The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ommttris
COPYRIGHTED IN 1941 BY WILLIAM B.
VOL. 152.
DANA COMPANY, NEW YORK.
"suedWse,eskloyo40Pe?ey?a,aCopy-
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879,
ATTHE POSTOFPICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
""NEW YORK, MARCH 8,1941
NO. 3950.
CHASE
THE
BROOKLYN TRUST
BANK
NATIONAL
COMPANY
-
OF THE CITY OF NEW YORK
Chartered 1866
George V. McLaughlin
Maintaining effective cor¬
President
respondent hank service;!
BROOKLYN
NEW YORK
is
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
Broaden your customer
service
Chase
with
cor¬
respondent facilities;
Hallgarten & Co.
Member
Federal
Deposit Insurance
Corporation
BANK
EstablUhed 1850
AND
NEW YORK
INSURANCE
London
Chicago
City of
STOCKS
Philadelphia
Bonds
PUBLIC UTILITY
INDUSTRIAL
7'he
RAILROAD
FIRST BOSTON
CORPORATION
MUNICIPAL
BOSTON
NEW YORK
Moncure Biddle & Co.
PHILADELPHIA
CHICAGO
BONDS
SAN FRANCISCO
PHILADELPHIA
AND OTHBR
PRINCIPAL CITIES
AC.ALLYN^COMPANY"
INCORPORATED
CHICAGO
Detroit
Boston
Philadelphia
Milwaukee
New York
;
PACIFIC NORTHWEST
*T1
Omaha
SECURITIES
New York Trust
Company
Capital Funds
.
$37,500,000
(Drumhdlor, Ehrlichman
Seattla
Exchange Bldg
OTIS & CO,
(Incorporated)
IOO
BROADWAY
City of Philadelphia
Established 1899
NewYork
CLEVELAND
Chicago
Bonds
1, 1966
4%
Nov.
26,000
4K%
Oct.
25,000
VA%
June
1, 1979/49
15,000
5%
June
1, 1983/53
$10,000
MADISON AVENUE
AND 40TH STREET
r. h.johnson & co.
16, 1976/46
2.40%
1.80%
2.05%
2.35%
INVESTMENT SECURITIES
64 Wall
Street
Yarnall & Co.
New York
ONE EAST
PHILADELPHIA
BOSTON
/I
W 5?TH
1528 Walnut Street,
Philadelphia
STREET
Canadian Securities
Carl M. Loeb, Rhoades &Co.
61
Member
NEW YORK
jLondon
e
BROADWAY
Geneva
Buenet Aires
of the
Federal Deposit
Insurance Corporation
HART SMITH & CO.
52 William St.
Montreal
NEW YORK
Torento
The Commercial & Financial Chronicle
n
March
THIS SERVICE
HOW
NOTICE TO EXCHANGE SECURITIES
able
only
for
and
securities
new
ca&h
payments as provided in the Plan.
The new company has appointed Halsey,
effect
to
Minnesota and Ontario
Paper Company
First Mortgage
Inc., as its Exchange Agent
exchanges
of securities
and
claims pursuant to the Plan.
Notice is
hereby given that tne new securities and
cash payments provided under the Plan
are now
ready for distribution and may
be obtained from Halsey, Stuart & Co.
Inc., upon delivery, in proper form, of the
old securities or Certificates of Deposit
6% Gold Bonds
therefor to Halsey, Stuart & Co. Inc., at
office at 201 South La Salle Street,
its
Chicago, Illinois,
For the convenience of holders residing
Five-Year 6% Gold Notes
MAINTAIN
HELPS
Stuart & Co.
To Holders of
in Canada, all branches in Canada of the
are authorized to accept
EMPLOYE MORALE
TITHEN
Y
good employe has to worry
a
about bills that he can't pay, his work
*
usually suffers. Yet nearly
every
or
and forward old securities or Certificates of
illness
serious
or
for instance—
accident,
which he can't meet out of
Deposit therefor
Deposit therefor to Halsey, Stuart & Co.
Inc., Exchange Agent.
All old securities or Certificates of De¬
posit therefor must be accompanied by
Amended Plan of Reorganization
and Ontario Paper Com¬
(a Maine corporation) dated July
16, 1940, was confirmed by the United
States District Court, District of Minne¬
sota, Fourth Division, on January 10,1941.
Pursuant to orders of the Court, the Plan
was consummated February 28, 1941.
The
of
Minnesota
pany
(the
Maine corporation) and of tne Trustees
thereof.
Thereupon all claims affected
by the Plan, including First Mortgage
6% Gold Bonds and Five-Year 6% Gold
Notes
(hereinafter
referred
to
collec¬
tively as "old securities") and Certificates
of
Deposit therefor
became! exchange¬
of
assets
Copies of this form are obtain¬
able at tne office of Halsey, Stuart & Co.
Inc., 201 South La Salle Street, Chicago,
Illinois and at any branch in Canada of
savings
MINNESOTA
old
the
CORPORATION)
MINNESOTA
borrow
the money he needs? Some companies make
loans to
their employes.
Other companies
help their employes to operate their
own
credit unions. But millions of workers must
on some
To
help
outside
of credit.
source
workers most industrial
these
states have
COMPANY
PAPER
(A
company
How workers may
ONTARIO
AND
or cur¬
earnings.
When that happens, where shall he go for
rely
the Bank of Montreal.
acquired all
corporation),
Minnesota
the
nave
holders.
the new company,
Ontario Paper Company
and
Minnesota
(a
of
which
Letter of Transmittal, forms
been sent to all known
executed
of
date
latter
the
On
an
rent
worker at
time has emergency expenses—a long
some
Bank of Montreal
Certificates of
1941
8,
passed Small Loan Laws based
the recommendations of impartial
on
stu¬
dents of the small loan problem. These laws
By HALSEY,
STUART
EXCHANGE
Inc.
CO.
&,
AGENT
make possible the operation of the modern
family
201 South La Salle Street
Chicago, Illinois
finance
company
like
Household
Finance.
Dated March 6, 1941
Borrowers
are
protected
At Household Finance responsible workers
borrow up to $300, largely on character
can
and earning ability. No endorser is needed.
No
Dividends
Dividends
assignment is taken. State laws
wage
regulate the transaction for the protection
of
the
borrower.
Repayment is made in
small monthly installments. Thus the bor¬
PREFERRED
March
On
declared by
as follows:
Directors
the Board of Directors,
4.
of
the
PRIOR PREFERENCE STOCK
Stock,
Series"
share
per
shares
of
the
5%
at
the
12,
of
close
business
share
45$ per
1941
share
the
of
cents
able April 1,
the
business
W.
12,
P.
MANUFACTURING
$ 1.95
9.08
4.87
100
51.88
18.15
9.75
$ 7.66
150
77.82
27.23
14.62
11.49
9.62
200
103.77
36.31
19.50
15.32
12.83
250
129.71
45.39
24.37
19.15
16.04
300
155.65
54.46
29.25
22.98
19.24
(15^)
per
Company,
pay¬
1941.
|
|
STURTEVANT,
Secretary.
COMPANY
|
OIL CORPORATION
NO.
OIL
Directors
CORPORATION
has
the
MARGAY
this
day declared a
dividend of twenty-five cents
a share
on
the
outstanding stock of the corporation of the issue
of 168,000 shares provided by amendment to
the certificate of incorporation of April 27, 1926,
payable April 10, 1941, to stockholders of record
at the close of business March 19, 1941.
J.
I.
on
states.
per
prompt payment are in
Due to local conditions,
f
1
=
|
rates elsewhere vary slightly.
TAYLOR, Treasurer.
in planning their spending to
make their incomes go farther. We maintain
a staff of home economists to
help the con¬
sumer
by The Texas Corporation and its
predecessor, The Texas Company
A dividend of 50tf per
43
of
CORPORATION
154th Consecutive Dividend paid
(2c/c)
cent
of
Board
TEXAS
THE
BROWN, Treasurer.
DIVIDEND
The
seven
Borrowers at Household receive experienced
regular
quarterly dividend
on
the
Preferred Stock and a dividend of 25c. per share
on the Common
Stock of the Company.
Both
payable April 1, 1941 to Stockholders of record
March
15, 1941.
The stock record books will
be closed for the purpose of transfer of stock at
the close of business from March 8 to April 1.
MARGAY
month and based
guidance
has
declared the
of $1.25 per share
B.
Above payments include charges of 2/z%
effect in
iiiiiiiijiiiiiiiiiiiiiiiMiiiiniiuiuHiiiimimiiiiiHiiiiiiiMiiiimiiiimminiiiiimmmiHiiiiiiiiiHiiiiiii;
Brooklyn, New York
ROBERT
$ 6.41
$ 3.63
25.94
The Board of Directors of the American Manu¬
Company
paymts
$ 10.38
Noble and West Street*
factory g
20
paymts
50
,5
AMERICAN
16
paymts
$ 20
1941 to the holders of
Match
12
paymts
of
such stock of record at the close of
Treasurer
6
paymts
Cyanamid
the outstanding shares of
Stock
GETS
quarterly divi¬
a
Class "A" and Class "B" Com¬
mon
E. A. Bailey
on
7
S/
the Board
American
fifteen
of
dend
31, 1941 to
close of business March 15,1941.
1941
4,
of
Company declared
at
March 3,
March
On
Directors
payable March
stockholders of record
are
states.
WHAT BORROWER REPAYS MONTHLY
2
Both dividends
territories
many
J WHAT BORROWER
March
DIVIDEND
COMMON
made at the rate of
by the Small Loan Laws of most
1941.
STOCK
COMMON
are
month (less in
Per
of the
payable April 1, 1941 to
the holders of such stock of record
Company,
ending Mar. 31,1941)
%
These charges are sub¬
stantially below the maximum established
"Second
Series"
needs. Payments include
own
larger loans).
on
Preferred
Series",
"Third
and
typical loan plans. The
charges. Charges
2M
share on
per
Convertible
"First
all
of
quarterly divi¬
($.125)
are some
best fits his
Board
Cyanamid
American
outstanding
Cumulative
$2.50 Dividend Series of 1938
62l/2£
Below
the
a
strain.
borrower may choose the schedule which
DIVIDEND
1941
Company decla-ed
dend of 1*4%
(for quarterly period
or
Company
NOTICE
Dividends have been
CYANAMID
AMERICAN
Loan Corporation
DIVIDEND
get out of debt without sacrifice
rower can
Beneficial Industrial
on
par
share or two per
value of the shares
be
a
Hundreds
better manager and wiser buyer.
of schools use the Household
Finance booklets
on
better buymanship and
money management as
study texts.
If you employ or supervise men,
you are
invited to send the coupon for further in¬
formation. You will be under
no
obligation.
of The Texas
Corporation has been de¬
clared this day, payable on April 1, 1941,
to
stockholders of record as shown by
the books of the corporation at the close
of business on March 7, 1941. The
stock
transfer
books will
Tulsa, Oklahoma, March 1, 1941.
L.
remain
open.
H. Lindeman
February 20, 1941
HOUSEHOLD FINANCE
ESTABLISHED IB7B
Headquarters: 919 N. Michigan Ave., Chicago
One of America's
Treasurer
leading family finance
ganizations, with 289 branches in 191
or¬
cities
DIVIDEND
Household Finance
ARMOUR
COMPANY
and
THE
ELECTRIC
STORAGE BATTERY
CO.
919 N. Michigan
Corporation,
Dept.
cfc-hs
Ave., Chicago, 111.
OF DELAWARE
The Directors have declared
On
dend
cent
February 27
of
and
one
(1 % %)
share
per
quarterly
a
on
declared
was
Directors,
payable
stockholders
of
of
by
the
April
record
on
1941
the
of
to
books
March 10, 1941.
E.
L.
LALUMIER, Secretary
Accumulated Sur¬
Please tell
wage
me more
about your loan service for
earners—without obligation.
plus of the Company a divi¬
dend of Fifty Cents ($.50)
per
corpora¬
Board
1,
the Company at the close of busi¬
ness
from the
per
the Preferred
Capital Stock of the above
tion
divi¬
three-fourths
Stock
and
the
share on the Common
Stock,
payable
Preferred
1941, to stockholders of record
of both of these classes of stock at the close
of business on March 10, 1941. Checks will
March
Name.
31,
Address
be mailed.
H.
C. AlIaAN, Secretary and Treasurer.
Philadelphia, February 21, 1941.
City
State.
MARCH 8,
No. 3950
1941
CONTENTS
Editorials
_._1473
The Financial Situation.
Sabotaging National Defense. v;—
How Law Would Chasten the
Invaded Denmark.-...
-
...1480
- - -
........1488
Actuary
1489
.
Comment and Review
Capital Flotations in February and Since Jan. 1, 1941
Week
on
the European
.1492
Stock Exchanges
1477
Foreign Political and Economic Situation---Foreign Exchange Rates and Comment
Course of the Bond Market
-----1478
1483 & 1533
.
1492
_
Indications of Business Activity
__--1497
Week
on
the New York Stock
Week
on
the New York Curb Exchange....
--1476
Exchange-----— ...
— —
_
1532
News
Current Events and Discussions
1509
Bank and Trust
1531
Company Items
General Corporation
and Investment News.
Dry Goods Trade
State and
..1578
1619
-
1620
Municipal Department
Stocks and Bonds
------1533
Foreign Stock Exchange Quotations.-Bonds Called and
Sinking Fund Notices
Dividends Declared
.
1537
1537
>
-
..
-.-1537
Auction Sales
New York Stock Exchange—Stock
*New York Stock
New York Curb
1546
Quotations
Exchange—Bond Quotations. 1549 & 1559
--1562
Exchange—Stock Quotations
*New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock
-
1566
and Bond Quotations-.-.-—1568
Canadian Markets—Stock and Bond
Quotations
..1572
Over-the-Counter Sscurities—Stock & Bond Quotations. 1574
Reports
Foreign Bank Statements.
—
......... —
Course of Bank Clearings
1533
Federal Reserve Bank Statements;
General Corporation
..1482
-..-1509 & 3543
1578
and Investment News.
Commodities
The Commercial Markets and the
Crops
—
1910
1613
Cotton
1617
Breadstuff s
incorporated in our tables
on New York 8tock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
*
Published Every Saturday
Attention
is directed
to
the new column
Morning by the William B. Dana Company, 25 Spruce
Street, New York City, N. Y.
and Editor; William Dana Seibert, President and Treasurer; William D. Rjggs, Business Manager.
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0ol3).
London
Edwards & Smith, 1 Drapers* Gardens, London, E.C.
Copyright 1941 by William B. Dana Company.
Entered as
nn
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 line.
Contract and card rates od 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 Board
Other offices:
The Commercial <& Financial Chronicle
Tin
March
8,
1941
rr<:
"FAMILY INCOME"
I
Our
policy with this title provides
widowed mother with
while
and then
monthly checks
children
her
a
May
lump
Home
are
sum
we quote some
JttHitrattrp V
a
or
growing,
income.
figures/
(Company nf Atnmra
NEWARK, N. J.
I
.
The Financial Situation
that
"democracy," it
still to be clear that
war either on
appears
THE strength, surprisingtointhe the circumstances,
all lease-lend bill has
that the opposition
they have
shown in
foreign soil or upon the high seas in a cause
Congress is encouraging as far as it goes.
It will still be heartening even
and
shouting"
the
to
done, the
are
book
statute
form.
Such
resistance could not
shaled
were
there
embark upon
The
not
have been
such
an
unprecedented
vealed
should,
one
caution in the
use
that the
The
now
deal
must suppose, tend to
of the almost unlimited
its
re¬
in
apparently quite generally expected.
dent
his
in
entangle
in
nation
sort of war,
a
sort
international
entanglements
This
much broader grounds.
is, when all is said, but a cul¬
of general course of policy which
affairs
has for
long time
a
past
all the hazards of those foreign
have
which
dreaded
been
by us
since the foundation of the
Nation, and which on its
an
It Need Not Be
domestic side has taken us
any
The aftermath
under¬
aggressive campaigns
take
upon
measure
mind
right
would wish to
unwilling
objections
would
been exposing us to
is
No Presi¬
Precisely such danger
reason, if no other
For this
should be roundly defeated.
have given us a great
encouragement, however, had it entered
mination of
power
will bestow upon the President,
measure
more
which
at the present
reactions of the
us
measure
opposition
particular
induce
assuming that it becomes law in due course as
now
soundly based.
existed, the
program.
striking evidence of that reluctance
intuitive
all
are
is both real and great.
mar¬
reluctance
deep-rooted
a
the
this
In
public
present
the rank and file throughout the country
among
to
its
directly touch
time.
is passed on
substantially
in
stomach for engaging in
does not clearly and
if, when the "tumult
measure
no
or to
of
the
will embrace
war
a
to
of problems which may well make our
present problems seem simple and we may
then well be referring to these troublous
times as the good old days,
...
group
against foreign powers
(whether they be painted
have always
sound and
governmental controls and the imposition
of governmental authority on a large scale.
It is
than
extreme
more
considered
helpful.
most
Certain it is that at that time we can expect
not)
pole opposite to what
a
we
of
short
as
with
badly
a
or
war
divided
This is for three
that President Roosevelt is
a
determined
who has
man
all the art of arousing
masses
at his
the
finger tips.
will
in
permanently hold him
check even though Con¬
to be deter¬
degree at least
gress appears
mined in
a
keep the purse strings
to
in its
own
ment
of
hands.
Enact¬
of
for further
but its adoption
of oppo¬
Jones'
sition that has been made
this futile
quite
not
as
appear
to
Just
be
list
of
a
now
a
wished,
at once
and
be said in all candor that
and elsewhere has fallen
political
seer
One does
to realize that the gen¬
lurking, if often only half realized, distrust
"principles."
The sweeping,
incredible, terms of the bill have without
question raised the dreaded spectre of war in many
minds.
Whatever may be the sympathies of the
great rank
President
the
would
even
themselves
wise
never
to
exercise
possibly in times of
major warfare—and then
with
great
circum¬
The lease-lend
excellent focusing point which
bill has afforded an
the American
what has been
going on in this country during the past eight years.
It appears not to have been so employed, and the
people the real nature of most of
fact that it has not is certainly not
Basic
encouraging.
Misconceptions
early involvement in the actual fighting
sake of what he terms
and
be
the
which
powers
save
of fear
an
almost
of
hands
only
impulsive President who has repeatedly shown
himself much inclined to risk involvement for the
of
for
#and be¬
they place in the
cause
readers will carefully note Mr.
for expecting more of
Until
taking place in so many parts of the world,
and of
and
themselves only,
procedure.
eral hesitation has been the result in large part
of direct and
of
affairs, reserve
themselves
for
simple, plain human frailty and self¬
what it should have been.
be
own
spection.
the debate both in Congress
not need to
control
retain
to
are
their
might have been used to bring home to
At the same time it must
short of
people
reasons
almost without debate.
far
should be
decisions which the
ishness!
had
Willkie
Mr.
same
others.
should, and must if they
people
bad somehow as
the Presi¬
and
the
the
all
measures
post-war
its enactment, as
dent
as
from
in the hands of government
intermeddling by government.
We hope our
after the showing
any
cut
rejected because they place
good grounds for accus¬
inherent in
any
dangerous, but
more
Such
happiness
demands of
than
more
cloth
period
adjustment, is that there is no necessity
difficulties
pro¬
others, and there¬
it is
and
If only there were
question would, therefore,
still be dangerous in the
does
fore
ing Mr. Jones of undue pessimism!
What can
be truthfully said, even while admitting the
the legislation in
extreme,
of the
be achieved, and,
third, the
the great mass of
people who in the past few years have been
educated to believe that the government both
owes and can give them a living and who will
be unwilling to go through the hardships of
a
basic readjustment for the simple reason
that they believe it unnecessary,—Thomas
Roy Jones,
President
of American Type
Founders, Inc., to N. A. M. Winter Institute
on
Employment Relations.
comfort
occurred
has
what
possibly
despite the fact that it has never worked for
more
than
one
generation, in centralized
control can the maximum of human progress,
It would be rash to assume
that
First, the human
which has, through the ages,
probably been the major factor in the shaping
of history, mostly filling its pages with dis~
aster and staining them with blood.
Second,
the convictions of those who believe that,
remains, however,
fact
reasons:
or
posals of the New Deal,
lust for power
The
people behind him.
other acts
of the
and file of the people of the country,
be their desire to aid this or
whatever may
basic
we
go
back to fundamentals and correct our
misconceptions
headway
factory
in
we
shall
not
make
satis¬
getting ourselves 'upon that
"clear, sure path" of which the
President spoke so
campaign last fall.
On the
foreign relations as they present themselves
feelingly during the
side of
today, the path that we always
have trod is clear
enough, and if experience is a good guide, as
as
any
selves at
safe
That is to defend our¬
home, to do what was necessary to prevent
that we can choose.
The Commercial & Financial Chronicle
1474:
ment or any man for any length of time. Not only,
indeed, were such powers—many of which are now
threatening invasion of this hemisphere, anywhere
when
our
safety or direct interests were in-
own
sought and usually obtained by New Deal managers
volved, but to remain aloof from the wrangles of the
Nations elsewhere
recent years
on
the
—reserved to the people, but it is crystal clear that
Nor until relatively
globe.
exercise of them even by the people was utterly
foreign to the thought of that day. The idea that
did we take it upon ourselves to con-
demn one Nation
as
another because it
any
"aggressor" and to defend
an
"democracy": consisted of dictatorship,
appeared to us to be the victim
of
in
far-flung empires', found our interests at home
home, and felt that we had enough to do to
for these interests
neither
first
the
is
or
stated intervals—would doubtless have been
care
the
or
only deviation from the
foreign policy of this country.
It
possibly the most dangerous proposal for abandon-
ing traditional policy but it is not the only dangerous
Nor is much that
proposal.
free
done
from
precisely the
the lease-lend bill would do is in
take decisions
>
the hands of the people and
need
■
most
attitude
toward
fraught
to
wholly from
frightens most
but the American people
serious
some
thinking
conclusions concerning our present
own
the
world
in
general.
There
is
to fear that they approve much that is
every reason
.
so,
What
measure
lodge them in the hands
urgently to do
about their
large
It is this which
people, and quite justly
have already
danger
these vital matters
on
of the President.
•
we
same
with
the
utmost
danger
them.
to
Not
foreign policy, which is
ter, is in need of revision.
was
.
On the domestic side—for this lease-lend measure
has its vital domestic
; new
bearings—the bill brings to
high point the essentially un-American
of: procedure
which has been
lying the situation
have
we
That
find under-
we
horrible misconception of what
a
always regarded
misconception
soundly. Such a system was viewed as calling out
the best in the individual, and in more or less automatically placing the ablest in positions of responsibility and economic authority in the Nation It is
in this way, so it has been supposed, that mankind,
the able, the mediocre, and even the less fit, fared
best. Now, not only in government but in private
behavior, this ancient belief is under attack, and,
a
program
flourishing in this
country for years past. Here again we
was
President himself in
the American system,
as
given apt expression by the
his second
inaugural address
when he said:
we
"Nearly all of
human
recognize that
relationships increase,
them also must
to do
us
good.
our
absence
of power
but
intervals
We
man
,
through
an
our
power
Nation
upon
the
change
or
continue at stated
t)eal managers
honest and free system of elec-
likewise govern
not
are
disposed to enter the endless
operations.
argu-
concerning the nature of "democracy"
may mean one thing when he uses that
One
or
that is
man.
a
What
word, but
our
a
fathers
scheme of social and
the
interested in
were
system of government and
President
economic
or
was
a
organization.
for that
should
purpose,
industrial, trade, and other business
We
seem at
times to be veering toward
Certainly
some
such idea appears
to underlie some of the suggestions
labor having
a
now
heard about
voice in the management of
corpora-
tions, particularly in the management of industrial
operations in which defense is directly interested.
that
not
general
What
now suggest
°t popular vote.
It matters little whether this
"democracy" in the opinion of this
We,
discredited.
prises should be formulated by about the equivalent
term,
have something quite different in
Indeed evidence of different uses of this par-
ticular word abounds.
us
the view that business policies of individual enter-
and another
may
mind.
large number of
that some process similar to that used in the management of our public affairs, or that which the New
lodging it with those
upon
a
of us have become devotees of what is called
industrial democracy. Precisely what this term
means when so used is certainly far from clear, but
many of its apparent implications are far from reassuring. In many instances it seems to suggest
to govern
people depend not
fear, with
or many
tions."
ment
■.
power
The essential democracy of
safety of
whom the people can
.
intricacies of
increase—power to stop evil,
and the
•
so
as
We have believed that when man
left free to serve his own interests legitimately
and was expected to serve them or suffer the consequences,
society progressed most rapidly and
wholly different mat-
a
laughed
hooted out of court in a thrice.
extra-legal group.
merely the lease-lend bill but the basic nature of
our
some-
These matters
arbitrary control of wages, hours of work, compulsory old age or unemployement insurance, and
many of the other controls of the day
were, in the
thought of that day or any other day in this country
until quite recently, not subjects for governmental
action at all. Exercise of control over these things
was called tyranny.
We. have always believed that;
within rather strict limits they are best governed
who are least governed. We have always believed in
permitting and expecting individuals to meet their
individual problems in their own way and upon their
own responsibility.
We have insisted that the man
in the street, or anywhere else for that matter, was
neither the subject nor the ward of the Government,
And these ideas have heretofore been applied riot
only to Government, but to any other agency or
Obviously the lease-lend bill is
nor
heretofore settled
or
thing closely approaching it, for prelimited periods
—to be approved or disapproved by the people at
"aggressors" In fine, we have foresworn interest
near
March 8, 1941
Labor
Union Notions
'
-
:
"
.
.
But' however that may be'5t is cleal"that 111 "en"
democracy" if lie desires, but it is certainly nttrelv
eral the ideas and general-;policies of the labor
alien to the thoughts of the founding
fathers anil
Unions' which are daily strengthening their hold
it certainly is 110 factor of
"safety" for our people
'Upon a large phase of om' business operations, are
describes
he
may
term
"essential
deeply stamped with some such philosophy.
Quite the contrary.
man
The American System
one
If
anything about the American system as devised
by the founding fathers, is clear and unmistakable
it
is
that
bestowing
it
a
never
for
a
moment
vast extent of power in
contemplated
any
govern-
pitted against man"
of their cardinal doctrines.1 The
skill
•
must not "be
or
ability must bring
fellow at his elbow
is
common among
no
by doing
man
That
to be
of unusual
embarrassment to the
more or
all the men'
appears
better work than
Upper limits of
missible performance are given much
per-
attention/but
*
Volume
the lower limits
to disturb union officials and
seem
union leaders but little.
These leaders of labor may
not believe that all
are
men
but they are intent upon
Once
were.
1475
The Commercial & Financial Chronicle
152
an
actually created equal,
having them act
craftsman, always
average
if they
as
an aver-
deposits with the 12 Federal Reserve banks.
The
Treasury deposits advanced in part because $100,000,000 of
new money was
of
some
borrowed
on
fresh dis-
The net result of these influences, and
count bills.
minor and transient items, was a decline of
excess reserves over
legal requirements
Exceptional performance is not only not encouraged
by $100,000,000 to $6,440,000,000.
This total is far
or
more
craftsman appears to be the* accepted doctrine,
age
rewarded, but in
c-ouraged in
Here
one way or
another actively dis-
evidently is
doctrine, sometimes labeled
a
than ample, and such variations1
ported week by week need occasion
instances.
many
member bank
as now are re-
no concern.
It
the other hand, that effective demand
appears, on
increasing rapidly,
for credit
acterized
Weekly reporting New York 'City member banks
found their business loans up $33,000,000 in the
ciples
it is to go
notion
free,
which
upon
antithesis of the basic prin-
this Nation
founded
was
and
which it is likely to go forward in the future if
upon
*
the very
as
forward
to
appears
as
all must wish it to do.
The
have developed out of the less
caste ridden, and much less inviting social
more
and economic structures of the older
European
coun-
accommodation
is
"democratic," which however viewed must be char-
weekly, period
March
to
5,
which
in the previous week.
It is to be noted that the
comprehensive report for 101 cities reflected a genoral gain in business loans for the week ended
though New York City banks found
tries,' and from there to have been imported into the
Feb. 26,
United
their loans lower in that period.
States,
But whatever its origin
or
its his-
tory it is obviously deadening to the individual and
deadly to
is
in this
progress
or any
other country.
It
peculiarly unwarranted here and ought to be
thoroughly unwanted.
If it is
an
as
essential part of
*
what is termed industrial
we
have of that
democracy, then the less
system the better.
It would be dil'
ficult to determine whether its marked growth and
'
spread in recent
preachings
of the
the
years
is
an
outgrowth of New Deal
the New Deal itself is
or
an
outgrowth
previous spread of such ideas in the minds of
mass
trade.
of
workers throughout
our
industry and
What is clear is that such ideas
eliminated
from
both
to resume
we are
march of progress.
our
march has not been much
than is the
case
is
be
must
industry and government if
more
That this
seriously interrupted
unquestionably due to compensat-
ing acceleration of endeavor in circles not yet infected with such
It
deadening philosophy.
from such
is
wholly un-American notions
these that such monstrosities
ure
and many
Rejection of
others have
any
one
in recent
sprung
as
meas-
years,
so
much
This is perhaps particularly
true of the lease-lend bill.
to work in earnest in
the lease-lend
of these would by
improve the situation
the
as
If, however,
we are
to go
righting the existing situation,
place to begin is with these underlying fallacies
which
are
productive
so
of
endless
numbers
fantastic, futile and foolish proposals.
of
reestablishes
rather emphatically the upward trend interrupted
even
Loans by New
York City banks to brokers and dealers
on security
collateral for the week ended March 5 were up $16,000,000 to 1348,000,000. ■
The Treasury in Washington deposited $68,065,000 gold certificates with the 12 Federal Reserve
banks in the week ended March 5, raising their total
holdings to $20,030,246,000. Other cash of the regionul banks dipped somewhat, and total reserves were
up $51,973,000 to $20,360,279,000.
Federal Reserve
notes in actual circulation advanced $62,875,000 to
$6,039,650,000. Deposits with the regional banks in-
creased
$5,015,090
to
$16,299,055,000,
with
the
account variations consisting of a decline of member
bank reserve balances by $38,657,000 to $14,136,-
067,000; an increase of the Treasury general account
by $22,799,000 to $390,686,000; a decrease of foreign
deposits by $10,986,000 to $1,121,057,000, and an
increase of other deposits by $31,859,000 to $651,245,000. The reserve ratio fell to 91.1% from 91.2%.
Discounts by the regional banks declined $473,000
Industrial advances were lower by
$125,000 at $7,715,000, while commitments to make
to $2,244,000.
such advances were up $827,000 to $5,893,000. The
regional banks continued to refrain from open market operations, as holdings of United States Treasury obligations again were reported at $2,184,100,000.
-
Foreign Trade in January
Federal Reserve Bank Statement
T^XPORTS
in
January
were
not
materially
changed from the closing months of last year
BANKING statistics forchiefly by further ended
affected the weekly period sharp
either as to volume or character; they were, how-
increase of
ever,
March 5
are
a
monetary gold stocks, and by an even
darger advance of currency in circulation.
addition amounted to
total to
$5S,000,000, which raised the
fresh record at
a
immediate
The gold
$22,237,000,000.
more
significance is, perhaps, the advance of
currency
by $80,000,000 to $8,805,000,000.
level the
circulating medium in
the record
established at the
use
At this
almost equals
holiday
last
season,
The rise much exceeds seasonal expectations,
year.
of course,
and plainly is due in part to the business
stimulation afforded
other
Of
by the defense program.
But
about 12% below the level of January 1940,
the war-time peak and the highest of any month
Imports in the opening month
since March 1930.
of the
when
year were
about 10% below last December,
they attained the greatest volume
of
any
month since July 1937, and about 5% under January
1940.
Exports in January totaled $325,355,000 com-
pared with $322,317,000 in December and $370,082,-
000 in January 1940.
Imports amounted to $228,-
636,000 in January in comparison with $253,082,000
in December and $241,992,000 in January 1940.
The
probably enter into this
export excess for the opening month amounting to
matter, and a careful study of the currency problem
$96,719,000 was considerably greater than Deceraber's $69,235,000 excess but not up to the January
"aspects of affairs
seems
weekly
advisable.
period
The
currency
depressed
increase
banking
of
reserves
the
to
a
greater extent than they were raised by the gold
addition.
Also making for a decrease of
*reserves were
1940 export surplus of $128,090,000.
banking
over
increases of Treasury and non-member
try's
%^
The war continued to be the dominating influence
the character as well as the volume of the couninternational
trade.
Agricultural
exports
The Commercial & Financial Chronicle
.J476
showed
levels
inclination to
110
of
recent
recover
from the depressed
but instead sank lower
months,
totaling only $22,100,000 compared with $25,000,000
December and
in
the
Of
$97,200,000 in January 1910.
non-agricultural
three,
exported,
items
ma-
chinery, iron and steel products, and aircraft, acfor
counted
000
not
quite
$15,400,000 higher than Janof $61,000,000
to the December level but nearly
up
50% above the corresponding month of last
the
Among
this
in
aggregate
Machinery shipments
1940.
were
the
shipments totaling $40,900,-
monthly peak and $8,800,000
new
a
December and
above
uary
Aircraft
at
were
half
almost
classification.
important
and
shipments aggregated $6,800,000
ammunition
items
year,
firearms
com-
less
pared with only $800,000 in the same month of 1940
while
petroleum and its products dropped to only
$17,400,000 from $30,800,000 in January 1940.
the
principal
agricultural
items
markedly reduced from last
the
was
year,
outstanding instance.
staple in January amounted to
of
export
All
were
but again cotton
Shipments of the
than 52,848
no more
bales, valued at $3,120„000 compared with 109,556
bales, worth $6,417,000 in December and 1,066,866
bales, worth $59,884,000 in January 1940.
Imports
the
were
so-called
again featured by large receipts of
strategic
materials
such
wool and tin and in addition coffee
record levels.
the
Wool
the other
on
hand
from both December and
laps
which
were
volume in the last half of
Silk
dropped considerably
January
imported
were
to
rose
imports during the month
greatest of any month since April 1923.
imports
in
a year ago.
particularly
Burlarge
1940, dropped in January
less than half the volume of the
to
rubber,
as
imports
corresponding
Gold
from
imports in January
were
to $2.34,246,000
rose
$137,178,000 in December and
$236,413,000 in January 1940.
of
compare
with
Exports of the metal
negligible in all three months.
Silver imports
■
vie
w
4 FADING
dull affair this
ington.
visible,
news
gains
so
far
registered mainly in
as
interest
in
as
whole.
a
re-
On the New York Stock Exchange the sales
on
Saturday
141,190 shares;
were
was
shares;
288,270 shares;
handful of
a
The invest-
the
the New York Stock
Exchange
on
inained unchanged at 1%.
But
one
issues, while the great bulk of stocks
moved little for the week
ment
a
from abroad and from Wash-
toward moderately better levels.
were
prominent
was
week, and prices see-sawed in
The general trend, in
was
stocks touched new low levels. On the New York
Curb Exchange 49 stocks touched new high levels
und 104 stocks touched new low levels.
Call loans
the New York stock market
on
accordance with
the
trading periods Foreign exchanges were dull
throughout, with the weekly gold receipts again
sizable.
0n tlle New York Stock Exchange 39 stocks
The New York Stock Market
■I
active in a few sessions,
touched new high levels for the year while 134
$5,799,000 in January 1940.
I
were
with th« occasional losses made up by gains in other
and the smallest since August last year,
compare with $4,690,000 in December and
were
average
k
bonds originated in Italy, Japan and Germany. The
somewhat under the 1940 monthlv
$4,576,000
They
financial maikets find
themselves continues to reflect, of course, the numberless difficulties and uncertainties of the world
situation and the ever more imminent possibility
that the United States will become fully involved
in external struggles. Balkan developments of the
week were far from comforting, for the fact stands
out that the addition of still another country to the
Axis roster makes continuance of the war and intensification of the fighting just that much more
probable.
The progress of the lend-lease^ bill
through Congress suggests that enormous additional
power soon will be available to President Roosevelt, and there is no clear realization of the way in
which such power may be employed. The financial
markets, moreover, are absorbing sizable offerings
British-owned stocks and bonds. The holdings
of United States Steel common appeared on the
market this week, and were taken readily, but it
n°f
denied that the large blocks exert some
downward pressure upon the price level,
Listed bond trading was quiet in most sessions of
the week, but occasional spurts appeared in selected
railroad bonds. Fairly good earnings by the rails
are contributing to the demand for the speculative
senior liens. A few specialties in the bond list also
niade progress. United States Treasury obligations
slowly and ponderously moved upward, but the
£ains were far from extensive. The market is awaiting further news of the manner in which the Treasm'J purposes to raise the many billions required for
the defense program. Best-grade corporate tionds
were steady to firm. Foreign dollar securities were
inclined to recede, especially in cases where the
The situation in which the
commodity markets
month of 1940.
March 8, 1941
on
Monday, 333,480
Tuesday, 308,290 shares;
on
on
Wednesday,
Thursday, 481,110 shares, and
on
on
Friday, 351,200 shares.
On the New York Curb Exchange the sales
Saturday
were
37,675 shares;
market improved, owing to
greater stability in United States Government obli-
60,575 shares;
gations and other high-grade securities.
on
Monday,
on
73,660
Friday, 68,370 shares.
sioned small advances in
a
few
such
American
industrial
Railroad
Telephone.
stocks
Steel, motor and
ness no
with
stocks gave
more
prominent stocks,
aspects warranted purchases.
Stock
mal, with trading
Exchange
was
Turnover
on
deeply subnor-
the lightest scale, Wednesday,
for any full session in six months.
At no time was
the
turnover
on
above
level.
the
diminutive
500,000-share
on
Wednesday,
Thursday, 101,045 shares, and
period of six months.
irregular,
in mild demand, where invest-
on
Trading volume in the stock market
narrowly,
im-
Tuesday, 62,995 shares;
on
on
Saturday
of last week dwindled to the smallest turnover in
somewhat
were
the New York
stocks,
were
provement the rule in the
men t
common
on
fluctuated
equities
Utility issues
occa-
preferred stocks and
exceptionally well regarded
as
other
some
This
shares;
definite trend
up
In view of the list's
was
discernible and
fractions at the start.
some
an
initial period
to an end values hardened.
apathetic
key
The remainder
of the list moved in
came
a
narrow-
manner,
and
as
the
Sub-
sequent weakness in the closing hour left the mar-
ket steady and mixed.
weakness
on
The focal point of market
Monday centered in the steel shares,
which sustained losses running to two points.
As
in previous sessions, the day's volume of business
was
disheartening,
being substantially under
the
Volume
turnover for
One factor that
Friday of last week.
weighed heavily against United States Steel shares
the scheduled
was
of
offering by the British Treasury
200,000-share block of this company's
a
stock after the close of
pitious.
led
trading
underwriters
the
ever
Tuesday,
common
or
when¬
time
the
pro¬
Aviation shares declined and motor stocks
gave
Moderately
ground.
A let-up in
prices marked the day's close.
liquidation
on
in
Interest
values.
ticular
Tuesday encouraged
and
group
structure
est full
as
slight upturn
confined to any
not
was
a
par¬
the hours passed the price
improved and closed at the day's best,
although in
gave
on
considered
by Chrysler likewise
lower
an
irregularly higher
session in
over
half year
a
irregularly
lower
Steel stocks
above
6% against 6.
closed
yesterday for the most part
United
Friday's closing prices one week ago.
States Steel closed
yesterday at 57% against 59 on
Friday of last week; Crucible Steel at 41% against
41%;
Steel
Bethlehem
at
79
78%,
against
and
Youngstown Sheet & Tube at 35% against 34%.
In the motor group,
General (Motors closed yester¬
day at 42% against 43% on Friday of last week;
66% against 66%;
Chrysler at
at 2%
Packard
against 2%; Studebaker at 6% against-6%, and
Hupp Motors at % bid against %.
Among the oil stocks, Standard Oil of N. J. closed
period equities
yesterday at 34% against 34% on Friday of last
Wednesday.
on
against 9; Southern Railway at 12 against 12%, and
Northern Pacific at
In the light¬
way.
their gains of the day before and closed
up
1477
The Commercial & Financial Chronicle
152
Stocks
were
week; Shell Union Oil at 11% against 11%, and
Atlantic
Refining at 20% against 21%.
until mid¬
Among the copper stocks, Anaconda Copper closed
day, when reaction set in and claimed the market
yesterday at 24% against 24% on Friday of last
for the remainder of the
week;
steady at the opening and held fairly
marked the
Pronounced strength
day*
of values
course
so
on
Thursday.
ing the successful oversubscription of
United
of
close of business
a
huge block
&
Refining
at
40%
29%.
aviation
the
In
offered after the
group,
Curtiss-Wright
closed
Tuesday, encouragement toward
yesterday at 8% against 8% on Friday of last week;
Boeing Aircraft at 15% against 16, and Douglas
wafted
three
to
common,
Smelting
American
against 40%, and Phelps Dodge at 29% against
market participation followed and prices
greater
were
Steel
States
Follow¬
on
upwards, with gains ranging from
The list's greatest support
points.
one
Aircraft at 73
against 72%.
Trade and industrial
came
reports of the week indicate
early in the afternoon, when it received, at intervals,
maintenance of
bids for sizable blocks of stock which sustained the
last
advance
today were estimated by American Iron and Steel
On Friday stocks
through the close
flected moderate firmness at the
the
re¬
start, but lacked
vigor to resist market pressure, and by
noon
Institute at
week, 96.9%
ended March 1
levels may
sales
improved
be gleaned from a comparison of closing
Friday of this week with final figures for
on
General Electric closed
32%
on
Electric at
at
yesterday at 33% against
Friday of last week; Consolidated Edison
Co. of N. Y. at
4
stitute at
21% against 22%; Columbia Gas &
against 4%; Public Service of N. J.
26% against 27%; International Harvester at 48
ago,
and 64.6% one year
power
for the week
reported by Edison Electric In¬
was
2,825,510,000 kwh., against 2,820,161,000
kwh. in the
in the
Friday of the previous week.
month
one
Production of electric
stocks
Moderately
the basis attained late
97.5% of capacity against 96.3% last
ago.
lower.
on
Steel operations for the week ending
year.
profit-taking cut into prices, leaving many active
fractionally
activity
preceding week, and 2,479,036,000 kwh.
corresponding week of last
year.
Car load¬
ings of revenue freight in the week ended March 1
reported by the Association of American Rail¬
were
roads1 at
the
756,670
cars, an
advance of 78,177
cars over
previous week, and of 122,034 cars over the simi¬
lar week of last year.
As
against 48%; Sears, Roebuck & Co. at 73% against
indicating the
course
of the commodity mar¬
71; Montgomery Ward & Co. at 37 against 36%;
kets, the May option for wheat in Chicago closed
Woolworth at
yesterday at 83%c. against 83%c. the close on Fri¬
Tel. at 162
30% against 31, and American Tel. &
20%
on
at 146
20% against
Friday of last week; Allied Chemical & Dye
against 146; E. I. du Pont de Nemours at
144% against 144%. National Cash Register at 12%
13%
against 13%; National Biscuit at 17% against 17%;
against
12%;
Texas Gulf
Dairy Products
National
May
day of last week.
against 160%.
Western Union closed yesterday at
closed yesterday at
week.
May oats at Chicago closed yesterday at
35%c. against 35%c. the close on Friday of last
week.
The
at
Sulphur at 35% against 35%; Loft, Inc.,
corn
61%c. against 60%c. the close on Friday of last
spot price for cotton here in New York closed
yesterday at 10.87c. against 10.94c. the close on Fri¬
The spot price for rubber closed
day of last week.
18% against 17%; Continental Can at 36% ex-div.
yesterday at 21.62c. against 20.75c. the close on Fri¬
against 37%; Eastman Kodak at 130 against 132;
day of last week.
Westinghouse
Elec.
Standard Brands at
Mfg.
&
at
95 against 96%;
at
In London the
6% against 6%; Canada Dry at
11% against 12%; Schenley Distillers at 9% against
at
9%, and National Distillers at 21% against 20%.
the close
In
the
closed
rubber
group,
Goodyear Tire & Rubber
yesterday at 18 against 18 on Friday of last
week; B. F. Goodrich at 13 against 13%, and United
States Rubber at 21
Railroad
stocks
in
the
higher changes this week.
main
23%
show
fractionally
copper
closed yesterday
price of bar silver closed yesterday
pence per ounce
on
New York
against 23%
pence per ounce
Friday of last week, and spot silver in
closed
yesterday at 34%c., the close on
Friday of last week.
In
fers
against 20%.
Domestic
12c., the close on Friday of last week.
the matter of
on
foreign exchanges, cable trans¬
London closed yesterday at
$4.03% the close
Pennsylvania RR. closed
on
f4.03% against
Friday of last week.
European Stock Markets
yesterday at 23% against 23% on Friday of last
week; Atchison Topeka & Santa Fe at 23% against
23; New York Central at 12% against 12%; Union
STOCK markets in the irregular,European finan¬
leading this week, in
Pacific at 77
obvious reflection of the Balkan difficulties and the
against 79%; Southern Pacific at 9%
cial
centers
were
i
The Commercial & Financial
1478
apprehensions that a Spring drive soon may develop
in
Little business was done on any mar¬
the west.
ket, owing to such uncertainties, the mounting finan¬
great war, and the growing realiza¬
cial costs of the
8, 1941
State
such
In order to expedite the shipment of nu¬
exports to the United Kingdom, the Export
Italians, but it is reported that the
and
mans
March
Chronicle
Department does not look complacently upon
step.
a
merous
Monday a blanket
tion that
Control Administration issued on
vast
license
covering the shipment of more than
ferent
items
prolongation of the conflict will result in
fundamental changes in societal arrangements.
The London Stock
of
week.
the
rather
Exchange was dull in all sessions
Gilt-edged stocks held their ground
well, but industrial issues and a number of
Home rails were easy on
specialties slowly receded
demands
by the railwaymen for increased wages.
Issues of oil
companies with holdings in the Near
suffered
East
Monday
but in
a
of
consequence
as a consequence
and the
area
as
The Amsterdam Bourse
turmoil
the
Balkan
hard hit
was
of the spread of the
on
Department announced on Thurs¬
day that for "reasons of national policy," Italy has
consulates in Detroit, Mich.,
been asked to close its
of
This,
is
merited
N.
J.
an
Newark,
and
Italian request that our own con¬
retaliation for
course,
Naples and Palermo be discontinued.
sulates at
Balkan Maneuvers
Bulgarian adherence to the Axis pact,
subsequent dealings prices advanced
The Berlin
modest
start of the
of German
being prominent among
industries
war
The State
war
on
the
great Dutch market and net changes for the week
were
for
vital
them.
130 dif¬
country, materials that are
that
to
Boerse improved
week, owing to the apparent
at the
progress
military force in the Balkans, but quiet
trading and
narrow
changes
after
were
the rule there¬
DIPLOMATIC andregion of developments inover¬
military Europe far the
Balkan
vast
week,
largely
as a
reflection of the principal conflict
between Great Britain and
ment
:
this
war
though the changes in the Balkans can be
even
viewed
theater of the great
main
shadowed the
Germany.
High excite¬
prevailed in all the countries flanking the
,mt~ *
ENACTMENT of the lend-lease or "aid lo Great
Britain"
bill
of
few
a
is considered to be
now
a
days, at most, for ordinary debate
matter
on
the
of
and
numerous
were
-
The facts
Danube, and also in Greece and Turkey.
Foreign Policy Incidents
important enough, but rumors
conceivable sort also circulated, and at
every
times it
difficult to sift fact from
was
fancy.
The
key Balkan State of Bulgaria last Saturday for¬
proposal terminated in the Senate
on
Tuesday, and
mally joined the Rome-Berlin-Tokio Axis in a cere¬
amendments
up
for considera¬
mony
tion.
The
thereupon
were
taken
study and discussion of such amendments
at Vienna, and German mechanized forces and
airplanes immediately moved in upon that small
probably will stretch into next week, and the House
country.
and Sentae versions then will have to be reconciled.
borders
It is
already accepted
ture of the
almost
bill
as a
by the President will be followed
immediately by disposal to Great Britain of
vast
"surplus" stocks of
this
will
our war
materials. Whether
put the United States technically in the
whether American entry will be dated from
war, or
the transfer of
other
commonplace that signa¬
fifty American destroyers
incident, is
a
or
some
matter that the historians of the
future doubtless will decide to
their
own
satisfac¬
This placed the Germans on the northern
of
slavia.
Greece, and provided the
Turkey and
with
aggressors
In the
a
virtual encirclement of Yugo¬
course
of the current week it became
fairly evident that Yugoslavia would have
native to
Greek
fighting
on
the side of England became acute,
Greek statesmen
will be
leading to the conclusion that there
compromise, regardless of the military
no
might that Germany
may
exhibit.
Turkey also had to be reviewed,
day, President Boosevelt let it be known that he
exerted
as
United States.
graver,
re¬
particularly perilous times for the
The current international crisis is
he said, than the domestic crisis which faced
the country when he first took office as Chief Execu¬
tive
on
March
alter¬
conversations in Athens between British and
with
tion., As he started his ninth year in office, Tues¬
gards these
no
The problem of active
joining the Axis.
all
possible
authorities.
as
pressure
The situation of
the German Nazis
the
upon
Ankara
Russia, belatedly, cautioned Bulgaria
that adherence to the Axis
kans, but there is still
no
means
in the Bal¬
war
real clarification of the
Russian attitude.
4, 1933.
the situation
That
in
southeastern
Europe
was
Official steps in the complicated field of foreign
fundamentally and drastically altered by the formal
policy continued to reflect, this week, the intention
Bulgarian entry into the Axis combination is not
of the Administration to make all
to
able to Great
of costs
own
or
possible aid avail¬
Britain, Greece and China regardless
consequences.
Paralleling the President's
unique reception of the British Ambassador in
January,
was an
informal reception by King George
VI, last Saturday, of
our new
Court of St James's, John
Ambassador to the
G. Winant.
The
King
journeyed to
a small railway station outside Lon¬
don, where he met Mr. Winant. In his first state¬
ment to
Mr.
aid
correspondents in London, Monday,
Winant expressed the
opinion that American
to
press
Great Britain
is
increasing daily and will
denied.
be
It
is
possible,
much of the Mediterranean
cannot be
kara, and
the
region.
war or peace now
the British authorities warned
into the Axis
a
of
severance
effected.
means
war
with Great
It may
dominated by
in
the
Treasury
Washington
that
Department
wishes to "freeze" also the credits here of
the Ger¬
Although
so
Britain, only
far has been
well be that British airplane bomb¬
ings of the small Balkan State
are
being withheld
pending the decision of Yugoslavia and the Turkish
regime to keep southeastern
or
understanding prevails
hangs.
Bulgaria that entry
diplomatic relations
joined the growing group occupied
The
New decisions
the fateful steps in those capitals
upon
question of
the Balkans
the Rome-Berlin Axis.
the
long delayed in Belgrade, Athens and An¬
"timely." President Roosevelt signed an
order, Monday, whereunder the credits of Bulgaria
were
"frozen," since that Balkan country now has
prove
that
moreover,
repercussions will affect the entire Near East and
answer
tions
to German blandishments.
seem
obvious
area.
German inten¬
may cause war
in
despite the known desire of the Berlin
order to maintain
and
enough, and
Europe at
peace
in
uninterrupted supply from that
Gathering of the Reich hordes
Grecian frontiers is
a
threat
on
the Turkish
that is
brutally
Volume
The Commercial & Financial
V
152
If the Germans force the Greeks to make
realistic.
"peace" with Italy,
if they break through and try
or
to subdue that valiant
country, they will in either
probably advance southward and try to utilize
case
Greek bases for attacks
in the
asked to
lent
join the Axis
the British naval power
on
Mediterranean.
Turkey doubtless is being
to adopt a policy of benevo-
or
neutrality, owing to the dire German supply
But Great Britain has some high
requirements.
cards to
play in this
game,
and the answer may de-
pend not only upon the great British fleet, but also
the important land forces which recently de-
upon
feated the Italians in
of the Nile manages a
If the British Army
Libya.
landing at Salonika the course
of Balkan affairs yet may
change.
Chronicle1479;
ington and London that any serious Russian
Russia, on the other hand, was reported as
adding heavily to troop units in recently regained
Bessarabia, and it was noted in all circles that
Ankara looks to Moscow, as well as to London, for
guidance in international affairs,
Yugoslavia became a point of immediate concern
after the Germans signed up the Bulgarians and
took over that small country. Unfortunately, all
tion.
indications of the current week suggest that Belgrade will find it advisable to join the Axis, even
though the country
German Penetration
objec-
tions to the Bulgarian action might better have been
made before the Axis pact was signed and while the
Germans were concentrating great masses of troops
in Rumania for extension of their Balkan penetra-
much
as
Rumania
seems
was
destined to be partitioned
split
up,
if the Germans have
EVENTS over the last week-end fully justified their "closerBelgrade dispatches admitted yesterday
previous reports that German
that way.
collaboration" with the Axis is probnumberless
forces
being augmented in Rumania, prepara-
were
The Yugoslav authorities were said to be en-
able.
tory to new advances in the vitally important Bal-
deavoring to persuade the Greeks to bow to the Ger-
kan sphere.
mans
The trend of affairs was made strik-
and accept a peace dictated by them, possibly
ingly evident when the Bulgarian Premier, Bogdan
through the "mediation" of Turkey.
Philoff, arrived at Vienna last Saturday, in order
signature to those of the German Foreign Min-
tion of Yugoslavia was ordered. Premier Dragisha
Cvetkovitch and Foreign Minister Alexander Cincarmarkovitcli, who recently visited Chancellor Hitler
in Germany, were said in some reports to be ready
Ribbentrop; the Italian repre-
to journey to Vienna for a signing of the Axis pact,
sentative, Count Galeazzo Ciano, and the Japanese
But British diplomatic pressure was applied, and
to
sign
declaration of adherence to the Axis.
a
the presence
his
In
of Chancellor Hitler, Mr Philoff added
ister, Joachim
Ambassador
von
to
Hiroshi Oshima,
General
Berlin,
Along with Slovakia, Hungary and Rumania, the
small Balkan State of
the Axis group as a
with the
Bulgaria thus
added to
was
Concurrently
"junior" member.
signing of the pact, German forces poured
previously constructed pontoon bridges at
across
various
points
the Danube, and in a matter of a ;
on
few hours the gray-green
tingents
uniforms of the Nazi con-
everywhere to be seen in Sofia, the
were
Bulgarian capital.
German airplanes wheeled
the mechanized
head,
as
Sofia
toward
Turkish
the
and
over-
through
units hastened
frontiers,
Grecian
Pull mobiliza-
at least an element of doubt remains as to Yugo-
slavian decisions.
The Chief Regent, Prince Paul,
conferred at length with Government leaders on
Thursday, while rumors circulated that Berlin had
demanded the right to send troops through the
coun-
try in order to reach still other frontier posts of
Greece.
The Turkish Government
was
wooed brusquely by
the Nazis on Tuesday, when an airplane dropped
down upon Ankara and a group of Reich officials
stepped out with
a
set of suggestions or demands
Estimates of the German force thus hastily thrown
available.
into
by the German Ambassador to Turkey, Franz
Bulgaria
range
Some
from 200,000 upwards.
reports in the current week indicated that 200,000
Germans
were on
equal force
Berlin
the Grecian border
comment
made
was
trated in this
admitted
the British
spokesmen
at least
the border of Greece left
one
no
division of Australian troops
comment
to
British and Greek
make
about
Government
on
the
had been
move
sphere of the
mans
cated that Berlin was quite prepared to assure TurkThe suggestion
ish frontiers and Turkish peace.
apparently was made by the Nazi emissaries that
Turkey mediate between Italy and Greece, and it
requires
this
no
stretch of the imagination to realize that
was an
attempt to offset the Turkish alliance
with Greece, which would obligate the Turks to
fight if Greece
were
attacked by the Reich.
The
British Foreign Secretary, Anthony Eden, had departed from Ankara only
man
a
few days before the Ger-
mission arrived, and there
was no apparent
in-
clination among the Turkish authorities to disregard their commitments to London.
Ankara dis-
the negative, however diplomatic the language might
a
war
and to
The Rus-
comment, in turn, was viewed with suspicious
was
von
It was intimated at Ankara that the Gerwere very anxious to look after Turkey's "in-
Papen.
of this
Sofia, objecting
Bulgarian involvement in the conflict."
It
headed
The Soviet
"does not lead to consolidation of peace,
tolerance in Berlin.
persons was
patches indicated yesterday that the reply to the
German invitation for "cooperation" would be in
spokesmen
signature of the Axis pact and declaring that
but to the extension of the
sian
route
Italian
Monday disclosed that
formal note had been delivered to
to the
doubts
en
reports
nature, for obvious military reasons
Russian
of the
less scrupulous, and claimed that
landed at Salonika.
had
no
they marched into Bulgaria.
were
was
try to claim that
Army of the Nile already was
to Greece when
It
Greece would
appearance
The Nazis did not
frus-
were
"peace" assured.
pressure upon
immediately, and the
the matter
aims
British
and
manner
frankly that
Germans along
of explana-
way
military occupation the stock
that
The mission of five
terests and well-being," and various rumors indi-
enthusiastically, and by
tion for the immediate
on
an
naturally viewed the Bulgarian adherence
to the Axis
develop
alone, with
the Turkish border.
on
on
which only modest information so far has been made
pointed out in Wash-
be.
As
an
obvious precaution, Turkey mined the
Dardanelles last Sunday, and made that action
gen-
erally known in order to avoid accidents to shipping,
Greece, fighting grimly for independence, met the
German threat from the north without flinching.
The long struggle which Italy forced upon the small
country has, of course, made heavy inroads
man-power
and resources of Greece.
There
on
the
were
few
The Commercial & Financial Chronicle
1480
of
events
importance on the Albanian front,
any
where the Greeks still
fighting Italians
are
advice
time
the
German
Italians.
still
week that
matic
Privations to which the Germans
recent times have been given
great prominence.
But British food and other restrictions also have been tightened steadily, owing
to the inroads by the Germans on British shipping
and the diversion of tonnage to supply requirements
for the British Empire forces in the Mediterranean
area and the various theaters of war in eastern
make
to
with
terms
the
diplomatic relations with Greece
developed of late in these
The concentration of German
border of
northern
troops on
Greece, the hint at diplo-
trouble, and other events, all pointed to the
most intense German pressure
tion
of
the
But
Great
German aerial, surface and submarine opera-
war, as
articles and radio propaganda,
come
coolness has
a
is evident that the counter-blockade of Great Britain
may prove one of the most severe tests of the entiretions against British shipping develop in coming
being maintained, but Berlin indicated this
are
relations.
the
has
♦
handed to the Greeks, by
was
of newspaper
means
that
grimly
what
From Berlin and Bo me
Italy calls her own soil.
the
on
March 8, 1941
Italo-Greek
Britain's
for
conflict
able
early termina-
an
Italian
on
Foreign
weeks and months
have been subjected in
Africa.
In presenting new naval
terms.
Secretary, An-
estimates before a Par-
liamentary session in London, Wednesday, Mr. Alex-
accom-
ander admitted frankly that the Battle of the At-
panied by General Sir John G. Dill, Imperial Gen-
lantic now is beginning, and that Great Britain in
its long history of growing sea power never has had
thony Eden, arrived at Athens, last Sunday,
eral Staff
Chief, and long conferences
between the British and Greek
indicated
peace
at
were
spokesmen.
Athens, Wednesday, that
no
reported
It
was
separate
with the Kome-Berlin combination would be
considered, and
emphatic confirmation of the
an
reports was supplied by the transfer of all available
men
to the northern
any
German
invasion.
border, for resistance to
An
Anglo-Greek
commu-
greater need than at present for numbers of ships
and
Great Britain's actual protective cordon
men.
of fighting ships
since the
war
class, said Mr. Alexander. The warship tonnage
entering service in 1941 also will make up a formidable force, he added. But the First Lord also
nique, Wednesday, stated that complete agreement
indicated that
exists
German attacks
all
on
points of the situation.
V
Diplomatic relations between Great Britain and
Bulgaria
Minister
Sofia
tween
severed Wednesday, when the British
were
demanded
his
diplomatic
passports
The last moments of normal
London
Sofia
and
complicated by the
were
unexplained disappearance of
clerk in the
at
diplomacy be-
a
naturalized British
Ministry, of Russian origin.
George W.
is greater than at any time
now
began, especially in the destroyer
more
on
strength is needed to
merchant ships.
British, Allied and neutral merchant vessels
and 51,000 tons weekly in the last
disclosed.
fleet remains substantially intact, Mr. Alexander
warned the House that calculations of the Admiralty
ability of the Germans to
for British
bombing of their country, but such bomb-
ing has not yet been attempted.
warned
the Axis would
But
the
triality
Yugoslavia
was
by the British authorities that entrance into
mean
prospects of
seemed
the
enmity of Great Britain.
continued Yugoslavian
and
poor,
British
subjects
neu-
a
moment's notice.
for
a
time that Russia had
mands upon
made
Rumania for bases
coast of that
out
Rumors circulated
These
country.
persistently
peremptory de-
on
the Black Sea
remain with-
rumors
confirmation, but they have gained color owing
to conversations between the Rumanian
Premier, Ion
were
upset by the fall of France and by the
use
French
ports
shipping.
When
a
Member asked the First Lord
whether the United States had been informed that
Great Britain needs ships even more than
airplanes, Mr. Alexander remained silent,
that
a
vary
greatly, but it is generally conceded
huge fleet will be unleashed
for
soon
planes and surface raiders certain
melee.
Some estimates suggest that
submarines
may
add
to
no
be employed by the Germans and
Italians, of which 200 might be in port, 200
Most naval experts hold such estimates
suggested yesterday that
a
lull may
weeks.
For
follow the
those
who
have
now
days,
been
be expected
or even a
few
endeavoring to
tangled thread of events,
a
lull would be
exceedingly welcome.
n
-
gerated.
.
A
en
any one
route
time.
to be exag-
It is noteworthy that extravagant Nazi
claims of recent shipping losses suffered
British have been far
over
admitted losses.
by the
In the
mere two days of Feb. 23 and 24, the German High
Command
f
the
to
less than 600
Hermann
in the Balkans for the next few
a mass
attack against British supply routes, with Nazi air-
and 200 in the actual shipping lanes at
London dispatches
money or
Estimates of German submarine strength in the
Atlantic
Antonescu, and the German Air Minister, Marshal
Goering, in Vienna.
and
nearby airplane bases for attacks against merchant
were
urged to make ready to leave Yugoslav territory at
weeks, he
seven
Although the great body of the British
garians that his
departure would be the signal
aver-
aged 40,000 tons weekly up to May, 1940, and averaged 90,000 tons weekly in the next seven months,
Rendel, the British Minister, had warned the Buiown
with
cope
The losses of
announced
merchant
ship
sinkings
of
217,000 tons. But the British Admiralty figure for
.
Battle ot the Atlantic
the
entire
W€ek
ended
peb>
^
ag
revealed
last
DIRECT invasion attempts against the United Tuesday, showed actualoflosses of British Even Allied
and
Kingdom seemed only
remote possibility
ships in the amount
00,808 tons.
a
this week
and
as
forces
were
more
concentrated in the Balkans
the Near East for whatever eventualities the
spring
may
bring.
The immediate struggle between
Great Britain and the German Reich
for
seems
destined
early intensification, however, regardless of the
events in the
Balkans, and the apt
tie of the Atlantic"
was
name
of the "Bat-
supplied for this conflict
on
cheering
was
the disclosure
without the loss of
a
as
single soldier.
the weather
ficially late last week
day that
a
It would be
with respect to the threat of German attacks against
shipping
miralty, Albert V. Alexander.
The British blockade
same
idle to deny, however, that much uneasiness exists
escort
European continent remains airtight, and it
the
strong force of Canadian troops had been landed in
the United Kingdom, under British naval escort,
Wednesday by "the British First Lord of the Adof the
on
a
vessel
German
Exmoor,
improves.
900 tons,
as
sunk in
The
was
an
British
reported of-
encounter with
torpedo-carrying speedboat.
Although
Volume
1481
Chronicle
The Commercial & Financial
152
general cargo of 3,500 tons and with instructions to
of
evacuated
by British naval forces last Saturday, after a brief
occupation. Syria loomed as a new problem, Thurs¬
day, owing to reports from Vichy, France, to the
remain at the Brazilian
effect that British troops are
The small Italian island
supplies to the continent via the Atlantic have been
been
cut off
Castelrosso, off the Turkish coast, was
by the British blockade, it is interesting to
freighter Lech arrived at the
note that the German
Brazilian
port of Rio de Janeiro, Monday, with a
In the
port until the war ends.
waxing moonlight and occasionally good
weather of the week
now
assaults
attacks.
Such
expected to develop steadily here¬
be
can
at opposing
away
bombing
immense
in
after.
Night raids were favored this week because
of the
phase of the moon, but some daylight activi¬
ties also
noted
were
both sides.
on
the border of that French
ending, the British and
German aerial fleets hammered
territory
augmented since.
British fliers
being concentrated on
possession.
Far Eastern Conflicts
ALTHOUGH the
**
war
prospect that the
every
this week
(Siam) and Indo-China will ripen, under Japanese
auspices, into some sort of settlement based upon
sizable concessions
by the French authorities. What
the
ports, and upon such vital German centers as the
of affairs remains to be determined.
the great German
ports of the North Sea and the airports from which
the Reich fliers take off.
Among the tactics devel¬
oped by the British is said to be that of hovering
German
over
from
airports until the Nazi fliers return
bombing raids and then swooping down upon
the German
airplanes.
The Germans, in turn, sent
great fleets of airplanes over Cardiff, which was
heavily damaged, and over various towns in the in¬
dustrial Midlands of
London had
England.
few
An inci¬
"alerts," but escaped with little damage.
dent of the conflict was a
a
report from Berlin, Wed¬
nesday, that British warships had raided a small
of the Lofoten group
nameless island
where
Germans
few
a
The raid
tured.
was
aim
actual
the
of
held of
disclosed
but London
lin,
and
raid
off Norway,
Norwegians
significance in Ber¬
no
Thursday that the
on
was
were cap¬
of
the destruction
a
large plant for the manufacture of glycerine, which
is
indispensabe in the manufacture
No
less
11
than
of exposives.
ships, totaling 18,000 tons, were
sunk, and the captives were said to number more
than 200.
The British Government issued
an
order,
Tuesday, for the concentration of more than 50 semior
industries in
non-essential
a
relatively few fac¬
tories, and for the release of workers in such indus¬
tries
to
the
vital
supply requirements of the war
plants.
Campaigns
significance of this may be for the larger sphere
nesday, that treaty observance in Asia remains an
Churchill
spect to the Far East remains quite as enigmatic as
the Moscow view
little actual
was
Italian
There
fighting in the sizable portion of
Libya which the British took over in recent
months.
German
A fresh clash
developed, however, between
and British units in
Libya, which led to
extravagant estimates of Reich forces in the
some
Italian colony.
former
The estimates were raised
respecting Europe.
Bearing upon
the
large question of Japan's intentions respecting
the
European developments were reports, Thursday,
that
Foreign Minister Yosuke Matsuoka will visit
Berlin before
The
long for discussions of Axis policies.
Japanese official probably will stop off at Mos¬
cow
in the course of his
Of interest is
indicate.
a
journey, Tokio dispatches
Tokio disclosure, Wednes¬
eral
Eugen Ott, will depart soon for Berlin in order
report on Far Eastern developments to Chancel¬
to
lor Hitler.
.
..
.
The extension of the
southern
Sino-Japanese conflict
effected
in
made
unresisted landing, Wednesday.
was
an
viewed in
som^
China,
lated
conflict
the
to
Generalissimo
China.
settling
This step
but it may also be re¬
which
Japan
forced
armies, and it may be that sterner re¬
the
invaders
will
develop
soon.
week, to involve some fairly important French
naval forces.
But
a
break in the peace negotiations
was
avoided, and a fresh extension of the armistice
was
announced, Wednesday.
nese
peace
pear
If the reported Japa¬
suggestions are borne out, it would ap¬
that French Indo-China will be asked to sur¬
to
Thailand some important sections of
render
Cambodia.
A counter proposal of the French au¬
might already have arrived in Libya. British spokes¬
reliable information is available as to
the
disposition of
large British Empire force which effected the
Italian Libya, and the suspicion
justified that part of this powerful army
subjugation
seems
of
might be held in readiness for a landing at Salonika,
Thailand is
scure,
Italian
In
the
East
African
areas
pire contingents pressed steadily forward.
in Somaliland
Great
9,(>00 Italian prisoners last Sunday,
alone, and the number doubtless has
The degree to which
being advised by the Japanese is ob¬
and some question also exists as to Japanese
in terms of territory, military bases, or
demands
other
concessions, in return for the good offices of
mediator.
/
■
Latin America
of Eritrea,
Somaliland and Ethiopia, the British Em¬
Britain claimed
Indo-
Siam, but the Thailand authorities seem
indisposed to such suggestions.
Greece, if the fortunes of war make such action ad¬
visable.
The
Siam and Indo-China threatened,
China to
No
upon
Chiang Kai-shek is said to
day by day, until it was suggested that 200,000 Nazis
promptly termed such accounts fantastic.
was
Japanese
differences with Communist ele¬
some
to
sistance
the
quarters as a move toward the
Seas and Singapore,
South
where
thorities would transfer a section of northern
men
Gen¬
day, that the German Ambassador to Japan,
last
positions ever more hazardous.
length with
some
The Soviet Russian attitude with re¬
ently extended this week, and the Italian forces
their
at
gemitsu, Tuesday, but results of this discussion were
not disclosed.
conflict between
found
conferred
Japanese Ambassador to London, Mamoru Shi-
the
ments of his
war were
Prime Minister
important item of consideration.
Winston
VICTORIES won by British Empire troops in
African theaters of
consist¬
various
Secretary of
Hqll remarked in Washington, Wed¬
State Cordell
be
African
there is
truce between Thailand
dropped their missiles upon the Channel invasion
Ruhr and Rhine industrial areas,
and China
between Japan
extended
somewhat
was
DEFENSE to the United Statesconsiderable will
portance arrangements of
presumably im¬
become
possible in the Caribbean area under agree¬
contemplated, this week, with Mexico
ments made or
The Commercial & Financial Chronicle
1482
on
Mar. 5,
1940
begin between Mexico and the United States on a
In
and
circles this
some
Mexico
Washington also will be adjusted.
defense
Canal
aims
£
Other deposits
Bankers' accounts.
Other accounts—
City
Our Panama
improved
were
Govt, securities.—
Other securities
Dlsc't & advances.
■
Securities
to
a
degree,
+ 1937
534,296,490 479,177,934 479,260.216 464.476,109
22,497,974 11.448,896 12,571.734 16,957.487
169,313.650 133.228,242 150,370.925 131,494,177
128,898,520 97,423,947 114,279,741 93.826,734
40,415,130 35,804,295 36,091,184 37,667,443
137,254.068 89.246.164 105,221,164 90,074,300
25,702,619 25,754,851 27,997,323 26,544,630
3,359,561
6,524,744
4,245,537
3,036,556
5,985,028
30,830,742 22.666,063 22,395,290 21,472,579 22,299,093
24,271,000 47,007.070 47,895,892 47,972,032 50,099,122
1,303,560 227,073,826 327,232,248 314,574,231
1,549,620
Public deposits
accepted to
was
between
other differences
that
Mar. 10,
Mar. 9,
1938
607,279.000
11,737,000
179,110,836
125,381,534
53,729,302
157,842,838
36,815,770
Circulation..
general basis of mutual assistance in military de¬
fense matters.
Mar. 8,
1939
Mar. 6,
1941
Tuesday, in Washington, that negotiations are to
mean
1941
COMPARATIVE STATEMENT
OF ENGLAND'S
BANK
Formal announcement was made
and Panama.
March 8,
Reserve notes & coin
Coin and bullion
Wednesday, when the Panamanian President, Ar-
Proportion of reserve
nulfo
Bank rate
2
Gold val. per fine oz.
168s.
to liabilities
Arias, issued
a
manifesto giving United States
armed forces the temporary
Such
the
serves
rights are to terminate at the end of
One
war.
political event in South America de¬
notation.
a
In
a
148s.
168s.
33.1%
2%
2^d. 84s.
Bank of
quiet general election, last
1
of
February showed
an
expansion in note cir¬
939,257,000 marks, which raised the total
culation of
outstanding to 13,975,746,000 marks.
as
Aguirre Cerda
in both Houses of the Chilean
majority
a
Congress.
The Right¬
parties thus lost control of the Congress for the
Socialist groups
time.
decisive voice in
dispatches.
in Chile will have
a
affairs, it is indicated in Santiago
The
new
Chilean Congress will assemble
May 21.
changes during the week in
no
banks.
Present
rates
the
at
leading
centers
are
shown in the table which follows:
Date
vious
Effective
Effect
3H
Mar.
Belgium...
2
Jan.
6
4
7
India......
3
Nov. 28 1935
2H
3
Dec. 161936
4
Colombia..
4
July 18 1933
6
vakia
.
Italy......
11936
Jan.
5
3X
Portugal
Rumania...
4
Aug. 11 1937
4H
3
3H
South Africa
3
May
5 1938
May 15 1933
4H
6
Mar. 29 1939
5
3
4H
4
Deo.
2
Jan.
41930
3H
Apr.
6
Jan.
6 1940
4 1937
..
Sept. 22 1939
Dec. 17 1937
11935
Oct.
....
4X
Oct. 26 1939
2
....
July 15 1939
May 28 1935
...
....
4H
2H
3 1934
♦4
Spain......
Sweden....
4
Switzerland
1M
Yugoslavia
5
Feb.
3*
4X
May 17 1940
Nov. 26 1936
7
0.55%, compared with the
0.53% Dec. 31 and 0.65%
a year ago.
large increase appeared in bills of exchange and
checks, namely 1,469,177,000 marks, which raised
the total
outstanding to 15,284,461,000 marks.
increase also
and
An
appeared in investments of 1,816,000
other
in
daily maturing obligations of
Following^ve show the different
30,611,000 marks.
items with comparisons for previous years:
Changes
for Week
Feb. 29.
Feb. 28, 1941
Reichsmarks
Assets—
4H
4K
_.
The proportion of gold
a year ago.
foreign exchange,
Reichsmarks
1940 Feb. 28, 1939
4
June 301932
3
England...
Greece
336,000 marks
3.65
14 1937
Poland
Eire...—..
France
6
May 18 1936
7 1936
Apr.
Jan.
Gold
REICHSBANK'S COMPARATIVE STATEMENT
Norway....
May 22 1940
Germany
3
exchange decreased 176,-
359,235,000 marks.'
77,462,000 marks, compared with 77,-
4H
3H
5
5H
Jan.
4%
totals
now
2
5
4
...
4tf
3.29
Java
Morocco
3H
21937
Danzig....
Finland
U
Japan......
Lithuania
Denmark
Estonia
v
•':/
3
...
Rate
Aug. 29 1039
Aug. 29 1935
Chile
•7-
3
vious
Holland....
Hungary
Aug. 151035
Mar.11 1936
Czechoslo¬
Effective
2H
5 1940
Bulgaria...
Canada....
Date
Mar. 7
Country
■
1 1936
_
Pre¬
Effect
Rate
.
Mar. 7
Argentina.
marks and other assets,
marks
Rate in
Pre¬
Rale in
it stood at 11,877,237,000
ago
year
a
Gold and foreign
marks.
A
the discount rates of any of the foreign central
country
record;
on
Circulation
31, 14,033,213,000 marks, was the highest
record low,
Discount Rates of Foreign Central Banks
1
of Dec.
and
rT,HERE have been
2%
llHd.
Germany Statement
Sunday, Chilean voters gave the Leftist Administra¬
first
33.70%
2%
11 Hd. 84s.
HPHE statement of the Bank for the last quarter
tion of President Pedro
ist
29.4%
right to establish air¬
plane detector stations and similar posts outside the
Zone.
24.5%
2%
12.7%
2%
2
1 1935
Gold and foreign exch.
Bills of exch. & checks.
—176,OIK)
77,462,000
Reichsmarks
77,336,000
76,319,000
+ 1,469,177,000 15,284,461,000 11824795,000 7,361,465,000
Silver and other coin-
al62,610,000
429,616,000
177,512,000
a23,798,000
37,327,000
60,445,000
24,987,000
172,194,000
947.942,000
1,059,145,000 1,779,330,000 1,532,756,000
Advances
Investments
Reichsmarks
+7,8167)06
;...
Other assets
—359.235,000
Liabilities—
Notes In circulation
■':>
6H
+ 939,257,000
Oth. daily raatur. oblig
Other liabilities
+30,611,000
13,975,746,000 11877237,000 7,938,796,000
1,955,315,IKK) 1,559,289,000 1,105,361,000
3594,861,000
689,660,000
447,840,000
Propor. of gold & for'n
•
Not officially confirmed.
curr. to note
a
Figures
clrcul'n
as of
—0.04%
0.55%
0.65%
0.98%
Jan. 15, 1941.
Foreign Money Rates
I
New York Money Market
IN LONDON open market discountagainst for1-32%
rates 1 short
Friday
1 1-32%,
bills
on
on
as
were
Friday of last week, and 1 1-32@1 1-16% for
three months' bills, as
Friday of last week.
Friday
against 1 1-32@1 1-16%
on
call at London
on
Money
on
HE statement of the Bank for the week ended
March 5 showed
total
namely
a
substantial increase in note
£4,030,000,
which
outstanding to £607,279,060.
raised
Circulation
the
as
of
Dec.
25, £616,904,239,
Gold
holdings dropped £70,947, and, together with
the
circulation
£4,101,900 in
the highest
was
advance,
resulted
Public
reserves.
in
on
a
record.
decline
of
deposits decreased
£2,898,000 while other deposits gained £4,371,385.
Other deposits include "bankers' accounts" and
"other
£711,928 respectively.
a
year ago
ings
it
was
The proportion of
12.7% from 14.09%
24.5%.
week ago;
Government security hold¬
£1,479,000 and other securities, £4,114,484.
latter amount £2,262,315 was an addition to
discounts and advances and
The discount rate remained
we
a
£1,852,169 to securities.
unchanged at 2%. Below
furnish the various items with
comparisons for
previous
years:
-%."v' :■'%f h
The ordinary market
influences, and rates
,■'vv +'
were
was
untouched by
unchanged in all
Sale of the first enlarged issue of
$200,000,000 Treasury defense discount bills, due
91
days,
issues
was
effected last Monday, the previous
having been for
some
$100,000,000
aggregating
offering went at 0.086%
time of the roll-over type
weekly.
average
annual bank discount basis.
issue
last
Call loans
week
on
went
at
0.043%
the New York Stock
1% for all transactions.
The
enlarged
discount, calculated
on an
The
$100,000,000
average
discount.
Exchange held to
Time loans remained at
1%% for 60 and 90 days, and 1%% for four to six
months'
datings.
New York Money Rates
reserves to
rose
Of the
borrowing.
accounts," which increased £3,659,457 and
liabilities fell of to
save
departments.
Bank of England Statement
circulation,
this
such
1%.
was
MONEY market dealings infresh York were dull
New indications of
week,
for
slightly advancing costs of United States Treasury
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
was
ruling quotation all through the week for both
loans
and
renewals.
continues quiet.
up
to
new
The market for time money
Rates continued nominal at 1J^%
90 days and llA% for four to six months'
maturities.
The market for prime commercial paper
has been stronger
this week.
Prime
paper
has been
Volume
The Commercial & Financial Chronicle
152
1483
available in larger volume and the demand has been
other Axis nations
brisk.
executive order related
Ruling rates
are
%@%% for all maturities.
was
*
market
for
bankers'
prime
continued dull this week.
acceptances
The supply of
prime
bills has not improved and transactions have
light.
Dealers' rates
been-
Reserve Bank of New York for bills up to and includ¬
ing 90 days
are
%% bid and 7-16% asked; for bills
running for four months, 9-16% bid and %% asked;
for five and six
months, %% bid and 9-16% asked.
The bill-buying rate of the New York Reserve
is
Bank
%% for bills running from 1 to 90 days.
A
changes this week in the
no
rediscount rates of the Federal Reserve
recent advances
on
schedule of rates
of paper at
now
.
.
.....
..
Chicago.
St. Louis ... .
....
_ _
Minneapolis..
Kansas City
Dallas,. ............ j...
San Francisco
*
Advances
on
Rate
1, 1939
Aug. 27. 1937
Sept. 4, 1937
May 11, 1935
Aug 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3. 1937
IK
*1K
♦IK
♦IK
IK
♦IK
♦IK
IK
.....
Previous
IK
IK
Sept.
IK
Richmond..
Government obligations bear a rate of
taken in fair volume,
of
sequence
or
a
the whole there
for free
pound
was
nor
was
a range
The
was
between
tinue
4.43-4.47
a con¬
Never¬
and on
rates for
Italy,
official
90.09c.@90.91c.
in
power
British endeavors
ing and
by
one means or
another to
far
as
are
as
and
New York
concentrated
upon
maintain¬
possible expanding the export
trade, which ranks in importance second only to
For
imports for sustenance.
Great Britain's foreign
of the
Nation, and it
vital
a
hundred
years or more
trade has been the lifeblood
may
be truly said that Britain's
New
American commercial bank
to
commerce
of the invaded European countries. In
exchange is not quoted on the invaded
serious
a
the
are
hampered
war
The
pass.
efforts made to increase exports
on every
began the
most earnest
and obtain foreign
side, and herein lies
practical nullification of the foreign exchange
market.
March
On
Board of
4
Oliver
Littleton,
the most drastic ruling yet
a
taken in steps to control
In the future more than 50 British indus¬
industry.
ing in
required to concentrate their manufactur¬
few plants and turn over all the others and
their labor
personnel to
own
Mr. Littleton
work.
war
said that the various industries
nominally quoted at 40.00 and registered marks at
President of the
Trade, announced in the House of Commons
tries will be
exchange is not quoted on Germany,
Since the
other nations.
to
clude
are
expected to frame
plans both to pool production and to con¬
fair
arrangements for
compensation for the
closed plants and for
13.97.
The market continues to be overshadowed by
brought under freezing orders such as were issued
the funds of the invaded European
This factor is of particular interest because
with respect to
of the order issued on
assets in the
March 3 freezing all Bulgarian
United States.
In spite of strong intima¬
tions from the United States
Treasury Department
President might extend freezing orders to
The
the
probability that all foreign deposits on this side will
that the
Much of this gold is believed
reserves.
other money
markets.
Some of the gold, it was said, has been
unwittingly bought by the United States from
ostensibly neutral but actually German owners.
Apart from all war efforts, financial or otherwise,
their
countries.
acquired through occupation
gold valued at about $500,000,000 from
drawing
European countries, but the German official mark is
be
con¬
European nations and subsequent seizure by the
to have been converted
per
or any
New York
large amounts
A large part of these assets
said to have been
exchange
registered sterling continue at 4.02 buying
London
were
comprising only openly
a sum
It does not include
held balances.
press
German
of between $4.02% and
for cable transfers
range
and 4.04 selling.
In
that
estimated
5
damage to shipping has brought this international
United States dollar); Australia, 3.2150-3.2280;
Zealand, 3.2280-3.2442;
of the lease-lend
passage
free sterling
$4.03% for bankers'
range for
New York, 4.02%-4.03%; Canada,
(Canadian
Italian
Washington, according to
March
of
2
quoted by the Bank of England con¬
unchanged:
in
$250,000,000,
Reich of
$4.03% and $4.04 compared with a
Official rates
dispatches
their central
of between $4.03 and $4.04 a week ago.
range
and
It is the generally
international trade has been in large measure equally
The
$4.03% last week.
German
impounded.
sources
2
Neither for the free
between $4.03 and
sight, compared with
be
Treasury Department has
Congress.
Official
of
for registered sterling was the volume of
trading of importance.
this week
of slight importance
sterling.
Belgium,
Luxemburg,
that
merely awaits the
in
was
little difference between the rates
and official
Germany
Denmark,
accepted opinion that the freezing of the funds of all
2
10 days the free pound
modest rally and was
which traders believe
were
recommended
funds should
2
1%, effective Sept. 1, 1939,
export trade notwithstanding war conditions.
theless fluctuations
It is understood that the
2
plan of the British to keep up their
a
Norway,
are
Netherlands,
trolled by Germany.
2
Course of Sterling Exchange
sterling has shown
The
others
nominally owned by "neutrals" but actually
Chleago: Sept. 16, 1939, Atlanta, Kansas City and Dallas; Sept. 21, 1939, St. Louis.
kURING the past week
The
Rumania, Estonia, Latvia, and Lithuania.
about
Date
IK
Cleveland-,. .....
Atlanta
France,
the result of occupation by
as
Russia.
holdings of dollar balances in the United States
Established
New York............
Philadelphia.
and
bill
RESERVE BANKS
FEDERAL
1
.,
Bulgaria is the eleventh country whose credits have
been frozen
The following is the
Rate in Effect
Mar. 7
Federal Reserve Banks
Boston,
OF
his desk which would have frozen the
were on
shown
the different Reserve banks:
DISCOUNT RATES
orders
nations
in effect for the various classes
It
that when the President
funds of all nations.
banks;
Government obligations are
in the footnote to the table.
only to Bulgaria, the kingdom
learned authoritatively
strongly
Discount Rates of the Federal Reserve Banks
HPHERE have been
world, the
signed the order affecting Bulgaria, alternative blank
reported by the Federal
as
to the entire
even
occupied by Germany at the end of February.
Bankers' Acceptances
"THE
or
industries
their reopening after the war.
most affected, such as hosiery,
pottery, the major textile industries,
shoes, gloves,
furniture, gramaphone, and many others unessential
to
the
war
are
already operating under production
limitations and the rationing
of
number of factories that will be
at full
raw
materials.
The
allowed to produce
capacity will be determined by the demand at
home, and will be adjusted to the demand abroad.
Great Britain's revenue continues to fall.
The
The Commercial & Financial Chronicle
1484
United States Department of Commerce and cover
the week ended Feb. 26, 1941:
floating debt outstanding on Feb. 22 was shown to be
the
beginning of the war has leaned heavily on shortterm borrowing to finance the war effort.
In addition
its
to
issues
bill
device of inviting
SUch
British Treasury since
The
£2,734,905,000.
the
gold exports and imports, feb. 20 to 26, inclusive
0re and base bullion
the
employs
Treasury
deposits each week from the banks,
These
period of six months.
1
,
,
,
,
bank
known
are
the short-
as
.
.
_
,
In this
deposit borrowings.
the
way
^SSftu
_
28,304,182
Refined bunion and coin,..
Nil
$29,613,823
Total
deposits to remain with the Treasury for a
term
March 8, 1941
Detail of Refined Bullion and Coin Shipments—'
.
5ussi* (u. s. s. R.)
Canada
22,6.57,475
-
...
-
„
11,597
Mexico.
needed funds have been obtained at much less cost
than if the chief reliance
were
placed
bond
on new
Ecuador,
Venezuela.
$158,606
Gold held under earmark at the Federal Reserve banks was increased
itobuca.
.
It is estimated that
e
the Treasury
war
s^short-term financing has increased
equivalent of $4,000,000,000 to $5,000,-
the
by
during the week ended Feb. 26 by $2,797,058 to $1,896,583,644.
.
.
Great Britain entered t
since
000,000, which
than the amounts raised
more
is
through bond offerings.
in
level seemingly continues to harden
Great Britain and production for home consump-
tion
declining
,s
the precise
figures
A
is
extremely difficult to ascertain
level of such production
weeks
Government decreed
the
ago
British
"blackout."
economists
an
particulary
regret the latest restriction on information on the
Nations trade
form
position, although in their wartime
trade returns
overseas
(which
authorities the greatest
ment
afforded
little
information
Such statistics
as
are
Govern-
cause
concern) could have
of
value to
still permitted
These industrial "blackouts"
are
provide only
London
"Economist"
modity prices (issued
average
of 1927
index
compared with 102.5
on
as
the
on
Feb. 18,
on
Jan. 21, with 91.9
and
are
on
Feb. 27,
of
resultant slump in turnover
investment
properly estimated for
stood that the
of
an
long time.
budget lies at
new
ahead and financial
have
a
as
well
as
a
stagnation,
which cannot be
It is well underno
great distance
military considerations
important role in the repression of all forms
normal
financial
activity.
The London money
call money
range was
$4.03J^
were
$4.03J*@$4.03^
g. ht and S4.03^@$4.03M
Closing quotations
$4.03M
Com-
on
Friday
for cable
were
fm cablc transfers.
for demand and
mh
trans-
On Thursday bankers' sight
@mmH_ On Friday the
^ bil]g finighed ftt S4 0Q; 60. and 90.d
nJo j
are
quoted.
Continental and Other Foreign Exchange
1
exchange situation is the announcement by the
on
March 3 of
freezing of all Bulgarian assets in the United
States, and the intimation that the funds of Germany
and
Italy and of all nations might also be frozen
shortly.
The Bulgarian lev had not been quoted regularly
on
reflecting
speculative
period
with
a
$4.03@$4.03and cable transfers
in the
New
York market
August, 1939.
markets
security
S4.03^@$4.03%.
the
com-
1931, just before the suspension of gold
London
fers
mercia,
On Wednes-
was"$4.03M@$4.03^; cable
bankerg, si ht
a
payments by Great Britain.
The
S4.03^@$4.03M.
d
for bankerg,
On
$4.03M@*4.03^ and
was
British
of
1940, 70.3 at the end of August, 1939, and 60.4
Sept. 18,
were
ht
United States Treasury Department
March 2), based
on
cab,e transferg
si
transactions.
100, stood at 103.0
as
for cable transfers.
$4
bankers-
trangferg
On
$4.03^@$4.03^ for bankers'
range was
HPHE outstanding event in the Continental foreign
regarded also
bond
impeding factors in stock and
Tuesd
$4.03K@S4.03^for bankers'
was
$4.03^@$4.04 for cable transfers.
Monday the
the enemy.
sketchy picture of the country's industrial affairs.
The
and
was
comparative
as
longer completely available.
are no
few
index
It
ht
sj
gi ht and
_
The commodity
<■
Referring to day-to-day rates sterling exchange on
gaturday ,ast
1.28
cents.
States
are
since the final
was
Bulgarian dollar assets in the United
inconsiderable.
Wall
that they are perhaps $500,000.
sible in
week of
The last quotation at that time
some
higher, while
Street
estimated
It is thought
quarters that the true figure
some
pos-
may
be
bankers believe it is much lower,
It is estimated that about $6,500,000 face amount of
Bulgarian Government bonds
held by United
are
States investors, but for a long time these bonds have
market continues
easy,
with
against bills available at %% to 1%.
been selling in the New York market at 7c. to 8c.
0n
the
dollar.
One
figure
places
United
States
Before the coming week is out it is believed that the
direct investments in Bulgaria at $2,000,000, though
rate will return to the
other opinion is that this estimate is from 25% to
months bills
and
are
1
six-months
%% level.
Two- and three-
1-32%, four-months bills 1 3-32%,
bills
1*4%,
Canadian
exchange
50% too large.
The
United
States
stands
to
lose
trade
little
during the past few weeks has been displaying rela-
through the decision of Bulgaria to join the Axis,
tive
figures compiled by the Commerce Department indi-
firmness, due in large
measure
to month-end
balancing of contracts together with limited require-
cate.
ments
440,000
On
by winter tourists.
March
5
Prime
Minister
MacKenzie
King
Bulgaria
bought
goods
worth
about
$1,-
from this country and sold here about
$2,460,000 in 1939, the last year for which figures are
announced in Parliament that in view of the breaking
available.
off of relations between Great Britain and
Bulgaria,
States accounted for only 2.3% of Bulgaria's total
regard Bulgaria and
foreign sales in 1939, with leaf tobacco comprising
Canada
Hunga
will
y
as
also
henceforth
"proscribed areas," which
all transactions with them will be
provisions of the trading with the
means
that
subjected to the
enemy
regulations,
Montreal funds ranged during the week between
discount of
15%% and
The amounts of
follow
are
a
a
discount of 14J^%.
gold imports and exports which
taken from the weekly statement of the
Exports from
Bulgaria to the United
three-quarters of these shipments and
half of the remainder.
were
rose
oil
one-
Automobiles and tractors
the major items in United States sales.
On March 4 the United States Treasury Department announced the
granting of
a
general license
authorizing banking institutions within the United
States
to
make
payments for
accounts
in
which
Bulgarian nationals have a property
Bulgaria
or
interest.
The announcement,
Gaston
signed by Herbert E.
general license is hereby granted, authorizing
"A
United States to
from accounts in which Bulgaria or
thereof has a property interest within the
within the
banking institutions
make payments
a
national
meaning of the executive order of April 10, 1940, as
thereunder, of
amended, and the regulations issued
checks and drafts drawn
or
issued prior to March 4,
1941, and to accept and pay and debit to such
prior to March 4, 1941, under
accounts drafts drawn
institu¬
tion making any payment or debit authorized by this
general license shall file promptly with the appro¬
priate Federal Reserve bank weekly reports showing
credit; providing that each banking
letters of
the details of such transactions.
This license shall
expire at the close of business on April 4, 1941."
The Rumanian Government apparently following
the
its
a
procedure,
wartime
States
United
March 4
issued
decree freezing all foreign assets
on
within
United States interests in Rumania
debt now consist chiefly of oil
jurisdiction.
14,500,000,000 lire represented cash purchases and
the previous issue.
the
considered
was
arrived, and the grand total may be "
have not yet
expected to be greater.
Exchange
on
the invaded European countries is not
quoted in New York. The German reichsmark in
nominal trading is quoted at 40.04, and registered
marks
in
credits
for
Italian lire
13.97.
are
were
that date
on
firm around 23.85,
Exchange
23.23.
$13,800,000, receiving payment from
Rumanian funds frozen in
For the
the United States.
present at least there can
question that except in the case of
economic
interest
is
dominant
Europe, including those
Greece, Germany's
all
in
Continental
countries not under direct
military control.
A few
of
days
ago
outstanding
Spanish pesetas
Germany
commodity
output
for
war
purchases.
Reich's debt now
amounts to 87,000,000,000 marks, an increase of
6,000,000,000 marks over the figure recently pub¬
lished by Fritz Reinhardt, Assistant Minister of
1940.
not be
also indicated that the
The Reinhardt estimate was
He maintained that
for Dec. 31,
this indebtedness could
considered heavy compared
EXCHANGE on the Latin American countries is
held steady by the various exchange controls,
be utilized. For a long time
Germany has been increasing its funds in the United
States rapidly to permit some of them to be turned
over to hard-pressed Japan.
As noted above under
sterling exchange, German balances in this country,
openly held, amount to about $250,000,000.
In
addition, it is thought that in one way or another
Germany can lay claim to about $500,000,000 of
gold, probably converted into dollar credits, which
has been seized from the central reserves of various
ing faster than they can
countries.
the tenta¬
the Italian Treasury bond issue which
dispatches of March 5 stated that
figures on
closed toward the end of February indicated that
Italian people
the
subscribed more than 18,000,000,000
lire, nearly 4,000,000,000 lire more than iri the case
of the similar issue of February, 1940.
Of the total,
which
In
as
Aires
few
a
days
from
to the effect that exchange
ago
will be
exports
currently is
which
market,
The fall in
sequel to cable advices from Buenos
sold in the official
4.2182
cents.
As
to
pesos
the
The American equivalent is around 23.70
dollar.
v;
;v-
previously announced, the Argentine exchange
commission
March 7, an
to
was
beginning
inaugurate,
auction system to provide for foreign
by which the most important items of the
the system
United
States-Argentine
sales in
Argentina.
controlled
are
commerce
will have the effect of further restricting
United States
Among the products for which
importers must submit sealed bids to obtain dollar
exchange
are
automobiles, construction materials,
electrical and radio materials, agricultural machinery,
and office equipment.
Argentine
unofficial
at
against /23.60.
milreis
closed
or
free
market
peso
The
Argentine
long been held at 29.78.
Brazilian
23.10,
official peso has
Washington,
has under its control in various
the United States, credits which are grow¬
tive
the free peso is a
especially when
the German regime
Rome
peso,
23.10, the lowest since last September.
The
light of respective tax revenues.
invaded European
the Argentine free
sharply during the past few weeks.
Tuesday's trading the unit was quoted as low
closed
According to authoritative sources in
forms in
nominally
—♦—
with the national
obligations of other leading powers,
viewed in the
are
States, with auctions to be held every two weeks.
Buenos Aires trade experts express the opinion that
national
Finance.
2.05
at
Greek exchange
exchange for imports, particularly from the United
in Berlin in which he
Dr. Hettlage
closed
considered one of the
made the point that
currently is absorbing two-thirds of the
paper
The Swiss
financial experts, published a
City of Berlin and
the
Reich's
Finland
on
longer quoted.
no
control
Dr. Hettlage, formerly Treasurer
highly
quoted at 9.25, against 9.25.
arising
be hardly any
against 23.853^.
(nominal), against 2.05 (nominal).
is
a
(commercial franc) is firm at 23.22, against
franc
has declined
of Rumania for
The last quotation
0.0125 in
was
Swedish kronor in limited trading
Standard Oil Co. of New
Jersey and valued at $20,000,000 to $25,000,000.
Recently the International Telephone & Telegraph
properties to the Government
pegged in New York
On March 3 Bulgarian
frozen in New York.
lev
the
nominal market.
are
are
nominal market at 5.05.
a
with the exception of
Co. sold its Rumanian
successful loan in
most
Figures from the colonies
Italian financial history.
aside from bonded
properties owned by the
,
the rest constituted conversion of
This
Acting Secretary, was as follows:
as
1485
Chronicle
The Commercial & Financial
VoJumt 152
5.15,
at
Chilean
against 5.15.
ex¬
change is nominally quoted at 5.17, against 5.17.
Peru is nominal at
can
peso
16.00, against 16.00.
The Mexi¬
is quoted at 20.75, against 20.75.
—♦—
EXCHANGEThe Hongkong Eastern countries is
on the Far and Shanghai units
steady.
but both markets have been
continue to fluctuate,
The Hongkong dollar in the past
especially firm.
week touched the
1940,
and
highest quotation since February,
reflected the continued liquidation
American balances by
of
Far Eastern interests guarding
against the probability of an order freezing assets
here.
The buying came from the East, where the
first effects were
registered, the New York market
being adjusted to that ruling in the
Some days ago
the announcement
Orient.
came
from Hong¬
kong that as a step to meet eventualities in the Far
East, American banks in
that all dollar currency
Hongkong notified patrons
and savings accounts must be
The Commercial & Financial Chronicle
1486
closed by April
Thereafter purchase of dollars
15.
be made only in the form of drafts on telegraphic
may
8, 1941
In sober truth, it was about as far re¬
initiated.
moved
March
simple concept of a Government
the
from
transfers, with payment to be made in New York.
At New York offices of American banks operating
composed of men taken from the ranks of the actual
workers as could be conceived. It contained, it con¬
in China it
tains now, no
:: •
explained that the order applied to
was
deposits of American dollars as distinguished from
of any
local Hongkong currency
those
American banks in
is to get
not to
deposits,
the books of
on
The idea, it
Shanghai.
said,
was
such balances back in the United States and
subject them while in Hongkong to the risk of
"freezing" action which might follow outbreak of
wider
A
warfare
the
in
Far
East.
Chinese ministry of finance has announced that the
Bank
in
Chungking
will
henceforth
foreign exchange at both the official and the
mercial (black bourse) rates.
wages,
and even the headship of the Department of
Labor, previously invariably bestowed upon some
sell
com¬
Foreign exchange
was
estimable
and the Brain
proved
consist principally of the sons
to
employment
The
had followed
of
who were only amateurs in laborious
men,
were
checks yesterday
Friday of last week.
Trust, to most of the huge brood of
suddenly created independent bureaus, the person¬
wealthy
yen
lady whose training had been entirely in
philanthropy and in the civil service of the Empire
State.
From the President, through the Cabinet
Shanghai and Hongkong.
on
earn¬
living by arduous toil compensated through
a
nel
Closing quotations for
among
experience of
tion of affairs had ever had the
ing
previously available to the Central Bank only at
23.46, against 23.46
Very few, if any,
assigned to the highest positions in the direc¬
representative of the unions, was accorded to an
Chungking dispatch of March 3 stated that the
Central
direct and authorized representative
unionized group.
well
as
in government; lawyers who
as
politics
as a
side-line, professional poli¬
Chinese units continue to fluctuate though on the
ticians, profoundly impressed by the advantages of
whole Hongkong and
Shanghai show
mass
Hongkong closed
at
24% against 24.70; Shanghai
at
5.80;
against
5.75,
Manila
a
firmer tone.
49.80,
at
against
production of voting-support;
It need not be
30.33, against 30.33; and Calcutta at 30.33, against
constituted should
30.33.
servient to the extreme
•>•
,,
the
in
84s. ll%d.
principal European banks
dates of most recent statements,
special cable yesterday
per
fine ounce)
of respective
as
reported to
(Friday);
by
us
comparisons
are
shown for the corresponding dates in the previous
four years:
Banks
1940
1939
1938
£
£
£
£
•
*783,643
242,451,946
3,873,100
*659,210
*130,165,529
327,232,248
328,631,026
Spain
63,667,000
63,667,000
Italy
16,602,000
295.815,490
3,007,350
63,667,000
25,232,000
293,720,217
2,521,900
87,323,000
25,232,000
119,652,000
France y.
Germany
x.
3,866,800
23,400,000
•
Netherlands
97,714,000
85,278,000
Nat. Belg..
132,857,000
67,174,000
Switzerland.
84,758,000
41,994.000
6,505,000
6,667,000
86,889,000
Total week.
697,872,689
728,276,036
Prev. week.
697,917,367
728,303,612
Sweden
Denmark
_.
Norway
Note—The
from
war.
are
war
as
119.250,000
99,171,000
112.500,000
314,574,231
347,628,740
2,441,000
87,323,000
42,575,000
78,641,000
73,218,000
105,436,000
83,516,000
33,055,000
6,555,000
26,275.0(8)
25,585,000
6,511,000
6,543,(8)0
6,550,000
6,667,000
8,222,000
7,515,000
6,603,000
55,533,000
99,931,000
pf April 30.
was
896,640,369 1,074,586,365 1,095,443,971
899.138,305 1,073.971,664 1,095,265,327
obtainable from Spain and Italy, figures for which
1938, and Mar. 20. 1940, respectively.
The last report from
received
June
7; Switzerland. Oct.
25; Belgium,
May
24:
such
eight
as
of
Pursuant to the
Bank at the market value current
as of the statement date, instead of the statutory
was formerly the basis of value.
On the market price basi3 (168s.
fine ounce) the Bank reported holdings of £1,549.620, equivalent, however
to only about £783.643 at the statutory rate (84s.
ll^d. per fine ounce), accord
ing to our calculations.
In order to make the current figure comparable with
former periods as well as with the figures for other countries in the
tabulation,
price which
per
we show English holdings in the above in
statutory pounds.
x Gold holdings of the Bank of
Germany as reported in 1939 and 1940 Include
"deposits held abroad" and "reserves in foreign currencies."
The Bank of France gold holdings have been revalued several times in recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), insti¬
tuted March 7, 1940, there are per British statutory pound about 349
francs;
prior to March 7, 1940, there were about 296 francs per pound, and as recently
y
September, 1936,
few
125 francs were equivalent to the statutory pound.
For details of changes, see footnote to this table in issue of
July 20. 1940.
as
or
advance¬
frequently
years
men
trained
broad margins
up
At any rate, the history
which ended this week is
surrender
cog¬
proclaiming excessive de¬
profitable surrender.
of the
so
organizations and fully
habit of
the
one
of
of
President
expanding
affiliated with the
on
as
part
unions, especially those
Congress of Industrial Organiza¬
tions, which has been singled out
object of governmental favor.
impossible to think of
the
leaders of such
was
cal
as
the particular
At this writing it is
any measure
pressed for by
organizations which, unless it
opposed with equal vigor by similar organiza¬
tions with commensurate
or
appeal, has failed to
benediction.
More
Nether¬
Currency and Bank Notes Act, 1939, the Bank of England
statements for March 1, 1939, and since have carried the gold holdings of the
as
of
their
of
sub¬
the other side of the Atlantic Ocean
mands, always intending to set
for
were not
lands, May 17; Sweden, May 24; Denmark, March 29: Norway, March 1 (all
1940), and Germany, as of Mar. 7, 1941.
*
governments,
here, composed principally of
work
nizant
perpetuation
own
in
regular reports
France
the
on
more
requirements of labor leaders
encroachment of the labor
Europe has made It Impossible to obtain up-to-date reports
of the countries shown in this tabulation.
Even before the present
many
in
never
Government thus
Roosevelt and his Administration to the
1937
£
England...
established
but
the
even
progressive
1941
of—
than
ment
a
speedily have become
anxious to insure their
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
surprising that
.
Gold Bullion in European Banks
were
wholly academic and very largely emotional.
49.80; Singapore at 47%, against 47%; Bombay at
.
aspiring
and
youths whose sympathies with unionized labor
preponderating politi¬
receive
the
presidential
rapid development in the direc¬
tion of a government
consciously and deliberately
lending the fullness of its powers to the enslave¬
ment
of
industry and labor under the tyrannical
domination
that is in
of
no
an
sense
irresponsible
disinterested
within the boundaries of
sane
group
or
imagination.
interest of control of the individual
by minority
groups, and
unselfish and not
leadership
altruistic is not
In the
workers, often
through leadership rarely
infrequently venal to
a felonious
degree, the irtlministration has sought and obtained
the
enactment of statutes that oppress
industry and
industrious and independent individuals, and has
Sabotaging National Defense
Since March 4,
iost
1933, the dominant motive,
has been the enlistment in its
of
own
political support
enough active leaders of unionized labor to be able
to sway,
ticable
through their persuasions, the largest
mass
of their followers.
a
terms
"labor
which
Government"
might
prove
prac¬
To refer to the Gov¬
ernment that commenced to function
upon
as
never
sight of in determination of Federal policies,
involves
a
that date
confusion
misleading to the
of
un¬
allowed them to be
utilized, often under racketeer¬
ing leadership, to strengthen and intrench the union
officers wrlio have united their
political persuasions
with its
own.
Suddenly, about
a
year
ago,
the Administration
by which this policy has been pursued for
years, after
expending
many
seven
billions of funds raised
by taxation in thriftless boondoggling and improvidently doubling the Federal debt under promptings
Volume
The Commercial & Financial Chronicle
152
of doubtful
philanthropy that undoubtedly had their
political shadings, became obsessed by determination to much
than double the size and
more
the
equip-
ment
of
army
16 times greater than had ever been recruited
country's
here when the nation
not at war,
accumulated for their
reserves
in defense
to be
was
and to conscript an
all
possible utilization
The cost of these measures,
offense.
or
with unmeas-
all forms of armament and
additions to
ured
navy,
supported immediately or in the future out
of taxation
would,
credible and
beyond the
few years ago, have seemed in-
a
probably would have been rejected as
resources
of this wealthiest of all peoples,
That cost is still unmeasured and continues to be
swelled, almost
day, by the addition of new
every
proposals involving new billions of expenditure aris-
ing from
new
conceptions of the requirements of
public defense and rapidly enlarging views of the
capacity of the American people to provide everything that military and naval genius can plan and
desire to
readiness for problematic
in
hold
which it must still be
There has been
uses
hoped will never arise.
discernible protest.
no
Without
questioning the executive judgment, which surely
would have been
permissible in the light of the his-
tory of the last eight years;
of
exhibiting no division
opinion and no reluctance; patriotically and cour-
ageously, the people of the United States have taken
up
the additional and enormous burden laid upon
The whole history
them.
parallel instance of
at its
a
of the world shows no
great people, with no enemy
borders, and with no overt threat anywhere
directed
against its independence, yielding in any
comparable degree to clamorous leadership or so unq
uestioningly and ungrudgingly assuming some of
the chief
hardships and the potential wastes of war-
fare, with no direct entanglement in any war actu-
Congress has had the support of
American public in making provision for
ally envisaged.
the unified
heavy increases in direct and indirect
taxation; in
authorizing further borrowings of funds by the Government
requiring
to 65 times the
25 years ago;
an
enlargement of the public debt
aggregate at which it stood less than
in admitting the probability of further
borrowings that must swell the ultimate total to
1125,000,000,000
a
or
f150,000,000,000, and very likely
great deal more; in authorizing conscription of
American youth
duration
and
for service perhaps of unlimited
upon
distant fields of carnage; in
making appropriations enormous in their aggregate
and
unprecedented in peace-time history, or in any
war
prior to 1917; and in authorizing in advance
equipment that will
commitments for munitions and
1
two years ago,
seem
enormously exceeds any
and truth makes the extremity
humdrum
moment the
unionized labor, apparently at that
he had chosen to
the
commonplace, the
unique object of his solicitude, that the
necessities of the military
them
and
States took prompt occa-
President of the United
sion to assure
and naval expansion that
advocate would not impose upon
sacrifice
of
anything which
they had
gained as the beneficiaries of his favor. During the
months that have ensued it must be recognized that
the
assurance
thus
Men desiring employment in such work, and fully
qualified by experience and competence, must first
submit themselves to representation by the agency
for collective bargaining already established under
the preferred union leaders and pay tribute to them
heavy, and agreeother union charges
regularly thereafter. The right to strike has not
l>een surrendered nor is it held noticeably in a,beyance or reserved for use under conditions, should
there be any, of extreme necessity or of unquestionable justification.
On the contrary, these highly
privileged beneficiaries of the presidential favor, the
leaders of unions which have only the minimum of
legal responsibility and regularly endeavor to evade
that minimum, have not hesitated to call strikes in
the defense industries, to form picket lines closing
the working places to men desiring to work—in
short, to resort to very known means to render interruptions to the progress of the defense production
as serious and intolerable as possible.
The results
include a slackening of the pace of the preparations
the President has declared to be essential, enhaneements beyond reason of their cost to the taxpayers,
enforced idleness on the part of many desiring to
work and having no interest in the real or alleged
controversy assigned as the cause of the interrupin the form of initiation fees, often
ment to pay dues and to meet
tion.
Protest has come from the Office of Produetion Management, where the energetic and experienced Mr. Knudsen is offset by Mr. Hillman, still
drawing salary as head of his C. I. O. union; from
the Secretary of War and the Secretary of the Navy;
it is strong but so far ineffective in Congress; it is
impatient and vigorous wherever patriotic and understanding Americans foregather.
Every comprehending citizen who has had industrial training or contacts knows the simple, the fair,
the reasonable, and the only possible remedy. Mr.
Knudsen has offered it in all its workable simplicity. let there be an efficacious tribunal to determine disputes, without taking away the right to
strike but with a brief period for cooling-off before
any strike becomes effective, and conditioning every
be conferred by a secret ballot the integrity of which
shall be protected by an adequate supervision by
more
plausible prediction which could have been made
fiction
vided for when out-of-hours employment was abnorbe unnecessary,
mal and presumed commonly to
great, this perilous adven-
lure, in which reality so
of
related and affected industries of every sort, is
everywhere fully employed, is almost universally and
continuously working extra hours and receiving
large hourly wages plus the penalty premiums pro-
strike upon the previous sanction of not less than
00% of those concerned as workers, such sanction to
this time
conjecture.
even
event. Unionized labor in the munitions industries,
in the industries which supply munitions manufac¬
turers with machinery and raw materials, in all the
than
require additional and future appropriations the
extent of which no man can at
At the outset of this
1487
given
has accorded
with the
public authority. No honest and well-intentioned
cognizant of the conditions under which most
strikes are called and maintained could object to
any of these provisions. Could they be promptly provided by a concise and readily comprehensible
statute, and with reasonable police protection for
men desiring to work and lawfully entitled to earn
their living by their own toil, there would be no
further serious interruption of production by labor
difficulties and no more unwarrantable augmenta-
man
tion arising out of such interruptions, of the heavy
burden cast upon American taxpayers present and
prospective.
Commercial & Financial Chronicle
1488
How Law Would Chasten the
...
.
^
On March
9,1940,
,
Actuary
,,
,
,
.
,
writing about the last meet-
in
ing of the Temporary National Economic Commitdevoted
tee
life
to
"Just what
insurance
matters,
penditure of time, money and words,
not available in any
was
the
that
other
asked:
we
learned there through the vast ex-
was
.
good library?"
which
.
.
We added
meetings had degenerated into "just
an-
investigating body, strewing largesse among
lawyers, investigators and politicians, in return for
inconclusive
some
report" which
day would be
some
forthcoming.
Well, 447
referred to
of its
1363).
p.
to form first
What
more
important conclusions
An attempt can
be made
now
spirit in which the original hearLet
your
you
will recall that often the
conducted.
meetings of 1939 and
est
companies, and at the end of 18 months of study,
study based upon years of experience of just such
mind
back to the
go
most expensive form
this
companies
ance
theory and practice,
a
ignorance
of
insurance
catechism all the
more exas-
perating because of the disrespect and cockiness of
questioner.
Obvious
material
for
"inquiry in
and
impartial
inquiry, it
discover
to
a
what
were
as
objec-
possible."
as
was
expected
to
used
by
our
great insurance
instrument of economic
as an
power."
Soon, to the greatest extent, this restricted
set aside.
report encompasses
ments,
hints
and
pur-
That may explain why the cur-
of
farrago of crude judg-
a
drastic
changes
in
various
fragments, and assert
is evil, therefore the business as a
one
whole is evil, leads to a complete misconception of
When
TNEC
the
report
diagnoses the present
of life insurance business
state
the product of
as
incompetent minds and selfish financiers, it is but
short
to the assumption that
step
a
"these things
exist—therefore they are wrong."
How else
can
interpret the misleading state-
we
ment that insurance is sold at less cost by savings
Without analysis, or explanation, of what
banks?
value is such
of
ness
an
assertion?
insurance
the palate revolts?
Are
considered
be
eggs never so
when
cheap that
Should soundness of life insur-
be gauged solely by its momentary appearance,
ance
or,
Is the relative sound-
to
not
appraising its cost?
pose was
rent
into separate
business
It looks
need only say that to break
the situation.'
The
extent, if any, "the tremendous
investment funds controlled
companies
travesty
a
spirit and in
a
manner
be remembered,
may
the
expressed intention to conduct
scientific
as
in
And if it is, one
that this
made to
headlines
turned the investigation into
of the Chairman's
tive
attempts then
sensational
Is
rich out of excessive burdens
grow
deliberately imposed by them on the poor?
the
obliged to submit to naive question-
of life insurance available"?
attempt to convey the idea that some insur-
an
were
profound
(regarding industrial insurance)
that "it is indeed an anomalous situation that this
of
a
information, why does this
In the light of such
TNEC report say
companies
the
insurance,
"these costs are not excessive in view of the services.
ing born
press soon
State Insurance
reported to the
had
conditions,
Department that, regarding industrial
like it.
create
made an intensive study of the
industrial insurance department of one of the larg-
outstanding officials and directors of life insurance
the
body of examiners for the State of New
a
York had recently
insurance, sold to low-income families, should be the
be called the mood of the report is
may
were
qo) that
we
impressions about its general value.
identical with the
ings
be accounted for only on the assumption of inexcusconceit.
po»
wh()) reading the statement of the
more than 15(> companies, could fail to iearn (page
able ignorance or overwhelming
rendered"?
of it appeared last week; and
pages
some
(Vol. 152,
March 8, 1941
far
as
possible
all
as
weighed, by
an
contingencies
be
can
estimate of its soundness 20
or
30
aspects of the life insurance business to be imposed
years
by Government decree.
long training and experience, to give the correct
the current
report set
Some of the statements in
wondering whether the
one
disrespect and cockiness which startled
at the
one
original hearings have not been outdone by the
posity
and
incongruity
of
now
made.
Here is
a
document which purports to
men
have conducted
country,
men
experience
who, for
one
some
in
a
of the vastest
from
who
Thus to say that certain banks sell certain
indicates—what?
As
meet
up
years
to
eco-
a supreme
counter-opinions based
presented to
the TNEC
over
con-
few dollars
per
Nothing, except that in life
in the hotel
or
the restaurant
charge less and get
away
cheapness, if—a big if—you cater to
a
with
limited
class and impose upon them the burden of doing for
themselves what the public in general will not do,
against the composite judg-
when, in August, 1940,
mere
as
you may
a
and if you limit the service which the public gen-
on
the
flimsy evidence adduced in the original hearings.
The
shortcomings of that testimony were made
manifest
business,
saving of
have
bewildering
experience of such men, it takes
egotism to set
insurance, just
a
contact
close
conditions, and have devoted
nomic conditions.
longer,
enterprises of the
emergencies,
devising practical methods to
ment and
or
of whom have had 50' years of
countless
acquired practical knowledge
social
review the
generation
manure judgment, based on
to the question "Is this policy cheaper than
tracts of insurance at
year
activities of
with
answer
It takes
that one?"
pom-
pronouncements
hence?
150 companies
erally expects
or
requires, and if
you
deny certain
facilities which the public otherwise enjoys.
circumscribe
you
can
get
with you.
your
a
activities within
narrow
If
you
spheres,
small section of the public to deal
But when, after
that the business
so
doijie
a
few years, you find
has remained small, and
that to increase it the cost will have to rise, is it
proper to urge
the giant to emulate the dwarf?
If
"statement," signed by
those reporting to the TNEC believe that savings
them, supplementing and correcting evidence to be
by the committee (Vol. 151, p. 1354). If
elsewhere procurable, they delude themselves or have
a
considered
this
"statement,"
almost
signed
by
companies
64% of the life insurance
in
carrying
force in
banks have life insurance to sell at less cost than
not profited by what they have been asked to read,
While
this
country, had
blaming the life companies for not selling
been reflected in the present report
its shape and
complexion would be immeasurably
life companies to compete with banks in making
superior.
loans to the small business
As it is, much of the report is bombast, to
as
"cheaply"
as
do the savings banks, they want the
man.
This meretricious
Volume
advice flouts
the
life insurance is
be
administered
immediate
with
an
solvency at
fense, life companies
take
axiomatic
almost
single to safety and
eye
form other mercantile
In self de-
moment.
every
may
be compelled at times to
dubious real estate
over
principle that
trusteeship which at all cost must
a
enterprises, and per-
tasks, but
no person reason-
ably conversant with the true function of a life
insurance company
the
on
would compel them to embark
dangerous hazards of pawnbroking to small
business
men.
and space
Limits of time
sideration
preclude further con-
of other aspects
now
of this
sorry
tion transmitted to the TNEC for its
is
producIt
guidance.
likely to be followed shortly by recommendations
based
the
on
report intended to teach the one indus-
try of which this country may be inordinately proud
exactly how to grow in grace a la Gerhard Gesell.
malevolent
A
rumor
has it that
recommendation of Federal
we
may
expect a
supervision—oh, just
a
teeny weeny bit of it—just enough to permit a fortyninth
supervisor to lead the life business from the
miasmic swamps
heights—where
where it
dwells to the sublime
now
suffers only from vertigo.
one
W. C. B.
Invaded Denmark
At <1:30 in the
hour
,
,
war
vessels landed troops
The day previously
ports in Denmark.
pilots had guided three German ships, which
came
other
zero
thousand German soldiers—hidden in
ashore
,
,
,
When the
port of Copenhagen.
holds-went
'
,
a
troops landed
1
and,
soon
.
«
,
reinforced by
.
.
i
,
from quicklv arriving transv
.
the city.
ports and war vessels, entered
the
after
minutes
frontier her envoy
Danish
German
army
A few
had crossed the
at Copenhagen had handed the
Foreign Ministry a "memorandum" declar-
ing that on the assumption that Danish military
resources
were
not
sufficient to repulse attempts
projected by the British and French against Densovereignty, Germany had proceeded with
mark's
the
occupation of certain strategically important
points
on
Danish territory.
given that Danish territorial in-
Assurances were
tegrity
and
political independence would be re-
spected.
Yet by noon of the first day our papers of
the time
reported that from 50,000 to 75,000 German
troops were in Denmark, and within two days their
numbers
were
believed
to
have
been
greatly
in-
Obviously the Danes, with a population of
creased.
unswerving
strange understanding of the word "friend." The
German General in command of the invasion ex-
a
plained, at the time, to a group of foreign newsmen
that "we are not in an enemy country, but among
friends. We are not here to kill Danes but others
farther away. We are here to protect the Danes....
The people may work on as usual, whether they are
farmers, business men, industrialists, or what not."
While not much news is leaking out, the little that
has does not suggest that this undesired protection
and proffered friendship has so far been to the advantage of Denmark.
It is true, of course that,
they believed to be colliers, up through the mine
the
that country are thus directed towards
loyal and friendly cooperation."
There seems to be current in the New Germany
wholly apart from any
?ffajrs °f *e ^aded country, Germany has gravely
*
Simultaneously German
the
May 31, 1939, Germany had signed a nonaggression pact with Denmark for a term of 10
years. After this war broke out Chancellor Hitler
in his address to the Reichstag of Oct. 6, 1939, referred to that pact and added: "Our relations with
over, on
deliberate design to interfere with the national
,
fields to
"duration,"
Only the
day prior to the attack assurances had been given
to King Christian in person that Germany had no
intention of sending troops into Denmark. Morein total disregard of Danish interests.
nnits crossed the Danish border.
■
Danish
operations for the execu-
tion of the German war designs, for the
morning of April 9, 1940, German
mechanized army
at various
to make her soil a base of
1489
*
The Commercial & Financial Chronicle
152
burdened Denmark by cutting off her access to so
the world. Sweden
enjoyment of her sovexample of a country so
j^rge a part of the markets of
also> though retaining full
ereign rights, has been an
affected, since Norway was overrun by the Nazis.
Automatically, Sweden, cut off from intercourse
w^h a great part of her customers and habitual
s0UI'ces of
vita' suPPlies> aggregating some 50%
of her normal foreign trade, is facing
.
,.
,
,.
7
extremely
dislocation of her economy.
Denmark's economy may be said to be framed
serious
around her
foreign trade to a very unusual degree,
When in the seventies and eighties of the
nineteenth
United States and
Russia ruined her export commerce, then based on
wheat, her people turned undaunted to animal husbandry. They developed a high quality export trade
in butter, eggs, bacon and other animal produce
which, valued at about $14,500,000 annually in the
late seventies, increased to some $250,000,000 in
recent years. Deficient in natural resources, apart
from her soil, Denmark quickly perceived and took
advantage of the opportunity her geographical
position afforded her for the development of that
trade. The facility and speed with which she could
century the competition of the
deliver to her best customers, Great Britain and
Germany, large quantities of these products,
freshly
without natural defenses such as mountains
rivers, with only a small army and a
made and of excellent quality, gave her an advantage over her long-haul competitors,
It is true that of late years the multiplicity of
could not have made even an effective
tariff laws, quota systems, exchange restrictions,
Accordingly,
fighting took place at the start and
compensation agreements, &c., somewha^ limited the
scope of this geographical advantage. ^Moreover,
before the orders to cease fire could reach all con-
Great Britain, easily the best customer for the
cerned, the Government, relying on the assurances
products of the cow, the hog, and the hen, began to
feel the pressure of her Dominions for a share in
the market for this lucrative business. New Zealand, a specialist in these and other livestock produ.cts, was particularly insistent.
Great Britain
less
than
many,
or
4,000,000,
a
frontier bordering on Ger-
broad
smaller navy,
gesture,-when thus taken by surprise.
though some
given,
-
"under protest to administer the
country with due regard to the occupa-
decided
affairs of the
tion that has taken
Thus
place."
Denmark—taken
unaware—was
treacher-
ously overwhelmed, without the slightest excuse, in
a
few hours.
At the very least
the Nazi plan
was
accordingly reduced her purchases from Denmark to
some extent, but still held her relative position as
1490
the
The Commercial & Financial Chronicle
leading buyer from the latter.
instance^
Britain
Great
mark's exported
and
In
1938, for
98%
purchased
of
bacon, 74% of the butter exports,
72% of the
the products of animal husbandly
and other farm activities contributed about
coining out of Denmark from
news
numerous
important respects more emphasis is being placed
on
the fictional aspect than
In the first place, practically the entire coastal
included.
are
These exports reprepro-
effort, the balance being sold at home.
To
miles—has been placed
German
It is
army.
under the control of the
a
penal offense, punishable
with death, for a Dane to leave his country without
produce these commodities she has had to import
a
feed, fertilizers and farm machinery to the extent
sumably under orders, has had to redeem at
of about one-fifth of
the value of her
On the other hand,
materials
the
on
substance of the sovereignty of the Danish people,
region of Jutland—varying in depth from 10 to 30
68% of Denmark's total agricultural
'exports.
1941
73% to
tured therefrom
ductive
8,
exports, or about 80%, if goods manufac-
the Danish
sent about
The meager
time to time indicates, in fact, that in
by the Germans
eggs.
In normal years
1
Den-
March
as
agricultural
she lacks the
for her diverse and
necessary
raw
efficient
industries, she has been obliged to import; them also
'to a value approximately three times that of her
industrial exports.
However, the Danes sell to their
The Danish National Bank,
German permit.
of
rate
up
two
which the German army
paper
of occupation issued
fixed
equals
Reichsmark
(one
exchange
kroner) the credit
pre-
a
to Aug. 27, 1940.
after, payments will be made in Danish
There-
currency,
under just what arrangement does not appear.
By
the end of 1939 the "clearing account" at the Danish
fellow countrymen for home consumption the
pro-
National Bank, covering goods exported to Ger-
duetion of their trades and
many,
industries to
value
a
showed
a
eight times that of the products which their farmers
000,090 kroner.
sell
established
domestically.
Clearly,
agricultural exports
therefore, Denmark's
the backbone of the Danish
are
%
economy.
<
Consistently since 1934 the balance of trade
been
against Denmark.
services
of
her
modern
merchant marine
'great "free port" distributing
hagen, and also to
has
But, owing mainly to the
some
center
and
at
her
Copen-
extent to her investments
'abroad, the balance of payments has been in her
'favor, though not widely so. Here again, however,
the value
to her
of
merchant marine and
a
dis-
a
'tributing center, both geared to international trade,
is axiomatically
dependent on Denmarks' relations
with the world.
!hest
Obviously
customers
would
delicately balanced economy.
mally took
and
dislocate
such
Great Britain
a
over
35% of the imports.
figures for the trade with Germany
The similar
were
about 20%
and
;
25%, respectively.
However, not only did the invasion interrupt all
trade with Great Britain
as
well
as
with the
over-
interview,
above mentioned, the German
said that Denmark would remain
and that he had
a
given instructions "to
they would at home."
General
sovereign State,
As his remarks
act here
were
as
printed
in the United
had
was
the
Copenhagen
point of view of the
this
may
commander of
well have been
intentions, provided,
as
interests
interfered
were
not
a
an
From
invading
guarantee of mild
lie postulated, that German
with.
The
Danes,
nevertheless, might well have felt anxiety that the
injunction to act
fined to the
as
if at home would not be
military conduct of the invaders.
Germany is engaged in
life-and-death
a
and she has had to stand the strain
of
which, for eight
footing.
an
con-
For
not
no
likely to interfere much
matter how much formal
respect she might pay to the fiction
of
sovereignty.
1
.
Since January, 1940, the amount
newspaper
be
to
are
credited,
an
is really that
of the
German
Jan. 1,
on
Government,
Confidential reports received by Danes here indicate
that this account represents an enforced loan bv the
Danish National Bank to Germany to
penses
of the
army
cover
the
ex-
in Denmark,
Whether this credit is,
so
far, Denmark's entire
contribution to the cost of the German occupation,
and whether additional amounts
are paid directly,
But estimates of the aggre-
cannot be ascertained.
gate of the German credits, both under the clearing
account and under the "sundry debtors" account, &c.,
vary
from 1,000,000,000 to 1,500,000,000 kroner,
About 17% in value of Denmark's imports in
nor-
mal times have been cereals, cattle feed and fer-
tilizers, almost all of which have been employed in
developing her great trade in animal products.
is
now
cut off from many
these commodities.
paper no
a
of her normal
of
This is especially true of fodder,
recent
news
fodder imports
item in
can
be
a
Copenhagen
counted
on
this
Should this prove to be the
case, the pre-
dicament will be serious, and will only to
extent be compensated by such expedients
ing
She
sources
young heather to the
cattle,
as
a
as
small
feed-
the resourceful
Danes
are now doing.
It had been estimated that the 2,250,001) cows,
3,000,000 hogs and 15,000,000 hens would have to be
reduced by approximately 50%.
According to the
way.
By the middle of last December only twothirds of the usual number of hogs were left. It
was believed that further reductions will take place,
conquest, at least for the
of the war,
Germany's
economy,
with her desire to
reap every possible economic and
other advantage from her
duration
in
many
figures received here, the
has been substantially on a
Her generosity to a people completely
was
stake
as
struggle,
years,
under her control
a
at the beginning of 1940 to 466,000,000
1941,
winter.
to his forces.
with
well
now
endowing
Bank, designated "sundry
debtors," which increased from 38,000,000 kroner
that
had given them
possible
of
account of the National
According to
he
practice
of the clearing account balance has not been pubfished.
However, if statements appearing in a
States, he did not specify to whom he
given those instructions, but the presumption
army
war
as
creditor position.
seas
world, but it also involved many other unpleasant consequences.
During the course of the
Nazi
future by more or less compelling them to accept a
nor-
50% of the total Danish exports
over
supplied
between her two
a war
seriously
countries
debit balance against her of 412,-
This formed part of the
separate
process seems well under
with cumulative effect, since most of the slaughtering was of suckling pigs. Estimates of the milk pro-
duetion early last December indicated
a
decrease of
about 27% from that of 12 months before.
decreases
to be
were
in sight,
Further
as more cattle would have
slaughtered to match the fodder supply.
The
Volume
butter
1491
The Commercial & Financial Chronicle
152
production also
was
and ersatz
reduced about one-third.
materials,
well
as
as new
activities in
prescribed proportion of fat, in order to protect the
1940, production
index registered a loss of only 21%.
,V
The unemployment problem appears to be assum¬
The Government
of
cheese,
or
obliged to forbid the making
was
directions,
new
the sale of cream, with more than a
November,
the
quantities of milk and butter available for domestic
ing serious proportions, in spite of the fact that it
consumption, and to increase the enforced exports
was
to
Danish workers would be "soon"
The production of eggs had fallen by
Germany.
39%, according to
a
statement published at the end
expected by German sources that about 50,900
It would
many.
these workmen
that
seem
are
of their earnings back for the
allowed to send part
of last November.
employed in Gerj
foreign trade for the first year of the
support of their families, but that/this is accom¬
ending Aug. 31, 1940, was valued at 1,550,-
plished by the German authorities requesting those
Denmark's
war,
000,009 kroner of exports and 1,535,000,000 kroner
of Denmark to pay
of
German account.
These figures, showing a balance of
imports.
of line
out
when
for earlier years.
compared with the same figures
those of exports.
index
was
more
There is
tainable.
scarcity of certain vegetable
a
virtually a pro¬
seeds.
For August, 1939, the import price
Hot water for bathing is
hibited
extensively than did
113, that of exports 110.
garments as well as underclothing are unob¬
cotton
However, the price index for the
much
increased
Wool and
food, clothing, gas, electricity and fuel.
foreign trade goods indicated that the prices of im¬
ports
having her full share of rationing of
Denmark is
15,000,000 kroner in favor of exports, do not appear
the amount and charge it to the
luxury, since the fuel allowance for heating
and
For September,
cooking is only 20% of normal.
Long distance
1940, the corresponding indices were, on the other
transportation has been reduced to a minimum, not
Thus the import prices had
only because of restrictions on the use of oil, gas and
hand, 209 and 156.
risen
Moreover,
the
of the turnover was
volume
stantially reduced, especially as to imports.
only
12
strong
months
the
as
of
war
was,
figures
appear
ish
on
with
150%.
But here again the
an
There are,
Denmark—the
The shortage of railroad roll¬
difficulty of
moreover,
indications that Germany is
:
are
facing the manifold inoblems pre¬
them, in ever mounting proportions,
sented
approximately accurate pic¬ j
of that end of the situation is to be obtained.
ture
of
part
goods.
The Danes
larger increases in the prices of imports must
be borne in mind if
biggest
Dec. 1 last show that the Dan¬ i; securing the return of freight cars sent to Germany
increased
export
much
the
and
ing stock is also serious, due to the
The
imports from Germany rose 50% in value, and
the
1,000,090 inhabitants—is
of
peninsula of Jutland.
Germany has naturally played the leading role in
figures given out
city
situated, and Fuen, the large island lying between
Zealand
foreign trade since the invasion.
day open to passengers, in each
a
Copenhagen—a
to
indicate.
Denmark's
For example, there is
direction, between the island of Zealand, on which
accordingly, not as
quoted
above
ferry
one
ferry
because of the reduced
also
service between the islands.
sub¬
The
foreign trade position of Denmark at the end of the
first
but
&c.,
fuel,
by about 86% and the export by only 42%.
and resource.
courage
with
A small people, but homo-
geneously composed, they have had a long record.
Their first
king, recognized by history as a some¬
shadowy figure, but known to have founded a
exacting from her small neighbor not only quanti¬
what
ties of milk and
dynasty, died about 936.
tables
butter, but also of fruits and vege¬
badly needed by the Danes for their proper
Denmark has also had
with
of
torate"
during 1940 barter agree¬
Italy, Finland, the German "protec¬
Bohemia-Moravia, Switzerland, Russia,
Sweden, Norway, Bulgaria, and Yugoslavia.
have also been small
There
exchanges of commodities with
France, The Netherlands, and Belgium.
With the
exception of the arrangement with Sweden, and to
a
very
and
limited extent those with Bohemia-Moravia
Yugoslavia, the agreements provided for a bal¬
anced
bad
a
exchange
of
commodities.
They cover an
name
litanies
ancient
nourishment.
ments
had
of
Normannorum libera
It
them.
seems
In the very old days they
appeal in the
western
Europe, "A furore
for ferocity, and the
nos,"
was
intended to apply to
probable, however, that /they were
merely mass immigrants seeking refuge from
floods
n;
and famine and reacted
strations of
inhospitality with which they were con¬
by the inhabitants of sunnier climes, who
fronted
knew
only in kind to the demon¬
no
quota
systems,
though there was then
At
plenty of room for all concerned.
given
of
any
rate, when
chance they soon proved themselves capable
a
For
assimilating culture, and contributed to it.
of about 130,490,090
kroner, plus 9,000,009 kroner liquidated through a
instance, social and political stability was the out¬
clearing account with Sweden and 2,209,900 kroner
nally established in England.
They originated the
settled with Bohemia-Moravia
jury system.
:
exchange
aggregate
account.
These
to any very
a
value
totals
through the German
do not,
the
tained
invasion.
The
ulty
ish
sus¬
by the fact that though wages have
not increased the cost of
In
of the shock
by Denmark's economy as the result of this
loss is evidenced
in any
extent
living has risen more than
other belligerent or occupied country.
spite of the energy, resource and inventive fac¬
so
repeatedly displayed in the past by the Dan¬
industries, they have been hard put to it to find
substitutes for the materials of which
deprived.
they are now
Yet by dint of effort, with substitutes
In
however, make up
substantial extent for the loss of as large
part of the Danish foreign trade as has occurred
since
standing characteristic of the Danish groups origi¬
the
]>eatedly
last
100 years
demonstrated
or
so
>
against difficulties which
would have daunted most peoples,
of resource,
energy,
»
the Danes have re-
such
a
high degree
tenacity of purpose, technical
ability, social maturity, organizing and cooperative
powers—always within the democratic process—as
merit as high a place as any people among the
most effective and soundest civilizations in the
to
It is
world.
balance.
to their
hard, if not impossible, to jar them off
The
prosperity they had obtained was due
producing goods of excellent quality, render¬
ing useful service and dealing
among
fairly and rationally
themselves and with the rest of the world.
■
The Commercial & Financial Chronicle
1492
Although
March 8,
has been light, some
utility bonds
activity in
1941
Lower grades* typified by
Telegraph 4%s, 1952; Cities
price recovery has taken place.
International
GOVERNMENT BONDS
Service
VS.
&
in
the
Litght &
and United
1949,
Prime Issues, how¬
gained ground.
but higher grades also
ever, are
5%s,
Light
1975, made the most progress in this direction,
Power 6s,
F.H.A. TITLE II MORTGAGE LOANS
&
Telephone
Power
still below the high levels which prevailed earlier
$16,000,000 Public Service Co. of Oklahoma
year.
offered, and arrangements were completed
3*48, 1971,
upon request
were
for private
Analysis
placement of Georgia Power Co. bonds involving
$115,000,000.
about
Stern, Lauer & Co.
Steel company obligations have been
trial bonds this week.
Members New York Stock Exchange
30 Pine St.
rule among indus¬
Mixed fractional changes have been the
generally
New York
been
have
Oils
steady.
steady
fractionally
to
higher, and among shipping company obligations, the Inter¬
and
The Course of the Bond Market
The prices
of United
only slightly this week,
trend in
fractions to
States Government bonds changed
there was also little definite
and
the corporate bond
&
Santa
and
weakness during the
go
Fe
4s,
1995,
particular
any
at
108^
were
after
experiencing
week, closed higher.
& St. Louis issues have been strong,
burgh & West Virginia bonds.
ings
report,
together with
reflected in higher
Atchi¬
rails,
speculative
up
car
A4-
New York Chica¬
have been Pitts¬
as
A favorable January
larger
4*4s, 1956 (w. w.).
Foreign bonds continued to move within narrow limits.
trend during the week, and prices have been mixed.
Topeka
5s, 1953; McKesson & Bobbins 5%s, 1950,
and Remington Rand
loadings,
earn¬
has
and
to the
lacked
issues
weakened;
Italian
7s
lost
Other European
and Norwegian loans
uniformity as Danish
4 points,
while German
bonds
Argentine issues turned irregular;
Brazilian loans the Sao Paulo Coffee Loan 7s rose %
among
47%.
to
added another point
preceding week's advance.
fractionally.
changed
Canadian
Australian
and
loans improved,
while
Japanese bonds declined several points.
Moody's computed bond prices and bond yield averages
been
prices of Baltimore & Ohio issues.
more
firm, and
been
issues have
Belgian
Medium-grade
became active again
Losses ranging from large
point and a fraction have been registered by
a
the United Drug
market.
High-grade railroad bonds did not display
son
points to 87%.
4%
rose
1941,
Marine 6s,
Mercantile
national
given in the following tables:
are
MOODY'S BOND YIELD AVERAGES t
MOODY'S BOND PRICES f
(Based on Individual Closing Prices)
(Based on Average Yields)
■
,
1941
U. S.
Daily
Govt.
Avge.
Corpo¬
Average*
Bonds
rate *
7_. 116.90
106.04
0„ 116.91
106.04
117.40
113.31
5— 116.77
105.86
117.40
112.93
4__ 116.67
106.04
117.40
113.12
106.39
3.-* 116.67
106.04
117.40
113.12
106.39
l.„ 110.92
105.86
117.40
112.93
106.21
Feb. 28.. 110.93
105.86
117.20
112.93
106.21
Mar.
Corporate by Ratings *
1941
Corporate by Groups •
f
•
'
,
Corporate by Groups
Corporate by Ratings
Avge.
Dotty
Aa
Aaa
117.40
Baa
R. R.
90.20
106.39
106.39
A
113.31
Aaa
rate
Aa
Baa
A
Indus.
96.23
109.97
113.12
90.20
96.23
109.97
89.92
95.92
109.97
89.92
95.92
109.97
2.78
3.00
89.92
96.07
109.97
112 93
3
3.39
2.78
3.00
3.37
4.42
90.06
95.92
109.97
112.93
1
3.40
2.78
3.01
3.38
4.41
89.78
106.39
U.
95.92
109.79
112.75
28
3.40
2.79
3.01
3.38
4.43
P.
Average
7
3.39
112.93
6
112.93
5
112.93
Mar.
:v:\
Feb.
3.17
3.00
4.40
2.99
3.37
4.40
3.99
3.17
3.01
3.01
3.37
4.42
4.01
3.17
3.01
3.37
4.42
4.01
3.17
3.01
4.00
3.17
3.01
4.01
3.17
3.01
4.01
3.18
3.02
2.99
2.78
3.40
2.78
3.39
P. U.
3.99
3.37
2.78
3.39
4
Indus.
R. R.
21.. 116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.75
21
3.42
2.80
3.02
3.39
4.45
4.03
3.19
116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.12
14
3.40
2.77
3.00
3.38
4.44
4.01
3.19
3.00
116.52
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
7
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
117.14
106.39
118.00
106.39
90.48
96.85
109.79
113.70
31
3.37
2.75
2.97
3.37
4.38
3.95
3.18
2.97
24.. 117.64
106.56
117.60
113.70
113.89
106.56
90.77
97.16
109.97
106.56
118.20
113.89
106.56
90.48
96.69
110.15
113.89
24........
17
3.36
17.. 118.06
3.36
2.74
2.96
3.36
4.38
3 96
3.10
2.9€
10- 118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
10.
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3.37
2.93
14..
i-V
Jan. 31—
Jan.
113.50
...
2.77
3.36
2.96
3.17
3.93
4.36
3.02
2.98
3.. 118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
2.73
2.93
3.37
4.43
4.01
3.16
High 1941 119.05
Low 1941 115.89
106.74
118.60
114.85
106.74
91.05
97.31
110.52
114.66
High 1941
3.42
2.80
3.02
3.39
4.47
4.03
3.20
105.52
117.00
112.75
106.04
89.23
95.62
109.42
112.75
Low 1941
3.35
2.72
2.91
3.35
4.34
3.92
3.14
2.92
High 1940 119.63
106.74
119.00
115.04
106.74
89.92
96.07
110.88
114.85
High 1940
3.81
3.05
3.19
3.78
5.24
4.68
3.42
3.36
Low 1940 113.02
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.56
Low
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
102.46
116.02
112.00
101.31
84.55
90.34
107.44
111.25
Mar. 7.1940
3.60
2.85
3.06
3.67
4.82
4.39
3.31
3.10
3.74
2.98
3.23
3.86
4.89
4.46
3.48
3.28
1 Yr. Ago
3
1
Mar. 7'40 116.04
2 Yrs.Ago
2
Mar. 7'39 114.28
100.16
113.50
108.88
83.60
98.25
89.37
104.48
107.98
1940—
3.02
Year Ago—
Years Ago—
Mar. 7,1939
1
*
These prices are computed from average yields on the basis of one "typical" bond (SH % coupon, maturing in 25 years) and do not purport to show either the
average level or the average movement of actual price quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the true picture of the bond market.
t The latest oomplete list of bonds used In computing these indexes was published In the Issue of July 13. 1940, page 160.
The
Capital Flotations in the United States During the Month of February
and for the
Two Months of the Calendar
Corporate stock and bond issues sold in February had
an
Aggregate value of $265,961,870 compared with $320,678,342
in
January and $257,345,640 in February, 1940.
stantial decrease from the month
was
purposes,
be partly
may
three days shorter.
Only $31,549,770 of last month's aggregate
capital
was
designed for
the smallest amount in this classifi¬
cation of any month since last June,
788,677 in January, $61,131,558 in
699,139 in November last.
comparing with $52,December and
privately
Private
of
the
most
only
about
February's
37%
sales aggregated
total.
19; at the month-
slightly to 117.20.
of
Included
was
mortgage
bonds
15
being
offered
$168,413,800
among
$13,200,000
preferred
about the only company to do any large scale
public financing last month.
out of
Co., with issues of $26,-
and
In fact, there
were
only two
public utility companies which sold fixed interest
obligations in February, that offered them to the public.
privately.
exceeding $10,000,000 last month,
through public offerings; the Monongahela sold
of $11,418,000 first mortgage bonds
Ohio offered $18,310,000 refunding and
There
same
were
number
an
issue
and the Chesapeake &
improvement bonds.
only six offerings of stocks last month, the
as
in January, but
month, $23,460,070,
was
the amount involved last
considerably greater than January's
$5,076,342 and higher than the $17,730,640 sold in February,
financing
or
was
to
more
the
handled
public.
than
the private sales
was
63%
the
Georgia Power Co.'s issue of $101,271,000 3^% first mort¬
bonds, but the balance was made up of relatively small
individual sales.
In January, private placements totaled
gage
stock,
first
Two railroads sold issues
Jan. 2 to 118.00 Jan. 31 and to 117.00 Feb.
were up
500,000
All the others placed them
high in spite of a declining tendency in bond
prices during most of the month.
According to Moody's
index highest grade corporate issues
dropped from 118.60
prices
private issues have represented
nearly half of all corporate security sales.
Refunding operations aggregated
remained
However,
34% of that month's total and in the
$168,-
$234,412,100, compared with $267,889,665 in January and
$211,341,581 in February, 1940. The volume in this category
end
or over
first two months, therefore,
The Wisconsin Public Service
preceding
explained by the fact that February
new
The sub¬
$111,035,000
Year 1941
1940.
Municipal finaiveing carried out last month aggregated
only
$49,925,100 the smallest
total
of
any
month
September, 1939, the first month of the war,
$24,003,498 such issues
results in the
had not
a
came
to the market.
municipal field might have been
last minute change
since
when only
The month's
very
different
of plans resulted in the entire
being
by the Reconstruction Finance Corporation. It had
been expected that $90,000,000 of the issue would be pur¬
chased by private bankers and reoffered.
Our compilations
do not incjude issues sold to the RFC until and unless they
$136,300,000 issue of the State of Arkansas bonds
taken
are
resold to the
public.
SUMMARY OF
figures sinc9 January
monthly amounts of corporate
financing as revised to date.
Further revisions of the 1940
figures will undoubtedly be necessary from time to time,
particularly as additional private financing is brought to
light in annual reports and other places.
Below
present a tabulatiou of
we
1939, showing the different
MONTHS, 1941, 1940 AND 1939
CORPORATE FIGURES BY
*1939
*1940
1941
Total
Refunding
New Capital
1493
Financial Chronicle
The Commercial &
Volume 152
New
Capital
New
Total
Refunding
5
$
S
5
i
31,549,770
234.412,100
265,961,870
March
First quarter.
April.
May.
June.
Second quarter.
173,464,550
257,345,640
134,326,541
23,833,072
58,179,191
48,688,660
16,312,332
159,948,072
106,867,851
453,135,463
565,136,731
87,938,295
195,189,960
283,128,255
192,353,442
83,810,300
101,476.480
246,278,652
78,200,042
181,769,350
173,097,430
21,740,443
31,241,064
161,502,000
251,798,424
259,969,392
183,242,443
283,039,488
152,983,668
320,678,342
211,341,581
103,799,050
53,925,210
89,287,130
9,771,328
267,889,665
35.469,718
46,004,059
30,527,491
112,001,268
52,788,677
January..
February.
377,640.222
530,623,890
131,181,549
595,069,774
726,251,323
790,259,734
1,009,379,578
230,373,325
343.357,485
96,214,160
137,994,832
10,386,300
136,115,000
5,926,032
111,247,808
264,984,936
July
August
September.
830,775,685
1,095,760,621
219,119,844
46,233,450
67,938,134
68,006,465
Six months
225,622,950
111,493,538
62,464,785
271,856,400
179,431,672
130,471,250
49,703,366
180,669,959
25,894,844
317,462,641
16,019,150
80,195,000
182,178,049
November.
December.
581,759,322
91,617,360
578,327,600
669,944,960
1,230,356,958
1,677,519,943
310,737.204
1,368,587,334
1,679,324,538
47,278,100
168,699,139
61,131,558
Nine months.
October...
399,581,273
447,162,985
Third quarter.
345,346,770
392,624,870
261,185,785
389,343,240
20,297,396
21,640,376
30,778,057
157,474,063
90,834,833
177,771,459
195,817,158
226,595.215
92,486.646
328,211,682
112,475,208
277,108,797
Twelve months.
766.045,098
1.043,153,895
72,715,828
444,126,054
516,841,882
724,271,782
Fourth quarter.
•
Total
Refunding
Capital
1,996,402,056
2,720,673,838
383.453.032
1,812.713.388
2,196,166,420
Revised.
Amount
Amount
Applied for
Accepted
$
%
Date
entered upon a new era
Treasury financing in February
with the passage
of the law making future
issues of securities
offering of an issue of
subject to all Federal taxes and the
An issue of taxable notes was
wholly taxable bonds.
also
the Treasury
had previously asserted its right to subject this type of
security to taxes and had brought out two such issues in
the two preceding months.
The legislation which, effective
March I, permitted the subjecting of all issues of the Federal
Government and its agencies (but not States and their sub¬
brought out but this did not mark a change, as
raised the ceiling on the
divisions) to all Federal taxes, also
authorized Federal debt to
flexible the
$65,000,000,000 and made more
Treasury's authority to issue
obligations in small
for, cash
but
only
on
The
redemption March 15
maturing on the same
Bank
notes,
confusion
was
Carolina
was
Nil
Nil
15
91
days
398,849,000
100,023,000
22
91
days
303,957,000
100,078,000
101,298,000
635,055,400
189,275,833
a
263,061,000
Jan.
24 Jan.
29
91
23 Jan.
31
3M yrs. 2,756,463,500
Jan1-31 Jan.
1
10 years
189,275,833
31 Feb.
5
91
days
312,345,000
7 Feb.
13
90
days
14 Feb.
19
91
days
100,450,000
100,294,000
100,110,000
b
Feb.
227,631,000
209,830,000
b
Feb.
99.998
*0.007%
days
258,063,000
100,127,000
99.989
*0.043%
91
Feb.
21 Feb.
Feb.
25 Mar. 15
9 years
Feb.
25 Mar. 15
2 years
26
1
10 years
Feb1-28 Feb.
Total
*
2 mos.
100
-
•
-
discount basis,
a
Slightly above par.
Joint
was
100,435,000
100,002,000
100,023,000
100,078,000
101,298,000
Treas. bills
91-day Treas. bills
.
Jan.
29
31
1
the new law
subjected to Federal taxes.
Stock Land Bank,
which sold
91-day Treas. bills
F'eb.
26
91-day Treas. bills
9 years
.
_
635,055~ 400
189,275,833
824,331,233
100,450,000
100,294,000
1,115,868,600
32,422,500
100,110,000
100,127,000
120",680474
120,680,174
10 years
1
501,836,000
32,422,500
2 years
Mar. 15
1,669.952,274
1,549,272,100
120,680,174
2,996,119,507
2,051,108,100
945,011,407
tot al
Total 2 mos.
*
INTRAGOVERNMENT FINANCING
Issued
January—
Retired
$
1941
Net Issued
%
$
49,800,000
38,460,000
total
February—
29,300,000
26,829,000
32,131,000
56,129,000
113,000,000
1,195.000
Notes
20,500,000
11,631,000
88,260,000
Certificates
January
100,023,000
100,078,000
101,298,000
1,115,868,600
90-day Treas. bills
19
February
%
100,002,000
100,450,000
100,294,000
100,110,000
100,127,000
91-day Treas. bills
13
Feb.
%
100,435,000
6,346,000
113,000,000
x5,151,000
<
Certificates
Notes......
month in the customary $100,000,000 weekly amounts to refund similar maturities, were
the last tax-exempt securities of this class to be issued.
March 5 such obligations will
be subject to Federal taxes.
In the last month in which
tax-exempt United States savings bonds could be purchased
the volume dropped to $120,680,174 from $189,275,833 in
January and $144,664,590 in February, 1940.
Starting with the issue dated
we
outline the Treasury's
financing activities in the current year:
February total
114,195,000
6,346,000
107,849,000
Total 2 months
Treasury bills sold last
which follow
5
Feb.
..
Indebtedness
1,326,167,233
Feb.
Mar. 15
New
Refunding
635,055,400
189,275,833
VK% Treas. notes
U. S. Savings bonds
January total
Feb.
in the Joint Stock Land
the last Land Bank issue free of taxes.
Credit Bank issue sold last month
$
90-day
2
Jan.
the first subject to taxes.
In the tabulations
Accepted
b Fractionally
/
Total Amount
Security
Jan.
created
H%
*2,90%
75
2,996.119,507
Type of
8
2%
100
32,422,500
120,680,174
32,422,500
120,680,174
infinitesimal yield.
Dated
Jan.
Nil
a
1,669,952,274
.........
Average rate on a bank
Jan.
*2.9%
75
1,115,868,600 1,115,868,600
total.._
Feb.
100
1,326,167,233
total
Jan,
Jan.
days
but the preponderance of
bonds, only
Nil
a
Jan.
91-day Treas. bills
The Federal Intermediate
also
Nil
10 Jan.
17 Jan.
91-day Treas. bills
91-day Treas. bills
required to recall
the issue, and as a consequence decided to abandon its
contemplated refunding plan.
The Fletcher Joint Stock
Land Bank also was required to rescind the sale of an issue
of 1/4% tax-free bonds last month and substituted therefor
an
offering of 1 Hs suoject to Federal taxes.
The First
Joint Stock Land Bank of New Orleans managed to slip
under the wire, however, apparently because it had published
its redemption notice at a considerably earlier date, and its
$500,000
Nil
a
Jan.
15
$850,000 tax-free bonds in January, was
issue of
a
Jan.
22.
financing field by the application of
First
560,547,000
Jan.
exchanged elected to take the new
requiring such issues also to be
The
100,435,000
100,002,000
648,182,000
days
Jan.
$32,422,500 taking the note issue.
Some
days
91
by 94% of the
exchange offer was accepted
outstanding bonds and
those who
90
8
Yield
a
exchange basis for the
an
$676,707,600 1^2% notes
the
and
2
Jan.
last month were not
$544,870,050 3%% bonds called for
date.
27 Jan.
3 Jan.
Dec.
Price
USE OF FUNDS
The bonds and notes brought out
offered
Due
Dated
Offered
under par;
denominations.
FINANCING DURING 1941
STATES TREASURY
UNITED
February
Treasury Financing in
202,455,000
38.477,000
163,978,000
*
Comprises
sales
of special series
certificates and notes; certificates
sold to
Adjusted Service Certificate Fund and Unemployment Trust Fund, and notes to
Old Age Reserve Account, Railroad Retirement Account, Civil Service Retirement
Fund, Foreign Service Retirement Fund, Canal Zone Retirement Fund, Alaska
Railroad Retirement Fund, Postal Savings System, and Federal Deposit Insurance
Corporation,
x
Excess of retirements.
comprehensive tables on the succeeding pages we
compare the February and the two-months' figures with
those for the corresponding period in the four years pre¬
ceding, thus affording a five-year comparison.
Following the full-page tables, we give complete details of
the capital flotations during February, including every issue
of any kind brought out in that month.
In the
O
3
o
3
a>
3
a
§:
o
h
o
o
**•
53-
CO
5.
ts
8-
*
fcr
(b
Vo
249,510 5.0 ,0 30.9750 109.3815
394,607581 9,6 ",6 25.0, 042,987 42 561.79532
Total 15,021370 28.325,0 56,02418
240X ,51 9.6 *6 21,0,0 9,483,19 369,703.870
Capital 94,296304,350. 02,650, 053, 740
154,87X30 4,6 x6 3,504,23 192.01453
150. 0 *75*6 6
103.76,50 32,4*5~0",6 3.5921 1,40,0 20.51862
120, 0
62, 4590 32,4*56 2,46 0 17,3890
S
650, 0
Refundi g
1937
8
New
102,S51 0
Total,
~~
6,380, 0123,86 0 10, 0 16. 6x0 6,80 . 0 9,0 .0 17,8 3,0 5,3 5.0 249,51.0 5,0 ,0 Z^III :o:: :
Total
S35.0 0
Refundi g 5.0 ,0 16,3.750 4.934,60 4,1 8X209,0 .0 15,0 0
$
1937
a
: : : : 5.0 .0 28,3 50 25.918 06 14.5 3S6 3,49270 58 ,5 7,5*1897 140.356,81 71,380, 0 35,018906 16.0 6x 21,3 5 8672,49 76017,8 3.0 585, 50
152,8 0
T
650, 0
15,021370
650, 0
$
102,5 0
95,0 0
500
7*0*6",
28,325,0 19.320, 294.18136,20 0
210, 0
12,85397 X07.581
894
84,39.18 5,6 0, 0 14,587019,320. 4,934X56 4,12,0145,20 015,0 ,0 1,045,0 240, 51
4,350, 0 6,*598*6 14,2 1* 0527. 92,760 "5*85* 56 7,308"97 56,0 740 65.730, 07, 29, 5016,598 06 5,*065*46516,90318527, 92.760 2,873,0 585. 50 1 ,80 ,97 154,8703
Capital 61,380 7.29.5010, 0 5,65*46 2.681.9S0 2,873*6 4,5*6x6 94,29630 4,350, 0
New
Total
■ft.
102,851 0
150, 0
18*0 65
62.104,590
120, 0
40,76910
30.0 0
30,0 0
75,0 0
120, 0
526,50
75,0 0
150, 0
102,5*0"6
215,0 0 75,0 0706,50
103,7650
■
Refundi g 62.104,590
1938 Capitl 40,76910 *"7*56
40,85190 41,27 12 ,40,0 83.79X2
us.o xo 36,1*07. 0 83 ,072
159.48,072 327.146* 53.79 85 988727
30.0 0
• V'.
8
New
Total
8
"
5
Refundi g ,286.0 34,829*6
YEARS
Capital 40,2 410
New
1939
FSTMOFEYHBARNIUVEAS
FGFLOAMOFRVUITNEEMOFRAIEGNHCBMNDPRIULGVTA,Y
bSfrtFmatGuoaeonhvicydgeprdnslmeasyl.
Capit l 16,72 0 1,278X06 Oi2
23.8 0/2 316.0*9 6 43,791 2 3978.7144
29,615.0 10. ,0 16, 1.640 1.069,0
2,495*6 17J,94601 78656 4
■
$
533
5
Nete
Total
§
\
21.34581 21,695 6 14,58345 620029
Capital 32,745 0 10. 0 2,189,591.069,0
■
46.04 59 *8066"0,362,56 16626 5
241,6.80 1,340, 021,50X 2,310X70
265.91,870 25. 0X 49,2510 341, 6970
703.0 0
234.12 0 17.250 12,54370 264.380,
8
■
CIOSTURPNHIAEED
57
_
New
104
|
8
Total
-
Refundig 216.3 ,0 17.398,10
8
CORPATE, 19r4
.
SOUM AFRY -- CInpit- 24,850
%
1, 97,0
Capit l
New
1940
637,0 0 3.751.90 2,310, 70
GONREUPFWI
CAHARNDTE
31,54970 8,125,6 37,8140 7X56,170
New
•
-
14,60
960, 0
1.50 , 0 100 ,286,
$
960, 0 6,2 5, 0 5 5,0 0
575,0 0
Grand
Total
Other Farm
*
30,0 0 75,0 0 526,50
86,0 0
1.278,0 5.83 .072
7,1 .072 2,475X06 *34.02072 "375,6 6
5,370, 0 196.S 50
111
8 4,0 0
5 0, 0
23.S 072
17,30.64 98,01 640 106,4 0 4,109,0 10. ,0 1,025,0 1,0 ,0 36.10, 0 2457,305.6
14.72,08! 39685 1 105, 0 10, 0 575,0 0 5,370, 0 21.34 581
10, 0 10, 0 1,389,5 9 585,0 0
68,72 0 165,410 3.492,80 175,0 0 1,3 5.0 2,0 -0 241,6 80 moco
1.50 , 0 136. 50
40 ,0 0 960X0
14.72,081
3,2 5,0 "450*,0 0 1.0 ,0 20,3 .0 32,745 0
40.85190
41,90 72 12,0 0 13,504. 1,50 0 20,43X72 *461*656 2X50X6 159.48,072
34,8290 12,0 0 ,0291. 1.50, 0
10, .0 10, 0 15,861 40 585,0 0
62, 4590
90
8 4,0 0
40 ,0 0 3,258, 59 960, 0 615
05 1, 40, 0
7
4.109, 0 "450X6 1,0 ,0 30,7 0 46.04 59
1, 50,6 0 1,340, 0 19,7 0 76 3,750X6
23.160,7 68,728X0 185,3107 7,24 ,80 175,0 01,3 5,0 3,150, 0 265,91870
Refundi g 50,718.0 16,34 0 1,0 ,0 1,250",CO 2,6 *6 216.3 ,0 190x6
513,0 0 703,0 0
17,291, 0 107,6
17,39810 50,7180 178,2410 1,07",0 1,250X6 2,513,0 234,12.0
65,0 0
637",0 0 637,0 0
2,418,970 3,643,0
6.0 1.970 18,0 0 6,526,970 6.135,80 175X0
Total
"
"
Capit l
New
18,0 0 4,108,0 2,492,80 175,0 0
"
24,850
65,0 0
637,0 0
31.549,70
obtained FEBRUAY BNooantdess &cop,manufctres oimaannufcdtrig &c h&troalddciinngg,, BNooteans—ds &coper,manuft.acesorimaannufcdtrig &c &htroacldd_iinng.g,, -—. &coper,mnuft acesori—amannufcdtrig -&c htroaldd«iifnncgg,, &cope,manuftracesoriamannufdctrig h&toraddingg,,Miscelanou. securit
FEBRUAY anonteds. naonteds. . stock. naonteds. Governmt governmGavctie.,s♦&Municpa_l—Stes,Posein ifnunclodste
Other
40,*2 6*41
34,829.0
OF Domestic- Lbonogn-tedrmsShort-emPrefstroeckdComstocoknCandi— Lbonogn-tedrmsShort-em.PrefredComstocoknforeign— Lbonogn-tedrmsShort-emPrefstrocekdComstocokn corpate toal Tfdighueorsees MOFONTH Long-Term
Corpate—
Can dian foreignLoaannd USntaiteeds
Railroads util es sctoeall,,Equipment Moatonrds industral buildngs,Rub er Ship ingtrust ,Miscelanous Short-Tem Railroads util es sctoeall,,EquipmentMoatonrds industral . buildngs,Rub er Ship ing trust ,Miscelanous
MONTH
75.0 0
5.833
82.150 105. ,0 3,25,0 10, 0 1,025,0 1,0 ,0 25,70. 0 29,6150
New
1941
75,0 0
36,107 0 072
*375X6 *5 6x6 16,72 0
Refundi g 75,92450 105. ,0 10, 0
Capital
61.829,50 *275X6 "Tso'xo
.
Total
347
86,0 0
Refundi g 12,0 0 76,20 0 1,50. 0
451
RefundiJg 196,8 50 14, 72X81
1940
12,0 0 7,3970 1,50 0 14,60 0 *461*6 6 27o5b",6 US,08 0
Total
136, 5x0 17,bsoT. o10, 7.943 163.72,943
10
95,0 0
*928,16
540
$
1939
Refundi g 590
8
1938
Total
Public Iron,
Other
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total
Stocks— Railroads.
utiles. coal, industrial buildngs,
corpate
coal, industral buildngs, Shipingtrust,
ste l,Equipment and Rub er.Ship ingtrust ,Miscelanous. Total— RailroadsPublutiliecsIrsoten,l,EquipmentMoatonrds
Public Iron, Motors Other Land,
Oil
Total
Inv.
Total
Other Land, Rub er Inv.
Oil
O
5
o
a
sT
Sr
tvj
39,605.3 14,05. 0 167,52094 19,4162
Total
694,8 02 85,0 0 9,0 0 51,20 0 250,16.23
1,80.265143
Capit l 157,6830 6.80.0 23.45,682 63,417 45
14,07650 2,150, 0 3,719,0 3,6 ,96
153.82,496 5,80 0 1 ,480529 1,40.0 32.63,025
Refundi g 63,546190 1,79 0 1,02 ,80
186,30
Refvnai g 106,48.0 5,0 ,0 34.829,0
146,5013 36,0 0 37,120.9 219. ,59
Total
'
$
J
1939
14,07650
2,bo",60 2,150, 0 "Yo' ,598 5Y7-9.38 675.0 0
Refundi g 62-.8bYi95 "b blo o "480.65
63,546190
" lbo'. o
1.67-.65 1,79 ,0
606 "95T.56
"b"o",
80,53 10
"b0",60
"323",656 353,0 0
Capital 79,48",10
8
New
Total
YfFGrtoemaovuhdngricnpmlaesyl.F2MEFTSNIOUITAVSWNDHA8RHBISRE.ED
LMFAFYMFTEI2UNOONAWIHARVDC8DRRPBMNGSL.
351.96,0 10, 0 54.07,690 14,70650
875,0 0
430,81 90 51,2950 21569,183 663381
Total
598
Refundi g 29,302. 50",34 81
349. 6,413 50,4950 140,65 83 4gonofi
539.768C0 18,340 24,5903 3.946,12
586,4021 57,0 0 13,581297 75,921509
1046,74695 7,3 0 19,68407 540, 0
Refundi g
502.31,765 47,350 35,764875 58,4160
75.091C5 967,0 0 4.906.230 3,406.12
Capital
84,3847 10,3250 7,81642 172,49.86
Total
FCGOOVREEPRINGMNATT,,
OSUMFARY
New
$
CHAR TE
Staneds
Refundi g 20,493602 142,65 0 15,0 0 10,bo"0
Capital
8
New
575,0 0
9 1,398 5 5,0 0 03.2*205", "45~O ,6
2,940.5
"769.02
f,"osb~,76 6,3 ,196 79,48* 10 40 ,598 4,2b"6,89 675,0 0 951,50 f.403',76 87,21650
- 43.152,40 17,0 0 14,97 0 1,60 24."695*40 750, 0 1,941.0 'b blo o 4,80 , 0 176,204
35.01,30 17,0 0 1 ,329.0 1,50 0 3,986~,36 "b blo o 1.750. 0 146,503
10 .0 0
mmm.. 8,137,104 03,6405",
20".7~9"I64 750. 0 1.05,0 "b blo o 3,05,0 29.75 104
mmm
mm
585,0 0
i6,"o ,6 10, 0 5629,9507\ 1,40,0 1,9650 I74"O ',6 "875~.6 69,214 90 21,4850 218,6390 16,40 f,"4o" ,6 15,21.50 10. ,0 1,025.0 1,40,0 1,0 .0 54,975.0 430,81 90
50,34" 81
930 29,302.
50,34 81 20,493602 29 ,8 1 05, 0 lb. lo 575,0 0 20.967",30 349. 6413
..
192
585,0 0
10, 0 10, 0 2,93109 1,40,0 1,9650 1,40,0 875,0 0 19,7 809 9 1,398 25,863 09 1,40, 0 Vo lo o 15,2150 450, 0 1,40 , 0 fb blo o 34.07, 0 81,473 7
1,0 ,0 23.12,07 52, 93 68
f,
190, 0
103,9 .0 310,5760 3,0 0 5,642,80 60,1750 5,307,0 l0", 5"00~, 539.76,80 5,0 ,0 7,0 ,0
6,i5"o,6 18,340 230771006", 7, 50,715
5,08 0 295,830 28,0 0 27650", 0 56,82 0 5.0S7,0 20,74",695 46,704695 5,0 ,0 190, 0 7,0 ,0
Refundi g
5,"183",0 17,3 0 17,68146 2,542,670
20, 407 60,58.0 31,764 0 35,0 0 5,192,670 56,82 0 5,087,0 25,97695 502,31765
48,05 0 14,6830 5,0 ,0 2792",80 3,53,0 2 0, 0
Capit l
'"967",0 967,0 0 2,4~18,970 5,208,645
"685",327 8,312,342 48,05 0 17,01970 5,0 ,0 8,20 ",845 3, 53,0 2 0, 0 26.03527", 84,3847
Total
$
2
$
1941
1.697.35 6,3590
"Yob",598 4,176*.89 675,0 0
2,"5O ',6 2,60 , 0 1,278",0 104Y6. ob". 750, 0
10 ,0 0
21,4850 1065.2006 105, 0 3,25~,6 10, 0 1,025 0 f,"o "o,6 04 .1U0 351,960
$
1940
tv-to
ONAGCORRENPUFPWDIATE
2,367",0 14.6G0~.6 1",05",0 "b blo o 5 0. 0 19,02 0
" b lbo 1,02 ,80 6129,865l", 1,327.56 "Y8b".6
l."0 2',56
"
7.
81,473 7 80 ,0 0 16,03258 875.0 0 19,8.2*
New
1941
New
73Q
Cavit l 52.93,68 10, 0 4,73,09 14,70650
1940
8
142,b lo
5,62Y,398 675,0 0 1,431,50 3,10 , 0 153,82.496
40 .598
5,0 ,0 34,829~o56 186",30
"
Refundi g 12,0 0 76,50 0 1,50 0 3,8061 6 "b blo o 1,750", 0 106.4S 0 5.0 ,0
Capit l
29
f.YoY,65 7,35 .9 6
2,b lo 7,60 , 0 36,"ib'756 6.2Y5I40 750. 0
12,0 0 78,670 1,50 0 18,4"O .6 ,94"I6 boblo o 2,30,0 125,08 5,0 ,0 "10 ",0
$
1939
759,104 20, 0 428,360 120,5 .74 497.84
Total
$
"1
Capit l 19,02 0 2,60.0 1,278,0 6,859.104
New
142,3506
"b blo o f,431",50c
$
818
176
8,310,718 20,43 59 57,935.0 215, 4 30,6405 4,934,6 5,21 .201 105, 80 15,60 9.348.218 43,67513
550
1.875~.6o 6,598, 06 iXfOMO19,0 2510 27,42760 "585", 227.6081", 86,73127 72,659.30 15.827,50 2,854 6 9,235, 40 24,8 490 69,4 760 3,154.0 585, 50 250, 0 34.6 5,761 251.8,507
950, 0 6,80 , 0
"ib"o,6
8
Total
1938
^7
4,"l
New
426004 20, 0 46,53.0 157,62304 419.47
New
86, "694 25,918 06 70*140.19,26 91 5,142760 "585,5l0 35,98" 79 287.193,20 130,59430 231,052694 51,28906 114,4170b",29,6 ^91 174.52760 18,754.0£55585. 0 250. 0 43.98,79 694,8 02
7,250, 0 84,05.694 19,320 294,18 87,0 0
80 .0 0
Refundi g 56.485,0 125,49750 1,04 50 4,934",60 4,1 8,02 17,348.0 15,60 0 1.037,50 235,986 20 1,450, 0 5,0 ,0
68,309 0 13,852. 0 14,25.90 5,065*40 4,081,98042,05 0 3,154,0 250. 0 6,597,50 157,6830 4,350, 0 10 .0 0 1,40,0
Capit l
87,21650 5,60,0 81,457629 1,40,0 175,64135
125.08, 7,60. 0 36,107 0 7,045,04
1937
6.3590 50,2 0 30.2,90 146,58 90
80,53.10 35 .0 2,69,20 3.6 ,9 6
Capital
1938
Or
Total
251,8 507 4,0 ,0 180,7 14 436,059 21
Total
-
o
Ci°9124,7930 1H39.270 g.25,30 - S01, 62.8,20,0'»59,4>0 018,7540 "^520,667,t63*5,0. g93.605,3 55,80,02.5,10,0 5o2, b",65 »-.«. 950,0 14,05 0
43,67513 85,0 0 9,0 0 47,20. 0 69,38109 74,205.62
New
b
&)
I
Refundi g 235,986 20 7,250, 0 14.06,412 56,02418
$
1937
n>
■s
75,09105
$
New
"
685,327 28,536.412
108,930 30,86.37040, 0 13",9 51 60,1750 5,307,0 27,985327 586.40,21
notes. . notes. notes. governmt acies.&t_,Posein. fbiunocltadiynese F2E8B. Notes— manufctrig h&oldcing, Notes— . manufctrig h&oldcing, I manufctrig I h&oldcing, I manufctrig I_ _h&oldcing,
F2E8B.
boanndds stock stock bonads . stock. :stock foreign— boands stock. stock. corpateGovernmt Goavntd,^Municpal—Stes, . dnot MENONDTHS LBonogan-TdersmRa.lroads utiles&sccotopeall,,,Equmiapnumfcetrnets anodi indausntrdl .b&uildcngs, Shipng.ttrraudsintg,,Miscelano.us SBhoortan-TdesmRailroad.s utiles&sccotoepaell,,,Equmiapnumfetnrt aacensodri indaustrl b&uildcngs, ttrraudsitng,M,iscelano.us Total. Railroads utiles &scctooepaellr,,E,qumipanmufetnt aacnesodri indausntrdl b&udicngs, Shipng. ttrraudsitng,,iscelanous RailroadsIutiles &scctooepaell,rE,,qumipanmufetnt aacnesdoriinduasntridl b&uildncgs, „ ttrruadsitng,,Miscelanous cosrepcuraitte
EMNONDTHS
DtCorpae— omestic— Long-term Short-em Pref redCom onCandi — Long-term Short-em. Pref red Com on Other Long-term Short-em. Pref red Com on TotalCan dianOfotrehiergnLoan SUtnaiteeds Grtoandal Tfighuersees
Total
*
TWO
Farm
TWO
PubLc Iron, Motors Other Land,Rub er
Oil
Inv.
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Stocks—
Public Iron, Motors Ot ier Land,Rub er
TotalTotal—
_
Inv.
M
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total
The Commercial & Financial
1496
DETAILS OF NEW CAPITAL
FLOTATIONS DURING
FEBRUARY,
1941
:
MATURING LATER
LONG-TERM BONDS AND NOTES (ISSUES
FIVE YEARS)
THAN
RAILROADS
$7,310,000 Chesapeake &
■
Ohio Ry. ref. & impt. bonds, series G-l to
G-10, int. rates 0.35% to 1.90%, due Feb. 1, 1942-51.
Purpose, refunding.
Purchased by Morgan Stanley & Co.,
Inc., who in turn offered them to a group of dealers, the
1-5 year maturities at 99 H and the 6-10 year maturities at
99%.
■
:.
*6.490.000 Chesapeake &
Ohio Ry. ref. & impt. bonds, series G-l to
G-10, int. rates 0.35% to 1.90%, due Feo. 1, 1942-51.
Purpose, refunding.
Price, 100.
Sold privately to a group
of about 10 banks.
11.000.000 Chesapeake & Ohio Ry. ref. & impt. bonds, series G-ll to
G-25, mt. rates, 2% to 2.90%, due Feb. 1, 1952-66.
Pur¬
Price, 100 and int.
refunding.
Stanley
&
Co.,
pose,
and
Inc.,
Offered by Morgan
following sub-underwriters:
Securities Co.; A. G. Becker & Co., Inc.; Blair
Inc.; Blyth & Co., Inc.; Alex. Brown & Sons; Central
Republic Co.: Dick & Merle-Smith; Dominick & Dominick;
Drexel & Co.; Estabrook & Co.; Fieid, Richards & Co.;
The First Boston Corp.; Glore, Forgan & Co.; Gotdman,
Sachs & Co.; Graham, Parsons & Co.; Harriman Ripley &
Co., Inc.; Harris, Hall & Co. (Inc.); Hayden, Miller & Co.;
Hawley, Shepard & Co.; J. J. B. Hilliard & Son; W. E.
Hutton & Co.; Kidder, Peabody & Co.; Kuhn, Loeb & Co.;
Lazard Freres & Co.; Lee Higginson Corp.; Lehman Brothers;
BancOhio
& Co.,
McDonald-Coolidge
Inc.;
Mason-Hagan,
&
Mellon
Co.;
Securities Corp.; Merrill, Turben & Co.; F. S. Moseley & Co.;
Maynard II. Murch & Co.: Paine, Webber & Co.; R. W.
Pressprich & Co.; Salomon Bros. & Hutzler; Scott & Stringfellow; Shields & Co.; Smith, Barney & Co.; Spencer Trask
& Co.; Union Securities Corp., and White, Weld & Co.
*5,400,000 Chicago
&
North
Western
1%%
Ry.
equipment trust
certificates, due serially, March 1, 1942-51.
Purpose, pur¬
chase of equipment.
Awarded to Drexel & Co. and Laurence
M. Marks & Co. on a bid of
100.2387. Not publicly reoffered.
*1,150,000 Detroit Toledo & I ronton RR. 1)4% equipment trust
certificates, due serially, 1942-51.
Purpose, purchase of
equipment.
Awarded to Evans, Stillman & Co. on bid of
98.32.
Not reoffered publicly.
560,000 Illirvois Terminal RR. 2% equipment trust certificates, due
serially, Feb. 15, 1942-51.
Purpose, purchase of equipment.
Awarded to Harris, Hall & Co. on bid of 100.029 and reOffered at prices to yield from 0.50% to 2.20%, according to
maturity.
11,418,000 Monongahela Ry. 1st mtge. 3)4% bonds, series B, due 1966.
Purpose, refunding.
Price, 102)4 and int.
Offered by
Morgan Stanley & Co., Inc., Kuhn, Loeb & Co., and the
following sub-underwriters:
Blair & Co., Inc.; Blyth & Co.,
Inc.; E. W. Clark & Co.; Dominick & Dominick; Drexel &
Co.; Estabrook & Co.; The First Boston Corp.; Goldman,
Sachs & Co.; Graham, Parsons & Co.; Harriman Ripley &
Co., Inc.; Harris, Hall & Co. (Inc.); Hayden, Miller & Co.;
Hemphill, Noyes & Co.; W. E. Hutton & Co.; Kidder,
Peabody & Co.; Lazard Freres & Co.; Lee Higginson Corp.;
Lehman Brothers; A. E. Masten & Co.; Mellon Securities
Corp.; Merrill Lynch, E. A. Pierce & Cassatt; Moore, Leonard
& Lynch; F. S. Moseley & Co.; W. H. Newbold's Son & Co.;
Paine, Webber & Co.; It. W. Pressprich & Co.; E. H. Rollins
& Sons, Inc.; Singer, Deane & Scribner; Smith, Barney &
Co.; Starkweather & Co.; Stroud & Co., Inc.; Swiss American
Corp.; Spencer Trask & Co.; Union Securities Corp.; White,
Weld & Co., and Whiting, Weeks & Stubbs, Inc.
*6,540,0001
RR. 1%% equipment trust certificates.
Awarded to Salomon
Hutzler; Dick & Merle-Smith, and Stroud & Co.
New York Central
4,360,000/ Purpose, purchase of new equipment.
Bros
&
8, 1941
*$500,000 Mississippi Public Service Co. 1st mtge. bonds, series A,
4% due Jan. 1, 1956.
Purpose, refunding.
Price, par.
Sold privately to Massachusetts Mutual Life Insurance Co.
*15,900,000 Philadelphia Suburban Water Co.
3 )4 % bonds, due Jan. 1, 1971.
Purpose,
privately with institutional investors.
*1,500,000 Philadelphia Suburban Water
rates, 0.38%
to 2)4%.
Purpose,
vately with institutional Investors.
1st mtge. 30-year
refunding.
■
Placed
1'
,
Co. %year notes, int.
refunding. Placed pri¬
*2,600,000 St. Joseph Water Co. 1st mtge. 3)4% bonds due April 1,
1966.
Purpose,
refunding.
Sold privately to
insurance
companies.
300,000 Southern Gas Co., Longview, Texas, 1st mtge. 5% bonds,
series A due 1955.
Purpose, construction of gas distribution
system.
Price, 100 and int.
Offered direct through em¬
ployees and hired salesmen.
*1,100,000 Texarkana Water Corp. 1st mtge. 3H% bonds, due Jan. 1,
1966.
Purpose, refunding.
Sold privately to an insurance
company.
*3,000,000 Virginia Electric & Power Co. 3)4 % 1st & ref. mtge. bonds,
,
series C, due March 1,1971.
Purpose, capital additions and
improvements.
Price, 106)4 and int.
Sold privately to
John Hancock Mutual Life Insurance Co., Penn Mutual
Life Insurance Co., and New England Mutual Life Ins. Co.
26,500,000 Wisconsin Public Service Co. 1st mtge. 3)4% bonds, due
Jan. 1, 1971.
Purpose, refunding.
Price, 106 and interest.
Offered by First Boston Corp.; Wisconsin Co.; A. G. Becker
& Co., Inc.; Blyth & Co., Inc.; Bodell & Co., Inc.; Bonbright
& Co., Inc.; H. M. Byllesby & Co., Inc.; Central Republic
Co.
(Inc.); Coffin & Burr, Inc.; Eastman, Dillon & Co.;
Edgar, Ricker & Co.; Estabrook & Co.; Folger, Nolan & Co.,
Inc.; Morris F. Fox & Co.; Glore, Forgan & Co.; Goldman,
Sachs & Co.; Graham, Parsons & Co.; Halsey Stuart & Co.,
Inc.; Harriman Ripley & Co., Inc.; Harris, Hall & Co. (Inc.);
Hemphill, Noyes & Co.; The Illinois Co. of Chicago; Kalman
& Co., Inc.; Kidder, Peabody & Co.; Lazard Freres & Co.;
Lee Higginson Corp.; Lehman Brothers; Mellon Securities
Corp.; The Milwaukee Co.; F. S. Moseley & Co.; G. M.-P.
Murphy & Co.; Newton, Abbe & Co.; Paine. Webber & Co.;
Arthur Perry & Co., Inc.; E. H. Rollins & Sons, Inc.; Schoellkopf, Hutton & Pomeroy, Inc.; Smith, Barney & Co.; Stark¬
weather & Co.; Stern, Wampler & Co., Inc.; Stone & Webster
and Blodget, Inc.;
Wells-Dickey Co • White, Weld & Co.;
Whiting, Weeks & Stubbs. Inc.. and Dean Witter & Co.
$165,451,000
OTHER INDUSTRIAL AND
MANUFACTURING
*$2,492,800 Paramount Pictures, Inc., 3)4% convertible debentures.
due March 1, 1947.
Purpose, corporate purposes.
Price.
95.20.
Sold privately to five banks.
f
*1,000,000 Poor & Co. 10-year serial debentures.
Purpose, refunding.
Sold privately to Massachusetts Life Insurance Co., Con¬
tinental Illinois Bank & Trust Co., and Harris Trust &
Savings Bank.
$3,492,800
OIL
$175,000 Frontier Refining Co. 1st mtge. serial 5% bonds, due
1942-46.
Purpose, pay certain notes ($57,658); acquisition.
Priced to yield from 4.48% to 5.05%, according to maturity.
Offered by Boettcher & Co.; Peters, Writer & Christiansen,
Inc., and Sidlo, Simons, Roberts & Co.
.
LAND, BUILDINGS, &c.
$1,050,000 St. Norbert College, De Pere, Wis.. 1st ref. mtge. (2)4,
3, 3)4, 3)4, 4%) serial & sinking fund bonds, due 1942-53.
Purpose, refunding.
Price, 100)4-101, according to maturity.
Offered by B. C. Ziegler & Co.
.
bid of 100.054.
First four maturities reoffered at prices
yield from 0.40 to 1.20%, according to maturity; final six
maturities placed privately with institutional investors.
on
to
4,500,000 Philadelphia & Reading Terminal RR. sinking fund 3 )4%
bonds, due March 1, 1966.
Purpose, refunding.
Price, 99.
Offered by Drexel & Co.; Morgan Stanley & Co.,
Inc.;
Harriman
Ripley & Co., Inc.; Mellon Securities Corp.;
Smith, Barney & Co.; Kidder, Peabody & Co.; Dick & MerleSmith; Merrill Lynch, E. A. Pierce & Cassatt; Stroud &
Co., Inc.; E. W. Clark & Co.; Biddle, Whelen & Co.; Elkins,
Morris & Co.; Graham, Parsons & Co.; W, H. Newbold's
Son & Co., and Yarnall & Co.
3,500,000 Philadelphia & Reading Terminal RR. serial bonds (int.
rate 0.50% to 2.625%), due March
1, 1941-51.
Purpose,
refunding.
Price, par.
Offered by same bankers as offered
the $4,500,000 sinking fund bonds.
Fredericksburg & Potomac RR.
*6,500,000 Richmond
gen.
Insurance
Co.
and
Equitable
Life
Assurance
200,000 Sisters of Divine Providence, Pittsburgh, Pa., 1st mtge.
(0.50% to 3%) serial real estate bonds, due Sept. 1, 1941
to March 1, 1951.
Purpose, refunding.
Price, 100 and int.
Offered by Norman Ward & Co.
65,000 Sisters of St. Francis, Mt. Providence, Pittsburgh, Pa.,
1st mtge (1% to 3%) serial real estate bonds, due March 1,
1942-50.
Purpose, retire bank loan incurred for completion
of building.
Price, 100 and int.
Offered by Norman Ward
& Co.
$1,315,000
MISCELLANEOUS
Co. series A 10-year 3% debentures, due
Purpose,
refunding.
Price, 99 and int.
McDonald-Coolidge & Co.; Riter & Co.; Whitaker
& Co.; Hayden, Miller & Co.; The First Cleveland Corp.;
Stevenson, Vercoe & Lorenz, and Jackson & Curtis.
$2,000,000 Ohio
Feb.
Society
Finance
1,
1951.
Offered by
mtge.
sinking fund 3% bonds, due March 1, 1966.
Purpose, re¬
funding.
Price, par and int.
Sold privately to New York
Life
March
Chronicle
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO
AND INCLUDING FIVE YEARS)
of the United States.
PUBLIC UTILITIES
$68,728,000
PUBLIC UTILITIES
*$1,100,000 Alton Water Co. 1st mtge. 3)4% bonds, dub Jan. 1, 1966.
Purpose, refunding
($975,000); pay open account.
Sold
privately to an insurance company.
*1,250,000 Centra! Maine Power Co. 3)4% 1st &
gen. mtge. bonds,
series L, due 1970.
Purpose, refunding.
Price, 108 and int.
Sold privately to Equitable Life Assurance Society of the U. S.
*400,000 Central Ohio Light & Power Co. 1st mtge. 3)4% bonds,
series D, due March 1, 1966.
Purpose, extensions and im¬
provements.
Price, par and int.
Sold privately to John
Hancock Mutual Life Insurance Co.
V
*2,000,000 Citizens Water Co. of Washington, Pa., 1st mtge. 3)4%
bonds, due Jan. 1, 1966.
Purpose, refunding.
Sold pri¬
vately to insurance companies.
*5,010,000 Commonwealth Water Co. 3)4%
Dec. 1, 1965.
Purpose, refunding.
surance companies.
1st mtge. bonds, due
Sold privately to in¬
*101,271,000 Georgia Power Co. 1st mtge. bonds, 3)4% series due 1971.
Purpose, refunding.
Price, 103 % and int.
Sold privately to
Aetna
Co.; Bankers Life Co.; Canada Life
Connecticut General Life Insurance Co.;
Life Insurance Co.; Equitable Life
Assurance Society of the U. S.: Equitable Life Insurance
Co.; Fidelity Mutual Life Insurance Co.; Guardian Life
Insurance Co.; John Hancock Mutual Life Insurance Co.:
Home Life Insurance Co.; Life Insurance Co. of Virginia;
Massachusetts Mutual Life Insurance Co.; Metropolitan Life
Insurance Co.; Mutual Benefit Life Insurance Co.; Mutual
Life Insurance Co.; National Life & Accident Insurance Co.;
New England Mutual Life Insurance Co.; Northwestern
Mutual Life Insurance Co.; Pan-American Life Insurance Co •
Penn Mutual
Life
Insurance Co.; Phoenix Mutual Life
Insurance Co.; Provident Mutual Life Insurance Co.; Pru¬
Co.;
Connecticut
dential
Canada;
Mutual
Insurance
Teachers
Co.
of America;
Insurance
&
Sun
Annuity
Life
Assurance
Association,
of
and
Travelers Insurance Co.
*2,450,000 Lexington Water Co. 1st mtge. 3)4% bonds, due Jan. 1,
1966.
Purpose,
refunding.
Sold
privately to insurance
companies.
*570,000 Louisiana Ice & Electric Co., Inc., 1st mtge. 3)4% bonds,
series A, due Jan. 1, 1961.
Purpose, refunding ($287,000);
construction ($283,000).
Price, 99 and int.
Sold privately
to John Hancock
MISCELLANEOUS
$150,000 Midland Investment & Finance Corp., Milwaukee, 5%
serial notes, due 1942-46.
Purpose, expansion, &c.
Price,
100 to 101)4, according to maturity.
Offered by Dalton,
Riley & Co.
1,000,000 Ohio Finance Co. series B five-year 2 H % debentures, due
Feb.
1,
1946.
Purpose,
refunding
($513,000); working
capital, &c. ($487,000).
Price, 100.25 and interest.
Offered
by same bankers who offered 10-year bonds (see above).
$1,340,000
STOCKS
(Preferred stocks of a stated par value are taken at par, while preferred
stocks of no par value and all classes of common stock are computed,
at their offering prices.)
Insurance
Life
Assurance
*$190,000 Louisiana Ice & Electric Co., Inc., 2)4 % serial notes due
1942-46.
Purpose, refunding.
Price, par.
Sold privately
to City National Bank & Trust Co. of Chicago.
Mutual Life Insurance Co.
PUBLIC UTILITIES
$700,000 Davenport Water Co. 7,000 shares of 5% cum. pref. stock
(par $100).
Purpose, retire 6% pref. ($591,100); plant and
property improvements.
Price, 105 and div.
Offered by
Stifel, Nicolaus & Co., Inc.; Quail & Co.; The White-Phillips
Co., Inc., and H. M. Payson & Co.
3,500,000 Lake Superior District Power Co. 35,000 shares of 5%
pref. stock (par $100).
Purpose, refunding.
Price, $102.50
per share.
Offered in first place to holders of 6% and 7%
pref. shares in exchange for their holdings.
Unexchanged
shares underwritten and offered by The Wisconsin Co.; Paine,
Webber &
Co.; Bonbright & Co., Inc.; Edgar, Ricker & Co.;
Milwaukee Co.; A. G. Becker & Co., Inc.; Morris F.
Fox & Co.; Dalton, Riley & Co., Inc.; Loewi & Co.; Bingham,
Sheldon & Co.; Partridge-Player Co., Inc.; Braun, Monroe
The
& Co., and The
Marshall Co.
2,310,070 Southern Natural Gas Co. 231,007 shares of common stock
(par $7.50).
Purpose, pay bank loans ($600,000); balance
added to general funds.
Price, $10 per share.
Offered to
stockholders in ratio of 7-10ths of one share for each share
held,
not
underwritten.
Federal Water Service Corp.
(parent company) subscribed for 253,372 additional shares,
which amount is not included above.
Volume
The Commercial
152
Financial Chronicle
&
ISSUES
$13,200,000 Wisconsin Public Service Co. 132,000 shares of pref. stock,
5% series (par $100).
-
Purpose, refunding.
Price, $105 per
Offered first to holders of old pref. shares in exchange
shares.
their holdings.
Unexchanged shares underwritten and
A. G. Becker
Co., Inc.; A. C. Best & Co.; Bingham, Sheldon & Co.;
Blyth & Co., Inc.; Bodell & Co., Inc.: Bonbright & Co., Inc.;
Braun, Monroe & Co • H. M. Byllesby & Co., Inc.; Central
Republic Co. (Inc.); Coffin & Burr, Inc.; Dalton, Riley &
Co., Inc.; H. C. Denison Co.; Eastman, Dillon & Co.; Edgar,
Ricker & Co.; Estabrook & Co.; Morris F.
Fox & Co.,
Gillespie & Wouters; Glore, Forgan & Co.; Goldman, Sachs
& Co.; Graham, Parsons & Co.; Harriman Ripley & Co., Inc.;
Harris, Hall & Co. (Inc.); Hemphill, Noyes & Co.; Heronymus,
Ballschmider & Co.; The Illinois Co. of Chicago; Kalman
& Co., Inc.; Kidder, Peabody & Co.; Lazard Freres & Co.;
Lee Higginson Corp.; Lehman Brothers; Loewi & Co.; The
Marshall Co.; Mellon Securities Corp.; The Milwaukee Co.;
F. S. Moseley & Co.; G. M.-P. Murphy & Co.; Newton,
Abbe & Co.; Northern Wisconsin Securities Co.;
Paine,
Webber & Co.; Partridge-Player Co., Inc.; Arthur Perry
& Co., Inc.; E. H, Rollins & Sons, Inc.; Smith, Barney &
Co.; Starkweather & Co.; Stern,
Wampler & Co., Inc.;
Stone &
Webster and Blodget,
Inc.; Wells-Dickey Co.;
White, Weld & Co.. and Whiting, Weeks & Stubbs, Inc.
stock (par
offered by First Boston Corp.; Wisconsin Co.;
200,000 Consolidated Cities Light Power & Traction Co. 1st
mtge. 5% bonds, due 1962.
Price, 923^.
Offered by E. HRollins & Sons, Inc.
2,825,000 Pacific Gas & Electric Co. 100,000 shares of common stock
(par $25).
Price, $28M per share.
Offered by Bonbright
& Co., Inc., and Lazard Freres & Co.
1,060,000 Aetna Life Insurance Co. 40,000 shares Of capital stock
Price, $26.50 per share.
Offered by Putnam
(par $10).
& Co.
2,960,000 ( E. I.) du Pon,t de Nemours & Co. 20,000 shares of common
stock (par $20).
Price, $148 per share.
Offered by Smith,
Barney & Co. and 28 underwriters.
04,625 Kendall Co. 3,900 shares of $6 cum. & partic. pref ."stock
(no par).
Price, $103M per share.
Offered by Harriman
Ripley & Co., Inc.
1,027,826 Household Finance Corp. 20,373 shares of common stocs:
(no par).
Price, $50.50 per share.
Offered by company to
branch office managers, supervisors and other executives.
^
$19,710,070
MANUFACTURING
INDUSTRIAL AND
OTHER
772,500 Inland Steel Co. 10,000 shares of capital stock (no par).
Price, §11M per share.
Offered by PaulH. Davis & Co. and
associates.!
$3,000,000 Cleveland Graphite Bronze Co. 30,000 shares of 5% cum.
pref. stock (par $100).
Purpose, new and enlarged plant
facilities.
Price, par.
Offered by F. Eberstadt & Co., Inc.,
and Prescott, Jones & Co., Inc.
750,000 La Plant-Choate Manufacturing Co., Inc., 37,500 shares
of $1 div. cum. conv. pref. stock (par $10).
Purpose, con¬
struction of additional plant facilities, &c. ($303,380); retire
serial notes ($107,000) ; working capital.
Price, $20 per share.
Offered by Schroder Rockefeller & Co., Inc.; F. S. Yantis
& Co., Inc.; Scott Mclntyre & Co.; Murdock, Dearth &
White, Inc.; Dempsey-Detmer & Co.; Barrett, Herrick &
Co., Inc.; Quail & Co., and Sutro & Co.
$3,750,000
6,500,000 (S. H.) Kress & Co. 250,000 shares of common stock (no par).
Price, $26 per share.
Offered by Lehman Brothers and
Goldman, Sachs & Co. and associates.
'iUr".
3,255,000 (G. C.) Murphy Co. 52,500 shares of common stock (no par);
Price, $62 per share.
Offered by Smith, Barney & Co..
Lazard Freres & Co.; Blyth & Co., Inc.; Merrill, Lynch
E. A. Pierce & Cassatt; Hayden, Stone & Co.; Kidder, Peabody & Co.; E. H. Rollins & Sons, Inc.; Shields & Co.;
Moore, Leonard & Lynch; Singer, Dean & Scribner; A. G.
Becker & Co., Inc.; Eastman, Dillon & Co.; L. F. Rothschild
& Co.; Stroud & Co., Inc., and Spencer Trask & Co.
r
$23,450,000 Federal Intermediate Credit Banks % % consol. debentures
dated March 1; due $11,850,000 6 months, $11,600,000 10
months
(taxable).
Purpose,
$15,325,000 refunding; $8,125,000 new capital.
Price, slightly above par.
Offered
by Charles R. Dunn, New York, fiscal agent.
258,750 Rieke Metal Products Corp. 23,000 shares of common
stock ($1 par).
Price, $11.25 per share.
Offered by WebberSimpson & Co. and Robinson, Miller & Co., Inc.
500,000 First Joint Stock Land Bank of New Orleans farm loan
bonds dated Sept. 1, 1940; due $100,000 Hs March 1, 1942,
EPITOME
TRADE—COMMERCIAL
OF
STATE
THE
Friday Night March 7, 1941.
latest
to
figures
Business
generally
news
liave
lines
many
showed
better
than
due to a decline in
seasonally
This
was
Car loadings of revenue
expected.
improvement of 78,177 cars, or
an
over
and
27.3%
ments, indicating further additions to
liamson, President of New York
system in 1940 had its best net
"Journal
practically
market
securities
financial results since 1930.
to
no
week and 95.5 for a year ago.
on the part of the
response
Apparently
this favorable news.
all
rose to
118.0, as compared with a revised
figure of 115.2 for the previous
was
F. E. Wil¬
of Commerce' weekly index figure
all-time high, reaching
There
backlogs.
Central, reported that the
Balkans,
rapidly moving events in the
for happenings of enormous import are expected
shortly.
The war in Europe is reaching such a
all
the
and
traders
that
now
fixed on
are
eyes
investors
have
crucial stage
extremely
become
cautious.
Production of electricity
creased
over
in the week ended March 1 in¬
the preceding period
for the second week in
and was 14%
above the 1940 week, the Edison
Electric Institute reports.
Power output in the latest period
succession
against 2,820,161,000 kwh. in the
ended Feb. 22, and 2,479,036,000 kwh. a year ago.
2,825,510,000 kwh.,
was
week
Steel companies are using every
excess
buying
to slow" up
mid-week
and
and
survey.
customer
some
specifications that tend
rolling processes, the "Iron Age" reported in its
cut down the size
the
to discourage
possible method to curb
Nearly all mills, it adds, are trying to
of orders and postpone shipments where
will not be inconvenienced.
other products they are
On bars, sheets
placing a minimum limit
Indicates issues
of three tons
in the
placed privately.
of
one
size and grade to avoid the lost time,
handling of small orders.
The magazine reports
February steel bookings 10% to 25%,
above those for January;
an
increasing amount of current
buying for defense work, and difficulty for steelmakers to.
make reliable estimates because indirect defense work is not
always easily determined.
Association
The
750,670
of
cars
of
American
ending last Saturday.
cars,
or
11.5%,
increase of
and
increase
an
cars, or
of
This was
reported
loaded
were
an
cars,
or
the.
increase of 78,177
19.2%, compared with
162,246
today
during
preceding
with the
compared
122,034
Railroads
freight
revenue
week
27.3%,
week;
an,
a year ago,
compared,
with 1939.
All classes of loadings showed
the 1938 week.
This is considerably above production and ship¬
January.
an
11.5%
The "Iron Age" reported
bookings in February were 10% to 25% above
over
steel
The
756,670
week, and 19.2% increase over a year ago,
the previous
that
$22,145,201
various
report showed a gain
freight during the week ended March 1 aggregatetd
cars.
The
week of 0.2%, which, while small, was
the previous
over
levels.
the Department of Com¬
The power production
commodities.
high
new
$3,000,000 gain in exports over December.
a
slumped $24,000,000,
Imports
hit
outstandingly favorable.
is
January foreign trade report of
merce
E. A. Pierce & Cassatt.
118,750 Western Auto Supply Co. 5,000 shares of common stock
(par $10).
Price, $23 h per share.
Offered by Allen & Co.
According
its upward trend.
Business activity continues
stock.
125,000 Western Auto Supply Co. 5,000 shares of common stock
(par $10).
Price, $25 per share.
Offered by Merrill Lynch,
*
$25,550,000
Co. 3,000 shares of capital
Offered by Putnam & Co.
1,200,000 Travelers Insurance
Price, $400 per share.
optional Sept. 1, 1941; $100,000 Is March 1, 1943, optional
March
1, 1942; $300,000 ltfs March 1, 1945, optional
March 1, 1942 (tax exempt).
Purpose, refunding.
Price,
100.
Offered by R. K. Webster & Co., Inc.
1,600,000 Fletcher Joint Stock Land Bank 1M% farm loan bonds
dated March 1; due March 1, 1946, optional March 1, 1943
(taxable).
Purpose, refunding.
Price, 100M.
Offered by
Lee Higginson Corp. and Alex. Brown & Sons.
-
505,750 Marshall Field & Co., Inc., 34,000 shares of common stock
(no
par).
Price,
14'A
per
share.
Offered by
Central
Republic Co.
FARM LOAN AND GOVERNMENT AGENCY ISSUES
,
NEW FINANCING
532,000 Borden Co. 28,000 shares of capital stock.
Price, $19 per
share.
Offered by Merrill Lynch, E. A. Pierce & Cassatt.
&
v
REPRESENTING
Natural Gas Corp. 40,000 shares of 6% pref.
$10).
Price, $6 per share.
Offered by Allen & Co.
),000 Arkansas
for
,
NOT
1497
Miscellaneous
scored
more
freight
notable
gains,
seasonally
than
increases
over
the previous,
included the Washington's Birthday
week, which
and
less
than
carlot
holiday.^
merchandise
boosting total loadings substantially
expected.
Total loadings were
the.
largest since early November and were the highest for any
like
week
since
1930.
truck output this,
It re¬
ported the slight decrease from last week's 126,550 as due
to "minor parts and material shortages."
Last year at this
time the week's assemblies numbered 103,560.
The trade magazine "Automotive Industries" today pre¬
dicted that car and truck production during the 1941 first
quarter would aggregate 1,540,000 units.
The high mark
for the first three months of any year is 1,546,319 vehicles
assembled in that period of 1929.
With virtually all major centers reporting improvement,
retail trade gained in the week ended Wednesday, 7% to
12% over the corresponding period of 1940, according to
the weekly review released today by Dun & Bradstreet, Inc.
Industrial activity continues at a record pace, with fur¬
ther additions reported to backlogs.
Statistical barometers
of activity recorded more advances than declines for the
Ward's Reports, Inc., estimated car and
week
at
125,915 units, in its weekly survey today.
latest week.
Two of the indices—bank clearings and freight
loadings—advanced sharply over the 1940 period.
Southern and Midwestern sections recorded the best
car
re¬
gains.
Credit selling expanded considerably.
Prices
increased moderately, accounting for a portion of the rise
tail
in
dollar
sales.
Spring
buying started earlier than usual
in several lines.
Wholesalers reported that orders
substantial
quantity.
The
continued to flow in in
in volume coippared,
increase
4
The Commercial & Financial Chronicle
1498
said to average better than 15%. Busi¬
showed an expan¬
with
a
ness
for immediate delivery in some lines
sion
of as much
year afro was
tures
locally in
reported
were
Dakota,
19
degrees below at Bismarck, North Dakota.
On March 2 the
Government reported severe frosts in peninsular Florida
work
Central
In
and
was
again inactive because of low temperatures, snow
was
Cost value of inventories of 1,688
$219,986,000,
or
1941,
January,
increased
is
reporting firms at the end of January
1940, cost value of $213,697,
$208,854,000 at the end of December
cS:'.-.:;
I:-.
A; A
consecutive month that inventories hav
6% above the January,
value of
1940.
18th
the
the corresponding months of the
over
January collections were 76%
accounts receivable in January,
previous year.
of .accounts receivable, against 75% o
1940, and 76% of accounts receivable In
December, 1940.
States seasonal farm
Northern
of 3% from
000 and 6% above the cost
the Northeast and rather
generally in northern Michigan, Minnesota, South
North Dakota, and eastern Montana; the lowest
districts.
in sales of January, 1940, and a de¬
the December, 194u, total of $218,966,000.
Department further reports: «
The
was
1941
8,
the $180,030,000
over
crease
50%.
as
Abnormally cold weather was reported in most sections
of the country east of the Rocky Mountains, and much
wanner than
normal to the westward.
Sub-zero tempera¬
March
The monthly report on
wholesale trade is prepared by the Bureau of the
Census in cooperation with
the National Association of Credit Men.
*
while spring work is becoming seriously delayed
in south Pacific coast sections because of persistent rain¬
wet soil,
or
of
Loadings
Heavy feeding of livestock was necessary in the North¬
Great Plains, due to the severe cold.
fall.
York City area the weather was generally cold
In the New
week.
Friday was
and clear during the
The
weather
on
overcast and
temperatures
moderate, ranging from 25 degrees to 36 degrees.
Snow is
forecast for tonight, turning into a heavy fall by Saturday
forenoon and clearing Saturday night.
The prediction for
Sunday
25 to
30; Portland, Me., 8 to 34; Chicago, 26 to 33; Cincin¬
nati, 31 to 36; Cleveland, 20 to 32; Detroit, 16 to 29; Mil¬
waukee, 25 to 29; Charleston, 50 to 62; Savannah, 51 to 63;
Kansas City, Mo„ 29 to 34; Oklahoma City, 32 to 33; Salt
Lake City, 30 to 49, and Seattle, 38 to 66.
1939.
Loading of
was an
increase of
included
which
week
further
revenue
Feb.
totaled 325,265 cars, an increase of 36,564
increase of 69,514 cars above the
above the preceding week, and an
corresponding week in 1940.
Loading of merchandise less than carload
increase of 20,085 cars above the
an
lot freight totaled 159,365 cars,
preceding week, and an increase of
9,815 cars above the corresponding week in 1940.
160,307 cars an increase of 9,470 cars above
preceding week, and an Increase of 29,807cars above the corresponding
Grain
6,825
and
cars
grain products loading totaled 34,058 cars,
Dec. 31,
Mon.
Feb. 28—.————175.5
Mar.
1
175.7
Mar.
3
175.8
Tues.
Mar.
4.
Wed.
Mar.
6....
176.4
—
6
176.3
Fri.,
7
177.4
Mar.
follows:
Two weeks ago,
Feb. 21
1940
High—Dec. 31
Low—Aug. 16
1941 High—Mar. 7
Low—-Feb. 17-..
totaled 20,599 cars, an
but
decrease of 427 cars
a
below the corresponding week in 1940.
Live stock loading amounted to
Month ago, Feb. 7
Year ago, Mar. 7_
increase of
In the Western Districts alone, grain and
grain products loading for the week of March 1
1)31=100
176.1
Thure. Mar.
as
was
an
above the preceding week, but a decrease of 1,265 cars below the
corresponding week in 1940.
increase of 4,655 cars above the preceding week,
The movement of the Index
Association
The
"
Miscellaneous freight loading
cars
holiday.
22
reported:
week in 1940.
rubber.
Sat.
27.3% above the same week in
freight for the week of March 1
78,177 cars or 11.5% above the preceding
increase of 162,246 cars or
Coal loading amounted to
Moody's Daily Commodity Index advanced from 175,5
a week ago to
177.4 this Friday. The principal individual
changes were the increases in the prices of cocoa, hogs and
Fri.
19.2% above the corresponding week in 1940 and an
or
cars
the
■
19.2%
Loading of revenue freight for the week ended March 1
totaled 756,670 cars, the Association of American Railroads
announced on March 6.
This was an increase of 122,034
♦
Moody's Commodity Index Advances
Gain
1
March
Lowest temperature
fair and colder weather.
is
tonight both for the city and suburbs is set at 25 degrees,
an average of 30 degrees on Saturday.
Overnight at Boston it was 19 to 36 degrees; Pittsburgh,
with
Freight During Week Ended
Revenue
west and much of the
173.3
the preceding week,
173.2
———159.7
171.8
149.3
177.4
171.6
in 1940.
but
a
10,506 cars, an increase of 844 cars above
decrease of 625 cars below the corresponding week
In the Western Districts alone, loading of live stock for the week
of March 1 totaled 7,572, cars an
increase of 785 cars above the preceding
week, but a decrease of 477 cars below the corresponding week
Forest
products loading totaled 40,743 cars, an increase
above the preceding week, and an Increase
in 1940.
of^4,052
cars
of 8,474 cars above the cor¬
responding week in 1940.
Commodity Price Indexes of 10 Countries Compiled
by General Motors and Cornell University
ft General Motors Corp. and Cornell University, which,
prior to the European war, had collaborated in the publiccation of a world commodity price index, have resumed issu¬
ance
of international price statistics, but on a different
basis than before the war.
Instead of a composite index of
world prices, these organizations now are publishing the
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country, in so far as possible.
Each
commodity is weighted uniformly for each country, according
to its relative importance in world production.
The actual
price data are collected weekly by General Motors Overseas
Operations from sources described as "the most responsible
agencies available in each country, usually a government
department."
The commodities involved include "a com¬
prehensive list of several groups, including grains, livestock
and livestock products, miscellaneous foods (coffee, cocoa,
tea, sugar, &c.), textiles, fuels, metals, and a list of other
miscellaneous materials (rubber, hides, lumber, newsprint,
linseed oil, &c.)."
Weights assigned in the index to the
different commodity groups are as follows:
Grains, 20;
livestock and livestock products, 19; vegetable fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; miscellaneous, 18.
The indexes, which are based on prices expressed in the
currency of each country, were reported Mar. 3 as follows:
(August, 1939=100)
■
Argen¬
Aus¬
Can¬
Eng¬
tina.
tralia
ada
land
Java
Mex¬
ico
,
New
Zeal'd
Swe¬
den
'
,
12,182 cars, an increase of 157 cars above the
week in 1940.
;
Coke loading amounted to 14,244 cars, an increase of 180 cars above the
preceding week, and an increase of 4,214 cars above the corresponding week
in 1940.
All districts
reported increases compared with the corresponding weeks
in 1940 and 1939.
1940
1941
4 weeks of January
2,824,188
February
1939
2,288,730
2,557,735
2,488,879
2,740,095
4 weeks of
2,282,866
.......
756,670
634,636
594,424
.........
6,320,953
5,681,250
5,166,020
Week of March 1....
Total
The first 18
March
1,
major railroads to report for the week ended
1941 loaded a total of 362,989 cars of revenue
freight on their own lines, compared with 322,282 cars in
the preceding week and 301,112 cars in the seven days
ended March 2, 1940.
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS
(Number of Cars)
Loaded
on
Own Lines
Weeks Endedr-
Received from Connections
Weeks Ended—
Mar. 1, Feb.22, Mar. 2, Mar. 1, Feb. 22, Mar. 2.
1941
1941
1940
1940
1941
1941
States
7,113
7,086
6,272
38,633
17,031
32,250
19,827
Baltlmore & Ohio RR
17,774
16,068
24,585
23,030
29,005
22,829
20,149
Chesapeake & Ohio Ry
9,919
9,445
8,653
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac.Ry.
"
Switz¬ United
erland
Ore loading amounted to
preceding week, and an increase of 2,100 cars above the corresponding
17,723
13,530
14,272
10,436
7,344
7,560
21,294
18,643
7,212
13,836
9,154
12,432
8,575
16,723
3,229
18,414
14,245
10,517
1,794
1,291
1,688
4,479
16,613
46,783
1,437
3,279
1,663
3,871
2,595
1,974
9,844
1,342
2,134
2,560
17,599
Atchison Topeka & Santa Fe Ry.
Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR
Mlssoujri-Kansas-Texas RR
1940—
Missouri Pacific RR.
May
120
118
120
143
116
113
112
131
132
112
June
118
118
120
144
116
113
114
131
136
109
July
118
118
120
145
115
112
114
132
140
109
August
September..
118
119
120
150
115
111
120
132
144
109
116
120
121
145
116
110
122
135
153
111
October
113
123
122
145
117
110
120
139
158
114
November..
113
125
124
146
118
111
118
142
164
118
December..
113
126
126
149
120
111
119
144
168
118
1941—
Weeks end.:
New York Central Lines
4..
rll4
128
126
150
121
110
119
144
169
11..
rll3
127
126
150
121
111
119
144
172
120
Jan.
18..
113
127
126
150
121
111
118
144
172
121
Jan.
25..
114
127
127
150
121
111
120
144
172
6,298
....
5,646
17,466
57,529
5,755
5,780
25,367
5,425
3,516
2,680
11,767
8,870
8,667
46,914
46,646
38,953
13,430
12,891
6,747
6,405
7,185
10,137
6,840
10,124
4,299
38,180
5,309
6,263
10,662
8,421
10,943
10,428
8,737
5,906
5,769
49,129
45,925
362,989 322,282 301,112 239,266 221,122 189,598
120
1__
7,609
26,888
5,414
29,092
Southern Pacific Lines
67,238
12,847
37,892
119
Jan.
5,852
8,159
Pittsburgh <fc Lake Erie RR
22,319
6,468
Pere Marquette Ry
Wabash Ry
3,628
13,198
41,971
4,907
23,002
74,835
Pennsylvania RR
Total
Jan.
5,786
N. Y. Chicago & St. Louis Ry...
Norfolk & Western Ry
3,501
116
126
126
*149
120
111
*120
144
173
S.¬
114
126
126
*150
121
113
119
145
170
120
Feb.
15..
115
126
rl27
*149
121
113
119
145
170
120
Feb.
22..
114
125
127
*149
121
114
119
146
*170
(Number of Cars)
120
Feb.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
119
Feb.
Weeks Ended—
Mar.
*
Preliminary,
r
Ago But 3% Below Last Month
of 2,732 wholesalers engaged in 36 trades
or
kinds of business throughout the United States in January
amounted to $211,550,000, the Department of Commerce
reported
on
Feb. 22.
1941
Mar.
2, 1940
Revised.
January Sales of Wholesale Trade Totaled $211,550,000,
Commerce Department Reports—18% Above Year
Total sales
1, 1941
Feb. 27.
This represented
an
increase of 18%
Total
...
23,160
22,845
33,742
13,788
30,608
15,115
77,031
Chicago Rock Island & Pacific Ry.
Illlnols Central System
St. Louis-San Francisco Ry
70,690
65,902
26,151
35,765
12,449
In the following we undertake to show also the loadings
for separate roads and systems for the week ended Feb. 22,
1941.
During this period 101 roads showed increases when
compared with the
same
week last
year.
Volume
The Commercial & Financial Chronicle
152
REVENUE FREIGHT LOADED
AND
RECEIVED
Freight Loaded
1941
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED FEB.
FROM
Freight Loaded
Railroads
from Connections
1939
1940
1940
1941
1940
1941
Eastern District-
22
Total Loads Received
Total Revenue
Total Loads Received
Total Revenue
Railroads
1499
Connections
from
1941
1939
Southern District—(Cond.)
Ann Arbor
463
552
488
1,459
1,255
Bangor <fe Aroostook
1,788
151
7,537
Chicago Indianapolis & Louisv.
1,327
1,934
6,397
1,291
193
Boston & Maine
1,784
6,413
1,272
12,054
2,378
10,533
2,163
....
Central Indiana
Nashville Chattanooga & St. L.
Norfolk Southern
3,238
2,949
1,167
2,399
2,480
884
1,032
Piedmont Northern
417
387
436
1,636
Richmond Fred. & Potomac
369
292
305
8,596
23,719
8,278
19,008
8,375
18,118
5,651
5,473
469
335
374
782
156
129
171
866
110,864
92,766
90,156
83,545
13,836
2,212
18,643
3,685
13,427
11,638
2,106
17,162
16,726
3,075
,8,575
3,148
3,489
3,363
9
21
20
57
55
Seaboard Air Line
Central Vermont
1,112
5,063
8,000
1,040
4,410
8,461
7,734
1,954
7,479
7,549
Southern System
Tennessee Central
Delaware Lackawanna & West.
Detroit & Mackinac
1,148
4,439
8,220
2,259
Delaware & Hudson
237
217
243
94
96
2,105
2,040
4,213
13,607
1,153
3,729
11,443
...
Detroit Toledo & Ironton
3,036
Detroit & Toledo Shore Line...
Erie
2,587
384
265
261
12,337
_
10,520
5,285
10,453
4,024
Grand Trunk Western
5,962
160
Montour
7,441
New York Central Lines
1,799
36,160
8,646
43,160
N. Y. N. H. & Hartford
4,285
10,136
1.036
New York Ontario & Western
957
Chicago & St. Louis
N. Y. Susquehanna & Western
4,907
441
369
7,551
5,839
5,496
5,852
Northwestern District—
7,654
1,292
6,539
Chicago & North Western
Chicago Great Westerp
Chicago Mllw. St. P. & Pacific-
3,001
Chicago St. P. Minn. & Omaha.
295
210
Duluth Mlssabe & I. R
880
688
577
28
25
Duluth South Shore & Atlantic.
505
465
441
356
45,457
14,338
2,104
12,891
1,613
37,995
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South-
7,325
6,404
5,997
8,669
318
301
377
131
Great Northern
7,539
8,095
8,017
2,578
534
507
547
667
203
250
166
67
6,898
5,057
Minneapolis & St. Louis
6,405
5,272
Minn. St. Paul & S. S. M
1,403
4,071
1,348
4,381
1,931
2,250
Northern Pacific
7,391
8,387
1,362
4,278
7,664
4,539
4,407
4,978
...
3,222
519
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.
Pittsburgh & West Virginia
Total
17,829
7,823
1,455
4,243
N. Y.
Southbound
1,308
1,456
7,385
2,682
3,760
1,647
32,597
8,225
2,639
1,804
Winston-Salem
9,812
2,241
156
1,301
8,331
3,463
5,005
2.035
....
138
1,244
Lehigh & Hudson River
Lehigh & New England.
Lehigh Valley
Maine Central...
Monongahela
9,155
1,770
11,460
1,656
10,257
1,407
536
434
422
392
348
271
221
920
1,072
768
1,979
1,482
537
523
483
944
5,414
4,974
4,650
Wheeling & Lake Erie
4,257
3,471
3,135
10,428
3,917
132,739
124,016
187,253
156,138
3,431
3,070
152,634
156
939
Wabash.
Green Bay & Western
Lake Superior & lshpemlng
10,517
•
2,037
508
Rutland
Total
27
36
8,593
77
84
104
251
1,668
1,548
1,103
1,633
70,290
68,301
64,523
47,650
17,031
2,861
16,491
2,360
16,812
7,086
2,332
2,669
504
486
332
112
13,530
2,331
9,691
13,056
13,092
7,344
2,516
9,132
1,717
9,099
851
9,658
2,906
2,327
2,463
2,918
689
732
742
1,589
2,450
2,385
2,394
2,791
568
618
625
8
Spokane International
Spokane Portland & Seattle...
Total
Central Western District—
Atch. Top. & Santa Fe System.
Alton..!
Alleghany District—
Akron Canton &
Baltimore &
532
382
979
831
32,250
3,063
27,293
24,180
2,502
1,557
17,774
1,637
15,279
1,418
Youngstown.
Ohio
Bessemer & Lake Erie
Buffalo Creek &
413
Bingham & Garfield
Burlington & Quincy..
& Illinois Midland
Rock Island & Pacific.
& Eastern Illinois
Chicago
Chicago
Chicago
Chicago
292
297
253
3
5
1,792
1,588
18
13
6,249
1,527
5,281
5,106
13,026
10,883
560
501
609
59
58
Denver & Rio Grande Western.
310
279
247
,24
21
Denver & Salt Lake
Gauley..
Cambria & Indiana
Central RR. of New Jersey
Cornwall
...
Cumberland & Pennsylvania.
.
i
156
158
148
40
38
552
430
474
1,212
67,238
14,605
19,545
3,565
1,036
872
55,122
12,903
14,679
3,254
50,603
2,759
1,548
45,925
19,841
2,528
1,538
37,519
16,182
3,487
2,368
7,691
6,878
Ligonler Valley
Long Island
Penn-Reading Seashore LinesPennsylvania System
Reading Co
Union
(Pittsburgh)
Western Maryland
10,986
9,377
3,025
Colorado & Southern
914
880
909
1,155
1,790
Fort Worth & Denver
1,769
1,649
1,475
393
City
Illinois Terminal
629
712
1,124
1,835
1,538
976
120
610
567
401
380
15
12
22
0
21,373
18,656
17,148
5,858
378
337
304
12,433
12,621
12,481
1,471
7,945
Missouri-Illinois
Nevada
Northern
North Western Pacific
Peoria & Pekln Union
Southern Pacific
(Pacific)
Toledo Peoria & Western
Total
151,921
109,407
125,675
95,559
114,811
Union Pacific System
367
311
444
8
1,209
1,111
1,065
1,788
94,113
88,167
86,131
55,619
Utah
Western Pacific
Pocahontas District—
8,003
16,317
9,445
5,769
3,986
1,771
1,182
40,439
16,985
13,448
Chesapeake & Ohio
23,030
22,104
20,136
Norfolk & Western
22,319
4,640
17,961
4,778
49,989
44,843
Virginian
Total..
4,263
Total.
Southwestern District—
130
125
145
249
Gulf Coast Lines
4,056
International-Great Northern.
1,674
2,913
1,397
3,035
1,557
1,548
2,354
Burlington-Rock Island
Southern District—
Alabama Tennessee & Northern
292
204
200
166
195
Atl. & W. P.—W. RR. of Ala-
812
630
680
707
496
504
1,777
1,134
1,436
Atlanta
Birmingham & Coast..
Atlantic
Georgia
7,036
4,930
3,746
3,496
3,047
Litchfield & Madison
339
356
193
395
1,729
1,235
Midland
567
380
597
1,248
1,099
3,011
2,488
Missouri & Arkansas
92
128
184
399
270
294
348
341
Mlssouri-Kansaa-Texas Lines.
3,628
3,612
407
Missouri Pacific
3,264
11,973
2,680
8,870
154
136
753
838
1,162
1,096
993
Quanah Acme & Pacific
99
91
67
150
26
30
95
110
St. Louis-San Francisco
753
655
1,847
1,534
7,027
2,490
7,278
3,159
6,170
'2,189
6,241
3,213
6,022
1,147
5,559
3,185
125
114
180
65
12
29
29
132
48,682
42,442
42,070
39,174
655
485
2,930
12,418
3,026
Texas <fe Pacific
9,935
Wichita Falls & Southern
18,703
7,035
5,232
Wetherford M. W. & N. W...
136
176
955
157
100
436
306
24,326
203
155
Labor
revised.
Statistics'
* Previous figures,
Index of
z
Wholesale Com¬
1
general tendency of wholesale commodity markets
upward during the week ended Mar. 1 although the
Bureau of Labor Statistics' index of nearly 900 price series
continued to fluctuate within a very narrow range, Com¬
missioner Lubin reported (on March 6).
"An advance of
0.1% brought the all-commodity index for the week to
80.5% of the 1926 level, about the same as last month at
this time," Mr. Lubin said.
