A Gas
2
2
1*
150
2,300
64
Commonwealth & Southern
Warrants
3,100
Commonw Distribution. .1
43
43
43*
Community Pub Service 25
36
35*
36
"""150
250
Amer dep rets
1
46*
Feb
82*
*
Feb
<11
Feb
100
17*
Jan
3*
82*
800
1*
33
3*
100
32*
700
3
Jan
20
95
Mar
3
10
96
4*
7% prior pf 100
40
1*
4*
91*
100
4*
1*
Consol Steel Corp com...*
1,400
40
92
Continental Oil of Mex.__l
Feb
18
"~8* "~8*
200
*
*
*
Copper Range Co
*
Cornucopia Gold Mines 5c
Corroon & Reynolds
1
$6 preferred A
..*
com
Common
""•4* "BH
72
72
1*
£1
Creole Petroleum
...5
Crocker Wheeler Elec
*
Croft Brewing Co
1
600
30
10
20*
20*
5
2*
3*
1*
1:
Crowley, Milner A Co—*
Crown Drug Co com
7% conv preferred
Crystal Oil Ref com
$6 preferred
Cuban Tobacco com
Jan
General Alloys Co
1*
Feb
Mar
97*
1*
5*
Feb
Jan
Jan
Jan
Jan
Jan
$6
Jan
16
300
15*
15*
Feb
17*
Jan
Feb
16*
Jan
Mar
1*
Mar
Mar
9*
7*
Mar
*
7*
10*
10*
Jan
25*
4*
Feb
5*
Jan
*
Feb
Jan
Jan
preferred
*
Gen Outdoor Adv
Gen Pub Serv $6 pref
*
Gen Rayon Co A stock
10*
300
9*
17*
Jan
10*
Mar
Jan
19*
Mar
30*
3~800
27*
Jan
32*
17
Feb
19
Jan
22
Feb
27*
Feb
41
Jan
41
Jan
1*
Jan
6% preferred A
Jan
Gen Water G A E
10
Jan
Feb
22*
Jan
1,500
4*
Mar
6*
*
Jan
*ii
Jan
Mar
100
"l"7*
600
3*
Jan
8*
Mar
Feb
1
Feb
1*
Feb
Jan
21*
Mar
Jan
8*
Feb
Jan
2*
Jan
4*
"~6* "7*
$3
4*
50
19
19
8% debenture
100
Derby Oil A Ref Corp com*
A conv preferred
*
19
"i* "i%
500
300
Det Mich Stove Co com._l
1*
2*
1.600
Gilchrist
*
75
103*
Jan
Jan
9
$7
preferred
Feb
102
8*
*
19*
Jan
Gray Mfg Co
Feb
Jan
Mar
8
Jan
Goodman Mfg Co
50
*
133
42*
8*
Feb
95
Mar
1*
Jan
2
Jan
Greenfield Tap A Die
Grumman Aircraft Engr.
.
1
1
Mar
11
Feb
Gulf Oil Corp
Jan
17*
Jan
Jan
Feb
1*
2*
Jan
Mar
1*
17*
*
28
Jan
Mar
13*
9*
Jan
Mar
4*
Feb
Jan
5*
Mar
5*
Mar
67
Mar
67
Mar
73*
Mar
78
Jan
27*
Mar
31
Mar
Mar
109
Mar
67
67
29*
29*
100
107* 107*
10
107*
800
1*
Jan
25
71*
Mar
11
11*
900
*
1*
77
Mar
Jan
10
Mar
1*
Jan
Mar
Jan
JaD
2*
7*
Mar
Feb
*
1*
6*
11*
12*
Jan
East Gas & Fuel Assoc—
$6
25
preferred..
*
3*
"23*
"ill"
*
300
4
3*
Economy Grocery Stores.*
Eisner Electric Corp
1
16*
16*
150
2*
2
5*
preferred
*
61*
59*
86
preferred
*
71
Elec P A L 2d pref A
*
16
1,200
7*
41,800
1*
5*
14*
•
13*
1
Mar
8*
61*
Jan
Mar
Mar
71*
Mar
12*
Mar
20
350
16
13*
100
200
Mar
12*
*
800
29*
Jan
Mar
3*
14
Jan
1*
Jan
29*
Mar
23
Jan
Mar
79
Feb
Jan
70
Mar
Jan
70
Mar
68
69*
75
70*
70*
25
63*
65*
69
Jan
70*
Feb
1*
Jan
10*
20
Jan
71*
Mar
Jan
72
Mar
Horn A
5%
Hardart
preferred
Hubbell (Harvey) Inc
Humble Oil A Ref
*
*
Common
76*
20*
5% conv preferred
*
2,100
•u
275
23*
Jan
25*
4*
1,800
4*
JaD
4*
Feb
23*
Jan
28*
Mar
Imperial Oil (Can) coup..*
2,300
31,900
9*
Mar
Jan
4*
Mar
12*
6*
11
6
Jan
Illinois Zinc Co
*
Illuminating Shares A
Registered
*
Feb
Jan
Feb
6*
10
10*
2,400
6*
Feb
1,100
4*
Jan
10
Mar
100
8*
Jan
10*
Mar
75
77*
20*
100
7*
400
10*
100
500
7*
Jan
9*
Mar
450
23*
Jan
26*
Mar
15
14
15*
8,000
10*
Jan
16*
Mar
11
27*
27
Jan
Mar
Jan
Mar
67
20*
7
Jan
12*
Jan
79*
Feb
Mar
21*
Feb
8*
Jan
Jan
Jan
9*
12*
Mar
12
Jan
Mar
14
Jan
Feb
14*
Feb
Jan
35
Feb
Jan
120
120
35*
35
35*
150
33 *
110
16*
61*
60
16*
61*
35*
Feb
111*
Mar
16*
Mar
100
14
Jan
1,500
58
Mar
4*
5
1,000
8*
9
200
Jan
Jan
Feb
68
Jan
4*
Feb
5*
Jan
Jan
*
7*
Jan
Jan
*
10*
Feb
«*
2*
Jan
10*
Feb
Feb
2*
Jan
3
Jan
Jan
47
Mar
1,800
2*
Mar
4
3,300
22*
4*
Mar
6*
60*
8*
2*
46*
2*
43*
2*
"26*
23*
4*
6*
6*
2*
47
3*
26*
5*
7*
200
1,050
3,300
500
29
2*
Feb
Jan
Jan
Mar
26*
6*
7*
Mar
Jan
63*
Mar
Mar
6
Jan
Jan
5*
10*
10*
10*
11
11
Jan
1,800
10*
Mar
600
10*
Mar
12*
12*
Jan
12*
11
JaD
13*
Jan
21*
5*
Mar
Jan
Feb
7
21*
7*
24*
10
2,500
Feb
7*
Mar
6% pf.100
preferred
100
16
11
16*
290
10
Mar
16*
Mar
16*
12
18
110
10*
Mar
18
Mar
Britain
A Ireland
Indiana Pipe Line
Indiana Service
7%
Jan
Jan
Mar
7*
14*
Imperial Tobacco of Can.5
9*
26*
Jan
3*
21*
Imperial Tobacco of Great
9*
Mar
Jan
*
25*
'
Dlv arrear ctfs
Feb
26*
8
29
Jan
Imperial Chemical Indus—
Am dep rets regis
£1
50
9*
Jan
Mar
29*
5*
50
11
10*
5
7
10*
Illinois Iowa Power Co...*
26
Falrchild Aviation
Feb
Mar
17*
1
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities *
Hygrade Food Prod.....5
Hygrade Sylvanla Corp..*
Jan
Mar
*
2
*
Feb
25
6,
11*
77*
100
5
Mar
Jan
Feb
100
1
*
28*
Jan
25
69
*
8*
28*
2063
30
*
400
28*
t-or footnotes see pan*
18
Mar
Hewitt Rubber common..5
200
Eureka Pipe Line com..50
Metallurgical...*
Jan
27
25
10
4*
1
ex-warr
Henry Holt A Co—
Participating class A
25
25
Feb
3,200
"foo
§Huylers of Del Ino—
64
24*
1
Mar
6*
11*
8*
26*
Jan
60*
24*
4*
Fanny Farmer Candy
11*
Jan
"27*
26
Hussmann-Llgonler Co
10
1
6
Mar
2
Jan
20
716
Falstaff Brewing
Preferred
10*
Hummel-Ross Fibre Corp 5
67*
9*
Falrchlld Eng A Airplane. 1
ww
Jan
66*
16
1
Preferred
Mar
65
1*
26*
25
Equip..5
Jan
114*
25
Heller Co common
2*
67*
Equity Corp common.. 10c
83 conv preferred
1
*
Feb
66
Empire Power part stock.*
39*
111*
Jan
Horn A Hardart Baking
Empire Gal & Fuel Co—
70*
Mar
Mar
*
2*
19*
6*
7*
25c
A
Horn (A C) Co common..
77
"68*
34
112
27
..*
Class
Jan
62
Jan
200
400
Helena Rubensteln
Jan
500
Empire DLst El 6% pf 100
66
"27"
69
50
4*
5,800
JaD
Mar
18
3,000
8
preferred
Hecla Mining Co
conv
17*
61*
2
Esquire Inc
6%
Jan
3*
16
Jan
h# Mar
114*
Hearn Dept Stores com..5
Feb
71*
7*
J5
1*
34*
'112"
Hormel (Geo A) A Co com*
19*
28*
100
7*
Horder's, Inc
Mar
1
12,400
*
36*
*
Jan
Mar
15
100
100
100
.100
Corp.
Feb
15
15
*
Holt (H)—See Henry
75
Elgin Nat Watch Co
2*
1
B non-vot common
Hazeltine
Jan
175
Eiectrol Inv v t c com
Jan
Holophane Co common..*
16
Jan
2*
14*
Mar
Haverty Furniture conv pf*
Jan
16
13*
18
Jan
9*
Jan
Mar
15*
1
46
Jan
Jan
10
15
Option warrants
Electrographic Corp
135
Jan
Jan
Jan
7*
*
Feb
16
Elec Bond A Share com..5
Jan
40
1*
Mar
15*
2*
130
100
55*
$6 preferred series B
11*
50
Jan
Feb
Mar
400
2
24*
Mar
7
200
9
2
Jan
*
15*
27*
43*
1
Feb
$7 preferred series A...*
Easy Washing Mach B
Feb
114
*
Feb
*
Jan
Feb
Hat Corp of America—
2*
*
19*
*
Mar
Jan
25
Mar
Mar
42*
17*
600
Mar
1*
800
*
Jan
Jan
•u
98
600
1,425
9
Jan
1*
1,000
Mar
Mar
14*
27
1
54*
4
Mar
25*
1*
Hartford Rayon v t c
24*
3*
Jan
21*
650
5
23
Eastern Malleable Iron..25
Eastern States Corp.
16*
9*
5
Heyden Chemical
10
Hires (ChasE) Co
1
Hoe (R) & Co class A...10
Holllnger Consol G M
5
3*
45
Mar
Gypsum Lime A Alabast.*
52*
*
100
100
Common
7*
109
36
Gulf States Util $5.50 pf.*
1*
1*
Jan
500
Grocery Sts Prod com..25c
9*
12*
10
Feb
Mar
91
105*
133 '
98
*
Jan
Duval Texas Sulphur
Feb
8*
26*
10
Non-vot com stock
25
Mar
Eagle Picher Lead
Feb
Mar
Mar
101*
Jan
6*
26*
100
Mar
500
<n
14*
*
Mfg common.. 10
7% 1st preferred
7*
200
Jan
41
*
$3 preferred
Gt Northern Paper
Feb
4*
*
100
25
Jan
14
10*
2*
10
100
Feb
Feb
4*
1*
27*
Dominion Steel A Coal B 26
*
Jan
Great Atl A Pac Tea—
Mar
Dobeckmun Co common. 1
2
8*
101
101
Goldfleld Consol Mines.. 1
Hartman Tobacco Co
Duro-Test Corp common. 1
105*
10*
8*
Harvard Brewing Co
Durham Hosiery cl B com *
Jan
23*
23*
32
16*
13
1
Jan
150
23*
*
7*
24
8*
Grand Rapids Varnish...*
19
Corp...5
71*
9*
200
Godchaux Sugars elass A.*
Feb
Jan
Distillers Co Ltd—
1*
100
8
Gorham
26*
71*
Jan
Jan
Feb
7*
Jan
10
100
77
6*
7*
25
100
Jan
8,700
*
Glen Alden Coal
Hartford Elec Light
Dubiller Condenser Corp.l
72*
1*
4*
10
*
Mar
1
Jan
Hall Lamp Co
10
Feb
Jan
Hammermill Paper
_.
20
Mar
*
4*
Jan
Driver Harris Co
500
44
Jan
40*
26*
10
1 *
1
90
Jan
35
*
Co
Jan
67
Jan
75
150
Feb
Mar
Gladding McBean A Co..*
26*
100
40
39*
<»
Jan
De Vllbiss Co common.. 10
Dominion Tar A Chemical*
87*
38*
Mar
Mar
Mar
Haloid Co
1,200
i|«
1,300
Feb
60
87*
5*
Jan
8*
50
*
98*
Feb
8*
16*
25
Jan
Feb
125
22
8*
100
<32
Jan
Feb
»i«
"l"66
Feb
DIvco-Twin Truck com._l
Mar
13*
25
200
99*
Mar
Am dep rets ord reg...£l
60
57
99*
*
preferred
Mar
""7* "7*
18*
Diamond Shoe Corp com.*
Jan
15*
87*
39*
*
1
—'-1
1*
Mar
♦
Gilbert (A C) common
Detroit Steel Products...*
Detroit Paper Prod
Mar
13*
Mar
4*
Feb
i*
Jan
38
Feb
Feb
10*
Jan
78
100
4
4*
i*
60
10*
38*
16*
10
20
*
Georgia Power $6 pref...*
$5 preferred
...»
Guardian Investors
Detroit Gasket & Mfg—1
200
25
10*
Feb
6*
6% preferred w w
20
Detroit Gray Iron Fdy—1
15*
25
38
Feb
100
"300
14*
1
7
3^300
25
300
100
com
preferred
112
84*
4*
14*
75
Jan
*
7*
87
Mar
1
13*
75
*
Jan
111
29
1
Feb
72
85*
10
72
*
$6 conv preferred
Preferred
Jan
7*
17*
17*
Jan
General Tire A Rubber—
Gorham Inc class A
4*
25
72
General ShareholdlngsCorp
Common
1
1*
77*
Feb
Feb
Feb
Feb
*
4*
"22""
*
7*
100
"22"
6% pf 100
6*
111
Mar
10*
<e«
Jan
Jan
2*
111
Jan
15
"28*
*
Jan
Jan
■
Jan
10*
Warrants
*
5*
Dennlson Mfg cl A com..5
Fansteel
Feb
15*
113
"29*
Gen Gas A El 6% pref B.*
General Investment com.l
98
Feb
100
Gen Fire proofing com
Jan
7
Decca Records common.. 1
Emsco Derrick A
3*
12*
Amer dep rets ord reg.£l
Class B
5
Darby Petroleum com—5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A conv
35
prefened
6*%' preferred
7% preferred
8% preferred
Jan
Gen Electric Co Ltd—
Feb
Curtis Mfg Co (Mo)
6%
Jan
2*
♦
Jan
4*
90
18
Cuneo Press 6*% pref. 100
4*% prior pref
6% preferred..
96*
700
conv preferred... 100
39*
3*
1*
*
preferred
650
1
100
7
3,000
4%
5% preferred..
9
25
*
10
7%
Feb
3
Gamewell Co $6 conv pf__*
1*
2*
25c
Duke Power Co
Jan
Mar
Gatlneau Power Cocom..«
1,900
Crown Cork Internat A._*
$6 prior pref
16
*
Mar
600
4*
stock
conv
Feb
Mar
19*
20*
$3
1*
700
Crown Cent Petrol (Md).5
Stores
1
Feb
83*
120
100
1*
10
Courtaulds Ltd
Corp.,.
*
15*
70
113
110
15
Mar
70
72
1
Curtis Lighting Inc
...1
partlc pref
Fruehauf Trailer Co
Jan
25
50
5% cOnv preferred
Jan
3*
1*
"17666
$3 prior preference
Cosden Petroleum com
Jan
78*
117
Feb
45
*
'""5* "~6*
Cont Roll & Steel Fdy...*
Cook Paint A Varnish
Mar
2*
1,000
32*
..100
500
1 *
96
Consol Royalty Oil
Mar
83*
118*
1*
1
Consol Retail Stores
Draper
Mar
Feb
12
Froedtert Grain & Malt—
100
118
100
preferred
Jan
Fox (Peter) Brewing Co..5
Jan
*
3
1
Consol Mln A Smelt Ltd. .5
5*%
Mar
13*
100 frcs
37*
44
Consol Gas Utilities
Distilled Liquors
67*
Jan
36*
2*
112
Fuller (Geo A) Co com.__l
Consol GELP Bait com.*
7%
Mar
40
18,100
*
Jan
17*
*
Consol Biscuit Co
Dejay
Jan
Ford Motor of France—
Feb
*
1
preferred
Cooper-Bessemer
*
40*
34
Conn Gas & Coke Secur—
Cont G & E
Class A non-vot
Conv
Compo Shoe Mach—
Vtcextto 1946
preferred
69*
15*
9*
*
7
Ford Motor of Canada—
Jan
17*
Community Water Serv__l
4*% series B pref
14*
Mar
1,500
*
68*
15
£1
1*
Community P & L $6 pref *
8%
Am dep rets ord ref
Class B voting
Columbia Pictures Corp..*
$3
36*
1
*
High
Feb
Ford Motor Co Ltd—
Columbia Gas A Elec—
5% preferred
Low
6
21*
£1
6*
100
New York Curb Exchange—Continued—Page 3
2060
Friday
Last
STOCKS
Sale
(<Continued)
Par
IndplsPA L6**% pf-100
Price
110**
Week's Range
of Prices
Low
High
110% 111
for
Par
Hlhg
109 %
Mar
113
Jan
1
%
Mar
Feb
Class B
1
%
Jan
Feb
1
V t c common
7
it
10%
725*
International Cigar Mach *
10%
25
72
72%
400
70**
23
100
preferred
Insurance Co of No Am. 10
23
300
21
10%
1%
600
1,100
"l% ~T%
'I',500
%
Jan
Jan
11
Jan
73 %
Feb
9
23
Mar
Mar
Feb
Mar
60
Pref $3.60 series
10%
lnternat Industries Inc—1
9%
1%
9%
1%
Mar
1%
warr
"it
**
5*
1,500
85*
75*
85*
1,600
18**
18**
200
$2
non cum
dlv shares.*
105
$1.75 preferred
*
15%
Feb
1J*
Jan
Vitamin—1
3%
Mar
6
Jan
17**
Jan
Feb
Jan
18**
114**
Jan
2
Mar
Feb
8
Jan
Jan
12**
Jan
Mining Corp of Canada..*
Mar
Jan
Minnesota Min& Mfg
3
400
5*
Mar
1
Feb
150
57**
Jan
67
Mar
105
1%
7%
11
*
665*
65
Jan
3,800
16**
Mar
19 J*
Feb
Mar
19**
Feb
Mississippi River Power0% preferred
100
500
4%
Jan
Jan
Missouri Pub Serv com.
200
54
Jan
**
Mar
9%
500
Jan
Feb
Mar
Molybdenum
200
8%
%
9%
*it
15%
31%
**
Jan
5
15%
31%
150
14
100
30%
Feb
Mar
*
3%
8%
$2.50
3%
9%
1
6%
Monarch Machine Tool..*
32%
Corp
18**
Jan
Jan
Monroe Loan Soc
10
116**
Mar
5%
1,200
4%
Jan
7,600
8%
Mar
3,900
5%
24%
%
Jan
11**
75*
Mar
Jan
325*
Mar
8%
6%
31
A
10**
7
900
%
2
Feb
75*
75*
100
7
Mar
80
166
Mar
171
Mar
26
Jan
30
100
1
10
Montgomery Ward A
*
75*
167
107
22
22
168
Jan
8%
Jan
Feb
13**
Mar
Moody Investors part pf.*
3%
Mar
5%
Jan
§Moore (Tom) Distillery. 1
he
Jan
*i»
y*
100
%
Mar
54
Jan
4 J*
Jan
Jan
Mar
4**
4 5*
15%
Mar
17**
175*
Mtge Bank of Col Am shs_.
Mountain City Cop com.5c
17
650
16
Mar
Montreal Lt Ht & Pow.
x'2'2%
28**
200
22
28%
75
26
35*
4%
4.500
35*
Feb
55*
5%
400
5%
Feb
185*
4%
100
16%
1,000
be
100
Ht
Jan
*i«
Feb
Jan
2%
1%
2%
1%
1,100
2%
1%
Feb
3
Jan
Jan
25*
Feb
Mountain Sts Tel & Tel 100
*
12%
12 5*
200
9%
92%
925*
Mar
Muskegon Piston Ring_2**
Muskogee Co common...*
6% preferred
100
15%
155*
100
15%
8%
200
77**
77%
20
"9%
"l0%
ht
*
Jacobs (F L) Co
1
2%
Jeannette Glass Co
*
100
Jersey Central Pow & Lt—
108%
150
88
Jan
100
70
95
Jan
100
Mar
105% 109
230
Mar
98
28
29%
1,000
Julian & Kokenge com..*
118% 118%
100
""10
103**
25**
Jan
109
Mar
36
27**
Mar
1165*
Jan
Jan
27**
120**
7%
300
4%
4%
50
Key Co common
*
Kimberly-Clark 6% pf.100
6
Mar
7%
4%
Jan
3%
Nachman-Springfilled
Nat Bellas Hess
Maa
Jan
Jan
112**
Jan
"it
Mar
73
1%
2%
1
1
140
1%
2%
300
67**
1%
400
Klelnert(I B)Rubber Co. 10
Knott Corp common
1
6%
200
"88"
"88%
60
preferred
(Del).l
conv
95
Mar
National Fuel Gas
73
Mar
Nat Mfg & Stores com
Jan
National
Products
Jan
National P & L $6 pref
National Refining com
*
Nat Rubber Mach
*
National Steel Car Ltd
25*
1%
13**
Jan
10**
Jan
Mar
7*<
Jan
Jan
Jan
National
*
Jan
88**
65
Feb
Jan
Feb
Navarro Oil Co
Jan
Mar
Jan
Nehl Corp old common...*
'2^200
17**
Mar
2,300
3%
Feb
"9% "l0%
"406
5%
5
Feb
41
"l8%
"l8** "l8%
4%
Lakey Foundry & Mach__l
Lane Bryant 7% pref.. 100
Jan
Mar
Mines....*
77%
10%
Mar
81**
Jan
Feb
"2^200
75*
Jan
11%
10**
Mar
%
1,900
he
Jan
*be
Mar
80
Jan
80
Jan
Jan
11**
Feb
16%
Jan
165*
Feb
Nestle Le Mur Co cl A
*
6%
Mar
Mar
**
Feb
6%
5*
Feb
6
1
Lefcourt Realty com
Conv preferred
*
Lehigh Coal & Nav
*
Develop—25
Le Tourneau (R G) Inc-.l
0
2%
2%
Leonard OH
Line Material Co
5
2%
316
1,800
3
Mar
10H
Locke Steel Chain
125*
7,500
12
Jan
3
Feb
13**
3%
Feb
100
41
Jan
44
Jan
91**
95
1,750
88
x94
*
Mar
97**
Jan
3%
3%
200
2**
Jan
6**
3,200
3**
Jan
3%
65*
Mar
55*
Mar
54%
Jan
"95*
"16"
MOO
95*
Mar
8%
200
5%
Jan
11**
8%
Mar
85*
1%
**
11**
15*
5*
Feb
Jan
Mar
11
Mar
125*
Jan
115
""5%
Feb
117
Jan
70
46
8
11
105*
11%
1,500
1%
15*
1,400
%
1%
**
200
11
11
100
68**
70
1,300
60
14
14**
2,200
13**
Mar
100
Jan
Mar
13**
76%
25%
Jan
6%
*
preferred
100
""l"66
105*
18**
$2
preferred
16**
Mar
15*
Jan
New Jersey Zinc..
25
New Mex & Ariz Land...l
*
N Y
*
100
100
*
Louisiana Land & Explor. 1
1%
40%
1%
700
40*4
75
"39"
39 5*
37
39
300
36**
2%
2
2%
6
5%
6
1%
700
18,100
Feb
Mar
Mar
1%
48**
N Y Merchandise
44%
Jan
Jan
2%
Mar
6
105%
Jan
1**
Mar
Jan
$6
10
preferred
13**
103
Jan
Ludwig Bauman & Co com*
Conv 7% 1st pref
100
1
Mar
21
Jan
25
Jan
New York Transit Co
Conv 7% 1st pf v t c.100
20
Jan
25
Jan
N Y Water Serv 6%
250
245*
Jan
29
Mar
be
8,900
J*
Mar
•w
Feb
"l% "l%
100
15*
Jan
5
§Ma)estlc Radio & Tel..l
%
28%
%
29
Manati Sugar opt warr...
Stores
preferred
1
*
conv
35
Feb
be
1,200
12
Jan
625*
950
60
Feb
65
3%
400
5**%
preferred^
1
3%
Feb
33
35*1
21
Feb
2
Feb
Jan
Jan
Mar
Jan
1%
33
Jan
Feb
3%
Mar
22
650
20%
Mar
9
800
74*
114**
Jan
9
J*
Mar
Jan
118*4
Jan
101**
85*
85*
14**
1
Jan
109
125*
Feb
155*
Mar
Feb
105**
Feb
6*4
Feb
155*
2,800
6%
300
104
100
5
pf.100
28 **
Jan
Jan
6%
6%
23
26
5%
215*
Jan
230
26
7,500
4%
92
Mar
83
Mar
Jan
29
Jan
Niagara Hudson Power—
Common
"it
Feb
5%
15*
Mar
Mar
Mar
133
New York State El & Gas—
Jan
39
145*
65*
145*
60
60
100
5
Jan
Mar
55*
*
N Y Shipbuilding Corp—
Founders shares
Louisiana P & L $6 pref..*
common
Jan
55*
N Y Pr & Lt 7% pref.. 100
Feb
Feb
City Omnibus-
Jan
1%
Feb
124**
50
Warrants
Jan
5
65
24**
N Y & Honduras Rosario 10
Common—
500
1325*
1
N Y Auction Co com
Jan
Jan
1315*
New Idea Inc common...*
Mar
Mar
72
69
72
__..*
225*
13**
Mar
11**
Pow Assoc
Feb
105*
Jan
Feb
14**
3% cum4%non-cum_100
New Engl
Jan
Jan
Jan
Jan
Jan
Jan
9%
Jan
Feb
1%
500
95*
Feb
Jan
10
13
Feb
1J*
1054
2,600
Jan
685*
New England Tel & Tel 100
New Haven Clock Co
*
10%
Jan
Nevada Calif Elec com. 100
Jan
9%
Jan
Jan
New Process Co
10
Mar
1
Jan
Long Island Lighting—
Jan
43 J*
9%
0
5*
5
Lone Star Gas Corp
Jan
115*
43**
14**
43
6
35**
11**
Feb
47
400
Jan
Jan
1
Jan
Feb
600
9%
Feb
Feb
*
Jan
Feb
Mar
he
—*
B
31
115*
16**
*i
31**
Loblaw Groceterias cl A..*
Feb
5%
5%
100
"21"
Mar
Jan
*
200
"26"
26
Mar
*
33
*16
25
Lit Brothers common
Jan
Feb
1st preferred
33
Llpton (Thos J) class A..1
preferred
2%
Feb
Jan
155*
Nelson (Herman) Corp...5
Neptune Meter class A..
Class B
Jan
14
New wl
9**
z71
Feb
9%
125* x!2%
*
Langendorf Utd Bakeries—
Class A
*
Lane Wells Co common.. 1
Jan
Mar
Mar
{Nebel (Oscar) Co com...*
Nebraska Pow 7% pref. 100
4%
5%
Jan
Feb
Mar
275*
26
Nat Union Radio Corp__.l
11**
5%
5**
**
185*
1415*
155*
15%
Sugar Refining.*
National Tea 5 ** % pref. 10
National Transit
12.50
Feb
125*
x6%
43**
25**
45*
Jan
Mar
8
10
*
85
Mar
Jan
Feb
10
*
Jan
Jan
Mar
Nat Tunnel &
500
"27%
4
Oil
55
4% conv 1st pref
.
Jan
Jan
125*
17**
*
2
2%
6%
xlO
Jan
%
185* -Mar
138
Jan
Mar
Mar
50
National Container
Jan
*
Koppers Co 6% pref—100
Kresge Dept Stores—
S3
10
Jan
...25
National Candy Co
*
National City Lines com.l
Jan
10
6%
preferred
140
8
1
com
Mar
%
13**
OkCo Ltd. 1
Kelln (D Em 11) Co com..*
7%
140
*
Mar
Mar
89
72
100
Lake Shore Mines Ltd-.-l
common
Nat Automotive Fibres..1
%
111.
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
New
National Breweries com..*
7
5
Ken-Rad Tube & Lamp A *
Kobacher Stores Inc
{Mountain States Pw com*
Mar
Keith (Geo E)7% 1st pf 100
5% preferred D
Kingston Products
KIrby Petroleum
10
Murray Ohio Mfg Co
91
99%
Jones & Laughlln Steel. 100
Kennedy's Inc
Mountain Producers
Feb
Mar
Jan
7%
10**
3%
be
100
1
2%
75*
"""266
Jan
15%
5%% pref erred.. ...100
preferred
.100
Mar
8%
3
15%
6%
1175*
5%
325*
5*
Monogram Pictures com.l
37
116%
4%
2,000
1,800
be
Kansas G & E 7% pref.
Jan
116**
5%
1
preferred
Jan
Mock Jud Voehringer—
16
.
A
11
%
...1
t c.
*
-
50
700
"~3~% "I"
pref.*
Irving Air Chute
$5
Jan
75*
Midwest Piping & Sup..
Mar
1%
Montana Dakota Util
Interstate Home Equip.. 1
Mangel
95*
665*
75*
10
4%
%
Interstate Hosiery Mills..*
Lynch Corp
4%
"11
Jan
Mar
Mar
107**
50c
Midwest Oil Co
17%
%
$3.50 prior pref..
*
Warrants series of 1940.
7% pref class A
6% pref class B
Loudon Packing
Feb
*4
754
"le
Mid vale Co
16%
1
Class
3%
„
Midland Steel Products-
9
*
Italian Superpower
High
4**
$2 conv preferred
Common
Class A
Class B
6%
300
1
1
Jan
International Utility—
1st preferred
5% 2d preferred
5
10
Jan
10
Jan
25**
Jan
29
Feb
55*
100
91**
88%
92
600
84
Feb
Mar
100
82
82
83
60
z73
Jan
be
Feb
15
Feb
Class A preferred
Nlles-Bement-Pond
be
200
be
Jan
.5*
Jan
700
6%
hs
Jan
Feb
Niagara Share—
15
55*
10
Class A opt warrants
Class B opt warrants
Manlschewitz(Tne B) Co.*
Mapes Consol Mfg Co...*
Marconi lnternat Marine
Class B
Communlca'ns ord reg £1
Margay Oil Corp
*
Mass Util Assoc v t c
15
*
Marlon Steam Shovel
1
Master Electric Co
15
3%
2%
1
31%
100
28%
25*
Jan
4%
Feb
2%
100
Jan
Mar
25*
Jan
Niplsslng Mines
5
Jan
Noma Electric
Mar
100
25*
3 5*
32
1,950
21**
*
Memphis Nat Gas com..5
7%
170
4%
7%
7%
168% 170
Feb
400
7%
Feb
120
152**
Jan
4%
4%
1,700
3%
3%
100
*
com
Participating preferred.*
45*
25
26%
100
4
26%
4%
400
9%
170
Feb
Jan
Mar
3**
4**
Jan
25
17
Mar
Mar
4
Jan
Mar
4
6*4% A preferred-..100
Mesabi Iron Co.
1
65
%
65
%
25
%
6%
Preferred
10
%
%
100
*4
Mar
1**
Jan
Jan
5**
Jan
Mar
Mar
Jan
Northern Sts Pow cl A..25
145*
5*
3**
Jan
Feb
Northwest
Engineering..*
Novadel-Agene Corp
*
19**
Jan
42**
Jan
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
'"215*
Feb
1085*
Jan
'104**
Jan
**
Mar
Jan
67
be
100
%
%
1,600
100
be
Mar
*u
Jan
Feb
Ohio Oil 0% preferred-.100
Ohio Power 6% pref
100
**
Jan
Ohio P S 7% 1st pref... 100
Mar
7**
Jan
Jan
Feb
Oklahoma Nat Gas com.15
112
%
%
400
%
Jan
4%
4%
100
4**
Feb
"it
5
Oliver United Filters B.
Omar Inc
*
Overseas Securities
20,400
he
2,325
73**
Jan
1*4
103**
900
23 5*
Feb
26**
500
24**
Feb
265*
Jan
10
49**
Jan
52
Feb
Mar
26
26
51**
Jan
Jan
**
**
200
**
35*
300
25*
Jan
•l«
35*
Mar
be
500
bi
Feb
he
Feb
103**
111**
112
100
Jan
105 J*
Feb
40
1005*
Jan
114-
Feb
75*
400
65*
Jan
75*
12
145*
3,100
Mar
15**
Jan
18**
20**
900
165*
Jan
20**
Mar
345*
200
31**
Mar
19**
Jan
7%
205*
160
215*
100
110**
100
104**
150
11
37
23
Feb
Jan
Feb
Mar
107**
115
50
113**
Feb
1105*
104**
116**
116**
10
1125*
Feb
116*4
Mar
107**
100
106**
Jan
107**
Mar
75*
103**
114** 114**
116**
116
25*
20%
21
49
21
50
Oldetyme Distillers
Jan
1%
103%
110
6% 1st preferred
100
Ollstocks Ltd common...5
%
%
92
345*
75*
63
Jan
1025*
10
7% preferred
Northern Pipe Line
preferred
$5** conv prior pref
Mar
be
Nor Ind Pub Ser 6% pf. 100
$3
For footnoteK see oagf 2063
Jan
**
Mar
5%
be
%
8**
35*
No Am Utility Securities. *
Nor Central Texas Oil...5
Nor European Oil com__.l
Jan
Mar
104
..*
100
51%
5*
42**
*
Michigan Bumper Corp__l
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Feb
9%
67**
9%
25%
prior preferred...50
30**
45*
2%
15
preferred
995*
Jan
25
Feb
Metropolitan Edison—
Mexico Ohio Oil
99**
Feb
1,900
25c
Par tic preferred
Feb
57**
1**
*
3%
Warrants
$6
1
preferred
North Amer Rayon cl A..*
Class B common
*
5*
Merrltt Chapman & Scott *
Metal Textile Corp
Mar
2 J*
Feb
15
Merchants & Mfg cl A...1
945*
800
Nor Amer Lt & Power—
Common
2
Feb
Mar
10
64%
9**
J*
$6
Mead Johnson & Co
5%
55*
45*
96
64
1
32
45*
Feb
4%
5
Jan
~64~
Nineteen Hundred Corp B1
preferred
McCord Rad & Mfg B___*
McWilllams Dredging...*
Mercantile Stores
*
1
96
5%
100
100
May Hosiery Mills Inc—
$4
5
common
3%
4
4
Massey Harris common.
I
35*
t c new
t c new
4%
%
16%
lnternat Safety Razor B_*
Ktrkl'd Lake
35*
v
v
17**
*
Coupon shares
Registered shares
7%
Low
Minnesota P & L 7 % pf 100
International Products.,
Iron Fireman Mfg v
Range Since Jan. 1, 1940
Shares
Class B
1«**
International Petroleum—
Investors Royalty
for
Week
High
Middle West Corp com..5
8
lnternat Metal Indus A.-*
Interstate Power $7
of Prices
Middle States Petroleum
Mid-West Abrasive
lnternat Hydro Elec—
International
1940
Midland Oil Corp—
Industrial Finance—
<fc Pow
Week's Range
Low
Class A
Non-voting class A
lnternat Paper
Price
30,
Sales
Sale
(Continued)
Low
Indian Ter Ilium Oil—
7%
Last
stocks!
Range Since Jan. 1, 1940
Week
Shares
340
March
Friday
Sales
49**
1135*
2**
1,100
35a
107
98**
Jan
Jan
Feb
Feb
Feb
8
Jan
18*4
Jan
21
Mar
46
Jan
50
Mar
117
Mar
400
111*4
Mar
2%
6,500
15*
Feb
2*4
Mar
8%
300
Jan
Jan
85*
Feb
3**
Feb
117
.
8%
8%
75*
2%
r
Volume
New York Curb Exchange—Continued—Page 4
149
STOCKS
Week's Range
for
Sale
Par
of Prices
Week
Pacific Can Co
Price
Low
Shares
13%
Pacific G & E 6% 1st pf-25
34 3*
108"
*
1st preferred
108"
92
.
Pacific Public Service
34%
333*
1,800
33 H
30 %
53*% 1st preferred
25
Pacific Lighting $5 pref..*
Pacific P & L 7 % pref. 100
$1.30
High
_*
common.
53*
53*
""25
20
92
5%
300
*
107
Feb
Jan
Feb
88
Feb
5%
Mar
Feb
14%
34%
Mar
Mar
31%
Jan
108%
Feb
4%
5%
15,800
Pender (D)
Class B
47
Grocery A—*
$1.40 preferred
145*
12}*
com*
25
34%
34
Penn-Mex Fuel
Penn Cent
2
com.l
Airlines
17
13*
17
Pennsylvania c,ugar
900
63*
Mar
150
9
Mar
%
1,400
3*
Feb
50
4 3*
Feb
573*
200
52 3*
Jan
523*
Jan
10%
Jan
Convertible
30%
30
43%
Jan
Jan
Feb
$5.50 prior stock
Allotment certificates
15
34)*
1,600
12
Jan
16
Feb
Jan
343*
Feb
Ma*
12,000
2
13*
Jan
21,400
11 %
25
38
Mar
Jan
hi
Mar
Jan
37
Mar
2%
183*
Mar
13*
»ie
63*
53*
*953*
com..25
"923* "953*
112
2
Jan
1133*
Mar
110
112
Feb
171
125
166%
Jan
175
Feb
Line stamped
$3
conv
1133*
683*
650
Feb
Mar
Jan
Jan
7%
7%
800
Feb
Mat
8**
Jan
0%
7
800
83*
16
300
Jan
Feb
Mar
31
5%
Mar
U%
46
40%
15% 129,000
8,450
46%
Jan
111
Jan
1143*
113*
Mar
15*
Feb
93*
Mar
%
6%
103
Feb
Solar Mfg
Feb
So no tone Corp
70
Jan
153*
Mar
463*
Mar
Feb
1055*
3*
13*
200
13*
Mar
15*
Jan
13*
13*
400
13*
Jan
13*
Mar
43*
43*
200
4
Jan
43*
Mar
13*
2,000
13*
Mar
400
373*
Mar
44
Jan
100
22
Jan
35
Feb
46
273*
27
13*
38
273*
5% original preferred.25
Oil
373*
25
Feb
45
45
20
443*
Mar
303*
30
303*
800
293*
Jan
293*
293*
300
283*
Jan
Southern Colo Pow cl A.25
13*
13*
13*
400
13*
Mar
Jan
2
Jan
Feb
83*
Jan
45
Feb
Jan
113*
Jan
100
66
Mar
Jan
61 %
12 3*
Jan
South New Engl Tel...100
167
Feb
1703*
Mar
Southern Phosphate Co. 10
53*
Mar
65*
Mar
Southern Pipe Line
43*
Jan
23*
Jan
Jan
500
143*
53*
23*
230
12
Jan
55
ioi'%
103%
Jan
Jan
Jan
104
13*
7% preferred
10
Soutnern Union Gas
*
600
1H
Jan
100
1%
10
10
.....
0%
Jan
11
Jan
13
Jan
15
Feb
1
Mar
13*
Jan
Spalding (A G) & Bros...l
Feb
J*
Jan
4
Jan
43*
Jan
Mar
83*
813*
22 s*
13*
Feb
Am dep rets ord reg._£l
Spencer Shoe Corp
*
Mar
Jan
5
%
4%
22%
200
%
500
Canada..*
100
1
22%
1
1
3
63*
23*
83*
3
2,800
1,800
"ii
81%
20%
Jan
Jan
Jan
1,000
Jan
Jan
39%
Prentice-Hall Inc com—*
1
100
25c
Jan
42
Mar
8%
Jan
10
Feb
3,500
25
Preferred A
5%
*
1st preferred
Inc
Standard Brewing Co
Stahl-Meyer
Standard Cap & Seal com.
*
*
1
Conv preferred
10
Standard Dredging Corp—
Prosperity Co class B
*
3%
Feb
3*
53*
Providence Gas..
*
8
Mar
93*
Feb
*
6
Jan
93*
Mar
"53* "53*
23*
15
23*
133*
23*
15
'"800
0%
4,200
he
Jan
100
97%
Jan
101
106% 106%
20
Jan
1063*
113 3*
101
preferred
101
Mar
Jan
Mar
113
113
10
1063*
1103*
96 3*
88
97
1,600
793*
Feb
97
49
44%
49%
1,150
39J*
Feb
503*
Jan
Feb
Standard Oil (Ky)
10
25
100
Mar
$5 preferred
Standard Pow & Lt
16
163*
23
22J*
23
*
*
Mar
Jan
108
100
100
20
108
1043*
109 3*
1,700
400
203*
353*
1093*
Feb
Standard Steel Spring
1123*
Feb
Standard Tube clB
Wholesale
Mar
86
Jan
32 3*
Jan
Puget Sound Pulp & Tim *
153*
15
16
5
Pyrene Manufacturing._10
93*
*
11634
Jan
173*
Mar
93*
Mar
100
152% 153%
116
100
6 3*
Jan
40
1153*
Mar
30
1493*
Feb
125*
65*
153
Mar
*
73*
125
285*
Feb
Mar
Jan
*
40
preferred
50c
*
25*
25
25
53*
60
Jan
35
55*
403*
Mar
Stinnes
Jan
13*
Feb
100
Mar
23*
Jan
24 3*
Jan
263*
Jan
53*
Mar
Jan
Sunray Oil
3*
3*
100
3*
Jan
3*
Feb
125*
125*
50
12 3*
Mar
133*
Mar
Republic Aviation
{Reynolds Investing
Rheem Mfg Co
1
1
55*
63*
18,600
53*
Mar
1
*
185*
he
he
195*
1%
15*
15*
5*
1
he
Feb
hi
Jan
Feb
19 s*
Mar
3*
Feb
x5%
Jan
13*
Feb
23*
Feb
he
4
600
63*
Jan
183*
100
1,600
400
Rio Grande Valley Gas Co-
Voting trust ctfs
i.l
Rochester G&E16 % pf C100
103 3*
1033*
1033* 1043*
25
3*
1033*
Jan
he
Mar
1043*
Jan
Feb
1
1
*
..1
-.1
53*% conv pref
50
Superior OH Co (Calif)..25
Superior Port Cement
-
400
22%
133*
33*
150
100
Tilo
conv
pref
Rossia International
1
2%
20
Root Petroleum Co
$1.20
6%
*
83*
2
23*
43*
Jan
33*
Feb
3*
103*
100
hi
Mar
3*
250
93*
Feb
105*
123*
700
93*
Jan
123*
123*
3*
8
Jan
Jan
11
"2
Feb
133*
13*
400
103*
Jan
1,700
15*
335*
Feb
33
"2% "2%
3*
xl%
83*
13*
1,300
""600
38
38
343*
38
100
343*
400
Rustless Iron & Steel
conv
pref
*
63
3%
1
13%
103*
Feb
12%
Jan
Tishman Realty & Constr *
800
13*
Jan
Mar
he
23*
63*
Mar
Feb
Tobacco Prod Exports
300
7
Mar
73*
Jan
1,700
*ii
Jan
hi
Feb
293*
30
3*
he
"l"5"
_._£1
registered
5s
Todd Shipyards Corp
*
Toledo Edison 6% pref 100
64%
63
3%
13
200
4
13%
1,400
400
9
i%
1,000
i%
300
*
7%
preferred
Salt Dome Oil Co
5
100
2%
2%
68%
59%
1
6%
6%
Corp com. l
Sanford Mills..
*
%
5
%
Samson United
Savoy OH Co
Schiff Co common
Scovill
Mfg....
Scranton Elec $6 pref
Scran ton Lace
t-or
2%
68 %
6%
%
Jan
65
Mar
5
Mar
Jan
153*
473*
Feb
23*
Jan
Jan
2
Feb
Transwestern Oil Co
43*
Jan
?8
36
Jan
13
Jan
95*
Jan
6
Jan
13*
13*
3 3*
1,100
1
Jan
•ii
Feb
165*
Feb
Jan
15
Mar
6,200
23*
550
Jan
500
573*
63*
33*
753*
Feb
73*
Jan
100
J*
Mar
13*
Jan
Jan
35
%
"28%
Tioo
3*
100
Mar
35
Mar
Jan
Jan
common..*
2063,
28~
Tubize Chatlllon
Class A
1
Jan
{Ulen & Co ser A pref
Series B pref
Jan
14
Jan
31
Jan
Jan
293*
Mar
-
—
Tung-Sol Lamp Works—1
80c conv preferred
*
Udylite Corp
Mar
10
Corp—1
1
Jan
28
123*
28%
7% preferred
100
Tonopah Mining of Nev.l
Trans Lux Corp
1
1
*
*
Jan
"iLSOO
123*
1103*
Jan
1,000
950
23*
183*
Feb
Jan
23 3*
Feb
12 3*
1
800
113*
Jan
133*
Mar
213*
'123*
Jan
23*
223*
23*
12
1
Jan
Mar
114
25*
Jan
Jan
1
Mar
59
Jan
43*
Jan
5
Jan
103*
Mar
3*
100
125
59
57
56
Jan
43*
43*
100
103*
103*
200
66
673*
200
64 5*
1083* 1083*
1133* 1133*
10
1053*
Jan
109
Mar
10
112
Jan
115
Jan
m
103*
"673*
1133*
Trunz Pork Stores Inc—*
Feb
Jan
Jan
hi
365*
3*
Mar
27
"143* "l"53*
Tri-Continental warrants
Jan
Mar
24
*
..25
*
footnotes see page
Jan
23*
13
15
Class A $2 conv pref-.50
St Regis Paper com
66
43
9
*
Ryerson & Haynes com__l
Ltd
23*
*
Ordinary reg
2
.
3*
293*
600
Tobacco Secur Tr—
500
135*
Jan
Mar
13
Tobacco & Allied Stocks..*
33*
33*
*
Ryan Consol Petrol
St Lawrence Corp
1
Roofing Inc
400
45*
105*
Def
23*
Russeks Fifth Ave
11%
3%
3
he
Royallte OH Co Ltd
Royal Typewriter
$2.50
2
5
36
Jan
1
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor DistUllng Co
1
Thew Shovel Co com
3
Mar
13*
Taggart Corp com...
Technicolor Inc common.*
143*
45*
Jan
35*
Jan
Texon Oil & Land Co
11%
Jan
62
53*
73*
Texas P & L 7% pref--100
113*
12
Mar
Jan
.....
Feb
13*
Feb
65*
Jan
5
21
Mar
43*
Feb
5
Mar
1!ie
500
116 3*
14
£1
Feb
400
1043*
ord reg
Jan
13*
73*
Jan
Am dep rets
403*
43*
Jan
Roosevelt Held Inc
Jan
Jan
73*
Feb
Rome Cable Corp com
Jan
Jan
Mar
43*
123*
Rolls Royce Ltd—
Jan
he
15
116 3*
350
Jan
10
Jan
.*
Class B common
101
104
273*
Mar
$3.30 A part
Swan Finch Oil Corp
Roeser & Pendleton Inc..*
100
5*
3*
Mar
8
83*
93*
Rochester Tel 6 3*% prflOO
6% preferred D
Mar
33
Sun Ray Drug Co
300
60c
Mar
62
5
(Hugo) Corp
(S) Co
Sullivan Machinery
Reliance Elec & Eng'g—5
he
20
21
Stroock
6
Feb
83*
3*
500
50
20
—
3*
13*
100
1
23*
*
Reeves (Daniel) common
Radiator
6% 1st preferred
5% 2d pref erred
Sterling Aluminum Prod.l
100
403*
1
Feb
Mar
110
2,400
Stetson (J B) Co com...
14
205*
37 3*
Jan
3*
400
33*
Sterling Brewers Inc
Jan
20
1
133*
Feb
Feb
Mar
Z343*
34
*
Sterling Inc..
150
12
12
Mar
11
1,100
50
9
3*
& Co common..*
Sterchi Bros Stores
Feb
%
Raymond Concrete Pile—
Richmond
Stein (A)
Feb
Feb
Feb
14
Jan
hi
he
23
*
Ordinary shares
Mar
103*
Mar
23*
n
Jan
8H
Steel Co of Canada—
153 3*
13
103*
3*
8
*
Railway «k Util Invest A_1
Ry & Light Secur com
Mar
J:
1083*
Starrett (The) Corp v t c.l
Feb
13*
25
phate & Acid Wks Inc.20
Mar
83*
Mar
1,400
zllO
3*
5
223*
11 %
24
2,400
333*
.1
753*
100
Jan
Phos¬
825
700
193*
36 3*
203*
*110
9
Jan
9%
6%
116%
Mar
123*
1
500
9%
6%
Jan
16 5*
100
Standard Products Co.._l
79%
25%
Pyle-National Co com
3*
Jen
100
23
Jan
Jan
2
14
13*
*
77%
24%
79 %
Jan
Mar
103*
203*
1
25
*
he
23*
*
Standard
$6 preferred......—.*
Jan
13*
Preferred
Standard Silver Lead
Public Service of Okla—
23*
15
Feb
103*
Common class B
Public Service of Indiana—
55*
Jan
Mar
Jan
3n
16
1
Common..
Standard OH (Ohio) com
Public Service of Colorado
100
100
3
Jan
15*
he
Standard Invest $5 3* pref *
8
83*
195*
13*
200
13*
$1.60 conv preferred..20
Prudential Investors
93*
2
66
Spanish & Gen Corp—
.....
200
4
83*
Southland Royalty Co.-.5
T,9oo
*
Jan
303*
1%
700
25c
& Alexander...5
Feb
305*
293*
1,100
8%
1%
"io
Mar
3*
45
25
53*% pref series C...25
1%
8
Co.l
Rice Stix Dry Goods
2 3*
8
9%
Plough Inc com
7.50
Pneumatic Scale com—10
Reiter-Foster Oil
Mar
Southern Calif Edison—
99
Reed Roller Bit Co
Jan
3*
Co
Penn
103
155
13*
Feb
Tioo
Raytheon Mfg com
Red Bank Oil Co
Jan
Feb
.5
1
1
Soss Mfg com
1
South Coast Corp com___l
South
143
10
103
Skinner Organ
%
56
162
Mar
Feb
Mar
Jan
133*
55
conv
3 3*
134
1%
"~55M
Jan
Mar
93*
reg_£l
Sioux City G & E 7% pf 100
Jan
25
$3
21
35,100
146
Feb
160
Common
153*
Jan
""166
145
Singer Mfg Co
5*
100
6% preferred
Quebec Power Co
Jan
Jan
13*
Southwest Pa Pipe Line. 10
10%
Quaker Oats common
Jan
33*
23*
100
Jan
6%
34
42%
Puget Sound P & L—
$5 prior preferred
Jan
40
'""93* "93*
33*
Jan
120
X30%
55*
6
117
x7
10%
6% prior lien pref
Feb
96 3*
Amer dep rets ord
42%
7% prior lien pref
63*
185*
Feb
Singer Mfg Co Ltd—
Mar
7%
50
$6 preferred
Feb
Feb
Mar
19
Simplicity Pattern com__l
Simpson's Ltd B stock...*
Mar
723*
90%
283*
Feb
-.1
Pittsburgh & Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
$7 prior preferred
7 3*
53*
14
Simmons H'ware & Paint.*
23*
Mar
26
—
*7% 1st preferred
Mar
Feb
*
6% preferred B
6% 1st preferred
Feb
Mar
89
*
pref
77
67%
7%
40%
9%
$6
hi
13*
2 3*
Simmons-Boardman Pub—
Mar
2%
8
Producers Corp
Jan
Mar
25
Silex Co common
f3
12
685*
Pitney-Bowes Postage
Metals of Am
Jan
Mar
Jan
Feb
103*
9%
Premier Gold Mining
3*
63*
593*
59 3*
'moo
Sherwin-Williams of Can. *
Jan
Pioneer Gold Mines Ltd..l
6% 1st preferred
1,400
Shawinigan Wat & Pow..*
Jan
Jan
1
Pratt & Lambert Co
hi
7
38%
Mar
15%
Polaris Mining Co
Jan
Jan
153*
63*
5% cum pref ser AAA 100
171
series A.10
Potero Sugar common
3,500
2
Jan
111
5%
E RR
Jan
Feb
hi
£1
1
1
65
109
Pierce Governor common
Pressed
Amer dep rets reg
Serrick Corp
*
109%
Common
Power Corp. of
5
57
5
Phoenix Securities—
Powdrell
5
5
25
Seton Leather common
150
Phillips Packing Co
Pleasant Valley Wine
3*
...1
stock
Shattuck Denn Mining
240
*
Pnila Elec Pow 8% pref.25
~L
Common
Jan
112
2
Philadelphia Co common.*
Pitts Bess &
9
Mar
3
109
Phila Elec Co $5 pref
Pittsburgh Forgings
39
Feb
Selfrldge Prov Stores—
Jan
8%
33%
200
*
Pines Winterfront Co
Mar
7
93*
112
1
Conv $3 pref
13*
83*
11
63*
11
Selected Industries Inc—
12%
100
Perfect Circle Co
Feb
6%
Feb
35%
49%
23*
Pharis Tire & Rubber
393*
Seiberling Rubber com...*
Selby Shoe Co
*
5%
3%
112
Penn Water & Power Co.*
Pepperell Mfg Co
Jan
Jan
1
Shreveport El Dorado Pipe
*
*
50
com 20
Penn Traffic Co
"11
93*
Jan
Jan
65
pref
preferred
Penn Salt Mfg Co
Mar
%
Feb
--*
Class A common
$6
3*
22,000
Pennsylvania Gas & Elec—
Penn Pr & Lt $7
Feb
13*
Mar
18%
38
Mar
"n
"ll
bherwln-Williams
Pennsylvania Edison Co—
$5 series pref...
*
$2.80 series pref
16
13*
Sentry Safety Control
1
11
Segal Lock & Hardware--1
30
.23*
Pennroad Corp com
%
%
Feb
Jan
Mar
Jan
73*
300
73*
3*
7%
*
10
500
9
50c
Penn Traffic Co
53
453*
100
400
pref..*
com
Warrants
Feb
%
2%
*
Peninsular Telephone
Water Service $6
Sculin Steel Co
48%
m
30 X
High
20
4%
12
9
Patchogue-Ply mouthMills *
Low
Scranton Spring Brook
Jan
Feb
-.10
Parker Pen Co
Parkersburg Rig <fe Reel.-l
Range Since Jan. 1, 1940
Securities Corp general...*
Seeman Bros Inc
*
Jan
3%
4%
for
Week
Shares
95%
6%
Pan tepee Oil of Venezuela-
Paramount Motors Corp.l
of Prices
High
Low
Price
Par
High
Mar
20
American shares
Sale
(Continued)
Low
Week's Range
Last
STOCKS
Range Since Jan. 1, 1940
Last
(Continued)
2061
/Sales
Friday
Sates
Friday
he
si«
13*
600
23*
23*
1,900
1,700
93*
400
Jan
Jan
he
Jan
5*
Jan
Jan
15*
Mar
23*
Mar
35*
Feb
100
13*
'""23*
Jan
1
36
73*
9
Jan
Jan
he
83*
9
Jan
r8%
Jan
85*
Feb
103*
Jan
395*
Feb
33*
Jan
he
250
313*
23*
Jan
Mar
"7% "7%
"l"66
900
Feb
Feb
Mar
8
33*
7%
35*
3*
Mar
353*
33*
36
%
Jan
43*
Jan
13*
Jan
1
Jan
New York Curb
2062
Friday
STOCKS
Last
(Concluded)
I
Week's Range
Sale
Par
Unexcelled Mfg Co
Price
10
of Prices
High
Low
2%
IX
2X
Union Gas of Canada—
Union Investment
19%
3X
18X
8X
19X
United Aircraft Prod
1
"9%
Friday
for
Week
Shares
Range"Since Jan. 1, 1940
2,400
1
%
X
IX
X
X
IX
101 x
ix
IX
100% 101%
33*
Mar
33*
Feb
Jan
19 3*
Feb
Broad River Pow 5s.. 1954
103
Jan
643*
Jan
Canada Northern Pr 5s '53
96
96
53*
Jan
Mar
Canadian Pac Ry 6s..1942
773*
77
8^300
Jan
9X
143*
Jan
02
51,600
»ie
700
9,100
500
Products...*
*
United Specialties com—1
US Foil Co class B
.1
U S Graphite com
ex
U S Lines pref
69
*
69
conv
.1
26X
203*
20
32
32
IX
33*
50c
2
25
Mar
43*
273*
343*
13*
33*
5
Utility & Ind Corp com..6
Conv preferred
7
SUtil Pow & Lt 7% pf.100
Jan
Mar
43*
Jan
Jan
'it
Mar
Mar
6
Feb
193*
Jan
27
3*
Mar
273*
13*
Jan
343*
Mar
200
Feb
23*
Jan
300
23*
Feb
5
Jan
'it
Mar
Mar
Jan
Jan
2
Mar
Edison El 111 (Bost)
63*
Mar
33*s'65
Elec Power & Light 5s 2030
111
Jan
120
1,400
24
Mar
Elmlra Wa Lt & RR 5s '56
13
Mar
Feb
183*
IX
693*
13*
Feb
Mar
125
62
Jan
,1 3*
65
Jan
Jan
ht
Mar
•it
Jan
Jan
Florida Power & Lt 5s. 1954
X
Jan
Mar
Mar
Feb
Gary Electric & Gas—
5s ex-warr stemped.1944
Gatineau Power 3%s A '69
27
71
X
1,600
50
6%
Mar
8
Mar
104%
85
98%
♦General Rayon 6s A. 1948
"983*
107%
Jan
2
Feb
Feb
4
Feb
♦Gesfruel 6s
Mar
1
Jan
Glen Alden Coal 4s... 1965
13*
Feb
Jan
Georgia Pow & Lt 5s. .1978
Gobel
143*
Jan
15
Mar
Mar
4
Jan
15*
800
13*
Mar
2
Jan
993*
IX
63*
63*
50
102
Feb
Grocery Store Prod 6s. 1945
300
963*
13*
Jan
13*
7
Feb
Jan
Guantanamo & West 6s '58
10,200
43*
Jan
7
Mar
Guardian Investors 5s. 1948
63*
100
6
Jan
63*
Mar
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
20
55
Feb
593*
Jan
Jan
173*
Feb
10
Jan
103*
Jan
65*
100
Jan
73*
500
"103*
225
93*
93*
900
4
4
200
63*
63*
500
Feb
Jan
6
6%
15,000
Feb
77%
Jan
1
fit
82% 84% 172",000
110% 111
15,000
78%
81% 148,000
1193* 120
6,000
23*
& St Ry
53*s
150%
69
102
103%
104% 104%
43,000
60,000
3,000
14,000
"16"
97%
174
98%
76%
97%
98%
107%
107
71
63*
1
Woolworth (F W) Ltd—
5s
53*
55*
1946
1951
4,000
323*
Jan
101%
83%
Mar
87%
81
Jan
89
98%
96%
Jan
102
Mar
Jan
96
Feb
105%
Jan
100%
75
98%
107%
75
73%
107%
1,000
Mar
108%
103
Mar
105%
60%
50
Feb
Jan
63
51
4"666
323*
15%
Feb
1,000
102%
103%
Feb
103
Jan
Jan
105
Mar
101%
Feb
103%
Jan
3,000
108%
Feb
111
Jan
3,000
2,000
7,000
59,000
39,000
52,000
66%
Jan
79
67
Jan
78%
Jan
109%
107%
35
Mar
42%
102% 102%
103% 1033*
1103
103%
109% 110%
63*
Feb
77
73*
Mar
76
Jan
76
8,000
16
Mar
25
2
Jan
6s series B
iiox
1949
Jan
Idaho Power 3%s
1967
111 Pr & Lt 1st 6s ser A. 1953
Jan
11%
93*
Mar
1st & ref 53*s ser B.1954
Jan
108%
Mar
Sf
4
Mar
45*
Jan
deb53*s.._May 1957
Indiana Hydro Elec 5s 1958
ex
Jan
73*
5,000
Jan
Indiana Service 5s
1950
Mar
"67%
63%
53*
67%
48,000
Jan
1st lien & ref 5s
1963
67%
61%
67%
76,000
61%
Mar
Jan
12%
♦Indianapolis Gas 5s A 1952
Indpls Pow & Lt 3%s_1968
8,000
Mar
62%
105%
Mar
6%
109%
Jan
71
70%
105% 107%
Jan
Feb
International Power Sec-
43%
49%
47%
10
73*
63*
Jan
109
108% 109
107%
106% 107%
105
105%
103% 104%
99% 100%
99% 100
105%
104%
100%
106%
143*
14
14
67
513*
525*
*13%
133*
133*
133*
13,000
4,000
34,000
143*
Baldwin Locom Works—
1950
Bell Telep of Canada—
1957
1960
For footnotes see page 2063
100%
98%
Feb
100
63%
Mar
14,000
37%
Mar
14,000
40
Mar
38,000
40
Mar
66
1952
44%
40%
39%
43%
41%
63%
41%
44%
37,000
106% 106%
1957
26,000
3,000
105%
104
Jan
5,000
107%
Feb
42%
Jan
66
127,000
61
Feb
40
Feb
109
Feb
107%
Jan
104%
Mar
105%
Jan
Feb
Iowa Pow & Lt 4 3*s..1958
106%
Jan
107% 107%
Isarco Hydro Elec 7s. 1952
141
40
41%
EL 000
38
Jan
53
52
53
10,000
45
Jan
103
103
16,000
103
Jan
13,000
104
Iowa-Neb L & P 5s.-.1957
5s series B
1961
101%
Mar
103%
Jan
Jan
105%
Jan
Jacksonville Gas
Jan
103
Jan
111%
Jan
Feb
108
Feb
Jan
129
Jan
Jan
107%
Mar
106
Italian Superpower 6s. 1963
99%
60,000
47
Feb
12%
Mar
12%
Mar
91,000
13
Mar
46,000
12%
Mar
14
14
Mar
66
68
20,000
66
Mar
Mar
5s stamped
106
45
Feb
73%
72%
72
68
51
106%
106%
109%
48%
42
—
1942
5,000
"7,666
106%
106%
1947
4 3*s series C
1961
Kansas Elec Pow 3 3*s. 1966
Kansas Gas & E ec 6s_2022
62%
Jan
Lake Sup Dist Pow 3 3*s '66
♦l^onard Tietz 73*s__1946
Jan
26%
28%
28%
34%
Jan
Louisiana Pow & Lt 5s 1957
Jan
103%
105
105
105%
107% 107%
126%
126% 126%
*106% 107%
Long Island Ltg 6s.-.1945
53%
105
Mar
Feb
105
Jan
105%
Feb
5,000
105%
Jan
107%
Mar
13,000
125%
Jan
127
Mar
105%
Jan
107%
104%
Jan
100
22,000
105
Jan
108
3,000
67
Jan
99%
90%
Jan
Mansfield Min & Smelt—
75
Jan
Jan
Feb
Jan
107%
Mar
Jan
109%
Mar
Jan
102
Mar
3,000
Jan
1053* 1103*
89,000
103%
Mar
120
Jan
1103* 1113*
1113* 1123*
57,000
109%
Mai-
116
Jan
10,000
110
Mar
117
Jan
6,000
5s series B
30
95%
92%
973*
105%
104%
Jan
Feb
38,000
973*
Jan
97%
Mar
143*
143*
101% 102
973*
Jan
101%
104%
143*
1093*
45,000
Jan
106%
14
109
37%
41%
40%
41%
1952
66,000
107%
105%
103%
Jersey Central Pow & Lt—
11,000
*107% 1083*
Atlantic City Elec 3%s '64
Avery & Sons (B F)—
5s with warrants
1947
38
1957
Interstate Power 5s
100%
525*
1955
7s series F
126
1273*
Mar
50
114%
1023*
5,000
53
323*
15
1073* 1075*
14
Mar
100%
74%
i5~66o
53,000
64
76
127
1950
C__
Mar
104%
87%
Houston Lt & Pr 33*8.1966
1075*
1948
series
50%
103%
Jan
78
Hygrade Food 6s A—1949
1273*
1949
1st 5s series B
Jan
Jan
♦Hungarian Ital Bk 7 3*s'63
108%
106%
♦Conv deb 4%s
5s
Jan
Jan
Jan
Feb
1083* 109
1063* 107
♦Conv deb 4 %s
♦Conv deb 5s^
♦Convertible 6s
22%
98%
103%
70
Feb
107
103
{Associated Gas & El Co—
5s without warrants 1947
Mar
75
Feb
100
1013*
Appalachian Elec Pow—
lstmtge4s
...1963
♦Debenture 5s
1968
♦Conv deb 5%s
1977
Assoc T & T deb 5%s.A '55
Atlanta Gas Lt 4%s._1955
101%
Jan
82
7%
1073* 512,000
1063*
19,000
1053*
1053* "16660
1033*
44,000
1003* 101% 106,000
1023* 103
9,000
1956
Arkansas Pr & Lt 5s. .1956
Associated Elec 4%s._1953
Jan
Jan
03*
Debenture 6s
1063*
1053*
*104%
1043*
1023*
1st & ref 5s
Appalac Power Deb 6s 2024
10,000
1,000
57,000
47%
109%
Mar
Jan
96
Jan
10%
Co—
1948
Mar
06%
Jan
Sold
4%s
103%
106%
105%
70
03*s series C
Debentures
120
Jan
31,000
Feb
Bonds
1968
1st & ref 4%s
1967
Am Pow & Lt deb 6s..2010
Amer Seating 6s stp__1946
Jan
48,000
7s series E
BONDS
1st & ref 5s
83%
117%
74
3*
12
Wright Hargreaves Ltd..*
Power
Mar
1
112
72%
115%
1943
lst&ref. 5sser C.-.1956
7% pf 100
Wolverine Portl Cement. 10
lst&ref 5s
86%
151
323*
1938
deb 63*s
85
77
6%
84%
109
41,000
100
Feb
46%
111
161%
Houston Gulf Gas 6S..1943
conv
13", 000
46
100 %
84%
110
Jan
6%
104%
106%
101%
Feb
107
45*
16"
Winnipeg Electric B com.*
1st 5s
Jan
104%
*
Alabama
96%
6%
5%
%
13*
6
Feb
104%
53*
6
6
93
1,000
79
177%
1108% 110
104% 104%
Green Mount Pow 3%s '63
993*
Heller (W E) 4s w w.,1946
e
Mar
81
Gr Nor Pow 5s stpd._1950
1
Jan
58%
71%
Grand Trunk West 4s. 1950
23*
9
Mar
Mar
118
(Adolf) 43*s...l941
100
400
143*
7
73
1953
23*
..*
Jan
52
5,000
101
Gen Wat Wks & El 5s. 1943
33*
1
11,000
30,000
6%
Gen Pub Util 6 3*8 A.1956
Jan
*
93
11%
Jan
57
90%
Jan
85
143*
100
Jan
87%
100
53*
Western Tablet & Station'y
Common
*
78%
1940
13*
Western Maryland Ry—
40,000
58%
94
94%
106% 106%
General Pub Serv 6s..1953
23*
1
89
91% 128,000
General Bronze 6s
143*
20
Jan
100
Banks 6s-5s stpd...l961
ser C 1966
3*
99 X
127%
Jan
43*
100
Feb
Jan
100
1
125%
Feb
200
13*
1
2,000
70
73*
100
Jan
126
Jan
43*
33*
109
1109
Georgia Power ref 5s.. 1967
33*
111%
Jan
Feb
60
93*
43*
73*
Mar
Feb
107%
139
Florida Power 4s
Jan
2,000
IX
203*
1%
Jan
Jan
1
109%
5,000
103% 104%
Erie Lighting 5s
1967
Federal Wat Serv 53*s 1954
Finland Residential Mtge
13*
133*
283*
13*
1.25
Amer dep rets
Feb
000
69
Jan
Feb
9,000
1106
1952
1,150
Jan
com....2
81
Ercole Mare 111 Elec Mfg—
6 3*s series A
1953
13*
Jan
1
Petroleum
Empire Dlst El 6s
Feb
173*
13*
17
5
Wisconsin P & L
Feb
Mar
iex
ix
25
"71~"
0
"843*
El Paso Elec 5s A.....1950
450
1
1952
Jan
.....!
1
Co
Aug 1
Jan
400
Wilson-Jones
♦63*s
83*
X
91
133
863* 125,000
873* 49,000
953* 91,000
78%
77%
76%
92%
92%
97%
134%
6%
Mar
100
70
Detroit Internat Bridge—
94%
1063*
3
3*
533*
Mar
71
70
57
16,766
Jan
Mar
88%
90%
63*
Mar
80
80%
57
♦Certificates of deposit
163*
13*
Jan
91%
♦Deb 7s
Aug 1 1952
Eastern Gas & Fuel 4s. 1950
61
Jan
Jan
88%
5s...1944
Mar
27
Wilson Products Inc
A
Feb
500
67%
66
66
stamped...1943
ser
3*
6
273*
13*
Wichita River Oil Corp.. 10
Williams (R C) & Co
*
Williams Oil-O-Mat Ht..»
0s
Mar
650
160,000
21,000
18,000
Cont'l Gas & El 5s...1958
23*
173*
13*
50
Cuban Tobacco
53*
693*
Jan
126
1954
""lX
17X
*
Weyenberg Shce Mfg
Gen mtge 43*8
Consol Gas Utll Co—
Jan
IX
643*
70
110% 1103*
1083* 109
Mar
*
Westmoreland Inc
N...1971
IX
*
Westmoreland Coal Co
ser
53*
13*
*
7% 1st preferred
(Bait) 33*8
1st ref mtge 3s ser P. 1969
100
53
H
69
19,000
Consol Gas (Bait City)—
4,300
400
93%
95%
73%
11333* 139
6X
200
49
Jan
Consol Gas El Lt & Power
sit
Jan
'sex
1951
Cudahy Packing 3%s.l955
Delaware El Pow 53*8 1969
100
com
Feb
53*s
173*
*
Western Air Express
Feb
71
24
West Texas Utll $6 pref..*
West Va Coal & Coke
*
Cities Serv P & L 5 3*s. 1952
100%
90
Conn Lt & Pr 7s A
Jan
263*
Wayne Knitting Mills
693*
Mar
5,000
94
Jan
27
Wellington Oil Co
71
1969
Mar
953*
84%
85%
3
26X
Walker Mining Co
1950
1958
Debenture 5s
43%
953*
723*
69%
683*
083*
94%
61
2,750
Conv deb 5s
I
100
Jan
873*
Feb
82%
106
85
1949
Mar
41%
6.000
Community Pr & Lt 5s '57
25
*
Wentworth Mfg
"723*
2
Petroleum... 1
Class B
Feb
41
Mar
93%
Feb
2,700
4,500
5
7% pref. .100
Feb
Mar
913*
Feb
03*
73*
73*
3*
IX
Van Norman Mach Tool-6
Watt & Bond class A
1906
443*
913*
Jan
44
Jan
1
7% preferred
Cities Service 5s
1927
X
2X
5X
Utility Equities com—10c
$5.60 priority stock
1
Wahl Co common
104%
5%
1
Wagner Baking v t c
1956
3*
23*
"l3"
Utah Pow & Lt $7 pref—*
Jan
270
17
1
Vogt Manufacturing
Waco Aircraft Co
Ry 4 3*s series A
Mar
74
433*
63*
03*
11
Woodley
41,000
64,000
103
100%
Chicago & Illinois Midland
Chic Jet Ry & Union Stock
Yards 5s
1940
Jan
833*
1
Wolverine Tube
+993* 100%
45
43%
89
Jan
8
Western Grocer
Feb
Feb
Universal Pictures
Va Pub Serv
104%
3*
Universal Products Co—*
Venezuelan
12,000
713*
423*
Universal Corp v t c
Universal Insurance
Valspar Corp com
$4 conv preferred
1043* 105
Jan
975
*
Utah-Idaho Sugar
Mar
ht
200
10
Utah Radio Products
1013*
Jan
6
X
2X
Universal Cooler class A..*
com
Jan
Feb
_..*
United Stores common.50c
Class B
Jan
ht
1
pref
71%
53*
2433*
13*
69
43*
U 8 Rubber Reclaiming..*
1st $7
31
89,000
78
4X
com
United Wall Paper
Universal Consol Oil
83,000
24
100
106%
98%
31%
823*
70
3,400
100%
17,000
34%
10
X
107%
Jan
22,000
33
63*
x
$5 1st pref with warr—*
83%
Jan
106% 107
99% 1003*
323*
343*
793*
50
5
U S and Int'l Securities.
Mar
81
Jan
0
77
34
38J*
4
20,000
Jan
Jan
900
79
Jan
23*
293*
63*
Mar
34
__
{♦Chic Rys 5s ctfs
433*
94%
5 i^g
1954
Cent States P & L 63*s '53
Cincinnati St Ry 53*8 A '52
6sseries B...
1955
"ex
32,000
Cent States Elec 5s... 1948
Jan
240
Jan
973*
Jan
Jan
X
100%
Feb
Jan
76
Feb
94%
5,000
Mar
13*
X
76
25
96
151%
98%
99%
15,000
13*
Debenture 5s
United Shoe Mach com_25
High
Jan
Feb
83
43*
54,000
Low
141
3*
83*
13*
United Profit Sharing. _25c
U S Stores common
106%
1003*
5,000
Mar
13*
923*
3*
Am dep rets ord reg—
pref
V
RangclSince Jan. 1, 1940
S
Jan
Mar
74
963*
for
Feb
Mar
74
973*
1940
Week
Jan
3*
ex
X
600
United NJRR& Canal 100
conv
Cent Power 5s ser D..1957
'it
36%
$1%
Carolina Pr & Lt 5s... 1956
Jan
10
*
U S Radiator
Mar
3,700
13,200
$0
S3 partic pref
United Molasses Co—
151% 151%
963*
973*
96
96%
102% 103
173*
500
5,700
X
X
U S Plywood
Feb
X
X
32
37 X
X24X *243*
843*
X
X
1st preferred
of Prices
High
Low
Bethlehem Steel 6s... 1998
843*
84 X
*
Preferred
Mar
1<3*
Jan
X
sie
A..*
United Milk
2
♦ie
Common class B
com
Feb
Week's Range
Sale
Price
30,
Sales
Birmingham Elec 43*8 1968
Birmingham Gas 5s
1959
*
1st $7 pref. non-voting.*
Option warrants
United G & E 7% pref. 100
ImsI
High
)
12
United Corp warrants..
United Lt & Pow
IX
200
& Dart pref...
Un Cigar-Whelan Sts._10c
United Elastic Corp
United Gas Corp com
BONOS
(Continued)
Low
60
United Chemicals com..
cum
"7~X '~9X
March
5
643*
com..
Un Stk Yds of Omaha.. 100
$3
Sales
12
Union Premier Foods Sts.l
Exchange—Continued—Page
97%
Mar
♦7s mtgesf
*16
107%
1941
4s series G
1965
6,000
*17
McCord Rad & Mfg—
68 stamped
1948
Memphis Comml Appeal
Deb 4 3*8
..1952
Mengel Co conv 43*8.1947
Metropolitan Ed 4s E.1971
Feb
40
104% 105%
107% 107%
70
70
3100% 101
392
107%
109%
S3
107% 107%
108% 109%
Jan
70%
101
93
Feb
Jan
%
Jan
12,000
107
Feb
109%
Jan
6,000
108
Jan
110%
Feb
Volume
New York Curb Exchange—Concluded—Page 6
149
Friday
Sales
Last
Week's Range
BONDS
Sale
{Continued)
Price
Midland States Pet 6%s '45
i
1943
4%s—1967
MinnP&L4%s
1978
Midland Valley RR 5s
66
Last
Week
Range Since Jan. 1,1940
BONDS
Low
$
99%
2,000
66
66%
8,000
102 % 102
Milw Gas Light
102%
22,000
99%
Feb
65
Jan
100%
70
103%
Tide Water Power 5s. 1979
Feb
103%
13,000
102%
Jan
103%
Mar
12,000
105%
Jan
106%
Feb
Twin City Rap Tr 5Ms
103
'52
103
Miss Power & Lt 5s__1957
103 %
Miss River Pow 1st 5s. 1951
104
23,000
102
Jan
104%
Mar
103%
103%
35,000
103%
Mar
104%
Feb
109
Mississippi Power 5s__1955
109
4,000
109
Mar
110%
Feb
92
Jan
Jan
United El Service 7s..1956
98%
Feb
Mar
111%
Jan
Mar
106
Jan
Mar
United Lt & Pow 6s—1975
96%
"45
Nat Pow & Lt 6s A.-.2026
Deb 5s series B
2030
99%
99%
99%
15,000
10,000
112% 112%
112%
5,000
107%
107%
15,000
Jan
118%
i^ooo
99%
Mar
103 M
Jan
65 M
17.000
62 M
Jan
66 M
Feb
9M
12
118M 118M
32,000
Feb
12 M
Mar
Jan
Mar
118%
45 %
Jan
98
99%
112%
107%
Conv 6s 4th stp
1950
{♦Nat Pub Serv 5s ctfs '78
20%
21
8,000
20%
Mar
25%
Jan
6 Ms
65M
65M
111
5,000
108%
Jan
111%
Mar
5Ms
127
127%
8,000
124
Jan
128
Mar
Un Lt&Rys (Del) 5 Ms'52
110
110
110
2,000
106
Jan
110
Mar
83
79
83
83.000
Mar
83
Mar
United Lt & Rys (Me)—
6s series A
1952
42 M
77%
68
3%s_1961
New Eng Pow Assn 5s 1948
Debenture 5%s
19,"'
New Eng Power
42
M
Jan
20
Jan
30
17M
Jan
19 %
Feb
79
81
60,000
75
Jan
87 M
Jan
82
80 M
20
83
27,000
77 M
Jan
Feb
2,000
107
Jan
89 M
108 %
68,000
88
Jan
93 %
17,000
115
Mar
108 M 108M
"92 %
91M
116
116
92 M
116
Jan
122%
Jan
78 M
79 M
8,000
29,000
63%
Jan
71%
Jan
Utah Pow & Lt 6s A..2022
~99%
99%
69
22,000
63
Jan
71%
Jan
1st lien & gen 4Ms.. 1944
98M
98 M
99 M
99
98 M
Mar
68
69,000
62%
Jan
71%
Jan
Va Pub Service 5 M A. 1946
5,000
14,000
23,000
101M
Mar
110
4,000
108%
94%
Jan
Mar
1st ref 5s series B...1950
102%
10,000
100 %
Deb s f 6s
100 M
29,000
21,000
66%
109%
.
121
97 %
96%
97%
55,000
100%
99%
100%
79,000
96
Mar
Mar
110
99%
100%
Jan
1946
101
1954
103
103
3,000
101
Jan
102%
Jan
Wash Ry & Elec
32,000
102
Jan
103%
Jan
West Penn Elec 5s
Jan
87%
Mar
Mar
105%
Jan
101%
1949
86%
87%
13,000
81
103
103%
28.000
108
1964
2004
Debenture 5s
1954
Nippon El Pow 6%s..l953
1st mtge 3%S
102%
107
108
26,000
105%
Feb
108
Feb
106
2030
113%
Feb
114%
*64
3,000
55
65
65
103
106
Jan
119
Feb
Jan
84 M
Jan
101 %
100 M
Jan
Mar
Jan
103 %
103
97%
Jan
101M
Mar
7%
108%
Mar
10 %
Jan
Feb
Jan
109 %
108
Mar
106 M
114
Mar
115%
Jan
52 M
Jan
60%
Feb
104 M
195
Jan
99
Jan
Jan
Mar
104
*103% 105
106M 107
104
104%
1937
1947
96
95
97
96
Light 48.1966
{♦York Rys Co 5s
♦Stamped 5s
-4,000
3,000
~9766O
Feb
147666
105 M
Jan
Feb
107
Mar
24,000
103%
Mar
105
Jan
96
M
2,000
94
Feb
97
Jan
97M
8,000
95 M
Feb
98 %
Jan
26%
Jan
29
Feb
Mar
Jan
*114M 115M
55 M
57
Yadkin River Power 5s '41
Mar
Feb
'60
Newspaper Un 6s '44
Wise Pow &
Mar
Feb
8M
109M 109%
107M 107 M
107 M
Wheeling Elec Co 5s..1941
Feb
*105%
114%
114%
7M
~55%
West
Mar
104%
N Y & Westch'r Ltg 4s
8M
4s...1951
West Penn Traction 5s
87%
103
102% 103 %
102 % 102 M
100% 101
74
Jan
Waldorf-Astoria Hotel—
Jan
♦5s Income debt
....1942
Jan
20
68%
122
New Orleans Pub Serv—
5s stamped
117 M
67
1950
Jan
Feb
*19
1973
Deb 6s series A
8
3,000
4,000
42 M
66%
*121
68 %
108 %
*20
1959
2022
NelsnerBros Realty 6s 1948
Navada-Calif Elec 5s. 1956
New Amsterdam Gas 5s '48
N E Gas & El Assn 5s. 1947
5s
1948
12
42%
1974
110%
♦Income 6s series A.
115
Mar
{Ulen & Co—
Nebraska Power 4%s.l981
Conv deb 5s
High
99% 100M
100 M
♦United Industrial 6 Ms '41
♦1st s f 6s
1945
96 % -96%
6s series A
Low
106 M
18,000
United Elec N J 4s... 1949
Missouri Pub Serv 58.1960
Nassau & Suffolk Ltg 5s
Range Since Jan. 1. 1940
$
Tletz (L) see Leonard—
106%
for
Week
High
107M 107M
*116
119
2022
6s series A
Jan
Jan
Range
of Prices
Low
Texas Power & Lt 5s. 1956
Jan
100%
Price
Week's
Sale
(iConcluded)
High
105%
103% 103
1955
1st & ref 5s
for
of Prices
Low
High
99%
_
2063
Sales
Friday
No Amer Lt & Power—
5%s series A
1!
No Bost Ltg Prop 3%s '47
Nor Cont'l Utll
102% 102%
105% 105%
5%s._1948
45
4,000
101%
105%
12,000
104%
46%
9,000
103
Jan
Jan
AND
1103%
"105%
Jan
Jan
106%
Feb
110%
Jan
111%
Jan
107%
Jan
109
Mar
Mar
Mar'
Mar
10,000
4,000
23,000
104%
108% 108%
Ogden Gas 1st 5s.
105%
109
111%
109
MUNICIPALITIES—
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
105
105%
111% 111%
108% 108%
GOVERNMENT
FOREIGN
49%
106%
45
105%
1952
f No Indiana G & E 6s_
♦78 ctfs of dep. Apr
*26%
♦7s ctfs of dep. Jan
35
*26%
29M
*22
'47
35
*22
'46
Jan 1947
♦20-year 7s
35
Pacific Ga® & Elec
1st 6s series B
107%
106%
109%
107%
28,000
14,000
Jan
107%
Jan
107%
Jan
♦6s ctfs of dep
Aug '47
*22
103%
21,000
102%
Jan
105
Feb
♦6s ctfs of dep
Apr '48
*22
35
Antloqula (Dept of) Co¬
Co—
1941
109
109
96
109%
97
94
93%
94
*43%
Feb
97
Mar
112
Jan
♦7
ser
B ctfs of dep.
1945
1945
*112
Jan
*112
25
90%
Jan
97%
Jan
♦7
ser
C ctfs of dep. 1945
*112
25
43
Jan
43%
Jan
♦7s ser D ctfs of dep.
*112
25
46,000
110%
Jan
103%
64,000
101%
Jan
103%
16,000
104
Jan
107%
Mar
105%
107%
Jan
108%
Feb
107%
107%
97%
1961
98
96%
98
5%s..l972
110%
99%
Transit 6s 1962
Pledm't Hydro El 6%8 '60
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6s... 1948
Phila Rapid
46
Feb
106
Jan
107%
Jan
107%
2,000
Jan
94%
Mar
96%
Mar
110%
Mar
115
96
Jan
1C0
87
14,000
41%
Jan
47%
m
—
_
7,000
98%
Jan
Jan
12
Jan
*10
40
Tooo "i3%~Mar
15
Jan
48%
Jan
106%
102
83%
83%
Jan
94
Mar
Feb
90%
♦6s
Jan
108
110%
6,000
110
4,000
50
154
"96"
94%
86%
Mar
Jan
Feb
Mar
109
Danish
Ext
8.1953
1958
110%
Jan
53
91%
15
Jan
158
♦Hanover
Mar
♦Saxon Pub
Wks 6s..1937
Jan
97
2,000
18%
Jan
14%
Mar
Jan
Mar
»
—
—
—
-
«•
12
35
3,000
*103% 103%
70
70%
92
92%
92%
90%
92%
94
D
1970
Sheridan Wyo Coal 6s .1947
93%
94
100% 100%
111%
"5,000
Mar
23
JaD
102%
63%
Jan
20%
1 1960
Jan
14
Mar
Jan
12 %
12
Jan
12%
Feb
Jan
10 M
Mar
Mar
Jan
13%
Jan
13
Mar
15
%
Jan
26
Jan
26 %
Jan
'26*
Feb
26%
Mar
12
Jan
14% "Mar
1,000
38 M
Jan
46 M
Mar
9M
Jan
16 M
Mar
67666
7%
Jan
10 %
Mar
%
Jan
»ie
%
Jan
%
77%
Feb
79
Mar
14 M
Jan
17 %
Mar
28
*22
'47
10%
13 %
1,000
1,000
13%
25
*26%
♦7 ctis of dep. May
Mar
9M
25
*10
♦Issue of May 1927
40
26%
109%
Jan
♦7 ctfs of dep..Oct '47
134
Jan
♦Mtge Bk of Chile 6s. 1931
*13%
17
Mar
29%
Mar
Mtge Bank of Colombia—
♦7s ctfs of dep
1946
*20
40
*20
4,000
18
40
104
♦Issue of Oct 1927
Jan
♦7s ctfs of dep
72%
Mar
15,000
Jan
46,000
90%
Mar
98%
97%
17,000
92
101
29,000
98%
Jan
95%
101%
112%
49,000
110%
Jan
112%
1947
♦6Ms ctfs of dep
Jan
Jan
Mar
1947
Jan
Mtge Bk of Denmark 5s *72
♦Parana (State) 7s
1958
Jan
Jan
109% 109
109%
44,000
108%
Jan
110%
109
109%
22,000
108%
Jan
105%
9,000
104%
Jan
16%
10%
*%
%
e'ooo
618
1921
♦Santa Fe 7-4s stmp__1945
♦Santiago 7s
1949
'
*81%
17%
17%
"67666
Jan
Feb
Jan
105%
110%
105%
44
*16
9%
♦5Ms
Jan
109
"
40
44
6MS.1959
♦Russian Govt 6%s._1919
Mar
40
*20
44
♦Rio de Janeiro
Sou Calif Edison LtdRef M 3 Ms B.July 1 '60
13%
26%
*22
15
91
Feb
7
Jan
25
*10
1951
♦6Ms ctfs of dep
1954
Mtge Bk of Bogota 7s. 1947
Jan
20%
13%
13M
♦7s ctfs of deposit..
Jan
99
107%
1st 4Ms series
2025
7,000
132%
Shawlnigan W & P 4 Ms '67
Sou Carolina Pow 5s..l957
♦Medellin 7s stamped. 1951
Mar
Mar
11
1958
♦Maranhao 7s
90%
Jan
Mar
6
20
1958
Jan
93%
52
49
12 M
12 M
"2J)66
14
20
*10%
1939
14
*12%
*112
*112
6Ms. 1949
Jan
3,000
Scripp (E W) Co 5 Ms. 1943
Scullin Steel Inc 3s
1951
Southeast P & L 6s
(City) 7s
Jan
5,000
Jan
Feb
Lima (City) Peru—
100%
108
48 %
39
2,000
10
*6
14
1947
100
40,000
28%
47
Jan
91%
27
50
Jan
95%
*15%
30
50
*39
Mar
"i'ooo
27
40
*12
94%
133%
"
*22
91%
108%
♦Schulte Real Est 6s.. 1951
40
106%
133% 132%
L & P 6s B '52
Feb
*22
7x6600
95
30
Feb
14%
1952
♦Secured 68
Feb
150
5Ms
5s
♦External 6Ms
Jan
90%
-
14
Feb
♦German Con Munic 7s '47
Jan
Jan
*14
108% 108
-
Safe Harbor Water 4 Ma '79
San Joaquin
94%
Feb
14%
Danzig Port & Waterways
Jan
94%
20%
90%
♦Ruhr Housing 6%s__
*106% 107%
96%
95%
14
1953
ctfs of
♦6Ms stamped
191
4s series A
35
35
♦6Ms ctfs of dep... 1959
Pub Serv of Oklahoma—
Puget Sound P & L 5%s '49
*14
Cundinamarca (Dept oi)
Jan
14
11,000
25
*14
B..1951
1952
'61
dep. .Oct '61
♦Hanover (Prov)
152%
25
*10
♦6 ctfs of dep..July
Feb
14
3,000
11,000
13%
*10
1955
♦Prov Banks 6s
♦6 series A
Feb
Jan
108%
16
13%
7s
Colombia (Republic of)-
Mar
Jan
25,000
52
Valley
Cent Bk of German State &
Jan
Jan
100
104%
23,000
87%
97%
14
m
30
91%
86%
6% perpetual certiflcat
Sou Counties Gas 4Mb 1968
1951
51
51
53
1,000
50
Jan
106%
5,000
105
Jan
106%
101
3,000
99
Feb
105%
Feb
108%
51
S'western Assoc Tel 5s 1961
106%
So'west Pow & Lt 6s.2022
100% 100%
6s-.1945
107%
1989
58%
59
41,000
66
64%
66
124,000
66
64%
66
99,000
Serv
11%
12
40
"11% "Feb "il"%"Feb
*
88%
*14
Pub
Jan
30
*10
'46
1948
1948
♦7Ms ctfs of dep...1946
Public Service of N J—
Spalding (A G) 5s
11%
*12
♦7s ctfs of deposit..
Feb
100
91
52
8'west
25
♦Cauca
Feb
110
1961
Sou Indiana Ry 4s
25
*10%
♦Caldas 7Ms ctfs of dep
Jan
17,000
32,000
108%
otomac Edison 5s E.1956
Feb
75,000
20,000
97%
87
91%
Mar
108%
108%
98%
*106% 106%
101%
♦Certificates of deposit.,
Ref M 3 Ms-May
25
*10%
'57
1951
Bogota (see Mtge Bank of)
Jan
109%
107%
111%
101%
*13
4%s series F
"I "doo
108
*107% 108
Peoples Gas L & Coke—
4 s series B
1981
4s series D
107%
108
19,
5s series D
♦Ruhr Gas Corp 6
*10%
ctfs of dep '57
♦Baden 7s
Penn Ohio Edison—
Phila Elec Pow
ser
ser
♦7s 3d ser ctfs of dep
♦Bogota (City) 8s ctfs 1945
*108% 109%
"12% "Feb "l2%"Feb
1945
ctfs of dep '57
♦7s 2d
Jan
4,000
25
♦7s 1st
Mar
103%
♦7s ser A ctfs of dep.
Feb
107%
106%
*104% 104%
107%
107%
1971
1962
lombia—
109
93%
109%
44
103% 102
5s series H__
Mar
12,000
13,000
*109% 111%
Perm Electric 4s F
"26% "Jan "28%'Feb
35
102%
......
107%
3,000
107%
50
Jan
59
Mar
Mar
Mar
Jan
Feb
Mar
btandard Gas & Electric—
49
Jan
72%
49%
Jan
72%
Jan
66%
64%
66% 130,000
48
Jan
'66
66
64
66
91,000
48
Jan
72%
72%
Jan
1957
66
64%
66
114,000
48
Jan
72
Jan
Standard Pow & Lt 6s 1957
66
63%
66
125,000
49
Jan
♦Starrett Corp Inc 5s. 1950
19%
18%
20
13,000
18
Mar
71%
24%
Feb
45
46%
2,000
29
Jan
46%
Mar
29
29
24%
Jan
30
Mar
42
Jan
1948
(stamped). 1948
6s (stamped)
Conv 6s
Debentures 6s
Debenture
1951
6s.Dec 1
6s gold debs
Stlnnes (Hugo) Corp—
7s 2d stamped 4s
1940
7s 2d stamped 4s
Terni
Jan
Jan
♦
1946
Hydro El 6 Ms. 1953
Jan
*
*
-
«.
"40%
Texas Elec Service 5s.. I960
39%
41%
2,000
14,000
105%
106%
48,000
104%
Jan
46
106%
No par value,
interest.
n
a
d Ex-
Deferred delivery sales not included in year's range,
Under the rule sales not Included In year's range.
cluded In year's range,
z
Cash sales not in¬
Ex dividend
Jan
t Friday's bid and asked price
Mar
♦
No sales being transacted during current
week.
Bonds being traded flat
{ Reported In receivership.
T Called for redemptionNorthern Indiana G & E 6s 1952, May 1 at 105.
Northwestern Elec. Co. 6s stpd. 1945, May 1 at
e
Cash
sales
transacted
103.
during the current week and
not included In weekly or
during the current
week and not Included in
yearly range:
JSTo Sfl»l68
v
Under the-rule sales transacted
weekly
or
yearly range:
/
No sales.
z
Deferred delivery sales transacted during the current
week and not Included In
weekly or yearly range:
1
1
1
No sales.
Abbreviations
Used
Above—"cod."
"v t c."
voting trust
without warrants.
"cons." consolidate*,
"n-v " non-voting stock
certificates of deposit;
"cum," cumulative: "conv," convertible; "M," mortgage;
certificates; "w I," when issued; "w w." with warrants:
"*-» "
The Commercial & Financial Chronicle
2064
March
1940
30,
Other Stock Exchanges
Baltimore Stock
Exchange
hales
Friday
Last
Par
Stocks—
for
Sale
Arundel Corp
Week's Range
of Prices
Low
High
Price
Shares
Low
390
50
19
30c
36c
13
30c
1.60
1.70
110
Atlantic Cat Ln (Conn).50
Bait Transit Co com v t c *
19%
100
1.65
High
Mar
18*4
Feb
Mar
1.50
Jan
78%
Jan
*
83
83%
432
100
118
117)4 118%
111
116
Jan
35
27
Feb
20
127%
131
126
Finance Co of Am A com.5
100
9)4
18
28)4
28%
127)4 128%
9)4
9%
1
50c
4%% prefB..
Eastern Sgrs Assn pfd v t cl
Fidelity & Deposit
Houston Oil pref
Mar Tex Oil
Common class A
Unlisted
Range Since Jan. 1, 1940
19%
19%
18%
1st pref v t c
Listed and
Week
*
Consol Gas E L & Pow
SECURITIES
CHICAGO
March 23 to March 29, both inclusive, compiled from official sales lists
83
18
110
Paal H.Davis & Go.
21%
Jan
20
Feb
55c
Jan
1.85
Salle
Teletype
Municipal Dept. CGO. 521
St., CHICAGO
Jan
Jan
10
350
Jan
18*4
4,300
40c
Jan
70c
50c
700
30c
Feb
55c
Jan
Week's Range
for
Sale
of Prices
Week
Jan
50c
Last
Mar
65c
1.25
1.25
148
1%
Mar
2.00
13%
14%
25
13%
Mar
Jan
Monon W Pa P 8 7%
pfd25
29)4
29%
37
28
Mt Vrn-Woodb Mis cm-100
2.00
2.25
106
1%
Jan
16%
29%
2%
45%
46%
129
45%
Jan
48
498
Stocks
(Continued)
Low
Price
Par
High
Range Since Jan. 1, 1940
Shares
Low
High
Feb
Merck & Miners Trans p..*
Sales
Friday
Feb
18%
48c
...1
"T.25
La
S.
10
Feb
31
Mar
9%
Trading Dept. CGO. 405-406
83*4 Mar
119%
Principal Exchanges
Bell System
Jan
Jan d30
17
Members
Maryland & Pa RR com 100
Mt Vrn-Woodb Mis
pfd 100
New Amsterdam CasualtyS
Northern Cnetral Ry
50
Penna Water & Pwr com.*
Real Estate Trust Co.
_
U 8 Fidelity & Guar
45*4
16 *4
r2
"23"
16%
66
Jan
12%
Jan
16*4
Mar
88
Jan
90
Mar
64
Mar
72%
Jan
10
71
23*4
Jan
87
67*4
22%
Mar
10
90
71
"67*4
100
16%
90
Jan
71
Mar
75
Feb
740
Jan
22%
23)4
Jan
Bonds—
Atlantic Cst Ln
Ctfs of swbt 5%
87
1975
A 6s flat
Altorfer Bros conv pref
87
81%
32
1975
32
36)4
36
Georgia-Alabama Ry Co—
1st mtge cons 5%
1945
"90%
Amer Tel & Tel Co cap. 100
172%
5*4
Armour & Co common
5
Aro Equipment Co com__l
Asbestos Mfg Co com
1
Aviation Corp (Del)
14
14
Boston Stock
to
March 29, both
87
Mar
25,000
26%
Jan
32
Mar
15,250
31
Jan
36%
?400
86
Mar
Feb
Belden Mfg Co com
1,000
10
Mar
14
Mar
Belmont Radio Corp
Bendix Aviation com
inclusive, compiled from official sales lists
Last
Par
Week's Range
for
Sale
of Prices
tlToplt
rr
Price
Low
Range Since Jan. 1, 1940
High
Low
Shares
pref
non-cum
50
100
1%
15*4
171*4 173
50
1*4
15
172%
115
2,368
2
Jan
Jan
15*4
175*4
Mar
Jan
103
Mar
1%
13%
167*4
Feb
Mar
Bigelow-Sanford Carpet—
Preferred
100
Bird & Son Inc
100
85%
Boston Edison Co
100
144*4
Boston Elevated
100
Boston Herald Traveler..*
Boston &
Class
Class
Class
48
19*4
85%
55
215
86
143% 144*4
47%
49*4
19%
19*4
840
92
18%
JaD
8%
2%
10%
2*4
Mar
Calumet & Hecla
...5
Copper Range
East Boston Co
8%
475
1*4
2
Jan
1
Jan
7*4
1*4
8
41
7%
90
7
Mar
2%
2
2*4
607
3
3
2%
3%
2%
225
3%
50
Class D 1st pref std_. 100
Feb
17
50
7
Jan
j
17%
85
7*4
140
5
4%
4*4
10
6c
6c
Mar
Common
4)4% prior pref
6% preferred
100
3%
53
3%
52%
100
23
100
..100
61
Employers Group
*
General Capital Corp
Gilchrist Co
Gillette Safety Razor
*
4%
33%
-
-
5
700
4*4
Jan
5
Jan
34%
2,050
27%
Jan
10
11
m
3%
'
^
19%
650
17%
Mar
23*4
Jan
2,884
21%
Mar
Jan
Feb
4%
9%
--
3*4
3*4
7
Cum conv pref
30c
Camp Wy & Can Fdy cap*
Castle (AM) com (new) 10.
6*4
22*4
22%
15%
18
50
17*4
Mar
20
10
350
9%
2*4
6%
Mar
11%
Feb
Jan
4*4
Mar
Mar
7%
3*4
250
7
575
Feb
Jan
208
21
Jan
22%
Mar
525
22%
17*4
13*4
Jan
17*4
Mar
Feb
20
100
19
18
Jan
4-
10%
10%
50
11*4
81%
320
8%
78%
Feb
79*4
Mar
84 »4
%
%
*4
300
%
Jan
*4
Jan
7%
7%
100
6*4
Jan
7%
Mar
%
%
55
54%
112% 114
3,200
*
Jan
Jan
Central & 8 W—
Common
_50c
new
%
__*
54%
Prior lien pref
*
Cen States Pow & Lt pref. *
Chain Belt Co com
*
113
5%
5%
19%
19%
12
Cherry Burrell Corp com.6
Chicago Corp common
1
12
Mar
*4
Jan
310
54
Mar
200
112
Mar
120%
Feb
%
77
Jan
60
4%
Jan
6%
50
„
18*4
10%
Feb
20%
Jan
Feb
13
Jan
150
Jan
Mar
H)4
Mar
510
79%
Jan
91
5%
3%
1,050
4
Feb
5%
Mar
1,000
3
JaD
3%
Mar
11,950
31
Jan
Mar
177
4%
Jan
5*4
Feb
6c
Jan
7c
Mar
3%
54%
24%
10
3*4
Mar
528
42
Jan
55*4
Mar
230
17*4
Feb
24%
Mar
Feb
2%
Feb
3*4
25*4
15
Mar
4%
Jan
24*4
1,410
21*4
Jan
25*4
Mar
30
5
29*4
Jan
31*4
Jan
63
Jan
Jan
2%
5
100
4%
Feb
6
6%
6*4
287
6
JaD
6*4
Mar
32c
100
25c
Feb
32c
Feb
1%
100
Jan
2
Jan
1%
Jan
20
21
40
20
Mar
13%
25
Feb
2*4
2*4
80
2*4
Jan
2*4
Mar
14%
15%
237
14%
Mar
15*4
Feb
6%
6%
362
4%
Jan
6*4
Mar
1)4
1*4
130% 132%
*4
*4
300
1%
Mar
1*4
Feb
256
124%
*4
Jan
133)4
Mar
103
758
45c
Feb
69c
Mar
Jan
78
Mar
23
Jan
75
150
78
5%
Jan
Feb
78
Mar
'81%
m m —
Chi Flexible Shaft
Chrysler Corp
com
1*4
"11%
.5
common.
84%
10
""5%
4*4
3%
3%
Cities Service Co
com
Jan
61
Feb
*4
1%
67
JaD
Jan
Jan
1*4
Mar
80
Jan
54
Jan
Commonwealth Edison—
Capital
25
32%
32
32%
Compressed Ind Gases cap5
Consolidated Biscuit com.l
Consolidated Oil Corp
1
15*4
15*4
16
1
Jan
7
Feb
8
Jan
3*4
Feb
Feb
20
1
Jan
4)4
1%
15%
89
15
Mar
17%
Jan
29%
21%
70%
57
25
Jan
Mar
29%
24*4
Mar
325
JaD
70%
Mar
17*4
~
17*4
200
40
20*4
59
17%
Mar
mm
mm
«.
DeNets Inc pref.
__*
Diamond T Mot Car com_2
Jan
Feb
2
Jan
1%
1%
20
1%
Mar
17%
17*4
250
16%
Mar
19%
31
31
60
29%
Jan
31%
22
87
19*4
Feb
23*4
10
m mm
*
Jan
19
21*4
1%
17%
.35
com
30
70
1
Class A
606
29*4
20%
*
Curtis Lighting Inc com..*
Deere & Co
7*4
1
Cudahy Pack'g pref
10<
CunninghamDrugStores2 %
Common
3%
4
Jan
32*4
16*4
Feb
15
21
com
Jan
2%
4
2<
Common
Crane Co
13%
250
7%
"""7*4
Consmrs Co pt sh pf v t c5'
Com part shs v t c A..5'
Container Corp com
Continental Steel —
350
3%
3
Dayton Rubber Mfg—
78
Feb
4
Feb
Feb
Northn RR (New Hani) 100
Old Colony RR—
21
200
4%
18
18
_
10
Convertible pref
4%
69*4
8%
7c
55c
30
25%
22%
10
1*4
3*4
51c
Feb
18%
655
Feb
*4
Mar
11%
87%
8*4
52c
4%
75
14%
130%
Jan
10%
Feb
100
3*4
400
75
Mar
..2.50
35%
11*4
Mar
Jan
350
4
Chicago Towel Co com
*
Chicago Yellow Cab com.*
6
15%
Jan
Feb
15
c.l
35%
11%
Jan
8%
110
Inc
10
20
10
,
Mar
Jan
Jan
Jan
10
Mar
8%
8%
50
8%
Jan
10%
Feb
13*4
13*4
150
11*4
Jan
14*4
Mar
100
34%
JaD
38
100
11%
Feb
13
Jan
JaD
4
Mar
Dixie-Vortex Co—
Common
__*
Class A
*
37
37
com
*
Elec Household Utll cap..5
12%
12%
12%
3*4
3%
Elgin Natl Watch Co...15
28*4
Dodge Mfg Co
27
28*4
1,800
1,750
4
3
Mar
22%
Feb
28*4
Mar
100
Mar
Fairbanks Morse & Co cm*
30c
Ctfs of dep
Pennsylvania RR
Qulncy Mining Co
50
14%
22%
25
Reece Button Hole MachlO
Shawmut Assn T C
10*4
Stone & Webster
*
9*4
Torrington Co (The)
United Shoe Mach Corp.25
cum pref
25
Utah Metal & Tunnel Co.l
"76%
43
43c
Vermont & Mass Ry___100
Waldorf System
*
Warren Bros
25c
Jan
45c
Mar
37*4
44%
FitzSim & Co D & D com.*
10%
14
11c
Jan
15c
Feb
10%
Jan
33
10%
50
12c
Four-Wheel Drive Auto. 10
Jan
14%
22%
1*4
8%
13
Mar
Jan
4%
15%
Mar
579
21
Fox (Peter) Brewing com.5
Fuller Mfg Co com
1
4%
15%
100
11
Jan
Gardner Denver
Feb
Jan
14%
21*4
1%
8%
10*4
9%
9)4
1%
Mar
100
8%
Mar
9%
1,812
10*4
493
Feb
Jan
Mar
9
Jan
Feb
12*4
Jan
General Foods
Mar
444
29
Jan
502
72
Feb
33%
84%
43%
185
42%
Jan
44
41c
Mar
26%
Jan
Jan
Gen Motors Corp com. .10
General Outdoor Adv com *
Gillette Safety Razor—
Common
46c
135
Jan
90*4
Mar
6*4
Jan
7*4
Mar
1*4
Jan
1%
Mar
27
35
26%
Jan
Gossard Co (H W) com..*
Great Lakes D & D com..*
87
50c
Jan
30
Feb
Hall Printing Co com
1948
96%
100
96% 512,000
1,850
101)4
Mar
Jan
96%
Jan
92%
93%
101% Mar
Helleman Brewing cap
1
Hein-Werner Motor Parts 3
Hibbard Spen Bart com_25
Hubbell Harvey Inc com.5
Chicago Stock Exchange
Hupp Motor Car Corp
March 29, both inclusive,
compiled from official sales list
Friday
Sale
Stocks—
Par
Price
Range
of Prices
Low
High
for
Range Since Jan. 1, 1940
Week
Shares
Illinois Brick Co cap
2*4
48*4
12*4
Feb
3*4
Mar
15*4
Jan
4%
18
128
51*4
Mar
57%
Jan
1,000
2%
Jan
45%
Jan
51
Jan
2*4
48%
55%
Jan
303
Jan
6*4
Mar
Jan
6*4
Feb
Jan
Feb
JaD
12%
24*4
12%
27%
20*4
Feb
Jan
10
Feb
54*4
2,146
5*4
6*4
220
4%
6%
6)4
11*4
21%
6)4
11%
150
150
22%
215
11%
24%
12%
25*4
650
17%
9%
18%
9*4
6%
10%
21*4
11%
24%
17%
25
mm
mi
mm
—
*m m
Jan
400
53%
"12"
Jan
Feb
2,000
600
350
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Jan
350
8*4
8%
Jan
10
Mar
40%
40
38*4
Jan
42
Mar
13%
,14*4
4,100
11%
Jan
14*4
Mar
16%
116%
50
Jan
16%
Mar
*4
mmmmmmmrnmmm
*4
900
*4
Mar
9%
"40%
14%
m.mmm.
mm mm
mm
39%
1
10
14
Feb
1
4%
4*4
900
10%
11%
217
4%
9%
Mar
100
Mar
5*4
13%
Indep Pneumatic Tool vtc *
hales
Week's
cm
47*4
4
6%
Houdallle-Hershey cl B__*
Last
mm
"54
*
10
800
2%
mm
250
4%
17%
51%
3*4
17
Goodyear T & Rub com..*
50
55
14*4
51*4
Goldblatt Bros Inc com..*
30
Bonds—
.1948
4%
*
com
90*4
7%
1%
Eastern Mass St Ry—
Series A 4%s
Series B 5s
"15%
new.*
12
32%
78%
43c
com
4
Gen Amer Trans Corp cm.5
Gen Finance "Corp com
1
43
7%
1%
*
11
100
15)4
24*4
1%
30%
76%
87
*
Warren (S D) Co
52
43*4
Jan
30c
42%
186
30c
12c
Common
Pacific Mills Co
to
Mar
Feb
7
Natl Tunnel & Mines Co.*
New England Tel & Tel 100
March 23
11
Jan
Mar
14
Mergenthaler Linotype
*
Narragansett Racing Assn
6%
18%
Jan
M
...100
North Butte
Jan
8%
67
6
N YNH&HRR
17%
200
150
14
v t
9*4
100
11
10%
mm
6,050
100
pref
11
10%
17%
100
17%
10*4
m
M
32c
(Boston) 25
Feb
1%
59%
1%
Jan
7%
78%
5
"l%
4
M
30
6%
Jan
7%
Jan
Feb
1*4
Maine Central—
cum
Mar
3%
6*4
78%
20
25%
*
Hathaway Bakeries cl B__*
Isle Royale Copper Co. .15
5%
6
240
5
200
1)4
3*4
*
Mass Utilities Assoc
1,850
7,000
4
6%
Chic & N West Ry com 100
61*4
1)4
61
1%
East Steamship Lines com*
Common
Mar
Mar
Jan
Feb
Eastern Mass St Ry—
1st preferred
Adjustment
Jan
1*4
Club Alum Utensil com..*
*
15*4
45%
Mar
Jan
6*4
25
3
Mar
Mar
*4
Mar
Mar
2%
16%
Jan
Mar
2*4
3%
19*4
2
6%
17%
Feb
1*4
1)4
Jan
East Gas & Fuel Assn—
Loews Theatres
Butler Brothers
Central Cold Stor com..20
215
8
...
Boston & Providence..100
mm m m
Cent 111 Pub Ser $6 pref..*
Central-Illinois Seers com.l
Mar
Mar
6%
Jan
6*4
*
Feb
50%
20%
175*4
Jan
Jan
22
Mar
Jan
Jan
5%
13%
37
21*4
Mar
255
Jan
167*4
100
22
$7 preferred
100
100
preferred
100
A 1st pref std-.lOO
B 1st pref std._100
C 1st pref st'l_.100
*.
1
12
Jan
1,750
100
Brown Fence & Wire—
86
149%
1,098
23%
Jan
Mar
Mar
950
21%
Jan
142%
44%
Jan
89
1,000
23
10%
«
Jan
20%
1*4
6
78
Maine—
Common stamped
Preferred stam ped
Prior
25
101*4 103
11*4
12
*
Boston & Albany
41%
Feb
190
14
3*4
Bruce Co (E L) com
*
Burd Piston Ring Co com.l
50
Jan
19
Borg Warner Corp—
Preferred class A
High
American Pneumatic Ser—
1st pref
Amer Tel & Tel
7
mmmrn «• mm*
1
Common
f/Vfb
Mar
35*4
44*4
7%
Brach & Sons (E J) cap..*
hales
11
1%
—
..
5
*
Binks Mfg Co capital
1
Bliss & Laughlin Inc com.5
Exchange
Friday
6%
—
10
Common
Stocks—
14
Jan
44*4
6%
«.
3
100
10
20
90*4
171*4 172)4
5%
5*4
Associates Invest Co com. *
Backstay Welt Co com—*
Barlow&Seelig Mfg A com 5
Bastian-Blessing com
*
19
50
90
14
•»«.
36*4
19
Amer Pub Serv Co pref. 100
11
36*4
*
Berghoff Brewing Corp
March 23
11
11
Aviation & Transport cap.l
(Conn)—
Bait Transit 4s flat
Allied Products Corp com 10
Allls-Chalmers Mfg. Co__*
23%
24
200
21*4
Feb
24%
Jan
3%
85%
200
2%
Jan
3%
Mar
171
Jan
90%
Jan
58
347
82%
53*4
Feb
62*4
Jan
2)4
Mar
Illinois Central RR
10
4%
Indiana Steel Product coml
Inland Steel
Low
com
Co cap
3
83%
54%
_*
International Harvest com*
High
Jan
Jan
Interstate Power—
Abbott Laboratories—
Common
Acme Steel Co
*
Adams (J D) Mfg com...*
Adams Oil & Gas Co com. *
Advance Alum Cstgs com.5
Aetna Ball Brng Mfg com 1
Allied Laboratories com..*
For footnotes
see
page
*
$6 preferred
68*4
25
com
67
45%
68*4
45%
627
10
67
Mar
70%
Jan
Iron Fireman Mfg v t c
45%
Mar
49
Jan
Jarvis
2%
2%
10
*
16%
16%
100
9*4
9*4
200
9
Jan
10
Jan
3*4
3%
12%
3*4
3%
200
3*4
Jan
4
Jan
Jefferson Elec Co
3*4
3%
800
2%
Feb
4
Jan
12*4
13
350
11%
Jan
19
18*4
19
150
18*4
Mar
Joslyn Mfg & Supply com.6
Katz Drug Co com
1
Kellogg Switchboard com.*
2067.
10
13%
20%
Feb
Feb
16
Jan
Jan
4*4
17
Feb
(W B) Co—
Common
*
mm
mm
mm
mm mm
mm
17
mm
15%
800
19%
20*4
450
19
Mar
21*4
Jan
48%
15
*
com
48%
100
46%
Jan
48%
Mar
5*4
5*4
8%
150
5*4
Mar
Feb
350
7*4
Jan
6*4
8%
15
~
mm
mm
mm
""8*4
8*4
14*4
Feb
,
Jan
Mar
Volume
of Prices
Low
High
Stocks (Concluded)
Price
Par
Ken-Rad Tube&L'p comA*
4K
Kentucky Util jr cum pf_50
44K
La Salle Ext Univ com
Leath & Co
Jan
5K
Mar
49 K
Jan
Cin Telephone
Jan
103 K
Feb
2K
300
Feb
3K
Jan
100
Jan
K
IK
Mar
4K
Mar
Crosley Corp
Mar
Crystal Tissue
1K
200
IK
Jan
4K
300
3K
Jan
40
25K
Jan
30
50
6
Jan
6K
Jan
6K
Jan
7K
Feb
2%
2K
21K
200
2
Feb
2K
Jan
70
20%
Mar
26
4%
Jan
6
Mar
Jan
Jan
Jan
2K
28 K
Mar
7%
Jan
450
100
25
60
30
6%
30
150
26
Jan
30
Marshall
13K
13%
14
750
12 %
Feb
15K
Merch
Field
&
Mfrs
*
com
5K
Mar
Feb
Mar
4
Jan
Mar
30
3K
3K
3K
200
26 %
26 %
26 %
30
Mickelberry's Food com.l
3K
3K
3K
150
3K
Jan
3K
Jan
8K
7K
Mar
Jan
Randall A
Mir
9K
2K
Jan
Jan
6K
Jan
6K
Jan
Miller & Hart Inc
1%
K
K
54 K
861
25%
28
19
100
%
Jan
3K
100
IK
1%
IK
Mar
4K
K
230
23
53
Monroe Chemical Co com*
5
100
6K
•
23
*
IK
50
150
5%
6K
pf.*
cnv
Modine Mfg Co com
5
4K
100
100
950
2
5
Jan
Jan
IK
Jan
7%
23
Preferred
IK
*
Muskegon Mot Spec cl A_*
55 K
28
Jan
IK
900
26
Feb
28 K
28
Feb
34 K
4%
4%
1,100
3
Feb
5K
11K
8K
8K
10 %
30
7K
Jan
10 K
700
10K
Mar
18 K
20 K
550
Northwest Eng Co cap
20
*
10K
8K
12
20 K
22 K
15K
10
61K
Mar
12
Omnibus Corp common..6
13 %
12K
13K
90
210
Ontario Mfg Co com..
*
11K
11K
350
Penn Elec Switch conv A 10
15%
21%
15K
150
70
12 K
13K
Mar
14K
11%
Feb
12
14K
Feb
15K
22 K
604
21K
Mar
35 K
599
35
Mar
38%
29
50
26
Feb
Poor & Co class B
Pressed Steel Car
5
6
Jan
11
Mar
93
40
Jan
43
Mar
13 %
80
12K
Jan
15
Feb
5
Mar
IK
2K
2K
68 K
68 %
20
5
6% preferred
Serrlck Corp cl B com
IK
1
Common
15K
*
Co
Preferred
(new)
Standard Oil of Ind
Feb
9
10K
Feb
Apex Elec Mfg pref
Jan
87
81K
K
Jan
Jan
2K
Mar
28
Jan
30 K
17
Mar
15K
Mar
14
Jan
Jan
15
Jan
27%
3,000
22 K
Jan
27 K
Mar
1%
40
IK
Mar
IK
Mar
10
150
9%
Jan
11
38 K
100
38%
Feb
38 K
78
30
75%
Feb
80
2
200
14
200
62
1%
11%
1%
Mar
14"
IK
13%
Mar
2%
1,332
25%
Mar
27%
Stein & Co (A) com
14
Jan
25%
13%
*
Stewart Warner
1%
IK
5
IK
27
100
13K
Jan
12
Jan
Jan
7%
8K
730
2K
Feb
24%
4,000
15K
Jan
24
Swift International cap.. 15
Jan
50 K
Mar
37
25
34 K
Jan
37
Mar
503
IK
Jan
15
25
13 K
Jan
17K
Mar
12
117
9K
Jan
13
Mar
Jan
109
Jan
28
28
22 K
c
of Prices
High
Low
*
*
Cl Cliffs Iron pref
*
c Cl Graphite Bronze com.l
Cleve Railway
100
Cliffs Corp com
5
Jan
Elect Controller
*
Jan
c
Glldden Co com
28
22
Jan
32%
25%
Mar
c
Jan
45%
Mar
c
Interlake Iron com
15
15%
Union Carb & Carbon cap *
81K
83%
15K
Feb
88
Jan
c
Jan
21
Mar
Jan
21
3,450
14 K
83%
174
81K
Mar
54%
57 K
Jan
87K
1,546
53 K
Mar
68 %
Jan
117% 118K
"57%
137
115 K
Feb
118%
Mar
IK
200
IK
Feb
IK
Jan
1%
1
Utility & Ind Corp—
Convertible pref
Wahl Co common
IK
Jan
IK
Mar
1%
450
IK
Jan
"22"
21 K
22
1,200
22K
Feb
23
28
20 K
22 K
Jan
22 K
Mar
28 K
Jan
10"%
Jan
117 K
Jan
6K
Jan
5
4
1%
_.*
*
Walgreen Co common
650
IK
IK
7
Western Un Telegcom.100
IK
112K
18
7
7
50
Westh'se El & Mfg com.50
112
Wieboldt Stores Inc com.*
1,100
2,250
2
Feb
Jan
Jan
7K
5K
Feb
Jan
5K
Mar
Jan
Wisconsin Bankshrs com.*
5K
5K
5K
Woodall Indust Inc cap. .2
5%
89
4K
5K
86 K
89 %
Jan
3%
3K
100
2K
Jan
3%
Jan
"l6K
15%
16K
1,500
14 K
Feb
16 K
Jan
*
5
Wrigley (Wm Jr) cap
Yates-Amer Mach cap
Zenith Radio Corp com..*
405
89
84 %
129
129
$5,000
129
126K
Jan
Jan
130
130
Jan
United States Steel com.
c
Feb
60 K
90
35K
Jan
43
Mar
784
17%
Jan
29 K
Mar
15%
Mar
2,953
250
116
27 K
Jan
115
E.
Fourth
New
100
41K
75
22
Amer Laundry
*
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Week
Price
16K
Burger Brewing
Carthage Mills A
Champ Paper pref
Churngold
Cin Advertising Prod
*
100
100
*
For footnotes see page
16K
207
15K
Mar
16K
Mar
8K
Mar
12K
Jan
40 K
Mar
40 K
Mar
205
3
86
13 K
15K
35 K
Jan
45 K
15K
Mar
17K
150
33
Mar
37
100
3K
3K
Jan
15
58
12
Mar
15
103
13
102
Jan
105
Feb
"167"
2067,
8
106K 107K
Jan
Jan
7K
Feb
17 K
Mar
3K
Mar
4K
Jan
13 K
Jan
1,106
2K
Jan
36 K
Jan
29
14 K
Mar
18K
Jan
Feb
30%
Feb
7%
Jan
100
47
100
30
30
a7%
24
6K
145
9K
Mar
10
10
75
9K
Mar
13
13
50
12K
Jan
40
Feb
10% alOK
12%
%
Jan
10
Jan
Feb
14
Jan
Jan
23 K
Jan
019K 021%
39K
403
18K
40%
06 K
07
034K a35
879
36K
Jan
40 K
Mar
25
6K
Mar
8K
Jan
39%
Mar
75
27 K
Jan
35K
047K
25
46 K
Jan
52
al2K 012K
a55
058 %
10
9K
Jan
13K
Mar
191
53 K
Mar
68 K
Jan
047 %
Jan
Jan
5
5
200
5
Mar
5K
3K
3K
600
3K
Jan
3K
Jan
6
6
100
5K
Feb
6K
Feb
210
10K
Mar
13 K
Jan
a39 K
25
37 K
Mar
48 K
Jan
a22
75
22
Feb
28 K
Jan
allK allK
039 K
K a23
& Co.
New York Curb Associate
Chicago Stock Exchange
DETROIT
Exchange
both inclusive, compiled from
of Prices
High
Sale
Par
Stocks—
Low
Price
8K~ Jan
6
6K
Mar
15
5K
Jan
8
Mar
206
106 K
Mar
110
Feb
Allen Electric com
1
1
com.5
Baldwin Rubber com
Bohn Alum & Brass
Briggs Mfg com
*
1
»t^
1
for
I
Range Since Jan.
1, 1940
Week
Shares
170
High
Low
IK
Feb
IK
IK
7K
2,034
6K
Jan
7K
26
26 K
200
24 %
Feb
26 K
21K
22
1,032
19 K
Jan
22 K
IK
6K
.
official sales lists
Sales
Week's Range
Last
Mar
103
6%
Mar
206
39
Detroit Stock
Feb
3K
Mar
Jan
6%
Jan
4
Feb
3
65
127
a7%
10
Jan
29
25K
65
30
1
*
Mar
14 K
8
*
Cin Gas & Elect pref... 100
16%
3K
Mar
36 K
Friday
15
"163""
Feb
41K
180
High
Low
13 K
Mach__.20
Amer Roll Mill
24 K
Jan
157
Building
March 23 to March 29,
Shares
20 K
Jan
official sales lists
Range Since Jan. 1, 1940
Last
Jan
alOK
16K
35K 35K
7K
7K
al6K ol7
3%
3%
a
Jan
16K
21K
41
Telephone: Randolph 5530
Sales
Friday
Jan
Jan
Exchange
Cincinnati Stock Exchange
both inclusive, compiled from
Jan
Mar
Jan
York Stock Exchange
Detroit Stock
Teletype Cin. 274-275
Ford
March 23 to March 29,
33K
Members
St., Cincinnati
Telephone Cherry 3470
Jan
Mar
116
Feb
Watling, Lerchen
Exchange
18K
12 K
Feb
11
114K
19K
al5K al6%
& Tube*
Youngstown Stl Dr com *
Established 1878
Cincinnati Stock Exchange, New York Stock
and Other Principal Exchanges
Jan
51
168
YLL LYONS &£&
Members:
Jan
Feb
2
50
39
Youngstown Sheet
Securities
Jan
41
39
*
*
50
White Motor
IK
Feb
1
Works
Vlchek Tool
Cincinnati Listed and Unlisted
3%
Thompson Products Inc..*
c Timken Roller Bear
*
Van Doen Iron
Mar
12%
Feb
16 K
_
Upson-Walton
Mar
14K
Mar
40
*
Midland Steel Product...*
Miller Wholesale Drug—*
National Acme
1
c
Bonds—
Commonw Edison 3 Ksl958
7
75
Jan
16K
fl26 % a27 K
Medusa Portland Cement
Troxel Mfg
Jan
Mar
37 K
3
...
6
70
44
45
a43 K o45
*
Prior pref 6%
*
c New York Central RR.
*
Nineteen Hundred Corp A*
c Ohio Oil com
*
Otis Steel
*
Packer Corp
*
Reliance Electric
5
c Republic Steel com.. — *
Richman Bros
*
Selberling Rubber
*
940
17
olO
Natl Refining new
Feb
Mar
90
1
Martin (Glen L) com
K
50
Lamson & Sessions
Feb
4
19 K
100
com
Jan
78 K
81K
21
20
United States Steel com..*
7% cum pref
Utah Radio Products
Jan
14K
544
62
Mar
90
Jan
al7%
*
*
Interlake Steamship
4%
300
237
Jan
56 K
10
C32K a33K
45K
45 K
41K
Industrial Rayon com..*
42 K
85
al8% al8K
a22
a22K
Goodrich, (B F)
348
29 K
16 K
12K
116
a 17
Goodyear Tire & Rubber.*
Halle Bros pref
100
1,560
10%
a37K a,38 %
45%
*
2,200
United Air Lines Tr cap..5
15K
116
General Electric com...*
c
Feb
27 K
16%
*
45%
Mar
54 K
fl42K «42K
29%
Mar
176
2
53
100
Eaton Mfg
Mar
75
2
High
Low
8%
15
6K
6K
12K
Dow Chemical pref
Feb
K
31
106
1
Colonial Finance
Week
Shares
65
al3K al3K
City Ice & Fuel
Cl Builders Realty
official sales lists
Range Since Jan. 1, 1940
for
90
75
22 K
U S Gypsum Co com
105
Feb
Clmland
10
6%
29 K
-
25
2K
Sales
Week's Range
Amer Home Prod com..l
Brewing Corp of Amer._.3
Canfield Oil
100
45K
4%
108 %
86
22 K
4
2K
a60K a62
25
Thompson (JR) common25
Trane Co (The) com
2
.25
Corp capital
Jan
103 K
Jan
10
Mar
9
23 K
Swift & Co
103
A. T. & T. OLEV. 565 ft 868
Price
Mar
2%
24
Mar
Feb
14
Sunstrand Mach T'l com.5
Texas
4K
Mar
100
100
Airway Elec pref
78
27
25
Feb
47 K
Sale
Jan
10
Standard Gas & Elec com. *
3
both inclusive, compiled from
Par
Stocks—
K
38 K
(new).l
20
Mar
501
Cleveland Stock Exchange
March 23 to March 29,
Jan
K
78
10
St Louis Nat Stkyds cap. .*
Stand Dredge com
90
20
Jan
Feb
1%
2
cap..
14
150
♦
Feb
5
Uiln Cmmm Billdlng,
Mar
29
24%
26%
South Colo Pow cl A com 25
St Joseph Lead
15K
14
Sivyer Steel Castings com. *
Sou Bend Lathe Wks cap.5
Spiegel Inc common
250
50
18
75
Telephone: CHerry 5050
Feb
Feb
400
Mar
40
4K
108
Feb
Mar
694
Mar
70
20
2K
154
115
150
2
Mar
Jan
11K
Last
80
30
1%
3%
Jan
Jan
65K
4,281
Friday
100
87
Mar
14 K
Jan
Jan
4K
50
30
Slgnode Steel Strap pref_30
32 %
49 K
2K
15
__
Jan
U%
86
Sears Roebuck & Co cap. _*
2
5
Jan
37
K
Mar
9K
%
105
2K
103
103
14K
123 K
10%
9*
28 %
580
69
3K
4K
Raytheon Mfg—
Schwitzer-Cummins cap__l
IK
IK
12K
%
50
625
K
32%
Mar
5
100
5
5
31K
32
Feb
%
10 %
12%
116% 117 K
153 K 153 K
117
11
42 K
13 K
Feb
%
1
com
11
42 K
Jan
10%
11%
Quaker Oats Co common.*
Preferred
100
Mar
Feb
50
500
K
*
6%
5.K
4K
4%
Jan
*
Jan
Mar
24 %
35
Pictorial Paper Pkge com .5
Pines WInterfront com
1
5K
GILLiS j<f RUSSELLco.
Jan
29
*
Mar
5
6
6
6
Jan
Peoples G Lt&Coke cap 100
50
Feb
28 %
Members Cleveland Stock Exchange
Jan
Jan
Perfect Circle (The) Co
Penn RR capital
55 K
Jan
13K
Ohio Listed and Unlisted Securities
Jan
16
61K
12
Jan
26 K
Mar
Jan
16
51K
10
Jan
16K
61K
133
K
Mar
70
100
100
Nunn-Bush Shoe com._2K
7% preferred
Prior lien pref
157
54 K
100
Feb
12
North West Util—
Mar
16 K
28 K
50
Mar
11K
Mar
16 K
16
53 K
28
...10
Wurlitzer
Mar
4%
Northern 111 Finance com.*
Jan
16 K
47 K
Preferred
Jan
1,400
Northern Paper Mills com *
Northwest Bancorp com
*
114K 115
Feb
Mar
340
34%
Jan
Mar
115
Jan
IK
23%
200
21
Jan
Mar
32%
K
Mar
U S Printing
27%
1%
Noblitt-Sparks Ind com..5
Nor Amer Car Corp com 20
Jan
21
110
...10
U S Playing Card
34 %
10
com.
Jan
Jan
Jan
8
Sabin Bobbins pref.. ..100
Jan
28
Nat Rep Inv Trust con pf *
National Standard
50 K
21
20
12%
28
*
Preferred
Common
Feb
21
.Timken Roller Bear..
Montgomery Ward—
10
21
*
Feb
Mar
Feb
21
*
B
Mar
2%
104
*
P& G.
6,000
.100
Mar
11%
10
National Pumps
1
6% prior lien
7% prior lien
7% preferred cl A
2
11
*
*
7%
Mar
7%
7%
Jan
7
11
...25
Kelley-Koett pref
com
Middle West Corp cap
5
Midland United conv pf A*
6K
60
*
Kahn
Jan
75
2K
Mar
Jan
*
Kroger
Sec—
130
120
7
..100
Part pref
part pref
3K
Mar
25
6K
10
Hobart A
$2
25
146 %
■
Class A
cum
Jan
Feb
146K
Mar
53 K
Jan
2K
6K
2
*
Hatfield prior pref
28 K
2
14
Mar
7
*
Mar
6K
29%
Feb
5K
6K
_
Gibson Art
28 K
*
com
com
18%
13K
6K
100
Mar
5
17K
2
474
6
146 %
General Motors
18K
McCord Rad & Mfg A
*
Mapes Cons Mfg Co cap. .*
Liquid Carbonic Corp com*
13 %
Mar
*
Formica Insulation.
85
14 K
2%
10
Preferred
Jan
500
6
Jan
*
Eagle-Picher..
Early & Daniel
5%
Jan
12 K
5K
*
*
Dow Drug
557
21K
97
35
*
7K
15%
IK
Loudon Packing
Coca Cola A
6K
*
105
14 K
6
Consol Gas.
6K
6%
10
Common
*
■
Lindsay Lgt & Chem—
Mar
100K
2K
100K
99
City Ice
%
30
High
Jan
14K
100K
Cin Union Stock Yard
Jan
Low
737
13K
43
100
2%
K
Week
Shares
2%
2%
2%
...50
160
1%
10
Price
Range Since Jan. 1, 1940
for
of Prices
Low
High
50
280
30
LibbyMcNelll&LIbby com7
Lincoln Printing Co com.*
Lynch Corp
(Concluded)
45%
4
4%
*
Par
Cin Street
2K
5
$3.50 pref
Mar
103 K
102
2%
__*
com
Cumulative pre!
Le Roi Co com
4
50
4K
High
Low
Shares
Stocks
%
102 %
6% preferred
100
Kerlyn Oil Co cl A com__5
Kingsbry Brewing Co cap.l
Week's
Sale
for
Week
Sale
Range
Last
Range Since Jan. 1,1940
Week's Range
Last
Sales
Friday
Sales
Friday
2065
Chronicle
The Commercial & Financial
ISO
Jan
Mar
Mar
Jan
2066
The Commercial & Financial Chronicle
Friday
Sales
Last
(Concluded)
Brown McLaren
Par
Week's Range
of Prices
Week
Price
Low
1
com
Friday
for
Sale
Stocks
High
98
Burroughs Add Machine.*
Burry Vlscult com
12Hc
11
Consumers Steel com
1
Continental Motors com.l
885
11
Mar
12 X
Jan
Richfield Oil Corp com
Warrants
87c
Feb
IX
Jan
Roberts Public Markets..2
SX
8K
Ryan Aeronautical Co
1
5H
4X
*
7H
Jan
9
Mar
5K
4,890
4H
Jan
OK
Mar
Feb
IX
Jan
Jan
4x
Feb
Safeway Stores Inc
a50
a50
a50
Feb
2
Jan
alOX
a
85C
Jan
Shell Union Oil Corp.'....*
Signal Oil & Gas Co A
*
alOH
Feb
Jan
Sontag Chain Stores Co..*
6
Jan
So Calif Edison Co Ltd..25
30
100
70c
U9K
94
5
IK
Dct-Michlgan Stove com.l
IK
IK
2K
Detroit Paper Prod com..l
Ex-Cell-O Corp com
..3
75c
Federal Mogul com
*
Federal Motor Truck com-*
Frankenmuth Brew com.l
14 X
4
118H
Mar
200
IK
Feb
20,302
IX
Jan
75c
88c
26 K
14 K
900
26 K
IK
2%
Mar
1,150
Mar
IX
20 X
Mar
Jan
1 OK
6% preferred B
Jan
Jan
12
2,730
2K
125
20X
895
UK
4 H
4
Mar
690
4
Mar
30
30
2K
28 K
3
30
4H
29 K
Feb
Jan
30 X
29 X
Jan
28 X
34
158
33X
Feb
34 H
Jan
12H
22X
12
12X
1,188
12
Mar
15X
Jan
22 X
23
1,771
22 X
34X
30K
620
34 X
Feb
3b
Jan
2,108
2,519
OK
Mar
7
Mar
Standard OU Co of Calif..*
Superior Oil Co (The)...25
Transamerica Corp
2
35X
16H
6K
10 K
4,225
4X
Mar
OX
Mar
100
10 X
51X
Feb
13 H
Jan
Jan
50X
Jan
6
VandeKamp'sHD Bakers.*
Vega Airplane Co
1H
1,645
Wellington OU Co of Del. 1
Western Air Express
__1
2%
2K
2K
1,150
2X
Jan
2K
Feb
Graham-Paige corn
__1
Grand Valley Brew com..l
90c
90c
94c
300
90c
Jan
IX
Jan
78c
77c
78c
500
X
OK
Feb
.
Mar
ox
2,202
28 X
Jan
30
30
6
5X
10X
6
30
16H
16
Jan
Jan
26 H
Mar
Feb
Jan
Jan
17H
9H
9H
9K
9H
240
9H
7X
2X
6X
2X
5K
2X
OK
7X
9,030
4H
Jaif
2K
200
2X
Mar
OK
100
OK
2X
2X
236
2X
6H
OK
OX
200
6
Mar
ox
Mar
10c
10c
10c
1,000
9c
Mar
14Hc
Jan
He
He
He
4,000
He
Jan
2c
Jan
a6c
a6c
a6c
700
2X
Jan
35c
Mar
1
Yosemite Ptld Cem pref. 10
Mar
Mar
7X
3X
Mar
Mar
7
Mar
Mar
3
Feb
56c
Jan
78c
OK
UK
3,807
OK
Feb
13H
120
13 K
Feb
11H
14H
Mar
13 H
*
13H
14H
2,748
UK
Feb
14 X
Mar
685
ox
Jan
OK
Feb
41c
Feb
52c
Jan'
Gold
10
Black Mammoth Consol 10c
Calumet Gold Mines Co 10c
Cardinal Gold
..1
Mar
IX
Jan
ConsChollar G&8Min..l
2
VK
2
500
1H
Mar
Prince Consol Mining._10c
35c
35c
35c
100
28c
Jan
Jan
Mar
*
2H
Hall Lamp com
Hosklns Mfg com
Mar
867
Jan
54 K
31
Jan
1,740
Jan
10 K
27
260
29 X
34
Jan
54
16
101
34
2X
0%
10K
20
10X
30
29
32 H
54
*
10
Jan
29K
Jan
4K
Jan
1H
30
25
5H% preferred C
25
So Calif Gas Co 6% pf A 25
Southern Pacific Co... 100
Mar
2K
28 H
515
8X
OK
29 K
29 X
Union OU of Calif......25
2%
Fruehauf Trailer com_,__l
com
Mar
310
66c
1,920
Goebel Brewing com
87 He
8X
350
85c
Gemmer Mfg B
General Motors
Feb
100
375
IK
High
7
85c
75c
Low
350
87 Kc 87Hc
87 He
Range Since Jan. 1, 1940
Shares
7
OX
4K
lVs
com
7
75c
118 K
Gar Wood Ind
*
4
*
Detroit Gray Iron com
High
Feb
10
com
for
Low
Price
IX
550
1940
Week
Jan
100
com
Det & Clev Nav com
Detroit Edison
Par
of Prices
88
3H
IX
Crowley Milner
Stocks (Concluded)
High
Week's Range
Sale
Low
30,
Sales
Last
200
11H
IK
IK
Range Since Jan. 1, 1940
Shares
100
March
Houdallle-Hershey B
Hudson Motor Car com..*
Hurd Lock & Mfg com.__l
6
5K
6
45c
45c
47c
1,750
Mining—
Alaska-Juneau
Jan
Kingston Products com__l
Kinsel Drug com
1
IX
IK
IK
550
1H
49c
43c
50c
500
35c
Feb
Lakey Fdry & Mack com.l
LaSalle Wines com
2
6C0
Mar
4H
IK
4H
4H
690
4
Jan
4K
Mar
IK
IK
1,427
1H
Feb
IK
Jan
1,510
90c
Jan
IX
Jan
Amer Rad & Std Sanl
35c
35c
150
30c
Jan
40c
Feb
23c
20c
24c
3,692
19c
Jan
25c
Jan
Amer Smelting & Refining*
Amer Tel & Tel Co
100
2K
2K
100
2H
Jan
2X
OK
OK
100
OK
Jan
7
75c
80c
370
74c
Feb
90c
5,122
7H
Jan
4,750
1H
Jan
Masco Screw Prod
McAleer Mfg com
McCIanahan Oil
.A
com.
IK
*
1
com
Michigan Silica
corn
1
Mich steel Tube com
__2H
Michigan Sugar
Micromatic Hone
"6K
*
com
75c
1
11
Mid-West Abrasive com50c
2
Motor Products
Murray Corp
com
*
com
10K
Feb
14 H
Mar
OK
Jan
8H
Feb
4
2,116
3K
3K
43 K
43 X
12
UK
IK
IK
*
Ttvoli Brewing com
1
United Shirt Dlst com
United Specialties
643
Aviation & Trans Co
Baldwin Locomo Wks
Mar
a22H
Canadian Pacific Ry Co.25
5X
Jan
IK
IK
Mar
IK
Jan
Cities Service Co
IX
Mar
2%
Jan
Columbia Gas & Elec
767
22
14,167
4
IK
225
Mar
25
Jan
*
*
Commercial Solvents
Commonwealth & South
Continental Motors Corp. 1
Continental OU Co (Del).5
13 K
125
13 H
Jan
24 K
885
21
Jan
24 X
Mar
2K
2K
925
2X
Jan
2K
200
2bc
Jan
43c
Jan
IK
500
*
"iK
4 K
4H
OK
OK
5K
OK
OK
2
2K
IX
4,067
*
IK
IK
"~2 X
1,050
1,600
IK
3X
Jan
4 K
Mar
Jan
OK
Mar
Mar
5K
105
10
10 H
10 X
29
29
Elec Pow <fc Light Corp..*
General Electric Co
*
2%
Mar
IX
IK
Jan
ICc
Jan
20c
Feb
Jan
105
Mar
York Stock Exchange
Friday
Blue Diamond Corp
2
Bolsa Chlca Oil A com.. 10
*
for
of Prices
Week
Low
High
Range Since Jan. 1, 1940
Shares
Low
High
Calif Packing Corp com..*
Central Invest Corp... 100
Chrysler Corp.
5
Consolidated Oil Corp...*
Consolidated Steel Corp pf *
Creameries of Amer v t c.l
3K
IK
34X
Mar
31X
Feb
30
73 K
Feb
76
23 X
Feb
23 X
Feb
150
ox
Feb
OK
Mar
11
51X
51X
Jan
25
ox
Mar
345
13 X
Feb
Jan
6
150
7
Jan
1
4K
1,985
3K
Mar
4
K
Jan
28c
28c
235
28c
Mar
37c
Jan
IK
IX
Feb
3
Jan
2X
IK
2
aUK
IK
a
5,597
2X
2
al4H
800
14K
75
36
Jan
Jan
14K
Mar
IK
Jan
4
K
Feb
Feb
UK
Mar
Mar
29X
Feb
Jan
3K
95
1,601
652
9X
29
90
18 X
a32X a34K
35 X
18
85
al9K
145
Mar
8
38
Jan
40
Jan
45K
Jan
47 X
Feb
Mar
20
Jan
Mar
38 X
Jan
OX
4
350
3X
Feb
4K
Jan
36
310
25X
Mar
35X
300
35 x
Jan
30 X
35 X
Feb
7K
7K
120
7K
Mar
7X
Mar
4
35X
7K
a53
a 52
X a54
4
4
200
16
16
240
10
24H
24 X
24 H
530
20 H
Mar
65
20X
Mar
a21
a20K a21
3K
Feb
Mar
24
24
24
220
14 X
23 X
Mar
26
a7X
a7X
a.7 X
55
7
3X
o7K
200
3X
Jan
a7H
3X
aOX
100
7K
Jan
123
21X
22
22
*
6H
6H
*
20 K
20 X
Seaboard Oil Co of Del
Sears Roebuck & Co
*
*
al8H
a86H
Socony-Vacuum OU Co..15
Standard Brands Inc
*
aOX
10
11
11
20
8K
Feb
12
Mar
150
90 H
8
Warner Bros Pictures
alOH
10
alOH alOH
a82H o83
a83
20 H
21
a47H
<z2 H
21
a47H a47K
a2K
a 2H
a33H a33H
a33X
58
5
143
10
05X
a3H
a3 H
58
Jan
Feb
Mar
22 X
11X
Mar
Jan
7K
24X
OK
19
Mar
Jan
OK
Jan
Mar
Jan
82
402
85
a22X a22K
45 H
45H
45H
Jan
4
40
a43H a43K
a22X
United Corp (The (Del). *
U S Rubber Co
10
U S Steel Corp
*
216
590
a7X
aOX
a43H
United Air Lines Transp.5
United Aircraft Corp
5
6H
al8H al8H
c85H o80K
UK
UK
UK
OUCo(NJ)...25
22
21
Jan
Feb
21H
7H
Jan
3X
Jan
18 X
26 H
Jan
200
6
Jan
UK
Jan
7K
Jan
Feb
43 H
43 X
12
Feb
10
Mar
Jan
23H
Feb
Mar
45 K
Mar
36
22 X
45H
10H
Feb
11
165
78 X
Feb
672
15H
Jan
82 X
21
35
547
193
Jan
Jan
Feb
Max
48 X
Jan
48 X
Jan
80
2H
Mar
25
35 H
Feb
2K
38 X
Feb
Mar
62 X
Jan
812
20
a3K
Westnghse El & Mfg Co.50 all2H all2Xall2X
3X
Jan
4
Jan
Jan
96
Willys-Overland Motors..
54
35
1
alH
alK
olK
Jan
11
4
Jan
*
Texas Corp (The)
25
Tide Water Assoc Oil Co. 10
Union Carbide & Carbon.*
Jan
218
4
16
50
Jan
30X
3 OX
4
_
Byron Jackson Co
456
255
a
Stone & Webster Inc
*
Swift & Co..
....25
Sales
Week's Range
Sale
28c
Mar
135
Republic Steel Corp
Teletype L.A. 290
Last
Berkey & Gay Furn Co.-l
Mar
15X
a38
038K
a47K a48
*
Pennsylvania RR
Radio Corp of Amer
inclusive, compiled from official sales lists
Price
Jan
4
Jan
Paramount Pictures Inc_.l
Angeles Stock Exchange
Par
Jan
100
OK
36
*
Standard
Stocks—
3X
Feb
15
Packard Motor Car Co..*
San Francisco Stock Exchange
Los Angeles
Bandlni Petroleum Co.__l
7X
al9H
McKesson & Robbins
Ohio Oil Co
Chicago Board of Trade
Angeles Stock Exchange
Los
Jan
OK
International Tel & Tel..*
Kennecott Copper Corp..*
Loew's Inc
*
North American Co
MEMBERS
March 29, both
6
5X
o38H
a47%
*
Wm. Cavalier & Co
to
Mar
24 K
a32K
Intl Nickel Co of Can
Jan
Feb
10 X
29
Mar
Feb
104
a22H
Nor American Aviation. 10
March 23
1
1
Mountain City Copper.. 5c
623 W. 6th St.
Mar
0
Mar
220
aZX
a3X
a22K a22K
1
Class A.
*
*
IK
1,000
105
Jan
Curtiss-Wright Corp
General Foods Corp
Goodrich (B F) Co
1
984
22c
OK
IK
2,580
IK
19c
Feb
Mar
4
220
IK
IK
Jan
New York Central RR
Nmw
29K
Mar
400
1
a3X
Montgomery Ward & Co.*
Los
4
a49X a49X
a4K
d4K
a 5K
a5K
al4H al5X
1
Jan
5H
22
J an
38c
*
.
.
Jan
Mar
578
34 X
34X
a74K a76K
a22X
OK
ox
al5H
Mar
Mar
47 K
174 X
35
7X
10X
Jan
Jan
30
178
a22
a49X
a4H
a5K
OK
13K
105"
*
10
Jan
38c
1
Caterpillar Tractor Co
Jan
X
IX
IK
IK
14X
"2 X
Warner Aircraft
5
10X
10
Mar
Mar
26 H
643
22 X
4
*
IX
OK
4
5
Corp
240
IK
Wayne Screw Prod com..4
Wolverine Brewing com__l
Wolverine Tube pref___100
1
8K
47 X
172
a5K
7
7X
v t c.
10
40
498
a22K a23
Borg-Warner Corp
200
22 K
a23
Bethlehem Steel Corp
1,375
Jan
aOK
22 X
15X
34H
a70K
IK
IK
..1
com
Jan
4
44 X
Jan
12 H- Mar
24
13K
Universal Cooler A
Universal Cooler B
*
Jan
Feb
8X
IK
1
com
3X
43
5K
6K
Tlmken-Det Axle com..10
Tom Moore Dlst
Feb
2
1
com
674
22 K
1
(Fred'k)
2
IK
IK
Simplicity Pattern com...l
Stearns
Mar
2
...5
River Raison Paper com..*
Scotten-Dillon com
_.*
Std Tube B com
22 K
410
UK
Sheller Mfg com
a5%
1,865
*
Reo Motor com
29 X,
5
7K
Peninsular Mtl Prod com.l
com
50
Topeka & S Fe Ry 100
Atlantic Refining Co
25
Aviation Corp (The) (Del) 3
Atch
Bendlx Aviation
Packard Motor Car com..*
Parke Davis com
___.*
Parker-Wolverine
Anaconda Copper
13 K
7
UK
a8K
a8K
a48X a49K
172X 172X
28 X
29 X
172H
Armour & Co (111)
13 K
13X
a8%
a48H
Feb
11H
2
*
Feb
Mar
10H
IK
10
com
1
Unlisted—
Jan
a85K
a7K
10 K
5K
a84K
a84X a80K
a.7 %
a7K
Jan
14 X
Jan
83X
Feb
78
7 X
Feb
10 K
200
9X
Jan
800
5K
Jan
10H
ox
Philadelphia Stock Exchange—See
2029.
page
Mar
5K
.a82K a86
10 K
5K
Jan
Pittsburgh Stock Exchange
Feb
Douglas Aircraft Co
*
Electrical Prods Corp
Exeter OU Co A com
4
10 K
10 K
10 X
465
Mar
37c
iox
Mar
1
9 H
36c
37c
800
35c
Feb
43o
Jan
Friday
398
Mar
Last
Week's Range
for
Jan
Sale
of Prices
Week
Farmers & Merchs Natl 100
Fitzslmmons Stores Ltd._l
General Metals Corp..2.50
Gladding McBean & Co..*
Globe Grain &
393
393
9
393
9
a54 K
5K
157
10
9 X
400
a53K a54K
5K
5%
616
Feb
10
Jan
54
250
5
179
8
Milling..25
8K
8K
8K
22 K
Hancock Oil Co A com...*
22 X
271
36 K
70c
36X
22 X
30 X
70c
700
Hudson Motor Car Co
65c
100
8X
X
Feb
Jan
6
Jan
8K
Mar
Mar
24 X
Feb
Arkansas Natural Gas
Jan
Armstrong Cork Co
*
65c
Mar
80c
Jan
Blaw-KnoxCo.
Mar
Byers (A M) Co
1
6
Feb
6H
75c
100
75c
Feb
75c
Feb
3c
3c
2,000
2c
Jan
3c
Mar
10 H
10 X
100
Langendorf Utd Bak A.
*
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp__l
10 X
10c
10c
10c
_
.
Los Angeles Investment. 10
Mascot Oil Co
1
Menasco Mfg Co
1
Merchants Petroleum Co. 1
Mt Diablo Oil M ng & D.. 1
Oceanic Oil Co
1
Pacific Clay Products....*
Pacific Distillers Inc
1
Jan
1,000
10c
Mar
2,000
5,353
Jan
16c
Mar
28 X
Jan
34 H
Mar
4K
674
4X
Jan
4K
Jan
1,500
7,806
40c
Jan
50c
Jan
Devonian Oil Co
IK
Jan
2
K
Jan
Duquesne Brewing Co
5
Electric Products.
*
12c
12c
30 H
34X
45 He
2K
4X
2
2K
7c
iox
12c
Feb
Feb
15c
15c
3,500
15c
Mar
15 c
Mar
48c
100
45c
Jan
54c
Jan
36c
36c
36c
200
35c
Mar
47c
Feb
4K
10c
4X
Follansbee Bros pref
Fort Pitt Brewing
4X
200
4X
Jan
4X
Jan
10c
200
10c
Jan
10c
Jan
12K
12H
12K
358
11H
Jan
34 K
34
470
33 X
Jan
260
33 X
Feb
31K
31X
31K
120
Feb
47 K
47 X
47 X
277
30 K
47 X
12H
34H
34 X
31H
Mar
33 X
34
1st pref
5K
*
a20K
Puget Sound Pulp & Timb*
Republic Petroleum com.l
16 K
5K % preferred
50
see
2K
a36K
page 2037.
..
50
2
Jan
60
37
Jan
40 X
Feb
10H
Mar
UK
Jan
13K
160
9K
11H
25
UK
Mar
35c
2,500
25c
Mar
40c
Jan
6
447
OK
Jan
6H
Feb
6H
344
OK
Mar
7X
Jan
25c
1
6
25c
1
16 K
0
100
100
175
100
16H
ox
IOX
235
iox
Feb
17 K
14
653
11
Jan
14
40
5
Jan
100
13
6
iox
ox
17
Jan
a36K a36K
9
30 X
Feb
39
Jan
Jan
Mar
Mar
Jan
20
Jan
IK
Jan
Feb
1H
10H
Jan
9X
5K
2,505
5X
Mar
10
Jan
2K
Mar
739
2K
1,270
OX
Jan
Jan
Mar
300
Westing house Air Brake.. *
Westinghouse El & Mfg. 50
2X
Mar
X
OK
1H
.
Feb
4
1
1
9H
Jan
6
25c
Jan
Jan
13H
"
OK
OK
Mar
Mar
12
Jan
1
IK
20 H
17 K
Mar
20X
10
25c
10K
Feb
9X
Jan
OK
20
Jan
*
Shamrock Oil & Gas Co._l
100
2
1
Jan
Mar
Feb
2
40
16M
36
.
Mar
23X
5H
6H
100
K
49
High
Jan
30c
10
Jan
Mar
Low
18H
5H
1
Pittsburgh Brew Co pref. *
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt. *
Ruud Mfg Co
5
5K
5K
a20K a20K
al6K alOK
2K
Mt Fuel Supply Co
10
^9H
~
5
Lone Star Ges Co
10c
22X
40
—
*
Preferred
48c
33 K
34
Pacific Lighting Corp com *
Pacific Public Serv com..*
Consolidated Ice Co
Copperweld Steel
15c
25
6% 1st pref.
5 H% 1st pref
Range Since Jan. 1, 1940
Shares
11H
.
10H
Columbia Gas & Electric. *
48c
...25
Pacific Finance Corp comlO
Pacific Gas & Elec com..25
High
2
«...
Crandall-McKenz & Hend*
45Kc 45 Kc
12c
4K
Clark (D L) Candy Co...*
9H
34 K
22 X
*
Carnegie Metals Co
100
75c
3c
l
Low
......
*
75c
6
Price
Sales
*
38 X
1
6
Allegheny-Ludlum Steel..*
Mar
6
Lane-Wells Co.
Par
22 X
36 X
10c
Jade Oil Co
Stocks—■
inclusive, compiled from official sales lists
Jan
*
Hupp Motor Car Corp
For footnotes
Jan
52
Goodyear Tire & Rubber. *
Holly Development Co..l
383
March 23 to March 29, both
7
2
23 X
36
101H 101X
7
7H
9K
IK
22 K
9H
2
5
Jan
Jan
53
32 X
46
99 X
Jan
103H
135
OK
Feb
8K
Jan
25
5H
Jan
9X
Mar
625
1H
Mar
2X
Jan
22H
23 K
295
lux lux
80
•
Jan
36
Mar
Mar
Mar
28 X
Jan
K
Jan
117 K
Jan
IK
Jan
2X
Jan
106
Unlisted—
Pennroad Corp vtc
1
IK
IX
8
Volume
The Commercial & Financial Chronicle
ISO
2067
Sales
Friday
St. Louis Stock
March 23
March 29, both inclusive, compiled from
to
t<
for
of Prices
Week
Price
Low
High
Stocks
H oily
Range Since Jan. 1, 1950
Week's Range
Sale
Par
official sales lists
Low
Shares
High
(.Concluded)
Par
*
42 %
41%
42%
120
41
52
52%
120
51
Jan
42%
52%
Mar
52%
35
35
35%
15
35
Mar
35%
Jan
23%
23%
10
16%
Jan
3%
*
com
Burkhart Mfg com
1
Century Electric Co
Coca-Cola Bottling com__l
Collins-Morris Shoe com.l
1.49
Columbia Brew
1.00
1.00
10
3%
4
Hutchinson Sugar Plant. 15
Langendorf Utd Bk A...*
8%
15%
16
362
6%
33%
34%
250
705
8,186
4%
150
4%
Dr Pepper com
_
Hussman-Llgonier com
Jan
Mar
19%
27
10
Mar
Jan
Mar
10
9
Jan
115
18
Feb
5
118
Feb
120
93
30
81
Jan
93
Jan
19%
Mar
Mar
Occidental Petroleum
Feb
12%
Feb
Oliver Utd Filters A
Mar
7%
Mar
7%
35
5
150
32%
225
15
95%
1%
32%
14%
5%
75
Jan
Mar
Feb
Pac G&ECo com
Jan
Mar
Jan
7%
Mar
6%
200
5
Feb
6%
Mar
4
4%
1,285
3
Feb
4%
Feb
210
7%
10
10%
20
11%
11%
103% 103%
11%
11%
127
11
Feb
15
100
Feb
.10%
10%
Mo Portland Cement cm-25
pfd._100
*
Mar
11%
Jan
12
Feb
Jan
10
*
Pac Pub Service com
Pacific Tel & Tel com..100
Mar
Paraffine Co's
6%
Jan
Preferred
2%
Mar
PhilippineLg DistTel P100
Puget Sound P & T com..*
Mar
1.37
Jan
Jan
8%
Mar
*
1
"27%
15
Mar
Mar
9
154
Jan
9
Mar
Rheem
28
660
Mar
Preferred
..100
Mfg Co.......
23%
Mar
4%
Jan
100
5%
Feb
5%
Feb
1.35
1.25
Mar
1.50
Jan
34%
32%
Jan
34%
1,588
2,523
3,029
32%
Feb
34%
31%
31%
Mar
5%
Jan
5%
993
20%
Jan
21%
Jan
Mar
200
50
12%
281
21
21
120
18%
Jan
24%
16
16%
364
16
Mar
19%
Jan
2.50
2.55
693
2.50
Mar
2.75
Feb
18%
19%
2,110
18%
Mar
19%
6%
17%
4%
6%
Mar
6,461
4%
Jan
576
10%
Mar
179
l.bO
Feb
1.70
102
5%
Mar
6%
10
2,400
9%
Mar
12%
Jan
6%
26%
495
25%
Mar
99%
99%
99%
14
11
100
12%
5%
12%
5%
2,129
22%
23
3,869
30
*
12
22%
100
30
281
35%
"l7c
17c
(MEMBER)
29%
31%
Ask
130
& Trust Co
133
55
52
St Louis Union Trust Co..
Pacific
Stock
Coast
which
Exchanges,
Feb
Feb
16%
16%
1,431
8%
105
21%
13%
7%
11%
29%
2,732
297
19
2.10
Yosemite Ptld Cem pref. 10
2.10
a8%
08%
172
American Tel & Tel Co. 100
Amer Toll Bridge
55c
com.
of Prices
Price
Low
High
203
6%
7%
4
a4%
3,818
33%
1%
a4%
1%
.10
o5%
a%
7
5
6%
1,870
6
Mar
6%
Feb
13c
13c
325
13c
Mar
20c
Mar
7%
5%
1,098
6%
Feb
7%
Jan
1,118
4
Jan
5%
Mar
5
6%
325
5%
Jan
7%
Feb
7
7%
300
7%
Mar
14
14%
803
6%
13%
Mar
14
Feb
15%
Jan
18%
18%
19
16
Feb
19
Mar
21%
21%
21%
19%
Jan
21%
Mar
6%
6%
1,105
350
9
106
9
50
24
*
24
418
105% 106
162
9
Mar
23
Jan
102%
49
9
26%
Jan
103
Feb
55
Mar
Feb
Mar
Jan
49%
49%
414
4%
4%
4%
4,185
53%
32%
24%
234
51
Jan
57
Feb
"32%
32%
840
31%
Jan
520
23%
Jan
32%
24%
Feb
24%
9%
5%
450
Clorox Chemical Co
*
5
5%
8%
5%
290
53%
290
340
3%
Jan
8
Feb
5%
4%
Feb
Mar
Jan
9%
Feb
5%
Feb
290
5
290
Jan
3,302
15
Jan
17%
92%
Jan
15%
7%
Mar
10
Jan
11%
Mar
27%
294
Jan
29% IMar
300
Feb
15%
Jan
Jan
Jan
18%
Jan
22
Feb
19
Mar
2.10
Mar
8%
Mar
9%
Mar
Feb
173%
Mar
Feb
60o
Mar
2.90
Jan
35%
1%
Jan
Feb
35%
Mar
214
4%
20
650
305
%
5
Jan
Jan
5%
38%
376
37%
r
Jan
Jan
8%
41
Jan
Jan
Jan
6%
Jan
Mar
38%
Jan
6
3%
Mar
4%
11c
400
10c
Mar
16c
Jan
1.25
449
1.20
Mar
1.55
Jan
35%
275
Jan
35%
Mar
25%
58
35%
24%
Jan
25%
Feb
9c
521
5%
33
Jan
10c
2,400
90
Mar
12c
Jan
10
Mar
3%
4%
a6%
a6%
a25% a26%
24%
25%
20%
21%
2,345
54%
3%
55%
4%
4%
Feb
78
6%
Jan
a26%
21
20%
5
Feb
7%
25%
Jan
Feb
221
25
661
22%
Mar
20%
Mar
26%
23%
Feb
195
21
90
20%
Mar
23%
Mar
5
75
Mar
6%
Feb
Jan
5
Mar
Mar
Jan
30
30%
846
29
30
572
29
29%
191
29%
Mar
30%
30%
30%
Mar
29%
60c
95
50c
Mar
1.10
Mar
75
6
Jan
Jan
Jan
7%
12%
Feb
Mar
44%
Mar
J an
49%
Feb
29%
25
'30%
"50c.
50c
a6%
al
11%
*
11%
240
25
a45%
a45% a45%
170
44%
a47%
95c
a47% a48%
155
47
1
95c
96c
200
United States Steel com..*
55%
57%
1,158
Utah-Idaho Sug Co com..5
1%
1%
300
1
36
Feb
Mar
70
2,315
United Aircraft Corp cap.5
U S Petroleum Co
32%
7%
11%
25
Aviation. .1
Stude baker Corp com
Mar
a53% a53%
North American Co com. 10
Texas Corp common
Jan
Mar
35%
Nash-Kelvinator Corp...5
6% preferred
25
5%% preferred
25
So Pac Gold Gate 6% pflOO
Ma
Jan
%
8
Jan
33%
Jan
6
Feb
Feb
Mar
Feb
1
Ltd cap..20
Sugar Co
20
2
Feb
450
Mar
1.25
33
Montgomery Ward & Co.*
Standard Brands Inc
5%
7%
1
Oahu Sugar Co
Jan
4
Jan
9%
11c
National Distillers Prod..*
7%
Jan
30%
1
So Calif Edison com
Mar
50
Italo Pet Corp of Am com
Olaa
Mar
2,884
*
American
9%
10%
34%
*
No
Jan
Jan
50
Mountain City Copper...5
Jan
25%
5%
30%
1%
750
a5%
a%
al8% al9%
6%
6%
33
33%
a3%
a3%
Jan
Jan
a7%
Int Nickel Co of Can
M J & M & M Cons
4
38
'""6%
Jan
9%
Feb
34
"34"
*
Mines..1
6
31
Jan
Feb
3%
2,362
5
Idaho-Maryland
171
9
95c
55
Jan
Jan
Jan
Feb
1.15
Jan
Mar
66%
Jan
Jan
1%
Jan
Jan
Feb
Mar
Jan
60
a 31%
a7%
10%
com..*
Marine Bancorporation..*
6%
21%
Feb
225
8
a31
Kenn Copper Corp
6%
6%
.....
a31%
5
400
a9%
3%
a4%
1
Dominguez Oil Fields Co.*
Hi/h
561
a8%
7%
Goodrich (B F) Co com..*
Low
Jan
13%
4%
8%
"a8%
3
Preferred
Shares
Mar
120
Curtlss-Wright Corp
Week
Jan
8%
27%
8%
3%
22%
Consolidated Oil Corp...*
Range Since Jan. 1, 1940
Jan
17%
342
Intl Tel & Tel Co com
for
Mar
Feb
28%
a8%
a8%
3%
3%
a21% a23%
100
General Electric Co
40
a8%
172
28%
3%
Cons Edison Co of N Y__*
Week's Range
15c
Feb
52o
Aviation Corp...5
Cities Service Co
Sales
319
Jan
6%
8%
14%
11,800
Columbia River Packers..*
Exchange
10
11
16
55c
(Del).
Blair & Co Inc cap
Francisco and Los Angeles
320
Jan
Unlisted—
Bendix
New York
65
16%
19
1.50
102
300
16
Aviation & Trans. Corp..l
Stock Exchange
York
Broadway,
6
Mar
20
Aviation Corp. of Del
Saturdays)
Feb
19%
13%
5
Atchis Top & Santa Fe 100
Atlas Corp common
5
are
20c
8%
Amer Rad & Std Sanitary*
Bk
Commerce
Mercantile
ser
Feb
13c
U Tr.100
Steel Co. 10
YellowCheckerCab
Jan
Feb
5%
367
Jan
33%
10%
5
.
15%
Mar
15c
150
Feb
30
656
2,693
Jan
Feb
26%
410
5%
11%
28%
Jan
Mar
100%
Mar
1,700
7%
Jan
Mar
Mar
10,582
10
Jan
Feb
Mar
15c
6
Mar
11%
5%
22%
10%
__1%
_
30
Feb
15c
United Air Lines Corp...6
Victor Equip Co pref
Wailalua Agricultural
99
10%
5%
25
Vega Airplane Co
Jan
16%
...2
Universal Consol Oil
16
15c
Tide Water Ass'd Oil com 10
Tread well-Yukon Corp
1
Union Oil Co of Calif...25
Union Sugar com
10
17c
"5%
1
Transamerlca Corp
Bid
41%
5%
Super Mold Corp cap...10
Ask
33%
39%
Calif Packing Corp com..*
Creameries of Amer com.l
335
1.70
A. T. & T. Tel.
St. L. 494
Beech Aircraft Corp
Cons Chem Ind A
818
Mar
Jan
5%
25%
Sale
Consol Coppermines
4
1.70
Last
10
Edison.25
6%
17%
5%
11%
Jan
17%
Jan
6%
25%
Friday
Commonwealth
54
Jan
T.70
both inclusive, compiled from official sales lists
Caterpillar Tractor com..*
Cent Eureka Min Co com 1
Mar
3
*
Francisco Stock
Calif Water Service pref 100
Jan
*
Elec Bond & Share Co
Calif Art Tile A
Feb
7% preferred
25
Soundview Pulp Co com.5
Cortlandt 7-4150
Preferred
43%
100%
Shell Union Oil com
Private Wire to own offices in San
*
Jan
Jan
Feb
420
Claude Neon Lights com.l
20
20
154
Schlesinger (B F) com
Members New
Byron Jackson Co
Calamba Sugar com
138%
Jan
Jan
Schwabacher fit Co..
Diesel Engine.5
1
Jan
149%
41%
99%
Jan
Bait & Ohio RR com
Atlas Imp
130
10
38%
66%
until 5:30 P. M. Eastern Standard Time (2 P. M.
Anglo-Calif Nat'l Bank.20
Associated Ins Fund Inc. 10
77
151
3
Anglo Nat Corp A com...*
Min 10
Jan
233
Mar
STOCKS
Jan
16
Anaccnda Copper Min. .50
Anglo Amer Mln Corp—1
Jan
Feb
50
5%
5%
Argonaut Mining Co
Alaska Juneau Gold
108%
Feb
Mar
St. Louis Bank and Trust Companies
Par
Mar
30%
64%
LOUIS BANK
Bid
Stocks—
Feb
107
36
Jan
Western Pipe &
San
47
105
3
Wells Fargo Bk &
March 23 to March 29,
781
1,000
OLIVE ST.
111
470
47%
$1,000
4,000
39
Feb
31
108
65
Garfield 3450
open
Feb
21%
3%
Jan
774
5%
37
STOCK EXCHANGE ISSUES
on
100
4
9%
ST.
solicited
22
36
Mar
ACTIVE IN:
Orders
Feb
37
37
Inc.
-
28c
8%
17%
5%
11%
Gatch Bros., Jordan & McKinney
Mississippi Valley Tr Co.
Feb
5%
1
Texas Consol Oil Co
First National Bank
Jan
26
Jan
6%
Richfield Oil Corp com...*
ST. LOUIS, MO.
Boatmen's National Bank.
11
Jan
10c
2.50
Republic Petroleum com.l
Standard Oil Co of Calif.
on
Mar
25
21
Rayonler Inc com
8%
Spring Valley Co Ltd
Quotations
10
129
100
19%
77c
Jan
Southern Pacific Co
418
985
16c
64%
"64%
1959
LOUIS
10%
26
Jan
16%
Jan
Mar
Preferred
ST
Feb
Mar
50%
%
1964
^
12%
36
City <fe Subrbn P S 58.1934
Railway 4s —1934
United
Income
Jan
Mar
15%
Ryan Aeronautical Co..
.
11%
10%
50%
5%
7%
Bonds—
_
Mar
3
Ry Equip & Realty com.
Roos Bros com
St Louis Pub Srv 5s.
Jan
18%
2.70
16
87%
28%
9%
Jan
10%
50%
160
Mar
Feb
Jan
Mar
Jan
20
675
26
70c
0O0
8%
Jan
245
%
27%
Jan
Jan
99%
8%
Stix Baer & Fuller com..10
Feb
7%
42%
95%
Mar
Mar
4%
9%
99%
7%
96
34%
Feb
1.75
41%
1
10
35
Mar
300
*
8%
8
Mar
15
100
com
95%
%
"""%
Sterling Alum com
32%
27%
Feb
1,950
151
100
9
Scullin Steel com..
Feb
21
20%
133% 134%
21
Jan
1
Feb
16%
8%
9,592
1,095
47%
5%
1st preferred
Feb
6
8%
Mar
6
10
107
108
*
Mar
17
Feb
Mar
15%
10%
30%
47%
$5 dividend
105%
12%
100
Jan
Feb
Mar
34
31
Pac Light Corp com
1
5
100
4
33%
34%
8%
St. Louis Pb Srv cm cl A..1
8
1.15
5%
"33%
Preferred
12
'3%
25
2%
77
2%
2%
2%
Mar
10
840
22
5%
6% 1st preferred
25
5%% 1st preferred...25
9%
4%
100
4%
4%
Rice-Stix Dry Goods com. *
St Louis Bk Bldg Eqpt cm*
39
Feb
38%
37%
10%
"22"
Pacific Coast Aggregates
15%
Jan
Jan
2,028
2,562
16c
Paahau Sugar Plant._i_ 15
2
36%
55c
2.00
Feb
Feb
17%
10
10
*
97
Mar
330
1,950
8%
2.35
44
13% [Mar
1.30
Class B
Mar
Mar
Jan
76c
25%
*
7
12%
41%
464
60c
9%
1
11
47
14%
9%
2.10
Occidental Insurance Co. 10
Feb
42%
18%
10
No American Oil Consol. 10
9%
15%
6%
Midwest Piping & Sply cm*
2.35
*
Jan
Mar
12
Mfg Co com..
Natom as Co
65c
60c
Natl Auto Fibres com___l
Mar
High
1,300
8%
17%
17%
10
Mar
95%
38%
Meier & Frank Co Inc
Menasco
30%
4%
*
Machine..5
7%
14%
38%
Calcul
14%
100
7
Magnin & Co (I) com
March
34%
'_*
2%
10
1%
4
LeTourneau (R G) Inc.
Lockheed Aircraft Corp__l
730
9%
15
12%
14%
McQuay-Norrls com
Wagner Electric com
2
Feb
10
1%
32%
5
1st pref..
Mar
19
*
Laclede-Christy CI Prd cm*
Scruggs-V-B Inc com
Magnavox Co Ltd
1
7
*
Natl Candy com
Mar
119
Key Co com
Natl Beargs Mtls
34
450
95%
International Shoe com..*
Lemp Brew com
Jan
9%
12 %
*
—
31
22%
15
Hydraulic Prsd Brk pfdlOO
Johnson-8-S Shoe com
160
6%
32%
.
91
100
Preferred
Lyons-Magnus A.
14%
5
Huttlg (S & D) com
Mar
22
9%
1
_
Mar
100
10
«-l
Falstaff Brew com.
Feb
4
16
905
18%
100
Emerson Electric pref__100
General Shoe com
26
Jan
119
1st pref
*
34
22%
*
Elder Mfg com
*
Ely <k Walker Dr Gds cm25
Class B
Feb
1.80
Low
10
12
18%
Range Since Jan. 1, 1940
Shares
13%
100
1.49
High
42%
445
18%
5
com
Low
Home F & M Ins Co cap. 10
Honolulu Oil Corp cap
*
4
15%
33%
33 %
Jan
Price
65c
16
4
10
10
Chic & Sou Air L pref
Feb
Week
65c
...
Hunt Brothers com
_50
com
5% preferred
Brown Shoe
for
of Prices
1
Development
Preferred
American Inv
Week's Range
Sale
Sales
riday
Last
Stocks-
Last
Exchange
Jan
Natl Bk
100
Crown Zellerbach com...5
Preferred
*
15%
15%
15%
89%
89%
90
523
88%
com...10
100
2.00
336
1.95
Mar
3.50
Jan
""£%
8%
703
8
Mar
7%
Mar
10%
8%
Jan
Jan
19%
44%
Feb
1%
Mar
Jan
Crocker First
_ _
Di Giorgio Fruit
Preferred
1.95
8
Jan
*
7%
7%
7%
110
Emporium Capwell Corp.*
Preferred
50
18%
18%
339
17%
"41%
41%
41%
200
40
10
10
200
8%
Mar
11
44
20
36%
Jan
44
value,
a Odd lot sales.
6 Ex-stock dividend,
c Admitted to unlistd
d Deferred delivery,
r Cash sale—Not Included In range for
Ex-divldend.
y Ex-rights,
s Listed,
t In default.
No par
trading privileges,
year,
x
Jan
44
*
Feb
El Dorado Oil
Works
Equip Co. .5
Fireman's Fund Indm ColO
Fireman's Fund Ins Co..25
Food Machine Corp com 10
Emsco Der &
2%
cap..2%
General Motors Corp com 10
General Paint Corp pref..*
Gladding McBean & Co..*
Golden State Co Ltd
*
Hale Bros Stores Inc
*
Foster & Kleiser com
"44"
Jan
99
Mar
98
99
115
30%
31
268
93%
30%
Mar
33%
Feb
2.00
98
2.00
200
1.75
Feb
2.20
Mar
510
6%
Feb
7%
Jan
...
6%
Gen Metals Corp
7
•
Jan
10%
52
Jan
55%
34
150
30%
Jan
34
Mar
5%
54
.....
6
600
5%
Jan
6
Jan
10%
14%
11
1,066
9
Jan
11%
Jan
15
54
54%
34
14%
1,126
230
13%
CURRENT
—B. W. Pizzini & Co., 52
Broadway, New York City, specialists in the
guaranteed rails, have the fourth edition of their Guaranteed Stock
ready for distribution.
printed,
at
Price, $1.
Digest
Stoutly bound, legibly even attractively
points in colors, it gives the essential facts concerning the
Yet loose-leaf in type to admit of additions, correc¬
securities in this field.
tions, revisions as they are
Mar
Feb
NOTICE
maps.
prepared by Pizzini.
Very handy.
Convenient
The Commercial & Financial Chronicle
2068
March
1940
30,
Canadian Markets
LISTED AND
UNLISTED
Montreal Stock
Service
all Canadian
on
Exchange
Frida
Sales
Week's Rang*
for
ftf PWfP?
Last
Week
Sale
Securities.
Stocks
(Concluded)
VJ
Low
Price
Pa
/ LVCo
l
10
10*
96
General Steel Wares
Range Since Jan. 1, 1940
Shares
Higf
96
Low
High
Hamilton Bridge
*
7*
8
1,948
Hollinger Gold
£
14
14
36S
13*
Mai
15
Jan
Howard Smith Paper
507 Place
4*
«
21*
22
16S
19
Feb
23
Mar
7C
100
Jan
Preferred
Montreal Sto^k Exchange
Montreal Curb Market
10*
Gypsum Lime & Alabas.."
Greenshields & Co
Members
«
d'Armes, Montreal
Preferred
4*
102
28
27*
28*
*
14*
14*
15
Imperial Tobacco of Can.S
Municipal Issues
«
Imperial Oil Ltd
Provincial and
16*
16
16*
Preferred
Closing bid and asked quotations, Friday, March 29
Industrial
7
___£1
Acceptance
"28*
*
Intl Bronze Powders
(American Dollar Prices)
5s
4*s
1 1956
Oct
68
Bid
61
63
July
4*s
Oct
12 1949
1 1953
5s
June
6a
Dec
67
69
6s
15 1943
5s
May
1 1959
100* 101*
92
4s
June
1 1962
91
93
86
89
4*s
Jan
15 1965
96
97*
87
91
15 1954
78
82
2 1959
78
82
Prov of New Brunswlck5s
1942
Sept
4*s
2 1950
Mar
4s
95
97
21
26
12*
12*
*
*
Mitchell (JS) pref
Mont L H & P Consol
100
4*s
Oct
1 1951
64
68
94
96
150
5*
385
8*
214
3
""30*
*
Preferred
110
Ask
Bid
4*8
Ask
87*
89
68
Sept
15 1942
79
80
5s
Dec
1 1954
84
84*
4*8
Dec
15 1944
69
72
4*s
July
1 1960
76
77*
5s
July
1 1944
104
Dominion
104*
Bonds
Bid
Ask
Canadian National Ry—
4*8..
Canadian Northern
98
4*8..
99
4*8..
98
4*s._
July
1 1957
58
Oct
1 1969
5s
Feb
1 1970
53
Bid
98*
6*s
Ask
Ry—
July
1 1946
100 Si 111*
98*
98
98*
101* 102
101* 102*
101* 102*
Grand Trunk Pacific Ry
4s
Jan
1 1962
86
90
3s
Jan
1 1962
80
82
Jan
36*
38
1,021
36
Feb
56*
38*
Jan
38*
Mar
41*
Mar
""61*
61*
62
100
73*
72*
31*
74
224
70*
Mar
31*
546
30*
Mar
78*
33*
Jan
31*
5
11*
Feb
13*
Mar
240
7*
Feb
11*
Mar
100
Jan
102*
Exchange
Stocks—
Par
Agnew-Surpass Shoe
*
Algoma Steel Corp
*
Asbestos Corp
*
Associated
Price
*
Breweries
Bathurst Pow & Paper A.*
Bawlf
(N) Grain
*
Bell
Quebec Power
*
100
Bruck Silk Mills
5*
Jan
Jan
24
23*
24
438
23
19
19*
145
16*
13*
14
970
12*
1.25
1.40
1,695
1.20
40
40
110
166
167
167
9*
9*
29*
2,854
29*
5*
5*
20
16
16
16*
Bulolo
5
20 *
20
21
Canada Cement Co
*
6*
5% preferred
50
8*
27
4*
Winnipeg Electric A
Class B
2*
7*
Consol Mining & Smeltlng5
Distillers Seagrams
Preferred
Dominion
3
*
*
8
Dominion Coal
Dominion
pref
Glass
Preferred
*
Dom Tar <fc Chem
18
Jan
1,451
1,612
5*
Jan
15*
Jan
8*
21*
Jan
45
Dry den Paper
*
English Electric A
Gatineau
Power....
5*
4*
35*
35*
«'
2*
5*
340
4*
13
5*
2*
2*
"106
'
Feb
Jan
4
Mar
28*
30
Jan
37
Mar
2
Feb
Jan
6*
Jan
2*
2
2
200
2
Jan
2*
Jan
10
10
75
10
Mar
11*
Feb
70
70
59
58
Jan
70
10*
10*
Jan
11*
mm —
1,470
9*
Mar
Feb
160
161
41
170*
170
171
49
168
Jan
176*
Mar
205
160
203
208
63
200
Feb
212
Mar
307
307
59
308
Jan
311
Mar
183
184
139
182
Jan
190
Mar
184"
160
Jan
162
Jan
Week's Range
Q/7 7 /»
Stocks—
Par
Price
Shares
Abitlbi Pow & Paper Co..*
6%
cum
pref
100
Aluminum Ltd
:
Bathurst P & P Co B
1.40
1.60
575
13*
1,060
11
Mar
125
119
Feb
143
Mar
Mar
5
Jan
Low
"12*
*
mm
'mm
12*
134
139
*
mm m
139
4*
5*
5
"22*
4*
298
5*
5*
243
1.30
High
3*
5
Feb
Feb
310
4*
Jan
616
22*
Mar
2*
17*
6*
5*
23*
Jan
Jan
Jan
Feb
23
17*
22*
17*
17*
45
17
Jan
19*
33*
*
33
33*
655
33
Jan
35
Jan
39
39
70
36
Jan
39
Feb
"
Jan
Jan
*
Preferred
Canadian Marconi Co
Cndn Vickera Ltd
l".90
1.80
1.90
1,400
1.55
Jan
2*
Feb
*
Cndn Breweries Ltd
28*
28*
28*
140
24*
Jan
29*
Feb
1
1.30
1.30
1.30
685
1.00
Feb
1 35
Feb
Jan
8*
20c
Jan
Feb
15c
Feb
Feb
Commercial Alcohols Ltd.*
"~3*
3*
3*
2,175
3
Jan
3*
Mar
6*
6*
6*
25
6*
Feb
6*
Feb
7
6*
2*
7
4,303
6*
Mar
8*
2*
1,250
2*
Mar
3*
1.25
1.25
10
16
Jan
17
Feb
38*
38*
25
37
Jan
44
Feb
128
Mar
16
Jan
Jan
116
Mar
115
11
112*
Feb
115
Mar
14
50
3
220
2*
130
7*
5,900
19*
Feb
Mar
Jan
14*
2*
Feb
3*
2*
Feb
3*
Jan
6
Jan
8*
Mar
Jan
135
7
Feb
43
43*
327
43
Mar
48*
Jan
24*
25*
1,520
23
Jan
25*
Mar
96
105
94
Jan
96
36*
274
36
Mar
9
Jan
Feb
155
155
55
150
Jan
156
Feb
14*
4*
1,700
13*
Mar
60
4*
Jan
7*
88*
8*
405
6*
Jan
90*
245
87*
7*
Jan
Mar
11*
Jan
11
505
10
12
Feb
Jan
Jan
15*
5*
Jan
Jan
Mar
8
4*
Mar
Mar
33
33
70
31
Jan
34
Feb
12*
14*
13
230
10
Jan
Feb
14*
34
92*
93*
59
15*
16*
96*
100* 100*
15
100*
Mar
105
10
4*
Mar
6
14*
Range Since Jan. 1, 1940
High
Feb
101
94
Low
10c
Jan
2*
/ ti-VO
15c
Mar
385
i
6
30
280
Week
UJ
65
124
20*
for
nf Pt4j*P9
Last
235
149
10
Sales
Friday
400
1,890
4*
Mar
5c
10
4*
160
15c
Jan
"~4*
Feb
6*
Jan
14*
155
5c
Feb
92*
10
156
Jan
15c
40*
100
Jan
6
22
100
83
15c
125
5
Feb
6
128
4*
76
City Gas & Electric Corp.*
Claude Neon Gen Adv
*
Jan
12*
372
Mar
15
Jan
20
4
Jan
80*
15
Jan
Jan
Preferred
Rights
Jan
18
8*
86*
16*
115
11
Feb
28*
37*
122
8*
Mar
Feb
40
11
13
77
Mar
145
*
*% preferred
Mar
Mar
21
*
Foundation Co. of Canada*
43
115
7*
Jan
45
771
March 23 to March 29, both inclusive, compiled from official sales list
Canada & Dom Sug. (new)*
Canada Malting Co
*
Mar
4*
12
13*
79
"""5*
50
Jan
12*
British Columbia Packers'*
16
88
Jan
156
100
Jan
1
14
24*
100
Royal.
Feb
17
124
4*
Feb
Jan
79*
100
Feb
Jan
21
"14*
20
Jan
78*
..100
23
Jan
7
735
Mar
13*
100
Commerce
72
Jan
20
72
2*
2*
7*
7*
22*
12*
10*
99
95
123
*
Electrolux Corp
1
Enamel & Heating Prod..*
Feb
123"
*
Dominion Textile...
Mar
Mar
7
36
100
Dominion Steel & Coal B 25
Dominion Stores Ltd
*
10*
30
Jan
"36"*
25
100
Jan
Jan
96
43*
25*
...100
Bridge
Mar
14
25
21*
150
19*
120
Mar
115
Preferred...
Canadian Pacific Ry
Cockshutt Plow
40
169
1
35*
100
Cndn Foreign Investm't..*
Cndn Industrial Alcohol.*
Feb
Feb
46
17*
Jan
*
Brit Amer Oil Co Ltd
12*
18
50*
"76"
Beauharnols Power Corp.*
24
115
125
Mar
Brewers & Dists of Vane.5
100
100
Mar
42
100
Jan
750
100
Mar
120
*
Jan
325
_
18*
Jan
15
...100
Feb
14*
_
Feb
100
*
Winnipeg Electric B
8*
26*
Converters
Jan
4*
12*
*
17*
23*
14
Canadian Cottons
Jan
35
34*
106*
310
*
Feb
26
Canadian
1.75
97
127
5
5
Jan
Feb
""78*
*
Viau Biscuit.
Mar
Canadian Car & Foundry.*
Preferred
25
Canadian Celanese
*
35*
6
Mar
43*
100
Mar
6*
45
127
Jan
16
105
25
15
20
100
5
76
43*
*
21
18*
7%
Mar
72
7*
100
21*
*
Jan
20*
7*
17*
65
5*
4*
18*
Jan
16
TVs
Jan
Feb
Feb
16
24
80*
105
120
Shawlnlgan W & Power..*
_
Jan
11*
Jan
16
50
Tuckett Tobacco pref.
United Steel Corp
Jan
Mar
72
16*
5*
4*
St Law Flour Mills pref. 100
St Lawrence Paper pref .100
Preferred
Jan
—
"165"
*
425
45
Preferred
15*
Mar
Jan
72
20
Mar
74
Jan
19*
107*
5*
20*
100
470
289
._*
Canadian Bronze
17*
145
16
Mar
Mar
Feb
20*
97
Canada Forglngs CI A...*
Can Iron Foundries pref 100
Can North Power Corp..*
Canada Steamship (new).*
144
25*
165
Jan
11*
16*
26*
19*
6*
96*
6*
535
69
Montreal Curb Market
11
14*
166""
16*
Mar
Jan
High
20
Building Products A (new) *
100
Low
580
*
Preferred
Shares
15
Brazilian Tr Lt & Power.*
British Col Power Corp A *
19*
75
Feb
9*
Feb
31*
*
12
"13 *
58
240
19*
""16*
*
Feb
100
10*
74
Rolland Paper vt
61
15
68
9*
100
Nova Scotia
Range Since Jan. 1,1940
11*
14*
100
Telephone..
High
68
38*
35
101* 101*
19*
Week
15
#
Preferred
Low
mm.
—
9*
Canadienne
Sales
Week's Range
of Prices
—
"68 "
Montreal
Sale
«
*
*
30*
50
11*
of Canada
Mar
Banks—
March 23 to March 29, both inclusive,
compiled from official sales lists
Last
Mar
Jan
110
45
11
Woods Mfg pref
Zellers
Friday
Mar
Feb
11*
Preferred
Montreal Stock
110
Feb
*
Wabasso Cotton
100
Jan
2,618
13
Co
6*
9*
40
13
Steel
Feb
50
Southern Canada Power..*
(American Dollar Prices)
Feb
8
40
13
Sher Williams of Can
Closing bid and asked quotations, Friday, March 29
Jan
5
Mar
140
*
A preferred
Government Guaranteed
5*
38
National Steel Car Corp.*
Noranda Mines Ltd.....*
Oglivie Hour Mills
*
Saguenay Power pref
St Lawrence Corp
Jan
9*
30*
Regent Knitting
1 1946
Sept
13
Jan
Mar
52
Penmans
Canadian Pacific Ry—
Feb
Jan
44
__25
5% preferred
Jan
51
Power Corp of Canada
Price Bros & Co Ltd
(American Dollar Prices)
27
30*
Ottawa Electric Rys
Ottawa L H & P pref
Railway Bonds
Feb
43
Ottawa Car Aircraft
Closing bid and asked quotations, Friday, March 29
Feb
24
Feb
3
28*
46*
Jan
7*
341
110
36*
72
8
3*
5*
8*
8*
*
69
55
7*
"52"
15 1946
68*
Feb
295
40
Nov
67*
Feb
23
25
100
5*8
Bid
29
24
2*
Jan
Jan
25
2*
5*
Jan
Mar
20*
*
Telegraph
87
4s perpetual debentures.
155
Lake of the Woods
Montreal
4*s
Apr
15 1961
Province of Nova Scotia—
Canadian Pacific Ry—
27
35
28*
Mar
Montreal Tramways
National Breweries
72
93
7*
Mar
92
69
91
Mar
26*
92
15 1943
1 1960
6*
42*
21*
23*
12*
89
June
15 1952
Feb
15
89
6s
Mar
15*
16*
728
1958
93
Sept
Jan
Jan
560
1
91
5s
34
Feb
43*
1 1961
84
4*s
Mar
14*
23
»
Feb
15*
41*
J
103*
27*
22*
25
Mar
893
41*
Laura Secord
8
2,276
1,000
22*
Legare preferred
Lindsay (CW)
Massey-Harrls
Feb
Feb
Mar
5*
Jan
*
Feb
Saskatchewan—
15 1960
Apr
96
*
May
4*8
Prov of
Jan
Fefc
6
980
10 *
Intl Nickel of Can
McColl-Frontenac Oil
Province of Quebec—
1 1941
Aug
1
90
Province of Manitoba—
4*8
Ask
103* 104
104* 105*
Prov of British Columbia—
6s
Oct
26
Jan
Intl Petroleum Co Ltd
Ask
Province of Ontario—
1 1948
Jan
7
28*
20*
20*
Preferred
Bid
Province of Alberta—
13£
102*
Hudson Bay Mining
9*
89*
4*
86(1
5*
7*
10C
55C
■
Mar
Mar
Jan
Feb
Feb
'
Jan
Preferred
*
5
Consolidated Paper Corp.*
Cub Aircraft Corp Ltd
David <fe Frere Ltee A
*
..
1.25
*
Dom Engineering Works.*
Dominion Woollens
*
38*
3
3
8*
7*
8*
*
8
135
7*
Mar
*
7
7
70
6*
Mar
EasternDarie87%cm pf 100
6
6
20
5
Preferred
Donnacona Paper A
B.
Fairchild Aircraft Ltd
5
Fleet Aircraft Ltd
*
8*
Ford Motor of Can A
*
21*
Fraser Cos Ltd
*
5*
17
Voting trust
*
Intl Paints (Can) Ltd A__*
5% cumul pref
5*
7*
21*
15*
16*
176
25
Feb
Jan
5*
330
760
5*
7*
Mar
8*
21*
261
19*
Feb
15*
10
17*
559
Mar
20*
97
51*
53
mm
mm
m mm
mm
Feb
Jan
Jan
35c
Mar
76
19*
Jan
22
Jan
51
96
Jan
99*
Jan
60c
Jan
90
48
Mar
mm
6
6
90
6*
Mar
13
14
290
5*
12*
Feb
mm* mm
Mar
15*
Jan
Massey-Harris5%cm pflOO
mm
Jan
Feb
Jan
Mar
97
6*
10
22*
Feb
17
20*
Jan
18
5
20*
Jan
Jan
6
21*
3*
17
MacLaren Pow & Paper..*
McColl-Fron 6% cm pf_100
Feb
8*
20
17
1,365
Feb
9*
Mar
Feb
40c
3*
10
Mar
3
35c
Jan
15
6
"40c
Jan
15*
3
I nternational UtllitiesB__l
Page-Hersey Tubes Ltd..*
Feb
3
20
Melchers Distilleries pf__10
Mitchell (Robt) Co Ltd..*
2*
8
Jan
mm,
mmmmmmmmmrnrn
108
108*
60
— mm
m
105
106
95
99*
—
mm
47
47
25
43
Jan
865
6
Mar
107
59
Jan
Feb
111*
Jan
Jan
106*
Mar
Power of Canada—
6%
6%
1st pref
part 2d pref
cum
n c
100
50
Provincial Transport Co..*
*
No par value,
r
mm
m.
mm
—
mm mm mm
6*
6*
Canadian market.
6*
47
7*
Mar
Eeb
Volume
The Commercial & Financial Chronicle
ISO
2069
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Inquiries
Sales
Friday
Range Since Jan. 1, 1940
Last
Stocks (Ooncluded)
Week's Range
for
Sale
of Prices
Week
Price
Par
Low
Reliance Grain Co Ltd...
Sarnia Bridge Co Ltd A_.
6%
cum
8
Jan
10
34%
5%
25
30
Jan
5
Jan
35
109
Mar
42%
220
41
Jan
26c
3,200
9%c 10%c
2,500
7,000
34%
5%
109
42
listed and unlisted
on
and Industrial Securities
High
5
350
109
pf.100
Walker-Good & Worts(H)
Low
Shares
6
34%
5%
Sangamo Co Ltd
8ou Can Pr
High
0
invited
Canadian Mining
Jan
112
F. J. CRAWFORD & CO.
Mar
Jan
_.
43%
jThe Toronto Stock Exchange
Grain Exchange
.
Members^Wlnnipeg
Feb
Feb
11
TORONTO
Jordan Street
Mines—
Aldermac Copp Corp
Arntfleld
24c
Ltd.
Gold
10%c
26c
8c
Mar
35o
16%
c
Jan
Jan
10c
Jan
13c
Jan
25c
Mar
25c
Mar
3%c
Mar
4%c
Feb
60c
575
60c
Mar
87c
Jan
l%c
200
2c
Feb
2%c
Feb
Last
Week's Range
for
13c 13%c
Cndn Malartic Gold
12c
Mar
20c
Mar
Sale
2.17
Mar
2.40
Feb
of Prices
Low
High
Shares
12c
27c
3%c
60c
Bouscad iliac Gold
10c
25c
3%c
"25c
Bidgood-Kirk Gold
1%C
Gold...
2.17
2.25
Century Mining
20c
21c
2,500
1,700
I,000
Consol
11c
11c
100
Cent Cadillac G M Ltd..
Central Patricia Gold
2.20
Chibougamau
23
Jan
16c
Jan
Stocks
26%
10
29%
Jan
2c
500
I%0
Feb
2%o
Jan
3.70
3.80
5,300
3.55
Mar
4.10
Jan
95c
1,600
90c
Mar
1.25
Jan
4.80
100
4.00
Feb
4.95
Mar
47c
90c
90c
4.80
Eldorado Gold
*
47c
43c
Mar
68c
Jan
45c
Mar
38c
45c
14,600
4,500
34c
Jan
J'M Consol Gold
2%c
2c
2%c
5,028
2c
Mar
Joliet-Quebec Mines
5%c
5c
6c
9,500
3%c
Feb
Francoeur Gold
Inspiration Min <fc Dev
4%c Feb
8%o Mar
Can Car & Foundry
Preferred
Canadian
25%
25
Preferred
Canadian
100
5c
700
4c
Feb
6c
Feb
94
22%
Mar
31%
Jan
C P R
Canadian Wallpaper A
25
2c
2,417
l%c
Jan
2%c
Jan
4.25
800
4.20
Mar
4.80
Feb
1.35
400
1.20
Mar
1.49
Jan
1.40
1.20
1.45
50,600
1.02
Mar
1.40
Mar
128
50c
50c
50c
700
48c
Jan
50c
Mar
Cariboo
1.33
1.40
1.33
Mar
1.82
Jan
1.70
1.70
200
1.70
Mar
2.35
Feb
6c
6c
2,100
4%C
Jan
10%o
Jan
Pato Consol Gold Dredg'g
2.50
2.55
540
2.00
Feb
2.55
Mar
Perron Gold
1.75
1.77
400
1.75
Mar
2,11
3.60
Mar
4.15
120
7%
Red Crest Gold
800
3c
Jan
8%C
Feb
Coniarum
Consolidated
10,567
76c
Feb
90c
Mar
Sladen-Malartic Mines...
41c
Cons
*
I.I*
1.60
Bakeries...*
18%
42%
Mines
Smelters
5
41c
43c
3,900
380
Jan
61c
Jan
Consumers
2.90
2.90
50
3.35
Jan
3.35
Jan
Cosmos...
3.90
3.90
3.90
150
3.65
Mar
4.15
Jan
Cub Aircraft Corp
21c
20c
21c
II,200
19%C
Jan
31c
Jan
Davles
Oil-
Gas
90c
90c
100
87o
Mar
1.03
Jan
2.00
2.00
250
1.97
Mar
2.35
Jan
Jan
41c
500
35c
Mar
55c
2.45
2.50
2,375
2.43
Mar
3.10
Jan
Homestead Oil & Gas Ltd.
5%C
5%c
3,500
5%c
Feb
7c
Jan
Royallte Oil Co Ltd
33
33%
15
33
Feb
36
Jan
.
Distillers Seagrams
Preferred
Shares
Low
715
1,000
1
Pacific
Grain
Preferred
15c
15c
Dome Mines (new)
Dominion Bank
2%
2%
26c
*
32
1.25
"14%
15c IMar
14,625
16%
Mar
Steel
Eldorado
1
36
Jan
Equitable Life
Jan
Extension Oil
14
Falconbridge
Jan
Fanny Farmer
*
1
Feb
Federal-Kir kland
90c
Fleet, Aircraft
*
Ford
*
2%c
1,000
Jan
Francoeur
2.25
2.35
7,000
2.0
Feb
2.68
Jan
Gatineau Power
8c
1,000
5%c
Mar
10%c
Jan
Preferred...
18c
19c
7,100
18c
Mar
28o
Jan
Rights
100
204%
202
204%
29
201
Feb
211
Mar
100
265
264
265
14
260
Jan
268
Feb
60
5
Jan
10%
1,045
9%
Jan
10%
Feb
5c
5c
26,000
4%c
Mar
10%C
Jan
50c
48o
48c
69o
18c
12,050
4,300
Mar
16 %c
15%c
Mar
23c
Jan
23c
23c
1,200
23c
Mar
26c
Mar
13%c
14c
7,700
13 %o
Mar
22o
Jan
17c
11,300
12o
Mar
Mar
Jan
Jan
6%
169
Mar
07c
Mar
5,500
8%c
Mar
9c
40
40
14c
Jan
105
10
Jan
12
Mar
120
8
Feb
9
Feb
God's Lake
Goodyear Tire & Rubber.*
Preferred
Jan
40%
ll%c
Mar
90
14c
16c
Great Lakes voting tr
Saddlery
Preferred
pref*
*
Gunnar
1
Gypsum
1
Bralorne.
*
640
Feb
11
Jan
Harding Carpets
49 %c
*
9%
9%
9%
5,778
8%
Jan
10%
Mar
Hard Rock
1
Brewers & Distillers
5
5%
5%
5%
1,410
4
Feb
5%
Mar
Harker
British American Oil
*
Brit Columbia Packers
*
Bakeries
Breweries
*
Bk of Commerce. 100
High wood
*
Jan
Hinde & Dauch
29%
51c
19,700
47c
Mar
69o
Jan
6.50
886
6.40
Mar
8.60
Jan
Homestead Oil
16
16
380
15
Jan
Howey Gold
1
Hudson Bay Mln <fc Sm__*
Hunts A
*
t
Mar
1
Feb
17%
1.97
2.02
4,160
1.95
Feb
2.39
Jan
35c
35c
800
33c
Mar
47c
Jan
5
120
5
Feb
5%
Jan
104
104
15
104
Mar
105
Jan
Huron & Erie
56
10
55
Feb
58
Feb
Imperial Bank of Can. .100
7
215
Jan
Imperial Oil
Imperial Tobacco
96%
106
Mar
15
6%
92%
Jan
99
Feb
75
104%
| Jan
106
[Mar
39
Feb
International Bronze
Feb
17%
Jan
Intl Metals A
104%
Jan
Preferred
19
140%
Jan
150
Jan
A preferred...
6%
Jan
20
75
1%
7%
1,646
19%
960
63%
19%
7%
18%
64
20
1.85
1.75
28%
170
20%
30
1%
225
1%
48
170
35
48
1.85
25
1,405
29
31
172
69
36
Jan
15%
Jan
8%
21%
55
Feb
64
Jan
21%
17
1%
48
Mar
2
Mar
64
1.55
Jan
24%
Jan
168
Jan
57%
Feb
24
26
191
24
Mar
27%
3
110
35
75
1.75
25
Feb
Feb
3.25
Jan
Mar
Mar
35
5
12,200
48c
Mar
64o
Jan
170
49C 50 %C
4%
l%c
Mar
5%
Mar
Mar
2c
Jan
Jan
4%
535
3%
Feb
3%0
3%o
8%
4%
1.07
1.10
2,700
1.00
Mar
1.48
Jan
5%c
5,900
5%c
Feb
10c
Jan
400
13o
Mar
19%o
50
14%
13%
Mar
16
459
Mar
15
3c 183,900
2c
2%c
6,500
7%
8%
5,887
14c
14c
14%
14
6
Jan
Feb
Mar
Jan
Jan
Jan
Jan
2.43
2.42
2.53
10,580
2 40
Mar
3.10
Jan
5%c
5%c
4,500
So
Feb
7 %c
Feb
35c
40%o
2,225
33 %o
Mar
29
8,045
27%
9
11
395
10
10
25
69
69
35c
"28"
11
27%
6
34
Jan
Feb
11
Feb
9%
Feb
10
Mar
14%
Mar
69
40c
41
212%
Mar
14%
14%
2,339
14%
Mar
16
212%
16%
495
15%
40c
7,600
30C
212% 215
38c
21
*
111%
110
100
21
10%
10%
111% 111%
110
20
21
74%
220
Jan
Jan
Jan
Jan
1*6%
16%
Mar
Jan
40c
Mar
Mar
22
Feb
350
9%
Feb
200
114%
Feb
115
106
Feb
114%
35
Jan
Mar
7
15%
Jan
Jan
Mar
._*
"41%
41%
43%
3,230
41%
Mar
47
Mar
International Petroleum..*
22%
Jan
24
10%
23
11%
21%
International Utilities A..*
22%
10%
1,460
Mar
220
8%
Jan
11%
Mar
30c
Mar
65c
Jan
18%c Mar
Mar
Mar
International Nickel
Jack Walte
Mar
Jacola
Feb
29%
.....
Mar
Feb
Jellicoe
*
40c
1
B
Ma
2 15
178
Mar
5%C-
*
100
53
14
5
..1
Mar
37
17
103
146% 148
7%
Inspiration
10
14%
14c
100
*
Jan
53
4%
T.09
*
16%
101%
39
16%
8%
B
87
5%c
7%
*
47c
38%
100
*
Jan
Hollinger Consolidated.. .5
Home Oil Co
*
96%
"20%
n
23%
17%
30
106
Preferred
Cnd
Jan
Jan
6%
*
B
Cndn Bakeries pf (new)
Canadian
17
27
102
Canada Wire A
Canadian
20
66
29
Mar
2%c
1
*
56
Can Permanent Mtge__100
Preferred
17%
Halliwell
Hamilton Bridge
5
Canada Northern Power..*
*
......50
Mar
23
Jan
6.40
Canada Packers
Canada Steamships
22%
1,861
22%
17%
100
Preferred
11
Mar
81
4%
1
10%
7,200
175
2%c
*
Brazilian Traction
8%c
Jan
82
3
*
...
26c
81
35
"24"
50
Halcrow-Swazey
14c
Jan
53
82
.....50
36%
7%C
10%
8c
Jan
1
1
9
10%
15
Jan
*
1
11%
93
1,495
50c
Gold Eagle..
Can Cycle & Motor preflOO
Canada Malting
*
9%c
10%
Jan
104"
21%
Jan
Mar
11%
8%
Feb
7%
21%
6
5%
8%C
Jan
Mar
1.19
Jan
10%
4%
Jan
12c
Mar
9c
8
21%
*
Jan
27c 287,010
8%
7%
19%
Feb
1.05
16%c
Jan
570
97
2,350
165
Jan
8%o
Mar
Golden Gate
246
5%0
Feb
92%
4%
Feb
167%
Mar
5%o
50
8c
4%
3c
5,000
93%
4%
100
Feb
245
1,400
6%c
Jan
5,000
4
3c
6c
16%
Goldale
25
Jan
3c
6 %c
Mar
Gold Belt
*
Mar
4%c
4.00
14
Jan
50
Mar
30
Feb
3c
17
Jan
100
4.90
Jan
3c
4.95
30
3c
14%
Feb
A
Jan
26%
27%
14%
92%
33c
B
1,140
1,340
1,000
4.80
29%
Jan
14%
6%
1
Canada Cement Co
Feb
...»
15%
35c
Jan
26c
Jan
Mar
*
6
Jan
lie
Mar
..........
Jan
22 %c
70o
General Steel Wares.....*
Gillies Lake
1
Great West
Canada Bread.......
4%
5,000
22%
20c
1.98
10
24c
Mar
12%
6%c
16
5%
Mar
645
Building Products (new).*
Calgary & Edmonton
*
Calmont
1
1.23
80
3,000
47c
Feb
40c
23c
1
90c
2,800
13%
1
3,900
65,600
20c
Buffalo-Ankerite
90c
58c
5%
Broulan-Porcupine.
90c
Jan
47c
13%
Brit Columbia Power A..*
Mar
"53c
*
22%
Jan
4%
*
A
*
"29"
18%
Feb
Foundation Petroleum.25c
Bank of Montreal
50
4.10
Mar
3
1
25c
Jan
Bank of Toronto
Preferred
Mar
16
100
22 %c
*
Jan
18%c
Bobjo
3.55
150
3%
1
25
....
Jan
5%
*
Jan
38o
Feb
165
Feb
3.80
Mar
Mar
5%
9%
16
l%c
22%c
2%
24%c
5
Feb
3%
Easy Washing Machine..*
20,650
5
Jan
3%o
3.70
Eastern
Jan
17c
1.11
Jan
Mar
8
16
5%c
3.70
Jan
6%c
4%c
6c
15%
5%
Feb
Feb
Mar
Jan
2.25
Mar
5
Mar
30
Jan
Mar
1.05
Jan
1.25
Mar
Jan
Mar
Mar
6c
Mar
7%o
7%c
1.07
1.25
30
Mar
4%c
2%c
1
40
20
30
5%c
2,000
1
Mar
36%
6%c
71,000
Beattle Gold
210
Mar
5%c
4%c
Bear Expl
Jan
Jan
32
23%
*
Crest
7%c ll%c
6c
29
204
1,160
40
17%
2%
29%
107
6
1.25
30
Mar
5
349
33
32
10%c
Feb
1-
9
25%
207% 207%
8%
7%c
"11%
Mar
Feb
2.35
*
Mar
97%
2%
4%c
2%c
1
25%
Jan
Mar
Jan
Blue Ribbon
Jan
90%
5c
3.00
Biltmore
23
114
3o
Jan
Big Missouri
3,260
97%
26%
5%
2.30
26c
25%
96
355
846
1
24%
1,000
2.50
Bidgood Kirkland
Jan
25%
1,000
2,000
Firestone Petroleum
166
8c
3c
Fernland
100
Mar
6c
Jan
Bell Telephone Co
6%c
6c
Jan
6%
500
3c
1.03
*
5%c
1
6%c
*
5%c
1
Mar
Beauharnois
Jan
Mar
20
Mar
Beatty A...
32o
1.17
Dorval-Siscoe
85c
Bathurts Power A
Jan
Mar
Mar
Mar
Jan
2%o
Base Metals...
3%
2%
1.15
2%
lo
3,450
Bakers
Feb
22 %c
*
...
25,000
Cons
Feb
31
532
Dominion Woollens
90c
Bankfield
178
Jan
Mar
2%C
1
Jan
27
13%
4%
6%
87c
Bagamac
Jan
169%
125
2 %c
2.27
227
49
295
2%c
1
16
30
Mar
1,660
*
1
176
Jan
42%
7%
3%
8%
1
Astoria Que
Aunor Gold Mines
410
Feb
4%
Anglo-Can Hold Dev
Tl%c
44
19
14%
Amm Gold Mines
1
42%
Jan
Mar
7%
2%
8%
15
1
17%
4%
14%
*
385
13%
15
Arntfleld Gold
18%
300
1
25
*
Anglo-Huronlan
18
1.98
Dominion Tar
*
Ashley
Mar
East
High
12
30
30
24 %C
1.55
1,275
50
Aldermac Copper
Algoma Steel
25c
3,100
2,200
*
Dominion Foundry
Dominion Scottish Inv
lc 'Mar
95
..100
1.70
1.60
2%
100
*
Mar
1.30
11
1,000
*
Ajax Oil & Gas
32c
1.17
100
East Malartic
Alberta
Jan
27%o Mar
24c 24 %c
24c
1
Preferred
Range Since Jan. 1, 1940
1%C
9%
DuqueSne Mining
Sales'
l%c
Feb
Dominion Stores
Week
1
Jan
6%
~5%c
*
Dominion Steel B
Exchange
both inclusive, compiled from official sales lists
470
Afton
285
1.15
2%
.
Mines
Preferred
1.65
78o
2,500
29%
*
Denison
13%
Feb
30c
175
100
Petroleum.
Delnite
1.50
Jan
6P0
66c
5%c
12
680
60c
Jan
1.50
Mar
64c
41c
12
Jan
40o
Cochenour-Williams Gold 1
Mar
100
1.05
Jan
90c
preferred
Jan
Mar
42c
77c
6%
Jan
14o
40c
89c
Abitlbi
Jan
2.55
Jan
40c
31c
Price
75c
Mar
*
8
Jan
Mar
Mar
Chromium
7%
29 %c
22
Feb
Jan
*
4%
2.55
11,909
5,560
25,510
500
Par
Jan
77c
Siscoe Gold
Stocks—
2,25
73c
31c
for
550
75c
Cockshutt Plow....
Commoil
of Prices
Low
High
Jan
Chesterville-Larder Lake.l
Mar
Week's Range
Mar
19%
65c
2.40
Sale
Mar
10
2.10
Feb
Last
2.50
10
Jan
Mar
10%o
73o
2.03
Mar
Mai
5,500
1,050
Jan
Feb
8%
4%
1,500
2.28
85o
123
9%
9%
20,120
.
Porcelain
Jan
Feb
100
11c
Central
650
Friday
4%
22
2.50
Jan
3%
20
15
10
10
21
Central Patricia
3.30
Toronto Stock
15
Mar
30
10
10
67c
Jan
March 23 to March 29,
7%
Feb
2.26
Castle-Trethewey
3.30
40c
Jan
6
67c
1.15
2.45
Mar
118%
2.10
Mar
Home Oil Co Ltd
61o
12
6,622
10 %C
90 %c
Dalhousie Oil Co
2,900
2.20
1,344
Calgary & Edmonton
61 %C
65c
120
120
10 %c
93c
Anglo-Canadian Oil Co...
Jan
1
87c
Gold
Wood-Cadillac Mines
Feb
2.50
90c
Teck Hughes
32
2%
10%
1
Sherritt-Gordon Mines...
Sylvanite Gold
Mar
100
7%
Jan
Feb
129
315
3
Jan
29
Jan
16%
Feb
37%
124%
21%
25
4%
5%c
Quebec Gold
120
Jan
23%
2%
10
Canadian Wine
31c
Preston East Dome M
Mar
30
15
129
10
*
B
2.22
3.30
Gold
23%
435
16
Canadian Wirebound
Pickle-Crow
370
26%
35%
*
.
1.35
120
16%
25%
34%
100
4.20
6c
Feb
Mar
320
25
Dredge
l%c
Pandora-Cadillac Gold...
Feb
14
14%
128
Canadian Locomotive
Canadian Malartic
McKenzie-Red Lake Gold
Pamour-Porcupine Mines.
22
Mar
387
Canadian Ind Alcohol A..*
Macassa Mines
Normetal Mining
O'Brien Gold
Mar
11%
12%
15
12
35%
100
Lebel-Oro Mines
Malartic Gold Fields
19%
20%
11%
14
*
High
10%
20%
25
Celanese
9
Mar
9%
*
25%
5c
5c
Lake Shore Mines Ltd...
Low
105
9%
11%
20
Canadian Oil pref
Kirkland Gold Rand
Range Since Jan. 1, 1940
9%
20%
B
Falconbridge Nickel
Sales
Price
Par
A
2c
3.75
East Malartic M Ltd
(Continued)
Canadian Can
26%
Mining
Exchange
Friday
21c' Mar
Feb
Mar
14c
Toronto Stock
2c
Dome Mines Ltd
Duparquet
Mar
1,500
2,100
10c
Beaufor Gold Mines
Cartier-Malartic
24c
No par value.
40c
1,300
Jan
Feb
18%c
1
11 %c
18 %C 18%c
500
26c
Jan
4%C
1
1
4%c
2,500
4c
Mar
5c
Jan
10c
12c
4,366
8c
Mar
19o
Jan
The Commercial & Financial Chronicle
2070
Toronto Stock
Stock* (Continued)
Par
for
of Prices
Week
Low
Price
J M Consolidated
2 Ac
2.52
High
2Ac \2Hc
6.500
2Ac
Mar
4Ac
12,999
2.29
Feb
2.75
22c
Jan
32c
Feb
1.25
1.38
8.599
1.23
Mar
25A
1,139
22 A
Mar
6.50
6.50
54
lHc
MacLeod Cockshutt...
Madsen Red Lake
290
12 A
Mar
5,500
lAc
Jan
2Ao
Mar
88c
Jan
3,850
2.95
Feb
3.40
135
26 A
Mar
28 A
Jan
360
25A
Mar
26 A
Jan
4.15
4.25
1,997
4. J 5
Mar
4.75
Feb
2.16
6,883
1.76
Mar
2.55
21,800
37c
Feb
62c
1.20
1.45
63,600
92c
Feb
1.45
3,000
Ac
Jan
lAc
Jan
Maple Leaf Gardens pref 10
Maple Leaf Milling
*
6
Preferred
6
32
6
5
6A
625
4
7%
262
7A
Maralgo
3c
3c
*
Preferred
3c
5H
5A
McColl Frontenac
Mar
7
Feb
5
7A
Mar
53
5
Feb
A
Mar
59 A
6
McVittle
8A
45
7A
Feb
1.30
1.30
1.35
5,280
1.20
Mar
9A
1.47
15Ac
1
9c
9c
600
9c
Mar
40c
47c
6,300
40c
Mar
8A
8 A
8A
197
6 A
Jan
1.00
1.00
1.00
1,850
1.00
Mar
.McWatters Gold
Mercury Mills
Mining Corp
*
Modern Containers pref 100
Monarch Oils...
Moneta
25c
98
98
"46
Murphy
Mar
9c
Mar
44 A
Feb
Feb
184
183
6Hc
I AC
5
49,886
181
4 He
1,000
25 A
15
14c
lc
8,500
7c
Mar
21Ho
9
Mar
10 A
Mar
69
28c
2Ac
74
43,700
1,900
568
19 Ac
37 He
3c
Mar
2 Ac
70
Feb
Mar
Jan
Feb
2,500
5c
Mar
8,000
4Ao
Mar
6Ac
Feb
3,810
45c
Feb
60c
Jan
125
1.25
1.25
*
1.16
60c
Feb
4A
100
3A
Feb
4A
Mar
1.41
1,625
1.30
Feb
1.81
Jan
1.14
1.20
1.08
Feb
1.29
24c
Feb
34c
Jan
7
Jan
9
Feb
4
*
Oro
25Ac
1
Orange Crush pref...
32c
1,800
17,361
8 A
8A
20
*
Plata
Pacalta Oils
8A
*
108H
Pamour
*
1.68
7c
...1
1
37c
1
1.77
Pickle Crow
1
3.30
Pioneer
1
Gold
Powell Rou.
1
Bank
Oil
St Lawrence
27c
140
4,865
1.65
6Ac
7Ac
52,900
13,850
35 Ac 38 Ac
1.75
1.80
107
Mar
Mar
111
Feb
6A
Mar
7A
Jan
10
Feb
Jan
61
Mar
7
3,890
5
*
Steel
40c 40Ac
40
3
3
6
36
36
195
*
Kirkland-Townsite
73c
1
Langley's preferred
21
Montreal Power
30
Selections
75c
35
220
2,000
Pend-Oreille
1
Rodgers Majestic A
Shawinigan
*
*
21H
1.66
Jan
15c
Jan
Mar
27
Mar
Mar
Feb
31H
2Hc
Mar
Feb
2c
25
5
Jan
1.05
Feb
30
2c
Jan
Mar
40
Mar
10c
18
35
55c
3A
Mar
73c
25
2c
'35"
100
Mar
30 A
30 A
a
*
2,400
26
Jan
8H
Mar
36
1,500
13c
11c
100
Ontario Sllknit pref
40c
2A
2,200
*
*
Jan
35
Mar
Jan
1.75
1,050
3A
205
2A
Jan
22 A
34
300
20 A
Feb
24
Jan
32
Mar
34
Mar
5 Ac
Mar
8 Ac
3
1.66
35
6c
2,500
Mar
2.35
Jan
3A
Feb
Jan
Jan
Jan
Industrial and Public
4c
Jan
8Hc
Jan
36c
Feb
53c
Jan
Closing bid and asked quotations, Friday, March 29
Jan
(American Dollar Prices)
6,850
1.75
Mar
3.20
3.80
24,869
3.20
Mar
4.25
1,165
5,500
2.06
Feb
2.30
Utility Bonds
Jan
2.30
Mar
1.40
10
9 H
2.19
75
1.13
10
2.12
Feb
2.18
11A
Jan
Mar
22c
Feb
18c
2,500
17c
1.25
100
1.25
Feb
1.42
Jan
105
9 A
Feb
12 A
Feb
10 A
2.30
22,780
1.98
Feb
2.38
Jan
800
29c
Mar
34Hc
Mar
4 Ac
32c
500
35c
2,700
4Ac
5,500
183
9
32c
Mar
35c
4Hc
180
Bid
Jan
Mar
42c
Jan
Mar
57c
Jan
Feb
6H0
Jan
Jan
190
Jan
65
32 A
Mar
36 A
Jan
15c
5,540
13c
Feb
2l0
Feb
18A
19 A
45
17 A
Jan
20
2.39
2.48
3,635
2.16
Feb
2.50
9c
3,300
8c
Feb
15c
Jan
5,400
34c
Feb
570
Jan
I 07
Feb
1.24
90c
Mar
1.18
Jan
4
A
Mar
7H
Feb
Mar
7A
Feb
65
6A
16
700
5A
Jan
21H
12 A
Feb
160
1
37c
37c
38c
50c
1.07
1.07
1.12
700
Sherrltt-Gordon
1
90c
91c
10,946
Silverwoods
*
4
5
*
6A
A
18
152
6A
19
10
12
A
102 A 104 A
.50
Jan
Jan
Jan
Feb
l
86c
78c
91c
30,210
99 A
75c
Jan
Siscoe Gold
Jan
Sladen Malartlc
91o
41c
41x
44c
29,773
39c
Jan
61o
Slave Lake
4c
4c
2,500
4c
South End Petroleum
Mar
7 Ac
Alberta Pac Grain 6s__1946
71A
74
Algoma Steel 5s
78
81
Int Pr & Pap of Nfld 5s '68
80
82
75 A
Lake St John Pr & Pap Co
5 As
1961
67
69
58 A
70
60 A
72
*
*
1948
Beauharnois Pr Corp 5s '78
British Col Pow 4Hs_1960
73
74 A
76
Brown Co 1st 5 As
1946
39 A
91A
92 A
75
79 A
40 A
Calgary Power Co 5s__ 1960
77 A
71
Canada Cement
76 A
70 A
74 A
77
Minn & Ont Pap 6s...1945
33
34
83 A
84
McColl-FrontOil4Hs 1949
78
80
N Scotia Stl & Coal 3 As '63
1957
Canadian Canners 4s. 1951
Canadian Inter Pap 6s 1949
78 A
68 A
4H8.1951
Canada SS Lines 5s
Maple Leaf Milling—
2 As to '38-5 As to '49..
M assey-Harr Is 4H8...1954
76
79
Power Corp of Can 4 As '59
Price Brothers 1st 5S..1957
86
87
59 A
62
86
Quebec Power 4s
1962
73 A
75
Sageunay Power—
4 As series B
Winnipeg Electric—
Canadian VIckers Co 6s '47
Consol Paper Corp—
5 As
ex-stock
59
1961
48
Dom Gas & Elec 6Hs_1945
Dom Steel & Coal 6 As 1955
49 A
85
A
83 A
85H
Dom Tar & Chem 4 As 1951
78
82
1966
Donnacona Paper Co—
4s
1956
77 A
79 A
62
64
4-5s series'A
1965
Famous Players 4HS-.1951
Federal Grain 6s
1949
76
78
4-5s series B
1965
57 A
47
49
77
79
59
Jan
Standard Paving
Steel of Canada
Ask
Gen Steel Wares 4HS.1952
Gt Lakes Pap Co 1st 5s '55
Jan
l
Bid
46
Mar
1
Ask
Abitibi P & P ctfs 5S..1953
Jan
8c
102 A
Jan
1.40
10
Dominion Bridge
Foothills
Jan
33 A
*
15 A
Jan
2.35
13c
♦
Mar
1.00
Mar
33 A
_" 11100
11A
3,680
5Hc
9c
Preferred
20
1.40
8
33
2.44
B
11H
57
1
1
Simpsons A
1 Ac
8
*
1
Preferred
Mar
6A
Supertest ordinary
182
50
lc
57
Temiskaming Mining
Sand River
...
6A
Feb
1.80
High
1,000
Ac
_*
Feb
10854
Low
Shares
100
Dalhousle
Oils
1.30
1.30
*
1
11A
1
Consolidated Paper
Consolidated Press A
Disher
lAc
61c
1.65
Range Since Jan. 1, 1940
for
Week
High
ow
6 Ho
40c
San Antonio
Senator-Rouyn
Sheep Creek
Price
Jan
1
Corp A
Par
Mar
*
St Anthony
Sales
36o
35c
4Hc
100
compiled from official sales lists
of Prices
4Ao
32c
l
Roche L L
Jan
34AC 34 Ac
1
Peno Gold
Royalite
2.20
.
100
reek's Range
500
108
Jan
Exchange—Curb Section
4,600
1.25
10A
1
Quebec Mining
Mar
8,500
17c
l
*
100
27c
1.28
*
Preston E Dome
Feb
47c
25c
Prospectors Airway
99H
99 A
5Ac
10
♦
Pressed Metals
•
2.25
.1
Corp
Prairie Royalties
Premier
$11,650
99A
27c
27c
Page-Hersey
Perron Gold
Jan
47c
1
Porcupine
Partanen-Malartlc
Paymaster Cons
11
4 Ac
*
Pacific Petroleum
Jan
Corrugated Box pref
Mar
250
A
1.35
4a
Omega.
7H
Stocks—
Jan
50c
Okalta Oils
40
Sale
Jan
5%C
5Ac
^
9A
Last
Jan
5c
1.35
9A
Friday,
Jan
60
48c
1
Jan
*
Knitting
Toronto Stock
Jan
25
4Ac
5
5Ac
March 23 to March 29, both inclusive,
Feb
355
72
Star
Feb
Bonds—
Mar
Mar
7c
2c
26 A
5c
Preferred
4Hc
*
Jan
Jan
25
60c
O'Brien
1,000
Canada Vinegars
Canadian Marconi
78 A
7c
Nor metal
4Hc
1
5Hc
Norgold
Jan
4Hc
Brett-Trethewey
9
2 Ac
Nordon Oil...
8.15
Jan
62
22 Ac
73 H
30c
Mar
Jan
8c
9
"26c
*
Jan
7.05
Jan
61
Nay bob
19Hc
Jan
348
93 Ho
46
9
New bee
1,800
2,320
Jan
66c
8Ac
*
20c
7.50
Mar
6Ac
lAc
25A
National Grocers pref...20
National Petroleum....25c
Mines
99A
6,223
5c
Mar
20c
7.40
Jan
3,000
"5 He
High
85
Feb
20c
Jan
73c
46
77
7.40
War Loan 1948-1952.
Feb
1.33
Mar
Low
10
*
Jan
58c
9
7 Ac
45 A
183
100
M orris-Kir kland.
National Sewer A
National Steel Car
98
85
Jan
70c
*
A
10
Range Since Jan. 1, 1940
Shares
1
Jan
6Ac
6Ac
1
Corp
98
85
Mar
4Hc
814
McKenzle
100
High
York
Jan
3c» Mar
Low
Price
*
Jan
48
Week
Wright Hargreaves
Jan
1,500
1,180
for
of Prices
Ymir Yankee
Jan
A
9A
Par
Wood (Alex) pref
Wood Cadillac
Jan
H
435
5%
50 A
100
Stocks (Continued)
Week's Range
Sale
Mar
lAc
Sales
Last
Jan
lHc
Exchange
Friday
Jan
43c 45Ac
1.40
Massey-H arris
Toronto Stock
Jan
28
26 A
Manitoba & Eastern
Royal
Jan
3.10
1.99
Teletype N. Y. 1-2316
Jan
70c
27H
44c
Gold
Telephone Whitehall 4-0784
Jan
25A
2.15
1
STREET
YORK
Jan
3.15
Mines..
RECTOR
NEW
Mar
6,425
13
Mar
27 Yi
26 A
4.20
*
B
Power
7.60
55
22 He
13
71c
North
Mar
Jan
12Ac
lAc
12H
lHc
71c
Noranda
50
6.600
19
Jan
Jan
3.20
13
Moore
6.26
25
1.54
32
Feb
74c
Laura Secord (new)..
Little Long Lac
Loblaw A
160
54
13c 13Hc
Lebel-Oro
Leltch
English Transcontinental, Ltd.
Jan
8,025
13Hc
So. American Bonds
High
25c
O
Lapa-Cadlllac
Malartlc
Low
2.56
T.26
Landed Bank & Loan. .100
Macansa
Shares
2.48
Lake Shore
Any Other European Internal Securities
Foreign Dollar Bonds
24 A
..1
Bay
1940
Range Since Jan. 1, 1940
25c
Kerr-Addison
Kirkland-Hudson
Klrkland Lake..
Lamaque
British and
Hales
Week's Range
Sale
30,
Exchange
Friday
Last
March
*
Preferred
105
4c
4c
4c
3,100
3Ac
Mar
7 Ac
1.25
400
1.20
Mar
2.00
79 A
563
76 H
Feb
86H
415
76
Feb
83
25
Jan
*
2.50
2.40
2.53
13,350
1.80
Jan
Straw Lake Beach
2.65
Feb
*
4AC
5c
3 Ac
Feb
___i
4Ac
19Hc
Mar
*
1.85
River
Sudbury Basin
Sudbury Contact
Tamblyn
100
common
Jan
6c
100
4Ac
Feb
8Ac
4,850
80
80
3.00
3.00
3.05
11A
12
5
2,065
75c
80
Mar
1.02
82
Jan
Mar
3.45
Feb
12
3.90
3.80
3.95
1,850
3.65
Mar
4.15
Jan
2.00
2.00
2.00
380
2.00
Mar
2.05
n Nominal.
12 A
105
12
Mar
13 A
Mar
12
12
109
1
"Y.60
*
31H
NOTICES
Municipal Bond Club of New York will be
held on Thursday, April 4, at the Bankers Club with
Cap. E. V. Rickenbacker, President and General Manager of Eastern Air Lines, Inc. as the
guest speaker.
tion in
109
1.60
47
50
15
93
A
1.60
200
31A
30
50
140
570
47 A
20
93
6
II
Feb
12
Feb
The subject of Cap. Rickenbacker's address will be "Avia¬
Peace Time."
—S. B.
an
Chapin & Co., Members New York Stock Exchange have opened
uptown ground floor office at 570 Lexington Ave., in the General Electric
Building, under the management of Beverly K. Sinclair.
Mar
100
Toronto Elevator..
Preferred
—A luncheon meeting of the
Jan
Mar
2.95
1
*
/ Flat price,
Feb
Jan
*
Toronto Mortgage
Towagmac
Union
2.05
1
Toburn
Twin City
Uchl Gold
Jan
14Ac 20 Ac
1
Teck Hughes
Texas-Canadian
Tip Top Tailors
Preferred.
80
5Hc
20Ho
1.80
80c 80 He
1
Supersilk preferred
Sylvanite Gold
Jan
1.85
20,100
19,750
1,825
UAc
1.80
5Ac
1
Sullivan
value.
CURRENT
Jan
80
par
Jan
78 A
78 A
No
Jan
1.20
~78~A
Steep Rock Iron Mines
Sturgeon
*
Mar
This is the third
uptown office opened by the firm here in New York during the last
year,
—Ralph S.
Martin, formerly for
12 years with
First Boston
Corp.
as
Jan
manager of their bond department and more recently with Salomon Bros.
& Hutzler and E. A. Pierce &
Co., has become associated with Arnhold
Feb
32
Jan
and S.
47 A
Mar
49
Feb
91
Mar
98
Feb
106 A
1.50
29
Feb
Mar
110
1.90
Jan
1
22c
22c
35c
Jan
*
2%
2%
10
Ill
2%
Mar
2A
Mar
70c
70c
2,900
70c
Mar
1.12
Jan
775
15A
Jan
17
38 A
Feb
42
Mar
as
manager
of their bond department.
Feb
30
Bleichroder, Inc.,
—Richard A. Bigger, Vice-President and for mnay years head of the New
Gas
*
16 X
B
United Oils
*
United Steel
*
5H
Upper Canada
1
80c
Ventures
6Ac
*
16H
16 A
40 A
9
United Fuel A
40 A
6 Ac
6Ac
5A
75c
4.00
9
5A
80c
4.05
2,400
100
600
1,505
34,950
1,045
1,368
1,694
20c
6
Mar
Jan
10
Feb
6 Ac
5A
Mar
8Ac
Jan
Feb
6A
Jan
59o
Feb
85o
Jan
4.00
Jan
4.35
Jan
5.45
Feb
6.05
Jan
Walte Amulet
*
Walkers
*
43
42
43
Jan
*
20 X
20
43 A
20 A
505
19 A
Mar
20 H
Feb
10c
2,500
80
Jan
12c
Jan
47
Mar
Feb
13 A
Mar
Mar
2A
Jan
Co., Inc., has been elected
was
to the board of directors of Mission
Dry Corp.,
announced.
—W. L. Nolan and Thomas B.
Wright
announce
the formation of First
Seaboard Corp., with offices at 52 Wall Street, this city, to act
and advisors
in
as
consultants
management and finance.
—Kendric W. Taylor, for the past 11 years an account executive
Albert Frank-Guenther Law, Inc., has joined Frank Ziernan & Co.
of
Feb
1A
York office of the Charlotte, N. C., investment firm of R. S. Dickson
&
it
Preferred
Wendigo
1
West Can Flour pref... 100
Westons
*
Winnipeg Electric A
*
B
Preferred.
5.65
10c
10c
~13~A
40 A
13 A
2
5.80
41
43
125
37
13 A
2
485
12
50
Jan
_*
2.00
2.00
35
1.30
Feb
..100
2.38
Jan
9A
10H
50
9A
Mar
11A
Feb
—The New York
City firm of J. Roy Prosser & Co. has reopened with
offices at 52 William St. to deal in unlisted and inactive securities.
—Blyth & Co., Inc.,
to 123 South Broad St.
announce
the
removal of their Philadelphia office
I
—Herbert E. Stern & Co. have moved their offices to 30 Pine
St., New
York, N. Y.
Volume
The Commercial & Financial Chronicle
150
Quotations
on
New York
Bid
a2%a July
a3s
a3s
1969
94%
1
1977
99
Bid
1
1979.
99
Ask
o4Hs Mar
100
1
1975
a3%a May
a3^s Nov
1
1954
1
1954
101
102%
106% 108
106% 108
a3%a Mar
1
1960
106
15 1976
a3Hs Jan
1 1957
May
104
1
1964
116
a4%a Apr
a4%a Apr
95%
a3%a July
a4s
Federal Intermediate Credit Bank
City Bonds
100
Feb
Over-the-Counter Securities—Friday Mar. 29
Ask
15
Jan
1
1966
15
1972
Bid
116% 117«
117J* 118H
1
a4J£s June
15
1
1977
15
1978
H8M 120 %
119K 120%
a4)£s Mar
1
1981
1
1957
U7H 118%
1
1957
117 %
1
1963
1965
1195* 121
120% 121 %
120% 122%
Aug
%% due
%% due.
% % due
Dec
120M 121%
a4^8 May
a4%a Nov
a434s Mar
o4a
Nov
1
1958
111% 112%
111% 113%
a4s
May
1
1959
112
a4s
May
1
1977
113% 115
a4H8 June
1
c4s
Oct
1
1980
114% 115%
a4J4s July
1
1967
a4%a Sept
1
1960
15
1971
1
1962
115% 116%
115% 117%
a4%a Dec
a4%a Mar
c4^8 Dec
1
1979
113%
Ask
Bid
1 1940 6 .30%
Sept 3 1940 6 .30%
Oct
1 1940 6.30%
%% due
1 1940 6 .20%
1 1940 6.20%
1 1940 6.25%
11940 6.25%
1% due
Apr
%% due
May
%% & 1% due June
%%&!% due July
118
119H
118H 120
1974
1976..
Debentures
Ask
117%
a4%a Feb
a4J4s Jan
a4%a Nov
107H
105%
2071
6. 35%
2 1940
Chicago & San Francisco Banks
119
121% 123%
124% 126%
Bid
Par
Ask
Harris Trust & Savings. 100
100
& Trust
Bid
Par
Ask
American National Bank
209
220
300
310
100
558
575
Northern Trust Co
Continental Illinois Natl
33 1-3
89
100
Bank & Trust
239
First National
SAN
91%
FRANCISCO—
Bk of AmerNT&S A
246
38%
12)4
40%
New York State Bonds
Bid
Bid
Ask
3s 1974
62.15 less
1
3s 1981
62.20 less
1
Ask
World War Bonus—
4^8 April 1940 to 1949.
Improvement—
4s Mar & Sept 1958 to '67
Vermilye Brothers
61.20
Highway
Canal & Highway—
62.30
5e Jan & Mar 1964 to '71
Highway Imp 4%b Sept '63
Canal Imp 4s J&J '60 to '67
142
_
«.«
Public
Specialists in Insurance Stocks
114%
—
139
Can & High Imp 4)is 1965
---
X132
Barge C T 43£s Jan 1 1945.
142
Canal Imp 4 %b Jan 1964.
132%
Bid
Bid
Ask
Gen & ref 4s Mar 1 1975.
107
Gen & ref 3d
108% 109%
San Fran-Oakland 4s '76
1940-1941
M&S
3%a *76
1942-1960
M&S
Gen & ref 3>*s
6.25
107%
09% 100%
108%
108%
1977
1980
3s serial
6.25
rev
1953-1975..
2%a serial rev 1945-1952
108
102 %
m%
62.55%
99%
61.50 2.50%
31%
33%
Homestead Fire
10
77
81
Ins Co of North Amer—10
72%
42%
9%
Aetna Life
10
Agricultural
25
American Alliance
10
Bid
U S Panama 3s June 11961
116
Jersey Insurance of N Y.20
22
Knickerbocker
5
7%
9
Lincoln Fire
5
115
1952
5s
Apr
1955
100% 101%
4^s July 1952
117
120
5s
Feb
1952
116% 118%
5s
111
112
3%
46
50
14%
49%
10
23%
24%
Merch Fire Assur com—5
25
51
53
Merch & Mfrs Fire N Y..5
35
37
...10
2%
Bankers & Shippers
34
25
105% 107
Boston
100
Camden Fire
July 1948 opt 1943.
2%
70%
13%
47%
Baltimore American
Govt of Puerto Rico—
10%
68%
2%
..5
7%
619
National Liberty....
20%
22%
8%
137% 143%
16
17%
2
New Amsterdam Cas
60%
7%
2
20
National Union Fire
629
8%
31
58%
10
National Fire
8%
102% 104%
7%
28
10
National Casualty
4>^s July
44%
2%
Re-Insurance. 10
Automobile...
1959
2
2%
20%
73%
1
Mass Bonding & Ins.. 12%
119
114
24%
20%
19
Maryland Casualty
American Surety
Ask
122
23
5
10
American Equitable
American Reserve
Ask
Government—
1941
34%
lH
Home
124% 126%
52%
50%
American
4%a Oct
5^8 Aug
Ask
32%
10
American of Newark
Bid
Bid
5
10
Par
Ask
10
American Home
United States Insular Bonds
Companies
Home Fire Security
Bid
Aetna
3%bb t revenue
M&S
Par
Aetna Can & Surety
Trlborough Bridge—
Inland Terminal 4%b ser D
1940-1941
M&S
Insurance
104%
ser
Gen & ref 4th ser 3s 1976
Holland Tunnel 4%a ser E
Philippine
Teletype N. Y. 1-894
Ask
Port of New York—
California Toll Bridge—
1942-1960
BROAD ST., N. Y. CITY
30
HAnover-2-7881.
Authority Bonds
112
10
31
33
New Brunswick
10
34%
36%
City of New York
City Title
10
5
24'
25%
New Hampshire Fire._.10
48%
New York Fire
16
50%
17%
Connecticut Gen Life
10
27%
29%
Northeastern
Continental Casualty
Conversion 3s 1947
Carolina
112%
U S conversion 3s 1946
117% 119%
Hawaii 4^8 Oct 1956
5
30%
38%
Northern.
2%
Employers Re-Insurance 10
1%
2%
Federal Land Bank Bonds
Eagle Fire
Bid
Bid
Ask
105% 106%
3s 1955 opt 1945... ...J&J
3s 1956 opt 1946... ...J&J
105'*i6 106
3s 1956 opt 1946--- .M&N
s
3^8 1955 opt 1945..M&N
4s 1946 opt
J&J
1944
Ask
107% 107%
111% 112%
5
Excess
Joint Stock Land
/14
4*Ss
16
3%
f2%
f2%
f2%
Chicago 4 %3
5s
5^8
3%
3%
First Texas of Houston 5s
100
4^3
Fletcher
mmm
100
3%b
—
—
—
27%
27%
44%
29
10
Gibraltar Fire & Marine. 10
5
Glens Falls Fire
5
Globe & Rutgers Fire... 15
96
102
47
103
7%
245
8%
24%
26%
Seaboard Fire & Marine. .5
44
46
Seaboard Surety
10
38
40
10%
12
Security New Haven
10
34%
36%
2d
15
preferred
3
4
Sun Life Assurance
100
290
340
.100
461
471
17%
19%
Great American
5
27%
29
Great Amer Indemnity
1
10%
12%
Travelers
14
16
10
26%
28
U S Fire
105
10
82%
85%
U 8 Guarantee
60
62
22%
U S Fidelity & Guar Co. .2
Hanover
Hartford Fire
10
Halifax
8team Boiler.. 10
127
77
Springfield Fire & Mar..25
Stuyvesant
5
123
74
104
100
Phoenix 4 34s
5
3%
240
St Paul Fire & Marine..25
«
99% 100
J44
26
5
Rhode Island
80
99%
66
64
/21
/21
St Louis 4%a
66
64
66
24
53
4
(Westchester
51
10
74
76%
34%
36%
2.50
Fire
5s
23
23
J12
83
86
Union of Detroit 2 J4s
99
Virginian 2s
99%
Virginia Carolina 134s
99%
Obligations of Governmental Agencies
14
Southwest 5s
Southern Minnesota 5s
Bid
Bid
A sk
Ask
99
98%
25%
27
Hartford
64
Iowa of Sioux City 4%a...
8%
..10
10
^
5s
Illinois Midwest 5s
7%
42%
Georgia Home
'
5>*s
Fremont 4^s__
37%
Reinsurance Corp (N Y) .2
Republic (Texas)
Globe & Republic
5s
17 %
35%
Revere (Paul) Fire
General Relasurance Corp 5
94
83
15%
10%
Ask
•»«.
126
5
32%
76
Pacific Coast of.Portland 5s
100
4%B
100
-
Providence-Washington.10
Preferred Accident
70%
9%
79
99
Oregon-Washington 5s
99 %
First Trust of Chicago—
79
30%
78
5%a
Montgomery 3%s
North Carolina l%a
100
122
10
27
132
127
25
Phoenix
5
77
New York 5s
First Carollnas 5s
National.25
Pacific Fire
51 %
5
74
New Orleans 5s
100
Denver 3s
Northwestern
10
Franklin Fire
Bid
Lincoln 4%a
5s
16
25%
2.50
4%
105
101
12.50
Firemen's of Newark
Bank Bonds
Ask
98
3%
5
North River
128%
68%
...5
54
127
10
Fireman's Fd of San Fr.25
Bid
8%
50
Fidelity & Dep of Md.__20
106% 106%
r 14
52
8
10
Federal
Fire Assn of Phlla
Burlington 5s
7
100
Lafayette 5s
—
m
—
w>m<m
99%
4%a
Home Owners'
Commodity Credit Corp—
—
H%
1%
Aug
Nov
1 1941 100.20 100.22
15 1941 101.10 101.12
Par
Ask
2s...
Ask
Par
100
80
90
New York
100
45
r0
North Carolina
100
154
164
...100
31
36
100
Denver.
Bid
48
52
Potomac
...100
100
110
66
San Antonio
...100
98
Dec
2s
Bid
Apr
101.9
1 1940 101,6
1 1943 102.28 103.2
Corp—
%%
100
56
8
100
1%
3
Pennsylvania
3
100
2
...100
94
100
%%
2s May 16 1943—
Call May 16 '40 at 100 % 101.24 101.28
\%B Jan 3 1944—
Call July 3 *40 at 102
Jan
101.4
101.6
101.6
101.8
101 22
101.24
July
IJ 8 Housing Authority—
l%% notes Feb 1 1944.. 102.29 103
101.22 101.2*
7
m
<•»
—
5
Virginia
2%
100
Virginia-Carolina
3
106
FHA Insured
Par
Bid
Par
16%
18%
National Bronx Bank
Bank of Yorktown__66 2-3
40
50
National City
Bensonhurst National
75
100
50
13.55
Commercial National.. 100
34%
197
36%
203
50
12%
National Safety Bank. 12 %
10
Penn Exchange
100
765
Bid
Ask
40
44
29%
30%
12
14
WHITEHEAD &
44 Wall Street,
12
14
45
31%
25%
Telephone: WHitehall 3-6850
33%
Sterling Nat Bank & Tr 25
27%
50
795
1955
FHA Insured
118
Bid
New York Trust
Par
Bid
Companies
Bid
Ask
Fulton
100
200
220
60
Guaranty
100
293
298
19
22
Irving..
83
88
Kings County
440
450
10
58
100
Bankers
10
102% 105%
Preferred
51%
50
Colonial Trust.—
25
Continental Bank & Tr.10
Corn Exch Bk & Tr
20
Empire
10
32
40
New York
10%
12%
Title Guarantee & Tr. ..12
13%
15%
Trade Bank & Trust.
54
55
Underwriters
12%
United States
For footnotes see page
2074.
0
Bid
Minnesota
434s
101
Asked
102%
13%
1680
Arkansas 434s
100% 102
New Jersey 4%b
102
102% 104
New Mexico 4%b...
101
102
N
(Metrop area) 4%a
New York State 4%a
101
102
101M
102%
North Carolina 4%a
101H 102%
101% 103%
101% 102 %
5s
4%b
District of Columbia 4%a
Delaware
Florida 4%b
101
102
101% 102%
101
102%
102%
Y
103
25
_
29
32
Georgia 4%b
101
40^
Illinois 4%s
52%
Manufacturers
49%
11%
102
101
38%
25
Chemical Bank & Trust.10
Clinton Trust
12%
1(H) 1640
Lawyers
20
Central Hanover..
Mortgages
Asked
Alabama 4% s
Par
Ask
Bank of New York....100
Bronx County new
FISCHER
New York, N. Y.
55
17%
Peoples National.
Public National
First National of N Y..100 1915
Merchants Bank
100 108
Mortgages
Offerings Wanted—Circular on Request
Ask
Bank of Manhattan Co. 10
Brooklyn..........
101.3
1 1941
15 1942
1 1942
Nov
%%
1%
Federal Natl Mtge Assn—
New York Bank Stocks
Fifth Avenue
notes July 20 1941 101.1
106
100
Chase
100 3
May 15 1940 100
May 15 1941 100.19 100.22
%b
%B
Reconstruction Finance
Federal Home Loan Banks
Joint Stock Land Bank Stocks
Loan Corp
54%
Indiana 4 %b
101% 102%
101
102%
Pennsylvania 4%a
Rhode Island 4%b
South Carolina 4%a
Louisiana 4%a_.
101
102
Tennessee
Maryland 4%b
101
102
Texas 4%a
101% 103
14
Massachusetts 4%s
102
103
102
Michigan 4%s
101% 102 %
Virginia 4%a
West Virginia 4%a
101
90
101
102
112% 115%
3
-.10
12
100
80
.100 1675
4
4%a
102
103%
101
102
1725
A servicing fee from
%% to %% must be deducted from interest rate.
The Commercial & Financial Chronicle
2072
Quotations
on
March
30,
1940
Over-the-Counter Securities—Friday Mar. 29 -Continued
Railroad Bonds
Bid
Guaranteed Railroad Stocks
Akron Canton A Youngstown 5Mb
6s
Baltimore A Ohio 4s secured notes
Boston A Albany 4Mb
3oscpb talkers Sons
Mjfmhtn hirw
1945
1943
44 M
55 M
56 M
75
Dealer* la
Cambria A Clearfield 4s
2-6600
STOCKS
Sine. 1855
1955
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5s...
Chicago Stock Yards 5s
Tel. RE ctor
GUARANTEED
NEW YORK
1951
48
55
103 M
1995
57 M
Elgin Jollet A Eastern 3 Mb
34
Bid
.....100
6.00
100
...100
50
100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
100
Carolina CUnchfleld A Ohio com (L A N-A C L)...100
Cleve Cln Chicago A St Louis pref (N Y Central)..100
Cleveland A Pittsburgh (Pennsylvania)
50
10.50
Ailed
77
120
Albany & Susquehanna (Delaware & Hudson)
Allegheny & Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston & Albany (New York Central)
77
Hoboken Ferry 5s
Illinois Central—Louisville Dlv A Terminal 3 Ms
Indiana Illinois A Iowa 4s
Par in Dollars
80 M
125
79
45
49
56
1946
—
60 M
—
57
Kansas Oklahoma A Gulf 5s
Morris A Essex (Del Lack A Western)
L A W)
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
1950
Memphis Union Station 5s
114
73
75
New London Northern 4s
29 %
32
New York A Harlen 3Mb
2000
97
101
8.75
85
100
17
New York Philadelphia A Norfolk 4s
New Orleans Great Northern income 5s
99
8.50
87 %
22
2032
/14
15
35
40
100
3.00
37 M
40
New York A Hoboken Ferry 5s
5.00
87M
90
Norwich A Worcester 4Mb
-
90
5.00
63
66
Pennsylvania A New York Canal 5s extended to
79 %
81%
2.00
47
50
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
25
100
100
43%
85
69
47 H
62%
Portland Terminal 4s
5.50
Providence A Worcester 4s
80
9.00
164
41
43""
70
4.00
Tennessee Alabama A Georgia 4a_
Terre Haute A Peoria 5s
50.00
650
2.00
100
-.100
60
100
60
50
800
3.875
27%
28 M
6.00
63 %
56%
4.00
89 M
92
4.50
39
42
1.50
60
3.00
83
7.00
172
42
Utlca
Chenango A Susquehanna (D L A W)
Valley (Delaware Lackawanna A Western)
67
6.00
138
100
3.00
6.00
45
175""
67
99
United New Jersey Railroad A Canal 3 Ms
Vermont Valley 4Mb
55 M
5.00
63
5.00
01H
5.00
63 %
67
50
3.50
24
26
60
3.00
54%
7eM
78
45
47
60
61M
Industrial Stocks and Bonds
59
•
65""
Bid
Pa
Alabama Mills
Inc
*
b 1.10
62.60
1.75
Ail
37
Amer Bemberg A com
American Cyanamld—
*
18 H
19
5% conv pref 1st ser.. 10
12%
13 H
13 %
2d
series
12 M
4MB
62.60
St Louis 4Mb
2.00
61.85
New York Central 4Mb
New York Chicago A
1.25
62.25
1.75
62.75
2.00
New York New Haven A
5b
Hartford 4Mb
5s
...
64.00
3.00
64 00
3.00
62.00
1.50
61.70
1.10
4s series E due
62.75
2.00
64.50
3.76
Jan A July 1937-49
2Mb series G non-call
Chesapeake A Ohio—
4Ms
Chicago A Nor West 4Ms.
Chic Milw A St Paul 4Mb.
64.50
62.25
1.25
Northern Pacific 4Mb....
61.00
0.50
Pennsylvania RR 4Mb
Canadian Pacific 4Ms
Cent RR New Jersey 4Ms.
61.00
0.50
3.75
5s
Dec 1 1937-50
62.25
1.75
103
6s
1.50
62.00
1.50
Reading Co 4Mb....
Trustees' ctfs 3Ms
Denver A R G West 4 Ms..
61.80
Pere Marquette 4Mb
Chicago R I A Pacific—
61.75
1.25
100 %
63.75
3.00
63.75
3.00 St
63.00
2.25
Louis-San Francisco—
48......
Erie RR 4Ms
Great Northern 4Mb
...
4Mb
63.00
2.25
63.00
....
2.25
61.00
62.40
1.75
Southern Pacific 4Mb
0.50 Southern Ry 4Mb
61.90
1.50
61.00
Hocking Valley 5s
0.50 St Louis Southwestern 5s_.
Illinois Central 4Mb
62.25
62.75
2.00
62.00
1.50
62.00
1.50
1.50
Internat Great Nor 4 Ms.
Texas Pacific 4s.
4Mb
Long Island 4Ms.
62.00
62.75
1.00 Virginia Ry
1.50
61.00
0.50
2.00
62.00
6s
4Mb.
Maine Central 5s
62.75
Mlsspurl Paclf c4^s.
62.50
2.00 Western Maryland 4Mb
1.75 Western Pacific 5s
62.50
1.75
5s
Maize
61.75
1.00
63.75
3.00
98
102
5%
*
Norwich
2M
3%
43 M
45 M
1
3M
18%
20%
37
39
25 %
25
Pan Amer Match
17
18%
*
Ohio Match Co..
23 M
23
Pharmacal__.2M
Peosi-Cola
...*
11H
Corp..25
17%
Co
*
72
77
Petroleum
24
63 M
26M
67M
Pilgrim
17
19 H
Pollak
8
OH
3%
4% preferred..
60
Remington Arms com
*
Safety Car Htg A Ltg.._50
*
Art Metal Construction. 10
10
com
Bankers Indus Service A.*
Botany Worsted Mills cl A5
31.25 preferred
2M
4M
10
Buckeye Steel Castings..*
Cessna Aircraft
19
1
39
Manufacturing...*
13%
15%
8covill
Manufacturing..25
Singer Manufacturing.. 100
£1
Singer Mfg Ltd
Skenandoa Rayon
7 H
Solar Aircraft
96
7%
4M
39%
49M
20
3M
37%
25
47 M
*
3M
4M
*
24%
25%
1
7%
7%
*
7%
8%
Standard
Screw
68
*
28 M
*
61M
30 %
64 M
Tennessee Products
10
Time Inc
*
19
21
Trico Products Corp
*
33 N
2
3M
1%
%
Pub
com...
Dictaphone Corp
Dixon (Jos) Crucible
Steel common
39 M
42 %
24 M
28M
United Artists Theat
32
United Piece Dye Works.*
Preferred
100
*
Farnsworth Telev A Rad.l
72
75
Draper Corp
Federal Bake Shops
Preferred
Corp
29
*
100
pf. *
cum
Indus
Taylor Wharton Iron A
■
Devoe A Raynolds B com *
3M
*
9
30
Triumph
Explosives
Veeder-Root Inc
4
23
10M
Welch
7%
Foundation Co—
*
2%
33
3Vs
com.
com
preferred
cum
*
22%
_*
13M
14M
Wlckwlre Spencer Steel..*
Wilcox A Gibbs com....50
20 %
22 H
Worcester Salt
28 H
30
York Ice
2
Good Humor Corp
Graton A Knight com
1
4M
*
3M
100
7%
6%
5%
43
47 M
38 M
42 M
45M
10%
12
1H
1M
*
26 M
28 %
M
%
OH
ION
28 H
Lawrence Portl Cement 100
14
30 H
16
com...
*
M
1H
*
11 M
11M
56 H
58
13
14H
40M
*
Marlln Rockwell Corp...l
McKesson A Robblns
5 t
33 conv preferred
* t
56
47 %
....
-II
Inc
common..1
64
preferred
...100
*
100
27
m.
-
-
2%
29
5%
7%
6%
9%
43M
3
24%
.
4%
26%
Bonds—
2Mb
Blaw-KnoxCo3J48
1965
64
66 M
98%
00%
101% 102%
66"
117
-1950
07%
Brown Co 5Ms ser A..1946
100
Mallory (P R) A Co
100
Amer Writ Paper 6s..1961
Beth Steel 3s
1960
41 H
5
Machinery
preferred
M
20%
108M
1M
49
Machine Tool
2
3%
2M
t c 1
Gen Fire Extinguisher...*
Gen Machinery Corp com •
Glddlngs A Lewis
3
35M
4M
62%
Garlock Packings com...*
51
2%
184
60%
100
com v
preferred
1%
180
*
com
Grape Juice
West Dairies Inc
American shares
Merck Co
3
5%
1
64M
*
preferred
29M
2
Sylvania
pref
Crowell-Colller
35
28%
144M 146 H
Tam pax Inc com
conv
7%
4%
59
12
33
Long Bell Lumber
3%
56 H
Corp..*
Stanley Works Inc
*
preferred
Consolidated Aircraft—
Ley (Fred T) A Co
7%
3%
Strom berg-Carlson
100M
101
1
1
Landers Frary A Clark..25
N. Y.
WHitehall 3-0770
Bell Teletype NY 1-1642
N
2M
24M
cum
King Seeley Corp
ONE WALL ST..
M
2 M
2
10 M
22M
31
35 preferred
Kildun Mining Corp
Members New Y urk Stock Exchange.
New York Cof)ee& Sugar Exchange
New York Curb Exchange (Associate)
1
1
4M
100
*
Columbia Baking com...*
Domestic Finance
Conversion
Exploration
3H
Coca Cola Bottling (N Y) *
Colgate-Palolive-Peet—
Supply
2M
41
Harrisburg Steel Corp
1832
13
18N
358
Petroleum Heat A Power. *
6M
City A Suburban Homes 10
Dentists
20 M
1%
Chic Burl A Qulncy
100
Chilton Co common....10
34.25 preferred..
5 H
Interstate Bakeries com..*
Lawrence Turnure & Co.
340
4
Postal Telegraph System
100
Great Northern Paper..25
Sugar Securities
17
50
preferred
New Britain Machine
*
Great Lakes 8S Co com..*
Founded
18
Nat Casket pref
Nat Paper A Type com
Arlington Mills
Armstrong Rubber A
Preferred
We Maintain Markets In Unlisted
Ast
14
25
Products...»
B d
15M
40
Autocar Co
0.75 New Orleans Tex A Mex
Baltimore A Ohio 4 % s
Boston A Maine 4Ms
2.00
Par
Muskegon Piston Rlng.2M
National Casket...
•
2%
•
American Mfg 5% pref 100
Bid
3.00
A it
1H
American Arch
Amer
Atlantic Coast Line 4 Ms..
64.00
90
West Virginia A Pittsburgh 4s
57M
Ast
63.00
98
85
140
Equipment Bonds
3MsDecl 1936-1944...
109
93
Vicksburgh Bridge 1st 4-6s
Washington County Ry 3Ms.
Amer Distilling Co 5% pflO
Canadian National 4M8-,
101
105
American Enka Corp
American Hardware
2.25
M
108
243 M
100
2.25
106
Toledo Peoria A Western 4s
Toledo Terminal 4Mb
Toronto Hamilton A Buffalo 4s
71
136
6.00
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore (Penn-Readlng)
63.25
90
75
70 M
142
240 M
10.00
Vlcksburg Shreveport A Pacific (Illinois Central).. 100
Preferred
60
118H
150
6.64
100
100
100
100
pref (Terminal RR)
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
7.00
100
100
Rensselaer A Saratoga (Delaware A Hudson)
63.26
57
103
-
50
5s
101M
105 M
3.50
Preferred
Bid
99
101 %
2.00
6.00
Pittsburgh Fort Wayne A Chicago (Penna) pref
100
Pittsburgh Youngstown A Ashtabula pref (Penna).. 100
Railroad
61
98
Louisville A Nashville 3Ms
4s
...60
New York Lackawanna A Destern (D
36
101 M
ser A
Florida Southern 4s
Dividend
-
59%
112
Cuba RR improvement and equipment 5s
(Guarantor In Parentheses)
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (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)
---
100 H
Connecting Railway of Philadelphia 4s
Betterment stock
60
76
1961
Chicago Union Station 3M serF
Guaranteed Railroad Stocks
St Louis Bridge 1st
Second preferred
59
100
1956
Cleveland Terminal A Valley 4s
Alabama & Vlcksburg (IllinoisCentral)
76 M
53
:
4Mb
120 Broadway
44 M
1945
1944
47
Boston A Maine 5s
Yerk St*<k Extkamg*
Ailed
f43M
/43M
139%
41%
Carrier Corp 4Mb
1948
Comml Mackay 4a w 1.1969
88M
90%
50
51%
Deep Rock Oil 7s
08%
1937
Stamped
Insplr Consol Copper 4s *52
15 5M
08 M
100
LIbby McN A Llbby 4s '55
Mead Corp 4 Mb
1955
102M
102%
103
Minn A Ont Pap 6s
Nat Radiator 5s
1945
/33
1946
122
NY World's Fair 4s. 1941
33
Old Ben Coal 1st mtg6s '48
Scovill Mfg 5Mb
1945
38
4
Skelly Oil 3s.
1950
Woodward Iron 1st 5s. 1962
2d conv Income 5s.. 1962
57%
103 %
34%
24%
35
40%
107% 109%
09% 100 %
106%
107%
Sugar Securities
Bonds
Bid
Ast
Stocks
Par
Bid
Telephone and Telegraph Stocks
Ast
Bid
Antllla Sugar Estates—
6s
..1951
f25
27
Baraqua Sugar Estates—
6s
1947
Caribbean Sugar 7s... 1941
Haytian Corp 8s
1938
Cuban Atlantic Sugar
5
Eastern Sugar Assoc com. 1
Preferred
162
64
_
_
1
Punta Alegre Sugar Corp.*
9
0M
28
9%
30
Am Dlst
Teleg (N J) com.*
Preferred
100
102
New Nlquero Sugar Co—
3Ms
For footnotes
1940-42
see
31
Savannah
Sugar
Refg
1
32
Par
115% 116N
123
127
Peninsular Telep com
Preferred A
123
Bid
Ast
125
10 H
34
Vertlentes-Camaguey
Sugar Co
25
page 2074.
6
106
New York Mutual Tel..25
Pac A Atl Telegraph
25
5
2M
3 %
West Indies Sugar Corp__l
7%
Bell Telep of Canada
100
Bell Telep of Pa pref
100
Cuban Teleph 6% pref. 100
Emp A Bay Stare Tel..100
f4M
129
Ast
OH
8%
25
.
16
18
33
34 M
25
30M
31M
Rochester Telephone—
36.50 1st preL
100
U3M
*
46
Franklin Telegraph
Int Ocean Telegraph
18
8%
100
53 %
100
138
So A
71
Mtn States Tel A Tel.. 100
---
142
Atl Telegraph
25
Sou New Eng Telep... 100
Wisconsin Telep 7% pf.100
17
19
167M 170M
110
Volume
The Commercial &
ISO
2073
Financial Chronicle
8
Quotations
"Public Utility
on
Over-the-Counter Securities—Friday Mar. 29-Continued
Investing Companies
Preferred Stocks"
10.58
•
Sold
Quoted
•
12.12
12.59
Investors Fund C
Aeronautical
Bought
Ask
Bid
Par
Ask
Bid
Par
Adminls'd Fund Inc.....*
10.09
10.97
11.30
29.29
Keystone Custodian Funds
Securities.
_.
1
1%
3.46
3.78
Series B-l
26.80
Corp..*
16%
17%
Series B-2
21.65
23.69
15.36
Affiliated Fund Inc
♦Amerex Holding
Amer Business Shares
Series B-3
7.55
8.30
Series B-4
6.48
7.15
Foreign Invest Inc..
Amer Gen Equities Inc 25c
.33
.38
Series K-l
14.81
16.26
Corp*
3%
3%
Series K-2
9.85
10.85
Assoc Stand Oil Shares...2
4%
5%
Series S-2
Am Insurance Stock
ESTABLISHED 1879
Bankers Nat
15.36
9.75
10.50
Series S-4
Investing—
13.89
Series S-3
Principal Stock and Commodity Exchanges
Members
3.48
Amer
Jackson & Curtis
3.16
13.98
3.98
4.48
1
7.08
6.46
Class a
6%
7%
6% preferred
New York City
115 Broadway
Knickbocker Fund
3%
4%
Manhattan Bond Fund Ino
6.70
7.40
3.95
4.80
1~6~86
Maryland Fund Ino._.10c
Mass Investors Trust
1
20.64
22.19
Mutual Invest Fund... 10
10.93
11.94
3.86
Basic Industry Shares.. 10
Boston Fund
Teletype N. Y. 1-1600
15.68
Inc
a...1
.10
.25
Broad St Invest Co Inc. .5
Tel. B A relay 7-1600
24.30
26.77
13%
14%
British Type Invest
Bullock Fund Ltd
1
Nation .Wide Securities—
3.84
*
(Colo) ser B shares
Alabama Power $7 pref..*
e4^% pref. 100
Amer Utll Serv 6% pref.25
Arkansas Pr & Lt 7% pf._*
Amer g A
Associated
2%
112%
6%
7%
97%
99%
Electric
&
Gas
2%
112 %
%
1%
124%
86%
88%
$6.50 preferred
*
Atlantic City el 6% pref.*
Birmingham Elec $7 pref.*
Birmingham Gas—
$3.50 prior preferred..50
122
Par
Ask
105% 107%
Amer Cable & Radio w 1..5
3.95
27.45
National Investors Corp.l
46%
47%
Nassau & Suf Ltg
7%pf 100
National Gas & el Corp. 10
5%% pf.*
New Eng Pr Assn 6% pf 100
New Eng Pub Serv co—
$7 prior lien pref
...»
$6 prior lien pref
*
$6 cum preferred
*
New Orleans Pub Service.*
$7 preferred...
*
n y Water Serv 6% pf.100
New Eng g & e
Bid
Ask
Chemical Fund
1
10.79
11.67
New
1
3.56
3.87
35
♦Continental Shares pf 100
8%
9%
33%
5
Corporate Trust Shares.. 1
4
27%
28%
73
72%
Series acc mod
12%
14%
Series a a mod
67%
20%
18%
118% 121%
25%
27%
$7
preferred
Cent Indian Pow
105% 107%
75%
77%
$6
100
preferred
100
Lt 7% pref.. 100
preferred
Cent Pr &
108% 111
101
113
8%
Consol Elec & Gas $6 pref.*
Consumers Power $5 pref.*
103
115
105% 107%
100
91%
94%
57%
59%
preferred
118
117..
$6 cum preferred
$6.50 cum
*
preferred...*
♦Common b shares... 10
100
♦7% preferred
28
34%
Jer Cent p & l
7% pf.. 100
108
92%
110
7%
41
$2
*
preferred-
2.34
1
2.52
2.91
1
2.85
c
1
3.80
1
2.63
d
2.50
6.00
6.75
25c
1.21
1.32
17.81
19.12
112% 114%
Ohio Edison $6 pref
*
110
preferred
Ohio Public Service—
*
115
b
111
Dividend
117%
Eaton & Howard
Shares
preferred
100
preferred
100
Okla g <fc e 7% pref...100
6%
7%
107% 110
115% 117%
116
118
Sorics
11.61
p
Equit Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
*
*
*
93%
40
41%
64%
66%
111% u3%
17%
19
76
77%
*
preferred
*
28%
2
30%
5%
35
36
Sierra Pacific Pow com...*
6%
87%
103% 105%
Southern Indiana g & e—
97
91%
101
4.8% preferred
Missouri Kan Pipe Line.*_5
Monongahela West Penn
Utah Pow & Lt $7 pref...*
7% pref
15
.....
28%
.....
29%
Mountain States Power—
7%
.100
preferred
7.51
84.70
86.42
Shares..2%
8.83
9.73
stock series... 10c
2.50
2.76
Selected Income Shares.. 1
4.36
series. 10c
3.29
3.64
Sovereign
.66
.72
9.91
Investors... 10c
Spencer Trask Fund
*
Standard Utilities Inc. 50c
♦State St Invest Corp...*
15.52
16.44
Selected Amer
Bank
Insurance stk
4.10
4*65
Fundamental Invest Inc. 2 £17.56
19.09
5.12
5.90
86
88%
Southern Nat Gas
Washington Ry & Ltg co—
Participating units
West Texas Util $6 pref..*
4.63
General Capital Corp
*
General Investors Trust. 1
30.46
32.75
5.02
1
2.57
2
3.90
1
9.99
Supervised Shares
102
23%
103%
20%
19%
104% 105%
112% 115%
68%
70%
Group Securities—
•
Agricultural shares
5.38
♦Series
5.04
9.59
10.42
Chemical
D
2%s 1950
Amer Gas & Elec
1960
1970
3%s s f debs
3%s
s
f debs
♦Series
20%
98% 101%
B
6.32
7.55
9.60
Food shares
4.53
4.94
Investing shares
3.39
3.70
Trusteed Industry Shs 25c
.86
Merchandise
5.43
5.91
U 8 El Lt & Pr Shares
A...
16%
25c
1
14.19
shares
5.79
Steel
5.17
shares..
shares
4.16
Kansas Power Co 4s..
Kan Pow & Lt
Kentucky Utll 4s
111% 112
101% 102%
54%
6s__1964
89%
91%
Associated Electric 5s. 1961
59%
60%
Marlon Res Pow 3
Assoc Gas & Elec
..1978
Income deb 4s
Income deb 4%s
1978
Conv deb 4s
1973
Conv deb 4%s
1973
Conv deb 5s
1973
1973
Conv deb 5%s
8s without warrants 1940
/14%
/14%
/15%
n6
/28
/29%
/30
/30
/57
15
15%
16%
16%
5.27
2.27
B
Voting shares
Fund
Wellington
Investment
5.74
1
.18
1958
Sink fund inc 4%s.-1983
1983
/10%
/10
/10
no
/10
30%
31
n y State Elec &
31%
17.15
1%
Gas Corp
1965
4s
12%
12
12
1968
Cent Ark Pub Serv 59.1948
Bid
63
75
•
-
~
-
106% 107%
106%
107""
105% 106%
5%s..l946
Cent iii el & Gas 3%s. 1964
91%
93%
95
97
99% 100%
6s
Pub Serv of Colo
Debenture
4s
1950
3%s.l964
1949
1969
5%s...l948
Pub Serv of Indiana 4s
Central Illinois Pub Serv—
103% 104%
103% 104%
Pub Util Cons
Cent Ohio Lt & Pow 4s 1964
Central Pow & Lt 3%s 1969
102% 103
106%
/20 %
21%
stk '52
Cities Service deb 5s. .1963
Cons Cities Lt Pow <fc Trac
5s
1962
Income 5%s with
n
69%
88%
2
St Joseph
105
1951
89%
4%s
6s series b
1962
54%
56
1962
Consol e & g 6s a
s'western Gas & ei 3%s
54
55%
8'western Lt & Pow
Consumers Power 3%s.'69
Cumberl'd Co p&l 3%s'66
3%s'69
5s..1958
5s..1961
Toledo Edison 3%s...l968
Tel Bond & Share
t—-
Texas Public Serv
Crescent Public Service—
Collinc 6s (w-s)____1954
'70
58%
108
61%
Dallas Pow & Lt
3%s.l967
1951
Dallas Ry <fc Term 6s.
102% 102%
89%
90%
Lt 3s..1970
Federated Util 5%s
1957
Indiana Assoc Tei 3%sl970
Dayton Pow &
Utlca Gas & Electric
110
75
88%
77%
90%
106% 107%
6%s stamped
1952
3%s._1969
/61%
64
102% 103%
1962
1st mtge 3%s
<i-+-* o w— £
OO
1966
106% 108
co—
1957
i-«
en K
O
5s.
Joplin w w Co 5s
1957
Kankakee Water 4%s. 1939
73%
104%
50
105
51%
104% 104%
104% 104%
76%
77%
100
101%
108% 108%
Monmouth Consol w 5s '56
Monongahela Valley Water
5%s
1950
Morgantown Water 5s 1965
Muncie Water Works 5s '65
H rt o o
Water 5s. 1950
103
"0 3!
Newport Water Co 5s
105%
'51
104
106
1st mtge 58
1st mtge
9<%
5%s
1951
1950
101
100
103
103
98%
104
5s series B
100
104
Ore-Wash Wat Serv 5s 1957
96
100% 101%
108
58.1958
1961
Western n y Water co—
5s series b_.
1950
103
108
107%
81%
103
For footnotes see page
96
103%
101
1953
95
1950
99
'53
Pow 3%s—1961
102%
96
Ohio Water 8ervice 4s. 1964
Mich
1961
South Bay Cons Water—
Shenango Val 4s ser b.
Union Water Serv 5%6
101%
Ohio Valley Water 58.1955
Wis
103%
105%
Ohio Cities Water 5%s
Wisconsin g & e 3%s.1966
4%s
1958
Scranton-Spring Brook
Water Service 5s. 1961
1st & ref 5s a
1967
Texarkana Wat 1st
105%
107% 107%
1960
106
1951
Wat Serv 5s *51
100% 102%
Service—
Joseph Wat 4s ser a 1966
Scranton Gas & Water Co
102
104% 104%
Western Public
St
100% 103%
132%
West Texas Util
105%
5s
uO ^
3%s.l969
5s
Richmond w w Co 5s 1957
1951
5%s
101
107
Springfield City Water—
4s a
1956
<N
New Rochelle Water—
5s series b
107%
103
w Va Water Serv 4s..
New Jersey
103
101
—
Wash Wat Pow 3%s..l964
5%s
Inland Gas Corp—
Iowa Pub Serv
71%
104
109
104% 104%
92%
1954
5s series b
5s
New York
United Pub Utll 6s a. 1960
104
Water—
105%
106% 107%
Ry Lt Ht & Pow
1947
Sioux City g & e 4s.. 1966
Sou Cities Util 5s a...1958
70%
Huntington
Kokomr w w Co 5s..1958
Collateral 5s_.
Central Public Utility—
101
1948
Phlla Suburb Wat 4s. 1965
Pinellas Water Co 5%s.'59
Pittsburgh Sub Wat 5s '58
Plainfleld Union Wat 5s '61
Indianapolis Water—
Republic Service—
1968
1st mtge 3%s
103
89%
oo
oo
6s
104%
...
105%
110% 111%
Portland Electric Power-
1st lien coll trust 6s. 1946
1950
1948
5s.......1948
1st consol 4s
.
Water (Chattanooga)
103% 104
4%s..l966
1st & ref 5s
Prior lien 5s
101%
5s.
83%
Central Gas & Elec—
1st coll trust
104%
Peoria Water Works Co—
1st consol
81%
104%
1970
Bid
105%
106% 107%
Butler Water Co 5s...
76
Parr Shoals Power 5s.
3%s
%
Penna State Water—
105%
102%
100% 102%
12
Peoples Light & Power—
1st lien 3-6s...
1961
Pomeroy Inc
Ask
102% 103
Nor States Power (Wise)—
1964
com—10c
2074.
5" series C
6s series A
104%
101
17%
♦Schoellkopf Hutton &
1.45
101%
1952
& Pow 3%s 1964
15%
Water Bonds
106% 107
Old Dominion Pow 58.1951
100%
1.19
1.32
3
10
95%
12
110% 110%
99
1.08
shares
63%
94
City
3%s
2
♦First Boston Corp
2%
30
26
*
♦Class B
2.21
Insurance Group shares.
Indiana—
Public Service 3%s.l969
♦Central Nat Corp cl A..*
104% 104%
60
Biackstone Valley Gas
1st lien coll tr
61%
15.60
*
Banking
101% 102%
Penn Wat
4%8-5%s
1986
Sink fund inc 5-6s..1986
5 f inc
6 Electric 3%s
1938
1st 6s
1.00
Corporations
.38
15.95
Mountain States Power-
Northern
Cons ref deb 4%s
.1954
4%s
New Eng g & e Assn 5s '62
ny pa nj Utilities 5s 1956
Assoc Gas «fc Elec co—
Sink fund inc 5s
Montana-Dakota
%s.l960
Util—
.64
.96
...--
'
Tobacco shares
Bank Group
mm*-
5.63
Institutional Securities Ltd
105% 106%
106
106%
52%
Corp—
Income deb 3%s...l978
Income deb 3%s._.1978
Ask
107% 108%
Amer Gas & Pow 3-5s. 1953
Amer Utility Serv
Bid
.58
25c
Class B
4.70
3.81
shares
5.09
Trusteed Amer Bank Shs—
6.30
4.31
Mining shares..
Investors..5
Independence Trust Shs.*
101 % 102%
1970
4%s
1955
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
5.50
1
1
A
♦Series
5.81
8.83
Incorporated
1964
3%s...l969
2.63
2.56
Trustee Stand Oil Shs—
6.94
shares
rr Equipment
19%
Utility Bonds
Ask
2.53
2.46
1
1
C
♦Series
5.86
4.62
shares
Aviation shares
Petroleum
10.86
«
Trustee Stand Invest Shs—
Electrical Equipment
22%
.49
75
3.72
♦Blair <fc Co
Bid
£72%
A.2
Super Corp of Amer cl
5.47
♦Huron Holding Corp
Public
.44
AA
_*
Building shares
26%
94%
4.93
Scudder. Stevens and
Clark Fund Inc
6.78
Fiscal Fund Inc—
Automobile
100
25%
89%
10.85
4.40
B
43%
6% preferred d
103%
10.35
20.20
b
94%
100
preferred
100%
18.77
Fundament'l Tr Shares a 2
Pub Serv Co of Indiana—
com.7 %
s'western g & e 6% pf.100
Texas Pow & Lt 7% pf.100
Pub Serv
24%
25
8.05
*
Fidelity Fund Inc
Foundation Trust Shs a.l
Philadelphia co—
pref
29.05
14i78
6.95
Quarterly Inc Shares.. 10c
5% deb series A
Representative Tr Shs.. 10
Republic Invest Fund
Fixed Trust Shares a... 10
91%
Pipe
Penn Pow & Lt $7 pref
$5 cum
12.46
27.02
.44
.39
Plymouth Fund Inc... 10c
£13.81
Putnam (Geo) Fund
First Mutual Trust Fund..
7% pf-.100
Eastern
....
Manage¬
ment Fund series a-l
Republic Natural Gas
Rochester Gas & Elec—
84%
7.24
7.85
45%
No Amer Tr Shares 1953.*
1
Mass Utilities Associates—
5% conv partic pref. .50
Mississippi Power $6 pref.*
$7 preferred
*
Mississippi p & l $6 pref.*
Miss Riv Pow 6% pref. 100
6.68
Steel
No Amer Bond Trust ctfs.
Series 1958
6%
100
preferred
18.30
1.60
Series 1956
Series
Queens Borough g & e—
Mass Pow & Lt Associates
6.80
2.88
95
Long Island Lighting—
3.39
6.27
Series 1955
$7 prior lien
Kings Co Ltg 7% pref. 100
3.12
Diversified Trustee Shares
Peoples Lt & Pr $3 pref-25
32%
Railroad.. I
4.95
87%
Line Co
26%
7.25
57%
Panhandle
Interstate Natural Gas...*
8.24
Oils
113
85%
Pacific Pr & Lt
Jamaica Water Supply...*
8.53
7.61
56%
46
71%
10.85
7.88
*
44%
69%
10.04
Metals
Insurance stock
36%
7% pref......100
(Minn) 5% pref
*
(Del)
Penna Edison $5 pref
Hartford Electric Light.25
.8.63
Machinery
34%
16.73
Delaware Fund
Northern States Power—
110% 113
42%
43%
10.34
Railroad equipment
♦8% preferred
♦Crum <fc Forster Insurance
Federal Water Serv Corp—
Florida Pr & Lt $7 pref..*
6.71
9.57
7.98
supplies
Deposited Bank Shs ser a 1
Deposited Insur Shs a...1
$7
Derby Gas & el $7 pref..*
31%
105% 107%
116
6.19
Electrical equipment...
Building
2.86
100
5.85
9.58
Chemical
2.86
29%
Cumulative Trust Shares. *
10%
Continental Gas & Elec—
7%
7% cum preferred—100
Northeastern el Wat & el
$4 preferred
Central Maine Power—
7%
*
$6 cum preferred
*
7% pf 100
Bank stock
13.62
8.86
Aviation
♦Crum & Foreter com..10
8.27
5.39
12.62
Automobile
2.42
1
...)
13.45
7.64
Agriculture
2.48
Accumulative series... 1
71%
65%
1
England Fund
-
6.66
N Y Stocks Inc—
2.42
1
71%
New York Power & Light—
Carolina Power & Light—
Series aa
I
1.37
6.26
(Md) voting shares..25c
25.53
1.24
12.48
3.20
Century Shares Trust...*
Utility Stocks
Bid
Par
Canadian Inv Fund Ltd..l
Commonwealth Invest
Public
..1956
1960
L-1949
101
105%
103
104
1
The Commercial & Financial Chronicle
2074
Quotations
on
March
30,
1940
Over-the-Counter Securities—Friday Mar. 29—Concluded
Real Estate Bonds and Title Co. Mortgage Certificates
If You Don't Find the Securities Quoted Here
Did
Alden
in
which you
monthly Bank and Quotation Record.
our
cation quotations are carried for all
stocks
and
bonds.
The
covered
/22H
B'way A 41st Street—
1st leasehold 3H-5a 1944
Federal Land Bank Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
1957
/8
65^
9
1st 48 (w-s)
21X
5
6
42
50
52
1st
1950
26
28
2
3
5s 1952
31
33
Deb 5s 1952 legended...
44 %
12
25
Eqult Off Bldg deb
Title Guarantee and Safe Deposit
2d mtge 6s
..1951
52
103 E 57th St 1st 6s...1941
22
24
165 Broadway Building—
Sec s f ctfs 4Xs (w-s) '58
35X
37x
Prudence Secur Co—
50 Broadway Bldg—
1st income 3s
U. S. Government Securities
Mining Stocks
42H
1 Park Avenue—
28
26
Hotel units
Mill Stocks
54 ^
38 X
58X
36 X
Ollcrom Corp vtc
Dorset 1st A fixed 2s..1957
Stocks
56 X
21H
1948
3Xa
52 X
5Xb series C-2
5Xb series F-l
5Ks series Q
39 X
Eastern Ambassador
Stocks
U. S. Territorial Bonds
5Xb stamped
1946
17
1961
64
20
500 Fifth Avenue—
Realty Assoc Sec Corp—
6Hb (stamped 4s)..1949
52d A Madison Off Bldg—
Quotation Record is published monthly and
sells for $12.50 per year.
19 X
N Y Title A Mtge Co—
Court A Remsen St Off Bid
Real Estate Trust and Land
.
1955
2s...
N Y Majestic Corp—
4s with stock stmp__1956
Colonade Construction—
Public Utility Stocks
Railroad Bonds
Joint Stock Land Bank Securi¬
74
5Xb series BK
Foreign Government Bonds
The Bank and
63 H
Chanln Bldg 1st mtge 4s '45
Cheseborough Bldg 1st 6s '48
Canadian
Investing Company Securities
73
N Y Athletic Club—
36
1948
3s
Public Utility Bonds
Insurance Stocks
Ask
1945
24
34
Domestic
Out-of-Town)
Canadian
ties
Sf deb 5s
Brooklyn Fox Corp—
Municipal Bonds—
Domestic (New York and
Bid
Metropol Playhouses lnc—
6X
Broadway Motors Bldg—
are:
4-6s
Banks and Trust Companies—
Ask
13 5
/5
B'way Barclay lnc 2s__1956
In this publi¬
active over-the-counter
classes of securities
Apt 1st mtge 3s. 1957
Beacon Hotel lnc 4s.. 1958
have interest, you will probably find them in
15x
17 X
34
36
5s
income
1943
53 X
55X
1957
66
68
Roxy Theatre—
1st leasehold 3s. Jan 1 '52
Your subscription should be sent to
Film Center Bldg 1st 4s '49
37
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
40 Wall St Corp 6s... 1958
42 Bway 1st 6s
.1939
1st mtge 4s
/30
Fuller Bldg debt 6s
1st 2H-4b (w-s)
22"
20 h
1400 Broadway Bldg—
1st 4s stamped
1948
Savoy Plaza Corp—
3s with stock
1956
tiox
12 X
1st 5Xa (w-s)
1956
60 Park Place (Newark)—
J9X
11X
37
40
Sherneth
39
20
1944
22
38
41
80 X
1949
Graybar Bldg 1st lahld 5s '46
Corp—
82J4
1st 3Xs
1947
61 Broadway Bldg—
Harriman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
Foreign Stocks* Bonds and Coupons
/16 X
18X
39
32
34
Lefcourt Manhattan Bldg
1st 4-5s
1948
Lefcourt State Bldg—
50 X
BRAUNL
&
55
47
1946
Bid
/13
/52
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Hb '32
7%. 1947
/26
726
Barranqullla 8~s'35^4(M6-48
/36
713
change Bank 7s
1936
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
1958
27
42
45
2 Park Ave Bldg 1st 4-5s'46
69X
71X
Walbridge Bldg (Buffalo)—
1st A gen 3-4s
Ludwig Baumann—
37
39 X
29
32 X
/31
/43
-
Wall A Beaver St
45
Building—
1st 5s
3s
1952
1950
12 X
1947
45
1951
(Bklyn)
55
14 X
20 X
22X
65
Corp—
4Xb w-s
1951
Westinghouse Bldg—
1st mtge 4s.
1948
1st
68
Ask
Hungarian Discount A Ex¬
1948
70
Trinity Bldgs Corp—
1st 5^8
1939
1st 5s (L I)
1946
1955
Income 5Xa w-s...1963
London Terrace Apts—
Foreign Unlisted Dollar Bonds
Anhalt 7s to
(Syracuse)
1st 38....
Lexington Hotel units
Tel. HAnover 2-5422
Ask
30
27
1st lease 4-6 Xb
1948
Lewis Morris Apt Bldg—
1st 4s
1951
Due to the European situation some of the
quotations shown below are
nominal.
Antioquia 8s
3s with stock
Textile Bldg—
1st 3-5s
Lincoln
Bid
28
25
616 Madison Ave—
Syracuse Hotel
CO., INC.
St., N, Y.
1950
1957
52
Inactive Exchanges
52 William
3Xb with stock
41
Hotel St George 4s...1950
Bank of Colombia
7s
Bavaria 6Xb to
1945
Bavarian Palatinate Cons
Cities 7s to
1945
Bogota (Colombia) 6Xa '47
8s_._
Bollva
1945
(Republic) 88.1947
7s
1958
78
1969
6s
1940
39
/8
120 X
21H
Land M Bk Warsaw 8s '41
/20
21
Leipzig O'land Pr 6Xb '46
Leipzig Trade Fair 7s. 1953
/5
14 x
14 x
14 x
Koholyt 6Hs
*X
4X
4X
28
/12
14
British
1953
Buenos Aires scrip...
Burmelster A Wain 6s. 1940
Water 7s
2X
2X
29X
100
1945
Munlo Bk Hessen 7s to '45
(A A B) 4s... 1946-1947
(C A D) 4s...1948-1949
Ask
108 X
Flshman (M H) Co Inc..*
3X
3X
31X
100
x55
Miller (I) Sous common ..5
2
4
50
14
18
Reeves (Daniel) pref
100
United Cigar-Whelan Stores
$5 preferred
99
7% preferred
8
9X
Kresa (8 H) 6% pref... 100
13
12X
preferred
-WW
25HI 27X.
57
♦
No
par value,
Interchangeable.
a
/ Flat price,
n Nominal quota ion.
dividend.
y Ex-rights.
tNow listed
/14
on
t Now selling
♦
90
Bid
Kobacker Stores—
8X
Diamond Shoe pref
/14
/5 5
/50
/13
/13
Merldlonale Elec 7s..1957
Montevideo scrip
Par
7
*
7% preferred
/14
Nassau Landbank 6 Hb '38
Nat Bank Panama—
/14
/5 0
mx
to
Basis
i
d Coupon,
price,
When
Issued
uhs
e Ex
With
x
Ez-
New York Stock Exchange,
on New
York
Curb Exchange.
Quotation not furnished by sponsor or Issuer.
$ Quotation
on
$89.50 of principal amount.
5% was paid
on July
Sept. 25.
/65
/60
coupon.
stock,
2 and 5X%
Nat Central Savings Bk of
/15
Call
/27
(Colombia) 7Xb *46
(Colombia) 7s... 1947
(Peru) 7Ha
1944
Cauca Valley 7Xb
1946
Ceara (Brazil) 8s
1947
Callao
16 x
16
7"
15
16
n
3
Central Agrlc Bank—
see German Central Bk
Central German Power
Madgeburg 6s
Hungary 7Hb
1962
/5
CURRENT
Mtge 7s
1948
15
North German Lloyd—
4s
1947
/29
—With John J.
31
Oldenburg-Free State—
7s to
1945
Oberpfals Elec 7s
Chilean Nitrate 5s
1968
/59
City Savings Bank
Budapest 7s
1953
Colombia 4s
1946
Cordoba 7s stamped.. 1937
/5
/79
/52
7s stamped..
1957
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7Xb '49
/15
/18
20
6s
1949
/14
16
5s
6MS--1959
/14
/14
/13
/13
1946
Cundlnamarca
Dortmund Mun UtU6^s'48
Duesseldorf 7a to
1945
Dulsburg 7% to
1945
East Prussian Pow 6s. 1953
Electric Pr (Ger'y) 6^g '50
16X
Porto Alegre 7s
1968
Protestant Church (Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
Saarbruecken M Bk 6s.'47
Salvador
7s 1957
78 ctfs of
1967
...1967
/2
Farmers Natl Mtge 7s. '63
1945
/5
/13
15
French Nat Mall SS 6s '52
111
115
Frankfurt 7s to
German Ati Cable 7s.. 1945
German Building A Land-
6J4s..__
German Central
8s
1948
88 ctfs of deposit. 1948
Santa Catharlna (Brazil)—
8%
20
1948
See United
22
Toho Electric 7s
Tolima 7s
/40
Water Wks
6s
1957
1953
Hamburg Electric
Housing A ReaU
..193S
mr i
r 13 h
/14
/9
17 X
/3c
13
8X
/16
/14
1955
4f
vjbb
112 x
75
m
h4x
45
1947
18 x
87
opened for business with
Besides its seat
on
the
Stock
Mr.
Kutch
Sugar Exchange.
Koppisch, formerly
Hill
Koppisch
and
is
was
manager
recently associated
a
floor broker
years
has been
a
Other members of the
of the uptown office of
with
Filor,
Bullard
&
managing
partner; John R. Meyers, formerly
commodity department of Satdrius Angel & Co.; Franklin
Fitzpatrick and James
Kutch
bonds
Co., Mr.
Exchange and for the past 14
and
&
Co.
H.
Steimer, both members of the Commodity
will
conduct
a
general
brokerage
business
in
commodities.
—The importance of
protecting one's property against the repeated
impact of taxes and shrinkage in capital values due to unwise investment
a booklet,
"Protecting Your Property from Generaltion to
Generation," just published by the Chemical Bank & Trust Co. of this city.
some
of the difficulties
now
confronting individuals
how living trusts
may be used as effective instruments for the protection
of family property.
Attention is called to the fact that in many situations it is also
possible by
the establishment of a
living trust to effect substantial economies in taxes
—Formation is announced of the firm of Houston & Jolles with offices at
22
25
52 Wall Street, N. Y. City, to
engage in consulting and advisory work in
22
25
connection
79
mx
81
19
69
71
/ 59
Unterelbe Electric 6s..1953
/14
the
of
organization, financing,
industrial
and
are
management,
commercial
similar services to governmental authorities.
his
/14
fl3h
with
reorganization
114 X
3 H% War Loan
Uruguay conversion scrip..
1945
has
is discussed in
310
79
Wurtemberg 7s to
Co.
and transfer costs and to create immediate
protective funds which may con¬
tinue to exist independent of the hazards of the maker's business.
1\4X
run
77
1947
F.
This booklet outlines
Kingdom of Great
Britain A Ireland 4s. 1990
Vesten Elec Ry 7s
&
in the management of their investments and
points out
10
United
1948
Haiti 6s
1956
Walter
Exchange.
stocks,
2H
Kingdom
Hanover Harz
9X
9x
Stettin Pub Util 7s... 1946
are
manager of the
2l""
2d series 5s
/21
/2
/13
Stock
/14
isx
/13X
senior partner and member of the New York
member of the New York Coffee &
Smyth,
fSH
1956
York
Appenzellar, Alle &
120X
1951
New
114x
1 14
/14
/15
5s
Conversion Office
Guatemala 8s
1947
Saxon State Mtge 6s.. 1947
81em A Halske deb 6s.2930
State Mtge Bk Jugoslavia
/14
the
on
firm
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
6Xa
/14
1938
Funding 3s
1946
German scrip
Graz (Austria) 8s
1954
Great Britain A Ireland—
9~x
Saxon Pub Works 7s__1945
Bank
Agricultural 6s
deposit.. 1957
4s scrip
fl2
/2
/12
7s Income
1941
40
J.
H4x
7s
1936
/2
18 x
as
Prior to the formation of Kutch &
/45
fc 7
Rio de Janeiro 6 %
1933
Rom Cath Church 6Xb '46
R C Church Welfare 7s '46
/14
/14 H
6XB
1953
European Mortgage A In¬
vestment 7Hb
1966
7Hb Income
1966
7i"
1956
Kutch
Exchange, the firm of Kutch
Exchange, the firm holds memberships on the New York Coffee and
Sugar
Exchange, New York Cocoa Exchange, Commodity Exchange, Inc.
15
5s
69
1952
Poland 3s
81
Panama City 6Xa
Panama 5% scrip
Stock
offices at 30 Broad St., New York, N. Y.
113x
/14
m
62
NOTICES
National Hungarian A Ind
1934
German
Ask
5
100
Bohack (H C) common
/5
Caldas
bank
*
B /G Foods lnc common..*
/14
/5
/14
/14
1948
Municipal Gas A Elec Corp
Recklinghausen 7S..1947
Hungarian Bank—
6Xa
1943
Bid
24
Luneberg Power Light A
Munch 7s to
UQlted Kingdom
7Xb
1962
Brown Coal Ind Corp—
Par
re
22
Mannheim A Palat 7s. 1941
/27 h
/35c
/15
see
24
5 H
m
Brazil funding 5s.. 1931-51
Brazil funding scrip
Bremen (Germany) 78.1935
6s
1940
Chain Store Stocks
n
Berland Shoe Stores
Brandenburg Elec 6s. 1953
British
15
/5
enterprises
operation and
and
to
render
The partners of the new firm
George H. Houston, who resumed consulting work in this city following
resignation in 1938 as President of the Baldwin Locomotive Works,
and Hendrik R. Jolles, who
recently retired as Vice-President and director
of Harriman
Ripley & Co., Inc., after 20 years' activity in the investment
banking field.
Edward W. Higgins, until recently with Kidder, Peabody
&
Co., will be associated with them.
Volume
The Commercial & Financial Chronicle
150
General
2075
Corporation and Investment News
RAILROAD—PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mochanical
reasons
However, they
always
presentation of fractional scrip outstanding,
c Including Canadian
d From officers and employees (partly secured by common
of the company).
e In consolidated subsidiary applicable to in¬
tangibles.
f Represented by 672,094 no par shares including 32,004 shares
issuable Jan. 25, 1939, as 5% stock dividend.—-V. 150, p. 1749.
stock
4363, inclusive) have been filed with the
Securities and
Ohio Finance Co.
Administered
1933.
Commission under the Securities Act of
amount involved is approximately $54,906,900.
Exchange
The
stock,
Washington Gag Light Co. (2-4358, Form A-2) of Washington, D. C.
a registeration statement covering 24,400 shares of $4.50 cumula¬
tive convertible preferred stock, no par, which will first be offered to com¬
mon stockholders through warrants and the unsubscribed portion will be of¬
fered by underwriters.
The company also registered 73,200 shares of com¬
mon stock, no par, and script certificates for fractional shares, which are
reserved for conversion of preferred stock.
Proceeds of the issue will be
used toward repayment of bank loans, plant additions, construction and
equipment.
Marcy L. Sperry is President of the company.
Underwriter
to be named by amendment.
Filed March 21, 1940.
of
Gulfport, Miss., has filed a registration statement covering contracts for the
land which will be sold in conjunction with a develop¬
ment and maintenance contract at the rate of $120 per acre.
Proceeds of
the issue will be used for land development, taxes, machinery, equipment
sale of 5,000 acres of
H. B. Livermore is President of the company.
Filed March 23, 1940.
No
Products, Inc. (2-4360, Form A-2) of Fullerton,
Val Vita Food
Calif,
registration statement covering $600,000 of 5% sinking fund
debentures, due 1952.
Proceeds of the issue will be used for bank loans,
land, buildings, machinery and equipment and working capital.
Norton
Simon is President of the company.
Banks, Huntly & Co. and Lester &
Co. have been named underwriters.
Filed March 25, 1940.
has
filed
a
Laboratories, Inc. (2-4361, Form A-2) of Kansas City, Mo.
registration statement covering 25,000 shares of no par vaiue
offered through underwriter.
Proceeds of the
issue will be used for bank loan and for working capital.
E. A. Cahill is
President of the company.
F. Eberstadt & Co., Inc. has been named
underwriters.
Filed March 25, 1940.
Allied
has fiied
common
a
Kansas
&
Power
Light Co.
(2-4362, Form A-2) of Topeka, Kansas
filed a registration statement covering 139,169 shares
4M% series cumulative preferred stock.
Filed March 26,
subsequent page for further details).
of $100 par
1940.
(See
(2-4363, Form A-2) of Wis¬
consin Rapids, Wis., has filed a registration statement covering 15,000 shares
of $25 par common stock which will be offered through underwriter at
$30 par share.
4,555 shares represent treasury shares and the other 10,445
shares are for the account of the Mead Corp.
Issuers part of the proceeds
will be used for bank loan.
George W. Mead is President of the company.
Fuller, Cruttenden & Co. has been named underwriter.
Filed March 26,
Consolidated Water Power & Paper Co.
1940.
previous list of registration statements was
issue of March 23, page 1923.
The last
our
given
!
♦
Abbott Laboratories
(& Subs.)—Earnings—
1939
$11,485,415
$9,726,952
1937
$9,509,911
1936
$7,767,601
x3,782,383
x3,164,567
x3,264,778
3,758,972
Gross profit from sales $7,703,033
x^Operating expenses
5,150,253
$6,562,385
4,507,426
$6,245,133
$4,008,630
4,208,989
2,362,378
$2,552,779
$2,054,958
$2,036,144
$1,646,252
89,178
92,418
67,369
76,464
$2,641,958
x Income
deductions
147,944
Prov. for income taxes._
z445,920
Federal surtax on undist.
$2,147,377
$2,103,513
156,902
139,948
y342,149
309,204
$1,722,716
48,001
248,938
42,000
10,500
Calendar Years—
Gross sales
Cost of goods sold
Operating profit
Other income
_
Total income
—
1938
income
$2,048,094
82,055
1,422,381
$1,612,360
9,300
1,344,000
$1,415,276
$148,253
$259,060
$143,611
752,648
640,090
640,000
640,000
$2.61
dividends
Common divs. cash
$1,648,326
89,992
1,088.036
,322,045
$543,658
Net income
Preferred
$2.43
$2.51
$2.21
Stock
Surplus.
Shs.
com.
stk. (no par)..
Earnings per share
1,271,665
These amounts include
in 1939, $122,138 in
of $5,920.
Consolidated Balance Sheet Dec. 31
1939
Assets—
$
2,101,582
Marketable securs. 3,761,832
Customers'accts.. 2,245,552
Inventories
4,037,418
Investments & adv
165,152
Sundry rec. & inv.
Dep. in closed bk.
Notes & accts. rec.
from employees.
154,972
16,314
1,019,566 Accts. payable and
accrued expenses
1,913,908
1,855,644 Dlvs. payable
3,271,570 Due trustee of em¬
ployees' fund
132,732
for
addi'l
138,532 Rec'd
compensation to
24,770
102,256
142,259
118,527
a
Cost of invest—
equipment
Fed. Income tax.
4^%
541
cum
pref. stock
$100)....
Common
Land, building &
e
c
2,796,296
180,174
2,567,326
180,174
1938
$
869,906
15,927
Inc.—Name Changed—
meeting held Jan. 25, last, voted to change this com¬
pany's name to Administered
Fund Inc.—V. 149, p. 3863.
Akron Canton & Youngstown
$183,648
.
63,743
36,224
Net from railway
Net ry. oper. income.
From Jan. 1—
Gross from
389,468
railway
142,895
Net from railway
Net ry. oper. income.
Ry.- -Earnings-
$142,510
30,007
1,846
$115,533
13,423
def 13,888
1937
$199,086
80,347
39,147
330,296
101,241
41,446
239,584
26,305
def28,406
392,863
156,800
71,636
1938
1939
1940
February—
railway
Gross from
83,543
—V. 150, p. 1585.
Alabama
Great Southern
$570,485
142,477
100,852
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
240,956
Net ry. oper. income—
—V. 150, p. 1417.
144,319
$610,562
187,268
137,793
902,420
72,749
1,129,072
269,380
163,701
Net from railway
1937
1938
$454,485
45,513
59,475
$535,760
116,400
68,776
1,130,571
railway
Alabama
RR.—Earnings—
1939
1940
February—
Gross from
1,170,265
'
316,075
194,688
87,729
Co.—Earnings—
Power
1940—Month—1939
1940—12 Mos.—1939
$1,892,343
$1,742,780 $22,441,315 $20,363,926
935,287
745,970
10,907,137
9,302,233
Oper. expenses & taxes. _
238,365
217,690
2,653,630
2,612,280
Prov. for depreciation..
Period End. Feb. 29—
Gross revenue
$718,691
405,599
$779,120
406,047
$8,880,548
4,856,750
$8,449,413
4,864,666
$313,092
195,178
$373,073
195,178
$4,023,798
2,342,138
$3,584,747
2,342,138
$117,914
Gross income
Int. & other deductions.
146.487
102,899
22,490
358,000
1,415,700
1,995,500
$177,895
$1,681,660
$1,242,609
devel. expense--
stock.-blO,764,195 16,766,545
2,357,225
1,856,485
1938, the defendants had
subject to oil and gas leases
It further was alleged that
in the sale of these securities it had been represented to purchasers that the
defendant company was retaining for itself a certain portion of the land
in each unit in order to make its profit from the landowners' royalty reserved
by the oil and gas lease on the property when, in fact, the defendant com¬
pany did not intend to retain for itself any of the land comprising such
unit and, with respect to at least 15 of such units, sold the whole thereof to
The
been engaged in selling land located in Illinois
without registration under the Securities Act.
the public.
Alleghany Corp.— Time for Filing Plan
Trust Co., New York, as trustee for the
Laboratories,
Allied
Inc.—Files
for
Common
Stock
Offering—
registration statement covering the public offering of 25,000 shares
stock has been filed with the Securities and Exchange Com¬
The shares are to be distributed by F. Eberstadt & Co., Inc.,
of New York.
The company intends to use the proceeds of the offering
principally to retire its outstanding serial bank loans incurred in connection
with its program of plant expansion commenced in 1938 and largely com¬
pleted during 1939.
Following the offering, the company will have out¬
standing 249,530 shares of common stock, constituting its only capitalization
The company is engaged in the manufacture and sale of phamraceutical
and biological products which are sold principally to the medical profession^
largely for veterinary purposes.
Its plants are located in Indianapolis
and Zionsville, Ind.; Sioux City, Iowa; Sioux Falls, S. Dak,, and Kansas
A
mission.
For
the
year
ended Dec. 31, 1939, the company reported net
of $388 498.
See aiso list given on
Alton
Gross from
first page of this department.—V.
profits
150, p. 1750, 985.
RR.—Earnings—
railway.j...
1937
$1,318,091
407,387
1940
$1,285,447
302,070
56,159
1939
$1,130,967
230,557
defl0,417
1938
$1,140,612
191,346
def54,987
151,645
2,568,407
475,724
2,310,791
443,823
def60,718
2,392,690
436,651
2,639,922
825,366
def77,438
301,774
Gross from railway
def41,020
Net ry. oper. income...
—V. 150, p. 1417.
America—Reduces Ingot Price—
on March 25 that it had reduced its price for
Aluminum Co. of
Company
announced
from 20 cents a pound to 19 cents a pound and had adjusted
downward on a majority of its fabricated products. The new prices
effective March 25.
Explaining the reduction in the price of the metal, Roy A. Hunt, President
company recalled its promise made last November, when he an¬
nounced that there would be no advance in the price of aluminum ingot
during the first quarter of 1940, insofar as his company was concerned. He
said at that time: "The benefits of research and development together with
expansion of plants and facilities permit the company to expect lower costs.
In line with its expressed policy, it intends to share such economies with the
consumers of aluminum."—V. 150, p. 1923.
became
307,416
16,084,440 11,632,965
Extended—
Alleghany
extended to April 19, 1940 the
for the 5s of 1950 may be sub¬
mitted, under the terms of the agreement dated Sept. 28, 1939 under which
the Manufacturers Trust Co. is holding in trust 107,579 shares of Chesa¬
peake & Ohio Ry. common stock withdrawn from the collateral securing
Alleghany 5s of 1944.—V. 150, p. 1923.
The Marine Midland
5s of 1950, and the Alleghany Corp. have
time within which a plan of readjustment
aiuminum ingot
16,084,440 11,632,965
1939 and $1,037,016 in 1938.
Total
depreciation of $1,046,616 in
b Represented by 752,613 no par shares,
After
preliminary injunction.
complaint alleged that, since December,
had entered a
prices
1
1
Total
Aladdin Farms Trust—Judgment Entered—
Exchange Commission reported March 26 that Judge
Barnes of the U. S. District Court at Chicago, 111., had entered
a final judgment enjoining Carl A. Futter, doing business as Aladdin Farms
Trust, Great Northern Land Corp., John G. Bosse, Charles Killoran,
R. M. Roberts and A. A. Schulman, from violating the registration and
fraud provisions of the Securities Act of 1933.
On Jan. 8, Judge Barnes
The Securities and
John P.
of the
Goodwill
1417.
Net from railway
(par
1
389,346
Balance
—V. 150, p. 1585.
Net ry. oper. income
From Jan. 1—•
440,000
Supp. def. research
prep'dexps., Ac.
Def. research and
preferred stock.
Net from railway
marks, for¬
mulae, &c
on
February—
conv.
Earned surplus
income
Net
Divs.
531,046
75,000
employees
93,539
from officers—
d Accts. receivable
$
LiaMLUies—
Notes & accts. rec.
a
a
City, Kan.
1939
1938
$
Cash
Trade
Stockholders at
of common
depreciation in the aggregate totaling $135,537
1938, $103,043 in 1937 and $88,948 in 1936.
y After
prior year credit (net) of $15,851.
z Includes prior year adjustments net
x
This
stock which will be
has
in
value, payable April 20 to holders of record March 30.
Administered Fund Second,
has filed
and working capital.
underwriter named.
no par
1938; and 10 cents paid on April 20, 1938.
See Administrated Fund Second Inc. below for details of change of name.
Chicago, 111. has filed a registra¬
tion statement covering $36,000,000 of 3% first mortgage bonds, series F,
due 1961.
Proceeds of the issue will be used toward the redemption of the
3 % % first mortgage bonds, series D, due 1961.
Philip D. Block is President
of the company.
Kuhn, Loeb & Co. is expected to be an underwriter, and
others will be named by amendment.
Filed March 21, 1940.
(See sub¬
sequent page for further details).
(2-4359, Form A-l)
Pay 10-Cent Dividend—
with 20 cents paid on Dec. 26, last; seven cents paid on Oct. 20,
last; six cents paid on July 20, last; five cents paid on April 20, 1939; eight
cents on Dec. 23, 1938, five cents on Oct. 20, 1938; four cents on July 20,
Inland Steel Co. (2-4357, Form A-2) of
Inc.
■To
compares
preferred stock will be offered after reclassification of securities.
Proceeds
of the issue will be used to make loans or reduce bank loans.
Charles W.
Wild is President of the company.
McDonald, Coolidge & Co. is expected
to be an underwriter and others will be named by amendment.
Filed
March 21, 1940.
Developments,
Inc.-
Directors have declared a dividend of 10 cents per share on the common
(2-4356, Form A-2) of Columbus, Ohio has filed a
Tung Grove
Fund,
New Name—
registration statement covering 10,000 shares of $100 par 5% cumulative
convertible prior preferred stock and 47,500 shares of no par value common
stock which is reserved for the conversion of the preferred stock.
The
American
possible.
income tax.
following additional registration statements (Nos. 4356
The
as
upon
UNDER
ACT
SECURITIES
to
alphabetical position
as near
STATEMENTS
REGISTRATION
OF
FILING
in exact alphabetical order.
it is not always possible to arrange companies
are
including 145^ shares issuable
The Commercial & Financial Chronicle
2076
forms of
Amalgamated Leather Cos., Inc. (& Subs.)—Earnings
Consolidated Income Account for Calendar Years
1939
1938
1937
Sales of finished leather
3,266,600
.
Sell., admin. & gen. exp.
.
See d
Net
See
414,567
See
a
Other income
See
a
loss$63,537
24,069
$36,297 loss$370.503
28,010
14,265
profit.....—..
also engage in the factoring business at a later date and may occasionally
make advances on inventory In connection with such transactions.
Authorized capitalization upon completion of this financing will consist
$668,016
457,419
loss$10,703
359,800
Gross prof. bef. depr„_
of
a
debt outstanding.
Net income for the six months ended Dec. 31,
$210,597
18,438
$64,307 loss$3-K6,238 Joss$39,470
20,711
17,481
21.840
See c
f
2,500
\
9,467
14,969
Net profit...
Preferred dividends
$11,799 loss$387,545
loss$75,148
136,505
Surplus
of pref. stock out¬
standing (par $50)-..
Earnings per share
$11,799 def$387,545 def$211,653
$18,560
44.500
49,600
Prov. for Fed. inc. tax..
Surtax
Other
1
on undist. profits
deductions..
J
32,527
at the close of 1939 were $9,722,993, the cash investment in which, plus
charges; was $6,503,305.
The corporation's balance sheet at Dec. 31, 1939, showed total current
assets of $8,072,982, including cash of $1,537,724, against total current
liabilities of $4,093,573.—Y. 150, p. 1585.
American
Shs.
44.500
Nil
44,300
$0.26
Nil
$2.62
Depreciation of $33,806 in 1938, $27,118 in 1937 and $25,192 in 1936,
exclusive of depreciation on appreciation, and the entire compensation paid
to officers amounting to $48,348 in 1938, $64,612 in 1937 and $71,470 in
1936 are included in above statements,
b Includes $74,400 paid on $7
pref. stock and $37,200 on 6% pref. stock,
c No provision for taxes on
income and undistributed profits,
d The foregoing statement for 1939
includes a provision of $31,231 for. depreciation based on the cost of depre¬
ciable assets.
Provision for depreciation, in the amount of $37,315 for the
year 1939, with respect to the excess of the gross book value of such assets
over cost has been charged to capital surplus.
Consolidated Balance Sheet Dec. 31
a
6%
xLand, bldgs., ma¬
Ac...-$1,186,947 $1,230,973
chinery,
Cash-.-—.—
160,619
446,686
207,062
Accts. A notes rec.
428,827
5,493
2,268,909
169,649
22,370
debtors..
Suidry
2,106,888
166,234
Inventories
Other assets
Deferred
Liabilities—
1938
1939
Assets—
20,266
charges.
1939
1938
$2,215,000 $2,225,000
y Common stock.
349,800
348,600
Acceptances
341,613
437,063
Accts. payable and
accrued expenses
203,394
144,470
Notes payable
100,000
200,000
Sundry creditors..
17,702
Federal tax reserve
a908,202
x
....$4,116,225
American Coal Co. of
Calendar Years-
983,973
$7,953
Taxes.
115,830
101,093
Stock reacquired
Drll4
Deficit
Total-........$4,116,225 $4,294,699
z
114 shares
common
1039
L'd A coal
American Bakeries Co.—Plans to Retire
Preferred Stock—
The board of directors announced a plan for retirement of the company's
$1,900,000 par value of 7% cumulative preferred stock.
Stockholders are
exchanged will be redeemed in July at $110.
While the exchange offer does not affect the company's present class A
preferred, it was announced that the directors planned to split the class B
common on a two-for-one basis after the retirement program had been
carried out.
The proposed split, however, is subject to approval by the
stockholders.
C*. Stuart Broeman. President, also announced that company
would apply to the New York Stock Exchange for listing of the new class
B common.
Holders of the 7% preferred are to forward their shares for the exchange t
Irving Trust Co., the transfer agent of American Bakeries.—V. 150, p. 1750
Co.—To Settle Dividend Claim—
ber
zijde Unle, N. V., of Arnhem, the Netherlands, to settle the contingent
claim against this company for repayment of dividend advances for $1,200,000.
To supply the funds American Bemberg will sell 35,000 additional
shares of common stock and the same amount of its class B stock at $19
The Netherlands firm has agreed to underwrite the shares without
share.
Both issues will be offered stockholders in the ratio of
a
a
one
share for every four now held.
The proposal is subject to the approval of stockholders
new
of American
Bemberg Co.
The proposal also provides for the retirement, either by
purchase or redemption, of 7,700 shares of the preferred stock of the com¬
pany.
This would make up all sinking fund arrearages on the preferred
stock to July 1, 1940, and reduce the total outstanding to 27,300 shares.
Conditional upon the proposals being accepted by the stockholders, the
management plans an expansion program involving about $650,000.
Corp.—Earnings—
Depreciation
....
-
Amort, of tools, dies, &c.
Prov. for Fed. inc. taxes
Surtax on undist. profits
Oper
.
See
Special charges
$3,524,963
3,469.289
209,590
117,690
a
13,768
66,839
loss of real estate.
Miscell. charge-offs
Flood loss
22,385
140,024
2,977
$9,236,595
8,536,318
205,476
236,978
20,000
25,000
9,738
155.476
1936
$9,035,480
8.293,129
$96,322
Assets—
1939
14,830
71,299
609,913
c$l,48l,562
1938
$47,609
c$302,434
notes
(less reserve)
609,941
1,142,239
Fixed assets (net) 2,433,276
Goodwill pats, and
tracings
1
y
16,000
246,000
16,000
262,000
155,000
692,644
.
20,539
20,647
122,748
Total...
x
98,974
Capital stock...
692,644
Capital surplus... 3,441,991
x
Deficit
Deferred charges..
Other assets
1938
382,549
mtge. pay. l yr.
1,082,188 Real estate mtge..
2,562,220 Res. for contlngs.
Miscell. notes and
accts. receivable
1939
$350,876
174,658
trade accept.reo.
Inventories
Liabilities—
$286,550
81,700
&
recelv.-
Total
y
After depreciation
Corp.—- Stock Offered—Public
made March 29 by means of a prospectus of
300,000 shares ($1 par) common stock class A at $7.25 per
share through Clarence Hodson & Co., Inc., of New York.
Proceeds from this financing are intended for use as
working funds in
Its normal business, except in so far as the corporation
may retain a portion
of the proceeds on deposit with banks to pay off a part of its
borrowings
incorporated July 1, 1937, in Delaware and maintains
its principal office in New York.
It engages principally in specialized
_
Surplus
C466.425
d245,739
59,915
deferred charges
34,603
Total-.-.
8,217
77.010
Other assets
61,176
$1,534,331 $1,735,139'
Total
$1,534,331 $1,735,139
After
depreciation and depletion,
b After depletion,
c $347,875
pending disposition of treasury stock,
d Restricted pending
disposition of treasury stock,
e Includes royalties.—Y. 148, p. 2109.
a
restricted
American Cyanamid Co. (&
Calendar Years—
Net operating profit
Pi vs., int. «& discount.
1939
_
198,102
53,336
190,106
88,213
Total income.
---$12,276,304
Research, process & mkt.
1,925,372
development exp
Int. & discount paid
532,962
Deprec. and depletion.
3.125,058
Prov, for income tax
1,110,622
Minority stkhldrs' int in
_
Net income.
Dividends
Surplus
$8,827,967
618,132
1,013,320
267,818
340,681
$8,588,580 $11,422,743
$9,786,780
1,869,844
630,258
2.875,070
693,856
1,807,433
458,058
2,774,825
1,047,532
1,542.076
407,790
2,285,728
xl ,009,281
57,350
66,640
66,640
86,973
$5,524,941
104,193
$2,452,912
1,603,600
$5,268,255
y4,032,589
$4,454,930
2,520,368
$849,312
$1,235,666
$1,934,562
2,618,369
$2.07
2,618.369
2,520,368
$2.09
2,520,368
$1.77
_
.....
.....
share
per
1936
$10,141,604
$5,420,748
_
Shs. combined class A &
B stock outstanding..
Earnings
1937
1938
$7,876,170
434,091
(Royalties, licenses and
service charges....._
Other income (net).....
net income of subs.
Subs.)—Earnings-
$11,392,510
632,357
$0.91
Including $52,050 surtax,
y Includes special dividends of $2,520,368
payable optionally in cash or in shares of 5% cum. conv. pref. stock,
$1,499,588 paid in cash and $1,020,780 paid in shares of preferred stock
(102,078 shares).
Consolidated Balance Sheet Dec. 31
1939
1938
$
A $sPts~~~~
S
Notes A trade
ac¬
ceptances recei v.
82,520
85,752
Cash
14,708.612 10,846.043
Marketable secur.
489,828
99,823
Inv.
In
So.
Corp
Sinking
purch.
.
191,290
191,760
17,276,648 16,941,302
15,640
5,000,000
Deferred charges
455,947
Goodwill
Total
a
l
$
-
Tr. accept.
A pur.
moneyobllg
d263,985
158,330
418,869
414,062
wages A taxes.. 6,883,386
Res. for pref. stock
conversion rights
46.420
4,093,777
Dlvs. pay. pref. &
common stocks
Accts.
pay.,
accr.
Accrued interest
con¬
tract
In
6,412,316
for
1938
$
4,681,270
2,068,100
b Common stock -26,183,690 26,183,690
Funded debt
12,024,000 12,400,000
Min.lnt.lnsub. cos
1,118,997
.
6,490,524
fund
Inventories
c
634,317
Alkali
retire, of debs..
Stock
604,124
1939
Liabilities—
Preferred stock...
on
funded debt
140.350
31,725
166,670
5,000,000 Res. forconting.. 2,373,175
2,937,782
535,819 Prov. for Fed. tax. 1,333,535
680,757
l Earned surplus... 15,767,301 14,582,363
Capital suiplus—. 7,229,796
7,229,796
—77,345.777 72,034,3231
Total
77,345,777 72,034.323
After depreciation and depletion of $42,688,546 in 1939 and $39,864,565
b Represented by 65,943 shares of class A common ($10 par)
1938.
..$4,790,646 $4,923,634
was
was
...
Stock Issued Privately.-—The stockholders March 25 author¬
ized the issuance of 10,000 shares of 5% cumulative preferred
3,441,991
American Business Credit
Corporation
(par
$ 1,146,375 $ 1,151,875
Accounts payable93,216
112,455
e Accrued taxes..
29,762
23,624
$25)
American Export Lines, Inc.—$1,000,000 New
Represented by 692,644 shares of $1 par value,
149, p. 2959.
offering
186,497
63,252
191,483
83,691
654,924
120,752
1938
1939
and 2,552,426 shares of class B common ($10 par), excluding 59,674 shares
in B stock in treasury,
c Includes unamortized debt discount and expenses,
d Trade acceptances only.—V. 150, p. 1750.
73,213
78,219
and special write-down.—V.
26,294
169,535
...
54,242
65,262
$4,790,646 $4,923,6341
170,729
15,680
513,804
...
securs
License, pats., Ac.
Accts. pay., trade.
Accrued expenses.
Portion of real est.
$698,953
$441,256
&
5554,981
Land, bldgs.,Ac.25,143.021 25,574,913
Accts.receivable.. 6,887,621
5,680,551
Balance Sheet Dec. 31
Cash..
$237,160
a
a No provision for Federal income tax has been made
because deprecia¬
tion allowable for tax purposes exceeds the amount shown above (as a result
of property write-downs made In prior years) and because of certain losses
reserved for in prior years but deductible for tax purposes in 1939.
b In¬
cludes other income of $46,751.
c Loss.
Accts.
$116,591
Capital stock
rights
Other inv. & adv..
Net profit-....
$296,432
Liabilities—
1938
$472,756
Inventorles
163,654
185,089
1,044,570
—
$189,929
47,231
x
Income Account for Calendar Years
1939
1938
1937
3,939,555
202,943
115,182
$116,591
Unexp. Ins. prem.
suppl. and other
March 26 accepted a proposal from the Algemeene Kunts-
b$4,434,609
$296,432
b Leasehold & tim¬
Cash..
offered one share of class B common stock and $55 in cash for each preferred
share.
The offer expires on May 9 and any shares of 7% preferred not
Costs and expenses
$213,970
Dr2,253
seams
mine (level., &c.
Accounts
Net sales
$134,724
Dr 2,299
20,432
Balance Sheet Dec. 31
Arising principally through appraisal of property plant and equipment.
—V. 149, p. 2678.
American Bosch
$291,549
2,672
Dr2,211
$214,952
_
As iets—
a
a
commission.
— .
.
Marketable
on
1,267,615
$13,009
65,626
125,581
35,772
Dividends.
stock held in treasury,
Directors
1,164,006
$114,327
103,513
112,532
33,005
$214,952
-
Net loss
Drll4
Represented by shares of $1 par value,
American Bemberg
1936
1937
20,754
Operating loss
Royalties (net)
Other income (net)
15,970
$4,294,6991
1938
786,371
loss$70,299
95,184
105,727
20,339
$229,725
Dr 1,459
16,232
Depredation.
Depletion
After reserve for deprec iation totaling $1,315,655 in 1939 and $1,259,515
y
Alleghany Countv—Earnina*
1939
Coal produced (net tons)
Income from mil
ine prop.
937347
4,170
——.
Total
Corp.—Brills Lose
Foundry Motors
Supreme Court Justice J. Sidney Bernstein denied March 27 a motion
made on behalf of several members of the Brill family for permission to
inspect the books and records of the corporation.
They claim an interest in
the latter by reason of stock ownership in the Brill Corp., a holding com¬
pany, which directly or indirectly owns a substantial interest in the American
Car & Foundry Motors Corp.
Tn his decision Justice Bernstein observed that a similar petition had
recently been denied by him.
The new petition, he added, did not disclose
any facts warranting a different disposition of the matter.—V. 150, p. 1269.
2" 500
Capital surplus-..
Deficit
in 1938.
&
Car
New Plea—
conv.
cum.
pref. stock
z
1939, after all expenses
and taxes, was $133,932, against $129,882 for the fiscal year ended June 30,
1939.
Gross receivables, including reserves, on the books of.the corporation
$130,160
bill,600
—
(no par) voting preferred stock, none of which is out¬
100,000 shares
standing; 1,000,000 shares (SI par) class A common stock, all of which
will be outstanding, and 100,000 shares ($1 par) class B common stock,
of which 40,000 shares are outstanding.
There are no bonds or funded
$229,035
35,203
26,115
5,000
32,557
Net profit
Interest, taxes, &c
financing for manufacturers, wholesalers and retailers, including
receivable, industrial lien instalment notes, inventory advances,
rediscounts, and»indirect instalment receivables.
The corporation may
$4,819,740
4,151,724
$351,030
3,143,819
$416,457
380,160
Cost of goods sold
30,1940
accounts
1936
$4,111,666
3,760,636
$3,133,116
$3,683,067
(net)
March
Preferred
stock (par $100) . Lehman Brothers acting as agents placed
the issue privately at par (with warrants to purchase stock
of American
Export Airlines, Inc.) with
a
limited number of
individuals.
The proceeds from the issue will make possible an additional investment
by the
company in its subsidiary, American Export Airlines. Inc.
American
Exoort owns 336,000 shares of a total of 480,000 of Airlines outstanding.
The Airlines company has estimated that in event a certificate of conveni¬
ence and necessity is issued by the Civil Aeronautics
Authority covering
flights from the united States to Europe, it will need additional capital of
$3,500,000, of which $940,000 would be spent for equipment and prepara¬
tion for transatlantic operations.—V. 150, p. 1750.
1940
Earnings for 3 Months Ended Feb. 29,
allowances and discounts
incl. deprec
goods sold & sell., adminis. & gen. exps.
income (est.)
on
Net income
Loss from
total, $1,128,276.
Liabilities—Accounts payable,
earned
$302,682; capital surplus,
surplus,
149, p. 4165.
reserve,
$1,819,694
$1,575,267
$1,076,528
303,790
19,187
263,604
Drl35,595
$1,898,244
$1,204,537
869,3II
925.458
_JjL—
197,980
sale of inv_
adj.
(net)
of prior years
Approp.
for
reserve
self-insurance
Exps. incident to strikes
188,471
—
173,841
80,000
57",600
$992,524
$613,135
437,625
437,000
capital stock
Earnings per share
Shares
Consolidated Balance Sheet
b Shore
116,275
181,805
94,444
201,150
169,817
94,144
188,683
1,150,000
3,282,646
1,150,000
plant
equipm't.
Steamer
Inv. In other cos__
IJnexp. insur., &c.
Insur. fund—cash.
Cash
Marketable
d
U.
c
50,344
of
a
2,169,026
1,150,000
.
1939 and $16,184,882
$308,025
under
shares in treasury.—V. 150,
Periods
1937
Cost of sales.
$4,711,853
3,438,340
$5,191,214
3,535,440
profit on sales..
Adm. & selling expenses-
$1,429,571
1,316,215
$1,273,512
1,316,105
$1,655,774
1,416,721
loss$42,593
$239,052
56,131,396 56,649,788
40,444
49,529
$159,041
loss$2,149
$288,581
163,664
52,443
6,243
$173,739
116,524
24,122
3,486
Int. accr'd on inc. notes -
Republics Corp. (& Subs.)—Earnings—
31—
1939
1938
1937
1936
-...$12,527,020 $11,586,121 $15,467,633 $10,137,511
sales...
9,950,446
9,527,673 12,326.432
7,920,108
of
•'
Social security taxes
1939
Assets—
$366,426
$187,641
& accr. int.
157,895
receivable
847,440
1,416,827
154,245
836,949
Cash
a
Accts.
a
Inventories
1,527,372
&
161,302
——
122,660
Land at cost—
&
equip., patterns,
220,467
121,732
Deprec. & other amortDepletion on cost
8,520
.
798,380
tools, <fec
Deferred charges..
Goodwill
33,500
182,315
168,134
173,110
138,093
197,628
215,842
212,207
73,800
293,082
239,044
187" 100
63,073
-
d400,000
4,678
1
$359,676
tax on
62,580
&c
-
75,254
19,082
9,944
56,135
conting's.
20-yr. income notes
due Apr. 16,*56. 2,982,000
742,790
Com. stk.(par $10)
101,908
15,116
2,982,000
742,790
81,645
def7,526
Income
amount of fixed assets,
other than land,
April
reorganization, including $77,994
remainder, $144,601, represents fixed
parent company, valued" as at
$895 235 represents fixed assets of the
16
1936, in accoradnce with the plan of
subsequent additions at cost.
The
assets of the subsidiaries at cost.
The
Foamite Corp. in the net tangible assets of
by the balance sheet
—V. 149, P. 3252.
equity of American-LaFranceThe Linn Mfg. Corp. as shown
of the latter company at Dec. 31,1939, was $311,187.
Seal-Kap Corp. of Delaware—12-Cent Div.—
The directors have declared a dividend of 12 cents per share on the
capital stock, no par value, payable April 15 to holders of record March 29.
compared with 14 cents
12 cents paid on Oct. 10,
15, Oct. 10 and June 10.
1937; 10 cents paid on Dec. 10, 1937; 20
April 1, 1935, and $3 per share on April 10,
paid on Dec. 15, last;
paid on Dec.
Sept. f, 1936,
1934.—V. 150, p. 986.
cents on
and on
$171,468
$23,674
Accts. A bills rec.
Inv.,
748,341
853,774
1,269,907
1,035,176
less res. (at
cost or
Investments
Otherassets
Deferred assets
payable. 1,115,258
1,296,290
payable
1,100,776
1,226,445
293,730
45,264
266,960
31,651
3,251,119
1,319,813
Accounts
Notes
Accrued expensesDeferred
1,973,925
735,852
102,305
240,757
Fixed assets at
appraised value.16,418,624
1,587,784
735,707
42,448
168,730
S
S
Liabilities—
$
Cash
1938
1939
1938
A
Notes
credits.
.
payable, due
after one year..
248,402
305,126
stock.-.13,080,490 13,080,490
2,262 ,-597
2,389,269
Reserves..
z
Capital
Surplus
15,400,350
21,776,546 19,537,133
Total
— .21,776,546 19,537,133
doubtful notes and accounts of $2,000. y Less reserve
for depreciation, depletion, amortization and obsolescence of
1939 and $8,874,482 in 1938.
z Represented by shares of $10 par.—V.
Total
p.
\fter reserve for
$9,349,814 in
148,
1793.
American Thermos Bottle Co.—New Directors—
Hutton Jr. was elected a director of this company at the annual
stockholders held March 20.
He succeeds his father, the late
M. Hutton. G. P. Doll was also elected a director.—V. 149, p. 4018.
James M.
meeting of
J.
Co.—Earnings—-
American Stove
of
.
Total income
deductions
Federal income taxes
Surtax on undist. profits
TJnderprov. for pr. year,
Loss on sale of securitiesOther
Netprofit.
on cap.
stock...-----------per
sh.
8,062,454
1,501,609
187,691
392,587
1,908,376
603,403
349,881
$90,294
35,740
$1,382,232
57,120
$1,535,260
51,373
$126,034
$1,439,352
$1,586,633
42,249
11,069
58,250
216.000
51,000
46,330
245,128
a
$1,877,922
53,262
$1,931,184
69,937
b359,399
534,537
316,166
66,782
948
— —
$1,501,848
—
25*036
$47,680
215,996
—
—
$1,113,153 $1,228,391
755.986
755,986
—
—
$2.78
$0.08
$2.06
$11.37
amounted to $420,985 are included in costs and
b Includes $4,399 additional for prior years—paid or provided for.
Depreciation charges
expenses,
8,562,119
2,051,332
836,985
Dividends
a
8,312,380
2,043,876
See
Other income-
Earns,
$11,950,028
234,677
and
Charges for deprec
Operating profit.
$11,034,284 $12,806,013
9,296,325
depreciation
Selling, distribution
advertising
Adminis. & general
1936
1937
1938
1939
American
July 15 and April 15, 1939; 10 cents
1938; 20 cents paid on Sept. 10,
$418,559
sur$ 186,861
intangible drilling costs.
Consolidated Balance Sheet Dec. 31
discounts, reallowances
$13,452,800
Cost of goods sold, excl.
b Less reserves
1938.
c La France-Republic Corp. common (55%) pre¬
(62%) at estimated value,
d Linn Mfg. Corp., 62.47%
$368,741
392,415
Amortization of
x
turns &
Total
$4,275,608 $4,299,918
for depreciation of $241,457 in 1939
$351,751
523,219
,
$186,861 loss$287,754
Deficit.
x
3,802
130,805
undistrib-profits
Sales, less
1
capital stock.
Note—Of the $1,039,837 gross
41,238
Calendar Years—
and $201,655 in
stock
Net
x
50,000
c400,000
11,133
Less reserves,
42,863
Estimated prov. for sur¬
1938
840,378
...$4,275,608 $4,299,918
Total
wages,
388,309
10,355
Surrendered leaseholds.
Amortiz. of undeveloped
leaseholds
— — _
y
bank,
Capital surplus
Earned surplus
bBldgs., mach'y
Investments
$302,133
$29,607
In 1938»
Accruals, taxes,
Res. for
& accr. int.
overdue
payable.
pay.,
with collateral..
Income taxes
Notes, war., &c.(
due after 1 yr.
Accounts
Notes
Notes, war'ts, &c.,
1939
Liabilities—
1938
$2,487,824
847,865
533,135
4,183
$3,248,915
1,047,614
705,617
441,651
7,750
$2,066,968
1.037,298
x76,685
566,574
1,053,957
xl 13,472
559,100
11,503
Gen., adm. & sell. exps.
Drilling expenses
-
market).
period.
$2,217,403
270,421
$2,058,448
$2,485,792
Other inc. &
lower of
$43,664 loss! 103,392
$66,231
Note—Depreciation provided during 1939 amounted to $64,012;
$61,611; 1937, $55,579, and 1936, $38,938.
Consolidated Balance Sheet Dec. 31
Net income for
$3,141,201
107,714
$2,576,574
Dr90,782
profit from oper.
chgs. (net).
Gross
1939
31,172
12,430
57,641
38,832
21,830
54,715
Prov. for for. inc. taxes.
56,131,396 56,649,788
Total
Dividends.
45,685
Miscell. deductions
This
4,702,687
Less
Cost
$138,876
34,863
$113,356
Total income
ferred
1,632,856
7,905,426
American
$1,049,251
910,375
Profit from operations
2,523,655
7,888,004
4,702,687
contin¬
gencies, &c
depreciation of $20,975,660 in 1939 and $13,594,514 in 1938.
b After deducting $130,524 for reserves for doubtful accounts in 1939 and
$145,087 in 1938.
c Represented by 767,900 no par shares.—V.
p.
1586.
;
"
$3,232,912
2,183,662
Other income
238,216
Earned surplus
Res. for Fed. inc. taxes.
Apr. 16 to
Dec. 31, '36
$4,865,751
3,436,181
a
Reserve for
5,000
223,774
Fed. &
exploration &
geophysical expenses.
Dryhole costs
France-Foamite Corp,—Earnings—
Gross
5,000
State franch.tax
Engineer.,
Sales
rec.
Reserve for
3,139,789
716,593
12,994,141 12,556,075
Total
depreciation of $17,020,134 in
Consolidated Income Account for Stated
Years Ended Dec. 31
1939
1938
a
487,112
Total income.
d Not including 63,000
American-La
rec.,
366,370
256,547
781,459
exps
ree'd on
contracts
1,150,000
1588.
p.
—
Sundry defd chgs-
202,040
3,592,751
for Fed. taxes
Capital surplus
2,103,515
171,667
605,423
Earned surplus...
agreement,
lease
Goodwill
Sales.
claims
b After reserve for depreciation of $334,279 in 1939 and
c Deposited with Treasurer of United States as collateral
1938.
in
mixed
50,344
Res
After reserve for
Inventories
5,826,324
6,984,306
Years Ended Dec.
awards
12,994,141 12,556,075
Total
in 1938.
Adv. pay.
4,691,514
7,831,410
11,000,000
& accrued int
for collection
Res.for insurance-
Treasury
S.
—
b Accts. & billsreo.
429,574
444,564
406,610
528,664
ages
2,103,515
notes at cost
property24,981,257 35,800,735
1,931,821
2,600,192
4,587,154
4,209,248
securities
741,870
741,870 Sundry accr'd
150,
on
Accounts payable.
Mix. claims awards
receivable
Preferred
.
1,821,323
2,169,026
Supplies
•
$
$
stock...35,196,100 35,196,100
c Common stock..
3,839,500
3,839,500
Accounts payable. 1,844,595
2,000,078
Liabilities—
Cost of
Cash
1938
1939
^
uncomplet. voy¬
693,778
641,683
107,153
ities (at cost)
a
a
par)
Res.
Acc'ts receivable—
Dec. 31
1938
<j£
Total
Excess of revs, over
secur¬
927,863
60,215
$
4,370,000
4,370,000
disbursem'ts
def$1.75
1938
$
($10
Cap. stock
1,055,883
$4.75
Consolidated Balance Sheet
1
Dec. 31
Liabilities—
5,419,935
115,701
4,760.373
Vessels In comm.
a
Steamship Corp.,
on Nov.30, 1936.
1939
$
2,463,727
Nil
Capital surplus
1938
$
455,000
$0.71
Nil
$1.40
Figures reflect earnings for 11 months of Williams
formerly a wholly owned subsidiary which was dissolved
y
1939
$321,779
455,000
loss$30,501
636,220
450,000
$l,302,195pf$6,113,218pf$l,156,65S
Nil
1939
Other
655,500
437,000
$2.27
$950,376
_
accordance with Securities and Exchange Commission
standards, y Provision for decline in conversion value of net current assets
of Canadian subsidiary.
Investments
16L671
yl28,453
—
.
158,583
—
171,289
Net profit for year
Dividends paid
.
700,000
As revised in
x
.
726",882
798,830
>
3,365
-
Divs. paid on pref. stock
Earns, persh. on 767,900
shs. com. stock
Assets
5^126
and labor disturbances
Other charges
Prov. for Fed. inc. tax
Assets—
'
_w
Net loss for the year.
9,155
depreciation __
to
I
...
version val., &c
$1,279,502
;
Losses arising from
Prov. for
current year
159,548
8,637
.
Prov. for decline in con¬
99,467
21,325
$2,085,250
Net profit on
<
.
profits
Contingencies relative to
operating
results
of
$1,158,710
193,475
72,081
undistributed
on
594,363
54,730
taxes
come
Surtax
Co.—Earnings—
1939
1938
1937
yl936
$18,791,507 $17,165,458 $16,123,632 $13,721,562
16,971,813
15,590,191 15,047,104 12,562,852
Other credits
100,520
28,996
.
Normal Fed. & for'n in¬
American-Hawaiian Steamship
Calendar Years—
invest'ts
written down
*
Operating revenues
Operating expenses
20,433
Research develop. exp._
estimated pro¬
stock (par $1), $231,400;
$410,000; total, $1,128.276.—
over three-year period, $34,000;
vision for current years income tax, $13,332; capital
loans—payable
40",66O
,
...
security
Other
90,825
189,330
doubtful accts.
Cash discounts
$23,234; construction
$113,627; accruals,
of plant
retire,
on
$924,913 pf$7,698,403 pf$ 1 ,600,585
45,457
130,981
125,399
45,608
65,961
2,240
55,586
970
assets
Prov. for
charges, $27,239;
(net), $523,952; patents. $1; deferred
permanent assets
Loss
$1,967; uncompleted shop
accounts receivable, $908;
20,137,294
624,414
43,040,851
676,004
$1,200,909 pf$6,730,595 pr .$619,400
275,996
967,808
981,185
$765,367
Total loss
Interest paid
$188,074; U. 8. Gov't bonds, $55,000;
for doubtful of $1,000), $180,071; inventories,
$150,441; securities, $354; insurance deposits,
orders, $270; officers & employees notes &
360,131
Idle plant expense
1940
Assets—Cash in banks and on hand,
receivables (less—allowance
operations. $1,125,498
Other income
$34,492
—_
Balance Sheet March 1,
amortization.
Deprec. &
24,781,257
691,728
22,588,760
895,478
general expenses—
and
7,242
Other deductions
Federal taxes
administrative, selling
$43,771
1,707
7,571
Total income
sold, incl.
Cost of goods
$36,528
Other income
$50,447,450 $21,381,108
—$22,358,740 $24,272,076
allowances
537,320
-
!
Operating profit
xl936
1937
1938
1939
Calendar Years—
frfftSR
Ipco Hisf't.fi Jfr
$573,848
Gross sales—less returns,
Cost of
Co. (& Subs.)- -Earnings—
American Locomotive
& Socket Co.—Earnings—
American Forging
2077
& Financial Chronicle
The Commercial
ISO
Volume
The Commercial & Financial Chronicle
2078
Balance Sheet
1939
%
Assets—
672,559
777,628
637,996
(net) 6,306,416
6,540,768
Other assets
stock
and
taxes on
118,790
632,882
87,387
136,770
State
on
y
172,246
In¬
(estd.).
come
Reserves
153,072
$
610,804
income.
Federal tax
plant &
equipment
Deferred charges..
1938
t
payable.
Local, Fed. capital
1,618,050
3,067,403
Inventories
Property,
206,264
1,756,043
3,618,645
127,118
securs.
Receivables
Zinc—Total
1939
Accounts
Cash.
31
LiabUities—
Current assets:
Market,
at Dec.
1938
*
as
357,641
14,500
608.881
...
Capital stock
607,932
5,399,900
5,399,900
4,785,365
4,785,365
.May 5,'33 1,461,402
784,168
Capital surplus
Earned surp. since
recap
Total
y
12,361,5181
13,311,380
Represented by 539,990 shares of
Total
Tung
Grove
stock without nominal
150, p. 1925.
common
par value, stated value $10 par share.—V.
American
13,311,380 12,361,518
Development
or
Inc.—Registers
with SEC—
See list given on first page of this department.
American Water
Works
& Electric
Co., Inc.—Weekly
Output—
kilowatt hours for the corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
follows:
years
Week Ended—
Mar.
1940
1939
9
50,865,000
52,115,000
Mar. 16
50,439,000
Mar. 23
.51,267,000
—V. 150, p. 1925.
Anaconda
1938
1937
1936
45,301,000
45,149,000
45,138,000
44,045,000
2
Mar.
41,135,000
40,430,000
40,178,000
39,791,000
52,311.000
52,466,000
52,373,000
51,680,000
43,979,000
43,606,000
44,172,000
36,228,000
Copper Mining Co.—Report for 1939—
Cornelius F. Kelley,
President, says in part:
During the first four months of 1939 the rate of copper consumption both
at home and abroad was below that
prevailing in the latter part of 1938 but
improved slightly in May, June and July.
Immediately prior to and
following the declaration of war extraordinarily large tonnages of
copper
were sold and both production and deliveries increased
rapidly.
Compilation of domestic statistics, suspended following the declaration
of war, was resumed after the close of the
year and showed for the last five
months of the year more than 35% increase in
monthly rate of production
and more than 88% increase in consumption of
primary copper, as com¬
pared with average of the first seven months of the year.
Production of duty free refined copper during the
year was 836,074 short
tons, of which 91,884 tons were secondary.
Production of primary copper,
744,190 tons, was 28% more than in 1938.
Domestic deliveries of primary
duty free copper increased to 722,523 tons, a gain of 73% over 1938. Con¬
sumption was the highest since 1929 and equalled 84% of tonnage for that
record year.
Exports of duty free copper increased from 125,869 tons in
1938 to 134,152 tons in 1939.
Data as to foreign production is not available as statistics
were not
furnished by producers In the belligerent countries and data for
the industry
as a whole was not compiled.
Following the declaration of war production
was increased and a
ready market has existed for all copper available for
all copper available for foreign markets.
Based upon avabilable data total
foreign production is estimated at approximately 1,605,000 short
tons, and
world production at 2,350,000 tons, or about
9% more than in 1938.
Stocks of duty free refined copper in the United States
increased from
289,755 tons on Jan. 1 to 316,543 tons on July 31 but decreased to 159,485
tons on Dec. 31, a net decrease of 130,270 tons.
Foreign stocks increased
slightly from 169.072 tons at Jan. 1 to 173,876 tons at July 31, since when
no data is available.
Production of zinc in the United States increased
17.8% over the prior
to 538,198 tons, while consumption amounted to
598,972 tons, a
gain of 51%.
Stocks of zinc on hand at the close of the year were
65,995
tons, a decrease of 60,774 tons during the year.