Further details were announced by the Labor Bureau as
was
follows:
and worsted goods
during the week. Prices of leading imported commodities
hogs, and live poultry at Chicago, and for cured and fresh beef and pork,
also for
beans, potatoes and onions.
The following tables show
and the percentage
(1926=100)
Percentage Changes to
'
!
Mar.
Commodity Groups
Feb.
Feb.
15,
1,
Mar.
1941
22,
1941
1941
1941
Feb. 22,
1940
1941
80.5
80.4
80.5
80.6
78.4
70.4
70.2
70.5
71.7
73.1
73.2
73.3
73.7
1,
All commodities
1940
+2.7
68.8
+0.3
—1.8
70.5
—0.1
—0.8
+ 3.7
102.1 101.9 101.9 102.6 102.8
—0.5
—0.7
73.6
+0.2
+0.9
tension in
72.6
72.7
72.7
72.6
72.8
Metals and metal products.
98.0
97.9
97.9
97.8
95.5
99.5
99.3
The increases ranged from nearly
for metals and metal products
and fuel and lighting
1% for textile products to 0.1%
and chemicals and allied products.
Foods
because of further increases in prices for clothing and cotton
yard
about
goods and sharp advances in prices for woolen and worsted yarns and
Hides and skins
rose
Following the decline
result of higher
quotations for maple and oak flooring and certain types of southern pine
and gum lumber.
Lower prices were reported for Southern pine flooring
and timbers and for Western pine and
white oak.
during the week and prices were also higher for
Price movements in domestic commodity
and cotton 2.3%.
as a
Shellac advanced 25%
turpentine and millwork.
markets were varied.
Grains
Quotations were higher for cows and
and sweet potatoes, for flour, rice, lard,
oil, and for imported foods such as sugar, cocoa beans,
sheep, for eggs, apples, oranges
and tea.
The livestock and poultry subgroup declined 1.1% and
a decline of 1.7%.
Quotations were lower for steers,
with
0
—0.3
+ 0.1
+ 0.2
+ 2.6
+ 6.6
99.4
99.5
93.3
+ 0.2
0
78.6
78.5
78.7
78.8
77.4
+ 0.1
—0.3
+ 1.6
90.7
90.2
90.2
90.4
89.7
+ 0.6
76.7
76.7
76.7
76.8
76.9
0
+ 0.3
—0.1
+ 1.1
—0.3
72.4
Miscellaneous
Raw
commodities.
All
All
73.8
+ 2.1
81.2
81.3
79.8
+0.3
+ 0.7
—0.7
81.4
+0.9
+ 2.8
83.7
83.7
83.8
83.8
81.4
0
—0.1
+ 2.8
82.7
82.6
82.7
82.6
80.5
+0.1
+ 0.1
+2.7
84.7
84.5
84.6
84.5
83.2
+0.2
+ 0.2
+ 1.8
73.9
commidities.
commodities
farm
73.7
82.0
materials
other
products
commodities
....
other
74.4
than
than
farm products and foods..
TO
comparatively steady except for an advance of
nearly 2lA% in prices for pig tin and for quicksilver.
2 weeks, lumber prices advanced 0 3%
+ 3.7
—0.1
PERCENTAGE CHANGF8 IN SUB-GROUP INDEXES FROM FEB. 22
1}4% while prices of leather manufactures were firm.
The metal markets were
+ 1.5
Housefurnishing goods
Manufactured
Average wholesale prices of textile products rose to the highest level in
+2.3
Chemicals & allied prod'ts..
Semi-manufac'd articles
materials declined slightly.
goods, and for silk, burlap, hemp and sisal.
...
Building materials
indexes advanced during the
Mar. 2,
—0.1
Livestock and meat prices reacted from their marked ad¬
early February and fell sharply
Feb. 1,
+ 0.1
Foods
Textile
1941, from—
,
1941
...
Hides and leather products.
2,
75.2
10 major commodity group
1
Mar.
75.6
in late January and
meats followed
Feb.
75.6
advanced 3.5%
Mar. 2, 1940,
changes from a week ago, a month ago, and a year ago
(2) percentage changes in subgroup indexes from Feb. 22 to Mar. 1, 1941.
76.3
Seven of the
cottonseed
(1) index numbers for the principal groups of
products
Fuel and lighting materials.
continued to advance because of higher ocean freight rates and
of the past
1
3,944
only
Farm products
sharp increases in prices for grains, fats and oils and woolen
the Far East.
3,867
commodities for the past 3 weeks, for Feb. 1, 1941, and for
The
year
Total.
Gulf Mobile & Northern
modity Prices Advanced 0.1% During Week Ended
were
1,878
5,849
3,257
613
Nashville
ATote—Previous year's figures
Texas & New Orleans
274
*1,365
18,431
19,282
20,793
Mississippi Central
Southwestern
Louis
266
3,533
22,207
Macon Dublin & Savannah
St.
2,937
326
Illinois Ceucral System
March
12,124
36
Gulf Mobile & Ohio
of
13,217
218
160
.....
Louisville &
VaUey
1,079
Georgia & Florida
and
1,026
9,281
375
Gainsvllle Midland
pepper,
2,211
1,744
299
Florida East Coast...
a
973
1,786
1,381
8,957
3,532
Durham & Southern
over
174
1,729
437
Greenville
Columbus &
week.
203
1,927
4,387
11,311
Line
Clinchfield
vance
City Southern
Louisiana & Arkansas
Charleston & Western Carolina
There
202
2,406
2,181
Kansas Oklahoma & Gulf
Kansas
1,605
Coast
Central of Georgia
Bureau
839
MARCH
1,
1941
Increases
Grains
3.5
Other farm products
0.6
Oils and fats
2.6
Non-ferrous
0.4
2.5
Lumber......0.3
Clothing
0.3
Paint and paint materials.....
0.2
Woolen and worsted goods
■_
2.3
Bilk
Hides and skins
...
1.4
metals
Iron and steel...........
0.1
1.0
Plumbing and heating......
1.0
Other
0.1
0.1
Furnishings
Paper and pulp
0.1
0.1
Fruits and vegetables
0.9
0.8
0.7
Meats
1.7
Dairy products
0.3
Livestock and poultry
1.1
Other foods...
Furniture
Cereal
Cotton
1.1
...
._
products
goods
Other textile products
.....
building materials
—.......
Commodity
Price
1, According to
Major Geographic
Week Ended
Week Ended
Mar. 1,1941
Feb. 22,1941
Another decline occurred in the
general level of wholesale
commodity prices last week, according to the price index
compiled by the National Fertilizer Association, which eased
off to 100.4 in the week ended March 1 from 100.6 in the
This index was 99.8 a month ago and
based on the 1935-39 average as 100. The
Association's report under date of March 3 added:
preceding week.
a
Feb. 15, 1941
The food price average was
in the prices
somewhat lower, due principally to declines
than
11.7
10.8
17.4
16.5
8.6
8.8
7.0
17.5
14.8
13.3
12.3
10.7
10.7
7.5
5.5
10.9
12.7
13.2
11.0
14.0
14.9
13.5
11.9
10.6
Central Industrial
16.7
West Central
10.7
Southern States
Rocky Mountain-.
Pacific Coast
...
Total United States.
KILOWATT-HOURS)
OF
(THOUSANDS
WEEKS
RECENT
15.0
The farm product price Index sagged to the lowest
of meats.
Percent
for cattle, hogs, and hay
point recorded this year, with lower quotations
more
14.5
16.7
FOR
1941
10.5
13.3
DATA
Feb. 8,
14.0
New England
Middle Atlantic
year ago,
Week Ended
Week Ended
Regions
Association
1941
8,
PREVIOUS YEAR
PERCENTAGE INCREASE FROM
Lower in Week
National Fertilizer
Again
Average
March
Ended
99.0
March
The Commercial & Financial Chronicle
1500
Change
The
and live poultry.
offsetting increases in cotton, grains,
*
Tin prices were
1929
from
Declined in lumber
prices resulted in a downturn in the building material average.
A slight
decline was also registered by the index representing the prices of miscel¬
1932
1937
1941
1940
1941
Week Ended
1940
index dropped as a result of a decline in kerosene.
fuel
down, causing a recession in the metal group index.
4
11
2.834,512
Jan.
18
1940, with seven items included in the group advancing
Jan.
25
2,843,962
2,829,959
2,829,690
since
January,
rose to
fractional rise in
a
Although the all-commodity average declined during the week, increases
were
outnumbered declines 23 to 18; in the preceding week there
42 declines and 28 advances; In the second preceding week there were
Feb.
1
Feb.
8
Feb.
tfas
only one declining.
The only other change
the fertilizer material price index.
and
in price series
Jan.
15
Feb. 22
2,823,651
2,810,419
2,820,161
Mar
1
2,825,510
Mar.
8
+ 9.3
+ 10.6
+ 10.3
+ 11.3
+ 11.9
2,475,574
--
+ 13.5
2,455,285
2,479,036
2,463.999
1,619,265
+ 14.9
+ 14.0
1,542,000
1,602,482
2,244,030
2,264,125
2,256,795
2,214,656
2,201,057
2,199,860
2,211,818
2,207,285
2,199,976
+ 9.4
2,473,397
2,592,767
2,572,117
2,565,958
2,541.358
2,522,514
2,704,800
Jan.
the highest point reached
The textile index
laneous commodities.
1,733,810
1,736,729
1,598,201
1,717,315
1,728,203
1,726,161
1,588,967
1,588,853
1,578,817
1,718,304
1,699,250
1,706,719
1,702,670
1,545,459
1,512,158
1,519,679
1,538.452
2,212,897
20ldeclines and 30 advances.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by The National Fertilizer Association.
Latest
Per Cent
Bank Debits for Week Ended Feb. 26, 1941,
(1935-1939=100*)
Preced-
21.3% Above
Year
Month
Week
Group
Total Index
Foods
Ago
Ago
Feb. 22,
Feb. 1,
1941
Bears to the
Ino Week
Mar. 1.
Each Group
1941
1941
Mar. 2,
1940
91.9
92.4
92.6
91.2
Fats and oils
74.6
74.6
73.4
Cottonseed oil
25.3
(!*Vh
72.6
71.8
71.8
79.2
93.2
93.4
93.4
89.2
96.2
101.9
-
Farm products
23.0
76.7
Cotton
97.1
96.8
Grains----—.
83.4
82.5
84.1
Livestock
93.8
94.4
94.2
82.6
101.5
101.5
105.3
Fuels
17.3
101.3
Miscellaneous commodities..
.
95.1
110.9
111.1
110.0
113.1
8.2
Textiles
114.5
113.6
112.6
108.7
7.1
Metals
103.3
103.5
103.1
6.1
Building materials
116.4
117.7
112.8
104.4
1.3
Chemicals
104.0
104.0
103.9
100.0
10.8
and drugs
101.3
.3
Fertilizer materials
105.8
105.7
106.0
Fertilizers
102.1
102.1
104.0
Farm machinery
99.8
99.8
99.7
100.6
99.8
(In Millions of Dollars)
100.4
100.4
,
103.1
.3
Year Ago
FEDERAL RESERVE DISTRICTS
SUMMARY BY
106.1
.3
a
deposit accounts (except interbank accounts),
as reported by banks in leading cities for the week ended
Feb. 26, aggregated $8,785,000,000.
Total debits during
the 13 weeks ended Feb. 26, amounted to $124,891,000,000,
or 10% above the total reported for the corresponding period
a
year ago.
At banks in New York City there was an
increase of 7% compared with the corresponding period
year ago, and at the other reporting centers there was an
increase of 13%.
These figures are as reported on March 3,
1941, by the Board of Governors of the Federal Reserve
System:
-•
'
;■ • • - >':
Debits to
99.0
13 Weeks Ended
Week Ended
Federal Reserve District
Feb. 26,
Feb. 28,
1940
1941
*
Base period changed Jan. 4 from 1926-28 average to 1935-39 average as 100.
Indexes'on 1926-28 base were:
Mar. 1,1941, 78.2; Feb. 22, 78.4; Mar. 2,1940,77.1.
$477
$398
$7,224
$6,174
3,744
2,937
371
15,954
6,674
48,590
436
Cleveland
598
474
8,974
7,456
Richmond
327
264
4,847
Boston
New York
Philadelphia.
Board of Governors of
Department
February
Federal
Store
Sales
Reserve
System Report
Advanced Slightly in
Feb. 28,
1940
Feb. 26,
1941
All groups combined
100.0
-
6,078
4,061
Atlanta
284
245
4,043
3,557
Chicago
1,307
1,132
18,301
16,694
259
220
3,815
Minneapolis--
137
134
2,094
3,333
2,043
Kansas City
259
239
3,705
3,469
2,837
St. Louis
The Board of Governors of the Federal Reserve System
announced March 6 that department store sales showed a
slight rise in February and the Board's seasonally adjusted
index advanced to 102 as compared with 101 in December
and January.
The index is shown below for the last three
months and for February, 1940.
INDEX OF DEPARTMENT STORE SALES
Dallas
222
187
3,178
734
642
10,082
8,911
$8,785
$124,891
$113,204
3,444
$7,243
2,673
47,626
44,533
4,631
3,983
66,880
710
587
10,385
59,489
9,182
Total, 274 reporting centers
New York City *-_
140 Other leading centers *
133 Other centers
a
*
Feb., 1941 Jan., 1941 Dec., 1940 Feb., 1940
102
101
101
Centers for which bank debit figures are available back to 1919.
81
79
179
Bank
of
America
(California) Reports West Coast
Factory Employment and Wages at Record Levels—
January Business Activity Continued Upward
90
71
Without seasonal adjustment
Monthly indexes refer to daily average sales in calendar month; February, 1941
figures estimated from weekly data.
a
West Coast factories
were
12% larger
of
employ more men and pay more
now
than at any time in history, according to the Bank
wages
Sales in the four weeks ended March 1
-
San Francisco.
(1923-1925 Average=100)
Adjusted for seasonal variation
-
America
attained
presenting the following compilation:
Review,"
"Business
(California)
and in the first nine weeks of the year were 11% larger than
in the corresponding periods last year, the Board said in
released
tinued to gain
.
Change from Corresponding Period
a
Year Ago (Per Cent)
Federal
One Week Ended—
Reserve
Four Weeks Ended—
Year
Districts
to
Mar. 1 Feb. 22 Feb.15
+8
Boston
Feb. 8 Mar. 1
Feb.
Feb. 24.
through January, but at a slower pace than
during the final months of 1940.
The bank's seasonally
adjusted index rose three points to 126% of the 1935-39
average, an increase of 15% over a year ago.
The an¬
nouncement in the matter adds:
1 Dec. 28 .Vflr.30 Mar. 1
The index,
a
+■ 13
+ 57
+ 17
New York
+6
+5
4-22
+ 15
+21
+ 12
+8
+8
+6
Philadelphia.
—8
4-6
+ 39
+ 28
+ 15
+ 13
+ 12
+2
+ 12
+ 14
4* 6
+ 20
+20
+ 15
+ 11
+ 11
+8
+ 13
+ 15
—12
r+13
+ 10
+ 32
+ 17
+ 19
+ 17
+9
+ 17
4-14
+ 20
+ 17
+8
+ 15
+ 18
+ 10
+ 12
+9
r+8
+ 15
+ 21
+ 13
+ 11
+ 11
+ 14
+ 10
0
r+5
+ 26
+ 10
+ 15
Cleveland
Richmond
Atlanta
Chicago
.
St. Louis
r
+8
+8
0
of
wages,
+ 24
+ 13
+ 19
+ 12
*
*
*
*
+ 10
+9
+3
+4
+8
+5
—3
r+2
+ 12
+ 19
+9
+ 13
+5
+ 10
+ 12
+5
+ 24
+ 18
+ 10
+ 15
+7
+ 11
+ 12
Francisco.
—1
4-10
+5
+ 11
+5
+ 12
+7
+6
+ 10
Minneapolis
San
Total
r
Revised.
4-5
4-7
+ 20
+ 19
+ 12
+ 11
+ 10
+8
+
11'
* Not shown separately but included in United States total.
The Reserve Board's report on the dollar volume of sales
throughout the country for January appeared,in our issue of
March 1, page 1342.
♦
Western
weekly report
estimated that production of electricity by the electric light
and power industry of the United .States tor the week ended
March 1, 1941, was 2,825,510,000 kwh.
The current week's
output is 14.0% above the output of the corresponding week
of 1940, when the production totaled 2,479,036,000 kwh.
The output for the week ended Feb. 22, 1941, was estimated
to be 2,820,161,000 kwh., an increase of 14.9% over the
like week
a
year ago.
materials
of
rate
is certain
to make further gains as
firms
other
and
.150,095,000
translated
is
actual
into
on
the books
expenditures
for
of doing business.
expenses
produced lumber during January at the weekly
board
feet
133,608,000
wth
compared
as
feet
in
December.
Aircraft
industries
continue
Coast estimated at 85,000,
in
the
entire
country
to
just
two
with
increase,
nearly 40%
more
years
total
employment
Still greater
ago.
the
on
than engaged in this industry
expansion is
in
sight.
Shipyards
32,000 of
the West Coast employed about 45,000 workers in January,
on
them in
California.
Western
900,000,
than
for
taining
the
Retail
of
16%
the
and
valued
trade
Production
high
at
felt
a
Far
figures,
may
military, continued at
over
whole
ago
than double that of
was more
unusually
wsa
These
the review, are three
than doubled by 1942.
building of all varieties initiated in January, valued at $58,-
times greater than a year
Electric Output for Week Ended March 1, 1941, Totals
The Edison Electric Institute in its current
industrial
West Coast lumber mills
month
2,825,510,000 Kwh.
according to the review,
larger proportion of the millions of dollars of orders now
+ 11
+8
Kansas City—
Dallas
This upward trend, the review notes, has not yet
its peak.
Western and California business con¬
year
levels.
impetus,
ago.
This
a
a
Home building, other
ago.
active pace, the demand main¬
residence
construction
for
the
gain of 12% over December.
California
was
says
more
year
very
Private
$22,306,000,
the
a
be
merchants
the general
reporting
average
a
gain
of increase
for
West.
of
Electric
Energy in the United
January 1941
States
for December 1940 and
The
production of electric energy for public use during the
of January, 1941 totaled 13,299,863,000 kilowatthours according to reports filed with the Federal Power
Commission.
This represents an increase of 10.7% when
compared with the same month of the previous year. The
month
Volume
The Commercial & Financial Chronicle
152
daily production of electric energy for public use
429,028,000 kilowatt-hours during January, 1941 which
is 1% more than the average daily production during De¬
cember, 1940. The production of electric energy by electric
railways, electric railroads, and other plants which generate
average
was
principally for their own use totaled 308,434,000 kilowatthours, making a total production reported to the Commission
for the month of January of 13,608,297,000
kilowatt-hours
or an average daily production of 438,977,000 kilowatt-hours.
The production by water power in January, 1941 amounted
to 4,516,396,000 kilowatt-hours or 34% of the total output
foreign trade of the United States for January, with com¬
parisons by months back to 1936.
The report follows:
The export trade of the United States
were received during February, 1941, indicating
capacity of generating plants in service in the
United States on Jan. 31, 1941, totaled 41,698,443 kilo¬
watts.
This is a net increase of 122,592 kilowatts over that
previously reported in service on Dec. 31,1940. Occasionally
changes are made in plants which are not reported promptly
so that the figures shown for any one month do not neces¬
sarily mean that all the changes were made during that
month but only that they were reported to the Commission
since the previous monthly report was issued.
the average
in
in
change
from
trend
OF
ELECTRIC
ENERGY
during the second six months of 1940.
materials
shipments of certain defense
UNITED
Imports in January, valued at $229,000,000 as compared with $253,000,000 in December, remained much lower
a
The 10% decrease
than exports.
variety of commodities.
Increase in
Non-Agricultural Exports
Exports of non-agricultural commodities in January totaled $296,000,000.
gain of $6,000,000
a
$4,000,000
in value than
of aircraft increased $8,800,000 over
total.
record
a
of other
Exports
valued
at
commodities
agricultural
of
$97,000,000 reported in January,
the
Dec.,
Jan.,
Dec.,
Jan.,
1941
1940
1941
1940
777,425
East North Central._
South Atlantic
248,338
149,972
575,146
East South Central
532,672
West North Central
West South Central
__
41,231
_
_
Mountain
645,041
Pacific
1,131,873
3,300,550
3,176,747
791,470
1,691,344
830,532
and all other States
Washington, 20,770,000;
fornia,
Florida,
New
Montana,
Louisiana,
Idaho,
632,998
710,923
New
Mexico,
Wyoming), 5,178,000.
York,
metals continue to
of
year
Oklahoma,
Vermont,
of
Wisconsin,
Per Cent Change
from Previous Year
29, 1940
131,051,000,000
+ 13
erratically as has been the
Imports
trade.
1940
31,
Aug. 31,
Sept. 30,
Oct. 31,
Nov. 30,
1940
136,777,000,000
137,930,000,000
Decrease
month
of
1940 mainly
1940
reflects smaller imports of products from Europe
$7,338,000 in January, were about two-thirds as large in quantity and
large in value as in January, 1940.
as
diamonds,
cut
textile manufactures, and
Canned fish, wood pulp,
wines showed similarly marked
Although dropping lower than in January, 1940, total imports
declines.
January,
1941, were in excess of the average in 1940 and above the
January, July, and December.
INCLUDING
REEXPORTS,
AND
GENERAL
IMPORTS
OF
MERCHANDISE
COMPARATIVE
SUMMARY; M
+12
1940
Dec. 31, 1940
31, 1941
Note—Since the
Exports and Imports—Thousands of Dollars
+ n
6 Months Ended December
+ 11
Jan.,
Dec.,
Jan.,
1940
+ ii
1940
1941
by
eliminated.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR
PUBLIC USE
MONTHS AND
1941
1940
Month
128,090
BY
Water Power
Exports,
1939 to
1940 to
1940
1941
1940
February
March........
April
May.........
June
July
August
September
......
November
December
13,300,000,000
+ 15
+ 11
26
34
or
537,542
625,481
Including Reexports—Thousands of Dollars
1937
1936
Period
January
+ 15
29
+9
35
41
April
+ 12
40
May..
+9
...
March
+ 12
February-
... .......
37
35
July
32
August
+7
33
September
+ 10
28
October...
+9
32
November
+ 11
33
December
+ 11
33
...
June
+ 13
+ 10
142,247,000,000
Total
96,719
1938
1939
1940
1941
Kilowatt-Hrs.
12,009,000,000
10,889,000,000
11,295,000,000
11.002,000,000
11,423,000,000
11,311,000,000
11,855,000,000
12,209,000,000
11,743,000,000
12,817,000,000
12,521,000,000
13,173,000,000
69,235
BY CUMULATIVE PERIODS
1941
Month
Kilowatt-Hrs.
January
(+)
Dec. (—)
% Produced by
Change
1940
370,082 322,317 325,355 1,761,165 1,956,808 + 195,643
241,992 253,082 228,636 1,223,623 1,331,327 + 107,704
Exports, incl. reexports
General Imports
Export balance
Per Cent
Inc.
1939
12-month periods, all seasons
each total and the effect of seasonal variations is largely
above data show production
of the year are included In
October
Raw wool
For example, raw silk imports of 2,940,000 pounds, valued
+ 12
139,876,000,000
140,934,000,000
142,247,000,000
143,538,000,000
January,
Imports
from Year Ago
+ 12
138,729,000,000
in
The decrease in the January import trade as compared with the opening
EXPORTS,
+ 13
1940
during the past
total for each month of 1940 except
+ 13
1940
case
commodities
1923, while those of coffee at 265,333,000 pounds were in record quantity.
+ 12
July
of these
considerable decline in January
+ 12
June 30,
131,989,000,000
133,208,000,000
134,453,000,000
135,404,000,000
-
V'
Imports—72,617,000 pounds-—were the largest for any month since April,
in
+ 13
Mar. 31, 1940
May 31, 1940
,
wool, increased considerably in January over December.
one-half
Apr. 30, 1940
>
Imports of a number of commodities, including coffee, sugar, cattle and
raw
at
PRODUCTION OF ELECTRIC ENERGY FOR PUBLIC USE
Production
60,000 bales (500-lb )
Imports Erratic
whisky, undressed fur skins, newsprint, and manufactures of flax also
showed
and Japan.
Kilowatt-hours
In comparison with over a
although larger than a year ago, were smaller than in December.
Missouri,
United States, 49,214,000.
12 Months Ended
move
expanding
Oregon, 23,266,000;
Mississippi,
In
Monthly imports of such items as crude rubber, tin and other strategic
(Arizona, Arkansas, Cali¬
Minnesota,
$4,000,000
total much below
valued at $3,120,000.
1,338,228
following output in kilowatt-hours included in the above table was
produced by the use of wood for fuel during January:
1940.
a
827,071
810,775
531,607
533,078
295,464
773,008 2,498,661 2,527,542 3,276,086
246,947 2,942,560 2,929,800 3,190,898
588,502
758,213
608,241
202,968
572,172 1,062,905 1,119,172 1,638,051
762,282
229,610
201,192
629,340
642,448
601,217
695,947
37,051
807,008
158,883
161,967
552,040
130,822 1,287,219
155,346
1,207,406
United States total¬ 4,379,395 4,516,396 8,793,585 8,783,467 13172,980 13299,863
The
nearly
decreased
in January totaled only
cotton
Movement of
277,697
December.
1,000,000 bales of cotton valued at nearly $60,000,000 a year before, exports
Jan.,
1941
Dec.,
1940
England
metal-working machinery at
Agricultural Exports Decline
of unmanufactured
Middle Atlantic
and
$25,400,000, declined slightly as compared with
Exports
Total
with
associated
large, although heavy iron and steel,
$40,000,000
approximately
value of $40,900,000.
a
leading commodities
the conduct of war continued relatively
They were
In January, exports
a year ago.
December to
January from the December value of $22,000,000,
By Fuels
ly Water Power
the corresponding total in December, and of
over
the average in the second six months of 1940.
over
about $32,000,000 larger
STATES
Division
Jan.
The continued increase
than counterbalanced a
more
further decline in agricultural exports.
IN THE
PUBLIC USE
FOR
(In Thousands of Kilowatt-hours)
Feb.
which
that
the
PRODUCTION
New
slightly higher in
was
prevailed during 1940.
The
total value of exports reached $325,000,000 in January, a gain of $3,000,000
over the value in December, 1940, but a slight decline in comparison with
mental
Reports
that
in January
but the commodity data revealed no funda¬
value than In December, 1940,
reflected smaller entries of
for public use.
1501
v
—
222,665
233,125
256,566
268,945
289,922
265,341
268,184
277,031
296,579
332,710
314,697
323,403
198,564
182,024
195,113
192,795
200,772
185,693
180,390
178,975
220,539
264,949
226,364
229,800
6 mos. ended Dec...
289,071
261,935
275,308
274,472
257,276
232,726
227,535
230,790
246,335
277,668
252,381
268,943
212,911
218,716
267,781
230,974
249,466
236,164
229,631
250,102
288,956
331,978
292,453
368,046
370,082
347,106
350,784
322,938
323,749
350,300
316,669
350,933
325,355
295,451
343,840
327,597
322,317
1,301,017 1,812,604 1,503,652 1,761,165 1,956,808
3,349,167 3,094,440 3,177,176 4,021,767
12 mos. ended Dec... 2,455,978
|h Note—Above data solicited from all plants engaged in generating electric energy
for public use, and, in addition, from electric railways, electricified steam railroads,
and certain miscellaneous plants which generate energy for their own use.
Accurate
data are received each month, representing approximately 98% of the total pro¬
of the production Is estimated and corerctions
actual figures are available.
Thus, the figures shown for
preliminary while those for the preceding months are cor¬
accordance with actual reports received and vary slightly from the pre¬
duction shown; the remaining 2%
are
made as rapidly
the current
rected in
month
The total stock of coal on hand at electric
was
1939
170.689
178,246
September
215,701
277,709
307,474
286,837
284,735
286,224
265,214
245,668
233,142
224,299
162,951
173,372
August..
192,774
198,701
202,779
191,697
191,077
195,056
193,073
158,072
190,481
186,300
202,493
178,866
168,910
175,623
181,536
215,289
235,458
246,807
12,371,431 tons.
utility power plants on Feb. 1,
This was a decrease of 1.4% as compared with
1941 and an increase of 21.7% as
May
June
July
November
212,692
196,400
December.
245,161
October.
6 mos. ended Dec...
223,090
208,833
1,258,082 1,400,246
159,827
148,248
145,869
140,809
165,516
167,592
178,024
176,187
171,347
1940
241,992
200,068
1941
228,636
216,755
212,352
211,470
211,425
232,393
220,523
194,854
206,920
223,557
253,082
999,473 1,223,623 1,331,327
12 mos. ended Dec— 2,422,592 3,083,668 1,960,428 2,318,081 2,625,390
EXPORTS
OF
UNITED
STATES
MERCHANDISE
AND
IMPORTS
FOR
CONSUMPTION
COMPARATIVE SUMMARY
bituminous coal on hand Feb. 1, 1941 to last
days' and enough anthracite for 185 days' requirements.
sumption, there was enough
72
1938
240.444
April
compared with Feb. 1, 1940.
Of the total stock, 11,118,680 tons were bituminous coal and 1,252,751 tons
were anthracite.
Bituminous coal stock decreased 1.9% while anthracite
stock increased 3% when compared with Jan. 1, 1941.
Electric utility power plants consumed approximately 4,991,066 tons of
coal in January, 1941, of this amount 4,781,545 tons were bituminous coal
and 209,521 tons were anthracite.
This represents an increase of
the consumption of bituminous coal and a decrease of 1.8% in the consump¬
tion of anthracite when compared with the preceding month.
In terms of days' supply, which is calculated at the current; rate of con¬
1,
1937
1936
187.482
January
February
March.
Coal Slock and Consumption
1941
Month or Period
Imports—Thousands of Dollars
as
are
liminary data.
Jan.
General
Exports and
Imports—Thousands of Dollars
6 Months Ended December
Jan.,
Country's Foreign Trade in January—Imports
and
1940
the Department of Commerce
March 5 issued its statement on the
The Bureau of Statistics of
Washington
on
Jan.,
Inc.
1941
1939
Exports
at
Dec.,
1940
Exports of U. S. mdse
Imports for
1940
Dec.
(+)
(—)
360,584 315,323 317,953 1,725,689 1,915,988 + 190,299
+ 92,629
consumption.. 234,641 238,257 223,595 1,204,427 1,297,056
March
The Commercial & Financial Chronicle
1502
BY
MONTHS AND
BY
CUMULATIVE PERIODS
States Merchandise—Thousands of O
Exports United
Crude
,Iars
March
April..
May
—...
285,772
259,100
270,429
271,508
253.713
219,063
195,089
179,381
192,405
189,574
January---.-—.—
February.. —
229,671
252,443
204,027
197,020
285,081
181,386
210,191
203,995
227,024
240,119
250,481
229,554
177,000
264,613
Auguat-.----------
175,825
217,925
202,173
273,501
224,860
228,312
243,595
220,740
247,412
June..————
September
293,374
284,392
323,077
329,373
274,059
November-........
223,920
311,212
249.844
220,000
319,431
206,358
357,307
—
* *
Jan.,
-2?®
ro
Vegetables, fresh and dried
Apples, fresh
35
9,329
53
578
9,456
759
693
5,162
3,187
3,360
7,800
5,637
307
Manufactured
712
639
386
889
•».
109
1,120
474
AH other crude foodstuffs
213
514
Oranges
Other fresh fruit
470
374
Dec.,
1940
Jan.,
1941
April
-
186,377
189,590
194,290
199,776
May..
-
189,008
January..—--------
February—
March
July
295,705
280,899
278,118
278,300
262,919
200,783
September
260,047
194,311
197,458
August
218,425
213,419
200,304
240,230
June
October.
November—
December-...
...
6 mos. ended Dec...
103,312
155,923
173,190
155,118
147,123
147,779
147,767
228,080
1940
6,507
1,210
7,060
8,973
.4,059
12,909
10,338
1,657
1,247
1,012
1,054
1,452
1,496
1,188
470
401
1,605
478
203,114
2,630
1,982
170,430
180,225
199,404
207,131
214,502
232,736
190,274
212,913
217,302
238,257
178,447
Semi-Manufactures—Value in
6 Mos. Ended Dec.
■
,'7''
GOLD AND
OF
Naval stores, gums and resins.a
7,394
6,048
759
619
240
518
9,031
2,668
4,621
1,811
14,587
17,567
14,478
1,679
853
2,460
1,840
Steel ingots, billets, bars, rods, &c_.
Dec.,
Jan.,
1940
1940
1941
5,814
Tin plate and
7,411
taggers' tin
Dec.
(—)
4
3
73
66
—16
236,413 137,178 234,246 1,553,582 1,998,930 + 445,349
JJ*
All other semi-manufactures
Finished
452
123
319
6,015
612
4,690
4,576
29,780
28,408
16,110
15,585
110,531
5,949
25,217
22,033
14,612
16,554
47,102
12,858
8,455
1,087
2,379
3,913
4,292
4,091
2,184
2,661
8,166
4,913
5,106
23,452
13,462
27,340
1,114
1,202
11,580
15,169
7,332
68,937
78,721
1,066
377
Manufactures—Value in
624
...
Import balance.
4,567
23,765
4,256
Jan.,
Commodity
MONTHS AND
3,539
1,445
1,882
1,215
5,579
3,688
1,556
1,146
4,945
3,167
1,344
1,824
1,215
5,635
3,805
1,782
919
1,281
942
5,058
4,029
6,321
5,051
5,049
6,029
17,270
50,731
54,029
6,113
39,449
27,927
55,980
12,385
149,017
Cotton manufactures
Gold
Wood manufactures,
Silver
advanced
Paper and manufactures
Period
1939
1938
January--
1940
81
5,067
174
15
1938
1941
22
1939
355
4
53
1940
1,671
233
452
Gasoline
;
1941
319
10,006
1,035
9,599
Lubricating oil—
Glass and glass products
Steel-mill manufactures
2,054
298
20
53
18
191
1,923
657
April
May
145
231
33
250
2,054
594
212
30
3,563
317
611
177
Radio apparatus..
June
131
19
1,249
254
303
884
Industrial machinery
28,897
65
9
8
193
640
15
February.-March.....
July
August
September-
17
13
10
401
937
15
13
1,463
1,292
17
1,259
1,773
1940
November..
14
10
6
823
487
16
11
3
1,344
887
9,508
9,786
1,795
2,153
46,893
2,531
4,262
29,569
1,726
123
Metal-working machinery
Office appliances
Agricultural machinery & implements.
Motor trucks and buses (new)
4,255
14,513
1,984
3,389
6,159
28,772
17,568
6,881
1,442
1,638
24,302
13,555
19,913
11,231
1,794
42,931
2,801
4,037
25,440
Mining well & pumping machinery.
68
December.
9,268
7,580
30,398
1,582
12,014
4,925
Construction & conveying mach'y..
87
20,931
4,840
1,532
14,120
6,957
Electrical machinery and apparatus..
139
15
+:
5,871
5,421
Iron and steel advanced manufactures-
180
ii
16
:t
October
1939
3,741
Rayon manufactures..
or
1941
3,233
Cotton cloth, duck and tire fabric..
Month
Jan.,
1940
Automobile casings.
of Dollars
E
?
Dec.,
Tobacco manufactures
CUMULATIVE PERIODS
BY
6,302
27,797
Rubber manufactures
BY
4,470
36,246
23,824
6 Mos. Ended Dec.
—1,372
5,347
_ _
53,500
1,545
1,000 Dollars
1940
Imports-..--......
23,222
1,047
—5,404
5,799
212,421
903
99,776
29,548
1,368
12,640
Pigments
236,391 137,170 234,242 1,553,509 1,998,874
Import balance
Silver—
Exports
4,747
26,440
4,206
Industrial chemicals
22
.
17,460
.
15,669
1,166
2,895
Copper (ingots, plates, rods)
Brass and bronze semi-manufactures..
Coal-tar products
Gold——
2,176
1,585
2,560
27,778
1,643
2,475
Ferro-alloys, ores and metals
Aluminum semi-manufactures
Inc. (+)
1940
1939
30,699
1,294
16,820
7,624
1,828
6,313
Plates, sheets and skelp
Jan.,
1940
921
3,038
24,835
3,567
Iron and steel semi-manufactures
6 Months Ended December
1939
1,591
2,006
Wood pulp
SUMMARY
1941
449
•
Sawed timber
SILVER
Jan.,
1940
1,167
1,422
Leather
.
Dec.,
1940
Iron and steel scrap.b
*
840
1,000 Dollars
Jan.,
Commodity
Exports and Imports—Thousands of Dollars
.
615
214,413
Gas and fuel oil
Exports.
Imports,
4,708
10,328
97
185,910
579
194,185
178,373
171,668
165,359
COMPARATIVE
17,975
147
1,911
Boards, planks, &c
IMPORTS
8.639
1,942
1,392
1,270,618 1,388,103 1,007,174 1,204,427 1,297,056
AND
1,011
Canned fruits
Sugar and related products
All other manufactured foodstuffs
12 mos. ended Dec.— 2,423,977 3,009,852 1,949,024 2,276,099 2,540,668
EXPORTS
2,696
2,268
206,552
203,893
205,250
217,897
4,546
3,776
13,876
15,837
191,269
172,909
■
704
1,805
Vegetables, canned and prepared
Dried and evaporated fruits
234,641
190,160
4,865
broken
169,353
152,577
223,595
1940
12,445
884
1,184
and screenings
1941
171,023
248,730
233,959
226,470
212,382
203,644
2,792
8,905
3,940
722
567
Wheat flour
1939
1938
921
3,788
4,696
1,180
1,870
Dairy products (except fresh milk)...
Fish, canned, prepared, &c
Milled rice, including brown,
1937
1936
Period
4,654
15,719
5,119
Lard, Including neutral lard
or
1939
958
Meat products
Imports for Consumption—Thousands of Dollars
Month
3,990
12,286
6 Mos. Ended Dec.
Jan.,
Commodity
1,283,515 1,791,503 1,487,034 1,725,689 1,915,988
2,418.909 3,298,929 3,057,109 3,123,34313,934,802
ended Dec..
6 mos
1940
Foodstuffs—Value in 1,000 Dollars
1940
12 mos. ended Dec..
1939
1941
234
3,514
1,104
Wheat
330,153
321,101
315,323
280,701
December-.-------.
October—.
r~t
455
Corn
344,286
311,992
342,885
288,475
233,405
July-——--—---■
317,953
Q
1940
1941
300,584
338,907
343,072
315.449
310.450
210,200
1941
6 Mos. Ended Dec.
Jan.,
Commodity
1940
1939
1938
1937
1936
Month or Period
8,
Foodstuffs—Value in 1,000 Dollars
6,856
12,960
.
28,226
61,788
14,100
7,541
5,984
33,788
30,582
34,216
8,300
83,782
38,012
58,676
10,986
244,428
15,505
23,623
146,548
8,926
33,498
6
mos.
Dec...--
139
73
56
5,482
6,015
29,780
29.473
40,469
5,133
6,270
6,941
22,035
32,152
Automobile parts for replacement
612
8,202
4,875
Automobile parts for assembly
end
33,591
6,211
7,812
5,085
8,535
5,340
4,962
Passengers cars (new)
.
3,608
3,262
4,116
22,390
19,641
17,574
18,085
27,486
41,480
101,004
32,169
(landplanes and seaplanes,
powered and without engines)
Airplanes
12 mos. end
Dec..__.
508
5,889
4,995
7,082
14,030
3,674
Engines for aircraft
Gold
January...
1939
'
1940
1941
1938
8,345
1,372
6,181
1,993
15,866
2,562
1,746
1,470
7,329
36,361
2,933
12,509
810
3,136
6,731
1,952
174,184
14,543
11,559
8,103
1939
475
...
Scientific and professional instruments
Silver
FirearmB a .d ammunition, &c__
Period
1938
5,710
1,685
2,208
Explosives, fuses, &c
or
6,760
3,314
—-
Merchant vessels
Medicinals and pharmaceuticals
Imports—Thousands of Dollars
Month
21,637
1940
1941
156,427
223,296
365,430
28,708
10,328
5,799
201,475
15,488
9,927
4,070
459,845
14,440
606,027
249,885
15,757
7,207
7,143
5,170
May
52,987
429,440
17,952
19,186
14,770
5,531
5,378
4,365
4,107
4,639
4,656
25,072
7,268
24,987
21,533
4,183
4,857
4,721
Undressed furs
3,795
4,690
38,860
208,200
360.584 315,323 317.953 1,725.689 1,915,988
4,673
18,326
4,985
24,098
1,516
6,839
32,467
4,589
55,438
438,695
240,450 1104,224
278,645 519,983
259,934 351,563
326,089 334,113
69,740 325,981
6,152
June
830
32,404
Total domestic exports
7,155
8,211
52,947
71,236
1,241
__
AI1 other finished manufactures
Crude rubber..
_
February.—
March
April..
03,880
July
August—...
165,990
September..
520,907
502,382
177,782
240,542
October....
NovemberDecember-.
6
mos.
236,413
107,991
234,240
330,113
137,178
451,183
4,576
IMPORTS
Crude
Materials—Value in
Jan.,
Hides and skins
._
Flaxseed
119,000
29,780
28,408
1979,458 3574,659 4749,467
230,531
85,307
58,434
Tobacco, unmanufactured
Cotton, unmanufactured
DOMESTIC EXPORTS
FROM
4,731
5,965
27,727
4,039
1,149
3,186
4,972
8,401
37,910
2,035
1939
1940
4,855
23,354
5,937
34,390
2,235
20,199
39,883
99,454
181,240
13,964
24,160
591
1,078
6,379
2,968
3,227
18,935
10,443
3,768
18,868
4,514
4,826
567
610
867
383
245
985
71
72
1,390
557
Wool, unmanufactured
10,913
Silk,
15,329
12,901
10,550
17,252
7,338
27,091
77,726
40,730
74,870
9,826
18,723
8,065
raw
—
Other textile
fibers _c
2,535
1,447
Crude petroleum
Diamonds, rough, uncut..
Diamonds for industrial
_____
278
203
use
1,111
1,479
1,887
9,724
3,557
1,030
1,382
2,524
12,217
174
4,710
591
3,571
7,369
5,242
3,090
21,014
16,883
12,949
10,864
76,648
Manganese, chrome and other ferroAND
IMPORTS
INTO
UNITED
STATES-
ANALYSIS BY LEADING COMMODITIES IN EACH ECONOMIC GROUP
alloying
ores___
All other crude materials.
Crude
DOMESTIC EXPORTS
;
1941
974
__
Flax and hemp, unmanufactured
figures given out
by the Department of Commerce showing the value of each
of the chief items of the export and
import trade, arranged
according to economic groups:
Jan.,
1940
282
Jute and Jute butts
We present here an arrangement of the
Dee.,
1940
Oilseeds
1731,483 1553,582 1998,930
1,000 Dollars
6 Mos. Ended Dec.
Commodity
12 mos. end.
Dec
CONSUMPTION
5,724
end.
Dec
FOR
Crude Materials—Value
in
_____
2,296
15,271
Foodstuffs—Value in
85,109
1,000 Dollars
1,000 Dollars
6 Mos. Ended Dec.
Commodity
Jan.,
Dec.,
Jan.,
1940
1940
1941
1939
§ Mos. Ended Dec.
7
"
Commodity
Jan.,
Cotton, unmanufactured
—
Crude petroleum...
All other crude materials.
1940
1941
59,884
6,075
3,602
Tobacco, unmanufactured—
—
Jan.,
1940
Coal
Dec.,
;
...
5,968
6.827
6,417
4,103
3,815
2,740
3,378
Cattle, except for breeding...
3,120
3,333
3,505
2,268
3,866
174,500
37,767
43,138
47,592
30,488
1940
1940
41,300
16,811
874
2,090
8,519
7,735
and export.
615
316
445
2,929
2,654
Vegetables, fresh and dried..
1939
1,400
670
537
836
2,296
2,043
2,110
3,614
12,016
1,923
3,235
14,717
12,082
67,960
1,683
14,539
2,406
11,820
2,625
3,219
Wheat for
milling
Bananas
Cocoa
or
cacao
42,660
Tea..
19,150
All other crude
...
Coffee....
32,943
beans
foodstuffs,
__-
2,110
4,345
15,978
1,688
4,096
10,569
21,386
18,883
56,699
10,797
23,000
Volume
Foodstuffs—Value In
Manufactured
1,000 Dollars
1503
Chronicle
The Commercial & Financial
152
tively, while new orders were maintained at the record level
January, according to preliminary indexes for that month
compiled by the Division of Industrial Economics of the
Conference Board, issued March 1.
An outstanding feature
in the advance in shipments and inventories says the board
was a greater percentage rise in non-durable goods industries
than in the durable goods industries.
The Conference Board
indexes, however, do not include such non-durable groups as
food products, tobacco, liquors and petroleum products,
which are allied primarily with the agricultural or extractive
industries.
The greater increase in the board's non-durable
good indexes was due largely to advances, or a seasonally
adjusted basis, in shipments and inventories of the clothing
and textile industries.
The board's analysis follows:
in
6 Mos. Ended Dec.
Jan.,
Meat products
Dec.,
Jan.,
1940
Commodity
1940
1941
Cheese
12,150
7,398
7,316
11,486
4,404
19,619
2,210
787
380
329
3,501
1,143
1,125
_
Fish & shellfish (canned, prepared,&c.)
222
221
Cane sugar—From Philippine Islands.
From foreign countries
2,002
2.029
4,259
5,372
2,403
6,105
Whisky and other spirits..
2,842
5,586
2,222
475
Vegetable oils, edible
1940
1939
1,447
1,394
1,978
_
2,260
20,459
27,815
52,714
28,653
729
745
301
5,533
4,543
22,368
3,310
32,393
5,260
5,619
31,374
Wines
All other manufactured foodstuffs
6,986
Semi-Manufactures—Value
in
1,000 Dollars
6 Mos. Ended Dec.
j
.
:
Jan.,
>
Dec.,
Jan.,
1940
Commodity
1940
1941
507
460
4,424
2,549
5,876
3,076
2,109
20,326
20,258
629
739
878
3,564
3,546
1,362
10,125
1,230
2,175
2,160
4,244
4,316
10,498
43,570
2,766
2,178
5,114
2,764
5,992
2,804
1,688
14,575
13,628
26,245
14,484
7,364
4,503
5,326
21,183
36,754
Expressed oils, Inedible-d
Wool semi-manufactures
Sawed
1940
1939
703
Leather
and
sidings
boards,
lumber
(except railroad ties)
Wood pulp
Gas oil and fuel oil.g
--
Diamonds, cut but not set
Copper.e.
...
Industrial chemicals.d..
began the year with a substantial gain, rising from 127 in December to
129.8 in January, or 2.2%.
the end of January,
This index now stands 13.8% higher than at
1940, and 27.9% higher than at the end of September,
Inventories are now slightly
1939, when inventory accumulation began.
higher than they were at their 1937 peak, but the ratio of inventory
ings to the volume of shipments is the lowest that it has been at any
hold¬
time
since 1929.
3,418
3,270
14,626
20,356
15,388
12,914
40,920
76,195
Among the durable goods industries, inventories advanced—on a season¬
485
846
8,199
4,399
ally adjusted basis—among producers of electrical equipment, machinery
1,687
1,118
6,847
3,109
1,377
1,654
7,732
13,389
1 8,506
8,841
8,214
52,244
.
Fertilizers and materials.d
.
A1J other semi-manufactures
9,008
43,136
Dollars
1.000
Manufactures—Value in
products, housefurnishings and office equipment.
and machine tools, metal
Declines
ferrous
Finished
v.':V
1,409
.
_
■
2,541
....
pigs)
Coal-tar products _d
Inventories
adjusted index of inventories (1935-1939—100)
board's seasonally
8,286
1,182
Nickel and alloys
Tin (bars, blocks,
'■'
The
registered,
were
metals,
durable goods field,
;
Jan.,
1941
Dec.,
1940
1940
1940
1939
The
of
436
264
139
3,562
2,315
1,684
793
508
451
1,963
1,452
1,392
Silk manufactures
626
417
413
Shingles..
509
125
787
Newsprint
1,173
12,715
2,542
23,260
9,527
9,497
3,185
19,080
4,327
13,617
10,558
10,302
3,857
3,907
Leather manufactures
Cotton manufactures
Cotton cloth
5,768
3,123
2,562
Flax, hemp and ramie manufactures..
2,037
2,020
1,048
Wool manufactures
Burlaps
----------
2,499
3,381
non¬
shoe
A.'
+.V' V;
'
6 Mos. Ended Dec.
Jan.,
Commodity
the
In
industries.
glass
and
advances were general except for the boot and
"..w'•+/;.
industry.
by the building, iron and steel, non-
however,
equipment
railroad
Shipments
value
manufacturers'
shipments,
reflected
as
by
the
board's
seasonally adjusted index, rose 5% during January to a point 33% higher
While the Increase from
than that of the corresponding month of 1940.
December to January was greater for the non-durable than for
the durable
shows
goods industries, a comparison with the level prevailing a year ago
16% for
that, over the year, durable goods shipments rose 47% against
non-durable goods.
The greatest
r
increases in shipments of non-durable goods were
8,814
9,602
8,483
62,968
66,206
Pottery...
550
494
417
3,653
Machinery
852
801
962
44,626
railroad equipment,
14,938
reported In
equipment, iron and steel, non-ferrous metals and machinery.
1,152
685
686
8,916
7,066
7,584
3,653
5,290
6,958
59,838
1,897
2,152
1,831
16,070
Works of art—
All other finished manufactures
Non-commercial imports.f
Total imports for
4,792
8,128
semi-manufacture,
b Includes tinplate
Includes sisal, manila, kapok, New Zealand fiber, crin vegetal,
Ac.
d Includes a few items not semi-manufactures,
e Chiefly unrefined copper
for refining and export,
f Chiefly merchandise returned,
g Partly oil used for
refueling vessels and for refining and export.
a
Includes
scrap
a
small item which is not a
and waste,
c
Department of Commerce's report of the character
of the country's foreign trade reduces the export and import
figures into five separate groups, ranging from crude mate¬
rials to finished manufactures, in each of which the agricul¬
The
non-agricultural totals
tural and
the
are
shown separately.
In
1940, 8.7% of domestic
six months ended December,
for consumption were agricul¬
products; 91.3% of domestic exports and 50.4% of
imports for consumption were non-agricultural products.
We present the tabulation below:
exports and 49.7% of imports
tural
DOMESTIC
EXPORTS
IMPORTS
FROM AND
ANALYSIS
BY ECONOMIC
INTO
UNITED STATES-
GROUPS
among
with more moderate advances in shipments of office
New Orders
received by manufacturers advanced
New orders
January,
a new
on a
Dec.,
already heavy, continued to rise.
were
The advance in new orders, however, was not as
as were
1940
1941
Class
Value
Value
general throughout all
the increases in inventories and shipments.
indexes of orders for machinery, non-ferrous
ings and products of the railroad equipment industry were
by declines in the indexes for the shoe, building
ment, paper, electrical equipment, and
Rises in the
metals, textiles, housefurnish¬
partially offset
equipment, office equip¬
metal industries.
.
of the value of
manufacturers' inventories, new orders and shipments for January, for the
preceding month, and for the corresponding month of 1940, together with
percentage changes.
These indexes, all based on the 1935-1939 monthly
The
following table gives the Conference Board's indexes
100, are adjusted for seasonal variation.
average as
INDEXES
INVENTORIES,
OF
SHIPMENTS
JANUARY,
AND
NEW
ORDERS
1941
Percentage Change from
Jan.,
1940
January,
result that backlogs,
Orders were 84% higher than in
1940, and continued to outstrip production with the
industries
established
from 219
The index (1935-1939—100) rose to 221
record high level.
in December, an advance of 1 %.
which
only slightly during
seasonally adjusted basis, but this slight increase
Six Months Ended December
Jan.,
and
the durable goods industries occurred in electrical equipment,
(Value In 1,000 Dollars)
Economic
The largest increases
considerably less than the usual seasonal amount.
234,641 238,257 223,595 1,204,427 1,297,056
consumption
clothing shipments was
the shoe and textile industries, and the decline in
Value
1940
1939
Value
Cent
Value
16,092
333,485
19.3
152,864
8.0
69,866
Agricultural
Non-agricultural
20,453
12,489
8,404
230,595
13.4
66,356
3.5
12,490
Mfd. foodstuffs and bev__
102,890
6.0
86,508
4.5
2.887
43,931
2.6
33,127
1.7
3,448
2,859
43,377
2.5
32,792
1.7
40
27
554
20,448
Non-agricultural
7,688
3,488
61
Agricultural
7,964
7,257
7,196
Crude foodstuffs
10,231
10,859
113,595
104,579
335
6.6
6.1
68,514
58,158
9,425
1,434
9,016
0.5
10,355
361,614
21.0
470,253
24.5
430
—
302
360
3,714
0.2
2,231
69,630
357,900
20.7
468,022
24.4
50.6
,191,229
62.2
873,063
4,642
0.3
6,322
0.3
173,558 213,091 217,040
848,421
50.3
,184,907
61.9
Total exports of
merchandise
U.
S.
360,584 315,323 317,953 1,725,689 100.0 1,915,988 100.0
8.7
22.4
165,860
386,907
97,234 25,872 22,135
91.3
77.6 1,750,128
263,349 289,451 295,819 1,338,782
Agricultural
Non-agricultural
Imports for Consumption
95,743 110,374
75,522 78,691
Crude materials..
97,633
411,346
34.2
546,794
42.2
75.130
25.1
390,635
30.1
9.0
156,158
12.0
20,220
24,798
Crude foodstuffs
31,682
21,503
302,793
108,553
25,922
30,291
140,458
11.7
135,990
10.4
23,673
Agricultural
N on-agricultural
+2.2
118.7
+ 1.9
+ 15.2
118.0
108.9
+2.5
+ 11.0
161
127
+5
+33
182
+ 13.8
129
+4
+47
145
136
125
+7
+ 16
221
219
120
+ 1
+ 84
189
Durable goods..
Non-durable goods
New orders
0.1
66,853
Finished manufactures— 174,690 213,997 218,126
906
1,087
1,132
Agricultural
Non-agricultural
114.1
134.1
169
— —
127.0
120.9
0.5
69,989
75,402
Agricultural
Non-agricultural
—
Jan., 1941
3.0
8,727
1,504
67,154
18,611
Semi-manufactures
Shipments—
to
Jan., 1941
136.7
_
to
1940
3.6
1,838
75,832
Agricultural
Non-agricultural
Durable goods.
Non-durable goods
Jan.,
(Revised)
129.8
Inventories
82,356
1940
1941
Cent
Domestic Exports—
Crude materials
Jan., 1940
Jan.,
Per
Per
Dec., 1940
Dec.,
24,636
29,117
134,760
11.2
Report of Lumber Movement Week
Ended Feb. 22, 1941
production during the holiday week ended Feb. 22,
1941, was 1% less than in the previous week; shipments were
0.5% less; new business 2% less; according to reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of representative hard¬
wood and softwood mills.
Shipments were 4% and new
orders 6% above production.
Compared with the corres¬
ponding week of 1940, production was 21% greater, ship¬
ments 24% greater, and new business 23% greater.
The
industry stood at 141% of the average of production in the
corresponding week of 1935-39 and 125% of average 1935-39
shipments in the same week.
The Association further
reported:
V
Lumber
^
129,577
10.0
1,124
1,287
1,174
5,698
0.5
6,414
0.5
23,305
19,435
20,552
172,976
14.4
125,199
9.7
16,911
6,393
12,670
17.196
11.0
95,709
7.4
6,765
3,356
132,369
40,606
3.4
29,489
2.3
Semi-manufactures
53,714
52,009
47.131
21.6
6,306
3,376
2,562
2.0
284,679
25,316
21.9
Agricultural
Non-agricultural
260,364
24,312
47,409
48,633
44,569
236,052
19.6
259,363
20.0
corresponding weeks of 1940; shipments were
204,395
15.8
and
Agricultural
Non-agricultural
Mfd. foodstuffs and be v..
Agricultural
Non-agricultural
...
37,082
Finished manufactures
30,516
27,988
219,283
18.2
2.0
659
477
664
3,896
0.3
2,750
0.2
36,423
Agricultural
Non-agricultural
30,039
27,323
215,387
17.9
201,646
15.5
,
Year-to-Date Comparisons
new
orders were
eight weeks of 1941 to date, new business was
shipments were
100.0 1,297,056 100.0
Tot. Imports for cons urn'n 234,641 238,257 223,595 1,204,427
643,987 49.7
598,131 49.7
123,072 119,851 125,670
Agricultural
50.3
653,070 50.4
606,296
111,569 118,406 97,925
Non-agricultural
1941 to date was 18% above
23% above the shipments
21% above the orders of the 1940 period.
For the
Reported production for the eight weeks of
11% above production, and
10% above production.
Supply and Demand Comparisons
The ratio of unfilled orders to gross
stocks was 33% on
Veb. 22, 1941,
Unfilled orders were 37% greater than a
stocks were 13% less.
,
compared with 21% a year ago.
year ago;
Rise in
in
gross
Industrial Shipments, New Orders, Inventories
January
Reported
Conference
Board
shipments and inventory holdings con¬
increase in January, rising 5% and 2.2%, respec¬
Manufacturers'
tinued to
by
Softwood and Hardwoods
Record for the current week ended
and for the
feet.
Feb. 22, 1941, for the previous
corresponding week of a year ago,
week
follows, in thousand board
The Commercial & Financial Chronicle
1504
Softwoods and Hardwoods
1941,
1941
1941 Week
Mills
1941 Week
400
Production
224,400
231,813
-
Orders.
100%
103%
Week
,
Previous
Week
484
10,526
10,969
107%
1940
Wee
99
240.014
Shipments.
8,975
100%
104%
85%
484
234,526
242,782
194,213
195,366
248,989
202,170
488
237,660
243,946
255,123
ment
In both 1939 and 1940, how¬
given agriculture by the government.
curtailed in spite of the relatively large supplies.
ever, exports were
all of the grain exports during
Yugoslavia, although some barley was destined for Italy and Belgium.
give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 83% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
PRODUCTION,
MILL
Production
528,155
420,639
429.334
520,907
..
April
579,739
453,518
Current
controlled
72
456,942
70
70
70
76
'.Sf: 72
624,184
508,005
509.781
247,644
236.693
79
73
July
587,339
196,037
72
73
487,127
73
648,611
162,653
163,769
184,002
74
October
544,221
452,613
468,870
670,473
79
73
November..
488,990
509,945
161,985
77
73
December
464,537
479,099
151,729
71
73
January.
673,446
629,863
202,417
February
608,521
548,579
261,650
81
September
1941—Month
470,228
crops were
the largest of
//K':'':v.wV.
V /iVv;/the Turkish Government has
the first step being
the objective of conserving virtually all
complete prohibition of
a
some
exceptions, with
supplies for domestic needs.
In
that connection, the government purchases grain at guaranteed prices for
reserve
sell
stock purposes and regulates the prices at which private dealers may
grain.
Rationing Aims at Even Distribution, Accord¬
ing to Department of Agriculture Report
The main purpose
75
August
the grain trade,
war
72
an
assure
even
of the British food rationing system is
distribution to all persons, regardless of
Dr. J. H. Richter in "Foreign
Agriculture," monthly publication of the Office of Foreign
Agricultural Relations.
Substantial increases in food prices
after war began made it impossible for low-income consumers
to purchase full rations.
Thus, rationing has been supple¬
mented by price control, with government subsidies in some
cases to compensate for losses from fixed maximum
prices.
The
Agriculture Department's announcement regarding
this report, issued Feb. 28, further said:
71
682,490
.. .......
Other author¬
their income, says a report by
71
70
June
May.
about 165,000,000
In any case production
This policy has been followed to date with
exports.
Cumulative
69
167,240
137,631
129,466
193,411
449,221
and oat
rye
years,
Since the outbreak of the European
Percent of Activity
Tons
The 1940 barley,
000,000 bushels.
recent
to
March
All available
in the past two seasons has been above the 1934*38 average of about 125,-
Remaining
Tons
February
ities report somewhat higher figures for both years.
British
Orders
Tons
of—
January
been delivered.
Barley is the most important feed grain produced in Turkey.
oats, and most of the corn and rye, have been reserved for domestic use,
ACTIVITY
Unfilled
Orders
Received
1940—Month
In
December about 400,000 bushels of barley were authorized for export to
Greece but to date less than one fourth of that quantity has
bushels against 154,000,000 unofficially reported for 1939.
We
Period
Nearly
January-October, 1939*40 went to Greece and
Some unofficial estimates place the 1940 wheat crop at
REPORTS—ORDERS,
1941
chiefly military.
♦
Weekly Statistics of Paperboard Industry
STATISTICAL
8,
Turkey In recent years has had a surplus of grain because of encourage¬
Hardwoods
Softwood
March
73
of—
So far only fats, meats, sugar and tea have been rationed.
Bread,
eggs*
Week Ended—
fruits and vegetables, and other foodstuffs have not been rationed, but most
1941—
of them
Jan.
4
100,798
Jan.
11
Jan.
18
137,150
138,863
Jan.
25
1
8
149,001
150,012
Feb. 15
154,524
Feb. 22
148,723
Mar. 1
155,262
153,111
161,994
59
77
69
134,135
147.634
Feb.
Feb.
101,099
130,847
168,364
185,003
78
72
130,750
133,032
133,091
138,549
135,763
141,176
are
in short supply and therefore subject to price control.
The United
.
Kingdom normally depends
on overseas sources
for approxi
mately two-thirds of its total food and feed requirements, and these im¬
ported products bear the brunt of whatever rationing appears necessary.
78
74
202,417
79
75
Increased domestic production of farm products is being encouraged, but it
219,026
79
75
is
234,260
81
76
247,271
261,650
80
77
82
77
recognized that production cannot
be expanded sufficiently to offset
import reductions.
Notwithstanding defects and limitations, rationing of essential commodities
is considered sound under the conditions
BlNote—Unfilled orders of the prior week plus orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
is faced,
reports, orders made for or filled from stock, and other Items made necessary adjust¬
to distribute more
ments of unfilled orders.
according to the report.
with which the United
Kingdom
The system in operation not only helps
evenly the limited supplies of foods but also to control
prices, to prevent shop shortages, and to eliminate the necessity of the public
standing in line to obtain supplies.
January Truck Volume 9.8% Over 1940
The
volume
of
freight
January represented an
and
transported
increase
by
In
truck
motor
of 2.4%
in
increase of 9.8% above the volume carried in Janu-
an
1940, according to reports compiled and released on
March 3 by the American Trucking Associations.
Comparable reports were received by A. T. A. from 210
try,
motor carriers in 34 States.
The reporting carriers trans¬
ported an aggregate of 1,306,940 tons in January as against
1,276,425 tons in December and 1,190,474 tons in January,
1940.
The Association's reports further showed:
The A.
1940
T.
index figure, computed
A.
monthly
tonnage
average
of
on
the
carriers
and
representing
as
100, stood at 131.27 for January.
In
the
average
the
past
of
the
considered
index
reporting
satisfactory
figure
has
been
carriers.
for
This
comparing
based
basis,
the
upon
however,
relative
increases
1936
no
monthly
longer
a conclusive comparison.
Fats, meat and sugar are
rationed in both countries. Bread, milk and cheese are rationed in Germany,
but not in the United Kingdom.
but less
and
mergers
consolidations
of the tonnage now hauled
with
the tonnage
of the
true
a
hauled by the
same
operations resulted in
new
among
more
eliminated
recent
Almost
largely by
motor
carriers.
carrier that has purchased
an
carrier
several
The
is that
operations
basing the index
figure
upon
are
a
expected
longer
in
the month
was
reported
by carriers of "general freight."
The volume of freight in this category
increased 4.2% over December and
10.9% over January of the previous
year.
Movement
than
4%
creased
9.8%
Haulers
of
of the
of
new
tonnage,
January, 1940.
over
iron
and
steel
products
reported
about
4%
of
the
total
The volume of these commodities showed a very slight decrease
of 0.2% in January as compared with
December, but it represented an
increase of 12.7% over January of last
year.
little
more than
3% of the total tonnage reported was miscellaneous
commodities, including tobacco, textile products, bottles,
building materials,
coal, cement and household goods.
Tonnage in this class increased 2.4%
over
December, and held 9.8% over the volume hauled in January, 1940.
♦
Turkish Grain Supplies
Regulates Trade and Prices
Exceptionally good crops in 1940 place Turkey in a favor¬
position in respect to grain supplies, according to pre¬
liminary estimates received March 3 in the Office of Foreign
Agricultural Relations.
Since the grain trade and prices
able
are
regulated by the government under emergency control
substantial exports in 1941 are expected.
The
announcement goes
on
to say:
Holdings of Australian Wheat Board
following wireless dispatch to the New York "Times"
Melbourne, Australia, Feb. 24:
Instead
available
of
the
expected
for export
normal
surplus
of
100,000,000
bushels,
the
before November.
Of the 1939-40 harvest of
The board
195,000,000 bushels
a
total of 175,500,000 has
has received 62,500,000 bushels from the
which is barely sufficient to meet
crop,
domestic needs
and
1940-41
the
export
flour trade.
Considering that 8,000,000 bushels must be kept in the Commonwealth
a
safety margin, the only export surplus
carry-over,
and this must suffice until
next
now
is
part
season's
of the
wheat is
1939-40
available.
♦
1941
Cuban
Sugar
Presidential
Crop
Fixed
at 2,000,000 Tons by
Decrees—United States Financing of
Surplus Production Being Considered
The Cuban sugar crop for
1941 was fixed at 2,000,000
long tons by a decree in accordance with the island's restric¬
tion plan, signed by President Fulgencio Batista on March 3,
according to a wireless dispatch from Havana to the New
York "Times".
These advices further said:
Of the crop, 958,891 tons will be for shipment to the United States this
year*
500,000 will be retained for United States
tries; 291,146
as a reserve
use-
99,963 for other
coun¬
for world markets and 150,000 tons for domestic
consumption.
The quota of
Relatively Large—Government
measures, no
Since January, 1941, however, meat
Kingdom have been reduced by one-third.
Australian Wheat Board has only 22,000,000, of which only 14,000,000 is
and trucks, constituting a little more
decreased 7.8% under December, but in¬
tonnage.
A
The
automobiles
total
comparative rations
on
of Feb. 25 is from
as
Transporters of petroleum products, accounting for slightly more than
9% of the total tonnage reported, showed & decrease of 5.7% in
January
as
compared with December, but their volume
increased 8.5%
over
January, 1940.
safely be made
»
Wheat
been sold.
the freight transported
can
United Kingdom than in Germany.
and
period.
80% of all
only statement that
1940 per capita meat consumption was considerably higher in the
rations in the United
in
increase and did not give a
Such inaccuracies
years.
actually buying full rations
largely unchanged prices is larger in Germany than in the United King¬
dom.
Comparison
new
up to
On the other hand, the proportion of persons
in 1936 prior to acquisition
abnormal
picture of the trend, A. T. A. found.
be
to
by
so
was
loadings because of the fact that in the period since 1936 there have been
numerous
Egg consumption is restricted in Germany
in the United Kingdom.
Food consumption in the United King¬
peacetime standards until well into 1940, but in Germany con¬
sumption of fats, meats, eggs and fruits has been more or less restricted for
dom
was
decreases
or
■■
ing began to allow
at
the basis of the 1938, 1939
reporting
says:
Food habits and standards of nutrition differed too greatly before ration¬
December,
over
comparison of British and German food rations, the
a
report
1,645,558 long tons granted to Cuba by the United States
will be made up of 28,452 tons in the 1940 quota in warehouses in the United
States; 656,795 of United States retained stocks; 1,426 of the 1940 crop
still unshipped and 958,891 to be ground of the present crop.
The plan for financing Cuba's surplus sugar production of
400,000 tons by the Export-Import Bank of Washington
has not yet been ratified by the Cuban Congress..
Under
the agreement now being negotiated the Export-Import Bank
would advance about $12,000,000 for financing the surplus
production.
Volume
February Deliveries of Rayon Yarn Totaled 31,600,000
Pounds, Reports "Rayon Organon"—Shipments
Are Below January but Above Year Ago
*
Deliveries of rayon yarn to
domestic mills in February
totaled
31,600,000 pounds, as compared with. 34,300,000
pounds delivered in January and 29,800,000 pounds in
February, 1940, according to figures compiled in the current
Textile Econom¬
Stocks held by
producers at the end of February amounted to 10,000,000
pounds, says the "Organon," which further says:
issue of "Rayon Organon," published by the
ics Bureau, New York, issued March 6.
end-of-month stocks of rayon filament
Producers monthly shipments and
yarn for selected months have been as
follows
(Units are in Pounds)
October
November
December
1941—January
February
The "Organon" also reports
The total
Ending Stocks
7,000,000
8,300,000
6,900,000
31,800,000
29,800,000
36,700,000
34,800,000
34,000,000
34,300,000
31,600,000
February
1940
6,700,000
6,300,000
8,900,000
10,000,000
the following:
dollar value of the United
States' rayon export trade
$17,700,000, a new high record, with an estimated
amounted to
equivalent of these rayon exports at about 16,500,000 pounds.
exports are still a small fraction of the domestic
been increasing steadily since
poundage
Although
business, the volume has
The value figure was almost 7 M times
1933.
that of 1933.
The year 1940 showed some
countries
as
noteworthy changes in the status of various
Exports
markets for United States' rayon products.
export
of American rayon products to
to
hitherto
in the
The 1940 exports to other countries
Hemisphere were the best
Western
however,
South and Central America last year rose
unprecedented levels.
our
on
Cochran and southwest Cochran
record.
Due to the war,
ture setup
by Texas Co., effective March
average
«
Illinois showed the sharpest
expansion, production there
rising approximately 10,000 barrels to a daily flow of 331,150
barrels while a gain of 6,750 barrels for Oklahoma lifted the
total there to a daily total of 413,250 barrels.
Louisiana
was
up 200 barrels to 292,350 barrels daily.
California
production showed a drop of 14,100 barrels to a daily average
of 589,900 barrels while a decline of 5,450 barrels reported for
Texas pared its total to 1,345,000 barrels.
Kansas output
was off 4,550 barrels to 202,550 barrels daily.
Stocks of domestic and foreign crude oil rose 835,000 barrels
to 261,783,000 barrels during the week ended Feb. 22, the
U. S. Bureau of Mines
totaled 12,181,000 barrels, up 95,000
previous week.
■JJfr. Price changes follow:
:-v,
crude stocks,
Products—Defense
Chief
Sees
28—Texas
Co. cut
prices of crude oil
Expansion—Arkansas
Louisiana
Seen
Deferred—Texas
Crude
Oil
Joins
Compact—
Investigating
Trip
Crude Prices—Average
Next—Cole
Co.
Cuts
Production
Up—Crude Oil Inventories
Rise
Co. met the new price structure set
1—Cosden Petroleum
Prices of
by
Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees are
not shown)
Eldorado, Ark., 40
..
52.30
—
1.02
Darst Creek
Western Kentucky
1.05
.90
1.03
Sunburst, Mont...
Bradford, Pa
Corning, Pa
Illinois
Mld-Cont't, Okla., 40 and above.Rodessa, Ark., 40 and above
Husk, Texas, 40 and over
.....
Michigan crude
.126 Huntington, Cal f., 30 and over
.73 Kettleman Hills, 39 and over
Smackover, Ark., 24 and over
possible wartime needs can be met by the American
petroleum industry without any difficulty, Robert E. Wilson,
President of the Pan American Petroleum & Transport Co.
and Chairman of the Petroleum unit of the Office of Produc¬
in Cochran and Hockley
barrel.
Texas Co. in west Texas.
Industry in Fine Shape—Atlantic Refining Plans
Defense
barrels
from the
March
Its
and
Domestic stocks were up
reported.
1,054,000 barrels but this was partially offset by a slump of
219,000 barrels Tn holdings of foreign crude oil.
Heavy
crude oil stocks in California, not included in the "refinable"
counties, west Texas, 7 cents to 70 cents a
Petroleum
1.
production of crude oil during the final week
3,632,250 barrels daily, up 2,600 barrels
week, according to mid-week reports issued
by the American Petroleum Institute.
The average daily
flow for the Feb. 28 period was only slightly above the
3,628,900-barrel figure set by the U. S. Bureau of Mines
for February in its regular domestic market monthly fore¬
Daily
of February was
from the previous
Feb.
shipments to Europe shrank to insignificant figures.
counties in the West Texas
permian basis.
Humble Oil & Refining had been paying an
average of 77 cents a barrel for crude in that area, so the
new posting,
in effect, is a reduction of 7 cents a barrel.
Magnolia Petrolium posted Talco crude at 65 cents a barrel,
effective March 1.
Cosden Petroleum met the price struc¬
casts.
Deliveries
1940—January..^
1505
Chronicle
The Commercial & Financial
152
51.03
1.10
.73
.76-1.03
.90
1.18
1.35
All
tion Management
weekend.
told the Engineering Society of
PRODUCTS—SOCONY-VACUUM LIFTS NEW YORK
PRICES—SOCONY ALSO CUTS NEW ENGLAND
PRICES—MOTOR FUEL STOCKS RISE SHARPLY—
GASOLINE PRICE INVESTIGATION OPENS MARCH 10 IN
REFINED
GASOLINE
FUEL OIL
Detroit
DETROIT
last
Pointing out that the Nation's shutdown refining capacity
—abour 20%—is greater than the entire refining capacity
the Nation in 1916, he said that he foresaw no difficulty
of
in
meeting the Army and Navy's gasoline needs.
"We are
working on the problem of supplying fuel for the 286,000
motor-driven vehicles which the Army expects to have in
operation by next fall," he continued.
"We have at present
three times as much 100-oetane gasoline as the Array and
Navy need for their aircraft."
Indicative of the cooperation of the petroleum industry
with the Nation's defense executives was this week's an¬
nouncement of
facture
of
plans for the erection of a plant for the manu¬
100-octane
"super-aviation" gasoline for
use
in
military aviation at the Point Breeze refinery of the Atlantic
Refining Co. made in Philadelphia by Robert H. Colley,
President, in his annual report to stockholders of the company.
"The
plant will round out our facilities and enable us to
our full
share to the national defense effort,"
contribute
Colley said. "The project is now in the blur print stage,
contemplated that construction will get under way
later in the year."
Pointing to the increasing importance of
petroleum products in modern military and naval combat,
Mr. Colley asserted that there was now a "sound basis" for
assuring the Government and civilians their utmost pre¬
dictable needs would be "surely and promptly met."
Mr.
and it is
long-expected expansion in the membership roll of the
Compact group assumed definite shape this
the announcement that J. H. Alphin, former
Chairman of ,the
Arkansas
Highway Commission and
well-known oil men, had been appointed by Governor
Homer M. Adkins of Arkansas to represent that State in the
The
Interstate Oil
week
with
Compact Commission.
The Arkansas-Legisla¬
recently passed legislation authorizing the Governor to
designate a representative to the Commission.
It was ex¬
pected that Governor Sam H. Jones of Louisiana will move
shortly to add his State to the membership of the group.
Earlier plans for the Cole Committee, currently probing
the oil industry, to make a special investigating trip to the
Southwest to check reports that plans for construction of
Interstate
ture
gasoline pipeline through that area have been held up by
opposition from the railroads have been cancelled because of
the illness of Representative Cole, Chairman.
President
Roosevelt, in a letter to the House Committee on Interstate
and Foreign Commerce, complained of the alleged delay in
construction of the pipelines and asked that the House take
action.
It was also disclosed that the Cole Committee will
resume hearings during March,
with the National Defense
Commission scheduled to provide witnesses.
In the first posting by the company for the area, Texas Co.
on Feb. 28 posted a flat price of 70 cents a barrel for crude
purchased in the Duggan and Slaughter
pools of southeast
Reflecting rising
markets on the Gulf Coast, Socony-
posted an increase in gasoline prices of
3-10th cents a gallon in all methods of delivery in New York
City, March 5, effective the following day.
The increase
followed an advance of 3-10th cents a gallon in tank car and
Oil
Vacuum
Co.
prices of motor fuel throughout New Jersey by
with the minimum retail price being
advanced 3^-cent a gallon on all grades, posted on March 4.
Un the new price schedule initiated by Socony-Vacuum for
New York
City, tank wagon quotations for undivided
dealers are 7.5 cents a gallon, and 7 cents a gallon to commer¬
cial accounts.
Further improvement in gasoline prices on
the Gulf
Coast developed in mid-week with 80-octane
tank wagon
of Jersey,
Standard
gasoline moving at 4% cents a gallon, and the market moving
4^ cents bid, 5 cents a gallon asked.
Extension of the weakness in kerosene and fuel oil prices
forward to
developed in New York on Feb. 27 came on March 1
Socony-Vacuum made a general reduction of 2-10th
cents a gallon in kerosene and 3-10th cents a gallon for
Mobilheat throughout New England and eastern New York,
which
when
affecting all deliveries.
New York City prices, cut Feb. 26,
were not affected by the March 1 cuts.
Diesel oil was cut
10 cents a barrel along the Atlantic Coastline, and 5 cents a
barrel on the Gulf Coast.
Continued excessive refinery operations sent stocks of
finished and unfinished and aviation gasoline up more than
1,100,000 barrels during the final week of February to hit
96,917,000 barrels.
The American Petroleum Institute
further disclosed that refinery operations of 82.9% were off
only 2-10ths of a point, with daily average runs of crude oil to
stills dropping 5,000 barrels to 3,585,000 barrels.
Pro¬
duction of gasoline was up 37,000 barrels during the Feb. 28
week to 11,781,000 barrels.
The Federal Trade
Commission will open a 2-week hearing
charges of alleged price discrimination against Standard
011 of Indiana, Gulf, Shell and Texas Co. in Detroit on
on
The complaint filed by the Commission charged
companies with maintaining price differentials in
favor of certain gasoline dealers in the Detroit area. Although
the first hearing will concern only the complaint against
March 10.
the four
Standard of Indiana, the
is
expected to serve as a
Commission's ruling in that case
yardstick in the disposition of the
other three cases.
Price changes,
refined
March
cents a
showing the trend of the Nation's
1—Socony-Vacuum cut kerosene
gallon throughout New
March 1—Diesel oil was cut
5 cents a
March
major
products, follow:
2-10th and Mobilheat 3-10th
England and eastern New York.
10 cents along the Atlantic Coastline, and
barrel at the Gulf Coast.
4—Standard of New Jersey boosted tank car
3-10th cents a gallon in
moving up H~cent a gallon.
prices of gasoline
retail price
and tank wagon
New Jersey, with the minimum
1506
March
cents
a
The Commercial & Financial Chronicle
5—Socony-Vacuum advanced all deliveries of gasoline 3-10tb
gallon in New York City.
New York—
New York—
St. O/l N. J.$.06
-.06)4
Socony-Vac. .00
-.00H
Texas
Refinery
$.07>£-.08
Chicago
Gulf
.08>*-.08J*
RlchOIHOal) .08>*-.08%
Warnir-Qu. .07H-.08
.08 >*-.08?*
New
Orleans,
.07 >*-.08
Gulf
ports,,.
Tulsa.,..
I.04X-.05H
.00 >*-.07
.0514
MH-.05H
Daily Refin¬
$.041 New
.03
>*-.051
Tulsa
California 24 plus D
$1.251
Diesel
to Stills
Po¬
Orleans.$.05>*-.05>*
.04
-.04>*
Phlla., Bunker
1.751
I Tulsa
$.02J*-.03
$.171 Newark
$.160i Buffalo,..
.1851 Chicago
.171 Boston
Not including 2% city sales tax.
Brooklyn
s
*
Gaso¬
ished
and
Oper¬
Natural
Gaso¬
Dis¬
ated
port¬ Daily
Incl.
Blended
line
tillates
Aver.
ing
156
91.0
121
85.2
436
743
90.2
600
89.6
2,109
76.9
293
420
558
86.8
1,412
c946
90.7
280
59.6
119
71.3
622
89.2
865
90.7
2,749
line
$.17
V
8,536 E. C'st
418
486
2,857
3,125
1,185
8,731
2,296
14,544
392
\ Oil
11,905
20,383
3,219
18,907
1,071
Louisiana Gulf
Avia¬
1,946 Inter'r
1,460
797
6,939 G. C'st
375
4,957
97.6
138
3,357
915
No. La. & Ark
Gasoline, Service Station, Tax Included
xNew York—
tion
Fuel
P. C.
Re¬
Stocks f Stocks
e
101
51.5
47
90.4
135
577
290
121
56.0
36
52.9
223
164
443
California
836
760
538
Rocky Mtn_.
$.0531
28.30 D
sidual
fineries
643 100.0
Texas Gulf
*
| Chicago—
of Re¬
Unfin¬
Oil
Appalachian..
Ind., 111., Ky.
Okla., Kans.,
Missouri—
$.041
of
Gas
C.
P.
Rate
Inland Texas-
Gas Oil. F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
7 plus
Stocks
e
Fin¬
ished &
East Coast...
,.$1.00
Stocks
Produc'n
at Re¬
tial
New Orleans C
$1.00-1.25
Gasoline
Crude Runs
ten¬
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Harbor)—
Bunker C
1941
1,
ing Capacity
District
j North Texas
$.0551 Los Angeles
(Bayonne)
MARCH
(Figures In Thousands of Barrels of 42 Gallons Each)
kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
1941
Other Cities—
Shell East'n
T.Wat. Oil.
8,
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
WEEK ENDED
I/. S. Gasoline (Above 65
Octane), Tank Car Lots, F.O.B.
March
164
86.3
1,974
3,054
87.3
466
63.8
1,342
1,605
16,368
10,084
71,520
1,497
86.2
3,243
82.9
10,366
89.987
33,150
96,967
6,108
1,415
6,930
575
1,680
240
H.781 d96,917
98,647
6,348
6,267
Calif.
.17
Reported
Est. unreptd.
342
♦Est.tot.U. S
Mar.
Daily Average Crude Oil Production for Week Ended
March 1,
1, *41
4,535
3,585
22, '41
Feb.
4,535
3,590
11,744
95,812
33,725
34,381
bll,165
99,295
24,640 103,192
4,137
1940 dally average,
b This
i
98,631
1941, Gains 2,600 Barrels
ni.S.B.ofM.
The
American
daily average
Petroleum
gross crude oil
Institute
estimates
that
*
production for the week ended
March 1, 1941, was 3,032,250 barrels.
This was a gain of
2,600 barrels from the output of the previous week.
The
current
week's
figures
Mar. 1, '40.
the
above
were
the
3,628,900
Is
during February.
Daily
at
3,629,400 barrels.
ended
March
details
as
2,
totaled
average
pro¬
1941, is estimated
barrels.
States ports
and receipts
use
for the week ended
March
1
totaled
2,116,000 ban-els,
daily average of 302,286 barrels, compared with a daily average of
289,286 barrels for the week ended Feb. 22 and 258,107 barrels -daily for
four
whether
weeks
ended
bonded
March
for
or
1.
domestic
These
at
ended
99,000
March
1
amounted
fgures
but
use,
separation in weekly statistics.
Receipts of California oil
it
include
all
oil
impossible
is
to
imported,
make
Coast
the
barrels,
ports
daily
a
during
average
the
of
week
14,143
was gasoline received at the
port of Philadelphia.
Reports received from refining companies owning 86.2% of the 4,535,000barrel estimated daily potential
refining capacity of the United States
indicate that
the
3,585,000
companies bad
industry
in
pipe lines
as
gasoline.
of
crude
storage
unfinished
the
whole
as a
barrels of
with
oil
ran
to stills,
daily
during
at refineries,
end
of
The
total
the
week
panies is estimated to have been
Bureau of
a
on
the
Mines
week, and that
bulk terminals,
in
96,917,000 barrels
amount
of
to
manufactured
$86,641,600 in
and
natural
December,
utilities
gas
1940,
compared
as
$79,223,500 for the corresponding month of 1939,
increase of
tion.
9.4%, it
was
announced
an
Feb. 28 by Alexander
on
Revenues from industrial and commercial
transit
of
and
finished
of
all
gasoline produced by all
11,781,000 barrels during the week.
in
and
com¬
users
rose
from
$25,714,600 a year ago to $27,817,400 in December,
1940, a gain of 8.2%.
Revenues from domestic uses such
as cooking, water-heating and
refrigeration, &c., rose from
$53,508,900 in 1939 to $58,824,200 in 1940, an increase
of 9.9%.
The
to
Atlantic
barrels, all of which
basis,
amounted
Forward, Managing Director of the American Gas Associa¬
in bond at principal
a
the
February,
a
Gas Utilities Revenues Gain in December
Revenues
Further
reported by the Institute follow:
Imports of petroleum for domestic
United
3,798,250
basis,
barrels
The daily average output for the week
1940,
Mines'
on the U. S. Bureau of Mines February, 1940 daily
average,
c 12% reporting capacity did not report gasoline production,
d Finished
89,783,000 bbl.; unfinished 7,134,000 bbl.
e At refineries, bulk terminals, in transit
and pipe lines,
f Included in finished and unfinished gasoline total.
imposed by the various
duction for the four weeks ended March
1,
Bureau of
week's production based
calculated by the United States Department of the Interior
to he the total of the restrictions
oil-producing States
a3,509
Estimated
a
manufactured
industry
gas
$35,411,800 for the month,
month of the
same
creased
preceding
increased
purposes
2.5%.
reported revenues of
of 5.4% from the
Revenues for industrial
increase
an
year.
10.7%, while commercial
Revenues
from
domestic
in¬
revenues
uses
1.6%
were
than for the corresponding month of
for house-heating purposes gained
more
1939, while
21.3%.
enues
rev¬
The natural gas utilities reported revenues of
$51,229,800
for the month, or 12.3% more than for
December, 1939.
Revenues from sales of natural gas for industrial
purposes
while revenues from sales for domestic pur¬
gained 7.1%,
increased 14.5%.
poses
DAILY AVERAGE CRUDE OIL PRODUCTION
■
-
;
■
♦
(Figures In Barrels)
Weekly Coal Production Statistics
Actual Production
B, of M.
The current
Four
Calcu¬
Week
Change
Weeks
Week
lated
State
Ended
from
Ended
Ended
Require¬
Allow¬
Mar. 1
Previous
ments
ables
1941
Week
Mar.
1,
1941
Mar. 2,
1940
(Feb.)
Oklahoma.
442,500
400,000 b 413,250
+ 6,760
412,400
Kansas—
407,550
193,200
196,200 b202,550
b4,300
—4,550
197,550
176,900
+ 1,250
3,450
68,050
—7.550
101,100
30,200
236,100
+ 50
71,300
100,950
30,200
236,050
72,550
374,950
251,600
79,600
484,000
Nebraska-
3,200
Panhandle Texas
North Texas
West Central Texas..
West Texas
East Central Texas..
East Texas
205,350
256,400
237,650
—5,450 1,343,800 1,496,950
+ 300
69,700
continues
Division reported
above
the
States
Bureau
that, production of soft
10-million-ton
mark, with little
change indicated in the week ended Feb. 22.
The total
output for the week is estimated at 10,330,000 tons.
This is
in comparison with 9,105,000 tons in the
corresponding week
The
stated
United
222,300
—100
223,950
+200
293,650
69,969
70,550
+ 50
70,300
UNITED
COMPARABLE
STATES
DATA
its
coal
report
ON
PRODUCTION
PRODUCTION OF
OF
SOFT
CRUDE
COAL
WITH
PETROLEUM
(In Thousands of Net Tons)
69,000
b20,400
in
of 8,000 tons.
ESTIMATED
281,050
66,100
Mines
Pennsylvania anthracite for the week ended
Feb. 22 was estimated at 948,000 tons, a decrease of
269,000
tons from the week of Feb. 15.
Compared with the corre¬
sponding week of 1940, however, there was a slight increase
211,900
292,350
of
that
69,150
294,942
.
Mississippi
16,100
342,100
331,150
+2,400
+ 9,450
19,050
325.800
22,500
402,600
b20,900
+ 500
20,450
9,650
99,300
47,500
94,300
+ 8,000
+ 800
74,600
81,050
—2,750
18,050
—450
3,700
104,200
+ 100
90,050
39,750
77,700
18,750
3,650
102,350
100,450
40,200
Indiana
Eastern (not incl. Illi¬
nois and Indiana)..
Michigan
Wyoming
Montana....
20,000
Colorado
Total East of Calif
California
227,950
254,350
288,600
Arkansas
New Mexico
203,450
+ 150
70,050
Coastal Louisiana
Illinois
+ 500
1,312,900 C1318873 1,345,000
North Louisiana
Total Louisiana...
33,100
+ 650
+ 100
coal
weekly coal statement of the National Bi¬
Coal
of 1940.
78,400
104,650
73,200
374,600
Southwest Texas
Coastal Texas
Total Texas
"+650
tuminous
3,900
100,700
106,000
3,033,200
3,042,350
+400
6,800
63,850
65,200
17,200
3,950
112,500
3,628,900
589,900
+ 16,700 3,018,700 3,213,650
—14,100
610,700
584,600
3,632,250
595,700 d 571,000
Week Ended
Calendar Year to Date
Feb. 22, Feb. 15, Feb. 24,
1941
1941
1940
Bituminous Coal
1941
1940
c
1929
a—
Total, Including mine fuel
10,330
10,385
9,105
79,325
77,655
1,722
1,731
1,543
1,688
1,652
1,985'
5.814
5.828
5.978
45,522
46,554
34,016-
Daily average
Crude Petroleum b—
Coal equivalent of weekly output.
94,110-
a Includes for
purposes of historical comparison and statistical convenience the'
production of lignite,
b Total barrels produced during the week converted to
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal.
Note that most of the supply of petroleum products is not
directly
competitive with coal.
(Minerals Yearbook, 1939, page 702.)
c Sum of eight full!
+2,600 3,629,400 3,798,250
weeks ended Feb. 22, 1941, and corresponding period in other
years.
ESTIMATED
PRODUCTION
AND
These are Bureau of Mines'
calculations of the requirements of domestic crude
based upon certain premises
outlined in its detailed forecast for the
month of
February. As requirements may be supplied either from
stocks, or from new produc¬
tion, contemplated withdrawals from crude oil
Inventories must be deducted from
the Bureau's estimated
requirements to determine the amount of new crude
to be
a
oil
OF
PENNSYLVANIA
BEEHIVE
ANTHRACITE
COKE
(In Net Tons)
Week Ended
Calendar Year to Date
produced.
b
Oklahoma, Kansas, Nebraska,
Mississippi, Indiana figures are for week ended
m. Feb. 26.
c This is the net
basic 28-day allowable as of
Feb. 1 according
the order of the Texas Railroad
Commission covering the months of
February
and March.
Past experience indicates that It will
increase as new wells are completed
and if any upward revisions are
made.
With the exception of
Panhandle, all fields
in the State were ordered shut down for
nine days, namely, Feb.
7
Feb. 22,
1941
Feb. 15,
1941
Feb. 24,
1941
1940
1940
c
a.
to
1, 2, 8, 9, 15, 16
22, 23 and 28.
Six shutdown days were ordered for
Panhandle, Feb. 2, 9, 15," 16!
23 and 28.
d Recommendation of
Conservation Committee of California Oil
Producers.
Penna.
1929
c
Anthracite—
Total, incl. colliery fuel
a
948,000 1,217,000 940,000 8,357,000 7,960,000 12,164,000
Commercial production b 901,000 1,156,000 893,000 7,940,000 7,562,000 11,288,000
Beehive Coke—
United States total
Dally
average.
124,400
125,800
33,800
909,800
20,733
20,967
5,633
19,778
355,100
7,720
883,800
19,213
,
Note—The figures Indicated above do not
Include any estimate of any oil which
might have been surreptitiously
produced.
Includes washery and dredge coal,
operations,
b Excludes colliery fuel,
a
three years.
and coal shipped by truck from authorized
c
Adjusted to
comparable
periods
in the
Volume
The Commercial & Financial Chronicle
152
ESTIMATED
<
WEEKLY PRODUCTION OF
(The current weekly estimates
ments and are
subject to revision
based
are
on
1507
COAL, BY STATES
End
railroad carloadlngs and river ship¬
November
receipt ol monthly tonnage reports from district
on
and State sources or of final annual returns from the
operators.)
*
Belgian Congo
(In Thousands of Net Tons)
December
Bolivia
130
;
—19,749
—2,304
—8,457
3,150
4,584
130
*
*
*
4,784
French Indo-China (estimated)
130
Malaya
■;
Feb.
Feb. 15,
1941
Alaska,
Feb. 8, Feb. 17, Feb. 18, Feb.16,
1940
1941
4
4
2
354
315
(f)
81
80
76
73
144
158
166
301
1
1
2
1
1,194
1,180
1,175
1,178
(f)
1,722
470
Illinois
*
436
462
425
472
Indiana
Iowa
•'
87
170
231
(f)
Not
9,780 tons
World
by
174
month.
69
81
133
178
176
212
Kentucky—Eastern
852
787
830
715
1,014
556
226
;
242
244
208
203
411
Maryland
Michigan
39
38
38
30
63
51
9
8
16
12
17
26
Montana
66
64
55
75
97
New Mexico
27
25
27
30
61
58
North and South Dakota
55
60
47
82
f66
f37
578
560
419
425
455
694
2,637
2,550
1,954
1,930
2,928
137
136
125
129
Texas
12
11
19
15
25
Utah
72
91
66
97
150
96
333
344
301
262
281
37
44
30
43
77
in
1,962
1,872
1,796
1,534
2,071
The
in
707
603
573
725
673
124
117
110
121
170
156
1
2
1
10,385
10,080
9,093
Other Western States.c
♦
23
f4
8,668
f7
12,160
10,956
1,217
1,141
809
865
1,672
1,902
11,602
11,221
9,902
9,533
13,832
12,858
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C.
a
and on the B. & O. in Kanawha, Mason and Clay Counties,
& G.»
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska,
Georgia, North Carolina and South Dakota included
with "other Western States."
1941,
1941,
1940,
59,806
to
* Less than 1,000 tons.
£257.1
with
compared
The American Zinc Institute
on
March 6 released the fol¬
for
Straits tin
in
against 50.11c.
as
46.73c.
was
Non-Ferrous
ZINC STATISTICS
Retorts
Year
...
1932
Year
1933
Year
1934
Shipped
Stock at
(a)
Shipped
During
End of
for
Period
1931
Period
Period
Export
of Period
6,352
57,999
31,240
19,875
21,023
27,190
32,944
38,329
631,601
504,463
300,738
213,531
324,705
366.933
602,601
436.275
314,514
218,517
344,001
352,663
75,430
143,618
129,842
41
170
239
148
Year
1935
1936
431,499
523,166
465,746
Year
561,969
44,955
0
Year
1937
589,619
569,241
65,333
0
Year
1938
456,990
395,554
126,769
20
42,965
48,812
38,793
538,198
598,972
65,995
0
48,159
A verage
Unfilled
Retorts
Orders
During
End of
Period
Period
59
68,491
18,585
47.769
26,651
23,099
18,560
18.273
Good
last
the
of
tonnages
Reserve
in its issue
;; 8,478
32,341
37,915
78,626
48,339
40,829
53,751
45,383
34,583
39,333
47,287
1
*43,674
February
53,387
51,050
65,869
50/
47,188
47,287
1 *43,663
of 49,744
1
*44,802
47,863
49,513
46,803
78.386
364/
49.805
49,524
l
*44,936
*44,665
57,224
72,629
2,800/
48,989
\
*44.179
49,197
*44,387
46,577
*41,834
47,545
*42,498
50,715
48,213
53,935
66,907
2,342/
52,098
—
57,606
61,399
1,710/
l
July,.
1
August.-.----
51,010
64,065
48,344
September...-
52,809
67,650
33,563
2,935/
1
*44,427
4,023/
53,164
i
24,222
*47,705
46.536
with 104,832 tons (revised) in January.
Washington advices revealed that the Government has purchased an ad¬
35,000 tons of Latin American
At
the
of the
request
Price
other data
cost and
The study will be made "to make available
use in connection with wage and other
1
:•
Lead
V-'
offerings.
/
ing & Refining Co. raised its settling basis 10 points to
/
New
159,043
169.508
55.288
55,229
*50.110
195,445
1116,420
1
1126.120
York, but in the West the tonnage sold
With consumption of
the
that
believes
trade
are
consumers
^'A'-V
Producers remain
official
Prime
priorities.
1125,132
Sales of the common grades
1
tons,
In
50,174
58,000
57,160
1 *51,754
58,842
*52,627
1121,02(5
*51,097
59,688
59,156
63,272
8,768
0/
55,414
59,220
4,962
0
*53,416
against
Zinc
■
yy.../. v
Western
zinc
continued
the defense program,
of the Commodity
limit trading in zinc
On and after March
of open accounts.
"in the
change during the last week.
nominal
Estimated at 17,500
United States Totalled 12,760
y>y
Chinese tin quotations were wholly
that hardly any metal is coming out of China.
United States during February amounted
12,195 long tons, which compares with 12,760 tons
tons in
Tons—Deliveries to
on news
Deliveries of primary tin in the
to
The action was taken
The price situation in Straits tin showed
Demand for tin was moderate.
In total shipments.
World Tin Production in January
be permitted.
general interest."
Tin
little
Louis.
the Board of Governors
4, opening of new positions will not
Export shipments included
St.
recognition of the shortage of available supplies of physical zinc for
in
Note—To reflect a true picture of the domestic slab zinc situation
a
7 Ac.,
at
Shipments for the week
with the backlog slightly lower at 105,041 tons.
1108,151
under existing
eliminate some production from
export, inadvertently Included, and to include
all production from foreign concentrates when shipped for domestic consumption.
\ -;;-
of zinc for the week ended March 1 totaled 3,014
J
concentrates shipped for
_
922 tons in the week previous.
futures to contracts in liquidation
■conditions, the 1940 figures have been adjusted to
Equivalent retorts computed on 24-hour basis,
adding to their
hopeful that defense needs in zinc can be met without
Exchange, at a meeting held March 3, has ruled to
February
♦
shown in our quota¬
Sales for the week in common lead totaled
Demand continued active at the higher price level.
inventories.
use
foreign
about evenly divided
was
against 8,685 in the previous week.
increasing,
lead
J
1941
—
5.75c., New York.
Virtually all of the business booked in the East on that day was at 5.75c.,
*47.179
*50.169
58,041
■■■'
155.389
12,823
696,497
'
.
On March 3, shortly after the noon hour, the American Smelt¬
145,326
totaled 6,913 tons,
Monthly avge
643,386
53,616
Total for yr.
■/.+
Several sellers restricted
Call for lead again was well above the average.
f
*49,438
0/
-i;.'
134,580
j
54.718
12,884
questions arising with respect to national defense."
*42,884
52,444
53,552
65,385
obtained for
13,440 tons,
48,991
States
investigation
the costs of production of copper in the various producing
with regard to
betseen 5.50c. and 5.60c., which accounts for the range
*48,253
v."•••
Stabilization Division, the United
Tariff Commission announced Feb. 27 that it has ordered an
tion for St. Louis on March 3.
55,228
560/
■
January
The price paid was the same as previously.
15,000 from Anaconda.
and
making the total so far
copper,
The latest transaction involved 20,000 tons from Kennecotc
163,726
53,979
18,386
February amounted to 87,817 tons, which
Domestic sales of copper for
compares
j
*48,680
62.295
■'
Producers held to 12c.,
*42,216
1
59,883
December
for the week ended March 4 amounted to
consumers
/
280/
56,459
November—
Demands for copper in many instances
clarify the situation.
*41,793
47,231
1 *50,008
65,713
56,372
October—
anxiety about the
47,496
*44,727
53,055
June
136,808
*43,614
51,457
—
during
released
were
eased
Custom smelter copper sold at a premium, but the quantities dis¬
Valley.
*43,732
May
6
Further study of the demand-supply problem
fantastic.
as
235,000 tons.
Of
April
of March
Results of the study of consumers' wants were not made
Sales to domestic
ditional
63,532
■
copper
20,848 tons, against 18,036 tons the week before.
15.978
54,862
72,144
Re¬
i
Government-owned
"stockpile" copper.
regarded
30,783
51,186
52,399
49,009
Company
The returns disclosed that confusion exists in the minds of some
28,887
January
56,184
in
copper
regions of the United States.
—
pound
price
10 Points
up
which, according to producers,
week,
23,653
1940
March
per
The average
posed of daily were too small to influence quotations.
196
124,856
105,560
Operat¬
ing End
119,830
83,758
Year 1939
and
owned by Metals Reserve being
released to consumers who have shown that they need
additional tonnages against nearby wants, the market during
the last week took on a more orderly appearance.
The
foreign copper released to consumers was sold on the basis
of 12c., Valley.
Lead advanced 10 points during the week
on continued active buying.
Zinc and tin prices were un¬
changed.
Quicksilver on spot was higher.
Formal priorities
were
established
for
magnesium.
Lead,
cadmium,
beryllium, and titanium have been added to the list of metals
on
which export licenses are required.
The publication
further reported:
were
During
1929
ton
per
month
50.16c.
was
December.
and Mineral Markets"
"Metal
asking for
(ALL GRADES)- -1929-1940
Produced
1930
£256.8
pound.
per
will be inaugurated soon to
Year
the
the end of
at
previous
the
New York
in
Metals—Metals
reported that with
public.
(Tons of 2,000 Pounds)
Year
tons
in
leasing March Copper—Lead
supply outlook.
lowing tabulation of slab zinc statistics:
Year
ended
1940.
Copper
February Production and Shipments of Slab Zinc
SLAB
months
1940, amounted to 49,370 tons.
price for standard tin in London was
price
average
January,
12
stocks and carryover, decreased
tin, including smelters'
January,
January,
1,127
716
b
Wyoming
Total, all coal
of
1941,
in
for the
deliveries
Total
1940.
during January,
tons
January,
£240.9
77
Washington
Pennsylvania anthracite.d
.
Stocks at the end of January,
212
Virginia
Total bituminous coal
/
.
127
Tennessee
Northern
+ 168
—4,919
3,087
147
:r
January,
The average cash
80
West Virginia—Southern a
+427
1,107
1,962
118,477 tons against 77,346 tons in the previous 12 months.
stocks
1,176
136
60
160
Pennsylvania butuminous
in
were
613
57
174
Ohio
yet available.
January
1,993
Kansas and Missouri
Western
1,529
...
1,046
307 •
The announcement had the following further to say: ,v
United States deliveries totaled 12,760 tons in January, 1941, against
409
406
138
Georgia and North Carolina
3,275
Thailand
Avge,
(f)
293
Arkansas and Oklahoma
Colorado
5,764
5,267
318
1923e
3
357
—
Alabama
9,865
4,265
Nigeria
1929
1939
6,845
Netherlands East Indies
Week Ended—
Stale
January
January
in January and 6,600
February a year ago.
The world's visible supply of tin,
including the usual carry-overs, totaled
44,107 tons at the end of February, which compares
with 44,719 tons a
month previous.
Tons
Straits tin for future arrival was:
World
;at
production of tin
in January, 1941, is estimated
March
1940, according to the current issue of
the "Statistical Bul¬
which is
controlled by the International Tin Research and Develop¬
ment Council, London.
The exports from the countries sig¬
letin"
published by the Tin Research Institute,
at
International Tin Agreement, and the position
the end of January, 1941, is shown below in long tons
of
tin:
natory to the
Feb.
Feb.
28
March
3
March
4
March
...
5
Chinese
June
50.750
50.250
51.000
50.875
50.750
50.250
50.875
50.750
50.250
51.000
51.000
50.750
50.500
51.000
—.
1
March
Ma ji
50.875
51.000
27..
April
51.000
17,500 long tons, compared with 15,100 tons in January,
51.000
50.750
50.500
50.750
50.500
51.000
51.000
tin,
99%, spot,
Feb. 28, 50.375c.;
March 5, 50.750c.
was
nominally
as
follows
Feb. 27, 50.250c.;
March 1, 50.500c., March 3, 50.625c.; March 4, 50.750c.;
Straits
Electrolytic Copper
Dom.,Refv. Exp., Rely.
Zinc
Lead
Tin
New York
New York
St. Louts
V
St. Louis
7.25
10.450
51.175
5.65
5.50
28...
11.775
10.450
51.250
5.65
5.50
7.25
March
1.—
11.775
10.475
51.250
5.65
5.50
7.25
March
3...
11.775
10.450
51.250
5.75
5.50 + 5.60
7.25
March
4.—
11.775
10.450
51.250
5.75
5.60
7.25
March
5—
11.775
10.450
61.250
5.75
5.60
7.25
Average..
11.775
10.454
51.238
5 70
5.542
7.25
Feb.
27-.
11.775
Feb.
Domestic copper
Average prices for calendar week ended March 1 are
St. Louis
tin, 51.696c.; New York lead, 5.650c.; St. Louis lead, 5.500c.
zinc, 7.250c.; and silver, 34.750c.
The above ouotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the 'rade, domestic copper prices are quoted on a delivered basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
the figures shown above are net
foreign
On
prices at refineries on the Atlantic seaboard.
owing
business,
to
the
War, most sellers are
Quotations, for the present
European
restricting offerings to t.ajf. transactions, do lar basis.
of doing business.
A total of .05 cents is deducted
from f.a.s. basis (lighterage, Ac.) to arrive at the f.o.b. refinery quotation
reflect this change In method
Due to the European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Feb. 27, spot, £2643^,
three months, £2623^; Feb. 28, spot, £266, three months,
£265March 3, spot, £264, three months, £263%; March
4, spot, £265, three months, £264; and March 5, spot,
£266%, three months, £266%.
of March 6 reported that steel bookings
February were from 10 to 25% above those of January,
having run considerably ahead of production and shipments,
resulting in further building up of backlogs and extension
of deliveries.
The "Iron Age" further stated:
The "Iron Age"
It Is diffi¬
because indirect
defense work Is not always easily determined, but it is indicated that, in¬
cluding British and Canadian requirements, preference orders are running
buying Is for defense work.
An Increased amount of current
cult
companies to make reliable estimates
the steel
for
from 35 to 40% of new
bookings.
deliveries now promised
In plates and
which backlogs are heaviest In relation to capacity, third quarter
is now difficult to obtain and quotations are quite commonly
Except where preference ratings are exercised,
from July to November on a good many products.
range
sheets, in
shipment
for October and November.
The products on which there are the most severe restrictions so far as
consumers
are concerned
are the nickel steel
alloys, Including
civilian
though not officially an¬
stainless, in which a modified form of priority,
nounced, is in effect.
,
„
,
curb on
slow up the
rolling processes.
Nearly all mills are trying to cut down the size of orders
and to postpone shipments where the customer will not be inconvenienced
thereby.
On bars, sheets and some other products they are placing a
companies are utilizing every possible method to keep a
Steel
buying and to discourage specifications that tend to
excess
limit of three tons of one size and grade to
minimum
that
avoid the lost time
in the handling of small orders.
occurs
steel have
therefore they
complicating situation is the fact that many consumers of
A
received
need
more
business
steel than
more
they themselves anticipated,
than
they had originally purchased,
capacity
President Roosevelt's comment on the Gano Dunn report of steel
civil as well as military,
that there Is ample steel for all requirements,
voicing, but the
coincides with the belief that the steel industry has been
congestion of orders borders on Indigestibility and the pressure for
delivery is often too acute.
February Pig Iron Output Drop3 Slightly
The
In
"Iron
Age" in its issue of March 6 reported that
production of coke pig iron in February totaled 4,197,872
net tons, compared with 4,663,695 net tons in January.
Daily output in February dropped slightly from that in the
previous month, or from 150,441 tons to 149,924 tons in
February.
The operating rate for the industry, based on
the capacity as of Dec. 31, 1940, of 157,542 net tons a day,
was 95.2%, against a revised figure of 95.5% for January.
There were 202 furnaces in blast on March 1, operating
at the rate of 148,555 tons, a day, compared with 205 on
Feb. 1, making 152,040 tons.
The United States Steel
Corp. took one furnace off blast, independent producers
took two off and ble w in one furnace, and one merchant
furnace
was
blown out.
The furnace
the recently rebuilt
was
Steelton
Among the furnaces blown out or banked were: Lacka¬
wanna A and Cambria K, Bethlehem Steel Co.; Ohio No. 6,
Carnegie-Illinois Steel Corp. and Anna, Struthers Iron <fc
Steel Co1 -+':;v •^^v.^^■..;.v;i§.::■;>;^jfM
OF
do not
consumers
of second
ment
at
seem
may
Important than price, steel
greatly concerned over delay in the announce¬
to be
quarter prices,
Pittsburgh, which
COKE
PIG
undoubtedly caused by wage conferences
Opinion in the
reach a conclusion this week.
industry is that, if a wage increase is granted, it will be much less than the
10%
by the
advocated
not more than
Committee, possibly
Organizing
Workers
Steel
5%, and that there will be no horizontal increase in prices.
Production of steel is being pushed upward as rapidly as
possible, despite
interruptions caused by last week's strike at Buffalo and equipment stop¬
pages
for
risen
With the Pittsburgh and Chicago districts, which account
for repair.
more
and with
a
than 44% of the country's
some
dangerous position.
more
In several
At Detroit nearly all prices, excepting on
is harder to get.
scrap
Steel scrap is stronger at
primary steel grades, have advanced sharply.
$20.17
Differentials for various grades
which is 17c. above its recent low point.
worked out by the Price
Stabilization Division of the National Defense Commission and submitted
steel mills and others for comment, which must be received by
to dealers,
next
If there are no serious objections to the schedules worked
Saturday.
out, the Price Stabilization Division will announce these
differentials soon
thereafter.
THE 4 IRON
TONS;-;.
COMPOSITE PRICES
AGE"
Finished Steel
March 4, 1941, 2.261c. a Lb.
Ferromanoanese y
Pig Iron x
1940
1941
One month ago
One year ago..
(Based on steel bars, beams, tank plates.
wire, rails, black pipe, sheets, and hot
..—.2.261c.]
One week ago.....
1940
1941
has
In six districts operations are at 100% or higher.
Scrap appears to be in a much
areas
capacity, operating this week at 100%
smaller districts at above that figure, the industry rate
point to 98%.
FERROMANGANESE
AND
IRON
NET
early
■.
situation where delivery is much more
of scrap and for geographical districts have been
E Bethlehem Steel Co.
PRODUCTION
a
Chicago, and the "Iron Age" scrap composite price has advanced to
blown in
in
in
11.804c.; export copper, f.o.b. refinery, 10.433c.; Straits
f.o b. refinery,
8; 1941
Bookings Heavier in February, Resulting
Larger Backlogs and Extension of Deliveries
Steel
J." QUOTATIONS)
DAILY PRICES OF METALS ("E. A M.
seaboard.
March
The Commercial & Financial Chronicle
1508
....
2.261c.I
2.261c.I
February
rolledstrlps.
These products represent
85% of the United States output.
4,197,872
March
April—.i———
May
3,513,683
3,818,897
—
June
Half year
...2.261c,
Jan.
2.286c.
Jan.
2
3
2.211c.
1939
2.236c.
Apr. 16
May 16
1938
2.612c.
Oct.
1937
2.512c.
May 17
Mar.
9
2.211c.
44,973
44,631
33,627
1940
43,384
35,337
4,032,022
3.311,480
3,270,499
3,137,019
4,663,695
43,240
38,720
46,260
2.249c.
Jan.
1936
2.249c.
Dec. 28
2.016c.
Mar. 10
1935
January
2.062c.
Oct.
1
2.056c.
Jan.
8
2.118c.
Apr. 24
1.945c.
Jan.
2
1.953c.
Oct.
3
1.792c.
May
Sept.
6
1.870c.
Mar. 15
1.883c.
Dec.
H iff ft
21,083,600
261,208
July——.—————
4,053,945
43,341
1932——.
August
4,238,041
37,003
1931
1934
1933
4,176,527
V 33,024
32.270
...
December.
Year
Jan.
7
1.962c.
Dec.
May 28
2.192c.
Oct.
4,547,602
35,666
473,667
—2.236c.
———
4
2
29
Pig Iron
These totals do not Include charcoal pig Iron,
DAILY AVERAGE PRODUCTION
y
Included In pig Iron figures.
OF COKE PIG IRON
One month ago
One year ago
1940
1941
ci--Vs;• "vV
^
(Based on average for basic iron at Valley
—$23.45(
furnace and foundry Iron at Chicago,
23.45
Philadelphia,
Buffalo,
Valley,
and
22.61 (
Southern Iron at Cincinnati.
—.
LOW
High V.
Dec. 23
$23.45
1940
1939
;
9
29
March 4, 1941, $23.45 a Gross Ton
One week ago
x
13
18
31,155
46,948,906
———
Jan.
2.192c.
1929
4,403,230
October
.1.981c.
1930
4,445,961
September
November...
—1.915c.
Low
Jan.
$22.61
Tons
150,441
149,924
%
Capacity
95.5
Net
Tons
2
>
85.8
68.9
127,297
118,844
19.61
July
6
Mar.
9
20.25
Feb.
16
Nov. 24
18.73
Aug. 11
1938
Capacity
130,061
114,189
105,500
104,567
113,305
Sept. 12
June 21
1937
%
20.61
1936
Net
Sept. 19
22.61
1939
78,596
...
95.2
April
May
June
Half year
—
...
1935
Nov.
5
17.83
May
14
May
1
16.90
Jan.
27
86,516
1933
Dec.
5
13.56
Jan.
68.6
76,764
1932
Jan.
5
13.56
Dec.
6
74.8
62,052
1931
Jan.
6
14.79
Dec.
15
83.9
79,089
1930
18.21
Jan.
7
15.90
Dec.
16
1929
February
March
18.71
May
14
18.21
Dec.
17
76.1
77,486
75.1
:
82,407
Steel
July
August
3
Scrap
130,772
136,711
86.3
90.4
96.096
September
139,218
92.2
107,466
One month ago
20.17
One year ago
16.71
......
....
—
.
85,130
October
143,418
94.8
131,061
November
146,774
97.1
142,407
94.4
136,146
on
No.
1
heavy
melting
stee
quotations at Pittsburgh, Philadelphia,
$20.08
138,877
December......
Based
March 4, 1941, $20.17 a Gross Ton
One week ago
and Chicago.
Low
Hiffft
11
1941
MERCHANT
IRON
127,912
84.4
96,760
MADE, DAILY RATE—NET TONS
$22.00
7
$20.00
Feb.
21.83
Dec.
30
16.04
Apr.
9
22.50
Oct.
3
14.08
May
16
15.00
Nov. 22
11.00
June
7
21.92
Mar. 30
12.92
Nov. 10
17.75
Dec. 21
12.67
June
9
1935
—
1940
1939
Year
Apr.
29
1938
-
1937
1941
1940
1939
1938
20,812
21,254
16,475
14,773
11,760
11,875
11,911
10,025
13.656
9,529
16,521
13,662
16,619
17,395
17,571
12,648
October
18.694
16,409
November
22,792
19,779
16,642
14,793
16,912
10,266
17,541
12,280
January
February
Man&—————————
April
May—
-
-
June
-
—
July
August
September
December
-
1937
1936
—
Jan.
13.42
Dec. 10
10.33
1934
13.00
Mar. 13
9.50
Sept. 25
9,916
18,039
18,496
1933
12.25
Aug.
8
6.75
Jan.
9,547
18,432
1932
8.50
Jan.
12
6.43
July
16,259
1931
11.33
Jan.
6
8.50
Dec.
7,883
9,266
7,203
8,527
6,020
9,404
11,225
6,154
10,793
3
5
29
21,821
1930....—.
15.00
Feb.
18
11.25
Dec.
9
1929
17.68
Jan.
29
14.08
Dec.
3
7,408
12,550
17,774
21,962
19,971
22,473
nounced
12,095
21,224
—
..
The American Iron and Steel Institute
that
on
March 3
an¬
telegraphic reports which it had received
indicated that operating rate of steel companies having 96 %
of the steel capacity of the industry will be 97.5% of capacity
Volume 152
for
the week
one
week ago,
The Commercial & Financial Chronicle
beginning March 3, compared with 96.3%
96.9% one month, ago, and 64.6% one year
ago.
This represents an increase
from the
preceding week.
of 1.2 points, or 1.2%,
Weekly indicated rates of steel
operations since Feb. 5, 1940, follow:
<
1940—
Feb.
1940—
5
Feb.
12
71.7%
68.8%
67.1%
65.9%
64.6%
64.7%
§2.4%
60.7%
61.7%
61.3%
60.9%
60.0%
61.8%
65.8%
70.0%
Feb. 19
Feb. 26
Mar.
4
Mar. 11
Mar. 18
Mar. 25
Apr.
1
Apr.
8
Apr.
15
Apr. 22
Apr. 29
May
6
May 13
July
1
July
July
15
July
1940—
May 20
May 27
22
June
June
82.5% Dec. 16
76.9% Sept.
9
91.9% Dec. 23
Sept. 16
92.9% Dec. 30
10
June
2
3
17
80.3%
84.6% Sept. 23
87.7% Sept. 30
7
86.5% Oct.
June 24
74.2%
86.4%
86.8%
88.2%
90.4%
90.5%
89.5%
89.7%
91.3%
8
July 29
Aug.
5
Aug. 12
Aug. 19
Aug. 26
Oct.
21
Oct.
28
Nov.
96.8%
80.8%
95.9%
1941—
92.5%
6
92.6% Jan.
94.2% Jan. 13
14
Oct.
94.4% Jan. 20.—
94.9% Jan. 27
3
95.7% Feb.
4
Nov. 18
96.0% Feb. 10
96.1% Feb. 17
96.6% Feb. 24
Nov. 25
99.6% Mar.
Dec.
2
Dec.
9
96.9%
96.0%
Nov. 11
3
being imposed
are
several items inside and outside the steel industry, with
changes in the
key items
rapid, steel
more
rationing regulations.
so
forcing bars
firmer than usual.
are
by producers.
Concrete rein¬
So-called concessions
on
pig iron are
where producers, usually steelmakers, never advanced $1 in the first
cases
place.
•'V-
'
'
The present acute situation in nickel may be
production becomes effective.
substitution.
Relief
cleared in June when
may come even
earlier
new
result of
as a
Other nickel capacity now under construction will be ready
enough to take care of the aircraft engine and
shell production peak slated for them.
Business has been booked
month
is
omitted in
fast in recent months that often
so
Thus
delivery promises.
a
an
entire
mill suddenly awakens
that, say, June bookings are at least double what can be produced that
month.
Accordingly
July delivery promises
no
the next booking month.
made, August being
are
;'y,:
.
Became of shortage of zinc, makers of galvanized pipe usually insist that
of black pipe accompany
few instances of improving deliveries is
fabricators
are
a
galvanized order.
One of the
fabricated structurals, where many
;.Vy,,
catching up on schedules.
Large companies often farm out open-hearth production to small makers
whose furnaces are not yet fully engaged.
there is
a
Often where idle furnaces exist
lack of pig iron or scrap.
Automobile production for the week ended March
far is fairly free of Government
No one, however, can foresee what the future may
extras being
on
However, merchant pipe in the re-sale market is
few centers despite warnings
certain tonnage
Though priorities in varying degrees of completeness
on
a
in 18 months, believed early
97.2%
98.5%
96.5%
97.1%
96.9%
97.1%
94.6%
96.3%
97.5%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on March 3 stated:
status of
Shading of prices is exceedingly rare, even concessions
entirely past history.
still cut in
1940—
..73.0% Sept.
1509
1 is scheduled to drop
2,690 units to 126,550, comparing with 100,855 for the corresponding week
bring about.
Among items now regulated are aluminum, magnesium,
zinc, steel structural shapes, steel plates, stainless steel, commercial air¬
of 1940.
craft, machine tools, each being subject to special regulation.
up
With all
consumers
by
now
aroused, orders break all records in volume.
Steel production gained
2 points to 9634 % of capacity last week, making
Pittsburgh gained 134 points to 96,
exactly the previous week's loss.
Chicago 334 points to 99, Cleveland 1 point to 8534, Cincinnati 234 points
A leading independent with large variety of
products reports that the short
to 97
February has reflected
changed were eastern Pennsylvania at 95, Wheeling at 88, Buffalo at 90 >4.
the best.
Sales
are at
an
all-time high on sales, while shipments are among
around
Birmingham at 100, New England at 92 and St. Louis at 93.
150% of capacity.
have
sales
on
built
inventories
up
despite
precautions
against
over¬
Consumers, holding larger inventories, and
observing shipments from mills coming through fairly smoothly, should
henceforth be less insistent to buy.
evident that civilians must resort to "ersatz" materials,
more
which may not necessarily be inferior to the originals.
consumers' goods
such
aluminum, zinc and nickel
Certain
Several makers of
have already announced shortening of lines of models,
refrigerators, especially where
as
$56.60 and steelworks scrap at $19.91.
steel at $38.23, finished steel at
of producers.
part
It becomes
for last week were unchanged, iron and
All of "Steel's" price composites
There is possibility of an impending falling off in orders, partly because
consumers
automobile
are
scarce
non-ferrous metals, such as
might become
makers,
scarce.
ingot production for the week ended March 3, it
Steel
placed at 97 H % of capacity, according to the "Wall Street
Journal" of March 6.
This compares with 96% in the
foresight,
using
long
had
Many are therefore in
a
ago
U.
planned
position to adjust them¬
selves to the present situation without undue difficulties.
Steel is estimated at 9634%, against
S.
weeks.
independents
Leading
credited
are
The following
Often consumers
the nearest corresponding week
approximate changes, in points, from the
such
as
chromium
and
molybdenum,
lest the sub¬
+ix
1940----------
65 X
—IX
62
1939———.
MX
+1H
52 X
1938
30
1937
86
+1
than
ever
82
1936
56
+1
1935
48 X
47H
Sheet demand
1934
48
mill and warehouses, with makers of army truck bodies
1933
15
1932
26 X
1931
54
+1
1930
76
—3
up
on
Auto¬
First steel
1942 model steel.
earlier
before, if present plans materialize.
One of the greatest runs recently has been on steel sheets where earliest
delivery is often September, with July sometimes possible.
con
picuous buyers.
so
mild
a new
quarter's steel prices, about to be announced,
1929
94
+
nor
Week with the
rent
Federal Reserve Banks
approximately $6,440,000,000,
a
decrease of $100,000,000
'for the week.
The statement in full for the week ended March
5 will be
1544 and 1545.
Changes in member bank reserve balances and related
items during the week and year ended March 5,1941, follow:
pages
Increase
yy-'vA:
(+)
or
Decrease (—)
Since
■
Mar. 5, 1941
Feb. 26.1941
Mar. 6, 1940
ber
U. S.
—1,000,000
—1,000,000
Government securities, direct
advances
(not
16,000,000 commitments,
Other Reserve bank credit.........
43,000,000
Total Reserve bank credit.......
2,237,000,000
22,237,000,000
ASSETS AND LIABILITIES OF
IN
Treasury currency
.......
3,103,000,000
Member bank reserve balances
14,136,000,000
8,805,000,000
Treasury cash
2,192,000,000
Treasury deposits with F. R. banks.
391,000,000
Money In circulation...
+15,000,000
+18,000,000
+14,000,000
—278,000,000
+ 58,000,000 + 4,017,000,000
+ 2,000,000
+119,000,000
—39,000,000 +1,769,000,000
+ 80,000,000 +1,324,000,000
—12,000,000
+23,000,000
—166.000.0J0
—145,000,000
2,052,000,000
:yReturns
of
Below is the statement of the Board of Governors of
the
for the New York City member
banks and also for the Chicago member banks for the'cur¬
—3
92
+ 1
77
+i
85
+3
97
+ 1
+
99
+2
X
X
+
of the mem¬
the coming
WEEKLY REPORTING MEMBER BANKS
RESERVE CITIES
Chicago
——New York City—
Mar. 5, Feb. 28, Mar. 6, Mar. 5, Feb. 26,
1941
1941
1940
1941
1941
y
Assets
Loans and
3,159
10,776
3,100
8,894
2,953
$
2,690
720
2,022
91
1,989
89
1,664
117
348
332
165
166
111
29
393
111
23
390
158
1,516
2,888
10,843
Investments—total..
Loans—total
—-
Industrial and
agricultural loans.........
?
$
$
1'
Mar. 6,
1940
8
■
2,318
564
512
21
505
22
387
18
482
35
35
33
159
55
55
63
112
30
369
20
1
76
2(*
1
77
....
4
Open market paper
Loans to brokers and dealers..
purchasing or
„0
carrying securities.........
>
Real estate loans...
Loans to banks.............
Other loans................
Treasury bills................
Treasury notes...............
United States bonds...
Obligations
..
2,608
715
Commercial,
Other loans for
#
guaranteed
by
147
1,523
2,901
4
1*
49
190
710
510
149
438
152
362
162
2,473
777
772
740
1,589 'f 1,263
1,5251,305
6,729 ^ 6,198
87
75
102
f 80
342 J
364
126
408
939
36
272
43
125
406
1,035
41
275
43
150
340
898
16
234
49
2,054
509
96
1,759
502
83
the
United States Government...
Reserve with Fed, Res. banks
...
1,597
1,516
6,756
82
Balances with domestic banks..
99
344
Liabilities—
Time deposits....
...
U. S. Government deposits
11,007
751
14
10,985
749
16
8,977
650
44
2,040
509
96
3,947
3,907
571
3,503
665
1,049
Inter-bank deposits:
^
Domestic banks............
Foreign banks.....
......
587
Borrowings
....i.—■■v.:..--•
308
Other liabilities
...
302
288
1,510
1,506
1,492
7
-----
13
266
13
265
911
7
1,058
7
----
:
—
16
| 247
»
Member Banks in New York City and
Reserve System
+4
70
+19,000,000 +1,075,000,000
Chicago—Brokers' Loans
Federal
56
—3X
(In Millions of Dollars)
Capital accounts....
Non-member deposits and other Fed¬
eral Reserve accounts....
—4
88 X
X
CENTRAL
'
,
Demand deposits—adjusted....
Gold stock
—2
26
—2,000,000
8,000,000
Mar. 5)
+2
15X
X
+1
51
Other assets—net.............
including
—
Monday:
Cash In vault
—293,000,000
2,184,000,000
and guaranteed
Industrial
+1
49
X
week, issued in advance of full statements
banks, which will not be available until
Other securities...............
2,000,000
Bills discounted.--.
61
...
+1
82
+2
91X
1927
During the week ended March 5 member bank reserve
balances decreased $39,000,000.
Reductions in member
bank reserves arose from increases of $80,000,000 in money
in circulation, $23,000,000 in Treasury deposits with Federal
Reserve banks, and $19,000,000 in non-member deposits
and other Federal Reserve accounts, offset in part by
increases
of
$58,000,000 in gold stock, $14,000,000 in
Reserve bank credit, and $2,000,000 in Treasury currency,
and a reduction of $12,000,000 in Treasury cash.
Excess
reserves of member banks on March 5 were estimated to be
on
51
+1
82 H
Neither consumers
+3
—IX
30
89
53
27X
X
+
—1
59 X
+1
—
+ 1X
68
1
+2
+1
52
+1
—IX
1928
present.
_
30
producers seem to
at
for future supplies transcend interest in prices.
found
.....
price announcements extensively, so greatly does desire
as
discuss pending
The
1941.
,
Seldom has interest in
been
98
41
These will be chromium plated.
already loading
are
permeates both
Independents
+ 1)4
—-2
MX
for May and first models will be announced in June,
are
U. S. Steel
97 X
models in place of die castings.
releases
week immediately preceding:
Industry
Considerable tonnage of steel stampings will be used in 1942 automobile
makers
•
will themselves
become scarce.
mobile
compared with
of previous years, together with the
with
some concern
98%,
table gives a comparison of the percentage of production
of alloy steels are giving considerable latitude to steelmakers by specifying
There is
95% in the two preceding
with
9634 % iu the week before and 97% two weeks ago.
first, second and third preferences.
materials,
The "Journal"
previous week and 96^ two weeks ago.
further reported:
involved.
alternate analyses and steels for use when one alloying material or another
stitute
Un¬
Detroit fell 3 points to 95.
34 and Youngstown 7 points to 97.
Complete
Returns
Reserve
As
of Member
Banks of the Federal
System for the Preceding Week
explained above, the statements of the New York and
Chicago member banks are given out on
Thursday, simul-
taneouslykwith 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.
.7;V'/+
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 Feb. 26:
holdings of United States Government bonds,
$77,000,000 in holdings of "Other securities," $199,000,000 in
increases of
balances
Federal
with
Reserve banks,
$274,000,000
in
demand
deposits adjusted, and $102,000,000 in deposits credited to domestic banks.
Commercial,
industrial,
agricultural
and
loans
$7,000,000.
increased
Loans to brokers and dealers increased $50,000,000 in New York City and
$60,000,000 at all reporting member banks.
Holdings of United States Government bonds decreased $78,000,000 in
New York City and $59,000,000 at
Holdings
of "Other securities" increased $64,000,000 in New York City and $77,all reporting member banks.
Demand deposits—adjusted increased $205,000,000 in
New York City,
'::>C^
Value
Exchange
on
$40,279,504,467
Feb. 28, 1941, there were 1,228
aggregating 1,454,709,059 shares listed on the
New York Stock Exchange, with a total market value of
$39,398,228,749, the Stock Exchange announced on Mar. 5.
This compares with 1,228 stock issues aggregating 1,455,212,004 shares listed on the Exchange on Jan. 31 with a total
market value of $40,279,504,457, and $1,236 stock issues
aggregating 1,440,945,199 shares on Feb. 29, 1940 with a
total market value of $46,058,132,499.
In making public the figures for Feb. 28 the Exchange said:
City and $102,000,000 at all reporting member banks.
A
total
net
borrowings
increase
(+)
Decrease
or
(—)
Since
Feb. 26,1941
■
■
Feb. 28,1940
Feb. 19, 1941
;:^:-^..-v':'*
Asseu^s:.:.
+ 69,000,000
+ 72,000,000
the market value of all listed
+ 7,000,000
—1,000,000
+60,000,000
455,000,000
—3,000,000
—23,000,000
+ 2,000,000
+ 47,000,000
—16,000,000
+200,000,000
5,227,000,000
319,000,000
„
Open market paper
this date was, therefore, 1.03%.
following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
stocks
on
In the
securities.
Other
a
loans
for
purchasing
carrying tecurltles
Loans to
36,000,000
banks
Other loans
.
.
a+7,000,000
1,748,000,000
Treasury notes
727,000,000
2,555,000,000
7,052,000,000
+ 80,000,000
+ 820,000,000
+ 583,000,000
—10,000,000
—17,000,000
United States bonds
—59,000,000
Treasury bills..
Obligations guaranteed
——--
.
........
Business and office equipment
Chemicals... .........
Electrical equipment
.
.
manufacturing
__
Farm machinery
by United
+345,000,000
+ 387,000,000
+1,613,000,000
+12,000,000
+ 50,000,000
+ 85,000,000
+369,000,000
+6,000,000
+ 77,000,000
+199,000,000
2,766,000,000
3,855,000,000
Reserve with Fed. Reserve banks..12,003,(K)0,000
States
Autos and accessories.-.-—..
Building
Government
Other securities
Market
Aver.
Price
Value
Price
259,381,126
3,142,549,803
537,133,585
447,847,835
273,698,663
5,255,624,693
1,377,979,342
562,235.321
Amusements.
Aviation.......
Aver.
Value
—13,000,000
or
Real estate loans
Jan. 31, 1941
Feb. 28, 1941
Market
brokers and dealers In
Loans to
member
$413,072,134. The ratio
market value of all listed
1940 New York Stock Exchange
total net borrowings amounted to
of these member borrowings to the
Commercial, Industrial and agri¬
cultural loans
relation¬
shares and their total market value.
—131,000,000
1,232,000,000
ratios will ordinarily exceed the precise
ship between borrowings on listed
+ 903,000,000
478,000,000
Loans—total
The ratio of
stocks on that
As the above figures includes all types of
1.02%.
therefore,
1941, New York Stock Exchange
amounted to $402,803,380.
+3,182,000,000
+ 967,000,000
26,450,000,000
9,495,000,000
Loans and Investments—total
was,
As of Jan. 31,
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Feb. 26, 1941, follows:
summary
Feb. 28,
of the close of business
member
member borrowings these
Time deposits decreased $12,000,000.
Jan. 31—Classification of
As of the close of business
$274,000,000 at all reporting member banks, and decreased $26,000,000 in
District.
New
stock issues
date
San Francisco
on
/'■
on
Stocks
Listed
these member borrowings to
Deposits credited to domestic banks increased $77,000,000 in New York
/•"'y.
:';
York Stock
Feb. 28, $39,398,228,749, Compared
♦
Stocks
Listed
of
Market
$32,000,000 in the Chicago District, $22,000,000 in the Boston District, and
the
retained for future adjustment.
1, 1934, hut they should be
As
000,000 at all reporting member banks.
has been
which matured prior to April
The notice also states that no present provision
made for the unpaid coupons
banks in 101 lead¬
$60,000,000 in loans to brokers and dealers in securities, a
represented
the claims for interest
and of
coupons
1941
8,
thereby..
with
ing cities shows the following principal changes for the week ended Feb. 26.
An increase of
decrease of $59,000,000 in
such
,
The condition statement of weekly reporting member
reserve
March
The Commercial & Financial Chronicle
1510
$
12.08
$
260.093,413
12.11
26.61
20.62
3,173,949,297
546,116,369
459,875,532
23.72
273,616,029
23.71
55.61
35.11
5,414,153,791
1,394,681,624
35.53
42.89
571.290,097
43.59
26.30
18.03
18.33
21.18
57.29
15.80
817,601,247
15.64
826,516,656
2,500,882,152
36,523,833
14,981,154
Financial
36.40
2,580,579.957
27.36
21.80
36,753,668
21.94
—
Foods
Garments
Balances with domestic banks
3,473,000,000
*
Liabilities—
Demand deposits—adjusted
23,431,000,000
5,454,000,000
356,000,000
Time deposits
U. 8. Government deposits
+274,000,000
—12,000,000
+2,000,000
+ 4,017,000,000
+164,000,000
—215,000,000
3.12
22.31
193,382,194
23.06
1,437,644,388
21.72
1.473,848,741
22.26
Mining (excluding iron)
Paper and publishing
1,367,156,220
406,393,759
3,525.566,246
23.12
1,368,890,711
407,857,800
22.62
18.78
18.34
3,586,551.602
18.66
2,931,659,126
2,091,050,142
320,825,917
91,855,826
25.48
25.96
Land and realty
Leather
-
Petroleum
9,253,000,000
Foreign banks
626,000,000
+102,000,000
+2,000,000
+1,168,000,000
—106,000,000
Borrowings....
Figures revised (Philadelphia District).
18.84
Textiles
-
21.43
2,974,072,998
2,169,248,060
327,754,833
89,818,538
3.84
7,353,723
4.00
2,280,119,869
244,584,839
Rubber
Ship building and operating
Shipping services a
Steel, Iron and coke
Tobacco
3.06
7,055,389
Railroad
Retail merchandising
Inter-bank deposits:
Domestic banks
a
15,270,147
187,049,356
Machinery and metals
530,000,000
Cash In vault
45.98
2,392.680,571
48.25
21.04
252,192,787
21.70
28.57
30.24
29.65
30.89
20.96
1,356,805,068
51.02
1,402,269,840
52.73
2,084,833,159
1,072,061,689
3,482,799,321
80,394,781
461,485,816
623,481,861
118,967,234
24.31
24.95
11.19
2,139,413,684
1,084.855,918
84.20
3.569,169,850
86.29
10.44
83,383,928
10.83
14.00
458,014,645
13.81
15.40
624,703,584
121,143,870
20.64
...
Utilities:
Additional Securities
Gas and electric
Liquidated by British
T. J. Carlyle Gifford, who as special agent
Gas
of the British
Treasury has been in charge of the sale of British-owned
securities in this
of
further
sales
market, stated March 3 that as a result
made
since
Feb.
1, 1941,
when
a
(operating)
and electric (holding)..—.
Communications.——
Miscellaneous utilities
U. S. companies operating abroad
Foreign companies
Miscellaneous businesses
released, the British holdings of the following
issues have now been liquidated in their entirety:
39,398,228,749
27.08 40.279.504,457
27.
was
Boston
Fork
Edison
Buffalo,
&
Hoe
Zellerbach
Eastern
Co.
National
Marshall
New
Corp.
$5
&
Co.
Power Corp
cum.
cum.
1st 5%
conv.
preferred.
Oct.
the Ex¬
Co.
California.
Inc., 3V2% debs., April 1, 1956.
s.
f.
Feb. 29..—
46,058,132,499
31.96
33.34
Mar. 30
46,694,763,128
32.34
Apr. 30
46,769,244,271
36,546,583,208
32.35
38,775,241,138
39,991,865,997
40,706,241,811
26.74
1,
July
31
Oct.
— —
31
31
—
—
Nov, 30
Dec
liquidated securities appeared in these
908, and Jan. 4, page 30.
31.50
30_
—_
30.29
Sept. 1, 1938,
Coupons of State of San Paulo (Brazil) 7% Gold
on
28.70
Oct.
:
31.31
Nov. 30
29.12
33.15
31
—
—
Dec. 31
25.26
27.51
28.00
41,491,698,705
28.56
42,673,890,518
41,848,246,961
41,890,646,959
29.38
28.72
28.80
1941—
47,440,476,682
47,373,972,773
45,505,228,611
33.11
Jan.
31.
40,279,504,457
27.68
31.79
Feb.
28—
39,398,228,749
27.08
46,467,616,372
32.37
Holders of State of
Pernambuco
(Brazil) 7% External
1, 1938, Interest at
Loan Due 1947 to Receive Sept.
$35 Coupon
Holders of State of Pernambuco (United States of Brazil)
7% external sinking fund loan due March 1, 1947, are being
that interest due Sept. 1, 1938, will be paid be¬
ginning March 3 at the rate of $4.55 per $35 coupon, upon
presentation to White, Weld & Co., special agents, 40
Wall Street, New York.
Unpaid interest coupons on this
issue, namely those maturing from Sept. 1, 1931, to March
1, 1934, inclusive, and Sept. 1, 1937, must remain attached
to the bonds for future adjustment in accordance with the
notified
,
Henry Schroder Banking Corp., New York,
July 31
Aug. 31
Sept. 30....
28.51
Rate of $4.55 per
14%
June 29
28.69
40,921,074,970
40,673,320,779
43,229,587,173
41,004,995,092
44,751,599,352
41,652,664,710
May 31
32.44
44,884,288,147
46,270,987,418
Aug. 31
Sept. 30
1946.
6Ys%, Feb. 1, 1954.
Remitted for Payment of
as
agent, is notifying holders of State of San Paulo
special
(United
Brazil) 7% secured sinking fund gold bonds
ex¬
ternal water works loan of 1926, that funds have been
remitted to it to make payment in lawful currency of the
United States of America on or after March 4, 1941, of
14%
of the face amount of the coupons due Sept. 1, 1938, amount¬
ing to $4.90 for each $35 coupon and $2.45 for each $17.50
coupon.
The acceptance of such payment is optional with
the holders of the bonds and coupons, but such payment if
accepted by the holders, must be accepted in full payment of
31
32.30
47,490,793,969
May 31
page
Bonds of 1926
$31.68
Jan.
46.081,192,347
Mar. 31
Southeastern Power & Light Co. 6% debs. A, Sept. 1, 2025.
Southern Ry. Co. Dev. & Cen. mtge. A 6%. April 1, 1956.
Standard Gas & Electric Co. 6% debs. B, Dec. 1, 1966.
of
$45,636,655,548
$32.96
$47,001,767,212
Feb. 28
Consolidated Edison Co. of N. Y., Inc., 3*4% debs., April
8,
Price
1939—
Consolidated Edison Co. of N. Y.,
Previous lists
Average
Value
31
Jan.
Japan, Imperial Government of,
Market
Price
Dec. 31
common.
of
Average
Nov. 30
common.
common.
June 30
States of
on
1940—
Apr. 29
Funds
price of stocks listed
1938—
Bonds
columns Feb.
average
■■"VUIWY-Yy.
Jersey Zinc Co.
Oil
the
two-year compilation of the total market
Market
preferred.
preferred.
conv.
common.
Stores, Inc.,
Field
Republic Steel Corp.
Standard
and
a
change:
common.
4*49o
Eagle-Piclier Lead Co.
First
give below
Co.
Niagara &
Commercial Credit
Crown
Co.
We
value
Stock8
American
J.
15.43
similar
All listed stocks
list
20.27
11.32
Decree of the Federal Government of Brazil dated Feb. 5,
1934, and modified March 8, 1940.
In accordance with this announcement the Committee
Floor Procedure of the New York Stock
follows
on
Feb. 28:
Exchange ruled
on
as
Volume
The Commercial & Financial Chronicle
152
That the bonds be quoted ex-interest $4.55 per $1,000 bond on March
3, 1941;
;
'■
That the bonds shall continue
"flat" and to be
to be dealt in
a
delivery
beginning March 3, 1941, must
Sept. 1, 1931, and subsequent coupons, with the exception of the
coupons due
Sept. 1, 1934, to March 1, 1937, inclusive; March 1, 1938, and
Sept. 1, 1938.
and the
public utilities from
The
than
The
Value
of
Bonds
Listed
New
on
the
are
1939,
York
Stock
Exchange Feb. 28 Below Jan. 31
gains
but
sharper
were
in
of
some
other industries.
the
foreign companies consist mostly of concerns operating in the Western
With
which partially
the
yielded 5%
The
or
4.4%.
an
average
Twenty-four of the total of 29 industrial groups
in which all nine listed companies made disbursements—a
this
has maintained consistently throughout the past
group
Dividend-payers
years.
total of 19 listed tobacco
in
other
some
of
17
numbered
groups
a
companies; 32 of 37 petroleum, 24 of 28 financial,
of
67
chemical companies.
size
of
payments,
56
In
showed
group
more.
group,
which
record
and
possible.
rise was
no
highest proportion of dividend-payers was in the business and office
equipment
five
explains how this
exception of "land and realty,"
return of less than
The New York Stock Exchange announced, yesterday
(March 7) that as of the close of business Feb. 28, 1941,
there were 1,292 bond issues aggregating $54,225,045,912
par value listed on the New York Stock Exchange with a
total market value of $50,277,456,796.
This compares with
1,292 bond issues, aggregating
$5|,139,182,757 par value,
listed on the Exchange on Jan. 31 with a total market value
of $50,374,446,095.
.;
■
In the following tables listed bonds are classified by
governmental and industrial groups with che aggregate
market value and average price for each:
1940
displaced each showed a higher yield in
which were
groups
in
the yield leaders; and the rise of the
among
industry and foreign companies to a more prominent position.
amusement
Hemisphere,
Market
1939/ the most significant changes
in
disappearance of the leather and boot manufacturers, the tobacco industry,
in settlement of Exchange contracts made
carry the
results
with
Compared
1511
the
largest
amounts
$329,970,300 dis¬
the
were
.
bursed
by 31 public utilities; the $243,977,637 by 56 chemical concerns;
$235,732,133
by
36
automobile and accessory
These
155
companies
accounted
577
payments made by all
Feb. 28, 1941
Jan. 31, 1941
Market
Aver.
Price
Value
Value
Price
$
$
U. S. Govt. (incl. States, cities. & etc.) 35,355,957,287 107.76
United, States Companies—
Amusements
47,087,115
______
_
Business and office equipmentChemicals
Electrical equipment manufacturing..
Financial
Foods
101.49
104.29
9,887,954
Building.
62.69
Land and realty
Machinery and metals
Mining (excluding iron)
$
35,473,749,895 108.12
97.51
14,048,024
20,428,753
19,214,825
80,722,158
26,961,761
55,272,054
229,148,954
Autos and accessories..
45,289,146
6,264,687
20,582,310
19,674,688
81,273,863
26.967,398
58,064,829
172,294,891
9,354,634
50,173,994
86.677,850
71,736,254
560.633,808
85.60
103.25
96.00
106.48
101.41
49,879,587 97.61
85,132,091 50.55
71,744,407 100.59
576,115,109 102.82
Paper and publishing
Petroleum
Railway operating and holding
104.38
96.66
106.60
102.74
104.29
51.47
100.58
Dividends
the
3,128,755,220 107.60
178,201,957 105.80
1,051,230,845 106.71
85,993,365 56.31
87,745,622 45.77
34,084,063 104.07
...
74.83
73,602,000 104.70
17,793,746 77.56
15,282,622 54.70
530,267,394 102.31
25,735,961 96.70
42,815,815 126.11
Utilities:
156,290,176 105.29
_____
U. 6. companies operating abroad.___
Miscellaneous businesses
Stock
York
New
higher in
1940 in 24
of the 29
Exchange have yielded
1930 to
years
Total United States companies
1,003,883,343 107.36
92,765,771 55.55
82,437,922 43.00
34,202,500 104.44
cos.
_____
(incl. Cuba and Canada).
1940,
inclusive.
And
an
cash
All listed bonds
40.77
12,912,496,720
1,234,217,297
753,982,183
40.70
92.72 50,374,446,095
93.05
75.82
56.37
value of all listed
common
New York Stock
as
of
57.64
New
The
shares.
Exchange Member Firms' Borrowings
$402,803,380
of Feb. 28 Totaled
York
The
of
total
lenders
Stock
Exchange announced
ber
firms
borrowed
money
United States,
the
in
national securities
Price
Average
Value
Value
Market
Price
banks,
from
companies
trust
The
close
31
Jan.
$46,958,433,389
47,471,484,161
48,351,945,186
48,127,611,742
48,920,968,566
Feb. 28
1
Mar.
Apr. 29
May 31
June 30
Aug. 31
31
Oct.
Nov. 30
Dec. 30
Apr. 30
91.56
May 31
92.92
June 29
92.08
93.15
88.50
Sept. 30
Oct. 31
90.79
Nov. 30
91.24
Dec. 31
business
of
Feb.
28,
aggregated
1941,
Jan.
49,678,805,641
31
92.86
New
close
business
of
Jan.
In
Feb.
$92.02
28
Listed
Stocks
Had Average
87.87
90.14
90.96
91.33
92.08
4.8%
Paid
1939—Dividends
in
on
rowed
and
compilations
Common
and
distributed cash
of
dividends in .1940 and common stocks yielded an average
5.7%—a record high for the past eight years, according to
the February issue of "The Exchange," monthly publication
of the Stock Exchange.
This return compares with an aver¬
includes
in
dividends
totals
the
as
well
market values
as
The article indicates that the
entire common stock list and
both
issues
the
those that did.
during the year.
that
did
not
pay
It is based on average
on
common
stocks
From the article we also
amounted
to
$2,098,952,388
$336,381,414, giving a grand total of
and
on
$2,435,333,802.
represents an increase of 13% over disbursements in 1939 and, except¬
The gains in
dividends roughly parallel the higher corporate earnings; the first 103 of
these companies to report for 1940 show an average increase of 9.1% in
ing
net
1937, is the highest for any of the past nine years.
income.
Dividends
were
6tocks listed
the
on
preferred
Yields
facturing,
building
These
as
the
of
$413,072,134
involved
in
the conduct
of
borrowings
only
money
from
borrowed
banks,
In addition, previous
time
on
trust
and demand
companies,
private
Jan. 31 figures were given in our issue of Feb. 8,
909.
The last detailed monthly compilation of the
Exchange, showing demand, time and total loans, appeared
in these columns Jan. 4, page 32.
The
page
and
SEC
Various
Amendments
Groups
to
Discussing
Securities
Act
of
Possible
1933
Securities and
Exchange Commission made known
currently engaged in discussions with
various groups looking toward amendment of the Securities
Act of 1933.
One of the suggestions under consideration
by the Commission is that some attempt be made to avoid
the necessity of meeting the full registration requirements
Feb. 27 that it is
offer
or
the
and
Securities
sale
of
Act
of
interests
1933
in
in
connection
with
the
various
employees' pension
Concerning this recommendation,
profit-sharing plans.
the SEC said:
The matter is
one
which has
given'the Commission
some concern, par¬
ticularly in view of the familiar abuses to which such plans
have
upon
occasion been subject; and the Commission is anxious to devise a procedure
while relieving sound
which,
retain
the
and
safeguards of the Act in those situations in which employees
might be in need of protection.
interested
honest plans from undue burden, will
The Commission invites suggestions from
parties with respect to the type of amendment to be recom¬
mended to the
Congress.
♦
dividends
preferred issues to
This
with
:
loans
"spot" commodities, &c.
distinguished between
quote:
Cash
borrowings
bankers, brokers, foreign bank agencies or others in the City of New York.
under
yield of 4.8% in 1939.
yield figure applies to the
firm
compares
business, whereas the above amount also includes money bor¬
comprised
The
companies than
age
related only to
commercial paper,
on
92.72
Totaled $2,435,333,802
Stock
member
$402,803,380,
28,
making public the Jan. 31 figures, in the same form
93.05
Exchange listed
York
New
Exchange
Feb.
on
93.58
before in the history of the Exchange
More
ever
in the loan
as
92.84
Yield of 5.7% in 1940, Compared with
Preferred Stocks
same
31.
the security
93.84
York Stock Exchange
New
on
Stock
above, the Stock Exchange said
as
on
Common
York
92.48
50,374,446,095
50,277,456,796
31
compilation is exactly the
$402,-
"
report issued by the Exchange a month ago.
1941—
92.33
1940—
Jan.
31
July
Aug, 31
90.59
46,430,860,982
47,621,245,885
47,839,377,778
49,919,813,386
Sept. 30
Mar. 30
91.80
91.97
$49605,261,998
50,006,387,149
49,611,937,544
46,936,861,020
47,665,777.410
48,601,638,211
49,238,728,732
49,643,200,867
50,438,409,964
50,755,887,399
50,831,283,315
29
91.85
48,570,781,615
49,007,131,070
47,297,289,186
31
July
Feb.
$91.03
of the above
scope
other
and
excluding borrowings from other members of
:
compilations
1940—
March 3
on
exchanges, reported by New York Stock Exchange mem¬
the
of
as
Previous
1939—
this
dividends paid out in
borrowed, as reported by Stock Ex¬
change member firms, at the close of business Feb. 28, was
$402,803,380; this compares with $413,072,134 on Jan. 31.
The Stock Exchange, which in the past two months has
materially changed the form showing member firm borrow¬
ings, made known the Feb. 28 figures as follows:
Total
The following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Average
4.9% throughout
that the total of money
on
Market
listed on the
stocks
average
period aggregate $19,650,000,000—more than one-half the current market
76.01
12,950,937,921
1,234,124,798
736,436,790
50,277,45(5,796
Foreign government.
went
industrial groups.
common
803,380.
Foreign
which
and publishing, from $7,168,955 to $13,625,723,
paper
were
shipbuilding and operating,
year;
Looking at their long-range performance,
61.01
3,120,069,978 107.35
Textiles
Miscellaneous utilities
$28,574,866, and
1QS.76
Communications (cable, tel.& radio)
.
Steel, iron and coke
Tobacco
$1,605,152 to $3,975,875; the aviation industry, from $14,984,913 to
last
98.18
Gas and electric (operating)
Gas and electric (holding)
____
Shipping services
from $24,556,765 in
rose
from
$75,725,228
59.31
6,466,013,545
11,750,572
Ship building and operating
the following groups: the
to
107.25
86.24
total dividend
the
of
1939
98.09
6,398,466,972 60.50
11,328,893 72.63
73,769,750 104.94
18,840,293 82.12
15,326,310 54.86
544,683,487 101.54
25,725,880 96.67
41,739,495 123.52
Rubber and tires
50%
nearly
steel, iron and coke industry, in which payments
com¬
panies & equipment manufacturers.
Retail merchandising
for
companies.
The sharpest gains in dividends were made by
Aver.
Market
$190,-
manufacturers, and
730,351 by 32 petroleum companies.
were
paid during the year
groups
577,
or
69.6%, of all common
or 74.6%, of
issues.
highest in the following industrial groups: garment manu¬
amusement industry,
and
on
the New York Stock Exchange, and on 299,
foreign companies, finance,
automobile and accessory
all showed yields of more than 7%.
operating,
and
mining, ship¬
manufacturers.
SEC
Begins Study of Off-the-Exchange Trading by
Stock Exchange Members of Listed and Unlisted
Stocks
The
Securities and
Exchange Commission made known
Exchange Division
trading by stock
exchange members in stocks listed or admitted to unlisted
trading privileges on securities exchanges.
Particular em¬
phasis, said the Commission, will be given in the study to
the problems arising as the result of secondary distribution
by members of exchanges in the over-the-counter market of
stocks listed or having trading privileges on an exchange.
The study, the Commission added, will include the detailed
under date of Feb. 20 that its Trading and
has begun a study of off-the-exchange
The Commercial & Financial Chronicle
1512
examination of
number of such distributions and the cir¬
a
in
ticipations
March 8,
underwritten
registered
issues
1941
the
under
in
cumstances under which
Securities Act of 1933 and offered for sale during the year
follows:
of $1,620,317,000 covering 179 issues,
according to statistical data prepared by the Research and
they were initiated and completed.
Further details of the study were given by the SEC as
A questionnaire Is being sent to all members, partners of members, and
member firms of securities exchanges for information regarding their trans¬
actions during 1940 in the over-the-counter market in stocks traded on an
exchange.
The
and sales
effected
excludes information regarding purchases
questionnaire
by the reporting members in the
number of secondary distributions on
course
of
a
selected
which basic statistics have been
the aggregate amount
with participations by 374 firms
in registered underwritten issues offered during 1939 in the
amount of $1,325,426,000 for 159 issues.
The Commission
further reports:
re¬
By far the greatest proportion of participations consisted
with 77 such issues accounting for $1,267,341,000, or
of the exchanges.
phase of the general survey by the Trading and
Exchange Division of current problems in the securities markets, of which
the recent study
of the problem of exchange competition in "dually-traded"
stocks was a part.
in
7;$
■•vv.'
the
of the
nature
problems
encountered
by the
New
York
markets
It is expected to extend the study later to
over-the-counter trading in listed bonds and ultimately to an analysis
and the regional exchanges.
of the activities in
well
as
listed securities
of non-member brokers and dealers,
stock
common
stock and 5.9% for common stock.
for preferred
The five firms having the largest amount of
Harriman Ripley & Co., Inc., with $71,631,242:
Amendment
Issues—Minor
trial
to
Interlocking
Combined participations of these five firms, all located
with $59,679,991.
were
$363,440,997, equivalent to 22.4% of the total
Co. and Kuhn, Loeb & Co. ranked among
company
existence
Company Act prohibits
an
investment
registered under the Act from purchasing securities during the
an underwriting or selling syndicate if any principal under¬
of
writer of the issue is
officer
an
or
director
or
is otherwise affiliated with
A statutory exception is provided in the
the investment company.
the five leading firms in 1939.
writer, and the Commission is authorized to grant further exemptions by
rule
order.
or
today, relates to purchases by
an
investment
during the existence of a syndicate, of securities underwritten
company,
by an affiliated person of the company where the investment company,
though participating in the issue as an underwriter,
underwriter"
investment
The rule permits purchases by the
defined in the Act.
as
is not a "principal
under such circumstances, subject to a number of
company
safeguards designed to prevent overreaching on the part of the affiliated
persons
concerned and to assure that the transaction is carefully scrutinized
by those directors of the investment company who have no personal interest
In addition, the rule requires certain documents to
underwriting.
in the
be transmitted
to
the Commission so that the operation of the rule
in
b$ studied by the staff.
particular instances may
of the character described will commonly involve a
Since transactions
affiliated with
Rule N-17A-1 has also been adopted, exempting from the
the company,
17
of Section
(a)
of the Act transactions which conform to
Rule N-10f-l.
Rules N-lOf-1 and N-17A-1 are tentative and it is expected that they will
17
The latter section authorizes the Commission to
(d) of the Act.
adopt rules and regulations regarding underwriting and other transactions
injtwhich
an
company
are
any
issues in the aggregate amount of
This compared with
$851,333,221, equal to 52.5% of the total.
57.3% for the five leading firms in 1939.
While the
& Co., Inc.
the five largest managing firms in both 1939 and 1940, Bon¬
were among
bright & Co., Inc. and Kuhn, Loeb & Co. were among the first five firms
only in 1940, replacing Halsey, Stuart & Co., Inc. and Smith, Barney & Co.
which
were
among
the first five in 1939.
New York City firms, numbering 87, secured participations
to
$1,104,469,000,
or
68.2% of the total,
as
investment company and certain affiliated persons of the
joint participants.
The Commission has not yet adopted
rules under Section 17 (d).
The SEC announced
on
Proportional participations by these firms in 1940 eqauled 69.4% of the total
63.5% in preferred stock and 63.9% in
common
minor amendment to
a
stock, as com-
pzred with 65.5%, 61.7% and 74.2%, respectively, in 1939.
In the management
even
of underwritten issues, New York City firms had an
greater share of the total business, with such firms managing issues
aggregating $1,358,326,000, or 83.8% of the total in 1940, as against 75.9%
in the preceding year.
The proportion accounted for by these firms was
82.7% for bonds, 88.0% for preferred stock and 87.8% for common stock
in 1940, as compared with 73.9%, 85.3% and 83.2%, respectively, in
Out of the 377 firms which had participations in registered issues
These firms, al¬
1940, only 96 firms acted in the capacity of managers.
aggregating $1,212,576,000,
when managing firms
year
represented only 27.0% of the total number but obtained 69.0% of the total
amount of
participations.
The extent to which firms took participations
in issues which they man¬
aged is indicated by the fact that the 96 managing firms had aggregate par¬
total, while in 1939 the comparable figure was 23.3%.
of
manager
a
$10,000,000 issue tends to take
a
21.2% of the
or
In other words, a
participation of roughly
$2,200,000.
In addition to the 50
leading indivudal firms in New York City, for which
separate totals are shown in the tables, 37 other New York City firms had
aggregate participations of $12,326,000, or an average of $333,000 per firm.
date of such
stock by all firms outside of
♦
SEC Corrects
Misunderstandings Incident to
Transmission
to
Congress
Last Week of
New
Section of Investment Trust Study
The
Securities
and
Exchange Commission on Feb. 26
correcting certain misunderstandings
which have arisen with respect to the significance of Chap¬
ter VII of Part Three of its report on the study of investment
trusts and investment companies, transmitted to Congress
on
Feb. 25.
The Commission's release concerning this
chapter appeared in our issue of March 1, page 1351.
The
issued
a
these 37 firms secured 5.5% of all participations
common
For example
statement
percentage figures in 1939 were 10.3%, 1.7% and
only for the
abuses
to
described
1935
and
been prepared in draft form prior to the passage of
in
was
of completing the report
this
the report
chapter
was
not
occurred
submitted to the Congress
as
originally outlined.
The
in the period
1927
primarily
intended to indicate
that
these
abuses
persist in the industry today, or that the Investment Company Act of
of
investment
companies.
The
(Comparable percentage figures in 1939
in bonds.
29.5%
smaller
The
managing
firms
also
gers
(In 1939 the comparable percentages were 15.4%, 1.7% and 0.2%.)
outside of New York City accounted for 38.7% of the total common stock
managed by all firms outside of New York City, 9.5% of the preferred stock
and
of bond
0-7%
issues.
(In
1939
chapter,
therefore,
in
essence
1940 to Dec. 31,
1,
Oct.
Total
series.
statistical
1940, continuing the regular
participations
$657,857,000 covering 64 issues.
This
common
stock issues totaling $19,537,000.
managed.
for 78.2% of Total—New
Participations and Manage¬
Quarter Total $657,857,000 for 64
Issues
to
distributed among 27 bond issues
New York City firms accounted
7.'V
:
,
•.'•'\v
-
;v
SEC Amends Form Filed by Companies Reporting
to ICC
Announcement was made
on
March 5 that the Securities
Commission has adopted minor amendents to
12-K and 12A-K.
This action was described as fol¬
"V.;;
:\V;
;7
Commission on
Form A are permitted, in connection with reports to the Securities and
Exchange Commission on Forms 12-K and 12A-K, to file certain selected
Companies
is
to
in
lieu
the
in
ended
Dec.
any
which
revise
schedules
made
Exchange Commission announced
March 6 that during 1940. a total of 377 firms had par¬
quarterly
amounted
quarter
♦
Forms
Account
the
for 65.4% of total participations and 71.9% of the total amount of issues
lows:
York City Firms Led in
was
for
totaling $543,900,000, 20 preferred stock issues totaling $90,420,000 and 17
is
Reports 377 Firms Participated in Underwriting
179 Issues Aggregating $1,620,317,000 During 1940—
the comparable percentages were
37.4%, 25.4% and 2.6%.)
SEC
and
The
36 "other" managing firms (in addition to the 20 leading managing firms)
and Exchange
Securities
importance in the
In addition to the 20
and accounted for 10.2% of the total common stock managed by all
investment company industry in aid of its administration of the Act.
The
greater
New York City firms, 9.0% of the preferred stock, and 0-7% of bond issues.
Company Act of 1940, it has had the full and active cooperation of the
ment—Fourth
assumed
management of equity issues than of bond issues.
were
leading managing firms in New York City, 20 "other" firms acted as mana¬
The Commission emphasized that since the passage of the Investment
Issues
44.8%.
and 17.3%.)
historical.
Bond
York
New York City, 27.3% in preferred stock, and
1940 is inadequate or that any further legislation is necessary for the regula¬
tion
Similarly, the
Detailed underwriting date also are presented in this report for the three
Company Act of 1940 and
purpose
0.9%.)
City had participations equal to 40.5% of total participations in common
months
This chapter had
(Comparable
240 "other" firms (in addition to the 50 leading firms) outside of New
SEC statement of Feb. 26 said:
the Investment
by New York City firms in
stock, 1.0% in preferred stock and 0.8% in bonds.
13.9%
Certain
of total
relatively small firms, although accounting for only 1.1%
participations by New York City firms, had a considerably larger share of
participations in equity issues, as contrasted with bond issues.
exemption.
This
74.8% of total participations.
or
(c) of the Public U-tility Holding
Company Act of 1935, relating to interlocking directorates.
The amendment extends until Dec. 31, 1941, the expiration
date of the exemption provided in paragraph (h) of Rule
U-17C-1, in lieu of March 1, 1941, the present expiration
the rules under Section 17
1939.
during
though constituting only 25.5% of the total number, obtained participa¬
tions
These
Feb. 27
amounting
compared with 65.6% in 1939.
ticipations in their own managed issues of $344,179,000,
be revised from time to time In the light of experience under Sections 10 (f)
and
Inc., with $129,797,000, and Kuhn, Loeb & Co., with
These five firms, all situated in New York City, managed
$98,524,544.
closely patterned the record of the preceding
sale of securities to the investment company by a person
provisions
Inc., with $204,412,832; Dillon, Read & Co., with $181,292,203; Morgan
in bonds,
Rule N-10f-l, announced
the greatest amount of issuse was
The First Boston Corp., with $237,306,642: Bonbright & Co.,
follows:
Stanley & Co.,
case
the investment company is itself a principal under¬
of issues as to which
as
First Boston Corp., Dillon, Read & Co., and Morgan Stanley
explaining this action the Commission stated:
Section 10 (f) of the Investment
Boston Corp.,
Dillon, Read &
the first five firms only in 1940,
Barney & Co.
displacing Blyth & Co., Inc. and Halsey, Stuart & Co., Inc. which ranked
The ranking of the five firms managing
Exchange Commission announced on
Feb. 26 the adoption of two rules under the Investment
Company Act of 1940 relating to participation by investment
companies in the underwriting of industrial issues where the
investment company is not a principal underwriter.
In
Included
24.1% for the five leading firms in 1939-
the first five firms in both years were The First
Harriman Ripley & Co., Inc., and Smith,
among
Section
Directorates
The Securities and
Smith, Barney & Co., with
$69,946,350: Dillon, Read & Co., with $64,856,844; and Kuhn, Loeb & Co.,
among
Adopts Two Rules Relating to Participation by
Investment Companies in Underwriting of Indus¬
■
underwriting particpations
The First Boston Corp., with $97,326,570,
during 1940 were as follows:
This compared with
SEC
amounting to
issues
in New York City,
those of members of securities exchanges.
as
amounting to $252,849,000, or 15.6%, and
$100,126,000, or 6.2%.
In the
with 49 preferred stock issues
53
of bond issues,
78.2%, as compared
preceding year, the comparative proportions were 81.6% for bonds, 12.5%
recognition wiU be given In the current study to the differences
Full
This compared
Division.
ported regularly to the Commission through an arrangement with some
This study is another
Exchange
Research and Statistics Section of the Trading and
Form
31.
registrant
of
report
a
of
1940
the
the
The
schedules
Interstate
so
the
as
The
to
purpose
conform
Commerce
Commission
which notifies
Commerce
Interstate
complete Form A.
selected
A
to
will
of the amendments
to
certain
Commission
for
furnish copies of
Commission
of
changes
the
year
Form A to
the exact number of
Volume
copies required
needed.
It
is
1513
The Commercial & Financial Chronicle
152
and
the
of
names
the
expected that these
companies
forms
for
$22,200,000,000 total gold
The remainder of the Treasury's
they will be
which
will be available for distribution
delphia, Denver and San Francisco.
Printed
copies of the various other forms of the Interstate Commerce
Commission and the Federal Communications Commisson are available and
will
be
furnished
registrant
of
which
the
by
desires
Securities
and
Exchange
them
and
which
to
use
the exact number of copies which it will
Commission
notifies
require and the
to
names
Loaned
Banks
any
Last
Commission
the
7
More
than
ciation
Repurchase by ClosedTheir Own Out¬
Investment
On March 4 the Securities and Exchange Commission an¬
adoption under the Investment Company Act
N-23C-1, relating to the repurchase of tlieir
outstanding securities by closed-end investment com¬
panies registered under the Act.
At the same time the
Commission released a statement generally outlining its
the
of 1940 of Rule
policy with respect to such repurchases. The announcement
by the SEC said:
' '';'v7■,
7;77;7:7
. :'7 ■ V'/7;■
Under Rule
N-23C-1
possible for closed-end companies having
will be
it
simple capital structure, whose securities are not listed on any securities
exchange, to make certain small repurchases of a routine character on the
over-the-counter market.
The rule does not permit the purchase of listed
securities
the repurchase of junior securities by a com¬
the counter,
over
which has senior securities outstanding, the repurchase of securities
pany
the repurchase of more than 1%
of any class of outstanding securities in any month.
In addition, the rule
imposes certain safeguards, prominent among which are a requirement
that the asset value of the security repurchased be disclosed to the seller
from
affiliated
and
of the issuer,
persons
nor
requirement that monthly reports of repurchases under the rule
a
(3) of the Invest¬
Company Act, which authorizes the Commission to permit repur¬
either by general rule or by individual orders based upon applica¬
To date Commission action under this section has been exclusively
The
rule
new
ment
chases
tions.
N-23C-1.
Rule
entertain
such
makes
pointing out the narrow scope
the protection
Commission
the
that
continue
will
to
(3) and will issue
when consistent with the public interest
under Section 23
orders
for
individual
in
clear
it
cases
(c)
indicates that these banks
which
announcement,
They further reported that $274,441,414 of the $572,949,466
actually in use by defense goods suppliers on Dec. 31.
enlarging flow of defense orders is resulting in a
steadily growing number of loans, and subsequent surveys
will show a substantial increase over these figures," it was
was
"The
stated
by
D.
P.
of the A.
President
Houston,
A., in
B.
making this announcement, which continued:
The
their
indicated that the banks are making the great majority of
survey
defense
without
loans
requiring the assignment of
as
iaw.
Seventy-five
the
of
cent
per
Government
con¬
taking of this assignment is permitted by
security, although the
tracts
reported
loans
were
without
made
assignment of contracts while only 25% were made with such assignment.
for supplies
Loans
The
total.
other
In
for
commitments
reported 821
$196,997,728,
totaling
for the
accounted
and equipment
banks
195
construction
mitments
supplies and equipment
they
while
larger part of the
for plant facilities and
made
1,698
com¬
totaling $283,589,691.
totaling $92,362,047 in the,
lines of credit and advances used for capital purposes and
addition, they reported 677 commitments
of
form
open
capital
arising
requirements
of
out
expanded operations
7'\"7''
7'7'-(''7...
contributing indirectly to defense.
loans
The
"
of investors.
for
commitments
reported that they had commitments outstanding on Dec. 31
amounting to $572,949,466 on loans for defense purposes.
In addition, they reported negotiations in progress, "with
loan likely to result," on 570 loans totaling $112,235,733.
adopted pursuant to Section 23 (c)
applications
orders
and
was
The Commission's statement, in
by order.
of
be
.7
made to the Commission.
as
ciation's
own
a
of
dollars
reported to the American Bankers Asso¬
outstanding on Dec. 31, 1940, by 195 of the coun¬
was
try's larger banks, according to a sampling survey of defense
lending activity made by the American Bankers Association
released for publication on March 4.
Questionnaires were
sent to the country's 200 largest banks and replies were
received from 195 institutions in 79 cities, says the Asso-*
Companies of
standing Securities
nounced
Defense
American
by
Survey
to
billion
half
a
defense loans
SEC Adopts Rule Relating to
According
for
Billion
Half
Than
More
Year,
Bankers Association
of the
companies for which the copies will be needed.
End
Phila¬
holdings, it is stated, is scattered between New York,
by the end of March.
were
for
made
a
customers
7
defense goods, the
variety of
great
of
list of
items.
These include air¬
hardware, clothing, electrical equipment, Diesel engines, furniture,
precision instruments, lumber, metals, parachute silk, photograph equip¬
ment, pumps, shipyard equipment, trucks and many other things.
typical bank running considerably over 50
the
craft
InfluenceTof Defense Program on Business
Continues
Spread, Says National City Bank, Which Notes
as
Consequence Other Problems, Including Up¬
ward Price and Wage Trends
to
Pointing out that "the defense program continues to grow,
business of the country continues
and its influence upon the
to
National City Bank of New York, in its
Letter," continues, in part:
spread," the
March "Monthly Bank
which
has
almost
Without
doubt,
much
industry
every
and
will continue to
it
industrial and trade expansion,
expected, and
benefiting.
lift the business level, adding to
occupation
production, employment, and the demand for
the
As
program
and
industries
for
business activity have been
on
program
further than even the optimists
faster and
gone
which
from
the
of
It has stimulated a rapid
kind.
one
effects
the
Heretofore
all of
are
now
and allied
the
are
price and wage trends,
arising more acutely and causing more
priori¬
uneasi¬
non-ferrous metals have become a source of
industries using them for non-defense purposes,
which .will have to hear the brunt if needs cannot be Completely wet.
Establishment of priorities or sales restrictions in one market raises fears
in
certain
particularly
others,
and
of
the
in
which
modities,
in
unwarranted.
fears are
where
even
tension
Rising ocean freight rates
prices of imported com¬
Far East have given a lift to
despite
steadiness
in
domestic markets helps to keep
inflationary ideas alive.
become more pronounced.
Although the rise has been moderate thus far, demands for increases in
major industries, including steel, coal and textiles, are developing. . . .
Most business
observers believe that if an inflationary spiral develops
from the defense effort it is more likely to start from advancing labor
upward trend of wage rates seems likely to
The
costs
than
from any other
restrictions,
rise in
the
the
of
dangerous
but
country,
it
is
disturbance
news
of
is
commodity prices,
also
a
significant
capacities of
or
tribute to all the elements engaged in
...7 7;''..7-"7:
-
$9,055,884,651 of Gold from New York to
Ky., Increases Total in Vaults There
$14,579,591,387
Movement of
to
With
Knox,
the
removal
of
$9,055,884,651 of gold from New
vaults at Fort Knox, Ky., the total
housed in the vaults there is reported as $14,579,591,387,
according to Associated Press advices from Washington on
March 1.
The movement of the metal, by registered mail,
began last July, said the same advices, which stated:
Weighing about 9,000 tons, the gold was shipped with unprecedented
secrecy
aboard 45 special trains, guarded by postal inspectors, secret
York to the Treasury
service agents
and army units.
has
resulted
will show
surveys
in
centers
steadily
a
to
give
us
growing
their
substantial increase
a
number
defense
over
of
loan
loans.
figures.
Subsequent
these figures.
Kelly Declares New York State Bankers Associa¬
Is Opposed to Any Legislation Designed to
tion
Authorize Savings Banks to
Make Personal Loans
The
following statement was issued this week by One R.
Kelly, Chairman of the Committee on Legislation of the
New York State Bankers Association:
The New York State Bankers Association Is opposed to any
legislative
action which would authorize the savings banks In this State to engage
the
personal loan business.
In
An overwhelming majority of the Association's
membership subscribes to this position.
In
our
issue of March 1, page 1353, we
referred to
an an¬
by Myron S. Short, Chairman of the Legislative
Committee of the Savings Banks Association of the State
of New York, indicating that the savings banks of the State
are again seeking legislation to permit them to make personal
nouncement
loans.
+
the continuance
This is a reflection of the great
-7'7,,
Fort
industrial
larger
Since the banks assembled these figures for us, the enlarged flow of defense
77
business
the cost of living.
production.
statistical indication of the extent to which banks are
point.
of forward
buying on a scale even greater than before the turn of the year.
This
is a natural result of the conditions already cited.
Many observers had
believed, or at least hoped, that forward buying would subside by this
time and commitments be reduced to a replacement basis.
Buyers, how¬
ever/want their names on the books.
They show no tendency to shorten
up on commitments, but rather the contrary.
...
Considering what has been done, it is remarkable that disturbances of
business up to this time, through Government controls or otherwise, have
been not so many, but so few.
Producton already has had a vast increase,
26% since last April; construction, equipment manufacture, labor training
and other preparations for further increases are well advanced; a huge
forward buying movement involving substantial
inventory accumulation
has been supplied—and
all without development of major shortages or
feature
Another
the
in
orders
other effects, important both to individual
general problems they raise, are also appearing.
matters
Supplies
ness.
concern,
In order to get a
financing the defense program, we asked a representative group of banks
expands
Questions of commodity and labor supplies,
ties
represents a complete picture of the defense lend¬
ing of banks, which would require a survey of 15,000 insti¬
tutions."
He added:
O. R.
goods.
Mr. Houston stated that it "by
In announcing the survey,
no means
W.
Louis
Davis,
Member of System's Board of Governors—Bank
Reelects F. Guy Hitt as First Vice-President
McC.
Martin
Resigns
as
President
of
St.
Federal Reserve Bank—Succeeded by C. C.
William McC. Martin,
Bank of St. Louis, and
President of the Federal Reserve
connected with that bank since its
organization in 1914, retired on Feb. 28 under the pension
regulations of the Federal Reserve System. He is 66 years
old.
Simultaneously with Mr. Martin's retirement, it was
announced on Feb. 28 by Wm. T. Nardin, Chairman of the
Board of the St. Louis institution, that Chester C. Davis
has been elected to succeed Mr. Martin as President, for the
five-year term beginning March 1. It is also announced that
F. Guy Hitt has been reelected First Vice-President, also
for a term of five years from March 1.
Mr. Davis, who is 53 years old, has been a member of the
Board of Governors of the Federal Reserve System for the
past
five
From
years,
of
Division
the
and is also Director of the Agricultural
National
Nardin of the St. Louis Bank we
Mr.
Advisory Commission.
Feb. 28 by Chairman
take the following:
Defense
the announcement issued
on
Davis' selection for the Presidency originated
Directors in St. Louis and was prompted by the
of the bank
a man
rectors of the St.
position.
with the Board of
desire to have at the head
of outstanding ability and broad experience.
The Di¬
Louis bank were unanimous in choosing Mr. Davis for the
The election occurred, however, only after conference with the
Washington which today formally approved Mr.
Board of Governors in
Davis' election.
Mr. Davis has been a member of the Board of Governors
of the Federal Reserve System in Washington
for almost five
years.
He will
his
assume
new
duties in the
his present position.
up
his work here, he will, at the request
time to
a
his
Davis
business
of $1,000, $5,000,
born
was
career
near
1911
in
.
Linden, Iowa,
as
a
on
Nov. 17, 1887.
editor,
newspaper
• ' v
V,
•
He began
and served various
1925, when he became Director of Grain
Marketing for the Illinois Agricultural Association at Chicago.
From 1929
Vice-President of the National Cornstalk Processes,
to 1933 he was Executive
Inc., and the Maizewood Products Corp.
Early in 1933 he
was
trade conditions in Europe.
to survey
He assumed his duties
of the Board of Governors of the Federal
that year.
In 1939 he
was
as a
member
Reserve System on June 25 of
awarded the American Farm Bureau Federation's
Tenders
Mr. Davis has also performed important public service as a member of the
Reserve Banks and
of Washington,
of the
Industrial
Emergency Policy Commission of the National Emergency Council, and of
action in
the National Defense
at
During his period of service
Reserve
System,
Mr.
on
Davis has
the Board of Governors of the Federal
come
to
country as an outstandingly able member.
be recognized
Bank in cash
other
or
the sale or
be subject to estate,
v
.
as a
member of the
or
State, but shall be exempt from all taxation now or
the principal or interest
.
Bank
of
of
St.
417
Louis
Has
Membership
a
total
mem¬
bership of 417 banks after the Fayette County Bank, of St.
Elmo, 111., joined the Federal Reserve System on Feb. 28.
The deposits in these member banks, it is announced,
aggregate approximately $1,733,000,000, and amount to
75% of the deposits of ail commercial banks in the Eighth
(St. Louis) District. During the past 12 months, 20 State
banks and trust companies in the District have joined the
System. The Eighth District, which is served by the Federal
Reserve Bank of St. Louis and its branches in Louisville,
Memphis, and Little Rock, comprises all of Arkansas, all of
Missouri except the western tier of counties, the southern
portions of Illinois and Indiana, and the western parts of
Kentucky and Tennessee, and the northern half of Mississippi.
The Fayette County Bank, of St. Elmo, has a capital of
$30,000, surplus of $6,000, and total resources of $788,677.
Anna B. Whiteside is President and 0. O. Cryder, Cashier.
Tax
Exempt Joint Stock Land Bank Bonds,
Sold by First Carolinas Bank and Fletcher Bank—
Reoffering of Taxable Bonds Made by Fletcher
Bank—New Issue of First J. S. L. B. of New Orleans
The $850,000 issue of First Carolinas Joint Stock Land
Bank tax exempt bonds sold in January (see our issue Feb. 8,
912) has been recalled, because, it is understood, the
authorities objected to its being free of Federal taxes, in
view of the law passed last month subjecting, effective
Mar. 1, issues of the Federal Government and its agencies
to such taxes.
The bank, consequently, it said to have
abandoned the projected refunding which the new issue was
issue.
-
financed.
Another
sold by the Fletcher Joint
Stock Land
Bank, bearing 114% coupon also was recalled on a count of
its carrying a tax exemption provision, but in this instance
a reoffering was made of 1)4% bonds, on Feb. 21, at 100)4,
subject to Federal taxes, through Lee, Higginson Corp. and
issue,
Alex. Brown & Sons.
bonds dated Mar.
The Fletcher sale involved $1,600,000
1 and
Mar. 1, 1943.
v
Still another issue
maturing Mar. 1, 1946, optional
brought out last month, by the First
Joint Stock Land Bank of New Orleans, involving $500,000
bonds dated Sept. 1, 1940, was permitted to carry the tax
exemption feature because, it is understood, the call notice
published some time ago.
Of the total amount of this
issue sold, $100,000 bear )4% interest and mature Mar. 1,
1942, optional Sept. 1, 1941, $100,000 bear 1% interest and
are due Mar. 1,
1943, optional Mar. 1, 1942, and $300,000
carry 1)4% interest and become due Mar. 1, 1945, optional
Mar. 1, 1942.
Offering was made at 100 by R. K. Webster
6 Co., Inc.
was
"'.V;
New
■
-♦
,
Received to Offering of $200,000,000
of
91-Day
Treasury
Bills—$200,284,000
Accepted at Average Price of 0.086%
Tenders of $525,347,000
Secretary
of
the
■'
announced
on
offering last week of $200,000,000, or thereabouts, of 91-day Treasury bills totaled
$525,347,000, of which $200,284,000 was accepted at an
average price of 0.086%.
The Treasury bills are dated
Mar. 5 and will mature on June 4, 1941.
Reference to the
offering appeared in our issue of Mar. 1, page 1353.
The following regarding the accepted bids of the offering
is from Mr. Morgenthau's announcement of Mar. 3:
Total accepted—$200,284,000.
Total applied for—$525,347,000.
Range of accepted bids:
—100.
Low
—
99 970 equivalent rate approximately
0.119%.
Average price— 99.978 equivalent rate approximately 0.086%.
(55 of the amount bid for at the low price was accepted.)
of Maturing Treasury Bonds
Proposals to Exchange Issues
2% Bonds and 24% Notes—
Holders of $1,148,291,100
and
for
Notes
New
Accept
Taxable
Represents 94% of Outstanding Total—Preference
Shown for Bonds
of the Treasury Morgenthau announced on
94% of the bonds and notes maturing March 15
had been exchanged for new taxable securities in the offer
Secretary
March 3 that
announced Feb. 25.
He said he considered this acceptance
the refunding offer "very satisfactory."
The
offer covered $544,870,050 of 324% bonds of
of
refunding
1941-43,
redemption March 15, and $676.707,600 of 1)4% notes of Series A-1941, maturing March 15.
Holders of these bonds and notes were given the opportunity
which had been called for
exchanging them for either new 2% Treasury bonds of
or for
24% notes of Series D-1943; this offer was
reported in these columns March 1, page 1354. Mr. Mor¬
genthau announced exchanges of $1,148,291,100, including
$1,115,868,600 for the 2% bonds and $32,422,500 for the
24 % notes. The break-down of the response to the exchange
offer was reported as follows, in Washington advices to the
of
1948-50
"Wall Street Journal" of March 4:
The
3<M»% bonds called
as
of March 15: outstanding, $545,000,000: ex¬
changed for the new 2% bonds, $482,000,000, or 88%; exchanged
m%
for 2%
notes maturing March
15: Outstanding $677,000,000' exchanged
bonds, $634,000,000, or 94%' exchanged for %% notes, $27,000,-
000, or 4%' and. for cash redemption,
In
for %%
redemption, $58,000,000, or 11%.
notes, $5,000,000, or 1%; and, for cash
Government
Offering of $200,000,000 of 91-Day Treasury Bills—
Morgenthau
Treasury
Mar. 3 that the tenders to the
page
to have
and this notice,
prescribe the terms of the Treasury bills and govern the conditions of their
High
+
of
.
Treasury Department Circular No. 418, as amended,
The Federal Reserve Bank of St. Louis had
Recall
For purposes of
bills are originally sold
by any local taxing authority.
by the United States shall be considered to be interest
Banks
hereafter imposed
thereof by any State, or any of the possessions
taxation the amount of discount at which Treasury
Reserve
The bills shall
inheritance, gift, or other excise taxes, whether Federal
of the United States, or
Federal
I
bills, whether interest or gain from
bills, shall not have any exemption,
on
keenly the prospective loss of the services of Mr. Davis
Board.
immediately available funds on Mar. 12, 1941.
other disposition of the
telegram today, approving the election of Mr. Davis, it states that the
taken with the greatest of reluctance and regret because it feels
Payment of accepted tenders
completed at the Federal Reserve
such, under Federal tax Acts now or hereafter enacted.
action
of the accep-
all tenders, in whole or in part, and this
or
The income derived from Treasury
throughout the
In the Board of Governors'
reject any
such respect shall be final.
any
the prices offered must be made or
as
was
of the Treasury of the amount and price range
The Secretary of the Treasury expressly reserves
rejection thereof.
Trustees
Bank
by payment of
Those submitting tenders will be advised
of accepted bids.
ance or
Advisory Commission.
dealers in investment
accompanied
Branches, following which public announcement will
the right to accept or
Export-Import
be
unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
;'4: .:■>;4,i:
'4
Immediately after the closing hour, tenders will be opened at the Federal
Board of Directors of the Commodity Credit Corporation, of the Board of
the
must
10% of the face amount of Treasury bills applied for,
be made by the Secretary
medal for Distinguished Service to Agriculture.
of
others
from
•
from incorporated banks and
companies and from responsiblj and recognized
securities.
part of 1936, at the request of the President, Mr. Davis made a trip abroad
;
Tenders will be received without deposit
Director of the Production Division of the Agricultural Adjustment Ad¬
During the early
and forwarded in the special envelopes
tion therefor.
appointed
Department of Agriculture, and in December of
Department,
Federal Reserve Banks or Branches on applica¬
which will be supplied by
ministration of the U. S.
made Administrator of the A. A. A.
Banks and Branches up to
Eastern Standard time, Monday,
o'clock p. m.,
tenders be made on the printed forms
trust
that year he was
two
Tenders will not be received at the Treasury
$1,000, and the
offered must be expressed on the basis of 100, with not more than
decimals, e. g., 99.925. Fractions may not be used. It is urged that
price
was
$1,000,000 (maturity
Each tender must be for an even multiple of
Washington.
three
of Agriculture until
hour,
closing
Mar. 10, 1941.
appointed to
In 1921 he
in South Dakota and Montana.
newspapers
form only, and in denominations
$10,000, $100,000, $500,000, and
Tenders will be received at Federal Reserve
the
organize the Montana State Department of Agriculture, and was its Com¬
missioner
1941
value).
supervise the work of the Agricultural Division of the National
Defense Advisory Commission.
Mr.
They (the bills) will be issued in bearer
future—as soon as he can be relieved of
near
After taking
of the President and with the consent of the Board in St. Louis, continue
for
March 8,
The Commercial & Financial Chronicle
1514
Bonds
vs.
$15,000,000, or 2%.
FHA Title
comparing the yields
on
II Mortgage Loans
FHA insured mortgages and
Will Be Dated Mar. 12
United States Government bonds it has been customary to
offering of 91-day Treasury bills to the
amount of $200,000,000, or thereabouts, to be sold on a
discount basis to the highest bidders, were.invited on Mar.
7 by Secretary of the Treasury Morgenthau.
Tenders will
yardstick U. S. Treasury 224s of 1965-60 now selling
give a yield of 2.25% to the call date in 1960.
Twenty-five year FHA mortgages, most of which are now
selling at 103, pay 4% to the purchasing institution, and
produce a net yield to maturity of 3.75%.
In making such a comparison no weight is given to the
fact that FHA insured mortgages, because of the monthly
Tenders to
a new
be received at the Federal Reserve banks, and the branches
thereof, up to 2 p. m. (EST) Mar. 10, but will not be received
at the Treasury Department, Washington.
The Treasury
bills will be dated Mar. 12 and will mature
and
on
on
June 11, 1941,
the maturity date the face amount of the bills will
be
payable without interest.
There is a maturity of a pre¬
issue of Treasury bills on Mar.
12 in amount of
$101,204,000.
Mr. Morgenthau in his announcement of the offering
vious
further said:
use as a
at 108 5-32 to
obligations maturing in 25 years
ranging from about 2% in
the first year to about 6% in the twenty-fifth year.
So state Stern, Lauer & Co., 30 Pine St., New York in an
analysis just published in which they make table compari¬
sons
between FHA mortgages and U. S. Governments,
showing that U. S. Governments having maturities equal to
amortization feature, are not
but mature annually in amounts
Volume
1515
The Commercial & Financial Chronicle
152
FHA mortgages would produce a yield of
com¬
tion
pared
with 3.75% from FHA mortgages.
Copies of this
analysis will be sent upon request to those mentioning this
publication.
tion
Committee on Feb. 22
was
1.89%
as
by the Senate Military Affairs
reported in these columns March 1, page 1359.
Spon¬
sored by Senator Truman, Democrat of Missouri, the resolu¬
President
Roosevelt
Says
Begins Ninth Year in Office—
Faces More Serious Crisis Today
Country
Than in 1933
Entering
second term; the Jan. 20 inaugural date was provided under
the provisions of the Norris Amendment to the Constitution
fixing the terms of office of the President and Vice-President
to begin on Jan. 20.
Reference to the President's inaugura¬
page
third
time
made in
was
our
issue of Jan. 25,
the
of Vermont
,
Mar. 4 congratulated the people
the occasion of the State's 150th anniversary
on
on
of its admission to the Union.
In
a
message
to Governor
Wills the President said that by a
"happy coincidence" the
anniversary falls on the Vermont town meeting day and that
"we confidently expect" that the
people would at that time
"pledge anew their faith in the heritage of freedom." Replying
to the message, the Governor stated that "we Vermonters
are
rededieating ourselves to the tasks so magificently
originated by our forebears."
The text of the President's message was as follows:
Our fourteenth State,
which
came
The
1.
and
types
methods
The
2.
The
by
The
falls
on
effect
are now
challenged
over
of taxation
of
pleasure through
of Vermont
as
interfere with
;■ ;•
FHA
The House
defense
where
,
ment
In
these
section
in
and
should spare
and
no
overseas.
the first to be dispatched from his office
centennial
me
bearing the
new
Vermont sesqui-
zKy-fy-r-
propriation
Bill—Includes $375,000,000 for
:/'•/
-j-sf
Ap¬
WPA
a
$393,687,775
action
on
on
deficiency appropriation bill.
this measure, which includes
activities
the
of
the
Works
March 3
Congressional
$375,000,000 to carry
Projects
Administration
during the four remaining months of the present fiscal year,
was
completed on Feb. 27 when the Senate and House
adopted
a
conference report; this was reported in our
1, page 1360. The bill originally passed the
Feb. 12 and the Senate on Feb. 20.
In addition
issues of March
House
on
to the WPA money,
the measure contains funds for customs
refunds, defense housing, the National
Board and the Public Health Service.
Railroad Adjustment
The
Handling
of
Acts
The Senate on March
calling for an investigation of the national-defense program
and the handling of contracts.
Approved of this legisla¬
where
where
areas
a
as
separate
-
.
under this
that
is
expenditures
such
such
this act
of
housing
in¬
the bill
the end
houses
is to
communities
in
properties
involve
It is not intended
no
permanent
would
have
not
private
invite
where
we
a
capital
safely
may
will have a permanent value
under which
we
acting at this
are
,
loans
no
appropriations
or
in
temporary requirements
1
will
be made in
areas
that
remote
are
from
a
permanent development, or in sections, where the plants or other activities
are
being established;
to go
where the only practical thing is for the Govern¬
in and do the work and take the losses, whatever they mrfy be.
it is
our
hope and expectation that at least
a
considerable
part of the defense-housing program can be done wiih private investment,
without
ment
direct
appropriations
of the United
and
without any great
loss
to
the
Govern¬
States.
v;;-;'
':V
♦
Bulgarian Funds in United States
y yExecutive Order
President Roosevelt issued
an
Impounded
by
Executive Order March 4
adding Bulgaria to the list of Nations whose assets in the
United States have been frozen.
This brings the total of
such countries whose assets here have been impounded to
eleven.
Also on March 4, the Treasury Department issued
a general license permitting banking institutions
to honor
checks and drafts drawn against Bulgarian accounts prior
to March 4.
Following are the texts of both the Executive
Order the the General License:
EXECUTIVE _ORDER .8701
Amendment of Executive Order No. 8389 of April 10,
1940,
as
Amended.
By virtue of the authority vested in me by section 5 (b) of the Act of Oct.
6, 1917 (40 Stat. 411), as amended, and by virtue of all other authority
vested in me, I, Franklin D.
1 unanimously approved a resolution
conducted
properties that will have
termination of the emergency
time.
Senate Votes to Investigate
and
direct
no
purpose
of
and
insurance,
the
the present
the activities now engaged
endeavor to meet the
in
program
value.
construction
the
after
ft
in
be insured covering
represent an
—
National-Defense Program
Contracts—House Group Also
purpose
purposes
use
trained appraisers,
on
its activities under
of this bill is to have
and
carried
the
whatever with
connection
being to
thought and confidently believed will
defense
our
into
for Four Months
President Roosevelt is reported to have signed on
have
But
defense
for
purpose
experienced
its
who
experts
Government
is
Under this bill,
Roosevelt Signs $393,687,775 Deficiency
President
the
by private investment under this method of insurance which
it
permanent
ment
♦
sections
in
substantial amount of construction for defense housing may
a
that
and
afford
stamp.
with
existing law.
no
the
losses will
that
value
we
that this letter will be
a
title creating another activity for
new
a
great expense to the Treasury of the United States.
Under
Vt., postmaster has assured
on
which
<
The Montpelier,
plan
involve
and
reminder
both at home
having
be carried
of
effort to bolster the bulwarks of liberty,
other
the
of
203
will
appreciative of
stirringly convinced that
deeply,
for workers
by the Federal Housing Administration.
thought back of the legislation proposed
no
are
personnel,
its
Housing Administration
surance
proud to be able to assure you, the
devoted to the bedrock principles of our repub¬
we
why
reason
brought about due to prepared¬
was
The
need at home, we Vermonters are rededieating ourselves
times
needed
houses
Federal Housing Administration,
the
magnificently originated by our forebears.
perilous
of
By this act we propose to add
Today, with "freedom" under assault throughout the world, with "unity"
to the tasks so
"the
that
for insurance is required is because
conditions do not prevail and will not prevail for
construction
the
duty we plain citizens owe to our fellow-man and to the Govern¬
the ever-present
Chairman of
Democrat of Illinois,
and defense activity."
Regarding the purposes of the legislation, Representative
Steagall, Democrat of Alabama, Chairman of the House
Banking and Currency Committee, said:
vr-'.\.-yV
have devised and erected to serve our need.
we
another
ness
extend hearty congratulations
Vermont's motto "freedom and unity/* serves as a constant
creating
to $100,000,000 in territories
needed.
It was explained by
Committee,
of cities where the need
lican form of government.
to all of the
to
up
up
actually
Rules
same
another; it is Town Meeting Day.
none more
is
the
President of the United States of America, that here in our Green Moun¬
birhright
Mortgages
Act by
Housing
mortgages
the
of democracy,
Today, throughout Vermont, the citizens of this State are gathered to
their
Home
organization
seperate
tains is to be found a people than whom there is none more
Housing Act by Authorizing
Defense
National
home
House
the
in a
of Mar. 4 to the New York
am
March 6 ap¬
on
own
Feb. 28 passed and sent to the Senate a bill
on
housing
business,
Goverpor of Vermont, I
National
Representative Sabeth,
"Times.":
As the
Committee
Rules
corporation within the Reconstruction Finance Corporation,
which will have the power until July 1, 1942 to insure
inspectors,
one
charges,
unduly increase its cost.
or
^v\'/:'y'yy
the
amending
Governor WillsV message to the President was given
counsel with
and
fees,
prices,
$100,000,000
they commemorate a historic event of high
dispatch
and
the committee deems appropriate.
as
Insure
to
organization,
Vt.,
program
House
the
Amends
significance.
Montpelier,
such
,
labor,
or
resolution providing for its
House
wide areas by totalitarian forces
you to
con¬
:
investigation of
the defense program.
Sponsored by Representative Cox,
Democrat of Georgia, the measure would set up a nine-man
group to obtain information on all phases of national de¬
fense.
This data would not be made public, but would be
available to members of Congress.
Republic of the Green Mountains will on this recurring town
the people
V.V'
otherwise.
or
management
a
down to them from Ethan Allen and his glorious associates.
It gives me great
required of
accountings
'''V/;;-' J
appropriation for the inquiry, originally proposed at
$25,000, was reduced to $15,000.
meeting day pledge anew their faith in the heritage of freedom which has
to
the
and
contracts
The
confidently expect that the people of the State whose forebears estab¬
come
of
Such other matters
9.
which the world witnesses today
In the conflict of principles and policies
lished the
to labor and the migration
accuring of contractors with respect to amortization for the
Practices
which
which place all of their dependence on coercion, violence and terror.
we
with respect
program
'S.\
Benefits
8.
location of plants and
and
*
performance
purposes
meeting day.
The town meeting, we all know, exemplifies the very essence
^
1
The
7.
and
awarded
are
of contracts
tractors.
history; but by a happy coincidence this noteworthy milestone
whose institutions
the
distribution
such
of
of labor.
into the Union after a fight for freedom
the time-honored Vermont town
contracts
>
The
6.
such
V:
otherwise.
or
facilities.
5.
contractors
-'-H
facilities of small business concerns through
which
of
geographic
United
behalf of the
on
-V;'":/"-^
»•
utilization
subcontracts
4.
awarded
contracts
^
selected.";,;^
3.
of
terms
States.
unique in American annals, attains its 150th anniversary in a tragic period
of world
"the opera¬
into
materials, munitions, vehicles, aircraft, vessels,
and other articles and facilities in connec¬
with the national defense," including:
•
Meanwhile
sion of the State to the Union
special committee of
a
investigation
an
for the procurement and construction
of the program
proved
President Roosevelt
direct
plants, camps,
619.
President Roosevelt Extends Congratulations to People
of Vermont on the 150th Anniversary of the Admis¬
of
appointment
Senators to
of supplies,
year
March 4, 1933.
President Roosevelt began his unprecedented third term
in office on Jan. 20, the same date on which he began his
tion for the
tion
tion
in office. President Roosevelt
March 4 declared that he is of the opinion that the United
States today faces a more serious crisis than that which con¬
fronted the country when he first took office on March 4,
1933.
The President, who was suffering from a head cold,
told his press conference on March 4 that personally he did
not feel any different from eight years ago, but said that the
country now faces an international crisis instead of a domestic
crisis, incident to the depression through which the country
was
passing when Mr. Roosevelt became President on
his ninth
upon
on
for
calls
seven
Roosevelt, President of the United States of
America, do hereby amend Executive Order No.
as
amended,
so as to
to, property in
8389 of April 10, 1940,
extend all the provisions thereof to, and with respect
which Bulgaria or any national thereof has at any time on
The Commercial & Financial Chronicle
1516
or
since March 4, 1941, had any interest
or
of
any nature
whatsoever, direct
4, 1941" shall be substituted for the dates appearing in
the definitions of countries and nationals thereof.
D.
ROOSEVELT.
Press reports:
Issued Pursuant Thereto, Relating
Foreign Exchange, etc.
and Regulations
The four amendments, all of
to
license Is hereby
general
By Representative DirKsen, to appropriate $425,000,000; defeated by a
granted authorizing banking Institutions
127 to 84 teller vote.
within the United States to make payments from accounts in which Bul¬
file
E.
GASTON,
provide higher Government loans on the five basic farm
crops—wheat, cotton, corn, rice and tobacco.
Spokesman
all officers of the American Farm
Bureau Federation, appeared before the Senate group to
support in principle this bill.
The Bankhead bill proposes
100% parity loans on cotton, wheat, tobacco and rice and
for these commodities,
Congress Passes Bill Amending Excess-Profits Tax Pro¬
visions of Second Revenue Act of 1940
Congressional action on the legislation amending the
excess-profits tax provisions of the Second Revenue Act of
1940 was completed on March 3.
The Senate passed the
bill on March 3 in amended form from the House-approved
(Feb. 25) measure and later the same day the House agreed
to the Senate changes.
The only major difference between
the two bills was a provision carried in the Senate /bill which
would permit a taxpayer to file a return in which he com¬
puted excess profits tax liability both on the basis of average
earnings for the base period and on the basis of invested
capital. The present law and the House bill required tax¬
85% parity loans on corn, when production control programs
are
of
It also
of
provides for a ceiling
bales annually.
on
the production
11,000,000
Adopts Amendments to Lease-Lend Bill—Com¬
promise Reached on Limiting Use of Troops—Curb
on Defense Deliveries Rejected in First Major Test
General
debate in
the
Senate
on
the
Administration's
Lease-Lend Bill, which entered its third week on March 3,
was ended on the following day
(March 4) and considera¬
tion of amendments to the bill began on March 5.
On that
day the Senate adopted a group of amendments, which in
large part had been offered on behalf of the majority of the
Foreign Relations Committee.
These changes were reported on as follows in United Press
Washington advices of March 5:
estimated that the relief provisions would cause a loss
$23,000,000,000 on 1940 income returns and $73,000,000 on
In the following year the loss would amount to $101,000,000,
Accepted revisions in the House approved version of the bill would:
1.
they estimated.
Require the President to obtain Congressional approval of expendi¬
tures and
Among other things, the new provisions would permit specific deductions
for abnormal income in the four-year base period, 1936-1939, as well as for
2.
contract
authorizations beyond $1,300,000,000.
Specify that the President must accept the valuation placed by Army
and Navy heads upon war equipment available for transfer to the embat¬
abnormal income in the taxable year.
tled democracies.
would permit unused excess-profits credits to be
3.
into the two succeeding taxable years.
During Senate discussions of the amendments, Senator McCarran
Reinforce the
value of
(D.,
war
provision placing
equipment on hand
or
$1,300,000,000 limitation
a
on
order which may
on
the
be transferred
abroad without further consent of Congress.
Nev.) said he believed that domestic producers of gold and silver should
4. Terminate the proposed revolving fund.
have been excluded from the Act, but that he would not press the point
at this time because he did not wish to
in effect.
cotton
Senate
payers to avail themselves of either basis.
The measure was
presented to the President for his signature on March 6.
House passage of the bill, which is designed to remedy certain
hardships in the existing law, was reported in these columns
of March 1, page 1359.
The following regarding the bill
was reported by the Associated Press on March 4:
over
Congress has done for three
Meanwhile, the Senate Agricultural Committee on Feb.
and Feb. 28 heard testimony on a bill sponsored by
Senator Bankhead, Democrat of Alabama, which would
♦
Another amendment
a
appropriate
27
Acting Secretary of the Treasury.
carried
to
defeated by voice vote.
years;
This license shall expire at the
HERBERT
1941 income.
of Oklahoma,
By Representative Case, Republican of South Dakota, to make the total
debit authorized by this general license shall
close of business on April 4, 1941.
The Treasury has
Democrat
of $212,000,000 an outright appropriation, as
promptly with the appropriate Federal Reserve Bank weekly reports
in revenue of
appropriate $875,000,000; defeated by
$325,000,000; defeated by voice vote.
letters of credit; provided, that each banking insti¬
showing the details of such transactions.
Representative Johnson,
By
and pay and debit to such accounts drafts drawn prior to
tution making any payment or
to
124 to 65 standing vote.
thereunder, of checks and drafts drawn or issued prior to March 4, 1941,
March 4, 1941, under
Representative Pace,
By
garia or a national thereof has a property interest within the meaning of the
Executive Order of April 10, 1940, as amended, and the Regulations issued
and to accept
which would have stricken out contractual
authority for $162,000,000 in the pending agricultural bill were;
Transactions in
A
rehabilitation.
Regarding the action taken on March 5 the Associated
General License No. 36 Under Executive Order No. 8389, April 10, 1940, as
Amended,
rural
and
FRANKLIN
4, 1941.
The White House, March
1941
8,
The bill also provided authority for the Agriculture
Department to borrow $250,000,000 from the Reconstruction
Finance Corporation for rural electrification, farm tenancy
Indirect; except that, in defining "Bulgaria" and "national" of Bulgaria
the date "March
March
5.
delay passage of the general relief
Clarify the right of Congress to terminate the
program
by
a
majority
vote of the two houses.
provisions.
Senator Vandenberg
6.
7.
<R„ Mich.) declared both the original act and the
amendments to be "a maze of terrifying words," but said the amendments
"This does not go the
the Senate.
The House of
Commercial Air Planes
lution
ordering
Representatives
on
March 6 adopted
commercial air line accidents which have resulted in
'
.
on
revisions occurred later the
same
on
March 6 Administration leaders
suc¬
persuading Senator Ellender to offer a compromise
amendment as a substitute for his original proposal.
The text of the original Ellender amendment was as
over
The
undertaken.
for the Army and
program.
ceeded in
resolution, sponsored by Representative
Jack Nichols, Democrat, of Oklahoma, provides for the
setting up of a special five-man committee, to be named by
Speaker Sam Rayburn, to conduct the inquiry, it is learned
from an Associated Press, Washington account of March 6.
In our issue of March 1, page 1369, we referred to demands
made in Congress that an investigation into the crashes be
deaths.
50
of future moneys appropriated
sphere.^ However,
a reso¬
"full and complete" investigation of recent
a
use
is held invalid.
one
day (March 5) when Senator Ellender, Democrat of Louisi¬
ana, argued for approval of his amendment under which it
was stipulated that no new authority would be
granted for
the sending of American troops outside the Western Hemi¬
Resolution Ordering Investigation Into
Recent Crashes of
the
The first real debate
whole way by any manner of means," he told
"We still need a total revision of our tax laws."
House Adopts
Prevent
Navy to further the aid
improvement."
could not "possibly be anything but an
Proclaim the validity of other sections of the bill if
follows:
Nothing contained in this Act shaU be deemed to confer
powers to
authorize the employment or
use
of
persons in
any
additional
the land
or
naval
forces of the United States at any place beyond the limits of the Western
Hemisphere, except in the Territories and possessions of the United States,
including the Philippine Islands.
Following is the compromise proposal:
■
Nothing in this Act shaU be construed to change existing law relating
to the use of the land and naval forces of the United
House
O
Votes
$1,420,977,559 Agriculture Department
Appropriation Bill—Attempts to Increase Parity
Payments Defeated—Hearings Before Senate Committee on
Bankhead Bill Providing for Higher
Government Loans on Farm Crops
The House
on
March 6 passed a bill appropriating $1,420,-
977,599 for the 1942 farm program and other activities of
the Department of Agriculture.
This amount included
$890,824,037 in direct appropriations, representing, it is
stated, a reduction of $4,927,934 below budget estimates
and $146,134,885 below the amount appropriated for the
current fiscal year.
Provided in the measure is $50,000,000
in cash for parity payments and $162,000,000 in contractual
authorization.
This total of $212,000,000 was the same as
provided for the past two years.
Efforts to increase the
farm parity sum to $875,000,000 and $425,000,000 were
defeated on March 5.
This measure embodying the $212,000,000 appropriation was reported to the House by its
Appropriations Committee on March 3 and was passed by
the House
as
it
came
from the Committee.
Regarding the bill as reported by the House group,
Washington Associated Press advices March 3 said:
The bill carried the customary $500,000,000 for soil conservation pay¬
ments to farmers,
$58,846,130 for rural rehabilitation loans, $100,150,000
for removal of surplus
commodities, $47,973,960 for sugar act payments,
$25,618,684 for the Soil Conservation Service, $18,022,455 for the Forest
Service and $14,696,918 for the Extension Service.
far
as
such
use
States, except in so
relates to the manufacture, procurement and repair of de¬
fense articles, the communication of information and other non-combatant
purposes
/
enumerated in this Act.
Concerning this and other action taken
United Press
on
March 6 the
reported:
The compromise was drafted
lations
Committee
ministration leaders
after
were
by majority members of the Foreign Re¬
Secretary of State Cordell Hull and other Ad¬
represented
as
opposing reference to the hemi¬
spheric limitation on grounds it would have
on
the
fighting democracies and give
cause
a
"bad psychological effect"
for
Japan^to strengthen its
expanionist aims in the Far East.
The
Senate
yesterday J(March 7)Jrejected by a vote of
amendment, offered by Senator O'Mahoney,
Democrat of Wyoming, which would have required the con¬
sent of Congress before the armed forces could be used in de¬
livery of defense, articles to any foreign government in the
combat areas described by the President in the Neutrality
63
to
28
an
Two similar amendments to restrict the
use
of American
troops outside the Western Hemisphere were also defeated
yesterday.
One, by Senator^Johnson, Republican of Cali¬
fornia, lost by a vote of 56 to 35, and the other, sponsored
by Senator Taffc, Republican of Ohio, was voted down, 51
to 38.
Senator Barkley of Kentucky,
Majority Leader, scheduled
keep the Senate in session until 10 o'clock last night in
order to dispose of various amendments.
to
Volume
Senate debate
this
on
measure
in these columns of March 1, page
President
last week
was
Effect of today's ruling is that
referred to
bargaining" of its employees, but must make the
manner of alleged interference more specific if it finds such interference
does exist.
But the company must bargain with the Guild,
■<
Justice Stone wrote that "the breadth of the order
.
.
.
must de¬
with the organizing or
Says Lease-Lend Bill
Under Anti-War Policy
Would
Be
being to prevent
because of their
similarity or relation to those unlawful acts which the Board has found to
have been committed by the employer in the past."
Justice Douglas charged that the majority ruling might be "an open in¬
vitation" to employers to "resort to devious routes" to circumvent the
statute.
He referred specifically to employers who are "playing ducks and
pend upon the circumstances of each case, the purpose
President Roosevelt said on March 5 that the policy under
which the pending lease-lend bill would be operated "would
a
violations, the threat of which in the future is indicated
The President made
policy but the contrary."
a war
this statement in
letter to the National League of Women
on Feb. 28 that their organi¬
supporting the legislation. Mr. Roosevelt's let¬
League follows:
voters, who had informed him
zation
was
ter to the
Many thanks for
your
deeply I appreciate
fine letter of Feb. 28.
your
"Women Voters
you and your
In
on
organization
are
drakes with the National Labor Relations Act" and
t
I want you to know how
clear statement of the position of the League
of
It is indeed encouraging to know that
foreign policy.
supporting the lease-lend bill.
glad
would
acknowledging my appreciation of the League's position, I am
to reiterate the assurance that the
policy under which the measure
be operated would not be a war policy but the contrary.
I desire particularly to assure you,
and through you, the members of the
National Board, of my heartfelt appreciation of your and
for the passage
their food wishes
of the bill with the least possible delay.
lip service
.
Recent
Italian
Request
Close American Consulates at Palermo and
March 6
to
Naples
Department at Washington made public on
requesting that
The State
note to the Italian Government
a
all its officials within the United States "confine their move¬
they exercised the recognized
duties of their respective offices" and that the Italian con¬
sular offices at Newark, N. J., and Detroit, Mich., be closed.
The Italian diplomatic staff at Washington was excluded
from the request but the Embassy was asked to keep the
State Department "currently informed of the movements
outside of Washington of the military and naval personnel
attached to the Italian Embassy."
Secretary of State
ments to those areas in which
Hull's
note
to
the
Ambassador, Prince Ascanio
Italian
Colonna, also referred to the Italian Government's request
that the American consulates at Palermo and Naples be
moved.
The note said that instructions to this effect had
and that "the supervisory consulate general of
States in Italy is being established in Rome."
at Palermo and Naples, which the Italian
been given
the United
^';v,^
follows:
the consulates now established at
a
oral communica¬
the Italian Government's request that
Palermo and Naples should be moved to
place as far north as Rome or farther north and to a place
on
to these
Instructions
which was not
'
the sea coast.
officers of the American
issues in accordance with this request and the
of the United States in Italy Is being
The Secretary of State
Government have been
supervisory consulate general
established in Rome.
avails himself of this opportunity to make request
of the Italian Ambassador that all
their movements to those areas
in which they exercised the recognized duties of their respective offices.
This request does not include the personnel of the Italian Embassy in
Washington, whose names appear on the diplomatic list.
It would be ap¬
preciated, however, if the Italian Ambassador would keep the Department
of State currently informed of the movements outside of Washington of the
military and naval personnel attached to the
Italian Embassy.
N. J., and Detroit,
Mich., the Italian Ambassador is informed that the American Ambassador
in Rome has been requested to convey orally to the appropriate Italian
As regards the
should be closed and that the Italian
Government that these offices
personnel be withdrawn from these
Should they remain within the jurisdiction of the United States
Department of State should be kept fully informed of their place of
places.
the
residence.
;
'
,
.V
and the sale price of the property.
Decision Holds NLRB
Should Confine "Cease and Desist Orders" to Act¬
ual Violations—Ruling Given in Proceedings Af¬
fecting Texas Newspapers—Other Decisions
"Cease and desist" orders of the National Labor Relations
Board must be restricted to unfair labor practices actually
found to exist, the United States Supreme Court ruled on
March 3 in a 5 to 3 decision written by Justice Stone.
The
States
Supreme
Court
NLRB against the Express
publisher of the "Morning
Express" and "Evening News," in a controversy with the
San Antonio Newspaper Guild.
A dissenting opinion was
written by Justice Douglas and concurred in by Justices
ruling modified an order of the
Publishing Co. of San Antonio,
Black and Reed.r>".
United
Press
following to
The Board
say
regarding the case:
bargain with the American News¬
refusing to bargain with the guild
organizing and bargaining
rights.
'
1
"
The Circuit Court of Appeals upheld the affirmative part of the order
calling on the company to bargain.
It rejected the portion directing the
company to cease refusing to bargain.
The Labor Board appealed the
entire ruling, contending that provisions of the Wagner Act justified a
blanket order prohibiting all actions outlawed by the Act.
paper
or
Guild, and to cease and desist from
"in any
manner" interfering with the guild's
the amount of indebted¬
only after the Court had
the mortgaged property at the
Any deficiency judgment would be for the difference between
date of sale.
,'v...
this value and the sale price,
'
'
*:
proceeds of a single-premium life Insurance policy
The Court ruled that
issued to an elderly person
in conjunction with a life annuity contract are
subject to the Federal estate tax.
1
The Court overruled a Justice Department
contention that when the value
computed for Federal estate tax purposes as of one year after
include interest, rents and dividends earned during
of property is
the date of death it must
the year.
obtain a review of a decision holding that the
New York City failed to
United States, as a result of
operations of the Federal Housing Administra¬
has priority over the
municipality in collecting debts owed by an
tion,
insolvent concern.
Court Holds Invalid Practices Employed
Copying of Hat and Dress Styles—
U. S. Supreme
Restrain
Fashion Originators
Creators Guild
Against
Guild
of
'
America and Millinery
pursued by groups of dress and millinery manu¬
discourage copying of style were held invalid
unanimous decisions rendered by the United States
Methods
facturers to
Supreme Court on March 3.
The opinions were based on
charges brought by the Federal Trade Commission against
the Fashion Originators Guild of America and the Millinery
Creators Guild both of whom, it was alleged, sought to
style "piracy" by the registering of new designs
penalizing of copiers.
The Court upheld the con¬
tention that these arrangements violated the Clayton and
Sherman anti-trust laws.
Both decisions were written by
eradicate
and the
Justice Black.
■
Concerning the ruling
Associated Press Washington ad¬
vices of March 3 said:
asserted that the agreements violated Federal antl-trusc
which prohibits combinations which restrain interstate com¬
merce.
The agreements plan was defended on the ground that the copied
styles were sold cheaply in quantities and that this was economically in¬
Justice Black
legislation
jurious to the originators.
Under the plan a
of
a
registration bureau was established where the
design could register his
operation was obtained from
originator
In addition, a declaration of co¬
creation.
retail dealers throughout the United States
agreed not to handle copied styles.
This was held by the Federal Trade Commission
who
method of
competition.
Circuit Court at New
Justice
The
range
to constitute an unfair
upheld by the Federal
The Commission's order was
York.
Department said
members of the Fashion Guild In 1936
States in the wholesale
63.99% in a wholesale price range of $10.75 and
women's garments in the United
of $6.75 and up and
up.
Approximately 12,000 retail dealers
of women s dresses agreed to co¬
plan, it was added.
of the Millinery Guild, the Department said, constituted "a
operate in the
Members
The Guild described
in the industry."
owned by Parisians.
of the leading style originators
majority
substantial
itself as a New York corporation
Approximately 1,600 "high grade" retail dealers in women's hats were
said to have agreed to cooperate.
The Fashion Originators' Guild decision was read first.
The opinion
asserted that the
members had combined in an attempt
"to regulate and
in violation of Federal law."
combination," Justice Black added, "was the intentional
restrain interstate commerce
"The aim of the
destruction of one type of
manufacture and sale which competed
with Guild
•'
JD0m1j6rs
"The purpose
and object of this
combination, its potential power, its
monopoly, the coercion it could and did practice upon a rival
competition, all brought it within the policy of the prohibi¬
tendency to
Washington dispatches March 3 had the
ordered the company to
permitted the entry of a defi¬
A change which became effective
determined the fair and reasonable value of
sold 38.8% of all
United
,
April 7, 1938, permitted a deficiency judgment
Italian consular offices at Newark,
authorities the desire of the United States
New York State real
during the period July 1, 1932, to
ciency judgment based upon the difference between
ness
officials of his government within the
territory of the United States will confine
New York Court of Appeals "is of immediate
During this period the law automatically
under two
his compliments to His Excellency the
failed to pay off the indebtedness.
Carpenter, of Kings County, con¬
April 7, 1938."
Rules
Royal Italian Ambassador and has the honor to refer to his
New York legislation passed April 7,
property who mortgaged his premises
requested be moved "as far north as Rome
a place which was not on the sea
coast," were officially closed on Feb. 28.
The text of Secretary Hull's note to Ambassador Colonna
tion of Feb. 12, 1941, with respect to
em¬
public importance in that it affects every owner of
farther north and to
as
methods
The executor of the estate of James J.
tended the decision by the
Government had
The Secretary of State presents
^Vyi-'
today to review a decision holding unconsti¬
The Supreme Court agreed
tutional the retroactive application of
to
read
"paying mere
ployed to fight fashion piracy is covered in a separate item
appearing elsewhere in this issue. Concerning other action
of the Court on March 3, Washington advices to the Asso¬
ciated Press that day said in part:
The consulates
or
are
Another decision of the Court bearing: on
sales of mortgaged property
Requested by State Department to
Close
Consulates at
Newark and Detroit—Also
Asked to Confine Movement of Officials in United
States to Areas Over Which They Have Jurisdic¬
Follows
who
while intent on blocking in his plant any effective
.
.
union."
1938, which changed the method of obtaining deficiency judgments when
Italian Government
tion—Action
blanket
interfering
the Board cannot issue a valid
requiring "The Express" to desist from "in any manner
order
1358.
Roosevelt
Operated
not be
1517
The Commercial & Financial Chronicle
152
method of
Clayton Acts."
combinations which restrain interstate trade.
Justice Black asserted that "the combination is in reality an extragovernmental agency, which prescribes rules for the regulation and restraint
tion declared by
This
the Sherman and
legislation prohibits
of interstate commerce,
and provides
the
extra-judicial tribunals for determina¬
"trenches upon the power of
of violations, and thus
national Legislature.'
tion and punishment
Other action
of the Court, March 3, is
Item in today's issue.
noted in another
r'--.-c '
1518
The Commercial &
New York
Milk
Order Amendments Effective
March
financial Chronicle
1
Order Terminated
given
Department of Agriculture announced on Feb. 26
that 99% of the New York milkshed
dairy farmers who voted
area
quire
The
some
These
medical
the
serve
and whether the law should be amended to
specified
He said:
licensing.
referendum Feb. 17 had approved the issuance of amend¬
ments to the Federal order
regulating the
a
v
income groups,
medical
Feb. 28, and, with the approval of the
President, has made
the amendments to the order effective March
1, 1941. The
SEC Publishes Report
Agriculture Department's
Referendum
Agent.
States of New
in the six
The report shows that
61,873
were
by N. J.
producers
eligible to vote in the referendum.
voted
the same
on
March 6
no
of
evidence
longer tended to effectuate the declared
ences
in
for
Small
Issues
1925-1929
the same in each year.
While the
Consequently, it will suffice to limit
breakdown by industry showed little consistent
relationship
between type of industry and cost, the classification
by size of issue showed
definite tendency for proportional costs to decline
a
creased.
The
practical
effect,
largely to bond issues, since
and
however,
most of the
fell in the small size
groups.
further
modifications may be required by changed conditions.
of this
size
of issue in¬
common stock issues
Similarly, the greater the size of the issuing
ship again applied mostly to bonds.
issue
as
tendency was confined
preferred and
company the smaller was the proportional cost of
our
3935-1938"
the summary of findings to 1939.
The amendments are designed to provide for
continuing effectiveness in
operation of the order and to safeguard its enforcement.
In general, they
modify the class prices for milk, reduce payments to handlers for diverting
Plans for the producer referendum were noted in
of Feb. 8, page 919.
and
a
Moreover, for the major types of offering, the substantial differ¬
cost levels for bonds, preferred and common stocks
respectively
Were much
interruption in the program regulating the handling of milk in the New
York metropolitan marketing area.
as
Flotation
stock.
ments
are now approved by producers, thus
making it possible for them to
become operative, Secretary Wickard terminated this scheduled
suspension
and made the amendments to the order effective March 1. There will be no
strengthen administrative provisions of the order until such time
prepared by the Research
was
Cost of notation in each of the two years 1938 and 1939 was
practically
identical for bonds and quite similar for preferred stock and for common
Since the amend¬
and seek to improve
on
period prior to and
a
period subsequent to the enactment of the Securities Act,
covering bond and preferred stock issues of less than $5,000,000 in size; this report was referred to in our issue of
May 11,
1940, page 2977.
The chapter of the current
study entitled "Summary of
Findings" is as follows:
policy of the Agricultural Marketing Agreement Act of 1937, under which
it was issued, and on the basis of that finding, announced Jan.
18, sus¬
surplus milk, lower payments to cooperatives,
Exchange Commission made public
presented comparative cost data for
other available evidence, that the
pended the order effective at 11 59 p. m., (EST), Feb. 28.
Nearly
a
the years 1938 and 1939 and
Need for amending the order was considered at public
hearings held in
in New York State.
Secretary Wickard found
existing New York milk order
Cost of Flotation of Securities
on
and Statistics Section of the Trading & Exchange Division.
A previous publication of the Commission entitled "Cost
amendments
upon
the part of the doctors and the
on
report on the cost of flotation of securities regis¬
tered under the Securities Act of 1933.
The report covers
tions, and others had requested that dairy farmers be given another oppor¬
tunity to vote.
on
program
Cost
on
in a referendum held during December and which were not at
that time approved by the two-thirds vote necessary to make them effective.
The second referendum was held after certain
producers, producer organiza¬
introduced during the hearings, and
this
The Securities and
submitted
October
in
societies.
A
V
17 referendum producers
the part of the people of this
on
Identical for Bonds and Similar for Preferred and
Common Stocks—Size of Issue Had Large Influence
98.07%
Feb.
the
opportunity for the
in 1938 and 1939—Cost for Two Years Was
members cast 34,873 votes of-the total, and of these
99.40% were for the
amendments.