The domestic price of copper f.o.b.
refinery declined from
year
pound at the beginning of the
for
year to a low of
9.775c.
on
11.025c. per
April 21.
Except
minior brief advance this quotation continued in effect
until July 8
following which progressive advances resulted in price of 12.275c. on Oct. 5
Which continued to the end of the year.
Prices of zinc and lead
a
improved
slight reduction of zinc price in December
throughout the year except for a
below the high point of the year.
The price of domestic silver remained
unchanged at 64 He. per ounce for
all silver in ores mined prior to
July 2.
The Act of Congress July 6, 1939,
applicable to silver in ores mined in the United States after
July 1, fixed a
seigniorage of 45%, which was equivalent to a price of 71.11c.
per ounce
f.o.b. Mint, or approximately 70He.
per ounce f.o.b. smelter.
The price
of foreign silver was 42.75c. per ounce to June
27, after which the price
declined steadily to 34.75c. per ounce, which price with minor
fluctuations
prevailed to the end of the year.
The United States Treasury price of
$35 per ounce for gold was not
changed during the
Financial—The
year.
net income
sales
of metals
and
manufactured
products invoiced to customers.
Forward sales contracts are not reflected
in the income account.
Inventory valuations were below market prices for
the various metals and products at Dec.
31, 1939.
The funded debt of the company and its subsidiaries
was reduced
during
the year by the retirement through the
operation of the sinking fund, of
$2,671,000 4 H % debentures of the company, and the payment of
$5,000,000
serial notes of Chile Exploration
Co.; a total reduction of $7,671,000 leaving
the total funded debt of the
company and subsidiaries at Dec. 31, 1939, at
$15,015,000.
Under the terms of the indenture
covering the 4H % sinking fund deben¬
tures of the company there will be
paid into the sinking fund on Aug.
1940, approximately $4,711,000 in cash,
part, debentures at cost.
15,
or
in lieu thereof, in whole
or
in
The indebtedness of Inspiration Consolidated
Copper Co. represented by
notes issued to this
company, amounting to
during the
$7,043,000,
was
discharged
in part from funds in its treasury and the balance
from
funds received from sale of its first
mortgage convertible 4% bonds, due
April 1, 1952.
Company exercising its rights as a shareholder, subscribed
at par to $1,665,000 of the total
$5,910,000 offering of said bonds.
Capital expenditures during the year amounted to
year,
$3,416,423.
Corporate Transactions—During 1939 company acquired
2,500 shares of
stock of
Anaconda
Wire &
Cable
Co. and
11
shares of stock of Andes
Copper Mining Co., increasing its holdings to 287,522 shares and
3,502,473
shares, or 68.14% and 97.77% respectively of the total
outstanding shares
of those companies.
As stated above,
$5,000,000 of the serial notes of Chile Exploration Co.
were paid.
On May 1 the remaining indebtedness of
$12,000,000 was
covered by new notes,
which, like the prior notes issued, are guaranteed as
to principal and interest
by Anaconda Copper Mining Co., maturing as
follows:
™
May
May
May
May
May
D*ue.
1, 1940
1, 1941
1, 1942
1, 1943
1, 1944
Amount
$2,000,000
2,000,000
2,000,000
2,000,000
4,000,000
Interest Rate
1H%
2%
2H%
2%%
3%
Operations
Copper—The total output of copper by the plants of the
company and its
subsidiaries aggregated
934,587,689 pounds.
The metallic copper produc¬
tion, after deduction of 175,013 pounds (of which
127,438 pounds were from
company mines) contained in by-product materials sold
to
others, was
934,412,676 pounds obtained from the following sources:
203,216,783
pounds were treated on toll for the account of
others; 49,783,474 pounds
were produced from purchased
ores, concentrates and secondary metals;
leaving a net production from the mines of
company and its consolidated
subsidiary mining companies through copper plant
operations of 681,412,419 pounds (200,417,863 pounds
domestic—480,994,556 pounds foreign)
compared with 633,671,825 pounds
(154,208,961 pounds domestic—479462,864 pounds foreign) in 1938, an increase of
7.5%.
Total deliveries in both the domestic and
foreign markets of copper from
all sources including purchased
copper amounted to 883,235,702 pounds,
compared with 790,083,357
pounds in
1938.
1940
1938.
Lead—The total production of lead was 90,663,398 pounds.
Of this
79,476,853 pounds were produced from purchased ores, concen¬
trates, &c., and 11,186,545 pounds from the mines of the company.
Of the
aggregate production
25,523,450
pounds were included in by-products
sold to other companies and 65,139,948 pounds were
produced in metallic
form by the plants of the company.
Deliveries of lead during the year,
including that used in the manufacture of white lead, were 83,577,841
pounds, compared with 60,829,021 pounds in 1938.
amount
Silver—Company produced 14,582,530 ounces of silver, of which 866,480
were treated on toll for account of others,
6,855,912 ounces were
produced from purchased ores and concentrates, and 6,860,138 ounces were
produced from company ores.
Of the above total 2,052,717 ounces were
contained in by-product materials sold to other companies.
Gold—Gold production amounted to 245,993 ounces, of which 40,432
ounces
contained in materials treated
ounces were
ounces
on
toll for the account of others,
from purchased
materials, and 40,475 ounces from
Of this amount 8,641 ounces were sold in the
materials to other companies.
Miscellaneous—The principal miscellaneous products consisted of 89,775,271 feet of lumber; 57,205 tons treble-superphosphate and phosphoric
acid; 8,709 tons arsenic; 986,304 pounds cadmium, including 159,537
pounds produced on toll.
Fabricating Plants—The shipments of manufactured products from the
plants of the American Brass Co. (including Toronto plant) and Anaconda
Wire & Cable Co. amounted to 612,031,416 pounds, an increase of
35.9%
from the prior year.
Non-Consolidated Subsidiary Mining
Companies—The Mountain City
Copper Co. produced 27,988,176 pounds of recoverable copper from ores
and concentrates shipped.
The Walker Mining Co. produced 8,010,226
pounds of recoverable copper from concentrates shipped.
Operation of
these properties was continuous for the entire year.
The National Tunnel & Mines Co. produced from company and
leasing
operations 250,870 pounds of copper, 3,506,683 pounds of lead, 1,480,112
pounds of zinc 90,268 ounces of silver and 3,902 ounces of gold.
Silesian-American Corp.—The properties of Giesche Spolka Akcyjna, a
subsidiary company of Silesian-American Corp. in Poland, were taken over
by the Polish military authorities in the latter part of August, 1939 and the
members of the American Staff moved from Poland to Rotterdam, Holland.
(Most of the members of the staff have since returned to the United States).
Early in September Germany obtained control of that district and a com¬
missar appointed by the German Government was
placed in charge of the
properties.
Since that time no reports of operations are available.
It is
impossible to conjecture how long this situation will continue.
The principal amount of bonds of Silesian-American
Corp. outstanding at
the end of the year was reduced to $2,510,500.
came
the mines of the company.
form of various by-product
Consolidated Income Account for Calendar Years
1939
1938
$
Gross sales and earnings. 183,674,976
Costofsales
141,461,417
Operating income
bonds &
on
debs,
52,176,548
2,551,618
31,071,669
2,385,649
29,612,271
54,728,165
33,457,318
2,185,821
2,703,713
3,041,676
3,818,412
2,239,272
3,617,136
415,479
2,420,080
8,942,509
obligations
Exps. pertaining to nonoperating units
U. S. & foreign income
taxes (estimated)
Disct. prem. & exp. on
&
28,757,037
855,234
4,216,861
c8,575,530
c2,975,918
cur¬
rent
bonds
1936
43,013,090
Total income.
Interest
1937
$
$
$
144,206,555 233,916,532 160,882,734
115,449,518 181,739,985 129,811,065
42,213,559
799,531
Other income
retired
thru, sinking fund
Deprec., depletion and
204,501
573,908
390,118
286,971
8,825,594
8,513,619
9,214,030
7,608,863
133,018
150,522
1,191,185
168,108
388,210
20,482,374
Minority share of income
245,822
9,836,512
293,897
31,732,039
344,177
15,958,864
77,035
20,236,552
10,842,921
9,542,615
4,337,169
31,387,862
15,180,092
15,881,830
10,842,922
$2.33
$1.10
$3.62
$1.83
obsolescence
Red. to mkt. quota,
of
metal inventory
excess
Disc. & exp. on bds., &c.
Net gain
Net income
Dividends
Earns, per share on cap.
ital stocks
—
c
Including $256,140 ($6,257 in 1936) estimated surtax
on
undistributed
income.
Consolidated Balance Shet Dec. 31
Assets—
reflects
30,
production was 224,056,850 pounds of which 141,693,675 pounds were from purchased materials, toll zinc returnable 60,285,317 pounds, and 22,077,858 pounds from the mines of the company.
Of total production 7,955 pounds were contained in
by-product materials
sold to other companies; 6,732,164 pounds were in the form of zinc
dross,
and 217,316,731 pounds were electrolytic zinc produced by the
plants of the
company.
Deliveries of zinc (produced and purchased) including zinc
delivered to the manufacturing and zinc oxide plants of the company,
amounted to 201,127,612 pounds, compared with 150,393,070 pounds in
165,086
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week ending March 23,1940 totaled
51,267
000 kilowatt hours, an increase of 16.4% over the
output of 44,045,000
March
zinc
1939
1938
1937
1936
$
Mines & mln'g claims, coal mines,
$
$
$
timberlands, phosphate depos¬
its, water rights and lands for
metal producing & mfg.plants.297,491,063
297,577,342 297,555,269 298,345,521
Bldgs. & mach. at mines, reduc'n
works, refineries, mfg.
8AW?Tli1lR
foiTUHfiftQ
steamshi'ps
plants,
WQtiSPwlrfl
'_'l30,900,950
and railroads
Patents
1,086
Investments
33,919,583
Indebtedness of subsidiary
com¬
panies, not consolidated
Cash deposited with trustees
Def'd charges and disct.
Supplies
on
hand,
on
962,846
861,734
7,006,895
8,353,232
8,799,030
advances
10,582,937
19,302,700
18,849,099
20,513,341
18,105,592
1,106,230
952,960
323,736
40,378,925
10,357,903
865,024
1
770,720
...
bonds
on
and expenditures prepaid.
ores
136,467,783 140,954,094 143,844,820
6,105
6,105
6,105
32,040,131
30,936,670
29,243,276
•
Instalment house and land sales
and other accts. receivable
Deferred
775,124
565,619
898,804
556,238
54,818,433
53,692,124
10,917,767
7,298,299
1,880,998
expenses
Metals & manufactured products
Accounts & notes receivable
Indebtedness of subsidiaries
Notes
receivable
752,405
12,728,992
1,115,245
368,192
59,139,279
7,147,573
3,250,122
of
Inspiration
Consolidated Copper Co
Marketable securities
7,043,000
16,732,903
13,691,876
943,531
Cash.
30,155,532
Total..
7,643,000
7,864,005
1,387,496
16,282,191
587,932,841 582,257,792 592,825,031 592,021,890
LiabUities—
Capital stock (par $50)
433,716,900 433,716,900 433,716,900 433,716,900
Capital stock & surplus of sub.
cos.
owned by minority interest
4,645,651
4,674,138
4,625,444
4,543,706
38,015,000
40,686,000
47,589,000
51,871,000
Chile Exploration Co. serial notes 10,000,000
Chile
Copper
Co.
20-year
5%
15,000,000
19,000,000
Anaconda
Copper
Mining
Co.,
4H% debentures
.gold debentures
-
23,000,000
z9,524,950
Butte Anaconda & Pacific Ry. Co.
1st mtge.
Reserves
5%
Chile Expl. Co.
s. f. gold bonds..
ser. notes
(curr.)
Accrued liabilities
Accounts and wages payable
1,731,438
2,000,000
10,886,394
7,164,449
7,543,499
5,730,605
162,724
143,133
Total
1,470,823
1,498,000
1,252,619
2,0000,000
2,000,000
5,448,278
7,827,868
404,357
230,147
11,539,143
5,999,452
536,395
245,041
78,826,877
71,308.277
66,102,831
Other accounts payable
Deferred credits to Income
Surplus
1,604,144
2.000,000
165,951
218,821
50,953,797
587.932,841 582,257,792 592,825,031 592,021,890
To Redeem Debentures—
Cornelius F. Kelley, President of this company, announced that the
board of directors have authorized the calling for redemption on
May 15,
1940, of $33,000,000 principal amount of the 4 H % sinking fund debentures
,
The Commercial & Financial Chronicle
Volume 150
(out of a total of $38,015,000 principal amount outstanding).
Of the
original issue of $55,000,000 principal amount of the debentures there have
been retired $16,985,000 principal amount through the operation of the
sinking fund.
The redemption price on the first $5,015,000 of the $33,000,000 of debentures called will be 104, for the next $11,000,000 of de¬
bentures called the price will be 103, for the next $11,000,000 of debentures
called the price will be 102, and for the balance of $5,985,000 of debentures
called the price will be 101.
Notice of the numbers of the debentures which
have been called for redemption will be given as soon as the same have
been drawn by lot by the trustee.—V. 150, p. 1418.
Anchor
Hocking Glass Corp.—Exchange Time Extended
I. J. Collins, President, on March 23 sent preferred stockholders a letter
which read as follows:
The exchange
of $5 dividend preferred stock for the $6.50 dividend
con¬
vertible preferred stock described in the letter to you dated Feb. 26, 1940
has become effective.
Certificates for the new $5 dividend preferred stock,
at the rate of one share for each share of $6.50 dividend convertible preferred
stock surrendered, will
who have accepted the
be mailed about March 30, 1940 to the stockholders
exchange offer.
stock who have
not accepted the exchange offer will shortly receive a formal notice, in
accordance with the provisions of the certificate of incorporation, calling
such stock for redemption on April 30, 1940 at $110 per share plus one
The holders of the $6.50 dividend convertible preferred
month's accrued dividend.
A number of holders of the $6.50 dividend convertible preferred stock who
desired to make the exchange but who were prevented from doing so by
March 20 have requested that they be given an extension of time and
the
exchange offer will therefore remain open for acceptance until the close of
business April 10, 1940 in accordance with its original terms as set forth in
the letter of Feb. 26, 1940.
In the case of $6.50 dividend convertible pref.
stock surrendered subsequent to March 20 the holders will be entitled to no
dividends after March 31, 1940 but the $5 dividend preferred stock issued
in exchange will be entitled to full cumulative dividends from April 1, 1940
even though such stock is issued subsequent to that date.—V. 150, p. 1925.
Ann
Arbor
1940
$332,393
54,547
19,228
1939
1938
1937
$301,120
22,666
defl2,533
$242,442
7,462
def28,055
$327,612
74,368
36,506
666,852
110,802
43,906
*
625,841
90,578
20,111
501,237
17,367
def50,233
665,335
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 1419.
129,143
56,219
'\V
Armstrong Cork Co.—Earnings—
[Including Domestic Subsidiary Companies]
1939
1938
1937
1936
Calendar Years—
$9,572,045 $14,056,608 $14,038,057
6,963,172
6,784,171
6,080,206
$15,951,940
8,720,379
Gross profit
Selling & admin, exp
y
Profits from oper
$7,231,561
1,675,779
Deprec. & obsolescence.
Net operating profit
Other income
$7,272,437
1,151,680
$2,608,873
1,352,846
$1,256,027
$6,120,757
$6,846,210
*229,858
z233,068
x228,541
536,908
$5,785,640
$1,489,095
367,617
129,464
$6,349,298
976,963
514,865
1,617
302,035
$7,383,118
1,252,070
835,691
181,619
163,797
Total income
on undistr. profits
Foreign subs. profits
Surtax
44,815
158",78i
$4,485,009
2,821,730
Net profit
Common dividends paid
$1,150,796
1,057,433
69,000
1,410,644
211,976
Preferred dividends
Shares capital stock
Earnings per share
1,410,865
a$3.03
_
$5,157,887
3,325,090
$5,277,535
3,022,837
1,410,644
$3.66
1,209", 124
of whose stock is owned]
53 Wks.End. ——52 Weeks Ended
Period—
a$0.77
$4.36
Net sales
...$59,636,943 $54,792,471 $56,999,317 $54,222,124
561,756
491,511
526,075
566,234
.....
Commissions, &c
Gross income...
Costs and expenses.
$60,198,699 $55,283,982 $57,525,393 $54,788,358
52,967,665
54,822,426
56,187,737
51,698,404
894,559
996,370
808,484
689,954
Int. on real estate mtge.
205,356
198,797
179,746
208,628
199,253
Exps. of parent company
239,699
185,538
220,154
Depreciation
Profit.
Other income.
Gain on securs. sold
$2,630,258
29,741
4,570
Total profit
-
Federal taxes
$1,017,148
35,649
$1,475,038
51,002
*6,750
$1,971,219
94,624
x61,519
$2,664,569
460,000
$1,052,797
245,250
$1,532,790
y252,500
$2,127,362
y319,606
Conting. inc. tax liabil.,
deferred pay., accts..
12,900
Cr22,000
13,000
13,600
$2,191,669
$829,547
$1,267,290
$1,794,156
91,109
Balance
42,183
51.755
92,723
z$787,364 z$l,215,535
805,595
805,589
199,003
398,006
$1,701,433
Applicable to L. & T.
stock not owned
Red.
of N.
Y.
World's
Fair bonds to bid price
Net profit..
____
2d preferred dividends..
Surplus...
a83,992
$2,016,568
805,608
554,366
[Including Domestic Subsidiary Companies]
U. S. Govt, secure.
Customers'
from
2,920,357
4,015,352
3,552,118
4,608,449
6,271,813
138,621
4,597,984
176,859
rec.
38,566
55,765
14,439,997
subs.—current
13,115,966
-
Inventories
sidiaries
Prov.
for
$
2,584,156
_.
Prepaid expenses.
252,671
536,555
187,317
506,499
538,622
310,831
1,005,863
292,468
427,071
__
296,044
Federal
Prov.for State inc.,
cap.
Reserve
earners
for
Consolidated Balance Sheet
[Including all wholly-owned subsidiaries: also Lord & Taylor, the
majority of whose stock is owned]
Feb. 3, '40 Jan. 28,'39
Assets—
4,430,608
168,291
7,292,887
4,890,580
xU. S. Govt. sees.
17,804
y Accounts receiv. 7,825,019
700
Notes receivable-.
Inventories
6,798,942
7,613,262
Prepaid exps., incl.
insur. deposits
796,386
z Fixtures, delivery
equip., &c
2,755,871
less
unempl.
Paid-up
256,113
...
Prov.
181,354
184,251
Total
53,306,8701
.....55,290,189
Total
..55,290,189 53,306,870
x Represented by
1,410,865 (1,410,644 in 1938) shares of no par value,
After deducting reserve for depreciation of $19,437,179 in 1939 and
$18,677,922in 1938, and after reserve for revaluation effected as of Jan. 1,
1933, of $3,820,733 in 1939 and $4,130,556 in 1938.
z 1,100shares common
stock.—V. 150, p. 680.
Aro
—V.
144,
p.
approved the application to list 7,500
stock, upon official notice of issuance.
2985.
Associated Gas & Electric
Co.—Weekly Output-—
The Utility Management Corp. reports that for the week ended March
22, net electric output of the Associated Gas & Electric group was 93,334,779
units (kwh).
This is an increase of 10,008,403 units or 12.0% above
production of 83,326,376 units a year ago.
Moves
Corp. on March 25 signed a lease for 9,000 square feet of office space on the
21 floor of 21-23 West Street.
Annual rental will be $16,000, and will be
shared by the co-trustees for the corporation and the trustee for the company
on a proportionate basis.—-V. 150, p. 1925.
gent liabilities..
53,000
Mtge. on real est.. 4,515,000
Cap. stk. of Lord &
3,580,000
40,100
14,513,954
Total
realized.
After amortization of $137 in 1940 and $114 In 1939.
y
After allowance
Associated Electric
Co.—Coupon Paying Agent—
New York Curb Exchange has been notified that Guaranty Trust Co. of
New York has been appointed Coupon Paying Agent for 4K% gold bonds
due Jan. 1,1953.—V. 150, p. 1589.
Atlanta
'
Birmingham & Coast RR..
Net from railway
Net ry. oper. income
1940
$291,741
25,396
1939
$307,408
59,182
Earnings1938
defl9,398
5,899
$263,191
16,734
def31,448
596,818
56,615
642,166
129,641
28,448
def66,366
1937
$310,898
46,149
5,843
532,369
22,280
624,166
88,666
10,640
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
def36,183
—V. 150, p. 1419.
Atlanta & West Point
February—
Gross from railway
Net from railway.
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. Income...
—Y. 150, p. 1419.
Period End. Feb. 29—
RR.—Earnings—
1940
$153,969
23,373
1939
$133,823
16,320
1938
$122,917
1,998
def6,459
def22,706
310,684
47,882
3,098
284,810
37,201
def9,201
def47,061
Atlantic Coast Line
Associated Gas & Electric Co. and Associated Gas & Electric
129,308
277,704
Federal
for doubtful accounts of $230,338 in 1940 and $218,335 in 1939.
z After
allowance for depreciation of $2,705,227 in 1940 and $3,641,504 in 1939.
—V. 150, p. 1128.
Offices—
Trustees for
115,911
525,316
for
Income taxes...
d Prov. for contin¬
44,400,893 42,738,23
a After allowance for depreciation of $5,535,029 In 1940 and
$5,269,140
In 1939.
b Capital stocks issued and outstanding; 1st pref. stock, 6%
cum., par $100, authorized, $20,000,000; issued and outstanding, $13,436,400; 2d pref. stock, 7% cum., par $100, authorized $6,725,500; issued
and outstanding, $5,690,100; common stock, par $1, authorized, 800,000
shares; issued, 599,400 shares, $599,400; total, $19,725,900, less in treasury,
8,460 shares common stock, $8,460 total capital stock outstanding in
hands of public, $19,717,440. c Includes $1,000,000 maturing Nov. 1,1939.
d Provision for contingent liability for such income taxes as may be payable
when profits accrued on deferred payment accounts receivable
outstanding
Equipment Corp.—Listing—
The Chicago Stock Exchange has
additional shares of $1 par common
.44,400,893 42,738,233
Gross from railway
y
for awards,
claims, &c
Earned surplus... 15,168,718
Total
February—
272,753
1
1
207.265
165,000 cl.165,000
716,641
701,909
stock &
capital reserve—19,725,900 19,725,900
licenses,
less amortizat'n.
302,812
Tay. not owned.
wholly-
Goodwill
909,575
Mtge. install., payable within year
b Capital
x
benefits
500,000
400,000
4% preferred stock 5,299,400
5,311,600
owned for. subs. 3,884,750
8,123,465
3,657,453 x Common stock.. 8,123,465
Other lnv. at cost.
616,712
709,925 Paid-in surplus...26,383,324 26,365,339
Earned surplus... 11,005,254
9,672,855
y Property, plant,
and equipment.22,014,090 21,770,373 Treasury stock
zZ>r49,887
Accrued expenses.
Dividends declared
1,550,165
846,929
payable,
Prov.
Land, bldgs. and
Improvements. .20,176,664 20,209,458
Misc. Investments.
143,953
209,645
Investments in and
ad vs. to
$
2,203,020
517,703
purch.,
amortiza'n.
$
trade cred., Ac.
Accounts
2,925,747
__
Leasehold
Feb. 3, '40 Jan. 28,'39
_.
Liabilities—
$
Cash
are
wage
99*502
$11,940 def$210,624
x
Including amortization credit of $428 ($22,905 in 1936).
y Including
$500 for surtax on undistributed profits of a subsidiary.
z Losses of
$172,673 ($229,888 in 1938) on abandonment and demolition
of buildings, improvements including demolition costs during the current
year, have been charged to consolidated earned surplus account as a partial
offset against the net amount of changes in allowances for
depreciation
of fixtures, equipment, and building improvements, made to accord with
the findings or the United 8tates Treasury Department.
a Reduction in New York World's Fair bonds to bid
price, exclusive of
$6,813 applicable to stocks of Lord & Taylor not owned by Associated
Dry Goods Corp.
stk. & corp.
loan taxes
rec.
(non-current)
accrued expenses 2,007,189
taxes..
foreign
Notes & acc'ts
1938
$
Acc'ts payable and
Due to foreign sub¬
notes
& ace'ts rec'ble.
Miscell. acc'ts
Due
Liabilities—
$
$
Cash.
1939
1938
1939
Assets—
1,812 555
$656,595 def$217,233
......
y
Comparative Consolidated Balance Sheet Dec. 31
Year Ended
3, '40 Jan. 28, '39 Jan. 29, '38 Jan. 31, *37
$61,253,093 $56,224,528 $58,456,570 $55,703,922
Sales, leased department
1,616,150
1,432,057
1,457,253
1,481,798
Total net sales
After deducting $24,863 in
marketable securities,
■
Feb.
a
1939 and $111,812 in 1937 loss on sale of
After deducting cost of sales, exclusive of de¬
preciation of $34,761,496 in 1939, $27,725,319 in 1938, $28,702,837 in 1937,
and $25,761,918 in 1936.
z Includes $16,777 gain on sales of marketable
securities,
a After deducting dividends paid on 4% preferred stock.
x
[Including all wholly-owned subsidiaries and Lord & Taylor the majority
$7,957,851
1,111,641
$5,555,782
Int. & other expenses—
492,895
Fed. income tax (est.)852,551
Goods Corp.—Earnings—
Consolidated Income Account
1st preferred dividends..
RR.—Earnings-
February—
Gross from railway
Net from railway
Net ry. oper. income
Associated Dry
2079
255,183
311
1937
$155,179
26,174
2,968
306,691
40,149
def6,117
RR.—Earnings-
1940—Month—1939
$4,878,643
3,480,541
Operating revenues
Operating expenses
733
$4,510,260
3,172,811
1940—2 Mos. -1939
$9,610,549
7,105,031
$* ,851,021
( ,490,659
Atchison Topeka &
Santa Fe Ry.—Earnings—
$1,398,102
475,000
$1,337,449
475,000
$2,505,518
925,000
$.>,360,362
9 25,000
Operating income.:—
Equip. & joint fac. rents
$923,102
263,754
$862,449
239,532
$1,580,518
544,405
$1,435,362
475,171
Net ry. oper. income.
Associated Gas & Electric Corp.—Moves Offices—
See Associated Gas & Electric Co., above.—V. 150, p. 1926.
$659,348
$622,917
$1,036,113
$960,191
Net oper. revenues—
Taxes
—V. 150, P.
Fe Ry. and Panhandle & Santa Fe Ry.J
1940—Month—1939
1940—2 AIos.—1939
Unci. Gulf Colorado & Santa
Period End. Feb. 29
RaUway oper .revenues.Sll,084.825
Railway oper. expenses.
9,417,510
Railway tax accruals.__ al,179,061
Other debits
49,908
$9,976,491 $23,052,487 $21,286,254
9,013,804 19,597,662 18,776,957
al,149,577 b2,396,774 b2,472,377
72,214
79,643
152,806
$438,346
x$259,104
$978,407
x$115,886
a Includes
for 1940 and 1939, respectively, $345,564 and $324,074,
representing accruals under the Carriers Taxing Act of 1937 and the Unem¬
ployment Insurance Acts,
b Includes for 1940 and 1939, respectively,
$713 085 and $674,419, representing accruals under/the Carriers Taxing
Act of 1937 and the Unemployment Insurance Acts,
x Loss.—V. 150,
p. 1752.
Autocar Co.
(& Subs.)—Earnings—
Years End. Dec. 31—
Profit before deprec
Taxes
...
Depreciation
1938
loss$45,693
172,373
200,850
$555,266
186,895
229,266
$639,587
y218,948
204,145
$382,166 loss$418,917
62,993
52,522
$139,104
65,851
$216,494
52,799
1939
$807,143
195,645
229,332
1937
1936
x
Profit from opers
Interest, &c
y
Profit for year..
$319,173 loss$471,438
$73,254
$163,696
x Interest
and finance companies' charges, &c., net of other income,
Excluding sales taxes approximately $144,000 in 1937, and $170,000 in
Net ry. oper. income.
14l9.
1936.
—
The Commercial & Financial Chronicle
2080
Consolidated, Balance Sheet Dec. 31
1939
Assets—
*$417,232
Notes A accts. rec. 2,083.647
Inventories-3,325,943
234,941
Prepayments—
I,and, buildings.-. 2,838,024
Investments
2,039,742
2,712,254
Cash In sink. fund.
Cash In closed bk_
2,935,324
4,520,267
4,253,222
Provision for depreciation of plant
building & equipment & amortiza¬
tion of leaseholds & improvements.
$8,975,078 $8,517,244
x
11,582
94,750
953,100
Paid-in and capital
$8,975,078 $9,617,2441
Common stock—
Total
19,254
a
and
sales, royalties
operating Income--
Gross
b Cbst of sales.
Aviation
other
$41,726,548 $30,893,547 $40,594,629
35,255,446
36,623,211
1,094,452
1,023,452
75,000
$5,354,940
$571,063
167,787
$2,872,966
490,985
$6,199,660
98,446
311,645
$738,849
96,914
30,224
$3,363,951
19,287
244,776
165,581
68,486
35,924
Baldwin Co.—20^Cent Dividend—
have declared a dividend of 20 cents per share on the
stock, payable March 25 to holders of record March 20.
This
compares with 40 cents paid on Dec. 23, last: 20 cents paid on Sept. 25 last;
10 cents paid on June 24 and on March 25, 1939; 15 cents paid on Dec. 24,
1938, and five cents paid on Sept. 24, June 25, and on March 25, 1938.
—V. 149, P. 4019.
directors
common
Baldwin Locomotive
March
1939.
Baltimore & Ohio RR.—Earnings1940—2 Mos.—1939
1940—Month—1939
$9,512,388 $24,138,531 $19,877,049
$11,328,457
675,426
1,525,490
675,452
1,525,488
Mail revenues
227,672
232,734
497,828
479,332
78,548
189,401
Express revenues
89,144
171,643
All other oper. revenues.
343,015
848,179
399,201
737,017
Period End. Feb. 29—
_
suance
Net income
Earned surplus at the
Railway oper. revs--.$12,724,988 $10,837,049 $27,199,429 $22,790,529
816,045
1,009,983
2,242,140
1,706,230
2,454,624
6,821,777
3,120,700
5,030,763
378,093
765,039
404,445
707,726
4,257,682
10,443,626
Transportation expenses
4,984,666
8,866,329
Miscellaneous operations
93,363
226,086
105,200
202,395
General expenses
517,949
992,381
492,529
1,031,320
69
458
5,053
Transp. for Invest.—Cr.
i ,000
Maint. of way & struc..
Maint. of equipment
Traffic expenses
rev.
from ry. oper. $2,583,040
945,086
140,100
149,220
-
Net ry. oper. income.
$2,344,782
868,727
92,693
123,103
$5,713,433
1,923,195
365,108
310,796
$5,246,224
1,747,250
302,073
265,723
$1,348,025
$1,260,259
$3,114,334
$2,931,178
—
bank loan carried by the Bank of The
Manhattan Co. amounting to $800,000 was retired as of March 21, 1940.
Terms of the loan Involved among other things, a mortgage on the corpo¬
ration's plant and restriction of cash dividends.
Corporation currently has no bank loans and management foresees no
Immediate need for additional working capital.—V. 149, p. 1906.
a
Beaumont Sour Lake & Western Ryv
February—
1940
$274,668
134,699
71,008
Gross from railway
Net from railway
Net ry. oper. Income
From Jan. 1—
Gross from railway-—Net from railway
$288,093
146,085
80,395
152,446
91,832
$337,837
209,330
143,728
546,806
279,587
158,267
538,846
257,780
133,901
634,907
350,544
211,683
Bausch & Lomb Optical Co. (&
gen.
adminis.
&
Subs.)—Earnings—
1938
$7,714,823
394,115
1937
$8,163,164
386,484
7,713,220
.
Other income
6.725,369
7,193.529
6,407,424
$1,778,634
178,450
$595,340
135,222
$1,497,361
$1,369,256
179,965
$730,561
7,286
3,987
$1,668,404
$1,957,084
\
15,8371
Miscellaneous charges., f
)
Loss
on
—
conversion
171,043
$1,549,221
70,547
4,030
74,831
38,027
of
sub. balance sheet
Prov. for Fed. A Canad.
8,423
Income taxes
......
376,118
Prov. for Fed. surtax
$
169,350
234,037
235.121
88,858
144,659
94,128
$482,784
$1,087,992
$0.57
80,916
127,761
$2.04
In net profits of subsidiary companies,
ferred stocks of these companies.
$1,030,845
including dividends
$1.90
on
9,458.035
Fed. A State tax..
2,207.169
Res. for
2,432,980
-
8,156,513
1,617,789
Inventories
Investments
1,644,116
Series A 3Hs
d Pref. cap. stock
Mlscell. real estate
A sundry secur.
1939
1938
$
rec. not
39,657
52.937
73,580
current.
128,826
Officer's and empl.
accounts
Plant and equip.
Leaseholds
1,927,165
in
2,160,547
Prepaid
Ld., bldgs., mach.,
eqpt., Ac. (net). 5,098,840
Pats., less amort—
20,838
Unexpired lnsur'ce
141,577
Total
11,906,309 11,789,549
4,662,069
22,555
83,598
382,582
15,193
51,911
1
638,830
555,715
patent
exps.,
Ac.
34,909,024 33,790,480
Total —
...34,909,024 33,790,480
New Director, &c.—
the
cross-licensjing. Bendix may continue to obtain General Motors licenses,
longer will have exclusive first rights to them.
Motors, and E. R. Breech, VicePresident, will continue to represent the General Motors investment on the
but no
Board of Bendix.
Stockholders will be asked to vote on a plan approved by directors on
March
Earnings—
79,258
900,264
859.531
22,143
12,047
24,820
28,217
stk. (par $100). 4,994,000
Com^tk.(par $10) 4,102,400
Capital surplus
2,618,914
Earned surplus-.. 2,745,879
5,000,000
4,100,000
2,615,314
2,220,086
real est—
Tes. for contlngs-.
Mln. int. in sub*
cos
cum. conv. pf.
Total
directors have declared
17,017,990 15,859,846
dividend of 25 cents per share on the
common stock, payable April 1 to holders of record March 23.
This com¬
pares with 75 cents paid on Dec. 29, last, and 25 cents paid on Oct. 2.
a
1938
1939
Calendar Years—
$399,657
274,047
1937
1936
$431,680
$430,982
291,463
Operating revenues
Operating expenses
Oper. taxes A licenses—
$413,375
25,447
24.822
294,908
21,238
Operating income
Non-operating income.-
$98,544
71
$100,162
Prl41
$114,696
410
$115,533
461
$98,615
$100,021
$115,107
$115,995
90,612
94,619
179,301
286,476
289,814
25,016
Deduct, from gross inc.Prov. for inc. taxes.-
—
1,800
-
$5,402
$6,203
Net income
def$64,195 def$170,482
—V. 149, p. 3254.
Bessemer & Lake Erie RR.
February—
1940
railway.$652,320
Net from railway
100,269
Net ry. oper. income
98,335
Gross from railway
1.263,885
143,058
156,054
10,000
on
65,000 shares through options to
1 for issuance of not more than
purchase given to about 25 executives and employees. The options would
run for three years at $30 a share.
No person would get an ootion for more
than 6,000 shares for the three years, one-third to be available in each year
and to be taken up within 90 days after close of the fiscal year.—V. 150,
p.1271.
145,965
10,000
37,531
taxes.
5%
—17,017,990 15,859,846
public...
39,742
294,259
a Capital stock—10,488,315
10,488,315
Capital surplus...15,756,289 15,692,657
Earned surplus— 2,611,879
1,272,319
-Earnings—
1939
$452,168
def24,783
def27,525
1938
$252,318
defl63,347
defl76,713
1937
$759,920
102,412
136,805
-
Net from railway
Net ry. oper. income
872,142
def78,562
def85,276
553,416
def.366,675
def392,658
1,600,153
310,280
367,836
—V. 150, p. 1421*
taxes,
Common Dividends—
The
3,000,000
-
Hugh B. Baker, is a nominee for election as a director of this corporation
April 10. He would succeed Walter J. Buettner.
On March 6 Blue Ridge was the owner of 30,000 shares of stock of Bendix
Aviation acquired from the General Motors Corp., which sold 45,000 shares
at about that date, leaving sightly below 400,000 in its portfolio out of
500,000 acquired on formation of the Bendix company.
Since contracts linking General Motors and Bendix provided for a crosslicensing agreement so long as General Motors retained 80% of its original
position, reduction of its investment to 79% had the effect of terminating
Best & Co.,
Prov. for Fed. inc.
Mtge.
Unamortized lease¬
hold improve'ts,
823,463
534,571
275,000
a Represented by
2,097,663 shares of $5 par value,
b Including time
deposits of $585,000 and $60,000 in escrow,
c After depreciation of
$6,326,779 in 1939 and $7,152,404 in 1938.
d Including minority interest
in preferred stock of subsidiaries and surplus.
291,693
,
wages,
Ao
Mlscell. def. chgs.
586,645
From Jan. 1—
435,008
comma
102,065
492,436
%
50,000
487,998
2,055,750
6,461,172 Acer, sals.,
205,037
390,946
$
1938
60,000
731,412
Accounts payable.
and ad vs.
Other assets
1,127,945
lm-
A
balance
Patents,
Notes pay. by sub.
cos.—.—
7,373,580
to wholly owned
subs.
contlngs..
47.431
prov.—unamort.
Gross from
1939
Liabilities—
$
1,592,433
Notes A accts. rec.
Inventories
%
1,362,464
of subs, in hands
Trade acceptances
pref-
Consolidated Balance Sheet Dec. 31
—
1938
%
......
—
142,377
a
(net)
Liabilities—
3,429,659 b4,279,391 Accounts payable. 2,020,945
599,485
Market, securities
1,000,000 Customers d eposlts
1,677,780
Notes A accts. rec. 5,296,992
3,924,351 Accruals
Gross income
Net profit
$1,387,357
Earns, per sh. on com—
$2.77
Assets—
1939
1938
%
Assets—
Cash
on
undistrib. profits
Minority interests
Cash.
$3,213,880
2,097,609
Consolidated Balance Sheet Dec. 31
1939
Berkshire Street Ry.
Total income.
Interest charges
_
3,146,413
Dividends paid during the year
1930
$9,087,359
396,468
.
expenses
Operating profit
958,746
1,116,271_
"$5,758,291 *$1,272,319
A. O. Anderson Controller of General
Calendar Years—
1939
Gross profit from opers. $9,932,344
Prov. for depreciation..
440,490
Sell.,
1937
$270,867
551,318
272,069
148,331
Net ry. oper. income...
—V. 150, p. 1420.
1938
$2,255,133
at its annual meeting on
—Earnings—
1939
$156,048
1,272,319
$1,272,319
$1,116,271
Earned surplus at the end of the yr. $2,611,878
Earnings per share on 2,097,663 shares
$1.07
$0.07
capital stock (par $o)_.
$2.14
a Less discounts and returns and allowances,
b Including selling, service,
administrative, patents and development, and general expense, and provi¬
sions for possible losses on receivables and inventories,
c Including de¬
preciation, 1939, $29,875; 1938, $7,054; 1937, $5,999.
d Includes $100,000
for estimated surtax on undistributed profits.
Note—The parent company's proportion of the 1938 and 1937 undis¬
tributed net income of non-consolidated foreign and domestic subsidiary
and affiliated companies (excluding minority-owned domestic affiliated
companies), amounting to approximately $300,000 for 1939, $60,000 for
1938 and $115,000 for 1937 based upon exchange rates at Dec. 31, 1939,
1938 and 1937, respectively, is not included above.
Total
Bath Iron Works Corp.—Bank Loan Retired—
Corporation announced that
36,715
d675,204
$4,485,972
—
rights, Ac.-
-V. 150, p. 1927.
279,649
49",721
beginning of the
Totkl
c
Net
Railway tax accruals...
Equipment rents (net).Joint facility rents (net)
57,807
82,500
143,155
45,353
867,007
of debentures-.
Provision for losses on investment—
Miscellaneous deduction
Prov. for Fed. A Dom. income taxes.
Freight revenues.
Passenger revenues
—
96,913
foreign subsidiary. ———
Charges on real estate not used in
the business A on surplus plant, net
Expenses in connection with the is¬
c
Works—Bookings—
26 as $2,058,095 as compared with $14,102,261, for
The month's bookings brought the total for the con¬
solidated group for the two months of 1940 to $5,614,577 as compared with
$18,032,982 in the same period of 1939.
Consolidated shipments, including Midvale, in February, aggregated
$4,164,840 as compared with $1,711,397 in February, 1939.
Consolidated
shipments for the two months of 1940 were $7,346,105 as compared with
$3,357,630 for the two months of 1939<
On Feb.
29, 1940. consolidated unfilled orders, including Midvale,
amounted to $42,504,201 as compared with $44,215,799 on Jan. 1,1940 and
with $28,120,600 on Feb. 29, 1939.
All figures are without Intercompany eliminations.—V. 150, p. 1590.
on
February,
Provision for loss on investment in a
year..-J
The dollar value of orders taken in February by The Baldwin Locomotive
Works and subsidiary companies, including The MIdvale Co., was an¬
nounced
844,720
—
Gross income
Interest paid
Provision for contingencies
Directors have declared a dividend of 20 cents per share on the common
stock, payable April 30 to holders of record April 15. Dividend of 25 cents
per share was last distributed in April, 1938.—V. 150, p. 1927.
The
operations
Agent for the Capital
Babcock & Wilcox Co.—Common Dividend—
Inv.
29,228,032
1,116,161
—
Net profit from
Other income
Corp. (Del.)—Transfer Agent—
1937
1938
1939
Years Ended Dec. 31—
Represented by shares of 10-cent par value.—V. 150, p. 1419.
Schroder Trust Co. has been appointed Transfer
Stock of this corporation,—V. 150, p. 1920.
a
and April 1, 1938, this last being
Special charges for tools, dies and jigs
Mortgages
Pref. stock.
1940
(Inch Domestic and Canadian Subsidiaries)
856~400
54,106
10,181
z
30,
Corp.—Earnings—
Bendix Aviation
819,600
30,000
953,100
19,254
surplus-.Total
July 1 and April 1, 1939, and on Dec. 28
the initial distribution.—V. 149, P. 4019.
pay
1st mtge. bonds
193,310
61,374
9,910
4,004
1938
.$2 ,122,658 $2 ,003,479
Accrued liabilities.
451,448
337,039
58,750
Mtge. A lnstal.due
NotesAaccts.
$560,746
-
1939
Liabilities—
1938
Cash
March
Inc.—Earnings—
„
Consolidated Income Account for
1940
x
Income from sales
Deprec. & amortizationFederal, Ac., taxes
Net profit
——
dividends---.
13,666,950
161,052
403,597
14,345,354
160,976
471,615
13,075,203
215,564
384,274
$1,037,426
deducted,
y
$1,227,681
$1,281,460
21,200
555,000
20,657
900,000
825,000
$460,223
300,000
$3.38
-
Shs.com.8tk.out.(no par)
Earnings per share
$1,013,694
22,205
555,000
Common dividends
Returns
1937
14,025,803
173,273
423,350
Preferred
x
1938
$15,659,854 y$15245,294 y$16205,625 y$14956,502
Costs and expenses..
Surplus
Years Ended Jan. 31
1939
$437,494
300,000
$3.31
$307,024
300,000
$4.02
17,577
$438,883
300,000
$4.2l
Includes miscellaneous income of $52,514 in
1940. $12,319 in 1939, $13,076 in 1938 and $11,251 in 1937.
Volime
The Commercial & Financial Chronicle
15k,
Consolidated Balance Sheet Jan. 31
1940
%
a
1940
6,358,087
6,229,889
Accounts payable.
Other accruals
1
1
Ileal estate mtge_.
388,043
349,865
40,356
6,401
81,687
1,578,548
Investments
paid
$
330,408
418,772
450,785
462,791
350,000
Prepayments, &c_
Cash
365,100
342,500
3,750,000
3,750,000
Earned surplus...
6,764,131
6,303,908
6% pre!, stock
security
deposits
3.571
...
Inventories
2,192,572
23,738
hand-.
Refund of Federal income and undistriouted profits for year
Cancellation of portion of reserve for insurance established on
the books of a subsidiary subsequent to date of acquisition.
The
subsidiary
subsequent
to
1935
has
depreciation
V. 150. p. 273.
charges, &c.
Total
b
on
Dec. 29, 1939
shares, no
value.—
par
1937
1938
1939
1,305,805
$3,348,464
1,360,745
$3,382,971
1,425,456
$1,914,660
$1,987,719
1,879,922
1,826.526
$112,250
7,149
$107,797
.Drl,025
$130,990
1,345
$119,400
7,688
$106,772
$132,335
22,340
21,400
$89,372
$85,372
Net profit
depreciation and amortization in the total amount of $107,409. in
and $95,819 in 1939.
for
1938
Bohn Aluminum & Brass Corp.—Earnings—
1937
1936
$2,885,473
$2,698,927
1938
profit from sales.. $1,675,441
income (incl. int.
and royalties)
91,592
$721,952
106,204
120,836
151,807
Gross profit &
$828,156
570,371
$3,006,309
835,702
See note
39,954
17,191
304,000
$2,850,734
750,884
208,710
26,101
17,138
258,000
36,000
10,000
$182,714
176,209
$1,773,462
$1,579,901
1.057,254
$6,505
352,418
$0.57
$363,790
Other
income $1,767,033
Selling & general exps_.
810,984
Depreciation
See note
Other deductions
29,381
See note
44,479
15,740
152,000
17,092
13,500
Federal surtax
$758,928
352,418
$406,510
Com. shs. outst-. (par
Earned per share
$5)
352,418
$2.15
Note—Provision of $252,898 in
1.409,672
$522,647
352,418
$4.48
352,418
$5.03
1939; $221,971 in 1938 and $222,553 in
and equipment for the year has
1937 for depreciation of property, plant
been deducted in the above statement.
Balance Dec. 31, 1939
1939
y
x
Accounts payable.
1,238,006
Accrued accounts.
3,796,594
Accts. denotes rec
Inventories
1,484,317
2,924,008
Federal
tax
1,762,090
537,611
152,000
18,011
85,283
-
77,888
98,750
140,358
93,500
Capital surplus
1,868,814
44,384
1,868,814
158,299
Earned surplus
5,322,750
4,916,240
8,982
178,028
139,322
10,192,756
insurance
9,225,039
policy
Patents, licenses,
goodwill, <fcc._.
Deferred
items
Total
46,835
gencies
Cash surr. val. life
Other assets
1939
Liabilities—
$
1938
$
$
576,729
Note pay. (banks)
Notes pay. (trade)
3,601,566
2,78b,268
1,117
1,335,631
5,299,800
336,381
6,982,721
Accounts payable.
6~9~6~289
294,916
645,985
365,745
460,836
42.285
accounts
less res'ves
Accrued
taxes,
(non-current)
Investments, &c._
41,435
39,584
Def. develop, costs
Fixed assets (net).
2,295",970
2,109,511
40,050
Deferred charges.
7,950
931,204
39,756
-
wages,
<fcc
Deposits
on
sales
contract
Provision
for
In¬
33
come taxes
2,367
Adv. on sales contr
397,500
Reserves
39,054
Capital stock
a
3,604,304
To be Issued
Total
9,253,735 11,024,132'
Total
3,603,332
6,458
5,486
917,204
Paid-in surplus...
Earned (deficit)..
4,357,459
872,369
677,967
9,2^3,735 11,024,132
a To be issued for shares of
capital stock of United Aircraft & Transport
Corp. upon presentation for exchange, 1,097^ shares as at Dec. 31, 1939
1,291 J*) shares as at Dec. 31, 1938.
and
Note—On Feb. 9, 1940, a subsidiary, as borrower, delivered to Pacific
National Bank of Seattle its promissory note in the amount of $5,500,000,
pursuant to which and under certain conditions amounts were to be ad¬
vanced by
the bank to the borrower from time to time.
The first amount
was applied in part to the payment of notes
payable to banks
31, 1939, in the amount of $3,400,000, upon which notes the com¬
pany and such subsidiary were jointly and severally liable.
The indebted¬
ness represented by said note is secured
by a mortgage upon the real prop¬
erty, machinery, equipment, patents, trade marks, copyrights and certain
other personal property of the borrower.
It is likewise secured by a pledge
of stock of Boeing Aircraft of Canada, Ltd., and an assignment of the ac¬
count receivable owing by that company to the borrower.
It is further
secured by ah assignment of the moneys due or to become due under sub¬
stantially all of the contracts of the borrower for the manufacture and sale
of aircraft and parts therefor, and in the case of contracts with the United
States the bank has authority to collect the payments due the borrower
under substantially all of such contracts.
Payment of indebtedness repre¬
sented by said note is unconditionally guaranteed by the company, and,
as security for the performance of such
guaranty, the company has mort¬
gaged its real property, machinery, equipment, patents and certainoth(f
personal property and has assigned moneys due or to become due under
substantially all of its contracts for the manufacture and sale of aircraft
or parts therefor.
In case of contracts of the company with the United
States the bank has power to collect the proceeds of
substantially all
so
advanced
at Dec.
of such contracts.
The loan transaction above referred to was consum¬
mated in accordance with the provisions of a loan agreement dated Dec.
26,
1939, and delivered Feb. 7, 1940, between such subsidiary, the company
bank, which loan agreement contains various covenants on the
part of the subsidiary, the company and the bank.
The loan represented by said note was granted pursuant to the applica¬
tion of the borrower dated Oct. 4, 1939, for participation loan under Sec¬
and said
tion
5(d) of the Reconstruction Finance Corporation Act
On
as
amended.
Dec.
29, 1939 the stockholders authorized an amendment to the
of incorporation increasing the authorized capital stock from
shares to 1,250,000 shares ($5 par).
Such amendment became
certificate
800,000
effective upon filing in the
State of Delaware
on
Jan.
15, 1940.—V. 150.
123.
James A. Nelson has been elected
Reserve for contin¬
—
z
&
rec.,
$
1,762,090
954,984
Capital stock
mach'y & equip.$3,413,604 $3,173,594
Cash
606,003
1,944,648
1938
$
1938
$
Liabilities—
Land, buildings,
$917,204
Bon Ami Co.—New Director—
1939
$
3,471,686
241,144
Notes
p.
1938
$
$4,388,890
-
1939
Cash
Comparative Balance Sheet Dec. 31
Assets—
12,133
Total
Transfer to earned surplus (deficit) account so as to eliminate the
deficit accumulated to Sept. 30, 1939, pursuant to resolution
adopted by directors on Nov. 22, 1939, and approved by the
stockholders on Dec. 29,1939
Inventories
Assets—Cash,
(less reserve of
$500), $1,952; inventories, $91,927; deposits, &c., $2,481; prepaid insur¬
premiums, taxes, &c., $10,026; equipment and leasehold improve¬
ments, $429,708; goodwill, $1; total, $820,858.
Liabilities—Accounts payable,
$114,012; value of unredeemed meal
book coupons outstanding, $5,351; accrued liabilities, $57,447; provision
for Federal and State income taxes, $25,343; reserve for self-insurance,
$15,000; 7% cumulative preferred stock, $502,800; common stock (79,986
no par shares), $107,981; capital surplus,
representing excess of par value
over cost of preferred stock retired,
&c. (net) (no change during 1939),
$30,591; earned surplus (deficit), $9,007; treasury stock, at cost, $28,659;
total, $820,858.
Note—Except for the authorization of 7% cumulative prior preferred
stock, the foregoing balance sheet does not give effect to tne plan of re¬
capitalization dated Nov. 17, 1939 (approved by the stockholders Dec. 5,
1939, and declared by the board of directors effective Jan. 2, 1940), which
provides, among other things, the following:
(1) The increase in the number of authorized shares of stock, including
the designation of a prior preferred stock (preferred as to assets and divi¬
dends over the present preferred and common stocks).
(2) The exchange with the holders of preferred stock on the basis of one
share of prior preferred stock and one share of common stock for each
share of preferred stock surrendered.
(3) The cancellation and retirement of the preferred stock exchanged
under the plan of recapitalization.
(4) The fixing of the amount of the deficiency in the preferred stock
redemption account at $143,444, which amount shall be reduced propor¬
tionately by the shares retired under the plan of recapitalization or acquired
by the corporation; until such deficiency has been discharged, no dividends
shall be declared or paid on the common stock.—V. 149, p. 3710
-
19,298
subsidiary prior to date of acquisition
Notes receivable
ance
1939
m
a
Assets—
Balance Sheet Dec. 31, 1939
$284,763; accounts and notes receivable
Gross
books of
Consolidated Balance Sheet Dec. 31
Includes approximately $4,000 for surtax on undistributed profits.
net
profit shown above is after deducting provisions
Surplus.
$4,357,459
-
Note—The
Net profits.
-Dividends paid.
1, 1939.
Cancellation of that portion of the reserve for insurance which
was established on the books of a
subsidiary prior to date of
acquisition.
The subsidiary subsequent to 1935 has carried
insurance with others
Cancellation of reserve for continegncies established on the
$102,050
Net profit before pro v. for inc. taxes
(
Other deductions
Prov. for Federal & State inc. taxes.
Amortization of patents.
Prov. for Fed. inc. taxes
Balance Jan.
x30,285
Net profit from operations
Calendar Years—
$677,967
Consolidated Paid-in Surplus Account Year Ended Dec. 31,1939
$1,957,516
1,802,409
expenses.
Other inc. & credits less other chargest
x
3,471,686
~~
-
12,142,810 11,495,588
300,000
$3,220,465
Cost of sales
Operating & administrative
insurance
7,624
approved oy the stockholders
B/G Foods, Inc.—Earnings—
Years Ended Dec. 31—
Net sales
carried
with others
12,142,810 11,495,588
Less
a
1,167
-
$4,157,610
1936
333
Deficit Dec. 31, 1939
Total
1939
$872,369
3,284,074
-
Transfer from paid-in surplus account so as to eliminate the
deficit accumulated to Sept. 30, 1939, pursuant to resolution
adopted by the board of directors on Nov. 22, 1939, and
1,258
1,214,779
2,117,229
22,399
1,476,208
Accts. receivable..
Total
44,392
Business
on
Net loss for year 1939
Add'jt Fed. income & undistributed profits taxes for year 1937-
350,000
b Common stock..
In
advance
Supplies
Deficit Jan. 1, 1939.
1,509,375
Goodwill
Creditors
1939
$
Liabilities—
Land,
buildings,
equipment, <kc.
Consolidated Earned Surplus (Deficit) Account Year Ended Dec. 31,
1939
$
Assets—
2081
19,722
p.
a
director^of this company.—V. 150,
1592.
Bond
Stores, Inc.—Stock Sold—A block of 25,000 shares
stock (par $1) was sold March 25 by Lehman
Bros, and Wertheim & Co. at $25 per share.
The stock
was bought from two individual stockholders who are the
of
common
beneficiaries of
an
estate which remains
one
of the
largest
stockholders of the corporation.—V. 150, p. 1754.
Total
10,192,756
Borg-Warner Corp.—Norge Shipments—
9,225,039
Represented by shares of $5 par value,
y After depreciation,
allowance for doubtful accounts of $13,000.—V. 149, p. 3108.
x
z
Less
Continuing the recent upward trend in home appliance sales, Norge
Division reports February world shipments of 25,910 units, an increase of
more than 95% over volume recorded in February of last
year.
According
Calendar Years—
Gross sales,
.
1938
1937
1936
$2,006,345
1,606,234
$5,545,439
4,655,962
$2,292,772
1,664,473
1939
less discts.,
allowances.$11,846,894
Cost of sales
11,731,877
Engineering & develop¬
803,616
ment expenses
returns
&
50,393
91,753
32,681
279,430
332,573
1,249
277.192
2,000
Selling, general & admin¬
istrative expenses
Prov. for doubtful accts.
Other
special charges
Depreciation
343,790
805
488,068
129,988
2,020,300
104", 901
83,501
a$232,923
24,280
a$359,002
23,432
$523,804
a$382,434
a$258,957
2,367
141,342
Howard E. Blood, President, the February rise far exceeded the pro¬
jections of Norge analyists who had expected an increase of between 22
and 23%.
Volume for January and February aggregated 50,090 units,
an in crease of 113 % over the
23,700 units sold in the same two-month
period of 1939, Mr. Blood stated.
"All of our products contributed toward the February increase," he
said.
"Although electric refrigerators led in total volume and showed a
to
Boeing Airplane Co. (& Subs.)—Earnings
gaip of more than 35% they
were topped percentage-wise by electric washers
which registered an increase of over 137% for the month and by gas and
electric ranges which rose more than 248%."—V. 150, p. 1592.
Boston & Maine
Period End. Feb. 29—•
$3,194,835
67,413
Operating loss
Other income
$3,127,422
Loss
on
mtge.
abandoned
on
,
$548,086
26,034
76,926
72,828
6,898
28",442
""'343
'"838
Sundry
loss
$3,284,074
$554,958
a$311,683
a$168,364
a
Profit
Nil
Nil
$0.51
5,427,135
rents—Dr.
$1,924,448
600,515
429,081
39,582
$1,900,714
606,978
455,473
52,831
$307,079
101,083
$306,711
98,351
$855,270
218,471
$785,432
215,188
$408,162
$405,062
$1,073,741
$1,000,620
616,946
614,984
1,233,839
1.232,150
$208,784
$209,922
$160,098
$231,530
Equipment rents—Dr_.
Joint facility
Deductions
terest,
Earnings per share on
capital stock
$7,327,849
$838,209
298,951
208,198
24,349
Gross income
Net
1940—2 Mos.—1939"^
$7,818,861
5,894,413
$830,497
298,547
213,613
11,258
"T.786
Prov. for Federal surtax.
Other income deductions
18,526
39,010
31,277
65,423
2,046
2,443
Prov.for Fed .normal tax
Interest
Net oper. revenues—
Taxes
1940—Month—1939
$3,739,454
$3,501,714
2,908,957
2,663,505
Net ry. oper. incomeOther income
plant
1930
Operating revenues
Operating expenses
RR.—Earnings—
(rentals, in¬
&c.)
$0.32
Net deficit
The Commercial & Financial Chronicle
2082
Governors of New England States Endorse Plan—
:
Governors of the six New England States joined March 26, in a formal
endorsing the voluntary pian of exchange through which the
B. & M. seeks to readjust its financial structure to avoid bankruptcy.
In a joint statement signed by Governor George D. Aiken of Vermont;
Governor Raymond E. Baldwin of Connecticut; Governor Lewis O. Barrows
of Maine; Governor Francis P. Murphy of New Hampshire; Governor
Leverett Saltonstall of Massachusetts and Governor William H. Vanderstatement
bilt of Rhode
Island,
the six
State's Chief Plxecutives urged
"immediate
consideration" by every bondholder of the road, "both in his own interest
and in the interest of New England as a whole." The signed statement reads
as
follows;
"The Governors of the six New
England States endorse the voluntary
through which the B. & M. seeks to readjust its financial
bankruptcy.
This railroad serves directly the four
northern States and because of important connections, particularly with the
differential routes to the west through Canada, is of great importance to the
the industrial life of the two southern New England States as well.
'•The Reconstruction Finance Corporation has evidenced its approval by
aggreeing to buy over $40,000,000 of the new bonds to be issued under the
plan to make its consummation possible.
Immediate action is necessary,
however, to insure these funds being available. Undue delay will be fatal
to the plan.
Outstanding New England business men are serving without
compensation to further the acceptance of the plan. The 19 brotherhoods,
representing 12,000 employees of the railroad nave unanimously endorsed
the plan, and vigorously urge its acceptance.
The New England Council
by public statement of its President, and by resolution of its Executive
Committee has endorsed the principles of the plan.
"While the holders of over 75% of the bonds of this New England-owned
institution have already assented to the provisions of the plan, there is
danger that its consummation may be defeated by the failure of the re¬
maining holders to realize the importance of immediate action.
It is in the
interest of every bondholder that bankruptcy be avoided.
Therefore we,
the Governors of the six New England States, urge immediate consideration
of this voluntary plan by every bondholder, both in his own interest and in
interest of New England as a whole."
Plan of Exchange
to
structure
RFC
avoid
Not
to
Approve Consummation
Unless
Cities
For the months of Jan. and
J.
further advised that the RFC will not make further advances to the railroad
pending bond maturities or for other purposes unless the plan is
consummated," read Vice-President Trowbridge's letter.
"Reorganization under the Bankruptcy Act would probably require
several years, and aside from the probable interruption of interest during
that period, there is no assurance that such procedure would provide as
favorable treatment for bondholders as the present plan of exchange.
In
particular, it is certain it would follow that there would be no cash avail¬
able for distribution to bondholder*."
to meet
The monthly report of selected income and balance sheet Items for the
month of January, received too late for insertion in our "Earnings Record"
for March, are reported as follows:
1,586
$663,457
105,624
$593,971
103,595
440,423
502,555
9,429
68,724
Income after fixed charges
Balance Sheet Items
,
1940
$
Investments
....
Cash
2,689,533
4,274,000
43,000
860,958
5,553
Special deposits...
Loans & bills
rec._
2,592,598
4,092,146
63,000
455,901
1,403
575,095
balances rec
rec.
432,696
from
agents & conduc.
Mlsce.. acc'ts rec.
Mat'ls & supplies.
Int. & divs. rec
753,591
1,824,895
3,353,408
705,199
1,710,320
3,121,785
124,405
124,525
Rents receivable..
26,365
26,365
Other curr. assets.
1,817
2,913
loss$21,608
129.796
of Jan. 31
1939
$
$
b Fund debt matur
Within 6 mos...
4,124,579
Loans & bills pay. 16,447,130
Traffic & car-serv.
balances payable
wages
acc'ts
1,579,125
payable..
debt
Other
curr.
liablls.
10,726,252
Before depreciation and amortization.—V.
1939
Cost of goods sold,
x
5,146,691
361,173
86,303
12,972
800
800
1,792,799
1,780,285
261,695
259,666
4,204
1,066,926
67,845
12,940,095
12,091.805
12,803,667
11,,404,699
Profit from operations
Other income
$3,100,456
$2,758,188
36,072
24,318
$2,649,425
26,105
$2,809,636
30,441
$3,136,528
$2,782,505
$2,675,530
$2,840,077
578,123
500,817
415,363
449,000
178,620
63,878
37,973
24,247
55,326
60,500
z$2,379,785
1,636,972
$2,217,810
1,640,149
$2,197,947
1,784,489
"$2,275,251
$742,813
681,881
$3.49
$577,661
682,886
$3.25
$413,458
685.368
$489,570
......
Total income
Prov. for Fed. & foreign
income taxes..
Prov. for Fed. surtax
on
undistributed
profits.
Miscellaneous charges._
Net profit
Dividends paid
Surplus
Shs.com. stock (par $5)-
Earnings
per
share
141,372
3,761
Subway, tunnel and rapid transit line rentals
235,948
329.374
on
bonds..
99,497
Excess of cost of service
over
receipts.
Including depreciation of $178,438 in 1939; $175,791 in 1938; $161,294
1937, and $153,322 in 1936.
y After deducting excise taxes paid on
sales amounting to $284,151 in 1939; $397,553 in 1938; $520,704 in 1937,
and $504,388 in 1936.
z Includes $99,871 undistributed earnings of foreign
subsidiaries.
Consolidated Balance Sheet Dec. 31
Assets—
1939
1938
Liabilities—
Cash
1939
$2,569,335 $2,288,368
Marketable secure.
671,282
541,899
Note receivable..
1938
Accts. payable and
Res've for Federal
\d 1,040,246/
{
Accts. rec., trade/
Other receivables.
58,537
113,892
Deposits in
13,469
1,783,653
56,970
escrow
Other investments
11,538
$697,171
foreign
Capital surplus
Earned surplus
Treas. stock
e
$477,790
in¬
come taxes
Capital stock...
c
15,809
2,076,742
Inventories
and
a975,470
103,624
Employ, notes and
accounts
accrued exps
477,680
3,501,400
1,759,603
3,133,884
I>r612,053
525,957
3,414,430
1,759.603
2,219,594
5,558
244,605
246,417
mach'y,
equip., turn.,&c. 1,868,825
Advertis'g supplies
1,821,256
b Bldgs.,
& defd charges.
Trademks.,
400,764
446,797
good¬
1
1
...$8,957,684
Total
$8,957,684 $8,397,376
for doubtful accounts and discounts of $93,621.
b After
depreciation of $1,773,557 in 1939 and $1,629,404 in 1938.
c Represented by shares of $5 par value.
Includes shares to be issued for
capital stock of Drug, Inc.
d After reserve for doubtful accounts and
discounts of $112,078.
e 18,399 shares.—V.
150, p. 988.
a
After
$8,397,3761
reserves
reserve
for
Brooklyn-Manhattan Transit System—Earnings—
[Including Brooklyn & Queens Transit System]
1940—Month—1939
1940—% Mos
1939
2,628,091
23,648,240
22,724,589
$1,051,527
485,522
$1,175,723
487,072
$8,977,534
4,135,985
$9,250,768
4,135,740
$566,005
$688,651
59,461
$4,841,549
578,242
$5,115,028
641,827
$627,480
687,952
$748,112
694.664
$5,419,791
5,574,987
$5,756,855
5,517,226
x$60,472
rev.
on
from oper
oper. props
Operating income
Net non-oper. income
$53,448
x$155,196
$239,629
17,941
6.115
37,147
x$78,413
$47,333
x$192,343
61,475
1939
$2,129,610
1,456,990
135,199
3,761
235,674
329,374
99,497
6,476
$274,291
$137,361
Current inc. carried to
Accruing to min. int. of
B. & Q. T. Corp
Bal. to B.-M. T. syst,
x
Braniff Airways, Inc.—Common Stock
Offered—Financ¬
ing for new capital purposes by the company is represented
by the major portion of an offering of 150,000 shares of
capital stock which was made March 28 by F. Eberstadt
& Co., Inc., at a price of $10 per share.
Of this total,
100,000 shares are for the account of the company, which
serves the territory extending from the Great Lakes to the
Gulf, and 50,000 shares for the account of T. E. Braniff,
President of company. The offering has been overscribed.
$239,629
Deficit.
[Excluding Brooklyn & Queens Transit System]
Per. End. Feb. 29—
-V. 150, p. 1755.
687,168
$3.31
$3.21
850,923
6,967
Miscellaneous items
1,785,681
x
Gross income
Interest
Dividends
1936
sell¬
Total income deductions
1940
$2,277,703
1,735,075
Rent for leased roads
1937
$14,849,993 $15,453,092 $14,214,335
ing, advertising & ad¬
583
Ry.—Earnings—
Federal, State and municipal tax accruals
1593.
2,918,459
Other than U. S.
of February—
p.
ministrative expenses.
Net
Boston Elevated
150,
1938
less rctums 3/1""
lowances & discounts.$16,040,551
y
Taxes
Month
$3,312,382
1,971,952
stocks,
Total receipts...
Total operating expenses
3,075,368
$2,949,190
Bristol-Myers Co. (& Subs.)—Earnings—
88,716
In
2,912,106
$1,617,899
x
bonds, &c., other than those of affiliated companies,
b Includes payments which will become due on account of
principal of
long-term debt within six months after close of month of report.—V. 150,
a
1,520,584
liabil.25,067,907 25,192,260
Tax liability:
U. 6. Govt
Tot.curr. assets. 11,843,087
1,440,270
Net earnings-
Period End. Feb. 29—
Tot. curr.
1940—2 Mos.—1939
$5,861,296
$6,387,750
1940—Month—4939
$2,873,298
$3,138,483
_
will, &c
mat'd
unpaid
Unmat. Int. accr'd
Unmat. rents accr.
Light & Power Co., Ltd.—Earns.—
x
Total
4,521,856
359,844
87,482
Divs. mat'd unpd.
12,972
Fund,
1,231,119
15,571,835
&
Mlscell. acc'ts pay.
Int. matured unpd
Thurman, Oklahoma City have
$1,433,028
Operating expenses
Land
1940
Liabilities Items
Audited
Traffic & car-serv.
Net bal.
as
$48,686
120,374
_
1939
$
Assets Items—
Feb' 29—
Gross earnings from oper
116,837
$595,557
2,122
Depreciation (way and structures and equipment)
a
$478,720
$665,579
__
Time drafts & dep.
1939
117,388
Rent for leased roads.
Interest deductions
Other deductions
Hal C.
;
Brazilian Traction,
in
Earnings for the Month of January
Miscellaneous deductions from income
and
Consolidated Income Account for Calendar Years
"In order that there may be no misunderstanding," read Vice-Pesident
Trowbridge's letter, "we must emphasize that the amount of assents neces¬
sary to consummate the plan is not within the discretion of the railroad, but
must be approved by the independent bondholders committee referred to
in the plan and by the RFC."
Vice-President Trowbridge pointed out in his letter that if the plan is
consummated, the RFC will own over $40,000,000 of the B. & M.'s bonds,
including the $26,000,000 of new money which it has agreed to supply as
part of the plan to provide cash payments for bondholders.
"We have been advised by Mr. Jones, Chairman of the RFC. that the
Corporation will not approve consummation of the plan unless assents are
obtained from substantially ail of the bonds, inasmucn as the security for
this large investment would otherwise be materially weakened.
We are
—
Dallas,
Smith,
application for reorganization under the National Bankruptcy Act.
Total income
reports an increase
1928.
p.
have now assented, but that there are still about $24,000,000
bonds assent from which is necessary if the railroad is to avoid filing an
$548,191
company
corresponding months of 1939.
New Directors—
Robert
exchange
Net railway operating Income
Feb., 1940 the
been elected directors of this company. Mr. Smith is Vice-President of the
air line, and Mr. Thurman,
the company's General Counsel.—V. 150,
Period End.
.Other income
1940
company
of 64% in gross passenger revenues over the
All Bondholders Give Consent to Plan—
1940
30,
intends to apply the net proceeds from the sale of the
100,000 shares of common stock, estimated at $817,000, either to the
payment of equipment obligations on four-21-passenger Douglas DC-3's,
recently placed in service, or to the purchase of four additional Douglas
DC-3 airliners contracted for June delivery, with any balance to be added
to the company's general funds.
This would provide additilonal working
capital for expenditures for increased facilities and operating requirements
incident to an enlarged volume of business.
Preliminary to the present financing, stockholders recently approved a
recapitalization plan involving an increase in the authorized capitalization
of the company from 75,000 shares ($10 par), to 400,000 shares, $2.50 par,
and a split-up of the then outstanding shares on a four-to-one basis.
Company is engaged in the commercial air transportation of passengers,
mail and express over routes aggregating 2,453 miles, on which it schedules
flights of more than 11,000 miles daily.
The present routes link Chicago
and Kansas City with the Southwest and Texas.
Through connection at
Brownsville, Texas, with Pan American Airways, Mexico and Central and
South America are linked with the 15 cities served.
In addition to Chicago
and Kansas City these include Wichita,
Oklahoma City, Dallas, Fort
Worth, Amarillo, Wichita Falls, Waco, Austin, Houston, Galveston, San
Antonio, Corpus Christi and Brownsville,
Effective April 1 new schedules
will increase daily miles to over 12,000.
The company has applied to the Civil Aeronautica Authority for addi¬
tional routes totaling 6,246 route miles.
Granting of the applications
would substantially expand the system.
Included are routes which wil
form a coordinated system throughout the Central West, between Atlanta
and the Rocky Mountains and from the Gulf of Mexico north to the Twin
The
Substantially
Warning that the RFC will not approve consummation of the B. & M.
plan of exchange "unless assents are obtained from substantially all of the
bonds" has been received by the road, it was announced March 26 by W. S.
Trowbridge, Vice-President in Charge of Finance and Accounting.
In a letter to the holders of B. & M. bonds, Vice-President Trowbridge's
letter stated that over $79,000,000 of the bonds affected by the plan of
March
Total operating revenues
Total oper. expenses
Net
Taxes
rev.
on
from oper
1940—Month
$2,308,805
1,562,429
-1939
1940—8 Mos.—1939
$2,188,927 $18,995,303 $18,566,772
1,330,407
12,530,220
11,667,026
Gross income
Total income deductions
$858,520
296,245
$6,465,083
2,599,051
$6,899,746
2,558,326
$412,394
$562,275
68,158
55,950
$3,866,032
570,043
$4,341,420
623,298
582,033
$618,225
576,385
$4,436,075
4,676,183
$4,964,718
4,591,547
x$101,481
Operating Income
Net non-oper. income
$746,376
333,982
$480,552
oper. props
$41,840
x$240,108
$373,171
Current income carried
to
x
surplus
Deficit.—V.
150. p. 1928.
The Commercial & Financial Chronicle
ISO
Volume
Brooklyn & Queens Transit System—Earnings—
1940—Month—1939
Per. End. Feb. 29—
Total oper. revenues
Total oper. expenses
Net
Taxes
rev.
on
$314,300
151,539
Total income deductionsi
inc.
carried
$135,100
15,967
$1,047,563
116,190
$845,697
117,959
$151,067
139,460
$1,163,753
1,078,842
$11,607
$84,911
Brooklyn
$8,962,600
a Steamship piers, industrial buildings and stor¬
age warehouses in Brooklyn
6,103,925
b Steam plant, railroad facilities, marine, motor
and other movable equip., furn. & fixtures
2,017,727
Land and land improvements,
$963,656
1,097,198
x$133.542
Bush
Brunswick-Balke-Collender Co. (&
Subs.)— Earnings
1939
1938
1937
...$13,745,522 $10,797,278 $11,417,617
4,854,442
Gross profit
4,552.339
6,315,758
173,390
136,026
Depreciation
159,370
3,849,155
4.261,352
Sell., gen. & adm. exps__
4,170,935
Net profit
10,000 shs. at
725,065
Loss
on
09,575
7,342
3,378
liquidat'n of sub.
Drl32,121
Dr81,584
04.930
Dr 5,761
423,496
166,218
115,371
21,862
x51,658
$770,825
$786,377
$1,003,710
$2,037,435
487,219
667,241
1,073,966
$3,111,401
155,728
$1,677,869
$1,273,596
$661,063
pref. stock
162,548
165,000
1,220,701
441,355
$1.90
$487,219
(net).
y
Recovered upon sale of its
Liabilities—
S
S
1,097,352
1,132,180
1
1
Commercial paper.
124,572
647,841
Marketable bonds.
251,841
144,775
Sundry investment
19,433
15,983
In
a
payable.
3,225,100
4,500,000
464,844
Common stock..
Accounts
291,372
Custom's dep., &c.
155,958
103,926
Accruals
537,871
378,777
37,716
895,311
558,298
21,840
22,120
come
40,314
425,415
205,890
270,712
In¬
Fed.
Accrued
foreign
taxes
Sundry reserves..
Interest accrued on
S
-S
3,017,300
4,500,000
Preferred stock
Other curr. liabll..
Net curr. assets of
countries
Deb. and rec. from
232,627
813,540
823,970
Cash
1,734,347
3,651,615
1,073,966
Dr84,458
b
3,767,189
1,734,972
Treasury stock. .Dr 54,171
3,326,550
Notes & accts. rec.
3,130,210
6,525,130
Capital surplus
Earned surplus
•
Warner Bros, deb
music division..
Inventories
Amounts
rec.
131,869
74,276
14,819,722
Total
13,657,213
90,670
Total
13,657,213
14,819,722
Represented
by
5,545
(8,645 in 1938) common shares.—V. 150, p. 1928.
$94,570
3,83.5
def8,863
def 11,323
5,321
def31,637
$101,732
13,556
def7,325
226,414
26,937
def 6,659
195,270
10,755
defl4,421
208,403
def8,107
def49,592
184,039
9,585
def30,587
$116,354
21,984
Net from railway
Gross from railway
Net from railway
Net ry. oper. income
$94,381
Copper & Zinc Co.— Limse Extended—
Stockholders at their recent annual meeting voted to
extend present lease
150,p.1594.
Bush Terminal Co.—Earnings—
1939
Years Ended Dec. SI—
$1,336,179
1,000
533,163
51,354
411,803
11,881
$1,119,460
6,000
537,341
50,005
413,116
4,754
251*249
243",374
239,564
30,000
30,000
x20,000
,309,039
Provision for bad debts
Real estate taxes
:—_
— —
Interest on funded debt
Other interest charges
6,000
538,622
47,063
423,461
3,008
919
sale of equipment
Depreciation
on
$2,891,251
1,555,072
1,594,121
Balance
Int.
yl937
$2,790,583
1,671,123
$2,903,160
Operation & maintenance expenses —
on
1938
&c.,
transp.,
services
Loss
indebtedness to Bush Terminal
Buildings Co. to April 30,
11.697
1937
15-y3ar 6% income note. _
against
interco. advances to
Bush Term. RR. and Exhibition
Interest on
Res.
22,355
Building, Inc..
20,000
Provision for flood damage
Legal and professional services in con¬
nection with reorganization
earned surplus (since
April 30, 1937)
$18,460,225 $18,405,566
reserve
c
Includes accrued interest thereon—$80,000 in
Capital surplus as at Dec. 31, 1938 and 1939
Earned surplus (since April 30, 1937):
Deficit on earned surplus as at Dec. 31,1938
Additional Federal income tax for the year 1937
Terminal Co.
The claims and other charges against Bush Terminal Buildings Co.
chiefly to (a) the rental of the 41st Street Steam Plant for the months
1937 at the rate of $109,818 per annum which amount
however, was disputed by Bush Terminal Buildings Co. as and from May 1,
1937; (b) steam furnished by Bush Terminal Co. from Jan. 1, 1938, when
it took over the operation of the steam plant, to April 30, 1938, when Bush
Terminal Buildings Co. ceas<ki to take steam which thereafter was supplied
by the latter's own independent facilities; and (c) excess operating costs
(including rental at the rate of $109,818 per annum) of steam plant arising
from the discontinuance of the steam demand of Bush Terminal Buildings
(Net income for year ended Dec. 31,1939
Excess of par value over cost of bonds
$4,592,217
1938. Bush Terminal Co. and Irving T. Bush, as one of
reorganization managers, having contended that Bush Terminal Build¬
presented to a special master and arbitrator for determination the
question of the respective rights and obligations of the two companies with
Street Steam Plant and its operation both past and
future.
This matter is still pending and undertermined.
was
reference to the 41st
(4)
The reserves, other than that for obsolescence
purchased and retired
Dec. 31,1939
of properties and fa¬
indeterminable which may become pay¬
A
Of tne authorized 6% cumulative preferred stock, 77,000 shares are
depository certificates representing 70,000
shares of 7% cumulative preferred stock of Bush Terminal Buildings Co.
on March lb, 1940 (subject to extension to March 15, 1942).
To cover the
difference in aggregate par value in tne event of the issuance of such stock,
a capital reserve of $700,000 has been provided.
(6) The dividends on the 14,095 shares of 6% cumulative preferred stock
are cumulative to the extent that they may be earned and not paid during
the period from Jan. 1, 1937 to Jan. 1, 1940, and thereafter cumulative at
reserved for issuance to holders of
6% per annum.
By agreement dated April 1,
the full rate of
1910, Bush Terminal Co. agreed to be
Buildings Co. of its obligations
dated April 1, 1910. given by
Bush Terminal Buildings Co. to secure the payment of the principal ($12,000,000) of and interest on its 5% first mortgage 50-year sinking fund gold
bonds due 1960.
Each of such bonds bears an endorsement thereon to the
effect that the due and punctual payment of the principal thereof and
interest thereon is guaranteed by Bush Terminal Co.
At Dec. 31, 1939,
$7,561,000 principal amount of such bonds was outstanding, exclusive of
$680,000 principal amount held in the treasury of the issuer, and none was
in the treasury of Bush Terminal Co.
Under the terms of a supplemental
indenture dated as of April 21, 1937, the sinking fund instalments ($198,000
each) for the years 1935 to 1939, both inclusive, with respect to such bonds
are extended
to April 1, 1940, and such instalments, augmented by an
amount equivalent to interest accrued at 5% per annum, will oecome pay¬
able on that date but' only to the extent that 80% of the net income of
Bush Terminal Building Co. for the period from Jan. 1, 1937 to Dec. 31,
1939 is sufficient therefor.—V. 150, p. 1928.
(7)
liable for the performance by Bush Terminal
under the first mortgage and deed of trust,
Bush Terminal Buildings
a
8,364
and other services
Oper. & maint. expenses
1938
1937
1936
$2,311,064
$2,565,087
1,072,862
1,215,218
$1,095,845
$2,366,959
1,174,640
1,291,986
Real estate taxes.
423,059
Other taxes
53,199
378,050
14,235
5,283
10,169
427,754
58,926
378,069
14,234
5,392
206,871
196,777
$2,828
$4,523
$1,273,102
7,638
431,365
46,012
410,877
15,549
23,005
201,233
Int. on funded debt
Amorc. of bond discount
Depreciation
Res. against inter-co. ad¬
to Bush
RR. & Exhibit'n
171,000
10,438
422,053
37,483
412,050
15,548
55,038
213,345
Term.
Bldg.,
Inc
Net profit for
$1,192,318
165,324
Operating income
$1,088,109
Provision for bad debts..
4,584
a
$33,798
Co.—Earnings-
1939
$2,160,971
Calendar Years—
Revenue from rentals
Other interest charges._
59,392
1,359
,751
18,589
31,1939
.
ings Co. was under obligation with respect to said steam plant under the
terms of the plan of reorganization (effective April 30, 1937), upon order of
the United States District Court for the Eastern District of New York there
vances
Deficit on earned surplus as at
1939 and $50,000
1938.
Notes—(1) Ail of the common stock of Bush Terminal Railroad Co., and
100 shares of common stock of Bush Terminal Buildings Co. have been
pledged with the trustee under the consolidated mortgage indenture.
Said
trustee claims that the remainder of the common stock of Bush Terminal
Buildings Co. (9,900 shares) should be also pledged and is subject to the
lien of such indenture.
This claim is being litigated.
(2) As provided in the plan of reorganization dated Feb. 4, 1937, as
modified March 26, 1937, the holder of the common stock of Bush Terminal
Buildings Co. (formerly entieled to elect all directors of that company) is to
elect but a minority of two directors (the minimum directorate being five
members) while the holders of the 7% cumulative preferred stock of that
company are to elect all directors in excess of two.
Consequently Bush
Terminal Buildings Co. is no longer regarded as a subsidiary of Bush
-
during year ended Dec.
700,000
for depreciation of $1,817,106 in 1939 and $1,662,531 in
b After reserve for depreciation of $1,362,323 in 1939 and $1,277,760
After
1938.
21,370
$18,589 loss$185,129
$2,822
x Since April 30,
1937.
y Combined income account of the trustee for
the period from Jan. 1, 1937 to April 30, 1937, and of the company for the
period from May 1 to Dec. 31, 1937.
Note—The revenue for the year 1939 includes $140,324 charged against
Bush Terminal Buildings Co. with respect to excess operating costs of
steam plant as explained in Note 3 to the balance sheet.
Surplus Accounts for the Year Ended Dec. 31, 1939
Net profit
a
4,592,217
59,392
(5)
of property to Ancaconda Copper Mining Co. for a period of 10 years from
date of execution of new lease. Present lease would expire July 8,1941.—V.
Other taxes
on
518,460
700,000
4,592,217
33,798
__
cilities, include amounts presently
able witnin one year.
—V. 150, p. 1423.
rentals,
1,400,000
518,460
Total
the
1937
1938
1939
1940
Net ry. oper. income
From Jan. 1—
from
1,409,500
share)
Co. after April 30,
Burlington-Rock Island RR.—Earnings—
February—
Gross from railway
Revenue
261,575
246,811
*38,825
of Nov. and Dec.,
b
Butte
228,629
234,610
33,950
14,000 shares.
Deficit
23,828
800,000
relate
306,086
property sold
26,788
(3)
5,645,242
943,497
for
Deferred charges..
243,613
800,000
Reserve for reorg. exps. & contingencies
Prov. for injuries, damages and other claims
Capital stock (see Note 5):
6% cum. pref. stock (par $100 per sh.).Issued,
in
1938
1939
1938
1939
235,355
316,512
__
reserve
in 1938.
Consolidated Balance Sheet Dec. 31
subs.
550,000
141,274
for obsolescence of prop. & facilities.
Reserve for extraord. maint. & structural changes
infringe¬
stock.
Assets—
580,000
134,088
storage billings and rentals
Reserves (see Note 4):
$1.32
action taken by company with respect to
patent and trademarks
Land, bldgs., Ac..
Goodwill, &c
$2,332,000
6,381,000
237,270
Francise, city and Federal taxes
Common stock (par $1 per
$667,241
$1.41
$1,073,965
$1,734,972
$4.23
Earns. per common share
of its
1938
6,381,000
Bush Terminal Buildings Co. 15-year 6% income
Capital reserve
Capital surplus
Earned surplus at end
of year
on
1939
$2,30i,000
note, due 1952.
Accounts payable and accrued expenses
Accrued interest on funded debt
441,355
Amount collected
$18,460,225 $18,405,566
Total
Liabilities
173,844
stock
on
on com.
accounts, $25,653
„
Total surplus
Dividends
account and contra
on
1st mtge. 4% 50-year gold bonds, due 1952
Consol. mtge. 5% gold bonds, due 1955
defl09,762
y6,918
provided for
ment
lected
Gen'l
Losses of sub. previously
x
Buildings Co.—Claims and other
charges in dispute, $403,039; less $85,750 col¬
Provision for storage withdrawal expenses, advance
Earned surplus at begin¬
Dividends
180,643
72,156
Terminal
.
■
8,138
ning of year
133,149
71,091
291,637
62,110
debts
Maintenance and operating supplies
Bush
c
116,930
_
_
130,489
65,730
&
notes
receivable—Rentals,
storage,
freight and other charges, less reserve for bad
122,517
3,236,872
$1,060,651
031
Miscellaneous credit
559,098
Accts.
1936
41,000
Foreign exchange adjust.
Miscellaneous charges.
73,491
8,134
Goodwill—carried at nominal amount
in France
Adjust, of mkt. bonds.
73,491
8,254
Current assets (see Note 2):
Cash in banks and on hand
$678,773
0347,440
47,500
055,620
190,000
45,884
$1,254,859
31,007
89,060
value
(see Note 3)
Prepaid expenses and deferred charges
06,205
sale of property.
50,000
89,060
$78,816), and cash, $2,500
$8,792,773
3,572,240
_
on
50,000
stock and
corporate stock, $70,991 (quoted market
465,922
Spec. chg. division disct.
Adjustment of reserve.
Addit. prov. conting.
Loss
2,081,216
605,202
RR.- Co.—Common
$212,851
$2,566,198
Profit from oper
on sale of securs..
Profit
par
Terminal
advances, less reserve (see Note 1)
Statutory deposits with State and City authori¬
ties—U. S. Govt, bonds and City of N. Y.
$457,065
603,586
$529,794
$1,985,453
580,746
Int. in notes rec., &c—
Co.—Common stock,
of $5 per sh. (see Notes 1 &2)
Miscell. invest., claims & accts., less reserve
Calendar Years—
6,130,914
Terminal Buildings
Bush
Deficit.—V. 150, p. 1756.
Net sales
$8,956,612
Investments and advances:
to
surplus
x
1938
1939
Assets—■
Properties, facilities and equipment:
$2,423,111
1,577,414
$41,009
Gross income
$2,584,496
1,536,933
$176,100
135,091
_
$325,926
190,826
$162,761
13,339
from oper
oper. props
Operating income
Net non-oper. income
Curr.
—193&
1940—8 Mos
$1,625,498 $13,723,345 $13,497,831
1,299,572
11,138,849
11,074,720
$1,672,484
1,358,184
2083
Balance Sheet Dec. 31
_
period..
inter-company note and advances ($43.$183,272 in 1937 and $162,722 in 1936).
Includes interest charged on
750 in 1938 and 1939
loss$27,901 loss$144,636
The Commercial & Financial Chronicle
2084
The
operations of company and its wholly owned English subsidiary,
Bush House Ltd., for the year 1939 resulted in a net profit of $99,654 as
compared with a net profit in 1938 of $116,447.
The earnings of Bush House Ltd. were converted into dollars at the rate
of exchange of $3.9575 prevailing on Dec. 31, 1939, while in 1938 the con¬
version rate was $4.64, the prevailing rate at the close of that year.
Surplus Accounts for the Year Ended Dec. 31, 1939
Bush
in
value
$762,091
House Ltd. to accord with net asset
Current
(demand
$293,752
and
accts.
ceivable,
incl. $1,810
from subsidiary
stock
of
-
New
Mining
Co.,
$565,466
$239,148
1939
$801,360
1938
1939
Liabilities—
b Industrial
_
Manhattan
1
Invest.
St. property
168,222
In
171,718
886,758
890,403
1,802,915
2,049,540
580,000
550,000
Bush
House,
Ltd
ft Interest In Bush
302,500
.
General
288,750
2,030
2,030
181
cos...
37,159
666,107
37,422
563,788
Accts. A notes rec.
92,369
146,472
Dep.
with
mutual
insurance
Due from Bush Ter¬
RR.
►
1,000,000
for
for
142,492
77,008
124,177
9,524
9,816
in
claim
dispute
Prov.
103,357
55,559
323,856
injuries
and damages
16,003
14,868
7,000,000
7,000,000
50,000
50,000
565,466
235,894
762,091
236,321
371,184
and
Capital surplus
Earned surplus
16,921,136
17,244,1511
Total
16,921,136 17,244,151
depreciation of $2,229,575 in 1939 and $2,070,088 in 1938.
depreciation of $34,372 in 1939 and $30,875 in 1938.
d After
depreciation of $840,287 in 1939 and $801,447 in 1938.
g Bush Terminal Co. 15-year 6% income notes and accrued interest,
After
h Bush Terminal
RR.
9.515
505
Surplus
2,013,129
Oper. def. for period May 25,
1934 to Dec. 31, 1939
458,506
570,748
d2,998
$3,439,3741
Total
$3,439,374
reserve
Copper Co. (& Subs.)
—Balance Sheet Dec. 31—
Assets—
-
1938
$
$
5,334,809
1,556,026
522,074
(at cost)
Notes A acc'ts
rec.
1,579,621
223,736
6,454,724
460,335
on hand..
Copper
Copper
4,746,093
sold
1939
Liabilities—
1938
$
Accounts payable.
Dividends payable
$
810,063
934,835
501,376
Deferred credits A
reserves
Minority
981,462
int.
1,032,032
in
capital A surplus
not
delivered
1,028,214
Supplies at mine..
Empl. retire't fund
Deferred charges._
Prelim, develop...
694,765
1,137,503
605,340
515,858
199,999
914,243
282,621
582,680
207,250
b In v. in other cos.
101,961
102,034
Real est. (at cost).
2,862,017
2,863,742
1,866,241
20,000
of sub. cos
45,081
45,052
Cap. stk. ($5 par).10,027,510 10,027.510
Surplus
<124,219,171 24,842,932
1,889,897
20,000
Stum page A timber
lands (at cost)..
Leaseholds (at cost)
cCanal.mine lands,
plant
17,656,125 19,039,116
Total
36,584,662 36,882,361
rentals and advances
(including accrued interest),
Total
36,584,662 36,882,361
Market value Dec. 31, 1939, $532,908 and Dec. 31, 1938, $1,583,703.
value,
c After
reserves
for depreciation and depletion of
b Estimated
$47,478,899 in 1939 and $46,531,678 in 1938.
d Consists of capital surplus
$24,442,903, earned surplus of $277,643: totai, $24,720,546: less dividend
payable Jan. 16, 1940 or $501,376; baxance (as above), $24,219,171.
The income statement for the years ended Dec. 31 was published in
V. 150, p. 1423.
Canadian National Lines in New
February—
England—Earnings—
1940
$133,985
3,819
def54,791
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
1939
$110,452
def8,893
def55,550
$112,520
13,792
def30,606
$112,442
def2,341
def47,466
282,256
def928
defll6,540
Gross from railway
Net from railway.
b After
c
22,762
1,802,409
against doubtful items of $2,761.
b 784,287 shares
(including 573,000 shares pledged under construction contract), market
value based on bid price of 11 cents per share on Salt Lake City Stock
Exchange Dec. 30, 1939, $86,272.
c After reserves for depletion and
depreciation of $3,110,356.
d Including miscellaneous supplies less reserve
for slow moving merchandise,
e Includes
$20,000 not due until after
Jan. 1, 1941.—V. 149, p. 3548.
a
...
Com. stk. (par $5)
charges
Total
1,000,000
_
exps.
7% pref. stock
49,813
exps.
deferred
9,655
of
in dispute
51,408
oper.
supplies..
Prepaid
139,419
Provision for taxes
Co.....
and
143,119
2,828
reserve for
reorganiz.
minal Co. &B. T.
Malnt.
2,500
Reserve for contingencies
Res. for conting. &
Prov.
Cash
14,425
on
properties, Ac.
2,781
|
106,994
29,123
funded debt
obsolescence
accounts.
17,891
63,869
Prepaid rentals
Satutory deposits,
55,000
8,946
expenses
Accrued Interest
Terminal Co
minal RR
55,000
Real est., franch. A
Federal taxes
h Int. in Bush Ter¬
Mlscell.
Pearl
on
Accts. pay. A accr.
d Steam
plants,
equip., Ac
$
7,561-,000
Street impt. assess.
9,470,147
1938
%
7,561,000
Funded debt
Mtges.
e45,990
Common stock (par $1)
aU. S. Treas. sees.
Balance Sheet Dec. 31
bldgs.,
Brooklyn
9,313,462
Office building,
b90,302
1939
2,644,355
12,926
payable
Calumet & Hecla Consolidated
235,894
$
Notes
Reserve for lawyer's fee
other assets, Ac
Cash
c
a22,990
25,497
exps. A
After
a
3,254
Earned surplus as at Dec. 31, 1939
2,644,355
Federal taxes
due
Park
Total
$236,321
2,828
Deduct settlement of 1937 Federal income tax
impt.,
$20,420
provision for local, State and
re¬
Mining Co. (at cost)
Stock and note secured by stk.
of General Mines, Inc., cost
Prepaid
97,127
Capital surplus as at Dec. 31, 1939
Earned surplus:
Earned surplus as at Dec. 31, 1938
Net income for year ended Dec. 31, 1939
Brooklyn
notes
Current accounts payable
Accrued payroll, accrd. int. A
,
196,625
1939
$20,483
Property, plant and equlpt—c2,683,594
—
Assets—
de¬
on hand
Securities of sub-companies..
Less net income as reported by Bush House Ltd.
for the year 1939 converted at $3.9575 per £
Land & land
1940
30,
Liabilities—
banks
shares, cost
31,
Combined surplus as at Dec. 31,
in
posits) and
Idarado
reported by that company as at
1939:
Reduction in equity due to decline in Sterling
exchange
as
Dec.
Assets—
Cash
Capital
Capital surplus:
Capital surplus as at Dec. 31, 1938
Deduct adjustment of carrying value of investment
March
Balance Sheet Dec. 31,1939
221,740
def29,501
defl21,996
207,724
defll,613
defl01,434
233,403
defl,499
def92,408
1938
1937
—V. 150, p. 1424.
reserve.
i The
investment in
Bush
House
Ltd.
(a wholly-owned subsidiary) is
stated at the net asset value thereof as reported by that
company as at
Dec. 31, 1939, converted at $3.9575 per pound (rate of exchange at Dec.
31,
1939).
The reduction in this investment during the year 1939 represents
the write-down of $293,751 due to the decline in
Sterling exchange (from
$4.64 at Dec. 31, 1938 to $3.9575 at Dec. 31, 1939), plus remittances of
$50,000, or a total of $343,752 less the net income of Bush House Ltd. for
the year 1939 of $97,127.
Bush Terminal Co. holds an option exercisable
at any time before April 15, 1942 or before the holders of
depositary certifi¬
cates of Bush Terminal Buildings Co. become entitled to receive
certificates
representing 6% cumulative preferred stock of Bush Terminal Co. under the
terms of the deposit
agreement, whichever shall first occur, to acquire all
the interest of Bush Terminal
Buildings Co. in Bush House Ltd. for the
sum
of $2,500,000.
The capital stock (exclusive of directors' qualifying
shares) of Bush House Ltd. nas been pledged with the trustee for the 1st
mortgage 50-year sinking fund gold bonds to secure the payment of the
deferred sinking fund instalments under the
supplemental indenture dated
as of April 21, 1937.—V.
150, p. 1928.
California-Oregon Power Co.—Accumulated Dividend—
Directors have declared a dividend of $1.75
per share on the 7% cum.
pref. stock, par $100; a dividend of $1.50 per share on the 6% cum. pref.
stock, par $100, and $1.50 on the 6% preferred stock, series C of 1927,
par
$100, all payable on account of accumulations on April 15 to holders of
record March 30.
last.—V.
Dividends at double these amounts
were
paid
150, p. 1595.
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
Jan. 15,
Revenues—
1939
Freight
Passenger
Express
1939
Other
1937
$134,297
68,151
98,136
$104,647
39,236
69,597
$122,633
54,891
91,926
289,347
156,696
223,829
279,970
147,179
214,162
212,429
76,691
158,685
244,226
108,543
179,538
Total
$203,820,187 $182241,723 $198396,609 $186610,489
36,530,434
42,662,024
5,175,594
Transportation.
88,840,664
Miscellaneous operations
1,298,214
General
8,971,892
Transp. for invest.—Cr.
513,055
Maint. of equip
Traffic....
-
__
33,789,284
41,679,619
5.132,239
86,161,165
1,260,624
8,552,593
400,213
35,241,300
44,458,943
4,980,922
86,933,849
1,290,915
8,326,254
443,325
37,827,919
38,516,720
4,746,577
81,528,062
1,120,082
8,242,410
504,080
Total
.$182,965,768 $176175,312 $180788,858 $171477,690
Net rev. from ry. opers. 20,854,418
6,066,411
17,607,750
15,132,799
Railway tax accruals...
6,246,461
5,954,197
5,635,174
5,859,062
Railway
oper.
income_$14,607,958
$112,214 $11,972,577
$9,273,737
Expenses—
3,331,303
opers.
2,901,439
3,144,674
2,784,021
hotel property.
127,500
134,639
3,045,799
2,713,512
132,199
$302,364
$226,014
$200,087
$160,017
$103,236
286,343
29
146,344
1,646,614
74,319
929,270
$102,075
267,171
$111,919
251,931
$100,843
217,844
360
734
315
124,199
1,630,481
74,274
900,220
149,481
1,617,223
55,949
828,282
119,716
1,527,715
51,290
1,051,523
49,228
420,288
1,783,508
84,071
243,972
1,697,610
53,542
709,363
1,730,589
83,579
845,927
1.392,717
365,115
714,850
127,571
58,254
169,020
1,634,410
209,379
327,057
208,619
63,009
228,388
417,708
$7,607,726
$6,375,716
$5,908,212
$6,095,820
on
operations
Miscell.
Co.—Earnings—
Gross sales
alef
$267,548
209,083
Cost of sales
operations at Deming, N. M
Local, selling general & administrative expenses and rent
...
Inc. from funded securs.
Income from unfunded
securities and accounts
Income from sinking and
on
lease
non-transport'n
property
Dividend income
Deming, N. M., Operations
2,859.306
2,565,973
133,316
Net income from hotel
Rent from locomotives..
Rent fr. pass .-train cars.
Rent from floating equip
Rent from work equip._
Joint facility rent income
Inc. from lease of road..
Earnings for the Year Ended Dec. 31, 1939
$58,465
paid
other
funds.
reserve
_
_
Miscellaneous income—
25,774
Profit
$32,691
Sundry income.
740
Gross income
Hire
of
$22,518,047
freight
$33,431
Interstate and Galena (Idaho)
Properties—
Net profit on sales of equipment and
_
19,297
$6,924
3,985
8,221
Profit.
$166
$33,598
1,004
including $197 interest "from affiliate.
on
for
on
1,130,521
192,903
905,837
206,802
916,165
926.125
1,744,551
527.682
1,058,825
1,019,806
938,729
430,775
881,101
989,871
1,284,803
unfunded debt..
Interest
1,693,336
153,093
proper¬
ties—loss
Int.
Total profit
rents
Miscell. tax accruals
oper.
1,441,523
33,731
282,723
1,464
26,489
2,248,097
1,372,228
482,263
142,484
1,114,378
Rent for leased roads
Separately
1,869,236
29,431
439,766
65,568
12,505
2,177,958
1,505,689
499,203
184,149
43,404
308,673
67,865
7,857
2,273,228
1,459,908
616,582
130,160
Rent for work equip
Joint facility rents
Miscellaneous
1,403,976
31,308
310,407
67,976
7,235
2,548,636
1,474,676
498,108
152,413
1,651,108
Rent for locomotives—
Rent for pass .-train cars.
Rent for floating equip.
_
supplies, rents and royalties
leased property and equipment and
sundry income
Repairs & maintenance, insurance, taxes & other local chges.
Depreciation
Depletion
on
>,713,944 $18,080,875 $15,529,574
cars—
debit balance
Total income.
Other income,
1936
Expenses—
Maint. of way & struc..
Miscell. rent income
under
1937
_...._
Mail.
Taxes
1938
$136,328
69,749
102,718
Callahan Zinc-Lead
Gross profit
(Including Eastern Lines)
1938
$160,255,090 $139769,683 $153796,239 $145488,142
17,817,119
18,096,849
18,944,767
17,021,746
9,616,999
8,4 87,783
8,915,373
8,497,630
3,559,420
3,509,248
3,504,153
3,355,110
12,571,558
12,378,160
13,236,076
12,247,861
Expenses of hotel
-Earning s-
1940
—V. 150, p. 1423.
>
Ry.—Annual Report—
Income Account, Years Ended Dec. 31
Revs, from hotel opers..
Cambria & Indiana RR.February—
Gross from railway
on
Canadian National
Govt,
183,335
loans
refunding
Amortization of discount
Gen'l & admin, exps. & taxes other than those
included above
Provision for doubtful accounts
Interest
on
indebtedness
J. II
Non-recurring deduction:
Settlement of Goldstone suit, incl.
exps. applicable thereto..
Net loss for year
$34,601
56,358
2,500
1,536
on
funded debt
Miscell. income charges.
Net profit before
Interest
53,956
$79,748
due
long-term
Net deficit
int-.$ll,575.114df$4,631,974
public
debt
885,466
$6,859,891
$5,987,277
48,888,545
49,184,623
on
49,814.378
49,839,023
$38,239,264 $54,470,997 $42,028,654 $43,197,346
I
Volume
Other Income for
Consolidated Balance Sheet Dec. 31
Assets—
$4,566,600
1, 263,401,311
Dominion of Canada—Loans
45,382,081
16,771,980
Canadian Govt. Rys.—working capital._
3,996,761
Traffic and car services balances
8,853,151
Audited accounts and wages payable.
2,772,079
Miscellaneous accounts payable
Interest matured unpaid
7,765,528
205,383
Funded debt matured unpaid
10,335,538
Unmatured interest accrued
1,249,996,422
1,443,646
3,651,641
2,145,789
12,404,009
16,353,174
5,724,281
Deferred liabilities
liability
Insurance
$4,583,800
400,619
Other current liabilities
reserve
Accrued depreciation
Other unadjusted credits
48,144,805
16,771,980
2,942,270
7,432,811
2,730,780
7,711,897
123,069
9,894,892
408,552
1,302,043
3,638,246
1,923,415
11,968,568
16,608,142
4.761,314
18,000,000
264,012,426
388,075,722
Earnings of the System for the Week Ended
266,612,868
388,075,722
$3,202,442
$4,088,878
revenues..
Increase
$886,436
Earnings—
1938
1939
1940
February—
1937
$351,492
138,459
102,501
$266,402
86,071
56,610
$285,468
94,236
61,171
$278,569
95,245
62,177
740,845
324,966
Net ry. oper.
242,212
510,679
166,524
99,600
612,773
Net from railway
564,538
193,798
129,066
Net from railway.
Net ry. oper. income...
From Jan. 1—
—V.
railway
income
y3,553,088
412,865
966,687
1,456,649
12,960
$6,764,851
x
After provision
of $3,782,277 in 1939, $3,781,990 in 1938 and
y Before depreciation.
122,889
$3,894,469
in 1937 for depreciation,
Comparative Balance Sheet Dec. 31
1939
1938
1937
1936
$
Assets—
$
$
$
Ry., rolling stock inland
steamships, hotel, com¬
munication and mlscell.
792,330,598
803,282,536
791,499,758
774,271,264
95,800,810
104,840,546
Acquired securities (cost)
199,317,036
Adv. to control. prop.,&c
26,093,525
Deferred payments
33,764,804
96,616,381
95,702,732
104,720,644
197,959,694
96,098,217
104,614,835
198,279,296
23,023,627
38,688,678
properties
Improvement
leased
on
railway property
Ocean & coast, steamships
104,728,200
209,359,209
28,759,575
35,720,759
28,034,554
37,366,989
collec. & loans &
Mtges.
3,670,311
8,262,431
3,455,693
3,564,629
2,894,093
8,259,087
25,850,610
26,736,208
8,257,688
26,991,206
26,981,389
advance to settlers
invest'ts
fund
Mlscell. investments
lands
Unsold
and
8,248,294
other
28,969,371
111,815
3,206,497
1,024,033
17,786,857
5,522,113
411,685
25,705,505
5,226,283
32,067,442
1,384,852,854 1,398,979,602 1,382,062,058
1,362,696,584
335,000,000
137,256,921
295,438,228
212,602,624
19,586,100
4,840,470
2,822,147
335,000,000
137,256,921
295,438,228
194,832,143
19,908,900
5,051,169
3,003,611
335,000,000
137,256,921
291,411,549
2,6 51 "690
2,758,348
2",36"r670
26,526,045
108,833
27,429,258
Insur. prem. paid in adv.
Unamort. dlsct. on bonds
2,789,290
Other unadjusted debits..
Materials and supplies.. .
2,478,116
19,389,497
6,695,339
3,237,889
1,327,856
17,115,363
5,774,595
728,028
4,394,710
21,883,909
properties
Agents' & conduc's bals..
170,346
Traffic balances (net)
5.120,664
Mlscell. accts. receivable
31,809,398
Cash
Total
157,593
3,271,478
1,507,747
16,941,309
5,721,427
1,034,367
5,287,214
23,608,315
Liabilities—
335,000,000
Ordinary stock
4% preferred stock
x 4% consol. deb. stock.
137,256,921
295,438,229
209,153,126
19,257,600
5,496,276
2,889,276
.
Bonds and notes
s.
f.
ctfs..
sec. note
Audited vouchers.
Payrolls
226,986
2,949,928
2,710,139
8,232,241
5,715,045
Net traffic balance
Mlscell. accounts payable
Rolling stock reserve
Hotel deprec. reserve
Deferred liabilities
_
Unadjusted credits
z Pre. on cap.& deb. stk.
Land surplus
141,353,503
Profit and loss surplus
x
8,249,662
5,443,667
47,856,286
5,165,250
5,495,041
26.784,433
8,259,08 7
3,457,979
66,583,566
71,758,451
136,969,650
51,731,390
6,165,039
5,231,298
10,463,527
8,262,431
2,313,424
68,551,646
67,454,828
Contingent reserves
3,942,601
8,261,411
4,196,979
43,977,790
7,462,266
4,462,740
23,508,829
8,257,688
4,268,254
66,457,375
74,523,291
139,950,788
1,384,852,854 1,398,979,602 1,382,062,058
Total
195,745
$7,363,673 $11,629,711 $10,198,522
After
deducting amount
186,230,355
20,214,900
5,382,847
2,697,067
2,256425
1,801,981
8,166,555
2,939,434
39,973,240
7,863,904
4,525,213
19,659,645
8,248,294
5,211,361
66,760,351
78,564,139
138,532,703
1,362,696,584
y After
Less dis¬
pledged as collateral to bonds and notes,
trustees of 5% equipment trust,
z
deducting securities deposited with
count on bonds and notes.
150, p. 1424.
Canadian Pacific Lines in
Earnings for February and Year to
Vermont—Earnings1937
1940
$99,250
defll,129
def37,375
1939
$82,872
defl7,226
def41,984
1938
$55,409
def44,503
def69,002
$95,436
def 19,327
def44,639
Net from railway
210,318
defl6,653
166,909
def44,169
Net ry. oper.
def70,284
def95,711
117,824
def95,452
defl48,780
198,913
def22,716
def74,886
February—
railway
Net from railway.
Gross from
Net ry. oper. income...
From Jan. 1—
railway
Gross from
income—
Carson Hill Gold Mining
Corp.—Dividend—
Directors have declared a dividend of one cent per
holders of record March 20.
This compares
14£ cents paid on Dec. 30, last; one cent paid on Sept. 30, last; 1H
June30and March 30, 1939 and on Dec. 20, 1938, and an initial
dividend of two cents paid on Sept. 20, 1938.—V. 150, p. 834.
with
Co.—Annual Report—The re¬
marks of Sir Edward Beatty, G.B.E., Chairman and Presi¬
dent, together with the income account and balance sheet
for 1939, will be found under "Reports and Documents"
on subsequent pages:
Pacific
Ry.
Income Account
for Calendar Years
1939
1938
$
$
120,338,068 110,327,509
15,617,061
16,121,402
Freight
Passenger
Mail
3,635,161
3,585,789
Express.
Sleeping, parlor & dining
car & miscellaneous
3,074,614
2,953,805
8,615,796
9,270,476
Total gross earnings..
54,729,855
19,500,919
28,800,736
General
Transportation for invest
Railway tax accruals
Total oper. expenses..
53,803,194
19,931,132
28,127,529
7,066,231
2,262,217
6,160,020
Crl23,591
4,360,493
Traffic
Miscellanoues operations
10,665,746
10,228,270
7,353,605
2,160,437
5,865,436
0175,389
4,440,569
52,536,171
20,798,483
28,885,921
7,204,864
2,204,945
5,624,690
0185,534
4,273,769
49,846,814
21,469,248
25,612,193
7,154,601
1,928,173
5,247,144
0232,180
4,225,660
122.756,880 121,506,515 121,343,310 115,251,652
Net earnings
Other income
28,523,820
10,547,128
20,752,466
11,145,662
23,742,247
15,524,180
23,311,111
10,198,522
3,782,277
3,894,469
21,041,534
bl,868,140
3,567,151
23,913,298
9,462,284
d2,745,138
6,029,184
cl,372,569
6,717,146
4,656,615
Depreciation—ocean and
payable
24,700,692
e805,830
3,781,990
24,767,939
a2,085,817
Net revenue..
9,782,148
1,262,382
coastal
1936
$
151,280,700 142,258,981 145,085,558 138,562,763
Operating Expenses—
Transportation
;.
Maint.of way, &c
Maint. of equipment
steamships
Fixed charges
Interest
1937
$
111,044,598 106,045,022
15,665,347
16,633,040
3,599,676
3,584,823
3,039,300
3,142,496
Preference divs. declared
transferred to
prof. & loss account
Balance,
Interest on bonds of
9,782,148
1,262,382
Minneapolis St. Paul & Sault Ste. Marie Ry.,
guaranteed as to interest by Canadian Pacific Ry., and on notes secured
by pledge of bonds so guaranteed,
b Interest payable Jan. 1, 1938, to
bondholders of the Minneapolis St. Paul & Sault Ste. Marie Ry. on bond
issues, guaranteed as to interest by this company, and interest accrued on
notes secured by pledge of bonds so guaranteed.
c Subsequent to the end
of the year a dividend of 1% on the preference stock, amounting to $1,372,569, was declared from the earnings of the year 1936, payable April 1,
1937.
d Subsequent to the end of the year a dividend of 2% on the pref¬
erence stock, amounting to $2,745,138, was declared from the earnings of
the year 1937, payable April 1, 1938.
e Interest on bonds of Minenapolis
St. Paul & Sault Ste. Marie Ry., guaranteed as to interest by the company.
$1,972,422
earnings
Earnings for the
$233,368
$3,800,927
$694,370
Week Ended March 21
1940
150, p.
1939
Increase
$2,625,000
Traffic earnings
Carrier
share on the common
cents on
Canadian
Working expenses
—V.
stock, payable March 39 to
Date
1940—Month—1939
1940—2 Mos.—1939
.$11,915,419
$9,195,884 $24,159,964 $18,894,946
9,942,997
8,962,516 20,359,036 18,200,576
Period End. Feb. 29—
Gross earnings
Net
—V. 150, p. 1424.
a
1,287,598
x2.458,832
Total other income.__
Reserve for insurance
Gross from railway
1,669,335
x591,071
cations, hotels & misc.
Reserve for investment.
Canadian Pacific Lines in Maine
1,492,530
&
Steamship deprec. reserve
—V. 150. p. 1928.
Gross from
ocean
Accrued fixed charges, &c.
March 21
1939
1940
Gross
18,000,000
from
earns,
4H%
.$2,076,261,721 $2,063,631,599
Total
2,621,100
and miscellaneous
coastal steamship lines
Net earns, fr. communi¬
y
Dominion Government—Proprietor's equity:
1,000,000 shs. of capital stock of C. N.
Ry. (no par)
5,000,000 shs. of capital stock of C. N.
Securities Trust (no par)
Dom. Govt, expenses for Can. Govt. Rys.
1936
$3,901,187
separately oper. props.
Net
Insurance
Liabilities—
Unmatured rents accrued
1937
$6,534,856
Net inc. from int., exch.,
$2 076.261,721 $2,063,631,599
Total
1938
$4,867,206
Drx71,274
Dividends
_
Capital stock of subsidiaries held by publicFunded debt held by public
Calendar Years
1939
$4,202,065
1938
1939
$1,863,083,556 $1,856,468,591
4,300,970
Improvement on leased railway property
4,335,489
576,580
Sinking funds.
620,096
5,453,905
Deposits in lieu of mortgaged property sold.
4,270,519
Miscellaneous physical property
61,614,511
62,230,455
36,139,090
Investment in affiliated companies
38,385,153
Other investments
1,120,247
1,070,618
Cash
8,078,076
8,241,860
6,773,189
Special deposits
7,680,558
Bills receivable
100,000
100,000
1,089,933
Traffic and car service balance receivable
1.260,694
3,868,285
Net balance rec. from agents & conductors._
5,668,581
4,365,534
Miscellaneous accounts receivable
5,555,428
11,117,018
Dom. Govt.—bal. due on deficit contribs__
11,049,423
27.856,015
Materials and supplies
28,040.297
227,829
Interest and dividends receivable
266,465
53,123
Rents receivable.
73,104
745,689
Other current assets
705,546
237,469
Working fund advances
213,646
11,968,568
Insurance, &c., funds.
12.404.C09
14,506
Other funds
14,506
6,033,878
Other deferred assets
5,463,577
247,306
Rents & insurance premium paid in advance.
241,817
189,500
Discount on capital stock
189.500
12,090,984
Discount on funded debt
12,396,897
2,900,799
Other unadjusted debits
2,699,925
Investment in road and equipment
Tax
2085
The Commercial & Financial Chronicle
ISO
$2,265,000
$360,000
1928.
Corp.—Five-Year Bonus Plan Voted—
Approval of a three-fold "Five-Year-Plan"—under which employees and
officers will share generously in the "fortunes of the company," both
through salary bonuses and stock issues—was voted March 27 at the annual
stockholders' inGetixipj#
aside 50.000 shares of authorized but un¬
distribution, as company earnings warrants, among
and officers came as a surprise move, but the "Salary Plan'
The "Five-Year-Plan" to set
issued common stock for
both employees
although not officially approved until today, had been announced by J. I.
Lyle, President, last Dec. 1.
The 50,000 shares of common stock are divided equally under two separate
plans; one known as the "Carrier Employees Shares PlaD" and the other as
the "Carrier Management Shares Plan.'
Distribution of the stock will be based on actual performance (ability,
Initiative and productiveness); opportunity in the present job to perform
and personal qualifications and cooperation of exceptional value to the
company.
Under the
"share-the-stock" plan, all addiitonal earnings
(after a modest
priority of earnings per outstanding shares is set aside and certain capital
deductions), will result in shares becoming available for distribution to
6Blploy668
Purpose of the plan, Mr. Lyle told the stockholders, is to provide addi¬
tional compensation in the form of fully-paid Carrier stock for those of the
department heads and key personnel who most favorably influence the
earnings of the company.
Such stock is to be issued outright to the em¬
ployee, with "no strings attached," he added.
'
During the meeting, it was announced that net income of the Carrier
Corp. for 1939 was $18,788, rather than the preliminary figure of $69,099,
which had been announced subject to audit.
The revised figure was due
•
princinally to a change suggested by the independent auditors which in¬
volved crediting $45,000 to surplus, rather than to expense.
Under this Carrier stock plan, the company will determine its net earnings
for each year after certain deductions for profits on sales or exchanges of
capital assets and investments and for reserves for taxes.
The only other
deduction before the final earning figure under which employees will share
is $1 for each share of capital stock outstanding.
When net earnings in excess of these deductions are from $1 to $100,000,
for instance, one share of common stock is to be issued for every $200 of
these excess net earnings.
As excess earnings increase, the figure deter¬
mining the amount of stock to be issued also increases until it reaches $1,000,001 or more, when stock will be issued for every $400 of excess earnings.
The Employees Shares Plan and the Management Shares Plan will be in
effect for five years beginning with 1940 or until 25,000 shares under each
plan shall be issued—making a total of 50,000 shares.
Assuming that, at the end of a particular year, there are 500,000 shares
outstanding requiring a reserve of $1 a share or $500,000 reserve to be set
aside, excess profits would be distributed accordingly.
For instance, if the total company net income for the year is $600,0«'0
there would be available for distribution 500 shares.
If the net income is
$1,200,000 there would be 2,188 shares, while if the figure should be $2,000,000, then 3,750 shares would be distributed.
Of course, some of the employees, will receive no stock participation,
Mr. Lyle said.
' 'Some who do not receive shares in one year may receive
shares in other years.
Nevertheless, those who receive no stock should
still benefit from the plan because the additional efforts of others aroused
by this stock incentive should cause increased company earnings, which
would mean more cash to be paid each month to all employees as adjusted
compensation under the 'Carrier Salary Plan,' announced last December. '
Purpose of the plan, Mr. Lyle told the stockholders, is to provide addi¬
tional compensation in the form of fully-paid Carrier stock for those of the
department heads and key personnel who most favorably influence the
The Commercial & Financial Chronicle
2086
March
30,
1940
"Tt is anticipated," the company asserts, "that firm commitments will be
obtained from several of such institutional investors immediately upon
Central Electric and
1st
such offering. The company proposes to offer all new bonds not committed
for by institutional, to the holders of the presently outstanding bonds of the
Telephone Co.
in exchange for such old bonds, plus a premium of $30 a $1,000
principal amount, which is the redemption premium on the old bonds. No
adjustment will be made on account of the difference in interest rates on
the new and the old bonds for the period from Jan. 1, 1940, to the date
of exchange."
The new bonds available for exchange will be allotted as nearly as practic¬
able on a pro rata basis to those bondholders whose letters of transmittal
accompanied by bonds are received by the exchange agent prior to the
expiration date of the exchange offer.—V. 150, p. 1928.
company
Mtge. & Coll. Lien S. F. Bonds,
Series A
4^% due 1965
TRADING
DEPARTMENT
Eastman, Dillon 8 Co.
MEMBERS
NEW
YORK
STOCK
15 Broad Street
EXCHANGE
Central Eureka Mining
New York
Tel. Bowling Green 9-3100
earnings of the company.
Such stock is to be issued outright to the em¬
ployee, with "no strings attached," he added.
The problem of designing an incentive plan which would fit the
many
variations of our business and be equitable to all concerned was recognized
as not being a simple undertaking," Mr. Lyle said, in
proposing the plan to
a dividend of eight cents per share on the com¬
payable April 15 to holders of record April 1.
Dividend of
five cents was paid on Dec. 15, last, and initial dividend of six cents was
paid on Oct. 14 last.—V. 149, p. 3711.
the stockholders.
stock,
Central of Georgia
'
February—
Net ry. oper. income...
From Jan. 1—
Gross from railway
experience of others but is 'tailor-made'
Net from railway
Net ry. oper. income
gineers.
Designed to give the low-salaried employees a "better break," the
"Salary Plan" sets up no minimum earning figure under which the plan is
not operative, nor any minimum salary level below which the plan is not
fully opreative.
Net income or loss upon which increases or deductions are
based is determined on a 12-month profit and loss record, leading a more
accurate spread of profit or loss.—V. 149, p. 1469.
Celluloid Corp.
1939
1938
1936
$34,200
$375,227
Dr59,557
Drl9,632
Dr3,494
$475,732
252,907
•_
2,449,700
2,322,272
260,064
29,164
108,757
Period End. Dec. 31—
$14,569
208,699
Provision for deprec
Prov. for contingencies.
$371,733
$401,317
190,3o5
28,108
193,268
18,001
Federal income tax
Other interest
Other
20,000
(net)
deductions-
Net income..
...
$6,764,694
2,347,586
711,466
47,522
395,754
$290,405
4,207
$3,464,903
43,203
$3,262,366
46,200
$294,612
109,929
Crl,779
16,866
$3,508,106
1,318.532
Cr.39,010
181,286
$3,308,566
1,305,521
28,472
181,930
$209,491
Gross income
Bond interest
Total income
$7,362,003
2,649,958
743,918
48,115
455,109
$338,599
113,458
805
14,845
(net)...
$639,498
242,089
60,497
3,869
42,638
$334,904
3,695
Social security taxes
Fed. (incl. inc. tax) taxes
inc.
$169,596
108,099
$2,047,298
1,297,182
$1,792,643
1,297,182
Pref. div. requirements.
Netprofit
$202,826 loss$194,131
102,268
1,622,971
Previous surplus
$160,464
1,629,681
$182,854
1,590,119
#1,7£<U45
*$^772^973
167,174
$305,094
83,587
$1,428,840
$221,507
.
143,292
x$l,428^40
Surplus..
x
Includes surplus of
$1,622^71 "$1,629,681
$1,326,072 arising from decrease of capital Dec. 31,
1932.
(less reserves $47,638), $754,076; other accounts and
interest, receivable,
$1J,6„9; inventories at or below cost, $1,515,588
mortgage and other investments, $46,185; real estate plant and equipment
at cost, $8,522,271 (less reserve for
depreciation of $4,245,537), $4,276,734,
patents and licenses, less amortization, $4,574; experimental and research
expenditures, less amortization, $482,055; prepaid expenses and deferred
charges, $80,068; total, $9,720,020.
Liabilities—Accounts
payable,
trade,
$162,202;
accrued
liabilities,
$150,449; provision for Federal income tax, $20,000; due to affiliated com
panies, $71,714; $7 cum.. 1st pref. partic. stock (23,882 shares, no par),
$2,388,200; $7 cum div. pr6f. stock (24,5ol shares, no par). $2,455,100;
common stock
(194,951.75 shares, $15 par), $2,924,276; surplus arising
from decrease of capital Dec. 31, 1932,
.#.1,326,572; earned surplus $221,507;
total, $9,720,020.
Mote—Cumulative dividends unpaid to Dec. 1, 1939:
1st pref. partic.,
$44.50 per share; $7 div. pref., $63 per share.—Y. 149, p. 3110.
1938
1937
1936
Taxes (excl.Fed. inc.tax)
$1,432,807
740,969
76,015
119,498
$1,422,277
769,015
77,447
124,323
$1,339,915
671,678
103,321
115,266
3,349
$590,798
8,247
$496,323
3,130
$451,490
4,381
$446,299
2,931
$599,045
139,000
202,142
10,452
5,079
$499,454
114,600
213,087
9,742
4,536
$455,872
96,000
196,433
951
3,980
$449,230
89,475
179,437
244
3,399
38,028
29,472
x9,000
18,089
yl2,000
015,129
Maintenance..
$1,539,954
737,858
84,261
127,037
39,553
Operation
Cr28,365
$134,589
$148,401
Net inc. from opers
Non-oper.
Central Electric & Telephone Co.—Securities
Offered—
A financing program for the
company involving an issue of
$5,000,000 first mortgage & collateral lien sinking fund bonds,
series A, 43^%, due 1965, and 4,000 shares of
6% cumula¬
tive preferred stock ($50 par), was announced March 29.
The preferred shares are being
publicly offered by Loewi &
Co., Milwaukee, at $45.75 per share.
Part of the bonds,
.which are priced at 100%, are
being offered to institutional
investors and the remainder
are
present bonds of the company on
to be offered to holders
an
of
exchange basis.
The
company's principal office is in Sioux Oity.
electric service to communities in North and South
Towa.
It provides
Dakota, Nebraska, and
supplies cas and water service to some of the com¬
munities in these States.
Telephone service is supplied to various com¬
Minnesota.
munities
in
It
also
these
States
as
well
as
in
Iowa,
West
Carolina.
of
revenue
(net)
Gross income
Prov. for depreciation._
Int.—Long-term debt..
Int.
Nov.
30
last
Virginia,
Loewi
&
Co.
Under
the
terms
of
the
contract
the preferred
Central
Utilities Co., the Sioux Falls Gas Co. properties are to be purchased
$1,600,000, consisting of $1,400,000 in cash and the
4,000 shares of
preferred stock.
to borrow
privately from banks not more than
$200,000 against its 3H% unsecured
promissory notes, due serially in the
amount of $50,000 on Dec. 31 in each of
years 1940 to 1943.
The proceeds
from the sale of the new bonds, together with
the proceeds from the bank
loans, are to be applied to the following
purposes:
For the redemption or acquisition for
cancellation of 1st
mtge.
and collateral lien bonds, series
A, 5%, due Jan. 1
1955 at
the principal amount plus a
3% premium..
'
To the purchase price of the Sioux Falls Gas
Co. properties
Additions to working capital
21"
_
Amort, of prem. on debt
Fixed
to
allocated
construction
Other
Net
x
charges
^weafter1951, including Dec. and 1948
and 4%, thereafter 31
Dec. 31,
1 400 000
'
99A67
4^%; thereafter and including
including Dec
31
1954
Cr683
deduction
income.
$156,033
Includes provision for Federal undistributed profits taxes,
comparative
—
—
47,469
$9,990
purposes
additional
provision
for
$146,584
y
1936
Includes
Federal
income and undistributed profits taxes charged to earned surplus during
the year 1937.
1
Balance Sheet Dec. 31, 1939
Assefs—Property, plant and equipment, &c., $7,155,055; investments*
$9,687; cash, $157,628; cash on deposit with trustee, $500; accounts re55
ceivable, $159,242; notes receivable—merchandise contracts, $8,404; note®
receivable—merchandise contracts discounted (contra), $5,115; material^
and supplies, $79,546; prepayments, $33,810; deferred debits, $534,452total, $8,143,440.
Liabilities—Long-term debt, $4,500,000; 3H% serial notes, due cur¬
rently, $100,000; accounts payable, $68,691; consumers' deposits, $7,662;
notes
receivable—merchandise
contracts
discounted
(contra)
$5,115;
interest accrued, $75,625; State, local, and Federal taxes accrued, $56,091;
other accrued liabilities, $12,251; deferred credits, $57,824; reserves, $716,990; $6 pref. shares (cum., no par value), $1,343,925: common shares
(20,000 no-par shares), $1,000,000; earned surplus, $199,265; total, $8,143,440 —V. 149, P. 2682.
Central Vermont Public Service
Operating revenues
Operating expenses
State
ana
munic. taxes.
Social security taxes
Fed. (incl. inc. tax) taxes
Corp.—Earnings—
1939—Month—1938
$202,883
$195,663
119,583
94,107
16,430
13,607
1,213
522
16,263
6,186
Net oper. income
Non-oper. income (net).
1939—12 Afo.9 —1938
$2,313,489
1,289,212
171,662
18,177
131,309
$2,162,614
1,231,459
160,929
17,080
106,198
$49,394
13
$81,241
$703,129
4,549
$646,948
353
$49,407
20,417
1,562
4,807
$81,594
20,417
1,032
28,382
$707,678
245,000
14,897
30,746
$651,019
245,000
$22,621
18,928
Gross income
Bond interest
Other interest
(net)
Other deductions
$31,763
$417,035
227,136
$343,676
227,136
4,071
Net income—
Pref. div. requirements.
-
thnre-
thereafter and including foec. 31,
Deec- 31' 1960 • 2%; thereafter and
ajter and including Dec. 31, 1956 3%;
including Dec. ^ 1962, 1V£%; thereafter and
31,
including Dec. 31
1963
1%, and thereafter and including Dec. 31, 1964,
1%.
ipoo,
Company in an amendment to its registration statement
filed with the
Securities and Exchange Commission
disclosed that its $5,000,000 first
mortgage and collateral lien sinking funds
bonds, series 4^%, due 1965,
will be offered at 100, plus
accrued interest.
The prospectus states that no firm
commitments
have been received by
to take any part of the issue of the
series A bonds
The
company is offering, at 100, not to exceed
$4,000,000 of the series Abonds
to institutional investors to whom
information concerning the
proposed
issue will be furnished prior to the
effective date
the registrant
of the registration state¬
18,928
12,938
49,405
—V. 149, p. 4022.
Central RR. of New
$3 7CO 532
redeemable as a whole at any time or in
part from time to
time after 30 days notice.
They are redeemable without premium if the
redemption is made froni funds paid to the trustee
through the sinking fund,
the sale of certain securities, or the sale of
certain properties.
Otherwise the
•f\?s are redeemable at the principal amount and accrued interest together
with premiums as follows:
If redeemed on or
before Dec 31
1944
5
are
int...
with
y•
.
on
and expense
Prov. for Federal taxes.
and North
the
for
1 he bonds
unfunded debt..
Period End. Dec. 31—
year
company's balance sheet including that
of its subsidiary, Virginia
Telephone & Telegraph Co., showed total assets
of $14,098,769.
Net earnings for the 12-months' period ended Nov.
30,
after all charges including provision for
depreciation and income taxes,
totaled $691,221.
Total operating revenues amounted to
$2,856,272.
The 4.000 shares of preferred stock were issued
to Central U. S
Utilities
Co.< as part of the purchase price of
properties of Sioux Falls Gas Co.
The Central U. S. Utilities Co. entered into a
contract to sell
to
on
Taxes assumed
Amort, of bond discount
for
ment
1939
Total operating income.
receivable
accounts
shares
Light & Power Co.—Earnings—
Calendar Years—
Uncollectible accounts..
Condensed Consolidated Balance Sh.ee* Dec. 31, 1939
Assess—Cash in banks and on hand, $2,301,040; U. S. Government
securities at cost (quoted market value $263,309), $240,000; trade notes and
As
108,099
—V. 149, p. 4022.
Central Ohio
Total
Dividends declared.
1939—12 Mos —1938
$713,532
262,800
63,117
3,747
48,964
State & munic. taxes—
Non-oper.
2,716.617
438,076
165,838
139,669
Co.—Earnings—
1939—Month—1938
Operating revenues
Operating expenses
$38o,541
15,776
1937
$1352,296
236,270
120,473
91,287
def46,221
1424.
p.
Net oper. income
1937
1535,289
operations.
150,
1938
$1,169,054
Central Maine Power
(& Subs.)—Earnings—
Calendar Years—
Other income (net)
—V.
1939
$1,179,011
105,672
deflO.812
2,618,301
251,971
defll,823
"Studies have been made of many incentive plans of various types with
the idea of gaining benefit from the favorable and unfavorable experience of
The plan which was finally adopted contains ideas gleaned from the
to fit the business of Carrier Corp,"
he explained.
This was found necessary because of the various types of employees in the
company, ranging from clerks to highly-specialized and experienced en¬
Ry.—Earnings—
1940
$1,284,867
112,379
defl7,012
Gross from railway
Net from railway.
others.
Profits from
Co.—Eight-Cent Dividend—
Directors have declared
mon
Bell System Teletype N. Y. 1-752
February—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
Jersey—Earnings—
1940
$2,670,542
499,173
def54,742
1939
$2,332,980
430,958
def97,631
5,942,221
1,514,900
335,937
4,898,122
1,014,817
def50,071
1938
1937
$2,083,862
$2,370,770
430,310
def77,776
547,864
47,440
4,615,475
1,121,851
79,318
4,984,007
1,169,957
160,091
Monthly Report of Selected Income and Balance Sheet Items for January
Due to delay in filing the
following were received too late for insertion in
"Earnings Record" for March:
Earnings for the Month of January—
1940
1939
Net railway operating income
$390,679
$47,560
our
Other income
Total
69,315
!
income
Miscellaneous deductions from income
Income available for fixed charges
Rent for leased roads
Interest deductions,
Income after fixed charges
Depreciation
...
70,724
$459,994
48,305
$118,284
$411,689
199,186
$70,247
203,994
48,037
198.355
204,426
$8,509 loss$332,534
117,011
116,059
Volume
Balance Sheet Items Jan. 31
1940
$4,289,322
Selected Asset Items—
Investments in stocks, bonds, &c
$5,700,625
±
$2,570,137
3,773
Special deposits
Loans and bills receivable
Net balance receivable from agents & conductors.
Miscellaneous accounts receivable
_
873,519
1,460,729
Materials and supplies
Interest and dividends receivable
Other current assets
48,375
8,615
...
$10,066,763
Total current assets
$6,583,614
1939
$1,591,804
1,653,782
Audited accounts and wages payable
Miscellaneous accounts payable
$1,284,308
2,219,269
60,299
200,554
63,788
49,324
199,267
9,142
77,653
18,508
Interest matured unpaid
Dividends matured unpaid
49,324
199,267
9,142
131,175
accrued
interest
413,795
1,090,837
1,530,794
47,256
44,365
1940
Selected Liability Items—
Traffic and car service balances payable
Unmatured
9,769
872,888
1,339,454
496,240
service balances receivable
car
1939
$4,136,023
125,724
13,482
Cash account
Traffic and
Unmatured rents accrued
...
Other current liabilities
$3,853,556
Total current liabilities
$3,963,050
366,229
83,320
15,581,457
Tax liability, U. S. Government taxes
Other than U. S. Government taxes
13,595,769
of Virginia
Chesapeake & Potomac Telephone Co.
1937
$7,689,309 $ 7,183,658
revenues..
1936
$6,816,092
2,294,172
$6,196,264
2,236,302
1938
1939
Calendar Years—
Local service
2,546,935
488,465
2,345,252
469,770
461,992
433,963
$10,724,710
$9,998,680
39,946
$9,572,256
$8,866,530
37,228
33,363
operating rev.. $10,693,900
1,771,240
Current maintenance...
1,726,929
Depreciation expense...
Traffic ejqjenses
1,645,476
$9,958,733
1,606,637
$8,833,167
1,406,674
1,376,854
1,200,288
850,123
227,481
805,588
1,297,965
806,566
225,059
758,556
1,162,377
$9,535,028
1,624,045
1,430,217
1,468,276
762,516
$2,369,098
46,080
$2,269,216
41,088
$2,196,335
12,447
$2,272,758
24,901
$2,415,178
1,310,304
171,457
286,292
,208,782
194,167
187,635
$2,297,659
197,188
250,549
7,578
9,114
9,488
9,627
10
790
807
833
$2,117,339
1,920,000
$1,842,651
1,800,000
$1,816,683
1,800,000
$1,839,461
1,620,000
$197,339
$42,651
$7.68
$16,683
$7.57
$219,461
$8.82
Toll service revenues...
Miscellaneous revenues.
Total.
30,809
Uncollectible oper. rev..
Total
Commercial expenses...
Operating rents
Gen. & misceli. expense.
Taxes..
Net oper. income
Net non-oper. income..
Inc.
for
on
bds. &
notes
1,553,878
1,576,443
4
723,837
194,428
677,878
a980,450
227,851
733.296
al ,092,491
fixed
ser.
avail,
charges
Int.
Other
—Y.
2087
The Commercial & Financial Chronicle
ISO
65,000
225,251
interest
Amort, of discount
on
funded debt
Other fixed charges
150, p. 1424.
Net income
Charleston & Western Carolina Ry.
_
$215,278
58,147
27,774
—
Net from railway
Net ry. oper. income
—Earnings—
$196,053
58,146
29,712
$171,376
$193,781
66,882
36.277
Divs.
22,315
def2,709
From Jan. 1—
Gross from railway.
448,527
127,641
67,230
_
Net fropi railway.
Net ry. oper. income
_
—V. 150, p.
_
389,430
115,135
60,545
353,514
56,288
4,372
394,079
133,990
75,662
stock
on com.
1937
1938
1939
1940
February—
Gross from railway.
Balance, surplus.
Earnings per share
a
of which
Balance Sheet Dec. 31
1940
$9,975,791
4,095,432
2,996,188
February—
Gross from railway
1937
1938
1939
$7,329,989 $10,340,517
4,437,488
2,129,306
3,217,328
1,452,086
$8,356,864
2.961.413
2.026.414
Common
39,218,758
Telephone plant__42,434,4l4
Serial
58,818
103,163
Misc.
phys. prop.
Other
investments
101,207
Cash & spec. dep.
231,086
8,222
1,131,214
1,038,518
547,948
412,046
228,101
205,179
53,097
20,736,541
8,536,341
6,461,816
Gross from railway..
Net from railway
Net ry. oper. income
15,895,324
5,188,192
3,496,545
17,493,302
6,366,330
4,455,885
19,526,376
7,947,818
5,525,276
Working funds
Accts. receivable..
•
Amer.
Mat'l &
supplies..
Deferred debits
1424.
1939
1938
1937
1936
revenues..$12,528,828 $11,734,278 $11,430,305 $10,357,662
Toll service revenues
3,001,016
2,812,714
2,889,751
3,155,790
Miscellaneous revenues.
655,208
592,654
570,175
521,993
Calendar Years—
288,978
1,088,321
836,959
5,150
593,550
13,394
492,808
18,449
6,203,862
1,958,557
5,790,722
1,786,875
Customers'
&
depos.
billing..
adv.
Acer. liab. not due
Deferred
credits..
Deprec'n reserve.^
Unapprop. surplus
52,736
.44,735,291 41,257,560
Total
44,735,291 41,257,560
—Y. 148, p.
1316.
Chesapeake & Potomac Telephone Co.,
Washington,
D. C.—Earnings—•
1936
1937
1938
1939
revenues..$10,644,210
973,667
Miscellaneous revenues.
630,023
Calendar Years—
-Earns.
(Balt.)-
Chesapeake & Potomac Telephone Co.
1,090,033
314,294
.
pension fd.
Accts. pay. & other
Total
Trust Co. of New
York, asked the Interstate Commerce Commission on March 20 for auth¬
ority to serve as a director of this railway. He said he had been nominated
and expected to be elected at the annual meeting in Richmond, Va., on
Blaine, President of the Marine Midland
2,900,000
1,058,161
tee of
published in our "Earnings Record" for
March, and covering the Jan. 31 statement, have been revised by the
elimination therefrom of the "loans and bills payable" amounting to
$7,460,744 for 1940 and $7,462,915 for 1939, leaving current liabilities at
$9,251,782 for 1940 and $9,111,082 for 1939.,
New Director—
5,500,000
Tel. & Tel. Co.
Notes sold to trus¬
18,012
Figures Revised—
p.
from
Adv.
203,064
The current liability figures as
April 23—V. 150,
notes
current liabilities
From Jan. 1—
G.
$
24,000,000 24,000,000
4,000,000
4,000,000
stock
Mat'd funded debt
Net from railway
Net ry. oper. income
James
1938
$
Liabilities—
$
$
Assets—
1939
1938
1939
1424.
Chesapeake & Ohio Ry.— -Earnings—
$7.66
undistributed earnings; the company
undistributed earnings in 1937 in respect
provision for surtax should be made.
1936 includes $15,836 surtax on
did not consider that it had any
1,936,844
$9,703,504
$9,107,820
884,445
600,692
890,709
577,361
973,047
533,447
$12,247,901 $11,421,981 $11,171,575
$10,614,315
Local service
Toll service revenues—
Locai service
$16,185,052 $15,139,646 $14,890,231 $14,035,445
Total.
39,900
54,955
60,558
59,503
Uncollectible oper. rev..
operating rev..$16,125,549 $15,079,088 $14,835,276 $13,995,545
2,219,108
2,328,084
2,308,244
.2,558,359
2,094,361
2,152,949
2,155,873
Depreciation expense
2,291,860
2,231,318
2,678,196
2,805,880
Traffic expenses
2,945,282
1,236,856
1,334,446
1,379,325
Commercial expenses..
1,443,992
Total
Current maintenance—
_
Operating rents
Gen. & misceli.
206,601
1,241,219
expenses
2,365,054
Taxes
Net operating income.
Net
non-oper.
income..
income
on
$2,856,979
$2,855,902
$3,106,982
31,744
4,365
8,215
on com.
34,108
17,301
Total oper. revenues.. .$12,205,833 $11,379,850 $11,137,467
2,064,933
2,003,788
2,243,376
Current maintenance
$3,115,197
$2,860,267
$2,888,723
426,432
305,759
195,165
$2,462,291
$2,554,507
$2,920,032
2,800,000
2,500",000
2,475,000
61,200
2,550,000
stock
Bal. transf. to
surp___def$105,194
share
$7.70
per
$79,507
def$37,708
$7.04
$7.29
$308,832
$8.01
did not consider that it had any undistributed earnings
in 1936 and 1937 in respect of which provision for surtax should be made.
As of Sept. 30, 1938, $5,000,000 of additional common stock was issued
and sold for cash at par to the American Telephone & Telegraph Co., the
sole stockholders.
The proceeds of this sale were used in discharging a like
amount of the company's obligations incurred for additions and improve¬
ments to the telephone plant.
a
$
S
1939
1938
Telephone plant..59,231,422 56,982,697
2,548
2.558
Other Investm'ts..
7,705
3,046
Misc. phys. prop.
218,636
Cash & spec. deps.
183,802
8.559
funds
Mat'l & supplies..
510,645
Accts. receivable..
1,623,461
Prepayments
Other def d debits.
238,516
82,391
17,046
470,690
1,502,531
213,000
74,451
%
Liabilities—
Adv.
8,100,000
Tel. & Tel. Co..
of pension
adv.
...61,884,402 59,489,305
5,625,000
1,839,488
$2,192,510
16,618
Gen. & misceli. exps—
Taxes
.
Net non-oper. income..
available
Income
for
$2,331,561
$2,126,913
418,781
$2,138,577
268,892
$2,209,128
526,019
ii
$1,805,543
1,800,000
$1,708,131
1,800,000
$1,869,685
1,800,000
$2,026,337
1,900,000
$5,543
$9.03
def$91,868
$8.54
$69,685
$126,337
Net
Balance to surplus
Earnings per share
Comparative Balance Sheet Dec. 31
334,555
1,081,102
988,236
4,254
964,557
861,835
5,344
and
Accts. payable
other curr.liabil.
credits..
11,974,515 12,122,122
2,538,872 2,626,939
61,884,402 59,489,305
Total
Chicago Burlington & Quincy RR. —EarningsFebruary—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 150, P. 1424.
1940
$7,263,531
1,725,819
649,579
15,203,722
3,543,924
1,401,245
1938
1939
1940
February—
$1,284,584
263,521
Net from railway—
57,865
Net ry. oper. income—
__
1—
Gross from* rail way
Net from railway
1,392,884
333,454
income—
def 120,155
13,158,771
2,176,361
13,844,268
3,226,266
1,085,938
def 88,144
1937
$7,563,597
2,102,236
1,084,642
15,413,436
3,818,631
1,624,421
1939
1938
1937
$1,183,698
$1,138,301
197,123
defl9,630
$1,353,095
219,874
938
364,814
125,508
*
2,663,927
553,424
139,034
$
Working
funds...
Mat'ls & supplies.
Accts. receivable..
Prepayments
Other def'd debits.
Common stock...20,000,000
Adv.
from
28,444
116,304
12,139
444,720
1 ,579,123
196,086
52,415
53,687
113,556
11,341
419,387
1,399,601
205,534
38,523
1938
$
20,000,000
Amer.
Tel. & Tel.
physical
*
$
Liabilities—
Telephone plant. .48 ,488,722 45,838,606
14,000
14,178
Other investments
property
in respect of
1939
1938
$
Co..10,525,000
8,200,000
Notes sold to trus¬
fund 2,112,983
Cust. deposits and
adv. billings....
266,014
tee of pens,
Accts. pay. &
current
2,171,136
257,300
other
liabilities 1,087,603
1,128,159
531,503
386,016
credits..
5,259
13,868
reserve..11,685,962 11,228,129
Acer. liab. not due
Deferred
4,717,632
Unapprop. surplus
2,414,884
2,390,846
473,811
44,122
433,923
11,434
50,931,955 48,094,414
Total
4,709,808
2,799,602
758,851
283,445
50,931,955 48,094,414
Total
1317.
—V. 148, p.
Chicago Daily News, Inc.—Registers with SEC—
A registration statement covering the public offering of $2,600,000 of
10-year 3U% sinking fund debentures, due April 1, 1950, and 48,000
($100 par) 5% cumulative preferred, shares has been filed with the Securities
and Exchange Commission.
The public offering will be made by an under¬
writing group under the joint management of Glore, Forgan & Co, and
Central Republic Co.
'
'
Proceeds of the financing will be applied to the redemption of all com¬
pany's outstanding 10-year 5% sinking fund debentures, due 1945, and
will also be used to affect the retirement of company's presently outstand¬
ing $7 cumulative ($100 par) preferred stock.
Holders .of the $7 preferred
stock who exchange their shares for the new 5% preferred will be paid the
sum of $5 a share for each share exchanged.
The balance of the unexchanged
$7 preferred will be redeemed at the call price of $105 a share.
The financ¬
ing operation as outlined will involve a maximum of approximately $7,500.000. the exact sum depending upon the number of $7 preferred shares
exchanged for the new 5% preferred.—V. 149, p. 101.
Chicago Great Western
Earnings-
From Jan.
150, p. 1424.
$6,236,740
983,585
$6,588,580
Chicago & Eastern Illinois Ry.
1939
Misceli.
$10.13
company did
should be made.
which provision for surtax
Assets—
182,790
$9.35
includes $4,513 surtax on undistributed earnings;
not consider that It had any undistributed earnings in 1937
1936
1,948,951
357,934
fund.
1929.
Net ry. oper.
$2,087,515
51,062
Operating rents
depos.
billing..
Unapprop. surplus
—V.
$2,082,135
44,777
.
Deprec'n
Deprec. reserve
Gross from railway
28,677
.
trustee
Customers'
Deferred
Total
%
Amer.
from
Notes sold
&
1938
stock...35,000,000 35,000,000
Common
Acer. liab. not due
—V. 150, p.
1,636,690
2,331,325
1,196,556
44,235
796,166
a980,044
.
Commercial expenses..
Cash
Comparative Balance Sheet Dec. 31
1939
Working
1,634,887
2,460,630
1,240,605
42,261
816,148
1,099,393
.
_
expenses
The company
■id. 8 SClS
1,721,851
2,504,854
1,283,710
51,730
845,761
1,251,668
$10,597,013
1,935,143
1,635,058
1,989,691
1,136,461
39,025
801,803
a867,323
$2,302,885
__
Depreciation expense.
Traffic
a
Earnings
42,131
42,067
Interest.
pref. stock (7%)
Dividends
a2,125,738
1,067,889
al,857,839
$2,694,806
Interest deductions
Divs.
1,181,667
2,192,828
$3,087,291
3 92,485
fixed charges
Net
181,191
for
available
Income
$3,073,180
14,111
205,398
1,154,562
198,291
Total
Uncollectible oper. revs.
1940
February—
i
$1,355,949
257,135
income—
defl3,511
railway
Net from railway
Gross from
Net ry. oper.
From Jan.
1—
Gross from railway
Net from railway
income—
1425.
Net ry. oper.
—V. 150, p.
2,891,328
611,509
56,761
RR.—Earnings
1939
1938
1937
$1,290,673
230,372
def30,235
$1,220,432
88,795
def178,690
$1,396,193
2,736,833
555,545
3,605
2,588,373
261,650
def285,961
2,930,070
505,613
def80,138
209,312
def77,589
2088
The Commercial & Financial Chronicle
Chesapeake & Potomac Telephone Co. of W. Va.—
Calendar Years—
Local service revenues..
Toll service revenues...
Miscellaneous
„
revenues.
Total
Uncollec. oper.
1939
$6,704,696
27,153
revs
Total oper. revenues..
Current maintenance
Depreciation expense
Traffic expenses
Commercial expenses
$6,677,543
1,209,700
1,069,697
1,135,193
484,341
Operating rents
Gen. & miscell. expenses
876,350
Net oper. income..__
Net non-oper. income
Income
$1,186,739
11,995
1936
$4,160,812
1,896,296
317,086
$6,426,859
34,054
$3,837,493
$6,392,805
1,139,556
1,043,509
1,105,876
477,880
160,786
519,846
834,269
$1,198,734
226,392
$5,915,771
$1,106,222
Dr2,815
$5,899,656
1,050,135
997,877
932,991
459,096
171,404
596,794
$997,428
Dr675
Net income
$972,342
972,000
stock.
Balance, surplus
Earnings per share
$1,103,407
130,333
$996,753
$973,074
972,000
$864,838
810,000
$932,809
931,500
$342
$6.00
$1,309
131,916
$1,074
$6.00
$5.76
$54,838
$5.40
a 1936 includes
$4,029 surtax on undistributed earnings; the companydid not consider that it had
any undistributed earnings in 1937 in respect
of which provision for surtax should be made.
Balance Sheet Dec. 31
1939
1938
$
$
Assets—
1939
Accts. receivable..
Mat'l & supplies..
701,002
1938
$
$
Liabilities—
Telephone plant.,27,420,021 20,793,018
Misc. phys. prop.
9,728
9,728
Other investments
23,027
29,027
Cash <fc spec. deps.
169,950
160,403
Working funds...
0,023
4,639
645,580
260,292
65,441
21,749
Common
Adv.
stock...10,200,000 16,200,000
from
15,364
13,700
7,451,773
22,765
7.005.473
19,490
securs.
Long-term receiv.
Misc. Investments,
Am'ts
due
245,918
off.
by
and employees..
28,275
subs., <fec
Land, buildings,
1,016,822
Other def. debits.
60,980
Insur., taxes, duty
& develop, exp.
Total
16,202,751
16,307,1801
Chicago & Western Indiana RR.—Earnings—
1939
$159,005
1,979,687
2,250,761
46,494
6,697
revenues
.210,214
203,177
472,691
642,783
550,177
573,513
28,376
4,285,892
28,053
4,445,906
1,543,312
Equipment rents
from
unfunded
securities & accounts.
Miscellaneous
1940
28,748,918 28,001,778
1939
1938
Operating
on
Tax
1937
$279,628
78,600
61,363
$277,894
77,126
50,667
$358,145
142,289
102,297
729,146
227,265
155,612
411
135
728
69,461
79,552
19,799
$4,514,734
177,808
2,949,531
$4,386,101
180,823
2,996,209
7,008
6,771
663,397
$5,204,746
180,307
7,012
3,037
847,052
$4,033,749
172,746
2,961,686
7,053
1,800
394,173
23,995
*49,648
23,998
70,173
25,540
65,238
40,514
84,189
$4,058,083
$3,631,629
$3,944,984
$4,544,896
$456,651
9.13%
$402,120
8.04%
$441,117
8.82%
$479,850
9.60%
expenses
funded debt
582,976
160,358
126,149
588,405
161,882
109,087
730,002
282,688
209,378
accruals
Amortiz. of discount
expenses.
Total
1940
Net ry. oper. income
—V. 150, p. 1425.
1939
$749,468
197,851
62,083
defl28,862
1,579,108
427,306
151,811
1938
1,314,188
70,865
def218,835
$611,497
1937
$595,924
def3,974
defl45,882
$929,186
216,305
56,352
1,264,763
23,318
14,724
1,790,055
366.570
51,764
def270,532
u...
Net income
Earned per sh. on com..
February—
& Pacific RR.-
-Earnings
1940
Gross from railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 150, p. 1595.
1939
1938
1937
$8,201,835
1,825,421
792,362
$7,224,572
1,105.170
40,146
$6,771,539
852.750
def228,427
$7,875,855
1,475,010
361,092
17,369,587
4,180,968
2.010,094
15,320,667
2,666,338
477,159
14,401,301
2,116,712
defl26,016
16,328,670
3,231,304
950,156
Chicago & North Western Ry.—Earnings
February—
1939
3
Equipment
ry. property..
9,499
9,499
3,101
3,893
Deposits in lieu of
1,928,283
64,76*>
2,009,879
156
132
Special deposits...
610,854
1,813,107
400,496
1,834,233
Loans and bills re¬
ceivable
100
400
From Jan. 1—
Gross from railway..
Net from railway
Net ry. oper. income...
—V. 150, p. 1426.
1939
19.38
1937
$5,526,434
180,097
def668,825
$5,493,860
defl8,678
def829,225
$6,221,051
250,686
def618,145
11,611,374
809,273
76,313
def883,572 def1609,020
12,855,189
819,054
def959,834
13,286,527
1,474,164
def284,777
11,734,693
64,766
Island
&
Pacific
Ry.—Earnings
oper.
expenses.
way operations
Net ry. operating income
$1,092,491
197,709
$640,260
x201,471
$2,216,686
503,528
$1,716,319
66,877
Chicago St. Paul Minneapolis & Omaha Ry.—
-Earnings
1940
February—
Gross from railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
1939
$1,245,396
74,885
1938
1937
defl67,872
$1,147,713
23,187
defl90,546
$1,147,885
47,731
defl43,125
$1,203,997
defl7,164
def243,273
2,727,293
351,319
defl23,380
2,414,406
136,164
def286,000
2,477,859
184,588
def233,074
2,545,395
—V. 150, p. 1427.
9,914
def435,467
Chicago Pneumatic Tool Co. (&
Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1939
1938
Manufacturing profits..a$4,850,173 a$4,702,743
Admin., sell. & gen. exp.
3,281,704
3,382,200
Depreciation
321,288
,
1937
„
1936
$4,455,714
2,702,063
388,054
358,422
Profit from operations
Other income charges..
Prov. for Fed. inc. taxes
Unrealized loss on for'n
exchange
$5,873,853
3,509,661
413,028
$1,247,181
7,985
202,000
$962,121
9,221
93,000
$1,951,164
107,618
y325,000
$1,365,597
162,233
127,000
279,895
zl43,584
credits
$757,301
66,286
$716,316
77,487
$1,518,546
83,770
$1,076,364
72,449
Net profit
Prior pref. dividends...
$823,587
169,820
$793,803
172,419
$1,602,316
$1,148,813
543,180
$0.33
542,955
407',010
$0.16
$2.26
Profit from operations
Income
x
Pref. dividends, old
$3 conv. pref. dividends
Earns, per sh. on com..
x
Before
535
518
354,055
303,886
330,658
353,676
3,266
3,261
530,159
621,764
3,367
2,105
307,698
331,721
2,106,591
186,960
Deferred assets
Rents & Ins. prems.
paid in advancefunded
debt
minority
tributed profits,
z
158 253
interest,
y Includes $73,000
Unrealized loss at Dec. 31,
74,187
for
1938,
on
surtax
633", 616
"
$2 .58
on
undis¬
foreign exchange
202,781
6,778,588
3,000
Loans & bills pay.
& car ser¬
Traffic
vice bal. payable
Audited accts. and
3,700
4,040
wages payable..
169,372
Misc. accts. pay..
Int. matur'd unpd.
182,751
1,018,442
160,741
195,932
unpaid
liablls.
3,000
338,569
3,333
7,642
Other def'd liabils.
9,210
Unmat. rents
Other
1,013,873
curr.
1,873,237
accr.
3,000
338,569
3,333
7,788
1,258,415
21,103
1,158,708
deprec.—
equipment
1,260,220
Oth. unadj. credits
141,493
1,117,211
470,162
Tax
liability
Accrued
Additions to prop,
through
_
Oth. unadj. debits
202,781
7,395,853
3,000
to
cos
Unmat. int. accr'd
and
income
surplus
Funded
1,211,451
debt
1,211,451
re¬
tired through In¬
& surplus.
reserves
Profit & loss—bal.
—V.
90,970,770 91,203,715
148,
p.
TOtal
54,582
8,082
666,811
54,582
8,082
773,771
90,970,770 91,203,715
1951.
Cincinnati New Orleans & Texas Pac.
Ry.—Earnings—
February—
Deficit.—V. 150, p. 1929, 1758.
.
agents & cond'rs
Misc. accts. receiv.
Mat'ls & supplies.
Total
& Gulf Ry.)
1940—Month—1939
1940—2 Mos.—'1939
$5,992,872
$5,380,531 $12,303,315 $11,480,180
4,900,381
4.740,271
10.086,629
9,763.861
Net revenue from rail¬
.
18,509
of
(Including Chicago Rock Island
..
16,139
on
construction.
Funded debt mat.
ser¬
vice bal. receiv.
Net bal. rec. from
Discount
of
come
Rock
Period Ended Feb. 29—
Total ry. oper. revenue.
x
car
5,000,000
72,032,000 72,671,000
Non-negot. debt
Sink, fund
Chicago
System—
Railway
<fc
$
6,000,000
Funded debt
affiliated
mtgd. prop, sold
Traffic
1938
S
Cap. stk—com
Govt, grants in aid
impts. on leased
Cash in sink. fund.
phys. prop.
Inv. in affil. cos..
Cash
1939
Liabilities—
80,776,318
2,190,139
2,216,105
_
$6,409,536
605,623
def287,533
1938
Investm'ts: Road.80,931,588
Rents receivable.
Other curr. assets.
1940
Gross from railway
Net from railway
Net ry. oper. income...
7,810
6,783
998,843
Comparative General Balance Sheet Dec. 31
A. S8CtS,m~mm
Misc.
Chicago Milwaukee St. Paul
3,226,450
on
funded debt
Miscellaneous
Chicago Indianapolis & Louisville Ry.—Earnings—
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
1936
$123,446
2,035,929
2,753,106
48,616
43,122
1,324
facility rents
Equipment rents
$343,226
110,117
76,155
February
1937
$147,194
1,950,238
2,167,608
49,376
Dr8,002
70,765
earnings.
Joint
Gross from railway
Net from railway
1938
$138,036
1,972,508
1,799,013
48,025
6,296
Income
credits..
16,307,180
31, inclusive.—V. 150,
current liabilities
Accts. pay. & other
Chicago & Illinois Midland Ry.-—Earnings—
—V. 150, p. 1596.
16,202,751
p. 1929.
Total.
Net from railway
Net ry. oper. income
Total
of prior preferred stock for retirement.
Int.
From Jan. 1—
Gross from railway
305,325
Note—The above balance sheet includes the assets and liabilities of Con¬
solidated Pneumatic Tool Co., Ltd., and certain of its
subsidiary companies
and branches as of Nov. 30, and of its remaining
subsidiary companies and
branches as of various dates from Sept. 30 to Oct.
Inc. from lease of road..
Joint facil. rent income.
Miscell. rent income
Total
*
502,885
.
61,035
291,515
Calendar Years—
-V. 148, p. 1317.
February
.
x After
depreciation of $4,936,954 in 1939 and $4,673,874 in 1938.
Represented by 335,320 shares (no par),
a Represented
by 67,604
(68,700 in 1938) no par shares,
b Represented by 181,135 no par shares,
c Includes
$14,867 ($12,258 in 1938) capital surplus arising from purchase
Operating
Unapprop. surplus 1,527,049
Gross from railway
Net from railway
Net ry. oper. income
foreign subsid
y
870,639
depos.
<fc adv. billing..
Deprec'n reserve..
28,748,918 28,001,778
1,571,790
296,337
3,826,879
3,575,000
Customers'
Deferred
Total
1,710,665
Contingent reserve
Minority interest,
1,206,903
mach., eqpt., &c 3,645,779
Goodwill
61,035
x
Acer. liab. not due
293,891
07,689
Prepayments
148,466
Net assets of for'n
856,911
tee of pens, fund
$
61,288
21,800
31,665
183,881 b $3 conv. pf. stk. 2,415,133
2,415.133
a Prior
pref.stock, 3,261,893
3,314,775
49,066 y Common stock.. 3,353,203
3,353,203
Capital surplus
4,080,231 c4,077,649
29,715 Earned surplus
1,002,201
891,614
83,356
advances, &c
4,525,000
Notes sold to trus-
1,701,480
Acc'ts pay. & accr.
liabilities & taxes
(misc.).
Marketable
Araer.
Tel. & Tel. Co..
2,154,150
rec.
Inventories
1938
S
Notes payable
rec.
(trade)
Acc'ts
1939
Liabilities—
$
1,454,658
1,035,574
Notes & acc'ts
a693,929
1938
$
Cash
16,115
$6,352,988
1,201,688
1,014,798
1,101,344
472,360
151,391
526,038
a779,143
$1,120,037
187,228
1939
Assets—
for
fixed charges
Interest
Consolidated Balance Sheet Dec. 31
286,981
$6,374,194
21,207
1940
30,
(including $82,174 applicable to certain foreign subsidiary companies
operating in countries having exchange restrictions).
a After deducting
cost of goods sold amounting to $7,303,898 ($6,514,953 in
1938).
1,791,297
i
available
on common
1937
$4,277,886
1,817,381
331,591
$1,111,081
8,956
156,.507
559,015
Taxes..
Divs,
1938
$4,436,195
1,940,056
328,445
March
1940
Gross from railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.__
—V. 150, p. 1427.
1939
1938
1937
$1,448,568
515,919
378,531
$1,363,081
449,728
330,126
$1,107,686
281,342
216,162
$1,366,227
454,168
319,518
2,994,462
1,046,632
756,329
2,849,989
1,041,790
2,252.396
544,401
447,511
2,662,309
812,718
537,017
Cities Service Co.—To
759,327
Pay Directors—
Company will ask stockholders at their annual meeting on April 30 to
by-laws to provide for payment of salaries of
as much as
$6,000 a year to directors, it was disclosed on March 26. in the
proxy notice for the meeting, to be held in
Dover, Del.
approve a proposal to amend
It is proposed also to
protect officers and directors of the company by
having it indemnify them for expenses reasonably incurred in connection
with lawsuits or
proceedings brought against them in the performance of
their duties as executives of Cities
Service.
Shareholders also will be asked to approve a reduction
of $415,894 in the
stated capital of the
company through retirement of 41,589 shares of com¬
mon stock held in the
treasury.—V. 150, p. 1274.
Clear
The
Springs Water Service Co.—Sale of Properties—
Northampton
(Pa.) Borough Municipal Authority by resolution
March 26, 1940, has purchased all the waterworks
plants and
properties of the company, together wiht all
rights and franchises owned.
The Authority is
issuing $1,000,000 2%% water revenue bonds to provide
funds for the purchase of the
properties.
adopted
Bonds and
Preferred Stock Called—
Company announces that it will redeem on May 27. 1940 all of its first
mortgage 5% gold bonds, series A, due March 1, 1958, at
102% and accrued
interest.
The bonds will become
payable on that
trust department of the New York
Trust Co., 100
date at
the
corporate
Broadway, New York,
but bondholders
may, at their option, obtain the full
redemption price there
at any time upon surrender of
their bonds.
The outstanding preferred shares have
also been called for redemption
t the office of the First
National Bank of Allentown, Pa.—V.
150,
p.
989.
Volume
The Commercial &
ISO
State
City Ice & Fuel Co.—Earnings—
Consolidated Income Account for Calendar
Years
1936
1939
'
1938
1937
$25,356,161 $25,407,462 $28,970,671 $29,043,108
18,885,596
19.025,722
21,909,826 21,330,836
690,989
757,920
705,811
770,133
2,290,252
2,169,674
2,156,342
2,262,748
Sales.
Operating
expenses
Maintenance
Depreciation
Profit from operations
$3,519,587
188,818
$3,542,971
314,522
Other income (net)
$4,027,964
282,690
$4,731,031
277,309
$3,708,405
$4,310,654
$5,008,340
90,216
620,911
113,108
612,559
170,561
692,077
190,031
832,638
$3,146,366
Total income.
$2,982,738
$3,448,016
$3,985,671
100,040
66,055
78,460
67,701
80,978
67,726
$2,816,642
1,288,284
1,620,406
1,157,000
$1.32
$3,301,855
1,293,569
2,308,650
1,157.000
53,836,967
1,289,357
2,308,040
1,157,000
$2.20
$3,857,493
Interest and discount on
funded debt & loans..
Income taxes
Net profits
Portion of earns, of subs.
*
applic. to minor, int._
Bf.
Pref divs. (of subsidiaries
Net
income
...
56,844
$3,041,052
1,198,183
Preferred dividends
1,385,575
1,152,288
Common dividends
Shs.
(no par).
share
com. out.
Earnings
per
48,471
$1.60
$1.73
.
Consolidated Balance Sheet Dec. 31
a
Land, bldxs.. ma-
chin'y A eq., Ac.33,649,559 35,177,279
3 669,937
Cash
2,811,188
$
$
6M% pref.stock.. 17,272,200 19,925,200
b Common stock..12,950,000 12,950,000
600,388
Accounts payable.
560,374
10,993
16,368
expenses.
894,382
842,569
Notes A acets. rec. 2,576,069
3,085,961
Provision for tax..
610,703
805,225
1,609,108
1,536,324
Prov. for outst. ice
M'k'table sccurs..
Inventories
Accrued
coupons &
Acer. int. rec., pre¬
e381,918
271,618
967,900
paid taxes, Ac..
1,038,028
Other assets
Deferred charges
See
_
64,163
e
cus'ts*
147,097
91,893
2,257,350
3,008,450
deposits
Funded
debt
Res. for future obs
300,000
on
d Treasury stock.
Surplus
42,006,736 44,859,678
1,265,084
Drl81,185
5,252,053
min. int.
in subsidiaries..
Total
300,000
1,199,498
of plnat prop'ties
Equity
Dr203,727
6,018,858
42,006,736 44,859,678
Total...
depreciation of $41,568,089 in 1939 and $40,638,851 in
b Represented by 1,157,000 shares (no par),
d Represented by
(2,353 in 1938) shares of preferred and 4,712 shares of common in
only,
e Includes deferred charges.—V. 150, p.
1929.
After
a
Cleveland Graphite Bronze
Net sales after disc't..
Cost of goods sold
1938
1937
$4,978,223 $10,388,435
23.742
59,018
1936
$7,753,889
101,089
$8,928,508
5,960,948
$4,954,481 $10,329,417
7,388,670
4,027,644
$7,652,800
5,529,186
$926,837
581,881
1,966
$2,940,746
609,882
$2,123,614
455
814
$342,989
111,758
$2,330,409
72,459
$1,580,600
$2,418,600
248,603
$454,747
81,526
$2,402,868
$1,622,971
510,351
89,956
63,563
291,948
228,912
65,444
A admin, exp.
$2,967,560
604,728
Prov. for doubtful accts.
329
Manufacturing profit.
gen.
$2,362,503
Operating income
Other income
Total income
...
deductions
Other
Co.—Earnings—
1939
$8,972,426
43,919
96,745
Cash discount allowed..
Sell.,
1939
424,873
sales
Gross
1938.
1,490
56,096
Calendar Years—
a
542,200
42,371
profits taxes
for surtax
Prov.
on
un¬
distributed profits
Net
income
Bal. surplus at Jan. 1
$1,745,123
3,370,338
$309,658
3,382,841
$1,503,825
2,781,064
$1,238,659
2,170,174
27,916
$5,115,462
805,400
$3,692,498
321,920
$4,284,888
$3,436,749
901,376
643.840
240
672
11,845
$3,370,338
$3,382,840
$2,781,064
$0.96
$4.67
$3.85
additions
8urplus
Total surplus
Dividends paid in cash..
Other surplus deductions
Surp. bal. at end of yr. $4,310,062
Earnings per share on
321,920 shares
$5.42
Less returns and allowances.
a
Balance Sheet Dec. 31
$988,760
904,254
—trade (net)...
$929,636
Indebt.
of
$118,728
572,441
151,806
8,837
3,959
~3~358
Cap. stk. (par $1).
321,920
Earned surplus... 4,310,061
3,370,338
Accts.
due officers
490
and employees..
5,456
4,882
1,762,987
1,127,358
42,500
42,500
3,722
Total fixed assets 1,689,308
Pats. A pat. rts.
34,455
51,884
Other curr. liabs..
8', 747
1,083,042
39,910
29,377
Inventories
Securities
co.
affll.
of
at cost
Mtge. note receiv.
b
$265,536
Accts. pay.
empl's
and others
a
700,614
(trade)
Accrued liabilities.
Cash
Accts. A notes rec.
Prepaid
expenses.
c
$5,482,754 $3,966,641
Total
Reserve for divs.
321,920
After
1940
$802,530
481,725
399,356
Net from railway
Net ry. oper. income
From Jan. 1—
1,583,324
934,721
Gross from railway
Net from railway
778,291
Net ry. oper. income
—V. 150, p. 1596.
Coca-Cola Bottling Co. of
1939
1938
1937
$560,750
278,901
244,218
$470,196
182,995
150,542
$558,854
264,847
250,843
1,178,212
618,309
557,272
973.325
397,732
343,639
1,145,945
548,273
31, 1939
$3,239,171
1,393,374
Cost of goods sold
Selling and delivery expense
Administrative and general expenses
....
i.
...
14,827
$577,180
2,623
Total income
Interest and discount
Net profit
Dividends paid
1,115,437
168,007
$562,353
operating income
Other income
Federal income taxes
533,906
Los Angeles—Earnings—
Earnings for Year Ended Dec.
Net sales.
Net
1939 and
On stock
RR.—Earnings—
railway
_•
101,865
$472,692
309,573
$1.90
248,151 shares common (no par)
Balance Sheet as at Dec. 31, 1939
Assets—Cash on hand and in banks, $244,094; accounts receivable (net),
$71,939; government bonds, at redemption value, $15,100; cash surrender
value, life insurance, $20,872; inventories, $95,776; fixed assets (net),
$1,335,772; franchise and market development, $548,058; copyrights, $684;
deferred charges, $32,736; total, $2,365,033.
Liabilities—Notes payable, $33,600; accounts payable, $86,420; custo¬
mers' deposits on containers, &c., $111,481; customers' credit balances,
$1,868; accrued salaries and commissions, $28,079; accrued interest, $44;
Earnings per share on
Colgate-Palmolive-Peet Co.—Preferred Stock Called—
% preferred stock has been called for redemption
May 21 at $102.50 per share and accrued dividend ($0.8334 per share).
All of the outstanding 6
on
Payment will be made at the Guaranty
Trust Co. of N. Y.
Registrar and Transfer Agent—
The Chase National Bank of
the City of New York has been
appointed
Registrar for the $4.25 preferred stock no par value.
The Guaranty Trust Co. of New York has been appointed transfer agent
for 125,000 shares of $4.25 preferred stock.
Company has advised the New York Stock Exchange of the termination
of the appointment of the Continental Illinois National Bank & Trust Co.,
as transfer agent, and the First National Bank of Chicago, as registrar of
the common and 6% cumul. pref. stock of the company, effective as of the
close of business on March 21, 1940.—V. 150, p. 1929.
Colorado & Southern Ryv —Earnings1938
1939
1940
$450,775
$397,750
$474,533
56,478
49,124
79,588
def40,301
def31,069
Net ry. oper. income
defl6,354
1937
February—
$576,040
Gross from railway
Net from railway
106,121
6,928
From Jan. 1—
1,035,943
227,079
39,264
826,360
85,813
def90,615
919,257
90,069
defl00,052
1,173,453
233,042
43,572
—V. 150, p. 1427.
Columbia Gas & Electric
Corp.—Annual Report—
Philip G. Gossler, Chairman and
Edward Reynolds, President state
in
part:
Results—Industrial activity during each month of 1939 was greater than
In the corresponding month of 1938. As a result of this increase in activity,
gross revenues from all sources ware 7.5% greater than in 1938. The greater
portion of this increase resulted from larger sales of gas.
For the year 1939, total gas sales exceeded those of 1938 by 11.1%. Sales
of gas for industrial uses were larger than in any previous year except
and exceeded those of 1938 by 22.5%.
Residential gas sales were 4.2%
1937
consumption per residential
m.c.f. in 1938. The average
for 1939 was $34.23 an incraase of
larger than in 1938. For the year, the average
customer was 59.0 m.c.f. as compared with 57.7
residential customer
approximately 44 cents over that for 1938.
annual revenue per
Gas gross revenues were
,,
8.2% greater than those in
1938. The smaller
is attributable
percentage of increase in revenues than in volume of sales
to the fact that the greatest increases in sales occurred in the
classifications where rates are lower than those for other classes of
industrial
service.
in effect in 1938.
companies during 1939
exceeded those of 1938 by 12.9%.
Sales of electricity for industrial uses
increased 20.5%.
Residential electric sales expanded also, exceeding those
of 1938 by 8.8%.
Total electric sales of 127,551,000 kwh. in December
1939, were the largest for any month on record.
The gross peak load of
Columbia System reached a new high of 383,320 kw. on Dec. 4, 1939, an
There were no material changes in gas rates from those
Sales of electric energy by Columbia System
the 1938 peak of 345,600 kw.
Average residential consumption of electricity in 1939 was 926
as
compared with 873 kwh. in the preceding year. There has been an
over the preceding year every year of the past decade and average con¬
sumption per residential customer in 1939 exceeded that for 1929
The average residential rate in 1939, however, was 3.46c. per kwh. as
6.42c. in 1929. In 1939, the average annual revenue per residential customer
was $32.01 as against $32.09 in 1929.
Therefore, at a total cost to
essentially equal to what they were paying 10 years ago, residential cus¬
tomers are now obtaining 85.2% more kwh. of electric service.
increase of 11% over
kwh.
Increase
by 85.2%.
against
them
Electric gross revenues
fncreased 5.8%.
The lower percentage or
increase
sales (12.9%) resulted partly from substantially larger
for industrial purposes at rates lower than the average
other rates and partly from the fact that the average revenue per kwh.
received from all classes of service was less than in the preceding year.
in revenues than in
of
increase
Expenses—With total gross revenues for the year 1939 showing an
of 7.5% over those for 1938, the increased volume of business was accom¬
panied by an increase of only 5.7% in operating expenses,
40% of this increase being due to $1,665,476 larger accruals for taxes.
total tax accruals of the System were the largest in Its history and amounted
to $1.04 per share of common stock outstanding.
Federal income taxes
increased substantially as a result of the improvement in net earnings.
State and local taxes were also larger than in 1938.
„
The policy of Columbia System in providing property reserves for
ments and depletion is generally based upon a fixed rate per unit of sales or
production (m.c.f. of gas and kwh. of electricity).
creased accruals for retirements were chiefly the result of the Increasejin
volume of saxes of both gas and electricity.
Maintenance expenses were
slightly less than in the preceding year.
approximately
The
retire¬
Consequently the in¬
Operations—Sales department activities of all Columbia System com¬
have been continued with encouraging results. Each of the operating
maintains a trained and efficient staff of both men and women en¬
gaged in the promotion of sales of the various classes of services provided
by the companies. Organized sales programs are conducted for promoting
advanced standards of residential and commercial electric lighting, wider
use of gas and electric applicances and increased power load of industrial
customers.
The sales organization of each group operates on the basis
deemed best adapted to the needs of the companies and the localities being
served, with centralized general supervision and coordination for the best
use of the varied experience and talent of the personnel of the entire System.
Although the domestic gas refrigerator is a much newer type of equip¬
groups
the electric refrigerator, more than 100,000 gas refrigerators are
being used by Columbia System customers and account for gas sales of
approximately 1,200,000 m.c.f. annually. The combined
and gas refrigerators served by Columbia System is approximately 325,000.
In the territory served by Columbia System companies, a total or approxi¬
mately 7,700 new homes were erected during 1939, of which 2,950
38%) were equipped for gas house-heating.
. .
On Aug. 8, 1939, pursuant to approval granted by the Michigan P.
Commission on June 1, 1939, Michigan Gas Transmission Corp
a sub¬
total of electric
$5,482,754 $3,966,641
Total
deducting
February—
Gross from
$15,635; taxes payable—other,
now
$658,177 in
Clinchfield
taxes,
ment than
reserve
for depreciation of $754,904 in
1938.
b At cost after reserve for amortization,
c
reserved for exchange.—V. 150, p. 1759.
a
security
panies
1938
1939
Liabilities—
1938
1939
Assets—
social
sales of energy
Prov. for income and ex¬
cess
Federal
Net from railway
Net ry. oper. income
1938
Liabilities—
Assets
and
$109,940; dividends payable, $96; notes payable—bank (payable after one
year), $49,600; common stock (248,151 shs. no par), $1,041,765; paid-in
surplus, $25,000; earned surplus, $861,501; total, $2,365,033.—V. 150,
p. 1596.
Gross from railway
1939
1938
1939
2089
Financial Chronicle
(about
S.
natural gas for distribution m
Panhandle Eastern Pipe
maximum daily delivery
of natural gas through the lines of Michigan Gas Transmission Corp. was
78 million cubic feet. On Jan. 18, 1940, 96 million cubic feet were delivered
and two additional compressor units have already been ordered to provide
in part for further anticipated incerease in demand.
Due largely to the consummation of a contract in 1938 by the Manu¬
facturers Light & Heat Co. for the sale of industrial gas to be supplied by
Atlantic Seaboard Corp., gas sales of the Seaboard Group of Columbia
System during 1939 Increased 72.3% over 1938 and totaled 9,455,909 m.c.f.
All classifications of sales contributed to the increase, but industrial sales,
which totaled 3,672,395 m.c.f., accounted for the principal increase
ft* 4
Several Columbia System companies put group life insurance for em¬
ployees into effect many years ago. The early plans differed considerably
sidiary company, commenced deliveries of
Ann Arbor.
The gas for his service is supplied by
Line Co. During the winter period a year ago, the
in
their
provisions but a uniform
established
about $1,750,000
totally disabled
specified amount
plan for the System was
July 1, 1929. In the following 10 years to July 1, 1939,
paid to dependents of deceased employees and to
employees.
Under such plan each employee was given a
of life insurance and had the privilege or doubling the amount by
the additional premium at the group rate.
In 1939 the plan was
to a straight contributory plan whereby all regular employees are
was
paying
modified
protected
by insurance equal (subject to certain maximum limits) to at least one
year's salary, provided such employees contribute a pqrtion of the cost,
which is less than the portion borne by the companies.
Approximately
$28,500,000 of this insurance was in effect in December, 1939, covering
97.8% of the eligible employees.
,
Construction—Total construction expenditures for the year 1939 were
approximately $12,000,000, as compared with about $14,100,000 for 1938.
Among the larger projects undertaken during the year was the installation
at the Millers Ford power station of the Dayton Power & Light Co. of two
new high-pressure boilers designed to operate at
1,200 pounds pressure
per square inch at a temperature of 900 degrees Fahrenheit, and a new
33,333 Kv-a turbo-generator. Upon completion in 1940 the new generator
will give the Millers Ford station a total of eight generating units, with an
aggregate.rated capacity of 204,166 Kv-a and will increase the rated gener¬
ating capacity of all power plants of the Dayton company to a total of
206,354 Kv-a. The total rated generating capacity of the Cincinnati Gas &
The Commercial & Financial Chronicle
2090
Electric
a
Co.'s stations is
467,940 Kv-a, so that
by the end of 1940 the
1939
oT"b|a674r294*j£enerating caPacifcy of Columbia System power stations
Capitalization,
Financing and Corporate Changes—"With minor ex¬
ceptions corporation owns the entire outstanding voting stock, except
directors' qualifying shares, of each of its subsidiary companies.
These
subsidiary companies were indebted to the corporation at Dec. 31, 1939,
for loans, accounts and interest payable in the amount of $63,056,679,
consisting chiefly of advances made from time to time for construction and
other requirements, but the corporation was not indebted to any of its
subsidiary companies except for minor current charges, and neither the
corporation nor any of its subsidiary companies had any bank loans.
During the month of September, 1939, Columbia Corp., The Ohio Fuel
Gas Co. and Huntington Development & Gas Co., with the approval of the
Securities and Exchange Commission, carried out their plans, as announced
in the annual report for 1938, to create special capital surplus in the amounts
of $2,300,000, $6,719,015 and $2,000,000, respectively, by reduction of
capital represented by their common stocks.
United Fuel Gas Co., which owned about 72% of the
outstanding stock of
Big Marsh Oil Co., a small company owning leases and wells in West
Virginia, sold the stock and debt of Big Marsh Oil Co. to Columbia Gas &
Electric Corp.
Big Marsh Oil Co. becamse thereby a direct subsidiary of
the corporation. The Liberty Light & Power Co., which had been inactive
for several years, was dissolved.
United Fuel Gas Co., whose principal operations are now in West Vir¬
ginia, plans to acquire the assets of Warfield Natural Gas Co., which operates
in Kentucky, after which
Warfield Natural Gas Co. is to be dissolved.
This acquisition has been approved by the West Virginia and
Kentucky
Commissions.
Applications have been filed with the SEC but no hearings
have yet been held.
Two other plans for simplification of the corporate structure are
pending,
as follows:
A plan for the sale by Atlantic Seaboard Corp. of the securities
of its subsidiary companies to Columbia Gas & Electric Corp. has had a
hearing before the SEC, which has not yet issued its order.
After such
sale, Atlantic Seaboard Corp. will no longer be a sub-holding company.
The plan for the acquisition by Home Gas Co. of the assets of Eastern
Pipe Line Co., another subsidiary of Columbia Gas & Electric Corp., is
still pending before the New York P. S. Commission. If such
acquisition is
approved, Eastern Pipe Line Co. will be dissolved.
During the course of the year Cincinnati, Newport & Covington Ry.
with the approval of the Interstate Commerce Commission, acquired all the
outstanding common stock of The Dixie Traction Co. and Black Diamond
Stages, Inc., two companies engaged in bus operations in northern Ken¬
tucky.
Early in February, 1940, The Dayton Power & Light Co., with the per¬
mission of the Public
and sold to
an
Utilities Commission of Ohio and the SEC, issued
underwriting
group
headed by Morgan Stanley & Co. Inc.
$25,000,000 first mortgage bonds, 3% series due 1970.
On Feb. 8, 1940,
these bonds were offered to the public at 104, yielding 2.80%. The
Dayton
company at the same time called for redemption, on March 16, 1940, its
$19,015,000 1st & ref. mtge. bonds, 3}4% series due 1960. The proceeds
from the sale of the new bonds, after providing for the redemption
March
Balance Sheet Dec. 31
419,291,981
598
Acer. Int. receiv
934,271
380,469
1,455
273
Prepayments
Unamort.
disct. & exp..
1,609,822
446,842
34.846
408,162
Res. for
2,536
5,320,881
conting
157,497
2,6~0~2~39i
stock, series A 94,784,500
Cum. pref. stock
94,784,500
reserves.
Cum.
2,673,525
2,529,791
273,427
54,131
5,376
credits
Res. for retire*ts
Other
257,880
6%
_
pref.
5% series
5% cum. pref'ce
z
4,046,600
4,046,600
stock
12,386,000
12.386,000
Com. stock
12,304,282 194,349,006
Special cap. surp
appr. for prem
on pref. stock.
9,680,780
Special cap. sur. 116,342,384
Suiplus
prior to
Jan. 1, 1938..
Earned
1,083,868
13,212,242
7,190,674
2,656,604
surplus
since Dec. 31,
1937
Total
x
370,190,007 430,853,910
These figures
Total
370,190,007 430,853,910
do not give effect to various transactions which were
1938, and March 20, 1939, but are figures as of
z Represented by 12,304,282 no par
enacted between Dec. 31,
Dec. 31, 1938, or as of earlier dates,
shares.
■
Consolidated Income Statement
(Corporation and Subs.) for Calendar Years
Subsidiary Companies—
1939
1938
1937
$67,097,057 $62,031,969 $66,479,063
28,529,040
26,958,087
27,265,557
1,572,013
1,465,295
1,501,870
2,736,565
z2,485,003
3,563,857
Gross revenues—Gas
Electric
Railway and bus
Other operations
Total gross revenues
$99,934,675 z$92940,354 $98,810,347
46,507,721 z45,087,967
46,046,658
5,938,427
6,004,506
6,457,250
Pro v. for retirements and depletion.. 11,197,758
10,058,986
10,865,627
Taxes..
8,711,138
8,199,270
8,646,644
Prov. for Federal income taxes
3,553,097
2,435,868
2,753,117
Operating expenses
Maintenance
Net operating revenue.
$24,026,535 $21,153,756 $24,041,050
249,806
395,456
372,682
Other income
things, for the increase in the
1,609,822
Deferred
debt
Other def. chgs.
interest
Accrued taxes..
Other accr. liab.
88,460
price of
the 3H % bonds, are to be used, among other
Accrued
334,650
A ccts. receivable
$
.
250,933
6,881,131
250,933
11,141,827
Notes rec., subs.
*1938
%
Long-term debt. 104,570,700 104,570,700
Accts. payable
230,331
165,841
694,607
Organlza'n exp.
Special funds
1939
Liabilities—
$
Investments ...355,057,704
Cash
(Corporation Only)
X1938
$
Assets—
1940
30,
Gross corporate income
$24,276,341 $21,549.,,213 $24,413,732
3,747,495
3,717,105
3,497,190
2,450,012
2,450,012
2,450,012
Earnings applicable to min. Interests.
6,992
3,862
21,504
company's electric generating capacity.
Federal Regulation—The SEC on Jan. 25, 1939, issued an order In con¬
nection with the reduction of capital of the
corporation.
In this order,
among other conditions and reservations, the Commission retained and
reserved full jurisdiction under the Public Utility
Holding Company Act of
1935 with respect to dividends and surplus, including jurisdiction to enter
such orders as it might thereafter deem advisable, to prevent the
payment
of dividends on the common stock unless, after the declaration thereof and
after making provision for all dividend requirements on the
preferred and
preference stocks for all prior periods and the then current quarterly period,
Int. & other fixed charges of subs
Preferred dividends of subsidiaries—
Balance applicable to corporation_$18,071,842
Columbia Gas
Electric Corp.—
Balance applicable to corporation
Revenues—Interest
Other
1937, equaji
requirements for six quarterly dividends on the preferred and prefer¬
ence stock of the corporation.
Six quarterly dividends on the preferred and preference stocks of the
corporation amount to $9,763,050. As shown in the consolidated balance
sheet as of Dec. 31, 1939, the consolidated earned
surplus since Dec. 31.
1937, amounted to $10,552,316; but in determining the surplus available for
revenues
Total
there would remain consolidated earned surplus since Dec. 31,
to the
revenues
$19,113,600 $16,962,980 $20,349,844
1,573,953
1,498,560
1,666,003
Admin, and other exps. & taxes
Income before fixed charges
$17,539,646 $15,464,420 $18,683,841
5,482,456
5,5.38,510
5,565,106
Cr26,032
Cr304,837
Cr454,756
Interest and other fixed charges
Interest capitalized
dividends there must be deducted the preferred and
preference
dividends of $1,627,175 for the current quarterly period
(declared Jan. 4,
1940 and paid Feb. 15, 1940), so that, as of Dec. 31, 1939, the
$15,378,234 $18,445,027
$18,071,842 $15,378,234 $18,445,027
1,032,500
822,728
907,542
9,258
x762,018
997,275
common
of the Commission
Consolidated net Income
was
not met
by $837,909.
Even after sufficient earned surplus since Dec. 31,
1937, has accumulated,
so that a common dividend could be declared without
violating that re¬
quirement, the board of directors will have to take into account many
other factors bearing on financial policy in
considering the advisability of
paying common dividends.
For instance, there exists great uncertainty
with regard to future financing of the ever
recurring requirements for addi¬
tional construction, due to the yet undetermined
policies of the SEC under
the Public Utility Holding Company Act of 1935 and the
status of the
Integration Plan filed under Section 11 (e) of the Act.
On Feb. 6, 1939, the corporation filed with the
SETC an Integration
Plan and an application under Section 11
(e) of the "Public Utility Holding
Company Act of 1935, requesting an order finding that, upon the consum¬
mation of the plan, the operations of the holding
company system consisting
of the corporation and its subsidiary companies will be limited
to "a single
integrated public utility system" as definted in the Act and "such other
businesses as
are
reasonably incidental or economically necessary or
appropriate to the operations of such integrated public utility system,"
and that "the corporate structure is not
unnecessarily complicated and that
it does not cause unfair or inequitable distribution of
voting power among
security holders." The plan as filed did not deal with any Interest of the
corporation in Columbia Oil & Gasoline Corp. or its
subsidiary companies,
or fn Michigan Gas Transmission
Corp., Indiana Gas Distribution Corp.,
or American Fuel and Power Co.
(now dissolved) or its former subsidiaries,
each of which involved such special
problems as to be the subject of separate
applications. On Feb. 24, 1939, the corporation filed a
supplementary plan
and an application with respect to the
proposed retention by the corporation
of its present interest in the properties for
merly owned by American Fuel
Balance
Earnings
Corp.
z
and Power Co. and its former subsidiaries.
Hearings before the SEC on the Integration Plan were held in April,
1939.
During and after the hearings, counsel for the Commission took the
position that the Commission should not pass finally on the
integration order until the
plan
was
completed
plan or issue
by the inclusion of
{)rovisions forOil &retention or disposal of the investmentPanhandle Eastern
the Gasoline Corp. (and indirectly in of the corporation
Columbia
n
so
Pipe Line Co.) and in the Michigan and Indiana subsidiaries of Columbia
Gas &|Electric Corp.
This latter problem is before the U. S.
District Court for the District of
Delaware. On May 31,1939, the Department of Justice
applied for leave to
intervene in the proceeding before the
SEC,with the purpose of inducing the
Commission not to pass on the Integration Plan until
the outcome of the
case in the
District Court has been determined.
Briefs were filed and
arguments were heard on the Integration Plan In
June, 1939, but the
decision of the Commission has not
yet been rendered.
Income Statement (Corporation
Only) for Calendar Years
1939
1938
1Di^8-_:9n s,tks> °/ subs- conso1
On other
8,539
Provision for Federal
Rents
Management and
income
service contract fees
Gross corporate income..
Interest on long-term debt
Amortiz. of debt disct. and expense..
Other interest-----income
997,274
3,052,090
907,542
$17,709,093 $15,771,618 $18,594,191
649
60,683
103,869
62,777
65,168
69,161
taxes..
402,402
363,631
173 906
2,881
11,194
101,560
474,344
630.900
General and administrative
expenses.
Other
y762,018
3,332,357
822,728
1,033,219
1,217",507
$16,135,139 $14,273,058 $16,928,188
5,228,535
5,228,535
5,228,535
143,734
143,734
143 734
94,994
deductions
Net income
338 214
659i669
16,583
$10,651,293
157,696
9,934
175,026
19,201
$8,733,158 $11,361,692
x Does not include
$653,037 of dividends received from subsidiary com¬
panies which the corporation has agreed not to include in income because
they were declared out of their surplus
prior to Jan. 1, 1938.
y Includes a1
dividend of $750,524 received from Columbia Oil &
Gasoline Corp.
No
dividend was received from that
company in 1939.
_
$5,623,557
$0.46
$3,771,082
$0.31
$6,996,469
$0.57
dividend of $750,524 received from Columbia Oil & Gasoline
No dividend
received from that company in
was
1939.
y
Loss,
Revised figures.
Consolidated Balance Sheet Dec. 31
1939
$
Assets—
Property, plant and equip., incl. Intangibles
Cash in banks and
on
Due from officers and
xl938
$
574,102,057 622,437,647
52,872,700
55,342,334
23,568,171
19,167,279
Investments
hand.
employees
Interest and dividends receivable
442,988
18,689
355,402
Marketable securities
212,065
334,818
8,139,591
1,599,517
12,295,846
1,381,545
11,901,117
Materials and supplies
Prepd. ins., taxes, gas lease rentals & royalties, &c.
Accounts receivable
545,166
Special funds and deposits
Funds impounded pending rate decisions (cash)._
Unamortized debt discount and expense
Other deferred charges
Total.
1,939,202
5,928,464
834,544
1939
-
7,771,880
369,314
1,939,202
6,298,023
852,008
682,480.314 728,169,260
Liabilities—
Bonds of Columbia Gas & Electric Corp.:
5% gold debentures, due May 1, 1952
5% gold debentures, due April 15, 1952
Gold debentures, 5% series due Jan. 15, 1961—
...
Purchase money warrants of a
$
49,979,000
4,542,900
49,940,000
75,112,000
158,508
1,580,992
subsidiary
Long-term debt of subs, (current maturities)
Accounts payable
Accrued taxes
4,967,944
8,143,504
Accrued interest
Consumers' deposits & accrued interest thereon
Other accrued liabilities
2,281,326
2,138,111
179,901
Contingent earnings pending rate decisions (net)..
Retirements and depletion reserve
Property revaluation
xl938
$
Bonds of subsidiaries
5,741,769
139,708,436
reserve
Undetermined Federal and other taxes
8,276,546
Injuries and damages reserve
2,068.827
Other
3.809,113
reserves.
Cum. pref. stock, 5% series ($100 par)
5%
z
cum.
preference stock ($100 par)
Common stock
Subsidiary companies—Preferred stocks
Minority com. stocks & surp. applic. thereto..
Special capital surplus appropriated for premiums
on
Total revenues
Provision for retirements
Taxes
a
Cum. 6% pref. stock, series A ($100 par)
3,365,561
loans to subs, consolidated
On other investments
sh. of com. stock outst.
49,979,000
4,542,900
49,929,000
77,559,000
131,438
1,608,160
4,331,330
6,835,288
2,290,578
2,104,768
363,124
4,569,873
133,617,929
2,475,512
7,480,047
2,042,368
4,290,150
Columbia Gas & Electric Corp.:
1937
$13,301,774 x$10854,514 $13,637,284
investments.
Interest—On bonds and notes of and
per
Includes
x
*
any
.$12,083,222 $10,230,747 $13,573,490
6,459,665
6,459,665
6,577,021
Preferred dividends paid
requirement
preferred stock
94,066,400
94,066,400
3,869,500
3,869,500
12,166,800
12,166,800
12,223,256 193,069,184
50,000,200
50,000,200
124,211
169,211
9,680,780
117,446,466
Special capital surplus
Surplus prior to Jan. 1, 1938
Earned surplus since Dec. 31, 1937
_
l3,721,507
10,552,316
Total.
16,993,631
3,683,867
-682,480,314 728,169,260
x These figures
do not give effect to various transactions which were
enacted between Dec. 31, 1938, and March 20, 1939, but are figures as of
Dec. 31, 1938, or as of earlier dates,
z Represented by 12,223,256 no par
shares.—V. 150, p. 1133.
Columbus & Greenville
February—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway...
Net ry. oper. income
—V. 150, p. 1428.
Ry.—Earnings—
1940
$93,250
-
1939
$89,327
1938
$101,687
12,711
16,115
13,103
5,789
7,388
5,23l
179,255
199,407
36,664
13,517
196,266
15,046
16,648
4,000
648
1937
$134,456
47,785
34,027
224,461
52,9§5
35,039
Volume
The Commercial & Financial Chronicle
150
Columbus & Southern Ohio Electric Co.—Earnings—
Calendar Years—
1936
$12,347,409 $11 ,496,335 $11,607,117 $10,778,323
4,243,851
,035,028
3,975,188
3,814,415
721,913
740,805
640,986
737,822
1939
Totaloper.revenues
Operation
Maintenance
Prov.
for
deprec.
&
1938
1937
2091
The net proceeds of the 5% cumulative preferred stock
pursuant to such exchange offer and thereafter sold
will be used by company to reimburse its treasury
for the funds used in the redemption of the unexchanged 7 % pref. stock.
exchange offer.
offered but not issued
directly by the
company,
1,451,880
1,191,848
409,583
438,745
1,440,385
1,095,895
357,658
$3,972,430
17,864
$3,563,746
8,993
$3,908,470
6,870
1939
Total net earnings
$3,990,294
Int. on long-term debt..
1,100,719
Amort, of debt discount
$3,572,739
1,040,000
$3,915,340
1,040,000
$3,466,065
1,040,000
69,404
Cr37,241
64,329
5,280
74,566
1,656
x$2,924,137 x$2,500,577
827,548
827,548
1,201,088
1,201,088
$2,805,731
854,626
1,201,088
Operating
Operating
$3,332,148
133,917
Federal income tax
Interest
expenses
expense
commercial
earns,
from oper.
Other income (net)
and expense
income
dividends
Common dividends
Net
bank loans and
on
45,646
Total
,
2,286
$965,582
170,297
$
on
on common
advances
553,060
Dividends
on
Prem.
prepaid accounts 1,811,435
on
class B common stock.
red. of2,000 shs. of 7 %
amount of
8,360,153
pref. stock ($100
charges and
345,668
1,598,148
b Accts. receivable
869,670
Due from aff11. cos.
7,638
Materials & suppl's
934,775
925,214
2,886
882,853
5,014,440
Common stock..
5,014,440
7,506,800
par)
c
$2,288,880
27,836,000 26,000,000
123,533
132,836
Notes payable
500,000
Accounts payable.
428,872
d749,874
Accrued interest..
186,943
185,797
Accr'd gen. taxes.
607,115
568,151
liabilities
Fed'l income taxes
743,536
536,196
Pref. stk. div.pay.
206,636
34,491
206,636
37,771
8,792,840
5,243,404
1,304,923
Miscell. curr.liabs.
Reserves
9,131,118
Paid-in surplus
5,243,404
e
Earned surplus..
2,200,425
67,623,465 65,139,8221
Total
67,623,465 65,139,822
Total
Commonwealth Edison
Co.—Weekly Out-put—
The electricity output of the Commonwealth Edison Co. group
Instal. notes receivable (net).
10,143,049
Marcy
9
March
Per
1939
149,393,000
151,563,000
150,544,000
153,588,000
March 23
March 16
2
132,416,000
138,411,000
139,046,000
139,179.000
Cent
Increase
12.8
16,001
paper
Office turn. & fixtures (net)
10.4
Loan * Co.,
Indianapolis—Preferred
Stock Offered—Public offering of 25,000 shares of 5% cumu¬
lative preferred stock ($100 par) was made March 26 through
Hallgarten & Co.
The stock was offered at $100 per share
by means of a prospectus.
Exchange Offer—Company is offering to the holders of 10,000 shares of its
7% preferred stock 10,000 shares of 5% cumulative preferred stock at the
7% preferred for one share of 5% preferred plus the
sum of $5.92 in cash.
The exchange offer expires April 15.
The 10,000
shares of 5% cumulative preferred stock issuable under the exchange offer
are not included in the 25,000 shares of stock being offered, and the exchange
rate of one share of
offer has not been underwritten.
Such of the 10,000 shares of 5% cumu¬
lative
preferred stock as are not issued under the exchange offer will be
offered for sale for cash directly by the company at not less than the public
offering price of the 25,000 shares of stock being offered.
Company—-Company was incorporated in Indiana April 25, 1922.
Com¬
pany upon incorporation acquired the 18 small loan offices theretofore
owned and operated by John H. Aufderheide and his associates.
The
members of this group organized the company, are still numbered among
its principal stockholders and continue active in its management,
Since
its incorporation the company has engaged exclusively in the business of
making small loans pursuant to the provisions of the small loan laws of the
States in which the company has operated.
Company now has and operates 57 small loan offices.
These offices are
located
in
Illinois, Indiana, Iowa,
Kentucky, Michigan, Minnesota,
Missouri and Ohio.
Capitalization—The following tabulation shows the company's capital¬
as of Dec. 31, 1939, as adjusted to reflect the following subsequent
(a) The cancellation of 4,186 shares of 7% preferred stock in
the treasury; (b) the exchange of the 15,773 outstanding shares of class B
common stock for 15,773 shares of common stock; (c) the filing of articles
of reorganization eliminating the authorization of 8%
preferred stock,
and class B common stock, increasing the authorized number of shares of
common stock
to 500,000 and authorizing 80,000 shares of cumulative
preferred stock; (d) the designation of 35,000 shares of cumulative preferred
stock as 5% cumulative preferred stock; (e) the exchange of 10,314 shares of
7% preferred stock for 51,570 shares of common stock, and (J) the issuance
of the 35,000 shares of 5% cumulative preferred stock and the redemption of
all the 7% preferred stock not exchanged for 5% cumulative pref. stock.
ization
transactions:
Authorized
$11,878,205
b35,000
5% cumulative preferred stock
Not yet designated
Common stock (no par)
b35,000
35,000
45,000
500,000
None
257,329
provide in substance that no shares of
be issued unless and until all out¬
standing 7% preferred stock has been surrendered in exchange for cumu¬
lative preferred stock or funds sufficient for the redemption of such 7%
preferred stock not so surrendered shall have been deposited in trust for
such purpose and irrevocable instructions shall have been given for the
mailing of notices of redemption of such preferred stock.
b The exchange offer of 5% cumulative preferred stock for 7% preferred
stock has not been underwritten and the 10,000 shares of 5% cumulative
preferred stock may
6,833,970
5,905,889
76,441,790
68,516,530
1,479,039
Oper. expenses & taxes._
for deprec. & re¬
tirement
reserve
1,355,662
16,755,056
15,239,049
$4,618,999
Int. & other deductions.
3,077,126
$4,468,230 $50,085,152 $47,486,696
3,085,502
36,426,547
36,367,049
$1,541,874
$1,382,727 $13,658,606 $11,119,647
Gross income
Netincome...
a
749,807
8,997,610
8,997,485
$632,933
$4,660,996
$2,122,162
stock...
Balance
a
749,794
$792,067
Divs,on pref.
Reflects deduction for full preferred stock dividend requirement at the
share per annum. Dividends were paid in full to Jan. 1, 1935,
and at the rate of $3. per share per annum since that date.
Note—The electric properties of Tennessee Electric Power Co. and
panies, and all interest and dividends received from them by Common¬
wealth & Southern Corp., have been eliminated for all periods from this
statement of consolidated income.
Monthly Output—
572,849,679
two months
ended Feb. 29, 1940, the output was 1,450,173,265 kwh. as compared with
1,204,376,473 kwh. for the corresponding period in 1939, an increase of
20.41%.
Total'output for the year ended Feb. 29, 1940, was 8,090,967,152 kwh. as compared with 6,925,454,220 kwh. for the year ended
Feb. 28, 1939, an increase of 16.83%.
The above excludes the output of the
electric properties of
Gas output of the
Purpose—'Company intends to apply the net proceeds of the 25,000 shares
5% cumulative preferred stock offered through Hallgarten & Co. to
discharge or reduction of bank loans or commercial paper of the com¬
pany,
or both.
Company contemplates that thereafter bank loans or
commercial paper, or both, will probably be increased as the demands of
of
the company's business may require.
The company will redeem with funds out of its treasury any 7 % preferred
stock not exchanged for 5% cumulative preferred stock pursuant to the
For the
cubic feet
period in
Feb. 29,
1940, was 16,892,993,100 cubic feet as compared with 14,766,655,800 cubic
feet for the year ended Feb. 28, 1939, an increase of 14.40%.—V. 150, p.
compared with 3,351,851,700 cubic feet for the corresponding
1939, an increase of 27.07%.
Total output for the year ended
as
1597,
Connecticut Co,—Earnings1939
1938
1937
1936
Operating revenues
a Operating expenses—
$5,759,713
4,609.277
$5,520,167
$6,053,098
$6,095,468
4,574,359
4,992,050
4,918,052
Net operating revenue
$1,150,436
429,307
$945,808
$1,061,048
404,620
409,690
$1,177,416
331,791
$721,129
11,536
$541,188
11,679
$651,358
4,360
$845,625
13,350
$732,666
251,285
$552,867
1,248,864
$655,718
1,249,223
$858,975
1,256,875
b$481,381
$695,997
$593,504
$397,900
$499,111
Calendar Years—
.
Tax accruals
Operating income
Non-operating income.
.
Gross income
Deduct'ns from gross inc
Net deficit.
a
—
Includes depreciation
in 1938, $505,265 in 1937
and retirements of $416,446 in 1939,
and $449,960 in 1936.
b Profit.
Balance Sheet
17,513 ,980 17,761,942
3 ,110
Sinking funds.
Misc. phys. prop-
359 353
381,316
Is vest, in affil. cos.
145 ,000
204,293
investments
54 002
12,002
Other
Cash
and
special
670,393
Misc. accts. receiv.
86,809
Materials & suppl's
209,811
8,450
Other cur. assets..
x
2,000 ,000
2,000,000
Class B stock
100 ,000
20-year 5% deben. 4,850 ,000
Mlscel. accts. pay.
218 ,453
100,000
5,000,000
251,486
liabil—
24 450
1,590,544
liabilities
6 ,399
6,439
300 344
421,875
equip. & bldgs._ 4,758 992
4,579,724
Other
38,605
12,622
2,313,941
80,057
210,072
7,925
38,477
25,610
19,102,137 21,035,635
After reorganization
curr.
Deferred
Tax
deposits
Total
%
Class A stock
Invest, in road and
equipment
xJan. 1 '39
$
Liabilities—
$
$
Assets—
Dec. 31 '39
xJan. 1 '39
offer will be offered for sale directly by
the
^
CommonwMalth & Southern Corp. system for the
2,000,944,600 cubic feet as compared with 1,622,-
907,400 cubic feet for February, 1939, an increase of 23.29%.
two months ended Feb. 29, 1940, the output was 4,259,088,500
Deferred assets...
the company.
The company intends as soon as practicable after June 1, 1940, the date
on which it proposes to redeem its outstanding shares of 7% preferred stock
not exchanged for 5% cumulative preferred stock, to call a meeting of its
shareholders for the purpose of amending its articles of reorganization so as
to eliminate the authorization of 7% preferred stock.
^
Tennessee Electric Power Co. the
which were sold in August, 1939.
month of February was
Unadjusted debts.
included in the
Such of the 10,000 shares of 5% cumulative
not issued pursuant to the terms of the exchange
•
.
Southern'Corp. system for the
Electric output of the Commonwealth &
month of February was 693,390,801 kwh. as compared with
kwh. for February, 1939, an increase of 21.04%.
For the
preferred stock issuable in connection therewith are not
(& Subs.)—Earns.
Prov.
25,000 shares now offered.
preferred stock as are
Dr418,600
$11,878,204
1940—Month—1939
1940—12 Mos.—1939
$12,932,009 $11,729,780 $143281,998 $131242,276
Dec. 31 •39
The articles of reorganization
cumulative
shs.
Total
Commonwealth & Southern Corp.
Per. End. Feb. 29—
None
a
(4,186
preferred)
a For subscriptions to capital stock payable on demand (collateralized by
1,462 shares of class B common stock).—V. 150, p. 1597.
Outstanding
7% preferred stock (par $100)
a Cumulative preferred stock (par $100)—
the
surplus
Treasury stock
7%
Total
1,681,000
311,395
2,288,880
(15,773 shs.)
Earned
110,454
-
-
par)
no
Class B common
42,592
Value of insurance
Southern Tennessee Power Co. ewe conveyed on Aug. 15, 1939 to the
Tennessee Valley Authority and other public agencies, and those com¬
panies have been dissolved and are in process of liquidation which will
involve a substantial loss.
Accordingly, the income accounts of said com¬
9.5
8.3
—V. 150, p. 1930.
Commonwealth
payables
7% preferred stock
Common stock (189,986 shs.,
rate of $6 per
Kwh. Output
1940
Week Ended—
Commercial paper
28,165
cers and employees
Prepaid int. on bank loans &
commercial
$3,825,000
1,500,000
240,529
2,450,000
payable—Bank
Other
Notes receivable from offi¬
(inter¬
sales deducted) for the week ended March 23,1940 was 149,393,000 kwhs., compared with 132,416,000 kwhs. in the corresponding period
last year, an increase of 12.8%.
p»The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
•
\
company
1939
Liabilities—
Notes
$1,537,943
Gross revenue...
b Less reserve of $157,037 in 1939 and $141,065 in 1938.
c Represented
by 150,136 no par value shares,
d Including $46,254 to affiliated com¬
panies.
e Since May 13,1937, date of recapitalization.—V. 149, p. 3257.
$2,000,315
40,247
Dec. 31, 1939, is restricted in the
Balance Sheet Dec. 31,
7,506,800
Long-term debt
Deferred
$2,159,503
157,500
820,550
$418,600, which represents the carrying value of treasury stock.
Assets—
a
$3,018,613
10,000
pref.
,
184,706
2,000,315
146,365
_
3,211
$2,718,811
157,500
379,972
21,836
474,965
34,576
stock
Cash
6cum. ser. B
2,259,041
Def'd
Cash
$998,172
2,020,441
Note—The earned surplus balance of
$
6% cum. 1st pref.
stock ($100 par) 8,360,153
563,192
..
$718,495
7% preferred stock
1938
$
LiabilUies—
Investments and
$1,182,878
$2,954,787
Dividends
1939
1938
61,848,738 60,160,968
$877,446
158,951
$795,284
2,159,503
Net income
Balance Sheet Dec. 31
Utility plant
$1,179,667
-
Dividends
companies merged with the parent company as of May 13, 1937, in order
operations for those years of Columbus & Southern
Ohio Electric Co. as presently constituted.
$
46,456
$870,862
6,584
income
to reflect the results of
1939
41,552
$963,295
operating income
Balance at beginning of period
x Equivalent to $13.96
per common share in 1939 and $11.14 in 1938.
Note—The foregoing income accounts for 1937 and 1936 have been re¬
stated to include the applicable income and expenses of certain subsidiary
Assets—
$2,549,636
1,323,513
Provision for Federal income taxes—
55,964
Cr90,526
Miscell. deductions (net)
Preferred
1937
$2,396,062
1,483,647
paper
Other income
Net
1938
$2,512,209
1,503,266
revenue
$2,349,843
1,681,088
1,170,497
557,629 '
reserve
State, local, &c., taxes._
Net
Calendar Years
Income Accounts for
re¬
,625,273
,121,898
tirement
liability
and
other reserves..
Accrued
Res.
deprec.,
for abandon¬
6,368
Other unadj. cred.
187
Sink, fund reserve.
150
Profit and loss
137
ment losses
Total
946
6,896,215
170
189,351
,000
382
19,102,137 21,035,635
effective Jan. 1, 1939.—V. 148, p. 1952.
Consolidated Water Power & Paper
Co.—50-Cent Div.
dividend of 50 cents per share on the common
March 30 to holders of record March 25. Dividend
of37Kcents was paid on Oct. 2, last: 25 cents was paid on July 1, last, and
previously regular quarterly dividends of 12 Y* cents per share were paid.
Directors have declared a
stock, par $25, payable
Registers with SEC—
See list given on
first page of this
department.—V. 150, p. 1431.
The Commercial & Financial Chronicle
2092
Consolidated Cement Corp.
Calendar Years—
$1,386,746
862,201
892,630
331,092
776.169
316,597
75,356
71,030
88,443
$291,876
8,278
$162,709
4,973
$300,154
125,329
$167,682
128,110
$106,990
127,287
$174,825
$39,572
loss$20,297
Other Income tnet).
334.624
Note—The above includes charges for depreciation and depletion on
operating plants, properties and quarry lands aggregating $ 172.610 in 1938
and $165,847 in 19371
Balance Sheet Dec. 31, 1939
Assets—Cash
in
banks
and
Consolidated
1937
1938
1939
1936
$3,609,478
2,333,815
$3,914,541
2,567,193
$3,554,515
2,326,694
Operating profit
Int. on loans, discount &
miscell. charges (net).
Fed. & State taxes (est.)
$1,040,276
$1,275,662
$1,347,348
$1,227,821
Cr4,359
226,000
201,704
229,500
235,603
219,170
226,784
xl88,000
$818,636
450,393
$844,459
473,819
154,973
187,500
154,991
187.500
$892,574
505,002
155,113
187,500
$813,038
522,624
155,638
$25,770
$28,149
2,776,358
250,000
$0.86
$44,959
$134,776
2,876,377
250,000
2,766,722
250,000
$0.93
$0.54
Prior pref. divs. (6M
%)
-
7% pref. dividends
Common di vidends
Surplus
com.
outst.
2,781,362
250,000
$0.85
(no par)
Earns, per share on com.
x
Loss
$415,992
98,935
$2,274,979
on
31,959
79,412
sales
bad accounts
on
Loss
on
1,500
14,722
Provision
300,878
Assets—
$
Fixed assets
Liabilities—
$
1
Leased machinery.
Cash..
1
1
1,999,048
2,215,568
Marketable secur.
295,000
125,000
Notes receivable..
917
30,514
2,073,175
Mlsc.accts.recelv.
34,287
1,928,150
Res've for conting.
97,333
9,652,062
Surplus...
Accounts recetv...
Inventories
9,429,963
6>4% pr. pref.stk, 6,816,200
7% pref. stock
2,213,900
b Common stock. 2,500,000
Accts. pay.&accr.
261,068
Fed. & State taxes
223,794
Divs. payable
298,263
7,135,400
2,213,900
2,500,000
Miscellaneous deductions
83,607
Total
$1,237,056
682,250
$2.27
14,422
$84,949
---
$0.16
$0.16
Consolidated Balance Sheet Dec. 31
1939
a
132
5,845
Ad vs. to salesmen.
Accrued royalties.
135,257
766,666
103,808
112", 180
Inventories
......
138,454
168,892
Sundry accounts._
57,693
6,134
3,028",293
Notes payable
Non-current
b R'l est. & bldgs.,
mach'y St equip. 2,616,925
2,675,800
64,010
Rep.
Argentine
73,925
2,500
52,706
266,666
payable
c
1,009,856
789,722
3,000,000
3,013,276
...
Common capital.
Surplus earned...
Capital stock of
162,373
notes
Reserves
Securities—
2,851,369
3,000,000
2,500
13,567
value of
surr.
39,625
33,725
351,335
133,193
1
49,746
life insurance
Automobile tooling
deferred..
exps.
1
..$8,834,473 $8,020,253
Total
$8,834,473 $8,020,253
Total
a After reserve for loss in collection of $176,149 in 1939 and $120,754 in
1938.
b After reserve for depreciation of $2,019,483 in 1939 and $1,987,319
in 1938.
c Represented by 545,800 no par shares.—V. 150, p. 1931.
Cumberland County Power & Light
303,450
69,963
3,021,482
2,966,127
15,404,670 15,662,300
After depreciation of $1,145,294 in 1939 and $1,118,532 in 1938.
by 250,000 shares of no par value.—V. 149, p. 4170.
b Rep¬
Co.—Earnings—
[Including Cumberland Securities Corp.]
Period End. Dec. 31—
Operating
Operating
1939—Month—1938
1939—12 Mos.
1938
$416,334
238,685
31,391
4,031
20,946
$4,579,059
2,561,362
374,210
46,705
289,507
$1,325,949
110,670
$1,307,275
81,949
$1,436,619
392,873
1,783
194,358
$1,389,224
392,978
$81,033
29,167
33,044
$4,802,555
2,709,768
389,998
46,738
330,102
18,557
$430,453
248,814
revenues
$847,605
349,973
$829,158
342,813
Social security taxes
Fed. (incl. inc. tax) taxes
Total
in
transit)
280
398
3,592,844
(mat'ls
mdse.
and
1,669,919
rec.
and employees).
Cash
$616,345
Accts. pay. (trade)
Accts. pay.
(customers) 1,668,896
(officers
rec.
$609,462
Accrued taxes....
$466,363
Accts. and notes
Accts.
1938
1939
IAabUUles—
1938
$358,771
expenses
State and munic. taxes..
15,404,670 15,662,3001
Nil
b Consists of $27,729 expense moving materials; $13,568 loss on securities
charged off; $13,690 provision for royalties in advance and $27,178 pro¬
vision for rebates account price reductions.
216,961
69,963
82,518
82,850
73,966
expenses.
$84,901 loss$376,915
b82,165
Netprofit
Dividends paid
Earns, per sh. on com
256,499
Misc. invests, and
advances
36,041
310,738
504,097
44,496
$
$
1,448,302
1
30,313
233,153
Federal taxes
Patent rights
1,414,707
994
1,988
11,585
284,812
undeter¬
for
mined liabilities
1938
1939
21,305
6,522
.
114,676
56,402
12,000
3,964
12,000
7,287
17,586
343,314
capital assets
Sundry losses
258,319
49,325
Flood and fire loss
Sund ry def *d assets
1938
Goodwill & brands
a
$609,748
32,016
110,949
3,274
Amort, of patent rights.
Interest paid
inactive subs.
Consolidated Balance Sheet Dec. 31
Prepaid
$2,016,660
$602,108
Accrued interest..
Includes $1,500 for surtax.
1939
a
1,961,094
$288,864
127,128
Other securities.
Balance
Shs.
2,138,154
$511,079
98,669
Total income
Cash
Cross profit on sales
.$3,494,996
Sell., admin. & gen. exp_
2,454,719
Net income
1,475,487
$508,392
93,716
Profit from oper
Other income
Assets—
Cigar Corp. (& Subs.)—Earnings—
Calendar Years—
11-922'I'oi
Depreciation
$645,653; receivables, $85,828;
inventories, $363,128; investments, &c., $47,391; idle plant, properties,
and quarry lands, $270,270; plants, properties, and quarry lands (net),
$2,416,043; deferred charges, $90,650; total assets, $3,918,963.
Liabilities—Accounts payable, $62,923; accruals, $59,383; provision for
returnable sacks, $14,508; funded debt, $1,567,060: special reserve for
valuation of plant, properties, and quarry lands, $188,929; class A stock
(100,617 no par shares), $100,617; class B stock (258.5 no par shares),
$1,034; capital surpius, $1,561,950; earned surplus since Jan. 1, 1936,
$362,558; total liabilities, $3,918,963.—V. 150, p. 990.
hand,
on
13,796,750
1,745,934
Expenses
Cash discount
Net profit before interest, &c
Interest and other deductions
1939
1938
1937
1936
.....$16,051,076 $12,991,320 $18,735,450 $21,583,213
Net sales...
Cost of goods sold
$101,478
5,512
Selling, general & ad minis, expenses..
Mill overhead applic. to non-oper.
periods, &c
1940
Years End. Dec. 31—
1937
1938
$1,326,507
Cost of goods sold
30,
Crosley Corp. (& Subs.)—"Earnings—
-Earnings1939
$1,590,955
Net sales
March
3,768
31,161
Net oper. income
Non-oper. income (net).
$113,666
21,116
$121,281
$134,782
32,710
1,046
17,848
$132,399
32,745
11,118
resented
Gross income
Consolidated Edison
Co.
of
New
York, Inc.—Weekly
Output—
Consolidated Edison Co. of New York announced production of the elec¬
tric plants of its system for the week ended March
24, amounting to 143,600,000 kilowatt hours, compared with 138,200,000 kilowatt hours for the
corresponding week of 1939, an increase of 3.9%.—V. 150, p. 1930.
Consumers Power
Period End. Feb. 29—
Gross
Oper. exps and taxes...
Prov. for depreciation..
Gross income
Int. and other deduct'ns
$1,448,962
443,323
Net income
Divs.
pref. stock
on
Amort, of pref. stock exp.
$1,005,639
285,389
65,278
Balance
—V. 150, p. 1760.
$654,971
$866,772
285,389
65,278
$516,104
$9,930,918
3,424,821
783,339
$5,722,757
$8,863,029
3,424,822
783,339
$4,654,863
Coos Bay Lumber
Gross profit on sales
$4,278,640
565,440
Gen'l & administrative.
719,593
Special provision for bad
Selling,
shlp'g & delivery
debts, &c
(other
come taxes)
$2,313,509
at
handling expenses
selling points) before providing for depletion
or
depreciation
Depletion
Depreciation
Handling expenses at selling points" inclVdeprec'nl
Selling, administrative and general expenses
in¬
Deprec'n, repairs, &c—
Net profit from oper..
Other income
$1,583,696
178,549
$1,041,559
248,965
$1,154,731
169,247
$1,065,537
$1,762,245
80,619
$1,290,523
52,331
$1,323,978
32.223
$1,193,234
42,196
c4,662
1,991
_
Taxes
timber lands and timber
rights, expenses
of timber department, and taxes and
expenses of
144 177
184,210
92,345
126,126
97 J34
136.626
99,295
Res.
non-operating property
I I""II
I
and
77.371
15,108
65,902
$816,125
Deficit at end of year
Common
dividends
_
Assets
.
Cash
.
in
.
bank
and
on
share
$
♦JXi
total,
149, p. 2508.
Refining Co.—Develops New Product—
Rec.
Following
market its
a
,
day and
seven
can
Describing "mazein"
kirk said it
cess
1,149,882
1,157,050
& misc.
431,139
579,855
191,349
181,606
6H%
346,160
101,384
210,929
101,385
Paid-in surplus
41,117
41,117
in &
adv.
associated
Derd
rec.
life Insurance
was the first
for its manufacture
Acer,
cos
476,281
.
1938
$
636,770
663,919
596,187
189,000
208,333
1,650,000
133,955
1,839,000
Current st'k.fd. re¬
quirements, &c_
Divs.
payable
Long-term debt—
Rec. from parent &
affiliated
payable
exps., local
& Federal taxes.
924,917
to
Cash sur. value of
from
$
Accounts
cos..
rec.
Inventories
In v.
1939
Liabilities—
S
1,194,964
3,029,395
Notes & accts.
years of
plastic "mazein,"
March 27.
$4.54
1938
1,115,761
2,873,777
956,969
cum.
pref.
stock
deposits
development work, company is now ready to
W. B. Newkirk, research chemist, an¬
Production is already at the rate of 10,000 pounds
be raised to 200,000 pounds a day, he said.
new
on
$502,589
170,700
$4.36
Consolidated Balance Sheet Dec. 31
1939
Stks. of oth. corps.
Workmen's comp.
nounced
178,623
b Including extra dividend paid either
amounting to $213,375, of which $15,300 was paid in cash
and $198,075 in common stock (7,923 shares at $25 per.share).
c Amortiza¬
tion of debt expense,
d Par $5.
Cash
Corn Products
$3.41
Assets—
agaknr.8^any Previous capital surplus, $816,125;
$224,693'
$410,832
178,623
$5.05
$681,597
d357,246
$908,963
133,253
273,120
stock
or
$8,381; trade accounts receivable
(less reserve
°/ $4,032), $146,423; sundry notes and accounts receivable
(less reserve of_$2,000), $17,595;
inventories, $359,363; plants, properties,
&<V'- f6,664,616; deferred charges, $87,249; total, $7,283,627.
e to
bank, $1,365,109; accrued property taxes for the
J§rr *o31 (25%—payment of 25% made in 1939) and 1939 (estimated)
$85,972; accounts payable, &c.. $52,632; accrued
payroll, $8,668; accrued
social security taxes, $13,319; reserve for
Federal capital stock tax, $1,500;
?^med proprty taxoj.for the years 1931 (50%) to 1934, inclusive (due
i9^1^0 l954e' 5222,553; capital stock (63,500 shares no ar), $6,350,000:;
$7,283,627.—V.
$906,709
127,241
b.554,775
$1,025,201
123,238
491,131
Includes State income taxes,
$630,360
hand,
535,859
Balance, surplus
Shs.com.8tk.out. (no par)
Balance Sheet Dec. 31, 1939
.
,
$403.186
227,174
65,500
70,146
$1,330,470
113,014
dividends
per
170",400
52,496
Net profits
a
$185,765
630,360
year
a2lil0d0
a294,000
losses
Other charges..
in cash
beginning of
extraord.
and prior year's taxes.
Earnings
ap¬
Net loss
Deficit at
51,565
82,882
37,969
100,000
al82,200
32,700
cos.:..
Preferred
48,102
„
equipment abandoned or sold
Myrtle Point-Powers railroad bridges
proaches replaced by earth fills
on
mo v. exp.
affiliated
for
127,697
2,557
3,618
redemption.
Prov. for Fed'l surtax
on
Intere8tpaidoraccruedi.net)
Loss
on
883,356
debentures
on
called for
Bond amort. &
Prov. for Federal taxes-
1,395,753
300,000
150,000
than
1936
$3,395,382
506,387
640,102
375,536
870,203
Loss
1,734,114
151,764
$3,645,107
593,549
651,089
438,545
889,011
1938
$1,638,588
$3,831,383
571,087
741,181
443,506
966,404
Premium
1939
172,380
Inc.—Earnings—
Consolidated Income Account for Calendar Years
1939
1938
1937
Interest
Co.—Earnings—
Calendar Years—
Cr5.292
150, p. 1931.
Total
Net sales of lumber and by-products
Cost of goods sold (exclusive of
$83,178
29,171
Pref. div. requirements.
—V.
Cuneo Press,
$1,285,572 $14,705,083 $13,552,174
418,801
4,774,165
4,689,145
64
'
Taxes
Net .income
.
Other interest (net)
Other deductions
Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$3,839,096
$3,431,670 $41,306,814 $37,428,354
1,960,134
1,756,098
21,841,731
19,741,180
430,000
390,000
4,760,000
4,135,000
revenue
*
Bond interest
Common stock
Earned surplus
d
Treasury stock..
1,677,500
1,900,000
el,786,230 al,905,075
366,649
247,804
5,845,743
Z>r 1,200
4,905,623
Dr8,400
officers
and employees.,
4,556
J
14,089
Bldgs., mach'y,
&c., equipment. 5,257,958
Deferred charges..
184,069
4,742,933
186,107
c
as an alochol soluble protein from corn, Mr. New¬
corn
on a
plastic ever to be put on the market.
A pro¬
profitable basis at a commercially competitive
J>rice was arrived at only a month ago and it 150, p. 1760.
br around 20 cents
pound, he added.—V. is expected that it will be
a
sold
Total
.12,654,122
12,364,346!
Total
12,654,122
12,364,346
Represented by 178,623 no par shares, c After reserve for depreciation
$7,309,689 in 1939 and $7,006,811 in 1938.
d Repre¬
sented by 12 (84 in 1938) shares preferred stock,
e Par $5.—V. 150, p. 1931
a
and amortization of
Volume
The Commercial
150
Curtiss-Wright Corp.—Details of New Preferred—
Courier-Post Co.—Accumulated Dividend—
Directors
have
declared
share on account of
the 7% cumul. pref. stock, payable April 1 to holders of
record March 20 —V. 140. p. 3891.
accumulations
a
dividend
of
$1.75
2093
& Financial Chronicle
per
on
Following
meeting
a
of
the
directors of Curtiss-Wright Corp. held
issued on behalf or Curtiss-Wright
March 25, the following statement was
Corp. and Aglas Corp.
that the new 5% cumulative preferred stock of the
Curtiss-Wright Company to result from the proposed merger will be
at the option of the holder thereof for a
60-day period following the merger.
The basis of conversion will be four
shares of common stock for one share of preferred stock which is at the
rate of par of $50 per share for the preferred and $12.50 per share for the
"It has been agreed
new
Curtis
Lighting,
Changed—New
Value
Inc.—Par
Offering—
Stockholders at their recent annual meeting approved proposed change of
the 170,610 shares of no par value common
stoqk to $2.50 par value, thereby
reducing the
L. N. West
carrying
was
$1,302,611.
resigned.
elected Secretary.
stock to $425,400 from
director in place of P. M. Hotchkin,
value of the
elected
a
At subsequent directors
—V. 147. p. 2087.
L.
meeting
Curtis
Publishing
Capital Structure—
West
N.
was
Report—May
Co.—Annual
Revise
Referring to the need for capital revision, Walter D. Fuller, President,
his annual report to stockholders, said "if this can be accomplished, we
a most encouraging decade of the 1940's."
He said that the "need for a realistic facing of the necessity for a revision
of our capital structure" is obvious and that it is "hoped that a new plan
can be proposed in the future which will be acceptable to the stockholders."
"For a number of years it has been increasingly evident that our capital
structure, built up during the prosperous days of the 1920's, when there was
little radio and but slight magazine competition, is entirely out of line with
present-day conditions and prospects," he said.
"The publishing business
has changed materially during the last decade.
Increased costs, new forms
of taxation, increased competition in its own field from new magazines, and
the development of new media such as radio have served to reduce volume
face
and margins of profits for all concerned."
The report reflects an increase of net advertising income in
1939 of 8.18%
the previous year.
over
In his report Mr.
been
an
an
Fuller says that for the first quarter of 1940 there has
advertising dollar gain of 6.8% over a year ago, as compared with
increase of 5.7 in the first quarter
creasing, due principally to
While
direct
no
is
He adds that costs are in¬
of 1939.
conditions.
war
reference
made
in
the
to
one
stockholder's
accept liquor
Mr. Fuller says that the company's policy on acceptable
reviewed during the year and the management found no
was
basis for change.
"Never before have your officers been so aware,
from individuals and organizations and through
both by correspondence
the every-day working
approval of our
not accepting liquor, patent medicine, speculative real estate and finan¬
cial," and certain other forms of advertising, the report adds.
Mr. Fuller refers to the "continuing unfortunate State and Federal taxing
situation, which handicaps business expansion and which absorbs much of
the investment capital that has built business during the past."
The company's tax bill in 1939 was approximtaely $1,290,000, compared
with $1,018,000 in 1938, tax payments representing 60 cents of each dollar
of net earnings, which Mr. Fuller says "obviously is really stockholders'
money which we are required to pay the tax collector."
"The extremely oppressive Pennsylvania State taxes have not yet been
changed, although there seems to be almost complete agreement that changes
must come if the unemployment and industrial problems of the State are
to be solved.
Taxes in Pennsylvania are almost completely a problem of
relief.
If the State's relief problem can be constructively solved, that
solution will automatically correct the present serious tax situation."
"We d® not wish to contemplate moving from Pennsylvania if it is possible
to solve the problem otherwise," his report says.
"Except for existing
taxes, there are many advantages to our continuing as Philadelphia pub¬
lishers.
With the attitude toward business now prevailing, we are hopeful
that some constructive solution of this problem may soon be found."
reports of thousands of circulation workers, of the public's
Consolidated Income Accounts for
Directors
1938
1939
$43,448,720 $40,534,242
Dairymen's League Co-operative Association—7V> Re¬
deem
Certificates—
This Association will distribute approximately $1,170,0000 to its mem¬
on
March 27 by J. A. Coulter, Treasurer.
League has called for immediate redemption at par and interest to
May 1, approximately half of its 6% series 1944 certificates.
The call is for
those certificates of that series with serial numbers ending in the numerals
The
one, two, three,
four and five, respresenting a distribution of about
The League is now paying interest coupons
Report—
J. H. Nuelle, President, says in part:
Financial—During the year 1939 there was a reduction of $3,644,378 in
the cost of marketable securities owned by Delaware & Hudson Co.
This
reduction was due to the sale of securities to reduce bank loans, to make
advances to Delaware & Hudson Co.'s subsidiaries, and to take up matured
bond issues guaranteed by Delaware & Hudson Co.
The reduction in
bank loans of Delaware & Hudson Co. during 1939 amounted to $696,600,
and in the year
1940 to $515,700, leaving a balance of $550,000 as of the
present time.
Coal Co. during the year 1939
to $1,402,900, being the balance due on all of its bank loans
originally made in August, 1931.
These loans were guaranteed and secured
by collateral owned by Delaware & Hudson Co.
The Delaware & Hudson Co. acquired and provided for the taking up
The reduction in bank loans of Hudson
amounted
maturity, on July 1, 1939, of $800,000 of Utica Clinton & Binghamton
bonds and also, at maturity on Jan. 1, 1940, of $300,000
Co. first mortgage bonds; both issues hav¬
ing been guaranteed by Delaware & Hudson Co.
During the year Bluff Point Land Improvement Co., Lake George
Steamboat Co. and the property of the Fort William Henry Hotel Co. were
at
RR. first mortgage
Bluff Point Land Improvement
sold to outside interests.
As of Dec. 31,
1939
a reserve
of Delaware & Hudson Co.
by
a
of $6,977,742 was created in the accounts
direct charge to surplus, to reflect current
based on the difference between the book
value of marketable securities and the market value thereof as of Dec. 31,
This
conditions.
1939.
reserve
was
,
Income Account of Company and Subsidiaries
Transactions Eliminated)
Consolidated
Revenues—Transportation
Coal, iron and miscellaneous operations
Rents and royalties
.
Dividends and interest
,
21,295,424
9.679,665
9,460,289
Miscellaneous
381,985
255,429
$2,677,463
$1,490,919
546,229
549,295
$2,131,235
960,152
$941,624
1,081,578
259,956
130,912
—...
259,702
32,533
7,278
$3,482,255
Selling
Commissions, advertising and circulation
19,880,204
412,590
240,907
Production and delivery
—
General and miscellaneous
Balance
.
Depreciation
on
plant, fixtures, bldgs. & patents..
Balance.
Income from investments
sale and maturity of
investments
a
Adjustment
Adjustment Fed. & State taxes of prior years
9,648,798
9,117,538
Total
$46,013,219 $40,163,829
revenues
Transportation expenses, including equipment and
joint facility rents (net)
Coal, iron and miscellaneous operations expenses,_
17,403,875
17,653,949
128,288
15,503,249
15,605,978
111,142
$10,827,107
Dr252,745
$8,943,459
Dr323,869
$10,574,361
$8,619,590
7,054
1,114,962
137,587
28,534
1,988,726
Miscellaneous expenses
Net revenues
Net revs, of sub. cos. not included
Net revenues, all
above
companies
220,135
1,187,048
Federal income tax
Railroad retirement & social security tax
142,304
Capital stock tax
32,245
Gross earnings tax
2,001,992
Property and other taxes
Total income
.
49,945
25,647
$3,432,309
384,571
905,222
$2,297,067
396,510
$2,142,516
$1,279,162
888,448
861,467
$3,030,964
1,769,731
9,928
$2,140,630
1,245.912
6,270
1,251,3f 5
19.000,000
888,448
19,000,000
Other charges
earnings
Social security taxes
Other taxes (Federal, State
and city)
Earnings after provision for taxes..
Previous
surplus
,
surplus
on preferred stock.
on pref. stock in self-insurance fund
Dividends
Dividends
Credit balance, end of year
Contingent
reserve
(earned)
621,894
$20,251,305 $19,888,448
Total
(not declared) on preferred stock
outstanding Dec. 31, including shares in self-insurance fund and excluding
shares held by subsidiary, amounted to $12,496,831 in 1939 and $9,644,400
Cumulative preferred stock dividends
in
1938.
1938 restated for comparative purposes.
a
Portion of depreciation reserves
Interest
on
Interest
funded debt
on
unfunded debt
Depreciation and depletion
Net
a
Before realized losses from the
(Inter-Corporate Items Eliminated)
1939
$
Assets—
8 ,690,442
Cash
Liabilities—
Accounts
Wages
Marketable securi-
9 ,201,393 11,442,106
pteties at cost
not
426,303
121,776
4,926,694
151,419
7 525,3b9
7,643,547
Acer. Inc. on secs.
investments
aJFixed assets (less
9.459,950
depreciation),.. 9 160,028
Goodwill
10 ,979,000 10,979,000
$
4,251,963
$
137,737
due
127,791
52,863
19,282
743,916
agents'
6,479,803
230,058
230,168
Self-insurance fund
accr'd)
819
1,598
for amortization
23,418
26,079
Self-ins'ce fund...
669,400
658,026
Deferred charges..
5,698
16,069
c
llab. (est.
Patents, less res've
p-
of co. stock 1 151,373
77,060
59,218
Coll. notes of em pi.
31,497
Deps. in closed bks
pur.
Def'd accts. receiv.
Total
a
After
Capital stock... 18 ,633,236 20,720,268
Contingent
Empl's' Indebt. for
1,299,784
79,943
5,186,987
150,776
1,534,608
350,159
49,435
4,145,191
302,802
4,907,082
384,887
1,089,955
19,700
1,130,153
Accrued
1,542,897
4,320,168
4,079.355
519,394
304,109
2,889,598
548,740
83,680,600
84,006,108
3,497,030
1,049,351
1,185,557
2,468,812
2,552,899
122,199
153,877
18,700
taxes..
Other accts. pay.
x
elimination
716,056
mtges.
payable
Indebtedness
to St. of N. Y.
Sinking funds &
Work.comp., fire
spec,
deposits 10,374,698
9,831,035
surplus
Ins. and other
reserves
Def'd charges to
or
RR. eqpt. pur..
1,030,606
779,036
1,114,150
1,562,707
Def.
credits
Income
Equity
to
or sur.
of
min.
454,423
491,425
51,213,500
37,652,469
57,435,062
int. in sub.cos.
Surplus
$14,011,013.
_.
Other def. llab..
Capital stock
comparative purposes,
c Represented by 736,373 shs.
$7 cum. pref. stock (1938, 783,118 shs.), and 1,730,101 shs. common stock
(1938, 1,732,366) no par value.—V. 150, p. 836.
1,228.450
Grade crossing
y
Goodwill
52,097,145 53,121,266
3,965,357
614,369
bonds
Property and
equip, (net)..152,267,961 162,174,588
Misc. investrn'ts
2,225,328
1,217,161
31,939
Total
855,773
payable
Bonds &
profits..20, 251,305 19,888,448
depreciation in 1939 of $14,382,304 and in 1938 of
assets.
4,160,752
111,358
Mat'l & supplies
$
1.140.425
Wages payable.
1,052,091
hand
Deferred
payable..
Interest payable
19,464,061
68,133
52,097.145 53,121,266
b 1938 restated for
on
inc.
res've
(earned) and un¬
divided
receivable—Coal
Loans
Matured
bonds, at cost
Other cur. assets
cash
bonds
8,839,090
62,515
Market, stks. &
Other products.
taxes
Sales
funds.
Int. & divs. rec.
for
Federal
and
Working
%
Liabilities—
$
3,242,266
1938
1939
1938
4,189,304
17,269
—
Loans and accts.
(ieserve).. 1 ,147,910
Advance
payra'ts
for subscriptions t ,689,188
State
Inventories foi
► current use
%
but
advertising
239,303
4 ,644,567
|®t!ceivable, gen'l..
bl938
4 ,284,626
payable.
earned
Adv. payments
Notes & accts. re-
Other
1939
$
6,757.302
Cash
Dec. 31
$6,746,028
sale of securities.
1938 figures have been adjusted
by increasing the depletion charges $338,212 to conform with the basis
used in 1939, and by eliminating a credit to income and reclassifying as a
credit to surplus an amount of $1,010,365 representing the difference be¬
tween cost and face value of reacquired bonds of a subsidiary.
(2) The net deficit for 1939 includes deficits aggregating $405,577 of
companies disposed of during the year.
(3) Debt discount and expense applicable to outstanding bonds were
charged to surplus in prior years.
Consolidated General Balance Sheet Dec. 31
of prior years disallowed by the Internal
bl938
$2,486,730
4,259,298
$2,363,075
Net deficit
Assets—
1939
$927,162
1,435,912
(net)
Notes—For purposes of comparison! the
Revenue Department.
Consolidated Balance Sheet as of
2,741,982
—
deficit.
Realized losses from sale of securities
a
$5,342,727
1,776,261
3.334,705
226,350
2,492,141
$6,990,637
1,776,261
3,270,907
128,649
Net before fixed charges, &c
Rent for leased roads
Total
(Inter-Corporate
1939
1938
$25,961,155 $21,665,373
19,020,343
17,440,573
624,875
350,129
312,664
635,610
94,182
72,144
$2,322,714
Administration
^Total
$700,000.
due May 1 on certificates of the
1945, 1946, 1947 and 1948 series, involving payments of $470,000.
—V. 144, p. 2295.
1944,
240,631
317,619
announced
bers and other holders of its certificates of indebtedbess, it was
.$43,766,339 $40,774,872
Total
on
Approve Merger—
between Curtiss-Wright Corp., Wright Aero¬
Corp. and Atlas Corp., which was announced in principle on
March 19,1940, was approved March 28 by the respective boards of directors
of these companies. Letters to stockholders outlining the merger agreement
will be sent as soon as they have been cleared with the Securities and Ex¬
change Commission, which may take 10 days under the rules.—V. 150,
P. 1931.
Ml
»
<4
The agreement of merger
Calendar Years—
Calendar Years
Revenue from advertising, circulation, &c
Miscellaneous revenue.
Gain
stock.
expected that letters concerning the merger and giving the more
forwarded to stockholders within the coming
few days, but that the stockholders' meeting will not be called for another
two weeks or longer."
"It is
Delaware & Hudson Co.—Annual
report
demand at the annual meeting last year that the company
advertising,
advertising
common
detailed presentation will be
nautical
in
»
convertible into common stock
Total
189,929,809 211,514,151
Total
189,929,809 211,514,151
Projects, subject to future settlement with State of New
State aid provision of Grade Crossing Elimination Act.
y For
x
ngs
eliminated for which final accounting has been
51,213,500
made.
York under
grade cross-
The Commercial & Financial Chronicle
2094
Denver & Salt Lake Ry.—
Earnings for February and Year to Date
4,315,937
1,165,595
Net from railway
Net ry. oper. income
From Jan. 1—
1939
$1,776,907
415,874
4,058,077
779,694
457,644
3,873,691
1,108,605
807,333
$1,936,865
333,037
171,818
787,709
Gross from railway
Net from railway
Net ry. oper. income—
258,801
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
—V. 150, P. 1431.
-Annual
Delaware & Hudson RR. Corp.
Detroit & Mackinac
Report-
Financial—During the year 1939 it was possible to repay to the Delaware
& Hudson Co. $1,695,000 on the advances made in prior years.
The bal¬
ance of $605,200 due on the loan from the Manufacturers Trust Co. dated
May 1, 1938, was paid in full, making a total reduction in borrowings of
$2,300,200 during the year.
At the close or the year the Railroad corporation had an unliquidated
balance of $156,122 due from the Railroad Credit Corp. under the Marshal¬
ling and*Distributing Plan.
Road and Eouipmcnl—During 1939 $2,179,029 was expended for addi¬
tions and improvements.
Property retirements amounted to $1,982,289.
Property carried at $185,569 in the miscellaneous physical property ac¬
count was transferred to the road and equipment accounts.
From
1938
Fr't
Net ry. oper.
$27,113
999.95
864,516
53,113,197
$.0227
$2,297.35
42.12
$2,275.20
41.04
Av.nopass.pertr.mile-
Traffic expenses
*
—
Transportation expenses
Miscellaneous operations
General expenses
Transportation for investment
37.70
$5,224,561
1,620,048
030,895
Drl21,418
Net railway operating income
Non-operating income (net)
$5,513,523
121,583
$5,635,106
1,780,428
2,005,000
175,000
81,656
$3,710,788
1,786,261
2,005,000
—
Interest
on
advances from Del. & Hudson Co
Interest
on
unfunded debt
Net income
-
General
Balance
1939
Inv. in rd. & eq.
$
1938
$
Capital stock.
x
70
construction
1,588,291
1,783,574
491,768
Non-negot. debt
Bonds
700,000
700,000
to affil. cos...
51,501
70,144
321,930
322,209
8,401
10,000
8,401
matured.
Advances
Other invest.:
Bonds
Notes
5,008
Miscellaneous
10,000
"
5,913
6 ,334
2,504,849
2,144,433
80
30
788,973
Cash
726,416
Special deposits.
Traf. &
bals.
50,000,000
50,000,000
24,434,580
26,207,971
balances payAudited acctB. &
375,580
287,872
wages payable
Misc. accts. pay.
1,173,625
1,220,418
114,444
95,203
Int.mat'd unpd.
Funded debt ma¬
33,483
34,477
payable
car serv.
tured
receiv..
Net bals. recelv.
605,200
unpaid.
Unmat.lnt.
18,700
accrued
conductors
147,871
Other
507,800
2,485,646
41,225
Ins. & other fds.
2,104,635
27,707
193,643
14,143
1,094,082
Other def. assets
113,346
131,603
rec.
Mat'l & supplies
Ins. & dlvs. rec_
assets
Wfcg. fund ad vs.
297,143
1,096,791
Totalx
Other
699,042
943,895
801,442
799,956
13,598,597
13,738,174
806,904
3,230,112
_
deprec.
equipment
♦
unadjust.
credits
Add'ns
to
979,368
382,333
240,034
1,604,339
904,712
614,592
Gross from railway
1938
1937
232,337
457,159
$232,430
112,887
44,277
680,761
345,729
157,408
761,522
Net from railway
Net ry. oper. income—
■Earnings—
1939
$313,685
151,930
62,261
501,587
751,048
251,356
107,600
465,976
253,999
$401,885
263,049
149,013
—V. 150, p. 1432.
Diamond Shoe
Corp. (& Subs.)—Annual Report—
Consolidated Earned Surplus Statement for the Year 1939
Net profit, after deducting operating expenses,
Federal income and excess-profits taxes
x
depreciation
$847,124
3,105,739
Earned surplus, Jan. 1, 1939
Total surplus
$3,952,862
571,934
Dividends paid
!
_
$3,380,928
15,240
Plus prior years' adjustments, net
y
Earned surplus, Dec. 31, 1939
$3,396,168
After deducting dividends on both classes of preferred stock (amounting
$152,707) there remained net earnings for the year of $694,417, equivalent
to $3,314 per share on the common stock now outstanding (exclusive of
treasury stock).
y Includes $34,650 reserved for the retirement of preferred
to
prop,
•
Condensed Consolidated Balance Sheet as of Dec. 31, 1939
Assets—Cash, $837,964; accounts receivable (customers), less reserves,
$358,914; miscellaneous accounts receivable, $75,623; note receivable,
$25,000; merchandise inventories (at cost or market, whichever lower),
$6 ,204,566; cash surrender value of life insurance, $43,685; miscellaneous
investments, at cost (less reserve as to New York World's Fair, 1939, Inc.,
bonds), $29,845; due from employees and others, less reserves, $36,400;
employees' subscriptions to common stock, $2,486; real property, less de¬
preciation, $1,635,526; machinery, fixtures, leasehold improvements, &c.t
less depreciation, $1,600,090; patents, less amortization, $2,659; leaseholds,
at cost, less amortization, $124,909; deposits on leaseholds, &c., $31,160;
prepaid rentals, insurance, &c., $138,523; goodwill, $1; total, $11,147,352.
Liabilities—Accounts payable and accrued expenses, $1,603,545; notes
payable to banks, $1,450,000; dividends payable, $156,812; reserve for
Federal income and excess-profits taxes,
$212,785; managers' security
deposits, $27,094; deposits on leases and subleases, $5,820; real estate mort¬
gages ($200,000 due June 23, 1947, balance open), $540,750; 6M% cumula¬
tive preferred stock, $1,171,200; 6% cumulative 2d
preferred stock, $1,100,000; common stock (authorized 300,000 shares, no par value; issued and
outstanding 209,560 shares, after deducting 2,940 shares in the treasury;
199,770 shares at a stated value of $3 per share, and the balance at amounts
paid therefor), $915,110; paid-in and capital surplus, $568,068; earned
surplus, $3,396,168; total, $11,147,352—V. 148, p. 1639.
through inc.&
advance
27,550
32,943
255,909
Oth. unadj. deb.
Insur'ce res've.
2,790,903
990,112
llab.
Accrued
54,255
Rents & Ins. pre¬
miums paid in
curr.
115,582
838,430
6,365,992
Oth. def'd liabil.
Tax liability
cur.
361,286
113,915
167,468
377,803
Other
19,700
394,578
accr.
Unmatured rents
from agents &
Misc. accts.
1,273,609
664,935
464,494
stock.
bills
Traf. & car serv.
Stocks
$797,036
442,675
300,747
x
Funded debt un¬
5,145,296
and
1937
$416,049
132,284
74,769
1940
$353,597
209,231
104,074
Net ry. oper. income—
From Jan. 1—
28,473,019
483,477
4,920,296
Loans
1938
1939
$551,226
252,731
167,152
$
28,473,019
_
Stocks
Notes
RR.—Earnings-
Detroit & Toledo Shore Line RR.February—
Gross from railway
Net from railway.
Balance
1939
Grants in aid of
70
20,680
5,047
—V. 150, p. 1431.
31
TAabtlities—
95,966,119 95,583,810
Dep. in lieu of
mtg.prop.sold
Misc. phys. prop
Inv. in affil. cos.:
Sheet Dec.
1938
$
Assets—
75,732
$1,593,023 def$156,205
-
def927
def 13,084
1,627,772
915,660
646,424
Net from railway
Net ry. oper. income—
$3,513,990
196,798
—
116,536
From Jan. 1—
$7,862,792
1,981,629
Dr241,213
Drl26,427
Rent for leased roads
Interest on funded debt
3,220
92,985
1940
$764,824
410,276
284,876
Gross from railway
1938
Net operating revenues.Railway tax accruals
Equipment rents (net).
Joint facility rents (net)
Income avail, for int. & leased line rentals
10,630
def 8,231
dividend of 25 cents per share on the common
a
Detroit Toledo & Ironton
February—
railway
Net from railway
Net ry. oper. income
$25,460,021 $21,213,506
2,647,426
1,945,860
4,359,485
3,626,861
521,641
512,442
9,085,914
8,683,322
79,078
94,431
959,528
1,137,528
055,845
011,501
Maintenance of way and structures
Maintenance of equipment
income—
Gross from
$.0242
1939
revenues
109,818
18.459
4,640
1937
$56,896
April 10 to holders of record March 30.
Divi¬
April 10, last; and 25 cents was paid in each of
preceding quarters and on Nov. 10, 1938, this latter being the first
dividend paid since Dec. 22, 1937, when 50 cents per share was distributed.
—V. 149, p. 3553.
Comparative Income Account
Calendar Years-
Operating
1938
$44,651
def 2,022
the four
$2,204.56
mile road_
1939
no par value, payable
dend of 75 cents was paid on
985.98
814,210
47,821,166
per
Ry.- -Earnings-
98,232
2,725
def9,479
Directors have declared
$27,308
940.03
786,357
49,287.123
$.0232
$2,178.79
39.67
rev.
625.361
282,248
279.362
90,961
118,092
stock,
$.00884
$22,574
_
361,527
Detroit Steel Products Co.—Par Value Changed—
19,410,027
2618624103
990.05
No. passengers carried._
748,439
No. pass, carried 1 mile. 52,416,20 1
Av. amt. per pass, per m.
$.0228
Pass.
mile rd. op_
(rev-
424,857
152,803
169,380
Stockholders at the recent annual meeting approved a change in par value
common stock from no par to $10 par.
of
in tons
freight)
67,731
—V. 150, p. 1431.
1936
$27,453
rev. per
enue
145,348
150,917
87,096
25-Cent Dividend—-
1937
No. tons car'd (rev. fr't) 19,098,151
16,087,992
19,408,979
No. of tons car'd 1 mile. 27156013022208726,648 2759511218
Av.rec. per ton per mile.
$.00856
$.00865
$.00832
Train]oads
1937
$308,547
52,185
1—
Jan.
Gross from railway
Net from railway
Traffic Statistics f or Calendar Years
1939
1938
^
$54,748
10,668
4,003
Net from railway
Net ry. oper. income—
1940
$174,135
74,086
1940
$45,811
def243
def6,217
February—
Gross from railway
J. II. Nuelle, President, says in part:
1939
$208,406
549,255
249,497
277,733
Net from railway
Net ry. oper. income—
—V. 150, P. 1761.
30,
■Earnings—
1940
$228,788
89,338
105,430
February—
1937
1938
$1,519,730
210,329
62,897
3,322,947
402,149
86,596
1940
$1,864,237
402,106
295,902
February—
Gross from railway
March
211,008
surplus
Deficit
111,247,719 111,507,002
Represented by 515,740 shares of
50,459
—_
Total
111,247,719 111,507.002
no par
1940
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
RR.—Earnings-
1939
1938
$4,092,978
753,629
248,750
$3,594,667
570,492
100,908
$3,128,165
428,569
4,616
1937
$3,716,678
695,040
283,109
8,922,520
1,991,190
7,683,179
6,690,615
994,979
100,811
7,810,299
1,526,772
721,427
1,541,846
592,434
955,756
—V. 150, p. 1431.
Denver & Rio Grande Western RR.February—
1940
Gross from railway
From Jan. 1—
Gross from railway
1938
1937
1936
$1,195,954
$2,564,389
$2,099,975
516,407
737,435
592,367
$1,531,288
15,963
$679,548
14,466
$1,826,954
7,462
$1,507,608
39,144
$1,547,251
$694,014
$1,834,416
293,881
Selling & admin,
280,951
155
228,380
$1,546,752
194,799
33,642
4,649
a337,089
exps
Operating profit
--
Other income
Total income
Depreciation
Prov. for doubtful accts
38,820
8,101
1938
1937
196,940
def43,581
51,456,353
$1,972,543
86,571
defl85,669
278,042
3,«9?'?5n
671,349
3'1^7,742
3,193,245
396,271
b200,563
a447,326
75,783
52,351
51,440
100,346
53,524
129,875
$53,608
$969,285
Interest
Vacation wages—factory
employees
Miscellaneous
4,067,860
54.772
6,952
3,382
2,645
.
Federal, &c., taxes
Shs
1939
S1»$S'H?6
-Earning s-
1939
$2,230,689
699,401
expenses.
Net income
-Earnings—
$1,696,601
6
167,948
def80,997
„
Net from railway.
Net ry. oper. income..
Calendar Years—
Gross profit
value.—V. 150, p. 1431.
Delaware Lackawanna & Western
February—
Gross from railway
Net from railway
18,657,344
Doehler Die Casting Co.-
49,768
17,819,519
.com
.stk .out. (no
Earnings
per
$682,043
280,426
$2.43
par)
share
82,434
280,426
$3.45
280,426
$894,139
280,426
$3.19
$0.19
a
Including $48,000 in 1937 and $69,000 in 1936,
profits,
b Taxes excluding Federal income.
surtax on undistributed
Comparative Balance Sheet Dec. 31
Net from railway
Net ry. oper. income._
163,970
591,482
101,440
327,745
def213,597
The
monthly report of selected balance sheet items
published in our 'Earnings Record." have been
as
corrected.
statement follows:
612,622
149,848
of Jan.
31. as
The corrected
Assets—
b
1939
as
1940
Funded debt maturing within six months
$365,000
1939
$663,080
Total current liabilities
Tax liability U. S. Government taxes
Other than U. S. Government taxes
—V. 150, p. 1431.
53 750 644
I
"
"
~~~
552*387
1 528*544
1*139'975
*222 *621
470*921
63
"III
'898
110[976
$3,760,644
571,297
6,341,795
894,125
150,384
562,555
66,375
132,015
1938
$943,957
$943,957
Reserve for taxes.
269,061
88,065
Receivables
654,258
Accrued
Inventories
734,478
515,677
1
1
-
61,593
Accounts payable.
461,632
389,307
88,455
56,597
700,000
47,563
15,672
551,648
4,104,422
331,559
3,452,795
Dr27,600
Dr27,600
397,262
Real estate other
Total..
expenses,
wages, &c
Notes payable
Mis cell, liabilities.
44,951
236,138
Deferred charges..
plant props
a
13,075
.
Other assets
c
Loans and bills payable
Traffic and car-service balances payable
Audited accounts and wages
payable
Miscellaneous accounts payable
Interest matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
1939
stock.
126,235
Cust's die charges
of Jan. 31
Liabilities—
Common
263,899
850,260
Cash
Patents
Selected Liability Items
1938
Prop., plant, eq.$3,458,471 $3,331,311
Surplus
d
$5,977,506 $5,561,045
Treasury
stock.
Total
$5,977,506 $5,561,045
Represented by 283,187 no par shares at stated value of $3.33 1-3 per
b After deducting depreciation of $1,383.674 in 1939 and $1,261,312
1938.
c After allowance for
depreciation of $168,690 in 1939 and $149 -
a
share,
in
018 in 1938.
d 2,761 shares at cost.
Interim Dividend—
$7 849 966
378*500
1 283 457
$12,479,190
60,193
1,483,455
Directors have declared
an
interim dividend of 25 cents per share on the
common stock, payable April 18 to holders of record April 1.
This will be
the first dividend paid on the issue since
April 18, 1938 when a dividend of
20 cents per share was distributed.—V.
150,
p.
1931.
•
Volume
Dixie-Vortex Co. (&
Calendar Years—
gen.
Eastern Rolling
Subs.)—Annual Report—
Income credits.
1937
$2,173,429
1,301,405
$2,745,547
1,596,739
$2,727,227
1,685,422
$1,128,583
2,737
&adm.exps__
1938
$2,466,916
1,338,333
_
$872,024
127,596
$1,148,809
$1,041,805
113,224
93,129
a
$1,131,320
$999,619
$1,241,938
2,956
y45,388
y44,086
45,768
zl57,333
44,229
$734,999
446,621
177,489
$875,527
202,666
202,666
$1.42
$950,522
334,969
329,739
202,916
$2.48
Prov. for Fed. inc. taxes
Other deductions
Net income for the yrDivs.—Class A stock
Common stock
Shares
common
Earnings
Retirement
per
stock
$2.02
share.
res.
accruals
Taxes (incl. inc. taxes)-.
Matthews.
J. G.
Davey was
were
directors
Other
(& Subs.)—Earnings—
1940—12 Mos.—1939
$8,986,037
$8,475,940
4,319,849
4,150,752
430,064
314,551
776,596
764,825
1,289,783
1,126,758
Dr 523
$228,437
Dr 4,234
$2,169,743
2,317
$1,119,055
Dr33,196
$218,019
36,440
$224,203
36,335
61
204
$2,172,060
438,818
11,214
$2,085,859
518,993
10,376
$181,518
$187,663
$1,722,028
77,652
$1,556,489
77,652
Applicable to minority interest
$1,644,376
24,927
$1,478,837
23.680
Applicable to Eastern Utilities Associates
Non-subsidiary income
$1,619,449
309,824
$1,455,157
309,824
$1,829,273
$1,764,981
Net oper. revenues.
$218,542
Non-oper. income (net).
Balance
490,375
342,421
202,916
Interest and amortiz
Miscell. deductions
$2.11
Balance
Preferred dividends deductions—B. V. G. & E. Co.
$178,764 in 1938, $165,661 in 1937
and $163,552 in 1936 for depreciation of plant and equipment, and $26,708
in 1939, $27,476 in 1938. $31,627 in 1937 and $35,480 in 1936 for amortiza¬
tion of patents, &c.
y interest only,
z Includes $3,393 for surtax on
undistributed profits in 1937 and $40,244 in 1936.
a The
above figures include the Individual Drinking Cup Co., Inc.,
and its subsidiary company for the fourt months ended April 30, 1936, the
x
held March 26,
1940—Month—1939
$785,506
$762,727
355,107
342,044
30,857
30,243
64,510
63,708
116,490
98,295
revenues
Maintenance
_
P.
T.
Eastern Utilities Associates
Period End. Feb. 29—
Prov.for Pa. & Canadian
income taxes
director
a
Operating
Operation
49,872
Z196.469
63,121
25,895
160,978
32,359
Int., mtge. bonds, note
payable, &c
Mill Co.—New Director—
stockholders meeting
annual
succeeding
reelected.—V. 150, p. 1763.
33,161
26,608
182,434
elected
$1,155,029
$856,200
446,610
151,999
Gross income
At the
1936
1939
Gross profit from oper.
Sell.,
2095
The Commercial & Financial Chronicle
150
After provision of $209,531 in 1939,
Balance
effective date of the merger.
Total income
Consolidated Balance Sheet Dec. 31
Assets—
1939
Cash.
a
$1,597,917 $1,769,892
Notes accept.
accts. rec.,
Due
306,429
301,064
trade
and employees
179,218
Acer, wages & exps
Invest, (at cost).,
b Plant & equip't.
2,275,715
mental
6,344
2,332,266
1,000
1,000
142,530
657,658
58,936
65,000
d Common
Capital surplus
Pat'ts, trademarks
and goodwill
202,666
Deferred items
3,572,880
202,666
1,072,550
317,347
1,010,741
—
Earned surplus—
$5,658,380 $6,467,629
After
$5,658,380 $6,467,629
Total
reserves
for
Dow Chemical
After int.,
Ebasco Services Inc.—Weekly
For the week ended March 21,
the operating companies
Feb. 28 *38
$2,440,560 $3,044,258
$2.30
$3.10
deprec. and Federal income taxes, but before undistributed
Feb. 29 '40
on common
stock.
Feb. 28 '39
1940
Light Co-_117,537,000
Electric Power & Light Corp. 58,156,000
National Power & Light Co..
79,178.000
Operating Subsidiaries of—
American Power &
Net from railway.
$134,238
def367,081
def517,953
.
Net ry. oper. income
Feom Jan. 1—
$106,799
def414,875
def503,787
Total
End.
expenditures
11.8
80,803,000
dl,625,000
d2.0
$130,729
def444,539
def664,585
Duluth South Shore & Atlantic Ry.
Taxes
$147,340
$111,770
892
def34,273
defl3,472
def51.611
—
Net ry. oper. income.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income_
..
$40,586
13,053
30,000
9,912
$35,546
11,553
30,000
9,572
$8,278
$12,378
$15,578
1763.
Elder Manufacturing Co.—Cumulative Dividend—
dividend of $10 per share on account of accumu¬
on the 5% cumulative participating class A stock, payable April 1
to holders of record March 22.
This payment clears up all back dividends.
—V. 149, p. 1176.
$125,964
def.38,577
def58,060
1937
$177,979
16,380
def8,596
Electrical Products Corp. (&
Subs.)—Earnings—
Earnings for Year Ended Dec. 31.
profit from rentals and sales
Selling, administrative and general expenses.
—
—
..
298,455
def3,775
def34,295
247,544
def39,288
def74,205
258,513
def66,968
defl07,465
356,569
35,042
defl3,089
$904,176
1938
1939
1937
$112,317
33,925
5,611
15,274
def8,354
$97,785
6,823
def22,273
$124,913
29,197
3,247
250,277
61,477
5,453
231,205
41,621
def2,394
210,520
23,362
def32,462
237,124
44,538
def4,844
commissions, discount and other income-
other sundry deductions
Provision for current year Federal taxes on income—est.
Underprovision for prior years taxes
Net profit
Consolidated surplus at Dec. 31,1938
—V. 150, p. 1432.
Total surplus
Eastern Gas & Fuel Associates
1940
$9,746,965
520,117
Depreciation and depletion
4,244,504
4,061,004
Interest.
2,843,614
619,078
2,937,251
644,390
$1,519,652
$6.17
$398,824
$1.62
Federal income taxes (estimated)
Debt discount and expenses
Earned per share of 43^
—V. 150, p. 1432.
dividend requirements.
% prior pref. stock
1939
$344,115.
Eastern Massachusetts Street Ry.— -Earnings—
1940—2 Mos.—1939
1940—Month—1939
$620,810
$592,201 $1,280,604 $1,236,960
806,039
727,925
409,815
356,470
Period End. Feb. 29—
Gross corp. income..,
Interest on funded debt,
&c
55,820
$179,911
4,621
$356,758
10,078
$156,578
$184,532
$366,836
$406,095
46,096
89,238
92,363
$235,731
82,687
aNetincome.
93,061
167,684
capital
$109,914
Michigan Rys.—Time
$9,161,718
1,349,575
Depreciation
401,919
Interest
490,137
Other expenses.
1,261,838
Prov. for Fed. inc. tax__
Gross income
Provision for surtax
150, p. 1763.
Minority
Extended—
Net
period within which holders of first mortgage and collateral trust 7%
gold bonds and of adjustment mortgage 6% gold bonds and of general
unsecured claims may exchange the same for common stock of Eastern
Michigan Transportation Corp., on the terms and subject to the conditions
dividends
Common dividends
Surplus.-Shares capital stock out¬
standing (par $5)
Earns, per sh. on cap. stk
of Eastern Michigan Rys., dated
been extended to and including April 15, 1940.
right of exchange shall continue up to and including April 15, 1940,
thereafter cease unless such period is extended as provided in
plan.—V. 150, p. 1433.
'
The
income
.
f
x
Calendar Years
$4,263,331
1,369,996
403,173
322,522
330,983
"4",408
"'507
$5,653,840
$1,836,150
3,591,702
interest
1937
$6,928,324
1,246,025
381,192
355,659
730,912
1,087
6,836
1936
$6,758,556
1,147,387
28,071
247,180
749,464
28,170
47,792
$4,510,491
313.722
2,735,613
1,198",453
$4,206,614
x78,505
3,123,511
$2,062,138
$637,697
$1,004,599
$1,461,156
1,197,193
$4.72
1,197,253
1,202,255
$1.53
$3.43
1,194,890
$3.51
Preferred
July 14, 1938, has
and shall
(& Subs.)—Earnings-
Consolidated Income Account for
1938
1939
The
in the plan for reorganization
losses on
$224,160: deferred income. $63,869;
$1,519,572; capital stock (par $4), $1,048,008;
surplus, $385,173; earned surplus, $627,962; total liabilities, $4,-
Electric Auto-Lite Co.
$124,777
for retirement losses.—V.
income—estimated, $62,718; reserves for
036,744.—V. 149, p. 1323.
188,955
$45,375
on
general contingencies,
Neon sign contracts—contra,
9,850
$29,623
Depreciation.
taxes
Neon signs and
$3^6,245
44,268
Other income
58,890
$152,105
4,473
Net after taxes
Federal
for
$509,035
112,790
$474,565
117,807
$210,995
Dec. 31, 1939
$563,231: customers' obligations, $211,106; inventory—
market, $260,087; investments and other assets, $139,189;
investment in rental equipment, $767,447; land, $234,8*2: buildings
ma¬
chinery and equipment, $462,862 (less reserves for depreciation of $274,165).
$188,697; patents—unamortized cost, $2,812; Neon sign contracts—contra,
$1,519,572; deferred charges, $149,759; total tassets, $4,036,744.
Liabilities—Accounts payable, $99,197; accrued taxes, $6,074; provision
Assets—Cash,
at lower of cost or
Railway oper. revenues.
Railway oper. expenses.
i
Net ry. oper. revenues
Taxes
262,002
$627,962
Note—Provision for depreciation of plant and equipment for the year
amounted to $33,238; amortization of rental equipment amounted to
Balance at Dec. 31,
Consolidated Balance Sheet
Net income available for
$889,964
stock of Electrical Products
Corp.—$1 per share—
1939
$8,384,423
342,954
12 Months Ended Feb. 29—
13
307,776
582,188
--*•—- —
*
Deduct dividends paid on common
(& Subs.)—Earnings—
Total consolidated income
$385,399
6,201
8,689
62,718
Total income
Development expense
Interest, discounts and
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—
Bad debt recoveries,
Earnings—
1940
$128,341
February—
Gross from railway
569,424
$334,752
18,610
32,037
Operating profit
Diviends received-
& Pacific Ry.-
Net from railway
Net ry. oper. income
the
1939
Gross
Duluth Winnipeg
set forth
$130,370
94,824
Directors have declared a
—V. 150, p. 1432.
Eastern
$141,180
100,594
$17,273
5,776
15,000
4,775
Total deficit
-Earnings1938
1939
1940
February—
Before provision
1940—2 Mos.- -1939
lations
Gross from railway
Net from railway
a
imputs of any companies not
$7,477
Renewals
—V. 150, p. 1432.
rents,
9.9
$18,838
6,526
15,000
4,789
Operating surplus
Fixed charges
-V. 150, p.
Net ry. oper. income
%
6,119,000
1940—Month—1939
$67,241
$64,966
48,403
47,693
29—
Feb.
revenue
Total oper.
264,544
176,615
230,729
277,031
def750,203
def889,550
def828,755 def863,523
defl057,677 defl,121,321 defl ,018,283 defl ,314,277
Gross from railway
Net from railway
Amount
10,593,000
Ry.—Earnings—
Edmonton Street
Period
1937
1938
$92,528
def448,713
def561,320
1939
106,944,000
52,037,000
The a oove figures do not include the system
appearing in both periods.—V. 150, p. 1932.
Ry.—Earnings—
1939
1940
of
Light
cJ Indicates decrease
Drewrys Limited U. S. A., Inc.—Earnings—
Company announces net earnings for the year ending Dec. 31, 1939,
amounting to $140,066, equal to 28 cents per share, after deducting Federal
income tax and depreciation.
This compares with net earnings of $20,497,
or four cents per share for the preceding year.
Sales in barrels during 1939 showed an increase of 67.2% over the pre¬
ceding year.
Company with offices at South Bend, Ind., is brewer of Drewry's ale and
beer.—V. 147, p. 418.
Duluth Missabe & Iron Range
which are subsidiaries of American Power &
Increase
$5,495,945
$5.11
profits surtax.—V. 150, p. 1932.
February—
Gross from railway
Input—
1940 the kilowatt-hour system input
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
Co.—Earnings—
9 Months Ended—
x Net, profits
Earnings per share
x
Employees—
Company announced the distribution of $2,362,331 wage dividends
30,934 eligible employees, at the same rate as a year ago, when
$2,144,334 was distributed among a smaller number of employees.
This distribution is based on a rate of $12.50 for each $1,000 earned
by employees during the five years 1935 through 1939, while those whose
service is less than five years share accordingly.
Since the profit-sharing
plan began the company has made extra distributions of $45,650,000 to its
employees.—V. 150, p. 1277.
among
of $54,418 in 1939 and $34,600 in 1938.
b At cost (less
depreciation of $2,482,183 in 1939 and $2,289,807 in 1938.
c Represented
by 178,644 no par shares,
d Represented by 202,666 no
par shares—V. 150, p. 1932.
a
reserves
1433.
Eastman Kodak Co.—Bonus to
65,000
3,572,880
stock.
63,700
customers
$1,637,661
Balance available for divs. and surplus.
-V. 150, p.
develop.
expenses
Clasa A stock
c
$1,637,661
$1,789,054
Amount not available for divs. and surplus
600,000
Reserve for experi¬
to
127,320
$1,789,794
739
Balance
33,291
324,168
Notes pay. to bank
1,328,182
1,279,724
1,493
Total
$162,319
233,797
48,350
351,485
2,159
Inventories
Apparatus lent
$111,652
payable
Accrued taxes
officers
from
Divs.
Accounts payable-
&
139,480
Expenses, taxes and interest
1938
1939
Liabilities—
1938
Redeemed April 1, 1937.
.
The Commercial & Financial Chronicle
2096
Consolidated Balance Sheet Dec. 31
1939
1939
$
c
<fcc-13,788,375 12,060,604
and
6,105,015
6,105,015
63,000
1,807,778
3,154,071
4,699,320
4,085,410
6,111,661
.10,919,686
7,314,738
ments, current..
350,000
270,000
4% debs, due 1952 9,327,500 10,000,000
291,838
232,858
market¬
able securities..
a
Common stock..
Minority stock Int.
63,409
Capital surplus
1,814,278
Accounts payable. 2,620,904
Sink, fund require¬
Investments
Cash
$
Liabilities—
b Land, buddings,
equipment,
1938
$
1938
t
Assets—
Accounts & notes
receivable
Inventories
d Inv. In own stk.
8,350,873
payable
Mortgage
423,655
Reserve
goodwill,
for
45,625
-
1,417,025
Accrued liabilities.
350,000
426,890
Sinking fund assets
1.320,632
251,825
330,983
&c
130,833
1
1
Pro v. for inc. taxes
209,692
1,261,838
119,311
223,894
110,145
Deferred income..
113,930
262,201
Earned
Total
36,479,982 33,790,391
——
Other assets
Deferred charges..
Total
a After reserve for doubtful notes and accounts of $1,51,674 in 1939 and
$140,442 in 1938.
b After reserve for depreciation of $12,706,051 in 1939
and $11,492,684 in 1938, and reserve for valuation of certain properties of
$1,115,078 in 1938.
c Shares
of $5 par value,
d Represents 23,810
(23,750 in 1938) shares of common.—V. 150, p. 1932.
1940
1939
$65,588
78,279
1938
1937
66,787
$65,731
87,741
4,357
10,230
secur.
$38,293
$105,080
6,571
13,491
$153,487
6,069
31,885
$80,908
17,507
1,662
Profit from sale of
Interest
6,171
1,184
1,252
8
Expense
Management fees..
Normal inc. and capital
1936
$41,328
39,581
16
$143,875
f
stock taxes
Surtax
surplus...13,206,390 10,310,628
tingent claims..
30,
Equity Fund, Inc.- —Earnings—
Years End. Dec. 31—
Dividends
undis. income
on
70
con¬
30,479,982 33,790,391
Patents,
March
Net income
98
$62,052
40,330
$124,624
41,718
Dividends.
41.653
$120,500
78,782
$152,666
111,013
$102,381
63,994
$41,971
Total...
$114,279
38,387
$166,342
124,372
Earned surplus, Jan. 1..
$78,847
$41,718
$41,653
$38,387
Balance Sheet Dec. 31
Assets—Cash, demand deposits, $140,550; marketable securities at cost
quoted market prices $2,050,800), $2,201,067; dividends receivable,
tax, $2,403; total assets, $2,344,865.
Liabilities—Federal and State taxes, $6,207; common stock, par value
$20 per share, $134,938; paid-in surplus, $2,157,598; capital surplus,
$4,157; earned surplus, $41,971; total liabilities, $2,344,865.—V. 149, p.
(at
$845; deferred Federal capital stock
Elgin Joliet & Eastern Ry.—Earnings—
February-—
railway
Net from railway
Net ry. oper. income...
1940
$1,638,805
504,337
290,257
1939
$1,361,984
408,212
218,119
3,621.471
1,225,048
685,361
Gross from
2,842,340
933,099
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
1938
1937
$746,309
def34,335
defll9,185
1,700,825
106,980
def91,939
540,450
$1,820,167
573,392
333,207
3,635,705
1,083,743
601,448
—V. 150. p. 1763.
EI Paso Electric Co.
(Del.) (& Subs.)—Earnings—
Earnings of El Paso Electric Co. (.Texas)
Period End. Dec. 31
1939—Month—1938
Operating revenues
Operation
$267,662
104,512
12,314
30,793
Maintenance
Depreciation
—
Taxes
$265,659
96,182
18,023
27,851
36,453
36,528
Net oper. revenues—
1939—12 Mos.—1938
$83,514
$2,947,134
$2,916,682
1,172,165
185,299
334,001
356,581
1,189,180
178,499
369,464
381,362
2686.
Erie
RR.—Equip. Trusts Placed Privately—Lazard Freres
Co., it was announced this week purchased from the
&
Reconstruction
Finance
Corp. $3,000,000 23^% trustees
equipment trust certificates of 1939 at 1033^ and interest.
The issue has been placed privately by the bankers.
The certificates were purchased at par by the RFC and proceeds were
used to finance in part, the purchase of new equipment costing an estimated
of $3,868,294.
Certificates are dated Dec. 1, 1939 and mature
total
$150,000 semi-annually from June 1,1940 to Dec. 1,1949.
Earnings for February and Year to Date
(Including Chicago & ErieRR.)
February—
1940
Gross from railway.
Net from railway
1939
$4,724,008
314,468
def504,008
$6,603,837
1,946,491
1,113,310
13,4 27,468
3,432,843
1,680,333
11,971,627
2,704,898
1,108,791
10,230,117
1,397,235
def286,074
13,512,435
3,988,645
2,301,323
$868,636
Dr51,492
$84,847
36,136
$83,813
$817,145
36,116
$839,524
437,051
$48,711
$47,697
2,083
$402,472
25,000
$380,479
25,000
—V. 150, p. 1932.
2,083
$46,628
$45,614
$377,472
46,710
$355,479
46,710
$330,762
$308,769
The Securities and Exchange Commission March 27 reported that
Judge
Sidney C. Mize of the U. S. District Court for the Southern District of
Mississippi had issued a final judgment enjoining Eureka Petroleum Co.,
Inc., Jack A. Roell, W. H. Hoover, A. J. Lachie, T. J. Spikes, L. G. Folse,
F. Lewis Peyton, H. J. Watkins & Co., H. J. Watkins Jr. and B. W. Brown
from further violations of the registration and fraud provisions of the Securi¬
ties Act of 1933 in the sale of the capital stock of Eureka Petroleum Co.,Inc.
The Commission's complaint charged that the defendants made use of
1,333
Balance
Int. & amortiz. (public).
Balance
Int.(El Paso EI.Co.,Del)
436.665
Net ry. oper. income
From Jan. 1—•
Gross from railway
Net from railway
Net ry. oper. income—
Eureka Petroleum Co.,
Balance
Preferred dividend requirements (public).
Balance applicable to El Paso Elec. Co. (Del.)
Earnings of El Paso Electric Co. (Del.)
12 Months Ended Dec. 31—
1939
Earnings of El Paso Electric Co. (Texas)
1938
$330,762
25,000
$308,769
86,695
85,319
Expenses, taxes and interest.
$442,457
34,076
$419,103
31,956
$408,381
182,972
$387,147
Preferred dividend requirements.
Note interest deducted from above earnings
Earnings of other subsidiary companies applicable
to El Paso Electric Co. (Dei.)
Miscellaneous
25,000
revenue
15
facts and omissions to state material facts.
Fairchild Aviation
Unfilled
182,972
$225,409
$204,175
Consolidated Balance Sheet Dec. 31
1939
1038
$
$
Assets—
orders
Utility plant
Other phys. prop.
Mtge. contr. rec..
15 ,306,763 15,411,850
62,021
62,021
49,385
assoc. co
6,065
Other investments
cum.
3,205
475",370
Mat'ls & supplies.
195,179
Prepayments
25,313
314,128
461,281
170,301
20,735
306,832
Deferred debits
2,598,800
17,000
El
1,198
2,417
Acc'ts receivable..
cum.
6% nonpref. stock
17,600
Paso Elec Co.,
Texas, pref. stk.
768,704
a Common
stock. 2,914,100
Long-term debt
8,000,000
3
warr. rec.
$
preferred stock. 2,598,800
1,325,282
Special deposits
1938
$
Series B
6,165
2
,707,793
Cash
Series A 7%
63,528
708,704
2,914,100
8,000,000
Accounts payable.
Dlvs. declared
81,174
57,420
Customers' depos.
100,081
Int. & taxes accrd.
322,918
35,449
33,433
68,552
57,420
94,334
321,535
32,854
45,384
Other current llab.
Deferred credits..
Reserves
as
of Dec.
1,685,871
1,660,999
Capital surplus...
77,636
18,145,232 17,890,6121
Represented by 58,282
no par
Corp.—Backlog Up 72%—
$2,161,140
1,452,045
1,232,693
Total.
31, 1939.—V. 150,
Period End. Jan. 31
revenues
150,
(Del.)—20-Cent Dividend—
dividend of 20 cents per share on the common
1 to holders of record March 21.
This compares with
stock, payable April
25 cents paid on Jan. 2 last; 20 cents paid on Oct. 2 last: 15 cents paid on
July 1 and on April 1, 1939; 12)^ cents paid on Jan. 1, 1939, and previously
regular quarterly dividends of 25 cents per share were distributed.—V.
149,
p.
3715.
Fall River Gas Works
Period End. Feb. 29—
Operating
Operation
Co.—-Earnings-
1940—Month—1939
$87,608
$82,778
41,707
40,657
5,608
4,430
15,737
14,670
revenues
Maintenance
Taxes
Net oper. revenues...
$24,555
$23,021
1940—12 Mos.—1939
$928,087
489,911
69,916
166,647
$890,241
497,470
56,708
159,866
$201,612
$176,196
Non-oper. income (net).
3
Balance
68
$201,615
60,000
$176,265
60,000
$19,555
$18,021
598
accruals.
$23,021
5,000
978
$141,615
8,564
$116,265
11,844
$18,957
reserve
$24,555
5,000
p.
Gross income
1932.
(Del.) (& Subs.)—Earnings—
1940—Month—-1939
$616,036
$557,813
151,528
136,510
Maintenance
7,966
6,751
Depreciation
69,421
68,504
62,983
39,521
Taxes (incl. Fed. inc tax)
Feb. 29, 1940, compared with
increase of 72%), and $1,923,200
of
a
$17,043
$133,051
112,508
$104,421
95,962
Interest charges
Operating
Operation
an
277.
p.
18,145,232 17,890,612
shares.—V.
El Paso Natural Gas Co.
as
(representing
Directors have declared
Retire,
a
ago
year
77,636
Earned surplus...
Total
were
a
Fairmont Creamery Co.
1939
Liabilities—
Inc.—Promoters Enjoined—
the mails and instruments of transportation and communication in inter¬
state commerce in the sale of the stock of Eureka Petroleum Co.,
Inc.,
without compliance with the registration requirements and in the sale of
such securities employed devices, schemes and artifices to defraud and
obtained money and properties by means of untrue statements of material
$1,255,296
Notes &
1937
$5,696,875
1,162,247
363,686
$828,628
10,895
Non-oper. income (net).
Invest. In
1938
$6,310,413
1,459,049
600,016
$87,150
Dr3,337
1940—12 Mos.—1939
$5,937,689
1,733,169
106,629
658,802
736,518
$4,975,188
1,417,934
99,018
566,297
477,709
Net income
Dividends declared.
—V.
150,
p.
1434.
(John J.) Felin & Co., Inc.—New Directors—
Carl W.
Fenninger and David O. Bevan
were
elected directors of this
at the annual meeting of stockholders.
They succeed John J.
Felin Jr., deceased, and William D. Reilly, who retired.
Other directors
were re-elected.—V. 145, p. 435.
company
Net oper. revenues
a
$318,617
$312,048
Exploration & develop¬
ment costs
1,369
$2,701,202
14.769
$2,414,230
11,181
$318,971
29,607
$313,093
28,384
$2,715,971
345,416
$2,425,411
390,550
698
8.374
242
698
Cr331
Cr99
29,612
x<7rll8,392
$288,424
$284,342
8,632
8,632
$2,362,280
103.579
$2,123,643
103,579
$279,792
interest
$312,048
1,045
$275,710
$2,258,701
Amortization of debt dis¬
count and expense
b Miscell. inc. deduct'ns
Net income
Pref. stk. div. require'ts.
com.
diys.
and surplus
a
$2,414,230
1,369
$317,248
1,723
Gross income
Carried in operating expenses in
expense,
$2,702,571
Federal Light &
Balance
Other income
Balance for
......
1939.
b
3 Mos.
Dec. 31, '38
Operating revenue
Operating expenses
$2,474,326
1,138,577
$2,020,064
Non-recurring income and
are
charged
1940.
x Federal income tax accrual in
December, 1938, was reduced by $124,768
due to the write-off of unamortized debt
expense and premium on funded
debt retired by refinancing consummated Dec.
15, 1938.
Adjustment
150, p. 1134.
555,881
Prov. for deprec. and retirements
144,699
56,681
249,443
667,955
364,613
Prov. for Federal income taxes
Provision for other taxes
Operating income
$746,181
Corp.
of
Mass.
(Boston)—
IB-Cent Dividend—
Directors have declared
dividend of 15 cents per share on t6e common
stock payable March 29 to holders of record March 25.
This compares with
45 cents paid on Dec. 30, last; 15 cents paid in each of the three
preceding
quarters; dividend of 20 cents paid on Dec. 30, 1938; 15 cents on Sept. 30,
a
1938, and 10 cents paid on June 30 and March 30, 1938.—V. 149, p. 4028.
1,049,208
7,674
$2,965,616
1,551
$753,855
$2,967,167
92,651
Other income
370,709
5,869
15,682
Subsidiary companies charges:
Interest
on
funded debt
Amortization of debt discount and expense.
Miscellaneous interest and other deductions.
Dividends on preferred stocks
173
23,476
55,133
182,836
1,778
$593,466
$2,333,235
Amortization of debt discount and expense..
147,037
12,462
582,196
49,625
Miscellaneous interest and other deductions.
18,215
49,338
$415,752
131,226
$1,652,075
266,244
524.903
$0.67
$2.64
_
Dividends
on
other stocks
Balance
Federal Light & Traction Co. charges;
on funded debt
Interest
Investment
$9,990,094
4,386,819
138,745
46,012
was
credited to non-recurrding income instead of tax
expense for the purpose
of retaining normal comparison of operations.—V.
Equitable
Year Ended
Dec. 31.'39
Maintenance
Gross income
and donations (carried in operating expenses in 1939),
to miscellaneous income deductions in
Traction Co. (& Subs.)—Earnings—
Period Ended Dec. 31—
Consolidated net income
Preferred dividends
Common dividends
Earnings
per
share
stock (par $15)
on
66,561
524,903 shares of common
Volume
The Commercial &
ISO
Liabilities—
|
$4,387,400
Properties, incl. intangibles. .$42,310,476 Preferred stock
7,873,545
Investments
2,718,845 Common stock ($15 par)....
2,625,840
Sinking funds
585,389 Preferred stocks of subs
5,420
Miscell. special funds
57,753 Common stock of subs
18,350,919
Cash
846,436 Funded debt
3,270
Special cash deposits
Accounts and notes receivable
894,212
337,044
22,809
Materials and supplies
Merchandise for resale
250,000
474,383
14,529
banks, sec'd
other notes pay.
Notes payable to
Accts. pay. &
Accts. pay.
to aff 11. companies
Customers'deposits
Prepaid insurance, taxes, Ac.
60,308
75,160
458,257
Accrued Federal income tax..
1,621,161
487,443
Other accrued taxes
Accrued preferred
31,026
dividends.
1,113,379
Other liabilities
....!
Reserves
6,223,734
274,177
333,338
5,698,867
........
Contribs. In aid of construct.
Capital surplus
Earned surplus
for Calendar Years
Income Account
$9,879,119 bl2,726.135 $12,663,572
7,667,373
9,912,060
9,551,633
on
1,400,696
1,481,195
$1,413,379
$1,630,744
121,542
$994,494
92,614
120,733
98,097
$1,087,109
$1,534,112
$1,728,841
1L238
Total income
1,217.252
$1,513,192
Net profit from opers.
Other income
Interest
1936
1937
1938
1939
$11,924,647
Cost of goods sold
9,091,532
Sell., gen. & adm. exps.
1,441,464
Gross sales
350,775
579,832
Accrued interest
Other assets
Deferred charges...
reported at $876,833, equivalent to approximately $2.57 per share o
common stock.
Last year's sales totaled $11,924,647, against $9,879,119
in 1938, an increase of approximately 21 %.
were
Sheet Dec. 31, 1939
Consolidated Balance
,
Assets—
2097
Financial Chronicle
36,085
7,835
287
""490
$1,391,651
serial notes._
Other interest
invests, sold
3,164
Miscellaneous charges..
338
Loss
on sec.
Final
306
adjustm't of 1937
sales to Sears Roebuck
276
13,969
275.939
196,000
X275.500
x336,000
$1,233,475
$876,833
$1,247,088
$1,348,431
1,020,339
758",227
1.088,489
1,267,146
$213,136
$118,606
$158,599
$69,037
$3.61
$2.59
$3.71
$4.05
& Co_
Provision for Fed. inc. &
$49,532,863
Total
$49,532,863
Total
excess-profits taxes
—V. 150, p. 1764.
■To
Federal Water Service Corp.
Propose Recapitaliza-
Net profit
Preferred dividends
Corporation will shortly file with the Securities and Exchange Commis¬
a plan for rearranging its capital structure, according to an announce¬
March 27.
Under its provisions a new single class of common stock will be issued for
the four classes of preferred and class A common outstanding.
Approxi¬
mately 95% of the new common stock would be given to the preferred share¬
holders and 5% to the class A stock.
All deficits in the company's surplus
would be eliminated and the company placed in a position to pay dividends
if the plan meets with the approval of the Securities and Exchange Com¬
mission and is approved by the stockholders.
It is proposed that the new common stock would be given to shareholders
in the following proportions: $7 pref. stock, 7 shares: $6.50 pref. stock,
6Yi shares- $6 pref. stock. 6 shares, and $4 pref. stock, 4 shares: while »
holders of the class A stock would receive one share of new common for
each 10 shares of class A.
No new common stock would be given for arrears
in dividends on the preferred or A stock nor would any common, be given
to the holders of class B voting stock.
The class B stock is all owned by Utility Operators Co., a holding com¬
sion
Surplus
Earnings per
ment made
pany
owned by employees of Federal
and its subsidiaries, which under the
plan will be merged into Federal Water Service Corp.
The holders of
Utility Operators Co. would receive participation in the plan through its
ownership of 6,536 shares of Federal Water Service Corp. preferred stock.
—V. 150, p. 1599.
Ferro Enamel
share
on
stock
common
a
al939
Years End. Dec. 31—
Balance Sheet Dec. 31
on
hand
trade
Accts.
Inventories
return
on
ance
1938
$1,440,824
35,831
$1,552,183
$2,469,084
Deprec. & amortization.
(other than inc.).
Royalties
Other mfg. expenses
Selling, general and ad¬
b79,333
46,306
70.222
25,385
73,437
60,469
23,616
565',784
815,577
ministrative expenses.
925,774
729,199
780,824
480,978
13,000
$115,288
69,624
$715,161
90,159
$491,214
84,467
Taxes
Prov. for doubtful accts.
— —
$557,477
Operating profit
Miscellaneous income.
69,074
31,989
8,549
1,435
377,827
Other accr. exps..
28.839
16,969
405,453
371,305
Employers' llab. A
62,673
group Ins. res...
25,570
y Common stock. 3,622,295
2,681,457
1,089,900 Earned surplus
3,560,668
2,454,339
'
Insurance
29,621
& other expenses
1,054,757
at cost..
Property,
plant
and equipment. 1,536,364
1
$7,343,215 $6,778,111
$805,320
$575,682
19,066
$626,551
disposition of
plant equipment—
Interest, discount, &c..
79,237
Prov. for Fed. inc. tax..
89,819
53,267
20,387
73,232
106,567
65,843
y74,050
$457,495
$111,257
$559,677
$427,260
$2.35
$0.57
$2.92
$3.08
Profit
on
Loss
sale of assets—
344,003 in 1939 and $1,314,757 in 1938.
y Represented by
(338,703 in 1938) no par shares,
z Including $291,000 in 1939 and
in 1938 for Federal taxes on income.—V. 150, p. 1933.
Minority interest
Profit for the year
Earns, per share on com.
1939
1938
1937
$455,313
119,927
55,763
$403,297
74,236
6.725
$492,364
118,103
37,297
$458,810
137,816
76,270
906,247
211,039
78,977
846,476
148,978
16,470
1,076,603
934,704
259,360
131,613
1940
—
From Jan. 1—
Gross from railway
$28,989 In 1938, $40,311 in 1937. and $32,711
y,Including $339 surtax on undistributed
profits,
z Including accounts of Ferro Enamel Corp. and it wholly-owned
domestic subsidiary for the year ended Dec. 31, 1937, and those of its foreign
subsidiaries for the fiscal year ended Oct. 31, 1937, with the exception of the
Ferro Enameling Co. of Canada, Ltd., which are for 10 months ended
Oct. 31, 1937.
a Includes accounts of Ferro Enamel Corp. and its whollyowned domestic subsidiary for the years ended Dec. 31, and those of its
foreign subsidiaries for the fiscal years ended Oct. 31.
b Depreciation
1936
commissions
earned,
charges only.
Consolidated Balance Sheet Dec. 31
1938
1939
Assets—
y
Net ry. oper. income .
—V. 150, p. 1434.
132,171
reducing the board of directors from
1621.
Named—
amendment to its registration statement with
Commission covering 40,000 shares of 5% con¬
Company Mar. 25 filed an
the Securities and Exchange
vertible preferred stock, disclosing the complete list of underwriters
the number of shares each will offer.
The underwriters and the amounts underwritten follow:
Shares
Shares
Watllng, Lerchen A Co
Goldman, Sachs A Co
P. S. Moseley A Co
Co
Stern, Warn pier A
2,000
9,000 Hallgarten & Co
6,000 Jackson & Curtis
5,000 Bacon, Whipple A Co
5,000 G. M.-P. Murphy
5,000 WertheimACo
3,000
Lehman Brothers
First of Michigan Corp
and
....
2,000
1,000
1,000
1,000
preferred shares will be used, In part, for
the redemption of all the outstanding 10-year 4H % sinking fund debenture
notes, due April 1, 1947.
The balance of proceeds will be used for general
corporate purposes.—V. 150, p. 1765.
Proceeds from the sale of the
1938
1939
Liabilities—
Com. stk. (par
Lands, buildings,
mach'y A equip.
292,545
Inc.—rTo Reduce Directorate—
Franklin Simon & Co.,
Stockholders on April 1 will vote on
six to five members.—V. 149, p.
Fruehauf Trailer Co.—Underwriters
Includes $16,947 in 1939,
x
in
341,442
$259,812
City Ry.—Earnings—
Fort Worth & Denver
February—
railway
Net from railway.
Net ry. oper. income.
Gross from
on
13,177
42,129
$7,343,215 $6,778,111
Total
depreciation, obsolescence and amortization of $1,-
for
reserve
62,746
1,636,757
1
Patents & goodwill
Net from railway
$184,912
52.506
21,015, z Prov. for taxes..
.15,130
14,081
policies...
After
16,156
84,742
commissions
Secur. Investments
x
110,898
28,299
Accrued payroll A
prem.
mutual Insur¬
Prepaid
135,455
pay'le—
other
1,430,193
Co .housing project
x
Accounts
1,292,376
1,271,042
1,857,518
$132,525
Sears
pay.
Roebuck & Co..
receivable
Est.
$294,003
trade
notes and
accept'ces
Accts.,
pay'le—
Accounts
$1,579,831 $1,267,168
1938
1939
Liabilities—
1938
1939
Assets—
Cash in banks and
Total
1936
zl937
SI,562,584
Loss
In 1936) for surtax on undistributed profits.
Includes $31,000 ($35,000
x
.
Corp.—Earnings—
Gross profit
Maintenance & repairs—
x
12,248
Common dividends
tion Plan—
$194,300
$1)
$194,300
8,300
$958,513
$863,284
Min.stk. of subs..
549,676
995,650
921,729
158,833
12,518
80,813
443,965
Bank loan (foreign
782,343
849,375
118,301
(trade)
55,822
339,328
238,439
Accr'd liabilities..
112,461
25,414
12,826
Dividends payable
60,192
Adv. payments on
expenses.
10,327
Deferred charges..
52,057
13,783
63,424
Cash
z
Notes & accts .rec
Inventories
Investments
z
Pats. & pat. rts.
Other assets
Prepaid
p eliminated
Excess
cost
30,966
over,
cos,
on
Prov.for inc.taxes
74,914
22,526
8,850
6,250
7,500
9,701
under
on
agreement
26,629
38,346
38,107
Inter-co. charges &
Co.—Directorate Increased—
General Alloys
has been increased from three to six and the
follow¬
ing added to the board.
Herbert H. Dyke and Lancaster M. Greene,
of New York, and Charles J. Schull of Philadelphia.—V. 148, p. 1642.
both
$3,778,224 $3,276,805
1,910,078
932,508
1,910,078
768,509
$3,778,224 $3,276,805
Total
After reserves for depreciation of $402,742
z After reserves.—V.
150, p. 127.
in 1939 and $351,745 in
Ry.—Earnings—
Florida East Coast
1940
$1,334,447
575,594
Gross from railway
Net from railway
449,688
Net ry. oper. income
From Jan. 1—
1939
$1,265,199
586,111
439,165
on
620,892
484,246
1937
$1,289,274
568,529
419,948
2,323,532
2,405,369
2,355,266
957,522
708,091
983,423
944,979
991,641
698,244
683,590
1936
$1,161,314
1,067,230
$308,153
269,661
23,439
$422,076
$491,105
294,457
28,134
$94,084
317,312
24,098
$15,053
30,256
$94,419
55,687
$168,515 loss$247,326
47,598
36,731
$150,106
87,667
3,663
Costs...
9,817
$216,114 loss$210,594
95,349
99,793
10,198
14,700
Gross manuf'g profit-
Expenses, &c
Other income..
Profit
*
Interest
709,076
Brothers.
According to the registration
statement, Sears, Roebuck & Co.
has no
of disposing of the 105,625 additional common shares
Florence Stove Co. has a total authorization of 344,355
of which 341,466 shares are currently outstanding, It has
$849,298
U.S.Treas. notes.
State, munic. A in¬
dustrial bonds..
Accts.
rec.,
Investments
Plant
prop.,
1938
$76,080
Ac
107,838
100,599
Accrued interest..
13,905
71,832
14,205
76,760
1,420,500
pay.,
Accrued
trade
salaries,
356,389
Subcontract
362,867
(net)—
1939
$67,381
Accts.
wages, comm.
61,250
trade
Sundry accts. re¬
ceivable (net)..
which it owns.
$698,845
42,787
14,433
784,524
36,871
379,666
14,078
651,671
47,799
$325,087
31
Liabilities—
1938
1939
...J.
Cash
Inventories
stock.
The company's products, which include a broad line of oil and gas stoves
and heaters, are distributed principally through more than 10,000 retail
dealers in the United States and through Sears, Roebuck & Co.
The
manufacturing plants of the company are located at Gardner, Mass. and
at Kankakee, 111. and divisional sales offices and warehouses are maintained
in principal centers.
The reported earnings of the company for 1939 showed an increase over
those of the previous year and amounted to $1,233,475, equivalent to
approximately $3.61 per share of common stock.
For 1938, net earnings
25,033
Consolidated Balance Sheet Dec.
present intention
shares,
funded debt or preferred
302,625
$41,990 prof$52,623 prof$l 10,567
Net loss.
Assets—
Co.—Registers with SEC—
Company has filed a registration statement with the Securities and
Exchange Commission covering a proposed public offering of 40,000 shares
of common stock now outstanding and owned by Sears, Roebuck & Co.
It is understood that the public offering is to be headed by Goldman, Sachs
Florence Stove
1937
$2,474,363
1,983,257
con¬
Idle plant expenses
Net ry. oper. income
—V. 150, p. 1765.
& Co. and Lehman
1938
$2,279,255
1,857,179
$45,309
83,637
earnings
struction--.
Operating profit.
1938
$1,300,882
2,543,688
Gross from railway
Net from railway
Gross
Depreciation..
1938.
February—
1939
$2,220,488
1,912,335
Calendar Years—
19,025
Capital surplus...
Earned surplus
no
of 25 cents was paid
the 25-cent distribution made
General Bronze Corp. (& Subs.)—Earnings—
67,998
fluctuations
of subsid.
common
Dividend—
dividend of 25 cents per share on the class A
This compares with
July 15 last, and the previous payment was
Oct. 15, 1938.—V. 149, p. 4029.
The board of directors
com.
credits
y
Directors have declared a
stock, payable April 15 to holders of record March 31.
50 cents paid on Dec. 22, and on Oct. 15 last; a dividend
Res. for for. exch.
acquired—
Total
538
28,519
46,901
Miscell. reserves..
•
book val. of cap,
stock
490
15,895
contracts
Liab.
credits (net) not
Fyr Fyter Co .—Class A
29,756
Other liabilities—
Inter-co. charges A
£
subsidiaries)
Accts. pay.
liabil.
6% debentures
1,390,500
Com. stk. (par $5) 1,144,400
Paid-in and capital
surplus......
Deficit from
oper.
22,207
41,990
1,144,400
1,713,620
1,281,782
Ac.
1
620,670
1,123
409,907
65,622
41,442
1
1
600,408
(net)
Patents (net).....
Patterns, dies, Ac.
800
Prepaid exps. and
deferred charges
Goodwill
,
Total
—V. 150, p,
....$2,776,073 $3,264,382
1934.
Total
$2,776,073 $3,264,382
The Commercial & Financial Chronicle
2098
Garlock Packing Co.—Notes Called—
Period End. Feb. 29—
Gross revenue
Oper.
Divs.
General Electric Co.-—Number
on
$414,534
245,862
$485,248
$4,794,021
245,862
2,950,350
2,950,350
$239,386
$1,843,671
$1,918,511
pref. stock..
—V. 150, p.
$31,949,494 $29,264,956
17,258,649
14,94.5,001
3,280,000
2,847,500
1,261,862
270,000
$11,410,846 $11,472,454
6,616,825
6,603,594
552,953
.
■
Pay 12}y^-Cent Dividend—
being the fjrst dividend paid
12M cents per
since Oct. 20, 1938, when a regular
quarterly dividend of
share was distributed.—V. 150, p. 1600.
Goodman Mfg. Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents
per share on the common
stock, par $50, payable March 29 to holders of record March 29.
Dividend
of $1.10 was paid on Dec. 21 last; 40 cents was
paid on Sept. 29 last, and
regular quarterly dividends of 25 cents per share were previously dis¬
the second-best
February in the history of the
company were reported by Chevrolet on March 25, with release of its
dealers' new passenger car and truck sales
figures for the second 10 days of
tributed.—V.
March.
The increase totaled 55.8% over the same period last
month, total sales
being 33,510, William E. Heller, general sales manager, announced.
New
car sales gained 23.4% over the first 10 days of March, he said.
The period showed a 38.4% gain over the second 10 days of March,
1939,
when 9,303 fewer units were retailed.
149, p. 3873.
Grand Trunk Western
February—
car sales also showed a
strong upward trend, with a gain of 26.2%
the comparable period last year, a total of 52,853 used cars
being
Used car sales for the second period of the month also surpassed
gain of 30.4% over the
—V.
Stockholders Number 393,307—
150,
p.
Granite
The total number of General Motors common and preferred stockholders
for the first quarter of 1940 was 393,307, compared with 386,100 for the
$1,900,607
441,867
179,606
3,511,778
2,695,384
def33,487
def406,741
3,736,667
804,229
217,046
288,031
83,380
586,632
180,303
1436.
City Steel Co. (& Subs.)—Earning
Calendar Years—
al939
al938
al937
bl936
$6,359,472 $13,234,442 $10,117,911
$10,212,477
Cost of sales, sell., gen.
and admin, expenses.
8,883,526
744,919
171,487
6,203,079
471,000
64,394
12,506,513
9,464,028
457,777
43.709
360,000
20,374
$412,545 def$379,002
14,944
48,772
$226,442
52,783
$273,509
49,178
def$330,230
$279,225
25,000
$322,687
722,031
def$330,230
1,100,070
$254,225
1,276,141
$288,687
1,356,649
$1,069,972
47,814
$769,839
47,808
$1,530,366
430.296
$1,645,336
$1,022,157
$722,031
$1,100,070
$1,276,141
$0.66
$0.75
_
Depreciation
stockholders and 21,425 preferred for the fourth quarter of 1939
1937
$1,274,625
def52,796
def209,735
4,145,300
992,485
566,122
—
Net sales
fourth quarter of 1939 and with 388,650 for the first quarter of 1939.
There were 371,835 holders of common stock and the balance of 21,472
represents holders of preferred stock.
These figures compare witn 364,675
1938
$1,709,4.57
*
Net ry. oper. income.
40.528 used
1939
$2,020,653
488,195
280,004
..
Net ry. oper. income.
From Jan. 1—
Gross from railway..
Net from railway
Used
RR.—Earnings—
1940
Gross from railway
Net from railway
retailed.
a
'
'
$4,868,861
Directors have declared a dividend of 12 H cents per share on the common
stock, no par value, payable April 20 to holders of record April 5.
Dividend
of 25 cents was paid on Dec. 28 last, this latter
of Stockholders—
showing made during the first 10 days, with
cars sold during that period.
1436.
Glen Alden Coal Co.—To
General Motors Corp.—Chevrolet Sales Higher—
common
$1,038,201
Balance
The number of stockholders on March 15 totaled 210,919, an increase of
1980 over March 17, 1939, W. W. Trench, Secretary of the
company,
announced on-March 27.
The last previous count was made on Nov. 24,
1939, when the total was 209,735.—V. 150, p. 1934.
the
$966,971
552,437
Net income
30 last; 22 cents paid on Oct. 10 last; 24 cents paid in
preceding quarters; 30 cents paid on Dec. 23, 1938; 15 cents paid on
10 and July 11, 1938; 25 cents per share paid on April 11, 1938; a
dividend of 45 cents paid on Dec. 24, 1937; 40 cents paid on Oct. 11 and
July 10, 1937, and a dividend of 25 cents per share paid on April 10, 1937.
—V. 150, p. 433.
'
50 cents paid on Dec.
over
$2,570,063
a
Oct.
over
1940—12 Mos—1939
$2,836,735
1,579.764
290,000
-
and taxes...
Gross income
Int. & other deducts
Corp.—Common Dividend—
two
gains
Interest paid
Chevrolet Sales Gain—
Operating income
A continued gain in new passenger car and truck sales
10 days of March
during the first
on March 18,
15.8% in advance of figures for
substantially ahead of the first
the second-best February in the history
Miscellaneous income
reported by Chevrolet Central off ice
was
with the release of sales
figures which are
the same period last year.
The sales are
10 days' of last month, which was
of the company.
Total new car and truck sales
during the period
Total income
Prov. for Fed. inc. tax..
General Public Utilities, Inc. (&
Operating
$521,477
214,369
18,971
58,226
52,840
11,225
expense
Maintenance
Prov. for retirements
General taxes
_
_
_
.»
Fed. normal income tax.
Net operating income
Non-operating income.
$489,681
202,065
16,845
47,164
48,311
10,355
$164,942
Drl29
820
$165,717
30,576
Charges of subsidiaries.
Chgs. of Gen. P. U., inc.
_
71,353
Earnedsurp. bal. Jan. 1.
Total surplus
Dividends paid...
Federal taxes prior years
stock outstanding
$165,762
29,737
72,173
$6,096,956
2,568,470
217,803
672,307
612,996
101,500
$1,923,879
30,592
$1,852,786
17,844
$1,954,471
364,793
860,306
$0.91
Consolidated figures,
a
$5,654,229
2,361,058
209,360
551,683
562,799
116,543
34,000
350,614
18,582
Earned surp., Dec. 31
Earns, per share on cap.
1940—12 Mos.—1939
$165,846
.
_
were
Subs.)—Earnings-
1940—Month—1939
79,547
Net profit
27,148 units, as
compared with 23,452 new car and truck sales last year during the similar
period, and 25,085 during the first 10 days of February this year.
Used cars sold at retail totaled 40,528 units,
10.7% above the 36,626
retailed in the first 10 days of March, 1939.
Truck sales during the period were
11% ahead of tne first 10 days of
February. A total of 5,309 commercial units were sold, a gain of 528 units
over the same period in the
preceding month.—V. 150, p. 1935.
Period. End. Jan. 31Gross oper. revenues
Nil
b Company only figures.
Consolidated Balance Sheet Dec. 31
1939
1938
$
$
Assets—
Cash in banks and
1939
Liabilities—
hand
1938
$
$
453,970
469,864
155,163
Notes payable
1,038,131
1,222,108
960,289
982,364
479,072
Accrued interest..
190
2,615,039
150,215
157.309
Land, &c. (net)...10,990,233 10,076,864
Deferred charges..
40,917
57,738
9,681
Prop.& other taxes
Fed'l income taxes
135,944
122,667
82,000
2,452
on
Accts.
and
notes
receivable (net).
Inventories
3,560,505
Inv. & other assets
$1,870,629
Accounts payable.
Wages & com'ns..
258,754
97,242
Long-term notes
Payable
Reserves
3,576,029
1,110,000
269,074
Capital stock... 8,483,821
Capital surplus... 2,298,128
Earned surplus... 1,022,157
364,693
863,101
8,483,821
2,298,128
722,031
203,402
x
Net income
Divs.
Bal.
$63,788
3,242
avail,
for
150,
p.
3.242
$729,372
38,910
$642,835
38,910
$60,610
$690,462
$603,925
Total
com.
stock & surplus
—V.
$63,852
$60,546
$5 pref. stock.-
on
128.
General Telephone
security
Angeles Stock Exchange has been estremely inactive and that
since it is fully listed and registered on the New York Stock
Exchange, the
interest of the stockholders would not be
jeopardized by the withdrawal.
The order granting the application is effective at the close of the
trading
session on April 11,.—V. 150, p. 1766.
the Los
Georgia RR.
■Earnings—
February—
railway
1940
Gross from
1939
$296,668
47,220
40,097
Net from railway
Net ry. oper. income
1938
$261,898
33,130
31,732
From Jan. 1—
Gross from railway
594,371
88,396
72,294
Net from railway
Net ry. oper. income
550,375
92,003
90,264
1937
$257,410
25,166
21,050
$290,201
53,830
44,421
512,810
29,798
21,538
574,270
97,908
84,777
—V. 150, p.. 1436.
..16,946,342
Operating profit
$6,351,272
Drl74,930
$4,961,736
Drl06,248
$5,492,282
78.955
$7,137,549
Total income
$6,176,342
Int. paid, less int. earned
55,225
Mood loss in exc. of ins..
$4,855,487
62,694
$5,571,237
63,532
$7,184,316
1,336,121
960,000
1,318,369
1,254,980
708,000
1,238,189
*851,000
*1,196,405
$3,824,996
348,683
2,259,773
Shs. com. out. (par $10)1,189,354
Earnings per share
$2.92
$2,766,424
348,630
1,962,434
1,189,354
$3,401,725
87,278
2,266,493
1.189,354
$2.78
$4,594,379
Other income (net)
Deprec. & amortization.
Prov. for Federal taxes.
Net
income
5% preferred dividends.
Common dividends
Railway oper. loss
Equip, rents (net)—Dr.
Jt. fac. rents (net)—Dr.
$23,882'
$14,738
$26,832
140
770
$31,868
1,595
_
$30,273
$24,992
304
639
635
$14,272
$30,912
$20,300
Jan. 1 to Mar. 14
1940
1939
$209,830
$202,071
1937.
1940
$228,897
53,591
Net ry. oper. income
1436.
92,214
2,868",852
yl,195,355
$3.84
y
No
par.
Marketable
Cash
$
3,054,720
7,478,613
5,586,361
5,393,354
9,992,925
35,415
11,680,798
399,927
surr.
13,287,606
256,315
value of
2,201,075
1,756,771
Dividend payable
_
Accrued accounts.
Federal tax reserve
6,977,165
2,366,600
1,674,817
297,339
957,822
965,891
738,708
127,300
316,150
769,227
mtge.
1,288,286
1,198,437
payable, current
475,338
356,896
Res've for repaint¬
35,166
3,500
Res. for flood losses
546,756
535,020
1,164,136
1,052,120
Sund. acc'ts, notes,
claims & Invest-
Tenants'
Deposits in escrow,
deposits.
Surplus
prop¬
3,540
3,440
224,464
215,153
-
ing stores
for pur. of prop.
with
6,977,015
Real estate mtges.
estate
§
11,893,540 11,893,540
stock
Accounts payable-
Real
life insurance
■
Common stock.
1939
$
Liabilities—
b
5% preferred
(par $20)
securs.
Inventories
1940
6,750
17,146,128
15,929",588
$25,627
$21,275
From Jan. 1—
Gross from railway
Net from railway
p.
S
9,039,744
Acc'ts
$13,967
Georgia Southern & Florida Ry.February—
railway
Net from railway
Net ry. oper. income
1,840
$14,424
revenues (est.)
Gross from
4,284
3,946
319
Week End. Mar. 14
1940
1939
150,
3,849
$18,602
$14,105
Deficit before int
—V.
4,137
1939
3,129,346
7.451,241
Land & buildings
Alterat'ns & impts.
Acc'ts receivable._
$14,245
Loss before inc. deduct
—V. 150, p.
$2,832
15,770
$10,582
2,171
1,985
Deductions from inc
Operating
$7,375
16,507
$10,375
1,914
1,956
Net ry. oper. loss
Non-operating income.
Assets
yFurn.& fixtures.
z
Cash
Railway tax accruals
63,129
Including surtax of $151,000 in 1938 and $257,000 in 1937.
to leased prop..
Net loss from railway
$2,722
7,860
46,767
.
$2.03
,
1940
(Includes Statesboro Northern Ry.)
1940—Month—1939
1940—2 Mos.—1939
$85,784
$78,840
$173,464
$162,420
expenses87,950
81,562
180,839
165,252
$2,166
8,209
1937
$103,761,685 $97,516,419 $99,059,920 $98,346 043
97,410,413
92,554,683
93,567,638
91.208,494
Costs and expenses
Consolidated Balance Sheet Jan. 31
oper. revenue..
operations
.16,946,342 14,346,313
Consolidated Income Account for Years Ended Jan.
31
1940
1939
1938
Sales
x
Period Ended Feb. 29—
oper.
Total
(W. T.) Grant Co.—Earnings—
Georgia & Florida RR.—Earnings—
Railway
Railway
14,346,313
x Represented
by 382,488 (no par) shares.
V.150, p.1279.
Corp.—Delisting—
The Securities and Exchange Commission, March 26, announced that
it
had granted the application of corporation to withdraw its common
stock
($20 par) from listing and registration on the Los Angeles Stock Exchange.
The application stated, among other things, that
trading in the
on
1940
$168,671
exps.
Prov. for depreciation..
dividend of 24 cents per share on the common
stock, payable April 10 to holders of record March 30.
This compares with
Continued
1940—Month—1939
—
to
Directors have declared
30,
Georgia Power Co.—Earnings—
Company will call for redemption on May 31 the balance of its 4H%
1936, amounting to about $198,000, according
George L. Abbott, President, in a letter to stockholders accompanying
the annual report.
On Dec. 15, 1939, principal amount of $214,636 of
these notes was called for redemption.—V. 150, p. 1765.
convertible notes series of
General Capital
March
1939
■Earnings—
1938
erty owners
Prepaid insurance,
rents, &c
Total
42,260,296 41,181,7271
Great Northern
1937
27,168
$220,157
57,435
28,349
$187,668
28,094
6,203
$225,792
59,986
34,856
455,858
96,579
44,302
451,433
116,572
63,755
399,871
68,018
27,734
465,833
135,860
95,572
Total
42,260,296 41,181,727
After depreciation reserve of $3,535,983 in 1940 and $3,687,010 in
z After allowance for depreciation of $755,968 in 1940
and $904 144
in 1939.
b Par $10.—V. 150, p. 1601.
y
1939.
February—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—Y. 150, p. 1937.
Ry.—Earnings—
1940
1939
$5,051,723
787,035
13,322
$4,581,890
296,301
def492,170
10,642,558
1,804,231
242,748
1938
$4,129,020
1937
$4,781,395
98,099
389 356
def630,069
def218.099
9,751,775
8,714,023
1,034,715
458,644
def591.453 def1,126,652
10,225,851
1,158 665
def33.380
Volume
The Commercial &
150
Great Lakes Paper
^Directors have declared
participating preferred stock, class A and class B both payable
April 10 to holders of record March 30.
Dividends on both issues are in
arrears $8.75 per share.—V. 150, p. 128.
Accts. rec., less res.
of ac¬
dividend of $1.50 per share on account
holders
4030.
300,000
RR.
■Earnings
within
4,877,035
6,469,823
1st
mtge.
due Jan. 1,
1939
1936
$1,696,277
1,225,185
$1,560,211
1,176.225
$1,687,013
1,240,044
$1,624,122
1,237,060
Other income.
$471,092
74,702
$383,986
57,133
$446,969
62,444
$387,062
79,726
Tax, rents, &c.
$545,794
302,289
$441,119
268,102
$509,413
201,302
$466,788
224,024
$243,505
$173,017
30,000
$308,110
30,000
105,000
125,000
$242,764
leased property.
30,000
70,000
Deferred charges..
Calendar Years—
Gross earnings
Operating expenses
Capital stock
1
A interest
Deb. B interest
125,000
Common dividends
1939
1938
$
$
Assets—
Investments in:
Capital stock
Road
10,700,285 10,508,717
1,349,166
1,310,995
Misc. phys. prop..
90,128
90,595
Fund, debt unmat.
Equipment
Due to railroads..
7.600,000
56,872
a
Social
sec.
60,456
139,609
16,741
118,237
unclaimed
15,629
44,312
489
31,050
21,303
debs,
14,360
274,516
244,799
59,981
82,206
Due from railroads
Other
curr.
11,237
44,413
Due from agents __
Misc. accts. rec
14,310
Tax liability
55,194
Accrued deprec
Improvements to
339,560
560,721
18,041,801
Total
475,481
643,674
11,953,296
Oth. unadj.
7,483
credits
172,601
199,886
Other curr. assets.
14
621
depreciation of $1,204,988 in 1940 and $927,684 in
for amortization of $102,811 in 1940 and $62,025 in
After
reserves
Working fund adv.
154
through inc. and
10,819
28,549
Divs. & other pay.
1939
1939,'
Changes in Capitalization—
meeting April 24 to approve the
capital structure of 4,777 shares of second
Stockholders will be asked at the annual
elimination from the company's
preferred stock, all of which have been redeemed.
Stockholders
asked to change the designation of 80,000 shares of authorized but
first preferred to preferred.—V. 150, p. 1601.
also are
unissued
Trust—Accumulated Dividend—
Guardian Investment
share on account of
April 1 to holders of
Oct. 2 last.—V. 149,
Directors have declared a dividend of 55 cents per
on the $1.50 cum. pref. stock, payable
accumulations
record
p.
March
Similar payment was made on
21.
2085.
Additions to prop,
301
18,041,801 11,953,296
Total
$68,628 in 1940 and $49,842 in 1939.
After reserves for depreciation of
b After reserves for
10,135
456,420
8,874
598,142
18,353
1,331,977
2,431,089
749
30,995
457,581
Misc. accts. pay..
Mat. payments on
& retire.
taxes
Cash
1,878,050
fix. & eqip. 2,568,526
14,539
liab...
Sundry def. liab 11.
payable..
wages
274,604
276,112
20,172
Land & bldgs...
b Furn.,
2,500,000
7,600,000
Audited accts. and
Investments in af¬
cos
37,500
Misc. recs. and in¬
c
$
$
Liabilities—
2.500,000
filiated
37,500
a
1938
1939
300,300
3,262,594
5,181,038
Paid-in surplus
Shops, Ltd. (Eng¬
land)
125,000
Comparative Balance Sheet Dec. 31
cum.
598,142
3,262,694
Earned surplus... 5,888,522
Investm't In Green
c
Net income
804,166
2d pref.
stock (par $100)
Com. stk. (par $1)
7%
3,700,000
1
bonds
vest., less res..
Deb
1955 5,000,000
993,548
Mortgages payable
4H%
1937
23,100
one year.
15-year 4% sink'g
fund debs., due
200,000
Inventories
1938
370,000
29,202
Mtge. paym'ts due
14,000
accrued.
Metrop. Stores, Ltd.
Green Bay & Western
529,540
inc.
for Fed.
taxes
Notes receivable
Merch
832,408
pay.,
taxes &acc.exps
Bond int. receiv¬
able
884,482
460,000
Other accts.
Res.
due Jan. 1,'41
on
—Y. 149, p.
64,525
$
977,385
Trade accts. pay..
Instal. on bonds,
the 6% cumul. pref. stock, par $50, payable March 30 to
of record March 28.
Dividend of $3 was paid on Dec. 27 last.
cumulations
$
2,092,534
Metrop. Stores, Ltd.
Co.—Preferred Dividend—
Great West Saddlery
a
Cash
$
Liabilities—
$
1,827,511
107,063
Assets—
1939
1940
1939
1940
$2 cumu¬
lative
Directors have declared
Consolidated Balance Sheet Jan. 31
Co., Ltd.—Accumulated Dividend—
dividend of 25 cents per share on the
a
2099
Financial Chronicle
Matls. & supplies.
struction
Other
1,468,997
surplus
Projects under con¬
635~724
Profit and loss
unadjusted
1,468,031
155,000
427,455
23,915
8,204
debits
.
Gulf Mobile & Northern RR.—Earnings—
1940
1939
1938
$526,428
$464,929
$509,637
156,666
120,812
121,815
Net from railway
69,079
41,085
17,574
Net ry. oper. income.
1937
February—
Gross from railway
$592,096
202,509
89,408
..
From Jan. 1—
12,974,433 12,872,250
Total
12,974,433 12.872,250
Total
Earnings for February and Year to Date
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income
—V. 150, p. 1436.
1939
$126,364
34,196
14,251
1938
$104,674
17,038
729
271,971
86,546
45,362
224,737
44,982
260,638
62,504
28,648
—V. 150, p.
$130,301
34,258
18,344
282,111
84,029
46,036
Net from railway
16,136
the East.
Operating revenues
Operation
Maintenance
"With the new rates in effect," the
official announcement says, "Grey¬
only develop a vast amount of new business
be able to compete successfully with other forms of public
transportation.''
according to the distance traveled,
with short distance rates unchanged.
The changes apply to territory east
of Chicago and the Mississippi River and north of a line running from St.
Louis east through Washington, D. C.—V. 150, p. 1601.
,
The amount of the reduction varys
(H. L.) Green Co., Inc.—Annual
Report—Places $5,000,-
Stores in
Operation—On Jan. 31, 1940 company was operating 132 variety
the year one new variety store
Consolidated Income Account Years
[Including domestic subsidiary
acquired May 1, 1939.J
Balance
$179,510
$2,638,094
$2,120,944
584,968
600,960
Preferred dividend requirements
$2,053,127 $1,519,983
a Federal income taxes for the taxable year 1939 are substantially reduced
as
a result of deductions claimed for tax purposes arising from the re¬
demption of series C bonds on July 31, 1939. b Includes operations for the
entire period of systems acquired Aug. 25, 1938.
Balance for common
stock and surplus
1939
Liabilities—
$
'1111
Utility plant—58,072,925 56,241,023
437,005
496,335
20,860
Inv. in assoc. co..
20,235
a
Other phys. prop.
217
53,216
Other investments
853
Sinking fund cash.
630,066
3,007,093
11,612
Cash
30,537
Special deposits...
Notes
&
warrants
94,798
38,196
Accts. receivable.. 1,397,617
Materials &suppls.
670,461
receivable
companies and Green United Stores, Inc.,
69,485
4,080,881
4,014,577
$43,996,478 $36,412,843
335,442
661,511
33,583,826
293,817
533,357
$2,672,263
5,438
2,228,633
Represented by 280,000 no par
$2,666,825
$2,086,365
100,410
460,000
9,716
362,000
$2,106,415
.
Extraordinary expenses, net.
$1,714,649
24,126
1,314,712
8,870
5,255
1,373,427
15,015
stock
dividends
preferred stock redeemed at 105.
Common stock
adjustments for prior years
purchase cost of 1,000 common shares
sold under employment
contract
$366,941
4,807,720
Cr6,377
1,110
Earned surplus at end
x
After payment
of year
stock
of dividends on preferred
L. $5,888,522 $5,181,038
x.$3.51
$2.83
stock retired in full May 1,1939
1936
$5,352,326
3,818,173
$7,527,865
4,874,137
$6,071,912
4,109,538
$1,815,367
Cost of sales
$1,534,153
745,518
$2,653,729
$1,962,373
803,900
$1,011,467
$1,738,521
67,621
$1,257,405
45,895
$788,635
45,200
$1,057,362
$833,835
4,798
228,000
3,438
154,000
$1,806,142
170,144
z370,000
$1,315,822
204,480
zl37,100
-—
Gross
—
$824,564
$676,397
203,214
444,573
$1,265,998
203,214
773,170
$974,241
948,332
profit
Operating income
Other income
Total income
Other
expenses
Taxes
income
Net
202,319
dividends
Common dividends
Preferred
z
483,231
No Federal surtax on
915,207
704,967
58,416
undistributed profits.
Note—Depreciation in the amount of $127,063, $147,255, $163,269
$175,736 has been deducted in 1939, 1938, 1937 and 1936, respectively.
Consolidated Balance Sheet Dec.
$699,640
2,796,448
2,311,458
71,133
66,344
incl.
amts.due em pi's
40,952
31,849
133,203
Notes & accts. rec.
Inventories
Def'd
133,203
Investments
x
land.,
178,194
228,000
Empl's' deposits.
Miscell. reserves.
172,561
935,303
173,386
966,340
y
stock
Common stock..
Earned surplus
Capital surplus...
z Treasury stock..
Total
1,350,000
Accruals
Preferred
for em pi's
Fixed assets
payable.
Notes payable
$
144,390
Taxes
accts.,
Houses
1939
Liabilities—
Accounts
$7,828,314 $7,178,668
Total
and
31
1938
1939
$750,105
3,507,789
2,217,268
Cash
1,922
32,547
3,386,900
1,000,000
1,056,955
522,645
Dr73,238
1938
$
136,402
a950,000
136,542
154,000
3,225
36,990
3,386,900
1,000,000
917,941
490,206
Z>r33,538
$7,828,314 $7,178,668
1939.
x After depreciation of $2,500,569 in
$2,394,742 in 1938.
y Represented by 400,000 shares of no par
value,
z Represented by 13,415 no nar common shares in 1938. and 1939
and 397 shares of preferred stock in 1939 only.—V. 150, p. 1436.
a
Earnings per share on common
Calendar Years
1937
1938
$6,491,013
4,675,646
Gross sales
& unlmp.
$712,718
5,181,038
Dr4,124
63,695,544 63,765,518
Total
1939
Cash value insur..
Dividends on preferred
6,646,126
2,086,453
shares.—V. 150, p. 1937.
Consolidated Income Account for
Assets—
.
Excess of
2,940,544
Hamilton Watch Co.—Earnings—
$2,001,842
Cr84,523
40,327,261
.
Depreciation and amortization
Taxes (other than Federal income).
Federal income tax
Earned surplus
32,150
1,579,635
11,695
73,162
7,220,457
1,950,829
1939
$39,915,596 $32,398,266
and concession in.
Premium on
Reserves
Other curr. liabs..
63,695,544 63,765,518
Total,
a
604,296
$
9,999,400
9,999,400
a Common
stock.11,101,125 11,101,125
Long-term debt
30,400,000 30,586,000
Note pay. to bank,
due currently
600,000
500,881
Accounts payable.
389,457
234,561
Custs. deposits
245,084
999,188
Int. & taxes accr'd
714,621
Preferred stock...
1,308,522 Deferred credits..
76,248
Prepayments
Deferred debits...
1938
$
1938
1939
A. 38 CtS
Sell. & admin, expenses.
1940
departments,
$3,414,687
1,293,743
Ended Jan. 31
Years Ended Jan. 31—
of special
$4,071,756
1,433,662
Balance Sheet Dec. 31
unchanged from a year ago.
During
opened and one store was closed.
Sales
Dr20,498.
$298,554
119,043
$183,339
Interest and amortiz
Privately—
chain of 19 junior department stores
located for the most part in the eastern, southern and southwestern terri¬
tory in which the parent company already operates.
Green United Stores,
Inc. was organized May 1, 1939 to take over the business formerly owned
and operated by Retail Department Stores of America, Inc. and commonly
known as the Schulte United chain.
The $500,000 capital of the new com¬
pany was all purchased by the parent company and additional working
capital of $1,000,000 was provijd ed temporarily by bank loans and later by
a loan from the parent company in connection with the issue of its 15year debentures.
15-Year Debentures—On Jan. 1, 1940 company issued at par (privately)
$5,000,000 of 15-year 4% sinking fund debentures.
Sinking fund payments
commence Dec. 31, 1944 in semi-annual amounts of $225,000.
From the
proceeds of these debentures company purchased at par $4,000,000 of first
mortgage 4^ % bonds of its subsidiary, Metropolitan Stores, Ltd., payable
in United States funds in annual amounts of $300,000 beginning Jan. 1,1941.
Metroplitan Stores, Ltd., applied the funds so obtained, together with
other available funds to payment of its notes and first mortgage bonds of a
subsidiary, in the aggregate principal amount of $4,163,000, United States
funds.
Company loaned the remaining $1,000,000 of the proceeds of its
debentures to Green United Stores, Inc. which applied the same to payment
of bank loans of like amount incurred in connection with its organization.
The loan to Green United Stores, Inc. is payable in annual amounts of
$100,000 beginning April 30, 1941.
was
5,214
$291,064
107,724
Balance
Green United Stores, Inc. operates a
stores,
$3,435,185
$297,370
1,184
$4,066,542
Dr3,161
$294,225
Net oper. revenues
Non-oper. income (net).
hound will be in a position to not
000 Debentures
1939—Month—1938
1939—12 Mos.—bl938
$851,677
$779,091 $10,369,097 $10,667,899
297,059
235,748
3,242,342
4,311,038
52,480
36,525
571,397
504,389
141,765
101,869
1,411,403
1,206,892
a66,147
107,579 fal.077,412
1,210,395
Taxes
Corporation announced reductions averaging about 17% in fares on bus
effective March 25.
The cuts coincide with
the effective date of the new, reduced fare schedules of the railroads in
Earnings—
Gulf States Utilities Co.
Depreciation
routes in northeastern States
will also
146,865
income.
1436.
1,148,734
373,035
151,376
1,060,175
261,030
51,738
989,048
268,009
107,535
1,093,021
321,235
Period End. Dec. 31—
Greyhound Corp.—Bus Fares Cut—
but
..
Net ry. oper.
1937
1940
$133,428
40,574
22,187
February—
Gross from railway
Gross from railway...
Net from railway
Paid off during January,
1939 and
2100
The Commercial & Financial Chronicle
Gulf &
Ship Island RR.-
February—
■Earnings—
1940
1939
1938
$87,802
3,395
$79,981
def4,529
def3.482
defl8,674
def29,777
def30,243
174,127
def 10,595
168,808
defl2,438
def63,051
182,048
Gross from railway
Net from
railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry, oper.
income.def57,049
—V.
150,
p.
1937
$89,041
$123,234
12,117
defl5,938
222,455
12.826
def42,075
def9,425
def62,509
1436.
Hatfield-Campbell Creek
Coal
Co.—Preferred Dividend—
Directors have declared a dividend of
$1.25 per share on the 5%
cumulative participating preferred
stock,
holders of record March 23.
issue in several years.—V.
This will
$100,
par
Haverhill Gas Light
payable April
1
to
be the first dividend paid on this
Operating
Co.—Earnings—
1940—Month—1939
$47,768
$45,915
31,234
31,806
revenues
Operation
Maintenance
2,820
6,518
Taxes
Net oper. revenues
$558,582
$556,440
359,200
358,977
29,755
79,188
29,399
87,446
$7,197
$4,402
$90,439
$80,618
10
10
62
76
Non-oper. income (net).
Balance
Retire, res. accruals
$7,207
2,917
Gross income
Interest charges
Net
1940—12 Mos.—1939
2,564
7,143
$4,412
2,917
$4,290
94
$4,247
income.
$1,496
43
$90,501
35,001
150,
$1,401
$80,693
35,000
$55,501
610
$45,693
1,474
$54,891
39,312
Dividends declared
—V.
$44,219
39,312
1437.
p.
adver.,
1939
1938
1937
1936
$12,306,046 $11,312,295 $12,290,769 $12,184,776
5,665.914
5,168,496
5,407,8655,241,793
.
Cost of sales
general
&
5,372,881
5,104,593
5,590,599
5,484,205
$1,267,250
$1,292,305
514,118
$1,039,206
608,909
544,137
$1,458,777
350,662
$1,781,368
$1,648,116
$1,836,442
$1,809,439
Other income (net).
121",94 5
115",975
328,183
292,789
298,867
$1,453,185
$1,233,382
Depreciation
See note
53,469
93,056
900,874
675,341
$1,421,600
117,011
900,409
$1,383,096
374,407
532,996
450,442
$3.11
dividends
450,432
$2.53
450,216
$2.90
426,397
$2.89
out¬
standing (no par)
Earnings per share
Including $138 provided for surtax on undistributed profits of sub¬
sidiary company.
Note—Depreciation ol fixed assets included In
manufacturing, selling,
x
general
and
administrative
$120,789 for the
and
expenses
year ended Dec.
other
deductions
amounted
to
1,385,373
Net ry. oper. income—
17,161,926
3,822,509
1,937,796
16,943,616
4,113,334
1939
1938
$
Cash
a
$
3,321,120
Accts. receivable 4,702,397
Inventories
Dep.
with
1,860,024
life
in¬
b Accts.
with
1938
$
%
2,550,476 Preferred stock...
1,724,310
6,709,245 Common stock
e4,504,420 d4,504,320
1.893,243 Accounts payable.
100,951
61,391
503,903
503,884
Accrued
em¬
13,299
5,385
Prop., plant and
equipment
1,065,499
Patents
1,182,510
887,742
73,500
Pref.Btk. called
Prov. for Fed. and
1,1
3,038
1
1
95,408
Deferred charges..
Other assets
10,070
salaries,
taxes, Ac
ployees
c
1939
Liabilities—
Branch mgrs, deps
surance cos.....
146,886
443,980
437,333
State inc.taxes.
Res.
for
furnace
475,691
125,000
forconting
100,000
200,000
guaranty exps__
Res.
366,427
330,000
320,651
Capital surplus
808,414
616,142
808,024
Earned surplus
4,254,748
3,904,210
Total
11,985,685 13,386,1 8
Total
11,985,685 13,386,138
After deducting reserve for dorbtful
accounts, losses on replevins and
of collection,
$250,000 in 19o9 and $275,000 in 1938.
b After de-
costs
$?J&lng
1939
2,135,285
reserve,
c After deducting reserve for
deprec. of $1,186,046 in
$1,144,252 in 1938.
d Represented by
450,432 shares no par
a stated value of
$10 per hare,
e Par $10.—V. 149,
p. 3263.
and
value with
Homestake Mining Co.—New Directors—
1940
Stockholders at the annual meeting hold
March 20 approved an amend¬
adding Guy N. Bjorge and Jamej W. Swent to the
directorate.
All
other directors were
re-elected.—Y. 15
p. 1768.
1938
Period End. Feb: 29—
Gross rev. from
778,420
$7,661,881
1,308,622
396,355
15,029,587
14,654.542
3,436,004
1,870,389
15,403,976
2,492,355
642,939
3,337.576
1,840,355
1,514,323
150, p. 1769.
Illinois Terminal RR. Co.
February—
-Earnings—
1940
$480,530
159,662
88,722
1939
$421,424
102,773
47,595
$3bK,104
75,960
4,038
1,006,238
339,672
191,859
849,946
214,985
105,094
800,398
197,698
65,252
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 1601.
Indiana Associated Telephone
1938
Net
$117,241
78,516
expenses
rev.
from transp.
Rev^ other than
$38,725
1,394
transp.
Net rev. from opers..
Taxes assign, to ry.
oper.
$222,360
157,372
$75,018
2,378
1,371
$64,987
2,379
$37,054
11,133
1,458
18,790
512
"""625
512
625
$« 707
$5,047
$14,884
$4,811
917
Profit and loss
$77,395
23,153
1,854
37,157
$67,367
22,328
2,917
36,685
Cr 165
Replacements
Net revenue..
1940—2 Mes.—1939
$131,104
$283,036
127
275
255
Operating revenues._
Operating expenses
$142,439
72,444
$130,987
64,733
$282,761
147,109
$263,170
129,349
Net oper. revenues—
for lease of oper.
$69,995
$66,244
$135,652
$133,821
50
50
100
100
20,397
20,016
41,091
40,074
$49,548
37,201
$46,178
$94,461
36,687
69,220
$93,647
71,258
property
Net
operating income
-V. 150, p.
Hook
Drugs, Inc.—To Pay 20-Cent Dividend—
^irectors have declared a dividend of 20 cents per share on the
stock,
1602.
Rights and Directorate—
The
Securities
and
Exchange Commission March 22 authorized the
rights of its common stock and the composi¬
The changes are preliminary to the
public
company to change preemptive
tion of its board of directors.
offering of the company's common stock.
The SEC permitted the company to
change its articles by:
(1) Granting to the holders of the common stock of the
company a
preemptive or preferential right to subscribe to their proportionate share
of any additional shares of common stock of the
company sold or offered
for sale for
a
consideration
payable in cash, whether
now
or
149
*p
4176
^34 for detailed record of previous
Hudson & Manhattan
Per. End. Feb. 29—
common
class of directors, their successors to
n^fPer'Ie7enue
Oper. exps. & taxes
427,461
Names
90
Company
be elected
for
a
any
term of three years,
Underwriters for Common
Offering—
has filed an amendment with the Securities and
Exchange
naming 90 underwriters for its proposed public offering of
715,980 shares of
common
stock.
The SEC held its final hearing on the stock
offering, which is the largest
utility equity distribution in recent years, March 29 and the public
offering
is expected to be made some time next week.
The amendment filed pro¬
vided that the registration statement shall become
effective, if possible, by
April 3 and there is some possinillity that, if SEC clearance is obtained in
time, the offering may be made earlier, possibly, April 1.
Lehman Bros., Goldman, Sachs & Co., and the First Boston
Corp.,
head the list of underwriters.
Each of these firms will underwrite
43,100
shares of the common stock, ail of which will come from the
common stock
of the company now held by the trustee for Utilities
Power & Light Corp.
Of the stock being offered, 645,980 shares are now
held by the trustee for
Utilities Power & Light and the remaining shares are
treasury stock held by
Indianapolis Power & Light.
Other underwriters and the number of shares each
shown in the following list:
will underwrite
Shs.toBe Purch.
From
From
$180,062
10,706
Operating income
Non-operatin
ig income..
a
Interest.
•
Deficit
„
at
$170,406
12,048
$190,767
154,157
121,312
$182,455
156,045
127,129
5%.—V. 150, p. 1938.
certain
$100,719
2,000
2,000
Blodget
20,000
Hemphill, Noyes&Co__17,000
Kidder, Peabody & Co. -17,000
2,000
1,700
1,700
Lazard Freres & Co
Shields & Co
From
U.P.&L. I.P.&L.
Farwell, Chapman & Co. 2,600
Ferris & Hardgrove
3,800
Field,
Richards
«fc
Shepard
260
380
2,600
2,100
210
2,900
290
Graham, Parsons & Co._ 6,000
Cranberry & Co
2,600
Granbery,
Marache &
260
First Cleveland Corp...
Francis, Bro. & Co
260
600
17,000
1,700
1,700
White, Weld & Co
17,000
17,000
1,700
A. C. Allyn & Co
2,100
210
12,000
1,200
Hallgarten & Co
A. G. Becker & Co
8,500
850
1.200
Harrison & Austin
Central Republic Co
12,000
12,000
1,300
1,200
12,000
1,200
12,000
1,200
Hayden, Miller & Co... 2,100
Illinois Co. of Chicago.. 2,900
Indianapolis
Bond
&
Share Corp
8,500
1,200
Jackson & Curtis
12,000
1,200
260
12,000
Corp
F. S. Moseley A Co...
E. H. Rollins & Sons
2,600
1,200
&
Red path
2,900
290
Bacon, WTilpple & Co
6,000
Bartlett, Knight & Co._ 2,100
600
210
Bear, Stearns & Co
2,100
210
2,900
290
6,000
600
&
S.
Lord
12,000
Hornblower & Weeks
Bleich-
roeder, Inc
Bodell & Co
2,100
210
8,500
850
$1,252,063
875,593
$1,225,804
874,943
,
$376,469
21,434
$350,861
22,773
Brush, Slocumb & Co
H. M. Byllesby & Co
Wm. Cavalier & Co
$397,904
309,224
244,558
2,100
$373,634
City Securities Corp
2,100
2,900
2,600
2,900
Klser, Cohn & Shumaker 2,100
Laurence M. Marks & Co 3,800
Merrill Lynch & Co
2,100
Minsch, Monell & Co
2,100
Mltchum, Tully & Co
2,900
G. M.-P. Murphy & Co.
Otis & Co
130
210
290
850
290
210
380
210
210
290
6,000
600
8,500
Pacific Co. of California. 2,900
Paine, Webber & Co
2,600
Gavin L. Payne & Co
880
Arthur Perry & Co
2,900
Reynolds & Co
2,900
850
290
260
88
290
290
use
G.D.B.Bonbright&Co 2,100
210
Rlter & Co
2,600
260
2,900
2,100
290
L. F. Rothschild & Co..
2,900
290
210
Schwabacher & Co
2,100
210
8,500
850
I. M.Simon & Co.
2,100
210
210
Starkweather & Co
2,600
260
210
Stein Bros. & Boyce
2,100
8,500
210
312.794
Coffin & Burr
254,283
J.M.Dain&Co.