Individual producers cast 12,434 votes of which
In
interest
active
more
total of 47,307 votes were cast, and of these
46,857, or 99.05%, favored the
issuance of the amendments.
Cooperatives qualified to vote for their
approved the amendments.
development of voluntary action
;^'v
intended primarily to
real
a
Their success will require substantial backing by the medical pro¬
fession, arid it has been encouraging to observe recent indications of a much
York, Pennsylvania, New Jersey, Connecticut,
Massachusetts, and Vermont
are
and they offer
State.
announcement further said:
The results of the referendum are given in a
report submitted
Cladakis,
further
York
re¬
surplus as a condition of
indemnity corporations
expense
lower
amount of
handling of milk in
metropolitan marketing area.
With this
approval by more than the required two-thirds vote, Secre¬
tary of Agriculture Wickard has terminated the scheduled
suspension of the order which was to become effective on
New
the
8, 1941
various medical indemnity plans, and dealt with such ques¬
tions as the number of corporations to be permitted in any
Approved by Producers—Scheduled Suspension of
in
March
From
a
flotation, but the relation¬
breakdown of expense items,
estimate of maximum registration costs has been derived
indicating that
such
costs
were
comparatively moderate.
These and other principal
an
statistical findings, covering securities proposed for sale
by issuers to the
Enviable
Record
of
United
public in 1939,
States
Branches
Alien
of
Medical
Indemnity
and
Hospital
Service
written common stock.
2. Compensation to distributors
Cor-
of
alien
insurance
to
report
in
companies
the
third
a
Legislature,
All
of
the
been
United
general
same
States
failures
no
over
branches
have
bad
portion of his
on
March 3,
enviable
an
for underwritten
stock.
■
4.
record.
There
They must meet the
of capital, surplus and reserves as domestic
subject to the same supervision.
Their assets are here
are
States
and
and
creditors.
The
control
over
the
of
assets
available
are
holders
only
supervising
such
United
to
authorities
branches
than
States
over
greater
those
of
the
York.
in
94
alien
New
These
companies
York
United
companies doing
Department has
operating
State and
States
all
in
this
but six of
branches
should
not
business directly from abroad,
no
country
these entered
be
over
83
stock and 1.7%
!::v
distributors was
to
a
with
alien
which the New York
ferred
Of
the 83 companies doing business in New York State
67,
according to the report, do a fire and marine business, 10 a
casualty and surety business, and four a life insurance
remaining two
The report adds:
are
fraternal
stock
When
organizations.
and
0.922% respectively for
0.452%
individual
and
expense
1.026%
items
ferred
9.
stock
for underwritten
the
flotation
United
States branches write
approximately 12%% of the fire
business, 2%% of the life and casualty business and a little
less than 3%% of the fraternal business done in this
country.
.
.
United
fareful
here
States branches
had
supervision of State departments.
in
the
United
States
holders and creditors.
branches
In
have
a
a
remarkable record due
stability but to the wise laws which
haye
and
They
are
have
been
enacted
only
and
the
The assets of these branches
are
are very
foreign investments at all.
no
second
portion of bis annual report, issued Feb. 17,
Superintendent Pink discussed non-profit medical and hos¬
pital organizations.
He stated that four medical
indemnity
corporations,
in New York
located in Buffalo, one in Utica and two
City, have been licensed and four additional
one
corporations
have received permits to solicit subscribers.
He added that there has been no change in the
number of
hospital service corporations operating in the State.
There
nine such organizations and
they have increased their
membership to nearly 2,000,000. In his report the Superin¬
tendent outlined briefly some of the differences in
the
are
than one-half of
industry groups
bonds
were
1%. for common stock.
comparatively moderate
For example, cost of flotation
was
Indicative of the
for
influence of size of issue
cost, the costs of
upon
underwritten
of under
issues
and size of issue.
available only to
United States policy¬
largely in domestic securities.
Many
more
bond issues dropped consistently from 7.5%
$1,000,000 to 3.4% for issues of from $1,000,000 to
$5,000,000, to 2.8% for issues of from
$5,000,000 to $20,000,000 and to
2.4% for issues of $20,000,000 and over.
Costs were consistently lower for
lssues of from
$1,000,000 to $5,000,000 than for issues of under
$1,000,000.
However, most preferred and common stock issues were less
than $1,000,000 in size and
these showed little relationship between cost
for
.
not
slightly
in
10.
marine
their
pre¬
further
2.5% in the manufacturing group and 2.6%
utllity group, whereas the cost for underwritten peferred stock was
the manufacturing group and
4.1% in the utility group.
9.0%
All
and
Cost variations among
The
to
costs
respectively
were
for bonds and somewhat
erratic for stocks.
The report also states:
and
common
important
_
Forty-three of those doing business in New York are British, 11 Cana¬
dian, six French, four Swiss, three Chinese, three Japanese, two Danish,
two Swedish, two India, and two New Zealand.
Norway, Spain, Holland,
Italy and Australia have one each.
;
more
for common stock.
analyzed by industry
size of issue, it wras found that
considerable though irregular differences
occurred among the major
industry groups.
The analysis by size of issue
showed that, although
expenses not attributable to registration evidenced
little consistent
variation as size of issue changed, expenses partly at¬
tributable to registration declined
substantially the greater the size of issue.
8. From this analysis of
individual expense items, an estimate of the
maximum cost of registration
was derived,
indicating that such cost on the
average was less than one-quarter of
1% for bonds, one-half of 1% for pre¬
7.
supervision.
The
much
6. A study of the individual
expense items revealed that expenses not
attributable to registration amounted to
0.227% for bond issues, as com¬
pared with expenses partly attributable to
registration of 0.331%.
Com¬
parable expense figures were
0.231% and
and
business.
for non-underwritten
doing
are
through New
confused
common
Compensation
up by security holders, it is
interesting to compare the range of compensation for the following types of
offerings to security holders: 1.1—3.1% for underwritten bonds,
1.9—2.9%
for underwritten preferred stock
and 2.4—3.3% for underwritten common
StOCk.
^4
Superintendent Pink also said:
Of
non-
domestic
companies.
business
17-3% for
cost of flotation,
especially as regards compensation to distributors.
In¬
asmuch as compensation
frequently varies between a minimum rate applic¬
able if the entire offering is taken
up by security holders and a maximum
rate applicable if none of the
offering is taken
policy¬
even
have
s».ock ana
element than expenses,
accounting for 77% of the total cost of flotation
for underwritten bonds,
81% for underwritten peferred stock, 93% for
non-underwritten preferred stock,
89% for underwritten common stock
and 91% for non-underwritten
common stock.
5. Offerings to security holders were
characterized by a relatively low
requirements
companies and
in the United
common
0.6% for underwritten bonds, 1.2% for under¬
written preferred stock,
1.1% for non-underwritten preferred stock, 1.8%
released
long period of years.
a
averaged 2.0% for underwritten bonds,
14.9% for non-underwritten pre¬
15.1% for underwritten
underwritten common stock.
3. Expenses averaged
Superintendent of Insurance Louis H. Pink said:
have
,
5.1% for underwritten preferred stock,
ferred s.ock,
Stressing tlie sound structure of United States branches
annual
below:
2.6%.
*Cost of flotation averaged 6.3%
for underwritten preferreu
siock,
16.0% for non-undtrwritten preferred
stock, 16.9% for underwritten common stock and 19.0% for non-under¬
porations
C
are summarized
1. Cost of flotation absorbed $2.60 out of each
$100 to be realized from
the sale of underwritten bonds, or
Insurance Companies Commented Upon in Annual
Report of Superintendent Pink of New York
Insurance
Department—Report
Also
Discusses
11.
that
A combined
the
cost
occurred quite
breakdown by both industry and size of issue showed
among the industry groups summarized above
consistently within the various size of issue groups: similarly,
differences
cost differences
among
within the
t
the size of issue
industry groups.
groups occurred
12. Cost of flotation became progressively smaller
quite consistently
as
the
size
of the
issuing company increased.
For example, costs of underwritten bonds
dropped from 7.3% for issues of companies with assets of less than
$1,000,000 to 3.1% for issues of companies with assets of from
$5,000,000 to
$10,000,000./ Thereafter the decline was more gradual, reaching a low
point of 2.3% for issues of companies with assets of $200,000,000 and
over.
For preferred and common stock
issues, costs were consistently lower for
companies with assets of from $1,000,000 to $5,000,000 than for issues of
companies with assets of less than $1,000,000.
13.
which
*
Cost of flotation
the
had a slight tendency to be higher for issues in
underwriting contract provided for a market clause to public
Throughout this report the cost flotation and its
compensation
to
distributors
percent of the dollar amount.
and
expenses,
are
two component parts,
in terms of a
expressed
Volume
The Commercial & Financial Chronicle
152
offering date, than for issues in which the
tion
clause
effective
to
date.
contract provided for a
Contracts
covering
termina¬
approximately
OPM
Places
Magnesium Under Mandatory Priority
System—-Orders
Defense
Contracts
Be
Given
Preference Rating—Temporary "Ceiling" on Alu¬
tbree-
* underwritten issues contained either of these provisions, and
1939 there was a marked preference for agreements containing a market
°i
,
clause to public offering date.
minum
14.
Although investment companies were excluded from the main statis¬
analysis, a special tabulation was made showing that cost of flotation
was 7.5%
for open-end companies and 7.2%
for investment plans and all other types.
tical
on
non-underwritten issues
Scrap
Producers of magnesium were notified on March
Office of Production Management that this product
mandatory priority system.
placed under
Surplus
Food
Buying
Passes $7,000,000
Under Stamp Plan
for
January
Blue surplus food stamps added more $7,000,000 worth of
farm products in January to the diets of approximately
o,000,000 members of families eligible to receive public
assistance,
Marketing Administration
Agriculture announced March 3
the
Department
Surplus
of
monthly report
families taking
of the
in its
the Food Stamp Plan.
During January
in the Food Stamp Plan used, blue
stamps, which increased their expenditures for agricultural
products approximately 50%, as follows: 14% for butter;
13% for eggs; 31% for pork products; 16% for flour and
other cereals; 14% for fruit; and 12% for vegetables.
The
on
24,000,000 pounds of white and Graham flour and 8,600,000 pounds
lard;
4,700,000 pounds of pork
10,400,000 pounds of pork and
cereals;
27,800,000
on
blue
pounds
(approximately
oranges;
13,000
purchases
stamp
included
465,000
about
bushels)
of
boxes
121,000
potatoes,
of
In
boxes
fresh
of
and 2,200,000
pears;
letter to producers, the priorities chief prescribed that they
a
their order books to the priorities
division
once
submit
each month for "appro¬
priate action" on orders, contracts and deliveries scheduled for the
following
month.
"directly
All contracts for magnesium which is to enter
indirectly"
or
are to
be automatically
date," Stettinius
pounds of dried prunes and
raisins
Britain
into materials for the Army, Navy or Great
wrote.
"If any person
.
.
believes that cessation of production of particular articles
caused or to be caused by compliance with this order
.
in grave
would result
hardship, he shall refer such case to the division of priorities for its
determination," Stettinius advised.
price stabilization division of the National
On March 3 the
fresh
71,000 boxes of fresh grapefruit; 146,000 bushels of fresh apples;
Defense Advisory Commission ordered plane manufacturers
to sell their mixed aluminum scrap to their usual purchasers
price not to exceed 11 cents a pound.
at a
In addition to
This follows the
Feb. 24 when aluminum and machine tools
were
subjected to a mandatory priority status; as was re¬
ported in these columns March 1, page 1366. * Instructions
were
sent out by Edward R. Stettinius Jr., Director of
Priorities of the OPM, who said that preference should be
given to all defense and British orders "if necessary at the
expense of any other contracts." The Washington "Post" of
March 4 had the following to report in the matter:
3,500,000 pounds of dry beans, and 6,600,000 pounds of other vegetables.
Other
3 by the
has been
rated "A-2," "to insure delivery on the required delivery
Purchasing with blue stamps, representing new outlets for surplus farm
commodities, included about 2,700,000 pounds of butter; 3,600,000 dozen
of other
a
action taken
part
announcement bearing on the report added:
eggs;
1519
purchases of commodities by blue surplus food stamps the
Surplus Marketing Administration continued in January to purchase farm
products and
families in
three
to
distribute them for
use
in free school lunches and to needy
for
direct food purchase and distribution programs
Seven
serve
1940, to Jan. 31, 1941).
SMA Announces Surplus
Food Designations for March
Marketing Administration of the Department
announced on Feb. 26 the list of surplus
foods which participants in the Food Stamp Plan may obtain
The Surplus
of
Agriculture
during March in all Stamp Flan areas.
These
are
the na¬
tionally designated foods which will be available in local
stores in each area in exchange for blue surplus food stamps.
The March list of nationally designated foods, which is the
Fresh
grapefrut,
packed
or
in
pears,
organes,
Irish potatoes, butter,
apples, onions
(except
green
onions),
raisins, rice, pork lard, all pork (except that cooked
metal
hominy (corn)
wheat (Graham) flour.
prunes,
containers),
glass
or
corn
meal,
shell
eggs,
dried
dry edible beans, wheat flour, and whole
grits,
addition
foods which
those
to
are
nationally listed,
fresh kale, carrots, and
able for blue stamps
vegetable shortening will be avail¬
during March in certain areas.
—■—♦
President Roosevelt Extends Export Licensing System
to
16 More Materials—Also Places Plans and
Speci¬
Producing Items Under ControlBlanket License for Export of 138 Items to Great
fications
for
Britain Issued
/
President Roosevelt
on
said:
The facilities of the
Defense Contract Service,
effective on March 10, covers cadmium, carbon black,
cresylic acid and cresols, fatty acids produced from
copra,
vegetable oils under export control, glycerin,
palm-kernel oil and palm
coke, shellac and titanium.
proclamation, effective on March 24, applies to jute, lead,
kernels, pine oil, petroleum
A
second
borax and phosphates.
The plans,
specifications or technical information used in
processing items under export control are
which becomes operative on April 15.
producing or
covered by the third proclamation,
assistants,
contractors
reported
1357.
Administrator Maxwell on March 3 issued an order giving
blanket authority for the export to Great Britain and North¬
ern Ireland of 138 war products.
It was explained that
a daily check would be made on these exports so that if the
volume is found to be too heavy, controls could be imposed.
Concerning this order we quote the following from the
Previous extension of the licensing system was
our
issue of March 1, page
Associated
Press:
j--
The State Department
notified all collectors of customs that any exporter,
without the requirement
of an individual license, may export any of the
138
war
list is similar to one
►
to
Britain and Northern Ireland.
previously in effect for Canada.
articles on the list to Great
Officials pointed out that
The
exportation of any product on the list vital
have to be cleared by the Office of Pro¬
American defense would first
duction Management.
A recent manda¬
aluminum industry would make it im¬
possible for aluminum to be exported without O. P. M. consent.
P The list includes 94 blanket licenses for such things as aluminum, mag¬
nesium, optical glass, wool, copper and products, nickel and productions,
aircraft parts, armor plate, shatterproof glass, fire-control instruments,
Aluminum, for
tory defense
example, is the No. 1 item on the list.
priority order for the
crude oil, lubricating
oil and gasoline.
and technical, engineering and financial
provide decentralized assistance to prime and sub¬
and potential contractors.
who will
announcing these appointments, Mr. Mehornay
said:
defense contractor and
potential contractor with a source of information and assistance reasonably
close to his own plant.
It is our hope that this service will greatly stimulate
the subcontracting of defense orders, thus contributing to our expressed
aim of utilizing every available manufacturing facility, spreading the defense
load geographically and minimizing housing and other social problems that
would arise from excessive centralization of defense work.
Naturally, the
field offices of the Defense Contract Service will work in close co-operation
with regular Army and Navy field representatives and local offices of other,
Contract Service will provide every
The Defense
branches of the
The
defense program.
appointments follow:
Frank H.
of the Federal
Vice-President and Secretary
Mr. Neely will be Coordinator for
Neely, Chairman of the Hoard of Directors
Atlanta, Ga., and Executive
Reserve Bank,
of Rich's Department
Store, Atlanta.
,'
the Atlanta area.
Raymond C. Force, Chairman of the Board of Directors of the Federal
Reserve Bank, San Francisco, Calif, and Chairman of the Executive Com¬
Caterpillar Tractor Co., San Leandro, Calif.
mittee of the
be Coordinator
Albert M.
Federal
the
Mr. Force will
for the San Francisco area.
Creighton, Chairman of the
Reserve Bank,
Woven Hose &
Industrial Advisory Committee of
Boston, Mass., and Director of the Boston
Mr. Creighton will be Coordinator
Rubber Co., Boston.
for the Boston area.
George C. Brainard,
Reserve Bank,
land
Chairman of the Board of Directors of the Federal
General Fireproofing
Mr. Brainard will be Coordinator for the Cleve¬
Cleveland, Ohio, and President of the
Co., Youngstown,
Ohio.
area.
-
R. B. Shepard,
Deputy Chairman of the
Federal Reserve Bank, Minneap-
President of Finch, Van Slyck & McConville, St. Paul,
will be Coordinator for the Minneapolis area.
Clarence W. Avery, Director of the Detroit Branch of the Federal
Reserve Bank of Chicago, and President and Chairman of the Board of the
oplis, Minn., and
Minn.
in
The Coordinators will have adequate staffs
Activities.
of Small Business
field agents for the Office of Small Business
be utilized in expanding the field offices of the
which has taken over the functions of the Office
consisting of District Managers
articles
One proclamation,
Federal Reserve System, including part of its person¬
nel, which have been serving as
with
cocoanut oil,
Re¬
Appointment of seven District Coordinators of the De¬
Contract Service was announced in Washington on
Feb. 28 by Robert L. Mehornay, Director of the service.
These are the first appointments of field personnel under the
recently organized unit of the Office of Production Manage¬
ment, according to the OPM, which in its announcement
March 4 issued three proclamation
accompanying executive orders, expanding the list of
and materials under the export licensing system.
The action, taking in the interests of National Defense, on
recommendation of Brig. Gen. Russell L. Maxwell, Adminis¬
trator of Export Control, covers 16 products, in addition to
plans, specifications or technical information used for pro¬
duction or processing of any items under control.
The
following regarding the orders was reported in Associated
Press Washington advices March 4:
of Various; Fecleral
fense
In
In
Defense
Banks Appointees
Activities, will continue to
the February list," includes:
same as
Coordinators of
District
Service-—Representatives
during the period July 1,>
of
Contract
Production Division Announces Appointment
OPM
served
not
by the Food Stamp Plan.
(See table on page
cumulative totals of purchases under the Food Stamp Plan and
areas
Mr. Shepard
Murray Corp. of
for
the
America, Detroit, Mich.
Mr. Avery will be Coordinator
Detroit area.
Thos. S. Gates,
President of the University of
will be Coordinator
Pennsylvania.
Dr. Gates
for the Philadelphia area.
♦
;
■:
Pennsylvania Tem¬
Latter from Certain Duties
Incident to His Appointment as Coordinator of
Defense Contract Service in Philadelphia
It is announced by John S. Sinclair, President of the Fed¬
eral Reserve Bank of Philadelphia, that the trustees of the
University of Pennsylvania have
temporarily released
Thomas S. Gates from some of the details of his office as
President of the University in-order to make it possible for
him to assume his duties as Coordinator of the Defense Con¬
tract Service in the Philadelphia Reserve District.
In his
newly-appointed post Mr. Gates is charged with the respon¬
sibility of speeding up production for national defense
through more extensive use of sub-contracting facilities,
Mr.
President
Gates of
University of
porarily Released by
i
The Commercial & Financial Chronicle
1520
Gates, who
appointed by William S. Knudsen, Director
Management, to serve in this
position without compensation, will maintain his headquar¬
ters in the Philadelphia Federal Reserve Bank.
In addition to Mr. Gates, the appointment of six other
District Coordinators was made known on Feb. 28 by
Robert L. Mehornay, Director of the Defense Contract
Service, whose announcement appears under another head
was
of the Office of Production
in
this
issue.
All
Reserve banks.
representatives
are
,i
of various
Federal
of
factory at Fostoria,
Charcoal is used in gas masks
to absorb harmful gases.
The orders placed by the War
Department on March 3 are for a limited quantity and are
referred to as "educational orders" designed to familiarize
firms with the manufacture of a product which may later be
needed in large quantities.
.
In reporting the placing of the orders for the gas masks,
United Press advices from Washington, March 3, stated:
v
,
are being established
provide comprehensive information to industry as to the defense require¬
of the
Government
these requirements.
.
.
and
the
plant facilities
available
for
meeting
of the
District
Coordinator
and
the
District
Manager will be
located in each of the 12 Federal Reserve banks of the
country and the 24
branches of these banks.
...
The financing of defesne production
of $37,500 for "educational" orders to the five concerns.
They are the Kemper-Thomas Co., Cincinnati, Ohio, $12,500; Sprague
Specialties Co.,
Mass., $6,250; Eureka Vacuum Cleaner
North Adams,
Co., Detroit, $6,250; Pittsburgh Store and Fixture Co., Blalrsville, Pa.,
$6,250; and the B. K. B. Co., Los Angeles, $6,250.
Officials said the mask,
the first of its type developed by the Army,
provides protection against all known war gases but is not designed for the
long life and rugged use of the service masks.
providing a limited quantity of the masks and to develop sources of supply
for them if they should be required on mass production in an emergency.
They said
no
further expansion of manufacturing facilities is contemplated
at this time.
y,.'-
will be continued by the banking
with the assistance of the regional
system
limited quantity is being
a
Officials said the educational orders were placed for the dual purpose of
These regional organizations of the Defense Contract Service under the
direction
of mask would be
new type
although only
The fourth supplemental appropriations bill carries a total
ordered now.
v
.
it believed the
suitable for general civilian use,
The regional offices of the Defense Contract Service
to
cost of $1,000,000.
a
The War Department said
Serving under Mr. Gates on a full-time basis, says the
by the Philadelphia Reserve Bank, will be a
District Manager who will be a well-known industrialist with
a thorough knowledge of
production problems, and he will
be assisted by a staff of experts.
The statement in the
matter issued by Mr. Sinclair says in part:
8, 1941
charcoal
Government-owned
a
Ohio, at
;
announcement
ments
March
Defense
Contract
Officers
as
heretofore.
The problem relating to such
financing will be reviewed and
considered by the Federal Reserve Bank, the Regional Office of the Ameri¬
can
Bankers Association, the Reconstruction Finance
Corporation,
Panama Grants United States Use of Various Areas for
Defense
representatives of banks in this district.
The regional representative of the
American Bankers Association in this work is Charles P. Blinn
Jr., Executive
Vice-President of the Philadelphia National Bank, and the Defense Contract
Canal—Will
Be
Occupied Only for
European War—Action Taken Under
of
Duration of
and
1936
Treaty
Officer for the Third Federal Reserve District is W. J.
Davis, Vice-President
the Federal Reserve Bank of Philadelphia.
In
The Panama Government has acceded to the request of
the United States for use of a number of areas outside the
Canal Zone, in Panama territory, for defense bases considered
defense
necessary
of
facilitating loans for
production,
careful
consideration
banking connections of the applicants,
obtain funds in
to
far
so
as
will
be
that
so
given
normal
the
to
borrowers
continue
may
possible through their local banks.
Defense
Contract Officers will assist in this procedure.
The
activities
of the
leave from his position
on
Mehornay Companies of Kansas City, Mo.
Defense
Contract
This action, taken under the treaty signed by the
governments in 1936, gives authorization for the installa¬
tion of air bases, searchlights
to these conditions:
and aircraft detectors, subject
The United States military authorities will occupy the territories only for
President of the North
as
Under Mr. Mehornay will be
four major sections.
1
Arias.
two
regional offices of the
Service
will be cooordinated by the Defense Contract Service Division of
the Office
of Production Management in Washington under the direction
of Mr.
Mehornay, who is
to the safety of the Panama Canal, it was an¬
nounced Mar. 5 in a manifesto issued by President Arnulfo
the duration of the European War and will vacate the areas when the war
ends.
The Business Section, headed by C.
channel to the field offices information
where, when and how to bid
Army and Navy contracts.
2 The Financial Section, headed by Charles 8. Garland,
formerly con¬
Activities, will supply the regional
all financial matters
on
relating to prime contracts
and subcontracts for equipment and materials.
The Subcontracting and Engineering Section will be headed
by Joseph
E. Trecker and Francis L. Trecker, former consultants to the War
3
Depart¬
and prominent in the machine tool
industry.
This section will
provide general information to facilitate the extension of subcontracting
and in specific cases will provide technical advice and assistance.
ment
The Contract Section, headed by Joseph P.
Cotton, formerly with the
Office of Small Business Activities, will provide information on the terms
4
of various types of contracts and on other features
facilities contracts, including tax depreciation
relating to supplies and
on new
plants and additions.
"adequate compensation" to Panama.
Panama will retain jurisdiction over the civilian population in the district.
on
nected with the Office of Small Business
offices with information
The United States will give
J. Myers of Oklahoma City, will
on
Under the 1936 treaty, ratified in July, 1939, it was
agreed, according to the Associated Press, that, in case of
"an international conflagration or the existence of anv threat
of aggression which would endanger the security of the
Republic of Panama or the neutrality or security of the
Panama Canal," the two governments would take "such
measures of prevention and defense as they
may consider
for the protection of their
necessary
Reference
common
interests."
the ratifications
to
exchanged by the United
States and Panama, which made the treaty effective in July,
1939, was given in these columns Aug. 5, 1939, page 810.
The text of President Arias's manifesto was reported as
follows in United Press Panama advices of Mar. 5:
Additional $357,310,395 Government Contracts Placed
First Half
in
February
reporting branches of the
Government
February by
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND
EXPENDITURES
Press Releases of July 1, 1940-Feb. 15,
on
,
31
Feb. 1 -Feb.
far
as it may
an
affect the safety of the Panama
atmosphere of ample and perfect
understanding and in the light of the Arias-Roosevelt treaty of Mar. 2,1936.
The Panama Government, desirous of
contractual
obligations
with
its
harmonizing the fulfillment of its
inherent
duty
of safeguarding
its
American Government.
The Government of the United States requests the use of a number of
July 1-Feb. 15
outside the Canal Zone, in Panama territory, for the installation of
air bases, searchlights and aircraft detectors, which the Washington Govern¬
ment considers indispensable for the defense of the Panama Canal.
s
Army contracts..-.
Navy contracts (a) (b)
$
5,028,890,072
6,3X0,239,766
U. S. Maritime Commission Emer¬
Shipbuilding Program....
gency
14,233,000
19,141,500
C157,181,400
40,565,322
Federal Works Agency—
30,533"500"
Security Agency—
appear
317,779,683
27,350,787
53,358,688
as
orders
Is not available
are
private yards.
placed for materials.
auxiliary
vessel
contracts
This
sum
for
State basis.
on a
a current
Nation-wide project and $1,069,411, projects
previously reported.
e
the
occupation
The
War
as
Department
to
manufacturers of machine tools; excludes
Civilian
Provide
The
ington
with
Gas
on
Charcoal,
Five
Firms
for
for
Use
in
long
as
States
as
that
the present European
war
lasts and will cease
ends.
war
Government
will
give
compensation
adequate
W';:
masks
was
announced in Wash¬
to
'■ :'V;.'
In view of the
be necessary for the defense of the Canal.
urgency shown
by the United States Government, the
Panama Government has given the Canal Zone authorities its consent for
military preparations that
Panama
Government
agreements
between
believes
the
two
may
be required.
aforementioned
the
Governments
ensure
conditions
the
that
and
future
negotiations will be completed without the least difficulty and in accordance
American
Flag
Raised
Over
'
Bermuda
Areas
Where
United States Will Construct Naval and Air Bases
Masks,
March 3 by the War Department, which also made
plans are being formulated for the construction
as
soon
of both Governments may
Masks—$1,000,000
placement of orders with five firms for the manufac¬
known that
as
United
in the occupied areas, in accordance with conditions which in the opinion
Formal
Planned
ture of low-cost civilian gas
together with the
taken
with the letter and spirit of the treaty of 1936.
Places Orders
of
political independence,
The Republic of Panama will retain and exercise jurisdiction over civilians
final
of Jan. 6).
Manufacture
Factory
for unnamed
and
treaty, has led the Government of the Republic to grant
military authorities of the United States will occupy the said terri¬
only for
The
$35,213,851 for unnamed manufacturers of machine tools.
(Total
security of the Panama
for the United States to adopt
of the aforementioned areas, subject to certain conditions as follows:
the initiation of
g Includes $10,000,000
cancelations.
use
The
Revised to show estimated construction cost
only.
f Includes
integrity
terms of the 1936
which
Includes $34,852,710 for defense training and
records; in addition the NYA has
a supplementary
appropriation of $30,485,375 for defense training with
emphasis on metal and mechanical work experience.
not
a threat to the
necessary
for defense" under the terms of the treaty.
Panama.
awarded,
c
$501,596,
measures
will
received
d Also includes
carrying with it the possibility of
Canal, which threat makes it
tories
over.
Navy Department has allocated approximately $1,000,000,000
$265,765,500 for 31
sum
371,138,371
112,094,838
112,094,838
naval vessels being constructed in
in ••Navy Contracts"
b Includes
breakdown of
request in view of the fact that "an international conflagration has broken
territorial
..L
■
Coverage: Army, total; Navy, contracts of 35,000 and
on
The Panama Government, after studying the situation at a number of
cabinet meetings, has decided to accede to the United States Government's
The desire to defend the legal rights of Panama from the viewpoint of
27,350,787
Federal Loan Agency—•
Defense Plant Corporation (f)_.
Reconstruction Finance Corp.(g)
for armament
el9,868,799
34,197,500
'
Training....
In addition, the
dl99,317,729
3,664",OOO"
Office of Education Defense
a
33,374,500
.
These
requests were made under Article 10 of the 1936 treaty.
5,187,257,436
6.392,453.287
out
WPA Defense Authorization...
USHA Defense Housing
(e)_.__
PBA Army Housing.,..
Federal
$
158,367,364
82,213,521'
own
rights, has given long and careful consideration to the requests of the North
1941)
15
so
The conversations were held in
areas
July 1- Jan
f.
recently exchanged
the initiative of the American Government, on the situation created
Canal.
totaled
$357,310,395 and raised the aggregate placed since last July 1 to
$12,377,053,247. The figures which were issued Feb. 25 by
the Office of Government Reports are tabulated below:
(Based
on
by the European war in
Defense contracts placed in the first half of
all
The Governments of Panama and the United States
ideas
ceremonies
were
held
in
Bermuda
marking the raising of the American flag
the
on
Mar.
1
areas
where
the United States will construct naval and air bases.
one of the eight sites leased to the United States
This
is
over
by Great
Britain last year in exchange for which the British received
50
over-age
American destroyers.
Announcement of
this
Sept. 3,1940,
Sept. 7, page
1370. The Navy Department's description of the site agreed
upon at Bermuda and the other islands was mentioned in
these columns of Nov. 23, page 3014.
Regarding the cere¬
mony held in Bermuda a special dispatch from Hamilton,
Bermuda, Mar. 1, to the New York "Times" said:
agreement was made by President Roosevelt on
and reference thereto appeared in our issue of
In
Stripes were raised
historic ceremony this afternoon the Stars and
a
Tucker's Island signalizing its transfer with Morgan's Island to
on
of
United States naval and air bases in the
new crescent
be sites
of defenses leased
British territory from Newfoundland to Trinidad.
on
Later, In turning the first sod marking the start of construction work on
Morgan's Island, Lieut. Gen. Sir Denis Bernard, the Governor of Bermuda,
said that "this act begins a new association between our two
for the fucure peace of the world."
Present
the
at
West Indies station
'
great nations
'
.
ViceKennedy-Purvis, Commander-in-Chief of the Americaof the Royal Navy; Eear Admiral A. Powell, his chief
ceremonies,
Admiral Sir Charles
in
addition
of staff, and other officers of the Royal
In the presence of about 200
Governor,
the
to
were
Navy.
Bermudians and American dignitaries, they
greeted at Tucker's Island by Captain Paul J. Searles,
were
United States
Navy, in charge of naval construction work; William H. Beck, United States
Consul General: Lieut. Comdr. Silas Moore of the U. S. S. Belknap and
other officials of the United States Navy.
O. P. M.Knudsen Recommends Plan to Broaden Media¬
tion in Threatened Defense
Strikes—In Memoran¬
Conciliation and
dum to House Committee Favors
30-Day "Cooling Off" Period
William S. Knudsen, Director
Management,
on
It is said to be the first instance
vening in such
In
a
controversy.
Feb. 28 sent to the House Judiciary Com¬
-
.
y
.
.
said that it considered its
with the Penner Corp. valid.
It instructed the
formal statement the Army
a
contract
to go ahead with the work despite a new walkout
by 400 American Federation of Labor building trades unionists
in protest against the company policy of using Congress of
company
Industrial
Organization labor.
: 1■
I
Jan. 29 and the second strike
in protest to the War Depart¬
ment's decision to reinstate the Penner Corp. as a contractor
,
,
The labor dispute started
since then began on March 3
on
the Air
The War
Corps testing expansion project.
Department said that the labor dispute is
halting
expansion" of the Air Corps, and issued
the following formal statement:
"All efforts to compose differences between A. F. of L. and
Penner Corporation have failed.
In view of the fact that
Penner Corp. has a binding contract for the performance of
this contract and in view of the urgent necessity for its im¬
mediate accomplishment,
the War Department has no
alternative but to instruct the Penner Corp. to resume work."
The A. F. of L. building trades struck Jan. 29 in protest
against the Penner Corp. doing work with C. I. O. labor.
The strikers returned to work two days later after the War
work "essential to the
Dept. agreed to suspend the contract temporarily.
A de¬
partment order holding the Penner contract valid was sent
union
March 1. The strike by the A. F. of L.
March 4, and brought the second
started again on
was
Army order for Penner Corp. to proceed
with its workt
a
before this group on Feb. 19 at a
hearing on labor difficulties
plants, suggested that after conciliation efforts
had failed to settle disputes a 30-day "cooling off" period
would be necessary before a strike could be called.
Unions
and
manufacturers failing to comply with this method
would forfeit their rights before the National Labor Rela¬
tions Board.
This memorandum, sent by Mr. Knudsen to
in
Corps testing center at Wright Field, Dayton, Ohio.
of the War Department inter¬
Air
to the company on
of the Office of Production
memorandum proposing "a way to broaden media¬
tion in threatened strikes."
Mr. Knudsen, who testified
mittee
1521
The Commercial & Financial Chronicle
Volume 152
Representative Sumners, Democrat of Texas, Chairman of
the House Committee, also indorsed a section of a bill intro¬
Regulation of Life Insurance—Recom¬
Creation of Federal Agency But Not for All
State
ing
mends
Inclusive Regulation
Committee
Economic
National
on
Pike, member of the Securities and
Exchange Commission,
"in broad outline our
recommendations," as
summed up,
follow:
^
make strenuous and prompt efforts to
First, that the respective States
by Representative Smith, Democrat of Virginia,
which provides that the Labor Department's conciliation
service be called in as soon as it is evident that the two
strengthen
parties to the dispute cannot agree. Mr. Knudsen also said
was "wholly in
sympathy "with the sabotage provisions
all, the Commissioners
finished articles,"
permit of conviction for sabotage
warranting life imprisonment is "to broadly written."
before the Temporary
Feb. 28, Sumner T.
In his statement on life insurance
duced
he
Suggestions for Strengthen¬
SEC Commissioner Pike's
defense
machinery for regulating and supervising
their existing
companies.
insurance
We have offered
life
several specific suggestions to
Legislatures.
In most cases, if not
will, we believe, be ready to accept the proposals
guide State Commissioners and State
financial support and backing from their
provided they receive adequate
of the Smith bill "as it refers to property or
respective Legislatures.
but that the section to
in their efforts
machinery by giving advice, dis¬
seminating information and exercising some slight supervision over certain
primarily interstate aspects of the business.
The Federal Government
should render such assistance without supplanting the basic Jurisdiction
The text of his memorandum follows:
I return herewith the notes of my testimony
in conformity with our agreement,
a
way-to broaden mediation in
before
a
before your Committee, and
I submit the following memorandum of
threatened strikes, so as to have the facts
strike is called:
2695, and am wholly in sympathy with the
finished articles.
too broadly written
sabotage provisions of the Dill as it refers to property or
I feel, however, that lines
3 to 18, inclusive, page 2, are
permit of conviction warranting life imprisonment.
I
concur
in the mediation section of the
should be called in
as soon
as
bill, that the Conciliation Service
it is evident that the parties to the
After efforts of the Conciliator have
cannot agree.
dispute
failed, I recommend
the following:
under supervision of the Conciliation
Department of Labor, with a majority of not less than 60%.
conducted
Service of the
After
Labor
shall be given only after
given cheir consent through a secret
notice
on
the
premises,
of intent to strike is served
Department,
a
on
the management and the
committee of fact-finding
members of O. P. M.
within 10 days.
Strike must be
deferred until 30 days after report is submitted.
Failure to comply will make strike unauthorized and will forfeit the
manufacturer's and the union's rights before the National Labor Relations
will
study the issue and give a report
Board, until reinstated by the Board.
'
Federal Government assist the States
strengthen their existing regulatiory
of the States.
Third, that the gradual disappearance
and eventual elimination of indus¬
encouraged by developing a plan
death benefits under social
for the sale of insurance
security programs, or by
for paying lump-sum
making arrangements
facilities of the
providing such benefits through the
postal system.
in his statement said:
In conclusion Mr. Pike,
We do not
regulation.
demonstrate
Notice of intent to strike on a defense contract
ail the employees in the plant have
ballot
to
that the
trial insurance be
I have carefully read H. R.
to
Second,
recommend
or
suggest any form of
strict, all inclusive Federal
On the contrary, the entire purpose of our proposals is to
that such regulation can be avoided by strengthening the ex¬
If realistic steps are taken by State
managements acting in co¬
expect not only the con¬
tinuance of State regulation but may look forward to increased efficiency
and public usefulness in the life insurance business.
isting State regulatory
officials,
machinery.
and
legislatures,
State
company
operation with the Federal Government, we may
Mr.
suggestions on behalf of himself
Pike offered these
special SEC counsel in charge of the
insurance study, and not for the SEC, as was indicated in
and Gerhard Gesell,
our
issue of March 1, page
tions
were
J.366, in which their recommenda¬
briefly referred to.
Toward the end of his state¬
Mr. Pike, in addition to the above,
following to say:
ment,
Settled
The Wilmington Building Trades Council
(American
Federation of Labor) on March 4 ended a strike at Camp
Davis, Holly Ridge, N. C., site of an Army anti-aircraft
Camp Davis Building Strike
firingrange.
,
because Camp Davis is a vital
project, Commissioner Frank J. Sheehan of
States Conciliation Service said.
It was re¬
The settlement was made
national defense
the
United
President of the
of the A. F. of L.
The Wilmington Council felt "that the recent strike will
cause an investigation by the National Defense Council of
the deplorable working conditions at Camp Davis, and that
quested by Mr. Sheehan and John J. Coyne,
building and construction trades department
there will
be some adjustment
made in rates of pay and
of pay in the
overtime in accordance with the union rate
Wilmington, N. C. area.
j
It was announced officially on March 4 that 7|,000 men
struck March 3 when work was resumed on the project after
a
week-end lull, and that 9,200 men worked despite the
strike.
The council announced it was seeking "at least a
preferential shop," which would mean that new
added at the project would become union men.
workers
As
we
have stated these
suggestions and recommendations are not to
The life insurance business
and has in most cases fully
justified the confidence of its policyholders.
In bringing a greater measure
of security to millions of policyholders, the life insurance business has per¬
formed a useful service which makes its continuance a social necessity.
Indeed, there can be no question of the soundness of the basic principles
upon which the institution of life insurance is founded.
There is no desire
on our part to place government in a position to tamper with insurance
investments, to control investment policies, or to interfere in any way
with the companies free exercise of managerial judgment.
That certain
be considered as an attack on
have developed in the business which, upon
undesirable from the point of view of broad public
interest is, after all. not suprising.
One would expect to find that certain
procedures and types of insurance inaugurated many years ago would with
changing times have a different effect and emphasis than was originally
expected and, of course, the great growth of the companies would create new
regulatory as well as new operating problems.
Furthermore, the activities
of a particular company may have an entirely different aspect when viewed
not from the point of view of an individual company but from the point
of view of the combined effect of insurance practices generally upon the
national economy.
Ur •'
VU-"-'
-V-.:'.
practices
and
tendencies
objective analysis, appear
Mr.
Department intervened in a
jurisdictional labor
The War
of New
at the
the following specific sug¬
State regulation:
Pike's statement offered
Ten Recommendations
Wright Field, in
dispute on March 4 and ordered the Penner Corp.
York City to proceed with electrical installations
life insurance.
remarkably consistent development
has had a
gestions for strengthening
Army Officials Act to Stop Strike at
Dayton, Ohio
also had the
4
for Strengthening State
Regulation
of State regulation was not at¬
tempted by the Commission's staff, sufficient information was obtained to
warrant our making specific suggestions for strengthening State regulation.
While
a
thorough study of all aspects
The following steps are
State
insurance
urged for the consideration of
It is hoped that
commissioners.
State legislatures and
this Committee will
1522
The Commercial & Financial Chronicle
exert its influence in
specifically
1.
the direction indicated by these
proposals, which are
insurance^companies for incorporation in the com¬
record.
This life insurance group also included:
Leroy A. Lincoln, President, Metropolitan Life Insurance
Co.; Laurence F. Lee, President, Occidental Life Insurance
Co. (of North Carolina); Thomas A. Phillips, President,
Minnesota Mutual Life Insurance Co., and M. Albert
Linton, President, Provident Mutual Life Insurance Co.
mittee's
responsible
a
execu¬
tive (in all cases subject of course to confirmation
by the proper State body)
and their selection should only be made with
regard for the appointee's
experience and qualifications.
2.
The tenure
creased
of office of the
substantially and in
Insurance Commissioner should
be in¬
far
as possible competent Commissioners
should be continued in office
regardless of their political affiliation.
3. The salaries of Insurance Commissioners should if
possible be sub¬
so
stantially increased.
,
Mr.
"
,
budget for insurance de¬
0.
of most
States.
The personnel
The work of
:C'i^
/
of most insurance departments should be increased.
insurance department should be undertaken
only by full
an
time qualified employees whose pay is sufficient to make them
conscious of
their responsibilities and free from insurance
company or political influence.
The employment of special outside examiners should be discontinued.
development of
The
civil service in State insurance departments is highly de¬
Companies should no longer be required to pay the salaries of
sirable.
discussion served to preserve to life insurance policyholders the prevailing
strict investment requirements and,
happily, the disaster which might have
then
Policyholders will have little patience
been incurred
with a
their
new
that
State
procedures
State.
in
in
of
respect
companies
The desired improvement would include
States,
some
more
competent
domiciled
Mar.
and the undertaking of examination
with the purely financial aspects of the business.
8.
Closer
regulation
and
supervision
of agency
practices
is
required.
Present laws for licensing agents are all to
frequently administered purely
revenue
measures.
Agents should be required to show more adequate
training, better prospects for financial success, and greater knoweldge of
the life insurance business.
give
more
Furthermore, State supervisory officials should
attention to such
matters as company
training
courses,
sales con¬
tests, compensation arrangements, &c.
9
The number of policy forms should be reduced and
greater attention
given to establishing standardized policy forms
able in all States.
or
policy provisions accept¬
The present confusion in this field is most undersirable.
10. State supervisory officials should more closely scrutinize activities
of officers and directors and
generally make more thorough checks on the
competence and activities of company managements.
1,
Three other problems discussed
by Mr. Pike in his state¬
(1) the necessity of liberalizing the laws governing
life insurance company investments; (2) the
desirability of
placing State supervisory authorities in a position to police
inter-company agreements restricting competition, and (3)
the development of techniques for
giving policy holders
greater representation
the boards of stock and mutual
on
companies.
Declaring that these problems can "be met
most intelligently through modifications or extensions of the
existing State supervisory machinery", Mi1. Pike had the
following to say with respect to investment laws:
Investment Laws
The aggregate size of life insurance companies is such that their invest¬
ment activities
vitally affect the credit and financial structure of the country.
The funds which companies invest are trust funds and it is not
surprising
that
State
followed
a
laws
investments in
between
bonds
or
regulating
life
insurance
companies
have
traditionally
broad pattern of permitting investments in bonds and
common
stocks.
Though there is of
forbidding
variaton
course some
States, most States make government obligations and first lien
mortgages the principal channels of life insurance investment.
As was demonstrated in the
hearings,
as
well
as
regard is threefold.
The amount of money they must invest has steadily
The available supply of industrial bonds, on the other
hand, is
increased.
gradually decreasing.
are
The interest
inadequate in many
reserve
On
rates to be earned
cases when measure
on
all types of debt
against the earnings which the
requirements of the companies make necessary.
the
other
hand,
certain
other
circumstances
must
be
recognized.
are
by their operation directing
semi-speculative
venture
or
an
increasing amount of capital
what might be called in the broadest
sense
away
from
of the word
enterprises.
Furthermore, their investment policies actually en¬
debt financing and in so doing may eventually seriously disrupt
courage
the very business foundation upon which their
prime trustee securities rest.
Recognizing that life insurance funds should
highly speculative securities, there does
investment
of
a
corporations with
not be
appear to
portion of their funds in
be
for the long term
stocks
of substantial
established record of earnings.
The continued flow
of funds to life insurance companies which are
prevented from
C
In
pose
stocks is certain to have serious effects
clearly
as
"safe"
as
many
bonds.
an
common
the economy.
ment
E.
Rhodes Says SEC Proposal that Life Insurance
Companies Invest Their Funds as Risk Capital
Commenting
on
Would
Be
Unpopular
with
the insurance report submitted by
mem¬
bers of the staff of the Securities and
Exchange Commission
to the Temporary National Economic Committee on Feb.
26,
E.
E. Rhodes, Vice-Predsident of the Mutual Benefit Life
Insurance Co., of Newark, N. J., said that the
suggestion
that life insurance funds be invested as venture or risk
capital in
new
policyholders.
enterprises would not prove popular with
Mr. Rhodes spoke as a member of a com¬
mittee of life insurance executives which filed with the TNEC
ast
August,
a
"Statement
on
our
market,
need unity of pur¬
we
We all recognize that this unity is lacking today.
It will
the seeds of disaster for
sow
We must root out factionalism.
community must deal with each other
on
our
business
The various
sec¬
the basis of good
Without team-work, cohesion and harmony,
I
ven¬
that you wiU be entrusting an impossible task to the manage¬
which, within
short time, will succeed the present one.
a
conditions in its favor, your new management
in the solution of
our
With these
will be able to function
as
problems.
This general meeting
of members, which was the first in
called by Mr. Harding on Feb. 28 for the
purpose of providing the President, Wilh'am McC. Martin,
Jr., an opportunity to discuss certain major problems of the
Exchange.
Mr. Martin's talk is referred to elsewhere in
many years, was
these columns of
today.
Harding in his address also discussed "secondary dis¬
tributions", as follows:
Mr.
There
are
certain
For
one
our
favorable
listed securities.
in these secondary
aspects
thing, they have demonstrated that there is
one
of
secondaries"
our
and intelligent
friends
newspaper
is that
the reduced
merchandising.
has
described
virility of
distributions.
active demand for
as
Another result of
this
"epidemic
of
auction market has been
our
brought forcefully to the attention of those who
its
an
Our people are realizing, more and more, the possi¬
bilities that lie in alert
what
are
largely responsible for
impairment.
In his remarks Mr.
the
"establishment
Harding expressed his opposition to
of
a
political
for
the
I would like to leave with you.
The
management"
Exchange, making the following comments:
There is
a
further thought which
New York Stock Exchange, whose growth and
development have run parallel
with
the growth and development of our country, has a robust
quality.
It has demonstrated its essential economic usefulness and that is the basis
our
confidence
pendence jealously.
mental power.
in
its
future.
There
are
We hear also of
establishment of
a
However,
we
need to guard its
already whispers of
an
agitation in
an
inde¬
extension of govern¬
our own
community for the
political management.
In other words, some of our people, I take it, would like to see a
figure head the Exchange.
mistake.
That, in
humble opinion, would be
my
-
political
a
tragic
•
Mid-Winter Conference of American Savings and Loan
Institute—L. C. Stark Urges Community Leader¬
ship
Life Insurance",
signed by
in
Eradicating
States—President
H.
Trade
N.
tional Movement in Home
Barriers Between
Says Educa¬
Financing Is to Protect
of
Prosperity — Other
Faulkner
Business
Against
Evils
Speakers—L. H. Allen Elected New President
relatively small percentage of
direction their laws governing life insurance investments.
New
Enterprises
Policyholders
our
freedom of
preserve the
community.
you expect it to
stocks would stimulate healtheir financial structures
in
our
ture to say
Common
and have a wholesome effect on the
economy.
Accordingly it is suggested
that the respective States give serious consideration
to liberalizing in this
E.
seeking to
in
tions of
established record of earnings are
a
Ever
and for this institution.
A liberalization of investment laws to
permit life insurance companies to invest
their funds in
on
Free Market
Than
Disunity is dangerous.
purchasing
common
of
recklessly invested in
room
common
an
stocks of substantial corporations with
in these columns
to
should realize the vital relation which our market bears to
the national preparedness program," Mr. Harding added:
for
The life insurance companies, by far our most dynamic
savings institutions,
referred
was
At the special meeting of members of the New York Stock
Exchange held in the Board of Governors' room on March 5,
Charles B. Harding, Chairman of the Board, declared that
"the preservation of a free market is demanded today, more
urgently than ever before, because without such a market
the financing of our great defense effort would be impossible,
or extremely difficult to
say the least." Saying "the country
through the Securities and
Exchange Commission's special studies, the life insurance companies are ex¬
periencing great difficulty in investing their funds.
Their problem in this
over¬
investment of
1364.
page
faith and confidence.
ment were:
the
to
Is More Urgently Needed
Before, According to C. B.
Harding, Chairman of New York Stock Exchange—
Says Country Should Realize Vital Part Market
Plays in Defense Program
their
which would give greater attention to the insurance
operations as contrasted
It must not be
companies with respect
t
report
Preservation of
examination
within
for
^
examiners, greater publicity to and full
realease of all examination reports,
as
SEC
The
frequent examinations
more
insurance
fiduciary institutions.
Today
insurance supervisory officials should strengthen
particularly
life
or
shall be made available for the stimulation of
enterprises which have not proved their worth.
looked
through an appropriate State tax.
7.
age,
funds entrusted to their care are in the same position as trustees and other
a
charge set in advance and paid by
directly to the State Treasury or preferably be collected
security in old
own
If they must be charged for examination the
necessary amount
should either be collected by a lump sum
company
avoided.
was
proposal that funds set aside for their widows and orphans
examiners.
the
Rhodes stated:
During the boom times of the twenties there renewed agitation, but sober
4. Insurance Commissioners should not be
obliged to undertake any
duties other than the regulation and supervision of insurance
companies.
5. There should be substantial increases in the
partments
1941
8,
178 life
follows:
as
Insurance Commissioners should be appointed by
March
Community leadership in eradicating trade barriers be¬
tween the States will be part
of the responsibility of savings,
building and loan association workers if they follow the
suggestion of Lloyd C. Stark, retiring Governor of Missouri,
at the opening session of the American Savings and Loan
Institute's mid-winter conference in Kansas City, Mo., on
Feb. 21.
Governor Stark, in a paper read by Building and
Loan Supervisor J. W. McCammon, told the 400 repre¬
sentatives of thrift and home financing institutions through¬
out the country that unnecessary interference with national
defense activity arises from such abuses of the State's
legitimate police powers and taxing authority.
His message welcomed the Institute delegates to the city
where the organization was founded 18 years ago.
Referring to the defense housing problems of the Nation,
he said:
I know of
no
group
which is in better position to analyze
this kind and work out
The
crying need
now
a
solution than
our
a
situation o_
building and loan associations
is for private interests to recognize the possibilities.
Volume
The Commercial & Financial Chronicle
152
Almost without dissent the American people
national defense effort.
of all the
question of
are
united
our
York,
Defense, made
are
to be
produced,
healthful, whoelsome living conditions for the peopl®
employed there.
,
•
.'7
/■■v /•
•
,.:V <\
appropriate policies developed and carried out by proper
personnel in periods of prosperity, Herbert N. Faulkner,
President of the Institute, told the conference on the same
day.
He said that the purpose of the educational movement
in the home financing business is to
protect the business
against the evils of propserity.
In the past 10 years, he pointed out, the number of savings,
building and loan workers studying the problems and policies
of the business in the schoolroom has multiplied five times,
and the number of localities where this kind of training is
organized has also quintupled.
The Institute was started 18
years ago and four living founders who are Kansas City
savings and loan men and realtors were honored at the
national conference:
Charles L. Flaugh, Axel Hawkinson,
Walter F. Page, and Franklin P. Stevens.
Paul Endicott, President of the United States Savings and
Loan League, also spoke at the meeting on Feb. 21, urging
Work
of great expansion in the
era
be in the
seems to
$6,500,000,000 savings and loan business
The prosperity brought on by our multi-billion
offing.
dollar armament industry and by
slackness in production and
the needed production to make up for
replacement in 10 deflationary years gives these
thrift and home financing institutions reason
about whose size
we
to anticipate an expansion
could only make a poor guess
at the present time.
gencies than ever before, and they can handle an unprecedented amount
housing
of
in line
for
workers
in
The Institute conducts
Vice-President.
Second
as
building and
savings,
loan association staff
cities.
75
of
LaGuardia's
gram
the
as
the
blow
engendered
to
defense
development of
contracts,
pointing
the
policy
95%
that
out
of
of
the
totaling $7,000,000,000, have gone to 114 large corporations.
out
The
War
Department
Committee
Air'1'-
'Vv
as
with
preventive
They urged
of
further
any
!
'v'Y.V:■
by the
on
the
a
,•;
farming
contracts,-
Mayors
municipalities
to
in
create
Civil
a
guarding
against
conferences
with
the
Federal
Government
held
be
incendiary bombing attacks.
Other Resolutions
>'
States
some
called
was
included
resolutions
in
tures
the
pro¬
This followed Mayor LaGuardia's recommendation, Thurs¬
about preparation for
Other
plants
industry."
work
to
immediate
that
of
concentration
possible attacks.
day,
to smaller
contracts
"undeniable
Defense
subsides.
program
of
further
also backed
Mayors
national
farming
when
economy
$100,000,000 be earmarked by
a $2,000,000,000 public works
that
nucleus
.
but-
everything
over
national
by the defense
.
.
reservoir of
not mentioned.
was
The
out
boom
suggestion
Government
with priority
projects
cushion
a
for-
Board
Joint
called for the establishment of
would
which
industrial
present
Mayor
Canadian-American
the
impassioned plea for all-out aid to Great Britain.
to
against
protest
a
rule
home
grant
reluctance of
the
the
to
cities,
and
Legisla¬
pledge
a
of
cooperation with the Canadian Mayors in their defense of democracy.
at yesterday's closing
Speakers
sessions included Daniel W.
Mayor of Milwaukee, Wis., for 24 years,
was
Kansas
City.
liis address
In
at tlie
Gage of
and Mayor John B.
7.7
who
Hoan,
■
conference, Assistant Secretary of
the
Treasury Sullivan, in declaring that "the Treasury, as
you
know, must shoulder the burden of financing the de¬
our democracy, our American way of
fense of our country,
life," continued, in part:
The
increase
debt
our
become
to
limit
be adequate
will
limit
have
figures
1
,
-
'
Congress has just voted to-,
$65,000,000,000, and we know only that this
truly colossal.
until the
summer
Last spring the defense
of 1942.
called for $4,000,000,000.
Then Denmark, Norway, Holland,
Belgium and France fell.
Our defense program grew to $28,500,000,000,
program
It
to
finance
and
taxes,
of
much
as
the coming
in
for that is
raise the dollars,
example
One
of
borrow
as
but all of the people)
To us it is important
making this country strong.
play their part in
and essential to
to
That is to say, we
mopths to call upon the people of the United States
(not just some of the people, not just some sections,
to
possible of the
as
balance
the
possible out of the real savings of the people.
as
intend
Treasury
increased
by
expenditures
much
the
of
intention
the
is
new
efforts
our
promote
to
our
job at the Treasury.
national
unity
through
...
more
equitable tax laws may be found in those provisions of the Public Debt
abolishing the tax exemption feature of all future issues of Federal
securities.
Now, tax exemption may seem to some people to be a financial
Act,
program.
Another speaker on Feb. 22 was Robert E. L. Hill, of
Columbia, Mo., past President of Rotary International.
The delegates to the conference on Feb. 22, elected L.*H.
Allen as President of the Institute.
Mr. Allen, who is VicePresident of the Houston First Federal Savings and Loan
Association, was moved up from the Vice-Presidency.
Edward J. Webb, of Kansas City, Mo., became First VicePresident, and Charles L. Plumb of New York City was put
schools
work,
Federal
The institutions from coast to coast are in a better position to meet emer¬
loan business in the defense
Chairman
also
an
Projects Administration
defense
workers in financial institutions to take
some of the job of
keeping the public aware of the benefits of the American
system of free enterprise.
A new interpretation of "Keep the Home Fires Burning"
is called for in World War II, Morton Bodfish, Executive
Vice-President of the United States Savings and Loan League,
pointed out on Feb. 22, as he told the conference that women
employees in home-owner credit institutions will be more and
more responsible for keeping the wave of home buying and
home ownership going forward in America.
He also stated:
is
Another resolution adopted
the
The adverse effects of the business cycle can be neutralized
not so much by emergency measures
during depression as by
An
who
great
Least
a
industrial genius to build the new
communities where the vital sinews of national defense
and in providing safe,
behind
No phase of that effort must be neglected.
marshalling
1523
matter,
and simple.
pure
has been recommended
tion
the
for
cratic,
looked
was
has been defeated because it
20 years, each time it
past
at
Although the complete abolition of tax exemp¬
by every Administration, Republican and^ Demo¬
the
from
financial
narrowest
points
of
But
view.
the
Congress of the United States, by overwhelming votes in the two Houses,
decided to end the tax exemption of future Federal issues now because
there
ethical
are
all others
the
from
this
at
on
Lincoln's
outweigh
which
To explain what I mean, may I quote
Secretary
which
statement
considerations
patriotic
and
particular time.
Committee
Finance
moral
and
Morgenthau
made before the
Senate
Birthday?
regard to financing the defense program, the Secretary said:
will be called upon to share in this task.
This makes it urgent,
an
equitable point of view, that all subscribers be treated alike.
This
is impossible if the securities are issued with tax exemption privi¬
leges which are worth nothing to the poorest subscribers but worth agreat deal to the more wealthy subscribers.
Such exemptions are in¬
compatible with the democratic financing of the defense program and
In
All
from
Continued
Proposed Federal Taxation
Bond Issues Registered at
Mayors in St. Louis—Gathering
Assistant Secretary of Treasury
Opposition to
of State and Municipal
of
Conference
Addressed
by
1 Sullivan, Who Urges Removal of Reciprocal Tax
Exemption of Federal, State and Municipal Securities
At the conference of Mayors of
150 cities in the United
of
resolved to maintain "continued oppo¬
Feb. 21 it
on
was
Federal taxation of State and municipal
bond issues.
It was noted in the St. Louis "Globe-Democrat"
that the Mayors in attendance at the conference adopted
this resolution and several others concerning the municipal
aspects of the defense program after
hearing Assistant Sec¬
advocate the elim¬
From the "Globe-
retary of the Treasury John L. Sullivan
ination of the tax exemption privilege.
Democrat"
Mr.
Sullivan,
would
$65,000,000,000
as
be adequate until the spring of 1942,
becoming "truly colossal.".
Basing his
Sullivan said repeal of the tax
present income tax figures, Mr.
on
privilege
exemption
only
expenditures
defense
described
estimate
future
on
State
and
municipal
issues
would
yield
The Mayors
costs
from
the
took the view that removal of the exemption would increase
government about 25% and that anything gained
municipal
of
privilege of taxing Federal securities would be more than offset
by the losses.
They doubted the validity of Mr. Sullivan's estimate, stat¬
ing in their resolution that it Would be 20 years before revenue from this
would be sizable.
source
of drafting for selective military service
18 and 21, rather than 21 and 35,
men
between the ages of
was
suggested in a resolution presented at the conference
on
Feb. 21, as to which the
"Globe-Democrat" stated:
The resolution said the younger men
and had no extensive
careers
The
to
Committee of the
of
conference,
nine
jobs,
Canadian
been voted
on
Auditorium,
which had
Mayors,
such amendments to the
a
hemispheic air lent to it by the presence
adjourned
formally
after the
resolutions
had
and attended a luncheon at the Convention Hall of Municipal
where their
President,
Mayor Fiorello H, LaQuardia of New
people
must
Federal
from
taxation.
agree,
for
few,
an
empty gesture and
'
idle boast.
;
reduced
increased tax rates, and added special surtaxes for
March 15 every married person earning $2,000 a
single person earning $800 a year (or $15.40 a week) will
Thus far have we gone in requiring all citizens to share
purposes.
and every
year,
an
in an effort to meet defense revenue needs, Congress
exemptions,
personal
defense
bonds.
by the
States will continue to be, for the privileged
Federal Government and the
return.
file
a
our
common
On
Yet
burden.
all
of
these
efforts
to
finance
our
national
have left completely untouched those fortunate enough
to acquire tax-exempt Government bonds.
The future may
further tax increases which some will be able to escape by
tax-exempt investments.
Clearly, . justice demands that
every American bear his fair share of this burden.
...
We anticipate that at the present income tax rates the recently-enacted
elimination of tax exemption from future Federal issues will yield about
to
or
possess
require still
the
purchase of
year when outstanding issues of totally and partially
are retired.
On the same basis we anticipate from the
exemption of future issues of State and municipal issues
an
additional $200,000,000 a year.
And of course with every rise in
income tax rates this additional revenue will be increased.
I
would like to add that the proposal to discontinue reciprocal tax
exempt
tax
exemption
persons.
a
issues
repeal of
concerns
only
interest received
from
such bonds by private
It involves no taxes on governmental units nor on the income
governmental units or charitable institutions.
Moreover, the
by
proposal concerns only interest received from such bonds as will be issued
in the future.
It is not proposed to violate the moral obligations implicit
in
"in the public interest."
exempt
part or all of their income tax liability by investing in tax-exempt
In this manner the fair application of progressive income taxation
received
conference was asked in the resolution
study of the problem and to propose
a
Selective Service Act as were
The
usually had not begun their business
financial obligations, while men in
and
Executive
make
or
draft age bracket often found it a hardship to leave their
other interests for a year of military service.
the present
families
family
still
tax load.
Upon this all
until reciprocal exemptions
are
removed some members of the community will be able to continue
to avoid their fair share of taxation.
They will still be able to escape
honest
$100,000,000
The advisability
is
securities
paramount importance that the Public Debt Act of 1941
defense requirements
$200,000,000 a year in revenue.
future
on
just and equitable distribution of our
intellectually
Last year,
reminding his listeners the recently increased debt limit
Interest
-
as
achieve a
also quote:
we
future
long
remains.
by legislation which will remove the reciprocal tax exemption
issues of Federal, State and municipal securities.
the reciprocal exemption remains, we will not be able to
be followed
So
still
securities is still exempt from State taxation, and interest
local
and
It is therefore of
problem
security
tax-exempt
State
from
...
of the Public Debt Act notwithstanding, a substantial part
passage
the
from
sition" to proposed
the
The
subject of national defense, and at the concluding ses¬
sion
of
today the Senate followed suit.
ago
A week-
Monday the House voted to remove this exemption.
A week ago
issues of Federal
States, held at St. Louis, Mo., attention was centered on
the
removed.
be
should
securities
keep them
previously
sold.
I
mention
program
facts because failure to
defense
Federal Government, it cannot be
accomplished without the complete cooperation of State and
to completion rests with the
successfully
these
in mind has sometimes resulted in misunderstanding.
largest responsibility for prosecuting the national
Although the
The Commercial & Financial Chronicle
1524
local governments.
the necessary
been
have
and
And State and local governments
cooperation in
most
Government
securities.
national
I
look
to
come
in the Treasury
we
am
that
sure
this
at
written the Treasury commending the
to provide for reciprocal taxation
of
once
problem
other
from
State
the
and
broad
municipal
viewpoint
of
unity and national defense, they too will join the vast majority
people who urge that our proposal be adopted.
of the American
At the Feb. 20 session of the conference Secretary of the
Navy
Frank Knox addressed
the
gathering and spoke in
support of the "lease-lend" bill pending in Congress.
On
the same day Assistant Secretary of Commerce Robert H.
Hinkley advocated a greater investment of municipal funds
in airports;
another speaker was Robert L. Mehornay,
Chief of the Defense Contract
Service, Office of Production
Management.
York
♦
Chamber
of
V
,
on
of Commerce
adopted resolutions urging Governor Lehman
Legislature to make a "serious effort" to reduce
departmental operating costs in the 1941-1942 state budget.
The report of the Committee on Taxation of which William
J. Schieffelin, Jr. is Chairman, which accompanied the
resolutions, said that the $9,000,000 decrease^ in the new
budget was not the result of efforts for economy and de¬
clared that "many thousand salary increases have been
made and also new jobs created."
The Chamber went on record against permitting the city
to divert emergency relief funds for other welfare
purposes,
as provided for in bills now before the
Legislature. * "The
proposed diversion would only pave the way for making the
and the
report warned.
The Chamber's
In the interests of economy in the
of the tax structure,"
also
announcement
a
says:
city's budget, the Chamber reaffirmed
the position it has taken for several years that city finances cannot be placed
sound basis until the fare
on
the transit lines is made sufficient to meet
operation
expenses,
mittee
Taxation pointed out that real estate
an
on
interest, amortization and other charges.
owners
were
The Com¬
paying
now
estimated $40,000,000 additional in taxes because the 5-cent fare is not
self
supporting.
The committee said that it had been estimated that for
each one-cent increase in
the fare, $20,000,000 additional
would
revenue
result.
As
aid to the national defense program, the Chamber urged the en¬
an
of legislation
actment
facilitate
negotiation
for the establishment of
mediation
and
of labor
a
conciliation
disputes,
service
modeled
on
to
the
principles of the railway labor mediation law.
In behalf of the Executive
presented
a
Committee, Chairman Frederick E. Hasler
report endorsing a proposed amendment to the General Cor¬
poration law which would authorize the reimbursement of directors for
expenses
incurred in defending legal proceedings instituted against them in
capacity. The report was adopted.
their official
The
Chamber
also
approved
Safety-Responsibility bill,
now
in
general
the
on
before Congress as "too
It afforded
more
compulsory insurance"
Standard
Motor
Vehicle
before the Legislature, as "a great forward
protection "without the evils attendant
a report
Jacksonville, went
to say:
on
introduced by Rep. Everett DirkSen (Rep., HI.), would
The measure,
time
which the Council charged might
A statement
the bill
on
sent to
Union,
Seafarers'
International
was
some
Toward
Mari¬
Bill
directing one of its members, George M. Harrison, in the
drafting of a resolution opposing the improvement of the
St. Lawrence "waterway to bring ocean-going ships into the
Great Lakes.
The advices from which we quote, added:
Mr. Harrison, at Mr. Green's request, appeared before the final press
conference to outline reasons for labor's opposition.
opinion of the Executive Counceil there
was
no
He said that In the
economic justification for
the improvement on which "major benefits would
go to Canada and major
parts of the expense would go to the United States."
high
as
The cost, he said, is
$1,300,000,000.
He said the project would divert ships from United States ports, and that
the argument it would help Mid-West agriculture would not stand up.
Farm products, he said, had passed from the hands of the
producer before
they
were made
ready for exports and the only benefactors would be "the
speculators and the brokers."
Cognizance
was
taken at the meeting of
Typographical Union had reached an agreement whereby
expected to return its 80,000 membership to
the I. T. U. is
were
contained in
a
Miami account Feb. 17 to
the "Herald Tribune," which further reported:
William Green, President of the A. F. of L., announced
been
The
a
statement by
Judiciary Committee of defense labor problems, during which
he was reported as saying that labor union practices are tend¬
ing to increase the Nations food costs and housing; with
regard thereto President Green on Feb. 18, in expressing
himself as "amazed at Mr. Arnold's testimony" was quoted
as saying "I'm of the opimon that increased costs are attribtable to other
Study of
causes
Industry's Capacity Shows Adequate
Steel
Facilities
and not to labor."
to
Defense
Meet
and
Civilian
Needs—
Made by Gano Dunn at Request of
Roosevelt—No Necessity for Imposing
Survey Was
President
Priorities
was made in our issue of a week ago (page
1356) to the survey of the capacity of the steel industry
made public by President Roosevelt on Feb. 28, the survey
indicating that the industry has adequate facilities to meet
the combined requirements of the United States and British
defense programs and expanded demands for civilian uses.
The study was made by Gano Dunn, senior consultant of the
Production Division of the Office of Production Manage¬
ment, at the request of the President. According to a White
House statement on the steel report, the President requested
the study because of "conflicting estimates of steel require¬
ments during the next two years and of the consequent
ability of industry to meet all demands placed upon it."
President Roosevelt has asked and Mr. Dunn has agreed to
continue his study "in view of the importance of steel
capacity and the necessity of having an up-to-date picture
of the situation." The President said at his press conference
on Feb. 28 that in view of the present capacity of the industry
there is no necessity for imposing priorities.
The following
Brief reference
is taken from the White House statement
on
the report, as
made available in Associated Press advices:
Mr. Dunn has accepted the estimates of Melvin de Chazeau, economist
are
in
000,000,000
based
1941,
Office of Production Management, on
for civilian
uses
during
1941
and
1942.
the assumption of a national income of $80,-
on
$90,000,000,000
in
1942,
and
a
greatly increased
demand for steel for civilian uses as a result of the rise in national income.
However, the Dunn report includes information
actual capacity for
on
production of steel ingots which has never been known before and which
demonstrates that that capacity is considerably higher than
was
generally
The report concludes that if certain measures are undertaken there will
be
an excess
000 tons
of
ingot-producing capacity
during the present
year and
reached, but declined
to go into details.
an
over
total requirements of 10,100,-
2,100,000 in 1942.
These
measures
that must be taken to attain capacity production include the elimination
of potential bottlenecks in output of pig iron and coke and an even distri¬
bution of orders throughout the industry, and a shortening of the period of
time
steel-making facilities
during which
are
normally
closed down
for
repair work.
Mr. Dunn has arrived at
called "reliable capacity."
a
new
measure
of steel capacity which he has
The difference between "reliable capacity" and
"reported capacity" is that "reliable capacity" takes into account certain
existing facilities for the production of steel castings which are not included
in reported statistics of the
consumed for
industry and that the period of time normally
repairing facilities can be reduced at
cost to the steel
companies.
nominal increase in
a
This increased expenditure in the interests of
time-saving is justified by the emergency nature of demands on the industry.
The report estimated that, on the basis of existing facilities at the begin¬
ning of the
year, a
shortage of 1,130,314 tons, or 2.3% in capacity for pro¬
duction of pig iron would result if the industry were to operate at reliable
capacity throughout the year.
In 1942 a potential shortage in the produc¬
tion of pig iron of 544,481 tons is
Advices to the effect that the Executive Council of the
Federation and the Executive Board of the International
the A. F. of L.
Congress.
it to
present
good provisions, but that the objectionable
Assistant Attorney General Thurman Arnold, in testifying
on Feb. 17 at the opening of the investigation by the House
At the midwinter meeting in Miami, Fla., of the Executive
as
will
realized.
Council of the American Federation of Labor, the closing
session on Feb. 20, according to special advices to the
New York "Herald Tribune" found the Executive Board
estimated
Harry Lundeberg, President of the
who
attached to the materials branch.
Opposition to St. Lawrence Waterway Indicated at
Meeting in Miami of Executive Council of A. F. of L.
—Reported Agreement with I. T. U. on Return of
time
interfere with distribution of trade union
literature aboard vessels at sea.
upon
stated.
Federation—Attitude
have
authority to hire seamen, and the section covering subversive activities,
These estimates
to
Mari¬
circles.
The Council objected to the provision calling for ship's masters to
probable requirements of steel
Members
Reporting
broad in scope."
establish hiring halls for seamen and control subversive activities in
step towards financial responsibility and greater safety on the on the high¬
ways."
19, the Executive Council of the
record as opposed to the Maritime bill
Feb.
on
features outweighed its benefits.
March 6, the New York Chamber
emergency taxes a permanent part
calls for payment of
this United Press advices in the Florida "Times Union" of
Commerce
Adopts Resolution
Urging Reduction By Legislature In Departmental
Operating Costs In State Budget—Other Action
By The Chamber
At its business session
on a
At its session
A. F. of L. went
now
8, 1941
whether the assessment has been waived.
or
Council said the bill had
;;;
New
Mr. Green refused to say whether the peace treaty
the assessment
agreeably surprised at the number of Mayors, Governors
country officials who have
of
Secretary Morgenthau
efforts
officials
needed granting
are
Frankly,
variety of ways.
a
March
anticipated
ities if the industry were to operate at
on
the basis of existing facil¬
capacity during that
year.
Coke shortage during 1941, on the same basis, is estimated at 5,360,315
tons, or 12%, and dining 1942 at 2,670,906 tons.
these deficits by production
in
Total cost of removing
of additional facilities would be $59,545,975
1941 and $29,482,964 in 1942.
Some of these facilities
are
already under
construction.
Mr. Dunn has recommended that this increase in facilities be undertaken
agreement had
He said the matter would
and that if it does not occur
normally it be prorated
the Director General of the Office of Production
over
the industry by
Management.
His
recom¬
be submitted to a vote of the I. T. U.'s
mendation along these lines is based on
not be made
tionship between pig iron and scrap going into ingot steel should be main¬
membership and the terms would
public until they had been passed upon by the rank and file.
He said he was of the opinion "it will be adopted by a sizable vote."
The I. T. U. was suspended by the A. F. of L. in 1938 in a disagreement
over
a
one-cent-a month
a
member
assessment
for
a
"war
chest."
The
late Charles P. Howard was President of the I. T. U. at that time and also
O. I. O. Secretary.
He contended the
money was to press the
a
A. F. of L.
fight against the O. I. O., and refused to make payment after his stand had
been backed by a poll of the members.
Two years passed before the
A
F. of L. recalled the charter.
tained and that adequate supplies
the conviction that the normal rela¬
of coke should be available boh for steel
making and for home and commercial heating purposes.
Pending the installation of
new
facilities, however,
any
shortages that
might arise from these directions could be met (1) by increasing the ratio
of scrap to
pig iron going into ingots and (2) by diverting coke from
home and commercial heating units to the steel industry.
are
found necessary
the creation of
new
use
in
If such expedients
it is agreed that they should be made temporary by
pig and coke facilities to maintain normal balance and
Volume
practices
in
The Commercial & Financial Chronicle
152
the
industry
and
to
minimize
disturbance
any
of civilian
consumption of coke.
of orders throughout the
industry if maximum overall production is to be
reached and maintained.
.
.
.
Mr. Dunn recommended that unless such distribution takes
place by
voluntary
action of the industry the director of the Division of Priorities
assume
study
than
for
periodic shut-down for
87,576,099 tons
as
repairs,
is
year,
reported
with ample
Completion of additional facilities, now under
It should
be clearly understood that these figures on
represent the maximum rate of
capacity
operations that could be continued
over an
extended period of time.
ensures
the momument to
our
If that day
peace.
not
other soil than the sacred soil of
on
hopes but actual peace
dead may also
own
comes
when
our
sons
terms so just that
on
be a monument to everlasting
will fight again on foreign soil,
it only be after the economic and other sacrifices, which we must all
may
and hence unafraid.
people of
undivided
one purpose,
That day has not yet come.
Percy H. Johnston, President of the Chamber presided
the meeting.
'/
> U:-i-A
at
Prof. G. W. Dyer Declares Guffey Coal Act Repudiates
American Constitutional System
"The
Mr. Dunn has concluded that the industry could, under proper condi¬
tions, operate indefinitely at
a
rate of slightly more than 102% of reported
capacity, which heretofore has been the normal
Ingot production in January
country, amounting to
of steel capacity.
measure
the highest point in the history of
was at
6,943,084
However,
tons.
the
Dunn report
makes the interesting observation that while this figure represents
of "reported capacity" it is only 94.5% of "reliable
97.1%
capacity." When com¬
pared with reliable capacity that will exist at the end of this year, January
production would represent only 91%
of that capacity.
Direct defense requirements for steel in 1941
report at 3,100,000 tons.
estimated in the Dunn
are
There is not much controversy over this figure.
Exports of steel, mostly to England and Canada,
tons.
Civilian requirements, based on
are
placed at 13,400,000
national income of $80,000,0t. 0,000
a
estimated at 61,000,000 tons, making a total of 77,500,000 tons,
or
10,100,000 less than the reliable capacity of the industry to produce ingots.
Naturally, if the national income is less than $80,000,000,000, civilian
For instance, if the national income in 1941 reaches only
$77,000,000,000,
surplus capacity is estimated at 14,100,000 tons.
Surplus capacity in 1942, based on
estimated
reaches
2,100,000
at
but
While
a
Again, if the
tons.
$87,000,000,000. surplus
exact
figures in
every
national income
capacity would
1942
be collected, the Dunn
category cannot
report finds that capacity for rolled and other steel products is
well in
in
be 6,100,000 tons.
The conclusion is that if orders
average of 15%.
total requirements
for fabricated products
can
properly distributed
are
be
met
without
unusual
Gustavus
Professor
complete repudiation of the American
Walker
Dyer declared in
The
huge cost
on
the coal producers
for this
place the system of State socialism was
who were compelled to shift it to the coal
In addition to the millions raised by the special tax on coal
consumers.
purpose,
the coal producers were compelled to bear the cost of
supplying the paper work that was necessary to enable a political group
500,000 different minimum prices established on coal.
to work out the
The whole cost to the producers in
coal
industry is
estimated
be
to
establishing State socialism in the
$40,000,000.
Since this huge
the defense program
will any user of any steel product face difficulty in
obtaining prompt deliveries.
with
expansion,
that at no time during the course of
requirements
During
a
period
for specific
of tremendous
products
industrial
undergoing frequent
changes, the development of temporary choke points in certain spots from
expense
will, like that of most Government bureaus not only continue but increase
as
time goes on, it is
difficult to estimate the cost in the future.
When the price clause in the Act was put into effect
mean
statement
of exterminating the American system of government
in the coal fields, and putting in its
delay.
This should not be taken to
a
extensive study of the operations of the Guffey Act from its
inception.
Pointing out that the operations of the Act in fixing the
minimum prices for bituminous coal supersedes a purely
economic function, Dr. Dyer says that such a procedure is
completely outside the sphere of government under the
American system.
He went on to say:
'
generally
of ingot capacity, ranging from 50% in certain sectors to an
excess
a
issued at Nashville, Tenn., on March 7.
Dr. Dyer, who has been Professor of economics at Vanderbilt University, Nashville, since 1907, has made an
levied
national income of $90,000,000,000,
Guffey Act is
constitutional system, and an unconditional acceptance of
the State socialism theory in the field of bituminous coal,"
requirements will be less and the safety margin correspondingly increased.
is
won
win raise reliable annual capacity to 91,124,718 tons by the end of
the year.
are
strong that upon attack we can take
we are so
Let it be
America, and let it be only when the sacrifice of even a single life of an
American citizen
Dunn
in the
This is roughly 3,500,000 tons higher
per year.
previously supposed.
way,
the
Let it be when
make in common, have united us into a
responsibility for the task.
Reliable capacity for steel ingots at the beginning of this
allowances
terms.
own
the offensive and win.
The Dunn report
strongly emphasizes the necessity of even distribution
1525
last October, it was
from $40,000,-
estimated that the coal bill of the Nation would be increased
But the millions of coal con¬
000 to $60,000,000 in the following year.
sumers
will never understand that they must pay an extra tax on every ton
of coal they buy to pay the cost of destroying
American industrial free¬
dom in the coal industry.
time to time appears to be inevitable.
When
remembered that
it is
coal Is in spirited competition with
fuel
oil, natural gas and hydro-electric energy, unwarranted political restrictions
that
Col.
First
Corp, Sees No Danger
as
Consequence
Nation's Defense Program
Pope of
Inflation
in
Boston
United
States
The United States will be in
of
of
danger of inflation as a
consequence of its defense program or in the event of war,
if the people will work together and make the necessarysacrifices, Col. Allan M. Pope, President of the First Boston
We
are
overtime
on
actually at war.
We are feeling the importance of solidarity and the lack of it.
wages.
Are
We are nevertheless working our factories
generally non-productive goods.
We are generally paying high
not
going to see prices rise because of demand, because of taxes, because
we
Is this going to lead to inflation ?
of labor costs t
The
f,
is No, if we work together.
answer
As in Germany and elsewhere we,
with three problems;
There
in this country, are now face to face
first, how to finance our undertaking; second, how to
may seem
as
best, to the extent that everyone of our citizens
by the entire world.
to be listened to
Our first way is through action
are
not yet
by
a
united people by patriotic sacrifices.
in that state of mind, but there is nothing to prevent our
being so.
Our second
way,
whether actually at war or not, is to follow
and vote restrictions upon capital and labor,
Our third way
England
producer and consumer alike.
is t-o concentrate all power and use force upon our
complete controls are established.
until
people
War can make this third way
possible if not probable.
profits taxes could be made sufficiently high to
war profiteering, Col. Pope said.
He
saw no need for a rise in the cost of living, while the country
had enormous surpluses of essential foodstuffs and large
supplies of other necessities.
Manufacturers had done a
good job in fighting price increases, he said, adding that it
had sometimes been said that labor had not taken the same
Excess
eliminate so-called
He further said:
attitude.
We
We
can
can
go
almost any distance by cooperation with a fair government.
manipulation of our present facilities with¬
avoid inflation through
price fixing, wage fixing or confiscatory
out definite
In his
taxation.
concluding remarks Col. Pope said:
If a country enters a war of its
defensive war only, that
country is plainly stupid.
A defensive war is fought justifiably only when
a country is attacked and is too weak to take the offensive.
If anyone
thinks an American Expeditionary Force can be avoided if we enter this
war, then that person, in my opinion, thinks we are too weak to win a
victory.
If we must fight a war, as fight we may have to, let it be on our
In closing I
own
accord
natural
gas
and electricity.
small advance in the price of coal will be sufficient to convert
consumers
A
the
who are already almost persuaded.
and Means Com¬
the extension of
the Guffey Act, which expires on April 26, 1941, and that
the United Mine Operators (Lewis organization) will meet
with bituminous mine owners in New York also on March
11 to discuss a renewal of their contract, which expires on
It is understood that the House Ways
mittee
March 11 will start
on
a
hearing
on
March 31, 1941.
of
Association
National
Reaffirms
Manufacturers
Opposition to War—-Urges Industry to Use Utmost
Endeavor to Continue Peace
The National Association of Manufacturers
general offices in New York, on March 6 issued
which has its
the following
statement:
The National Association of Manufacturers
peace as
affirms its intense desire for
officially expressed in September, 1939 and adopted
unanimously
of the irreparable destruction
with
crushing depression
wake.
realization
happiness
following in its
by war of lives, homes, and human
and economic chaos inevitably
We call upon American industry to use
its utmost endeavor in work¬
ing for the continued peace of our country.
of America because she stands strong enough to be heard and
will be proud
We
hardship.
also three ways of accomplishing all this so that we may prepare
are
consumers' coal bill will unquestionably ac¬
by it in convention in December, 1939.
We make this reaffirmation of opposition to war with the full
,
keep prices down; and third, how to keep labor costs down without
for defense
very
well
The estimated increase
dependent on it for a living.
centuate the trend to the use of fuel oils,
no
Corp., assured members of the New York State Chamber of
Commerce at their monthly meeting in New York on March
6.
Col. Pope addressed the meeting on the subject of "An
Analysis of Present Economic Complexities in Words of One
Syllable. Col. Pope said that people are scared today as a
result of "international and domestic propaganda designed
to scare them.
The greatest cause for fear was inflation,
commonly thought of as the kind which Germany suffered
through printing money to pay its I bills, he added.
In part he also said:
cripple efficiency are serious in the extreme to the industry, as
to those who are
as
of $40,000,000 a year to the
ask you to remember this.
with the determination
to fight a
Adoption of National Daylight Savings Law Urged
Upon Congress by Merchants' Association of New
York as a Defense Measure—Says It Would Tend
to Conserve Health of Workers and Promote Pro¬
duction—Measure Introduced in Congress
President of The Merchants' Association of
Feb. 27 that, in furtherance of
national defense and as a means of conserving health, the
Association's Executive Committee had voted to recommend
John Lowry,
New
York,
announced on
to Congress
the passage of a national daylight savings law
enacted on March 19, 1918, and
similar to that which was
continued
in effect until
after the end of the World
War.
representative of the Association went to Washington on
Feb. 27 to discuss the matter with Government officials.
The Association says that in taking this action Congress
would
be following
the example of Canada and Great
A
Britain,
which
for
the
period of the present
war have
adopted year-round daylight saving.
Germany, France and
Italy are also operating on Daylight Saving Time the year
round.
The Association's announcement goes on to say,
a;ya
in part:
The
ciation
national
proposes
..
vA'..A'v-A
daylight saving law of 1918, which The
as
a
model for legislation by
1
Merchants Asso¬
the United States, made
the last Sunday in
the repeal of the
national daylight saving law on Aug. 20, 1919, several States adopted
legislation which has brought about observance of daylight saving for five
daylight saving effective throughout the country from
March until the last Sunday in October.
Following
The Commercial & Financial Chronicle
1526
the last Sunday in
months, from
April to the last Sunday in
September,
by
large sections of the country.
Studies showed that last year nearly
35,000,000 people in the United States observed Daylight Saving Time.
In
announcing the action of the Association's Executive Committee,
Mr.
that
health,
Lowry said
as
defense
a
daylight saving would tend to
of workers and promote pro¬
measure
conserve
the
duction.
Several years ago the Association
and
commercial
workers
and
and
energy
morale
took
a
approved of
the practice.
In
this
industrial
survey among
plants in New York City to determine whether
poll
not the
or
300,000 employees
95% of them expressed themselves in'favor of
voted
daylight saving law.
a
Representative Donald H. McLean, of New Jersey,
on
March 4 introduced in Congress a National Daylight Savings
bill.
The measure, as introduced, provides that from the
last
Sunday in March until the last Sunday in October the
of each time
time
hour.
one
in
zone
the United
States be advanced
;
.
::
business to
Houston
A.
of
A.
B.
and
G.
A.
Price
Urge
Banks to
Adapt Themselves to Social and Economic
Changes—Remarks Before Eastern Regional Con¬
ference
New
in
Banks
to
York—Dr.
Adhere
Marcus
Nadler
Conservative
to
Advises
Investment
social
Fundamental
and
economic
changes of
decade, coupled with the influence of
the
past
and the coming
war
problems of post-war reconstruction, make it essential for
banks to adapt their business methods to meet the new con¬
ditions, it was asserted in New York on March 5 by Gwilyn
A. Price, President of the Peoples-Pittsburgh Trust Co.,
Pittsburgh, Pa., in an address before the hlastern Regional
of
Conference
the
American
Bankers
Association.
P.
D.
Houston, President of the American Bankers Association, in
opening the sessions on March 5 observed that "we live
in a dynamic world, in which no institution has a right to
public support or can continue in business for long unless
it renders a constructive service designed to meet the chang¬
ing conditions of a dynamic society.
That is the basic
challenge of the social and economic order."
Mr. Houston,
who is also Chairman of the Board of the American National
Bank of Nashville,
The changes in
Tenn., continued:
We must go more than half way to meet it.
come to us.
a conservative investment policy
acquire only the highest grade of obligations available
during the currently developing period of war prosperity,
it was asserted on March 5 by Dr. Marcus Nadler, Professor
of Finance of New York University, in addressing the Con¬
ference.
Moreover, Dr. Nadler asserted, the current up¬
turn in business activity will enable many banks to strengthen
their assets and place themselves in a good position to with¬
stand the hardships of a possible post-war decline.
He di¬
vided the investment policies of banks into two groups—
those to be adopted during the present emergency period,
and those to be adopted with a view overcoming the dif¬
ficulties that are "bound to arise during the period of re¬
construction following the war."
He also said in part:
Banks should adhere to
to be at a
this dynamic society have been
many,—more numerous in
in
vast
a
of centralization which
wave
moorings
greatly
and
will probably continue
movement
Fifteen
ago
years
complicated thing.
institutions
our
complicated
we
of
away many
operations.
during the
war
This
on
it, it
then local in character.
was
our
old
centralization
emergency.
have considered the operation of
may
But looking back
were
We have been caught up
has swept
our
a
really simple.
They
were
bank
a
Most of
chiefly interested
in local loans, as they wish they could be now, and they were, for the most
part,
responsible only to local authorities.
vailed
and
banker and
supervisor
could
Neighborly relationship
reach
pre¬
mutually satisfactory
so¬
lutions of the problems that arose by the simple process of talking them
out
together.
During the past 10
up
over
centralized, national controls have been set
years,
various aspects of banking.
the
superimposed on
existing
These Federal
State controls.
controls
New
have
centralized
been
agencies
have been created, some to supervise and regulate and some to
compete.
With some of them we have to work; with others we have to
compete.
But
we
have
live with them all.
to
And always we have to understand them
and adjust ourselves to their existence and to their
Fiscal policies
of the government have created
activity.
enormously increased deposits and seriously curtailed earning
we
society and call for adjustment
if
our
expected primarily because of the huge demand for money on the part of the
purely casual way.
a
movements of national scope and
We
force, and
But
we cannot
wrestling with powerful
are
we must
ever
be
engaged in
studying them, trying to understand them, and adjusting ourselves to them.
Through various activities we are doing this.
This regional conference
is
one
of the ways in
For here this week
which
have
we
are
able to promote this understanding.
forum for the consideration of the
currently
important problems of banking under the leadership of what amounts to a
faculty embracing many of the best minds in the business.
we
a
Speaking on the subject, "The Outlook for Commercial
Banking," Mr. Price declared:
Foundamental social and economic
changes have been taking place in this
country and in the world.
They have occurred
more
rapidly in the last
10 years, perhaps, than in any similar
period in history.
Today, as never
before, there is need for adaptability, imagination, and
ingenuity in the
management of commercial banks to cope with these
changes, and to meet
policy of conservatism and of acquiring only the highest grade obligations
available,
gram
com¬
plete damming-up of normal peacetime
demands, will be followed by an
equally tremendous period of reconstruction.
I say
this, not by way of prediction or argument, but rather as an
ap¬
proach to what I believe the most essential requirement for
banking, and for
the banker, in our wond of
today and tomorrow: Banking will require, as
it always has, the basic qualities of
integrity and intelligence and fair deal¬
mindedness.
.
.
It will require, more than
ever, the quality of open-
Banks which
once
was
Some types of banking service have
practically disappeared.
New
competitors have sprung up, and have entered fields which we
once re¬
garded as safely ours.
Many customers who formerly depended on us have
learned to do without
have moved out of
a
us.
Banks face
new
and multiplied problems.
seller's market and into
a
We
buyer's market, and the
transition has not been pleasant.
In this
buyer's market in which we find ourselves, of which excess re¬
uninvested funds, low interest rates, and government
competition
are
such marked symptoms, we must be
just as ready as other businessmen
are
to
change
our
additional
habits of thought and of action.
and
more
comprehensive services
varied groups in our communities.
for
production,
but
pro¬
engaged in making instalment loans to
urged on March 6 to make careful analysis
of business and to study the
advertising and promotion of this service, by Walter B.
French, I)eputy Manager of the American Bankers As¬
sociation in charge of the Association's consumer credit de¬
partment.
Speaking before the Eastern Regional Conference
are
were
of their cost of doing this type
Mr. French declared:
Two features of
are
consumer
credit lending by
banks that
can
be improved
first, the adequate knowledge of the costs of conducting this small loan
business, which
concerns
the economic aspects of the business, and second,
the matter of advertising and promotion, which
has to do with its social
aspects.
The worst competitive element in any business comes from a competitor
who does not know his costs, or who in
cause we are
Be¬
dealing with small amounts all the time, necessarily our profit
is also very small.
per unit
figuring them is not careful to list all
This is especially true in the small loan business.
costs harmful to
competing
to the consumer credit
Not only is the banker who does not know his
credit lenders, but, of equal importance
consumer
lending set-up
as
whole.
a
As to advertising, Mr. French stated that all lenders in
the consumer credit field must exercise the utmost care in
advertising for loans in a straight-forward way.
"The bad
advertising of one consumer credit lender spoils the record
of good advertising of 50 banks," he declared.
The position of real estate mortgage 'enders who finance
the purchase of residential properties being constructed as a
result of the defense program was characterized at the Con¬
ference
on March 6 as a "dilemma" which can be solved
by
application of sound judgment in granting each loan and
careful analysis of local conditions by Dr. Ernest M. Fisher,
Director of research in mortgage and real estate finance of
the
the
American
the
Bankers
principal
Association.
of
concern
Dr.
defense
Fisher
declared
housing
mortgage
The lender's dilemma is this situation arises from the fact that he faces
two
alternatives which
that of refraining from
that
of
are
making loans
Neither
of these
equally unfavorable.
The first
making housing loans in defense
and
suffering
alternatives
whatever
appears
at
first
alternative is
the second is
areas;
consequences
blush
be
to
may
come.
unfavorable.
It should be the privilege of a fiduciary to refrain from
investing whenever
his best judgment dictates that course.
Probably he
with defense
housing. But in doing
and the loss of
a
so
can
do
so
in connection
he may face both public condemnation
considerable volume of attractive loans.
The fact is that to build up an adequate defense this nation will need in
the coming months to
provide housing facilities for
workers in industries which
fense materials.
In many
play
a
stupendous number of
a
vital role in the production of essential de¬
localities, existing housing facilities
are
already
occupied almost to the limits of their capacity, and new dwellings must be
provided by the hundreds, if workers, their families, and all the increase in
population that
It is
will
comes
increases in
employment
to find shelter.
are
termination of the emergency
a
violent reactions in the residential real estate market which will
cause
their greatest
violence precisely in those areas where the need for
defense housing is now
It is
with
perfectly obvious, however, that
or
will shortly be most acute.
reasonable, however, to
assume
.
that the effects
.
on
.
the residential
real estate market of the termination of the
emergency will not
ally calamitous.
relative
importance
community.
On
the
dustries
of
defense
activities
in
whole
the
economy
of the
...
other
now
of peace;
be univers¬
These effects will probably be felt in proportion to the
hand, many of the expanded facilities of established in¬
employed in defense activities
may
be converted to the uses
and these established industries may continue,
during the
even
emergency, to constitute the basic source of income of a very
much of the business which
theirs.
extend
the war and the rearmament
come once
.
In recent years, banks have lost
serves,
preparing themselves for the inevitable day of
are
are over.
consumers
reach
war, with
its terrible destruction of human and
property values, with its almost
ing and public spirit.
banks
the
reckoning which is bound to
the
new conditions which
they have brought about.
Every banker must consider the possibility that the world-wide
Hence, by adhering to
government, a major change is not likely to occur.
of repayment of new residential
mortgage loans in general
unpredictable.
He further stated:
we are to survive.
banking service, through more efficient management, &c.
not suitable
are
And
We have been meeting them in various
ways, through more diversified
deal with them in
which
moderate firming of interest rates can be
a
dynamic
powers.
changing character of
on our part
Although
lenders is the uncertain duration of the emergency period
of defense preparation, which, he said, makes the likelihood
have to live with them, too.
All of these problems arise out of the
and the war business activity is bound
opportunity to liquidate those of their assets
an
bank investments.
that
problems incidental to
program
high level and the banks throughout the country will be offered
of the cost items.
the past decade than in any previous period.
1941
and
a
Policy in War Prosperity Period—Other Sepakers
8,
We cannot wait for
develop sales personality and policy and philosophy.
During the rearmament
President
March
also
for
We must be ready to
to
larger
and
more
We must be ready to finance, not
only
distribution
and
consumption.
We
must
the workers
employed during the
emergency.
.
.
large part of
.
The first step necessary to the formulation of policy with respect to the
financing of defense housing would
extent to
dependent
pletion
simple,
or
appear to
be, then, an analysis of the
which the economic life of the community is determined by or
on
activities which
can
be expected
to
decline with
abandonment of the emergency program.
but with the assistance of the chamber of
the
com- \
This analysis is not
commerce,
industrial
leaders, housing authorities, and others whose interest in defense housing
is vital, a reasonable interpretation of the situation can be arrived at as the
basis for determination of
policy.
That
country banks should study their trade areas to
develop their service opportunities to the fullest and should
design specific credit plans ideally adaptable to
the
ends
The Commercial & Financial Chronicle
Volume 152
of individual
farmers, was the conclusion reached
of four hankers who are farm
by a group
financing experts in a round,
fallen
table discussion of agricultural credit held here
today as a
feature of the Eastern Regional Conference of the American
Bankers Association.
In addition, the experts
out a
agreed that
country banks should cooperate to the fullest with each other
dustry,
^
first of which he said:
Under the heading of management, we consider the functions of the board
of directors, the officers, and other
personnel of the bank.
In connection
with the board of directors, they should be men active in the
community,
both in civic and business affairs.
responsibility of
Broadly speaking, the prime duty or
board of directors should be to formulate the policies of
a
the
bank.
Such policies include, among other things, the matter of types
of services that will be rendered, the method of
rendering them, and the
cost of them to the public.
The intermediate credit needs of agriculture will continue
to
as
1527
I contend that
industry has nob fallen down, but that in¬
yet, has not grasped the full meaning of what is needed to carry
gigantic program such
the nation is
as
engaged in, that all in¬
now
dustry is not being used, due to misunderstanding
on the part
ton, prime contractors, and subcontractors, and that
on
of Washing¬
all sides there is
a
lack of appreciation for the time it takes to get all
gigantic bodies moving.
The remarks of Myron F. Converse before a round table
held in conjunction with the
Regional Con¬
and
with associations of which
they are members in as¬
sembling scientifically designed standards of operating ef¬
ficiency, accumulating adequate statistical records, and de¬
veloping budgetary control plans for the guidance of bank
operations.
The four farm credit authorities who took part
in the discussion were A. G.
Brown, Deputy Manager of
the American Bankers Association in
charge of the As¬
sociation's agricultural credit department; T. Allen Glenn,
Jr., President of the Peoples National Bank, Norristown, Pa.;
Nicholas A. Jamba, Manager of the agricultural
department
of the National Bank and Trust
Co., Norwich, N* Y.; and
William J. Kinnamon, Cashier, Hunterdon
County Na¬
tional Bank, Flemington, N. J.
A five-point
program for the improvement of the operating
efficiency of country banks was advocated on March 6,
by Mr. Glenn, who classified the main features of the fivepoint program as dealing with improvements in management,
accounting systems, credit records, operation of bond ac¬
counts, and budgetary control and cost analysis, as to the
down.
conference
ference
At
referred to elsewhere in these columns.
are
Closing
Session
President
of
of
Eastern
Regional
of
Pledges
Houston
Treasury
tribution
ABA
Cooperation
of
Defense
Points Out Tasks
of
of
Conference
Secretary
to
Association
Dis¬
in
Obligations—Dr.
Banks
Burgess
Defense Program—
in
Dr. Edwards Views Unlisted Bonds
as
Under Valued
The
cooperation of the American Bankers Association in
defense obligations to the public was
pledged to the Secretary of the Treasury on March 7 by
P. D. Houston, President of the
Association, in an address
closing the Eastern Regional Conference of the ABA in
the
distribution of
New York.
Mr. Houston said:
I had hoped to be able to announce to you at this
meeting detail plans
cooperation with the Treasury in the program it now contemplates
the public financing of the current
emergency needs.
The
for
our
for
Treasury
Department has been hard at work on this program.
It is a large under¬
taking with many ramifications, and since it is, final plans have not yet
been completed.
Officials of the Treasury have indicated to us, however,
that by the time of our conference at Louisville two weeks
hence, or possibly
earlier, their plans will have been advanced
able to formulate
the government
to the
and announce ways in which
point where
the banks
we
shall be
work with
can
in its financing program.
'V'L J'
But I do not want to wait until then to offer our
help. I do not want to
let this opportunity pass to assure the Treasury of our readiness to
cooperate
with it and to let the bankers of the Nation know that another
will
opportunity
be presented to us to again prove our devotion to the welfare of
soon
'
in importance in the future, it was asserted on
March 6, by Nicholas A. Jamba.
Speaking on the subject,
"An Outside Program for
Country Banks," Mr. Jamba
the Nation.
declared:
Randolph Burgess, Vice-Chairman of the Board
City Bank of New York, in the course of
address on "These Emergency Hours," at the
closing
session of the Conference on March 7, asserted that "even
in this dark hour there are coming
rays of light and hope."
While deploring the Nation's unpreparedness, he stated
that America is beginning to wake up and that
"every
month that goes by brings us nearer to a state of
prepared¬
ness." Discussing what banks can do about it, Dr.
Burgess
said they must, and are, financing the defense operations
of their customers.
Their second job, he said, is
buying
government securities and selling them to their customers.
And the third is to throw their influence, each one in his
own community, toward the maximum defense effort.
He
grow
of agriculture will continue to grow in importance.
and
improvement
of agriculture and loans
Loans for the better¬
to
make the necessary
adjustments produced by agriculture's future problems, will be intermediate
term loans.
Mr.
Jamba outlined
outside
an
for individual
program
country banks which, he said, would materially aid these
banks in serving the farmers of the areas they serve.
From
his address we quote;
The
objectives of
an
outside
program
directed
are
motives, each of which is of equal importance.
motive, the second is
our
desire to provide
by three primary
One is
a
public relations
farmers with
our
a
better
source
of good credit than other competing agencies are able to offer, and at no
The third concerns the matter of getting
greater cost.
the bank.
This third point is inevitable if the rest
more
of
our
business for
were
urged
of banks that undertake this type of lending.
He
emphasized that the extent to which a bank participates in
long-term real estate loans depends upon individual factors
concerning each bank.
In part he said:
ance
Commercial banking methods have changed very rapidly during the last
few years in most banks, yet many institutions have not adopted the new
Banks that have
consumer
loan, personal loan, automobile loan,
and PHA loan departments have shown remarkably good earnings and
in
banks the earnings from these new departments, supplementing the
normal earnings, have caused the net earnings to make new high marks.
Just how far any institution should go in long-term instalment financing
depends entirely on the bank's set-up.
also risks.
If the bank already has
credit,
or
I think that every
local
a
automobile finance
with the essential factors
of
department,
it is
are
con¬
already familiar
banker should investigate the possibilities of every form
Each
financing.
There are profits and there
well-established personal loan,
entering into this type of credit.
bank is
a
service institution
and
each
com¬
munity is justified in expecting its banking institutions to participate in
financing every legitimate need.
job
a
as we
have
of the National
an
added:
,
Savings banks were urged to enter the personal loan field
the ground that instalment loans to salaried borrowers
are safe, are a source of profit to a bank which handles them
the
our
help
delays that
properly, and
are
Regional Conference.
Joseph F. Coulston, Manager of the
personal loan department of the Society for Savings, de¬
livered the address in the absence of Mr. France, who was
unable to be present at
the conference.
Widespread adoption of a plan whereby automobile in¬
surance agents cooperate with banks in the financing and
insuring the purchase of new cars was advocated by Allan C.
Stevens, President of the Great Eastern Fire Insurance Co.,
White Plains, N. Y., in an address before the Eastern Re¬
gional Conference of the American Bankers Association.
Industry has not gallen down on the job of national
defense preparation, it was asserted at the Conference on
March 6 by William S. Shipley, Chairman of the Board of
directors of the New York Ice Machinery Corp., York, Pa.
In his address Mr. Shipley said:
are
default
be defeated.
England
It is hard to break down
not, we are an important part of the public—a
or
more
we
still
influential
t
their debts to their
on
Huge debts
are
thus become
some
people.
He continued:
That is, by expansion of the
where the whole price level rises and debts
smaller proportion of the national wealth and income.
a
change that we face is much
While
own
usually paid by inflation.
volume of money to a point
more
The
likely to be inflation than going broke.
inflation is to be expected, it need not be uncontrolled.
danger must not be ignored
or
underestimated, but if methods
can
The
be de¬
vised for intelligent, genuinely cooperative action by government,
business,
labor and finance, there is real possibility of effective
control,"
Turning to the financing of the defense program, Dr.
Burgess stated that a general pattern of financing should be
agreed upon.
"There should be no necessity for financing
it at steadily rising rates of interest as was true of the
previous
World War."
He further stated:
A wiser plan would be a commencement of the
program at rates fair to
the investor and a continuation of those rates throughout the
effort,
so
that buyers of securities will not always be
waiting for better rates. Both
Great Britain and Canada have so far been financing the war at
steady rates
not far from
and
3%.
We should be able to do
carrying through this program
as
well, if not better.
Planning
is the biggest job of banking in the
defense effort.
Dr.
Burgess said
many
people
are
concerned about the
trend of the government in the country's economic structure.
"The business man knows that democracy is rooted in
private enterprise and that if government takes over the
control of business, democracy inevitably withers."
Answering the question of what we can do about it, he
said:
'■■VY/'vy-yy v;'
■
The first thing is for
well,
and that
means
business and banking to do their job supremely
just running our individual banks efficiently,
not
but making our profession as a whole of the maximum service in this emer¬
gency.
We
are
not talking about laissez faire.
There has been
no
such
thing in this country for generations.
under laws,
We are talking about enterprise
regulations, supervision and taxes which have built up over a
period of years, some good, some bad, and
some
indifferent.
There is likely to be no lessening of this mass, though it is to be hoped
that there will be improvement.
were
In the past two decades
due much more to political mistakes than to enterprise.
instabilities
are a
major problem to which
our
depressions
Our economic
an answer can be found
only by
patient, careful study in the fields of both business and government.
people in this country who feel that industry is not in back
They feel that industry has in some way or other
are
can
summer.
Turning to the problem of inflation, Dr. Burgess said the
experience of the past indicates that governments do not
the
of the defense plan.
August, Hitler
this spring, this
from red tape, differences of opinion and other interests.
part than we usually realize.
instrumental in developing good public
relations, by Mervin B. France, Vice-President of the Society
for Savings, Cleveland, Ohio, in an address before the
now,
come
Speed depends upon the pressure of public opinion, and whether
believe it
on
There
we will do in this field of
activity as good
doing in the field of defense financing.
are
If England can hold out through
to consider long-term,
amortized loans on real estate as a possible field of lending
activity by Frank W. Sutton, Jr., President of the First
National Bank, Toms River, N. J., in an address on Mar. 6.
At the same time, Mr. Sutton outlined six rules for the guid¬
sumer
,
I know that
done and
needs
banks
Commercial
some
,
program is
properly conducted.
methods.
'
Dr. W.
I think it is safe to say that in the future, the intermediate credit needs
ment
'
On
question of the relation of government to enterprise, I believe there
some
encouraging signs.
The tide is turning
a
little.
The Commercial & Financial Chronicle
1528
Unlisted bonds
are undervalued at the present time, it
Dr. George W. Edwards, Head of the
Department of Economics of the College of the City of New
York, in an address before the Conference on March 7.
He
declared that a study of 4,000 bond issues reveals that there
asserted
was
by
is little difference between listed and unlisted bonds
the
earnings
for their fixed charges.
coverage
to
as
Continuingr
he said:
in price as
steady
as
Three-quarters of ail the bonds outstanding
listed bonds.
over
period covered by the study lost more than 30% of their value.
bonds listed
on
the New York Curb
The
Exchange have had the best earnings
The high cost of capital on small
bond issues is due to their weaker under¬
The cost of financing the smallest-sized issues
lying investment position.
is 25% higher than on the
largest-sized issues.
However, small-sized issues
subsequent years have poorer coverage and eventually a greater propor¬
tion go into default.
of 30%
And
In fact, the smallest issues have
an average
default
while large issues show 16% default.
The legal lists exclude a large number of sound issues.
could well include
over
The legal lists
300 issues with excellent coverage for their fixed
and
important
some
of the addresses at the Confer¬
elsewhere in this issue.
appears
That is
some¬
factor
unintelligent
is
administration
of the
I have no hesitation in saying that the
Exchange Act.
of good will, but they are men utterly ignorant of the basic conception
men
of markets, they are men who have no fundamental understanding of the
A man trained in technicalities of law and a man trained
in the fine points of statutes is not an adeguate individual to supervise the
markets of this country.
I have never
in personalities
indulged in personalities, and I do not intend to indulge
The validity of my criticism of the Securities and
today.
I
believe,
securities market, the organized
be demonstrated clearly
time
as
They have acted in their relation to this
by the record of history.
goes on
New York Stock Exchange, with the
same
lack of foresight and with the same lack of initiative and intelligence that
of
some
showed 10 to 15 years ago, and their work
us
will in due
course be
corrected by the ultimate swing of the pendulum.
We must not be discouraged oy that, disheartening as
swing will
come,
and you and I
we
are
right,
a
likely to have
as
it may be.
That
hasten it if we will stop fretting about
can
government regulation, and realize that now that
have
Further reference to
the capital gains tax.
work on.
Securities and Exchange Act is administered by men who are, to a degree,
hands
charges and stability of market price."
ence
another
us to
Exchange Commission will,
protection and have been the steadiest in price.
in
thing constructive for all of
Securities
1941
8,
in talking to Treasury officials and others to see
can
that steps are being taken to reduce
broad picture.
What is even more striking Is that unlisted bonds are almost
the
have done the best I
March
have
we
war on our
a
regulation instead of less, but that
more
we
American citizens, to demand that the administrators of
the Act under which
we
do business, be judged by whether more men are
getting jobs, whether honest people in the business
being helped, and
are
dishonest people being eliminated, whether the standards of membership
Savings Capital Not Restricted to Financing of Great
Industries, Says M. F. Converse,
President of
National
Association
Mutual
of
Savings Banks—
Addresses Regional Conference of American BankThe savings
the
of the American people are not restricted to
financing of great industries, declared Myron F. Con¬
President
verse,
of
Savings Banks,
the
National
Association
of
Mutual
March 6 in speaking before
a round
conjunction with the Eastern
Regional Conference of the American Bankers Association
held in New York March 5 to 7.
Mr. Converse presided at
the session, which was devoted to "The DefenseProgram
and Mortgage Loans."
He stated:
on
conference
table
We have heard
a
held
in
great deal lately about the savings capital of the Nation
being principally available to
ment will stand up
mutual
funds
institutions
mutual
to
in defense
year,
invested
was
The next largest Item
largely in home mortgages.
we
I doubt that that state¬
Assuredly it will not in the
At the beginning of this
savings bank assets.
entrusted
"big business."
under examination.
Government bonds and
they
in
case
of
40% of the
and
mortgages
26% invested in
was
have expressed our willingness fully to cooperate
are
Discussing the relationship of the defense
efforts
have done
of private lenders
and
program
building, coupled
and the construction Industry at large,
great deal to reverse the downward spiral of building in the
a
deflated period of the 30's.
Such reversal marked the end of earlier periods
of depression and we may
hope that
lasting cycle of activity.
Indeed, no one can doubt that
the first state of
greatest flood
a new
economy.
our new upward spiral has inducted a
we are
well Into
We find ourselves in the full tide of the
of borrowing and spending ever known.
The ruling con¬
sideration of this economy seems to be ability to pay for its cost in the form
of taxation
interest, or both, without much regard for amount of prin¬
or
cipal.
It is beyond my present purpose to analyze the subject further, but I
think that the salvation of a huge war spending program is most likely to
about by the diversion of
original
war
funds into permanently useful
No purpose could have more enduring value for the individual
channels.
and the
new
venture
capital into industry.
When
run,
to make that
me
made by the
to the
I
judgment at the moment.
But it is not for
you
That judgment is being
general public, and the general public is gradually waking up
necessity of a free market.
confident that you can not force time.
am
One of the difficulties with
organizations and individuals is that many believe they can force time.
But it takes patience to work out such things.
On the
subject of the administration of the Exchange, Mr.
Martin suggested that the Board of Governors be reduced
from 32 members to 16 and that the number of standing
committees be limited to those
directly concerned with the
membership which he listed as: the Floor Procedure, Admis¬
sions, and Arbitration Committees. The work of the other
committees "can be better administered by a paid staff
reporting to a Board of Directors in which the management
of the Exchange is vested, than they can in the present
system of committees," he said.
He further said:
'
-
community than home ownership.
returned to employment, or
small Board of Governors,
a
devoting its time to policy
and leaving the management of the Exchange entirely in the hands of a
paid staff, and firing the paid staff when it does not live up to its responsi¬
Low money rates and governmental stimulation of home
come
flow of
financing.
mortgage loans, Mr. Converse said:
the
a
that its members will be proud of before the public.
1 believe that
to
is
judged by that, and they will be judged by that, in the long
then I think that the record of the SEC at the present time will not be one
and
Association
ers
of the New York Stock Exchange, for example, are going up instead of down,
and whether there
I would
urge every wage earner
employed upon better terms, to consider the
advantages of owning a home, the most fundamental value In the world,
bility
will go a long way toward affording the sort of relief
as managers,
and the development
of
long-range policy for the institution that will
a
ultimately rebuild it.
'
.
Concerning the selection of his
successor,
Mr. Martin said:
I appeal to you to see to it that the man you select will not attempt to
put one group of the membership against another, will not attempt in any
way to align himself with
political forces from without the Exchange, and
see that the Members of the
Exchange,
that that man's sole interest is to
in their
dealings with
one
another, have the freedom to which the Con¬
stitution entitles them, and that he has an honest viewpoint.
The
intention of
Mr. Martin to resign as head of the
his induction into military service was noted
in these columns March 1.
page 1369.
According to an
announcement by his local draft board in New York City,
Mr. Martin has been placed in Class A-l and is not expected
to be called for service before May.
Exchange
upon
affording maximum protection at the least cost and for the largest number,
over a
long period of time.
There are many evidences of the trend toward
home ownership and I consider these indications basic reasons for confidence.
To
mind, every private mortgage lending institution should exert
my
itself
the
to
ownership.
utmost
in
making funds
Generally speaking,
I
available
think
and
encouraging
home
buyers in every possible
borrower's market.
is
in
effect.
It shows every sign of continuing indefinitely, and,
appears
reference
under
a
the
to
Staff's
Its
Qualifications
The Securities and
New York Stock
policy
I believe, with promise of helping to maintain our present rate of turnover.
Detailed
of
With money costs at record
this
that make home purchasing as easy as paying rent, we decidedly are in
a
Criticism
scientific amortization plans
way.
low levels and high assessments the rule, plus
Answers
Made by President Martin of N. Y. Stock Exchange
Exchange Commission issued a state¬
March 6, taking exception to the criticism made of
the SEC's staff the previous day by President Martin of the
that
Mutual savings banks are participating to a large degree and stand ready
to assist home
SEC
Eastern
Regional Conference
separate head in this issue of our paper.
ment
on
Exchange in address to members of the
Exchange, to which we refer in a separate item in today's
issue.
^
The Commission said:
It is interesting to note that Mr. Martin favored the Securities
Act and feels that
no
amendments will increase the volume of
Exchange
trading.
It
is also interesting to note that he does not think that this Commission, in
Valedictory Address of President William McC. Martin
of New York Stock Exchange—Blames War, Taxes
and
SEC
for
Low
Volume
of
Trading—Urges
Changes in Exchange Management
Three major factors
its approach to Stock
In fairness to
our
staff, however,
Mr. Martin's attack
duties to select
or
Exchange problems, has been influenced by
on
pass
we cannot pass over,
their personal qualifications.
upon the
qualifications of
a
any
ill will.
without comment,
It is not among
our
President of a stock
exchange but we do have the responsibility of selecting our
own
staff.
the
The advice which the Commission gets in administering its statutes comes
New York Stock Exchange were enumerated as, first, the
war and the attendant
change in political concept; second,
from two classes of personnel—experts and, since we are administering laws,
taxation,
inducing small trading volume
on
and
third, unintelligent administration of the
Securities and Exchange Act, in a farewell address delivered
by retiring President of the Exchange, William McC. Martin,
before a general meeting of the membership on March 5.
He emphasized that he favors the Securities and Exchange
Act and expressed the conviction that "no changeswhich
ought to be made in the Securities Act will return the volume
to the Exchange."
He said:
There
are
some
face the facts.
judgment,
come
are,
things
over
which
we
have
no
control, and
we
have to
The major factors causing the low volume today, in
first, the
war
my
and the change in political concept that has
with the war; the recognition that capitalism as we know it, is being
modified, being changed, and
to the
a
fear
on
the part of the investing public as
future, which has been unparalleled in recent
lawyers.
These two classifications make
personnel.
up
about one-half of
our
total
In order to qualify for a position as an expert on our staff a
candidate must
be
able to show extensive experience in,
and a thorough
understanding of, the technical aspects of the particular field of service in
which he is to be employed.
be drawn almost
investment
Thus,
our experts
in the securities field must
exclusively from the ranks of the brokerage, dealer and
banking fields.
Our staff is
therefore made
up
principally of former partners of New
York Stock Exchange firms, former floor members of this and other
changes,
former
clerks, office
have
age
a
brokerage
managers,
accountants,
former
cashiers,
specialists, traders and the like.
chief
And of
ex¬
margin
course we
substantial representation from the research organizations of broker¬
firms, banks and statistical organizations.
Similarly,
division is made up almost entirely of men with
our
public utilities
long experience in that
particular field, including several who have been ranking officers in operat¬
ing public utility companies.
In short, in accordance with standards which
in this country.
have been worked out by us with the Civil Service Commission, we cnanot
The second problem that has caused the low volume is taxation, higher
employ experts unless they can show this kind of comprehensive, practical
taxes, fear of still
years
higher taxes, the capital gains tax in particular.
And I
experience.
Volume
The Commercial & Financial Chronicle
152
Mr. Martin's comments
We
were
matically to disqualify
a man for
of business problems.
corporations
does
largest steel
of
the
as to
lawyers
not aware of the fact that to
be
staff are also surprising.
on our
member of the bar was auto¬
a
specialized work
for
or
an
understanding
Mr.
bear
to
seem
company, several of the
Martin
The heads
out.
the practice of corporate law.
members
are
of the
Three of
five commissioners
our
are
bar.
phases
of the practice of corporate law and have served as counsel to corporations
directors of corporations.
experience was,
as
It had
never occurred to us
that such
Mr. Martin suggests, the highway to ignorance.
Commissioners
are
not
lawyers but
are
Our
experts in the field of
economics and business; one of them with many years
in the financial
of actual experience
community, has been in charge, during most of the past
year,
of the bulk of
contracts
our
This Commission has
securities markets.
the New
with
York
Stock Exchange.
statutory duty to perform in connection with the
a
This duty is to make these
But
in
performing that duty,
we
That duty comes
have always given marked con¬
sideration to the desirability of encouraging the healthy functioning
securities
markets.
These reports
classified
are
as
follows:
With
very
few exceptions—none
in the past
of the
Stock
Curb
Exchange
Total number of reports received
1. Reports showing transactions
Exchange
1,061
799
186
103
151
specialists
as
29
2. Reports showing other transactions Initiated on the
floor
3. Reports showing other transactions initiated off the
floor
172
62
633
4. Reports showing no transactions
611
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists in the stocks In which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated from the
specialists'
other
other round-lot trades.
hand, all but
On
the
New
As
number
the
than
entries in
TOTAL
three
of reports
number
more
Stock
in
of reports
than
are not
directly comparable on the
•
classifications
various
received
because
a
STOCK SALES ON
THE
Exchange and its counsel
MEMBERS *
OF
YORK
ignorant
are
nor
on
ill-equipped for
job,
Mr. Martin
as
appears to
EX¬
Week Ended Feb. 22, 1941
Total for
Week
Per
Cent
a
Total round-lot sales:
A.
Short sales
important subjects of amendments to the
our
STOCK
(SHARES)
of
122,340
1,897,520
Other sales.b
We have not, from them, received the impression that we
securities laws.
».
more
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
Since last September, we and our staff have been engaged almost con¬
Stock
total
may
single report may carry
NEW
the exchanges.
stantly in constructive conferences with representatives of the New York
the
on
classification.
one
ROUND-LOT
the
Exchange,
effected by dealers
are
result, the round-lot transactions of
a
specialists in stocks In which they are registered
two exchanges.
The
York
fraction of the odd-lot transactions
a
engaged solely In the odd-lot business.
years—action by this Commission affecting the stock exchanges has been
taken only after months of conferences with responsible representatives
New York
New York
markets free—free from
pool operations and other devices injurious to investors.
first.
members.
members
of the bar who have had varied and extended experience in many
other two
tive
of the
largest holding companies, and dozens
leading and successful business enterprises
as
The data published are based upon weekly reports filed with the New
York Stock Exchange and the New|York Curb Exchange by their respec¬
A quick glance at the roster of the heads of large
not
Our staff includes many attorneys who have had substantial experience in
and also
1529
imply.
Total sales
2,019,860
Nor have they indicated to us that we suffer from a total lack of under¬
standing of their problems.
We do not pretend to be perfect, but we do believe, with considerable
pride, that
problems
or
we
have assembled
any
as
a
staff
B. Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
Transactions of specialists in stocks In which they are
1.
competent to handle its particular
as
registered—Total purchases
182,460
other organization in the country, either in government
Short sales
in private business.
47,880
138,820
Other sales.b..
Total sales.......
Odd-Lot
Trading
on
2. Other transactions Initiated on the floor—Total purchases
The
Securities
and
Exchange Commission yesterday
(Mar. 7) made public a summary for the week ended Mar. 1,
1941, of complete figures showing the daily volume of stock
80,860
Short sales
19,500
Other sales.b
56,070
Total sales
transactions for the odd-lot account of all odd-lot dealers
75,570
3. Other transactions Initiated off the floor—Total purchases
and specialists who handle odd lots on the New York Stock
Short sales
Exchange, continuing a series of current figures being pub¬
by the Commission.
The figures are based upon
reports filed with the Commission by the odd-lot dealers and
specialists. '
13,500
74,325
Other sales.b..
TRANSACTIONS
FOR
THE
ODD-LOT
ACCOUNT
OF
Total sales
4.
87,825
Total—Total purchases
ODD-LOT
80,880
Othersales.b
269,215
Total
for Week
Week Ended March
1, 1941
Total sales
ROUND-LOT
TOTAL
-
...
11,809
CHANGE
Number of shares
16.61
350,095
;-
Odd-lot sales by dealers (customers' purchases):
Number of orders
3.60
320,920
A..
Short sales
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
3.87
57,600
lished
STOCK
9.14
186,700
New York Stock Exchange During
Week Ended Mar. 1
BERS *
300,156
-
AND
STOCK
STOCK
SALES
ON
THE
NEW
TRANSACTIONS FOR
YORK
ACCOUNT
OF
MEM¬
(SHARES)
Week Ended Feb. 22, 1941
Dollar value
..r.
11,228,494
_
Total for
Per
..
Week
Odd-lot purchases by dealers (customers' sales):
Number of orde«-s:
Customers' other sales.a
Short sales
345
Customers'total sales..
Total sales
12,817
registered—Total purchases.....
292,044
Customers* total sales
Transactions of specialists In stocks In which they are
1.
8,496
ustomers' other sales.a....
300,540
Dollar value....
Othersales.b
3,890
42,150
;
Total sales
Round-lot sales by dealers:
46,040
2. Other transactions initiated
Number of shares:
.......
...
.......
140
Other sales.b
the floor—Total purchases
1.700
7,135
Total sales
dealers:
8,835
3. Other transactions initiated off the floor—Total purchases
81,770
sales marked "short
exempt"
are
reported with "other sales."
b Sales to offset customers' odd-lot orders, and sales to
Othersales.b.
12,615
;
Total sales
13,135
4. Total—Total purchases
Member
59,740
Short sales
Trading on New York Stock and New York
Exchanges During Week Ended Feb. 22
Securities
Exchange Commission made public
yesterday (Mar. 7) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all mem¬
bers of these exchanges in the week ended Feb. 22, continu¬
ing a series of current figures being published weekly by the
Commission.
Short sales are shown separately from other
sales in these figures.
Trading on the Stock Exchange for the account of mem¬
bers during the week ended Feb. 22 (in round-lot trans¬
actions) totaled 350,095 shares, which amount was 16.61%
of total transactions on the Exchange of 2,019,860 shares.
This compares with member trading during the previous
week ended Feb. 15 of 436,565 shares or 14.13% of total
trading of 2,888,780 shares. On the New York Curb Ex¬
change member trading during the week ended Feb. 22
amounted to 68,010 shares, or 14.87% of the total volume
on that Exchange of 429,470 shares; during the preceding
week trading for the account of Curb members of 144,475
shares was 15.66% of total trading of 733,620 shares.
The Commission made available the following data for
the week ended Feb. 22:
j, ■.
—
and
Total sales
I
3.05
6,110
61,900
Othersales.b
Curb
The
•
520
liquidate a long position
which is less than a round lot are reported with "other sales."
2.18
'?
13,100
Short sales
a
9.64
9,900
Othersales.b
70,260
Number of shares...
on
Short sales
70,120
Total sales
36,740
Short sales
9,741,059
Short sales.
429,470
Round-lot transactions for the account of members:
B.
Customers' short sales
a
6,410
423,060
Othersales.b
12,472
Number of shares:
Cent
Total round-lot sales:
A.
Customers'8hort8ales_...A...A.,;........w_..._......A....»,....*
Round-lot purchases by
EX¬
CURB
68,010
14.87
C. Odd-lot transactions for the account of specialists:
Customers'short sales
0
Customers' other sales.c
28,311
Total purchases
28,311
Total sales
*
The term
"members"
17,962
...
includes all Exchange members, their firms and their
partners, including special partners,
a
Shares In members' transactions
as
per
cent of twice total round-lot volume.
In calculating these percentages, the total of members'
with twice the total round-lot volume
of
members' transactions Includes
on
both
transactions Is compared
the Exchange for the reason that the total
purchases and sales, while the Exchange
volume includes only sales.
b Round-lot short sales which are exempted from
restriction by the Commission
rules are included with "other sales."
c
Sales marked "short exempt" are included with "other sales."
President
of
of
The
Roosevelt
Assures
New
Polish
Ambassador
Sympathetic Interest of United States in Efforts
Exiled
Polish
Government
following account by the Associated
Washington, March 6:
Press is from
The Commercial &
1530
the
assured
Roosevelt
President
Polish
new
Ambassador,
Cie¬
Jan
United States in the
being made by the exiled Government of Poland "in be¬
chanowski, today of the sympathetic interest of the
"valiant efforts"
half of the preservation of
freedom."
Jerzy Potocki,
Ambassador Ciechanowski, who succeeds Count
first new envoy sent to Washington
was
^
In presenting his
new
order
Association
in the
of civilization."
Ambassador
Feb. 17
on
arrived in the United
Ciechanowski
States
A
new
Winant Arrives
G.
in
Assume Post as
Breaking Precedent,
Station Outside London
England to
Ambassador—King George,
Greets
Diplomat
at
Joseph G. Winant, new United States Ambassador to the
Court of St. James, arrived in England on March 1 after
having flown to Lisbon, Portugal, from the United States
the Atlantic Clipper and from there to Bristol,
aboard
England.
In what is described as a historical precedent,
King George VI personally greeted the new Ambassador at
a railroad station somewhere between Bristol and London.
It is said that this welcome accorded Mr. Winant by King
reciprocated the good-will gesture of President
when he greeted Viscount Halifax, the British
Ambassador to the United States, upon his arrival in this
country on Jan. 24, as was mentioned in our issue of Feb. 1,
page 754.
Mr. Winant departed on the Atlantic Clipper to assume his
new duties on Feb. 27, as noted in our issue of March
1,
George
Roosevelt
Roosevelt
Wakefield
C.
R.
Nominates
to
be Member of FCC
Or March 5 President Roosevelt sent to the Senate for
confirmation the nomination of Ray C. Wakefield, of
Fresno, Calif., to be a member of the Federal Communica¬
tions Commission. If approved by the Senate he will succeed
the late Thaddeus H. Brown who resigned from the Com¬
(Mr. Brown died
mission in October, last year.
Feb. 25
on
and reference to his death was made in our issue of March 1,
page 1369).
Mr. Wakefield,
of
the
who is
from
learned
March 5.
a
Republican, has been
Railroad
California
Washington,
since
Commission
Associated
member
a
1937,
it
is
advices of
unexpired
Press,
His nomination to the FCC is for
term of seven years
School
an
dating from July 1, last.
stockholders'
meeting of the New York
Exchange Securities Clearing Corporation held on
March*>B, George P. Rea and John I. Dakin were elected
Curb
fill
vacancies
Harold H. Hart and Phillip
caused by the resignations of
W. Brown, respectively.
Mr.
Rea, who is President of the Curb Exchange will serve until
the annual meeting in 1942 and Mr. Dakin's term runs until
March, 1943.
James A. Corcoran, David U. Page and
Howard C. Sykes were reelected directors to serve until the
annual meeting in March, 1944.
At the regular meeting of the Corporation's Board of
Directors, held on March 6, following the shareholders' meet¬
ing, Fred C. Moffatt, Chairman of the Board of Governors
of the New York Curb Exchange, was reappointed President
for the ensuing year.
Other officers reappointed were:
David U. Page, Vice-President; James A. Corcoran, 2nd Vice-President;
Howard C. Sykes, Secretary & Treasurer; William B. Steinhardt, Assistant
Treasurer, and C. E. Sheridan, Assistant Secretary.
designed to guide banks in financing retail
purchases through dealers has been completed by
Department of the American Bankers
Association and is now ready for distribution to the Associa¬
tion's membership on the request of individual banks, it
was announced on Feb. 25 by Walter B. French, A. B. A.
Deputy Manager in charge of the department.
The pub¬
lication, it is explained, is intended to cover the principal
considerations, with the exception of accounting problems,
that banks must make in purchasing retail instalment sales
contracts from automobile dealers.
The manual is divided
into five sections which discuss credit and collaterals, collec¬
manual
the Consumer Credit
tions, filing and recording of instruments, insurance, and
automobile dealers and sales plans.
It contains 25 illustra¬
tions of the legal and bank forms used in this type of consumer
financing, together with two tables dealing with rebates and
legal filing and recording systems in every State.
O.
Assistant
Named
Brott
Counsel
General
of
American Bankers Association
J.
Olney Brott has been named Assistant General Counsel
Association, it was made known on
March 3 by Dr. Harold Stonier, Executive Manager of the
of the American Bankers
Association.
Mr. Brott has been
member of the staff of
a
the American Bankers Association since early 1934, coming
from the Hartford-Connecticut Trust Co. in Hartford,
Conn.
Since
1937 he has
been
a
member
of
the
general
L.
Former Vice-President of
Exchange—Had Served from 19301935—Was Also Member of Governing Committee
for Many Years
of
Allen
Lindley,
New York Stock
Allen L. Lindley, Vice-President of the New York Stock
Exchange from 1930 to 1935 and a member of the Exchange
since 1902, died on Feb. 28 at his home in Englewood, N. J. He
was 60 years old.
A native of Dobbs Ferry, N. Y., Mr.
Lindley was graduated from Lehigh University in 1902.
Later that same year he joined the firm of Henderson, Lindley
& Co., of which his father, Daniel A. Lindley, was a member
and purchased a membership in the New York Stock Ex¬
change.
This firm, which had changed its name in 1907
to Lindley & Co., was dissolved in May, 1937, at which
time Mr. Lindley became a limited partner in Shields & Co.
He relinquished this limited partnership a few months ago
but had continued in active business maintaining an office
with the firm.
In addition to being Vice-President of the
Exchange, Mr. Lindley was a member of the Board of
Governors from 1916 to 1917 and from 1919 to 1938 and had
served
several
standing committees of the Exchange.
a trustee of
the Gratuity Fund of the
Stock Exchange from 1927 to 1939 and as a director of the Safe
Deposit Co. and of the Stock Clearing Corp., affiliates of the
Stock Exchange.
Mr. Lindley's grandfather was Cyrus W. Field, who laid
the first trans-Atlantic cable in 1866.
His father, D. A.
Lindley, was a member and a Governor of the Stock Ex¬
change for many years, and his son Daniel A. Lindley Jr.,
has been a member since March 1, 1929, making the third
generation of the family to be represented in the membership
of the Exchange.
He
+.
J.
on
also
served
as
counsel's staff at
Washington.
Mr. Brott, who lives in Chevy Chase, Md., is
of Yale University and the Yale Law School.
M.
E.
Robertson
Named
Chairman
of
♦
a
graduate
Committee
Lectures
on
Agricultural Financing to Be Given at
Ithaca, N. Y., March 10 and 11 Under Sponsorship
of New York State Bankers Association in Cooper¬
ation with New York State College of Agriculture
for
Regional Conference of A. B. A. in Louisville, Ky.,
March 20-21
Merle
E.
Robertson, President of the
Liberty/
National
ference of the American Bankers Association to be held in
Louisville, March 20-21.
Robertson
on
the
Louisville bankers acting with
General
Committee
are:
Morton
Boyd, President United States Trust Co.; Frank I. Dugan,
President Security Bank; Ralph C. Gifford, President First
National Bank; Clay McCandless President Stock Yards
Bank; Earl R. Muir, President The Louisville Trust Co.;
The
Yew York
State
York
Credit
State
College
be
a
given
week, March 10 and 11.
series
on
on
in cooperation with the New
of Agriculture,
School at which
financing will
Association announced
Bankers
March 3 that it will sponsor,
Bank & Trust Co., Louisville, Ky., has been named Chairman
of the General Louisville Committee for the regional con¬
Mr.
of A. B. A. Publishes
Manual for Banks
Department
Automobile Financing
Clearing Corp.—F. C. Moffatt Reappointed Presi¬
to
Credit
Consumer
dent
directors
American Bankers
resident session at
♦
Death
annual
its
have
the
1941
of
Banking
will
♦
•
the
of
which
Rutgers University June 16 to 28, it was announced on
28 by Dr. Harold Stonier, director of the Graduate
School.
The course will be given under the direction of
Dr. Paul F. Cadman, economist of the Association, and
A. L. M. Wiggins, Chairman of the Association's Committee
on
Federal Legislation, who is President of the Bank of
Hartsville, Hartsville, S. C.
Mr. Wiggins is in active charge
of the Association's legislative activities and relations with
governmental departments and spends much of his time in
The course, it is pointed out, will be a re¬
Washington.
quired one for senior year students and provides for six
lectures—three during each week of the session.
A textbook
is now being prepared by members of the faculty of the
Graduate School of Banking under the supervision of Dr.
Cadman and Mr. Wiggins.
New Directors of New York Curb Exchange Securities
At
"Banking and Government," which
automobile
+
President
American Bankers
on ''Banking and
Feb.
A
1369.
page
of
Course
Announces
course, one on
Association
J.
Banking
will emphasize the relations of banking and the Government,
is announced as an added feature of the curriculum of The
Graduate
the American Export Liner Excambion.
of
Government"
world after the war has become
dogma of faith in the future stability of peace and. indeed, the very survival
on
1941
♦
School
Graduate
credentials at the White House, the Ambassador de¬
the necessity of your personal influence on the
of the
establishment
8,
Noel Rush, President Lincoln Bank & Trust Co.; Menefee
Wirgman, President Citizens Union National Bank.
Previous reference to the forthcoming conference was made
in our issue of Feb. 22, page 1226.
"to us Poles,
that
March
by the exiled Government of a German-
occupied nation.
clared
the
Financii 1 Chronicle
Ithaca, N. Y., a Farm
of lectures
Monday and
on
agricultural
Tuesday
of next
The school, which will be held at
the
Agricultural College in Ithaca, has been planned solely,
explained, as an educational project designed to
acquaint bankers in New York State with the fundamentals
it
is
of
farm credit.
Sixteen
lectures
will
be given
during the
school's four sessions, each emphasizing an important aspect
of the main theme.
E. B. Guild, Chairman of the Associa-
The Commercial & Financial Chronicle
Volume 152
tion's Committee
on
Few
people
investment
that
around
to have
We,
as
agriculture in
$1,500,000,000.
State last year (1940)
profound influence
a
bankers,
feel
we
New York
represents
an
thiB
farming in
It is big business, big enough
the economic well being of the entire State.
on
should
we have arranged this school
lems the better
equipped we
State
Cash income from
to $334,600,000.
ran
known
The
more
about
more
it,
that
and
why
is
know about the farmers' prob¬
we
will be to help. And anything we can do to
improve the economic status of the farmer is bound to have a State*
wide favorable effect.
Dean C. E. Ladd of the State College, Dr. W. Randolph
Burgess, President of the Association, and Mr. Guild will
officiate at the opening of the school on March 10.
The following lectures will be given during the first and
second sessions
head
of
the
Situation in New York States," by Dr. W. I.
Agricultural
of
Department
"Merchant and Dealer Credit Extension,"
and
Economics
(Management, N. Y. State College of Agriculture;
"Credit Needs of the Farmer," by Earl dark,
Creal, Homer;
Frederick
Credit),
H
,
Norwich,
and
H.
L.
by Harold L. Peet, Pike;
"The
Springfield,
Production
Credit
Corporation,
Security Administration
in the
Bank,
President,
(Short Term Credit) ;
of
Place
The
Farm
Picture,"
by
Tyler Space, Acting State Director, Farm Security Administration;
"The Place of the Commercial Bank in the Picture," by Otis A. Thomp¬
President, National Bank & Trust Co., Norwich;
Facilities of the Federal Reserve Bank
son,
"Rediscount
A question bee on
farm economics will be conducted dur¬
ing the third session of the school during the evening of
March 10.
Harold J. Marshall, Secretary, New York State
Bankers Association, will he the leader.
Lectures at the fourth and final session on Tuesday,
March 11, will include the following:
of Specific Farm
"Discussion
Credit Cases," by George Stebbins, Treas¬
Bank, Springfield, Mass., and Nicholas
Agricultural Department, National Bank & Trust Com¬
Federal Intermedate Credit
To
"How
Casher,
Batavia
Good
More
Get
Loans,"
Agricultural
First National Bank, Sidney, and G.
Production Credit Association;
"Credit Problems
Seen
as
by
Lester
D.
Hays,
F Britt, Secretary-Treasurer,
by the Other Half of the Farm Partnership,"
by Mrs. E. B. Bickford, Solon;
"What's
Ahead ?"
by A. G.
Brown,
Deputy
Manager,
Agricultural
Department, American Bankers Association.
Credit
Con¬
Del.;
Floyd,
Mass.
.'v.
ITEMS
ABOUT
Arthur
BANKS,
TRUST
COMPANIES,
&c.
S.
Kleeman, President of the Colonial Trust
Company, of New York, announces that a representative of
the Collector of Internal Revenue will be available at the
bank's
57
William
office until
Street
March
15
to
assist
income tax returns.
-
Walter Niklaus, heretofore Sub-Agent, has been appointed
Agent, and Paul Weber Sub-Agent of the Credit Suisse New
York Agency. The Agents now in charge are Francis Guyot
The
New
York
the Credit Suisse has been
Agency of
advised by cable that the Credit Suisse at the general meeting
on March 1 announced a dividend at the rate of 4% for the
1940, being the same rate as in 1939. Credit Suisse, it
stated, is the oldest of Switzerland's large commercial
banks and has a fully paid capital of 150,000,000 Swiss
year
is
reserves
of 40,000,000 Swiss Francs.
A
meeting of the safe deposit round table group of the New
York Chapter, American Institute of Banking, was held on
March 6 at Chapter headquarters
in the Wool worth Building,
in New York.
Several speakers, all active in the work of the
New York State Safe Deposit Association, participated in a
discussion
business.
of
interesting experiences Aof
the^safe
deposit
■
♦
"
■
The Bankers Forum of the New York Chapter, American
Institute of Banking, launched its 1941 spring series on
March 6, when
scheduled.
it held the first of three dinner-meetings
The first of the three meetings, held at the Drug
New York City, was devoted to "Ameri¬
Foreign Trade "in the Future," and the speaker was
Eugene P. Thomas, President of the National Foreign Trade
Council, Inc. The other two dinner-meetings of the Bankers
Forum will be held on March 27 and April 17; Charles S.
& Chemical Club, in
Norwich.
pany,
of
General Agent, Columbian National
Philadelphia; Miss Beatrice Jones, VicePresident of Life Underwriters' Association of City of New
York; Herbert Thompson, of Arthur Kudner, Inc.; and
Seneca Gamble, of the Massachusetts Mutual, of Springfield,
Francs and
fessor, Farm Management, N. Y. State College of Agriculture.
Jamba, Manager,
Shaw,
Wilmington,
with
Respect to
Farmers* Paper," by C. R. Bowman, Assistant Chief, Credit Department,
Federal Reserve Bank of New York;
"Factors Affecting Farm Incomes,'* by Dr. Van B. Hart, Extension Pro¬
urer,
D.
Co.,
and Mr. Niklaus.
(Long Term
Land
Munger,
B.
Springfield, Mass.
K.
Insurance
Farm
Mass.
President, Federal
and
W.
Howard
include
Life
Life Insurance Co.,
"The Place of the Farm Credit Administration in the Picture," by E. H.
Thompson,
American
depositors and friends of the bank in^theipreparation of
:
"The Agricultural Credit
Myers,
will
speakers
tinental
realize
of
The
Agriculture, in announcing the school's
program, stated:
1531
ca's
Garland, of Alex. Brown & Sons, and financial consultant to
the Defense Commission, will address the March 27 meeting
"National Defense and Its Effect on American Business,"
on
C. F. DuvalPResigns as Assistant Secretary of Chicago
Stock Exchange, Effective March 15
Charles F. Duvall has
resigned
as
Assistant Secretary of
the
Chicago Stock Exchange, effective March 15, to enter
the practice of law in Washington, D. C., it was announced
on March 1, in Chicago, by Kenneth L. Smith, President of
the Exchange. Mr. Duvall, the announcement said, will be
associated with Ben S. Fisher, Washington attorney, spe¬
cializing
in practice before
Commission and
the Federal Communications
securities work.
He has been with the
Chicago Exchange since Jan. 1, 1930, and in recent years
has been director
Joint ~ Meeting
IChemical
i
Chemical
t
ofAthe Stock List Department.
of American Section of Society
Industry and American Institute
Engineers
of
of
;
American Section of the Society of
Chemical Industry and the American Institute of Chemical
Engineers was held on Feb. 28 at The Chemists' Club, New
York City, presided over by Dr. Lincoln T. Work.
The
meeting took the form of a symposium on wetting agents.
The speakers included: F. E. Bartell, Professor of Chemistry
of the University of Michigan; C. R. Caryl of the American
Cyanamid Co. and Samuel Lenher of the Organic Chemicals
Department of E. I. du Pont de Nemours & Co.
A Joint meeting of the
while
Joseph C.
Rovensky, Director of the Division of
Finance and Industry of the United States Department of
Commerce, will address the final meeting on "The Economics
of the Good Neighbor Policy Among the American Re¬
publics."
♦
-
Announcement
was
made
on
Corporation's board of directors in
Hold Annual
Spring Round Table Meeting in New York March 14
Members
of
Life
the
Insurance Advertisers
Association
United States are
preparing for their annual spring Round Table Meeting,
scheduled for the Hotel Pennsylvania, New York, op March
14.
Arthur H. Reddall, Assistant Secretary of the Equitable
who
represent companies in the eastern
Life
Assurance
Society
of New York,
is Chairman of the
Program Committee, and, it is announced, he has
arranged
agenda which it is regarded will meet the desires of
the more than 50 members who are expected to attend. The
for
an
following bearing on the forthcoming meeting is from
announcement made available by the Associaion:
The morning session
of whom will be an
is to be given over entirely to guest speakers,
expert in the field he has chosen for discussion.
It
was
open on
were
of
Philadelphia,
who
Corporation's
been notified that by decree of the
banks in Switzerland will again be
Saturdays from March 7, 1941 on. All bank offices
on Saturdays during the past^winter by govern¬
closed
mental decree.
In
on
the afternoon,
the subjects
This
000
The
morning
and to the
The
the members themselves will conduct panel discussions
they have chosen.
sessions
will
be
program,
to all insurance advertsing
meetings will be executive.
open
trade press; the afternoon
which will have as
its theme
men
"Checking Back On Our
Advertising," will begin at 9:30 a.m. with a brief talk by the Chairman.
'y.'
highest bidders for cash at Mr. Goess' office, 100 Park Row,
New York City, on March 21 at 10 A.M. A descriptive list
of these assets may be inspected by prospective purchasers
at his office on all business days up to and including the
date of the sale. The following regarding the subject is taken
from the New York "Times" of March 1:
The final assets to be sold have a
annoUft'&^mente
♦
Goess, receiver of the defunct Harriman
National Bank & Trust Co. of the City of New York, an¬
nounced on Feb. 28 that he will offer at public sale on
March 21 the remaining assets of the bank, consisting of
bills receivable, judgments,
overdrafts, other choses in
action and chattels. The remaining assets will be sold to the
Frederick V.
not
will restrict his
was report¬
1226.
also announced on March 3 that the
New York Agency has
Swiss Federal Council,
each
The only speaker at the luncheon
Sumner Davis, of the Provident
remarks to several formal
departure will be followed by others.
will
be
the organization's
President,
Mutual
an
this respect
ed in these columns of Feb. 22, page
■"
Life Insurance Advertisers Association to
March 3 that the Swiss Bank
Corporation New York Agency has received notice that at the
general meeting in Basle, attended by shareholders of Swiss
Bank Corporation representing 138,143 shares, approval
was given the 4% dividend,
and the yearly accounts, in¬
cluding a balance of 2,757,189.31 Swiss francs to be brought
forward, were also approved.
Items in the statement of
condition as of the close of 1940 include: net profits, in¬
cluding balance brought forward, of 9,157,189 Swiss francs;
cash, 263,620,286; sight deposits, 889,833,163; time deposits,
156,269,950; fixed deposits (obligations), 118,431,750; and
total assets of 1,366,071,396 Swiss francs.
The action of the
nominal value of $8,019,533, but may
dollars." Other assets Include $300,had been posted with the State authorities in
bring more than "a few thousand
of prime bonds that
the fiduciary activities of the bank.
in the hands of the
the bank is concluded, a final
distribution will be made to the bank's remaining creeditors.
The depositors of the Harriman Bank have already been paid In full, due
to the extra funds obtained by the receiver from assessment of the Bank's
stockholders, and from payments made by member banks of the New
York Clearing House Association.
In this connection, a test suit is being
brought against the receiver by the National City Bank, as one of the
Clearing House institutions that came to the bank's aid, to determine
Albany to insure proper performance of
It is expected
receiver,
that when the proceeds of these assets are
and present litigation involving
The Commercial & Financial Chronicle
1532
whether the remaining assets
shall
to these banks.
go
banks contributed they took assignments of
At the time these
60% of the depositors' claims.
in
County Trust Co., of White Plains, N. Y., on Feb. 28
the First National Bank of Hastings-on-Hudson,
N. Y., according to an announcement issued on March 1 by
the Board of Governors of the Federal Reserve System. The
announcement said that in connection with the absorption a
branch of the County Trust was established at Hastings-onHudson.
It is learned from the Feb. 28 "Weekly Bulletin"
of the New York State Banking Department that the Deranch.
Eartment has given the bank authority to maintain this
8,
1941
according to an announcement by the United
Portland, Ore., which said:
Salem,
States National Bank of
erected to increase the bank's area and facilities,
This building has been
The
absorbed
March
adding 3,000 additional square feet to the 9,000 square
Installment Loan, Collection, and
Savings,
added
facilities
quarters.
in
feet existing in the
A wide corridor connects the two and the new
older unit.
in
the
consultation
customers'
unit will house
Statement departments with
room
and
bookkeeping
is the most famous
dates back to the founding
The site of the Ladd and Bush-Salem Branch
Oregon's banking history as its continuous use
of Ladd and Bush, Bankers,
THE
In 1869, or 72 years.
CURB
MARKET
price variations were the
the New York Curb Exchange
during much of the present week.
Industrial issues at¬
tracted some speculative attention, and while there was
some activity in the public
utility section, it was largely
in a group of the preferred stocks.
Oil issues have been
moderately strong at fractionally higher prices and air¬
craft shares have moved within a narrow range.
Ship¬
building stocks and paper and cardboard issues have been
comparatively quiet.
•:
v'^
Price changes were narrow with a slight upward tendency
during the abbreviated session on Saturday.
There were
no spectacular features and the turnover dwindled down to
approximately 38,000 shares against 98,000 during the
Public utility preferred stocks
preceding short session.
registered gains of a point or more and a few of the more
active issues among the industrials recorded advances up
to a point.
Aircraft shares were mixed, Fairchild ana
Bellanca moving on the side of the advance, with Republic
lower and Beech unchanged.
Oil stocks were moderately
active, paper and cardboard issues were inclined to sell off
Moderate trading
and
narrow
features of the dealings on
Announcement
made
was
on
March
4 that
Everett V.
Dana, President of the National Bank of Watervliet, N. Y.,
will become President of the Central National Bank, of
Middletown, Conn., on April I. Mr. Dana as President of
the Central National will succeed Edward M. Slavin, who
In reporting the foregoing, Middleto the Hartford "Courant" of
resigned in December.
advices
town
March
March 4,
of
5, said:
Mr. Dana will be formally elected by
of the
the directors of the bank at
a
meet-
He will also be named Vice-President and Trust Officer
Co.
He has been associated with the Federal
ipg next week.
Middletown Trust
Deposit Insurance Corporation and with banks in Illinois and New York
He
State.
was
born in Kewanee, 111., June 1, 1899 and attended the Uni¬
versity of Illinois School of Commerce.
"
March 3 by the
Federal
Keyport Banking Co.,
of Keyport, N. J., has been admitted to the Federal Reserve
System. It is pointed out that this is the thirteenth banking
institution in the Second (New York) District to join the
Reserve System since the beginning of the year, and tne
first from New Jersey.
The new member bank had, on
Dec. 31, last, total assets of $2,236,000.
F. P. Armstrong,
who is also Treasurer of the New Jersey Bankers Association,
Announcement
made
was
on
Reserve Bank of New York that the
is President of the institution.
John Watson Barr, Jr., banker and attorney, who figured
prominently in the financial and industrial activity of
Louisville, Ky., died at his home in Louisville on March 4,
at the age of 77 years.
Mr. Barr, who at the height of his
career
was
officer
an
director of
or
more
than 20 banks and
corporations, was at his death actively interested in the
Fidelity & Columbia Trust Co. and the Citizens Union
National Bank, both of Louisville, it is learned from Louis¬
ville
advices of
March
4,
March 5, from which the
Mr, Barr
to the New York "Times" of
following is also taken:
Director of the Louisville Cement Co., Louisville Gas and
was a
Electric Co., Louisville Textiles, Price Chemical Co., B. F. Avery & Sons
and American Creosoting Co.
Mr. Barr
was
a
Louisville and the
member of the Board of Trustees of the University
American
Printing House for the Blind.
World War he served the War
Woodrow
Wilson
was
Department in various capacities.
Princeton
of
President
University
of
During the
Mr.
When
Barr,
a
graduate of that institution, was a member of the Board of Trustees.
John P. Burke, Vice-President and Director of the Secur¬
ity-First National Bank, Los Angeles, Calif., died on Feb. 28
in that city following a brief illness.
Mr. Burke, who was
79 years old, had been associated with the banking business
in Los Angeles since 1906.
He had also been a member of the
Los Angeles Chamber of Commerce and served on its Board
of Directors for eight years from 1920 to 1928.
The following
summary of Mr. Burke's career is from the Los Angeles
"Times" of March 1:
Mr. Burke
was
born
his education in the
on
St. Patrick's Day, 1862, at Durant, la.
Iowa public schools,
Walnut, la., in 1879 and
was
Receiving
Mr. Burke taught school
near
cashier of the Exchange Bank at Walnut from
1880 until 1891.
In 1891 he sold his interest in the
Exchange Bank and
came to
California,
establishing his home with his family at San Jose, where he purchased an
interest in the San Jose Street
Railway which he served as director,
president and manager for 10 years.
the Sacramento Street
At the
same
time he
was a
vice-
director of
was
admitted to the California
1903 when he was elected
a
Director, Vice-
President and Manager of the Bank of San Jose.
Severing this connection in 1906, he
Vice-President and
came
to Los Angeles and was elected
Manager of the Central Bank of Los Angeles,
position
a
which he resigned in 1907 to become Director, Vice-President and Manager
of the Southern Trust Co. of Los
In 1910 Mr. Burke was elected
a
Director and Vice-President of the First
Security First National Bank.
Roger Bocqueraz, former Vice-President and Director of
the Bank of America N. T. & S. A., San Francisco, Calif.,
and leader of the French Colony, died on Feb. 28 following
a
heart attack in his office in San Francisco.
years
Board
of
America
President
was
60
Directors
Francisco when that institution
of
He
Mr. Bocqueraz had been a member of the
of the French-American Bank of San
age.
of
in
and
1928,
and
Director
of
was
absorbed by the Bank
subsequently
the
combined
became
a
institution.
retired from banking activities in January,
ViceHe
1939.
The Ladd and Bush-Salem Branch of the United States
National Bank of
Salem, Ore., will hold "open house" today
(March 8) for public inspection of its new unit adjoining the
Ladd and Bush Building at State and Commercial Streets,
only
a
small amount of trading activity
ap¬
Declining prices were the rule on Monday, and while there
occasional exceptions among the slower moving issues,
were greatly in excess of the gains as the session
ended.
General Gas & Electric pref. B was the exception
in the public utility group as it climbed upward 7 points to
were
the declines
65
on
a
small
turnover.
Aircraft
stocks
were
lower
all
along the line and the cardboard and paper shares were
down.
Industrial specialties were weak, aluminum issues
declined and oil stocks were generally irregular.
Prominent
among the losses were Jones & Laughlin Steel, 2% points
to 27%; National Steel Car, 5 points to 20%; ScrantonSpring Brook Water Service pref., 5 points to 88; and Pitts¬
burgh Plate Glass, 1 % points to 76%.
Curb stocks were unsettled on Tuesday with the ad¬
vances slightly in excess of the recessions.
The turnover
was light, the transfers totaling approximately 62,895 shares,
against 74,120 on Monday.
Aluminum issues were down,
Aluminum Co. of America dropping to a new low level
for 1941.
Oil stocks were unsettled with most of the changes
in minor
fractions.
Aircraft shares were again weak,
Beech and Vultee registering fractional declines while the
rest of the group failed to appear on the tape.
In the
public utility group General Gas & Electric pref. B added
2 34 points to its gain of the preceding day and closed at
67%.
Paper and cardboard stocks were irregularand the
shipbuilding issues were quiet and unchanged.
Dull trading and narrow price changes were the out¬
standing characteristics of the curb market trading on
Wednesday.
The transfers continued to fall off, the total
volume of sales dropping to 60,775 shares, against 62,895
on Tuesday.
Industrial shares were the most active and a
number of gains ranging up to one or more points were
registered in this section.
General Gas & Electric pref. B
was the star performer in the public utility group as it
forged
ahead 5% points to a new peak at 73.
Aircraft stocks were
again unsettled with Republic and Bell fractionally higher;
Bellanca lower; and Waco, Beech and Brewster unchanged.
Oil shares were slightly higher, paper and cardboard stocks
were irregular and shipbuilding issues were absent from the
Advances predominated as the session ended on Thursday.
During the opening hour prices were somewhat unsettled but
as the day advanced the market gained strength and
specula¬
tive interest became more pronounced in a number of the
more
active stocks.
Mid vale
Steel
was
one
of the strong
shares and
Angeles.
National Bank of Los Angeles and continued on as a Vice-President when
the institution became the
was
parent in the aluminum group.
tape./
Railway.
Selling these interests in 1901, Mr. Burke
bar and practiced law until
and there
forged ahead 3% points to 114. Mead Johnson
was another
bright spot as it climbed upward 3 points to 137.
In the public utility section General Gas & Electric continued
its spectacular advance with another gain of 4 points to 77
but declined later in the day to 72 with a loss of 1 point.
Aircraft issues were fractionally higher and paper and card¬
board shares
were
stronger.
Following a brisk start the market turned irregular as the
volume of selling slowly increased on Friday.
There were a
number of the more active stocks that held part of their gains
of the preceding day but there was also a fairly long list of
declines among the trading favorites.
Aircraft shares were
unsettled, Fairchild, Bell and Bellanca recording fractional
gains while Beech and Brewster turned downward and
Vultee did not appear on the tape.
Shipbuilding issues were
off; paper and cardboard stocks were stronger and the oil
shares moved within a narrow range.
Noteworthy among
the issues closing on the side of the advance were Aluminum
Co. of America, 2% points to 128%; St. Regis Paper pref.,
3% points to 81 and Scranton Spring Brook Water Service,
Volume
The Commercial & Financial Chronicle
152
$6
pref2l/2 points to 87%. As compared with Friday of last
week prices were
slightly lower, Aluminum Co. of America
closing last night at 128% against 134 on Friday a week ago;
American Cyanamid B at 33%
against 34%; American Gas
& Electric at 28%
against 29, and Sherwin-Williams at 71%
against 74.
DAILY
TRANSACTIONS
AT
THE
?YY
YORK
CURB
EXCHANGE
^
Bonds {Par Value)
Of
STOCK
Quotations of representative stocks
day of the past week:
Foreign
-
Domestic
Government
•Foreign
Corporate
Total
Sat.,
Mon.,
Tues.,
Wed.,
Mar. 3
Mar. 4
Mar. 5
Mar. 6
Mar. 7
35/7%
87/6 •
35/6
87/6
35/6
87/6
35/9
87/6
£59%
36/3
88/9
1
.
£57%
£ii%
Central Min & Invest. -•?+?■>
Cons Goldfields of S A
37,675
§398,000
$398,000
856,000
$26",000
73,660
830,000
62,995
644,000
~$~3~666
60,575
713,000
845,000
787,000
23.000
6,000
5,000
653,000
741,000
7,000
15,000
867,000
2,000
7,000
796,000
101,045
68,370
Total
404,320
Sales at
$35,000
Week Ended March 7
1941
Stocks—No. of shares.
...
Rio Tinto
Rolls Royce
Shell Transport
£11%
Jan. 1 to March 7
1940
1910
1941
15/£3
£3
850,920
5,023,475
$6,460,000
59,000
58,000
255,000
$46,764,000
336,000
$71,330,000
35,000
577,000
1,171,000
$4,311,000
$6,773,000
$47,677,000
$73,061,000
?
£6%
£7%
£7%
77/6
77/6
43/9
23/1%
43/9
23/3
14/9
14/10%
£2"i«
£2"is
£2"x«
7,426,757
$4,217,000
70/£6%
Witwatersrand
Areas
404,320
17/7%
23/7%
92/6
£11%
70/-
£11%
J
75/7%
43/9
3
23/3
14/10%
76/3
43/9
23/3
15/-
62/9
7/6
23/7%
92/6
70/£6%
£7%
76/7%
44/4%
23/4%
£5%
7/6
17/7%
£11%
70/-
,
34/4%
27/9
62/9
62/9
7/6
17/6
23/7%
92/6
-
£6%
£7%
Vlckers
$4,311,000
$59,000
West
Exchange
92/6
£12%
70/-
Rand Mines
£11%
35/27/9
£5%
£5»i#
7/6
17/9
23/7%
93/1%
£6%
£7%
Metal Box
£61
£11%
63/-
United Molasses
$4,217,000
New York Curb
"
Imp Tob & G B & I..
London Mid Ry
£61
34/4%
27/9
28/4%
.
Fri.,
?.
£11%
£5<<16
.
Thurs.,
£60%
£11%
35/-
34/4%
Courtaulds S & Co... .+:?•?< ■
28/6
De Beers.......
£5%
Distillers Co.—
Closed
63/Electric & Musical Ind
7/6
Ford Ltd..
;
17/9
Hudsons Bay Co.....
23/7%
-
-
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
received by cable
as
Mar. 1
,
Shares)
EXCHANGE
each
Cable & W ord
(Number
Week Ended
March 7, 1921
k.
1533
LONDON
Boots Pure Drugs
British Amer Tobacco
NEW
Stocks
THE
Bonds
Domestic
Foreign government
-
_
_
Foreign corporate
Total,...
THE
BERLIN
STOCK
EXCHANGE
:
560,000
Closing prices of representative stocks
each clay of the past week:
as
received by cable
""
""
Mar.
Mar.
1
Mar.
4
3
Mar.
Mar.
Mar.
Y+, 5
6
7
-Per Cent of Par-
FOREIGN
Pursuant to the
Act of
EXCHANGE
Allegemeine Elektrizitaets-Gesellscbaft(6%) 169
RATES
Berliner Kraft
requirements of Section 522 of the Tariff
1930, the
Federal
Reserve
Bank is
certifying
daily to the Secretary of the Treasury the buying rate for
now
FOREIGN
a
We
record for the week just passed:
EXCHANGE
BANK TO
RATES
CERTIFIED
BY
FEDERAL
TREASURY UNDER TARIFF ACT
MARCH
1.
1941, TO MARCH 7,
1941,
OF
$
Europe—
Belgium, belga
Bulgaria, lev
Czechoslov'ia, kornua
Denmark, krone
::Y\V.
$
a
Mar. 4
a
a
YYY?;aY?Y+
a
149
202
202
201
132
132
132
132
132
277
277
276
278
277
151
151
152
151
151
151
(8%)
202
202
Rufus
Brent
and
Edward
the firm
as
Herndon
as
manager
manager
NOTICES
Herndon
T.
have
Dillon & Co.
been
admitted
to
Mr. Brent is associated
of the syndicate and retail sales departments.
of the buying department.
income has been prepared by the New York Stock Exchange firm of
■
—A
study
of the
Walker &*Sons,
earnings
and future of certain guaranteed
railroad
Joseph
120 Broadway, New York City.
.
—Josephthal & Co., 120 Broadway, New York City, have prepared
a
...
review of the railroad
4.032812
4.032187
4.Q32500
4.032500
4.032500
.020100
.020100
.020100
.020100
.020100
0.020100
a
a
a
.399700*
a
a
Germany, relchsmark
Greece, drachma
.399700*
Hungary, pengo
.197700*
.197700*
.197700*
.197700*
.197700*
.197700*
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu.......
Spain, peseta
Sweden, krona
.050483*
.050414*
.050414*
.050414*
.050414*
.050414*
Y-+'
a
>399660*
■'yyY:a:^.-;y
a
a
a
.399700*
a
■■..
.040090
Y'YV"Y»Y"H'
a
Y;-YY'a'YYY?:
.040075
.040100
a
a
a
v;Y7-Ya-'HYY
'a
.040080
,040075
.091300*
.091300*
a
.091300*
a
a
Y
.091300*
a
.091300*
.399700*
+YYYAYYV;'
a
a
a
-
.399600*
yii'a'y'y
a
:
a
*
a
.040075
YyV-a-'^!;
a
.091300
.238341
.238308
.238250
.238242
.238212
.238237
.232142
.232135
.232114
.232135
.232137
.232121
b
b
b
b
b
with
stocks.
a
a
a
a
'aY'f::> :r;y;::-aYYY;y
a
>054056*
.054825*
.055656*
a
■'ayo.V
.054081*
a
a
>054081*
a
.054406*
formerly connected with New York Cotton and Pro¬
duce Exchange houses and more recently engaged in the import and export
business, has become associated with Price & Company
—John
with
on
their sales staff.
McKey, Edward V. McKey, Robert E. Anderson Jr., Harold S.
Wass, John S. Jemison Jr. and Benjamin H. Hallowell
are now
associated
Goldman, Sachs & Co. in their New York and Boston offices.
—J. Lester Erickson has been elected
R. Staats Co.
and for
a
an
Assistant Secretary of William
Mr. Erickson became associated with the company in 1931
number of years has been in charge of retail sales.
—Oswald
were
a
*
1
—A. S. T. Mason,
R.
Love, Ross E. King and Lewis
associated with the
China—
industry stressing the bright outlook for 1941 earnings,
recommendations of selected second grade bonds and preferred and
common
b
Asia—
Hankow (yuan) dol
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar.
149
stocks felt to offer opportunities for price appreciation as well as regular
4.035000
Chefoo (yuan) dol'r
149
a
4.035000
Switzerland, franc...
Yugoslavia, dinar
149
$
4.035000
■a
148
$
4.035000
....
152
....147
200
Mr.
4.035000
France, franc
155
152
Mar* 7
Engl'd, pound sterl'g
Official.......... 4.035000
Free.iw.......... 4.033437
Finland, Markka
153
275
with
Yy'avvYY
a ' Y
.
212
152
162?
CURRENT
a
'.YY:Y::;a.v:Y;;-;'
:;YYY.Yft;YY-;Yj
Y^YYaYY'v iy/YyYaYY'Y;,
a
'Y :»YY?;YY
:'YYYYaYviY;Y YY'Yja.
a
213
212
153
152
Mar. 0
Y,
a
a
211
152
Relchsbank (new shares)
—W.
Transfers in Nero York
Mar. 5
1
$
«Y+Y?
.
211
152
—
Siemens & Halske (8%)
1930
INCLUSIVE
Value in United Stales Money
Mar. 3
169
RESERVE
C/»U
Mar. 1
169
150
Deutsche Bank (6%)
Dresdner Bank (0%).
Farbenlndustrie I. G
169
.150
(8%)
Comraerz Bank (0%)
general partnership in Eastman,
Noon Buying Rate for Cable
Country and Monetary
213
169
Vereinlgte Stahlwerke (0%).
cable transfers in the different countries of the world.
give below
Llcht
u.
108
Sales
E.
Toplitz
have
become
Department of Craigmyle, Rogers & Co.
All
previously associated with R. H. Johnson & Co.
—Hueling Davis Jr., formerly of Carter & Chad wick, has become
asso
ciated with B. J. Van Ingen & Co., Inc. as manager of that firm's southern
municipal bond trading department.
a
a
.245000
.244062
.243625
.243937
.244375
.244408
India (British) rupee-
.301400
.301400
.301400
.301400
.301400
.301400
Japan, yen.........
.234387
.234387
.234387
,234387
.234387
.234387
in their municipal bond
Straits Settlem'ts, dol
.471066
.471066
.47X066
.471066
>471066
.471066
of Keresey &
Official
3.288000
3.228000
3.228000
3.228000
3.228000
3.228000
Free
3.213541
3.213541
3.212708
3.213541
3.213541
3.213541
—Edward J.
Keresey has become associated with Glore, Porgan & Co.
department.
Mr. Keresey formerly
was
proprietor
Co.
Australasia—
—Briggs, Schaedle & Co. announce the election of La Roy Roome as
Australia, pound—
New Zealand, pound. 3.226041
Africa—
3.226041
3.225208
3.226041
3.226041
3.226041
South Africa, pound. 3.980000
3.980000
3.980000
3.980000
3.980000
Assistant Treasurer.
3.980000
•'
North America—
1
.909090
.909090
.909090
.909090
.909090
.845895
.853660
.853515
.853359
.848660
.851171
.205250*
.205250*
.205250*
.205250*
.205250*
.205250*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.852500
.851041
.851093
.850937
.846250
.848750
.297733*
,297733*
>297733*
.297733*
.297733*
.297733*
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
.050600*
.050600*
.050600*
.050600*
.050600*
.050600*
.051660*
.051660*
.051660*
.051660*
.051660*
.051660*
...
.
Mexico, peso
_
.909090
Newfoundl'd, dollar-
South America—
Argentina,
Clearings
.
Bank
Official
Free.
Course of Bank
.
Canada, dollar-
peso
Brazil, milreis—
Officials.........
Free
Chile, peso—
Official.....
.040000*
.040000*
.040000*
.040000*
.040000*
.040000?
.569850*
.569850*
.569850*
.569850*
.569850*
.569850*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.394940*
.392200*
.393400*
.395200*
.395200*
.395300*
Export
Colombia, peso.....
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today ('Saturday, March 8)
clearings from all cities of the United States from which it is
possible to obtain weekly clearings will be 10.9% above those
for the corresponding week last year.
Our preliminary
total stands at $6,319,604,227, against $5,700,103,042 for
At this center there is
week in 1940.
the
same
the
week ended
mary
Friday of 0.7%.
for the week follows:
a
loss for
Our comparative
sum¬
Uruguay. peso-
♦Nominal rate,
a
No rates available,
b Temporarily omitted.
Clearings—Returns by Telegraph
Week Ending March 8
New York
FINANCIAL MARKET—PER
CABLE
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Sat.,
Mar. 1
Silver, per oz._
Closed]
Gold, p. fine oz.
168s.
2%%. Closed'
3%%
Consols,
British
Wed.,
Thurs.,
Fri.,
Mar. 5
Mar. 6
Mar. 7
168s.
23%d.
168s.
£77
£77
f
Closed
£103%
£113% j
Y £103%
23 %d.
168s.
£77%
23%d
168s.
£77%
23%d.|
168s.
£77% i
£103%
£103%
£104%
£113%
£113%
£114
4%
1960-90
The
States
Bar
Tues.,
Mar. 4
Closed
War Loan...
British
Mon.,
Mar. 3
23 5-16d.
£113%]
price of silver per ounce (in cents) in the United
the same days has been:
on
N.Y.(for.). 34%
34%
34%
34%
34%
34%
71.11
71.11
71.11
71.11
71.11
U. S. Treasury
(newly mined)
71.11
City.
St. Louis..—....
....
—
Cleveland
Baltimore..—.
...
Eleven cities, five days—
Other cities, five days
Total all cities, five days
All cities, one day
Total all cities for week...
—0.7
85,527,063
80,100,000
146,593,000
129,780,169
127,100,761
104,705,282
82,750,905
+35.9
+30.9
$3,920,512,754
703,766,435
+32.2
$5,200,336,856
1,053,267,371
—
...—
San Francisco
Plttsburgn
Detroit--
Cent
$2,611,494,439
254,610,990
309,000.000
170,738.027
74,106,936
73,000,000
114,250,000
97,760,537
78,035,350
77,063,305
60,453,110
$4,684,279,189
1,015,823,853
+ 12.4
$6,319,604,227
S5,700,103,042
+ 10.9
218,710,770
Kansas
1940
$4,250,324,821
1,010,012,035
—
Philadelphia
ENGLISH
Y?
$2,591,953,779
278,037,092
405,000,000
...
Chicago-
Per
1941
........
+ 9.2
+31.1
+28.1
+ 15.4
+ 17.9
+28.3
+32.8
+62.9
+8.6
+3.7
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
noon today.
Accordingly, in the above the last day
offthe week in all cases has to be estimated.
.
In the elaborate detailed statement, however, which
2 Months
Inc.or
2 Months
2 Months
1941
Federal
we
1940
Dec.
1939
1938
serve
2033.976,924
1,907,025.862
27,749,485,337
+11.4
+5.6
2,249,868,011
24,872654,792
2d
New York.. 16
"
28,372,573,421
26,876,193,117
3d
Philadelphia 17
"
4,025,292,333
3,589,965,802
2,929,985,292
Cleveland..18
"
3,226,539,226
2,729,346,911
2336,323,853
2214,553,747
9
"
1,513,404,889
+121
+18 2
+20.3
1,561,249,290 +21.6
3,133,189,711
4th
present further below, we are able to give final and complete
the week previous—the week ended March 1.
For that week there was an increase of 21.8%, the aggregate
of clearings for the whole country having amounted to
$7,548,622,454, against $6,199,155,653 in the same week in
1940.
Outside of this city there was an increase of 24.4%,
the bank clearings at this center having recorded a loss of
group
/
*
14 cities 1 2,505.471,141
1,257,641,397
1,080,411,831
1,372280.613
1.280.954.031
3,622,393.126
6th
Richmond..
6th
Atlanta....16
"
1,898,458,031
7th
31
St. Louis... 7
"
"
4,973,477,221
4,387,865,285
+13.3
1,503,930,094
1,248,764,719
+20.4
1,111,772798
9th
Mlnneapolisl6
**
937,136,890
890.297.925
10th Kansas City 18
"
1,628,875,425
Chicago
11
"
V
2,406.217,448
districts in which they are located, and from this it
968.862,443
920,171,634
1,943,677,896
1,881,060,260
49,522,191,571
+9.4
+13.8
47,532,630,387
43,873,551,610
23,649,734,922
20,694,032,368
19,898,608,676
3,070,066,119
2,962,662,332
+3.6
2.540,288,821
2,529,062597
.32 cities
transactions in share properties
of
volume
The
750.003.422
1,351,904,770
26,904,361,759
Outside N. Y. City
Canada...
751,740,191
1,375,094,471
54,201,037,907
191 cities
Total
that in the New York Reserve District (including
this city) the totals show an improvement of 19.2% in the
Boston Reserve District of 17.1% and in the Philadelphia
Reserve District of 24.2%.
In the Cleveland Reserve Dis¬
trict the totals are larger by 29.5%, in the Richmond Reserve
DistrietDistrict by 22.5% and in the Atlanta Reserve Dis¬
trict of 37.4%.
In the Chicago Reserve District the totals
record an expansion of 31.3%, in the St. Louis Reserve Dis¬
trict of 30.5% and in the Minneapolis Reserve District of
6.9%.
The Kansas City Reserve District enjoys a gain of
16.3%, the Dallas Reserve District of 17.2% and the San
Francisco Reserve District of 22.0%'.
In the following we furnish a summary by Federal Reserve
to
1941
1940
1939
1938
No. Shares
No. Shares
No. Shares
No. Shares
15,990,665
February
25,182,350
24,151,931
13,470,755
13,312,960
8,969,195
Month of January
13,878.323
14,526,094
monthly detailed statement of transactions on
Stock Exchange is appended.
The results
for February and the two months of 1941 and 1940 follow:
Our usual
the
SUMMARY OF BANK CLEARINGS
New York
Two Months
Month of February
Inc.or
Boston
%
$
%%
270,125,457
3,341,459,237
404,012,953
386,134,242
337,038,049
+29.5
288,392,114
252,330,188
197,017,153
160,876,968
+22.5
149,271.805
22,282,155
29,461,420
Railroad & misc. bonds.. 1109,265,000
$99,176,000
18,843,000
$321,902,000
$220,079,000
12,158,000
2,224,000
2,365,000
27,801,000
4,931,000
39,097,000
6,125,000
$123,647,000 $120,384,000
$354,634,000
$265,301,000
133,523,478
241,511,988
175,784,597
+37.4
154,444,517
146,454,509
709,921,807
540,682,066
+31.3
477,085,588
452,428,245
201,758,446
154,660,484
+30.5
+6.9
112,889,328
139,069,046 + 16.3
75,073,733 + 17.2
140,320,193
134,562,820
258,612,851
7,548,622,454
6,199,155,653
3,480,611,674
2,797,097,562
M
If
II
V
II
120,706,392
If
161,671,672
II
88,044,537
♦
315,391,789
....
13,470,755
237,166,834
3,758,237,342
+24.2
542,277,680
M
#4
8,969,195
Stocks, number of shares.
436,579,037
93,991,710
127,000,698
60,748,143
250,268,637
6,177,392,776
5,584,839.710
2,530,903,331
2,362,782,803
compilation
1940:
221,508,201
+21.8
+24.4
The following
59,890,939
+ii2.0
Total bonds
92,380,319
130,494,317
Bonds
government
U. 8. Government bonds
Foreign
MONTHLY CLEARINGS
1941
$
1940
$
1940
$
349,931,836
329,729,317
today a summary of the clearings for the
month of February.
For that month there was an increase
for the entire body of clearing houses of 10.2%, the 1941
We also furnish
$25,171,449,682 and the 1940
In the New York Reserve Dis¬
aggregate of clearings being
Clearings Outside New York
Clearings, Total All
Month
$
+ 7.1
328,568,238
351,862,525
32 cities
the clearings by months
covers
since Jan. 1, 1941 and
1941
Canada....
1940
1941
1940
1941
281,576,634 + 17.1
3,526,312,860 + 19.2
4,204,352,302
..113 cities
Total
$
1938
1939
436,354,435
*«
f(
3d
Outside N. Y. City.
Dec.
329,652,253
New York.. 13
PhiladelphialO
4th
Cleveland.. 7
5th
Richmond.. 6
0th Atlanta
10
7th Chicago
18
8th
St. Louis... 4
9th Minneapolis 7
10th Kansas CItylO
11th Dallas
6
12th San Fran... 10
1940
$
12 cities
1st
2d
Description
1941
Federal Reserve Dists.
the
on
Exchange for the calendar years of 1937
1941 is indicated in the following:
New York Stock
districts:
1941
1,099,057,171
+5.4
+10.2
1,034,670.072 +11.5
2,168,020,164 +11.0
1,47,3308,878
1,209,661,788
12th San Fran...19
11th Dallas
the cities according to the Federal Re¬
1,043,787,503
3,670,814,119
8th
appears
Week End. Mar. 1,
$
$
S
Dists.
Reserve
Boston
1st
results for
We
1941
8,
2 Months,
until
19.6%.
March
The Commercial & Financial Chronicle
1534
aggregate $22,835,233,650.
trict the totals show an increase of 6.9%, in the Boston
Reserve District of 13.9% and in the Philadelphia Reserve
The Cleveland Reserve District records
improvement of 16.2%, the Richmond Reserve District
of 20.6% and the Atlanta Reserve District of 21.6%.
In
the Chicago Reserve District the totals register a gain of
14.4%, in the St. Louis Reserve District of 20.1% and in the
Minneapolis Reserve District of 3.5%.
In the Kansas City
Reserve District the totals are larger by 8.9%, in the Dallas
Reserve District by 10.6% and in the San Francisco Reserve
District by 11.4%.
Feb...
The
course
of bank clearings at leading
for the month of February
BANK CLEARINGS
omitted)
New York
Chicago
Boston
Philadelphia
Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
FEBRUARY
AT LEADING CITIES IN
Jan. 1 to Feb. 28
Month of February
1941
1940
1939
1938
$
$
$
$
12,611 11,806 12,223 10,563
1,338
1,233
1,037
1,025
997
871
809
732
1,793
1,605
1,395
1,289
394
348
313
298
620
530
440
421
618
583
531
492
364
301
260
234
271
237
210
203
(000,000
cities of the country
and since Jan. 1 in each of the
is shown in the subjoined statement:
last four years
St.
%
+8.8 14,344,488,181 12.620,143,272 + 13.7
29,029,588,225 26,686,957,913
+ 13.9
25,171,449,682 22,835,233,658 + 10.2 12,559,873,578 11,029,591,650
Jan
District of 11.9%.
an
%
1941
1940
$
$
27,297
2,877
25,872
2,685
1938
+939
*
23,975
2,287
1,610
2,772
655
S
26,839
2,244
2,126
1,907
1,728
2,832
2,974
1,333
3,421
737
1,091
932
902
1,318
773
575
1,248
644
506
1,127
536
450
1,087
505
442
834
667
Federal Reserve
14cities
"
3d
Philadelphial7
••
4th
Cleveland..18
"
5th
Richmond.. 9
"
6th
Atlanta
10
*
7th Chicago
31
"
8th
St. Louis... 7
"
9th
Mlnneapollsl6
"
lOth'Kansas Cityl8
"
11th Dallas.
11
"
12th San Fran...19
"
New York.. 15
Outside N. Y. City
32 cities
Canada
February,
1939
758
694
691
1,023
861
712
620
211
586
552
462
155
355
149
305
127
102
39
77
112
86
99
394
1,275
390
268
110
196
331
232
269
355
948
314
253
96
189
299
225
247
327
775
284
241
83
167
249
189
229
466
315
723
273
225
83
165
246
189
220
185
166
592
441
186
150
126
120
52
43
Omaha
866,172,044
1,168,024,481
1,025,584,623
+13.9
945,755,762
13,123,288,173
12,273,327,588
+6.9
12,644,778,041
10,974,229,456
1,880,919,755
1,680,674,193
+11.9
1,294,890.953 + 16.2
587,170,941 +20.6
737,536,606 +21.6
1(467,077,651
1,361,462,987
1,098,862,826
1,008,071,506
513,581,311
482,140,984
896,685,166
857
275
205
Louisville
$
$
%
708,140,386
313
338
259
Detroit
1938
1,504,061.895
312
405
272
City
New Orleans
February,
Dec.
651,000,850
602,865,605
1,688,532,845
1,607,706,785
518,441,549
504,454,779
706,341,065
587,961,913
+ 14.4
+20.1
432,197,646
417,529,866
+3.5
339,040,042
340,401,055
750,976,109
689,531,581
+8.9
623,776,899
610,510,687
+ 10.6
+ 11.4
454,631,066
424,564,448
895,003,577
_
Providence
...
92
...
Buffalo
565,106,467
511,102,880
1,122,099,983
1,007,669,638
25,171,449,682
22,835,233,658
+10.2
+13.9
21,840,482,419
19,632,071,812
11,029,591,650
9,617,767,054
1,559,641,676
—7.3
1,162,814,624
1,170,967,164
105
87
117
107
84
74
64
58
187
169
148
134
Richmond
185
161
143
136
402
345
303
Memphis
119
83
67
74
263
184
148
302
159
Seattle
183
Indianapolis
147
117
115
385
313
262
255
Salt Lake City
61
58
50
49
142
131
116
112
Hartford
48
45
40
39
114
100
89
89
22,445 20,468 19,733 17,623
48,389
5,812
44,450
, 5,072
42,975
4,558
39,502
4,372
54,201
26,904
49,522
23,650
47,533
20,694
43,874
19,899
CLEARINGS FOR
2,726
Other cities
2,367
2,107
Outside New York.
now
12,560+1,030
add
9,618
9,069
our~detailed statement showing the figures
separately for February and since Jan. 1 for
and for the week ended March 1 for four years:
for each city
two years
FEBRUARY, SINCE JANUARY 1, AND FOR WEEK
ENDING MARCH 1
Week Ended March 1
Two Months Ended Feb. 28
Month of February
2,009
25,171 22,835 21,840 19,632
Total all
We
Federal
37
78
117
106
......
Denver
Total
We append another table showing the clearings by
Reserve districts for the two months for four years:
141
132
111
128
St. Paul
9.069,291,125
1,445,652,850
90
156
Milwaukee
849,491,476
2,022,252,876
2,313,608,556
12,559,873,578
191 cities
Total
Inc.or
1940
Dists.
1st .Boston
2d
February,
1941
349
474
Minneapolis
February,
390
Cleveland
Kansas
Clearings at—
Inc.
Inc. or
Inc.or
or
1938
1941
Federal
Rese
Fall River
Holyoke.
Lowell
New Bedford
Springfield
Worcester
Conn.—Hartford
New Haven
1940
Dec.
1941
1940
Dec.
1939
$
%
$
$
%
$
$
%
$
$
600,966
606,237
District— Boston—
2,619,918
8,642,397
Portland
^
1941
Waterbury
...
R. I.—Providence
N. H.—Manchester—
2,365,000
+ 10.8
713,826
751,442
+ 11.4
4,805,852
16,944,214
+ 13.5
7,758,091
5,454,944
19,488,922
—5.0
+ 15.0
[871,294.104
i
2,704,396
|
1,448,797
3
1,585,203
+ 14.4
2,125,625,166
+ 11.4
1,740,897
237,916,905
6,432,917
3,440,622
3,480.781
6,369,240
29,166,037
20,159,591
114,100,345
+ 7.4
948,686
676,053
+ 40.3
1,998,508
232,949,984
691,668
1,971,959
202.585,901
+ 11.1
1,907,288,861
5,987,115
2,218,091
279.584,967
+27.4
997,158,883
3,005,738
1,592,320
1,641,535
2,940,465
12,693,246
Maine—Bangor
Mass.—Boston
'
rve
Dec.
$
First
1940
3,190,117
3,421,744
5,720,324
28,899,551
+ 7.9
"441,021
"354", 997
+24.2
"366",004
"33l" 139
+ 11.3
+ 0.9
18,094,294
+ 11.4
99,600,517
41,573,202
12,991,100
96,374,600
+ 14.6
42,512.309
14,138,300
110,428,300
4,673,667
2,505,471,141
9,233,297
48,099,169
19,590,398
6,749,700
52,028,600
2,028,815
1
'
]
2,505,327
12,942,301
+ 9.9
+3.6
+ 17.4
$—1.9
7,954,802 1+16.1
+7.1
+ 5.0
18,662,194
+ 7.4
6,284,100
42,746,500 1+21.7
2,423,087 —16.3
44,910,721
lit
i
Total (14 cities)
1,168,024,481
1,025,584,623
+ 13.9
+ 1.7
+ 17.5
604,226
609,810
+34.7
3,501,325
2,049,863
10,947,410
4,283,336
3,052,499
1,916,156
10,436,783
4,413,350
+ 56.6
11,537,700
—9.1
594,467
10,210,500
480,439
+ 17.1
270,125,457
237,160,834
780,602
708,747
3,433,006
2,721,798
14,681,425
6,492,775
3,319,738
+ 10.1
+3.4
2,148,950
+26.7
17,591,399
4,819,171
—16.5
+ 14.6
17,019,300
10,870,100
4,976,520
—6.1
616,756
678,235
2,249,868,011
+ 11.4
329,652,253
281,576,634
+2.3
552,061
+ 8.8
Volume
The Commercial & Financial Chronicle
152
1535
CLEARINGS (Continued)
Week Ended March 1
Two Months Ended Feb. 28
Month of February
Clearings at—
1941
1940
$
Second Federal Res
N. Y.—Albany
1941
1940
Dec.
%
%
1941
1940
or
Dec.
1939
—2.4
6,323,591
17,720,509
—51.8
5,918,732
6,196,362
—4.5
11,785,924
11,761,495
+0.2
1,975,219
1,305,628
+ 51.3
1,239,050
155,772,464
140,607,090
+ 10.8
330,650,311
+ 10.7
46,300,000
36,700,000
+26.2
2,593,583
2,181,170
+ 18.9
298,652,510
4,479,062
971.968
568,254
+ 71.0
29,600,000
539,709
3,546,849
3,208,834
12,611,576,104 11,805,642,008
+ 10.5
8,345,035
1,021,127
766,035
+33.3
724,027
27,296,676,148
7,034,129
25,872,466,649
+ 18.6
+ 6.8
+4.9
81,332,575
76,409,941
+ 6.4
49,539,995
Binghamton
Buffalo
Elmlra
Jamestown
-
New York
Rochester
1938
%
■;"<
New York—
District
erve
Dec.
Inc.
Inc. or
Inc. or
45,012,298
37,687,337
23,697,194
35,922,464
+ 10.1
83,100,177
5.614,961
85,184,865
+25.4
+ 5.5
8,537,596
4,068,110,780 3,402,058,057
8,537,124
9,748,639
5,148,755
6,358,852
16,244,387
1,837,425
29,000,000
446,596
878,043
+ 19.6 3,646,489,445 3,222,056,907
8,194,538
+23.5
8,117,702
4,667,417
—7.7
2,890,138
3",679",702 —~2l".5
4,186,687
+ 14.9
4,719,016
413,926
3,575,894
+32.0
4,132,491
—9.0
485,637
—14.8
433,998
436,058
+ 10.4
23,826,961
20,320,489
+ 17.3
20,970,999
20,909.057
+ 5.9
29,480,080
25,446,776
+ 15.8
30,812,226
27,673,351
+ 5.6
+ 0.3
46,333,974
45,352,708
+ 2.2
4,001,699
3,542,542
+ 13.0
15,930,500
—12.7
8,467,291
30,631,226
Conn.—Stamford
20,390,219
15,074,537
+35.3
42,212,877
7,454,480
33,203,521
36,738,069
N. J.—Montclair
1,658,216
1,969,794
—15.8
4,015,126
85,693,065
76,335,632
+ 12.3
104,372,925
2,936,054
95,236,627
+ 9.6
3,654,257
176,922,291
240,557,875
4,584,754
i,298", 925
+ 13.6
13,903,737
+ 14.2
Syracuse
Utlca
Westchester County
_
Newark
23,615,150
2,852.580
+ 2.9
6,288.499
160,249,274
227,104,848
6,096,440
Total (15 cities)
13,123,288,173 12,273,327,588
+ 6.9
28,372,573,421
26,876,193,117
Third Federal
rve
Northern New Jersey
Oranges
+3.2
4,204,354,302 3,526,312,860
1.961.262
1,664,935
+ 17.8
4,373,250
3,699,155
+ 18.2
504,354
3,717,301
2,365,847
+ 57.1
7,797,684
4,570,415
+ 70.6
Chester
1,744,666
1,640,864
+ 6.3
3,668,110
3,217,872
+ 14.0
1,413,186
531,702
9,932,219
8,028,045
+23.7
20,776,846
18,095,453
4,563,668
+ 14.0
11,202,771
10,181,174
+ 10.0
1,936,650
+ 11.6
4,478,100
4,053,305
1,779,000
1,654,208
+ 7.5
3,602,018
3,503,961
1,793,000,000
1,605,000.000
5,792.67i
9,447,102
+ 11.7
3,832.000,000
13,844,983
3,421,000,000
+ 12.0
+4.7
12,606,616
+ 9.8
9,282,493
—1.7
20,698,389
21,226,735
—2.5
3,187,522
3.555,400
—10.3
8,078,822
8,075,380
+0.1
5,576,457
4,891.016
872,115
+ 14.0
12,004.996
10,547.755
+ 13.8
+ 26.6
2,400,969
2,106,133
639,103
—10.3
1,119,840
1,453,626
+8.1
6.067.263
Wilkes-Barre
......
1,103,687
573,178
2,339,389
17,173,560
16,119,000
-
Du Bois
Hazleton
Del.—W11 mington.
N. J.—Trenton—
Total
(17 cities)
1,880,919,755
Fourth Federal Re
Ohio—Canton
Cleveland—
Columbus
Lorain
Mansfield
Franklin
Greensburg
Pittsburgh...
— —
4,306,700
3,765,900
+ 14.4
4,079,300
3,390,000
436,579,037
+ 24.2
404,012,953
386,134,242
3,218,349
85,405,191
144,169,285
15,337,500
1,995,742
63,337,883
+ 61.3
1,848,589
+ 34.8
102,902,070
13,565,900
+40.1
57,527,853
92,124,562
2,089,264
56,784,895
63,811,534
+ 13.1
13,994,900
13,276,400
1,688,965
2,282,492
1,731,906
-2.5
1,694,290
2,551,414
-10.5
2.736,554
1,533,867
2,251,298
184,252,653
150,953,134
+22.1
118,465,366
112,582,930
288,392 + 14
252,330+88
8,157,130
+ 29.6
22 530,727
236,573,173
404,524,235
+ 14.8
575 184,487
17,971,046
505,710,357
+25.4
+ 13.7
+ 17.1
1,022 518,678
860,955,010
+ 18.8
41,024,900
2,224,478
834,870
+ 12.9
95 803,700
86,376,000
+ 14.9
5 084,487
4,151,909
+ 22.5
—1.5
1 921,711
1,755,033
+ 9.5
7,355,335
10,539,949
4,582.363
+ 10.4
16 ,733,017
15,273,942
+ 10.0
24 ,278,064
23,555,264
+ 3.1
+ 23.2
11 432,344
18,025,338
853,614
+ 19.0
46 ,059,772
9,680,776
38 262,303
+ 18
+20.4
+4.4
2 ,020,016
2,326,970
—13.2
338,154
+ 17.0
848,224
761,345
+ 11.4
668,052
—1.4
1 ,476,774
1,324,796
+ 11.5
530,186,259
+ 17.0
1,332 ,956,129
+ 12.7
15 ,217,145
—4.2
+ 10.6
—17.8
—5.7
18 ,592,155
20 ,354,501
1,091,410,050
13,755,489
22,624,755
20,906,368
+ 5.8
13 ,527,295
12,545,498
+ 7.8
+ 16.2
3,226,539,226
2,729,346,911
+ 18.2
436,354,435
337,038,049
+29.5
4,155,510
21,636,000
344,906,413
+42.0
+41.0
545,903
+48.9
420,276
313,475
2,781,000
+ 30.9
+ 32.0
2,998,000
40,917,852
1,187,808
+ 32.2
10,880,479
812,651
3,962,000
53,553,365
1,763,631
35,394,677
1,283,246
2,716,000
35,735,507
1,230,573
17,222,228
11,134,998
644,195,201
3,220,286
+26.4
68,600,077
200,290,282
+25.2
2,025,478
10,215,000
160,990,485
4,870,60)
+ 37.0
14,164,000
184,540,927
6,433,775
+ 32.1
5,902,123
30,517,000
401,660,377
14.362,383
10,849,587
8,734,276
+ 24.2
21,766,296
+4.5
12,100,081
+21.0
772,786,888
3,550,861
250,758,880
2,773,953
_—
(9 cities)
— --
Federal
Sixth
Rese
Macon
-
-
-
Tampa..
Ala.—Birmingham
Mobile
Montgomery------
Miss.—Hattiesburg
—
Jackson
+ 14.6
4,952,159
300,862,970
1,366,783
+ 11.9
118,571,597
93,153,189
+27.3
587,170,941
708,140,386
rve
District
+20.6
1,513,404,889
+ 16.5
+ 48.5
+ 8.7
+ 20.0
104,911,165
90,600,251
+ 15.8
84,906.899
32",014",341
24,627+54
+ 30.0
24",485",707
24",927",846
+ 22.5
149,271,805
133,523,478
+ 10.3
1,257,641,397
+ 20.3
197.017,153
160,876,968
40,984,150
+ 11.4
5,481,468
25,401,097
96,800,000
1,511,512
4,184,225
20,754,036
+ 31.0
+22.4
19,604,163
19,746,160
59,900,000
1,367,129
+ 61.6
56,000,000
50,000,000
1,114,027
Atlanta—
45,647.841
18,940,675
+9.3
76,214,002
+ 16.7
189,664,377
159,339,336
+ 19.0
245,900,000
+29.1
654,000,000
516,800,000
+ 26.5
4,275,859
4,434,589
5,533,336
5,388,550
+2.7
12,360,010
12,081,166
+ 2.3
+ 10.6
1.044,624
4,215,094
+47.1
13,726,822
9,197,187
+49.3
6,549,459
3,758,103
+ 74.3
13,203,211
7,972,028
+ 65.6
1,622", 589
1,003,245
+ 61.7
963,106
1,012,916
93,680,160
+25.7
252,763,244
194,863,176
+29.7
25,493,000
19,263,000
+ 32.3
20+88,000
18,467,000
7,020,284
90,012,931
+ 3.9
15,512,716
15,053,017
+ 3.1
+ 16.8
227,994,452
192,627,264
+ 18.4
29*.671*968
20,205,941
16,154.978
+ 13.9
21,155,739
17,163,407
+ 23.3
2,348,632
22,965,425
1,899,937
+29.2
7,903,783
+23.6
1,752,971
1,406,801
8,258,700
+ 21.2
105,147,879
9,001,782
4,630,662
(16 cities)
Seventh Federal Re
Mich.—Ann Arbor
Detroit
Flint
-
serve
+ 12.6
19,103,926
4,539,711
9,619,000 + 140.0
+ 12.4
16,990,060
3,582,292
+26.7
1,755,968
+ 35.2
651,916
+20.1
1,656,470
1,478,378
+ 12.0
192,893
155,088
+ 24.4
131,645
162+49
165,838,051
+ 11.4
394,031,253
355,240,130
+ 10.9
52,988,829
44,292,512
+ 19.6
30,278,208
33,955,889
737,536,606
+ 21.6
1,898,458,031
1,561,249,290
+ 21.6
241,511,988
175,784,597
+37.4
154,444.517
146,454,509
+ 50.8
4,499,700
322,056
259,237
335,387
+ 34.4
213,406,685
131,080+40
+24.2
+ 62.8
306,262
1,274,603,643
107,200,213
89,758,955
+ 89.0
10,468,532
+ 14.7
31,770,186
3,712,164
948,439,384
7,527,320
28.398,281
4,931,843
+ 21.2
+ 34.2
4",963+38
3",478*927
+42.7
3+98,262
2,801,777
1,726" 096
1,800,734
1,510", 072
1,819,899
District —Chicago—
2,371,000
592,214,867
5,267,324
14,967,970
2,704,049
7,733,145
Grand Rapids
10,011,259
23,087,000
7,941,303
896,685,166
—
+20.9
4,487,000 + 136.8
3,828,786
10,626,000
8,939,940
La.—New Orleans
1,572,528
441,264,687
2,786,956
13,051,423
2,387,593
6,708,853
2,314,230
2,201,475
6,720,907
14,702,178
73,783,418
7,695,666
21,703,555
5,653,613
90,196,391
1.564.633
2.906.634
441,295
1,374,770
4,554,003
36,866,076
13,989,487
809,404
1,783,432
1,275.744
+ 39.1
+ 11.9
+ 14.7
Lansing
+ 13.3
5,654.874
+ 15.3
13,924,233
+ 13.2
+43.2
15,762,637
6,666,503
5,441,911
+ 22.5
+ 26.8
6,052,572
4,979,523
14,736,053
32,759,532
168,650,203
16,568,188
48,601,945
+21.5
6,410,703
1,017,122
11,974,848
188,989,477
3,268,541
6,237,642
938,745
—4.5
2,941,695
2,761,849
+ 6.5
+ 5.2
10,728,200
+ 12.0
+8.1
+ 7.4
30,346,873
1,774,231
3,676,834
2,870,703
+ 5.3
+ 36.3
82,191,153
31,954,120
1,721,938
4,257,144
3,453,905
9,581,097
78,016,245
1,233,299,632
+ 8.5
2,877,129,767
4,444,144
15,738,056
4,693,670
—0.6
10,279,504
+2.7
34,624,099
+44.6
14,417,689
10,058,982
+ 43.3
5,758,918
638,914
Jackson
5,165,723
+ 11.5
+ 6.0
10,865,742
1,286,800
+ 14.4
602,700
12,426,086
1,367,310
2,313,608,556
2,022,252,876
+ 14.4
4,973,477,221
4,387,865,285
+ 13.3
Muskegon
3,314,222
Bay City
Wayne
2,790,606
Ind.—Ft.
Gary
Indianapolis
7,847,560
16,155,914
83,566,152
9,859,729
23,714,950
6,230,427
92+29,550
1,506,860
South Bend
Terre Haute
Wis.—Madison
Milwaukee
Oshkosh
2,982,043
Sheboygan
512,813
1,313,441
Watertown
Manitowoc
Iowa—Cedar Rapids.-
4,790 +27
Des Moines.
39,847,055
Sioux City
15,028,086
Ames.—.
—
111.—Aurora
Bloomlngton
Chicago
Decatur
841 + 64
2,092,697
1,738,998
1,338,315,207
4,416,321
,
16+69,686
Peoria
Rockford—
Springfield
Sterling
(31
+38.7
1,529,706
5,176,818
364,100,023
2,373,509
782,798
184,755,905
Meridian
Total
—2.6
117,773,482
7,291,583
-
Fla.—Jacksonville
Total
+22.1
6,201,161
— .-—---
Columbus
Vlcksburg.
+ 9.6
88,979,296
317,400,000
—
Ga.—Atlanta. ...
Augusta.
+ 10
20,698,374
Tenn.—Knoxvllle
Nashville-..-
+ 8.3
District— Richmond-
rve
W. Va.—Huntington.
Total
1,072,032
542,277,680
1,294,890,953
Frederick
D. C.—Washington—
+ 19.7
+ 12.1
1,504,061,895
Greenville———
+ 18.9
1,225,936
3,589,965,802
(18 cities)
Md.—Baltimore
1,468,096
1,111,010
1,467,395
4,025,292,333
6,455,541
Columbia.
374,000,000
1,519,183
2,329,948
931,543
2,364,528
1,288,086
+ 11.9
6,980,814
S. C.—Charleston
2+58,994
1,680,674,193
W. Va.—Wheeling
Richmond
390,000,000
—1.7
+20.3
8,771,684
City...
Rese
+ 24.3
+ 34.7
2,580,795
934,143
+ 23.2
Ky.—Lexington
Oil
Federal
424,000,000
1,402,920
30,799,600
6,346,337
9,152,273
7,403,320
6,101,173
Fifth
527,000,000
1,889,786
2,536,247
4,712,513
30,116,109
7,150,633
Va.—N orfolk.
1,190,017
5,105,709
37,100,746
37,039,100
11,599,088
5,643,425
21,443,068
890,950
395,675
658,862
620,473,053
Erie
Total
1,264,216
+28.0
8,120,680
Toledo.—------
+25.3
+23.6
2,164,470
822,081
Pa.—Beaver County-
1,210",600
13,044,600
46,331,000
2,554,955
Youngstown..
f, 517,300
District —Cleveland—
serve
Hamilton..,
Newark..
448,333
432,973
13,413,495
10,572,030
271,491,171
473,707,185
Cincinnati
375,016
—23.0
-
Pottsvllle
424,149
882,388
+29.3
+ 14.0
-
Scran ton
York
528,393
411,250
+ 10.5
+ 2.8
Lancaster
Philadelphia.
Reading
+ 17.6
618,801 + 128.4
428,692
+ 14.8
5,201,668
2,161,090
Harrisburg
Norristown
+ 19.2 3,758,237,342 3,341,459,237
District— Philadelphia
Bethlehem
Pa.—Altoona
Lebanon
4,899,196
cities)
6,788,761
I
+ 9.9
17,416,796
34,756,212
+ 16.8
+ 13.3
187,160,890
+28.1
20,400,987
+9.3
+ 10.6
50,774,622
+ 2.1
—3.7
+ 2.6
+ 16.2
+ 3.9
+ 17.3
13,304,951
195,775,013
3,488,668
2,684,717,731
8,957,487
32,870,878
2,308,855
1,633,852
+ 41.3
964,599
978,664
20,303,000
17,37b" 660
+49.5
1,516,292
+ 4.5
6,431,524
19,892,000
1,831,758
5,900,580
+26.7
+ 23.1
25,196,000
2,739,289
+ 9.0
5,223,754
1,128,352
4,661,514
+ 11.1
+ 3.6
25",103",036
21,699^980
+ 15.7
21,952",060
21,*907",094
1,326,151
12,458,758
4,038,990
1,204,672
9,991,863
3,526,502
+ 10+
+24.7
1,353,571
9,224,737
10,019+11
+ 14.5
3,523,796
3,164,413
+ 18.2
+ 6.1
+ 11.0
+ 6.7
+ 2.8
+ 8.3
+ 5.4
1,089,570
—2.9
+ 15.8
+20.3
+ 7.2
+ 14.8
+ 5.3
468,750
369,894
+26.7
422,359
447,938
399,730,169
1,344,864
4,605,447
1,954,227
1,797,772
330,094,094
1,205,737
293,392,892
1,015,393
3,361,526
289,699,402
4,138,856
+21.1
+ 11.5
+ 11.3
1,204,217
+ 62.3
1 + 21,229
1,363,023
+ 31.9
1,219,571
1,190,810
1,324,537
709,921,807
540,682,066
+ 31.3
477,085,588
452.428,245
1,015,321
3,706,501
+ 6.3
The Commercial <5 Financial Chronicle
1536
March
8,
1941
CLEARINGS (Concluded)
Month of February
Week Ended March 1
Two Months Ended Feb. 28
Clearings at—
Inc. or
1941
1940
Inc.
1941
Dec.
1940
8
%
k
347,821,554
3,299,028
Independence
+ 13.4
834,316,003
+28.0
111.—Jacksonville
k
Quincy
I
Total
r
Ninth Federal Rese
4,676,000
+3.0
696,000
607,000
+ 20.1
1,503,930,094
1,248,764,719
+ 20.4
201,758,446
—1.6
23,417,120
+0.2
+4.9
586,029,828
2,418,766
80,315,418
—2.7
3,359,319
232,221,008
2,810,983
1,091,535
21,653,840
2,038,000
1,720,000
23,359,355
552.199,899
3,379,716
2,276,000
587,961,913
Fergus Falls
N. D.—Fargo
10,835,043
258,800,720
1,600,889
104,553,725
+ 1.2
1,431,703
—6.3
472,265
+ 7.1
—
10,381,374
11,042,796
—6.0
984,000
-----
770,000
967,000
663,236
+ 16.1
S. D.—Aberdeen.----
2,491,972
2,887,706
—13.7
5,465,645
+ 19.1
690,955
698,812
—1.1
13,859,718
1,524,355
3,343,252
2,783,573
+20.1
3,006,200
2,783,527
12,318,295
224,931
+ 8.0
6,528,414
+ 0.5
27,266,340
Sloux Falls
f
Huron
-
Mont.—Billings
-
Great Falls
i
i
12,383,820
225,346
Helena
702,000
154,660,484
+30.5
140,320,193
134,562,820
2,838,499
72,486,494
—14.8
+ 10.8
2,810 923
60,976,220
3,311,853
57,932,294
30,072,002
30*.*4*3*9*355
—1*2
24,219,736
25,745*,851
2,679*402
2",423"615
+
10*6
2,3*5*4*, 238
2,119*977
"76*4",397
+
17*5
*6*7*8*247
"5*6*7",908
X
+ 1.8
+ 6.1
—0.6
+ 3.2
—10.5
+0.7
+ 6.1
+ 3.0
1,979,000
1,368,024
■
+ 25.7
+0.7
6,132,116
12,430,776
-
*898*,235
+ 11.5
1,634,972
—6.8
6,052,853
5,731,619
6,982,250
1 '•
+ 15.4
+ 5.1
"
*949*598
6*85*562
+ 38.5
*612*, 100
595*899
3*.3*7*2",971
3,215*406
+3*7
2,340,246
2*,1*06*,537
92,380,319
+ 13.9
459,926
890,297,925
+ 5.3
120,706,392
112,889,328
+ 6.9
93,991,710
386,563
515,744
+2.5
884,760
854,710
+ 3.5
112,792
95,318
+ 18.3
+6.2
—7.0
22,025,916
+ 12.1
+ 0.7
134,326
138,021
10,985,183
119,954,939
+ 4.9
1,178,448
22,173,520
268,444,541
1,051,486
10,214,394
125,878,981
15,929,269
14,717,585
+ 8.2
38,361,264
928,682
726,505
568,109
+63.5
1,793,438
901,298
—19.4
10,132,781
12,238,058
2,294,965
390,102,443
12,940,324
-
Omaha
-
Kan.—Kansas City—
Manhattan.
„
10,789,571
—6.1
1.7
+ 0.2
1,797,638
20,779,967
27,436,127
21,145,643
12,210,460
25,677,520
+6.8
2,106,031
+ 9.0
+ 11.9
+ 9.4
4,684,735
758,102,206
+ 9.0
348,575,495
5,108,387
856,994,004
rve
District
i—- -
-
-
-—---- -- -
-
Topeka--—-----Wichita..
M o.—Joplin -------
Kansas City
St. Joseph
Denver
2,433,175
Pueblo
------
Wy o.—Casper-
-
-
750,976,109
(18 cities)...
Eleventh Federal R
eserve
Texas—Austin.
El Paso-.-
—
------
Fort Worth.
-
Galveston
Houston..—-—-Port Arthur
Wichita Falls
Texarkana
La.—Shreveport
serve
—1.5
2.860,269
—8.4
2,766,798
2,638,302
32,299,635
+ 12.0
32,750,185
28,844,295
1,975*802
2,842*083 —3"o".5
2*.*2*89*,662
2,746*223
3,591,690
3,960,058
—9.3
7,924,683
3,297,589
112,929*310
92*.8*7*5*475
+21.6
85*,478*404
85,086,937
3,224,391
3,150,610
+2.3
2,901,913
2,994,009
—30.8
*5*29",035
1*8*8
*5*9*0",087
616,426
127,000,698
+ 15.4
+ 42.9
+ 7.3
—
+ 13.0
+ 9.2
29,806,911
27,292,619
1,779,751
1,413,815
65,432,178
5,190,751
+ 25.9
69,284,752
268,910,681
+8.8
—7.4
6,194,323
—0.4
+ 8.1
2.963,279
247,115,006
6,218,454
2,870,831
4,983,634
+ 5.9
—4.0
"
"
"12*8*624
185*935
*79*5",890
670,191
5*04,570
"
+
+ 3.2
+8 9
1.628,875,425
1,478,308,878
+ 10.2
161,671,672
139,069,046
+ 16.3
130,494,317
+ 17.1
15,413,219
15,424,626
—0.1
1,480,125
1,477,253
+0.2
1,548,113
+ 5.9
9,472,616
8,720,017
+ 8.6
230,577,000
+ 7.9
535,918,000
486,886,000
+ 10.1
72,304*033
61,2*53*,000
18*6
47,016^349
20,320,571
+ 42.3
60,832,155
43,194,959
+ 40.8
25,304,245
+ 17.3
61,736,618
19,932,000
455,666,690
4,020,956
9,873,967
53.837,374
+ 14.7
5,124.409
+23.8
6,050,901
5,365,245
20,783,000
412,358,498
4,085,722
6,343,434
2,379,000
2,920,000
—18.5
2,281,000
2,733,000
+ 10.5
9,462,000
194,415,546
+0.7
+ 9.3
1,998,924
4,218,827
+2.5
—4.1
+
1,439,339
4
6,"213",683
—1.6
+42*9
"898*178
*937*,251
3,425,712
33,369,855
+ 32.3
+ 19.9
28,124,877
+ 18.6
4*.364,910
3,506,287
+2*4*5
2,953",662
3*. 2*0*2+21
511,102,880
District
"7*92*784
+43.3
8,665,127
2,589,872
1,133*,035
1,166,616
12,995,683
565,106.467
(11 cities)
Twelfth Federal Re
W ash.—Bell ingh am...
129,472
2,621,378
36,164,215
6,494,132
4,149,336
248,895,000
28,906,473
29,680,055
9,529,000
212,582,408
2,049,062
4,211,127
1,671,617
15,584,381
—
-
127,580
123,980
139,540
-Dallas—
4,394,047
—
+6.1
33,241,782
1,254,698
1,675,607
+8.7
-
689,531,581
Dlstric
7,603,297
Beaumont
253,060,921
13.1
2,369,432
117,354,786
3,261,146
1,311,563
127,536,248
3,019,191
1,418.042
-
—5.2
+8.4
+2.7
555,609
31,140,728
Colo.—Colo. Springs--
-
11,827,339
482,640
33,756,318
Carthage
Okla.—Tulsa
Total
644,000
937,136,890
Hastings
-
18,786,530
+ 14.7
+ 3.5
396,124
Lincoln
-
31,074*296
17,480,780
X
547,969
Tenth Federal Rese
Dallas
35*295*413
+68.4
+0.2
Neb.—Fremont
Total
+3*3*3
21,533,118
X
417,529,866
Kansas Clty-
432,197,646
(16 cities)
Parsons.
39*620*366
36,255,675
25,951,152
484,955
Lewistown
Total
52,806^771
+ 43.0
224,957,021
3,140,884
1,083,458
20,412,125
6,174,254
6,511,939
Grand Forks
Minot...
+24.4
Minneapolis-
271,575,000
1,557,659
105,762,451
1,342,010
505.935
—
84,000,000
4,815,000
263,353,776
+ 16.2
District
86,900,000
+ 3.1
+42.4
296,621
Minneapolis.
St. Paul
S
+20.6
+ 13.8
83,437,647
10,665,733
Winona
1938
92.900,000
679,960
9,252,574
1,162,714
390,750,067
Minn.—Duluth
Rochester
1939
%
/•' *
112,000,000
+22.3
+ 18.1
+22.1
+23.5
rve
+ 13.2
984,900
448,439
150,382,624
706,341,065
(7 cities)
736.851,191
7,564,283
313,904,936
184,185,992
597,417
547,656
185,696,870
118,787,471
344,786
2,346,000
Ky.—Louisville
Tenn.—Memphis
or
Dec.
-St. Louis—
serve
CapeJGirardeau
P
District
1940
1941
%
Dec.
394,396,990
4,221,292
Federal Re
Eighth
Mo.—St. Louis
Inc.
or
+ 10.6
1,209,661,788
1,084,670,072
+ 11.5
88,004,537
75,073,733
+17.2
60,748,143
59,890,939
+9.6
-San
1,952,645
183,308,178
—0.2
+ 14.0
Franc! SCO—
1,899,445
+2.8
4
160,120
+24.5
385 185,527
+ 22.9
49*.*475*,686
36,547*822
35*4
32*.6*1*3*652
31,"149", 704
3,461,588
+ 16.8
+ 18.3
1,023,400
862,122
+ 18.7
986,890
901,337
4.638.324
+7.2
8 ,218,698
11, 289,444
6,948,189
4,974,151
10,482,933
+7.7
1,397,000
151,254,989
1,011,000
+38.2
2 901,000
2,121,000
+ 36.8
117,742,293
+28.5
320 143,371
253,862,315
+ 26.1
41,725*686
28*.*8*52*, 191
+ 446
29*."8*34",032
28,223*458
2,367,998
61,278,718
-
147,290,067
4,043,349
Seattle
3,794,395
313,383,897
2,602,445
—9.0
5 ,511,492
5,767,770
—4.4
57,624,461
+ 6.3
17,299*073
14*6*7*3* 509
+
17*9
12*.5"l9",801
11,81*9*,299
—14.8
131,283,104
31,491,770
16,165,937
+8.3
13,643,327
7.353.325
142 ,183,866
32 ,512,109
—14.8
18,073,100
+ 16.1
3,995*,718
Yakima
Idaho—Boise
Ore.—Eugene
,
Portland
Utah—Ogden
Salt Lake City.
Ariz.—Phoenix
-----.
14,040,372
Calif.—Bakersfield-.-
6,266,437
_
Berkeley
Long Beach...
Modesto--.
10,092,324
16,195,708
3,405,160
13,805,689
—------
Pasadena
Riverside
San Francisco
+2.9
13 ,778,319
20 ,981,245
+ 3.2
8,283,886
15.382,451
+ 21.8
+ 8.1
35 ,343,781
7 ,673,640
32.172.821
3,149.000
7,055,000
+8.8
13,390,661
+ 3.1
31 ,141,406
27.808.822
+ 12.0
3,094,434
3,787,737
618,400,545
+
+ 22.4
8 ,499,593
1,318 ,283,661
6,635,910
+28.1
+ 6.0
1,248,439,094
+ 5.6
+ 13.7
+ 5.3
+ 9.9
4~,*911*297
3,925*,080
+2*5*1
4~, 76*7* 731
3,750,204
3*.*5*44",974
+ 5*8
4,016,888
3*.*772*820
190,513,000
3,172,872
164,982,000
+ 15.5
+ 31.0
158,869,000
2,927,437
+33.9 4
1,609,907
+ 19.3
2,123,949
135,376,000
250,268,637
221,508,201
10,964,402
583,300,369
9,642,089
24 ,569,372
21,915,677
Santa Barbara
5,486,699
6,046,800
—9.3
12 ,376,076
12,905,904
—4.1
1,614,276
Stockton---
9,077,882
8,113,673
+ 11.9
21. 464,728
17,712,526
+ 21.2
1,906,301
1,205,852
1,598,007
1,122.099,983
1,007,669,638
+ 11.4
2,406,217,448
2,168,020,164
+ 11.0
315,391,789
258,612,851
Grand total (191 cities) 25,171,449,682 22.835,233,658
+ 10.2
54,201.037,907
49,522,191,571
+ 9.4
7,548,622,454 6,199,155.653
+ 21.8 6,177,392,776 5,584,839,710
Outside New York
+ 13.9
26,904.361,759
23,649,734,922
+ 13.8
3,480,511,674 2,797,097.562
+ 24.4 2,530,903,331 2,362,782,803
—
...
San Jose...
Total
(19 cities)
112.559,873.578111,029,591,650
CANADIAN CLEARINGS FOR
+ 12.1
2,421,294
+22.0
2,812,024
1,484,949
1,972,892
,YRAURBEF 1, AND FOR WEEK ENDING FEB. 27
SINCE JANUARY
Monlh of February
Two Months Ended Feb. 28
Week Ended Feb. 27
Clearings atInc.
or
Inc.
1941
1940
Dec.
1941
S
S
%
S
Canada—
Toronto-.
470 ,723,528
548,856,521
—14.2
Montreal
388 ,951,665
485,425,650
—19.9
Winnipeg
125 ,492,835
159,687,755 —21.4
79,741,994 —12.9
88,418,661 + 123.9
—4.
19,679,374
15,760,396 —23.7
23,499,955
+8.2
—5.3
23,666,259
Vancouver
69 .482,792
Ottawa-—-
197 ,967,215
Quebec
18 ,731,908
-
Halifax
12 ,017,608
Hamilton
25 ,420,075
Calgary.-
i
St. John-.—--
22 ,408,089
8 ,829,716
1,020,293,358
810,626,569
284,214,256
146,985,654
397,457,419
38,727,374
25,667,967
51,337,453
47,850,936
1940
Inc.
or
Dec.
1941
or
Dec
1939
1938
%
984,430,669
%
+ 3.6
881,096,607
—8.0
99,437,378
369,036,824 —23.0
3.0
151,559,907
175,959,774 + 125.9
—1.0
39,110,912
—9.0
28,213,687
49,597,101
+ 3.5
28,757,034
—
1940
106,298,330
17,987,246
54,712,503
93,864,405
131,718,369
31,791,374
14,061,223
+ 13.2
—24.5
—9.5
+ 27.9
17,928,244 + 205.2
4,571,055 —17.7
2,342,132
+ 25.5
118,368,452
111,805,778
27,925,028
18,417,238
12,907,118
134,237,700
114,723,777
22,169,565
18,333,007
15,992,945
4,486,526
2,451,762
5,529,322
4,995,495
4,260,822
+23.9
4,249,395
2,303,366
7,553,968
+24.0
4,445,917
1,658,643
1,432,399
+34.5
+ 12.5
2,082,288
1,846,585
+ 12.8
1,438.461
1,860,648
2,283,646
3,633,149
3,422,954
2,497,664
+ 6.1
3,260,447
,4,508,363
1,830,746
1,686,408
3,197,649
3,641,227
+9.2
•2,626,527
2.516,962
257.042
219,567
+ 17.1
3,669,226
2,938,568
45,604,081
+ 4.9
21,763,801
14,396,467
—16.1
6,189,694
5,281,967
2,230,927
+ 3.2
1,611,561
22,868,121
—3.8
+ 7.2
+ 9.3
2,726,990
+ 13.9
Edmonton
16 ,627,452
11,198,221
7,184,938
11,864,396
16,439,127
+ 1.1
21,990,269
36,285,423
Reglna
13 ,094,366
12,375,211
+ 5.8
29,200,327
1 ,189,658
1 ,949,128
1,095,123
1,807,106
4,728,960
+ 8.6
2,687,685
33,861,299
26,708,671
2,359,612
248.526
291,792
+ 7.9
4,030,802
3,815.649
+ 5.6
426,151
349,657
+21.9
382,046
+ 5.7
10,854,835
5,198,295
10,451,755
4,621,576
+ 3.9
1,042,880
883,034
+ 18.1
1,043,706
397,905
1,147,758
+ 12.5
490,819
338,466
7,812,038
7,384,742
8,033,765
5,787,676
5,593,707
1,722,649
4,848,701
6,103,515
—2.8
844,044
720,897
+45.0
+ 17.1
439,560
790.339
+ 27.6
+ 3.4
719,255
569,187
715,181
+26.4
530.408
-
Victoria.-
6 ,884,318
London
10 ,106,528
Brandon
Lethbridge
-
Saskatoon..
4 ,996,810
Moose Jaw..
2 ,267,541
3 ,579,320
Brantford
Fort William.
Medicine Hat
2 ,247,126
Sherbrooke
2 ,995,410
Kitchener..
4 ,100,619
Windsor.
Moncton
1
338,627
3 177,968
2, 420,188
2,,413,690
1, 642,219
3, 778,937
-
Kingston
Chatham
Sarnia
Sudbury
Total
(32 cities)
♦Estimated,
1,445.652,850
x
No
14,855,101
—14.8
2,037,960
4,050,983
2,790,226
—11.6
—0.1
+20.8
2,226,496
—1.5
4.817,522
+ 2.0
6,352,873
4,455,140
11,030,715
1,160,335
3,213,199
13 ,374,192
Prince Albert—
—4.2
789,588
2,281,055
2,937,359
953,536
Peterborough
18,262,075
2,903,901
.
3 ,587,497
2 ,902,289
New Westminster
21.2
—
+ 11.3
+ 28.6
5,781,738
788,318
+ 10.2
759,982
500,075
881,729
744,160
756,219
+ 29.2
213,853
161,541
+ 32.4
216,202
177,351
—0.6
454,800
598,239
456,154
—0.3
480,066
340.884
622,415
—3.9
587,055
523,919
+ 4.1
—8.0
8,945,749
9,095,863
—1.7
994,015
931,742
+6.7
958,338
1.140,563
+ 21.2
28,838,900
24,975,527
+ 15.5
3,831.929
+ 13,8
263,765
3,003,188
256,523
3,674,459
2,970,088
2,797,982
235,209
+37.0
+ 15.4
—1.1
+ 1.0
820,903
689.368
+ 19.1
706.527
670.862
+ 11.9
547,518
430,057
+27.3
464,710
563.518
617,074
—8.7
774,661
553,333
1,006,210
2,260.736
+ 7.1
6,604,979
5,295,173
2,608,979
6,537,848
4,730,090
2,517,249
1,699,863
—4.1
4,834,027
5,204,550
—7.1
—3.4
3,598,010
367,869
319,839
+ 15.0
412.825
410,781
—7.5
8.077,986
3,588,355
8.374,594
+ 0.3
4,083,720
—3.5
1,080,746
1,119,504
—3.5
1,178.666
1,114,217
-7.3
3.070,066.119
2,962,662.332
+ 3.6
351,862,525
328,568.238
+7.1
329.729.317
349.931,836
1,559.641.676
figures available,
y
Calculated
on
basis of
weekly figures.
+ 12.1
293,660
Volume
The Commercial & Financial Chronicle
152
redemption
calls
and
1537
STOCK INCREASED
COMMON CAPITAL
fund
sinking
Of ItlCTCQ'SC
111.:
•
notices
Feb.
Below will be found a list of corporate bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were give in
the
Chronicle."
_
.
1122
1416
1591
1123
1420
819
*2036
1
Apr.
1
Aprl
1
-Apr.
Apr.
♦Southeastern Power &
1422
977
1275
1125
1423
1586
1587
674
825
1430
1430
1589
1590
1431
1591
*1433
1130
*1573
1434
1283
1286
682
1595
834
1596
1287
1439
1596
1597
1289
838
434
1137
1137
841
1290
_-Mar. 31
1 Apr.
1
—...J
1
1
1
Mar. 15
—Apr.
—--——-May
Apr.
-
-
1604
1604
1295
844
1604
1586
845
1143
1452
1297
694
.
'
-
,
-
"Wise.
—
(quar.)-----------
---------
(Ind.) (quar.)—
American Water Works & Electric Co., Inc..
$6 1st preferred (quar.)
— Arkansas Power & Light $7 preferred (quat.) —
$6 preferred (quar.)
Associates Investment Co. (quar.)
American States Insurance Co.
1608
$2)4 prior preference
Corp—
(interim)
"'V
—
t93)4c
25c
75c
—
$1)4
50c
3c
..
15c
-------------
$2
trust ctls. (quar.)-.
Building Products, Ltd. (quar.)
Byers (A. M.) Co. 7% prferred..
—Div. of $2.11346 representing reg. quar.
div. of $1 % due Feb. 1, '37 and int. there
17 he
Apr. 1, '41.
$1
17 5c
(somi-ann.)
(quar.)...
150c
Extra
$2)4
5% preferred
$50,000
— - - - —
$7 preferred (quar.)
,
—
— ~
— ——
--------
pref. (quar.) _
Aircraft Corp. pref. (quar.) ----Dry Goods C orp. 7% preferred.—
(quar.)
— —
Paper^
-----
.
Continental Bank & Trust Co. (N. Y.) (quar.) —
Continental Can Co.. Inc. (interim..---------Courtaulds, Ltd., ordinary (final)- - - -
Crudble^Steel CcTof America 5% pref.
(quar.) —
Crystal Tissue Co
__
—
Cuban-American Sugar 7% preferred
5)4 %
r
Daniels & Fisher Stores Co. (quar.)
-—
-----
---------
(quar.)
Mar. 15
Mar. 28 Mar. 20
Mar. 1,
5
Apr.
vlar. 10
Jar. 10
Mar. I
If
Mar. 31
It Mar. 31
Mar. 28 Mar. 17
Mar. 15 Mar.
7
Apr.
1 Mar. 27
Apr.
Apr. It Jar. 31
Apr. II Mar. 31
Mar. 20 Mar. 10
1 Feb. 24
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
Mar.
1
Mar. 15
1.5
Mar. 15
vlar.
15
Mar. 15
Mar. 21
Mar.
14
Mar.
Mar.
Mar. 14
i$D4
Mar.
Mar. 14
Apr.
Mar. 18
50c
Mar.
Mar.
1:23.88c Mar.
150c Apr.
$2.82 Mar,
— —
------
A_ _
— ---
Mar." 17"
14
Mar. 14
June
June
$1)4 Apr.
$1)4 July
June
17
Mar. 14
17
75c
Mar.
Mar. 17
$1
15c
$1
7.5c
Apr.
Mar. 17
Mar,
Mar.
14
Apr.
Mar. 20
Apr:
Mar. 20
Apr.
$1)4 Apr.
$1.13 Apr.
15c
Apr.
Mar. 20
62 )4c
Mar. 17
Mar. 18
Mar. 14
1%
Mar.
Mar.
17
50c
Mar.
Mar.
10
Apr,
Mar. 15
Apr.
Mar. 15
62J4c
$1)4
Mar. 15
Mar. 20
Apr.
Apr.
Mar. 20
Mar. 20
Apr.
Mar.
Mar.
7.5c
Mar.
Anr.
.50c
$1)4
$1)4
Mar.
|75c
Apr.
t$3 )4
$1 % May
60c
Mar.
14
15
Mar. 31
Apr.
15
Mar. 15
20c
Apr.
Mar. 14
50c
Mar.
Mar. 10*
Apr.
Mar. 11
Anr.
Apr,
5)4 %
5c
15
$1)4
Mar.
Mar. 17
1.5c
Mar.
Mar. 20
Apr.
Apr.
Mar. 20
$1)4
50c
Co. (quar.)
Deposited Bank Shares of N. Y. series
Series N. Y—-_
— —.
—
Mar. 31
Mar. 15 Mar.
50c
— —
of America----- —
7% cum. 1st part, preferred (part, div.)
7% cum. 1st part, preferred (semi-ann.)__._7% cum. prior preferred (quar.)
7% cum. prior preferred (quar.)-..
— Central Elec. & Telep. Co. I6% pref. (quar. —
Central Hanover Bank & Trust Co. (quar.).—
Chamberlin Metal Weather Strip— —
--Chicago Pneumatic lool (initial)
—
$3 preferred (quar.)
$2)4 preferred (quar.),
-—
-Cincinnati Gas & Electric pref. (quar.)
_
_
Cincinnati & Suburban Bell Telephone (quar.).
City Auto Stamping
City Investing Co..
----Clark Controller Co.------- —
Cleveland Electric IJuminating
—
Preferred (quar.)—
Cluett, Peabody & Co., Inc. (interim)
-
Delta Electric
1 Mar. 13
1 Mar. 13
Mar. 31 Mar. 15
160c
—
Celanese Corp.
$6 preferred B (quar.)—----Connecticut Gas & Coke Securities
1 Mar. 15
125c
—— ------
cum.
Preferred (quar.)——
15
1 Mar. 15
7 Mar. 17
Apr.
t$l lA Mar. 17 Mar. 10
37)4c Mar. 1', vfar. 10
10c
Brooke (E. & G.) Iron CoBudd Realty Corp. common
8
28
1 Mar. 12
Apr.
31 He
20c
part, preferred (part, div.)
Preferred (quar.)
— Canadian Eagle Oil Co., Ltd. part, pref
Canadian Weslinghouse Co., Ltd. (quar.)
Amount
1 Mar.
Mar. 15 Feb.
Mar. 31 Mar.
m
-
-
Bridgeport Brass Co
Briggs & Stratton Corp. (quar.) —
British-American Assurance (soim-ann.)
British-Columbia Power class A (quar.)
Bronlan Porcupine Mines, Ltd. (quar.)
Davega Stores Corp
.
5% cum. ccnv. preferred
1 Mar. 20
10c
-
—
Consolidated
Consolidated
Consolidated Laundries pref.
Consolidated Water Power &
1 Mar. 20
Anr.
62)4c
.
Extra
Ltd._
Apr.
Apr.
45c
— —
-
Canadian Celanese.
Mar. 31 Mar. 20
Apr.
Apr.
25c
Apt.
$1)4 Apr.
series of 1938 (quar.) —
1455
LIQUIDATION
1 Mar. 15
50c
5% preferred (quar.)
Bralorne Mines, Ltd. (quar.)
Colonial Ice Cc-
1 Mar. 15
40c
(quar.)-_-
1147
fneL^nt
62K flat
1 Mar. 14
25c
(quar.)
Canada Steamship Line
$10)4 lot
Mar. 15
Mar. 31 Mar. 15
37)4c
$1)4
(quar.)
Beneficial Industrial Loan
7%
Mar. 13
Mar. 13
Mar. 31 Mar. 15
25c
(quar.)
Beatrice Creamery
on to
Mar. 15
Mar. 15
50c
—
(quar.)
Barber (H. W.) Co.
Bastian-Blessing Co
Blaw-KnoxCc.
Mar. 22
75c
Co. (quar.)—— —
& part. pfd. (quar.)
(Hartford) (quar.)
Avery (B. F.) & Sons pref. (quar.) —
Baldwin Cc. preferred A (quar.)
Preferred
Mar. 15
50c
Automobile Insurance
Preferred
Mar. 15
$1)4
Autocar Trucks $3 cum.
Bankers Trust Co.
Mar. 14
Mar. 14
$1)4 Apr.
$1)4 Apr.
$1)4 Apr.
(quar.)
Atlantic City Fire Insurance
Cambria Iron Co.
banks
24—First National Bank in Marion, Wis
Bank, Marion.
(quar.).
Canada Packers, Ltd.
information regarding National banks is
of the Comptroller of the Currency, Treasury
~
(quar.)
276
$ Per Share
Effective Feb. 21,1941.
Liquidating agent, Edmund E. Hart,
care of the liquidating bank.
Succeeded by Marion State
1
Apr.
1
Apr.
1
Apr.
1
$1J4 Apr.
1
25c
Apr.
5
3.5c
Apr.
$1)4 Apr. 15
1
75c
Apr.
1
Apr.
$1)4
1
30c
Apr.
American Snuff Co. (quar.)
Preferred
1 Mar. 15
1 Mar. 20
50c
Preferred (quar.)
Preferred
Apr.
Apr.
Mar. 15 Mar. 10
25c
$2 preferred (quar.)
276
The following
Feb.
pfd. (qu.)_
$1)4
$1)4
t$7
62)4c
American Manufacturing Co
1606
Co. of Philadelphia, par $100
294
20 Liberty Title & Trust Co., par $50
33
30 L. C. Smith & Corona Typewriters, Inc., common, no par
9%
5 Pennsylvania Central Brewing Co. common, par $100
$1 lot
25 Philadelphia Electric Co. common, no par
—— —
28)4
3)4 Peale, Peacock & Kerr, Inc., com., par $50; 4 Southern Transportation
common, v. t. c., par $1; 45 Lackawanna & Wyoming Valley RR. common,
par $50; 3 Southern Transportation Co. $6 non-cum. pref., par $100;
12 Telephone Securities, Inc., common, par $1; and $2,000 Johnstown Termi¬
nal Warehouse 1st 6s, 1940, stamped, March 1928 & sub. coupons—..$50 lot
25 Philadelphia Warehousing & Cold Storage Co., par $100--5)4
10 Telephone Securities, Inc., common...
\Vs
100 Lamesa Oil & Gas Co. common, and 30 1-3 Integrity Trust Co
$5 lot
VOLUNTARY
—
-
5% preferred
1448
1141
Philadelphia:
Stocks
Department:
(quar.)
American Hair & Felt 1st pref. (quar.)
1140
6 Provident Trust
from the office
------- - —
American Felt Co
American Optical Co.
American Rolling Mill
Mar. 15
Apr. 15 Mar. 20
1 Mar. 11*
75c
Apr.
1 Mar. 14
25c
Apr.
1 Mar. 17
25c
Apr.
1 Mar. 17
$1)4 Apr.
1 Mai. 12
15c
Apr.
12 Uc
1 Mar. 12
Apr.
1 Mar. 14
Apr.
$1)4
Mar. 12 Mar. 5
Co. class A & B com. (qu.)
5% 1st, 2nd & 3rd series cum. conv. pref. (qu.)
American Express Co. (quar.)__
American Investment Co. of 111. 5%
1
Mar. 31 Mar. 15
25c
$3 preferred
1140
-
Bonds—
national
30c
Preferred (quar.)
American Cyanamid
Preferred
Mar. 21 Mar. 10
$1)4 Apr.
Preferred (quar.)
W.) Co. 6% preferred
6% preferred (quar.)
$ per Share
52
Bank, Brockton, par $50
By Barnes & Lofland,
Aluminum Co. of America.-
Cannon Mills Co
Stocks
first preferred, par $100
National Service Cos. S3 preferred
Shares
$1
$1
(quar.)
Allegheny Ludlum Steel
2nd preferred
Holders
1 Mar.
8
Apri
1 Mar.!, 8
Apr.
Apr. 15 Mar. 20
30c
(quar.)
Aetna Casualty & Surety Co.
Preferred
When
Payable of Record
50c
Aetna Life Insurance Co.
Bliss (E.
sold at auction on Wednesday
6s, April 1972
Share
Company
^
8 Thomas G. Plant Corp.
100
Per
Name of
Bishop Oil Co. (quar.)
By R. L. Day & Co., Boston:
§250 Robert Gair Inc.
The dividends announced this week are:
1602
1139
of the current week:
3 Home National
second table in which
a
Bird & Son, Inc
auction sales
Shares
follow with
we
dividends
116
1587
xV. 151.
were
Then
the
American Bank Note Co. preferred (quar.)
-
securities
show
American Capital Corp.
American Crystal Sugar
19
1
10
17
10
1
1
1
1
1
14
15
1
12
we
823
823
680
1st mtge. bonds
May
1
Southern Natural Gas Co., 434% bonds
.
Apr.
1
Superior Oil Co. 334% debentures.
-----Apr. 1
Texarkana Water Corp., 1st mtge. 5s
Mar. 17
Toho Electric Power Co., Ltd., 1st mtge. bonds
Mar. 15
♦Traylor Engineering & Mfg. Co. pref. stock
—
Mar. 28
Unified Debenture Corp. debentures
July
1
Union Premier Food Stores preferred stock
Mar. 15
♦Washington Railway & Electric Co. 4% bonds
—-June 1
Wisconsin Public Service Corp.. 1st mtge. bonds
Mar. 13
Wolverine Natural Gas Co. 5% bonds.---——
Mar. 15
The following
we
are
823
1594
Southern Counties Gas Co. of Calif.
Announcements this week.
Ohio:
15,000
American Agricultural Chemical Co
American Alliance Insurance Co. (quar.)
1
—June
1
Apr.
1
-Apr.
1
Mar. 25
__.Apr.
1
Light Co.—See Commonwealth &
-- --
Dalton,
grouped in two separate tables.
In the
bring together all the; dividends announced the
820
8
1
14
♦Penn-Ohio Edison Co.—See Commonwealth & Sou. Corp.
♦Pennsylvania RR. 1st mtge. 3)4% bonds
Peoples Light & Power Co., series A bonds
Scrip certificates-.
Portland Gas Light Co., 1st mtge. 5s
1st mortgage 4sPurity Bakeries Corp. 5% debentures
Richfield Oil Corp., 4% debentures
♦Richmond-Washington Co. 4% bonds
♦Rio Grande Valley Gas Co. 1st mtge. 7s—
Sayre Electric Co., 1st mtge. 5s
Silverwood Dairies, Ltd., 5% bonds—
♦Sioux City Service Co. 1st mtge. 6s
Dalton,
of
dividends
Dividends
671
1130
Keystone Telephone Co of Pa. 1st mtge. 6s
- Apr.
♦Lehigh & New England RR. gen. mtge. bonds.Mar.
Lukens Steel Co., 8% bonds
—Mar.
Luzerne County Gas & Electric Corp. 1st mtge. 5s
Apr.
♦Manila Electric RR. & Ltg. Corp. 5% bonds
Mar.
Middle States Telephone Co. of 111., 1st mtge. 4)4s —
Mar.
Minneapolis Northfield & Southern Ry. 6% bonds
Mar.
♦Mock-Judson-Voehringer Co. 7% pref. stock
Apr.
♦Monongahela Ry. 1st mtge. 4s
—May
New Orleans Public Service, Inc., 4)4% bonds
Apr.
North American Car Corp. 4)4% ctfs., series I
May
North American Car Corp. equip, trust ctfs. series J
June
Ohio Finance Co., 434% debentures
Mar.
Ohio Oil Co., 6% preferred stock
Mar.
Parr Shoals Power Co. 1st mtge. 5s
Apr.
Penn Mercantile Properties, sinking fund bonds
—Mar.
Penn-Ohio Edison Co,
See Commonwealth & Southern
$100,000
Bank
$25,000 to $40,000
671
824
-
Houston Electric Co.; 1st mortgage 6s
Illinois Bell Telephone Co. 1st mtge. 3 J4s
♦Kankakee Water Co. 1st mtge. A bonds.
Chicago,
Chicago,
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.
May
Apr.
in
current week.
983
bonds ___Mar. 18
Cumberland County Power & Light 1st mtge. 4s
Apr.
1
1
Duluth Missabe & Iron Range Ry. 1st mtge. 3)4s—Apr.
1
Durez Plastics & Chemicals. Inc., 4)4% debentures-......-Apr.
1
♦Erie Lighting Co. 1st mortgage 5s
Apr.
15
♦Federal Light & Traction Co. 1st lien bonds
Apr.
1
Firestone Tire & Rubber Co. 3)4% debentures
Apr.
1
♦General Aniline & Film Corp. 5J4% debs
May
German!-Atlantic Cable Co. 1st mtge. 7% bonds
Apr. 1
(B. F.) Goodrich Co., 1st mtge. bonds—„
Gulf Public Service Co. 1st mtge. 6s
Helvetia Coal Mining Co. 1st mtge. 5s
Bank
1578
1578
Apr.
Congress Square Hotel Co. 1st mtge. 5)4s
Consolidated Biscuit Co. series A bonds
Consol. Gas El. Light & Pow. Co. of Bait. 3 )4%
National
Page
Date
♦Affiliated Industries, lac., 5)4% debentures.
Apr.
1
*
Alabama Power Co. 1st mortgage bonds
Mar. 26
Allied Owners Corp., 1st lien bonds
Mar. 15
Allis-Chalmers Mfg. Co. 4% debentures
Apr.
1
♦American I. G. Chemical Corp.—See General Aniline & Film.
Aroostook Valley RR„ 1st mtge. bonds..
Mar. 13
♦Autocar Co. 7% bonds
Mar. 15
Bayuk Cigars, Inc., $7 preferred stock
Apr. 15
Bear Mountain Hudson River Bridge Co. 1st mtge. 7s
Apr.
1
Bear Mountain Hudson River Bridge Co. 7% bonds
1
..Apr.
1
8% bonds..
_Apr.
Bell Telephone Co. of Pa. 6)4% preferred
Apr. 15
Brillo Mfg. Co. class A stock
1
/
Apr.
1
(F. & G.) Brooke Iron Co. 1st mtge. 6s
Apr.
(William) Carter Co, preferred stock
June 16
Central West Utility Co of Kansas, 10-year 6s
Mar. 15
Chesapeake & Ohio Ry. 3)4% bonds
Apr. 28
♦Chicago Stock Yards Co. 5% gold bonds
Apr.
Chicago Union Station Co. 4% guaranteed bonds
Apr.
Collateral Bankers, Inc., 6% debentures—
Series AC
Apr.
7% debentures, series D
Apr.
♦Commonwealth & Southern Corp. predecessor company
bonds
Apr.
*
From
first
Company and Issue-—
Southern Corp..-
25—Central
From $300,000 to $400,000
Feb. 26—The First National
Mar.
Mar. 20
Mar.
5
30c
Mar.
Mar. 15
31 He
Mar.
Mar. 1.5
20c
Mar.
Mar. 10
Apr.
Apr.
Mar.
1
Mar.
1
4)4c
lc
The Commercial & Financial Chronicle
1538
When
Per
Name of
Share
Company
Dennison Manufacturing Co., prior
pref. (qu.)
SIA
18
Apr.
_
Merck & Co
Mar. 19
Preferred (quar.)
Metropolitan Edison Co. $7 prior pref. (quar,)..
$6 prior preferred (quar.)
$7 cum. preferred (quar.)
$6 cum. preferred (quar.)
$5 cum. preferred (quar.)
Mexican Eagle Oil Co. Ltd. 8% part, preferred..
Payable by the Canadian Eagle Oil Co.
— _ —
-
Mar. 15 Mar.
1
15 Mar.
1
5
Mar. 15 Mar.
Mar.
1
SIX
...
25c
Mar. 12 Mai.
6
Mar. 25 Mar. 18
25c
Mar. 16 Mar.
50c
Dirco-Twin Truck Co
6
75c
Mar. 15
Apr.
Mar. 15
10c
SIA
Eagle Picher Lead.
Preferred (quar.)..
_
Apr.
SIM
— _ ——
...
... .... .
Apr.
Apr.
1 Mar. 15
SIM
Apr.
Apr.
3c
Apr.
SI X
Dominion Glass, Ltd. (quar.)..
Preferred (quar.)..
.
Mar. 15 Mar.
—
—
Diamond T Motor Car
(quar.).
25c
25c
25c
—
„——
Dewey & Aimy Chemical Co
Duke Power Co
... _
_
_—-
_
.........
Ecuadorian Con;.,
Ltd., ordinary shares.
Empire Power Corp., $6 cum. preferred
Participating stock
English Electric Co. of Canada, cl. A (quar.)...
European & North American Ry. (s.-a.)
—
SI A
50c
62Mc
$2 A
Ex-Cell-O Corp.
65c
Falconbridge Nichol Mines, Ltd. (interim)
Famous Players Canadian (quar.)..
Fanny Farmer Candy Shops (quar.).
Fedders Manufacturing Co
Federal Insurance Co. (N. J.)
(quar.)
Federal Light & Traction Co. (quar.)
Federal Machine & Welder Co. (stock div.)..
Finance Co. of Penna. (quar.)
Florsheim Shoe Co., class A
J5c
25c
37MC
20c
-
Class B__
35c
25c
100%
$2
50c
25c
Food Machinery
Mar. 15
Mar. 14
Mar. 14
_
Mar. 10
M!ar. 20 Mar. 10
Mar. 20 Mar. 10
Mar. 15 Mar.
5
_
3;Mar. 14
Apr.
Apr.
l'Mar. 17
A
Apr.
4 Mar.
6
Mar. 29 Mar. 15
1 Mar. 15
1 Mar. 20
1 Mar. 21
Mlar. 26 Mar. 17
Apr
Apr.
Apr.
Mar.
(quar.)
Fox (Peuer) Brewing (quar.)
Franklin County Distillers, preferred (quar.)...
....
7
1 Mar. 15
Electric
Apr.
_
Mar. 17
25c
15c
SIM
General Fireproofing
Preferred (quar.)
35c
SIM
General Fire Extinguisher
25c
General Paint Corp. preferred (quar.)
General Public Utilities, Inc., S5 pref.
6/c
Co
General Reinsurance (N.
Y.)
50c
50c
SIM
General Tire & Rubber pref. (quar.)
General Water, Gas & Electric
Preferred (quar.)
SIM
Apr.
Apr.
Apr.
SI
SIM
25c
13Mc
3%
25c
SIM
25c
SIM
37 Mc
25c
10c
....
Prior preferred
(quar.)
SIM
5% preferred (quar.)
31 Mc
Heath (D. C.) & Co. 7% pref. (quar.)...;
SIM
Hollinger Consolidated Gold Mines (mo.).
5c
Holly Development Co. (quar.)___
lc
Home Gas & Elec ric pref. (quar.)..:
15c
Homestake Mining Co. (monthly).
37Mc
Honolulu Oil Corp. (special)
25c
Hooven & Allison preferred (quar.
SIM
Hoskins Manufacturing Co
25c
Humphryes Manufacturing Co
30c
6% preferred (quar.).
XT SiM
Hygrade Sylvama « orp___
62Mc
Imperial Paper & Color Corp
75c
Imperial Tooacco Co. of Great Britain & Ireland
Amer. dep. rec. for ord. reg. (final)
49.3c
Indianapolis Power & Light
40c
5M% preferred (quar.)
$1.31 M
Industrial Credit Corp. (N. E.) (quar.)
32c
...
...
,
.
Extra
.....
International Celluco 'on Produc s Co. (quar.).
International Nickel of Canada, pref. (quar.)..
Payable in United States funds.
International Shoe Co.
(quar.)
Interstate Dept. Stores (quar.)
Interstate Telephone preferred (quar.)
Jersey Central Power & Light, 7% pref. (quar.)
6% preferred (quar.)
5M% preferred (quar.)
Johnson Stephens & Shinkle Shoe
Joliet & Chicago RR. (quar.)
Jones & Laughlin S.eel preferred.
HH
Kerlyn Oil class A (quar.)....
.
_
........
.....
Keystone Custodian Fund series S-l
I. .1
Kleinert (I. B.)
Rubber
H
Stores, Inc
Hoppers Co., preferred (quar.)...
Kysor Heater Co. (quar.)
Lackawanna RR. or New Jersey
(quar.)
II.
6Mc
87 Mc
37 Mc
Mar. 31
Mar. 31
1
15 Mar. 20
1 Mar. 14
Mar. 12 Mar.
5
1 Mar. 15
Apr.
Apr.
Apr.
Mar. 20
Mar. 22
Mai 22
Apr.
Apr.
Apr.
.
Mar. 12
Mar. 14
Mar. 31 Mar. 15
Mar. 13 Mar.
8
—
—
—
Orange & RockJand Ejectric Co., 5% pref. (qu.)
6% preferred (quar.)
Ottawa Light, Heat & Power (quar.)
Preferred (quar.)
(quar.)
.HI
Mar. 31
Mai. 20
1
Mar. 25 Mar. 14
Mar.
1 Feb. 15
Mar. 26 Mar. 11
Mar. 31 Mar. 30
Mar. 31 Mar. 20
Apr.
Apr.
1 Mar. 22
20c
SIM
tSl
8Mc
Common
Mar.
6 Feb.
—.
Preferred (quar.)
Peck, Stow & Wilcox Co..—
1
Penney (J. C.) Co
Pennsylvania Forge Corp. (quar.)
Mar. 10
Mar. 20
Mar. 21
Mar. 17
Mar. 10
5% preferred (quar.)
(quar.)
...
Pfeiffer Brewing Co.
—
"I
HI
Apr.
Apr.
4 Mar. 21
4 Mar. 21
Mar. 15 Mar.
30c
Apr.
5
1 Mar. 21
1.5c
Mar. 10 Feb.
10c
Apr.
Apr.
Mar. 31 Mar. 18
24
1 Mar. 15
1 Mar. 15
30c
SIA
SIX
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr.
—15,Mar. 31
25c
Mar. 20 Mar. 10
15c
HH
Co
McGraw-Hill
HIUHH"
ZHHIIII
Magnin (I.) & Co. (quar.).
Mahon (R. C.) Co. (quar.) —__
Ar>r.
Apr.
(quar.*)"
_
Manufacturers Trust Co. (quar.)
Apr.
SIM
_
Louisville Gas & Elec. of Ky.
7% pref.
Margay Oil Corp. (quar.).
5c
1 Mar. 20
1 Mar. 17
50c
::::m
,Loew's, Inc. (quar.)...
(quar.)
3
1 Mar. 14
30c
Locke Steel Chain Co. (quar.)
Extra
Marine Midland Corp
Marine Midland Trust (N. Y.)
Mar. 15 Mar.
1 Mar. 15
Mar. 15
1
1 Mar. 20
(quar.)
11"
HH
Mar. 14 Mar.
7
15c
Mar.
7
15c
111111111
HI
25c
Mar. 20 Mar. 14
50c
Apr.
l'Mar. 15
Apr. 15 Mar. 31
Apr.
1 Mar. 14
Mar. 21 Mar. 14
Apr. 10 Mar. 19
50c
10c
30c
25c
15jMar.
llApr. 21
28,Feb. 26
Mar. 31 Mar. 28
Mar. 20 Mar. 10
Mar. 31 Mar. 14
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
Apr.
SIX
02Ac
50c
__
non-cum.
.
——
——
-
.
Cable
.
...— ... .
%7bc
3c
25c
SIA
six
$2.38
$2.38
1 Mar. 14
1 Mar. 14
21
Mar.
14
1 Feb.
22
10
14
l'Mar. 20
Apr.
1 Mar. 10
Apr.
Apr. 25'Apr. 15
Mar. 15 Mar.
7
1 Mar. 10
Apr.
llMar. 21
Apr.
1 Mar. 15
Apr.
Apr. 15 Mar. 31
Apr. 15 Mar. 31
Apr. 15 Mar. 15
Mar. 28 Mar.
7
Mar. 15 Feb.
28
Mar. 15 Feb.
28
Mar. 15
Mar. 15
5c
Mar. 16 Mar.
10c
Mar. 16 Mar.
SIA
87 Ac
Mar. 10 Mar.
20c
15
l:Mar.
Apr.
llMar.
Apr.
1 Mar.
Apr.
Apr. 30 Apr.
Mar. 26 Mar.
Apr.
3
3
5
1 Mar. 15
Mar. 31
Mar. 21
1
Mar. 20
Apr.
Apr.
1 Mar. 20
25c
Apr.
1 Ma,. 10
15c
—
SIX
SIX
Mar. 29 Mar. 13
37 Ac
Corp...
Bros., Inc. (quar.)
Roper (G. D.) Corp. (quar.).
Ruud Mfg. Co. common
Mar. 20 Mar. 13
30c
5
Mar. 15 Mar.
5
25c
Sangamo Electric Co
Mar. 15 Mar.
25c
Common
June
16 June
6
1 Mar. 17
35c
San Jose Water Works
______
Apr.
37 Ac
50c
(quar.)
Security Engineering Co 7% pref. (quar.)....
Shelter Manufacturing Co
Sheep Creek Gold Mines. Ltd. (quar.).
Silver King Coalition Mines.
Signal Oil & Gas Co. class A & B (quar.)
Signal Royalties Co. class A (quar.)
Skenandoa Rayon Corp. 5% prior pref. (quar.).
Smith (S. M.) Co. (quar.)
Sound view Pulp Co
Apr.
Apr.
Apr.
24 Mar. 20
Mar. 28 Mar. 25
10c
—
...
28
25c
Feb.
25c
Mar. 15 Feb.
SIM
37Mc
May
25c
(quar.)
Scovill Mfg. Co
Mar. 31 Mar. 15
7
Apr.
1 Mar. 15
Mar. 24 Mar. 20
Apr.
25c
28
SIM
8
8
10c
Mar. 15 Feb.
Mar. 14 Mar.
5
Mar. 20 Mar.
Mar. 25 Mar.
25c
65c
20c
18
Mar. 25 Mar.
15c
Extra
Rome
31
75c
Roos
Mar. 20
Apr.
15«
15
15
15
SIA
*
_
Mar. 10
Mar. 10
Apr. 15 Apr.
1
Mar. 17
Apr.
Mar.
4
Apr.
Mar.
4
Apr.
Mar.
4
Apr.
5
5
1 Mar. 15
31 He
12 Ac
—
Mar. 15
4
1 Mar.
1 Mar.
Apr.
25c
—
preferred (quar.)
Premier Gold Mining (quar.)
Providence Washington Insurance Co
Public Service Co. of N. H., $6 pref. (quar.)..
$5 preferred (quar.)
Public Service Trust Shares series A (liquidating)
Series A registered (liquidating)
Rand's, Inc. (quar.)
Preferred (quar.)
Reed-Prentice Corp—....
Preferred (quar.).Reliance Steel Corp
Reynolds Meals Co. 5A% cum. pref. (quar.)..
Rochester Telephone preferred (quar.)
Roeser & Pendleton, Inc. (quar.)
1 Mar. 20
1 Mar. 25
1 Mar. 14
$1
Pearson Co., Inc., 5% pref. A (quar.)
Peaslee-Gaulbert Corp. (quar.) —
6%
8
1 Mar. 25
Apr.
Apr.
Apr.
Apr.
Apr.
S2A
Philadelphia Acceptance Corp. $5 pref. (s.-a.)..
SI A
Philadelphia Dairy Products $6 pref. (quar.)
50c
Philadelphia Electric Power 8% pref. (quar.).
25c
Phillips Screw Co
Pittsburgh Metallurgical
50c
Pittsburgh Plate Glass
$1
Pneuma ic Scale Corp.. Ltd.. 7% pref. (quar.)..
17 Ac
Porto Rico Power, preferred (quar.)
SIX
Power Corp. of Canada Ltd. 6% cum. pref. (qu.) XI A%
Apr.
Mar. 24 Mar.
10c
Philco Corp
Apr. 25
Mar. 15
Mar. 15 Mar.
5
_
1 Mar.
Apr.
1 Apr.
May
1 Apr.
May
1 Apr.
May
Apr. 15 Mar.
Mar. 28 Mar.
Mar. 31 Mar. 29
Mar. 25 Mar. 20
Mar. 15
Apr.
Apr.
Mar. 25 Mar. 10
Mar. 25 Mar. 11
Apr.
$1M
common
...
4
12
Xc
Ac
SI
Peter Paul, Inc.
Pfaudier Co
1 Mar. 15
15 Mar. 18
$1M
SIA
SIX
Patchogue Plymouth Mill,
14
50c
Extra
8
May
15c
Page-Hersey Tubes (quar.)
Panhandle Eastern Pipe Line
Paracaxe Gumans Con so). Mining
Mar. 15 Mar.
5c
__H
.milium::
Publishing....
McLouth Steel Corp
15c
Mar.
7
SIX
....
Pennsylvania Telephone Corp., $2A pref. (qu.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$1
HH
—
6% preferred (quar.)
5% preferred (quar.)
5c
50c
SIX
SIA
SIX
— .—
Pacific Southern Investors, $3 pref. (quar.)—
8
1 Mar. 22
1 Mar. 22
l|Mar. 15
Mar. 31 Mar. 15
1 Mar.
5
Apr.
75c
(quar.)
Pacific Lighting Corp. $5 pref. (quar.)
Pacific Public Serice Co. (quar.)..
Extra
20
1 Mar. 15
30c
Mar .115 Mar.
Apr.
Apr.
1 Feb.
llMar. 15
10c
Pennsylvania Glass 8and Corp. (quar.)
$1M
15c
Refineries, Inc
Liberty loan Corp. < lass A (quar.):. I HI HI
Life& Casualty Insurance oi Tenn.
(quar.)
Lorillard (P.) Co
Preferred (quar.)
SIA
SIA
SIX
Pacific Clay Products (special)
Pacific Finance Corp.
Apr. 15 Mar. 31
Apr.
1 Mar. 20
37Mc
25c
6% pref. (quar.)
Leonard
(quar.)
Ohio Brass Co., class A & B
20c
■
Kobacker
Preferred
Norwich & Worcester RR. 8% pref. (quar.)
1 Mar. 20
31 Mc
Preferred (quar.)..
Guaranty Trust Cc. of N. Y. (quar.)..
Gulf Oil Corp
Hamilton United Theatres, preferred-..
Hanna (M. A.) Co,..
Harrisburg Gas Cc. 7% preferred (quar.)
Haverty Furniture Cos., preferred, (quar.).
Hickok Oil Corp. (quar.).
Lunkenheimer
50c
—
Nova Scotia Light & Power, preferred
Oahu Sugar Co. (monthly)
5 A % preferred
ljFeb. 24
Apr.
Apr.
Apr.
5
t8Mc
Northwestern Yeast Co
Apr.
Apr.
Mar. 18
Mar. 18
Mar.
Mar.
Mar.
20c
20c
1 Mar. 12
_
15 Mar. 31
21
SIX
l6Xc
SIX
50c
Greyhound Corp. (quar.)
Lehman Corp.
Extra
—
—:
(quar.)
1
Apr.
1
Apr.
1
Apr.
Apr. 15
Mar. 20
Apr.
Mar. 31 Mar. 21
Apr.
7
Preferred A (quar.)
75c
(quar.)
La Crosse Telephone Co.
Lambert Co
Mar. 21
5
15
Preferred C
20c
Green (Daniel)
Series S-3_
Mar. 3)
25c
(quar.).
Greenwich Gas Co. part. pref. (quar.)_.
7% preferred (quar.)..
1 Mar. 17
1 Mar. 17
Apr.
Apr.
Mar.
llMar.
Apr.
1 'Mar.
Apr.
Apr. 15 Mar.
Apr.
Apr.
Mar.
Apr.
1 Mar. 12
SIM
SIM
Great Northern Ry. preferred
u
1 Mar. 20
Mar. 28 Mar. 10
Mar. 24 Mar. 17
Apr.
5
5
Mar. 15 Mar.
30c
Empire Mines
North Star Oil, 7% preferred
■
5
Mar.
Mar. 15 Mar.
1 Mar. 12
50c
(quar.)
Gold & Stock Telegraph (quar.)..
Golden State Co., Ltd. (quar.)
Extra
Mar. 15 Mar.
3
Apr.
1 Mar. 20
Mar.
Mar.
20c
New York Transit Co
Mar. 20
Apr.
Apr. 25 Mar. 14
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Mar. 15
Mar.
5
SIA
Apr.
SIM
Preferred
28
Mar. 15
Mar. 15
SIA
Apr.
56 Mc
Globe-Wernicke Co. 7% preferred (quar.).
Godchaux Sugars, class A
Grand Union Co., arrear. ctfs
insurance Co.
15c
SIA
75c
Glidden Co., preferred (quar.)
Great American
1 Mar. 20
Apr.
Apr. 15 Mar. 31
1 Mar. 15
Apr.
1 Mar. 20
Apr.
Apr. 15 Apr.
8
Apr. 15 Mar. 19
1 Mar. 19
Apr.
Mar. 11
Apr.
Mar. 11
Apr.
Mar. 15
Apr.
25c
_
Preferred
SIM
40c
General Time Instruments (quar.).
Preferred (quar.)
60c
—
Light Co., $6 pref. (qu.)_.
6% cum. preferred (s.-a.)
Newport Elec ric Corp. 6% pref. (quar.)
New York Lackawanna & Western Ry. (quar.)
Mar. 31 Mar. 15
Mar. 15
Apr.
Mar. 10
Apr.
35c
Refractories
Mar.
25c
preferred
S1A
Mississippi River Power, preferred (quar.)..—
Missouri Edison Co. cum. preferred (quar.)
SIX
5c
Monroe Loan Society, class A
50c
Montgomery Ward & Co
Class A (quar.)
SIX
Moore Corp., Ltd. (quar.)..
X55A c
Preferred A & B (quar.) (pay. in U. S. funds).
SIX
10c
Morristown Securities Corp
25c
Nachman Soringfilled Corp...
25c
National Oil Products (interim)
50c
National Steel Car Corp. (quar.)
25c
Naval Stores Investment Co. (quar.)
Neiman Marcus Co., pref. (initial quar.)
SIX
12c
New England Fire Insurance Co. (quar.)
New England Power Assoc. 6% pref
$1
33 l-3c
$2 preferred
.
Mar. 31 Mar. 15
SIM
Co
General
32c
Midland Oil Corp., $2
Northern
(quar,)..
SIA
SIX
SIX
SIX
six
SIX
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Amount in 32 Mexican cents.
Mickelberry's Food Products pref. (quar.) — —
New Idea, Inc
New Jersey Power &
New Mexico Gas Co
Mar. 17
General American Investors Co., lnc.-
S6 preferred (quar.)
Mar. 20 Feb.
_.
15 Mar.
Apr.
Apr.
35c
Preferred
General
12c
75c
60c
Massachusetts Investors Second Fund, Inc
Mar. 20
Apr.
$1
— .
Preferred
1 Apr.
Holders
Meadville Conneaut Lake & Linesville RR.—
Prior preferred (from earnings of year 1940).
Derby Oil & Refining $4 preferred. —
Class B
May
1941
Payable of Record
Share
Company
Semi-annual
Detroit Harvester Co
Preferred (quar.)--Diamond Alkali Co. (quar.)—
Name of
8,
When
Per
Holders
Payable of Record
of 75c. each for
Represents two quar. divs.
first two quarters of 1941.
March
Mar.
Feb.
Apr.
Mar. 15
43 He
Mar.
Feb.
20
28
10c
Mar. 18
Apr.
Apr. 15!Mar. 30
Apr.
llMar. 17
50c
Mar. 15 Mar.
5
25c
Mar. 15 Mar.
5
10c
4c
SIX
SIA
50c
Apr.
Feb.
llMar. 15
l'Jan. 20
Mar. 15 Mar.
6
South Carolina Electric & Gas Co.—
$6 prior preferred (quar.)
Southern California Edison Co., Ltd.—
Original preferred (quar.)
5A% preferred series C (quar.)
Southern Canada Power Co
SIA
—
37 Ac
34 Xc
X20c
XIA %
6% cum. part, preferred (quar.)
Southern Natural Gas Co. (quar.)
Mar. 20
Mar. 20
Apr. 30
Mar.
Mar. 15*
Mar.
Mar. 11
Apr.
Mar. 15
SIX
____
50c
SIX
t75c
Mar. 14
Mar.
Mar. 18
Apr.
Mar. 31
Apr.
Mar. 20
Strouss-Hirschberg Co. (quar.)
*
$1
Mar. 29 Mar. 18
20c
Mar. 31 Mar. 15
+$1
2.5c
—
Strawbrid^e & Clothier 7% preferred
Sun Life Assurance of Canada (quar.)
Tampa Gas Co. 8% pref. (quar.)
7% preferred (quar.)
Apr.
Apr.
Springfield Gas & Electric Co. $7 pref. (quar.)..
Square D Co
H
Preferred (quar.)
Standard Fruit & Steamship $3 par. pref
Starrett (L. S.) Co
Steel Products Engineering
Tool
Mar. 20
50c
SIA
Machine
Apr.
Apr.
May
25c
South West Pennsylvania Pipe Lines
Sparks-Withington preferred (quar.)
Sundstrand
Mar. 31 Mar. 20
Mar.
75c
Mar. 20 Mar. 10
XS3X
....
S2
SIX
26lFeb.
Mar. 15 Mar.
Apr.
15
5
llMar. 15
Mar.
l|Feb. 20
Mar.
1
Feb.
20
'
Volume
1539
The Commercial & Financial Chronicle
152
Taggart Corp. I2H pref. (quar.)-Technicolor, Inc
62m
Terre Haute Electric Co., Inc., 6% pref. (s.-a.)_
Texas Electric Ry. (liquidating)
__
$3
$5.35
$1*
Thew Shovel Co. preferred (quar.)
Apr.
Mar.
1 Feb.
17v
7% preferred
19
II*
Mar. 12 Mar. 10
Preferred (quar.)
II*
Feb.
15c
Mar. 15
_5% preferred (monthly)
41 2-3c
62 He
15c
IIH
Mar.
Mar. 15
14H preferred (s.-a.)
Anaconda Copper Mining
Andes Copper
-—_
Trico Products Corp. (quar.)_
Union Metal Manufacturing (quar.)
__
—
Mar. 12
Mar.
-
■irf 20C
Mar.
Mar. 15
Applied Arts
-----
25c
Mar.
Mar. 14
75c
Apr.
Mar. 17
Mar.
Mar. 10
Archer-Daniels-Midland Co.
Armour & Co. (Del.) pref. (quar.)
Armstrong Cork Co. pref. (quar.)
Apr.
Apr.
Mar. 12
Arnold Constable Corp
50c
Mar. 31
Art Metal Works, Inc.
15c
Mar.
Mar. 14
Asbestos Corp., Ltd.
Extra
—--
__
United Biscuit Co. of America_
United Carbon Co-i.---—
United Gas & Electric Corp. pref. (quar.)
U nited Illuminating Co_
United Profit Sharing preferred (s.-a.)
,
-
-
_
1*%
_ _ -
$1
—
United Specialties
5
outstanding common and also class
common which has been called for con¬
Payable
on
Preferred
50c
non-cum.
Apr.
-
50c
-
50c
Apr. 30 Apr. 16
Mar. 28 Mar. 21
1st preferred
United States Trust Co. (N. Y.)
Utah Oil Refining (quar.)
(quar.).!
ill
—
10c
Valve Bag Co. 6% pref. (quar.).;
Van de Kamp's Holland Dutch Bakers—
IIH
—
Apr.,
1 Mar. 15
Mar.
Apr.
Mar.
Mar. 15
Mar. 26
Mar.
Mar. 10
Apr.
Mar. 27
Mar.
Mar. 15
Apr.
Apr.
Mar.
Mar. 15
Mar. 15
Mar. 14
Bell
$1*
37 He
IIX
I1H
II
Mar.
Apr.
Mar. 20
Apr.
Mar. 15
Mar. 15
Mar. 15
Worcester Salt
50c
Mar.
Mar. 21
2c
Mar.
Mar. 15
Ymir Yankee Girl Gold Mines
Mar.
Feb.
Mar.
Mar.
14
1
Mar.
Feb.
28
50c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 21
50c
$1
II
Canada
Telephone Co. (Pa.) 6H % pref. (quar.)
Per
Mar. 15
Mar, 18
(fittow ^
Mar. 12
Mar.
Mar. 12
Apr.
1
Feb.
14
Mar. 14
35c
Mar.
Mar.
Apr.
Mar. 15
11
■'
H%
75c
Apr;
Mar, 20
Apr.
Apr.
Mar. 14
%lA
May
Apr.
Apr. 18
Mar.
7
7
———
25c
II*
Mar. 14
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar.
Mar.
Mar. 31 Mar. 14
Mar. 15 Feb.
Mar. 15 Feb.
Apr.
Apr.
Mar. 27 Mar. 14
1
Mar. 10 Mar.
(quar.)
Aluminum Manufacturers, Inc. (quar.)
Quarterly-..------—
50c
Mar.
50c
June
June
50c
Sept. 30 Sept. 15
Calgary & Edmonton
California Ink Co
50c
31 Dec. 15
Mar. 31 Mar. 15
California-Western State
June 30 June
Calumet &
Preferred
(quar.)
American Can Co. 7% pref. (quar.)
American Chain & Cable Co., Inc
Preferred
(quar.)
American Color type
A (quar.) —
I1H
68*c
Mar. 15 Mar.
Mar. 15 Mar.
5
5
Mar. 15 Mar.
3
Mar. 14 Mar.
3
Mar. 31 Mar. 14
Apr.
1 Mar. 11
15c
(quar.)
Quarterly
American Envelope Co., 7%
Apr.
1
1 Mar. 11
Mar. 31 Mar. 21
40c
$1.31 X Mar. 31 Mar. 21
1 Mar. 17
II*
Apr.
12
American Cities Power & Light class
Canada
Mar. 15 Mar.
M
(quar.)
& Cigar
1 Mar. 17
25c
40c
American Chicle Co.
American Cigarette
Preferred (quar.)
Dec. 31 Dec. 15
1 Mar. 15
Canada
Apr.
Apr.
-
pref. A (quar.)
7% preferred A (quar.)
7% preferred A (quar.)
American Export Lines.
—_
American Factors, Ltd. (monthly)
American & Foreign Power 16 preferred
$7 preferred
American Fork & Hoe
American Gas & Electric Co. (quar.)
Mar. 14 Mar.
15c
June
14 June
4
UK
II*
$1*
June
Sept.
1 May
1 Aug.
25
25
Dec.
1 Nov. 25
25c
10c
t30c
t35c
Mar. 14 Mar.
4
1
Feo.
21
Mar. 10
Mar. 15 Feb. 21
5
25c
Mar. 15 Mar.
40c
Mar. 15 Feb.
10c
Extra
Mar. 15 Feb. 19
8
1 Mar.
Apr.
19
$1.18*
4* % cum. preferred (quar.).
Mar. 31 Mar. 20
25c
American General Insurance Co. (Houston) (qu.)
Mar. 31 Mar. 20
12
American Hard Rubber pref. (quar.)
1 Mar. 14
25c
Apr.
American Hardware Corp. (quar.)
Mar. 31 Mar. 15
50c
American Hawaiian Steamship
Mar. 31 Mar. 20
75c
American Hide & Leather Co., pref. (quar.)
1 Mar. 14*
20c
Apr.
American Home Products Corp
4
1 Mar.
25c
Apr.
American Insurance Co. (Newark, N. J.) (s.-a.)
1 Mar.
4
5c
Apr.
Extra
Foundry Co
5-month period, Nov. 1, 1940, to Mar. 31, '41.
American Maize-Products—
.—
Preferred (quar.)
;
—
American Meter Co.. Inc
——
American Machine &
American News Co
(quar.)
Power & Light Co., $6 preferred
American Oak Leather preferred
American
$5 preferred
34c
Canada
Mar. 26 Mar. 10
25c
Mar. 31 Mar. 24
Mar. 31 Mar. 24
75c
Mar. 15
30c
Mar. 15 Mar.
11*
tllH
t93 *c
Apr.
Apr.
Apr.
Heb.
26
5
Co. preferred
Apr.
Corp
Mar.
— - —
Life Insurance—
—
Hecla'Consolidated Copper—
Breweries, $3 preferred
Cement 6H% preferred
Dry Ginger Ale (quar.). —
Foundries & Forgings, class A (quar.)„
(quar.)—
(quar.)
Class A (quar.)
~---r
Canada Malting Co., Ltd. (quar.)...
Canada Northern Power Co. (quar.). _ — — _Preferred (quar.)
Canada Permanent Mortgage Corp. (quar.)
Canada Wire & Cable class A (quar.)
Class A
Class B
— -
—
preferred (quar.) — — — ——— —
First preferred (participating dividend)
Second preferred (quar.)
Second preferred (participating dividend)
Canadian Car & Foundry preferred
First
Subject to
Mar. 15 Feb.
28
25c
Mar. 15 Mar.
1 Mar.
15
t75c
II*
15c
37Hc
37Hc
37 He
37 He
:50c
|25c
Apr.
1
Mar. 20 Feo. 28
Mar. 24 Mar. 10
Mar. 15 Mar.
1
16 June
2
June
Sept. 15 Sept.
1
15 Dec.
1
Mar. 15 Feb.
28
Dec.
1
Apr. 25 Mar.
Apr. 15 Mar. 31
1 Mar. 15
Apr.
Mar. 15 Feb.
28
28
II*
Mar. 15 Feb.
28
|12Hc
:25c
:5c
:i5c
:5c
—
:44c
Mar. 15 Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
10 Mar. 21
approval of Can. Foreign Exch.
Control Board.
Canadian Converters
:50c
—
Common
Preferred
tllH
(quar.)
—
:$2
Canadian Foreign Invest. 8% pref. (quar.)
:$2
Canadian General Electric Co.. Ltd. tquar.)
tn*
Canadian Industries A & B (quar.)
:$i *
Preferred (quar.)
:$2
Canadian Oil Cos. pref. (quar.) — — -----Canadian Wirebound Boxes, class A (quar.) — :37Hc
$i
Canfield Oil Co. (quar.)
11H
6% preferred (quar.)—
15c
Capital City Products
—— — — 4c
Cariboo Gold Quartz Mining Co., Ltd. (quar.)..
Co
(final)
— -—
preferred (quar.)
Central Cold Storage Co. (quar.)
1 Mar. 10
1 Mar. 10
Central Illinois Light Co.
Mar. 15
Vpr.
Mar. 15
Apr.
Apr.
Apr.
Mar. 20
Mar. 15
Mar. 15
Mar. 31
Mar. 31
Apr.
Mar. 15
Mar.
Mar. 20
Mar.
Mar. 20
Mar.
Mar. 10
Mar.
3
Mar.
3
Mar.
Mar. 10
I1H
—
(Wm.) Co. preferred (quar.)
Preferred
Mar. 15
Apr.
Apr.
50c
Extra
Carter
Apr. 10
Apr.
Mar.
Mar. 10
11 H
II*
2c
Case (J. I.) Co..
Apr.
Apr.
Apr.
Ltd. (extra)-.
(quar.).----------—
Canadian Cottons,
—
4H% Pref. (quar.)-
Apr.
16
-.
June
June
Apr.
Mar. 12
25c
Mar.
Mar.
12
——
Central Franklin^Process
Preferred
1 Mar. 22
50c
II
—
Canadian Canners
1
28
7
7 Mar.
20 Mar. 10
50c
(quar.)
Preferred (quar.)
Carpenter Steel
II*
Mar. 10 Feb.
Class A
28
Mar. 15 Feb.
Mar. 15 Mar.
(semi-annual )—--——
Canada
10c
7.5c
Calaveras Cement
1 Mar. 15
Apr.
Butler Water Co.,
Sept. 30 Sept. 15
3
Mar. 31 Mar.
Mar. 27 Mar. 14
Mar. 20 Mar. 10
Feb. 28
Mar. 15
15
21
Mar. 31 Mar. 17
Burlington Steel Co., Ltd. (quar.)—7% preferred (quar.)
Mar.
II*
II*
II*
11X
tHH
1 Mar. 15
Mar. 31 Mar. 17
Burd Piston Ring
15c
15
1 Mar. 15
Mar. 15 Feb.
-
Bunte Bros
Mar.
Dec.
5
1 Mar. 20
Apr.
Apr.
Apr.
—
Mar.
-
1
1
Mar. 15 Mar.
-----------------------
25c
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)—.-—
7% preferred (quar.)
Altorfer Bros. $3 preferred
Amalgamated Sugar
American Automobile Ins. Co. (St. L.) (quar.) —
American Bank Note, preferred (quar.)
American Brake Shoe & Foundry
—
1 Mar. 15
Mar. 10 Mar.
(quar.)-—---------------
Alpha Portland Cement
Aluminum Industries, Inc.
28
28
1 Mar. 15
Mar. 10 Mar.
Brunswick-Balke-Collender Co
Preferred (quar.)
Bucyrus-Erie Co
Preferred (quar.)
Buckeve Pipe Line Co.
- Budd Wheel Co. preferred (quar.)
Preferred (participating dividend)
1.
3
7
Mar. 10 Feb. 25
—
1
Mar. 17
Mar. 14
1 Mar. 15
Apr.
pref. (quar.) —
Mfg. (quar.)
Bullard Co-------
Mar. 25
1 Mar. 10
Apr.
Mar. 20 Mar. 7
-—
Mfg. Co.# Inc, (quar.)
Bulova Watch Co.
Extra
1
1 Mar. 18
Apr.
Mar. 31 Feb. 28
—
Extra
1
II*
11*
43 *c
■*
-
(quar.)—
1
Mar. 31
1
Apr.
(quar.)
(quar.)
Mar. 22
Mar. 20
15
Mar. 31 Mar. 22
Mar. 31 Mar. 22
America
Bridgeport Gas Light (quar.)
Bright (T. G.) & Co. (quar.)
Class A
Mar. 15
1
Mar. 15 Mar.
Mar. 31 Mar. 14
Brewing Corp. of
Brown & Snarpe
Mar. 10
Mar. 15
Mar. 15 Mar.
Borg-Warner Corp
Boston & Albany RR
Boston Elevated Ry. Co. (quar.)
Bower Roller Bearing.
Brazilian Traction Light & Power
Preferred
Mar. 10
5
Mar. 15 Mar.
1 Feo. 28
Apr.
(quar.)
Bond Stores, Inc.
Mar. 14
Mar. 15 Mar.
(quar.)
Bohn Aluminum & Brass
Brilio
Apr.
Mar.
Apr.
IIH
Supply Manufacturing Co.. class A (quar.)
Aetna Ball Bearing Manufacturing
Agnew-Surpass Shoe Stores pref. (quar.)
Agricultural Insurance Co. (Watertown, N. Y.)
Quarterly
Alabama Power Co. $7 pref. (quar.)
$6 preferred (quar.)
15 preferred (quar.)
Alabama & Vicksburg Ry. Co. (s.-a.)
—--Allied Chemical & Dye Corp. (quar.)
Allied Laboratories, Inc. (quar.)
Allied Products Corp. (quar.)
A
Mar.
37 He
Preferred (quar.)
Aero
piqod
Holders
10c
.——
Acme Steel Co. (quar.)
Allied Stores Corp. 5% pref.
When
Payable of Record
40c
Abbott Laboratories (quar.)
E xtr a
27c
Berghoff Brewing (quar.)
-Bethlehem Steel Corp. 7% pref. (quar.)
Birmingham Water Works Co., 6% pref. (quar
Black & Decker Mfg. (quar.)
Bliss & Laughlin, Inc
Preferred (quar.)
Block Bros. Tobacco 6% pref. (quar.) ---------
—
Share
tlx
Belmont Radio Corp.
and not yet
of Company
25c
-—
Mar. 15
we
Name
Mar. 10
20c
Mar. 15
give the dividends announced in previous weeks
paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Below
Mar. 10
Apr.
6H% preferred (final)
For period from Apr. 1 to Apr. 15, 1941; all
outstanding pref. stock being redeemed
on Apr. 15.
Mar. 10
Mar.
(quar.)
Co. (quar.)
Apr.
37Hc
Extra..
10c
$1 *
Wolverine Tube Co
1
Mar. 15 Mar.
$1*
Mfg
(quar.)
Beech-Nut Packing Co. (quar.)
25c
II
Mar. 10 Feb. 28
Mar. 15 Feb. 27
15c
till*
;-
Beech Creek RR. Co.
Woodward Iron Co.
Paper Co. (quar.)
>;Extra—
Mar. 25 Mar.
Beaton & Caldwell
3
Apr.
Apr.
Apr.
Apr.
Mar.
—-
4
21
7
Bell Telephone of
25c
Preferred (quar.)
1 Apr.
Belding-Corticelli Ltd. (quar.)
Preferred (quar.)
$1
(quar.)
1 Mar. 14
Mar. 15 Feb.
25c
25c
Bayuk Cigars, Inc
Mar. 17
Apr.
43 He
4H% preferred (quar.)
1 Mar. 15
Apr.
May
7% pref. (quar.)
11.20
West Texas Utilities $6 pref. (quar.)
—
West Virginia Water Service pref. (quar.)____
Apr.
M
6% preferred (quar.)
Barnsdall Oil Co
-—
Basic Dolomite, Inc...-.—------ ------ -
Mar. 21
10c
Mar. 31 Mar. 15
:25c
til*
75c
18c
Co. $1 * pref. (qu.)
Mar. 15 Mar. 14
—
Mar.
25c
Mar. 31 Mar. 11
—
preferred
Mar.
50c
Mar. 31 Mar. 15
10c
-
Atlas Tack Corp
Axton-Fisher Tobacco
28
Mar, 31 Mar. 15 y
15c
Atlas Powder Co
Mar. 20
Mar. 21 Mar. 14
15c
-
(quar.)._
Mar.
-----
Westmoreland, Inc. (quar,)——
West Penn Electric class A (quar.)
Whitaker
15c
—
—
------
Bangor Hydro-Electric
Manufacturing
Western Assurance Co. (semi-ann.)
West Penn Power Co.
1
Mar. 15 Feb.
1.
Mar. 15 Mar.
Mar. 25 Mar. 11
$1
(quar.)
(quar.)
Mar. 10
Went worth
Western Light & Telephone
Westmoreland Coal Co__
Apr.
1 Mar. 10
Apr.
12Hc
13 H
$6H preferred (guar.).Victor Chemical Works
;
Wagner Electric Corp
Waukesha Motor (quar.)
Wellington Fund, Inc
Wells Fargo Bank (San Francisco)
II*
(quar.)
Atlanta Gas Light 6% pref. (quar.)
Atlantic Refining preferred (quar.)
Quarterly
Atlas Corp
Mar. 31 Mar. 15
Mar. 31 Mar. 10
3 Feb. 18
Mar.
35c
Preferred
5
Mar. 15 Mar.
2c
Mar. 18 Mar. 11
10c
Associated Breweries of Canada
1 Mar. 15
1 Mar. 15
-
United States Potash Co
United States Rubber Co__
8%
Apr.
$1*
(quar.)
United States Petroleum Co
Mining Co
Corp
Ashland Oil & Refining (quar.)
version to reg. common
United States Gypsum Co.
Preferred (quar.)
Mar. 24 Mar. 11
75c
Co
Mar.
—
1
25c
I1H
Amoskeag Co. semi-ann
Mar. 15
5*
Apr. 15 Mar. 17
1 Mar. 10
Apr.
3 June 21
July
3 June 21
July
50c
Co. (quar.) —
(quar.)
Apr.
25c
12 H preferred
B
Mar. 15
18
12*
American Telephone & Telegraph
American Tobacco Co., preferred
Mar. 17
—_
26
2 Mar.
Apr.
Mar. 15 Mar.
American Sugar Refining pref. (quar.)
American Sumatra Tobacco Co. (quar.)
Mar. 15
62 He
(quar.)
1 May
Mar. 27 Feb.
Apr.
Apr.
Apr.
Apr.
Mar.
(initial)
Rope (quar.)
June
II*
Mar. 31 Mar. 15
30.1c
union Wire
5
5
28
3
Mar. 31 Mar.
25c
58 l-3c
50c
,
Mar. 20 Feb.
American Stores Co
4
Toledo Edison Co. 7% preferred (monthly)
6% preferred (monthly)
16 preferred (quar.
6
15 Dec.
25c
Mar.
bnion Premier Food Stores
Dec.
$1*
-
5
16 June
Sept. 15 Sept.
American Steel Foundries
Tobacco Securities Trust Co.—
Amer. deposit rec. ord. reg
.„
June
II*
American Radiator & Standard Sanitary
1 Mar. 14
Apr.
$2 '4
-——
-I.¬
American Public Service Co. 7% pref. (quar.)—
5
1
Mar. 15 Mar.
(quar.)
Mar. 15 Mar.
§1*
7% preferred (quar.)
7% preferred (quar.)
Mar. 10 Mar.
Payable of Record
Share
Company
7% preferred (quar.)
American Paper Co.
Mar. 15
1
Mar. 31 Mar.
$1X
Tidewater Associated Oil preferred (quar.)
Tune, Inc. (interim)..
Name of
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
Apr.
Apr.
Apr.
Mar. 18
II*
I1H
5
Mar. 18
Mar. 20
The Commercial & Financial Chronicle
1540
Per
Name of
Central Illinois Public Service, 0% pref_ _
$6 preferred
Central Patricia Gold Mines, Ltd. (quar.)
Extra
When
Share
Company
Mar. 15 Feb.
20
Mar. 15 Feb. 20
Mar. 31 Mar. 15
2c
——
Mar. 31 Mar. 15
Central & South West Utilities Co.—
%7 prior lien preferred.
$6 prior lien preferred
Champion Paper & Fibre..
Preferred (quar.)
Mar. 20 Feb. 28
Mar. 20 Feb. 28
Mar. 15 Mar.
7
Apr.
1 Mar. 15
.
"S
25c
...—
Chapman Ice Cream Co
ar.
27 Mar. 13
Apr.
Mar.
Mar. 15
Mar.
1
25c
Mar.
75 c
Apr.
Apr.
Mar.
28
7
Mar.
7
Chartered Trust & Executor Co. (Toronto, Ont.)
(quar.).—
Chefford Master Mfg. Co., Inc. (quar.)
Cherrv-Burrell Corp
—
Chesapeake & Ohio Ry. (quar.)..
Preferred A (quar.)
isi
12c
$1
Chesebrough Manufacturing Co. (quar.)
Mar. 20
Mar.
Feb.
Mar.
Mar. 10
$1H
$32 H
Mar.
Mar. 10
Mar.
Feb.
■88
(quar.)
Chrysler Corp
Cine. New Orl. & Tex. Pac. Ry.—
5% preferred (quar.)—
5% preferred (quar.)
Apr.
Mar.
Mar. 20
Feb. 24
June
May 15
Aug. 15
S1H
$ih
SI X
24
24
Sept.
Apr.
July
Preferred (quar.)
Clark Equipment Co
Preferred (quar.)
Climax Molybdenum Co
Clorox Chemical (quar.)
18
Feb.
Feb.
26
Mar.
75c
Coast Counties Gas & Elec., 5% 1st pref. (quar.)
Mar.
31Hc
Colgate-Palmolive-Peet pref. (quar.)
$1.06 M
Colonial Finance (Lima, Ohio) (quar.)
25c
Colt's Patent Fire Arms (quar.)
50c
Columbian Carbon (quar.)
SI
Commercial Alcohols Ltd.. 8% cum. pref. (qu.)_
JlOc
Commercial Credit Co. (quar.)
75c
Preferred (quar.)
$1.06)4
Commercial Investment Trust Corp
$1
$4 H series of 1935 conv. preference (quar.)— S1.06H
Commonwealth & Southern $6 preferred
75c
Commonwealth Telephone (Madison, Wis.)—
6% preferred (quar.).
$1H
—
Commonwealth Utils.
June
Mar.
Mar.
Cincinnati Union Terminal, preferred (quar.)
Corp. 6H% pid. C (qu.).
6% preferred (quar.)
Compo Shoe Machinery
Preferred (quar.)
...
SI %
S1H
Mar. 15
26
Mar. 21
Mar. 15
Mar.
Feb.
25
Mar.
Mar
11
Apr.
Mar. 17
ar.
Mar.
Mar. 12
Feb.
21
Apr.
Mar. 31
Mar.
Mar. 11
Mar. 11
Mar.
Eastman Kodak Co. (quar.)
$1H
Preferred (quar.).
S1H
.—
Easy Washing Machine Co., Ltd., 7% pref—- tl7Hc
25c
Eddy Paper Corp
Edison Bros. Stores, Inc. (quar.)
30c
—
62 He
5% cum. preferred (quar.)
Egry Register, 5H % preferred (quar.)
Electric Auto-Lite Co
71
Electric Controller & Mfg
Electric Power & Light Corp. $6 pref
$7 preferred
Electric Storage Battery Co. (quar.)
50c
Quarterly..
Emporium Capwell Co. (quar.).
7% preferred (s.-a.)
Preferred A (quar.)
Engineers Public Service Co. $6 cum. pref. (qu.)
$5H cum. pref. (quar.)
$5 cum. pref. (quar.)
Erie & Pittsburgh RR. (quar.)
15 vers harp inc., new 5% pref (quar.)
Fatetaff Brewing, preferred (semi-ann.)/
Fansteel Metallurgical Corp. $5 pref. (quar.).—
$5 preferred (quar.)
$5 preferred (quar.)
$5 preferred (quar.)
Farallone Packing Co. (quar.)
Farmers & Traders Life Insurance (quar.)
Faultless Rubber Co. (quar.)
Federal Bake Shops
Federal Mining & Smelting Co
Federal-Mogul Corp
Ferro Enamel Corp
—
—
,—
5
—
—
—
15
Mar.
Mar
June
June 25
Sept.
Sept.25
Djc.
Mar.
Dec.
14
Feb.
28
Apr.
Mar. 15
Mar.
Mar
May
Mar. 28
Mar.
Feo.
7
Mar. 10
Mar. 15
Mar. 15
$1H
sih
sih
sih
1
preferred (auar.)
Crane Co. 5% cum. conv. preferred
(quar.)
Credit Acceptance Corp. $1.40 conv. pref.
$7 preferred (quar.)
Foundation Co. (Canada)
Mar.
Mar.
1
Four Wheel Drive Auto
Apr.
Mar. 14
50c
25c
Apr.
Mar. 14
Mar.
Mar. 15
Mar.
Mar.
3
Mar.
Mar. 10
Mar. 14
20c
Apr.
Apr.
Apr.
Apr.
Mar.
Mar.
$134
SI H
$1H
Mar. 14
Mar. 15
Mar. 15
Mar.
1
Mar.
1
Mar. 15 Mar.
1
35c
Mar.
Feb.
Mar.
Mar. 10
50c
Mar.
Mar. 14
Inc.—
preferred (quar.)
Mar.
Apr.
-
(quar.)_
Cuban-American Sugar 7% pref. (initial)
5H% preferred (initial)
Culver & Port Clinton RR. Co. (s.-a.)
Cuneo Press 4H% pref. (initial)
Curtis Publishing Co. prior preferred (quar.)..
$7 preferred (old stock)
28
Feb.
28*
Mar. 13
Mar.
Mar. 17
Mar.
3
Mar.
Mar.
Aug.
July
Mar.
—.
Detroit Hillsdale & Southwestern RR. (s.-a.).._
6Hc
3
22
Mar. 15
June 30
Mar.
Mar.
Mar.
Feb.
Apr.
Apr.
Mar. 15
-
—
Mar.
Mar.
5H% preferred (quar.)
5% preferred (quar.)
Gaylord Container Corp
-
—
Preferred (quar.)
General Acceptance Corp. (quar.)
—
——-
A
(quar.)
General Alloys Co. 7% preferred (quar.)
General American Corp. (quar.)
General Candy Corp.. class A (quar.)
1
1
Oct.
1
July
Jan.
Dec.
Mar.
June
June
20
5
June
25c
Mar.
25c
Apr.
Apr.
SIH
Mar.
Feb.
Apr.
Apr.
Mar. 15
Mar.
Mar.
25c
25c
Mar.
June
May 13
Aug. 12
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 10
Mar. 31
Mar. 15
til H
$3
Draper Corp. (quar.)
Driver-Harris Co
75c
60c
Preferred
(quar.)
—IIIIIIIII
Dun & Bradstreet, Inc.
(quar.)
$6 preferred (quar.)
Duplan Silk Corp. 8% pref. (quar.)
I_I
duPont (E. I.) de Nemours
(interim)
Preferred (quar.)
Duquesne Light, 5% pref. (quar.)
I.I
East Malartic Mines (interim)
East Mass. Street Ry., 1st pref. A
Eastern Gas & Fuel Assoc. prior pref.
Sept.
Mar.
62 He
I50C
"
75c
t55Hc
SIH
$1H
$124
50c
SI H
$2
SI 54
S1H
SIH
Apr.
Mar.
Apr.
Mar.
Apr.
Apr.
Mar.
3
Mar. 31
Mar. 15
Mar. 31
Mar.
1
Mar. 15
Mar. 21
Feb.
Mar.
Mar.
Feb.
Telephone Corp. (quar.)
S2H preferred (quar.),,
Mar. 15
Mar. 15
Mar.
Mar.
Mar. 15
Feb. 24
Mar.
$154
12Hc
12Hc
68 He
25c
25c
28
22
18
24
Glens Falls Insurance (quar.)
Goebel Brewing Co. (quar.)
'
Mar. 15 Feb. 20
1 Mar. 10
13
Apr.
Mar. 12 Feb.
May
l|Apr.
7
5
May 15 May
May
5
May
Mar. 14
Apr.
Mar. 14
Apr.
Mar. 10
Apr.
Mar.
Mar. 15
Mar.
Mar. 10
SI 54
$154
$154
Apr.
Apr.
May
Mar. 15
Mar.
Mar.
Mar.
Feb.
Apr.
Mar. 14
5c
$1H
62 He
50c
$154
___
——
Preferred (quar.)
Goodyear Tire & Rubber of Canada (quar.),
25c
25c
$154
*62c
t$lH
t62Hc
—
Preferred (quar.)
Gorton-Pew Fisheries (quar.)
Great Lakes Paper Co., Ltd., $2 cl. A & B pref..
Great Lakes Power Co., Ltd., series Aprer.
(qu.)
Great Western Sugar
Preferred (quar.)
Greene Cananea Copper Co
75c
t25c
*$154
50c
$154
75c
Greening (B.) Wire Co., Ltd., common (quar.),
Griggs, Cooper & Co., 7% pref. (quar.)
Group No. 1 Oil
Gorham Mfg. Co
Gruen Watch Co
* 15c
$154
75c
Apr.
Apr.
Mar. 15
Mar. 15
Mar.
Feb.
Hamilton Watch Co
Mar.
Mar.
7
5
28
8
Mar. 29
_
Mar. 10
31|Mar. 31
Mar. 14'Mar.
7
Mar. 31 Mar. 20
Mar. 15 Feb.
Mar. 15 Feb.
21
21
Mar. 15 Feb.
21
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
2 Mar. 21
Apr.
1 Mar. 20
Apr.
Apr. 15 Mar. 31
2 Mar. 15
Apr.
2 Mar. 15
Apr.
Mar. 10 Mar.
3
1 Mar. 15
Apr.
Apr.
lApr.
1
$50
Mar. 28 Mar. 14
1
Mar. 15 Mar.
1 Mar. 20
Apr.
37 He
S1H
—
Apr.
1 Mar. 20
Apr.
1 Mar. 20
$1H
$154
4354c
-
25c
Mar. 15
Apr.
Mar.
Apr.
Apr.
5
50c
12 He
Preferred C (quar.)
Gulf Power Co., $6 pref. (quar.)
Gulf States Utilities, $6 pref. (quar.)
Mar.
28
3
Mar. 15 Mar.
5
Mar. 15 Mar.
5
Mar. 31 Mar. 15
Mar. 12 Mar.
3
Mar. 20 Mar. 10
Mar.
25c
(quar.)
Goodyear Tire & Rubber Co. (quar.)
Extra,.:
!————.
Mar.
1
3
Apr.
40c
Mar. 17
Mar.
1
SIH
"
—
_
t$lH
I.
(quar.)"
3
3
25c
Gold & Stock Telegraph Co. (quar.)
Goldblatt Bros., Inc., pref. (quar.)
Mar.
10
$1M
154%
Mar.
Mar.
Mar. 15 Mar..
Mar. 15 Mar.
Mar.
25c
10c
Apr.
7 dc
Mar. ,3
3
Mar.
Apr.
Apr.
25c
$5H preferred (quar.)
Hackensack Water Co. pref. A (quar.)
Hall (C. Mj Lamp Co
Hall (W. F.) Printing (quar.)
Haloid Co. (quar.)
Hamilton Cotton, Ltd., preferred
Preferred (quar.)
Apr.
Apr.
25c
$154
35c
62 He
■___
Girdler Corn, (quar.)
Glen Alden Coal
Extra,
5
Apr.
17 He
75c
Preferred
Mar. 20
Feb. 28
28
Mar. 14
Mar.
25c
Goodman Manufacturing Co
Goodrich (B. F.) Co. (special)
Mar. 10
Mar. 20
Mar. 18
Feb. 25
Mar.
15c
July
Mar.
Am\
2H%
$1.37
Mar. 20
$2
10c
Mar. 31
Mar. 10
Max.
5
20c
—
General Theatres Equipment Corp
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Gillette Safety Razor, preferred (quar.)
Dec. 23
June 20
Mar. 15
1 Mar. 15
20c
preferred (quar.)
General
Apr.
5
22
$1H
$1H
17Hc
37Hc
Gar Wood Industries
Gatineau Power Corp. (quar.)
Class
Nov. 20
Apr.
Apr.
25c
Gannett Co., $6 pref. (quar.)
conv.
Dec.
50c
—
Garfinkel (Julius) & Co. (quar.)
6%
May 20
Aug. 20
10c
-
Mar.
1
15 Feb.
Sept.
25c
50c
Fred Fear & Co
Fruit of the Loom preferred
Galland Mercantile Laundry (quar.)
Galveston-Houston Co
Gamewell Co., pref. (quar.)
Mar. 15
Mar. 15
June
Dover & Rockaway RR. Co.
(s.-a.)_
8
July
$1H
10c
_
Mar. 21
25c
50c
$1H
Quarterly
IIIIIII
Mar.
Mar.
Mar.
General Railway Signal pref. (quar.)
May
Aug.
II
Apr.
15
General Printing Ink
Preferred (quar.)
1
Mar.
...
5
June
Mar. 15
May
May
Dixie-Vortex Co. class A (quar.)
Dome Mines, Ltd
Mar. 15
Mar. 20 Mar. 10
17Hc
17Hc
17Hc
Mar. 15
Mar. 15
Mar.
J
11
15
28
Mar. 12
Mar. 15
15
Mar. 14
Mar.
3
Mar. 20
10c
___
Feb.
Apr.
Abr.
Mar.
Mar
20
50c
Corp.-Seagrams.(quar.)
Mar.
Mar. 15 Feb.
Feb.
50c
Diamond Match Co.. common
Preferred (semi-annual)
Distillers
Dec.
2H%
2H%
General Cigar Co
General Mills, preferred (quar.)
General Motors Corp—
Preferred (quar.)
General Outdoor Advertising Co. class A (quar.)
Preferred (quar.)
10c
__
Sept. 15
Dec.
Mar. 15 Mar.
28
Quarterly
Quarterly
Quarterly
Detroit Steel Corp
IIIIIIIIIIIIIII
Devoe & Raynolds, com. A & B__
Preferred (quar.)
Devonian Oil Corp
14
Sept.
2Hc
—
Frankenmuth Brewing Co. (quar.)
Franklin Process Co. 'quar.)
Oct.
Dec.
7%.preferred (quar.)
__
June
15
18
15
Mar. 20 Mar.
5
Mar. 28 Mar. 14
Mar. 31|Mar. 21
Mar. 31IMar. 21
Mar. 15 Mar.
5
Mar. 14
Apr.
tS7
$154
..
—
Apr.
Apr.
July
Dentists' Supply Co. (N. Y.) 7% pref.
(quar.)..
7% preferred (quar.)
7% preferred (quar.)
common
June
30c
(quar.)
Mar.
(quar.)
Delaware Fund, Inc
De Long Hook & Eye (quar.)
Semi-annually
Mar.
14
28
25c
Mar.
Apr.
Mar.
Apr.
Apr.
Apr.
Mar.
Dayton & Michigan RR. Co. (s.-a.)
8% Preferred (quar.)
$1
Mar.
Feb.
Mar.
Mar.
Mar.
Mar.
25c
Feb.
Mar.
6 % preferred
25c
Mar.
Curtiss-Wright Corp., class A
Eastern Malleable Iron...
$2H
/ 25c
Mar.
Davenport Hosiery Mills
David & Frere, Ltd., class A (quar.)
Davidson & Boutell Co., 6% pref.
(quar.)
Dominion Textile Co.
(quar.)
Preferred (quar.)
Dominion Textile Ltd. (quar.)
88
S151
Apr.
Cutler-Hammer
Detroit Michigan Stove Co.,
Common..
3c
$154
Mar.
—
D ei8 el -W em m er- G i 1 ber t
Apr.
Apr.
37Hc
Extra
pref.
—
—
Ford Motor Co. of Canada A & B (quar.)
Foster & Kleiser, preferred (quar.)--Foster Wheeler $7"preferred
1
Crown Cork & Seal Co.,
$214 cum.
Crown Zeilerbach,,,
Aor.
25c
Mar. 25
25c
-
Mar.
12Hc
(qu.)_
SI 54
87 He
25
Mar. 25
25c
-
Flintkote Co
Foote Bros. Gear & Machine Co., pref. (final)
Foote-Burt Co
Mar. 15
$1H
Creameriesof America, Inc. (quar.)
Crowell-Collier Publishing Co. (quar.)
Mar. 25
Mar. 14
Mar. 14
SI 54
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Mar.
$1
62 He
(quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
62 He
Insurance stock series (stock dividend)
Bank stock series (stock dividend)
—-—.-
30c
25c
Telephone Co. 7% part. pref. (qu.)_
6H % preferred (quar.)
Copper weld Steel Co
Oct.
35c
$3H
56 He
81H
SI 5*
Fitzsimmons Stores, Ltd.—
Apr.
Apr.
Apr.
Apr.
90c
25c
Continental
Nov.
Apr.
Apr.
Apr.
Apr.
Apr.
Fiscal Fund, Inc., beneficial shares—
88
Continental Assurance Co. (quar.)
Continental-Diamond Fibre Co. (quar.)
Continental Oil ot Delaware
Continental Steel Corp
Apr. 25
July 25
40c
15c
—
First State Pawners Society (quar.)—
5
sih
—
Mar.
May
Aug.
30c
Mar.
10c
—
4H % series B preferred (quar.)
Consolidated Investment Trust (quar.)
Special
Consumers' Power $5 preterred (quar.)
$4H preferred (quar.)
50c
25c
—
Mar.
50c
25c
—
Mar.
Feb. 15
Mar.
8
Mar. 20
Mar. 20
Mar. 14
Mar, 31
Mar. 31
Mar. 15
50c
First Bank Stock Corp. (s.-a.)
First National Stores (quar.)
Lar.
sih
Quarterly
8
8
Mar. 10
Mar. 10
Mar.
40c
—
(quar.)
,
Fireman's Fund Indemnity (quar.)
15
Mar. 20
Mar.
Mar.
40c
7% preferred A (quar.)
6% preferred B (quar.)
El Paso Natural Gas (quar.)
Employers Casualty Co. (Dallas),
Mar. 14
May
Apr.
Apr.
Apr.
Apr.
Mar.
SIH
S1H
SI 54
S1H
5% preferred (s-.a.)_
El Paso Electric, $4 H cum. pref. (initial)
Mar. 15
Mar. 14
Mar.
Mar.
Mar.
Mar.
Mar.
—
Apr.
Apr.
Holders
Mar. 5
Mar.
5
Mar. 15
Mar. 15
Feb. 28
Feb. 28
Mar. 10
Mar. 20
Apr.
Apr.
Apr.
20c
Fifth Avenue Coach
Finance Co. of America (Bait. A & B (quar.)
Preferred (quar.)
May
When
1941
Payable of Record
25c
Mar. 10
Mar. 10
10c
Consolidated Film Industries, pref
Consolidated Gas El. Lt. & Power Co. (Bait.)
4% series C preferred (quar.)
50c
Elizabeth & Trenton RR. (s.-a.)
Quarterly
75c
t30c
t35c
Preferred (quar.)..
Electrolux Corp
Elgin National Watch
Mar.
25c
Connecticut Light & Power Co. (quar.)
Consolidated Biscuit
Consolidated Edison of N. Y. pref. (quar.)
—
Apr.
Apr.
Apr.
75c
-
8%
Share
Company
25c
Quarterly
Quarterly
Quarterly
Congoleum-Nairn, Inc. (quar.)
Crum & Foster
Name of
62 He
Confederation Life Association (Toronto) (qu.)_
conv.
7
SI *4
Preferred
Cum.
7
Mar.
Mar. 21
Mar.
~\v c
Mar.
Mar.
S1H
Christiana Securities.....
Preferred
Feb.
Mar.
Mar.
$1
50c
Extra
Chicago Flexible Shaft (quar.)
Chicago Railway Eguipment, preferred
Chicago Rivet & Machine
Chicago Towel Co
Preferred (quar.)
Per
Holders
Payable of Record
$1H
March 8,
Mar. 15 Feb.
28
Mar. 15 Feb.
28
20c
25c
Mar. 31 Mar. 17
Mar. 15 Mar.
Mar. 20 Mar.
50c
25c
Mar. 15 Feb.
t25c
1
5
1 Mar. 22
1 Mar. 15
Apr.
Apr.
Apr.
25c
1 Mar. 15
28
I
Volume
The Commercial, & Financial Chronicle
152
Share
of Company
Hammermill Paper Co
4X% preferred (quar.)
Harbison-Walker Refractories Co., pref. (quar.)
Harris burg Steel Corp. (quar.)
Harsh aw Chemical Co. (quar.)
i
Harvey Hubbel, Inc. (quar.)
Haverty Furniture Cos., Inc. SIX pref. (quar.).
Hawaiian Commercial & Sugar Co. (quar.)
25c
SIX
MX
25c
37Xc
40c
37Xc
5UC
Hazel-Atlas Glass Co
Hazeltine Corp. (quar.)__
91X
1 Mar. 20
1
Mar. 10 Mar.
Apr.
1 Mar. 14*
1
Mar. 15 Mar.
43 He
20c
Mar. 15 Mar.
1
Heller (Walter E.) & Co. (quar.)
15
Mar. 15 Feb.
28
20c
.
Mar. 15 Feb.
25c
-
Mar. 20 Mar. 10
10c
Mar. 20 Jan.
31
5c
Special
Helme (Geo. W.) Co
Preferred (quar.)__
Hercules Powder Co
Mar. 20 Jan.
31
91X
SIX
Apr.
Apr.
1 Mar.
1 Mar.
8
8
60c
Hewitt Rubber Corp. (quar.)
Hibbard Spencer, Bartlett (monthly)
Hibernia National Bank (N. O.) (s.-a.)_.
Hinde & Dauch Paper
Mar. 25 Mar. 14
25c
.
1
Mar. 15 Mar.
Mar. 28 Mar. 18
15c
_
50c
25c
Preferred (quar.)
Hinde & Dauch Paper (Can.) (quar.)
Holophane Co.. Inc., pref. (s.-a.)
Home Fire & Marine Insurance (quar.)
Home Insurance (Hawaii) (quar.)
SIX
tl2Xc
June
17
Mar.
8
Mar.
July
Apr.
Apr.
Apr.
Apr.
8
Mar. 15
Mar.
15
50c
Mar. 15 Mar.
5
60c
60c
Mar. 15 Mar. 12
June 14 June 11
60c
Sept. 15 Sept. 12
60c
1 X%
15 Dec. 12
5
Mar. 10 Mar.
Mar. 31 Mar. 17
62Xc
Apr.
$1.05
Quarterly
Quarterly
Quarterly
Honolulu Gas (quar.)
45c
Hooker Electrochemical Co. pref. (quar.)
Houdaille-Hershey. class A (quar.)
Class B (interim)
Household Finance (quar.)
Preferred (quar.)
25c
$1
SIX
Howe Sound Co. (quar.)
Humble Oil & Refining
75c
Dec.
Apr. 15
68 He
62Xc
Apr.
5c
$2
SIX
XS3X
Mar. 31
Mar. 31 Mar. 21
Mar.
Apr.
XS3X
XS3X
XS3X
X22Xc
Interim
J 10c
Preferred (semi-annual)
X3%
SIX
Indianapolis Water Co. 5% cum. pref. A (quar.)
Industrial National Bank of Chicago
50c
Preferred
91X
25c
Inspiration Consolidated Copper Co
Institutional Securities, bank group shares..
2.26c
1
Mar. 31 Mar. 20
1 Mar. 22
Mar. 21 Mar. 11
Mar. 31 Mar. 20
Mar. 15
Apr.
Apr.
July
Mar. 31
June 30
Sept. 30
Dec. 31
Oct.
Jan.
Mar. 31 Mar.
7
Mar. 31 Mar.
7
7
Mar. 31 Mar.
Mar. 11
Apr.
Mar. 15 Mar.
Mar. 15 Mar.
5
5
Mar. 25 Mar. 10
Feb. 28
Apr.
91X
Mar. 12
Apr.
Apr. 10 Mar. 21
84c
Mar. 26 Mar. 10
40c
Apr.
50c
Mar. 31 Mar.
25c
Steamship Co
Hibernation Business Machine (quar.)
International Cigar Machinery
1 Mar. 20
5
Mar. 15 Mar.
Apr. 15 Mar. 31
37Xc
Hussman-Ligonier, Dreferred (auar.)._
Hygrade Sylvania Corp
Idaho Maryland Mines (monthly)
Illinois Bell Telephone
Illinois Commercial Telephone Co. (Mad., Wis.)
Imperial Life Assurance Co. of Canada (quar.)..
Quarterly
Quarterly
Quarterly
Imperial Tobacco of Canada (final)
Interlake
8
Mar. 20 Mar.
Co
5-months period, Nov. 1, 1940, to Mar. 31, '41
International Harvester,
(quar.)
International Nickel Co. of Canada
Payable in U. S. funds.
International Ocean Telegraph Co. (quar.)
91X
50c
International Salt Co_-.
International Silver, preferred (quar.)
International Vitamin Corp. (quar.)
SIX
vt
(semi-ann.)
Inter-Ocean Securities Corp. A & B (stks. & divs)
l-40th sh. of Inter-Ocean Re-Insurance
Inter-Ocean Reinsurance Co.
--
Apr.
Apr.
Apr.
15 Mar. 20
1
1 Mar. 29
Mar. 15*
Mar. 13
Mar. 25 Mar. 15
Mar. 10 Feb.
Mar. 17 Mar.
28
1
Mar. 15
50c
Apr.
25c
Mar. 15 Feb.
25c
Mar. 15 Feb. 28
75c
Mar. 15 Mar.
Investors Distribution Shares, Inc. (quar.)
10c
Mar. 15 Feb.
Iron Fireman Mfg. Co.
30c
June
30c
Sept.
Preferred (semi-annual)
Interstate Home
Equities
...
Interstate Hosiery Mills
Investment Corp. (Philadelphia)
(quar.)
Quarterly
Quarterly
Irving Air Chute Co., Inc. (quar.)
Jaeger Machine Co
Jamaica Public Service (quar.)
7% preferred (quar.)
Jamieson (E. E.) Co
Jarvis (W. B.)
Jefferson Lake Sulphur Co., Inc.
30c
Dec.
25c
Apr.
37Xc
91 X
—
15c
37 Xc
Apr.
Apr.
28
1
28
May 10
Aug.
9
Nov. 10
1 Mar. 17
_
Mar. 10 Feb.
28
1 Mar. 14
1 Mar. 14
Mar. 15 Mar.
Mar. 14 Mar.
1
7
28
35c
Mar. 15 Feb.
Mar. 10 Feb.
Jefferson Standard Life Insurance (s.-a.)——
75c
July 26 July 22
Jewel Tea Co. (quar.)
60c
Mar. 20 Mar.
75c
Mar. 24 Mar. 10
SIX
Apr.
1 Mar. 17
1
Mar. 15 Mar.
1
Mar. 15 Mar.
12Xc
(quar.)
7% preferred (s.-a.)
-
Johns-Manville Corp
Preferred (quar.)
Joslyn Manufacturing & Supply---Preferred (quar.)
Joy Manufacturing Co—.
—
Kalamazoo Vegetable Parchment (quar.)
Kansas Pipe Line & Gas, preferred (quar.)
Kansas Power Co., $7 pref. (quar.)
$6 preferred (quar.)
Katz Drug Co
Preferred (quar.)
Kaufmann Dept. Stores, Inc., 5% cum. pf. (qu.)
Keith-Albee-Orpheum, 7% preferred—
Kelley Island Lime & Transport.
_
--Kelvinator Corp. (Canada)
Kemper-Thomas Co., 7% special pref. (quar.) —
7% special preferred (quar.)
7% special Dreferred (quar.)
Kennecott Copper Corp
Special
Kennedy's. Inc., preferred (quar.)
—
Keystone Steel & Wire Co
— _
Keystone Telephone Co. (Phila.) $4 cum. pref—
$3 cum. preferred
—
Kimberly-Clark Corp. (quar.)
Preferred (quar.)
Kings County Lighting Co., 7% ser. B pf. (qu.) _
6% series C preferred (quar.)
5% series D preferred (quar.)
—
Kinsel Drug Co
—
—
.
_
Kirby Petroleum Co
mum
** *»**
m m
~
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Lane-Wells Co. (quar.)
La Salle Industrial Finance Corp.Preferred A (quar.)
Lawrence Portland Cement Co.-
3
Sept.
3
Dec.
Dec.
3
Apr.
Apr.
Apr.
Mar.
Mar. 15
Leland Electric Co
Leslie Salt Manufacturing (quar.)
Mar.
Mar. 20
Mar.
Feb.
Lexington Telephone Co. (quar.)
6% preferred (quar.)
Libbey-Owens-Ford Glass
Liggett & Myers Tobacco pref. (quar.)
Lily-Tulip Cup (quar.)
Lincoln National Life Insurance Co. (quar.)
Quarterly
Quarterly
Lincoln Service Corp. (quar.)
6% cum. part, preferred (quar.)
7% cum. prior preferred (quar.)
Lindsay Light & Chemical Co. pref. (quar.)
Link Belt Co. pref. (quar.)_.
Liquid Carbonic Corp. (auar.)
Lit Bros, preferred
Little Miami RR., original capital
Original capital
Original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Lone Star Cement Corp
Longhorn Portland Cement Co.—
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
-5% partic. pref. (quar.)
!
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Loose-Wiles Biscuit Co. pref. (quar.)
Louisiana Land & Exploration Co
Louisville Gas & Electric Co. (Del.) cl. A (quar.)
Class B (auar.)
Ludlow Manufacturing Associates
McClatchey Newspaper, 7% preferred (quar.)
7% preferred (quar.).
7% preferred (quar.).
McCrory Stores Corp.
McKenzie Red Lake Gold Mines (quar.).
MacKinnon Steel, 7% pref
Macassa Mines, Ltd. (quar.)
Magma Copper Co
Magnin (I.) & Co., preferred (quar.)
Preferred (quar.)
Mar.
Preferred (quar.)
Lehigh Portland Cement Co.4% nref. (quar.)-.
Lehn & Fink Products Corp
-
-
Preferred
(quar.)
Manischewitz (B.) Co.. preferred
(quar.)
(quar.)
—
Melchers Distilleries, preferred
Mengel Co., 5% conv. preferred
15 Feb.
28
1 Mar. 14
Mar. 31 Mar. 20
Mar. 10 Feb-
SI X
June
SIX
Sept.
20
2 Aug. 20
Dec.
1 Nov. 20
six
31Xc
25c
t50c
Apr.
24
2 May
15 Mar. 31
Mar. 15 Mar.
Mar. 12 Feb.
1
28
X37Xc Mar. 12 Feb. 28
25c
Apr.
1 Mar. 12
Mar. 12
six Apr.
SIX
SIX
SIX
5c
Apr.
Apr.
Mar. 15
Apr.
Mar. 15
Mar.
Mar.
3
Mar. 15 Mar.
1
May
May
Apr.
Apr.
Mar. 15
1 Mar. 31
1 Mar. 31
1 Mar. 20
1 Mar. 20
4
Mar. 14 Mar.
Mar, 13 Feb. 28
Metal & Thermit Cor:
New common (initial
pref. (quar.)
Meteor Motor Car
Utilities
Nashua Mfg. Co. 1st
Preferred C
six
SIX
May
Apr.
19
National
}50c
Mar.
1
Automotive
SIX
SIX
SIX
Mar. 15 Mar.
Jane 15 June
5
National Breweries, Ltd.
Preferred (quar.)
5
National Cash Register
Dec.
15 Dec
Mar.
Feb. 24
50c
June
50c
Sept.
May 24
Aug. 25
•50c
75c
Dec.
Nov. 24
Mar.
Mar. 11
SIX
June
May 20
25c
June
ivxay
Sept.
Sept.
Aug. 20
Aug. 20
SIX
Dec.
Nov. 20
25c
Dec.
Nov. 20
SIX
25c
Sept.
Nov. 24
Dec.
20
Apr.
Mar. 18*
10c
Mar.
Mar.
37 Xc
Mar.
25c
Mar.
SIX
1
$2
Mar.
28
28
Mar. 10
43Xc
43Xc
May
Aug.
May 30
Aug. 29
43Xc
Nov.
Nov. 28
25c
Mar.
Mar. 18
3c
Mar.
Mar.
six
Mar.
Mar.
Mar.
Feb.
28
Feb.
Feb.
1
1
50c
Mar.
Feb.
28
SIX
SIX
SIX
six
May
Aug.
May
Aug.
5
5>
Nov.
Nov.
5
Apr.
Apr.
SIX
Apr.
Apr.
Mar. 20
Mar.
5
1 Mar. 15
1 Mar. 22
_
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 15 Feb. 28
Mar. 10 Feb. 18
5
Mar. 20 Mar.
1
Mar. 15 Mar.
Mar, 31 Mar. 10
Mar. 31 Mar 10
Apr. 15 Apr,
5
Mar. 15 Mar. 6
25c
June
5 May 31
Sept.
Dec.
5 Aug. 30
1
5 Dec.
June
5 May 31
Sept.
Dec.
5 Aug. 30
1
5 Dec.
1 Mar. 17
SIX
H®
$15*
SIX
Apr.
Mar. 31 Mar. 30
1
Mar. 10 Mar.
1
Mar. 10 Mar.
1 Mar. 15
1 Mar. 15
Apr.
Apr.
Apr.
1 Mar. 15
Apr.
1 Mar. 15
11
Mar. 10 Feb. 27
Apr.
Apr.
Apr.
Apr.
1 Mar.
7
1 Mar.
7
1 Mar.
7
50c
SIX
SIX
X
25c
20c
SIX
1 Mar. 22
Mar. 25 Mar. 14
Mar. 10 Feb. 25
Mar. 10 Feb. 25
1 Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 20
1 Mar. 18
1 Mar. 18
1 Mar. 14
1
Mar. 10 Mar.
1 Mar. 20
Apr.
Apr.
1 Mar. 20
75c
Mar. 20 Mar. 10
50c
Mar. 14 Feb.
t$7
Mar. 21 Feb. 27
1 Mar.
8
Apr.
8l®
June
28
2 May
2 May
10
10
50c
Mar. 15 Feb.
26
Apr.
Apr.
1 Mar. 15
Apr.
1
92 X
SIX
SIX
t$l
91X
SIX
SIX
SIX
SIX
SIX
40c
$1
$2
25c
75c
81 Xc
40c
—
—
—
5
National Casualty Co. (Detroit) (quar.)
5
National City
Lines (quar.)
$3 preferred (quar.)
Class A (quar.)
SIX
25c
50c
(quar.)_.
June
1 Mar. 15
Mar. 15
Mar. 15 Feb. 28
Mar. 15 Feb.
15c
55c
National Battery, preferred (quar.)
National Biscuit Co
7
Sept. 15 8ept.
50c
\$1X
Fibres
1 Mar.
Apr.
May 24
Aug. 25
preferred
National Bond & Investment pref. (quar.)
Common (quar.)
10c
Feb. 24
June
10c
-
6% preferred (quar.)
J
5% preferred (quar.)
—
Montreal Cottons Ltd. (quar.)
Preferred (quar.)
Moore (W. R.) Dry Goods Co. (quar.)
Quarterly
Quarterly
-—
Quarterly
Motor Acceptance 6% preferred (quar.)
Motor Finance Corp., preferred (quar.)
Motor Wheel Corp. (quar.)
Mullins Manufacturing Co., pref
Muncie Water Works Co. 8% preferred (quar.).
Muskegon Piston Ring
Myers (F. E.) & Bro. Co.
Nanaimo Duncan Utils. Ltd.. preferred (quar.).
28
15 Mar.
Mar. 31
Mar.
25c
Extra
28
Mar. 15
Apr.
SIX
12Xc
Minneapolis-Honeywell Regulator (quar.)
1 Apr.
Mar. 14
$1.10
$1.10
$1.10
50c
Miller Wholesale Drug Co
Mar. 13 Feb.
7
Mar. 15
Apr.
$2
8% preferred (quar.)
$2 dividend shares--Midvale Co
Mar. 17 Feb.
28
Mar.
Apr.
50c
Steel Products
15c
Feb.
Mar.
30c
Michigan Associated Telep Co. 6% pref. (quar.)
Michigan Public Service Co. 7% pref. (quar.)..
6% preferred (quar.)
$6 junior preferredMichigan Steel Tube Products
50c
1
Mar.
Mar.
30c
Mesta Machine Co
Montana-Dakota
Oct. 25
Feb. 28
Feb. 28
Mar.
30c
50c
Monsanto Chemical Co
Apr.
28
Mar. 15
Nov.
1
26
July
30c
(quar.
(quar.
(quar.
28
Mar.
1
Apr. 25
25c
28
Apr.
May
Aug.
25c
(quar.
(quar.
Mar. 31 Feb.
Mar. 15 Feb.
Mar.
nix
Mercantile Acceptance Corp. 5% pref. (quar.)..
Midland
Mar.
37 Xc
six
30c
Works (quar.)
(quar.)
preferred
preferred
preferred
preferred
preferred
3
Mar.
Mar. 11
10c
(quar.)
5%
5%
6%
6%
6%
Mar. 31
Apr.
25c
60c
Masonite Corp. (quar.)
Preferred
21
Mar.
1
10c
6% 2d preferred (quar.)
Maryland Fund, Inc
Mastic Asphalt
Mathieson Alkali
1
Mar.
SIX
SIX
Marshall Field & Co. 6% pref. (quar.)
Master Electric Co.
Mar. 14
Apr.
40c
(quar.)
Mapes Consolidated Mfg.
Marion-Reserve Power Co. $5 pref.
Marsh (M.) & Sons, Inc. (quar.)
Mar. 15
Mar.
50c
(quar.)
Mar. 31 Feb.
1
1 Mar. 20
1 Mar. 20
of Foreign Exchange
Lamaque Gold Mines, Ltd. (quar.)
Land is Machine Co. 7% pref. (quar.)
3
June
Sept.
25c
Apr.
Apr.
Apr.
X25c
30c
Quarterly-
Mar.
June
25c
25c
40c
•
to approval
Control Board.
37y2c
SIX
SIX
12Xc
SIX
SIX
t$l X
Mar. 15
Mar.
Mississippi Power Co. $7 pref. (quar.)
$6 preferred (quar.)
Mississippi Valley Public Service Co
6% preferred B (quar.)
Mitchell (J. S.) & Co. pref. (quar.)
Mock, Judson, Voehringer
Modern Container Ltd. (quar.)
5X % cum. preferred (quar.)
Modine Manufacturing Co. (quar.)
Mohawk Carpet Mills
Monarch Knitting Co. 7% pref_
Monroe Chemical Co., pref. (quar.)
Monsanto Chemical Co., $4.25 pref. A (s.-a.)-_
$4.25 preferred B (semi-ann.)
SI
Kroger Grocery & Baking (quar.)
7% preferred (quar.)
6% preferred (quar.)
Lake Shore Mines, Ltd—
1
Mar. 15 Mar.
Mar. 31 Mar. 22
25c
Kresge Dept. Stores, pref. (quar.).
Kress (S. II.) & Co
6
15c
lc
(D. Emil) Co
28
30c
5c
Extra
Subject
91X
*
10c
—
Kirkland Lake Gold Mining (s.-a.)
Kiein
75c
Payable of Record
Leath & Co
Mar. 26 Mar. 12
Apr.
1 Mar. 14
Apr.
Share
Company
Langley s, Ltd., 7% conv. pref
7% conv. preferred
7% conv. preferred
7% conv. preferred
5
Mar. 20 Mar.
Apr.
1 Mar. 15
Apr. 21 Apr.
7
75c
Hearst Consolidated Publications, class A
Heel a Mining Co
Heileman (G.) Brewing (quar.)
Hein-Werner Motor Parts (quar.)
Name of
Payable of Record
Holders
When
Per
Holders
When
Per
Name
1541
44c
25c
Apr.
July
1
Apr.
Oct.
1 July
1 Oct.
Jan.
1 Dec.
28
1
1
1
31
Mar. 15 Feb. 28
Mar. 29 Mar. 15
Mar. 10 Feb.
21
Mar. 20 Mar.
5
Mar. 15 Mar.
Mar. 20 Mar.
1
1
Mar. 25 Mar. 15
1 Mar. 15
Apr.
1
Apr.
1
Apr.
Apr. 15
1
Apr.
Apr. 15
Mar.
Mar. 22
Mar. 22
Mar. 25
Feb.
18
Mar. 14
21 Mar. 10
Mar. 21 Mar. 10
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. 15 Mar. 31
25c
Mar. 15 Feb.
25c
Mar. 15 Mar.
75c
1 Apr.
1 Apr.
28
1
15
3Xc
Mar. 31 Mar. 16
50c
May
May
17 Xc
25c
Mar. 31 Mar. 16
National Container Corp
25c
Mar. 15 Feb.
Mar. 10 Mar.
National Cylinder Gas Co
20c
Mar. 24 Mar. 10
25c
Mar. 15 Feb.
19
1
15
20
The Commercial & Financial Chronicle
1542
Per
Name of
National
Share
Company
;
Dairy Products (quar.)
National Folding Box (quar.)
National Food Products Corp., class B——
National Grocers, Ltd., pref.
(quar.)
National Electric Welding Machine Co.
(qu.)--
20c
50c
20c
371/ic
2c
National Lead Co
Class B preferred
Feb. 28
Apr.
Mar. 25
Mar.
1*
Apr.
Mar. 15
May
Aug.
Apr. 21
July 22
Oct.
Oct.
Mar. 14
May
Apr.
18
Mar.
Feb.
28
25c
Mar.
$1#
Aug.
Apr.
Apr.
Apr.
(quar.)
(quar.)
National Malleable & Steel Casting
National Paper & Type Co. 5% pref. (s-a.)
National Standard Co. (quar.)
Natomas
Apr.
Nlar.
Mar.
2c
preferred
Co
25c
--—
—
Nay bob Gold Mines (initial) (quar.)
Neisner Bros. 4%% pref. (quar.)_.
50c
lc
—
—
Quarterly..----—
$1.18
25c
———
42 He
New Amsterdam Casualty (s.-a.)
60c
Newberry (J. J.) Co. (quar.)
New England Public
Mar.
July
20
8
31
Mar. 14
Mar. 12
Apr.
1
15
Feb.
28
Apr.
May
Mar.
Mar.
Apr.
Apr.
1
Mar. 15
Service Co.—
t75c
t87Hc
%IV<
$6 prior lien preferred
$7 prior lien preferred
New England Telephone & Telegraph
New Jersey Zinc Co
Newmont Mining Corp
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 31
28
28
Mar. 10
50c
Mar. 10 Feb.
18
37Hc
Mar. 15 Feb.
28
— -
$1M
75c
May
1 Apr.
15
Mar. 28 Mar. 20
(qu.)_
$2
Mar. 14 Feb.
25
Niagara Lower Arch Bridge Co., Ltd. (quar.)--.
Niagara Shares Corp. of Maryland—
Class A preferred (quar.)
..
J75c
Mar. 10 Feb.
28
Niles-Bement-Pond (quar.)
A
A
Mar. 17
Mar.
Feb.
20
28
Feb.
Mar. 23
June
June 22
Sept.
Sept. 21
Apr.
Apr.
Apr.
Mar. 20
Mar. 20
Apr.
preferred (quar.)
$6 preferred (quar.)
$0.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
---■
-
Finance Co..
5% prior preference (quar.)
6% preferred (quar.)
Mar. 20
—
pref. (qu.)_
-
Russell jvxfg. Co
— — —————
Sabin Robbins Paper Co. preferred (quar.)
28
28
25c
Mar.
Mar.
40c
June
Sept.
May 15
Aug. 15
40c
Dec.
Nov. 15
Apr.
Apr.
Mar. 22
Mar. 22
25c
Mar.
Mar. 11
Mar.
May
Apr.
Apr.
May
Apr.
Feb. 28
Apr. 19
27
— —
_
Extra.
-- ---——-------
-
-
— —
- —
Feb.
(quar.)
preferred (quar.)
preferred (quar.)
-
cum.
—
-
-
-
- -
—
Mar. 15
Shattuck (Frank G.)
Mar.
Mar.
Mar. 17
Mar. 14
Sherwin-Williams Co. of Canada, preferred
Silverwood Dairies cum. partic. pref. (s.-a.)
Apr.
Mar.
Mar.
Mar. 14
.3
Simmons-Boardman Publishing Corp
Simms Petroleum Co. (liquidating).
Feb.
Apr.
Apr.
Mar. 15
3
28
Mar. 15
Simon
1 Mar. 15
Mar. 27 Mar. 10
1
Apr.
Mar. 14
Payne Furnace & Supply Co. con v. pref. A & B.
Peabody Coal Co. 6% preferred
Penick & Ford, Ltd. (quar.)
Penn Electric Switch class A (quar.)
Pennsylvania Edison Co. $5 pref. (quar.)
$2.80 preferred (quar.)
Pennsylvania Power & Light $7 pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.).Pennsylvania Salt Manufacturing.
Pennsylvania Sugar Co. (quar.)
Pennsylvania Water & Power Co. (quar.)..
Preferred (quar.)
Peoples Drug Stores
Peoples Gas Light & Coke__
Perron Gold Mines, Ltd. (quar.)
Mar. 15
Mar.
Mar.
Mar.
Feb.
28
SIM
t30c
tS2
75c
30c
SIM
Mar.
Feb.
28
70c
..
SIM
SIM
SIM
—
$2
37 He
.
5
(quar.)..
Smith (H.) Paper Mi
Mills pref. (quar.)..
_
Mar.
Mar.
1
—
_
_
Apr.
Mar. 20
Mar. 20
Apr.
Apr.
Apr.
Apr.
-
—
_
—
Procter & Gamble Co. 5% pref. (quar.)
Progress Laundry (quar.)
Extra-.
Prosperity Co. preferred (quar.)
Preferred (quar.)—_ ——
-
Public National Bank & Trust Co. (N.Y.) (qu.)
Public Service of New Jersey (quar.)
6% preferred (monthly)
8% pref. (quar.)
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthly)
Mar. 21 Mar.
Apr.
Apr.
1
3
1 Mar. 15
\
Feb.
18
Mar. 12 Mar.
3
Mar. 17 Mar.
3
Mar. 29 Mar. 14
Mar. 29 Mar. 14
15 Feb.
21
Mar. 15 Feb.
15
Mar.
Mar. 20 Mar.
Mar. 21
SI H
Apr.
iviar.
7
10
Mar. 21 Mar. 10
15 Mar. 31
Mar. 15 Mar.
Mar. 31 Mar. 10
25c
Mar. 15 Feb.
21*
Mar. 25 Feb.
28
15c
SI H
37 He
Apr.
Apr.
5
1 Feb. 28
1 Mar. 15
Mar. 28 Mar. 13
1 Mar.
1 Mar.
6
25c
Apr.
Apr.
Apr. 15 Mar. 20
2%
SI M
15c
Apr.
Mar.
1
Mar. 11
Feb. 21
Mar.
50c
Apr.
Apr.
Apr.
Apr.
10c
Mar.
1
Mar. 15
Mar.
3
1
Mar.
3
Mar.
3
Mar. 10
Mar. 15
Mar. 15
Telephone..
Southern Phosphate Corp. (quar.)....
Southland Royalty Co
_i— —
Southwestern Assoc. Telephone $6 pref. (quar.)
Southwestern Gas & Electric 5% pref. (quar.).
Southwestern Life Insurance (quar.)
Spencer Kellogg & Sons (quar.)
Spencer Trask Fund Inc
Spiegel, Inc.,$4M preferred (quar.)...
Staley (A. E.) Mfg. Co., $5cum. pref. (quar.)__
Standard Brands, Inc. (quar.)
—
Preferred (quar.)
—
Standard Brands, Inc., preferred (quar.)
Standard Oil Co. of California (quar.)
Standard Oil Co. of Indiana (quar.)
Standard Oil Co. (Ky.) (quar.)
Standard Oil Co. (Ohio) (quar.)..
Standard Wholesale Phosphate & Acid Wks.(qu)
Stearns (Frederick) & Co—
—
.
_.
-
—
Mar. 16
Feb. 28
Apr.
Mar. 10
Extra
87c
Mar.
Mar.
5
Preferred
75c
Mar.
Mar.
5
10c
Mar.
Mar.
1
Mar. 15
Mar. 10
—
—
Apr.
Apr.
Apr.
Apr.
—
Preferred
(quar.)
—. -
..
—
.
—
_
-
-
Mar.
Mar.
3
Swift & Co.
Apr.
July
Apr.
Apr.
July
1
Special
r — —
Tacony-Palmyra Bridge vquar.)-__
55c
Mar.
Mar.
7
Apr.
Mar. 14
Mar.
Feb.
Mar.
6
SIM
Mar.
Mar.
6
50c
Mar.
50c
Mar.
14
SIM
Apr.
Mar. 17
Mar. 17
Mar. 20
SIM
Mar.
Mar.
5
Apr.
1 Feb.
June
14
16 June
2
Mar. 15 Feb.
14
Mar. 15 Feb.
15
25c
Mar. 15 Feb.
15
25c
Mar. 15 Feb.
28
37 He
40c
25c
Mar. 15 Mar.
3
5
Mar. 31 Mar. 25
Mar. 15 Mar.
Mar. 31 Mar. 25
stock dividend
-.
Common
(quar/.)
—
—
—_
-
25
1 Mar.
5
68 Me
40c
Mar. 31 Mar.
30c
Mar. 15 Mar.
1
1 Mar.
3
30c
Apr.
Apr.
1
3
Mar. 31 Mar. 15
i
--- - -.
5M% participatins preference (quar.)
Teck-Hughes Gold Mines (quar.)
Telephone Bond & Share Co. 7% 1st pref. (qu.).
1st S3 preferred (quar.)
Tennessee Corp., common (resumed)—
Texas Corp. (quar.)
—._v—■.
Texas Gulf Suiphur Co
>
Thermoid Co., $3 preferred (quar.)-.
..
.
Apr.
Mar.
1
25c
Mar. 31 Mar. 15
50c
25c
Mar. 31
Mar. 15
Mar. 31 Mar. 15
May
1 Mar. 17
10c
Apr.
1 Mar. 15
68 Me
10c
Apr.
1 Mar. 15
Apr.
1 Mar.
SIM
— _
-------- _
25
50c
-.
—.
Preferred (quar.)
Talcott (James), Inc ------ —■
15
Mar. 15 Feb.
Mar. 15 Feb.
30c
_
Extra
Class A (quar.)
Class A (extra)
Mar. 15 Feb.
25c
Sunray Oil Corp., preferred (quar.)
Sunshine Mining Co. (quar.)
— — —-i...
Sutherland Paper Co
-
Mar.
10c
SIM
SIM
25c
5
1
Mar. 20 Mar. 10
6%
3
50c
Mar. 15 Mar.
1 Mar. 20
Mar.
SIM
SIM
SI M
1 Mar. 20
Feb.
14
12
21
Mar. 15 Mar.
Mar. 31 Mar. 20
___
Mar. 31
14
15 Apr.
Mar. 10 Feb.
15c
Mar. 15
75c
3c
(quar.)-
Apr.
Feb.
35c
40c
1
Sterchi Bros. Stores 6% pref. (quar.).
Sullivan Consolidated Mines—-
Mar.
Feb.
28
1 Mar. 15
1 Mar. 20
Mar.
Feb.
Mar. 15 Feb.
Apr.
20c
Mar.
Mar. 28 Mar. 14
Apr.
t5c
SIM
Mar.
15 Mar. 31
75c
Sun Oil Co., common
Mar.
28
10 Mar. 25
Apr.
Mar. 14
Mar.
6
14
20
Mar. 15 Feb.
15c
—
Mar.
1
Mar. 20
Mar. 15 Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
SIM
SIM
SIM
-
—
-
Apr.
25
5c
6
60c
Stedman Bros., Ltd. (quar.)..—
20c
SIM
SIM
Public Service Electric & Gas $5 pref. (quar.)
Mar. 15 Mar.
10c
Southern New England
Mar.
SIM
SIM
37 He
28
tsi
SIM
50c
$2
—
13
Mar. 15 Feb.
37 He
10c
(quar.)
Mar, 10 Feb.
75c
—
6% preferred series B (quar.)
50c
——
Mar. 31 Mar. 10
Southern Colorado Power, 7% preferred—.——
Southern Franklin Process, preferred (quar.)
Mar.
75c
25c
25c
Mar. 15
Mar. 15
May 21
SIM
SIM
1 Apr.
1 Apr.
25c
Original preferred (special)
Southern California Edison Co., Ltd.—
Mar.
10c
1
19
19
May
May
Southern California Edison—
Mar. 15
65c
—
6
Apr.
Apr.
Apr.
Apr.
50c
—
_
—
Mar.
Mar.
25c
SIM
SIM
_
South Porto Rico Sugar Co., pref. (quar.)
Common (quar.)__------—
Mar.
tic
v
_
1
25c
Phelps Dodge Corp
Philadelphia Co. $6 pref. (quar.)_
$5 preferred (quar.).;
Philadelphia Electric Power pref. (quar.)
Phoenix Insurance Co. (quar.)
Pickle Crow Gold Mine (quar.)
:
Pilot Full Fashion Mills, Inc.—
6 H% cum. preferred (semi-ann.)
Pioneer Gold Mines (British Columbia) (quar.)_
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)___
Pittsburgh Fort Wayne & Chicago Ry. (quar.)
Preferred (quar.)
Portland Gas & Coke 7 % preferred
6% preferred.
Powdrell & Alexander, Inc
(quar.)
South Carolina Power Co. pref. (quar.)
South Penn Oil Co. (quar.)
27
+4c
Extra
28
SIM
SI
5c
— _.
Apr.
75c
Pet Milk Co. (quar.)
Mar. 20
10c
Feb.
Mar.
40c
Mar. 10
Mar. 10
25c
-
Mar.
Mar.
SIM
—
Snider Packing Corp
Apr.
Mar. 15
Feb. 28
SI
-
-
Mar. 10
-
Sonotone Corp.---*
60c. cum. prior preferred
Mar.
50c
28
3
Mar. 10
Mar. 10
Apr.
Apr.
Apr.
Apr.
SI H
SI H
Snyder Tool & Engineering Co. (quar.)
Socony-Vacuum Oil Co., Inc
40c
1
28
25c
Preferred
-
Apr.
Apr.
Mar. 15 Mar.
40c
Sloss-Sheffield Steel & Iron
—
Mar. 15 Feb.
Mar. 15 Feb.
+2Mc
Siscoe Gold Mines, Ltd
Mar. 14
Mar. 14
25c
-
SIM
SIM
SIM
S3
SIM
i
Apr. 15 Mar. 31
Apr. 15 Mar. 31
5
Apr. 21 Apr.
Apr. 21 Apr.
5
SIM
(H.) & Sons, Ltd. (interim)
(quar.)
SImonds Saw & Steel
-
1 Ma.-. 20
1 Apr. 15
15c
Preferred
-
May
3
28
50c
15c
-
50c
7c
tt$3M
t20c
——
Apr.
Apr.
Apr.
Apr.
$1H
Parke. Davis & Co
Parker Wolverine Co
25c
10c
(quar.)
Mar.
Mar.
Mar. 15 Feb.
Apr.
15
Mar. 17
75c
-
_
Sears, Roebuck & Co. (quar.)
Seeman Bros., Inc
Mar.
ivxar.
Mar. 15 Feb.
Mar.
Mar.
Feb.
1
25c
Mar.
28
Mar. 21
40c
$4 cum.
Scranton Lace Co- - - -—-——- Seaboard Oil Co. of Delaware (quar.)._
S4H
Apr. 30
Apr. 30
Mar. 10 Mar.
5H% preferred (quar.)
Mar. 15
SI
:
May
May
Apr.
A (qu.)
7H% debenture B (quar.).__
7% debenture C (quar.)---—
Mar. 15
20c
-
SIM
7 He
Sivyer Steel Casting
-
1
1 Mar. 15
Mar. 31 Mar. 15
3c
------—-—
Mar. 10
Feb. 28
50c
Inc..
Mar. 15 Mar.
Mar. 13 Mar.
Mar.
50c
15
Mar. 10
Mar. 10
Mar. 10
Apr.
SIM
SI *A
11
Mar. 10
Apr.
Apr.
SIM
37 He
San Diego Gas & Electric*-------------
Mar.
SIM
1
May
Apr.
2
Apr..
1
Apr. ,1
——
Scott Paper Co.
SIM
-
Mar. 14
Mar. 14
Apr.
SchiffCo. (quar.)
25c
Mar. 14
25c
—
20c
—
50c
Mar. 21
Mar. 15
Preferred
————San Antonio Gold Mines, Ltd. (s.-a.)
- -
SIM
—
15c
:.
—- —
Mar. 10
Mar.
1
12 He
37 He
Apr.
(quar.)
Co
SL Lawrence Corp. pref. A—
St. Joseph Lead
$2
—
20
Feb.
Feb.
—
Apr.
IH%
1M%
------- - -
7% preferred (quar.)
Publication Corp. voting common (quar.)
Non-voting common (quar.)
Preferred (quar.)
7% first preferred (quar.)-.
Feb.
Mar.
50c
75c
.
Mar.
Mar.
25c
—
(quar.)_
Saguenay Power, Ltd., preferred
—
6H% debenture D (quar.).
6% preferred (s.-a.)
Schenley Distillers Corp. pref. (quar.)
Mar. 10
Mar.
Co.
.
S1H
Preferred Accident Insurance (N. Y.)
Preston East Dome Mines (quar.)
50c
12 He
SI H
S3H
—
(quar.)
Mar. 10
Mar. 15
t$2M
Pratt & Lambert
Robertson (H. H.) Co—- —
Rubinstein (Helena) class A
35c
Panhandle Eastern Pipe Line Co.—
Class A & B preferred (quar.)
_
7% gtd. preferred (s.-a.)
6% guaranteed preferred (s.-a.)
Risdon Manufacturing Co., 7% pref.
Riverside Silk Mills, class A (quar.)
Apr.
Mar. 15
Mar. 15
43 Mc
SI
Mar. 20
SIM
(quar.)_
Savannah Electric & Power Co., 8% deb.
Feb.
—
—
28
Mar. 13
25c
Manufacturing Co
Mar. 15
21
7
Feb.
— -
(quar.).-
Feb.
Apr.
Apr.
50c
Savage Arms Corp
20c
Paton Mfg. Co., Ltd.
Preferred (quar.)
Mar.
50c
SIM
SI H
Mar. 15
SIM
(quar.)
1st preferred (quar.)
2d preferred (quar.)
37Mc
—
————...
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Otis Elevator Co
Paramount Pictures,
(quar.)
Republic Investors Fund, Inc.6% A & B pref. (quar.)-—
Feb.
Mar.
-
(quar.)
(quar.)
Mar. 20
Feb. 20
Mar. 14
25c
-
6% preferred (quar.)
Pacific Indemnity (quar.)
Extra
1
28
Preferred
Mar.
SIM
$1H
Preferred (quar.)
Otis Steel Co. 1st preferred
Feb.
20c
Mar.
40c
--
6% cumulative preferred (quar.)
Oklahoma Natural Gas Co. (quar.)
$5H prior preferred (quar.)
Preferred (quar.)-Omar, Inc., 6% preferred (quar.)
Omnibus Corp. < quar.)
Preferred (quar.)
1
May
Mar.
10%
SIM
Apr.
Mar.
S1H
$1.65
%\V<
$1.80
-
Oklahoma Gas & Elec. Co. 7% cum.
Mar.
Mar.
$1H
SI H
Ohio Edison Co. $5
Ohio Seamless Tubes, preferred
Ohio Water Service Co. class A
Mar.
15c
10c
-
SI
15c
t$l %
25c
S1H
Inc., S6H pref.fqu.)
Ohio Match Co
Mar.
10c
24
SI H
—
Rich's, Inc. 6H% preferred (quar.)
Mar.
25c
—
Northland Greyhound Line,
Feb.
Mar. 10
Mar. 10
Mar. 10
Richmond Fredericksburg & Potomac RR.
31
25c
Norwich Pharmacal Co
Oahu Railway & Land (monthly)
Preferred
Mar.
20c
-
North T0xes Co
Paraffine
Jan.
87 He
7% preferred (quar.)
Ohio Oil
Nov.
15c
15c
North American Finance Corp. class A (quar.)._
Ohio
Nov.
Mar.
(quar.)
—
Rice-Stix Dry Goods Co., 1st & 2d pref.
Mar.
3
Mar.
——
5% convertible preferred (quar.)._
Reliance Electric & Engineering Co
Reliance Grain Co., Ltd., 6H% Pref
Reliance Manufacturing Co
Preferred (quar.)
Remington Rand, Inc—
Rheem
Aug.
Mar.
Apr.
40c
Reliable Stores Corp. common (quar.)
Mar,
May
Aug.
15c
—
Quarterly
Cum. prior preferred
North River Insurance
Preferred
When
Holders
Payable of Record
Apr.
Apr.
Apr.
25c
—-—-—
Mar.
SI
Mines, Ltd. (quar.)
Norfolk & Western Ry. (quar.)
Norma-II Bearing Corp. (quar.)
•
(quar,)—
(quar.)----—
Preferred
May
75c
-
Noranda
k.
SIM
1941
8,
1H%
1 H%
1H %
- - - - -
5H% preferred (quar.)
6% preferred (quar.)
Quaker Oats Co. (quar.)
Preferred (quar.)
Quaker State Oil Refining.Raybestos Manhattan
Rayonier, Inc., preferred (quar.)
Reading Co. 2a pref. (quar.)
——..———
First preferred (quar.)-—------—--—
Reeves (Daniel), Inc. (quar.)----—-—--—
Preferred (quar.)—
—
Regent Knitting Mills
Preferred (quar.)—
—
Mar.
25c
Industries
-
Mar.
50c
...—
Noma Electric Co
Noblitt-Sparks
------
Republic Steel Co-6% prior preferred A (quar.)
6% preferred (quar.)__
50c
(quar.)
(quar.)
Puget Sound Power & Light prior pref
Pullman, Inc
„—i
----------Pure Oil Co. 5% pref. (quar.)
75c
50c
—
Class
Share
of Company
$1H
—
1900 Corp., class A (quar.)
Class
Name
Stock dividend
Newport News Shipbuilding & Dry Dock—
Preferred (quar.)
New York City Omnibus (quar.)
New York & Queens Elec. Light & Power
Per
Holders
Payable of Record
12Hc
juarterly
Class A
When
March
7
28
12c
15 Feb.
Mar. 15 Feb.
25c
Mar. 12 Feb.
50c
Apr.
1 Mar.
24
7
50c
Mar.
15 Mar.
3
75c
Mar. 15 Mar.
3
28c
Mar.
28
Volume
Bank of
Condition of the Federal Reserve
Share
Company
Third Canadian General Investment Trust (qu.) \\2Xc
Extra
50c
Thompson Products Corp
Preferred (quar.)
Tilo Roofing Co., Inc. (auar.)__
$1.40
X2Xc
■
*
MX
—
...
Payable of
Feb.
28
Bank of New York at the close of
Mar. 22
Mar. 15 Feb.
25
35c
Mar. 15 Feb.
25
$1
Timken-Detroit Axle
;
Todd-Johnson Dry Dock, Inc., A & B pref. (qu.)
Todd Shipyards Corp
Tokheim Oil Tank & Pump Co. (quar.)
—
Toronto General Insurance (annual)
Truax-Traer Coal Co., 6% conv. pref. (quar.)__
5X % convertible preferred (quar.)
Tuckett Tobacco, 7% preferred (quar.)
20th Century-Fox Film Corp. pref. (quar.)
Twin Disc Clutch Co. (quar.)
Union Carbide & Carbon Corp
Umon Gas Co. of Canada (quar.)
Mar.
1 Feb. 24
Apr.
MX
Mar. 15 Mar.
Mar. 15 Mar.
4
Union Pacific Insurance Co. (quar.)
Mar. 31 Mar. 15
75c
Mar. 25 Mar. 15
Mar. 15 Mar.
Mar. 15 Mar.
United States Treasury_x
5
5
Apr.
Redemption fund—F. R, notes..—Other Cash t—....————L
15 Mar. 31
Apr.
Mar. 20
95c
Apr.
Mar. 20
$1X
Secured
20
Mar.
854,000
1,372,000
1,753,000
1,601,000
1,754,000
2,049,000
372,013,000
260,490,000
372,013,000
260,490,000
408,181,000
344,156,000
632,503,000
632,503,000
752,337,000
635,628,000
635,858,000
755,385,000
17,000
1,586,000
281,790,000
9,667,000
15,088,000
2,018,000
193,158,000
9,686,000
14,871,000
999,000
U. S. Govt, securities, direct and guar¬
United-Carr Fastener
30c
United
15c
Mar. 24 Mar.
/
5
Elastic
Corp
United Engineering & Foundry Co. (quar.)
Preferred (quar.)
50c
MX
75c
(quar.)
Mar. 10 Feb.
Notes
direct and guaranteed
1 Mar. 20
Apr.
Mar. 31 Feb.
Total bills and securities
28
Mar. 31 Feb.
28
53c
50c
$2X
25c
$5
Apr.
Apr.
Apr.
Apr.
Due from foreign banks
Mar. 15
Mar. 15
Uncollected Items
Mar. 15
Bank
Mar. 20
10
Federal Reserve notes of other banks..
Other assets
Mar. 15 Mar.
Mar. 15 Feb.
3
—
Apr.
Apr.
I1
10c
MX
$1^
-.
—
(quar.
32c
United States Tobacco Co
43 Xc
(quar.).......
1,981,000
147,223,000
9,858,000
19,212,000
10781,637,000 10638,087,000 8,981,042,000
Mar. 20 Feb. 28*
50c
United States Sugar Corp_
...
Total assets.
50c
—————i
premises...—..—...——..
17,000
17,000
1
50c
United States Steel Corp
.
Total U. S. Government securities
28
Mar. 10 Feb. 28
20c
pref. (mo.)
Bonds
6
nx
58 l-3c
6.36% prior preferred (monthly)
6% prior preferred (monthly)
United New Jersey RR. & Canal (quar.)
United States Graphite Co
United States Lumber Co. (liquidating)
United States Pipe & Foundry Co
United States Playing Card (quar.)
Preferred
145,000
176,000
Industrial advances
1
Mar. 15 Mar.
Preferred (quar.)
1,425,000
161,000
anteed:
Mar. 15 Mar.
Preferred
1,211,000
Total bills discounted-*—..—.
3
3
Mar.
Mar. 29 Mar. 20
mx
———
obligations
Govt,
S.
Mar. 28 Mar. 18
Apr.
5% preferred (quar.)
Extra.....
U.
by
direct and guaranteed
Other bills discounted—
United Artists Theatre Circuit, Inc.—
:
89,821,000
Bills discounted:
7
1 Mar.
Apr.
Mar. 15 Feb.
$i
Preferred (quar.)
United Light & Railways 7% pr.
85,447,000
77,893,000
9,837,861,000 9,782,479,000 8,047,366,000
Total reserves..——
20c
&m Apr.
United Fuel Investment preferred
United Gas Improvement (quar.)
"I.'-
9,758,211,000 9,695,275,000 7,956,005,000
1,540,000
1,757,000
1,757,000
Mar. 31 Mar. 17
75c
UniOn Pacific RR--———
Preferred (s.-a.)
Union Twist Drill
Mar. 6, 1940
Gold certificates on hand and due from
t25c
$1^
$1 X
MX
37Xc
-
1941
$
$
Assets-'
10c
^■Preferred (quar.)——————
Feb. 26,
5,1941
1
25c
Union Investment Co
corresponding
comparison with the previous week and the
date last year:
Mar. 20 Mar. 10
37 He
_
in
Mar. 22
I
following shows the condition of the Federal Reserve
business Mar. 5, 1941,
The
28
Feb.
Apr.
Apr.
Apr.
Apr.
New York
Record
20c
preferred (quar.)
conv.
Holders
When
Per
Name of
]
1543
The Commercial & Financial Chronicle
152
July
Deposits—Member bank reserve acc't__ 7,582,686,000 7,516,620,000 6,945,742,000
118,303,000
123,068,000
U. S. Treasurer—General account-__
78,142,000
125,649,000
620,207,000
626.729,000
Foreign.........—.
20
Mar. 17 Mar.
7
15 Apr.
15 July
2
2
Mar. 15 Mar.
Mar. 15 Mar.
1,592,526,000 1,575,332,000 1,254,079,000
F. R. notes In actual circulation
Mar. 15
Mar. 20 Feb.
Apr.
Liabilities—
Mar, 15
Other deposits
489,586,000
518,593,000
—.
280,897,000
3
Total deposits....—————
Deferred availability items
3
Universal Products
40c
Mar. 31 Mar. 20
Upressit Metal Cap Corp. 8% pref
Udson-Walton Co...
t$2
Apr.
15c
8,799,628,000 8,756,003,000 7,470,591,000
134,027,000
177,834,000
260,572,000
Mar. 20 Mar. 10
Utica Knitting Co. 5% prior
Van Norman Machine Tool
Vapor Car Heating Co.
Preferred (quar7)
Preferred
Preferred
(quar.)
Mar.
Apr.
Apr.
Mar.
25c
50c
—
SIX
—...—
(quar.).——
(quar.)
ni
75c
2X%
2X%
Preferred
t50c
_______
SIX
50c
60c
(quar.)
Virginia Electric & Power, $6 pref.
Virginian Ry. preferred (quar.)
(quar.)
—-
SIX
37Xc
37 Xc
(quar.)
50c
Wacker-Wells Building
50c
Wagner Electric Corp. (quar.)
20c
Waldorf System, Inc. (quar.)
40c
Walgreen Co. (quar.)———.—————
SIX
Preferred (quar.).........................
t62^c
Walker & Co., class A
Walker (H.) Gooderham & Worts (quar.)
—
J25c
Preferred (quar.)
—
t$7
Waltham Watch Co. 7% prior pref__
75c
Warren (S. D.) Co. (quar.)
S2X
Wash. Ry. & Elec. Co. 5% pref. (s.-a.)
SIX
5% preferred (quar.)
SIX
Washington Water Power, pref. (quar.)
50c
Wayne Pump Co-^.---.——
t50c
Weber Showcase & Fixture Co. 1st pref
25c
Welch Grape Juice
—-—
25c
Wesson Oil & Snowdrift Co., Inc. (s.-a.)
six
West Indies Sugar Corp., preferred (s.-a.)
40c
West Virginia Pulp & Paper Co. (quar.)
2Xc
Western Exploration Co. (quar.) —
SIX
Western Tablet & Stationery Corp. pref. (qu.)__
lc
Westgate-Greenland Oil Co. (monthly)
25c
Westinghouse Air Brake Co.
50c
Weston Electrical Instrument
20c
Weston (Geo.), Ltd. (quar.)
MX
Wheeling Steel, 6% pref. (quar.)
6% preferred——————————————
$1X4
$5 prior preferred (quar.)
SIX
Whitman (Wm.) & Co., preferred (quar.) — —
SIX
Wieboldt Stores, Inc., $5 preferred (quar.)
Preferred
Dec.
-
Other capital accounts.
1
3-1-41
Ratio
F.
1
Mar.
7
Mar.
7
5
Mar.
20
Mar. 15 Mar.
Mar. 15 Mar.
Mar. 20 Feb,
May
Aug.
1
28
19
Apr.
July
19
Mar. 15 Mar.
1
Mar. 15 Feb.
Mar. 15 Feb.
14
Mar. 14 Feb.
■
June
June
2 May 15
2 May 15
Mar. 15 Feb.
25
Mar. 10 Feb.
Apr.
Apr.
1 Mar. 10
Mar. 20 Mar. 20
Apr.
1 Mar. 20
Mar. 15 Mar. 10
Mar. 15 Feb.
15
Mar. 10 Feb.
27
Apr.
1
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar. 12
Mar. 15
Mar. 19
Mar. 19
Mar. 15
Feb. 28
Mar. 10 Feb. 28
May
May
Apr. 15
Apr. 15
Apr. 15
July 15
July 15
July 15
Oct.
Oct.
15
15
Oct.
15
Wood
(quar.)
Corp.—
preferred
preferred
Cum. conv.
Cum.
—
—
Wright-Hargreaves Mines, Ltd.
(quar.) —
Extra
Wrigley (Wm.) Jr. (monthly)
Yellow Truck & Coach Mfg., preferred
Youngstown Sheet & Tube
Preferred
(quar.)——
(quar.) —
—-—-—
Mercantile Institution (qu.)_
bank's own Federal
for the gold taken
Jan. 31, 1934, devalued from
difference, the difference Itself having been appropriated as
under the provisions of the Gold Reserve
the extent of the
profit by the Treasury
Act of 1934.
Weekly Return of the New York City
Clearing House
The
weekly statement issued by the New York
City
Clearing House on Friday afternoon is given in full below:
STATEMENT OF MEMBERS OF THE NEW
ASSOCIATION
AT
YORK
CI/EARING
CLOSE OF BUSINESS THURSDAY,
*
Net Demand
Surplus and
HOUSE
MARCH 6, 1941
Time
:
Undivided
Deposits,
Deposits,
Profits
Capital
Clearing House
Average
Average
Members
S
Bank of New York
Bank of Manhattan Co_
National City Bank
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Corn Exch Bank Tr CoFlrst National Bank
Irving Trust Co
Continental Bk <fc Tr Co.
Chase National Bank...
683,331,000
26,884,500
80,275,900 fl2,684,188,000
827,523,000
57,904,700
186,946,500 62,342,127,000
778,317,000
40,986,600
75,103,700 cl, 178,439,000
333,573,000
20,356,600
823,071,000
109,720,700
Bankers Trust Co
New York Trust Co
Comm'l Nat Bk «k Tr Co
Public Nat Bk & Tr Co.
146,139,000
3,199,000
28,015,400
8,746,900
10,544,800
469,366,000
134,750,000
48,751,000
95,284,000
53,708,000
953,465,400 16,204,179,000
518,518.000
Totals.
28,879,000
1,371,000
5,289,000
10,005,900
766,556,000
6,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Marine Midland Tr Co_
7,244,000
79,503,000
104,853,000
69,592,000
4,207,500
83,413,200
1,539,200
136,482,200
25,000,000
Title Guar & Trust Co—
169,275,000
735,915,000
69,907,000
d3,373,262,000
63,526,000
fil,220,461,000
15,031,000
53,692,500
4,490,800
500,000
Fifth Avenue Bank
18,274,000
39,283,000
229,969,000
14,147,800
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
41,748,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
1,363,000
54,239,000
3,795,000
73,500,000
2,368,000
2,070,000
branches as follows: (a) $290,658,000 (latest avail¬
able date); (6) $64,497,000 (latest available date); (c) $3,318,000 (March 6); (d) $80,083,000 (latest available date); (e) $22,256,000 (Feb. 28).
Includes deposits In foreign
Mar. 20 Mar. 10
Mar. 27 Mar. 15
Mar. 27 Mar. 15
SIX
SIX
XI 0c
J5c
25c
Youngstown Steel Door
Zion's Cooperative
28
Mar. 15 Feb. 28
Mar. 15 Feb. 28
50c
Worthington Pump & Machinery
28
Mar. 15 Feb.
SIX
-
.
15
Mar. 15 Feb.
t$2X
(Alan) Steel, 7% preferred
Preferred
Apr. 30 Apr.
t$bl6*a
$1X
t$l
SIX
Woodward & Lothrop
92.2%
1,684,000
59.06 cents, these certificates being worth les3 to
Cnt Hanover Bk&Tr Co
Mar. 14
Nov.
Co. 6% pref. (quar.)_
7% pref
—
94.7%
665,000
from the Reserve banks when the dollar was, on
Mar. 31 Mar. 14
Nov.
7% preferred (quar.)
6% preferred
6% preferred (quar.)
94.7%
'
certificates given by the United States Treasury
25
Nov.
Extra—-—-—-—-————■-—--w————
are
100 cents to
1 Mar. 15
M
Wisconsin Power & Light,
.
ad¬
Apr.
1 Mar. 20
Mar. 15 Mar.
1
SI
Wisconsin Electric Power
over
26
Mar. 27 Mar. 18
Quarterly
■
These
15
S2X
Extra
and
t "Other cash" does not Include Federal reserve notes or a
x
Apr.
1 Mar. 15
Mar. 15 Feb. 14
Quarterly-—————.————————w
— ---------
industrial
Reserve bank notes.
3
Mar. 15
Apr.
Mar. 20 Feb. 20
May
Aug.
Aug.
Aug.
.
deposit
1,584,000
make
Mar. 20 Mar.
$2X
S2X
SIX
Quarterly——
to
reserve
to
1
Apr.
$1
Quarterly—
total
of
R. note liabilities combined
Commitments
vances
Mar. 15 Mar.
20c
Quarterly.------—-—-——-s—--—------
10,080,000
10781,637,000 10638,087,000 8,981,042,000
10 Dec.
Apr.
Apr.
SIX
Extra-——————————
Total liabilities and capital accounts
Aug. 30
Mar. 15 Mar.
25c
$1
-
56,447,000
7,070,000
13,060,000
1
51,105,000
53,326,000
7,109,000
51,509,000
56,447,000
7,070,000
13,102,000
51,516,000
lo Mar. 1
10 May 31
Mar
75c
6% preferred (quar.)
Wilsfl, Ltd. (quar.)————————Wilson Line. Inc. (semi-ann.)
Wilson Products (quar.)
Winsted Hosiery Co. (quar.)
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b).
%Y Sept. 10
—
(semi-annual)
Victor Equipment preferred
Victor-Monaghan Co. 7% pref. (quar.)
Viking Pump Co. (special)_.___
Mar.
10653.644,000 10509,959,000 8,859,422,000
Capital Accounts—
6
21
Mar. 10 Mar.
725,000
790,000
818,000
dividends.
Total liabilities
6
Mar. 21
Mar. 20 Feb.
June
—........
Preferred (quar.)
7% pref. (quar.).
Veeder-Root, Inc
Vicksburg Shreveport & Pacific Ry. Co
Preferred
Apr.
SIX
62Xc
pref. (quar.)
Other liabilities, incl accrued
Mar. 15
$1 X
Utah Power & Light, $7 preferred.—....—
$6 preferred..........—
SIX
50c
SIX
25c
50c
Quarterly
50c
Quarterly
50c
50c
Mar. 15 Mar.
5
Mar. 15 Mar.
5
28
28
1 Mar. 20
1 Mar. 14
Mar. 15 Mar.
3
Apr.
Apr.
Apr.
Apr.
Apr.
*
and
Bond
Sept. 15 Sept.
Dec. 15 Dec.
Averages
daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
as
are
the
compiled by Dow, Jones & Co.:
Stocks
*
Bonds
•
-
Mar.
Mar. 15 Mar.
Mar. 15 Mar.
June 15 June
1940; State, Dec. 31, 1940; trust
reports: National, Dec. 31,
Stock
Below
Feb.
Feb.
As per official
companies, Dec. 31, 1940.
V'
"
,
x? -u:
10
10
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
.*
Date
:
Total
* Transfer books not
closed for this dividend,
dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada
deduction of a tax of 5% of the amount of such dividends will be made.
t On account of accumulated
7_
121.59
27.89
19.41
41.31
107.14
94.80
51.50
109.08
90.68
Mar.
7
6_
121.63
27.92
19.35
41.31
107.19
94.59
51.60
108.96
90.59
Mar.
5-
120.30
27.51
19.22
40.84
107.06
94.36
50.69
108.83
90.24
Mar.
4_
121.16
27.37
19.16
40.99
106.92
94.15
50.64
109.07
90.20
Mar.
3.
120.88
27.32
19.25
40.93
106.79
94.25
50.45
109.06
90.14
Mar.
1.
121.86
27.58
19.53
41.30
106.83
94.43
50.84
109.00
90.28
Mar.
The Commercial & Financial Chronicle
1544
March
8,
/
1941
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of
resources
and liabilities of the reporting member banks in 101 leading cities from which
These figures are alwavs a week behind those for the Reserve banks themselves.
the Federal Reserve
System
the figures for the latest week
upon
immediately preceding which
ASSETS AND LIABILITIES
we
appear
in
our
weekly returns
are
The comments of the Board of
obtained.
Governors of
department of "Current Events and Discussions
also give the figures of New York and Chicago reporting member banks for a week later.
OF WEEKLY REPORTING MEMBER BANKS IN
LEADING CITIES
101
DISTRICTS ON FEB. 26, 1941
BY
(In Millions of Dollars)
1
Total
$
New York
Boston
8
ASSETS
Loans and investments—total..
V
Cleveland Richmond
delphia
s
$
$
.
Kansas
St. Louis
apolis
City
Dallas
S
Atlanta
S
%
S
$
S
$
452
724
589
2,373
214
353
320
1,025
691
222
112
214
221
43
12
3
22 ;
I
4
1
3
4
12
6
11,698
1,230
2.006
770
701
662
3,475
480
792
295
376
3,874
1,124
Commercial. Indus, and agricul. loans
5,227
333
2,118
241
353
138
199
319
67
99
33
9
10
5
478
20
340
24
15
3
7
41
Other loans for purchasing or carrying
securities.....
455
16
213
31
19
14
12
83
191
50
182
48
35
4
1
1
1,748
139
491
100
213
727
25
158
Loans to banks....
Other loans
Treasury bills..
Treasury notes
:
132
36
Real estate loans
.
68
1,232
....
23
$
785
1,248
9,495
paper
Loans to brokers and dealers In securs.
Francisco
379
26,450
Loans—total..
Open|market
San
Minne¬
Chicago
Phila¬
Federal Reserve Districts—
385
15
16
■
•
10
12
42
386
23
2
1
1
147
68
80
73
58
180
3
11
31
2
117
82
12
1
438
13
29
12
30
8
59
~
2,555
48
1,571
"30
154
163
53
291
43
25
58
40
79
..........
7,052
326
3,136
352
636
189
98
1,110
169
110
95
100
731
Obligations guar, by U. S. Govt....
2,766
57
1,670
89
136
54
57
299
66
32
79
38
189
341
United States bonds
3,855
130
1,688
279
277
69
114
612
115
42
127
61
12,003
682
6,936
544
777
264
162
1,448
259
112
207
153
530
145
108
23
51
28
17
79
13
8
18
14
26
Balances with domestic banks...
3,473
206
240
215
400
249
240
636
213
107
321
300
346
Other assets—net....
1,255
69
485
82
92
40
48
75
23
16
20
31
274
23,431
1,415
11,813
1,114
1,618
611
469
3,141
556
326
584
544
1,240
5,454
232
753
206
190
1,006
192
115
144
138
1,106
11
1,112
33
260
356
10
24
23
29
124
12
2
9
22
57
9,253
404
4,000
473
526
373
370
1,400
432
182
443
289
361
Other
securities
Reserve with Federal Reserve Bank—
Cash in vault
M
A
M
«
459
LIABILITIES
Demand deposits—adjusted.
Time deposits
United States Government deposits..
Inter-bank deposits;
Domestic banks.....
....
626
19
572
755
21
308
15
3,836
248
1.629
217
2
.
1
17
12
18
3
-----5
8
3
4
306
100
387
5
8
38
17
Foreign banks..
Borrowings-
96
415
96
61
107
89
391
1
'•
...
«.
Other liabilities
Capital accounts
....
...
~
1
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks at the close of business
for the System as a whole in comparison
week last year.
Reserve agents
resources
and the Federal Reserve banks.
for the latest week
appear
in
our
Mar.
on
Thursday afternoon, Mar. 6,
Th? drst table presents the results
and liabilities separately for each of the 12 banks.
5,
1941
The comments of the Board of Governors of the Federal Reserve System upon the
OF THE
Feb.
26,
1941
FEDERAL
Feb.
19,
1941
RESERVE BANKS AT THE CLOSE OF
Feb. 12,
1941
Feb. 5,
1941
Jan.
29,
1941
BUSINESS MARCH 5,
Jan. 22,
1941
ASSETS
Gold ctfs.
on
hand and due from U. S. Treaa.x.
Redemption fund (Federal Reserve notes)
Other cash *..
Total
.....
.
_
.......
reserves
Bills discounted:
Secured by U. 8. Government obligations,
direct and guaranteed...
Other bills discounted............
...
Total bills discounted..
...
Industrial advances
U. S. Govt, securities, direct and guaranteed:
Bonds
Notes
Total
U.
8.
Govt,
securities, direct and
guaranteed
Total bills and securities
Due from foreign banks......
...
Bank
Other
...
....
assets....
Total
assets....
LIABILITIES
Federal Reserve notes In actual circulation..
reserve account
United States Treasurer—General account..
Foreign.....
Other
deposits......
Total
.....
deposits
Deferred availability items
Other liabilities,
Inci.
accrued dividends——
Total liabilities
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 oomblned
Commitments to make Industrial advances
Maturity Distribution of Bills and
Short-Term
47
29,402
839,957
51,367
Deposits—Member banks'
Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days industrial advances
16-30 days Industrial advances
31-60 days Industrial advances.
•61-90 days Industrial advanoes
•Over 90 days industrial advances.
Total Industrial advances
2,184,100
2,195,149
26,310
793,567
39,996
Items
premLses
2,184,100
2,194,621
47
Federal Reserve notes of other banks....
Uncollected
..
The Federal
regarding transactions in Federal Reserve notes between the
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES
Three Ciphers (000) Omitted
Wednesday.
with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
Reserve note statement (third table following) gives details
returns
on
40,062
49,483
Jan. 15,
1941
Jan.
8,
1941
1941
Mar. 6,
1940
Volume
1545
The Commercial & Financial Chronicle
152
(Concluded)
Weekly Return of the Board of Governors of the Federal Reserve System
Three Ciphers (000) Omitted
Mar.
Feb. 26,
1941
5,
1941
1941
Maturity Distribution of Bills and Short-Term
Feb.
Feb. 19,
74*800
5,
Mar.6,
Jan. 22,
Jan. 15,
Jan. 8,
1941
29,
1941
1941
1940
3
$
$
1941
I
%
%
$
74*800
'Ixi'-.
*
Jan.
1941
1941
$
$
Feb.
12,
74*800
74*866
74",800
74*800
2,109,300
2,4*7*7*, 270
74*866
Securities (Concluded)
U. S. Govt, securities, direct and guaranteed:
1-15 days
.........
16-30 days
74,800
........
31-60 days....
61-90
74*866
2,109", 300
2,109*366
2,109,300
2,109,300
2,109,300
2,109,300
2,109,366
2,184,100
2,184,100
2.184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,477,270
6,327,123
6,259,262
6,240,928
6,218,053
6,204.390
6,177,740
6,177,883
6,190,512
282,487
297,848
286,589
298,224
331,981
343,377
365,660
6,239.665
362,417
5,210,592
287,473
6,039,650
5,976,775
5,943,080
5,931,464
5,906,166
5,845,759
5.834,506
5,824,852
5,877,248
4,889,287
6,432,500
Over 90 days...^,i.........
2.109.855
Total U. S. Government securities, direct
and guaranteed,
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank..............
In actual circulation..-
321,305
Collateral Held by Agent as Security for
Notes Issued to Bank—
6,366,500
2,089
6,351,500
2,384
6,334,500
1,968
1,741
6.374,500
1,659
5,323,500
1,946
6,329,500
2,104
6.334,500
2,085
6,386,500
2,549
6,344,500
By eligible paper
Total collateral
6,434,585
6,389,049
6,368,589
6,353,884
6,346.446
6.331,604
6,336,468
6,336,241
6,376,159
5,324,115
Gold ctfs.
on
hand and due from U.S. Treasury
*
"Other cash" does not include Federal Reserve notes,
x
These
are
t Revised figures.
certificates given by the United Scates Treasury for
the gold taken over from the Reserve banks when the
1934, these certificates being worth less to the extent of the difference, the
cents on Jan. 31,
visions of the Gold Reserve Act of 1934.
Boston
New York
%
hand
on
and
%
5
5
Atlanta
Chicago
S
City
$
%
%
San
Kansas
apolis
St.Louis
5
Cleveland Richmond
delphia
ASSETS
certificates
Minne¬
Total
Dallas
307,261
491,114
415,569 2,867,576
603,464
20,030,246 1,219,688 9,758,211 1,070,931 1,399,179
Francisco
S
5
$
s
due
from United States Treasury
MAR. 5, 1941
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
Phila¬
(000) Omitted
Federal Reserve Agent at—
Gold
dollar was devalued from 100 cents to 59.06
difference Itself having been appropriated as profit by the Treasury under pro¬
,
,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Three Ciphers
615
•
307,407 1,160,607
429,239
10,244
898
1,757
595
746
1,056
1,286
711
543
253
294
942
1.163
319,789
26,670
77,893
26,044
22,076
17,843
23,980
44,753
14,791
6,662
17,230
12,090
29,757
Total reserves................... 20,360,279 1,247,256 9,837,861 1,097,570 1,422,001
622,363
440,835 2,913,040
506,448
314,176
446,763
21
25
139
48
68
275
323
Redemption fund—Fed. Res. notes.
_
Other cash *
320,439 1,191,527
Bills discounted:
8ecured by U.
S. Govt, obligations,
10
12
50
193
50
14
11
11
35
25
207
768
340
360
2
250
72
277
524
144,046
39,320
64,518
27,532
45,177
51,073
35,762
106,137
100,864
60,661
42,477
18
213
2,242
1,753
914
7,715
Industrial advances................
181
1,372
10
2,244
Total bills discounted..........
18
1,211
161
1,653
591
direct and guaranteed.........^.
Other bills discounted
U. S. Govt, securities, direct & guar.:
Bonds
93,212
65,269
260,490
102,835
72,007
126,632
899,500
88,671
70,666
49,410
53,587
37,522
2,184,100
158,481
632,503
174,842
216,303
119,976
91,109
244,910
103,138
66,852
109,695
86,835
180,456
...
2,194,059
159,405
635,628
177,277
215,566
120,762
91,460
245,305
103,165
67,309
110,090
87,112
180,980
......
.........................
1,284,600
Notes..................
372,013
Total U. S. Govt, securities,
direct and guaranteed
Total bills and securities.
74,319
4
47
3
18
5
4
2
2
6
1
1
1
21,563
521
1,586
847
1,723
3,172
2,456
2,315
1,199
1,531
739
1,792
90,652
3,682
61,764
34,164
111,661
3,029
43,309
18,111
31,394
36,834
48,717
2,311
2.387
1,362
3,011
1,700
2,592
1,211
2,220
2,831
5,797
Due from foreign banks..;..........
Fed. Res. notes of other banks
see a
888,648
76,366
281,790
53,886
39,896
2,824
9,667
4,526
4,562
54,238
3,725
15,087
4,746
5.766
2,578
3,245
Total assets..................... 23,558,730 1,490,100 10781637 1,338,857 1,740,274
814,396
573,795 3,281,294
659,936
403,857
595,382
290,634
201,436 1,295,085
227,157
160,450
211,567
100,510
496,380
275,088 1,642,568
20,103
76,828
93,098
27,153
280,342
167,869
247,368
750,154
64,198
26,477
285,462
23,275
23,274
17,068
22,499
24,087
59,005
10,009
6,503
8,367
24,902
22,499
5,249
328,223 1,828,701
339,603
300,018
865,225
Uncollected Items
Bank
premises....................
Other
assets
i
1,984
2,178
LIABILITIES
6,039,650
F. R. notes In actual circulation
487,686 1,592,526
419,716
556,503
Deposits:
14,136,067
Member bank reserve account
Foreign..
Total
713,226
966,228
78,142
12,530
398,486
11,612
71,375
33,360
1,121,057
12,784
56,265
620,207
15,748
75,254
651,245
...................
Other deposits....._.....
826,590 7,582,686
6,763
518,593
24,965
390,686
U. S. Treasurer—General account-
....
902,402 8,799,628
16,299,055
deposits..
74,032
Other liabilities, incl. accrued divs...
31,979
829,193 1,060,691
449,631
377,823
217,917
55,191
88,465
57,933
30,427
109,767
43,156
15,722
32,869
36,493
41,269
306
354
323
150
375
131
121
108
130
157
560,236 3,233,928
648,267
394,210
584,147
4,787
14,654
4,246
5,725
22,824
4,925
2,975
3,152
4,503
3,613
713
1,429
8,459
533
1,965
1,000
2,520
1,138
1,981
260,572
387
845,896
3,360
Deferred availability items.........
16,207
5,879
6,173
10,558
4,795
448,556 1,430,646
818
Total liabilities.................. 23,187,961 1,464,507 10653 544 1,304,406 1,706,013
798,521
CAPITAL ACCOUNTS
437,151 1,403,031
4,261
3,974
1,263
11,664
1,907
3,045
Capital paid in..
139,629
9,349
51,516
11,887
14,376
Surplus (Section 7)
157,065
10,906
56,447
5,411
5,247
2,874
2,464
15,144
4,393
14,323
7,070
13,060
3,027
1,007
4,555
3,244
1,973
1,490,100 10781637 1,338,857 1,740,274
814,396
573,795 3,281,294
659,936
403,857
595,382
448,556 1.430,646
768
441
8
168
45
35
2.403
26,785
Surplus (Section 13-b)
Other capital accounts
47,290
.......
Total liabilities and capital acc'ts.. 23,558,730
179
5,893
Commitments to make Indus, advs..
*
,
258
1,584
"Other cash" does not include Federal Reserve notes,
a
Boston
New York
$
Total
S
delphia
Minne¬
Chicago
San
Kansas
apolis
City
St. Louis
$
S
$
S
Atlanta
S
Cleveland Richmond
'
s
Federal Reserve notes:
2,121
RESERVE NOTE STATEMENT
Phila¬
Omitted
of—
Federal Reserve Bank
$
S
S
Dallas
Francisco
$
$
-
—
238,653
11,496
219,564
76,869
220,935 1,326,708
31,623
19,499
164,658
14,361
4,208
7,997
109,949
9,439
487,686 1,592,526
419,716
556,503
290,634
201,436 1,295,085
227,157
160,450
211,567
100,510
496,380
6,039,650
450,000
580,000
325,000
225,000 1,340,000
244,000
165,500
225,000
114,000
574,000
510,000 1,680,000
10
1,308
25
207
323
450,194
244,025
165,707
225,323
574,000
510,010 1,681.308
114,000
6,434.585
Bank
In actual circulation
578,993
22,490
304,995
19,060
2,085
Held by Federal Reserve
507,068 1,669,395
438,776
547,429
6,327,123
287,473
6,432,500
Issued to F. R. Bank by F. R. Agent
Collateral held
2,334
10,785
Less than $500.
FEDERAL
Three Ciphers (000)
'
19,382
51,049
by agent as security
banks:
for notes issued to
Gold certificates on hand
from
and due
United States Treasury
Eligible paper......
Total collateral
United States Treasury Bills—Friday,
Rates
580,000
March 7
325,018
225.000 1,340,000
Figures after decimal
April 23 1941.
Natl Defense Series
12 1941
Mar. 19
1941
Mar. 26
1941
April 2 1941.....
April 9 1941
April 16 1941
United
April 30 1941
0.06%
May 28 1941
0.06%
0.06%
0.06%
0.06%
Treasury Bills
June
4 1941
0.15%
States
York Stock
Asked
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
May
May
7 1941
14 1941
May 21 1941
Government
Securities
Exchange—See following page.
I
point represent one or more 32ds of a point.
Int.
Int.
Bid
Asked
Notes—Friday, March 7
Quotations for U.S. Treasury
quoted are for discount at purchase.
Bid
Mar
18
194
0.06%
on
the New
Maturitv
Mar. 15 1941...
June
15 1941...
Dec.
15 1941...
Mar. 15
1942...
Sept.15 1942...
Deo.
15 1942...
Mar. 15
June
1943...
Rate
1X%
1M%
IH%
1H%
2%
1*%
%%
16 1*43...
Transactions
Rate
Maturitv
Asked
Bid
Sept. 15 1943...
100
15 1943...
101
101.2
Dec.
101.17
101.19
Mar. 16 1944...
101.31
102.1
June
103 7
103.9
Sept. 15 1944...
103.3
103 5
Mar. 15 1945...
100.23
100.25
102.3
Bid
Asked
101.26
101.28
102.9
102.11
101.20
10122
Nat. Defense Nts
102.1
1%
1H%
at
Daily, Weekly and
the
New
15 1944...
Sept. 15, 1944
Dec. 15. 1945.
York
1%
H%
100 22
100 24
101 23
101.25
H%
100.21
100.23
H%
H%
99.21
99.23
99.10
99 12
1%
Stock
Yearly—See page 1561.
Exchange,
March
1546
8, 1941
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales
account is taken of such sales in
computing the
for the year.
United States Government Securities
Below
furnish
No
disregarded in the day's range, unless they are the only transactions of the day.
are
range
the New
on
York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a poivi.
we
a
1 Mar.
Daily Record of U. S. Bond Prices Mar.
3 Mar.
4 Mar.
5 Mar.
6 Mar.
119.8
Low.
119.8
Close
4^8, 1947-52
Daily Record of U. S. Bond Prices Mar.
7
High
Treasury
119.8
Treasury
112.14
112.12
Low.
II
Close
112.12
Low.
112.16
112.14
112.12
112.12
Close
112.16
112.14
112.12
112.12
4
4
14
—•
1
1
1
I
Total sales in $1,000 units..
100.1
(Close
1
7
105.25
V mmrn
107.2
107.4
:mmmm
105.28
105.25
mmmm
105.30
107.2
(Low.
Close
107.10
107.8
107.10
107.10
(Close
107.10
107.8
107.10
Total sales in $1,000 units...
*2
(High
2s, 1947
(High
108.7
108.6
108.6
108.6
108.7
Low.
108.7
108.6
108.6
108.6
108.7
108.7
Close
Total sales in $1,000 units
108.6
1
108.6
108.6
1
110.13
110.12
110.14
Low.
110.20
110.13
110.12
110.14
Close
110.20
110.13
110.12
110.14
Total sales in $1,000 units...
2
1
5
High
1
2s, 1953-55
3 Ks, 1949-52
3Xb, 1944-64
(Close
109.27
Close
109.27
Close
Total sales in $1,000 units...
2
Total sales in $1,000 units...
High
110.22
(Low.
110.22
Low.
109
Close
Total sales in $1,000 units...
108.22
109
■
109
4
Home Owners' Loan
2X3, 1942-44
1
1
1
I
1
|
1
1
•
1
•
•
1
•
1
I
•
•
I
1
•
II
1
107.30
107.22
107.23
108
I Close
107.30
107.22
107.25
108.
20
5
25
(High
*
Odd lots sales,
Note—The
108.2
•107.27
107.30
Close
Total sales in $1,000 units...
107.30
bonds.
108.5
107.27
108.5
107.27
.mmmm
102.20
mmmm
1
iH
I
II1I1 III111 It1ilI
I
•
1
1
1
1
1
1
•
•
1
•II
1
t
•
1
•
1
•
1
I
I
1
1
1
1
1
1
1
1
1
1
1
»
1
1
1
1
1
1
i
11t
111
1
1
1
I
1
I
1
1
1
1
1
1
1
t
1
1
1
1
1
1
1
•
1
1
I
1
it
•
1
1
1
1
1
1
1
1
106.20
mmmm
106.20
—
1
Jl
II"
1
1
1
1
1
....
1
1
1
1
106.20
1
1
1
1
1
I
«
1
I
I
mmmm
1
1
II
II
1
1
1
1
1
mmmm
1
1
1
-
-
-
-
mmmm
....
m
mm
«.
.
-m
mm m
102". 16
«...
....
mmmm
102.16
102.16
t+mm'm
....
mmmm
mmmm
....
*1
IIII
.
m mm m
table
J Cash sale.
includes
only
Treasury 3^8 1943-1947
1 Treasury 314s, 1943-45
5 Treasury 2s, 1948-1950
10
sale
of
coupon
Transactions in registered bonds were:***^**
1
108.5
*1
3
102.20
1
1
1
t Deferred delivery sale.
above
10
Low.
I
1
(Close
108.6
(High
»
1
1
Total sales in $1,000 units...
108.6
Total sales in $1,000 units...
1
•
1
(Low.
lHs, 1945-47
1
II
1
•
1
(High
108.6
Low.
Close
108.
1
1
1
(Close
107.25
1
t
mmmm
1
I
I
•
it
it
Total sales in $1,000 units...
107.24
1
I
1
1
Low.
108.4
(Low.
254 s, 1958-63
1
1
1
•
1
1
«
1
*
•
1
II
....
(High
108.4
Total sales in $1,000 units...
•
I
Low.
108.4
107.31
254s, 1956-59
1
I
1»1
1
I
1
1
Close
(High
i
I
I
1
Total sales in $1,000 units...
Total sales in $1,000 units...
■*
1
(High
3s, series A, 1944-52
2
(High
(Low.
(Close
2Hb, 1951-54
1
(Close
108.6
2^s. 1948-51
1
1
•
t
t
Total sales in $1,000 units...
108.6
2
i
(Low.
254s, 1942-47...
108.7
108.14
»
(High
109
108.15
108.14
•
1
'■mm mim'
102.20
1
(Close
108.15
Total sales in $1,000 units...
2^8, 1945-47
I
1
■
til! 1I1 tt1 1I til ii i i i 1
1
I
•
(Low.
109
35
108.14
I
1
Total sales in $1,000 units...
108.17
108.17
(High
(Low.
(Close
•
•
m m mm
l
-
1
(High
108.17
10
1
t
-
1
1
1
mmmm
2
•
1
Low
3s, 1942-47...
1
109
(High
2%b, 1955-60.....
(High
110.22
(Close
1
1
Low.
Total sales in $1,000 units...
I
1
mm
■
-
IC
I
•
.mm
102.6
1
I
1
1
.
•
ii
1
102.6
I
1
104.8
IIII
»
t
t
1
.
104.8
l
1
102.6'
1
Total sales in $1,000 units...
3s, 1944-49...
fil!
»
Low.
109.27
3s, 1951-55
1
•
1
(High
......
1
i
mm
(High
Close
Total sales in $1,000 units..-
3s, 1946-48..
1
1
Low.
Total sales in $1,000 units.
Federal Farm Mortgage
..(Low.
•
1
1
Close
High
1
1
1
-m
104.8
1
til
•
1
t
•I
Total sales in $1,000 units.
mm m m
1
I
l
«
1
•
(Close
5
110.22
1
m
103.31
1
I
1
I
(High
108.7
1
(High
I
(Low
2s. 1948-50
II
I ! I * *•1
.(Low.
.
.
103.31
•
I
.11
(Close
7
1
mmmm
5
•
•
107.8
'
mmmm
loVii
103.25
mm mm
Total sales in $1,000 units..
1
107.10
Total sales in $1,000 units..
■
103.25
(Close
101.25
Total sales in $1,000 units.-
m
mmmm
mmmm
Low.
2Xb, 1954-56
mm
V*/
mmmm
103126
1
"
....
mm mm
1
'mm
^m-mm
mmmm
....
j
1i
•
mmm m
'"mmmm
1
'mmmm
mmmm
■
mmmm
(High
101.25
(High
(Low.
1
mm* mm
mmrnm
Total sales in $1,000 units...
101.25
3
mmmm
.
•
(Close
Low.
3Ks, 1946-49
2
(High
(High
mm.mm
105.30
254s, 1951-53
20
1
mmmm
;
105.30
105.25
107.2
107.4
Total sales in $1,000 units...
3^8. 1944-46
*5
Total sales in $1,000 units...
107.4
Low
(Close
3^s, 1943-45
10V.2 b
105.21
105.23
105.31
100.1
(High
.
1
105.28
2Hs, 1950-52...
Total sales in $1,000 units...
3^8, 1941
1
1
'mm.mm
(High
(Low.
(Close
100.1
Low.
„•
1
Total sales in $1,000 units...
(High
3^s, 194-3-47
105.18
1
1
105.18
105.26
lit1t!* •lifit 1111 111•r1
1
•
1
II
105~. 19
105.26
Close
(Close
3Hb, 1941-43
105.26
Low.
2 Hb. 1949-53
1
I
(High
(High
j Low.
3^8.1946-56
7
.
1
1
Low.
Mar
....
I
I
1
Total sates in $1,000 units...
2Mb, 1948
6
I
t
1
1
Close
3
t
1
5 Mar.
I
I
(High
Total sales in $1,000 units...
4s, 1944-54
4 Mar.
I
1
Total sales in $1,000 units...
1
112.16
3 Mar.
(High
2^8, 1945
Total sales in $1,000 units...
(High
1 Mar.
(High
108.13
108.9
108.1
108.13
108.22
108.13
108.1
108.1
108.13
108.22
108.25
(Close
108.13
108.1
108.1
108.13
108.22
108.25
3
1
5
United
*6
to 107.6
1Q4.1
to 104.1
United States
Total sales in $1,000 units...
107.6
_
108.25
Low.
106.29 to 106.29
254s, 1960-65
•
7
15
Treasury Bills—See previous page.
States Treasury Notes, &c.—See
previous
page.
New York Stock Record
LOW
AND
48
Mar
SHARE,
*4734
*116% 118
Mar. 6
Mar. 7
$ per share
*47h
48%
*116% 118
$ per share
*48i8
4834
116i2 118
*37
41
*37
41
*37l2
41
*43
45
45
45
45
45
5%
578
*20
22
*20
22%
*1434
15%
38%
%
*1434
15%
*1434
38%
h
5%
22l4
15%
3838
*20
38
*%
♦
72
4%
*7i»
4%
%
*7%
8
*6%
7%
17
17
*20%
21%
9%
9%
146% 146%
*12%
10%
13
13
6%
6%
*75
76
*29
29%
16%
*15
*1
1%
38
%
*
72
4%
716
*7%
6%
*16%
*h
8
6%
17
20%
72
*4i2
*7u
734
*16U
21
*1078
*12%
*13
5%
13%
6
75
75
2834
29
*15%
*1
16%
1%
9%
146
*
5%
6
5»4
*20i2
1478
38
4l2
7
'16
146
*1078
13i8
17%
95g
147
12i8
1314
578
534
15l2
8i8
45
45
143s
14-%
14%
45
45l2
7i8
47
45
46%
634
46
46
46
47
6
6
*634
*4534
6
*534
6
Bid and asked prices; no Bales on this day,
*1
*12l2
44I2
I4l2
7
400
38%
6,500
%
1,100
Air Reduction Inc
No par
Air Way El Appliance..No
par
2",200
Alabama & Vicksburg Ry.100
Alaska Juneau Gold Min.._10
38%
*
412
7i«
8
8
578
47
578
2,000
200
72
*%
46%
7%
120
2078
15
43s
114
Feb 20
5%
716
14%
45%
14%
53
4X% oonv preferred
100
Abraham & Straus
No par
Acme Steel Co
25
117
400
2078
1434
634
1438
114
1412
Feb 21
41
412
16U
I6i2
21i8
21%
*93g
9%
#144% 144I2
*1078
lll2
13%
14
534
6%
73%
73%
28%
2934
1514
1514
$ Per share
46
4534
6
%
8%
$ Per share
Abbott Laboratories...No par
*4378
6
72
Par
Highest
100
*37%
2H2
1478
383s
700
500
634
1678
800
21%
9%
4,500
145% 146
*1078
11%
1334
1378
1,300
*16%
21%
9%
534
73
29%
*14%
1%
*12%
4478
*14%
6%
73
2934
15
1%
14%
45
1478
46
4634
*6%
7
4778
*4 6
578
t In receivership.
300
400
45
19%
Feb 20
14
Jan 17
3634 Feb 14
% Jan
$2.50 prior
7
pref .No par
Alghny Lud Stl Corp
No par
Allen Industries Inc
1
Allied Chemical & Dye.No par
5
Allied Mills Co Inc.._.No
par
5% preferred
Allls-Chalmer8 Mfg
Alpha Portland Cem
Amalgam Leather Co Inc
16
1,100
2,400
800
Feb 15
1934 Feb 15
9% Feb 14
zl44%Mar 6
10% Feb 1
11«4 Feb 3
5% Feb 14
No par
700
Feb 14
578 Feb 17
conv
43%
5I84
734
2234
15%
42%
Jan
Year 1940
Lowest
2
Jan
110
May
Feb
30
May
Jan
34%
4%
16%
12%
36%
6
% June
10% Jan 9
9% Jan 9
21% Jan 10
534 June
4% May
14%
12%
Jan
7
24
Dec
Jan 17
% Jan 14
5
25% Jan
6
11% Jan
2
165
Jan
7
11% Jan 11
May
15% May
634 June
135% June
1
Jan
Apr
Jan
79
7
80
Jan 28
4
37
Jan
4
2134 May
4178
6
1734 Jan
8
11
18
4
Feb 13
June
2
.8
6
June
50
Mar
6
35
June
1
5% Feb 11
8% Jan
2
Cash sale,
12
x
Feb
Ex-dlv.
5
y
Apr
9%
8% Jan
r
182
8
58% Jan
Corp
26% May
1234 Apr
Mar
1
Jan
7% Jan
Feb 19
Bosch
Jan
14
6% Feb 14
42®4 Jan 2
New stock,
Jan
1%
1684
40
»
Mar
7
June
8% May
10
6% preferred
77
10
10
American
Jan
27% Apr
19% Jan
58% Jan
78 Mar
6
Am Airlines Inc
180
9
Mar
14
American Bank Note
500
Nov
4% May
55
May
73
Apr
60
28% Mar
15% Mar
100
No par
Feb
4
Jan
41% Feb 14
14% Feb 28
delivery.
46%
Jan
Jan
6% conv preferred
50
Amerada Corp
No par
Am Agrlc Chem (Del)..No par
578
147
% Jan
Jan
1%
15%
50%
1734
a Def.
Highest
$ per share $ per share
49% Dec
70% Feb
May
May
June
June
June
% May
60
May
4
May
6
4% Feb 19
38 Feb 26
Allegheny Corp
No par
i>X% Pf A with $30 war.100
5X% Pf A without war. 100
200
'MOO
Feb 14
5% Feb 14
10
No par
600
Jan
Addre8s-Multigr Corp
Allied Stores Corp.
4,800
7
38%
Adams Express..
No par
Adams-Millis Corp....No par
Allied Kid Co
6,800
4,200
Range for Previous
100-Share Lots
Lowest
Shares
*11612 118
45
612
21
$ per share
*4«
48%
*12
*65
*4434
7
45
1*
47
49
♦11612 118
*3712
41
*12l2
4534
14%
5%
6
*4778
1
*44%
44
8%
*6i4
*16U
*2034
95s
$ per share
13l2
4534
15
7
14612
1112
13i8
*778
29
4534
44
9%
4l2
71#
2812
1512
*44%
*45%
712
21
716
%
72
2938
1534
1
*14%
4434
634
38i4
%
283s
*1512
*12
47
3778
*67i2
4l2
74
14
634
1434
74
*11%
4434
1434
7412
14
*45%
t
578
20
578
7412
*1134
14%
4%
%
734
6%
*6
20%
*9%
9%
146% 146%
*10%
11%
534
20
58
*
4%
716
Range Since Jan. 1
On Basis of
Week
45
5%
EXCHANGE
Mar. 5
41
6
STOCKS
NEW YORK STOCK
the
Friday
Mar. 4
3
48%
Sales
Thursday
45
38%
CENT
Wednesday
*37
*534
NOT PER
Tuesday
$ per share
48
*116% 118
SALE PRICES—PER
Monday
Mar. 1
$ per share
HIGH
for
Saturday
47
Jan
1% May
2%
Dec
Jan
Nov
Jan
Jan 15
9% May
18
Apr
Jan 24
38% May
58%
Apr
12% May
21
Jan
4134
75
1234
Apr
Apr
50
Jan
Jan 10
Ex-rights.
Jan
5% June
9% May
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—page 2
152
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Mar. 1
Mar. 3
Friday
Mar. 4
Mar. 5
Mar. 6
Mar. 7
$ per share
35
35
$ per share
$ per share
Range Since Jan. 1
On Basis of
Week
Shares
$ per share
*34
$ per share
36
*12534 130
*1%
1%
85
85
*179
$ per share
35
36
35%
12534 12534 *12534 130
*34%
1%
1%
181
*178
35
183
26
25
255g *25% 26%
*25% 25%
25%
26%
59
59
*57%
59
58% 59
58%
58»4
2034
20«4
19»4 20% Z1934
20
*20% 20%
20%
20%
*106
111
*107% 111
*107% 111
*107% 111
*107% 111
109
109
109
109
108% 108%
109
109
*108% 109%
*10
12
*8
*47*
12
*821*
1%
*10
8%
5%
125s
84
12
*784
*4%
1178
*8234
1%
*1%
*4%
*10
8%
5%
125s
85
*418
*"l»
5
%
*I!1I
16U
16%
1534
1%
5
7g
1534
25s
234
2%
2%
12
14%
*13
3334
34
3%
*334
49
*47%
1%
2OI4
*19
4
1%
8%
*""i00
*4%
100
13
847g
1%
4%
847g
847g
1%
4%
*1%
*4%
178
*84%
*1%
*4%
5%
13%
85%
1%
*»16
7g
*1534
16%
*13
12%
*84
14%
47
1%
3%
*26%
317g
*26%
47
47
1%
20
47%
1%
*19
378
378
334
*12%
13
51%
*12%
13
50
50
378
127g
50
20
4
13
13
13
13
*3%
*1234
*46%
1234
83%
83%
83%
83%
*83
13%
84%
13%
314
13
13
13
13
*12%
13%
3
3
*2%
*27g
3%
17%
17%
*17
3%
17%
111% 111%
24%
24%
2%
2%
40% 40%
111
1314
1234
5158
13%
83
13%
*48
*3
*17
17l2
*111% 115
*247g
2%
1%
20
25%
23g
*4012 42
35% £35%
6%
6%
*140
15512
*48
34
34
17
112
z25%
3334
13U
6%
6%
6%
'140
155% *140
155%
13%
13
1234
13%
13%
65
65
6
156
;M:: 800
*27%
*47%
1%
48
1%
1,200
*19
20%
100
4
4
*46%
84%
*155
6%
14.
14%
*24%
2%
340%
333%
6%
*155
14%
14%
9,900
65%
64
66
6478
65
63% 65%
65% 66
534
578
5%
534
6
*5%
6
*5%
6
X *5%
*734
8%
*734
8%
*8
*77g
8%
8%
8%
8%
3334
*32%
3334
34
3334
3334
33% 34
337g
34
3434
40
40%
4012
39
39% 40%
40%
39%
39% 40%
40%
40%
*140
14334 *140% 14334 *14078 14334
143
*140
14234 143% *140
14134
50
50
50
50
*49%
50
50
50
*497g 50
49%
50
*139 K'&Ui *139
150
*139
150
*139
150
*139
150
*139
150
1,470
1,400
5%
*8
65
2278
22%
2234
1058
105S
12%
*10%
*1H2
*15
1534
1434
11
1134
1434
*84%
8478
1378
84
84
*13%
*1278
160% 160%
6834
6834
6978
6978
*149% 150%
5%
5%
*85
6
93%
6%
*54%
5478
5%
578
*49%
24
*25%
*12%
6%
6
II84
14%
160% 16034
67%
68
6834
69%
*113
*978
*1%
10%
2
*11058 11034
4%
4%
*53%
54%
*50
68
*29
29%
*7%
*4%
8
5
23
10
10
10
12
1434
1134
15
*82%
*13%
*1134
1434
*82%
*13%
85
14%
1607g 162
68
2338
*50
24
*12%
13%
*13
5%
5%
113
678
55%
6%
6%
*113
*9%
1034
*10
2
28%
*27
*1%
*51
55
24
55
24%
31%
13%
25
*27%
*13
31%
13%
*113
----
10%
10
2
28%
27
103s
2
27%
*50
68
*50
29
29
*7%
4%
7%
4%
*7%
4%
778
4%
*7%
*4%
*50
29%
5
7%
5
*78
82
*78
81
*78
8
87
*85
90%
*87
95
*87
93
*33%
*9334
34%
*33%
34
*33%
*9334
22%
34
95
*33%
34
*33%
9334
9334
*94
23
22%
23
63%
64
64
64%
14%
15
14%
16
95
*9334
23
23
2134
63%
64
~
15%
63
6
6%
95
22Ts
63
14%
14%
*14%
1534
*18%
18%
18%
*21%
21%
21%
21%
*108
110
*108% 110
7%
67S
7
7%
16%
19
*15
6%
6%
18%
18%
*1434
18%
21%
21%
21
110
678
47%
47%
110
7
47%
*109
6%
47%
*80
6%
6%
22%
7
48
68
*62
69
*62
69
*62
*113
114
*113
114
*113
114
114
26%
69
114
6%
*178
3%
6%
2
16
3%
*534
634
*1%
14%
2
14%
3%
3%
*534
*1%.
*14%
3%
4734
*534
*1%
14%
15
2
3%
155
Feb 17
American Rolling Mill
4H%
25
conv preferred
Amer
Smelting & Refg.No
Preferred
par
100
...25
American Woolen..
10
No par
Preferred..... ....^.,..100
Amer Zinc Lead & Smelt
1
25
Anaconda Copper Mining. .60
$5 div preferred
Andes
Copper
No par
.500
Armour & Co of Illinois
$6
*113
114
6%
2%
19
3%
conv
prior pref
5
No par
3,300
1,600
..100
5% preferred
100
Atlantic Coast Line RR
1
5% preferred.
100
100
25
Atlantic Refining....
4%
A...100
Atlas Corp................5
6% preferred...
50
conv pref series
Atlas Powder.
40
100
Atl G & W I SS Lines
No
par
5%
conv preferred
.
.100
Atlas Tack Corp......No par
Austin Nichols
"""no
No par
17,600
173,200
Aviation Corp of Del
6,000
Baltimore & Ohio
100
434
5
*434
5
4%
4%
5
5%
100
5%
5%
534
1,500
1,000
4% preferred
*5%
*25%
5%
534
26%
8%
25%
25%
90
8%
8%
1,300
7
*634
7
300
29%
29%
2934
150
8%
8%
9
678
8%
6%
*28%
29%
*28%
29%
*28%
29%
8%
8%
22%
29%
*8
8%
8%
22%
8%
23
29%
22-%
*28%
*111%
*22
*100
*100
*29
*112
*7%
*11
2134
22%
29
29%
7
*8%
8%
8%
*634
29%
7
29%
r'm
8
8
8%
8%
23% 23%
23% 23%
29% 29% *29% 30
*111% 11134 *111% 11134
22
22
22% 22%
*103
10634 *103
10634
*103
10634 *103
10634
8%
23%
29%
11134 *111% 11134 *111% 11134 *111% 11134
*22
22% *22
22%
22%
22% *22
10634 *100
10634
10634 *100
10634 *100
10634
10634 *100
10634 *100
10634 *100
*29
*29
30
*29
*29
30
30%
30%
28%
29
30%
117
*112
117% *114% 117% *115
117% *115
117% *115
117%
*7%
7%
*7%
7%
*7%
7%
*7%
7%
7%
7%
7%
*11
*1034
11%
11% *1034
*1034
34%
3434
35:% 36%
34%
35%
34% 3534
34% 35%
347g
.20
20
20
19%
1934
19%
19%
20% *20
20%
1934
*29
22%
29%
....
3434
1934
*55
27%
78
*122
57
27%
7834
123
57
*56
27%
27%
*27
76%
78%
*56
*12178 122
*25
26%
*25%
26%
19
19%
8%
1834
19%
8%
8%
17%
8%
*16%
*1134
*79%
♦
*6%
8%
*6%
*28%
17%
15
92
*16
11%
*80
76%
122
*25%
19%
8%
57
*56
2734
27% 27%
27% 27%
*27% 2734
79
76%
79%
79%
76% 783g
125
*123
126
122% 122% *122
27
27
27% 27%
26% 26%
19% 19%
1934
1934
19%
1938
78%
122
26%
19%
8%
8%
1634
*16
11%
*11%
13%
*11%
*82
89
85
8%
*56
*11%
*11%
13%
*85
90
*85
90
*16
13
85%
8%
*16
t In receivership,
8%
Feb 24
Jan
54
4
Feb 14
Feo 20
Feb 19
Jan 29
Bangor & Aroostook
...50
Conv
5% preferred
Barber Asphalt Corp.
100
10
Barker Brothers
May
May
May
25% May
4% May
Dec
32
Apr
35
6
20
May
41%
Apr
Jan
14% Jan 11
113
Mar
4
30
Jan 13
12% May
107
8
June
May
I84 June
23
June
97% June
May
60
60
Jan 20
58%
5% Jan 25
34% Jan 10
8% Jan 13
684 Jan 10
90
Jan 14
7% Jan
9
9
Jan
22% May
6% May
3% May
96% Jan
43g May
""600
10
14,600
1,900
"""500
10,300
No par
Best & Co
Bethlehem Steel (Del) .No par
7% preferred
400
100
700
Bigelow-Sanf Carp Ino-No par
1,800
1,700
Black <fc Decker Mfg C0N0 par
7
35% Jan 23
29% June
95% Jan 29
24% Jan 23
82
May
2
13
May
67% Jan 24
39%
9%
8%
9%
18%
May
May
June
June
64%
23%
2238
22%
May
27% May
60% Jan 2
13% Feb 14
13% Feb 15
16% Jan 2
a;2034 Feb 20
108
Feb
6
6% Feb 14
47% Feb 14
63
Feb 19
11234 Feb
6
Feb
4
4
1% Feb 27
14
8
Feb 14
Jan
4
2
Feb 14
6% Jan
17
Bliss & Laughlin Inc
""loo
60
28
17% Jan 28
18% Jan 11
19%
24%
110%
7%
49%
Jan 10
Jan
2
Jan
2
Jan 2
Jan 14
72% Jan
9
118% Jan
4
8
102
June
7
May
5
45
Mar
100% Mar
25% Jan
111
Feb
5
28% Feb 17
9% Mar
51
57
May
80% May
112% June
4
10
May
4
Aug
2
12% May
19% May
4% Jan 10
684 Jan 10
284 May
3% May
434 Dec
24% Dec
14%
52%
Jan
Apr
May
16%
8%
30%
Dec
Jan
1%
May
Feb
%• Feb 25
6
Jan
Jan 29
7% Jan 15
114
Jan
7
2434 Jan 11
104
Feb
5
31% Jan
3
126
Jan
6
8% Jan 24
11% Mar 4
20% Jan 10
3
56% Jan 13
27% Feb 20
74% Feb 19
121% Feb 20
24% Feb 14
17
Feb 17
7% Feb 19
16
Feb 19
Feb
6
7
3734 Jan 28
Jan
Apr
Dec
2% Jan 11
20% Jan 11
5% Jan 6
Feb 14
66
Apr
12434 Jan
8% Mar
5% Mar
32% Mar
88g Apr
19% Jan 31
33
Deo
Jan
43% June
8% May
4
18% May
6%
Jan
8
Jan
32
Jan 16
89% Jan
131%
27%
21%
10%
1838
Feb
Jan
Jan
Jan
3
Jan 28
6
May
112%
102
June
105
29% May
102
May
7% June
10
24%
17%
49%
22%
63%
Nov
May
May
June
May
May
109% May
14
May
15
May
534 May
13% May
Jan
Jan
1338 Jan
2534 Dec
3684 Apr
115% Mar
3534 Apr
105
..No par
Blaw-Knox Co
Jan
5
Jan
117% Feb 13
7% Feb 19
10% Jan 14
Beneficial Indus Loan..No par
Pr pfd $2.50 dlvser'38No par
Apr
Mar
104
20
11
9% Jan
102
July
18
Preferred x-warrants.No par
Beech Creek RR
....60
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx Aviation..
...6
Apr
Apr
Apr
68
92% Feb
Beech-Nut Packing Co
170
4384
Deo
Feb 17
$5 preferred w w
Dec
Apr
Dec
22
100
f 1st preferred
7%
64%
95
25
No par
Beatrice Creamery...
111%
9
84
7% June
23% Dec
20% May
111% June
200
15% Nov
4% Apr
35% Feb
Aug
65
9% Jan 10
24% Jan 6
30% Jan 24
par
22% Mar
113% Aug
49% May
Feb 19
Feb 3
Feb 4
Jan 24
1
No
8% Nov
54%
7%
1834
27%
111%
Bath Iron Works Corp
Apr
Dec
May
May
Bayuk Cigars Inc..
12
61%
June
7
500
Mar
18
2934 Mar
1,200
9,200
Feb
18
35
Jan 20
5
93
3
May
No par
5H% preferred.........50
Feb
152% May
333s Jan
14% Apr
17% Jan
23% Feb
6
4
5% Feb 19
Apr
Jan
35
7% Feb 18
70
6% Nov
12% Jan
101% Apr
Jan 27
4% Feb 19
90
Jan 14
54
2% May
5% May
83% June
Dec
68
Jan 20
41% Dec
155% Dec
2784 Jan
111% Jan 16
2834 Feb 17
Mar
175% Mar
89% Apr
9134 Apr
153% Oct
4% Feb 14
47% Jan 3
imMar
v
9% May
6
4
12% Jan 7
2% Jan 17
1% Feb 27
Rights
Barnsdall OU Co...
57
8%
16%
13%
8%
16%
Bid and asked prices; no sales on this day.
*56
57
92
*16
....
57
8
29% Jan 29
10% Jan 10
Baldwin Loco Works
3%
*8%
*634
8% Jan
24
4,800
3%
*25
Feb
Jan
60% Jan 13
Feb 14
May
19% May
66%
Jan
7% Jan 10
99% Jan 11
Feb 14
139
Dec
163
6884 Dec
136
June
Jan
19
15%
3%
27
6%
5184
22%
2984
1234
111%
49%
11% May
Jan
7
Feb 14
May
145
1334 Feb 14
3% Mar 3
4% Feb 15
5% Jan 6
*14
15%
3%
4%
*5%
25%
61
Jan
Jan
159
8934 Feb 27
6% Feb 24
May
30% May
122
1234 May
70% Dec
t c.,13
%J8
1434
25%
14%
16884
73%
74%
May
11
3% Feb 27
3%
26
87g
7%
Jan 31
Feb 19
Mar 3
Feb 15
149% Mar 6
6
Feb 14
Jan 15
5
Jan
(The)-.3
15%
2534
_
13%
15634
67%
6734
No par
$5 prior A__
3%
26%
Jan
June
Jan 14
34
6% preferred...:
3%
26%
81
Jan 13
Assoc Investments Co.No par
Atch Topeka & Santa Fe._100
15
534
Feb 19
Jan 10
Jan 18
%J8
5%
88
13
Jan 10
Jan
14%
3%
5%
150%
28%
11%
13%
15%
9% Feb 19
11% Feb 28
5
Jan 21
99
%4
*5%
54
_
3
87
14%
3%
5%
49% Mar
Jan
Feb 19
%4
15
154
135
23
Jan
45% Jan 13
Feb 14
Feb 13
3%
'.V
37% Feb 14
142
87
14%
118
74% Nov
1234 Mar
1138 Feb
Jan 13
8% Jan 28
z80
%2
n»»
48% May
584 Dec
1
3%
4%¥ 4%
3%
73% Jan 4
30
100
15%
%4
15
18% Nov
100
900
69
114
Mining
Jan
9% May
Feb 19
....100
Jan
6
Feb 24
Common class B
Jan
10%
15% Jan
21
6% preferred
Jan
54
11% Feb 19
149
6% 1st preferred
7% 2d preferred
200
Mar
5%
63%
3
100
Associated Dry Goods
100
26
May
Jan
Amer Steel Foundries..No par
American Stores
No par
"""lOO
109
6%
48%
Jan 13
162
25
American Stove Co....No par
American Sugar Refining.. 100
2
7% Jan 10
American Snuff
"V, 700
2,900
3%
100
7% preferred..........100
21
*2
Feb 14
Arnold Constable Corp
5
Art loom Corp
No par
2,800
5,800
*534
6
"""260
66%
16%
16
19%
*14%
par
39
32% Feb 20
7% preferred..........100
66
6%
2
16
3%
San'y .No
Preferred
30
6%
48%
par
Armstrong Cork Co....No par
29,200
Mar
3484 May
28% May
484 May
""766
34
121
20% June
No
Jan
July
90
Mar
4634 Jan 13
94
*63
Jan 14
Jan
33g
25
2534 Feb 13
3% Jan 13
Jan 31
24%
184 May
1234 May
Feb 25
110
94%
109
Deo
14%
Feb 14
23% Jan 24
Armour&Co(Del)pf7% gtdlOO
34
20*4
Jan
92
May
2
A P W Paper Co Inc
94%
23%
1534
*15%
*18%
2234
May
10
115
200
6%
May
38
3% Feb 28
19% Jan 10
4
4,500
1,400
95
10
9
6
39
$5 preferred.
Jan
Apr
Jan
No par
Am Rad & Stand
6%
13% Aug
1384 Jan
4%
53%
5
June
Apr
Apr
Mar
57
8
No par
10
7%
3
35
12% Sept
41% May
Jan
.....No par
Light
$6 preferred
Anaconda W & Cable..No par
Anchor Hock Glass Corp 12.50
400
May
American News Co
81
*87
Mar
18
Apr
66%
3%
17% Jan 10
2% Feb 15
16
Feo 14
111
100
Dec
93
3
Feb 20
69
*5%
*1%
*14%
3%
Feb 19
9
48
114
Feb
12
$5 prior conv pref
"22",000
95
6%
81
26
47%
14%
3%
6i
l",606
34%
23%
Feb 15
20
5
*63%
6%
2
16
3%
6%
*79
64% 66
153g
1534
15%
15%
16
1834
1834
18%
21
21%
21%
109% *109
10934
*62
*412
*80
6%
15%
*47%
47%
94
12
Archer Daniels MidPd.No par
30
♦7%
*4%
77g
92
par
1%
Amer Power &
65
82
6
*80
50
"""206
*29%
*7%
87
92
11
Feb 14
2
28%
110%
*50
*78
*80
...
30
91
92
6% preferred.
55
25%
31%
13%
65
82
*14%
*1%
*27
68
*87
15
*10%
29
*78
*15
*13
29
*80
*6
24%
*50
2934
Locomotive.No
Preferred
1,400
4,600
Jan
45% May
Jan 16
Am Water Wks & Elec.No par
$6 1st preferred
No par
"
4
3% Feb 18
12% Fcd 25
Am Type Founders Ino
7%
*27
Jan
134 Jan 10
49
...50
1,100
6:
*51
Jan 23
51
100
conv preferred
American
Feb
22% Jan 2
4% Jan 8
13% Jan 27
4,000
534
55%
110% 110% *110% 111% *110
4%
45g
4%
4%
4%
53
53
52% 53%
53%
68
5%
30
20
100
American Tobacco........26
7
6%
*113
*1%
pref
non-cum
Amer Internat Corp...No par
Amer Invest Co of 111
1
400
*54
11034 11034 *11034 111%
4%
4%
4%
4%
53%
54
52%
53
29%
6%
4,000
93%
24%
38
4
46% Feb 14
1% Feb 20
,1
No par
~7~, 000
*87
9% May
May
American Ice
Preferred..............100
1,300
Jan
Jan
Jan
23
American Home Products
Am Sumatra Tobacco..No par
Amer Telep & Teleg Co... 100
69
2%
28%
7%
50% May
6% Apr
100
68%
54%
*26%
*12%
,
500
Apr
6%
Dec
IO84 May
2% May
May
6% preferred
200
Apr
8% Jan
15% Apr
91% Mar
3% Mar
May
7
1,300
84
Feb
984
3
29
50
9
40
3,200
6
3% Jan 13
Feb 14
68%
534
3
1% May
3% June
Jan 18
21
Amer Ship Building Co.No par
68%
57g
Sept
6
13
23
200
2334
10%
*1134
12%
15%
15%
*83% 84
*13%
14%
16134 162%
May
75
5
69
534
8
8
6
4
4
68
*87
93%
2
6
5% Mar
784 Jan
6C0
4% May
1% Jan
6
63% Mar
4,800
5% May
13% Mar
84% Mar
1% Jan
4% Mar
7
100
69
94
*80
*10
May
American Safety Razor.. 18.50
American Seating Co. .No par
68
150
6%
*1%
*27%
2
*83
6%
53%
2378
13%
9%
84
15%
84%
93%
7%
*51
30
29
10%
12%
6«4
53%
55
*26
*1%
*11%
1434
9
390
150
149% 149% *148
5%
5%
5%
5%
5%
5%
24%
31%
*9%
*10
1134
15
6%
*25%
113
10
23%
*13% 14%
160% 162
*85
6%
2334
237g
150
69
55
*50
23
1,4%
160% 1607g
6778 68
687S
69
68
69
6
*2678
29
2234
6
*113
*27
23
150% 150% *150
150%
5
5%
5%
5%
534
6%
5%
5%
*85
93% *85
93%
6%
678
67g
*6%
53
54
53%
54%
6
54
24%
31%
13%
22%
6
100
6
8%
3334
22%
Jan
Nov
4% Jan 10
80
14%
140% May
1784 Jan 18
38% Jan 4
conv preferred
Amer Metal Co Ltd...No par
6%
160
May
Jan
420
330
112
Feb 14
300
5,800
1,800
1,100
15,100
3
2% Feb 15
1,800
25
2%
40%
33%
Jan
Jan
13
3%
112
Nov
23%
29
Amer Macb & Fdy Co.No par
Amer Mach & Metals..No par
600
65
115
No par
"""loo
3,700
1,000
Deo
33% May
10
American Hide & Leather... 1
17%
17%
112
3434
160
12%
*3
2%
41%
34%
6%
85
12%
25
2%
1,900
12%
50
13%
May
13% May
Jan
185
May
1484 Feb 15
2% Feb 18
Amer Hawaiian SS Co
6%
""700
13
No par
$6 preferred..
4
*12%
35
1334
"3~90(j
3%
32
127g
4078
156
14%
3%
50
41
6%
$7 2d preferred A ...No par
36%
25
2%
$7 preferred
35
13%
8438
13
3%
17%
114
25%
2
40%
*34%
6%
500
34
116%
100
834 Jan 23
6% Jan 11
Jan
par
700
3
*13%
*46%
1234
84%
17
25
2%
40%
34%
1634
European Sees..No
May
12
Jan
Amer & For'n Power...No par
May
18
Jan
June
284 July
Jan 21
1
334 Jan
Amer
500
Dec
164
4534
135
121
1% Feb
300
Oct
7
66% Jan 27
23% Jan 7
4
78
May
115
9% Feb 19
100
Encaustic Tiling.. 1
78
*234
*12%
*278
I67g
*111%
10
6% 1st preferred
American
Jan
May
1%
85%
31% Jan 11
4% Feb 17
4%
*1234
*111% 115
25%
2%
40
3%
American Crystal Sugar
Feb
734Mar
28
128
7
95% Jan 10
185
Feb 15
10
American Colortype Co
10
Am Comm'l Alcohol Corp..20
10
200
14%
35%
3%
317g
47%
1%
35
No par
Jan 13
Mar
Highest
$ per share $ per share
134 Jan 13
Feb 15
56
16 34
3
3%
35
3,300
20
*3%
American Chicle.
38
18% Feb 14
107% Mar 7
zl08% Feb 28
100
*13,.
7g
16%
*13%
34%
3%
31
47%
1%
*19
4%
16
16%
*2%
3
*2%
83
*1212
13
13
preferred
conv
Lowest
share
per
130
178% Feb 25
23% Feb 19
Am Coal Co of Allegh Co NJ25
*7%
3434
3%
*25%
1%
20
800
12
14
*15%
*2%
3%
*1*2
*10
5%
13%
12
13
3234
*19
12
5%
$
1% Feb 25
Am Chain «fe Cable Inc.No par
100
8%
*47g
1?8
4%
3l2
31
49
600
share
Feb 13
82
Year 1940
Highest
125% Feb 14
100
1,400
*58%
5934
20%
20%
107% 107%
109% 109%
ver
33
par
5 H% conv pref
100
Amer Cable & Radio Corp__l
American Can..
25
Preferred....
*47g
♦7»4
847S
143s
*25%
*10
Fdy.No
$
American Car <fc Fdy_.No par
Preferred
100
*7%
*1%
4%
3378
30
12
2,100
~l",500
26%
8%
5%
12%
7*4
£5
5
3%
*475s
26
50
2,200
16%
3
7«4
*133s
*26
*10
117s
*83%
*3312
*13
I
*
60
Par
Am Brake Shoe <fc
Range for Previous
100-Share Lots
Lowest
600
35%
35%
12584 12534 *128% 130
130
130
*1
*1
1%
1%
1%
1%
84
84%
84%
84%
84%
85
*178
183
*175
181
*178% 181
1%
84%
84
84%
18012 *178
255s
*58
1%
84
*34
1547
32%
127
Apr
May
Oct
Jan
9%
67%
Apr
3638
Apr
Apr
22% Mar
6684 Jan
39
Jan
93% Nov
134
34%
22%
11%
23%
Nov
Jan
Apr
Jan
Jan
Bloomlngdale Brothers .No par
11% Mar
3
15
Jan
11
May
16
Apr
Blumenthal & Co pref
80
7
85% Mar
54
June
95
Nov
d Def. delivery,
n
New stock,
r
100
Cash sale,
x
Jan
Ex-dlv.
y
Ex-rights. \ Called for redemption.
New York Stock Record—Continued—Page 3
1548
LOW AND HIGH SALE PRICES—PER SHARE, NOT PER CENT
Mar
Mar. 1
*1534
15%
28%
16
*28%
29%
107'%
*106
49%
49%
*19%
20
19%
19
19%
19
18%
18%
17%
*%
1%
35%
36
*4:...
*4
4%
Mar. 5
Mar. 0
Mar. 7
3 per share
$ per share
Shares
15%
15%
15%
27% 28
.27% 27%
*105% 106
*105% 106
*47
49%
47% 48%
47%
19%
19% 19% *19% 20
19
19
19%
19%
19%
18
18
17% 18%
17%
1%
1%
*7g
1%
*%
35% *34
*35
36
35%
.
*4-.y-
4%
*4
4%
10%
10
10
10
10
2I84
20%
21%
21%
213g
38
38
38
39
*38
39
*38
39
*38
2%
0
*12%
12%
11%
*30
31%
21
21%
12%
31%
21%
10%
:
21%
10%
10%
10%
*112
*30
116
10%
10%
3%
55%
6
6%
6
50%
7%
*2%
2%
19%
18%
*19
1%
35%
*7g
*34%
35%
*7g
*33%
*4
19
38
*36%
37%
*36%
38%
*2%
6%
38%
2%
*2%
2%
6%
6%
6%
10,900
12
117g
12%
31%
21%
10%
12%
12%
1,100
2%
10%
114
114
3%
55
6%
*18
20
21
4%
20%
4%
*20%
9
9
8%
81%
82
*8%
81%
82
10
27g
3%
*8%
3%
8%
77g
*2%
*18%
4%
3%
20
*4%
*20%
3%
21
9
*8%
8%
27g
*8%
47g
3%
9%
83%
84
84
82
83%
10
10
10
10
10
10
10
18
18
*18
18%
18%
18%
*18%
19
18-%
18%
*51
53
*51
54
*51
52%
*51
52%
1
1
1
1
1
*51
52%
6%
6%
6%
6%
*6%
11%
117g
*117g
12%
11%
117g
117g
6%
12%
12%
12
3
12%
*36
39%
3%
*30
3734
12
40
3%
3
*87%
89
87
27%
*87%
26%
*27g
*46%
88%
*26
26%
*26
3
483g
*45%
117
45
24
23%
*2
2%
27g
46%
Bucyrus-Erie Co
10
56
56
2%
9%
19%
19%
2
*17g
19%
2
117
29%
33%
1,800
3
300
100
8
8%
6,000
27g
•imm'**-*
250
20
*4%
4%
500
20%
20%
400
*3%
3%
700
9
9
300
82%
82%
10%
400
18%
1,700
18%
*51
270
52%
rnsm
4%
2734
*18
27
19
105
4
*37g
105
*11%
12%
*36
39%
9%
68%
20
21
24%
*14
28%
28
28
28
29%
15%
50
300
800
740
29
— —
%
%
%
1%
1%
*1%
1%
1%
1%
1%
1%
%
1%
1%
3,000
13ie
%
%
*%
'%
*%
»16
*ui«
%
100
*6%
11%
7
*6%
7
113g
*%
684
*10%
13%
13%
13%
39
*37
*50
39
51%
*50
61«
%6
*%
*684
*11%
11%
39%
*38
40
40
40
51%
*50
51%
*50%
41%
51%
51%
%
%
%
*%#
•%
*%6
%
*#U
3g
%
9%
11%
»«u
*3ie
*7%
hi
%«
*%«
%
%
*%
%
%
%
■
7
6%
11%
40
6%
,>
28%
*24
6534
66
64%
66
64%
66%
64%
65%
65
07%
10
10
10
10
*97g
10
10
10
10
10
98%
98
98
*95
98
97
97
46%
*214
46%
*46
46'%
36
36
*2%
*34%
36
*S16
9
*7%
*11
2
2
.*24
98%
*4614
2%
*36
•III
*26%
*82%
*49%
293g
*29%
145
9334
*7%
*11%
11%
17g
36%
-
1%
1%
*24
~
-
*24
28%
*95
m—'m
*2%
27g
36%
36
*125
75% *——!:
*125
-
112
*%«
9%
11
*46%
*2%
*125
9
11
1%
28%
*95
%
9
11%
-
75%
110% 111
*
*8
*11%
27g
•v*
•'«.
75%
2
*17g
*24
28%
17g
27g
*125
*26%
28%
*26%
27%
*26%
27%
*26%
28
*82%
83%
*82
83%
*82
83%
*49%
50
50
29%
29%
297g
*49%
29%
50
29%
30%
*49%
29%
*82%
*49%
29%
83%
50
*29%
30%
30%
30%
145
*135
150
*135
145
30%
31
*135
145
31%
*135
9334
62
1%
*1%
1%
1%
1%
*1%
*1%
17g
*1%
19
19
*1%
18%
17g
*19
1%
19%
19
*18%
*19
19%
19
19
18%
18%
*18%
4%
4
4
4
4%
4%
1%
1%
19%
19%
4
4
*75
75%
*75%
77
757g
757g
*62
68
*62%
64
64
64
64%
65
*763g
77
77
77
77
77
76
76%
5%
23%
*47g
5%
_
28%
83%
31
5%
76%
5%
76%
5%
5%
*22%
30%
32
145
94
94%
60%
12%
102
102
25
25
110% 110%
16
16
1
1
*1%
*1%
19%
19%
37g
*75%
65
5%
50
*60
12%
*7434
*5
100
*%
*S16
500
100
200
*7%
9%
12%
67%
No par
1
9%
97%
140
2%
2%
100
43
Feb 14
115
Feb 21
Central Foundry Co...
43% Feb 14
22
28
*82%
*49%
145
4
Jan
2
•**"
par
10
2,000
1,900
100
No
tiecker Cab Mfg
^Chesapeake Corp
5
100
hie & East 111 RR Co .No par
40
JChic Great West 4% pf_.100
hicago Mall Order Co
5
hicago Pneumat Tool-No par
$3 conv preferred...No par
Pr pf ($2.50) cum div No par
9% Feb 19
37% Feb 15
49% Feb 14
'n Jan
9
105% May
10
2% Mar
9
6
l%May
106
June
1% Dec
6% Feb 28
4
3%
2%
Jan 13
Jan 22
9
5% Jan 13
37% Jan 14
21% Jan
4
106% Feb 10
20% Jan 10
18
Jan
2
Jan 16
3
44% Jan 13
102% Feb
3
1
6% M*
92%
Jan
Dec
3234 May
3% Nov
75
Jan
126
Dec
56% Jan
35% Apr
121
Dec
Feb
May
26%
Apr
3% Jan
114% Mar
578
Apr
1134May
Oct
6
Mar
88
Sept
22% May
100
Apr
3% May
15% May
15
41%
Jan
8% Feb
3834 Dec
May
22
Oct
99% June
17% May
106
May
107g June
2%
Oct
30% May
84% June
3034
Apr
29% Mar
47g
Apr
44
Dec
101
Dec
Feb 27
2
May
Feb 27
»ig Jan 11
8%
Jan 10
1434 Jan 2
44% Jan 9
52% Jan 13
% Dec
6% May
2%
Jan
12% Jan
15% Dec
44% Dec
6
8% May
23% May
41
May
ht Dec
Jan 17
Dec
% Jan 18
9% Jan 29
77g May
11% Mar
9
16% Apr
5% Mar
Feb
%
13% Jan
9
27g Jan 27
27
Jan 27
May
1% Aug
20
Aug
2
May
3
Jan
51%
53% May
87g
85
44
Dec
% Jan
% Apr
*uDec
24
%
34
91%
Jan
Nov
Apr
14%
Jan
98
Feb
160
Jan
4%
Apr
40%
Apr
124
July
85
Jan 15
85
Jan 15
56
June
110
Feb 14
114
Jan 24
108
May
267g Feb 14
5% preferred..
-.100
3334 Jan 10
26
May
43 % Mar
83% Jan 29
74
May
83% Dec
49
Jan
27
Feb 14
oca-Cola Co (The)
Class A__
Feb 19
106
Jan
62% Jan
6034 Feb 21
11% Feb 14
10O34 Feb 15
No par
5% conv preferred
24% Feb 19
110
100
15
4% 1st preferred
4% 2d preferred
3
112
20
Jan
100
100
1
2
1% Feb
75
75
500
Columbian Carbon Co .No par
*75
400
Columbia Pictures
preferred
Feb 18
Mar
4
Feb 20
No par
484 Feb 14
$2.75 conv preferred-No par
Credit
10
22% Mar
28% Jan 30
100% Jan 27
4)i % conv preferred
100
Comm'l Invest Trust__No par
$4.25 conv pf ser '35.No par
35
Feb
3
105
Mar
3
Commercial Solvents..No par
8% Feb 15
% Jan 31
49
277g Jan 21
53%
54
3,200
Commonw'lth & Sou-.No par
$6 preferred series...No par
28%
28%
4,300
Commonwealth Edison Co-25
r Cash sale,
x
Jan 30
Ex-dlv.
y
Jan
Mar
Apr
45% Apr
145
Dec
2
99%May
141
Mar
7
56
9
9
May
63
10% May
20
94
June 102%
16% May
108
May
Jan 10
12% May
1% Jan 13
'iaDec
2%
xl8% Feb 20
18% Feb 14
37g
Feb 14
74% Feb 26
Commercial
30% Jan
131
Jan
May
12% Jan 24
102 % Jan 2
Feb 20
7g Jan
n New stock,
41%
87
64
Def. delivery,
25% May
25% May
No par
100
600
48
9
Jan 31
100
3,600
21,500
46% May
6
145
5%
5,000
8
Jan 22
6% preferred series A
100
Jan
Jan
Nov
7434 Nov
114%
34
143
No par
133
3034Mar
.100
Preferred.
130
100
8
28% Feb 18
'ollins & Aikman
2,900
Jan 30
49
50
300
a
120% Jan 29
4
68
$ In receivership,
42% May
20
May
3734 Jan 13
76
28%
June
6
2% Mar 7
31% Feb 15
76
28%
39% May
100
Jan 17
*64
28%
9
46
65%
28%
2
May
Oct
Sept
Sept
May
Columbia Gas & Elec..No par
28%
Jan
50% Jan
28% Jan
2
3
7,300
28%
59% Jan 10
125
75% June
22% May
3
4%
28%
Apr
May
Jan
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
28%
6
45
Jan
9%
300
28%
2% Dec
36% Aug
95
100
500
28%
6
Jan 17
July
72% Jan 2
1034 Feb 5
100% Jan 31
46% Feb 20
19%
52%
6
Jan
63% Feb 14
19%
61
40%
3% Jan
41
4
*18%
5134
Apr
2% May
29% May
8
% Jan
*19
*50%
4
684 Feb 14
19%
4%
77%
51%
Anr
o
34
95
»i« Jan
100
preferred
23io
7
9
6
34% Jan
Feb 14
Feb
Feb
Jan
Jan 22
IO84 Feb 7
17g Feb 26
6H %
17g
8%
19% Apr
4% Jan
38% Feb
40
Feb 19
19%
51
Feb 24
%• Jan
500
1%
52%
May
May
2% Jan 13
115% Jan 29
100
300
250
4%
1
4% May
Aug
2% Jan 13
7% preferred
6% preferred
Jan
Feb
52% Mar
17
38% Feb 15
9834 Mar 4
%Mar 3
1% Feb 28
Class A
Nov
15*2
267g
May
May
50% July
72
25
Preferred series A
82
0
14
112%
No par
hesapeake & Ohio Ry
Apr
Sept
Jan
5
May
100
47g
*22%
Jan 24
13*4
June
103% Jan 3
17% Feb 15
12% Feb 14
par
olgate-Palmolive-PeetNo par
$4.25 preferred
No par
110
*1%
5%
53
23%
5
18
Common
700
1%
76
4% May
17% May
Jan
12% Jan
5% Apr
1634 Oct
7% Jan
48
334 Feb 14
25% Feb 15
6% prior preferred..... 100
Special gtd 4% stock
1%
4
6
Jan 13
27
1,000
16%
*1
5% May
95
100
"8,100
110% 110%
15%
2
Jan 27
Oct
35% Nov
Jan
Jan 13
2% Jan 9
4% Feb 3
2% Feb 19
300
12%
25%
7% Dec
May
Jan 10
36
21%
7334 Jan 14
21% Mar 7
113
170
94%
60%
102
Jan
17% May
12% May
83
•.WW*.
50
30%
32%
20
17g Feb 15
1
83%
*24%
Jan 16
......
75%
111% 112
102
Feb
7
500
12%
6
7
6%
6684 Feb 14
18% Jan 30
Central 111 Lt 4^ % pref.. 100
tCentral RR of New Jersey 100
Central Vloleta Sugar Co
Preferred
Feb 19
118
100
35%
94%
9
23% Feb 14
*34%
*125
*60
Feb 14
..100
Preferred
30
*135
5
2% Jan
1,000
46%
Mar
39
15,800
30%
Jan
Mar
11% De
7
Jan
3% Feb 13
35% Jan 29
234 Feb 14
28%
06%
9%
97%
*46%
*31%
8% Nov
1334 Jan 14
40
1,300
*24
28
3% May
11% Feb 14
Canada Southern Ry Co.-lOO
Canadian Pacific Ry
25
900
17g
2
11
100
11%
2
Jan
1% Jan 6
7% Jan 6
147g Jan 10
400
1%
51%
300
6,300
%
%
%
%
1%
51%
day.
1,200
51%
1%
51%
Bid and asked prices; no sales on this
,
39%
23% *22% 2334
*22%
22% 22%
*22%
23%
23%
30
30
30
30%
31
30%
30%
30% 30%
30%
30%
30%
*100% 10134 *100% 1017g *1007g 10178 *1007g 101% *101
101%
101% 101%
36%
36%
36%
36%
36% 37
36
36% 36%
36%
36% £35%
106
105
105
105
*104
106
105% *105
*105
106
106
*105
9
9%
9%
9%
9%
9%
9%
9%
9%
9'%
9%
9%
ll16
»16
*%6
»16
%
%
%
%
»16
%
%
%
•
200
*50%
*%•
27g
36
75%
*110% 112
*12
*13g
*1%
*2%
46%
75% *i-«.
110% 110% *110% 112
93%
93%
94%
94%
93% 94%
*60
62
*60
62
60% 60%
12
12
12%
12%
12%
12%
12%
*101% 10134 *101% 10134 *1101% 1017g 1017g 1017g
*24
25
25
253g
25% *24% 25
25
110% 111
110% 110% *110% 112
*110% 111
15%
15%
15%
15% *15
157g
*14% 157g
*1
*1
*1
*1
1%
1%
1%
1%
*60%
*46%
*34%
*125
♦
11%
200
7,300
39%
%
%
9%
11%
17g
28%
72 34 Nov
3
Feb
1
60
%
11%
May
5% Feb 19
11% Feb 14
200
400
*%
*38
Jan
21
6
300
%
7
Dec
May
9
8
2,800
4%
99%
11
May 119
3
Jan
18% Jan 6
53% Jan 13
834
334
23%
5%
21%
6% May
97
Jan
37% Apr
29% Apr
1234 Nov
9
Jan
Century Ribbon Mills.No
"~Io
%
7
6
4% Nov
2434 Sept
Jan
Central Aguirre Assoc .No par
300
*98%
*634
Jan
Jan 17
5% Jan
68%
x734
34%
33-%
3
Apr
25%
12
1,900
630
*9834 101
*11%
118
Jan
Jan 16
Mar
1234 Dec
27
May
1434 May
20% Jan 25
21%
%
Jan 13
85
60
%
14%
30%
23%
12%
1334
1% Jan
x534 Nov
16'4 Feb 20
51% Feb 15
2,600
27g
«4
Jan 14
California Packing
9%
40%
*%
May
6%
91% Jan 13
27g
*1%
38
2% Jan 13
30% Jan 14
3% Jan 29
40%
34
134
44% Jan 13
41% Nov
5334 Apr
26
3
*%
May
86% Feb 25
41
40%
27
6% May
39 May
69%
*3%
2884
8
Jan
2%May
...1
7
41
9
5% preferred
Callahan Zino-Lead
Jan
Jan
3834 Nov
2634 Nov
1134 Jan
Feb 18
257g
2 34
4% Dec
8
May
778 Feb 19
76% Feb 14
10
.
13% May
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
*66
119
May
2
1
10
26
29% Apr
24% Mar
6
5
1,500
Dec
12% May
% Dec
Apr
Nov
Jan
Carriers & General Corp
Case (J I) Co
2,600
3,500
51%
4
No par
50
34
123% Jan
70% Mar
25% Jan
Carpenter Steel Co
60
2
4
Jan 13
Jan 6
Jan23
1934 May
May
99
4% Jan
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred..... 100
Celotex Corp
No par
5% preferred
100
9%
1%
39%
4%
12%
100
44%
119
4
Jan 18
22% Jan
500
120
23%
Jan
54
9
3% Feb 15
21
119
8%
68%
37g
20
Jan
$3 preferred A__
.10
Carolina Clinch & Ohio Ry 100
■,
44%
Feb 25
10
Cannon Mills
48%
Feb 15
Feb 15
15% Jan 2
4% Feb 17
Capital Admin class A
*115
Feb 14
Feb 15
35
5
100
20
5%
26%
27%
16%
30
5% conv preferred
Butte Copper & Zinc
200
88
119
7% pf 100
1,800
27%
3%
48%
23%
Bush Term BIdg dep
Butler Bros
Feb 14
734 Feb27
2% Feb 14
1
38%
38%
*234 :V«:V
43%
*26%
*2-%
44%
237S
Bush Terminal.
"2', 000
*87
117
...No par
3%
3%
88
46
Bullard Co
Bulova Watch
Burlington Mills Corp
1
Conv pref $2.75 ser__No par
Burroughs Add Mach..No par
800
28
44
m-
No par
No par
51
50
7% preferred—.....—100
1,500
*20%
27g
47
~
2,500
*39
4
*378
mm
6%
12
*18
19
19
*19
19
19
19
19%
104% 104% *104% 106% *104% 106% *105
106%
*18
18%
18%
19
*18
19
18%
18%
*14
16
16
*13% 15% *13% 15%
*13%
3
3
3
*27g
*2%
*27g
27g
2%
40
40%
40% 40% 230
39%
39%
39%
98% 98%
98% 9834 *95% 100% *96% 101
19
104% 104%
18%
18%
15%
*13%
*2%
37g
27%
27%
*18
■
37g
19%
*18%
•
m.
1
6%
12
2
*17g
1,300
*2%
43%
117
44%
23% 23%
118% 119
8%
834
*66
68%
*19% 19%
68%
2,000
*10
9% Feb 15
112% Feb 3
3% Feb 14
Budd Wheel.....
6%
*1%
2%
*17g
114
*113
114
♦113
114
113% 113% *112% 114
*113
*112% 114
*2
*2
*2
*2
2%
2%
2%
2%
2%
2%
2%
*2%
5%
5%
*5%
*5«4
5%
5%
6%
6%
57g
57g
57g
57g
3
3
3
3
*2%
*2%
3
3
*2%
*2%
*2%
*2%
95
*95
*90
95
*95
100% *95
100%
*95
100%
100%
100%
30
30%
29% 30% *2984 30%
30% 30%
30%
31%
30*4 3034
*3%
27%
Budd (E G) Mfg
6%
19
5
100
..No par
7% preferred
2,300
170
4%
*87
44
119
*8%
68%
••
88
46%
23%
119
38
27%
*112
2
19%
19%
5,000
116
4%
1
39%
3%
*2%
*39
*26%
44%
23%
8%
*37
3
39
*87
46%
117
44%
69
8%
*68%
3%
27g
19%
9%
70
38
*2%
3
45%
*110
118% 118%
118% 118%
9%
*65
47
44%
23%
44%
12%
*30
3%
39
43%
87%
27%
27g
117
*110
45%
*2334
3
*36%
2%
*39
43%
39%
3%
37%
37%
2%
37%
*2%
*39
12%
12%
*36
3%
3%
43%
*2%
107g
10%
*112
1
*6%
1%
6%
1
6%
*234
*110
82
12%
*39
Jan 16
Feb 19
51
8
IU4 Feb 20
30
*49
*49
51
77g
*2%
par
20
51
*49
7%
2% Jan 3
534 Feb 14
No par
17
3%
11%
Brown Shoe Co
par
par
Bruns-Balke-Collender. No par
29%
33%
2%
18%
-5
..
""700
*167g
7%
~
31%
16%
4%
20%
*35
~~~
21%
33%
3%
3%
m
par
*30
16%
4%
12
■'mm
Brlggs & Stratton
No
Bristol-Myers Co
Brooklyn & Queens Tr. No
Bklyn-Manh Transit.-No
Brooklyn Union Gas..No
Feb 19
Feb 15
Feb 7
Mar 6
*20%
4%
56
300
39
32%
20%
*36
39
29
*3%
40
Feb 24
934
19%
3734
38%
17%
*4%
3%
5
2-4
32
20%
12
100
Bower Roller Bearing Co
Bridgeport Brass Co.. .No par
Briggs Manufacturing.No par
29%
334
*35
June
Brewing Corp. of America.-_3
100
28%
May
17
200
17%
1%
19
19% Feb
18% Feb
16% Feb
% Feb
3034 Feb
15
5
3,100
4
31%
4%
1
2
20% Jan 10
20% Jan 9
47% Mar
1
(The)
Borg-Warner Corp
2,500
6%
20%
6
4
27
19
4
19
13
No par
Inc
Co
4
55
4%
*11%
""2OO
Aug
111% Jan 23
Boston & Maine RR.
1%
12 34
Feb20
FeD28
11
*30
*3%
10%
Stores
Borden
18% Jan 27
27
106
221.1
371.1
*20%
20%
*10
Class B..
Bond
1378 Feb 19
Highest
$ per share $ per share
5
1034
4%
Range for Previous
Year 1940
No par
& Brass
217g
18%
/
Bohn Aluminum
Bon Ami Co class A
11
*2%
7%
30
Boeing Airplane Co.........5
22%
6
51
50%
r.600
28%
*49
3
18%
17%
*16%
8
18%
18
31
17%
51
5,700
29
30%
8
300
19
31
28%
30%
*16%
*2%
20
187«
28%
*28%
*49
47%
*19%
6%
29%
17%
29%
*47
19%
19%
18%
31%
6
30%
29
30%
*1634
47%
20%
10%
55
54%
50
$ per share
10%
116
*112
116
3%
37g
37g
54
600
18%
20%
10%
21
6.000
*19%
117g
*30
31%
*20%
16%
28%
108
Highest
$ per share
21%
6
*30
54
6%
*6%
12
*47
15%
28%
*105
1941
Lowest
Lowest
Par
10%
*2%
6
12
3%
58
*55%
6
*112
*112% 116
4
4
2%
*2%
6
16%
28
106
100-Share Lots
8,
EXCHANGE
6
*37
*2%
15%
28
106
Friday
39
38
6
Thursday
21%
4%
10%
21%
*37%
2%
15%
15%
28%
6
Range Since Jan. 1
On Basis of
Week
$ per share
2134
*37
*2%
NEW YORK STOCK
$ per share
3/.'
*10%
39
STOCKS
for
the
Wednesday
106
106
*48%
*7g
*35%
•
$ per share
$ per share
Sales
Tuesday
Mar. 4
Monday
Saturday
March
Jan 13
134 Feb 26
1% Dec
1% Oct
Feb
Feb
Dec
35% Apr
112% Feb
24
434
May
Apr
5% Apr
5
Apr
2134 Jan
6
16
May
263g Mar
21
Jan
6
16
May
26% Mar
4% Jan
9
4% May
82% Jan25
67% May
7% Apr
93% Apr
70
Jan 13
59
June
79
Jan
80%
Jan 17
71
May
9834
Apr
6% Jan 6
24% Jan 16
3% May
1434 May
31
Mar
7
27% June
48
Jan
104
Jan
6
95
June
108%
37% Jan 10
32
June
56
Feb
Apr
June
113
Mar
110
Jan 15
11% Jan
lsi8
54
30%
4
Jan
Mar
7
97
8
2
Jan 11
Ex-rights.