Paul H. Davis & Co
$155,879
outstanding in the hands
Kraft Corp. to
announced the
patents, now
Kiechkefer Container Co.
20,000
Harriman Ripley & Co. ..20,000
Stone
&
Webster
and
Blair, Bonner & Co
$193,443
of the public,
Hummel-Ross Fibre Corp.—Grants
Licenses—
«fhi5u rec??tly announced the licensing of the International
Paper Co. and Southern
and
2,000
Alex. Brown & Sons
$84,702
adjustmentome bonds
®
I.P.&L.
20,000
are
Shs. to Be Purch.
From
V.P.&L
Arnhold
1940—2 Mos.—1939
423,494
au¬
provided that directors elected at the annual meeting in 1942 and at the
annual meetings thereafter shall be elected for a term of one
year.
Blair & Co
dividend payments.
RR.—Earnings—
1940—Month—1939
$607,523
$593,900
hereafter
(2) Dividing the number of directors of the company into three classes,
the first class to consist of four directors to be elected for a term
of three
years, the second class to consist of four directors to be elected for a term of
two years and the thrid class to consist of three directors to be
elected for
a term of one year, and
upon the expiration of the term of office of
Ames.Emerlch&Co
Auchlncloss, Parker
payable April 1 to holders of record
March 22.
An extra dividend of
20 cents in addition to
a dividend of
15 cents was paid on Dec. 20, last.
—V
$263,425
Indianapolis Power & Light Co.—SEC Authorizes
Changes for Stock Offer—Com-pany to Alter Common Preemptive
Lee Higglnson
150, p. 1938.
137,823
1,029,947
382,992
248,781
Clark, Dodge & Co
18,369
Interest
Depreciation
—V.
$236,315
161,297
$35,683
$40,119
11,614
204.975
$142,578
139
Glore, Forgan&Co
1940—2 Mos.—1939
$109,994
74,311
1937
$523,228
Corp.—Earnings-
1940—Month—1940
revenues
Blyth & Co
Ltd.—Earnings—
1940—Month—1939
transp.
Operating
1937
$6,871,590
16,677,413
3,976,112
2,364,319
Net from railway
Net ry. oper. income
—V.
1939
$7,179,877
1,488.445
779,058
,
,
17,802,998
3,117.876
841,131
$7,995,189
1,906,344
1,145,251
Net ry. oper. income
From Jan. 1—
Gross from railway
ment
Honolulu Rapid Transit Cc
$8,773,345
1,558.650
440,425
Earnings of Company Only
February—
Gross from railway
Net from railway
Commission
Deferred income..
a
1,828.890
887,118
thorized and to any olbigations or preferred stock convertible into
common
stock of the company, issued or sold for a consideration
payable in cash; and
31,1939.
Consolidated Balance Sheet (Incl. Holland Credit
Co.) Dec. 31
Assets—
1937
19,106,674
4,692,119
2,675,983
Operating taxes
47,566
102,935
x275,842
Prov. for Fed. inc. tai_.
Common dividends
Shares com. stock
1938
$7,965,392
Net income
Interest paid
Preferred
1939
$8,206,576
1,724,866
829,280
2,338,397
Rent
admin, expenses
1940
Uncoli. oper. revenue—
Co.—Earnings—
Consolidated Income Account
Sell.,
1940
$9,239,356
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Operating
Years End. Dec. 31—
30,
RR.—Earnings of System
Period End. Feb. 29—
Holland Furnace
Net sales
Illinois Central
February—
Gross from railway
Net from railway
non-
149, p. 1476.
Period End. Feb. 29—
March
The secondary head box is a device which improves the
quality and lowers
the manufacturing cost of fibre liners used in the corrugated box
industry.
—Y. 150, p.1938.
the secondary head box under
licensing of the Eddy Paper Corp.
8,500
2,600
210
260
Stern, Wampler& Co
Stifel, Nicolaus & Co
850
StU&Co..
260
Stroud & Co
850
3,800
380
2,100
2,100
210
210
Davis, Skaggs & Co
Dominick & Dominlck.. 8,500
Eastman, Dillon & Co.. 6,000
850
Swiss American Corp
2,100
210
600
Spencer Trask & Co
8,500
850
Gilbert Eliott & Co
2,100
210
Tucker, Anthony & Co..
6,000
600
Elworthy & Co_
2,900
Equitable Securities Corp 2,100
Estabrook & Co
2,900
290
Wells-Dickey Co
2,900
290
210
Werthelm & Co
2,900
290
290 Whitlng,Weeks & Stubbs 2,100
2101 Wood, Trubee & Co
2.100
210
._
Faroll Bros
—V. 150, p.
2,100
1769.
210
Volume
Indiana Pipe
in cash.
To
special meeting
a
on
-
the capital
stock, par $10, payable May 15 to holders of record April 26.
This com¬
pares with 20 cents paid on Nov. 15 last; 30 cents paid on May 15, 1939;
20 cents paid on Nov. 15, 1938; 30 cents paid on May 14, 1938; 50 cents
paid on Nov. 15, 1937; 30 cents paid on May 15, 1937, and a dividend of
20 cents paid on Dec. 17, 1936.—V. 150, p. 1438.
Inland Steel
a
dividend of 10 cents per share on
Co.—Registers with SEC—
1937
1938
1939
1940
February—
Gross from railway
$886,209
73,086
def58,488
Net ry. oper. income.
From Jan. 1—
..
Net ry. oper. income
$842,387
22,777
def 118,263
$995,741
136,256
def22,826
$1,050,547
166,183
def 15,047
1.818,666
165,855
def98,180
Net from railway
Gross from railway
Net from railway
Pay 10-Cent Dividend—
The directors have declared
-Earnings—
International Great-Northern RR.
Line Co.—To Reduce Capital—
April 24 will vote on proposed re¬
duction in capital stock to $2,250,000 from $3,000,000 and reduction in the
par value to $7.50 a share from $10.
Stockholders also will be asked to
aut horize distribution of capital to stockholders at the rate of $2.50 per share
Stockholders at
2101
Chronicle
The Commercial & Financial
ISO
1,804,685
124,931
defl76.682
2,007,797
2,090,611
310,825
def32.349
249,682
def88,770
—V. 150. p. 1439.
International Telephone &
Telegraph Corp.—Gain in
Foreign Phones—
Telephone operating companies in nine foreign countries report aggregate
gains of 5,393 telephones in February and 12,348 in the first two months
The two months' increase compares with gains of 8,400 in 1937,
net
Company March 21 filed with«the Securities and Exchange Commission
a
registration statement (No. 2-4357, Form A-2) under the Securities
Act of 1933, covering $36,000,000 of 1st mtge. 3% bonds, series F, due
April 1, 1961.
The net proceeds from the sale or the bonds, according
to the registration statement, together with treasury funds, will be used to
redeem at 105%, $35,000,000 3%% series D bonds, which will require
$36,750,000.
Accrued interest on the series D bonds from Feb. 1, 1940,
to the redemption date will be paid out of the company's treasury funds,
of 1940.
it is stated.
the late Elmer H. La wall.—V.
principal underwriter.
Kuhn, Loeb & Co. of New York City will be the
states that to facilitate the offering it is intended to stabilize
series F bonds.
This is not an assurance, it states, that the
price will be stabilized or that the stabilizing, if commenced, may not be
discontinued at any time.
The price at which the bonds are to be offered to the public, the names
of other underwriters,
the underwriting discounts or commissions and
the redemption provisions are to be furnished by amendment to the regis¬
tration statement.—V. 150, p. 1938.
10,900 in 1938 and 11,000 last year and the February figure also represents
steady increase.
These companies operate in Argentina, Brazil, Chile,
a
Cub i,Mexico, Peru,
of
Puerto Rico, Rumania and the
International Settlements
Shanghai, China.—V. 150, p. 1439.
International Textbook Co.—New President—
He succeeds
President of this company.
137, p. 3682.
Albert B. Elias has been elected
The prospectus
the price of the
Mills, Inc.—To Pay 25-Cent Dividend
Interstate Hosiery
of 25 cents per share on the common
Directors have declared a dividend
stock, payable June 15 to holders of record
on March 15 last, this latter being the first
June 1.
Like amount was paid
dividend paid on the issue since
distributed.—V. 150, p. 997.
December, 1937, when 75 cents per share was
Investment Foundation, Ltd.—Accumulated Dividend—
directors have declared a dividend of 75 cents on the cumulative
The
preferred shares, $50 par value, payable April 15 to shareholders of record
March 30.
Dividends of $1.25 was paid on Jan. 15, last.
After the current
Interborough Rapid Transit Co.—Earnings—
Thomas E. Murray in his monthly report states:
Traffic—The subway division during the month of February carried
62,423,468 passengers, an increase of 1,468,978, or approximately 2.41%,
as compared with February,
1939.
All lines on this division reported in¬
creased traffic over the corresponding month of last year, ranging from
3.10% on the Queens Line to 1.42% on the Lenox Ave. and White Plains
Road Line.
The year 1940, being a leap year, has an extra day in February
and this fact accounted for a considerable increase in traffic during the
month this year.
The gain from this irregularity in the calendar was
approximately 4%.
Correcting to the same number of days as in February,
1939, we find that the rate of traffic was actually off to the extent of 1.6%.
The Manhattan division during the month of February carried 11,515,760
a gain of 182,713, or approximately 1.61% as compared with
February, 1939.
The Second Ave. Line was the only line on this division
which reported less traffic than in the corresponding month of last year.
Correcting the monthly figures for the extra day this year, the actual rate
of traffic was nearly 2.5% below the rate in February, 1939.
payment the arrears
The
an
1939.
During the first eight months of the fiscal year
the number of passengers carried on the system was
of 6,720,245, or approximately 1.11%, as compared
account of accumulations of
87H cents per share on the 7% cum. pref. stock, series A; 81H cents per
on the 6H% cum. pref. stock, series B, and 75 cents per share on
the 6% cum. pref. stock, series O, all of $100 par value, and all payable
April 20 to holders of record March 30.
Similar distributions were made in
each of the 19 preceding quarters.—V. 150, p. 130.
(Byron) Jackson Co.—EarningsSelling,
yl937
$2,244,452
yl938
yl939
$1,281,632
sales
admin.,
744,141
expenses
Calendar Years—
$1,360,304
Gross prof, from
gen'l &
&c., oper.
The number of passengers
73,939,228,
have declared dividends on
directors
4032.
& Power Co.—Accumulated Divs.—
share
passengers,
carried on the entire system in February was
increase of 1,651,691, or approximately 2.28% as compared
will total $1.75 per share.—Y. 149, p.
Iowa Electric Light
xl936
$1,483,874
802,651
680,030
$632,992
65,425
$1,441,801
58,682
$803,843
499,354
$607,406
$698,417
$1,500,484
$1,303,197
35,162
60,496
19,672
104,678
3,560
213,000
21,000
40,163
156,500
6,500
$511,747
$1.35
Operating profit
Non-oper. income (net).
727,312
$537,490
69,916
$574,065
$1.51
$1,262,924
$1,100,035
$3.33
$3.01
,
with February.
starting July 1, 1939,
599,652,677, a decrease
with the corresponding
preceding fiscal year.
months of the
and expense,
18,408,893
2,052,165
17,524,247
Not
Earns,
x
Net
Taxes
discount
&c
deb.
exp.
Prov. for Fed. surtax
1940—Month—1939
1940—8 Mos.—1939
$3,404,145
$3,308,828 $27,438,693 $27,088,437
2,216,882
Operating expenses
Int.
,--
Prov. for Fed. inc. tax..
Subway Division Operations
Period End. Feb. 29—
Gross oper. revenue
Profit-.
profit
persh.on cap.stk.
Consolidated figures.
$9,564,190
operating revenue $1,187,262
197,225
$1,256,662
$9,029,800
190,775
1,606,386
1,569,000
$990,037
218,707
$1,065,887
218,708
$7,423,414
1,749,661
$7,995,189
1,749,661
$771,330
$847,179
$5,673,753
$6,245,529
oper'ns..
Current rent deductions.
Comparative Balance Sheet Dec. 31
Used for purchase of as¬
sets of enterprise
3,414
Cr6,393
363,780
302,063
$767,916
$8.53,573
$5,309,973
$5,943,466
645,757
1,337,569
588,177
1,172,154
$96,771
245,037
248,887
z21,707
y Capital stock... 2,160,129
Paid in surplus...
414,698
Earned surplus...
a991,397
Self
and
ins.
11,998
2,160,129
&c._
expenses,
inc. Fed. tax...
Self ins. res.,
work¬
men's comp. ins.
Instalments on cus¬
27,854
29,433
in¬
55,000
demnity deps...
contract No. 3
$210,797
Accrued
after
reserves
1938
Payable for current
Notes, contracts &
tomers' contr'ts.
Balance—city & co_._
Payable to city under
$347,052
purchases,
Inventories
1939
Liabilities—
1938
$334,095
Cash
accts. rec.,
Balance
Company only.
1939
Assets—
Income from
y
414,698
973,978
25",000
Certif. of deposit-Investments in and
Gross inc. from oper..
Fixed charges
operat'n
Non-operating income..
Net loss from
$767,916
879,754
$111,838
Z>rll2
$853,573
879,324
$25,751
Dr62
$5,309,973
7,037,254
$1,727,280
Dr777
$5,943,466
7,034,591
$1,091,125
,
385
al¬
to
advances
154,099
188,275
lied and subs...
Deposlt with State
California-—
of
x
30,000
—
1,404,861
Fixed assets
&c.,
at
nominal value.
1,517,727
Patents,
Balance, deficit
$111,950
$25,813
$1,728,057 $1,090,740
Operations
1940—Month—1939
1940—8 Mos.—1939
$625,925
$620,536 $5,357,503 $6,371,544
Manhattan Division
Period End. Feb. 29—
Gross oper. revenue
778,014
739,535
6,582,338
$118,999
$1,224,835
$691,595
operating loss
Rental of jointly oper.
41,068
29,573
'
.
1
and
48,775
charges
44,399
$4,043,766 $3,906,464
Total
$4,043,766 $3,906,464
Total
depreciation,
y Represented by 378,680 no par
$5,160 for selective employee benefits,
a Includes
tributed surplus of subsidiary.—V. 150, p. 1939.
x
Net
exps.
deferred
7.063,139
$152,088
Operating expenses
1
_
Prepaid
After
cludes
shares, z In¬
$63,481 undis¬
lines:
5,265
3,139
5,037
3,122
41 ,'253
25,504
3,514
2,073
3,566
2,156
27,939
16,722
29,880
35,532
$166,079
$132,879
$1,336,253
$827,648
Queensboro Line
Lexington Ave. Line..
White Plains Rd. Line
Other rent items
Balance
of
net operat¬
ing deficit
I
Further
Urged—
of
the
of bonds, notes and
Manhattan Railway
report that as of March 22, 1940, total deposits of the various classes of
under the Inter borough-Manhattan unification plan were as
securities
follows:
92.89%
94.01%
96.18%
84.98%
bonds
convertible 7% notes
Interborough 1st & ref. mtge. 5%
Interborough 10-year secured
Manhattan Ry. 1st consol. mtge. 4% bonds
Manhattan Ry. 2d mtge. 4% bonds..
Manhattan Ry. modified 5% stock
28.72%
16 .68%
Interborough common stock
urging holders who have not yet deposited their
securities under the unification plan to do so promptly.
In order to receive
the benefits of the plan, securities must be deposited thereunder.
The
committees state that in view of the prices at which the properties were
sold in foreclosure and of the provisions of the order as to the settlement
and allowance of claims, the holders of securities who do not assent to the
committees
assent, and, in the case
declared opera¬
Nov. 22, 1939, was approved by the
New York in an opinion
the Court held that the
plan was fair and equitable to all classes of claimants.
J. P. Morgan & Co. is depositary for the Interborough 5% bonds; City
Bank Farmers Trust Co. for the Interborough secured 7% notes; Central
The Interborough-Manhattan
tive
.
Jersey Central Power
unification plan, which was
by the Transit Commission on
Operating revenue
Net income from merchandising and
jobbing
Subs.)—Earnings
$12,351,702 $11,729,791
48,163
4,589,026
Operating expenses
Indirect charges to construction
Maintenance
Provision for retirements
State, local and miscellaneous
Federal income tax
Federal taxes
Cr163,453
769,077
1,074,751
1,360,317
260.000
$4,434,232
41,552
$4,205,343
32,612
$4,392,679
1,951,250
$4,172,731
1,951,250
142,534
18,005
Cr9,047
41,500
7,220
5,965
142,534
18,628
Cr5,954
42,000
7,056
$2,235,250
Gross income
funded debt.
Amortization of debt discount and expense.
Interest on
$2,016,250
Other interest
charged to construction..
free covenant bonds.
Interest
and Chemical Bank &
Taxes on tax
Manhattan
Donations
International Utilities
The
Securities
and Exchange
Commission March 25,
Net income
announced that
corporation has filed an application (File 70-14) under the Holding Company
Act regarding the payment of a dividend out of capital surplus in the
amount of $86,597, on its $3.50 prior preferred stock. The company proposes
the dividend on May 1, 1940 at the rate of 87He. a share on 98.966
shares of $3.50 prior preferred stock.
The dividend will be payable to.
stockholders of record April 23, 1940.—V. 150, p. 1939.
to pay
Miscellaneous deductions
Corp.—Dividend—
495,915
% preferred stock dividends
6% preferred stock dividends
5H% preferred stock dividends
x Earnings per share of common stock
7
x
On 1,053,770 shares
tive purposes.
4,355,706
Crl30,131
820,331
930,191
1,331,447
335,912
—
Operating income
Non-operating loss
Hanover Bank & Trust
43,098
$12,399,865 $11,772,889
Total revenue
U. S. District Court for the Southern District of
handed down on March 12, 1940.
At that time
Co. for the Manhattan consolidated mortgage bonds;
Trust Co. for the Manhattan 2d mortgage bonds,
modified 5% and unmodified 7% stock, Interborough unse¬
cured 6% notes and Interborough common stock.—V. 150, p. 1938.
& Light Co. (&
Calendar Years—
are
plan will receive substantially less than those who
of the Interborough stock, will receive nothing.
reasonable expenses.
stockholders approved a proposal that each director and
indemnified by the corporation for expenses incurred by
him in connection with any action, suit or proceeding to which he might
be made party by reason of his connection with the company.
The action by the stockholders came after a plea from Lewis H. Brown,
President, for approval of the proposals, in which he explained the manifold
duties of a director.
All members of the board were re-elected.—V. 150,
p. 1939.
*
addition,
officer should be
88.66%
67.77%
unmodified 7% stock
Interborough unsecured 6% notes
Manhattan Ry.
The
imbursement for
In
representing the various classes
Interborough Rapid Transit Co. and
committees
The
stock
Deposits
Johns-Manville Corp.—Salaries Voted for Directors—
at their annual meeting held March 23 authorized the
the directors. The action, which took the form of
an amendment to the by-laws, limits to $5,000 the aggregate amount of
compensation to be received in any calendar year by a director.
These
salaries, it was pointed out at the meeting, are to be in addition to any re¬
Stockholders
payment of salaries to
of common stock, no par.
417,738
432,391
$0.84
y
966
496,186
418,758
433,061
$0.63
Restated for compara-
2102
The Commercial & Financial Chronicle
Consolidated Balance Sheet Dec. 31, 1939
Asset 8—
M iscellaneous Investments
Cash
Accounts
Kansas Oklahoma & Gulf
LtabUities—
Property, plant Ac equipment $79,120,105
Cum. pref. stock (par
2,068
.
receivable
1,989,862
5H%
1,063,850
75,016
Materials, supplies & mdse—
Prepaid Insurance
Funded
Other current assets..
a
379,253
2,609,734
10,021
Unamort. debt disct. Ac exp..
Capital stock tax
Expenses of refinancing
series
....
Common stock
debt
Accounts
Int.
on
•
deposits
funded debt accrued.
Int. on cust. deposits accrued
State, local & misc. Fed. taxes
Federal income tax
Miscellaneous accruals
Matured bond int.
stock dlvs. decl'd
Deferred
(contra).
Contrlbs. in aid of construe'n
Capital
Total.
*
$86,866,470
Represented by 1,053,770
Jones &
no
surplus
new
Total
Directors
March 26 declared
on
on
$86,866,470
147,168
150, p. 1771, 1440. 842.
169,801
340,183
169,116
106,719
Co.—Registers with SEC—
preferred stock
The
company intends to acquire from North American
Light & Power
Co. 40,533 shares of 6% cumulative preferred stock and
2,256 shares of
7% cumulative preferred stock.
The stock is to be surrendered for can¬
cellation by the parent company against
payment of $4,265,705, plus
accrued dividends from April 1, 1940 to the date of
surrender.
dividend of $1 per share on account of
a
220,880
ence
Dividend—
The
company proposes to sell to underwriters 42,789 shares of the new
preferred stock and such of the 96,380 shares as are not taken under the
exchange offer.
The proceeds from the sale of the stock,
together with
treasury funds, will be used to redeem the old preferred stock and for the
the
7% cumul. pref. stock, payable April 15 to holders
Last previous disbursement made on these shares was
the $1.75 dividend paid on Oct.
15, 1937, which also was on account of
of record
378.344
196,230
129.890
redemption price
Laughlin Steel Corp.—To Pay SI Accumulated
accumulations
60,689
423,901
247,461
on a share for share basis plus cash
equal to the differ¬
between the public offering price of the new
preferred stock and the
of $105 a share for the old preferred.
The company
proposes to call for redemption on July 1, 1940, all of the shares of
the old
preferred stock not exchanged.
3,529,117
shares.—V. 149, p. 3265, 2975.
par
69.512
382,043
Kansas Power & Light
479,874
776,931
surplus
1937
$149,812
65,443
35,340
93,805
Company, March 26 filed with the Securities and Exchange Commission
a registration statement
(No. 2-4362, Form A-2) under the Securities Act
of 1933, covering 139,169 shares of
4rA% series cumulative preferred stock
($100 par).
Holders of the company's outstanding 6% and
7% preferred stock, other
than North American Light & Power Co., the
parent, will be given the
privilege of exchanging their stock, for a limited time, for shares of the
369,634
Earned
1938
$185,141
Net ry. oper. income—
—V.
100,221
4,860,027
Reserves
1939
From Jan. 1—
and pref.
credits
Ry.—Earnings
$203,127
106,749
Gross from railway
Net from railway
107,889
429,317
517,809
333,021
40,723
72,543
473,043
104,720
1940
1940
Net ry. oper. income
10,537,700
42,225,000
...
payable
Customers'
67,578
42,337
Mlscell. deferred debits
6,962,300
7,862,100
—
30,
$175,801
96.284
58,759
Gross from railway
Net from railway
$7,084,500
Advances by banks
15,795
Special deposits
February—
$100):
7% series
6% series
1,490,849
March
April 8.
arrearages.
payment to the parent company.
Consolidated Income Account for Calendar Years
1939
1938
$
$
vo
bl937
$
of the underwriters and the amounts of
names
be taken
by each
new
preferred stock
follows:
are as
P.O.
$
No.
75,410,901
P. C.
No.
Int. in
of
Int. in
96,380
Gross sales and earningsl
13,323,602
Mfg. & producing costs
& operating expenses.
89,817,233
Taxes, other than Fed¬
eral income taxes
ell. & admin, expenses.
The
al937
42,789
96,380
of
42,789
Shs.
Shs.
135,273,044 117,471,743
63,705,221
107,986,683
93,825,379
4,313,110
6.049,640
5,595,213
7,217,365
5,408,043
4,990,723
Shs.
Harriman Ripley
Shs.
10.0
The First Boston Corp...
5,235,312
6,268,983
4,285
& Co.,
Inc
5.0
Blyth Ac Co., Inc
2,139
4.0
Lee Higginson
Corp
Riter&Co
1.75
750
1.75
750
Central Republic Co
1.5
640
12,002,074
1,075,592
14,473,783
1,379,507
1.5
640
1.5
640
1.5
640
2,258,262
5,788,406
183,473
2,058,211
15,853,290
6,981,797
421,049
1,793,022
Union Securities Corp...
14,475,949
6,898,949
421,049
1,542,152
1,228,351
4.0
1,715
1,715
Hayden, Miller Ac Co
Tucker, Anthony Ac Co..
3.25
1,390
3.25
1.5
3.25
1,390
1,390
1,390
G. H. Walker & Co
The Wisconsin Co
Lehman
13,247,598
13,077,666
6,711,439
326,060
2,239,056
Total income
Provision for deprec
Provision for depletion..
1,342,930
915,332
Harris, Hall & Co
Kidder, Peabody Ac Co.—
Profit from operations
Other income
Dean Witter & Co
Alex. Brown & Sons
1.5
640
1.25
535
Brothers
3.25
E. H. Rollins Ac Sons, Inc.
Interest charges
Prov. for Fed. income
c
Mellon Securities Corp...
F. S. Moseley Ac Co
Arthur Perry & Co., Inc.
3.25
Smith, Barney & Co
3.25
3.25
1,390
1,390
3.25
640
Eastman, Dillon & Co
1.25
535
Estes, Snyder Ac Co., Inc.
Otis & Co., Cleveland
Blair, Bonner Ac Co
1.25
535
1.25
535
0.76
Spencer Trask & Co
562,403
66,342
1,225,624
49,764
41,788
interest in profits
of sub. consolidated..
JProfit for the year
a
Includes
3,188,944Ioss5,879,958
Frick-Reid
Supply Corp.
5,266,157
for comparative
as
the
Capital Surplus—
Balance beginning of year
135,643
Cost
7,143
of moving,
changing
mantling existing plant
and
Balance
of carrying value of certain
to the lower of cost or
quoted market prices...
$17,514,294
(File 70-12)
100,795
preferred stock
Frick-Reid
Dillon, Read & Co
10.0
4,285
90,625
on
capital
disposed of
58,550
418
573
7,131
$17,529,654 $14,574,661 $23,438,927
3,082,480
$17,529,654 $14,574,661 $20,356,447
for comparative purposes as the
Being earnings in
of dividends for years
excess
1928 to 1936, incl., applicable to shares held.
Comparative Consolidated Balance Sheet
(B*
Cash---
<r-
11,522,485
U. S. Government
securities, at cost
Notes and accounts receivable
14,884,884
Inventories..
43.794,715
Peal estate sales contracts, long-term receivables
and sundry securities..
3,067,679
Investments in other corporations
398,750
Investments in and advances to Associated
Ore cos.
Investments in and advances to subs.
Land,
plants,
mineral
reserves,
rolling stock, &c
Deferred charges
Accounts payable, trade
Accrued liabilities—
5,688 ,064
1,688 ,787
419 ,233
__
Interest
Taxes—Other than Fed. inc. taxes
Federal income taxes
Other
compensation
and
pensions
3,250 .092
947 ,776
510 ,347
...
561 ,480
Minority interest in capital stock and surplus of
subsidiary consolidated
Capital surplus
Earned surplus..
Total
-Y. 150. P. 1138.
1,048,535
440,069
2,484,561
443,108
603,855
208 ,621
58,713 ,900
57,632 ,000
30,850 ,737
17,529 ,654
948,950
58,713,900
57,632,000
30,715,094
14,574,661
2,691
Reserve for contingencies
7 % cumulative preferred stock
3,626,090
480,306
1,678,118
48,281,353
2,523,000
1,416,724
2,043,546
1,289 ,118
45,408 ,235
,000
—
$1,615,551
2,282
10,420
$574,996
243,534
27,799
8,666
18,084
14,177
,
228,150
21,640
25,915
1,891
Loss from storm damage
36,072
Provision for taxes
Divs. on subs. pref. stk.
Surtax on undist. profits
298,403
xl42,673
y7 5,154
24.906
147,168
$934,043
1,333,287
$98,166
1,428,769
$451,275
1,392,196
$872,792
950,712
$1,526,935
193,647
$1,843,472
$1,823,504
202,643
z282,265
$2,549,595
Pref. divs. series A
Common dividends
191,064
Earned surplus
292,696
«
Restor. of prov. for taxes
on income
447,500
1,432 ,709
2,043 ,546
Accident compensation and pensions payable
Fire insurance reserves
$881,617
251,220
42,372
4,290
21,917
675,975
disposition of
on
100,107
44,108
Provision for partic. div.
payable
year
Funded and long-term debt payable within one year
Funded and long-term debt
Common stock
debentures
M
..
—
••
203,321
200,213
11,169
.
$1,333,287
$2,214,317
$1,428,769
198,708
29,955
$1,392,196
Includes approximately $25,000 for possible additional prior
year taxes
y Includes $3,278 surtax on undistributed profits of a sub¬
sidiary.
z Restoration of provision for taxes on income of prior
years no
longer required.
x
and interest,
Consolidated Balance Sheet Dec. 31
1939
230,865 ,299 227,653,870
Liabilities—
$1,591,665
9,708
3,545,058
631,232
654,583
732,878
732,428
steamships,
.153,653,162 157.442,299
2,179,514
2,367,629
Total
Payrolls
9,724,593
200,000
9,737,053
42,802,727
$868,232
13,385
fixed assets
Previous surplus
1938
$550,335
14,240
Charges against red. of
Loss
Net profit for year
Dec. 31
1939
A
$2,267,640
11,907
Other amortiz. charges.
Net loss on foreign exch.
Dr6,236
$1,603,006
734,775
$1,533,545
231,471
22,666
6,991
18,085
21,886
Other interest charges._
Amort, of bond discount
63,692
$1,297,466
747,131
assets
Total income
Bond interest
49,219
Year End.
Dec. 26, '36
33,495
Gain
Dr206,515
Year End.
53 Weeks
Dec. 31, '38 Dec. 31, '37
$1,512,907
8,731
Interest received
$14,375^694 $237644,547
of that company are now included in
the consolidated accounts
effective Jan. 1, 1938.
c
one
320
$2,255,279
742,373
Depreciation
277,876
349,429
Supply Corp.
accounts
within
0.75
320
Subs.)—Earnings—
Year End.
Period Ended—
Dec. 31, *39
Profit
boforo dGprociE-
5,266,156
Operating profit
JDr48,750
consolidated....
Balance end of year
Accident
320
320
of the company regarding the issuance and sale of
139,169
150, p. 1939.
Kendall Co. (&
92,297
against sundry
required
Minority interest in surplus adjust¬
Includes
0.75
Stern Brothers & Co
Hearing April 10—
tion, interest & taxes.
Excess of principal amount of bonds
acquired or called for redemption
over cost thereof
a
750
0.75
0.75
A hearing has been set for April
10, 1940 in the Securities and Exchange
Commission's Washington offices on the declaration and
applications
316,441
securities
on
1.75
Murphy Ac Co..
Relnholdt Ac Gardner
shares of 4M% series preferred stock.—V.
49,311
200,000
Adjust,
ments of sub.
1,070
G. M.-P.
Smith, Moore Ac Co
and
stabilizing, if com¬
menced, may not be discontinued at any time.
The price at which the stock is to be
offered, the underwriting discounts
commissions and the redemption price are to be
furnished by amendment.
al937
dis¬
retirement of fixed assets
Approp. for pensions payable
Balance
Dividends paid
1,070
Webster
Glore, Forgan <fc Co
$17,763,605 $14,476,489 $24,271,852
on
now
1,070
Ac
$20,356,447 $18,913,399
3,188,944 loss5,879,958
Total
not
320
The prospectus states that to facilitate the
offering, it is intended to
stabilize the price of the preferred stock.
This is not an assurance, it
states, that the price will be stabilized or that the
$30,850,737 $30,715,094 $30,707,951
^
securities
0.75
$30,715,094 $30,707,951 $30,391,510
Balance end of year...
reserve
Merrill, Turben & Co..—
of
Earned Surplus—
Balance beginning of year
.$14,574,661
c Earned
surplus arising on consol. of
sub. not previously consolidated
Profit for year.".
Reduction of
1,070
320
or
Cap. surp. arising on reduction
minority interest in sub. consol
Loss
2.5
2.5
Consolidated Statement of Surplus
1938
320
Stone
accounts,
year 1937.
Note—The foregoing consolidated statement of income does
not reflect
corporation's proportion of the increase in equity in subsidiaries not
con¬
solidated amounting to $16,409 loss in
1939, $62 in 1938, $41,149 in 1937 as
adjusted and $451,031 in 1937.
1939
320
0.75
4,788,799
purposes
accounts of that
company are now included in the consolidated
effective Jan. 1,1938.
b As set forth in the annual report for the
Calendar Years—
Francis, Bro. & Co
Hawley, Huller Ac Co
0.75
1,070
2.5
825,000
2.5
2.5
165,641
Min.
3.25
Coffin Ac Burr, Inc...
Goldman, Sachs Ac Co...
taxes
1,390
1,390
1,390
Assets—
1938
$
Cash
1939
Liabilities—
%
1,194,981
Accounts and notes
receivable.
69,577
24,888
31,292
Land,
229,901
Bankers' accept's.
Adv. by customer.
249,818
51,710
4,283.746
4,827,067
Trademarks, trade
names,
Total
.230,865,299 227,653,870
x
y
After
y
463,755
653,352
•
529,161
5,361,000
264,000
and
partic.
preferred stock. 3,333,100
1,751,745
Common stock..
3,333,100
1,751,745
Capital surplus
369,310
369,310
Earned surplus
2,214,317
1,333,287
patents,
and goodwill...
494,398
Cum.
equip¬
ment, &c
141,855
1,136,390
15-yr. A\i % debs. 5,086,000
Sinking fund pay'ts
275,000
58,701
buildings,
mach'y,
16,514
116,008
for
possible
additional taxes.
on
deb. bonds
x
59,914
296,420
Pro v.
insur.,
prepaid int. and
expenses
596,396
.
Unexpired
Unamort. disc,
489,187
691,099
Prov. for Fed. tax-
439
641,699
payrolls, &c
Dividends payable
69,577
439
investments
250,000
Accounts payable
Accrued
Interest,
256,567
6,093,659
Common stock
Misc.
19,913
25,000
broker
2,561,916
282,731
7,289,208
Preferred shares..
S
245,364
Notes,sold through
3,207,835
Value of life insur.
Inventories
1938
$
Notes payable
1,253,015
i26,594
144,679
16,761,611 15,546,728
depreciation
of $9,217,582
Represented by 400,451
no par
Total
16,761,611 15,546,7
in 1939, and $8,537,143
shares.—V. 149, p. 4177
in
1938^
Volume
The Commercial & Financial Chronicle
150
Kekaha Sugar Co.,
Directors have declared
stock,
Ltd.—To Pay 10-Cent Dividend—
dividend of 10 cents per share on the common
was
an extra
1
Knott
Corp.—10-Cent Dividend—
Directors have declared
a
dividend of 10 cents per share
a
on
the
common
payable April 15 to holders of record April 1.
Dividends of 15
cents was paid on Dec. 22, last, and previously regular quarterly dividends
of 10 cents per share were distributed.—V. 149, p. 3876.
stock,
Kellogg Co .—25-Cent Dividend—
Directors have declared
2103
dividend of two cents was paid on Dec. 1, 1938.—V. 149,
2087..
p.
to holders of record March 29.
Last previous
the 5-cent distributon made on July 1,1938.—V. 146, p. 2211.
April
payable
dividend
a
1939 and
dividend of 25 cents per share on the common
stock, payable April 1 to holders of record March 23.
This compares with
$1 paid on Dec. 1, last and dividends of 50 cents paid on Oct. 3, last and
on Dec. 23, 1938.—V. 149, p. 3265.
Kobe, Inc.—Preferred Dividend—
Directors have declared a dividend of 30 cents per share on account of
Kennecott Copper Corp.
(& Subs.)—Earnings-
accumulations
1936
$
Sales of m£tal and metal
89,061,386 138,853,544 b98,442,134
8,574,003
9,686,898
7,827,849
products
_127,009,387
RR's, steamship & wharf
8,430,903
Total oper. revenue..135,440,290
of metal products,
148,550,442 106,269,983
97,635,390
on
the 6%
pref. stock, par $20, payable April 1 to
Like amount was paid on Dec. 21, last, and
cum.
holders of record March 20.
Consolidated Income Account for Calendar Years
1937
1939
1938
Cost
on
July 1, 1938.—V. 149, p. 4032.
(The) Kresge Foundation—Securities Offered—A bank¬
ing group headed by Lehman Brothers and including the
First Boston Corp., Goldman, Sachs & Co. and Watling,
Lerchen & Co., offered March 29 $8,500,000 10-year 3%
collateral trust notes at 102 and accrued interest.
incl.
mining, treatm't
and delivery
79,894,241
RR., steamship & wharf
operating costs.
6,689,197
59,105,421
75,122,128
61,559,557
7,010,528
7,308,706
5,988,886
Brothers
trust notes
Lehman
also
selling privately $3,000,000 serial collateral
of the Foundation, which bear varying interest
are
rates
Net oper. revenue
66,119,607
31,519,441
48,856,851
38,721,540
Other receipts—
1,178,073
1,055,323
1,387,890
652.584
50,034,924
a8,023,596
32,574,764
4,667,034
5,508,661
4,376,279
67,507,497
9,859,621
6,473,883
39,374,124
6,570,584
4,978,976
500,094
1,500,000
475,844
434,075
250,000
555",129
365,948
667,524
510,843
750,000
840,873
173,025
Divs.,int. andmiscell.
Total income
d Taxes
Depreciation
Gen. admin. & corporate
exps., not
incl. in
oper.
ating costs
Reserve for contingencies
Shut-down expenses
Sundry charges
Minority int. in income
59,059
of subsidiaries
Net income applicable
to Kennecott stock
before
Dividends
33,947,443
21,643,306
—
Balance
Earned surplus.
Shares of capital
stock
outstanding (no par).
Earned per share
22,689,660
18,937,809
49,822,394
37,875,288
25,490,765
18,356,780
12,304,137
95,489,223
depletion...
paid
3,751,851
83,716,931
11,947,106
90,150,586
7,133,984
78,311,320
10,821,653
$2.10
10,821,652
10,821,686
$4.60
$2.36
10,821,653
$3.14
$7,463,272 for U. S. and foreign income taxes,
b Includes
income from properties in Utah for entire year.
The amount of net income
a
Includes
applicable to Kennecott stock is stated after deduction of the amount of
dividends which were paid to the minority stockholders of Utah Copper Co.
during year up to the time that company was liquidated and its assets
acquired by Kennecott.
d The deduction for taxes includes a charge for
Federal undistributed profits tax of $1,400 in 1937 and $1,313, in 1936,
as to certain minor subsidiary
Corp. and all its major subsidiaries
which is the estimated amount of such tax
companies.
no
For
Kennecott Copper
such tax is believed to be due.
1938 is presented after elimination
substantially all inter-company sales.
It has been impracticable to make
elimination of certain intercompany transactions such as charged in respect
of services of transportation companies, for sales of products by the fabricat¬
ing divisions to other companies, &c., but these are relatively minor in
amount.
There is no substantial amount of intercompany profits included
in net income or in inventories of products on hand.
Note—The foregoing statement for
of
Consolidated Balance Sheet Dec. 31
1939
securs.
15 ,709,407
Accts. receivable
12 ,209,395
29 ,174,034
Ore & concentr's
2 537,894
Metals
Mat'ls & suppl's
Def. accts. rec_.
33,456,416
14,546,267
6,726,085
2,436,450
366,381
8,031,734
555,240
purposes
18,430
Invest, securs.
3 803,322
3,985,610
con.
b
30,435,263
398,585
Prov.
for
a
taxes
8,832,425
125,448
3,380,755
Def. accts. pay.
6,038,670
223,494
reserve
1,658,504
53,199,636
Stated capital. 53,199,636
Capital surplus. 190,914,923 190,914,923
Earned surp. be¬
83,716,931
fore depletion 95,489,223
c
768,704
Maintenance
A
Taxes
Total
361,182,234 342,768,309
1939—12 Mos. —1938
$179,580
$196,009
55,152
59,754
13,996
17,220
19,527
24,527
25,013
29,665
$5,213
$4,952
$64,843
227
D/-647
Dr 1,225
$5,440
Net oper. revenues
Balance
$4,305
1,818
$65,892
DrQ,312
$63,618
1,861
Interest and amortizat'n
23,210
$59,580
23,396
$2,486
Preferred dividend requirements
Balance
$40,408
24,374
$36,184
24,374
$16,034
$3,579
Balance
$11,810
Balance Sheet Dec. 31, 1939
Assets—Plant and other investments, $885,676; cash,
$84,398; accounts
$1,574;
stoc*., $125,000; longcustomers' deposits, $13,859; interest and taxes accrued, $30,547; other current liabilities, $1,115;
deferred credits, $4,977; depreciation reserve, $57,373; earned surplus,
$64,333; total, $1,071,741.—V. 150, p. 1939.
Liabilities—Preferred stock,
$348,200;
common
debt, $423,000; accounts payable, S3,337;
Lake Superior
April 11 will be asked to authorize
new first mortgage bonds up to not exceeding $20,000,000.
It is proposed
to issue $12,000,000 of such bonds to be known as first mortgage serial
bonds, series of 1940 of which $10,000,000 would be pledged with First
National Bank, Chicago, Chase National Bank and First Wisconsin Na¬
tional Bank, Milwaukee, as'collateral security for $10,000,000 of loans and
$2,000,000 of the last maturities would be sold to Northwestern Mutual
Life Insurance Co.
-
,
the extent of $9,057,600 will be used for the
1940, of the 4M% 15-year sinking fund bonds
1937 and the balance for general corporate purposes.—V. 149,
Proceeds of the financing to
redemption on June
series
p.
of
15,
3876.
Kirkland Lake Gold Mining Co., Ltd.—Extra Dividend
dividend of one cent per share in ad¬
a semi-annual dividend of five cents per share on the common
stock, par $1, both payable May 1 to holders of record March 30.
Pre¬
viously regular semi-annual dividends of four cents were distributed.
In
addition extra dividend of one cent was paid on Nov. 1, last, and on May 1,
Directors have declared an extra
dition to
and incorporated in Michigan as
150, p. 1939.
& Ishpeming RR.—Earnings-
February—
Gross from railway
Net from railway
1940
$29,373
def41,836
Net ry. oper. income
From Jan. 1—
def62,173
Gross from railway
58,933
def87,527
defl29,061
1939
$23,672
def39,251
def57,926
1938
$34,200
def48,380
def69,061
47,234
def80,683
defl36,892
68,340
def97,718
87,005
def65,606
defl39,542
defl02,617
1937
$41,656
def34,964
def52,783
Langendorf United Bakeries, Inc.—Class B Dividend—
Directors have declared a
dividend of 15 cents per share on the class B
stock, payable April 15 to holders
of record March 30.
quarterly dividends of 30 cents per share were
Lehigh
&
Coal
Previously regular
distributed.—V. 150, p. 694.
Co.—Board of Managers
Navigation
Elected—
meeting held March 27 in a hotly fought
members of the board of managers.
Marshall
Scattergood, nominees of present management,
and Wayne Johnson, a nominee of the minority group.
Election of the
minority nominee was accomplished through cumulative voting, permitted
under Pennsylvania law.—V. 150, p. 1940.
recessed
Stockholders at a
proxy contest elected as
S. Morgan and J. Henry
Lehigh & Hudson River Ry.—Earnings—
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
—V. 150, p.
income—
1441.
1939
$121,048
39,404
$105,147
5,740
15,147
def18,780
260,180
81,610
Net from railway
1937
1938
1940
$127,160
41,200
16,292
February—
Gross from railway..
259,001
88,027
211,963
34,725
31,080
36,495
defl5,044
$116,266
32,785
10,456
247,331
72,554
25,167
Lehigh & New England RR.—Earnings—
1939
1938
1937
$298,907
83,966
66,602
$269,316
70,654
57,940
$221,018
17,555
17,771
$247,088
12,227
5,827
669,075
223,850
172,374
553,035
147,908
126,858
475,709
52,094
51,923
543,160
Net from railway
Net ry. oper.
1938
$3,031,262
487,476
1940
February—
Gross from railway
_
Net from railway
Net ry. oper. income..
From Jan. 1—
Gross from railway
Kimberly-Clark Corp.—To Make Term Loan—
Stockholders at the annual meeting
1924 by Sebastian S. Kresge for charitable,
corporation, is administered by five trustees.—V
Net ry. oper.
receivable, $56,307; materials and supplies, $25,577; prepayments,
deferred debits, $18,209; total, $1,071,741.
term
trustee
Net ry. oper. income.._
—V. 150, p. 1441.
1939—Month—-1938
$16,353
$17,029
.5,133
6,287
1,253
1,581
1,627
2,044
3,388
1,904
Non-oper. income (net).
the notes of $294,750.
year.
Net from railway
Key West Electric Co.—Earnings—
Operation
amounted to $1.20 per share, which would have totaled $1,380,000 on the
stock to be pledged to secure the 10-year notes and serial notes, as against
The Foundation, created in
accrued
361,182,334 342,768,309
The series maturing Sept. 15, 1944 carries 234%
interest, and the March 15, 1945 series bears interest at the rate of 2M %.
Dividends declared on the common stock of S. S. Kresge Co. during 1939
previous
Partly owned and allied and affiliated companies,
b Less depreciation
$101,892,740 in 1939 and $98,227,013 in 1939.
c Represented by 10,821,653 no par shares.—V. 150, p. 1282.
Depreciation
per annum.
2%
educational and philanthropic purposes,
a
revenues.
34 % Per annum, and each succeeding series carries an
% % interest rate until the series maturing March 15, 1944, which
bears
2,619,636
of
Period End. Dec. 31—
additional
interest at the rate of
3,353,856
..
Mining prop.,
Operating
amount each, with the individual series maturing at successive
intervals of six months.
The first series, maturing Sept. 15, 1940, bears
cipal
4,396,516
refg.
not due.
same
On and after March 15,
The Kresge Foundation had net income of $952,235 for the year 1939,
compared with $883,972 in 1938. Consolidated net income of S. S. Kresge
Co. and its subsidiaries was $10,450,624 in 1939, against $8,997,051 in the
RR.equity,&c208 658,582 210,342,097
Total..
during the
maximum annual interest requirement on
1938
Insur. and other
Stripping & min¬
ing devel
30 272,682
399,138
Prepd. insurance
Misc. def. accts.
1 211,825
10-year notes and serial notes issued and outstanding
period.
1942, the 10-year notes will be redeemable at the
option of the Foundation, in whole or in part, at: 105 up to and incl. Sept. 14,
1942; decreasing }4% of the principal amount for each succeeding halfyear until the redemption figure is 101 for the six months ended Sept. 14,
1946; at 10034% thereafter through March 14, 1948, and at 100% there¬
after to maturity, with accrued interest in each case.
The serial notes being offered are to consist of 10 series of $300,000 prin¬
interest paid on all
& deli v. chgs.,
460,345
8 ,142,643
a
5,886,068
payable.
Treatment
30,625,513
For. currency for
a
Accts.
approximately $11,442,500.
The Kresge Foundation will apply the proceeds from the sale of these
$11,500,000 aggregate principal amount of notes, together with other
Foundation funds of approximately $693,940 to: the payment in full of
approximately $3,000,000 indebtedness now consituting a lien on 300,000
shares of common stock of S. S. Kresge Co. which are to be given to the
Foundation by Sebastian S. Kresge; to the redemption in full of the pre¬
sently outstanding $4,886,000 10-year 4% collateral trust notes, due
July 1, 1945; and to the redemption in full of the presently outstanding
$3,993,000 10-year 3J^% collateral trust notes, due Feb. 1, 1947.
The 10-year notes and the serial notes, both dated March 15, 1940, are
to be secured initially by pledge with National Bank of Detroit, as trustee,
of 1,150,000 shares of common stock of S. S. Kresge Co.
From May 1, 1941 through March 14, 1943, each 10-year note is to be
convertible into 33 shares of S. S. Kresge Co. common stock; thereafter
through March 14, 1946, into 29 shares of stock; thereafter through
March 14, 1948, into 26 shares of stock; and thereafter through March 14
1950, into 23 shares of stock.
re 10-year notes are subject to sinking fund payments, beginning in
19'u";, equal to 50% of the amount by which cash dividends, interest or other
cash income received on securities and property pledged with the trustee
for the 12 months ended March 14 of such year exceeds the aggregate
$
Liabilities—
$
48 678,600
Market
Proceeds to the Foundation from the sale of the two
1945.
issues of notes will aggregate
$
1939
1938
$
Assets—
Cash
ranging from
per annum for the series maturing
Sept. 15, 1940, to 2H% for the series maturing March 15,
income..
—V. 150, p. 1604.
*
55,132
38,440
Lehigh Valley RR.—Earnings-
210,163
457,888
10,795
1937
$3,866,791
908,338
386,841
7,951.725
2,177,757
7,266,223
2,087,332
998,161
1,093,506
6,696,496
1,299,270
286,941
7,996,399
1,837,152
785,264
1940
$3,612,108
803,870
February—
Gross from railway
Net from railway..
Net ry. oper. income.
GrSsTronTrafcay
Net from railway
Net ry. oper. income
—V. 150, p. 1772. ,
1939
$3,412,153
921,615
(Thomas J.) Lipton, Inc.—No
Directors at their
Class A Dividend—
meeting held March 19 took no
action on the dividend
ordinarily due at this time on the class A stock. Regular quarterly dividend
of 25 cents per share was paid on Dec. 22, last.—V. 150, p. 1940.
The Commercial & Financial Chronicle
2104
Lockheed Aircraft Corp.Calendar Years—
1937
IMS
1936
$2,006,500
1,499,452
29,036,717
Cost of goods sold
& repairs,
7,788,808
$5,209.98,5
4,012,027
-
Maintenance
deprec'n,
and
rents
royalties, development
1,713.445
1.986,421
1,020,408
378,582
Gross profit
Other income
$3,957,988
104,573
$499,273
47,467
$177,549
34.602
$128,465
$546,741
Interest deductions
$4,062,561
55,310
$212,151
7,327
$148,595
1,769
874,332
91,883
&c., expense
12,747
20,129
Prov. for Fed, income &
Prov. for Fed. surtax
30,217
20,870
36,687
excess-profits taxes
25,829
tion of the defendants before trial.
on
undistributed profits
$3,132,918
$442,111
$137,919
x847,602
$4.04
~$0~69
"$b".2i
Plan of Readjustment
On Oct. 24, 1939, stockholders approved a plan of readjustment provid¬
ing,
other things, for (1) the segregation of company's candy, soda
foundain, restaurant and related businesses from its Pepsi-Coxa holdings,
and the establishment of the candy business as a separate operation with
liability on leases limited to approximate fair rental values; (2) the restate¬
$100,126
To'15
Earns, per sh. on com.
Assets—
Cash
on
In
Accts. rec'le (net).
Note receivable
Inventories
Other
1939
$
$
1,721.378
1,052,655
12,000
6,743,245
.
1,170,188
IAabilUtes—
payable
18,737
assets.
curr.
628,704
0
Investments
850,386
185,130
13,702
435,634
83,543
contra
pers.
3,313,238
16,492
1,776,951
& note pay. curr.
1
Customers' depos's
Deferred charges.
1,819,165
873,730
and
12,566
In
unapplied
In
122,044
of
excess
1,061,127
Accordingly, a dividend, payable in stock of the new Loft Candy
has been declared upon the outstanding shares of company at
one share of Loft Candy Corp. stock for each share of out¬
standing stock of Loft Inc.
Such dividend will be payable on April 2,
to holders of record March 15,
Certificates for Loft Candy Con), stock,
registered in the respective names of the holders of record of Loft Inc.
stock as of that date, will be mailed to Loft Inc. stockholders on such
payment date.
Loft Candy Corp.
Loft Candy Corp. has been organized in New York with an authorized
capital stock of 1,500,000 shares (par $1) of which 1,473,259 shares have
been issued.
All of such issued shares are now held by Loft Inc. and
1,491,980
51,234
460,721
Cap.stk. (par $1).
775,000
Paid-in surplus
4,571,449
Capital surplus
24,774
Earned surplus
3,004,516
7,012,187
143,964
credit
Notes pay., banks
15,547,295
Total
15,547,295
l,25b"600
660,879
1,550,318
24,774
719,199
7.012.187
-V. 150, p. 1940.
Loft, Inc.—Annual Report—
Edward A. LeRoy Jr., Chairman of the executive committee,
remarks to stockholder for the year ended Dec. 31, 1939, states:
in
his
The year
1939 was a period or great significance to the company.
In it,
a
great amount of litigation and claims affecting company's important
interrest in Pepsi-Cola Co. was disposed of.
During the year, Pepsi-Cola
made highly satisfactory progress and paid a substantial dividend which
met the immediate financial needs of your company.
The plan of read¬
justment for your company was approved by stockholders and was put
partially into effect by the Vear-end, and the candy business has now been
segregated from the Pepsi-Cola holdings of your company in a new whollyowned subsidiary called Loft Candy Corp.
In order to complete the segregation of the candy
business, directors
have determined to distribute all the stock of Loft Candy Corp. held
by
company as a dividend to the stockholders of Loft Inc.
Such dividend
be at the rate of
will
of outstanding
helders
share of Loft Candy Corp stock for each share
one
stock of
of record
your company
March
15,
and will be payable
on
April 2, to
1940,
Financial Statements and Results of
Operatilons
The consolidated net Income of Pepsi-Cola Co. and its subsidiaries for
the
year 1939, before certain extraordinary charges in connection with settle¬
ments and
special litigation, was $5,650,139. and, after deduction of such
charges, was $4,870,478.
During the year Pepsi-Cola Co. paid a dividend
aggregating $3,889,155 of which $3,081,555 was received by your company
as
the holder of approximately
Cola Co.
79.2% of the outstanding stock of Pepsi-
Without
giving effect to the receipt by your company of the dividend
paid by Pepsi-Cola Co. during 1939, the consolidated net loss of your
company and its subsidiaries (other than Pepsi-Cola Co. and its
subsidiaries)
after all charges (other than Federal income taxes), amounted to
$1,487,599.
Of the $3,081,555 received as
a
Dividend of Stock of Loft Candy Corp.
the segregation of the candy business, directors
new Loft Candy
complete
the rate of
expenditures... 2,770,637
Total
to
Corp.
Corp.,
„
Accrued liabilities.
Deferred
order
determined to distribute to stockholders the stock of the
progress payra'ts
Ad vs. rec. on con¬
tra
reserve
things, contingent liabilities and excess rentals and losses on leases;
the establishment of a ledger amount for company's Pepsi-Cola invest¬
(4) the reduction of capital of company and the change of its authorzed shares of capital stock from shares without par value into shares of
the par value of $1 each; and (5) the increase of the authorized number of
shares of capital stock of company from 1,500,000 shares to 3,000,000
shares.
The principal objectives contemplated by the plan of readjust¬
ment have been accomplished.
132,921
Fixed assets (net).
Intangible assets..
.
a
ment
100,238
Commissions pay.
Prop.
establishment of
(3)
$
1,285,223
Taxes payable
10,936
208,465
of fixed assets and the
other
1938
I
Accts. pay.—trade 1,627,908
Salaries and wagesa
2,343",213
of book amounts
to provide for further reductions of book amounts of such assets if and
when deemed desirable and the establishment of a reserve to cover, among
1938
bank and
hand.
among
ment
Balance Sheet Dec. 31
1939
1940
evidencing 120,437 shares of Pepsi-Cola stock have been de
deposited in escrow in connection with this agreement.
Since Dec. 31, 1939, an action has been commenced on behalf of the
estate of Ralph G. Megargel, deceased, against company, Pepsi-Cola Co.
and Charles G. Guth, in the Supreme Court, seeking to compel the return
of 2,500 shares of the capital stock of Pepsi-Cola Co., or in the alternative
for the present value thereof, and for an accounting for all dividends re¬
ceived thereon.
The action is based upon the claim that Ralph G. Megargel
was
induced by fraudulent representations, to contribute, in 1933, such
2,500 shares in order to consummate a settlement of the claims of his
brother, Roy C. Megargel, against Pepsi-Cola Co. and Charles G. Guth.
The proceeding instituted by an alleged stockholder of the old National
Pepsi-Cola Corp. in the U. 8. District Court for the Eastern District of
Virginia, has been dismissed.
A notice of appeal to the U. 8. Circuit
Court of Appeals has been filed on behalf of the alleged stockholder.
The anti-trust action brought some years ago by your company against
Corn IToducts Refining Co., et al, is now approaching the stage of examina¬
Earnings-
1939
30,
certificates
Gross sales
(less returns
and allowances)
$35,308,1.50 $10,274,503
March
dividend from Pepsi-Cola Co., $1,531,820
will
be distributed
to
stockholders
as
stated above.
The aggregate
cost
to your company of this stock was
$1,701,000, paid in cash and inventories,
supplies and prepaid items at net book values thereof.
The present officers
and directors of the Candy corporation
(all of whom have been and may
continue to be either officers or directors of Loft Inc.) are as follows:
Edward A. LeRoy Jr., Pres. and director; Alfred B. Hoppe, Vice-Pres.
and director; Adolph Radnitzer, Vice-Pres., Sec'y and director; Walter F.
Fitzgerald, Treas. and director; Walter 8. Mack Jr., director; Francis P.
Burns, Vice-Pres.: Edwin L. Flint, Vice-Pres.; Frank A. O'Donnell, Asst.
Sec'y., and Walter W. Masters, Asst. Treas.
Of the 173 stores which were operated by Loft Inc. and its subsidiaries
at the beginning of 1940, 153 stores have been transferred to the Candy
corporation.
It is anticipated that the stores which have not been trans¬
ferred will be either closed or subsequently transferred to the Candy cor¬
poration to the end that, upon the completion of the transfers, the Candy
corporation wiil be operating all stores previously operated by the company
with the exception or stores which will have been closed.
Transfers of stores to the Candy corporation have been effected, in most
cases, by subleasing to the Candy corporation the
premises occupied by
such stores.
In general, these subleases are at rentals corresponding to
the approximate fair rental values of the occupied
premises as appraised
as at July 31, 1939.
Because of changing rentals under leases and of the
expiration or settlement of leases and the entering into of new leases from
time to time, it is impossible accurately to compare the amount of the
aggregate lease rentals heretofore paid by your company with the aggregate
rentals which will be payable by the
Candy corporation.
The aggregate
rentals payable to the Candy corporation, however, in respect of stores
transferred and to be transferred will be substantially less than the aggre¬
gate comparable rentals on those stores heretofore paid by your company
under the original leases.
The difference between fair rental values to be
paid by the Candy corporation and the stipulated rentals in the original
leases,
well
as
effect at
as
losses
incurred
on
settlements
July 31, 1939, will be paid by
leases
of burdensome
in
your company.
It has not been practicable to transfer some stores to the Candy corpora¬
tion.
Pending transfer or other disposition of these stores, they are being
operated
as
heretofore, except that pursuant to
an
agreement entered into
credited to your company's investment in
Pepsi-Cola Co. in accordance
with the plan of readjustment (such amount
being the portion of such divi¬
dend paid from earnings prior to July
between your company and the new Candy corporation, the Candy corpo¬
ration has agreed to provide management for such stores.
As compensa¬
tion for such management, the Candy corporation receives 7% of the
dividend,
gross
was
31,
amounting to $1,549,734,
was
1939).
The
credited to
balance
of such
the
income
account
of your company,
with the result that the consolidated net profit of your
company and its consolidated subsidiaries for the year, after all
charges,
amounted to $12,135.
AM PH
HI
Because of the extended amount of litigation and
settlements of claims,
which occurred during the past year, and because of the
expenses incidental
to the preparation, submission and effectuation of the
plan of readjustment,
the financial statements show considerable
expenditures for non-recurring
items not connected with the conduct of the
candy business itself
Total sales of your company and its subdisiaries
(other than
Co. and its subsidiaries) for the year 1939 amounted to
Pepsi-Cola
$8,136,740 as against
$8,567,700 for 1938.
At the close of the year, 182 stores were in
operation
against 192 at the close of 1938.
Of these 182 stores, nine unprofitable
year-end, and other unprofitable or undesirable
stores will presently be closed as leases
expire or as burdensome lease situa¬
tions are adjusted as contemplated
by the plan of readjustment.
It is
anticipated that new modern stores will be opened as suitable locations
can be obtained, five such stores
having been opened during 1939
All of the funds received
by your company in respect of the abovementioned dividend paid by Pepsi-Cola Co. were
required to liquidate pastdue obligations of your
company, to take care of its immediate commit¬
ments, to provide the necessary cash investment in the new Loft
Candy
Corp., and to lmtiate the settlement of some of the burdensome leases
receipts of the stores managed.
It
is
hoped that
adjustments
of
leases may soon be effected so that this management arrangement can be
terminated and the stores covered thereby transferred to the Candy corpo¬
ration; otherwise it
may
be necessary to take steps to close some of these
stores.
All
inventories and supplies
and other similar assets applicable to the
candy business have been transferred to the new Candy corporation, except
such thereof
as are in stores which have not be transferred.
The Loft plant at Long Island City has been leased to the Candy corpo¬
a term of 10 years,
subject to cancellation by your company on
six months' notice with certain periods
during each year at a net rental
of $25,000 per annum.
The lease provides that the Candy
ration for
corporation
and other carrying charges applicable to the plant.
substantially less than the depreciation heretofore or to be
the books of the company with respect to the plant.
as
shall
stores were closed as at the
Such rental is
referred
to.
In
order
to
provide
funds
for
the
your company and for further lease settlements,
bank loans
from
its
on
a
secured basis until such time
holdings
of
Pepsi-Cola
stock.
It
as
continued
operation of
is utilizing
you company
further income is received
is
appropriate to point out
shall have been adequately pro¬
commence the payment of dividends
on the stock of your
company out of additional income
Company's Pepsi-Cola holdings consist of (1) 205,437
shares, out of
259,277 shares outstanding, of the capital stock of
Pepsi-Cola Co., (2) op¬
that after the obligations of your
company
vided for, it should then be possible to
tions
on
shares
of stock
of
Pepsi-Cola Co., acquired in connection with
the settlement with the
company's attorneys in the Guth litigation, and
(3)
WiSiam^F Heher^6
shares of stock of Pepsi-Cola Co.
acquired from
The ownership of a substantial
part of such 205,437 shares of
Pepsi-Cola
challenged by a stockholder of Pepsi-Cola
Co., Partus Trew. who
has petitioned to intervene in
company's action against Charles G. Guth,
et aL, for the purpose of
asserting a claim on behalf of Pepsi-Cola Co. to
137,500 shares out of the 237,500 shares of
Pepsi-Cola stock awarded
to company and its counsel in that
action.
Briefs have been filed by comstock is
1.
ai?
!
j
PCtkioning stockholder on a motion to
a decision will be forthcoming in
dismiss the petition,
the near future.
It
stockholder be completely
hoped that
should be noted that, should the
petitioning
successful, 137,500 shares would be returned to
Pepsi-Cola Co., of which
118,938 shares would be supplied by
company and 18,562 shares by counsel
for company (who shared in that
proportion in the recovery from Charles G.
Guth, et al.). There would then be
outstanding 121,777 shares of Pepsi-Cola
Co.
stock, and company s proportionate
ownership thereof would be
approximately 71% as compared with its present
ownership of approxi¬
mately 79.2% of the Pepsi-Cola stock now
outstanding.
b*
coim^tion with the Bartus Trew proceedings, your
lt
wllln°L8elLor otherwise dispose of 120,437
205,437 shares until the
disposition
petition
for intervention,
or
until
company
by the .Chancellor. of the
further
order
of
the
has
shares of said
aforesaid
Chancellor- and
all
pay
charged
on
taxes
Consolidated Income Account for the Years Ended Dec. 31
[Other than Pepsi-Cola Co. and its Subsidiaries]
1939
Cost of sales
$8,136,740
4,259,954
1938
1937
1936
$8,567,700 $10,036,231 $11,168,153
4,269,701
5,195,567
5,872,914
Balance
$3,876,786
$4,297,999
$4,840,664
$5,295,239
3,728,350
195,388
4,104,133
148.324
4,444,732
4,726,249
168,034
274,725
Gross profit...
loss$46,952
Gen. & admin. exps.,&c.
341,257
$45,542
317,461
$227,898
489,061
$294,264
487,500
166,677
149,848
128,571
73,144
46,714
4,992
49,535
43,324
41,009
64,121
43,995
Sales
y
Salaries, rent expenses,
property taxes, main¬
tenance, &c
Advertising
Corp. and excise taxes on
payrolls receipts, &c__
Special repair and recon¬
ditioning of stores in
addition to charges to
operation
Int., expense, discounts
allowed, &c
Loss....
$598,209
$509,491
$458,849
$359,910
Cr44,684
Cr29,064
Cr47,867
Cr68,897
325,808
z608,265
465,723
xl80,439
561.723
579,500
$1,487,599
$1,126,590
$972,705
$870,514
Discts. earned and other
income.
Deprec.
and
amort,
of
leaseholds.
Miscellaneous deductions
Net loss.
Div.rec. from Pepsi-Cola
Co. less portion cred'd
to investment acct
Profit
Federal income
Net profit
tax
(est.)
1,549,734
$62,135df$l,126,590 def$972,705 def$870,514
50,000
$12,135df$l,126,590 def$972,705 def$870,514
x Provision for interest
payable on tax arrears, $35,062; loss on cancella¬
tion of leases and write-off of furniture and fixtures in stores closed, net
Volume
The Commercial &
150
2105
Financial Chronicle
& Subsidiaries (Excluding Pepsi-Cola Co.)
Fixed Assets of Loft Inc.
$45,932; provision for State and other tax matters net, S32.M5, and provi¬
sion for litigation and general contingencies, $67,000.
y After deducting
received from sub-tenants.
z Rentals
on leases in excess of
fair
Book
•
rental
values
of July 31,
as
1939, $152,803; loss on cancellation of leases
$37,216; sundry litigation settlements
and write-off of furniture, &c. (net),
and expense, plan of readjustment
and legal fees, prior period
items, &c., $183,247; provision for other legal fees (estimated), $135,000;
provision for rent arrears, $100,000.
Statement
expense
of Consolidated Surplus for Year Ended Dec.
Capital Surplus
31, 1939
capital surplus of $3,763,244, as at Dec. 31, 1939, results from
transactions and adjustments, pursuant to the plan of readjustment, as
The
of
capital
from
$11,979,652
$1,473,259, such
outstanidng
to
leasehold impts. in leased Btores
and on leased property
8,716,487
$19,222,880
of consolidated
amounts
of goodwill,
$3,020,375
1,150,000
Provision of general reserve for contingent liabilities
and excess rentals and losses on settlement of
7,070,375
2,900,000
previously provided)
leases ($100,000
1,473,555
450,000
125,000
$4,378,322
$1,700,000
$550,000
of the plan of readjustment said consolidated book
fixed assets were written down to such going concern fair
appraised, aggregating $1,700,000, and a special reserve of
$1,150,000 was established to permit further write-downs of such assets
to said liquidation values if and when the board of directors shall determine.
Likewise, goodwill, trade-marks, formulae, patents, &c., at July 31, 1939,
carried on the books of Loft Inc. and its subsidiaries (other than PepsiCola Co. and its subsidiaries) at an aggregate consolidated book amount
of $3,020,375, were written down to $1, and investments In subsidiaries
(other than Pepsi-Cola Co. and its subsidiaries) were written down to
conform to net book amounts of underlying assets.
The write-downs of
such consolidated fixed assets, good will, &c., as applied to amounts carried
on the books of subsidiaries (other than Pepsi-Cola Co. and its subsidiaries),
were accomplished by providing appropriate reserves on the books of Loft
Inc. to be applied in consolidation.
Transactions since July 31, 1939, in said consolidated fixed asset accounts
Upon
investment
Reduction
as
approval
amounts of suxh
July 31, 1939
— .$10,506,393
Credit resulting from establishing ledger amount for Pepsi-Cola
trade-marks, formulae, patents, &c. to $1
Provision of special reserve against further write¬
downs of fixed assets to liquidation values
$12,152,505
8,389,261
Write-off of consolidated deficit as reported July 31, 1939
values
are
as
summarized
as
follows:
Land, Bldgs.
$3,763,244
Capital surplus, balance Dec. 31, 1939
Machinery
and
Earned
Deficit
Equip.
(,Plant)
Surplus (Deficit) to July 31, 1939
$4,355,884
1,034,227
reported Dec. 31, 1938
Net loss for the seven months ended July 31, 1939
as
of
Amount
Note 3
as
Deficit
attorneys' fees and expenses, per balance
submitted with said plan of readjustment
sheet
320,827
as
reported July 31, 1939
Write-down of consolidated book amounts for fixed assets to
$5,710,938
1939,
off against
written
as
$8,389,261
$1,046,362
ended Dec. 31, 1939
$
sundry accruals-
545,781
21,999
568,753
33,466
142,778
131,032
50,097
189,603
212.870
Rents
quotat'ns
&
taxes
2,184
(cost $5,345)--.
property
payable.-
74,785
68,401
443,335
479,813
old-age benefit
5,000
City of New York
Accts. rec'le (net)-
Inventories
Unemployment
&
Depos. with surety
company
1,259
Sundry investm't-
Add'ns July 31 to Dec.
Stks of reorganized
on
banks,
closed
reserve
fees,
3
7,184,666
al,630,128
Tenant
formulae,
c
pats.,
1
-
Prepd.
3,020,719
263,543
<fc deferred
Items
300,000
88,609
-
105,804
Gen'l
238,500
19,834
4,585
2,357,250
reserve
d Special reserve.
.
1,150,000
Res. for gen. contg.
100,000
Unsec. note pay—
Int. on coll. loan..
400,000
200,000
1,473,259 10,979,652
Capital stock
Capital surplus
3,763.244
Earned surpl. from
Aug. 1,1939...
1,046,362
Deficit
11,363,912
Total
8,543,588
4,355,884
Total
11,363,912
8,543,588
At going concern fair values as at
July 31, 1939, as appraised by Ameri¬
can Appraisal Co., Inc., plus subsequent additions at cost, less depreciation.
Ib Interest in judgment receivable and options resulting from action against
a
Charles
G.
Guth,
et
al.t
at ledger
amount,
less
a
42,247
76,002
3,082
$402,862
8,299
$1,618,839
11,381
$411,161
$1,630,220
$411,161
$1,630,127
31, '39, at cost
Depreciation to Dec. 31.1939 on addi¬
tions to Dec. 31, 1939
92
92
Notes—On Nov. 22,1939, Loft Inc. settled the claims for additional com¬
pensation of its former President, James W. Carkner, arising out of his
employment contract with Loft Inc., and settled its claims, if any, against
Mr. Carkner arising out of his ownership of 1,000 shares of stock of PepsiCola Co.
By the terms of the settlement, Mr. Carkner has agreed to
advise with and assist Loft Inc. as called upon, for a period of 10 years,
during which time he has agreed not to engage in any competing business;
and he is to be paid $26,500 annually for 10 years, payable in monthly
instalments commencing Jan.
15, 1940, with appropriate provision for
payments to his estate in the event of his death during the 10 year period,
his estate to be entitled to receive the difference between the amount paid
during his lifetime and the sum of $255,000.
As security for the
payments required to be made, Loft Inc. has agreed to deposit in escrow
the sum of $106,000 on Jan. 15, 1942, and a further sum of $106,000 on
Jan
15 1943
Loft Inc. aiso settled the claim of Alfred B. Hoppe, its Executive VicePresident and a director, arising out of an employment contract similar
to that of Mr. Carkner, but at a lesser rate, by the payment to Mr. Hoppe
of the sum of $15,000 in conjunction with an agreement continuing Mr.
Hoppe's employment by Loft Inc. for a
serv.
prepay "ts,
&C------------
Leasehold impt., <fcc
67,288
37,328
_
legal
contract payable
4,357,671
Goodwill, tr.-mk8.,
&c_
for
estimated.
Settlement &
of Pepsi-
Cola Co. stockFixed assets
tax arrears.
Accrued
of
$10,213
b Award
209,843
170,037
estimated
Int. accrd. payable
banks & balances
in
less
62,691
Fed., State & other
taxes,
33,755
to him
sales tax
6,604
23,158
receivables.
Other
$
$
Salaries & wages._
1,938,942
hand
Marketabl e secure.,
at mkt
1938
1939
Liabilities—
Accts. payable and
Cash in banks and
on
«W«V
1938
$
5,158
$1,694,841
$1,218,965
lOther than Pepsi-Cola Co. and its Subsidiaries]
1939
4,890
$445,109
Deprec., 5 mos. to Dec. 31, 1939, on
properties owned July 31, 1939---
Consolidated Balance Sheet at Dec. 31
Assets—
267
$1,249,732
Surplus from August 1, 1939
Net profit for the five months
Totals
$1,700,000
$450,000
$1,250,000
$1,219,058
capital surplus as at July 31,
above
Earned
Appraisal, going concern values, July
31, 1939.
Retirements July 31 to Dec. 31, 1939,
less depreciation
Furn., Fixts.
Equip, and
Improvem'ts
(Stores)
$1,215,976
2,678,323
going concern fair values, per said plan of readjustment
Balance
Values
Appraised as Appraised
July31,1939 Juli/31,1939 Julyll,1939
Land, bldgs., mach'y, eqpt., &c.,
comprising plant at Long Island
City.N. Y._
$2,904,767
$1,250,000
$425,000
Furniture, fixtures, equipment &
Totals
latter amount being at the rate of $1 per share
Liquidation
Fair Values
Less
Depreciation
•
follows:
Reduction
Going
Concern
Amounts
rents
credit of $1,531,820.
For contingent liabilities at July 31, 1939, for rentals on leases in excess
of fair rental values as at said date, and for losses on settlement of leases,
c
d To permit write-downs
of fixed assets to liquidation values as at July 31,
1939, as appraised by American Appraisal Co., Inc., such reserve to be
applied if and when the board of directors shall determine.
period of one year at the compen¬
sation of $16,500.
Note 6. As at July 31, 1939, a
was established under the plan
,
,
^
general reserve in the amount of $3,000,000
of readjustment to provide for (a) known
and unknown contingent liabilities existing at July 31, 1939, (b) rentals
on leases, held at July 31, 1939 by Loft Inc. and its subsidiaries (other than
Pepsi-Cola Co. and its subsidiaries), in excess of the approximate fair
rental values as at that date of the premises covered by such leases, and
losses on settlement of such leases.
The American Appraisal Co., Inc.
has advised that in its opinion such leases represented a liability, id accord¬
ance with conditions at July 31, 1939, of at least $2,000,000, due to rentals
provided in such leases being in excess of the approximate fair rental values
as at said date of the premises covered by such leases.
Charges to this reserve from Aug. 1 to Dec. 31, 1939 amounting to $642,750, were as follows:
Settlement of Francis P. Burns'
claim for commissions alleged to
agreed upon between Loft Inc. and himself prior to
1, 1936, on sales of Pepsi-Cola beverage (such settlement
being in the amount of $60,000 of which $10,000 was paid by
Pepsi-Cola Co.)
-----Settlement of the suit instituted by Mrs. Margery K. Megargel
have been
Jan.
against Loft Inc. and Pepsi-Cola Co
Settlement of J. W. Carkner's claim for
under his contract of employment
120,000
additional compensation
265,000
paid in calcellation of leases for three closed stores
legal fees on matters originating on or
31, 1939, estimated
150, p. 1773.
Amounts
Consolidated Balance Sheet Notes (1939)
—V.
The principal adopted in determining the inclusion and exclusion
has been to consolidate those companies more than 50%
Loft Candy
of subsidiaries
owned and to absorb entire deficits where capital deficits appear in
owned suosidiaries; excepting, however, that Pepsi-Cola Co. (of
Loft
Inc.
became
a
stockholder of record
on
July 31, 1939) and its sub¬
sidiaries are not included in the consolidation.
1935 by Loft Inc.
against Charles G. Guth, The Grace Co., Inc. of Delaware and Pepsi-Cola
Co., and pursuant to an agreement of settlement, Loft Inc. was awarded,
among other things:
(a) 237,500 shares of capital stock of Pepsi-Cola Co., of which 32,063
shares were transferred to the attorneys for Loft Inc. as part compensa¬
tion for their services in such action, leaving a balance of 205,437 shares
with Loft Inc. (constituting about 79.23% of the capital stock of PepsiCola Co. outstanding at Dec, 31, 1993).
Said 205,437 shares of PepsiCola stock were transferred of record to Loft Inc. on July 31, 1939.
In
addition, options have been granted to Loft Inc. by said attorneys (for
further details see text above).
Note 2. 'As
a
result of the litigation commenced in
(b) A judgment of $195,000 representing the $2 dividend declared and
paid by Pepsi-Cola Co. in 1936 on 97,500 shares of Pepsi-Cola stock then
standing in the name of Charles G. Guth.
This judgment, in which said
attorneys for Loft Inc. have a 13 H% interest, is subject to a claim of the
United States for taxes thereon, which claim is being contested.
Payment
of the fund of $195,000, held by the Court's representative for the purpose
of satisfying said judgment, is being withheld pending determination of
said tax claim.
An adverse decision in the tax proceeding will render tne
judgment partly or wholly unrealizable.
Note 3. Pursuant to a settlement between Loft Inc. and its attorneys
in the aforesaid suit against Charles G. Guth, et al., consummated with
court approval, Loft Inc. delivered for the benefit of said attorneys 32,063
shares of Pepsi-Cola stock
(constituting 1334 % of the 237,500 shares
recovered by Loft Inc. in said suit) and said attorneys have agreed that
15,000 of said shares would not be sold prior to Feb. 1, 1940, and that
7,000 of such shares would not be sold until the final disposition of the
claims of Bartus Trew. and in no event before July 1, 1941.
The attorneys
also granted to Loft Inc. options to purchase the remaining 10,063 shares,
such options being exercisable during such periods, at such price or prices
and on such terms and conditions as are set forth in, or to be determined
in accordance with, the agreement setting forth said settlement.
Note 4. Prior to July 31, 1939, fixed assets were carried on the books of
Loft Inc. at ledger amounts based upon appraisal at July 31, 1919, with
subsequent additions at cost, in each case less depreciation.
The American
Appraisal Co., Inc. made an appraisal of the fixed assets as of July 31, 1939,
based upon their value as part of a going concern and upon the basis of
liquidating the business.
The comparison of the book figures and the
appraised valuations are as follows:
Balance Sheet at Dec. 31,
1939
Liabilities—
Jk$8Ct8'~~~~
$1,299,527 Payable to Loft Inc
395,983 Capital stock (par $1)
less depreciation
490 Paid-in surplus
Cash in banks
Inventories
Automobiles,
Goodwill,
200,000
Corp.—Balance Sheet—
partly
which
7,750
Accrued for undetermined
before July
Note 1.
$50,000
trade-marks,
$34,343
1,473,259
227,741
for¬
1
mulae, patents, &c
Unexpired insurance, store and
39,342
factory supplies, &c
—$ 1,735,34 3
Total
For history
$1,735,343
Total
of company, &c., see Loft Inc.—V.
150, p. 1940.
Louisville & Nashville RR.—Earnings
1940
$7,930,011
i;831,835
February—
Gross from railway
Net from railway
Net from railway
Net. ry. oper. income—
—V. 150, p. 1442.
McKeesport
1938
1,127,315
896,006
$5,778,511
836,782
241,186
16,583,501
4,045,104
2,559,575
14,051,052
3,533,806
2.270,042
12,357,110
1,966,401
800,235
Net ry. oper. income.
From Jan. 1—
Gross from railway
1 Q3Q
Tin
Plate
$6,586,445
1,470,210
1937
$6,441,779
1,205,098
758,238
13,155,703
2,549,962
1,665,371
Corp.—Shipments—President
Resigns—
Shipments to its customers during the first eight weeks of 1940 represented
increase of 16% in dollar value over shipments for the corresponding
period of last year, the corporation stated on March 26 in connection with
the regular anpual meeting of the stockholders held at its Port Vue Plant
an
offices.
Five directors whose terms had
meeting.
They were: J.
Buschman, Albert Curry and
the
expired were re-elected to the Board at
P. Fife, Chairman, G. V. Parkins, S. L.
Georges F. Doriot.
Lewis M. Stevens was
also elected to the board.
The corporation also announced that the board of directors had regretfully
accepted the resignation of G. V. Parkins as President.
Mr. Parkins has
desired for some time to be relieved of the activ.e duties of the presidency
of the corporation, which he has headed for the past 37 years.
His services
as a director, and in a general advisory capacity, will continue to be available
to the company.
Mr. J. P. Fife, Chairman of the Board, was elected
acting President.
The Commercial & Financial Chronicle
2106
S. D. Leidesdorf & Co., of New York, certified public
accountants, were
appointed as independent public auditors of the Corporation.—V. 150,
p.1604.
Long Island RR.—Annual Report—
Traffic Statistics—Years Ended Dec. Sfl
1939
Mileage
No. of pass,
No. of pass.
Av.
rec.
Avge
from each pass.
revenue
per
1936
Average
22.8 cts.
22.0 cts.
21.6 cts.
1.214 cts.
rev. per ton
rev. per
20.9 cts.
ton p. mile.
Revenues—
1.211 cts.
1.205 cts.
1.275 cts.
5,358,844
Revenue tons carried
Rev. tons carr. 1 mile
Av.
1937
pass.
mile..
per
1938
(pass, ser.)
344
355
356
360
carried
84,099,875
70,394,991
77.478,353
82,278,859
carr. 1 mile.1446345972 1323972,466 1414412,985 1393139,428
oper.
4,885,929
88,008,368
$1.27
7.030 cts.
5,280,641
94,615,403
$1.20
6.708 cts.
5,235,131
93,312,995
$1.26
7.051 cts.
89,280,277
$1.27
7.632 cts.
.
Operating Results for Calendar Years
1939
1938
1937
,
Freight
.'
Passenger
Mail, express, &c
$6,814,224
17,562,293
1,181,696
$6,186,875
16,029,878
1,090,937
Total oper. revenues..$25,558,213
$23,307,691
1936
$6,346,697
17,050,548
1,189,204
$6,579,309
17,765,082
1,180,987
$24,586,449 $25,525,378
Operating Expenses—
Mafnt. of
& struc_.
Maint. of equipment
2,504,023
4,068,128
145,942
12,024,663
3,117
425,346
729
way
Traffic expenses
Transportation
Miscell. operations
General
Transp. for invest.—Cr.
1,968,062
3,875,045
2,614,956
4,787,660
104,668
169,692
11,495,483
3,294
397,133
1,027
11,659,244
3,635
589,041
1,698
2,247,709
4,707,444
247,226
11.622,915
3,037
789,517
of the
stock
6,387,722
3,615,879
5,465,033
3,548,545
4,763,918
3,049,644
5,909,185
3,139,196
•
total of 150,000 shares of common for their claims.
Stockholders in the old company would receive rights to subscribe at
a unit to 30 cents worth of debentures and one share of the new
common stock.
30 cents
Underwriters of the debentures would be Allied International, Automatic
Products and Allen B. Dumont Laboratories, Inc.
Leo T. Norville, attorney for Majestic states that the $380,000 owing to
banks and finance companies last October, when the reorganization petition
was
filed, has been paid off.—V. 150,
$2,771,843
$1,916,487
384,039
2.129,708
362,955
1,771,497
$1,714,274
333,928
1,556,599
$2,769,989
361,210
1,611,328
$258,095 def$217,964 def$176,253
476,155
426,242
604,680
City Bank Farmers Trust Co. has been appointed registrar for the cumu¬
convertible preferred and common stocks of this corporation.—
149, p. 2518.
lative
Y.
Marion-Reserve Power
Period End. Feb. 29—
Total oper. revenues
Non-operating income..
$272,757
1,505
$797,451
372,698
$734,250
$208,277
$428,426
60,000
Int.
6,148
Net loss.
2,091,983
2,256
7,038
$1,738,152
Int. on unfunded debt..
Miscellaneous charges..
189,587
2,145,407
1,361
funded debt
on
60,000
168,245
91,241
$2,209,676
60,000
182,741
59,295
2,190,645
10,832
14,409
26,683
Prov. for retire, reserve.
Net earnings
Int.
6,739
$2,115,812
Incl. for 1936, $295,837 railroad retirement taxes which
profit and loss in 1937.
were
1939
1938
$
$
A$8et$~~
Road & equip..
1939
Liabilities—
139,022,066 139,166,517
Depos. in lieu of
hold
9,130
17,372
lease¬
Misc. phys. prop
Inv. In secure, of
4,051,737
1,645,977
4,051,737
2,001,067
25,579
244,800
741,194
140,993
Cash
RR. retire, taxes
Loans & bills
Agta. & cond'rs.
114,999
836,209
Fund,
debt
tured,
4,686,601
10,500,000
731,784
1,236,473
886,252
1,393,220
22,182
22,002
ma¬
unpaid
Mat'ls & suppl's
1,251,175
1,016,175
9,392
rec.
7,692
560,243
Other cur. assets
216
UnadJ. debits..
748,063
1,940,930
3,386
3,386
RR. retire, taxes
611,468
75,308
1,731,066
619,211
70,984
1,790,044
1,400
70,725
113" 170
787,322
107,153
Int., dlvs., &c.,
receivable
Deferred assets.
1,439,000
Misc. accts. pay
Traf., Ac., bals.
Misc. accts.
$
11,500,000
Traf., Ac., bals.
Mat'd Interest..
16
rec.
1938
54,991,385
40,351,000
2,057,000
Due Pa. RR. for
Accts. & wages.
1,606,026
9R1
535,846
1,933,809
Accrued Interest
and rents
Other
Tax
curr.
llab.
liability...
Ins., Ac., res've
1,634,372
Acer, deprec'n..
21,773,222
1,908,180
Oth. unad) .accts
Deferred
llabil's
Add'ns to
29,444
1,613,703
20,859,376
2,174,152
182,771
prop,
through inc. &
2,335,666
surplus
P. & L. balance.
Total
151,021,802 152,285,281
Total
Earnings for February and Year
February—
1940
Gross from railway
Net from railway
1939
...151,021,802 152,285.281
to
1937
$1,638,260
152,924
defl92,771
$1,534,720
116,294
def204,678
$1,779,065
128,494
defl76,331
3,464,035
def290,735
3,279,247
348,914
def267,889
3,676,374
258,099
def360,928
417,939
McKesson & Robbins, Inc.-
■Securities Restored to Trad-
New York Stock Exchange—
»The Board of Governors of the New York Stock
Exchange, at its meeting
March 27, adopted the recommendation of the Committee on Stock List
that the
common stock ($5 par): the $3 series cumulative convertible
pre¬
ference stock (no par), and the 5M% convertible
debentures, due May 1,
1950, be restored to dealings on the Exchange, as of the opening March 29.
On the recommendation of the Committee on Stock
List,
j)he Board of
dealings in the common and preference stocks and
convertible debentures on Dec 6, 1938, when the
Exchange first received
reports of allegations made in the receivership petition, indicating that
authoritative financial information was not available to
permit the public
properly to evaluate the securities.
Company is still in the process of reorganization under Chapter X of the
Bankruptcy Act. The trustee has filed with the New York Stock Exchange
Governors suspended
and the Securities and
Exchange Commission amendments to certain regis¬
tration statements and reports previously filed
by McKesson & Robbins,
Inc. under the Securities Exchange Act of 1934.
Certain additional informa¬
tion has been made available, as described in the
supplement to
previous
listing applications filed by the trustee with the Exchange and submitted
herewith.—Y. 150, p. 1940.
Maine Central
RR.—Earnings—
Period End. Feb. 29—
Operating
Operating
revenues
expenses
1940—Month—1939
$1,049,540
$997,100
744,081
723,992
$305,459
Taxes
Equipment rents—Dr..
Joint fac. rents—Dr.
_
1940—2 Mos.—1939
$2,189,836
1,550,417
$2,077,484
1,493,270
$273,108
66,408
33,385
16,560
$639,419
155,616
44,713
45,522
$584,214
134,353
68,555
45,657
30,971
$156,755
36,865
$393,568
63,858
$335,649
69,761
80,749
21,707
18,184
I
^Net ry. oper. income.
Other income
$184,819
$215,790
$193,620
$457,426
$405,410
&c.).
160,448
168,981
326,812
338,576
Net income
$55,342
$24,639
$130,614
$66,834
—V. 150, p. 1442.
Majestic Radio & Television Corp.—Reorganization—
Corporation has filed a reorganization plan in Federal District Court,
Chicago which would provide $165,000 of new money and continue the use
93,029
63,615
220,116
212,994
28,943
212.753
189,746
282,363
$1,000,731
372.750
26,210
3,037
$925,973
37,406
$48,097
$564,365
12,794
14,128
167,885
$39,001
on
Bal.
avail,
stock
$33,969
$396,480
$5 pref.
for
com.
—V. 150, p. 1285.
Masonite
Corp.—Earnings—
28 Weeks Ended—
Earnings
Mar. 16/40
per
par)
share
$695,931
534,210
"
$1.20
Mar. 11/39 Mar. 12/38 Mar. 12/37
$442,923
$551,938
$776,032
539,210
536,740
535,420
$0.72
$0.93
$1.33
x After depreciation and
Federal incoipe taxes.
Earnings for 12 weeks ended March 16, 1940, net profit was $254,873 or
43 cents a common share comparing with $223,411, or 37 cents a common
share for 12 weeks ended March 11, 1939.
Net sales for the 28 weeks ended March
11, last,
against $3,278,807 in the like period of the previous
40%.—V. 150, p. 1000.
totaled
year, an
$4,544,592
increase of
Massachusetts Investors Trust—Dividend—
Trustees have declared a distribution at the rate of 19 cents a share,
payable April 20, 1940, to shareholders of record March 29.
This dis¬
tribution, which is derived from investment income on securities owned,
for the quarter ending March 31, is at the same rate as the last
payment
on Jan.
20, 1940, and compares with a distribution of 16 cents for the
corresponding quarter last year.—V. 150, p. 695.
(The)
Mead Corp .—Bonds Offered—A banking group
Lehman Brothers offered March 26 $6,000,000
'15-year 43^% first mortgage bonds at 101% and accrued
interest from March 1,
1940.
Included in the offering
group are Goldman, Sachs & Co.; A. G. Becker & Co., Inc.;
Graham, Parsons & Co., and Kidder, Peabody & Co.
headed by
Dated March 1, 1940; due March 1, 1955, red. at any time at option
of company in whole or in part upon at least 30 days' notice at the
following
prices, with accrued interest: On or before March 1, 1942, at 105%, there¬
after on or before March 1, 1943 at 104 H %» and thereafter with reductions
until
1938
$2,916,696
1,281,246
4,343
stock
of 3^
Date
3,499,591
383,110
def345,344
Net ry. oper. income
—V. 150, p. 1441.
on
2,320,349
7,961,886
$1,649,476
132,112
def238,715
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
ing
5,352,231
$3,173,810
1,399,310
208.630
$51,795
Net profit
8hs. com. stk. (no
from
N. Y. State..
advances
Long Isld. RR
Other lnvestm'ts
54,991,385
40,351,000
$84,801
31,354
2,312
2,473
.
x
4,912,292
Eq. trust obllg..
Advances
242,650
441,606
149,107
property
$
Capital stock...
Funded debt
mtg. prop, sold
on
& other deducts.
Div. accrued
credited
General Balance Sheet Dec. 31
Impts.
$86,465
27,854
mtge. debt
$2,887,753
Amort, of debt disc't &
$1,158,031
44,817
x
to
on
serial notes.....
on
1940—12 Mos.—1939
$3,153,207
20,603
$1,170,149
60,000
170,328
63,111
2,017,209
9,131
8,400
67,088
107,919
18,202
8,558
16,055
22,496
18,276
Federal income taxes
Net income
Miscell. tax accruals
"$258,031
General taxes
Deduct—
Rents for leased roads..
Miscellaneous rents.
$256,284
1,747
$274,262
117,597
revenues
Operation
exp.
Gross income
Co.—Earnings—
1940—Month—1939
Non-oper. income
Interest
Net ry. oper. income.
1604.
p.
Manufacturers Trading Corp.—Registrar—
Maintenance
Operating income
Hire of equipment
Joint facil. rents (net)..
1940
Unsecured creditors, except Allied International Corp. and Automatic
Products Co., would receive one share of preferred stock for each $10 of
claims.
Allied International and Automatic Products would receive a
1,655
Operating expenses—$19,170,491 $17,842,658 $19,822,530 $19,616,192
Railway tax accruals._
x
30,
"Majestic" in the new company.
Unsecured creditors would
be paid off in a new preferred stock and stockholders of the old
company
would be given rights to subscribe to new debentures and common stock.
The reorganization plan provides for the creation of a new
company
capitalized with $165,000 of 5% 10-year debentures, 75,000 shares of no
par preferred, callable at $10 a share, entitled to cumulative dividends of
20 cents a share a year and convertible into common stock at the rate of
234 shares of common for each preferred and 1,500,000 shares of common
name
Gross
Net earnings
March
1951.
of 1% of such principal amount in each successive yearly period
redeemable at the principal amount thereof on and after March 2,
Bonds are also redeemable for purposes of the sinking fund on any
interest payment date commencing with that of Sept. 1, 1945 on similar
notice at the principal amount thereof, with accrued int. to the date of
redemption.
History and Business—The company, incorp. in Ohio on Feb. 17, 1930,
is the outgrowth of a paper manufacturing business founded in 1846
by
Daniel E. Mead.
The present business in which the company and its
subsidiaries are engaged consists of the manufacture and sale of products
falling into three main groups, namely, white papers, chestnut and other
paperboards, and wood extracts for tanning.
The three main groups now
represent approximately 73%, 17% and 10% of the consolidated net sale6,
respectively, computed on the present basis of consolidation.
White papers are manufactured at the company's plants at Chillicothe,
Ohio; Kingsport, Tenn., and North Leominster, Mass., and at the plant
of Dill & Collins Inc., a subsidiary, at Philadelphia, Pa.
The four plants
have a combined annual capacity of approximately 185,000 tons of finished
paper.
Approximately 56% of the white paper produced is regularly sold to the
publishers of nationally-known magazines, including the "Woman's Home
Companion," "American Magazine," "Colliers Weekly," "McCall's Maga¬
zine," "Time" and "Life."
Company has recently developed a new pro¬
cess
for
coating paper during the course of its manufacture, while
supplying tonnage of this grade to "Life"
paper machine, and is now
zine and other customers.
on
the
maga¬
Other white paper products of the company and its subsidiaries include
book and lithographic grades of paper used in the printing nad publishing
field,
bond
advertising
and
writing papers, printing bristol boards used for general
price lists, calendars, and due-cut specialties,
purposes, menus,
index bristols used for filing systems, office forms and postcards, and uncoated cardboards used for display advertising.
Also of importance is a
complete line of standardized coated and uncoated papers used principally
for high-grade commercial printing.
Specialty grades include label, en¬
velope and waxing papers, the last named being used principally in the
wrapping of bread and other foods.
The paperboard plants of the company and its consolidated subsidiaries,
North Carolina, Virginia and Tennessee, have a combined annual
capacity of approximately 130,000 tons of chestnut corrugating board and
liner boards, used in the manufacture of boxes and containers, and laminated
located in
and other
specialty boards used in the manufacture of cigar boxes, packing
book covers and other products.
Company and its consolidated subsidiaries are the largest manufacturers
in the United States of chestnut-wood extracts and bark extracts, used for
tanning leather.
The extract manufacturing plants are located in North
Carolina, Virginia and Tennessee and have a combined annual capacity of
approximately 290,000 barrels.
Approximately one-half of the annual
sales of extract are made under contracts to cover the requirements of
certain leading tanners of leather.
In the ordinary course of business the company and its subsidiaries dis¬
tribute their products, partly under contract , both directly through sales to
consumers, merchants and processors, and indirectly through distributors.
A substantial portion of the white paper produced, and certain other prod¬
ucts, are sold at standard discounts through Mead Sales Co., a distributing
company engaged in the business generally of handling sales of pulp and
naper for manufacturers thereof.
In the opinion of the company, savings
la selling costs are effected by the present arrangement, which is upon a
cases,
Volume
The Commercial & Financial Chronicle
ISO
year to year basis.
Mead
and 36.11 % of the common
Investment Co. owns all the preferred stock
stock of Mead Sales Co.; of the capital stock of
25.087% of the common stock and 31.877% of the
preferred stock is owned by Geo. H. Mead, President of the company,
42.133 % of the common stock and 49.941 % of the preferred stock is owned
by members of his immediate family, and 1.48% of the common stock is
owned by other officers and directors of the company or by members of
their immediate families.
Geo. H. Mead owns 21.25% of the common
stock, Sydney Ferguson, Vice-President of the company, owns 0.59% of
the common stock, and R.I. Worrell, a director of the company and Presi¬
dent of Mead Sales Co., owns 2.42% of the common stock, of Mead Sales
Co.
Company has options extending to April 1, 1955 to purchase more
than 83 % of the voting stock and of all the other classes of stock of Mead
Sales Co., at the net tangible asset value plus 20%.
Soda pulp, which represents approximately one-third of the aggregate
pulp requirements of the white paper plants, is manufactured at the plants
of the company at Chiilicothe and Kingsport.
Company purchases the
woods required for soda pulp manufacture.
In the case of the Chiilicothe
plant, the wood supply is drawn from Ohio, Kentucky, Indiana, Illinois,
Missouri and Michigan, supplemented by imports of wood from Canada.
It is estimated that the supply of wood available within economic distances
from the Chiilicothe plant, including imports from Canada, is sufficient
for more than 15 years' operations.
The paper board products of the company and its subsidiaries are manu¬
factured principally from chestnut chips obtained as a by-product of the
production of wood extracts for tanning.
The estimated available supply
of chestnut wood for extract production, with subsequent use of its chips
in the manufacture of pulp, varies from nine to 14 years within present
purchasing radii of plant locations, with possible extension to from 11 to 20
years if present purchasing range be doubled.
Brunswick Pulp & Paper Co., organized jointly by the company and Scott
Co., has in operation in Brunswick, Ga., a bleached sulphate mill with a
present capacity of 150 tons per day.
Construction now under way is
expected to increase this capacity to approximately 200 tons per day bv
June, 1940.
Company and Scott Paper Co. each own half the capital stock
of Brunswick Pulp & Paper Co. whose present paid-in capital stock amounts
to $1,640,000
Company has subscribed to $200,000 additional stock to
finance its half share of the above expansion program, $50,000 of which
has been paid in.
Brunswick Pulp & Paper Co. nas outstanding $2,568,000
15-year first mortgage bonds.
Company and Scott Paper Co. have con¬
tracted to purchase the output of the mill, each having agreed to purchase
the output during allotted periods aggregating 26 weeks of each year for
the period of 15 years.
St. Joe Paper Co., organized jointly by the company and Almours
Securities, Inc. in 1936, commenced operations in April, 1938.
The plant
has a daily capacity of 350 tons of kraft paperboard.
The present paid-in
capital and paid-in surplus amount to $3,700,000 supplied in equal amounts
by the company and Almours Securities, Inc.
In order to complete con¬
struction of the mill and supply itself with working capital, St. Joe Paper
Co., in 1937, arranged through Almours Securities, Inc. to sell a $4,250,000
five-year mortgage.
This mortgage has been reduced to $3,500,000 since
the mill started operations.
Mead Investment Co.,
Funded Debt and
Underwriting—The names of the several principal underwriters and
several amounts underwritten by them respectively, are as follows:
Lehman Brothers
Goldman, Sachs & Co
A. G. Becker & Co.,
Kidder, Peabody & Co_
Granbery Marache & Lord...
issued
3,500
Sylva Paperboard Co.—6% 2d pref. ($100 par),
3,600 shs. issued (of which none owned by co.)__
Capital Stock of Company—
Cumulative pref. stock (no par) (all series)
6% cumulative preferred stock, series A
$5.50 cum. pref. stock, series B (with warrants
for purchase of common stock [series of 1937J
attached)
Common stock (no par)
$336,000
3,592
76,700
3,600
360,000
G.H. Walker & Co
200,000
300,000
200,000
Wertheim & Co
200,000
Dick & Merle-Smith
100,000
Blair &
200,000
Co., Inc
Consolidated Income Account
Dec. 25, '37
$21,986,587 $19,388,520 $25,373,329
19,054,917
17,380,985
20,991,874
1,490,919
1,457,221
1,702,617
Dec. 30, '39 Dec. 31, '38
Years Ended—
Net sales
Cost of sales
Selling & adminis.
expenses
$550,314
244,135
$2,678,837
302,086
$794,449
474,839
328,179
55,788
$2,980,923
506,256
208,717
150,850
19,700
83,695
8,001
33,443
199,000
334,032
46,762
26,408
29,823
55,713
$744,028 loss$105,802
191,610
191,760
270,600
270,875
$1,841,111
195,405
160,982
$1,440,750
Operating profit
Other income
272,496
;
Gross profit
$1,713,246
Interest charges.
Other charges
Provision for Federal income tax
Prov. for Fed. surtax
on
448,075
undist. profs.
Prov. for Fed. excess-profits tax
Prov. for State income taxes
Minor, ints. in results of operations.
_
Net profit
$6 preferred dividends
$5.50 preferred dividends
929,061
Common dividends
Consolidated Balance Sheet
734,107
1,369,804
1,147,042
Trade
acceptances
14,278
161,855
2,030,400
demand deposits
1,274,757
Notes payable
Accrued liabilities.
378,161
173,947
373,549
Notes & accts. rec.,
trade
Curr. amt. due to
Other notes & accts.
received
b 1st
sur-
334,003
Mlscell. receivables
54,452
Invs. &oth. assets 3,858,503
render
Prop.,
plant
27,232
..
Reserves
19,687
7,885,232
875,552
Minority Interests
c $6 pref stk. ser.A
3,193,500
d $5.50 pref. stock
series B
4,920,000
687,500
687,500
49,209
rights,&c
492,760
7,536,000
350,238
contracts
Long-term debt.
21,904,135 22,543,812
Deferred charges.>
63,790
832,440
bonds
Instalm'ts on pur.
3,080,116
&
equipment
mtge.
(current)
297,651
35,425
value
170,550
Income taxes
4.805J04
4,236,741
Life ins.—cash
43,536
affil. not consol.
335,499
Inventories
a
$
768,913
Accounts payable.
&
Dec.31,'38
$
Liabilities—
J
$
hand
on
Dec.30,'39
Dec.31,'38
Dec.30,'39
Assets—
Cash
85,534
e
Common stock. .13,423,143
1,520,371
470,830
Capital surplus
Earned
34,524,746 34,293,040
surplus
Total
293,032
844,451
3,193,500
4,920,000
13,423,144
1,520,371
193,615
...34,524,746 34,293,040
in 1939 and $13,417,362 in
1938.
b Includes instalments of 4A% promissory notes of $300,000 in
1939 and $250,000 in 1938. c Represented by 31,935 no par shares, d Rep¬
resented by 49,200 no par shares, e Represented by 619,374 no par shares.
f Includes $250,000 capital surplus available for dividends on preferred
stocks.—V. 150, p. 1940.
After reserve for depreciation of $14,697,591
Bonds Called—
98,392
32,035
200,000
200,000
300,000
300,000
a
Co.—6% 2d pref. ($100 par), 767 shares
(of which none owned by company)
200,000
Mltchum, Tully & Co
G. M.-P. Murphy & Co
Stern, Wampler & Co., Inc...
Total
Shares
Noyes & Co
Laurence M. Marks & Co
Bear, Stearns & Co
Prior Stock Interest—
Harriman
Hem phill,
Otis & Co
process
Authorized Outstanding
series)
.$15,000,000
Series A, 6%, due May 1, 1945ft,500,000 a$6,108.000
Series B, 4M%, due May 1, 1945.
2,500,000
bNone
4Yi% coll. promissory notes, due serially, semi¬
annually 1940 to 1945-c
2,250,000 d2,250,000
shs.
Hallgarten & Co
500,000
500,000
500,000
Inc
Graham, Parsons & Co
the
200,000
200,000
200,000
First of Michigan Corp
$1,000,000
500,000
Contrs., processes,
Capitalization as of Dec. 30, 1939
Funded Debt of Company—
First mortgage gold bonds (all
Chilhowee Co.—6% 2d pref. ($100 par), 3,360
issued (of which none owned by company)
2107
3,193,500
49,601
4,920,000
1,000,000 e 13,423,144
contingently liable as guarantor
of a $50,000 promissory note, due June 1, 1940, of St. Joe Paper Co.,
50% of whose capital stock is owned by the company.
a Bonds of series A in the principal amount of $257,000 will be retired on
May 1, 1940 through operation of the sinking fund, by means of the sinking
fund instalment which is payable on March 21, 1940.
In addition, the
company intends to call for redemption on May 1, 1940 all the remaining
first mortgage 6% gold bonds, series A, due May 1, 1945, which are then
outstanding. $50,000 principal amount of these bonds are owned by South¬
ern Extract Co., an unconsolidated subsidiary.
b The series B bonds are owned by the company, subject, however, to
their pledge as security for the 443% collateral promissory notes.
Simul¬
taneously with the issue and delivery of the securities now being offered,
company will deposit or cause to be deposited with the trustee under the
first mortgage trust indenture with respect thereto for cancellation all the
outstanding first mortgage 43^% bonds, series B.
c The 4^%
collateral promissory notes are secured by the pledge, in
the case of each note, of an equal principal amount of the series B first
mortgage bonds, which bonds are owned by the company, subject, how¬
ever, to the rights of the pledge thereof.
d One of the 4H% collateral promissory notes, $138,000, secured by
an equal amount of series B bonds, will become due and payable on March
21, 1940 and will be paid, and at the same time an equal principal amount
of series B bonds which are now pledged to secure said note will be delivered
to the trustee under the indenture securing the bonds to meet sinking fund
requirements.
In addition, the company intends, simultaneously with
the issue and delivery of the securities now being offered to redeem all
the 43^% collateral promissory notes then outstanding,
e 619,374 shares.
In addition to the 619,374 shares of common stock outstanding, 281,871
shares were reserved as of Dec. 30, 1939 for issuance as follows:
134,271
in satisfaction of certain outstanding stock purchase warrants issued under
the stock purchase warrant agreement, dated May 1, 1930, pursuant to
the provisions whereof each such stock purchase warrant entitles the holder
thereof to purchase 11.2568 shares of common stock at $44.4175 per share
at any time on or before May 1,1940 (11,928 such warrants were outstanding
at Dec. 30, 1939), and 147,600 shares in satisfaction of the outstanding
warrants for the purchase of common stock (series of 1937) which were
originally attached to the certificates for series B preferred stock of the
company issued in 1937, each such warrant covering the right to purchase
three shares of common stock at any time on or before April 30, 1947,
but until April 30. 1940 at $34 per share, thereafter at $38 per share on or
before April 30, 1944, and thereafter at $42 per share on or before April 30,
1947 (by reason of the acquisition by the company of 200 shares of - series
preferred stock with such warrants attached, the number of shares of
common stock reserved as aforesaid is reduced by 600 shares).
Upon completion of the financing herein contemplated, the funded debt
of the company will consist of $6,000,000 15-year AlA% first mortgage
bonds, due March 1, 1955 and $2,500,000 3% serial notes due serially each
six months from Oct. 1, 1940 to April 1, 1945, inclusive.
The $2,500,000 3% serial notes are to be issued and sold privately to
First National Bank, Chicago, at their face value concurrently with the
sale by the company of the bonds now offered.
These notes are to be
unsecured; to be dated on or about March 29, 1940; to be due serially in
the principal amount of $250,000 each six months from Oct. 1, 1940 to
April 1, 1945, inclusive; to bear interest (payable quarterly) at 3% per
annum
until maturity; to be callable at 101 ]4.% of the principal amount
thereof on or before April 1, 1941; thereafter on or before April 1, 1942 at
101%; thereafter on or before April 1, 1943 at 100^%; thereafter but
before April 1, 1944 at 10034%; and thereafter at the principal amount
thereof; plus accrued interest in each case.
Use of Proceeds—^Company will deposit the net proceeds from the sale of
the $6,000,000 bonds (estimated at $5,809,882 after deducting expenses), to¬
gether with an estimated amount of $2,418,838 of other funds (to be obtained
from the sale of $2,500,000 3% serial notes) with the indenture trustee, in
trust, for the redemption on or about May 1, 1940, of the outstanding
first mortgage 6% gold bonds, series A, due May 1, 1945.
Concurrently
therewith the company will pay and retire (from funds obtained m whole
or in part from the sale of 3 % serial notes) all outstanding 4 34 % collateral
The City Bank Farmers Trust Co., as trustee for the first mortgage 6%
bonds, series A, due 1945, has selected by lot for redemption on May 1,
1940, out of sinking fund moneys, $257,000 principal amount of the bonds
at 102.
Payment will be made at the office of the City Bank Farmers
Trust Co., New York.—V. 150, p. 1940.
It should be noted that the company is
promissory notes, due serially, semi-annually 1940 to 1945 and will deposit,
with indenture trustee, for cancellation all of the outstanding first mortgage
434% bonds, series B.
Corp.—Sales—
Melville Shoe
Corporation on March 22 reported retail sales for the four weeks ended
March 9, 1940 of $2,134,902, as compared with retail sales for the similar
four weeks bf 1939 of $2,065,697, an increase of 3.35%.
Retail sales for
the 12 weeks ended
a
March 9 were $7,378,322 as against
gain of 5.96%.—V. 150, p.
$6,963,315 in 1939,
1774.
Memphis Natural Gas Co.—15-Cent
Dividend—
a dividend of 15 cents per share on the
value, payable April 10 to holders of record April 3.
Like amount was paid on Dec. 22, last, and compares with 20 cents paid
on June 26, last, 15 cents paid on April 15, 1939; 25 cents paid on Dec. 15,
1938; 10 cents paid on June 28 and May 25, 1938, and 30 cents paid on
Dec. 17, 1937.—V. 149, p. 3877.
The
directors
common
stock,
have declared
no par
Mexico-Ohio Oil Co.—Listing and Registration—
Exchange has removed the capital stock, no par, from
listing and registration.—V. 150, p. 1940.
The New York Curb
Middle West Corp.—Time Extended—
Securities and Exchange Commission has granted an application
filed on behalf of the corporation and its subsidiaries requesting an ex¬
tension until May 9 to file an answer, and until June 28, as the date for
commencement of hearings, in connection with the Commission's order of
March 1, 1940, instituting proceedings (File 59-5) under Section 11 (b) (1)
of the Public Utility Holding Company Act of 1935.—V. 150, p. 1605.
The
Co.—Accumulated Dividend—
Michigan Public Service
Directors have
declared a dividend of $1.75 per share on
the 7% cum.
pref. stock, par $100, and $1.50 per share on the 6% cum. pref. stock,
par $100, both payable on account of accumulations on May 1 to holders
of record April 15. leaving arrears of $13.12J^ and $11.25 per share, respecitvely.—V. 150, p. 439.
Mid-Continent Petroleum Corp.—Common Dividend—
declared a dividend of 40 cents per share on the common
payable April 1 to holders of record March 27. This compares with
35 cents paid on Dec. 1, last; 25 cents paid on June 1 last; 35 cents paid on
Dec. 1,1938; 25 cents paid on June 1,1938; $1 on Dec. 1,1937, and 50 cents
paid on June 1, 1937.—V. 149, p. 2695.
Directors have
stock
Midland Oil
Directors have
Corp.—Accumulated Dividend—
declared a dividend of 25 cents per
share on account of
preference stock, no par value,
record March 30.
Same amount was paid on
1938.—V. 149, p. 4180.
accumulations on the $2 cum. conv.
April 20 to-holders of
last, and on June 20,
Midland Valley
RR.—Earnings
1940
$108,668
54,196
32,552
Net from railway
income—
From Jan. 1—
Net ry. oper.
1939
1938
1937
$102,877
48,586
29,217
$94,046
$102,652
33,684
15,059
31,643
251,830
137,535
92,900
February—
Gross from railway
210,739
101,981
63,284
199,762
75,324
36,320
243,277
130,022
92,340
Gross from railway
railway
Net ry. oper. income—
—V. 150, p. 1774.
Net from
RR.—Earnings—1938
Minneapolis & St. Louis
1940
February—
railway
Net from railway
railway
railway
Gross from
Net from
income—
150, p.1443.
Net ry. oper.
—V.
1939
^
$673,318
131,061
47,217
Gross from
Net ry. oper. income—
From Jan. 1—
payable
Jan. 20,
„
,
1,389,884
266,622
93,212
49,011
1937
$585,407
91,584
19,116
$602,221
$570,615
88,349
5,736
def94,379
1,251,610
216,099
53,463
1,262,856
1,179,261
161,130
2,337
defl45,068
defl95
29,589
The Commercial & Financial Chronicle
2108
Minneapolis Brewing Co.—20-Cent Dividend—
Directors have declared
a dividend of 20 cents per share on the common
par $1, payable April 5 to holders of record March 26.'
Regular
quarterly dividend of 25 cents was paid on Dec. 15 last.—V. 149. p. 736.
stock,
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.—
[Excluding Wisconsin Central Ry.]
Period End. Feb. 29—
1940—Month—1939
Freight revenue
$853,939
35,230
$1,458,512
86,059
$1,820,075
75,791
175,487
$975,228
$789,775
$2,071,354
$1,721,716
156,825
Maint. of equipment228,741
Traffic expenses
32,395
Transportation expenses
488,614
General expenses
51,414
191,447
208,184
32,046
498,834
51,119
312,441
456,429
67,852
1,039,475
98,956
433,511
64,992
1,012,234
102,405
$17,239
88,304
x$191,855
87,496
$96,201
183,508
x$236,558
201,693
$71,064
7,646
12,069
$279,351
12.391
12,869
i87,307
$90,779
9,146
$304,611
9,019
$129,129
21,958
$485,985
24,750
$81,633
3,323
$295,592
3,492
$107,171
7,044
$461,235
7,248
$84,956
$299,084
$114,215
paid out in taxes, compared with $8.60 in
was
New
existing
industries located
Total
revenue
revenues
_.
94,312
168,892
Maint. of way & struct.
expense
Net railway revenues.
Taxes
Net loss after taxes—
Hire of equipment
Rental of terminals
Net loss after
rents—"
Other income (net)
Loss before interest.__
Int. being accrued & paid
Deficit..
x
345,132
$438,251
21,745
25,988
18,102
23,720
1938
Net ry. oper. income...
3,973,464
489,612
def30,082
$1,488,305
defl56,191
def422,208
3,348,373
6,238
def545,130
def.38,732
def259,651
3,601.998
62,765
def454,937
—V. 150, p. 1443.
From Jan.
1939
$65,890
14,618
5,540
$56,588
1,823
10,920
$62,074
7,380
def2,600
$67,662
9,712
133,074
29,037
11,258
119,360
5,027
defl3,612
122,089
9,844
def9,808
Gross from railway
1938
1937
Net ry. oper. income.
Other income
def621
213,313
1,496.693
1.491,865
22,403,981
24,107,100
22,661,701
5,453,749
8,013,216
5,050,518
8,645.898
4,322,658
865,736
324,330
2,962,698
4,323,240
381,858
510.749
1,190,066
5,039,232
3,344,556
4.970,033
4.833,989
3,849,166
1,625,477
138,209
railway
Net ry. oper. income._.
—V. 150, p. 1443.
1938
$75,793
10,488
$79,305
Missouri Illinois
234
defl2,760
162,990
173,167
18,489
def5,556
171,952
6,776
defl9,576
Ry.—Earnings—
February—
1940
Gross from railway
Net from railway
charges
Net ry. oper, income—
From Jan. 1—
Gross from railway
1939
1938
$
$
Assets—
1939
Liabilities—
Preferred stock.
Misc. phy. prop.
Invest, in affil.
Gross from railway
From Jan. 1—
Gross from railway
companies
2 ,039,081
Other investm'ts
134,404
2,641.637
2, 40,290
2,976,843
,966,042
,258,109
curr .assets
&
assets
Net from railway
Net ry. oper. income—.
$6,715,295
1,476,010
595.405
$5,999,026
1,078,827
217,256
$5,988,618
985,260
100,787
244,465
February—
19 issued
3.9 miles, in Franklin and Johnson Counties, Ark.—V.
15,143,663
3,715.857
1,660,660
Net ry. oper. Income
From Jan. 1—
Gross from railway
a
Net from railway
certificate
Net ry. oper. income
—V. 150, p. 1444.
Sloan, Chairman, states:
making the full amount
4% per annum is being
0.37%,
1939
were
1.76%, $402,206,
more
than in
shares
$403,116
1940—2 Mos.—1939
$4,225,689
3,474,483
191,395
730,401
$4,192,008
$539,006
$731,621
3.609,458
x5,883
725,738
RR.—Earnings—
-
_
-
.
_
.
1940
$871,531
117,275
def20,626
$847,340
145,547
12,892
$972,329
$858,287
172,865
33,997
156,530
36,180
1,761,267
222,128
def47,761
1,768,270
280,803
12,686
1,949.740
393,556
112,217
1,706,436
1939
1938
1937
276,184
50,625
Ry.—Earnings1939
1938
1937
$456,697
280,380
159,657
$319,470
185,713
82,363
$214,488
107,890
14,674
$400,439
237.267
124,189
924,208
557,169
314,705
654,863
378,400
167,100
437,696
207,619
15,688
269,023
836,553
501,811
Changed—
Stockholders at their annual meeting on March 27 approved amendments
to the company's by-laws which
change the fiscal year end to June 30
from Dec. 31 and date of annual meeting to the fourth Tuesday in October,
1938.
•
both effective in 1940.—V. 150, p. 1444.
compared with
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
surplusses prevented the same degree of wheat exportation via Gulf ports
from the United States as in the previous
year.
Government loans on cotton
depressed movement into the ports over M-K-T Lines, first half of 1939,
approximately 50% under corresponding period of 1938.
There was some
improvement during the last half of the year, resulting in a slight increase
in revenue from this
commodity for the year as a whole.
At the close of
cotton
$273,646
Motor Wheel Corp.—Fiscal Year
$312,966 more
$83,150 less than
Business in most lines of manufacture showed an
improvement, which was
reflected in the increased movement of manufactured commodities.
The
movement of wheat during the
year decreased 4,952 cars
1938, resulting in
no par
Morris'Plan'Corp. of America—Notes Called—
Total operating revenues increased
1.12% for the year,
in 1938.
Operating expenses decreased
for
260,833,392 263,016.246
shares in 1939 and 808,939
All of the outstanding collateral gold notes, series of
1929, of April ma¬
turity have been called for redemption on April 1.
Holders of said notes may, if they so elect, retain their notes
upon the
condition that on and after April 1, 1940 all notes not surrendered for
redemption shall bear interest, payable April 1 and Oct. 1 of each year,
at the rate of
3% per annum.—V, 149, p. 4035.
Of the balance, $1,042,239 was received
during 1939,
loan $2,814,239.
Interest at the rate of
revenues
Total
121,459
df5,849,996
York Trust Co., New York, or at Northwestern National Bank & Trust
Co. of Minneapolis, or at Harris Trust &
Savings Bank, Chicago.—V. 149,
p.3231.
There was a reduction of $250,000 in debt,
consisting of equipment trust
certificates, series 1937, matured and paid during the year.
During the year 1938 the Interestate Commerce Commission approved
company's application for a loan from the Reconstruction Finance Cor¬
poration of $2,824,000 for a period not exceeding three
years, the first
Instalment of which, $1,772,000, was received
during December, 1938.
than
no par
17,803,944
prop¬
through
Company will redeem on May 1, 1940, $200,000 of its first mortgage
sinking fund bonds 4H % series due 1954, at 103% and interest. The speci¬
fied bonds will become payable on May 1 at the
principal office of The New
Preferred stock, series A, increased $1,875 and common stock increased
$412.10 (five no par value shares) for conversion of outstanding bonds under
foreclosed mortgages, for which purpose stock had been reserved under the
plan of reorganization.
in 1938,
to
Montana-Dakota Utilities Co.—Bonds Called—
150, p. 1774.
Missouri-Kansas-Texas RR.—Annual Report—
this loans.
liabils.&
Add'ns
1940
Gross from railway
Net from railway
permitting abandonment by Guy A. Thompson, of trustee, a branch line of
railroad extending from a connection with the main line between Little
Rock and Fort Smith, Ark., at Alex, eastward to Coal Hill,
approximately
of the
111,942,747
5,221,514
260,833,392 263,016,246
Represented by 808,944
Monongahela
1,999,053
917,244
12,515,709
2,227,490
433,816
March
Funded debt...112,734,986
Curr. liabilities.
5,023,521
inc. & surplus
134,681
Profit and loss..df9,708,532
Net ry. oper. income.
—V. 150, p. 1443.
,
on
32,880
883,358
erty
From Jan. 1—
Gross from railway
Net from railway
$7,589,067
The Interstate Commerce Commission
30,593
in
unadj. credits 18,762,620
340,291
66,687,592
66,672,748
492,897
grants
aid of constr—
unadjusted
debits
Mobile & Ohio
1Q^7
Abandonment—
conversion
Govt,
Defer.
February—
Gross from railway
Net from railway
Net ry. oper. income.
213,627
68,449
29,153
1Q3R
12,546,677
2,572,856
809,460
66,689,467
Common stock 66,673,160
Stk. liability tor
2,031,552
141,207
3 ,646,057
Loss after fixed chgs..
x Loss.
40,713
20,424
1Q3Q
14,072,871
3,260,224
1,510,033
$
x
249,643.973
3 ,527,421
3,203,082
1940—Month—1939
$2,064,651
$1,976,971
1,689,307
1,740,837
Inc. avail, for fixed chgs.
89,850
x40,503
Fixed charges
363,496
362,612
$111,472
1Q4f)
Net from railway
Net ry. oper. income...
1938
S
Road & equip..247 ,915,184
Earnings for February and Year to Da1e
RR.—Earnings—
Fphrv/iru
4,972,198
1937
$73,954
13,081
def3.074
329,577
307,339
158,917
Net from railway
145,218
131,717
28,436
Net ry. oper. income—
93,412
84,210
def6,003
—V. 150, p. 1443, 1141, 1000, 844, 133; V. 149, p. 3563.
Missouri Pacific
211,745
-V. 150. p. 1941; V. 149, p. 4180.
1938
$150,224
63,865
40,616
4.588.013
Operating revenues
Operating expenses
-
1939
$146,701
58,305
34,179
1936
$
Consolidated Balance Sheet Dec. 31
Total
1937
$88,897
5,641
def6,813
32
23,892
3,511
1937
3,293.91
in 1938.
1939
182,077
39,024
14,910
Net from
hand in compresses and warehouses in M-IC-T
territory than was moved into the ports via M-K-T in either year 1939 or
1938, which cotton should eventually move.
The storage of corn under
Government loans, resulting in a less active
movement, contributed to an
estimated decreased in excess of $100,000 in revenues for
the year, compared
with 1938.
The progressive increased in production in the Illinois oil
more
202,780
1.368,371
544
Ry.—Earnings—
1940
$88,567
17,660
6,414
Gross from railway.....
1939
5,101,705
1,388,702
10,702,055
1,570,258
Gross income
Deferred
From Jan. 1—
Freight
3.765,629
1,341,552
10,684,067
141,213
18,020
Missouri & Arkansas
February—
Gross from railway
Net from railway
Net ry. oper. income...
on
31,307,599
4.150,369
5,134,758
1,477,580
11,634,387
3.499,564
Taxes, rents, &c
x
accrued
32,120.316
3,959,432
4,509,124
1,322,913
11,041,361
1,570,258
5.069,822
__
Net oper. revenue
—V. 150, p. 1443.
Matthew S.
27,857,730
1—
Net from railway
Net ry. oper. income
*
26,762,327
2,391.212
2,966,777
3.293.91
$
26,017,454
2,446,813
2.843,332
5,849,865
4,279,607
for investment
General expenses
Other
1940
3,293.91
$
22,873,854
2,172,169
2,811,707
22,320,831
Transportation expenses
Misc. oper. and transp.
Mat'l & supplies
Mississippi Central RR.—Earnings—
1938
3,293.91
$
23,276.060
2,098.940
2,795,696
4,805,256
Traffic expenses
Cash
February—
Gross from railway
Net from railway
Net ry. oper. income—
197, while 48
206,758
1,337,518
& struc__
Maint. of equipment
way
$1,720,610
3.233.111
defl75,647
def763,651
totaled
50 removals.
were
Operating Expenses-
1937
From Jan. 1—
Gross from railway
Net from railway
There
3,945,680
Total oper. revenue..
Maint. of
[Including Wisconsin Central Ry.]
1939
$1,593,508
def65,646
def329,404
1938.
of the company
28,170,696
—
Balance, deficit
1940
$1,898,494
210,131
def45,428
1940
Consolidated Income Account for Calendar Years (JncZ. Controlled Companies)
Average mileage oper
Operating Revenues—
Freight
Passenger
Mail, express, &c
Int. & other inc.
Loss.
February—
Gross from railway
Net from railway
Net ry. oper. income.,_
rails
on
made expansions.
concerns
$468,483
All other
30,
1939
1940—2 Mo.?.—1939
$664,050
42,563
83,161
Passenger revenue
March
and $383,583 pension taxes, the aggregate of these two being 33.70% of
total taxes.
Out of each $100 of revenue received
during the year, $8.50
was
on
fields, together with changes in marketing practices in the distribution of
gasoline, had the effect of reducing revenues from this source estimated at
approximately $277,000 compared with 1938.
M»Passenger revenues for 1939 were 3.37%, $73,228, less than in 1938.
Mail and express revenues were 0.27%, $4,900, more than in
1938.
The property has been maintained in condition to meeo service
require¬
Train operations, both freight and
ments.
passenger,
were
satisfactorily
maintained during the year.
HlWhile operating expenses decreased 0.37% as compared with 1938, taxes
decreased only C.08%.
Total taxes for 1939 were $2,394,492, of which
$423,472 represents Federal and State unemployment compensation taxes,
Nashville Chattanooga & St. Louis
February—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 1445.
Ry.—Earnings—
1940
1939
1938
1937
$1,170,773
207,070
97,120
$1,130,809
226,138
120,170
$1,024,374
115,572
19,938
$1,253,571
247,147
176,343
2,433,574
488,174
267,593
2,412,816
561,011
[2,122,521
283,894
2,414,637
370,496
202,820
355,461J8it. k. 86.145
*
National Automotive
Fibres, Inc.—lb-Cent Dividend-
Directors have declared a dividend of 15 cents per share on the common
stock, payable April 15 to holders of record April 1.
Dividends of 25 cents
were paid on Jan. 15, last, and on Nov. 30, 1937.—V. 149, p. 4035.
National Dairy Products
Corp.—Debentures Called—
Corporation, through Goldman, Sachs & Co., fiscal agents, on March 28
notified holders of its 3H% debentures due i951 that, pursuant to the
purchase fund provisions of the indenture securing the debentures, it has
elected to redeem on May 1, 1940, at 1003^ % and accrued interest, $938,000
principal amount of these debentures which have been drawn by lot.
The
payment will be made through Goldman, Sachs & Co.
Volume
which may be attached to any of these deben¬
expire by their terms at the close of business on May 1, 1940.
Ac¬
cordingly, such warrants will not be detached by the fiscal agents, counter¬
signed and returned to the holders unless especially requested and unless
the holders arrange to take delivery of the countersigned warrants from
the fiscal agents on May 1, 1940, before the close of business on that day.
The warrants may not be exercised if detached from the debentures unless
countersigned by the fiscal agents.
Stock purchase warrants
tures
FTC Charges
Six corporation
2109
The Commercial & Financial Chronicle
150
6.92% above production of 7,886,596 kwh. for the corresponding
or
is reported at 112,023 MCF, an increase of 10,967 MCF,
or 10.85%
above production of i01,056 MCF in the corresponding week
a year ago.—V.
150, p. 1942.
Gas output
New
At the recent annual
foreign
charged in a Federal Trade Commis¬
sion complaint with combination and conspiracy to control prices and
monopolise the supply of these products.
Respondents are National Dairy
Products Corp., New York, the Borden Co., New York, Kraft-Phenix
Cheese Corp., Chicago, Badger-Brodhead Cheese Co., Monroe,, Wis.,
J. S. Hoffman & Co., Chicago, and Triangle Cheese Co., Monroe, Wis.
The complaint also alleges that by mean of mergers and purchases, the
Borden Co. and also the Kraft-Phenix Cheese Corp., acting on behalf of
its
parent company. National Dairy
Products Corp., have gradually
eliminated practically all of the independent cheese dealers once operating
in the Monroe, Wis.; area where a large percentage of the American-made
Swiss cheese is manufactured.
Other domestic-made foreign type cheese
Co.—New
Telegraph
&
Telephone
England
Director—
Monopoly
purchasing for resale approximately 75% of the
week
a year ago.
meeting of stockholders Harvey S. Hoshour, Vicedirector.—V. 150, p. 1777.
President and General Counsel, was elected a
type cheese produced in Wisconsin are
brick, limburger and munster.
points out that National Dairy Products Corp. directs
policies of its solely owned subsidiary, Kraft-Phenix Cheese
Corp. which, in turn, controls the policies and owns all the stock, except
certain qualifying shares, of Badger-Brodhead Cheese Co., of Monroe, Wis.,
which buys, sells and distributes foreign type cheese.
The Borden Co.,
according to the complaint, operates at Monroe a division for the buying,
selling and distributing of foreign type cheese under the name of Carl
Marty & Co., and J. S. Hoffman & Co., Chicago cheese dealer, owns the
stock of and controls the policies of Triangle Cheese Co., of Monroe, which
New Orleans & Northeastern
RR.—Earnings—
1940
$251,902
87,946
31,244
1939
$211,813
63,929
8,635
1938
$230,017
51,553
753
1937
$264,847
109,409
64,438
508,934
172,583
63,564
February—
Gross from railway
Net from railway
Net ry. oper. income
439,901
138,834
31,901
429,262
79,635
def24,762
514,768
197,282
106,311
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income-.—V. 150, p. 1446.
are
New Orleans Texas & Mexico
The complaint
and controls the
buys foreign type cheese for sale and distribution by the parent corporation.
The Commission complaint grants the respondents 20 days for answering
the
charges.—V. 150, p. 2520.
National Tea
John
McKinlay
Go.—New President—
on March 21 elected President of this company,
was
following the annual meeting of stockholders, at which it was disclosed that
earnings of the first 12 weeks of 1940 probably will be in excess of $100,000,
in contrast to a net loss of $109,000 for the similar 1939 period.
Mr. McKinlay has been Chairman of the Board since January, 1938.
This position now is being left vacant.
The office of President had been
vacant since the resignation of F. H. Massman last fall.
Burt J. Dickens, Vice-President, was elected to the board of directors,
filling the vacancy left by Mr. Massman's resignation.
At the directors"
meeting Mr. Dickens was named Executive Vice-President.—V.
150,
p. 1606.
From Jan.
1—
1938
$36,101
8,434
1937
$53,328
23,750
4,590
104,018
45,034
31,583
106,641
53,002
101,795
35,715
32,990
Net ry. oper. income-..
—V. 150, p. 1446.
England
47,729
Securities
Power Association—SEC
Indorses Pro¬
March 25 approved the
and Exchange Commission on
proposed sale, M. U A. is to cancel the entire indebtedness owed to it by
Gardner amounting $388,427 on Sept. 30, 1939.
The report of the SEC states in part:
The applicant states that the losses resulting from the operations of
Gardner cannot be corrected and therefore it is necessary that M. U A.'s
interest therein be disposed of or that the company abandon operations and
liquidate its assets, which it appears the company would be entitled to do.
Mr. Greenwood has stated that he intends to continue the operations of the
company.
He testified that he contemplates replacing several of the em¬
ployees of the company through the services of himself and his family,
thereby being able to earn a reasonable livelihood.
William C. Bell, President of M. U. A., testified that in his opinion the
salvage value of the capital assets of the company was but a few hundred
dollars; however, an engineer of M. U. A. estimated such salvage value at
$11,300.
The latter amount was adopted in the independent engineer's
report on the company, although he testified that in his opinion the estimate
was the maximum amount realizable from salvage.
This amount plus the
aforementioned net current assets of $3,981 indicates an estimated maximum
liquidation value of $15,281. The amount of the actual realization value of
the assets of Gardner is highly uncertain.
In any event, the adequacy of
consideration for securities of a company being sold with the understanding
that the operations of the company are to continue, cannot be determined
solely upon the basis of the liquidation value of the company's assets; the
continuous downward trend in operating revenues and the recurrent oper¬
ating deficits of the company indicate that the securities of the company
have no earning value.
Further, the inadequacy of the consideration in light of the liquidation
value of the company is not alone determinative of our approval; the effect
of such liquidation upon the consumers must be considered.
The result
of the discontinuance of the company's operations would be to deprive
some 600 consumers of manufactured gas, and require their substituting
bottled gas at a substantial installation cost and a higher rate, or to replace
their gas appliances with electric appliances.
The applicant and M. U. A. state that they prefer the proposed dis¬
position of M. U. A.'s interest in the company to securing what they can
from abandoning operations and liquidating its assets because such liquida¬
tion would tend to injure Gardner Electric Light Co.'s relations, the electric
company,and Mr. Greenwood having
is true
of the
company than the present management. However, Mr. Greenwood is of the
opinion that he can make a livelihood from the operations of the company,
and there is some basis to conclude that he may be able to do so for some
time.
In light thereof and the absence of any basis to conclude that his
stated Intention to continue the operations of the company is at variance
being an associate of the gas
stated his intention to continue
that Mr.
the operations of the company. It
able to liquidate the assets
Greenwood would be no less
it appears that by allowing the consummation of the
proposed sale, the event of liquidation and abandonment of the company
could at least be extended, and the interest of consumers preserved for
the immediate future.
Although, how long Mr. Greenwood will be able to
continue the operations of the company is conjectural.—V. 150, p. 1942.
with his true purposes,
New
England Steamship Co.—Earnings—
1939
1938
1937
$649,832
$653,475 $1,583,330
589,757
679,178
2,124,088
Calendar Years—
Operating revenues:
Operating expenses
Net operating loss
Tax accruals
Gross loss.
Deduct, from gross inc..
x$94,397
407,831
$313,434
Net deficit
$760,130
69,422
47,210
$607,525
6,819
$829,553
6,252
$80,551
405,576
$600,706
395,123
$823,300
454,018
102,059
$127,761
*
1936
$3,138,004
3,898,134
$486,127
$995,829
$1,277,318
The
only line now operated is to
Martha's Vineyard and
Nantucket.—V. 148, p. 1967.
New
England
Gas
&
Electric
Association—System
Output—
England Gas & Electric System re¬
electric output of 8,432,305 kwh.
This is an increase of 545,709 kwh.
For the week
ports
474,976
210,179
208,042
592,913
325,141
301,082
—V. 150, p. 1942.
Newport Water Co.—Bonds
All of the outstanding
Called—
first mortgage gold bonds 5% series of 1953, due
May 1, 1953, have been called for redemption on
interest.
Payment will be made at the Newport
R. I.—V. 150, p. 846.
New York Central
May 1 at 105 and accrued
National Bank, Newport,
RR.—Earnings—
1940
1939
1938
1937
$28,000,768 $24,827,653 $21,469,280 $29,289,384
6,212,717
4,665,899
2,456,157
6,781,774
income.-.
2,002,842
561,651 def1,588,789
3,035,759
February—
Gross from railway
Net from railway
Net ry. oper.
From Jan. 1—
5,798,938
*
Net ry. oper. income..-
—V. 150, p. 1777.
New York New Haven
45,855,752
6,398,149
59,191,910
13,931,307
2,708,656defl,761,825
6,899,462
52,330,816
11,132,232
59,737,346
14,498,890
Net from railway
& Hartford RR.—Annual Report
Operating and Traffic Statistics for
ended March 22 New
Calendar Years
1936
1937
1938
1939
19,937,241
16,544,761
20,202,176
19,857,705
mile.-.2,695,354,202 2,265,968,000 2,703,053,135 2,649,803,834
Tons of rev. freight car'd.
carried one
Tons of rev. freight
car'd
road-
1,428,790
1,158,444
yl,318,073
1,284,371
655
610
639
627
713
1 mile per mile of
667
703
684
$47,550,857
$38,835,874
$45,244,136
$45,017,525
$2,385
1.764 cts.
$2,347
1.714 cts,
$20,253
$2,240
1.674 cts,
y$22,527
$2,267
1.699 cts.
$22,260
freight per tain mile.-Aver .no .of tons all freight
per
x
train mile
Total freight revenue...
Aver. amount
received for
each ton of freight
Aver.rev. per tonper
mile
$25,703
mile of road.
of Interline revenue
A v. rev. per
No.
1,321,198
1,261,904
1,402,650
1,221,342
carried
No. of commutation pas¬
14,388,420
15,794,216
16,557.119
12,860,215
carried
carried..
20,487,472
36,197,090
20,649,745
37,705,865
19,228,920
37,188,689.
20,470,344
34,551,901
passengers
carried
No. of local revenue pas¬
sengers
sengers
Total rev. pass,
Total no. of rev.
gers
passen¬
carried one mile.-.1,373,887,509
car'd one
of road...
1,399,655
1,371,825,004 1,438,562,921 1,268,606,403
No. of rev. pass,
$27,381,782
1,277,019
$26,329,579
1,265,672
$26,892,165
1,105,568
$24,996,101
75.65 cts.
1.993 cts.
69.83 cts.
1.919 cts.
72.31 cts.
1.869 cts.
72.34 cts..
1.970 cts.
$31,554,287
$30,141,273
$31,121,504
$29,320,477
mile per mile
Total passenger revenue.
Average
amount received
from each passenger
mile
service
A v. rev. per pass, per
Total
passenger
train revenue-..Net operating revenue per
$1.6805
$1.0449
$1.2508
$1.4910
x Includes revenue from milk handled on freight trains as follows:
1939, $25,1791
1938, $25,937; 1937, $94,081, and 1936, $136,875.
y Revised figures.
revenue
train mile
Comparative Income Statement for
1939
1938
Average miles
1,873
operated-
Calendar Years
1,940
1937
1936
2,045
2,033
Operating Revenues—
Freight-.Passenger
Mail, express, &C—
IndicentaL
Joint
facility
-
Total
$47,525,678 $38,809,938 $45,150,055 $44,880,649
27,381,782 26,329,579 26,892,165 24.996,101
4,839,302
4,350,738
4,913,649
5,036.905
2,855,270
2,758,661
3,333,950
3,183,940
816,444
831,225
852,768
769,553
$83,418,476 $73,080,141 $81,142,587 $78,867,149
-
Operating Expenses—
struct.-$11,021,935 $11,167,818 $10,722,384
Maint. of equipment--. 13,737,396
12,561,567 15,115,786
Traffic----1,315,023
1,276,1.55
1,396,337
$9,598,003
13,363,442
1,205,799
31,526,432
2,047,343
29,447,704
Maint. of way «
31,010,775
Transportation
Miscell. operations
226
2,895,969
1,844.327
2,95/,272
984
1,769
.$61,459,160 $59,798,120 $63,703,267
-
$58,414,779
17,439,319
5,734.060
20,452,370
5,569,233
21,959,316
accruals.
(net)
6,090,268
$15,766,930
Operating income
freight cars
(net)
Hire of
Joint facility rents
13,282,021
6,192,386
Net oper. revenue
Tax
1,757,508
2,648,106
70
Transp'nfor invest—Cr.
Total-
30,387,192
1,816,622
2,557.479
General-.-
-
2.304,302
171,256
4,828,449
$7,191,752 $11,705,259 $14,883,137
1,961,075
2,166,158
2,174,397
158,269
246,408
182,848
4,555,361
4,701,303
4,489,592
income. $8,462,922
Non-operating Income—
$517,047
$4,591,390
$8,036,300
$202,834
809,973
18,810
1,320
1,552,776
139,812
$22,944
626,633
15,912
1,320
1,615,260
133,938
$38,219
658,194
13,539
303,459
1,740,334
117,512
$38,507
1,314,164
35,652
26,375
1,963,257
116,763
inc.. $2,725,526
11,188,448
$2,416,007
2,933,054
$2,871,25/
7,462,648
$3,494,720
11,531,020
721,749
11,145,184
1,589,070
646.558
1,059,887
11,232,459
1,566,335
697,566
1,120,203
11,383,684
1,864,525
807,686
1,810,917
11,420,765
1,200,106
679,276
deficit. $2,914,114 $11,623,193
$7,713,451
$3,580,044
Provi¬
leases
Net ry. oper.
Dividend income
funded securs.
unfund. secure
Inc. from lease of road..
Miscell. rent income
Inc. from
Inc. from
Miscellaneous
Total non-oper.
Gross income.
Deductions—
leased roads.
debt
unfunded debt..
Rent for
Int. on funded
Profit,
Note—Operations of Providence Line discontinued May 15, 1937; Fall
River Line and New Haven Line discontinued July 13 and 14, 1937, re¬
spectively.
478,250
194,778
195,110
221,363
230,072
Net ry. oper. income
Rent of equip,
$540,757
66,767
$25,703
x$60,075
17,429
x$42,645
51,751
Operating loss
Other income
x
497,917
179,023
116,839
Aver. no. of tons of rev.
proposal of the Massachusetts Utilities Associates, a subsidiary of New
England Power Association to sell 1,368 shares of the 1,400 shares out¬
standing of the capital stock of Gardner Gas, Fuel & Light Co., to one
Harold E. Greenwood for the nominal sum of $1.
Under the terms of the
company
1937
$316,001
Gross from railway
Net from railway.
do
posal to Sell Utility for $1—
The
1938
$253,570
121,949
119,257
From Jan. 1—
16,430
79,402
23,338
14,949
1939
$241,834
101,722
98,397
*
Gross from railway-.
Net from railway.
New
1940
$247,473
108,889
112,319
February—
Gross from railway
Net from railway
Net ry. oper. income
Gross from railway
Nevada Northern Ry.—Earnings—
February—
1940
1939
Gross from railway
$46,386
$44,885
Net from railway
20,576
17,614
Net ry. oper. income.__
11,927
9,804
Ry.—Earnings—
Earnings of Company Only
Int. on
Miscellaneous
Net corporate
'Note—Old Colony RR.. Hartford & Connecticut Western RR.,
& Bristol RR., and Boston & Providence RR. Corp.
rejected by the trustees June 2, 1936; July 31, 1936; Feb. 11,
July 19, 1938, respectively, but results of operations are included.
for stated lease rental are excluded.
dence Warren
1937, and
Charges
The Commercial & Financial Chronicle
2110
Condensed Balance Sheet Dec. 31
1939
%
1939
Road & equip.-337,377,975 341,113,291
railway
12,636,553
12,890,300
700,788
prop.
700,788
Cash
Special deposits.
Acc'ts receivable
Mat'ls & suppl's
dlvs.
Equip, obliga'ns
serv.
18,581
18,634
5,009,034
1,168,043
183,314
Deferred assets.
5,083,681
5.759,426
debits.-
1937' "
$213,003
166,271
415,267
302,735
297,159
171,432
234,091
465,797
356,638
280,559
471,966
386,469
272,369
New York
602,782
468,302
18,932,600
19,347,600
L'ns A bills pay.
24,285,266
24,827,049
2,630,121
2,396,918
2,420,647
2,247.568
and
Net ry. oper. income—
From Jan. 1—
Gross from railway
car
bal. pay.
Audited acc'ts A
wages
payable
2,455,762
mlscell. acc'ts
171,617
5,471,373
payable
46,682,214
5,654,410 Unmatured Int.
and rents
2,573,095
Oth. curr. 1 lab11.
4,362,319
Deferred llabils. 10,391,739
Unadj. credits-- 16,587,832
Accrued deprec.
Add'ns to prop,
Freight revenues
Passenger, mail and
150,
1777.
p.
1940
1939
1938
1937
$3,633,768
1,086,594
564,451
$3,131,893
898,778
432,299
$2,684,274
606,878
145,263
7,689,827
2,449,453
1,359,365
6,461,895
1,913,306
971,057
5,550,392
1,200,029
262,701
Net ry. oper. income-_—V. 150, p. 1447.
New York Ontario & Western
7,350,333
2,639,696
1,504,841
1939
1938
mi
1936
$6,439,655
5,974,156
1,064,995
$6,480,030
5,799,171
x855,675
$8,705,935
6,583,844
1,081,453
def$496,675 def$599,496 def$174,816
32,607
22,729
48,587
Net oper. Income
Other income
582,412
3,067
def83,534
653,374
71,881
def22,029
Ry.
Ry.—Earnings—
"
1940—2 Mos.—1939
$6,316,113 $16,129,017 $13,142,955
ex¬
-
227,565
24,422
573,517
28,311
60,148
53,446
42,788
126,680
95,870
254,473
-
521,865
$7,988,690
762,591
1,669,983
137,222
1,792,982
16,912
180,526
10,820
$6,610,888 $16,889,362 $13,814,136
646,602
1,551,904
1,329,807
1,400,369
3.349,757
2,909,002
132,391
286,112
269,324
1,577,583
3,765,004
3,296,516
14,580
36,248
34,968
170,961
368,541
354,508
1,573
18,410
7,200
$3,439,292
1,178,461
$2,669,975
934,045
$7,550,207
2,443,755
$5,627,210
Ry. oper. income
$2,260,830
Equipment rents (net).. 0314,021
Joint facility rents (net).
Drl8,680
$1,735,930
0198,227
Drl6,923
$5,106,451
0574,627
Dr24,605
$3,650,445
0393,264
Dr25,539
$1,917,235
3.697
$5,656,474
$4,018,169
31,429
41,486
$2,550,703
177,668
$1,920,932
$4,059,656
178,419
$5,687,902
355,336
$2,373,035
$1,742,512
$5,332,566
$3,702,783
oper.
revs
Traffic
expenses
Transportation rail line.
Miscellaneous operations
General expenses
Transp. for invest.—Cr_
Net ry. oper. revs
Railway tax accruals.__
oper.
income.. $2,556,171
Dr5,468
Other inc. items (bal.)__
Gross income.
Interest
on
fund, debt—
Net income
—V.
150,
p.
1,976,765
356.873
1778.
North American Car Corp.—Accumulated Dividend—
Directors have declared a dividend of $3 per share on account of accumu¬
lations on the $6 first preferred stock, payable March 25 to holders of record
Ry.- -Earnings-
$6,014,157
5,519,525
991,307
$1,040,637
210,356
Calendar Years—
Operating revenue
Operating expenses
Equip, rents &c. (net)--
607,707
19,875
def62,245
1937
1940—Month—1939
Maint. of way andstruc.
Maint. of equipment-.-
From Jan. 1—
Gross from railway—
Net from railway
$342,064
55,046
5,996
$7,650,530
revenues
$3,641,720
1,366,318
800,066
1938
$297,833
17,9.51
def24,699
55,375
press revenues
Netry.
Chicago & St. Louis RR.- —Earning s—-
1939
633,997
29,516
def65,892
Other transport, revs.._
Incidental A joint facility
.
bond interest.
RR.—Earnings—
$297,663
11,863
def27,230
Norfolk & Western
526,622,693 576,379,679
Earnings for Month of February and Year to Dale
1940—Month—1939
1940—2 Mas.—1939
$6,395,674
$5,997,043 $13,429,851 $12,475,628
operating rev
Net ry. oper. income—
a237,141
384,083
a978,175
938,357
Inc. avail. for fixed chgs_
395,840
568,876
1,299,992
1,308,930
d Net def. after charges
bc718,819
c553,040
bc936,637
c946,897
a The leases of the following companies were rejected on dates stated,
but net railway operating income includes the results of operations of these
properties:
Old Colony RR., June 2, 1936; Hartford & Connecticut
Western RR., July 31, 1936; Providence Warren A Bristol RR., Feb. 11,
1937; Boston & Providence RR. Corp., July 19, 1938.
b Effective as of these dates, no charges for the stated leased rentals
are included covering the Old Colony RR., Hartford & Connecticut Western
RR., Providence Warren & Bristol RR., and Boston & Providence RR.
Corp. leases.
c For
the purpose of showing the complete account for the operated
system, includes charges for accrued and unpaid real estate taxes on Old
Colony and Boston & Providence properties and accrued and unpaid
charges against said properties for Boston Terminal Co. taxes and 1940
February—
Gross from railway
Net from railway
Net ry. oper. income
555,996
191,689
68,456
—V. 150, p. 1448.
700,346
Total
New York
534,724
195,947
45,091
81,445
From Jan. 1—
Gross from railway
49,314,496
d Before guarantees on separately operated properties.—V
527,050
208,708
59,026
1940
Net from railway
Net ry. oper. income
1,742,071
700,346
Total
529,748
201,622
$306,466
6,434
def42,054
Period End. Feb. 29—
526,622,693 576,379,679
deft,795
1937
$270,900
92,319
26,943
February—
Gross from railway
Net from railway
Net ry. oper. income
2,505,393
4,259,008
10,713,660
15,115,589
48,940,434
P. A L. deficit..104,898,452
Total
1938
$229,590
67,667
Norfolk & Southern
1,755,198
surplus
1939
$239,843
88,388
15,234
Net from railway.
through inc. A
Sink, fund res—
1940
$230,681
72,584
12,268
Net ry. oper. income—.
—V, 150, p. 1448.
38,159,682
49,025,169
51,698
Susquehanna & Western RR.—Earnings—
February—
railway
Net from railway
Gross from
& misc. oblig.
108,533
—V. 150, p. 1447-
Mat'd Int., dlvs.
and debt, lncl.
and
receiv—
95,628,000
124,577,250 124,577,250
12,872,000
15,087,000
toaffil.cos
Traffic
,
1938
$138,070
86,884
24,687
Non-negot. debt
2,901,903
rec
1939
$216,508
163,936
119,754
Net ry. oper. income
284,967
Coll. trust bonds
18,297,863
22,216,076
3,851,518
821,854
curr. assets
UnadJ.
Debentures
14,417,695
22,054,461
9,287,659
1,338,937
2,771,988
5,755,205
Ad vs., mlscell-
rents
301,229
1940
$198,217
146,490
109,615
Net ry. oper. income-From Jan. 1—
in aid of
Grants
1940
Gross from railway
Net from railway
49,036,700
49,036,700
stock-157,118,600 157,118,600
Prem.on cap.stk 12,538,037
12,538,037
Mortgage bonds 94,128,000
Notes
Int.,
February—
Gross from railway
Net from railway
Preferred stock-
construction.-
sold
1,030,498
1,045.841
Misc. phys. prop
3,666,651
3,591,444
Stocks----——- 88,601,140 106,917,114
Bonds
14,770,098
43,250,854
Oth.
%
Common
Sinking funds..
Depos. in lieu of
rntged. prop'y
Loans A bills
1938
$
Liabilities—
Impts. on leased
30,
Earnings for Month of February and Year to Date
1938
$
Assets—
March
March 23.
Dividend
—V. 148, p. 2280.
North
of $1.50
American
Gas
per
&
share was paid
Electric
on
March 29,
Co.—To
Sell
1939.
South-
eastern Stock—
Company has filed an application with the Securities and Exchange
Commission (File 70-15) regarding the sale at public auction of 43,754 42-46
common stock of Southeastern Gas A Water Co.
The application
shares of
Gross income
def$464,068 def$576,767 def$126,230
1,418,716
1,417,547
1,549,056
Deductions
Net deficit
x
Includes
stated that arrangements have been made to sell 254,968 shares of class B
common stock of Southeastern Gas A Water Co. to Charles J.
Gregory for
cash consideration of $76.
After disposition of the common stock and
a
$1,882,784
$1,994,314
adjustment of $121,949 for
credit
$1,250,994
1,581,837
$1,675,286
$330,843
accrued
taxes
in
1936
under Railroad Retirement Act and not paid.
class
B stock the company will not own any securities
Gas A Water Co., it is stated.—V. 149, p. 3878.
Balance Sheet Dec. 31
1939
.
on
1938
$
$
Liabilities—
85,026,665
86,647,732
Preferred stock.
60
Common stock.
872,414
914,981
Long-term debt-
58,113,983
29,032,049
60
2,260
Non-nego dt. to
15,960
32,466
4,816,492
96,000
204,967
151,533
10,982,419
800,000
196,007
51,152
102,605
156,512
leased
ry. property—
Sinking fund
Misc. phys. prop
Inv. in affil. cos.
Other investm'ts
Cash
Special deposits.
Traf. A
1939
$
Inv. In rd. A eq.
Impts.
North American
1938
Assets—
cos.
Govt. grants.
L'ns A bills pay-i
Traf. A
29,062,161
1,170,000
225,560
1,057,000
1,170,000
178,912
1,057,000
car serv.
balances
220,502
198,198
wages payable
1,884,575
3.824,400
1,620,199
56,797
2,538,958
pay.
Audited accts. A
car serv.
balance receiv
Int. A dlvs.
affiliated
2,260
58,113,983
1,143
1,143
Misc. accts. pay.
Int. mat'd unpd.
101,159
Fund. dt. mat'd
rec.
77,752
511,344
196,460
465,134
118,347
Unmat'd
assets
299
143,013
rents
Deferred assets.
551,529
277,238
586,289
320,997
rec.
Net bal. due fr.
agts. A cond'rs
Mat'ls A suppl's
Misc. accts.
Oth.
curr.
76,583
unpaid
Other
166,977
Int.
curr.
163,878
327,301
327,637
A
accr'd..
liab.
11,887
14,485
Deferred liabil—
137,025
Accr'd deprec'n.
Other unadj ust.
Unadj. debits--
3,914,519
137,025
4,844,422
credits
230,735
169,735
cas. res__
160,863
162,013
Add. to prop.thr.
inc. A surplus
81,785
81,267
Ins. A
Total
92,902,464 101,519,614'
Total
92,902.464
1,620,682
101,519,614
Earnings for Month of February and Year to Date
February—
1940
Gross from railway
1939
$362,088
def45,478
1938
1937
$568,704
80,599
def20,212
def 11,340
def92,175
$530,344
97,024
4,614
811,119
def36,528
defl73,178
1,155,255
161,528
def31,438
1,035,356
25,579
defl38,097
1,128,000
186,744
defl3,222
$483,111
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 150, p. 1447.
New York
Connecting RR.
Calendar Years—
Operating
Operating
1939
expenses
Tax accruals
Operating income
Equipment rents—Dr.
_
Joint facility rents
Net oper. income
Non-oper. income
Deduct' from gross inc..
Net deficit
-Earnings1938
1937
1936
$2,503,397
846,673
491,489
revenues
$2,487,155
$2,497,952
707,214
646,789
449,848
$2,830,931
637,586
420,055
$1,165,233
100,879
Cr253,674
$1,290,669
83,981
Crl02,554
$1,401,314
Drl88,750
$1,773,289
78,196
Dr307,321
$1,318,029
$1,309,242
$1,142,948
$1,387,771
24,296
15,294
15,463
24,912
$1,342,325
1,326,580
$1,324,536
1,326,788
$1,158,411
1,324,210
$1,412,684
1,322,427
prof$15,746
$2,251
$165,799
prof$90,256
489,273
President, states in part:
Results—Consolidated net income of the company and subsidiaries for
1939 was $2,338,611 as compared with $1,438,076 in 1938, in each case
after elimination of interest charges on $4,000,000 of notes payable, which
have
now
been canceled.
69,617
The net income for
1939 includes certain
non¬
recurring credits and savings aggregating approximately $498,000, net,
consisting of interest of $87,787 on amounts paid as interest on the notes
payable, and since paid back to the company, less provision of $35,000
for income taxes relating thereto, and savings of approximately
$445,000
in income taxes of a subsidiary company incident to the
refunding of its
bonds.
The consolidated net income was equal, after taking into account
these non-recurring items, to $12.04, and before taking them into account
to $9.48, per share of North American
Light A Power Co. preferred stock,
as compared with $7.41
per share.in 1938.
Corporate net income of the company alone was $1,486,457 and was
equal to $7.66 per share of its preferred stock.
This compares with net
income for 1938 (after eliminating the item of interest on notes payable)
of $1,190,473, equal to $6.13 per share of preferred stock.
This improve¬
ment resulted principally from the increase in the dividends received from
Northern Natural Gas Co.
No dividends have been received by the com¬
pany since 1932 on its largest investment which is in securities of Illinois
Iowa
Power Co.
While net income more than covered the North American Light A Power
Co.'s preferred dividend requirements of $6 per share, no dividends were
on
surplus deficit.
the preferred stock in view of the existence of an earned
While this deficit was reduced by the amount of the cor¬
porate net income and other net credits for the year 1939, there remained
an earned
surplus deficit since Dec. 31, 1932 of $3,978,052.
At Dec. 31,
1939 dividends on the preferred stock were in arrears in the amount of
$45 per share, or $8,738,100.
No dividends can be paid on the common
stock while the preferred dividends are in arrears.
defll3,753
Net from railway
Net ry. oper. income
Light & Power Co.—Annual Report—
Herbert C. Freeman,
paid in 1939
Profit and loss_def7,733,341
of Southeastern
Offerings of Common Stock in 1940—North American Light A Power Co.
Feb. 9,1940 offered for subscription to its common stockholders 2,666,667
common stock, under an order of the Securities and Exchange
Commission permitting the issuance of the stock in accordance with decrees
on
shares of its
of the Federal District Court entered last Oct. 5 pursuant to a decision of
the Federal Circuit Court of Appeals in suits brought by certain preferred
stockholders of the company against it and The North American Co.
The offerings, which expired March 1, comprised 2,000,000 shares of
common stock ($1 par) at $1 per share to the company's common stock¬
holders of record on March 5, 1935 at the rate of 5-9ths of a share for each
share held, and 666,667 shares at $3 per share to its common stockholders
of record on March 5, 1936 at the rate of 5-27ths of a share for each share
held.
same
Holders of record on Feb. 5, 1940 were entitled to subscribe on the
bases with respect to any excess of their holdings on that date over
their holdings on the respective earlier record dates.
The North American
Co., which since April, 1934 has owned approximately 73% of North
American Light A Power Co. common stock, waived its right to take up
offerings to the extent necessary to permit this
participation in the offerings by stockholders of record on Feb. 5, 1940;
but under the Court decrees it took up all shares not subscribed for by
other stockholders and as a result The North American Co. took up all
except 816 shares and now owns 5,327,067 shares or approximately 84%
of the outstanding common stock of North American Light A Power Co.
The purpose of the offerings was to retire the $4,000,000 of 5% notes of
North American Light A Power Co. held by The North American Co.
Early in March, in accordance with the Court decrees, the notes were
surrendered and canceled, North American Light A Power Co. paid to
its pro rata share of the
Volume
The Commercial
ISO
North American Rayon
taken up
Co. the amounts received for the shares
American
The North
of 50 cents per share on the class A
April 10 to holders of record April 2.
Dec. 20, oast; 50 cents paid on Aug. 11, last,
1938, this latter being the first distribution
made since Dec. 23, 1937, when 25 cents was also paid.—V. 149, p. 3724.
and class B common shares, payable
This compares with $2 paid on
and 25 cents paid on Dec. 17,
latter amount to the date of repayment or a total of $594,161.
North American Light & Power Co. now has outstanding
6,288,059 shares
of
Northern Indiana Gas & Electric
shares shown on the balance
indebted to The North American
respect to the $4,000,000 advances appearing in that balance sheet.
stock instead of the 3,621.392
common
All
Dec. 31, 1939 and is no longer
Co. with
an
had plans under way at
the date
7% and 6% preferred
8, 1940 the SEC issued
Holding Company Act
Public Utility Holding Company Act—On March
order under Section 11 of the Public Utility
The North American Co., of which North American Light &
Power Co. is a subsidiary, to answer as to (1) the action, if any, which
calling
upon
integrated public utility
required to limit its operations to a single
should be
system and to such other businesses as are
reasonably incidental or
economi¬
cally necessary or appropriate to the operations of such integrated public
utility system; (2) the extent to which the company should be permitted
under Section 11 (b) to continue to control one or more additional integrated
public utility systems; and (3) the extent to which the company should be
permitted to retain non-utility properties.
This action followed the Com¬
mission's issuance of orders to eight other companies not related to The
North American Co. or North American Light & Power Co.
In a public
statement on Feb. 29, in connection with the issuance of the first two of
these orders, the Commission said that they had not been singled out as
test
cases
and that similar
announced with respect
proceedings would be
major holding company systems.
to seven other
Consolidated Income Account for
1939
1937
______$15,099,237 $14,744,462 $15,477,344
5,906,067
5,743,994
6,108,569
Operating revenues
Operating expenses
633,846
755,429
822,663
1,184,578
1,137,876
321,056
597,700
1,171,222
413,800
Maintenance
Taxes
__
Provision for income taxes
12,500
Prov. for Fed. surtax on undist income
Net operating revenues..,
2,269",032
_
...
Non-operating revenues
income
Gross
on
pref. stocks of subsidiaries __
Int. charges of No. Am. Lt. & Pr.
2,540,278
$4,305,954
912,621
$4,408,313
$5,218,575
1,861,133
$5,281,579
1,901,823
893,161
1,243,657
1,743,617
* 893,329
992,599
Int. charges of subsidiaries (net)
Divs.
2,203,509
$4,784,658
1,183,498
$5,968,156
Appropriation for deprec'n reserves.
Co.
873,266
893,329
1,025,037
Balance before net results of oper. of
$1,242,938
$1,439,076
$2,338,611
Illinois Iowa Power Co., & subs.
Net results of oper. of 111. Power
Co.
Cr86,133
and subsidiaries
Northern Ohio Ry. Co.—Committee Approves Plan—
Wilder Jr., Frederick W. Walker and Donald W. Campbell,
a
committee under bondholders' protective agreement dated as of
May 1, 1933 for the first mortgage 5% gold bonds of this company, on
March 26 sent holders of certificates of deposit for first mortgage 5% gold
bonds a notice stating that it had adopted and approved the plan of reor¬
ganization of the Northern Ohio Ry. Co. and The Akron Canton & Youngstown Ry. Co., recommended by the Interstate Commerce Commission on
Aug. 12, 1938 and approved by the U. S. District Court for the Northern
District of Ohio, Eastern Division, on Oct. 30, 1939.
A copy of said plan,
bearing committee's endorsement of such, its adoption and approval thereof,
has been lodged with the depositary, the National State Bank of Newark,
at Newark, N. J., all in accordance with the provisions of Article V of the
bondholders' protective agreement dated as of May 1, 1933.—V. 150,
Milo W.
as
p.
1608.
Ry.—Earnings—
1940
Net from railway..
1939
$4,223,657
486,317
February—
Gross from railway
$3,754,153
83,928
def213,732
232,626
Net ry. oper. income
From Jan. 1—•
1, 1937, there became effective a
Power Co. (formerly named Illinois
On May
a
Illinois
as a
Iowa
result of which the 100% interest
Corp.)
Power & Light
which North American
Light & Power
through a subsidiary, in common stock of that company wa8
reduced to a minority interest.
The consolidated income statement doe8
not include the operating revenues, expenses and other details of the con¬
solidated income statement of Illinois Iowa Power Co. and subsidiaries, bu^
includes the net results only, of their operations for the first four months o*
1937.
b Equivalent to $12.04 in 1939 and $7.41 in 1938, earnings per share
of preferred stock (194,180 shares of $6 cumulative preferred).
■■■
Notes—(1) The utility subsidiaries have adopted new uniform systems of
accounts as of Jan. 1, 1938 (prescribed by the regulatory commissions in
certain of the States in which the utility subsidiaries operate), which pro¬
vide for changes in accounting classifications.
As a consequence the con¬
solidated income statements for 1938 and 1937 are not in all respects
Co. had held,
comparable.
""I
(2) Statement for the year 1938 reflects adjustment (not reflected in the
accounts included in the annual report for that year) to eliminate charge
in amount of $200,000 in that year on the books of North American Light
& Power Co. for interest accrued on notes payable to The North'American
Net from railway
Net ry. oper. income.__
&
$6 cum.
plant,
intang..
incl.
78,468,853
77,543,478
Cash on deposit
265,268
with trustees.
693,259
nois
Iowa
19,974,270
20,024,270
6,864,365
advances
6,889,387
Pacific RR.—Earnings—
Northwestern
1939
$195,064
def53,714
77,579
1938
$132,863
defl24,393
defl50,789
defl4,573
402,382
def 109,417
403,648
def99,039
def166,729
defl48,638
346,730
def224,920
def282,192
554,031
3,654
def47,462
Net from railway.
Net ry. oper.
income
From Jan. 1—
Gross from railway
...
Cash..
a
b
506,328
8,807,986
237,149
.„i_.
Deposits
Receivables
.
1,517,141
_
930,966
Mat'l & supplies
500,463
7,058,161
239,136
1,544,619
901,285
3,708,343
fund.debt.
Other assets
437,149
Deferred charges
233,083
143,668
123,144
17,826,000
39,394,200
18,412,000
38,874,300
4,000,000
564,320
payable
443,232
of subs.
218,201
218,201
Accrued taxes..
824,194
1,246,927
102,188
432,350
stks.
Accrued interest
3,029,213
438,832
197,764
465,000
depos.
330,502
116,300
Contribs. by cus¬
196,635
185,317
7,917,523
77,790
Capital surplus.
15,407,468
7,064,869
116,377
15,407,468
1,721,904
4,830,907
retirement-
Deficit
....
of dividends on preferred stocks of subsidiaries and
other deposits,
b After reserves for uncollectible accounts of $138,397 in
1939 and $177,121 in 1938.
c On preferred stocks of subsidiaries,
d To
the North American Co. currently.—V. 150, p. 1002.
North Texas Co. (& Subs.)—Earnings1940—12 Mos.—1939
1940—Month—1939
Period End. Feb. 29—
$105,598
61,150
Taxes
Net oper. revenues
Non-oper. income
14,167
12,841
$16,612
$15,350
Balance
$1,372,721
$1,352,075
757,499
196,323
147,487
747,591
206,112
145,736
$271,413
$252,635
7
30
$15,350
12,907
$271,420
146,487
$252,666
135.490
$2,443
$117,176
..
(net).
Retirement accruals
$16,612
10,450
&c_.
785
950
int..
bonds—3% fixed
$5,376
2,851
$1,492
3,442
$113,869
39,521
$111,927
44,696
$2,526
def$1,949
$74,348
37,931
$67,230
43,258
$36,417
$23,973
$6,162
Gross income
Bal. before bond
Balance
3 % income
interest
Net income
-V. 150, p.
1780.
$67,030
43,030
Operating revenues
Operating expenses
$62,204
40,549
$133,020
87,359
$125,801
83,193
Net oper. revenues.__
$24,000
$21,655
6,789
$45,661
15,906
$42,608
13,567
8,031
Operating taxes
Net
$15,969
income
1608.
oper.
—V. 150, p.
$14,866
5.249
294
$29,041
$29,755
Ohio Edison Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$1,752,469
$1,683,773 $19,556,931 $18,695,130
Operating exps. & taxes.
823,086
805,310
9,397,220
9,019,655
Prov. for depreciation._
225,000
200,000
2,550,000
2,400,000
Period End. Feb. 29—
Gross revenue
on
pref. stock
$678,463
295,432
$7,609,711
3,412,706
$7,284,475
3,439,725
$383,031
$4,197,004
1,866,923
$3,844,751
155,577
$265,601
Net income..
Divs.
$704,383
283,204
$421,178
155,577
_____
$227,454
$2,330,081
$1,977,828
1,866,923
1448.
—V. 150, p.
Ohio Finance Co.—Registers with SEC—
See list given on first page of this department.—V.
Oklahoma Natural Gas
12 Months Ended Feb. 29—
Operating revenues
Operation
1940
_
$4,615,126
246
$3,924,675
4,158
$4,615,372
1,203,992
$3,928,833
1,035,170
$3,411,380
1,080,807
53,250
(net).
55,993
238,768
741,125
279,088
J.
Balance
...
235,176
721,915
135,909
13,455
1
disct. & exp.
$2,893,663
1,298,726
52,135
111,186
12,879
$2,207,876
...
debt
Other interest
Taxes on tax free
*939
$7,940,294
2,922,620
Net operating revenues
Non-operating income (net).
Gross income
^
$8,998,616
3,124,509
Maintenance
Interest on funded
150, p. 1944.
Co.—Earnings—
...
$1,418,737
78,440
128,529
273,152
273,150
covenant securities
Net income..
Preferred stock dividend
requirements:
Convertible 6% prior preference...
$5.50 convertible prior
Preferred
Balance for common
preferred
—
133,200
stock and surplus
$1,727,754 $1,012,387
for the 12 Months Ended. Feb. 29, 1940
Pro Forma Statement
[To give effect to present capitalization resulting from refinancing by sale
August, 1939 showing current level of earnings based on
operations for the 12 months ended Feb. 29, 1940.]
Gross income, as above
$3,411,380
Estimated additional Federal and State income taxes due to
"■J
decreased interest charges
42,650
of securities in
Balance.
$3,368,730
637,500
216,267
_
Bond interest—series
$124,932
11,064
Int. oneqpt. notes,
Int. on
$99,935
57,577
15,755
12,081
Maintenance
$126,095
Amortization of debt premium,
..122,538,688 119,059,867
Total
payment
Operating revenues.
Operation.
312
Retirement accruals
fo¥ deprec.
Other reserves..
For
$133,332
147
tomers for con¬
&
a
$62,351
156
348,388
133,178
Other curr. liabs.
strue, of prop.
122,538,688 119,059,867
$67,186
Uncollectible oper. rev..
Federal and State income taxes
due currently.
Res.
Tota
Ohio Associated Telephone Co.—Earnings—
1940—Month—1939
1940—2 Mos.—1939
Period End. Feb. 29—
Operating revenues
General taxes
Fund.dt. of subs.
Cust'ers'
Discount & exp.
on
Fd. dt. of subs.
Net ry. oper. income...
—V. 150, p. 1448.
Balance...
payable..
Divs. pay. on pf.
in¬
term
vest. at cost..
3,621,392
1937
$278,683
13,883
1940
$192,451
def.57,494
def86,101
February—
14,604,400
of
Accts.
587,787
American Co.
-
debt
Funded
d Notes
Rec. from North
14,604,400
9,066,076
859,835
463,637
-y
18,555,021
4.000.000
4,000,000
accum.