May
%
42
Dec
May
257g June
8% Mar
26
16%
Dec
Apr
184 June
73%
Jan
33
Apr
H Called for redemption.
Volume
New York Stock Record—Continued—Page 4
152
1
Mar
SALE PRICES—PER
HIGH
Tuesday
Monday
3
Mar
Mar
4
*3
3%
3%
1734
*3
*17
17
17
17
3%
17%
26
25
25
2434
25
24%
12%
1134
12%
12%
12%
87
98
*87
89
11%
87
*94%
6%
98
*94%
12%
6%
*%
»16
734
234
*%
7%
*2%
5%
5%
5%
18
3%
18
1
*4
37%
*7%
36
36
36%
3
3
3
17%
17%
173s
*19%
*1484
19%
19
15
1434
17%
19%
1434
*51%
54
48
48
*5138
4734
4734
4534
45%
'v
*4
86
96
70
6%
7
7,800
10,800
2,100
43%
23%
42
*41
*%
83
*83%
84%
37%
37%
37%
37%
8
8
8
8
36%
36%
37%
14%
54
*51%
54
14%
*52%
48%
45%
*47%
49
47
45%
*170
18
17%
Continental
36%
36%
2%
zl7%
*18%
18%
24
24
24
19%
300
41
42
*41
13%
*86
87
4034
41
39
*87%
90
*86
49%
*86%
*234
1338
40
3%
*52%
54
*46%
48%
90
45%
2,800
May
165
Dec
May
4
May
5%
24%
400
Crown Cork & Seal
No par
42
24%
*40%
42
100
43
*41
42
$2.25 conv pref w w..No par
Pref ex-warrants
No par
13
13%
87
60
$5 conv preferred...No par
42
7,300
Crucible Steel of Amer.No par
36% Feb 19
88%
88%
90
90
300
*2%
3%
100
100
8412 Feb 18
2
Feb 18
312 Feb 15
4%
4%
*77%
80
4%
80
81
47
47
48
700
*13%
14
1334
1334
•13
13%
13
13%
*45%
13%
13%
13%
13%
500
*21%
22
*21%
22
*21%
1%
22
*21%
1%
22
*40
45%
3334
8%
*21%
13g
47
*40
45%
*32%
33%
*32%
3334
8%
8%
8%
26%
*74%
26%
86
86
*74%
47
*43%
47
44%
86
48
*43%
26%
26%
*17%
*3%
*15%
7%
*109%
1934
*27%
*15%
26%
34
8
26%
1%
45%
*40
1%
45%
34
*40
*40
*43%
22
4%
*34
8
22
*42
45%
8%
27
8%
26%
26%
27
27
86
*74%
86
*74t2
86
44%
*43%
46%
*43%
*17
46
17%
3
*»!•
3
%
2%
*'W
%
*3i#
111% 111% *109% 111% *110
*14%
15
15
15
*1434
*26
2634
*26
27
2634
*38
39%
734
38%
734
16%
16%
16%
16%
*79%
*8%
84%
*79%
*8%
84%
*36
37
*36
36%
■:
9%
21%
22%
*18%
8
15
*16%
*79%
*8%
*38
39%
83S
39
14%
14%
14%
72
71
71
124
124
18%
19
5
*4%
7%
*7
123
117
4%
170
8%
8%
8%
1,100
16%
*79%
9%
*18%
16%
81%
19
*21%
14%
21%
5
7%
400
19
1,000
5
*4%
7%
7% .•••y*7yv
*113% 114
*113% 114
144
144
144%
144%
26
26%
26%
25%
26%
334
3«4
334
*334
127
128%
128
129
170
*170
174
*170
32
32
15%
15%
*31%
15%
30%
30%
32
*31%
16
*1434
15%
*1434
30%
30%
3034
30%
14
14
14
14
14
14%
32
32
*1434
16
30%
14'%
16
30%
31
13%
26%
25%
*31%
32%
*31%
32%
31%
32
31%
31%
28
*28
2934
29
29
*2834
29%
29
*39%
41
*40%
41
41
110
*110
28
41
*39%
41
*110
111
5%
*65%
*71%
*76%
*%
a4
*»18
*110
110
Til
*110
*66
68%
*65
68%
*65%
68%
76
*71%
76
*71%
76
*71%
76
*72
*76%
85
*76%
85
*76
85
85
I
%
78
*76%
%
%•
%
*»i«
%
*%«
%
*7n
%
*%
Mj«
34
%
%
*%
84
%
%
*%
%
*»!«
*73
3%
*6
6%
534
28
»H
'■-*%
»%«
78
28%
®16
*%
*5%
3-%
6
*5%
6%
6%
*28%
28%
28%
*%
29%
*%
S15
*5%
634
y
38
38
2234
38
'it
634
2234
38%
*20%
*94
3
95%
2%
*234
*%«
%
20%
*20%
94%
*94
13%
*13
13
13
13
36
36
35%
35%
20%
94%
*13
13%
*13
*35%
36%
36
Bid and asked
:
36
2%
*234
3
%
*%6
12
*716
,
*11%
800
1,300
:
%e
3
3
■aV 3
716
: 7i«
21
Jan
9
4
11% May
65% July
127% Nov
1434 Jan
10
300
"306
500
100
5
638 Jan
9% Jan
6
May
9% June
Oct
171
Apr
30
Apr
10
Mar
1334
Jan
112% May
II884
Jan
2584 June
Eastern Rolling Mills
Eastman Kodak (N
J) .No par
100
Co
4
Electric Boat.
.
3% Feb 14
125% Feb 19
Feb 13
165
$7 preferred
Eureka Vacuum Cleaner
Evans Products Co
50
5
5
3
Ex-Cell-O Corp
$6
Corp.No par
100
preferred
21
95%
*94
95%
*94
94%
94
94
200
13%
13%
400
Ferro Enamel Corp..
36
13%
36%
13%
36
36%
800
Fidel Phen Fire Ins N
*k%
conv
preferred
n New stock,
100
..1
Y.$2.50
r Cash sale,
May
117
June
10634
Jan
9
155
June
180
Dec
22
May
37
Apr
Jan 16
10% May
Jan 10
25
Jan
6
% Jan 23
43s Jan 11
35% Jan 13
Feo 20
31
Jan 13
34% Jan 13
May
10% May
38 Dec
3
May
18% May
15% May
z24% June
Jan 10
26
May
44% Jan 13
35
May
May
31
Feb
111
7
Jan 11
05
Feb 26
68
Jan 15
63
70
Feb 14
73% Feb 28
66
Jan 11
77
75% Feb 14
«ie Jan
7
79
1
6
102
7
4% Feb 14
Jan
% Feb 20
78 Feb 15
138 Jan
%Mar
"u Jan 25
Feb 28
3
75
Feb 28
Feb 19
3% Jan
5% Feb 19
884 Jan
3034 Jan
Feb 14
% Jan
7% Jan
45% Jan
23% Mar
12% Jan
2
8
6
7
23
3
1
23
Jan
Jan
97
Jan
Dec
% May
84 Dec
% May
67% Aug
2% Dec
5
May
20%
Jan
% Oct
3% June
29% June
17% May
May
June
21% Feb 15
2534 Jan 23
July
Feb 19
14% Jan 14
12% Aug
2% May
%»May
234 Feb 17
ht Feb 19
18% Jan
93
3
Feb 14
II84 Feb
1
34% Feb 19
7
4
Apr
Mar
Dec
11
4% Jan
% Jan
46
112
Jan
16
100
33% May
41% Jan
89
85
6
Jan
36% Nov
83
Jan 27
1178 Jan 16
8%
40% Nov
May
May
%
9
17% Jan
4134 Apr
18% Apr
184 Jan
12%
5% May
% Jan 30
1% Jan 10
75
6% Nov
4
27% Feb 19
23% Feb 19
31% Mar 5
26% Feb 19
39% Feb 14
110
44% May
Jan 10
Feb 14
3
3
Jan
36%
15%
33%
17%
12% Feb 14
a8 Jan 4
100
4% 2d preferred
5% Jan 23
142
14% Feb 14
27
Jan
182% Jan
29% Feb 17
5
_.__3
_
34
Feb 19
25
2
Edison Bros Stores Inc
Electric Auto-Lite (The)
*20%
a Def. delivery,
Jan 10
22
2
21
t In receivership,
79
HIS4 Jan
6
*2014
*20%
Feb
117% Feb
Exchange Buffet
12
3
Jan 27
115i2 Feb 26
1
..5
Eastern Airlines Inc
21
prices; no sales on this day.,
%
12
17
24% Apr
23% Jan
94% May
May
Duquesne Light 5% 1st pf.100
12
*11%
24%
24
Apr
14
Jan
Federal-Mogul Corp
5
Federal Motor Truck..No par
Federal Water Serv A..No par
Federated Dept Stores.No par
*2334
23%
*11%
2%
*23%
Dec
14%
38
12938
No par
Federal Min & Smelt Co
2
25
86
May
19% Feb 15
*24%
Dec
114
95% Mar
2434
9
30% May
125% Jan 16
Fa)ardo Sug Co of Pr Rico—20
Federal Light & Traction
15
*24%
May
434 May
12% May
56% May
Jan
Jan
125% Jan
23% Jan
36% Apr
43% Feb
10% Feb
20% Nov
12078 Feb 14
I) & Co...20
$4.50 preferred
100
2434
32
Jan
5%
84
No par
Du P de Nem (E
2,600
97
98% May
12% May
25% May
23%
Apr
Dec
Feb 15
12%
*9512
Jan
Dec
Nov
23% Apr
28% May
19% Apr
189%
Erie & Pitts RR Co
»16
95%
6
Jan 30
9
37
238
114
120
Feb 19
23%
95%
%
20%
23% Jan 28
23%
95%
*7u
20i2 Feb 19
14% Mar 3
63% Feb 19
12%
*94
*11%
Jan
23%
95%
12
86
*12
*94
*11%
79% Feb 18
8i2 Feb 28
35% Feb 5
36
95%
12%
Jan 10
Jan 11
Fairbanks Morse & Co.No par
*12
3
Jan
Fairbanks Co 8% pref
*94
12%
17% Jan 10
29% Jan 11
18%
900
95%
23
2
10%
"""26
*12
Jan
41
6%
*%
»i«
117
7% Feb 14
16% Feb 17
38%
1234
12%
2584 Mar 7
38% Feb 18
*5%
*12
*11%
*2%
106% Feb 15
1378 Jan 2
38%
*37%
23
%# Dec
5%
1234
*12
8% May
»ie Feb 26
38%
38%
23%
13
"900
6-%
11% May
4
Jan
5%
38%
12%
23%
%
3%
29
29
June
2i2 Feb 19
23
*%
*5%
*38
*6
:
June
13% May
21
13% Jan 10
3% Jan 10
Feb 19
25% Feb 15
% Jan 20
478 Feb 19
22%
24%
3%
6%
28%
634
22%
3%
700
78
*73
78
3%
28%
•
300
400
-
100
*%
%
*%
*73
78
3%
®16
634
*3%
1
1
1
%
3%
6
*%
*5%
lsie
*%
*73
78
*73
3%
28
%
J5j«
»16
»i«
28%
24%
68%
*%
%
84
1
5%
;
82%
*76%
82%
3%
*94
2,700
76
*3
38%
60
68%
5%
5%
5%
*71%
5%
*5%
9
2934 Jan 24
18% Jan 2
5% Mar
18% Nov
8% Apr
146% May
Eaton Manufacturing
200
110
110
111
*65%
5%
5%
107
22% Jan
May
3% May
113
6% cum preferred
5,200
2,500
76
5
Jan 24
114
3
I384 May
7
900
15%
68%
%
*73
41
111
May
Oct
9
140
5%
*65%
5
23
Jan
400
29%
41
*26
*26
60
16434 Jan
700
26%
32%
£26%
*31%
Mar
Sept
14% May
117
400
2534
92
42
140
.100
8% preferred
31%
3%
30%
19
3
15
26
19
14
19
June
Mar 5
Jan 8
Jan 15
Jan 10
Jan 9
No par
41%
30%
Oct
3238 Mar
Duplan Silk
29%
£30%
29% Jan 10
■17*2 Feb 18
4% Feb 19
678 Feb 25
113% Mar
41%
30
May
11% Mar
No par
1
29%
29%
2534
51
35%
6% July
21% May
9
Dresser Mfg Co
*30%
3034
Apr
122
SCO
*%
3%
30%
25
par
2612
%
*3%
Dec
17
29% Feb
4% Jan
No par
No par
$6 preferred
No par
Elec Storage Battery...No par
El Paso Natural Gas........3
Endicott Johnson Corp
50
5% preferred
100
Engineers Public Service
1
$5 preferred
No par
$534 preferred
No par
$6 preferred
No par
Equitable Office Bldg..No par
t Erie Railroad
100
4% 1st preferred..
100
*%«
3%
June
2984
91% Feb
45% Dec
No par
Electric Power & Light-No par
%
3%
31
9
Dec
4% Jan
8% May
Dow Chemical Co
Elec & Mas Ind Am shares...
*%#
3%
Jan
19% June
1% Oct
x99
Douglas Aircraft
100
%
3%
25
par
900
*7ie
3%
26%
500
1,300
31
par
par
2,100
%
3%
29%
No
...No
Doehler Die Casting Co No
Dome Mines Ltd
No
%
3%
%
3%
29%
5% pref. with warrants..100
30%
%
3%
30
4-%
14%
30%
*14
*%•
30
60
4,500
32%
*1412
14%
4,400
174
32
32%
10
130%
*3%
4%
*334
""loo
1,400
26%
130
170
Ltd No par
Class A..
6
May
May
Dunhill International
3,300
2534
32
Distil Corp-Seagr's
800
14%
73
*7
4%
Diamond T Motor Car Co.. .2
Dixie-Vortex Co
127
5
*4%
25
6% partic preferred
200
73
18%
Raynolds A ..No par
No var
Diamond Match
9
127
19%
25%
Devoe &
1,100
14%
100
Detroit Edison
~~~30
126
*18%
*7
36%
73%
71%
126
*4%
79%
£36%
21%
14%
14%
71%
600
16%
9
20%
21%
300
37
*8%
*36
37
1,470
*16%
79%
*8%
2784
30:%
14
*4%
131% 131% zl29% 129%
*170
174
170
170
132%
32
8%
334
4%
*131
200
26%
2734
*166
39%
*113% 114
113% 113% *113% 114
144
144
143
144%
14334 14434
123
123
123% 123%
*123
'123
12234 123%
123%
123
*115% 117
*11534 117
*115% 117
117
11634 117
117
*113% 114
14434 14434
123
*38%
5
734
*2634
39%
111
100
Lack & Western..50
JDenv & R G West 6% pf.100
*38%
7
5
*6%
71
Delaware
39
*123% 126
18%
18%
*14%
5,400
%
""966
*8%
21%
3
110% 110%
15
1484
25% 26
82
21%
9
14%
*36
10
Delaware & Hudson
2634
*79%
No par
20
3i8 Feb
1678 Feb
6*2 Feb
10978 Feb
18% Feb
27% Feb
1534 Feb
2,300
14%
84%
9%
4M% pf.100
Diesel-Wemmer-Gilbert
2
Deo
75
..5
25
Preferred
♦26%
*16%
44%
19%
3%
1734
734
Jan
9% May
3434 Feb 10
Mar
10%
*%«
%
110
42i2 Feb
zl7
No par
Deere & Co
1434
1634
8%
Dayton Pow & Lt
2634
838
17
14%
*4%
117
14%
45
45% Dec
.
1% Jan
984 Jan
Oct
I84 May
3% Aug
60
May
Jan20
32
Jan 9
7i4 Feb 14
2484 Feb20
3
3
75%
3% Mar
434 Mar
43
5% preferred
600
47% Dec
25
Davison Chemical Co (The).l
7",000
May
Mar
10%
10%
2%
*hi
%
111% 111%
*26
71
19
3
*su
2634
*20%
22
10
9%
37
8%
9
%
111%
*123% 125
15
71%
124
124
>'Ma
*38
3
9%
3
934
934
9%
2%
3
9%
934
22%
1434
71%
Conv
400
Apr
May
Mar
Davega Stores Corp
4
Dec
May
No par
Cutler-Hammer Inc
18
934
*
30
500
Feb
Jan
12
16% Jan 25
No par
1
1
Cushman's Sons 7% pref.. 100
$8 preferred
No par
Nov
3234
784
38%
25
48
Prior preferred
1% Apr
24% Jan
106
75
81
Curtlss-Wright
Class A...
Apr
7
47% Jan
98% Jan
No par
Preferred..
15,800
2,700
Jan
7%
Jan 16
15% Jan
92
FeD 15
5
Jan
Dec
45%
45%
21%
95%
30% June
13 Mar 5
2H2 Feb 13
13jj Feb 26
72
100
30
preferred
Curtis Pub Co (The)
"
I",2o6
8%
8%
*17
17%
17
zl7
17%
17%
17%
17%
17%
4
4
4
4
4
*3%
*3%
*3%
*3%
*3%
17%
*15%
17% *15%
17%
17% *15
*15%
17%
*15%
7%
7%
*7%
7%
7%
*7%
7%
7%
7%
7% 'V*7v>
111% *109% 111% *109% 111% *109% 111% *109% 111% *109% 111%
20
21%
20%
20%
20
20%
20%
20%
19%
20%
19%
28
27%
*27%
2734
27%
27%
27%
28
27% 27% *27%
17%
17%
*15%
*15%
*15%
17%
17%
17% *10
17% *10
38%
Y,8O6
1%
conv
Cudahy Packing Co..;
Cuneo Press Inc
"
34
33
5
3% May
18% June
36
July
4178 Feb 20
Preferred..
400
*21%
1%
34%
9,800
4%
10
100
Sugar
Cuban-American
17% Dec
27% Jan 10
45% Jan 9
45% Jan 15
12% Feb 14
8684 Mar 3
41
61%
65%
184
June
4
Jan
Jan
Apr
25% May
70
May
June
6% Jan 24
Feb 14
Feb 24
87
44
*74%
19
Jan 6
Feb 14
41%
5% conv preferred
Cuba RR 6% preferred
13
75
Jan 16
Apr
Jan
Apr
33
7i«Sept
78 Jan 14
4
Feb 24
13%
5
4
Deo
25
16% June
18% May
15% Mar
2
1978 Jan 10
107
Feb
87
Crown Zellerbach Corp
Jan
478 Jan
Feb 19
40
2
Jan 14
182% Jan 16
40
7334
8
2
13%
44
7%
26%
*74%
15
100%
16%
438
22%
40%
Cream of Wheat Corp (The) .2
24%
44
13s
1
100
preferred
No par
76
33%
conv
Jan
378 Feb 17
12 Jan 7
.25
Crane Co
Crosley Corp (The)
*42%
1%
1
500
*73
1%
100 zl75
Preferred
Jan
Nov
97% Jan
49% Apr
9% Apr
40% Mar
434 Feb
May
40%
1,600
43
May
Jan 11
Apr
Jan
Nov
1%
4% May
27% May
2
May
Jan 10
Feb
Apr
8%
2%
5%
2334
108%
19%
15%
June
33
41
5%
74
70
8
7
47
17%
4
Jan 28
40% Jan
8
5%
43
1%
90
9
Jan 24
17%
74
1%
78 Jan
47% Jan 13
5%
250
7% May
% Dec
52% Jan
Coty Internat Corp
4%
4%
9% Jan 28
56
510
3%
9% May
4414 Feb 19
Corn Products Refining
500
74%
4%
884 May
93% May
2
45% Feb 19
Copperweld Steel Co..
Conv pref 5% series
8,700
44
4%
8
Jan
1578 Jan
25
Continental Steel Corp.No par
"16
3%
9%
32%
5% May
21
Dec
110% Mar
1% Jan
10% Apr
4% Apr
% Dec
2% May
2
106% Jan 22
87
338
6
Corn Exch Bank Trust Co..20
1
5
1534
15%
102
102
*43
3%
Jan
Feb 25
5
50
$2.50
Continental Oil of Del.
Coty Inc
*2%
4%
73%
*2%
3%
*2%
4%
74%
5% May
2% May
1
Feb 14
Continental Motors
80
"2,500
% Aug
7
6
4% Jan
*41
%
Jan
Feb
800
»i«
97% May
3% Jan 13
Apr
99% Deo
100
4% May
21% May
9
»ie Feb 28
8
13%
87%
90
*87
89
54
47%
7
8%
39%
4%
20%
23%
1878
Continental Insurance
1,200
7% Jan
May
16
May
75
2338 Jan 13
Feb
Apr
24%
31%
63
Jan 15
10738 Jan
May
17% June
7% Jan
9784 Jan 28
4
13%
*85%
40%
15
14%
14
8
9
Jan 16
103
42%
*41
43
13%
87%
14%
per
6% Feb 3
35% Feb 14
278 Feb 14
173s Feb 24
1878 Feb 19
14% Feb 19
52
Feb 18
*40%
41%
13
Jan
36
Diamond Fibre.5
5%
*24%
24
41
19
3%
1578
3
79
20
Continental Can Inc
1,100
1,100
7,000
6,000
nie
17%
5%
5
41
89
1,700
8
18% Feb
29% Jan
2
100
8% preferred
200
% Jan
No par
37
16
15%
101% 101%
17%
17%
102
5
*478
40%
"4
84%
5
Class B._......
500
4534
4534
180
176
176
*170
4%
4%
4%
4%
%
1534
15%
8
*83%
£36%
18%
19
4%
*«x«
101
101
8634
*41
y
*»!«
3
2%
176
*4%
4%
%
15%
100
8
17%
15
45
176
*17
3
1734
19%
Consol Oil Corp
100
45%
13
43
13
*86
I
1434
87%
*41
8
83
101
23%
*40%
*8
14
1
$2 partic preferred...No par
Consol Laundries Corp
700
14
14%
14%
*18%
15%
5
1
3%
18E
1
3%
*17
*16%
106 "
10234 10234 *102
1938
*U16
24
1%
3%
18%
36%
2%
17%
»u
*4%
*%
36%
*4%
17%
5,200
53g
*3%
No par
Consol Film Industries.
500
5%
$5 preferred
200
1%
334
No par
Consol Edison of N Y. .No par
500
2%
5%
*47%
44%
101
%
7%
2%
5%
37%
8%
3
4%
5
*%
*7%
*%
*3%
7%
*2%
1734
1534
*23%
%
2%
85
*170
17%
105%
7%
8
*18%
1434
*51%
45%
105
2%
5%
%
*h
21%
21%
105
8%
%
3
176
101
6%
21%
6%
21%
105
*2%
5%
1
"i«
5
6%
2134
105%
*7«4
3%
15%
18
*17
105
1
100
100
Consol Coppermines Corp...5
50
95%
6%
34
*100% 101
Continental Bak Co cl A No par
86
95
15%
*«i#
1534
200
15% Feb 4
101% Feo 27
1212 Feb 15
7% Feb 19
7% preferred...
6^% prior pref
86
95
17%
54
4%
4%
1,000
Container Corp of Amerlea.25
Consolidated Cigar
86
3
176
176
176
5% conv preferred
100
Consumers Pow $4.50 pfNo par
700
94%
37%
*7%
36%
7%
36%
45
300
12%
86
*83
83%
37%
83%
37%
734
7%
84 Feb 15
278 Feb 15
*12%
94%
6%
21%
18%
18% *16%
102% 102% *10234 103%
14
1434
14%
*14%
8
8
8%
*7»4
"u
*»U
84
18%
85
37%
No par
Consol RR of Cuba 6% pf.100
Consolidation Coal Co
25
Consol Aircraft Corp
86
*%
3%
*16%
4
102% 102%
14%
14%
8%
*734
*»!«
%
8%
*83
2;%
*16%
*102% 103%
14%
*14%
*7%
*»!•
784
*%
*3%
Congoleum-Nalrn Inc .No par
4,000
share $ per share
6% Jan
258 May
$ per share
4
Jan 10
3
Feb 19
16% Jan 20
22% Feb 19
1134 Mar 3
86
Mar 5
92
Feb 15
5% Feb 14
2034 Feb 20
105
Feb 28
12 Jan 2
7% Jan 10
2% Feb 14
53« Feb 3
T,2O6
'
Highest
Lowest
Highest
$ per share
No par
3%
17%
25%
87
21%
105%
%
%
8
*734
2%
2%
5%
5%
"u
7%
1
Conde Nast Pub Inc
17%
94%
105
*2%
5%
*%
4
*3
25
3%
17%
25%
12%
*17%
24%
12%
Par
Shares
share
per
6%
21%
21%
105
105
105
$
Year 1940
of 100-Share Lots
Lowest
94%
*86
6%
6%
21%
21%
21%
105
3%
17%
On Basis
Week
*3
17%
24%
12%
;'-i*3
EXCHANGE
Mar. 7
$ per share
5 per share
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Mar. 6
*25
*3
NOT PER
Thursday
5
Mar.
S per share
S per share
$ per share
SHARE,
Wednesday i
1
Sale3
for
AND
LOW
Saturday
1549
%
134
Jan
3%
Jan
Jan
1% Apr
67% Aug
5
Feb
11% Apr
3434 May
1
Jan
8% Mar
Apr
Apr
Apr
49%
31%
18%
102
29%
15%
4%
1
Mar
Jan
Oct
Jan
Jan
21% Jan 14
97% Jan 15
15
May
25
Jan
79
June
98%
Dec
13% FeD 10
38% Jan 9
10
May
27% May
x Ex-div. y Ex-rights.
20
Jan
40%
Feb
If Called for redemption.
New York Stock
1550
LOW
AND
Saturday
16%
36
*13%
*3H2
*24l2
*4%
*2412
*27%
*10512
*1414
*115
*3l4
*43
*35l2
*1%
2
Mar. 4
Mar. 5
Mar. 6
$ per share
111
*105
2
*134
17
2
17
19%
19%
106
5%
105
534
10%
5H2
*10%
1078
*50
51%
*434
5i8
6%
♦100l2 105
*100% 105
50
50
50i2
50l2
*50
*434
6%
05s
*137
*4
*4%
*0%
6%
*137
414
4%
*4
4%
4%
478
1234
1312 *12
7712 *7478
77%
*1714
1758 *17%
17%
*12534 12714 *126% 127%
32%
33
32%
3278
35
3514
35%
35%
*11314 114
*113% 114
*1214
*75
*1#
*58
*16
60
*81
8212
*12712 13012
4234 43i8
*ie
135s
13%
*98i4 106
*5i«
%
*16i2
*24%
*10
1734
2434
10%
*51
52
2OI4
13
*18%
*103I4
*11
*3%
*35i8
*5<«4
63%
*1278
*40%
*134
*2%
►
20%
13U
20
11%
314
36
0i8
63%
1338
42
2
2%
86
13
13%
*5958
60%
1734
18%
81%
1%
28%
%
*80
*1%
*28
%
*478
*12
5
13
*10%
11
*1034
*31%
12
*24
*14
32
24%
14%
4
*678
24%
*14%
4
7
*6%
*109
%
24
10%
*10
*20
80
81
81
4
7
111
1245s 125
45
*425s
*38
*42%
4
*3%
*6%
*109
125
4
7
6%
*109
111
%
13%
17
*19
18%
*23%
24
*24
103s
51
51%
*10%
52%
20
♦193s
20
13%
20
*1258
13
*60
*12%
13%
3%
♦35%
5%
41
*134
*2%
8534
12%
*59%
17%
*8034
1%
*28
1J19
*4%
*12
11
13
41
2
*
1,400
*41
43
43
300
2
28%
*1%
*28
l*16
1%
28%
%
5%
*4%
13
12
12
%
5%
12
*1%
1%
28%
*28
l316
%
434
434
*12
1034
1058
11%
32
*1034
*31%
24%
*23%
14
*14
23%
23% 24%
2358
23%
23%
23%
2334
141% *140
141% *140
13
*80%
*1%
1%
*28
10%
11
32
31
24%
14%
24%
23%
14
*12
10%
11
33 %
*33%
14
14
*14
14% *14
104% 104% *104%
106
20
20%
20%
*147
*146% 149
534
100%
2%
86
634
1%
10%
29
*14
106
1%
14%
253s
24%
243s
35%
14%
14%
600
100
31
3034
23%
*23
24
14%
24%
2434
*83%
*14
106
*106
24%
140% 140%
42
31%
"800
11%
113s
11%
11%
4,400
14%
11%
*11%
*14%
134
11%
14
11%
11%
14%
184
15%
2
1%
10%
*28%
*33%
*13%
29%
*14
14%
106%
20
149
6
534
100
258
*14
*1%
10
29
3334
3334
13%
2%
14
*14
14%
61
11%
600
14%
500
134
500
15
40
2
3,100
11
1,700
160
14%
300
106
106
106%
*20
203s
2038
20%
*146% 149
*146% 149
*5%
6%
*5%
6%
2%
*94
2%
2%
84%
6%
88
_
*85
*159
100
*
10
1,900
200
6%
1,700
300
17
17
*1634
17%
*1634
17
2834 2834 *27% 29
*28% 29
28% 28%
*6«4
7
7
7
*634
7
7%
7%
1134
11%
13
12%
12%
13
1234
13
13%
*105%
*105%
*105%
*105%
45%
45% 45%
45%
45%
45%
45%
45%
45%
36
*35% 36
35%
*35
35%
*34%
35%
35%
12
12
1178
*11%
1134
11&8
*1134
12
1134
11%
11%
63
*57%
61
*58%
62
60
*58%
*58%
60
58%
58%
111
*110% 111
*110% 111
*110% 111
111
111
*110% 111
378
334
334
*3%
334
3%
334
3%
3%
*3%
3%
34
*31%
34
*32%
34
32%
32%
*3234
35
3234
3234
%
®19
%9
7
*716
34
*716
34
7i«
7i«
3%
*2%
3%
*2%
*2%
3%
*2%
3%
*3%
3%
16%
*16%
16% *16%
16%
16%
16%
16%
16%
16%
16%
334
3%
334
*3%
4
*3%
3%
*3%
334
*33s
334
3c
7
38
38
%
%
*38
r
7
40
200
300
General Bronze Corp
General Cable Corp
cum
| In receivership.
a
6
No
100
....100
No par
General Foods Corp
84.50 preferred
No
3®4 May
8
June
Feb 14
45% June
3% May
Jan
Jan
Feb 14
30% Feb 15
33% Feb 15
112% Jan
par
No par
55
Jan
0
7% Jan
8
139
Jan
Feb 19
173g Feb 27
No par
preferred
Feb 25
122
par
No par
General Electric Co
Dec
5% Jan 10
Feb 10
134%
3%
4%
11%
73%
5
General Cigar Inc
7%
49% Feb 20
5
preferred
52
1% May
2
94
5
No par
Feb
5
4% Feb 14
6% Jan 6
15% Jan 10
8634
19%
128%
35%
June
3534 May
5% May
118
1®4
May
May
May
May
Feb
Jan 10
4%
1134
48%
Jan 28
1284 May
Feb 10
Jan 14
3934 Jan
6
113% Jan 31
300
"166
300
600
4,600
Two
100
600
.100
General Motors Corp
No par
Mar
7
20
Sept
105% Mar
6% Apr
14% Apr
51
May
734 Apr
105
Deo
Jan
57%
Jan
8%
145
Jan
4% Sept
11% Jan
29% Apr
89% Nov
22
Nov
May
120
Dec
26% May
41
Jan
493g
Apr
118%
%
Jan
102
3334 Dec
111% May
% May
43s Jan
4
38 Jan
109
3
Feb
12
Feb 18
Feb 19
106% Jan 15
General Shoe Corp
Gen Steel Cast 86 pref..No par
General Telephone Corp.. .20
10
*i« Jan
preferred
85
conv
preferred
11% Feb 19
19
Feb
103
~
Feb 19
Jan
Jan
4
Jan
6
9
Jan 11
104% Jan 17
% Nov
934 June
86% Jan
% Dec
13% July
20
May
10
July
14
May
1034 May
734 May
13% May
98
Feb
7%
Apr
10
Jan
110
Jan
1%
Jan
19%
106%
Dec
"u
Apr
Jan
18%
Apr
3334
Jan
143s
Jan
65% Nov
2434 Mar
133s
Jan
23%
Apr
May
106
13
Jan 10
Jan 13
3
Jan 15
3034
Jan
9
Jan
Jan
9
43
65
Nov
Jan
9
11
1934
46
Jan
9
30
5% Feb 14
40% Feb 25
1% Jan 7
1
.1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)
No par
par
par
No par
No par
100
1
Feb 21
12«4 Feb 24
50
2% Feb 13
84
Mar
11«4
59%
16%
*80%
1%
27%
«4
5
12
No par
10
1434 Jan 10
10
Feb 19
65% Jan 13
20% Jan 10
45
Feb 20
90
Jan 27
69
Feb 14
Feb 18
Feb 20
1% Jan 10
28% Jan 22
Dec
May
July
May
May
25
Feb 15
23% Mar 6
13% Feb 18
Great Western Sugar..No par
Preferred
100
19% Jan
140
51% Mar
Feb 14
2
1% Jan 11
03s Jan 6
1334
13%
1284
36%
25%
1534
Jan
7
Jan
6
Jan
2
Jan 16
Jan 22
4
283s Jan 11
Jan
2434 Mar
6
12% May
13s
Jan
634 Mar
Oct
May
1®4
2
77
233s
Sept
4% May
May
May
Feb 14
5% preferred
20
Gr Nor Iron Ore Prop ..No par
Great Northern pref
No par
22
Jan 10
10% May
Feb 14
10% Mar 6
10% Feb 14
3034Mar 7
No par
9
2% Jan 25
2% Jan 2
91
434 Feb 14
div ctfs.No par
Without dlv ctfs
7
Jan 11
Jan 10
June
Apr
Dec
3%
37%
7%
£67%
1434
_
4)4% conv preferred
Gobel (Adolf)
Goebel Brewing Co
Granite City Steel
Grant (W T) Co
21
Mar
5% May
100
60
1034 Feb 19
60
w
32% June
3% June
563s
127% Mar
3% Feb 18
3434 Jan
No par
85 conv preferred
Gotham Silk Hose
1984
29%
11%
01%
22%
16%
May
5
86 preferred
...No par
Glidden Co (The)..
No par
5% preferred
No
Goodyear Tire <fc Rubb.No
May
37% May
116
Jan
var
No par
Gimbel Brothers
Feb 14
40% Jan 30
18% Feb 14
100
General Tire & Rubber Co
Gillette Safety Razor..No
7u Jan 10
16% Feb 20
23% Feb 14
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No var
118
7% Jan 15
Jan 30
102
June
Dec
May
% May
43s May
9% June
6% June
10
May
26
May
21% May
1138 May
45
4%
3%
90
2034
Jan
Dec
Apr
Apr
Sept
Apr
69% Mar
24% Apr
97%
4%
71%
1%
Feb
9%
Apr
14%
Jan
Feb
Jan
Jan
12% Dec
1634 Apr
3634 Apr
25% July
183s
15% May
30
183s May
29%
Jan
NOV
Jan
2
143
Jan 15
zl23
Green Bay & West RR
Green (H L) Co Inc
100
55
Jan
1
29% Feb 14
34
Jan 13
23
35%
Apr
Greyhound Corp (The) .No
5 )4 % conv preferred
par
1034 Feb 19
Jan 10
93s May
9
May
1434 June
13s Aug
1734
Jan
4
12%
11%
17%
1«4
3
16
Jan
10
Grumman Aircraft Corp
1
Guantanamo Sugar
No par
11
8% preferred
100
Gulf Mobile & Ohio RR No par
85 preferred
No var
13
Hackensack
25
29
25
33
10
13% Mar
Water
7% preferred class A
Hall Printing Co
preferred
100
Hat Corp of Amer class A
6)4% preferred
Hayes Mfg Corp..
1% Feb
Preferred
....100
Motors
Jan
6
29% June
Jan
3
30
103s Jan
8
Jan 24
9% May
10% May
100% June
15
107
Jan 10
Jan 16
Feb 11
Jan 23
Feb 10
Mar
140
Jan
3
5% Mar
4
2
101
Jan
4
2% Feb 14
Jan 10
3% Jan
6
9
No par
53
Feb 15
108
Feb 21
115
Holly Sugar Corp
7% preferred
Homestake
14% Feb
Jan 29
634 Feb 14
9
par
Feb 14
16
17
Jan 14
Mar
9
4334 Feb
4
Jan 24
523s Jan
600
par
35
Feb 15
39
No par
11
Feb 17
1334 Jan
No par
100
Class B.
110
Hudson & Manhattan
v
5
100
%Mar
3
2% Feb 18
16% Feb 28
3% Feb 14
1
Cash sale,
64
111
3% Feb 14
30a4 Feb 14
5% preferred
100
Hud Bay Mln & Sm LtdNo par
Hudson Motor Car
No par
{Hupp Motor Car Corp
7
Jan 30
58% Mar
t C..25
7
3s Feb 15
z
Ex-dlv.
y
8
Jan 27
Jan
6
9
Jan 15
4% Jan
6
37% Jan
8
% Jan 22
3% Jan 6
1734 Jan 8
4% Jan 13
34 Jan 6
Ex-right.
28%
9%
Jan
Jan
Dec
Jan
Apr
Apr
Apr
Apr
Jan
June
Jan
12% May
110
Jan
167
Dec
21%
Apr
100%
133%
67%
115%
Apr
12% July
1834
Jan
19
35% Apr
934 Nov
69
Dec
126% Aug
50
June
94% May
Jan
Apr
Jan
5
3084 Jan 10
13% Mar
106%
106
Apr
6% Dec
May
4% July
8
May
103
12.50
Houdaille-Herahey cl A.No
r
8
100
Mining
n New stocfc.
5
Mar
26
5
No
4
17
10
Jan
17
11%
155
163s Jan
Jan
Feb
113%
Jan 10
7
Feb 19
Apr
37
89% June
166
Feb
12
34%
20%
4%
86
67% Feb 19
126% Jan 24
30% Apr
238 Nov
14% Nov
Aug
Jan 13
73s Jan 13
Apr
104
2
Jan
Apr
3%
138
96
7
June
12
Feb
253s
5% May
83% June
6% Feb 14
83% Mar 5
Jan
May
142
16% May
130
May
95
84 conv preferred. __.No par
Hinde & Dauch Paper Co... 10
Hires Co (C E) The
10
Holland Furnace (Del)
Hollander & Sons (A)
95
7
84% Mar
158
May
1% Dec
8% Nov
36
77% Jan 11
128% Jan 8
5634 Jan 18
100
11
33
20
No par
No par
Jan 10
2% Jan 10
106®4
25%
14934
03s
1
Hercules Powder
6
5
6
Feb 25
25
9
Jan
Feb 18
Mar
104
2
Jan
Jan 10
105% Feb 15
97
Jan 24
June
27% July
May
12
Feb 27
25
Hercules
Jan
Feb 14
14
1
Helme (G W)
7
1% Feb 19
9
100
Hazel-Atlas Glass Co
Hecker Products Corp.
Jan
13% Feb 15
No par
6% preferred
.100
Hanna (M A) Co 85 pf.No par
Harbison-Walk Refrao.No par
200
Def. delivery
48
No par
5% preferred....
Houston Oil of Texas
Howe Sound Co
3,000
6% Jan
2
0% preferred...
100
Gen Realty & Utilities
1
80 pref opt dlv series .No par
General Refractories...No par
Household Finance
200
6
Jan
% Jan 27
16% Jan 10
100
""500
48% Jan
120
Feb 14
107
No par
Gen Railway Signal
Jan
3% Feb 19
General Printing Ink.
1
86 preferred
No par
Gen Public Service
132% Jan 28
40% Feb 19
No par zl24
Gen Outdoor Adv A...No par
40
Common....
% Jan 28
128% Jan
.10
85 preferred
100
600
% Jan
No par
preferred
6% cum preferred
Hershey Chocolate
...
Bid and asked prices; no sales on this day.
18 preferred
6%
T.eoo
2%
162
27%
7
600
8684
*85
159
100
84%
13
27%
Gen Am Transportation
General Baking
Hamilton Watch Co
""16
*104%
100
500
39
106
*84
83%
161
15
10%
29
*94
85
658
83%
161
1%
104%
20
87
60
*30
*147
161
100
*30%
20
85
300
2,600
7,100
3,400
31
149
*94
14%
25%
2434
42
104%
5%
5%
100% 100%
2%
2%
*83
86%
6%
6%
*159
3334
*14
1,400
30%
1%
10%
29%
3334
143s
14%
514% conv preferred
50
Gen Arner Investors
No par
86 preferred
No par
Preferred
1134
15%
10
100
1%
28%
1034
*12%
30
20
2,600
10»4
*1%
10
""266
*1034
3034
1%
*134
June
Grand Union
1%
30
97
6% Jan 22
11% Jan 15
200
*11%
14%
1%
10634 Jan 14
13
*1%
10%
30%
33%
Jan 21
4% Feb
10a4 Jan 30
47% Jan 21
43s Feb 21
600
1%
15%
10%
106
5
12
15%
Gannet Co conv $6 pref No par
3
Gar Wood Industries Inc
434
11%
*11%
*13
May
5%
1058
134
12
5
11%
11%
14%
14
Jan 28
Graham-Paige Motors
Granby Consol M S & P
11
42
22
131«
11%
11%
14%
1%
15%
*30
Feb 25
"19
11%
11%
42
18
»«,,
13
7
var
No
"19
*12
24%
2%
86
13
1334
13
13
*12%
*12%
*12%
14
13%
13%
*68%
6978
*68%
69% *69%
691
70%
6958
*70
69%
69%
71%
124% 127
*124% 127
*124% 125% *124% 125% *124% 125% *124% 125%
*53
54
*53
54
*53
54
*53
*53
*53
54%
54%
54%
107
110
*108% 110
*108% 110
110
110
*108% 110
110
110
*14%
15
*14%
15
15
*14%
15
*14
15
*14
15
*14%
*3%
200
*28
1%
28%
85
*2%
*16%
600
400
161
"16
500
41
1734
0
10% May
6%
2,400
14
27%
*634
11%
11%
*105%
45%
45%
37
*35%
400
500
18%
84%
14
2%
500
60%
24
*83
100
18
14
534
300
~
60%
*23%
*94
"""366
18%
84%
1034
*1034
*31%
*23%
106
%
60%
11
*30
200
60%
17%
*80%
*1%
32
*12%
1,100
7
60%
*31
14
4%
*5934
1734
*10%
*10%
*30
600
700
81
Mar
18% Feb 28
Dec
800
900
81
2
2% Jan
1% Feb 4
134 Feb 15
Apr
Dec
39% Dec
3% Sept
5% Apr
20
Apr
131
19.200
594*
17«4
4
Jan
13%
81
Jan
Apr
13
1734
39
Dec
6%
41
101
13%
*80
Feb 15
118
7734 May
arl3
17%
33
2% Aug
May
24®4 May
20
2
13%
81
7
Apr
Jan
500
*2%
Jan
Jan
Apr
86
24%
10%
54%
2%
46
Nov
35
Feb 27
1,000
86
6
32
10734
21%
80
13
1
7
Jan
9% May
61
May
14'4 Feb 18
5%
63
2%
Jan
334 Feb 28
43
June
General Mills...
12%
86
132
Feb 19
7
Sept
18% June
102
44
63
2%
7
Sept
"12%
2%
2
28
1934
*134
Jan
May
63s Sept
22
5
1934
*24%
*41
32
107% Jan
20% Jan
2% Feb 17
19
4
Jan 13
Mar
3^900
2
Jan
80
12%
*134
*2%
7
Jan
21% Apr
38% Mar
25% Apr
8% Nov
Jan
03
2
24% Jan 24
29
46
38
*1234
*134
8
Jan
Jan
Gen Gas & Electric A..No par
80 conv pref series A.No par
41
41
*134
2%
63
Jan 13
Jan
22%
2134
106
200
4,300
13
85
*9
100
84
*159
*32
2,600
12%
5934
85
*57%
*110%
*3%
22,700
15
33% Jan
14
Sept
12% May
May
32% May
10% May
24®4 June
84
1
preferred
Gamewell Co (The)
Class A
100
42% Jan 13
Highest
share % per share
per
10
(Robert)
$3
7%
110
Feb 14
Jan 10
105
No par
100
719
10%
53%
19%
27
No par
conv
500
84
161
*35%
*11%
1,100
12%
60%
85
11%
*105%
45%
400
2%
8534
*159
*27%
*634
40
12%
11%
113s
1434
*13
1,000
719
141
86
"V.iOO
3
18% Jan 10
105
105% Jan 24
13% Feb 14
10
Gaylord Container Corp
400
111
1934
1934
19%
*1234
13
*1234
13
*18%
20
*18%
20
*103% 107
*103% 107
11%
11%
*11%
11%
3%
*3%
3%
3%
*35%
*35%
36%
36%
*534
5%
5%
5%
*30
6
20
3,200
Jan
4% Feb 18
24% Feb 14
10
100
preferred
3
Lowest
$
500
*13%
13%
*98% 106
10%
17
Mar
22
100
Francisco Sugar Co
Feb 14
31
10
preferred
Food Machinery Corp
434% conv preferred
Foster-Wheeler.
conv
Gair Co Inc
100
%
71%
*%
5%
500
1,200
5%
16
F'k'nSlmon&Co inc 7% pf.100
Freeport Sulphur Co
10
Gabriel Co (The) cl A..No par
12%
13
*40
2
3%
*034
53
*140
100%
2%
20
400
48
*109
2434
*10
31
21
1,000
81
45
19%
51%
20
*18%
*18%
*103% 107
*103% 107
11%
11% *11%
11%
3%
3%
3%
3%
3%
35%
35%
35% *35%
363s
534
534
5%
5%
5%
62
62
62
63%
64
11
18%
24
*13
Follansbee Steel Corp
100
*12434 125
0%
42
*146% 149
h
81
4
111
141
*104%
*105% 106
200
111
*70
45
31
14%
1434
100
90
Range for Previous
Year 1940
Highest
8 per share
101% Mar 7
34% Feb27
123g Feb 14
No par
Florshelm Shoe class A .No par
600
v'
38
13%
13.%
*98% 106
%
719
13%
*98% 106
*19
125
*30
34
*6%
45
Florence Stove Co.
1,500
*5%
*10%
79%
31%
*14
*84
125
First National Etores_.No par
Flintkote Co (The)
No par
1%
*105
%
79%
31%
*32%
*534
80
%
80
x20
1%
*2%
*16
75
31%
1034
800
17%
19%
*18%
5%
31%
30%
*94
5%
*10%
30%
42
*10
*1934
111
5%
10%
10%
51%
12%
*18%
20
*103% 107
141% *140
*30
*14
81
*3S
51%
20%
1234
23
158
4
111
24%
23
*11%
*14%
*42%
51
24
11
125
44
*10
2234
3034
*19
68
%
*12%
13% *1234
13%
*
*98% 106
98% 106 1
*5i»
%
51«
*19
*17
17
17
1734
24
*30
125%
*38
22%
*140
900
127% 130% *128
129
*128
129
130% *128
*127
.129
42%
4234
42%
42%
42%
425s
42%
43%
42% 43%
*109
%
*16
65
*42
%
*105
106
5%
6% preferred series A... 100
600
*10%
10%
10%
*50
*50
51%
*50
51%
51%
5%
*434
5%
*434
5%
4%
5%
100% 105
*100% 105
*100% 105
*100% 105
50%
50
50
50%
50
*49%
49%
50%
6%
6%
6%
6%
6%
6%
6%
6%
137
137
*137
148
*137
148
*137% 148
*4
4
4
4%
4
4
4%
4%
*4%
434
4%
4%
434
434
434
434
*12
13
13
*13
13%
13
13%
13%
*75
77% *75
77%
*75%
7834
7834
7834
17%
17% *17%
18%
*17%
18%
*17%
18%
126% 127%
127
127% 127%
127
127
127%
32%
32%
323s
33
325S
32%
33%
33%
35
35
35%
34%
3434
35
35%
35%
*113% 114
113% 113% *113% 114
*113% 114
81
*125
4i8
7
19%
106
Fllene's (Win) Sons Co.No par
Firestone Tire & Rubber... 10
400
173g
17%
19
Lowest
8 per share
Par
'"hoo
*134
17%
19
Range Since Jan. 1
On Basis of 100-Share Lois
Shares
*434
su
STOCKS
8, 1941
EXCHANGE
Week
$ per share
March
NEW YORK STOCK
the
Mar. 7
$ per share
*16
17%
17
10%
51%
*50
65
45
111
106
*10%
81
125
4
Sales
Friday
2
1%
*19
5%
60
125
*678
per share
17
5%
81
*42
*109
$
*16
1734
19%
17
*1834
534
*10%
*16
*16
*178
18's
1934
*106
Thursday
20%
20%
17%
♦16
17%
105s
16%
16%
*16%
1034
*16%
16%
*16%
16%
1634
1034
102
*102
103% *102
103% 102
103
102% 102%
101% 101%
36
*36
36
36%
36
36%
36%
2:35%
35%
3534
36
13%
'13»4
13% *13%
1334
13%
1334
13%
1334
1334
1334
31
31
31
31
3134
313s
31%
313s
313s
3134
31%
25'4
24% 24%
*2334
24%
*23%
25%
*24%
25%
*24% 26
5%
478
478
5
*434
5
5
5
*434
*5
5%
27
201Z
24% 24% *23
*23
27
*23
27
*23
27
28l2 *27%
28
*27%
28%
*27% 28%
*27%
28%
*27%
28%
*105%
*105%
*105% 107% *106
*106
14
14%
14%
143s
14%
14%
14%
14%
14%
1434
14%
125
*111
125
*112
123
*111% 123
112%
12% *112% 123
*3
♦3
3%
3%
3%
3%
3%
3%
3%
3%
3%
46
*43% 45%
43% 43% *43%
48
*43%
48
*43% 48
36
34% 35%
33%
34
35
34%
35
34%
35
35%
2
*1%
2
9
9
*1%
2
2
*1%
2
18
*19
CENT
■for
Wednesday
5 per share
2012
*102
NOT PER
Tuesday
Mar. 3
S per share
*16
SHARE,
Monday
1
Mar.
SALE PRICES—PER
HIGH
Record—Continued—Page 5
May
May
28
May
8®4 May
54% May
35
101
June
33s May
28
Aug
% Dec
2% May
12
May
3
May
% May
16%
110
60%
3834
16%
71%
112
6%
Apr
Mar
Jan
Dec
Apr
Apr
Dec
Jan
50%
Feb
1%
Feb
7%
Feb
27
Jan
6%
Feb
1
Jan
^ Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 6
152
AND
SALE
HIGH
PRICES—PER
SHARE,
NOT PER
;STOCKS
Sales
CENT
Mar.
Monday
1
Tuesday
Mar. 5
Mar. 6
Mar. 7
Week
$ per share
$ per share
S per share
Shares
7
6%
684
14%
*13 %|
13%
*39
41
*13%
*39%
6%
3%
358
2078
5%
*3%
24
75%
10%
10%
6
*6
110
4
4
87g
9
*15s
1%
*39i8
41%
150
150
?
21
584
*5%
23%
23%
98%
98%
23%
152
10%
22%
1*4
2
1.400
Indianapolis P & L Co .No var
5%
100
1'8
22i4 Feb 19
No par
100
155i2 Feb 10
—No par
103;
■5,700
2434
*130
134%
13%
14
6434
65
1%
*134
V
Interchemical Corp
140
4
1,000
Intercont'l Rubber
No par
8%
1%
8%
2,400
Interlake Iron
No par
41%
1%
*41%
1,300
Internat Agricultural..No par
41%
152
42
13;
-
167i2 Jan 10
136
June
46% Feb 19
5334 Jan 10
38
May
19H2 Mar
6284 Jan
100
15712 Feb 20
145
May
173
*3634
38%
*3634
100
*37
40%
*38
*29
2934
*29%
2934
29
28
28% 28%
*97
100
*97
2%
2%
634
90
*84
2%
2%
2%
6%
8%
*28*4
29%
*126%
2%
6%
7
2%
2%
6%
90
*7%
*28%
V/.7
*84
90
*84
200
2%
2
2%
2%
7%
2%
4,400
8
*7%
*28%
29
*126%
29%
29%
*126%
29%
*126%
*7%
*29
*126%
90
*84
8
*7%
29%
V'«4i
—
-
29
7%
90
1234
12%
12%
12%
12-84
£12%
12%
*12%
*3914
3934
*39%
3934
3984
3934
*39%
39%
39%
39-84
*39%
40
*58
58%
57
57%
*57%
5834
£56%
58
1,400
5734
*120%
.
*4
•
-
-
-
*11%
*120%
17
*11%
12«4
*101
126% 126% *126% 127
*101
103
*99% 103
104
11%
*11%
*120%
-
-
12
*11%
*120% iU
■
4
4
4%
-
*11%
—
4%
12
*11%
*120%
*4%
*120%
4%
?K4?:iv
12
•
"""266
4
*1134
*101
*15
17%
*3%
*15
17%
*15
16%
*15%
16%
1234
*12
12-84
*1134
1234
*11%
1234
*11%
101
101
101% 101%
101
101
32%
12%
33%
12%
12%
3134
*30
*29%
12%
*12%
12%
*29%
31
*29%
31
31
*29%
30
Kendall Co $6 pt pf A—No par
100
2%
*1%
2
2
2
*2
2%
2%
2%
*2
*24%
2634
*2434
2684
*24%
2584
25%
25%
*25
22%
22%
22%
22%
22%
23
24
23%
3%
*2%
22%
3%
*2%
3%
*2%
*2%
2384
3%
22%
23
10,000
26
26
1,800
3%
*2%
2234
£22%
22%
22%
22%
22%
2234
22%
26%
26%
26%
26%
26%
26%
26%
26%
26
26
*6%
*21
7
*5%
;
7
*5%
*20
12%
*7%
2378
23%
23
*12%
23
12%
12%
*7
8
*21%
114
*113
*184
8%
23%
22
113
2
■
24%
%
34
3%
*21
3%
3%
21%
2034
*7
*5%
7
22%
23%
12%
12%
12-8;
12-8;
113
734
*7
8%
*25
25%
*21%
22
*1»4
2%
34
%
%
3
1%
*%
*3%
3%
3%
3%
3%
21%
21%
21%
21%
12%
12
12
*11%
12%
*11%
12%
12
22%
21%
21%
*21%
22%
*21%
22%
*21%
35%
35%
5%
5%
53s
9084
38
88
88%
*86%
88%
90
90
8934
8934
373s
88
88
9034
90
90%
182
*1834
21
25
*23%
36%
*35
*178
21
*23%
*35
*9%
10
10
15
15
182
88%
12%
*21%
35%
35%
5%
38
5%
*37%
88%
*87
893;
89%
*178
180%
21
89%
17%
17%
160
160
*17%
18
*62
64
*2812
29
*133% 135
17%
160
17%
62%
5
Lee Rubber & Tire
35%
2,600
5%
12,000
38
25
......100
Preferred.....
100
180% 180%
Tobacco..25
Series B
*15
15%
600
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
.1
1434 Feb 14
20% Feb 14
303a Jan 14
160
17%
*17%
62%
61%
61%
*28»4
135
2834
29
135
135
160
18
63%
2834
135
*156 84 160%
18
18
63%
64
28
28
*135
139
159
.
Long Bell Lumber A...No par
400
1,400
600
1,100
300
283;
100
5% preferred
10
Lorillard (P) Co
27%
27%
27%
27%
24%
24%
24%
24%
24%
900
11%
11%
*11%
12';
600
Madison Sq
28
28
28
*6%
7%
*6%
7%
*6%
*13%
1434
*13%
14%
*13%
7
*6%
14%
*13
*1
1%
*1
1
2%
27
2%
7%
14%
27
2%
*6%
*13
1%
1
4%
4%
4%
4%
5,800
534 Jan
4
3
No par
25
Shirt..
1334 Feb 18
1
84 Jan 14
Maracalbo Oil Exploration—
Marine Midland
li2 Feb
5
Corp
4i2 Jan 30
8%
pref—100
14%
14%
14%
4,200
Marshall Field & Co ...No par
26%
26%
26-84
4,000
Martin (Glenn L)
13i2 Jan 17
23
Feb 14
9%
9%
9%
1,500
Martin-Parry Corp
*25%
2534
100
25%
25%
25%
25%
2534
884
9%
*8-84
9
9
*25
*25%
*25
25%
*2434
884
2534
*2534
2684
*25%
26
....
*4834
4934
4834
~4~8%
*2%
2%
2%
2%
2534
*174%
*48%
2%
*2484
25%
25%
25-84
25%
J1
mm
~48%
2%
*174% 176
48-34 4834
*2%
*25%
2%
26
2534
2534
*104% 105
*104% 105
13%
13%
13%
13%
13%
13-84
14
1334
1384
*13%
26
105% *104% 105
*103% 104
*103%
104
*23%
24
23%
23%
7%
8
*7%
*103% 104
8%
32
2334
*23
*7%
*31%
*31%
32%
*7%
3%
8%
7%
7%
8
3%
3
3%
*3
25'g
25%
♦
10
1
Copper
Feb 17
11
8%
8%
*25%
235a Feb 14
2578 Feb 21
8%
25%
*31%
1%
Feb 14
14%
734
9
1334
*%
3
25
Manati Sugar Co
Manhattan
500
Mar
134
Inc...No par
Garden...No par
Mandel Bros
7%
14%
5
14
8%
14%
*13%
Magma
2834Mar
14%
8%
25%
13%
1,400
25%
32%
*102% 104
23% 23%
7%
7%
*31%
25%
32
25%
£26
26
253;
174% *165% 174
*48%
*483; 493;
49%
2%
*25%
105
*13
1334
*101
*23%
*8%
32
2%
26
105
13%
1334
104
24
8%
32%
*23g
*25%
;
Mathieson
May Department Stores
300
Maytag Co—
100
$3 preferred
10
300
1,000
13-84
32%
8
8%
1,700
3
3
1,600
25%
f In receivership,
25%
700
d Def. delivery,
J McKesson & Robbins, Inc. .5
$3 series conv pref—No par
n
New stock,
r Cash
4838 Feb 21
23s Feb 24
Jan
8
25
103% Jan 23
125s Jan
13% Mar
22% Feb
Mclntyre Porcupine Mines—5
McKeesport Tin Plate
10
8
24i2 Feb 15
174
Feb 19
1
McGraw-Hill Pub Co—No par
300
3%
Feb 14
103% Feb
700
24
8
2434 Feb 21
100
400
8%
t' — -
8
sales on this day,
McCrory Stores Corp
No par
No par
..1
8%
24
.
3
26
$6 1st cum pref
McCall Corp
*32
-
3%
*25%
No par
No par
6 % conv preferred
McGraw Elec Co
*102% 104
8%
26
100
10
7% preferred
200
2-84
26
3
*25%
1
No par
No par
Alkali Wks.No par
Co
Masonlte Corp
90
*104% 105
*13%
13%
13%
Market St Ry 6 % pr
500
174
734
8
3%
25%
Bid and asked prices; no
8%
25%
25%
400
9
14
Feb
29
Jan
53%
914
Jan
Apr
45
Apr
I8I4 May
27
May
41
9
May
148a
4
7% Feb
Feb
31
714 Jan
3
Feb
Feb
24
sale, x Ex-dlv.
Apr
Apr
16r>a Jan
10i8 May
188a Mar
283a Jan
2214 July
4178
8
9
343a Jan 6
109
Jan 29
193aMar
7
Jan
9
312 Jan
3
6
40
15r>8 Jan
20i2 May
97
Jan
193a Jan 10
7034 Jan 27
31&8 Jan 21
138
Jan 21
333a Jan 10
27
Jan 14
109% Apr
3914 Apr
46% Jan
414 Apr
2
May
13% June
17U
Dec
15i8 May
May
38
2584 May
128
Sept
May
17
2012 May
878 June
2
2H2 May
3
684 Feb 26
1412 Jan 13
112 Aug
2U Mar
3758 Mar
May
Jan21
12
30i2 Jan
Apr
1588 May
29
June
13812 May
14
8%
*8%
13%
400
2%
Jan
247g Nov
6
Jan
113a Jan
2
Feb 18
14%
14%
13%
*13
261;
Jan
158
484 Nov
3714 Jan 14
162
159
7% Feb 18
4%
4%
25%
*13%
7%
14%
26%
2%
*6%
4
2312 Apr
3034 Dec
105i4 May
4%
*8-%
4%
4%
13%
2584
*25
2%
1
14
26
27
May
11012 Jan 18
19-88 Jan 15
100
Macy (R H) Co
11%
87
1
No par
6% preferred
Mack Trucks Inc
11%
*26
3
4
3
24%
2%
96i2 Jan
Feb
8
27%
28
May
17% Mar
108
Jan
11
*2
4
258 Feb 15
1334 Jan 30
l7i2Mar
24-84
*26%
3614 Feb
60
27%
2%
Feb 19
14
100
MacAndrews& Forbes..—10
100
7% preferred
Louisville & Nashville
11
1,400
10714 Jan 31
Louisville Gas & El A ..No par
120
139
25
Loose-Wiles Biscuit
180
159
18
27%
-.
'
64%
*134
_.
1,000
17%
18
No par
No par
$6.50 preferred
90
64%
May
33
Jan 18
30
Loews Inc
June
39
934 Feb 17
Loft Inc
...—-1
Lone Star Cement Corp No par
1514 May
9i2 May
18i8 May
5
2214 Feb 19
33
Feb 10
'
12 Dec
May
30
No par
15
17%
8
Jan 13
Lion Oil Refining Co—.No par
'#15H
61%
1258 Jan
2
4538 Jan 9
7»s Jan 23
Link Belt Co
15
15984 160
2238 Jan 22
Lima Locomotive Wks.No par
15
17%
4
700
*9%
17%
9
Jan
Dec
11678 Dec
Apr
400
17%
34 Jan
4
25
May
10
17%
138 May
7i2 Nov
Jan
3584
16
35
17%
4
1638 May
15i8 May
100U June
Apr
25%
108% 108%, *108%
18
18
173;
3 >4 May
2714 Jan 10
2514 Jan 9
21% Sept
1638 Jan
10912
24%
-
1178 Dec
109
*33%
-
May
8I4 May
8
18838 Dec
10
-
4
Jan
May
33%
~
Jan
8
Jan 13
June
24%
w •-
912
8% Jan
13
87
10
■
Jan
Apr
169
33%
*108%
34i2
2
24%
—
2912
May
3
10
•
Feb
22% Aug
23% May
2
234
3134
Jan
35
3,800
Apr
Jan
Jan
24%
46,600
Jan
1538 Nov
98
10
6,000
Apr
Dec
189
34%
;
3878
7
89i4Mar
*22%
*15
978
105
Jan 27
88
179
10
15%
Jan
Apr
187a Nov
Apr
Feb
2OI4 Feb 24
24%
*25
Feb 19
Feb 26
Feb 19
15i2
109
4
1912 Feb 28
*26%
*104%
5
37
Apr
26
24
2l78Mar
3434 Mar
Mar
7%
2014 Nov
1512 Jan
104i2 Dec
ll2 May
17i2 May
19% May
i2 Feb 13
2i8 Feb 14
121
214 Feb 11
29<4 Jan 25
116% Jan
20i2 Jan 30
lis* Feb
Apr
465a
Lily Tulip Cup Corp—No par
..
11%
*174
Mar
134 Jan
Jan
16
27®4 May
234 Jan 13
Feb 14
Jan
77i2
132
109i2 Dec
Jan 10
878 Jan 13
Jan
2384 Feb 20
35
__
Jan
26
Feb 15
7
13% Jan
400
23
24%
*174
514 Feb 14
1714 Jan
12
23%
*18%
8% Jan
38
Mar
*18%
27
8%
May
Feb 14
12
31
20%
11%
8%
10
31
Liggett & Myers
100
24%
4%
373a Jan
May
May
June
May
400
300
23
2634
1%
105U Feb
Feb 14
8%
434
8714
24i8
1,800
1,900
12%
4%
Jan
88%
5,600
3%
21%
12J4
27%
4%
*8%
18
8934
3,700
2434
*1
1478 Feb 28
6i8 Feb 19
9812 Feb 21
100
%
2434
2%
95
113
27%
2%
Jan
4% conv preferred
100
tLehigh Valley RR
50
Lehigh Valley Coal.-_.No par
6% conv preferred
—50
Lehman Corp (The).
1
Lehn & Fink Prod Corp
5
Lerner Stores Corp
No par
Libbey Owens Ford Gl.No par
Libby McNeill & Llbby
7
Life Savers Corp
5
300
Dec
Jan
20
2%
*11%
*2
May
6
7
8
106
21
28
28
92
4
10
17%
28%
28%
134
134
104U Jan 27
3i8 May
May
Jan 22
7 >8 Feb
104%
*18%
*108%
160
10034 Feb 28
Lehigh Portland Cement—25
24
2334
23-84
24%
23-84
23%
*24
23%
243;
24%
233s 24%
32
32%
31%
32%
31%
32
31%
31%
317g 32%
32
31%
*1077g 109% *107% 109% *107% 109% *107% 109% *107% 109% *107% 109%
19%
18%
18%
1834
18
1734
17%
18% 18%
19%
1634
17%
38
38
38
38
38
38
37% 3734
37%
38
*37%
*37%
3
2%
2%
*2%
*2%
2%
*2%
3
*2%
2%
*2%
*2%
*14
*14
14%
14%
14%
14%
14%
14% *14
14%
14%
*14%
*108%
May
35
15
*108%
9
23
*19%
10
15
*178
182
5%
12
22
14i2 Jan 10
23%
23%
35%
*18%
35%
*37
*37
*37
180% *178
*178
5%
5%
5%
38
38
88%
37%
*88
35%
35
35%
5%
*37
34
*1*4
%
Jan 30
600
*111% 114
1%
21%
3%
21
3434
734
*111% 114
*111% 114
1«4
2034
Lane Bryant
1,000
22
-100
No par
No par
11758 May
II
27i8 Jan 9
2978 Jan 10
5% preferred..:
48% May
978 June
53a Jan 10
£22% Mar
24
Feb 15
Lambert Co (The)
June
44
1834 Jan 24
No par
Co
Laclede Gas Lt Co St Louis 100
100
26
2134
122U May
110i8 Jan 9
125s Jan 10
121
Feb 7
2% Feb 15
Kress (S H) &
—
*24%
Mar
1
Kroger Grocery & Bak. No par
2,400
8
52
26% Jan 13
3
Jan 30
140
1234
2134
*1134
5%
——
"
23
Jan
3484 May
9
13
Dec
Jan 16
Feb 14
4
Dec
33
130
17
184 Jan 24
2314 Feb 15
22
Feb 14
Kresge Dept Stores
'
25
113
21
35%
^
2134
*217«
34-%
7
M
^
24%
8%
84
3%
12%
^
2134
I84
h
*5%
*22
20
2,400
25
21»4
2
«4
7
23
*5%
*20
12%
*24
22
113
*134
23
12%
*7
'
*21%
7
i
*20
500
21;
26
9
No par
Keystone Steel & W Co No par
Kimberly-Clark
No par
Kinney (G R) Co
1
$5 prior preferred...No par
Kresge (S S) Co
10
Kennecott Copper
400
3134
2634
*2%
22%
100
100
15,700
2238
3%
22%
1
Kelsey Hayes Wh'l conv cl A. 1
Class B
.1
22%
■
100
122
7
May
Jan
128
2
1534 Jan
5% conv preferred
166
*24%
*2
12012 Jan
20i8 May
June
7
Jan
Dec
Jan
63i2 Jan 13
Feb 11
Feb 14
12512 Jan 6
100
Feb 14
pf ser BNo par
City Southern.No par
Kayser (J) & Co
5
Kelth-Albee-Orpheum pf—100
.
13314 Feb
5
4% preferred
~50
101% 101%
31
31
No par
Kaufmann Dept Stores
100% 100% *100% 101% *100% 101%
32
32%
3184
33%
3284
33%
12%
12-84
12%
*12%
12%
*12%
*100% 101% *100% 101%
3234
3234
32%
3134
44
Kansas
1234
102%
Jan 10
39U Feb 25
100
8
8
8
*7%
778
7%
*7%
7%
*7%
*7%
*7%
*7%
109% *102
109% *102
109%
*101% 10978 *101% 109% *101% 109% *102
16
*15
*15
1-5%
*14-84
*14%
15%
*143;
15%
15%
147«
1478
6%
6%
*6%
6%
6%
6%
6%
678
*6%
*6*4
*6%
*6%
85a
No par
Kan City P & L
....
16
92is
5% May
Jan 20
33
Feb
Jan
Jan
484
74% June
8
14
11
Dec
94i2 Jan 17
1114 Feb 19
55
Nov
478
28i4 Feb 21
J 00
30
1058
126l2 Feb 25
*
Jan
36i8
109
178 May
1
Preferred.
May
Jan
Feb
395s Dec
43a May
1
Jones & Laughlin St'l pref.100
Kalamazoo Stove & Furn—10
600
101% 101%
7
538
56i4
9
1
40
*126% 127
102% *101
16
102
*100
58
*126% 127
11%
*4
484
*16 'i
58
58%
101
June
2678 May
Jan
Johns-ManvllJe
300
134 May
37
778 Jan
$6 preferred. • ...
Jarvis (W B) Co
Jewel Tea Co Inc
"12% "^200
12%
101
..No par
Jan
Apr
318 Jan 10
Feb 14
7
Jan
73
25
Island Creek Coal
*126%
1234
126% 126% *126% 127
.100
Jan
387s
133
40% May
13i2May
97% Jan
is4 May
3
Jan
7
2114 May
3H4 Jan 30
Mar
Dec
538
14i2 Apr
1018 May
IOO34 Jan
3
5U Feb 19
87
Feb 24
Stores.No par
June
34
6
Feb 13
Feb 17
2
Intertype Corp
"300
Jan
2
Preferred
8
1234
*101% 104
11%
*11%
No par
Interstate Dept
1,100
29
Mar
95
109
2is Jan 16
3934 Jan
4114 Jan 10
2514 Feb 15
100
Foreign share ctfs...No par
6,700
2%
29
50
__
7% preferred
Inter Telep & Teleg
Jan 13
15i8 Jan
6714 Jan
36i2 Feb 26
38i4 Feb 21
No par
International Silver
100
131
2
No par
International Shoe
800
29%
Jan
10% Feb 19
67i2 Feb 19
li2 Feb 17
15
....100
5% preferred
2684 Jan 10
233a Feb 19
130
.100
Intnatlonal Salt
2,300
*84
90
*7%
3% May
19% June
10
100
34
7%
8%
8%
37s Jan
1
5% conv preferred
100
InternatRys of Cent Am No par
6,600
100
7%
312 FeD 14
Corp
Inter Paper & Power Co
33
2% '■#r. 2
a2%
15a- Dec
5% May
Preferred
28,300
100
2%
*2%
29%
6
9% Jan
200
30
'
*84
*7%
2%
2%
2%
29%
Jan
2'8 Jan 10
Jan 30
112 Feb 15
Int Nickel of Canada—No par
9,900
100
29%
170
7
Internat'l Mining
200
40%
30
Preferred
Int. Hydro-Elec Sys class A.25
Int Mercantile Marlne.No par
1,100
8,900
39
40%
2%
*6%
Dec
H6I4 Feb 19
No par
3 884
2U
Jan
212 Dec
44
Int. Business Machines.No par
*37
100
Mar
5i8 Nov
1278
Internat'l Harvester
*3634
2734
Jan 16
49
113
1.100
38%
*97
3
6^2 May
I
May
18% May
1,200
40
27%
2i8 Jan
3
June
2% July
2
Apr
48
*37
100
91
43a Feb 28
1578
7i2 Nov
473a Mar
L53
*36%
2934
458 June
21% Aug
48
38%
*97
2
153
37
*25
6
47%
38%
2734
Nov
154%
37
297g
Feb
94
11% Jan
112 Jan 30
39
100
66*2 May
7% May
9
47
37
100
Prior preferred-
■>; 600
Apr
*151
47%
39
*97
100
Jan
158
11314 Jan 28
734 Feb 14
6% preferred
118
May
6% Jan
3i8 Feb 17
834
Jan
May
1312 Jan
3
111
4
*37
*2534
Mar
110
*109
29
72
2512 Jan 14
Feb 25
6
Apr
140
9012 Jan
223g Feb 19
No par
1638 May
984
Jan 10
161
74i2Mar 5
95s Feb 19
...1
Insuranshares Ctfs Inc
Jan 10
26
Jan
Nov
23
111% Jan 22
6
111
*3684
*29%
9812 Mar
Inspiration Cons Copper—.20
100
400
6%
159% *157
159% *157
159
159% *158
159% 159
1%
134
1%
1%
1%
1%
1%
1%
*1%
8%
7%
7%
734
8%
8%
8%
8%
8%
334
384
3%
3%
*3%
*3%
*3%
*3%
3%
3%
25%
24%
24% 25%
24% 24%
24%
25%
25%
25%
130
130
130
130
*129% 134% *129% 134%
*129% 134%
13%
13%
13%
14%
13%
13%
14%
14%
14%
13%
64%
62%
64%
63%
6434
65%
65% 67%
65%. 66%
*134
1%
*134
1%
1%
*1«4
1%
*1%
1%
2%
384
*312
2434
May
No par
*1%
73g
1%
8
Dec
5
6% preferred
*15778 15978 *157
8
20
6% Jan 10
Industrial Rayon
2234
6I2
21% Jan 27
Ingersoll-Rand—
22%
Dec
284
Feb 13
700
£10-84
Apr
Feo 19
600
Inland Steel Co
Jan
43%
5
99
Tioo
Jan 10
Jan
133a
24is
June
19
10
"77"
12
31
4
233;
6%
8%
*13;
542
134
41%
47%
2% Jan
4
884
152
RR Sec ctfs series A... 1000
20%
*75%
2234
4
884
48
80
99
10-84
10%
*109
3%
152%
6
*5%
23%
75"
22%
111
34% Jan
Indian Refining
558 May
May
I684 Jan 22
3934 Jan 28
13
100
100
4%
$ per share $ p&r share
838 Jan 10
6is Feb 15
Feb 18
100
6% preferred series A
Highest
Lowest
Highest
Leased lines
!
Range for Previous
Year 1940
$ per share
20
*152
*6
6%
41
48
•5%
74%
10%
*21%
I84
?
152
47'4
"75"
8%
*1%
41
4
*152
.
4
8%
1%
47«4
*20%
*33g
20%
vA
20%
74%
2234
*3«4
41
152
4834
*4814
■'4
141;
99%
110% 110% *109
3%
834
H34
*40
500
6%
*21
110
*384
8%
14%
39
Illinois Central RR Co
3,500
14
39
99%
10%
*6
6%
110
7%
14%
40
23%
77%
Lowest
$ per share
Par
*38%
*3%
39%
*152
*75%
10%
23% ^23f". 23
*109
23%
100
7
634
6%
1384
*5%
100
75%
6
5%
3%
23%
10S4
105#
2034
41
*157
76%
*23
,'-v':3%
20%
24
9934
99?4
*157
634
*13%
*39%
*3%
20%
5%
*23
too
*157
V
21
5%
6%
14%
*5i.t
4
207g
*5%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Afar. 4
41
*75l8
the
Friday
$ per share
*634
*23U
,
Mar. 3
*1384
*3914
*99
Thursday
$ per share
$ per share
:V
Wednesday
'
NEW YORK STOCK
j<"
Saturday
1551
4
May
lli2 May
I884
Jan
109i2 May
25ia Apr
16312 Dec
21i2
65
35
Jan
Nov
Jan
13612 May
3184
31
1234
38
45a
Dec
Apr
Jan
Mar
Apr
7% Mar
Jan
16%
li2May
6
84 May
5I4 Jan 14
8
312 May
278 May
15«4 Jan 27
884 May
6
6
2684 June
6'8 May,
2Ri2 Jan 13
30
Jan 22
2184June
407a
21
June
3284
Apr
160
June
173i2
Dec
3638 May
5312
214 May
4i8
30t8
Jan
Feb
1
Jan
IH4 Jan
3034 Jan
12% Jan
175U Feb 10
53U Jan 23
278 Jan 14
2534 Jan 28
105
Mar 6
1334 Feb 28
7
I47a Jan 6
1
20 lll'ii Jan 30
25% Jan 11
1
9
Jan
9
19
3384 Jan 7
3
984 Jan 9
2
37a Jan 6
18
2634 Jan 21
19
v Ex-rtght.
20
May
96l2 June
10i2 May
10
May
514
Oct
1384
Dec
16i2 Nov
4784 Apr
1434
105
Apr
Jan
Apr
Mar
I6I4
Jan
1778
Apr
May HI "at Dec
29
Apr
17% May
93
5
June
914
26
June
4712
5U May
1278
Jan
Dec
834
Apr
17i2 May
32i2
Apr
33a
Apr
Jan
H Called for redemption^
New York Stock
1552
LOW
AND
HIGH
Saturday
Mar.
Monday
1
107
*7»4
*70%
*63*8
*29%
*3%
Mar. 7
Shares
6%
107
7%
78
*70%
*16
3%
25
18%
*30
25
18
31
31
24%
7%
*7%
1312
32%
13%
30%
*123*2 124%
*42
108 J4
*108
3
63
*56
10
*9%
%
1%
%
2
7%
*532
%
15
*13%
80
79%
*116
23%
23
23
18
18%
20
700
31
7%
31
31
200
*7%
7%
1,000
13%
*13%
*30%
13%
31%
2,200
32
123
15
4
*30%
7%
13%
31%
31
7%
13%
32
123
63
13
*120
43
122
*41%
*108
...
40
*56
61
*56
61
978
%
*9%
*%
1%
1%
2
*%
%e
*'8
*%6
%
14%
79%
*7,
'it
14%
14%
79
119
116
116
10
9%
9%
»ie
*16
400
2%
*%
2%
%«
200
%«
%
*s32
14%
14%
*14%
14%
300
78%
79
79
79%
1,500
115
*112
115
%
117
16%
*82
16%
15%
*173
176% *171
*146
150
*145
87
*82
150
*145
*19
*19
19%
*18%
19
28
*27%
27%
6%
6%
*56%
57
56%
5%
9%
56%
5%
5%
*9%
*43%
9%
45%
46%
*45%
*4%
*9%
*8%
*1378
*45
45%
*4%
478
10
10
87«
15%
8%
*1378
*82
87
*80
16
15%
1578
15%
15%
176% *170
176% *171
173%
*26%
*5%
87
150
*146
27%
6%
*26%
6%
56
56%
56%
5
5%
*5%
9%
45
45
44
4434
4%
10
44%
4%
10
8%
8%
*14
1534
*76
9%
45%
44%
4%
9%
8%
*44%
4%
*978
8%
1578
6%
56%
5%
9%
*8%
*14%
16
*80
154
a:l9%
*26%
6%
19%
27%
6%
56
145
*5%
*9
5%
8,200
200
300
4,300
30
2,800
600
30
800
"""ioo
1,100
400
6,900
700
Minn Moline Power Impt
1
$6.50 preferred
No par
Mission Corp
10
100
4,700
5% conv preferred
Mohawk Carpet Mills
100
111
109
110
111
111
111
111
*109
111
115
*110
115
*110'
115
*110
115
*110
*47
51
*%
h
%
%
*48
7M
%
*34
7
51
*48%
50%
*%«
32
%
600
600
700
78
*48%
%
*%
*37
*2%
*25
38
*2
25
*12%
678
13%
*14%
15%
*8%
*97
*278
16
*144
*8%
*44%
*37
2%
29%
7
8%
*12%
I 6%
*14%
8%
38
*37
2%
38
*2
25
2%
*37
38
*2
8%
*24%
27
*24%
*1234
6%
14%
13%
6%
14%
27
1334
*13
13%
6%
15%
*13
67g
6%
14%
15%
8%
8%
8%
98
98
98
98
98
3
3
3
3
3
16
16
16
16
16
8%
*3
8%
46
*145
8
*43%
*20%
147
*2%
*24%
98
147
*37
2%
*145% 147
8%
46
8%
45
8%
45
15%
98
57
Jan 15
56
*37
6%
8%
*98
Bid and asked prices; no sales
on
100
700
8%
8%
98%
*2%
8%
1,400
98%
47
par
5% pref series A
100
Nat Bond & Share Corp No par
Nat Cash Register...__Aro par
National Cylinder Gas Co
1
Nat Dairy Products
No par
Nat Dept Stores
7% preferred A
3
1534 1534
145% 145% *145% 147
8%
8%
8%
8%
*43
47
J In receivership,
a
20
80
400
1,100
20
1,100
100
100
90
1,100
40
"_440
200
4,200
500
600
Def. delivery,
4
May
June
334 May
20% Jan 28
11
23% Jan
13%
7% Jan
7
9
Feb 17
7% Feb 15
16% Feb 19
Feb 14
12% Jan 30
86
Feb 14
15% Feb 13
12% Feb 15
9% Feb 20
13
Feb
4
20
12
Feb 14
Jan 30
6% Feb 19
87
Feb 21
15% Feb 14
11
Jan
5% July
7% June
Jan
10%
18%
175%
13%
88%
17%
13%
June
Jan
9
Jan
June
16%
J8n
155
Dec
June
Feb24
Jan
86
Jan 15
15%
Jan 11
934 May
6
May
11% June
Jan 15
14%
6%
8%
24%
Jan 11
16
Jan 16
Jan 10
12%
Jan 14
8% Jan 13
93% Jan 10
17% Jan
6
Nov
3
Jan 14
Dec
Oct
May
5% May
17
June
7% June
5% May
66
June
14% May
....100
172
Jan 28
176
Jan
2
il60
6% preferred B_.
100
Nat Mall & St'l Cast Co No par
National Oil Products Co
4
May
145
Feb 13
154
Jan 15
132
June
No par
5H% prior preferred
6% prior preferred
23% Jan 10
26
Feb 19
31
6
Feb 19
55% Feb 19
4% Feb 19
8% Feb 19
41
Feb 19
100
National Tea Co...
Natomas Co
Nehi Corp
Neisner Bros Inc
17% Feb 15
100
43
Feb 14
No par
No par
...No par
1
10
.1
conv
preferred
No par
N Y Air Brake
....No par
New York Central
No par
4% Jan 16
9% Feb 4
Jan
3
7% Jan 14
68I2 Jan
6
5
6
3%
4
7% May
8% Oct
13
Feb 17
16
Jan 18
14
Jan 23
79% Feb 10
45% Jan 16
72
July
36
May
100
June
107
2
Feb 14
25% Feb 19
6% Feb 14
20% Feb 14
107
110
Jan
6
Jan 17
31% Jan
8
6
6)8 May
2
23% Nov
10534 Nov
25
Feb 14
22
Feb 19
33% Jan 10
24% Jan 6
634 Jan 7
9
50
109
..50
115
47
Conv preferred
100
15% Jan 10
15% Jan 10
12
Jan 10
30% May
9% May
8% May
15
May
20% May
3% May
434 May
4
112
Jan
7
104
Feb 24
115
Feb 24
110
Apr
51
Jan 24
45
June
Jan
4
»« Jan
100
JN Y Ontario & Western.. 100
N YShipbldg Corp
partstk__l
Noblitt-Sparks Indus Inc
5
Feb 14
Mar
20% July
8% Jan
NYC Omnibus Corp..No par
Dock......No par
4% Feb 15
May
2734 Jan
A... 100
INYNH4 Hartford
Jan
77
42% Jan
9
6
No par
Aug
Feb
10% Jan
Jan
non-cum pref
May
Feb 19
45
N Y & Harlem RR Co
8
34
8
32% Feb 18
11% Feb 19
11% Feb 19
New York
May
4% May
6
6% preferred series
Dec
5% May
48
26% May
Jan
100
y28\
6% Jan 10
110
N Y Chic & St Louis Co
13% May
10% Jan 10
48% Jan 28
48% Jan 28
Feb 18
6
*u Jan
3
*« Jan
2
24% Feb 14
27% Jan 31
u
Jan 13
1% Feb
May
>u
Dec
6
%
Oct
% Jan 10
30% Jan 4
%»
Dec
13%
Jan
May
3234 Jan
8
20
Norfolk & Western Ry
100
200
Feb 19
215
Jan 25
175
May
Adjust 4% preferred
100
109
Feb 25
117
Jan
105
May
North American Co...
10
14% Feb 27
17% Jan 10
14% May
50
55% Feb 17
58% Jan
53% Feb 4
12% Feb 14
96'4 Mar 7
5% Feb 14
57% Jan 20
17% Jan 10
47% May
47% May
..1
Northern Central Ry Co
50
Northern Pacific Ry.
100
North States Pow $5 pf No par
Preferred
Norwich Pharmacal
111
.50
6% Feb 19
13% Feb 19
__6
8% Mar 7
97% Feb 28
100
3
15%
145%
7%
42%
20%
100
Co
No par
$5.50 conv 1st pref. .No
par
Outboard Marine & Mfg
5
Outlet Co
No
51
var
Feb
Feb
Feb
Feb
Mar
14
20
Jan
6
96% Feb 19
7% Jan
9
113% Feb
1
39
Feb 14
234 Jan 11
27
Jan 11
1334 Feb
7
May
4% May
101
May
27
May
2)8 May
25% Aug
11
Dec
7% Jan
6
53s June
18% Jan
9
10% May
10
6
Jan
104% Jan 7
3% Jan 10
1734 Jan
150
8
Jan 11
15
10% Jan 10
19
5
53% Jan 10
26% Jan 6
Co. 12.50
40% Feb 20
7% Feb 18
10
2% Feb 15
No par
11
Feb 17
No par
2d preferred
15
84% June
55
Jan 17
7% May
May
95
2)8 May
11% June
12434 June
7
May
21
May
19
47
June
May
115)8 May
Pacific Amer Fisheries Inc...5
Pacific Coast Co
1st preferred.....
5
Feb 19
Pacific Finance Corp <Call). 10
Pacific Gas & Electric
25
...
r
10% Feb 14
42
49% Jan
9% Jan
3% Jan
16
June
434 June
2
7% Jan
May
8
Jan
May
3% May
25% Feb 15
36% Feb 19
11% Jan 28
28% Jan 24
9% May
25% May
No par
Pacific Ltg Corp
Pacific Mills
New stock,
Feb 19
6
100
Owens-Illinois Glass
n
Feb 15
24% Mar 7
12% Jan 13
No par
No par
6% preferred
Otis Steel
3
Jan 15
2
.
Otis Elevator
Jan
34
Co..2.50
Ohio Oil Co.
........No par
Oliver Farm Equip
No par
Omnibus Corp (The)
8% preferred A
Oppenheim Collins
2
50
6% preferred series..
5l4 pref series
Nortb Amer Aviation
Preferred
"2,700
97% May
41
Jan
4% Feb 15
10
May
May
Feb 19
166
Jan
8% May
5% Feb 15
7% Feb 14
National Lead Co
Feb 19
Feb 14
10
preferred-No par
112
8% Jan 11
51% Jan 27
5% Jan
Feb24
...No par
6% preferred
Nat Distillers Prod
No par
Nat Enam & Stamping No par
Nat Gypsum Co
1
conv
3
5% Feb 14
5
10
100
50
Ncrwalk Tire & Rubber No
par
3,900
*45
Corp
Northwestern Telegraph
7
16
this day.
5,700
15%
*20%
21
20%
207s
*20%
20%
*20% 20% *20% 21%
*51
51
51
51%
*51
52
*51
52
*51
52
*51
52
*116% 120
*116% 120
*116% 120
*116% 120
*116% 120
*116% 120
43%
43%
43
43%
43%
431;.
44
43%
43%
443g
44% 44%
8
8
7%
7%
*7%
77«
7%
8
7%
*7%
*734
7%
*2%
4
*2%
3
3
*2<%
3
*2%
*2%
2%
2%
2%
*12
14
*11
14
*12
14
*11
14
*12
14
*12%
14
534
5%
5%
5%
5%
5%
5%
6
5%
*5%
5%
5)
*11
10%
10%
*11
11%
*11
11%
*11
11%
11%
11%
11%
26%
26%
26%
26)2
26%
26%
26%
26%
26% 26%
26% 26%
*36
37
*36
37
*36
37
*36
37
36% 36%
36%
36%
*11%
12%
*11%
12
11%
1134
11%
11%
12%
12%
12%
12%
41
30
15%
6%
110% Mar
10
Nat Bond & Invest Co.No
700
1,200
4,100
15%
16
8'
9,400
13
99%
1
conv preferred
Nat Aviation
20
13
15%
47
1,000
24%
3
*8
200
2%
24%
3
Co
National Biscuit Co
400
7",800
38
*2
6%
15%
Acme
Jan
May
May
20
11% Jan 23
71% Jan 16
62% Feb 28
Nat Automotive Fibres Inc..l
119
May
2% May
Feb 20
Nashv Chatt & St Louis...100
Jan
15
Feb 19
National
Jan
Jan
878 May
12
24% Jan 13
4% Jan
10
5
1%
434
%
7g
19%
21% June
Jan
46
N Y Lack & West
Ry Co.. 100
1,900
12
17% Jan
$7 preferred.....
No par
Munsingwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
10%
'4
8
39% Jan 8
43% Jan 23
26% Jan 10
Feb 19
5% preferred
2%
25%
13%
3%
*145% 147
*43%
20%
38
8% Feb 17
15% Feb 21
19% Feb 14
45%
4%
14%
17%
Apr
6478 Dec
1134 Nov
113% May
3134 May
33% May
Feb 19
3
N&sh-Kelvinator Corp...
Jan
434
May
1
$5
51
Nov
Jan
Jan
N'portNewsShip&DryDock 1
100
z79
120
23
5
.1
9% May
7
Mar
50
1,300
1,000
2,600
1,400
% June
Feb 18
110
Mar
Corp
*ie Dec
Jan 31
35
4,700
27,800
2% May
26
May
7% May
117
40
Newmont Mining Corp
Newport Industries...
""406
Apr
110
June
Jan
par
4*4% conv serial pref... 100
Newberry Co (J J)
No par
5% pref series A
..100
90
*u16
%
%
*
*%2
*32
%
*?32
%
*%Z
%
*%2
%
27
27
25%
26
26%
2678
26%
27%
26% 27%
26% 27
*27%
29
*28%
29
29
*2778
*27%
29
28% 29
*28%
29%
205
203% 203% 205
205
203% 203% 204
207
208
204% 206
*108
110% *108
109
110%
109
'109
112% *109
112% *109
11234
15%
16
15% 15%
15%
15%
15%
15%
15%
15%
15%
15%
55% 55% *5514
56%
*56
55%
5534
56%
56% 56% *56
57%
*54%
55
55%
55
55%
55%
55%
55%
55
55% 55%
55%
13%
13%
13%
14
13%
1334
13%
14%
13%
14%
14%
1438
*96
99
*96%
97%
*9614
97% ,*96%
97% *96% 97%
96%
96%
6
6%
5%
6
6
6
57g
6%
5%
6%
6%
6%
*112% 114
*112% 114
*112% 114
*112% 114
*112% 114
*112% 114
.
115
Feb 14
No par
MorreJI (J) & Co
Morris & Essex
115
51
%
No par
Preferred series B
Montg Ward & Co. Inc.No
200
8%
16
*110
"32
115
400
*109
7M
No par
$4.50 preferred
5%
*8%
*14%
Dec
95
% Jan
.
15
9%
8
% Jan
4
88% Jan
45
9
Jan
Dec
54
% Jan 11
13% Feb 15
500
9%
11
77
National Steel Corp,
25
National Supply (The) Pa.. 10
$2 conv preferred
40
*8%
*14%
3
4
10
National Pow & Lt
700
Jan 13
20
100
4%
10
67
45
Dec
1,700
*4%
*934
Jan 16
4% Jan 11
Jan
Feb
124%
Dec
Monsanto Chemical Co
330
4%
110
6%
28% May
x38% Dec
12% Apr
17% May
May
33% May
103
%i
3,200
45%
Jan 14
45% Jan 10
1%
6-%
45
125
6% May
11% May
23% May
*u Jan 14
56%
45
6
%Mar
100
27%
45
May
9% Jan
2% Jan 10
6%
9%
Aug
24
1% Jan
56%
*514
9%
45
Feb 14
10
Jan 15
15% Jan 24
38% Jan 9
Feb 18
56
7
9% Feb
% Jan
J Missouri Pacific RR
100
*26%
3
Mar
Feb
No par
$4.50
"4*900
4
7% preferred series A...100
Mo-Kan-Texas RR
400
3,000
6
■
7% preferred
""ioo
Feb 19
8% cum 1st pref
122
Feb 14
100
Minn-Honeywell Regu.No par
41% Jan 2
4% conv pref series B...100 /107% Feb 19
300
4,600
26
Miami Copper
5
Mid-Continent Petroleum.. 10
Midland Steel Prod
No par
Mueller Brass Co
100
218 May
11% May
37
Mullins Mfg Co class B
2,300
64
53% Feb
24% May
Feb 17
Feb 19
Jan
Dec
Jan 16
29
Mar
per share
9%
108%
Feb
25% Jan 10
7
May
May
7% May
75
33% Jan 10
4% Jan 3
20
13
5
90
70
Feb 14
300
80
3
3% Feb 15
21% Feb 15
50
300
50
111
7n
1st pref
Motor Products Corp..Aro par
50
FeD17
Mar
Highest
share $
per
14% May
85
May
82
May
34% Mar
1
(The)
Motor Wheel
500
71
66
i
Jan 13
29% Feb 14
500
2,000
9
1
200
300
*105% 115
*48%
50
*
Co
conv
7% Jan 15
109% Jan 9
14
90
20
78
*76
77
*76
*77
78
77%
*77
78
*77
78
*42%
44% *42% 44%
*42% 43% *42% 44
*42% 44% *42% 44
'106% 108% *10634 108
*10634 108% *106% 108% *106% 108% *10634 108%
*26
27
*26%
27
*26
*26% 27%
27
27
27
27
27%
*6%
7
*6%
6%
6%
6%
6%
6%
7
7
6%
7
*22%
23
22'4
23
2234
22%
22% 23
22% 23%
22% 23%
*105
106% *105% 106% *105% 10634 *105
106% *105% 106% *105
106%
*34%
36
34% 34%
36
37
*35'4
*36
38%
38%
*36%
38%
12%
12%
12%
12%
12%
12%
12%
12%
12% 13
12%
12%
13
*12%
1278
13
13
1234
13%
13%
*13%
13%
13%
13%
29
29
27%
27%
28%
2834
*27% 28%
29
28% 29%
29%
22% 22%
22%
22%
22%
*22%
22%
22>4
22
22
22% 22%
*5
5%
*4%
5%
5)8
*4%
*4%
5%
*4%
5%
434
434
*8%
11
*9
*8%
10%
1034
*8%
10%
*9%
10%
*9%
10
*109
Mengel
Feb 15
Merch & M'n Trans Co.No par
Mesta Machine Co...
5
250
145
*44%
44%
4%
16
200
*19%
56%
5%
1941
Lowest
$ per share
7% Feb 14
$5.50 pref ser B w w.No par
87
15-%
16
15%
16%
173% 173% *169
176%
*145
19%
27%
*9
9%
4534
45%
• 4%
150
*19
19%
27%
6%
87
6
par
Melville Shoe Corp
3,200
118*2 *115
118% *115
118% *115
115
115
118%
115
115
36%
37
36%
36%
36%
37%
3678
37%
37
36% 37)4
37%
*40
40
40
41*8
*40
*40
40%
*40
41%
40
40
41%
23
*23% 23%
23%
23%
23
23%
23%
23% 23% *23
23%
*8%
10%
*9%
9%
*9%
978
9%
9%
9%
9%
*9%
9%
16
16
15%
15-%
*1534
16
15%
15%
*15% 16
*1534
16
*20%
21
21
21
20% 20%
*20
*20
21
21%
*20
21
*3%
3%
*3%
3%
*3%
3%
3%
3%
3%
3%
*3%
3%
*48
48
48
49%
*47
50
*46
49
*46
50
*45
50
*10
10%
10%
*10
10%
10%
*10%
10%
*10%
10%
10%
11%
63%
63%
62%
63
02?8
63%
62%
0278
62%
62%
62%
63
*110% 111
110% 111
111% 111% *111% 112
*111% 112
*111% 112
*6%
6%
6%
6%
6%
6%
6%
6%
6%
6:
6%
6:
*46
48
*46%
48
48
48
*46%
49%
*46% 49
*46% 49
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
*4%
4%
*15%
16% *14%
16% *14%
*15
16%
16% *15%
16%
16%
16%
19% 19%
19
18%
19%
19%
19%
19%
20
19% 20
20i4
6
6
*5%
6
6
6
6
6
6%
6
6%
*7%
7%
*7%
8
*7
7%
7%
7%
*7%
7
7%
9%
*8%
*8%
9
8%
8%
8%
8%
8%
9
8%
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
17)4
17%
*166
170
*166
170
*161% 170
*161% 170
*161% 170
*161% 170
*12% 13% *12% 13% *127«
13)«
12%
12%
*12% 13% *-2%
12%
*85
87% *84
89% *84
89%
*84% 89% *84% 89% *84
89%
16
16
*15
*14% 16%
*15
16%
*15
16%
16% *15
16%
12%
12%
*12%
13
12%
12%
12%
12%
12%
12%
12%
12%
*9%
10
*9%
10
*9%
10
9%
9%
*9%
9%
39%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
5%
5%
5%
5%
5%
5%
*5%
5%
*5%
5%
5)2
5%
*7%
8
7%
7%
*7%
8
*7%
8
7%
7%
7%
7%
21
21
20%
21
21
2078
21
21
21
21
21% 21%
13%
13%
*12%
14
*12%
14
*12%
14
*12%
14
*12% 13%
7
7
7
7%
*7
7)8
7%
7%
7%
7%
7%
7'8
86
""■ioo
%e
2%
*116
*80
60
800
61
80
79%
800
100
3
%
*115
500
42%
3
*32
32
122
*41%
3
*%
*3,
18
1,000
*108
..
8,
Range for Previous
Year 1940
Highest
share
per
100 zl05% Jan 23
No
$6 preferred series A.No par
""166
3
*9%
1%
*121
42%
75
70%
30%
3%
3
*2%
*56
9%
*30%
7%
*31%
123
*41%
*108
3%
*14%
79%
119
3%
*7G%
*63%
30%
*3%
70%
30
preferred
conv
$
...1
Mead Corp
230
18
43
%e
*%«
119
3%
23%
18
1%
%
*116
3%
23
*%
*16
""•ioo
18
9%
I4
*14%
*7912
75
6%
8%
z23
108
*56
*%1
*70%
*63%
2978
McLellan Stores Co
107
70%
29%
43
2
2
*8
*63%
7%
13%
31%
123
10
*106
8
800
*29%
*3%
*3
03
107
7%
6%
76
108
3
*106
6%
18%
13%
3
107
6%
*70%
31
31
...
*106
6%
70%
29%
3%
25
*16%
7%
13%
0%
Lowest
Par
78
*3%
24%
31%
6%
8%
31
123% 123%
*41% 43
43
108
107
*7%
*70%
*63%
29%
30
3%
6%
*106
66
25
*6%
7%
66
*16l2
*2978
Range Since Jan. 1
On Basis of 100-Share Lots
Week
$ per share
*6%
March
EXCHANGE
Mar. 6
*29%
*»!«
STOCKS
NEW YORK STOCK
the
$ per share
3i2
*9i2
Sales
Friday
Mar. 5
30
*56
CENT
Thursday
$ per share
67
3
Wednesday
Mar. 4
*100
78
7%
13%
NOT PER
for
Tuesday
3 per share
8
*31
SHARE,
Record-Continued—Page'7
Mar. 3
6%
*106
PRICES—PER
3 per share
$ per share
*6%
HALE
40
Jan
8
33
May
No
11
14
Jan 10
8
May
var
Cash sale,
x
Feb 19
Ex-div.
y
Ex-rights.
U Called for redemption.
I
Volume
LOW
New York Stock Record—Continued—Page 8
152
AND
HIGH
SALE
PRICES—PER
1553
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of 100-Share Lots
Friday
the
EXCHANGE
Mar. 6
Mar. 7
Week
$ per share
$ per share
Shares
SHARE,
NOT
PER
Saturday
Monday
Tuesday
Wednesday
Thursday
Mar. 1
Mar. 3
Mar. 4
Mar. 5
$ per share
$ per share
S per share
$ per share
118
118
*11712 120
*150
*116i2 118
15234
3ig
*5%
150
312
6ig
3
*534
1234
12ig
8%
%
3012
*7l2
234
1214
*71*
%
*30l4
*100
2«4
•it
30U
*100
102
10%
11
97
97
1034
10*4
*103g
1534
*15
*15
15g
28
1012
97
158
.
1%
*117
119
119
119
*■11612 120
150
150
*146
*146% 150
*146% 150
150
3>g
3I4
3%
3%
3%
3%
33g
3%
6ig
534
534
*534
6%
*534
534
534
6%
2%
234
27g
234
2%
234
2%
234
2%
123g
1214
123g
12%
12%
12%
13
1234
12%
8lg
*7l2
8lg
*7%
8%
*7%
8%
*7%
8%
<16
**16
*»i«
%
%
%
%
%
32
3014 *30
x30%
*30%
31% *30%
30%
32
10134 *100
10134 *100
10134 *100
10134
10134 10134
11
11
1034
1034
IU8
11%
11%
113g
llSg
9734
981g
9814
98%
977g 98
98%
*98%
99
10%
1012
IO84
10%
10%
10%
1034
1034
1034
150
3*8
1534
1%
*15
1534
J%
*15
1%
1%
283g
28%
1734
28%
18
27%
*34
28
1834
177g
*34
177g
17%
1
iK; *34
8ig
8%
8
*7%
1712
8%
8%
*8
43%
7634
2%
43%
*43
77%
2%
2%
77
1
83s
*8
8U
*4312
8%
8
45
4312
.7634
*2ig
7634
2i2
76«4
*2U
23g
*35
37
214
*214:
*35
*12
*12
13l2
112l2 112i2 *112%
23
2314
233g
23
*22%
23
*393i
41
40%
2%
37
43%
7634
2%
36
*12%
*112%
2234
23%
23
*22%
212
*1%
2%
*1%
*7%
934
*7i2
8
*8
43l2
43%
44%
45
*22
23
*21
2278
*2034
21
*20»4
21
6I4
*6
*7
7is
*7
6%
7%
29
29%
*11
*75
29%
*5l2
*234
3%
*234
*41
*21%
22
*21%
*75
79
33
28%
55g
5%
*33
33
2%
8%
6
28%
45
64
36%
49
21%
*76
3434
21%
*33
Pan Amer
45%
22%
45
77%
Panhandle Prod & Ref..
*7684
No par
25% Feb 14
17% Feb 14
84 Feb 21
Pathe Film Corp
Patino Mines & Enterprises. 10
Penick & Ford
37%
13%
*34%
37
100
*13
13%
200
10
22
*20
17,900
100
1,300
22%
500
100
280
70
$7
*62
*234
3%
43%
*21%
*234
*43
3%
34
34
4,300
77 *
*1134
*165
7
7
7
78
78
*78
80
*78
*11%
12
11%
*11%
7
80
12 J4
11%
*165
...
*165
*6%
7234 Feb
4
>64 Mar
1
No par
7% preferred.......
100
60
63
1034
*15814
*»!«
*1412
61
61
IO84
10
10%
*10%
'"%
*158%
*%
14%
*14%
*15814
%
*%
143g
14%
*18i4
1934
*614
6%
5
10
5
10%
*18
*6'4
*434
9%
60
1934
684
5%
*18%
6%
*434
*9%
11%
*10
*30%
35
*28%
*30
53
53
52 84
35%
5234
*97g
1U8
52%
734
49%
3334
1034
10%
*158%
78
*%
*14%
14%
—.
1934
6%
*18%
7
78
300
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
100
100
Pittsburgh Coal of Pa
6% preferred
%
14%
1934
*18%
5%
*10
*30
5134
10%
11%
10
10%
35%
52%
*27ig
275g
119
27%
58
58
*103g
36
52
52
52%
118% *117
118%
26
26%
26%
102
102% 102%
*116
119%
132
131% *127
*150% 155
117%
117% *113
118
151
3%
4112
*3%
*40%
*18%
41%
19
*1334
15
13 %
13%
19
200
70
"5", 200
7%
12,000
94
400
11%
11%
1,500
1,000
*3%
3%
4034
19
3%
*3934
4034
*18%
*18%
19
1334
13%
13%
14
3%
*3%
3%
40
14%
28
700
600
40
*18%
14%
19
800
14%
27%
400
14%
27%
2,100
28
28
28
28
13%
24%
13%
14
24%
14
14%
14
24%
24%
24%
*24
25
200
*21U
21«4
2
*21
2134
*21%
22
22
22
22%
22%
*22%
23
300
2
*22%
*7%
283g
*1%
*22%
2
2834
9%
*8%
*7
2
28%
10
7%
*1%
*10
1034
*7%
*10
10
*1%
*1%
1%
2834
*22%
9%
■734
28%
9%
7%
11%
7%
*7
117g
*10
11%
*10
7i2
7%
10
63
9%
*60%
63
*52
55
*52
55
Ha
1%
19%
19U
*101ig 10H2
1%
1%
19
18%
101% 101%
*92%
*734
10
61%
10
10
61%
61%
*53
55
55
55
95
*1
18%
19%
101% 101%
*92%
95
101% 101%
92%
8%
21
20
20
*19
21
*19
*102
103
102
102
100
100
*99
65
65
*60
66
*60
65%
1034
107g
10%
10%
8934
*7%
323g
90i4
90
90
10%
*89%
10%
91
7%
32%
*52
32%
*7%
32%
*52
57
8%
834
7%
7%
32%
32
83
92%
8%
1934
65%
*60
10%
89%
*7%
3134
11
8
*7%
5
*434
5
*434
16%
1034
16%
16%
16%
16%
11
11%
11%
11
11
*41
46
*7%
107g
11
423g
42%
*%
%
43
*3g
*41
43
*3112
3212
*31%
32%
*'«
%
*J»i
*31%
%
*«lt
*2
*4
*38ig
sn
3
8
39
1107g 1107g
4012
40%
*
»»it
*2
*4
38%
•1#
2
8
3834
110% 11034
3934
3934
40
*4
38%
110
39
%
%
3134
%
3
8
39
110
40%
7%
31%
32
200
65
11
11%
88%
7%
32%
190
200
4,900
8%
~~5,500
*7%
*4%
16%
5
""206
17
1,200
11%
1034
1034
1,200
45
434
3134
*44
4834
*3g
32%
32%
70
%
32%
""766
%
%
%
1,100
316
*3I6
%«
100
8
39%
110% 11034
40%
3
*4
*4
sales on this day.
%
8
39
3834
110% 111
41
40%
*2% :
*4
38%
110
40%
X In receivership,
3
8
3834
110%
41
Silk
Hosiery
15
Jan
181
Feb
8
57
9% Feb 19
65
Jan
150
Feb 21
116% Feb 15
22% Feb 14
Feb 14
Mar
7
118%
Jan
43%
115%
Apr
Jan
123% Jan 15
1,600
290
1,600
d Def. delivery,
110% May
128
Apr
137
Jan
4
126
June
145
Mar
Feb 11
143
May
165
Apr
Jan 25
114%
Oct
118
Jan
9
Jan
9
Jan
8
r Cash sale,
684
84
June
97% May
June
Jan 17
10
Jan
11% May
7338 May
9
Jan
32%
Oct
9% Sept
62% Jan
2
90
Apr
48% May
3% Jan
2
2
34
89
May
15%
Feb
15% Feb
7% Apr
90
Apr
69
Apr
384
Dec
40
Feb 15
43%
Dec
18%
1234
24%
12%
23%
Feb
Feb
Feb
Feb
Jan
14
15
18
14
8
20
Jan 23
15% May
23
Apr
17
Jan
2
13% May
29% May
28% Jan 14
24
37% May
1434 Jan 10
26
Jan 10
9% May
1934 June
27
21
Jan
7
24
Jan ir
17
23
3% Feb
1
1% Feb 10
Feb 19
9% Feb 27
8% Feb
43% Jan
1% Jan 11
2% Nov
June
May
May
134 May
17%
2834 Feb 4
9% Jan 7
734 Jan 21
25
Dec
Oct
June!
13
8
Aug
6
May
Jan 10
2234 Jan
6
6% May
13734 June
Jan
884 Nov
Jan
Dec
69
/Jan
2
Apr
50
May
1
May
14
May
24% Nov
70% May
10534 Sept
60
Feb 13
97
Jan 13
May
97%
Feb 19
11
Jan
3
19% Feo 13
24
Jan
2
7% May
17% July
30%
4
113
Jan
8
70
June
1
73
Jan
8
39
May
13% Jan
9
8% May
75% Mar
Feb 15
7
3134 Feb 18
94% Jan 16
10% Jan 6
34% Jan 7
Jan 17
53% Jan 13
7
Peb 19
7% Feb
6% Feb
434 Feb
15% Jan
934 Feb
42% Mar
14
14
15
30
15
1
3134 Mar
5
%« Jan 7
% Jan 4
2% Jan 18
19
109% Feb 17
37
Feb 19
x Ex-div.
y
Jan
Apr
Nov
117
74%
15%
Dec
Feb
96%
Apr
11% Nov
May
52
56
May
5% May
9% Jan 27
534 Jan 16
17% Mar 6
13% Jan 3
4834 Jan 14
11% May
v
Oct
9% Nov
7% Jan
12
P'eb
22% Apr
15% Nov
12% Dec
45% Oct
% Dec
48% Nov
26
42
June
13g
Feb
Jan
8
>u
Dec
3g
Jan
%» Jan 17
%
Oct
%
Jan
May
% Feb
5
3
2
3
Dec
Jan 13
34
May
112% Jan 11
50% Jan 15
96
May
111%
Dec
17
May
43
Dec
3
'
Feb
./37 % Feb
Dec
44
434 May
3% Aug
38% Jan 10
1434
6% May
30% Dec
Jan 22
9
Feb
13%
10%
63%
8
Mar
Feb
Mar
55
6
Apr
Jan
438
91
52
stock,
16% May
56% Feb 20
10
No par
n New
Apr
158%
117%
27%
8%
101%
4% May
preferred—100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
Francisco...100
May
4
Mar
6% preferred—.....—100
JSt Louis Southwestern
100
5% preferred
100
Safeway Stores
No par
5% preferred
.100
Savage Arms Corp
No par
Jan
100
47s Jan
10
JSt Louis-San
Jan
112% May
283g Dec
Jan 11
Feb 15
4
July
110
11% Jan 11
8% Feb25
8
14%
1484
7184
90% Jan 10
2
Feb
May
June
10%
Jan
%
58% Jan 22
119% Jan 29
29% Jan
8334 Feb 15
65
No par
Deo
16% Apr
151% July
1% Mar
2234 Feb
53
Feb 13
100
Mines.
No par
Rustless Iron <fe Steel Corp.._l
$2.50 conv preferred.No par
JRutland RR 7% pref
100
St. Joseph Lead
10
73%
May
45% Nov
35
Mar
Ruberold Co (The)
4134 Nov
May
May
13% Jan
13% Jan
4034 Jan
Jan 21
100
Roan Antelope Copper
May
7
21
8% Jan 10
9% Feb 19
12
88
Richfield Oil Corp
Dec
20% Deo
1234 Jan
Feb 14
100
conv
57
10
6
Jan
7% Jan
Reynolds Metals Co—No par
5J4%
Jan
Jan
12% Jan
5% May
434 Oct
6% May
038 May
6
%
434.Feb 14
Jan 27
preferred
Oct
11
19
8
1334 Jan 10
Jan
May
8%
17% Feb 18
Feb 14
7% preferred
178
4% May
6
May
16% May
15
7
1
Steel Corp—No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper & Brass
5
Class A...
—.10
154
Nov
Dec
Nov
Dec
Nov
16% Jan 17
8
Reo Motors v t c—
May
June
Apr
Dec
7%
46%
9%
85%
16%
167
7% Jan
9% Jan 10
Feb
21
23
Republic
13% Nov
Dec
% Feb 14
1438 Mar
-.100
.....
May
151% July
1st pref.. 100
-10
3% May
49
154
5
Reliable Stores Cor p...No par
Ritter Dental Mfg
8
%
*%
4% 1st preferred
4% 2d preferred.....
Common
57
17%
8
Reading Company
40
2,900
17
434
16
1% Jan 11
65
834
$3 preferred
1
25
50
50
50
5
Jan
5% May
6434 May
101% Feb 10
50
32%
834
75
Jan 31
100
*52
57
28%
May
1
100
*7%
May
35
I634 Feb 14
100% Jan 9
834
*7%
*2%
3
*2%
*38%
40%
*7%
22
77
60
200
88
23% Jan 11
67% Jan 23
zit
*3jj
3,
*18
*2%
Bid and asked prices; no
3134
32
32
♦
I2
%
*%
-S %
834
88%
66
4
45
*734
*4%
8i2
8%
8%
88%
May
Feb 19
11%
8
512
16%
*5
8%
65%
11%
*52
57
163g
*7i2
834
i
36
Feb 13
21
*19%
1934
Feb
7
Fen
51
900
9
*8%
103
*60
10%
90%
734
32%
834
8
4%
16%
834
1934
9
Jan
6%
60
60
101% 101% zl00% 100%
z92
92
9434
*91%
*8%
4IS4
7
27% May
2% May
2
Mar
Apr
734
30
2
2
Feb 17
97% May
41% Jan
3% Feb
Jan 30
94
1
3% May
69% Jan 18
Rensselaer & Sara RR Co.. 100
500
*96
103
*52
57
*52
57
8%
7
Jan 17
Remington-Rand.
1
Preferred with warrants..25
680
*18%
68
Jan
%« Feb26
7
200
19,800
*1
1%
20
80
10
61%
59
1%
*1
19
Dec
14% Nov
12% Jan 7
10% Feb 26
"3",000
10
61%
*53
Rayonier Inc
Reliance Mfg Co
1934
1
19%
1
19
7
Jan
87%
Dec
May
84
100
preferred
100
Manhattan.No par
Preferred
300
1034
9%
9%
*60%
conv
Reis (Robt) & Co
10
A
6%
Real
28%
*10%
934
*20
8
7
IO84
7
*10
7
63
55
1%
95
8%
*8%
934
*92i4
8-14
8«4
*23
*60%
*5134
9%
97g
*60%
*1%
*22%
:
Radio-Keith-Orpheum
Raybestos
*24
*8
6% preferred...
$5 preferred B
No par
$3.50 conv 1st pref..No par
*39%
47
June
1134
46% Jan
834 Jan
7
""800
*80
58
37% May
70
12% Jan 10
Jan
Feb 19
No par
(The)
9,000
*27
*1%
Pure Oil
4%
26%
1334
24%
*23
Pub Ser El & Gas pf 15.No par
Pullman Inc..........No par
4
*24
2
100
..100
100
6% preferred
7% preferred
8% preferred
4%
3%
40%
19
1334
$5 preferred ........No par
100
1314
13%
5
50
9%
24l2
26%
1st pref
conv 2d pref
Procter & Gamble
*9
*1318
28%
conv
9%
*24
*26
1
Pressed Steel Car Co Inc
5% conv preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp. .10
Radio Corp of Amer...No par
3%
40
200
24%
58
9
2
Jan
Feb 14
117% Jan 20
25% Feb21
101% Mar
117%Mar 4
129% Mar 4
85%
59
25%June
1
87
31% Feb 17
11
Apr
44% Feb
2
174
Jan
Apr
Deo
8% Nov
10% Feb
40% Jan
Jan 23
Dec
6% May
2
5% pf (ser of Feb 1 *29) .100
*84%
58%
*18%
1334
Postal Teleg'h Inc pref.No par
May
534
Jan
Pub Serv Corp of N J..No par
z94
58%
6
734 Jan
90
8534
58%
6
Jan 21
Jan
4% Feb 19
3,900
1,200
95%
11%
61
51% Feb 21
73g
7%
21% Mar
No par
2,700
23%
24
67%
3%
3%
*40%
*1812
52%
No par
Poor & Co class B
5%
5%
11%
*32
*80
*80
4,500
36
57%
58
10%
*10%
118% 118%
26%
26%
*80
*80
*80
58
26%
600
*32
118% 119% 118
26%
27% 2:26%
102
102
102
*103
104
101% 102
101% 103
*116
II734 11734 *116
117% 117%
119l2 *116% 118%
131
131
131% *127
129% 129% *127
*129% 132
150
150
152
152
150%
*150% 155
150% 151
*113
*114% 118
117% *113
♦1143s us
*1143s 118
23
2334
23%
23% 23%
23% 23%
2334
24lg
7%
73g
7%
7%
7%
7%
7%
714
7%
95
*94
95
94%
*94%
95
94%
9478
9478
*85
85%
8534
853g
85%
*85% 85%
8518
85%
11
11
11
11
11
11%
107g
107g
107g
*9
9
9
9%
*9%
9%
*8%
*8%
9%
4
4
4
4
4%
4%
4%
4%
4ig
119
*11812 119
"400
5%
10%
No par
Plymouth Oil Co...........5
Pond Creek Pocahontas No par
634
11
7% pref class B........100
5% pref class A
100
5H% 1st ser conv pr pf.100
Pittsburgh & West Va
100
Pit Youngs Asht Ry 7% pf 100
Pittston Co (The)
500
1934
*5
Feb 15
Jan 28
Jan 6
75% Jan
6 84
6%
5
Nov
43% Jan
*1834
1934
6%
s
Nov
43
Feb 19
20
"%
14%
23
May
6% Feb 15
45% Feb 14
31% Feb 19
90
14%
25% Nov
May
No par
140
14%
May
15
Pittsburgh Steel Co
520
"%
15
500
11
*158%
*%
100
100
Deo
Jan
23
5% Feb 15
34%
*10%
preferred
Feb
.
24% Jan 27
43% Jan 23
No par
62
1034
guar
4
46%
16%
112%Mar 1
24% Jan 10
Pitts Screw & Bolt.
33%
62
7%
1% May
11% May
934 June
1,800
01
35
conv
Pitts Ft Wayne & C Ry Co.
*%
*14%
....
3
preferred
No par
Pittsburgh Forgings Co
1
10%
*158%
2
z38% Feb 14
Pitts Coke & Iron Corp No par
"~10
34%
Jan
3534 Feb 20
20
*165
61
10%
52
2
No par
Phillips Petroleum
300
12%
6%
*434
10%
11%
35%
5234
49%
3334
63
*61
10
10
*7%
5% Jan
800
*174
5%
79
7%
*12
12%
*165
5%
27% Feb ]4
40% Feb .8
3634
176%
176% *174
5%
5%
5%
5%
8
*7*4
7%
7%
53
*47%
*49%
51%
12%
12%
174
174
14
10
$5
June
1% May
24
500
80
71
2
29% Apr
300
*78
2
2
15
"5%
*6%
7%
78
Jan
284 Jan
3% Jan
12% Mar
10% May
62% Jan
96% May
4% Jan
11% May
3634
35
*6%
78
165
...
*17334 175
*17334 177
♦173% 178
5%
5%
5%
5%
5l2
5%
8
7%
7%
*734
*7ig
8
*49
53
*48
51%
49% 49%
32%
34%
32% 33%
*34%
35
*61
7%
80
Dec
28%
22%
6%
7%
35%
Rights...................
'
*78
43
Feb
2% Nov
44% Apr
23% Nov
23jj Mar
20% Feb 14
^l
..
10
87
7
Deo
18
51% Jan 28
534
*76
534
Jan
Nov
11%
42% Feb 15
Phoenix Hosiery ...—
.5
Preferred^...
........100
3%
48
99
5% May
17% May
10% Feb
Phillips Jones Corp
""""20
84 May
53g May
5% June
6
Apr
9% Jan 11
0
& Co Ltd
13% May
Jan
45%
105% Deo
10% Deo
Feb 15
Feb
Philip Morris
May
June
1
7
48%
21%
21%
76
*5%
25
No par
3
May
6% May
15
Apr
10
4%
13%
4684
Philadelphia Co 6% pref—50
$6 preferred
Philco Corp
64
25%
1% June
6,800
100
Phelps-Dodge Corp....
Sept
4% May
Jan
8% Nov
4% Mar
Jan 27
Feb
No par
99
Deo
7%
2
7
$0
26% June
160
1% Feb 20
Pfeiffer Brewing Co...No par
37
*43
21%
76
534
2
300
36%
*234
48%
21%
21%
....
*5%
37
Jan
Jan 31
68
*62
68
36%
Feb 14
3634
Jan
% May
9% Jan
6
Jan3l
6
4
6
6
*534
Jan
Jan
21
700
1
13% Mar
21
May
6'4
934 Jan 10
44
Feb 14
2% May
12
29% Dec
Jan 30
22
June
2% June
5% Oct
30% Jan 10
203g Jan 6
Feb 20
112% Jan 28
144
1% May
12
100
Pennsylvania RR
50
Peoples Drug Stores Inc
6
Peoples G L & C C (Chic) 100
JPeoria & Eastern Ry Co..100
Pere Marquette Ry Co
100
5% prior preferred
100
5% preferred
..100
Highest
$ per share $ per share
115
139
Mar
May
7
Jan
36
No par
5% preferred
39,900
2
pref ser A ...No par
5
77%
Jan 11
Feb 19
Pet Milk
*76%
106
2
Petroleum Corp of Amer
1128
6
No par
Penn G1 Sand Corp
11%
29%
6
43% Mar 4
7434 Feb 20
134 Feb 15
900
*11
*5%
73g Feb 14
200
*11
76%
Feb 19
6%
7%
29%
*7
7%
29%
conv
10
Jan 15
21
6%
11%
36%
No par
Penn-Dixie Cement
*11
68
No par
Penney (J C) Co
15
8
1
300
83
36%
2.50
Parker Rust Proof Co
Jan
8% Jan 9
% Jan 7
37% Jan 10
12% Jan 10
1% Feb 19
Co
16
99% Jan 10
1134 Jan 9
15% Jan 31
1
Park Davis &
4% Jan 10
7% Jan 13
3% Jan 6
1
Park Utah Consol Mines
Penn Coal & Coke Corp
6
Feo
per
95% Feb 14
10% Feb 3
1
500
23
% Feb 15
Park & Tllford Inc
400
44
6
10
1,900
21
5% Feb 18
234 Feb 14
12% Feb 18
7% Jan 7
10
1
100
23g
1%
8%
4534
Jan 10
3
Feb 27
2%
23%
126
160
Feb 25
Mar
3
Feb 15
77%
41
116% Feb 21
150
1
6% 1st preferred
Year 1940
Lowest
share
Jan 27
29
23g
2334
$
101
conv preferred
Paramount Pictures Inc
*2%
*112%
233g
2334
23% *22%
40%
4034
2%
1%
*8
884
4534
45%
$ per share
..100
4%
Range for Previous
Highest
No par
Paraffine Co Inc
2%
*81%
75
No par
Airways Corp
5
Transp..5
400
7%
*43
6
29
10
Parmelee Transporta'n.No par
43%
*20
7%
1
6% 2d preferred
400
*43
34
34
*734
Packard Motor Car
1,400
""800
83
11%
77
*76
5%
8%
100
..100
6% preferred...
Pacific Tin Consol'd Corp
Pacific Western Oil Corp
4,000
1
44
*43
..
5%
19,300
19
*V
83g
*81%
*62
3%
*234
*41
10
*18
*42
*5%
36
200
2,700
2834
43%
83
128
6
"V.ioo
28%
1
Pacific Teiep & Teleg
Pan-Amer Petrol &
*28%
28%
75
1
3,700
"2,300
*81%
75%
64
22
*8
6%
9,200
1%
7
75
36%
"5%
*134
2%
8%
200
1%
8%
Par
70
6,400
1534
7
*11
68
3%
40
45
*42
*5%
49
*22%
40
*1%
8%
43%
83
11%
%4
*76
5%
23%
40
23
23%
*22%
7%
763g
49
23
23%
*15
20
Louoest
2%
*112%
*112%
2334
*7
*75
*41
____
23
11%
36
13%
21
*11
*63
*34%
13%
*0
*42
36
37%
*13
*20
*81%
68
*35
13%
*22%
83
36
*2
6
43
*62
2%
21
*81
*5ig
2%
*2
6
♦41V
612
*2%
43%
77%
*2%
21%
83
113g
76l2
1<4
43%
77%
45
21%
41«4
1
*«4
8%
*7%
734
21
*6
*2914
4184
*8034
734
40%
*40
(i%
45
*18
1
8%
36
2
13%
40%
*3,
1
15%
1%
28%
19
1%
28
*8ig
*15
1534
1%
28
*1712
|
CENT
45
Jan
434 May
53
Mar
Ex-rights. 1 Called for redemption.
atz*
New York Stock
1554
LOW
AND
HIGH
SALE PRICES—PER
Monday
Tuesday
Mar, 1
Mar. 3
Mar. 4
$ per share
$ per share
$ per share
9» 2
*85
87
9%
*85
9%
87
*>i«
*%
125s
2%
71%
10
/10
12
12
'
*63i2
66
4
5112
51%
*50
*4%
5
*85
*37tz
38
*11%
11%
*4%
18
4%
18
*1%
*25%
*19%
Mar. 7
Week
$ per share
$ per share
$ per share
Shares
36
*86
36%
*113% 115
2
28%
20%
11%
*4%
18
4
*50%
51%
4%
51%
4%
51%
5
5
5
5
38
38
37%
37%
11%
11%
11%
11%
11%
4%
4%
*1%
*25%
*19%
27%
*4%
4%
17%
17%
17%'
*1%
1%
4%
17%
18
1%
27%
19%
*1%
*26
20%
19%
26
*19%
103
*97
103
*97
102
*112
114
*112
114
*112
*15%
16%
10%
14
8%
*97
15%
15%
*15%
16
10%
13%
10%
13%
*10%
10%
10%
*13%
13%
*13%
8%
8%
8%
8%
*1%
1%
1%
1%
1%
1%
8%
1%
14%
14%
*13%
14%
13%
13%
*13%
187#
19%
19
19%
*142
150
*25%
8%
26%
9
*142
150
25%
8%
12%
12%
11%
*21%
2178
20%
*25
29
1%
*3%
9%
*25
19
19
*142
150
25%
9
12%
20%
28
25%
zl8%
*140
*1%
*3%
*26
19%
20
102
9%
87
12
1,000
'
100
300
10
10
5,500
1,500
Servel Inc
7,400
5%
1,700
37%
11%
20
2,000
4%
18%
1,700
28
400
300
2
*26%
28%
20%
*20
"""360
21%
500
14,700
1*4
3,200
19
1%
4%
19%
1,500
145
10
25%
9%
25%
12%
12
22%
2134
22%
6,000
25
25
25
25%
2,300
9%
15,900
12%
9%
4,400
1%
1%
*1%
4%
*334
400
1%
*334
4%
600
60
60
*59
65
*59
65
50
19
19
*18%
19
19
19
19
*18%
19
19
300
33%
33%
33%
*1834
32%
32%
33%
*31%
5%
*49%
33%
5%
51%
33%
*113% 114
57%
33%
*18%
32%
34
*31%
34
*31%
34
57%
*57%
*57%
5%
58%
5%
51 «4
34%
33%
51
5%
*50
33%
51
58%
5%
51%
34
34
34%
5%
3
1
3
%
2%
2%
14%
*13%
18
26
18%
26%
25%
34%
34%
33%
18%
26%
34%
37
3534
36
*35%
37
37
*35%
37%
59
59
59
59
*7%
7%
7
*4
4%
6%
3%
6%
*54
6%
55
117% 117%
8%
8%
*16%
17%
1%
1%
*12%
22
13%
22
6%
6%
54%
8%
*17
*1%
*13
13%
5%
22%
5%
*378
22%
17%
22%
17%
6%
5%
*5%
5%
4%
4%
*5%
*4%
*33
4%
7%
*3%
*7%
35%
35%
35%
5%
*4%
10%
*7%
*36
*39%
3%
35%
5%
4%
10%
8%
*4%
4%
2%
44
4%
34
4%
3578
5%
38
2%
5%
778
3578
3%
35%
5%
3%
3578
1778
5%
39
*4%
7%
*3
1%
21
*3%
39
8%
17%
21
17%
*33
6%
54%
117% 117%
22%
*5%
7%
378
6%
34
.
3
10
*7%
*36
2%
*39
*4%
33
10%
8%
38
2%
44
4%
33
17%
25%
32 %
*42%
37%
38%
678
56%
634
57%
6%
57%
6%
3%
3%
4
634
*3%
6%
6%
53%
6%
53
6%
6%
*53%
54%
117% 117%
8%
17
*1%
*5%
5%
6%
5%
5%
5%
5%
*6%
*5%
6%
5%
400
5%
*4%
434
*4%
434
*4%
434
100
32
42%
4%
*7
7%
1%
*71%
4%
4%
10%
5%
*9%
18
17%
*1%
1%
1%
4%
5%
1%
1%
72%
13
13
*7
4%
10%
578
17%
*9%
*12%
13
*1234
*27%
38%
28
38%
13%
13%
*12%
*112
.
*43
20
13
*12%
28
28
38%
38%
27%
38%
12%
5%
31%
*39
4%
*32
1034
8%
8%
38
*36
44%
20
1%
25%
25%
5%
3%
42
*2%
*39
4%
33
no
50
3%
300
5%
600
31%
32
Jan 13
6
Feb 15
Mar
6
Feb 24
8% Mar
4
22
97
3134
32%
43
43
734
1%
72
Feb 17
Feb 28
May
8%
Feb
4
Dec
Apr
5
May
8%
12%
8% Jan 10
8% Jan 7
5834 Jan 6
127
Feb 15
1
97
300
131
32
10,800
*42
134 Jan
17
Jan
6
23% Jan
2
4
4%
10
6
6%
18
*17%
1%
18
*1
*7%
6%
18
1%
18
72
*9%
934
50
4%
6%
18
6%
18
*1
1%
18
18
900
1,200
1,000
200
*7%
734
31%
32%
11
11
11
2,100
65
65
65
10,100
64%
*112% 114
x64
*11234 114
13%
*13%
800
*11234 114
13%
13%
13%
2,500
78%
77%
78
7734
78
77
78%
2,200
80%
80%
80%
80%
81
81
81
1,400
*1234
27%
38%
38%
13
*1234
13
27%
3834
*26%
27%
27%
27%
"""566
38%
39%
13%
39
39%
13%
5,900
*1284
13
this day,
f In receivership,
a
500
300
4,500
3,200
Def. delivery,
Jan
Jan
Jan
18% Nov
35%
Feb
7% Mar
24% Apr
32% Jan
9% Jan
7% May
4% May
6
Apr
28% May
40
Mar
2%
Dec
4% May
5% Mar
9%
Dec
May
47%
Apr
2% May
4%
pr
5%
Oct
334 July
37% Nov
8% Jan
6% Jan
12% Jan
5
May
7
Dec
18%
36
Dec
53
Mar
2% June
4
Feb
45
Feb
3
Jan 31
Jan 18
30
June
9
3
May
42% Feb
534 Mar
Feb 17
20
June
35
434 Jan
34
Jan
Nov
1
May
18
Jan
9
8
May
23
Jan
9%Mar
96% Feb
6
10% Jan
6
834 May
12
May
7
9934 Jan
6
$4.50 conv pref
Timken Detroit Axle
1
No par
10
Jan
39
Feb 17
1234Mar
4
par
Twin
City Rapid Tran. No
17
United Biscuit Co..
n
New stock,
34%
Dec
52% Nov
7
Mar
Apr
64
82% Mar
9
Feb 14
7
Feb 21
FeD 14
Mar
4
10
Jan 16
Aug
3% May
9% Nov
234
Jan
53s
Apr
Apr
6% May
10%
7% Jan
6
5
May
7
14
May
13%
25%
Jan
19% Jan
l%May
3%
Apr
1% Jan 10
24
Jan 10
9% Jan 13
34% Jan
1234 Jan
6
4
70% Jan
6
13% May
6% May
21%June
9% May
5978 June
30
Jan
Apr
13% Mar
45
Feb
1834
88%
Apr
Dec
Jan
Jan 15
105
May
116%
14% Jan 14
112
May
17%
Jan
85% Jan 10
85% Jan 13
71
May
98
Apr
70
June
89%
Feb
115
13% Jan 2
2934 Jan 10
13
Dec
16
2234
Jan
44% Jan
31% July
297g May
53% Apr
9
12
July
May
23'4
Jan
9
113% Feb
6
12% May
108% Nov
111%
3
50% Jan 10
42% May
65% May
20% Jan 15
1% Jan 7
12
20%
Dec
278
Jan 10
26
Apr
Feb
1234 Feb 15
111
Jan
2
No par
44
Mar
Cash sale,
May
35%May
4% May
18% Feb 13
5
No par
1% Feb
25
....No par
r
18
Dec
9
34% Feb 14
12% Feb 19
United-Carr Fast Corp.No par
United Corporation...No par
$3 preferred
9934
Jan
...100
United Carbon Co
May
5% Jan
1234 Feb 28
5
81
Jan
75
Feb 19
25% Feb 19
No par
34% Jan 6
51% Jan 2
5% Jan 13
2%
21%
Union Tank Car
United Aircraft Corp
Un Air Lines Transport
1% Jan 18
2534 May
10% May
4% May
1% May
7
80
Jan 10
9
934 Feb 14
...100
Dec
Apr
34
2
7
Union Carbide & Carb.No par
60
Feb 14
Union El Co of Mo $5 pfNo par zlll34 Jan 30
Union Oil of Califonria
25
1234 Jan 2
Union Pacific RR Co
100
76% Feb 15
4% preferred.
Apr
6%
38%
Jan
30
1
Under Elliott Fisher Co No par
Union Bag & Paper
No par
7%
Jan
2
16% Feb 20
100
Feb
4
884 Jan
1% Feb
par
234
6
Jan
17% Jan
9% Jan 30
534 Feb 19
10,
20th Cen Fox Film Corp No par
$1.50 preferred
No par
6
6
6
6
68% Feb 17
No par
4% Jan
Feb 17
1% Feb
1
No
2
4% Feb 18
7
$6 preferrred.
Truax-Traer Corp
3
3
27% Feb 19
Trl-Continental Corp
5% preferred
""366
7
2% Jan 14
Union Prem Food Stores,Inc. 1
6,600
Mar
2%
Dec
40% Jan 21
Jan 17
Twin Coach Co..
8
32%
4% Feb27
11
10%
27%
13% Jan 31
400
8
10%
6
125
4% Mar
28% Feb
7% preferred..
32%
Jan
Jan
12% Feb
65% May
Third Avenue Ry
Thompson (J R)
Thompson Prods 7nc__No par
30
7%
Jan 24
Jan
10% Jan 23
4
Truscon Steel Co.
_
4
30
Transue & Williams St'l No par
72
*4%
334 May
26% May
38% Jan
3,166
4%
434 May
33
10
100
25
1%
10
May
9% Jan 8
40% Jan 2
3% Jan 10
.....1
preferred
2,600
4%
3
6
2% Feb 14
100
Preferred
Thermoid Co
13%
734
*9%
May
334 Jan. 16
2% Mar
*1234
1%
9% May
20
6
No par
13%
1034
6484
27%
100
Timken Roller Bearing.No par
*7
Feb 28
12% May
1% Oct
7% Mat
.
Transamerica Corp
2
Transcont'l & West Air Inc..5
.
7
118% May
7% May
6
8% Jan
7% Jan
35% Jan
conv
4
Jan 10
Jan
No par
pref.....No par
800
32%
*13
Texas & Pacific Ky Co
$3 div
Jan
434 Jan 8
34% Feb 14
34% Feb 19
25
The Fair
Jan 22
534 May
4684 Aug
3% Jan
5
5
1,100
1%
Jan
Dec
16% Aug
32
...50
4%
734
Apr
46%
rl7% May
5
43%
72
29
19% Jan 14
734 Jan 2
6% Jan 7
4% Mar
4%
1%
20>4 May
29% June
24% Jan 27
5% Feb 14
Thatcher Mfg
conv
Jan 13
Jan 11
Jan 11
7
1
4%
*7
Jan
Jan
Jan
Jan
12% May
16% Oct
4
9
Without warrants.
Talcott Inc (James)..
4%
72
Jan
7%
Mar
Symington-Gould Corp w w.l
1234
13
Apr
18%
2234
26%
17% Mar
Tide Water Associated Oil.. 10
97%
2% May
9% May
2%
4% May
9
12
Tompson-Starrett Co.No par
$3.50 cum preferred-No par
*96%
Jan 14
Dec
5% Jan 28
21
20% Feb 24
Swift International Ltd
"3,166
9%
Jan 13
112
Jan
834 Jan 10
3
1% Feb 27
25
Swift & Co
15
9%
Apr
3834
8034
16% Feb 14
1
100
Sutherland Paper Co.
10
Sweets Co. of Amer (The)..50
*14
97%
14%
7%
on
117
700
10%
sales
..100
100
1,500
*31%
13
6
53
1
7%
13
1
preferred
5
Feb 14
6% Mar 4
334 Mar 4
5% Feb 15
No par
(The)
32
10%
65
33
No par
Webster
1
31%
1
9%
*17
900
*5%
9%
1%
10
4%
33
*3%
*14
6
300
534
9%
1%
3
31%
114
6%
25% Mar
TO
6
1
Sunshine Mining Co
$3.60
3%
1434
*6%
100
*5%
9%
32%
42%
4%
8%
*3%
1
42%
4%
334
12%
12%
12%
12%
12%
13%
13
1278
13
13
1278
12%
12%
12%
12%
114% *112
114% *112
11434 *112
11434 *112
11434
44
44
*44
45
45
4434
4434
4434
*44% 45
*19% 20%
*19
*1878 20% *19
20%
20%
20%
20%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
25%
25%
25%
25%
25% 25%
26
26
25%
26%
prices;
300
42
4%
*32%
1%
13%
Fid and asked
3,900
1,900
38
13
13%
114»4 *112
1%
*
80
4%
33
334
*17%
6
17%
81
39%
17%
*17%
18
17%
17%
17%
7%
7%
7%
7%
*7%
31%
*31%
31%
31%
31%
1078
1078
10%
10%
10%
64%
65
64% 65
64%
*112% 114
*112% 114
*112%
13
13%
13%
13%
1278
*78
78%
78
78% 78%
80%
*8
*2%
4%
4%
1%
83
3%
72
*1%
*81
*2%
*1
10
*36
6
3%
14%
17%
20*4
27%
36%
1,400
*9%
6
10% Feb 19
12% Feb 14
17% Mar 4
11
"
10
par
6
4I4
*4%
17%
1%
1%
72
No
prior pref
No par
prior pref...-No par
5% Mar 4
334 Feb 18
13
7%
*1%
72
preferred
Texas Pacific Coal & Oil... 10
*95%
31%
*4%
May
Jan 24
1% Jan
Texas Pacific Land Trust... 1
*1312
42%
113
1
% Feb 17
2% Feb 15
600
31%
31%
May
June
2,900
31%
9%
5
98
Standard Gas & El Co.No par
Apr
Dec
434 May
6
5%
10%
8%
Dec
6% Jan
4
38
Feb
3834
58%
11%
113% Feb 14
6
5%
10%
*7%
47
May
Jan 30
4
5%
4%
1034
May
19
45% May
Jan 24
38
*5%
4%
33
6
113% Feb
3434 Feb 26
5%
May
2334
111
100
Texas Gulf Sulphur._.No par
4%
72
14% May
par
No
1,100
5%
Jan
Oct
Apr
Apr
Dec
Texas Gulf Produc'g Co No par
*4%
7
Apr
600
*5%
15
$4.50 preferred
Jan
3%
40%
112%
7%
1,900
35%
39
66%
9,200
35
Nov
May
June
May
734
35
Jan
Jan
46
3%
35%
35%
20%
34%
26% May
35%
35%
May
9
*3
39%
98
500
400
39
734
Jan
May
9
35
734
15%
8
57% Jan
36% Jan
116
3
*3%
9%
14
21%
*3%
634 May
13%
17%
1%
334
60%
No par
5% conv preferred
Standard Brands
Jan
3034 May
152% Apr
30% May
6
35%
5%
98
Feb 18
31% Feb 19
23% May
12% Jan
2% Mar
16%
6% Jan
3
3
*32%
4%
13%
7%
72%
*17
*14
51
No par
1
Mar
5834 Jan 21
x3434
3%
98
5% Feb 14
3
ar3734 Jan
35%
*36
1%
1
7%
3
*1
Conv $4.50 pref
Square D Co
Feb 14
Mar
Jan
20% Jan
38% Jan
35%
3
4%
32
60
334
778
35%
33
57
....No par
No par
2
5
*3%
7%
3
40
Spicer Mfg Co
$3 conv pref A
Spiegel Inc
Mar
334
7%
*7%
4%
18% Jan 30
31% Feb 20
5)4% partic pref
Telautograph Corp
Tennessee Corp
Texas Corp. (The)
35%
*39%
60
Superior Oil Corp
Superior Steel Corp
4%
*3%
3
29% Jan 13
Spencer Kellogg & Sons No par
Sperry Corp (The) vto
1
400
1%
578
*5%
*4l4
3%
1334 Jan 10
24% Jai: 28
25
Superheater Co (The)..No par
18
3%
Aug
May
2
400
22%
32
*1%
910
1,600
17%
*3%
16
10% Jan 23
5
May
128
28% Jan
Mar
1% July
3
2
Jan
7% May
Jan 14
19% Jan
146
4% Jan
Stone &
22
*212
10
1% Feb 18
Studebaker Corp
Sun Oil Co
1,100
18
8%
9% Jan 6
2% Jan 11
1534 Jan 23
334 Feb 28
1,700
5%
22%
38
Feb
par
3,600
*3%
10%
*7%
Jan
2434
Spear & Co
1
$5.50 pref erred....-No par
Sparks
7
18
*36
11%
Dec
4
8
Mobile & Ohio stk tr ctfslOO
Wlthlngton...No
May
11% Feb 15
19% Feb 14
No par
100
Oct
5
56
17%
5%
25% Mar
Southern Pacific Co...No par
5% preferred
Jar. 30
Apr
14
Jan 11
22%
4%
16% Feb 14
135
Southern Calif Edison.....25
Southern Ry
2
Feb 19
22
8
1534 Jan
66
5%
22%
17%
35%
5%
4%
10%
Greyhound Lines..5
So Porto Rico Sugar...No par
8% preferred
.100
3
1% Jan
13
S'eastern
10% Jan 16
56% Mar
400
8%
*33
8% Mar
South Am Gold & Platinum. 1
8
Sterling Products Inc
Stewart-Warner Corp
Stokely Bros & Co Inc
4
*3%
35%
Socony Vacuum Oil Co Inc. 15
Jan
May
18
*3%
9
23
22%
17%
'39
13% Feb 28
4
21%
*33
Smith & Cor Type v t c.No par
Snider Packing Corp...No par
10% May
Jan
14
39
Jan 14
40
*2034
*33
19
Feb 14
1334
39
14% Feb 19
34
21%
5V
22%
*33
10
Starrett Co (The) L 8_.No par
*20%
6%
114% May
Jan 27
*13
22%
17%
120
May
6%
53%
14
23% May
May
38
1,300
*2084
Jan
Apr
N6v
67
34% Feb 19
118% 119
14
12% June
2%
105
95
112
Standard Oil of New Jersey.25
Standard Oil of Ohio....
25
6%
*1%
Apr
7% Mar
6
No par
9,000
700
8%
7% June
19,700
800
1,700
*17
Jan
56
40% Feb
13% Jan
6% Nov
Jan 27
cum
57%
634
5
May
73% Nov
534 Jan
Jan
$7
38«4
53%
8%
1734
1%
37%
12% Jan 13
34
Jan
16% Nov
114
cum
13%
578
4% Feb 14
Jan 30
May
434 May
Apr
16%
112
$4
21%
42%
*71%
8%
17%
*1%
*3%
10% Jan 21
40
3
Standard Oil of Calif..No par
Standard Oil of Indiana
25
26
34%
Feo 18
7
88
5
$8
1,000
40% Aug
5% Jan
4
Feb
300
8,300
4% Feb 8
5534 Jan 14
2
Jan
Feb 15
1,000
13%
4%
13
118% 118%
8%
1,500
18%
6%
53%
17%
1%
100
6%
*334
7
17%
1%
10
*20%
31%
13%
*9l2
57g
1%
4212
*13%
240
38%
57%
7
8%
i
32%
4%
4
118% 118%
8t4
17
43
*4%
*7
9%
25%
34%
*36%
37
30%
14%
25%
*36%
*5714
*6%
*3%
6%
6%
53%
1
9%
18%
37%
30%
98
2578
34%
18%
58%
1
*13%
51
18
58%
30%
14%
534
51
18%
2534
34%
*35%
3%
5%
9%
98
17%
25%
33%
18%
37
3%
9%
34%
115
25%
34%
4%
*97%
*113% 115
36
5
*13%
33%
*113%
534
34
3%
1%
3,400
5134
36
5
31%
534
51%
*35%
3%
*1
"""336
36
34
*31%
3%
*5%
*30
58%
7,300
14%
18%
14
34
*57
6%
6%
6%
6%
6%
6%
6%
6%
111% 111% *111% 112% *111% 112% *111% 112%
%
1
78
78
*%
1
%
%
234
*2%
278
*2%
2%
234
234
234
*11
A
12
*10%
11%
11%
11%
11%
12
14
13%
14
1378
*13% 14%
14
14%
*10%
12
*32%
58%
2,200
12%
6%
34%
5,300
34
58%
534
34%
34%
*113% 114
*11%
*36
*51%
113% 113% *113% 115
6%
6%
6%
6%
*111% 112% *111% 112
*%
5%
32%
*32%
7134 Jan 17
Feo19
3% Jan
15
Skelly Oil Co
8%
65
57%
61
8% June
8% May
51% Aug
14
Jan
Jan
2% Nov
31
100
*137
10% Jan 21
1%
20
24
400
19
Oct
May
l%May
17% May
11
142
2
%
2% Jan 20
27% Jan 28
22% Jan 6
1334
142
1% Sept
61% May
9% Feb 19
10% Feh20
Slmonds Saw & Steel..No par
*13%
146
11
2% Mar
7834 Jan
3% May
*10%
300
% Jan 9
15% Jan 10
1% Jan 31
25% Feb 15
18% Feb 19
1034
1334
8%
14
%
10
10%
134
% May
Dec
Jan
12% May
400
8%
Jan
111%
3
1
Jan
115%
4
16
*13%
% Jan
Dec
107% June
101% June
21% Jan 10
16
1%
111% Jan 10
1434 Mar
16% Feb 15
16
*60
34
68% Feb 14
15
16
1334
3
Feb 13
Jan 31
May
No par
Simmons Co
$6 preferred
Smith (A O) Corp
65
34
2
115
Jan
12% Mar
Sloss Sheffield Steel & Iron. 100
1>4
Feb 14
9
% Jan 20
Silver King Coalition Mines. 5
70
19
4
37
20
1334
49
par
112
8%
88
34
51% Feb 27
4% Feb 19
112
*13%
7% May
64% July
37% Jan 10
par
112
8%
1%
13%
18*4
87% Jan 24
%
par
*100
16
10%
1334
3
par
114
*60
57
Shell Union Oil
11% Jan 10
Highest
$ per share $ per share
Jan 23
108
1
Sharpe & Dohme
No
$3.50 conv pref ser A .No
Shattuck (Frank G)._.No
Sheaffer (W A) Pen Co.No
share
Jan
111% Jan
No par
preferred...No par
110
65
*33%
conv
per
34
Sharon Steel Corp
$5
$
Year 1940
Lowest
85
100
Simms Petroleum...
*60
*32%
preferred
4-2%
4%
53%
*1%
Schenley Distillers Corr .—,.5
5)4% preferred
.100
Scott Paper Co
No par
$4,50 preferred..,..No par
Range for Previous
Highest
$ per share
9
Feb 14
Seagrave Corp...
No par
Sears Roebuck & Co...No par
4%
*52%
2
Par
Seaboard Oil Co of Del.No par
100
11%
4%
.
300
900
18
v
T.IOO
12
1734
'■
3,100
66
*37%
v:.,'''.
$4 preferred..
No par
tSeaboard Air Line...No par
*63%
5
.
103
25
*1%
*3%
87
*36%
37
113% 113%
*108% 110%
%
%
*%
%
13%
13%
*2
2%
7234
73%
934
9%
Lowest
114 *112
25
*25
1%
4%
*1%
25
21%
*1%
*37%
11%
*4%
17%
27%
1%
4%
21
*334
27
5%
37%
11%
434
20%
8%
12%
1%
1%
52
25%
8%
11%
21%
25%
?
8%
12%
4%
51%
25%
9
12%
21%
25%
8%
12%
4«
4%
9%
87
36% 36%
*113% 115
*5
38
114
*13%
8%
9%
*85
4
103
*10
87
36%
*113% 115
*112
*15%
9%
9%
5
*37%
Range Since Jan. 1
On Basis of 100-Share Lots
8; 1941
EXCHANGE
Mar. 6
87
36
STOCKS
NEW YORK STOCK
the
Mar. 5
4%
51%
5
March
Sales
Friday
108% 108% *108% 110% *108% 110% *108% 110%
*i#
%
>18
%
%
%
*>i«
%
*%
%
*%
%
,
*%
%
*%
%
12%
12%
13
13
12%
12% *12% 13%
*2
*2
2%
*2
*2
2%
2%
2%
71% 71%
71% 72%
72% 72%
72%
73
9%
9%
10
9%
9%
f
9%
9%
10%
11%
12
*11%
12
*11% 12
11%
12
*63% 65% *63% 65%
64%
64%
64%
66
4%
,
CENT
Thursday
1
*1212
2%
71%
*4
Wednesday
9%
9%
*3412 36%
*34% 36
*11314 115
*113% 115
*108is IIOI2
NOT PER
9
for
Saturday
9iZ
SHARE,
Record—Continued—Page
z
8
Feb 21
Ex-dlv.
y
17% Jan
14
3034
Ei-rlghts.
9
May
1% Dec
Dec
18
42
Apr
Apr
Dec
^ Called for redemption.
|
Volume
New York Stock Record—Concluded—Page 10
152
1555
HIGH
AND
Tuesday
Mar. 3
$ per share
Mar. 1
$ per share
37g
37g
*2ig
*26*4
"334
*367g
643g
2%
26s4
4ig
37
643g
812
8*2
llli4 111*2
*87g
912
*3
SALE PRICES—PER
Monday
.
Range for Previous
62*4
Mar. 7
Week
$ per share
$ per share
$ per share
Shares
*84
112
9
9
10
*3
88
10
3
62
62*4
*27g
175
834
615g
3
8*8
Q
*27g
3
1012
*812
9
*61
62i4
173i2 173*2
5*4
5*4
*34
35
*34
35
23
*22l2
24
*23
24*4
*23*2
334
*37g
334
*314
7
*6U
67g
*6*4
334
67g
*3*4
*6*8
3*4
200
United Paperboard
3*s
86
600
12*4
9*8
63*4
35
634
*10*2
9
9*8
627g
62
5*2
35
684
7
678
00
*28*2
2884
3384
*33*8
3334
*33*8
3334
1934
1912
1912
19*8
1984
3384
3334
3334
*1934
2012
*19l2
2012
*19U
ll4
*5812
U 8 Leather Co
700
1%
21
20
205g
ll4
2014
U4
21
*1*8
20*4
1*4
2U8
1*4
205g
1*4
2138
21
1*4
2H2
*86
88
86
86
85
86l2
87 3g
873g
88
89
89*4
90*2
58
58
*5634
58
*73
75
73*2
563s
75
*1U
203g
1*4
59
119*2 119*2
2734
28
58*2
*4412
*13g
*2734
46
II4
*44l2
H4
1
13g
1
50
*45ig
50
*451g
*125g
15
*125g
15
*125g
*54
55
153
*5212
7ie
17l2
28
28
*5634
58
*73
75
*73
*44l2
46
13g
45l2
*4412
*1*4
1*2
1*2
1
1
1
4912
15
*45*8
*125g
5412
*51
49*2
15
54l2
152
152
*147
147
*146
147
7u
*S
7i«
*38
17l2
*15i4
17i2
*15*4
17*2
27»4
27
2734
2734
24
24
27
*24
24l2
*24l4
49*2
1412
*51
53*2
*150*2 153
25
*59
*59
61
*
85
*-.-i
85
*
85
♦2012
*2
*21*2
21*2
2ig
22
15
*40ig
*32
43
32*4
*20l2
21
*2
2II4
11534 11534
*20l2
*13
21U
*32
"'*»
*8i2
8*2
8i2
*8i8
20
20
*100
103
*100
103
8l2
20
5
5
*13
27
1314
*3*2
*34
4l2
7S
3
3
*55
4i2
*26*4
13*4
57
*8'g
*2Ug
1534
*18*4
*3
22
1534
19
3l2
8*2
197g
*8*8
*1934
*100
"n
4*2
26*4
13*2
*13
*3*8
»i«
14l2
4*2
*4
*4
15
*14
5412
8l2
8i2
28
*54
8*2
28
*26
*34
80
15
43
32%
90
Preferred
38
111«
600
8*2
100
20
412
78
1412
3
7.900
84
*34
1412
1412
3*8
55*2
55
*5g
7g
8*4
3
600
190
1,700
8*4
140
217g
217g
*21
2134
21
21
21
*21
2134
*15*2
16*4
*1512
1534
*1558
1534
155g
*15*2
16*4
300
*18
19
*18
19
1534
1878
*18*9
19
*18
19
*3
*3
3*4
3*8
*18
3
3*8
*278
*77
*76
*76
3
No
5
Warner Bros Pictures
$3.85
"260
No par
preferred
No par
No par
No par
}Warren Bros Co
$3 preferred
Fdy & Pipe
Washington Gas Lt Co.No par
Waukesha Motor Co..
5
1
No par
Webster Elsenlohr
100
7% preferred
*77
par
100
7% preferred
Wayne Pump Co
27g
278
....
No par
Class B
Warren
28
""400
21
Dlv redeem pref
Ward Baking Co cl A..No par
58
*8
No par
Walk(H) Good & W Ltd No par
200
55*4
*26
28
H% pref with warrants 100
Walworth Co
"300
34
14*4
27g
500
3
20*2 Feb 11
l78Mar 7
20
Fe'
15
115i2 Feb 17
13*2 Feb 28
Jan 14
94
i4 Jan 20
'18 Jan
8
Jan
19*2 Feb 24
101
Feb 24
4*8 Feb
26
Feb 14
x!2*4 Feb 13
3s4 Feb
*514
7*4
*'4
195g
*2
20ig
195g
95l2
9512
20
*5
**4
*2
*>4
193g
1958
19*4
*2
1912
!95s
1912
1934
1912
1934
955g
94l2
945g
9H2
945s
h
*94
31
*28
134
*29
317g
*130
107
v
284 Feb 19
53
Jan
6g Jan 30
6
25
21
30*2
*29
30
3178
*27l2
29 *2
107*4 107*4
76*2
*96
9734
107*4
*62
76*2
*96
9734
25
26
25*4
107
*62
96
a
255s
1114
14
15
Feb 14
17*4 Feb 14
278 Feb 17
80
Feb
^
134
10
107
107*4
76*2
30*2
31
107
31
31*2
107*2 107*2
*30*2
31*2
*62
76*2
*62
9734
*96*4
98*2
25*2
2578
265g
26*2
13278 1327S *13278
*1034
11*4
*1034
11*4
*11
11*8
1334
14*8
13'8
14*4
IH4
15*4
5*2
53g
534
.534
4*2
4*4
2034
53g
14*2
534
*4*8
4*2
*71
15*4
...
Westvaco Chlor Prod..No par
No par
Wheeling & L E Ry Co
100
5 H% conv preferred
100
Wheeling Steel Corp...No par
6% preferred
100
$5 conv prior pref
No par
White Dental Mfg(The Sd).20
40
3,400
80
100
100
70
*45
70
*45
70
*45
70
*45
70
*45
25
*2234
2334
*2234
25
*23
25
*23
25
*23
10,900
1,900
1,000
70
*23-r>8
25
*15g
1?8
*1**8
1*4
178
134
*334
434
*69
4
434
797g
*28
3034
183g
3«4
434
*69
♦112
*112
434
7934
120
2834
27*2
27l2
31
30
31
18J2
175g
18*4
178
*15g
134
1*4
1'4
134
158
134
134
*3**4
45g
378
458
*334
45g
37g
69
69
120
70
*68*2
*112
4
45g
434
'
*112
15g
1*4
37g
*1&8
1*8
134
334
4*4
70
*2734
28*2
*2734
30*4
30
30*4
30*8
187«
193g
18*4
18*4
187g
18*4
*86
95
*86
95
*86
88
*85*2
88
*85*2
88
*85*2
57
.95
60
100
*88
93
10
*57l2
60
*88
93
*89
93
70
70
*69
70
69
69
69
69
69
69
19*2
137g
1912
1834
1834
19
19
1934
1934
19*8
137g
*135*
137g
1378
137g
137g
137g
137g
19*8
143g
115*2 11634 *11534
11634
16ig
16*g
15*2
135g
135g
*13*>8
*2
*
218
*2
2*g
10*4
*10
34*8
33*2
*88*2
*15*4
*1334
15*2
15*2
135g
14
2
Bid and asked prices; no
2
S
*687g
6934
19*4
14*4
19*4
1412
118
10*2
3534
92
15*2
14*4
H684 11634 *11634
1034
34
16*2
*10
35*4
35*4
*88*2
105«
34
92
16*2
*88*2
*15*2
14
14
sales on this day.
.
92
*2
200
*54*4
*58
*54
60*2
93
92
95
*85*2
5634
56
*57*2
*91
*912
*86
60
93
5534
60*2
*54
*58
95
33**8
100
17,800
1,300
*57*2
93
57
60lg
*88*2
28*2
30*4
I93g
*54
57
2*8
*2
14
2*8
*934
15*2
1414
2
t In receivership,
$4.50 preferred
1
White Motor Co
White Rock Mln Spr Co No par
Corp—1
$4 conv preferred
No par
Prior preferred....
20
White Sewing Mach
2
500
1,200
4,900
10
V,4O6
500
600
200
d Def. delivery,
Jan
*ia Nov
12
June
25
May
22i2 June
112
July
35*2 May
Jan
62
Oct
60
Aug
1*4 May
14
May
May
May
36*4 June
Jan
Nov
June
135
May
*4
Oct
1*8
Jan
*t«
Dec
2*8
Jan
5*4 May
978 Nov
22*4 Jan
1055g Jan
4
16*2 May
0
89
6*8 Jan
30*2 Jan
1384 Jan
6
2
9
23*2 May
10478 Dec
6*2 Nov
18*4 May
35*4
10
June
1658
6
Dec
May
95g
13*2 Aug
25*2
June
3
May
3*2
5jj
Jan 22
1778 Jan
6
3*2 Jan
9
2
30
29*2 Feb 17
27l2 Feb 28
May
4*4
May
6
6
7
13*4 May
14
24
eb
5
80
2I84 Jan
9
Jan
2
i2 May
334 May
9
22
May
20
May
30
Jan
16*2 Jan
20*4 Jan
4*4 Jan
80
May
2i2 May
Dec
15*8 May
6884 Aug
91
June
47g
Jan
Feb
Jan
Jan
Jan
Feb
Dec
Sept
Sept
Nov
Feb
Apr
Jan
Feb
80
Dec
295s
Apr
75
Jan
110*2
Jan 10
96*2 May
115
Apr
Apr
1077g Jan 18
3
80
June
198
Jan
108*8 May
120
116
117*2 Jan
18
Jan
7
11
May
Oct
2638 May
105
Apr
105*8 Feb 10
28*4 Jan 2
10078 May
334 Jan 22
284 May
6
Jan
Jan 10
4*8 May
8&g
Apr
12 Jan 3
225g Jan 10
227a Jan 10
*8 Dec
14i2 May
15*4 May
1
Jan
7
21
June
407g
2834
28*8
Apr
Jan
Jan
105
Jan
2
76
May
118
Jan
138
Jan 28
110
May
140
Nov
34i2 Jan 10
36
Jan 3
96
25
Feb 24
110*4 Jan
26
Jan
2784 May
37*8 May
38*2 Feb
10978 Dec
0
108
Dec
50
107
May
80
Oct
85
May
103
Nov
loo""
Jan
~2
Feb 19
30
Jan
3
18*8 May
Mar
5
3
133
Jan 29
9384 June
Feb 14
76
Jan 14
61
7
12*2 Feb 14
5*8 Feb 19
12
Jan 22
125
69
Jan
10*4 Jan
784
May
Aug
9
7*2 May
7*2 Jan 13
4&8 Mar
3*2 May
175s Jan
Feb 15
583 Jan 10
41
Feb 15
38
20*2 Feb 14
23*8 Jan 10
1484 May
4
Feb 14
41
7
134
Jan
Oct
1*2
Jan
3
Jan
par
43g Feb 14
No par
6% pref.100
Woodward Iron Co...
10
Woolwortb (F W) Co
10
Worthingt'n P&M (Del) No par
7% preferred
100
6% preferred
100
Prior pref 4 Hi % series... 100
Prior pf 4conv serieslOO
Wright Aeronautical—No par
Wrtgley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Preferred
...—100
Young Spring A Wire..No par
Youngstown 8 A T
No par
5H% preferred ser A—100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
65*2 FeD 15
584 Jan 25
73*4 Jan 28
r Cash sale,
158
50*2
2*8
1234
34*8
2834
20*4
1
5*4 Jan 13
stock,
Jan
35
2*8 Jan 11
n New
Nov
15*2 Apr
48
110
is4 Feb 25
No
120
May
358 Feb 14
$6 preferred...
31*2 Mar
4*8 Jan
3184 Jan
71
1
10
Wilson & Co Inc
Feb
Aug
178 Jan
6% conv preferred
19
437g May
3978 Mar
117*2 Apr
4912 May
May
is8 Feb 18
Willys-Overland Motors
84 Apr
19
5
Wilcox Oil & Gas Co
Jan
6
384 May
27i2Mar
3
34i2 Jan
7
24ig Jan
9
85
Jan 30
54*4 Feb 17
58
90
Feb 13
Feb 21
Mar
4
1834 Mar
3
69
127g Feb 15
114
Feb 25
9*8 Feb 19
31*4 Feb 19
90
Feb 19
15
Feb 14
125g Feb 15
2
Jan 31
x Ex-dlv.
June
Jan
1584 May
33*2 Jan
Feb 27
16*2 Feb 19
94
Jan 27
30
45
116
Wisconsin El Pow
88
57
88
60*8
92
15*2
14
200
28*2
95
*88*2
1,000
30
*85*2
94
45g
70*4
45g
*70
*2712
*86
*88*2
*37g
400
28*2
88
*114ig 1163s *115*2 H634
11
*9%
10**4
*10*8
333g
33*2
34ig
34*g
2,200
30*8
95
5534
1*4
1*4
4*8
30
*86
*91
1*4
*15g
*27*2
18
100
*112
*112
120
*85l2
,
Weston Elec Instrument.
11*8
1534
*45
12.50
100
100
75
4*4
50
350
76*2
97
96
*4ls
1
*130
11*4
4*4
7ji Feb
18*2 Feb 13
*1034
4*4
5
19*8 Feb 19
89*4 Feb 14
131
Feb 27
75
4*2
Jan
6
Telegraph-100
*71
4»4
_
Westlngbouse Air BrakeNo par
75
4
23*2Mar
27g Feb 14
Western Union
*71
*5
Feb 28
3,600
73""
5*8
Feb 20
15*2 Feb 19
10478 Jan
2,600
3,500
*69
14
100
113
96
1st preferred
Apr
2*2 Apr
63*4 Dec
18*2 Nov
884 Jan
74l2 Jan 18
95
50
Dec
284
Deo
3g Jan 10
»u Jan 17
106*2 Jan 25
tg
Westlnghouse El A Mfg
Apr
50
70
28*2 May
Jan 17
6
203g
20
70*8
5*8
_
*5lS
131
4
Feb 18
I97g
19*2
....
13*2
4% 2d preferred....
100
Western Pacific 6% pref—100
1634Mar
65*8 Mar
*2
70*8
514
100
par
Nov
39*4
128
June
2384 Jan 13
Feb 19
20*4
195g
9414
30*2
*277g
1327g 1327g
*1327g
"2",100
6*4
*5*4
*1327g
*1327g
*45g
'130*8
*29
034
60
100
300
No
$4 ccnv preferred
130
159
69
5
9*2 Feb 26
Feb
Mar
*s16
131
*2712
*62
25
103
103
Wesson Oil & Snowdrift No par
z73*2 Deo
76*2 Nov
May
45
60*2 Jan 28
Feb 25
19*2
1912
93*8
134
317g
*96
5ig
134
30*2
;
*62
137g
*514
6*2
1934
134
*1012
*5
19*8
*29
26!4
634
1984
*27l2
26
103
105
634
*130
*70ig
*103
111*2 111*2
*5*4
**4
*130
107l2 107l2
7612
9734
104
*103
111
Jan
1
"11 Jan
14
1103s Feb 25
105
111
18*4
*65
675s Nov
5*4 Jan
_
7% preferred
100
6% preferred
100
West Penn Pow Co4H% pf-100
West Va Pulp & Pap Co No par
6% preferred
100
Western Auto Supply Co
10
Western Maryland
100
*103
18*4
6538
Jan
Apr
120
100
11H2 111*2
17*4
65*8
Jan
I84
415g
117
13484 June
109
33i2 Feb
Feb 15
11112 112
111*2 111*2 *1103g 111*2
103*2
103*2
103*2 103i2 *102
102*2 102*2 *102
103*2
*102i2 103i2 *102
*1135s 115
115
*113
*113*2 115
*113*2 116
114*2 114l2 *113*2 116
*17
18
17
*17
♦16*2
1734
*17
1734
1734
1734
*16*2
1734
*
*104
106
10412 107
*10412 107
*10412 106
*104*2 107
*1047g 107
24
24
24*4
24*2
2334
23*2
23*2
23*2
23*2
23*2
2334
2334
*27g
3
3
*27g
3*8
3
3*8
*27g
3*8
*278
*278
3*8
105
*102
Y7T4
2*2 Jan 2
27*4 Jan 11
117i2 Feb
20*2 Jan
89
101
1634
6658
2484 Jan 15
32
West Penn El class A..No par
1034
67*8
6
42
50
1034
*65*8
4
Jan 15
Feb 15
40
300
167g
67*8
Jan
34*8 Jan
17
Jan
60
'¥,466
1634
*65*g
9
12*2 May
6684
187g
67ig
l2 Jan
2
67*8
103
"l7"
17
*651g
7
100
j
J Wabash Railway Co..... 100
5% preferred A
100
No par
Walgreen Co
No par
4
3", 100
5
26*8
1378
No par
Waldorf System
103
5
*3*2
*8
700
20
4i2
*2 512
200
*8*4
1334
8*2
5
116
*35«
*54
pref
116
*100
5
26
non-cum
6% dlv partlc preferred. 100
Va El & Pow $6 pref
No par
Va Iron Coal & Coke 5% pf 100
Virginian Ry Co
25
6% preferred
25
Vulcan Detlnnlng Co
100
*13*8
28
9
Va-Carollna Chem
4l2
78
14*4
58
*8
*26
2
44*4 Jan
100
26*8
*13*4
58
115*2 Jan
7
*58
103
5
3
Feb 13
**16
8*2
20
26
55*2
114
300
*32
Jan 21
Mar
100
100
600
*40*8
5984 Jan 15
100
41*8 Mar
Dec
May
26
......5
May
June
Feb 14
7% 1st preferred
42
103*2 May
1
Jan
VIck Chemical Co
39*4 May
60
May
41
Feb 14
300
May
4
26
*i« Jan
i2 May
15
68*2 May
Jan 10
152
May
Apr
1*4 Jan
157
Apr
1234
74
Nov
7
165g Jan 10
Dec
Apr
7»8 Apr
39
29*2
5
Jan
6*2 Mar
24
Dec
42*2 June
1*4 Dec
Jan 17
Nov
89
182*2 May
22
4
50
11
38*8
Jan
46*2 Feb 13
1484 Feb 15
53*2 Feb 15
Mar
Aug
15g Jan
Jan 17
1
May
333g Jan 13
16
21
*12*8
1*4 Jan
May
12*8 Dec
2184 June
27*4 June
48
7
7
2
722
5%
17g
4584 Mar
Jan 13
130
6
100
Preferred
Van Raalte Co Inc
Vicks Shreve & Pac Ry
21
17g
27*2 Mar
7
6
11
11
11
10
29
6
Vanadium Corp. of Am.No par
400
21
1334
*35g
I
*100
47g
26
27g
55
5s
H
8*2
*25
*4**8
*14
3
3
3
55
8*2
20
103
26
*13
*76
*75
*
11
par
No par
8% preferred
*135
**16
5
No
Victor Chemical Works
*89
90
...
**2
*8*4
*1978
4*2
412
3
884
*89
*135
—.
43
32*4
*5i«
26*4
1314
55
28
3g
32l4
90
*135
103
*100
484
27
*35g
1
*25
1984
1414
15
*14
*89
*40*8
43
32*4
25
1
United Stores class A
85
21
21
22
**2
20
*263g
*32
*sl#
**2
*20*2
21*4
No par
6
800
60
*
85
*178
2*8
20*2 20*2
*11534 116*2 *11.534 116*2
*13
15
*1258
15
*40*4
...
*
*5612
60
2
2
*2034
3214
90
*89
*135
*su
»8
*20l2
43
3214
90
135
*135
15
*40
43
3314
*40i8
2U4
2ig
2112
11534 116
16
*89
91
*89
*2012
*125g
*11512 11534
*14
*
85
*56*2
Feb 24
7% preferred
390
61
Feb 19
117
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7*8
97
28
48
133
1,500
*59
755
United Stockyards Corp
17*2
*59
1*8 Feb 18
1778 Feb 14
80*4 Feb 15
573s Mar 4
727a Jan 4
100
U S Tobacco Co
6
Jan 17
34*8
25*2
178
24i8
94i2
64iz
76*2
7084
Oct
Apr
Jan
7*8
35
May
3*2 May
152
28*8
26
25
7
Jan
1384 Mar
14
..100
27*2
*24*2
1141- H412 *114
115*4
11412 *114
42
42
41*8
41*8
*41*8 42
3
Mar
Jan
15
25*2 July
4
3184 Jan 11
No par
Preferred
3
4i2 Jan
64
June
May
284 May
Universal Pictures 1st pref.100
Vadsco Sales.... .....No par
*15*4
417g
50
Preferred
U S Steel Corp
Universal Leaf Tob
28*8
*41*8
61
U S Smelting Ref & Mln
30
*716
*2
10
100
50
Jan
19
No par
8% 1st preferred
$6 conv preferred
*2
114l2 114l2
*4Hg
42
114ig 11412
JU S Realty & Imp
US Rubber Co..
60
165
8*2 Jan
31
1
5*8 May
z37U Jan 10
2884 Jan 10
Feb 19
Jan
May
8
6*8 Jan
54*2 Feb 24
28*4 Jan 2
20
10
Dec
5
Jan 14
69i2 Jan
183
Feo 10
6
100
Universal-Cyclops Steel Corp 1
140
152
61
4U2
2,600
*125g
4112
11412 11412
400
17*2
2734
cl A ...No par
conv
U S Plywood Corp
*45*8
152
*15
25
I3g
1*8
3*8
80
6
10*4 Jan 27
4
21*2 Feb 19
3*2 Feb 24
No par
Prior preferred
90
40
151
*71«
*2
1.500
♦1
15
53*2
»15012 153
2718
235g
*51
152
152
2 778
9
3*2 Jan
Feb 14
33
50
conv preferred
Partlc &
2,700
4534 i: 4534
138
1*2
49*2
5H%
100
63,800
27*2
1
*45*8
*125g
400
5812
57*2
583g
11834
27»8 2778
118
28
29,400
1,800
1185g II884
56*2
57*2
119*4
*1514
28
235g
*5112
*152
159
*2
*7ie
28
153
140
*137*2 140
*15l4
56l2
*152
118
57l2
1
1
*46*2
*152
5678
58
75
5712
*73
573g
II8I4 11934
28
*44l2
ll2
573g
75
56l2
119
*2734
46
573g
*73
73i2
5812
119
1
1
59
1*4
May
5
478 Feb 17
U S Industrial Alcohol.No par
100
100
US Playing Card Co
29*2
3
60
5
200
100
29*4
*3314
U S Hoffman Mach Corp
400
1,600
1,500
293g
35s Jan 10
173*2 Mar
1934
*29
June
20
100
7% preferred
19
293g
293g
*333g
64
6
8*2 Mar
*3338
29
*57
60
Jan 13
Mar
Dec
857g
118
11
25g Feb 19
Mar
41
107i2 June
Jan 22
84
Apr
7*4
6
65*2 Mar
583 Jan
Dec
117
No par
U S Gypsum Co
May
9i2
Feb 28
U S Freight Co
U S Pipe & Foundry
29
2912
60
60
10*2 Jan 15
Jan
100
60
278 May
25*2 May
8
Jan
Jan 17
700
*54
Jan 11
14
29
3334
60
5
42
90
64
*54
*54
Dec
4
7*4
2334
-v,i;4
4
Sept
834 Feb 21
234 Feb 24
par
23»4
4
*34i2
24*4
2
26*4
9*4 Feb 19
No
534
35*2
*512
384 May
Jan 11
314 Jan 11
70*4 Jan 10
111
10
$6 first preferred
70
175
*172
1,600
1,000
434 Jan 13
32
U S Dlstrib Corp conv pref.100
300
Highest
$ per share $ per share
share
per
Feb 14
61
U. S. & Foreign Secur_.No par
130
$
share
8*g Feb 19
No par
*3
3*4
173*2 174
35
*3k
United Gas improv't
500
*3
23
__5
No par
9*4
*81*2
35
4
5
United Eng <fe Fdy
United Fruit Co
9
,
3
51o
100
1117g 11178
8*4
-
86
life
87S
6134
10
Preferred
per
37g Feb 15
2*8 Mar 3
2558 Mar 4
35g Feb 19
35i2Mar 7
5
United Dyewood Corp.
United Electric Coal Cos
""400
$
$5 preferred
No par
United Mer & Manu Inc v t c 1
8*4
3
1012
United Drug Inc
90
300
2,400
11,600
1,400
*8212
10«4
27g
84
1,900
4
35*2
6684
83g
66*2
Q
24
5i2
*37g
35*2
111*4 111*4
914
*23
*5%
4
66*2
*35
*612
5*l
17434
65
37g
2i2
Par
Year 1940
Lowest
Highest
Lowest
26*2
378
*2*8
*25
36
36
65*4
8ig
8I4
IIH4 11134
37g
2*8
26*2
*37g
4
64l2
2*8
8i2
6112
2*8
*25
37
*35
84
10i2
*165
*334
37g
378
212
26
5*2
35*2
*314
'5*4
3
84
*10i4
6214
175
378
*2ig
*2518
*884
3i8
84
834
884
3612
65
83g
112
5*4
*27g
378
2i2
255g
4
3612
64l2
8ig
9
87'g
10l2
9
1
37g
*2i8
255g
*334
4
367g
6414
64l2
8*4
8i2
11134 11134
*3
175
*5U
Mar. 6
367g
*234
*165
Mar. 5
4
33g
87ig
*934
*85g
Range Since Jan. 1
On Basis of 100-Sfcare Lots
EXCHANGE
Friday
2ig
26l4
*85g
STOCKS
NEW YORK STOCK
the
CENT
Thursday
$ per share
2ig
*334
NOT PER
Wednesday
Mar. 4
378
26
SHARE,
Sales
for
LOW
Saturday
30
May
135g May
98
Jan 18
55
91
35*8
125
Apr
Dec
7478 Nov
11*4
Apr
Dec
Apr
7*4 May
57*2 Mar
247g May
3*8 Jan
17*8
11&8
3*2
684
73s
70
Apr
Apr
Ap*"
Mar
121*4 Mar
34*4 Nov
42*4 Apr
247g May
June
102*2
Oct
Jan 18
60
July
95
Oct
60*4 Jan 28
64*4 Jan 28
101*2 Jan 9
29
June
58
Nov
39
June
91
June
129
Apr
Jan 11
73
May
93
Apr
25
Jan
80
22*2 Jan 8
17*4 Jan 10
120
Jan 10
12*4 Jan 11
42*8 Jan 6
94*4 Jan 31
18*8 Jan 6
15*2 Jan
2*4 Jan
y Ex-rlghts.
9
6
15*4 May
984 May
98
May
65*4
19*4
Oct
Jan
126*2 Sept
14
Apr
26*4 June
80
May
48*4
99*8
Jan
Dec
12*2 May
28*2
Jan
85g May
1734
Apr
Mar
4*8
Apr
6*8 June
2
K Called for redemption.
1556
March
Bond Record—New York Stock
8, 1941
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
"and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote
are
In the week In which they occur.
No account Is taken of such sales in computing the range for the year.
The Italic letters In the column headed "Interest Period" Indicate In each case the month when the bonds mature.
Last
Range
Sale
Friday's
Price
Week Ended March 7
BUI
Ac
Low
U. S. Government
1947-1952
treasury 44s
A
0
1944-1954 J
Treasury 4s
Friday
119.8
Low
High
1
119.4
112.8
*113.12113.17
113.4
115.7
J
J
100.1
JOO.i
100.1
101.24
M
8
D
107.2
107.4
M
8
1943-1947 j
Treasury 34s
Treasury 8 4s
Treasury 3 4s
Treasury 34s
101.25 101.25
24
106.26107.26
101.25102.18
♦fls assented
..Sept
101.25
1
A
107.10
10
107.2
108.6
A
108.7
9
108.1
109.9
1944-1946
Bonds Sold
High
No.
104
1
9
84
9
9
AfN
3
20
O
108.0
108.7"
Range
Askea
84
*104
O
107.8
.1941
1943-1945
Ac
104
J
1941-1943 M 8
-
Bid
1 Price
Low
113.18
1946-1956 M 8
Treasury 3'4s
Treasury 34s
Friday's
Foreign Govt. & Mun. (Com.)
Chile (Rep)—Concluded—
121.26
25
119.8
112.16
Week Ended March 7
Range or
Sale
Inter st Period
N. Y. STOCK EXCHANGE
Jan. 1
High No.
119.8
BONDS
Since
Asked
112.12
D
Range
or
Week's
Last
Week's
Friday
BONDS
STOCK EXCHANGE
N. Y
104
—
—
5
104
2
94
94
*11
-
Since
Jan. 1
Low
----
Treasury 84s
1946-1949
9
110.11112 12
AfN
Treasury 84s
Treasury 8s...
1949-1952
*112.7
112.9
113.12114.9
J
D
1946-1948
109.27
109.27
"2
109.24111.21
j
n
Treasury 8s
1951-1955 M 8
110.22
110.22
1
110.4
113.2
J
D
Treasury 24s
1955-1960 Af 8
1945-1947 M 5
108.15
109.3
107.14111.9
J
D
84
84
108.6
108.14
4
108
A
O
*94
104
----
Treasury 24s
1948-1951 M
108.4
108.4
1
107.27110.9
A
O
84
84
Treasury 24s
Treasury 24s
1951-1954 J
107.22
108.2
53
107.2
109.31
AfN
*10 4
110.22
8
D
1956-1959 M
1958-1963 J
1960-1965 J
Treasury 24s
Treasury 24s
8
108.6
D
D
107.27
108.25 108.1
110.22
84
114
114
108.6
10
107.1
108.5
14
106.31109.29
M
107.8
M
105.18
106.6
305.25
107.30108.14
*107.23107.26
J
107.16109.22
*107.28108
16
105.2
105.31
4
105.4
107.23
Colombia
♦0s
(Repubh
of
3
1928
D
104.8
104.8
1
103.25
103.31
7
*104.30 105.2
104.28106.28
D
*104.10104.19
104.12106.7
F
1953-1955 J
D
J
102.20 102.6
105.14
103.5
105.9
J
8s
8s
Jan
24s
Mar
15 1942 1947 j
D
234
AfN
224
106.28108
J
*102.19102.23
103
106.20
106.17107.26
103
♦Costa Rica (Rep of) 7s
rcl02.16nl02.16
102.18103
*101.29102
101.29103.2
D
1014
1004 1014
263
100
Af
1946
8
1945
*8
f 7s series B
f 7s series C
A
f 7s series D
1946
t 7s 1st series...1957
234
234
234
234
23 4
23
23
22 4
23
84
84
8
9
84
74
74
94
84
74
84
74
74
i
14
154
9
814
684
14
17
34
78
31
65
81
684
804
674
1972 F
A
61 4
604
1972 A
O
61
604
614
12
58 4
1965 J
J
99
53 4
824
704
644
04«4
60 4
614
50
584
8
604
604
604
60
534
60 4
External g 44s of 1928——1956 AfN
•Austrian (Govt) s f 7s
J
1957 J
584
584
504
484
51
54
47
...1957 M
♦Bavaria (Free
fltate) 64s. ..1945
declaration.....;
Belgium 26-yr extl 6 4s
With declaration
V
*6
A
6
94
J
71
1956
•7s (Central Ry)
1952 J
Brisbane (City) s f 6s..
Sinking fund gold 6s
f 6s.
O
O
D
1967 M 8
1958 F A
1950 /
1962 J
1977 Af 8
1961
Refunding
s f 44-4 4s
External read) 44-44s
External s f 44-44s
3% external s f % bonds
Bulgaria (Kingdom of)—
♦Secured sf7s
♦Stabilisation loan 74s
Canada (Dom of) 30-yr 4s
fa-
D
23 4
22 4
23 4
234
254
-
-
174
1024
*1024
100
100
184
1967 J
74
73
i
40
3
50
101
103 4
7
73
75 4
10
74
10
-
-
-
53
84
9
24
44
11
9
314
434
38 4
454
45
41
41
2
294
41
5
33 4
44
39
40
6
274
42 4
31
42 4
53
39
O
.544
55
1940
54s 2d series
...1909
1948
Estonia (Republic of) 7s
Finland (Republic) ext 6s
1907
A
53
-
_
_
.
-
46
54 4
of>
•
With declaration
I1945
8
53
56 4
53
1
53
53
1
53
594
27
8
*
594
8
8
-----
1
8
24
-----
51
164S...1953 AfN
51
8
50
514
1
204
27
21
21
*86
83
94
96
734
26 4
90
84
96
264
74s unstamped
11941
....
External 7s stamped...
27
58
58
27
J
M
644
53
J
J
57
53
57
-
53
O
J
French Republic 7 4s
stampeding! J
With declaration
D
96
9
-
-
-
—
—
♦54s of 1930 stamped.
ig65 J
♦54s unstamped
♦64s stamp (Canadian
1905
714
494
484
714
55
♦German Rep extl
♦7s unstamped
214
194
264
6
63
82
67
5
644
67
84
-
-
-
German Prov Ac
Communal Bks
26
70
82
*724
—
D
II
Hl949
71
694
81
67
— — m
1940 J
declaration
7s unstamped
German Govt
55
19
264
26
19
53
174
194
164
42
154
154
164
Greek
Government
17
28
174
48
184
Haiti
604
9
57
64
57
57
1
524
614
61
65
9
574
65
*55
6
5
6
85
49
51
45
52
454
474
524
514
26
454
454
464
46
4
48
48
20
f 6s
With declaration
ser
♦7ssecured
s f g
III1940
8
94
54
7
"i04 "134
74
64
20
24
12
124
84
-----
264
-----
94
104
8
10
•
16
55
*
*
mm
mm
mm
mm
55
68
224
26
26
1
58
25
224
26
O
1945
1
74
*8
O
4ssecuredsfg
"134 "!§
*94
A
A
1940
♦Heidelberg (German)
Helslngfors (City; extl 0 4s_.
1900
Hungarian Cons
Municipal Loan—
♦7
*
D
A...1952 A
.III"' ••
ext! 7481950
2
"124
..1968
17
63
8
1904
1968 F
♦Hamburg (State 6s)
*44
KM
7s.. 1964 MN
s f ser
94
64
1
74
1958 J
♦6s part paid
s
84
64
84
1
1949
♦7s part paid
♦Sink fund secured
0s
(Republic)
D
Holder)'65
7sstamped.. 1949 AO
Agric Loan) 64s
17
224
International—
57
46
6
-
♦Dresden (City) external
7s...1946 MN
164
174
65_"
8
A
47
27
494
494
J
J
A
O
J
J
*54
6
5
J
J
*54
*54
84
54
54
7
5
54
*54
6
5
5
494
27
494
1
494
54
J
524
IP
49
52 4
334
344
♦Hungarian Land M Inst 74s 1961 AfN
♦Sinking fund 7 4s ser B...Il961 AfN
Hungary 7 4s ext at 44s to._.1979 F A
*184
224
20
234
Irish Free State extl
51
*314
*70 4
75
65
72
32 4
464
25
30 4
—
6
7
8
6
74
74
1
74
8
41
90
89
904
984
974
994
147
97
914
90
25
89
16
794
834
92
94
F
A
1901
J
J
804
914
814
1944
J
J
*934
944
30-year 3s
30-year 3s
1907
J
J
884
924
1004
92
784
794 '""4
76 4
s f
5s
ioro MN
_
79
76 4
80 4
*94
20
20
J
21
*
♦Farm Loan s f 6s...Oct 15 1960 AO
♦0s Apr. 1937 ooupon on..1960
4
"26"
21
"26" "24"
21
1
21
264
25
"ii
25
20 4
264
24
1942 MN
...1942 M N
"i04
O
104
9
9
A
104
A
33
21
20
234
9
♦Lower Austria
104
"2
"l04 "114
94
7
104
24
10
94
16
9
104
2
9
11
♦Medellln
-
-
84
(Province)
104
9
55
J
F
A
614
614
66
187
AfN
444
44
45
55
7
7
A
O
F
A
1954 J
iqm J
♦44s stamped assented
♦Mexico (US) extl 5s of 1899
£
♦Assenting 5s of 1899
♦Assenting is of 1904
♦Assenting 4s of 1910
194
194
28
1
194
5
74
11
20
294
604
434
554
71
7
84
26 4
194
D
D
7
7
D
*62
1943 MN
1945 Q
7
94
61
64
634
Minas
4 4
44
54
111
54
44
54
5
44
54
54
26
44
41
204
J
1945
D
----
5
♦Sec extl
s f
♦Sec extl
s f
J
44
04s.. 1952 A O
Geraes
1933 /
4
44
*
J
1946 Q
1954 J
12
12
37
30
J
7 4s I960 J
(Colombia) 04s.
(♦Treas 08 of'13 assent
♦Milan (City. Italy) extl
11
"1954
I1905
(Prov) 4s read!._
114
114
1952
324
*15
Mexican Irrigation—
♦6s series A
7
extl 7s
♦Jugos avia (State Mtge
Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
♦Montevideo
For footnotes see page 1561.
Utility
Japanese Govt 30-yr s f 6 Hb
Extl sinking fund 5
4s
Mendoza
....
20
"264
O
♦Italy (Kingdom of) extl
7s_"""l95i J D
♦Italian Cred Consortium
7s serB'47 Af 8
804
79
794
190s M N
J
-
344
74
Aug 15 1946
♦6s assented
i960 A
♦Extl sinking fund 6s..Feb 1961 F
♦6s assented...
Feb 1961 F
-
.....
43
41
100
96
2
14
42
40
102 4
1024
121
♦Italian Public
♦7s assented...
♦External sinking fund 6s... 1960 A
101
51
56
60
J
8
101
—
-
100
*504
164
174
1968 M N
♦Carlsbad (City) 8s
1964 J
•Cent Agrio Bank
(Ger) 7s
1950 M
♦Farm Loan s f
6s—.July 15 1900 J
♦0s Jan. 1937 coupon on..1960
—
1034
*504
164
A
1960 A O
AfN
-
18
164
3
mm"
O
184
164
1976 A O
1976 AfN
1984 J
504
103
18
1024
A
2d series sink fund
O
54s..f 1940
Customs Admin 54s 2d ser..1901 M 8
A O
54s 1st series
1909
I
.
Af 8
1976 F
504
A
A
4 4s
g
43 4
434
43 4
25-year 3 4s
7-year 2 4s
-
40 4
"7l"
*
D
1962
f 7s.
-
43
26
26
D
Buenos Aires (Prov
of)
♦6s stamped
External s f 44-44s
s
-
25
J
61
194
D
♦Budapest (City of) 6s
♦Chile (Rep)—Extl
—
74
J
194
.
f
10-year 24s
-
30
224
234
72
*94
434
"7l"
1950 a o
64s of 1926... 1967 A
♦External s f 6 4s of 1927...1957 A
s
-
—-
8
*94
194
70
Yd
f 7s
f 64s
With declaration
20-year
-
734
O
604
.....
♦External sinking fund 6s...1958 j
With declaration
♦Brazil (U 8 of) external 8s
1941 J
s
-
244
O
194
With declaration
♦External
11
24
214
A
26
1955 J
s
264
33 4
33 4
21
A
"604
8
...
t 6s
s
194
30
23 4
D
26
1949 M
declaration..
(Germany)
8
11
32
5
J
With
External 30-year
104
3
J
|Mst ser 54s of 1926
534
84
•Berlin
104
10
1
A
♦El Salvador 8s ctfs of
dep
1948 M N
60 4
s
84
84
84
23
D
84
1971 M N
44s
Apr
With
10 4
234
J
Apr 15
With declaration
Dominican Rep Cust Ad
Af
54s.. 1942
94
7s 8d series. 1957
S f external 44s
8 f extl oonv loan 4s Feb
8 f extl conv loan 4s
External
94
23 4
J
External
94
8
84
Australia 30-year 5s
External 5s of 1927
1024
A
With declaration
23
84
8
74
134
74
Antwerp (City) external 5s
1968
Argentine (National Government)—
With
10 4
104
.
*8
74
*74
sec s f
104
84
234
F
24
*84
♦External
8 f external
234
f 7s 2d series. 1967
s
84
10 4
73
8
F
F
♦External
s
-
214
244
♦Czechoslovakia (Rep of) 8s.
♦Sinking fund 8s ser B
1034
Municipal
1948 A O
Akershus (King of Norway) 4s. 1968 Af 8
J
♦Antloqula (Dept) ooll 7s A...1945 J
sec s
1
mm-fmm
24 4
Denmark 20-year extl 6s
Wltb declaration
..1980 /
1947 F
♦External
mm
94
324
♦Public wks 54s...June J
D
♦Gtd sink fund 6s.
♦Gtd sink fund 6s
♦External
mm
10 4
224
J
MN
(Republic) 5s of 1904..
External 5s of 1914 ser A..
External loan 44s ser C..
4 4s external debt
Agricultural Mtge Bank (Colombia)
♦External
mm
10
104
10
234
Cuba
106.20
City
8% Corporate stook
s
--
2
94
94
102.18103.3
*102.19102.23
Transit Unification Issue—
♦External
-
mm
*234
-———
101.24103.15
Sinking fund 54s...Jan
s
—
——————
106.26107.28
J
1945-1947 J
*
—
107.3
1 1942-1947 m 8
14s series M
Govt.
O
102.20
*106.30107.1
Home Owners' Loan Corp—
8s series A
May
1 1944 1952 AfN
J
2 4s series Q—
1942-1944 J
Foreign
J
A
With declaration.
*107
-
11
314
314
*234
A
15 1944-1964 Af 8
May 16 1944-1949 MN
104
*234
MN
Mar
New Yerk
194
314
314
O
A
<
D
Federal Farm Mortgage Corp—
34s
84
-
D
D
103.5
12
94
13
-
of)—
1947 J
1948-1950 J
Treasury 2s
2
84
94
*84
——————
Af S
107.30
1954-1966 ./
104.8
94
S
AfN
110.17
1951-1963 J
Treasury 2s
Treasury 2s
94
84
*94
8
37
1946 J D
1948 M 8
1949-1953 J D 106.6
...
109.24
108.25
1950-1952 M 8
Treasury 24s
Treasury 2 4s
Treasury 24s
Treasury 24s..
Treasury 24s.
Treasury 24s
51
*84
94
-
12
114
11
104
2
Treasury 24s
110.12
114
114
114
2
12
High
104
84
104
84
204
—
23
—
—
-
44
34
-----
-
----
34
54
73
34
54
94
34
54
54
30
(8tate)—
8
04s
1968 Af
0 4s
1959 M 8
1962 J D
*58
...1959 MN
*57
(City) 7s
84
84
*84
94
.
60
1
8
84
94
9
54
59
53
584
f
Volume
New York Bond Record-Continued—Page 2
152
Bank
Friday
Range or
Sale
Friday's
EXCHANGE
Week Ended March 7
STOCK
s
«
Price
a,1--!
Norway 20-year extl 6s
1957
F
A
Apr 1958
A
O
1943
F
A
-
With declaration..
Bid
F
.1944
s
S
Atch Top A Santa
62
1965
f 4 Ha
Conv gold 4s of 1909
5234
Conv 4e of 1905
53
51
5234
8
1
5134
53 34
D
36 34
Trans-Con Short L 1st 4s._195«
3434
3654
Cal-Arls 1st A ref 4 34s A..1962
3134
3634
3334
10
31
34 34
2
33
3654
1
31
3454
38
With declaration
F
1962
*
A
1953 M S
1958 M N
1955 A O
...1953 / D
Oriental Devel guar 6a
Extl deb 5 34s
Oslo (City) s f 4 Ha
•Panama (Rep) extl 5Ha
♦Extl 8 f 6s ser A
AfN
80
1963
37
♦Stamped assented
♦Ctfs of deposit (series A)
37
27
46
2734
2434
27*4
103 34
102
102 34
75
80
7
70
80
75
75
1
75
72
"7154
66
69 H
66
113
61
72
69 34
3
61
69 34
6 34
34
634
1
634
634
7
3
634
8
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634
634
56
634
A
O
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634
634
7
At! Coast L 1st cons 4s_ July 1952
1940
A
O
*6
734
1958
O
O
13
A
O
*434
1950
1963
J
♦Extl loan 7 Ha
•Prague (Greater City) 7 Ha
6
.....
....
.....
1
13
.
.
....
6
5
334
48
8
834
....
9634
62
5934
8
A
1946
A
O
6
J
D
J4
13
734
834
734
32
634
5
10 34
10
834
8
J
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7
7
*334
-
1964
AfN
*1134
AfN
♦1134
1134
56
J
J
28
28
28
J
J
18 H
1834
1834
1834
18>4
19
15
1234
18
1834
13
48
46
43 34
53
2234
2634
2634
D
D
1834
2634
AfN
734
7 34
5
734
8
7
7
7 34
5
90
634
734
2
334
354
2034
2654
J
J
1952
Tokyo City 5s loan of 1912
Externa! a f 5 Ha guar
734
AfN
1971
—
•Uruguay (Republic) extl8s
M
8 H s-4-4j^s (J bonds of
external readjustment
*87)
554
64 34
10
61
70
41
43 34
23
35
3934
4534
19
25
44
45
7
44
54
57
57
2
55
57
*1934
"57
AfN
54
AfN
...1960
1964
f 6s
♦External a f 6s
A
24
5
61
6
F
6
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*
8
A
.......1961
1946
4*4
43)4
54
1
54
*53
50 54
,
1979
AfN
834-4-434S ($ bds of *37) extconv 1979
35g-454-4his extl cony
1978
4-434-4)49 extl readj —....
1978
334a extl readjustment .i
-.1984
♦Venetian Prov Mtge Bank 7s
1962
M N
J
D
F
1952
1958
1958
1961
M N
•Vienna (City of) 6s
external 7s.
♦434s assented
Yokohama (City) extl 8a
325
3954
34
40
26
12
3534
3534
41
40 34
41 34
44 34
4434
43 34
4434
3934
39
3934
38
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45 34
J
J
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3934
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O
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1734
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F
A
F
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53
4034
3634
3634
1734
11
28
....
-
5334
1234
8
z
cc
2
a
z
cc
3
4354
2254
MN ybb
3
5434
Feb 1 1960
Pgh L E A W Va System—
Ref g
48 extended to.. 1951
BONDS
STOCK
SI
EXCHANGE
§1
Week Ended March 7
4s stamped
1951
Beech Creek ext let g 3 34S..1951
Bell Telep of
Pa 5s series B..1948
1st A ref 5s series C
1960
Belvldere Del cons 3 34a
1943
Beneficial Indus Loan 2 348..1950
034S-1951
♦Berlin City El Co deb
—-
3 34
334
354
4934
.
io
5754
Elig. A
Last
Range or
Range
Raxing
Sale
Friday's
Since
Price
Bid
A
Asked
§3
Jan. 1
34s...1959
1955
♦Berlin Elec El A Undergr 6 34a '56
1
cc
2
4534
4334
46 34
1
100
100
100
bb
1
10334
10334
ybb
1
*10034
10534
10134 10334
107
10734
1947
y
10-year deb 434s stamped. 1946
♦Adrlatle EIpc Co extl 7s..__1952
z
cccl
25
Ala Gt Sou 1st cons A 5s
1943
x
aa
4
1943
x
aa
4
*10734
25
25
Albany Perfor Wrap Pap 6s_.1948
6s with warr assented
1948
y
b
2
y
b
2
1946
x
bbb.3
Alb A 8uso 1st guar 334s
....—-.1946
x
y
bb
50
2
95
y b
3
8134
....I960
y
cc
2
61
1998
1942
y
bb
2
1949
Coll A conv 5s
♦5s stamped
Allegb A West 1st gu 4s
Af 8
x
aa
F A
Allls-Chalmers Mtg conv 4s. 1952jM a
5s (called bonds)
.....1952
Am A Foreign Pow deb 5s...2030 Af 8
Amer I G Chem conv 534s...1949 Af N
534s (called bonds)
1949
Am Internat Corp conv 5348.1949 J
J
Amer Telep A Teleg—
20-year Sinking fund 5348.1943 M N
y
Anaconda Cop Mln
10734
1960
Consol mtge 3 Ha ser H... 1965
Big Sandy 1st mtge 4b
1955
8134
62 34
y
bb
A.1975 M N
y
x
59
Registered
XBurlington Cedar Rapid A Nor
{♦1st A coll 5a
1034
5s registered..
1934
Bush Terminal 1st
1952
4s
.....1955
Consolidated 5a_.
I960
Bush Term Bldgs 5s gu
1966
5s A—1962
Fo rfootnotes see page
1561.
Guar gold
"~6
10334
10534
stk perpet
Coll trust 4 34a
1946
5a equip trust ctfs
1944
Coll trust gold 58..Deo 1 1954
Collateral trust 434a
1900
Can Pac Ry 4% deb
t»Carollna Cent 1st guar
50
10334
60
79
Oelotex Corp
62 34
70
♦Cent Branch U P 1st g
103
23
107
52
34
100**31
101
10634 107 34
10534105«n
52
6034
7
10034 104 34
10034100**32
4
101
103
10334
10834
10834
10834
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109 34
62
10834
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104
103*16 104»i«
105
108
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10434
3
108
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103 34 106
cc
2
32
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49
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49
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10834
10734
10834
65
Nov
MN
MN
x
bbb3
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90
92 34
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9834 100
4
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106
90
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12
8934
1
6454
6554
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68
6834
35
6534
7334
4454
333
3654
4434
5054
221
4134
5054
42
4334
245
3634
4334
4234
44
198
36 34
1954
23
2146
1454
44
23
J
x
aaa3
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x
24
5434
6134
4534
46
43
5334
5334
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5334
8
52
4934
5834
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8934
50
50
50 34
12
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65
5034
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5034
17
4734
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2
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47
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F
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3
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4s..1948
♦Mobile Dlv 1st g 5s
Cent Hud G A
Cent
1946
E 1st A ref 8 34a '05
Illinois Light 334s
1960
x
aaa2
x
5s
registered...—.....1987
..........1987
b
2
2
A
O y b
y
y
2
3
bb
ccc3
registered..........1987
Y Power 3Xa
1962
Cen» Pao 1st ref gu gold 4a..l94»
Through Short L 1st gu 4s. 1954
1960
Guaranteed g 5s
Central RR A Bkg of Ga
5s3l942
Certaln-teed Prod 534a A—1948
MN
deb 4X*
(1838 Issue)..1950
2634
2634
2634
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2534
2534
27
18
x
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10
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67
1
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43
9
75
48
42 34
4234
7354
7234
10654
10654
85 H
x
8534
6
9234
92 54
9434
95
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8
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76
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-
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104 34 10654
100
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75
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incorporated In thla tabulation
97
3
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16
10534
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......
x
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A
Champion Paper A Fibre—
M
8 f deb 4X» (1935 issue)._l960
8
27
22
105
1254
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4s
Central N
2
....
-
-
10534
10534
10134
10534
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y
MN y b
X»Cent New Engl 1st gu 4s..1901
J
X*Central of N J gen g 5s... 1987
♦Genera! 4s
20 34
23
3
F
—
10054 10054
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A
1
1934
1934
1
A
....
....
....-
-----
------
11134 11354
13034 13734
—
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2034
1
3
—
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1
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10
112 34
13034
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1
J
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85
11134
11134
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in
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*
93
8434
deb 4 34s w w._l947
XCentral of Georgia Ry—
♦1st mtge 5s
Nov 1945
{♦Consol gold 5s
..1945
♦Ref A gen 534s serlea B..1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur mon g 4s..1951
107 34 110
28
109"
4s.1949
86
10334 104
102
10454
12
5534
10834
1956
-Sept 1951
434a
Canadian Northern deb 0Xs. 1946
9734
69
Attention Is directed to the new column
2
x
1970
W..1950
Cart A Adlr 1st gu gold 4s.. 1981
Celanese Corp of America 3s 1955
y
A
J y bb
O
15 1955
Carolina Clinch A Ohio 4s__1965
Fe—
.......1995
Adjustment gold 4s
1995
Stamped 4s.
...1995
4s stamped registered—1995
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2
D ybb
Guaranteed gold 5s—Oct 1969
Carriers A Gen Corp 5a w
y
(Del) 4s B—1955 F
f 4s ser C (Del)
1967 J
2
bbb3
A
Canadian Nat gold 434a
1957
Guaranteed gold 5s_.JuIy 1969
54 34
103li6
bbb2
4
J
♦Certificates of deposit
83 34
147
bbb2
x
b
J ybb
Stamped modified (Interest
AfN
at 3% to 1946) due
1957
55
71
10334
10234
10634
101
103*32
z
J
J
9034
125
101
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O
80
103 54
100 34
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J
1st lien A ref 5s serlea
79
6034
b
x
J ybb
..1950
MN
B...1957
F
A
Buffalo Gen Elec 4Xs B
1981
J D
Buff Nlag Elec 3 Ha series C.1907
Buffalo Rochester A Pgb Ry—
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78
"37
57
bbb3
5534
J
...1961
J
J
1st mtge 4s series RR
1960
MN
♦rnc mtge 434« ser A. July 1970
F A
X^Boaton ANY Air L 1st 48.1955
MN
Bklyn Edison cons M 3X8.-1968
F
A
Bklyn Union El at g 5a
1950
MN
Bklyn Un Gas 1st cons g 5s..1945
MN
1st lien A ref 0a serlea A.. 1947
JJ
1st g 4 34s series
8134
80
y
2
J
1944
F A
Rlaw Knox 1st mtge 3 34s.__ 1950
M 8
Boston A Maine 1st 5s A 0..1967
50
5
20
95
x
b
aaa3
deb 4 348.1950 A
"93 34
10534
5434
10334
10034
10534
y
x
Armour A Co
1st m a
3
x
♦Anglo-Cbllean Nitrate deb. 1967 Jan
1 Ann Arbor 1st g 4s
1995 Q J
Ark A Mem Br A Term 5S..1964 Af 8
Atchison Top A Santa
a
2
O
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1961 A
334 b debentures
1968 J
Am Type Founders conv deb. 1950 J
Am Wat Wks A Elec 68ser
x
~50~~
82
*70
bjbb2
Allegb Val gen guar g 4s
Allied Stores Corp 434s debs. 1951
5434
8134
bbb3
Alleghany Corp coll trust 5s. 1944
10734 10734
10934
*46
*
25
10934 11034
*10934
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334s registered
49
10234
418.-.1948 Af 8 ybb
Coll trust 4s of 1907
J
deb«..1952
J
1959
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Guaranteed gold 434a
CO (WPAN ICS
:i*Abltibl Pow A Pap 1st 58.1953 / D
9954
With declaration....
Guar gold 4Xa.-June
and INDUSTRIAL
Adams Express coll tr g
100
9654
Week's
Friday
See 1
7534
8554
10434 10634
4854
With declaration
Guaranteed gold 5s
RAILROAD
M
J
1947) due... 1950
to Jan 1
Canada Sou cons gu
Y.
J
S'west Dlv 1st Mdnt at 3 34 %
Calif-Oregon Power 4a
N.
4254
r
1 1946) due.. 1996
♦Conv due
1234
334
12 34
*334
J
Bank
67
44
M
1936) due..2000
? (lnt at 1%
Sept 1
to Sept
1st M 5e series II.
..1966
8ydney (City) sf 5 Ha
Taiwan Elec Pow sf 5Ha
6834
104 34
a
Ref A gen aer
Consol mtge 3a ser G
46 34
A
47
6554
4354
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18
A
6654
4954
19
47 %
D
1
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20
J
F
10434
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28
O
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10434
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A
J
24
z
1334
1734
1634
1534
D
8434
8
26
16
8
J
33 34
83
84
(lnt at 1 %
♦Deb sinking fund 6
J
-—1962
♦7s series B sec extl
1962
♦Silesia (Prov of) extl 7s
1958
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1958
♦
Silesian Landowners Assn 6s..
1947
•Warsaw (City)
to
534
834
1
M
J
38
31
D
1946) due...1995
Ref A gen ser D
934
13 34
♦8s secured extl
s
Dec 1
5434
2
1952
1967
1946
75
34
2
3
25 34
63
22 34
-
Af S
56
7
5
4
6
.
934
32
Serbs Croats A Slovenes (Kingdom)
♦External
to
754
2034
A
1946 J
6854
3
32
ccc4
Toledo an Dlv ref 4a A.. 1959
5
/
g034s
14
3534
bb
Bangor A Aroostook 1st 5s..1943
J
Con ref 4s
1951
32
F
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7154
3534
z
27
834
2434
1959
-
7034
3434
7034
z
66
934
.1953
{♦San Paulo 8a extl loan of 1921...1936
♦8s externa!
1960
♦7s extl water loan
1956
♦6s extl dollar loan
1968
•Secured s f 7a
—1940
67
8334
D
27
854
834
♦6 Ha extl secured s f
77
O
59
.
834
2034
4s
6134
24
A
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15
62
734
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♦Sao Paulo (City of. Braill)8s
60
3
9634
5
D
56
6534
8034
7954
3
87
12
A
♦February 1937 coupon paid...
79
64
6454
6554
2
O ybb
5
91
834
J
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7334
O ybb
27
10 34
♦7s municipal loan.............1967
♦Rome (City) extl 6 Ha
1952
♦Roumania (Kingdom of) 7a
50
A
1948
27
1034
734
834
7*4
M N
7534
(lnt at 1%
J
1946) due..1995
to Dec 1
834
834
8
10 34
1968
1966
♦7s extl loan of 1926.......
7434
6534
bbb3
A
July 1948
registered
Battle Cr A 8tur 1st gu 3s.. 1989
♦6s extl a f g
9954
7534
bbb3
x
J y bb
27
...
♦8s extl loan of 1921
x
J
18
13
---.
■
7
-----
98 54
99*4 10134
8
2034
21
26
18
*
A
F
11154
-----
— —
12
J
Ref A gen ser C(lnt at 11-5%
9
____
*934
"T
.
10034
M
Oct 1 1946) due. July 1948
834
1941
O
9854
9954
100
J y b
1953
110
2
----
3134
J
x
11134 11234
----
-
-
96
9534
10334 104
100 34 102 34
11134
—
97 34 101
1
10234
11134
*97
J y b
J y b
1st mtge g (Int at
4
1
91
A
*11034
11054
-
1
*112
8
M
Ref A gen ser A
334
2
O
M
bbb3
.
11134
J
1st mtge gold 4a
-
834
A
...1960
x
194«
J
..1948
Atlantic Refining deb 3s
334
834
O
......1946
♦Extl sec 6 Ha
1953
Rio Grande do Sul (State of)—
♦Sinking fun
.
834
a
♦Rio de Janeiro (City of) 8a_.
Santa Fe extl s
.
334
834
1947 F
♦Rhlre-Maln-Danube 7b A
aa
J
At! Gulf A W I SS C01I tr 58..1959
-----
334
834
1952
Queensland (State) extl 8 f 7s
25-year external 6s
a
x
J D ybb
1964
AfN y bb
10-year coll tr 5s..May 1 1945
MN y bb
LAN col! gold 4a
Oct 1952
1334
13
With declaration..
♦External s f 6s
aa
D
26 34
♦Prussia (Free State) extl 634s
aa
x
x
4
9534
104
Stamped modified bonds—
....
*3 34
*3 34
1961 J D
1966 J J
...1952 AfN
1951 M S
♦Porto Alegre (City of) 8s
8
*434
A
1968
♦4 Ha assented
A
1947
J
x
1
98
*101
General unified 434s A
734
734
....
High
100
98
98
9534
10354
J
Baltimore A Ohio RR—
J
♦External sink fund g 8s
J
1944
1st 30-vear 5s series B
734
1961
♦434s assented
,
1
No. Low
High
98
98
8
M
Austin A N W 1st gu g 5a...1941
...I960
♦434s assented
Since
Jan.
75
♦Nat Loan extl a 16s 2d ser
♦Stabilisation loans f7s
aa
Atl A Char! A L Ist4t4s A..1944
Second mortgage 4s
♦Nat Loan extl 8 f 6s 1st ser
{♦Poland (Rep of) gold 6s
aa
x
1946
Atl Knox A Nor 1st g 5s
Atl A Dan 1st g 4s
43
37
5
37
*102
28
39
44
41
*2534
...1963
1963 MN
1963
1947 aTS
1959 M 8
♦Pernambuco (State of) 78...
♦Peru (Rep of) external 7s
39
3134
2134
27
40
Ctfs of deposit (ser B
2
3634
3134
2734
....
28
*2734
28
♦Nuremburg (City) extl 6s
aa
x
D
Rocky Mtn Dlv 1st 4s ...1965
33
12
32
J
1970
f 58
x
D
1Q4S
Conv deb 4 Ha
35
With declaration
8
Range
1?
Asked
98
aa
Conv gold 4s of 1910....-19«n
53 34
3634
3334
33 H
A
x
D
1955
5134
D
1955
5134
3
3634
31
O
F
1963
f extl loan
Municipal Rank extl
Fe—(Concl.)—
8
11
A
Railroad & Indus. Cos. (Cont.)
64 54
54 34
52 34
Bid
Price
k
Low
High
56 *4
21
35
With declaration.........
4a
Week Ended March 7
53
5334
A
Friday's
See
36
M 8
1956
Range or
Sale
EXCHANGE
Y. STOCK
5234
52*4
With declaration
External
N.
1
No. Low
59 34
62
52 34
53
A
Since
Jan.
High
*6034
5234
With declaration
External fllnk fund 434s
Week's
Last
Rating
BONDS
Range
§^
Asked
5634
...
20-year external fls
A
Low
Foreign Govt. & Mun. (Concl.)
Now So Wales (State) extl 6s
External a f 5s
Friday
Elig. A
Week's
Last
BONDS
N.i Y.
1557
pertaining to bank eligibility and rating
of bonds. >
New York Bond Record—Continued—Page 3
1558
Rank
BONDS
N.
Y.
Elig. A
Last
Ratlno
Price
Range
Sale
See k
EXCHANGE
STOCK
Week Ended March 7
A
<u ■»
or
Range
•8.
High
BONDS
Since
Asked
Jan.
No. Low
N.
Y.
1
High
STOCK
h.
132
aaa2
102 H
131K
102K
aaa2
103K
103
1946
cccl
76
102K 106
J
3
x
cccl
20
32
102K 105 K
3
J
x
ccc4
...1989
AfN
x
aa
♦Chic A Alton RR reft 3s.. 1949
Chic Burl A Q—III D1t 3 Kb 1949
ccc3
2
aa
10
8K
91K
91K
"lO
92
aa
J
4s registered..........1949
*85
x aa
3
UN
x
aa
3
UN
x
aa
3
97
98
UN
*..
aa
....1968 MB
1st A ref 4Kb serlee B
1977 F A
lot A ref 6* aeries A.
...1971 r a
General 4s......
"44
52
91
'mi
85
a
97
97
83
75K
20
71K
80
80 K
"84"
41
84
36
78 K
Chicago A Eastern 111 RR—
c
Gen mtge lnc (conv)
1997 j j
Chicago A Erie 1st gold 6s.. 1982 AfN y bbb2
{♦Chicago Great West 1st 4s. 1969 M 8 z ccc3
J z ccc3
{♦Chic Ind A Loulsr ref 6S..1947 3
.
J
♦Refunding g 6s series B..1947 J
♦Refunding 4s series C...1947 J
J
1st A gen 6s ser B..May 1966 J
Chlo Ind A Sou 60-year 4s.. 1966 J
z
z
J
ccc3
D
z
b
1
b
24 K
25K
63
110K
110K
4
437
24 K
3
104 K 106
19
100K 102
95 K
16K
15K
16 K
62
15K
1
15
15K
31
14K
17H
J y b
2
18K
14K
18K
19
56
16K
20 K
b
1
18
18
18
2
D
z
18K
ccc2
z
------
cccl
32 K
35 K
8
25
A
O
22 H
23 K
6
20
23 K
18
J
23 K
cc
2
7K
2
23 K
23 K
4
7K
7K
13
*7K
7K
18K
""4
23 K
6K
8K
6K
8K
series
B
exten
x a
4Kb
2
70K
70K
70 K
ccc3
36 K
35 %
37
01
z
ccc3
35 K
35 K
35 K
20
z
ccc3
37K
30
37 K
z
ccc3
37
36
37
37
36
37
120
30 K
44
30 K
28
30
37
Jan 1 2000 A
O
ccc3
*
CC
3
7K
6K
7K
720
z
c
2
IK
IK
IK
89
K
4K
7K
1
IK
97 K
33
48
49 K
121
49 K
1987 UN
ccc2
1987 UN
...........1987 UN
ccc2
3 Ms registered
♦General 4s
19
ccc2
♦General g 3 K*
18 K
19
15
Tsu
"mi
27
16
14
18 K
20
16
10
20
18
19K
13
16K
20
"20K
35
18
21
10 H
20
16K
15K
68
19K
24 K
ccc2
ccc2
ccc2
4 K s registered
1987 UN
♦Gen 6s stpd Fed lno tax.. 1987 UN
ccc2
stamped. .........1987 UN
ccc2
1987 UN
ccc2
1930 M N
ccc2
24*4
"23 K
"24K
♦4Kb
4Mb registered..
(♦Secured 6 Kb
♦1st ref g 6s
May 1 2037 J
♦1st A ref 4Kb stpd.May 12037 J
♦1st A ref 4Kb C—May 1 2037 J
{(♦Chicago Railways 1st 6a stpd
Aug 1940 26% part pd_.1927
{♦Chlo RIA Pao Ry gen 4s..1988
4s
F
13K
12 K
13 K
80
10 H
13 K
D
cc
2
13K
12K
13K
49
11
D
cc
2
13
12K
13 K
53
C
2
IK
IK
52
10K
IK
13K
13 K
A ibb
J
J
z
IK
*42
1
ccc2
z
O
(♦Secured 4Kb series A...1962
..1952 M 8
cc
c
♦C ertlflrates of deposit
♦Cony g 4Kb
i960 AfN
...June 16 1961
14 K
17K
2
11K
14 K
13
16K
12 K
12K
"®K
148
8K
7*4
8K
87
10K
1
9K
10K
110
9K
z
c
~8U
c
c
1K
7K
6
7K
7K
c
z
Ch St L A New Orleans 6s.. 1961
49
151
ccc2
cc
*
A
e
*
1988
41
17 K
13.K
17
J
J
"SH
1K
D y bbb2
"56
1K
19
6K
K
9K
8K
10K
7K
8K
IK
D y bbb2
D y bb
Memphis Dly 1st g 4s
1961 J
Chlo T H A So'eastern 1st 6s.1960 J D ybb
Income guar 6s
Deo 1 1960 U 8 y b
75
*40
3
3
73
51
49
51K
58 K
65 K
61K
46 K
2
47
44 K
51K
Chicago Union Station—
Guaranteed 4s
3
O
x
aa
J
x
aaa3
108 K
108
108 K
14
8
x
aa
3
105 K
105K
105 K
2
1903 J
J
x
aaa3
100 K
100
100K
21
4s. 1962 3
J
x
a
3
92 K
2
92 K
94 K
42
1st A ref M 4Kb series D..1962 U S x a
Chllda Co deb 6s
1943 A O yb
91K
93 K
52
91K
94 K
3
27 K
36
{♦Choctaw Ok A Gulf
..1944
1st mtge 3Ks series E
8Kb guaranteed
1st mtge
1951
3Ks series F
Chlo A West Indiana
oon
con
A
1963 J
M
6s. 1952 M N
Cincinnati Gas A Eleo 8Kb.. 1966 F A
1st mtge 3 Kb
1967 J D
Cln Leb A Nor 1st con gu 4s. 1942 UN
"28 K
28 K
29 K
29
cc
2
12 %
12 K
12 K
1
x
aaa4
108 H
108K
108K
19
x
aaa4
x
aaal
Cln Un Term 1st gu 3 Ks D.. 1971 M N x aaa4
1st mtge gu 3Hs ser E
1969 F A x aaa4
Clearfield A Mah 1st gu 6s.. 1943 J
3 ybb 2
Cleye Cln Chlo A St Louis Ry—
General g 4s
1993 J
Genera! 6s series B
1993 /
D
bbb3
D
*109
b
2
bb
4 Ks series E..1977 J
J
Cln Wab AM Dly 1st 4s..1991 J
./
St L Dly lBt coll trg 4s...1990 UN
Cleveland Eleo Ilium 3s
J
1970 J
99
104
93
13 K
9K
107 K 109K
109
109 K
112
106
105K 106
109
108
110K
112
112
112
1
107
1
103K 105K
106
106 K
3
106
8K
8K
152
7K
9K
10
7K
9
IK
3
x
aa
3
106 K
3
z
cccl
8K
3
z
cccl
7K
8
A xddd2
IK
IK
9
F
A xddd2
1
1
2
A
O
x
6K
7K
{♦Des M A Ft Dodge 4s ctfs.1936
M 8
{♦Des Plains Val 1st gu 4Kb.1947
/
J
x
x
ccc2
A
O
x
aa
3
110K
110K
M
8
x
aa
3
111 K
111K
111 K
3
105K
105K
30
F
♦Assented (subj to plan)..
♦Ref A lmpt 5s ser B.Apr 11
ser
F
1905
Gen A ref mtge 3 Ks ser
G. I960
'
c
cc
2
7K
2
89
92
74
bbb2
72
80
86
85
91
56
57 K
54
61
52
"57"
75 K
85
75K
52
51K
50
76 K
77 K
*73
107K
107 K
76
107 K
x
aaa2
106K 109K
*105K
x
aaa2
*104
J
x
aaa2
Series C 8Kb guar...... .1948 UN
Series D 3 Ks guar
-1960 F A
Gen 4 Ks series A..
.1977
Gen A ref 4Kb series B_ 1981
x
105K 105K
103 K 103 K
aaa2
1942 /
Cleve Short Line 1st gu 4
*103
x
aa
2
♦107
aa
2
♦105K
88 K
88 K
10
84 K
90
78 K
70
78
78 K
17
74 K
69
70
15
68
78 H
73
x
bbb3
x
bbb3
x
aaa2
x
bbb3
y
b
3
1980 AfN
y
b
3
"11"
Columbia G A E deb
6s_May 1952 AfN
Debenture 6s
Apr 16 1952 A O
Debenture 6s
Jan 15 1901 J
3
Columbus A H V 1st ext g 4s. 1948 A
0
x
bbb3
104K
x
bbb3
x
bbb3
x
aaa3
x
aaa4
x
aaa4
.1970
Colo A South 4Kb series A.
Columbus A Sou Ohio El 3Ksl970 M S
Columbus A Tol 1st ext 4s.. 1966 F A
♦Commercial Mackay Corp—
Income deb
w w
Apr 11969 May yb
Commonwealth Edison Co—
1st mtge 8Kb series I
1908
Conv debs 3 Kb
1958
Conn A Pasump Rlv 1st 4s.. 1943
Conn Ry A L 1st A ref 4 Ks..l951
"80" "82"
*107 K
106
106
106"
78
78
13
"l3
105K
ioeK
3
78
85 K
14K
134
13
18K
104K
103 K
104 K
61
104 K
104K
7
103 K
104K
29
103K 105K
114K 114 K
14
105
108
113
113
*112
106 K
106 K
115
106K
*112K
Duquesne Light 1st M 3 KB..1965
37
aa
4
109
x
a
3
115
x
bbb3
O
x
aa
3
x
3
x
103K 106
104
36
37 K
108 K
109K
114K
36
115
Elgin Jollet A East Ry 8Kb.1970
El Paso A 8 W 1st 5s
1965
5s stamped
{♦Erie RR 1st
1905
cons g
4s priori 996
1996
A
A
aa
x
106
43 K
107K 109 K
114
119K
*100K
aa
O ybb
O ybb
3
x
J
z
ccc2
J x cc 1
♦1st consol gen lien g 4s... 1996 J
J
J z cccl
Gen 4s registered
1996
A O x cccl
♦Conv 4s serlee A
1953
A O x cccl
♦Series B
.......1953
♦Gen conv 4s series D....1953 A O x cccl
AfN x c
2
♦(Ref A imp 5s of 1927
1907
A O x c
2
♦|Ref A lmpt5s of 1930... 1975
J x b
2
♦Erie A Jersey 1st s f 6s..1955 3
J x b
2
♦Genessee River 1st s f 6s..1957 3
♦N Y A Erie RR ext 1st 4s.l947 AfN y bb 2
Af R z bb 1
(♦3d mtge 4Kb
1938
F
♦Ernesto Breda 7s
.....1954
J
Fairbanks Morse deb 4s
1950
Af
Federal Light A Trac 1st 5s.. 1942
Af
5s International series.. 1942
1st Hen s f 5s stamped....1942 Af
Af
1st Hen 6s stamped
1942
J
30-year deb 0s series B
1954
Firestone Tire A Rub 3K8..1948 A
J
{♦Fla Cent A Pennln 5s
1943
{Florida East Coast 1st 4 Ks.1959 J
Af
♦1st A ref 5« series A
1074
M
5s registered
1974
A ybb
107K
93
2
150
150
34
101
101K
108 K 108K
101 K
105
5
59
1
*57
65
81K
*
45 K
100K
103 K 105 K
56
59 H
55 K
83 K
64
90 K
83
_
....
56
80 M
88
42
42
40 K
46 K
43 K
45
46
45
5
42
~
38 K
39
38
36
40
39 K
38 K
40
78
36
40
38
39 K
45
-
•
-
-
-
-
~
-
^
-
*35
-
147
40 K
....
45
18K
17K
19
229
16K
18 K
17 K
19
215
16K
19K
83 K
82 K
83 K
11
82 K
89 K
105
103 K
105
16
19K
103
108 K
101
*101
4
x a
-
101
x
bbb2
------
8
x
bbb2
------
8
x
bbb2
3
x
D y bb
x
S
zee
x
cc
x
c
103
102 K
.....
104K
23
70 K
s f
deb 6s
460
7K
70 K
9K
8 K
5
8K
8K
7K
8K
VH
9
181
6K
9
z
cccl
7s. 1945
A
x
J y to
z
c
Gt Cons El Pow (Japan) 7S..1944 F
J
1st A gen sf 0Ks—
1950
Great Northern 4Kb ser A..1961 3
4Ks registered
1961 J
1952
1973
General 4Kb series D
1970
Genera! 4Kb series E
1977
Genera! mtge 4s series G..1940
Gen mtge 4s series H.....1940
Gen mtge 3Ks series I ...1967
O
x
J
J
x
D ybb
A y b
J
x a
x
a
4
3
x
bbb3
36
-
39
35
30
35 K
10
12
18
22
27 K
33
36
105 K
53
-
-
.
.
85
100
100
1013ir,
-
—
38
105K
*76 K
.
101»u
.
14
*96
1
m
—
-
84 K
90
104K J06K
76
81K
95
100K
101»ai 101 K
95
95
65
......
65
6
65
73
68
68
1
68
80
26
107
14
108 K
108
107K 107 K
103 K 108K
■
•'«.
-
103
:
-•
-
'
v—
K
103 K
-
104
x
bbb3
98
97 K
91K
90 H
91
bbb3
90"
89 K
J
x
bbb3
100 H
J
J
x
bbb3
95 K
J
J
x
bbb3
82 K
100
100K
95
95
97
89 K
89
95 K
149
100
105K
99 K
K
94
83 K
81
41
64
*55
1
H
23
15
91
J
2
*5K
108K
15
98
bbb3
x
A...2015 3
—
1
x
Gulf A Ship Island RR—
1st A ref Term M 5s stpd.. 1952 3
Gulf States Steel s f 4Kb
1901 A
-
4
3
1st mtge 5s series C
i960 A
Gulf Mobile A Ohio 4s ser B1975 3
mi
18
J
3
89 K
90
O y bb
3
82 K
83 K
K 104 K
95
95 K
80
87 K
-----
6
-----
5
6K
4
87
90
15
79
86 K
J ybb
2
64 H
64
65
19
62
66 K
J y cc
2
40
39
40 K
47
36
40K
3 y t>
2
O
x
x
a
z
aaa4
100
cccl
x
*85
bbb3
Gulf Btates Util 3 Ks ser D..1969 AfN
3
♦Harpen Mining 0s
1949 J
J
Hocking Val 1st cods g 4 Ks—1999 3
3
Hudson A Manhat 1st 5s A.. 1957 F
66
32 K
10
J
J
4
105
100i16 102
87 K
J
4
104 K
4, ♦
10
J
4
104 K
105 K
-...
4
J
aa
106K 108K
-
35 K
35
*
1
I
aa
9
-
37
-
«
3
J y b
aa
10
46 K
18
J
aaa2
x
104K
IK
39
85 K
87 K
cccl
x
108 K
33 K
*
'
1948
103 K
12
100K
*
cccl
•Green Bay A West deb ctfs A... Feb y bb
Feb z c
♦Debentures ctfs B
Gulf Mob A Nor 1st 5KsB..1950 A O y bb
ser
2K
2K
IK
1m
....
;■
*18
...-_«'
2
z
1968
8 Ks debentures
1968
♦Consolidated Hydro-Eleo Works
107 K
•
46
100 K
3
3
J
3
D x bbb3
Goodrich (B F) 1st 4Kb
1956
Gotham 811k Hos deb 5s w w.1940 Af 8 y bb 4
Gouv A Oswegatcble 1st 5s..1942 J D y b
2
{(♦Housatonlc Ry
'l08K
2K
2K
*1K
cccl
Houston Oil 4Kb debs
1954 AfN y bbb2
Hudson Coal 1st s f 5s ser A ..1902 J D y ccc2
Hudson Co Gas 1st g 5s
1949 UN x aaa3
103K 105K
104 K 106
103 K 105K
;
*2
*41 %
aaa3
4
119
43 H
65 K
9
8K
9
1
A ybb
1
3 x cccl
AfN
Gen Steel Cast 5Ks w W...1949 J
{♦Georgia A Ala Ry 5s.Oct 11945 3
{(♦Ga Caro A Nor 1st ext 0S.1934 3
General 6K» series B
General 5s series C
103K 105
35
1948
sec
101K 102H
43
70 K
With declaration......
♦20-year
104
7K
2
D
100
103 K
102
54
~
66 K
•,
(Germany) 7s
1945
(♦Sinking fund deb 6KS..1940 3
—
9
104 K
....
x
-
*40 K
-
....
D
-
-
100
102
-
.-
-
102 K
*101H
-
x
♦Certlflcates of deposit
Francisco Sugar coll trust 6s.1950 UN y ccc3
Gas A El of Berg Co cons g 5s 1949 J
Gen Am Investors deb 5s A.1952 F
J
♦GeD Elec
103
.
102 K
*
*.
1
♦Certificates of deposit
{Fonda Johns A Glover RR—
(Amended) 1st cons 2-4s_.1982
UN
(♦Proof of claim filed by owner.
107
101 %
*102
1
cc
104 K
1
104 K
•
2
R
7
101 K
*100
102 K
3
36K
107
101K
10 IK
4
ccc2
36K
100 K
-
8
D y bb
O x a
37 K
*.
-
bbb2
aa
Upper Wuertemberg 7s. 1956 / J x cccl
conv deb 3KS...1951 / D xbbb3
106
16 K
20 K
105K 108 K
7
59
x
x
of
102 K 104K
94 K
150
104 K
8
x
Consol Oil
102
41
94
1
D
1940
23
43
30
100
108 K
101
ccc2
J
Registered
Hoe (R) A Co 1st mtge
104 K
106
4
....
150
2
J
119
103 K
105 K
24
19
*106 K
2
109K 109 K
108K 109 K
..........
106 K
94
3
x
*117
104 K
103
108
108 K
4
xa
*109K
*108K
BKs debentures
1
102K
aaa4
1
8 Ks debentures
8 K s debentures
105K
30
106K
*16K
bbb3
x
3
aa
x
100
106K
2
x
3
Kb
1951
f 3Ks A
1961
Consol Edison of New York—
s
11 IK
104 K
27
.100
aaa4
a
guar 4
109
43
*25
......
5
77
108K HOK
*35
4
x aa
Stamped
Conn Rlv Pow
x
10
IK
IK
8K
72 K
....
110K
108K
l
41
*70
ccc2
East Ry Minn Nor Dlv 1st 4sl948 A O
East T Va A Ga Dly 1st 5s... 1956 MJV
/
Ed El Til (N Y) 1st cons g 58.1996 J
J D
Elec Auto-T-ite 2Kb
1950
M 8
♦Gen mtge lnc 5b
1
x
107 K
88 K
bbb3
1st s f 6e series B guar... 1973
1st s f 4 Kb series C
1977
Coal River Rylst gu 4s... -1945
Colo Fuel A Iron gen s f 6s. 1943
mtge
107 K
"85"
xbbb3
Income
107 K
*81 K
Ks .1901
Cleve Union Term gu 5Ks_ .1972
♦6s
Dul Miss A Ir Range Ry 3 Ks 1962 A
J
{(♦Dul Sou Shore A Atl g 58.1937
J
Grand R A T ext 1st gu g 4Ksl941 3
Grays Point Term 1st gu 5s..1947 3
aaa2
x
x
x
D x aaa3
Gen A ref 3s ser H
1970
3
Detroit A Mac 1st lien g 4s.. 1995 J D y b
J D x ccc2
•Second gold 4s
1995
AfN x a
2
Detroit Term A Tunnel 4Kb. 1901
M S xaaa 2
Dow Chemical deb 2Ks
1950
♦Good Hope Steel A Ir
1942 A
108K
6K
3K
46
5
4
......
......
113K
*89
.1942 A
Series B 8Kb guar
Berlefl A 4 Ks guar
109 K
108K
3
aaa4
107
105K 107 K
♦105K
109
bbb3
Ref A lmpt
Cleveland A Pittsburgh RR
Gen 4Kb series B_
105K 100 K
i
54 K
107
104
70
58
68
41K
107
104
...
J
Prior 4s registered
13 K
*15
ccc2
4s ctfs registered
45
2K
lflK
17K
ccc2
18K
99 H
17
15
20
2
/
(♦Refunding gold 4s
1934
♦Certificates of deposit
Gold 3Kb
19K
cc
♦Certificates of deposit
4 K re thyrsi
*15
*19
19K
D
1988 J
registered..
20~
ccc2
1949 MiV
♦Cone 4K« series A
18
18 K
1987 UN
♦Stpd 4s n p Fed Ino tax. 1987 UN
♦Gen 4Kb stpd Fedlnctax 1987 UN
4s registered
19K
14K
"l9H
15
16K
105 H 109
104
J
Detroit Edison 4s
15K
90
11
106K
3
{Chicago A North Western Ry
7
96
106
18
19K
.......
71
37
35 K
37 K
37
z
♦GeD 4K" series F.May 11989
{Chic Mllw St Paul A Pao RR—
♦Mtge g 6s series A
1976 F A
69
29K
28K
18
97 K
18
10M
15K
....
......
3
3 yaaa3
Dayton P A L 1st mtge 3s..1970
bb
2
Del * Hudson 1st A ref 4s..1943 AfN
J
J x aa 3
Del Power A Light 1st 4 Ks—1971
J
3 x aa 3
1st A ref
97 K
18
75
18K
16K
D y ccc2
25
28 K
21K
3
25
17K
*14 K
...
J
•Gen 4Mb series E.May 11989
20
15
35
z
♦Gen g 8Kb ser B.May 1 1989
♦Gen 4Kb series C.M \y 1 1989
110
106 K 108 K
109
111K
17
23 K
ccc3
3 ybb
{Chic Milwaukee A St Paul—
♦Gen 4s series A ...May 1 1989
14
96 H
Denoslt receipts.
♦0s
108K 109
108K 110
107K
106
------
25
35 K
106'K 108K
31
100 K
z
25K
109 K 110K
....
110
100 K
96 K
♦Deposit receipts.
J
109
109 K
bbb3
31
108K
O \as
80 K
105 K
♦Deposit receipts.
24 K
110K
cc
z
1966 M N
♦1st A get 6« series A
♦Cony adj 6a
z
x
20 K
76
107
2
D
22
I-* 00
109 K
------
a
z
88
108
110
2
aa
x
J
88 K
85
a
x
O
J
Crucible Steel 3Ks s f debs.
x
D
A
11
77 H
------
High
18
17K
20 K
*
3
100K
74 K
bbb4
bbb4
96 K
100
12K
94 K
93 K
90
"28
May 1
8Kb
112
8K
91
aa
3Hs registered........1949
Illinois Dinsion 4s....... 1949 3
20
108
3
UN
112
120 K
32
26
*76 K
Consumers Power Co—
120K 122
1st mtge
120 K
*112
No. Low
22
*20
aaa2
aaa3
Since
Jan. 1
High
21K
cccl
z
105K 108K
aaa3
♦
Low
22
x
131
Range
Asked
A
3
aaa2
R 4c A D1t 1st eon g in... 1989
Potta Creek Br 1 * 4s
Bid
J
8
5
Friday's
Price
4
132
132
103 K
103 X
See
Range or
Sale
Rating
Railroad & Indus. Cos. (Cont.}
J
aaa4
.1902 Af 8
Bel A Imp mtge 3Ks D..1996 UN
Ref A lmpt M 8Kb ser E..1990 F A
Ref A lmpt M 3Ksser F..1963
General gold 4Ks
Last
Elig. A
C v
Week Ended March 7
Chesapeake A Ohio By-
2d oodboI gold 4s
s
V V*
EXCHANGE
8, 1941
Week's
Friday
Bank
Friday's
Bid
Low
Railroad & Indus. Cos. (Com.)
March
Week's
Friday
J
x
x
bb
5s. 1937 UN
z
b
2
...
J
1944 A
cons g
110 K
26
128 K
128 K
6
88 K
2
104 K
109K
88 K
61
3
aaa4
O
104
*103K
109 K
61
59 H
11
104K
109 H
111K
127 K 129K
125 K 125K
88 K
92 K
56
63
102 K 106 K
106
32
♦Adj Income 5s
20
Feb 1957 A
z
28 K
28
103
28 K
34
101H 103 K
26 K
31 K
4
122
47 K
46 K
47 K
93
44
48 K
ccc2
12K
11K
12K
42
11
13K
123
122
3
3
A y b
O
102 H
123
127
22
t
For footnotes
see
page
1561.
Attention Is directed
to the new column
Incorporated In thin tabulation pertaining to bankand eligibility
rating of bonds
•ee
4.
Volume
£"5 Elig. A* Last
Rating I Sale
BONDS
Y. STOCK
Week
EXCHANGE
Ended March 7
|
Price
See a
isft,
j
102%
A.1981 J
J
x
J
J
J
J
J
J
x
i
x
bbb4
,
102 M
bbb4
A O
Af 8
A O
MN
bbb4
aaa4
4s
1981
registered..—.——-1951
1st gold 3%a
1961
Extended lit gold 8 His
1951
1st gold 8s sterling....—1951
Collateral trust gold 48—1952
Refunding 4s
....—1955
4s
Purohased lines 3Ms.....1952
Collateral trust gold 4a.—1953
4s
bb
bb
42%
43
26
137
39%
40%
24
38%
41M
40
41%
38
39
45%
39
39
f
40%
"49%
"50%
40%
1965 MIV y bb 2
Aug 1 1966 F A yb
2
Cairo Bridge gold 4s
1950 2 D x bbb4
IJtchfleld Dlr 1st gold 3s..1951 J
J * bbb3
Loulsv Dlv A Term g 3 Ms. 1953 J
lybb 4
Omaha DIt 1st gold 3s
1951 F iybb 2
Bt Louis Dlv A Term g 3s.. 1951 J
/ybb 4
Gold 3Ms
1951 J
/ybb 4
3 Ms registered
1951 J •/ybb 4
Springfield Dlr let g 3Ms 1951 /
J * bbb3
Western Llnei 1st g 4s
1951 F A ybb 3
4s registered
—1951 .... ybb 3
111 Cent and Chic Bt L A N O—
Joint 1st ref 6s series A
1963 J
jrbb
1st A ref 4Mb series C
ybb
1963 J
z cccl
♦Ilseder Steel Corp 6s
1948 F
Ind 111 A Iowa 1st g 4s
1960 J
y bbb2
x ccc2
{♦Ind A Louisville 1st gu 4s. 1956 J
Ind Union Ry 3Ms series B.1986 Af 8 x aaa2
Inland Steel 1st mtge 3s ser F1961 A o x aa 3
inspiration Cons Copper 4s. 1962 A O y bb 2
interiake Iron conv deb 4s._1947 A O y bb 3
1st 5s B.1972
1947
deb g 4 M&1952
Debenture 5s
1955
{♦Iowa Cent Ry 1st A ref 4s.l951
Int Rys Cent Amer
1st Hen A ref 6 Ms
Int Telep A Teleg
39%
1
t
*43
6%s.l944
McCrory Stores deb 3%s__.1955
{•McKesson A Robblns 5 Ms 1950
*88%
109%
46
47%
63%
35%
45%
78
80%
A
X
cccl
A
O
x
a
2
Af S yb
2
105%
112
90
88
-
109% 111
108%
Manila Eleo RR A Lt s f 5s..1953 Af 8y«a
N
Manila RR (South Lines) 4s.1959 if N y a
"68% *61%
49
2
48
32%
33
5
28
33
86
1
86%
86%
72
44
44
----
25
27
----
88
95%
7
86
'Rtamn mod)
95%
*86
April '40 Q
ser A
A
1945 Q
ext 6s
z
x
Mead Corp 1st mtge 4%s...l955 Af 8
Metrop Ed 1st 4%s series D.1968 Af 8
b
*74
1
106%
111%
43%
49%
47
51%
51
51%
51%
{(♦Met W Side EI (Chic) 4S.1938 F
z
ddd2
z
cccl
65
♦Mlag Mill Mach 1st s f 7S..1956 J D
Mich Cent Det A Bay City—
95
*55
60
61
58
60
44%
43%
44%
142
40%
48%
41
40
41%
83
37%
30%
45%
33
74
78
15%
19%
31%
*74%
18
76
30
18%
*106%
105%
105%
*25
98%
98%
4
105% 107%
98% 101
97% 103
9
97%
98
x
cccl
11%
10
11%
171
x
cc
1
1M
1
1%
12
8
11%
%
8%
11%
M
.....
*5
1952 Af N
x
a
3
64
3
105
{ (♦MStPASS M con g 4s int gu'38
z
cccl
5s
1938 J
6s gu as to lnt._1938 J
1946 J
J
z
cc
10%
J
z
cccl
11%
J
z
cc
2%
11
40
11
41
8
11%
47%
43
44
51%
(♦1st
(♦1st
87%
81%
89
199
71
86
O
z
/
J
41%
65%
33%
b
2
62
60
62
15
59%
ccc2
33
32
33%
10
26%
z
ccc3
18%
17%
18%
23
15
/
J
z
ccc3
......
M N
z
cc
2
7%
Af
8
z
c
2
Q
F
z c
2
cons
cons
86%
43%
612
30%
43%
Missouri-Kansas-Texas
43%
549
32%
%
47
78%
83%
1%
70%
28%
z
45%
*1
6
38
99%
107
z
41%
78
86%
103
D
83 M
79
30
D
42 M
*75
18
64
Af 8
~86%
104
96
8
105%
37
*16
7%
35%
7%
*1%
*%
----
2%
9%
9%
10%
11%
11%
18%
-----
16
-----
6%
1%
....
8
2
1
1
3%
1%
♦25-year
6%s
y
bb
52%
53%
8
52%
58%
Kanawha A
x
bbb4
95
95
3
95
x
b
1
37%
32%
38%
x
b
1
35
35
32
37
x
bbb3
65%
63%
65%
63%
68%
11
11%
46
7%
11%
143
2%
35
8%
1%
1%
6
68%
8
11
%
2%
1%
53
69
79%
85%
31
31%
326
24%
31%
ccc2
20
16%
20%
961
12%
20%
y c
...1962
1978 J J yccc2
A..Jan 1967 AOi cccl
17
17%
287
11
17%
17%
312
11%
17%
5%
14%
14%
4%
5%
321
3%
5%
ccc2
22%
20%
22%
46
cccl
......
21
22
8
80
....
1962
y
17%
95%
36
11%
RR—
Prior Hen 5s ser A
Prior lien 4%s series D
James Frankl A Clear
8%
68%
*76%
28%
♦1st A ref 6 %s series B
40-year 4s series B
422
1%
1949 Af 8 z cc
J y bb
1978 J
{♦Mo-Ill RR 1st 5s Berles A.1959 J J z b
Mo Kan A Tex 1st gold 4s...1990 / D yb
102% 103%
101% 104%
8
103%
103%
ccc2
♦1st A ref 6s series A
102
70
37
99%
64
J
10
103
67
80
98%
J
45%
104
6
30
1%
10%
103%
6
30
64
.....
J ybb
S x a
/
A
69
55
----
30
*
5 ybb
1951
M
109% 112%
....
9
*
79%
105% 107
4
112%
-----
C—1979
Michigan Consol Gas 4a....1963
{(♦Mid of N J 1st ext 6s
1940
{(♦Mil A No 1st ext 4MS—1939
♦(Con ext 4%s
1939
{♦Mil Spar A N W 1st gu 4S.1947
{♦Mllw A State Line 1st 3 %s 1941
{♦Minn A St Louis 5s ctfs...1934
♦1st A ref gold 4s
1949
♦Ref A ext 50-yr 5s ser A.1962
Ref A lmpt 4 %s series
35
107
85
73%
----
.
Jack Lans A Sa" 3 Ms
45%
10
3
Metrop Wat Sew A D 5Ms—1950 A Ox bbb3
1st gold 3 Ms
ii
aa
77
52%
80%
80%
_
80
74%
-
-
91
*
.....
bbb4
x
92%
89
-
-
*19
50
62%
105%
109%
49
-
91
b
.
J zccc3
46%
*59%
105
103
*36
-
.
*48
*70~~
6
55
22
"
y
...
-----
80
J z ccc2
{♦Man G B A N W 1st 3MS.1941 /
Marlon Steam Shovel a f 6s_.1947 A Oyb
~
Stamped
-----
79
32%
*42 "
*
----
86
—
-
47
44%
mmm
3
106%
ser
43%
11
89%
High
Low
112
110
105%
105%
80
A.1945 J D ybb 2
D yb
Gen mtge 4%s series A—1960 J
2
Manatl Sugar 4s s f—Feb 11957 MN y CCC2
Maine Central RR 4s
(•Market St Ry 7s
59%
59
*105
F
46%
18
No.
High
112%
"
279
51
41%
80%
*55%
*58%
J x cccl
J J r cccl
3
A O yb
A O y ccc4
J J y bb 3
Af S y b
3
Af N ybbb2
F A y bb 3
J J y ccc2
F A y ccc2
Af S x cccl
C
—1956
deb 6s—1944
Int Merc Marine s I 6s
1941
Internet Paper 5s ser A A B.1947
Ref 8 f 6s series A
1955
♦1st g 5s series
Internet Hydro El
47%
39
43
Refunding 5s
J
O
"38" "47""
41
40-year 4%s
Since
Jan. 1
Asked
*111%
J y bbb2
South Ry joint Monon 4s.1952 J
Atl Knox A Cine Dlv 4s..1965 AfN x aaa3
•Lower Aust Hydro El
40M
J
J y bb 2
MN ybb 2
{♦Int-Grt Nor 1st 6s ser A. .1952 J
♦Adjustment 6s ser A-July 1962 A
♦1st 5s series B_.—.....1956 J
89%
.
70
42
42%
1953 M^y^b 2
registered.
89%
*90%
2
91
A
Low
3
x a
Range
Friday's
B id
■
•30
2
j
88
89%
•90 M
y
94
88
88
88
bbb4
Price
Railroad & Indus. Cos. (Cont.)
S
•3
Range or
Sale
See a
Louisville A Nasnvllle RR (Concl)
Mob A Montg 1st g 4 %s. .1946 M
92
*94 M
% bbb4
High
Last
Rating
EXCHANGE
Week Ended March 7
102%
101
49
102%
Illinois Central RR—
1st gold
1
No. Low
High
Low
Railroad & Indus. Cos. (Com
Illinois Bell Telep 2%s ser
Y. STOCK
N
Since
Jan.
05 <3
Elig. A
BONDS
Rangt
Range or
Friday's
Bid A Asked
Week's
'riday
Bank
Week's
Friday
Bank
N.
1559
New York Bond Record—Continued—Page 4
152
1st 4s.1959 J D
Mich 1st gu g 4s 1990 A O
{(♦K C Ft 8 A M Ry ref g 4s
♦Certificates of deposit..
1936.A O
j—
1950 A
Ref A lmpt 5s
Apr 1950 J
Kansas City Term 1st 4s....I960 /
Kan City Sou
Karstadt
1st gold 3s
2
—
bb
x
aaa4
37%
108%
107%
2
20
72
69
69%
47
108%
34
69
3
y
24
107% 109
♦Cum
adjust 5s
ser
{Missouri Paclflo RR Co—
♦
1965 F
1st A ref 5s series A
A
♦Certificates of deposit
1975 Af 8
1977 Af 8
♦General 4s
cc
(Rudolph) Ino—
3645) 1943
3925) 1943 M N
♦CtfB with warr (par 3925) 1943
Keith (B F) Corp 1st 6s
1946 M S
J
J
Kentucky Central gold 4s.—1987
J
Kentucky A Ind Term 4 Ms. 1961 J
22%
ccc2
24
y
102%
bb
102%
*109%
x
a
x
bbb3
*25
cccl
♦Certificates of deposit
*20
*17
1978 mn
♦1st A ref 5s series G
*18
cccl
x
♦Ctfs w w stmp (par
—
-
-
-
-----
— — —
—
102% 103
13
102%
-----
♦1st A ref g 5s series
H
1981
♦1st A ref 5s series I
73
1961
.1961
J
J
x
bbb3
*77%
79
77%
81%
/
J
x
bbb3
*88
92%
88
88
unguaranteed
1961
Kings County El L A P 6a—1997
Kings Co Lighting 1st 6e.--.1954
1st A ref 6 Ms
1954
Koppers Co 4s series A
1951
Kresge Foundation 3% notesl950
{♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit—1959
J
J
x
bb
2
*81
84
81%
O
x
aaa4
165
165
J
J
x
a
A
ccc2
YA
469
19%
38
19
22%
22%
24
190
20
23
6
19%
1
4
%
1
c
O
22%
22%
%
23%
2
20
23
19%
22%
19
22
87
81%
85
56%
53
56%
21%
23
20%
22%
21
22
*82
*52%
cccl
23
1%
20
23%
22
ccc2
24
71
22
23%
2%
190
14
82
A
AfN
cccl
♦Certificates of deposit
109% 109%
112
.1949
1980
♦Conv gold 5 %s
20%
20%
21%
22
22%
64
19%
1%
22
1%
22
ccc2
19%
1%
1%
cccl
♦1st A ref 6s series F
♦Certificates of deposit
♦Ctfs w w stmp (par
2
Stamped
Plain. .....
........
4 Ms
Lautaro
x
a
x
a
104%
104%
x
a
102%
103
F
A y b
A yb
F
A yb
F
F
A yb
2
2
2
2
94%
96
95
16
92%
58%
61
47
56%
96%
65
59
60%
12
57%
64%
56
66
49
60
*56%
55%
56%
50
62
85%
98%
85%
82
87%
98%
95
59%
y
bb
3
98%
J
D
x
a
2
93%
D
x
a
2
J
96%
1st
6s
0
0
1960
1965
mtge 4%s—.—
debentures
a
bb
110%
110%
a
104%
110
110%
112
104%
*78%
104%
D
J
Gen A ref s f 5s series A...1955
O
b
*42
bb
*42
series C.1956
O
b
------
*36%
Gen A ref a f 5s series D—1955
O
bb
------
*42
D
3%s..2000
Constr M 5s series A
1955 MN
M N
Constr M 4%s series B...1966
Mountain States TAT 3%s.l968 J D
MN
Mutual Fuel Gas 1st gu g 6s. 1947
Mut Un Tel gtd 6s ext at 5% 1941 Af N
bb
38%
37%
b
38
37
b
33%
32%
Gen A ref a f 4 %s
Morris A Essex 1st gu
93%
92
94%
Nash Chatt A St L 4s ser
88%
90
Nat Dairy
Lehigh Valley RR—
30
63%
65%
J y bb 2
O x bbb3
64
64
64
27%
62%
60%
94%
94%
93%
95%
41
41
36
45
stamped modified—-.2003
registered
2003
4Msstamped modified..—2003
4Ms registered.
2003
y
b
A..1978 F
A
1960 J D
1949 Af 8
Prod 3%s
t
b
*80
x
b
x
b
x
b
b
x
b
y
39
35%
39
34%
63%
32
33
38
33
85%
a
"85%
1
85%
8
46%
82%
43
48
10
45
46%
46%
20%
43
62
l
y cc
x
bbb4
25%
22
20
27%
24%
28
'*27
19%
30%
50
19
48%
67
118
118
3
22%
*
24%
23
"26%
118
104%
105
42
105%
117
120
104% 106%
120%
120%
19
120% 123
126
aaa4
120%
Tobacco 7a. 1944
X aaa4
1951
x aaa4
5s registered
.1951
ybb 3
lion Oil Ref conv deb 4Ms.. 1962
M N x aaa3
little Miami gen 4s series A. 1982
F A x aaa3
Loews Inc s f deb 3 Ms
1946
x cccl
Lombard Elec 7s series A
1952 J D
A O ybb 3
♦Long Dock Co 3%b ext to..1950
M 8 y bbb2
Long Island unified 4s...—1949
x bbb3
96%
Guar ref gold .4s
1949 Af S
xbbb3
4s stamped
—.1949 Af S
A
O x aaa3
Lorlllard (P) Co deb 7s_.—1944
x aa
3
5s debenture
1951 F A
85
J
J x bbb3
Louisiana A Ark 1st 5s ser A.1969
m a x aa 3
110
Louisville Gas A Elec 3 Ms.-1986
M 8 x aa 3
Lou A Jeff Bridge Co gu 48—1945
Louisville A Nashville RR—
x bbb3
1st A ref 5s series B
2003
x bbb3
98
1st A ref 4 Ms series C
2003
x bbb3
1st A ref 4s series D
2003
x bbb3 "~89%
1st A ref 3%s series E
2003
J x a
104%
Unlf mtge 3Ms ser A ext..1950
J x a
Unlf mtge 4s ser B ext
1960
A x bbb2 "m"
Paducab A Mem Div 4a—1946
Af Si a
3
St Louis Dlv 2d gold 38—1980
x
"l04
16%
14%
17%
50
*23%
1
O ybbbl
x a
3
22
22%
1
Af N y cc
292
23
*18%
t
Af N y cc
-
-
-
-
{♦Naugatuck RR 1st g 4a...1954
y
bb
aa
x
a
O
D
x
—
126%
22
126
131
126% 126%
"95"
"95%
95
26
26
30%
96
95
96%
97
95%
97
98%
95%
96%
96%
26
49
4
-
120%
120%
7
125%
126
6
84%
110
*68%
— —
— — —
74
37
40%
38%
34%
108%
83
36
41%
44
7
118%
....
——
30% 35%
107% 109%
116% 117
100»ul00».i
68
70
— — — — —
72
3
cccl
J
aaa2
104%
103% 104%
104%
14
104%
104%
9
*
53
---
123%
123
124%
124%
52%
N
aaa2
A
bbb2
O
aa
2
J
bb
4
73%
ybb
3
66%
......
73%
37
7
123%
124%
*74
108%
-
13
53%
53%
104
106%
104% 106%
82% 85
123% 124
91%
-----
b'AU
cccl
D
103% 104%
4
------
aaa3
J
39
104%
D
104%
104%
104
104%
Newark Consol Gas cons 5s. 1948 J
7
50
53%
45%
53%
123
127%
124% 131%
----
107
49
75
70
4
67
108%
74%
44
85%
98%
99%
99%
96%
120% 122%
125% 128
82%
87
110
4
108% 110
109
109%
102%
9
102
*109
8
106%
69%
7
ccc2
1
z
ccc2
z
O
b
1
------
32%
------
38%
------
A z ccc2
—1956
♦Certificates of deposit
...
z b
69
32%
108%
75%
37%
36
1
34
A x ccc2
40
x
♦Certificates of deposit
..1954
♦Certificates of deposit
.
b
z b
73%
30
33
27
38%
*35
37
68
5
----
-
3
38
*33%
---
-
37
6
34
34
38%
40
*34%
1
65
68%
105% 106%
105% 106%
5
32%
*30
38
1
Fx ccc2
....1956
♦1st 5%s series A
106
106
b
1954
♦1st 4 Ms series D
8
105%
106%
bbb2
♦Certificates of deposit
♦1st 5s series C
67
106
bbb3
♦Certificates of deposit
♦1st 6s series B
66%
bbb3
mp4MsA'52
New Orl Pub Ser 1st 5s ser A. 1952
1st A ref 5s series B
1955
New Orleans Term 1st gu 4s. 1953
39
30
31
34%
40
34
37
35%
39
36%
32
3
32%
33%
38
34
9
33%
40%
32
>38
Newport A Clnolnatl Bridge Co—
gen
aaa2
1945
gtd 4 Ms
N Y Cent RR 4s series
104" 105""
104%
*95~"
♦
—
...
a
b
Af N
----
39%
J
J
1998
F
A ybb
x
*107
98
*100
104%
—
104
x aa
J
{♦New England RR guar 58.1946
♦Consol guar 4s
—.1945 J
New Eng Tel A Tel 5s A
1952 J
1st g 4 %b series B...
1961 Af
N J Junction RR guar 1st 4s. 1986 F
N J Pow A Light 1st 4MB—1960 A
New Orl Great Nor 6s A—.1983 J
65
*100%
x
{(♦N O Tex A Mex n-c lno 5s 1935
y cc
*117
bbb3
A
N O A N E 1st ref A
44
bb
95
38
*85
1
6sstamped modified.——2003
Leh Val Term Ry ext 5s
1951 A
Lex A East 1st 50-yr 5s gu_..1965
L!bby McNeil A Llbby 4s.. 1955
35
38
*34%
bb
x
40%
38
38
b
x
43%
37%
"40%
85
36%
37%
b
x
40
40
b
x
3a...196 6
..........1954
107%
65
80
98
*34
x
Natlnal Steel 1st mtge
Natl Supply 3%s
aaa2
J
3
Af N y cc
4s
33%
67%
29%
65
RR 4a A.1965 A
4s
1945 M S
Lehigh Valley Coal Co—
♦5s stamped....
—1944
♦1st A ref • f 5a_.
—1954 F A
♦5s stamped—...
1954
♦1st A ref s f 5a
1964 FA
♦5s stamped..———1964
♦1st A ref s f 5s
1974 Y A
•5s stamped
1974
J
♦Sec 6 % notes extended to 1943
♦6s stamped
1943
Y A
Leh Val Harbor Term gu 5s. .1954
J
J
Lehigh valley N Y 4Mb ext. 1950
Lehigh A New Eng
Lehigh A N Y 1st gu g
10
79
bbb2
40
108% 110%
110% 112%
102% 106%
75%
79%
75
O
88%
29%
J ybb
19
110%
Montana Power 1st A ref 3%b *66
92
2
Dec y cccl
J
2
Monongahela W Penn Pub Ser
Nat Distillers Prod 3%s
1975
1561.
Moh'k A Malone 1st gu g 4s. 1991 m a yb
88%
Nitrate Co Ltd—
For footnotes see page
b
98 %
59%
xbbb3
J
4
94%
*95%
O ybbbl
O ybb 2
J
Liggett A Myers
5s debenture
mn
Gen A ref a f 5s series B—1955
A
A
Lehigh C A Nav s f 4 Ms A—1954
Cons sink fund 4Mb ser C.1954 /
4s
(♦Mo Pao 3d 7s ext at 4% JuL'38
Montreal Tram 1st A ref 5S..1941
102% 105%
3%
1997
♦1st mtge Income reg
103% 105%
19
M 8
1941
registered
107% 107%
*108
J
M S
3 Ms—1997
2d gold 6s
Lake Sh A Mich So g
168%
107% 108%
108
MN
J
(•Laclede Gas Lt ref A ext 5a 1939
Ref A ext mtge 5s
1942
Coll A ref 5 Ms series C
1953
Coll A ref 5 Ms series D...1960
Coll tr fls series A
1942
Coll tr 6s series B
—1942
Lake Erie A Western RR—
5s extended at 3% to —1947
3 Ms
*107%
165
♦Certificates of deposit
A
10-year 3%s sec s f
..1946 A O ybb
Ref A lmpt 4%s series A..2013 A 0 y b
Ref A lmpt 5s series C
2013 A O y b
Conv secured 3%s
1952 Af N ybb
N Y Cent A Hud River 3 Ha. 1997
3 %s
J
3 %s
3%s..l998
registered
63%
80
60%
93%
57%
95
256
89%
69%
95%
58%
59%
414
55%
63%
150
69%
67%
64%
64
65%
3
61%
60%
62
48
61%
59%
a
2
84%
84%
84%
77
83%
a
2
------
3 100 »«
ybbb2
yb bb2
y bbb2
%s.-1998
1998
2%s registered...
Mich Cent coll gold
61%
94%
x
ybb
30-Yr. Debenture 4s 1912.1942
Lake Shore coll gold 3
63
x
J
1997
registered
3
3
3
3
ybb
3
3
68%
66%
64%
64%
63
63
2
O ybb
1998
*70
100%
*58
82
100
-
,
—-
-
75
81%
100
87%
82
100%
32
64%
70
64%
2
60%
63%
4
59%
64%
68
57
65
50
66%
75
69
61
New York Chicago A St Louis—
102%
97%
♦
26
98
89%
*39
104%
23
107%
107%
10
106
106
2
86
2
"88* ~
104
85%
Attention Is directed to the new
97% 101
93
92%
105%
96%
91%
87%
103% 105%
107% 109%
106
85%
106%
1974
Ref 4%s series C........1978
4s collateral trust
1946
1st mtge 3%s extended to 1947
3-year 6% notes..
1941
6s debentures
—1950
N Y Connecting RR 3%s A..1965
Ref 5%s series
A...
A
M
S ybb
60%
59
70%
60%
221
54%
64
91
90
91
31
86%
92%
------
92%
10
90
94%
2
96
92%
92%
96%
100
90
96%
1
------
*79%
86%
79
82
100%
99%
100%
bbb2
0
x
bbb3
O
y
b
A
A
A
A
69%
x
F
J
70%
D ybb
O
x
aa
3
----
38
98% 100%
88
column Incorporated In this
tabulation pertaining to bank eligibility and rating of bonds.
See j.
New York
1560
BONDS
N.
r
See
Week Ended March 7
4s
y
b
3
y
b
3
m'ij
notes
1947
1985
E—1960
1st lien A ref 34s ser
-
-
42
-
No. Low
Higf
9
61
-
*
58
65
-.-I'-
Since
z
aaa4
10894
aaa4
10894
-
-
—
-
1
65
108
X
108 94
Purchase money sold
00
66
Peoria A Eastern 4s ext
•Income
122
13
115
115
4
st
Marquette 1st
z
cc
N Y A Harlem
M N
x
aa
N Y Lack A West 4s ser
Af N y bbb2
AfN y bbb2
(♦N Y A Greenwood Lake 681948
gold 34s ...2000
A—.1974
44s series B.
197
♦NYLEAW Coal A RR 5 4"'42 AfN
♦NYLEAWDkA Impt 6f> 1943 J
bb
y
bb
D
x
x
1955
5S.....1943
1967
1940
0s stamped
.1940
{(♦N Y West A Post 1st 4 He 1946
Niagara Falls Power 34s.—1966
Nlag Lock A O Pow 1st 5s A. 1955
Niagara Share (Mo) deb 64s 1950
{(♦Norf South 1st A ret 6s..1961
-
{♦Phlla A Read C a I ref 58.1973 J
19
2154
1794
21
1794
1854
2154
40
130
1894
2054
2094
2094
2054
--
-
-
42
44
53 54
5754
100
18
2154
2554
22
23 54
3394
394
41
207
20
24*4
10
78
8454
4
AH
4
2354
22
24 54
7954
79
7954
23
cc
554
c
m—
aaa4
bbb4
cc
J
A
A
-
-----
J,
-
m
«_
»
±
^' J'-
.
AfN
-
-
1
5154
-
-
-
-
-
-
-
—
10554
-
-
-
10654
10654
-
-
-
—
11
554
494
194
-
-
754
3
99
99
54 54
4934
108 54 109*4
10754 108 54
105
105J4
10554 10894
.v';26;:-^ 3794
*34
I
10
I
m
11
10
1094
36
10
------
1094
7694
2
954
------
*10954
*94
bb
9954
J
c
8
aaa3
9754
254
294
a
Af N y b
A z c
2
*109
1034
F
110
-
-
-
A
----
9694
9954
254
— ■
-»»
-
9
42
6154 76*4
10894 11154
97
93
9554 100 54
6*4
254
in
109
10894 10994
10294 104
10994
10394
25
1494
1594
1594
1494
15
12
1494
1594
1594
c
-
*10954
4
56
1294
1594
1594
12
15
1294
♦Ctfs of dep (Issued by reorgan¬
ization manager)
1901
z
{(♦Norfolk A South 1st g 5s.1941 AfN
♦Ctfs of dep (Issued by reorgan¬
z
ization manager)
1941
Norl A W Ry 1st cons g 4s... 1996 O
North Amer Co deb 8 He
1949
2
c
91
ccc2
z
ccc2
x
aaa4
A
x
a
76
92
9094
77
9194
12694
10594
12594 12794
10494 10694
10494
104
106
1061-4
105
123
x
a
4
x
a
4
x
aa
2
*11594
x
aa
2
*113
{Northern Ohio Ry—
♦lstgtdg 5s
1945
♦1st mtge g 6s (stamped can¬
cellation of guarantee). 1945
•Certificates of deposit
North Pacific prior lien 4s... 1997
48 Registered
1997
A
O
A
O
cons
Guar stpd cons 5s
1946
41
1
52
5354
33
654
5994
267
644
40
2
59 54
58*4
59 54
25
x
aa
4
1094
aa
4
10954
11054
18
x
10954
11054
x
bbb3
c
x
aaa3
x
a
4
4
x
a
J
x
a
4
D
x
a
4
J
D
x
bbb4
F
A
x
aa
x
aa
3
x
J
103
aaa2
x
7294
4294
_80h
50 94
7594
4794
4494
5894
39
6294
6994
55
62
5494
6194
10894 110
110
11094
11
*10794
1071-4
10794
10814
10994
10994
10894
10894
*105 94
10294
3
D
1
*76
*95
2
z
J
J
----
69
43
5894
5
7454
41
"53 k"
aaa2
*11094
116
aaa2
394
5
10794
48
108
10894
10994
10894
21
10694
10794
10894
10894
11
16
106
105
10294
103
"l
1
112
10094
103
11094
11694
~~6
1946
x
Ore-Wash RR A Nar 4a
1
01
Otis Steel 1st mtge A 44s..1962
x
aaa2
y
bb
2
y
b
3
6194
2
x
aaa2
11094
27
116
116
10614
84
x
aa
1967 j
General 44" series D
sec 5s series A
Phi la Co
D
J
1
2
119
74
74
10654 10794
10854 109
11854 119
115
*108
d
x
bbb4
Af,S
x
aaa4
z
cccl
z
cc
J
......
z
108
2
10654
110
110
1754
'
1754
4
454
1
*394
9954
z
j
Phillips Petrol 194s debs._1951 j
Pitts Coke a Iron conv 4 94s A '52 Af S
x
aa4
x
bbb3
x
aaa2
10294
1942 A O
1942 MN
Series B 4 94s guar
Series C 4 94s guar
114
U594
10994
10794
10894 11094
x
A
x
A
x
aaa2
Series J
1964 AfN
x
aaa2
D
x
O
x
J
x
bbb2
x
aaa2
4 94s
Gen mtge 5e series A.....1970 J
Gen mtge 6» series B
Gen 4 94s series C
1975 A
...1977
19
394
15
554
6
454
454
354
9994 10054
10294 10494
"22
6
10754
aa
y
cons guar
1694
52
10454 10454
106
10694
11094 11094
*11054
aaa2
1963 F
51
*109
aaa2
1960 F
41
*111
aaa2
x
106
104
*104
aaa2
x
1957 AfN
108
43
*110
aaa2
Series G 4s guar
Series H cons guar 4s.
Series I cons 494s
""3
*10654
x aaa2
x
160"
10294
Pittsburgh Cine Chi a St Louis—
Series D 4s guar
1945 AfN
Series E 394s guar gold...1949 F A
D
Series F 4s guar gold
1953
494
454
494
1
cc
10854
10654
11054
1754
10654
*111
119
2
11194 11194
11854 12054
119
1
119
110
110
5
110
IIO54
11094
11054
15
102
103
27
100
D
Pitts Steel 1st mtge44s....1950
Pitts Va A Char 1st 4s guar.1943 MN
119
119
110
100
aa
aa
103
1
119
11394
11094 11394
102
10594
100
10054
*10894
5594
52
"5554
*51
5494
52
5454
44
52
55 H
D
Pitts A W Va 1st 494s ser A.1958
yb
1st mtge 494s series B
1959 A O yb
1st mtge 494s series C....1960 A O yb
53 54
5554
35
52
"5154 *8194
aa
*117
3
aa
bbbl
J
bbb2
Jx
aaa4
Jy
bb
_.
1st A ref mtge 8s
3
aa
80
8054
J
..2037
cc
z
b
3
x
aaa4
x
152
*21854
10894
bbb2
bbb3
9754
4
10954 11154
152
152
21854 222
10954
10494
10454
bbb3
y
x
9354
294
11054 -.14
11054
4
7
90
*66
aaa4
X aa
117
7794 8554
10694 107
10854 10954
354
*142
x aaa4
x
1968
Purity Bakeries s f deb 5s...1948 J J
Reading Co Jersey Cent coil 4s '51 A O
-2
9354
*254
1
z
J
3948
3
55
10894
7994
*10694
10854
9354
9354
-
{♦Providence Sec guar deb 4s 1957 AfN
{♦Providence Term 1st 4s... 1950 Af S
Public Service El a Gas 394s 1968
1st a ref mtge 5s
2037 J
117
*9994
aa
1st 494s series D___
1977 J D
Port Gen Elec 1st 494s......1960 MS
1st 5s extended to
.1950
Potomac El Pow 1st M 39fs_1966
Pressed Steel Car deb 5s....1951 J
6154
6154
*102
Pitts Y a Ash 1st 4s ser A...1948 J D
1st gen 5s series B
...1962 F A
1st gen 5s series C
...1974 J D
Gen A ref 494s series A...1997
Gen A ref 494s series B...1997
J
J
J
J
18
13
*
68
6754
68
29
8294
8154
8054
8294
86
x
bbb3
8054
8114
47
Remington Rand deb 4 94 s w w '56 Af S x
494s without warrants... .1956 M B %
Rensselaer A Saratoga 6s gu.1941 Af N *
Republic Steel Corp 4 94s ser B '01 F Ax
Pur mon 1st M con? 5948.1954 MN x
Gen mtge 494s series C...1956 AfN %
bbb3
10254
103j4
25
bbb3
*10154
10894 10954
104
10494
6554 7054
78
8394
7894 8394
104
bbb3
10394
10354
104
bbb2
10494
bbb3
10494
*9794
10794
116
3
11594
35
10694
8394
22
8394
10994
11094
10994
10594
10394
10394
11294
11794
11794
10794
8994
Copper A Brass 394s I960 Af N * bbb4
♦Rhelnelbe Union s f 7s
1946 /
J z
♦394" assented....
...1940 J
J z
♦Rhine-Ruhr Water Ser? 6s. 1953 f J z
♦Rhlne-Weetphalia EI Pr 7s. 1950 M AT z
♦Direct mtge 6s
...1952 AfN z
♦Cons mtge 6s of 1928
1953 F A z
♦Cons mtge 6s of 1930—..1955 A O z
Richfield Oil Corp—
4s s f eon? debentures....1952 Af 8 x bbb3
♦Rima Steel lsts f 7s
1
...1955 F A z b
{(♦Rio Gr June 1st gu 5s
1939 J D z ccc2
{(♦Rio Gr West 1st g 4s...1939 J
J z ccc2
♦1st con A coll trust 4s A..1949 A O z cc 2
4s registered
....1949 A O z cc 2
Roch Gas a El 494s ser D...1977 M 8 x aa 2
Gen mtge 394s series H...1907 M 8 * aa 2
Gen mtge 394s series I
1907 M 8 x aa 2
Gen mtge 394s series J
1909 Af S x aa 2
{(♦R I Ark A Louis 1st 494s.1934 Af S z cc 2
♦Ruhr Chemical s f 6s
1948 A O z cccl
{♦Rut-Canadian 4s stmp
2
1949 J
/z c
{♦Rutland RR 494* stmp... 1941 J
Jz cc 2
Saguenay Pow Ltd 1st M 494s '66 A
St Jos A Grand Island 1st 4s. 1947 J
x
a
103
10294 10494
10354 10494
*96
bbb2
Revere
"7754 "108
4254
5994
J
4s. .1946 J
g 5a.
"4294
7694
*7354
654
Ontario Transmission 1st 5s. 1945 AfN
Ore Short Line 1st
2
71
4694
*35""
"7794
2
gu g 4a. 1948 J
eon g
bhb2
bbb3
Jybb
1967 M
Oregon RR A Na?
x
x
2
Ohio Connecting Ry 1st 4a.. 1943 M 5
Ohio Edison 1st mtge 4a....1965 M N
71
4694
Jy bb
(Minn) 1st A ref M 34B-.1907 F A
(Wise) 1st mtge 34s—.1964 Af 8
J
Northwestern Teleg 4 He ext 1944 J
11394 115
78
/ y bb
Ref A lmpt 6s series O
2047
Ref A lmpt 5s series D__..2047
Northern States Power Co—
lis'
ccc2
A y bbb2
J y bb
2
Ref A lmpt 4 He series A
2047
Ref A lmpt 6s series B—2047
latmtge 4s
♦
ccc3
F y bb
Gen lien ry A Id g 3s Jan...2047
3s Registered,,..
2047
1st mtge 34s
1972
Oklahoma Gas A Elec 3948..1966
4s debentures
.1940
Ontario Power N F 1st g 5s.. 1943
106
ccc2
-
J
....
{(♦Og A L Cham 1st
z
104
10494
10754
10854
7
834
64
2
43
107
123
A
1954
9194
126
A
Debenture 4s
...1959
North Cent gen A ret 5s..... 1974 M 8
M 8
Gen A ref 4 He series A
1974
Debenture 3?4s..........
92
10494
4
2
2
1977 J
1981 J
General g 494b series C
Pub Ser? of Nor 111
A
aa
aa
6354
67 54
10854
11854
7
72 94
63
13
76
aaa4
z
-
-
-
10854
bb
O*
-
*10594
bb
J
D
30
-
*104 54
10654
cc
-
5154
*108
61
594
2
94
*97
—
—
c
F
-
-
-
-
-
bbb3
J
—
•
454
*1
—
2294
2094
cccl
cc
*19
110
22 54
2154
2154
2254
2254
2154
b
z
x
x
1949 Af 8
J
{(♦Philippine Ry 1st e t 4s_.1937 J
♦Certificates of deposit...
121
aa
...
Phlla Electric 1st A ref 394S-1967
89
41
F
♦Certificates of deposit
97
88
39
b
A
97
3
4054
b
M
11
*2054
-
------
cccl
O
Telep 34" ser B
97
89
229
J
♦Terminal 1st gold
95
2454
2354
O
N Y Trap Rock 1st 0s
17
2294
cccl
Pow 3 He '66 M N
J
prior lien 0s stamp. 1958
N Y A Rlehm Gas 1st 6s A.. 1951 Af N
N Y
-
2454
cccl
N Y Rys
1937
...1940
100
100
2254
21.54
cccl
N Y Queens El Lt A
(♦2d gold 44"-(♦General gold 5s
—
2154
2254
cccl
A
3 He... 1903
{(♦N Y Susq A W 1st ref 5s. 1937
-
-
cccl
D
N Y Steam Corp 1st
10054 10394
54
4954
7
*22
cccl
A
{♦N Y Prov A Boston 4s.—.1942
4s. 1993
N Y A Putnam 1st con gu
-
0
55
*6694
5494
494
108
6554
10754
aaa3
Phi la Bait A Wash 1st g 4s.. 1943 MN
General 5s series B
...1974 F A
89
-
89
cccl
{♦N Y Ont A West ref g 4s..1992 M 8
♦General 4s.
—
-
cccl
MN
J
---
-
50
♦Conv deb 6s
D
♦1st A ref 44" ser of
-
m
bb
M N
1957
1927.1907
{♦Harlem R A Pt Cb 1st 4s 1954
♦Debenture 4s
-
2694
74
a
5154
4994
5354
bb
y
O
A
1940
(♦Collateral trust 6s.
*.
3
49
38
6354
y
97
-
—
y
M
37
*10394
------
b
z
8
Branch gen 4s.. 1941
{♦N Y New Hav A Hart RR—
♦Non conv deb 4s—
1947 M S
♦Non-con? debenture 3 4" 1947 M S
♦Non-conv deb 3 4s,-—1954 A O
J
♦Non-conv debenture 4s.. 1956 J
♦Non-con? debenture 4s—1956 AfN
J
♦Con? debenture 3 54s—. i960 J
♦Conv debenture 6s
..1948 J J
6s registered.
1948 J J
N Y A Long
37
bb
1956 J
High
11054 111
11554 1189*
4
554
10754
7554
494
*10794
"7 54
...1980 Af S
Phelps Dodge conv 3 4" deb. 1952 J
AfN
a
No. Low
....
50
50
AH
cc
s
y
1st 4s series B
1st g 494s series C.
11894
z
A 5s.1956 J
ser
12154 12594
115
50
O y b
1960 A
High
118
*11554
a
x
Since
Jan. 1
111
111
x aa
Apr 1990 Apr
694s..1974 F A
4s
Peoria A Pekln Un
Pere
121 54
Low
Railroad & Indus. Cos. (Cont.)
Peoples Gas LAC cons 6s.. 1943 A O
Refunding gold 5s..
1947 M 8
Range
§1
Bid
Price
See a
54
10754 10894
aaa4
Range or
Friday's
a
Asked
Sale
Rating
Ntt,
62
10794 11054
aaa4
Last
Elig. A
EXCHANGE
High
8
X
STOCK
Week Ended March 7
54
44
10854
10854
x
1948
4s..-1949
N Y Gas El Lt HA Pow g 5s.
Y.
55
RR
N Y A Erie—See Erie
N.
Jan. 1
1941
8,
Week's
Friday
<UT3
BONDS
Range
Friday's
A
Asked
60
-
-
"
ccc2
y
-
D
-
i
'
Conv 6%
N Y Edison 34" ser
Bid
Low
(Cord.)
1951
.—
registered..—
March
Continued -Page 5
Bank
Range or
Sale
Price
a
1951
Railroad & Indus. Cos.
N Y Dock let gold 4a
Last
Eliff. A
Rating
si
EXCHANGE
Y. STOCK
Bond Record
Week's
Friday
Bank
10494
10354 10454
10394 10494
104*3110654
104
10494
99 54
98*4 101
2854
2794
2694
33
2954
22
27
2154
20
*18
20
20
2654
26
*18
20
2694
106 54
105
40
45
35
42
54
4054
4054
7 94
*554
6 54
*10614
*594
4054
4054
4054
39
*7
107
9
9
7
894
454
5
*105
------
*
10794
10754 110
2
1154
1154
""354"
494
4
454
29
mm
m
m
AH
914
3
44
9194
1054
1494
31
•
31
354
454
554
594
x
aaa2
1996 J
y
bb
y
b
AfN
z
bb
1933 M N
bb
z
bb
1
J
J
Af S
z
ccc2
y
b
J
J
y
b
J
J
z
cccl
cccl
1950 J
J
cccl
♦Certificates of deposit
♦Con M 494s aeries A.
1978 Af 8
♦Ctfs of deposit stamped...
cccl
cccl
1194
93
112
»
z
90
112
2
1990 A
St Lawr A Adlr 1st g 5s
2d gold 0a.
2854
19
25
*50
70
*50
2
05
St Louis Iron Mtn A Southern—
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G.1964
1st A ref mtge 34s ser H..1901
*
111
X
aaa2
10994
z
bb
x
1st A ref mtge 3 He ser I.. .1966
Pao RR of Mo 1st ext g 4a. 1938
(♦2d ext gold 6s
1938
Pacific Tel A Tel 3)4s ser B..1966
Ref mtge 3)4* series C....1966
Paducah A 111 1st ef g 4 4s..1956
Paramount
6194
1102532 110**32
aaa2
11094
z
b
10994
2
87
3
*8094
10794
10794
aaa4
109
110
aa
2
b
2
53
x
bbb3
8994
85
10794 10894
10894 11094
10494 10594
1944 A
Pennsylvania Company—
Guar 3Hs trust ctfs C
Guar 34" trust ctfs D
95
O y ccc3
x
z
b
2
1942
D
x
aa
1944
D
*12394
aa
3
x
a
3
y
bbb3
Pa Ohio A Det 1st A ref 4 He A *77
4 He series B
...1981
x
a
3
J
x
a
3
A
x
a
4
A
494s debentures....
Pennsylvania RR cons g 4s..1943 AfN
Consol gold 4s
..1948 AfN
4s eterl stpd dollar May 1 '48 AfN
x
bbb4
x
aaa2
x
aaa2
1969
1974 F
O
7
18
95
*106
69
106
107
104
105
10594
*10394
10594
10894
10794
10794
*10794
11294
11294
11294
x
aa
2
x
a
3
**9494
Consol sinking fund 4 94s.. 1960
x
aaa2
General 4 V4s series A.....1965
x
a
3
12094
10594
1965
x
a
56
5
10494
4He registered....
General 6s series B
registered.....
O
1968
x
a
3
.1968
x
a
Q**
12094
10494
10594
2
1970
x
bbb4
*9294
9194
x
a
3
10194
x
a
3
10194
10094
10094
Con? deb 394a
x
bbb4
8894
For footnotes see page
1952
1561.
108
10394 107
105
10594
10394 10494
10594 106
108
10794
29
10694 110 94
10794 10794
11294 11594
11294 11494
98
9294
12094 12594
10494 10894
10794 10794
11294
11294
12
9494
67
5
12094
10694
82
110
Attention is directed to the
111
11194
129
93
10194
75
10194
8994
35
new
33
116
115
11194
General 494s series D.....1981
Gen mtge 4 94 s series E
1984
Debenture g 4 He
70
13
3
111
96
4594
126
109
3
Gen mtge 3)48 series C...1970 A
5594
10494 10494
10494 10594
10394
109
94
126
*10494
10394
5294
4194
45
125
*10494
3
x
5394
70
3
x aa
Lt 3 He
9494
*42
aaa3
Guar 4s ser E trust ctfs...1952 AfN
28-year 4s
...1963 F A
D
Pennsyl Glass Sand ZH%- .1960
A
♦(Rlv A G DIv 1st
g 4s...1933
48 registered
♦Certificates of deposit
{♦St L Peor a N W 1st gu 5s 1948
St L Pub Ser? 1st mtge 5s...1959
St L Rocky Mt a P 6e stpd—1955
{♦St L-San Fr pr lien 4s A...1950
♦Certificates of deposit
♦Prior lien 5s series B
Pat A Passaic G A E cons 58.1949 Af 8
Paullsta Ry 1st a f 7a......1942 M 8
5s
85
Broadway Corp—
Parmelee Trans deb 6s
Pow
23
*104
y
"b
8394
11094 11194
10894 11094
80
85
aaa4
x
x
27
2
87
x
1st M a f g 3s loan ctfs....1955 F A
Paramount Pictures 394 s deb '47 Af 8
Penna
10894
7
60
110«»iu2
115
90
9694
9994 105
100
10494
8794
9194
664
32
70
664
65
'bin
294
69
654
16
6494
6994
32
68
25
32
9
694
704
40
1054
114
190
104
10
104
102
1194
1054
1094
1054
114
21
11
23
1054
...
6754
114
11
9
714
1154
954
1294
1154
1294
1194
994
994
32
71
74
4054
12
954
318
1054
6894
39
8
1054
70
6894
40
cccl
6494
64
954
{♦St Louis-Southwestern Ry—
♦1st 4s bond ctfs
1989 MN ybb
♦2d 4s Inc bond ctfS..No? 1989 J
(♦1st term a unifying 5s..1952 J
♦Gen a ref g 5s series A... 1990 J
J
b
1
ccc2
cccl
St Paul a Dul 1st
x
21
1254
aaal
8 A A Ar Pass 1st gu g
J ybb 3
4s
1943 J
Santa Fe Prea A Phen 1st 5S.1942 M 5
aaa2
Scioto V A N E 1st gi| 4s....1989 MN x aaa3
_____
42
20
214
104
54
1254
54
69
34
*113
_____
1134
80
89
83
*106 54
1214
1064
1214
....
1
4394
2154
1294
1794
994
1
1
7
75
3554
47
7
83
69
6
42
*254
-----
cccl
x
714
cccl
z
1972 J
bbb2
z
eon g 4s.. 1908 J
{♦St Paul E Gr Trk 1st 494s_1947 /
{♦St P a K C Sh L gu 4 948-1941 F
St Paul Un Dep 5s guar
z
2
78
81
294
394
594
794
11294 11494
7094 83
10694 10654
12194 12494
{Seaboard Air Line Ry—
(♦lstg 4s unstamped
1950
(♦4s g stamped..........1950
♦Adjustment 5s—
(♦Refunding 4s
A
O
A
O
z
cccl
Oct 1949 F
A
z
c
O
x
cccl
.1959 A
♦Certificates of deposit...
♦1st cons 6s series A
1945
♦Certificates of deposit...
{(♦Atl A Blrm 1st gu 4s
1933
2
z
M~8
10
ccc2
cc
94
94
59
94
4
12
34
cccl
z
2
554
Z
m'S
1
10
994
.....
CC
1
454
x
cccl
1254
354
354
4
96
34
11
4 54
54
197
434
5
12
124
46
4
column incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
9
11
854
1194
154
94
394
494
294
494
394
1094
4
654
594
1294
See.
a
Volume
Last
is
EXCHANGE
Elig. A
Rating
See k
Price
R.fe
Bid
High
Low
Railroad & Indus. Cos. (Cont.)
{♦Seaboard All Fla 6a A ctfa.1935 F
♦6s Serlee B certificates
1935 F
A
z
z
Elig. A
N. Y. STOCK EXCHANGE
Rating
Sale
Week Ended March 7
See A
Price
No. Low
High
Railroad & Indus. Cos.
34
100
2%
3%
Va Elec A Pow
24
c
24
45
2%
3
Va Iron Coal A Coke
3%s
S
x
aa
latg 5a. 1949 Af S
y
debs...1954
1952
♦Siemens A Halske deb 6 %8.1951
♦Silesia Elec Corp 6%s
1946
Slleslan-Am Corp coll tr 7S..1941
Simmons Co deb 4a
1952
Skelly Oil 3s debs
1950
Socony-Vacuum Oil 3a deba.1964
South A Nor Ala RR gu 5s.. 1963
South Bell Tel A Tel 3%s_..1962
aa
2
96 4
964
b
1
474
48
J
Shell Union Oil 2%a
D
Shinyetsu El Pow 1st 6 %s
M
F
S
684
cccl
bbb3
aaa4
1054
*1204
3
99%
47%
54
20%
68%
27
f ♦ 1st gold 5a
2
71
|*2d gold 5s
1946
15
102% 103%
3
102
51
104
104% 107
119
123 4
119
107
1074
"2
1054
1064
19
106% 108%
105% 108%
1044
1024
bbb3
104
104 4
12
104
1024
1024
106
101% 102%
11
Natural Gas—
1st mtge pipe line 4
%s——1951
A
0
106
bbb4
*
106
•
106
106
107%
454
1949 J D ybb
y bb
1949
Lines) A. 1977 aTs y bb
M S yb
...1968
coll)
4s registered
1st 4*48 (Oregon
444
454
37
37%
34%
48%
169
44%
52
44
♦42
""494
484
50
47
454
44%
40%
Af N y b
47
454
474
474
135
555
39%
M N y b
464
454
474
269
39%
10-year secured 3%s
1969
1981
1946
564
554
57
108
48%
49%
49%
49%
59
San Fran Term lat 4a
1950
A
71
82
57%
64%
Gold 4 4a
Gold 4 4s
Gold 4 4a
J
J y bb
O x bbb2
1955
lat 4s stamped
1955
Southern R* »«t cons g 58—1994
5s registered
1994
Devel A gen 4s series A... 1956
Devel A gen 6s...
1956
Devel A gen 6 4a
1956
Mem Dlv 1st g 5b
1996
St Louis Dlv 1st g 4a
1951
8o'western Bell Tel 3 4s B—1964
bb
y
4a
So Pac RR 1st ref guar
774
76
774
624
_
61
63
33
225
♦Det A Chic Ext lat 5s
1941 J
J
z
b
i*Des Moines Dlv lst4s—1939 J
J
z
z
b
8
z
cc
A
z
cc
gen 5 %s A '75 Af
{♦Wabash Ry ref A
♦Ref A gen 5s series B
1976 F
♦Ref A gen 4 %a aeries C—1978 A
♦Ref A gen 5s serlee D
1980 A
6s debentures
1955 A
1948 M
Warner Bros Plct 6s debs
Wash Term 1st gu
1945 F
3%a
lat 40-year guar 4s
1945 F
2
82
82%
39
79
86%
78
78
2
78
83
73%
78%
{♦Western Pac 1st 5s
103 X
104
22
32%
103% 106%
104
105%
104%
104%
z
bb
2
103 4
102 %
103%
52
100 X
100%
13
100
100% 109
101%
103 X
103%
60
X
aa
1044
/
X
aaa3
126%
126%
Term Assn St L 1st cons 5s.. 1944
X
aaa4
110%
110%
2
102% 106%
126% 128%
110% 113%
1953
Texarkana A Ft 8 gu 5 4a A. 1950
Texas Cori) 3s deb...
1959
X
aa
4
108%
89%
109%
21.
108% 111%
4
1264
91
1
12i
X
bbb3
91
X
aaa4
105
104%
105%
—.1965 Af N X aaa4
J y bb 4
1943 J
105
104%
105
109
82%
83
6
...1977
Gen A ref 6s series C
1979
Gen A ref 5s series D
1980
Tex Pac Mo Pac Ter 6 4a A. 1964
106%
3
30
Q9
88
104% 106%
104% 106%
83
78
106% 108%
106%
5
62%
72
72
X
69
67%
69%
bbb3
68 4
68
68%
33
X
8
bbb3
27
X
M
bbb3
68%
69
26
62%
62%
x
a
99%
99%
15
96% 100%
""994
2
71%
|*Thlrd Ave RR 1st g 5s...1937
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953
Tol A Ohio ('ent ref A Imp 3 4s '60
Tol St Louis 4 West 1st 4s
1950
M
Tol W V 4 Ohio 4s series C. 1942
Toronto Ham A Buff 1st g 4a 1946 j
Trenton G A El 1st g 5a
1949 Af
Tri-Cont Corp 5s conv deb A. 1953 /
.
♦Tyrol Hydro-El Pow 7 4a..1955
D
S
r
P
1
100
42
1947 J
grant 4s
.....
*96 %
4
a
b
*107
"98"
84-year 3 4s deb
20%
I
aa
105%
107
107%
20%
20%
65
20%
65
16
92%
90%
56
57%
8
51%
61
32
32
1
70
aaa4
x
aa
*124
128%
3
108%
108%
113%
110
110%
102%
128% 128%
109%
113%
103
4
94
107% 109%
113% 114
8
14
115
94%
92%
50
104
102%
106%
x
bbb3
x
aa
A—1946 M S
z
ccc2
18%
18
19
41
z
cccl
18%
19
78%
17%
74%
77%
77
76%
J
2
74%
2
"5l""
1114
aaa3
Ol aa
974
97
3
Oyb
90
United Drug Co (Del) 5e
8 ybb
104%
106% 107
15
19%
44
15
17
71%
36
73%
81%
77%
72
74
80%
20%
50%
"51"
27
"20
51%
17
48
46%
*115
"78
19%
79%
50%
52
46%
114% 115
104% 100%
104 %
104%
105%
bbb3
106%
106%
107
15
106
3
103%
103%
*112%
103%
10
103
107%
104
115
114
114
28%
30
"26
28
28
2
1955
x
Conv deb 3%a
—.1947
Winston-Salem 8 B 1st 4a...1960
ybb
x
aaa2
{♦Wis Cent 50-yr 1st
z
ccc2
z
cccl
|*Su A Du dlv A ter 1st 4s_1936 Af N
z
cccl
•Certificates of deposit
Wisconsin Elec Power 3%s..l968 AO
z
cc
1
x
aa
3
109
/
z
c
2
*4
S
x
a
102
f 3%s ser D_..1960 M N
x
a
101%
gen 4a..
1949
♦Certificates of deposit
{♦ Wor A Conn East 1st 4 %s,1943 J
Youngstown Sheet A Tube—
1948 M
Conv deb 4s
a
"29%
'""9%
9%
*9%
27
30%
26%
29%
31
9%
9%
10
7
9%
7%
109%
108% 109%
102
102%
102
103%
100%
101%
100
103%
U N J RR A Canal gen 4a
1944 M 8
x
r
current week,
a Deferred delivery sale; only
Odd lot sale; not Included in year's range.
Cash sale; only transaction during
transaction during current week,
n
t The price represented Is the dollar quota¬
Accrued interest payable at the exchange rate of
aaa4
28
102% 105%
111%
112
38
111% 114%
111
112%
111%
"97%
97
96
97%
97
103%
104%
106%
68
68
82%
824
...—
{ Companies reported as being In bankruptcy, receivership,
Section 77 of the Bankruptcy Act, or securities assumed by such
6
103%
N
84%
tion per 200-pound unit of bonds.
106si« 107
106»32
106%
104
4
44
2
1
39
*108%
100%
96% 101%
103% 107
106
67%
107
76%
or
reorganized under
companies.
No sales transacted during current week.
*
Friday's bid and asked price.
♦
Bonds selling flat,
e
Cash sale sold during the current week
I
Internat Power Sec 6%s 1955,
and not ncluded In the year's range:
March 6 at 14%.
90%
108% 108%
82%
k
United Stares Steel Corp—
Bank Eligibility and
bonds which we believe
Rating Column—x Indicates those
eligible for bank Investment.
debentures—
*99%
100%
*99%
100%
1 1941 MN
1 1941, M N
aa
2
aa
2
1942 M N
aa
2
*100
1942 M N
aa
2
*100
May 1 1943IMN
Nov 1 1943
1944
May
1944
Nov
1945
May
1945
Nov
1946
May
a a
2
*100
aa
2
*100
aa
2
*100
101%
aa
2
*100%
101%
aa
2
*100%
aa
2
aa
2
1946
aa
2
1947
aa
2
May
—Nov
May
Nov
1
1
Nov
May
Nov
1.80s
1.86s
1.90s
100%. 100%
101
z
Indicates issues In
by the four rating agencies.
100% 101
100
100
101%
101%
101
101
101
101
101
100
101%
101% 102
102
102%
101% 103%
reorganization.
assigned to each bond
and the numeral Immedi¬
column are based on the ratings
The letters Indicate the quality
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all four agencies rate a bond
102
*100%
aa
2
*100%
101%
1948
aa
2
*100
101%
102%
2.00s
1948
aa
2
2.05s
May
1949
aa
2
2.10s
1949
aa
2
1950
aa
2
*100
2.20s
Nov
May
Nov
1950
aa
2
*101
101%
100% 103%
2.25s
May
1951
aa
2
*100%
102
101
101%
differently, then the highest single rating
is shown.
great majority of the Issues bearing
bearing ddd or lower are in default.
symbols ccc or lower are In default.
A
104%
102
104
2.15s
either to rating status
?•
default, in bankruptcy, or In process of
The rating symbols In this
*100%
101
Indicates those bonds we believe are not bank eligible due
provision In the bond tending to make lt speculative.
i
1947
1
1
y
or some
May
Nov
1.95s
101%
*100
101%
101%
102%
101% 103
103%
102
Nov
1951
aa
2
*101
2 35s
May
1952
aa
2
*100
Nov
1952
aa
2
*100
101%
2
*100
103
aa
2
*103%
*102%
103"
103% 103%
103% 104%
102% 103%
102%
102%
Transactions
at
the
New York Stock Exchange,
Daily, Weekly and Yearly
102% 102%
aa
102% 104%
—
1 1953
2.50s
Nov 1 1953
2.658
May 1 1954
2 60s
Nov 1 1954
2 65s
May 1 1955
1951
♦Uu Steel Wks Corp6 4s A..
1951
•34a assented A
—1951
♦Sec a f 64a aeries C
1951
♦34i assented C
♦Sink fund deb 0 %a aer A. 1947
1947
♦34a assented A
May
2.45h
aa
2
aa
2
aa
102 %
2
*102
101% 104
104% 104%
104%
March 7,
Friday
351,200
1,903,540
$34,278,000
Monday
33%
Tuesday.
Wednesday
31
31
40
28
cccl
—-
*""
II
"92"
1951
bbb3
92%
10
ref 5e 1944
Utah Power A Light lat 6s. 1944
bbb2
102%
102%
32
91% 93%
102% 104%
bbb3
102%
103%
37
102% 105%
13
109
United Stockyds 44s w w.
Utah Lt A Trac 1st A
Vandalla cons g 4s aeries
Cons a f 4s series B
A—1955
—.1957
F
A
MN
x
aa
x aa
92 X
*107
109
$63,000
674,000
34.000
703,000
590,000
38,000
14,000
$3,193,000
5,161,000
5,680,000
6,774,000
9,551,000
7,750,000
$3,528,000
$303,000
$38,109,000
-
Sales at
Week Ended March 7
New York Stock
112
109
Total.
Exchange
109
110,000
44,000
1941
Jan. 1 to March 7
1941
1940
3,596,441
24,185,695
$303,000
Stocks—No. of shares
$799,000
3,528,000
5,726,000
26,181,000
$5,234,000
31,329,000
356,180,000
1,903,540
Bonds
Government
State and
foreign
Rairoad and
directed to the new column
Sales
$265,000
563,000
673,000
33
31%
*
Bond
Bonds
Stats
288,270
481,110
33
33
31%
33%
States
For'* Bonds
Thursday
141,190
333,480
308,290
Saturday
32%
36%
1
Total
Municipal
Bonds
Number of
Shares
$2,865,000
4,488,000
4,963,000
6,066,000
8,750,000
7,146,000
32
b
1941
United
Mis cell.
Railroad dk
Stocks
Week Ended
31%
*
All issues
102
101%
101%
2.40s
Attention 1»
100
$4.8484.
1066is
4
1953 Af
2.30s
95%
90%
A xbbb2
Wheeling Steel 4 %a aeries... 1966 F
Wilson A Co 1st M 4s A
104%
102
78%
23
47
109% 111%
75
b
J y bb
2361 J
1949 M S x aa
Registered
7
106%
*
J y bb
2361 J
z
32
67
110%
aaa3
x
32
05
108% 108%
105% 107
106
102%
3, 1034
1952 A
5a.
94%
5 Negotiability impaired by maturity,
65
1
M Nx aa 3
35-year 3 4a debenture... 1971
1980 ./ D x aaa3
Ref mtge 3 4s ser A
3
1955 A O x a
United Biscuit
3 4s debs
United Clgar-Whelan Sts
94%
93%
105%
"96% "98""
107%
jz cccl
x
1970 A
81%
91%
103
*105
1
Jjx aaa3
1947
77%
4
*104%
Union Pac RR—
4s registered
44
91%
97
75
17
aaa3
x
1
80
48%
94%
70%
13
73
A x aaa4
A
20
97
3; 106
1945|A O'z cccl1
UDlon Oil of Calif 6s serlee A. 1942 F
F
3a debentures
17%
103
78%
65
242
100%
70%
964
x
z
58
47
100%
aaa2
x
10%
10%
24
101%
96
1946 Af 8 y b
Ullgawa Elec Power a f 7a
/ix aa
Union Electric (Mo) 3%s— 1962 J
{|»UnIon Elev Ry (Chic) 6a.
134
3
J ybb
A
20
26
45
3
x
8
59%
19
194
1004
bbb3
x
O y bb
M N
...1952
♦Guar sec a f 7
J ybb
D yb
59
59
J y b
2
O y cccl
1st ref 4a
1960
♦Adl income 6s
Jan 1960
x
♦Westphalia Un El Power 68.1953 /
1st mtge
I
Third Ave Ry
7%
J
Wheeling ALE RR 4s
X
Af N
Gen A ref 6s series B
352
O
West Shore 1st 4a guar
100 4
aaa4
bbb3
Pacific 1st gold 5s..2000
10%
1940 M 8
ser
x
a
9%
*65
A
1977 J
♦5s assented
...1953
X
10%
7%
32
Western Union Teleg g 4 %s_1950 Af N y bb
25-year gold 5a..
1951 J D y bb
30-year 5s
i960 M 8 y bb
deb 6s 1945
N O con gold 5s
7%
57%
D
1952 A
lat A ref 5 %s series A
54
3s debentures
7%
193
351
"94%
D
West N Y A Pa gen gold 4a.. 1943 A
Gen refund s f g 4s
149
10%
bbb3
75
ybb
J
10%
x
55
26%
11
10%
O
77%
28%
13%
12
9
W estern Maryland lst4a
76%
81%
27 %
45%
A x aaa3
Westchester Ltg 5s stpd gtd.1950 J
Gen mtge 3%s
1967 J
774
14
7%
7
91%
A y b
Washington Cent 1st gold 4s. 1948 Q M y b
2
4
6
9%
103
S y bb
8 z cc
{♦Warren Bros Co deb 6s....1941 M
ybb
75
14
9%
9%
80
2
Warren RR 1st ref gu g 3 %s.2000 F
63%
82%
104
195
cc
O ybb
O y b
57
aaa4
Tenn Coal Iron A RR gen 5a.
z
13%
46%
10%
10%
10%
cc
O
55%
48
10%
D xbbb2
128
cccl
...1950
I960
z
17
34
52%
10%
1955 A
60%
z
Swift A Co lat M 34a
O
13
30
"4
9
45%
1945 J
Walworth Co 1st M 4s
59 X
{♦Spokane Internat latg 5s.1955
Standard OH N J deb 3a
1961
Superior Oil 3 4s debs
cc
55
44
29
Walker (Hiram) G A W—
"594
75
106% 108%
55%
12
13%
cc
z
2
1968
ebentnre.
1
♦Omaha Dlv lat g 3%s___ 1941 A O
♦Toledo A Chic Dlv g 4a_. 1941 Af S
bb
106% 109
1.75s
b
a
109% 110%
1.625s
z
x
16
1.50s
J
D
15
1 376s
1954 J
y
87%
44
108
1.25s
*31%
54%
♦lat lien g term 4s
bbb3
110%
i876s
153
16%
32%
110%
102%
107 X
1.125e
50
14%
A
109 X
1.008
49%
15%
aaa3
1074
284
—
49%
a a a
110
j 75s
2
ccc2
x
aaa4
;50s
,626s
b
z
A
X
aaa4
Serial
z
1939 F
J
bbb2
1st A land
1939 Af N
lat mtge 3%s serlee 1
1966 J
West Va Pulp A Paper 3a...1954 J
X
Texas A
32
93%
87%
90
x
Texas A
108
x
83
y
Studebaker Corp conv
107%
bbbl
*42
69%
107%
bbb3
92%
89%
65
aaa2
x
92
64%
84%
67
x
y
924
54%
*63
113%
bbb2
24s
1958 A
5s
57
90
57
West Penn Power 1st 5s E—1963 M 8
y
1st 4 ref 3s series C
cons
Virginian Ry 3%a aeries A—.1966 M 8
Convertible deb 4%s
Southern Pacific Co—
4s (Cent Pac
1st
108% 110
110
*83%
J y bbb2
O y bb 2
{Wabash RR Co.—
1074
1064
aaa3
aaa3
Southern
103
1044
1054
1034
103
103
bbb3
Southern Kraft Corp 4%s
684
102 4
bbb2
1979
...
96
5
25
A
Southern Colo Power 6s A-.1947
3s debentures....
61
78
2
1
High
No. Low
High
110
110
ccc3
Jan.
Asked
A
Low
Va A Southwest 1st gu 5a...2003 J
Since
Friday's
Bid
(Concl.)
Ber B... 1968 M
24
24
c
A
BONDS
Since
ii
Friday's
A
Asked
Range
Range or
Last
Range
Jan. 1
Range or
Sale
sa.
BONDS
STOCK
Week Ended March 7
Week's
Friday
Bank
Week's
Friday
Bank
N. Y.
1561
New York Bond Record—Concluded—Page 6
152
Incorporated In this tabulation pertaining to
industrial
34,278,000
bank eligibility and rating of bonda.
I
See note * above.
1940
33,659.111
$6,990,000
45,608,000
250,362,000
New York Curb
1562
Exchange—Weekly and Yearly Record
March
8, 1941
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week, and when selling outside
of the regular weekly range are shown In a footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the year.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
beginning on Saturday last (March 1, 1941) and ending the present Friday (March 7, 1941).
It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred during the current year.
In the
for the week
Sales
Friday
Last
Par
STOCKS
Week's Range
'or
Hale
oJ Prices
Low
Price
High
Range Since Jan. 1, 1941
Low
Par
Class B
5%
5%
6%
2,300
"l0% "l0%
*"]"66
20
Jan
Beech Aircraft Corp
Bell Aircraft Corp oom
1
1
55*
20 %
21%
5%
Feb
22 %
Jan
Bellanca Aircraft com
1
Feb
Feb
Jan
Bell Tel of Canada
Jan
Bell Tel of Pa 6
Mar
6%
6%
125*
1%
1%
200
Jan
Benson A Hedges oom...*
Feb
1%
Jan
16%
1%
20
preferred....——*
Feb
*i«
Warrants
21
Jan
*i«
Bickfords
60
75k
Jan
81
60
109
Jan
160
103%
94%
Jan
98 % 101
Jan
101
Jan
Mar
Allegheny Ludlum Steel7% preferred
100
Blauner's
..*
5*
%
100
%
Mar
%
Feb
Allied Intl Investing—
Altorfer Bros
15%
215*
350
16
21%
14
Feb
25
21
Feb
com
4%
Aluminum Co common—*
100
6% preferred
Aluminum Goods Mfg...*
133
1285* #126
115 %
114% 115%
14
14
14%
250
1,100
"73 k "73 k
Aluminium Ltd common.*
118%
150
100
Mar
28
27%
4%
50
28
Jan
1175*
275*
Jan
50
245*
Jan
Jan
Mar
Jan
34
Jan
5*
135*
Jan
2,100
hi
Jan
135*
50
135*
Jan
40
25
385*
75*
Bowman-BUtmore
116
Jan
185*
Jan
7%
Jan
Borne Scrymser Co
155*
17
*
Breeze Corp common
Feb
»i«
Jan
Feb
38 5*
Jan
Feb
15*
Feb
75*
15*
Feb
"260
Brewster
4%
Feb
65*
Jan
%
*u
Mar
5*
Jen
Class
7%
Jan
55%
%
63%
»«
50
1,200
%
Jan
115*
Jan
Mar
63%
*i«
Jan
685*
ht
Jan
Jan
Aeronautical
Preferred
25
26
255*
...1
%
hi
Amer Cynamld class A.. 10
Class Bn-v
10
33 %
Amer Export Lines com..l
17%
Amer Foreign Pow warr
Amer Fork A Hoe com...*
28%
"33"
165*
»io
American Gas A Elec—.10
preferred
100
Amer General Corp com lOo
$2 conv preferred
..1
Feb
2%\
28%
3766
17%
500
*11
Mar
28
Feb
112%
2%
2%
28
28%
100
111
Jan
preferred
Feb
Feb
150
29
100
18
300
25
12%
12
12%
1,600
27%
27%
27%
200
15%
16%
11%
26%
21
21
Amer Maracalbo Co
%
500
Amer Pneumatlo 8ervlce.*
Amer Potash A Chemical. *
5%
*
5%
2,000
2",300
57%
Jan
12 5*
305*
1135*
35*
295*
Jan
Feb
$6 preferred
Brown Rubber Co
Jan
Jan
33
Jan
20
Jan
Buckeye Pipe Line
20
Jan
"i%
135*
Jan
Jan
Jan
98
12
125*
%
%
5*
Jan
5*
325*
Feb
Burry Biscuit Corp__125*o
Feb
Jan
Cable Elec Prod
%
%
Feb
66
Jan
Feb
7
Jan
Feb
35*
5*
Jan
Feb
Feb
hi
Jan
Jan
Vot trust ctfs
Am dep 5
Jan
35*
Jan
Feb
Jan
1
"10% ~10%
"260
Feb
12
"1% "i%
7%
96
ifiOO
800
70
%
10%
1%
1%
6%
Feb
91
Feb
Feb
Feb
4%
96
85*
""366
5%
Jan
6
45*
Feb
55*
%
2%
18%
105*
Mar
Mar
Feb
25*
10
Jan
Feb
Jan
Jan
Jan
1%
30
Jan
Jan
15*
Jan
Jan
12
Jan
Feb
50
365*
Feb
405*
Jan
300
185*
Feb
550
400
965*
115*
Jan
Feb
195*
995*
12 5*
Jan
FeD
Mar
100
5*
Mar
1,200
5*
%
Jan
•is
Feb
Mar
Feb
5*
%
Feb
Feb
%
Feb
200
105*
105*
100
15*
1
Jan
15*
500
10
Feb
Feb
12
Jan
15*
Feb
15*
35*
Jan
35*
Jan
155*
1
Jan
Jan
Jan
Mar
Jan
1%
100
5*
Jan
hi
1,400
Jan
Jan
%
Jan
1
Feo
Jan
2%
200
18%
40
.
25*
Jan
Jan
Jan
2
Jan
Jan
185*
Jan
Jan
Class A voting
Class B non vot
675*
7% preferred
Canadian
1
Jan
65*
Jan
15
200
145*
Mar
1,500
25*
15*
35*
35*
155*
34
16
preferred
Feb
15*
Jan
35*
Mar
Jan
$7 dlv. preferred
1st partlo pref
com
Cent Ohio Steel Prod
34
Jan
16
Jan
4
17,300
35*
Jan
45*
Jan
34
10
36
Feb
335*
Jan
Feb
35*
Jan
Feb
315*
Jan
Feb
75*
Jan
1,400
1
1
900
32
1,700
6%
7%
6
preferred
7
700
4%
100
5
395*
Mar
Jan
Jan
Feb
Jan
Jan
7
Jan
39
Jan
Feb
1115*
Jan
Jan
Feb
35*
1,400
75*
Feb
1105*
105*
Feb
65*
Jan
Feb
8
Jan
FeD
45*
365*
133
350
2
%
Jan
1265*
Feb
5
500
395*
125
4
Feb
Co
125*
125*
100
12
Feb
89
180
88
Mar
9
300
115
25
85*
85*
195*
35*
Jan
Feo
Jan
Jan
15*
Feb
Jan
15*
Jan
Chief Consol Mining..
Jan
Jan
65*
Jan
105*
75*
Jan
45*
Jan
125*
Jan
5
135*
Feb
Feb
$6
preferred....
60c preferred B
City Auto Stamping
135*
Jan
95
Jan
Feb
10
1165*
5*
Jan
Jan
1ti
Jan
*i»
Feb
%
25*
Jan
Jan
5*
Feb
15*
Feb
45*
%
Mar
5*
Jan
35*
Feb
4 5*
115*
Mar
45*
55*
145*
1105*
735*
Jan
Jan
Jan
Jan
Jan
225
5
150
Feb
105
Feo
67
Feb
Jan
9
500
7
45*
565*
•
•
*
Jan
Jan
Mar
Jan
Jan
625
2
1
$0 preferred BB
*
Cities Serv P A L $7 pref.*
$6 preferred
.*
55*
435*
101
Mar
500
15*
""%
Chllds Co preferred
100
Cities Service common.. 10
Jan
Jan
85*
115
"266
10
65*
134
5*
115
Cherry-Burrell oommon. .5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach
4
365*
Jan
88
30
...5
Jan
Feb
96
88
101
»i«
Strip
355*
96
15*
Feo
Beau Brummell Ties Inc.-l
4%
Feb
85*
15*
101
100
Feb
95*
6%
35*
132
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Chamberlln Metal Weather
•u
1
1,400
Cent A South West Utll 50c
Cent States Elec com
1
Jan
1%
1%
35*
Cent Pow A Lt 7% pfd 100
Jan
55*
1%
1145*
Jan
Feb
19
1
45*
175*
Charts Corp oommon
15*
Feb
5*
85*
«xi
7
•
Jan
45*
Jan
Jan
65*
•
Feb
%
2,900
15*
15*
109
85*
•
Feb
Feb
5%
34%
Jan
7
•
Cent Hud G A E
35*
35*
4%
Jan
35
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
Jan
Feb
5*
25
Jan
1105*
Carrier Corp common
1
Carter (J W) Co common. 1
Casco Products
•
Jan
300
"28k "295* "2766
'2^566
*
Mar
»i«
Jan
Ayrshire Patoka Collieries 1
200
»
4
Jan
3%
$6
5*
T% "T%
7% 1st partlo pref...100
Celluloid Corp common. 15
Jan
Axton-Flsher
Jan
13
Celanese Corp of America
5%
15
5
Jan
*
Jan
35*
5*
%
5*
*
Carnation Co common
Carolina P A L $7 pref
Feb
35*
100
%
Feb
1145*
...100
Marconi
Capital City Products
•
Carib Syndicate
25c
20
400
25
2,900
15*
15*
Castle (A M) common..10
Catalln Corp of Amer
.1
6
3%
45*
*
Jan
17
35*
3
13
45*
Canadian Industries Ltd—
Jan
4
Warrants
1567.
Mar
Feb
15*
115*
Canadian Dredg A D Co^*
Canadian Indus Alcohol-
Jan
Mar
1,100
*5
Can Colonial Airways
Jan
Feb
7%
Avery (B F) A Sons com.5
6% preferred w w
25
20
15*
15*
255*
300
25
Jan
15*
15*
85*
7% partlo preferred
3%
Beaunlt Mills Ino oom..10
Jan
Canadian Car A Fdy Ltd—
25*
6
6%
Jan
16 5*
5*
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
Mar
65
5
31
Feb
60c
1%
15*
34
Jan
Feb
5*% pref she £1
2 J*
1%
"29k
Feb
Cables A Wireless Ltd—
100
%
4
12
60c
oom
Carman A Co class A
34
Jan
Jan
50 5*
12
»i»
30*
*11
18%
100
15*
%
200
3%
965*
$5 1st preferred
Bunker Hill A Sullivan 2.50
1%
Auburn Central Mfg.....*
see page
195*
Burma Corp Am dep rets
2%
Automatic Products
.6
Automatic Voting Mach..*
$1.50 conv pref
40
185*
Jan
Jan
14%
Basic Dolomite Inc com..l
Baumann—See "Ludwlg"
40
195*
Feb
8
Atlas Corp warrants
conv A com
12
285*
235*
6%
Atlas Drop Forge com...5
Atlas Plywood Corp.....*
Barium Stainless Steel...1
Barlow A Seelig Mfg—
10
Camden Fire Insur Assn. .5
Canada Cement Co Ltd
Atlanta Birmingham A
Coast RR Co pref...100
Atlanta Gas Lt 6% pref 100
Baldwin Rubber Co oom.l
Bards town Distill Inc
1
255*
80
Class B
30
255*
15*
Feb
£1
Atlantic Coast Fisheries.. 1
Jan
Feb
14
300
200
Feb
.........1
Purch warrants for oom.
15*
15*
19
(Associated Gas A Elec—
7% preferred
15*
12
...25
Feb
"5% "T"
Class A
1
$5 preferred...
*
Assoo Laundries of Amer *
Assoc Tel A Tel class A..*
Feb
»i«
5*
155*
8
50
$1.60 preferred
60
.....
4%
3
Jan
Buff Niagara A East Pow—
Feb
2%
1%
16%
200
15
15*
1
com
Feb
Associated Elec Industries
*
14%
2
Bruce (EL) Co common..5
Brack Silk Mills Ltd
*
Feb
5%
2%
%
50
30
Feb
15
14J*
255*
Jan
7
Aviation A Trans Corp
1
Tobacco—
Class A common
10
41
*
Feb
93
Babcock A Wilcox Co
Baldwin Locomotive—
Class A preferred
6
7
x-w
41
Feb
15*
5*
375*
115*
305*
115*
41
Brown Forman Distillers. 1
51
96
Atlantic Coast Line Co..60
Atlantic Rayon Corp
1
30
Brown Fence A Wire oom.l
Jan
300
10
Amer deposit rets
"566
*
250
Arkansas P A L $7 pref...*
Aro Equipment Corp
1
Art Metal Works com....6
Ashland Oil A Ref Co
1
"2%
~2
100
57%
Arkansas Nat Gas com...*
Common cl A non-vot--*
Jan
6%
$6 series preferred
*
American Thread 6% pf..6
Anchor Post Fence
*
Angostura-Wupperman ..1
Apex Elec Mfg Co com.—*
5%
""% ""ht
Amer Seal-Kap common. .2
Am Superpower Corp com *
1st $6 preferred
Jan
«*
50
*
10
15*
80
1
Amer Meter Co
6% preferred
Feb
27
19
Amer Mfg Co common. 100
Preferred
...100
Republics
Jan
250
29%
Feo
Jan
(Brown Co6% pref
17%
15*
*
British Col Power cl A
18
100
5*
Jan
29
15*
Am dep rots ord reg.. 10s
Jan
18
Jan
15*
Jan
Jan
195*
19
115*
Jan
38
25
Amer Laundry Mach
Amer Lt A Trac com
Feb
75*
Feb
20
12.60 conv preferred... 1
Amer Hard Rubber Co..60
Feb
8%
Jan
Feb
2H
5%
600
85*
85*
15 J*
50
600
300
95*
115*
31
100
*111
65*
9
Jan
Jan
Jan
•il
6
5*
55*
75*
Jan
Feb
Jan
385*
2,600
*11
Mar
85*
Jan
ht
28%
5*
3%
Am dep rets ord bearer £1
Am dep rets ord reg
£1
British Celanese Ltd—
Feb
29%
*1t
*11
111
"34%
Jan
Jan
3
100
1,200
35*
British Amer OU regis....*
British Amer Tobaoco—
Feb
•il
5
100
5*
35*
Jan
285*
265*
5*
500
JaD
5*
•
35
Class A with warrants.25
4 5*%
Feb
Jan
5*
35*
95*
100
Class A
385*
65*
Jan
35*
•
Brlllo Mfg Co common
Jan
Feb
35*
•
preferred
Jan
Jan
35*
100
B
Mar
27
Jan
Feb
Amer Cities Power A Lt—
Class A.
34
•is
1
400
"""56
*34
Feb
55*
Bridgeport Gas Light Co.*
Bridgeport Machine
*
200
10
"34"
1
Jan
%
Jan
5*
355*
100
—
♦
Jan
Jan
205*
800
•
355*
*
%
35
Mar
85*
Feb
21
100
preferred
Brazilian Tr Lt A Pow
955*
Feb
40
135*
*
74
Feb
Jan
2,200
17
5*
%
25
oom
7% 1st preferred
2d
Jan
Feb
100
75*
Jan
65*
Bourjols Inc
Jan
Jan
24
*16
'it
"l% "1%
Brill Corp class A
*
J5.60 prior pref
..*
Amer Centrifugal Corp.—1
For footnotes
Jan
355*
Jan
26
Common class B——10c
$1.20
107
7% 1st preferred....100
5%
%
:
S3 preferred—...
6% preferred
Jan
40
$3 opt conv pref
Jan
%
10c
Class A common
Common
1015*
1115*
Jan
_*
common
4%
American Capital—
American
10
*
Feb
93
Amer Box Board Co com.l
6%
Feb
135*
*
22 5*
165
Fe
70
American Beverage com..l
American Book Co
Feb
14
6%
100
6% preferred
Mar
Mar
16
Jan
600 *126
Aluminum Industries com-*
Class B
35*
5*
Bohack (H C) Co com
16
Jan
900
1,400
Blumenthal (8) A Co
—-*
$3 conv pref
Allied Products (Mich)..10
Class A conv com
.25
Feb
75*
245*
55*
32
Bliss (E W) common
...1
Blue Rklge Corp com....
A lies A Fisher Inc com..
AUIancelnvestment
$2.50 preferred
19
High
Feb
4%
24
Ific common...*
Birdsboro Steel Foundry
A Machine Co com
55*
215*
3%
...»
Jan
79 %
81
106 % 108
20
Low
500
6 5*
5*% pf.100
Conv preferred
Berkey A Gay Furniture. 1
101
pf-*
$6 preferred...
5%
Range Since Jan. 1,1941
for
Week
Shares
High
1035* 1035*
100
Feb
108
Alabama Qt Southern..60
Low
45*
4%
Air Investors common...*
Alabama Power Co $7
Price
Feb
Aluswortb Mfg common..6
Air Associates Inc (N J)—1
Conv
of Prices
19
1
1
-
Week's Range
Sale
High
Aero Supply Mfg—
Class A
Last
STOCKS
(Continued)
Shares
Acme Wire Co common-10
Sales
Friday
We
eek
45*
565*
7
75
5
58
5,300
«ii
Jan
35*
Feb
55*
695*
65*
Jan
70
Jan
48
Feb
300
5
Mar
Feb
5
54
54
30
48
93 %
935*
95
40
935*
55*
55*
92
5%
400
Jan
10
5
.
Jan
5*
FeD
300
.
10
Jan
7
55*
Mar
.
Feb
Mar
Jan
Jan
100 5*
97
Jan
65*
Jan
Jan
Volume
New York Curb Exchange—Continued—Page 2
152
Sales
Friday
Last
Par
Week's Range
of Prices
Low
High
Week
Price
Ran
Shares
City A Suburban Homes 10
Low
Week's Range
for
Sale
of Prices
Low
High
Week
6X
Price
Par
High
Shares
100
17 K
Feb
Mar
5X
200
200
%
Jan
X
Jan
K
X
X
1,100
Jan
Jan
Feb
5X
Jan
16 X
16 x
16X
125
41
2%
2K
400
2
8X
2X
8K
2X
3
15 M
38%
39
"250
5%
37 K
4H
5
400
4K
*
39
Jan
Feb
Jan
5%
2
Esquire Ino.
5X
2%
Jan
3
Feb
Eversharp Ino com......
Club Alum Utensil Co...*
2
Feb
2H
Jan
Falrehlld Aviation
K
Cockehutt Plow Co corn..*
8%
8%
100
IK
IK
6%
~2X ~~3K
"500
X
Jan
Jan
"~8%~Mar
IK
Patent fire Arms.25
"~4%~~Jan
72
100
54%
54 K
Feb
82 K
170
53
Feb
60 X
1
1%
l %
Columbia OH A Gas
Jan
2,000
1
Feb
IK
Jan
50
1H
*3t
1s»
100
IK
IK
4,400
20K
20%
300
...
IK
20%
Community Pub Service 25
Community Water Serv_.l
Compo Shoe Mach—
V t c ext to 1946
Jan
h#
Jan
Feb
Jan
IK
20
X
1
12
12
12
21X
2X
7%
Feb
10 x
2*4
Feb
4X
Jan
7
Jan
mm
—
700
IK
1
100
800
IK
2%
65
2 K
64 K
65
100
117
24 K
Jan
Jan
K
UK
Feb
10(1
107
Jan
Feb
10
10
105
Feb
IK
600
Tik "ix
""400
6%
2,100
IK
Consol Retail Stores
1
100
Consol Royalty OH
Continental Oil of Mex
Flat Amer dep rots.....
Fire Association (Phlla).l
Florida P A L 37 pref....
3
Jan
Jan
6X
Jan
22 X
Feb
25 X
Jan
Jan
------
6%
Feb
10X
Jan
100
7X
Feb
m
Jan
8
""II "65 k "65 k
U4
Am dep rets ord reg___ j
2
20
"~62X "Feb '"69"" Jan
350
111^
Feb
119X
Jan
1%
800
IX
Jan
IX
Jan
10%
600
113X U4X
X
XX
......
Ford Motor of Canada—
Class A non-vot.......
10
10 K
Jan
10*4
Jan
Feb
11
Jan
Feb
9X
10
13 K
23
Jan
94
96 K
98
160
Jan
Jan
119%
U0X
IK
25K
3K
Jan
Jan
conv preferred
200
8*4
19%
100
19%
Feb
Feb
41
Jan
Jan
1
5% preferred
IX
Jan
8X
98
Jan
Jan
89
Mar
Feb
Feb
52 K
Feb
500
Jan
Jan
72 %
""200
Feb
11
Jan
X
Feb
37
Jan
36
Jan
4 K
Feb
100
X
Mar
600
300
M
10
1
Jan
70
Jan
Mar
5X
K
IK
5
mm±
m
58
Feb
6X
2X
Feb
18,800
12 X
Mar
15%
—
mm
—
-
1,200
4X
Feb
6
Jan
X
Jan
IK
Feb
X
IK
—
—
IX
Jan
3,700
'
—
1
mm'mi
-
—
mm
-
-
"l'x
mm
'
-
^
—
'mm'
-
—
~
mm
mm
—
-
mm
—
——
—
mm-ikmm
-
'''''mm
-J-'-
"
1
-
—
—
—
-
-
Jan
"Ik
20 X
Feb
Jan
X
Jan
Mar
22 K
X
Jan
X
Feb
Feb
5X
1
IK
5
Jan
6
1
Gen Water G A E com
IK
Jan
'"Ik
Jan
Feb
IS%
31
Jan
10
10 x
io'x
ioo
25X
250
25X
Mar
28 x
20
55
5 X
1,000
5X
Feb
6X
-
3%
3X
100
2 X
Jan
3X
IX
46 X
IK
200
IX
Feb
1%
Jan
.
"29 X *29%
10
■
.
mm
mm
—
"17 x "irk "l7X
mm
mm
Feb
12
m
35
Jan
Jan
46X
101X
IX
Mar
Feb
29 X
Mar
30 X
105
Feb
40 *4
Feb
43
550
98
Jan
107
mm
mm
------
90
Jan
„
mm
mm
mm
mm,
mm
------
25
mmmm
+
-
mm
mm
mm
Mar
X
Mar
96 X
Feb
mm
mm
mm
mm
-
Glen Alden Coal
•
6
Jan
6
Jan
45
Jan
46
Jan
x3X
Jan
z3X
Jan
"1I266 "Tk "Feb
"~9~X
Feb
—
—
-----
-
—
—
.....
mm
~"i% ""3%
8%
5X
5%
400
preferred.
-----
9%
Feb
10
Jan
Jan
17%
IX
Feb
Jan
K
18K
Feb
5*4
Jan
FeD
Jan
99
hi
Jan
17X
Jan
Feb
35 X
he
.....
29
29
100
29
29
Jan
4*4
5X
5K
200
5%
Jan
5
Jan
5
Feb
6*4
Jan
Great Atl A Pac Tea—
Non-vot
com
98
stock...
Jan
105
Fen
25
128X
Feb
%
Jan
130%
K
Jan
2,900
150
98 X
130
......
130
he
%
98
Jan
X
Jan
Guardian Investors
1
Feb
10%
Jan
Jan
Mar
38
32
1,800
109
110
Jan
31
Feb
IX
X
33%
Mar
110%
he
200
X
31
32
42
IX
Greenfield Tap A Die.
Feb
8X
50
40
40
Feb
X
Feb
22
"ilk" Jan
-----
Feb
Jan
Feb
Goodman Mfg Co.
FeD
1%
2X
Feb
300
he
Jan
18
Feb
19%
4*4
95
------
5%
37
Jan
IK
100
Detroit Gray Iron Fdy...l
Det Mich Stove Co com..l
Jan
Feb
~
Jan
99 K
1
25
:
■
Mar
61
mm
•
Jan
46 K
he
Jan
Feb
m.
43
.
_
Jan
'
Jan
55
m
43
106 X 107K
m
Jan
5K
m,'mm.
mi mm.
Jan
%
105
107X
36
Feb
25 X
1
Feb
26
1
Mar
Jan
35
Detroit Gasket A Mfg
Jan
25X
80
Jan
Mar
5
Decca Records common.. 1
Derby Oil A Ref Corp com*
Jan
83
52*4
Jan
18%
9%
1
55*4
Jan
10
40
......
Jan
Feb
'''mm
Jan
X
X
Jan
Tfiod ""3 X
Davenport Hosiery Mills.*
_____
Jan
Mar
General Tire A Rubber-
Feb
IX
K
1
100
......
.....
Jan
Jan
4
800
1
"i'x "~4~
*
4 X
200
52 X
he
A conv preferred
77
HO
Curtis Mfg Co (Mo)
"Ik
16J*
Jan
%
Jan
2X
4X
'
mm
5X
5X
—...
— mm
"""LOO
1
mm
Stores....
Feb
26
Feb
mm'mm
mm'*, -V'
■
[
"10 x
Jan
15X
52%
Jan
X
•'
— —
—
l
Jan
40
Jan
Feb
------
he
—
V-v
Class A conv
Jan
IX
Jan
X
5
4M
""%
260
X
55
Crocker Wheeler Elec
------
80
......
Feb
Jan
100
13 X
mm
Feb
80
X
4 K
5
~\3X "12 k
mm
77
X
preferred...
Jan
2X
50
Dayton Rubber Mfg
IX
Feb
Warrants
i;250
K
H
com..
Jan
1
4X
8K
11K
77K
.....
95
Gen Electrle Co Ltd—
Jan
H
_
Jan
X
Feb
77 K
preferred
90
52 X
Feb
1%
-
Jan
10
1X
X
General Alloys Co
K
0m
52
1
Gellman Mfg Co com
Feb
X
1
_
Mar
•
1(
Feb
6X
Cosden Petroleum com..
_
33
50
51
93
Gamewell Co 36 oonv pf..
Gatlneau Power Co—
UK
7K
IK
77K
l
Feb
100
93 X
50
51
Id
200
•
Crown Cent Petrol (Md).6
Crown Cork Internet A..*
Jan
Jan
250
28
4%
1,000
...
*
Jan
22%
9%
19%
21X
19%
21X
19%
21K
he
H
IK
Crowley, MUner A Co
9*4
20 X
Jan
Jan
Feb
5K
32
Cornucopia Gold Mines 5c
Croft Brewing Co
Feb
Mar
X
Jan
Jan
104
]
"Ik "~5 k
5H
5% "onv preferred
Courtaulds Ltd—
Feb
300
34
Common
Fruehauf Trailer Co...
~~7K ~~8~
»
Reynolds
Feb
Jan
7K
13 prior preference....*
Copper Range Co..
Feb
«»•
»16
H
9
Feb
K
♦
com
Jan
Jan
2K
7%
"7 X
1
*
Cooper-Bessemer
Feb
2
73
IK
5K
6K
1
Cont Roll A Steel
IK
23 K
3X
100
10
Consol Steel Corp com...*
Cont G A E 7% prior pf 100
Cook Paint A Varnish
Jan
IK
64 X
117
107
1
IK
900
Consol Mln A Smelt Ltd..5
Delay
28?*
100
Jan
Jan
1,000
117
Consol Gas Utilities
Darby Petroleum
Jan
Froedtert Grain A Malt-
CopsoI G E L P Bait com. *
36
Jan
350
21
Consol Biscuit Co
ta preferred A
Jan
Feb
1,500
mm
....
$3 preferred.
_•
Conn Telep A Elee Corp.. l
Cottood A
3
6%
8
*
8% preferred.
Jan
Jan
Ford Motor of France—
Common
4% pre! series C
8
%
20%
Jan
Conn Gas A Coke Secur—
series B pret
Jan
Feo
Ford Motor Co Ltd—
Distribution.. 1
Commonw
Mar
Jan
Commonwealth A Southern
Warrants
mm'mm
mm
8
X
23 K
23
m.
~"2%~~Feb
Columbia Oas A Elec—
6% preferred
' 6%
■
Feb
preferred..—£1
conv
Colorado Fuel A Iron warr.
Colt'
8~
300
8%
X
5X
16
2X
mm mm
8%
Fairchlld Eng A Airplane.
Cohn A Rosenberger Inc.*
High
400
Jan
Clinch field Coal Cor p.. 100
Colon Development ord._.
Low
Empire Power nart stock.
17 H
16%
*
com
Range Since Jan. 1, 1941
Last
*16
..1
Claude Neon Lights lno..l
Clayton A Lambert Mfg__4
Cleveland Tractor
ftSince Jan. 1, 1941
5K
Clark Controller Co
Cleveland Elec Ilium
Sales
Friday
STOCKS
(Continued)
for
Sale
STOCKS
(CorUinued)
1563
Jan
Jan
Jan
7%
preferred
...1
"k
"""%
1
Too
"k
21
Jan
preferred.
Feb
"ii'k" ian ~"l2X
30
109
10
1UX
Jan
2 X
50
2%
Mar
6*4
500
2X
6 X
Mar
6 X
109M
36
Mar
8%
Jan
Jan
ex
Jan
Feb
25%
Jan
65
%
Feb
»»!•
Jan
X
Jan
1J1
Jan
1%
100
20
Jan
1%
Jan
5%
26%
Jan
20
'
■
■
Hartford Rayon v 10...
Hartman Tobacco Co
:
Am dep rets ord reg...£l
~
~~6X "x6k
Dlvoo-Twln Truck com..l
x6
17666 ~"~5K
k
Feb
4X
Jan
......
-
"T%
Jan
5X
Jan
X
Harvard Brewing Co
400
X
I
mm
mm m
m m.
5X
Haseltlne
20 X
♦
Corp..
'
200
20 X
Feb
20 X
Mar
1*4
B non-vot common....!
Jan
Dominion Tar A Chemical*
Jan
2
Feo
25
20
-----
"76""'Feb "~76 "
111
Duval Texas Sulphur
Feb
24
111
Jan
3
Jan
2%
73%
-
-
-
"73 k "75"
•
-
•
r
9
9
.
mm
Feb
73 X
Feb
76 X
Jan
Jan
Jan "'ix
Jan
♦
2 %
2X
34
35 K
X
37 preferred series A
36 preferred series B
Easy Washing Mach B___*
Jan
Economy Grocery Stores.*
Elee Bond A Share com..6
36
preferred
36
preferred..
.....*
EleeP A L 2d pref A.....*
Option
12K
3 X
Jan
Heyden Chemical
10
Hoe (R) A Co class A...10
Bollinger Consol G M
6
Holophane Co common..*
warrants..
Electrographle Corp
Elgin Nat Watch Co
Emerson Elec Mfg...
2%
Mar
850
'■ '
49 X
34
UK
-
mm
km
3K
400
12K
12 K
50
3X
6.300
3%
60
61H
11
11
Jan
Horder's, Ino...
13X
Jan
IK
*
Jan
•is
Jan
Horn (A
Feb
Jan
3X
12
3
Jan
Jan
Jan
common..
X
90
90
5%
preferred
Feb
Jan
58 K
Jan
Hummel-Roes Fibre Corp
Jan
26
Jan
5
Feb
Feb
------
Hussmann-Llgonier Co.
Jan
8X
13X
IK
ux
IX
Feb
12 X
32 X
Jan
620
260
mm
100
13 X
--
-
-
100
-
-
-
-
-
Jan
10%
.....
30 x
.....
30 X
•
53 X
28
Jan
2
Feb
Feb
3%
81
.
Jan
1
..1
Hydro-Electric Securities *
Hygrade Food Prod.....6
Hygrade Sylvanla Corp..*
Feb
5
Feb
12
Feb
13%
Feb
77%
Jan
8X
Feb
10%
Jan
8X
Jan
78%
Jan
Jan
13%
Feo
Feb
33%
2%
Feb
31%
113%
Feb
U%
67 K
70
Feb
90
Feb
Feb
91
Mar
89%
91
9 OK
92 X
2,400
68
Feb
92 X
Mar
90 X
92H
825
72
J&D
92 X
Mar
Dlv arrear ctfs...
50
54
......
2%
Feb
175
2.000
30 X
Jan
U3X
16X
53X
5X
Feb
Jan
Feb
63
Jan
Feb
*16
200
X
roX
100
5X
Mar
Ou
Jan
5X
1%
600
31 K
50
1.300
31 X
3X
32*4
2,500
5*4
ex
1,000
2X
32
6%
Feb
5*4
IX
31X
Jan
IX
31
2X
29
5%
Jan
18
800
7
Feb
Feb
X
IX
Jan
-
5*4
5K
Illinois Iowa Power Co...*
Jan
53 X
Jan
65
"33%"
V t c for 1st pref
mm
mm
100
HX
mm
------
Huyler'e new com
Feb
""900
mm
68 K
x
*
67 X
13
Jan
Feb
100
67
------
5
92%
Feb
..100
6
Mar
92 K
1567
Jan
25*4
26%
mm
30 X
Horn A Hardart
5% conv preferred
90
8%
Feb
mwmmm ■
68 X
1
Hubbell (Harvey) Ino
Humble Oil A Ref.
Feb
IK
"3 k "3
Jan
Jan
O Co
12K
4X
81
k
Jan
25
Horn A Hardart Baking..*
Feb
15X
15%
3X
X
10 K
mm
3
10 x
100
Hormel (Geo A) A Co com*
2,000
11
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
For footnotes see page
Jan
42
Feb
50
61"
IK
0% preferred.......100
6 K% preferred.....100
7% preferred....
100
8% preferred
.100
Feb
Feb
51X
59X
600
54
1
16
4
Jan
3K
58 K
14
mm
200
3K
51 X
♦
200
Hewitt Rubber common..6
10%
"ilx "il'x ~15X
3 K
Jan
Jan
10 x
X
■
7K
Feb
200
12
10
8%
Henry Holt A Co part A..*
Mar
-
Feb
Feb
100
26
ex-warr
6X
35%
10X
6%
26
10X
w w
8X
2X
Jan
ux
25 X
14
4
_
*
•
Preferred
5%
...2
800
km
Eastern States Corp
....*
Class A.
Heller Co common
900
6
5%
ux
Helena Rubensteln.....
"'566
9 x
East Gas A Fuel Assoc—
Common
5K
Preferred
mm mm
""i'x
~*6% ""ok "7%
*
Eagle Plcher Lead......
""175
,
Jan
Jan
21K
-
Jan
——
Draper Corp.
DubUler Condenser Corp.l
Duke Power Co
..100
Jan
'
Hearn Dept Stores com
-----
Jan
Hat Corp of America—
.......
"~5X~ Jan
-----
-----
Durham Hosiery cl B com *
Duro-Test Corp common. 1
Jan
61 X
20
......
2K
Distillers Co Ltd—
Dobeekmun Co common.)
115
'
Hall Lamp Co
-
Diamond Shoe common..
Distilled Liouora..
Jan
U3X U3K
2X
| Detroit Paper Prod
Feb
Jan
7%
Jan
7
Jan
1%
1%
Feb
Jan
Jan
Feb
38
Jan
Feb
Jan
Feb
3%
35
Feb
7%
Jan
Jan
yA
Last
Week's Range
for
Sale
of Prices
Low
High
Price
*
Illinois Zlno Co-.——-
1054
Low
300
954
1254
Jan
Jan
654
254
654
654
100
254
654
654
2 54
Mar
354
1954
1954
Mar
654
654
854
Jan
Jan
Jan
700
554
Jan
200
654
754
Feb
Feb
8
19 54
254
400
354
1954
1954
Jan
20
9
100
Micromatic Hone Corp.
Jan
24
Jan
Jan
554
1,000
Mldvale Co
Feb
254
1054
Jan
Feb
h*
Jan
Vitamin—1
Interstate Home Equip..1
Interstate Hosiery Mills—*
Interstate Power $7 pref.*
Investors Royalty.
1
Iron Fireman Mfg v t c
*
"m
1154
1154
150
Feb
4 54
Feb
13
Jan
Monroe Loan Soc
3454
Montana Dakota UtU
Montgomery Ward A
Feb
954
700
954
1154
2 54
54
Jan
10
Jan
Jan
1154
Feb
Feb
354
Jan
Jan
Jan
1554
Feb
18
Jan
Feb
14
Jan
54
Feb
3 54
Jan
154
Feb
Mountain Sts Tel A Tel 100
Jan
500
254
•
54
254
54
Feb
Feb
Jan
V
54
9454
20 £10054
10954
Fen
Mar
Jan
....
2754
"3054
1,000
"7 k "754
200
96
10454
Jan
110
Jan
Feb
"3754"
Jan
Feb
Jan
2354
Feb
Jan
7
Feb
9
Jan
Feb
354
Jan
"Feb
'11
Jan
20
70
Jan
74
Mar
20
5154
Feb
54
Jan
200
"16
1
154
600
16254
210
"lok "20"
%
*
National City Lines com.l
$3 conv preferred
60
National Container (Del). 1
National Fuel Gas
—*
Nat Mfg A Stores oom
National P A L $0 pref
1
Feb
154
Jan
Jan
Feb
54
Mar
254
54
♦
*
*
National Refining oom
Nat Rubber Maoh
254
554
354
554
2,400
1,000
1454
1454
5 54
10
9854
50
260
Feb
10
Mar
9654
Mar
Jan
354
Mar
10
Jan
10454
Jan
5
Jan
38
"""20
37
Jan
42
Jan
13
500
1254
4 54
9854
Feb
Feb
1454
Jan
554
Jan
Jan
10054
954
Jan
10 54
Feb
Jan
Jan
15
Jan
"l"66
10
Mar
Jan
1354
*
Feb
54
"Feb
654
Jan
Jan
"""54"
Lefcourt Realty com.——1
Conv preferred........*
254
254
1,000
254
Jan
754
254
54
2554
54
700
>21
Jan
*i«
Jan
2654
754
400
2354
754
Feb
Feb
2954
Jan
854
Jan
754
100
Jan
Lipton (Thos J) Ino—
National
*12*"
1654
154
100
1654
300
50
154
1354
Mar
Mar
Feb
1454
2,500
954
Jan
1054
1654
154
14
14
954
954
19
"454
*
200
•it
54
Feb
26
26
200
25
Feb
23
23
25
22
Feb
Loudon Packing........*
'"*4 54 "4 54*
'lJOO
154
454
10854 10854
10
10854
2154
2154
10
154
Jan
Feb
Mar
54
3154
2854
154
454
10954
Mar
Mar
2554
150
7i«
Jan
154
Mar
54
154
3954
2154
2154
2154
200
154
2154
Jan
100
'154
$5 conv
preferred
»
Manlsohewltz(The B) Co.*
Mapes Consol Mfg Co
*
Marconi Intl Marine
Jan
26
Common.
3%
cum
6%
Pow Assoc
preferred
N Y Merchandise
Jan
Jan
Jan
Jan
Jan
Feb
24
41
"2654"
Founders sha
es
554%
Common
Jan
5% 1st preferred
5% 2d preferred
Feb
Jan
Jan
"16
Jan
100
Jan
No Am Utility Securities. *
Nor Central Texas Oil...5
Mar
17
Jan
Jan
4
Jan
Feb
29
Jan
com
1554
1554
""160
2854
•
2854
454
25
Merchants 4 Mfg ol A...1
Participating preferred.
Merritt Chapman 4 Soott *
454
454
300
1554
354
28
354
Feb
454
554
Jan
Nineteen Hundred Corp B1
Jan
78
FeD
85
Feb
Mar
2054
9
754
11
254
54
954
Jan
Feb
Feb
254
Feb
-
200
8
Jan
100
654
300
1054
2 54
Feb
Jan
Feb
54
954
Jan
Feb
Feb
1,300
400
100
300
654
554
Jan
Jan
Mar
9
754
1254
354
54
11
Mar
Jan
Jan
Feb
Jan
11654
Jan
5454
119*"
"*160
Feb
4
Jan
554
Mar
Jan
4154
Jan
554
4954
175
654
54
Jan
654
Jan
5654
Jan
Feb
554
1354
6354
Feb
Feb
14 54
Jan
Feb
Feb
Jan
Jan
Mar
0854
Jan
1
Jan
154
Jan
Jan
3^4
Jan
Feb
"*1*66
6354
6454
1,050
154
154
500
1854
Mar
117
17?4
"im
1
12954
1
«
I
•
8: "ilk"
*—t 00
Mar
"1954* "Jan
7
Feb
754
Jan
11054112
30
11054
Mar
103
10
103
Mar
11654
10554
Jan
103
24
26
900
23
Jan
2854
Jan
106
106
10
106
Jan
10754
Jan
754
Feb
--
-
......
_
-
------
-
-
-
--
-
-
3554
54
654
Jan
70
m -
-
-
34
34 54
Mar
-
-
254
6854
254
3
2,900
254
Feb
6854
71
250
6854
Mar
60
60
60
10
Feb
60
'lH
5,000
hi
*1M
354
Jan
Jan
Jan
Jan
Jan
42
Jan
354
7954
6554
Jan
Common....
0% prior preferred
Jan
Jan
Feb
*14
Jan
*U
Feb
100
354
—
-
_
_
354
.
—
—
_
_
.
m
mm
-
54
Feb
60 54
Jan
Jan
10 54
Jan
Feb
54
Jan
Feb
54
Feb
54
Jan
9
-
200
54
54
7454
1954
74k
200
54
76
125
1954
100
4
Jan
52
mm
-
—
—
—
8
Northern Sts Pow cl A..25
Northwest Engineering..*
_
—
m
_
754
-
m
-----
54
Jan
354
-
-
-
Jan
354
Jan
2354
254
Jan
Jan
—
-
104
Feb
110
50
—
11154
Feb
119
854
Jan
954
Jan
75*
Jan
954
2354
Jan
30
Jan
-
700
8
—
-
5254
Jan
30
1115411154
_
Feb
_
104
104
Nor Ind Pub Ser 0% pf.100
7% preferred
...100
Northern Pipe Line
.10
Jan
2354
23 54
Jan
Feb
—
—
84
Feb
5054
80
Feb
19
54
52
51
.....
70
19
50
4
Feb
4
9154
Feb
54
„
Jan
5654
—
1
Novadel-Agene Corp....*
Jan
89
354
—
_
„
—
-
Feb
20
-
23 54
100
2354
Mar
254
2,300
254
Feb
-
>,). ■
..
•
\'
.
.v
Jan
Jan
"•
Y'v
1567
25 54
Feb
Feb
Noma Electric
—2
Nor Amer Lt A Power-
Ogden Corp com
For footnotes see page
4*54*
Jan
Jan
554
54
100
Nipissing Mines.........5
Warrants.......
654% A preft tred--_100
4454
1254
1254
254
9254
2054
1
*
148
Mercantile Stores
Jan
Mar
50
Class B common......5
Nil es-Bement-Pond
Jan
Feb
Jan
4 54
14 54
Niagara Share-
554
Memphis Nat Gas com..6
Jan
Feb
FeD
13054
254
Jan
Jan
hi
Feb
354
54
1754
354
Class A opt warrants
Class B opt warrants
100
i...
Jan
Jan
Jan
454
154
100
100
2,200
8
138
67
Mar
ROOO
*1454 "14*54
1454
64
$0 preferred.......—.*
654
Jan
4k
North Amer Rayon ol A..*
Class B oommon
...*
135
Jan
654
454
10
Jan
Jan
Jan
754
138
Jan
Jan
Niagara Hudson Power—
Jan
5954
254
754
•
Jan
1754
11
N Y Water Serv 0% pf.100
Jan
Feb
Mead Johnson 4 Co..
Jan
Mar
1754
.100
New York Transit Co....5
5954
154
MoWUllams
Jan
12
87
117*
preferred
J an
...*
554
1554
f
New York State El A Gas—
33
Mfg B—
Dredging...*
""*354""jan
36 54
__1
Feb
preferred—
Jan
139
200
10
7% pref-100
$0 preferred
•
N Y Shipbuilding Corp—
Feb
May Hosiery Mills—
Jan
Jan
"i«
Feb
1*475
4954
4954
Warrants............
N Y A Honduras Roeario 10
154
2854
McCord Rad A
Jan
1854
26
Mar
1054
1354
•
Massey Harris common..*
"*550
137
"9lk
554
New Jersey Zlno...—..25
New Mex A Aris Land—.1
New Process Co.
.1
Feb
$4
Jan
'""454"Feb "*5*"""Jan
100
7i#
*30*54*
Mar
1054
654
$2 preferred
»
New England Tel A Tel 100
New Haven Clock Co.—*
New Idea Inc common...*
1
2854
Jan
1454
*
Feb
3054
Feb
554
4% non-cumlOO
254
1,500
*"*254"
42
—.10
Jan
354
Jan
300
Nelson (Herman) Corp—.5
Neptune Meter class A.—*
Nestle Le Mur Co cl A
*
Nevada-California Eleo—
"*954
*
Mar
200
1054
254
54
954
254
*
Class A preferred
....*
174
Feb
1054
1954
50
Nebraska Pow 7 % pref-100
Nehl Corp 1st preferred._*
Jan
Jan
Jan
Communication Co Ltd.
1
Jan
Mar
N Y City Omnibus-
"Feb *"27 %"Feb
*25
100
Master Electric Co
Jan
"156"" "Feb
11454
11
*
N Y Pr A Lt
Lynch Corp common..—5
Manatl Sugar opt warr
Mangel Stores——_l
254
Feb
1154
12
*90*
30c
Nat Union Radio...
Feb
Long Island Lighting—
Conv 7% 1st pf v t e.100
Feb
Feb
4354
1154
*91""
Transit....12.50
Nat Tunnel A Mines
N Y Auction Co com
454
854
3654
54
Jan
Jan
Mar
11
Jan
New Engl
7% pref class A—...100
0% pref class B
100
654
3354
54
42
4354
1054
15
"954
9
1354
Feb
1254
1,300
1354
854
754
13
10
.5
Lone Star Gas Corp.—..*
Jan
1654
National Sugar Refining.*
National Tea 5 54 % pref. 10
300
——*
Locke Steel Chain...
754
1,000
National Steel Car Ltd...*
13
454
154
11654
454
Jan
Jan
100
54
Jan
454
*
Feb
67
Feb
38
25
Jan
6
1154
1154
1354
14
13
Kreuger Brewing Co.——1
60
138
137
138
Feb
*
Navarro OH Co
26 54
Jan
100
3
454
2054
354
10
9654
—
Feb
r»
*250
10
54
1454
5554
54
20
14
Lehigh Coal A Nav
*
Leonard Oil Develop—.25
Le Tourneau (R Q) Ino— 1
Feb
Jan
National Candy Co
*100
Lakey Foundry A Maoh—1
Lane Bryant 7% pref.. 100
Lane Wells Co common—1
Langendorf Utd Bakeries—
Jan
Jan
'3*500
161
Nat Bellas Hess com
1
National Breweries com—*
117
74
Kelln (D Emil) Co com..*
Kleinert (I B) Rubber Co. 10
1254
8
Feb
Muskogee Co common
*
6% preferred
100
Nachman-Springfllled.... *
2554
53
si«
Klrkl'd Lake G M Co Ltd.l
Lackawanna RR (N J).100
Lake Shores Mines Ltd—.1
Feb
4554
1,500
1,000
"li "~k
..*
common
154
98
Jan
7
254
9
754
854
754
854
Murray Ohio Mfg Co
*
Muskegon Piston Ring .2 54
700
800
53
Knott Corp common
1
Kobacker Stores Ino—...*
154
IMountaln States Power-
54
1854
7154
"lk
11754
Jan
11554
354
Mountain Producers....10
54
1654
6ie
74
Mar
7n
Moody Investors part pf.*
Moore (Tom) Dlst Stmp.l
Mtge Bank of Col Am shs..
Mountain City Cop com.5c
3
754
Jan
110
275
48
Montreal Lt Ht A Pow-*
354
2354
11654
Kennedy's Inc
...6
Ken-Rad Tube A Lamp A *
Mar
£1354
*
*300
254
2854
8
18
1
A
11
h^
Feb
Feb
*400
10
354
Jan
Jan
Mar
354
pref.100
Marlon Steam Shovel
Mass UtU Assoc v t o
150
114
47
47
Monogram Pictures com.l
954
17 H
654
600
Monarch Machine Tool..*
Jan
»i«
354
654% preferred.—.100
0% preferred
100 £10054 zl0054 101
7% preferred...—-.100
Johnson Publishing Co.. 10
Margay Oil Corp
Jan
"*7k "754
754
1
Jan
6
Jersey Central Pow A Lt—
7% 1st pref
654
154
Mock Jud Voehringer—
Common
—$2.50
Feb
1154
29
Irving Air Chute..—....1
Italian Superpower A
*
Jacobs (FL) Co_—.....1
Jeannette Glass Co..
*
Louisiana Land A Explor.l
Louisiana P A L $6 pref..*
Ludwlg Bauman A Co oom*
Jan
Mar
Missouri Pub Serv com..*
Molybdenum Corp—
oommon
Jan
»«
454
Mississippi River Power—
0% preferred
100
454
preferred—
354
*»»
Jan
Feb
110
MinnesotaMln A Mfg....*
Minnesota P & L 7% pf 100
...—1
Line Material Co—..—.5
254
Mining Corp of Canada..*
Class A—j———*
Class B
300
Midwest Piping A Sup...*
Jan
International Utility—
Class A
Jan
254
1654
10
-
Jan
Feb
Koppers Co 6% pref...100
Kresge Dept Stores—
4% conv 1st pref
100
Kress (S H) special pref. 10
Feb
654
254
•
Feb
Jan
ht
Kimberly-Clark 6% pf-100
Kingsbury Breweries.... 1
Kings Co Ltg 7% pf B.100
5% preferred D
100
Kingston Products
1
Klrby Petroleum........1
454
Feb
50c
754
254
100
Jones A Laughlln Steel. 100
Julian A Kokenge com..*
Jan
5
dlv shares.*
454
Feb
Conv
non cum
Jan
354
Common
conv
$2
154
354
international
354
8
Mid-West Abrasive
Jan
1154
Jan
100
754
Jan
854
*
—*
Jan
Jan
Mar
100
preferred.—*
Feb
300
$1.75 preferred
«i#
Jan
Midland Steel Products—
Feb
1,000
Internet Safety Razor B_*
Feb
300
Jan
954
354
10954
54
654
1,200
Jan
Jan
9%
International Products—.*
Feb
Feb
454
ht
54
154
3 54
Jan
6
554
1254
73 54
2054
3*300
9 54
Jan
Jan
454
*18
4 54
—*
*
40
6
1
454
Feb
4 J4
Jan
10854
54
54
B v t o—....... 1
6454
500
2H
Feb
*"*706
"l«
Middle West Corp eom-5
Midland Oil Corp—
Midwest Oil Co
154
.
1
18
5
.
t c
Jan
~VA
6%
Class
v
Feb
"V>A
Lit Brothers
A
54
"650
18,
'It
54
300
54
Feb
Feb
54
54
Feb
Feb
Kansas G A E 7%
Class
$2
6954
H
154
Jan
Middle States Petroleum-
10
6854
54
10
.
Jan
Jan
International Petroleum—
r
Preferred
Jan
354
2154
«i«
6854
High
54
6
$6 preferred
Michigan Bumper Corp.-l
Michigan Steel Tube..2.50
Michigan Sugar Co..——*
Jan
54
common..—.—1
7% preferred
100
Insurance Co of No Am. 10
International Cigar Mach *
Internet Hydro Elec—
Pref $3.50 series
50
Internet Industries Inc.—1
Internet Metal Indus A—*
Internet Paper A Pow warr
K$3.50 prior pref
54
Metropolitan Edison—
1
o
Class B
Low
100
154
3454
54
25c
Feb
354
1354
1454
40
Industrial Finance—
^
for
Partic preferred—.16
Non-voting class A—-1
Class B——
—1
Registered shares
Price
Mesabl Iron Co.........1
Metal Textile Corp
100
Coupon shares
of Prices
I Week
Low
High Shares
Par
Indian Ter Ilium Oil—
V t
Week's Range
Sale
High
Illuminating Shares A—
Imperial Chemical Indue—
Am dep rote regis
£1
Imperial Oil (Can) coup—*
Registered
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain A Ireland
£1
Indiana Pipe Line
7 54
Indiana Servioe 6% pf-100
preferred
Last
Range Since Jan. 1,1941
Shares
1054
Range Since Jan. 1,1941
STOCKS
(Continued)
Week
Par
Sales
Friday
Sales
Friday
STOCKS
{Continued)
7%
March 8, 1941
New York Curb Exchange—Continued—Page 3
1564
r"
......
'
!
•
354
Jan
Jan
Jan
Jan
I
Volume
New York Curb Exchange—Continued—Page 4
152
Friday
Week's Range
Last
STOCKS
Sale
(»Continued)
Par
Price
High
Shares
Ohio Brass Co d B com..*
109%
125
109
Feb
21%
110%
Feb
Jan
111%
250
109%
Jan
112
Feb
St Regis Paper com.....5
Win 109j8m 109 uH
1.550
20%
111 %
115
6
111%
113%
115
100
Ohio P 8 7% 1st pref—100
0% 1st preferred
100
6
200
Jan
109«a» Feb
111%
20 .7115
109l8n Mar
Mar
116%
Jan
100
Oklahoma Nat Gas com. 15
19%
19%
100
preferred
50
$6% conv prior pref.—*
Omar Inc
1
Overseas Securities
*
50%
50%
50
114% 114%
100
S3
Jan
Samson United
110%
Jan
Sanford Mills
Jan
107%
Feb
21%
Jan
Feb
54
Jan
Schulte (D A) com
Jan
116%
Jan
6
Feb
2
113%
Jan
Scranton Elec $6 pref
Feb
34%
Jan
29%
Feb
31 %
Jan
70
106%
Jan
108%
Feb
83
Jan
86 %
Jan
3%
3%
9,700
10
Parkersburg Rig A Reel—1
12%
5%
400
30 %
12%
200
5%
70
30
32%
33
150
1
Airlines com.l
10%
2%
7,000
600
11
12.80 series pref
87%
Sculln Steel Co com
"l%
Jan
Jan
Segal Lock A Hardware..1
Selberllng Rubber com
»
2%
Feb
3%
Jan
3
Jan
12
Feb
13
Jan
Common
Convertible
Mar
6%
Jan
Mar
30%
Mar
32%
Feb
35%
Jan
Jan
32
Jan
5%
30
Selby Shoe Co
2%
10%
Allotment certificates
Pharls Tire A Rubber
Jan
Seton Leather oommon
Jan
65%
Feb
38
Feb
bherwin-Williams
%
00m-.25
112
Jan
182
Jan
Jan
14
Jan
400
52
Feb
57%
Jan
Simplicity
87%
100
85
Feb
92
Jan
50
25
Jan
28
Jan
Singer Mfg Co
3%
Feb
4%
Jan
5%
Feb
6
Jan
Mar
118%
Jan
31%
31 %
Jan
Skinner Organ
Feb
3%
Jan
Smith Paper Mills
4%
Feb
13%
1%
13%
13%
100
12
1%
1%
500
5%
7%
Amer dep rets ord
Feb
18%
1%
Feb
1%
Jan
1
South Coast Corp com
1
.1
1
1
Penn Oil
6%
600
6
Feb
45
Jan
Jan
Southern
66
580
63
Feb
70
Jan
64
Pittsburgh Metallurgical 10
13
Xl3
Pittsburgh Plate Glass..25
76%
"9%
9%
700
Jan
13%
Jan
1,200
76%
Mar
96%
Jan
"3%
700
Mar
9%
100
3%
8%
12%
%
13%
76%
3%
78
10
Potero Sugar common
%'""n~i6 ""600
""16
1%
3%
1%
6
*16
800
%
Jan
42%
44%
450
41
FeD
45
43
50
42
Jan
45
2
2
50
1%
4
13
4
Jan
Jan
10%
Jan
12%
Jan
Feb
ui«
Mar
Jan
%
200
900
4
71%
109%
"71% "73%
T566
109% 109%
30
2%
3%
3%
%
230
2%
100
3%
%
100
3%
500
1%
1%
2,200
1,500
Feb
23%
Jan
Jan
%
Jan
400
7%
Feb
7%
4
Feb
4%
Jan
8%
9
300
8%
Jan
8%
Mar
4,500
2%
Mar
9%
Jan
106% 106%
10
105%
Jan
106%
Jan
%
8% .Jan
Jan
*i«
Feb
54%
975
113% 117
116%
|
525j
95%
Jan
45
Jan
117
Mar
58%
Feb
53
55%
111%
110
111%
250
108%
Feb
111%
Mar
111%
111
111%
30
109%
Jan
111%
Mar
46%
15%
6
Pyrene Manufacturing.. 10
"T
13
Jan
Jan
Jan
Jan
23%
2%
1%
Jan
107%
Jan
130%
Feb
2
Jan
2%
Mar
Jan
104
49
15%
Feb
3
7%
"7%
4
1%
Jan
3%
Feb
1
Feb
3%
1%
Jan
Mar
37
Jan
39%
Jan
30%
Jan
Feb
46%
Feb
29%
29%
100
29%
Feb
900
29
Feb
31 %
29%
%
Jan
Jan
FCD
Jan
161%
5%
"2% "2%
300
Jan
165
"loo
Jan
5%
Feb
Feb
8
Jan
Jan
100
5
Jan
Spalding (A G) A Bros...1
5% 1st preferred
*
Spanish A Gen Corp—
Am dep rets ord reg—£1
1%
1%
200
1
7
7
Jan
Jan
3%
12%
Jan
5%
Jan
Feb
15%
Jan
1
1%
Jan
$1.60 conv preferred..20
Standard Invest $5 % pref *
12%
8%
Jan
Jan
14%
8%
Jan
18
Feb
20%
Jan
Jan
Feb
108%
Feb
Mb
%
Jan
10
Standard OH (Ky)
1
67%
Jan
18%
8%
Jan
Feb
Standard SUver Lead
Standard Steel Spring
5
Jan
Products Co
200
Standard Tube clB
Jan
Standard
Jan
Feb
9%
Jan
Feb
*i«
Jan
Feb
7%
Jan
Stein (A) A Co
ht
Jan
Sterchl Bros Stores......*
%
5
Wholesale
Ordinary shares
Feb
4%
Feb
Jan
%
Jan
15%
3%
11%
Feb
16%
Jan
"22% "22%
17
48%
common.*
Reliance Elec A Engln'r'g 5
3%
11%
4%
Jan
7m
200
n«
4
12
4%
3,300
200
100
Radiator
Co1
C100
4%
1%
Feb
Jan
Mar
Feb
2
1%
Jan
Jan
21
Feb
5%
Jan
Mar
14%
Jan
Jan
5
Jan
Feb
1%
Jan
Rio Grande Valley Gas
Jan
300
Feb
104
104%
Feb
tj»
104
Jan
Feb
107
Feb
*
Sun Ray Drug Co
1
Sunray Oil
1
5%% conv pref
60
Superior Oil Co (Calif)..25
Superior Port CementClass B common
Feb
13 %
Jan
Feb
10%
Jan
Taggart Corp com
1
Tampa Electric Co com..*
Technicolor Ino common-*
Texas P A L 7% pref..100
2
Feb
Jan
Jan
4%
Jan
Jan
%
2,200
Jan
4%
1%
2%
1%
Jan
%
Jan
1
Rossla International
Tllo Roofing Inc
Feb
53
Royal Typewriter
57
Jan
Feb
3%
200
3%
Mar
4%
400
2%
Feb
2%
Jan
%
Feb
1
Jan
3
2%
Ryan Aeronautical
3%
Ryan Consol
2%
Co—1
Petrol
Ryerson A Haynes com—1
1567
3%
2%
Feb
Jan
Jan
*n
Jan
Jan
27%
1%
Jan
Feb
Feb
20
Feb
Jan
12
3%
40%
3%
40%
100
2%
Jan
4%
Feb
25
38%
Feb
40%
Mar
Jan
9%
Feb
""7% "7%
'"TOO
7%
Feb
8%
Jan
%
100
%
Feb
1%
1,500
1%
3%
%
Feb
%
1%
Jan
Feb
4
Jan
12%
Feb
Feb
15
11%
Jan
14%
10
Jan
10%
Jan
1%
38%
22%
Jan
1%
39%
Feb
28
Jan
%
50
Feb
Jan
12
7
%
1%
12%
1%
1%
2-38%
"22%
22%
12%
50
1%
38%
22%
3,100
2%
100
100
100
2%
Mar
Mar
Jan
11
6%
2%
%
12
Jan
Feb
Jan
Jan
Jan
Jan
Jan
7%
Jan
Feb
3%
Jan
Mar
23
Jan
12
9
23
8%
113
25
Jan
3
17
17
7%
1
23%
700
9%
2,000
8%
Feb
9%
113%
20
112%
Jan
113%
Jan
200
2%
Jan
3
Jan
17%
200
Feb
7%
500
16%
6%
%
23
Jan
19%
8%
%
Jan
53
3
Tlshman Realty A Constr *
Exports...*
Tobacco Secur Tr—
Ordinary reg
£1
Def registered
6s
Todd Shipyards Corp....*
"is
12
3%
53
Tobacco A Allied Stocks..*
Royalite Oil Co Ltd.....
9
Feb
20
20
Texon OH A Land Co
2
Thew Shovel Co com....6
Jan
Jan
Feb
500
•
9
com...5
Roosevelt Field Inc
5
Root Petroleum Co
1
$1.20 conv pref
20
Rome Cable Corp
7%
22
%
Swan Finch OH Corp....15
12
100
prflOO
Roeser A Pendleton Inc.
"166
SuHlvan Machinery—
Jan
Jan
Jan
»u
%
common..*
Feb
13
44
100
Jan
Jan
*
4%
%
Jan
Phos¬
17%
50
40
107%
1%
0% 1st preferred
60
5% 2d preferred
20
Sterling Aluminum Prod. 1
Sterling Brewers Ino
1
Sterling Ino
1
Stetson (J B) Co com....*
Stlnnes (Hugo) Corp
6
Stroock (S) Co
--.*
400
2
2
Jan
Jan
22%
phate A Acid Wks Ino.20
Starrett (The) Corp v t o.l
Steel Co of Canada—
7%
100
8
8
1
Jan
159%
6%
50
19
1
105
%
Republic Aviation
1
Rheem Mfg Co
...-.1
Rice Stlx Dry Goods
*
800
1
Feb
*
Reiter Foster Oil Corp..60
18%
18%
*
Feb
1%
100
»
Preferred
Feb
J an
Mar
13%
4%
108% 108%
%
%
18%
5% preferred.......100
Standard Pow A Lt—
14%
112
Raymond Concrete Pile—
60c
4%
Standard OH (Ohio)—
80
48%
Feb
»i»
149
13%
Jan
1 %
1
70
47
7%
Jan
100
13%
Feb
Jan
83
47
5%
•u
1,625
50
Jan
Jan
1
*
Standard Cap A Seal com.l
Conv preferred
10
Standard Dredging Corp—
Standard
6%
Jan
Feb
5%
1%
Standard Brewing Co
150
6%
2%
1
20
Spencer Shoe Corp
Stahl-Meyer Ino
Jan
6%
Jan
4%
7
5%
5
Feb
900
Jan
Feb
1*11
Jan
5
44
%
Feb
Mar
25
Preferred A
Feb
""200
Jan
%
3
95
100
Jan
Jan
Feb
21
8
Option warrants
Ry A Light Secur com...*
Railway A Utll Invest A.l
Jan
Jan
Feb
400
98
Quebec Power Co
Radio-Kelth-Orphuem—
For footnotes see page
Feb
Mar
80
100
*
Reed Roller Bit Co
6%
20
150
Quaker Oats common...
Raytheon Mfg com
Red Bank Oil Co
Jan
Feb
50
8%
47%
96%
Pyle-Natlonal Co com
*
Jan
80%
115%
20
Common class B
98
Puget Sound Pulp A Tim *
—*
11
Jan
Mar'
20
Common
Public Service of Indiana—
*
Feb
Jan
Mar
100
Southern Phosphate Co. 10
Southern Pipe Line.....10
100
$0 preferred
10%
71%
109
%
Southern Union Gas.....*
300
100
6% prior Hen pref
100
7% prior lien pref. ..100
Puget Sound P A L—
$5 prior preferred.
*
Jan
100
7% preferred
South New Engl Tel
Jan
Public Service of Colorado
*
•
4%
45%
29%
Feb
8%
2%
*
$0 preferred
Public Service of Okla—
Jan
Feb
24 %
38
37
29%
Mar
7%
•
$7 prior preferred...
7
3
100
3%
1%
29%
1%
»
Prudential Investors
Feb
Jan
Jan
1%
29%
4%
2%
Feb
%
Producers Corp of Nev__20
Prosperity Co class B
Jan
Feb
Jan
%
1%
5%
6%
25
Feb
20
1
Providence Gas
Jan
104
112
109
pref series C...25
preferred B
5%%
Mar
*
Pressed Metals of Am
0%
%
1
com
J an
%
%
1%
Feb
Southern Colo Pow cl A .25
3%
2%
*
Premier Gold Mining
Jan
2 %
23%
2%
1%
6% original preferred.26
900
6% 1st preferred.—.100
Prentlce-Hall Inc
Feb
Calif Edison—
4,600
Power Corp. of Canada..*
Pratt A Lambert Co
1%
%
Southland Royalty Co—5
A Alexander...5
Russeks Fifth Ave
Jan
%
Southwest Pa Pipe Line. 10
75
6%
45%
Jan
45%
64
6% preferred D
9
25
South
6
45
Pittsburgh A Lake Erie.60
Rochester Tel 0 % %
Jan
*
*
Voting trust ctfs
50
...5
60
Rochester GAE16% pf
Jan
8%
reg.£l
100
I Solar Aircraft Co
Jan I Solar Mfg Co
Jan
Sonotone Corp....
Jan { Boss Mfg com
Pitney-Bowes Postage
Richmond
Jan
3%
Sioux City G A E 7% pf
Jan
Pierce Governor common.*
Reeves (Daniel)
"u
Jan
100
115%
37
$3 conv preferred
Jan
3%
8%
Pattern com—1
50
Feb
7.60
Jan
%
100
...♦
pref
200
31
..26c
37
Singer Mfg Co Ltd—
500
conv
3%
5%
,150
Pneumatic Scale com
Jan
Simpson's Ltd B stock..
25
$3
115% 115%
Pleasant Valley Wine Co.l
Mar
2,200
Simmons H'ware A Paint.*
56%
10,200
Meter
»i6
Slmmons-Boardman Pub—
Jan
5%
Common
Jan
Jan
100
13
Feb
34%
0% preferred
Jan
1%
%
8Ilex Co common
171
33
6% 1st preferred
7% 1st preferred
14%
Feb
Sh erwin- W1111 ama of Can
109
34%
Polaris Mining Co
Feb
1
6%
Jan
Jan
115
10
Plough Inc com
Jan
10
300
Shawlnlgan Wat A Pow.
Feb
Phoenix Securities—
Pitts Bess ALE RR
115
llio
3%
25
Phillips Packing Co
Pioneer Gold Mines Ltd—1
1%
%
86%
5%
Jan
Jan
»
60
Phlla Elec Pow 8% pref.26
Conv S3 pref series A.
11
1
1
14%
171
3%
5%
Common
22
84
%
13%
115%
Jan
200
100
91%
deprcts ord reg—.1
2%
♦
200
Jan
Selfridge Provlnc'l Sts Ltd-
110%
54
1
Feb
Feb
Jan
Jan
Feb
43
171
Philadelphia Co common.
25%
115%
13%
29%
115%
3%
-.
25
Phila Eleo Co S5 pref
Mar
%
2
110
87%
Jan
9
44%
25
Feb
Feb
100
»ia
Serrlck Corp class B.....1
111%
Perfect Circle Co
14%
Feb
12
%
stock..—.5
$6.50 prior stock
Jan
*
Pepperell Mfg Co
Jan
Feb
100
8%
5% cum pref ser AAA 100
56%
Jan
%
3%
1
2%
Jan
Penn Water A Power Co
%
Jan
Selected Industries Inc—
Jan
7ii
60
Pennsylvania Sugar com 20
Mar
28%
85%
%
*
38
16 preferred
%
*
64%
Penn Salt Mfg Co
200
36
18%
*
Penn Pr A Lt S7 pref
Jan
"106
»1B
67%
Pennsylvania Gas A Eleo—
common
3%
"9%
11
*
Warrants
Shattuck Denn Mining.__6
t
Jan
Mar
81
Feb
20
Jan
Mar
12%
27%
pref—*
Sentry Safety Control
2%
Pennsylvania Edison Co—
S6 series pref
*
Powdrell
Water Service $6
Am
2%
*eb
2%
*
Seem an Bros Inc
2%
Penn Traffic Co
Pennroad Corp com
"9"
25
Jan
31%
5%
Patchogue-Ply mouthMllls *
Peninsular Telephone com*
SI.40 preferred
25
Penn-Mex Fuel
60c
70
Feb
Scranton Spring Brook
3
3%
2%
1,400
Lace common..*
17%
Paramount Motors Corp.l
Class A
Mfg
67%
Parker Pen Co
%
Securities Corp general...1
Pantepec Oil of VenezuelaAmerican shares
Feb
®u
25
Scovlll
32%
Page-Hersey Tubes
Penn Cent
Conv preferred
Jan
600
*
2%
%
12%
*
Jan
%
*
SI.30 1st preferred
1%
1
19%
50
900
pref—100
1%
5
Corp com.l
Savoy Oil Co
Schlff Co common
30%
107% 107%
30%
2,200
Feb
*
6
33%
33%
High
Low
%
%
118%
Jan
Scran ton
Pacific Public Service
Range Since Jan. 1,1941
for
Week
Shares
400
81
2%
Feb
1%
pf.25
2%
74
81
1
Feb
5%
6%% 1st preferred—25
Pacific Lighting 15 pref..*
2
preferred.......100
6
Pacific Can Co common. _•
Pacific P & L 7%
7%
Salt Dome Oil Co
108%
OUatocks Ltd common—5
Pacific G A E 0% 1st
of Prices
High
Low
1%
111
pref
Price
Par
High
109
6% pref (called)
Week's Range
Sale
(Continued)
Low
St Lawrence Corp Ltd
*
Class A $2 conv pref..50
Ohio Edison $6 pref
*
Ohio Oil 6% preferred—100
Ohio Power 0%
Last
STOCKS
Range Since Jan. 1,1941
for
Week
of Prices
Low
1565
Sales
Friday
Sales
3%
Tobacco Prod
88
88
3%
89
300
70
3%
82
Feb
Feb
Jan
4%
98
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Toledo Edition 6% pre!
Price
107
7% preferred.-.
100
Tonopah-Belmont Dev. 100
Ton' pah Mining of Nev.l
Trans Lux Corp
1
Transwestern Oil Co
10
107
112
114
10
""U ""
"200
»u
»1«
2%
Feb
•ii
Price
Jan
108%
114
Jan
'18
Danzig Port A Waterways
♦Ext 6%s stmp
1952
♦German Con Mnnlo 7s *47
Jan
♦Secured 6a.—.1947
Jan
6 %
35%
I
Jan
'Hanover (City) 7s_—1939
*17
JaD
*17
Jan
%
8%
Jan
Jan
6%
500
6
Feb
8
Jan
♦Maranhao 7s..
*5%
*13%
7
14%
150
35
Feb
40%
♦Medellln 7s stamped. 1961
Feb
2%
Jan
Jan
36
2
400
1%
7%
3H
200
6%
Feb
7%
200
3
Feb
4%
Jan
Jan
%
Jan
%
Jan
3%
Jan
8
Feb
4%
500
""4% "Feb
Jan
9
9%
9%
1,800
8%
10
United Chemicals oom...*
Un
7
Clgar-Wbelan Sto.. 10c
Feb
Feb
9%
11%
Jan
Jan
%
Feb
hi
Feb
*18
Jan
7%
1
%
Feb
"ii
Feb
112%
Jan
*18
3,800
non-voting.*
108% 109%
700
let 87 pref.
Option warrants..—
United G A E
7% pref.100
20
32*
Feb
'A
Vt
3,000
*16
Milk
500
*18
21%
22%
1,000
19%
23%
%
Feb
*81
Z81
Feb
27
Jan
1968
1958
7
7
Feb
6%
Jan
Feb
5%
13%
14%
9%
Ffb
Jan
Feb
Feb
Mar
7
1,000
Jan
Mtge Bk of Bogota 7s. 1947
*22%
*22
*9
♦Issue of May 1927—
♦Issue of Oct 1927..
♦Mtge Bk of Chile 6s. 1931
Mtge Bk of Denmark 6s '72
♦Parana (State) 7s.
1968
♦Rio de Janeiro 6%S.1969
♦Russian Govt 6%s—1919
34
25%
10%
9%
30%
20
9%
30%
17%
3,000
6 %
Mar
7%
Jan
10,000
10,000
%
Jan
%
Feb
%
Jan
%
Jan
9%
2,000
8%
Jan
9%
Jan
6%
%
%
%
9%
9%
Jan
Feb
%
6%
1949
Feb
17
*25
*17
1921
♦Santiago 7s
85
Jan
Jan
1st 6s-
1946
x
1
106%
Jan
1st Aref 6s
1951
x
a
I
105
1966
x
a
1
1968 y bbbl
1967
T
bbbl
1950
x
aa
1960
x
aa
2
106%
1970
2016
x
aa
2
v
bb
4
2024
1956
x
bbb3
37,000
108%
100% 102% 136,000
102%
*127% 128%
x
bbb3
106%
3
Associated Elec 4%s_.
1963 v b
(Associated Gas A El Co—
♦Conv deb 4%s
.1948 z dddl
♦Conv deb 4%s
1949 zdddl
46%
Power
4%s.
Jan
Mar
45%
Jan
Am Pow A Lt deb 6s
10
Jan
Appalae Power Deb 6s
1,000
43%
7%
4%
Jan
5%
Jan
"266
""%"
Feb
Feb
"%"
Jan
8
9%
2,500
5
5%
"""% ""%
44
9%
43%
300
50%
3%
3%
52%
3%
300
2,000
Feb
*u
6%
Jan
Mar
50%
3
Jan
61%
4
Jan
Jan
28%
1%
500
U 8 Rubber Reclaiming—*
3%
4%
4,500
60c
pref.—....*
United Stores common.60o
United Wall Paper
2
Universal Cooler olass ▲..*
Class B
...•
Universal Corp V t 0
1
700
Universal Products Co...*
Utah-Idaho Sugar—
6
81 pref
*
Jan
29%
Jan
1%
2%
%
3%
%
Mar
Feb
Jan
Feb
Feb
2%
Jan
Mar
•
1%
1%
Feb
2%ssf debs
3%ssf debs..
3%«sf debs
Arkansas Pr A Lt 5s
2
5,506
78%
6
17
1%
78
6%
"19
"260
1%
"SOO
78%
125
10,000
105
104% 105
106% 106%
5,000
4,000
104% 106%
106
108%
29,000
7,000
3,000
1968
z
dddl
1977
x
dddl
2
3
*i»
Jan
y
bb
2
102
102
1947 y bb
2
*98
6e without warrants
1960
*
b
3
1967
Convertible 6s
x
aa
x
aa
aa
Feb
17%
Jan
Jan
1%
83%
Feb
Bethlehem Steel 6s
1998
Jan
Birmingham Elec 4%s
1968
Birmingham Gas 6e—..... 1959
Broad EUver Pow 6s
1964
z
bbb3
y
bb
a
Jan
Cent States Elec 6s
1948
y cc
1964
y cc
1%
"l",206
Feb
Mar
1%
90
6%
Waco Aircraft Co.—.*
3%
92
6%
3%
16,100
360
300
200
*
Jan
Jan
Jan
Feb
3%
7%
16%
Jan
Cent States PAL
Jan
3%
Feb
Feb
93%
(♦Ohio Rys 6s OtfS
...1927
Cincinnati St Rj 5%sA —1952
Jan
11
Jan
Feb
8
%
4%
Jan
Cities Servloe 6s———....I960 y b
Jan
Conv deb 6s—....I960 y b
8
Feb
Debenture 6s..
Jan
Registered
Debenture 5s.
Mar
Feb
7% preferred....... 100
*
4%
®i8
Mar
%
13%
ClassB............. *
Walker Mining Co
1
Feb
Feb
Feb
100
Wayne Knitting Mills.—6
Wellington Oil Co.
1
Wentworth Mfg......1.26
2
Jan
1%
101
3%
3%
4
Western Air Express...—I
Western Grocer oom
20
2%
4
Jan
Jan
1,100
2%
Feb
500
3%
Feb
5
%
%
13%
2%
1%
102
3%
5%
4%
3%
Feb
70
18
*
Jan
58%
Western Maryland Ry—
7% 1st preferred
100
Western Tablet A Statlon'y
17%
Weyenberg Shoe Mfg
1
Wichita River Oil Corp..lu
Williams (R C) A Co....*
"5%
16
17%
100
Williams Oll-O-Mat Ht—•
Wilson Products Ino
1
5%
700
4%
100
Wilson-Jones Co.—.*
Wisconsin PAL 7% pf 100
7%
10%
7%
2,500
200
7
4%
Feb
Jan
8%
117
4%
Wright Hargreaves Ltd..*
400
700
1961
1964
x
1943 yb
1968
y
bb
4
Jan
Cuban Tobacco 6s———.1944
y
b
Jan
Elmira Wat Lt A RR 6s.. 1956
x •
Empire Diet El 6s
1952
♦Eroole MareUl Eleo Mfg—
6 %sseries A
.....1963
Erie Lighting 5s
1967
x
Jan
Feb
Jan
Jan
4%
Jan
4%
Jan
Feb
Feb
5%
Jan
Feb
4%
Jan
Jan
Federal Wat Serv 5%s
1964
Finland Residential Mtgs
Bogota (see Mtge Bank of)
♦Cauoa Valley 7s....1948
+6%
Cent Bk of German State A
♦Prov Banks 6s B..1961
*17
12
♦General Rayon 6s A
Gen Wat Wks A El 5s
1948
Georgia Pow A Lt 6s
♦Gesfruel 6s
...1963
Jan
23
Feb
Jan
23
Feb
Mar
26%
Feb
8%
77
72
72%
7,000
105% 106%
19% 21
19% 20%
96%
97%
42% 43%
86%
87%
7,000
105
39,000
82,000
54,000
20,000
3,000
10,000
"13,666
107%
18%
18%
30%
93
97%
40%
49
86%
31
91%
91
95
89
82%
81%
81%
83
84,000
82%
38,000
81%
82%
91%
90%
99%
34,000
91,000
49,000
50,000
82%
82%
81%
82%
90%
90%
99%
80
1,000
r
81%
86%
85%
81%
85%
95%
96%
a
3
v
b
4
x
bbb3
Gobel (Adolf) 4%s
Grand Trunk West 4s
x
3
2
90%
101%
4
z
b
x
a
Jan
Gr Nor Pow 6s stpd
1950
Green Mount Pow 3%s—1963
x
a
Jan
Grocery Store Prod 6s
3
s aa
Feb
27
Jan
22
Feb
♦Hamburg Eleo 7s
106
2,000
86,000
80,000
16,000
11,000
79%
80%
120
128%
96% 101%
89%
93%
53%
60
101% 102%
106
106%
86
89%
78% 88%
120
126
104% 106
105% 106
108%
101%
108% 108%
101% 101%
1,000
105%
41%
42
105% 105%
105% 105%
3,000
2,000
66,000
41% 42
104% 106
104% 106%
100% 101%
78% 79
*100% 101%
5,000
8,000
100% 101%
45
100%
79
45
98%
*45
99%
4
5,000
78
83
101% 102
14,6O6
98% 102%
79
"8,666
99% 100%
104% 108%
72
82%
23
23
80% 82%
30,000
80%
4,000
81%
82%
34,666
75
79%
12,000
14,000
*17
~82*
45
108% 109
101 % 103
65
99%*100%
104% 104%
79
44
4,000
77% 79%
107% 107%
7,000
106
58%
58%
2,000
20
Guantanamo A West 6s...1958 y b
Guardian Investors 5s
..1948 y c
Feb
126
*102
.1945 yb
22
3,000
126
53,000
100% 101%
89% 90% 122,000
15,000
57% 57%
101% 102% 28,000
105%
1
1965 ybb 3
1941 y ccc4
108% 111%
107% 111
120
1
b
88%
98% 102%
3,000
5,000
88
80%
ccc2
y
88
107% 107%
106
2
a
79
126
101
1
x
89%
89%
99
109% 109%
107%
bbb3
x
82
*127
cccl
x
.1960
20
49
83%
75% 79%
107% 108%
103% 106%
58% 60%
9,000
1,000
♦Hamburg El Underground
♦6 series A........1962
Danish 5%s
......1966
*17
*32%
74%
52
Jan
81
Jan
j|Ext 6s............1963
*24
40
26
Jan
26
Jan
1567.
z
22
25%
156
151
50,606
101% 102%
103% 104%
102% 104
73% 81
73
69%
101% 102
103% 103%
*102% 103%
83%
80%
1943 y bbb2
...1967
..1978
7%
105% 111%
106% 112%
9,000
4
bbb2
Gary Electrio A Gas—
5s ex-warr stamped
1944 ybb
Gatlneau Power 3%s A... 1969 x a
General Pub Serv 5s
1953 yb
Gen Pub Utll 6%s A
1966 ybb
Georgia Power ref 5e
2,000
7,000
2,000
1961 y eccl
Banks 6s-6s Stpd
Florida Power 4s ser C ....1966
Florida Power A Lt 6s
1964
Glen Alden Coal 4s
18%
4
Jan
%
1961
109% 127%
18,000
85
2
N
2
Cudahy Packing 8%S—...1966 x a
Delaware El Pow 5%8 ....1959 xbbb4
Eastern Gas A Fuel 4s
1966 ybb 2
Elec Power A Light 6s
4
2030 y b
5%
6%
21%
22%
17%
21,000
107%
91
aaa4
ds ser A stamped...
Confl Gas A El 6s
ser
Week
122%
t22%
17%
113% 114%
85
aaa4
Gen mtge 4%s_
Consol Gas Utll Co¬
(Bait) 3%s
for
grlcultural Mtge Bk (Col)
♦20-year 7s
Apr 1046
♦20-year 7s
Jan 1947
x
Jan
Sales
BONDS
3
Feb
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
b
aaa4
Feb
Mar
x4
102
104%
100% 102
91
aaa4
4%
Petroleum..... 1
Woolworth (F W) Ltd—
Amer dep rots........6e
y
...
x
4%
4%
Woodley
1968
x
Jan
117
Wolverine Portl Cement. 10
Wolverine Tube oom....2
3.000
85
1971
6%
6%
4%
1%
107% 109%
91
1969
Jan
11
87%
1st ref mtge 3s ser P
Consol Gas (Bait City)—
Jan
Feb
Jan
107
106
Consol Gas El Lt A Power—
Jan
14%
Mar
bb
Jan
Feb
Jan
10%
y
1955 y bb
6a series B
Conn Lt A Pr 7s A
Mar
1
*16%
43
Jan
17%
Feb
bb
4
20
Mar
z
6%l
1949 y b
Community Pr A Lt 6s...1957 ybb
Jan
Jan
Jan
5%
4%
96%
Feb
Feb
6
5%
4%
1963 yb
5%«
3
4
13
-
6%s
......1969 y b
Cities Serv PAL 5%s
1952 yb
11%
Westmoreland Coal
20
Westmoreland Inc......10
102
103%
72%
106%
20%
20%
x a
22
Jan
15%
76
4
a
Feb
Jan
%
85%
9%
6%
2%
114%
bb
x
*18
13
C.._——1960
x
Jan
200
6a series
y
Feb
%
Bell Telep of Canada—
1st 5s series B
Canada Northern Pr 6s ...1963
Canadian Pae Ry 6s
1942
Cent 111 Pub Serv 3%s
.1968
Feb
64%
9,000
12,000
51
106% 107%
*150% 154
2
Feb
*is
107
107
107
3
x
Feb
Feb
45%
66 %
106
*107% 108%
3
6%
27%
21
49
65
107""
110%
106%
130
Baldwin Locora Works—
Jan
14%
2%
12%
103%
Jan
6%i A
Jan
Mar
15%
15%
15%
69
3
Feb
125
*12%
a
5%
17
29,000
12%
aa
Assoc T A T deb
14%
16%
"12%
b
Jan
14%
16%
12%
12%
12%
12%
x
Jan
1%
%
16%
10,000
12%
45666
12%
x
1%
5%
Jan
12,000
12%
47%
12%
12%
45%
y
1
78
15
12%
12%
12%
106% 107
1965
1955
Jan
1%
23,000
107%
100%
128%
106%
44%
108
*12%
dddl
♦Debenture 6s...
♦Conv deb 5%s
108%
Atlanta Gas Lt 4%s
50
45%
"I"
91%
102%
Atlantic City Elec 8%f—.1964
Avery A Sons (B F)—
6s with warranto...
1947
»i8
Vogt Manufacturing—...»
Vultee Aircraft Co.......1
For footnotes see page
105
102
Jan
500
45%
Va Pub Serv 7% pref.. 100
Common
%
16
~"i%
"~2%
West Texas Utll 86 pref—*
West Va Coal A Coke
*
1960
23
6%
19
Petroleum...!
c
105
105
Feb
Jan
5
Utility Equities oom... 10c
86.60 priority stocks
1
Utility A Ind Corp oom..6
Conv preferred
....7
Valspar Corp oom
1
Watt A Bond olass A
106%
104%
102%
104%
102
105
103% 103%
%
4%
Utah Radio Products..—1
84 conv preferred
6
Van Norman Mach Tool2 %
4,000
107%
106%
105%
105%
101% 103%
106% 107
3%
%
1%
Universal Insurance——.8
Universal Pictures com—.1
Range
Co—
61
1%
...
Alabama
Feb
1
U 8 Stores common
High
ri8
Mar
Feb
475
20
U 8 Radiator oom
Low
25%
24%
Jan
♦Conv deb 6s
preferred
Wagner Baking v t
Jan. l
Price
a
Feb
U 8 Plywood Corp—
Venezuelan
Since
$
See
Sales
Feb
Graphite oom.......6
Utah Pow A Lt
Week
Jan
5%
55%
100
6%
57%
44
5%
57
U 8 and Int'l Securities..*
conv
for
of Prices
7u
*u
10% preferred---——10
conv
Week's Range
Sale
1st A ref
United Shoe Mach oom.26
861st pref with warr...*
0 8 Lines pref
.....*
Last
American Gas A Klec Co.—
United Profit Sharing—25c
Preferred.26
BONDS
Jan
Friday
Rating
1st A ref 6s.....—.
22%
Products...*
United Specialties com
1
U 8 Foil Co class B—1
Rank
Elig. &
Jan
Jan
Am dep rets ord reg
United N J RR A Canal 100
♦Baden 7s
Jan
Jan
83 partlc pref-........*
United Molasses Co-
1st 87
Jan
27
Jan
1st A ref 6s....
•»•
Common class B..._..*
1st preferred.......*
106%
6j«
x81
United Lt A Poweom A..*
81%
....
.
Jan
Jan
2,200
United Gas Corp com
U S
Jan
27
Mar
Jan
7%
7i t
it
*
86
7
Feb
18%
A part pref-—.*
United Corp warrants
United Elastlo Corp
United
♦6%b stamped
♦6%s
9%
7
20
2,000
High
25
*i«
♦Hanover (Prov) 6%s.l949
Lima (City) Peru—
Union Investment com..
1
Low
23
2%
Jan
Union Gas of Canada...
cum
Range Since Jan. 1, 1941
%
22
Jan
Jan
*u
Un Stk Yds of Omaha.. 100
83
7
20
18%
2%
7%
3%
10
United Aircraft Prod
*2%
*17
18%
300
2
preferred.....*
1
*
1941
Week
8%
6%
Class A....
con v
for
of Prices
Low
High
200
1
Trunx Pork Stores
Udyllte Corp
lUlen A Co ser A pref
Series B pref..
Dnexoelled Mfg Co
Week's Range
Sale
2%
*«
Tublze ChatUlon
Last
High
Mar
1,300
2H
71*
Trt-Contlnental warranto
Inc...*
Corp.—1
........1
Tung-Sol Lamp Works... 1
20
107%
114
10c
Low
Shares
8,
Sales
Friday
BONDS
(Continued)
Range Since Jan. 1,1941
STOCKS
(Concluded)
80c
March
New York Curb Exchange—Continued—Page 5
1566
Attention la directed to the
new
A St Ry 5%S
1936
x
dd
24%
*22
1938
*
cccl
*18
column In this tabulation pertaining to bnnlc
24%
17%
25
24
29%
-
eligibility «nd rating of bonda.
See 1,
"A
Volume
New York Curb Exchange—Concluded—Page 6
152
Friday
Last
Week's Range
for
Sale
Week
Since
{Concluded)
See a
Price
of Prices
Low
High
1966
x
♦Hungarian Ital Bk 7%b,_..1963
z
c
1949
y
b
71k
1949 y b
171%
Hygrade Food 6a A
tliok 111K
aa
Jan
BONDS
Power
110% 110%
Idaho Power 3%s
1967
x
107 k 108
19t666
111 Pr A Lt 1st 6s ser A
1953
x
bbb3
106 %
106 % 107k
33,000
106% 108
1st A rel 6%s ser B
1st A ref. 6eser C
1954
x
bbb3
105K
105
1956
x
bbb3
105
104 k 105 k
41,000
60,000
105
8 f deb 5%s
1957 ybb
100
100
100 k
14,000
$100% 101K
74 k
75
99% 103
100% 101%
iKooo
May
Indiana Hydro Elec be
Indiana Servloe 5a
1958
y
3
bbbl
"75_~
1950 y b
2
...1963 y b
1st lien A ref 5a
2
73
bb
1
91
♦Indianapolis Gas 5s A
72 k
90
71%
105 k
72%
71%
92
22,000
80%
a
31
b
l
♦7a series E
1957 y b
l
15%
15k
♦7s series F
1952
b
l
13k
1957 y b
3
69%
69
70
1952 y ccc2
39 k
39 k
Debenture 6s
be series B
....1961 y bbb4
Iowa Pow A Lt 4%s
1958
x
aa
♦Isarco Hydro Elec 7a
1952
1963
z
cccl
Italian Superpower 6s
Jacksonville Gas
T cc
15k
26,000
15k
20,000
15k
eloK
5,000
103%
"r'l 5%
I
6.000
26,000
102 % 103 k
1107 k 109
5,000
16
15%
23*666
s
b
3
44 k
x
a
4
106%
x
aa
2
2022
x
a
2
Lake Sup Diet Pow 3%b„..1966
♦Leonard Tlets 7 Ha
1948
x
a
4
Kansas EleoPow 3%s
1966
Kansas Gas A E eo 6s
z
1945 xbbb3
Louisiana Pow A Lt 5s
1957
Mansfeld Mln A Smelt—
x
a
5%s series A
MeCord Bad A Mfg—■
6s stamped..
.....1948 yb
1963
1958
Safe Harbor Water
aa
x
$17
4
44
45
106 K 106 K
12,000
49,000
Shawlnlgan WAP 4%s_..1967
1st 4%s series D
...1970
Sheridan Wyo Coal 6s
1947
"1*666
2,000
108% 108 K
11,000
107
1
v
3
3
bb
99%
3
99
z
b
z
120
4
35
82
83
5,000
.77
1
3
x
aa
x
1947
1971
b
2
x
aa
2
x
aa
2
"l09%
1945 ybb 2
4s series G
y
1965
Mengel Co oonv 4 Ha
Metropolitan Ed 4s E
X bbb2
101k
101
2
52 k
51
105 k
104
Middle States Pet 6%s
Midland Valey BR 5s
1943 ybb
Milw Gas Light 4Kb
Minn PAL 4Kb
1967
1978
x
bbb2
x
bbb3
1965
x
bbb3
...1955
x
96 %
bbb2
1st A rel 5a
Mississippi Power 5s
101k 101%
96 k
96%
109 k 109%
109 % 110%
102
1951
z
cc
1943
x
bbb2
1951 y b
.
106 % 106%
104
104
104 k
104
2
110K
Missouri Pub Serv 5s
1960 ybb
4
99 k
110K 110%
99
99%
Nassau A Suffolk Ltg 5s
Nat Pow A Lt 6s A
1945
bb
2
2022
107%
....
aa
105
103% 105
102% 106
109
110%
96% 100%
100% 102%
1,000
112% 114
12,000
107% 109
26
24
107 % 108
1123
106
107%
95
93
aaa2
120
120
N E Gas A El Assn 5s
1947
y
b
4
63
62
104H
y
b
4
62
I......1960
61%
y
b
4
62 K
61 K
..1961 x aaa3
1948 ybb 3
92 K
%
a
2
82%
85%
a
2
Pub
y
b
2
1945
106
88%
109%
95%
63%
21,000
61
66%
62%
62%
20,000
61%
66%
32.000
61
66%
.....1942 ybb
3
1949 ybb
4
104 k
104k 104k
102 %
30*666
33,000
95k
107% 109%
92% 97%
95% 100
y
bbb2
1980
x
a
4
1964
x
a
4
N Y A Weetch'r Ltg 4s
2004
Debenture 5b
.....1954
x
aaad
x
aa
1963 vb
Nippon El Pow 8Kb
2
17,000
27,000
86
90
84
85%
90
93
97%
103
2,000
43,000
104%
110
110%
I02lu 102%
187665
50%
101
2,000
58
107
105% 106
11,000
35%
46
69
80
69%
69%
80
41,000
80%
79%
62,000
70
72,000
70
79%
37,000
68%
80%
80
23%
8,000
20
24%
32%
2,000
28%
32%
53
1,000
43
53%
36
78%
79%
b
1951 y b
79%
79%
79%
78%
78%
78%
78%
78%
78%
23%
21%
32%
53
3,000
36
78%
78%
b
1948
y
Debentures 6s...
Debenture 6s....Deo 1 1966 y b
6s gold debs
..1967 y b
1950
79
78%
1967 y b
♦Starrett Corp Inc 6a
Stinne8 (Hugo) Corp—
7-4s 2d
z
ccc2
1946
7-4s 3d stamped
1946
Certificates of deposit
♦Ternl Hydro El 6%s
1963
y
b
x
bbb4
45,000
27,000
"21% "26%
$14% 24
106% 107%
107
107%
118% 118%
l
80%
80%
k
106% 107%
48,000
Texas Elec Service 5s
I960
Texas Power A Lt 5s
1950
x
a
.....2022
y
bbb2
.....
Tide Water Power 5s
1979
y
bb
3
96%
96%
97
12,000
96
99%
Tteti (L) see Leonard—
Twin City Rap Tr 5%s
1952
y
b
4
60
59%
60%
31,000
59
62%
...I960
x
$7%
8%
6s series A
106%
2
107
12,000
108
118% 121%
2,000
|*Ulen A Co—
Conv 6s 4th stp..
United Elec N J 4s
1949
x
y
bb
z
cccl
z
b
1
1975 y b
2
b
116
aaa4
♦United El Servloe 7s.....1956
2
Debenture 6s-.2.
Debenture 6%s
1
...1974
y
1st lien A cons 6%s.....l959 x bbb3
Un Lt A Rys (Del) 6%s...l952 v bb ?
United Lt A Rys (Me)—
6s series A
$116
$20
7
19,000
9%
116
118%
18
118
23%
116%
30
30%
30
30
$20
30
86
89
89
90%
58,000
29,000
88
90%
92%
6,000
106
108%
107
96
98
56,000
117% 118
97
bbb3
85
89
90%
107
107
5,000
93%
117
98%
121
x
..1973
Deb 6s series A
1952
V
b
2
88%
86
88%
41,000
x
bbb3
101%
101
101%
101
102
x
bb
104
103% 104%
5,000
4,000
103
109
101% 102
4,000
101 % 102
102% 103
101
101%
6,000
102% 103
Utah Power A Light Co—
1st lien A gen 4%s
...1944
...2022
-
2
1946 ybb
Va Pub Service 5% A
1st ref 5s series B
101 K 102 K
19,000
101% 104
12,000
104% 106
3
83%
88%
Waldorf-Astoria Hotel—
105% 106
1105% 111
103 %
103% 103%
3
1950 y bb
103% 105
100% 101%
103
105%
3
1
'105%
20
20
100% 102
81
87%
4,000
83%
36
y
1946 vb
Deb s f 6s
195
5.000
110% 110%
$10113x«102 %
55
56%
101% 101%
105% 106
55%
4
bbb4
1948
4,000
199
Penn A Ohio—
♦Ext 4Kb stamped
x
1989 zb
Deb 6s series A
N Y State E A Q 4Ks
1st mtge 3Ks
106% 108%
137% 138%
108,000
United Light A Pow Co—
New Orleans Pub Serv—
♦Income 8s series A
2
x
90%
28%
27
86%
$96% 100
103% 104
3
♦United Industrial 6%s_..194l
♦1st s f 68...
.1945
121%
u07 k. 109%
92 k
93%
82%
4
aa
derv 6s
84
$85%
2
...1951 ybb
.2022 ybb
124
120
3
101
x
1968
111%
3,000
1954 ybb
95 K
3.000
95% 239,000
120
3,000
28
.....
2
2025 y bb
120
127%
86%
137% 137%
$17
$35%
36%
100% 101
1957 y bbb2
107
120
24%
1107K 109
2
x
3Kb
12,000
107
6.000
New Amsterdam Gas 5b... 1948
New Eng Pow Assn 6s
Debenture 5Kb
23,000
106
37,000
Nelsner Bros Realty 6b ....1948 x bbb3
Nevada-Calif Elec 6s
1956 y bb 3
Kb
1,000
106
113 h 113%
aaa2
x
59%
101%
101
2026 y bbb2
x
104
103%
aa
z
50%
17,000
25,000
107% 108
x
6s (stamped)
Conv 6s (stamped)
102% 105
bbb3
1981
100
17,000
1,000
x
i*Nat Pub Serv 5b ctla...l978
9.000
40,000
x
Nebraska Power 4Kb
6s series A
16,000
105 k 105%
104
104
1951
...2030 y bbb2
3,000
69,000
99%
99%
Standard Gas A Electrlo—
101% 103%
96%
95%
107% 109%
109% 110%
18,000
Miss Power A Lt 5s......1957
Deb 5s series B
2,000
"l08
cccl
So'west Pow A Lt 6s
90
52%
Miss River Pow 1st 5s
x
2,000
162
104% 105%
100
102 %
98% 102%
98% 101%
3,000
$17
aaa2
z
Standard Pow A Lt 6s
1962
Deb4%s
85%
$20
86%
cccl
..1937
S'west
108%
25
150
100%
4
a
4%s...l979
Wks 6s
Spalding (A G) 5s
25
10,000
104% 104%
100
100%
x
Sou Counties Gas 4%s
Sou Indiana Ry 4s
104% 106%
108K
150% 152
152
Southeast PAL 6s
43% 48
105% 107%
*3*006
26
105% 106
105%
3
Scullln Steel Inc 3s
29
120
26
105% 109.
105% 106%
bbb4
y aa
Scrlpp (E W) Co 6 %s
35%
105 k 106
76%
30,000
9,000
106% 107
♦Sobulte Real Est 6s
26
106
123 k 123 k
106 % 106%
1
70
23
106%
♦Saxon Pub
123% 128%
106% 107%
123 K
Since
8,000
71%
2
San Joaquin L A P 6s B...1952
Memphis Comml Appeal—
York
b
...1952 ybb 4
25%
23
73
38%
43
103
105%
102% 105
.
1941 tdd
♦7s mtgesf
New
1950
♦Ruhr Gas Corp 6%s
♦Ruhr Housing 6%s
h03 k 109
cccl
Long Island Ltg 6s
5s stamped
z
x
Sou Carolina Pow 5s
5e stamped
1942
Jersey Cent Pow A Lt 3%s_1965
New Eng Power
a
Range
Jan.
$
Queens Boro Gas A Elec—
—
Conv deb 5s
1968
1st A ref 4%s ser D
67%
15%
70
x
Puget Sound PAL 6%s...l949 ybb
1st A ref 5s ser C
...1950 ybb
21
25%
31
122
1949
106% 107
68,000
39 %
103 k 103 k
3
15%
15%
15%
debs 4s
dsserles A
105% 109
1106 K 107k
1957 y bbb4
Week
Price
i
Pub Serv of Oklahoma—
92
y
Corp(Can)4%sB_..1959
6% perpetual certificates....
79%
78%
x
Iowa-Neb LAP 5s
s f
104% 106%
26,000
Indianapolis Pow A I.t 3%sl970
J International Power Sec—
♦6 Ha aeries C
1955
y
for
of Prices
Low
High
Public 8ervice of N J—
108
73 %
z
Interstate Power 5s.
1,000
73
1952
714 K
Week's Range
Sale
See
♦Prussian Electric 6s
1954
Public Service Co of Colo—
1st mtge 3%s
1964
$3
aa
Last
{Concluded)
1
74
70%
72%
70%
107% 108%
6s series B
Friday
Rating
Range
Rating
Houston Lt 4c Pr 3%s
Sales
Bank
Eltg. &
Sales
Pank
Elig. &
BONDS
$
1567
114
40 %
114
40%
40%
107% 109%
147666
103
106%
2.000
114
114
2,000
40
45
Wash Ry A Elec 4a
West Penn Elec 5s
8Kb series A
...1958 y bb
No Bost Ltg Prop 3KS...1947 x aa
1948 y b
1102% 103
104% 104%
51%
8,000
109% 109%
3,000
102% 103%
104% 105%
49%
54%
109% 113%
2,000
aa
4
x
aa
2
...2030
1960
x
bbb3
4
4%
109
aa
2
117
bb
2
64
Wheeling Elec Co 5s......1941
x
aaa2
$100
Wise Pow A Light 4s.....1966
x
bbb3
105
»»York Rys Co 5s strap
1937 z bb 1
♦Stamped 5s.
.......1947 vbh 2
$97
63
101
4
5,000
108
109
102
5%
109
105% 108%
~
IT660
116% 118%
59
67%
197600
64
105
3,000
10,000
107% 107%
116% 117
x
y
5s_.
7,000
17,000
4%
$106% 107
Un 6s... 1944
West Penn Traction
West Newspaper
No Amer Lt A Power—
x
1951
Washington Water Pow 3%s'64
deb
101
2
z
Income
3
cc
....1964
♦5s
'103""
105
108
101
101
105
107% 109
Nor Cont'l UtU 6Ks
50%
...1945
y
bb
3KS....1968
x
aa
Ohio Public Serv 4s......1982
x
a
Okla Nat Gas 3Ks B
1955
x
bbb3
Okla Power A Water 6s.. .1948
x
bb
Ogden Gas 1st 5s...
Ohio Pow 1st mtge
5,000
109
108% 108%
109
109%
107m
107% 107%
2,000
6,000
1,000
"3^600
99%
99
99
100%
103% 106%
103% 103%
107%
97%
98
106% 108%
103% 105%
99%
105%
4
30,000
108% 109%
Pacific Gas A Elec Co—
1st 6s series B
...1941
x
aaa2
Pacific Ltg A Pow 6s
1942
x
aaa4
PaclHo Pow A Ltg 5s
1955
...1964
y
bbb2
z
ccc2
1977
x
bbb2
Park Lexington 3s
Penn Cent LAP 4Kb
1979
x
x
aa
2
1962
x
aa
2
1959 ybb
4
1st 5s
6s series H...
1107 % 108%
95
96%
$36% 38%
104% 105
$106% 108
$105% 105%
bbb2
Penn Electric 4s F........1971
95%
103% 104%
106% 106%
327000
95
99
35
267000
38
104% 105%
106
107
104% 106%
29~66o
107% 109
105% 105%
8,000
105% 106
107% 107%
108
108%
1,000
107
108
3,000
108
108%
102% 103
19,000
102
102% 103%
36,000
104%
102% 104%
110% 110%
109
14,000
109
108% 109
Penn Ohio Edison—
Deb 6Ks series B
1947
Penn Pub Serv 8s C
6s series D
.1964
aa
2
x aa
2
x
Peoples Gas L A Coke—
4s series B............1981 xbbb2
1961
x
1972
Phila Rapid Transit 8s ....1962
♦
Pledm't Hydro El 8ks—1960
x
4s series D
Phlla Elec Pow 5Ks
bbbi
aa
A
102 %
103
3
y
bb
4
y
b
1
1963
z
b
2
.....1940
6s stamped extended
1950
z
bb
z
bb
Potomac Edison 5s E
1956
x
a
4kb series f.
Potrero Sua 7s 'tpd
1961
1947
x
a
y
cccJ
♦Pomeranian Elec 6s
104
104
4,000
115
102% 104%
$14%
26
17%
$17
25%
22%
29%
26%
93%
86%
97
91%
Portland Gas A Coke Co—
I
•
No par value,
a Deferred delivery sales not included in
n Under the rule sales not Included In year's range,
Interest.
cluded In year's range,
x
year's range, d Exr Cash sales not In¬
Ex-dividend.
No sales being transacted during current week.
t Friday's bid and asked price.
♦Bonds being traded flat.
5a stamped
90
110%
"67%
96%
88%
97
8,000
90
42,000
110% 110%
110% 110%
64
67%
110%
3.000
109
4,000
109% 111
50
67%
25,000
| Reported In receivership.
e
Cash sales transacted during the current
yearly range:
week and not Included la weekly or
"
Venetian Prov. Bank 7s 1952, March 5 at
17%.
y Under-the-rule sales transacted during the current week and not
weekly or yearly range:
Included In
No sales.
a
Deferred delivery sales transacted during the current week and not
Included In
weekly or yearly range:
No sales.
Abbreviations
Used
Above—"cod," certificates of deposit; "cons,"
consolidated;
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock;
"v t c," voting trust certificates; "w I," when Issued; "w w," with warrants; "x w"
without warrants.
A
Bank
Eligibility and
Rating Column—x Indicates those
bonds which we
believe eligible for bank Investment.
y
status or
z
those bonds we believe are not bank eligible due either to
some provision in the bond tending to make lt speculative,
Indicates
Indicates Issues In default, in bankruptcy, or
The
rating
symbols In
this column are
rating
In process of reorganization.
based on the ratings assigned to each
The letters Indicate the quality and the numeral
following shows the number of agencies so rating the bond.
In ail
the symbols will represent the rating given by the majority.
Where all four
bond by the four rating agencies.
immediately
cases
agencies rate a bond differently, then the highest single rating
A
great majority of the Issues
Attention is directed to the new column In this
Is shown.
bearing symbols ccc or lower are all In
Issues bearing ddd or lower are in default.
tabulation pertaining to bank eligibility and rating of bonds.
See note a above.
default.
The Commercial & Financial Chronicle
1568
March
8,
1941
Other Stock Exchanges
Baltimore Stock
Exchange
CHICAGO
March 1 to March 7, both Inclusive, compiled from official salet. lists
Sales
Friday
Week's Range
Last
Sale
Par
Stock®—
of Prices
Price
Atlantic Cat Ln (Conn) .50
34C
B< Transit Co com vtc*
1st preferred v t
*6514
for
Week
Range Since Jan. 1, 1941
Shares
287
1SH
46
34c
40c
378
2.60
305
65%
64%
118
100
Davison Chemical Co com l
sx
20%
110%
1
20
Fidelity A Guar Fire CrplO
Houston 01! pref
100
Fidelity A Deposit
30%
Merch A Miners Trans p..*
"mi
Mt VerWood Mills pref 100
72
Jan
28c
1.65
Jan
40c
Mar
Jan
2.60
Feb
176
64 X
Feb
11714
6X
5%
Jan
71%
118%
7H
Feb
Jan
8H
Mar
Jan
20%
120%
Mar
150
20X
200
116% 116X
30 X
30%
16 H
16%
18
19%
53
60
15X
Mar
Pa ft I H.Davis & ©a
Feb
19%
1
17
Jan
17
Members
Principal Exchangee
Teletype
Trading Dept. OGO. 405-406
Municipal Dept. OGO. 521
Bell System
Jan
10
Salle St.,
La
S.
Sales
17%
Jan
Friday
29
Jan
31
Jan
Last
Week's Range
for
125
15 H
Feb
Jan
Sale
15
Feb
Mar
of Prices
Low
High
Week
124
i7X
19 H
70
25
72
1614
201
Feb
U5X
Jan
72
Mar
18
Feb
Par
Price
Aviation Corp (Del)
3%
3
3%
*128
3%
3%
1.05
100
1.00
Feb
1.05
Jan
96 X
96 X
205
94 X
Jan
97 X
Jan
21%
22X
1,194
21X
Jan
23%
Feb
Bastlan-Blesslng Co com.*
18%
34 X
34 X
20
33 X
Feb
34%
Feb
Belden Mfg Co com
10
,10%
10%
5
36%
7%
34%
Rights.......
Bendlx
Bond®-
Bait Traslt Co, 4s
flatl975
37X
46
1975
A 6b flat
....1975
B 5s..
38X $25,500
46%
52
33%
Mar
37%
46%
Mar
52
11,000
40
4,000
100
Jan
102
52
Mar
52
Mar
Jan
Mar
Aviation
Common
...6
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan. 1, 1941
Shares
Low
High
45c
100
161%
Bigelow Sanf Cpt Co pf 100
Bird A Son
*
Boston A Albany
,.100
89
Boston Edison Co (new).26
32%
100
47%
Boston Elevated..
Boston Herald Traveler..*
44c
45c
105
25C
Feb
45c
220
1%
Jan
2
156%
160
162%
101% 102
9%
10%
87% 89
30%
32%
47%
Feb
168%
Jan
20
100
Jan
100
9
Feb
102%
10%
Mar
97%
34%
50%
Feb
1,914
200
87%
Mar
2,778
30%
Mar
Jan
Jan
Jan
48%
336
45
Jan
18
Jan
18%
Feb
Feb
6%
Jan
2%
2%
2%
12%
Jan
19%
18%
19%
5%
5%
1%
1%
5%
440
1%
1%
57
100
Class A 1st pref st...100
Class B 1st pref st...100
Class D 1st pref std.. 100
Boston Pers Prop
2
2
*
100
17%
16%
Calumet A Heels.....
6
6%
Copper Range...
*
11%
57
65
5%
1%
1%
Jan
Jan
Jan
1%
11%
Jan
186
12%
Feb
6%
195
5%
Feb
660
4%
FeD
5%
Jan
Jan
7
5%
6%
4%
*
Common.
Preferred B
mmmmmm.
52
11%
17%
75
17%
jan
Mar
mm~
m.
—
-
Jan
20
50
Feb
3%
58%
Jan
27
98
34
Feb
41%
Jan
14
100
1
85%
12
70
14 i
82
45
4%
"3%
OlUette Safety Razor....*
Mar
Jan
750
80
Jan
1
Jan
Jan
87%
14%
Jan
2%
Mar
5%
Jan
Feb
2%
4
5
Jan
11%
1%
3%
Feb
*3%
Jan
4
Jan
Feb
3%
Jan
335
3%
*
2
1,540
2%
*
Gilchrist Co
2
35%
1
85 X
100
Adjustment
3%
96
3
3%
45
Jan
3
Hathaway Bakeries—7
i—*
Class B
Int Button Hole Mach—16
34
34
N arragansett Racg Assnlncl
Nat Tunnel & Mines
*
m
mmm
.»
m
mm
mmm
mm.
mm'm
120%
Pennsylvania RR
*
13
21%
5%
2%
5%
2%
118
110
25
475
121
Feb
12%
19%
4%
Feb
Feb
Jan
117
5%
2%
Feb
*32
80
Lb
28c
Jan
Jan
Jan
Mar
Jan
129
Jan
400
Mar
1%
13%
20
Feb
2%
4
Jan
Feb
Jan
Mar
37c
Jan
22c
195
9c
Jan
22c
Mar
11%
12%
235
11%
Feb
Jan
22%
23%
1,236
22
Feb
13%
24%
99o
99c
200
1%
Jan
8%
10%
135
7%
284
8
Feb
%
8
Feb
Jan
10
Jan
10
Feb
10%
Jau
8%
Jan
27%
28
357
5%
26%
Feb
28
Feb
30%
39
36
39
253
33%
Feb
39
mmmmmm
7%
...*
10
6%
66%
6%
64%
57
United Shoe Mach Corp.25
57
cum pref
.25
Utah Metal A Tunnel Co.l
44%
44%
Vermont A Mass Ry...100
Waldorf System
*
99%
99%
8%
%
26%
Warren Bros.
362
Jan
1
31c
mmmmm'im
*
-m.mm.rn
m
X
*
60
396
60%
55%
44%
Feb
Jan
Feb
Mat
45 X
Jan
60c
Jan
488
44%
20
44c
415
40c
Feb
15
99%
Mar
0
Ooo
10
%
29
26%
90
8
Jan
107
Feb
%
26%
Jan
Mar
70%
60%
66%
57%
40c
——*
Warren (S D) Co.—
30
12%
3%
35c
20o
Torrlngton Co (The).....*
Union Twist Drill Co
5
United Fruit Co
100
®16
12%
23%
50
Stone A Webeter
31
1
29c
25
Shawmut Assn T C
4
Mar
»3J
•
Reece Button Hole MachlO
4
34c
32c
100
Quincy Mining Co
34
20
m m
21
2.50
Old Colony RR
Pacific Milts Co.....
m m
mm
New England Tel A Tel 100
N Y N H A Hart RR..100
North Butte—
10
1
mm
Isle
Royale Copper.—..15
Loew's Theatres (Bos)..25
Mergentbaler Linotype. .*
Jan
Jan
00
Feb
Jan
Mar
30
Jan
Bond®—
Boston A Maine RR—
4s.
1960
4%
1970
66%
s4»
uu
-
Eastern Mass St Ry—
Series A 4%s
.1948
Series B
$1 200
67
24%
47^500
102% 102%
102% 103%
3,000
21%
......
6s_....... 1948
1,300
66%
74
vu
72%
72
M&r
18%
Jan
101%
102%
Jan
Feb
,
Jan
25%
Jan
102%
105%
Jan
Feb
Chicago Stock Exchange
Friday
Last
Sale
Par
Price
48%
Acme Steel Co com.....25
Advanced Alum Castings.6
Aetna Ball Bear Mfg com
1
12
11%
14%
"93%
5% cumul conv oref..30
Cent 111 Pub 8er $6 pref
*
conv
pfd*
$7 preferred
Chain Belt Co com
High
Shares
47%
44%
3
48%
45%
3
350
Low
30
100
44%
3
6%
Jan
Feb
Mar
8%
Jan
16
Feb
18%
Jan
1,040
16%
Feb
20%
Jan
10
16%
Jan
18
7%
250
2
Jan
650
10%
Jan
15
100
3%
4%
20%
14%
3%
Mar
100
Feb
87
4%
19%
450
89%
Jan
250
5%
Jan
94
400
Jan
Jan
Feb
Jan
Jan
Jan
2%
Jan
Feb
12
15%
4
Jan
Jan
5%
21%
95%
Jan
Jan
Jan
Jan
6
Feb
250
%
Jan
%
Mar
Feb
Feb
5%
505
5
Vtc
pref part shares.. 50
5%
v
Container Corp of Amer.20
Continental Steel com
*
Crane Co
.25
com
Cudaby Packing 7% prflOO
Cunningham Drg 8tores2%
Deere A Co com
"15%
"l7"
Jan
Jan
1%
20
Jan
%
Jan
6%
2%
1%
100
1%
14
14%
580
12%
Feb
25
19%
108%
Mar
10
138
15%
15%
90
60
17
17
100
:
Feb
16
Jan
Mar
Jan
Jan
23%
110%
19%
Jan
Jan
Jan
15
Feb
80%
Jan
96
Jan
Mar
19
Jan
17
19%
Feb
22%
9%
Jan
14
Jan
20%
8%
8%
100
11%
11%
11%
100
11%
Mar
3%
3%
*32%
3%
750
Feb
3%
Jan
Jan
33%
Feb
""2%
1
2%
38%
19%
6%
4%
Gardner Denver Co com.*
17%
20
Diamond T Motor Car cm2
Dodge Mfg Corp com... .*
Elec Household UtU Corp.5
Elgin Nat! Watch Co.—15
E vers harp Inc com
Fairbanks Morse com
Fox
1
*
(Peter) Brew com...5
Four- Wheel Drive Auto.10
Fuller Mfg Co com
General Finance
com
2
cap.l
General Foods com......*
Gen Motors Corp com.. 10
Gen Outdoor Adv com...*
Gillette Safety Razor com *
42%
4%
3%
3%
3%
17%
Gossard (H W) com
*
Helleman Brewing cap
1
Heln Werner Motor Parts 3
Horders Inc
Illinois Bulck Co cap
10
Illinois Central RR com 100
Indep Pneumatic Tool cap*
Indianapolis Pr A Lt com.*
Indiana Steel Prod
Preferred
100
19
6%
200
5%
Feb
6%
Jan
4%
17%
150
4%
17%
Feb
5
Jan
Jan
19
Jan
2%
39%
48%
4%
150
400
35
35%
43%
1.450
4%
385
3%
100
210
10%
15%
xl3X
10%
450
15%
13%
350
8%
350
9
100
91
Mar
3
Jan
33%
40%
3%
3%
16%
9%
14%
13%
8%
8%
13%
45%
Feb
2
Feb
23
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Jan
3%
20%
10%
16%
16%
9%
440
11
Feb
13%
50
15%
Feb
«i«
52
%
Feb
17%
%
50
2%
Feb
3
600
Feb
8%
17%
Xl2%
40
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
200
Feb
29%
Jan
21%
3%
75%
48%
17%
12%
620
19
Feb
Jan
342
3%
74%
Mar
21%
3%
90%
Jan
150
195
46%
Feb
53%
50
10%
Feb
17%
Jan
360
11%
Feb
14
Jan
Mar
44
50
40
40
4%
750
4
7%
200
7%
Jan
Jan
Jan
Jan
Jan
Mar
4%
8%
Feb
Jan-
100
101
Feb
101%
Jan
3%
500
3
Jan
3%
Feb
47%
101
140
47
Feb
50%
Jan
10
101
Feb
106%
Jan
Jan
%
Jan
Jan
3%
Feb
Jan
27%
7%
7%
11%
101
3%
47
'
101
101
%
%
200
%
3%
27%
3%
27%
5%
200
3%
25%
3,000
%
Jan
27
7%
3%
Jan
Jan
6%
25%
7%
4%
101
Jan
Jan
20
11%
3%
74%
47%
17%
Jan
Jan
13%
20%
27
Jan
Jan
9%
14%
16%
3
Jan
Jan
11%
16%
6%
26%
20%
7%
Joslyn Mfg A Supply com 5
Katz Drug Co com
..1
Kellogg Switchboard com*
Ken-RadTube&L'p com A*
Ky Utll Jr cum pref....50
6% preferred
...100
Kingsbury Brewing cap—1
19%
50
18
3
Inland Steel Co 'ap
*
international Harvest com*
Iron Fireman Mfg vtc...*
Jarvis (W B) Co cap
1
85
150
®16
11%
1
com
1,200
13%
*
com
HoudaUle-Hershey cl B__. *
Hubbell, Harvey Inc com.5
Hupp Motor Car com
1
2%
33
9
Great Lakes DAD com..*
Hall Printing Co com...10
Jan
38%
8%
'10%
Feo
7
3%
28%
2%
37%
2
35%
43
Goodyear T A Rub com..*
Cumulative preferred..*
LlbbyMcNelllALibby com7
Lindsay Lt A Chem com.*
53%
51%
3%
12%
5%
1%
1%
Feb
22
100
Mar
14
14%
550
21%
13%
McCord Had A Mfg A...*
13
13
McWilliams Dredg com..*
Mer A Mfrs Sec cl A com.l
7
Jan
Marshall
5
com..
Field
com
Jan
18%
Mar
Jan
Jan
4%
Feb
200
3
Jan
50
1
Mar
Jan
94
168%
5%
3%
1%
%
Jan
Jan
Jan
an
Jan
20
Jan
Jan
Feb
5
600
*
7% prior lien
7% preferred A
6% preferred A
150
7
7
_*
Jan
10
10%
14%
Lion Oil Refg Co cap
Jan
Feb
5%
6%
9%
14%
23
1581
Feb
6
65
36%
%
Jan
2%
530
88%
*
Mar
200
Jan
30
Jan
19%
108% 108%
~
14
100
Preferred
Mar
%
Jan
Feb
5%
2%
2%
*
t cB
28%
1
5
2%
4%
250
1
Common pt sh v t c A.50
253
%
Feb
Consumers Co—
400
1
Jan
5%
21
......
72%
Consolidated Oil Corp...*
29%
Automat o Washer com..3
Jan
Consolidated Biscuit com. 1
20%
28%
18%
91%
1,620
9%
Jan
21
4%
3%
Jan
Feb
27%
1%
5%
28%
35
10
200
3%
3%
7%
3%
5
5
100
"5"
4%
5
1,000
6%
5%
6%
4,200
5
5
Mickelberry's Fd Pr com.l
3
Jan
30
8%
4,500
Middle West Corp cap
5
Midland United conv pi A*
Midland Utilities—
4%
1
Feb
200
9
29
2%
Jan
4%
%
27%
Feb
150
28%
2%
Mar
......
%
800
Feb
16
17
%
%
27%
Mar
13
90%
%
%
27%
%
1%
Feb
157
Mar
63%
3%
Feb
10
Jan
%
200
Mar
90
8%
21%
Mar
328
11%
891
Jan
Feb
6
80
1,150
10%
14%
20%
18%
Feb
18%
100
100
2
150
94
Jan
4%
550
162
Jan
67%
300
160
47
112
1%
16
162
Jan
Mar
4%
11%
Altorfer Bros conv pref...*
7%
41
105
Club Alum Utensil com...*
Commonwealth Edison—
Capital
25
Jan
50
Chrysler Corp common..6
Cities Service Co com... 10
12
American Pub Serv preflOO
1,900
10
42%
8%
15
All la-Chalmers Mfg. Co..*
H
Chic Yellow Cab Co cap. .*
10%
Feb
12
19
Chic City A CnvRysptpfd*
Chicago Corp common...l
Convertible preferred..*
11%
For footnotes see page
33
105
19
Liquid Carbonic com .....*
Loudon Packing com....*
High
Feb
46
42%
105
*
16
5
2,950
16
9%
14%
1%
21%
Week
of Prices
Low
Range Since Jan. 1, 1941
for
"42%
Cent States Pow A Lt pref *
11
Athey Truss Wheel cap
4
Automatic Products com.5
Jan
5%
%
3x«
Common
Sales
Week's Range
*
*
Prior lien pref
11%
Armour & Co common
Jan
10
%
1
Allied Laboratories Inc cm*
Amer Tel A Tel Co cap.100
17
350
5%
50c
Common...,
Allied Product Corp com 10
Class A
25
.
500
150
20%
92%
Lynch Corp
Abbott Laboratories com *
h$
Jan
Leath & Co-
March 1 to March 7» both inclusive, compiled from official sales lists
Stocks—
18%
11
36%
2%
3%
4%
Mar
53
2
51%
34%
35
—100
Eastern SS Lines
Jan
Mar
4%
18%
11%
37%
18%
16%
4%
East Gas A Fuel A sen—
4%% prior pref.
100
6% preferred...
100
Eastern Mass St Ry—
Common
100
1st preferred
100
3%
17%
16%
"x3X
Feb
465
preferred
Boston A Providence
1128
50
400
1
Jan
2
Boston A MainePrior
5
Common.
2
_*
cum pref
Amer Tei A Tel—.
5%
Central A 8 W—
-50
0%
'*2
3%
8%
16%
7%
2
10
Burd Piston Ring com
Central 111 Secur
Amer Pneumatic Serv CoCommon
18
Butler Brothers........10
Week
Price
18%
.........I
Bunte Bros com
Sales
Friday
Feb
Borg Warner Corp—
Bruce Co (E L) com
Exchange
March 1 to March 7, both inclusive, compiled from official sales lists
3%
16%
Brach & Sens (E J) cap..*
Brown Fence A Wire—
'Common
Boston Stock
com
Berghoff Brewing Corp
1
Bliss A Laughlin Inc com.5
Feb
2,000
101X 101X
Md Penn BR 4s .....1951
High
Low
1,350
4,550
3%
1i«8
Aviation A Transport cap. 1
1.05
Northern Central By...50
n 8 Fidelity A Guar
2
22%
Range Since Jan. 1, 1941
Shares
Mar
16%
Stocks (Continued)
North Amer Oil Co com—1
Western National Bank-20
CHICAGO
Jan
16
72
New Amsterdam Casualty2
High
Jan
7X
SH
7%
20
Low
17
118
7%
Eastern Sugars As com vtel
Preferred vtc
16
2.50
C...100
Consol Gas E L A Pow—*
4%% pref B_..
High
15%
18%
*
Arundel Corp—
Low
SECURITIES
Listed and Unlisted
100
300
50
Feb
Feb
Jan
Jan
9
Jan
5%
3%
4%
4%
3%
Jan
7%
Jan
5%
Feb
6%
Jan
Feb
6%
Mar
Jan
3
4
5
Feb
%
200
%
Feb
%
X
%
50
%
Feb
X
Montgomery Ward
Nachman Springfield com*
com
Jan
Feb
Mar
Jan
X
Jan
Jan
Feb
Mar
100
Jau
Jan
23
100
Miller A Hart Ine conv pf*
Mo dine Mfg com
*
Jan
16%
1%
15%
14%
Jan
Feb
Feb
Feb
Feb
"37"
12%
14
10
Jan
14
26%
14
26%
100
25%
Feb
27%
36%
37%
600
35
Feb
39%
Jan
10
10
100
Feb
10
Feb
2,520
9%
Mar
Jan
Volume
Week's Range
of Prices
Week
Price
Low
Shares
High
Natl Bond & Invest com.*
1234
13
45
National Standard com.10
28
28
100
Feb
13
Mar
28
32
Jan
Halle Bros
7% preferred
7% prior lien
13
100
100
Penn RR capital
100
1
1034
80
Quaker Oats Co common. •
Preferred
100
Rath Packing com
Preferred
60
12
Feb
12 34
Feb
334
3334
Jan
434
Mar
Kelly Island Lime & Tr
Mar
1034
Feb
Lamson & Sessions..
934
Feb
1034
Feb
McKee
Feb
14
Jan
Metro Paving Brick
*
*
*
250
954
250
11 %
200
11
12%
11
140
13
23%
(AG) clB
13
Feb
Jan
Miller Wholesale Drug
Ohio Oil
63
Feb
Feb
2434
Jan
Otis Steel..
*
43
Jan
Packer Corp
*
*
com
4034
80
107
3634
Jan
6%
1034
8234
9%
25
634
Mar
8
Jan
Patterson-S argent
875
934
Feb
13
Jan
Reliance Electric
80
Mar
105
Jan
c
80
150
Feb
160
Jan
Jan
Standard Oil Co
50
4734
Feb
4634
5734
134
50c
5
io"
8chwitzer Cummins cap__l
Sears Roebuck & Co cap
834
2934
30
Preferred
33
534
2
common
Stewart Warner
834
"22 A
(Ohio) .25
*
25
U S Steel com..
Onion Carb & Carbon cap *
United Air Lines Tr cap..5
57 %
100
pref
...
2
5
Cin Ball Crank
10534
100
50
Cin Gas & Elec pref
Cin Street
334
50
Cin Telephone ......
Cin Union Stock Yards—*
534
*
10
Crosley Corp
Eagle-Picher
Formica Insulation
7034
Feb
634
Jan
5
Jan
*
534
834
100
Mar
7
50
554
854
Feb
1034
Jan
50
5534
Mar
Mar
114
12 34
Feb
5534
1754
100
3134
Feb
4234
Feb
50
834
Feb
934
Jan
Vlchek Tool
633
6934
Feb
7834
Jan
Weinberger Drug Stores..*
50
1534
Jan
White Motor
50
Mar
30
Jan
Youngstown Sheet & Tube*
03534
Mar
3534
120
33
100
2834
2934
534
50
534
Feb
70
Jan
66
2634
672
25 34
Mar
634
Feb
2734
834
Jan
734
634
3334
1734
910
200
6
Jan
634
Mar
1,000
29
Feb
22
2234
1,600
3534
434
130
6534
13
200
3234
250
65
Jan
Jan
36
Catling, Lerchen & Co.
Jan
1734
Mar
1934
22
Mar
2434
Jan
40
Members
Jan
Jan
3434
Feb
150
4 34
Mar
634
New
York Stock
Jan
407
6134
Feb
7034
Feb
17
Jan
7034
Jan
70
6134
59
6134
Jan
4,250
55
Feb
93
117
Feb
130
Ford
Telephone: Randolph 5530
Jan
100
34
Mar
1
134
20
800
2034
94%
150
55
134
2234
Detroit Stock
March 1 to March 7, both
Jan
1934
Jan
Friday
19
Feb
22 34
Jan
Last
Week's Range
for
9034
Feb
10434
Jan
Sale
of Prices
Low
High
Shares
10
91
Jan
93 *
134
5
450
1
Jan
2
Jan
800
434
Mar
6934
434
182
6834
Mar
250
1334
1434
600
91
1234
Feb
1534
of Prices
High
Low
(
1734
334
2
234
105
10534
334
334
9634
9634
14
1434
5
534
934
Week
Low
654
1,175
534
Jan
534
2134
534
2134
200
554
Feb
20
Feb
24
91c
91c
125
8
8
360
40c
200
360
Mar
--*
Briggs Mfg com
Brown
McLaren com
30
Feb
4
Jan
Jan
234
Mar
10334
334
Jan
10734
Feb
Jan
4
Jan
General Motors com
99
Jan
Goebel Brewing com
25
1234
454
854
2134
Jan
1434
Jan
Grand Valley Brew
Jan
634
Jan
Hall Lamp com
Feb
1034
Jan
200
Jan
Jan
25
25
Jan
£25
Jan
Hobart A
*
38
39
116
38
Mar
45
Jan
Kroger
*
26
2534
375
Lunkenheimer
*
2134
21
Randall A
22 34
Jan
29
1434
2434
1934
Feb
Feb
„22
»ie
34
Jan
34 "I. 54
250
34
Jan
Mar
30
30
220
71
154
15
50
17
1734
Michigan Silica com
Jan
Michigan Sugar com
1
Jan
Murray Corp
58
Jan
Packard Motor Car com. _*
Feb
Jan
18
Feb
1734
Mar
Feb
734
134
15
234
Jan
Jan
Unlisted—
City Ice
4234
General Motors
305
35
334
4234
1034
434
100
193
Jan
1034
Feb
Feb
434
4834
Jan
Jan
5134
Jan
4034
42
1534
Jan
1134
934
334
4334
Feb
Mar
1454
42
*
10
llmken Roller Bearing.__*
Columbia Gas..
1234
1034
1434
25
...»
Mill
42
40
Feb
com..-..-10
*
Peninsular Mtl Prod com.l
Pfelffer Brewing com
*
Prudential Invest com—1
Reo Motor com
5
1
Timken-Det Axle com—10
Tlvoli Brewing com
1
Tom Moore Dist corn
1
.
1
10
..1
Universal Cooler cl B_.—*
Universal Products com..*
Walker &CoclB
*
Warner Aircraft com
1
Wayne Screw Prod com. .4
Wolverine Brewing com—1
Wolverine Tube com
.2
U S Graphite com
Members Cleveland Stock Exchange
834
Jan
30c
Jan
45c
Feb
1534
Jan
1634
Feb
73c
Jan
65c
300
62c
650
3
Feb
4
134
100
134
Feb
134
72c
73c
2,200
68c
Jan
78c
Jan
234
234
1,500
134
Jan
234
Feb
28c
31c
500
25c
Jan
45c
mmmmm
m
m m mm
mmm-rn
m
Jan
Mar
Jan
Jan
100
6
Jan
29
29
100
29
Mar
29
Mar
1134
1134
100
1134
Feb
14
Jan
21
21
634
634
734
534
mmm
-
mm
38c
129
20
Jan
2234
Jan
534
4234
534
805
5
Feb
Jan
4234
863
234
234
38c
634
1934
12 34
mmm mm
Feb
300
4034
234
634
4834
Mar
234
40c
300
35c
Jan
50c
Jan
634
312
Mar
734
Jan
1934
1334
219
634
1834
Feb
1934
Jan
Jan
Jan
Jan
556
1234
Mar
1434
354
354
100
334
Feb
434
mmmmm
40c
41c
2,000
36c
Jan
45c
Jan
mmrn
1
1
200
1
Mar
134
Jan
134
100
134
2
Jan
134
134
134
570
Jan
134
Jan
21c
22c
2,700
16c
Jan
25c
134
134
100
134
Mar
134
Jan
73c
1.00
2,400
60c
Jan
1.00
Mar
834
334
Jan
mmmmm
mm
mmmmm
m
mmmmm
21c
mmmmm
96c
mm
m
*
m
mmm
m
Feb
134
m
mm
634
634
198
534
Feb
234
234
2834
675
234
2534
Feb
134
134
525
134
Jan
7
m
7
100
7
Feb
134
Feb
28
28
mmmmm
7
mmmmm
998
841
134
134
Jan
Jan
Jan
Jan
3034
134
Jan
7
Feb
134
Jan
Jan
1
297
234
475
1834
m*mmmmm
Feb
134
Jan
Feb
Jan
Mar
234
2034
Mar
134
Jan
Feb
Jan
1
1
234
1834
262
134
3134
134
3134
250
250
234
1834
134
2934
Jan
mm
m
mmmmmmm
934
mm
mm
rn
m
134
mm
m
mm m
1634
134
134
2,804
134
Mar
3334
134
60c
62c
400
50c
Jan
66c
Feb
334
'mmmm
U S Radiator com
Ohio Listed and Unlisted Securities
734
Feb
Mar
3
__1
Udyllte..
United Specialties
91c
134
Rlckel (H W) com
2
Scotten-Dlllon com..—10
Standard Tube cl B com _
Jan
Jan
62c
mmmmm
Parke Davis com
Jan
2234
834
154
Mar
Jan
75c
3
mm
mmmmm
m
1
*
Feb
2
20
8
Jan
Feb
5134
627
154
Jan
*16
20
105
2
5334
21
8
Preferred
4
2134
-_*
*
Rapid
U S Printing
Mar
16
20
72c
com__l
*
com.10
Hoskins Mfg com
2 34
Hudson Motor Car com..*
Hurd Lock & Mfg com—1
KlngPton Products com__l
LaSalle Wines com
2
Masco Screw Prod com—1
McClanahan Oil com
1
255
134
65c
mmm
Hoover Ball & Bear
220
1434
2
Gar Wood Ind com
Feb
25
5134
Fruebauf Trailer com
95
25
21
*
1
3
10
1
Federal Mogul com
27
100
34
40c
16
16
1
com__l
Dlvco Twin Truck com—1
Ex-Cell-O Corp com
3
Detroit Paper Prod
Hilton-Davis pref—-—5
"""34
mmmmm
1
Det & Clev Nav com
rn'm
mmm
*
10
Jan
5
2634
1
*
Continental Motors com__l
20
1,980
167
High
Jan
.
—
Consumers Steel com
Feb
50
Jan
634
534
1634
334
134
15
Jan
634
"634
1
Det-Mlch Stove com
Range Since Jan. 1, 1941
Shares
234
6
Crowley Milner com
for
Feb
1
Burry Biscuit ccm._.12 34c
Consolidated Paper com.10
1134
"5234
High
Low
2
200
2
Baldwin Rubber com
Sales
Week's Range
2
Atlas Drop Forge com
Jan
Jan
Jan
27
*
*
Range Since Jan. 1, 1941
Week
Allen Electric com.
Jan
Feb
4
534
7934
534
50
10
Price
Par
Sales
Feb
134
434
6834
434
50
Preferred
Exchange
inclusive, compiled from official sales lists
Feb
Feb
27
Peocter & Gamble
DETROIT
Building
Jan
1
6134
5634
9
...—*
—*
Chicago Stock Exchange
Exchange
Jan
6934
New York Curb Associate
Exchange
Jan
1234
22
Mo ores-Coney A
Feb
Jan
2934
10
Jan
Jan
634
Feb
14
National Pumps
5534
01334
03534
ol534
13
27
Hatfield part pref
55
Jan
22
_
410
Feb
*
*
Feb
Feb
*
Gibson Art...
34
434
1734
334
20
Feb
434
Friday
Mach
2834
Jan
225
both inclusive, compiled from official sales lists
Sale
Feb
422
Burroughs Addg Mach
Price
3434
5
534
91
Par
Jan
434
534
854
5534
ol534
o3534
Cincinnati Stock Exchange
Stocks—
Jan
38
1
434
Stocks—
Last
3534
434
c
Wieboldt Stores Inc—
March 1 to March 7,
Mar
5
9334
14%
Jan
1634
3334
661
a5734
Teleg cm.100
Zenith Radio Corp com.
Jan
2234
1
Westnghs El & Mfg com.50
Wrlgley (Wm Jr) Co cap.*
Yates-Amer Machine cap.5
11
1634
Feb
*
Feb
'
Wisconsin Bnkshrs com..*
Feb
Feb
169
*
134
154
1034
1534
100
1534
Upson-Walton
134
1934
1934
Cumul pr or preferred-
20
60
11
Van Dorn Iron Works
34
Williams Oil-O-Matic com *
Feb
Jan
34
20
1134
Feb
2834
2934
Utah Radio Products com 1
Utility & Ind Corp—
Convertible preferred..7
Walgreen Co com..
*
Feb
Feb
134
2
11834 11934
com...20
United States Steel com.
Jan
Feb
1034
14
434
26434
1234
Thompson Co (J R) com_25
734
1134
25
Jan
Jan
Detroit Stock
Texas Corp caoltal
40
Jan
734
1034
Feb
35
Swift International cap..15
Swift & Co
25
Feb
34
1
1734
x32H
Sunstrand Mach T'l com .6
634
934
8%
6
Storkline Furniture com.10
26
Jan
Feb
8
60
73
6%
6
Jan
350
2534
.25
Standard Oil of Ind
7
300
66
St Louis Natl Stk Yds cap *
190
1
14
Sou Bend Lathe Wks cap.6
3834
1%
Signode Steel Strap—
*
134
Feb
o3534 03534
o3034 a32
05634 05834
West Res Inv Corp pref 100
Common
Jan
30
10
134
34
10
71%
*
1
65
"§4"
*
Jan
116
01834 a20
34
3334
*
Richman Bros
Jan
38
55
1
1534
1534
Feb
37
11
...5
Republic Steel com
570
151
394
03334 03134
734
734
o7
a634
08
0834
1134
1134
*
Feb
c
-
434
1
5434
268
434
3334
434
37
*
22
30
62
22A
.*
Thompson Prod Inc
6% preferred
Am Rolling
12
Jan
4734
10
Common
Churngold
12
Jan
634
150
Reliance Mfg Co com...10
Am Laundry
*
3234
Raytheon Mfg Co..
Westn Union
4134
Jan
6%
*
Pressed Steel Car com
cum
Feb
Feb
40
Peoples O Lt&Coke cap 100
Poor & Co clB
7%
Mar
534
934
61
"23~34
60
U S Gypsum Co
11
41
27 34
North West Utii—
Spiegel Ino
13
150
700
10
Mar
11
11
41
150
934
Feb
2034
11
6A
1154
*
Feb
1634
41
2834
10
Airlines com..*
Northwest Bancorp com
109
ol734 01834
High
LOW
Shares
5
com
Midland Steel Prod
Northern 111 Finance com.*
Week
al8
Goodyear Tire & Rubber.*
Mar
12 34
634
com 20
Range Since Jan. 1, 1941
for
of Prices
Low
H.gh
Price
Par
2834
Noblltt Sparks Ind Inc cp-6
Northwest
Stocks (Concluded)
High
Low
Week's Range
Sale
for
Sale
Par
Last
Range Since Jan. 1, 1941
Last
Stocks (Concludes)
Sales
Friday
Sales
Friday
North American Car
1569
The Commercial & Financial Chronicle
152
200
3
Feb
434
Jan
834
334
934
1,023
734
134
734
134
400
134
100
1634
Mar
1,100
234
Mar
910
1
Feb
134
Jan
234
134
1634
234
134
234
375
2
Jan
3
Feb
11c
11c
400
10c
Feb
13c
Feb
434
434
1501
434
Mar
434
1634
234
134
'mm
mm
mm
lie
....
134
834
734
134
375
Feb
Mar
Mar
1
100
Jan
Jan
10
734
234
134
1634
Jan
Mar
Jan
Jan
Mar
3
Jan
Ma
RUSSELL co.
GILL1S
mmsmmsmm—mrnmmimm
Union Commercfl
California Securities
Billdlng, Cleveland
A. T. & T. CLEV. 565 & 566
Telephone: OHerry 6050
Akin-Lambert Company
Cleveland Stock
March 1 to March 7,
Range Since Jan. 1, 1941
Par
Week's Range
for
Sale
of Prices
Low
High
1434
Addressogrph-Mul com 10
Amer Coach & Body
6
c
al034
Brewing Corp of Amer—3
a334
Amer Home Prod
Apex Elec Mfg
CI Cliffs Iron pref
c
CI Graphite Bronze
Cleveland Ry
Cliffs Corp com
c
—*
coml
100
5
120
Bell System Teletype
Low
3034
1571.