N.A.Lt.&Pr.
Other invests. &
Sbort
Divs.
but not decl'd
Pr.
Co. & subs
Pref.stk.of subs.
c
Securities of Illi¬
pref.stk. 18,555,021
3,621,392
3,621,392
Com.stk.($l par)
Com.stkJSl par)
Adv. by N.A.Co.
N.A.Co,
7,248,014
def47,148
def559,437
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended March 23, 1940, totaled 27,864,631 kilowatt-hours, an increase of
12.3% compared with the corresponding week last year.—V. 150, p. 1944.
Int. & other deductions.
$
7,943,888
598,258
57,478
Northern States Power Co.
Gross income.
1938
.•*
LlabUUies-
$
Assets—
Prop.
1939
1939
'1938
1937
$4,454,140
293,047
66,273
—v. 150, p. 1608..
""U
Consolidated Balance Sheet Dec. 31
1939
1938
$3,486,662
50,263
def258,062
■
8,810,889
1,147,052
691,265
Gross from railway
Net from railway
$1,329,071
plan of recapitalization o^
b$2,338,611 b$l,439,076
Net income...
2091.
Indiana Public Service Co.—Accum. Div.—
The directors have declared a dividend of $1.75 per share on the 7%
cum. pref. stock, par $100, a dividend of $1.50 per share on the 6% cum.
pref. stock, par $100, and a dividend of $1.37^ per share on the 5)4%
cum.
pref. stock, par $100, all payable on account of accumulations on
April 15 to holders of record March 30.
Arrearages after the current payments will amount to the full dividend
for 6}4 quarters.—V. 149, p. 4182.
Gross from railway.
a
bonds,
Northern
Northern Pacific
Calendar Years
1938
Co.—Bonds Called—
and refunding mortgage gold
ity-Philadelphia Trust Co., Philadelphia, Pa.—V. 149, p.
Light Co. in July issued and sold $26,500,000 first
mortgage bonds 3Yi% series, due 1969, and borrowed $3,500,000 from
banks against its unsecured 2fi% promissory notes and applied the major
part of the proceeds to the redemption of $28,440,000 first mortgage bonds,
towards the refinancing of its
outstanding first lien
on
The Kansas Power &
of this report looking
of the
6% series May 1922, due May 1, 1952, have been called for redemption
May 1 at 105 and accrued interest.
Payment will be made at the Fidel¬
Debt—During 1939 the company reacquired $586,000 5fi%
debentures, reducing its total outstanding funded debt to $17,826,000.
Funded debt of subsidiaries at Dec. 31, 1939 amounted to $39,394,200.
Funded
4Yi % series due 1965.
Financing—Kansas Power & Light Co.
Corp.-—50-Cent Dividend—
Directors have declared a dividend
by other stockholders who participated and The North American Co. re¬
to North American Light & Power Co. the amounts of interest
heretofore paid on the notes, with interest on such amounts to Oct. 5, the
date of the decrees, together aggregating $579,481, plus interest on the
turned
sheet at
2111
& Financial Chronicle
B 3 %s, 1955
Interest on bank loans.
Other interest—______—
Amortization of premium on debt
Taxes on tax free covenant securities
Balance for common
—Y. 150, p.
1944.
53,250
CrlO.OOO
13,455
$2,458,259
Net income
$5.50 convertible prior
Preferred dividends
...
preferred dividends
:
stock and surplus
319,000
273,165
$1,866,094
The Commercial & Financial Chronicle
2112
Oklahoma City-Ada-Atoka
February—
railway
Ry.—Earnings—
1940
Gross from
Funded debt
1939
§21,258
1938
1937
2,036
def3,952
Net from railway
Net ry. oper. income—
From Jan. 1—
Gross from railway
1.
Net from railway
Net ry. oper. income
—V. 150, P. 1781.
$27,220
7,971
1,269
$35,859
13,681
5,472
def3,771
43.743
5,838
def6,788
..
57,579
16,480
2,659
76,998
33,116
16,795
73,674
22,191
3,693
$30,599
5,049
March
30,
1940
held
by the public at Dec. 31, 1939, was $287,345,000,
$2,208,400 less than a year previously.
The amount of outstanding
preferred and common stocks remained unchanged. .Bonds constitute
45.6% of total capitalization and surplus; preferred stock
21.3%, and
common stock and surplus
33.1%.
The company's preferred and common stocks are in the hands
of approxi¬
mately 96,000 holders, of whom 73% are California residents.
About
10% own from one to five shares each and 83% hold blocks of not more
or
than
100 shares.
A substantial majority of the
company's stockholders
holdings at the close of the year being distributed among 44,712
30,474 men, 18,214 joint tenancies (usually husband and wife)
2,384 insurance companies, banks, and regligious, charitable and
are women,
women,
Pacific-Atlantic
Steamship Co .—Bonds Called—
and
Company will redeem, on May 1, 1940, all of its first and general marine
equipment income bonds, formerly entitled "6H % first and general marine
equipment bonds, series A."
The principal amount, plus an additional sum of $10 in
payment of the
pro rata portion of the 3% additional interest for the period Jan.
1, 1940 to
May 1, 1940, will be payable at the main office of the Chemical Bank &
Trust Co., New York.
Bonds registered as to principal are to be accompanied
by appropriate
Instruments of assignment in blank.—V. 136, p. 3551.
Pacific Coast Ry.
(California)—Abandonment—
The Interstate Commerce Commission has issued
certificate permitting
Sisquoc branch extending
a
abandonment by the company of the so-called
from Sisquoc to the end of the line at Palmer,
approximately 3.88 miles, in
Santa Barbara County, Calif.—V. 142, p. 632; V. 128,
p.
Pacific
1939
1938
1937
1936
$45,486,347 $45,500,803 $47,900,777 $50,559,071
21,888,746
21,323,916
23,129,027
22,715,596
Taxes
7,297,433
7,165,909
7,506,541
7,153,509
Prov. for retirements—
5,785,281
5,754,798
5,768,999
7,172,133
Operating
expenses
Net oper. revenue
Other income (net)
$10,514,886 $11,256,180 $11,496,209 $13,517,833
263,856
304,600
518,058
618,271
Total
Int.
on
funded debt
Amortization of discount
and expense
interest
$10,778,742 $11,560,780 $12,014,267 $14,136,104
1,917,417
1,995,000
2,165,939
4,158,456
Net inc. before divsDivs. of subsidiaries:
596,767
27,337
Crl2,930
1,023,510
34,393
Crl3,024
$8,238,205
Int. chgd. to constr'n
298,869
34,038
Cr 17,423
$9,250,295
$9,237,154
stock
1,351,373
1,353,818
1,461,945
Common
stock
1,513,410
154
154
132
264
on common
stock.
4,825,893
$7,775,077
1,179,990
x5,630,208
$7,419,095
1,179,990
4,584,598
$959,057
$1,890,440
$964,879
$1,654,507
change in dates of declaration of regular dividends on the
company's common stock, only three such regular dividends were declared
with the calendar year 1937. that which
usually would have been declared
in December of that year being in fact declared on
Jan. 5. 1938.
For purDue to
Consolidated Income Account for Calendar Years
Gross income
.Bond int. and discounts
Prov. for Federal taxes..
Profit
Provision for gas revenue
in dispute
a
Divs.
on com.
$23,430,289 $24,910,748 $23,960,528
221,188
247,298
288,991
7,708,490
7,708,490
7,708,478
12,522,540
12,522,540
12,522,538
10,174,725
stocks
Surplus...
common
Earnings
x
per
stock.
$5,243,315
6,261,270
share
$2,978,066
6,261,270
$2.47
$2.84
Before subsidiary dividends.
Consolidated Balance Sheet Dec. 31
1939
1938
$
%
Plant,
props.
y
187,655,643 195,552,870
4,485,604
4,595,752
Current assets..
Unamort.
on
14,329,879
14,807,438
bond
disct. & exps.
Disc't
2,036,122
2,488,948
1,605,869
..
charges...
$
Pref. stock
1,702,187
debt...
45,600,000
Current liabils.. 11,461,764
Retirem't
res've
Ins., &c., res've
236,506
299,218
$
20,000,000
Common stock 29,937,924
Sub. cos. pref.. 22,482,225
Mln. Int. of subs.
1,483
De'erred credit.
MIscell. deferred
1938
x
Funded
capital
stock
1939
Liabilities—
&
franchises
Inv. in securities
J
Discount and expense on capital stock
110,819
11,332,105
9,893,313
5,008,223
20,377,860
159,427
58,572
267,777
Unamortized bond discount and expense
Unexpired taxes
Unamortized valuation expense
Other deferred charges
Total
Surplus.
57,309,495
3,546,103
19,258,249
134.270,625
Accounts payable
Drafts outstanding
19,666,500
29,937,924
Accrued interest—not due
Accrued taxes, &c
22,537,600
1,453
46,000,000
Reserves—For depreciation
For pensions
66,804", 931
For insurance, casualty, &c
For inv. in Standard Pacific Gas
Line,
3,441,584
excess amounts
charged
Inc.
gas customers
Capital surplus
Earned surplus
17,806,406
210.349,522 219,446.414 |
Total
210,349,522 219,446,414
Represented by 1,608,631 no par shares,
y Represented by 200,000
shares of $5 dividend series (no
par) in 1939 and 196,665 shares $6 dividend
series (no par) in 1938.—V.
150, p. 1450.
248,634
1,263,782
16,465,903
10,421,311
5,237,053
21,468,755
178,278
82,741
513,879
134,270,625
156,533,925
156,533,925
51,502
287,345,000
79,665
2,876,753
53,465
289,553,400
149,515
2,588,460
583,458
1,542,345
Customers' meter and line deposits
Dividends payable
Bond interest due..
For
1938
$773,371,373 $764,251.466
Funded debt....
Bonds called but not redeemed
13,250,016
*
248,634
Cash and cash items
Notes and acc'ts receivable (less
reserves)
Material and supplies
852,279
$5,788,334
6,261,257
$2.55
$720,982,453 $703,448,213
4,932,189
4,922,917
Total
Total
$2.71
1939
Plants and properties...
Investments at cost
Minor, int. in capital stocks & surplus of subs..
Assets—
$4,432,422
6,261,270
'
Assets
of the
parent company for 1937 and returned to earned surplus.
With
previous years the amount shown above has been stated to include
the amount of the dividend so declared on Jan.
5, 1938.
Note—Earnings per share of common stock was $3.60 In 1939 and $4.18
in 1938.
1,008,000
...
Net profit
$25,678,151
Divs.of subs.on cap.stks.
2,475
Divs. on pref. stocks
7,909,821
x
recent
as
54,358,166
$25,678,151 $23,430,289 $24,910,748 $24,968,528
Liabilities—
First preferred stock
Common stock
Eoses of included in the above statement with the regular commoD dividends
been comparison the amount of the dividend so declared, $1,206,473,
1936
$95,691,813
$43,169,384 $39,811,961 $40,752,252 $41,333,647
12,751,731
12,199,736
12,123,834
14,669.475
4,739,502
4,181,936
3,717,670
1,695,644
Sinking funds and special deposits
$7,896,323
1,179,990
4,825,893
Remainder to surplus.
x
year to an
resided in northern and
Consolidated Balance Sheet Dec. 31
Preferred
Divs.
employment throughout the
The total payroll was
1939
1938
1937
Gross revenue, including
miscell. income
$107,495,321 $101633,609 $100790,873
Exps., ord. taxes, reserve
for depreciation, &c_. 64,325,937
61,821.648
60,038,621
$8,932,769
Remainder, applicable
to Pacific Ltg. Corp. $6,886,678
Divs. on pref. stock
1,101,728
direct
and women, all of whom
men
$24,606,000, of which $17,292,000
was
paid to operating employees, and $7,314,000 to those engaged in
construction work.
In addition, $423,000 was paid in
pensions, there
being 549 employees on the pension payroll at Dec. 31, 1939.
Shares of
599,885
35,833
Cr 12,598
Other
of 12,721
central California.
2455.
Lighting Corp. (& Subs.)—Earnings—
Calendar Years—
Gross oper. revenue
other institutions.
The company furnished
average
3,130,733
212,904
1,096,837
9,124,202
116,313,010
5,075,817
1,079,906
1,374,218
1,214,865
606,401
50,859,206
424,485
1,446,590
3,168,426
217,488
1,116,496
8,855,268
107,350,588
3,671,377
1,032,229
1,192,488
5,983,000
606,401
46,037,239
$773,371,373 $764,251,466
—V. 149, p. 3272.
x
1939 the company sold 12.87% more
more gas than In 1938.
Because of rate reductions
consumption at lower unit prices, these percentage gains in
the quantity of electricity and gas sold
were more than double the relative
increase of 5.67% in gross revenues.
IfcThe sharp upturn in sales volume was to some extent a
reflection of the
nation-wide improvement in general business
conditions.
In addition,
sales were
temporarily stimulated by the Golden Gate International Ex¬
position and by an unusually large consumption of
power for irrigation
electricity and 11.94%
greater
Bumping induced by the deficient character is evidenced
water supply.
^Progress of
permanent
a
the
number
58,000,
was
of
more
new
among
customers
the largest
connected
during
in the company's
the
by the fact that
upwards of
At the close
year,
history.
of the year there were
1,543,713 active meters in service.
The cost of
operating the
properties, including provision for taxes,
depreciation and other reserves, increased
4.64%.
Taxes of all kinds
chargeable against the year's operations amounted to
$18,049,000, and
constituted the largest single item of
expense, exceeding by about threequarters of a million dollars the
wages and salaries of the entire operating
personnel.
Measured in terms of the return
paid to security holders, taxes were more
1^2 times the annual interest on all
outstanding bonds; more than
twice the dividends on
preferred stock, and almost 1H times dividends
than
Eaid on common stock.
increased from
ave
Based on the number of
meters in service, taxes
an average of $1.37
per meter in 1908 to $3.74 per
1918, $6.39 in 1928, and $11.69 in 1939.
earnings available for the common stock amounted to
$2.84 per
share on 6,261,270 shares
outstanding at Dec. 31, 1939, compared with
$2.47 per share
upon the same number of shares at the close of the pre¬
ceding year.
Dividends at the rate of $2
per share were paid in both years.
Electric and gas rate reductions
aggregating $3,225,000 a year were
placed in effect during 1939, bringing to
$32,500,000 annually the savings
to the company s
customers, resulting from lower rates and the intro¬
meter in
The
duction of natural gas within the
past 12 years.
This is 30% of present
gross revenue from all sources.
The company's 700,000 residential
electric customers used an
average
of 1,008 kwh. each,
compared with 969 kwh. in 1938.
The average rate
for this service was 3.33 cents
per kilowatt hour, or 18% below the corre¬
sponding average for the nation,
"Rates, of course, are important, but
they are far from being the only
factor be considered in
appraising the value of utility service," says Pres.
James
B.
Black.
"Dependability of service under adverse operating
conditions, the degree to which service is made
available in remote as well
as in populous
districts, and the consideration accorded to the needs of
individual customers, all have an
important bearing on the quality of the
service rendered.
Good service requires
ample and well maintained physical
facilities, and a carefully trained and
adequately paid personnel operating
under good working conditions.
It also requires that a fair return be
paid to those who have supplied the capital
required to provide the plant
and equipment needed to
carry on the business.
H "It is the constant objective of the
management to meet fairly and
fully its responsibilities to customers,
employees, and security holders,
and to maintain
the
company's
position
as
a
constructive
force
in
the
development of the territory served."
M Construction expenditures
during 1939 aggregated $25,908,000, and the
book value of plants and
properties at the close of the year was
$720,982,000,
representing an average Investment of about $80,000 for each of
the 9,000
operating employees, excluding those
engaged in construction work.
estimates its earnings after interest and all charges for
quarter ended Dec. 30, 1939, at $1,030,000.
These earnings
include $245,000 representing the amount of dividends
received
by the corporation and its consolidated subsidiaries from non-consolidated
subsidiaries in excess of Paramount's direct and indirect net
interest as a
stockholder in the combined earnings for the
quarter, such excess
do
The annual report shows that in
and
Paramount Pictures, Inc.—Estimated Earnings—
The
company
the fourth
Pacific Gas & Electric Co.—Annual
Report—
not
represent¬
partial distribution of share of earnings of previous quarters.
earnings for the year ended Dec. 30, 1939 are $3,870,000,
including $1,110,000 share of undistributed earnings of partially owned
ing
a
Estimated
non-consolidated
subsidiaries.
There were outstanding as of Dec.
30,
1939, 144,672 shares of cumulative convertible $100 par value
6% first
preferred stock, and 555,071 shares of cumulative convertible $10
par value
6% second preferred stock.
After deducting
$1,201,074 of dividends
accrued for the year on these
preferred shares, the remaining $2,668,926
of estimated combined consolidated and share of
undistributed earnings
for the year represent $1.08 per share on the
2,465,927 shares of common
stock outstanding at Dec. 30, 1939.
The company has continued its policy of
taking up revenues only to
the extent that dollars have been received with
respect to subsidiaries oper¬
ating in foreign countries subject to currency restrictions.
The results
of foreign subsidiaries
operating in all other foreign countries have been
included at current rates of exchange.
In the case of the English and
Canadian subsidiaries which have
outstanding debt payable in local cur¬
rencies in excess of the net current assets of such
subsidiaries, the provision
for the decline in dollar value of the net current assets
of these companies
has been offset against the amount of
outstanding debt payable.
Earnings for the quarter ended Dec. 31, 1938 were $2,229,000, including
$360,000 representing net capital and non-recurring income, and $87,000
firofit on purchase of debentures of Paramountamount of Inc. These earnPictures, dividends received
ngs do not include $420,000 representing the
by the corporation and its consolidated subsidiaries from non-consolidated
subsidiaries in
excess
of Paramount's direct
and indirect net interest
as
a
stockholder
in tfye combined earnings for the quarter
such excess repre¬
senting a partial distribution of share of earnings of previous quarters.
Earnings for the year ended Dec. 31, 1938 were $4,105,675,
including
$292,361 of net capital and non-recurring income, $332,397 profit on pur¬
chase of debentures of Paramount Pictures,
Inc., and $1,240,000 repre¬
senting Paramount's direct and indirect net interest as a stockholder in
the combined undistributed earnings for the
year of partially owned nonconsolidated subsidiaries.
After deducting dividends of $1,186,074 on the
first and second preferred shares the above
$4,105,675 was equal to $1.18
per common share for the year 1938.—Y. 149, p. 3725.
Pennsylvania Edison Co.—Transfer Agency Discontinued
Company has discontinued the services of The Transfer and Paying
Agency, 41 Trinity Place, New York, N. Y., as Transfer Agent or its
$5
series
cumulative
preferred
stock
and
$2.80
series
cumulative
preferred stock and are continuing The Pennsylvania Co. for Insurances
on Lives
and Granting Annuities,
Philadelphia, Pa., as sole Transfer
Agent for said stocks.—V. 150, p. 1143.
Pennsylvania-Reading Seashore Lines—Earnings—
February—
railway
Net from railway
Net ry. oper. income—
Gross from
1940
1939
$384,858
def76,609
def217,319
$336,321
def62,999
defl93,975
$309,467
def97,868
def217,396
def210,614
759,509
defl83,262
def465,227
675.833
614,780
def220,382
def470,832
724,225
defl56,090
def432,707
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—.
—V. 150, p. 1451.
defl50,220
def411,559
1938
1937
$368,021
def74.666
The Commercial
ISO
Volume
[Excluding Long Island RR. and Baltimore
**
1940—Month—1939
revenues_$34,449,637 $29,535,795
expenses. 26,264,400
22,703,006
Period End. Feb. 29—
Railway oper.
Railway oper.
Net
rev.
from ry. oper.
Railway taxes
Unemploym't ins. taxes.
Railway retirement taxes
Eqpt. rents.—Dr. bal
Jt. facil. rents—Dr. bal.
$8,185,237
2,138,200
488,079
488,413
494,132
139,431
of 40 cents
distri¬
stock, payable April 25 to holders of record April 15.
Dividend
was
paid on Dec. 27 last, and previous payment was the 25 cent
$73,016,160 $62,509,999
55,387,652 47,445,833
$15,064,166
3,628,602
904,623
801,540
930,571
709,202
296,381
273,764
$6,832,789 $17,628*508
1,828,211
4,243,800
427,256
1,022,165
386,584
1,022,306
$4,436,982
income.
$8,746,435
$3,743,207 $10,113,285
Earnings of Company Only
February—
Gross from railway
Net
Net
-
74,976
530,359
162,851
141,186
1937
1938
$203,521
31,776
42,620
428,200
78,070
91,530
1939
$262,239
84,069
1940
$344,785
106,583
94,246
Net from railway.
Net ry. oper. income
$361,796
123,325
127,556
From Jan. 1—
737,936
242,522 '
216,952
Gross from railway
..
Net ry. oper. income...
—V. 150, p. 1611.
The
,V
708,474
228,883
229,837
;.
•
Telegraph, Inc.—Registrar—
Postal
.$34,384,285 $29,472,537 $25,519,900 $36,167,731
8,275,336
from railway
8,206,320
6,853,609
5,011,568
5,335,883
4,466,509
3,771,073
1,783,087
ry. oper. income..
Ry.—Earnings—
Pittsburgh & West Virginia
February—
Gross from railway
1937
1938
1939
1940
3881.
25, 1931.—V. 149, p.
bution made on April
Net from railway
Net ry. oper.
the common
dividend of 25 cents per share on
Directors have declared a
& Eastern RR.]
1940—2 Mos.—1939
332.265
115.266
Co.—25-Cent Dividend—
Pittsburgh Forgings
System—Earnings—
Pennsylvania RR. Regional
2113
& Financial Chronicle
Bank & Trust Co. of New York has been
non-cumulative preferred stock.—V. 150, p. 851.
Commercial National
appointed Registrar of the
-
From Jan.
1—
Gross from railway
72,880,059
17,665,449
10,58,483
.
Net from railway
Net ry. oper. income.
—V. 150, p. 1609.
Peoples
_
-
73,991,849
16,578,908
10,548,895
53,985,522
10,485,516
4,024,847
Changed—New
Operating profit.
Net profit
Earnings per share
x
converting
to the company's
March 26 approved an amendment
present no-par common stock to
common
stock of
I
$5 par value.
call in the 245,474 no par value common shares and
in exchange for each share of the no par stock,
increasing the number of common shares outstanding to 490,948.
The
new stock will be listed on the New York Stock Exchange.
At a subsequent meeting of directors M. G. Gibbs, former President, was
elected Chairman of the Board, and
T. N. Beavers, Executive VicePresident, was named, to succeed Mr. Gibbs as President,
John G. Bell,
former Vice-President and General Sales Manager, was elected Executive
They also voted to
issue two shares of new $5 par
Vice-President.—V. 150, p. 1945.
maintains that the renewal of the operating agreement for
a
further term of 20 years upon the same inequitable terms will make
impossible the payment of any interest on the income bonds during
renewal period and will impair their security.
Although the committee
not requesting deposit of bonds at present, it is requesting the income
The committee
the
is
immediately so that concerted action
may be had to secure a fair and favorable operating agreement that will
insure the payment of interest on the income bonds.—V. 150, p. 1451.
communicate with it
bondholders to
Pepsi-Cola Co.—New Official—
G.
Harwood has been appointed Assistant Treasurer
according to Walter S. Mack Jr., President.—V. 150, p.
Edward
company,
of this
1610.
....
$5,490,447
4,140,382
$4,613,624
3,728,796
$580,515
175,176
$388,955
151,086
$1,350,064
352,818
$884,827
$405,339
$997,246
Dr 164,339
Cr69,192
$237,869
Dr79,155
Cr68,154
$579,837
Dr183,938
Cr9,797
$394,366
34,498
$226,868
17,328
$841,615
138,675
Net oper. revenue
Railway tax accruals.
_.
Operating income
Equipment rents (net)
Jt. facil. rents (net)
_.
-5
Net ry. oper.
Other income
Dr80,164
income.
Rent for lease of roads
$244,196
6,498
$428,865
6,213
Total income
Miscell. inc. deductions.
&
1940—2 Mos.—1939
Cr8,708
$980,289
12,232
304,990
'
$405,696
111,003
$516,699
12,822
Inc. applied to sink,
& other reserves
5,635
271,058
12,885
535,423
11,267
542,221
$149,576
x$38,996
$419,750
x$49,610
260
Net income
$44,837;
Indiana—Earnings—
1938
1937
$1,779,374
12,061,491
1,783,767
515,826
Others.
Gas
•„
Water
$1,475,510
10,926,153
1,549,396
$1,422,503
10,931,407
1,520,637
499,562
84,202
495,608
93,855
85,066
Sundry...
Gas
cos
737,667
4,769,362
purchased.
Other operation
944,784
Maintenance
1,700,000
Provision for depreciation
Rent of leased utility plant..
State, local and miscel.
Federal income taxes
Net
260
376,500
...
1,588,950
376,189
Federal taxes
$4,262,060
Dr268 ,202
—
debt....
Interest on long-term
260
$4,102,245
$4,543 ,420
Dr300,202
Dr283,160
$4,275,219
2,431,899
$3,961,858
$3,819,085
2,502,116
65,050
247,899
2,532,645
operating income
Other income
57,527
General interest (net)
257,686
fund advance for lessor company..
38,440
49,732
38,810
50,669
39,170
53,778
$1,439,935
$1,057,314
$871,933
Miscell. income
deductions
Net Income
Dec. 31
[Including Dresser Power Corp.]
Comparative Balance Sheet
S
Utility plant
72,587,069
Construction fund 1,002,194
71,123,685
1,716,053
1,507,123
Investments
prepaid accounts
5,666,341
4,436,041
Cash............
2,158,380
2,031,356
-
140,587
1,803,275
aff11. cos.
203,078
supplies. 1,034,267
1,601,367
175,960
1,024,957
bond int.
Acc'ts receivable..
Mat'ls &
1939
1938
1939
Assets'^***
$
Liabilities—
profit &
$149,316
x
x$39,256
*
$419,490
7,850,339
stock
$6 cum. prior
stock
x$49,870
pref.
975,000
975,000
6,558,530 6,558,530
22,125,000 22,125,000
Long-term debt
48,000,000 46,473,000
Def'd liabilities...
844,821
867,171
Common
stock
Unsecured demand
oblig. to Midl'd
Co
551,725
740,355
65,736
Accrued Interest..
750,391
Accrued taxes
1,270,383
United
accr.
figures as of Jan. 31, and published in our "Earnings
Record" for March, have been revised by the elimination of "loans and
bills payable" amounting to $1,711,102 for 1940 and $1,315,534 for 1939,
leaving total current liabilities $5,220,930 for 1940 and $4,614,654 for 1939.
—V. 150, p. 1452.
Acer,
to
314,262
321,179
263,924
liabils.
129,211
3,969,216
2,973,300
int .thereon
lease rentals
affiliated cos.
Misc. curr.
Reserves
Pittsburgh Coal Co.—New
Chairman—
Oliver
of the
"pressure of other business."
Mr. Oliver has been a director since 1920
and a member of the executive committee since 1924.
Mr. Scaife served
as
of the
company
Chairman to succeed
Chairman since
on March 27 elected Augustus K.
Alan M. Scaife, who retired because
1934.—V. 150, p. 1145.
Pittsburgh & Lake Erie RR.
February—
railway.
Gross from
Net from railway
1940
$1,665,368
199,902
Net ry. oper. income
From Jan. 1—
Gross from
railway
518,998
629,252
def 111,446
2.484,9,44
181,961
3,550,394
Net ry. oper. income...
—V. 150, p. 1784.
1,729,745
def279,577
def 121,823
321,630
railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 1452.
railway
Net from railway—
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from
railway
income
Net ry. oper.
—V. 150, p.
1452.
Operating
Operating
31—
def49,272
$1,945,082
331,602
357,586
of New
$568,995
$6,461,000
$6,030,764
250,353
266,256
3,130,618
2,822,145
64,801
5,335
74,545
5,401
30,325
907,846
64,511
303,707
275,000
908,982
63,812
265,443
$245,461
Dr25,006
$192,468
Dr7,314
$2,054,318
1,021
$1,695,382
28,013
$220,455
58,362
Crl,339
12,324
$185,154
58,361
Cr3,043
16,185
$2,055,339
$1,723,395
700,337
03,270
111,479
688,619
018,483
120,890
I $151,108
$113,651
52,176
$1,246,793
669,797
$932,369
626,112
to
due
exp.
munic .taxes .
.
Social security taxes
Fed.
RR.—Earnings—
1937
1938
$83,619
26,341
13,909
$70,678
10,098
def5,929
$93,073
18,392
7,030
17,315
(incl. inc. tax) taxes
income.
Non-oper. inc. (net).
Net oper.
Gross income
Bond interest
(net).
deductions
228,220
86,226
55,393
183,387
65,312
38,024
156,833
27,265
def7,098
180,431
28,651
8,652
RR.—Earnings—
1940
$70,286
15,050
3,505
1939
$53,951
5,622
def716
1938
$46,285
defl2,621
defl2,301
142,914
31,903
10,154
107,220
10,375
def506
90,402
def24,811
def23,413
1937
$71,323
8,309
7,234
Net income
Pref. div. requirements.
—V.
11,751
55,821
150, p. 1946.
Public Service
Coordinated Transport—-Exchange
Plan
Coordinated Transport, a subsidiary of the Public
has proposed a plan of reorganization af¬
fecting all underlying and leased companies' securities of the transport
system in the hands of the public.
The plan has been approved by the
Transport company and the Public Service Corp. and application for
approval has been made to the State Public Utility Commission. Under this
plan, fixed interest and dividend bearing securities will be reduced from
$77,626,427 to $26,795,500. Fixed charges will be reduced from $3,632,660
The
Public Service
Service Corp.
of New Jersey,
t0The1Tram?port system in
gross
141,860
13,719
Hampshire—Earnings1939—12 Mos.—1938
$583,265
3,946,885
657,123
697,911
86,170,656 82,041,076
Total
1939—Month—1938
revenues
expenses
Extraord.
State and
1937
$106,846
38,976
24,208
Pittsburgh & Shawmut
February—
Gross from
Public Service Co.
Period End. Dec.
Other
1939
1940
February—
86,170,656 82,041,076
Total
333,271
335,931
8,574,175 10,009,241
V. 150, p. 1612.
Other interest
Pittsburgh Shawmut & Northern
Gross from
1938
$831,768
83,863
146,300
279,177
Net from railway
1939
$1,210,735
Deficit
1938 storm
-Earnings
237,684
196,510
Contribs. In aid of
construction
Permutit Co.—New Directors—
Evander B. Schley, Gustave Mahler and S. B. Applebaum were elected
new directors of this
company at the annual meeting of stockholders held
March 20.—V. 149, p. 2523.
Directors
515,138
546,033
72,547
813,156
1,192,457
Fed. inc. taxes and
Earnings Revised—
The current liability
Board
$
7,850,339
$6 cum. pref. Stock
Due to affil. cos..
7;
Deficit.
1938
$7 cum. prior pref.
Accounts payable.
Inc. transf. to
77.684
243,874
and expense.
Provision for possible loss on sinking
Amort, of debt discount
Due from
260
$14,534,822 $14,464,010
392.082
428,505
767,238
671,234
459,698
574,727
4,280,271
4,212,670
850,692
797,818
1,511,260
1,522,585
391,190
378,315
1,540,191
1,478,457
169,139
208,445
$16,225,524
461.916
726,735
Total operating revenues
Power purchased—Affiliated
Other companies
Deps. for
fund
1939
Calendar Years—
Operating revenues:
Electric—Affiliated companies
Deferred charges &
5,366
267,709
equipment
Interest on debt
Dec. 31, 1939
marketable securities, $34,451; secured notes,
$12,340; accounts receivable, $429,260; mortgage receivable, $20,132;
inventories, $414,304; prepaid insurance, Ac., $5,752; real estate (held for
sale), land, buildings, machinery and equipment (less reserve for deprecia¬
tion of $729,103), $1,242,496; organization, $56,170; patent rights, $1;
patent development, $29,254; total, $2,288,999.
Liabilities—Accounts payable, $155,124; accrued wages, insurance, &c.,
$32,314; reserve for Federal taxes, $87,809: reserve for unclaimed dividends,
$385; common stock (268,570, $1 par), $268,570; capital surplus, $921,567;
earned surplus, $823,230; total, $2,288,999.—V. 150. p. 1784.
Assets—Cash,
Gross income
Marquette Ry.—Earnings—
1940—Month—1939
Operating revenues
$2,590,876 $2,220,448
Operating expenses
2,010,361
1,831,493
Pere
Period End. Feb. 29—
164,349
59,679
$0.48
depreciation.
Before taxes and
Public Service Co. of
Ry.—Protective Committee—
Announcement is made of the formation of a committee for the protection
of the holders of the 4% income bonds, due 1990, in the proceedings pending
before the ICC for an adjustment of the first consolidated mortgage bonds
maturing April 1, 1940, and the renewal and extension of the existing
operating agreement with the New York Central RR. which expires April 1.
The committee is composed of Wm. Carnegie Ewen, Chairman; Lewis L.
Clarke and Maurice D. Adams. Henry W. Allen. 135 Broadway, New York,
is Secretary of the committee, and Charles S. Aronstam is Counsel.
Peoria & Eastern
J,129,012
516,346
331,661
$1.23
Balance Sheet
Stockholders on
1938
1939
$3,528,204
Sales
Chairman—
charter
Inc.—Earnings—
Pressed Metals of America,
Years Ended Dec. 31—
x
Inc.—Par Value
Stores,
Drug
62,369,270
15,106,873
8,804,762
income of
thT^e°plan^provldes
Rapid Transit
Transport and
of $27,309,662 and
interest requirements under
1939 reported gross revenues
$2,043,448, equal to 1% times
for the merger of the Consolidated Traction Co. and
Street Ry. (now leased) with the Public Service Coordinated
exchange of stocks for bonds on the following basis.
2114
The Commercial & Financial Chronicle
Each share of Consolidated Traction Co. dividend
4% will be exchanged
for $100 Public Service Coordinated
Transport first
due Jan.
1,
ana
1990.
refunding 4% bond
them into the market with apparatus at present
efficiency levels. Rapid
advance is desirable—but television is of great and permanent
significance
to the
public.
to
Operating
Operation
revenues
Maintenance
Depreciation
Taxes
Net oper. revenues
Non-oper. income (net).
Balance
Interest & amortization.
$6,049,286
Drl79,698
$549,160
321,615
$5,869,588
3,703,615
$280,561
Prior preference dividend requirements
$227,546
$2,165,973
patent situation."
RCA, he said, had 441-line television patents tied up,
whereas the patent situation above 441 was wide open.
When the Radio Manufacturers Association
adopted the 441-line set as a
standard last year, Mr. Dumont said that his company, Zenith Radio
$32,002 def$606,247
Consolidated Balance Sheet Dec. 31
1939
1938
$
%
and other
139,607,034
3,746,885
3,200,897
4,640
Notes & warr'ts
sto«k.
$
34,446,847
14,000,000
Long-term debt. 59,109,350
Bonds, due curr.
3,195,000
80,660
2,337,969
587,523
283,522
2,748,683
625,615
Prepayments
73,121
2,266,795
2,574,584
34,446,847
14,000,000
66,651,889
1,259,000
138,438,178
96,394
447,303
123,079
7,0*21*,871
4,969,436
149,687,157
Total
.
138,438,178
149.687,157
whether the company was doing any further research in it.
station of the National Broadcasting Co., an RCA
The television
affiliate, is now broad¬
casting the 441-line pictures exclusively.
G. W. Kenyan, Sales Manager of transmitters and tubes in the television
department of the General Electric Co., said he was "quite surprised" at
the FCC stand. His company, he said, was making the 441-linesets
by the Radio Manufacturers Association,
enough to commercialize temporarily.
and
thought they
adopted
good
were
"You've got to start some place," he said. "The Model T Ford wouldn't
do today, but it seemed adequate at the time.
The same thing applies to
television.
If
we
experience.—V.
keep holding it in the laboratory, we'll
150, p. 1947.
never
bet any field
Pure Oil Co.—1937 Issue Still
25% Unsold—
by a syndicate headed by Edward B. Smith & Co., now Smith,
Barney
& Co.; The First Boston Corp., and
Kuhn, Loeb & Co.
In the subscription
period only 8,040 pref. shares were subscribed for and the
underwriters
bought the balance, 434,394 pref. shares, at $100 a share from the
company.
No offering to the public of the pref. stock was made
by the syndicate
1938, when the agreement among
up to the close of business on March 9,
was
terminated.
time, the prospectus said, the underwriters have been free
dispose of their shares as they wished, and it was estimated
that, as
Feb. 29, 1940, approximately 129,000 shares remained in
the hands
of the underwriters.
A year before that date
they held 152,000 shares.—
—V. 150, p. 1785.
of
Radio Corp. of America—Television
Television
Earnings for the Year Ended Dec. 31,
1939
Profit from operations
Income credits
96,014
$272,299
126,944
Gross income
Income charges
$358,870
36,058
$399,243
a105,090
$322,813
84,185
$294,153
89,027
184,694
Earnings
end the achievement of higher standards of
television trans¬
are being
unduly retarded by this company, its subsidiaries, or
other licensees, and whether the effective date for the
beginning of limited
commercial operation should be
changed from Sept. 1 to some subsequent
date.
Meanwhile, that section of the new rules
permitting restricted
of the fluid
state of the art and the continuance of
research and experimentation, the
Commission declined for the time
being to establish television
transmission
Authority to issue such standards is of course vested only in the
Commission.
Recommendations to insure that the standards when issued
would be based upon a
sufficiently advanced technical state of the art were
incorporated in the report of Feb. 29.
''Actual demonstration to members of the
Commission," the report
pointed out, "indicates the need for further
improvement in the technical
quality of television."
The Commission stressed the need of
continued
research in various
significant phases of the field involving the number of
lines and the number of frames
per second, the retentive quality of screens,
the mechanics of
scanning, the problem of various screen sizes with par¬
ticular reference to
larger screens, the problem of polarization and the
related question of the type of
antennas, and various alternative methods of
synchronization.
Inherently this research and experimentation has poten¬
tialities of great value to the
public.
The intent of the Commission was
to
give the industry further
oppor¬
move forward in an
orderly manner and upon a sound scientific
basis without causing
injury to the public and resultant
injury to the new
industry itself, particularly to other manufacturers
cooperating in seeking
to bring about video
improvements through experimentation rather than
crowding the market with present-day receivers which
may soon become
obsolete.
Economic loss to the
public, the report warned, would be occa¬
sioned by' 'premature
purchase in a rapidly advancing field."
Not all types of television
transmission can be received by any receiver.
In the
present state of the art it is
impossible to decide what type of trans¬
More research and experimentation will be
necessary, and is being conducted, before any such
standardization
achieved.
Receiving sets constructed or on the
can
be
market today may not be
capable of receiving television programs from
standardized television trans¬
mitters when the art has
sufficiently advanced to permit such standardiza-
.Public participation in television experimentation at this time is
desirable only if the public understands
that it is experimenting in reception
investing in receiving equipment with a guarantee of its
continued usefulness.
Television is here to stay, but
conceivably present
day receivers may for practical purposes be
gone tomorrow.
j
and not necessarily
oper. revenuesoper. expenses.
Netrev. from ry. oper.
Railway tax accruals...
Railway
com¬
mercialization is suspended pending further order.
The FCC in a release March 23 further states:
The current marketing
campaign of the Radio Corp. of America is held
to be at variance with the intent of
the Commission's television report of
Feb. 29. Such action is construed as a
disregard of the Commission's find¬
ings and recommendations for further improvement in the
technique and
quality of television transmission before sets are
widely sold to the public.
The question of the present status of
television transmission and the
feasibility of its general reception by the public was the subject of the
recent extensive
hearings before this Commission.
Because
tax
amounting
$1.11
to
$65,500.
Reading Co.—Earnings—
Period End. Feb. 29—
Railway
Railway
mentation
mitter will be made standard.
per common share
missions and wage adjustments payable,
$30,041; Federal and State social
security taxes payable, $28,503; accrued State and municipal taxes, $9,065
accrued
Federal capital stock tax, $6,750; accrued
liability insurance
premiums, $11,100; accrued expenses on Venezuelan contract, $36,007;
unclaimed dividends (one stockholder), $6,906; reserves,
$61,179; preferred
cumulative convertible stock (27,629 no par shares),
$1,381,450; common
stock (184,694 no par shares),
$975,535; capital surplus, $39,852; earned
surplus, $661,878; total, $4,238,612.
V. 149, p. 2379.
mission
tunity to
138,521
b$l .29
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $752,320; working and traveling expense funds, $51,078;
equity in revolving fund on U. S. Navy contract, $116,000; marketable
securities (at cost), $178,474; accrued interest on marketable
bonds, $1,007;
notes receivable (clients),
$4,561; accounts receivable, $1,185,742; contract
work in process,
$47,800; inventories $579,157; advances and loans to
employees, $13,227; investments, $605,305; property, plant and equip¬
ment (after $1,854,578 reserved for
depreciation), $592,444; patents (at
cash cost, less
amortization), $85,274; deferred charges, $26,221; goodwill,
$1; total, $4,238,612.
Liabilities—Loans payable, $827,527; accounts payable, $162,817; com¬
Hearing Reopened—
promotional activities on the part of the corporation has
Federal Communications Commission to order a further
beginning April 8, to determine whether research and
experi¬
the
standards.
1938
$262,857
.
a Includes
provision for Federal income
b Before allowing for Federal income tax.
The underwriters for the 5% cum. con v. pref. stock of the
company,
was offered to the company's stockholders in
1937, still held approxi¬
mately 129,000 of the shares on Feb. 29,1940, according to a new
prospectus
filed March 22 with the Securities and
Exchange Commission."
|» Originally the company offered its common stockholders the
right to
subscribe to 442,434 of the 5% preferred shares, which were
underwritten
hearing,
This
8,635
253,674
10,728,232
19,611,533
which
prompted
than 441-line pictures, but the FCC has not acted upon it.
more
present 441-line set adopted
standard by the R. M. A.
An official at RCA said that RCA had experimented in the
past with
transmission of more than 441-lines pictures, but said
he was not sure
Net income for the year
Dividends on preferred stock
Dividends on common stock
1,733,747
f
Since that
different
sort of broadcast could not be received on the
423,218
459,252
Custs.' deposits.
120,375
Int. & taxes accr
1,811,782
Other curr. liabs.
8,053
Deferred credits
222,266
Reserves
12,233,906
-V. 150, P. 1946.
to
a
receive transmission from 441 lines
Raymond Concrete Pile Co.—Earnings—
840,039
payable.
Earned surplus
the underwriters
can
up to 800. However, only 441 transmission is now in operation. Mr. Dumont
has applied for a permit to erect a transmitter in New York which
would
send
bks., due with¬
in one year...
Accts.
Surplus
Capital surplus.
Total
sold it would be difficult to sell
Notes payable to
^ receivable
Accts. receiv'le.
Mat'ls & suppl's
Deferred debits.
Common
1938
$
Preferred stock.
► investments..128,233,614
Cash
1,657,698
Special deposits.
1939
Liabilities—
were
The Dumont set is variable and
550,000
$977,723
1,583,970
Balance.
Assets—
If 100,000 of the other sets
sort of transmission."
$1,527,723
$1,615,973
1,583,970
-
Plant
Corp., and the Philco Radio & Television Corp. opposed it. When asked if
the selling of a good many 441-line sets would retard his own
research, as
intimated by the FCC in its criticism of the RCA selling
campaign, Mr.
Dumont said:
"Why spend a lot of money on something you can't use?
as
550,000
Balance
Preferred dividends requirements
were divided in their opinion of the suspension
permitting limited commercial operation of television by the
Communications
Dumont Laboratories, of Passaic,
N. J., who is experimenting with 800-line transmission, said that "certain
people" want to standardize television at 441 lines because it "fits into their
$5,369,899
3,842,177
Balance
Upheld and Opposed Over Suspension of Television—
order
stand and opposed standardization.
Allen B. Dumont, President of the
$5,533,464
Drl63,564
$575,399
294,838
an eye to television's potential usefulness to the
the goals which the Commission deems the public interest
Commission.
Set manufacturers making the
standard 441-line receiver developed by the Radio Corp. of America said
that television was ready to be tried commercially, while research com¬
panies working on transmission of more than 441 lines favored the FCC
1939—Month—1938
1939—12 Mos.—1938
$1,433,617
$1,439,424 $16,361,830 $15,793,069
494,355
•
476,462
5,637,776
5,498,675
85,975
100,100
974,126
1,103,099
113,117
122,937
1,381,323
1,469,781
154,291
186,873
2,319,319
2,188,049
$553,052
Dr3,891
an
Federal
1292.
$585,878
Drl0,479
It is, therefore, of greater importance that the task be done
are
require.
FCC Is
Puget Sound Power & Light Co. (& Subs.)—Earnings
Period End. Dec. 31—
These
Television manufacturers
of
be made at least five months after receipt of
moneys by the trustees.
Jersey City, Hoboken & Paterson Street Ry. 4s and New
Jersey & Hudson
River Ry. & Ferry 4s and other
underlying bonds of the system will remain
p.
public.
thoroughly and with
to
150,
1940
30,
public, but
may react in the crystalizing of transmission standards at present levels.
Moreover, the possibility of one manufacturer gaining an unfair advantage
over competitors may cause them to abandon the further research
and
experimentation which is in the public interest and may result in crowding
Each share of Rapid Transit Street Ry. dividend 11
%% will be ex¬
changed for: $100 Public Service Coordinated Transport first and
refunding
6% bond due Jan. 1, 1990, and $100 Public Service Coordinated
Transport
first and refunding 5% % bond due Jan.
1, 1990.
Under the indenture of the Public Service Coordinated
Transport first and
refunding mortgage bonds, a purchase fund has been created under which,
on April 1 in each
year, beginning April 1, 1942, a sum equal to $500,000
out of the conslidated net earnings of
Transport and its subsidiaries for the
preceding calendar year remaining after all operating expenses, rentals,
interest charges, taxes, depreciation, and retirement
expense will be set
aside for the purchase of the bonds.
If in any year the amount remaining
after the above charges does not equal $500,000, the full amount
remaining
after said charges will
apply to the purchase fund. There will be approxim¬
ately $15,953,000 of new bonds outstanding of which $7,203,000 will be
in the hands of the public. The balance will be owned
by the Public Service
Corp. who agrees not to offer bonds for retirement under the purchase fund
plan at less than 100 and accrued interest.
Offering by the corporation is
undisturbed.—V.
March
Promotional activities directed to the sale of receivers not only intensifies
the danger of these instruments being left on the hands of the
oper.
Equipment
1940—Month—1939
1940—2 Mos.—1939
$4,725,269
$4,067,999 $10,275,651
$8,730,985
3,599,451
3,056,330
7,323,991
6,344,349
$1,125,818
294,553
$1,011,663
265,654
$2,951,660
809,567
$2,386,636
637,176
$831,265
Drl05,020
Cr4,685
$746,009
Dr33,418
Dr633
$2,142,093
Dr234,989
Cr6,700
$1,749,460
Dr73,114
Crl,950
$730,930
$711,958
$1,913,804
$1,678,296
income.
(net)__
rents
Joint facility rents (net)
_
Net ry. oper. income.
—V. 150, p. 1453.
Reed Drug
Co.—Earnings—
Earnings for
Year Ended Dec.
31,
1939
Sales.
$2,264,182
1,642,903
Cost of sales
Gross profit
Selling and administrative
Provision for income taxes
$621,279
489,274
27,688
expense
Net profit for year
on class A
Dividends
Dividends
Earnings
on
per
$104,317
21,799
48,914
$0.71
common
common
share
Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand, $116,965; inventories,
$251,081;
other assets, $2,947; fixed assets, (less reserve for depreciation of
$19,811),
$29,514; deferred charges,
$798; total,
$401,305.
Liabilities—Accounts payable, $54,499; State and Federal taxes
payable,
$11,282- provision for 1939 income taxes, $27,688; class A convertible stock
(par $1), $64,750: common stock (115,250 no par shares), $11,525; paid-in
surplus. $152,673; surplus from operations, $78,888; total, $401,305.—
V. 150, p. 1785.
Rheem
Manufacturing Co.—Stock Sold—Allen & Co.,
it
was announced March 28, have distributed
block of 5,000 shares of common stock (par $1).
ing does not constitute
new
financing.—V. 150,
privately
p.
Richmond Fredericksburg & Potomac RR.—
February—
Gross from railway
Net from
railway
oper. income
Net ry.
From Jan. 1—
Gross from
railway
Net from railway
Net ry. oper. income
—V. 150, p. 1453, 852.
1940
1939
1938
$876,603
279,990
141,660
$753,209
207,849
79,106
$685,966
1,763,551
541,457
226,643
1,506,462
402,999
153,887
1,395,832
259,962
58,241
129,302
25,147
a
The offer¬
1613.
-Earnings
1937
$811,620
242,015
109,455
1,647,301
508,154
242,508
Volume
The Commercial & Financial Chronicle
ISO
St. Lawrence Corp.,
(Daniel) Reeves, Inc.—Earnings—
Directors have declared
Earnings for Year Ended Dec. 31. 1939
Net sales.
$21,878,674
16,240,457
Cost of sales
$5,638,217
4,690,094
81,397
Taxes
309,365
•
150,707
Depreciation and amortization
Net operating profit
Miscellaneous charges (net)
Provision for Federal income tax
$406,653
2,359
72,453
1
$331,841
88,607
99,602
Net income.
Preferred dividends
paid In cash
Paid in 6 H % cumulative preferred stock (504 shares)
Earnings
per common
of 50 cents
banks and
on
hand,
$236,713; inventory, $1,915,816; prepaid expenses, $160,678; investments
(at cost), $2,670; balances in closed banks (less reserve of $1,343), $10,258;
(less reserve for depreciation of $1,148,743), $1,056,296; good¬
will, $300,000; total, $4,949,046.
Liabilities—Accounts
payable and miscellaneous
accrued liabilities,
$550,784; provision for Federal income tax, $71,114; other taxes payable or
accrued, $67,124; 6M% cumulative preferred stock (par $100), $1,363,400;
common stock (300,000 no par shares), $300,000; paid-in surplus, $441,258;
earned surplus, $2,155,364; total, $4,949,056.—V. 149, p. 744.
Republic Aviation Corp.—Final Dividend—
Directors have declared a final dividend of 26 cents per share on the first
preferred stock, series A, payable April 5.
Stock has been called for
redemption.—V. 150, p. 1947.
an
Earnings for the Year Ended Dec. 31, 1939
extra dividend of five cents per
share on the
stock, payable April 1 to holders of record March 20.
Regular
quarterly dividend of 10 cents per share, previously declared, also bears
the above dates.—V. 150, p. 852.
Rochester
The
common
no par,
has been removed from unlisted trading by
York Curb Exchange.
The dissolution of the corporation will
become effective April 3, 1940 and the stock transfer books of the corporation
were closed at the close of business on March 25, 1940.—V. 150, p. 1453.
New
Rochester
1940—Month—1939
$429,400
1940—2 Mos —1939
$863,890
$911,701
1,931
2,032
revenues
Operating revenues
Uncollectible oper. rev.-
$450,198
1,012
966
Operating revenues
Operating expenses
$449,186
306,809
$428,434
293,204
$909,669
620.025
$861,959
595,702
Net oper. revenues
$142,377
62,011
$135,230
58,760
$289,644
124,014
$266,257
117,568
Operating taxes
Net oper. income
$76,470
50,840
$80,366
53,549
Net income
$148,689
97,657
$165,630
111,815
—V. 150, p. 1786.
Rutland RR.— Earnings—
1940
Net ry. oper. income.
From Jan. 1—
-
Gross from railway
Net from railway
Net ry. oper. income.
-
1938
1937
$234,837
defl9,315
def43,169
$197,914
def53,506
def82,478
$272,027
20,285
3,990
532,527
43,581
def 1,226
-
1939
$251,251
15,869
def6,832
February—
Gross from railway
Net from railway
495,271
423,003
def 17,481
def 111,206
67,109
defl70,751
549,372
26,801
def 6,292
—V. 150, p. 1948.
St. Louis Brownsville & Mexico Ry.
1940
$776,872
348,532
February—
Gross from railway
Net from railway
-
1,548,705
668,743
478,880
Gross from railway
Net from railway
Net ry. oper. income
—V.
150,
p.
'
-Earnings—
1937
1938
1939
$784,947
389,676
285,565
Net ry. oper. income.249,254
From Jan. 1—
$725,775
318,544
211,588
$919,526
455,651
335,259
1,548,716
735,863
529,444
1,596,166
710,101
492,748
1,707,995
813,364
569,590
1454.
St. Louis San Francisco
Ry.—Earnings of System-
1940—Month—1939
Period End. Feb. 29-
Operating revenues
Operating expenses
Net ry. oper. income...
$3,485,208
3,194,009
$3,276,355
3,064,595
def37,035
def90,501
11,811
14,611
Other income
acquired subsequent
36,508
69,148
-
Provision for Canadian exchange fluctuations
Provision for income and other taxes.
63,095
Net profit
Earned surplus as at Jan. 1, 1939
.
Adjustments applicable to prior years (net)
$341,535
1,078,327
15,328
$1,435,191
329,091
Total surplus
Earned surplus as at Dec. 31, 1939.
Earnings
1940—2 Mos.—1939
$7,458,951
6,661,606
159,465
27,737
per common
$1,106,100
$3.63
share
Comprised of the accounts of the Safety Car Heating & Lighting Co., a
New Jersey corporation, for the period from Jan. 1, 1939, to Sept. 15, 1939,
and the accounts of the Safety Car Heating & Lighting Co., Inc., a Dela¬
ware corporation, for the balance of the year.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash,
counts
receivable
$1,472,317; short-term discount notes, $1,744,321; ac¬
(less reserve), $571,397; agents' balances, $9,380; in
ventories, $998,029; instalment accounts receivable, $898,716; fixed assets
(less reserve for depreciation of $3,109,058), $524,690; miscellaneous in¬
vestments, $1,001,319; other assets, $21,860; total, $7,242,030.
Liabilities—Accounts payable, $92,321; reserve for taxes, $90,682; re¬
for contingencies, $552,956; unrealized profit on instalment sales
$559,379; capital stock (par $50), $4,700,900; capital surplus,
$139,691; earned surplus, $1,106,100; total, $7,242,030.—V. 150, p. 1005
serve
Safeway Stores, Inc.—Sales—
Company reports for the four weeks ended March 16, 1940,
$30,431,270, compared with sales of $28,661,363 for the same
$6,849,462
6,358,819
def176,059
23,484
sales of
period a
For the 12 weeks ended March 16, 1940,
sales were $87,510,186, an increase of 6.49% over sales of $82,176,458
reported for the corresponding period in 1939.
Stores in operation for the 1940 period were 2,814, as against 3,048 a
year earlier.—V. 150, p. 1948.
increase of 6.18%.
Samson United
Telephone Corp.—Earnings—
Period End. Feb. 29—
42,727
Provision for depreciation on fixed assets
to Dec. 31, 1933
year ago, an
Capital Corp.—Unlisted Trading—
stock,
$553,013
Profit from operations and other income
Obsolete material written off
common
the
Dec. 15, 1938.—V. 149, p. 3420.
on
contracts,
Markets, Inc.—Extra Dividend—
Directors have declared
paid
$1,266,615; accounts receivable,
fixed assets
Roberts Public
was
Dividends paid—$3.50 per share
Balance Sheet Dec. 31, 1939
in
Assets—Cash
on
Safety Car Heating & Lighting Co., Inc. (& Subs.)—
50,400
$0.81
share
Ltd.—Accumulated Dividend—
dividend of 20 cents per share on account of ac¬
a
the 4% cumulative class A stock, par $50, payable April 15
to holders of record March 30.
Dividend of $1 was paid on Dec. 1 last, and
cumulations
one
Gross profit
Distribution, selling, warehouse and general expenses
Maintenance and repairs.
Common dividends
2115
Corp.—Options Granted—
Company has notified the New York Curb Exchange of the granting of
eight options to purchase an aggregate of 125,000 unissued shares common
stock at $1 per share for a period of five years from Feb. 24, 1940.
These
options are in addition to options previously in effect to purchase an aggre¬
gate of 103,000 unissued shares at $6 per share, expiring March 5, 1942,
a portion of which options have previously been reported in the corpora¬
tion's original listing application dated March 22, 1937.—VI148, p. 1492.
San Antonio Uvalde & Gulf
February—
railway
Net from railway
Gross from
Net ry. oper. income
From Jan. 1—
1937
$124,028
29,981
def2,961
1939
$109,557
11,395
def20,464
1938
$96,391
defl7,636
def50,684
212,121
16,789
236,102
29,803
def38,612
def25,496
67,490
def94,845
defl,702
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 1454.
RR.—Earnings—
1940
$108,355
14,833
def17,792
def48,445
Santa Cruz Mining
197,327
250,005
Co.—Promoters Indicted—
of Justice and the Securities and Exchange Commission
Federal Grand Jury at Chicago returned an
indictment charging Harry J. Mallen with violations of the fraud section of
the Securities Act of 1933 and the Mail Fraud Statute in connection with
the sale of the capital stock of the Santa Cruz Mining Co.
Mallen was
apprehended in Albuquerque, N. M., and placed under $7,500 bond.
The defendant represented, the indictment alleged, that the company,
if properly financed, would develop into an interprise which would provide
ample dividends for the stockholders and that the shares would increase in
value substantially.
These representations, it was charged, were false,
since the defendant at all times intended to and did misappropriate the funds
received from the sale of the stock.
The indictment also charged that the
defendant had falsely represented to prospective investors that he had made
a full accounting to the directors of the company of all the funds obtained
by him from the sale of the stock.
The Department
March 25 reported that the
Schenley Distillers Corp.—Annual Report—Bank Loans
Reduced—Company Says Domestic Industry Not Overstocked—
Net profit of the corporation for 1939 increased to $4,129,080, after all
charges including depreciation, Federal and State taxes, it is announced
After deducting $953,425 paid during the year on the
5H% cumulative preferred stock, net income was equivalent to $2.52 a
on
1,260,000 shares of common stock outstanding and compares
with $4,050,173 net profit in 1938, which, after preferred dividends, was
equal to $2.44 a common share.
Net sales for 1939 increased by $3,662,753 over the previous year, and
totaled $73,867,529, according to the report.
Bank Loans Reduced—Financial position of the company was strengthened
in the annual report.
share
def$22,423
9,063
Total income
Other
deductions
Bal. avail, for int., &c.
def$78,691
def$31,486
def$87,471
8,779
$187,203
16,847
def$152,575
15,229
$170,356 def$167,804
Earnings of Company Only
1937
$4,017,304
718,640
def56,655
1938
$3,034,771
def12,690
def391,734
6,562,872
469,952
6,424,677
74,715
defl21,812
def675,362
8,097,707
1,394,492
648,309
1940
$3,333,722
276,043
1939
$3,146,944
209,794
Net ry. oper. income...
From Jan. 1—
defl6,783
Gross from railway
Net from railway
7,162,771
782,331
217,936
February—
Gross from railway
Net from railway.
Net ry. oper. income.._
—V. 150, p. 1948.
355,383
and retirement of preferred
date of the report, March 11,
$14,500,000, compared with $20,500,000 a
year earlier. It was reported that 2,800 shares of preferred stock have been
retired at a cost of $209,847, in compliance with the certificate of incorpo¬
ration.
The net asset value per share of common stock, including the de¬
preciated value of fixed assets, was given as $32.92, compared with $30.33
during the year by reduction of bank loans
stock out of earnings, the report notes. On the
1940, bank loans were down to
a
year ago.
credit agreement was entered into with
banks as formerly, making available to the company at
option $27,000,000 of bank credit for a period of five years, ending
Jstxi
4f 1945«
^
Domestic Industry Not Overstocked—In addition to the usual certificate of
According to the report, a bank
the same group of
its
St. Louis San Francisco & Texas Ry.—Earnings—
•
Net from
Gross from
$112,703
3,186
def30,240
6,305
def31,205
210,743
840
railway
Net from railway
228,030
22,175
def49,690
222,504
3,566
def75,152
def66,535
income
1937
1938
$103,054
2,621
def30,503
railway
Net ry. oper. income..
From Jan. 1—
Net ry. oper.
1939
1940
$103,461
February—
Gross from railway
$104,207
7,783
def35,245
189,919
def 13,534
def98,910
—V. 150, P. 1454.
St. Louis Southwestern
Period Ended Feb. 29—
Railway oper. revenues.
Railway oper. expenses.
Net revenue from
Ry. Lines- -Earnings—
1940—Month—1939
$1,606,465 $1,426,832
1,060,716
1,179,889
1940—2 Mos.—1939
$3,199,745
2,222,635
$2,944,205
2,375,998
rail¬
$545,749
109,654
$246,942
Railway tax accruals—
106,498
$977,109
219,923
$568,207
214,598
Ry. oper. income
Other ry. oper. income..
$436,094
26,530
$140,444
$757,136
$353,609
26,515
51,601
57,975
income
Deduction from railway
operating income
$462,624
$166,960
$808,787
$411,585
156.118
171,559
319,795
341,639
income.
Non-operating income..
$306,506
7,310
x$5,599
8,198
$488,992
$69,945
16,598
$313,816
261,993
$3,598
259,405
$504,656
529,451
$86,543
inc.
$51,823
x$255,807
x$24,795
x$443,610
way
operations
Total ry. oper.
Net ry. oper.
Deduc'ns from gross
Net income
x
Loss
or
deficit.—V. 150. p. 1454.
15,664
530,153
independent certified accountants, the company again had its inventories
certified by Coverdale & Colpitts, Consulting Engineers.
The company's investment in inventory at the end of 1939 was sub¬
stantially the same as at the end of 1938, according to the report.
•*As regards the inventory situation in the domestic distilling industry
generally," Lewis S. Rosenstiel, Chairman, and Lester E. Jacobi, President,
"and although we recognize that in relation to age requirements,
production in past years has not always been ideal, we are not in agree¬
ment with the feeling sometimes expressed that the industry is overstocked.
As a matter of fact, domestic inventories are only about five-and-a-half
times the current annual withdrawals, while in England and Scotland
inventories are about nine times their current withdrawals."
Rap "One-Day" Whiskey—In discussing the market situation with respect
to the ages of whiskies, Messrs. Rosenstiel and Jacobi scored the sale of
"one-day" whiskey, and commended the recommendation of E. S. Alexan¬
der, Federal Alcohol Administrator, that Congress study legislation to
restrict the sale of immature whiskey.
"In the interests of the consuming public, as well as the industry,
the
report states, "legislation should be enacted to stop the sale of 'one-day'
and other immature whiskey."
At the same time, the Schenley officials pointed to the ruling in the
United States which requires tax payment on bonded whiskey when it
reaches the age of eight years, characterizing it as a restriction which makes
it difficult for domestic distillers to compete with foreign producers in the
sale of whiskies over eight years old.
Dating the domestic industry from 1933, the report points out, it has
not been possible to build up stocks of eight, 10 and 12 years-old whiskies
and this is given as one of the reasons why a large share of the present
luxury market, particularly in the older ages, is going to foreign producers.
Distilled Spirits Institute—8chenley's relation to the Distilled Spirits
Institute is outlined in the report, in a statement declaring:
"Your management wishes to take this opportunity to make clear to its
stockholders its position with respect to the Distilled Spriits Institute, of
said,
....
The Commercial & Financial Chronicle
2116
which the company has been a member for the past six years.
During this
time we have frequently expressed the hope, and worked toward the ob¬
Liabilities—Accounts
there might be created a forum in which, by democratic pro¬
the industry as a whole could evolve a program of activities in the
$73,111;
payable,
accrued
accounts,
$251,043;
for rebuilding furnaces, $9,434; notes payable to the estate of John
Scullin, deceased, $317,456; mortgage convertible sinking fund bonds,
$3,052,500; 5% preferred convertible (par $50), $1,497,000; common stock
public and the industry. Frankly, this hope has not as
yet been realized.
It has been our position that a program of this kind
should, among other things, keep alive in the minds of all connected with
the industry its awareness of its social obligations and its desire to see that
fulfilled; that it should aid in the elimination of illicit distillation
and sale; that it should encourage the development of wise taxation, licensing
and regulatory structures locally, State-wide and nationally; and that it
should include steps designed to further the legitimate trade activities of the
industry.
"Such a program is the goal of your management because it is our con¬
viction that, properly conceived and carried forward, it would increase
public appreciation of the industry's attitude, its methods of operation,
and its contributions to our national economy. This would have beneficial
results to distillers and to the industry generally, of course.
At the same
time, however, we must not overlook the benefits that concrete demon¬
stration by the Industry of its sense of responsibility would bring to the
thousands whose livelihood is dependent upon this industry; to the farmers
of the country through the assurance to them of steady purchases of their
agricultural products; to consumers through protection of the purity and
quality of beverages; and to retailers and. distributors through increased
1940
reserve
beet interests of the
they
30,
depreciation of $1,807,698), $6,141,858; deferred charges, $24,013;
total, $8,806,021.
jective, that
cesses,
for
serves
March
(136,000
share), $2,671,081; surplus, $1,007,519; total, $8,806,021.
no par
—V. 150, p. 1948.
are
Attainment of these objectives merits the attention of
public confidence.
the entire industry and will continue to receive the most earnest consider¬
ation of your management."
Seaboard Air Line Ry.—Earnings—
Net ry. oper. income
From Jan. 1—
Gross from railway
1938
1939
loss returns
an
and discounts-.$73,867,529
ances
Gross profit on
Other income-
1937
1936
56,314,625
$70,204,775 $83,899,301 $82,220,448
53,291,186
60,737,258
60,563,578
7,899,742
2,045,626
1,066,530
.
Stockholders will be asked at their annual meeting on April 29 to approve
issue of 125,000 capital shares, or any part thereof, which the directors
offer to employees of the company and its subsidiaries for purchase at
share except that not over 10% of the total number of shares provided
may
$60
a
for may be allotted to officers and directors, and no
June 30
Stockholders
9/llow**
Cost of goods sold
1787.
p.
7,180,580
1,305,755
310,403
Sears, Roebuck & Co.—To Offer Shares to Employees—
Consolidated Income Account for Calendar Years
Scilcs
150,
1937
$3,870,357
986,340
499,848
7,851,685
1,677,233
660,979
8.822,223
2,056,272
994,767
Net from railway
Net ry. oper. income
—V.
1939
1938
$3,807,477
$3,560,908
803,708
698,466
299,966,
208,892
1940
$4,247,041
965,976
456,457
February—
Gross from railway
Net from railway
so
shares may be offered
far have approved five stock purchase plans,
beginning
with
150,000 shares offered at $25 in 1933; 200,000 at $45 in April, 1936;
100,000 at $72 and 25,000 additional shares at $72 in November, 1936, and
50,000 at $45 in 1938. As of Jan. 31, an aggregate of 374,829 shares had
been
purchased and 139,796 are in course of purchase under these plans, and
10,375 will not be issued.—V. 150, p. 1613.
sales—$17,552,904 $16,913,590 $23,162,043 $21,656,871
470,484
269,137
581,079
220,903
Segal Lock & Hardware Co.—Receives Permit to Export
Arms—
Total
$18,023,388
$17,182,727 $23,743,122 $21,877,774
Sell., djstrib., advertis'g,
adra. & gen. expenses.
12,140,509
11,230,507
Total
$5,882,879
752,226
$5,952,220 $11,284,605 $10,458,501
802,503
1,518,701
335,152
12,458,517
11,419,273
Company announced on March 25 that Norwalk Lock Co., one of its
wholly-owned subsidiaries which has been equipping its plant at Norwalk,
Conn
for the manufacture of arms, ammunition and other implements of
war, has just received from the Department of State a certificate of reg¬
istration authorizing the sale and exportation of such military supplies.
The company already has on the market a hand grenade with a safety
control device which prevents premature detonation.—V. 147. p. 1502.
,
"-
Other charges
Prov. for extra compen¬
sation under plan ap¬
345,671
proved by stockh'rs—
Seton Leather
Prov. for Fed. inc., cap.
stock
&
profits
excess
Prov. for Fed. surtax
1,099,543
1,770,647
328,683
95,514
$7,320,903
15,125,350
$8,227,796
14,160,054
zCrl25,000
825,000
a6,562,500
Profit for year
$4,129,080
25,858,944
$4,050,173
17,696,878
xCr5711,267
953,425
969,375
630,000
Balance, Dec. 31
pref. divs__.
Common dividends
1938
$2,190,372
376,134
190,574
358,495
194,486
$185,559
Gross saies
on
Miscellaneous
cum.
1939
$2,642,800
$164,009
1,800,038
undistributed profits.
534 %
Co.—Errnings—
Earnings for the Years Ended Dec. 31
1,001,573
taxes
969", 375
3,780,000
Gross profit (after deduction of cost of goods sold)
Administrative expenses
_
Profit from operations
Other income
3,497
Other deductions
Balance, Dec. 31
Com. shs. out. (par $5).
Earnings per share
$29,034,598 $25,858,944 $17,696,878 $15,125,350
1,260,000
1,260,000
1,260,000
1,050,000
$2.52
$2.44
$5.04
$7.05
x Amount of reserves for Pennsylvania floor tax, less expenses
applicable
thereto, restored to surplus upon final court decision declaring the liquor
Reserve for Federal income taxes
Net income...
per
$172,078
12,391
29,852
$137,220
93.800
-
Dividends paid
Earnings
8,069
$189,056
21,388
30,449
Total income
share
$1.46
—
floor tax Act unconstitutional.
-
$129,836
75,120
$1.38
Balance Sheet Dec. 31, 1939
z Portion
of reserve for controverted claim of Commonwealth of Penn¬
sylvania restored to earned surplus, representing amounts approximately
equivalent to floor tax on merchandise sold and delivered to the Common¬
wealth in the period from Jah. 1, 1936 to March 3, 1936.
a $3,937,500
paid in cash and $2,625,000 paid in pref. stock at par.
reserves
Note—Depreciation provided during 1939 amounted to $821,186; 1938,
$783,355; 1937, $646,472 and 1936. $450,198.
reserve
Consolidated Balance Sheet Dec. 31
1939
Cash In bank
on
a
$
Inventories
Common stock
-.19,269,820 19,721,361
45,160,910 44,871,978
&
3,814,037
238,356
accr.
642,794
liabilities—
503,639
178,500
in¬
&c., taxes
vestments
484,426
596,656
dl9,782
791,420
938,090
mach., eq., &c_.15,947,597
16,459,342
Treasury stock
and
deferred charges
b Land, buildings,
c
962,389
current)
.19,750,000 23,500,000
1st mtge. on bldg.
in N. Y. City
Capital surplus
Earned surplus
1
1
84,559,211 85,862,181
e
1,117,975
Notes pay. (non-
182,500
Res. for conting's
Brands, tr.-marks,
goodwill, &c
Total
811,124
Treas.
stock
Total
84,559.211
85,862,181
a After reserve
for doubtful accounts, allowances, &c.t of $425,000 in
1939 and $250,000 In 1938. b After reserve for depreciation of $3,327,340 in
1939 and $2,514,673 in
1938.
c Unsecured
notes
payable to
banks
under bank credit agreement, due March, 1939, renewable at the
option of
the company to Jan. 26, 1942 (reduced to $20,500,000 since Jan.
1, 1939).
d 300 shares 5)4% cumulative preferred stock, at cost,
e Represented by
~00 shares of 5)4% preferred stock at cost.—V. 150, p. 1948.
Schlage
Lock Co.—Earnings—
Calendar Years—
1939
Earnings
per common
share
1938
$186,206
$2.87
Net earnings after all charges
$138,079
$2.11
Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand, $39,208; customers' notes and
counts receivable (less reserve of $12,365),
$197,167;
ac¬
sundry accounts re¬
ceivable, $6,215; inventories, $502,206; property, plant and equipment
(at cost, less reserve for depreciation of $366,992), $385,253; patents,
royalty rights and development expense (less amortization of $198,757),
$49,723; prepaid expenses, ctaalogs and advertising supplies, $23,634;
organization expenses (at cost), $21,487; total, $1,224,894.
Liabilities—Notes payable (bank), $15,000; mortgage note instalments,
$12,000; accounts payable and accrued expenses, $93,535; reserve for Fed¬
eral income taxes, $46,776;
mortgage note, $13,000; 7% cumulative pre
ferred stock (par $10), $33,300; common stock
(par $10), $641,659; capital
surplus, $111,880; earned surplus, $257,744; total, $1,224,894.—Y. 131,
p. 285.
Scullin Steel
Co.—Earnings—
Years Ended Dec. 31—
Net sales.
'
Cost of goods sold.
1939
1938
$1,687,133
1,156,631
$1,760,384
1,180,988
~
Gross profit.
Selling and general
expenses
Profit from oper. before prov. for depreciation..
Other income
Gross income before prov. for depreciation
Income charges
Provision for depreciation
ZJ.
Interest on mortgage bonds
Provision for additional interest on mtge bonds..
Provision for interest on notes payable
Net loss.
$530,502
254,316
$579,397
293,248
$276,186
116,689
$286,148
4,230
$392,875
7,767
216,928
91,598
76,582
8,792
$290,378
27,511
133,062
91,825
37,978
C.t8h'
$8,792
S9?0,1£?i, accounts receivable,
$828,108;
inventories,
$520,809; other assets, $371,105; land, buildings and equipment (less re¬
4
meeting of the board of directors held March 27, the five
150,
p.
1787.
Simpsons, Ltd.—Accumulated Dividend—
The directors have declared
a
dividend of $1.62 ^ per share on account of
of
April 20.
Dividend of $2.6214 was paid on Feb. 1 last;$1.25 on
Aug. 1 and on May 1, 1939; dividend of $2.25 was paid on Feb. 1,
1939; dividends of $1.25 were paid on Nov. 1, Aug. 1, and May 2, 1938; a
dividend of $2.25 was paid on Feb. 1, 1938, and a dividend of $1.25 was
accumulations
on
the 614% cum. pref. stock, payable May 1 to holders
record
Nov. 1,
paid
Nov. 1,1937 —V. 150,
on
p.
445.
Sioux Falls Gas Co.—Sale
The
Securities and
Approved—
Exchange Commission
on
March 26 approved the
sale of the assets of the company to Central Electric & Telephone Co.
Central U. S. Utilities Co., a registered holding company in the Asso¬
ciated
Gas
&
Electric
Co.
system,
filed
with
the
SEC
an
application,
of
pursuant to Section 10 (a) (2) of the Act, for the acquisition of the assets
Sioux
Falls
Gas
Co., an operating gas utility and a direct subsidiary of
Central U. S.; a second application, pursuant to Rule U-12D-1, promul¬
gated under the Act. for the approval of the sale of substantially all of said
assets to Central Electric & Telephone Co. for $1,400,000 in cash and 4,000
shares of 6% preferred stock ($50 par) of Central Electric; a third applica¬
tion, pursuant to Section 10 (a) (1) of the Act, concerning the acquisition
of said preferred stock of Central Electric; and a fourth application, pur¬
suant to Rule U-12D-1 promulgated under the Act, concerning the sale to
Loewi & Co. (investment bankers of Milwaukee, Wis.) of said 4,000 shares
of preferred stock of Central Electric for $160,000.
Sioux Falls,filed an
application, pursuant to Rule U-12F-1 promulgated under the Public
Utility Holding Company Act, of 1935, concrening the sale by it of all
assets to Central U. S. in consideration of the assumption by Central U. S.
of all of the liabilities of Sioux Falls, cancellation of an open account running
from Sioux Falls to Central U. S. in the amount of .'>873,823 (as.of Sept. 30,
1939), and the return to Sioux Falls for cancellation of all of its capital
stock.
*
Central U.
S. will receive from Central Electric $1,400,000 in cash less
the difference between liabilities assumed and assets other than fixed capital
transferred, estimated to be $27,268, or a net of $1,372,732.
In addition,
Central U. S. will receive $160,006 from Loewi & Co., representing the pro¬
ceeds from the sale of 4,000 shares of Central Electric ($50 par) 6 % preferred
stock.
Having acquired $17,471 in cash from Sioux Falls Gas Co. when it
acquired that company's assets, the estimated cash proceeds to Central
U. S. will amount to $1,550,203.
Central U.S. plans to use the proceeds to be realized from this sale either
to pay on account of an indebtedness to Associated Electric Co. (this ac¬
count bearing 6% interest stood in the aggregate amount of $1,779,315 as
at Sept. 30, 1939) or to advance it to Pennsylvania Electric Co., an oper¬
ating subsidiary of Central U. S., to enable that company to provide
additional power plant facilities.
The five applications under consideration are but steps in a transaction
looking to the sale of a gas property geographically removed from other
properties in the Associated System, the elimination of the company owning
such
property from the corporate structure of the holding company system,
and the
Balance Sheet Dec. 31, 1939
• e™
annua*
elected.—V.
6,063,019
29,034,599 25,858,944
Dr. 14,040
depreciation of $230,167), $203,905; total, $1,399,340.
(Frank G.) Shattuck Co.—New Director—
At the
250,000
6,148,937
for
present directors were re-elected and an additional director, Mr. Alan R.
Morse, President of the United States Trust Co., Boston, Mass., was
242,344
Res've for Federal,
receivable (less reserves), $332,864;
policies, $79,667; merchandise in¬
$14,299; loans to officers and em¬
insurance
$569,199; notes receivable,
ployment taxes, $6,094; reserve for capital stock tax payable 1940, $1,740;
common stock
(93,800 no par share), $469,000; capital surplus, $6,120:
surplus, $623,682; total, $1,399,340.—V. 149, p. 3728
Sundry taxes pay¬
178,500
able & accrued__
ties
exps.
3,434,479
Accts. payable and
Marketable securi¬
Miscellaneous
476,796
accounts
of life
Liabilities—Accounts payable, $62,254; notes payable (bank), $200,000;
for Federal taxes, $30,449; reserve for social security and unem¬
6,300,000
347,138
Divs. payable
Robbins,
Inc
Prepaid
6,300,000
payable
Rec. from McKes¬
son
$
value
ployees, $2,250; investments, $71,628; land, building and equipment (less
Notes & accept'ces
acc'ts
receivable
1938
$
surrender
ventories,
534 % pref. stock-.17,335,000 17,625,000
2,572,833
2,736,537
&
1939
Liabilities—
and
hand
Notes
1938
$
Assets—
$125,527;
Assets—Cash,
cash
receipt of the consideration from such sale by Central U. S., the
Earent of the companyoperating companysale, it should be carefully noted,
to
eliminated. This which is not a subsidiary of a
non-affiliated
i
a
registered holding company and which therefore does not require our ap¬
proval in order to make the acquisition involved herein.
The interest of
neither investors nor consumers is affected by the intra-system transactions.
The substantial question presented is whether the sale of the assets of Sioux
Falls by Central U. S., for a total consideration of $1,560,000, complies
with the standards of Rule U-12D-1, which requires that the Commission
shall approve an application filed pursuant thereto if it finds that the terms
and conditions with respect to the consideration to be received, maintenance
of competitive conditions, fees and commissions, accounts, disclosure of
interest, and similar matters are not detrimental to the public interest or
the interests of investors
provisions of the Act
or
and will not tend to circumvent the
rules thereunder.
Upon the record as pre-
or consumers,
any
Volume
reserving tbe
sented, we make such findings subject to certain conditions,
question above discussed of the fees to be paid to the firm of Travis, Brownback & Paxson.—V. 136, p. 2799.
Southern California Edison Co.,
Ltd.—Registrar—
Company has notified the New York Stock Exchange of the appoint¬
ment of Manufacturers Trust Co. as registrar of the common stock of the
company in lieu of Chemical Bank & Trust Co., effective as of May 1,
1940.—V. 150, p. 1787.
Southern New England Telephone
& Electric Co,—Weekly Output—
the Standard
1940, totaled
122,683,364 kilowatt-hours, an increase of 15.8% compared with the
corresponding week last year.—V. 150, p. 1951.
Standard
Uncollectible oper. rev._
$1,479,568
4,000
1940—2 Mos.—1939
$3,215,776
$2,998,318
6,000
8,500
Operating revenues
Operating expenses
$1,594,842
1,104,322
$1,475,568
1,037,895
$3,209,776
2,241,54 1
$2,989,818
2,106,482
$490,520
145,070
$437,673
128,670
$968,235
290,303
$883,336
260,579
$345,450
271,905
$309,003
235,165
$677,932
530,080
_.
_
1940—Month—1939
Net oper. revenues.
Operating taxes
Net oper. income
Net income.
_
—V.
Net ry. oper. income.
From Jan. 1—
Southern Pacific Co.-
Net ry. oper. income.
—V. 150, p. 1457.
__
Gross from railway
22,086,117
3,951,606
568,739
24,841,866
5,182,725
1,494,006
Net from railway
Net ry. oper. income
21,067,062
9
970
M7
defl!218i538
27,258,159
6,597,019
3,390,600
February—
Net from railway
Net ry. oper. income
41,580
26,741
$526,808
def28,771
def45,195
$678,789
36,367
def5,920
1,109,211
63,238
34,100
1,034,208
def95,728
def!26,778
1,391,574
115,247
63,912
Directors have declared
$8,123,992
2,222,193
1,334,759
1939
$7,094,726
1,766,423
872,566
16,826,288
4,635,771
2,694,570
February—
railway
15,095,967
4,137,721
2,243,151
1940
Gross from
on
*
Net railway operating income
Note—Includes Northern Alabama Ry.
Jan. 1 to March 21
1939
1940
$2,497,733 $30,038,286 $27,688,367
(est.)
$2,562,949
Balance
Sheet Items—
monthly report of selected balance sheet items for the month of
January, 1939, as published in our "Earnings Record," has been corrected
in certain respects.
The corrected figures follow:
Balance Sheet Items as
of Jan. 31, 1939
&c.,
ated companies
$246,707
Traffic
$7,290,170
391,770
Special deposits
and
ances
car
$5,988,124
months
six
affili¬
Cash
service
and
ances
car-service
bal¬
payable
Audited accts. & wages pay'le
Miscell. accounts payable
bal¬
receivable
1,813,168
$2,263,274
7,557,381
1,745,660
170,763
Interest matured unpaid
Dividends matured unpaid..
2,866
832,427
Unmatured interest accrued.
3,084,107
Mi8cell. accounts receivable.
3,453,014
Unmatured rents accrued....
357,703
Materials and supplies
4,793,567
Other current liabilities
445,049
Net
balance
receivable
from
agents and conductors
Interest & divs. receivable...
Rents
701,397
receivable
2,670
Other current assets
46,342
Total current llablllties--.$15,626,803
Tax liability—
U. 8. Government taxes...
Total current assets
$19,324,525
391,445
Other than U. 8. Govt .tax.
962.093
—V. 150, p. 1951.
Operating
and Amory Coolidge were elected directors
revenues
Uncollec. oper. rer
held March 20, succeeding E. W.
149, p. 4186.
Co.—Accumulated Div.—
50 cents per share on account
no par value, payable
April 1 to holders of record March 25. A like amount was paid on Dec. 28,
Oct. 2, July 1, and April 1, 1939, Dec. 23, July 1, and April 1, 1938, and
compares with $1.75 paid on Dec. 29, 1937; 75 cents paid on Oct. 1, July 1
and April 1, 1937, and $1 on Jan. 4, 1937.—V. 149, p. 4186.
The directors have declared a dividend of
of accumulations
on
the
$4 cum.
2d pref. stock,
Issue Additional Stock—
18 a resolution was adopted
offering of 43,050 shares of common stock to holders
of common stock for pro rata subscription by them
the price of $22 per share, in the ratio of 3-20ths of one share for each
a
meeting of the directors held March
which provides for the
of outstanding shares
at
share of common stock held.
A
registration statement covering the new shares will be filed in due
with the Securities and Exchange Commission under the Securities
Act of 1933, as amended.
Subject to the registration statement becoming
effective, the holders of common stock of record as of a date to be hereafter
fixed will be given the right to
subscribe for shares of such stock at the
Application will be made to list the shares of common stock on the New
York Stock Exchange and to obtain trading privileges thereon in respect
of the subscription rights.—V. 150, p. 1007.
Ry.-
Telephone Co.—Earnings—
1940—Month—1939
$115,057
$104,784
300
250
1940—2 Mos.—1939
$231,021
$211,253
600
500
Earnings—
1939
1940
FebruaryGross from
$218,028
55,307
22,805
$177,885
29,378
462,755
$207,507
54,012
29,153
364,525
72,831
15,376
409,332
106,191
58,683
84,928
26,588
1,782
1937
1938
$170,166
25,936
def2,417
384,463
133,224
63,646
railway
Net from railway
Net ry. oper. income
1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 150, p. 145/.
Texas Gulf Producing
Co.—Common Dividend—
Directors have declared dividend of
10 cents per share on the common
value, payable June 15 to holders of record May 17.
Like
amount was paid on Dec. 15 and June 15, 1939 and compares with 15 cents
paid on Dec. 15,1938; 10 cents paid on Dec. 23, 1937 and an initial dividend
of five cents paid on Dec. 15, 1936.—V. 150, p. 1617.
stock,
no
par
—Earning s-
Texas Mexican Ry.
1940
Net from railway
...
1938
1937
$70,317
7,890
railway
1939
$62,701
February—
Gross from
118.864
$102,747
25,334
15,354
$111,269
32,752
16,141
192,118
27,685
4,518
224,929
defl ,384
3,527
132,755
132,958
Net from railway
19.102
Net ry. pper. income
The monthly balance
def517
10,257
def6,959
Net ry. oper. income
FromJan. 1—
Gross from railway
Southwestern Associated
Period End. Feb. 29—
dividend of $3.50 paid
Co.—New Directors—
Submarine Signal
From Jan.
Liability Items—
Funded debt maturing within
Asset Items—
of
payable April 15 to holders
Dec. 27, last and compares
Oct. 16 and on July 15, last and a
April 1,1939.—V. 150, p. 137.
Tennessee Central
The
Traffic
dividend of $1.50 per share on account of ac¬
a
price and at the rate above stated.
—3rd Week of March
1940
1939
bonds,
446.
course
Gross from railway.
Net from railway
those
25, R. S. Donnelly
of F. E. Parry, de¬
p.
Co.—Accumulated Dividend—
Sutherland Paper Co .—To
i
150,
on the 6 % cumulative prefererd stock
of record of March 22.
Like amount was paid on
At
Ry.—Earnings—
Net from railway
Net railway operating income
From Jan. 1—•
stocks,
All other directors were reelected.—V.
cumulation
—V. 150. p. 1456.
than
258,234
26
def58,665
Suburban Electric Securities
$562,477
1,505,310
168,511
122,216
From Jan. 1—
Gross from railway
in
236,451
defl0,257
def77,532
(A.) Stein & Co.—New Director—
1937
1938
1939
1940
$725,371
64,151
41,271
Gross from railway
Net from railway
Net ry. oper. income
other
262,135
3,148
def69,370
of this company at the annual meeting
Smith and the late Philip Stockton.—V.
Southern Pacific SS. Lines- —Earnings—
Inv.
252,354
8,045
def60,449
..
Charles Francis Adams Jr.,
—V. 150, p. 1949.
Corrected
$131,936
4,191
def25,433
with $2.50 paid on
1—
Gross earnings
$114,765
def5,365
def39,343
Strathmore Paper
$9,929,141 $12,983,482
3,023,828
990,719
1,367,955
def798.907
$11,920,559 $10,352,312
1,662,553
2,389,683
def40,029
534,872
1937
$124,661
def 1,102
def36,205
At the annual meeting of stockholders held March
elected a director to fill vacancy caused by death
1937
1938
1939
the
3390.
def29,985
..
Gross from railway.
Net from railway
Earnings-
1940
on
presentation
1938
1939
1940
$119,787
1,470
_.
was
February—
Gross from railway
Net from railway
Net ry. oper. income.
Southern
final distribution
that a
Rapid Transit Ry.—Earnings—
Staten Island
February—
ceased.
From Jan.
announced
Co.
Trust
Gross from railway.
Net from railway
476,985
1614.
150. p.
Distribution Available—
Stark Electric RR. Co.—Final
Manufacturers
first mortgage bonds will be available on Mrach 28, 1940, upon
of such bonds at its Corporate Trust Department.—V. 148, p.
$622,757
revenues
Gas
Electric output of the public utility operating companies in
& Electric Co. system for the week ended March 23,
Gas
Co.—Earnings—
$1,597,342
2,500
Period End. Feb. 29—
Operating
2117
.The Commercial & Financial Chronicle
150
sheet items as of Jan. 31, as
"Earnings Record" for March have been revised.
We
the current liability items showing the corrected figures:
65,513
36,599
published in our
publish herewith
Liability Items as of Jan. 31
Operating
expenses
$114,757
67,160
$230,421
139,013
$104,534
60,828
$210,753
126,444
$68,555
Operating
taxes..
$47,597
10,547
$43,706
9,773
$91,408
21,260
$84,309
19,680
payable
payable
Interest matured unpaid
$37,050
$33,933
$70,148
$64,629
Miscellaneous accounts
948
Spicer Mfg. Co.-—$1 Common Dividend-
Tax
share on the com¬
mon stock,
no par value, payable April 15 to holders of record April 5.
This compares with $1.50 paid on Oct. 14, last: dividends of 50 cents paid
on Aug. 15, July 15, last and on Dec. 19, 1938: $2 paid on Oct. 15, 1937,
and on Dec. 5, 1936, and a dividend of $1 paid on Oct. 15, 1936, this latter
being the firit distribution to be made on the common stock since Aug. 1,
1920, when an initial dividend of 50 cents per share was paid.—V. 149, p.
directors
have declared
a
dividend
of $1
per
4186.
786
$1,009,774
$705,513
1,443
Other current liabilities
Total current liabilities.
The
4,117
liability—U. S. Government taxes
3,013
Other! than U. S. Government taxes
—V. 150, p.
74,965
2,327
544,253
39,221
865,877
28,437
Unmatured interest accrued
W Net oper. income
—V. 150, p. 1614.
$43,961
44,322
1,635
Audited accounts and wages
Net oper. revenues
1939
1940
Traffic and car-service balances payable
3,120
1457.
$3,657,699
957,624
362,260
1939
$3,282,955
787,725
274,180
1938
$3,353,256
613,073
74,549
1937
$3,851,084
1,109,848
556,958
7,459,871
1,950,236
767,507
6,768,930
1,640,019
593,903
6,841,590
1,194,599
113.129
7,962,628
2,361,826
1,359,939
1940
February—
Gross from railway...
Net from railway......
Net ry. oper. income
From Jan. 1—
Gross from railway
Spokane International Ry.—Earnings—
February—
railway
Net from railway
Net ry. oper. income
Gross from
1939
1940
Net from railway
1937
1938
$52,697
15,178
7,191
$49,225
7,260
378
$42,349
225
def6,137
$58,154
111.036
114.699
31,521
15,041
28,260
14,268
84,445
defl,659
defl4,837
117,213
17,279
11,857
3,337
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
February—
Net ry. oper. income—
From Jan. —
Gross from railway
Net from railway
Net ry. oper. income—
1938
$575,415
124,579
76,912
3,270
31,927
1937
$612,378
157,659
50,446
1,273,870
355,418
123,081
1,203,753
292,576
62,449
1,172,829
273,817
367,821
81,511
139,157
1939
$561,653
116,518
Directors on March 27 declared
1940—8 Mos.—1939
$9,542,537 $9,308,000
7,280,869
7,132,650
$1,101,261
842,659
$272,736
150,193
$258,602
136,979
$2,261,668
1,218,110
$2,175,350
1,128.285
Operating income
Non-oper. income
$122,543
22,708
$121,622
23,185
$1,043,558
186,376
$1,047,064
192,411
$145,252
215,471
$144,808
218,748
$1,229,934
1.735,713
$1,239,475
1,736,994
$70,219
$73,940
$505,778
$497,519
oper.
revenue.
_.
Gross income
Net loss
—V. 150, p. 1457.
Toledo Peoria & Western
Effective—
effective the exchange offer under which
preferred stock may exchange
their stock, share for share, for a new $5 cumulative preferred stock,
series A.
Stockholders desiring to avail themselves of the offer are advised
to deposit their stock with Guaranty Trust Co. prior to noon Saturday.
Coincident with this announcement the board authorized redemption on
May 1 of all the shares not exchanged at $107.50, plus $1.50 dividend due
May 1, a share.—V. 149, p. 3730.
of outstanding cumulative $6 first
System—Earnings—
1940—Month—1939
$1,147,811
875,075
Deductions
(E. R.) Squibb & Sons—Exchange Plan
holders
Period End. Feb. 29—
Operating revenues
Operating expenses
1,282,618
1940
$632,201
189,142
—V. 150, P. 1456.
W
150, p. 1457.
Third Avenue Ry.
Net
Spokane Portland & Seattle Ry.—EarningsGross from railway
—V.
Taxes
820
—V. 150, P. 1456.
Net from railway
Net ry. oper. income
FebruaryGross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway—
Net from railway
Net ry. oper. income
—V. 150, p. 1458.
1940
RR.—Earnings—
1939
1938
1937
$108,820
80,807
40,548
$149,331
39,971
13,124
$151,293
46,691
13,463
$183,785
60,715
33,560
393,319
140,388
65,020
301,135
90,040
35,176
327,753
119,067
43,274
372,037
124,722
68,441
The Commercial & Financial Chronicle
2118
Texas & Pacific Ry.—Annual
Miles
in
Report—
operated
1936
E.
1,948
1,008.723
660,532
717,217
922.806
Pass, carried one mile..116,941,320 122,805,030 156,819,521 163,593,832
Rates per pass, per mile_
1.691 cts.
1.921 cts.
1.980 cts.
1.799 cts.
Freight (tons)
9.389,014
8,557,870
8,695,633
10,193,154
Tons per mile
1854679,825 1818613,661 2223845,024 1956253,255
Av. rate per ton p. mile_
1.178 cts.
1.184 cts.
1.192 cts.
1.130 cts.
Av. train-l'd (rev.) tons.
548
583
550
565
Incidental, &c
Lee
Talman, Vice-President and Treasurer, and Powel Crosley Jr.
Truscon Steel
Co,—Earnings—
1939
1938
1937
1936
$25,327,714 $16,174,357 $23,527,812 $21,916,289
23,519,759
15,000,478
22,026,352
20,512,144
Cost of sales & expenses, 22,253,357
15.412,831
20,930,420
19,110,571
Calendar Years—
1936
1939
1938
1937
.—$21,950,291 $21,681,-548 $25,132,589 $23,040,602
2.246,643
2,432,072
2,820,676
2,765,970
891,050
878,356
891,735
853,238
-514,675
491,108
531,681
555,944
377,73 1
383,178
330,231
398,044
473,706
-540,691
515,442
575,347
Express.
They are scheduled to go into service
$1,865,000.
Gross sales
Operating Revenues—
Miscellaneous
total of
a
T. B. Wilson, chairman; Jack Frye, President; Paul E. Richter, Executive
Vice-President; Leland Hayward, LaMotte T. Cohu, J. L. Eysmans, R. C.
Kramer, Sidney Maestre and N. S. Talbott.—V. 150, p. 1618.
Income Account for Calendar Years
Freight
and will cost
Net sales—
$1,095,932
153,287
$1,401,572
$1,249,219
380,487
2*9,014
x14 0,000
$1,482,636
389,772
361,699
xl75,000
y$813,057
$439,718
332,391
$556,165
332,391
$560,249 def$813,057
$0.43
Nil
$107,327
$0.27
$223,774
$0.42
$1,266,402
142,634
Total profit
y$412,352
$1,409,036
Operating profit
Other income
y$222,269
190,084
Depreciation
Total
_
Traffic expenses
Transporta'n expenses—
General expenses??.
Miscell. operations
Transp.
for investm't..
877,217
8,396,191
1.166,030
266,329
058,003
$3,384,024
5,586,318
952,576
9,382,967
1,282,906
377,481
$2,739,467
4,687,554
866,297
8,629,052
1,153,590
312,319
033,103
042,126
Operating income
Rentals, &c
...
Net ry. oper. income.
Non-oper. income
1,323.656
343,490
039,838
$7,078,241
1,041,320
$6,733,049
970,621
$7,091,872
1,327,868
992,584
$8,119,561
1,597,166
1.010.148
$7,703,670
Gross income
$4,953,170
3,896,878
9,873
Misc. rents, taxes, &c._
85,818
Int.
on
funded debt
Int.
on
unfunded debt..
$4,771,419
724,063
$5,512,247
1.001.149
$560,249
Preferred dividends..
941.613
$6,095,397
996,474
587,948
Net profit
5,150,181
$5,514,853
1,019,505
$4,365,221
212,845
120,000
8,606,529
$6,534,358
1,157,988
1,011,149
Total oper. income..
Hire of equipment
377,942
358,718
1,439,581
1,004,530
$5,259,561
1,109,879
$5,495,482
3,942,242
16,708
114,676
$6,513,396
3,952,852
113,660
$1,421,856
237,030
$2,440,627
592,575
Includes $38,000 in 1937 and $50,000 in 1936
surtax on undistributed profits,
y Indicates loss.
provision for estimated
x
Comparative Balance Sheet Dec. 31
1939
Assets—
2,251,237
b Notes and accts.
receivable
a
Fixed assets
1,955,610
3,036,132
573,729
7,442,909
206,618
Investments
$
200,855
Patents, &c
Deferred charges..
58,001
61,222
162,314
Other assets
3,323,910
c Common stock.
7,658,060
Accounts payable.
415,291
Unpaid
payrolls,
142,971
commissions, &c
Accrued liabilities.
350,788
Indebt. to Repub.
Steel Corp. & its
subsidiaries927,192
Adv. bill'g oh erec,
144,495
—
_
Preferred
$960,600
dividends
Income balance
y
$960,600
$1,184,826
Includes $273,020 in 1937 and $96,000 in 1936
surtax.
Balance Sheet Dec. 31
1939
Assets—
Inv.
in
1938
1939
$
road
Liabilities—
and
.
187,061,308
Preferred stock.
23,703,000
9,450
232,989
Surplus:
382,084
Fd. debtunmat. 78,275,000
340,413
820,519
10,464,897
634,752
572,832
161,427
1,085,598
4,113,065
143,877
983,287
4.003,776
CJnmatu'd
rec.
3,402
10.926
accrued
assets
9,138
Work. fd. advs,
7,959
12,940
15.927
Other def. assets
119,717
146,028
_
Special deposits.
Loans & bills rec
Traffic
and
bals.
rec.
2,266,971
72,364
49,907
car
serv.
Agts. & conduc¬
tors'balances.
Misc. accts. rec.
Mat'ls & suppl's
Int. & dlvs
Otb.
curr.
Traf. &
79,306,000
car serv.
Rents and insur,
bals. payable.
Aud. accts. and
424,992
1,617,698
1,108,092
pay
69,288
63.830
62.386
Div. mat'd unpd
Fund, debt mat.
5,910
5,910
4,870
3,870
652,684
663,292
accts.
unpaid
Unmat. int.
Other
curr.
prepd.
Other unadj. debt
9,337
1,430,590
13,984
1,396,851
accr
rents
67,824
67,967
72,649
90,250
65,616
43,987
440,295
334.631
liab.
Other def. liab..
Tax
liability
funded
on
debt
5,867
thr.
inc.
631,125
prop.
& sur
30,336,382 30,336,890
Profit and loss—
credit
balance
17,976,152
210,031,886 208,371,9421
Total
17,234,419
210,031.886 208,371,942
Operating
revenues
Operating expenses
Railway tax accruals
Equipment rentals (net)
Joint facility rents (net)
_
Net ry. oper. income.
Other income
Total Income
Miscellaneous
deduct'ns
Fixec charges
1940—Month—1939
$2,083,724
$1,992,597
1,434,589
1,402,417
162,650
145,857
87,204
107,349
2,084
5,043
Total income
y
Cost of sales, &c
5,586
$331,931
35,724
$715,984
69,592
$668,302
67,844
$431,545
7,373
325,733
$367,655
9,143
325,034
$785,576
11,099
647,786
Profit
$126,691
Period End. Dec. 31—
Operating revenues
Operating expenses
1939—Month
Loss
Net oper. income
Gross income
Bond interest
Other interest
Other
1938
1939—12 Mos.—1938
$2,575,995
$2,508,373
1,699,649
1,685,348
190,755
181,424
18,524
18,288
120,598
109,402
$201,392
150,477
16,244
1,246
5,542
$229,660
150,738
$53,282
$546,469
922
Dr60
3,384
$53,222
$549,853
133,936
87,275
$6,381
20,790
$15,379
20,790
Non-oper. income (net).
(net)..
deductions
Net income
Pref. div. requirements.
—V. 150, p. 4043.
$17,598,704 $23,762,437 $16,002,951
1 ,173,259
foreign exchange
disposal of mis¬
cellaneous property.
Other non-oper. expense
Prov. for income tax
7,361
12,038
668,980
10 .030,360
836,148
887,657
916,344
5,376
5,442
xl,135,224
9,672,782
12,261
xl38,662
8,802,286
$6,862,757 $12,061,332
5,599,524
6,465,338
$6,133,398
4,386,070
$1,263,233
$5,595,994
$1,747,328
$1.47
$2.58
$1.40
105,136
on
Loss
on
Prov. for
deple. & depre.
Profit for the year
$5,846,241
6,066,151
Cash dividends
Surplus
Earnings per share
def$219,910
467,391
9,427,031
$1.2£
No
provision for surtax is required,
administrative and general expenses.
y
Including operating, selling,
A
^
Cash.
21,858,511
2,999,886
86,662
7,976,858
21,924,730
2,795,209
U. S. Government securities
Other market securities
a
b Receivables—
Crude and refined oil products
d Materials and supplies
Investments and advances:
Cash and U. S. Govt, securities with trustees
Capital stocks of subsidiaries not consolidated..
Indebtedness of subs, not consol.—not current—
d Other security investments
Other advances
9,341,552
250,476
8,617
234,435
407,617
71,681,370
44,855,491
1938
^6
6,396,690
5,356,220
7,861,834
25,679,267
2,479,110
227,295
7,654
225,389
237,981
f Other property
469,850
70,969,206
44,823,372
1,218,036
279,442
187.066,400
Properties—Oil lands and development
165,993,365
1,407,002
-Earnings-
$28,805
11,161
6,714
4,549
Social security taxes
Fed. (incl. inc. tax) taxes
$17 ,843,374
Taxes and insurance in advance
Other charges
$27,883
State & munic. taxes
$78,091,465 $85,340,726 $67,568,100
60,884,367
62,044,383
51,870,934
—a
Total profit
Int. & taxes pd. at source
on funded debt
$69,402
-V. 150, p. 1298.
Twin State Gas & Electric Co.
1936
$17,293,314 $17,207,098 $23,296,343 $15,697,166
550,060
391,606
466,094
30,5,785
Non-oper. income
$736,146
15,764
650,980
$33,478
...$76,417,591
59,124,277
1939
$397,197
34,348
$98,439
1937
$75,101,072 $76,890,895 $83,626,601 $65,130,914
Other operating revenues
1,316,519
1,200,570
1,714,125
2,437,186
e
Net income
Report-
1938
1939
Consolidated Balance Sheet Dec. 31
$4,088,044
2,902,551
296,187
212,883
8,121
320,562
187,690
17,094,911 15,666,190
Total
oil products.
1940—2 Mos.—1939
$4,198,743
2,968,921
348,239
1,242,118
2,113,751
Sales of crude & refined
Earnings for February and Year to Date
Period End. Feb. 29—
15,666,190
Union Oil Co. of California- —Annual
x
Total
...17,094,911
Calendar Years—
15.281,803
696,080
decree.
Oth. unadj. cred
Addns. to
7,334
16,392,031
Accrued
1,242,118
1,553,502
a After
deducting $4,080,652 reserve for depreciation in 1939 and $4,
046,182 in 1938.
b After deducting $529,229 reserve for doubtful accounts
freight, &c., in 1939 and $454,832 in 1938.
c Represented by shares of
$10 par—V. 149, p. 2708.
114,783
Misc.
Prem.
prems.
Total
305,424
wages payable
Int. mat'd unpd.
Cash
335,778
323,740
Capital surplusProf. & loss def.
23.703,000
construction
418,913
4,000,000
226,883
Reserves
38,755,000
Grants in aid of
3,570
99,365
152,973
S
38,755,000
843,917
10,574,031
454,981
2,466,877
69,653
93,795
Other Investm'ts
1938
Common stock.
equipment. : 187,942,274
Depos. in lieu of
mtged. prop..
7,570
Misc. phys. prop
lnv. in aff 11. cos.
$
7,658,060
300,028
4,000',000
Funded debt
Appr. of real est.
Net income
3,323,910
31 353
& 8truc. contr's.
$1,078,823
$
Preferred stock
_
3,405,943
4,722,888
573,379
7,383,583
Inventories
Liabilities—
$
582,181
1938
1939
1938
%
Cash
$2,263,973
1,185,150
$1,848,052
Balance, surplus
Earns.per sh.on com.stk.
$6,369,440
3,998,748
21,975
84,742
6,256
81,064
$3,146,822
Total opor. expenses.$18,972,438 $18,355,177 $20,924,145 $19,472,452
Net-earnings
7,481,658
8,026,527
9,425,927
8,614,224
Tax accruals, &c
1,966,805
1,931,130
y2,347,686
yl,881,175
Other operating income.
370,069
Other deductions
Prov. for Federal tax
..$26,454,096 $26,381,704 $30,350,072 $28,086,677
Operating
Expenses—
Maintenance of way, &c. $3,092,845
Maintenance of equip.
5,231.829
1940
and Harold L. Warner have been elected directors, replacing F. McTiernan,
G. A. Spater and F. G. Wilson.
Directors re-elected were as follows:
Passengers carried
Mail
summer
30,
New Directors Elected—
Operations—
Passenger
operation in the United States.
this
Statistics of Operations for Calendar Years
1939
1938
1937
1,936
1,937
1,944
March
17,086
1.251
7,303
11,161
7,458
19,224
$513,911
1,955
$515,866
133,936
89,927
39,260
49,029
$289,382
249,475
$242,974
249,475
Total
1939
Liabilities—
$
Capital stock
116,656,750
20-year 6% bonds, series A, due 1942
8,018,500
15-year 3H% debentures, due 1952
10,725,000
3% debs due Aug. 1, 1959
30,000,000
Cash depos. with trustees for redemp'n of 3>is—Drl0,725,000
Accounts payable
4,623,315
Accrued payrolls
583,200
Motor fuel and other sales and excise taxes
1,140,200
Interest accrued on funded debt
575,462
Reserve for property, income and other taxes
1,952,234
Dividend payable
1,166,568
Capital surplus
3,699,117
Earned surplus
18,651,054
g
Total..
187,066,400
1938
I
116,656,750
8,018,500
10,000,000
4,715,492
489,734
1,011,058
200,463
1,948,290
3.699", 117
19,253,961
165,993,365
At cost,
b After reserve for doubtful receivables of $293,637 in 1939
$288,508 in 1938.
d At or below cost,
e After deducting $82,853,018
in 1939 and $79,514,886 in 1938 for reserves for depletion and depreciation,
f After depreciation reserves of $62,179,251 in 1939 and $59,654,238 in
1938.
g Represented by shares of $25 par value.—V. 150, p. 1953.
a
Transcontinental &
Western Air,
Inc.— Sells 119,154
Shares for $1,668,156 to Hughes Tool Co.—
The directors disclosed March 21 that Howard
and flyer, has agreed to buy an additional
Hughes, movie producer
119,154 shares (par $5) of com¬
pany's stock for $1,668,156 to help finance the purchase of a fleet of five
giant passenger planes.
The agreement, dated March 2 and
approved by the directors before the
annual stockholders' meeting March 21, provides for the sale to
Hughes
Tool Co.—controlled by Mr. Hughes—of the 119,154 shares of common
stock at $14 a share.
Consummation
of
the
deal increases Mr. Hughes's holdings of TWA
282,954 shares, or nearly 30% of the 950,000 shares
outstanding after issuance of this block.
The new planes to be bought through the sale,
according to company
officials, are 33 passenger Boeing liners, larger than any land planes now
stock to
an
estimated
which will be
and
Union Premier Food Stores—Sales—
Period End. Mar. 23—
Sales
1940—4 TVJfcs.—1939
$2,396,081
$1,785,809
1940—12 Wks.—1939
$6,869,769
$5,090,077
—V. 150, p. 1458.
United Biscuit Co. of America—Registers with SEC—
Company on March 20 filed with the Securities and Exchange Com¬
mission, a registration statement (No. 2-4355, Form A-2), under the Se¬
curities Act of 1933 covering $7,000,000 of 3H% debentures due April 1,
1955.
According to the registration statement, the net proceeds from the
sale of the debentures will be applied as follows: $4,620,000 to redemption
Volume
The Commercial & Financial Chronicle
150
about May 13, 1940, at 105% of $4,400,000 5% debenture bonds, due
April 1, 1950; $1,600,000 to repay on or about April 12, 1940, at the face
amount, $1,600,000 of bank loans incurred April 15, 1938, and due serially
on or
Apri^ 15, 1940-42.
The balance of the proceeds will be added to the com¬
working capital and may be used for expenditures in connection with
the construction and equipment of a new plant.
The underwriters of the debentures are as follows:
Goldman, Sachs &
Co.; Lehman Brothers; Blyth & Co., Inc.; Kidder, Peabody & Co.; Bonbright & Co., Inc.; The First Boston Corp.; Harriman Ripley & Co., Inc.;
Smith, Barney & Co.; Glore, Forgan & Co.; Harris, Hall & Co. (Inc.);
W. E. Hutton & Co.; Piper, Jaffray & Hopwood; Kuhn, Loeb & Co.
The prospectus states that to facilitate the offering it is intended to
stabilize the price of the debentures. This is not an assurance, it states, that
the price will be stabilized or that the stabilizing, if commenced, may not be
discontinued at any time.
The price at which the debentures are to be offered, the underwriting
discounts or commissions and the redemptoin provisions will be furnished
by amendment to the registration statement.
The company reports for the year 1939 consolidated net profit after taxes
and all other charges of $1,093,965 equivalent after preferred dividends to
$2.22 per share on 459,054 common shares outstanding Dec. 31, 1939.—V
150, p. 1954.
pany s
United
States
Steel
Corp.—38th Annual Report—Year
Ended Dec. 31, 1939—The annual report, signed by Edward
R. Stettinius Jr., Chairman, will be found at length on
subsequent
under "Reports and Documents," together
operations, balance sheet, &c.
Consolidated Statement of Income for Years Ended Dec. 31
1938
$
1939
$
Gross sales, less discounts, returns & allowances._801,039,242 560,508,303
Gross revenue of transp. common carriers, incl.
revenue from affiliated companies
78,456,476
52,574,864
Gross revenues from miscellaneous operations
24,656,179
19,450,216
.
Total..
904,151,897 632,533,383
Cost of goods sold &
operating
(& Subs.)—Earnings—
Oper.
exps.,
1939—12 Mos —1938
$10,268,185 $41,552,759 $40,772,224
4,843,584
18,423,639
19,268,900
3,672,285
906,062
4,009,160
1939—3 Mos.—1938
5,083,181
1,073,661
excl. taxes.
Taxes.
Prop'ty retire. & deplet'n
reserve appropriat'ns.
2,518,868
2,273,499
8.985,861
8,860,327
$3,080,332
$9,288,838
361,561
$9,815,973
55,473
$2,245,040
207,965
114,858
75,681
364,071
394,815
$3,020,947
Interest on mtge. bonds.
75,720
Int. on coll. trust bonds.
48,750
Interest on debentures._
405,063
Other
interest
(notes,
loans, &c.)
485,266
Other deductions
27,655
Int. chgd. to construct'n
?
Cr4,579
Pref. divs. to public.,sub
212
Portion appl. to minority
interests
76,167
*2,377,324
77,520
49,861
405,063
$9,286,328
305,580
195,000
1,620,250
$9,831,852
383,807
199,861
1,620,250
496,055
183,580
Cr6,803
1,929,388
57,197
cm, 321
Net oper. revenues
Other income.
__
•'
inc.
deductions,
including taxes.
_
Gross income
Balance carried to
212
847
1,950,894
219,753
Cr23,141
847
30,164
159.357
89,066
$1,141,672
$5,030,030
$5,390,515
con¬
solidated earned
sur.
$1,906,693
Ended Dec. 31, 1939
Consolidated Surplus for Year
Total
Capital
Earned
$14,731,562 $28,761,683
Consolidated surplus, Jan. 1, 1939—$43,493,245
Restoration to capital surplus of re¬
4,493,863
4,493,863
appropriated therefrom
sale of miscellaneous invest¬
(net)
Adjustment of taxes applicable to
prior years (net)
serves
Profit
on
21,630
21,630
ments and land
8,186
842
9,028
.$48,017,766 $19,226,267 $28,791,499
Total
237,042,253 144,140,125
x51,066,788
41,001,553
2,059
120
2,179
Minority int. in surplus credits of subs
Miscellaneous adjustments
Add balance from statement of con¬
Balance
General administrative and selling expenses
Payments under pension plan to U. S. Steel
410,694
Other
x667,109,644 488,393,258
expenses os transp.
and miscellaneous operations.
-
United Gas Corp.
Period End. Dec. 31—
Total oper. revenues....$11,756,042
pages
with tables of
2119
4,895
4,895
.$48,010,692 $19,226,147 $28,784,546
Balance
solidated income for the 12 months
&
Carnegie pension fund.
8,305,519
x 1,193,635
39,224,030
14,818,056
Idle plant expenses
1,247,227
Allowances for depl., deprec. & obsolescence
60,659,917
Expenses of dismantling & rearranging facilities._
574,513
7,743,046
1939
ended Dec. 31,
5,030,030
5,030,030
-
Provision for bad debts
Taxes (excl. social security & Fed. income taxes)..
State and Federal social security taxes
Discount
496,765
292,823
1,696,776
1,857,539
1,259,505
993,387
1,405,310
1,525,295
1,325,694 prof555,274
5,408 prof333,191
Dr39,272
Cr75,748
securities and accounts (net)
on
purchases..
Rents and royalties
on securities.
sale of
on
ferred stock
3,598,576
3,598,576
($8 a share)
Consolidated surplus, Dec.
59,952,5681oss2,150,238
Net loss
Net loss
Dividends—United Gas Corp. $7 pre-
31,1939$49,442,146 $19,226,147 $30,215,999
1939
capital assets..
Miscellaneous (net)
Total income
63,440,550
Minority portion of profits of companies not wholly
owned (net)
32,685
Interest on bonds and mortgages (incl. net bond
discount and expense)
9,312,931
Provision for Federal income and profits taxes
12,975,000
Net income applicable to capital stocks
3,483,019
8,145
41,119,934loss7,717,454
25,219,677
25,219,677
Preferred dividends
5,599 272,605,091
274,
equipment
$
Liabilities—
Subs.
4,962,488
4,520,746
8,279,245
85,630
149,108
88,848
5,259,053
3,191,849
125,062
accounts
Cash
Special depositsWorking funds.
6,939,981
113,234
36,584,243
4,565,445
payable.. 26,325,000
Long-term debt.
Acc'ts payable..
Notes
Curr't
maturing
Accounts receiv.
Inventories
—
Contra assets...
(cash
.deps.)
d Matured long-
198,906
Taxes accrued.
189,502
Interest accrued
Other
Earnings
share
per
common
8,703,252
on
no
the comparison
1938
%
165,i90,478
hand.
U. S. Govt. & other marketable securities..
a
20,320,237
88,632,482
7,140,894
294,593,046
Accounts receivable, less reserves.
Bills receivable, less reserves
Inventories, less
reserves
$
118,485,589
19,660,076
56,998,861
7,714,967
279,518,604
lative dlvs
sundry securities, less reserves
9,594,980
12,357,555
b U. 8. Steel Corp. common stock owned
111,158
111,158
Balances
under
employees'
home-owning
plans, less reserves
6,359,442
6,537,957
c Property, plant and
equipment
1,122,157,114 1,166,519,512
Intangible assets
1
1
Inventory of sundry oper. parts, supplies, &c._
25,674,829
27,960,413
Gash resources held in bond sinking funds and
other trusteed accounts
14,058,079
683,832
Receivables
less
collectible
not
within
one
year,
reserves
Prepaid royalties
Discount and expense on long-term debt (net).
Other deferred charges
Total
2,914,924
8,383,014
2,322,208
1,070,777
2,094,468
8,581,954
3,130,722
923,337
.1,768,523,663 1,711,279,006
Liabilities—
Current accounts payable
Accrued taxes..
Preferred stock dividends
Bonds, mortgages & debs, maturing within 1 yr
U. S. Steel Corp. 10-year 3 K% debentures
Subsidiary companies' issues
Bonds for payment of which cash is specially
held by trustees...
Real estate mtges. & purchase money obligat'ns
39,583,182
31,369,882
1,954,365
6,304,919
2.003,346
6,304,919
29,559,379
90,286,500
112,234,000
10,244,967
95,146,000
125,855,000
3,175,000
10,806,709
305,000
12,161,373
Contingent, miscell.
oper.
& other reserves
reserves
Minority int. in cos. not wholly-owned
Preferred 7% cumulative stock (par $100)
d Common stock
Capital surplus
Earned surplus
38,638,389
46,301,124
5,144,935
360,281,100
652,743,900
38,462,801
263,319,270
of Company Only
1939—3 Mos.—1938
1939—12
$2,372,308
1,727,393
Other income
inc.
Other
notes &
il ,768,523,663
Total
loans
Other interest
Other deductions
$1,024,125
6,746,319
54,924
264,322
300,787
$2,380,058
501,525
443,517
8,253
1,728
$3,009,098
501,525
443,517
13,304
1,526
$7,415,901
2,006,100
1,759,604
36,165
5,755
$7,469,657
2,006,100
1,759,604
40,988
5,906
$2,049,226
$3,608,277
$3,657,059
$1,425,035
Netincome...
Balance Sheet Dec.
1939
25,926,753
25,122,536
222,958,079 223,632,404
2,291,160
2,576,525
36,248
Special deposits.
29,041
Investment
funds.
recelv'le.
Liabilities—
e
Cash
41,832
Working
48,230
1,445,159
Capital stock. 141,269,159
33,435,000
payable.. 25,925,000
payable.
3,523,535
Notes
Accts.
-
a
b Mat.
13,916
25,925,000
3,581,830
21,139
l'g-term
15,125
15,109
debt
~~6~, 990
1,650,282 Customers' deps
712,362
674,995
Taxes accrued..
1,231,104
accrued
123,636
1,304,860
123,081
323,344
67,759
25,749
Deferred
22,853
Reserves.
36,904
Interest
Other curr't and
assets
Deferred debits.
credits
65,163
19,340
79,013
3,174,542
accrued llabils
7,186,994
81,076
26,307
3,172
11,751
22,853
Capital surplus. 18,933,252
Earned surplus. 25,082,312
14,467,819
25,077,285
Contributions.
38,567,298
d
45,694,174
Contra liabilities
1,711,279,006
141,269,159
33,436,000
"
Pref. stocks..
21,661
177,451
3,172
—
$
$
Long-term debt.
355,756
31,002
Mat'ls & suppl's
1938
1939
$
Plant, prop, and
Acc'ts receivable
31 (Company Only)
1938
$
Assets—
Prepayments
$1,132,696
6,547,527
92,786
Interest on debentures._
Notes
664,373
650,000
deductions,
Gross income
on
650,000
$309,235
2,754,787
$287,707
2,185,137
including taxes
Int.
6,266,702
741,073
1,666,863
152,885
173,000
178,300
Net oper. revenues—
natural gas
Mos.—1938
$8,790,471 $8,234,885
5,896,387
$2,301,983
178,908
Contra assets...
5,137,051
360,281,100
652,743,900
38,462,801
247,419,013
30,215,999
Income Account
Period End. Dec. 31—
Oper. revs., natural gas.
Operating expenses
Oth. cur. & accr.
3 241 244
DcfGiTBd credits
Insurance
59,350,845
46,719,183
389,455
19,226,147
297,719,777 293,693,677
c Called for redemption and dividends thereon of dissolved subsidiaries,
d Including
premium and interest,
e In
aid of construction, f On
preferred stock of subsidiary held by public.
equipment...
including payrolls..
Accrued interest, unpresented coupons and un¬
claimed dividends
6,211
227,918
14,731,562
28,761,683
7,058
—
Total
297,719,777 293,693,677
Prop, retire, res. approp.
Outside real estate & mtges. & investment in
35,409
168,152
Minority int
Taxes
Investments:
Contributions.
Capital surplus
Earned surplus.
Total
1939
*ASS€tSmmmm~
on
34,196,278
14,339
189,502
f Undecl. cumu¬
of which
Consolidated Balance Sheet Dec. 31
Cash in banks and
"
Contra liabilities
stock
Principal items,
184,095
201,197
33,055,365
credits
e
with 1938 is affected by
certain reclassifications in the accounts made in 1939; such reclassifications
do not affect the net income comparison.
x
216,240
434,824
108,754
liabilities
Reserves
263,319,270 247,419,013
par shares of
$1.83
Nil
3,011,502
2,872,312
223,752
_
and
curr.
accr.
92,095
685,539
721,877
Customers' deps
869,804
66,254
922,232
168,152
accrued assets
21,139
39,406
Pf. stks.
c
Other current &
Deferred debits.
367,200
13,916
long-term dt.
341,269
4,618,260
2,744,637
110,504
1,177,358
in specs
term debt
Notes receivable
15,900,257df32,937,131
247,419,013 280,356,144
year..
Earned surplus dt Dec. 31
274,046
38,269,340
4,913,566
26,048,963
274,046
Subs. com. stks.
Invest, and fund
Deferred
Surplus for the year
Earned surplus at close of previous
$
.
141,269,159 141,269,159
12,100
pref. stk._
12,100
Capital stock
Plant, prop, and
Prepayments
8,262,328
2,930,000
$
Assess—
1938
1939
1938
$
®
Dividends from outside investments
on
.$53,040,722 $19,226,147 $33,814,575
Total.
Consolidated Balance Sheet Dec. 31
Net operating income
Other income:
Interest
34,602,915
11,309,216
2,440,185
48,532,841
660,607
Total
a
253,614,662 253,215,229
253,614,662 253,215,229
Total
and dividends thereon of dissolved
premium and interest of dissolved subsidiaries,
Called for redemption
b Including
subsidiaries,
d In aid or
"
a
c
Market value 1939, $21,376,464; 1938, $20,439,283.
reserves for depletion, depreciation, amortization
After
of $1,217,046,795 in 1939
6,703,252 no
To
par
and $1,177,797,445 in 1938.
b 2,766 shares,
and obsolescence
d Represented by
shares.
Pay $1 Common Dividend—-
meeting held March 26 declared a dividend of $1 per
stock, no par value, payable April 26 to holders of
record April 5.
This will be the first distributing made on the common
shares since Dec. 20, 1937 when a dividend of $1 per share was disbursed.
Dividend of 50 cents was paid on March 30, 1932, this latter being the only
distribution made that year; $5.50 was distributed during 1931 and $7 per
share was paid in previous years.—V. 150, p. 1954.
Directors
share
on
the
at
a
common
Shares
by:
$7 preferred stock (no par value)......
$7 second preferred stock (no par value)
Common stock ($1 par value)
—V. 150, p. 704.
449,822
884,680
-
United Gas Improvement Co.—Weekly Output—
for the U. G. I. system companies for the week jimt
the figures for the same week last year are as follows.
Week
ended March 23, 1940. 102,749.725 kwh ; same week last year, 95.428,001
The electric output
closed and
kwh., an increase
of 7,321,724 kwh, or
For other Investment
7.7%.—V. 150, p. 1954.
News see pages 2130
and 2131.
A
The Commercial & Financial Chronicle
2120
'
f
'
March
"
■
1940
30,
/'
|jtcpm*is and Jtotmncnts.
RU0USHCD
At
ADVERTISEMENTS
THE UNITED STATES STEEL CORPORATION
A
1930
During
...
REVIEW
production
since
1930
with
the
BY
shipment
and
Corporation's subsidiaries
YEAR
THE
OF
THE
tonnages
greater than
were
CHAIRMAN
in
of
any
exceptions of 1936 and 1937.
FOR
PRODUCTION
Production
1938
and
by principal product groups in the years 1939
was:
1938
Per Cent
Net Tons
Net Tons
Increase
24,109,887
1939
12,197,324
105,283
13,841,727
7,005,896
7,817,952
7,631,962
10,525,056
7,226,579
10.695,500
98
shipments of rolled and finished steel products during the
amounted to 11,707,251 net tons,
year
of
ments
7,315,506 net tons in 1938,
compared-with ship¬
increase of 60 per
an
the
above
opening
the
level
of
the
shipments
year
attained
in
the
somewhat
were
closing
months
1938.
of
Although they gradually decreased early in 1939, the first
six months' total
in 1938.
greater than for the first six months
was
In the second half of 1939
upward above the
reached
their
level
shipments went sharply
of the first half
peak month
of the
and
year
December with 1,443,969 net
in
The
higher
level
Pig Iron, Spiegel and Ferro
Steel Ingots
in
not
due to
were
that
operations which
proportion
comparable tonnage.
number
a
products
failed
yielding
to
reduce
of
same
about
lower
But costs
the
of
year
1939
being
one
increased
of
tonnage
sufficiently to offset the influ¬
It lias been the policy of the
(or
give
to
in
better
a
wages
the
Corporation has
deficit
Corporation
share each
1938
in
declared
have
3rd Qtr.
4thQtr.
48.1
55.8
86.9
60 7
31.4
34.2
46.9
36.2
of
four
results,
do
adequate return
on
the capital
tax
bill
$7,717,454.
regular
lent
Per
to
to:
Employe
$299.39
not
For
of
1938 is
nor
follows:
as
Old
1939 and 1938
$32,044,825
Unemployment Compensation__ 10,888,231
Benefits (including Railroad
8,344,870
3,929,825
Age
2,964,345
Total
of
12,975,000
1,985,000
411,751
2,930,000
2,000,025
558,066
$15,371,751
$5,488,091
$1.75
viewpoint
any
were
$14,818,056 $11,309,215
Capital Stock Tax
year
Excise and Miscellaneous Taxes
^Total
T^atal
State
the 1939
of All Taxes
and
local
$67,017,086 $48,842,131
and
property
income
taxes
.
Current Liabilities
steel
ment
involves
a
material
raw
proportionately
larger
reserve
than
and
required
plant invest¬
in
Taxes
an
levied
in recent years,
earn¬
only
as
by state and federal authorities, especially
have constituted an increasing burden not
to specific totals but also
per ton of
with respect to the cost
products sold.
preferred
after
declared
in
STOCKHOLDERS
no
change in the number of
1938,
was
The number of stock¬
1939,
compared
31,
December 31,
1938
217,386
219,727
66,462
168,399
15,134
68,066
164,822
Holders of Both Preferred and Common
15,502
Average Number of Shares Held
succeeding
There
year, and after
are
is
held
by
57
stockholders
the United States and
assets the receivables not collectible
'in
individuals,
of
the
many
56
Corporation
throughout
other countries.
organizations
and
STOCKHOLDERS
subsidiaries
to
finished
merchandised
the
steel
steel
a
number
business.
The
of
other
domestic
products
and
1939
,
,
t",i
.
,
,
,
Rolled and Finished Steel..
1938
Net Tons
_
11,707,251
Pig Iron, Spiegel, Ferro, Ingots and
Scrap.
780,673
Limestone, Coal, Coke and Iron Ore... 3,302,709
Cement (Barrels)
:
12,603.302
P>
Export shipments increased
ration's
even
total
tion
so,
business and
in
volume.
In
the prospects
view
as
about
they constituted not
of
the
the
more
same
Total
3
14
proportion.
per
cent
9
Corpo¬
But,
of the
'
INFLUENCE
In the latter part of
influenced
international situa¬
are
uncertain.
Cent
.40
6.70
143,851
442,844
878,301
3,057,451
3,555,422
4,228,194
34.36
100.00
12,306,063
100.00
.06
4.49
1.17
3.60
7.14
24.84
28.89
OF WAR
the year the course of business
by the outbreak
of
war
in
Europe.
It
was
seems
appropriate to state that, quite aside from the humani¬
tarian and moral issues, war orders represent
only a fleet¬
ing prosperity and
war
disruptive
of
cause
troubled
42.05
46.30
All Others, Including Brokers
Increase
60
713,720
3,217,731
than 9
Individuals—'Women
Individuals—Men
880
130
9,757
91,406
100,642
217,386
Trustees and Guardians
year,
11,049,058
Number
14,571
Insurance Companies
re¬
Percent
did the rest of the
for export volume
Religious and Educa¬
tional Organizations..
export
Net Tons
7,315,506
Per
Cent
Charitable,
products, the Corporation's
public shipments by principal product groups for the
compared with those of 1938, were:
„
as
SHARES
Per
SHIPMENTS
Number
to
The stock
corporations,
follows:
.
PUBLIC
addition
with
follows:
as
1939
including in liabilities
one
AND
was
Total Number of Stockholders
Holders of Preferred
Holders of Common
$39,116,645
January of
there
December
$93,499,040
54.382,395
$392,871,801
capital obligations due within
year.
December 31,
Increase
89,506.296
STOCK
year
shares of capital stock outstanding.
holders of record at December 31,
was:
stated
are
dividend
excluding from current
one
During the
Corporation and subsidi¬
..$431,988,446
The net amounts
lated
other
many
industries.
CAPITAL
143,888,691
Net Working Capital
In
constitute
the major part of the total taxes paid by the Corporation's
subsidiaries.
This arises from the fact that the production
the previous
over
Dec. 31, 1939 Dec 31, 1938
,..$575,877,137 $482,378,097
.
.
Current Assets
within
1938
$36,827,279
Income
dividends.
The net working capital of the
years and
7.70
of the 1939 tax accruals compared with those
Federal Taxes (excluding Social Security)
Income and Excess Profits Taxes
com¬
the
dividends
from
represent
investment,
upon
5.59
7.41
.
Per Share of Common Stock
CAPITAL
the
the
Per Ton of Finished Steel
Per $100 of Sales and Revenues--.,.
(numbers 155 to 158,
improvement
NET WORKING
aries for
of
Corporation for the year 1939
$67 million.
Increasing taxes have become a
serious factor in the production and marketing problems
of the Corporation.
Thus, the taxes in 1939 were equiva¬
stocks
1939,
ings sufficient to offset the 1938 deficit after payment of
preferred
total
amounted
of
decided
Year
TAXES
The
Federal
The earnings available for payment of interest and divi¬
year's
operated
32.3
Stale and Federal
payments.
a
capacity
was:
and Local Taxes (including State
Taxes)
Social Security Taxes (State and Federal)
deficit of $32,937,131 in 1938 after preferred dividend
dends, although
of
percentage
State
inclusive), amounting in all to $25,219,677, leaving a bal¬
ance
of $15,900,257 of such net
income.
This compares
a
by all subsidiaries
A summary
technique.
control
no
$41,119,934 in
the preferred stock
on
The
production of rolled and finished steel products for
Retirement)
Corporation amounted to
a
for
19,759,000.
2nd Qtr.
advances.
pared with
with
the
annual capacities in net tons
22,957,000; for steel ingots and
rolled and finished steel products
1st Qtr.
51.7
product
savings have
as
manufacturing
Net income available for dividends
the
sale
rated
furnaces
castings 28,885,000;
for
advanced faster than technical savings without
correspond¬
ing price
available
blast
for
66
25
1939
in
progress
which
11,996,811
.13,327,000
,
79
67
during
tonnage consisted
The
price) and to increase
over
1936—a
important
an
prices.
unit costs
through
3939
The
were:
larger earnings,
relative earnings in
factors,
Corporation to lower prices
for the
prevailed
of
of the total
of the lower price yield.
come
those
to
The lower
considerable part
a
17,625,676
Rolled and Finished Steel for Sale
Cement (Barrels)
9
56
73
64
1938
of
compared with 1938, resulted in
year,
although
per
21,623.834
12.091,676
12,852,37.5
13,655,719
1939
FINANCIAL RESULTS
of
115,010
Coal!
sale
tons.
ence
Manganese and Zinc Ores
Other Raw Material, Limestone, etc
At
the
Iron Ore
Coke..
cent.
EMPLOYES
AND
STOCKHOLDERS
the
year
Public
IN 1939
for
a
shifting
destruction
years
and
of
of
lives
business is certain
our
capital
that
War
economy.
that
can
can
never
management of the United States Steel
to
is
not
be
result
in
certain
be
a
to
replaced
replaced.
Corporation is
The
con-
Volume
The Commercial
150
vineed that the first requisite for the
indication
An
AND THE NATION
CORPORATION
THE
be
can
attainment of a last¬
and the prospect of enduring peace.
ing prosperity is peace
of
had
of the
relation
close
the
Corporation's affairs with those of the nation by a brief
reference to
conditions in some
of the major markets
which the subsidiaries serve.
The Corporation's business
relation to changes in
automobile, rail¬
road,
construction,
oil, gas. mining, container, utility,
machinery and tool, shipbuilding, agricultural, pressing,
forming and stamping, and the other producers' and con¬
sumers' goods industries.
Consumers' demand for the fin¬
ished products of the steel-using industries governs the
demand
basic
During
in addition
year,
to the
itself.
steel
for
the
general
accruing
business
of
volume
the
in
fluctuated
1930
during
to
increased demand for
heavy goods, there was a continuation of the general trend
toward lighter steels, which further justified the expendi¬
ture the management has made in recent years for new
situation. With continued
improvement in business we may expect further expansion
in the demand for lighter steels and, with a renewed flow
of capital the capacity of the Corporation to produce heavy
steels may be even more rapidly utilized.
ing the value of natural resources exhausted
nal investment cost of plant facilities and
tired, dismantled or sold, including
»
#
of the importance, in the con¬
Corporation's affairs, of the wise selection, de¬
The management is aware
of the
duct
employes.
and handling of
velopment
looking
established
Policies have been
systematic review of the need
the
to
availability of executive
and
for
160,571
At
For some time it has been recognized that
federal tax-supported systems came into opera¬
state and
they would to the extent applicable
tion
take the place of
supersede the United States Steel pension plan.
Other¬
wise, the cost of providing superannuation pensions to em¬
and
doublt burden upon the Corpora¬
The revised pension plan and
rules are voluntary provisions, as were the former, for the
benefit
of eligible employees
and may be cancelled or
ployes would constitute a
tion and its subsidiaries.
modified
time
from
Throughout
year
maintained
been
have
the
to
time.
harmonious employe relationships
and standards agreed to by the
Corporation and its employes have proved satisfactory.
The management realizes that if industry is to provide
that maximum volume of production and employment of
which it is inherently capable, the public must have a
broad
of the problems of industry, and in¬
understand the legitimate needs
comprehension
provements
$55,000,000.
and products on
$294,593,046, com¬
pared with $279,518,604 at the end of the preceding year,
an increase of $15,074,442 or about 5.4 per cent.
There was a satisfactory absorption of materials in 1939.
In the latter part of the year inventories expanded, but
to a much smaller extent than the expansion in the volume
inventories
of
of
obligation to cooperate with the manage¬
anticipating the future
requirements of the public whose needs we serve.
an
OF
VOLUME
The
dollar
total
of
volume
BUSINESS
the"
behalf
of
Board of Directors I
the
take this oppor¬
acknowledge and express appreciation for the
loyal and efficient service rendered and the fine attitude
displayed by the officers and employees of the Corpora¬
tion and of the subsidiary companies in the management of
tunity
the
to
properties,
holders
which
ume
for
we
of
to express appreciation to the stock¬
continued support.
The year through
and
their
have just
passed has been one of increased vol¬
with a continued cooperative spirit
and
business,
prevailing in our large family, we face the future
hopefully.
months
$1X14,151,897.
the
allowances,
plus revenue from miscellaneous operations, and gross rev¬
enue
of subsidiary transportation companies from outside
shippers and
affiliated companies, but excludes inter¬
business
of
volume
This
includes
sales on
gross
values, less discounts, returns and
sales.
company
of business for 1938,
The volume
as
shown in the previ¬
figures for that year, has been adjusted
to eliminate the sx>eeially exhibited sales between subsidi¬
aries
for
conversion
uses
and resale and other
inter¬
ously published
revenues..
company
with
public business of 1939, as compared
of
The volume
affected by the comparatively low level of prices
received for products sold.
,
With the increased sale of higher priced steel products
1938,
was
during the latter half of the year, the average
realized price
there was no general increase
published prices for major products.
improved slightly, although
of
the level
in
ABOUT
OUR EMPLOYES
high level. The com¬
each of the quarters and for
Employment during 1939 was at a
employment data in
full year of 1939 are:
posite
the
Av. Hrs.■
34.5
33.2
34.6
37.8
89.6c
89.7c
90.0c
89.4c
per Hr.
Third
Fourth
Payroll
$83,065,315
80,396,436
90,599,167
114,516,793
223,844
202,108
Second
$368,577,711
282,209,332
35.2
29.7
89.7c
90.2c
$86,368,379
5.5
0.5c
21.736
Inc. over 1938.
cooperation of em¬
the work of accident prevention was continued
during 1939.
A comparison of 1939 and 1938 ex¬
management's
ployes,
actively
and
efforts
the
penditures is:
For better conditions
Assistance
was
Under
1938
1939
$888,290
3,547,086
2,733,824
For accident prevention
For accident compensation
sion
Earnings
Employes
208,907
207,291
221,395
257,783
First
By
An.
perEmp.
per Wk.
Total
Av. No.
Quarters
*#*■*!
On
transacted during
business
subsidiary companies amounted to
1939 by all
1938
meeting the present and in
materials
business.
1939
ment in
of
hand at December 31, 1939, amounted to
Year
Corporation
extensions and im¬
additions,
for
INVENTORIES
understanding is particularly
important to the Corporation.
Good public relations begin
at home, and there thus rests upon every employe of the
Such mutual
public.
amount unexpended on recom¬
1939 the
of
was
total
The
Year
the
Depletion and Depreciation Re¬
charged to Current Income
was
authorizations
dustrial management must
of
to
$1,793,634
close
the
mended
pension laws.
as
charged
was
and
serves
personnel, promotion, job
specification, accurate designation of specific responsibility,
training, salary standardization and similar matters.
In
December 1939, the Corporation pension plan was
revised so as to be correlated with the federal old age
proceeds amounting to
Account.
basis of mill
*
and the origi¬
equipment re¬
$3,406,799 from sales and salvage directly creditable to the
investment
account.
Of the amount written off, $23,-
plants and facilities to meet this
*
2121
& Financial Chronicle
$663,865
3,355,786
2,714,050
relief and credit exten¬
in the form of direct
also
provided.
the employes' gfoup life insurance plan
the bene¬
benefits in the
As of Decem¬
insured in the amount
employes received death
amount of $3,097,800 during the year 1939.
ficiaries
of
1,507
1939, 234,879 employes were
$469,957,500.
ber 31,
of
During
ployes.
the
on
the
year
pensions
were
granted to 1,457 em¬
13,297 names
At the close of the year there were
pension rolls.
1939
Pensions granted
Pensions
Chairman, Board of Directors
15,
CAPITAL EXPENDITURES
The
expenditures made by the Corporation
and subsidiary
companies during 1939 for additional property, plant ex¬
tensions and improvements, less proceeds from dismantle¬
ment and sales of sundry property, and the credit for net
reduction in advanced charges for stripping and develop¬
ment work at mines, amounted to $18,917,623.
The items
of
gross
By-product coke plants
Coal properties
Iron ore properties
Limestone and flux properties
Rail transportation
Water transportation
—
Water, gas and service properties
Land and supply companies
Total gross properly
was
ment Account
off altogether from
in 1939 an
—
1,521,430
296,422
3,213,690
386,973
330,170
486,826
—
$26,060,987
Property Invest¬
amount of $28,361,004, represent¬
expenditures in 1939
written
1,124,544
1,661,421*
$54.20
the
pension prior to statutory retirement age for incapacity
plant shutdowns where circumstances justify.
Con¬
sideration is being given to providing retirement benefits,
and
of the employe and the Corpora¬
compensation excluding that taxed under the
through joint contributions
tion, based on
federal plans.
*
$17,039,511
r
1,110
12,725
$8,149,737
62.8
$o5.10
(yrs.)
812
572
13,297
$8,683,393
61.6
Corporation's voluntary pension plan was
correlated to the federal old age plans.
The Corporation
has been careful to retain provision for retirement with
1939
expenditure were:
Manufacturing properties
There
Total pensions in force
Total pensions paid
Average age of employes pensioned
Average length of service (yrs.)
Average pension per month
In
1940
1.922
885
Net change
March
1938
1.457
-
_—
discontinued
This statement has been
for
the purpose
formation.
It
munication
or
#
*
*
prepared and is distributed solely
of furnishing financial and
statistical in¬
is not a representation, prospectus,
circular in respect of any stock or
com¬
other
security of the United States Steel Corporation or any other
corporation.
It is not made in connection with any sale
or offer to sell or buy any stock or other security now issuqd
or
hereafter to be issued or in connection with any pre¬
liminary negotiation for such sale.
\
The Commercial & Financial Chronicle
2122
UNITED
STATES
STEEL
CORPORATION
CONSOLIDATED
GENERAL
AND SUBSIDIARIES
BALANCE SHEET
ASSETS
ASSETS:
CURRENT
March 30, 1940
Dec 31. 1938
Jo'Son?**
iy,bbU,U7b
DecZl.l^
Cash in banks and on hand
U. S. Government and other marketable securities, less
S1S'Jon'o??
7
reserves
(Market value 1939. $21.376.464; 1938. $20,439,283)
co
Accounts receivable, less reserves
1
Inventories, less
OOQ
...
oS-y62,^62
reserves
bb,yy»,»oi
279,518,604
482,378,097
^7tl4Ujo94
rG86i*VfiS
&hh
294,593,046
575,877,137
rppplvs.bls.
Trills
(See page 15
1pamphlet
report] for details)
7rTX4»V/0/
INVESTMENTS:
,
...
noA
n
Outside real estate and mortgages and investments in sundry securities, less reserves
TT. S. Steel Corp. common stock owned (2,766 shares in 1939 and 1938)
Balances under employes' home-owning plans, less reserves. _ +
...
9,594,980
l2,6bl,obb
11L158
6,359,442
111,158
6,537,957
16,065,580
19,006,670
?'2?2'29§'28f
?'344.316,9o7
1,122,157,114
1
1,166,519,512
1
.
•
FIXED ASSETS
(See page 20 (pamphlet report] for details)
Property, plant and equipment
reserves for depletion, depreciation, amortization and obsolescence
Less
INTANGIBLE ASSETS
OTHER
1,217,04b,795
......
_
—
—
—
1,1//,/y/,mo
ASSETS:
Inventory of
OOA
sundry operating parts, supplies, etc
ncn
25,674,829
.
Cash resources held in bond sinking funds and other trusteed accounts..
Receivables not collectible within one year, less reserves..
„i,
27,9bU,4i3
683,832
2,914,924
2,094,468
42,647,832
DEFERRED
14,0o8,079
30,738,713
8,383,014
,
8,581,954
3,130,722
—
...
CHARGES:
•
.
0
Prepaid royalties.
......
Discount and expense on
Other deferred charges
long term debt
--
(net)
2,322,208
...
COi
1,070,777
12,636,013
81,768,523,663
•
923,337
11,775,999
$1,711,279,006
LIABILITIES
CURRENT
,noo
^
LIABILITIES:
Dec. 31, 1938
Dec.
31,1939
$59,350,845
46,719,183
1,954,365
Current accounts payable including payrolls
Accrued taxes
Accrued interest, unpresented coupons and unclaimed dividends
Preferred stock dividends (No. 154 payable Feb. 20, 1939, No. 158 Feb.
Bonds, mortgages and debentures maturing within one year
-
-
-
539,583,182
31,369,882
2,003,346
1940)
States
DEFERRED
89.506,296
DEBT
(See page 21 (pamphlet report] for detail):
Corporation 10-Year 3\i% debentures
Subsidiary companies' issues
Bonds for payment of which cash is specially held by trustees
Real estate mortgages and purchase money obligations
United
6,304,919
10.244.9b7
143,888,691
LONG-TERM
6,304,919
29,559,379
20,
Steel
90,286,500
112,234,000
3,175,000
10,806,709
...
....
.....
125,855,000
305,000
12,161,373
.
216,502,209
3,241.244
233,467,373
38,638,389
38.567,298
46,301,124
5,144,935
CREDITS
45,694,174
5,137,051
RESERVES:
Contingent, miscellaneous operating and other reserves (See page 20 (pamphlet report] for detail)
Insurance reserves
MINORITY INTEREST IN COMPANIES NOT WHOLLY OWNED (Book Value)
CAPITAL
STOCK
AND
—
SURPLUS:
Preferred 7%
cumulative stock—par value 8100
(Authorized 4,000,000 shares: issued 3,602,811 shares)
Common
stock—no par—stated
capital $75
per
360,281,100
..
Earned surplus
STOCK
AND
652,743,900
38,462,801
263,319,270
...
(Authorized 15,000,000 shares: issued 8,703,252 shares)
Capital surplus
TOTAL CAPITAL
360,281,100
652,743,900
38,462,801
247,419,013
■■■«
share
SURPLUS
$1,314,807,071
PRINCIPLES APPLIED
IN
CONSOLIDATION AND
81,711,279,006
NOTES
The consolidated balance sheet and the statements of accounts
present the combined results for the United
sldiaries for the
year ending December 31, 1939.
companies have been eliminated.
$1,298,906,814
$1,768,523,663
States Steel Corporation and
its sub
In the balance sheet inter-company accounts and inter-company profit in inventories of the subsidiary
The statement of income and surplus presents the results from
operations of the Corporation and its subsidiaries for 1939 resolved to a consolidated
In the case of subsidiary transportation companies the gross revenue reported includes revenues from services rendered to other
organization basis.
subsidiary companies
as
well
as revenues
is not made.
Profits from these respective
from outside sources, since under the system of accounting prescribed for transportation companies a
segregation
inter-company transactions
are
eliminated from consolidated profits to the extent that the materials to which the
attach remain
on hand in inventory at the close of the
year.
This elimination of inter-company profits
consolidated income statement.
The effect on the Consolidated Balance Sheet and related Income Account of the
exchange situation
the earnings from foreign transactions is not material.
CONSOLIDATED
GROSS
SALES
AND
STATEMENT OF
INCOME
SURPLUS
AND
FOR
with respect to investment in foreign assets and
YEARS ENDING DECEMBER
REVENUES:
31, 1939 AND 1938
Year 1939
Gross sales, less discounts, returns and allowances
Gross revenue of transportation common
Gross revenues
Total
1938
52,574,864
19,450.216
904,151,897
632,533,383
667,109,644*
488,393,258
237,042,253
.
OPERATIONS
144,140,125
OPERATING EXPENSES OF TRANSPORTATION AND MISCELLANEOUS
Balance
OTHER
OPERATING EXPENSES:
General administrative and
selling expenses
Payments under pension plan to U. S. Steel and Carnegie Pension Fund
Provision for bad debts
Taxes
(excluding social security and federal income taxes)
State and federal social
security taxes
Idle plant expenses
*
_.
Allowances for depletion, depreciation and obsolescence
Expenses of dismantling and rearranging facilities
51,066,788*
8,305,519
1,193,635*
39,224,030
14,818,056
1,247,227
60,659,917
574,513
177,089,685
OPERATING
Year
$560,508,303
$801,039,242
78,456,476
24,656,179
*_
carriers, including revenue from affiliated companies
from miscellaneous operations
C0SJt.9,F pOODS SOLD AND
NET
same
is comprehended in the cost of goods sold in the
INCOME
(or loss)
41,001,553
7,743,046
34,602,915
11,309,216
2,440,185
48,532,841
660,607
*
146,290,363
59,952,568
2,150,238
496,765
1,696,776
1,259,505
1,405,310
1,325,69k
5,408
292,823
1,857,539
993,387
1,525,295
555,274
333,191
OTHER
INCOME:
Dividends from outside investments...
Interest on securities and accounts
(net)
Discount on purchases
-
_
Rents and royalties
Net profit (or loss) on securities
Net profit (or loss) on sale of
capital assets
_
__
_
_
^Miscellaneous (net).
OTHER
39,272
DEDUCTIONS:
Minority portion of profits of companies not wholly owned
(net)
INTEREST ON BONDS AND MORTGAGES
32,685
to capital stocks
DIVIDENDS—U. S. STEEL CORP. PREFERRED STOCK
($7.00
per
9i312!931
SURPLUS
AT
DECEMBER 31ST
3.
PER
BALANCE
SHEET
principal items, the comparison of which with 1938 is affected
by certain reclassifications in the
Eifect the net income comparison.
-
25,219,677
15,900,257
247,419,013
32,937,131
280,356,144
$263,319,270
share)
8,262,328
4,787,454
2,930,000
41,119,934
25,219,677
„
Surplus (or deficit) for the year
Earned surplus at close of previous
year
8,145
3 474 874
54,094,934
12.975,000
(including net bond discount and expense)
™T^iincome (°r loss>) aPPhcable
*
3,483.019
63 407 865
bef(>re federal income and profits taxes
PROVISIONS FOR FEDERAL INCOME AND
PROFITS TAXES
E.4RNED
75,748
63,440,550
,
$247,419,013
accounts made in 1939: such
/
7,717,454
reclassifications do not
Volume
2123
The Commercial & Financial Chronicle
150
AND SUBSIDIARIES
STATES STEEL CORPORATION
UNITED
DETAIL OF BALANCE
SHEET ITEMS
Fixed Assets
Dec. 31, 1938
Gr. Investment
d Adjustments $Dec. 31, 1939
$830,946
98,255,533
22,652,397
908,9hl
1,851,125,513
4,111,287
175,537
366,331,462
In Year
In Year
$ 1,597,320
457,657
$
_$
98,564,250
1. 1,852,201,365
ESTATE
REAL
Bet. A Sales Reclassifications
Additions
Gr. Investment
_
367,149,368
TOTAL
*
Includes dock and river transportation
$28,361,004
$ 97,542
1,858,442
5,595,007
825,992
23,491,401
$27,919,429
$33,956,011
$923,534
$2,339,203,909
.
_
.....
$26,060,987
26,401,974
$2,344,316,957
STRIPPING, ETC
IN MINE
INVESTMENT
22,485,486
3,117,844
$2,317,914,983
PLANT, MINERAL AND MANUFACTURING*
TRANSPORTATION—Railroad. Lake and Ocean Steamship
equipment auxiliary to and a part of
$2,315,712,508
manufacturing properties.
Reserves
OBSOLESCENCE RESERVES
DEPRECIATION, AMORTIZATION AND
DEPLETION,
Balances
Income Set
1939 Expend.
Aside 1939
& Charges
& Adjust.
£,955,774
958,617,545
178,885,662
19,916,122
10,422,342
$ 2,565,853
58,094,064
$ 2,602,588
2,720,250
1,236,135
$1,177,797,445
$63,380,167
$24,331,328
$
DEPLETIONDEPRECIATION
AMORTIZATION
RELINING
FURNACE
BLAST
SUNDRY
_
____
OTHER.
TOTAL
_i.
30,035
19,525,660
8,932,8^2
$
10,^22,3^2
....
200,511
$1,217,046,795
I 1939
$
Balances
Dec. 31,1939
1939
Credits
Charges
4,635,711
1,453,848
$5,072,666
3,856,842
811,468
$4,328,534
3,548,281
1,793,070
$38,567,298
$9,740,976
$9,669,885
$32,477,739
GENERAL CONTINGENT
AND HOSPITAL (for operating casualites)
EXTRAORDINARY OPERATING EXPENSES.i...
ACCIDENT
TOTAL
9,949,074
1,015,744,664
169,952,820
21,400,237
RESERVES
Balances
Dec. 31,1938
FOR
$
20,492,605
MISCELLANEOUS OPERATING AND OTHER
CONTINGENT,
Balances
Dec. 31, 1939
1939 Trans.
Dec. 31, 1938
$33,221*,871
4,944,272
472,246
$38,638,389
Funded Debt
The outstanding
1939,
was
bonded, debenture and mortgage debt of
U..S. Steel Corporation and subsidiaries at December
$9,950,000; the total retired was $7,600,752; and
individual issues.
$246,061,588.
The total issues made during the year were
was $2,349,248.
The table below shows the details of
net increase
DETAIL OF FUNDED
DEBT
31,
the
Outstanding
U.
S.
ISSUES
Ten
CORP.:
STEEL
Year
ISSUE
AND
COMPANY
Debentures—3M %. due June 1,
Changes Since
Dec, 31, 1939
•
Dec. 31, 1938
a$95,140,500
$1^,859,500
5,590,000
5,360,000
5,700,000
1948
lf70,000
670,000
5,700,000
SUBSIDIARIES
OF
Lake
&
Bessemer
Erie
R.R.
Company:
$420,000 Nov. 1, 1951
Equip. Tf. Ctfs. of 1936—2H%, $470,000 each Nov. 1 to 1950 incl.,
Equipment Trust of 1937—2^%, $670,000 each March 1 to 1947
Equipment Trust of 1939—2}4%, $570,000 each Dec. 1 to 1949
Birmingham Southern Railroad Company:
Equipment Trust of 1936—3%%, $90,000
Missabe and Iron Range
Duluth,
D.
M.
&
I.
D.
M.
&
N.
R.
1, 1939
"
Railway Company:
October 1, 1962
due each March 1 to 1952
Joliet & Eastern Railway Company:
First Mortgage—5%, due May 1, 1941
♦Joliet Equip. Trust Reg.—5%, $125,000 due each July 1 to 1941.---Equipment Trust of 1937—2)4%, $150,000 due each March 1 to 1952
Equipment Trust of 1939—2H%, $425,0Q0 due each Dec. 1 to 1949- — ..
♦Chicago, L. S. & E. Ry. 1st Mortgage—4^ %, due June 1, 1969
100,000
—
1st Mortgage—3H%, due
Equip. Tr.—2^%, $252,000
Ry.
Ry.
'
b27,600,000
3,276,000
_
1,200,000
252,000
10,000,000
250,000
1,950.000
4,250,000
9,000,000
—.—
....
125,000
150,000
4,250,000
Elgin,
C. Frick Coke Co.:
♦Pitts.-Monon.—5%, $589,000 each July
H.
♦Illinois
Steel
—— —......
-
2,948,000
18,500,000
1 to 1943, $592,000 July 1, 1944..
Company—Debentures of 1940—4J^%, due
April 1, 1940
Bessemer & Lake Erie Railroad Company:
1st Mortgage—5%, due Jan. 1, 1947
Pittsburgh,
R.R. Co. 1st Mortgage—5%,
Con. 1st Mortgage.—5%, due
due October 1, 1940...July 1, 1943---
Coal, Iron and Railroad Company:
Mortgage—5%, due July 1, 1951
♦American Steel & Wire of Alabama 1st Mortgage—5%,
dll,276,000f
General
Company:
Mortgage—5%, due September 1, 1946
♦Debentures—6%, due September 1, 1946
Union Equipment Trust Certificates of 1936—2H %. $180,000 each November 1 to
Union R.R. Equipment Trust of 1937—2}4%, $170,000 each March 1 to 1951
♦Monon. Southern R.R. Co. 1st Mortgage—5%, due October 1, 1955
—......
♦Monon. Southern R.R. Co. General Mortgage—6%, due October 1, 1955
♦St. Clair Term. R.R. Co. General Mortgage—5%, due March 1, 1950
FOR
WHICH CASH IS HELD
50 Year Non Callable, 5%
10-60 Year Sinking Fund, 5%
10 Year Debentures, 314%
PAYMENT OF
U.
S.
8teel
Corp.
U.
S.
Steel
Corp!
U.
Indiana
REAL
Steel
Co.
—
.... —
—
-
'
106,000
------
180,000
170,000
.....
—
„
„
26?-999
4-999
2,441,900
?'999
1,000
455,000
-
o ,,f999
2,441,000
?'999
J-999
446.000
o
.....
5%
lit,000
3,000
hi 1,829,088
1st Mortgage
ESTATE MORTGAGES AND
22,000
2,000,000
*5'?9^'999
2,160,000
2,040,000
3,000,000
2,500,000
1,129,000
1951
BY TRUSTEES
S. Steel Corp.
Carnegie-Illinois Steel Corp.—St. Clair Furnace Co. 1st Mortgage
Duluth & Iron Range R.R. Co. 1st Mortgage
Duluth. Missabe & Iron Range Ry. Co. 1st Mortgage, 3K % - H. C. Frick Coke—Pitts.-Monon. 1st Lien Purchase Money Coupon,
-------
e858,000 g
November 1, 1946
Railroad
First
BONDS
c22,000
68,000
356,000
-----
-
Tennessee
Union
589,000
-- v
9,576,000
Consolidated
Pitts., Shen. & L. E.
Pitts., Shen. & L. E.
90,000
630,000
due each Dec. 1 to 1946
Carnegie-Illinois Steel Corporation:
St. Clair Furnace Company 1st Mortgage—5%, due August
PURCHASE MONEY OBLIGATIONS
1,509,252
2,349,248
19,314,412
16,965,16k
246,061,588
29,559,379
$216,502,209
FUNDED DEBT
Less debt maturing within one year
TOTAL
BALANCE LONG-TERM DEBT
account retirement, b Sinking
Lake Erie R.R. Company, Cons.
days of first purchase offer unused in¬
these guaranteed by U. 8. Steel
held alive in sinking fund, h $10,757,700
S. Steel Corporation,
a Sinking fund of $2,500,000 due each June and December 1 to 1947
of bonds each April and Oct. 1 to 1962, incl.
c Issued in exchange for Pitts., Shenango and
d Annual sinking fund $119,360; if bonds not offered to Trustees at 105 or less within 20
e $44,000 per annum payable to Trustees plus interest on bonds in sinking fund,
f $5,225,000 of
Corporation under non-assignable guarantee to present holders,
g In addition $1,342,000 of this issue are
guaranteed by U. S. Steel Corporation.
(Italic) indicates retirement.
*
Guaranteed by U.
fund to retire $600,000
IstlMtge. 5% bonds,
stallment is returned,
Maintenance, Depletion,
EXPENDED
ORDINARY
BLAST
OR
APPROPRIATED FOR
REPAIRS AND
Depreciation and Obsolescence
MAINTENANCE (exclusive of blast furnace)
SUNDRY REPLACEMENTS.
-•
FURNACE RELINING AND
TOTAL
EXPENDED
EXHAUSTION OF NATURAL
RESOURCES; DEPRECIATION AND
TOTAL
-
INDEPENDENT AUDITORS*
OBSOLESCENCE..:
-1
REPORT TO
---
STOCKHOLDERS
1,170,757
$ 88,807,761
62,783,923
$151,591,684
New
Stockholders of United States Steel Corporation:
As auditors elected at the annual meeting of stockholders of the United States Steel Corporation
solidated balance sheet of United States Steel Corporation and its subsidiary companies as at
and surplus for the year 1939.
We have reviewed the system of internal control and the
a detailed audit of the transactions, have examined or tested accounting records of the
0y+ojjIj wo fippttiappropriate.
To
1938
$ 62.349.168
696,070
$ 63,045,238
1939
•$ 87,637,004
'
,
York,
,
the
50,597,137
$113,642,375
t
March 12,
,
1940
. ,,
held on April 3, 1939, we have examined the con¬
December 31, 1939 and the consolidated statement of income
accounting procedures of the companies and, without making
companies and other supporting evidence by methods and to the
In
opinion the accompanying consolidated balance sheet and related statement of income and surplus present fairly the position of United States
Steel Corporation and its subsidiary companies at December 31, 1939 and the results of their operations for the year in conformity with generally accepted
our
accounting principles
applied on a basis consistent
with that of the preceding year.
PRICE
WYTERHOUSE & CO.
2124
The Commercial & Financial Chronicle
THE
WESTERN
UNION
TELEGRAPH
March
30,
1940
COMPANY
INCORPORATED
EIGHTY-FOURTH ANNUAL REPORT FOR FISCAL YEAR 1939
To
the Stockholders:
SURPLUS STATEMENT
Net income of $1,380,000
with
deficit
of
$3,018,000.
$1,638,000
in
Gross operating
larger by $3,948,000,
were
increase
throughout the
earned in 1939
was
1938,
revenues
year,
improvement
an
of
in 1939 of $95,660,000
4.3%, due
or
contrasted
as
to
a
Surplus at December 31, 1938,
capital stock of $1,163,350
Net income for year ended
taxes
$5,953,000,
the
Security taxes
to
operations
Social
to
now
Security
amounted
75%,
or
a
constitute about 40% of the
Social
Company's
totaj tax bill.
1939,
com¬
prised 211,530 miles of pole lines, 4,070 miles of landline
cable, 1,876,867 miles of wire, 30,324 nautical miles of ocean
cable, 19,543 telegraph offices and 16,208 telegraph
agency
stations.
Adjustments of Surplus applicable to prior
Surplus at December 31, 1939,
we
repaid, out of
current
funds, notes
amounting to $1,700,000, due January 1, 1940, thus reduc¬
ing the amount of bank loans to $5,100,000, due
January 1,
Since June 30,
1933, the reduction in funded debt
and bank loans aggregates
the
the
system
tapped
new
and
reservoirs
for
Telemeter has steadily grown and last
year was extended to fourteen additional
important cities.
Carrier
telegraphy has been further
adaptation of frequency modulation.
improved
by
an
$333,954,273
Long Term Advances Receivable:
Amount receoverable on the expiration of
long
term lease in respect of
obligations assumed
thereunder
Loans, under long term contracts, to lessor tele¬
graph companies, recoverable upon termina¬
tions of leases, for
payment of taxes; and
receivable
certain
on
receiving telegrams.
mitter and recorder for the
is still another
The compact combination trans¬
use
of customers
on
their premises
development of The Automatic Telegraph.
Transatlantic picture and facsimile service was
begun early
in the year from London to New York
In January, 1940, the Federal
over an ocean
cable.
Communications Commis¬
sion made public a
report requested by the Senate Committee
on Interstate Commerce.
The Commission's
report recom¬
mended legislation to
permit telegraph mergers under certain
should it be
The
desirability and feasibility of
legalized, will depend
upon
the
a
merger,
manner
in which
it may be brought about and the
restrictions
its operations.
If it becomes
possible and desirable to make
decision regarding a
merger, the matter will first be sub¬
mitted to the stockholders.
At the close of 1939 there were
28,933 Western Union
stockholders.
It is our belief that American business
will again prosper
and with restored industrial
prosperity the telegraph business
will quickly respond and share in
the improvement, as it
has always done in the
past.
INCOME
1,196,732
2,376,732
Proceeds of Sale of Properties Deposited with Trustee
Under Western Union
Funding and Real Estate Mort¬
gage
(invested in Western Union Funding and Real Estate
a par value of $4,227,000)
Mortgage Bonds having
STATEMENT
under
held
operated
long term leases (not including securities
as lessee)
$5,236,781
by the Company
—
Investments in affiliated, controlled and other
companies
6,935,942
12,172,72?
$95,660,403
Accounts receivable
Less—Reserve
$10,370,741
for
counts
doubtful
ac¬
1,122,146
_
Increased $3,948,002
Other taxes
Total expenses of operation
$63,478,260
11,670,116
8,269,999
Interest
Net income
on
investments
in
4,468,724
3,741,000
$91,628,099
companies
218,523
8,770,568
Cash in bank»#<on hand and in transit
Deposited
with
Compensation Laws
Deferred Charges
States
Under
$851,450
$178,602
$44,833
Increased
Increased
$184,510
$35,000
Increased
Workmen's
264,471
1,035,353
$378,605,245
LIABILITIES
Capital Stock:
Authorized—Par value $100.00
per share
>.1,050,000
—
Issued
1,045,592
Less—Stock held in Treasury
314.5
Outstanding
,-,.1,045,277.5
shs.
""$104,559,200
"
31,456
"
$104,527,744
Capital Stock, not Owned by Western Union, of Sub¬
sidiary Companies the Assets of Which Have Been
Merged with Western Union (Par value)
1,751,400
Funded Debt:
Bonds of The Western Union Telegraph
Company:
Funding and Real Estate Mortgage 4 lA %—
May 1, 1950
$20,000,000
Twenty-five Year 5%—December 1, 1951— 25,000,000
Thirty Year 5%—March 1, 1960
35,000,000
-
$80,000,000
Bonds
of
affiliated
due 1941 and
and
controlled
companies
1944-..,-c
$6,500,000
4,483,000
Less—Held in Treasury (Note 1)
$2,107,000
Bank loans (payable January 1,
1941)
$5,100,000
Real estate mortgage, Atlanta, Ga__
$331,000
87,448.006
Current Liabilities:
Accounts payable and
liabilities.
miscellaneous
current
$6,090,459
1,902,331
3,524,267
878,511
Non-Interest Bearing Liabilities, in respect of
proceeds of sales of securities and other property, held under
leases for terms expiring in 1981 and 2010, from
companies
in which The Western Union
Telegraph Company has, for
payable on the termina¬
13,091,845
78,757,299
Reserves for:
Employes' benefit fund
Other purposes
4,891,599
$937,191
Increased $3,010,811
Decreased
$10,552
Increased $3,000,259
$4,170,704
Decreased
$1,380,114
Increased $3,017,993
$17,734
$1,444,420
3,447,179
Surplus, together with premiums on capital stock of $1,163.350,las per statement attached (Note 2)
75,741,790
$378,605,245
''Note 1:
include
$5,550,818
subsidiary
Reserves for Depreciation and
Development
Increased
Decreased
Increased
em¬
Net balance from operations, after taxes
$4,032,304
Add:
Miscellaneous income.
1,518,514
Net income before interest
charges
income
the most part, a
controlling interest,
tion of the leases
and general
Repairs and maintenance.
Provision for depreciation
Social Security taxes and other
ployes' benefits
$9,248,595
Accrued
Deferred
Deduct:
expenses
6,618,517
Current Assets:
12,395,568
DECEMBER 31, 1939
Gross operating revenues.
3,945,490
-
Other Securities Owned (at cost or fair
value):
Stocks of telegraph and cable companies
Telegraph money orders payable
Accrued taxes (estimated)
Accrued interest and guaranteed rentals
Showing comparison with 1938
Operating, administrative
of
surrounding
a
YEAR ENDED
$1,180,000
18.237,686
graph, designed to meet the needs of patrons and
agency
offices in handling
ordinary telegrams, which are forwarded
to destination in the usual
way.
America's first completely
automatic facsimile office,
recently installed in our Rocke¬
feller Center branch in New York
City, is equipped with
facsimile process machines,
fully automatic for both sending
Deduct:
Equipment:
Securities
of the
facsimile principle was made
possible
by the introduction of a new device, The Automatic Tele¬
use
regulations.
1939
Plant, equipment and real estate including certain properties
controlled by stock ownership or held under
long term
leases
and merged
in the Western Union System at
appraised values at June 30,
1910, with subsequent
revenues.
Further
71,351
$75,741,790
—
Inventories of Materials and Supplies—at cost,
Company's exclusive Telemeter sendee
Printer-Perforator
telegraph
and
Plant and
$22,324,000, and annual interest
charges have been reduced $1,396,000.
1939
(net)
years
Balance Sheet—
ASSETS
interest
these loans
November, 1939,
In
per
BALANCE SHEET DECEMBER 31,
accrued
Charges in 1939 for depreciation of the landline and cable
property were slightly increased over 1938, to provide for
higher wartime costs of operating the cable ships.
1941.
1,380,114
additions at cost
The Western Union system at
December 31,
In
$74,433,027
December 31, 1939, per Income
$75,813,141
to
1935,
over
These
taxes.
on
Deduct:
augmented somewhat by
increase of $2,553,000,
an
prior
year
chargeable
premiums
Statement
incident to handling the larger business for 1939 absorbed
less than one-quarter of the increase in revenue.
1939
with
sustained
temporary upsurge of telegraph business in September, fol¬
lowing the outbreak of war in Europe.
Additional expense
In
together
Add:
Bonds of affiliated and controlled companies held in
Treasury
$1,340,000 Northwestern Telegraph Company 4H's maturing
1944, free of any pledge, acquired in 1934.
Note 2:
The Surplus, which, together with the par value of Western
Union capital stock, represents the
equity of the stockholders in the Com¬
pany, is invested largely in plant and equipment, securities of
operated
companies and other assets essential to the business, and,
therefore, In
the main the Surplus is not in liquid cash form.
,
CANADIAN PACIFIC RAILWAY
FIFTY-NINTH
ANNUAL
REPORT
THE
OF
2125
Chronicle
The Commercial & Financial
Volume 150
COMPANY
DIRECTORS OF CANADIAN PACIFIC
RAILWAY COMPANY
YEAR ENDED DECEMBER 31, 1939
the
To
1939, show
Company for the year ended Dec.
31,
the following results:
INCOME ACCOUNT
$151,280,699.78
Gross Earnings
Working Expenses (including taxes)
122,756,880.31
Net Earnings-
$28,523,819.47
Other Income (after
tion of steamships
providing for deprecia¬
and hotels)
6,764,851.22
$35,288,670.69
Fixed Charges
Interest
on
$24,700,692.40
bonds of Minne¬
apolis, St. Paul & Sault Ste.
Railway Company,
guaranteed as to interest
by your Company
'
Marie
805,830.00
25,506,522.40
transferred
Balance
and
Profit
to
Loss
$9,782,148.29
Account
PROFIT AND
LOSS ACCOUNT
Profit and Loss Balance December 31,
Income Account
ended December 31, 1939
Balance
of
1938_$136,969,650.26
the year
for
Deduct:
on
on
lines abandoned and
property retired
560,240.22
5,398,295.69
Profit and Loss Balance
as
per
December 31, 1939,
$141,353,502.86
Balance Sheet.
balance
The
of
Income
in
than
available for transfer
$8,519,766 greater in 1939
Account
Profit and Loss Account was
to
1938.