LA 23-24
High
14
Jan
8
Mar
15,34
934
Feb
Los
Jan
16
4634
Feb
51
Jan
29
1034
Feb
1234
434
Angeles Stock Exchange
Jan
75
112
4
934
Feb
Jan
1034
March 1 to March 7, both
Last
Feb
68
1534
Jan
17
7234
Feb
79
Jan
Sale
Feb
190
02834
60
Feb
3834
1,241
2634
Mar
3134
Mar
14 34
576
1434
3034
Feb
Feb
1734
Jan
106
3534
Jan
■Sales
Stocks—
Par
Price
Week's Range
of Prices
High
Low
for
a28
2634
1434
28
Accessories....50c
Blue Diamond Corp
2
Bolsa-Chica Oil cl A com 10
Aircraft
Range Since Jan. 1, 1941
Week
Shares
Jan
3134
inclusive, compiled from official sales lists
Friday
Jan
c3234 03234
a.28
General Electric com—*
For footnotes see page
a4634 04734
al034 al034
a434
c334
a934 O1034
1634
1634
7434
7334
*
1
City Ice & Fuel
Clark Controller
Shares
100
8
com__l
*
c
1434
Los Angeles Stock Exchange
Telephone VAndlke 1071
Week
Price
MEMBER
STOCKS—BONDS
Sales
Last
1921
Spring Street, Los Angeles
639 South
both inclusive, compiled from official sales lists
Friday
Stocks—
Established
Exchange
High
Low
Jan
234
134
Jan
234
Jan
Feb
134
Jan
134
Feb
134
134
134
1,800
134
2
2
134
234
134
810
134
600
1570
The Commercial & Financial Chronicle
Friday
Sales
Last
Stocks (Concluded)
Par
Week's Range
of Prices
Week
Price
Broadway Dept Store._
Low
4
4
Calif Packing Corp com
High
4
18 A
18%
Chrysler C<rp
6
a65%
Consolidated Oil Corp
Consolidated Steel Corp
*
5%
c..l
5A
5A
Preferred..
Creameries of Amer
v t
Douglas Aircraft Co
*
a7l%
Electrical Products Corp.4
9%
Emsco Derrick & Equip..5
Exeter Oil' Co A com
1
6%
25c
Feb
63 A
Feb
08
Jan
G'A
GA
Feb
0
Jan
Feb
8
10
a43
535
18A
GA
o71 A
9A
GA
25c
17
Feb
315
5A
Feb
10
68 A
9
Feb
68 A
167
300
GA
450
25c
Mar
20 A
5A
for
of Prices
Week
Price
Par
Low
High
Range Since Jan. 1, 1941
Shares
*
*
Westmoreland Inc
Westmoreland Coal
Jan
Feb
9
Jan
Mar
Feb
25c
8%
111% 112%
11%
12%
15%
16
112
10
"17%
20
Low
High
8
Feb
111%
11%
13%
Mar
7,865
333
69
103
10%
Jan
117%. Jan
14
Feb
16
Jan
Jan
Jan
Feb
410 A
Pittsburgh Stock Exchange
March 1 to March 7,
both inclusive, compiled from official sales lists
Feb
Jan
"42 "H
8
8%
Jan
A
7A
390
5
232
Feb
United Gas Imp com
Preferred
Jan
Friday
Sales
Last
Gladding McBean & Co..*
Goodyear Tire & Rubber.*
"47A
Jan
a5A
5
5A
Feb
GA
al7A al7A
15
18 A
Feb
Jan
Hancock 01) Co A
a32
a 32
Feb
Jan
Par
for
of Prices
Week
Price
Low
High
Range Since Jan. 1. 1941
Shares
Low
Jan
a!7A
Stocks—
Week's Range
Sale
4-7
*X §
a43 A
a 42
(Concluded)
Week's Range
Jan
a7A
com
Jan
40
1,400
25c
Feb
5A
18 A
Farmers & Merch Natl. 100 a390
a390
a390
Fltzslmmons Stores Ltd._l
a7H
o7A
General Motors
4
1,910
5A
a7lA
9A
GA
High
17 A
065A a65A
18
Stocks
191
GA
*
GA
18%
Last
Sale
Low
1,074
18 A
5A
Range Since Jan. 1. 1941
Shares
1941
Sales
Friday
for
Sale
March
a5%
*
com
Intercoast Petroleum.. 10c
Lincoln Petroleum Co.. 10c
a5A
a7c
37
31A
Feb
19 A
33 A
a7c
500
6c
Jan
9C
a 32
a7c
32c
32c
34c
8,930
Lockheed Aircraft Corp_.l
23 %
23 A
6A
GA
Menasco Mfg Co
1
1%
IA
23 A
GA
1A
300
Los Angeles Investment.10
1
Cc
6c
1
31c
31c
Nordon Corp Ltd...
Oceanic Oil Co
—
Pacific Finance Corp comlO
Pref classC
10
Pacific Gas <* Elec com..25
5%% 1st pref
Pacific Indemnity Co
11
25
Ryan Aeronautical Co
1
Solar Aircraft Co
1
So Calif Edison Co Ltd..25
0% pref B
25
Southern Pacific Co
.*
Standard OH Co of Calif..*
Transamerlca Corp
29 A
Mar
2A
Jan
6c
Jan
6c
Jan
32c
1,000
30c
Jan
34c
Jan
Mar
11%
10%
A
Mar
11
210
10%
10%
26
29%
13 A
29 A
9A
18 A
4A
9
18
13
2
A
Feb
366
9A
Union OH of Calif
25
United Aircraft Products. 1
Universal Consol Oil
10
6
1A
350
ISA
4%
4
A
40
3A
50
Feb
Jan
Jan
10 A
Feb
3
4
Feb
A
Jan
Feb
4
28
Jan
Jan
25 A
Feb
520
29 A
8A
Feb
30 A
10 A
Jan
Jan
18
Feb
20 A
Allegheny-Lud Steel com.*
Blaw-Knox Co
1,727
100
7A
Columbia Gas & Elec Co.*
Fort Pitt Brewing
Koppers Co pref
Lone Star Gas Co
GA
2
Feb
GA
Jan
13
14 A
Jan
9A
Mar
300
Mar
9
Jan
GA
692
GA
Feb
8 A
100
2
Mar
2A
5
Jan
13,000
1
4c
4c
4C
1,000
4c
Imperial Development.25c
Jan
5c
Ac
Ac
Ac
7,000
Ac
Mar
Ac
5%
GA
29%
5%
29%
78%
5%
247
GA
2c
3c
9,500
lc
2%
200
Shamrock Oil & Gas com.l
6%
cum
pref
2A
2%
95
100
US Glass Co
1
95
Vanadium-Alloys Steel—*
Westinghouse Air Brake..*
Jan
Jan
1,335
1,260
9%
Mar
GA
Jan
120
29A
Mar
31%
76
Mar
Feb
96%
7%
Jan
Jan
3c
Feb
87
95
25c
m ^
m
Jan
1A
105
Jan
Jan
Jan
25c
3
Jan
Jan
80
50
Jan
6
Jan
2%
10
25c
10%
95
Mar
Feb
30c
Feb
37
40
150
37
Mar
40
Feb
19%
19%
333
19%
Mar
22%
Jan
19%
Unlisted—
Pennroad Corp vtc
1
2
2
66
2
Jan
2% |Jan
St. Louis Listed and Unlisted Securities
10
Edward D. Jones & Co.
Established
Mar
Investment
Boatmen's Bank
1922
Securities
Building, ST. LOUIS
Members
*
6A
a40%
GA
GA
a39A a40 A
..100 al62A
60 «25
alG0Ao\62A
Smelting & Refg
Amer Tel A Tel Co.
Anaconda Copper..
Armour & Co (111)
5
Atchsn
Topk A H Fe RylOO
Aviation Corp (The)
(Del)3
Baldwin Locomotive vtc..
Barnsdall Oil Co
..5
Beudlx Aviation Cor p....5
Bethlehem Steel Corp
._*
Borg-Warner Corp
__5
Caterpillar Tractor Co...*
Commonwealth & Sou...*
Continental Motors Corp.l
Curtiss- Wright Corp
4
A
a23A
03 A
al4A
a35
A
76
*
a38
*
alA
Kennecott Copper Corp..*
o31 A
no
*
Montgomery Ward
& Co *
Mountain City Copper..5c
New York Central RR
•
Nor Amer Aviation
Inc.._l
North American Co
..*
13 A
Packard Motor Car Co...*
15A
aGA
2A
Paramount Pictures Inc..l
Pennsylvania RR
50
all A
a23 A
Ohio OH Co
*
Radio Corp of America...*
Republic Steel Corp.....*
4
19 A
0.72 A
Socony-Vacuum OH Co..16
8A
Southern Ry Co
*
Standard Brands Ino
*
Standard OH Co (N J)...25
al2A
GA
34 A
Swift & Co
25
a22
Texas Corp (The)
26
a35 A
Tide Water Assoc Oil
10
Union Carbide & Carbon.*
Aircraft Corp
5
United Corp
(The) (Del).*
Corp
•
Warner Bros Pictures Inc 5
Westinghouse El
&
Mfg. 60
A
9 A
a64 A
a38 A
a1
57
3A
157 A
22 A
Feb
157 A
27 A
Jan
4 A
Feb
5
Jan
Jan
24
125
Jan
133
18 A
3A
Feb
100
14
Feb
20
9A
4
70
35
Jan
76
Mar
A
Jan
A
Jan
9A
35
Jan
Stocks
1
1
"Feb """"%" Jan
10
no
7 A
32 A
73
Feb
9A
Jan
Feb
34 A
Jan
92
70
2
A
Feb
2 A
Jan
Feb
Feb
33 A
32 A
Feb
25
33 A
30 A
15
37
Feb
39
Jan
200
3A
Mar
Feb
3 A
Jan
Feb
15
Jan
13 A
137
13 A
Feb
17 A
Jan
15A
320
14
Feb
17 A
Jan
oG A
aGA
2 A
2A
alOA allA
7A
Feb
250
a23
o23A
117
4
100
26
42
A
GA
2A
10 A
22 A
Feb
Mar
380
72
a22
75
23
Jan
4A
Feb
72
9
Jan
22A
Jan
Feb
8A
Jan
Jan
A
Jan
50
195
6
Feb
GA
Jan
191
34
Jan
Jan
A
Jan
35 A
23
Jan
37
Jan
9A
64 A
Mar
10
Jan
65 A
Feb
A a22A
78
22
a35A a35A
9A
9A
a64 A a64A
25
37
110
65
a38A a38 A
al
Jan
Feb
ISA
105
Jan
11%
Feb
19A
8A
A
al2A al2A
GA
GA
34 A
34 A
3
Feb
4
a71 A 072 A
8
Feb
Feb
25
36 A
Feb
36 A
Feb
10
U1
1A
Jan
1A
Jan
Mar
68 A
3 A
Jan
57 A
3
1,310
093
A a95A
20
57
142
Feb
2A
American Invest
1
12 A
5% preferred
50
Brown Shoe com........*
"30"
Last
Sale
Par
American Stores
American Tel & Tel
Barber Asphalt Corp
Price
*
100
162%
10
Bell Tel Co of Pa
pref.. 100
Budd fE G) Mfg Co
*
Preferred
4
A
100
Budd Wheel Co
*
Chrysler Corp
5
Curtis Pub Co prior
pref. _*
Electric Storage
07 A
33 A
Battery 100
General Motors
10
Horn & Hard
(Phila) com.*
Horn & Hard (N
Y) com
*
.
_
42
A
117
30 A
Navigation*
National Power & Light. .*
Pennroad Corp vtc
1
Pennsylvania RR
Penna Salt Mfg
Phila Elec of Pa $5 pref
Phlla Elec Power pref
25
Reading RR
23 A
50
*
29 A
50 —1_.
50
Scott Paper..
*
Sun Oil
*
Transit Invest Corp
► Preferred
25
...25
United Corp com
Preferred
*
*
lor footnotes see page
High
9 A
11
150A 162 A
for
26 A
1571.
27
12A
48 a
30
'26a
Range Since Jan. 1, 1941
12a
450
48 a
31
Low
High
13
Feb
50
Feb
64
27
Feb
41
12 a
48
29A
Jan
31
Mar
35
a
Jan
10
3
3a
600
26A
3
Mar
25
25%
00
25
Mar
10 A
11
100
10
Feb
12 a
Jan
18a
18a
105
17
Feb
19 a
Feb
10 A
Ely & Walker D Gds com25
1st pref...........—100
2nd pref
100
Emerson Electric
Falstaff Brew
120"
98
com... 10
"38"
29%
10
117
98
Mai
60
3
Feb
4
6A
Feb
7
A
Jan
8
Feb
8
a
Mar
38
Mar
38
29 a
13
Mar
400
sy2
6A
8a
25
Jan
38
29a
29a
13
13
50
*
Knapp Monarch
5
5
40
5
Mar
*
ga
7
90
GA
120
10
147
Jan
Mar
98 A
Mar
com
Jan
20
3a
ga
38
Johnson (S S) Shoe com..*
Key Co com
Jan
98
"~~6A
International Shoe com..*
Jan
3a
120
Huttlg S & D com.......5
Hyde Park Brew
27 a
27
98
3a
1
com
Mar
120
4
com
Feb
Jan
Mar
31A
13a
5a
Jan
Jan
Jan
8
Jan
Laclede-Chrlsty CI Pr com*
6A
G
6
Mar
Laclede Steel com
20
M cQuay-Norrls com. ... *
Natl Bearing Metals com.*
18
18
25
18
Mar
20
"§0%
Jan
36
36 A
10
36
Mar
38
Jan
20
20
.
Preferred
100
Natl Candy com—....
Scullin Steel com
Sterling Alum
Wagner Electric
com
15
20
Mar
22
10
101
Mar
6
Jan
110
1.15
15
A
Mar
Feb
11
Jan
Feb
14 a
Jan
7A
Mar
8 A
Jan
1.15
Feb
7a
15
350
25
70 A
70
11%
Feb
A
1.15
25
Jan
Mar
9 a
10a
50
1.15
25
A
6A
20
9a
11
7a
1
Jan
101
20
4a
9a
11
1
...
com
7
ga
4a
9A
80
a
101
ga
*
com
Vardaman Shoe
6
101
*
Rice-Stlx Dry Goods com
Scruggs-V-B Inc com ...5
1.00
223
7C%
$2,500
11%
1,600
Feb
24a
5A
Jan
Feb
28
g8a
Jan
74
Jan
11a
Jan
12
Feb
Jan
Bonds
St L Pub Serv 5s.....1959
Inc
1964
San
Francisco Stock
March 1 to March 7, both
Exchange
inclusive, compiled from official sales lists
Friday
Range Since Jan. 1, 1941
High
Stocks—
Par
9
A
Feb
11A
Jan
570
150 A
168%
Jan
8A
Assoc Ins Fund Inc
8
9
Jan
88
8%
110%
3%
Feb
111 A 111A
3A
4A
Jan
119
Jan
Atlas Imp Diesel Engine 5
Bank of California N A..80
Week's Range
for
of Prices
Week
Price
Anglo Calif Natl Bank..20
Mar
6
64A
33 A
31A
42A
115
55
226
60
55
Feb
5A
Jan
Mar
58 A
7 A
Feb
GA
550
5%
Feb
67A
34A
247
63%
32%
Feb
32 A
43 A
117
30%
2A
30 A
2A
GA
2A
GA
2A
22A
23A
66
388
833
85
75
31%
40%
115
Feb
Feb
Feb
Mar
10
30%
2%
Feb
125
6%
Feb
Jan
71A
34%
114% 116
29A 30A
13 A
14%
24% 24%
22% 22%
35% 36%
53% 54%
A
%
94
114%
29%
12%
23%
Mar
118
922
208
150
Jan
Mar
31%
ht
Feb
316
ht
Jan
160
180
5
1
25%
Jan
Feb
7%
112%
Feb
6
Mar
1.45
100
10%
10%
411
1.20
236
18%
1,628
Jan
Jan
Jan
Jan
Feb
Feb
1%
Jan
Feb
30%
Jan
6
20%
14c
3%
10
100
200
Mar
Mar
1.75
9%
Jan
11%
Jan
1.10
Mar
1.20
Mar
Feb
20%
27%
Jan
Jan
17
26%
Mar
14c
Feb
17c
Jan
2.90
Feb
4
Jan
27
46
26
Feb
28%
24%
24%
557
24
Feb
26
6%
5%
13
6%
200
6%
Feb
5%
709
5%
12%
Mar
13%
2,327
87%
172
4%
86
5
15%
Jan
Jan
Jan
5%
19%
44%
Jan
4%
675
18%
220
18
Feb
45
41
Feb
6%
6%
26%
210
23%
99
98%
99%
306
1.20
com.....2%
1.25
99
490
6%
Mar
7
Jan
Jan
Jan
22
Feb
96%
Feb
100
Mar
130
Jan
8
Jan
120
6%
6%
110
6%
Feb
42%
6%
Jan
Jan
92
42
26%
6
Jan
Mar
Feb
18%
3%
6%
Feb
42
50
Jan
1,000
27
24%
Feb
Mar
1,150
4
*
6
1.45
Jan
3%
12%
Gen Metals Corp
cap. .2 %
General Motors com
10
Genl Paint Corp com..—.*
107
9%
14c
'
86
20
Fireman's Fund Ins Co..25
Foster Kleiser
Preferred
107
26%
Emporium Capweil com..*
Feb
5
6%
*
Preferred (w w)
Emsco Der «fc Equip Co
Ewa Plantation
cap
Jan
245
El Dorado Oil Works
Jan
Mar
Mar
655
*
Preferred
Jan
33 A
%
Crown Zellerbach 00m...6
Jan
53 A
1%
26%
Jan
4%
A
Feb
14%
88
1%
26%
Jan
825
7
18
Consol Coppermines
5
Creameries of Amer com.. 1
Feb
126
21
Jan
4 A
1.10
10%
Calif Packing Corp com..*
Calif Water Service pref.25
Feb
25%
23%
37%
58%
10
Jan
High
Mar
6
Carson HU1 God Mine cap 1
Mar
Feb
20
Central Eureka Mln com.l
Coast Count G&E 1st pf 25
Cons Chem Ind A
*
Feb
Low
8%
1.45
Calaveras Cement com...*
Jan
Jan
6%
Range Since. Jan. 1, 1941
Shares
813
107
1
Jan
31%
3%
8 A
4%
7%
2
Jan
172%
2
Jan
High
8%
10
34%
20
22
Jan
Feb
Beech Aircraft Corp
Bishop Oil Co
Calamba Sugar com
Low
'
48%
120
7%
2%
24%
182%
2,584
1,416
Sales
Last
Sale
Low
339
5i#
1A
1
for
Shares
High
Coca-Cola Bottling com..l
Columbia Brew com..
5
Week
Shares
172 A 173
2A
50
1st preferred
2d preferred
50
Week's Range
of Prices
Low
55
6 A
Low
Week
Sales
8 A
111A
com
Burkhart Mfg com
Century Electric Co
Philadelphia Stock Exchange
Stocks—
Price
Range
of Prices
Jan
March 1 to March
7, both inclusive, compiled from official sales
list8
Friday
Par
Sales
Week's
t
12
A
Last
Sale
20
825
inclusive, compiled from official sales lists
Friday
Jan
83 A
March 1 to March 7, both
15
5
Exchange
Jan
275
19
St* Louis Stock
Jan
18 A
Jan
390
3
A
CEntral 7000
Postal Long Distance
A. T, T. Teletype STL 593
13
12A
13A
1 GA
57
3
a93
3A
Jan
Chicago Stock E- change
New York Curb Exchange Associate
126
a38
4
Sears Roebuck A
Co.....*
401
a
3A
13
St. Louts Stock Exchange
222
76
a3VA
a8 A
a32 A
034 A
Phone
Jan
7
Mar
GA
no
a8A a8A
a34A a35A
a38
.1
163
a23A 025
4A
4A
a22 A a23 A
a3 A
o3 At
al4A a 15
76 A
ISA al8A
a44 A a44 A
aA
aA
a2A
a2A
a8
a8A
a32 A a32 A
o34A a35A
alA
o2A
aSIA o33
a31A a31A
18A
044 A
aA
a2A
a
..*
General Electric Co
General Foods Corp..
Intl Tel & Tel Corp
&
76
GA
.1
Jan
5
Jan
Mar
GA
San Toy Mining Co
Jan
Feb
97
Mountain Fuel Supply.. 10
Pittsburgh Brew Co pref. .*
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
Jan
10%
7%
Feb
1%
55
9A
Mar
Lehigh Coal
700
9%
Unlisted—
Amer Rad & Std SanI
U 8 Steel
186
1A
98
9%
com
Jan
United
4%
97
25
Feb
GA
3%
*
Jan
10c
Loew's I
3%
1%
•
1
High
Feb
Jan
2
6c
Amer
100
19 A
7A
Jan
9A
7A
10c
Cardinal Gold Mining
m
270
6%
8%
6%
100
51
21%
8%
Jan
Mar
4A
2,021
Mng.10
~"~8A
Clark (D L) Candy Co...*
MiningBlack Mamm Cons
*
20 A
Jan
563
2,858
2
.
Feb
39 A
40
1,183
6%
Vega Airplane Co
1%
Wellington Oil Co of Del. 1
Jan
30
Feb
Mar
7%
775
Jan
28
Feb
39*
36%
672
9A
7A
9A
Feb
Feb
30
100
395
13 A
9%
7A
Jan
Jan
2,705
3,500
10 A
2GA
029A 029A
39A
39A
36 A
3GA
8 A
8A
3%
3A
a3A a3A
25 A
26
25%
36c
28
Jan
6c
11
o3 A
Jan
Feb
5A
10 A
a29%
39%
36 A
8%
3A
10
Pacific Lighting com
*
Richfield OH Corp com...*
20c
21
125
26 A
10%
20%
Feb
42%
525
40%
Feb
6%
33%
6%
225
33%
119
5
33%
26%
Mar
Jan
48%
Jan
Jan
6%
Feb
Feb
35%
Jan
Volume
Orders
solicited
Pacific
on
Coast
Stock
Exchanges,
which
Canadian Markets
are
until 5i3» P. M. Eastern Standard Time (2 P. M. Saturdays)
open
1571
The Commercial & Financial Chronicle
152
Schwabacher
Membert
New
York
Stock
(Continued from
& Co.
page
Toronto Stock
Exchange
Exchange
Sales
Friday
111 Broadway,
Now
Week's
Last
York
Sale
Cortlandt 7-4150
Stocks
(Concluded)
Range
Low
Range Since Jan. 1, 1941
for
Week
of Prices
Price
Par
1573)
High
High
Low
Shares
Private Wire to own offices in San Fr&nclsoo and Los Angeles
300
70o
Feb
4%
7*c
4%
7*o
50
4*
Mar
25c
500
7c
Feb
9c
Jan
*
8%
Feb
9H
Jan
*
Week's Range
Last
Sale
Stocks (Concluded)
Low
Range Since Jan. 1, 1941
for
High
Preston
E Dome__
Shares
Golden State Co Ltd
6
*
9%
15*
9*
16H
232
16 H
1
55c
55c
200
------
Honolulu Oil Corp cap___*
10
IXL
Mining
50
50c
12*
9H
23
149 H
Feb
166
*
18
18
18
106
17 H
Feb
21
10c
10c
1,200
8Hc
Jan
14HC
Jan
1.90
1.90
25
1.90
Feb
2.15
Feb
San Antonio
i
2.20
2.15
2.30
Sand River
1
4*C
4%c
Senator-Rouyn
1
38c
Jan
Shawlnlgan
*
1
Jan
10*
16*
Jan
55C
Mar
14
9*
Jan
3c
Jan
4,611
62c
Mar
87c
Jan
565
5*4
Mar
6*
Jan
62C
68c
Silver woods pref
*
6
5%
6
Mar
2.75
Jan
15*
Feb
43*
Jan
24*
22*
Feb
28*
Jan
Feb
28
Jan
26
25H
26
514
------
23 %
23*
251
90c
—
90c
85c
9
8H
16H
-
------
3.440
625
16*
507
80c
8
Jan
Jan
15*
Feb
1.00
Feb
Mar
9
18*
Jan
1
1.90
1.80
1.90
450
1.80
Feb
2.35
Jan
1
6%
5%
9%
6*4
680
5*4
Feb
6*4
Jan
10
*
lHc
62c
Jan
Natomas Co
1,000
1
Feb
com
l*c
Sberrltt-Oordon
14H
Menasco Mfg Co com
1%C
Mar
39*
National Auto Fibres
35
Mar
380
—
15*
59c
235
—
Jan
15
7
15*
—
Jan
59c
Jan
40
-
Jan
7 He
Feb
Feb
15*
5
2 65
Mar
36c
48c
40
10
March Calcul Machine
Feb
4%c
3,800
6
Leslie Salt Co
MagnavoxCo Ltd--.-_-_l
Magnin A Co (I) com
*
2.03
4,500
106
Langendorf Utd Bak cl A *
LeTourneau (R G) Inc
1
Lockheed Aircraft Corp__l
4,195
5c
41c
38c
315
2.50
10
320
9%
Feb
Jan
10
O'Connor Moffatt cl AA__*
Pacific Can Co
6% 1st preferred
25
5H% 1st preferred.-.25
$5
div
Preferred
100
Siscoe Gold
1
ll*c
South End Petroleum
f
l*c
91H
53c
58c
14,950
51 He
Feb
61c
30c
966
30c
Feb
430
Jan
ll*c 12*c
1 Ho
1 He
25,250
10 He
1 He
Jan
19HC
Feb
Mar
2Ho
Jan
REAR Co Ltd
*
com
Preferred
1
Republic Petrol Co com__l
50c
50c
10
50c
Mar
90c
Jan
3
3
40
2H
Feb
3H
Jan
Steel of Canada.....
•
60
61
72
Steep Rock Iron Mines
*
85c
1.06
Straw Lake
*
4*c
3HC
Preferred
30 %
15H
*
Soundview Pulp Co com. .5
Paclfio Co
.1
Spring Valley Co Ltd
*
Standard Oil Co of Calif..*
Jan
Jan
33*
1,051
32*
Feb
Jan
29*
302
29*
Feb
Jan
37
240
36
Feb
39*
Jan
Toronto
Jan
19c
Jan
3c
4*c
5,000
3c
Mar
5Hc
Jan
2.70
1,425
2.50
Feb
2.90
Jan
3.10
3.25
5,166
3.10
Feb
3.75
Jan
1.00
240
1.00
Feb
1.05
Jan
9%
Jan
Preferred
1.52
Elevator...
-
— —
Feb
45
Feb
82
36
79
Mar
82
Mar
14C
Jan
Jan
11*
12*
760
11*
Mar
14H
Jan
Feb
5%
Jan
37*
18*
Jan
Jan
Jan
5
Union
Gas
12
»
20*
Jan
Feb
16
Jan
100
1.35
Feb
1.50
Jan
8*4
1,880
7*
Feb
3*4
405
3
Feb
6%
40
2%
2%
1,080
2%
Mar
1.56
1.46
1.60
33,520
1.27
Feb
2.28
Jan
3.15
3.35
882
3.10
Feb
4.25
Jan
1*0
Mar
2HC
Feb
3.40
Mar
4.10
Jan
25
Ventures
1.50
4
3.15
Feb
9
Jan
4*
Jan
I
...»
38*
107
10*
Feb
12*
Jan
100
25*
Feb
20*
33 H
20
Feb
26*
23*
Jan
164
9*
1.152
50
32*
8*
Feb
Jan
34*
10*
Jan
179
19 H
1,500
20c
90
Jan
48
Jan
Feb
20 H
Jan
Feb
26c
Jan
Mar
Feb
11
Jan
Feb
98
Jan
10
10*
93
1HC
lHc
500
lHc
Mar
l*c
Jan
80c
80c
80c
40
80c
Mar
1.15
Jan
6*c
6Hc
6*c
2,500
6*c
Mar
9c
100
1
Jan
Winnipeg Electric cl A...*
Jan
Wood-Cadillac
10
9H
90
130
33*
Jan
33*
Mar
8H
482
7*
Feb
8*
20*
Mar
Jan
*
Yjnlr Yankee
6.00
5.95
6.10
6,368
5.95
Feb
7.00
Jan
*
33*
Feb
38
4
93
10*
*
Preferred
Wlltsey-Coghlan
Wright Hargreaves
18
345
21c
Westons
11
2,381
19 %
21c
Wendigo
26
600
3.60
38
19*
Walkers
Feb
l*c
3.40
3.40
*
Walte-ArnuJet
39 H
l*c
1
Vermilata Oils
Preferred
6*
4
60
4
"~2*
United Fuel cl B pref
United Steel
13*
18
44
390
8*
------
33
79
50
33*
------
Jan
44
Feb
14*
8*4
21H
Feb
55
33 H
Feb
10c
176
20*
19
22c
11
—
125
150
26
— — — — —
Jan
20
5,600
6H
-
1.80
20c
3H
------
Jan
Mar
44
50
Upper Canada
Jan
1.52
20
20
*
Preferred
300
1.55
107
26c
122
5*4
Feb
10C
15*
8%
Mar
100
22c
29*
1.50
8
6
10c
Feb
—
60
22c
582
15
8
102
/,
8
102
Uchl Gold
160
13*
— —
*
100
Tip Top Tailors
Towagrnac
Mar
Jan
.....
Toronto Mortgage
,.148*
8*4
-
T.I 5
Jan
72
Feb
Jan
17c
Jan
126
3
4*0
Jan
Feo
14*
Feb
Feb
Jan
16*
115*
116
3Hc
18*
106*
172
3
Jan
4*c 102,300
107*
94
400
Jan
1.78
1,000
Toburn..
13*
100
Sperry Corp com v t c
1.65
28*
34*
31*
15
So Cal Gas Co pre ser A.25
Southern
Feb
Feb
3
Schleslnger Co B F 7% pf25
15
1.40
25*
15H
------
Ryan Aeronautical Co—1
com
500
Mar
1.00
1
Texas-Canadian
2,341
85c
2.60
Hughes..
Teck
54,425
1.18
18c
4*c
Sylvaulte Gold
1.45
148* 148 H
30*
30*
com
Signal Oil A Gas Co A
Mar
Jan
70
Feb
60
18c
Sudbury Contact
26*
17
17*
117H 119
119
Richfield Oil Corp com...*
Shell Union OH
Jan
8
11*
107* 107*
107H
------
100
Rayonler Incorp
Jan
Mar
2,000
Jan
*
Standard Paving
37
37
Puget Sound PAT com..*
5
11*
Jan
100
Feb
"53c
...1
Slave Lake
29*4
------
*
com
30
100
27*
Jan
Jan
16
Bladen Malartlo
1.40
100
Paraffine Co's
6H
11H
26*
Jan
17
Mar
30c
Simpsons pref
26 *4
33 %
26 *4
*
Pac Pub Ser 1st pref
*
Pacific Tel A Tel com.. 100
6H
------
Pacific Light Corp com...*
16
11H
11H
E Co com.,—.25
27 H
27H
-----
*
com
Pacific Coast Aggregates.5
Pac G A
27 H
15
97 %
95
Sturgeon R
Occidental Insurance Co_10
Jan
1
*
59c
400
Jan
155
7
2.50
Jan
H
1,000
154
Shawkey Mining..
2.50
50
8t Anthony..
Jan
Jan
3 40
Feb
St Lawrence Corp
Jan
Jan
Mar
Feb
Jan
7*
Feb
15
Jan
1.30
154
59c
7
Peso2
Co
1,240
9H
Feb
Jan
14,175
100
6H
------
Hutchinson Sugar Plant. 15
5*4
8*
980
12 H
12*
9H
Honolulu Plantation Co.20
Hunt Brothers com
290
------
Hawaiian Pine Co Ltd.—*
Holly Development
6*
2.92
3 He
8
6
3c
Royal Ite
Gladding McBean A Co__*
2.80
1
Royal Bank..
High
Low
250
9
3o
2.90
1
Roche LL
Week
of Prices
Price
Par
Pressed Metals
Sales
Jan
73c
Power Corp
Prairie Royalties
Friday
1.04
73c
73c
...1
Powell-Rouyn
7c
7c
8c
15,600
60
Feb
8c
Mar
28,800
Jan
9H
18*
9%
9,247
——————
270
9*
Jan
2
4%
4*
4*4
8,212
Feb
10*
5*
Jan
Uchl
75
75
75
Union Oil Co of Calif
25
13H
13*
13%
2,192
4*
13
Jan
14*
Jan
War Loan, 2d
98%
98*
98%
Union Sugar com
25
Jan
9*
Jan
Universal Cons Oil
10
9
Jan
Tide Water Ass d Oil comlO
Transamerlca Corp
Victor Equip Co com
Preferred
1
18H
-
------
7H
7H
------
4
4
522
280
302
8
7*
Feb
Feb
4
Waialua Agricultural Co-20
"
28
—
— — —
—
Toronto Stock
Jan
5
14*
5
Wells Fargo Bk A U T.. 100
9
9
Bonds—
Jan
14H
505
14*
Mar
24 H
28
519
22*
Feb
28
Mar
293
15
Jan
300
Jan
290
287
Western Pipe A Steel Co. 10
18*
19
375
18*
Mar
Yellow Checker Cab ser 150
24
24
20
21*
Jan
15*
22*
Feb
84
Feb
99%
Feb
Sales
Friday
Jan
Range Since Jan. 1, 1941
Last
Par
Week's Range
for
Sale
Stocks—
Mar
98 *
both inclusive, compiled from official sales lists
Mar
24
75
Exchange—Curb Section
Jan
March 1 to March 7,
$400
of Prices
Week
Price
TjOW
High
High
Low
Shares
Unlisted—
Am Rad A St Sntry
6H
6H
6H
*
American Tel A Tel Co. 100 al61* al60*a!62*
Anaconda Copper Mln. .50
23*
23*
Argonaut Mining Co
5
— —
— -
-
3
100
2.25
Feb
3.00
300
19*
Jan
24*
3*4
Feb
5,245
lI2g
22*
23*
a7
a7
o3*
50
Bunker Hill A 8ulllvan_2H
Cal-Ore Pw
Cities
a36
a36
.
..
Co
com.
90c
Mar
hs
Feb
36*
Jan
.80
Feb
37 *
1.35
Jan
400
Jan
Feb
12*
Mar
86*
Jan
Feb
5*
Jan
Feb
6
Jan
220
Feb
9*4
330
29*
Mar
30*
Jan
4*
34*
51
a5*
a5*
70
"8*4
8*4
Dominguez OH Co
*
29H
29%
8*4
29%
a3*
a3*
32*4
33
614
5
64
5
______
Idaho Mary Mines Corp__l
Kennecott
Coppercom
5
5
5%
Matson Navigation Co
*
McBryde Sugar Co
"24 H
5
Monolith Ptld Cem com..*
20
Onomea Sugar Co
100
Preferred
Pennsylvania RR Co
60
Pioneer Mill Co..
20
Radio Corp of America
......
1.15
Preferred
So Cal Ed
25
6% pref
6*
3*
831
2*
Feb
4
25c
25c
500
23c
Feb
30c
Jan
DeHavilland
*
7
8
Mar
8*
Jan
Dominion Bridge
*
Feb
26*
Jan
Foothills
*
1
32*
26
310
Mar
27
Feb
3*
Mar
2.50
Jan
2.50
Jan
37
358
36*
Feb
39*
Jan
3
800
2*
Feb
3*
J an
17*
al3* al4*
17*
17*
3
2%C
Jan
Feb
7c
Feb
Jan
He
2,000
*c
Mar
lc
Jan
1.50
1,800
1.35
Feb
2.10
Jan
*
565
2*4
Jan
1
6c
1,078
4*c
Feb
Rogers Majestic A
Tern Is k Mining..
*
5
6c
5
8*c
Jan
Jan
No par value.
CURRENT
—Publication of
is announced by
NOTICES
to
19
62
17*
Jan
19
Mar
95
1.15
Mar
Mar
4
a5*
a6*
30*
30*
a7
a.7
25H
25%
41
Mar
5
38
5
4*
Jan
5*4
Jan
6
Feb
6*
151
Jan
7
Mar
or
taxes, and facilitating trades for the
Write for your free copy to
Co.
as
Brailsford & Co. of
was
with Dempsey-Detmer &
of their Investment Department, has been admitted to
manager
Chicago,
as a
partner in charge of sales.
formerly associated with Ames, Emerich & Co. and the
Mr. Conover
Federal Securi¬
Partners of Brailsford & Co. will now include
Feb
ties Corporation.
7
Jan
Brailsford, Arthur T, Rodger,
28
Feb
31
Jan
Walter R
Jan
30*
10
29*
a6*
30
6*
Feb
6*
6*
425
6*
Mar
140
Feb
18
Jan
6*
8*
—A
Jan
is
Jan
Los
now
Mar
new
loose-leaf
quarterly service,"Par Values and Transfer Agents,"
Angeles, Calif.
10
42*
Jan
agents and gives a full
1.10
1.20
Jan
1.30
Feb
over
57*
1,000
2,296
1.00
56 H
3
56*
Mar
70*
Feb
is
3
100
Feb
3*
11c
11c
371
6c
Feb
11c
Jan
West Coast Life Insur
6*
6*
6*
15
6*
Jan
6*
Jan
8,000 corporations.
description of the stocks (listed and unlisted) of
Designed for convenient and ready reference, it
particularly helpful to cashiers.
Price $6 per year.
Feb
lie
Co., 650 South Spring St.,
The new service contains the par values and transfer
a38* c38*
Westates Petroleum com.l
Roy Iverson and Mr. Conover.
being issued by the Fleming Publishing
17*
37*
18
dealer which really
the New York office, 1 Wall St.
—Hubert S. Conover, for the past eight years
Feb
Jan
7
25*
convenient
determining with accuracy yields after tax from bonds subject
both
Jan
29
451
c6*
<z30
one
Jan
4
These tables, the firm states, can
profitable trading opportunities in taxable bonds,
benefit the customer.
Jan
10*
50
Heller, Bruce & Co., Inc., Mills Tower, San Francisco,
in taxables for tax exempts, or vice-versa, offering a quick,
method for
Mar
1.50
tables showing Federal and State income tax rates
be used to turn up many
Mar
1.20
new
Calif., and 1 Wall St., New York City.
6
Jan
aZ8%
29*
Mar
5c
He
Jan
7*
1
Mar
l*c
4H
Feb
30
United Statee Steel oom._*
25
1,000
1.45
3*
18
465
5,000
6c
1
14*
10*
—.
Jan
Jan
Mar
1
or
30
10 H
...
10c
20
Pend-Orellle
Jan
1
70c
l*c
Jan
Pawnee-Kirkl and
Jan
Studebaker Corp com
Feb
25%
6c
50
a30
Feb
8c
15
1HC
42
24*
aZO
50c
500
200
25
6
46
......
300
52c
8Hc
20
1
6
Feb
......
22*
Jan
16
.....*
Jan
20
42
4
7
8HC
Oils Selections...
Oslsko Lake
15
24H
52c
62c
-.100
Montreal Power,.*..,..—*
Langley's pref
Feb
3*
0.5%
a6*
24H
56
Jan
Feb
22*
......
U 8 Petroleum Co
Feb
31*
24*
320
*
United Aircraft Corp cap.5
5*
25
5*
23 H
Standard Brands Ino
Title Guaranty Co pref—*
1,658
a32
41
*
26
2*4
3H
Jan
23
......
Feb
*
.i.
Jan
41
------
85c
*
„
Mar
23H
*
So Calif Edison oom
5
41
__*
Shasta Water Co com
Jan
2.50
1.15
Jan
80c
Consolidated Paper
19
mm
Riverside Cement Co cl A.*
Bchumach WallBd com..*
Feb
3
2.50
2%
3
20
Pacific Ptld Cement com 10
4
31*
37
Nash-Kelvinator Corp...5
Olaa Sugar Co
24*
32
11*
84
3*
......
Montgomery Ward & Co.*
Mountain City Copper
5
Oahu Sugar Co Ltd cap. .20
5*
a32
*
600
Dalhousie
Jan
10
a5
1
20
80c
Jan
12*
84
Curtlse Wrlgnt Corp
...
Jan
4%
6*
7*
12
a4*
.10
General Electric Co com..*
Jan
Jan
5
25
*
Honokaa Sugar Co
Jan
Jan
226
Consolidated Oil Corp.
Elec Bond A Share Co
Jan
90c
a36
84
12
6% pref *27100
Servloe
22
12
a3*
80c
Canadian Marconi- v. ...I
Klrkland Townslte
Jan
——-
Jan
Jan
168
4*
1H«
5
1
Feb
Feb
2.45
2.45
Rights
Bendix Aviation Corp
Blair A Co Inc cap
159*
300
"a3*
Atchison TopASanta FelOO
Atlas Corp com.........5
Aviation Corp of Del
225
7*
100
5
5
-
6
27*
5*
------
Anglo Nat Corp cl A com.*
Feb
100
Warner Bros Pictures
5
5
3
Cassatt have opened the first brokerage
LaGuardia Field, Land Plane Administration Building, New York
—Merrill Lynch, E. A. Pierce &
office at
Municipal Airport, to accomodate plane
Odd lot sales.
6 Ex-stock dividend,
c Admitted to unlisted
trading privileges,
d Deferred delivery,
s Cash sale—not Included In range for
year,
x Ex-divldend.
y Ex-rights.
2 Listed,
t In default,
t Title changed from
*
No par value,
a
The Wahl Co. to Eversharp, Inc.
travelers.
This will be the 44th
office of the firm.
The office is
equipped with an automatic Teleregister
and direct wire to the main
quotation board
office at 70 Pine St., New York.
The Commercial & Financial Chronicle
1572
March
8, 1941
Canadian Markets
LISTED
Industrial and Public
AND
UNLISTED
Montreal Stock
Utility Bonds
Closing bid and asked quotations, Friday, March 7
.'>
Exchange
Sales
Friday
(American Dollar Prices)
Bid
Abltlbi P & P ctfs fie-1953
42
Alberta Pac Grain 68—1946
66
1948
69
Algoma Steel 6a
British Col Pow 4348.1960
6634
Last
Ask
43
Bid
Federal Grain 6s
Ask
1949
66
6734
6734
Gen Steel Waree 4348.1952
66
6734
71
Gt Lakes Pap Co 1st 5s '55
Lake St John Pr A Pap Co
6334
65
1961
5934
Massey-Harris 4348...1954
McCoU-Front Oil 434s 1949
61J4
63
69
7034
634s.
Canada Cement 4 348.1951
Canada 88 Lines 68—1957
66
67 34
36
3734
N Scotia Stl A Coal 3 34s '63
5734
59
Power Corp of Can 434s *59
Price Brothers let 58—1967
65
67
6334
65
■I
Quebec Power 4s
1962
68
6934
1966
72
7334
7134
Dom Steel A Coal 634* 1955
71
73
Dom Tar A Chem 4 34
6834
70
1951
Donnaoona Paper Co—
1956
4s
5034
52
Saguenay Power—
434s series B
Famous Players 434s..1951
68
6934
Week
24
*
Gatineau
for
of Prices
Low
High
.
Price
Par
English Electric cl A
*
61
68
Canadian Vlckere Co 6s '47
70
Stocks (Concluded)
Week's Range
Sale
■
6%
preferred
734
Bid
1 1948
40
42
5s
Oct
434s
Oct
1 1956
39
41
6s
Sept
6s
Prov of British Columbia—
6s
12 1949
1 1953
July
434s
Oct
1 1942
Ask
82
84
79
81
1 1941
90
93
15 1954
66
69
2 1969
66
69
15 1943
May
1 1969
4a
June
434s
Jan
9934 10034
10034 10134
95
96 34
1 1962
86 34
Aug
15 1965
9034
92
6s...
June
6s
Dec
15 1960
15 1961
Apr
80
8534
87 34
Mar
5
Jan
13
Jan
Feb
1434
Jan
..100
9934
9934
9934
50
9834
Jan
2434
2434
75
2434
Mar
2634
Jan
934
934
521
Feb
1034
Jan
1234
1,287
14
Jan
Preferred
Hudson Bay Mining
»
Imperial Oil Ltd
*
934
Imperial Tobacco of Can.5
1234
Preferred
7
*
33
1,249
70
74
125
«■
1334
585
mm. m
m
m
16
234
368
434
170
434
113
Ogilvte Flour Mills
82
Price Bros A Co Ltd
*
Quebec Power
Regent Knitting pref
Prov of Saskatchewan—
4348
Oct
1 1951
61
Ask
*
of Canada
Preferred
Ask
79
81
Tuckett Tobacco pref-.100
United Steel Corp.
*
be
Deo
1 1954
73
7434
Vlau Biscuit
434s
July
11960
6834
69 34
10134 10234
Government Guaranteed
Bonds
Closing bid and asked quotations, Friday, March 7
ill
6e
Feb
1 1957
9234
9334
1 1969
95
9534
1 1969
9534
Bid
Ask
1 1970
95
96
1 1962
Jan
Jan
653
*
Mar
2334
Jan
434
434
70
434
Feb
534
Jan
5
534
470
9
Feb
1234
Jan
214
12
Feb
1434
Jan
310
12
12
1734
1734
20
10
25
106 34 106 34
2
2
1534
19
1534
2
19
-
«.
«.
«,
66" ~
19
3634
—
-
~
_90C
Jan
5734
2134
Jan
Feb
Mar
18
Jan
10
Mar
10
Mar
Jan
107
2
Jan
Feb
1534
115
19
Mar
25
110
Feb
355
35
Feb
1534
304
1534
Mar
1034
235
10
Mar
284
60
Feb
1
90c
234
40
4
5534
20
1.10
141
Jan
Jan
2034
112
Feb
Jan
4034
Jan
17
1034
Mar
Jan
70
73
Jan
Jan
145
215
Jan
Jan
234
17
Feb
64
6
65
148
234
334
Jan
1734
10434
6034
55
m—
38
Feb
10
65
"
m
Feb
60
148
""234
85
110
36 34
15
15
m
..
"
130
1534
110
3634
15
2734
31
49 34
20
148
Feb
234
Feb
334
Mar
Jan
334
Feb
4
Mar
90c
5534
Mar
Feb
55
1.15
Jan
1.00
90c
90c
3
90c
Feb
...100
434
4
434
Feb
7
Jan
*
934
434
934
100
834
Jan
934
Feb
Zellers.
100
144
144
100
152
Jan
100
171
171
281
153
.
10334 10434
100
Royal
100
91
87
77
154
146
Jan
15134
Mar
162
Jan
171
Mar
193
Jan
7
280
Feb
284
Jan
63
145
144
12
178
25
15134 152
Montreal
Nova-Scotia
9634
11946
Grand Trunk Paciflo Ry—
48
Jan
1 1962
3e
Mar
"~5k~
..100
Canadienne
Canadian Northern Ry—
Oct
51
2034
Commerce
July
Feb
Banks—
(American Dollar Prices)
July
50
20
*
Preferred
Winnipeg Electric cl A...*
Preferred
6s
Jan
93
2034
25
Bid
1 1946
B
6s
29
220
»
Co
Sept
Canadian Paciflo Ry—
434s
Feb
1,158
Shawl nigan Wat A Power. *
8teel
93 34
25
52
25
Southern Can Power
(American Dollar Prices)
9234
2,862
2434
St Law Flour Mills pref. 100
St Lawrence Paper pref-100
Closing bid and asked quotations, Friday, March 7
1 1966
Jan
118
31
St Lawrence Corp
*
St Lawrence Corp A pfd.50
St Lawrence Flour Mills. .*
Railway Bonds
Feb
Jan
534
Mar
10
91
July
334
113
5034
-
*
6348
Feb
2334
-
Power Corp of Canada...*
83
88
93 34
95 34
Feb
434
Jan
Jan
634
31
-
*
1 1960
94
Feb
234
Jan
16
113
2334
Mar
9234
Jan
11
Jan
234
*
6s
1 1951
Feb
Jan
Rolland Paper vt
June 15 1955
1534
334
8734
Feb
Feb
Mar
Saguenay Power pref-.100
Sept
Mar
434
»*
72
434s
434s
1334
234
85
634
..»
73
434s
Jan
1134
National Breweries
70
Bid
7434
5
51
70
Canadian National Ry—
Feb
65
51
15 1946
Dominion
6934
25
51
79
73
Jan
9
Montreal Tram ways... 100
81
68
3634
634
2534
1 1958
72
Feb
1134
25
1 1961
65
Jan
31
9
25
15 1943
1 1944
25
634
234
Mont L H A Power Cons.*
Nov
16 1942
15 1944
116
Jan
734
Jan
1134
m
*
June
Deo
50
234
Jan
'•»
m'm
mm
*
5 348
Sept
234
7
Jan
23 34
87
Montreal Cottons pref. 100
5s
July
13 34
Feb
1134
Jan
100
87
*
87
434s
20
3134
mmmm mm
9
475
2334
25
79
6s
7
2334
3234
*
Lindsay (CW)
Massey-Harris
13
'mm W-i
100 mrnmmJ*
76
6s
12
£1
International Bronze pref25
Intl Nickel of Canada
1*
Feb
434s
334
11
May
5634
137
520
Jan
1234
84
5534
Feb
334
54
15 1952
Bid
56
Mar
334
Sept
4s perpetual debentures.
Feb
234
1134
434s
Canadian Paciflo Ry—
Jan
5434
334
4s
83
434s
Apr
Province of Nova Scotia—
9334
1234
1134
4348
Prov of New Brunswick—
6s
2 1950
Mar
Feb
Jan
1134
Natl Steel Car Corp
Noranda Mines Ltd
Province of Quebec—
434a
Jan
634
88
Provlnoe of Manitoba—
434s
40
260
3
Jan
934
90
1234
McColl-Fontenac Oil
Bid
Jan
5434
*
Lake of the Woods..
Province of Ontario—
6s
88
Feb
Feb
434
*
Legare pref
Ask
Province of Alberta—
Feb
80
Jan
Howard Smith Paper
International Power
(American Dollar Prices)
80
27
HoJllnger Gold Mines....6
Intern Power pref
Closing bid and asked quotations, Friday, March 7
89
234
.
Municipal Issues
780
1
High
Mar
734
6
5
5434
Goodyear Tire pref inc'2750
Gypsum Lime & Alabas..*
Intl Paper & Pow pref. 100
Intl Petroleum Co Ltd...*
Provincial and
71
734
80
5
5
100
Hamilton Bridge
Low
24
89
*
Preferred
50
24
80
..'..100
General Steel Wares
Range Since Jan. 1, 1941
Shares
150
Feb
166
Jan
124
281
155
Mar
Montreal Curb Market
79
March 1 to March 7,
both inclusive, compiled from official sales lists
'J
Sales
Last
Montreal Stock
March 1 to March 7,
Exchange
both inclusive, compiled from official sales lists
Friday
Sales
Last
Par
Week's Range
for
Sale
Stocks—
Stocks-
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1941
Shares
Low
Par
6% oum pref
Aluminium Ltd
Preferred
*
1134
100
Algoma Steel..
*
Amal Electric Corp
*
Asbestos Corp
*
Associated Breweries
107
8
8
734
1134
10
1134
Jan
107
8
450
7
734
400
734
Mar
229
Jan
17
Jan
Feb
"16M
16
17
*
15
15
15
10
1434
1434
Jan
Batburst Pow dc Paper A_»
11
11
11
615
1034
Feb
15434 155
248
15434
Mar
668
534
Feb
Bell Telephone...
100
Brazilian Tr Lt & Power.*
15434
534
1134
10734
25
10
734
Calgary Pw 6%
Canada A Dom Sugar Co. •
Canada Malting Co
Jan
Mar
Jan
Canadn Industries Ltd B
Jan
Cndn Pow & Paper Inv
160
Jan
CndnVickers7%cum prf 100
734
Jan
2334
2334
20
23
Feb
14
60
1334
Feb
2634
1534
Jan
14
6
1634
1634
10
1634
Feb
18
Jan
......*
434
434
25
434
Feb
96
7
97
7
25
125
96
Feb
634
100
Preferred
184
Feb
105
Feb
115
Jan
268
9
Feb
10
Jan
30
4
Feb
5
Jan
16
1634
10234 10234
2334
2434
505
10
796
3334
45
2334
3334
22
95
16"
10
1.50
80c
400
15
184
25c
50
5
10
1.50
150
Jan
834
534
Jan
Feb
Feb
56
56
56
105
Jan
Mar
Feb
207
50c
15
1.95
Jan
Jan
Jan
Jan
Jan
Cub Aircraft Corp Ltd
Jan
Feb
Feb
75c
Feb
1.00
Jan
10
Mar
1034
Feb
25
Mar
25
6
4
Jan
Mar
Mar
Can Wire & Cable cl A...*
2134
Feb
534
Dominion Woollens
7
Feb
95c
234
50
334
Jan
98
110
25
1734
38
Jan
Feb
703
25
678
Mar
Jan
400
Dom Engrg Works Ltd...*
2,037
Feb
27
80c
Jan
434
1.50
Jan
10234
534
70
2134
10
1834
Jan
334
10
18
25c
Feb
Mar
75c
10
21
180
Jan
534
Jan
60
70C
734
3
f_5
Consolidated Paper Corp.*
*
David A Frere Ltee cl A..*
Jan
1534
101
97
184
Jan
4
95
4
25c
*
85c
133
934
75c
High
Feb
534
109
55c
96
Commercal Alcohol Ltd..*
Building Produots A (new) *
Low
1,050
3334
100
13
Brit Col Power Corp cl A .*
97
cum pfd
"24"
for
Shares
65c
4
100
1534
Bulolo
Preferred...
..100
Can North Power Corp..*
Canada Steamship (new).*
7%
107
High
934
Canadian Breweries Ltd.
534
Canada Cement
Can North
cum prf
Jan
534
,
5
109
1634
Jan
Jan
Low
60c
Beauharnoia Power Corp.*
Brew&Dist of Vancou Ltd 5
High
107
Price
100
*
Range Since Jan. 1, 1941
of Prices
Abltlbi Pow A Paper Co__»
Brit Amer Oil Co Ltd...
Agnew-Surpass Shoe
Week's Range
Sale
5% preferred..
Cndn Bronze pref
""434
100
Cndn Car <fc Foundry
*
Preferred
—.....25
""634
Canadian
"23""
Ceianese
Preferred 7%
Canadian
♦
56
Mar
60
Jan
105
12
103
Feb
105
Feb
7
165
*
1.25
1.25
50
634
634
25
334
334
170
334
334
180
234
234
30
334
4
Jan
Jan
1034
2734
Jan
Fleet Aircraft Ltd
*
2834
Jan
Ford Motor of Can A
*
Jan
Fraser Companies Ltd
*
Feb
2334
200
634
2034
23
23
130
22
Feb
117
85
114
Feb
15
lis"
*
20
Preferred
Donnacona Pap Co Ltd A *
Donnacona Paper B
*
Fairchild Aircraft Ltd
5
116
Converters.. 100
100
634
Jan
10
23
.100
Cndn Cottons pref
Cndn Ind Alcohol
334
15
25
15
Jan
115
115
64
110
Jan
105
2
124
1834
115
334
"234
4
1534
"~8
Fraser Cos vot trust
Feb
Lake St John P&P
*
8
*
65c
2
2
Feb
3
Jan
Lake Sulphite Pulp Co
*
2
2
5
2
Feb
234
Jan
Massey-Harris 5%cmpfl00
834
834
13
8
Feb
8
Feb
25
434
3634
2834
534
3634
2834
2,006
Consol Mining A Smeltlng5
10
2834
2434
2434
40
25
25
35
200
5
4
734
8
1,060
8
8
65
34
1.75
Feb
Feb
734
Jan
334
Feb
534
Jan
334
Feb
534
Jan
2
Feb
3
334
15
434
Jan
Mar
534
Jan
Jan
1534
Jan
Mar
8
Jan
7
Feb
1034
Jan
634
Feb
11
Jan
100
65c
Mar
85c
Jan
65
2634
Feb
3134
Jan
95
McColl-Fronte nac Oil
Crown Cork A Seal Co
1534
434
Feb
*
15
170
Mar
6
1.25
Class B
Canadian Locomotive
Canadian
Paciflo
Ry
Distillers Seagrams
Dominion Bridge
Dominion Coal pref
Dominion Glass
Preferred
*
„•
*
25
100
Preferred
Dominion Textile
Preferred
1834
*
100
1834
1934
344
Feb
634
Jan
734
434
Jan
Jan
Feb
28
Jan
Feb
26
Jan
Moore Corp Ltd
Jan
Feb
2034
87
115
Mar
126
Jan
14834
Feb
155
Mar
734
334
Mar
934
Jan
Feb
434
Jan
Feb
434
434
75
87
87
50
74
7434
35
100
155
155
Dryden Paper
»
434
434
Electrolux Corp
1
8
8
95
Jan
9634
Feb
1.00
20
1.25
Jan
1.25
Jan
534
12
534
Jan
534
Jan
8
150
734
Feb
934
Jan
44
44
10
4134
Feb
4734
Jan
90
90
90
Feb
98
Jan
84 34
74
6%
cum
1st pref
100
Provincial Transport Co..*
Feb
6% cum pref
100
ThriftSts634%cumlstprf25
82
Jan
United Securities Ltd._100
Jan
155
Mar
135
4
Feb
534
Feb
8
Jan
6
104
8
434
Jan
634
90
100
Jan
225
634
Jan
104
23
10334
Jan
8
10
8
Mar
9
10
43-4
Mar
434
Mar
130
3834
Mar
4734
Jan
634
634
Southern Canada Power—■
8434
150
1.00
*
Mar
20
5
5
Power Corp of Canada—
1734
10
17
663
95
734
Mitchell (Robt) Co Ltd..*
2234
65c
28
534
Melchers Distlrs Ltd preflO
24
95
Melchers Distilleries Ltd.*
30
115
734
100
cum pref
39
155
7 34
6%
Feb
Mar
155
*
434
35
115
100
Dominion Steel A Coal B 26
Dom Tar & Chemical
2434
113
65c
28
Walker-G A Worts (H)
*
No par value,
r
*i_
38 34
Canadian market.
434
3834
104
Jan
Jan
Volume
1573
The Commercial & Financial Chronicle
152
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Week's Range
Last
Sale
Stocks (Concluded)
of Prices
High
Price
Par
Low
Par
192
1
Dome Mines Ltd
Jan
Dominion Coal pref
Jan
1,000
48c
Jan
8,500
16C
Jan
18 He
Jan
*
Mar
190
Jan
200
Mar
21
Jan
Feb
24
Feb
105 %
Mar
107
Feb
Mar
18%
19
130
18%
17%
18 H
319
17
105H 105H
25
High
Low
48
192
190
-
18
Dominion Foundry.-.—.*
Preferred
100
53c
53c
18 He
Century Mining Corp
17c
54c
1, 1941
Range Since Jan
for
Week
Shares
High
13%
Feb
10c
500
Low
Price
100
Stocks (Continued)
High
Low
17Hc 18HC
Cndn Malartic Gold Mns_*
of Prices
Week
Shares
11c
11c
Week's Range
Sale
Dominion Bank
11c
*
Sales
Last
Range Since Jan. 1,1941
for
Mines—
Aldermac Copper Corp
Exchange
Friday
Sales
Friday
5
22 H
22%
Mar
24%
Jan
Dominion Steel class B—25
"~7%
7%
7 H
410
7%
9%
Jan
East Maiartic Mines Ltd.l
~2~50
2.50
2.50
40
2.50
Feb
2.90
Jan
Dominion Stores
*
5
4%
5
240
4
Feb
5
Jan
Eldorado Gold Mines Ltdl
37c
37c
37c
2,500
32c
Feb
52c
Jan
Dominion Tar
*
4
4
4
50
4
Feb
4%
Jan
2.15
2.15
25
2
Feb
2%
Jan
Dominion Woollens
*
1.75
Feb
37c
37c
100
42c
Jan
55c
Jan
Dominion Woollens pref.20
Joliette-Quebee Mines
1
Klrkland Gold Rand..—1
lHc
lHc
1,000
1%C
FeD
1%C
Feb
Duauesne Mining
1
2c
2c
500
2c
Jan
2c
Jan
East Crest
*
1
8c
8c
500
8c
Mar
8c
Mar
East Malartic
1
Nickel
Falconbrldge
*
Francoeur Gold Mines
""37c
*
Lapa-Cadlllac Gold
.
22%
1.00
5
1.00
Mar
0%
0%
30
6%
Mar
8
10Hc
14c
61,600
10c
Feb
I6H0
Jan
3c
3%c
6,200
3c
Mar
5c
Jan
2.58
2.49
2.60
5,950
2.45
Jan
2.95
36c
36c
37c
5,000
33c
Feb
52c
Jan
15c
15c
700
15c
Mar
16%c
Jan
2.16
2.20
495
1.97
Feb
2.60
Jan
25%
26 H
410
24%
3 He
4c
7,500
3%c
Feb
Feb
700
25c
Mar
30c
Jan
Jan
12%C
3.60
100
3.50
Feb
4.30
Jan
Eldorado
1
1.03
1.05
Mai Gold Fields....
1.00
1.00
3.60
1
Macassa Mines Ltd
115
1.06
11,600
91c
Feb
1.16
Jan
Extension Oil
*
Falconbrldge
2.20
*
•'
Jan
1
70c
70c
100
70c
Mar
1.10
Jan
Pandora Cadallic Gld Mnsl
5c
5c
500
5c
Feb
8%c
Jan
Federal Klrkland
1
Pend Oreille Mns & Mtls.l
1.45
1.45
100
1.45
Mar
2.00
Jan
Federated
*
25c
25c
1
1.45
1.45
500
1.45
Jan
1.65
Jan
Fernland
1
3Hc
3 He
1,000
3%o
Feb
6 He
4Hc
3%
4 He
2,500
4c
Feb
4 He
15
15%
15
15
Jan
O'Brien Gold Mines
Fanny
Perron Gold Mines
Red Crest Gold-
Petroleum
100
2.10
Feb
2.25
Feb
Firestone
2.95
200
2.75
Feb
3.25
Jan
Fleet Aircraft
3c
Feb
Ford
*
2.25
Feb
Class B
Foundation
2c
2c
1,500
2.20
2.20
2.20
500
2.12
Feb
A
4
15%
*
2C
2c
2,500
2c
Mar
4c
Jan
1
1
65c
65c
200
65c
Feb
84c
Jan
55c
550
50c
Mar
60c
Jan
Gatineau Power...
Jan
..
Siscoe Gold Mines Ltd
37c
*
Sladen-Malartic Mines. ..1
30c
30c
30c
110
30c
Mar
40c
1
58c
58c
58c
58 c
Feb
64c
Jan
Gatlneau Power pref
Gen Steel Wares
3.10
Feb
3.45
Jan
Sullivan Cona
Waite-Amulet Mines
Wood-Cadillac Mines
7
15
Mar
6c
7c
1,500
37c
2,100
6c
7%
Feb
Feb
Jan
Jan
Jan
6
15%
Jan
Mar
15
8c
Jan
54o
Jan
9%
Jan
Mar
36c
28
Feb
90
Jan
4%
teb
6
Jan
8,000
3%c
5,967
25%c
llHc
12c
5,500
11 He
Feb
Feb
Feb
5c
7 He
66,400
5c
Mar
13c
Jan
80
*
Gillies Lake-
1
5
5
3 He
3 He
3.35
35
3.35
Mar
4.05
Jan
God s Lake
*
7c
7c
2,400
7c
Feo
8%G
Jan
Goldale
1
27 %C
7 He
80
55
4%
3.15
1
Feb
Jan
28
27He 28Hc
100
2,537
117
3.35
3.35
1
Mar
14%
7H
80
3.15
Tech Hugees Gold M Ltdl
3%
920
36c
6c
Francoeur
50c
Sherrltt-Gordon Mines
70
4
7H
Petroleum.25c
Co-.l
Shaw key Gold Mng
4%C
*
Jan
2c
*
1
"3 %'c
Petroleum...25c
2.20
2.95
1
San Antonio Gold
1
Farmer
2.20
2.20
Pioneer Gold M of B. C.l
Preston-East Dome
...
4Hc
Jan
39c
Jan
I6H0
Jan
Jan
Oil-
Commonwealth Pete
Dalhousie Oil Co
1
4c
5Hc
8,500
4c
Mar
10c
Jan
1
%C
%c
1,000
%c
Mar
2c
Jan
500
19 %c
Mar
21c
Jan
Goodyear
*
25c
700
25c
Feb
26c
Jan
Grab am-B ousq uet
1
25c
1.95
1.75
1.90
*
3,905
1.70
Feb
2.55
Jan
Week's Range
Last
Sale
Price
Par
Stocks—
of Prices
High
Low
Range Since Jan. 1, 1941
for
Abitibl pref
6%
100
Aldermac
Astoria Que
Aunor
Gold
Mines
Bagamac—
Blue Ribbon..
Hollinger Consolidated.Home Oil
50
5.00
Feb
5.40
Jan
3H
60
3%
Feb
5%
Jan
78c
5,145
75c
Mar
1.10
Jan
4 He
1,500
4c
Feb
8c
Jan
10
1,500
10c
Feb
15c
Jan
10
50
9
Feb
10 H
Jan
13
1,330
12%
Feb
13H
Jan
1.95
5,190
1.67
Feb
2.54
Jan
2c
Feb
10%
Mar
Feb
Homestead
1%C
1%C
500
l%c
8C
2,000
8c
Mar
9c
Jan
Honey Dew__.---------
10%
16%
11
14%
Feb
Feb
3,000
10 He
Mar
17c
Jan
Howey
1
25c
27c
1,200
24c
Feb
7
Feb
9%
Jan
Hudson B ay——„—*
24H
24%
350
24%
Feb
100
54
54
20
52
Feb
55
Feb
100
8
8
25
8
Feb
8
Feb
195
195
10
192
Feb
205
Jan
9
100
8
Huron & Erie.
Jan
6c
6,000
5Hc
Feb
9c
Feb
Imperial Bank
3 He
3 He
4,000
Feb
5HC
Jan
Imperial Oil Co
Feb
4%c
Jan
Imperial Tobacco ord.
20% pref
He
100
5c
3Hc
1,000
1.70
1.79
5,157
1.63
Feb
2.45
Jan
11c
7,550
8c
Feb
16HC
Jan
20
92
Feb
105
Jan
95
30
95
Feb
100
Feb
10
114
Jan
115H
Jan
36%
Jan
15%
Jan
Jan
283
Feb
Internationa!
*
31%
33
1,252
31%
Jan
International Petroleum..*
13%
13%
470
13%
Feb
Feb
Jan
Jack Walte
16c
17c
5,500
15c
Feb
27c
1
c
lHc
1 %c
4,200
lHc
Mar
2 He
Jan
...-1
c
42c
45c
16,900
38c
Feb
45c
Mar
1
5
3.35
3.70
19,910
3.05
Feb
3.95
Jan
35c
Mar
1.05
Jan
lie
Nickel
5,700
10c
Jan
15c
Jan
Jacola
6,408
1.04
Feb
1.20
Jan
Jason Mines.--.-
5
13
Mar
8
Jan
Mar
4%
Kerr-Addison
160H
Jan
Kirk Hud
13HC
Jan
Kirk Lake
7,000
4c
500
4c
Mar
50
5%
Jan
6
7Hc
5c
6
Feb
Mar
100
4.25
Feb
5.15
c
8c 10 He
13,300
7%c
Jan
12 He
9H
9%
330
9%
10H
Jan
2c
2c
1,000
l%c
Feb
Jan
2 He
Feb
Jan
12
Jan
Jan
11c
Jan
Lapa-Cadlllac
1
9.50
Feb
10.35
Jan
Laura Secord (new)
Lebel-Oro
3
1
7%
Feb
18%
Jan
Jan
4.25
6%c
Feb
21
4.25
230
5
Mar
18H
7,433
15%
Feb
18H
5
8c
1,242
86c
602
S
9.85
1,146
4,800
*
Lamanue Gold
7c
5%
Jan
6,650
90c
—1
Lake Shore
9.55
Jan
20c
35c
89c
30c
c
Jan
18 H
8C
10%
114H114H
.
1
423
8%c
154
.
1
Jan
4%
155%
-
9.85
—- .
......
1.25
1.35
125
1.25
Mar
1.35
Feb
89c
78c
91c
53,630
71c
Feb
1.10
Jan
3.55
830
3.55
Feb
5.95
Jan
Loblaw
-
7
90
9
9
25
Little Long Lac
3.90
Buffalo-Ankerite
95
95
.
Jan
1.16
5%
9H
279
11
11c 13Hc
16
Feb
Intl
Feb
4c
16
0%
Jan
10%
6
50
Jan
8c
130
1
Jan
7
193
Mar
Feb
8c
13%
Mar
4HC
7%c
4%
Feb
1,356
171
2,800
154
Jan
11%
95
*
pref----—-100
preferred—..—--100
Milling pref
100
8c
8c
10 %
42
9H
3
281
10 H
155
Feb
12
A
13,200
178
1.04
Jan
83
5c
4%c
281
11
Jan
7
Int Metals
7%c
30c
12
Intl Met class A
171
171
195
9%
3%c
3%c
1.35
45c
Feb
60c
Jan
Jan
)
t
Jan
B
50c
3,900
1.76
2,225
2.06
Jan
24
24%
305
24
Mar
27
Jan
23%
c
A.
23%
75
23
Feb
26
Jan
49c
1.70
1.69
Feb
2Hc
Buffalo-Canadian
14
..*
*
Building Prod
Burlington Steel
Canada Bread clB
2,000
2Hc
4Hc
Jan
13H
Feb
15
Jan
Macassa
Mines
5
3.60
3.70
2.55
Feb
4 30
Jan
235
920
14
7%
Feb
10%
Jan
McL Cockshutt
5
1.85
1.95
3,400
Feb
2.35
Jan
25
1.70
8
c
57c
60c
11,5.50
50c
Feb
62c
1.11
Mar
3
1.02
1.08
17,125
90c
Feb
1.17
Jan
He
He
3,500
He
Mar
lc
Jan
1.11
19c
1.11
1.23
2,825
19c
Motor preflOO
Canada Malting
*
34
19c
Feb
56
37%
Jan
40
96
30
95
Feb
100
Jan
105H
19c
21
17 %
4%
21
*
57
57
85c
*
23
Preferred
153
Cndn Bk of Commerce. 100
*
25
—*
—100
Preferred
Manitoba & Eastern
*
Maple Leaf Gardens
*
10
Jan
Mar
Jan
7H
Mar
7H
Feb
187
3%
Feb
5
Jan
Preferred-
Maple Leaf Mill
Massey-Harrls...
Preferred
....
Feb
21
Mar
56
Feb
61
Jan
Mclntyre
400
25
23
93
149 % 154
65c
Feb
Feb
22
149 H
25
Jan
McKenzle
163
Jan
McVittiee
50
Jan
McWatters
242
9
Jan
10
Jan
Modern Containers
6%
100
6H
Feb
10H
Jan
Monarch Oils
"23%
22
Jan
28
Jan
Moneta
22% 23H
117% 117%
75
22
Feb
29
Jan
5
115
15%
10
2%
375
2
Mar
3
Jan
National Grocers
8%
32
8
Feb
9
Jan
National Steel Car
8%
Canadian Locomotive—
55c
Jan
National Trust
8%
Feb
15H
123
Jan
Jan
2.75
Jan
Jan
4c
Jan
2H
450
2%
Feb
3%
Jan
31%
Jan
Jan
5H
Jan
2%
4H
Murphy
25
335
4H
Mar
15
93
Feb
98
326
47
Feb
51 %
5,800
1.05
Mar
1.32
Jan
500
5 He
Mar
9c
Jan
6,200
17c
Feb
24c
Feb
15%
25
15H
Feb
16%
Jan
5%c
1,000
5,360
3 He
Feb
5Hc
Mar
46c
Feb
54c
Jan
1.05
5Hc
5 He
22c
24c
i
15%
c
5Hc
c
46c
48c
C
729
41c
Feb
3,035
2Hc
Feb
47 %
6c
Jan
3C
2 He
-
2 He
5,000
2c
Feb
3%c
4%
Jan
4H
31H
285
*
30 H
.
.100
4
30H
55
26
150
150
.
Mar
4
Mar
Mar
150
50c
50c
50c
2,400
47c
Feb
14 H
Feb
17
Jan
Nay bob..
1
25c
12,550
21 He
Feb
*
-100
50
27c
14%
14%
c
14%
Jan
121
Feb
Newbec
*
c
1-Hc
1 He
2,000
lHc
Niplsslng
6
1.10
1.10
175
1.00
50 H
52%
879
5c
6c
2 He
2Hc
9,500
2,500
119
25
4%
3%
Central Patricia
Central Porcupine.
3%
Chestervllle
Bakeries—
Cons Smelters.———3
Consumers Gas
100
Cosmos
*
Cub Aircraft
*
Delnite
1
6%
Jan
Feb
4
Feb
Noranaa
*
(
1.95
Jan
Nordon Oil
1
c
17c
Jan
Norgold
1
1,450
1.65
Feb
500
9c
Jan
1.75
Mines
15c
500
15c
Feb
32c
Jan
24,000
1.26
Feb
1.74
Jan
1,700
Jan
15c
Jan
15c
70c
73c
3,200
69c
Feb
1.04
Jan
O'Brien
4%
4%
150
4H
Feb
5%
Jan
Omega
20c
29
1,500
20c
Mar
26c
Jan
20c
35%
50
1.37
11
35
805
11%
1.30
11
500
20c
4
285
30%
•
158
20c
Mar
21c
4
Mar
4
1.25
11
34%
Jan
Mar
Page-Hersey...
Pamour Porcupine
1.55
Jan
Partanen-Malartlc
Cons
133
136
77
133
Mar
145
Jan
Perron
23
15
22
Feb
25
Jan
Photo Engraving
80c
75c
805
70c
Feb
1.05
Jan
Pickle-Crow
Jan
1.25
Jan
Pioneer
Feb
3%C
Feb
1.00
1.00
1.00
50
90C
3%c
3%c
3%c
500
2Hc
24
24%
315
24
Mar
28%
Jan
22
22
661
22
Mar
24%
Jan
*22*
I
•
49%
Feb
57%
5c
Mar
6c
Feb
2He
Mar
4c
Jan
40c
Jan
Jan
Jan
30c
Feb
107
50c
Mar
90c
50
3.25
Mar
3.75
Jan
c
71c
74c
3,255
71c
Feb
1.15
Jan
c
12c
12c
1,600
11c
Feb
16c
Jan
c
3c
2,500
3
Feb
4
Feb
87
99
Mar
105
—*
—
-
1
3c
100
Jan
Jan
1.07
1.14
9,880
1.07
Mar
1.65
4c
4c
600
5c
Feb
8c
Jan
c
3Hc
3 He
100
3 He
Feb
5c
Feb
c
22c
23c
5,500
21c
Feb
28c
Jan
806
7
1
.1
1
-.1
*
1
30c
99
99
*
Pandora-Cadillac
Jan
Paymaster
Feb
1.18
*
14
Jan
2c
Feb
1,540
.
1
Feb
39H
Jan
Mar
-.1
Feb
Feb
31c
50c
...
—-
23
133
Jan
Mar
150
30c
Pacalta Oils
4
Jan
38 H
3.25
c
*
5
Preferred—
15c
Jan
50c
North Star
12c
20c
-
5
3.25
Normetal
1.42
73c
.
.*
15c
Conlaurum
Dome
Feb
3%
1.28
Conduits
Dist Seagram
4H
245
3%
1.79
"l5c
Cockshutt
Commoll..----—-—-—*
Commonwealth Petroleum*
Denison
1,537
5
10Hc 10 He
1.75
*
Cochenour
Consolidated
118
1.36
Chemical Research
Chromium
15
120
4%
*
1
1
■
P R
Canadian Wineries
119
Jan
44%
*
Canadian Malartic
Jan
3c
42
-.1
_*
4H
1.10
-
1,090
585
31
28
1
Morrls-Klr kland
21
Feb
1 He
95
*
Mar
Jan
1.25
5,200
47 H
5
*
*
25c
1
Moore Corp
2
1
6H
141
15%
Canadian Dredge
Feb
5
7%
405
2c
6%
95
S
1
9%
Mar
1.85
47%
.
1
Mar
5%
24
■S
5
—
9%
23
i
$
McColl-Frontenac Oil pDOO
Jan
1.00
6
Mar
9
1.60
6
-
*
McColl
17
10
Mar
Jan
l%c
5
1
*
—100
8
119
8
8
*
Maralgo.
6%
~~9%
Canadian Canners cl B.__*
Car A Foundry
34
39
Jan
Jan
5%
*
Canadian Canners
Feb
1
Malartic (G F)
2,318
85c
75C
102 M
Jan
20
v:
57
3%
Preferred
151
7%
50
Canada Steamships
Canadian Celanese
50
105H 105 H
34
34 H
7%
Canada Northern Power._*
Canadian Breweries
24 He
2,400
39
96
Canada Cement pref -.100
Preferred
1.49
38
Can Cycle &
Canada Wire class A
Mar
Madsen Red Lake..,
1
50
Calmont
3%c
13%
8
*
Calgary & Edmonton
C
Jan
5.00
18c
l
Canadian Oil pref
l%c
11HC
British Columbia Pow cl B*
Canadian Oil
Mar
Feb
Legare pref
Leitch.......—...
Cndn Ind A1 A
lc
Mar
10c
British American Oil
Can
3,000
12c
*
-
lc
Jan
5Hc
1
-
Feb
1,500
Jan
*
-
2%o
4,000
81c
Brazilian Traction..
Bro uian-Porcu pine
Mar
6c
3Hc
*
100
1
Bralorne
lHc
1.75
l.f
*
2.75
1
Bobjo.
21,000
9H
125
Co
Feb
1.04
;
Hi ride & Dauch
Jan
Mar
12Hc
—
Jan
8
56c
__1
Big Missouri
90c
Feb
2.35
T.72
*
Bldgood Klrkland
Feb
94
"7 He
Beatty class A
Bell Telephone Co
Jan
2c
12 %
10
*
55c
4
5%c
Base Metals
Seattle Gold
3H
10
1,150
Bank of Nova Scotia—100
Bear Exploration
37c
Feb
4C
3
100
Bathurst Power cl A
Feb
Feb
2%
75c
60c
1
Baukfleld.
25
24c
390
3H
*
2.35
.1
Bank of Montreal
Mar
25
2,675
5.00
Hamilton Bridge
2.35
1
1
.
Jan
Feb
lc
60c
*
—_
5c
lHc
1
Haicrow-Swazey
2.35
v—----1
1
-.
Jan
15c
8c
*
Ar ntfleld.
Ashley-
2c
Jan
8
_*
Anglo-Huronian
500
10He llHc
*
Copper
-
150
1
Alberta Pacific Consol
Algoma Steel ..i
Anglo Canadian
1,530
Jan
16%
4%c
70
Jan
/12c
....i—...1
AJax O & G
60c
5%
He
19%
70
5Hc
._*
Acme Gas
55c
5
55c
2
Feb
26c
Halliwell
Highwood...
Abitibi
Mar
14%
3
Harker
High
Low
80
l%c
79
25c
Hard Rock.
Week
Shares
Mar
5,500
30
25
1
Hallitor
Sales
Friday
"§6"
50
-
Gypsum
inclusive, compiled from official sales lists
March 1 to March 7, both
4c
104
1 He
2%
Gunnar
Exchange
lHc
15%
16
Great Lakes vot tr pref.—*
Great West Sadd.
*
Preferred
Stock
Toronto
70%
70
19Hc 19%c
*
.._..*
Home Oil Co Ltd
1
Gcodfish
7.00
Golden Gate.......
Gold Eagle
Feb
6.00
200
6.10
6.00
Wright Hargreaves Mns..*
Jan
1.40
1.42
1.40
Mar
1.69
Jan
14H
15
60
14H
Mar
16 H
Jan
9
2.75
2.80
2,945
2.60
Jan
3.00
Jan
5
2.25
2.25
515
2.05
Feb
2.30
Jan
.
15
No par value.
(Concluded on page 1571)
The Commercial & Financial Chronicle
1574
Quotations
on
New York
Bid
15 1969
City Bonds
1
1976
1954
1
1954
108
1
1977
a3s
June
1
1980
a3%s July
o3%s May
a3%s Nov
a3%s Mar
1
1960
1964.
Apr
1
1966.
15
Ask
107% 108%
1972.
120
1
1974.
1976.
1
1977.
15
Nov
121
A Trust
1978.
a4s
May
1957
112% 113%
a4s
Nov
1
1958
1957.
119
May
1
1959
a4%B Mar
1963.
May
1
1977
a4 He June
1965.
a 4s
Oct
1
1980—
117% 118%
a4%s July
1967.
117% 118%
117%I119
a4 %s Dee
a4%s Dee
16 1971.
1
a4%s Sept
1
1960
a4%s Mar
1
..
1902
1967.
May
1
240
250
First National
100
84
120%
128
Ask
Bid
Par
Bank of Manhattan Co. 10
129
3a 1981
62.10
5s Jan A Mar 1984 to' 71
62.05
Highway Imp 4%e Sept '63
144
Canal Imp 4%s Jan 1964..
144
Can A High Imp 4%s 1965
—
141%
45
NaUoaal City
26%
28
National Safety Bank. 12%
13
16
Penn Exchange..
14%
17%
42
100
31
33
13.65
4%s. April 1941 to 1949.
Hlgbway Improvement—
4s Mar A Sept 1958 to '67
173
179
Fifth Avenue
700
61.15
First National of N Y__ 100 1580
1620
Merchants Bank
100
6th series... 1975
51
30%
23
Sterling Nat Bank A Tr 25
York-
100
Bid
27
Companies
Ask
3%s August
Trihorougn Bridge—
1968
8 f re venue... .1980
105% 106%
104% 105%
62.45
2%b serial rev 1945-1952
99
61.40
2.40%
103
15
19
Guaranty
Irving....
70%
75%
Kings County
295
..10
11%
1550
Lawyers
Central H&nover
100
97
Manufacturers
—20
12%
1600
28
31
36%
38%
Chemical Bank A Trust. 10
46%
48%
Clinton Trust
30%
38
New York
10
12
Title Guarantee A Tr. -.12
Trade Bank A Trust.. ..10
17
21
Underwriters
80
90
Colonial
25
Continental Bank A Tr.10
14
47%
41%
Preferred
15%
Corn Exch Bk A Tr
102%
104%, ...
102
'102%
......
215
290
54%
56%
Alt
195
Bronx County
Brooklyn
Ask
Bid
Par
Fulton
364
355
Bankers
Bid
3%s
3s
125
New York Trust
Pennsylvania Turnpike
102
40
29%
140
Bank of New
3s serial re? 1953-1975.
15 '77
50
17%
134%
General A
ser Aug
Peoples National
Public National
100
111%
Ask
108% 109%
4th ser Deo 16 '76
10
134%
Barge C T 4%a Jan 11946.
Port of New York-
3«
12%
740
Att
World War Bonus—
Authority Bonds
San Francisco-Oak land—
3 %8 6th
Ask
40
Chase
Canal Imp 48 JAJ '60 to '67
mmm
Bid
Refunding—
3 %s 2nd ser May 1*76
Bid
Par
mmm
California Toll Bridge—
4s 1976
38
National Bronx Bank...60
85
Par
Public
36
17
15%
Commercial National.. 100
Canal A Highway—
535
124% 125%
1979.
Bid
mmm
523
FRANCISCO—
New York Bank Stocks
i 123%
123% 124%
123% 125
Ask
'
313
118% 120
New York State Bonds
Bid
Alt
303
Bk of Amer N T A 8 A 12 %
281
274
Bank of Yorktown..60 2-3
62 05
SAN
87%
Bensonburst National—.60
3e 1974
Bid
Par
Harris Trust A Savings. 100
Northern Trust Co.... 100
Illinois Natl
Bank A Trust....33 1-3
122
a 4a
113% 114%
113% 111%
116% 117%
Nov
a4s
100
Continental
121%
121)4 122%
12154 122%
122 % 123%
123% 124%
1981.
Mar
Ask
American National Bank
120 %
15
Apr
June
Bid
Par
118% 119%
118% 119%
a4%s
a4%s
a4 %s
a4%s
107% 108%
1970
Mar
1
Feb
a4%s Jan
109
16
a3%s Jan
a4%s
a4%s
a4%s
a4%s
a4%s
99%i
100% 101
101% 101%
102% 104%
107% 109
Jan
Chicago & San Francisco Banks
Bid
1
a2%ijuly
a3s
1941
8,
Over-the-Counter Securities—Friday March 7
Ask
98%
March
48%
44%
20
Empire
-20
52
54
—25
100
103
United States
2%
100 1480
3%
1530
United States Insular Bonds
Bid
Philippine
Ask
Government—
Bid
U 8 Panama 3s June 11961
4%b Oct
1969
103
4%s July
1962
103
105
Telephone and Telegraph Stocks
Ask
124
126
Bid
Par
Ask
Bid
Par
Ask
116
6s
Apr
1966
100
101
6s
Feb
1962
105
108
5%S Aug
1941
Govt of Puerto Rico—
Am Dlst Teleg (N J) com.*
4%s July 1962
68
July 1948 opt 1943.
118
121
106
104% 109
Atl Telegraph...25
109% 112% Peninsular Telep com....*
Preferred A..
26
108
5% preferred.....
A
100
Pac
O 8 conversion 3s 1940
4%s Oct 1960 Apr '40..
113
110
110
Conversion 3s 1947
Emp A Bay State Tel.. 100
111
...
48
Franklin
28%
Telegraph
100
Int Ocean Telegraph... 100
Bid
3s 1966 opt 1946
3a 1956 opt 1946
JAJ
20
So A Atl
MAN
Bid
_.M&iV
4s 1946 opt
JAJ
48
J AJ
1944
1964 opt 1944
Bid
99
Burlington
r9
Chicago
r2%
99%
99
Denver l%s, 3a......
First Carolina—
mmm
mmm
11
2%
Lafayette %s, 2s
90
Lincoln 6%s
99
'mmm
—
Kress (S H)
1
Bohack (H C) common...*
1%
Reeves (Daniel) pref...100
100
19
Flsbman (M H) Co Ino._*
7
7% preferred
99
Illinois Midwest 4%s, 5s..
Indianapolis 5s
99%
mmm
72
mmm
mmm
100
mmm
98
8%
$5
preferred
......
r39
Phoenix
5s
101
Phoenix
4%s
16%
■mmm
SPECIALIZING■
101
mm
F.H.A. INSURED MORTGAGES
r23
San Antonio %s, 2s
Southern Minnesota
25
The best
99
rl4%
Southwest (Ark) 6s
Union Detroit 2%s
Circular
99
Virginian la
"Hedge'* security for Banks and Insurance Co's.
15
99
on
request
91
STORMS AND CO.
PITTSBURGH, PA.
Phone Atlantic 1170
Bid
100
83
87
Lincoln.
5
60
64
New York
1
6
100
74
78
North Carolina.._.
100
102
108
100
60
64
Pennsylvania
100
36
40
100
41
45
....100
14
18
115
125
...100
2
6
....
Dea Moines
Fremont...
Ask
Par
Bid
Ask
8
FHA Insured
Bid
San Antonio
Virginia
2%
3%
Alabama 4%s
Arkansas 4%s
.
56
Federal Intermediate Credit Bank Debentures
Delaware 4%s
District of Columbia 4%s.
Florida 4%s_
Georgia 4%s
Bid
Apr
Ask
11941 b .30%
May
1 1941 6 .35%
Bid
Ask
June 2 1941 6 .35%
%% due.....Aug 11941 6 .40%
Sept 2 1941 6 .40%
%% due
Sept 2 1941 b .45%
%s due
Dec
1
% % due
Jan
%sdue.
Feb
Illinois 4%s
Indiana 4 %s
.
Louisiana 4%s
%% due..... Oct 1 1941 6.40%
%% due
Nov 1 1941 6 .45%
%s due
Maryland 4 %s
2 1942 b .60%
2 1942 6 .50%
Massachusetts 4%s
1941 6 .45%
Bid
Ask
Commodity Credit Corp—
%%
Aug
1 1941 100 6
100.8
1%
Nov 15 1941 100.20 100.22
%%
May
11943 100.18 100.20
Federal Home Loan Banks
15 1941 100
15 1942 100.8
102
103
102
103
102% 103%
100.11
1 1943 102.22 102.28
Federal Natl Mtge Assn—
2s May 16 1943—
Call May 10 *41 at 100% 101.14 101.20
1%S Jan 3 1944—
101% 101.26 101.30
*
As
%s
No
par v&iue.
/Flat price
maturities,
Home Owners' Loan Corp
May 15 1941 100.2
a
104
101% 102%
101
102%
102
103%
New York State 4%s
102
103%
_
North Carolina 4%s
...
Pennsylvania 4%s„
Rhode Island 4%s
South Carolina
4%s
Tennessee 4%s
Texas 4%s
insured Farm Mtges 4 %s
Virginia 4%s
West Virginia 4%s
Interchangeable.
toi When Issued,
te-s
6 Basis prlee.
r In reoelvorshlp.
With stock.
x
100.11
Now listed
a
Reconstruction Flnanoe
100.9
Asked
103%
New Mexico 4%s
N Y (Metrop area) 4%s..
4
y
%% notes July 20 1941
%%
Nov
1 1941
%%
Jan
15 1942
1%—
July
1 1942
Treasury 2s Mar 151948'50
102
4%s
101% 102%
102% 103%
102
103%
101% 103
101% 103
101% 103%
101
102%
101% 103%
101% 103%
%% to %% must be deducted from Interest rate.
Nominal quotation,
n
Bid
New Jersey
5s
d Coupon,
s Ex
Interest.
Quotation shown is for all
Ex-dlvldend.
100.4
Corp—
100.2
Apr
at
Bid
101% 102%
101% 102%
102
103%
101% 102%
102
103%
101
102%
101% 102%
101% 102%
101% 103
101% 102%
102
103%
Michigan 4%s
A servicing fee from
Mortgages
Asked
Minnesota 4%a
Obligations of Governmental Agencies
1941
15%
41
99%
100
Dallas
3
*
99% 100
Par
Atlanta........
Atlantic..
Jan.
13%
90
23
Commonwealth Building
Apr
Apr
AH
12%
mmm
Joint Stock Land Bank Stocks
%s
%s
6% pref—.100
United Cigar-Whelan Stores
80
St. Louis
99
Fletcher
Iowa 4%s. 4%s
3%
mmm
99
%s, 3%s
Fremont 4%s, 6%s
Bid
Par
2%
94
Pennsylvania l%s, 1%8
Is, l%s
Ask
Bid
/G Foods Inc oommon—*
93
Oregon-W ashing ton
99
la, l%s
B
99
Lincoln 4%s
Lincoln 58
Ask
■
First New Orleans—
Flrat Texas 2s, 2%s
First Trust Chicago—
Chain Store Stocks
Par
Bid
mmm
First Montgomery—
38, 3%s
19
159
As
110%
109% 110%
North Carolina %s, Is
99
16
156
25
110%
New York 5s
l%s, 2a
25
108% 108%
Bank Bonds
Ask
Atlanta %s, l%s
Atlantic 1%8, 1 %8
114
100
Telegraph..
Sou New Eng Telep... 100
Ask
107% 107%
108%
108% 108%
108
Joint Stock Land
% % due
%% due
%% due.
33%
32%
Rochester Telephone—
$6 .50 1st pref
79
New York Mutual Tel—25
...
Federal Land Bank Bonds
First Carolines
19
31%
30%
101% 102%
Hawaii—
Denver
17
Now selling on New York Curb Exchange.
*
Quotation not furnished by sponsor or issuer.
100.15 100.17
100.16 100.18
100.28 100.30
101.2
101.4
%%notes Nov 1 1941— 100.1
1 %% notes Feb 11944.. 102.2
100.3
102.4
New York Stock Exchange.
T Chase Natl. Bank announced
on
each original
ciple and 81.50
U H Housing Authority—
on
on
Deo. 31
a
distribution at the rate of 877.50
81,000 principle amount of debentures; 875.98 on account of prin¬
on
account of Interest.
5% on Sept. 25, 1939.
Previously paid 5% on July 7,
1939, and
Volume
1575
The Commercial & Financial Chronicle
152
Quotations
Over-the-Counter Securities—Friday March 7—Continued
on
Insurance
Stocks
Guaranteed
Aetna Cas A
Aetna.
Y»rk Stotk
18
Automobile
Bankers A Shippers
National Casualty......10
3534
37J4
National Fire
10
National Liberty
2
20
2
25
Carolina
City Title
6.00
67
70
Albany A Susquehanna (Delaware A Hudson)
105
110
Allegheny A Western (Buff Roch A Pitts)
100
6.00
75
80
2.00
28 H
31
Eagle Fire.
.100
8.76
87 H
90
2854
2154
Employers Re-Insurance 10
Excess
5
M
23 M
New
New
34 M
North
1
T7H
.100
8.50
15
19
3.00
37
40
Federal
10
48
50
5.00
86 H
89M
115
119
6.00
71H
75
Fidelity A Dep of Md...20
Fire Assn of Phila
10
65
67
Fireman's Fd of San Fr.25
98
101
82
84)4
2.00
49
51
Firemen's of Newark
5
2.00
48 M
50
Franklin Fire
6
3.60
Betterment stock
Delaware (Pennsylvania)
100
6.50
63 H
9.00
148)4
100
50.00
10 H
(N Y Central)...
Michigan Central (New York Central)
39)4
3654
Glens Falls Fire
...5
23
49
52
Globe A Republic
4.00
26
Seaboard Fire A Marlne.10
25
Seaboard Surety
45 M
Security New Haven
96
98 M
Globe A Rutgers Fire... 15
9M
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
JOM
4
2H
6
247
237
St Paul Fire A Marine..25
6)41
754
37M
3454
119M 123
35M
33M'
..10
10
Springfield Fire A Mar__25
48)4
46)4
10
13
Standard Accident--.-.10
60
6434
Stuyvesant
5
4
5
26 M
Sun Life Assurance
100
200
250
12
Travelers
100
398
408
Co..2
22
23)4
...4
10
47
49
72)4
75
* 50
32
34
34 M
35
44
47
Great American
6
25
Great Amer Indemnity...
1
10
92
M
15
2d preferred
1.50
,.60
26
40
4.50
Oswego A Syracuse (Del Lack A Western)
2854
24 H
23
...6
24 H
5.00
York Lackawanna A Western (D L A W)... .100
Northern Central (Pennsylvania)
27)4
43 M
Gibraltar Fire A Marine. 10
800
600
8)4
10
10
Republic (Texas)
(Paul) Fire
Revere
32
38 H
23
10
Georgia Home
3.875
..50
Morris A Essex (Del Lack A Western)
New
4.00
6H
30
General Reinsurance Corp 5
16)4
36
Corp (N Y).2
Reinsurance
Rhode Island
154
Fort Wayne A Jackson pref
14)4
34
5
Preferred Accident
126
121
117)4 121H
38Mt 41)4
86 H
82 H
10
Phoenix
554
99M
25)4
23 M
2.50
National .25
.......25
Providence-Washington .10
66
100
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)... .100
9M
95 H
Paclflo Indemnity Co.-.IO
9
15M
4H
River
Pacific Fire..
.100
Carolina Cllnchfleld A Ohio com (L A N-A
47)4
14
5
12 50
Northwestern
2
45
C L)__ .100
Cleve Cin Chicago A St Louis pre! (N Y Central). .100
Cleveland A Pittsburgh (Pennsylvania)
Central)
Canada Southern (New York
18)4
3454
45)4
6
Northern
32 M
5
2H
145
32 H
York Fire
26 M
6054
8)4
7)4
17
Hampshire Fire
24 H
68 H
10
New Brunswick
Northeastern
9
8
Connecticut Gen Life... 10
Continental Casualty
22
30 M
27
24
...10
New Amsterdam Cas
20 M
10
National Union Fire
:
754
6 H
Merch A Mfrs Fire NY.. 5
629
609
10
5
10.50
Mercb
7M
6M
98)4 101J4
.....5
Camden Fire...
354
140
100
Central)
Boston A Albany (New York Central)........
Boston A Providence (New Haven)....
50
46 M
City of New York
Beech Creek (New York
65
46
M
100
Boston
Alabama A Vlcksburg (Illinois Central)
62
Fire Assur com...5
12 M
2H
Baltimore American
Asked
Mass
44
Reserve
American Surety
Bid
2H
2M
10
American
\
Par in Dollars
9H
1H
1
Bonding A Ins.. 12H
25
.Since 1855
Dividend
8H
.....5
Maryland Casualty
1334
41H
13 H
39 M
Re-Insurance. 10
(Guarantor In Parentheses)
Lincoln Fire..
7
12
Newark...2H
American
Guaranteed Railroad Stocks
12
68)4
38M
Jersey Insurance of N Y.20
Knickerbocker
5
534
...10
19)4
18 H
10
American of
i
1H
1034
5
Amer Fidel A Cas Co com 5
American Home
2-6600
STOCKS
23 H
33)4
254
19M
69)4
41)4
31M
Home Fire Security
79)4
22 M
American Equitable
Tel. RE ctor
GUARANTEED
NEW YORK
76 34
10
American Alliance
Ask
5
10
Homestead Fire..
...10
Ins Co of North Amer—10
Home
27 H
...26
Agricultural
Extksmgs
Dealers in
120 Broadway
26 M
10
Aetna Life
3o$epb talker $ Sons
Mjrmktrt
10
Bid
Par
1213442534
52 H
50 34
Surety....10
.....
Companies
Ail
Bid
Par
M
3.00
87
7.00
172
175 H
Halifax
10
10 M
11H
US Fidelity A Guar
.100
7.00
164
170
Hanover
10
25M
26 M
U S Fire
Pittsburgh Youngstown A Ashtabula pref (Penna). .100
.100
Rensselaer A Saratoga (Delaware A Hudson)
Hartford Fire
10
81
84
U S Guarantee
.100
6.00
140
145
56
Westchester Fire
3.00
70
73
Preferred
Pittsburgh Fort Wayne A Chicago (Penna) pref
St Louis Bridge 1st pref (Terminal
Seoond preferred
RR)
.....
56
53 M
6.64
Hartford
—
100
6.00
140
144
(Pennsylvania)... .100
.100
W)
10.00
248 34
252)4
Utloa Chenango A Susquehanna (D L A
6.00
46 M
.100
Valley (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Paclflo (Illinois Central). .100
5.00
55
6.00
68
60
5.00
61
64
3.50
22
24
3.00
53
56
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal
Preferred
.60
A Western)
(Penn-Readlng)
Warren RR of N J (Del Lack
West Jersey A Seashore
Railroad
Industrial Stocks and Bonds
56
Bid
•
Ask
61 60
1.20
62 25
American Mfg 5% pref
1 25
Arden Farms com v t o
1.50
4.00
16)4
1 65
1.20
100
2.50
Botany Worsted Mills ol A6
Pennsylvania 4Kb series D
0.80
Brown A Sharpe Mfg...60
...10
gl.25 preferred
4s series E
62.00
1.60
2Kb series G A H
62.15
1.60
Buckeye Steel Castings..*
1
Cessna Aircraft
100
10
Chic Burl A Qulnoy
Pere Marquette—
61.90
1.50
Chilton Co oommon
61.65
2Ms-2Mfl and 4 Ms
1.25
1.20
61.50
1.20
St Louis S'western 4 Ms—
61.60
1.15
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
Columbia Baking oom_._*
SI oum preferred
..*
64 00
3 25
2.00
4a, 4and 4 Ms
Grand Trunk Western fie.
.
Great Northern By 2s....
61.65
1.25
2
3M
171
3
Singer Manufacturing.. 100
4H
Skenandoa Rayon Corp..*
176
17)4
3)4
19)4
28
33
454
454
—
1.20
61.65
20
25
Standard Screw....
Stanley Works Ino
*
Strom berg-Carlson
Sylvama Indus
*
454
5)4
36
3934
47)4
49)4
6
5
2054
6
44
47
.1
Talon Ino oom....
654
64 M
Tampax Ino oom
11
13
2
Taylor Wharton Iron A
22
25
59
61H
Thompson Auto
25
Time Ino
•
*
Steel oommon
23
3
1034
2M
Arms—1
126
1.75
Crowell-Collier
3s..
62.25
1.70
Southern By 4s
61.60
1.15
Cuban-Amer Manganese.2
7)4
8)4
61.65
1.25
Texas A Pacific 4s-4 His—
62.00
1.50
Long Island 4)4s
Louisiana A Ark 3Ms
62.00
1.35
Union Pacific 2Ms
61.80
1.40
Dentists Supply
10
52 H
55 H
62.00
1.50
Western Maryland 2s
62.00
1.50
Devoe A Reynolds B oom •
14
16
Maine Central fis
62.00
1.50
Western Pacific 5s
62.00
1.60
Dictaphone Corp
31)4
34)4
4)48-4)48Wheellng A Lake Erie 2)4s
61.60
1.20
•
Dixon (Jos) Crucible... 100
Triumph Explosives.....2
United Artists Theat com.*
31
33M
Domestic Finance oum pf. *
29 M
*
70 H
3)4
129
United Drill A Tool-
32 M
1154
40 H
39
*
Tokhelm Oil Tank A Pump
Common
.......5
Trlco Products Corp
•
Lehigh A New Engl 4)48..
Kansas City Southern
Merchants
2 Ma. 4 Ms
1 60
62.00
Illinois Central 3s
62.40
2)48
West Fruit Exp
Despatch
1.25
61.60
A fie
61.60
1.20
Pub
114
110
554
554
Tennessee Products
•
S3 oonv pref
5)4
1854
Corp....*
59 H
Consolidated Alreraft—
1 20
Shippers Car Line 5s..
Southern Paclflo 4 Ha
63.00
61.60
Reading Co 4M»
St Louis-San Fran 4s-4Ms.
Express
9)4
8
2954
61.20
Growers
Manufacturing...*
28)4
63.25
Fruit
3
Manufacturing..25
NoWRefrLlne3Ms-4a_.-
1.75
2M
2M
Soovlll
1.20
1.50
.20
1M,
Exploration..... 1
Pilgrim
1254
3 25
61.60
.05
11H
61 50
62 50
654
Con version... 1
Petroleum Heat A Power.*
10
64.00
62.00
554
53
Chesapeake A Ohio 4)49--
Erle 4 Hi
3
12)4
177
168
4)4
Central of Georgia 4s
Del Lack A Western 4s
Petroleum
1
5034
Autocar Co com
Denv A Rio Gr West 434s.
18M
83 H
.-_*
Co
Permutit Co
Safety Car Htg A Ltg...fiO
1.40
1.60
Pepsi-Cola
Remington Arms com....*
61.85
1.65
5254
24)4
Pollak
62 25
1.20
M
18 H
2Mb-2Ms
62.10
4
40 H
38 H
.100
Mills
N Y N H A Hartford 3s___
61.60
10)4
954
1054
12
3854
34 H
17)4
S3 partlo preferred..
Northern Paclflo
62.35
.*
Pan Amer Match Corp..25
454
Art Metal Construction. 10
1.00
Ollnchfleld 2Mb
45
Arlington
4.00
Chic A Northwestern 434s.
29)4
43
1 60
61.50
Chic MHw A St Paul fie...
26)4
1.75
64.50
1.25
1834
92 M
62.00
Central RR of N J 434s...
61.60
Ass
tri
16341
89)4
354
62.40
2*8
N Y Chic A St Louis 4s___
Canadian Pacific 4)48-.-
.
79M
2
1 65
Chic Burl A Quincy 2 348.
*
Ohio Match Co..
Products...*
62 15
61 65
64 60
Maize
61.60
Baltimore 6 Ohio 4 34s
2Mb
Amer
New York Central 4 Ms
Missouri Pacific 4 Ms
12 H
354
22 54
Nash Chat A St Louis 2Mb
1 50
Boston A Maine 6s
1154
11)4
4954
1.25
62.15
preferred
New Britain Machine
25
Hardware
1
50
Nat Paper A Type com
12)4
pflO
*
61.65
Atlantic Coast Line 234s..
Preferred
5%
series
Amer Distilling Co 5%
American Enka Corp
*
National Casket...
11H
5% oonv pre! 1st ser_.10
2d series
American
Canadian National 4Ma-5s
2%
M1 34 M
15M
17M
31
*
Bemberg A com
American Cyanamld—
Amer
tar
a.d
2
*
American Arch
3d
Ask
bid
Par
Alabama Mills Ino
Equipment Bonds
Bid
Bessemer A Lake Erie
54
Steam Roller.. 10
oom
Draper Corp..
Dun A Bradstreet com...*
Railroad Bonds
Farnsworth Telev A Rad.l
Bid
Akron Canton A Youngstown 5Mfl
6sBaltimore A Ohio 4s secured notes...........
Boston A Albany 4Mb
Cambria A Clearfield 4s
.....
...........
92 H
104 J4
70 H
Connecting Railway of Philadelphia 4s
Cuba BR Improvement and equipment
58)4
93 H
~72~
1995
59
111
112M
/19
21
1965
3 Ms
.....1945
1946
Illinois Central—Louisville Dlv A Terminal 3Ha
1953
Indiana Illinois A Iowa 4s.
1950
Kansas Oklahoma A Gulf fis—.....
.............
1978
74
"el"
102
60
51
57
59
74 H
76 H
...
Monongahela Railway 3)48
New Orleans Great Northern lnoome fis...
3Ms
New York A Hoboken Ferry 5b.
New York Philadelphia A Norfolk 4s
Norwich A Worcester 4Mb—
New York A Harlem
1959
1966
2032
2000
1946
1948
1947
extended to...—...1949
Philadelphia A Beading Terminal 3 Ms
.....—..1966
Pennsylvania A New York Canal fis
...........1947
Portland Terminal 4s
............4...
.....
1961
Provldenoe A Worcester 4s............................1947
Richmond Terminal By 3M«
.....
1966
Pittsburgh Bessemer A Lake Erie fis
93
95 M
113M
100 H
flOH
ioi"
liM
102
35
"38"
102
15 M
2354
13)4
1554
2)4
3M
5
3M8...............1951
Vleksburgh Bridge 1st 4-6s.........................—1968
Washington County By 3M*
—
1954
West Virginia A Pittsburgh 4s
1990
United New Jersey Railroad A Canal
5)4
H
154
56 M
59 M
34
254
6)4
5M
14)4
Brown Co 6Ms ser
13M
154
23
2
25 M
/57M
Stamped
Laughlln 3Ms 1961
68—1945
Lawrenoe Portl Cement 100
14)4
16)4
*
55 preferred
100
MaUory (P R) A Co
•
Martin Rockwell Corp
1
14
5s...—.1955
81
NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
15
Panhandle Eastern 3s. 1960
59
Scovlll Mfg3)4s deb..1950
86
Shell Union Oil 2548-1961
15"" Western Auto Supp 3Ms '55
84
13M
15
4354
94
1937
7s
Minn A Ont Pap
118
354
7454
9154
Deep Rock Oil
Jones A
preferred
.100
Muskegon Piston Ring.2M
7
42
39
/41)4
9)4
Merck Co Ino oommon.. 1
254
6s_.x901
A.. 1946
25)4
57
754"
45
Carrier Corp 434s.... 1948
854
13 H
1854
Bonds—
23 M
78
23 M
57
Monon Coal
61
98)4
98
/47M
4854
13
7M
8"
.
49)4
51)4
102
102 H
105
106
9754
98)4
99
99 M
Bid
id
100
61
64
99
118
mmm
Sugar Securities
—
92
94
97
Bid
Bonos
Ask
Par
Stocks
104 M
Eastern Sugar Assoc
Antllla Sugar Estates—
Georgia 4s.......................1957
Terre Haute A Peoria 5s
...—-—1942
Toledo Peoria A Western 4s...........................1967
Toledo Terminal 4Mb
...
.................1957
Toronto Hamilton A Buffalo 4s........................1946
Tennessee Alabama A
454
100
preferred
Wick wire Spencer
Amer Writ Paper
56
7)4
Steel..*
Wilcox A Glbbs oom
50
Worcester Salt
.100
York Ioe Machinery
•
7% pref erred. ...... 100
7%
16M
2154
42
Long Bell Lumber
1
7
21M
1654
Welch Grape Juice oom
44
preferred
33)4
4)4
34
107 H
Warner A Swaaey.
f>3
39
Paper..25
Harrlsburg Steel Corp....6
13
31H
354
2)4
•,654
3)4
._.*
King Seeley Corp oom_..l
Landers Frary A Clark..25
84
554
51
52 M
41
Great Northern
11M
27
*
Great Lakes SS Co oom..*
S5
82
AH
*
Class B
*
74 M
United Pleoe Dye Works. •
35
Preferred
100
254
Veeder-Root Ino oom....*
13
Class A
.100
Preferred
Interstate Bakeries oom..*
..........
Hoboken Ferry 5s
.1
Good Humor Corp
Graton A Knight oom
103 H
100 H
*
Gen Fire Extinguisher...*
Gen Machinery Corp oom ♦
Ghidings A Lewis
Machine Tool
.....2
Garlock Packings com
55
.......1951
5s...........-...I960
72
30
Preferred
Foundation Co Amer shs •
54
....
Chicago Stock Yards fis
Cleveland Terminal A Valley 4a
Memphis Union Station 5s..
57)4
Asked
.....
1956
............1951
...——1961
......
Chicago St Louis A New Orleans fis
Florida Southern 4s
152 H
/52H
...
Chicago Indiana A Southern 4s
Dayton Union Railway
1945
1945
1944
1943
.1955
Federal Bake Shops.....*
32
—
60
/13
16
104
U134
96
•
1947
6s
1954
Haytlan Corp 4s
1989
5s
49
fSlH
/11)4
3Ms
74
47 H
5934
61H
1940-1942
/22
77
45
For footnotes see page
34)4
13 34
1574.
f8
9
20
21M
%
5M
1)4
6
Sugar Refg._.l
Vertlentes-Camaguey
29
30)4
—5
2
Corp_.l
4
2M
4M
Savannah
Sugar Co
New Nlquero Sugar—
10634
Preferred.^..,
Haytlan Corp com
*
Punta Alegre Sugar Corp.*
Baraqua Sugar Estates—
102
109 M
93
1951
6s
107
oom.l
—1
West Indies Sugar
The Commercial & Financial Chronicle
1576
Quotations
March
Over-the-Counter Securities—Friday March 7—Continued
on
Investing Companies
Public Utility Preferred Stocks'
Ask
tad
r
Sold
12
8.82
28.08
2.98
Series B-2
22.17
30.77
24.30
6.78
Series B-3
4%
10.81
Series B-4
6.56
7.23
10.05
Series K-l
14.48
17.17
18.66
Series K-2
10.75
15.89
11.55
12.99
3%
4%
4
1
Keystone Custodian Funds
13.6S
15.05
Series 8-2
Principal Stock and Commodity Exchanges
Bankers Nat
New York City
...
4%
*6% preferred
11.83
Series 8-3
8.05
Series 8-4
Investing—
♦Common
3.13
3.48
5.47
6.02
5%
Knlckbocker Fund..—.1
8.85
'
3.21
)
13.16
Manhattan Bond Fund lnc
.18
Maryland Fund Inc...10c
21.75
11.66
12.78
2.40
3.20
24.04
lnc
Teletype N. T. 1-/600
14.15
.08
20.12
Boston Fund
Tel. BArclay 7-1600
Ask
Series B-l
2
ESTABLISHED 1879
115 Broadway
13%
Investors Fund C_„
8.60
•
Jackson & Curtis
Members
2.59
6.14
Quoted
•
8.09
2.36
2.70
.
Bid
Par
7.44
Bought
8, 1941
25.54
Mass Investors Trust
6.98
7.70
3.25
4.15
17.25
1
18.55
Public
Bid
Alabama Power S7 pre!.
Amer Utll Serv
6% pre!.26
Arkansas Pr A Lt 7% pf—*
Atlantio City El 6% pref.*
Birmingham Eleo 17 pref.
Utility Stocks
8.69
Ask
Par
107% 109%
4%
5%
94
96%
122
125%
84%
S3.50 prior preferred..60
51%
53%
Carolina Power & Light—
preferred
17
*
7% pf 100
Cent Indian Pow
110% 112%
103
105%
Central Maine Power—
preferred
7%
preferred
101
8%
7%
9%
9%
106% 108%
97
99
58
60%
Federal Water Serv Corp—
50 cum preferred
*
preferred...*
Florida Pr A Lt 17 pre!..*
Hartford Electric Llght.26
Ind
Pow &
Lt
62%
65
7%
5%%—100
Interstate Natural Gas—*
preferred... 100
cum
0% pf.100
(Del) 7%
pref
40%
39%
41%
113% 116
55%
57%
111% 112%
23
25
103% 105%
111
113%
34 %
36%
60%
62%
80%
preferred
109% 112%
preferred
100
Okla G A E 7% pref...100
113% 116%
117% 119%
Panhandle
7% pf..l00
Eastern Pipe
Line Co
*
Penna Edison 55 pref
*
Penn Pow A Lt 57 pref...*
Peoples Lt A Pr 53 pref.25
Philadelphia Co—
cum
preferred
*
20
32
57 prior lien pref
*
Jer Cent PAL 1% pL.100
87%
90
33%
30%
63%
65%
111% 112%
23% 24%
75%
77%
115% 118
Zl06% 109
4% % 100 102% 103
Kings Co Ltg 7% pre!. 100
72%
75%
♦Crura A Forster
100
16%
18%
Long Island Lighting—
Republic Natural Gas....2
5%
6%
0%
preferred....
•
7%
.....100
preferred.
25%
27%
52
preferred..
Mass Utilities
5%
conv
*
partlc pre!,.60
Mississippi Power 50 pref.*
57
preferred
27%
28%
84%
94%
78%
4%
82
*
92
Mississippi P A L 50 pref.*
Missouri Kan Pipe Line..5
Monongahela West Penn
76
Pub Serv
7% pref
15
Mountain States Power...
6% preferred
*
Mountain 8tates T A T 100
Narrag El 4% % pref...60
Nassau A Suf Ltg 7%pf 100
3%
103% 105%
20%
28%
13%
44%
Southern Nat Gas com.7%
| 21%
12%! 13%
106% 108%
Texas Pow A Lt 7% pf.100
113
United
Pub
52.75 pref
53 pref
Utilities Corp
....♦
*
Utah Pow A Lt 57 pref...*
29%
15%
46%
138%
Washington Ry A Ltg Co—
Participating units
55
55%
West Penn Power com...*
18%
21%'
West Texas Utll 50 pref..*
136
Amer Gas A Pow 3-68.1953
Amer UtUlty Serv 0s.. 1964
Appalach El Pow 3%s 1970
Associated Electric 6s. 1961
Assoc Gas A Elec
62
64
50
52
23%
25
78%
Kansas Power Co 4s. .1904
Kan Pow A Lt 3%S.__1909
Kentucky Utll 4s
1970
4%s
.1966
Income deb 3%s.._1978
/12
13
Income deb 3%s...l978
Income deb 4s
1978
/12%
13
Lehigh Valley Tran 5s I960
Lexington Water Pow 58'08
/13
13%
Luzerne Co G A E 3 % s '66
Inoome deb 4%s...l978
/13%
14
Conv deb 4s
Michigan Pub Serv 4s. 1905
/20
22
Montana-Dakota
.1973
1973
Conv deb 5%s
1973
1973
8s without warrants 1940
Assoc Gas A Elec Co—
Cons ref deb 4%s...l958
Sink fund lno 4%s._1983
Sink fund lnc 5s
1983
8 f
1986
lnc4%s-6%s
Sink fund lno 5-6S..1986
/21
/21 %
22%
/21%
/50
24
/9%
/8%
/8%
/8%
/8%
23
53
25%
26%
80%
18%
19%
23%
24%
101% 103%
3%
1961
New Eng G A E Assn 6s '02
NY PA NJ Utilities 6s 1950
N Y State Elec A Gaa
4s
1965
Northern
Public Service 3% 8.1969
Northwest Pub Serv 4s '70
Old Dominion Pow 5s. 1951
A
Penn Wat A Pow
Electrlo3%8—1908
1970
Cent Ark Pub Serv 68.1948
Central Gas A Eleo—
1st lien coll tr6%8_. 1940
1st lien collt rust 6b. 1946
Cent 111 El A Gas 3% 8.1964
Cent Maine Power 3%s *70
Central Pow A Lt 3%8 1909
Central Public Utility—
Income 5%s with stk '52
Cities Service deb 6s.. 1903
Cons Cities Lt Pow A Trao
109
103
103%
100% 102
3%s
1970
Portland Electrlo Power—
1950
Pub Serv of Indiana 4s 1969
92%
96%
94%
98%
103% 104%
107
108
104% 105%
Pub Serv of Okia 3 %s. 1971
Pub Utll Cons 5%a...l94S
Collateral 6s
1951
C
6s series B
92%
57
Southern Count Gas 3s '71
55
57
Tel Bond A Share 5S..1958
61
Federated Utll 6%s...l957
Inland Gas Corp—
0%s stamped
106
78%
106%
104% 105
84%
86%
92%
94%
103% 104%
1952
1950
70
72%
104% 105%
103%'104%
102% 103%
8.89
5.02
5.56
8.19
6.76
7.46
9.50
equipment-
Insurance stock
10.47
4.80
5.45
1.03
1.13
8.39
6.81
Oils
3.15
7.61
6.16
6.10
6.74
2.74
Railroad
3.02
Eaton A Howard—
Balanced
Railroad equipment
5.38
5.95
6.24
6.89
39
No Amer Bond Trust ctfs
17.18
Fun.d
18.21
—
1.87
No Amer Tr Shares 1953.*
10.18
10.52
Series 1955
1
2.31
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Fidelity Fund lnc
*
23.24
24.99
Series 1950
1
2.26
Series 1958
1
1.86
15.23
16.39
First Mutual Trust Fund..
5.48
6.08
Stock
Fund
16
17
...
_
■
.m
„
„
Plymouth Fund Inc.._10c
.33
.38
Putnam (Geo) Fund
Quarterly lnc Shares.. 10c
Fiscal Fund lnc—
11.94
12.77
5.35
6.25
series... 10c
2.16
2.40
Insurance 8tk series. 10c
Fixed Trust Shares A... 10
2.99
3.32
5% deb series A
Republic Invest Fund
Foundation Trust Shs A.l
Fundamental Invest Inc. 2
3.30
3.80
Scudder, Stevens and
14.79
16.21
Fundament'l Tr Shares A 2
4.10
4.57
Bank
stock
100
'
Clark Fund lno
3,75
Selected Amer Shares..2%
Selected Income Shares.. 1
•
25.48
27.40
Sovereign Investors...10c
Spencer Trask Fund
*
Investors Trust. 1
4.38
4.77
»
General Capital
Corp
3.49
Standard
77.83
79.41
7.60
8.29
3.53
....
5.48
6.07
12.77
13.56
4.30
Agricultural shares
4.74
3.72
6.96
7.65
Building shares
4.61
5.08
Chemical
5.37
5.71
.17
.22
58%
61%
Super Corp of Amer AA..1
2.02
Trustee Stand Invest Shs^—
♦Series C
1
2.00
Utilities
4.10
Aviation shares
Inc.SOo
♦State 8t Invest Corp...*
Group Securities—
Automobile
101
3.13
8 18
shares
i
shares
♦8eries
1
1.93
1
4.90
1
D
4.40
Electrical Equipment
Food shares
7.46
8.20
3.72
4.10
shares
Merchandise shares
2.50
2.76
4.52
4.96
Mining shares
4.76
5.24
shares
3.62
3.99
Trusteed Industry Shs 25c
.70
Equipment shares..
3.25
3.50
5.12
U 8 El Lt A Pr Shares A...
B
14%
4.65
Wellington
m t-m
—
Petroleum
RR
shares
Tobacco shares
4.18
4.61
1
'Huron Holding Corp
Income Foundation F<
.05
Trustee Stand Oil Shs—
♦Series
A
♦Series
B
mmmm
•
-
Trusteed Amer Bank Shs—
Class B
.47
25c
.52
.79
mmmm
1.81
.15
Fund
1
13.20
14.52
1.24
1.36
Investors..6
13.38
14.39
1.88
2.11
♦Blair A Co
Institutional Securities Ltd
Bank Group shares
22
1.01
♦Central Nat Corp cl A._*
♦Class B
•
20
.92
1
2
♦First Boston Corp
10
14%
15%
10c
%
%
Insurance Group shares.
1.16
1.28
Investm't Co of Amer—10
16.41
17.74
/17% 18%
106% 107%
103%
93
90%
70%
72%
5%s
i960
Wisconsin Public S 3%s '71
1%
♦Schoellkopf Hutton A
com...
Water Bonds
Bid
Ask
Ashtabula Water Works—
195
Atlantic County Water—
5s
1958
105%
mmm
Bid
Peoria Water Works Co—
1st A ref 5s
1950
1st consol 4s
Ask
101
104%
105%
106% 107%
mmm
Community
102
mmm
1st consol 5s
1948
102
mmm
Prior lien 5s
1948
105
mmm
1948
Pittsburgh Sub Water—
6s
_1951
Plalnfleld Union Wat 5s '01
103
107
'
mm
109
Water Service
5%s series B
1940
0s series A
1946
83%
85%
86%
88%
Gulf Coast Water—
Richmond Water Works—
1st 5s series A
1957
Lake
72
105%
••
•
Ontario
Water 6s
1951
101
77
1
Scranton Gas A Water Co
Indiana pods Water—
1st mtge 3%s
4%s
1966
105% 107%
1958
Joplin Water Works—
1st 5s series A
1st A ref 5s A
...1957
105%
'
■
mmm
103
104%
Scranton-Sprlng Brook
Water Servloe 58.1961
Kankakee Water 4 %s. 1959
Kokomo Water Works—
1st 5s series A
102% 103
1958
102
mmm
1967
Shenango Val 4s
ser B.1961
99% 101%
99% 101%
102%
5s...
1950
'
«...
70
74
108
110
Spring Brook Wat Supply
105%
mmm
5s
1965
Springfield City Water—
Monmouth Consol Water—
4s A
105% 106%
52
53%
101% 101%
104% 105%
1950
105%
75%| 77%
Muncle Water Works—
5s
1905
105%
1950
105%
mmm
102%
Morgantown Water 5s 1905
101
1957
%
Pomeroy lno
106
1970
West Penn Power 3s..1970
West Texas Utll 3%s.l969
Banking
Corporations
South Bay Cons Water—
i960
United Pub Utll 0s A. 1960
Utlca Gas A Electric Co—
Investment
Rochester A
104% 106%
106% 107
106% 107%
103% 104%
107% 108%
104% 106
5s
8.06
7.42
supplies
Machinery
108
107% 108
102
5s
1956
100% 103}$
Monongahela Valley Water
5%a
Union Water Serv 5%a '51
West
k a
water
-
1950
107
109
104
106
1st 5s8erie8 B
5s series B
1951
5%s series A__
1951
97% 100
100% 102%
1950
102
1st conv 5s
1951
101
mmm
deb 6s extended
1950
94
mmm
Westmoreland Water
5s.
.1901
Western N Y Water Co—
1st 5 %s series A
New Rochelle Water—
103% 105%
Service—
1st 4s
1
102% 104%
.1951
99
101%
129
5s
—
1952
101% 103%
1950
101
Wichita Water—
107% 108%
106% 107
102
103
Ohio Water Service 4s. 1964
5s.
108%
106% 107%
5s series B
5" series C
1960
105
'
Western Public Servloe—
Iowa Pub Serv 3%s..l909
Iowa Southern Utll 4s. 1970
Pen Mtge 4 %s
Texas Public Serv 5s_.1961
Toledo Edison 1st 3%sl968
debs 3%s
7.35
Metals.
Calif Water Service 4e 1961
107
1st mtge 3%s
110%
76%
10.53
Electrical
16.66
Butler Water Co 5s... 1957
8 f
Dallas Pow A Lt 3%s.l907
Dallas Ry A Term 08.1951
Houston Natural Gas 4s '55
S*western Gas A El 3%s *70
103% 103%
107% 108%
4.88
9.56
Building
mmmm
94
105
56
1970
63
93
103
Cumberl'd Co PAL 3%s'00
3%s
61
...1947
90%
58%
102% 103
Sioux City G A E 4s.. 1966
Sou Calif Edison 3s
1965
1962
1962
6.66
4.41
Chemical
2.65
1
5s
1%
84%
Sou Calif Gas 3%b.._1970
Sou Cities Utll 5s A... 1958
Cons Gas of Bslt 2%s. 1970
Crescent Public Service—
Coll lnc 0s (w-s)
1954
62%
93% 96
104% 104%
104% 105%
St Joseph Ry Lt Ht A Pow
4%s
m
82%
5.28
11.08
Agriculture
32%
15.41
Delaware Fund
Deposited Insur Shs A...1
Diversified Trustee Shares
Republic Service—
1902
5s.
Consol E A Q 0s A
El Paso Elec
3%s 1964
6s...
4./9
10.28
Automobile
104% 104%
103
103%
Indiana—
Parr Shoals Power 5s. 1952
Boston Edison 2%s
104% 105%
110% 111%
Corp
11%
Biackstone Valley Gas
Ask
Utll—
10%
10%
10%
10%
28%
3.94
Cumulative Trust Shares
Steel
Bid
Corp—
Conv deb 4%s
Conv deb 5s
1.15
Independence Trust 8hs.»
I Ask
88%' 90%
105% 105%
Fund..—1
Investing
115
Utility Bonds
Bid
England
Bank stock
Incorporated
Public
4.77
Research Co
Income sfrles
N Y Stocks lno—
30%
General
S'western G A E 6% pf.100
19%
5.24
4.30
1.02
-
Aviation
♦
100
Sierra Pacific Pow com...*
18%
Associates—
4.87
«r-
Secur &
New
....
26%
com
B
Rochester Gas A Elec—
0% preferred D
Mass Pow A Lt Associates
(Md) voting shares..25c
National Investors Corp.l
118
Queens Borough G A E—
Kansas Pow A Lt
2.32
82%
100
55
----
8.74
Steel
Pacific Pr A Lt
38%
3.27
ser B shares
Low priced bond series..
2.32
D
100
•
(Colo)
L
112
Ohio Public Service—
0%
7%
1
1
9%
20 %
22%
HI % 113%
Pub Serv Co of Indiana—
Jamaica Water Supply...*
Series A A mod
Series ACC mod
Northern States Power—
116
100
10.60 cum
...»
*
New Orleans Pub Service.*
57 preferred
*
114
Derby Gaa A El 17 pre!..*
preferred
50%
7%
f-
1.94
67
New York Power A Light—
50 cum preferred.
*
8.13
8.40
Invest Fund... 10
Nation.Wide Securities—
1.94
48%
Northeastern El Wat A El
54 preferred
*
103%
Continental Gaa A Eleo—
7%
4%
65 %
109% 112%
Consol Eleo A Gas $0 pref.*
Consumers Power S5 pre!.*
%
3.58
2.05
Corporate Trust Shares.. 1
16
*
57 prior lien pref
50 prior lien pref
50 cum preferred
N Y Water Serv
...100
100
Cent Pr & Lt 7% pref._100
Community Pow A Lt..lO
56
3
9.41
3.29
Ask
New Eng Pub Serv Co—
86%
Blrmlngham Gas—
Bid
National Gas A El Corp. 10
New Eng G A E5H% pf_*
New Eng Pr Assn 0% pf 100
Mass Investors 2d Fund-
Mutual
Canadian Inv Fund Ltd.
6s series A
1949
102
1952
103
97
105% 106
For footnotes
see
page
1574.
100
W'msport Water 5s
.
m
mmm
105
1
Volume
1577
The Commercial & Financial Chronicle
152
Quotations
on
Over-the-Counter Securities—Friday March 7—Concluded
Certificates
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
cation quotations
In this publi¬
Record.
Public Utility
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
Deposit
4
5Xb series BK
48 X
50
46
48
5X8 series C-2__
5^8 series F-l
5^8 series Q
33
35
1948
19
mm
-
mm.
i960
1st Income 3s
1946
Sec
28
mmm
■
m*mm
30
60
22
26
Prudence Secur Co—
13
15
Realty Assoc Sec Corp—
6s Income
1943
5Xb stamped
7%
15X
■
mmm
59>*
62
58
62
Roxy Theatre—
1957
1st mtge 4s...
8avoy Plaza Corp—
35
16
34
36
1960
8X
10
I960
3s with stock
mmmm
J9X
U
Sherneth Corp—
1st 5H e(w-s)
60 Park Place (Newark)—
1948
Fuller Bldg debt 6s...1944
1st 2H-4S (w-s)
1949
Graybar Bldg 1st lshld 5s '46
Harrlman Bldg 1st 08.1951
Hearst Brisbane Prop 0s' 42
Hotel St George 4s
1950
1947
30
1950
16
17
1957
1st 3Xb
21
23
61 Broadway Bldg—
31
31
3Hs with stock
---
77
mmmrnrn.
/14H
28X
010 Madison Ave—
3s with stock
16
Syracuse Hotel
36
34
(Syracuse)
30
79
1955
1st 3s
Textile Bldg—
44
.1948
25X
1958
24
1939
2 Park Ave Bldg 1st 4-5s'46
Walbrtdge Bldg (Buffalo)—
/26
44 X
46*
1960
Wall A Beaver St Corp—
11
13
1951
18
20
1948
32
34 X
1st 3-5e
«>«•*
Trinity Bldgs Corp—
Lefcourt State Bldg—
1st lease 4-6 Xb
37
1948
■
mmm
Lewis Morris Apt Bldg—
1st 4s
1951
44 X
Lexington Hotel units
35
Bldg lnc 5Xb w-b
($500 paid)...
■'mmm
48
1st 5Xb
3s
1st 4^s w-s
50
31
due 1952
33
28
Westlnghouse Bldg—
London Terrace Apts—
Tel. HAnover 2-5422
'58
1961
f ctfs 4 X s (w-s
34
115
/24
.1952
1st A gen 3-4a
s
132
35
1st 4s stamped
& CO., INC.
24
165 Broadway Building—
3
600 Fifth Avenue—
Lincoln
4
60
2d mtge 0s
mmmm
1400 Broadway Bldg—
Inactive Exchanges
1951
103 E 57th St 1st 08...1941
23 X
IX
1st 4-58
57 X
48*
12
1 Park Avenue—
31
29
Film Center Bldg 1st 4s '49
York City.
55X
46 X
Ollcrom Corp v to..
Lefcourt Manhattan Bldg
Y.
.1956
N Y Title A Mtge Co—
40 Wall St Corp 6s... 1958
42 Bway 1st 6s
1939
Foreign Stocks, Bonds and Coupons
52 William St., N.
19
3
32
1st leasehold 3s. Jan 1 '52
Your subscription should be sent to
BRAUNL
68
17
11
OXb (stamped 4s).. 1949
52d A Madison Off Bldg—
Quotation Record is published monthly and
Dept. B, Wm, B. Dana Co., 25 Spruce St., New
65
N Y Majestlo Corp—
30
Eqult Off Bldg deb 5s 1952
Deb 6s 1952 legended
50 Broadway Bldg—
U. S. Territorial Bonds
•ells for $12.50 per year.
65
Hotel units
Stocks
The Bank and
mmmm
62 X
Eastern Ambassador
U. S. Government Securities
Mining Stocks
m m m
19
1st 3Xb
Title Guarantee and Safe
ties
■
79
1957
Dorset 1st A fixed 2s_.1957
Stocks
Mill Stocks
27 X
Court A Remsen St Off Bid
Public Utility Stocks
Joint Stock Land Bank Securi¬
46
Metropol Playhouses lnc—
S f deb 5s
.1945
4s with stock strap.
1st 4s (w-e)
Bonds
Federal Land Bank Bonds
Investing Company Securities
1947
1951
N Y Athletic Club 2s. 1955
1948
Colonade Construction—
Canadian
Canadian
1st 6s (Bklyn)
Chanln Bldg 1st mtge 4s '45
Cheeeborough Bldg 1st 6s '48
Domestic
and
Out-of-Town)
Ail
Ludwlg Baumann—
1st 5s (L I)
17
Brooklyn Fox Corp—
Municipal Bonds—
Companies—
Domestic (New York
m
7"
115X
1st leasehold 3j*-6s 1944
4-08
3s
Banks and Trust
m
Broadway Motors Bldg—
The classes of securities covered are:
stocks and bonds.
1
B'way 4k 41st Street—
carried for all active over-the-counter
are
'
18
B'way Barclay lnc 2s..1956
will probably find them in
monthly Bank and Quotation
our
135
Beaeon Hotel lnc 4s..l958
In which you have interest, y«u
Alden Apt 1st mtge 3s. 1957
Bid
Ail
Bid
1st mtge 4s
CURRENT
NOTICES
Foreign Unlisted Dollar Bonds
Due to the European situation some
of the quotations shown
below are
aominal.
Bid
Alt
Anhalt 7s to
....1946
118
Housing 4b Real Imp 7s '46
Antloqula 8a
1946
/50
Hungarian Cent Mut 7s
'37
'32
Hungarian Discount 4b Ex¬
change Bank 7s
1936
Hungarian Ttal Bk 7Xs
Bank of Colombia
7s
/22
7%. 1947
1948
/22
Barranquifla 8s'35^4046-48
/32
/18
1946
Bavarian Palatinate Cons
Cities 7s to
1945
Bavaria 634s to
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
my*.
18
1947
1958
1969
1940
/3 X
13 X
4H
13 X
4
/6
8
'47
7s
7s
6s
Brandenburg Elec 6s. 1953
/ 37
4
Brasll funding
6s
38
(Germany) 78.1936
1940
7«S
1962
Burmelster 4b Wain 6s. 1940
7Ms '46
(Colombia) 7s... 1947
(Peru) 7H8...1944
Cauca Valley 7Xb
1946
Call
Callao
(Brazil) 8s
1947
Central Agrlo Bank—
see German Central Bk
Ceara
/18
/3
9
18
4H
9
Association
1962
Hungary 7Xa
National Hungarian
1948
7s to
1945
1946
/18
/3
Poland 3s
7s
1968
Protestant Church (Ger¬
1945
Dutsburg 7% to
1945
East Prussian Pow
6s. 1953
Electric Pr (Geriy) 6 >4 a '50
1963
OHb
Mortgage 4b In¬
vestment 7Xb
1966
Porto Alegre
/14
112X
16
17 X
8
15
fs
1966
....1967
1967
7s income
Westphalia 6s '33
6s 1936
1941
5s
1948
8s ctfs of deposit. 1948
Santa Catharlna (Brazil)—
8s
30
Cable 7s.. 1945
Building 4b Land-
132
German
German Conversion
/18
1938
/18
Office
1946
Funding 3s
Graz
(Austria) 8a
Guatemala 8s
Hanover Han
/19H
/2
German scrip
1954
1948
38
/18
Haiti 8s
1957
1953
Hamhnnr Electric 6s
T9S8
/I8
For footnotes see page
47
1574.
21
stamped. 1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 68.1943
Saxon Pub Works 7s—1945
170
112
1951
9
/18
19 X
118
13"
43"
70 Broadway,
70
President of the
Aetna
117
Uruguay conversion scrip—
Unterelbe Electric 6s.. 1953
135
118
1947
1945
118
7s
Wurtemberg 7s to
Veaten Elec Ry
118
for the past five years
associate manager, has been
in
Albert Rees
Davis Co. in
1910
as
a
J
Island, Mr. Krum joined the Aetna s Cleveland office
payroll auditor under the late W. G. Wilson, then General
Long
superintendent of agents in
He served as a Captain
He became an underwriter in 1919,
1935 was made Associate Manager.
Army during the World War.
1925 and in
in the
to become ViceCleveland, one of the oldest
agencies in Ohio.
A native of
18
Agent.
Tollma 7s
Krum,
Co.'s Cleveland office.
65
1955
1947
L.
—C.
the Financial
& Trust Co.,
appointed manager of the Aetna Casualty & Surety
Mr. Krum succeeds George E. Corby who has resigned
18
Toho Electric 7s
obtained for 75 cents from the Secretary of
Miller, Librarian, Central Hanover Bank
New York, N. Y.
Group, Miss Ruth
10^
6s..1947 118
180
Slem 4b Halske deb 6s.2930
State Mtge Bk Jugoslavia
5s
1956 /14
2d series 5s
1956 /14
Stettin Pub Util 7s
1946 /18
3X
no
Water Wks
6s
9~~
should have a copy of this helpful booklet which
published by the Financial Group of the Special Libraries
financial house
just been
Association.
Copies can be
18
6Hs
Bank
Agricultural 0s
nx
bank and
has
Saxon State Mtge
1948
bank 6Xa
German Central
35
ox
19
1947
Santa Fe 4s
/3
/18
15 X
IX
4s scrip.
m
12
/16
12
7s. '63
1945
German Atl
18
7s ctfs of deposit- .1957
French Nat MaU S3 6s '52
Frankfurt 7s to
of books on consumer credit , public
loans, &c., up-to-date ■
If so, no better source could be consulted than "An Annotated Supple¬
ment to the 1937 Edition of The Bank Library" by Mary P. McLean,
Librarian of the American Bankers Association.
This "Annotated Supplement" gives an excellent, selected list of out¬
standing publications in the financial field issued during the past four years.
Each of the books, pamphlets, reference books, periodicals and Government
publications which are included is discussed in a short review.
Every
bring your collection
bank credit and
finance, investments,
118
7s 1957
with a view towards sug¬
other groups interested in the
study the present laws
and will cooperate with
subject.
—Do you want to
Salvador
8%
Farmers Natl Mtge
same
Saarbruecken M Bk 6s.'47
1933
Church OXb '46
R C Church Welfare
/18
/18
/18
gesting amendments
17
118
118
Rom Cath
Morgan.
Committee will
This
118
118
118
118
7s '46
Rio de Janeiro 6 %
/18
/18
/18
European
7Xb Income
1946
many) 7s
Prov Bk
Transfer Taxes composed of:
Chairman, Hoit, Rose
First Boston Corp.,
&
Abbott
/52
83
14
/18
/31
/2
18
6% scrip
1946
Cordoba 7s stamped.. 1937
Costa Rica funding 5b. '51
Costa Rica Pac Ry 7Hs '49
5s
1949
Cundlnamarea 6H8..1959
/U
/18
1952
1953
Duesseldorf 7s to
Oliver J. Troster,
Costello,
/3
1956
6X*
York State Stock
& Troster, New York; Edward J.
New York; J. Edward Davis, Jackson &
Curtis, New York; Gustave Levy, Goldman, Sachs & Co., New York;
Russell V. Adams, Adams & Mueller, Newark, N. J.; Eugene L. G. Grabenstatter, O'Brian, Mitchell & Co., Buffalo, N. Y.; Robert S. Morris, Robert
S. Morris & Co., Hartford, Conn; George W. Morgan, Counsel, Breed,
/3
4b Ind
Mtge 7s
of Security
Committee on New
Bk of
Nat Central Savings
3rd, Chairman of District No. 13 Committee, National
Dealers, Inc., announces the appointment of a
—Henry G. Riter
Oldenburg-Free State—
/30
continuously since 1915, has
with them.
/63
/60
4s...1946-1947
(C 4b D) 48... 1948-1949
(A 4b B)
Panama
Dortmund Mun Utll6}f e'48
22
/18
/18
Nat Bank Panama—
15
City Savings Bank
Budapest 7s
Mr. Sholten,
National Bank of Boston,
/18
/18
Panama City
Colombia 4s
Vice-President and director of E. H. Rollins & Sons.
been connected with the First
in Boston and Buenos Aires and thereafter in
New York with the bank's security affiliate, The First National Corp.
From 1918 to 1925 he was chief accountant and Assistant Manager of the
Buenos Aires, Argentina, branch of the First National Bank of Boston and
from 1926 to the present time with the First Boston Corp. in New York.
He was appointed Assistant Vice-President in 1928 and since 1933 has been
in charge of the investment service department of that corporation.
The firm also announces that Edward W. Place has become associated
prior to which he was
/18
/18
Oberpfals Elec 7s
.1934
rectors.
/3
/18
OXb '38
Nassau Landbank
Central German Power
Madgeburg 6s
in charge of trading for over
last 7 years has been a member of the Board of Di¬
Mr. Knight has been established as a municipal broker since 1932,
1945
Munlo Bk Hessen 7s to '45
Municipal Gas 4b Elec Corp
Recklinghausen 7s..1947
ns
18 x
/4
E. Knight and William A. Sholten.
Corp., or its prede¬
connected with The First Boston
He was Vice-President
since 1918.
cessors,
/32
scrip
Munich 7s to
18X
m
13 x
C. Turner, Morris
Partners are Arthur
Mr. Turner has been
/13
/13
118
/45
1953
Buenos Aires scrip
offices at 14 Wall St., New
Knight & Co., municipal bokers,
municipal bonds.
/18
Brown Coal Ind Corp—
Caldas (Colombia)
specializing in
/3
1948
Montevideo
Hungarian Bank—
6X
January, 1932.
/3
78.1941
Merldionale Elec 7s..1957
Water 7s
/54
scrip
British
Bremen
Leipzig O'land Pr 6Xb *46
Leipzig Trade Fair 7s_1953
Luneberg Power Light A
Mannheim 4b Palat
/18
Brazil funding 6s.. 1931-51
has been
York City,
established in
The new firm will transact a general investment business,
United States Government obligations and in State and
The new firm, with
succeeds to the business of
15 years and for the
Koholyt 6Hs
1943
Land M Bk Warsaw 8s '41
19
1946
8s
Bolivia (Repubilo) 8s.
fl£
*1
/18
/18
Bogota (Colombia) 6 He
Ail
co-partnership of Turner, Knight & Sholten
—Formation of the
announced.
Bid
Mr
Krum
is President
Branch
Rotary
of the Casualty
Underwriters Association of
member of the Ohio Association of Casualty
Managers.
He is also a member of the American
Club, and the Cleveland Chamber of Commerce.
Cleveland and a
and Surety
Legion, the
The Commercial & Financial Chronicle
1578
General
March
8,
1941
Corporation and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
it U
reason*
However, they
FILING
OF
REGISTRATION
not
are
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENTS
SECURITIES
stock (no par) presently listed and outstanding; and 203,534 shares
mon stock
(par $2) in substitution, on a share-for-share
UNDER
number of shares of
f The following additional registration statements (Nos.
4679 to 4688, both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
Act
of
1933.
The
amount
involved
is
v..
Period End. Feb.
Gross earnings
Kansas Electric Power Co. (2-4679, Form
A-2), Lawrence, Kail., has
filed registration statement covering 26,450 shares of
5% cumul. preferred
stock ($100 par) which will be offered in
exchange initially to the holders
x
four
Net
of
will
be used for
Inc. (2-4682, Form C-l), New York
N. Y. has filed a registration statement
covering registered 900 periodic
payment certificates and 4(j0 single payment certificates of interest in Cor¬
porate Leaders Trust Fund. Series B.
Guy W. Renyx is President. Filed
Feb. 28, 1941.
San Jose Water Works (2-4683, Form
A-2), San Jose, Calif, has filed
a registration statement
covering 30,000 shares of ( 25 par) 4M % cumula¬
tive preferred stock,
The stock will be distributed by Dean, Witter &
Co.
as principal underwriter in association
with Bankamerica Co. and
P
&
Co.
on
a
commission
Bateman,
basis
without firm commitment.
Public
offering is to be at $26 a share.
Proceeds will be used for construction, &c.
Ralph Elsman is President.
Filed March 1, 1941.
Wheeling Steel Corp. (2-4684, Form A-2). Wheeling, W. Va., has filed
a registration statement
covering $,30,000,000 o(3H% first mortgage sink¬
ing fund bonds, Series B, due March 1, 1966.
(See subsequent page for
further details).
Filed March 4, 1941.
Lynxville Fur Sales, Inc. (2-468-5). Form A-l) New York
City, has
filed a registration statement
covering profit sharing agreements manifested
by contracts for the sale and bills of sale
evidencing ownership of breeding
pairs of silver fur foxes to be included in a unit or
pool consisting of from
150 to 175 pairs, and will be offered at
$790 per pair.
Proceeds of the issue
will be used for working
capital.
Louis Payne is President of the
company.
No underwriter named.
Filed March 4, 1941.
Monsanto Chemical Co.
(2-4686, Form A2) St. Louis, Mo., has filed
a registration statement
covering 75,000 shares of $4 cumulative preferred
stock, series C, no par value.
(See subsequent pages for further details.)
Filed March ,5, 1941.
Southern
$1,000,000
1416.
p.
American Bank Note Co. (&
Rheem Mfg. Co. (2-4688, Form
A2), Richmond, Calif., has filed a
registration statement covering 80,000 shares of
5% cumulative convertible
($25 par) preferred and 130,000 shares
($1 par) common stock to be re¬
served against conversions.
Price to be supplied by amendment.
Syndi¬
cate of underwriters includes
Blytb & Co., Inc., Greenwood-Raggio &
Co., Ellworthy & Co., Mitchum
Tully & Co., Schwabacher & Co., Brush
Slocumb & Co., Jackson &
Curtis, William R. Staats Co., and
O'Melveny
Wagenseller & Durst.
R. S. Rheem is President.
Filed March 5, 1941.
was
given
194C
Manufacturing profit
an
order
$2,220,223
$870,029
66,598
$43,796
69,165
$371,285
135,716
$1,416,952
Sub. preferred dividends
Other deductions
$936,627
a215,089
134,610
20,224
dl53,455
$112,961
b42,456
128,834
22,023
22,259
$507,001
b209,246
172,200
39,100
47,488
$1,536,926
c321,938
177,450
48,879
21,131
Net profit.
Pref. dividends
$413,249
269,739
x$102,611
269,739
64,994
$38,967
269,739
357,468
$967,528
269,739
649,941
$143,510
x$437,344
x$588,240
$47,848
Depreciation
__
Taxes
Profit from operation.
Other income
Profit
Federal taxes
Pension
appropriations.
Affiliated Investors, Inc.—Debentures
Called—
All of the
outstanding 5J^% convertible 20-year debentures series A
have been called for
redemption April 1 at 1C5 and accrued interest.
Pay¬
ment will be made at the
New York Trust
Co., N. Y. City.—V. 140, p.
4060.
Alabama Power
Period End. Jan. 31—
Gross revenue
Operating
expenses
Taxes
.......
Prov. for depreciation..
t
?reossi?COlVe7~--
Int. & other deductions.
Net income.
Divs.
on
(6%)...
Common di vidends
Surplus
Earns. per sh.
common
on
pref. stock
Balance
1941—Month—1940
1941—12 Mos.—1940
$2,099,969
$1,973,954 $22,724,759 $22,291,753
572,485
425,139
238.265
738,903
285,070
238,365
8,1,54,898
3,694,431
2,859,900
7,215,196
3,502,624
2,632,955
$864,080
$711,615
411,111
$8,015,530
4,825,272
$8,940,977
4,857,198
195,178
$300,504
195,178
$3,190,258
2,342,138
$4,083,779
2,342,138
$278,332
$105,326
$848,120
$1,741,641
390,570
$473,510
$0.22
T,he Chemical Bank & Trust
Co. will until 10 o'clock a. m., March 26,
30-year 5% bonds,
§1,167,695
at prices not
152, p. 816.
Air Investors Inc.—Substitute
Stock Listed—
The Committee on
Listing of the New York Curb Exchange has
approved
the substitution
listingfapplication of company for the
listing of 15,768
shares of convertible preference
stock!(par $10), in substitution, on a sharefor-share basis, for a like number of
shares of the convertible
preference
Nil
$1.07
excess
profits taxes was required).
c No provision was considered necessary
for surtax on undistributed
profits,
d Includes $120,000 sundry losses on
fixed assets of British
subsidiary, incident to war.
x Loss or deficit.
Consolidated Balance Sheet Dec. 31
1939
1940
S
a
b
Real est. & bldgs 4,166,340
4,267,718
ment, &c
5,043,202
Mat'l & supplies— 1,663,223
Accts. receivable.. 1,069,278
Com. stk. acq. for
resale to employ
28,320
Marketable invest. 1,986.925
Contract, deposits
75,000
Invest,
of
priated
Cash
Liabilities—
4,495,650
6,527,730
6,527,730
6%
1,168,900
919,884
Accts.
pref. stock of
foreign subs
838,929
2,697,222
76,656
28,320
1,673,379
75,000
830,351
2,731,794
102,044
17,645,095 16,968,819
reserve
Accrued liabilities.
121,788
82,889
Res. for contings—
Adv'ce customers'
282,371
233,013
185,333
Dividends payable
Surplus approp. for
empl's' pensions
Total...
37,911
67,435
67,435
838,929
4,192,609
4,049,099
830,351
17,645,095 16,968,819
for depreciation of $1,955,677 in 1940 and
$1,881,299 in
for depreciation of $3,942,499 in 1940 and
$3,898,813
2633.
American Cigarette & Cigar
Calendar Years—
1940
Divs. & rents rec. from
American Tobacco Co.
$2,108,480
Other divs. & int. rec'd.
173,038
a521,555
Other income
Co.—Earnings—
1939
1938
1937
$2,139,689
194,286
$2,220,651
218,670
$2,318,021
237,465
expenses
Interest
bDr777,888
bDr690,114
bZ>r681,200
$2,803,073
42,424
56,565
85,856
c670,000
$1,556,087
70,824
84,380
93,000
.,749,207
60,888
123,265
85,856
101,000
$1,874,286
65,652
172,062
85,497
84,000
65,515
Total income
Taxes
402,216
242,525
incl.
taxes
reserve
in 1939.—V. 151.
p.
Operating
402,567
530,683
pay.,
reserve for
orders..
surplus.
b After
$
4,495,650
5,171,429
appro¬
Deferred charges—
After
1939
S
6% pref. stock
Common stock
Machry., equip¬
59,737
50,064
58,130
$1,162,290
$1,328,134
23,934
1.566,062
$1,383,072
23,934
1,566,133
85,856
(other than Fed'l
income)
Prov. for loss
on N. Y.
World's Fair bonds
Net income from
71,690
sinking
fund invest'ts—Dr
Net earnings
Pref. dividends
(6%).—
d Common
dividends...
Balance, surplus.....
Profit and loss surplus..
Shs.of com.out.(par
Earns, per sh.
receive bids for the sale to its of
sufficient first
mortgage
A series due March 1,
1946, to exhaust the sum of
exceeding 105 and accrued interest.—V.
Nil
a
$70)
Tenders—
119,974
652,773
shares
Prov. for amortization..
Prov. for Fed. inc. taxes.
Co.—Earnings—
185.851
337,733
279,687
Provision for Federal income and
foreign income and excess profits
taxes.
No provisions considered
necessary for Federal excess profits taxes•
b Provision for
foreign income taxes (no provision for Federal income and
common
brokerage
1937
$998,484
134,084
237,649
255,466
a
representatives of the British Government at
a price which
shall be at the time of
purchase the lower of either (a) the net
value, or
(b) the market price of the shares on the New
York Stock Exchange, and
without the payment of
any
commission.—V. 152, p. 418.
1938
$656,239
130,073
230,819
251,551
Total..
stock Trom
1939
$1,549,424
148,882
253,624
276,889
Maintenance and repairs
1939.
The Securities and
Exchange Commission on March 1 issued
permitting company to purchase a maximum of
37,000 shares of its
152,
Subs.)—Earnings-
Surplus
Adams Express Co.—To
Repurchase Stock—
thereafter.—V.
annum
Consolidated Income Account for Calendar Years
1940
(2-4687, Form Dl), certificate holders' committee has
filed a registration statement
covering certificates of deposit for 51.362
Southern Ry .-Mobile & Ohio stock trust
certificates.
J. Herbert Ware is
Chairman.
Filed March 5, 1911.
per
.^^v-:
Ry.
The last previous list of
registration statements
in our issue of March
1, page 1416.
"deposited
1416.
The company has obtained $10,000,000 on a term loan from
Chicago and
New York banks to provide for
redemption April 1 of $10,321,500 4% de¬
bentures.
The loan runs for eight years, with
$1,500,000 due each year
for the first four years and
a
Corporate Leaders of America,
Eichler
cash."—M. 152, p.
Allis-Chalmers Mfg. Co.—$10,000,000 Loan—
the
warehouse and improvement of an
existing warehouse, for
installation of meters and equipment, for one-half of
the cost of an addi¬
tional generator, for extension of a distribution
main, and for installation
of a high pressure transmission main. • No
underwriter named.
Alfred L.
Castle is President.
Filed Feb. 28, 1941.
214,000
stituted as additional collateral for $270,971.25 for
additional "de¬
posited cash."
'
Under Collateral Trust Indenture dated June
1, 1929:
2,866 shares of the Chesapeake & Ohio Ry. Co. common stock was sub¬
stituted under the above indenture for $118,222.50 of
"deposited
cash" held under such indenture.
All of such shares were substituted
as
additional collateral for $118,222.50 of additional
held.
proceeds, estimated*at approximately $493,000
erection
246,700
Includes other income and is
Under Collateral Trust Indenture dated Feb. 1, 1929:
6,569 shares of the Chesapeake & Ohio Ry. co. common stock, held at the
Manufacturers Trust Co., was substituted for $270,97i.25 of "de¬
posited cash" held under such indenture.
All of such shares were sub¬
Lafayette,
Transferable warrants will be
issued, evidencing subscription rights, on April 2.
The rights may be exer¬
cised in Honolulu on or before April 30.
Shares not taken by stockholders
will be sold at public auction and the
proceeds, in excess of $20 a share will
be distributed, pro rata, to the stockholders of
record March 31, whose
fractional interests are sold and to the holders of the
unexercised warrants.
1941—2 Mas.—1940
$765,500
$720,500
$359,500
114,500
Alleghany Corp.—Changes in Collateral—
redemption on April 17 of a like amount of $6 preferred stock at $110 a
share.
Bonbright & Co., Inc., Paine, Webber & Co. and Mitchum, Tully
& Co. are underwriters.
J. F. O Connell is President.
Filed Feb. 27, 1941.
Honolulu Gas Co., Ltd. (2-2681, Form A-2)
Honolulu, Hawaii, has
filed a registration statement covering 25,000 shares
($20 par) common
stock.
The shares will be offered to stockholders of record March
31, at
share for each
1941—Month—1940
$378,000
128,200
Corporation has advised the New York Stock Exchange of the
following
changes in collateral:
Md., has filed a registration statement covering 18,750 shares of $5 cumu¬
lative preferred stock (no par), the
proceeds of which will be applied to the
one
Mining Co.—Earnings—
after operating expenses and
development
charges, but before depreciation, depletion, Federal income taxes,
&c.,—
V. 152, p.1122.
7% and 6% preferred stocks.
The offering will be underwritten by
the Central Republic Co.
Members of the group and their maximum par¬
ticipations will be: Central Republic Co., 6,000 shares; Harris, Hall & Co.,
(Inc.), 4,500; Ilarriman Ripley & Co., Inc., 4,000; W. C. Langley & Co.,
3,630; A. C, Allyn & Co., Inc.
E. H. Rollins & Sons, Inc., and Estes,
Snyder & Co., Inc., 1,500 each; A, G. Becker & Co., Inc., 1,320; Stern
Brothers & Co., 1,000; Beecroft, Cole &
Co., Rhodes-Seltsam Co., and
Ranson-Davidson Investment Co., 500 each.
R. W. McCIure is President.
Filed Feb. 26, 1941.
the rate of
28—
Profit
x
of the
Form A-2),
com
common
Alaska Juneau Gold
approximately
$47,963,700.
Indiana Associated Telephone Corp.
(2-4680,
of
basis, for a like
stock (no par) presently listed and outstand¬
ing, with authority to add to the list 298,986 additional shares of common
stock ($2 par) upon official notice of issuance, upon conversion of
convertible
preference stock and upon exercise of common stock purchase warrants.—
V. 152, P. 110.
ACT
on com
25,873
$1,811,021
23,934
1,566.347
$220,741
1,625,306.
200,000
$8.93
23,934
391,714
$746,642 def$261,862 def$206.995
1,404,565
657,922
919.784
200,000
200,000
200,000
$5.69
$6.52
$6.79
■
Profit on cigarette and cigar operation,
including $140 of other income,
b Loss on cigarette and
cigar operations (net) after deducting other income
of $3,013 in 1939.
$10,594 in 1938 and $20,187 in 1937. c Includes defense
taxes and Federal excess
profits tax, d Paid in common stock B of Americar
Tobacco Co. at cost of such stock to American Cigarette &
Cigar Co. as
follows: 1940—Cost of stock, $1,565,147; cash
paid in lieu of fractional
shares, $1,200.
1939—Cost of stock, $390,269; cash in lieu of fractional
certificates, $1,445. 1938—-Cost of stock, $1,560,683; cash in lieu of frac¬
a
tional
certificates, $5,379.
1937—Cost of stock, $1,560,369; cash in lieu
certificates, $5,764.
of fractional
The Commercial & Financial Chronicle
Volume 152
Balance Sheet Dec. 31
1940
Assets—
a
value
assets
Real
1939
V
Liabilities—
S
Pref. 6% stock..,
398,900
Common stock.. .14,000,000
of
7,668,411
7,754,268
71,397
9,841,782
11,510,550
Prov. for contlng
Deferred Income.
and
estate
2H% coll. loan..
furniture, &c
Investments
Cash
59,203
1,747,507
(custs.)
1,184,718
12,872
83,710
87,501
Leaf tob. at cost. 1,773,512
Subs. accr. lnt.,&c.
44,493
S
398.900
14.000,000
1,799,299
"
4,571*772
Curr. liabilities...
1,380,610
1,393,760
receivables.
1939
1940
$
Book
leased
a
4,232,536
150,000
150,000
.
87,461
1,487.153
Accts,
rec.
Other
Marketable
secur.
Notes receivable..
Earned surplus...
1,625,306
1,404,565
30,322
50,646
Total
demand
for
provision of
a
summer.
Consolidated Income Account for Calendar Years
1940
1939
Oper. profit & misc. int. $7,957,161
Admin. & selling exps__
528,684
Interest paid
e Res. no
longer required
1938
1937
>,714,142
517,349
$5,906,415
471,695
1,632,782
1,091,309
1,221,674
158,181
149,513
133,429
38.121
..
b Other
40*141
creel ts
Deprec., depl., &c.. res.
Payable under employ.
22,587,855 23,827,177'
Total.
.22,587,855 23,827,177
annuity
Net loss
After depreciation.—V. 152, p. 1271.
a
The
1,691,877
.
(Oxygen-Free High Conductivity
this product has now reached a point which
larger producing capacity.
Accordingly, such
facilities are being installed by company at its Carteret
refinery and it is
expected that the new plant will commence operation during the coming
Copper).
warrants the
150,000
1,691,877
104,986
Deferred charges..
150,000
.
.
Capital surplus..
1579
For a number of years company, together with the Scovill Mfg. Co.,
has been interested in the production and development of a superior grade
of copper, known in the trade as OFHC
plan
on
sale of securs.
$7,775,490
522,282
140,256
Cr241,836
033,513
1,059,665
124,929
Prov. for amort, of book
Alton
Water
Co.—Bonds
Sold
Privately—The company
privately to an insurance company $1,100,000 1st
mtge. 3Vi% bonds dated Jan. 1, 1941, due Jan. 1, 1966.
Company also sold to parent company (American Water
Works & Electric Co., Inc.) 4,000 shares of common stock.
Proceeds will be used to redeem outstanding $750,000 4)^s
and pay open account.—V. 151, p. 2034.
has sold
Aluminum Co. of America—Common Dividend—-
amount of real estate.
50,000
80,892
Write-down of invest
Prov. for reserve for con¬
tingency (net)
Amort, of in v. in Cora-
59,103
al46,006
10,484
pania Minera "La Parrena," S.A.,on basis of
91,137
13,131
>
that company's ore ex¬
traction
85,185
150,000
Prov. for exploration
Prov. for prospective loss
39,566
metal purch. & sale
on
Directors have declared a dividend of $1 on company's common stock,
payable March 21 to holders of record March 10.
This compares with 13
paid on Dec. 12, last; $1 paid on Sept. 10, June 11 and on April 15, 1940.
Cash dividend of $6 and a stock dividend of one share of Niagara Hudson
Taxes, other than income
taxes and U. S. capital
Power Corp. common for each three shares of Aluminum Co. common held,
U. S. & for'n inc. taxes..
paid
were
the
Dec. 27, 1939, these latter being the first dividends paid on
shares since 1928.—V. 152, p. 1416.
on
common
Directors
have
declared
Light Corp.—Dividend—
dividend
a
l-16th
of
each share of convertible class A
on
of
one
share
stock optional
550,454
875,707
dl,044,872
$3,687,280
$2,997,250
$2,509,545
$4,410,312
481,161
9,557
consol. companies
02,676
Surplus
Profit and loss surplus..
Preferred dividends
Dr2,510
06,986
Dr65,126
$3,689,957
10,943,159
$2,994,740
10,116,891
400,020
1,836,873
$2.12
$2,516,531
8,946,484
400,020
1,224,581
$1.73
$4,345,186
7,974,309
400,020
3,673,740
$3.22
399,120
Common stock dividends
Earns, per sh. on com..
(& Subs.)—Earnings—
Of
a
and
1940
admin,
664,961
802,599
to min. shareholders of
B
(Consolidating All Wholly-Owned Domestic Subsidiaries)
1Q3Q
1938
1937
$8,098,022
$7,849,558
$8,007,244
$8,856,762
7,365,270
7,159,065
7,332,041
$690,493
77,171
$675,203
85,787
sundry
normal
$803,694
2,143,018
$2.69
b Adjustments of metal price fluctuation
d Includes $422,000 provision for possible
investments,
stocks
reserves.
8,053,068
$732,752
selling
690,722
1,249,027
Propor. of losses applic.
of class
Consolidated Income Account for Calendar Years
Shipments
Mfg. costs,
14,653
undist. net inc.
on
Net profit
dividend series,
payable April 1 to stockholders of record March 11.
Class A stockholders
have option of receiving 68% cents in cash in lieu of dividend in class B
stock.
Similar amount paid on Feb. 1.—V. 152, p. 972
•
American Colortype Co.
125,083
stock taxes
Surtax
,<
American Cities Power &
stock
contr. for future deliv.
and
expenses
additional
U.
S.
income taxes for prior years,
losses
on
metal purchase and sales
Dec. 31, 1936, no longer required.
Reserve for prospective
future delivery as at
e
for
contracts
Consolidated Balance Sheet Dec. 31
Gross profit
Other income
83,601
Total income
Interest
on
$816,353
15,414
114,803
deb. bonds-
Federal income tax
Surtax
on
undist. profits
—
Other
—
$767,664
31,791
75,735
$760,990
$880,199
39,114
143,694
24,702
166,903
189,271
47,173
59,974
46,629
187,901
31,055
221,074
m
152,415
expenses
48,407
—
152,843
34.052
Depreciation
Other interest
Minority interest sh. of
profit of subsidiary co.
to-
•
33,121
235.909
Dr3,278
Dr3.656
Dr4,234
$346,825
$321,560
$211,510
$282,159
Art. Wks. not owned.
10,093
37,215
13,734
37,215
14,366
Pref. divs. of company.
Com. divs. of company-
37,215
14,388
37.215
Profit for year
Pref. divs. onstk. of Am.
[Including Subsidiary Companies 80%
76,505
1940
a$270,611
Consolidated Balance Sheet Dec. 31
5278,921
Inventories-
Dividend
1,290,166
1,507,800
Accrued bond
1,584,729
Notes
33,267
15,224
Res've for taxes
58,330
16,176
Due
from
2,778
113,006
smelting
17,650
53,551
In foreign
est.,
equipment. 2,328,815
Prepaid expenses &
2,360,346
......
Int.
48,275
1,125,447
1,864,604
98,053
Invest'ts at cost.-16,232,632
Def'd acc'ts rec...
204,639
16,338,787
171,470
Invest.
secur.
Debenture
7,750
by
28,000
750,000
386*636
bonds.
foreign subs..
5%
pref. stock
Art
28,000
187,099
47*449
744,300
74L300
Works
224.300
6%
Total
a
pref. stock.
Common stock
1,568.860
1,568,860
Capital surplus
Earned surplus
1,219,791
617,908
1,219,791
368,827
55.829,660 55,994,438
Total
...55.829,660 55,994,438
After deducting reserve for bad debts of $118,356 in 1940 and
b After deducting reserve for depreciation of $2,834,879
in 1939.
$2,879,384 in 1939.
c
$138,070
in 1940,
Includes accrued expenses.—V. 152, p. 1416.
Directors have declared a dividend of $1 per share on the common stock,
payable March 12 to holders of record March 5.
Dividend of $2.50 was
paid on Dec. 20 last, one of $1.50 was paid on Nov. 8 last, and $1 was paid
on Dec. 22. 1939.—V. 151, p. 3736.
American Hair & Felt Co.—Accumulated Dividend—
Directors
have
on
declared
a
dividend
of $7.50 per
share
on
a
248,982
612,291
926,547
and employees—
4,403,208
4,063,915
4,216,474
to unconsol.
subsidiaries
1,835,108
Prov. for Federal
1,817,470
Pay.
Income & capital
stock taxes
dl,298,183
846,237
73,199.418
74,584,8821
6,071,382
6,028,007
10,943,159 10,116,892
Total
73,199,418 74,584,882
After depletion and depreciation of $22,408,749 in 1940 and $19,988,953
b Represented by 1,224,585 no-par shares,
c Includes accrued
1939.
liabilities,
d Includes foreign income taxes.—V.
152, p. 973.
American Pneumatic Service Co .—Plans
Merger—
At a
special meeting to be held April 7 stockholders will be asked to vote
of a wholly-owned subsidiary, Dover Equipment Co., with
this company and a re-capitalization.
In a letter to stockholders out¬
lining the plan C. F. Dietz, President, states that in 1940 the company's
estimated net income was $163,688 before provision for Federal income
taxes, $127,424 after such taxes.
The result for 1939 was a net loss of
$102,145.
"In spite of the improvement in net earnings in 1940," Mr. Dietz says,
"your company is probhibited by law from payment of dividends while
there is a capital deficit.
The merger provides that each share of the
present first preferred receives a new preferred 6% share and three shares
of new common.
The present preferred receives new common on a sharefor-share basis while the present common receives new common on the
basis of one share of new for each four shares of present common.
The
capital structure will be represented by 22,401 shares of 6% cumulative
preferred stock and 242.315 shares of new common stock and a capital
surplus will be created which at Dec. 31, 1940, is estimated at $481,346.
The continuing corporation shall be known as Lamson Corn, of Delaware."
—V. 151, p. 3345.
a
merger
American
Radiator
&
Standard
Sanitary
Corp.—
(Including U. S. Subsidiaries)
Period End. Dec. 31—
American I. G. Chemical Corp.—Bonds Called—
1940—3 Mos.—1939
$3,628,205
$2,284,008
a$7,349,011 a$3,712,193
Includes income from foreign subsidiaries in
the amount of $533,056
Net profit...
a
American
Co., Ltd. (& Subs.)—Earnings—
during
the year American Metal Co. of New Mexico, which is in the
process of liquidation, disposed of its inventories of zinc and paid its current
debt of approximately $700,000 to company.
In addition, $75,000 was
received from this controlled company against its debt relating to bond
interest in arrears.
Since the New Mexico company's mining operations
have been discontinued and its current assets at Dec. 31, 1940, are in¬
Rolling Mill Co. (& Subs.)—Earnings—
Calendar Years—
Net profit-..
Earns, per sh. of com.
stock
a
a
After
taxes, &c.
Sussman, Chairman, and Harold K. Hochschild, President, state
1940—12 Mos.—1939
for 1940„and„$853,537 for 1939.—V. 152, p. 1271.
account of
See General Aniline & Film Corp. below.—V. 149, p. 2960.
American Metal
14,509,488 14,706,450
Total
the second preferred stock, payable March 15 to holders
March 10.
Dividends of $1.25 were paid on Feb. 10 last and
Dec. 27 and Nov. 15,1940, and Dec. 28,1939.—-V. 152, p. 973.
Otto
236,507
declared
payable...
851.746
c Acc'ts payable—
3.160,584
Deposits of officers
Surplus
of record
on
capital
subsidiaries
in subsidiaries—
Earnings—
American Felt Co.—$1 Dividend—
accumulations
In
51,428
stks. of unconsol.
on
198,768
mortgage
3 % % serieal notes
Amer.
64.686
67,339
charges
mat'ls,
&c
Minority
Drafts
\
Deferred expenses.
600,000
during
Due
plant
and
deferred
8,583,617
6,667,000
stock..38,101,775 38,101,775
interests
$582,600
150,000
5% notes
foreign
subsidiaries
Real
due
year.
.....
subsidiaries—Invests.
1939
5532,584
Res. for sink, fund
ac¬
counts receiva'le
12,373,836
Advs. against ores,
in
1940
Accounts payable
1,666,532
..
Other loans &
Investments
Liabilities—
c
Notes pay, (bank)
receivable.,
Inventories..
b
1939
1940
5364,784
Notes & accounts
S
b Common
Earnings per share of common stock in 1940 was $1.91 per share and
1939, $1.70 per share.
Assets—
$
Liabilities—
6% preferred stock 6.637,000
11,158,069 13,004,512
Cash
14,914.350 17,081,461
Acc'ts receivable.. 2,582,904
2,782,553
$230,556
$159,930
1939
&c
a
a
1940
Reserves
a$260,295
Cash
$
1
More Owned]
Mines, smelters,
a
39,221
Surplus
in
$
Assets—
or
1939
1940
$7,642,713
1939
1938
$4,011,909 x$l,307,880
1937
$8,231,335
$1.96
$0.69
x$1.16
$2.55
provision for interest, depreciation, depletion, Federal income
x Loss.
35-Cent Dividend—
Directorsthave declared
a dividend of 35 cents per share on the common
stock, payable April 5 to holders of record March 15. Dividend of 25 cents
was paidloujDec. 18, last, this latter being the first dividend paid on the
common shares since Dec. 15,1937, when 40 cents per share was distributed.
—V. 152, p. 1122.
American Steamship Co.—$1 Dividend—
significant, its financial statements have been omitted from the annual
Directors have dec^red a dividend of $1 per share on the common stock,
report.
Company's domestic smelters and refineries have operated virtually
at capacity during the year.
This has been due in large measure to the
receipt of material which, had it not been for the war, would have been
treated in foreign countries.
In Mexico the operations of company's
subsidiaries were affected by the unsatisfactory market for Mexican lead
payable April 1 to holders of record March 20.
A dividend of $10 was paid
on Dec. 27 last; $5 was paid on Oct. 1 last; $1 was paid on July 1 and April 1,
1940; $10 was paid on Dec. 21, 1939; $2 on Oct. 2, 1939; $1 on July 1 and
prevailing during the greater part of 1940, due to the isolation of various
European countries which had been substantial consumers.
The O'Okiep Copper Co., Ltd., in which company has an interest of
apprxoimately 20%, commenced production of blister copper.
This output
is at present being sold to the British Ministry of Supply.
The Rhodesian
copper companies in which company Is largely interested have continued
to operate satisfactorily and their production is likewise being sold to the
British Ministry of Supply.
April 1,1939; $6 on Dec. 24, 1938; one of $2 on Oct. 1,1938, and dividends
or $1 per share were paid on July 1,1938. and each three months previously.
—V.
152, p.
111.
American Water Works & Electric Co.,
chase Additional Shares of
Inc.—To Pur¬
Subsidiary—
The Securities and Exchange Commission has ordered a hearing on
March 7 on the declaration (File 70-253)|of company, and its subsidiary,
Monongahela WestlPenn|Public Service Co., regarding a proposal by the
subsidiary company to change its common stock from shares with a par
The Commercial A
1580
value of $15 each to
shares without par value and to issue and sell 133,402
stock without par value to the parent company
Output—
1
•
:..
'
,
Output of electric energy
of the electric properties of American Water
week ending March 1,1941, totaled 61,282,000
increase of 20.5% over the output of 50,865,000 kilowatt
hours for the corresponding week of 1940.
Comparative table of weekly output of electric energy for the last five
years follows:,
'
,,
Week Endedr—
1941
1940
1939
1938
1937
Feb.
8
61,466,000
52,899,000
45,923,000
39,717,000 52,341,000
Feb, 15
61,144,000
51.071,000
45,846,000
39,654,000 52,614,000
Feb. 22
61,225,000
51,144,000
45,493,000 40,054,000 52,478,000
1
61,282.000
1417.
50,865,000
45,300,000
41,135,000
52,311,000
% of Total
(Cost)
140,000,000
110,000,000
5,000,000
Outstanding
65.31
100.00
100.00
100.00
100.00
Tel. Co. $87,094,200
421,300,000
New York Tel. Co.—
Tel. Co
Bell Tel. Co. of Pennsylvania.
New Jersey Bell
Diamond State Tel. Co
influenced the course of events in
1940 in the American Telephone & Telegraph Co. and its associated com¬
panies in the Bell system.
Much pending construction was advanced
ahead of schedule.
Prudent measures were taken to safeguard telephon
facilities.
Reserve power equipment was installed or ordered at all impor
tant telephone central offices which did not already have it, so as to assure
continuity of power tupply under all conditions.
The establishment of
alternate toll routes between important points, which has already done so
much to improve the dependability of toll and long distance service, was
given further impetus.
The telephone companies ofthe system cooperated
with the military services in Army maneuvers and airpiane warning tests
and provided promptly the facilities lequired at camps, air fields, arsenals
and munitions plants.
Where the need lay in the future, rather than in
the present, steps were taken to increase the available number of telephone
circuits along important routes and to make sure of adequate circuits,
equipment and personnel at points where there might be unusual service
demands.
Concurrently, there was a general expansion of activity through¬
out the System to meet the increasing demand for service, and to be ready
for whatever additional demands the future may bring.
The Bell System's manufacturing organization and its laboratories—the
Western Electric Co., Inc., and the Bell Telephone Laboratories, Inc.—
were busy supplying specials needs of the military services besides caring
for the increased needs of the telephone operating companies.
A number of officials, scientists and other specially qualified employees
of Bell System telephone companies, the Western Electric Co. and the Bell
Telephone Laboratories are serving part or full time on National defense
committees or otherwise aiding directly in the defense program.
Over
500 employees entered the military service during lr#10.
The nation-wide universal telephone service needed for defense as well
as for every-day business and
social life is made possible by the inter¬
connection of 17,484,000 Bell Sytem telephones with more than 4,375,000
telephones of some 6,400 connecting telephone companies and more than
60,000 rural or farmer lines.
The splendid cooperation between inde¬
pendently owned telephone companies and linos and the Bell System is an
essential factor in enabling anyone anywhere to pick up a telephone and talk
to anyone else, anywhere else, clearly and quickly.
Moreover, this co¬
operation is invaluable in marshalling the resources of the entire telephone
industry in the interest of National defense.
,
Telephones and Conversations—The number of Bell System telephones in
service increased 950,000 in 1940 and reached a new high of 17,484,000 at
the end of the year.
This is the largest gain ever recorded in a single year.
The gain in 1939 was 775,000.
The average number of telephone con¬
versations per day in 1940 was 79,303,000, or over 5,500,000 more per day
$92,045,721
444,280,335
153,667,184
116,316,050
5,700,000
Face Value
$11,500,000
2,400,000
2,700,000
13,475,000
405.0CI0
15,775,000
20,000,000
100.00
21,000,000
40.000,000
100.00
41,467,862
8,200,000
24,000,000
100.00
24,000,000
10,575,000
b!6,200,000
155,000,000
Ohio Bell Tel. Co
149,999,700
Michigan Bell lei. Co
139,989,629
Indiana Bell Tel. Co
36,999,100
Wisconsin Tel. CO
43,400,000
Illinois Bell Tel, Co...
148,959,600
Northwestern Bell Tel. Co
100,000,000
Southwestern Bell Tel. Co— 172,998,900
Mountain States T. & T. Co35,187,500
Pacific Tel. & Tel. Co—com. 154,870,900
16,200,000
156,817,298
150,041,998
b4.900.000
7,245,457
64,095,700
3,400,000
100.00
100.00
99.99
99.99
99,99
100.00
99.31
100.00
99.99
73.23
85.80
78.17
cSO.OO
d5,966,248
5,500,000
75,000
99.44
100.00
100.00
Chesapeake & Pot. Tel. Co.Chesapeake & Pot. Tel. Co. of
Baltimore City
Chesapeake & Potomac Tel.
Co. of Virginia
Chesapeake & Potomac Tel.
.
Co. of West Virginia
National defense considerations greatxy
Notes and
Advances
Book Value
of Foldings
Southern Bell Tel. & Tel. Co.
American Telephone & Telegraph Co.-—56th Annual
Report—Walter S. Gifford, President, says in part:
-V
and Other Companies
Par Value
New England Tel. &
8, 1941
Capital Stocks a
-
Subsidiary Companies—
1
kilowatt hours, an
Mar.
'
■,V-.'-,v;;Vv:;;'-V
Works & Electric Co. for the
—V. 152, p.
and Advances, in Subsidiary
at Dec. 31,1940
Including Notes
Investments,
additional shares of common
at $15 a share.
March
Financial Chronicle
Preferred
Bell Tel. Laboratories, Inc—
,
140,402,232
399,800
37,585,586
46,623,835
154,440.399
101,039,490
176,251,978
36,592,463
150,529,084
55,999,180
3,400,000
1
4,629,966
Western Electric Co., Inc. (no
1,500,000
23,510,395
6,350,000
4,650,000
33,300,000
,
par value).
195Broadway Corp.........
Eastern T.&T. Co. (Canada)
Total book value......
.............
...
144,231,274
5,515,000
...—
el4,885,000
75,000
$2,274,221,969 $166,400,618
Other Companies—
$13,649,213
$13,337,400
18,749,800
22.83
18.854,783
432,500
300,000
50.00
50.00
162,500
300,000
—
$1,900,000
8,732,568
Bell
Suburban
&
29.72
...—-
Cincinnati
33.34
8,169,150
Southern New Engl. Tel. Co.
?
Telephone Co
Bell Tel. Co. of Canada
Cuban Amer. Tel. & Tel. Co.—
Common
Preferred
Others..
13,249
$41,699,064
$1,913,249
a Common stocks except as otherwise Indicated,
b As of Jan. 1, 1941, the
Chesapeake & Potomac Tel. Co. of W. Va. paid $2,800,000 of its notes and sold
common stock in the same amount for cash at par to this company,
c Remaining
50% owned by Western Electric Co., Inc.
d Number of shares, e Includes real
Total book value.............
estate mortgages of
.....
$13,100,000.
Bell System Income Statement,
Years Ended Dec. 31
f Consolidating the accounts of the American Tel. &
principal telephone subsidiaries 1
;■!
.i;vA'-'- §
.
Tel. Co. and Its
1939
1938
1937
7
|g 7-\7-7:i->;•?•'>'• § '• -.TV;,?'" V''••• '• $ 77'
1940
Local service revenues,—
787,746,624
744,498,825
Toll service revenues
354,174,843
36,647,977
332,355,170
34,427,693
713,084,657
311,663,707
33,025,243
703,443,830
321,502,556
Miscellaneous revenues..
Uncoil, oper, revenues...
Dr4,246,927
Dr4,093*990
Dr5,115,775
Z>r3,954,282
30,387,239
revenues..1,174,322,517 1,107,187,698 1,052,657,832 1,051,379,343
227,518,398
214,289,622
207,979,688
203,528,183
163,594.249
159,985,056
157,508,634
161,601,522
Traffic expenses
170.868,704
164,053,760
161,178,111
158,813,527
Commercial expenses
91,649,875
88,457,467
85,937,289
84,194,049
Operating rented. —
13,357,660
13,453,218
13,390,016
13,481,511
Total oper.
Current maintenance
Depreciation expense
than in 1939.
Telephone Plant—Telephone plant consists of land, buildings, rights of
switchboards, pole lines, wires, cables, underground conduits, tele¬
way,
phones and all the other equipment which is needed for the communication
services furnished by the Bell System.
In 1940, the System expenditures
for new plant construction, not including plant and material which were
taken out of service and re-used, amounted to $290,000,000.
Total gross
additions to telephone plant, which include re-used plant and material,
amounted to $381,393,000 and retirements to $224,229,000, resulting in a
$157,164,000, or 3.4%.
This compares with a net increase
$101,432,000 in plant, or 2.3% in 1939.
The investment m telephone
plant at the end of the year was .$4,747,674,000, against which there were
depreciation and amortization reserves of $1,360,896,000, or 28.7%.
net increase of
of
Gen. & miscell. expenses—
Gen. admin., incl. cost
of devel. & research.
25,922,422
40,104,869
24,752,610
38,732,189
24,291,042
38,248,916
23,538,281
37,510,194
20,113,889
13,342,094
13,290,204
12,441,686
9,742,018
13,672,840
Cr7,S69,409
yl84,769,591
8,269,162
14,349,148
06,151,081
156,308,640
7,663,287
13,476,899
05,919,663
145,113,063
11,799,704
05,967,476
*135.917,191
220,877,411
41,002,597
217,345,813
190,500,346
16,199,130
206,982,702
28,993,469
261,880,008
242,269,365
42,082,226
206,699,476
235,976,171
41,939,686
Acc'ting & treas. depts.
employees'
for
Prov.
service pensions
Employees' sickness,ac¬
cident, death & other
benefits
Other
—
general expenses.
Employees—The employees of the Bell System, including the Western
Electric Co. and the Bell Telephone Laboratories, numbered 322,000 at the
end of 1940, an increase of 24,900 over the end of 1939.
Of the total
employees, 147,500 were men.
About 57,000 of these were between the
ages of 21 and 35, inclusive, and were registered under the Selective Training
and Service Act of 1940.
Total payroll for 1940, including operating,
construction, manufacturing and laboratory personnel^ was $607,593,000,
an increase of $37,442,000 over 1939.
Exps. charged constr..
Taxes
Taxes—Although Bell System earnings were not sufficient to subject the
System to any excess profits tax, taxes continued to rise.
For 1940, taxes,
including those charged to construction, amounted to $187,598,000, an
increase of $28,693,000 over 1939, which year in turn showed an increase
of $11,474,000 over 1938.
Taxes in 1940 were equal to about $11 per
telephone, or nearly a dollar a month.
7,538,269
Amort, of debt discount &
Financing—In November, 1940, the American Telephone & Telegraph
Co. sold an issue of $140,000,000 2% % debentures due in 1970, to provide
funds for plant expansion and other capital expenditures.
During the year,
the company and its principal telephone subsidiaries paid off $5,166,000 of
their 4% notes held by the trustee of their respective pension funds.
The
Chesapeake & Potomac Telephone Co. of Virginia paid at maturity a serial
note of $1,000,000, and Wisconsin Telephone Co. retired its $4,947,000,
7% preferred stock.
The New York Telephone Co. negotiated with the
holders of its $75,000,000 mortgage bonds due in 1964 a reduction from
3%% to 3% in the coupon interest rate.
Outstanding debt obligations of
the Bell System increased $133,372,000 during the year.
Cash assets ofthe
System at the end of the year were $229,836,000, of which this company
held $199,977,000.
Early in 1941, the Illinois Bell Telephone Co. called for redemption on
April 1 its $45,000,000 first and refunding mortgage 3j^% bonds, series B,
due in 1970 and sold a new issue of $50,000,000 first mortgage 2%% bonds,
series A, due in 1981; also, the Bell Telephone Co. of Pennsylvania sold as
of April 1, 1941, $20,000,000 first and refunding mortgage 2%% bonds,
series D, due in 1976 and called its $20,000,000 6K% preferred stock for
redemption on April 15.
Financial Structure—The total capital obligations ofthe System, including
capital stock premiums and surplus, at the end of the year were $3,861,038,000, of which debt obligations amounted to $1,234,092,000, or less than
32%.
The soundness of this financial structure means much in the ability
of the
System to weather depressions and to meet the needs of National
This financial strength could not have been achieved nor can it
be maintained except as management is able to produce, and regulatory
authorities permit, earnings in times of business activity that are enough
to offset the inadequacy of earnings in times of depression.
defense.
Net operating Income..
Other Income
24,923,651
Total Inc. (before fixed
charges)
Interest deductions......
exp.
41,862,240
41,801,746
603,750
628,397
607,117
646,206
219,414,018
199,558,741
164,290,613
193.390,279
8,916,565
9,277,864
8,747,469
11,047,413
210,497,453
190,280,877
155,543,144
182,342,866
168,181,146
168,181,146
168,181,146
168,180,906
22,099,731 defl2,638,0l)2
14,161,960
& other fixed cbgs.
Total net Income
Net inc. appllc. to stocks
of
subs,
consolidated
held by public..——
Net Inc.
appllc. to Am.
Tel. & Tel. Co. stock
DIvs.
on
Am. Tel. & Tel.
Co. stock
42,316,307
Balance, surplus
No. of sh. of Amer. Tel &
18,686,794
18,686.794
Earnings per share
$8 32
$9.76
x Includes $57,534 provision for surtax on undistributed earnings,
y The com¬
panies does not consider that it has any liability under the Excess Profits Tax Act
18,686,794
$11.26
Tel. Co. stk. outst'd'g.
18,686,794
$10.18
of 1940.
Consolidated Balance Sheet Dec. 31
1940
1939
Beil System
1938
$4,747,674,470 $4,590,509,972 $4,849,077,687
v
Assets—
Telephone plant
Investments in controlled companies
223,587,857
216,756,819
215,765.965
83,790,574
86,211,419
97,643,910
839,517
189,546,973
40,289,878
1,325,000
71,771,606
77,949,279
2,075,000
94,725,991
41,239,500
117,919,457
109,189,382
102,970,588
supplies—51,356,785
and expense
11,736,628
45,764,507
9,973,236
47,169,154
10,958,245
&c_11,800,769
11,105,796
10,798,901
6,446,021
6,804,834
6,637,974
(not consolidated)
Other investments.....
...
Sinking funds
Cash and deposits
Temporary cash investments
Current receivables
1
Materials and
—
"Unamortized debt, disct.
Prepayments
of
tory expenses,
rents,
taxes,
Other deferred debits
direc¬
.....
Stockholders—At the end of 1940, there were 630,900 ctockholders of record
of the American Telephone & Telegraph Co.
This is 5,900 less than at the
end of 1939.
The average number of shares held per stockholder at the
end of 1940 was 30.
Geographically, the stock
was
wide«y held.
Approxi¬
mately one-fifth oi the Bell System employees owned stock in the company.
No stockholder held as much as 1 % of the total stock.
Cf the total stock¬
holders, 210,000 held from one to five shares each and 595,4CC held iess than
100 shares each.
The 35,500 stockholders—including insurance companies
and many
were
other institutional holders—who owned 100 shares or more each,
5.6% of the total number of stockholders and held 50% of the total
$5,484,988,929 $5,227,361,850 $5,119,062,915
Total
Liabilities—*
Capital stock, Am. Tel. & Tel. Co..
Premiums on capital stock
1,868,679,400
269,975,028
1,868,679,400
269,975,028
1,868,679,400
85,797,721
37,907,950
569,694,000
85,798,621
85,798,561
42,854,950
430,170.700
public.^.
Preferred stocks held by public—
Funded debt, Amer. Tel. & Tel. Co.
Common stocks held by
561,568,000
108,997,421
221,090,607
4,772,378
524,462,035
reserves.1,360,896,740
1,304,376,440
1,253,081,519
560,568,000
Notes sold to trustee of pension fund.
Telephone Boles—During 1940, reductions in Beil System telephone rates
in savings to telephone users of some $13,500,000 annually, of
which over $5,000,000 was due to the reduction in this company's long
distance rates, effective May 1, 1940.
The reduction in these long distance
rates was greatest at the maximum mileage, the rate tor three minute station
to station call from New York to San Francisco, for example, having been
reduced from $6.50 to $4.00 during the daytime and from $4.25 to $3.00 at
night and on Sunday.
As a result of Bell System rate reductions in the past 1C years, the public
has already saved well over $300,000,000 and is saving currently about
1 00,000,000 a year on its telephone bill.
Current and accrued liabilities-...—
Deferred credits
...
Depreciation and amort,
42,854,950
430,155,700
260,573,026
....—2,480.493
Subsidiaries consolidated
stock.
resulted
269,975,028
Subsidiaries consolidated—
103,830,957
121,536,524
205,143,596
5,541,203
Surplus of subs, consol. applicable to
capital stocks of such subs, held by
public
...
...
-
Consol. surplus applic. to cap.
Am. Tl. & Te. Co.
Unappropriated surplus.
Total.—
.....
4,133,846
3,702,634
3,021,303
63,076,567
256,479,514
68,911,157
256,479,514
71,187,161
237,610,935
stk. of
surplus reserved
...
i-—$5,484,988,929 $5,227,361,850 $5,119,062,915
Volume
The Commercial & Financial Chronicle
152
Tobacco Co. by $427,000.
Income. Account for Calendar Years
Toll service revenues
1938
"
$101,498,499
$93,953,677
15,092,047
14,463,707
revenues
4,460,181
Total oper. revenues
4,289,242
£>r569,104
$89,185,326
14,375,057
4,364,975
Dr585,827
4,313,644
Dr668,283
Uncollectible oper. revenues.
be $398,000.
1937
$85,311,996
15,853,343
License contract revenues.—
Miscellaneous
1939
JDr715,156
$121,143,740 $112,765,862 $103,374,191 $107,339,531
Current maintenance
20,397,088
Depreciation
17,050,173
19,778,996
16,837,155
18,284,613
16,642,917
11,145,839
10,976,631
10,895,835
17,379,956
10,139,956
1,261,197
891,598
884,453
854,057
expense
Traffic & commercial exps—
Provision for employees serv¬
ice pensions
c
Dividends received in 1937 from subsidiaries not consolidated include
$1,478,681 in common stock B of American Tobacco Co. and exceeded by
$310,000 the net income for 1937 of such subsidiaries applicable to the
investment of the American Tobacco Co. (earnings of foreign subsidiaries
converted at constant rates of exchange which result in a lesser amount
than if converted at prevailing rates).
d Dividends received in
18,579,198
Employees'
sickness,
acci¬
dent, death & oth. benefits
642,906
608,570
581,770
471,849
Operating rents
11,785,983
11,621,520
11,576,079
General and miscell. expenses
23,313,268
22,202,615
21,264,521
0239,250
12,305,246
$1,440,070 in
379,133
0235,612
18,224,682
Taxes
13,786,288
revenues
179,903,618
$16,298,101
165.522,792
revenues..
6,893,120
6,811,349
$11,178,007
147,896,567
9,585,533
591,721
554,682
413,340
Dividends
Interest
$17,701,737
Miscell. non-oper. rev. (net).
$18,284,065
171,855,965
6,996,285
673,880
of American Tobacco Co.
The amount of
applicable to
in excess of
e After
deducting $245,954,996 in 1940, $227,371,967 in 1939 and $221,749,610 in 1938, cost of sales, selling, general and administrative expenses,
f Includes capital stock taxes.
Consolidated Balance Sheet Dec. 31
1940
1939
$
$
Assets—
Net operating Income
1940 from subsidiaries not consolidated include
stock
dividends received.
20,384,940
0265,323
10,103,597
Exps. charged construction.
common
the reported net income of such subsidiaries for 1940 which is
the investment of the American Tobacco Co. was $191,349
11,407,236
,
The excess based upon including net income o
31, 1938, would
foreign subsidiaries at rates of exchange prevailing at Dec.
[American Telephone & Telegraph Co. only]
1940
1581
1940
Liabilities—
Preferred stock.
Common
tures,
Leaf
&c
20,899,630
$
20,099,296
stock.
52,699,700
40,242,400
40,242,400
Common stk. B.
fix¬
78,354,525
78,354.525
52,699,700
$205,090,196
$189,186,924 $169,073,447 $197,810,195
16,746,164
16,600,385
16,645,419
17,975,380
mfd.
6% bonds
102,650
stock, operatTotal net earnings
Interest deductions
tob.,
1939
$
Heal est., ma¬
chinery,
a
4% bonds
831,250
831,250
Serial debentures 14,891,000
Notes payable to
16,740,000
ingsupp., &c_157,681,373
151.755.380
15.410.878
16,920.507
Cash
Mortgages, &c_.
Net Income
a
$188,344,032 $172,586,539 8152,428,028 $179,834,815
168,181,146
168,181,146
168,181,146
168.180,906
Dividends declared
1,377,492
12,942,650
11,427,339
$20,162,886
$4,405,393df$15,753,118
$11,653,909
Number of shares outstand¬
ing (par $100)..
Earned per share
18,686,794
18,686,794
18,686,794
$10.08
S9.24
58.16
59.62
a Net income of the
company by itself is less by $22,153,421 in 1940; $17,694,338
in 1939; $3,115,116 in
1938; 52,508,051 in 1937 than the company's proportion of the
consolidated Bell System net income for these
years.
Note—The
Federal
company
excess
did
not
consider
that
any
liability existed in respect of
profits tax of 1940.
wholly
1940
Telephone plant
1938
,
$455,801,858
$442,521,392
2,366,315.292
2,373,048,316
43,693,900
Sinking funds
Cash and deposits
Temporary cash investments
$445,573,024
2,440,622,587
Investments In subs, (at cost).
Other Investments (at cost)
43,003,202
42,969,262
14,517
500,000
159.777,381
40,200,050
Current receivables
58,451,335
76,478,335
38,460,036
13,173.298
5,115.059
14,016,704
4,932.361
Total
4,585,788
2,283,228
1,794,015
Other deferred debits
11,648,559
4.496,551
Material and supplies...
Unamortized debt discount & expense
2,050,028
2,386,5301,849,974
$3,165,351,924 $2,994,024,774 $2,978,475,202
Liabilities—
A.
Stock issued and outstanding.—
Premiums on capital stock
Funded debt
1,868,679,400
Notes sold to trustee of pension fund.
Dividend payable
1,868,679,400
1,868,679,400
269,975,028
269,975,028
430,155.700
430,170,700
6,786,569
7,383,199
7,922,580
42,045,287
42,045,287
42,045,287
6,784,774
4,854,179
4,481,547
18,225,678
13,584,104
11,855,479
906,391
Deferred credits
1,331,940
133,213,770
123.499,264
63,264.444
63,264,444
159,537.723
155,287,343
141,761,189
reserves
Surplus reserved
Unappropriated surplus
60.817,757
179,675,851
Total
1,294,130
—....$3,165,351,924 $2,994,024,774 $2,978,475,202
Note—No specific provision has been made for contingent liabilities in connection
with pending litigation In which the
company is a defendant involving claims for
substantial amounts since it is the opinion of its counsel that it is
improbable that
the claims thereunder
can
yet presented
Gain in Phones—
347,474
Accts. payable..
4,587,866
3,449,039
455,084
17,036
24,269,552
2,211,588
(& Subs.)—Earnings—
def'd charges.
owing
1,784,378
$834,534,825—sub¬
stantially more than one-third of a billion dollars—and the company's
surplus today is greater than when he took office.
connection
with
the
company's inventories of leaf tobacco, &c.,
amounting in total to $157,681,373, the report points out that all but
$500,000 of the $6,850,000 in Turkish leaf and operating supplies which the
company had in the Near East or in transit at the end of 1940 had either
arrived in this country or was in transit as of Feb. 14, 1941.
Notices, proxy statements and proxies for the annual meeting of the com¬
pany, to be held on April 2, were also mailed to the stockholders March 2.
As to the identical proposals—submitted again by the same stockholder—
which were overwhelmingly defeated at last year's annual
meeting by a
vote of over 96%, Mr. Hill's letter points out that the same considerations
which led the stockholders to reject them so decisively last year
apply with
even greater force this year.
_
1
_
^
[Including Wholly Owned Domestic Subsidiaries]
1940
1939
/
1938
1937
Operating profit
e.$3 9.797,882e$35,044,402e$31.346,612 $31,531,222
Divs.,interest,income.. d2,093.208
a946,490
b2,697,404
c3,018,383
609,905
Total income
Depreciation
Interest, discount, &c..
Premium on 6% bonds
purchased & canceled-
State
franchise
come
and
202,944
277,037
,
2,600
412,745
1,80
215,571
400
180,233
1,000
257,268
289,910
in¬
taxes
f Federal income taxes..
Adj. applic. to prior
273,489
$42,500,995 $36,261 380 $34,246,960 $34,826,642
1,524,394
1,387.170
1,335,620
1,191,511
1,328,031
1,104
9
1,037,475
876,433
Other losses and expenses
Flood casualty loss
yrs.
for advs.,
1,783,304
1,959,143
taxes,
from
12,742,774
&c
Deferred income
wholly owned
foreign subs..
Surplus—
5,173,967
4,456,896
goodwill, &c— 54,099,430
8,222,317
210,308
61,202,372
58,764",982
54,099,430
c
Treas.
stock.Drl4,583,476Drl3143,406
Total
297,619.166 291,230,362
Brands, tr.-mks.,
Total
a
b
—.297,619,166 291,230.3621
After depreciation of $14,008,637 in 1940 and $13,591,034 in 1939.
The American
Tobacco
Co.'s
equity in the net assets of (1) partly
owned domestic subsidiaries (including intangibles of $3,859,610) aggre¬
gated $18,447,180, and (2) wholly owned foreign subsidiaries was $7,388,138.
In 1939 company equity in net assets of both domestic and foreign subsidi¬
aries, including intangible assets of $3,983,802, aggregated $24,412,688.
Represented by 48,826 (.30,439 in 1939) shares of common stock and
B stock in 1940 and 1939, carried at cost.—
c
166,359 shares of common
V. 151, p. 2339.
American Type
Founders. Inc.—To Redeem Scrip—
Bearer
Common Stock Scrip Certificates are now redeemable on sur¬
City Bank Farmers Trust Co., agent, 22 William St., New York,
N. Y., at the rate of $0.2496 per each 1-20 ($4.99 per full share), such
amount representing a pro rata distribution of the net proceeds of sale of
the shares reserved against the outstanding scrip.
Guaranty Trust Co. of New York, agent, is effecting the redemption of
scrip certificates for fractional interests in 15-year convertible sinking
fund debentures at the rate of $1.27956 for each $1 principal amount of
debentures represented by scrip certificates upon surrender of such
scrip
certificates to its Corporate Trust Department.—V. 152, p. 669.
render at
A. P. W. Paper Co.,
1,534,702
9,200,508
186,232
1,328,973
5,798.293
1,369,374
4,888,214
Inc.—Earnings—
July 1 '40 to July 1 '39 to
6 Mos. Q i CO r-4
1938
1937
1
$1,955,805
1,388,145
326,676
$1,524,028
1,110,077
252,764
$1,466,557
1,085,902
288,057
$87,784
2,080
$240,984
Dr8,134
$161,187
Drl,534
Dr 10,623
$232,850
103,008
2,780
80,693
$159,653
96,561
2,900
77,210
$81,975
96,768
$75,483xprof$46.369
Gross profit
$1,962,644
1,540,174
334,686
$89,865
Cost of sales bef. deprec.
Sell., admin. & gen. exps
Miscell.
11 '41 Jan. 13'40
$17,018
$100,926
—
earns,
(net)
Total
Int.
on funded debt
Int. notes, accepts., (fee-
77.769
2,879
84,700
Depreciation
x Earnings per share on 159,201
$0.29.—V. 151, p. 3386.
Associated
First Court
Gas
&
$92,598
2,906
83,227
no Dar shares common stock amounts to
Electric
Test—Trustee for
Co.—uReCap Plan" Gets
Company Starts Action Against
Corporation—
The first step to determine the validity of the so-called
"ReCap Plan"
Gas & Electric Co. and the Associated Gas & Electric
of the Associated
Corp., promulgated by H. C. Hopson and associates in 1933. was taken
Feb. 28 when Stanley Clarke, trustee for the Associated Gas & Electric
Co.,
instituted proceedings in the Federal Court against the trustees of the
Associated Gas & Electric Corp.
As trustee for AGE Co., Mr. Clarke petitioned Federal
Judge Leibell to
set aside the "Recap Plan" and declare that the corporate entities of the two
top holding concerns of the A. G. & E. system be treated as one with the
company taking title to and precedence over all of the assets of the corpo¬
ration
At present, as a result of the " ReCap Plan,'' the corporation controls
virtually all of the operating properties in the $1,000,000 A. G. & E. system.
Williard
Thorp and Denis J. Driscoll, trustees of AGE Corp., have
controlled Associated affairs since their appointment a year
ago following
.
Consolidated Income Account for Calendar Years
Oth,r income
owing by
contingencies,
by affil.co.
rec.
Prov.
2,215,303
to
Net loss
letter to stockholders, George W. Hill,
President, points out that
President 15 years ago the management of the company
made and paid in dividends to the stockholders
a
since he became
In
Amts.
2,148,449
co. to affil. cos
Net sales
There was a gain of about 118,700 telephones in service in the
principal
telephone subsidiaries of the American Telephone <& Telegraph Co. in¬
cluded in the Bell System during the month of
February, 1941. This was
the largest February gain in history, the former record for the month
having
been 92,000 in February, 1937.
The gain for the previous month was 129,200 and for
February, 1940,
82,800.
The net gain for two months this year totals 247,900 as against
177,400 for the same period in 1940. At the end of February this year there
were about 17,731,600 telephones in the Bell
System.—V. 152, p. 1123.
has
6,899
790,496
386.319
Jan.
In
6,899
790,495
Accrued Interest
be sustained.
American Tobacco Co.
.
Pref. div. decl'd
269,975,028
569,694,000
Accounts payable
Interest and taxes accrued
Deprec. and amortized
20,000,000
not
500,000
41,587,318
V
ctfs.
and
foreign subs.. 23,789,499
Amts.
23,792,000
16,000,000
conv.
owned
Other investm'ts
Accts.
1939
div.
Prepaid exps. &
co.
American Telephone & Telegraph Co. Balance Sheet Dec. 31
Assets—
Scrip and
1,118,376
464,976
owned
domestic
28,699,000
Not current..
b Capital stk. of
partly
18,686,794
.
Current
Other accts. and
notes receiv'le
Surplus
bank:
760,690
Accts. receivable
115,650
1,275,964
4,737,063
Associated's
entry into bankruptcy proceedings.
The company brief, setting forth in detail the
company's claims against
the corporation and the arguments to substantiate such
claims, requests
the court to find as follows:
(a) That petitioner recover title to AGE Corp. assets.
(b) That petitioner be awarded a prior lien on AGE Corp. assets suffi¬
satisfy all AGE Co. creditors.
(c) That petitioner be awarded such lien sufficient to satisfy holders of
cient to
AGE Co. fixed interest debentures.
(d) "That AGE Corp.'s debt to AGE
stock, be reconverted into debt and
claim against the AGE Co. estate."
Co., wrongfully converted into
...
be
established
as
prior
a
(e)
That the present open account balance, which is in excess of $100,000,000, be established as a general claim against the AGE Corp. estate.
(f) That AGE Corp. option debentures be canceled or subordinated to
petitioners* and AGE Co. creditors' claims.
(g) That any valid claims of holders of 8s of 40 be allowed only out of
that property which would otherwise be devoted to the claims of AGE
Corp. option debentures.
•
(h) That the corporate entities of the two corporations be disregarded,
the AGE Co. trusteeship be extended over AGE Corp. assets, and creditors
of both estates be treated on a parity, except where special circumstances
make such treatment inequitable.
(i) That the Court adjudicate the rights of holders of AGE Co. fixed
interest debentires to elect a position of parity with AGE Corp. debenture
,
Net
income
..$28,311,783 $26,427,935 $25,435,643 $26,197,493
3,161,982
3,161,982
3,161,982
22,752,249
22,839,853
22,934,186
Preferred divs. (6%)_..
3,161,982
Common divs. (cash)... 22,712,411
Balance, surplus.
$2,437,389
com. outst.(par $25)
4,528,692
$5.55
Shs.
Earns, per sh. on com—
$513,704 def$566.192
4,547,079
4,556,177
$5.11
$4.89
$101,325
4,575,044
$5.03
Dividends received7in"1939 from subsidiaries not consolidated include
common stock of the American Tobacco Co.
The net income
for 1939 of such subsidiaries applicable to the investment of the American
Tobacco Co., including the net operating results of foreign subsidiaries
a
$369,670 in
into United States dollars at rate of exchange prevailing at
Dec. 31, 1939, was approximately $650,000 in excess of the said dividends.
translated
b Dividends "received in 1938 from subsidiaries not consolidated include
$1,478,681 in common stock and common stock B of American Tobacco
Co. and, based upon including earnings of foreign subsidiaries, as hereto¬
fore, at constant rates of exchange, exceeded the net income for 1938 of
:such unconsolidated subsidiaries^applicable to^the investment of American
holders.
(j) That the Court adjudicate the rights of AGE Co. Income debenture
holders issued under plan to utilize the fixed interest debentures which
they
exchanged.
(k) That the Court adjudicate petitioner's rights to participate in AGE
Corp.'s reorganization as stockholder, &c.; and that it value AGE Corp.
assets.
(1) That the Court determine the rights of the holders of AGE Corp.
optional debentures to convert into twice the amount of options 2 or 3
debentures.
(m) That the Court determine that the special AGE Corp.
of petitioner and AGE Cb. creditors.
debentures
be subordinated to rights
interest obligations of the said company)
issued the following statement:
"Nearly 30.000 holders of fixed interest obligations of Associated Gas &
Electric Co., together owning more than $59,000,000 of such debentures
will join the general protective committee in heartily approving the filing
in Federal Court of a petition by Stanley Clarke, trustee of the company,
assisted by his counsel, Lewis M. Dabney.
"At long last such security holders will recognize that these officers of
the court, in a verified petition, have cried out against the wrongs done the
company security holders and pointed a way to secure their redress.
must be realized that this petition not alone attacks the illegality and
fraudulent preferences
created by the so-called 'Recap Plan'; but further
of a long series of Hopson transactions
of which he attempted to take away from security holders the
assets purchased in trust for them with the proceeds of their investments
and to restore these assets to them in accordance with the indenture pro¬
visions on which they relied.
Security holders should not alone applaud
Mr. Clarke's activities, they should unit in concretely manifesting their
support.
The general protective committee pledges itself to continue to
place at Mr. Clarke's disposition their full background and resources.
At
the first opportunity permitted by Court practice, this committee proposed
to intervene in support of Mr. Clarke's petition.
Mr. Clarke attacks the legal validity of various transactions between
the two affiliated corporations, including the 'ReCap Plan' of 1933, which
was one of Hopson's fraudulent financial
devices to maintain his control
over the Associated System,
Holders of company debentures who refused
goes
by
withdraw its common stock (no
back to the very beginning
means
the plan were wrongfully deprived, it is alleged, of their rights
to a prior claim against the company's assets.
The petition seeks to
place such debenture holders in at least as favorable a position as they
would have enjoyed had the 'plan' never been promulgated.
Mr. Clarke
points out that those debenture holders who accepted the plan, whereby
they sought to obtain ostensible priority over other debenture holders,
helped Hopson to retain control of the System for six or seven years.
By
contrast, the holders who rejected the plan made possible 'the ousting of
the Hopson management to the benefit of all debenture holders'."
to accept
Utility
Atlantic
Baldwin Locomotive Works—New Directors, &c.—
stockholders held March 6, 12 of the directors
the past year were reelected by the voting trustees, who
constitute the stockholders under voting trust agreement established under
the plant of reorgnization of the company which became effective Sept. 1,
1937.
The directors so reelected are: Arnold Bernhard, Charles E. Brinley, John W. Converse, Joseph N. Ewing, Harry L. Frevert, William H.
Harman, Edward Hopkinson, Jr., Conrad N. Lauer, Jerome Preston,
Robert C. Shields, Charles L. Stillman and William H. Winterrowd.
James M. Skinner was elected a director to fill the vacancy on the board
created by the death on March 3, 1941, of Charles H. Schlacks.
The voting trustees for the $13 par value common stock on March'6
announced the resignation of William L. Batt as one of their members.
John B. Thayer has been elected to fill the vacancy thus created.
The
remaining voting trustees are Arnold Bernhard, Robert K. Cassatt, Thomas
S. Gates and Philip C. Staples.—V. 152, p. 1421.
Baltimore Transit Co.—Interest
Payments-
Company has declared payments on the accumulated interest
its series A debentures at the rate of H % on tne 4% obligations and
due
on
% %
on
5% debentures, both payable April 1 to registered holders of that date.
The company's books will close on
March 14.
Accumulated interest
undeclared and unpaid on the series A debentures as of Dec. 31, 1940,
amounted to 4M% on the 4s and 5% % on the 5s.
On Jan. 2, last, the company paid interest on these obligations at the rate
of 1 Yi % on the 4s and 1 ji % on the 5s which represented three-fourths of the
stipulated rates.
Same amounts also were paid on July 1, 1940.
The company's board also voted extra compensation for employees at
the rate of 4% during tne next six months, totaling about $120,000.—V.
152, p. 1421.
the
(L.) Bamberger & Co.—New Official—
Michael
defl6,785
—V. 152, p. 818.
Corp.—Earnings—
Barker Bros.
($269,178
$334,758
70,459
22,549
$305,077
31,219
5,546
def34,918
1940
1939
al938
bl937
$12,603,777 $12,135,312 $11,977,712 $14,311,027
Calendar Years—
Net sales-
11,291,015
11,066,811
11,243,571
12,980,689
$1,312,762
69,426
$1,068,501
45,643
$734,141
92,128
$1,333,338
103,250
$1,382,188
157,035
Deprec. & amortizationInterest
18,026
Rents paid to Sunland
$1,114,144
174,322
18,129
$826,269
168,671
20,043
$1,436,588
128,349
16,574
532,273
69,000
602,116
20,520
677,960
88,300
29,400
38,196
$320,421
177,210
43,537
$14,619
177,529
$457,809
Costs and expenses
Operating profit-
___
-
Other income
Atlanta & West Point RR.- -Earnings-
Executive Vice-President of this
appointed
Feb. 27.
1938
1939
1940 '
1941
railway—$353,613
from railway
59,797
ry. oper. income.-- 1 «
6,691
been
has
Yamin
in charge of the home furnishings division, it was announced on
He had been merchandise councilor and assistant to Howard F.
Otten, Executive Vice-President of R. H. Macy & Co., Inc.
Mr. Yamin
replaced Richard May, who recently resigned.—V. 150, p. 2486.
company
& Coast RR.~ -Earnings-
Atlanta Birmingham
January—
Gross from
Net
.
At the annual meeting of
for the week ended
reports that
Service Corp.
28, net electric output of the Associated Gas & Electric group was
108,961,407 units (kwh.).
This is an increase of 14,395,647 units or 15.2%
above production of 94,565,760 units a year ago.—V. 152, p. 1418.
->
Feb.
Net
and re gistraticn on th
par). from listing
who served during
Weekly Output—
The
1941
8,
Chicago Stock Exchange.
The application stated, among other things, that of the 81,311 shares
outstanding approximately 55,624 shares are owned by officers and directors,
their families and employees.
The application further stated that due to
the existence of a thin market on the Chicago Stock Exchange, the quo¬
tations of "bid" and "asked" prices as shown on that Exchange have been
detrimental to the price of the security.—V. 152, p. 671.
_
Following the filing of the brief Irvin McD. Garfield, Chairman of the
general protective committee for security holders of Associated Gas &
Electric Co. (limited to the fixed
March
Chronicle
The Commercial & Financial
1582
"
$181,686
43,872
$156,715
$150,987
$132,266
24,509
1,100
20,881
def422
def2,742
def24,355
11,356
Net ry. oper. income—
—V. 152, p. 974.
1938
1939
1940
1941
January—
Gross from railway.--.Net from railway
Surtax
$4,731,90'
3,624,490
$1,107,416
500,000
Net railway
$657,416
280,651
$1,190,706
operating income
450,000
$1,429,715
238,009
Taxes....
$376,765
$493,849
Net profit
175,763
133,650
Common dividends
Balance Sheet Dec. 31
$337,274
Ralph It. Lounsberry was elected President at the anual meeting of the
of directors held on Feb. 25.
He will succeed Major Samuel F.
hoard
Calbaugh, who is in the Government
service in Washington.—V. 149, p.
1,037,680
590,804
5H% pref.stock.. 3,211,000
b Common stock
3,295,444
Accounts payable.
763,343
Notes pay., unsec.
Notes & accts. rec.
5,040,493
579,342
4.846,095
Inventories
2,398,180
2,428,113
835,999
821,335
80,832
Cash
Sunland
land Inv. Co
Corp.—Earnings—
Auburn Central Mfg.
Other
Net loss after taxes,
depreciation, amortization & special charges..$100,487
78,780
investments
Deferred charges.
Earnings for the 7 Months Ended Nov. 30,1940
Goodwill
-----
-
_
-
-
1
Inv.
Inc.—Stock
Dialer,
Sale
10,115
367,597
10,000
pay¬
roll & other exp.
Deferred liability.
133",575
Capital surplus.—
Earned surplus.
on
opers.
1937
1938
1939
after
sell., adm. & gen. exps. $6,315,713
Deprec. of bldgs., mach.
and equipment, &c
764,065
$1,468,427 x$3,045,777
$1,850,961
603,076
530,295
577,618
c
Total
460,156
Z>rl5,183
DT28.891
10,020,202
Total
9,924,433
10,020,202
116,970
644,592
Treasury stock—
9,924,433
1940 and $1,530,541 in 1939.
c Represented by 303 (302 in
1939) shares of preferred stock and 4,054 shares common stock in 1939.
—V. 152, p. 1273.
a After
depreciation of $1,664,412 in
b Represented by 178,200 no par shares,
-Earnings-
(&,Subs.)
1940
Calendar Years—
351,905
80,000
Curr. instalm't on
Commission reported March 4 that U. S.
District Court Judge Guy L. Fake, at Newark, N. J., has issued a final
judgment enjoining company from selling its unregistered shares of com.
stock in viol tion of the registration provisions of the Securities Act of 1933.
•
86,604
long-term obllg-
Pro¬
The Securities and Exchange
Profit
1,203
184,720
income tax
hibited—
Babcock & Wilcox Co.
3.295,444
613,742
1,700,000
Res've for Federal
Accr'd taxes,
Telephone
1,425,000
3,237,300
Co.,
accrued rent
131,035
122,853
■;.V:v..;
1
—V. 152, p. 974.
Automatic
$
S
953,091
Fixed assets
Investment in Sub-
1169.
1939
$
Liabilities—
$
Assets—
a
1940
1939
1940
Co.—New President—
$147,086
b Including subsidiary.
Including subsidiary merged on June 30, 1938.
a
180.113
130,610
$99,676 def$162,910
$184,436
Surplus
—V. 152, p. 818.
Atlantic Life Insurance
i
Special charges
$4,340,761
3,317,848
$1,022,913
450,000
$572,913
235,639
i
undist. profits
on
Preferred dividends
$1,928,715
Operating income
Equipment and jt. fac. rents
1939
1940
1941
$5,780,249
3,851,534
Net operating re venues
552,777
160,500
Federal taxes
Atlantic Coast Line RR.—-EarningsMonth of January—
Operating revenues
Operating expenses
-
Inv. Co. & other rents
'
-
^
Total income
Bastian-Blessing Co.—40-Cent Dividend—
Directors have declared a dividend of 40 cents per share on
the common
1 to holders of record March 15.
Like amount was
paid on Jan. 1 last; dividend of 30 cents was paid on Nov. 25 last, and a
regular quarterly dividend of 40 cents was paid on Oct. 1 last.—V. 151.
p. 3551.
stock, payable April
Net
profit on opers
$5,551,648
723,646
4,966
Income from investm'ts.
Miscell. income
$6,280,260
Total income
Interest paid
Prov. for Fed. inc. taxes
Surtax
2,061
a2,690,000
$890,809 x$3,648,853
404,498
538,105
10,185
31,053
$1,320,666
715,516
9,649
$1,305,492 x$3,079,695
9,492
7,500
4
129,200
$2,045,831
22,987
193,008
25,006
undist. profs
on
$3,588^199
Bath Iron Works
Corp.—Earnings—
W. S. Newell, President, states in part:
During the past
year, company
produced a record volume of work done,
of the work performed plus the profit thereon.
$18,128,546, or $3,102,604 greater than for the year
measured by the cost
amounted
to
4,024,473
Surp. at beginning of yr.
$1,168,792 x$3,089,191
2,855,681
6,000,870
$1,804,829
5,088,991
This represents an increase of over 20% and
volume of work produced ever reached in the
$2,911,679
55.998
$6,893,820
892,950
awarded contracts
at
the
new
on
the
Net profit
United
$2,855,681
$6,000,870
In
Total surplus
Cash dividends
$7,612,672
940,758
(net)
Surplus at end of year.
Includes
a
excess
$4,024,473
$6,671,914
$4,024,473
profits tax of $1,230,000.
x
Loss.
a
1940
1939
4,313,227
2,265,325
Accounts & notes
b Investments
Accrued liabilities.
1,670,192
927.538
906,076
219,733
Fed.in.taxf2,783,707
129,200
5,610,625
1,969,361
on
6,697,657
3,671,753
Res.for
3,669,940
Prov. * for
6,996,045
Inventories
—
6,271,034
contracts
1
1
11,875
43,514
62,884
add'l
1,320,270
685,122
365,850
419,935
d Capital stock.-.17,600,000 17,600,000
Surplus
6,671,914
4,024,473
e Capita 1 stk. held
in treasury
a
After
34,573,626 26,560,515
reserve
Total
Z>r200,941
Z>r200,941
34,573,626 26,560,515
b After reserve
in 1939. c After reserve for depreciation,
shares, f Includes excess profits tax.—V.
of $171,708 in 1940 and $117,728, in 1939.
of $944,651 m 1940 and $961,830
d 681,000 no-par shares, o 9,030
Backstay Welt Co.—Delisting Hearing—
The Securities and Exchange Commission has
announced a public hearing
April 8, at its Chicago Regional Office, on the application of company to
National
Defense
Program,
corporation
was
Navy, at
basic contract price of $166,496,400.
a
In
Since the construction and completion of this
large amount of work calls for delivery of these vessels within a threeperiod, and being determined and desirous of doing!our share in
industry's greatly expanded effort in contributing to the National defense,
directors immediately authorized its officers and executives to proceed to
do everything to meet the requirements of this greatly expanded con¬
very
year
struction
a
SB
authorized by
immediately with the construction
galvanizing shop and storehouse
land purchased by the corporation in fee in East Brunswick,
"
program.
result, and in connection therewith, corporation was
the U. S. Navy Department to proceed
and equipment of a fabricating plant,
building
Me.
on
The estimated cost of these additional facilities is $2,400,000.
has
construction
now
been
virtually
completed,
in
This
accordance with an
arrangement whereby the Government was to repay the corporation for
the cost of these additional facilities (without profit) and take title thereto.
Corporation has also recently leased certain property in
East Brunswick,
Me., upon which there is now being constructed railroad sidings connecting
with the Maine Central RR.
The Navy Department has also been advised
that
in
connection
facilities
are
their cost
31,
the large amount of work on band, additional
in the main shipyard in Bath, Me., and has estimated
These additional facilities which are now under
be owned and paid for by the corporation, and up to
with
necessary
at
construction
Dec.
151, p. 3386.
on
States
the
various times during the year, so that at present,
hand call for the construction of 25 destroyers for
addition thereto, the United States Maritime Commission awarded corpora¬
tion the contract for the construction of four cargo vessels at a basic con¬
As
costs
Other assets
Total
500.000
Res. for contlng..
Patents
Deterred charges-
2,255,455
Advance payments
Prop., plant and
equipment
$
3,456,558
8,026,734
instal
1939
Accounts payableNotes payable
2,448,332
9,075,833
receivable
Unbilled ship, and
c
s
Liabilities—
S
S
Assets—
Cash
with
contracts
tract price of $8,792,000.
Consolidated Balance Sheet Dec. 31
1940
connection
»This
1939.
is the highest point in the
history of the corporation.
$800,000.
are
1940,
to
approximately
$450,000 has
been spent for this work.
Under the provisions of the Second Revenue Act of 1940. the corporation
believes that it is entitled to the benefits of the amortization provision
relating to the cost of such special emergency
the cost of the facilities to be constructed and
facilities, and*on this basis
equipped in the main yard
Volume
over a period of 60 months, beginning witb the month
following their completion.
Up to Dec. 31, 1940, only the small amount
of $289 has been charged against earnings for amortization on that portion
of these facilities which were completed up to the end of the year.
Allowing for the work already done on the contracts received during
1940, corporation goes into the beginning of 1941 with a backlog of approxi¬
mately $172,000,000, which represents the estimated amount of un¬
completed contracts at the close of the year.
Calendar Years—
C»st
of
1940
1938
1937
$8,607,549
$8,292,937
1939
work
performed
profit
during period.$18,128,546 $15,025,942
Cost of work performed
during period
14,896,529
14,209,680
plus
1583
The Commercial & Financial Chronicle
152
is to be amortized
estimated
earned
8,434,711
loss$71,372
119,556
$256,016
$48,184
Bethlehem
Steel
distributed.
Corp.—Annual Report 1940—Eugene
in part:
G. Grace, President, states
Results—The net income of corporation for 1940 was $48,677,524, as
compared with $24,638,384 for the preceding year. The net income for the
year 1940 was equivalent to $14.04 per share on the 2,984,994 shares of
common stock outstanding in the hands of the public at the end of the
year after deducting an amount equal to the dividends for the year on the
outstanding 7% cumulative preferred stock and for the first quarter on the
5% cumulative preferred stock (which was redeemed on April 1, 1940).
Unfilled Oraers &c.—The net billed value of product^ shipped and of
by corporation during the year 1940, is $602,as compared with $414,141,087 durjng the preceding year.
8,364,309
$172,839
83,177
viously regular quarterly dividends of 45 cents per share were
—V. 152, p. 1273.
1
other classes of business done
$3,232,017
$816,262
92,496
1,504.174
202,618,
The estimated net amount of business booked during the year by corpo¬
ration, aggregated
$4,736,191
Total
$908,757
from
deductions
income
79,880
73,125
68,755
25,592
y2,604,131
xl74.929
X57,516
2,173
Prov. for Federal income
year
Dec.
$2,052,179
Divs.
on
com.
stock
$660,703
$129,745
313,984
$20,419
z24,036
x Includes
provision for additional Federal income taxes for 1937.
y In¬
provision for excess profits tax, and $500,000 additional
provision for Federal income and excess profits taxes on progress profits
accrued to Dec. 31, 1940, and reportable in 1941 and subsequent years,
cludes $654,732
z
This
was
a
3% stock dividend.