RAILWAY EARNINGS AND
The
comparative results of railway
EXPENSES
operations were as
follows:
Increase or
1938
1939
Decveose
$151,280,699 $142,258,981 $9,021,718
Gross earnings
clerical
there was a temporary lay-off
which did not recur in 1939.
year,
staffs
Maintenance
expenses
121,506,515
of shop
increased $242,993, or 0.5%, and
represented 31.93% of gross earnings, as compared with
33.78% for 1938.
Maintenance of Way and Structures ex¬
During the year 181.2 single
1,489,082 treated
and 1,857,436 untreated ties were placed in track.
Three
special ballasting projects, including the placing of 105.6
single track miles of rock ballast, were completed on the
Company's Western Lines.
Maintenance of Way expenses
were
relieved to the extent of $116,437 by reason of the
assumption by the Dominion Government of a portion of
the exi>ense of the ballasting projects as part of the pro¬
gram for relief of unemployment.
Maintenance of Equip¬
ment
expenses increased $673,207.
While there was an
increase.of $1,395,250 in charges for retirements of rolling
stock, the total of which was $7,411,151, there was a sub¬
stantial reduction
in the cost of other maintenance of
equipment expenses, owing principally to the fact that only
one
passenger car was air-conditioned as compared with
90 cars in 1938.
At the end of the year, 85.6% of loco¬
motives and 96.5% of freight cars were in serviceable con¬
dition, as compared with 85.8% and 91.9%, respectively,
$430,214.
decreased
Transportation
1,250,365
with new rail, and
of 1938.
at the end
Working Expenses
(including taxes).. 122,756,880
smelter
track miles were relaid
$4,838,055.47
Miscellaneous—Net Debit
that
of
and
penses
and not
replaced
and
refinery
end
9,782,148.29
_
$146,751,798.55
Loss
lumber and logs, paper,
products, and miscellaneous manu¬
factured goods all showed increases during the year, while
fruits and vegetables and petroleum products decreased.
Earnings from grain and grain products for the year
increased by $6,214,457, or 24.2%, almost three-fifths of the
increase haying occurred in the period prior to the move¬
ment of the new crop.
Handlings of all grains totalled
203 million bushels, an increase of 38 million.
This com¬
pares with the 1930-1938 average of 150 million bushels
and the 1925-1929 average of 254 million.
The 1939 wheat
crop
in the Prairie Provinces amounted to 463 million
bushels, the second largest in history.
Owing to the com¬
paratively small volume of wheat exports during the sum¬
mer
and early autumn months, terminal elevators at the
head of the Great Lakes and in Eastern Canada became
filled to capacity, and it was necessary for the railways
to establish temporary embargoes during October and the
first half of November against movement of grain from
various Western points to the Lakehead.
It is estimated
that, largely on account of this condition, less than 60%
of the crop was moved by the end of the year, compared
with 70% in the previous year, and your Company enjoyed
the benefit of only about one-third of the increase in its
grain carryings to be expected from the 1939 crop.
The increase in working expenses of $1,250,365 is equal
to 1.0%, which was more than accounted for by the fact
that in the first three months of 1938 deductions from
basic rates of pay were still in effect, and, towards the
The movements of coal,
business.
Shareholders:
The accounts of the
expenses
increased $926,661.
The ratio
earnings was 36.18%, as compared with 37.82% in
With the exception of the year 1936, when wage
to gross
$28,523,819
Net Earnings
Expense ratios:
Including taxes
Excluding taxes...
$20,752,466 $7,771,353
81.15%
78.26%
85.41%
82.29%
J^.26
4-03
$9,021,718 is equal to
experienced in the first four months
of the year, reflecting the lower level of business and in¬
dustrial activity throughout Canada.
Commencing in May,
improvement became evident and increases were recorded
each month with the exception of October, in which the
decline in earnings from grain more than offset the in¬
creases from other classes of traffic.
The
6.3%.
increase
in gross earnings of
Decreases were
earnings decreased $504,341, or 3.1%, despite
effect of the Royal Tour in May and June
and an increase in mid-summer tourist traffic from the
United States.
In the early part of the year, unfavourable
business conditions resulted in a lower volume of travel
in Eastern Canada.
The inauguration last spring of trans¬
continental air services introduced a new competitive ele¬
ment in long-distance travel in Canada.
Although there
was a substantial increase in all-expense tour traffic from
overseas,
it was offset by a heavy decrease in regular
traffic to and from Europe and the Orient as a result of
unsettled international conditions.
However, an increase
Passenger
the stimulating
in
passenger
the earlier
the
commodities. Improvement com¬
and became more pronounced
in the remaining months, owing to the grain
movement
and the impetus imparted by the war to certain classes of
in most classes of
menced in the second quarter
I
since
effect, this was the best
The improvement resulted
1929.
and the
from 27,363 to 29,573.
$80,711.
Traffic ex¬
penses decreased as a result of the curtailment of advertis¬
ing and the clpsing of certain foreign agencies following
the outbreak of war.
General expenses increased, largely
by reason of greater pension disbursements and the fact
that the one week lay-off of clerical staffs in 1938 was not
repeated in 1939.
Senior officers, Directors, and members
trains increased
from 17.1 to 17.2 miles per hour,
ton miles per freight train hour
Other" working expenses increased
gross
of
the
Executive Committee
ductions
in
remuneration
as
were
subject to the same re¬
in the previous year.
OTHER INCOME
Other
decline.
$10,010,559, or 9.1%, reaching
highest level since 1930.
In the early part of the year,
general industrial recession was .responsible for de¬
creases
transportation
in part from
the greater concentration of traffic in the period of the year
when conditions of operation were most favourable, making
possible heavier train loading and more economical use
of motive power.
The operating efficiency of your Com¬
pany continued to improve, as indicated by the following
comparisons with 3938; the average freight train load was
1,717 tons as against 1,604 tons, an increase of 113 tons;
the average consumption of fuel was 99 pounds per 1,000
gross ton miles, as compared with 102 pounds, reaching the
lowest level yet recorded;
the average speed of freight
ratio
earnings in December offset to some extent
Freight earnings increased
the
1938.
reductions were in
income
amounted
to
$6,764,851,
a
decrease
of
$598,821.
Dividend income was reduced by
bursements of The Consolidated
Dividend dis¬
were at the rate of $2.00 per
$2.50 in 1938.
The amount re¬
your Company from that source was $3,365,000,
$841,250 less than in the previous year.
pany
share
of
as
ceived by
or
$665,141.
Mining and Smelting Com¬
Canada,
Limited,
compared
with
The Commercial & Financial Chronicle
2126
(321,100,
miscellaneous sources amounted to $2,increase of $1,128,570, due principally to the
and
The
in
an
favourable
more
of
Prior
1938.
actual
the
to
international conditions
earnings
The
of
outbreak
brought about
ocean steamships
commencement of
from
services.
of Immigration and Colonization, which
of $264,411 for the year, have
been showing steadily increasing results, particularly in
connection with the bringing over from Europe of experi¬
of the Department
involved
net earnings of $591,071
This compares with
preciation.
in
steamships resulted
$71,274, after deducting $3,782,277 for de¬
operation of ocean and coastal
net loss
a
receipts from lands, these exceeded total cash expenditures
charged against land accounts.
Since the setback caused by the depression, the activities
of exchange.
rates
a
decrease in gross
Atlantic
in
unsettled
war,
and
hostilities
able
in
All
cruises
ocean
of your Company's ships were
The "Beaverhill" met with two
"Dutchess
the
a
Atholl"
of
which
turbines
engaged in war services.
the
sustained
necessitated
the
which
severe
of
BALANCE
ices
$846,318, largely for
during the
properties
$399,905.
There
ings, after providing $1,448,008 for depreciation.
vision
plan of reorganization of the Spokane Inter¬
national Railway Company approved by the Interstate Com¬
Notwithstanding the competition
of Trans-Canada airmail
stockholders.
claims
against that Company have, therefore, been written off.
Furthermore, in view of the principles adopted in reorganizations under the Bankruptcy Act of the United States,
it has now become apparent that there is no reasonable
was
increase of $12,484 in the earnings
an
There
cations.
from
was
miscellaneous
decrease
a
of
there
from communi¬
$60,003 in the earnings
properties.
.
FIXED CHARGES AND GUARANTEED INTEREST
Fixed
charges decreased $67,246.
Income account was
charged with $805,830, being the amount payable by your
Company by reason of its guarantee of interest on Soo
Line
*
Second
Mortgage Bonds, maturing Jan. 1, 1949, and
Mortgage Bonds, Series "B," maturing
First
Refunding
July 1, 1978.
.
view
of
the
uncertainties
of
the present situation they
declaring any dividend on the
Preference Stock in respect of the year 1939.
Your Direc¬
tors feel that, in the interests of all of
your Company's
security and stock holders, such course was the proper
would
be warranted
not
in
to take,
particularly in view of the impossibility,
owing to war conditions, of predicting the effect on
your
Company of developments in the near future.
one
PROFIT
AND
LOSS
ACCOUNT
Company's hotel at Vancouver was closed on
May 24, 1939. While the ultimate disposition of the prop¬
erty has not yet been
for
the
determined, it has been considered
write down your Company's investment therein
reason
that
the
agreement
with
the
"Canadian
National Railways for the operation of the new Hotel
Van¬
couver provides that the old
building must not be used as a
hotel.
Accordingly, Property Investment has been
reduced
by
amount of
an
$3,743,127, of which $1,176,629, represent¬
ing the depreciation accrued
creditors or
and
unsecured
your
value from
your stock investShore Companies, and
South
and
accordingly these have also been written off. These write¬
aggregating $15,650,021, were charged against invest¬
ment reserves previously provided.
In 1907, your Company became interested as half owner
in a coal mining property in Ohio, owned and operated
by Cambridge Collieries Company.
Over the period, it has
proved a valuable asset, yielding substantial dividends,
stabilizing the price paid by your Company for coal, and
ensuring continuity of supply.
In more recent years, the
depressed conditions in the coal industry, together with
offs,
exhaustion
gradual
have- resulted
it
was
decided
of
the
residue
for
claims,
your
therein
the
after the
investment
written
Reserves
against
there will
apparent that
been
Investment
charged to
vided
is
shareholders,
has
readily available coal re¬
operation.
In 1939,
properties and to dispose
uneconomic
Company's
stock
common
it
As
the
the
of
in
dismantle
to
salvage.
in
the
There
been
has
already pro¬
proportion of the
amount
Company's
your
no
prior
preferred and
the
off.
be
of
payment
The balance of the write-off, amount¬
accumulated deficit.
ing to $362,303, is included in miscellaneous debits to Profit
Loss.
and
Commencing with the
1934, all discount
year
on
termin¬
able securities has been charged to Unadjusted Debits and
is
Your
desirable to
Line
Soo
serves,
While operations for the year resulted in a substantial
improvement in earnings, your Directors, after very careful
consideration, reluctantly came to the conclusion that in
in
realizing any
the
in
ments
the
DIVIDENDS
of
prospect
.
investment
stock
Your
from
services,
allotment of securities in the
no
unsecured
Company to the
new
The pro¬
resulting
inauguration
Commission makes
merce
for
charges.
States railroad subsidiaries is carried.
revised
The
depreciation,, which was $201,321 more than in
1938, was computed at 2^>% of the depreciable investment,
the full rate set as the objective for hotel depreciation
the
change is in the amount at which your in¬
vestments in United
to $12,960, a decrease of
decrease of $352,386 in hotel earn¬
a
occurred
year.
An important
amounted
was
Investment which
Property
in
the changes
ing
risks.
Net earnings of
steamships decreased by $62,805, due mainly to
increased insurance charges.
In the circumstances, the
result of the year's operations was as satisfactory as could
be' expected.
Net
earnings from hotel, communication and miscel¬
war
coastal
laneous
presented in the customary
form, and this Report includes the usual schedule indicat¬
All told, gross earnings of ocean steamship serv¬
suffered a decline of $2,307,389.
Insurance charges
voyage.
increased
SHEET
The General Balance Sheet is
round
a
for 1938.
period
corresponding
damage to her
cancellation
Canada under
the Department from the first of the year
the outbreak of the war was 51% greater than in
until
accidents
kept her
total of five months, and in December
of service for
out
brought over and settled on farms in
the auspices of
cancelled and many
were
them
these
further disturbance to both freight and passenger business
in all services.
expenditure
an
agricultural families with sufficient capital to en¬
to acquire and operate farms.
The number of
enced
cruise
resulted
1940
30,
Alberta, where more than three-quarters of the Company's
outstanding contracts are placed.
Notwithstanding lower
interest, exchange, separately operated
Net income from
properties,
March
being amortized
of
the
securities.
through Income Account
Discount
other
on
the life
over
terminable securities,
issued prior to that year,
Premium
which had been charged against
Capital and Debenture Stock, has on maturity
on
retirement of such
or
and
Loss
showed
bonds
Land
or
-
the
that
securities
Surplus,
balance
net
remaining
to
be
been transferred to Profit
appropriate.
as
of
discount
transferred
to
on
Profit
Analysis
terminable
and
Loss
slightly less than the amount of net discount on Per¬
petual 4% Consolidated Debenture Stock which has been
charged to Profit and Loss since the inception of your
was
on the
hotel, has been charged
Depreciation Reserve and the remainder, less sal¬
vage recovered, has been charged to Profit and
Loss under
the caption, Loss on Lines Abandoned
and on Property
Company and which could properly have been charged
against Premium on Capital and Debenture Stock.
There¬
fore, to simplify the Balance Sheet and avoid the necessity
Retired and Not Replaced.
Charges were also made under this caption for the retire¬
ment
to Hotel
ment
of
various
other
properties found
to
be
no
longer
necessary under present
of lines, 26.1 miles of
conditions, including 16.2 miles
sidings and passing tracks, 5 enginehouses, 15 water stations, and 42 other structures.
These
of
making further transfers
of the
discounts
bonds
net
terminable
has
been
amount of
discount
effected,
been
transferred
During the
year,
$762,315,
included
of $47.60
$6.71 per
1,203
per
106,148
an
acres
acre
the interest
of agricultural lands were
price of $7.19 per acre.
This
of irrigated land sold at an
average
acres
the
remainder
at
an
average
of
acre.
In continuation of its
policy of aiding in
of farmers in Western Canada
who
from the adverse conditions of the
last
tion
contracts
as
amounted
to
cipal
cash
in
have
during
on
account
concessions
in
the
year
of
prin¬
interest
for
payments totalled $1,523,744.
Since the inauguration
policy in 1932, the Company has made total rebates
amounting to $14,966,988.
concessions
Collections of interest
of
on
deferred
payments were lower
1938, which resulted chiefly from the adverse effect
low grain prices on farm income in
the' Province of
than in
in
the
on
these
crediting of a
The remaining
on
this
issue.
Collateral Trust Bonds to the amount
3 year 2y2% Collateral Trust Bonds
of
to
of $8,000,000 were redeemed, and on such re¬
demption Consolidated Debenture Stock to the amount of
pledged
as
collateral,
was
released
and
can¬
celled.
Equipment
further
resulting
the amount
matured and
$419,395, and reductions
retire¬
and
suffered
of this
and
3%
years, your
concessions to holders of farm
Interest rebated
same
1938.
outstanding and
Serial
$1,000,000
$10,850,000,
the rehabilita¬
nine
Company extended the
or
FINANCE
average
and
maturity
adjustment between the
certificates, amounting to $2,031,078, has
to
Land
Surplus, the account charged
LAND ACCOUNTS
sold for
an
$62,998 to Profit and Loss.
note
on
with
abandonments will be productive of
operating economies.
the
upon
bonds,
the Consolidated Debenture Stock and
on
to
obligations
were
the amount of
released
and
to
the
amount
of
$3,254,769
paid, and Consolidated Debenture Stock
$268,000, pledged under Series "D," was
An amount of $2,587,669 was de¬
cancelled.
posited with the Trustee of the Equipment Trust maturing
July 1, 1944.
Serial 4%
redeemed
Secured Notes to the amount of $638,285 were
Feb. 1, and on such redemption Consolidated
Stock to the amount of $962,400 was released
on
Debenture
and
cancelled.
Later in the year, owing to the decline in
the market value of Consolidated Debenture Stock, further
amounts
of
that
Stock,
aggregating
$6,586,100,
were
de-
The
150
Volume
Notes, as additional security
In December, owing to the
improvement in the market value, Stock to the amount of
$1,589,300 was withdrawn and cancelled.
Twenty year 4%% Sinking Fund Secured Note Certifi¬
cates to the amount of $328,500 were purchased by the
posited, under the terms of the
balance of the Notes.
the
for
cancelled.
and
Trustee
Repayment was made to the Dominion
$210,940 in reduction of the liability for
account of unemployment relief.
Government of
loans made on
of the amount payable
by the Canadian Na¬
Company from the Gov¬
June 1, your Company's
Payment of the final instalment
the railways purchased jointly
for
and your
made on
tional Railway Company
ernment of Alberta was
As this obligation had been
assumed by the Northern Alberta Railways Company, 5%
Bonds of that Company in the amount of $2,790,000 were
issued and delivered to your Company in consideration of
proportion
being $2,790,000.
Of
Consolidated Mortgage Bonds of
July 1, 1938, and have
First
the
which
Line
2127
Chronicle
Commercial & Financial
matured on
paid, $56,863,000 of the
4% series and
the Soo
not been
$8,136,000 of the 5%
guaranteed as to interest by your Company.
Your Company paid from time to time all interest in
respect of which the Soo Line was in default up to and
including the instalment due on the maturity date.
series
were
and other institutional
Circuit Court of Cook
County, Illinois, claiming that the obligation of your Com¬
pany under its guarantee of interest remains in effect until
the principal amount is paid.
This action has not yet
A
of insurance companies
brought an action in the
group
holders
Similar
actions
In
States.
trial.
for
on
come
commenced in several other
been
have
the only
one
been tried,
of these which has
judgment was in favour of your
Your Company is advised that
Company.
its guarantee of interest
instalment due July 1, 1938, and that
good defense to these actions.
terminated with the
it
has
a
payment referred to.
the
obtained
from Canadian banks on short-term promissory notes.
On
Dec. 28, these loans were reduced by a cash payment of
$3,000,000, and the balance of $12,000,000 was converted
totalling $15,000,000 were
During the year, loans
instalments of $2,000,000 each
1940 to 1945. The notes
maturing in the years 1940 to 1943 bear interest at 3% per
annum, and the notes maturing in the years 1944 and 1945
serial notes payable in
into
1,
Dec.
on
in
each of the years
interest at the rate
bear
of 3%% per annum.
The notes
provide that they shall l>e collaterally secured by the de¬
posit of shares of the Capital Stock of The Consolidated
Mining and Smelting Company of Canada, Limited, having
a
market value at least equal to the principal amount of
Debenture
Stock of your Company having a market value at least
equal to 35% of the principal amount of the indebtedness.
Your Company has the right, on giving 30 days' notice, to
pay off in whole or in part the notes maturing within two
years from the date of such notice.
At the end of the year,
there were on deposit as security for these notes 280,000
shares of the Capital Stock of The Consolidated Mining
and Smelting Company of Canada, Limited, and $8,000,000
principal amount of Consolidated Debenture Stock.
outstanding, and Consolidated
indebtedness
the
As
financial" transactions, there was a
result of these
a
$3,988,938 in bonds, notes and other obliga¬
tions and of $2,790,000 in the contingent liability in respect
of the Northern Alberta Railways Company.
SPOKANE
Pension disbursements
and
were
for the year
amounted to $2,722,051
included in working expenses.
of the contributory pension plan on
employee contributions, less refunds, have
amounted to $5,938,670.
Under the provisions of the United States Carriers Tax¬
ing Act, the taxes levied on your Company and on its
employees, who come under the provisions of the.United
States Railroad Retirement Act, amounted in each case to
inception
the
Since
Jan.
1, 1937, the
being
$65,181,
earned by such
at the rate of
employees.
2%% of the compensation
602 employees were pensioned, but
other causes, there was a net increase
of only 358 on the pension payroll.
The distribution by
ages of the pensioners as at Dec. 31, 1939, was as follows:
During
the
year,
owing to deaths and
Under 60 years of age
From 60 to 64 years of age
From 65 to 70 years
of
Over 70 years
of
age
204
351
inclusive
inclusive
1,840
1,404
age__
3,799
MINNEAPOLIS, ST. PAUL &
SAULT STE. MARIE
RAILWAY COMPANY
The
comparative railway operating
were as
pany
pany's
THE
Earnings
__
$14,873,396
$13,220,668
$1,652,728
Earnings
_
13,375,564
$154,896 *
$842,973
6,54,859
$997,869
Deficit.
the increases
The grain crop har¬
vested in the territory served by the Soo Line was the
largest since 1930, and it is estimated that 34,000,000 bush¬
els have been or will be shipped to market over that line.
Ore shipments in 1939 were approximately double those
in 1938.
Working expenses increased $654,859, of which
two-thirds pertained to Maintenance of Way and Struc¬
tures.
Net earnings, while substantially improved, repre¬
sented only a small part of the requirement for fixed
The chief factors
in earnings
in the improvement were
from grain and iron ore.
charges.
During
the
year,
your
Company
has
been conducting
negotiations with representatives of the holders of Soo
Line bonds with a view to formulating a plan of reorganiza¬
tion.
These discussions have not as
yet led to the discovery
composing the conflicting interests.
The
time within which a plan of reorganization must be filed
has been extended by the Court to April 1, 1940.
of
a
basis
for
ATLANTIC RAILWAY
operating results of this Com¬
follows:
as
Increase
1938
1939
$1,782,879
$2,272,514-
Gross Earnings
$489,635
Working Expenses
*
279,683
1,909,744
2,189,427
(including taxes)__
$126,865*
$83,087
Net Earnings
$209,952
Deficit.
The increase in gross
earnings was due
principally to the
handled. One-half of the increase
in working expenses was for maintenance.
After considerable delay, negotiations with representa¬
tives of holders of First Mortgage Bonds were resumed
shortly before the end of the year, but as yet no agreement
has been
reached upon which a plan of reorganization
trebling of ore tonnage
could be based.
THE ROYAL
The visit to Canada
TOUR
during the year of His
Majesty, King
George 'VI, and His Gracious Consort, Queen Elizabeth, was
an event of outstanding historical significance and proved
the greatest single contribution to
Dominion since Confederation.
Your
Company was privileged to play an important role in the
transportation arrangements of the Royal Tour.
Their
Majesties were carried across the Atlantic to Canada in
the "Empress of Australia" and back in the "Empress of
Britain."
While in this country, the Royal Train, which
to
be
the
without question
unity
of
the
provided jointly by the Canadian National Railways
Company, travelled 3,388 miles over your lines.
Their Majesties broke their journey for two days at the
was
and
your
Banff
Springs Hotel, your
Company's world-famous resort
Rockies, and the journey from Vancouver
to Victoria was made in the "Princess Marguerite" of your
British Columbia, Coast Service.
The efficiency of your
in the Canadian
Company's organization was strikingly demonstrated in
accomplishment of this extensive journey.
the
successful
OUTBREAK OF WAR
The outbreak of war
found your Company fully
prepared
its facilities and serv¬
ices.
A few days earlier, your Chairman and President
had conveyed to the Prime Minister of Canada an assurance
that the resources of your Company were entirely at the
disposal of the Dominion.
It has since been the constant
endeavour of your Directors and officers to cooperate with
the Government authorities in every way possible, in order
that in the various fields within which your Company's
activities are carried on nothing should be left undone that
would assist in making most effective the contribution of
Canada towards the fulfilment of the great task that has
been undertaken by the Empire and its loyal Allies.
to meet
(including taxes)14,030,423
*
were
Increase
1938
Working Expenses
Net
comparative railway
The
pany
earnings.
DULUTH, SOUTH SHORE &
COMPANY
follows:
1939
Gross
results of this Com¬
COMPANY
modified and approved by
the Interstate Commerce Commission, which, as stated pre¬
viously, makes no provision in the way of new securities
for the unsecured debt or stock interest of your Company,
has been certified by the Commission to the District Court
and awaits approval.
Since the close of the year, the
Trustee, under the direction of the Court, has given notice
of the disaffiliation of a number of executory contracts,
including the traffic agreement with your Company.
It
would not appear that this action should affect your Com¬
net reduction of
PENSIONS
INTERNATIONAL RAILWAY
plan of reorganization, as
The
the increased demands upon
THE MINISTRY OF
The Chairman
SHIPPING
and President of your Company
has been
appointed as the representative in Canada of the British
Ministry of Shipping.
His functions are to supervise in
Canada all ships registered in the United Kingdom, neu¬
tral ships chartered by the Ministry, and prizes of war
engaged in its services, and to deal with such other matters
as may be delegated to him by the Minister.
Your Direc¬
tors have consented to his services being given to the Min¬
istry of Shipping
without cost to the latter.
The Commercial & Financial Chronicle
2128
TRANSPORT
CONTROLLER AND CANADIAN
SHIPPING
permanent form
.
.
..
Additions
tween
necessity for the closest cooperation betransportation interests to prevent port conges-
all
,
of
in
priority
regard
to
the
functions
the
Canadian
of
the
Canadian
transportation by
registry
sea
of
Shipping
Board
New
Additions
from Canada in ships of
and supplies other than
and
teered for
employees
service
of
your
time
The vital importance to the Allied cause of adequate and
efficient
transportation service is fully recognized, and
this must be an essential duty of
your Company.
How-
provision
ever,
of
absence
who
and
has
been
officers
to
enlist
abroad,
to
defence
forces
and
with
those
made
called
are
Majesty's
forces
for
active
of
of leave
be spared
can
the
home
at
and
to
n
or
be preserved,
and your Company will, at ?ts
and on terms fixed by your Directors, allow
sionable
service
the period
during which
own
as
shall be absent and engaged
ance,
In
United
the
Kingdom
on
in Continental Europe, on
compulsory military service,
transportation and other corporations have accepted as a
civic duty the obligation of
making certain
their
officers
and
allovyances to
colours, in ad-
and
employees called to the
dition to service pay and allowances.
Your Directors have
deemed it desirable, so far as officers and
employees in
the United Kingdom and I ranee are
concerned, to adopt
a
similar policy for such period as
they shall determine
in the light of conditions
prevailing from time to time.
MUNICIPAL ASSESSMENT ON ANGUS
In
1902,
Montreal
and
assessment
fixed
for
ried
on
entered
into
sideration
the
was
of
easterly
that
dated
fix
fixed
the
date, a
April 17,
of
to
assessment
$1,000,000 for
the
As
the transfer
section
projected extension
to
the
assessment
at
to
new
agreement
car-
finally
1939,
under which, in conCity of certain lands in
the
the
City originally acquired for a
Longue Pointe, the City has agreed
on
the Angus Shops property at
further term of 15 years from
May 1, 1937.
a
In
April
of your
in the
of
last,
offices
for
REGISTRATION, TORONTO
the
transfer
and
Company's Ordinary Capital Stock
City of Toronto.
these
vantage
Province
The
use
that has
registration
were
established
far been made
so
additional
to
facilities, "which are of particular adCompany's shareholders resident in the
Ontario, indicates that the action of your
your
of
Company in this regard is appreciated
by those concerned
including the executive and members of the Toronto Stock
Exchange..
'
In
1934,
with
competition
rated
service for
been
of
within
view
to
meeting
highway transport,
a
limited
of the
extended
System with
until
verv
it
more
vour
a"
territorv
less-than-carload freight.
gradually
parts
DELIVERY FREIGHT SERVICE
a
is
effectivelv
Companv
pick-up
the
deliverv
This service has since
now
in
™
satisfactory
effect
Tn
nrHmmHnn
rxf
on
all
'
EXPENDITURES
xr.ai™.
^^1Qrjrnation' yoar Directors
capital appropriations amountannual meeting
Yonr nllJli «°u? appr-oved at the last
tal appropriations of $14 210 074 i
requested for capiThe princiS items aref
present year,
authorized for the
lrio*
to
$799^99
in
vear
1939
q^if'nn
re-
^
?
The original agreement perfa?
^w1
'
,
w
an
REVISION
,
OF
BY-LAW
your approval will be asked for a revision by By-law
xo. 95, which authorized
the person named therein
to
and issue tariffs of telegraph and telephone tolls,
confer
authority on the person from time to
holding the position of General Manager of Com-
prepare
so
as
time
munications.
The
of this
purpose
further* amendments
upon
revision
change
a
in
is
to
obviate
the person
holding
^cumbeft.'
***"*
CANADIAN NATIONAL-CANADIAN PACIFIC
ACT
In 1939, the Dominion Parliament amended the Canadian
National-Canadian Pacific Act, 1933, to provide for cornpensation
of
to employees dismissed
co-operative projects instituted
legislation
is
similar
to
or
demoted
under
as
that
CO-OPERATION
the
WITH
THE
CANADIAN
RAILWAYS
Further
visions
studies
of
the
attainment
of
of
This
as
the
United
NATIONAL
"
co-oerative
projects under the proNational-Canadian Pacific Act
Canadian
to
result
a
Act.
arrangement known
Washington Agreement, entered into by nearly all
States railroads in 1936.
demonstrate the
worth-while
many
obstacles
economies under
to
separate
the
man-
agement. The only additional projects made effective durillg tlie year were (4) tlie abandonment of the Canadian
pacific line between Linwood and Listowel, Ontario, 16.5
miIes> and (2) the opening on May 25, 1939, under joint
management,
of
the
new
Hotel
Vancouver.
Presidents' Joint Committee established
The
Vice-
1938 for the
in
purpose of widening and expediting co-operative measures
between the railways has continued its work during the
year
but
no
total
agreements were concluded in that period.
estimated
annual
savings from
co-operative
exclusive
of
the
Hotel
Vancouver,
in effect at the end of the year' amoimt to
S1'148'000- one-half of which accrues to each
which
were
approximately
Company, and
e total estimated annual savings from projects approved
but not yet in effect amount to approximately $814,000,
one"half of which would accrue to each Company. Ineluded in the latter are proposed abandonments of 501.1
miles
CAPITAL
agreement datad P<eb. 26,
motives, and a lengthening of the r*>nod allowed for free
storage of passenger cars at Glen Yard,
measures,
inau^u-
and
.
* e cr<>sso\er and interlocking plant at Delson Junction,
The
PICK-UP AND
,
Order-in-
darP
have continued
„
STOCK TRANSFER AND
.
,
of
$1,000,000.
was
,,
m}^ *>r your approval.
i°U1
Junction and Windsor fetation, Montreal, by the NapierI f. Junction Railway Company and is renewed for a
further period of 20 years from Oct. 1, 1937. The amendwhich are of a minor character, comprise a revision
£ the apportionment of cost of maintaining and operating
municipal
result of negotiations
a
aniCi1,
i^uedTfthe
City
renewed from time to time and
finally
April 30, 1937.
since
on
which
the
property known as Angus Shops was
of 20 years.
In 1922, a new agreement
into which
This agreement
expired
under
SHOPS
between
the
term
a
made
was
Company
your
of
entered
was
agreement
an
repre-
increase in the amount charged for the handling of loco-
active service.
of the enforcement of
account
,
+
ex-
such officer
any
,
,
n a^etunent dated_ Oct. 1, 1937 (sanct■ £
-an
pen-
employee, who shall become eligible for pension allow-
or
appropriations
AGREEMENT
,
.
those
respond to the call of our Allies.
Subject to prescribed conditions as to reporting back for
duty after demobilization or discharge, the seniority, rank
and continuity of service of such officers and
employees
will
these
Railway Company and your Company, amending and
who
pense
The amount of
.
non-permanent
service,
activity.
.
granting
who
members
as
the
employees
His
who
for
will
sents gross expenditure; the charge to Property Investment
be reduced by credits resulting from retirement of
rolling stock. The appropriations for additions and betterments to rolling stock include the usual betterments to
freight cars and motive power to increase operating
efficiency and the capital proportion of the cost of airconditioning 17 tourist and 2 parlour cars,
volun-
Company's personnel.
your
1
'
which, in addition to providing necessary
enable your Company to handle with
cars,
replacements,
contribution to the defence of the Empire.
It is gratifying
to note that in the present conflict the same
spirit prevails
among
255 947
-
and express
splendid
a
______
communication
to
J
WAR
who
during the Great War made
betterments
greater economy the increased business resulting from war-
THE
Company
and
213,729
76,946
10,0.53,690
514,190
23,244
The appropriations for new rolling stock provide for the
purchase of 29 locomotives, 1,300 freight cars, and 10 mail
co-operate with
Subject to the limitations referred to, the railway companies continue to exercise their full powers as carriers.
Officers
-
facilities
materials
British and other Governments, and
the Transport Controller.
CANADIAN PACIFIC PERSONNEL AND
rolling stock
Additions and betterments to rolling stock
Additions and betterments to hotels
those consigned to the
to
564,773
513,798
__
to
a,re
1,589,459
Additions and betterments to shop machinery.
Additional terminal and side track accommodation
Ministry of Shipping.
Hie
betterments...
of rail in main and branch line tracks
troops, naval forces, materials and supplies,
andco-operate with the Canadian representative of the
control
stations,
with heavier section
Rock ballasting
ot
British
to
185 323
r0kdway
within
movement
$168,01S
_____
betterments
tie""rad'anchors "and"miscellaneous
Tj
ment,
Canada
and
houses
a result of war conditions, the Dominion Governby Orders-m-Council under the War Measures Act,
lias provided for the appointment by the Minister of Iransport of a Transport Controller, and for the establishment
of the Canadian Shipping Board.
The duty of the Transport Controller is to determine
as
questions
1940
freight
sheds, coaling and watering facilities and engine
.
Owing to the
tion
30,
and enlargement of structures in
Replacement
BOARD
March
of
line,
for
which
applications
are
now
before
the
Board of Transport Commissioners
and which involve estimated annual net savings to the two railways of $483,000.
The lines of your Company included in this program extend between MacGregor and Varcoe, Manitoba, 54.4 miles;
Hamiota and Miniota, Manitoba, 19.8 miles; Reston,
toba, and Wolseley, Saskatchewan, 122.4 miles; and
don and Beiseker, Alberta, 22.6 miles—a total of
miles.
ManiLang-
219.2
Volume
2129
The Commercial & Financial Chronicle
150
I
SPECIAL
COMMITTEE
OF THE
Act of 1933.
SENATE, 1939
They also gave further details
substantiating
of Relieving
>,our Company's estimate of the savings that would accrue
th™uSh unified management of the two railways, andsubmitted an estimate of savings, amounting to $59,36 ,000,
way
cn tlie ^S1S
Special Committee of the Senate of Canada appointed
The
In 1938
was
to
"Enquire into and Report upon the Best Means
the Country from its Extremely Serious RailCondition and Financial Burden Consequent Thereto"
reappointed by resolution of March 7, 1939, with the
terms of reference.
same
This
Committee
heard
additional
evidence
from
labour
representatives, various other interested parties and officers of the Canadian National and Canadian Pacific railways.
Your officers dealt with the progress of co-operative
under the Canadian National-Canadian Pacific
measures
CANADIAN
ttie traffic level of 1937.
Although a majority of the Committee joined in a report
favouring further attempts at co-operation under the Canadian National-Canadian Pacific Act of 1933, the Senate,
after debate and on division, agreed to an amendment of
the report approving of the principle of unified management, which has been consistently advocated by your
Company.
(Continued on next page)
PACIFIC RAILWAY COMPANY
GENERAL BALANCE SHEET,
DECEMBER 31, 1939
ASSETS
Property Investment:
Railway, Rolling Stock, Inland Steamships, Hotel, Communication and Miscel¬
laneous Properties
_____
Improvements on Leased Railway Property
Ocean and Coastal Steamships
Stocks, Bonds and Other Securities of Leased, Controlled and Jointly Controlled
Railway Companies and Wholly Owned Companies
_
$792,330,598.36
95,800,809.78
104,840,546.17
199,317,035.74
$1,192,288,990.05
Other Investments:
$25,850,609.97
Investments—Cost.
Miscellaneous
Advances to Controlled and Other
26,098,524.95
Companies_
Mortgages Collectible and Loans and Advances to Settlers
Insurance Fund
Deferred
—
Lands and Townsites
Unsold Lands and Other Properties
Payments
3,670,311.49
8,262,431.33
Investments
on
—.—
^
33,764,803.96
26,526,045.00
124,172,726.70
Current Assets:
.
$19,389,496.53
6,695,339.46
Material and
Supplies
Agents' and Conductors' Balances
5,120,664.07
Miscellaneous Accounts Receivable
/
31,809,398.21
Cash
63,014,898.27
Unadjusted Debits:
Insurance Prepaid
Unamortized Discount
Other
$108,833.07
on
2,789,289.82
Bonds
2,478,115.76
Unadjusted Debits
5,376,238.65
.
$1,384,852,853.67
LIABILITIES
Capital Stock:
Ordinary Stock
Preference Stock—4% Non-cumulative
$335,000,000.00
137,256,921.12
$472,256,921.12
Perpetual 4% Consolidated Debenture Stock.
Less:
Pledged as collateral to bonds, notes and equipment obligations
$501,318,628.74
Bonds, Notes and Equipment Obligations
$218,649,176.54
9,496,050.45
205,880,400.00
295,438,228.74
Less:
Securities and cash deposited with
Trustee of 5% Equipment Trust
209,153,126.09
$30,000,000.00
Twenty Year 4h£% Sinking Fund Secured Note Certificates (1944)
Less:
Purchased by Trustee and cancelled
_^_
10,742,400.00
19,257,600.00
Current Liabilities:
Audited Vouchers
— —
$5,496,275.86
2,889,275.87
Pay Rolls.
226,986.21
Net Traffic Balances
2,949,928.24
2,710,139.25
Miscellaneous Accounts
Payable.
Accrued Fixed Charges and Guaranteed Interest-
___
14,272,605.43
Deferred Liabilities:
Dominion Government
$3,639,102.71
Unemployment Relief
1,592,194.87
Miscellaneous
5,231,297.58
Reserves and
Unadjusted Credits:
Rolling Stock Reserve
Hotel Depreciation Reserve
Steamship Depreciation Reserve
Investment
Insurance
-
,-_i
10,463,527.24
8,262,431.33
Reserves
Reserve
5,165,039.17
2,313,423.55
Contingent Reserves
Unadjusted Credits
Premium
on
$8,232,241.09
5,715,045.42
51,731,389.56
9-1,883,097.36
68,551,646.45
67,454,828.04
141,353,502.86
Capital and Debenture Stock
Land Surplus
Profit and Loss Balance
$1,384,852,853.67
E. A.
LESLIE, Comptroller.
AUDITORS' CERTIFICATE
Pacific Railway Company for the year ending December 31,
and related schedules therewith, we certify that in our opinion it is
properly drawn up so as to show the true financial position of the Company at that date, and that the Income and Profit &
Loss Accounts correctly set forth the result of the year's operations.
PRICE, WATERHOUSE & CO.,
We have examined the Books and Records of the Canadian
1939, and having compared the above Balance Sheet
Chartered Accountants.
Montreal, March 8, 1940.
The Commercial & Financial Chronicle
2130
STOCK
HOLDINGS
Mr.
The holdings
of the Capital Stock of your
December, 1939, were as follows:
G.
fill
Gordon
Blair
to
Board
Company in
March
the
of
vacancy
No. of
Holders
PREFERENCE
1938, of the Right Honourable Lord Shaughnessy, K.C., and
No. of
of
Holders
Mr.
centage
Stock
of
of
26,420
18.87
155
.73
51.76
25,393
95.05
64.58
15,621
22.86
57
.37
16.20
3,674
6.51
B.
Purvis
United
Other Countries.
appointed
was
RETIRING
undermentioned
The
the vacancy
on
the
Annual
approaching
DIRECTORS
Directors will
Meeting.
retire from office at
They
3.85
5.72
Mr.
Director
a
Charles had been
Committee
of
since
your
Company
Director and
a
a
since
1927,
and
of your
W.
Hobbs
Peacock, G.C.V.O.
N. Tilley, K.C.
For
Sir
Playing Card Co.—Extra Dividend—
Val Vita Food
Virginia Ry.— -Earnings—
February—
_
United Milk Products Co.—Dividends—
Directors have declared
a dividend of 50 cents
per share on the common
value, and one of $1.25 per share on the $3 cum. partic.
pref.
value both payable April 1 to holders of record March
23.
Similar amounts were paid on Jan. 2, last.
See also V. 149, p. 3884.
no par
par
Smelting
Refining
&
Mining
Consolidated Income Account for Calendar Years
1939
1938
1937
Earns, after prod,
costs.$10,168,382
$9,016,477
Other income.
127,938
__
sale
of
236.596
$1,605,243
4,313,193
2,437,335
1,899,300
3,685,595
1,969,904
1,518,681
3,091,773
1,457,969
1,159,062
3,261,042
1,885,881
1,593,638
...
...
..
$10,296,320
1,159,744
1,447,408
Expenses
Corp. & Fed. tax, &c
on
a
Minority interest-
65,098
Net earnings
Wabash Ry.
account
of
3885.
1940
Gross from railway
1939
1938
1937
$3,627,692
752,316
179,567
$3,270,081
577,950
def9,495
$2,857,456
213,164
def348,356
7,523,945
1,643,107
6,820,214
1,331,117
165,473
def577,493
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
495,270
$3,805,839
1,007,879
476,519
6,021,436
572,812
—V. 150, p. 1458.
7,732,270
2,072.275
995,727
Walt Disney Productions—Underwriters Named—
Company has filed an amendment with the Securities and
Exchange
Commission listing 18 firms which will underwrite the
offering of 155,000
shares of 6% cumulative convertible preferred stock.
The underwriters
and the number of shares which
they will underwrite are:
Kidder, Peabody & Co., 30,000; Harriman Ripley & Co.,
Inc., 25,000;
Pacific Capital Corp., 20,000; Mitchum,
Tully & Co.. 17,000, and William
R. Staats & Co., 8,000; W. E. Hutton & Co., Lee
HIgginson Corp., Graham,
Parsons & Co., Stone & Webster and
Blodget, Inc.; G. M.P-. Murphy &
Co., and Merrill Lyhch & Co., Inc., 5,000 each.
Alex. Brown & Sons, Pacifid Co. of California and
Baker, Watts & Co.,
4,000 each; Schwabacher & Co., 3,000; Page, Hubbard &
Asche, 2,000;
Moore, Leonard & Lynch, and Banks, Huntley & Co., 1,500
each.—V. 150,
p. 1790.
See list given on first page of this department.—V.
Wesson Oil & Snowdrift Co., Inc.
(&
6 Months Ended—
Net sales
Cost of sales
150,
p.
1621.
Subs.)—Earnings
Mar. 2, '40 Feb. 25, '39 Feb. 28. '38 Feb.
28, *37
$25,562,864 $23,009,556 $32,396,586 $34,613,517
23,627,575
22,556,087
29,904,976
30,974,573
385,337
379,781
413,340
409,944
$9,112,258
2,458,933
$8,189,072
2,733,796
Depreciation
$6,653,324
1,637,818
5,287.650
$5,455,276
1,637,818
3,701,355
Other income
$1,549,952
139,268
$73,688
$4,114,374
1,637,818
2,115,060
98,576
$2,078,270
113,846
$3,229,000
105,393
$361,496 def$272,144
$116,103
Total income
Interest
Federal taxes
$1,689,220
70,194
$172,264
76,958
$2,192,117
12,166
313.390
$3,334,393
29,672
76.484
461,603
658,265
Net profit
Preferred dividends
$1,30 <,636
$18,822
584,600
364,455
$1,718,347
586,400
724.000
"$2,646,456
$721,436 def$930,233
$407,947
$1,323,778
579,200
585,414
$3.51
Operating profit..
2,908,208
$669,882
standing (par $50)
528,765
per share
528,765
528,765
$9.48
$6.77
$4.68
Excludes $475 applicable to
minority interests.
528,765
$7.21
1939
$
1939
1938
$
Liabilities—
invest¬
$
Common
stock...26,438,250 26,438,250
Preferred stock...23,397,400
23,397,400
ment
account..39,853,646 39,967,574
Deferred charges.
5,665,104
5,082,244 Cap.
_
stk. &
8ur.
sub. cos. not held 1,651,233
4,000,000
1,080,000 Bonds of sub. co_.
88,900
10,537,463 11,170,772 Accts. payable, &c
1,402,870
Stocks and bonds.
176,905
175,003 Drafts in transit..
498,482
Notes receivable &
Res. for taxes, &c,
2,713,178
loans
114,652
77,586 Dlvs. declared
938,220
Acct. receivable.. 1,389,917
1,072,501 Res. for conting.. 6,927,662
Cash
10,192,925 11,097,098 Cap. surp. arising
Fire insur. fund...
1,544,410
from
1,561,594
purch.
of
preferred stock.
Earned surplus
United Wall Paper
Total
h
p
6,504
8,742,439
6 National Bank of New
1939
1938
$54,252
6,499
From Jan. 1—•
Gross from railway
$87,502
25,563
15,921
187,927
48,952
24,011
150, p. 1458.
cos
rec._
Advances
800,114
572,433
26,054,956 30,410,962
3,352,949
3,101,471
487,835
562,514
5,010,892
4,728,016
Pref. stk. owned
Miscell. investm't_
474,111
Prepaid
1,382,803
1,396,124
expenses.
to
on
the pref.
Dividend
liquidation...
Co .'8
com.
stock
.
Insur. fund invest.
Total..
x
After
$
Dividends payable
a
149,
292,300
Oil mill exp. res
Federal taxes
863,573
Due affiliated
195,485
131,575
316,706
622,443
Purch. money note
302,577
544,392
499,433
3,017
cos.
2,844
payable
42,500
191,885
196,481
761,900
3,200,000
5,249,528
5,239,906
Revenue surplus..
9,973,706
10,535,672
245,411
401,478
761,900
3,200,000
Capital surplus
245,412
Insur. reserve, &c.
Paid-in surplus
374,810
52,891,317 56,517,1311
depreciation,
y
Total
Represented
by
52,891,317 56,517,131
300,000
no
Represented by 7,900 shares In
p. 489.
West Indies Sugar
par
z
shares
of
$4
Represented by
1940 and 7,700 shares in
1939.—Y.
Corp.—Transfer Agent—
The Chase National Bank has been
appointed transfer agent for the 5%
cumulative preferred stock.—Y. 150, p. 1458.
1937
$158,579
39,902
defl0,478
11,810
170,747
122,968
43.253
23.069
defl5,456
351,946
94,799
39,642
15.565
z
Feb. 25 '39
%
460,973
ginners
against mtges..
in
banks
Mar. 2 *40
Liabilities—
Capital stock...20,571,786 20,571,786
Accts. payable, ac¬
crued, &c
1,918,374
1,613,388
Bank loans
9,850,000 13,090,000
y
pref. and 600,000 no par shares of common stock,
16,871 shares at cost.
i!o!ap.ti458!atter being the flrst dividend paid
1940
$1.95
conv.
Co.—Preferred Dividend—
$68,684
13,878
8,944
Net from railway
Net ry. oper. income
filiated
Inventories.
Accts. & bills
in
May 1, 1940, all of its outstanding
bonds at 103 H and accrued interest.
Net from railway
Net ry. oper. income
Nil
S
Invest. & adv. af¬
73,475,022 71,284,372
Earnings—
February—
Gross from railway
Ȥ
'
a
6,504
25.
ma.-v:
A sset &
xLand, bldgs., &c.13,990,820 14,019,655
Cash
9,412,322
Directors have declared a dividend of
15 cents
per share
class A stock, payable March 30 to
holders of record March
583,129
$1.23
Deposit
39G25
Utah-Idaho Sugar
307,698
2,178,148
938,220
6,070,084
on
® % sinking fund
583,129
590,910
731,768
Consolidated Balance Sheet
Mar. 2 '40 Feb. 25 '39
1,757,916
88,900
1,358,812
Factories, Inc.—Bonds Called—
Company has called for redemption
YoS trusTee—Vmi47
outstanding (no par).
per share
Earnings
Loans
71,284,3721
73,475,022
Shares of common stock
of
Government
securities
Inventories
b After all reserves.—V.
150, p. 1790.
584,200
Surplus
1938
$
Assets—
„
Common dividends
Consolidated Balance Sheet Dec. 31
Utah Ry.
on
Earnings—
Net from railway
Net ry. oper. income
111
share
per
stock, payable March 30
paid on Dec. 31, Sept. 30
$6,573,718
2,459,344
stock out¬
slwZZF
p.
was
$7,624,070
x2,408,162
Surplus
k
Like amount
$5,215,908
1,637,818
amort.
Profit for year
Preferred dividends
Common
dividends
Total
dividend of $1.12 H
the $4.50 cumulative preferred
to holders of record March 18.
and on June 30 last.—V. 149,
Washington Gas Light Co.—Registers with SEC—
$9,253,073 $12,142,438 $10,743,287
1,411,311
1,262.511
1,053,882
1,195,122
1,676,475
1,411,842
6,400
1,000
72,922
84.794
87,490
Provision for surtax
929,112
792,482
Vulcan Corp.—Accumulated Dividend—
379,693
.
Total income
common
1936
$11,635,224 $10,636,284
127,521
107,003
prop¬
erty rights.
Deprec., depl. &
Co.—
1937
$1,434,182
636,535
498,008
February—
on Proposed Merger of Subsidiaries—
hearing has been set for April 15, 1940 in the Commission's
Washington
offices on the combined applications
(File 46-208) of The United Light &
Power Co., Peoples United Light & Power
Co., Peoples Power Co., Peoples
Light Co., Moline, Rock Island Mfg., and Peoples
Light & Power Co.,
regarding the acquisition by Peoples Light & Power Co., a new
company,
of all of the assets of Peoples Power
Co., Peoples Light Co. and Moline,
Rock Island Mfg. Co., and other related
transactions necessary to ef¬
fectuate a proposed merger.—V. 150,
p. 1790.
1938
$1,768,504
921,679
709,279
Directors have declared
accumulations
"
b Property
_.
1939
$2,094,179
1,153,173
902,769
...
...
Net ry. oper. income.
—V. 150, p. 1458.
Hearings
Earnings
1940
From Jan. 1—
Gross from railway...
Net from railway.
A
from
Products, Inc.—Registers with SEC-
Gross from railway. _
Net from railway
Net ry. oper. income.
The Securities and
States
BEATTY, President.
See list given on first page of this department.
Exchange Commission, March 27, announced that The
United Light & Power Co. and its subsidiaries, Fort
Dodge Gas & Electric
Co., Peoples Light Co. and Peoples Power Co. have filed a
combined de¬
claration and application (File 70-17) under the
Holding Company Act
regarding loans by the parent company to the three subsidiaries and
con¬
tributions by the parent company to the
paid-in surplus of LaPorte Gas &
Electric Co. and of Ottumwa Gas Co.
The parent company proposes to lend
$100,000 to Fort Dodge Gas &
Electric Co., $475,000 to Peoples Light Co. and
$250,000 to Peoples Power
Co.
The loans are to be evidenced
by notes bearing interest at the rate of
6% and will be payable in two years, it is stated.
The company also proposes to contribute
$100,000 to the paid-in surplus
of LaPorte Gas & Electric Co. and
$80,000 to the paid-in surplus of Ottumwa
United
Directors,
W.
Montreal, Mcvrch 11, 1940.
United Light & Power Co.—Loans to Subsidiaries—
no
the
E.
stock
Gas Co.
efficiency of the officers and employees
Company.
member of the Executive
an extra dividend of 50 cents
per share on the
payable May 1 to holders of record April 15.
Regular quar¬
terly dividend of 50 cents per share, previously declared will be
paid on
April 1.
Extra dividend or 40 cents was paid on
May 1, 1939.—V. 150.
p. 1790.
U. 8.
S.
Your Directors again desire to express their
appreciation
1929.
United States
Shs.
McLaughlin
of the loyalty and
Directors have declared
common
Prof,
W.
R.
Mr.
deeply regret to report the loss by death
during the year of two members of the Board, Mr. James
Richardson of Winnipeg, in June, and Sir Charles Gor¬
don, G.B.E., of Montreal, in July.
Mr. Richardson had
stock,
stock,
for
Directors
A.
been
eligible
are
Coleman
Sir Edward
CHANGES IN DIRECTORATE
The
John
Mr.
26,170
D. C.
Me.
—V.
fill
to
re-election:
565
65,168
since
appointed
Committee.
Kingdom
United States...
x
was
13.50
& other British 19,453
A.
Executive
the
Victoria
Mr. Richardson.
Director to succeed
a
Per¬
centage
Stock
Stock
Canada
TOTAL
Per¬
Percentage
1940
Montreal was appointed to the
caused by the death in October,
the Honourable Eric W. Ilamber of
ORDINARY
30,
West Penn Power Co.—To Change Plan—
Company is expected to file with the Securities and Exchange Commission
early in April an amendment to its registration statement changing the
amounts of securities contemplated in its current
financing program.
Instead of the $5,000,000 of mortgage bonds and 24,923 shares of
pre¬
ferred stock mentioned in the original registration
statement, the company,
it is understood, plans to sell not more than
$3,500,000 of bonds and 200,000
of common stock. No preferred stock will be offered.—V.
150, p. 1300.
Commercial & Financial
The
Volume
150
Western
Maryland Ry.—Earnings—
Transp. for invest.—Cr_
7,023
$562,622
$394,372
110,000
$2,629,256
281,833
611,234
80,362
80,440
867,319
716,331
15,962
9,052
92,084
89,448
13,612
4,047
Passenger
364,849
716,925
$1,193,857
75,000
220.000
$452,622
Crl2,191
$319,372
025,625
Drl2,368
012,754
$973,857
027,858
Dr25,069
$452,445
8,682
$332,243
$976,646
21,920
$338,406
Fixed charges
275,849
$998,566
562,569
Net income
$181,774
$62,557'
$435,997
$183,880
income-
Net ry. oper.
Other income.
Gross income
—V. 150, p.
._
6,163
$938,860
33,187
def34,536
def66,831
Net from railway
/
2,223,690
293,796
2,073,519
248,049
Net ry. oper. income
defl8,219
def37,850
Gross from railway
—V. 149, p.
Ry. of
Net ry. oper.
From Jan.
1938
$747,488
def246,302
def379,050
,
Net ry. oper. income
—V. 150, p. 1459.
Western Union
$236,969
76,648
61,274
$81,266
57,967
82,444
x$24,793
Dr3,637
$99,047
Dr8.903
x$59,145
Dr8,789
$39,996
9,306
x$28,430
9,661
$90,144
19,057
x$67,935
20,123
$30,690
x$38,092
$71,087
x$88,057
$117,071
Net after taxes
Rental of terminals
Net after rents
Other income (net)
Income before int
Int. being accr. &
x
paid.
_
8,372
Telegraph Co.,
i
$242,796
161,530
2,441,361
356,083
* 42,290
1937
$140,927
17,490
7,816
1938
$123,899
8,583
def3,277
275,086
19,206
255,379
19,281
def5,900
485
Inc.—Annual Report—
sheet for year
"Reports and
together with income account and balance
ended Dec. 31, 1939, will be found under
Documents" on a subsequent page.
Income Account for
Calendar Years
$
Gross operating revenues
95,660,403
91,712,401 100,482,884
Operating expenses—
91,628,099
90,690,908
4,032,304
1,021,493
revenue
1,529,066
1,518,514
2,550,559
4,188,438
5,550,818
4,170,704
Total income
Interest on bonds
Pro v. for Fed. inc. tax.
1,593,826
7,720,829
4,395,060
—
71,351
Profit & loss surplus—
75,741,790
of capital stock
outstanding (par $100)
Interest
12,231,635
4,917,515
115,000
1,045,278
Dividends
7,199,120
98,468,818
Total income
Dec. 31
1937
real est.333,954,273
Long-term adv. receiv—
2,376,732
Stocks of teleg., cable &
Plant, equip. &
Cash in banks & on
Depos. under
Deferred charges
1936
7,626,235
3,945,490
6,785,812
10,006,427
218,908
8,317,981
242,245
1,144,801
242,245
1,521,601
242,245
1,403,407
375,138,489 375,914,132
104,527,752 104,527,779 104,527,779
87,448,000
payable
Accrued taxes (est.)
Accr. int. & guar,
rentals
1,751,500
89,158,000
7,992,790
3,524,267
878,511
debt
7,279,213
4,381,275
878,623
1,751,500
91,091,000
7,368,919
4,011,416
879,640
Dividend payable
Dec. 1'37
Def. non-int.-bear, liab-
13,091,845
13,193,599
Res. for depr. & develop.
Employees'ben. fund...
78,757,299
1,444,420
1,754,000
91,120,000
6,886,914
3,998,141
892,303
783,775
3,000,000
13,232,484
75,212,821
1,468,677
Bk. loans pay.
3,447,179
Res. for other purposes-
75,741,790
Surplus.
71,868,119 41,130,972
1,466,562
1,445,614
3,273,865
2,537,370
2,389,573
74,433,027 76,390,686 104,752,577
378,605,245 375,558,352
Total
13,245,498
375,138,489 375,914,132
Deposited with trustee under Western Union funding & real estate mtge.
a reserve for doubtful accounts of $1,173,032 in 1936, $1,179,847
1937, $1,125,853 in 1938 and $1,122,146 in 1939.—V. 150, p. 1791.
a
b Less
Wheeling & Lake Erie
Ry.—Earnings—
1940
$1,215,731
from railway
402,012
ry. oper. income—
324,113
February—
Gross from railway
1—
Gross from railway
Net from railway
1939
$1,010,102
296,599
237,891
1938
$635,839
64,606
29,346
1937
$1,322,825
495,109
424,011
From Jan.
Net ry. oper.
150, p.
income—1623.
2,569,632
841,401
683,233
2,123,709
667,597
1,351,372
132,582
534,586
67,647
2,586,256
907,851
778,061
Wilson & Co. Inc.—To Pay Accumulated Dividend—
have declared a dividend of $1.50 per share on account
accumulations on the $6 preferred stock, payable May 15 to holders
record May 1.
The dividend applies on the accumulation from Nov.
1938 to Jan. 31. 1939.—V. 150, p. 706.
Directors
$376,511
96,444
162,888
def$90,443
$3,810
$117,178
-
^
-
«.
-
-
-
-
-
Dec. 31, 1939
at approximate
liquidation value, $5,773; fixed assets,
$1,569,356.
$1,745; total assets,
$1,237;
Liabilities—Demand bank loan (secured by securities with a replacement
cost of $369,079), $250,000; accrued taxes (subject to final review), $14,676;
Other current liabilities, $9,043; Wisconsin State privilege dividend taxes,
$3,966; common stock ($1 par value), $539,619; capital surplus,
earned surplus, from operations subsequent to Dec. 31, 1932, $163,371;
total liabilities, $1,569,356.—V. 149, p. 3425.
$588,681;
5,236,781
7,499,236
3,945,490
7,047,311
9,287,161
218,923
5,608,709
Liabilities—
Accounts
157,562
«
-
$1,976
deferred charges,
5,236,781
378,605,245 375,558,352
Total
dividends
company,
6,885,554
3,945,490
6,931,147
8,614,660
218,520
6,852,018
Capital stock
104,527,527
Capital stock of sub. cos.
not owned by Western
Union Telegraph Co—
1,751,400
—
and demand deposits in banks, $152,647; market¬
replacement cost based on quoted market values, $1,395,dividends and interest on above securities, $6,968; accounts
receivable—due on sale of securities to brokers, $1,399; deposit with State of
Wisconsin for privilege dividend taxes (assessment in dispute) per contra,
$3,967; stockholders' stock subscriptions receivable for capital stock of this
264,471
1,035,353
hand
—
Assets—Cash on hand
5,236,781
workmen's
compensation laws
—
622; accrued
6,935,942
3,945,490
6,618,517
9,248,595
218,523
8,770,568
Accr. int. on inv.sub.co_
104,798
»
—
v
108,687
able securities, at
5,236,781
companies.a Proceeds of sale of prop.
Inv. of mat'ls&supplies
b Accounts receivable.and other
4,908
Balance Sheet
other allied cos. oper.
under term leases
$161,372
30,334
$110,663
Surplus
$
$
333,162,076 333,351,032 330,950,846
2,325,060
1,180,000
1,180,000
Securities of teleg., cable
-
Common
$
$
bank loans.
Net income
1,045,278
1,045,278
Earns.per sh.on cap.stk.
$1.32
$3.18
$6.89
y Including repairs, reserve for depreciation, rent for lease of plants,
taxes, &c.
Amount appropriated for depreciation for 1939 was $8,269,999;
1938, $8,225,166; 1937, $5,632,666, and in 1936, $5,631,000.
-
$473,488
36,221
60,756
$50,973
$151,798
25,656
10,572
Preferred dividends
1,045.278
Nil
Comparative Balance Sheet
1939
1938
_
Interest on
$208,607
37,499
9,737
481
1,206
Prov. for income taxes.
1,567,552
$13,342
127,504
332,642
$14,355
88,930
Expenses
1936
1937
$2,325
6,284
47,726
on stocks
profit on sale of inv.
Miscellaneous income—
amounting to $8,949,-
106,482
99,800
$4,702
35,056
10,733
$13,936
(net)
Net
Shares
Assets—
1938
1939
Calendar Years—
to the exchange offer.
Co.- •Earnings—
Wisconsin Investment
1,616,383
105,667,938
783,775
319,780
120,108
131,586
30,000,000
74,433,027 76,390,686 104,752,577
Dividends
Adjust, of surplus (net).
Approp. for accr. deprec.
Price of Shares—
apply the net cash proceeds, together with treasury
to the redemption of the shares of preferred,
6% series, not exchanged pursuant
The redemption price of such stock is $110 a share,
050 on 81,355 shares.—V. 150, p. 1955.
-
74,752,807 x08,078,346
75,813,141
Total surplus
Power Co.—Reports
issue of 1921,
87,804,968
6,127,003 10,615,252
94,355,881
1,380,114def1,637,879
3,325,769
74,433,027 76,390,686 104,752,577
Previous surplus
Deficit.—Y. 150, p. 1459.
funds to the extent necessary,
98,420,220
_
income..
onI
Company intends to
1936
$
1937
1938
$
1939
$
Operating
int.
March 22, filed with the Securities and Exchange Commission
an amendment to its registration statement disclosing that its 282,098 shares
of preferred stock ($100 par) 4Yi% series, convertible into common prior
to June 1, 1952, will be offered at $104 by the underwriters.
In addition to the preferred registered, the company also registered
141,049 shares of common stock ($20 par).
The preferred and the common are offered by the registrant to holders
of its 282,098 shares of outstanding 6% preferred, issue of 1921, for ex¬
change on the basis of one share of 4 H % preferred, and one-half share of
common, together with a dividend adjustment of 37H cents a share, for
each share of 6% preferred.
The exchange offer will expire April 9.
The exchange plan will not become effective unless 200,743 shares of
preferred stock, 4H % series, are issued pursuant to the exchange offer, and
unless the shares of 4H% preferred (up to 81,355 shares) not required for
such exchange are purchased by the principal underwriters.
The underwriters have agreed to purchase the 81,355 shares of 4H%
preferred.
The following list shows the underwriters and the number of
shares each has agreed to purchase:
1,000
Wisconsin Co
39,105 Partridge-Player Co., Inc
A. C. Best & Co
1,000
Edgar, Ricker & Co
10,000
1,000
Milwaukee Co
10,000 Braun, Monroe & Co
Marshall Co
1,000
Morris F. Fox & Co....
5,000
Harley, Haydon & Co., Inc..
1,000
Dalton, Riley & Co., Inc
5,000
Loewi & Co., Milwaukee
5,000 Northern Wisconsin Sees. Co-. 11,000
Bingham, Sheldon & Co
1,250
1939—Extracts from the remarks of
Newcomb Carlton and President R. B. White,
Other income
before
Wisconsin Electric
Dec. 31,
Ended
Chairman
268,980
32,491
5,731
Net from railway
—V.
$48,824
29,414
44,204
75,820
Hire of equipment
1937
$1,190,715
122,241
def22,603
1,740,247
def303,823
def629,013
1939
$127,285
12,792
2,336
278,199
26,753
income
1—
Gross from railway
Net
$393,411
156,442
$45,351
Dr5,356
_
26,423
Company,
1940
$136,157
12,407
3,365
Net from railway
Net
$126,209
77,384
41,662
30,057
Net railway revenue.
Alabama—Earnings—
February—
Gross from railway
n
371,785
32,091
189,758
307,194
53,583
766,248
67,077
$192,891
equipm't
Taxes
1933.
Western
Funded
100,320
146,905
190,230
328,299
55,923
865,589
68,659
bonds, &c
$1,006,573
89,220
Net ry. oper. income
From Jan. 1—
Net
$:1,626,657
89,272
164,858
26,709
415,844
33,692
expense
General expenses
Bal.
RR.—Earnings—
1940
1939
February—
Gross from railwayNet from railway
y
$1,902,111
.
40,364
97,389
1459.
Western Pacific
Year
$803,734
$923,266
&
way
Transportation expenses
$737,465
553,585
Operating income
Equipment rents
Joint facil. rents (net)._
of
Traffic expenses
$724,078
13.387
$461,127
279,353
structural
$694,965
055,230
Dr26,117
_
16,584
47,771
15,908
55,114
Total revenues
$844,965
150,000
Taxes.
$:1,488,904
revenues
Maintenance of
7
$1,751,589
38,528
111,994
All other revenue.
Maintenance
1940—2 Mos. —1939
1940—Month —1939
$739,379
$852,244
29—
Freight revenue
$3,317,746
738
Net operating revenue
Central Ry.—Earnings-
Wisconsin
Period End. Feb.
1940—2 Mos .—1939
1940—Month—1939
Operating revenues
$1,562,874 $1,227,687
Maint. of way & structs.
188,715
121,055
Maint. of equipment
321,242
280,366
Traffic expenses
40,378
40,561
Transportation expenses
404,205
344,502
Miscellaneous operations
8,385
3,483
General expenses
44,350
44,086
Period End. Feb. 29—
2131
Chronicle
outstanding 7% cumulative preferred stock series A have been
called for redemption on April 30 at $110 per share and accrued dividends.
Payment will be made at company's office.
722 North Boradway,
waukee, Wis.—V. 150, p. 1010.
Mil¬
Inc.—Earnings—
6 Months Ended—
.Feb. 29, '40 Deb. 28, '39
Net profit after pro v. for taxes and all other chgs..
x$211,674
$48,134
Equivalent to approximately 70 cents per share.—V. 150, p. 290.
Yazoo & Mississippi Valley RR.—Earnings—
1937
February—
1940
1939
1938
$1,111,464
Gross from railway
$1,244,167 $1,026,699 $1,093,802
250,028
Net from railway
432,053
236,421
314,567
35,070
Net ry. oper. income
232,209
41,309
99,098
Woodall Industries,
x
1—
railway
railway
Net ry. oper. income
—V. 150. P. 1459.
From Jan.
Gross from
Net from
1.
2,429,261
716,007
295,838
Youngstown Sheet
2,132,339
484,933
79,615
2,289,074
677,330
246,096
& Tube Co.—Bonds
2,399,022
625,521
178,892
Called—
fund 4% bends, series C, due May 1,
1961, were notified on March 29 that $1,500,000 principal amount of the
bonds have been called for redemption on May 1, 1940 at their principal
amount and accrued interest to the redemption date, together with a
premium of 2H% of the principal amount. From and after May 1, 1940,
interest on the principal amount of series C bonds called for redemption will
cease to accrue and all coupons appurtenant thereto maturing after that
Holders of first
mortgage sinking
date will be null and void.
Bonds called for redemption
should be presented for
payment at the
must be
Co., 16 Wall St., New York City. Coupon bonds
accompanied by all coupons appurtenant thereto maturing on
Nov. 1, 1940.
Holders of each registered bond called for
Bankers Trust
and after
redemption in
presentation and surrender
denominations of an aggre¬
the portion of the bonds not redeemed.—V.
part only, will be entitled to receive, upon
thereof, series C registered bonds of authorized
gate principal
150, p. 1955.
amount equal to
Zonite Products
of
of
Co.—To Redeem Preferred Stock—
Wisconsin Telephone
All of the
Corp.—Agrees to FTC Stipulation—
entered into a stipulation with the Federal Trade Com¬
misleading representations in the sale of preparations
designated "Zonite Ointment," "Zonite Liquid" and "Vaginal Supposi¬
tories (Zonitors)."—V. 150
p. 1623.
Corporation has
mission
to
cease
2132
The Commercial & Financial Chronicle
March 30,
1940
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
observers.
cocoas were taken for 21 May contracts, at
Sept. at 5.50c., accounting for a fair portion
or 2,399 tons.
Local closing: May,
5.35; Jtfly, 5.43; Sept., 5.51; Oct., 5.55. Dec., 5.62.
On
the 27th inst. futures closed 1 point higher on all active
deliveries, with sales totaling 128 lots.
In company with
other commodity markets the cocoa futures market gained 2
to 3 points in
moderately active trading.
Sales to early
afternoon totaled 115 lots.
At that time May delivery was
selling at 5.37 c., up 2 points. Warehouse stocks continued
to decline.
Today they were 6,500 bags lower, the total
being 1,065,769 bags compared with 1,155,426 bags a year
ago.
Local closing: May, 5.36; July, 5.44; Sept., 5.52;
Dec., 5.63.
Friday Night, March 29, 1940.
of total sales of 179 lots
Coffee—On the
25th inst. futures closed unchanged from
previous closing, with the market
virtually at a standstill
throughout the session.
Only three lots were traded, and
they were done in the Mar. contract at a two-point net loss.
"Cost and freight
offerings were unchanged from previous
finals.
Offerings of old crop coffees tended to diminish
the last week as values firmed
up, but Manizales mild coffees
also held firm,
being offered at 8.95c., compared with 8%c.
previously.
Meddlings for shipment were reported available
at 93^c.
Colombian coffee production for 1938-39 is cal¬
culated at 4,444,388
bags, according to the U. S. Depart¬
ment of Agriculture.
On the 26th inst. futures closed 3
points off to unchanged, compared with previous finals in
the Santos contract.
Transactions totaled only 9 lots.
Spot coffees in Rio de Janeiro advanced with 7s at 14,700
milreis per
Milds
were
On the 28th inst. futures closed unchanged compared with
previous
quotations.
Transactions totaled 82 lots.
quiet most of the day, with the undertone
steady. Sales to early afternoon totaled only 40 lots. Since
producers are not pressing cocoa for sale and manufacturers
are
indifferent, the market is in a stalemate for the time
being. Warehouse stocks continue to decrease.
The over¬
night loss was 700 bags. The total today was 1,065,060 bags
against 1,161,661 bags a year ago.
Local closing: May,
5.36; July, 5.44; Sept., 5.52; Dec., 5.63.
Today futures
closed 1 to 2 points net lower, with sales
totaling 644 lots.
A large trade was done in cocoa futures
today, but the bulk
of it consisted of
switching operations.
One large manu¬
facturer was credited with switching 300 lots of May into
September, the trade taking the other end of the transaction.
York and 9.00c. to
Cost and
In the local market
selling appeared to emanate from Europe,
while locals supported the market
at the lower levels.
May,
at its present
level, is at the low point for this delivery,
previously reached on Mar. 13.
The political upheaval in
Brazil, while of interest to the local
trade, does not appear
to be of sufficient
consequence to hsrve affected their senti¬
ment as far as prices are
concerned.
Actual coffees are
unchanged, with Manizales for shipment at 9c. and
upward,
while Santos 4s, cost and
freight, are about 6.20 to 6.60c.
On the 28th inst. futures
closed 5 points net
higher for the
Santos contract, with sales
totaling only 12 lots. One con¬
was sold in Rio
Dec., which closed 1 point net higher.
The coffee market was
quiet
tract
today, the only transactions to
early afternoon being a switch of 500
bags of May for Mar.,
1941, at 36 points in the Santos
department.
Otherwise
prices were nominally 1 point higher, with the
exception of
Mar., 1941, which at 6.24c. was
unchanged.
In the Rio
futures market 250
bags of Dec. sold at 4.25c., off 1 point.
Prices of spot coffees in Brazil
were 100 reis
higher. Today
futures closed 2
points off to 4 points up.
Transactions
totaled 23 lots, all in the
Santos contract.
Santos coffee
futures
off a point in dull
trading. There was nothing
Brazil although the trade is
exepcting to hear
any day that a date has been fixed for a
conference of coffee
interests on the politices and
regulations to be adopted for
the next crop year, which
starts July 1.
Despite opposition
of planters and others to
any further sacrifice quota for
destruction, all statistical considerations
point to the neces¬
sity of withdrawing part of the
crop from the market to
avoid an excessive
surplus.
Last night, in Santos, the
official spot quotations on
both hard and soft Santos 4s
were lower
by 100 reis per 10 kilos.
Rio coffee prices closed as
follows:
were
at all from
May
July
September
4.23 December
4.23 March
4.24
Santos coffee prices closed
March
as
follows:
5.91 September
5.91 December
—6.00 March
May
July
4.24
6.08
6.20
6.28
Cocoa—On the 25th inst. futures
closed 2 points off to
unchanged compared with previous finals.
Transactions
totaled 109 lots.
Trading in cocoa futures today was quiet
but prices were
steady. The market made no response to
cables reporting that
Brazilian farmers had been advised to
hold their cocoa for
higher prices. Quotations during
early
afternoon were
unchanged on a turnover of 40 lots. Ware¬
house stocks decreased
5,900 bags over the week-end.
They
now total
1,080,448 bags compared with
1,115,178 bags a
year ago.
A Bahia cable reported that
arrivals at ports from
points were about 200,000
bags smaller this season
than last year.
Local
interior
closing: May, 5.35; July, 5.42; Sept.,
5.50; Dec., 5.62. On the 26h inst. futures
closed unchanged
to 1 point
higher. Transactions totaled 179 lots.
in
cocoa
tone was
futures
was
somewhat
steady.
more
Trading
active, but the under¬
Although a fair manufacturer interest was
the buying was traced to
dealers and trade
noted, most of
Liquidation provided the
contracts, with some
European selling of the forward deliveries
reported by ring
houses.
final
The market ruled
10 kilos, up 200 reis from the last quotation.
steady with Manizales at 8%c. ex dock in New
9^c. for shipment against 8.95 last week.
freight offerings of Santos 4s were unchanged.
The political unrest in Brazil is
being eyed closely by the
.coffee trade.
The latest
development is the closing of the
Sao Paulo
newspaper "O Estado de Eao Paulo" by order
of the Federal Interventor,
Reports from Buenos Aires
relate the arrest of a number of the
most prominent people
in Sao Paulo as well as
nearly all of the Sao Paulo ex-delegates
to the National
Congress, all of whom are opposed to the
President, Getulio Varges.
On the 27th inst. futures
closed 2 points off to
unchanged.
Sales totaled 11 lots, all
in the Santos contract.
Sales to early afternoon totaled
2,500 bags.
Soft Santos 4s in Brazil advanced 100 reis.
Actual
5.35c. and for
To
mid-afternoon 625 lots
stood 1 point lower on
were
Warehouse stocks continued
loss
done.
The
May to unchanged
to
decrease.
on
market
then
later months.
The
overnight
4,000 bags.
They now total 1,061,025 bags com¬
pared with 1,163,917 bags a year ago. Local closing: May,
5.34; July, 5.43; Sept., 5.50; Oct., 5.54; Dec., 5.61.
was
Sugar—On the 25th inst. futures closed 1 point down to 2
points up for the domestic contract compared with previous
finals.
Transactions
contract
closed
totaled
208 Tots.
The
world
sugar
1
point net higher, with sales totaling 34
lots.
Sugar contracts were firm today.
Cuban producers
continued to support the domestic
market, with the result
that prices were a point higher on 1940 deliveries and 2
points
higher on 1941 contracts, with May, 1940, selling at 1.92c.
Trading to early afternoon totaled approximately 5,000 tons.
Profit-taking supplied the contracts. Nothing new came to
light in the raw sugar market.
Offerings were said to range
from 2.83c. to 2.93c. a
pound, depending on position.
Cubas for Apr. shipment were offered at
1.95c., while June
shipment was held for 2.03c.
Puerto Ricos for early Apr.
shipment could be had at 2.85c., while Philippines for Apr.
arrival were offered at 2.83c.
Buyers were willing to pay
2.80c. for spot raws.
On the 26th inst. futures closed 2 to
3 points net lower for the domestic
contract, with sales
totaling 441 lots.
The world sugar contract closed 3^ to
1% points net lower, with sales totaling 44 lots.
Sugar
futures
were
relatively steady when other commodity mar¬
Trading in the domestic contracts was
by a resumption of the liquidation of the May
position.
Some 30 lots of May were switched into later
positions, chiefly July at 6 points difference and Sept. at
12 points.
Liquidation was principally for commission
house
account.
Producers
supported the more distant
positions.
Trading to early afternoon totaled 9,250 tons.
Refined sugar also was
unchanged, but it was said that with¬
drawals were slow.
From Washington came news that
Representative Barry had offered a resolution in the House
to extend the
Sugar Act of 1937 until Dec. 31, 1941.
On
the 27th inst. futures closed 1 to 2
points net lower for the
domestic contract, with sales
totaling 174 lots.
The world
sugar contract closed 2 to 3^ points net lower, with sales
totaling 207 lots.
In the domestic market trading converged
on the
Sept. position, about 4,000 out of a total of 7,000
tons done to
early afternoon having been done in that
delivery.
Raw sugars were unchanged after sales late
yesterday of 1,500 tons of Philippines, due late in Apr. at
2.85c. a pound, and 1,000 tons of
Philippines, due today,
at 2.80c.
Prompt Cubas were held at 1.93c.
Refined
sugar was moving slowly at unchanged prices.
It is be¬
lieved in the sugar trade that the
Sugar Act of 1937 will be
kets
are
considered.
featured
extended
sugar
off
some
market
time between
was
now and June 1.
The world
active and lower, with May at
1.51^,
2points during the early afternoon.
Liquidation of
May accounted for a large part of the activity. There also
was talk of an
early European armistice.
On the 28th inst. futures closed unchanged to 1 point
higher for the domestic contract.
Transactions totaled 88
_
lots.
The world sugar contract closed 2
points to % point
higher, with sales totaling 129 lots. The sugar market
was firm but lacked
particular feature. Prices were a point
higher on domestic contracts up to early afternoon.
The
net
The Commercial
ISO
Volume
turnover to
early afternoon was 3,500 tons.
Raw sugar was
for April clearance at 95 shillings, un¬
Today futures closed 2 points down to unchanged
for the domestic contract, with sales totaling 172 lots.
The
world sugar contract closed 534 to 3 points net lower, with
sales totaling 667 lots.
Sugar markets were mixed. In the
world sugar market trading was active on a declining market.
It was said that Cuban interests were liquidating.
Initial
losses ranged from 234 to 434 points, but those were partly
erased by small rallies.
During early afternoon the market
still was 1 34 to 334 points lower.
More than 200 lots,
equivalent to 10,000 tons, were done in Mav alone up to that
for Brazil-Marseilles
changed.
Many reasons were
advanced for the declining
world tonnage makes on average so we can
freight are moved per annum. No
venture a guess
of six average trips.
By multiplying the world tonnage figure of 68,509,000
by six we obtain an estimated 411,054,000 tons (cargo carrying capacity is
generally computed slightly in excess of gross tonnage which fact for reason
of simplicity has been disregarded) of merchandise that could be moved in a
year.
We then compare with this figure the sugar exports of the world
which have been running in the neighborhood of 9,000,000 tons (some sugar
exports are overland and not by sea).
Based on these figures, the sugar
trade of the world is about 2% of the total commodity trade of the world.
Therefore, on the law of average, 2% of the boats that have been sunk
should contain sugar.
Using "The Times" figures this would be 29,626
tons or based on the approximation of the Germany tonnage figures, 38,513
many
noted that offer¬
ings were more abundant than heretofore. April clearance
Puerto Ricos were offered at 2.85c. a pound.
In the world
sugar market prices were higher and trading was active, the
turnover to early afternoon reaching 10,800 tons.
Cuban
producers appeared to be on both sides of the market but
commission houses were small sellers. Freight was negotiated
quiet, no sales being reported, but it was
time.
2133
& Financial Chronicle
round trips per year this
calculate how many
one can
millions of tons of
figure this but,
after talking to freight brokers, we
tons.
trend
It is,
disproportionate amount of sugar may have
with other commodities but a more likely place for
of course, true that a
been
sunk compared
error
would be in our guess of six average
should be
as
low as three, which
the average
sugar
If the number of trips
sunk to 59,252 tons based on "The Times"
theoretical amount of sugar
sinkings and 77,026 tons
trips.
hardly seems possible, it would double the
based on the higher figure.
On the other hand, if
would halve the
should be as high as 12 trips per annum it
tonnage to
14,813 tons based on "The Times" sinkings and 19,256
based on the higher figure.
prices. In the domestic market traders ignored the foreign
weakness.
The tone of the futures market reflected the
tons
steady trend of the taw market where late yesterday a cargo
of Puerto Rico raws clearing April 10, was sold to a refiner
at 2.83c. a pound.
From Washington came information
that hearings on sugar bills may open in about ten days.
points higher.
Trading was very light for today's short
session, with prices confined to an extremely narrow range.
Hog markets were very quiet also, with prices nominally un¬
changed from Thursday's finals.
There were no export
clearances of lard from the Port of New York today.
Hog
of
Prices closed as follows:
—-1.87
1.92
1.98
May
July
September
January
Lard—On the 23d
2.01
*
marketings at the principal Western packing centers today
totaled 18,600 head, against 11,000 head for the same day
2.04
March
last year.
Production in Current Season
Estimated 17.8% Below Last Year
including the Island of
1939-40 season is forecast at
1,386,000 long tons, raw sugar value, as contrasted with
1,663,000 tons manufactured last season, a decrease of
297,000 tong, or approximately 17.8%, according to advices
received by Lamborn & Co., New York, from Tokio.
Last
year's production was a record for the Japanese Empire.
of
Production
in
Japan,
during the current
also
firm
The
sugar
Japan during 1938-39 totaled 1,342,000 long
consumption is expected to show a decided
falling off because of the rationing program being instituted in various
parts of the Empire.
.
^
the
For
Minimum Wages
Laborers
Announced
Division of the Department of Agriculture an¬
nounced on Feb. 25 determination of the minimum wages to
be paid laborers in the production, cultivation or harvesting
of sugarcane in Puerto Rico in 1940 by producers who apply
for payments under the Sugar Act of 1937.
The determina¬
tion establishes the same basic rates as were in effect in 1939,
but this year provision is made for a bonus system which
becomes effective when the price of raw sugar reached three
cents per pound.
The Department further announced:
The Sugar
of payment to growers,
that all persons employed on a farm in the production, cultivation, or
harvesting of sugarcane be paid in full by growers for all such work at rates
not less than those determined by the Secretary of Agriculture, after in¬
vestigation and public hearing, to be fair and reasonable.
The hearing was
The Sugar Act
held in
requires, among other conditions
types of
Island's sugar is
Cutting
the various
day. The rates per day follow (those in
applying to farms in the mountain sections where about 1%
produced):
Handling casts in operations
other than harvesting
operating winches, making
cane,
—
$1.10 ($1.00)
ditches, and operating
1.21 ( 1.10)
irrigation pumps
railroad cars (Including cars on
track
in harvesting operations
Loading cane on
portable track) and
( 1.38)
( 1.21)
( 1.21)
Driving tractor plows
( 1.54)
All other kinds of work
.......
—
1.00 ( 1.00)
In the case of ditchmakers or cleaners who work in water the applicable
rate covers the first seven hours of work performed in any 24-hour period.
The determination provides for increases over the basic daily wages in the
event the average price of sugar in any fortnight during the grinding season
is $3 or more per hundred pounds, raw value.
The scale for the increases
handling portable
Handling cars
—
Loading cane carts
1.45
1.38
1.32
1.70
is as follows:
Increase per Day Over
Basic Day Wage
10 cents
20 cents
*
30 cents
FortnigMy Average Price
of Sugar per Cwt.
$3.00 to $3,249 inclusive
3.499 inclusive
$3,499 to 3.749 Inclusive
Over $3,249 to
Over
40 cents
which wage
rates for a considerable part of the agricultural labor employed in the
production of sugarcane have for a number of years been determined by
collective bargaining between labor organizations and sugar producers.
The rates in the determination are in accord with those established in a
contract recently entered into by the Free Federation of Labor of Puerto
Rico and the Association of Sugar Producers of Puerto Rico.
Over $3.749
Rico is the only
Puerto
B. W.
In
domestic sugar producing area in
Dyer & Co. Estimate
an
Sugar Lost by Ship Sinkings
analysis of sugar sinkings, B. W.
Dyer & Co., New
economists and brokers, state that the recent
estimate by one of their contemporaries that 300,000 tons of
sugar have been lost by sinkings seems to them to be too
high. While there is no way that one can accurately estimate
sinkings they submit herewith their attempt to approach the
problem from a statistical angle:
The "New York Times" keeps a daily record of sinkings and their reporon March 18 showed a total of 1,481,307 tons.
Germany has from time to
time published reports of sinkings where she has claimed sinkings were
higher.
If sinkings were 30% higher the figure would be 1,925,699 tons.
The gross ship tonnage of the world was 68,509,000 tons according to
the "Annalist" of Sept. 21, 1939.
The problem is to try to figure out how
York,
sugar
•
pounds.
The only destination given on the latter shipments
"Europe."
Western hog marketings totaled 103,500
head, against 68,800 head for the same day last year. Sales
of hogs at Chicago rapg^d from $4.65 to $5.35.
On the 27th
inst. futures closed unchanged to 2 points higher.
The
was
opening range was unchanged to 2 points higher. Trading
light and without feature.
Western hog marketings
were again quite heavy and totaled 73,100 head today against
52,100 head for the same day last year. As a result of the
heavy receipts, prices on hogs at Chicago declined 5c. to 10c.,
and during the day sales were reported at prices ranging
was
from $4.60 to $5.25.
establishes minimum daily rates of pay for
work for an eight-hour
parentheses
of the
Rico, on Jan. 9, 1940.
San Juan, Puerto
The determination
Over the week-end it was reported that 166,875 pounds
shipped to Europe. On the 26th inst.
points net decline. The opening range
was 7 to 12 points lower as a result of scattered realizing, but
as
the session progressed additional liquidation was encouraged by the weakness in hogs.
Prices on the latter
commodity were mostly 15c. to 25c. lower. The active lard
months declined 22 to 25 points during the afternoon owing
to late selling, and there was no rally from these levels. The
heaviest lard shipments in some time were reported from the
Port of New York today, clearances totaling 2,179,950
of American lard was
year
for Puerto Rican Sugarcane
hogs at Chicago remained nominally
futures closed 22 to 25
in
current
on
year.
said:
consumption
Sugar
tons.
Prices
steady at Thursday's finals. On the 25th inst. futures closed
unchanged to 2 points higher. The opening range was 2 to 5
points below previous close. Trading was light and without
special feature. Hog receipts at Chicago were slightly below
trade expectations and totaled 21,000 head. Prices on hogs
at the Midwest packing center advanced 5c. to 15c. Scattered
sales ranged from $4.75 to $5.55.
Western hog marketings
were 86,100 head, against 68,100 head for the same day last
Japanese Sugar
Formosa,
inst. futures closed unchanged to 5
7 points net higher.
2 to 7 points net higher, the lowest
levels recorded for the session being 7 to 10 points net lower.
No export shipments of lard were reported from the Port of
New York today.
Chicago hog prices closed 10c. higher.
Hog sales ranged from $4.75 to 5.35 per hundred pounds.
Western hog receipts totaled 53,500 head, against 43,700
head for the same day last year.
Today futures closed 8 to
10 points net lower.
Hogs were mostly weak and 10c.
lower today despite curtailed receipts, and this had its
bearish effect on lard.
The lower grain markets also had a
On the 28th inst. futures closed 5 to
The
opening
range was
bearish influence.
DAILY CLOSING PRICES
OF LARD FUTURES IN CHICAGO
Wed.
5.70
5.72
5.50
5.50
5.57
5.47
May...
July
September
5.82
6.05
6.22
5.82
6.05
6.22
5.57
5.77
6.00
5.57
5.77
6.00
-5.65
<5.85
6.07
5.55
5.77
5.97
October
6.30
6.32
6.07
6.10
6.15
Sal.
Mon.
Thurs.
Fri.
Tues.
March
6.05
(8-10 pieces to barrel);
$16.25 (200 pound barrel).
Beef:
(export), steady.
Family (export), unquoted. Cut
Meats:
Quiet. Pickled Hams: Picnic, Loose, c.a.f.—4 to
6 lbs., 934c.; 6 to 8 lbs., 934c.; 8 to 10 lbs., 9%c.
Skinned,
Loose, c.a.f.—14 to 16lbs., 1434c.; 18 to20lbs., 14c. Bellies:
Clear, f.o.b. New York—6 to 8 lbs., 1134c.; 8 to 10 lbs.,
1034c.; 10 to 12 lbs., 934c.
Bellies: Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 634c.; 18 to 20 lbs., 6^c.; 20 to
25 lbs., 634c.; 25 to 50 lbs., 634c.
Butter: Creamery, Firsts
to Higher than Extra and Premium Marks: 2634 to 2834c.
Cheese: State, Held '38, 21 to 22c.; Held '39, 20 to 2034c.
Eggs: Mixed Colors: Checks to Special Packs: 1434 to 1834c.
Oils—Linseed oil deliveries have been slightly better in
volume recently.
Linseed oil in tank cars quoted 10.2 to
10.4c.
Quotations: China wood: tanks—2534 to 26c.; drums
—2634 to 27c.
Coconut crude: tanks—.0334c. bid; Pacific
Coast—.0234c. bid.
Corn: crude: West, tanks, nearby—
.0634 bid. Olive: denatured: drums, spot, afloat—93 to 94.
Soy bean: tanks, West—.0534 bid; New York, 1. c. 1., raw
—.075 bid.
Edible: coconut, 76 degrees—.0834 hid.
Lard:
Pork—(Export),
mess,
$18.75
family (50-60 pieces to barrel),
2134
ex.
The Commercial & Financial
Chronicle
winter
prime—8% offer; strained—8lA offer.
Cod:
crude: Norwegian, dark filtered—64
offer; light—70 offer.
Japanese—58 offer.
Turpentine: 36^ to 383^.
Rosins:
scattered
Cottonseed Oil sales,
April
May
yesterday, including switches, 138
Crude, 8. E., val. hY2.
Prices closed as follows:
6.45(9
n
6.50(9
6.53(9
-
,
July
6.53
6.53(9
-
June
6.54
n
August
September
6.57 @
L
Sept.,
n
6.55(9 6.56
6.53(9 6.54
6.35(9 6.55
October
November
Rubber—On the 23d inst. futures closed 2 to
6 points net
Although only 6 lots were traded, there were no
transactions registered until the
very end of the short session.
The London and
Singapore markets were closed today and
18%c.
tificated
stocks
in
per
pound.
licensed
warehouses decreased
Local closing:
Mar.,
20
Cer¬
tons
today to 1,320 tons.
18.45; May,
18.45; July, 18.17; Sept., 18.06; Dec., 17.90.
On the 25th
inst. futures closed
unchanged to 5 points off compared with
previous finals.
Transactions totaled 65 lots.
The market
ruled easier today.
In view of the continuing
holiday in
primary markets trading was dull, only 53 lots being done to
early afternoon.
At that time Mar. stood at 18.42c. and
May at the same price, both off 3 points.
Liquidation of
the Mar. option was the feature of
the trading.
That
option will expire Wednesday.
Thirty-two Mar. notices
were issued,
making 209 or 2,090 tons so far this month.
Certificated stocks of rubber increased 250 tons
to
of 1,590 tons.
Both the London and the
"remained closed.
Local
a
total
Singapore markets
closing: Mar., 18.40; May, 18.40;
July, 18.17; Oct., 17.96.
On the 26th inst. futures closed
to 16 points net lower.
Transactions totaled 144 lots.
opening as much as 10 points lower on near months and
3 points off on deferred
positions, the crude rubber futures
market turned steady in quiet
trading.
Transactions on
24
After
both sides of the market were attributed
to dealer interests.
Sales to early afternoon totaled
only 36 lots.
Tenders on
Mar. contracts totaled 140 tons,
making the total so far this
month 2,230 tons.
Certificated stocks of rubber decreased
50 tons to 1,540 tons.
The London market closed
unchanged
to
1 l-16d. lower.
Singapore also was quiet and little
changed.
London cabled that the current
export taxes on
Netherlands East Indies rubber are 1.9
guilders per half
kilo, plus a special defense tax of
1% of invoice value.
Local closing: May, 18.16;
July, 17.90; Sept., 17.83; Dec.,
17.73; Jan., 17.69.
On the 27th inst. futures closed 4
to
18 points net lower.
Transactions totaled 190 lots.
The
market opened lower, but thereafter the
undertone was
fairly steady until towards the close when weakness de¬
veloped.
Up to early afternoon transactions totaled 143
lots.
It was reported that
shipment offerings were substan¬
tial and that
they
were
close to
were
sellers of
and dealer interests
workable basis.
a
Trade
May while traders bought
July and also Dec.
London and
Singapore were 1-16 to
Vgd. lower and closed steady.
Local closing: May, 18.12;
July, 17.85; Sept., 17.70; Dec., 17.55.
On the 28th inst. futures closed 5 to 3
points net higher.
Transactions totaled 120 lots.
Crude rubber futures were
lower on the opening,
selling 2 to 5 points under last night's
close, but later prices turned firmer when some short cover¬
ing came into the market. Trading was
fairly active, total¬
ing 104 lots to early afternoon. May
delivery was selling at
18.14, up 2 points, and September at
17.74, up 4 points.
Malayan census figures were regarded as bullish.
The
London and Singapore markets were
quiet and easy, closing
1-32 to Vgd lower.
Local closing:
May 18.17; July 17.89;
Sept. 17.75; Dec. 17.58. Today futures closed 6 to 13
points
net lower.
futures
Transactions totaled 155 lots.
Crude rubber
easy tone in sympathy with lower
foreign
Initially the market was 5 points higher to 2
had
markets.
an
points
During early afternoon losses ranged from 4 to 9
points. It was said that trade interests were
selling hedges
in May against rubber afloat.
Sales to that time totaled
lower.
lots.
The
London
59
and
Singapore markets
closed
quiet,
prices ranging y% to 3-16d lower. Local
closing: May 18.11;
July 17.76; Sept. 17.65; Dec. 17.50; Jan. 17.46.
Hides—On the 23d inst.
futures closed 2
points higher to
points lower.
Transactions totaled 720,000
pounds.
The
opening range was 2 to 8 points off.
The market worked
slightly higher in an unusually quiet
session, though no
appreciable change was shown
compared with yesterday's
finals.
No important
developments were reported in the
spot hide market today.
Local closing: Mar.,
13.41; June,
13.76; Sept., 14.02; Dec., 14.25; Mar.
(1941), 14.48.
On the
25th inst. futures closed 4
points lower to 3 points higher
compared with previous finals.
The opening
range was 2
to 17 points lower than
previous closing quotations.
Trad¬
ing was light and without special feature.
Transactions
totaled 680,000
pounds.
Reports were current in the trade
that Japanese buyers had
purchased moderate quantities
of Argentine
frigorifico hides at 14 %c. a pound.
Certifi¬
3
cated stocks of hides in
warehouses licensed
by the Exchange
increased by 3,808 hides to a total of
911,269 hides in store.
Local closing: June,
(1941), 14.51.
13.72; Sept., 14.04; Dec., 14.28;
Mar.,
On the 26th inst.
points net lower.
The market
futures closed 26 to 33
was
decidedly weak today,
influenced by the weakness in the
spot hide market.
The
opening range was 6 to 16 points lower, the list
continuing
to decline as the
offerings increased.
Buying was from
pounds
were
exchanged for physical.
13.72;
Dec.,
June,
13.97;
Mar.
(1941),
27th inst. futures closed 24 to 20
points net
actions totaled 160 lots.
Raw hide futures
The
14.23.
13.46;
On
the
higher.
Trans¬
opened 12 points
higher to 8 points lower, with the market
holding firm during
most of the
morning on sales of 102 lots.
June sold at
13.57,
up 11 points, and Sept. at
13.81, up 9 points.
In the
higher.
will reopen on Tuesday.
There was no activity in the out¬
side market.
Spot standard No. 1 ribbed smoked sheets in
the trade remained
unchanged at
1940
undertone of the domestic
spot market was easier, and sales
were
reported of moderate sized quantities of branded steer
hides at a decline of
Ye. a pound from the last previous
prices reported.
Local closing of futures:
$6.25 to $7.60.
contracts.
30,
Transactions totaled 7,320,000
pounds,
sources.
of which 80,000
March
domestic
markets
spot
sales
totaled
about 26,000 hides,
including Jan.-Mar. heavy native steers at 12c.
The re¬
covery was in sympathy with other markets.
Local closing:
June, 13.70; Sept., 13.95; Dec., 14.20;
Mar., 14.43.
On the 28th inst. futures closed
15 to 18 points net
lower.
Transactions totaled 119 lots.
Raw hide futures
opened un¬
changed to 10 points lower. Prices were
steady during the
morning on sales of 74 lots. There was scattered
selling and
profit taking.
Certificated stocks of hides in
warehouses
licensed by the
exchange increased to 912,229 hides in store.
In the domestic
spot markets sales totaled
about. 20,000
hides, including Feb.-Mar. light native cows at
12^c.
heavy native
and
steers at 12c.
In the
Argentine market sales
totaled about 17,500
hides, including March frigorifico steers
at 14 13-16c.
Local
14.02; Mar., 14.28.
net lower.
closing: June, 13.55; Sept., 13.79;
Dec.,
Today futures closed 18 to 14 points
Transactions totaled 189 lots.
Raw hide futures
opened 4 to 13 points lower.
Prices receded further
during
the morning.
Transactions totaled 144 lots.
June sold at
13.39, off 16 points, and Sept. at
13.65, off 14 points, touch¬
ing new lows for the movement, when short
covering checked
the decline.
Local closing:
June, 13.37; Sept., 13.65;
Mar., 14.10.
Ocean
Freights—While ship
to hold out for
very firm rates,
nage situation, charterers are
owners in
general continue
due to the tight
nearby ton¬
only taking vessels on a rather
moderate scale in the
dry cargo market. Charters included:
Grain: A steamer, River Plate
to
Antwerp, Apr., $29 per
ton.
New York to
Antwerp (berth), 85c. asked per 100
pounds, Mar. Australia to North
Atlantic, $17.50 per ton.
Buenos Aires to
Antwerp, $29 per ton Apr. Buenos Aires
to north of Hatteras
(linseed) $9.25 per ton. New York to
Antwerp (berth), 85c. asked per 100
pounds Mar.; 75c. paid
for Apr. Australia to North
Atlantic, $17.50 per ton. Buenos
Aires to
Antwerp, $29 per ton Apr. Buenos Aires to
north of Hatteras, $9.25
per
ton.
Grain booked: ten
loads, New York to Antwerp,
Apr., 75c. per 100 pounds.
Time: six to nine
weeks, West Indies trade, Apr., $5
per ton.
Another vessel,
Paramaribo, redelivery United States
Gulf,
prompt, about $5 per ton. Vessel, six to
nine weeks GulfWest Indies trade,
prompt, $4 per ton. Sugar:
Philippines
to United States
Atlantic, $11.50 per ton. Brazil to
Antwerp,
$26 per ton.
San Domingo to
Marseilles, $20 per ton. San
Domingo to Casablanca 95s per ton.
Coal—First minimum price
schedules were released this
by the bituminous coal division of the
Department of
Interior, with the announcement that
they generally approxi¬
mate the same level of
quotations for which similar fuel was
sold during the
past year. The price lists cover
approximately
1,000 mines in the
Rocky Mountain and Pacific Coast
States.
According to figures furnished by the Association of
American Railroads,
the shipments of anthracite
into
Eastern New York and New
England for the week ended
March 9th have amounted to
1,780 cars, as compared with
1,344 cars during the same week in
1939, showing an in¬
crease of 436
week
cars, or approximately 21,800 tons.
Shipments
anthracite for the current
calendar year up to and in¬
cluding the week ended March 9th have
of
cars, as
in 1939,
amounted to 20,110
cars
during the same period
increase of close to
.50,350 tons. Ship¬
compared with 19,103
showing
an
ments of bituminous coal
into this
territory during the week
ended March 9th have
amounted to 2,292
cars, as compared
with 2,122 cars
during the corresponding week in 1939.
Wool Tops—On the 25th
inst. futures closed 28 to
33
points net lojver.
The market opened 2
points off from pre¬
vious finals, and declined
steadily during the session.
There
was active commission
house and trade
selling of all months,
which met only with a
moderate scale-down
demand, coming
chiefly from spot houses.
Certificated
hands
in
pounds
licensed
warehouses
were
tops in combers'
reported at 1,330,000
March 25, against 860,000 on
March 15, a rise of
470,000 pounds in 10 days.
Sales on the
exchange here
yesterday were estimated in the trade at about
on
125 contracts
or
625,000 pounds.
Spot tops were unchanged at $1.01 a
pound.
Local closing:
May, 94.2; July, 93.2; Oct.,
92.8;
Dec., 92.5.
On the 26th inst. futures closed
10 to 12
points
net lower.
Spot tops declined 2c. a pound,
breaking to 99c.
Wool top futures continued
easy today with volume of
trading
large.
A prominent commission house in
the wool
business
sales
was
mates.
a
heavy
top
seller
throughout the day.
Total
according to trade esti¬
May, 93.0; July, 92.2; Oct.,
91.7;
about 1,250,000
pounds,
Local closing:
were
Dec., 91.5.
On the 27th inst. futures closed
at 1 to 4
points
Transactions totaled 650,000
pounds, or about
half the volume of the
previous
net
not
decline.
day.
Selling
pressure was
as aggressive as the
previous session, and there was more
demand from trade sources.
Sopt tops continued to ease
Volume
and
were
The Commercial & Financial Chronicle
ISO
down le. at 98c.
a
pound."
Local closing:
May,
92.9; July, 91.8; Oct., 91.5; Dec., 91.3.
On the 28th inst. futures closed very
steady at 3 to 9 points
higher. Sales totaled 600,000 pounds, or 120 contracts.
Spot tops were unchanged at 98c. a pound.
Local closing:
May, 93.5; July, 92.7; Oct., 92.3; Dec., 92.0.
Today
futures closed 5 points to 1 point net higher.
The wool top
market backed and filled today within narrow trading
limits in a quiet session.
With the market around current
levels, the trade for the most part has adopted a waiting
attitude.
Total sales in the trade to midday were estimated
at only approximately 100,000 pounds of tops.
The raw
wool market is reported as easy and very inactive.
Wool
prices have given way during the past few days, the entire
market receding to a new low on an average decline of 3c. per
scoured pound.
Lack of demand is the dominating feature.
Composite sentiment in the market is about as follows:
"There is no business to speak of on the decline, and it is
doubtful whether even lower prices would intrigue mill buyers
at this time.
Manufacturers apparently must receive sub¬
stantial orders for fall goods before they will feel in a position
to replace their raw material supplies on a scale related to
their prospective needs."
The general index figure covering
domestic spot combing wools in Boston is now 77.7c. as
against 80.7c. in the previous week.
The peak high at the
end of Sept. was 98.4c., which indicates a decline to date of
21%, scoured basis, on domestic combing wools. Local wool
top closing: May, 94.0; July, 92.8; Oct., 92.6; Dec., 92.3.
net
Silk—On
the
25th
inst.
futures
closed
1
to
2He. net
higher.
Transactions totaled 41 lots.
Owing to declines
in the Japanese markets while New York was closed for the
Easter holidays, silk futures here showed initial losses of
2H to 6c.
Trading was quiet but prices firmed up some¬
what after the initial fall.
During early afternoon Mar.
stood at $2.82, off 2c.
Sales to that time totaled only 6
lots, all in the No. 1 contract.
The price of crack double
extra silk in the uptown spot market declined 2He. to $2.92
a pound.
Seventy bales were tendered on the Mar. con¬
tract, making 910 bales so far.
On the Yokohama Bourse
prices were 17 to 29 yen lower.
The price of spot grade D
silk declined 5 yen to 1,605 yen a bale.
Local closing: No.
1 Contracts: Mar., 2.85; May, 2.79; July, 2.74; Aug., 2.65;
Sept., 2.64; Oct., 2.63.
On the 26th inst. futures closed
3H to 1c. net lower.
Transactions totaled 54 lots.
Silk
futures were easy in sympathy with Japanese market news.
On the selloff Japanese interests were reported buying here.
During early afternoon May No. 1 sold at $2.77H, off
lHc., and July at $2.71, off 3c.
All of the 32 lots sold
to that time were on the No. 1 contract.
The price of crack
double extra silk in the New York spot market declined
2He. to $2.89H a pound.
Seventy bales were tendered for
delivery on the Mar. No. 1 contract.
This was the last
day that such tenders could- be made.
The total for the
month
was
980
bales.
The
Yokohama
Bourse
closed
11
to 7 yen higher.
Spot grade D silk was 10 yen lower.
Local closing: No. 1 Contracts: Apr., 2.80; May, 2.77;
June, 2.74; July, 2.70H; Sept., 2.62H; Oct., 2.61 H.
On
the 27th inst. futures closed 1 to 2He. net higher. Transac¬
tions totaled 46 lots, all in the No. 1 contract.
The market
was firm
during most of the session, prices advancing as
much as 5He.
During early afternoon Apr. stood at $2.83,
up 3c. and July at $2.75, up 4Hc.
Sales, all in the No. 1
contract, totaled 17 lots to early afternoon.
Fifty bales
were tendered on the No. 1
Apr. contract.
The Yokohama
Bourse closed 5 to 16 yen higher, while spot grade D silk was
bid up 2}^ yen to 1,597H yen a bale.
Local closing: No. 1
Contracts: Apr., 2.81; May, 2.79; July, 2.73; Aug., 2.66;
yen
ending this evening the total receipts have reached 87,760
bales, against 74,870 bales last week and 115,052 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,513,717 bales, against 3,184,005 bales for the same period
of 1938-39, showing an increase since Aug. 1, 1939, of
3,329,712 bales.
Houston
Corpus
Christi.
inst.
lHc. down to 3c. net
Transactions totaled 156 lots.
Buying interest in
was small at the outset, but broadened later
as prices became firmer.
Sales to early afternoon totaled 69
lots all in the No. 1 contract.
May was quoted at $2.82H>
up 3He., and Sept. at $2.69,
up 5c.
The price of crack
double extra silk in the uptown spot market advanced lc. to
$2.91H a pound.
Eighty bales were tendered for delivery
The Yokohama Bourse closed 2 to
against Apr. contracts.
12 yen higher, while spot grade D silk was advanced 10 yen
to 1,607H yen a bale.
Local closing: No. 1 contracts: Apr.,
2.82; May, 2.77H; July, 2.73; Aug., 2.66H; Oct., 2.65;
Nov., 2.64H- Today futures closed 3 points off to unchanged
compared with previous finals.
Transactions totaled 95
lots, all in the No. 1 contract.
After opening as much as
6He. a pound lower, raw silk firmed under buying which
was
attributed to dealer interests.
Trading was fairly
active at 56 lots to early afternoon. At that time Apr. No. 1
stood at $2.80, off 2c., and Oct. at $2.64H» off Me.
The
price of crack double extra silk in the New York spot market
declined lc. a pound to $2.90H»
One hundred bales were
tendered for delivery against Apr. No. 1 contracts, bringing
higher.
raw
silk futures
so
far to 230 bales.
The Yokohama Bourse closed
8 yen lower to 2 yen higher, while the price of spot grade D
silk in the outside market declined 2H yon to 1,605 yen a
bale.
Local closing:
Apr., 2.79; May, 2.77; July, 2.72; Aug.,
2.66H; Oct., 2.63; Nov., 2.62H.
Mobile.
Friday Night, March 29, 1940.
Crop, as indicated by our tele¬
from the South tonight, is given below.
For the week
The Movement of the
grams
8,517
-
-
13
-
180
15
15
2,620
30,958
4,087
1,824
^
3,286
1,366
4,637
10,025
,.,574
16,952
31,317
130
118
1,824
Pensacola, &c
'
Jacksonville
-
•
~
—
Savannah
20
Lake Charles
31
4
Wilmington
—
-
-
57
-
63
1
32
425
534
237
749
-
~
-
749
992
13,006
87,760
-
"100
.
.
-
-
-
5
-
48
314
150
243
Baltimore
Totals this week.
57
3
40
—
—
•
Norfolk
7,957
17,532
17,298
24,719
7,248
following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks tonight, compared
The
with last year:
Stock
1938-39
1939-40
Receipts to
This
Since Aug
Week
Galveston
1 1939
Week
Houston
Corpus Christi
Beaumont
New
Orleans.
Mobile
Pensacola &
_
G'p't
Jacksonville
Savannah
Charleston
Lake Charles.
Wilmington
Norfolk.
1940
739
9",527
1,771
23
"il2
555,658
984,770
288,620
16,678
758,746
56,620
10,732
1,872
3?601
722,435
735423
662",875
41,106
92,420
745,272
46,324
31,800
545,614.
62,165
z4,044
1,610
149,292
34,069
5,728
16,425
99,922
77,000
1,541
33,673
15,833
3
261
688
121,777
32,711
4,322
10,792
24,396
1,000
1,442
1,350
38,724
12,234
13,551
18,689
4
888
New York
Boston
17,079
992
Baltimore
Totals
87,760
6,513,717' 19,97913,184,005
Receipts included in Corpus Christi.
x
z
1939
933,263
2,862
16,952 1,653,575
41,153
31,317 1,941,605
180
178,772
15
66,930
30,958 2,234,580
151,936
4,087
54,564
1,824
57
1,869
63
62,308
38,462
"32
45,951
534
8,577
749
16,356
Brownsville
Since Aug
1 1938
This
Mar. 29
28,367
100
2,520
1,225
2,712,509 2,147,816
Gulfport not included.
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
1939-40
1935-36
1934-35
7,486
10,465
6.718
20,111
6,409
7,589
24,777
8,615
112
413
969
430
285
-3
'""528
1,672
""375
""740
*"534
888
1,631
1,373
174
108
749
261
495
495
346
694
"3", loo
"L454
""804
"3",472
6,212
"l",508
87,760
Orleans.
Mobile
19,979
44,595
59,427
35,770
25,927
2,862
3,601
9,027
1,771
63
Houston
New
1936-37
1937-38
1938-39
16,952
31,317
30,958
4,087
Galveston
Savannah
.
5,453
10,769
10,274
13,111
1,737
410
2,224
6,847
Brunswick
Charleston
Wilmington
Norfolk
__
...
N'port News.
All others
Total this wk_
Since Aug. 1__
6,513,717:3,184,005'6,728,385
5,834,534 6,213,004 3,775,874
for the week ending this evening reach a total
74,668 bales, of which 22;619 were to Great Britain, 3,204
France, nil to Germany, 19,940 to Italy, 17,279 to Japan,
4,893 to China and 6,733 to other destinations.
In the
corresponding week last year total exports were 47,386 bales.
For the season to date aggregate exports have been 5,142,206
bales against 2,796,642 bales in the same period of the pre¬
vious season.
Below are the exports for the week:
The exports
of
to
Mar. 29, 1940
Exports from—
Ger¬
Great
many
Houston
"60
China
24,628
17,712
l",05<)
21,437
2,326
"905
3",204
....
13",615
2,965
905
"543
700
3",982
MOO
1,578
6,960
19,940
17,279
4,893
6,733
74,668
4,532
18,832
9,295
47,386
10,355
31,910
4,576
1,116
6,958
74,161
Angeles
22,619
Total
2,419
5,184
1939
Total
300
547
2,950
700
New York
Total
Total
Other
3,268
9,427
1,779
Norfolk
Los
Japan
3,514
Corpus Christi
New Orleans
Italy
2,811
9,140
10,940
Galveston
1938
3,204
3,783
1,738
3,949
16,900
Exported to—
From
Aug. 1, 1939 to
Ger¬
Mar. 29, 1940
Great
Exports from—
Britain
Galveston
338,524 138,496
433,222 145,806
71,308 27,424
6,861
8,496
Houston
Corpus Christi
Brownsville
Orleans.
New
France
many
Italy
286 120,202
8,257 172,898
10,242 18,329
4,334
Japan
China
Lake Charles.
Mobile
609,924
16,290
62,848
Total
Other
184,073 50,381 387,087 1219,049
207,973 178,953 339,180 1486,289
37,586 10,390 25,452 200,731
27,922
3,922
4,309
185
400
Beaumont
383", 564
"8", 169
177,498
78,647
491
1,135
4,339
9,324
31,419
90,423
19,494
10",510
601
"2", 106
2*708
196
11,267
1,704
11,170
8,837
100
70,109
27,810
6,773
6,091
199
550
xPensacola,<fcc
Savannah
6,182
42,314
5,498
Charleston..
26,235
1,050
20,128
11,791
26,118
6,287
2,631
50
1,575
Wilmington.
"75
"486
6,773
Norfolk
10,941
l",825
1,271
11,507
x
New York.
x
Baltimore
284
16,369
Boston
x
50
6,037
100
100
6",871
1
Los Angeles
42,661
x
San Fran
17,231
"214
164,330
40,886
1,336
26,473
5,562
301,332
12
78,971
755,803 354,157 1067794 5142,206
1711,825 723,569
33,456 495,602
404,226 370,053
1937-38 1453,145 701,255
386,767 259,614
745,223
68,598 562,161 2796,642
756,422'431,574
451,931
64,619 865,557 4724,503
Total
x
1
60,583
13,956
12
200
Seattle.
Total
8,500
811
..
x
Total
585
60,343 206,233 1424,378
4,179
211
Jacksonville-.
x
COTTON
1,454
~
7,038
1,899
3,352
Gulfport
the total
2,564
...
New Orleans
Total
267
'
Beaumont
Britain France
futures closed
Fri.
979
167
—
—
_
Thurs.
570
3,415
3,478
5,168
2,612
6,553
12,692
Wed.
Tues.
Mon.
Sat.
Receipts at—
Galveston
Sept., 2.64; Oct., 2.63.
On the 28th
2135
1938-39
Figures revised.
The Commercial & Financial Chronicle
2136
In addition to above exports, our
telegrams tonight also
the following amounts of cotton on shipboard, not
cleared, at the ports named:
give
us
On
Shipboard Not Cleared for—
Leaving
Leaving
Mar. 29 at—
Ger¬
Other
Coast¬
many
Foreign
wise
Great
France
brUuin
Galveston
Houston.
Orleans..
New
13,100
Stock.
29,300
41,591
40,708
4,000
33,433
1,700
1,000
18,680
10,500
7,058
17,000
Total
100
5,028
693,135
693,532
704,564
121,777
32,711
99,922
24,396
230,873
Savannah
Charleston.
Mobile
Norfolk
Other
...
—
ports...
1940—
34,558
Total
1939..
Total
1938-
8,248
21,005
Total
*
21,380
2,505
8,725
cotton
for
4,100 111,599 2,600,910
6,195 50,204 2,097,612
4,662 110,376 2,786,755
51,561
29,637
67,656
3,619
8,328
Estimated.
Speculation
in
delivery
future
week was moderately active, with
past
reflecting
irregular,
general
the
during
the
exists
that
sharp
is
doing
much
The spot market seemed to be in a
things.
deadlocked
occasional
position.
inquiry
sellers
while
sterling
in
drop
were
to
unsettle
more
less
or
Buyers were indifferent, aside from
for small lots for
equally apathetic.
filling
in
purposes,
closed 6 points lower to 2 points
up.
Selling in old crop months and transferring of May into
the October position accounted for most of the business during
.the morning.
There followed a period of moderate buying
of new crop months by New Orleans operators and Wall St.
New crops were steady on buying due to persistent rumors
in the cotton trade that when funds are finally approved there
will be a subsidy on exports.
Other reports indicated that
this subsidy announcement may be delayed until later in the
season.
Foreign demand has dropped off, and cables stated
that foreigners would permit their stocks to run low into the
new crop season, so that they might take advantage of an
export subsidy if there is one to be announced later.
Leading
Eastern mills were persistent buyers of May and July on the
scale down.
Consumption continues at a higher pace than
last season.
According to the Cotton Exchange trade service
the consumption by mills for the first six months of the season
throughout the world totaled 6,507,000 bales of American
cotton, compared with 5,587,000 last season.
On the 26th
inst. prices closed 13 to 21 points net lower. There were some
pretty strong factors operating against the market today,
chief of which were the sharp declines in cotton markets
abroad and weakness in sterling exchange.
Bombay brokers
sold July and October early in the session, and the pace in¬
creased toward the close as this character of selling persisted.
April-May broach cotton was selling at 202 points discount
under New York May, or the largest discount in many years.
Similarly the Liverpool market was relatively easier than
New York, the May premium in Liverpool being 72 points,
compared with 382 points on Jan. 5.
Cables were anything
but favorable to speculators.
The unsettled stock market
in Amsterdam and rumors of cabinet changes in Great Britain
were mentioned.
A press dispatch from Bombay said that
mill owners at one of the biggest cotton centers in India, were
considering schemes for curtailment of operations due to
over-production.
Domestic spot sales totaled 5,566 bales,
compared with 5,843 last year.
The average price of
middling at the 10 designated spot markets was 10.18c.
On the 27th inst. prices closed 6 to 9 points net higher. The
opening wai steady, with prices unchanged to about 2 points
higher.
A further fall in sterling exchange was ignored, for
after the call, prices forged ahead under steady buying pres¬
sure, in spite of continued foreign selling.
As heretofore,
much of the selling originated with Bombay, which is credited
with having made substantial progress toward undoing a huge
straddle position between the market here and that in India.
The Bombay brokers sold May and July, but on the other
hand they were said to have bought October.
Spot firms
were buyers of both May and
July, apparently taking what
Bombat sold.
The market continued to creep higher later
as the tone was
decidedly firm.
Rallies of 7 to 9 points were
credited to buyiug by the trade to fix prices.
Steady for¬
eign markets were also a factor.
Liverpool closed 10 to 17
English points higher.
the 28th
inst.
the
opening
the
market
failed
to
follow
the
lead
Cables
tion.
months,
After
under
cotton.
improved demand.
Foreign selling
trade buying.
December.
have
interests
been
bought
new
crop
opening call prices moved 4 to 5
October.
some
Trade
while New Orleans picked up
the
There
Spot
houses
pressure
Bombay
was
price-fixing.
attributed to
was
was
buying
of
con¬
reported that maximum and minimum limits
it
of rupee exchange had been fixed which,
suspected, would tend to discourage straddle opera¬
The foreign selling converged on the July and Octo¬
was
tions.
ber
Scattered
deliveries.
selling
contributed
hedge
the
to
selling
decline..
At
and
spot
house
lower
the
levels
demand
appeared which quickly caused prices to recover
their losses.
The rally was due in part to buying of new
crop months by New Orleans and a certain amount of buy¬
ing by Southern mills to fix prices.
Brokers who often
represent cooperatives were credited with buying July and
selling December.
The official quotation for middling upland cotton in the
New York market each day for the past week has bee*':
March 23 to March 29—
Sat.
Mon.
Tues.
Middling upland Yn (nominal).. Hoi.
Middling upland 15-16 (nom'l). Hoi.
10.79
10.99
10.65
10.73
10.79
10.79
10.85
10.93
10.99
10.99
Wed.
Thurs.
Fri.
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for
grade and
staple in relation to the base grade.
Premiums and discounts
grades and staples are the average quotations of 10
designated by the Secretary of Agriculture.
for
markets
Middling %-inch, established for de¬
on
April 4, and staple premiums
represent 60% of the average premiums over 3^-inch cotton
liveries
the
at
contract
on
10 markets
New
March
on
28.
Contract—Basis
Middling 15-16 inch, established for
deliveries on contract on April 4, 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
cotton at the
10 markets
March 28.
on
Old Contract
Inch
New Contract
1 In.
15-16
Inch
and
29-32
15-16
31-32
1 In.
Inch
Inch
Inch
and Up
Inch
Up
While—
Mid.
Fair
.54 on
.65
on
.73
on
.36
on
.59
on
8t. Good Mid...
.49
on
.59 on
.68
on
.31
on
.39
on
.49
on
.54
on
.60
on
Good
.43
on
.53 on
.62 on
.25
on
.33
on
.43
on
.49
on
.54
on
.30
on
.41
on
.50
on
.13
on
.21
on
.30
on
.36
on
.41
on
Baals
.11
on
.20
on
.18 off
.10 off
Basis
.06
on
.12 on
.48 off
.38 off
.30 off
.65 off
.58 off
.60 off
.46 off
.39 off
1.03 off
.93 off
St.
Mid
Mid
Mid
St
Low Mid
Low Mid
.45 on
.54 on
.87 off 1.20 off 1.14 off 1.05 off
♦St. Good Ord.. 1.52 off 1.45 off 1.41 off 1.70 off 1.66 off
1.58 Off
•Good Ord
2.12 off 2.02 off 1.99 off 2.23 off 2.20 off 2.13 off
Extra White—
Good Mid
and
near
higher
July
and
there
.65 on
.01 off
.97 off
.56 off
.63 off
.11 off
.09 off
.43
on
.25
on
.33
on
St. Mid
.30
on
.41
on
.50
on
.13
on
.21
on
Mid
Even
.11
on
.20
on
.18 off
.10 off
Even
St. Low Mid
.48 off
.38 off
.30 off
.65 off
.58 off
.60 off
.45 off
1.03 off
.93 off
Low Mid
.53
on
.62
on
.43
on
.49
.54
on
.30
on
.36
on
.41
on
.06
on
.12
on
on
.39 off
.87 off 1.20 off 1.14 off 1.05 off 1.01 off
.97 off
♦8t. Good Ord— 1.52 off 1.45 off 1.41 off 1.70 off 1.66 off 1.58 off
1.56 off 1.53 off
♦Good Ord.
2.12 off 2.02 off 1.99 off 2.23 off 2.20 off 2.13 off 2.11 off
2.09 off
Spotted—
Good Mid......
.08
on
.18
on
St. Mid
.07 off
.03
on
Mid
.60 off
.49 off
.27
.11 off
on
.02 off
.06
.12
on
.17
on
on
.12
on
.25 off
.16 off
.07 off
.01 off
.04
.42 off a.77 off a.69 off a.60 off a.65 off a. 50
♦St. Low Mid... 1.22 off 1.14 off 1.08 off 1.39 off 1.35 off
1.26 off 1.24 off 1.19
•Low Mid
1.87 off 1.82 off 1.80 off 2.05 off 2.03 off 1.97 off 1.95 off 1.93
on
off
off
off
Tinged—
Good Mid
.49 off
.41 off
.69 off
.62 off
.35 off ♦.67 off ♦.62 off *.54 off
.66 off •.87 off •.83 off *.75 off
•Mid
1.26 off 1.22 off 1.20 off 1.42 off 1.41 off 1.37 off
•St. Low Mid... 1.83 off 1.81 off 1.81 off 1.99 off 1.98 off 1.96 off
•Low Mid
2.32 off 2.31 off 2.31 off 2.49 off 2.49 off 2.49 off
St. Mid.
...
•.51 off •.46 off
*.72 off *.67 off
1.36 off 1.34 off
1.96 off 1.96 off
2.49 off 2.49 off
Yellow Stained-
Good Mid
1.01 off
94 off
.87 off *1.18off •Liftoff ♦l.Odoff *1.04off ♦.98 off
1.36 off 1.35 off 1.34 off 1.54 off 1.53 off 1.52 off 1.51 off 1.50 off
1.86 off 1.85 off 1.85 off 2.03 off 2.03 off 2.03 off 2.03 off 2.03 off
♦St. Mid
•Mid
Gray—
Good Mid
.60 off
.52 off
.43 off •.77 off *.73 off ».65off,*.61 off •.54 off
.74 off
.66 off
.58 off
92 off
.88 off
.79 off
.75 off
.68 off
1.25 off 1.18 off 1.14 off 1.43 off 1.39 off 1.32 off 11.29 off 1.27 off
St. Mid..
•Mid
•Not deliverable on future contract,
a Middling spotted shall be tenderable
only when and If the Secretary of Agriculture establishes a type for such
grade.
New York
1940 -...10.79c.
1939
8.83c.
1938
8.69c.
1937
19.17c.
1936
11.56c.
1935
11.30c.
1934
12.20c.
1933
6.30c.
1932
Quotations for 32 Years
6.20c.
10.70c.
1924 .....28.60c.
1923
28.85c.
1916
1931
1930
16.45c.
1922
1914
13.50c.
1929
20.95c.
1921
1913
12.60c.
1928
1920
1926
19.70c.
14.45c.
19.25c.
1918
1925
24.80c.
1917
1927
__
18.10c.
12.25c.
41.75c.
28.30c.
34.25c.
19.20c.
.
1919
Market and Sales
at
12.10c.
1915
9.80c.
1912
10.90c
1911
1910
14.40c.
15.1Cc.
1909
9.85c.
New York
The total sales of cotton
on the spot each
day during the
indicated in the following statement.
For the convenience of the reader we also show how the
market for spot and futures closed on the same
week at New York
are
days:
Contract
Spot
Old
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
New
Old
Total
New
Old
New
HOLI DAY
400
1
500
•
1
1,600
1
1
500
1
»
200
1
300
Total week
400
1
1
1
200
1
I
til
1
positions.
points
bought
relaxed
the
300
l
1,600
1
t—
3,000
3,000
was
Since Aug. 1
88,642
59,800
2,100 148,442
2,100
Futures Market Closed
reported to be supporting
Mav at 10.50c., said to
Washington wires today reported
that no decision will be made by the Commodity Credit
Corporation regarding the extension of 1938 cotton loans
until late in May or June.
The loans will mature on
July 31 unless extended.
points
fluctuations
on
of
foreign prices, quotations starting unchanged to 1
point lower.
Trading was light at the outset.
As usual,
there was foreign selling, Bombay offering
May, July and
October
0
to
straddle accounts by Bombay inter¬
ests.
It is said that the Bombay selling is due to the un¬
certainty created by the complicated foreign exchange situa¬
of
prices closed 2 to 8 points net higher.
higher
some
3
of
liquidation
Aided by-the rally in sterling and buying to fix prices, the
cotton futures market registered advances of 6 to 7 points.
On
1940
Old Contract—Basis
On the 25th inst. prices
On
30,
closed 4 points up to 9 points net lower.
decline
initial
tinued
price trend very
uncertainty
only in the cotton trade but most commodity markets.
not
The
Today prices
An
March
Spot Market Closed
Old
Saturday.
Monday
Tuesday
Wednesday
Thursday
Friday
'
...
|
Nominal
Steady
Nominal
Barely steady.
Steady
Steady
Steady
Nominal
Nominal
Nominal
New
HOLI DAY
..
_
Steady
Barely steady
Steady
Steady.
Steady
'
Volume
The Commercial & Financial
ISO
highest, lowest and closing prices at New
Futures—The
York for the past
week have been
Saturday
Monday
Mar. 25
Mar. 26
Mar. 29
(old)
Range..
10.64/z
10.50/2
10.58/1
10.64 n
10.64/2
10.77n
10.63/2
10.71/2
10.77/2
10.77n
1937
1938
1939
1940
1,186,000 1,126,000 1,077,000 1,156,000
297,000
387,000
416,000
379,000
7.97d.
7.70d.
4.95d.
4.91d.
11.52d.
7.00d.
8.25d,
~3.84dl
44)90."
6.28d".
5.10d.
6.06d.
9.52d.
6.97d.
Middling upland, Liverpool
Egypt, Good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
Apr. (1940)
Closing.
supply of cotton and can give only the stock at
Bombay and Alexandria and the spot prices at Liverpoo'.
Stock in Bombay, India
Stock in Alexandria, Egypt.
Friday
Mar. 28
Mar. 27
visible
March 29—
Thursday
Wednesday
Tuesday
Mar. 23
follows:
as
2137
Chronicle
4.09d.
4.21d.
6.33d.
the
movement,
Apr. (new)
Range..
Closing
.
10.52-10.57 10.40-10.52 10.41-10.49 10.48-10.57 10.50-10.58
Range..
Closing
10.54
_
10.40-10.41 10.48-10.49 10.54-10.55 10.54-10.55
—
(new)
May
Range..
.10.67-10.67 10.58-10.62 10.54-10.60 10.64-10.64 10.70-10.70
Closing
10.67 n
10.53/2
10.61/2
10.67 n
10.67/2
10.43n
10.29/2
10.38/2
10.44/2
Interior
the
At
(old)
May
.
detail below:
(old)
Closing.
June
July
10.51/2
10.42/2
10.56/2
HOLI¬
Week
10.32-10.35 10.19-10.32 10.19-10.30 10.28-10.37 10.30-10.38
10.34-10.35 10.36-10.37
10.33-10.34 10.19-10.20 10.29 —
Range..
Closing.
July (new)
Closing.
10.45
10.43-10.45 10.42-10.48
10.45-10.47 10.42-10.43
10.42/2
10.32/2
—
10.48
10.47/2
Closing
32
1,721
28,194
1,609
169,315
32,075
67,064
4,028
62
95
Helena
10.38»
10.37/2
10.32/2
10.22/2
10.35/2
.
1,928
416
234
Hope
Sept.—
Jonesboro—
Range..
Closing.
10.05/2
9.96n
10.13/2
1,834
Rook
Little
10.10/2
10.10/2
58
Newport
Oct.—
9.85- 9.92
Closing.
9.70-
9.88
9.72- 9.80
9.78- 9.87
9.79- 9.86
Pine
Bluff.
655
9.91
Range..
9.70-
9.71
9.79
9.84
9.82
Walnut Rge
34
-
-
-
171
Ga., Albany-
Nov.—
418
Athens....
Range
Closing
9.72/2
9.64/2
9.84/2
.
9.74/2
9.77/2
3,662
Atlanta
Augusta
Dec.—
1,671
—
Range..
9.73- 9.79
9.59- 9.75
9.58- 9.67
9.64- 9.73
9.64-9.69
Columbus.
Closing.
9.78
9.59
9.65
9.70
9.66
600
Macon
-
—
-
-
.
141
40
Rome
(1941)
La., Shrevep't.
9.60-
Closing
9.54/2
9.60n
9.65/2
9.67/2
9.47/2
9.54/2
9.60/2
9.57/2
9.59- 9.60
9.41- 9.57
9.43- 9.60
9.41/2
9.49
Feb.—
Range
390
Jackson
9.61/2
—
426
Greenwood.
9.60- 9.60
9.74
639
Columbus..
9.69- 9.74
70
Miss., Clarksd
9.61
Range.
105
._
Closing
.
Natchez
Mar.-—
Range.
9.60/2
Closing.
9.49-
1
—
9.51- 9.56
184
Vicksburg—
9.54/2
9.55
9.55/2
-
Yazoo City.
Mo., St. Louis
Range for future prices at New York for the week ended
Mar. 29, 1940, and since trading began on each option:
1940—
■
8. C„
■
April old
10.40
Mar. 29
10.54
New
Mar. 26 10.58
Mar. 27 10.70
7.54 May 17 1939 10.95 Feb. 26 1940
3 1940
8.05 Sept.
1 1939 11.07 Jan.
Mar. 29
old
2,614
944
58
44,078
131,412
5
38,956
536
8,809
76,535
75,025
161,660
60,420
153
60,194
1,760
53,702
50
35,741
572
29,052
2,258 134,988
2,390
28,933
81,147
2,079
245
37,425
608
14,470
825
42,890
6,515 122,404
4,744 127,869
700
30,600
741
31,714
80
37,897
04,407
1,211
52,763
3,912
429
36,077
2,638
77,732
458
17,806
90
14,518
38,920
58
19,314
103,752
40,091
133,488
48,551
13,084
31,425
110,704
111,749
9,800
27,037
16,734
85,819
129,509
27,150
195,942
32,528
7,831
28,127
45,270
145,661
4,982
30
immm —
65
6
223
24
1
8
974
1,088
500
17
10
23
1,065
91
635
308
17,993
35,989
423
1,721
42
94
5,675
3,834
66
2,252
100
325,355
103,187
3028,522
26,919
7,396
15,660
49,119
75,329
6,518
10,620
2,969
62
9,990
----
418
47,754
35,124
132,736
40,098
121,677
41,147
16,444
38,083
108,555
144,881
34,200
31,651
32,766
79,122
54,292
39,115
89,695
38,155
10,173
21,153
47,099
3,004
753
62
590
108
291
620
3,189
1,684
200
1,017
25
300
3,814
513
4,688
472
29
594
650
3,913
89
55,175
216,386
74,231
737,640
•
.
<•»
San
•»
338,286
1,054
79,981
17,654 1824,212
21,979
2,818
479
649
274,664
69,872
750,498
12,562
4,657
2,984
41,266
42,585
1,842
29,360
242
8
1,847
103
15,457
68
450
1,519
44
76
34,382
14,674
44,781
402
490
25,582
63,166
339
1
577
6,477
12
748
4,088
139
27
30,753
1,029
""II
IIII
56,014
29
1,344
25,324
13,722
13,306
27,263
0
.
33
54,367
144
2,459
35,446
23,160
75,027'5864,433 123,862
2617,890
4
20
_
151
155
Robstown.
old
June
•
Paris
New
May
1,658
49,630
Gr'ville
Tenn., Mem's
Dallas
■
'
922
15 towns *.
Brenham
-
12,716
85,860
Oklahoma—
Texas, Abilene
Austin.....
Range Since Beginning of Option
Range for Week
•Option for—
10
176
70,018
8,182
128
31
47,839
1,299
182
429
\
Mar.
686
287,067
4,403
8,057
N.G., Gr'boro
Nominal.
425
1,357
40,976
9,244
104,632
38,624
133,527
62,703
14,669
39,889
134,830
140,351
12,600
30,847
16,487
107,756
157,714
19,411
231,663
33,375
7,258
27,116
47,858
Stocks
Week
Season
57,383
147,408
41,201
44,013
73
59,485
108
Montgom'y
Receipts
Week
21,995
8,817
74,221
2,078
Ark.,Blythev.
Forest City
Range..
|
48,327
16,113
Selma
Aug.—
Season
502
Ala., Blrm'am
Eufaula
Range..
29
Ship¬
Mar.
Week
ments
Stocks
ments
10.57n
10.57 n
DAY.
(old)
Ship¬
Receipts
Towns
Closing.
Movement to March 31, 1939
Movement to March 29, 1940
(new)
Range..
n
the
and the same items for the
corresponding period of the previous year—is set out in
Range..
Jan.
that is,
the week and the stocks tonight,
10.45/2
June
Towns,
receipts for the week and since Aug. 1, the shipments for
_
Marcos
Texarkana.
Waco
8P
126
New
io?38 ~Mar.
10.19 Mar. 26
July old
Mar. 29
Mar. 26 10.48
10.42
New
7?63 Sept" " l" 1939
29
7.90
3 1940
1 1939 10.82 Jan.
7 1939
3 1940
9.54
8.08 Aug. 31 1939
AllgllRt.
September
Tot., 56 towns
♦
November
8.25 Nov.
Mar. 25
9.92
Mar. 26
9.70
Mar. 27
9.79
Mar. 25
9.28
Mar. 26
9.74
Mar. 25
9.07 Jan.
9.4"l
.
9.58
9.60
December.
Mar. 26
9.60
Mar. 25
9.33
Jan.
3 1940
29 1940 10.07 Jan.
1941—
26 1940
23 1940
9.81
Feb.
Mar. 18 1940
9.62
Mar. 21 1940
February
March
combined totals of 15 towns in Oklahoma.
that
show
totals
above
decreased
.
January
Includes the
The
.
October
29,496 4354,640' 64,833 2951,233
3 1940
Dec.
1 1939 10.14 Jan.
Sept.
10.60 Jan.
the
stocks
interior
bales
during the week 48,835
and
333,343 bales less than at the same period
receipts of all the towns have been 45,531
in the same week last year.
have
tonight
are
last year. The
bales more than
Overland Movement for the Week and Since Aug. 1—
Volume of Sales for Future
Delivery—The Commodity
Exchange Administration of the United States Department
Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
-of
and the New Orleans Cotton Exchange,
Cotton Exchange
compiled the following table.
given in bales of 500 lb. gross weight.
which
.from
figures
are
The
have
we
We
give below a statement showing the
Aug, 1, as made
for the week and since
Shipped—
22,800
4,683
23,912
3,987
11,669
145,311
144,921
2,640
6,643
130,289
510,905
41,313
1,289,609
21,984
940,713
992
688
27,714
17,101
6,821
237,002
4,164
19,000
7,256
321,498
28,920
260,924
5,004
347,754
12,393 1,028,685
16,980
592.959
395
Contracts
151
Via Louisville
Via Virginia
22,300
32,600
38,600
points—
482,700
100
800
100
26,400
33,900
1,200
29,000
26,000
549,500
1,100
41,000
19", 300 28~500
-July—Old
900
14,100
900
New
Deduct Shipments—
Overland to N, Y., Boston, &c_.
Between interior towns
October—Old..
HOLI¬
New..
DAY
15,600
18",300
353",200
io'soo
6",666
lie", 700
100
200
7,700
2,700
HOLI¬
DAY
10",700
300
..
6",600
600
New
December—Old
...
Total to be deducted
Leaving total net overland
1941—
-January
3,300
14,100
Inactive months—
200
August. 1940....
64,700 115,600
Total all futures-
81,100
*
10,100
.
March
93,400 1,592,900
*
214
The
aggregate net
overland exhibits
3,050
10,050
11,050
96,300
1,500
6",200
.July—Old
2,800
5,100
5,400
72,100
3,800
New
October—Old
6,500
4,550
1,050
New
December
300
HOLI¬
HOLI¬
DAY
DAY
9,100
57",950
800
9,700
1,550
14,500
1941—
250
1,000
50
600
1,550
4,800
21,750
11,700
26,450
26,950
252,500
March
Total all futures
The Visible
icotton
We
Supply of Cotton- —Due
statistics
are
are
therefore
not
permitted
obliged to omit
to
war
conditions,
to be sent from abroad,
our
usual
table
of
the
bales for
date the
over a year ago
Total
over
19.979
16.980
135,000
3,184,005
592,959
4,243,000
marketed
171,959
*35,337
8,019,964
998,310
mill takings
consumption to Mar.l—„
Southern
366,332
862,534
136,622
week—.196,318
9,384", 606
13,547',787
Total in sight Mar. 29
North, spinn's' takings to
*
Aug. 1
6,513,717
1,028,685
4,955,000
87,760
12,393
—
Mar. 29.145,000
Interior stocks in excess
of
Since
Week!
245,153 12,497,402
187,851
*48,835
Net overland to Mar. 29—
Excess
Aug. 1
Week
Southern consumption to
1938-39
Since
Spinners'
Takings
Came Into sight during
January
increase
an
1939-40
In Sight and
Receipts at ports to Mar. 29
7,750
152
435,726 bales.
Contracts
1940
160
foregoing shows the week's net overland movement
Mar. 26
New
180
this year has been 12,393 bales, against 16,980
the week last year, and that for the season to
of
May—Old
3,913
2,075
Including movement by rail to Canada.
Open
Mar. 20 Afar.21 Afar.22 Afar.23 Mar. 25 Afar. 26
New Orieans
Aug. 1
283,727
219,550
9,128
7,410
133,523
636,271
Via Rock Island
1940—
New
Since
Week
Aug. 1
8,182
3,990
Via other routes, &c_.
May—Old.....
1938-39-
Since
Week
Mar. 28
Mar.22 Mar. 23 Mar. 25 Afar.26 Afar.27 Mar.28
from telegraphic
1939-40
Mar. 29—
Via Mounds, &c
New York
up
night. The results for the week and since
Aug. 1 in the last two years are as follows:
reports Friday
Via St. Louis..
Open
overland movement
Mar. 29 43,642
1,268,535
27,812
1,007,591
Decrease.
Movement into
sight in previous
years:
Since Aug. 1—
Bales
1938—Mar. 30
1937—April
2
Bales
129,901
182,423
1937
13,525,268
1936....
1936—April
116.998
1935
12,746.964
11,953.601
Week—
3..
The Commercial & Financial Chronicle
2138
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
Below
In. 1
In.
In.
w
15-16
In.
15-16
V*
15-16;
In.
In.
In.
In.
j
In.
15-16
*
Mobile
♦
Savannah
*
*
*
*
10.74 10.89ll0.60 10.7510.68 10.8310.74 10.89 10.74 10.89
♦
*
Houston
*
*
,10.15 10.35:10.00 10.20 10.10 10.3010.15 10.35 10.15 10.35
10.35 10.5510.21 10.41 10.29 10.4910.3510.55 10.35 10.55
Little Rock-.
*
*
Dallas
♦
*
*
9.91
10.151 9.81110.01
9.95
9. 168,665
closing quotations
Saturday
Monday
Mar. i.5
Thursday
Wednesday
Tuesday
Mar. 23
Mar. 26
Friday
Mar. 28
Mar. 27
Mar. 29
&
*
'•
1940—
10.65
10.51
10.55-10.56 10.63-10.64 10.65-10.66
10.775
May old..
10.635
10.676
New
New
10.44
..
HOLI¬
...
October
DAY
_.
10.425
9.74-
9.95 5-9.96a
10.44
10.506
23.
10.585
1941—
March
9.646
9.556
9.755
..
9.685
9.635-9.65a 9.435-9.44a 9.536-9.54a
...
81,531
Nil
Nil
2845,482 3138,203 2543,310
70,930
Nil
59,413
82,658 2795,204 3096.651 2500,609
92,663 2737,778 3051,323 2479:799
57,994 2705,278 3012<260 2460,874
47,032 2666,756 2986,570 2431,771
25,736
88,704
Nn
49,955
Nil
39,957
71,853
107,381
27,264
J6. 115,052
32,436
8.
21.
82,552
3016,68/ 3246,532 2598,040
87,760
9.576
(1) That the total receipts
plantations since Aug. 1, 1939, are 6,759,976 bales;
in 1938-39 they were 4,392,943 bales and in 1937-38 were
8,363,891 bales.
(2) That, although the receipts at the
outports the past week were 87,760 bales, the actual move¬
ment from plantations was 38,925 bales, stock at interior
towns having decreased 48,835 bales during the week.
Ports—The receipts
Bombay and th9 shipments from all India
India Cotton Movement from All
ports for the week and for the season from Aug. 1, as cabled,
have been
Quiet
Quiet
Quiet.
Steady
Steady
Steady.
Quiet.
Steady,
New fut'es
Steady
Steady
Steady
Steady.
Steady.
program
cotton
to
exchanged
under
the
began
exchange program
CCC
nent
China
Total
Conti¬
Japan &
Britain
nent
China
Total
Bombay—
1939-40..
a
a
26,000
a
a
947,000
a
1938-39..
22,000
22,000
44,000
52,000
174,000
740,000
966,000
1937-38..
1,000
21,000
22,000
29,000
175,000
468,000
672,000
b27,000
13,000
13,000
187,000
323,000
510,000
145,000
268,000
413,000
Total
a
a
a
9,000
4,000
12,000
1,000
1938-39..
1937-38._
a
a
b790 000
all—
1939-40..
a
a
53,000
a
1737.000
a
1938-39..
9,000
26,000
22,000
57,000
239,000
497,000
740,000 1476,000
12,000
2,000
21,000
35,000
174,000
443,000
468,000 1085,000
Figures
are
issued catalogs showing the
a
Alexandria
_
Mean
movement
present below.
we
59
ports have not been coming in regularly, we can
52
them
40
83
40
for
the
As these re¬
only publish
60
62
as
received.
84
68
Alexandria, Egypt,
0.60
85
48
67
0.22
87
38
1938-39
1937-38
120,000
5,955,612
275,000
7,845,748
Feb. 28
1
1939-40
185,000
7,068,296
0.87
2
63
Christi
Dallas
which
Alexandria
21
45
3
Brownsville..
the
detail
Shipments—We have only
and
Receipts
in
80
dry
_
Low
for previous week.
82
0.59
3
Austin
High
received
week ended Feb. 28,
-Thermomt ter
Rain
Rainfall
Inches
Days
dry
dry
b Not available.
Not available,
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
51,000
bales.
India ports record a
Exports from all
decrease of 4,000 bales during the week, and since Aug. 1
show an increase of 261,000 bales.
now
in the west.
..
51
Receipts (cantars)—
1.72
86
46
66
79
39
55
This week
Houston
2
0.04
85
45
65
Since Aug.
Palestine
2
0.08
82
34
58
Del
El
3
Rio
Paso
dry
Port Arthur
San
Little
80
41
61
This
Since
This
Since
This
Since
82
0.27
dry
dry
45
64
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
23
51
76
29
0.59
Exports (bales)—
75
28
52
1
0.06
80
48
64
2
Orleans.
53
3
Rock..
Louisiana—New
1
78
dry
3
Antonio—
Oklahoma—Oklahoma City
Arkansas—Fort Smith
0.27
78
28
53
To Liverpool
To Manchester, &c
To Continent & India
To America
—
Shreveport
Mississippi—Meridian
Vicksburg
1
0.54
79
30
55
1
0.38
76
30
0.50
74
39
59
.
4
0.81
77
27
102,508
106,273
7",600
414,013 14,100
450
16,427
127,479
121,542
482,347
18,500
16,500
695,789 24,600
639,221 22,150
749,868
/
15",500
0.56
78
31
55
79
Total exports
52
4
Birmingham
Montgomery
1,000
138,952 4,400
111,700 6,900
410,194 12,100
1,200
34.943
\
53
4
—
Alabama—Mobile
Florida—Jacksonville
1
0.11
48
4
2.33
80
59
70
Pensacola
2
1.84
72
44
Note—A cantar is 99 lbs.
64
Miami
Egyptian bales weigh about 750 lbs.
58
0.23
77
53
3
1.99
76
36
56
Atlanta
3
0.63
62
26
44
Augusta
2
1.88
71
30
This statement shows that the receipts for the week ended Feb. 28 were
185,000 cantars and the foreign shipments 16,500 bales.
We have also received
the figures
below for the current
51
3
Tampa
Georgia—Savannah
65
2
__
North Carolina—Asheville
0.10
70
32
1.41
71
33
65
18
'
week.
52
0.63
42
2
Carolina—Charleston
2
2
Macon
South
r
51
0.49
70
18
44
1
0.43
65
18
42
This week
0.27
72
26
49
Since Aue.
0.38
73
10
0.20
63
24
44
2
0.16
68
15
42
..
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. 29, 1940
Feet
Orleans
Above zero of gauge_
Above
zero
of
Nashville
Above
zero
of gauge.
Shreveport
Vicksburg
Above zero of
Above zero of
Receipts
from
gauge.
guage.
gauge.
6.4
14.2
13.0
2.3
17.4
Mar. 31, 1939
Feet
89,000
7,589,308
..
1
...
155,000
6,700,823
200,000
8,442,227
This
Since
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
6,100
144,023
136,442
543,589
1,100
4,200
119,730
7,000
120,473
477,104 11,000
18,502
1,600
773.705l26,300
735,809 23,800
845,454
Exports (bales)—
To
To
uiverpool
Manchester, Ac
.
To Continent &
To
\merica
India
6,00'
1>,000
1,000
153,802
123,016
459,559
37,-28
19", 100
21,400
17.2
34.3
21.2
15.1
42.6
the Plantations—The following
Total
Note—A cantar is 99 lbs.
o^O
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Mar. 27 were
89.000 cantars and the foreign shipments 23,000 bales.
table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
1937-38
Receipts (cantars)—
The
Memphis
1938-39
42
3
Nashville
•
Mar. 27
3
_
1939-40
Alexandria, Egypt,
2
Charlotte
Raleigh.
Wilmington
Tennessee—Memphis
Chattanooga
New
95,000 1,579,000 100,000 1,687,000
1937-38..
Returns by Telegraph—Telegraphic advices to us this
evening denote that there has been some rain in the central
and eastern thirds of the cotton belt and mostly dry weather
Corpus
Aug. 1
Great
Jap'ndk
Britain
1939-40..
catalog showing additional stocks of Government-owned cotton available
for exchange will be made as more cotton is classed.
The supplements
will be forwarded to catalog holders.
The Corporation considers proposals to exchange cotton on the first
and fifteenth of each month.
Abilene.
Since
Week
Other India:
grade, staple and location of low-grade cotton available for exchange.
The catalogs were sold at $5 each to cover costs.
Supplements to the
Texas—Galveston
Amarillo
Aug. 1
Since Aug.\
Conti¬
Or eat
from—
costs of the CCC.
When
Week
Exports
the
The Corporation further states:
is 123,385 bales.
1937-38
Since
For the Week
CCC the total amount of
be
Aug. 1
44,000 1,706,00C
Bombay
grade and staple differences quoted on 10 designated spot markets
15, 1939.
The private owner of cotton pays 10 points to cdver
Dec.
1938-39
Since
Week
Under the program the CCC, which holds title to large stocks of the
low-grade cotton, of which there has been a shortage in the market, accepts
cotton of better grade and staple in exchange.
The value of the cotton
is determined on the basis of certified reweights of warehousemen and the
on
follows:
Mar. 29
Receipts at—
CCC Accepts
Proposals to Trade Low-Grade for
High-Grade Cotton—The Commodity Credit Corporation
announced March 21 that it had accepted proposals from
21 cotton firms to exchange 28,284 bales of Governmentowned cotton for privately owned cotton of equal value
under the cotton exchange program announced in January.
average
as
1939-40
Quiet
previous acceptances by
17,929
10,815
9.566-9.57a
Steady
Government-owned
49,069
Nil
Nil
The above statement shows:
Tone—
With
Nil
36,348
from the
for three years,
9.665
Old futures
Spot
74,203
135,433
96.794
Nil
38,925
21,973
19,9791 44,595'2617,890 2951,23312397,991
74,870
of Indian cotton at
9.88
9.815-9.83a 9.615-9.62a 9.706-9.71a 9.746-9.76a 9.736-9.74a
December.
January
122,734
1. 138,982
10.46-10.47
9.84- 9.85 9.896-9.90a
9.75
86,716
7,605 128.497
Nil
133,463
5,798 119,744
10.776
10.566
10.30-10.31 10.38
10.565
10.756
1938
7,896
Mar.
29.
leading contracts in the New Orleans cotton market for
1939
2956,982 3212,973 2575,215 108,060
2897.286 3174,825 2570,224 117,323
35,546 104,958
29.078 112,608
25,681 101.785
21,337 86,337
2. 137.632
10.111 9.9610.16' 9.98 10.18
New Orleans Contract Market—The
July old
196,677
149.76S
16. 177,019
Holiday.
for
31,339 147,067
1940
89,025
125,656 3265,094 3400,270 2619,799
121,714 3189.004 3369,048 2613,016 105,463
116,840 3127,764 3329,120 2629,636 135,437
94,692
120.588 3072,688 3291,719 2628,795
42,596
38,827
37,387
43.J99
169,951
181,653
26.
9.95 10.15 10.05 10.25:10.10 10.30 10.10 10.30
10.10 10.30;
1937
Feb.
10.25 10.35; 10.10 10.2010.20 10.3010.25 10.35 10.25 10.35
*
Memphis
1938
1939
1940
1938
1939
19.
,10.60 10.7510.45 10.6010.60 10.6510.55 10.70 10.55 10.70
♦
Montgomery.
10.41 10.26 10.46 10.34 10.54 10.37 10.57
il0.39 10.49,10.25 10.35 10.33 10.4310.29 10.39 10.29 10.39
10.39 10.54il0.25 10.4010.34 10.4910.39 10.54 10.39 10.54
*
Norfolk
Augusta
5.
12.
10.35 10.55 10.21
♦.
*
1938
Jan.
In.
15-16
In.
V*
In.
%
10.32 10.52 10.18 10.38 10.28 10.4810.33 10.53 10.35 10.55
New Orleans.
1939
44,595 141,563 3346,020 3434,970 2658,348 232,095
1940
•
*
Galveston
%
15-16
1937
1938
1939
1937
1938
1939
29. 189,049
Mar. 29
7A
Receipts from Plantations
End
Friday
Wednesday, Thursday
Tuesday
Monday
1
Stocks at Interior Towns
Receipts at Ports
Week
1940
30,
Dec
Closing Quotations for Middling Cotton on—
Saturday
Week Ended
March
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are generally complaining.
We give prices today below and leave those for previous
weeks of this and last year for comparison.
Volume
prices closed 1^ to lj^c. net higher.
Cold weather pre¬
vailing in most of the grain belt, helped to lift wheat prices
about 2c. a bushel today to the best level in more than a
1938
1939
8% Lbs. Shirt¬
Cotton
8% Lbs. Shirt¬
Cotton
325 Cov
ings, Common
Middl'g
32s Cop
ings, Common
Middl'g
Ticist
to Finest
Upl'ds
Twist
to Finest
Upl'ds
d.
d.
d.
d.
s.
d.
s.
s.
d.
month.
6
9
@12
Pessimistic crop reports and European war news
the buying factors.
While the forecast pre¬
slowly rising temperatures in som
wheat areas,
crop experts expressed belief that weather is retarding plant
development.
The Ohio Valley had K to 2 feet of snow for
protection against freezing temperatures and there was snow
2 years.
12
6
@13
12
3
@12
4
98
19..
Nominal
12
3
@12
6
8.75
20..
Nominal
12
1%@12
4%
8.30
9.29
1%
8 10%@
8%@ 9%
8%@ 9%
8%@ 9%
8%@ 9%
8 10%@
5.30
1%
1%
9
9
Unquoted
Unquoted
4%
5.19
9
@
9
5.18
8
9
@
9
6.10
8%@ 9%
8%@ 9H
8
9
@
9
5.13
8
9
@
5.07
8%@ 9%
8%@ 9%
8.29
1%@12
4%
8.29
12
1%@12
4%
8.12
12
1%@12
4%
8.04
14.54
23..
1 %@12
12
Unquoted
17—
12
Unquoted
9..
8
9
@
12
1%@12
4%
9
9
5.29
7.99
4%
8.03
8
9
9
9
@ 9
1
—
8
8%@ 9%
8%@ 9%
9
@
8—
14.54
12
1% @12
15..
14.18
12
@12
3
7.63
9
21—
14.20
12
3
7.55
8%
29-
14.31
12
@12
@12
3
7.70
8%
8
@
9
@10
9
9%
@ 9%
8 10%@
@
8
@
9
@
9
9
3
5.16
4.95
NEW ORLEANS—
GALVESTON—
To
9,140
Italy.
To Japan
To Holland
To China.
__
To France
300
2,950
—
To Japan.
To China
To
NEW YORK—
450
1,400
1,408
America
LOS ANGELES—
To Great Britain
700
*
3,982
To Japan
CORPUS CHRIST1—
To China
905
Japan
To
NORFOLK—
213
334
To
Belgium
To Spain
1,400
__
1,500
Spain
78
To Manila
1,779
To Great Britain
74,668
Total.
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
Cotton
York
543
1,000
50
-
America
3,514
To Australia
To
13,615
2,965
To Cuba
10,940
To Italy
To Holland
To South
--
Italy
To South
HOUSTON—
To Great Britain
60
3,204
To Great Britain
2,811
9,427
To Great Britain
are no
Statistics—Regulations due to the war
prohibit cotton statistics being sent from abroad.
therefore obliged to omit the following tables:
Foreign Cotton
in Europe
We
are
World's Supply and Takings
of Cotton.
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool market
and futures each day of the past
for spots
week and the daily closing
prices of spot cotton have been as follows:
Market,
Wednesday
Thursday
Friday
Quiet
Quiet
Moderate
Quiet
(
\
12:15
P.
Tuesday
Monday
Saturday
Spot
Futures
Market
opened
Market,
1
7.70d.
7.84d.
4
Q't but st'y
dec. 22 to 25 pts 11 to 13 pts
pts. 2
pts.
to 1 pt.
adv
M.
Steady;
decline
Steady;
Q't but st'y
Liverpool for each day are given below:
Tues.
Mon.
Sat.
March 23
Fri.
Thurs.
Wed.
to
Close Noon Close
Close Noon Close Noon Close Noon Close Noon
March 29
d.
d.
d.
d.
d.
d.
d.
New Contract
d.
d.
d.
*
*
*
7.42
7.36
7.44
7.53
7.69
7.68
*
*
*
7.48
7.42
7.50
7.58
7.74
7.74
7.66
7.73
7.74
,7.50
,
-
»
October
»
*
7.52
7<46
7.52
7.59
7.73
7.73
7.67
*
July
*
•
7.31
7.24
7.27
7.34
7.46
7.47
7.44
•
•
*
*
*
March
*
•
December
Jan. (1941)
*
*
7.08
*
♦
*
May
.
*
•
*
July
*
to %c. lower.
throughout today's grain
futures trade
weather reports which
were
both favorable and unfavorable, depending upon the
locality from which they came.
After alternating above
and below previous closing levels, wheat finished slightly
lower.
Good precipitation in the spring and soft wheat
areas, with forecast of continued wet weather, had a bear¬
ish market effect, which was offset by failure of this
On
the 28th
-
7.13
7.16
7.23
W
—
7.42
7.35
7.33
7.39
7.30
7.35
7.28
7.34
7.19
7.03
7.14
7.25
6.98
7.09
m;
7.19
...
—
7.29
7.23
Holiday,
BREADSTUFFS
Friday Night, March 29, 1940.'
^
wheat
zone,
of North American wheat were estimated at
2,000,000 bushels, mostly Canadian grain sold
Great Britain, but including some United States wheat
purchases
than
more
to
purchased
into commercial trade also contributed
Failure of many sections of the South¬
hard winter area to share in the moisture received
the
closed unchanged to %e.
Iowrer.
The short grain market session today between two
holidays produced a light trade that affected prices only
mildly, causing nervous fractional fluctuations.
An early
advance of %c. gave way to weakness that let quotations
J^c. below previous closing levels. Scat¬
tered hedging reflecting marketing of loan wheat, and some
week-end profit-taking accounted for most of the selling,
which offset purchasing inspired by weather and crop condi¬
tions.
Some mill buying also was reported on price dips.
A cold wave covering northern portions of the belt caused
no particular uneasiness because of snow covering over much
of the spring wheat and soft winter wheat zones, but forecast
of lower temperatures in the Southwest created some anxiety.
There was no moisture in dry sections over the holiday, but
the spring wheat and soft wheat areas had some precipitation
and additional light snows were forecast.
On the 25th inst.
slip
as
much
as
through
wheat put
loan
to
Wheat—On the 23d inst. prices
countries
sagged about lc. at times, due to improved moisture con¬
spring and soft winter wheat zones.
Hedging
of
metropolitan area recently.
European
Continental
ditions in the
ship¬
ments on
On
account of the falling off in deliveries, many of the mills
were
forced to cease operations for the week last night
after completing only a
three-day week.
Mill interests
also reported that the consuming trade is using less flour.
Very little, if any, new bookings wrere reported in the
major flour mills reported that regular
contracts have been light so far this week.
The
by
operation of the subsidy.
The market also was influenced
by Teports of serious dust storms in parts of the Southwest,
despite evidence of scattered moisture in some localities.
Today prices closed % to %c. net lower.
Sellers con¬
tinued to dominate the wheat market today as prices
in the local flour
Flour—There is very little of interest
trade.
prices closed unchanged
prices fluctuations
reflected crop and
into the Southwestern hard winter
where dust storms were reported.
European
m*
7.39
7.26
7.16
7.21
inst.
spread
to
moisture
d.
March (1940)...
May
$1.04%,fewhere the market steadied. A check of terminal
in the Wichita area disclosed that from 55
70% of loan wheat which had been stored there has been
to
Nervous wheat
advance
2 to 13 pts. 10 to 17 pts 10 to 16 pts 1 pt adv. to
4 pts. dec.
advance
advance
decline
Prices of futures at
precipitation, with promise of more, helped to drive wheat
prices lower again today.
Losses were not extended beyond
a cent, however.
The market derived some buying support
from strength in securities and pessimistic crop reports,
which helped to offset hedging of loan wheat put up for sale.
Early purchasing was based on failure of expected precipita¬
tion to appear in the hard winter wheat belt, but the official
forecast predicted some moisture during the next 24 hours.
Possibility of relief which may stop dust blowing over wide
areas in the Southwest, caused some traders to sell out pur¬
chases made early in the session.
Prices fell about a cent
from the early highs, with May wheat tumbling from $1.06 3^8
storage houses
Firm;
Q't but st'y
Q't but st'y
f
4
P.
to
decline
(
prices closed unchanged to ^gc. lower compared with pre¬
vious finals.
Moderating weather and some grain belt
redeemed by farmers.
Quiet:
(
^
7.59d.
7.52d.
Mid. upl'ds HOLIDAY HOLIDAY
hedging sales against purchases
the market.
Selling was only
moderate, but at the same time demand was less aggressive
than recently.
Some wheat buying was attributed to mills
and little demand was inspired by reports of wind and dust
storms from parts of the Southwest.
Dust storms were
reported from various localities in Kansas and Oklahoma.
Commenting on these reports, H. C. Donovan, crop expert,
said that "owing to the late and weakened condition of the
wheat plant in the Southwest, such dust storms cannot be
otherwise than far more damaging than those of their kind
in most past seasons at this date."
Temperatures in the
hard winter wheat area were higher today and ihilder
weather was forecast for the latter half of the week along
with showers over much of the section.
On the 27th inst.
to
demand
i
M.
Okla¬
Selling partly
Southwest and pressure of
of loan wheat depressed
Bales
Bales
without covering.
representing hedges against loan wheat and profit-taking,
caused frequent price reactions.
On the 26th inst. prices
closed % to l^c. net lower.
An easy tone prevailed in the
wheat pit today and prices at times yielded as much as l^c.
a bushel.
Prospects of warmer and unsettled weather in the
5.27
1%
9
tfy$ spring wheat and rye zone, but Kansas, Texas,
homa and Nebraska were
5.40
detsil:
Shipping News—Shipments in
in
5.15
5.15
Mar.
among
dicted
8
Feb.
3..
.25
were
12..
6— 10% @17%
Nominal
u
19 39
19 40
Jan.
1%
8 10%<">
8%@ 9%
8.70
up
which stand
Dec.
29.. 10%@16% 12
wheat reached $1.07, up lKc., and July
2c., within less than 3c. of their mid-Dec. peaks,
as the highest prices recorded here in more than
May
$1.05^,
d.
d.
8.
2139
Financial Chronicle
The Commercial &
150
selling.
western
in
parts of the wheat country, and reports of dust
region caused frequent rallies.
March winds
other
storms in this
whipping dust in the Southwestern hard winter wheat zone
stirred
up
enough buying to lift prices fractionally at
times, but this wras
in
the
result,
below
range
offset by improved moisture
conditions
Missouri eastward. As a
prices much of the time were at levels fractionally
yesterday's close, and the market fluctuated over a
of about lc.
Open interest in wheat tonight was
spring wheat belt from
<>5.684.000 bushels.
DAILY CLOSING PRICES
OF WHEAT IN NEW
Sat.
No. 2 red
DAILY
CLOSING
PRICES
OF WHEAT
Sat.
May
July,
_
September.
_i,
Season's Hiah and
May
July
September
DAILY
109%
107%
105%
October.
Mon.
YORK
Thurs.
Fri.
124% 124%
FUTURES IN CHICAGO
Tues.
Wed.
OF WHEAT FUTURES
CLOSING PRICES
89%
90%
- —
_
Wed.
Thurs.
Fri.
..105% 106% 105% 105% 104% 104%
103% 105
104
103% 103% 102%
-102% 101% 103% 103% 103% 102%
When Made •
Season's Low and When Made
Dec. 19. 1939|May.._
63% July 24. 1939
19. 19.39 l.Tuly,
77% Oct..
9.1039
Feb. 21, 19401 September—. 92%
Feb. 1,1940
Sat.
May
July
Tups.
Mon..
125% 126% 125% 125
_ —
-
92%
Mon.
90%
91%
92%
Tues.
89%
91
92%
IN WINNIPEG
Wed.
89%
90%
92%
Thurs.
89%
90%
91%
Fri.
88%
89%
91%
The Commercial & Financial Chronicle
2140
Corn—On the 23d inst.
prices closed unchanged to lie.
prices changed only He. during the entire
session.
Spot prices continued to show strength, however,
and in some cases were ye. higher despite receipt of 103 cars,
which represented two days.
Bookings remained light and
the country holding policy resulted in quotations of several
cents premium over futures for good trade corn.
Market
experts said the loan program, which will expire in a week,
and increased feeding demand because of cold weather,
restricted marketing.
On the 25th inst. prices closed ye.
to y8c. net higher.
The advance in corn followed wheat,
with continued strength of spot corn also a factor.
Actual
grain sold 34 to lc. higher, with No. 1 yellow at more than
2c. premium over May.
Shippers sold 10,000 bushels, but
booked only 24,000 bushels to arrive.
Receipts at principal
markets, however, were somewhat larger than a week ago
and a year ago.
On the 26th inst. prices closed unchanged
to
lower.
Corn futures had only small losses in light
trade.
In the cash market corn was 34©. lower and bookings
to arrive were somewhat heavier, totaling 75,000 bushels.
On the 27th inst. prices closed 34c. off to 34c- UP compared
with previous finals.
Corn prices were barely steady today
despite continued light country marketings, due to a tighten¬
ing supply situation as a result of the loan progran.
Off¬
setting, this, traders said, was the fact that potential farm
consumption of corn is being reduced daily because of liquida¬
tion of hog supplies.
lower.
On
ket.
Corn
was
DAILY
ment from
about 300,000
ported inquiring for more.
but at most markets
cars,
bushels
for
Philadelphia" and Albany, and Denmark
DAILY
Spot prices
smaller than
week
a
ago.
been
Open interest in
DAILY
„
corn
CLOSING
No. 2 yellow
Mon.
72a %
CLOSING PRICES
OF
or
Sat.
October
Closing quotations
Spring patent*
Season's High and
May
July
September
...
6354
6154
6114
5.20@5.30
Hard winter
Thurs.
56 %
influence
No. 2
2.10
4.50 @6.90
Oats, New York—
No. 2 white
5454
83 54
Rye, United States c.i.f
Barley, NewYork—
40 lbs. feeding
73
yello*; all rail...
of the last three years:
6454
Chicago, cash
53-64N
...
*
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
btuh 32 lbs
Receipts at—
Chicago
188,000
85,000
i
10,000
.
Indianapolis
Fri.
St.
.
.
9,000
310,000
3,000
11,000
43,000
183,000
7,000
598,000
175,000
60,000
21,000
32,000
58,000
18,000
2,000
4,000
254,000
2,841,000
3,432,000
6,111,000
1,510,000
1,968,000
1,284,000
72,000
73,000
4,614,000
3,480,000
2,540,000
374,000
454,000
399,000
2,000
28,000
96,000
215,000
37,000
38,000
Same wk '38
202,000
449,000
106,000
140,000
68,000
746,000
.
Tot. wk. '40
...
78,000
4,000
200,000
Sioux City.
Buffalo
.
128,000
213,000
Joseph.
Wichita
14,000
186,000
99,000
141,000
117,000
*45,000
14,000
Kansas City
Omaha
56*4
57*4
5854
397,000
318,000
47,000
Louis..
Barley
Rye
bush 56 lbs bush 48 lbs
200,000
82,000
2,000
126,000
Toledo
St.
946,000
81,000
72,000
65,000
1,825,000
1,113,000
Minneapolis
Milwaukee
3,000
5,000
13,000
354,000
293,000
176,000
1,174,000
1,398,000
1,154,000
Since Aug. 1
steady.
On the 25th inst. prices closed y8e.
The marked strength of wheat had its
1939..... 14,824,000 257,035,000 168,134,000
1938
74,000,000 21,650,000 88,813,000
78,963,000 20,736,000 75,785,000
85,778,000 22,831,000 79,135,000
15,360,000 248,647,000 194,108,000
13,039,000 230,733,000 203,260,000
1937
on
light, with the undertone easier in sympathy with the
On the 27th inst. prices closed
unchanged
to 3<c. lower.
This market was relatively steady.
This
steadiness was due largely to the fact that 3c.
premiums are
quoted for actual grain over futures.
Total
the
receipts of flour and grain at the seaboard ports for
Saturday March 23, 1940 follow:
week ended
was
On
the
Quiet
item
28th
inst.
conditions
of
interest
prices closed
prevailed
in
34c.
the
oats
off
to
V8c.
market.
only
the report that
shippers sold 36,000
Today prices closed % to %e. net lower.
Trading was moderately active in this grain, with
prices
lower in sympathy with wheat.
was
DAILY CLOSING PRICES
OF
OATS
Sat
May
-
September
Season's
High and When Made
May
43
July
3754
September— 34%
I
FUTURES
Mon.
4154
3654
3354
2754
19401
PRICES
OF
OATS
3954
Fri.
9'
1939
Feb.
1,'
1940
3554
3954
38
3554
WINNIPEG
Wed.
3954
3754
3554
Corn
Oats
bush 56 los
bush 32 lbs
New
Thurs.
York.
176,000
364,000
2,000
709,000
16,000
516,000
2,000
70,000
2,000
15,000
15,000
38,000
85,000
7,000
St.John, W.
621,000
Boston
18,000
206,000
387,000
Halifax
Tot. wk. '40
1940
262,000
2,841,000
166,000
31,000
23,000
2,000
3,012,000
28,496,000
11,334,000
2,333,000
831,000
842,000
Week 1939.
263,000
878,000
340,000
104,000
9,000
201,000
3,541,000
16,001,000
6,677,000
778,000
245,000
588,000
Since Jan. 1
1939—..
*
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports
from the several seaboard ports for the week
ending Saturday, March 23, 1940, are shown in the annexed
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from—
35
New York
grains
On the 26th inst.
prices closed l^c. to l^c.
The rye market proved to be the
weakest of the
the
close, which represented the lowest
day.
Selling was not aggressive, but substantial
support was lacking.
On the 27th inst. prices closed un¬
changed to lie. net lower. Trading was light and market
very narrow.
The undertone, however, was
steady, this
being attributed largely to the cash rye prices which were at
substantial premiums over futures.
the
28th
inst.
This market
prices
closed
H
to
%c.
1,216,000
Baltimore
310,000
lower.
6,000
254,000
621,000
St. John, West
Halifax
387,000
......
3,627,000
618,000
a53,510
421,000
Total week, 1940..
796,000
80,845
Same week, 1939
11,660
199,660
Complete flour export data not available from Canadian ports.
of these exports
The destination
July 1, 1939 is
as
for the week and since
below:
Wheat
Flour
Corn
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
Mar. 23
July 1
Mar. 23
July 1
Mar. 23
July 1
1940
1939
1940
1939
1940
1939
Barrels
Bushels
Bushels
Bushels
Bushels
Barrels
net
was relatively
quiet, with the undertone heavv
sympathy with the sagging tendency of the wheat mar¬
208,000
Philadelphia
a
47,510
288,000
302,000
559,000
Boston
towards
levels of the
On
/
-
3754
Ry e—On the 23d inst. prices closed
unchanged to %c.
Trading was light and without feature.
On the
25th inst. prices closed 13^c. to
llie. net higher.
The rye
market responded vigorously to the
strength displayed in
wheat values.
Rye futures closed at about the top levels of
the day, which was about a cent advance
from the lows of
the session.
2,000
Fri.
higher.
net lower.
2,000
23,000
Since Jan. 1
38%
3754
3554
Barley
6,000
Galveston..
Rye
bush 56 lbs bush 48 lbs
6,000
37,000
Baltimore..
3654
3354
Oct.
Tues.
Wheat
bush 60 lbs
Philadelphia
41
31%
38
3554
4154
3654
33 54
3054
3954
3754
-
Thurs.
When Made
Julv
24
1939
FUTURES IN
*5aL Mon.
ATo_
CHICAGO
4154
3654
3354
Season's Low and
11, 1940 May
Feb. 11,
July
Feb. 23, 19401September
DAILY CLOSING
IN
Wed.
4154
3654
3354
Mar.
—
Jul7 r
October
Tues.
4154
3654
3354
Flour
bbls 196 lbs
Receipts at—
New Orl'ns*
higher.
The
bushels of oats.
in
5254
5054
49
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
a
declines in wheat.
*
Fri.
Prices Withdrawn
Coarse
Corn, New York—
the other grains, and reports of
exceedingly cold
weather had its bullish effect on values of oats and
rye.
On the 26th inst. prices closed 34c. to
y8e. net lower.
Trad¬
ing
Nominal
Wheat, New York—
No. 2 red, c.i.f., domestic—12454
Manitoba No. 1. f.o.b. N. Y.10254
today, though the
was
50
1.2-0.3-0.2
5714
58
5754
58
58 H
5814
When Made
I
Season's Law and When Made
Sept.
7, 1939 May
42
July 26. 1939
Dec. 19, 19391 July
5214
Oct.
23,1939
Jan.
4, 19401 September
5554
Feb.
1,1940
34c. net higher.
53 54
5154
4954
Fancy pearl (new) Nos.
Same wk '39
to
Thurs.
5354
5154
GRAIN
Oats—On the 23d inst. prices closed l/8e. off to
y8e. up.
There was little doing in the oats market
undertone
WINNIPEG
IN
Wed.
straights....6.15@6.30 Cornflour
5.90@6.05 Barley goods—
Hard winter patents..
Hard winter clears
Peoria
Wed.
7154
7254
Rye flour patents
5.10@5.30
Seminola, bbl.. No#. 1.3..6.65@6.90
Oats good...
..3.05
5.90@6.05
Clears, first spring
YORK
56 *4
57^
58 4
Fri.
follows:
were as
Spring pat. high protein..6.10@6.25
Thurs. Fri.
73 H
73
Tues.
56%
52
50
72
7254
FLOUR
FUTURES IN CHICAGO
Mon.
56 %
5154
4954
Thurs.
7254
7354
53 54
5154
4954
6554
6654
6754
WINNIPEG
IN
Tues.
5354
Fri.
When Made
Aug. 12, 1939
Oct.
9,1939
Feb.
2,1940
Wed.
7354
7354
FUTURES
Mon.
53
Duluth
Wed.
73
OF BARLEY
6654
6754
6854
re¬
NEW
73 4
PRICES
7454
Thurs.
67
6854
6954
Tues.
74
CHICAGO
IN
Wed.
67
6854
6954
FUTURES
Mon.
Sat.
large quantities
Tues.
7214
CORN
CLOSING
dead-line
PRICES OF CORN IN
St.
May
July...
September
said
the
as
RYE
7254
7254
May
July
approaches.
tonight was 41,745,000 bushels.
„
DAILY
traders
stored
Tues.
6854
6954
7054
72 54
DAILY
were
31, and
being
are
OF
PRICES
October
corn.
March
for
set
apparently
Mon.
Sat.
He. higher, and shippers sold
Today prices closed % to %c. net
lower.
Corn prices were steady to firm, with light receipts
of only 56 cars tending to strengthen the market.
The
final day on which loan applications may be filed has
year
37,000 bushels of
CLOSING
May
July
Receipts here expanded to 116
were
RYE FUTURES
6754
8554
6954
Season's High and When Made
I
Season's Low and
May
7754
Dec. 26. 19391 May
4354
July
76
Dec. 18, 19391 July
5254
September... 7554
Dec. 26, 19391 September— 6454
ship¬
was
OF
PRICES
Sat.
of
Purchases totaled
stage.
markets.
CLOSING
May
July
September
prices closed unchanged to He. higher.
United States corn helped to steady
that market and produce gains of as much as %c. at one
purchases
1940
30,
Today prices'closed 1% to %e. net lower.
Trading
light, with the undertone heavy in sympathy with the
lower wheat
the 28th inst
Danish
March
♦
Total 1940
Total 1939
•
53,510
80,845
3,214,321
3,971.564
Detailed figures not available.
3,627,000 102,232,000
421,000 106,113,000
518,000 24,697,000
796,000 63,206,000
Volume
The Commercial & Financial Chronicle
150
The visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports, Saturday, March 23, were as follows:
at
granary
STOCKS
GRAIN
Corn
United States—
Bushels
Oats
Rye
Barley
Bushels
Wheat
Bushels
Bushels
good
Bushels
New York
107,000
Philadelphia
118,000
3,000
124,000
407,000
65,000
4,000
5,000
16,000
20,000
1,000
971,000
203,000
2,000
6,727,000
215,000
167,000
2,388,000
2,000
374,000
New Orleans
Galveston
2,467,000
...
Worth.
...
Wichita
...
9,000
18,000
.
Hutchinson
,
5,529,000
...
beginning
planting
made
growth of winter grains quite generally, while some local injury was feared
in the southern Ohio Valley.
In Texas winter wheat made fair progress
and condition is mostly fair to good; in Oklahoma progress was also fair,
with condition poor to fairly good and little grazing.
Poor progress and
variable condition was reported from Nebraska and Kansas, but the crop
is fair to good in Missouri and is showing some slight greening in Iowa.
In the Ohio Valley condition ranges from poor to fairly good, with the
cold weather unfavorable due to mostly bare fields; some snow protection
was noted in the Lake region and upper Mississippi Valley.
Wheat made
2,299,000
599,000
106,000
15,000
1,588,000
2,295,000
402,000
69,000
463,000
22,000
14,000
little growth in western Montana and condition ranges from fair to excel¬
lent.
In the Pacific Northwest good to excellent growth was noted, with
412,000
138,000
18,000
250,000
35,000
3,625,000
...
958,000
147,000
3,000
7,000
131,000
good rains at the close of the week of considerable benefit.
Soil moisture
is quite good in most eastern sections, out the subsoil moisture is deficient
in parts of Illinois, Missouri, and Oklahoma.
Although the cold weather retarded outside work, some oats were seeded
as far north as southeastern Iowa,
while a large part has been put in in
Missouri.
Some plowing and oat seeding was done in the Ohio Valley,
while farther south the crop is doing fairly well, although it needs rain in
Oklahoma.
In Louisiana excellent progress was made in plowing land
for rice, but little has been seeded as yet in Texas, due to continued dryness.
Omaha
Sioux City.
St. Louis.
...
188,000
116,000
1,449,000
912,000
496,000
199,000
------
1,273,000
668,000
Indianapolis
66,000
287,000
Peoria
Chicago
1
•
CO CO cq
1
afloat
—
16,048,000
423,000
«•
-
-
»
2,000
6,000
2,000
1,887,000
6,645,000
1,253,000
315,000
1,552,000
603,000
617,000
744,000
121,000
708,000
96,182,000 38,979,000
7,083,000 9,793,000
16, 1940.. 97,451,000 39,121,000
7,017,000 10,014,000
25, 1939.. 78,465,000 42,478,000 12,505,000
7,708,000
12,330,000
12.753,000
8,082,000
242,000
Milwaukee
Minneapolis
...
Duluth
...
15,266,000
19,886,000
718,000
5,275,000
4,869,000
100,000
Detroit
1,899,000
1,128,000
2,860,000
1,286,000
2,922,000
214,000
3,900,000
...
794,000
afloat
Total Mar. 23, 1940..
Total Mar.
Total Mar.
Oats—Erie, 128,000 bushels; Buffalo,
301,000; Buffalo afloat, 174,000; total, 512,000 bushels, against none in 1939.
Barley—New York, 290,000 bushels; Buffalo, 908,000; Baltimore, 156,000; Chicago
afloat, 50,000; total, 1,404,000 bushels, against none In 1939.
Wheat—New York,
716,000 bushels; Buffalo, 2,569,000; Buffalo afloat, 877,000; Duluth, 2,731,000;
Erie, 128,000; Erie afloat, 637,000; Albany, 7,598,000; total, 24,543,000 bushels,
against 2,567,000 bushels in 1939.
Note—Bonded grain not
Included above:
Oats
Rye
Barley
Bushels
Bushels
787,000
1,440,000
6,380,000
12,133,000
3,093,000
11,885,000
9,421,000
2,144,000
8,607,000
8,407,000
6,721,000
96,182,000 38,979,000
7,083,000
288,446,000
12,133,000
9,793,000
3,093,000
12,330,000
8,607,000
1940..384,628,000 38,979,000 19,216,000 12,886,000
1940.-387,051,000 39,121,000 18,902,000 13,046,000
1939.-218,149,000 42,478,000 21,926,000
9,852,000
20,937,000
21,160,000
14,803,000
Bushels
1,688,000
2,581,000
7,864,000
Total Mar. 23,
Total Mar.
Other Can. <fc other elev. 170,225,000
1940__288,446,000
16, 1940.-289,600,000
25, 1939..139,684,000
3,032,000
Summary—
American
Canadian
Total Mar. 23,
Total Mar. 16,
Total Mar. 25,
of wheat and corn, as furnished by
Exchange for the week
ended March 22 and since July 1, 1939, and July 1, 1938, are
shown in the following:
The world's shipments
Broomhall to the New York Produce
Corn
Wheat
Exports
Exports—
Since
Week
Mar. 22,
July
1,
July
1,
Argentina.
.
India
1939
Bushels
Bushels
Mar. 22,
1940
Bushels
1938
Bushels
No. Amer.
Week
Since
1940
Black Sea.
New York,
534,000
4,728,000 147,209.000 180,135,000
536,000 32,500,000 76,511,000
2,976,000 122,432,000 54,725,000
11,293,000 73,365,000
7,344,000
1,083,000
27,408,000
420,000
111,000
Since
July
1,
Since
July
1,
1939
1938
Bushels
Bushels
24,742,000 67,642,000
13,312,000
3,292,000
81,779,000 100,630,000
retail
business
552,000
18,904,000
Easter
season
8,792,000 332,338,000 419,488,000
Weather Report for
the Week Ended March 27—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
general
summary
weather for the week ended
March 27, follows:
exception of a minor disturbance that moved from the Lake
region northeastward early in the week and two other small disturbances
in the Southeast and Northeast, the weather of the week was dominated
With the
by a cold anticyclone that moved in slowly from the Canadian Northwest,
gradually overspreading the country.
At the close of the week this highpressure area had moved to the Appalachian Mountain region, bringing
near-freezing temperatures to the Southeast, while in the upper Mississuppi Valley and the northern Great P.ains subzero weather was reported.
Precipitation was mostly moderate to light and was confined to northernborder sections, except toward the close, when rather widespread falls were
noted over many Southern States.
The Far West had mostly moderate
rainfall on only one day.
Ohio and upper Mississippi
Throughout this area, weekly mean
temperatures ranged from 10 to 25 deg. below normal and from 9 to 13
deg. below in the Northeast.
In the more western portions of the country
the week was moderately warm, although some unseasonably warm weather
was reported from the interior
of the Pacific Northwest.
Temperature
departures ranged mostly from 5 to 10 deg. above average west of the
temperatures for the season and appreciable
The week was unseasonably cool in the
valleys and most of the Lake region.
Rocky Mountains.
Freezing weather was experienced as far south as the central portions
of the east Gulf States and northern Texas, with temperatures below 20
deg. quote general in the Ohio Valley and central and northern Great
Plains.
Below-zero readings were reported from the extreme Northeast
and the upper Mississippi Valley as well as the eastern Dakotas.
The
lowest temperature for the week as reported from a firsts-order station
was 17 deg. below zero at Moorhead, Minn., on the 23d and 25th.
Precipitation was light in most of the Ohio Valley and quite generally
from the central and
southern Great Plains south west ward. Moderate
to substantial falls were noted in southern Texas, but elsewhere, except
very locally, the total falls for the week averaged one-half inch.
The cold weather that appeared in the JSorthwest early in the week
gradually overspread the country, brought subnormal temperatures to
practically all sections east of the Rocky Mountains.
Under the influence
of these unseaosnable conditions, farm work remained at a standstill in
the Northwest and, during the latter part of the week, was seriously re¬
tarded in all main agricultural districts.
Although subfreezing weather
extended well into the Gulf States, there was practically no injury reported,
except in rather limited areas.
Near-record low temperatures were re¬
ported in the upper Mississippi Valley, with subzero readings noted as far
south as northeastern Iowa, while at Trenton, N. J., this was the coldest
seven-day period for this time of March in 27 years.
Before the advent of the cold weather, plowing and preparation of the
soild made fair to good advance in most Southern States, but this work
was suspended toward the close.
In many portions of the country the
season is still considerably
Dehind normal, averaging about three weeks
late in Virginia, and from three to five weeks late in Missouri.
Soilmoisture supplies, on the other hand, remaind quite adequate, at least for
the present, except in the southern Great Plains, and the most pressing
need at the present time is for warm weather.
Although surfacde-moisture
supplies are adequate in many places, the subsoild moisture is deficient or
lacking in Monatan, while no reserves were noted in Missouri.
Planting corn made good progress in Texas, with the early up to good
stands in the central part.
Much ground is ready in Oklahoma, with
is expected
a
many
stores to prepare
chandise
sales,
week made
a
somewhat
to reveal the usual letdown in
special promotions of spring
the next few weeks.
during
the country
over,
mer¬
Department store
for the week ended March 16,
according to the Federal Reserve Board, gained 6% over
corresponding week of last year.
In New York and
Brooklyn stores the increase in the sales volume was limited
to 4.4%, while Newark establishments revealed a loss of 1.9%
Trading in the wholesale dry goods markets showed a
moderate seasonal expansion, but total sales continued
the
Increased interest developed for wash goods.
disappointing.
While it is doubtful that
wholesale buying will attain
any
pronounced improvement until such time as the advent of
real spring weather will stimulate retail distribution, it is
felt that the next few weeks will see a gradual expansion
in sales if only for the purpose of replenishing retail in¬
ventories for special spring promotions.
Business in silk
goods was dull although some interest developed in crepe
weaves.
Trading in rayon yarns remained lively, notably
in the finer counts.
Reflecting continued high operation
ratios in the weaving plants, the demand from this source
remained very active, and shortages in certain wanted
reported.
Domestic
34,579,000
2,148,000 144,538,000 216,163,000
past
counteracting influence is seen in the decision of
sales,
markets
Total...
the
districts moderate gains
over
last year continued to be recorded.
Main interest
again centered in apparel lines and accessories, with special
attention given to children's wear items.
While the post-
yarns were
34,725,000
during
spotty showing, although in some
Other
countries
Friday Night, March 29, 1940
With weather conditions still leaving much to be desired,
Bushels
334,000
1,157,000
1,602,000
Corn
Wheat
Bushels
Canadian—
Lake, bay, river «fe seab'd 38,978,000
Ft. William & Pt. Arthur 79,243,000
Total Mar.
THE DRY GOODS TRADE
64,000
afloat
Buffalo
Australia
cotton
the early planted in southern sections is
but
19,973,000
...
Kansas City
"
Preparations for
Texas,
855,000
St. Joseph
"
in
planting is
Small Grains—The cold weather of the past week continued to retard
227,000
700,000
Baltimore
Carolina.
South
to
progress
southern sections
coming up to only poor to fair stands, although recent rains are expected
to improve conditions.
Excellent progress in preparation of soil was
made in Louisiana, while planting has begun in Georgia and locally in
coastal regions of South Carolina.
271,000
Boston
Fort
northward
2141
other
in
while
planted,
some
fashion.
Cotton
Goods—Trading in the
gray
cloths
started the period under review in very quiet
With the security markets reflecting further peace
talk, and with raw cotton values sinking to new lows for
the movement, most buyers showed little willingness to
abandon their previous hand-to-mouth buying attitude,
inasmuch as the flow of finished goods in distributive
channels remained none too encouraging.
Later in the week
improved considerably, chiefly in consequence
trend in security prices and the raw cotton
market.
While total sales remained at moderate figures,
it was deemed significant, and indicative of the low state
of supplies in users' hands, that most buying orders stipu¬
lated immediate shipment.
Business in fine goods showed
a slight improvement.
Pigment taffetas continued to move
in good volume, and an active demand developed for flakes
ana challis.
Closing prices in print cloths were as follows:
39-inch 80s, 6I^c.; 39-inch 72-76s, 6%c.; 39-inch 68-72s,
5%c.; 383^-inch 64-60s, 4%c.; 38H-inch 60-48s, 424 to 4psc.
sentiment
of
a
better
Woolen
Goods—Trading in men's wear fabrics failed
the expected improvement, following the formal
introduction of the new fall lines, as prospective users pre¬
ferred to await clearer indications of the nearby business
outlook before entering the market on a large scale.
While
to
show
prices generally ruled steady, some efforts on the part of
buyers to obtain concessions came to light.
Reports from
retail clothing centers made a satisfactory showing as the
advent of spring-like weather in some sections of the country
stimulated consumer purchases.
Business in women's wear
fabrics reflected mainly between-season influences.
The
forthcoming new fall lines is viewed rather
optimistically however, because of the prevailing moderate
level of inventories in users' hands.
Some buying activity
continued in sportswear materials.
outlook for the
Goods—Trading in linens remained spotty,
concerned small spot lots. Pro¬
gressive price advances abroad, in the face of a rather
limited domestic demand, continued to act as the chief
deterring factor.
Business in burlap was quiet, although
spot demand showed a moderate gain.
Following a rally
early in the week, prices, subsequently, weakened perceptibly
under the influence of lower Calcutta quotations.
Domes¬
tically lightweights were quoted at 5.30c., heavies at 7.20c.
Foreign Dry
and
sales,
in the main,
The Commercial & Financial Chronicle
2142
State and
March
30,
City Department
decision March 25 on the validity of its 3% sales tax
plied to shipments moving in foreign commerce.
Illinois & Missouri Bonds
Stifel. Nicolaus & Cojtic.
Founded 1890
DIRECT
CHICAGO
as ap¬
The city recently won a
Specialists in
105 W. Adams St.
1940
314 N. Broadway
WIRE
a
ST.
LOUIS
high court ruling on the validity of the tax as
applied to goods shipped into the city from outside New York Statel
In the present case the city was seeking to apply the tax to sales of fuel
oil to vessels operating in the transatlantic service and the suit was directed
against the Gulf Oil Corp.
The Supreme Court in an opinion by Justice
Stone held that the 8tate tax in this case "must fail, as an infringement of
the Congressional regulation of the (foreign) commerce."
New York
State—Auto Insurance Bill Introduced for
Study—A bill for compulsory automobile insurance, pre¬
pared and sponsored by the State Insurance and Taxation
Departments, was introduced in the Legislature on March 25,
with the understanding that it was for study, and would
not be pressed for passage at this session.
Outlining details of the measure, Louis H. Pink, State Superintendent
of Insurance, add Mark Graves, State Commissioner of Taxation and
Finance, expressed the hope that It would be enacted at the next session of
News Items
the Legislature "with such revisions
as may result from a year's continued
Carroll E. Mealey, State Motor Vehicle Commissioner, is also
of the bill, while the introducer was Senator William H. Hampton,
Utica Republican, Chairman of the Senate Committee on Insurance.
Under major provisions of the bill the present financial responsibility
law would be repealed.
No registration for an automobile would be issued
study. '
a
Housing Authority Bonds Cited as Investment Op¬
portunity—Housing authority, or slum-clearance bonds
offer an opportunity for private capital to assist in a social
undertaking of major importance and at the same time to
make a sound investment in a new type of tax-exempt
security, according to a study which has been issued in
printed form by R. W. Pressprich & Co. members of the
New York Stock Exchange and specialists in Government
and municipal bonds.
Housing authorities have been organized in more than 300 communities,
dwellings are already available for occupancy in United States
Housing Authority assisted projects in Syracuse, Allentown, New York
City, Buffalo, Dayton, Toledo, Austin, Jacksonville, Miami, Augusta,
Detroit and Charleston, the study points out.
Each of these projects is
financed by two series of tax-exempt bonds, series A and B.
Series A
bonds represent the share of the cost which must be raised by the local
housing authority by the sale of bonds to investors.
Series B bonds, which
are of longer maturities of principal, are sold by the local housing authorities
to the USHA.
The language of the statute making the continuing appro¬
priation for annual contributions out of the United States Treasury is
quite similar to the language of the Federal statutes authorizing appro¬
priations for the payment of United States bonds and Treasury notes.
"A feature of the bonds which are issued by the local housing authorities
is that the United States Housing Act provides that the bonds, together
with the interest thereon, are exempt from all taxation now or hereafter
imposed by the United States," says the study.
"In many States, the
bonds of housing authorities in those States are also exempt from State and
local taxation and are legal investments for savings banks and fiduciaries
and low rent
in the State of issue.
"Thtis,
an
•
,
,
,,
attractive form of investment for private capital is created and
a
great social evil is meeting with remedy.
While this vast potential
public activity is still in its initial stages, it is based upon well conceived
well tried plans, and promises to become an important foundation
stone upon whicn may rest the well being of many citizens of our Nation."
and
Local Housing Authorities Sell
Bank & Trust Co., as head of a group
Notes—The Chemical
of banks which include:
The Chase National Bank, the National City Bank, the
Guaranty Trust Co., the Bankers Trust Co., the Manufac¬
Trust Co. and the New York Trust Co. and many
turers
banks in other cities, on
March 26 obtained the award of
$48,063,000 out of $53,683,000 temporary loan notes offered
by various local housing authorities. A premium was paid
for notes bearing interest at the rate of .44%, producing a
net interest cost to the borrowers of .435%.
Salomon Bros. & Hutzler, New York, were the successful bidders for
$2,000,000 New York City Housing Authority, first issue, seventh series
and $620,000 Holyoke Housing Authority notes bidding 0.375%
interest plus premiums of $13 and $5, respectively.
R. W. Pressprich & Co., were the successful bidders for the $1,400,000
New Haven Housing Authority notes at 0.34% and the $500,000 Norwalk,
Conn., Housing Authority notes at 0.39%.
The Hartford National Bank & Trust Co., and the Phoenix State Bank
& Trust Co., both of Hartford, jointly, were the successful bidders for the
$1,100,000 Hartford Housing Authority notes at 0.29%.
notes
The local housing authorities whose notes were purchased are those of the
cities of:
Augusta, Ga
Columbia, S. 0
Hartford, Conn
Holyoke, Mass
Meridian, Miss
This
$1,932,000
1,640,000
1,100,000
620,000
1,025,000
New Haven, Conn
New York, N. Y
Norwalk, Conn
Savannah, Ga._
Tampa, Fla
financing represents the third major
group
$1,400,000
41,000,000
500,000
1,866,000
2,600,000
sale of local housing
authorities' temporary loan notes issued under the auspices of the United
States Housing Authority.
The first sale of notes of this type was held on
Nov. 14,1939, when the housing authorities of 11 other cities sold 14 loans
as 0.60s.
The second group sale on Jan. 24, 1940, resulted in the placing
of notes aggregating $34,481,000 bearing interest at the rate of 0.445%.
New
Jersey—State Financing Changes Proposed—Charles
E. Loizeaux, Republican of Union County, Acting President
of the State Senate, proposed on March 28 to conference
committees of the Senate and Assembly a program of im¬
portant changes in New Jersey's financing policy and subsidy
distribution to municipalities to remove sore spots caused
by huge relief and educational cost deficiencies.
The pro¬
posal, which would also provide local tax rate reductions,
encompasses
$27,000,000
a
extensive fund transfers.
only
a one-year
program
It calls for
of
no new
borrowing
taxes, but
and
covers
period.
aid to school districts to maintain the educational program despite
owner first filed a certificate of insurance as evidence of
liability
$5,000 for each bodily injury or death and at least $10,000 for
bodily injuries or deaths arising from a single accident.
The bill would set up a board of arbitration consisting of the Super¬
intendent of Insurance, Commissioner of Motor Vehicles and a third person
to be appointed by them.
The board would receive and consider appeals
from vehicle owners unable to secure insurance and
assign those deemed
acceptable risks to one of the insuring companies.
All insurang companies
would be member of an assigned risk bureau or
"company pool," to which
would be referred questionable risks assigned by the Board of Arbitration.
Risks so assigned would be on a basis of the business of each
company in the
preceding registration year, as related to the total business of all companies
coverage up to
for such year.
Bill to
feated
Suspend Power Authority Loses—The Assembly de¬
on
March 26 the Ehrlieh bill which would have
sus¬
pended operation of the State Power Authority until after
ratification of the St. Lawrence waterway
treaty with Canada.
The vote
was
48 to 77.
New York
State—Municipal Tax Collections Found Im¬
proving—The State Conference of Mayors on March 25
reported a "decided improvement" in the collection of city
and village taxes, according to a United Press
dispatch
from Albany.
The Conference said 28 of 60 cities and 59 of 113
villages had a smaller
percentage of tax delinquents in 1939 than during 1938.
Increases were
reported by nine cities and 43 villages.
"Over one-half of the cities and villages had as good or better tax collec¬
last
tions
year than the average
conditions, ' the Conference said.
in the 113 villages is $4,658,498,
village expenses.1'
Senate
for the State during normal economic
"The total amount of uncollected taxes
or
about one-third of the total annual
Passes
Cigarette Tax Deduction Bill—The Nunan
bill, permitting deduction of the State and New York City
cigarette taxes from the income tax was passed unanimously
by the Senate on March 27 and forwarded to the Assembly
for
concurrence.
The upper house also passed a bill
eliminating the require¬
ment that income tax returns be notarized, on the
theory
that such notarization is an inconvenience to the
taxpayer.
Compulsory Automobile Inspection Defeated—On the same
date the Senate, defeated by a vote of 14 to
15, a measure
which had been passed by the Assembly, to
require semi¬
annual inspection of motor vehicles in
privately owned,
State-licensed garages at a fee of 50 cents.
Subway Fare Bill Delayed—Because of the illness of one
Republican Senator,
destroying the exact Republican
majority in the upper House, the Senate put over until
March 28 consideration of the Coudert-Moffat bill to
give
the New York City Board of Estimate
power to change
subway fares after July 1, 1942.
Before laying the bill aside, however, the Republicans defeated a Demo¬
cratic-sponsored amendment to freeze into the bill a guaranty of continua¬
tion of the five-cent fare.
Unemployment Merit Rating
Bill Approved—With only
vote to spare in the majority, the
Assembly passed and
to the Governor on March 28 the
Young-Wadsworth
unemployment insurance merit-rating bill.
This measure
provides that employers whose workers are kept on the pay¬
roll at a stable and steady
pace would pay less into the un¬
employment insurance fund than employers who frequently
lay off men in large numbers, with a resultant drain on the
fund in benefits paid.
one
sent
Westchester Tolls Passed by Senate—The Senate also
passed
and sent to the Assembly the bill giving Westchester
the right to collect a 10-cent toll from motorists
County
using the
Parkway and the Hutchinson River Parkway,
and the Coudert-Mitchell bill which does away with the
pres¬
ent double taxation on sales of odd-lot securities.
Proponents
Saw Mill River
measure
stock transfer tax is
and
out
of
the
so
State
contended that the New York State
high that it drives out of Wall Street
many millions of dollars worth of
securities business.
failing
revenues.
Senator Loizeaux devised the plan with the cooperation of a committee
comprising I. Grant Scott of Cape May, Senate majority leader, and
Senators George H. Stanger of Cumberland, Chairman of the 1940 Legis¬
lative Appropriations Committee, and Homer C. Zink of Essex, all Re-
Kiblicans. The committee Princeton Survey of New Jersey various State
was assisted by experts from Finance.
epartments and from the
New York, N. Y.—High Court Gives Adverse Decision on
Application of Sales Tax—The city lost a U. S. Supreme Court
unless the
all
of the latter
The program, according to its sponsors, would balance the State budget;
an "absolute"
reduction in local property taxation; return relief
to the municipalities with financial assistance by the State; curtail sharply
the cost of relief administration, and provide more than $2,000,000 in State
effect
railway tax
sponsor
Legislature Passes City Fare Rule Bill—The Moffat-Coudert
bill, to take control over the rate of fare on New York City's
unified
subway system from the hands of the Legislature
give this power instead to the city's Board of Estimate,
was passed on March 28
by the Senate.
The vote completed
legislative action on the measure, which would give the
Board the right to "fix and adjust" the fare after June 1
and
of this year.
'
The
The Commercial
ISO
Volume
of fare
rate
on
the city's Independent System was written
city received authorization to proceed with
into
con¬
the city could operate
the Independent service at a five-cent fare for only three years, after which
time the system would be required to become self-supporting if municipally
operated.
The three-year period has been extended from time to time by
legislative enactment.
The new provision in the Moffat-Coudert bill
applies to the unified subway system and would, naturally, include the
present Independent System upon unification.
The Moffat-Coudert measure was passed in the Senate and sent to the
Governor for his approval or veto after a bitter debate during which the
Democratic minority contended that passage of the bill would result in an
increase in the five-cent fare after June 1.
The bill was passed by a party
vote of 27 to 24, with the Republican majority voting in the affirmative and
in
law
1925
struction.
when
the
At that time the Legislature ordered that
negative.
Coudert, Manhattan
the Democrats in the
Led
by
Senator
Republican, the Republicans
Dunnigan, minority
Democratic amendment, offered by Senator
leader. to freeze into the bill a five-cent fare clause.
defeated
a
The following
sent out to its
Hudson Case
Case Unlimited Tax
Are They?
bonds of Ohio taxing
Unlimited Tax Bonds—What
Special assessment and general obligation
sub¬
provisions of
case of "The
State, ex rel. The Ohio National Bank of Columbus vs. Village of Hudson
et al," to be paid from taxes levied without regard to the 10-or the 15-mill
divisions issued prior to Jan. I, 1931 are entitled, under the
a decision of the Ohio Supreme Court rendered in 1938 in.the
tax limitation
of the Ohio Constitution.
The realtor in this case
owned special assessment
bonds of the Village
of
which he asked a levy of taxes which
the respondent maintained would have exceeded both the 10- and the 15-mill
constitutional tax limitations.
The bonds had been exchanged for special
assessment bond anticipation notes which had been issued and sold in 1930.
At the time of the creation of such debt there was a statutory 15-mill tax
limitation in Ohio.
Effective Jan. 1, 1931 this 15-mill tax limitation was
written into Section 2 of Article XII of the Ohio Constitution, by a vote
of the people in 1929.
Effective Jan. 1, 1934 this constitutional limitation
was reduced to 10 mills, by a vote of the people in 1933.
The decision of the court reads in part, that "The inhibitions of Section 2,
Article XII, are directed against new and not against pre-existing debts.
The note obligations were incurred prior to the adoption of either constitu¬
tional limitation and are not therefore subject thereto."
Consequently, it appears that obligations incurred prior to Jan. 1, 1931
are entitled to be paid from taxes levied without regard to the 15- or the
10-mill constitutional tax limitation, and that obligations incurred after
Jan. 1, 1931, but prior to Jan. 1, 1934 are entitled to be paid from taxes
levied without regard to the 10-mill constitutional tax limitation, but
subject to the 15-mill limitation effective during such period (unless, of
course, the tax levy for such obligations was voted outside all tax limi¬
Hudson, Ohio, for the payment of
tations)
4
be
made
paragraph of the decision reads as follows:
calendar
suggests the pos¬
year
public
on
March 28, reviews the trend of Government
financing in 1939 and presents data on
credit agency
Bond
Treasury and Federal
issues.
Proposals and Negotiations
GADSDEN, Ala.—BOND SALE—The following coupon bonds^aggregating $173,500, offered for sale on March 26—V. 150, p. 1968—were
awarded to Brodnax & Co. of Birmingham and associates, as 3Ms at par,
according to the City Clerk:
$5,000 refunding bonds.
Due $1,000 on April 1 in 1944 to 1948, incl.
3,000 refunding auditorium bonds.
Due $1,000J on April 1 in 1943
to
1945, incl.
2,000 refunding a special assessment
1944 and 1945.
bonds.
Due $1,000 on April It in
63,500 refunding school bonds.
Due on April 1 as follows:
to 1946; $3,000, 1947 to 1965, and $500 in 1966.
Due on April 1 as follows:
60,000 refunding water bonds.
to 1963, incl.
40,000 refunding public improvement bonds.
1944 to 1953, incl.
Denom. $1,000, one for $500.
Dated April
$2,000 in 1944
Ml
$3,000 in 1944,
Due $4,000 on April llin
1, 1940.
firm in the purchase were R.
Gridley & Co. of Birmingham.
Associated with the above named
&
Co.
were:
of Charlotte and Roy
merest;
S. Dickson
Other bids
Cincinnati, 99.56 for 3M% Plus
Steiner Bros., Birmingham, 100.74 for 3h% plus accrued
Fox,
Einhorm
&
Co.,
accrued
interest.
ARIZONA BONDS
Markett in all Municipal
may
The
Imbucm
ELY, BECK & CO.
REFSNES,
.
The decision in the "Hudson Case" states further: "Such obligations
extended and continued without reference to such limitation."
final
of that amount in the last
sibility that the supply of negotiable Treasury obligations
might be actually reduced, especially if the deficit were to be
curtailed, according to the annual survey on Treasury finan¬
cing published by C. J. Devine & Co., Inc., specialists in
United States Government securities,
The 1940 edition,
ALABAMA
Bonds—
is the text of a letter which is currently being
clientele by J. A. White & Co. of Cincinnati:
Ohio—Discussion of Hudson
2143
& Financial Chronicle
PHOENIX, ARIZONA
"Municipal funding bonds,
indebtedness created prior to the adoption of a
subject to such limitation even though
levy for the payment of the principal and interest of such bonds
exchanged for an original
constitutional tax limitation, are not
the
tax
limitation."
that refunding bonds bear the same status with
respect to the 15-and 10-mill constitutional tax limitations as the obligations
refunded bore to such limitations.
One might fairly ask, What, then is the difference between an "Unlimited
Tax Bond," and a "Hudson Case" Unlimited Tax Bond?
The holder
of either can, if necessary to receive payment of the principal of and interest
on his obligation, compel the levy of a tax without limit as to rate or amount.
The tax for the former is being levied outside the tax limitation, whereas
that for the latter is being levied elsewhere.
However, from the decision
of the court, it appears that there is no constitutional tax limitation effec¬
tive against either of the bonds.
exceeds such
It
seems,
new
therefore,
ARIZONA
Due
on
Jan. 1
Ariz .—BONDS SOLD—We are informed by Kirby L.
Vidrine & Co. of Phoenix that they have, in conjunction with the H. G.
Hanchett Bond & Investment Co., Inc., also of Phoenix, been awarded by
the Town Council a contract for the purchase of the following bonds,
aggregating $135,000: $40,000 municipal building bonds as 3 Ms, at par,
and $95,000 6% special improvement paving bonds.
the lowest
of tax de¬
just published by the Municipal Service Depart¬
Bradstreet, Inc.
follows:
as
Delinquency, 1930-1939—•
United States—Trend of Tax
ment of Dun &
bids will be received
Glick, City Clerk, for the purchase
Interest rate is not to exceed 3 M %•
$31,000 in 1942, and $29,000 in 1943 to 1951 incl j
SAFFORD,
Municipal property tax delinquency in 1939 was
in a decade, according to the 1930-1939 survey
linquency
Ariz.—BOND OFFERING— Sealed
PHOENIX,
until 7:30 p. m. on April 5 by W. O.
of a $292,000 issue of funding bonds.
ARKANSAS BONDS
Markets in all State,
County & Town
Issues
Not only did the results last
mark the sixth consecutive year of improvement, but
city closed the year with a lower percentage of
uncollected than in 1930, and some cities
equalled or exceeded their best previous records.
The upward surge of business in the latter part of 1939 not only contrib¬
uted to very general progress in the collection of currently levied property
taxes, but added new stimulus to the collection of taxes in arrears.
Total
collections of current and delinquent taxes in the average city, consequently,
slightly exceeded the amount of the current levy. This was a reversal of the
situation in the previous year, when total collections dropped below the
year
the average
SCHERCK, RICHTER
its current levy
current levy for
9.2%,
the first time in four years.
current tax delinquency for
150 large cities in 1939 was
compared with 10.7% in 1938, a peak of 26.3% in 1933, and 10.1%
The average
in 1930.
general is indicated by the fact that 119 of
1938 records and only 23 of the 150 have been
of 1931 in their percentages of current
reduced their year-end tax delinquency
below that of 1930 by wide margins ranging from 5 to 25 percentage points.
At least 24 of the cities considered had the distinction of closing their
fiscal years ending in 1939 with 4.7% or less of the year's taxes uncollected.
Ten were California cities, three in New York, and three in Connecticut,
the others being scattered through six States.
That the improvement was
the 150 cities bettered their
unable to regain at least the level
collections.
One-fifth of the group
The best records
include the following:
Fresno, Calif
San Jose, Calif
San Francisco, Calif
Berkeley, Calif
Oakland, Calif
Mobile, Ala
Sacramento, Calif
Cedar Rapids, Iowa
1.0
1.0
1.3
1.6
2.1
2.2
2.3
2.7
Peoria, 111
San Diego, Calif
Davenport, Iowa
Birmingham, Ala
Niagara Falls, N. Y
Schenectady, N. Y
Hartford, Conn
Cincinnati, Ohio
Pasadena, Calif
3.4
3.5
3.7
3.8
3.8
3.9
4.0
4.2
4.2
4.4
4.7
4.7
2.9
Los Angeles, Calif
3.2
Fort Wayne, Ind
3.2
Water bury, Conn
Denver, Colo
3.3
The 10-year record of year-end tax delinquency, 1930-1939, the survey
points out, emphasizes the wide disparity in the stability of municipal
revenue systems.
The average delinquency ratio in 1930 for the 20 most
stable cities was 4.05%; for the 20 least stable it was 11.85 %.
In 1933, the
ratios for the two groups were 10.15% and 39.05%, respectively.
In 1939
the divergence narrowed again to 4.85% and 11.60%.
Last year marked the second year, the survey asserts, that total collec¬
tions of current and delinquent taxes were close to normal after three years
of abnormally high collections resulting from large income from the reser¬
voir of taxes in arrears.
This has been in the nature of a secondary depres¬
sion for cities which had adjusted their buedgets in 1935-37 to total collec¬
tions which ranged upward to 120, 130 and even 140% of current levies.
The average total dollection in 100 large cities in 1939 was 100.8% of the
year's levy, compared with 99.8% in 1938 and 102.8% inl937.
While, on the whole, the tax delinquency record at the close of 1939 is
reassuring, there should be some reservations in the making of comparisons
between 1939 results and pre-depression experience.
A considerable amount
of aid in the reestablishment of good records has come through the removal
of unproductive property from the tax rolls, foreclosures by institutional
mortgage holders, assistance from the Federal Government, and adoption
of such tax-relief gadgets as homestead exemptions and tax rate limits.
The full restoration of a healthy state of affairs awaits the advent of a
normal real estate market, a genuine revival of construction, and, in some
cities, the elimination of gross inequities in property assessment.
Bridgeport, Conn.
Buffalo, N. Y
Long Beach, Calif
United States Government
Financing Surveyed—Fi¬
nancing of the Federal Government's $4,000,000,000 deficit
without recourse to the open market for more than one-fifth
LANDRETH BUILDING, ST.
COMPANY
LOUIS, MO.
ARKANSAS
ARKANSAS,
State
DO WN—Retirement by
TNEMRIBD— FOUND SLOWING
of
the State of its highway
and toll bridge debt again
restricted by the prices some of the issues are commanding in
As a result, the State Refunding Board was able to use only
was
the market.
$893,275 of
$1,207,000 available in the redemption account for the March 15 tender.
Several descriptions currently are being quoted at better than par figures,
removing them from the reach of the Refunding Board, which is limited to
payment of par and interest for bonds to be retired.
In the March 15 operation there were purchased a total of $892,437
principal amount of securities, on which $9,650 of accrued interest was paid.
On the basis of tne prices paid it is figured that the State will benefit to the
extent of $8,813 of principal and $319,543 of interest over the life of the
obligations redeemed.
......
Only $5,000 of the 5% series A highway and toll bridge bonds were pre¬
sented on tenders, and top price for series A road district refunding bonds
was 98.75, compared with 86.66 a year earlier.
Best figure for the series B
issue was 75.25 against 62.50 a year ago.
Purchase of the various issues was as follows:
Par Value
Designation—
Highway, series B
Toll Bridge, A
Toll Bridge, B
DeValls Bluff Bridge.
Road District A._
Road District B
Municipal aid
Funding notes
$289,372
—
Totals
$50,000
$892,437
-
LITTLE
ROCK,
Graham, City Clerk,
the following bonds
fire
5,000
45,422
1?0,280
414,200
285
1.6£7
16,179
Cash Price
$294,155
5,000
46,154
iS§*S§§
408,923
211
1.707
16.162
$893,275
Ark.—BOND ELECTION—It is stated by H.
that at the primary election to be held on April
CS
2.
$155,000 will be submitted to a vote:
$75,000 airport, and $30,000 municipal aud-
aggregating
department,
torium bonds.
California
Municipals
BANKAMERICA COMPANY
Los Angeles
San Francisco
New York
52 Wall
Representative
Telephone WHitehall
St.
3-3470
CALIFORNIA
FRESNO COUNTY (P.
O. Fresno),
Calif.—SCHOOL BOND SALE—
offered for
Bond
100.103,
issue of Clovis Union High School District bonds
26—V. 150, p. 1811—was purchased by the District
Co. of Los Angeles, as 2s, paying a premium of $57, equal to
basis of about 1.98%.
Due $5,000 in 1942 to 1952 incl.
The $55,000
sale on March
2144
all
bids
Commercial & Financial Chronicle
The
BIDS REJECTED—The *27.000 issue of
District bonds offered at the same time—V.
were
Kerman
150,
p.
Union
High School
1811—was not sold as
rejected.
BONDS SOLD—The said bonds were
subsequently purchased at private
by the District Bond Co. of Los Angeles, as lMs. paying a
premium
of $11, equal to 100.04, a basis of about
1.74%,
Due as follows: $3,000
in 1942 to 1945, and $5,000 in 1946 to
1948 incl.
ANGELES
COUNTY
(P. O. Los Angeles), Calif.—SCHOOL
a.m. on April
2,
by L. E. Lampton, County Clerk, for the purchase of the
following Newhall School District bonds
aggregating $25,000:
$10,000 bonds, dated April 1, 1929.
Due $1,000 on April 1 in 1950 to
Involved are $l,439,000lof our
standing obligations that were not in¬
cluded in the $16,000,000 refunding
operations of 1936.
About a month
the city announced the designation of Thomas M. Cook &
Co., of
West Palm Beach, to work out a plan under which holders
of the old bonds
would be offered new securities in
exchange.
Progress on the matter was
held up by the court action.
Opposition to the procedure on the part of the bondholders was
ago
1959 inclusive
15,000 bonds, dated Aug. 1, 1939.
Due on Aug. 1 as follows:
$1,000 in
1957, and $2,000 in 1958 to 1964 incl.
Interest rate is not to exceed
5%, payable semi-annually.
Denom.
$1,000.
Prin. and int. payable at the County
Treasury.
Each bid
contention that those who accepted the terms
of the
were entitled to the same settlement now
must
portion of said bonds, the bid shall designate
specifically the bonds bid
All bonds sold to a bidder bidding for a
portion of said bonds shall
bear the same rate of interest, and bids for
varying rates of interest for the
same block or portion of said bonds
will be rejected.
A certified or cashier's
check for a sum not less than
3% of the amount of the bonds bid for, pay¬
able to the order of the Chairman of the Board of
Supervisors, must accom¬
a
RIMROCK
HIGHWAY
DISTRICT
(P.
O.
Lewiston),
Idaho—
BOND SALE—The $12,000 coupon
refunding bonds offered for sale on
March 4—V. 150, p. 1472—were awarded to the
American Bank & Trust
Co. of Lewiston as 2s, according to
report.
as
Dated April 1, 1940.
ILLINOIS
SONOMA COUNTY (P. O. Santa
Rosa). Calif .—SCHOOL BONDS
SOLD—The $62,000 issue of Santa Rosa School District
bonds
BERWYN, III.—BOND OFFERING—Sid J. Hanzlik, City Comptroller,
April 2 for the purchase of $88,000
offered
for sale
will receive sealed bids until 8
p.m. on
on March 22—V.
150, p. 1968—was awarded to the Bankamerica
Co. of San Francisco as 2s.
paying a premium of $161, equal to 100.259,
basis of about
1.97%.
Dated Nov. 22, 1939.
Due on Nov. 22 in 1940
3M%
public
coupon
benefit
judgment
1940.
Denom. $1,000.
Due $8,000
Bidder may name a different rate of
a
funding bonds.
Feb.
on
1
Dated Feb. 1,
1947 to 1957 incl.
from
interest, such rate to be expressed in
a multiple of
M or 1-10 of 1%.
Principal and interest (F-A) payable at
the Continental Illinois National Bank & Trust
Co., Chicago.
The bonds
are to be issued
by the city for the purpose of paying outstanding, valid
and legally binding obligations in the
aggregate amount of $88,000, repre¬
sented by a public benefit judgment in the
County Court, which judgment
is identified in the ordinance.
The city will furnish the
legal opinion of
Holland M. Cassidy, of Chicago, the cost of which
shall be paid by the
1956.
COLORADO
PITKIN
out.
IDAHO
bid.
RIVERSIDE COUNTY (P. O.
Riverside), Calif.t—SCHOOL BOND
SALE—The $10,000 Oasis School District bonds offered for
sale on Mar. 25
—V. 150, p. 1811—were awarded to Weeden &
to
the
on
1936 refunding plan
to the holders of the
City officials and the fiscal agent argued that the
municipality had
the right to make the best agreement
possible with the remaining holders,
and that original signers of the 1936
plan did not contemplate that at any
time the city would be able to obtain
acceptance from 100% of the holders.
It was pointed out that the new bonds under the
1936 plan were accepted
by the 93% who assented to the program at that time in full
settlement of
their claims.
for.
4s, paying a price of 101.04, a basis of about
3.84%.
Due $1,000 on April 1 in 1943 to
1952, inclusive.
being offered
7% of the total who held
state that the bidder offers par and accrued
interest to the date of
delivery, and state separately the premium, if any, and the rate of
interest
offered for the bonds bid for.
Bids will be received for all or
any portion
of said bonds.
In the event that the bidder submits a
proposal to purchase
Co. of San Francisco,
1940
WEST
PALM
BEACH,
Fla.—REFUNDING PROGRAM TO
BE
PUSHED—Plans to proceed with the city's
proposed refunding program
were indicated by officials
following dismissal by the United 8tates Dis¬
trict Court of the injunction suits
brought against the city and its fiscal
agent by two bondholders.
BOND OFFERINGS—Sealed bids will be received
until 10
pany every
30,
1956, $20,000 in 1957 and 1958, $21,000 in 1959, and
$22,000 in 1960.
Prin. and int. payable at the Chemical Bank &
Trust Co., New York,
or at the City Treasurer's office.
sale
LOS
March
in
COUNTY
SCHOOL DISTRICTS (P. O.
Aspen), Colo.—
PRE-ELECTION SALE—It is reported that a total of
$36,000 ZH%
serial bonds of County High School District and
of County School District
No. 1 has been purchased
by Brown, Schiessman, Owen & Co. of Denver,
subject to the outcome of a pending election.
Em-chaser. The purchaser check for be required bonds, payable to order
to furnish the printed
onds.
Enclose
certified will also 2% of the
a
of the
CONNECTICUT
city.
CHICAGO, 111.—WATER CERTIFICATES AWARDED—'The $3,100,-
NEW BRITAIN, Conn.—NOTE
SALE—The issue of $250,000 tax
anticipation notes offered March 26—V. 150, p. 1968—was awarded
to
R. L. Day & Co. of Boston, at
0.16% discount.
Dated April 1, 1940 and
due June 20, 1940.
Oooley & Co. of Hartford, only other bidder, named a
rate of 0.173%.
000 certificates of indebtedness offered March 27—V.
as follows:
awarded
NEW CANAAN, Conn.—BOND
ELECTION—An election will be held
April 5 on the question of issuing $240,000 bonds for various new
capital
improvements.
NEW FAIRFIELD (P. O.
Danbury), Conn.—BOND SALE—The
*$40,000 coupon consolidated school bonds offered March
22—V. 150, p.
1811—were awarded to Putnam & Co. of
Hartford, as 1Mb, at a price of
100.396, a basis of about 1.18%.
Dated March 1, 1940, and due $5,000
on March 1 from 1942 to
1949, incl.
Second high bid of 101.06 for
l^s
was made
by Charles W. Scranton & Co. of New Haven.
Bids were
follows:
as
$1,800,000 Issue $1,300,000 Issue
Int. Rale Rale Bid Int. Rale Rate Bid
Bidder—
First National
Bank, Chicago, and
R. D. White & Co
FLORIDA
HALIFAX HOSPITAL DISTRICT
(P. O.
Dayton.
Beach), Fla.—
BONDS PUBLICLY OFFERED—A
$500,000 issue of 4% refunding bonds
is being offered
by the Clyde C. Pierce Corp. of Jacksonville for
general
investment at prices to yield from
2.25% to 3.90%, according to maturity.
Denom. $1,000.
Dated April 1, 1940.
Interest payable A-O.
Due on
April 1 as follows: $15,000 in 1941 to 1945, $20,000 in 1946 to
1950, $25,000
in 1951 to 1957 and $30,000 in 1958'to
1962.
Prin. and int. payable at the
Guaranty Trust Co., New York.
Legality approved by Thomson, Wood
& Hoffman of New York.
MIAMI, Fla.—BOND SALE—The three
issues of coupon or
registered
semi-annual refunding bonds
aggregating $28,160,000, offered for sale
on March 27—V.
150, p. 1968—were awarded to a syndicate headed
by
the Chase National Bank of New
York, at a price of 98.5035, a net interest
cost of about
3.7622%, for the bonds divided: $6,300,000 due on July
1,
1941 to 1950, as 4s;
$2,300,000, due on July 1, 1951 and 1952. as 3 Ms;
$11,200,000, due on July 1, 1953 to 1960, as 3 Ms, and
$8,360,000, due on
July 1. 1961 to 1965, as 3 Ms.
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, in whole or in part in inverse
order of their maturities, at 103 to
July 1, 1950, at 102 thereafter to July 1,
1955, at 101 thereafter to July 1, 1960, and at
par thereafter to maturity.
Other members of the successful
syndicate were: Smith, Barney & Co.;
•Chemical Bank & Trust Co.; Lazard Freres &
Co.; Lehman Brothers;
Phelps, Fenn & Co.; Hornblower & Weeks; Paine, Webber &
Co.; Stone
& Webster and
Blodget, Inc.; Union Securities Corp.; The First Cleveland
Corp., Cleveland; McDonald-Coolidge & Co., Cleveland;
Reynolds & Co.,
The Wisconsin Co.,
Milwaukee; Schlater, Noyes & Gardner, Inc.;
Bacon,
Stevenson & Co.; Darby &
Co., Inc.; W. E. Hutton & Co.; Swiss American
Corp.; First National Bank & Trust Co. of
Minneapolis; The RobinsonHumphrey Co., Atlanta; Hayden, Miller & Co.,
Cleveland; R. H. Moulton
& Co., Inc.; Starkweather &
Co.; Paul H. Davis & Co.,
Chicago; Braun,
Bosworth & Co., Toledo; Trust Co. of
Georgia, Atlanta; First of Michigan
Corp.; Schoellkopf, Hutton & Pomeroy,
Inc.; The Illinois Co. of Chicago;
Coffin & Burr, Inc.;
Wells-Dickey Co., Minneapolis; Commerce Trust Co.,
Kansas City;
Hawley, Huller & Co., Cleveland; Singer, Deane &
Scribner,
Pittsburgh; Bigelow, Webb & Co., Inc.,
Minneapolis; Mason-Hagen, Inc.,
Richmond; Fenner & Beane, Wheelock &
Cummins, Inc., Des Moines;
Putnam & Co., Hartford;
Merrill, Turben & Co., Cleveland;
Soucy & Co.,
Boston; Benjamin Lewis & Co.,
Chicago; Martin, Burns & Corbett, Inc.,
Chicago; The First National Bank of
Miami; Atlantic National Bank,
Jacksonville; First National Bank, Palm
Beach, and the Miami Beach
First
National Bank.
Also, Childress & Co., Jacksonville;
Farwell, Chapman & Co., Chicago;
Moody & Rice, St. Paul; Mackubin,
Legg & Co., Baltimore; Piper,
Jaffrey & Hopwood, Minneapolis; Riter &
Co.; Van Lehr, Doll & Isphordtag, Inc. .Cincinnati; Breed &
Harrison, Inc., Cincinnati; Brown, Goodwyn
& Olds,
Washington, D. C.; Butcher & Sherrerd,
Philadelphia; Commerce
Union Bank;
Nashville; Crouse & Co., Detroit; S. K.
Cunningham & Co.,
Inc., Pittsburgh; Glover &
MacGregor, Inc.; Pittsburgh; Graham, Parsons
& Co.;
Moore, Leonard & Lynch,
Pittsburgh; Mullaney, Ross & Co.,
Chicago; Seasongood & Mayer,
Cincinnati; Soden & Co., Kansas City;
Edward Lowber Stokes &
Co., Philadelphia; Allison-Williams
Co., Min¬
neapolis; Brown, Corrigan & Co., New
Orleans; Lamar, Kingston & Labouisse, New Orleans; C. S. Ashmun
Co., Minneapolis; The Natco Corp.,
Miami; Newhard, Cook & Co., St.
Louis; Weil & Co., Inc., New
Orleans;
Widman &
Holzman, Cincinnati; W. H. Zieverink &
Co., Inc., Cincinnati.
2\i%
101.234
101.337
100.504
2M%
2M%
100.45
2M%
100.319
2M%
100.199
Co., etal
2M%
Halsey, Stuart & Co., Inc., Blair & Co.,
Inc., etal
2M%
Blyth & Co., Inc., Stranahan, Harris &
Co., et al
-_.__2M%
Phelps, Fenn & Co., Inc., Paine, Webber
102.045
2M%
102.028
101.833
2H%
100.178
Salomon Bros. & Hutzler—
2M%
Northern Trust Co. of Chicago
2M%
Harriman Ripley & Co., Inc., Alex Brown
& Sons, etal
Boston
First
Corp.,
Co.,
National
Fort Wayne....
an
9°"^c^u^ittJed
Lazard
Freres
101.787
2M%
102.239
2M%
101.483
2M%
101.93
101.026
i
&
Insurance
TOWNSHIP
election held March
2M%
101.518
2M%
Life
100.285
Co.,
(P. O. Freeburg), 111.—BONDS VOTED
19 the voters authorized an issue of
$30,000
road construction bonds.
PETERSBURG, III.—BONDS
and
were
$13,000
revenue
SOLD—The $10,000 general
obligation
bonds offered March 19—V.
water
150,
sold to local banks.
RIVER FOREST PARK
an
election
held
on
March
p.
1638—
DISTRICT, 111.—BONDS DEFEATED—At
19 the
voters
refused to authorize
an
issue
$22,000 park bonds—V. 150, p. 1313.
of
ROCK FALLS TOWNSHIP SCHOOL DISTRICT
(P. O. Rock Falls)*
111.—BOND ELECTION—An election will be held March 30 on the
question
of
issuing $145,000 not to exceed 3% interest
building addition bonds.
Due July 1 as follows: $5,000 in 1941 and
1942; $6,000, 1943 to 1946 inci.:
$7,000, 1947 to 1952 incl.; $8,000, 1953 to 1957 incl.;
$9,000 in 1958 and
$10,000 in 1959 and 1960.
SAVANNA, 111 .-PRE-ELECTION SALE—An issue of $25,000
building
bonds has been sold subject to voters'
approval of the loan at an election
to beheld
shortly.
SERENA
March
PARK
DISTRICT,
a
price of 101.
VOTED—The
Corp. of Chicago—V. 150,
Due in from 3 to 20
SPRINGFIELD
The
III.— BONDS
voters
on
18 approved the $75,000 high school construction bonds
previously
sold to the Municipal Bond
SCHOOL
proposal
p.
years.
DISTRICT,
to issue $20,000
election held March 16.
1970—as 2Ms, at
,
111.—BONDS DEFEATED—
construction
bonds
was
defeated
at
the
INDIANA
ADAMS
SCHOOL
TOWNSHIP,
Warren County,
Ind .—BOND
Anderson, Trustee, will receive sealed bids until
April 15 for the purchase of $25,450 not to exceed 5% interest
school bonds.
Dated Jan. 9, 1940.
Denom. $900, except two bonds in
amount of $1,025 each.
Due as follows: $1,025 July 1, 1941; $1,025 Jan. 1
and $900 July 1, 1942; $900 Jan. 1 and
July 1 from 1943 to 1954, incl.,
and $900 Jan. 1, 1955.
Prin. and int. (J-J) payable at the Citizens State
Bank, Wiliiamsport.
OFFERING—Malcolm
1:30 p.
m. on
ELKHART
COUNTY (P. O. Goshen), Ind.—BOND
OFFERING—
will be received by H. P. Sister hen,
County Auditor, until
April 30 for the purchase of $27,000 not to exceed 3% interest
refunding bonds.
Dated May 15, 1940.
Denom. $500.
Due $1,500 on
May 15 and Nov. 15 from 1941 to 1949, incl.
Bidder to name a single rate
of interest, expressed in a multiple of M of
1%.
Prin. and int. (M-N 15)
payable at the County Treasurer's office.
The bonds to be refunded mature
May 15, 1940.
A certified check for 3% of the bonds bid for, payable to
order of the Board of County Commissioners, must
accompany each pro¬
posal.
Legal opinion of Matson, Ross, McCord & Ice of Indianapolis will
Sealed
1 p. m.
bids
on
be furnished the successful bidder.
the county,
issue.)
TALLAHASSEE, Fla.—CERTIFICATES SOLD—A
$300,000*lssue of
4% semi-ann. building revenue
certificates is said to have been
purchased
on March 15
by Leedy, Wheeler & Co. of Orlando.
Dated April 1, 1940.
PueApri11, as follows: $11,000 in 1942 and 1943, $12,000 in 1944 and 1945,
f!3,000 in 1946 and 1947, $14,000 in 1948 and 1949, $15,000 in 1950 and
1951, $16,000 in 1952, $17,000 in 1953 and
1954, $18,000 in 1955, $19,000
&
.
Lincoln
FREEBURG
Barney
101.234
-
2M%
& Co., etal
Harris, Hall &
Co., et al
—At
Smith,
'
BONDS OFFERED FOR
INVESTMENT—The bonds were immediately
reoffered to the public at prices to
yield 1.00 to 3.75%,
according to maturity
and coupon. ■ A broad
demand greeted the
offering and the bankers reported
late Wednesday that the
entire issue had been sold.
Two syndicate bids were
received.
A group headed
by B. J. Van Ingen
&
a,bid of 98 55 for $8,600,000, due from 1941 to 1952,
as 4s; $11
200,000, due 1953 to 1960. as 3
Ms, and $8,360,000, due 1961 to
1965, as 3 Ms, or at a net interest cost to the
city of 3.7752%.
(The official advertisement of the
public offering appears on page viii
of this
150, p. 1969—were
$1,<*00,000 waterworks system certificates to Salomon Bros. & Hutzler of
New York as 2 Ms at par
plus $24,066 premium, equal to 101.337,
a basis of about
2.14%.
Dated Aug. 1, 1938 and due Aug. 1
as follows: $800,000 in 1954
and $1,000,000 in 1955.
1,300,000 waterworks system certificates went to First National Bank of
Chicago and R. D. White & Co. of New York, as agents, as
2 Ms. at par plus $16,048.50
premium, equal to 101.2345, a
basis of about 2.14%.
Dated April 1, 1940 and due April 1
as follows: $800,000 in 1953 and
$500,000 in 1954.
The
bonds
are
general obligations of
payable out of unlimited ad valorem taxes.
HONEY CREEK TOWNSHIP (P. O.
Reynolds), Ind.—BOND
OFFER¬
ING—August
10
a. m. on
Wiese, Township Trustee, will receive sealed bids until
April 15 for the purchsae of $46,000 not to exceed 4M % interest
bonds, divided
as
follows:
$21,000 school township bonds.
Due $500 July 1, 1941; $1,000 Jan. 1
and $500 July 1 from 1942 to 1954, incl., and
$1,000 Jan. 1, 1955.
25,000 civil township bonds.
Due Jan. 1 as follows: $1,500 from 1942 to
1957, incl., and $1,000 in 1958.
The
150
Volume
dated March 1, 1940.
Denoms. SI,000 and $500.
general obligation of the school and civil township, and
MARYLAND
All of the bonds will be
The bonds are the
levy such unlimited ad valorem taxes on its
taxable property as will be necessary to pay principal and interest of the
issue.
Each issue will be approved as to legality by Matson, Ross, McCord
& Ice of Indianapolis and legal opinion will be furnished the successful bid¬
each unit will be required to
der.
HUNTINGTON, Ind.—BOND SALE—The $27,000 sewer construction
150, p. 1970—were awarded to Raffensperger,
bonds offered March 28—V.
Hughes & Co. of Indianapolis as 2s at par plus a premium of
equal to 101.51, a basis of about 1.78%.
Dated March 1, 1940,
March 1 as follows:
$2,000 from 1941 to 1953 incl. and $1,500
Second high bid of 100.90 for 2s was made
Indianapolis.
$407.79,
and due
in 1954.
by the Fletcher Trust
Co. of
(P. O. Waldron), Ind.—BONDS
4% interest community building
1811—were not sold.
A new offering
has been announced and bids will be received by George W. Appel, Town¬
ship Trustee, until 7 p. m. on April 10.
CIVIL
LIBERTY
2145
Commercial & Financial Chronicle
TOWNSHIP
REOFFERED—The $32,800 not to exceed
bonds offered March 27—V. 150, p.
COTTAGE
CHASER
OF
CITY (P. O. Mount Ranier), Md.—ORIGINAL PUR¬
BONDS—The $17,500 ZM% improvement bonds recently
publicly offered by P. E. Kline, Inc., of Cincinnati—V.
were originally sold to the Prince Georges Bank & Trust
150, p. 1812—
Co. of Mount
Ranier at par.
O.-Rockville), Md.—BOND SALE-r-
MONTGOMERY COUNTY (P.
bond issues, aggregating $289,500 for which bids were re¬
26—V. 150, p. 1639—were awarded to a group composed of
Paine, Webber & Co., C. F. Childs & Co., both of Chicago, and Ellis &
Co. of Cincinnati, as 2.20s, at a price of 100.46, a basis of about 2.16%:
The following
ceived March
$214,500 Refunding bonds of 1940, series C, authorized by Chapter 158,
Laws of 1939.
Due April 1 as follows:
$4,500 in 1945; $10,000,
1946 to 1950, incl.*, $15,000, 1951 to 1954, incl. and $20,000 from
1955 to 1959, incl.
Bonds to be refunded mature in months of
June to September of this year.
Bonds may be issued in denoms.
of $500 or any multiple thereof at purchaser's option, registerable
as to
principal or as to principal and interest.
Principal and
interest payable from an ad valorem tax on all property in the
county.
MUNCIE, Ind.—WARRANT SALE—The
$98,000 warrants, including
$80,000 general fund and $18,000 park fund, all due March 23, bids for
which were received March 23—V. 150, p. 1812—were awarded to the
Merchants National Bank of Muncie at 0.625% interest.
The Albert
McGann Securities Co. of South Bend,
second high bidder,
named a rate of
0.75% plus $13 premium.
75,000 Coupon Kensington
ceeds as may not be
Parkway bonds of 1939. Such of th j pro¬
required for the proposed project are to be
turned over to Maryland-Nat. Capital Park and Planning Com¬
mission for general park purposes, as authorized by Chapter 133,
Bonds will mature $5,000 on April 1 from 1945 to
Bonds may be issued in denoms. of $100 each or
multiple thereof and may not be registered as to principal.
Principal and interest payable as maturing from an ad valorem
tax from the assessable property in that portion of the MarylandWashington Metropolitan District In Montgomery County or in
the event such tax shall prove insufficient, then from a general levy
upon the assessable property in Montgomery County.
All of the bonds will be dated April 1, 1940.
Other bids: Butcher &
Sherrerd, and Schmidt, Poole & Co., 100.038 for $214,500 2.30s and $75,000
2.10s; Phelps, Fenn & Co. and Charles Clark & Co., par for $214,500 2^s
and $75,000 2.40s; Halsey, Stuart & Co., Inc. and First of Michigan Corp..
100.422 for 2.30s; Alex. Brown & Sons and Blyth & Co., Inc., 100.77 for
Laws of 1939.
1959, incl.
any
IOWA
Iowa—MATURITY—It is now reported by the Town
Clerk that the $61,000 electric light and power plant revenue bonds sold to
the Carleton D. Beh Co. of Des Moines, as 3 Ms, at 100.45, as noted here—
V. 150, p. 1812—are due on Jan. 1 as follows: $3,000 in 1942: $4,000, 1943
to 1947; $5,000, 1948 to 1951, and $6,000 in 1952 to 1954: callable on Jan. 1,
1943, giving a basis of about 3.34%.
CASCADE,
DAYTON, Iowa—BOND SALE—The $3,000 sewer purifying plant bond8
on March 27—V. 150, p. 1812—were awarded to the Polk"
Corp. of Des Moines, as 3s, paying a premium of $5, equal to
100.166, a basis of about 2.97%.
Due $300 in 1941 to 1950 Incl.
offered for sale
Peterson
O. Jefferson), Iowa—BOND SALE—The
$220,000 primary road bonds offered for sale on March 26—V. 150, p.
1970—were awarded to Halsey, Stuart & Co., Inc., of Chicago, as 1Mb,
paying a premium of $2,351, equal to 101.0686, a basis of about 1.27%.
Dated April 1, 1940.
Due on May 1 in 1948 to 1950: optional on and
after May 1, 1945.
GREENE
Other bids
COUNTY
were
as
follows:
Prem.
$2,350
2,075
1,775
Rate
1M%
1 M%
1M%
Bidder—
Co
First National Bank, Chicago
Wheelock & Cummins, Des Moines
GRIMES INDEPENDENT SCHOOL DISTRICT
(P. O. Grimes)
Iowa—BOND SALE—The $10,000 registered school bonds offered for sale
1812—were awarded at public auction to the
Polk-Peterson Corp. of Des Moines, as 2s, paying a premium of $72, equal
to 100.72, according to the Secretary of the Board of Directors.
Other
March
21—V.
150,
p.
bids were:
Price Bid
of Other Bidders—
Names
2%—plus
2%—plus
2M%—Plus
Carleton D. Beh Co
Iowa Des Moines National Bank
Des Moines Bank <fe Trust Co
2M%—plus $106
Valley),
Vieth, Duncan & Wood
MISSOURI VALLEY SCHOOL DISTRICT (P. O. Missouri
SALE—The $35,000 building bonds offered for
Iowa—BOND
March
22—V.
150,
p.
$71
$45
$75
1812—were awarded to Paine,
sale on
Webber & Co. of
Chicago as 2s, paying par, according to the District Secretary.
Coupon bonds, registerable as to principal and interest.
Denom. $1,000.
Dated March 1, 1940. j.Due on March 1 in 1941 to 1960.
Interes tpayable
M-N.
WEBSTER COUNTY (P. O. Fort Dodge),
Iowa—BOND SALE—The
bonds offered for sale on March 25—V. 150,
1970—was awarded at public auction to Halsey, Stuart & Co. of Chicago,
as l\is, paying a price of 100.22, a basis of about 1.27%.
Dated Jan. 1,
1940.
Due on Jan. 1 in 1941 to 1950 inclusive.
$227,000 issue of funding
p.
KANSAS
CHEROKEE COUNTY (P. O. Columbus), Kan.—BONDS OFFERED
PUBLIC—A $50,000 issue of l%% coupon semi-annual poor relief
bonds is being offered by the Ranson-Davidson Co. of Wichita for public
TO
subscription at prices to yield from 0.40% to 1.50%, according to maturity.
Dated March 15, 1940.
Denom. $1,000.
Due Feb. 1 as follows:
$6,000
in 1941 to 1946, and $7,000 in 1947 and 1948.
Prin. and int. payable at
the State Treasurer's office, Topeka.
These bonds are offered by the
above
firm
mission.
subject
Legality
to
their
approved
rejection by the State School Fund Com¬
by Depew, Stanley, Weigand & Hook of
Wichita.
LIBERAL,
Can.—BONDS PUBLICLY OFFERED—An issue of
incl.
and 1942
Due $10,000 on April 1 from
notes.
50,000 municipal light department
1941 to 1945, incl.
1942.
28,000 playground notes.
Due $14,000 on April 1 in 1941 and
All of the notes will be dated April 1, 1940.
Denom. $1,000. Principal
and semi-annual interest payable at the Merchants National Bank of Bos¬
ton.
Notes will be certified as to their genuineness by the Director
Accounts, Department of Corporations and Taxation,
Massachusetts.
Second high bid of 100.41 for 0.75s was made by
of
Commonwealth of
the
First Boston Corp.
BEVERLY, Mass.—NOTE
March 27—V. 150, p.
Beverly National Bank of
Dec. 5, 1940.
named a rate
OFFERING—Albert P. Briggs, Town
Mass.—NOTE
BROOKLINE,
Treasurer, will
offered
SALE—The issue of $200,000 notes
1970—was awarded to the
0.067% discount. Dated March 28, 1940 and due
The National Shawmut Bank of Boston, second high bidder,
of 0.07%..
Boston, at
receive sealed bids until noon on
$500,000 revenue anticipation notes.
1940. Interest to be discounted.
April 1 for the purchase of
Dated April 1, 1940 and due Nov.
13,
DANVERS, Mass.—NOTE SALE—The Second National Bank of Bos¬
ton was awarded on March 25 an issue of $100,000 revenue notes at 0.078%
discount.
Due $50,000 each on Nov. 1 and Dec. 2, 1940.
The First Na¬
tional Bank of Boston, only other bidder, named a rate of 0.11%.
EASTHAMPTON,
offered March 27 was
Mass.—NOTE SALE—The issue of $150,000 notes
awarded to the Second National Bank of Boston at
0.139% discount.
Due Nov. 7, 1940.
Bank of Boston, 0.14%; Leavitt & Co.,
Bank of Boston, 0.189%; Blair & Co.,
Co.,
Other bids: Merchants
National
New York, 0.165%; First National
0.194%, and New England Trust
0.20%.
anticipation
EVERETT, Mass.—NOTE SALE— The $400,000 revenue
offered March 27—V. 150, p. 1970—were awarded to the National
Shawmut Bank and the Merchants National Bank, Doth of Boston, at
0.148% discount.
Dated March 27, 1940 and due $200,000
on Dec. 5.
1940.
Other bids: Second National Bank of Boston, 0.157%;
Bates, Converse & Co.. 0.16%; First National Bank of Boston, 0.165%.
notes
Nov. 20 and
GROTON, Mas a.—NOTE SALE— An issue of $45,000 notes
by the Merchants National Bank of Boston, at 0.09%
1940.
chased
bonds at prices to yield from 2.25% to 2.80%.
Due oD
$3,100 in 1943, and $3,000 in 1944 to 1949 incl-
Feb. 1 as follows:
Feb. 1, 1950: callable
bids were received until
Commissioner of Finance and
semi-annual public and civil
works projects bonds.
Dated March 15, 1940.
Denom. $1,000.
Due
March 15 as follows: $13,000 in 1941, $12,000 in 1942 and $10,000 in 1943
to 1945.
Prin. and int. payable at the fiscal agency of the city.
TOPEKA, Kan.—BONDS OFFERED—Sealed
KENTUCKY
OWENSBORO, Ky.—PRICE PAID—It is stated by the Secretary of
the Board of School Trustees that the $63,000 3% semi-ann. school building
revenue refunding bonds sold to Stein Bros. & Boyce of Louisville, and
associates, as noted here—V. 150, p. 1970—were purchased at a price of
102.50, a basis of about 2.70%,
Due on April 1 in 1941 to 1958 incl.
LOUISIANA
QUINCY, La.—BONDS SOLD—It is now reported that the $265,000
and light plant revenue bonds offered for sale unsuccessfully last
4s at par.
PARISH WATER DISTRICT NO. 1 (P.
O. ThiLa.—BOND ELECTION—It is said that elections have been
in order to have the voters pass on the issuance
of the following water bonds aggregating $1,200,000:
$600,000 revenue
and $600,000 general obligation bonds.
LAFOURCHE
bodaux),
scheduled for April 30,
PLAQUEMINE, La.—BOND SALE DETAILS—It is now stated that
$50,000 town bonds sold to Dane & Weil and Nusloch, Baudean &
noted here—V. 150, p. 1812—were purchased
as follows:
$11,000 as 3Ms due on March 1:
$1,000 in 1941 to 1949
and $2,000 in 1950: the remaining $39,000 as 3s due on March 1:
$2,000,
1951 to 1957; $3,000 in 1958 to 1964, and $4,000 in 1965, giving a basis
the
Smith, jointly at 100.022, as
of about 3.02%.
MAINE
BRUNSWICK, Me.—NOTE SALE—The issue of $50,000 notes offered
March 26 was awarded to Leavitt & Co. of New York at 0.2175% discount.
Dated March 26, 1940 and due Nov, 1, 1940s:' Other bids:
Bidder—
National Bank of Boston
Co
National Rockland Bank of Boston
Perrin, West & Winslow
Ma-chants
F. W. Home &
I
,
Discount
0.22%
0.235%
0.25%
0.28%
SALE— The $230,000 coupon
March 26—V. 150, p.
was pur¬
discount.
April 1, 1940 and due
1.16%. Dated
April 1 from 1941 to 1950 incl. Other
$23,000 on
^^Bidder—
& Co., Inc
Goldman, Sachs & Co
Harris Trust & Savings
municipal
1970—were awarded to Tyler &
100.456, a basis of about
1Mb, at a price of
Harriman Ripley
by Dean & Dean of
10:30 a. m. on March 29 by M. P. Jones,
Revenue, for the purchase of $55,000 1%
October, were sold recently as
HAVERHILL, Mass.—BOND
relief bonds offered
Co. of Boston, as
4,000 3M% bonds priced to yield 2.50%.
Due on
on Aug. 1, 1944.
Dated March 15, 1940.
Legality to be approved
Topeka.
water
$10,000 water notes.
Due $1,000 on April 1 from 1941 to 1950,
22,000 cemetery notes.
Due April 1, as follows: $3,000 in 1941
and $2,000 from 1943 to 1950, incl.
$25,100
Beecroft, Cole & Co. of Topeka, for
general investment, divided as follows:
W DE
MASSACHUSETTS
BELMONT, Mass.—NOTE SALE— The $110,000 coupon notes offered
March 25 were awarded to the Harvard Trust Co. of Cambridge as 0.75s,
at a price of 100.48, a basis of about 0.60%.
Sale consisted of:
Due Nov. 20,
refunding bonds is being offered by
$21,100 3M%
$214,500 2Mb and
bid 100.129 for
of Chicago
Co.
&
$75,000 2s.
(P.
Iowa-Des Moines National Bank & Trust
on
for 2J^s.
John Nuveen
-
Int. Rate
\Y\°/s
1 M%
Rate Bid
100.85
Bank
1 H%
J00.458
1M%
Boston
1M%
100.234
Chace, Whiteside & Symonds, and Shields & Co
1%%
100.805NORTON, Mass.—NOTE SALE—An issue of $60,000 notes was sold
to the First National Bank of Attleboro as follows:
$40,000 at 0.14%
discount and $20,000 at 0.19%.
Due in payments of $20,000 each on
July 18 and Sept. 18, 1940. and March 14, 1941.
Other bids: National
Shawmut Bank of Boston, 0.18%; Merchants National Bank of Boston,
Halsey, Stuart & Co., Inc
Bond, .Judge & Co
National Shawmut Bank of
0.24%; Jackson &
Curtis, 0.248%.
municipal relief
QUINCY, Mass.—BOND SALE—The $250,000 coupon
bonds offered March 27 were awarded to the Second National Bank of
Boston as Is at a price of 100.273, a basis of about 0.95% .
Dated April 1,
1940.
Denom. $1,000.
Due $25,000 on April 1 from 1941 to 1950, incl.
Principal and Interest (A-O) payable at the National Shawmut Bank of
Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of
Boston.
Other bidders: For 1 %—Tyler & Co., 100.155; Chace, Whiteside
& Symonds and Shields & Co., 100.139.
For VA%—Goldman, Sachs
Co. and Newton, Abbe & Co., 101.279; Estabrook & Co. and R. L. Day
A Co.. 101.18; Whiting, Weeks & Stubbs, Kidder, Peabody & Co. and
F. L. Dabney & Co.,
101.07; Harris Trust & Savings Bank, 100.888;
Halsey, Stuart & Co., 100.688, and First Boston Corp., 100-643.
&
Donahue, City
for the purchase
1, 1940. Denom.
inclusive. Bidder to
and inter<*t
(A-O) payable at the National Shawmut Bank of Boston.
Bonds will be
engraved under supervision of and authenticated as to their genuineness
by the aforementioned bank.
Legal opinion of Storey, Thorndike, Palmer
& Dodge of Boston will be furnished the successful bidder.
WARE, Mass.—MATURITY—The $16,500 public works notes awarded
to Tyler & Co. of Boston as 1Mb. at a price of 100.599—V. 150, p. 197Im¬
mature April 1 as follows:
$2,500 in 1941; $2,000 from 1942 to 1946 incl.,
SOMERVILLE, Mass.—BOND OFFERING—John J.
will receive sealed bids until 11 a. m. on April 1
Treasurer,
$150,000 coupon municipal relief bonds.
Dated April
$1,000.
Due $15,000 on April 1 from 1941 to 1950,
name rate of interest in multiples of
M of 1 %. Principal
of
and $1,000 from
1947 to 1950 incl.
Mass.—NOTE SALE—The issue of $200,000 notes offered
awarded to the Merchants National Bank of Boston, at
0.15% discount.
Due Dec. 18, 1940. The First National Bank of Boston,
only other bidder, named a rate of 0.16%.
WEBSTER,
March
28
was
WORCESTER, Mass.—NOTE SALE— The issue of $500,000
offered March 26 was awarded to the First National
notes
revenue
Bank of Boston,
The Commercial & Financial Chronicle
2146
at
0.10% discount.
Due $250,000 each on Dec. 23, 1940 and on Jan. 21,
1941.
Other bids:
Alex. Brown & Sons, 0.12%, plus $7 premium; Mer¬
chants National Bank of Boston, 0.13%; Day Trust Co., 0.135%; National
Shawmut Bank of Boston, 0.144%; State Street Trust Co.,
0.14%.
1941 to 1946.
1, 1940.
Denom. $1,000.
Due $15,000 on March 1 from 1941 to
1943 incl.
Kate or rates of interest to be expressed in multiples of 34 of
1%.
Principal and interest (M-8) payable at the City Treasurer's office.
The city is authorized and required by law to levy upon all taxable
property
therein such ad valorem taxes as may be necessary to pay the bonds and
ETHEL, Miss.—BOND OFFERING—It is stated by W. D. Cook,
Town Clerk, that he will receive sealed bids until 6 p. m. on April 2 for the
purchase of $20,000 not to exceed 6% semi-annual water works revenue
_
BAY CITY SCHOOL DISTRICT, Mich.—NOTE SALE—*The $83,000
bonds.
BUCHANAN, Mich.—BOND SALE—The $36,800
150,
p.
coupon bonds Offered
1971—were awarded to Stranahan, Harris & Co.
plus $86 premium, equal to 100.236, a basis of
1.17%.
Sale consisted of:
$31,800 paving bonds.
Due April 1 as follows: $6,000 from 1941 to 1944
incl. and $7,800 in 1945.
5,000 city's portion paving-bonds.
Due $1,000 on April 1 from 1941 to
1945 incl.
All of the bonds will be dated April 1, 1940.
*4»
was
made by John Nuveen &
DETROIT,
KANSAS
BOND
Cjo. of Chicago.
the date of maturity.
All tenders shall be in writing and shall be sealed.
Tenders shall show the purpose, the rate of interest, date of maturity, the
dollar value and the yield.
Tenders will be accepted on the basis of the highest net yield to the
city
computed from the dollar price.
The city reserves the right on bonds purchased, which are delivered sub¬
sequent to April 17, 1940, to pay accrued interest up to that date only.
as
of local banks
which purchased $5,000,000 notes at 0.50% as reported in V. 150,
p. 1971
—consisted of the National Bank of Detroit,
Manufacturers National
Bank, Detroit Bank, Commonwealth Bank and the Wabeek State Bank.
group
BONDS PURCHASED—Reporting on result of previous call for bonds on
March 26, the City Controller states that $168,309.29 were purchased at
an
yield of 3.278%.
average
GRAND
RAPIDS
AND
PARIS
TOWNSHIPS
FRACTIONAL
SCHOOL DISTRICT NO. 3 (P. O. East Grand Rapids),
Mich.—BOND OFFERING—Amos F. Paley, Secretary of the Board of
Education, will receive sealed bids until 7 p. m. on April 8 for the purchase of
GRADED
$18,000 not to exceed 334 % coupon refunding bonds. Dated May 1, 1940.
Denom. $1,000. Due $1,000 on May 1 from 1941 to 1958 incl. Rate or rates
of 1%. Principal and interest
(M-N) payable at the Michigan Trust Co., Grand Rapids. The district is
authorized and required by law to levy upon all taxable
property therein,
such ad valorem taxes as may be
necessary to pay the bonds and interest
thereof, without limitation as to rate or amount. Bids shall be conditioned
of interest to be expressed in
multiples of %
upon the unqualified opinion of Miller, Canfield, Paddock & Stone, of
Detroit, approving the legality of the issue and bonds.
The cost of such
opinion shall be paid by the district.
The district shall pay the cost of
printing the bonds.
Enclose a certified check for $360, payable to the
District Treasurer.
HANCOCK, Mich.—NOTE SALE—The $15,000 tax anticipation notes
offered March 25—V. 150, p. 1971—were sold in
equal amounts at 3%
interest to the Superior National Bank and the National Metals
Bank,
both of Hancock.
MICHIGAN (State of)—ASSESSMENT DISTRICT BONDS CALLED
—Murray D. Van Wagoner, State Highway Commissioner, announces that
various State assessment district
highway improvement refunding bonds
called for payment on May 1,1940, at
par and accrued interest.
Bonds
with May 1 and subsequent
coupons attached should be presented for pay¬
CITY
SCHOOL
OFFERING—We
paying agent specified in the bond.
MONROE COUNTY (P. O. Monroe), Mich.—NO BONDS TENDERED
—F. E.
Gillespie, Clerk of the Board of County Commissioners, reports
that failure to receive tenders of
higway improvement bonds, dated March 1,
1939, was not unexpected, as the call was published solely in compliance
with the law.
OAKLAND COUNTY (P. O.
Pontiac), Mich.—BOND CALL—The
Board of County Road Commissioners has issued a call for
redemption on
May 1, 1940, at par and accrued interest, of various numbered road assess¬
ment district bonds of the
following issues:
Highway improvement dated
Nov. 1, 1935, in $1,000 and $500
denom., due Nov. 1, 1958; and highway
improvement refunding, dated April 15, 1939, and due
May 15, from 1956
to 1958, incl.
Bonds will be redeemed at the Detroit Trust
Co., Detroit.
PARIS-WYOMING
TOWNSHIP
FRACTIONAL
SCHOOL
DIS¬
TRICT NO. 6 (P. O. Grand
Rapids), Mich.—BOND OFFERING—Frank
Rackett, District Secretary, will receive sealed bids until 8 p. m. on
April 1
for the purchase of $15,000 not to exceed
534 % interest coupon school bonds.
Dated March 15, 1940. Denom.
$1,000. Due $5,000 on March 15 from 1941
to 1943 incl.
Rate
or
rates of interest to be
expressed in
Principal and interest
multiples of 34 of
(M-S) payable at the District Treasurer's
office.
The district is authorized and
required by law to levy upon all
taxable property therein, such ad valorem taxes as
may be necessary to pay
the bonds and interest thereon within
the limitation
&
prescribed by the State
Legal opinion shall be furnished by Miller, Canfield, Paddock
Stone, of Detroit, to be paid for by the purchaser, and the cost of
printing
Enclose
a
certified check
bonds, payable to the District Treasurer.
ROYAL
OAK
TOWNSHIP
SCHOOL
DISTRICT
NO.
7
(P.
O.
1940.
Prin. and int.
lawful money.
These
and 5% bonds dated
livered to purchasers
Offerings
particulars.
MINNESOTA
of coupon semi-ann.
municipal all-sports stadium bonds offered for sale on March
27—V. 150, p.
1971
was
awarded to Halsey, Stuart &
Co., Inc. of Chicago, as 114s,
paying a price of 100.308, a basis of about
1,45%. Dated May 1, 1940. Due
on May 1 in 1943 to 1950 incl.
/
..BONDS OFFERED FOR INVESTMENT—The
1.60%, according to report.
The following is an official list
successful bidder reoffered
at prices to yield from 0.70% to
payable at the Guaranty Trust Co., New York, in
bonds will be issued to refund a like amount of 434 %
July 1, 1921, and due July 1, 1941, and will be de¬
upon surrender for cancelation of equal amounts of
being refunded and which are not subject to call for redemption
maturity is to be paid in full by the district.
The
bonds will constitute general obligations or the district, payable as to both
principal and interest from ad valorem taxes which may be levied without
limit as to rate or amount upon all taxable property within the territoria 1
limits of the district.
The bonds will be available for delivery to the pur¬
chaser on or before May 1, but the bonds will be delivered from time to
time only as and when an equal principal amount of the bonds
being
refunded, dated July 1, 1921, are presented, either at the*Guaranty Trust
Co., New York, or at the First National Bank, Kansas City.
Except with
the consent of the District Treasurer, the exchanges aforesaid shall be made
in blocks of not less than $100,000
principal amount of bonds, and the
refunding bonds delivered to the purchaser in any block shall be specified
by the purchaser, provided, however, that the average maturity date of
all such bonds in any block shall be the same as the average
maturity date
of the entire issue of refunding bonds.
Lithographed bonds properly ex¬
ecuted and duly registered by the State Auditor will be furnished by the
district without cost to the purchaser, and the bonds will be sold subject to
the legal opinion of Bowersock, Fizzell & Rohodes of Kansas
City, whose
final, unqualified approving opinion will be furnished and paid for by the
district.
The legality of the proceedings authorizing the bonds will be also
approved by McCune, Caldwell & Downing of Kansas City, attorneys for
the district.
All bids must be made on forms which may be procured from
the District Treasurer.
Enclose a certified check for $50,000 payable to
but
on
which interest to
the District Treasurer.
ST.
JAMES, Mo.—PRICE PAID—It is stated by the City Clerk tha
sewer and water works system bonds sold to the
Mississipp
Valley Trust Co. of St. Louis, as reported here—V. 150, p. 1972—were
purchased as 234s, paying a premium of $80.40, equal to 100.335, a basis
of about 2.46%.
Due $2,000 on Feb. 15 in 1944 to 1955 inclusive.
the $24,000
MONTANA
MISSOULA COUNTY HIGH SCHOOL DISTRICT (P. O.
Missoula)»
Mont.—BOND OFFERING—It is stated by W. J. Babington, Clerk of the
Board of County Commissioners, that he will receive sealed bids until 10 a. m •
on April 4, for the purchase if
$122,355.46 not to exceed 4.10% semi-annual
refunding bonds.
Dated July 1, 1940.
Amortization bonds will be the
first choice and serial bonds will be the second choice of the 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 County
Commissioners may determine upon at the time of sale, both
principal and
interest to be payable in semi-annual instalments during a period of 10
years
from date of issue.
NEBRASKA
BRUNING, Neb.—BONDS SOLD— It is stated that $2,500 3*4%
semi-annual auditorium purchase bonds have been sold to H. B.
Jennings
of
Davenport.
Dated March
Chicago
Chicago
Paine, Webber Co., Duluth
First and American National
Bank, Duluth
KERKHOVEN, Minn.—BONDS
Due
on
March
1,
1950; optional
HEBRON, Neb.—BOND SALE DETAILS— It is stated by the City
the $13,500 234% semi-annual sewer bonds sold to Greenway
Clerk that
&
Co. of Omaha at 100.74, as noted here—V. 150, p. 1972—are due on
April 1 as follows: $500 in 1942 and $1,000 in 1943 to 1955, giving a basis of
about 2.40%.
NEW
HAMPSHIRE
NASHUA, N. H.—NOTE SALE—The $200,000 notes offered March
were
26
awarded to the Indian Head National Bank of
Nashua, at 0.1399%
Dated March 27, 1939 and due on Feb. 3, and Feb. 17, 1941.
Leavitt & Co. New York, second high bidder, named a rate of
0.1625%.^
discount.
NEW
ATLANTIC HIGHLANDS,
JERSEY
N. J.—BONDS SOLD—An issue of $8,000
3 24% filtration plant bonds was sold to the Atlantic Highlands National
Bank.
Due on Aug. llfrom 1940 to 1947, incl.i*i»fc*
!■»,
arlfcfc"
K
1H%
"
IIIII
I
TEACHERS' FUND—The $372,000 334% higlT school addition bonds
authorized by the voters at an election last December have been offered
to
the State Teachers' Pension and
Annuity Fund.
Should the fund
refuse
to purchase the obligations, they will be offered at
public sale at
date.
Due on April 1 from 1942 to 1961, incl.
BORDENTOWN,
relief bonds
was
N.
sold to
Premium
$231.00
114%
114%
66 75
124%
1.6%.
an
early
J .—BONDS SOLD—An issue of $6,500 334%
Sinking Fund Commission at par.
Denom.
$1,500 from 1940 to 1942 incl., and $1,000
the
$500.
Due Dec. 30 as follows:
1943 and 1944.
0
Rate
o
ENGLEWOOD,
N. J.—NOTE SALE—An issue of $80,000 2% tax
anticipation notes, dated March 20, 1940, and due May 20, 1940, was sold
in amounts of $40,000 each to the Palisades Trust &
Guaranty Co. and the
Citizens National Bank, both of Englewood.
833 00
29 25
10!00
TO BE SOLD—It is stated
by the Vil¬
lage Recorder that $50,000 3% semi-annual
municipal auditorium bonds
approved by the voters on March 19, will be sold to the
State.
Due in
from 5 to 20 years.
1, 1940.
after March 1, 1942.
in
of the bids received:
Name of Bidder—
Halsey Stuart Co., Chicago
John Nuveen & Co.,
Northern Trust Co.,
(P. O. Kansas City), Mo.—
C. W. Allendoerfer, District
"BERGENFIELD~SCHOOfDl'STRICt7~N. J^FFERsTbOND~TO
DULUTH, Minn.—BOND SALE—The $75,000 issue
\hcr?J?oye boi>ds for general subscription
by
the bonds
Berkley Branch, Royal Oak), Mich.—TENDERS WANTED—Edward
P^htn, Secretary of the Board of Education, will receive sealed tenders of
1937 certificates of
indebtedness, dated Sept. 1, 1937, until 8 p. m. on
April 8. About $3,000 is available for
purchase of such obligations.
should be firm for two days and state full
DISTRICT
informed
be considered.
Tn considering proposals submitted, consideration will be
given to price offered and to the period for which the bidder is to be com¬
mitted.
Any bidder may submit more than one proposal at different prices
and for different periods of commitment, not less, however, than to June 4,
Constitution.
the bonds shall also be
paid for by the purchaser.
for 2% of the total par value of the
are
ceived for either of the above rates of interest but all of the bonds shall bear
the same interest rate and no bid for less than par and accrued interest will
are
ment to the
Dec. 5, and
City, until 11 a. m. on April 4, for the purchase of a $5,000,000 issue of 2*4
or
234% coupon semi-annual refunding bonds.
Dated April 1, 1940.
Denom. $1,000.
Due April 1, as follows:
$230,000 in 1948, $180,000 in
1949, $145,000 in 1950, $210,000 in 1951, $305,000 in 1952, $355,000 in
1953, $350,000 in 1954, $435,000 in 1955, $460,000 in 1956, $550,000 in
1957 and 1958, $600,000 in 1959, and $630,000 in 1960.
Bids will be re¬
offered at par or less than par; yield shall be computed to
DETROIT, Mich.—NOTE PURCHASERS— The
on
Treasurer, that he will receive sealed bids at First National Bank in Kansas
Mich.—TENDERS
the fourth call date.
are
authorized at the election held
MISSOURI
Second high bid of 100.046
WANTED—Donald Slutz, City Con¬
troller, will receive sealed tenders until 10 a. m. April 10 (to remain firm
until 3 p. m. the following day) of callable
refunding bonds in the amount
of about $250,000, under the following conditions:
If callable bonds are offered at a premium:
(a) when the interest rate
is 434% or higher, the yield shall be
computed to the first call date; (b)
when the interest rate is less than 4 *4
%. the yield shall be computed to
If bonds
were
WALTHALL COUNTY (P. O. Tylertown) Miss.—PRICE PAID—It is
stated by the Clerk of the Chancery Court that the $19,500 3 24 % semi-ann.
funding bonds sold to the Tylertown Bank, as noted here—V. 150, p. 1813—
were purchased at par.
Due on March 1 in 1941 and 1942.
par
about
for 1
These bonds
issued under authority of Section 2482, Chapter 50, Laws of 1930.
Legality approved by G. J. Thornton of Kosciusko.
are
$8,000 from 1941 to 1949, incl., and $11,000 in 1950
134s. at
certified check for 10% of
well, City Clerk, that she will receive sealed bids until April 23 for the pur¬
by the voters at an election held
coupon Farragut School notes offered March 25—V. 150, p. 1971—were
awarded to the Bay City Bank.
Dated Jan. 1, 1940 and due Jan. 1 as
27—V.
a
chase of $60,000 school bonds, approved
on March 19, by a count of 321 to 7.
Treasurer.
March
Enclose
MISSISSIPPI
certified check for 2% of the par value of the bonds, payable to the City
of Toledo, as
the city.
DURANT, Miss.—BOND OFFERING—It is stated by Mrs. C. W. Cress-
Purchaser shall
to rate or amount.
pay cost of printing and furnishing bonds. Bids shall be conditioned upon
opinion of City Attorney. Cost of such opinion shall be paid by city. Enclose
follows:
March 7,
undertaken by and at the expense of the bidder in consultation with the
city, but at no expense to
the amount of the bid.
March
a
on
are general obligations of the city.
Any opinion as to the legality of
the bonds which may be desired is to be furnished by and at the expense
of the bidder, and not by the city, and the printing of the bonds shall be
BAY
CITY,
Mich.—BOND OFFERING— O. A.
Kasemeyer,
City
Comptroller, will receive sealed bids until 7 p. m. on April 2 for the purchase
$45,000 not to exceed 3% interest coupon emergency bonds.
Dated
•
These bonds were authorized at an election held
and
of
as
1940
SHAKOPEE, Minn.—BOND OFFERING— Sealed bids will be received
until 5 p. m. (to be opened at 8 p. m.), on April 5, by William J. Thiede,
City Recorder, for the purchase of $30,000 214 % coupon semi-ann. water
system bonds.
Denom. $1,000. Dated May 1, 1940. Due $5,000 May 1,
MICHIGAN
interest thereon, without limitation
March 30,
FAIR LAWN SCHOOL DISTRICT, N. J.—BOND SALE—The $63,000
bonds offered March 21—V. 150, p. 1814—were
Monell & Co., New York City, as 3s, at par plus a
premium of $363.51, equal to 100.577, a basis of about 2.93%.
Dated
April 1, 1940 and due April 1 as follows: $4,000 from 1942 to 1947, Incl.,
and $3,000 from 1S48 to 1960, incl.
Other bids were as follows:
coupon or registered school
awarded to Minsch,
The Commercial
150
Volume
Rate Bid
Int. Rate
3%
3X%
Bidder—
Co
J. B. Hanauer &
Fairlawn-Radburn Trust Co
100.423
101.18
101.03
101.00
100.70
100.52
100.42
3 34%
Campbell & Co
3 34%
Inc
B. J. Van Ingen & Co.,
II. B. Boland & Co__.
3M%
3 34%
H. L. Allen & Co
3 34%
Colyer. Robinson & Co
334%
J. S. Rippel &
Co
100.27
COUNTY (P. O. Jersey City), N. J.—PROPOSED RE¬
FUNDING—The Board of Freeholders set April 2 as the date for
hearing of a resolution authorizing $872,000 maternity hospital and
005,000 nurses' home bonds.
They will be offered for sale in the latter
part of April.
Maturity schedule will probably be as follows:
in 1940 and 1941; $50,000, 1943; $55,000, 1944 and 1945; $65,000 from
1946 to 1969 incl., and $67,000 in 1970.
HUDSON
final
$1,-
$45,000
CITY,
N.
J.—FINANCIAL STATEMENT ISSUED—
MacBride, Miller & Co., Newark, have prepared a report on the financial
condition of the city as of Feb. 29, 1940.
The data includes figures on
assessed valuation, funded and temporary debt, sinking funds and tax
collections since 1937.
JERSEY
OFFERING—
Edgar G. Weart, County Treasurer, will receive sealed bids until 2 p.m.
on April 9 for the purchase of $329,000 not to exceed 6% interest coupon
or registered improvement bonds.
Dated April 1, 1940. Denom. $1,000.
Due April 1 as follows: $15,000 from 1941 to 1954 incl.; $20,000 from 1955
to 1959 inci. and $19,000 in 1960.
Bidder to name a single rate of interest,
expressed in a multiple of 34 of 1 %.
The sum required to be obtained at
sale of the bonds is $329,000.
Principal and interest (A-O) payable at
MERCER
COUNTY
(P.
O.
Trenton),
N. J.—BOND
Bank, Trenton.
The bonds are unlimited
and the approving legal opinion of Hawkins,
York City will be furnished the successful
certified check for 2% of the bonds offered, payable to order
the
First Mechanics National
tax
obligations of the county
Delafield & Longfellow of New
A
bidder.
of the county,
is required.
MIDDLESEX
COUNTY
(P.
New
O.
Brunswick), N. J .—BOND
will receive sealed bids
OFFERING—William A. Allgair, County Treasurer,
until 2 p. m. on April 4, for the purchase of
interest coupon or registered bonds, divided as
$524,000 not to exceed 6%
follows:
$108,000 improvement bonds. Due April 15 as follows: $5,000 from
to 1952, incl. and $6,000 from 1953 to 1960, inclusive.
269,000 improvement bonds.
Due April 15 as follows: $17,000 from
to 1953, incl. and $16,000 from 1954 to 1956, inclusive.
147,000 county vocational school, series 7 bonds.
$3,000 from 1941 to 1953, incl. and $4,000
1941
1941
Due April 15 as follows:
from 1954 to 1980, incl.
A certified
is
obligations of the school district, payable from unlimited taxes.
check for $200, payable to order of Emily Beale, District Treasurer,
required.
Legal opinion of Kenefick, Cooke, Mitchell, Bass &
worth of Buffalo will be furnished the successful bidder.
Letch-
COHOES, N. Y.—BOND SALE—The $134,554.86 coupon or registered
offered March 26—V. 150, p. 1972—were awarded to George B.
Inc., and Roosevelt & Weigold, Inc*, both of New York,
jointly, as 2.20s, at a price of 100.121, a basis of about 2.18%.
Sale con¬
bonds
Gibbons & Co.,
sisted of:
$49,554.86 home relief bonds.
Due April 1 as
and $5,000 from 1942 to 1950, incl.
85,000.00 refunding bonds.
to
cessful
Other bids:
because of
at
1949
the
registered
purchase of $15,000 not to exceed 6% interest coupon or
improvement bonds.
Dated Feb. 1, 1940. Denom.
1 as follows: $2,000 from 1941 to 1947, incl., and $1,000 in
Principal and interest (F-A) payable at the
Chestertown.
The bonds are unlimited tax obligations of the district.
the
agent for the
LARCHMONT,
$150,667, the
tered bonds offered
York.
women's
Re-offered to yield
tory units will be serial coupon bonds
security for the payment of principal
sponsor's
a
Federal agency.
Municipal Bonds
-
Government Bonds
NEW YORK, N. Y.
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
from 0.20% to
County Trust
Co. of White Plains
Manufacturers & Traders
Graves & Co
Marine Trust Co. of Buffalo
;
LOCKPORT, N. Y.—BOND
H. L.Allen &
YORK
AMHERST COMMON SCHOOL DISTRICT NO. 13 (P. O. Snyder),
N. Y.—BOND OFFERING—Arthur E. Popper, District Clerk, will receive
sealed bids until 4 p. m. on April 3 for the purchase of $11,000 not to exceed
interest
Dated April
coupon
1, 1940.
or
registered debt equalization bonds, 1940 series.
1, 1946. Bidder to name a
Denom. $1,000. Due Nov.
a multiple of
M of l-10th of 1%. Prin¬
at the Manufacturers & Traders Trust
York exchange. The bonds are general obligations
from unlimited taxes-. A certified check for $220,
payable to order of Joseph L. Sauter, District Treasurer, is required. Legal
opinion of Kenefick, Cooke, Mitchell. Bass & Letch worth of Buffalo will be
Co., Buffalo, with New
of the district, payable
furnished the
successful bidder.
AMHERST COMMON SCHOOL DISTRICT NO. 18 (P. O. Snyder),
Y.—BOND OFFERING—A. F. Glassman, District Clerk, will receive
sealed bids until 4 p. m. on April 3 for the purchase of $10,000 not to exceed
N.
series.
interest coupon or registered debt equalization bonds, 1940
April 1, 1940.
Denom. $1,000.
Due Nov. 1, 1949. Bidder to
name a single rate of interest, expressed in a multiple of M or 1-10th of 1 %.
Principal and interest (M-N) payable at the Snyder office of the
Trust Co. of Buffalo, with New York exchange.
The bonds are general
5%
Dated
Co. and Gordon
1.70%
^
Rate Bid
Par
1.90%
and R. D. White & Co..
J-90%
Union Securities Corp. and Roosevelt & Weigold, Inc.
1.90%
100.022
Halsey, Stuart & Co., Inc
—
2%
100.319
Estabrook & Co. and Kean, Taylor & Co.
2%
100.13
C. F. Childs & Co. and F. W. Reichard & Co
2.10%
100.222
Campbell, Phelps & Co. and Sherwood & Co
2.20%
100.53
Kidder, Peabody & Co. and Bacon, Stevenson & Co.
2.20%
100.389
A. C. Allyn & Co., Inc., and E. H. Rollins & Sons, Inc
2H%
100.288
LITTLE VALLEY, N. Y.—BONDS VOTED—D. J. Bushneil, Village
Clerk, reports that the proposal to issue $20,000 municipal building and
fire hall bonds was approved by the voters at an election on March 19.
Union
5%
Trust
Other
maturity.
Int. Rate
—-
SALE—The $82,500 coupon or
Traders Trust Co
Co
Gibbons & Co., Inc
Securities Corp
George B.
single rate of interest, expressed in
cipal and interest (M-N) payable
1.90%, according to
bids:
Bidder—
Manufacturers &
Bell
NEW
,
registered
1814—were awarded to
both of New York,
about 1.17%.
1941; $8,000 from 1942
bids: m
Bidder—
Int. Rate
Rate Bid
Marine Trust Co. of Buffalo and R.D. White & Co.
1.40%
Kidder, Peabody & Co
1.40%
F. W. Reichard & Co
*
1A()%
1^0.23
Blair & Co., Inc
1.40%
- }9R-2}5
First National Bank of Chicago
1.40%
100-11
Halsey, Stuart & Co., Inc
1.40%
J00.098
Tilney & Company
BEAVER STREET
Int. Rate
•
improvement bonds offered March 26—V. 150, p.
Compbell, Phelps & Co., Inc. and Sherwood & Co.,
jointly, as 1.20s, at a price of 100.137, a basis of
April 1, 1940 and due April 1 as follows: $7,500 in
to 1947, incl. and $9,000 from 1948 to 1950, incl.
Other
Housing Authority Bonds
76
,
& Co
-
Regents of the University, through Tom L. Popejoy, Comptroller, for the
purchase of the following bonds, aggregating $110,000.
$44,000
dormitory, "A," $44,000 men's dormitory, "B," and $22,000 cooperative
men's dormitory, "C" bonds.
The bonds issued pursuant to Chapetr 177
of the Laws of New Mexico of 1939 for the construction of the three dormi¬
Interets during the
of the bond issues.
*abor and material win be supplied by the Works
„
Rate, Bid
2.20%
Manufacturers & Traders Trust Co
2M%
100.27b
Roosevelt & Weigold, Inc
.23^%^
100.14
A. C. Allyn & Co., Inc
2H%
F. W. Reichard & Co
2.60%
100.29
LEWISBORO,
BEDFORD AND POUNDRIDGE UNION
FREE
SCHOOL DISTRICT NO. 1
(P. O. South Salem), N. Y.—BOND
SALE—The issue of $150,000 coupon or registered school bonds offered
March 28—V. 150, p. 1973—was awarded to George B. Gibbons & Co.,
Inc., of New York as 1.70s at a price of 100.147. a basis of about 1.68%.
Dated Nov. 15, 1939, and due $10,000 on Nov. 15 from 1940 to 1954, incl.
Ira Haupt
UNIVERSITY OF NEW MEXICO— BOND OFFERING—Sealed bids
until 10 a. m. on April 15, by the Business Office of the
bonds will be used for the
Re-offered by the purchasers to
Other bids:
Bidder—
contribution in the construction of three dormitories.
construction period win axso be paid from the proceeds
Principal
Bank & Trust Co., New
& Moore of New York
yield from 0.50% to 2.20%, accord¬
(A-O) payable at the Central Hanover
Legality approved by Dillon, Vandewater
and interest
ing to maturity.
each issue.
1950, incl.
1941 to 1945, incl.
1941
$10,000 water bonds.
Due $1,000 on April 1 from
to
5,000 equipment bonds.
Due $1,000 on April 1 from
All of the bonds will be dated April 1, 1940.
Denom. $1,000.
MEXICO
proceeds from the sale of these
of*
gale
will be received
funds for
regis¬
& Co,,
of about 2.14%.
N. Y.—BOND SALE—The $15,000 coupon or
March 28 were awarded to George B. Gibbons
2.20s, at a price of 100.27, a basis
Inc., New York, as
in denominations of $1,000, and the
and interest will be based upon the
net operating revenues of each of the new units.
The interest will be paid
semi-annually and the principal annually.
The bonds cannot be called
before maturity prior to 1952.
The principal and interest will be paid at
the office of the State Treasurer in Santa Fe.
It is requested that all the
bidders submit their proposals on the basis of (a) lowest rate of interest
and premium, if any, above par at which the bidder will purchase the bonds;
(b) the lowest rate of interest at which the bidder will purchase the bonds
at par.
The State law provides a maximum of 4% interest on these bonds.
The bid proposal should be accompanied by a certified check upon some
solvent bank, payable to the Regents of the University of New Mexico,
which certified check shall be in a sum of not less than 5% of the bid for
Due
1948.
Chester-Schroon-Horicon Bank,
Feb.
DISTRICT (P. O. Santa Fe) N. Mex.—PRICE
PAID—It is now reported that the $140,000 234% semi-annl school bonds
sold to Boettcher & Co. of Denver, as noted here—V. 150, p. 1814—were
purchased at par. Due $10,000 on July 1 in 1941 to 1944 incl.
Administration,
$1,000.
series 2
SANTA FE SCHOOL
Progress
2.50%
a
City.
The remaining
2.40%
2.50%
D. White & Co.
expressed
(A-O) payable
The
unlimited
of the
town, must accompany each proposal.
Legal opinion of Dillon, Vande¬
water & Moore of New York City will be furnished the successful bidder.
HORICON, CHESTER AND HAGUE CENTRAL SCHOOL DIS¬
TRICT NO. 1 (P. O. Brant Lake), N. Y.—BONDS OFFERED—Earle Per¬
sons, District Clerk, will receive sealed bids until 1 p. m. on March 29 for
in
to report.
authorized to function in the city.
The
Co.,
and 1950.
Bidder to name a single rate of interest,
multiple of M or 1-10 of 1%.
Principal and interest
Union Trust Co. of Rochester, with New York exchange.
bonds are direct general obligations of the town, payable from
ad valorem taxes.
A certified check for $640, payable to order
in
3.—REQUESTS SUPERVISION OF
NEW
and B. J. Van Ingen &
on
AFFAIRS—
asking that the Local
the city's finances
its inability to meet obligations which have matured, according
At a special organization meeting on March 18 the Board was
SOMERS POINT, N.
100.1213
100.10
100.30
100.26
CRAWFORD,
SHAWANGUNK,
MONTGOMERY, WALLKILL
AND MAMAKATING CENTRAL SCHOOL DISTRICT NO. 1 (P. O.
Goshen), N. Y.—BONDS AUTHORIZED—Philip A. Rorty, attorney
for the district, reports that the Board of Education passed a resolution
March 20 authorizing an issue of $243,000 school site and building bonds.
FAIRVIEW FIRE DISTRICT (P. O. White Plains), Town of Greenburgh, N. Y.—BONDS OFFERED—Charles J. Young, District Treasurer,
received sealed bids until 4 p. m. on March 29 for the purchase of $19,000
coupon or registered not to exceed 6 % interest fire apparatus bonds.
Dated
March 1, 1940.
Denom. $1,000.
Due Sept. 1 as follows: $2,000 from
1940 to 1948, incl., and $1,000 in 1949.
Prin. and int. (M-S) payable at
the First National Bank of Elmsford.
The bonds are general obligations
of the district, payable from unlimited taxes on all of its taxable property.
Legality approved.by Dillon, Vandewater & Moore of N. Y. City.
FORT EDWARD, N. Y.—BONDS VOTED—An issue of $5,500 fire
department bonds was authorized at an election on March 19.
GREECE (P. O. 2505 Ridge Road West, Rochester), N. Y.—BOND
OFFERING—Hugh T. Hughes, Town Clerk, will receive sealed bids until
3:30 p.m. on April 11 for the purchase of $32,000 not to exceed 5% interest
coupon or registered home relief bonds.
Dated April 1, 1940. Denom.
$1,000.
Due April 1 as follows: $3,000 from 1941 to 1948 incl. and $4,000
petition was filed in the New Jersey Supreme Court
Government Board be directed to assume control of
A
Rate Bid
2.20%
Rollins & Sons,
Inc____
Bacon, Stevenson & Co_
Marine Trust Co. of Buffalo and R.
BERGEN TOWNSHIP (P. O. North Bergen), N. J.—
BONDS PURCHASED—In connection with the call for tenders of 4-434 %
refunding bonds, dated Dec. 1, 1936, due Dec. 1 1975—V. 150, p. 1814—
National Bank of Jersey City, fiscal
bonds were purchased for
Co., Inc., and E. H.
Goldman, Sachs & Co.
NORTH
County
Int. Rate
Bidder—
$4,000
Hudson
$10,000 from 1942
1949fIncl., and $5,000 in 1950.
dated April 1, 1940 and were reoffered by the suc¬
bidders at prices to yield from 0.50% to 2%, according to maturity.
A. C. Allyn &
Inc.__.
dated April 1, 1940. Denom. $1,000. The entire
$524,000 bonds will be sold as constituting a single issue and the amounts
due each year on April 15 are as follows:
$25,000 from 1941 to 1952, incl.;
$26,000 from 1953 to 1956, incl.; $10,000 from 1957 to 1960, incl ;
from 1961 to 1980. incl.
Bidder to name a single rate of interest, expressed
in a multiple of 34 or l-10th of 1%.
Principal and interest (A-O) payable
at the County Treasurer's office.
On any bonds registered as to principal
and interest, the interest will, at the request of the holder, be remitted by
mail in New York exchange.
Only bids for all of the bonds will be con¬
sidered.
A certified check for 2% of the bonds bid for, payable to order of
the County Treasurer, is required.
Legal opinion of Caldwell & Ramyond
of New York City will be furnished the successful bidder.
township, reports that $167,800
maximum price paid being 89.90.
follows: $4,554.86 in 1941
Due April 1 as follows:
All of the bonds are
All of the bonds will be
the
2147
& Financial Chronicle
Marine
1-40%
1.40%
1.50%
1.50%
100.089
100.02
100.18
100.0^
H. Bull,
the First
27, 1940,
••
i
NEW YORK, N. Y.—BORROWS $45,000,000 ON REVENUE BILLS—
Comptroller Joseph D. McGoldrick sold on March 26 an issue of $45,000,000
revenue bills at an interest rate of 0.25%.
The bills, dated March 27,
1940 and due May 3 1940 were sold on allowwnt to the usual group of 26
banks and trust companies in the city.
.«•> *em
4
NEW YORK CITY HOUSING AUTHORITY, N. Y.—$41,000,000
NOTES SOLD—The issue of $41,000,000 notes offered March 26—V. 150,
1973—was awarded as follows.
$39,000,000 at 0.43% interest to a large
banking group managed by the Chemical Bank & Trust Co. of New York,
and including Chase riationai Bank, National City Bank, Guaranty Trust
Co.
Bankers Trust Co., and the Manufacturers Trust Co., all of New York.
The remaining $2,000,000 went to 8alomon Bros. & Hutzler of New York
at
rate of 0.375%.
All of the notes are dated April 2, 1940 and mature
Oct. 2, 1940.
Proceeds of the financing will be used by the housing auth¬
ority to repay advances made by the United States Housing Authority,
liquidate accrued Interest and to finance new construction outlays in the
•MAMARONECK (Village of), N. Y.—NOTE SALE— F.
Village-Clerk-Treasurer, reports the sale of $250,000 notes to
National Bank of Boston at 0.28% interest.
Dated March
and payable July 8. 1940.
a
amount
of $11,000,000.
The Commercial & Financial Chronicle
2148
PALENV1LLE FIRE DISTRICT (P. O.
Palenville), N. Y.—BOND
SALE—Tbe $4,000 registered fire apparatus bonds offered March 15—
V. 150, p. 1815—were awarded as 4s to George Jezsik of Catskil1.
Dated
March 15, 1940, and due $1,000 on March 15 from 1941 to 1944
Incl.
The bonds bear interest at rate of
3.90%.
ROTTERDAM (P* O. Vinewood Ave., R. D. 5,
Schenectady), N. Y.
Owen, Town Clerk, will receive sealed bids
2 p. m. on April 9, for the purchase of $356,397 not to exceed
5%
interest coupon or registered bonds, divided as follows:
$75,000 improvement bonds.
Denom. $1,000.
Interest A-O.
Due April 1
$8,000 in 1941; $9,000, 1942; $11,000 in 1943 and 1944;
$6,000 from 1945 to 1950, inclusive.
225,000 Sewer District No. 2 bonds.
Denom. $1,000.
Interest J-J.
Due
follows:
as
Jan.
1 as follows:
$7,000 from 1941 to 1944, incl.; $8,000, 1945 to
1948, incl.; $9,000 from 1949 to 1953, incl. and $10,000 from 1954
to 1965, Incl.
General obligations of the town, payable primarily
from taxes and assessments upon the lots and parcels of land within
the district especially benefited by the improvement, but if not
paid from such levy, then all of thertown's taxable property will be
subject to levy or unlimited ad valorem taxes in order to pay
principal and interest on the issue.
relief bonds.
One bond for $397, others $1,000 each.
Int.
A-O.
Due April 1 as follows:
$4,397 in 1941; $5,000 in 1942 and
1943 and $6,000 from 1944 to 1950, incl.
56,397
SMITHTOWN
CENTRAL
SCHOOL
DISTRICT
Kings Park), N. Y.—BOND SALE—The $68,750
NO.
5
(P.
O'
registered
150, p. 1815—'were awarded to Compbell, Phelps & Co., and Sherwood & Co., both of New York, Jointly, as
2.30s, at a price of 100.51, a basis of about 2.26%.
Dated March 1, 1940
and due March 1 as follows: $2,750 in 1941:
$2,000 from 1942 to 1959 incl.
and $3,000 from 1960 to 1969 incl.
Other bids:
coupon
or
school bonds offered March 28—V.
Bidder—
Int. Rate
Rate Bid
2.40%
2.40%
100.338
100.303
100.187
100.84
2M%
2M%
2M%
--
--
--
100.839
100.812
100.78
100.64
100.079
100.227
_.2.60%
100.21
TROY,
Y.—BONDS AUTHORIZED—Common Council recently
authorized the issuance of $100,000 public welfare, $95,000
refunding and
$175,000 Works Progress Administration projects bonds.
N.
UTICA, N. Y.—CERTIFICATE SALE—The issue of $1,000,000 tax
anticipation certificates of indebtedness offered March 28 was awarded to
the Bankers Trust Co. of New
York, at 0.08% interest rate.
Dated
March 29,
1940 and due July 29, 1940.
and be redeemed out of the tax
Certificates will be issued against
levy for 1940 fiscal
year.
Denom.
Bidder—
Chase National Bank of New York
Barr Bros & Co
Int. Rate
0.115%
0.117%
0.12%
Bank of the Manhattan Co. (Plus $20
premium)
WEBSTER, N.
Y.—BONDS VOTED—W.
H.
O'Dell,
Village Clerk,
reports that an issue of $4,500 fire truck purchase bonds was authorized
at an election on March 19.
Bids on the issue will be asked in about two
months.
WESTCHESTER COUNTY PARKWAY AUTHORITY
(P. O. Whit©
Plains). N. Y.—CREATION PROPOSED BY LEGISLATURE—A bill
passed by the State Senate and now before the
Assembly provides for
creation of the above authority with power to
levy tolls on the Saw Mill
River and Hutchison River Parkways.
Tolls previously charged on the
latter facility must be returned by the
county to motorists pursuant to a
decision of the Court of Appeals which held that the
county parkway com¬
mission had no authority to make the
impost.
The parkway authority
designates both parkways as toll areas and provides that revenues must
be used in payment of principal and interest on
$8,600,000 revenue bond
issue which the agency is to sell in order to finance
repairs to the parkways
and build connecting
highways.
The bond issue also takes in the cost of the
$1,800,000 Fleetwood Bridge.
The authority would consist of members of
the county parkway commission.
Its existence and levying of tolls will
when the bonds
are
retired.
WILNA (P. O. Carthage), N. Y.—BOND SALE—The
$79,000 coupon
or registered
home relief bonds offered March 28 were awarded to the
Manufacturers & Traders Trust Co. of Buffalo, as
lj^s, at par plus a
premium of $94, equal to 100.119, a basis of about
1.23%. Dated March 1,
1940.
Denom. $1,000.
Due March 1 as follows: $6 000 from 1941 to 1943.
incl.; $7,000 in 1944 and $9,000 from 1945 to 1950, incl.
Principal and
interest (M-S) payable at the Carthage National
Exchange Bank of Car¬
thage, with New York exchange.
The bonds are general obligations of the
town, payable from unlimited taxes.
Legality approved by Dillon, Vande¬
water & Moore of New York
City.
Other bids:
Bidder—
Blair & Co., Inc
E. H. Rollins & Sons, Inc
Int. Rate
\XA%
1.40%
Kidder, Peabody & Co
Harris Trust & Savings Bank
Marine Trust Co. of Buffalo and R. D. White & Co.
C. F. Childs & Co. and Ira
Haupt & Co
George B. Gibbons & Co., Inc
1.40<
1.50%
1.50%
1.50%
1.60
Union Securities Corp
A. C. Allyn & Co., Inc
.„
1.60%
1M%
Rate Bid
100.041
100.222
100.038
100.32
100.22
100.167
100.20
100.139
100.166
WURTSBORO, N. Y.
BOND SALE—The $3,500 water main extension
bonds offered March 22—V.
150, p. 1815—were awarded to Ralph L.
Smith of Monticello, as 2 Ms.
Dated April 1, 1940 and due $500 on April 1
from 1941 to 1947 incl.
The National Bank of
a rate
of 2 %
Liberty, second high bidder,
%.
NORTH
NEW
CAROLINA
BERN, N. C.—MATURITY—It
is
stated
by the City Clerk-
Auditor that the $50,000 bond
anticipation notes sold to the Branch Bank¬
ing & Trust Co. of Wilson, at 5M%, as noted
here—V. 150, p. 1973—are
dated March 25, 1940, and mature on
Sept. 25, 1940.
BAY
VILLAGE, Ohio—BOND ELECTION—At
election the voters will consider
an
the
May 14 primary
issue of $100,000 sewer bonds.
BELMONT COUNTY (P. O. St.
Clairsville), Ohio—BOND SALE—
The $150,000 coupon delinquent tax poor relief bonds offered March
28—
V. 150, p. 1816—were awarded to the BancOhio Securities Co. of
Columbus.
Dated April 1, 1940.
Denom. $1,000.
Due as follows:
$8,000, June
and Dec.
1944 to
1 from 1941 to 1943 incl.; $8,000 June 1 and $9,000 Dec.
Second high bidder was Ryan, Sutherland &
1949 incl.
Toledo.
1
1 from
Co., o
i
BLANCHARD-PLEASANT SCHOOL DISTRICT
Ohio—BOND SALE DETAILS—'The $15,000
(P. O. Dunkirk
building bonds pur¬
3%
,
chased by the State Teachers Retirement Board—V.
150. p. 1816—were
sold at a price of 101, a basis of about
2.89%.
Due $1,500 annually from
1940 to 1949 inclusive.
CANTON, Ohio—BOND SALE— The $12,000 park bonds offered
March 28—V. 150, p. 1816—were awarded to the BancOhio Securities
Co.
of
Columbus, as 1
at a
price of par plus $140 premium, equal to 101.166,
basis of about 1.49%.
Dated March 1, 1940 and due Oct. 1 as follows:
$1,000 from 1941 to 1946, incl. and $1,500 from 1947 to 1950, incl.
Condi¬
tional bid of 100.091 for 1Mb, by Paine, Webber &
Co., was rejected.
a
Other bids:
Bidder—
Ellis & Co
J. A. White & Co
Int. Rate
--.I
$106.35
23.87
2%
53.00
Ryan, Sutherland & Co
NOTE—Paine, Webber & Co. specified that the bonds be approved as to
legality by Squire, Sanders & Dempsey of Cleveland, and agreed to pay
for same.
Banc Ohio Securities Co. agreed to accept
opinion of Thomas
M. Miller of Columbus, attorneys for the
city, in accordance with the call
for bids as published in various issues of the Canton
Repository.
CLEVELAND, Ohio—PERMANENT OPERATING LEVY APPROVED
—At
a special election on March 27 the voters
approved the charter amend¬
whereby the city is authorized to levy up to 8.35 mills on the tax
duplicate for city operating expenses in each year after 1940.—V. 150,,.
p. 875.
This action is expected to put an end to the expensive and uncertain
procedure previously required in order to obtain funds for general municipal
requirements.
It has been necessary for the city in recent years to obtain
ment
approval of the electorate of special operating levies because of the 10-mill
This has been a costly procedure and
complicated the city's
budgetary problem as the source of revenue for payment of mandatory
limitation.
government expenses hinged on voter's reaction to the plea for additional
taxing authority.
Special levies required a 65 % majority vote for approval,
a fact which
constantly jeopardized the outcome of the election.
With
passage of the amendment, essential city services may be planned on a con¬
tinuing basis and if additional funds are necessary, a special election may be
held for
an
extra
levy which will require only
a
simple majority vote for
approval in accordance with provisions of the Ohio General Code.
Passage
of the amendment is likely to have a favorable reaction on the
market for
the city's bonds.
CLEVELAND HEIGHTS
(P. O. Warrensville), Ohio—BOND SALE
—The issue of $50,000 park bonds offered March
23—V. 150, p. 1816—
was awarded to Johnson,
Kase & Co. of Cleveland, as Is, at par plus
$171 premium, equal to 100.341, a basis of about
0.90%.
1940 and due $10,000 on Oct. 1 from 1941 to 1945 incl.
Bidder—
on
April, May, June, July, August and Sept.
25, 1940.
SALE—The coupon semi-annual refund¬
ing bonds aggregating $96,000, offered for sale on
March 26—V. 150,
p. 1974—were awarded to a syndicate
composed of the Wachovia Bank &
Trust Co. of
Winston-Salem, R. S. Dickson & Co. of Charlotte, and
Vance,
Young &; Hardin of Winston-Salem,
paying a premium of $13, equal to
100.013, a net interest cost of about 3.90
%, on the bonds as follows:
sch°o1 bonds 88 4s.
Due $1,000 on April 1 in
1941 to 1949, incl.
87,000 improvement bonds, divided $66,000 as
4s, due on April 1:
$4,000
in 1941 to 1949, and
$5,000 in 1950 to 195&; the
remaining $21,000
as 3 Ms due on
April 1. $5,000 in 1956 to 1958, and
$6,000 in 1959.
ILLE,
N.
C.—BOND
SALE—The $26,000 coupon semi¬
annual funding bonds offered for sale on
March 26—V. 150, p. 1974—were
awarded to the First National Bank of
Waynesville, paying a premium of
$10.50. equal to 100.04, a net interest cost of about
5.95%, on the bonds as
follows:
$6,000 as 5Ms, due $2,000 on Dec. 1 in 1948 to
1950; the remain¬
ing $20,000 as 6s, due on Dec. 1:
$2,000 in 1951 and 1952, and $4,000 in
1953 to 1956.
Dated April 1,
Other bids:
Int. Rate
Paine, Webber & Co., Chicago
Ryan, Sutherland & Co., Toledo
M. A. Cayne & Co., Cleveland
BancOhio Securities Co., Columbus
Premium
1%
1%
..
$95.00
51.00
305.00
291.50
285.27
193.00
191.95
73.00
33.85
1M%
1M%
1 M%
1M%
1M%
1M%
1M%
1M%
1M%
■_
Otis & Co., Cleveland
Stranahan, Harris & Co., Toledo
Ellis & Co., Cincinnati
Prudden & Co., Toledo
Seasongood & Mayer. Cincinnati
J. A. White & Co., Cincinnati
Weil, Roth & Irving
23.55
22.00
CUYAHOGA COUNTY (P. O. Cleveland). Ohio—MAY
RESUBMIT
$4,500,000 HIGHWAY ISSUE—'The $4,500,000 highway bond issue
rejected at the general election last November may be resubmitted for
consideration of the electorate at the May 14
primary election, providing
the county receives assurances of cooperation in the
program from the Federal Government and the State
CUYAHOGA
proposed highway
Highway Department.
COUNTY
(P. O. Cleveland), Ohio—BOND SALE—
The $500,000 coupon or registered
refunding bonds offered March 22—
V. 150, p. 1476—were awarded to
Braun, Bosworth & Co. of Toledo and
Field, Richards & Shepard of Cleveland, jointly, as zs at a
price of 100.69,
a basis of about
1.87%.
Dated April 1, 1940. and due $25,000 on April 1
and Oct.
1 from 1941 to 1950 inclusive.
Other bids:
Bidder—
Otis & Co.; Paine, Webber & Co., and Ellis & Co
Int. Rate
&
Co.;
Hayden,
Miller
Clark & Co
&
Co.,
and
2%
2%
100.137
100.852
100.72
Ohio—BONDS SOLD—An issue
remodeling and municipal repair
Treasury Investment Fund.
100.11
%
2M%
2M%
Provident Savings Bank & Trust Co
Nelson, Browning & Co
hall
100.18
2 M
-
Halsey, Stuart & Co., Inc
CLEVELAND,
100.16
Fahey,
BancOhio Securities Co
EAST
100.577
2%
2%
and Merrill, Turben & Co__
A. C. Allyn & Co., Inc., and First Cleveland
Corp
Blyth
Rate Bid
2%
Stranahan, Harris & Co.; McDonald-Coolidge & Co.,
shop
bonds
was
100.62
of $8,000
sold
to
the
city
City
«
The bonds
were sold as 3s, at par, are dated
April 1, 1940 and mature
$1,000 on Oct. 1 in the following years:
1941, 1943, 1945, 1947, 1949, 1951,
1953 and 1955.
Principal and interest (A-O) payable at the City Treasurer's
office.
ELYRIA, Ohio—BONDS SOLD—An
sold to the
issue of $38,000
Sinking Fund Commission.
funding bonds
GENEVA-ON-THE-LAKE, Ohio—BOND ELECTION—An
was
election wib
be held April 6 on the question of
issuing $12,000 street improvement bonds
GIRARD
CITY SCHOOL DISTRICT,
Ohio—BOND
issue of $25,000 refunding bonds offered March 23—V.
150,
SALE— The*
p. 1816—was
Stranahan, Harris & Co. of Toledo, as 2s, at par plus $86
premium, equal to 100.348, a basis of about 1.95%.
Dated April 1, 1940
and due as follows: $1,000, April 1 and Oct. 1 from
1941 to 1951 incl :
$1,000, April 1 and $2,000 Oct. 1, 1952.
Other bids:
awarded
to
Bidder—
Ellis & Co.
Int. Rate
2%
2M %
2M%
2 M %
2M%
2 M %
2M%
2M%
BancOhio Securities Co
SALISBURY, N. C.—BOND
Premium
1M%
1 M%
Paine, Wrebber & Co.
$5,000
State Board of Tax
Appeals has approved the city's petition for permission to issue $360,000
bonds against delinquent taxes.
$5d,000.
Interest payable at maturity, at Chemical Bank & Trust
Co., New York
City.
Legal opinion of Thomson, Wood & Hoffman of New York City.
Other bids:
named
1940
home
All of the bonds will be dated April 1, 1940.
Principal and interest pay¬
able at the Citizens Trust Co., Schenectady, with New York
exchange.
Bidder to name a single rate of interest on all of the bonds,
expressed in a
multiple of
or 1-1 Oth of 1%.
A certified check for $7,130, payable to
order of the town, is required.
Legal opinion of Dillon, Vandewater &
Moore of New York City will be furnished the successful bidder.
cease
30,
OHIO
AKRON, Ohio—BOND ISSUE APPROVED—'The
—BOND OFFERING—Peter
until
March
First Cleveland Corp
McDonald-Coolidge & Co
Seasongood & Mayer
Ryan, Sutherland & Co
Provident Savings Bank & Trust Co
Premium
$63.95
225.00
221.40
206.00
202.50
158.85
67.00
4
21.00
HOPEDALE, Ohio—BONDS VOTED—Martin
J. Houten, Village Clerk
issue of $25,000 not to exceed 4% interest water
system bonds
authorized at an election held March 15. The issue will
be offered
states that
was
early date.
an
Due in 25
at an
years
and dated about May 1, 1940.
LORAIN, Ohio—BOND OFFERING—Frank Ayres, City
Auditor,
receive
will
sealed bids until noon on April 25 for the
purchase of $5,000 not to
exceed 3 % interest fire and police auto bonds.
Dated May 1,1940.
Denom
Due $1,000 on Oct. 15 from 1941 to 1945, incl.
Rate of interest
to be expressed in a
multiple of M of 1%.
Principal and interest (A-O)
payable at office of the sinking fund trustees.
A complete
transcript of
proceedings relative to the bond issue will be approved
by Squire, Sanders
&
Dempsey of Cleveland, and furnished the
$1,000.
successful
opinion of transcript to be paid for by the purchaser.
2% of the bid must accompany each proposal.
bidder.
Legal
A certified check for-
Volume
The Commercial &
ISO
(P. O. Newark), Ohio—
MARY ANN RURAL SCHOOL DISTRICT
Fisk, Clerk of the Board of Education, will
March 30 for the purchase of $16,000 6%
building bonds.
Dated Feb. 1, 1940.
One bond for $630, others $530
each.
Due $530 May 1 and Nov. 1 from 1941 to 1954, incl.; $530 May 1
and $630 Nov. 1, 1955.
Bidder may name a different rate of interest
OFFERING—W.
BOND
L.
receive sealed bids until noon on
ProvidedM-N. fractional rates are expressed in a to order of the Board of
that A certified check for $200, payable multiple of M of 1%.
nterest
Education, must accompany each proposal.
Ohio—VOTERS
MIDDLETOWN,
MUST
AUTHORIZE
POWER
approval in a refer¬
issue $1,800,000 in mortgage revenue bonds for
a proposed municipal power plant, the First District Court of Appeals ruled
on March
20.
The Court modified a perpetual injunction granted last
August by the Butler County Common Pleas Court against the bond issue,
declaring the restrainer in force only until a refererftlum is held. The City
Commission passed a resolution in August of 1938, declaring the need for a
power plant, and a few months later approved a bond ordinance and applied
PLANT BOND
endum
for
a
ISSUE—The voters must give their
if the city is
to
Public Works Administration grant,
BOSTON, Ohio—BOND OFFERING—Ronald Greene, City
Auditor, will receive sealed bids until noon on April 9 for the purchase of
$37,200 4% bonds, divided as follows:
NEW
$6,000 poor relief bonds for balance of current fiscal year.
Denom. $600.
Due $600 on March 1, from 1942 to 1951 incl.
31,200 street and alley improvement bonds.
One bond for $1,200, others
$1,000 each. Due March 1 as follows: $1,000, 1945 to 1948 incl.;
$2,000, 1949; $1,000, 1950 to 1953 incl.; $2,000, 1954; $1,000, 1955
to 1958 incl.; $2,000, 1959; $1,000, 1960 to 1963 incl.; $2,000, 1964;
$1,000, 1965 to 1967 incl.; $2,200 in 1968 and $2,000 in 1969.
All of the bonds will be dated March 1, 1940. Bidder may name a different
rate of interest, provided that fractional rates are expressed in a multiple of
X of 1 %. Interest M-S. Legal opinion of Peck, Shaffer, Williams & Gorman
or Cincinnati will be furnished the successful bidder.
Ohio— BONDS AUTHORIZED—City
NILES,
Council authorized an
4% refunding bonds.
Dated April 1, 1940.
Denom.
Due Oct. 1 as follows: $1,000 from 1942 to 1944, incl., and $3,000
from 1945 to 1949, incl.
Principal and interest (A-O) payable at office of
issue
of
$18,000
$1,000.
the
Sinking Fund Trustees.
STEUBENVILLE,
bonds
offered
March
Ohio—BOND SALE—The $70,000 delinquent tax
25—V. 150, p. 1817—were awarded to Halsey,
Co., Inc., as 1Mb, at par plus a premium of $253.40, equal to
100.362, a basis of about 1.43%.
Dated April 1, 1940, and due
1
as follows:
$6,000 from 1941 to 1943, incl.; $7,000, 1944 to 1947, incl., and
8tuart &
April
$8,000 from 1948 to 1950, incl.
Second high
by Ryan, Suthlerland & Co. of Toledo.
bid of 100.322 for lMs was
made
Nov.
1
OKLAHOMA
Due in 1943 to 1947, incl.
MADRAS, Ore.—BOND SALE—The $10,000 coupon semi-annual water
bonds offered for sale on March 25—V. 150, p. 1975—were awarded to
Marshall Wright & Co. of Portland, as 2s, paying a price of 100.17, a basis
of about 1.95%.
Dated April 1, 1940.
Due $2,000 on July 1 in 1941
•
1945.
PENNSYLVANIA
ALDAN
SCHOOL
DISTRICT
(P.
ELECTION—At the primary election on
issue of
an
O. Lansdowne), Pa .—BOND
April 23 the voters will consider
$30,000 building bonds.
ALLEGHENY COUNTY (P. O. Pittsburgh), Pa.—TO ISSUE $3,900,BONDS—Board of Commissioners intend to ask for bids soon on
$3,900,000 bonds, as follows:
$700,000 30-year serial bridge, $2,425,000 30-year road, $300,000 30-year
park, $100,000 10-year heavy equipment, $300,000 20-year road warehouse,
and $70,000 10-year Gumbert School.
The county's bonded debt which in 1936 aggregated $96,981,305 had been
000
reduced to
a
total of $92,433,807 on Jan. 1,
In the four-year period,
will be retired in 1940.
according to report.
1940, a decline of $4,547,499
A total of $5,398,000 of debt
BERKS COUNTY (P. O. Reading), Pa.—NOTE OFFERING—The
County Treasurer will sell at public auction at 2 p. m. on April 1 a total of
$650,000 tax anticipation notes, including $400,000 general county dated
April 4, 1940, and $250,000 Institution District dated May 4, 1940.
Denoms.
as
requested by successful bidder.
All of the notes will mature
Nov. 4. 1940.
Interest will be paid at maturity and rate is to be named in
the bid.
Payment will be made in lawful money at the County Treas¬
urer's office.
Deposit of tax collections pledged to payment of the notes
will be made in a bank mutually satisfactory to the county and successful
bidders.
The designated depository, however, will be required to deposit
satisfactory securities in its trust department to guarantee the pledged de¬
posits of taxes, or furnish the County Treasurer with a satisfactory de¬
pository bond.
Each bidder will be required to deposit a certified check
for $5,000, payable to order of the County Treasurer.
County will pay for
legal opinion of Townsend, Elliott & Munson of Philadelphia.
(Previous mention of this offering was made in V. 150, p. 1817.)
BURNSIDE, Pa .—BOND OFFERING—R. J. Sahm, Borough Secretary,
will receive sealed bids until 7.30 p. m. on April 15, for the purchase of
$5,500 not to exceed 4M % interest coupon improvement bonds.
Dated
April 1, 1940.
Bidder to name one of the following rates. 2M.2M.3.3M,
3M.3M.4, 4Mor4M%. Interest A-O. Due April 1, 1970, subject, how¬
ever, to the right of redemption as to all or any of the unpaid series on any
Interest paying date of any year after 10 years from the date of the bonds,
any call for redemption to be in numerical order, the lowest serial number
or numbers outstanding to be first called.
The bonds may be registered
as to
principal only, and will be sold to the highest responsible bidder,
provided such bid is not less than par and accrued interest.
Enclose a
certified check for 2% of the par value of the amount of bonds bid for,
payable to the Borough Treasurer.
(P. O. Ebensburg), Pa .—BOND OFFERING—
Dennis L. Westrick, County Comptroller, will receive sealed bids until
11 a. m. on April 15, for the purchase of $400,000 1%, 1X%. IX%, 1X%,
2%, 2X%, 2X%, 2X% or 3% coupon, registerable as to principal only,
refunding bonds.
Dated May 1, 1940.
Denom. $1,000. Due $50,000 on
May 1 from 1945 to 1952, incl.
Bidder to name a single rate of interest,
payable M-N.
Bonds will be issued subject to favorable legal opinion of
Townsend, Elliott & Munson of Philadelphia.
A certified check for 2%
of the bonds bid for, payable to order of the County Treasurer, is required.
CAMBRIA COUNTY
OFFERING—Benjamin Newsome, City Clerk,
a. m. on April 9, for the purchase of $150,000
1. 1M. 1M. 1^,2,2^,2^,2^ or 3% coupon, registerable as to principal
only, funding and improvement bonds.
Dated April 1, 1940. Denom.
$1,000.
Due $15,000 on April 1 from 1941 to 1950, incl. Bidder to name a
single rate of interest, payable A-O.
Bonds will be issued subjeafc to favor¬
able legal opinion of Townsend, Elliott & Munson of Philadelphia.
A
-certified check for 2% of the bonds bid for, payable to order of the City
CHESTER, Pa.—BOND
will receive sealed bids until
11
Treasurer, is required.
(P. O. Lansdowne)*
J. Kleckner, Seeretar*
will be asked to authorize
refunding and rebuilding bonds at the April 23 primary
EAST LANDSDOWNE SCHOOL DISTRICT
Pa—AMOUNT OF PROPOSED BOND ISSUE—N.
of the Board of Directors, reports
that the voters
issue of $50,000
election.150, p. 1975.
an
EDWARDSVILLE,
Pa.—BOND OFFERING—Thomas McDonough,
Borough Secretary, will receive sealed bids until 8 p. m. on April 19, for
the purchase of $35,000 not to exceed 4% interest coupon funding and
operating revenue bonds.
Dated May 1, 1940. Denom. $1,000. Due
from 1943 to 1950, incl.
in a multiple of X of 1 %.
to favorable
for, payable to
be sold subject
Elliott & Munson of Philadelphia.
legal opinion of Townsend,
Pa.—BOND SALE—1The $100,000 coupon improve¬
26—V. 150, p. 1477—were awarded to Blair
0.50s, at a price of 100.35, a basis of about
and due April 1 as follows: $10,000 in 1941;
$25,000 from 1942 to 1944 incl. and $15,000 in 1945.
Other bids:
HARRISBURG,
ment
bonds offered March
&
Co., Inc. of New York, as
0.38%.
Dated April 1, 1940
Rate Bid
Int. Rate
Bidder—
Barclay, Moore & Co.,
W. H. Newbold's Son & Co.,
100.059
X%
Philadelphia
Philadelphia
Union Trust Co., Pittsburgh
Alex. Brown & Sons, Baltimore
Blyth & Co., Inc., Philadelphia
Dougherty, Corkran & Co., Philadelphia
Stroud & Co., Philadelphia
Harris Trust & Savings Bank, New York
Spencer Trask & Co., New York.
Halsey, Stuart & Co., Inc., Philadelphia
Burr & Co., Inc., Philadelphia-
Charles Clark & Co.,
100.517
100.452
100.43
X%
>-
X%
%%
X%
H%
--
100.355
100.344
100.311
X%
%%
X%
H%
X%
Sl'
-
100.209
100.14
'
100.111
100.101
X%
Hemphill, Noyes & Co., Philadelphia
C. F. Childs & Co., New York
Edward Lowber Stokes & Co., Philadelphia
Harriman Ripley & Co., Philadelphia
Moore, Leonard & Lynch, Pittsburgh
Harrisburg Trust Co., Harrisburg
- .
100.065
H%
H%
Philadelphia
100.051
100.051
100.629
1%
100.611
100.425
100.101
1%
—
1%
1X%
NORTHAMPTON BOROUGH MUNICIPAL AUTHORITY (P. O.
Northampton),
Pa.—$1,000,000 BONDS PUBLICLY
banking group composed of B. J. Van Ingen & Co., Inc., New York, Warren
W. York & Co., Allentown, and John W. Clarke, Inc., of Chicago, made
public offering March 28 of $1,000,000 2M% coupon, registerable as to
principal only, water revenue bonds at prices to yield from 0.50% to 3%,
according to maturity.
Dated March 1, 1940.
Denom. $1,000. Due
March 1 as follows: $20,000 in 1941, 1942 and 1943; $25,000, 1944 to 1949,
incl.; $30,000, 1950 to 1956, incl.; $35,000, 1957 to 1960, incl.; $40,000,
1961 to 1964, incl.; $45,000 from 1965 to 1968, incl., and $50,000 in 1969
and 1970.
Principal and interest (M-S) payable at the Marine Midland
Trust Co., New York City.
Bonds maturing on and after March 1, 1961,
OFFERED—A
are callable at
Authority's option on any
interest payment date, in inverse
30 days' published notice, at par and accrued interest
premium of 2% if redeemed on or before March 1, 1955, and 1% if
redeemed thereafter and prior to maturity.
The bonds were iskued by the
order of maturity, on
plus
a
authority for the purpose of acquiring a water system
improvements thereto.
They are payable solely from
Legality approved by Thomson,
and making certain
net revenues of the
Wood & Hoffman of New York
The authority was created pursuant to the Municipal Authorities Act of
1935, being Act of June 28, 1935, P. L. 463, and amendments thereto, and
the bonds issued in order to finance
acquisition of the plant and
properties
Springs Water Service Co., a subsidiary of the Federal Water
Neither the taxing power nor the credit of the Common¬
wealth of Pennsylvania or any or its political subdivisions is pledged for
payment of the bonds or interest thereon.
The Clear Springs Water
Co. supplies water to Northampton, North Catasauqua, Coplay and parts
of Whitehall Township including Cementon, Egypt, Hockendauqua, West
Catasauqua and Fullerton.
Certain improvements in its physical prop¬
erties are contemplated by the Authority, which has adopted the same
schedule of rates to consumers as that now prevailing and plans to retain
of the Clear
Service Corp.
Service
OREGON
BEAVERTON, Ore.—BOND SALE DETAILS—It is now reported by
the Town Recorder that the $45,000 coupon refunding water, series of 1940
bonds awarded on Jan. 8 to the Baker. Fordyce, Tucker Co. of Portland,
as noted here—V. 150, p. 724—were purchased at a price of 100.11 on the
bonds divided as follows: $30,000 as 2Xb, the remaining $15,000 as 2M».
Due on May 10 in 1941 to 1951; optional on and after May 10, 1946.
to
name a
Payable M-N.
A certified check for 2% of the bonds bid
order of the Borough Treasurer, is required.
Bonds will
City.
LAWTON, Okla.—PRICE PAID—It is reported that the $20,000 water
works extension, series B, bonds sold to the City Treasurer, as noted here—
1817—were purchased as 1%& at par.
follows:
$3,000 in 1942 and $4,000
single rate of interest, expressed
as
Bidder to
system.
Y. 150, p.
2149
Financial Chronicle
the opinion of
same management.
The bonds are interest exempt, in
counsel, from Federal income and surtaxes and, under the
free from taxation in the Commonwealth of Pennsylvania.
the
Enabling Act,
(P. O. Beaver Falls, R. F. D.
No. 3),
Pa.—BOND SALE—The $10,000 coupon improvement bonds
offered March 25—V. 150, p. 1975—were awarded to Moore, Leonard &
Lynch of Pittsburgh, as 2 Ms, at a price of 100.658, a basis of about 2.68%.
Dated April 1, 1940 and due $2,000 on Oct. 1 from 1949 to 1953, incl.
second high bid of 100.131 for 3 Ms was made by Philip J. Davidson.
SEWICKLEY TOWNSHIP
NORTH
O'HARA
TOWNSHIP
O.
(P.
Aspinwall),
Pa.—BOND SALE—
an issue of $30,000
Singer, Deane & Scribner of Pittsburgh purchased
improvement bonds as 2 Ms, at a price of 100.886.
SALE—The
Pa.—NOTE
PITTSBURGH,
$500,000
relief projects
promissory notes offered March 28 were awarded to the National City
Bank of New York, at 0.25% interest, at par plus a premium of $138.53.
Dated March 1, 1940 and due March 1, 1941.
Denom. $50,000. Trans¬
Free of
succession, estate,
Smith, Shaw &
McClay of Pittsburgh.
The First National Bank of Pittsburgh, only other
bidder, named an interest rate of 0.35% and premium of $55.
ferable only at the office and on the books of the City Treasurer.
all present or future Pennsylvania State taxes, except
inheritance and
gift taxes.
Legality approved by Reed,
RHODE
ISLAND
PROVIDENCE, R. I.—PROPOSED FINANCING—City plans
$200,000 school repair and $100,000 school fire^proofing bonds.
CAROLINA
SOUTH
SPARTANBURG
SALE—The
sale
on
COUNTY
$222,500
26—V.
March
coupon
150, p.
to issue
O.
(P.
Spartanburg),
S. C.—BOND
semi-annual refunding bonds offered for
1975—were awarded to a syndicate com¬
York,and
posed of Goldman, Sachs & Co., Eldredge & Co., both of New
Frost, Read & Co. of Charleston, 8. C., as 2 Ms, paying a premium of
$1,157, equal to 100.52, a basis of about 2.46%.
Dated April 1, 1940.
Due on April 1 in 1949 to 1958 incl.
COUNTY (P. O. Spartanburg), S. C.—BONDS
$90,000 school bonds offered for sale on March 26
of $70,000 was awarded to two
Spartanburg banks, the remaining $20,000 Woodruff School District No. 33
bonds not being sold as the bid was rejected.
The bonds awarded are
SPARTANBURG
SOLD—Out of the total of
—V.
150,
p.
1975—an aggregate block
described as follows:
Cooley Springs No.
Disputanta No. 27
Reidville No. 43
Maturities
Amount
$6;000
School Districts—
Motlow No. 5-
$500 each year, April 1, 1941-1952
500 each year, April 1, 1947-1952
1,000 each year, April 1, 1947-1950
1,000 each year, April 1, 1945-1948
2,000 each year, April 1, 1941-1951
$1,000 for the year April 1, 1941.
3.000
4,000
11
4,000
Arkwright No. 74
22,000
Cooperative No. 97
Chapel No. 98---
25,000
Woods
2,000 each year, April 1, 1942-1953
500 each year, April 1, 1941-1952
6,000
UNION, S. C.—MATURITY—It is stated by
$35,000 refunding bonds sold to Frost, Read
the
the City Treasurer that
& Co. of Charleston, as
March 15 as
giving a
3Ms, at 100.605, as noted here—V. 150, p. 1817—are due on
follows: $3,000 in 1945: $6,000, 1946 to 1949, and $8,000 in 1950,
basis of about 3.16%.
SOUTH
DAKOTA
S. Dak.—BONDS SOLD—It is now reported
000 auditorium bonds offered unsuccessfully last October, have
chased by Fred Gefke, of Sioux Falls.
MT. VERNON,
that $10,been pur¬
SOUTH DAKOTA, State of—REFUNDING BONDS OFFERED FOR
INVESTMENT—Public offering of $3,297,000 refunding bonds, series AA,
marking one of thefinal steps in the State's $20,000,000 rural credit refinanc¬
ing program, was made on March 26 by Lehman Brothers and associates,
including among others First National Bank & Trust Co. of I "inneapolis,
Wells-Dickey Co., Minneapolis, Northwestern National Bank & Trust Co.,
Minneapolis, and First National Bank of St. Paul.
The bonds, due Aug. 1,
1950-59, are priced to yield from 2.40 to 2.55%.
They bear 4M % interest
to Aug. 1, 1941 and 3% thereafter.
Other members of the offering group are.
Allison-Williams Co., Min¬
neapolis; Phelps, Fenn & Co.,
E. H. Rollins & Sons,
Inc., Paine .Webber
& Co., St. Paul, J. M. Dain & Co.,
Inc., Minneapolis; Juran, Moody &
Rice, St. Paul. Justus F. Lowe Co., Minneapolis; Equitable Securities
Corp., A. C. Allyn & Co., Inc., First National Bank & Trust Co. in Sioux
Falls and Northwest Security National Bank of Sioux Falls.
& Co., Eidredge & Co., Inc., Kaiman
Minneapolis; Bigeiow, Webo & Co.,
2150
The Commercial & Financial Chronicle
In connection with the present
offering, It Is announced that agreements
have been entered into which will
result in the refunding of an
of $10,846,000
principal
amount
of
the
outstanding
bonds
furnished with
aggregate
and that an
exchange offer of $9,679,000 of the new refunding bonds for an
equal prin¬
cipal amount of old rural credit
obligations will complete the program.
Under its provisions the entire rural
credit debt of the State will be retired
by the end of 1959,
March
30, 1940
opinion from Thomson, Wood & Hoffman, of New York
that the bonds are a valid and
binding obligation of the town.
an
NORFOLK,
Va .—REORGANIZATION PROGRAM
UNDER
CON¬
SIDERATION—Norman S. Taber and Company, of New York, consul
finance, have officially presented to the City
tants on 8tate and municipal
Council its report
on a survey of the debt structure of Norfolk with re¬
a debt reorganization
program.
Suitable legislation to permit the city to
revamp its debt structure in
accordance with the suggested program has been enacted
(Chap. 158,
Acts of the General Assembly, 1940) and final decision to
operate under
the plan is now being considered by the
commendations for
TENNESSEE
CAMPBELL COUNTY (P. O.
Jacksboro), Tenn.—BONDS NOT
SOLD—The $250,000 coupon
funding bonds offered on March 15—V.
p.
1643—were
of the
150,
rejected, according to the Secretary
Dated Feb. 1, 1940.
Due on Feb. 1 in 1952
City Council.
not sold as all bids were
Budget Committee.
to 1958.
NASHVILLE, Tenn.—BONDS SOLD—It is stated by P. L. Woodward,
City Clerk, that the $100,000 airport extension bonds
originally scheduled
for sale on Nov. 7, but
withdrawn, as noted here at the time, have been
purchased by the City Sinking Fund.
SUMNER
COUNTY (P. O. Gallatin), Tenn.—NOTES SOLD—It is
reported that $50,000 1 M % semi-annual
right-of-way notes have been pur¬
chased by the Thomas II.
Temple Co, of Nashville,
Denom. $1,000.
Dated April 1, 1939,
Due on April 1 as follows:
$5,000 in 1941 and 1942,
and $10,000 in 1943 to 1946.
Prin. and int. payable at the office of the
County Trustee.
*
WHITE COUNTY
(P. O. Sparta), Tenn.—BONDS SOLD—It is
reported that $33,000 high school addition bonds were
purchased recently
by the Cumberland Securities Co. of Nashville.
WASHINGTON
HOQUIAM, Wash.—BOND OFFERING—Sealed
until
Director of Finance, that at
pass
the
on
bonds.
an
is stated
by George G. Grant,
election scheduled for April 15 the voters
proposed issuance of $450,000 in
hospital improvement
CALHOUN COUNTY ROAD DISTRICT NO. 1 (P. O. Port Lavaca),
Texas—BOND SALE—The $150,000 road bonds offered for
sale on March
150, p. 1817—were awarded to a group
composed of the City Na¬
tional Bank & Trust Co. of Kansas
City, Duquette & Co. and McClung &
Knickerbocker, Inc., both of Houston, according to the
County Judge.
Dated April 10, 1940.
Due on April 10 in 1941 to 1955;
optional after
April 10, 1946.
_
23—V.
CROSBYTON, Texas—BOND
H. C.
April
TENDERS INVITED—It is
stated by
Oldham, City Secretary, that he will receive sealed tenders until
1, for the purchase of from $3,000 to $5,000 of
refunding bonds,
series of 1935.
ELECTRA, Texas—BOND
the cali for tenders of
W GALVESTON
TENDERS REJECTED—In connection with
refunding bonds, series of 1936, it is stated by E. W.
Presson, City Secretary, that
no tenders were
accepted.
COUNTY
(P. O. Galveston), Texas—BOND CALL—
It is stated by I.
Predecki, County Auditor, that Nos. 6295 to 6430, incl.,
of sea wall and break water
bonds, dated July 10, 1902, are being called
for payment at par and accrued
interest on April 10.
GAUDALUPE COUNTY (P. O.
Seguin), Texas—BOND SALE DE¬
TAILS—It is stated by the
County Judge that the $84,000 construction
sold to Newman & Co. of San
Antonio at par, as noted here—
bonds
V.
150, p. 1644—were purchased as follows:
$40,000 as 3Ms, due $8,000 on
Feb. 1 in 1941 to 1945; the
remaining $44,000 as 4s, due on Feb. 1: $8,000
in 1946 to 1949 and
$12,000 in 1950.1
<
GRANDVIEW INDEPENDENT SCHOOL
DISTRICT (P. O. Grand-
view), Texas—BONDS PUBLICLY OFFERED—A
$65,000 issue of 3M%
semi-annual refunding bonds is
being offered by Garrett & Co. of Dallas,
for general investment.
Dated about April 1, 1940.
Due about April 1,
as follows
$1,000 in 1941 and 1942, $1,500 in 1943 to
1947, $2,000 in 1948
to 1954, $2,500 in 1955 to
1958, $3,000 in 1959 to 1965, and $3,500 In 1966
to 1968.
Principal and interest payable at the State Treasurer's
office.
Legality approved by the Attorney General.
HIDALGO COUNTY ROAD DISTRICT NO. 4
(P. O. Edinburg),
Texas—BONDS EXCHANGED—Tt is stated
by the County Judge that
$169,000 refunding road bonds authorized
by the Commissioner's Court on
Feb. 12 have been
exchanged with the holders of the original bonds.
HUNTINGTON RURAL HIGH SCHOOL DISTRICT
(P. O. Hunt¬
Texas—BOND SALE DETAILS—It is now
reported by the
of
ington),
Superintendent
bonds sold to
Schools that
the
$15,000 coupon semi-annual
McClung & Knickerbocker, Inc., of Houston,
noted here—V.
to 100.30.
150, p. 1818—were purchased for
a
as
school
3 Ms,
premium of $45,
as
equal
HURST SCHOOL DISTRICT
(P. O. Fort Worth), Texas—BOND
OFFERING—It is stated by A. D.
Roach, County Superintendent of
Schools, that he will receive sealed bids until
May 1, for the purchase of
$10,000 4% semi-annual construction
bonds, approved by the voters on
March
14.
Due in
the
payment of such bonds and interest.
All bids must specify (a) the lowest
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 the bonds at par.
Prin. and int. payable at the City Trea¬
surer's office, or at the fiscal
agency of the State in New York City.
The
date, denomination, definite annual maturities, form, interest rate, and
rate of interest and
other details of the bonds will be
prescribed
after the bonds are sold.
The bonds are
1965.
LOTT, Texas—BONDS SOLD—It Is stated by the
City Secretary that
$15,000 4H% semi-ann. water system revenue bonds
approved by the voters
on March 16, have been
sold to the contractor. Due in 15
years.
MALAKOFF INDEPENDENT SCHOOL
DISTRICT (P. O. Malakoff),
Texas—BONDS SOLD—It is reported that
$7,000 4% semi-annual refund¬
ing bonds have been purchased at par
by R. A. Underwood & Co. of
Houston.
MINERAL WELLS, Texas—BOND SALE
DETAILS—It is now re¬
ported that the $683,000 3M, 4 and
4M% semi-ann. refunding bonds sold
recently, as described here—V. 150, p. 1818—were
purchased by a syndicate
composed of Crummer & Co., Rauscher, Pierce &
Co., both of Dallas,
William N. Edwards &
Co., of Fort Worth, Beckett, Gilbert &
Co., of
Dallas, R. K. Dunbar & Co., of Austin, Barcus, Kindred &
Co., of Chicago,
Baum, Bernheimer Co., of Kansas City, Ranson-Davidson
Co., of San
Antonio, and the Dallas Union Trust Co. of
Dallas, at
INDEPENDENT SCHOOL DISTRICT
Texas—BOND SALE—The $35,000
(P.
PACIFIC
$91,000 4% series A bonds.
Dated Jan. 1, 1940.
Due Jan. 1, as follows:
$9,000 In 1942, $10,000 in 1943 to 1945, $11,000 in 1946 and 1947.
$12,000 in 1948, $13,000 in 1949, and $5,000 in 1950.
92,000 4H % series A bonds.
Dated Jan. 1, 1940.
Due Jan. 1 as follows:
$9,000 in 1950, $14,000 in 1951, $15,000 in 1952, $16,000 in 1953
and 1954. $17,000 in 1955, and $5,000 in 1956.
92,000 4lA % series A bonds. Dated Jan. 1, 1940. Due Jan. 1, as follows:
$13,000 in 1956, $18,000 in 1957, $19,000 in 1958, $20,000 in 1959
and $22,000 in 1960.
137,000 4% series B bonds. Dated Feb. 1, 1940. Due Feb. 1, as follows:
$15,000 in 1942 and,1943. $16,000 in 1944, $17,000 in 1945 and
1946, $18,000 in 1947. $19,000 in 1948, and $20,000 in 1949.
140,000 414% series B bonds.
Dated Feb. 1. 1940.
Due Feb. 1 as follows:
$20,000 in 1950, $21,000 in 1951, $22,000 in 1952, $23,000 in 1953,
$24,000 in 1954, $25,000 in 1955, and $5,000 in 1956.
138,000 414 % series B bonds. Dated Feb. 1,1940. Due Feb. 1, as follows:
$21,000 in 1956, $27,000 in 1957, $29,000 in 1958, $30,000 in 1959
,
and $31,000 in 1960.
Bonds
are
callable
on
eight
or
ment date.
not to exced 6% semi-annual school bonds.
Dated May 1, 1940.
Due
and payable in numerical order lowest number first
over a period of 22 years
from date of issue.
Principal and interest payable at the County Treasurer's
office, or at the fiscal agency of the State in New York, or at the State
Treasurer's office.
Enclose a certified check for 5% of amount of the bid.
WHITMAN COUNTY SCHOOL DISTRICT NO. 258
(P. O. Colfax),
Wash.—BOND OFFERING—Sealed bids will be received until 10 a. m.
April 3, by B. F. Manring, County Treasurer, for the purchase of $63,000
not to exceed 6% school bonds.
Dated when issued, Denominations as
near as practicable as
will, together with interest on outstanding bonds, be
met by equal annual tax levies to
cover principal and interest.
Due and
on
Eayable payment in their numerical order, lowest maximum first, on the
numbers period of 20
iterest serially
dates.
The bonds shall
run
and interest payable at the
County Treasurer's office.
It is requested that
bids submitted shall
specify, (a) the lowest rate of interest and premium, if
above par; (b) the lowest rate of interest on the bonds at par; and
any,
(c) whether or not the bidder will furnish blank bonds.
These bonds were
authorized at the election held on March
2, by a vote of 404 to 9.
Enclose
a certified check for
5% of the amount of the bid.
WISCONSIN
ARENA,
Wis.—BONDS
SALE—The
$40,500
coupon
semi-annual
refunding bonds offered for sale on March 22—V. 150, p. 1818—were pur¬
chased jointly by Paine, Webber &
Co., of Chicago, and the Milwaukee Co.
of Milwaukee, as 1 Ms,
paying a premium of $411, equal to 101.014, a
basis of about 1.56%.
Dated April 1, 1940.
Due on April 1 in 1941 to
1950, inclusive.
VERONA UNION HIGH SCHOOL DISTRICT
(Village and Town),
Wis.—BONDS SOLD—A $27,500 issue of coupon semi-annual
refunding
bonds
was
offered
for sale at auction
years.
NOT SOLD—It is stated
by T. N.
City Auditor, that the $125,000
swimming pool revenue bonds
offered on March 14—V.
150, p. 1818—were not sold. He reports that
they
wiU be reoffered in the near
future.
Dated AprU 1, 1940.
Due in 1941
to 1955.
WICHITA
FALLS INDEPENDENT SCHOOL
DISTRICT (P. O.
Falls), Texas—CONFIRMATION—The sale of the
$1,781,000
3% refunding bonds to the State Board of
Education, noted in our
Wichita
issue of
March 23—V. 150, p. 1976—is confirmed
by J. B. McNeU, Business Mana¬
Education.
Due in 22 years.
ger of the Board of
/
(P. O. Plains), Texas—BONDS SOLD—It is
County Judge that $250,000 county-wide road bonds were
March 25 by McClung & Knickerbocker
of Houston
paying
COUNTY
purchased on
premium of $440, equal to 100.176.
a
on
the bonds divided
as
follows:
1945; the remaining $125,000
as
a
net interest cost of about
$125,000
as
1.79%,
2s, due $25,000 in 1941 to
in 1946 to 1950.
l%s, due $25,000
VIRGINIA
COLONIAL
HEIGHTS,
Va.—BOND
OFFERING— It
is
stated
by
Mayor Fred R. Shepherd that he will receive sealed oids until
8 p.m. on
April 8, for the purchase of $40,000 3 H% coupon or
registered semi-annual
and sewer bonds.
Dated Feb. 1, 1940.
Denom. $1,000.
Due
Feb. 1, as foHows: $1,000 in 1947 to
1956, $2,000 in 1957 to 1963, and
$18,000 in 1964.
Principal and interest payable at the Chase National
Bank, New York.
No bids for less than par value of the bonds
and
water
nterest
to
the
date of
accrued
delivery will be received.
on
March
26
and
was
awarded to
Paine, Webber & Co. of Chicago, as 1Mb. paying a premium of $56, equal
100.203, a basis of about 1.72%.
Dated March 1, 1940.
Due on
to
March 1 as follows: $1,500 in 1941, and $2,000 in 1942 to 1954 incl.
It was reported subsequently that
Harley, Hayden & Co. of Madison was
associated
with
bid received
the above named firm in the purchase.
The only other
offer from the Channer Securities Co. of Chicago.
was an
WYOMING
KEMMERER, Wyo.—BOND SALE CONTEMPLATED—It is reported
that arrangements are being made for the sale of
$300,000 in water system
bonds.
ANTONIO, Texas—BONDS
YOAKUM
a
their various maturities beginning the second year after the date of
issue; provided that the district reserves the right to
pay or redeem the bonds
or any of
them, at any time after five years from the date thereof.
Principal
years,
CANADA
Tucker,
stated by the
after five years from date on any interest pay¬
SPOKANE COUNTY SCHOOL DISTRICT NO. 201
(P. O. Spokane),
Wash.—BOND OFFERING—Sealed bids will be received until 2
p. m. on
April 12, by Frank J. Glover, County Treasurer, for the purchase of
$24/750
O.
building bonds
offered for sale on March 23—V.
150, p. 1976—were awarded to Rauscher,
Pierce & Co. of San
Antonio, as 3 Ms, according to the Superintendent of
Schools.
Due in 20 years,
optional after
SAN
possible
par.
GROVE
Grove),
as soon as
COUNTY PUBLIC UTILITY DISTRICT NO. 2
(P. O.
Ilwaco), Wash.—BONDS SOLD—The following electric revenue bonds,
aggregating $690,000, were purchased at par by a syndicate composed of
John Nuveen & Co., E. H. Rollins !c
Sons, Ballman & Main, all of Chicago,
Hartley Rogers & Co. of Seattle; F. Brittain Kennedy & Co., of Boston;
Ferris & Hardgrove, Grande &
Co., Harold H. Huston & Co., Badgley,
Frederick, Rogers & Morford, Inc., all of Seattle; Jaxtheimer & Co. of
Portland; William P. Harper & Son & Co., of Seattle; Richards & Blum of
Spokane, Bramhall & Stein, of Seattle, Murphey, Favre & Co. of Spokane,
and Foster & Marshall, of Seattle:
JACKSONVILLE, Texas—BONDS SOLD—It is stated by the City
Secretary that $5,000 4% library bonds approved
by the voters last October
ORANGE
by ordinance
general obligations of the city,
are
have been sold locally.
Orange
be received
p. m. on
issued for the purpose of
constucting Unit No. 1 of a fishing fleet
base in the city.
Enclose a certificaed check for 5% of the amount of the
bid, payable to the city.
TEXAS
will
bids will
April 22, by O. E. Hall, City Clerk, for the purchase of
$12,500 not to exceed 5% semi-annual water front coupon bonds. The bonds
will mature in varying annual amounts,
beginning two years and ending on
or before seven years after date of
bonds, and the annual maturities thereof,
as nearly as
practicable, will be in such amounts as will together with
Interest on all such general bonds, be met
by an equal annual tax levy for
and
AUSTIN, Texas—BOND ELECTION—It
7:30
The purchaser will be
CANADA
(Dominion of)—LIBERAL GOVERNMENT VICTOR IN
ELECTION—At the March 26 election Prime Minister William L. Mac¬
kenzie King's Liberal party scored a sweeping
victory over its Conservative
opponents with the re-election of an even larger number of its candidates
for seats in the House of Commons than existed in the Parliament
which
was
dissolved by Mr. King when the opposition
challenged the government's
conduct in the prosecution of the war in
Europe.
The attack included the
allegation that contracts had been awarded on a patronage basis.
The
outcome of the election, according to Canadian
press advices, eliminated
all effective political opposition to Mr.
King's government in the Dominion.
It was featured by the defeat in his own
constituency of Dr. R. J. Manion,
leader of the National Government (Conservative)
opposition.
BRITISH COLUMBIA (Province of)—TREASURY BILLS SOLD—
The Province sold $3,000,000
3M % Treasury bills to the Canadian Bank of
Commerce to permit payment of a similar amount of bonds which matured
March 15. Hon. John Hart, Provincial Treasurer, stated that after a careful
survey of market conditions to determine the advisability of borrowing on a
long-term basis, it was decided to make a temporary borrowing.
The
refunding will be postponed to a more opportune time. The issue maturing
was a short-term issue sold in
March, 1937. Apart from maturities totaling
$518,000 on three serial debenture issues, this is the only maturity ahead of
the Province until Dec. 31,1940, when
$1,361,500 of 20-year 5% debentures
fall due.
BROCKVILLE, Ont.—BOND
ment bonds was sold to the
1941 to 1950. inclusive.
SALE— An issue of $5,000 3% improve¬
Brockville Public Utilities, at par.
Due from
@FedFRASER