Comparative Balance Sheet Dec. 31
Assets—
1940
Accounts receivable from United States Governm't
Estimated amount receivable from U.
ment
for delivery
1939
$819,101
a2,771,724
$1,228,110
1,533,532
2,335,977
Cash
of completed work
1,186,571
81,429
4,723
1,332,537
591,147
105,271
177,934
2,000,832
50,420
54,481
127,305
1,421,699
26,724
$9,675,225
Work in progress
$6,174,293
Inventory of merchandise and supplies (less valua¬
tion
reserve)
Other assets
b Total fixed assets
_
Total deferred charges to operations
-
Total
'•"v:'-
Liaoxlities—
Notes payable—Bath Trust Co
Notes payable—Bank of Manhattan Co
$1,741,337
Federal
55,000
Estimated Federal income taxes payable in 1941..
748,300
Federal income tax payable on completed con¬
Accounts
payable
capital stock tax accrued
$50,000
966,666
1,588,918
5,100
Federal
and
old age
State unemployment
benefits taxes
insurance and
82,319
145,571
Requisitions paid and approved for payment—
ship contracts (less cost plus estimated earned
proft thereon)
Reserve for proposed additional Federal income
taxes for 1937 and accrued interest thereon
debentures due $3,500,000 on
1940, corporation
March 1
sold $35,000,000 serial
1941 to 1950,
of each year from
inclusive, and also $30,000,000, of consolidated mortgage 20-year sinking
fund
3% bonds, series G, due Feb. 1, 1960, and $40,000,000 consolidated
mortgage 25-year sinking fund 3 M % bonds, series H.due Feb. 1, 1965, and
in July, 1940, it sold $20,OOG,COO, serial debentures due $2,500,000 on
July 15 of each year from 1943 to 1950, inclusive. The expenses (approxi¬
mately $665,000) incident to the issue and sale of such bonds and debentures
were charged to income.
The discount (amounting to $2,350,000) on their
sale was set up as a deferred charge to be amortized over their respective
$50,242,000, of the consolidated mortgage 30-year sinking fund 3H%
were called for redemption on
April 15, 1940, at 105 plus int., $50,390,000 of consolidated mortgage 25year sinking fund 4H% bonds, series D, were called for redemption on
July 1, 1940, at 105 plus int. and $22,94i,000, 15-year sinking fund con¬
vertible 3H% debentures were called for redemption on Aug. 26, 1940, at
105 plus int.
The premiums on the redemption of, and the unamortized
discount on, such redeemed bonds and debentures ($10,107,184 in the
aggregate) were charged to surplus account.
The redemption of the 5% cumulative preferred stock, which was called
for redemption on April 1, 1940, was consummated during the year.
Such
redemption was out of capital and, pursuant to Delaware law, the capital
of the corporation was reduced by the par amount of such preferred stock
so redeemed ($18,677,740) and the certificate of incorporation was further
amended by eliminating therefrom all reference to such preferred stock.
bonds, series E, of Bethlehem Steel Corp.
Claim
Mixed
Commission,
1939, the Mixed Claims
made an award in favor of
Award—Black Tom—In October,
United
States
and
Germany,
Bethlehem Steel Co. on the claim which it had filed against Germany grow¬
ing out of the Black Tom explosion in July, 1916. Payment of the award
delayed by action of other award-holders. The award was sustained by
both Federal Courts in the District of Columbia in 1940 and by the U. S.
was
11,599
tracts
Accrued payroll
Financing—In March,
terms.
S. Govern¬
Miscellaneous accounts receivable
1940, includes $1,036,000,000 as the unbilled amounts on con¬
ship construction and ship repairs.
31,
tracts for
New
1
$1,519,300,000, as compared with $538,368,398 for the
The estimated net billing value of the unfilled orders on hand
1939.
Dec. 31, 194C, amounted to $1,204,100,000, as compared with $287,002,024
on Dec. 31,1939.
Such estimated net billing value of unfilled orders on hand
54,354
88,214
Supreme Court on Jan. 6, 1941, and $2,238,248 was paid shortly thereafter
partial liquidation of the award and interest allowed thereon and was
in
credited to surplus account in
1940.
c
Provision
Federal
for estimated
contracts in progress
income taxes
Inventory Reserve—Since shortly after the beginning of the war in Europe
102,019
23,007
24,254
years
247,669
at Dec. 31, 1939
subsequent
to
1941
on
progress
prof, to Dec. 31,1940 on uncomplet'd contracts.
d Additional
reserve_
Common stock (par
materials and products at
—-
418,974
593,188
418,974
593,188
687,573
3,075,208
687,573
1,337,013
$9,675,225
Capital surplus
Surplus arising from appraisal of assets (net of de¬
preciation to Dec. 31, 1937)
Earnes surplus
Total--
equal to the estimated amount of the excess of the inventory value of such
the end of the year over their estimated normal
1,603,500
500,000
_
$1) and scrip shares
31, 1940, of such raw materials and certain manufactured products
be higher than their estimated normal cost.
In order to provide for a
possible decrease in the market prices of similar raw materials and con¬
sequently a decrease in the replacement cost of manufactured products, a
reserve of $9,070,000
(including $2,CGO,OCO which was set up in 1939),
at Dec.
to
on
Provision for estimated Federal income taxes, pay¬
able in
the prices paid for certain raw materials have been substantially above the
level of those prevailing prior to the war, which caused the inventory value
$6,174,293
cost, has been set up out of income and deducted from the total inventory
value.
In addition $1,000,000 was added to the contingent reserve and
charged to income account during the year.
Additions, &c.—The cash espenditures for additions and improvements to
of corporation during 1940 amounted to $29,994,523.
The
completing the construction authorized and in progress
properties
estimated cost of
a Received $2,317,176 to Jan. 25, 1941.
b After reserve for depreciation
of $1,084,296 in 1940 and $935,621 in 1939.
c Less cost plus estimated
profit thereon (less $11,643,458.
d For Federal income and excess profits
taxes on progress profits accrued to Dec. 31, 1940, and reportable in 1941
and subsequent years.—V. 151, p. 3227.
as
of Dec, 31, 1940, is $34,860,000.
It is expected that of such expenditures
mately $39,600,000 will be
subject
and such estimated cost approxi¬
to amortization under the provisions of
the Second Revenue Act of 1940.
the Internal Revenue Code as amended by
U. S. Government, cfee.—In addition to the above con¬
facilities at an estimated
approximately $58,000,000 at steel plants and shipyards of corpo¬
ration and on additional property which has been leased for the purpose
Was begun during 1940.
Those facilities will be paid for and owned by the
U.S. Government, subject to removal by it after the end of the present
Construction for
struction work the construction of certain other
cost of
Bearings Co. of America—Accumulated Dividend—
Directors
have
declared
a
dividend of $3.50 per share on account of
accumulations on the cumulative first preferred stock, payable March
3.
—V. 151, p. 2671.
emergency,
on
Beech Aircraft
Corp.—New Bonus Plan—
in¬
corporation announced on Feb. 28 to its employees that by agreement
with the International Association of Machinists, Aeronautical Lodge No.
733, the legally recognized bargaining agency for its employees, the follow¬
ing production bonus plan has been arranged:
1. At the first weekly pay period beginning not less than five days after
the first 30-day period during which a total of 20 twin-engine Beechcrafts
a
rental
and will be operated by a subsidiary company, in some cases
basis.
The principal items covered by such authorizations
comprise additional facilities at the Bethlehem Plant and the Steelton
Plant for the production of forged armor plate, shell forgings, projectiles,
airflask forgings, rotors, ship shafting and other heavy forgings and at
the Fore River, Staten Island, San Francisco and San Pedro shipyards 11
additional shipbuilding ways, two reconditioned ways and other facilities.
Since Jan. 1, 1941, a former shipyard with four shipbuilding ways and
also shop
facilities in Baltimore Harbor have been leased and construction
on nine additional
ways and other facilities for the con¬
there
shall have been delivered to and accepted by the Government, a pay in¬
started
of 2He. per hour automatically shall be granted to ail workers in¬
cluded in the classifications covered by our present union agreement, and
struction of cargo vessels. Those facilities will be paid for and owned by the
U.S. Government and will be operated by a subsidiary company which has
been awarded a contract for the construction of 50 vessels on the basis of
crease
who have
been Beech employees for more than 35 days.
"2. At the first weekly pay period beginning not less than five days
after the first 30-day period during which a total of 50 twin-engine Beechcrafts shall have been delivered to and accepted by the Government, an
additional pay increase of 2He. per hour automatically shall be granted to
workers included in the classifications covered by our present union
all
agreement, and who have been Beech employees for more than 35 days."
In other words, when Beech produces and has delivered 20 airplanes per
month a raise is due, and when Beech produces and has delivered 50 air¬
planes
per month,
Corp.—Listing—
of the New Curb Curb Exchange has approved
application to list 15,000 additional shares of common stock (par $1) on
official notice of issuance, pursuant to an offering to certain salaried key
employees in accordance with the terms of an employees' stock purchase
plan.
As of Feb. 14,1941, and pursuant to the terms of the plan, company
has entered into agreements with employees covering the sale of 8,400 shares
of the 15,000 shares approved for listing at $10 per share.—V. 152, p. 1421.
The Committee on Listing
Bell
Telephone Co. of Pennsylvania—Earnings—
Month of January—
1941
$6,844,279
18,921
Operating revenues
Uncollectible operating revenue
fee.
Upon the completion of the above-mentioned additional ways corporation
have 47 ways available for use in constructing ships.
The present
shipbuilding program contemplates the construction by corporation of 179
naval and cargo vessels, most of which are scheduled for delivery prior to
1944.
Taxes—The aggregate amount paid or provided for the year 1940 for taxes
Steel Corp. and its subsidiary companies consolidated and
consolidated and of ore
of Bethlehem
its share of the taxes of its subsidiary companies not
another raise is due.—V. 152, p. 1421.
Bell Aircraft
cost plus a
will
1940
$6,412,893
20,288
mining corporations partially owned by it is $41,345,349, as compared with
$21,191,492 for 1939.
Such aggregate amount includes $8,156,978 for
unemployment, old age and railroad retirement taxes for 1940, as com¬
pared with $6,299,196 for 1939, The amount provided for Federal income
taxes for the year 1940 is $16,386,758 and the amount provided for Federal
excess profits taxes is $6,COO,000.
Operation of Steel Plants—Operations of the steel plants of the corporation
1940 averaged 93.3% of their rated steel capacity, as compared
in 1939. During the last half of the year operations averaged
101.7% of such capacity.
Approximately 27% of the steel produced by
corporation in 1940 was exported in the form or finished and semi-finished
steel products, of which about two-thirds "was shipped to Great Britain and
for the year
with 70.8%
Canada.
National Defense
Program—Because of its capacities and experience in
plate and other heavy
the building of ships and the production of armor
Operating revenues
Operating expenses
$6,825,358
4,405,369
$6,392,605
4,171,129
forgings and guns, projectiles and other ordnance materials corporation has
naturally been called upon to participate to an important degree in work
for the National Defense Program and such work will, of course, take
Net operating revenues
Operating taxes
$2,419,989
757,439
$2,221,476
603,140
priority over all other requirements. The officers of Bethlehem Steel Corp.
believe, however, that the requirements of the National Defense Program
can be fully met without interfering materially with the established com¬
$1,662,550
$1,618,336
mercial business of the corporation.
1,202,905
1,167,649
Net operating income
Net income
Company reports a net gain of 7,669 stations in February. This compares
with a gain of 9,268 in January and 6,641 in February, 1940.
As of Feb. 28,
last, there were 1,373,886 Bell telephones in service in Pennsylvania.—
V.
152,
p.
976.
Beneficial
Industrial
capacity (ingots and castings) of corporation was increased
11,468,800 net tons to 11,850,000 net tons per
a result of the construction during the year of two new
electric furnaces above mentioned and the rebuilding and enlarging of
three open hearth furnaces and partly to reflect actual capacities of existing
furnaces demonstrated for the first time in 1940.
The completion of the
construction authorized and in progress at the end of the year will result
in increases in the rated capacities of 785,000 net tons of coke, 780,000 net
tons of pig iron and 860,000 net tons of open hearth steel.
The rated steel
effective Jan. 1, 1941, from
Gain in Phones—
Loan
Corp.— To
Pay
io-Cent
Common Dividend—
annum
partly as
Empleryees—The monthly average number of employees of corporation
in 1940 was 118,439, as compared with
The number of such employees receiving pay in December,
PDirectors have declared a dividend of 45 cents per share on the common
stock, payable March 31 to holders of record March 15.
This compares
with 50 cents paid on Dec. 31, last; three dividends of 45 cents were paid in
in the United States receiving pay
1940
was
preceding quarters; divided of 50 cents paid on Dec. 27, 1939, and pre¬
1940
was
95 029 in 1939.
131,785.
The average earnings per hour of sucn employees in
94.1c. as compared with 91.6c. in 1939. Such employees worked
an
average
Directors have declared a dividend of 35 cents per share on
Litigation—The litigation between Bethlehem Shipbuilding Corp., Ltd.,
and United States Shipping Board Merchant Fleet Corp. which was de¬
Bethlehem Steel Corp.
1925, is still pending.
On Dec. 27, 1938, a judgment was
S. District Court at Philadelphia in favor of the Ship¬
building Corp. for $5,272,075 together with costs, but without interest.
A suit by the United States to recover alleged overpayments on some
of the same contracts was dismissed.
On June 18, 1940, the judgments in
both suits were affirmed on appeal by the U. S. Circuit Court of Appeals
for the Third Circuit. On Oct. 14,1940, the U. S. Supreme Court granted a
scribed in the circular letter to the stockholders of
dated May 5,
of
of
Bethlehem Steel Corp. (N. J.) who had not surrendered their certificates for
exchange for certificates for shares of Bethlehem Steel Corp. (Del.) was
70,836 of whom 3,185 held preferred stock and also common stock.
The
number of holders of the 7% cumulative preferred stock was 26,358, and
of the common stock was 47,663.
Stockholders—At the end of the year the number of holders of record
of Bethlehem Steel Corp. (Del.) and of the holders of shares
Coal
Coke—
7,538,632
2,078,004
5,538,374
4,771.196
-
-
Pig iron and ferro-manganese
7,104,522
5,348,629
Open hearth (bessemer and electric steel)
10,704,741
7,958,636
Boiled steel and other finished products for sale
7,703,917
5,661,776
a Includes
percentages of ore mined by the subsidiary companies not
consolidated and the ore mining corporations, 50% or less owned, which,
respectively, are equal to the percentages of share interests of your corpo¬
(E. W.) Bliss Co .—Accumulated Dividend—
a dividend of $1.50 per share on the 6% cumu¬
$25, and a dividend of $1.25 per share on the
pref. stock, par $25, both payable on account of accumulations
on March
17 to holders of record March 10.
Like amounts were paid on
Dec. 27 and Sept. 6 last, these latter being the first paid since March, 1938.
Current payments clear up all arrearages.—V. 151, p. 3738.
5%
cum.
Bon Ami Co.
1940
Cost
c
between corps, incl.
$602,202,618 $414141,087
of billings shown above.--.
453,560,305 324,075,892
Provisions for:
d Depreciation and
23,384,254
depletion
Amortizing emergency facilities
Reserve in respect of inventories
Contingencies
-_
Pensions (the corporation's plan)
1,500,000
7,070,000
1,000,000
293,979
8,096,973
Doubtful notes and accounts receivable
Selling, administrative and other general expense.-
6,670,138
531,409
19,729,211
All other taxes
a
893,207
...
721,784
$79,722,826 $39,129,832
6,762,422
6,732,777
—-
-
402,172
70.076
371,275
3,953
338,618
338,618
4,344
4,406
Rental equal to 4% on stock of Cambria Iron Co..
Minority interest in the net income of Johnstown
—
—
Federal normal income tax
Federal
excess
income.$72,106,694 $31,635,218
16,386,758
—
6,092,552
6,000,000
Net income
75,338
1,042,412
profits taxes
Other income taxes
828,944
$48,677,524 $24,638,384
6,770,680
7,471,096
14,924,970
4,775,076
-
Preferred dividends
Common dividends
$1,391,282
1,266,922
1,391,800
$117,100
$122,191
def$518
c$7.19
b$6.70
b$6.71
$3.65
$4.01
$3.78
$3.78
provisions of the shares, class A stock is entitled
and after class B stock has received $2.50 a share
annum,
b Figured
Comparative Consolidated Balance Sheet Dec. 31
receiv.
1,615,008
less
28,036
Res. for inc. taxes.
395.000
286.394
10.325
15,646
Capital stock.
134,013
recs.,
153,661
x
4,123.880
4,123,880
657,038
650,804
Earned surplus.-- 2,904,345
2,734,959
592,344
reserve.
Inventories
578,965
inven¬
tories & mt. sec.
Claim
544.484
24.882
Accr'd
1,565,024
cost
1939
550,436
liabilities.-
Liabilities—
1939
5386,494
5634,705
Marketable secure.
at
1940
Accounts payable.
Res. for conting.-
1940
Assets—
Cash
agst. closed
1,372
1,372
325,077
325,077
(net)
y
Cap. stk. of co._
Plant & equipment
716.123
(less deprec'n)..'
Goodwill, &c
2,850.001
—
33,170
Prepd. & del. chgs.
644,991
2,850.001
27,024
57.508,868 57,233,3991
Total
Net income before provision for taxes on
$1,389,113
1,364,672
43,585
-
Other interest
Water Co
f Net of premium
$1,481,772
of stock in hands of public,
d Figured on
of public,
e Figured on 92,647 shares of
bank
—38,500
bonds
89,561
241,625
both stocks participate equally as a class in any further dis¬
on 94,573 shares issued,
c Figured on 94.583 shares
200,000 shares of stock in hands
stock in hands of public,
f In¬
cludes excess profits tax.
g Includes dividends paid on both class A and
class B in reacquired common A stock at cost.
per
tribution.
zCash,
Total income
Interest on funded debt
Amortization of discount & commissions on sale of
278,325
56.142
301.500
Under the participation
a
$78,829,619 $38,408,048
Net operating income
$2,724,720
1,722,469
c$6,44
Balance, surplus
Earns, per sh. on cl. A
stock (no par)
d Earns, per share on
class B stock (no par).
Accts.
Other income
$169,389
Dividends
to $4 a share per annum,
15,636,734
2,000,000
1.170,206
Net income
g
1937
$2,801,594
1,750,159
82,721
$3,117,203
1,839,413
$1,339,593
Operating profit
Depreciation
Federal taxes, &c
372,905
6,252,928
8,213,238
525,039
—
Unemployment, old age and railroad retire, taxes
e
20,193,033
$3,078,184
1,817,338
49,246
/428.500
Gross profit on sales
a1939
b Net billings (excl. billings
in the consolidation).
(& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1938
1939
1940
a
Calendar Years
309
and cost
Directors have declared
ration therein.
Consolidated Income Statement for
1939
$437,051
lative pre.erred stock, par
1939
11,191,099
—2,925,333
7.657,902
5,952,843
Ore
Limestone.--------
bl940
$469,406
-—-----
Net profit
24,366
a After deducting all charges including depletion,
depreciation
of wells and leases abandoned, b Preliminary.—V. 151, p. 2795.
a
Production (Net Tons) for Calendar Years
1940
the common
Bishop Oil Co.—Earnings—
Calendar Years—
Gross income
petition by the Government for a review by that Court of such judgments.
The cases have not yet been argued in the Supreme Court.
shares
1941
8,
stock, payable March 31 to holders of record March 15.
Previously regular
quarterly dividends of 25 cents per share were distributed.
In addition,
extra dividend of 25 cents was paid on Dec. 28, last.—V. 152, p. 113.
entered in the U.
a
March
Birmingham Fire Insurance Co. of Ala.—%o~Cent Div.—
of 36.6 hours per week in 1940, as compared with 35 hours per
1939.
week in
Chronicle
The Commercial & Financial
1584
Total
--.-57.508,868 57,233.399-
Represented by 100,000 shares class A and 200,000 shares class B stock
(no par value),
y Represented by 5,417 class A shares,
z Subject to
foreign exchange restrictions.—V. 151, p. 3228.
x
Bond Stores,
Inc.—Sales—
Period Ended Feb. 28—
Sales
1941—Month—1940
$2,056,734
$1,412,353
1941—2 Mos.—1940
$4,390,442
$3,344,215
—V. 152, p. 1124.
Surplus
Shares of
Earnings
a
per
stock outstanding
2,984,994
—
$14.04
share
business
$5.75
b Aggregate net amount billed for
from transportation companies and other classes
less returns, discounts, commissions and other
Including provision for depreciation of certain classes of
and services,
allowances,
c
equipment, but not including provisions shown next below, d Except such
is included in cost of billings above, e Except income and excess profits
taxes deducted below,
f Discount on bonds purchased for sinking fund
as
for treasury.
or
' '• ".
,-v
■
...
.•■V.
1940
company
Co.—Stock
were
offered
1939
Offered—Two blocks of stock of the
this week in the over-the-counter
after the close of the
market
New
York Stock Exchange.
The first block of 28,000 shares
(par $15) was
28 by Merrill Lynch, E. A. Pierce & Cassatt at
This stock, it was said, came from an estate.
block of 34,402 shares was offered March 6 at
This block of stock, it
by Shields & Co.
Consolidated Balance Sheet Dec. 31
Assets—
Borden
2,984,994
*
Restated for purpose of comparison,
products shipped, revenue
of
$26,981,874 $12,392,212
—————
common
for British account.—V. 152, p.
offered Feb.
$19 a share.
The second
18^ a share
reported,
was
was
977.
Cash, demand and time deposits in banks
a Cash on deposit with mortgage trustee
$84,027,279 $75,554,356
1,809,016
3,558,585
Borg-Warner Corp.—Suit Dismissed—
b Accounts and notes receivable--
63,589,703
48,574,839
2,830,856
135,065,177 116,498,566
dated Dec. 24, 1940 affirmed the final decree of the U.
c
Amount receivable
Inventories
2,813,997
e
Property account
Deferred charges
f Reserve fund assets
g
-.—
3,844,424
3,924,709
3,759,396
5,925,483
459,278,980 462.877,996
3,237,499
5,218,205
3,467,707
-
—
one
1,328,000
1,801,899
1,114,757
year
Special incentive compensation fundIndebtedness to sub. companies not consolidated---—
h Serial bonds.
5,112,000
1,604,247
1,634,302
-
Bonds and stock called for redemption
Preferred stock dividend payable
21,106,975
-
-
-
7% cumulative preferred stock
5% cumulative preferred stock
Surplus.
Total
-
700,370
828,027
2,974,000
1,171,380
par
obligation payable within one year,
shares.—V. 152, p. 820.
189,886,700
3,711,708
8,577,392
93,388,700 93,388,700
9,567,249
18,677,740
.$763,724,034 $732932,382
i Represented by 2,984,994
Bird & Son, Inc.—10-Cent Dividend—
r
Court
and
the
Appellate
Court
proceedings
were
which were alleged to infringe De¬
Filippis Patent No. 1,968,030.—V. 152, p. 1124.
Boston & Maine RR.—New Director—
Augustus P. Loring Jr. was elected a director of this railroad at a special
meeting, to succeed W. Rodman Peabody, deceased.—-V. 151,
p. 2342.
directors'
Brazilian Traction,
Light & Power Co., Ltd.—Earns.
Month of January—
Gross earnings from
1941
$3,292,290
1,589,507
1940
$2,987,998
1,471,836
$1,702,783
operations
Operating expenses
$1,516,162
x
preceding quarters; 25 cents paid Dec. 28, 1939: previously quarterly divi¬
dends of 10 centsjper share were distributed.—V. 151, p. 3738.
Before depreciation and amortization.—V. 152, p.
Breeze
977.
Corp.—January Deliveries— I
month.
These gains in backlog, floor space and
pany officials to put
personnel
151,
p.
are
expected by com¬
1941 shipments far ahead of the $4,500,000 sales of
1940 which, in turn, were almost double those
of $2,695,760 in 1939.—V.
3738.
Bridgeport Brass Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per 6hare on the common
stock, payable March 28 to holders of record March 17.
Dividend of 50
cents was paid on Dec. 20, last; 25 cents was paid on Sept. 30, last and one
of 10 cents was paid on Dec. 17, 1937.
•
—^
New Plant—
Directors have declared a dividend of 10 cents per share on the common
no par value, payable March 28 to holders of record March 20.
Dividend oi 30 cents was paid on Dec. 28 last; 10 cents paid in the three
Net earnings
Shipments of $585,461 worth of National defense equipment in January
by this corporation established a new record for the company operating
three plants in Newark and one in Elizabeth, N. J., according to J. F.
Lucas, Vice-President.
January shipments compare with $498,780 in
December, 1940, and $276,952 wortn of equipment sold in January, 1940.
A backlog of $11,589,871 as of Feb. 15, 1941, compared with $1,676,514
as of Feb. 15, 1940, Mr. Lucas declared.
With the addition of 52,000 square feet of floor space in Newark last week
Breeze now has 310,000 square feet in operation, with more tnan 90%
devoted to National defense contracts.
A year ago only 110,000 square feet
were in use.
Employees have increased from 497 a year ago to 1,405 this
The
stock,
District
x
penditures on facilities installed for account of United States Government,
d Unpaid balances on real estate instalment contracts and mortgages and
deferred receivables (less reserves to reduce book values to estimated
realizable values: 1940, $1,236,850; 1939, $1,834,531). e Property account
res. for depreci. of $351,514,146 in 1940 and $327,608,235 in 1939.
f At
lower of cost or quoted market value (quoted market value: 1940, $3,578,775; 1939, $3,389,048).
g,Under contract for sale of certain properties to
United States Government,
h Sinking fund instalments and purchase
no
the
Both
Corp. of the transmission overdrives
1,050,000
a And other deposits "for redemption prices payable on bonds and stock,
b Less reserves: 1940, $1,694,895; 1939, $2,125,364.
c In respect of ex¬
money
the District Court suit.
,
283,574,430 283,574,430
96,252,049 78,229,111
i Common stock
involved
defended by Borg-Warner Corp. as manufacturer and supplier to Chrysler
29,055,849
Funded debt, and stocks of Cambria Iron Co. and
Johnstown Water Co. in hands of public
185,774,684
Other liabilities
3,546,995
Reserves.-
S. District Court,
the overdrive devices complained of. a suit for infringement,
brought by Raymond DeFillipis against Chrysler Sales Corp. of New York
In its decision the Court of Appeals considered also and affirmed an order
of the District Court denying the plaintiff, DeFilippis, motion to reopen
$763,724,034 $732932,382
-
-
Liabilities——
Accounts payable (trade)
25,069,557
Advance payments received on sales contracts
3,689,918
Accrued liabilities
50,265,247
Accident compensation and pensions payable with¬
in
3,254,922
3,993,572
Amount receivable
Total.
3,551,149
advances to
ore mining corporations (50 % or less owned)
d Sundry securities
S. Circuit Court of Appeals of the Second Circuit in a decision
dismissing with prejudice to any further suit under the patent
with respect to
Investments in capital stocks of and advances to
sub. companies not consolidated
Investments in capital stocks of and
Tne U.
U.
company
at or near
p.
3228.
>
S. Government, under its defense program has awarded this
$11,500,000 for construction plant, machinery and equipment
Indianapolis, Ind., for manufacture of cartridge cases.—V. 151,
Volume
Extra Dividend—
Briggs & Stratton Corp.- -Earnings1940
1939
Net profits from oper
$1,333,456
$1,182,157
$1,090,427
$716,518
$1,333,456
less mis¬
charges
tion to the regular
$1,569,490
91,730
$804,711
88,194
$1,480,526
Depreciation
dividend of 50 cents per share in addi¬
quarterly dividend of 50 cents per share on the common
Directors have declared an extra
1937
1938
Calendar Years—
Other
1585
The Commercial & Financial Chronicle
152
both payable March 27 to holders of record March 14.
$1 was paid on Dec. 1, last, and extras of 50 cents were paid on
1940 and on Dec. 21, 1939.—V. 151, p. 3084.
stock,
88,964
income,
Extra of
March 27,
Co.—10-Cent Dividend—
Burd Piston Ring
128,678
102,373
68,596
118,105
$1,462,134
Federal income taxes
320,000
Wisconsin income taxes.
69,000
Excess profits tax
32,000
$1,192,800
$785,114
stock, payable March 20 to holders of
186,000
63,000
119,000
24,000
$1,598,632
a243,729
80,502
Balance Jan. 1__
$1,041,134
2,969,885
$943,800
2,917,529
$642,114
3,166,859
$1,274,400
2,932,477
$4,011,019
991,482
$3,861,329
$3,808,973
Common stock divs
891,444
891,444
$4,206,877
1,040,018
cumulative preferred stock, at a recent special meeting rejected the exchange
features of the deposit agreement.
Accordingly, another special meeting
of the same nature will be held next year.
Under the reorganization plan of Bush Terminal Buildings Co. and
Bush Terminal Co., 70,000 shares of the buildings company's 7% preferred
31
$3,019,537
$2,969,885
$2,917,529
$3,166,859
$3.47
$3.15
cellaneous
10 cents per share on the common
record March 10.
Last previous
1937 and amounted to 25 cents per share.
Directors have declared a dividend of
Total income
payment was made on Dec. 1,
V. 151, p. 1137.
Bush Terminal Buildings
Net profits carried to
Holders
Dec.
a
Includes $21,000 surtax
shares held in treasury.
on
$4.25
$2.14
b Includes 2,847
undistributed profits,
Note—Depreciation on plant equipment and other
amount of $94,650 is provided for in the 1940 figures
the
in
property
Balance Sheet Dec. 31
$113,262
704,012
$947,156
Marketable
11,417
523,340
secur.
Acc'ts receivable..
Inventories
421,050
Accounts payable.
190,329
for Fed¬
Cash surrender val.
101,918
96,103
b Capital
expenses.
15,541
14,722
Surplus..
c
Treasury stock.,
69,890
69,890
a
250,289
300,000
2,969,885
421,717
sin income tax..
Real est., bldgs.,
of life insurance.
Prepaid
After
a
depreciation
$3,859,1411
$4,227,903 $3,859,141
Total
1940 and $1,146,417 in
2,847 shares at cost.
of $1,237,267 in
shares,
b Represented by 299,996 no par
1940
dl939
$80,887,182 $78,832,199
545,744
549,264
income
Rentals, interest and sundry operating
$81,432,925 $79,381,462
Total
a
Cost of goods
908,190
Taxes
362,638
386,198
$1,514,666
148,420
32,173
$1,680,572
269,000
253,000
$1,065,073
$1,347,749
—
Operating profit
—
Release compensation and pension contributions.
Interest charges
Provision for normal Federal taxes on income
1939.
Net profit
c
65,317,179
11,158,774
838,739
67,320,991
11,326,440
sold
Operating
Depreciation and amortization-
1
$4,227,903
(& Subs.), Chicago—Earnings—
Butler Bros.
Year Ended Dec. 31—
b
1,305,311
1
goodwill.__
Total
certificates on
6% cumulative
preferred stock of Bush Terminal Co. for each share of 7% cumulative
preferred, unless a majority of the latter class of stock voted otherwise,
in which event another meeting should be held in 1941 to determine whether
the exchange should become effective on March 15, 1941.
Both the 1940
and 1941 special meetings have rejected the exchange'land the subject will
be brought up again at a special meeting to be held about this time in 1942.
—V. 152, p. 1274.
c
plant, machln'y,
equipment, &c. 1,349,079
Pat'ts, trademarks
and
300,000
3,019,537
stock...
1937.
agreeement dated April,
Net sales
eral and Wiscon¬
1,134,788
1.209,561
70,000 shares of 7%
The agreement provided that holders of the depository
March 15, 1940, would receive one and one-tenth shares of
$176,087
162,880
$296,320
Acccrued liabilities
Provision
an
Co.—Exchange Plan Rejected—
certificates, representing
1939
1940
Liabilities—
1939
1940
Assets—
Cash
depository
deposited under
were
Balance,
b Earns, per sh. on 299,996 shs. stock (no par)
of
47,501
32,322
of com. stock (1,122,303 shs.) __
$0.59
$0.83
merchandising and buying expenses,
b Maintenance,
selling, publicity, extra compensation, general and administrative expenses,
c Other than Federal taxes on income,
d Reclassified to comparable basis.
Earnings per share
To Pay
lo-Cent Common Div.—
Directors have declared a dividend of 75 cents per
share on the common
stock, payable March 15 to holders of record March 7. This compares with
$1 paid on Dec. 16, last, and previously regular quarterly dividends of
75 cents per share were distributed.—V. 151, p. 3388.
1940—3 Mos.—1939
Period Ended Dec. 31—1
a
$80,949
$0.48
$81,537
$0.49
Net income.........
b Earnings per share
After all charges, including depreciation,
Federal income and excess profits taxes,
b On
a
$1.89
$1.40
amortization. State and
145,310 shares of common
/
British American Tobacco Co.,
Directors have declared an interim
payable April 5 to holders of record
dividend of $4.50 per share in addition
to the regular quarterly dividend of $1.50 per share on the common stock,
both payable March 10 to holders of record March 1.
During the year
1940 company paid a total of $21 a share consisting of $6 regular dividends
and $15 extra dividends.—V. 151, p. 3882.
Buffalo
Sale of
Niagara Electric
Debentures—
Corp.-—Hearing
on
Proposed
2,922,017
1,179,958
1,063,010
Res. for pensions..
304,076
342,581
8,127,360
8,127,360
Commission on Feb. 27
announced a public
will purchase $5,000,000 of the deben¬
$4,000,000 will be taken by the Equitable Life
Metropolitan Life Insurance Co.
and the remaining
United States.
applied to the redemption of $396,000 5% first
mortgage bonds, due Feb. 1, 1942, issued by Buffalo & Niagara Falls
Electric Light & Power Co. (name changed to Niagara Electric Service
Corp.), a constituent company.
The balance of the proceeds will be
applied to the cost of construction, completion, extension and improvement
of certain of the company's electric generating, transmission and distribu¬
tion facilities.
..
will be directed at the hearing to the imposition of
such terms and conditions as may be appropriate in the public interest or
for the protection of investors and consumers in connection with the issuance
and sale by corporation of the proposed $9,000,000 of 2)4% debentures,
Particular attention
in view of:
(1) The existence of funded debt amounting to 52.4% of applicant's,
property:
(2) The total of funded debt, intercompany debt, and the $9,000,000
of proposed debentures, which amounts to $55,765,000 and is equal to
62% of the sum of applicant's net property plus $8,604,000 of funds to be
received from the proceeds of the presently proposed debentures and in¬
tended to be devoted to construction purposes
,
,,
,
(3) The provisions of the trust agreement pursuant to which the said
debentures are proposed to be issued; and
.
(4) The existence of funded debt of and advances to subsidiaries
Buffalo, Niagara & Eastern Power Corp.
(parent of Buffalo Niagara
Electric Corp.) as of Dec. 31, 1939 amounting to $100,374,000, or 46-9%
of total consolidated capitalization and surplus as at that date preferred
stock of the holding company (Buffalo, Niagara & Eastern Power Corp.)
amounting to $87,418,000, or 40.6% of consolidated capitalization and
surplus the total of funded debt and preferred stock equaling
consolidated capitalization and surplus
and the fact that after issuance
of the proposed debentures, it appears that funded debt and advances will
equal 48.6% and funded debt plus
preferred stock of
net
87.5% of
Prepaid exps., &c.
Land.—-w.......
2 618.989
capitalization and surplus.
S. Commission has
Bulova Watch Co.,
1939
1938
1937
$1,873,091
880,289
$2,975,984
1.081,900
$1,318,890
$1,231,557
14,481
14,683
$992,802
26,703
$1,894,084
17,692
$1,333,370
Operating profit _
_
$1,246,240
231,225
238,101
$1,019,505
$1,911,776
59,026
b246,406
a404,251
b335,840
$776,914
$714,073
Total income
Income charges.
.
97,601
_
409,214
Depreciation and tax—
profit.—-
$826,555
Eacom'SonPStUSh!(e.0.n
Total.—
35,977,744 35,500,471
Reclassified to
a
(par
11,223,030 11,223,030
4,751,245
4,751,245
6,571,229
6,893,243
(A. M.) Byers
Directors have
.^..35,977,744 35,500,471
comparable basis,—Y. 152, p. 1275.
Co.—Preferred Dividend—
declared a dividend of $2.11 per share on
the preferred
15. This dividend repre¬
stock, payable April 1 to holders of record March
sents the $1.75 dividend ordinarily due on Feb. 1,1937
—V.
152, p. 821.
plus interest accrued.
.
»
85,005
110,637
Net ry. oper. income
—V. 152, P. 821.
„
Ltd.—Notes Offered—W. C.
Montreal, are offering at 95 and int.
(carrying a bonus of 10 common shares with each $1,000
of notes) $300,000 6% convertible 15-year notes.
Canada Machinery Corp.,
Pitfield & Co., Ltd.,
Dated Nov.
1, 1940: due Nov. 1,
1955.
Principal and interest (M-N)
payable in lawful money of Canada at the holder's option
bankers in Toronto, Ont.; Montreal, Que.; St. John, N.
N.
S.
notes
principal.
time prior to maturity on 30 days' notice at
at 103 thereafter on or before Nov. 1, 1950;
in each case with accrued interest to date of
105 on or before Nov. 1, 1945;
at 101 thereafter to maturity;
redemption. An annual sink¬
ing fund commencing Nov. 1, 1945, will be provided amounting
of notes issued less notes previously converted.
Chartered Trust & Executor Co., Toronto.
the total amount
_
to 3% of
Trustee,
convertible at the option of the holder at any time into
(no par) of company at the rate of eight shares for each
If at any time all or part of the outstanding notes are
called for redemption, holders of notes so called for redemption may exercise
their conversion rights up to and including the day before that fixed for
These notes are
Common shares
$100 of notes.
redemption.
Capitalization—
and collateral trust bonds
First mtge.
(closed)__
6% convertible 15-year notes
7 % non-cumulative preferred
Common shares (no par)
*
Including 24,000 shares
also V. 151, p. 3553.
Canada Packers,
shares (par $100)
- -
on
Authorized
$350,000
300,000
31,200
*50,000 shs.
Outstanding
$350,000
300,000
•
31,200
24,000 shs.
reserved for conversion of tne 6% notes.
See
■
Ltd.—Extra Dividend—
Directors have declared an extra
dividend of 50 cents per share in addition
regular quarterly dividend of 75 cents per share
1 to holders of record March 15.
July 2, 1940.—V. 151, p. 1565.
on the common stock,
Extra of $1 was paid
Canadian Celanese, Ltd.—Partifipating Dividend—
dividend of 25 cents a share on the common
participating dividend of 60 cents a share on the 7 % cumulative
participating preferred stock, both payable March 31 to stockholders of
record March 14. A dividend of $1.75 a share for the three months ending
March 31 was also declared on the preferred stock, payable March 31 to
stockholders of record March 14.
Paid same amount on common April 1
last year, while participating dividend was $1.16 a year ago.—V. *.151,
Directors have declared a
stock and a
p.
S2.39
S2.20
$3.60
and accounts, &c. b No provi¬
undivided net income.
at the company's
B., and Halifax,
in denom. of $1,000 and $500 registerable as to
Red. as a whoie or in part at the option of company at any
Coupon
3229.
Canadian Pacific
Ry.—Earnings—
Month of January—
Gross earnings
Working expenses.----------
1941
1940
—$14,685,345 $12,244,544
12,019,584 10,416,039
$2,665,761
Earnings for Week
Gross revenues
—V. 152, p.
1423.
$1,828,505
Increase
$2,440,800
1,603,544
$837,255
Ended Feb. 28
1941
$2-54
$107,782
37,455
89,088
$145,673
79,028
116,026
$153,019
86,947
121,111
$173,756
1938
1939
1940
1941
January—
Gross from railway
Net from railway.
Net earnings
for doubtful notes
made for Federal surtax on
Include provision
sion has been
stock,
S10)
Paid-in surplus
Earned surplus
$1,171,685
Other income
a
Subs.)—Earnings—
$2,167,915
936,357
31—
profit
Expenses
Net
Inc. (&
1940
$2,394,293
1,075,404
'
t
Com.
236,526
both payable April
authorized the corporation to issue
$7,200,000 10-year 2M debentures.
The Commission authorized $6,804 000 of the funds to be used for a construction program, and the balance of
$396,000 to retire a like amount of 5% first mortgage bonds of Niagara
Electric Service Corp., maturing in 1942.—V. 152, p. 1422.
3 Mos. End. Dec.
stock
to the
Bonds Authorized
Gross
5% cum. conv. pf.
5,040,703
5, 209,887
359,720
fixts. & eqpt—
Leasehl'd lmprovs.
the holding
will equal 87-8% of total
The New York P.
196,310
355,126
2,618,989
174,227
355,169
of
company
investm'ts,
&c. (net)
Cambria&Jndiana RR.—Earnings—
The Securities and Exchange
Assurance Society of the
The proceeds will be
.
500,000
Acer. exps. & taxes
Advs.,
•
hearing on March 12, at its Washington offices, on the application (File
70-247) under the Holding Company Act of this corporation regarding
the issuance and sale to two insurance companies of $9,000,000 of 214%
debentures, due 1951, at the principal amount and accrued interest.
The
tures
$
$
Liabilities—•
Total
Mfg. Co.—Extra Dividend—
Brown & Sharpe
Directors have declared an extra
al939
1940
a1939
2,886,640 Notes pay., banks
9,485,331 Accts. payable &
Receive, (less res.)
ousts, credit bal. 3,498,832
Mdse. Inventories. 14 127,989 14,680,846
3 929,256
9, 202,506
Cash
Bldgs,& bldg.eqpt.
Ltd.—Interim Div.—
dividend of 9 pence on the American
Depository Receipts for common stock,
March 4.—V. 152, p. 262.
Consolidated Balance Sheet Dec. 31
Assets—
1940—12 Mos.—1939
$245,517
$321,068
1422.
stock, no par.— V. 152, p.
paid,
1940
Inc.—Earnings—
Brillo Manufacturing Co.,
Rents
a
$4,045,000
1940
Increase
$3,042,0001 $1,003,000
The Commercial <5 Financial Chronicle
1586
Canadian Westinghouse Co., Ltd.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable April 1 to holders of record March 17.
Dividend of 8743
cents paid on Jan. 1, last; dividends of 37 43 cents were paid in five
pre¬
ceding quarters and previously regular quarterly dividends of 50 cents per
share were distributed.—V. 151, p. 3390.
Directors have declared
Central Arizona Light
Period End. Dec. HI—
Operating revenues
Oper. exps., excl. direct
taxes-.
Direct taxes
Prop, retire,
Capital Transit Co.—25-Cent Dividend—
Amort,
dividend of 25 cents per share on the common
Dividend of 75 cents
a
March 8,
res. approp.
& Power Co.—Earnings—
1940—Month—1939
$417,412
$372,992
1940—12 Mos.— 1939
$4,756,832
$4,235,671
166,917
72.858
40,000
207,845
127,227
40,000
limited-term
of
1941
2.289,956
931.320
432.000
_
1,896,928
808,484
405,000
,
2,913
2,913
34,960
34,960
$39,427
357
$90,304
Drl49
$1,068,596
17,776
$1,090,299
18,512
$39,784
18,958
$90,155
18,958
$1,086,372
227,500
750
725
9,582
$1,108,811
227,500
8,716
investments
,.
stock, payable April 1 to holders of record March 15.
paid on Dec. 20, last: 25 cents was paid on July 1, last, and 50c. was
paid on Dec. 20, 1939 this latter being the first dividend paid in some time.
—V. 151, p. 3883.
was
Carolina Power &
Period End. Dec. 31
Light Co. —Earnings—
1940-
■Month—1939
Operating re venues
$1,272,537
Oper. exps., excl. direct
taxes
539,907
Direct taxes
107,150
90,000
Prop, retire, res. approp.
448,516
118,212
90,000
_
Net oper. revenues.
1940—12 Mos.—1939
$1,088,444 $14,533,013 $12,028,986
$535,480
5,627,584
1,680,550
1,080,000
4,502,056
1,871,783
1,080,000
657
$431,716
1,083
$6,144,879
20,770
$4,575,147
20,501
$536,137
$432,799
$6,165,649
$191,667
6,281
$2,139,060
31,146
3,358
$2,300,000
71,579
$3,998,801
1,255,237
$2,224,069
1,255,237
$2,743,564
Gross income
Int.
mt0e. oonds
Other interest
Int. chgd. toconstr. (Cr.)
$143,750
CV2.961
Int.chgd. to constr.(Cr.)
3,358
Balance
Balance.
.
Dec. 31,
1940 will
Period End. Jan. 31—
Gross
expenses
Force in the Chemical Revolution in
Textiles," outlining the
in the progress of the industry and
few of its many products.
influence of the company
describing
a
Consolidated
Income Account for
1940
Gross inc. form opers_.
Sell.,
gen.
Years
1938
1937
$9,676,044
3,099,420
i,576,624
23.692
3,710,297
3,333,167
$7,434,290
2,847,851
,923,822
57,637
$4,586,43*.
62,836
exp.
Net oper. profit
Miscell. income, net
settlements
Calendar
1939
.$17,220,934 $13,256,988
..$13,510,636
& admin,
Non-recurring
66,588
income—
acc't of
on
for
deprec.
122,000
patents
pref. stock....
Amort, ofpfd.stk. exp..
1,080,000
$2,496,976
672,969
$2,924,313
$201,928
41,800
15,951
—...
1,412,000
$347,368
65,784
$281,584
41,800
15,951
$1,824,007
501,607
191,406
$2,138,397
501,607
191.406
$144,177
Net income
90,000
$256,882
54,954
Gross income
on
1941—12 Mos.—1940
$9,751,005
$9,279,527
3,857,555
3,782,949
1,984,474
1,492,264
&
amortization
Divs.
$978,989
382,927
158,695
$978,311
401,022
198,407
...
Pro vision
Co.—Earnings—
1941—Month—1940
revenue—
$223,833
$1,130,994
$1,445,384
the
advertising pages of this issue.
The annual report shows the highest volume of business
and earnings in the history of the company.
The company is distributing to stockholders with its
annual report a booklet entitled "Celanese—The
Leading
on
$764,54s
1940, respectively.—V. 151, p. 3883.
Int. & other deductions.
be found
108,054
$872,595
108,054
$742,399
Central Illinois Light
Celanese
Corp. of America—Annual Re/port for 1940—
Comments on operating and financial results for the year
5,909
598,084
...—
S850.453
Note—Includes provision of $44,123 and $52,369 for Federal exces
profits tax in the month of December, 1940, and in the 12 months ended
Operating
-V. 152, p. 262.
1,163
— --
.
Taxes.
Net income
$398,706
$234,851
Divs. applicable to pref. stocks for the period
-
Net income$20,076
$70,472
Divs. applic. to pref. stocks for the period .
_
$968,832
mortgage bonds.
Other int. & deductions.
on
Other income (net)
$4,595,648
Other income (net)
Int.
Net oper. revenues
Balance
785.916
—V. 152, p. 978.
Central U. S. Utilities
Co.—Application Denied—-
The Securities and Exchange Commission on March 1 issued an order
denying applications and refusing to permit declarations to become effective.
Central U. S. Utilities Co., a reristered holding company, and its sub¬
sidiaries, Pennsylvania Investing Corp., Arizona General Utilities Co.,
Arkansas General Utilities Co., Louisiana Public Utilities Co., Inc., Pan¬
handle Public Service Co., Texas General Utilities Co., and Southland
Public Service Co. filed joint declarations and applications under Sections 7,
10, 12(b), 12(c), 12(d), and 12(f) of the Public Utility Holding Company
Act of 1935 and under various rules of the commission promulgated pur¬
suant to Section 12,
which declarations and applications relate to the
acquisition by Southland Public Service Co. of all of the assets of Arizona
General Utilities Co., Arkansas General Utilities Co., Louisiana Public
Utilities Co., Inc., Panhandle Public Service Co. and Texas General
Utilities Co.
The Commission was unable to find that the proposed acquisition of
the assets by Southland will serve the public interest by tending towards
the economical and efficient development of an integrated public
utility
system.
Southland Public Service Co. was created for the purposes of the acquisi¬
tion and the sale of securities of Southland to Dallas Rupe & Son, of Dallas,
.
Total income
—$13,583,133 $10,579,543
2,272,110
1,876,860
Depreciation
$4,649,272
1,423,508
$6,600,316
1,268,645
641,657
374,399
194,289
26,689
9,238
Interest on debs. & other
debt...
Prov.
Texas
657,816
—
for
decrease
equity in Cell'd Corp.
Amort, of deo. exps
Prov. for Fed. taxes
income
60,000
125,073
,660,237
362,378
676.155
$6,374,101
$2,479,749
$4,461,227
1,153,726
1,153,726
1,153,726
1,440,300
bl,678,463
1,065,407
c605,774
1,263,967
1,287.676
2,250,000
$3.38
$3.53
$0.25
$2.04
Net income
$6,376,896
Divs. on 7% cum. prior
preferred stock
1,153,726
Divs. on 7% cum. 1st
-
partic. prer. stock....
Divs.
on common
Earns, per share
stock
stock,
J
on com.
Including $1,670,000 excess profits taxes,
b $1,307,035 cash
$371,427 in stock,
c .$500,000 cash and $105,774 in stock.
a
Trade
1940
Liabilities—
$
and
4,034,198
3,435,318
73,577
accts.
43,697
5,469,464
and
advances
Inv. at cost
less 6,113,105
or
Due from affll. co.
Notes & accts.
deferred
92,175
63,715
rec.
;
484,971
637,376
239,816
a
664,529
170,241
,000,000
1,250,000
tired In 1941100,000
Accrued liabilities. 5,601,399
2,623,933
Dlv. payable
Notes pay. to bks.
288,431
288,432
4,000,000
4,830.000
3% debs, to be
1,361,365
re¬
lo.ooo'ooo
10-year 4K% deb.
321,065
191,828
16, 481,800
16,481,800
b Common stock..
14,817,900
1,112.788
14,817,900
1,025,000
Surplus
15,644,204 13,256,157
7%
cum. ser.
prior
pref. stock
629,991
Other Inv., at cost
S
,238,409
Reserves
Inv. In Celluloid
Corp
$
Trade accts. payOther accts. pay—
3% debs, due 195524,900,000
Prepd.exps. &def.
charges
2,071,645
c
1939
Notes pay. to b'ka.
17,045,441
debtors, less
reserves—
Other
689,991
336,060
340.600
Fixed assets
41,497,541 36,502,881
Research & experi¬
7% cum. 1st part.
pref. stock
mental expenses,
(net)
:
Pats. & tr.-mks
1,139,719
1275.
Earnings for the 3 Months Ended Dec. 31, 1940
Net loss after depreciation, interest, &c
$35,405
Chamberlin Metal Weather Strip Co.—15-Cent Div.—
Directors have declared a dividend of 15 cents per share on the common
stock, payable March 18 to holders of record March 14. This compares with
20 cents paid on Dec. 14, last; 10 cents paid on Sept. 18, June 20 and
March 20,1940; 25 cents on Dec. 15,1939; 10 cents on Sept. 15 and June 16,
1939, and on Dec. 16 and Sept. 15. 1938, and previously regular quarterly
dividends of 20 cents per share were distributed.—V. 151, p. 3390.
The Interstate Commerce Commission
on
Feb.
21 authorized the
com¬
pany to issue not exceeding $24,800,000
refunding and improvement mtge.
bonds, series G-l to G-25, inclusive, bearing various interest rates and
maturity dates, $6,490,000 thereof to be sold at par and int., $7,310,000
thereof to be sold at par and accrued int. less a concession of 43 of 1%,
and the remaining $11,000,000 to be sold at 9843 and accrued int.; the
proceeds from the sale of the bonds, together with treasury cash, to be
used to redeem outstanding bonds.
The report of the Commission states:
"Subject to our approval of their sale, 14 banks and trust companies
have agreed to purchase at par and accrued interest $6,490,000 of the
proposed bonds, series G-l to G-10, inclusive, the amount to be taken by
each bank to be divided equally between the 10 maturities.
The remaining
$7,310,000 of these bonds will be sold to Morgan Stanley & Co., Inc., of
New York, at par and accrued interest, less a concession of 43 of 1%.
Subject to our approval, Morgan Stanley & Co., Inc., will also purchase
the $11,000,000 of proposed bonds included in series G-ll to G-25, in¬
clusive, at 9843 and accrued interest thereon from Feb. 1, 1941, to date
of delivery.
At the prices indicated the average annual cost of the pro¬
ceeds to the applicant will approximate 2.38%."—V. 152, p. 1423.
1,228.354
1
p.
Chesapeake & Ohio Ry.—Bonds Authorized—
1939
$
Cash with bankers
& on hand
29,097,542
152,
Co.—Listing—
—V. 152, p. 1275.
Consolidated Balance Sheet Dec. 31
1940
Assets—
contemplated.—V.
The Board of Governors of the New York Curb Exchange at its meeting
March 5 approved the application of the company for the listing of 350,000
outstanding shares of common stock (par $1).
on
a4,091.237
was
Cessna Aircraft
in
Chesapeake & Potomac Telephone Co. (Bait.)—Gain
1
in Phones—
Total
86,170,525
66,296,6541
Total.
86,170,525 66,296.654
After reserve for depreciation and amortization of
$15,996,886 in 1940
$12,294,744 in i939.
b Represented by 1,112,788 (1,025,000 in 1939)
c 99,657 shares of common stock of
Celluloid Corp. at cost,
less reserve of $370,000 in 1940 and
$310,000 in 1939.
a
and
no
par shades,
Company had a net gain of 2,717 stations in February, compared with
1,795 in February, 1940 and 1,455 in February, 1939.
For the first two months of the year the company had a net gain of
5,775 stations, compared with 3,744 in 1940 and 2,718 in like period of
1939.—V. 152, p. 980.
Dividend—
^Directors declared
and
Chicago & North Western Ry.—Equipment Trust Ctfs.—
a
dividend of 50 cents
a
share
on
the
common
participating dividend of $2.82 a share on the 7% cumulative first
participating preferred stock, both payable March 31 to stockholders of
record March
14.
Last year the corporation
paid cash dividends on the common stock of
a share in
April, 50 cents in July and 25 cents in October, and
three stock dividends equivalent to
50 cents
shares
held
throughout the year.
$2.72 per share.
amounted to
approximately 843 shares for each 100
The participating dividend last year
participating preferred stock, payable
June 30 to stockholders of record June
17, and two quarterly dividends on
the 7% cumulative series prior
preferred stock—$1.75 per share payable
April 1 to stockholders of record March 14, and the same amount payable
July 1 to stockholders of record June 17.—V. 152, p. 262.
States
Power
&
Light Corp.-
•Would
Feb. 25 authorized
the
com¬
trustee, and sold at 100.2387 and accrued dividends in connection with
as
the
procurement of certain equipment.
The certificates were offered for sale through competitve bidding, and
in addition requests for bids were sent to 124 bankers, banks, trust com¬
panies, and life insurance companies, the bidder to name a rate of dividends
by the certificates. In response thereto bids were received from
groups comprising 20 firms.
The best bid, 100.2387 and accrued
dividends, based on a rate of 143%. was made by LaurencejM. Marks &
six
Co. and Drexel & Co., and has been
annual cost of the proceeds to
accepted.
On this basis the average
the raiiway trustee will be approximately
1.83%.—V. 152, p. 1277, 1424.
Chicago Stock Yards Co.—Bonds Called—
Acquire
Bonds—
Corporation has filed with the Securities and Exchange Commission
(File 70-266) regarding the proposed acquisition in the open market of
$750,000 principal amount or its 543% first mortgage and first lien gold
bonds, due 1953, at the lowest prices obtainable.
The bonds are presently
outstanding in the principal amount of $9,559,200.
The company states that it expects to obtain the funds
necessary for
the acquisition from the sale of securities of Central
Light & Power Co.,
a wholly-owned
subsidiary, to Otter Tail Power Co. and from the proposed
sale to the City of Benton,
Ky., of electrical generating transmission and
distributing properties located in and adjacent to that city.—V. 152, p. 1423.
on
pany to assume obligation and liability in respect of not exceeding $5,400,000
1 43 % equipment-trust certificates, to be issued by the Northern Trust Co.,
to be borne
The directors also declared the
regular semi-annual dividend of $3.50 per
share on the 7% cumulative first
Central
The Interstate Commerce Commission
stock
a
Company has called for redemption on April 1, 1941, all of its 5% gold
bonds, due Oct. 1, 1961, outstanding in the amount of $6,312,000 at 105
and accrued interest to April 1, 1941.
Payment will be made at the Old
Colony Trust Co., Boston, trustee under the indenture, or. at the option
of the holder, at the Midland Bank Ltd., London.—Y. 150, p. 1929.
Cincinnati
Bids
on
Union
Terminal Co.—Asks for
Competitive
$3,000,000 Bond Issue—
The company on March 4 mailed out invitations to
bid for $3,000,000
30-year bonds.
Proceeds of the sale of the securities will be used to retire
company's outstanding preferred stock on July 1 at $105 a share.
Bids will be opened on March 12 for the bonds, on which bidders are asked
the
Volume
to name the coupon.
The bonds will be guaranteed jointly and severally,
Chesapeake & Ohio, Norfolk & Western,
Pennsyl¬
vania, New York Central, Southern Ry. and the Baltimore & Ohio.
The company has applied to the Interstate Commerce Commission for
authority to issue the $3,000,000 bonds.—V. 150, p. 1759.
as to
interest and principal, by the
Cincinnati New Orleans & Texas Pacific, Louisville & Nashville,
Securities
and
Exchange Commission announced Feb. 28 that
company had filed a declaration (70-265) under the Holding Company
Act regarding the proposed acquisition of its 5% debentures, due 1950,
1958, 1963, 1966 and 1969, in an aggregate amount not exceeding 5% of
the $167,107,400 aggregate principle amount outstanding as of Dec. 31,
1940, namely $8,35o,370.
The company stated that it proposes to make the acquisition from time
to time during the next year in the open market either through brokers and
dealers on securities exchanges or in the over-the-counter markets or at
private sales, at prices not in excess of the then current market prices.
Cities Service Oil Co. and Sixty Wall Tower, Inc., both non-utility
subsidiaries of the company, own, respectively, $7,789,372 and $700,000
principal amounts of the debentures, and the company has requested au¬
thority to acquire all or any part of these debentures within the 5% limita¬
tion at market prices prevailing at the time of purchase.—Y. 152, p. 1277.
Citizens Water Co. of Washington, Pa.—Bonds Sold
Privately—Company has sold privately to insurance com¬
panies $2,000,000 1st mtge. 3^% bonds dated Jan. 1, 1941.
due Jan. 1, 1966.
Proceeds will be used to redeem $2,000,-
000 4s.—V. 151, p. 2039.
Paul Fuller Jr., of Coudert Brothers, has been elected a director of this
corporation to succeed Thomas K. Finletter, who resigned to accept a
position in the State Department at Washington.—Y. 151, p. 1889.
Consolidated Retail Stores,
stock, payable March 14 to holders of record March 10. This compares with
75 cents paid on Dec. 16, last; 25 cents paid on Sept. 12, June 14 and March
26, 1910; 50 cents on Dec. 22, 1939; 25 cents on Aug. 12, 1939, and Dec. 1,
1938, a dividend of .$1 paid on Dec. 15, 1937; 50 cents on Sept. 29, June 30
and March 18, 1937, and an initial dividend of $1 paid on Dec. 28, 1936.
—V. 151, p. 3390.
Cleveland Graphite Bronze
Co.—Pref. Issue Authorized
The stockholders have
approved a plan for expansion and authorized a
preferred stock to finance the program.—See V. 152, p. 1424.
Registrar—
Consolidated
Rock
Net ry. oper. income
Co.,
Los
The U.S. Supreme Court upheld March 3 a contention by the Securities
reorganization, under the Federal
Bankruptcy Act, of two or more concerns in a new corporation may provide
for meeting bondholders' claims aginst each company through payment in
securities of the new corporation.
Justice William O. Douglas delivered the unanimous decision, which set
and Exchange Commission that a plan for
aside
plan for reorganization of this company and two wholly owned
Union Rock Co. and Consumers Rock & Gravel Co., Inc.
a
subsidiaries,
While
Ninth
disapproving the reorganization plan, Justice Douglas said the
Circuit Court had erred in holding the plan inequitable
Federal
adequately compensated for the loss of their prior
of what assets they
So long as they receive full compensatory treatment and so long
as each group shares in the securities of the whole enterprise on an equitable
basis, the requirements of 'far and equitable' are satisfied."
Justice Douglas said that "any other standard might well place in¬
superable obstacles in the way of feasible plans of reorganization."
"Certainly." he added, "where unified operations of separate properties
are deemed advisable and essential, as they were in this case, the elimination
of divisional mortgages may be necessary as well as wise,
Moreover, the
substitution of a simple, conservative capital structure for a highly com¬
plicated one may be a primary requirement of any reorganization plan.
There is no necessity to construct the new capital structure on the frame¬
work of the old."—V. 149, p. 104.
claims," Justice Douglas said, "it is not material out
are
paid.
Consolidated Water Power & Paper
a
Co.—60-Cent Div.
dividend of 60 cents per share on the common
holders of record March 15. Dividends
of 50 cents were paid in the four preceding quarters; 37 H cents paid on Oct. 2,
1939; 25 cents paid on July 1, 1939, and previously regular quarterly
dividends of 12cents per share were paid.—V. 151, p. 694.
"
1938
$503,129
214,737
193,097
1939
$617,462
339,408
313,054
Consumers Gas Co. of
—V. 152, p. 981.
Reading—-40-Cent Dividend—
Directors have declared a dividend of 40 cents per
Cluett, Peabody & Co., Inc.—Interim Dividend—
the
common stock, payable March 25 to stockholders of record at the close of
business March 15.
Year-end dividend of $1.25 was paid on Dec. 24, last,
and previously interim dividends of 50 cents were paid each three months.
Inc.—Sales—
the four weeks ended Feb. 22, 1941 aggregated
Combined sales of the merged companies, David Pender
and Southern Grocery Stores, Inc., for the corresponding
four weeks of 1940 were $3,366,126. The 1941 sales represent an increase of
$618,733 or 18.38% over the sales for the corresponding 1940 period.—V.
152, p. 1425.
Sales of this company for
$3,984,859.
Co.
Grocery
Colorado & Wyoming
Ry.—Earnings—"
January—
Gross from railway
Net from railway.
Net railway operating income..—V. 137, p. 681.
$140,693
78,349
45,800
of Staff of the United States Army, on (March 5 was
company.—-V.
152,
p.
elected
a
Chief
director of
1278.
outside of territory to other
utility companies;
Kilrwatlhour Output
1940
1941
Week Ended—
March
148,092,000
1__
February 22
February 15
February 8
—V. 151, p. 1427.
-
—
-150,490.000
-147,778,000
151,017,000
"
134,616,000
134,462,000
1.33,834,000
138,573,000
Per Cent
Increase
10-0
11.9
10.8
9.0
Commonwealth & Southern Corp.—Weekly Output—
weekly kilowatt-hour output of electrical energy of subsidiaries of
The
the Commonwealth
&
Southern Corp. adjusted to show general business
conditions of territory served for the
week ended Feb. 27, 1941 amounted
185,694,845 as compared with 156,261,600 for the
in 1940, an increase of 29,433,245 or 18.84%.
to
Company Eliminates Assumed Funded
corresponding week
Debt—$17,000,000
deductible.
recommend
,,
business
,
for
partnership capital will be most desirable as an
protection.—V. 152, p. 1429.
permanent
uable
Continental Can Co.,
assumed funded indebtedness of the corpo¬
March 6 by the company in a program of simplifi¬
cation and streamlining of its corporate structure.
Completion of the debt reduction program was announced by President,
Justin R. Whiting, following a meeting of the company's representatives,
officials of the Georgia Power Co. and representatives of 27 insurance
companies and five banks at the corporate trust offices of the New York
ration was announced
...
,
ousiness conditions should permit of larger volume
corporation, additional working capital and the lacx of
necessity of cutting into present working capital in order to make payments
on the bank term credit, will be highly advantageous; if on the other hand
business conditions should become unsatisfactory, the additional security of
Directors feel that if
of
in Bank Loans—
Complete elimination of the
thorough consideration and study, directors now
shareholders and ask their approval at the coming annual meeting of a
$5,000,000 preferred stock issue bearing a dividend rate of 4Vi% or less.
The proceeds of this issue would be used to retire, Without premium, as
permitted by the bank trem credit agreement, the balance of the bank
credit amounting to $3,950,000 as of March 15, 1941, and to augment
working capital. It is the judgment of dirctors and officers that the best
interests of the shareholders will be served, and the greatest protection for
the company's future provided, by securing permanent partnership money
through the medium of a non-sinking fund, low dividend rate preferred
stock
Under the present existing excess profits tax law, the broader base of
invested capital provided by the proposed preferred stock issue will, in profit
years subject to excess profits taxes, produce a substantial saving contrasted
with the narrower and progressively narrowing (as payments are made)
invested capital base of the bank term credit.
This saving would result in
spite of the fact that interest on the bank term credit is a deductible expense
for normal tax determination while the preferred stock dividend is non¬
to the
ago as
Commonwealth Edison Co.—Weekly Output—
Company has furnished us with the following summary of weekly kilowatthour output of electrical energy adjusted to show general business con¬
ditions of territory served by deducting sales
of America—Plans New Pref. Issue—-
Company's annual report to stockholders contained the following:
On March 2 company signed agreements with seven participating banks
for the extension of a five-year bank term credit of $5,000,000 at interest
rates of 1H % for the first year's maturities, 1 %% for the second, 2% for
the third, 2H% for the fourth, and
for the fifth year. This credit
was taken up on May 24 and the proceeds
were applied to the call and
retirement o- the $2,524,000 of outstanding 6% bonds and the $2,747,000
of 5% debentures. The unamortized amount of debt discount and expense
of $14*,943 and the premium on bonds and debentures called of $65,220
were charged against earned surplus.
Under the terms of the bank term
credit agreement the company agreed to pay off $50,000 per month for 60
months and any unpaid part of the $2,000,000 balance at the end of the
fifth year. In accordance with this provision company has made six monthly
payments of $50,000 up to Dec. 31, 1940. In addition, however, company
prepaid $600,000, or the 12 monthly paymonts due during 1941.
After very
Columbia Broadcasting Co.—New Director—>
Malin Craig, who retired about a year and a half
Gen.
this
1940
$123,358
61,735
43,437
1941
*
par
Container Corp.
1425.
Colonial Stores,
share on the common
$25, payable March 15 to holders of record Feb. 28.
This com¬
pares with 30 cents paid on Dec. 14, last; 35 cents paid on Sept. 14, last,
40 cents on June 15, last, 45 cents on March 15,1940. and dividends totaling
$1.70 per share were distributed during the year 1939.—V. 151, p. 3557.
stock,
Directors have declared an interim dividend of 50 cents per share on
—V. 152, p.
Angeles—
stock, par $25, payable March 27 to
1940
$780,794
452,996
378,935
1941
$875,827
510,349
440,810
January—
Products
Supreme Court Upholds SEC in Reorganization Plan Ruling—
Directors have declared
RR.—Earnings—
Groas from railway
Net from railway.
1941— 2 Mos.—1940
$1,503,190
$1,368,537
—V. 152, p. 983.
Guaranty Trust Co., New York, has been appointed registrar for the
5% cumulative preferred stock.—V. 152, p. 1424.
Clinchfield
Inc.—Sales—
1941—Month—1940
$752,378
$740,986
Period End. Feb. 28—
Sales.
of another company.
"If the creditors are
Clark Controller Co.—59"Cent Dividend—
issue of
Inc.—Output—
of the elec¬
of its system for the week ending March 2, 1941, amounting to
154,600,000 kwh., compared with 150,200,000 kwh. for the corresponding
week of 1940, an increase of 2.9%.—Y. 152, p. 1427.
merely becaue it permitted bondholders of one company to share in assets
Directors have declared a dividend of 50 cents per share on the common
new
Consolidated Edison Co, of New York,
Consolidated Edison Co. of New York announced production
tric plants
Consolidated Laundries Corp.—New Director—
Cities Service Co.—Would Purchase Own Bonds—
The
1587
The Commercial & Financial Chronicle
152
added and val¬
Inc.—Dividend—
March 3 declared a first quarter interim
its common stock, payable March 20, 1941,
to holders of record March 10, 1941.
Action on this dividend, which is normally payable on Feb. 15, was
postponed at the January meeting of the board because of provisions in
the Excess Profits Tax Act which, under certain conditions, penalize the
payment of dividends in the first 60 days of the year.—V. 151, p. 1429.
Directors
at
a
meeting held
dividend of 50 cents a share on
Trust Co
As
was
a
result of the Georgia Power
&
Georgia Power, made to it a cash contribution of $14,337,319 and received
the difference in cash for surrender of the $34,000,000 of bonds.
This cash balance, with newly incurred bank loans of $17,000,000 and
enabled Commonwealth & Southern to call
$46,136,000 of assumed debt, constituting the sole debt
the holding company.
The obligations called by Commonwealth & Southern March 6 included
$38,386,000 of 6% debentures of the Southeastern Power & Light Co. due
in 2025.
The call is to be effective on April 7. The securities are to be paid
at 110 and int. Also called was $7,750,000 of 5lA% debentures of the PennOhio Edison Co. due in 1959.
The callable date is also April 7. The price
cash from its own treasury,
for
Continental Oil & Gas Co.—
financing, Commonwealth & Southern
its program of debt elimination.
Common¬
Southern, holding some $34,000,00 of first mortgage bonds of
enabled to proceed with
wealth
redemption
The Securities and
Exchange Commission and the Department
previously had gone into receivership.
Sentence was
T. W. Davidson in the Federal District Court at Dallas.
outstanding against
will be
105 and interest.
issued, said:
"The Commonwealth & Southern Corp., by this transaction, has made
real progress in the simplification of its capital structure.
It leaves Com¬
monwealth & Southern with bank loans of $850,000 due every six months
in the total sum of $17,000,000 as its only outstanding debt.
This money
is borrowed at 2H% annually.
Net savings resulting from the redemp¬
tion of the assumed debt will amount to approximately $12,500,000 in 10
years."
President Whiting, in a statement
Bands Called—
5H% gold debentures series B due Feb. 1, 1959,
of the Penn-Ohio Edison Co., predecessor company, have been called for
redemption on April 7 at 105 and accrued interest.
Payment will be made
at the Central Hanover Bank & Trust Co., New York City.
All of the outstanding 6% gold debentures, series A, due Sept. 1, 2025,
of the Southern Power & Light Co., predecessor company, have been called
for redemotion on April 7 at 110 and accrued interest.
Payment will be
made at the Irving Trust Co. of New York.—V. 152, p. 1427.
All of the outstanding
of Justice
reported Feb. 20 that Frank B. Imboden, Dallas, Texas, was sentenced to
13 months imprisonment on a plea of guilty to charges of fraud in con¬
nection with the solicitation of stockholders of Centennial Oil & Gas Co.
for funds to salvage property allegedly belonging to the company, which
Corporate Leaders of America,
See list given on
first page of this
Cosden Petroleum
9 Months Ended
Jan. 31—
Loss after fixed charges
—V.
imposed by Judge
Inc.—Registers with SEC
department.—V. 147, p. 1485.
Corp.—Earnings—
1941
$46,335
1940
prof$201.384
1939
$201,998
151, P. 2040.
Courtaulds, Ltd.—Common Dividend—
final dividend of 5%% on the common shares
for the year 1940 as against 7% paid in 1939.—V. 151,
Directors have declared a
making a total ot 8%
546.
p.
Drug Co.—Dividend—
dividend of 5 cents per share on the common
holders of record April 15. Like amount was paid
16 and April 25, 1940 and on Dec. 15, 1939 and previous payment
10-cent distribution made on April 10, 1937.—V. 152, p. 983.
Crown
Directors have declared a
stock payable April 25 to
on
Dec.
was
the
Cuban-American Sugar Co.—Time for Deposits Extended
The company has notified the New York Stock Exchange that the time
for deposit of 7% preferred stock for exchange into 5Y%% cumulative
convertiole preferred stock and cash pursuant to the plan of recapitalization
The Commercial & Financial Chronicle
1588
dated May 9, 1940, has been extended to the close of business May
Under the plan no further extension can be granted.—V. 152, p. 1279.
The
U.
under
its
defense
recently allotted
$5,221,100 to the Curtiss Propeller Division at Beaver, Pa., for construction
of building, including machinery and equipment for manufacture of air¬
plane propellers, $5,221,100.—V. 152, p. 1127.
Dallas Power &
Invest, in
direct taxes
Direct taxes
Property retirem't re¬
appropriations
equip. 81,997,403
_>
Net oper. revenues—
Other income
Gross income
Int.
on
mortgage bonds.
Other int. & deductions
Grants in aid of
$553,609
$7,057,633
213,441
91,436
2,688,885
1,338,207
2,378,380
Equip, tr. obllg.
5.842,000
RFC loan
2,000,000
9,494,449
-Non negot. debt
944.624
1,002,228
5,235,481
Loans & bills pay
Advances—-
3,306,463
3,216,417
Traffic and
17,142
17,175
290,612
2,159,024
Bonds
474,760
$6,885,992
$231,557
Dr5,217
$2,739,929
Bonds
—
*
21
$229,183
46,667
1,825
$226,340
46,667
b45,606
$2,740,569
560,000
191,032
2,147,248
11,957,471
583,636
14,442
3,790,671
181,030
15,581
1940—12 Mos.—1939
$3,176,919
$3,088,838
2,253,869
209,901
2,145,535
206,072
32,084
204,626
238,323
$41,942
15,505
$508,523
186,063
$498,908
186,063
$27,239
$26,437
1,292
$322,460
9,000
$312,845
16,334
23,515
1,956
$27,729
23,515
1,959
$331,460
282,180
24,640
$329,179
282,180
24,928
$2,059
Operating income
$2,255
$24,640
103,901
def$79,261
def$8jL830
Gross income.$27,530
Interest on mtge. bondsOther deductions..
Oth. unadj. cred
1,873,968
Add'ns
7,901
312,206
329,442
Approp. surplus
306,041
417,048
768,129
795,852
Profit and loss—
46,501,777
47,124,327
.
Dividends applic. to pref. stock for the period--
Balance
a
—
Dividends accumulated arid unpaid to Dec. 3iri940,~"amounted""to
Latest dividend, amounting to $1.75 a share on 7% preferred
$744,624.
stock was paid on Nov. 1
,1933.
Dividends
on
this stock
are
cumulative.
Designated in the franchise from the City Dallas and in the company's
books as "Repair^Maintenance and Depreciation Reserve. )
Note—No provision has been made'for Federal excess
profits tax since no
excess profits are indicated.
Delaware
►
Report
Statistics of Operation for Calendar Years
1940
net tons
train mile
1939
1S38
Dennison
1940
Passenger
—
Mail-
Express
Milk
Other
revenue.
Incidental
revenue
Total
1939
1938
$10,579,220 $11,696,783
29,344,564
26,639,361
6,437,113
6,649,041
879,812
'
87^,815
535,389
534,779
643,590
789,072
2,274,908
2,096,905
1,197,380
1,172,681
1937
$9,741,750 $10,660,226
22,283,553
26,644,938
6,730,875
7,081,660
864,802 *
870,089
406,425
533,769
898,401
965,824
2,048,584
2,162,339
1,214,089
1,256,246
$51,891,975 $50,454,438 $44,188,481 $50,175,004
Expenses
a
dividend of $6 per share on the prior preferred
3.700,281
9,624,445
Traffic expenses
1,336,183
Transportation expenses 23,006,800
Miscellaneous operation
283,204
General expenses
1,593,688
Tramsp. for investment- Crl20,688
Total expenses—
$39,424,078
Net revenue from oper._ 12,457,897
Railway tax accruals.—
5,348,324
Operating income— $7,119,573
3,318,597
9,392,781
1,336.231
22,762,395
279,165
1,548,105
Crl02,267
3,104,567
8,178,168
1,366,098
21,815,464
269,217
1,418,459
Crl29,063
4,007,178
9,058.746
1,390,890
22,971,684
291,299
1,691,187
Crl31,174
$38,535,007 $36,022,909 $39,279,811
11,919,431
8,165,571
10,895,192
5,140,501
5,124,180
5,061,295
$6,778,930
Joint facility rent income
Hire of equip.—Dr. bal,
94,348
477,383
88,657
838,899
$3,041,391
95,878
627,648
$5,833,897
135,280
340,276
Net ry. oper. income.
$6,736,538
$6,028,688
$2,509,621
1940
1939
1938
1937
$3,562,644
1,373,963
b226,287
$3,561,145
1,186,408
b237,987
$3,393,269
1,055,780
b247,864
15,763
$3,393,575
881,624
257,631
142,361
$1,962,394
$2,136,750
450,000
450,000
1,050,000
$2,073,862
750,000
a2,625,000
$2,111,959
750,000
a2,100,000
Earns, from all sources..
Federal taxes, &c
Deprec. & amortization.
Flood losses
—
Net income
Preferred dividends
Common dividends
1,050,000
Income
>» securities &
accounts.
Misc. non-op. phys. prop
Dividend income.
Income from fund, secur.
Miscellaneous income—
Income from sinking and
-
funds
Inc. from lease of road_.
Gross income
Deductions—
700,000
a
Plants & mach'y
1939
Pat.
rights,
will, &c
good¬
1
2,166,619
Cash—
Total
11,337.500
Accounts payable.
Accrued taxes
306,030
1,075,372
907.894
Pref. divs. payable
Reserves
450.000
450.000
3,159,700
3,178,175
9,856,107
2,637,628
Surplus
3,434,173
3,466,833
6,831,622
—
40,340
8,452,622
4,797,064
secure.
Investments
Common stock—11,337.500
4,214,539
105.184
Standing timber 3,277,632
Deferred charges
$
15,000,000
2,182,712
4,416,339
Notes receivable..
124,917
Inventories
11,187,817
Marketable
$
Preferred stock...15,000,000
c
Accts. receivable..
b
Liabilities—
1,582,582
1939
1940
$
1,447,221
4,796,934
552,432
—
513,542
—34,762,775 34,380,742
Total
34,762,775 34,380,742
a After
depreciation of $2,759,335 in 1940 and $4,177,952 in 1939*
b After depletion,
c Represented by 700,000 no par shares.—V. 152, p'
826,
Divco-Twin Truck Co.
Earnings
(& Sub.)—Earnings—
3 Months Ended Jan. 31—
Net profit.
per
share
7,498
33,582
$7,378,541
$3,797,586
$6,913,225
7,083.255
7,083,255
7,083,270
390,914
260,039
108,931
7,083,856
415.237
494 829
171 293
count.—V.
1941
$75,498
$0.33,
1940
$71,011
$0.32
1939
$31,542
$0.14
price of $18%.
35 741
x
After
all
income taxes,
To
charges including provision for depreciation and
y On 225,000 shares.of common stockoutstanding.
Federal
,
^
Pay 25-Cent Dividend—
Directors have declared
dividend of 25 cents per share on the common
stock, payable March 16 to holders of record March 6.
This compares with
50 cents paid on Sept. 26, last; 25 cents paid on June 15, last; 40 cents paid
on Oct. 26, 1939, and 10 cents paid on Jan. 4, 1938.—V. 152, p. 984.
a
Dresser Manufacturing Co.—Slock Offered—A block of
16,400 shares of common stock (no par) was offered after
the close of business Feb. 6
220,440
92,717
33
26
31
Miscell.
income
56,163
17,460
59,168
16,674
54,180
16,510
52,684
prof$205,277
$508,985
$3,954,954
$936,772
charge—
$1.73
Consolidated Balance Sheet Dec. 31
7,498
34,377
331 217
87
700,000
$1.67
$
7,498
32,223
130,957
531 959
rents
unfunded debt-
deficit
700,000
$1.77
1940
Assets—
7.498
28.375
$6,447
206 922
tax accruals
Net
700,000
$1.52
450,000
$1,750,000 ($1,400,000 in 1937) of dividend paid in stock of Pan-Ameri¬
can Match Corp.
b Depreciation only,
c Consists of $540,362 transfer
from reserve for marketable securities and $8,865 miscellaneous adjustments,
d Consists of $526,956 transfer from unrequired reserves created from
earnings of prior years and $26,752 miscellaneous adjustments,
e Consists
of $66,862 miscellaneous adjustments less $16,599 transfer from unrequired
reserves, created from earnings of prior years.
$20,554
192,254
138,805
552,599
291,862
50,015
Misceli
on
$3,977,196
a
$70,557
203,701
142,383
572,322
285,716
35,453
369,059
162,360
67,134
Miscellaneous
$2,762,438
stk. outstand¬
com.
$19,523
198,218
134,993
675,647
316,809
4,527
i
Rent for leased roads-.
N. Y. pier rentals
Int. on funded debt
Int.
$3,466,833
ing (no par)
Earnings per share
$8,122,127
income
reserve
$3,225,285
12,846
450,000
$4,427,196
36,063
450,000
y
unfunded
other
$3,952,896
$3,434,173
Surplus, Dec. 31
Shs.
$636,750df$l ,301,138 def$738,041
2,762,438
3,977,196
5,313,828
d553,708
c549,227
ZM48.592
$3,878,964
Cr5,209
450,000
Sundry flax adjustments.
pref. divs. payable
Accr.
x
from
Miscell. rent
$462,394
3,466,833
eZ>r50,263
Previous surplus
Misc. surplus adjustm't.
$5,628,901
Non-Oper. Income—
(& Subs.)—Earnings—
Consolidated Income Account for Calenaar Years
4
Maint. of way & struc—
Maine of equipment..-
.216,774,611 214,376,444
preferred stock, payable May 1, 1941 to stockholders of record April 18,
1941.
This dividend represents the two quarterly dividends of 75c. each
payable on the prior preferred stock during the first half of the year 1941.
Under the terms of the recapitalization plan of 1939, for the fiscal year
beginning Jan. 1, 1941, and for ensuing fiscal years, prior preferred stock
is entitled to a fully-cumulative dividend of $3 per share per annum, pay¬
able quarterly as and when declared by the directors, on the first day of
February, May, August and November.
The directors have therefore
made declarations of quarterly dividends of 75c. each for Feb. 1, 1941 and
for May 1, 1941.
Also for the year 1941 and ensuing years, the prior preferred stock will
be entitled to an additional cumulative dividend of $3 per share per annum,
but only if and to the extent that there are net earnings for such dividend
available in each year.
This dividend will be payable as and when declared
by the directors on the first day of April following the end of each year*
—V. 151. P. 844.
;
-
Balance
847,39
843,94
774,87
782.59
Rev. frt. carried (tons)-. 22,488,678
21,236,188
18,278,693
22,064.257
Ton miles of rev. freight3365567,897 3239690,679
2677268,440 3243578,291
Avge. rev. per ton mile.
1.19c.
1.18c.
1.20c.
1.15c.
Passengers carried
20,321,053
20,337,138
20,509,324
21,401,094
Pass, carried one mile—.430,088,922 424,827,452
431,664,139 471,774,360
Rate per pass, per mile-.
1.50c.
1.57c.
1.56c.
l.oOc.Income Account Years Ended Dec. 31
Revenues—
Coal
1,563,202
6,256,278
Manufacturing Co.—Dividends—
Directors have declared
1937
per rev.
Merchandise freight
sur
Rayon Corp.—Class A Dividend—
Surplus
Delaware Lackawanna & Western RR.—Annual
r"
Avge.
Total...
216,774,611 214,376,444
1,679,374
6,177,722
prop.
Company will pay a dividend of 50 cents per share on the class A stock, on
17 to holders of record March 10.
Dividend of 70 cents was paid
May 8, 1940, 80 cents was paid on Jan. 29, 1940 and previous dividend
was paid on Dec. 16, 1937 and amounted to 25 cents per share.—V.
150,
p. 2722.
b
cw-H
to
thru Inc. &
1430.
Diamond Match Co.
Net income
a
42,656,965
1,028 407
$22,071
103,901
291
982,532
equipment-.. 43,417,461
630,184
stock, payable April 1 to stockholders of record March 20, 1941, from the
earnings of the year 1940.
Directors have also declared a dividend of $1.50 per share on the prior
19,055
Other income-
697,081
W
$42,744
15,505
appropriations
1,065,016
Ins., &c., res'ves
Accrd. deprec'n
March
Debt discount and expense
fully amortized at Oct.
1940—Month—1939
$282,240
$270,637
Net oper. revenues.-.
Rent for lease of plant--
2,957.318
—
120,251
Total
were
b Property retirement re¬
serve
14,240,581
2,176.888
curr.
Tax liability
re-
rec.
—V. 152, p.
Terminal Co.—Earnings—
202,846
17,595
14,906,150
1,800,447
Deferred assets-
3886.
taxes
186,440
Deferred liabll—
95,162
948,135
excess profits
Dec., 1940, and in the 12 months ended Dec. 31, 1940,
Direct taxes
liab.
11,490
69,337
1,796,945
215,257
accr
1,588,888
Note—Includes provision of $1,377 and $4,132 for Federal
Operating revenues
Oper. exps., excl. direct
220,639
4,505
Unadjust. deb—
amortization of debt discount and expense and preferred stock commission
and expense of $125,521 and $458,315 for the 12-month periods ended Dec.
Dallas Ry. &
3,199,498
174,174
Other
84Q
& conductors.
Misc. accts.
Period End. Dec. 31—
2,943,679
Unmat. rts.accr.
854,890
905,579
Mat'ls & supp'ls
Other curr.assets
1940, and Dec. 31, 1939, respectively*
and preferred stock commission and expense
31, 1939, and April 30, 1940, respectively.
payable
Unmat. int.
6,434
Special depositsLoans & bills rec.
a
31.
699,910
wages
3,590,391
Traffic, &c., bal.
Balance
$1,482,151
$1,096,843
Designated in the franchise from the City of Dallas as "maintenance
and depreciation reserve," and in the regulatory orders of the City Council
under the franchise and in the company's books as "maintenance and
depreciation reserve" and "deferred maintenance and replacement re¬
quisition."
b Includes amount required to amortize preferred stock commission
and expense over the life of the charter, plus additional amortization of
$43,000.
c Includes, in
excess of normal
amortization requirements, additional
$1,989,537
507,386
736,887
Misc. accts. pay.
Dlvs.mat'd unpd
583,636
15,751,485
15,008
Miscellaneous
$2,688,463
560,000
524,234
950,000
bal. pay.
Audited accts. &
11,958,971
16,129.875
Advances
$2,688,442
640
900,000
car.
serv.
Stocks.—
$229,183
to affil. cos
3,391,731
Other invest'ts:
$1,604,229
507,386
r
70,720
9,494,989
3,405,364
5,235.481
ceiv. fr. agents
p.
70,720
354,345
2,407,738
Stocks
2,550,465
1,172,325
$180,691
$134,067
Divs. applicable to preferred stock for the period
respectively.—V. 151,
$
84,441,200
cap.
stock—
property
$594,067
income
tax in the month of
on
construction—
Inv. in affll.cos.:
1940—12 Mos.—1939
Net balances
Net
1939
84,411,200
234,867
3,287,000
2,000,000
Cash
c
Premium
Inpts. on leased
railway prop- 15,485,607
Miscell. physical
Notes
serve
Liabilities—
Common stock.
15,486,813
55,431,518
Notes
1940—Month—1939
234,033
113,709
Operating revenues——
Operating expenses, excl.
a
program
Light Co.—Earnings—
Period Ended Dec. 31—
1941
$
S
55,728,176
79,864,987
$
Invest, inroad—
1940
1939
1940
Corp.—Government Contract—
Government
S.
31.
Assets—
Curtiss Wright
March 8,
General Balance Sheet Dec. 31
by Lazard Freres & Co. at a fixed
The offering, it is said, is for British ac¬
151, p. 3558.
33i356
13|937
Dry Lake Oil Co.—Promoter Guilty—
The Securities and Exchange Commission and the Department of Justice
reported Feb. 20 that Horton G. B. Abell, Somers, Mont., was sentenced to
10 months' imprisonment, following a verdict of guilty on charges of selling
unregistered stock of Dry Lake Oil Co. and of fraud In connection with the
Volume
The Commercial &
152
al0of such stock.
n
Charles C. Cavanah
Sentence was imposed by Judge
the Federal District Court, Boise,
Duke Power Co.—To
Directors have declared
Idaho.—V. 151. p. 1720.
and
1937,
Note—Depreciation in the amount of $733,239, $740,326, $761,383
$814,632 has been provided during the years 1940, 1939, 1938 and
respectively.
1940
w;as paid on Dec. 21, last; three quarterly dividends of 75 cents were previously distributed during 1940; dividend of $1.75 was paid on Dec. 22
1939 and a regular Quarterly dividend of 75 cents per share was paid on
Oct. 2, 1939—V. 151, p. 3394.
$
Assets—
a
Real estate, plant
dividend of 10 cents per share on the common
a
stock, payable April 1 to holders of record March 4.
Dividend of 20 cents
was paid on Dec. 16, last; 10 cents paid on Oct. 1 and July 15 last and 20
cents was paid on Dec. 8, 1939, this fast being the first dividend paid on the
common shares since April 1, 1938, when a dividend of 10 cents per share
was distributed.—Y. 151, p. 2642.
4,248,401
5,818,338
U. S. obligations..
Co.—10-Cent Common Dividend—
Eagle-Picher Lead
Directors have declared
1,810,652
Gov't secur.
525,817
Can.
Directors
declared
have
dividend of 75 cents
a
share on the 6%
per
preferred stock, payable April 1 to holders of record March 15.
This will
be the first dividend paid on this issue since April 1, 1938, when 75 cents
was also distributed.
Arrearages on Dec. 31, 1940, amounted to $20.25
per share.—V. 151, p. 3887.
*4
Eastern Malleable Iron Co.—To
Directors have declared
a
Pay Common Dividend—-
dividend of 25 cents per share on
(non-current)
Ryv -Earnings-
Eastern Massachusetts Street
Electric Power & Light
$263,570
58,918
a
Before provision for retirement
losses .-
$204,652
5,606
and
$210,258
44,970
$165,288
84,997
$80,291
$62,087
152, p. 1280.
Depreciation
1939
1938
1937
$5,575,520
1,460,565
761,639
$1,892,932
1,186,460
711,294
55,536,345
1,596,963
730,578
$3,208,804
loss$4,822
$3,353,317
$5,623,071
Operating profit
268,907
152,789
92,117
$3,506,106
651,500
See
$2,994,657
2,110,938
$2,707,340
1,759,115
Net income...
Dividends
—
...
$2,568,961
$23,154
175,912
1,921,901
$647,060
$948,225 def$152,758
703,646
$3.65
703,646
$0.03
703,646
$3.84
c
No provision has been made
herein for Federal taxes on in¬
to be claimed as
additional amounts of depreciation are expected
deductions on the company's tax return for 1938.
as
Consolidated Balance Sheet Dec.
1910
4,035,825
U. S. Govt, secur.
527,825
Time ctfs. of dep..
50,000
and
S
payable. 2,004,733
Accr'd taxes, &c_.
919,274
Fed. taxes on inc.. 2,933,000
Liabilities—
Accounts
2,862,601
502,585
Reserves
accts.
3,634,966
179,621
marks,
651,500
con¬
2,871,584
7.526,427
4,897,180
4,013,461
stock...Z>r280,000 Z>r280,000
2
257,370
21,070,690 17,244,353
Inc.—Weekly Input—
1941, the System inputs of client operating
companies of Ebasco Services, Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp. and National Power &
Light Co., as compared with the corresponding week during 1940 were as
For the week ended Feb. 27,
follows:
Thousands
of Kilowatt-Hours
Increase-
1940
1941
Operating Subsidiaries of—
Light Co
Electric Power & Light Corp
National Power & Light Co
137,209
64,903
90,485
American Power &
do not include the System
appearing in both periods.—V. 152, p. 1430.
The above figures
not
Edison Bros. Stores,
Period Ended Feb. 28—
1940
(net)
.$33,151,906
of manufacturing,
foreign exchange
Prov. for inc. taxes (est)
on
Balance
...—
Other income—
—
.
—-
Net income
Divideds
Earned
fc
a
ax
Taxes (other than real
eral income taxes)
1939
Calendar Years
1938
407,852
132.714
355,116
$1,570,532
597,059
$918,053
$l,191,7i8
902,608
$62,625
886,207
$1,820,661
1,815,496
$948,832
1,815,440
on
foreign income taxes
($1,300).
34,792
40,415
34,735
46,603
35,605
46,077
Fed¬
11,804
11,772
87,633
89,426
97,070
$697,662
$780,707
$804,607
1,501
1,282
1,018
$699,164
759,561
$781,988
780,658
19,000
$805,626
806,160
15,000
$60,397
$17,670
$15,535
12,066
Profit
- -
Net income..-.
Interest on funded
x
debt
/
.
Provision for Federal income tax—
Net loss
'
from the purchase, at
less than par, of the corporation's 35-year 5% sinking fund debentures as
required by sinking fund provisions.
This income is credited to surplus
account,
y Rental income, including rent on corporation's own offices,
z Before interest
on funded debt and provision for Federal income tax.
x
Federal income tax
—V. 151, p.
Erie
payable on income arising
3395.
Called—
Lighting Co.—Bonds
A total of $44,000
1st mtge. 50-year
called for
will be made
Annuities,
5% s. f. bonds have been
redemption on April 1 at 105 and accrued interest.
Payment
at the Pennsylvania Co. for Insurance on Lives and Granting
Philadelphia, Pa.—V. 151, p. 2939.
Erie RR.—Balloting on Reorganization Plan—
U. S. District Court for the Northern District of Ohio, Eastern
Interstate Commerce Commission have approved plans
for the reorganization of the Erie RR. and the Nypano RR., pursuant to
section 77 of the Bankruptcy Act.
ir%n
.
.
A
The plan of reorganization for the Erie RR . is being submitted for accept¬
ance or rejection to the holders of the following:
(1) Erie RR. 1st consol. mtge. prior-lien 4% bonds due Jan. 1, 1996.
(2) Erie RR. 1st consol. mtge. gen.-lien 4% bonds due Jan. 1, 1996.
(3) Erie RR. gen.-mtge. conv. 4% bonds due April 1, 1953.
(4) Erie RR. ref. & improv. mtge. 5% bonds, series of 1927, due May 1,
1967, and series of 1930 due April 1, 1975.
The
Division, and the
M
.
,
July 1, 1955.
1, 1957.
the Reconstruction
(5)
(6)
(7)
Erie & Jersey RR.
1st mtge. 6% bonds due
Erie RR. 1st pref.,
Unsecured claims
second preferred and common stock.
against the Erie RR. including all
Genesee River RR. 1st mtge. 6% bonds due July
Erie RR. collaterally secured notes issued to
Finance Corporation.
(10)
New
.
$5,165 def$866,608
918,366
def$159,197
907,810
907,810
907,810
$2.00
$1.04
$2.32
($150,042) and Federal excess profits
claims not
though secured by property of a
corporation.
,
York & Greenwood Lake Ry. prior lien 5% bonds due May 1,
secured oy property of the Erie RR.
subsidiary of the Erie RR. or another
even
1946.
Northern RR. of New Jersey gen. mtge. 4H%
2000.
(12) Northern RR. of New Jersey stock.
Only those holding such securities or claims on Feb.
(11)
entitled to vote on the plan.
In order that a ballot of acceptance or
.
„
bonds due Jan. 1,
11, 1941, will be
,
,
'
rejection of the plan of reorganiza¬
filled out in duplicate and filed
1941, or placed in the mail
addressed to the Commission on or before April 12, 1941, Ballots executed
by persons residing outside the Continental United States, in order to be
effective, must be returned to the office of the Commission in Washington,
tion may be effective as a vote it must be
with the Commission on or before April 12,
later than April
12, 1941.
Group to Take Up First
The first major
Problem—
problem to be taken up
in well
by the provisional
RR. is expected to be a
ficulties involved in consolidation of
it will be advisable to proceed with
reorganization
determination of the dif¬
the various leased lines, and whether
issuance of new securities as soon as
settlement of those difficulties,
informed quarters.
with the
it is understood
terms of the reorganization plan, it
nounced from Cleveland that the following have been named to
mittee, penaing effectuation of the plan by the Federal District
In
accordance
thH.CS.y'sturgis,
Vice-President, First National
was an¬
the com¬
Court in
Bank, New York; Harry
Co.; John Stedman,
C. Hagerty, Treasurer, Metropolitan Life Insurance
Vice-President,
Prudential Insurance Co.; John K.
President of Erie, and
152,
p.
Frank C. Wright,
Thompson, Vicerepresentative of the RFC.—V.
1431.
Eureka Vacuum Cleaner
Co.—Earnings—
1941—3 Mos.—1940
1941—6 Mos .—194 0
$34,465
$90,258
$98,792
$235,667
depreciation and other charges.—V. 151, P. 3558.
Period Ended Jan. 31—
a
Net loss
a
907,810
$2.38
$1,004,352
9,220
with sub¬
Other income...
$2,110,084
2,269,281
and
6,854
general exps. (incl. $27,956 rent
corporation's own offices)
possible rather, than await
1937
$28,408,743 $24,052,428 $27,057,213
35,000
$970,129
12,852
Other
D. C., not
25,510,379
share.
Includes
estate and
Net expense in connection
lease at 139 Broadway
1941—2 Mos.—1940
$3,413,607
$2,768,357
23,857,089
22,000
30,862
a857,964
stocks outstand.
per
inputs of any companies
1
27,047,838
30,670,548
$352,090
Balance, surplus
Shs. combined pref.
com.
14,628
9.7
19.3
$2,167,592
1,815,501
oper. expenses, &c
Prov. for contingencies.
Loss
lf.5
15,227
5,750
Co. (& Subs.)—Earnings—
Consolidated Income Account for
$885,421
operating income
committee for the Erie
Electric Storage Battery
Cost
Amount
1431.
—V. 152, p.
Sales
121,982
59,153
75,857
Inc.—Sales—
1941—Month—1940
$1,471,875
$1,772,200
Sales
535,785
185,257
637,275
Alterations for tenants
-V. 151, p. 3558.
Ebasco Services,
$2,362,669
519,759
185,257
639,208
(8)
(9)
21,070,690 17,244,354
Total
$2,314,354
523,913
185,257
646,700
m
309,391
198,393
2,871,584
7,526,427
Treasury
2
325,487
<fcc
Total
608,094
Profit and loss
6,919,023
Property, plant &
Deferred assets—.
1,543,897
54)
Capital surplus...
300,492
equip, (net)
7,640,853
Patents, trade¬
Other assets
for
tingencies, &c-.
Capital stock (par
2,767,315
4,011,058
4,300,019
(net)
Mdse. invent.(net)
rec.
1939
1940
$
Cash..
Notes,
31
1939
S
Assets—
214,157
:$2,170,535
192,134
Depreciation
Including surtax on undistributed profits in amount of $113,018.
b After deducting cost of goods sold, including material, labor and factory
come
1939
195,329
Building operating expenses.
a
expenses,
1940
$2,119,025
31—
a614,350
c
Cri, 668
26,360
703,646
$4.25
-Earnings-
1941
$2,241,291
x
$883,719
Surplus
134,998
Shares of cap. stock out¬
standing (par $4)
Earnings per share
2940.
Other operating income.
$3,340,001
147,266
$87,295
64,141
...
Total income--;
p.
$2,027,134
9 Months Ended Jan.
131,196
$5,891,978
Other deductions
58,017
Prov. for est. Fed. taxes
1,465,000
Excess profits taxes
1,208,000
Adj. for prior yrs. (net).
166,304
Minority interest-
Other income
11,/1939.—V. 151,
Dec.
on
Net
1940
the $2.25
dividend of 50 cents per share on
Provision for doubtful accounts.
$7,986,013
1,500,277
862,665
Sell., gen. & adm. exp-_
a
Real estate taxes
Years*
Calendar
declared
partic. stock, no par value, payable March 20 to holders of record
March 10.
Like amount paid on Dec. 10, last; dividend of 75 cents paid
on Nov. 9, last, and 50 cents paid on Sept. 10, June 10, March 11, 1940,
Co. (& Subs.)—Earnings—
Consolidated Income Account for
Corp.—Accumulated Dividend,—
Empire Power
Equitable Office Building Corp.
84,998
-V.
Co.—Preferred Dividends—
cum.
$147,085
Net income
par
151,
dividend of 30 cents per share on the $6 cumu¬
stock, and a dividend of 35 cents per share on the $7 cumu¬
stock, both payable April 1 to holders of record March 8.
Like amounts were paid on Dec. 31, 1940, these latter being the first
payments made since January, 1933.—V. 152, p. 425.
$659,794
396,224
Available for depreciation, dividends, &cDepreciation
a
^Total
38,688,453 3C,994,226
"of $18,542,617 in 1940 and $18,-
Directors have declared a
$186,246
39,161
_
debt, rents, &c
depreciation
for
allowance
lative preferred
lative preferred
$182,058
4,188
-
b Manufacturing profit-
After
a
080,835 in 1939.
b Common stock outstanding, 906,554 shares no
value, after deducting 4,000 shares held in treasury at $100,000.—V.
p. 3235.
.
The directors have
Other income.
Eaton Mfg.
48,514
186,959
38,688,453 36,994,236
Total
$264,481
82,423
Taxes.
10,914,354 10,662,264
Surplus
439,260
48,514
395.428
615,061
498,832
Reserves
1,298.083
434,863
accounts
Insur. fund, securs
398,650
$663,131
.
_
Interest on funded
1940
1941
Month of January—
Railway operating revenues
Railway operating expenses
137,980
1,278,085
..
investments
Deferred
the common
stock, payable Marqh 10 to holders of record Feb. 28.
Dividend of 50
cents was paid on Dec. 10, last, and last previous payment was the 30 cent
dividend distributed on Sept. 10, 1936.—V. 151, p. 3394.
7,129,234
Notes & accts. rec.
Other
Pay 6% Pref. Div.—
Eastern Gas & Fuel Associates—To
180,280
144,634
8,105,563
Inventories
236,142
13,772
_
Ind.,ry.&utll.bds 6,947,042
Other cuit. assets.
910,089
645,389
1,646.625
2 Accounts payable.
837,572
2,855,845 Accrued accounts497,355
4,397,935 Other curr. liabils.
16,124
Deferred income.
1,309,183
739,133 Acer. Fed. & State
761,499
inc. tax (est.)
9,496,827
2
Bills & accts. rec—
b
8,912,982
equipment. 9,188,561
and
$
$
31,400
31,400
Common stock..23,484,692 23,484,692
Liabilities—
Preferred stock—
Pats., tr.-mks., &c
Cash
1939
1940
1939
$
the common
Dividends of $1.75
15.
stock, payable April 1 to holders of record March
Dec. 31
Consolidated Balance Sheet
Pay 75-Cent Common Dividend—
dividend of 75 cents per share on
a
1589
Financial Chronicle
After
-
Falconbridge Nickel Mines, Ltd.—Interim Dividend—
Directors have declared an interim dividend of five cents per share on
the common stock, payable April 4 to holders of record March 6.
Regular
The Commercial & Financial Chronicle
1590
quarterly dividend of 7M cents per share was paid on March 25. 1940.
—V. 152. p. 676.
Faultless Rubber Co .—New President—
Wallace
De
been elected
Laney has
President and
a
director of this
Food Machinery
duties in April, succeeds C. D.
since 1938 and who continues as Executive
Hubier, President of the company
Vice-President and director.
T. W. Miller resigned as Chairman of the Board but will continue as a
director.—V. 151, p. 28C0.
8,
1941
Corp.—3o-Cent Dividend—
Directors have declared
dividend of 35 cents per share on the common
a
stock, payable March 31 to holders of record March 15.
Like amount was
paid on*Dec. 31, last; dividend of 75 cents was paid on Sept. 30, last; 2o
cents was paid on June 30 and March 30, 1940 and on Dec. 30,1939; 62 M
cents
company.
Mr, De Laney, who wilt assume his new
March
paid
on
Sept. 30, 1939, and previously regular quarterly dividends of
distributed.—V. 152, p. 1129.
25 cents per share were
Foote-Burt Co.—Common Dividend—
a dividend of 50 cents per share on the common
value, payable March 15 to holders of record March 5.
were paid on Dec. 16 and Sept. 16. last; 35 cents
was paid on June 15, last; one of 25 cents was paid on March 15, 1940;
and dividends of 20 cents were paid on Dec. 15 and on Oct. 27, 1939;
this latter being the first dividend paid since March 15, 1938, when a
regular quarterly dividend of 20 cents was paid.—V. 152, p. 1281.
Directors have declared
stock,
no
par
Dividends of 70 cents
Fedders Mfg. Co., Inc.—To
Pay 20-Cent Dividend—
declared a dividend of 20 cents per share on the
stock, par $5. payable April 1 to holders of record March 20.
This compares with 35 cents paid on Dec. 24, and on Oct. 1, last, 15 cents
paid on July 1 and April 1, 1940; 20 cents paid on Dec. 20, 1939; 10 cents
on Oct. 2 and July 1, 1939; 15 cents on April 1, 1939; 10 cents on Jan. 10,
1939; 35 cents on Oct. 1, 1937, and dividends of 25 cents paid on July 1
and April 1, 1937, this last being the initial payment on the larger amount
of stock now outstanding.—V. 151, p. 3745.
The
directors have
common
Federal Light & Traction Co.— Tenders—
The
Inc.—Earnings—
Froedtert Grain & Malting Co.,
Earnings for the 12 Months Ended Jan. 31, 1941
(shipments) of malt
—
Net sales
Cost of malt sold
a
$7,725,139
5,876,648
---
~
$1,848,491
663,470
Gross profit from malt sales
Irving Trust Co., will until April 15, receive bids for the sale to it of
s. f. gold bonds due March 1, 1942 to exhaust the sum of
151, p. 3395.
b 8elling and administrative expenses
...
sufficient lien
8303,507.—V.
Federal
Water Service Corp. (&
Net profit from malt sales
Other income
Subs.)—Earnings—
On Dec. 3i, 1940 the cumulative dividends on preferred stocks of Federal
Water Service Corp. aggregated $9,260,138 and on the class A common
stock $10,617,133, a totai of $19,877,271.
Accumulations per share were:
$7 preferred stock, $64.75; $6.50 preferred stock, $60.12^; $6 preferred
stock, $55.50; $4 preferred stock, $37; class A common stock, $18.66 2-3.
Gross income
$1,250,157
Income charges
Income taxes
282,319
1940
Manufactured gas
Other..
Total operating revenues
.$24,143,570 $22,319,108
15,292,993
13.290,560
Total operating expenses and taxes
.
Net earnings
$8,850,577
137.656
$9,028,548
Other income.
Gross income.
Total charges of subsidiary companies
$8,988,233
7,058,383
$9,200,042
7,329,533
Total charges of Federal Water Service Corp
$1,929,850
307,478
$1,870,509
372,463
$1,622,372
$925,807
Net income
Dividends
on
capital stock
Cumulative convertible participating
Common
1939
$11,246,868 $11,746,284
10,130,703
8,418,977
2,146,849
1,566,516
619,150
587,331
42,031
c
Preliminary Consolidated Income Account for Calendar Years (Incl. Subs.)
Operating revenues—Water
Natural gas
$1,185,022
65,135
-
Earnings
per
preferred
420,000
share of common stock (420,000 shs.)
$1.80
____
b Including provi¬
Including provision for depreciation of $119,165.
a
167,910
-
sion for doubtful notes and accounts and capital stock tax.
Estimated—
c
Federal, Wisconsin and Minnesota.
Balance Sheet, Jan. 31, 1941
Assets—Cash, $374,759; notes and accounts receivable (net), $646,772?
inventories, $2,535,881; investments and sundry assets, $262,059; land,
buildings, machinery, &c. (net), $2,815,619; deferred charges, $56,019;
total, $6,691,110.
Liabilities—Notes payable to banks, $500,000; accounts payable, $27,661;
dividends declared on preferred and common capital stocks, payable
Feb. 1, 1941, $125,910; accrued accounts, $67,759; income taxes payable,
$127,309; reserve for income taxes, $63,110; reserve for workmen's acci¬
dent compensation, $17,439; cumulative convertible participating preferred
capital stock, $2,088,000; common capital stock ($1 par). $420,000; earned
surplus, $3,453,922; total, $6,691,110.—V. 151,, p. 1895.
$1,498,046
Balance of net income
171,494
Gabriel
Net income of Federal Water Service Corp. alone, exclusive of sub¬
sidiaries, totaled $377,595 for 1940 compared with $425,154 for the previous
year.
Co.—Earnings—
Hearing Postponed—
__
1938
1937
$291,225
203,577
$184,363
127,505
a$4 79,617
27,861
Net sales
Cost of sales
1939
1940
$346,244
273,051
Calendar Years—
$87,647
79,005
28,863
$56,858
71,770
26,860
$72,150
63,151
25,925
407,467
The Securities and Exchange Commission on Feb. 27 announced post¬
ponement from March 3 to March 24, of the public hearing on the declara¬
tions and applications (File 70-243)
of Federal Water Service Corp.,
Gross profit from oper.
Sell., gen. & adm. exp._
Depreciation
Scranton-Spring Brook Water Service Co., and Carbondale Gas
regard to the separation by Scranton-Spring Brook Water Service
its gas properties from its water
properties and the proposed sale
water properties to a public authority
representing the counties of
wanna and Lucerne, Pa.—V.
152, p. 1281.
$62,064
3,491
$20,221
3,795
$41,772
3.250
$16,926
Other income
Total loss
Otner deductions
$58,573
47,131
$16,426
$38,522
$9,177
11.306
16.579
9,182
$105,704
$27,732
$55,102
$18,359
Co. in
Co. of
of the
Lacka\
'
Loss
Fifth Avenue Coach Co.—25-Cent Dividend,—
Directors have declared
$73,193
107,396
Net loss
dividend of 25 cents per share on the common
stock, payable March 28 to holders of record March 14.
Previously regular
quarterly dividends of 50 cents per share were distributed.—V. 151, p. 3559.
a
7,750
Including operations of suDsidiary to date of its dissolution, March 29•
a
1937.
Comparative Balance Sheet Dec. 31
(M. H.) Fishman Co., Inc.—Sales—
Period Ended Feb. 28—
Sales.......
—V. 152, p. 985.
......
1941—Month—1940
$277,747
$250,025
Assets—
1941—2 Mos.—1940
$523,672
$469,321
Cash
a
rec__.
Marketable secur.
Co.—May Increase Stock—
a
Stockholders will hold a special meeting on March 14 in lieu of the
meeting to consider increasing the authorized capital stock by
15.645 shares or by 8uch other number as shall be determined.—V. 151.
annual
3746..
Misc. accts.
1,246
rec.
1941, at the office of the Commission, Washington, D. C.
At the hearing evidence will be received in
support of and in opposition to
the plan of reorganization heretofore filed
by the deposit committee for
the 1st & ref. mtge. 5% bonds, series
A, and any other plan which may be
properly presented.
Plans of reorganization may be filed at any time
before, or, with the consent of the Commission, during the hearing, by the
debtor, by the trustees of the debtor, or by or on behalf of creditors, being
not less than 10% in amount of
any class of creditors, or by or on behalf
of stockholders being not less than
10% in amount of any such class, or
"^ith the consent of the Commission,
by any party in interest.—V. 152,
p. 1432.
Fonda Johnstown & Gloversville
Under
a
RR.—Reorganization
plan of reorganization recommended by the examiner for the
Commerce Commission, capitalization will be reduced from
I®
$2,400,305; and the fixed interest charges will be reduced
from $148,664 to $24,780, with the entire elimination of rent for the Johns¬
town Gloversville &
Kingsboro Horse RR.,
amounting to $4,480
outstanding securities.
on
its
The effective date of the plan is Jan. 1, 1941.
New capitalization and
charges are recommended as follows:
Annual
.
Amount
Collateral note
>*.
Equipment notes
$36,875
......
121,410
......
First mortgage series A bonds....
100,000
First mortgage series B bonds
Income bonds
Stock (stated at $100)
Total capitalization
*
352,008
_
625 012
"
Requirements
$1,844 interest
3,688 maturity
4,856 interest
24,282 maturity
4,000 interest
2,000 sk. fund
14,080 interest
10,000 cap. fd.*
3,520 sk. fd.*
28,125 interest*
1,165 000
...II.I. $2,400,305
$96,395
Contingent.
The equities of the holders of the present
preferred stock, common stock
'li6? 9FS ar.e fouud to have
*
for their participation in the plan.
no value, and no provision is made
The claims of the holders of present
bonds cannot be satisfied in full within
first consolidated general
refunding
the capitalization recommended.
>> Present holders of general refunding bonds will receive for their Claims,
principal and interest to Jan. I, 1941, 40% in new first mortgage series B,
4% bonds, and^60% in new 4^% income bonds.
holders of first consolidated
re
general refunding bonds will
maturing either Nov. 1, 1931
receive $10 in cash for each Interest
coupon
or May 1, 1932 (on which $10 interest7 had
not been paid prior to these
proceedings), and in addition in respect of each $1,000 bond and interest
coupons subsequent to May 1, 1932, will receive $21.30 in
4% five-year
equipment notes, $50 in ne*w
% income bonds and two shares of no par
common
Kingsboro securities will be
4^% Income bonds for their present
bonds and 50% in new 4^% income bonds and
50% in no par common
stock (taking stock at $100 a share) for the
par amount of their present
stock.—V. 152, p. 1281.
10,000
1,176
388
1
$262,462
35,756
'
-
«
«
-
»
.» -
2,335
5,767
4,962
4.903
65,000
439,446
209,148
439,446
103,444
$598,305
$644,086
Mtge. note pay.
Capital surplus
1
47,927
50,805
Total——.
$598,305
Deficit from oper.
$644,086
Less
a
for
Total
b Represented by 262,462 no par shares,
reserve,
c
depreciation of $385,340 in 1940 and $517,948 in 1939.
After reserve
d Capital stock
of Gabriel Pneumatic Vulcanizer, Inc.. at book value (52% owned), and
including advances of $1,175 in 1940 and $387 in 1939.
e Mortgage note
payable is a lien on all fixed assets and is convertible into capital stock at
®3 per share.—V. 151, p. 2941.
(Robert) Gair Co., Inc.—Plan Approved—
Preferred stockholders
at a
special meeting held Feb. 28 called by special
master, approved the plan of recapitalization dated Dec. 17, 1940, and com¬
promise or arrangement between the company and preferred stockholders
and reorganization of the company.
In favor of the plan were 1,420 stockholders holding 148,610 shares with
par value of $1,486,100 and against the plan were 66 stockholders holding
6,993 shares with par of $69,930.
There are 2,064 preferred shares out¬
standing of which 1,482 were present in person or by proxy at the meeting.
Those favoring the plan represent 68.6% in number and 79.7% in value of
the total outstanding preferred shares.
Vf'ffc
Stockholders at a later meeting same day approved amendment to certi¬
ficate of incorporation and terms for issuance and exchange of securities
and reorganization of the
company as set forth in plan, subject to approval
of Chancery Court at hearing before Vice-Chancellor Pearson on March 18.
—V. 152, p. 1432.
Gar Wood
Industries, Inc.—To Vote
on
Recapitalization
Stockholders have been called to
a special meeting on March 12 to vote
recapitalization plan under which 160,000 shares of 5% cum. pref.
stock of a par value of $10 each and 800,000 new shares of $1 par value
common stock will be distributed to holders of the currently outstanding
800,000 shares of the old common stock issued, on surrender of the cer¬
on
a
tificates.
Neither the preferred nor the
.
new common stock shall have any pre¬
emptive of subscription rights and a further provision will be that goodwill
shall be written down from $241,980 to $1.
Certain "non-productive
assets" are to be sold, subject to approval
by the stockholders.—V. 152,
P. 1282.
General
Alloys Co.—Annual Report-
Years End. Dec. 31Gross profit on sales
Selling
expenses
Royalties
on
_
_
Total profit.——.
Extraneous expenses
State & Federal taxes
—
.
Net profit.....
Earns, per sh. on 233,613
shs. com. stk.
y
Includes
on
(no par)
1937
$94,308
96.683
94.684
1,762
$321,943
117,850
111,166
$22,346
5,928
loss$98,823
2,762
$92,116
23,550
$66,821
13,849
19,518
$28,275
12,916
y3,246
loss$96,061
10,531
1,880
$115,666
16,749
*21,887
$33,453
$12,112 loss$108,471
$77,030
castings
Net oper. profit.
Extraneous income
surtax
1938
1939
$164,185
86,252
55,586
$63,489
3,332
__
$225,234
101,884
59,860
1940
General & admin, exps
stock.
The holders of Johnstown Gloversville &
offered equal principal amount of new
22,442
(non-current)...
4,183
Deferred charges..
Hearing on the reorganization is assigned by the Interstate Commerce
$262,462
Accrued taxes....
e
prod. & equip't.
Goodwill
Commission for public hearing before Examiner Ralph H. Jewell, under the
provisions of Section 77 of the Bankruptcy Act, as amended, on March 17,
b Capital stock—
Accounts
payable.
42,022 Mtge. note payable
58,699
(currently)
29,375 Accr'd payroll, &c.
Est. salvage value
of
discontinued
d Inv. in affll. co_
Florida East Coast Ry.—Reorganization Hearing—
3,427
1939
1940
Liabilities—
$453,939
654
_____
Accounts
1939
$430,015
33,882
23,812
55,364
5,474
Inventories
Florence Stove
p.
1940
cLand, bldgs., &c.
$0.07
$907 for Federal capital
undistributed profits.
Nil
Nil
stock tax.
z
Includes
811
$0.26
$7,526 for
Volume
The Commercial &
152
and
Balance Sheet Dec. 31,1940
Assets—Cash, $34,110; accounts receivable (trade), 63,511; receivables
(employees and others), $7,308; inventories, $31,707; fixed assets, (less
reserve for
depreciation of $144,661). $142,266; Champaign, 111. plant
(less reserve for depreciation of $12,544), $52,102; intangible assets, $153,140; deferred charges, $18,667; total, $523,010.
payable (trade), $59,833; accrued salaries and
commissions payable, $2,624; note payable (bank), $5,000;
Liabilities—Accounts
$4,928
wages,
loan
accrued expenses, $5,988; accrued taxes, $24,064; interest accrued on
from closed bank (on which over 98% of principal has been paid and pay¬
ment tendered for balance), $10,784; credit balances (customers' ledger),
$15,230; reserves, $46,456; class A cumulative 7% preferred stock ($10 par),
$241,410; common stock (233,613 shares, no par), $1; surplus, $110,229;
511 shares class A preferred stock in treasury (cost), Dr$3,537; total,
$523,010.—Y. 152, p. 1282./
•
.
.
/;//'/;':,
.
1591
Financial Chronicle
.
regular
quarterly
distributed.—V. 151, p.
dividends of 10 cents per share were
3237,
General Fireproofing
previously
Co.—35-Ce?i£ Dividend—
have declared a dividend of 35 cents per share on the
payable April 1 to holders of record March 20.
This com¬
pares with 50 cents paid on Dec. 26 and on Oct. 1, last; 35 cents paid on
July 1, last; 25 cents on April 1, 1940; 50 cents on Dec. 23, 1939; 30 cents
on Oct. 2, 1939; 20 cents on July 1 and April 1, 1939, and on Dec. 24, 1938;
15 cents paid on Oct. 1 and on July 1, 1938, and 20 cents paid on April 1,
1939.—V. 152, p. 1282.
"v :v/;/; ■
-•
■
The
directors
common stock,
.
General Gas & Electric
Corp.—Submits Plan to
Simplify Structure—
The corporation, one
•••;/'
v
SEC to
;• •
holding companies
of the three major intermediate
Gas & Electric System, on March 5, submitted to the
Exchange Commission a plan to meet terms of the SEC
in the Associated
General Aniline & Film Corp.—Bonds Called-—
formerly American I. G. Chemical Corp., is notifying
This corporation,
Chemical Corp. guaranteed 5H% convertible
1949 that it intends to redeem on May 1, 1941 at
$4,408,000 of these debentures, selected by lot by
the trustee.
Payment of the drawn debentures will be made upon surrender
at the head office of the trustee, the National City Bank of New York.
After giving effect to the retirement of the called debentures, $18,000,000 principal amount of the debentures will remain outstanding.—
I. G.
holders of American
debentures due May 1,
their principal amount,
V. 151, p. 3889.
'://^\;://:/V'
General Cable
,
Corp.—Annual Report—
Dwight R. G. Palmer, President, states in part:
The dollar value of shipments to customers in 1940 was 47 % greater than
in any year since 1930 despite lower price levels
prevailing in 1940. Improved operating efficiency and vigorous control of
expenses contributed to a final net profit exceeded only by the years 1928
in 1939 and was the largest
and 1929.
-
Substantial amounts of cash were invested in
inventories and accounts
increased
during the year to meet the requirements of a greatly
volume of business and in preparation for the National Defense
receivable
Program.
borrowing.
Late in the year, company was successful in negotiating a private sale of
an $8,500,000 refunding bond issue.
This was consummated on Nov. 29,
1940. The then outstanding 5J^ % bonds, totaling $9,253,000, were called
for redemption on or before Jan. 1,1941 at 105 and interest. Treasury funds
were used to reduce the refunding issue to $8,500,000, thus permitting the
sale of the refunding issue at par with a 3H% interest rate, and accomp¬
lishing a substantial saving in interest charges. The new bonds were dated
Oct. 1, 1940 and mature Oct. 1, 1950. They are callable at 104 K during the
first year and at one-half point less each year thereafter.
The private sale
to two large insurance companies required no registration with the Securities
and Exchange Commission and the new bonds will not be listed on any
It
possible to do this without current
was
security exchange for the present.
3&The new mortgage provides for a fixed sinking fund of $350,000 per
annum as compared
with a fixed sinking fund of $440,000 per annum
under the old mortgage.
If outstanding bonds are reduced to $5,000,000 by
April, 1944, this fixed sinking fund provision reduces to $250,000 per annum.
The new mortgage further provides that 15% of all annual net income is to
be devoted to bond retirement at par except in such years as income is less
than $500,000. Net cash proceeds from any sale of excess properties and the
first $1,000,000 from any sale of present holdings of Revere Copper and
Canada Wire stocks are to be devoted to bond retirement at par up to
April 1944 and at some concessions from call prices thereafter.
Assurance of the preservation of needed working capital has been accomp¬
lished under the new mortgage by an agreement that no cash dividends will
be paid which reduce the net current assets below $8,500,000 or which exceed
by $600,000 the net income of corporation after Oct. 1,1940, after deducting
dividends declared or paid subsequent to Oct. 1,1940, all fixed and optional
sinking fund payments and, except during the year 1941, all income sinking
fund payments.
The management is conscious of the uncertainty of the
continuation of business activity resulting from the supplying of materials
to warring nations and for our own national defense.
It is also conscious
of the problems that will undoubtedly have to be faced at the termination
of this activity in reduced volume of business and shrinkage of inventory
values. At the end of the last World War, the constituent companies now
forming the corporation went through a period of reaction, and this corpo¬
ration itself had such an experience after the high level of business in 1929.
In both of those cases, decline of inventory values and rearrangement of
operations to a lower level caused very heavy losses. Corporation started
business in 1927 with cash of $2,440,000.
This shortly proved insufficient
for the volume of business, and as early as Dec. 31, 1928,
bank loans
amounted to $1,300,000, rising to $3,950,000 by Dec. 31, 1929.
It is
obviously the part of wisdom to utilize thje lessons of experience, and so long
as present conditions continue the management proposes to direct its effort
toward establishing a strong cash position, reducing present fixed indebted¬
ness, accumulating sufficient working capital and generally achieving such a
condition that any lean years that may follow the present period of pros¬
perity will be less threatening.
Recognizing the large amounts at risk in materials in inventories at the
end of 1940, directors appropriated an amount of $250,000 from the year's
earnings as a general reserve against inventories.
Total taxes for the year amounted to $1,893,655 as against $742,746 in
1939.
This increase is largely accounted for by the increase in normal
Federal income taxes and the new tax on excess profits.
1937
1938
1939
1940
$7,110,133
1,743,642
Crl8,707
$3,860,587
1,535,973
19,555
$2,368,941
1,558,684
9,356
$7,459,867
1,755,326
74,367
51,943
deprec
Sell., adm. & gen. exp-.
Other oper. cbgs., net
for
order
holders,
equitable distribution of voting
well as for corporate simplification.
prof54,916
189,648
Write-down
.
of in vs.
their holding company
2,113,446
market.
992,864
Cr100,000
1,022,299
$1,358,302 loss$381,611
$2,178,725
512,103
695,788
b250,000
General res. for invents.
Prov. for
r
&
other
1,001,673
998,728
depreciation..
Net"oper.profit...... $4,334,527
Int.
Prov. for income tax....
Approp. for invent. res..
505,136
120,000
474,165
al, 155,000
250,000
pref. stock
1940
1940
Cash.
1,158,135
Notes & acets. rec.
4,292,058
9,002,705
195,476
177,947
4,482,312
Liabilities—
4,548,974
Assets—
Preliminary Consolidated Income Account for
Inventories.
Prepaid expenses.
Investments
b 1,998
treasury
on
Accts. payable
______
196,570
assets......16,407,042 17,577,482
Goodwill & pats..
1
9
Fixed
Unamort bd. prem.
605,539
& expense
4,887,588
1,982,779
mtge.
9,202,000
gold bds. ser. A.
262,000
mtge.
3)4%
bonds series C..
...
7% cum.
a
2,199,815
2,033,446
5)4%
1st
dep. with
mtge. trustee...
and
accrued expenses
Reserves
1st
$
Series B bonds
Own bonds held in
Cash
/
7,775(000
pf.stk__ 15,000,000 15,000,000
CI. A & com.stk.
(no par)
Capital surplus
Earned surplus
Total
2,198,875
3,013,790
1,285,236
2,198,875
827,512
...36,143,268 33,008,884
678.
General Fire Extinguisher Co.—25-Cent Dividend—
declared a dividend of 25 cents per share on the common
no par value, payable March 15 to holders of record March 3.
Divi¬
dend of 40 cents was paid on Dec. 16, last; 15 cents was paid on Sept. 16,
last, 10 cents paid in two preceding quarters; 30 cents on Dec. 11, 1939,
Directors have
stock,
Subs.)
1939
$z8,894,230 $26,911,315
13,402,646 11,720,827
3,440,170
3,489,468
3,996,015
3,377,173
;;
.._
Provision for retirements
Federal income taxes, &c
$8,055,399
$8,323,845
$8,208,042
$8,446,324
6,415,593
Cr7,318
6,160,114
Crl,867
$1,799,767
$2,288,077
346,328
396,287
325,357
459,797
"$1,057,152
$1,502,923
Operating income
152,643
Other income
Total income
Int. amort., pref. divs.
Dividends from Utility
of subs. &c
Empl. Securities Co
Balance-
Expenses and taxes parent company
Interest, &c., General Gas & Electric.
Profit
—V. 152, p.
122,479
2941.
Dividend—
General Refractories Co.—40-Cent
di vidend of 40 cents per share on the common
28 to holders of record March 10.
Dividend of 50
was paid on Dec. 21, last, and previously regular quarterly dividend
cents per share were distributed.—V. 151, p. 3273.
Directors have declared a
stock, payable March
cents
of 25
RR.—Earnings—
Georgia & Florida
(Incl. Statesboro Northern
Ry.)
1941
$105,126
Month of January—
Railway operating revenue
93,219
Railway operating expenses
Net revenue
x$5,210
$4,130
5,434
1,985
x$13,507
x$3,288
1,121
x$17,622
1,455
x$2,167
x$16,167
Railway operating income
Equipment rents (net)-Dr.
Joint facility rents
__
/
(net)-Dr.
Net railway operating income
Non-operating income
Gross
income
_
—
'
8,297
2,223
1,892
349
320
x$2,517
Surplus applicable to Interest....—
x
1940
$87,679
92,890
$11,907
7,777
from railway operations
Railway tax accruals
x$16,488
Loss or deficit.
Earnings for Week Ended
Feb,
.
Operating revenues
—V. 152, p. 1433.
(estimated)
Georgia Power
1941—12 Mos.—1940
$2,847,654 $33,961,708 $31,682,822
1,374,587
14,492,655
13,140,268
320,421
4,635,623
3,800,478
290,000
3,525,000
3,260,000
1941—Month—1940
...
$3,078,764
—
1,197,358
Operating expenses
493,241
335,000
....
depreciation._
>.6,543,198
$11,482,076
6,617,341
$308,213
245.862,,
$4,765,232
2,950,350
$4,864,735
2,950,350
$264,459
deductions.
554.433
$510,321
245,862
Gross income
Int. & other
$2,500
Co.—Earnings—
Period End. Jan. 31—
Taxes
Increase
$20,475
$22,975
— . -
21
1940
1941
$62,351
$1,814,882
$1,914,385
$1,053,165
542,844
Net income
Divs. on pref. stock
Balance
$862,646 $11,308,430
Financing Program Approved—
The Securities and Exchange Commission on March 3 issued its order
approving applications and declarations filed pursuant to Section 6 (b) of
the Public Utility Holding Company Act of 1935 and Rule U-12C-1 pro¬
mulgated thereunder, with regard to:
(1) The issuance and sale by Georgia Power Co. of $101,271,000 of
first mortgage bonds, 3M% series due 1971.
(2) The issuance and sale by Georgia Power Co. of $13,500,000 of 2H%
instalment notes.
(3)
The cancellation by
stock and 45,430 shares
1,285,236
33,008,884
a Represented by 3C6.689
(310,339 in 1939) mass A shares and 671,858
(664,558 m 1939) common shares, both of no par value, b $2,000 series B.
i Total.;.......36,143,268
—Y. 152, p.
Calendar Years (.Incl.
1940
Operating revenues.
Operating expenses, &c
1939
$
1939
t
1,352,824
3,124,713
6,028,368
//
would consist of
preferred or three shares of new common. The new company would issue
three shares of new common for each 20 shares of General Gas class A com.
stock, and for each 20 shares of General Gas class B common.
Prov. for
$2,705,362
$733,166 loss$893,714 d$l,232,937
262,500
1,050,000
a Includes
$230,000 excess profits tax,
b Includes $25,000 surtax on
undistributed profits for inventory reserve,
d Before allowing for $45,290
profit realized on gale of securities.
Comparative Balance Sheet Dec. 31 .
1
;
I
on
authorized under the plan
The securities which would be
Net income for year..
Divs.
two of
operating prop¬
60,000 shares ($100 par) preferred stock, carrying $5 cumulative annual
dividend rights, and 4,060,000 shares ($5 par) common stock.
Holders of
the preferred stock would at all times be empowered to elect two of the seven
directors on the Board at all times, with the common stockholders electing
the five remaining directors. The preferred stockholders would be entitled,
upon failure to receive eight quarterly dividends of $1.25 each, to elect four
directors, or a majority of the Board. The preferred stock would be redeem¬
able at $105 a share on 30 days' notice.
Under
the plan $1,296,726 unsecured indebtedness of Southeastern
Electric & Gas Co. would be converted into new common stock on the basis
of 20 shares of new common for each $100 of indebtedness and accrued
interest, for a total of 259,345 shares of new common stock. The $1,119,338
of General Gas 4% interest-bearing scrip wouid oe assumed by the new
company and holders would be offered the option of receiving cash of con¬
verting their holding into common stock at the ratio of 20 shares of new
common for each $100 of scrip and accrued interest.
For each share of
General Gas $5 prior preferred stock, holders would be offered either one
share of new $5 preferred or 20 shares of new common.
For each share of
General Gas $6 preferred stock and arrears wouid be issued 1 1-5 shares of
new preferred or three shares of new common.
Holders of General Gas $7
preferred would receive in exchange for each share held and arrears, either
1 3-10ths shares of new preferred or 3 shares of new common.
For eacn
share of General Gas $8 preferred there would be issued 1 2-5 shares of new
Gross revenue
less
chgs.
divs. received, net....
subsidiaries, and consolidation of
erties.
415,704
to
security
affiliate.
Metal loss on completed
z„' sales
among
power
more
as
The terms of the plan call for merger of General Gas with its
Southeastern Electric & Gas Co.; consolidation and dissolution of
Deductions from income
sales, be¬
fore
and
Years
Consolidated Income Account for Calenaar
Gross profit on
Securities
Georgia Power Co. of 7,856 shares
of $5 preferred stock, being
of $6 preferred
all of the preferred stock
by the Commonwealth & Southern Corp.
declaration^ are permitted to become effective
and that the applications are granted subject to:
(a) The terms and conditions prescribed by Rule U-9.
(b) The condition that no fees be paid to any trustees or to any attorneys
except after submission to the Commission and approval thereof by the
of Georgia Power Co. owned
The SEC ordered that the
and
.
.
The condition that Georgia Power Co. will not declare or pay any
(other than dividends payable solely in shares of its common
stock) or make any other distribution, by purchase of shares or otherwise,
upon any shares of its common stock, in excess of net earnings of
Commission;
„
.
.
(c)
dividends
Georgia
accumulated after Dec. 31, 1940, and available for distribution
provided, however, that any earned surplus accumulated
prior to Dec. 31, 1940 may be availed of for any charges properly made to
Power Co.
of
dividends;
The Commercial & Financial Chronicle
1592
the earned surplus account
stock
other than the payment of dividends
on common
time issued its order approving applications and
declarations filed by Commonwealth & Southern Corp. (parent) pursuant
to Section 7 of the Public Utility Holding Company Act of 1935, and Rules
U-12B-1, U-12D-1 and U-12F-1 promulgated thereunder in regard to:
(1) The Issuance and sale by said Commonwealth & Southern Corp. of
$17,000,000 principal amount of 2H % installment notes.
(2) The sale by Commonwealth & Southern Corp. to Georgia Power Co.
of $34,231,000 Georgia Power Co.'s 5% 1st and refunding mtge. bonds.
(3) A capital contribution by Commonwealth & Southern Corp. to
Georgia Power Co. in the amount of $14,337,319.
(4) Surrender by Commonwealth & Southern Corp. to Georgia Power
Co. for cancellation of 7,856 shares of $6 preferred stock and 45,430 shares
of $5 preferred stock, being all of the preferred stock of Georgia Power
Co. owned by Commonwealth & Southern Corp.—V. 152, P. 1433.
The SEC at the same
Giant Portland Cement Co.—New Directors—
stocks afloat totaled 153,000 tons.
The total of
afloat was equivalent to 7.7 months' supply at
succeeded in electing its ticket at the annual meeting of stockholders
Wilmington.
The new board consists of Evan Randolph, Charles J.
Rhoads, Charles F. Conn, J. Willison Smith, R. M. Craigmyle. Ernest J.
Capen, Herbert C. Hautb, Alexander Pinney and Walter C. Beecken. The
five management nominees who failed of reelection were Walter L. Haehnlen,
Clayton D, Quaw, Sidney N. Peters, C. T. Williams Jr. and George Masters.
There was no opposition to the reelection of Messrs. Randolph, Rhoads,
Conn and Smith, all four names being on both tickets.—V. 152, p. 985.
in
Glidden Co.—Borrows
$1,000,000—
annually.
The loan matures from 1942 to 1946.
ing.—V. 152.
P. 426.
Globe Steel Tubes
tires ever offered for sale to the American
car
these
tires
are
Years Ended Dec. 31—
1940
a Earns, from operations
$1,635,812
Sundry inc., int. & disct.
1939
1938
$701,160
14,202
—
1937
yet be used economically as a general replacement for natural rubber
only in the event of an emergency.
Its use is being rapidly expanded,
however, in fields of service in which the special characteristics of certain
types of "Ameripol" clearly justify the increased cost.
To make possible an integrated unit for the production of synthetic
rubber from the natural raw materials to the finished product, Hydrocarbon
Chemical & Rubber Co. was formed jointly by company and Phillips
Petroleum Co. during the year.
A plant has been erected at Akron, O.,
with a daily production capacity of six tons.
can as
Consolidated Income Account for Calendar Years
el939
1938
1937
$
$
$
135,735,562 115,037,868 149,071,716
Mfg., &c., expenses....131,820,355 X122327,149 107,296,462 139,909,385
xl940
$
a
Net sales...........145,354,278
Prof,
on
_
_
7,741,405
10,062,331
723,053
476,202
150,401
724,817
593,249
14,311,011 xl4,360,155
3,966,761
4,301,545
Operating profit.....
Miscellaneous income.
9.091,061
4,087,421
11,442,877
3,976,485
x2,195,010
2,460,628
2,587,028
097,107
020,994
80,000
13,533,923 xl3,408,413
765,404
573,265
exch. fluctua'ns
on
11,684
securities sold.
-
2,151
Otherincome
Total net income
Depreciation
Interest on bonds, notes,
bills payable, &c
$672,747
9,117
9.693
$1,635,812
$715,362
$200,192
Fed., States, &c. taxes..
Disct. & miscell. charges
Reserves for depreciation
b808,678
102,485
176,833
175,640
1,737
43,393
175,507
Netprofit-.
Dividends paid
$650,301
352,605
$364,998
211,563
.
72,239
—
$682,440
24,440
84,799
113,502
1,908,959
11,036
f2,200,000
....
After deducting manufacturing,
$281,323
136,042
selling and administrative
capital stock tax, $16,012; unemployment tax, $18,436; old age pension tax,
$37,534; real estate and personal property tax, $22,744; Wisconsin privilege
dividend tax, $7,305; Delaware franchise tax, $775.
Balance Sheet Dec. 31,1940
Profit for year..
dividends
&
Rubber
Co.
of
Canada,
Ltd.
(^&
Subs.)—Earnings—
Years End. Dec. 31—
34,853
6,628,747
2,575,194
1,303,255
$3.50
6,121,357
2,060,155
Common dividends.....
651,628
Earns.persh.oncom.stk.
$3.11
a
1940
2,240,120
1,545,116
......
$0.14
1939
Netprofit-.-_______
on 5% pref. stock.
Divs.
Common dividends.....
Balance, surplus.
Shs.com.stk. (nopar)..
Earnings
y
per
share
$2,204,250
551,747
1938
prior years tax adjustments, c Write-down to Dec. 31, 1937, market prices
of raw materials on hand, on commitment, and material content of un¬
finished and finished goods on hand,
d Difference between cost and face
value of company's bonds acquired during the year,
e Excluding certain
European subsidiaries located in belligerent countries,
payable under 1940 Act. x Adjusted.
Consolidated Balance Sheet Dec. 31
f No
excess profits
Real
dl940
dl939
dl940
Assets—
a
Liabilities—
S
estate
46,972,203
48,667,674
Inv. in and adv.
to other cos..
$1,910,867
546,520
$5 cum. pf. stk. 24,721,860
Bank loans and
bills payable-
1,627,630
1,272,803
1st M, 4H% bds 24,505,000
25,030,000
16,200,000
3,482,366
37,239,383
Funds securs. 1st
352,675
215,656
27,588,838
24,886,234
mtge. bonds..
Trade notes and
1,326,067
792,914
6,052,012
.
8,281,154
$1,652,502
299,831
1.286,300
$2,228,879
300,000
1,929,450
$1,364,347
300,000
1,286,300
$449,853
257,260
$4.26
$66,371
def$571
257,260
257,260
$7.49
def$221,953
257,260
$5.25
$4.14
After providing for income tax.
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $809,854; Government bonds (cost or market), $196,013;
accounts receivable (less, reserve for bad and doubtful accounts of
$267,829)
$2,162,060; inventories, $7,217,421; investments, $464,087; land, buildings,
machinary and equipment, $13,691,509; deferred charges, $66,412; total,
$24,607,355.
Liabilities—Current accounts payable, $364,535: reserve for ncome and
other taxes, $773,685; reserve for depreciation of buildings, machinery
and equipment, $8,598,944; 5% cumulative redeemable preferred stock,
$5,954,000; common stock (257,260 shares no par), $128,630; capital surplus,
$463,068;surplus (earned), $8,324,493;total,$24,607,355.—V. 152,p. 1433.
(B. F.) Goodrich Co.—Annual Report—
David M. Goodrich, Chairman, states in part:
■
Never before during the 70 years of company's life have its operations
been conducted under such critical world conditions as existed in 1940.
As a result of the growing menace of world domination
by force, our Govern¬
ment embarked upon a program
of National Defense unprecedented in the
history of this country. The many problems created by these momentous
developments have called for careful planning to assure the fullest measure
of cooperation in the defense effort while maintaining our services in other
fields.
Inventories at the year-end amounted to $41,455,652, an increase of
$4,216,269 for the period. Raw materials on hand and material content of
finished and unfinished goods were valued at cost which was lower than
market prices on Dec. 31, 1940.
Raw materials on commitment were like¬
wise at prices below prevailing markets at the year-end.
of raw materials on hand and on commitment for future
The quantities
delivery
are con¬
6,59 k 52 8
76,622
115,505
3,214
4,107,730
1,326,693
3,141,825
1,345,137
10,698,302
payable.
7,288,728
Bond, indebt. of
subsidiaries
accts. receiv..
15,000,000
_
f For, bk. loans
Accts.
accts. receiv—
Inv. in &
$
44,025,837
24,721,860
3% bank loan.
3,743,509
41,455,652
Inventory
Deferred
_
_
credits
cur¬
Min. int. in subs
c
93,305
1,262
to future opers
rent acct. with
e
dl939
$
b Common stock 44,025,837
&
plants
1937
$2,757,588
528,709
$1,391,514
298,511
643,150
sidered normal under existing conditions.
The company's net assets in foreign countries
b Not relating to
Discounts, transportation and excise tax deducted,
certain Europ.
..
loss878,580
2,060,155
1,303,255
Nil
the current year and special charges, less $315,942 representing cancellation
of balances in prior years income tax provisions no longer required and
Other notes and
Total earnings
$1,960,038
Depreciation reserve...
568,525
y
c5,652,935
-
...—
— —
.
tax
Assets—Cash, $1,016,561; accounts and notes receivable, less reserve,
$560,223; inventories, $1,159,467; fixed assets (less depreciation reserve of
$2,109,081), $2,347,506; patents and development (less amortization of
$109,170), $84,981; notes receivable (officer and stockholder), $20,000;
sundry assets and deferred charges, $66,173; total, $5,254,910.
Liabilities—Notes payable—bank, none; accounts payable, $354,004;
accrued payroll, $28,740; taxes general (exclusive of income taxes), $62,176;
State and Federal income and excess profits taxes, $725,454; capital stock
(282,084 shares no par), $3,067,352; earned surplus, $1,017,185; total,
$5,254,910.—V. 151, p. 3747.
,v >■
Goodyear Tire
— -
2,066
capital stk. not owned
Inventory write-down..
Net loss on foreign exch
expenses,
b Taxes deductible from 1940 earnings are as follows: Wisconsin income
tax, $58,280; Federal normal income tax, $308,748; Federal excess profits
tax, $318,556; Federal declared value excess profits tax, $20,288; Federal
46,000
......
100,832
"
Preferred
a
400,000
1,200,000
tributed profits tax
b Expenses-.
178.375
loss$20,445
62,477
376,326
Non-recurring income..
Prov. for Federal undis¬
$191,075
Bondinterest
Several thousands of
of tires made of
Because of the present higher cost of synthetic rubber it
Profit applic. to sub. cos.
Total income
public.
giving service comparable to that
now
natural rubber.
d Co.'s bonds acquired.
Prov. for Federal taxes
Co.—Earnings-
preparedness company speeded up the activities
In the interest of national
Proceeds will be used to
pay off a $2,000,000 note carrying a hither rate of interest.
Balance of
the funds required for the retirement was obtained by short-term borrow¬
493,500 tons on hand and
the rate of January, 1941
it has been conducting for 14 years in the field of synthetic rubber.
Early
in the year it began the manufacture of the first synthetic rubber passenger
Profit
The company has borrowed $1,000,000 from the National City Bank
of Cleveland and the Central National Bank of Cleveland at IK % interest
8, 1941
consumption.
New York group which sought representation on the board of this com¬
pany
March
1,589,375
Total
a
ing
11,345,262
2,813,790
charges..
1,610,481
12,888,474
sub-...
Cash...
Def'd
Accrued liabs.
3,283,291
Reserves.
Surplus
140,426,054 129.827,791
Total
140,426,054 129,827,791
Real estate, building, machinery and sundry equipment, after deduct¬
$46,373,805 in 1940 and $44,232,426 in 1939 for depreciation
and special reserves,
b Represented by 1,303,255 no par shares,
c In¬
cludes provision for Federal income tax.
d Excludes certain European
subsidiaries, not consolidated see e.
reserve of
© These companies, three in number, are located in belligerent European
countries, and substantially all of this investment is represented by a
subsidiary located in occupied France. No audited accounts of such prin¬
cipal subsidiary, whose plant is located in territory now under military
occupation, have been received for the years 1939 and 1940, during which
made, nor have audited accounts
1940 been received. Owing to war
conditions, the assets and liabilities of all three have been excluded from
consolidation in the above balance sheet.
Instead, their securities are
included at Dec. 31, 1938 values. In the absence of adequate information,
no reserve has been established with respect to the asset carried above.
According to information received from its managing director, the plant of
the principal subsidiary is intact, f And drafts payable to banks, for crude
rubber purchases ($359,000 secured).—Y. 152, p. 1283.
years it is understood some profit was
of the two small companies for the year
Grand Union Co.—Dividend—
Directors on March 4 declared a fifth distribution of 75 cents on each $5.45
original face amount of Dividend Arrearage Certificates, payable April 1,
1941, against surrender of Distribution Coupon No. 5.
This leaves out¬
standing a balance of 70 cents on each $5.45 original face amount of Arrearage Certificates.—V. 152, p. 986.
Granite City Steel
Co. (& Subs.)—Earnings-
Calendar Years—
1940
Net sales
.$11,671,886
Cost of sales, sell., gen.
—
and
admin,
expenses.
Depreciation....
1939
$10,212,477
1938
1937
$6,359,472 $13,231,442
8,883,526
471,000
64,394
12,50 ,513
457,777
43,709
—V. 151, p. 3561.
chanical rubber goods.
It is expected that Government requirements for
rubber products will continue to increase during 1941.
6,203,079
744,919
171,487
10,404,948
734,576
147,728
(including subsidiaries not
consolidated) at Dec. 31, 1940 totaled $7,587,905, of which $3,620,170
applied to current assets and $3,967,735 to other assets. Of the total net
assets, $3,547,791 applied to operations in Canada.
Current assets and
liabilities in foreign currencies have been converted at the
year-end current
rates except Canadian, which were converted at the official rate fixed
by the
Canadian Exchange Control Board. Fixed assets in foreign currencies have
been converted at the rates prevailing at date of acquisition.
National defense requirements for indispensable rubber products are
substantial, and company is now engaged in the manufacture of a large
number of items for our armed forces.
Many products developed by com¬
pany for peacetime requirements have been adapted to military uses and
are now being produced for defense purposes.
A partial list of Government
orders with company includes:
tires of all sizes and types; bullet-sealing
inner tubes; endless rubber track for high speed
military vehicles; bulletsealing fuel tanks for combat aircraft and mechanized land equipmentexpander tube brakes for aircraft; face blanks for gas masks; rubberized and
synthetic coated fabrics; balloon and airship cloth; hospital and medical
goods; aircraft de-icers and hundreds of items in the broad field of me¬
| (W. T.) Grant Co .—Sales—
In view of the Nation's dependence upon rubber for indispensable
services,
the problem of raw material supplies for the rubber
Interest paid
income.
Netprofit
Earnedsur.bal. Jan. 1.
increasing threat to the maintenance of normal supply.
Company
tons, a total of 340,500 tons.
Government, manufacturers' and dealers*
$347,940 def$330.230
722,031
1,100,070
$254,225
1,276,141
•
2.783
$1,069,972
95,622
47,814
$769,839
47,808
$1,530,366
430,296
Earned surp. Dec. 31.
$1,241,794
$1,022,157
$722,031
$1,100,070
Earns, per share on cap.
stock outstanding..-
$0.82
$0.91
....
Period End. Feb. 28—
Sales
an ever
$279,225
25,000
$1,337,416
Total surplus
—V.
has joined with others in the industry in cooperating with the Government
$427,489 def$330,230
79,547
Dividends paid
More than 97% of the natural rubber consumed in this
country
is obtained from the Far East, and disturbed world conditions constitute
to augment reserve stocks of crude rubber. On Feb. 1,1941 it was reported
that Government reserves accumulated in this country amounted to about
134,000 tons while manufacturers' and dealers' stocks stood at 206,500
$216,442
$315,259
1,022,157
Prov. for Fed. inc. tax..
$412,545 def$379,002
14,944
48,772
$406,259
91,000
_
Total income
industry is of vital
concern.
$384,633
21,626
Operating income
Miscellaneous
152,
p.
986.
Nil
$0.66
1941—Month—1940
1941—2 Mos—1940
$6,771,174
$6,108,997 $13,426,104 $12,040,021
Ml
(Daniel) Green Co.—Common Dividend—
Directors have declared
a
dividend of $1 per share on the common stock,
Dividend of $4 was paid
payable March 12 to holders of record March 5.
on Dec. 23, last, and 60 cents was paid on Feb. 23, 1940. thus making a
total of $4.60 per share distributed in 1940 as against $6 paid in 1939.
—V. 151, P. 3747.
Volume
The Commercial &
152
1593
Financial Chronicle
Consolidated Balance Sheet
(H. L.) Green Co., Inc.—Sales—
Month of
1940
1941
February—
1940
$2,996,049
$2,773,784
149
Sales
151
Stores in operation
—V. 152, p. 986.
$
Dec. 31
1940
$
Assets—
1939
$
1939
:
$
r
Liabilities—
3,000,000 3,000,000
Property account .18,533,881 18,961,814 6% pref. stock
20,700,000
Deferred charges..
620,471 a Common stock.20,700,000
622,533
1,153,711
1,172,021
Inventories
3,416,378 Reserves
4,542,011
1,430,743
Accts. receivable1,971,079 b Accts. payable— 2,466,308
2,162,877
45.000
Dividend payable.
45,000
Notes receivable12,543
5,006
int.
in
4,312,272 Minority
5,175,316
Cash*
.
.
Gulf Mobile & Ohio
Ry.—Earnings—
1940
1941
January—
^
$1,742,174 $1,456,329
528,551
269,422
Net railway operating revenue
252,101
50,651
Figures for 1940 include Mobile & Ohio RR. and Gulf Mobile & Northern
Gross from railway
Net from railway
...
.
Invest,
.
stk. & sur.
subsidiary...
cap.
;
495,019
484,562
6,596,060
Dr316,755
622,728
598,855
3,724,596
.
securities
of
Capital surplus.-.
572,091
Earned surplus— 7,231,392
c Treas. stock
Dr316,755
Other assets
3,748,128
.
572,091
RR.—V. 152, p. 1434.
Total
Gulf Power Co.- -Earnings—
Operating expenses
Taxes.
-
„
_
Provision for deprec'n..
j
...
.
.
pref. stock
Balance
20,172
$551,171
237,554
$480,489
241,437
$18,569
5,584
$313,616
67,014
$239,052
67,014
$25,137
Net income.
$38,741
$12,984
$246,602
$172,038
—V. 152, p. 986.
Gulf & Ship
Island RR.—Earnings—
1941
January—
_
Gross from railway
Net from railway
Net ry. oper.
$136,346
33,737
2,717
income...
—V. 152, p. 1433.
.
1939
1940
$88,827
def7,909
def33,274
$86,325
defl3,990
def38,375
:''v:
1938
$93,007
def.5,943
def32,266
35,365,076 33,665,412
value, b Includes taxes
Total
payable, c Stated value of 21,117 shares of common
1,012,366
222,125
176,250
$30,721
5,584
.
on
$1,891,231
994,508
292,404
190,000
$49,894
19,173
Gross incomeInt. & other deductions
Divs.
$2,028,083
33,665,4121
35,365,076
Represented by 1,380,000 shares of no par
a
1941—12 Mos.—1940
1941—Month—1940
$186,805
$166,957
92,780
94,260
28,298
18,123
15,833
15,833
Period End. Jan.31—
Gross revenue
1941— 6 Mos.—1940
1941—3 Mos.—1940
Period End. Jan. 31
$0.26
$0.61
$0 43
income taxes and excess profits
taxes.—Y. 151, p. 3239.
:
Hayes Mfg. Corp.—Financing Arrangements Completed—
Delivery to corporation of a contract calling for more than $5,000,000
worth of outer wings, including spare parts, for Brewster Aeronautical
Corp.'s model 340 bomber was announced following the completion of
financing arrangements for Hayes through A. W. Porter & Co., Inc.,
bankers for the company.
Delivery of the contract was accompanied by
a first payment of $1,338,480 and coincidentally with this deposit Hayes
received payment for 200,000 shares of common stock in the amount of
$450,000.
In addition to the recent
order in excess of $5,000,000 for aircraft parts,
than doubled in the past few months,
backlog of orders on the company's books,
the normal business of Hayes has more
Gulf States Utilities Co.—Interest Rate Reduced—
Securities and Exchange Commission on March 4 issued an order
said.
is
The
combined
including aircraft parts, is the largest
The
approving a declaration regarding the reduction of the rate of interest from
3 % per annum to2H% Per annum on a certain unsecured promissiory note
payable to Chase National Bank, New York, in the original principal
amount of $4,000,000 due serially from Nov. 15, 1939 to Oct. 1, 1945
(the unpaid principal of which now amounts to $3,100,000).—V. 152,
Other
$2,594,141
income..
..........
of record
Gross
253,072
$2,704,660
$2,081,887
income ............ ... .
........
on
assets
disposed of
...
15,902
*
484,2991
151,595)
Federal income tax
Pennsylvania State income and franchise tax
(M. A.) Hanna Co. (& Subs.)—Earnings—
Calendar Years
1939
1938
228,622
33,743
346,204
249,256
Cash discounts allowed
Loss
151, p. 3089.
$1,828,815
110,519
..... ........
Directors have declared a dividend of
holders
bl939
$3,556,023
750,318
976,890
1940
...........
.......
Shipping expense..
*
Selling and general administrative expense-..-..Net
$1.25 per share on account of
the 7% cum. pref. stock, par $100, payable March 31 to
March 15 leaving arrearages of $10.75 per share.—V.
$4,387,947
783,515
al,010,291
3 Months Ended Dec. 31—
Gross profit on sales
■'
Ltd.—Accumulated Div.—
1434.
In the past 10 years.—V. 152, p.
Hershey Chocolate Corp.—Earnings—
P. 1434.
accumulations on
$144,650
$203,076
$86,843
$125,422
Net profit
a
Earns per sh. of com. stk
$0-38
a After all charges including Federal
it
Hamilton United Theatres,
stock.—V. 152, p.
Hayes Industries, Inc.—Earnings—
13,224
Interest expense
Consolidated Income Account for
1940
1937
a$4,0ll,589 a$2,547,004 a$l,307,830
53,325
42,320
79,263
Deprec. and depletion..
462,412
359,594
321,424
Prov. for Fed. inc. tax..
b473,719
c24Q,774
c!07,636
$3,904,016
$799,507
22,107,653
$3,048,462
21,025,250
Netprofit
Int. & sund. deduct'ns..
e
$3,022,132
22,654,862
Net corporate profit
Previous surplus
$1,904,317
22,136,537
380,136
d475,418
Net income
Honolulu Gas Co.,
See list given on
$25,676,994 $24,040,854 $22,907,161
Total surplus
$24,073,712
Dividends paid by co.:
On preferred
Common...
646,842
738,049
Surplus carried to bal¬
ance sheet.
$23,545,603 $22,654,862
Shares
common
stock
outstanding (no par).
648,105
647,942
1,484,548
stock...
122,519
648,105
1,317,954
$22,136,537 $22,107,654
1,016.961
Earnings per share.....
$2.33
$1.23
$0.i5
$2.36
Includes $2,i35,783 in 1940, $1,351,115 in 1939 and $920,002 in 1938
from dividends and sundry income, but after deducting $350,503 in 1940,
$290,603 in 1939 and $29o,509 in 1938 for administrative expense,
b In¬
cludes $451,815 normal income taxes, $19,231 Federal excess profits taxes,
$2,268 State and foreign taxes, and $405 under-provision for prior years,
Includes adjustment of accruals of $362 in 1939 and $4,300 in 1938 for
prior years,
d $242,942 for Federal normal tax, $209,161 Federal surtax
and $23,314 for other taxes on income and adjustment of accruals for prior
1,016,961
1,016,961
1,016,961
a
e
Exclusive of securities transactions.
Consolidated Balance Sheet Dec.
$
a
Property,
plant
equipment- 8,775,368
8,840,409
1.472,373
and
1,450,910
6,176,970
Cash
6,660,687
b Receivables
2,736,121
1,607,365
37,774.974 37,497,901
Inventories
Investments
33,060
Treasury stock-.
Deferred charges..
43,293
280,120
675,390
Other assets
c
$
.
325,120
567,276
31
1940
1939
1940
Assets—
Honolulu Oil Corp., Ltd.—25-Cent Dividend—
dividend of 25 cents per share on the common
Directors have declared a
amounts paid
$1 per share
stock, payable March 25 to holders of record March 14. Like
on Dec. 16 last and on March 15, 1940, and dividends totaling
were distributed during 1939.—V. 151, p. 3239.
Lighting & Power Co.—-Earnings—
1940—MonXhr-1939
1940—12 Mo/.—1939
Operating revenues..... $1,098,134
$995,453 $13,007,100 $12,237,283
Houston
Period End. Dec. 31—
Oper. exps., excl. direct
440,646
311,173
3,891
653,361
87,192
Cr73,133
5,282,259
2,225,529
1,460,318
5,352,981
1,582,991
1,406,920
Net oper. revenues...
Other income.
$342,424
$328,033
4,779
$4,038,994
17,760
$3,894,391
2,039
$344,463
80,208
13,713
$332,812
80,208
13,559
$4,056,754
$3,920,350
962,500
166,568
962,500
$250,542
$239,045
$2,927,686
$2,786,428
stocks for the period- ......
315,078
taxes
Direct taxes
... -
v
25,959
171,422
1939
$
$
d Common stock--12,712,012 12.712,012
12,953.100
e 85 cum. pref. stk 12,923,100
3,500.000
Notes payable
2,075,000
2,157,263
Accounts payable- 2,031,717
499,837
Accrued taxes
747,034
35,586
Miscell. accr. llab.
96,636
1.399,356
Other current liab. 1,469,556
Long-term debt of
755,000
subsidiary
675,000
887,442
Res. for contlng-.
887,442
89,142
Other reserves
116,237
Liabilities—
Surplus
23,545,603 22,654,862
57,279,338 57,644,000
a After deducting reserve for depreciation and depletion of $6,142,932 in
1940 and $5,734,547 in 1939.
b After deducting reserve for doubtful
accounts, &c.
c Represented by 28,012 (32,512 shares in 1939) shares of
common stock acquired for allotment and sales to officers and employees,
57,279,338 57,644,000
Total
Ltd.—Registers with SEC—
department.—V. 149, p. 4031.
first page of this
Gross income........
Int. on mtge. bonds
Other int. & deductions.
c
years,
$1,460,094
$1,803,609
....
Dividends declared...
.....
.........
1,021,999
1,021,999
c Earnings per share
$2.63
$2.13
a Includes provision for past service annuities of officers and employees
of $150,000.
b Consolidated figures,
c On 685,749 shares of no par com¬
mon stock.—V. 152, p. 121.
Total
Represented by 1,016,961 shareB, no par value, of whicjh 28,012 (32,512
in 1939) shares are held for allotment and sale to officers and employees,
e Represented by 129,531
no par shares, after deducing in 1939 349 shares
in treasury.—V. 152, p. 1130.
Net income
Divs. applic. to pref.
315,078
$2,612,608 $2,471,350
provision of $95,303 and $175,910 for Federal excess
month of December, 1940, and in the 12 months ended
Balance
Note—Includes
profits tax in the
Dec. 31, 1940, respectively.—V.
Howard Aircraft
153, p. 121.
Corp.—Earnings—
Income Statement
Year Ended Nov. 30,
Net sales..........—
Cost of goods sold
1940
*
505,152
Gross loss on sales
—
Selling, and general and
-
"$126,011
Gross loss......—..-..
Other income* ......... * ........ * ... . . ..
"
Net loss for the year...
Deficit at Dec. 1,
5,752
exp. and min. int. in
profits of a subsidiary.
11,811,370
10,073,285
7,527,715
12,613,660
Operating profit
$4,241,584
$3,299,415
121,085
20,934
$1,813,388
16,118
$4,699,339
57,008
$4,362,669
$3,320,350
$1,829,505
$4,756,347
taxes.al,192,802
523,499
219,886
673,319
Other income
Net earnings.
Prov.
for est.
State income
Fed. and
Profit on sale of
capital
Fed. and State taxes
for prior years
Deprec., deplet., &c
Miscell. adjust
JDr75,611
106,854
882,865
60,262
852",241
88,856
784,330
243,819
707,614
$1,868,999
$736,434
$3,131,595
180,000
180,000
679,442
180,000
2,717.766
$330,116 def$123,008
$233,829
1,358,883
$0.41
1,358,883
$2.17
paid
...
—
"
$2,513,936
Pref. dividends (6%)._.
180,000
Common dividends
1,698,605
Net income.
r
______
$635,332
Balance, surplus
Shares of common
K outstanding (no
stock
par).
1,358,883
Earned per share
a
Includes $109,213 excess
Si.71
1,358,883
1,358,883
$1.24
profits taxes.
...
1940
-
Balance Sheet Nov.
$291^906
30, 1940
Assets—Cash on hand and In banks, $40,216; receivables, $29,383;
property (net), $47,690; deferred charges, $111,070;
goodwill, $1; total, $379,885.
,
Liabilities—Bank loans (collateralized by 50,000 shares of corporation s
treasury stock, $6,320 of notes receivable, $6,562 of accounts receivable,
and inventory valued at $13,681), $123,920; other notes payable (finished
planes valued at $25,500 pledged as security), $14,500; accounts
trade creditors, $32,290; customers' credit balances, $1,905; accrued ex¬
inventories, $151,524;
payable-
$9-963; capital stock ($1 par), $222,625; paid-in surplus
surplus, $266,588; deficit from operations, Dr$291,906; total,
penses,
V.
148,
p.
and donated
$379,885.—-
3689.
Illinois Central
Gross from railway
Net from railway.
Net ry. oper.
RR.—-Earnings—
1941
January—
Cr394,050
assets
$120,259
171,647
1939..
Deficit at Nov. 30,
Cost oi sales, sed. & gen.
110,333
3,274
administrative expenses
Income charges
d
Harbison-Walker Refractories Co. (& Subs.)—Earns.
Consolidated Income Account for Calendar Years
1940
1939
1938
1937
Net sales
$16,052,954 $13,372,700 $9,341,103 $17,312,999
f 12-404
income...
$9,195,270
2,719,898
2,012,978
1939
1940
$8,682,224
2,069,768
1,219,068
$7,849,710
1.849,131
1,016.297
1938
$7,782,952
1,921,681
1,091,969
Earnings of System
January—
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 1435.
Indiana
SEC—
See list given
1941
$10,498,218
3,118,571
1940
$9,867,318
2,353,722
2,210,064
1,290,610
Associated Telephone
1939
1938
$8,955,350
$8,978,224
2,284,444
1,248,167
2,097,643
1,018,516
Corp.
Registers
:"V''•>
'-V ,
rv
on first page of this department.—V. 152, p. 1435.
with
1594
The Commercial & Financial Chronicle
Idaho Power Co.—Earnings—
Period End. Dec. 31—
1940—Month—1939
Operating revenues.—
Oper. exp., excl. direct
$551,933
$6,127,874
1,977,543
1,665,483
1,882,136
1,476,043
-.O.v
reserve
41,600
525,000
475,000
$166,373
$186,382
$2,294,695
404
Z>r2,099
$2,271,149
4,305
$166,777
$184,283
$2,275,454
56,250
56,250
675.000
7,929
12,992
116,679
$2,302,498
675,000
112,010
792
Gross income
Int. on mtge. bonds
Other Int. & deductions,
Int. charged to contruct,
1,201
3,142
1,291
(credit)
Net Income--$103,390
$116,332
Divs. applic. to preferred stocks for the period.—
in respect to certificates issued by the company's Toronto, Montreal and
New York transfer agencies and in the
prevailing equivalent in pounds
sterling in respect to certificates issued by the London transfer agency.
—V. 151. P. 2944.
7,803
$1,486,917
414,342
International Rys. of Central
Month of January—
Railway operating
—
$l,10z,437
Note—No provision has been made for Federal
no excess profits are indicated
.-y-V. 151, p. 3891.
Indiana Steel Products
'"Calendar
excess
Net income
1940
$5,302
1,874
1,907
228
$75,656
19,813
$0.76
—-
$2,763
2,539
26,816
8,250
—
$ 1,292
Provision for Federal income and income defense
taxes
-
Net profit—
profits tax
.
Dividends
per share on
capital stock.
$15,000), $16,000; trade acceptances and accounts receivable (less reserve),
$98,341; inventories, $191,312; other current assets, $675; lixedassets
(less
for depreciation of $126,126),
$315,800; patents (at cost) (less
reserves
r^erve for amortization of $59), $1,894; deferred charges, $12,033; total,
Liabilities—Accounts payable, trade, $73,183; accrued liabilities, $68,616;
stock (par $1), $100,OGO; appreciation
surplus, $74,619; earned
$408,016; treasury stock (934 shares at cost), Dr$8,173; total,
$716,261.—V. 151, p. 3563.
capital
surplus,
,
Power
Protective Committee—
Securities
$6,722,225
3,409,085
1,911,428
1,833,777
1,746,304
536,128
299,927
584,202
567,499
244,707
209,095
1,950,261
584,148
84,543
$1,198,866
44,766
$813,861
"*$834,268
30,234
20,842
$844,095
"$855,110
114,286
224,642
132,443
196,492
107,995
Sell., gen. & adm. exp
Deprecia'n & deplet'n..
Taxes--———————
Other income
Interest--
—---------
Pro v. for Fed. inc. taxes
Amount of bond prem. &
refunding
152,107
19,800
2.405
Net Income.
Divs. paid during year—
$955,035
600,000
$462,102
420,000
Balance
Earns, per eh. on cap,stk
$355,035
$42,102
$1.92
Cor p.-—Bondholders'
Corporation having defaulted on its bonds and having filed a petition
for reorganization under
Chapter X of the Bankruptcy Act, the following
committee has been organized to act in behalf of the bondholders:
Lee
Earns, applic. to min, int
a
j
$7,372,000 6lA% secured gold bonds, series C, due Dec. 1, 1955,
security for which there has been pledged a first mortgage on power
plants and other properties of the Societa Volta per Impresse Elettriche
(a)
as
and Societa Generale Italiana Edison di Elettricita of
Milan, Italy.
(0) $7,898,000 7% secured gold bonds, series E, due Feb. 1, 1957, as
security for which there has been pledged a first mortgage on power
plants
and
other
properties of the Societa Volta per Impresse Elettriche
Societa Generale Italiana Edison di Elettricita of
Milan, Italy.
and
(c) $4,108,000 7% secured gold bonds, series F, due Jan. 15,
1952, as
security for which there has been pledged a first mortgage on power plants
and other properties of the Societa
Generale Elettrica Oisalpina of Milan,
Italy.
According to the last published financial statement, corporation owned
$2,523,000 par value of the above mentioned bonds,
leaving $16,855,000
of bonds
outstanding.
Corporation was organized under the laws of the State of Delaware in
1923 for the purpose of
acquiring securities and obligations of leading public
utility companies in this country and abroad.
Corporation's principal
investments consist of first mortgages of the aforesaid Italian
companies,
which enjoy a high credit standing and are
reported to be earning substan¬
tially in excess of the interest and sinking fund requirements on their mort¬
gages.
The defaults are said to be due solely to their present
inability to
transfer to the trustee in New York
U, S. dollars to meet current interest
instalments.
The following defaults have occurred in the
payment of interest upon
bonds of the corporation: (1) Series
C, semi-annual int. due Dec. 1,
1940; (2) Series E, semi-annual int. due Aug. 1, 1940; (3) Series
E, semi¬
annual int. due Feb. 1, 1941;
(4) Series F, semi-annual int. due July 15,
1940; (5) Series F, semi-annual int. due Jan. 15, 1941.
the
$3.98
Comparative Consolidated Balance Sheet Dec. 31
1940
1939
1940
Liabilities—
Bonds
Accts. & notes
Accounts payable.
ceivable
re¬
(net).-
955,013
Bal.
of
800,744
574,485
Inventories
603,641
unrealized
dep. closed bks.
Investments
Total
sufficient
sum
in dollars
or
coupons
in lieu of dollars
to meet current
sufficient dollars to meet current interest
instalments when the restrictions
on
exchange are removed.
(c) The Italian companies purportedly satisfied the requirements of the
sinKing fund oy depositing with an Italian ban* for account of the trustee
and for cancellation the
requisite
ing
fund.
principal amount of bonds due the sink¬
•:
In addition to its investments in
mortgages of Italian public utilities,
the corporation as at
Sept. 30, 1940 owned other assets of a net realizaole
worth of approximately
$1,300,000, made up as follows:
Assets—
American and Canadian
securities—approximate market value
(cost—$3,577,732)
$2,064,241
25,928
14,345
Cash
Dividends receivable
Total
$2,104,514
Liabilities—
Bank loan (secured by $830,537.50 market
value of
American and Canadian securities)
Reserve for Federal taxes
Accrued expenses
Balance
on
income.
_
_
income
realized
from the corporation's
various
$1,304,383
investments dur¬
of the remedies which appear to be available to
them; and it will endeavor
formulate a fair and equitable plan of reorganization.
to
Tnrough judicious
and
cooperation
with
the
trustee,
95,481
103,850
80,147
1,651
.
13,450
Deferred rents
61,699
Res. lor contlng—
291,841
1
80,820
132,443
1,683
1
13,412,348 13,500,9401
c
28,852
Surplus
Total
31,737
50,000
2,072,368
1.694,426
——
13,412,348 13,500,940
a After deducting reserve for depreciation of $8,692,900 in 1940 and
$9,574,233 in 1939.
b Represented by 240,000 shares no par value,
c Includes
$32,704 representing discount on capital stock purchased and
retired In prior years.-—V. 152, p. 1436.
,
Interstate Department Stores,
Month of February-—
Sales.
Stores in operation
—V. 152, p. 1131.
Inc.—Sales—*
1941
$1,611,816
39
1940
$1.357,691
39
Investment Co. of America—Earnings—
Net asset value of the company, based on balance sheet of Feb. 28, 1941,
with securities owned adjusted to market
prices, was $17-66 per common
share.
-
,
This compares with $17.68 per share on Jan. 31,
per common share on Feb. 29, 1940.—V. 152, p.
1941, and with $19.74
831.
(Mead) Johnson & Co. (& Subs.)—Earnings—
Calendar Years—
1940
Gross profit from sales
Expenses..
—
Other deductions (net).-,Federal, State & Dom. taxes
Earnings
on
inc._
per common share
1939
1938
$4,960,067
2,686,088
6,640
a371,434
219.194
$5,058,082
2,728,689
31,920
78,779
$4,588,830
2,364,470
7,879
384,038
224.231
$1,814,009
119,000
1,155,000
$10.27
$1,608,212
119,000
1,155,000
$9.02
$1,676,711
119,000
1,155,000
$9.44
.
404,686
a
Including Federal excess profits tax of approximately $16,000.
Note—Provision for depreciation of property, plants and equipment,
included in the above statement, amounted to $190,823 in
1940, $196,080
for 1939 and $180,876 for 1938.
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $1,629,612; marketable securities, $328,094; accounts
receivable, $387,029; inventories, $2,946,845; investments and other assets,
$450,224; property, plants and equipment, $3,802,600; goodwill, $1;
trade-marks, patents and formulae, $21,921; deferred charges, $196,512;
total, $9,762,838.
Liabilities—Accounts payable, $765,111; accrued liabilities, $123,398;
Federal, State and Dominion government taxes on income, $369,045;
reserve, $195,500: 7% cum. pref. stock (par $10), $1,700,000; common
stock
(165,000 no par shares), $550,000; earned surplus, $6,059,783;
total, $9,762,838.—V. 151, p. 3399.
Kankakee Water Co.—Tenders—
The First Portland National Bank, Portland, Me., will until April 8
receive bids for the sale to it of sufficient 1st mtge. series A
4M% bonds
due July 1, 1959 to exhaust the sum of $7,500.—V. 149, p. 111.
Kansas Electric Power
Co.—Registers with SEC—
(I. B.) Kleinert Rubber Co.—20-Cent Dividend—
800,131
ing the fiscal year ended Sept. 30. 1940, amounted to $217,172.
Net
income, after provision for operating and management expenses and taxes,
amounted to $156,697, exclusive of profits or losses on sales of securities.
The committee will appear in behalf of bondholders in the
pending court
proceedings; it will study the problems involved and advise the bondholders
management
7,980,000
3,500,000
79,831
See list given on first page of this department.—Y. 152, p. 1437.
$500,000
295,000
5,131—
—„
Total
Accts. payrolls, &c
Fed. tax reserves..
9,019
Net profit
Dividends on preferred stock
Dividends on common stock
a
$
7,980,000
3,000.000
Unci. divs. & int.
Corporation recently notified its bondholders to the following effect;
(a) The Italian companies under the terms of their
mortgage indentures
are obliged to deposit with the
trustee in New York prior to each interest
(b) Due to restrictions imposed by the Italian
Government, the Italian
companies were unable to provide the dollar exchange, but a counter-value
in lire has been
deposited in an Italian bank under instructions from the
^Italian Exchange Board in an amount which was estimated to provide
b Capital stock...
61,699
212,191
Deferred charges..
Trade brands, &c_
1939
$
Prop. <fe plants..10,141,231 10,169.409
Cash
1,458,709
1,560,157
a
Special charges
date
$98,506
$2.11
$83,845
$2.29
Edward L. Fullers, President states:
As at the close of business on March 30, 1940, the
company completed a
plan of absorption of its subsidiaries, Retsof Mining Co., International
Salt Co., Inc., Avery Salt Co. and Detroit Rock Salt Co., by
dissolving
such subsidiaries and
causing their assets to be transferred to the parent
company in full satisfaction of the stock of the respective subsidiaries,
all of which was heid by the
parent company.
The consummation of
this plan has resulted in a more economical and efficient
operation by
such transfer of the entire
operations to the one company, International
Salt Co.
The corporate trustee, Bankers Trust
Co., has duly notified the corpora¬
tion and the Italian companies of the
foregoing defaults in the payment
of interest.
interest.
$506,936
408,430
Less discounts, returns and allowances.
S.
into the following three series:
16
$550,613
466,768
**
Buckingham, Chairman (Pres. Clinton Trust Co.), New York; Harry R.
(Vice-Pres. National Shawmut Bank), Boston; Francis E. Smith (Moors
Cabot), Boston; Ralph C. Tees (Sec. Guardian Trust Co.), Montreal;
Max Winkler (Bernard, Winkler &
Co.), New York, with Joshua Morrison,
Secretary, 20 Exchange Place, New York, and Scribner & Miller, Counsel,
40 Wall Street, New York.
Bonds of tne corporation as of
Sept. 30, 1940 totaled $19,378,000, divided
$717,943
210,991
10
_
Amott (Pres. Amott, Baker & Co.,
Inc.), New York; Horace Schermerhorn
&
$694,187
23,756
19,787
5,122
expenses
Miscell. other deductions
—
$0,012
)►Condensed Balance Sheet Dec. 31, 1940
4FJ feH * 4
Assets—Cash, $80,205; U, 8. Savings bonds at redemption value (cost
International
1937
$6,794,698
3,437,531
84,776
$128,776
18,054
Gross income
1938
$7,095,406
3,618,859
$1,243,632
$238,020
112,502
1939
$7,802,716
3,856,367
Gross sales
Cost of goods sold
1939
$87,539
$125,518
3,258
Income deductions
Distribution to employees
Earnings
profits tax.
excess
Consolidated Income Account for Calenaar Years
a
1940
Net profit from operations—
Other income
excess
$565,490
230,997
208,422
124,465
International Salt Co. (& Subs.)—Earnings—
profits tax since
Co.—Earnings—
Years—
Gross profit on sales
Selling, general and administrative expenses.
Provision for Federal
1940
1941
$499,099
226.863
189,015
110,351
Note—Company believed exempt from
Balance...—
America—Earnings-
,-V
revenues
Net revenue from railway operations
Income available for fixed charges
$1,516,779
414,342
$1,072,575
-
bondholders will be lessened.—
Directors at their monthly meeting held March 3 declared the 142dregular
quarterly dividend on the preferred stock of $1,75 per share in United States
currency.
It will be payable May 1 to shareholders of record April 1.
The Canadian Foreign Exchange Control Board has approved, as here¬
tofore, the disbursement in United States dollars of the dividend payable
■
43,800
1941
8,
International Nickel Co. of Canada, Ltd .—Dividend—-
r
176,277
165,483
Net oper. revenues
Other income (net)
_
$6,439,175
151,746
135,043
/■
taxes
Direct taxes
Prop, retirement
approprations
that the possibility of ultimate loss to the
V. 152, p. 1436.
1940—12 Mas.—1939
$514,771
March
the
committee
believes
Directors have declared a dividend of 20 cents per share on the common
stock, payable March 31 to holders of record March 15.
Dividends of
30 cents were paid on Dec. 20 and Sept. 30, last; and compare with 20 cents
in two preceding quarters; 50 cents on Dec.
21, 1939; 30 cents on Sept. 30,
1939; dividends of 10 cents on June 30 and March 31, 1939; a dividend of
25 cents on Dec. 24, 1938, and previously regular quarterly dividends of
10 cents per share were distributed.—V. 151, p. 2945.
Kaufmann Department Stores, Inc.—Loan—
The company has reported to the Securities and Exchange Commission
on Feb. 27 it borrowed $2,000,000 from the Bankers Trust Co.
The
loan is to mature in semi-annual instalments from
Sept. 1, 1941 to March 1,
that
Volume
1595
The Commercial & Financial Chronicle
152
1948, at 2% annual interest.
The proceeds
are
Consolidated Balance Sheet Dec. 31
to be used solely for the
'
purchase of outstanding shares of $5 cumulative preference stock.
To Reduce
Capital—
•
■
decreasing
purchased
by tne company.—V. 152, p. 681.
Directors have declared
■
Consolidated Income Account for
741
745
$
$
$
-
153,911,145 149,285,601 155,204,790
32,931
35,949
38,677
._
Net profit
^
10,450,624
6,587,839
2,659,065
Profit and loss surplus.
59,731,662
Shs. common stock out¬
.
standing (par $10).-Earns. per sh. on com..
10,712,513
6,587,833
2,409,216
53,720,364
reserve
in U.
5,489,921
5,489,921
$1.63
$1.95
5,489,921
$1.81
Property, State franchise, State income, &c., sales and gross income
b Includes $250,000 Dominion of Canada excess profits tax.
a
taxes,
a
Fixed assets..
80,721,420
264,146
$10)..,—— 55,178,817
land
18,777,986
308,200
329,003
C185.449
Inventories
6,186,070
20,548,345
Acc'ts receivable
securities
Cash
27,529,897
Claims
Acc'ts payable..
Accr.int.& taxes
Can. inc. taxes
Surplus
3,316,359
b
3,824,451
2,381,777
59,731,662
Treasury stock 1*716.277
Land, buildings, equipment, &c., after depreciation,
b
c Including
Canadian
Government
securities,
cost,
$1,533,225 in
1940 and $1,044,457
2,759,116
2,210,587
57,072,455
£*716,277
Total..——132,670.582 129,625,702
132,670,582 129,625,702
Total
a
159,594
3,327,559
Deferred charges
at
Reserves
241,053
.
4,881,651
Prov. for U. S. &
170,287
banks.
Misc. securities
3,394,636
4,922,856
4,803,511
contracts pay.
against
closed
55,178,817
2,284,975
5,103,526
d Mtges. &
U. S. Governm't
27,960 shares
d Including
in 1939 current mortgages and con¬
of sub.co-.- s
1,423,226
3,824,089
318,725
...
1941—2 Mos.—1940
$10,824,248 $10,115,540 $20,833,646 $19,664,194
Number of stores in operation on Feb. 28, last, were 675 in United States
and 61 in Canada, compared with 675 American and 60 Canadian a year
ago.—V. 152, p. 988.
428,545
58,105
56,382
36,942,8001
38,081,179 36,942,800
Total
After reserve fop depreciation of $24,650,714 in 1940 and $23,774,758
in 1939. y Includes Great Lakes Portland Cement Co.—V. 151, p. 2354.
Lerner Stores
Month
Corp.—Sales—
Kroger Grocery & Baking Co.—Sales—
989.
v
Privately—The
Lexington Water Co.—Bonds Sold
Libby, McNeill & Libby—Stock Option Not to Be
p.
Works—New Director—
Allen has been elected a director
1286.
of this company.—V. 152,
t
Locke Steel Chain Co.—Extra Dividend—
dividend of 10 cents per share in addi¬
a regular quarterly dividend of 30 cents per share on the common
stock, both payable April 1 to holders of record March 15.
Like amounts
paid on Dec. 27, last.—V. 151, p. 3565.
Directors have declared an extra
tion to
Lynxville Fur Sales, Inc.—'Registers
See list given on
with SEC—
first page of this department.
Co.—Earnings—
McCord Radiator & Mfg.
(J. A.) Lang & Sons—Extra Dividend—
have declared an extra dividend of 12*A cents per share in
dividend of 17 A cents per share on the
stock, both payable April 1 to holders of record March 15.
Special
dividend of 30 cents was paid on April 1, last.—V. 151, p. 107.
D:rectors
„
Selling, advertising, adminis. and
Shipping expenses
Provision for doubtful accounts
general expenses
1941—2 Mos.—1940
$2,124,542
$1,950,795
—V. 152, P. 988.
Total Income
Plant rearrangement expenses
Expenses in connection with modification
Loss on disposal of capital assets
Lehigh & New England RR.—Tenders—
Difference upon
translation of accounts
—y. 152, p. 1437.
Federal and Canadian income taxes
Lehigh Portland Cement Co.—Annuali Report—
during the year totaled $3,116,000.
improve working conditions, more
spent in the installation of dust collecting equipment at
five different locations.
Cement storage silos to supplement those already
in use were built at Fogelsville, Fordwick, Oglesby, and Iola at a total
cost of $640,000.
An additional $900,000 was required to complete the
reconstruction of the plant at Alsen.
Consolidated Income Account for Calendar Years
than $100,000 was
1938
1937
Sales, less disct., allow¬
ances, &c._
...$16,923,588
Manuf. shipping cost
Prdv. for depr. &
deplet.
& gen-
Selling, admin.
eralexpenses
Dues for sales promot'n.
$14,804,465 $12,073,737 $12,400,938
9,688,255
8,360,132
7.444,261
7,274,146
1,854,630
1,621,768
1,672,353
1,821,899
2,034,285
237,842
265,178
$2,496,329
Oper. profit
2,282,737
242,389
2,182,744
292,537
$2,297,439
$536,537
$1,005,430
$1,352,712
102,167
2,591,837
215,051
403,821
245,144
$2,711,380
Fed. inc. taxes
680,523
$2,701,260
444,039
$781,681
77,678
Miscellaneous income—
Total income
Prov. for
a
Earnings per
$2.71.
b Includes
347,281
$704,003 $1,250,545
227,004
245,456
754,307
1,098,986
was
share of common in 1940 was $2.41 and in 1939
operation of Great Lakes Portland Cement Co.
—-a$2.030,857 a$2,257,221
227,004
227,004
Common dividends1,123,255
1,129,131
Net income-..-..
Preferred dividends
Interest on debentures and
660
Other interest
Federal tax thereon...
expense
a
...
—
Net profit
Joseph 8. Young, President, says in part:
Taxes are a constantly increasing factor in the cost of doing business.,
The total of direct taxes in 1939 was $1,071,000, the equivalent of $1.38
per common share.
In 1940 the total of direct taxes charged to operations
rose to $1,337,000, or $1.79 per common share, more than the amount of
the current common dividend.
At the close of 1939, Lehigh owned 22,600 shares of A and 20,100 shares
of B stock of Great Lakes Portland Cement Corp., representing a majority
interest of 52% of the then outstanding stock.
Early in 1940 Lehigh sub¬
mitted an offer to Great Lakes minority holders to purchase all of the
remaining stock of the corporation at a price of $33 per share for A and $1
per share for B.
In response to this offer, 19,986 shares of A and 18,065
shares of B have been acquired during the year, thereby raising Lehigh's
proportionate holding to 98%.
The total cash paid for this additional
Great Lakes stock was $677,622.
Because substantially the entire owner¬
ship of Great Lakes is now vested in Lehigh, the accounts of this sub¬
sidiary have for the first time been consolidated with those of the parent
1939
1,310
224
111,096
84,940
depreciation
Provision for
bl940
$385,224
51,209
14,859
11,719
6,951
Miscellaneous deductions
Co., Philadelphia, Pa., will
until March 14 receive bids for tne sale to it on April 1 of sufficient general
mortgage bonds to exhaust the sum of $85,182 at prices not exceeding 102.
Tradesmen's National Bank & Trust
Lehigh company.
Capital additions and improvements
In the furtherance of its program to
...
of debs.
$376,185
9,038
$489,313
Other income
a
$1,212,018
647,019
181,246
7,568
$461,661
27,653
Operating profit
common
1939
1940,^
$1,401,226
743,722
195,844
Years Ended Dec. 31—
Gross profit..
period.—V. 152, p. 1437, 1132.
addition to the regular quarterly
The
Exercised
Glore Forgan & Co. to buy the remaining 1,500,000 shares
Libby common stock owned by Swift & Co. which
expired Feb. 28, is not being exercised.
A syndicate headed by this firm
sold 1,518,639 shares of the stock on Jan. 29.
Under the underwriters' arrangement with Swift, the latter agreed that,
if the option was not exercised, it would not dispose of the balance of the
stock for six months after expiration, except with the written consent of
the underwriter or except at a price not less than 50 cents per share above
the offering price.
In view of the present market price of the stock, it is, therefore, likely
that the remainder of the stock will remain in the hands of Swift & Co. for
the next few months, at least.
Unless a favorable market develops in the
meantime or unless the Department of Justice grants an extension on
Swift's time limit for disposal of its holdings, however, the company ap¬
parently will be obliged to issue its remaining Libby shares as a special
dividend to Swift stockholders after the six months period has passed.
—V. 152, P. 1285.
March 3 reported an 8% gain in sales of the
period of 1941 over sales for the same period in 1940which ended Feb. 22 were $21,005,973 compared with
sales of $19,402,895 for the corresponding period in 1940.
Average number cf stores in operation during the period was 3,705
compared with an average of 3,945 stores in operation during the 1940
1941—Month—1940
$1,017,903
$924,247
com¬
has sold privately to insurance companies $2,450,000
1st mtge. 3 Y^% bonds dated Jan. 1, 1941, due Jan. 1, 1966.
Proceeds will be used to redeem $2,400,000 1st mtge. 4s.—
V. 146, p. 1715.
pany
Sales for the period
Bryant, Inc.—Sales-—
$2,322,746
$2,401,313
Sales.
Officials of the company on
Lane
1940
1941
of February—
—V. 152, p.
second four-week
Period End. Feb. 28—
52,419
9,926,337
10,606,935
Dr313,848 £*313,848
882,709
3,108.160
Lima Locomotive
Sales.................
i.
Surplus-
38,081,179
Bertram S.
Sales
second
Min. int. cap. stock
x
Sales—
1941—Month—1940
fire Ins. reserves
strip¬
Total
tracts.
Period End. Feb. 28—
1.000,000
Res. for compen. &
of Libby, McNeill &
Com. stock (par
272,921
20,092,857
Leaseholds
120,000
1,000,000
4,301,618
3,637,429
The option of
$
Liabilities—
$
80,865,135
93,456
Treasury stock
ping chgs., &c_.
Prepaid insurance.
1939
1940
1939
$
474,221
716,655
bags
71,393
& doubtful accts.
Consolidated Balance Sheet Dec. 31
1940
Assets
Federal
'
1,000,000
1,000,000
4,562,519
securities....
Unabsorbed
for
Res. for returnable
S.
Accts. & bills rec.,
less res. for disc.
4,124,680
51,411,148
5,489,921
$1.89
7,411,324
8,997,051
6,587,835
3,862,785
57,072,455
10,070,389
Balance, surplus
8
5,675,100
Income tax
Investm't of lnsur.
Inventories
158,724,088 153,944,077 149,321,550 155,243,467
Cost of sales & sell. exp. 135,901,874 131,745,608 129,235,608 132,856,020
a Taxes.
4,713,564
5,092,938
5,125,499
5,059,691
271,224
205,148
Interest
188,871
133,213
3,582,643
3,681,573
3,814,752
Depreciation & amortiz.
3,789,614
149,100
Flood losses
14,627
73,140
Loss on disposals of fixed
233,404
146,092
144,094
assets, &c
269,307
2,100,000
U. S. & Can. inc. taxes.. b3,500,000
1,890,000
2,460,000
625,000
Surtax on undist. income
Total income
Prov.
125,998
118,212
U. 8. securities... 2,567,624
Other
marketable
1937
1938
745
743
$
accounts receiv.
Cash
Calendar Years
1939
1940
Sales Quel, subsidiaries) -158.678,509
Other Income
45,578
1939
$
Liabilities—
Preferred stock...
Govt, securities.
(S. S.) Kresge Co. (& Subs.)—Earnings—
Common divs. (cash)...
$
ma¬
...
dividend of 25 cents per share on the common
stock, payable March 14 to holders of record March 7.
Dividend of $1
was paid on Dec.
21, last, and dividends of 50 cents was paid on Jan. 25,
1940 and on Jan. 28, 1938.—V. 151, p. 3748.
Number of stores
Land, bldg.,
chinery, &c
.
Inc.—To Pay 25-Cent Dividend—
a
yl940
1939
5,675,100
23,595,260 21,305,783 Com. stk.(par 525) 19,248,638 19,248,638
378,496
Accounts payable.
Mineral
495,422
deposits,
less depletion-.
469,476 Accrd. wages, sal¬
543j749
aries & general
Invest, in & adv.
377,203
taxes.
449,807
to affll. cos
1,624,977
56,653
Dividends payable
56,595
Long-term notes &
x
Stockholders at their annual meeting on March 17 will consider
the capital stock by retiring 1,500 shares of 5% preference stock
Kobacker Stores,
yl940
$
v;i'.'
Assets—
(net)
-
-
Of Canadian branch
83,603
43,441
107,649
34,755
$69,036
$253,086
and exchange loss on funds transferred
for 1940 amounted to $113,716.
therefrom*
b Provision for depreciation
Balance Sheet Dec. 31, 1940
hand, $262,975; trade accounts and notes
of $15,000), $848,734; advances to manufacturers,
Assets—Cash on deposit and on
receivable (less reserve
$200,554; inventories, $1,036,197; investments and other assets, $145,009;
property, plant, and equipment (less reserves for depreciation of $1,353,870), $1,876,557; deferred charges, $175,328; total, $1,454,354.
Liabilities—Notes
payable to bank (secured)—$433,000; Accounts
payable,
$905,599; accrued interest, taxes, and insurance,
$50,294;
judgment
payable—instalment due April 24, 1941, $17,848;
balance of additional Federal taxes on income of year 1936 and accrued
unpaid
interest thereon,
(est.),
1940
$39,381; Federal and Canadian taxes on
$120,000;
long-term debt,
income of year
$1,371,000; judgment payable,
$35 697' reserves for contingencies, $55,000; reserve for workmen's com¬
pensation insurance, $10,000; class A stock (at stated value equal to $5 per
share), $136,625; funding stock (25,571 shares no par), $498,635; class B
stock (235,689 shares no par), $235,689; capital surplus, $794,230; earned
deficit, $157,644; total, $4,545,354.—V. 151, p. 2354.
McCrory Stores
Period End. Feb. 28—
Sales.
operation
152, p. 1133.
Stores in
—V.
Corp.—Sales—
1941—Month—1940
1941—2 Mos. —1940
$2,997,942 $6,150,153 $5,765,348
$3,223,990
__
199
—
McGraw-Hill Publishing Co., Inc.
Report— >
201
(& Subs.)—Annual
:
1940
1939
1938
$12,560,682 $11,525,966 $10,936,839
Calendar Years—
Gross revenues
1937
$12,101,037
Oper! exp., incl. Fed. tax 11,105,798
10,586,862
10,209,602
10,258,261
$1,454,883
$939,104
$727,236
$1,842,777
87,519
62,334
60,244
$1,537,360
134,196
$1,026,624
147,246
$789,571
155,436
$1,903,021
157,513
140,613
350.520
144,370
xll4,742
127,514
95,698
158,291
482,021
profit
$912,031
$620,266
dividends.
360,000
180,000
Shs.com.stk.out.(no par)
600,000
600,000
Earnings per share
$1.50
$1.03
x Includes undistributed profits taxes.
$410,922
90,000
600,000
$0.68
$1,105,200
Operating income
82,476
Other income
Total income...—
Interest
Minority interest
Provision for taxes—
Net
Common
—
360,000
600,000
$1.84
The Commercial & Financial Chronicle
1596
Inv. In assoc.
cos-.^i 534,699
b Real estate
127,659
3,760,609
-
Furn. A fixtures-
Publication
.
181,426
Prepaid A clef. exp.
1
,
titles,
copyrights,
sub-
scrip. lists, trade
marks A goodw.
a
10,112,233
Total
—19,926,053 19,475,329
Total
$
366,585
1,142,432
reserve
-
-
-
Depreciation
3,356,400
903,750
23,752
-
1,223,517
3,000,000
6,216,158
2,902,734
for deprecia¬
Change Stock—
1,059,583
1,052,816
$2,680,764
$1,173,508
234,943
b640,000
290,521
200,000
*$739,178
189,993
$1,940,648
140,957
360,000
155.000
Net profit- .---.C$1,805,821
d $682,987
298,667
x$929.171
149,334
$1,284,691
746,669
$384,320def$1078,505
$538,022
Total profit-
-
Other deductions.Surtax
undist. profits
on
Dividends.——
Surplus.
896.002
-
—
—
1941
Consolidated Balance Sheet Dec. 31
-
SI,465,653
—
$1,311,723
McKay Machine Co., Youngstown, Ohio—Earnings—
1938
1939
1940
1937
$904,282
675,289
$727,509
515,751
$866,580
656,654
$1,012,946
735.641
126,808
108,967
106,073
126,080
Net operating profit—
Other income
$102,185
5,729
$102,789
7,269
$103,853
3,389
$151,225
6,712
Total income..
Other deductions
$107,914
$110,059
$107,242
3,233
$157,938
3,107
Cost of goods sold
Selling, general, adminin.
exps. and taxes (other
than income taxes)
equipment,
chinery, Ac
—
719
858
25,727
18,773
17,370
26,302
$81,468
2,320
66,674
$90,427
2,320
66,674
$86,639
2,320
53,339
$128,529
2,320
93,343
$1.48
$1.65
$1.58
Neb income-
dividends
dividends
Earnings per share on
53,339shs. of com. stk.
Balance Sheet Dec. 31, 1940
hand and
on
applications pending, $6,172; deferred charges, $7,043; total, $545,068.
1938 and 1939 have been reviewed by the Bureau of Internal
made.
The assessment for 1939 has
accepted and provision therefor made in the accounts.
The assess¬
ment for 1938 in the amount of $194,493 has been formally protested by the
company.
The ultimate liability, if any, is not known and no provision
$20,000; accounts payable, trade, $32,599;
unpaid salaries, wages, and bonuses, $21,433; accrued Federal and local
taxes (estimated), $28,202; other accrued expenses,
$3,517; contingent
reserve, $5,000; 8% cumulative preferred stock (290 shares), $29,000;
common stock (53,339 shares no par), $201,600 ; earned surplus, $203,718;
total, $545,068.—V. 151, p. 3893.
McLouth Steel
has been made therefor in the
dividend of 25 cents per share on the common
stock, payable March 14 to holders of record March 7.
Dividend of 40
cents was paid on Dec. 17, last; 35 cents was paid on May 29, last, and an
initial dividend of 25 cents was paid on Feb. 15, last.—V. 151, p. 2946.
a
Inc.—To Redeem Pre¬
ferred Stock—
All of the
outstanding 7%*cum. conv. pref. stock has been called for
on April 1 at $115*per share and accrued dividends.
Payment
will be made at the Bankers Trust Co., N. Y. City.—V. 151, p. 3245.
redemption
Middle States Telephone Co. of
Illinois—Securities Sold
recently sold privately (a) $1,100,000 1st mtge. 3%% bonds at 103.4, and (6) $200,000 3%
debentures at par.
Bonds are dated Feb. 1, 1941, and ma¬
ture Feb. 1,1966, and the debentures are dated Feb. 1,1941,
and mature $20,000 annually Feb. 1, 1942-1950.
Proceeds
will be used to retire present outstanding bonds and all pre¬
ferred stock.—V. 152, p. 1287.
Privately—The
company
William F. Fischer. President of
Telephone & Telegraph Co.—Earns.
Month of January—
Operating
tne election
Executive Vice-President.—V. 152.
'p.980.
Merck & Co.,
Inc.—6Q-Cent Common Dividend—
a dividend of 60 cents per share on the common
stock, payable April 1 to holders of record March 15. This compares with
an extra of 80 cents and a dividend of 40 cents paid on Dec. 27, last; 40
cents
paid
on
Oct.
1
and July
1, last and previously regular quarterly
distributed.—V. 151, p. 3401.
dividends of 25 cents per share were
Mesta Machine Co.—Annual
Lorenz Iversen,
Report—
President, states:
Net capital expenditures for the year amounted to $2,640,670.
A major
part of the equipment represented by these capital expenditures was
manufactured in company's own shops and has been capitalized at actual
Net earnings would have been considerably higher
had this equipment been
manufactured for sale instead of company's own
use.
■■
The
=;
-
,
,
-
••
.
.■
forgings facilities covered by an appropriation out of 1939
earnings were placed in operation during the past year and are now an
important factor in the National defense program.
In order to assist in fulfilling the urgent requirements of the Government
for equipment such as large planers for armor plate, forging presses, gun
lathes, guns, &c., directors appropriated $1,500,000.
Uncompleted business carried on the books at the end of the year
amounted to $22,954,048, which compares with $10,797,740 carried over
from 1939.
This increase is due both to the greatly accelerated operations
of the steel industry and Government contracts for ordnance.
The amount of unfilled orders carried over from 1940 insures operations
at maximum capacity during the present year.
new
Calendar Years—
a
1938
$7,611,373
$7,672,715
788,457
405,114
$5,148,172
689,483
363,682
359,999
10,593
2,458
24,345
1,903
208,000
604,000
331.873
cl,040,000
189,000
590,000
$3,083,032
$2,715,427
1,975,958
1,481,968
$2,909,957
2,469,948
$4,668,029
3,951,916
$1,107,074
$3.08
$1,233,459
$2.71
$440,009
$716,113
$4.67
$4,920,394
49,883
$6,014,427
801,980
$4,970,277
728,011
b348,078
b342,725
490,197
_
Gen., admin. & sell, exps
Depreciation
-
Taxes
on
1937
$5,124,507
23,665
$5,976,867
37,560
Total income
Loss
1939
1940
Profit from operations.
Add other income-.
61,342
305,819
531,619
disposal of capit21,140
assets—
Rents
Prov. for Pa. inc. tax.—
Prov. for Fed. inc. tax.,
Prov. for Fed. surtax.„
230,000
— .
Operating revenues
Operating expenses
— — —
revenues—
$2,162,239
$2,305,998
1,519,825
.
1941
$2,313,315
7,317
$2,152,455
1,458,602
"$786,173
revenues
Uncollectible operating revenue—
Net operating
Operating taxes
Co.—New Officer—
the'company, has announced
of Robert N. Rose of New York City as
tal
Mountain States
accounts.—Y. 152, p. 1438.
Manufacturers Casualty Insurance
cost of manufacture.
Corp.—25-Cent Dividend—
Mock, Judson, Voehringer Co.,
year
Revenue and preliminary assessments
been
Liabilities—Notes payable,
Directors have declared
47,010,802 42,982,657
Total---
$18,955,547 in 1940 and $18,351,080
for depreciation of
reserve
Directors have declared
deposit, $55,597; acc ts receivable—trade
(less reserve of $2,500), $106,454; Inventories, $81,582; property, plant and
equipment (reserves for depreciation, $171,272), $288,220; patents and
on
$
b Represented by 597,335 no par shares in hands of public,
Includes advances on contracts,
d Federal income tax returns filed for
the
$2.37
tax__
1939
'
Capital stock— 2,986,675
2,986,675
Drafts payable—
978,251
210,007
2,756,604
12,692,592 Accounts payable- 2,876,451
1,960,514
2,167,729 Accrued accounts- 1,898,928
80,952
12,346,659 Customers' depos_c2,101,828
2,300
2,300
14,739.950 Minority Interests
383,237
780,340 Est. Fed. Inc. tax. dG54,183
12,596 Capital surplus.—25,874,647 25,874,547
9,637,640
8,727,821
242,791 Earned surplus
47,010,802 42,982,657
After
1939.
a
Provision for Federal in¬
Assets—Cash
rec.
Total
c
Preferred
ma¬
12,117,981
5,865,719
11,136,471
Inventories
16,480,056
Sundry lnvestm'ts 1,088,442
Deps. In closed bks
6,882
Deferred charges.,
315,251
Accts. A notes
in
$
UabilUies—
b
Real est., bldgs.,
Cash
Calendar Years—
1940
1939
1940
1940
—V. 152, p. 989.
Common
$3.02
Assets—
a
Gross sales, less discount,
returns and allowances
$909,819
$1.14
Nil
$2.15
a Before deducting maintenance, repairs, and depreciation,
b No pro¬
vision necessary for excess profits tax.
c Includes nominal amount of profit
in respect to Canadian subsidiary,
d After deducting net loss resulting
from operation of Canadian subsidiary,
x Loss.
McLellan Stores Co.—Sales—
come
~
Earns, per sh. on 597,335
shares capital stock—
outstanding) into an equal number of shares of common stock without
value.—V. 152, p. 1286.
February—
$887,832
1.296.167
par
Month of
Sales—
x$122,659 x$l,798,761
Net operating profit-- $1,483,397
Other income—1.1971367
Federal income taxes—
Stockholders at their annual meeting on March 15 will consider changing
the presently autnorized 150,000 shares of preferred stock (none of which
is
-
90,660
250,000
tion and revaluation.
To
1937
$35,569,455 $25,595,925 $34,212,795
2,397.483
-322,562
3,208,739
1.476,563
1.069,183
1,146,552
1,040,482
1,043,579
1,052,140
1,174,354
Sales (net)
$44,052,346
a Net operating profit-4,188,607
Maintenance and repairs
1,664,728
-19,926,053 19,475,329
b After
Represented by 600,000 no par shares,
1938
1939
1940
1939
$
2,413,373 Accounts payable
375,675
740,197
1,016,044 Accrued liabilities693,975
1,094,606 Accrued taxes—121,443 pivs. payable
208,965 Obllgs. due serially
658,619 Mtge. upon land A
3,255,200
87,273
buildings
902,240
3,862,771 Reserves
1 Deferred Income—
26,997
Minority stock¬
holders' Interest 1,260,146
a Common stock.
3,000,000
10,112,233 Capital surplus
6,216,158
Earned surplus
3,454,765
2,960,702
Accte, A notes rec. 1,023,262
Inventories1,098,411
Cash value life ins.
137,160
Cash
Other assets——
UabilUies—
$
$
Assets—
1940
1939
1941
Consolidated Income Account for Calendar Years
Condensed Consolidated Balance Sheet Dec. 31
1940
March
$693,853
327,588
Earns, per sh. on com..
$366,265
285,008
After deducting maintenance and repairs, and royalties, but before
depreciation, Ac.
b Includes amortization,
c No provision required for
excess profits tax.
Balance Sheet Dec. 31
_.
_—
367,518
1940
9,784
Net profit for year—
Common dividends
Balance, surplus
896,377
124,292
$2.91
a
Net operating income
Net Income
—V. 152, p. 1135.
;j
$418,655
314,811
1940
(I.) Magnin & Co.—15-Cent Dividend—
Directors have declared
a
dividend of 15 cents per share on the common
stock, payable March 15 to holders of record March 7. Previously regular
quarterly dividends of 10 cents per share were distributed.—V. 147, p. 119.
Manila Electric RR. &
Subs.)—Annual Report—
E. O. Fink, President, states in part:
The uncertainties caused by the
major influence in our affairs.
Domestic business improved
only slightly and business With the United States and foreign governments
while substantial, was Irregular.
A more settled policy seems to be growing
in planning for future needs, and customers demands have Decome steadier
and a long range policy of purchasing new vehicles has recently developed.
Purchasers are recognizing the fact that trucks and buses, at least the
better grade ones, cannot be taken off the shelf without a lot of ground work
and preparation.
The year as a whole is the best one as to volume and profits since 1930
and the response of our customers is gratifying evidence that the company's
aggressive policies in sales, engineering and research are meeting with favor.
The backlog of orders at Dec. 31, 1940, was the largest in the company's
history, approximately three quarters being due to orders from the United
States and foreign governments.
Taxes continue to be a heavy burden.
The Federal and State social
security programs covering old age benefits and unemployment insurance
cost us in taxes $557,218 as compared with $417,387 for 1939.
Total taxes
paid during the year 1940 equal $3.69 per share of stock outstanding which
compares vnth $2.42 per share for the year 1939.
It is estimated that our Federal income taxes for the year 1940 payable in
1941 will be approximately $640,000, or $1.07 per share.
were
a
$
a
Cash
5,285,645
5,213,003
Accounts payable.
Accrued payrolls—
2,564,089
2,174,089
1,419,493
5,934
34,423
Acc'ts
rec.
under
28,500
Acc'ts rec., Ac
Inventories
1,522,821
5,357
51,278
Intangible assets..
Deferred charges.
Inv.
to
In
and
-
Common stock.
Adv. collections
310,070
.
_
a
18.796,368
Acer. gen. taxes..
Calendar Years—
Net inc. from oper. and
royalties,
net
1940
1,223,520
178,592
493,990
494*,001
1,283,606
318,671
788,539
308,244
305,925
472,206
reserves
-
8,373,151
Z>r68,178
7,266,077
Z>r68,178
——18,796,368 15,496,720
Total
Represented by shares of $5 par.—V. 151,
Minnesota Mining & Mfg.
1,733,211
313,817
875,894
Surplus
15,496,720
5,000,000
on
Treasury stock—
Total
$
5,000,000
contracts
Dividends payable
Acer. Inc. taxes
Other
advs.
foreign corp.
1939
1940
Liabilities—
$
6,621,278
The year or 1940 was an unusual one.
war
1939
$
9,057,108
term contracts.-
Lighting Corp.—Tenders—
Tenders for the sale to the sinking fund of 5% 50-year first lien and
collateral trust sinking fund gold bonds are being invited in an amount
sufficient to exhaust the sum of $144,080 and at prices not to exceed 105%
and accrued interest.
Offers will be received to noon, March 10, 1941,
at the corporate trust department of Chase National Bank,successor trustee,
11 Broad Street, New York.—V. 151. p. 1435.
Mack Trucks, Inc. (&
Assets—
Permanent assets.
p.
2947.
Co.—Earnings1939
1938
1937
invest.
inc. &oth. inc. credits $6,823,787
Prov. for Federal taxes.. d2,635,000
a Loss from demolition.
$5,463,367
1,090,000
$4,266,093
840,000
8,393
15,676
$4,515,347
1,025,000
43,736
27,032
e$4,364,974
8,339,307
$3,410,417
6,599,179
c59,979
$3,419,578
5,272,031
b90,981
Total surplus.
$14,586,044 $12,704,281 $10,069,575
Dividends paid-----2,307,024
2,307,024
1,730,268
Adjustments
;
$8,782,591
2,159,392
24,020
Other deductions
Net income for year._e$4,188,787
Surplus Jan. 1
10,397,257
—
_
Miscellaneous credits—
Surplus Dec.31
—
$12,279,020 $10,397,257
$8,339,307
$6,599,179
Old buildings abandoned in connection with extension of plant, b Ad¬
justment of reserves for depreciation,
c Reserve for market decline in
a
Volume
ecurities, such
ror
e
securities
Earnings
reserve having been provided from surplus in prior years
sold,
d Including $875,000 Federal excess profits tax.
share of capital stock in 1940 was $4.36 and in 1939. $4.54.
1940
$
$
893,708
1,452,262
rec'ble..
Plant,
66,496
77,219
1,601,713
3,244,391
2,883,780
2,883,780
....12,279,020 10,397,257
4,753,801
Surplus..
expenses
Less
600,000
6,889
6,863
$233,281
$3,014,572
$3,059,408
term investments
Net oper. revenues...
Other income.
$199,437
37
17
1.343
1,457
$199,474
133,850
4,993
$233,298
134,642
5,389
$3,015,915
1,608,153
72,368
$3,060,865
1,618,430
70,122
153
247
4,733
1,768
$93,514
applicable to preferred stocks for the period
$1,340,127
990,825
$1,374,081
Gross income
1
1
Int. on mortgage bonds.
Other int. & deductions.
l
Interest
30,033
.
Total...
a
650,000
572
Property retirement re¬
serve appropriations..
1
24,172
fundlpols.
Patents
18,798,294
reserves
15,139,529
18,798,293 15.139,529
Total.....
for depreciation of $2,291,873 in 1940
and $1,941,886 in
150, p. 1941.
Minnesota & Ontario Paper Co. (Maine)—Exchange
•.'"■/i';
Securities—
charged to con¬
struction
b Represented by 961,260 shares of no par value.—V.
1939.
75.000
574
.
...
Cash val. life ins. &
Prepaid
1,899.576
1,153,038
54,167
;
&
equipment
pens,
2,377,721
1,380,591
stock...
629,369
5,549,109
prop.
Capital
$6,718,885
195,078
99,558
excl.
Amortization of limited-
for taxes.
b
635,459
Investments
a
Accr'd wages, Int.,
taxes and res've
3,494,993
expenses,
$7,429,773
200,370
174,706
revenues
Direct taxes
256,779
391,102
Accounts payable.
Operating
Operating
1940—12 Mos —1939
1940—Month—1939
$629,254
$603,489
Period Ended Dec. 31—
ing direct taxes
$
S
Liabilities—
3,814,003
5,405,384
49,295
secur.
Trade accts. rec'le 2,104,471
Inventories
4,958,044
Other notes & ac¬
1939
1940
1939
Assets—
Cash
counts
Light Co.—Earnings-
Minnesota Power &
now
per
Condensed Balance Sheet Dec. 31
Marketable
1597
The Commercial & Financial Chronicle
152
/' '
'!
of
"
(Cr)
Net income
Divs.
$60,784
$349,302
Balance.
Note—Includes provision of $50,000 for Federal excess profits
of December, 1940, and in the 12 months ended Dec.
month
<
of reorganization
U. S. District Court, District of
990,828
'
$383,253
tax in the
31, 1940.
—V. 151, p. 3894.
Under date of Jan. 10, 1941, the trustees' amended plan
dated July 16, 1940 was confirmed by the
Minnesota, Fourth Division.
Feb. 28,1941,
and on that date a new company, Minnesota & Ontario Paper Co. (a Min¬
nesota corporation), acquired all the assets of the old Maine company an
of the trustees thereof.
Upon consummation, all claims affected by the
plan, including first mortgage 6% gold bonds and 5-year 6% gold notes
and certificates of deposit therefor became of no further force or effect except
for the purpose of exchange in accordance with the plan.
The new company, pursuant to court order, has appointed Halsey, Stuart
& Co. Inc. as its exchange agent to effect exchanges of securities and claims
Pursuant to orders of the Court, the plan was consummated
pursuant to the plan.
:
The new securities and cash payments provided under the plan are now
ready for distribution and may be obtained from Halsey, Stuart & Co. Inc.,
upon delivery of the old securities or certificates of deposit therefor to Halsey,
Stuart & Co. Inc. at its office at 201 South La Salle St., Chicago, 111.
For
have been made
certificates of deposit therefor (whether such certi¬
or without Canada) may be forwarded through any
the convenience of holders residing in Canada, arrangements
whereby old securities
ficates
or
issued within
were
branch in Canada of the Bank of Montreal.
Requisite action has been taken by the board of directors of the new
company whereby interest at the full rate of 5% will be paid May 1, 1941
on
the
new
bonds.
of reorganization dated July 16, 1940 provides for the
organization of a new company which shall acquire all of the assets of the old
company and its trustees upon the issuance therefor of $12,200,000 of new
first & Collateral mortgage 5% income bonds due Jan. 1, 1960, 1,324,393
shares of new stock and the payment of $167,869.
Such securities and cash
will be distributed to the creditors of the old company as follows:
The amended plan
6% Gold Bonds (or certificates of deposit therefor)
Bonds—The holder of each $1,000 in principal amount and all
interest coupons appertaining thereto maturing on and after April 1, 1941
will receive In exchange therefor $500 of new bonds, 40 shares of new stock
and $7.50in cash, to adjust interest to Jan. 1,1931, the date to which interest
on Series B bonds was paid.
Series B Bonds—The holder of each $1,000 in principal amount and all
interest coupons appertaining thereto maturing on and after July 1, 1981
will receive in exchange therefor $500 of new bonds and 40 shares of new
Holders of 1st Mtge
Series A
stock
.
.
Series C Bonds—The holder of each $1,000
in principal amount and all
May 1, 1931
of new stock
which interest
interest coupons appertaining thereto maturing on and after
will receive in exchange therefor $500 of new bonds, 40 shares
and $5 in cash, to adjust interest
on series B bonds was paid.
to Jan. 1, 1931, the date to
General (Unsecured)
Holders of 5-
Creditors
Year 6% Gold Notes (or Certificates of Deposit
The holder of each $1,000 in
therefor)
principal amount, and the interest coupon
appertaining thereto maturing on March 1, 1931, will receive in exchange
therefor 30 shares of new stock, and $7.50 in cash as an adjusted interest
payment.
General
Other
The holder of each $100
Creditors
the
director oi
of unsecured indebtedness will receive in
exchange
debt less than $100 and for
amounts in excess of multiples of $100 of principal of unsecured debt,
holder will receive cash at the rate of 25 cents for each dollar of such
152,
He
Preferred and Common Stockholders
>
and the holders of its preferred and
common stock have no equity in its assets, no provision is made for the
issuance of any securities of the new company of any character or the pay¬
ment of any cash to such stockholders.
Of the 1,500,000 authorized shares of new stock, 976,000 shares will be
distributable to the bondholders, 348,393 shares will be distributable to the
unsecured creditors, 20,151 shares will be reserved for issuance in acquiring
claims of certain general creditors of wholly owned Canadian subsidiaries
of the old company, and 155,456 shares will be reserved for other appropriate
Since the old company is insolvent
corporate purposes.
The new bonds will be dated and bear interest from Jan. 1, 1940; and will
be coupon bonds registerable as to principal only.
5% interest will be
paid annually, to the extent earned and subject to the provisions of the
new mortgage, on May 1 of each year beginning with May 1,1941.
Interest
will be cumulative, but accumulations of interest shall not bear interest
All unpaid interest will become absolutely due and payable at the maturity
of the new bonds.
Principal and interest will be payable in United States
funds.
Monongahela Ry. Co.—Bonds Authorized—
The Interstate Commerce Commission on
Feb. 25 authorized the company
exceeding $11,418,000 of 1st mtge. 3 M% bonds, series B, to be
100.75 and int. and the proceeds applied to the redemption of
to issue not
sold
at
outstanding 1st mtge. bonds, series A.
Authority also was granted to the Pennsylvania RR., the Pittburgh &
Lake Erie RR., and the Baltimore & Ohio RR. to assume obligation and
liability, jointly and severally, as guarantors,
of the principal of and interest on the bonds.
in respect of the payment
Bonds Called—
bonds series A 4% due May 1, I960 have
May 1 at 105 and accrued interest.
Imme¬
option.—V. 152, p. 1440.
All of the outstanding 1st mtge.
been called for redemption on
diate payment may
be had at holders
Montgomery Ward & Co., Inc.- -Sales—
Month of
Sales
—V.
,
:
1941
152,
p.
Co.—Annual Report—
Although domestic sales of company increased 18% in
high of $45,607,600 net income increased only 5 6%
annual report to
will be redeemable at 100 plus int. to redemption date; and
by a closed first and collateral mortgage which shall be a
all of the fixed properties of the new company and will also be
secured by the pledge of certain securities.
Provision is made for the crea¬
tion of a sinking fund, moneys from which shall be used to pay interest on
or to retire the new bonds.
Among other provisions of the mortgage are
restrictions upon the declaration of dividends other than stock dividends
Earnings were equivalent to $4.04 a common share in comparison with
$3.81 in 1939.
There are '1,241,694 common shares outstanding. Figures
and comparisons are
exclusive of those of Monsanto's British subsidiary.
Higher wage rates, increases in cost of some raw materials, the company's
pension plan for employees, a policy of charging off within a period of
12 months such facilities as might prove to have been of temporary value
at the end of the present National Defense preparedness program, and the
increased taxes combined to equal a burden of $2.04 a common share.
In
new
the company's selling prices, on the whole, remained
unchanged.
Mr. Queeny's report disclosed that the company had anticipated some
of the demands that would be made upon it by the development of the
National Defense program and that several major projects were completed
which are enabling Monsanto to provide amply for the current heavy
demand upon its facilities.
"We were fortunate in completing during 1940," he said "extensions to
the face of rising costs,
plants in the St. Louis,
Norfolk, Va., plants.
power
Mo., Monsanto, 111., Nitro, W. Va., and
synthetic nitric acid plant began operations at the Everett, Mass.,
works.
Our new plant for the production of Resinox molding powders was
completed at Springfield, Mass., and provides greatly increased capacity
and facilities for producing a variety of plastics products of a higher quality
not possible in the leased Edgewater, N. J. plant, from which operations
were
moved.
the largest of which we have knowledge for the
production of elemental phosphorus, began operations at
and provides needed capacity for the expanding sales
"A
new
contact sulfuric
ground was broken in Trenton, Mich., for a new plant
of phosphate salts."
Commenting upon the position of Monsanto in the
in charge of traffic;
Comptroller.
432.
search and construction on a
basis which will yield stockholders neither a
profit nor a loss."
As to future prospects, Mr. Queeny commented, "contrary to industry's
experience during the dead years of the past decade, the problem now in
prospect is not how much can be sold, but how to supply the demand and
the new demands that may be forthcoming. But a realization of the causes
is no inducement to optimism.
It calls for sober calculation of how best
to carry through this period and yet be prepared for the reaction that
must follow without in the meantime shirking any of the responsibilities to
the Nation which are inherent to us and our industry."
Consolidated Income Account for
el940
Calendar Years
1939
Mississippi Power Co.—Earnings—
31— 1941—Month—1940
Period End. Jan.
Operating
expenses
$302,144
132,968
ol.oo/
Taxes
Prov.
Int. and other
deduct'nsi
Net income
Divs.
on
pref. stock
Glance
qq'IvI
o\),ot 4
1941—12 Mos.~ 1940
$3,382,289
1,652,069
$3,663,457
600,880
306,000
1,778,669
513,071
281,667
$1,090,050
31,000
25,000
$74,810
46,619
$823,341
493,667
587,948
$28,191
21,088
$329,674
$502,102
253,062
$34,310
21,088
253,062
$13,221
$7,102
$76,612
$249,040
through Dec. 18, 1939 of certain properties
Tote—Results of operation
veyed to Tennessee Valley
e are included herein.—V.
$292,843
$76,340
42,030
for depreciation..
Gross income
1938
1937
$45,607,600 $42,982,599 $31,935,391 $33,202,356
Net sales
Cost of goods
28,160,333
sold
27,559,936
21,102,803
21,086,005
-.-$17,447,267 $15,422,663 $10,8.32,588 $12,116,351
4,192,251
4,330,190
3,259,153
3,109,025
Gross profit
Deprec. & obsolescence-
2,757,236
1,289,009
2,698,855
1,135,166
2,525,320
Research
1,149,903
975,605
$9,208,771
$7,258,452
$3,898,212
$6,038,519
expenses
Net
profit
Authority and other public agencies on that
152, p. 990.
697,291
1,993,202
425,440
323,000
Gross income
$9,634,212
$7,581,452
$4,595,503
Income charges
606,552
a3,508.370
526,928
1,508,108
451,107
853,877
$6,547,900
355,884
cl ,029,505
$5,519,289
51,515
$5,546,416
$3,290,519
$5,162,511
117,502
139,926
163,453
$5,428,914
450,000
$3,150,593
$4,999,058
Other income.
Prov. for income taxes.
Net income
Less minority interests..
Div.
rec.
from
509,381
British
subsidiary..
—-
for the production
preparedness pro¬
gram, Mr. Queeny said, "All of our facilities and personnel are at the
disposal of our Government and we are cooperating in the matter of re¬
Vice-President; G. T. McMurray, Vice-President
in charge of sales; R. J. Henderson, Vice-President
R. D. Main, Secretary-Treasurer, and Frank J. Hickling,
Gross revenue
of the Phosphate
acid unit was erected at Monsanto, III., and
Sell. & admin, expenses-
432.
Minnesota & Ontario Paper Co. (Minn.)—Personnel—
H. M. Robinson was elected President of this company Marcn 1 at
the initial meeting of the ooard of directors of the reorganized company
appointed on Jan. 10 by Judge Gunnar H. Nordbye, U. S. District Court
of the District of Minnesota, Fourth Division.
Mr
Robinson announced that there would be no change in policy-in
the operation of the new company, and that the following employees of
the old company had been named to key positions in the new firm:
—V. 152, p.
Monsanto, Tenn.,
Division.
R
Andrews, senior
1940 to an all-time
to $5,519,289, the
stockholders issued by Edgar M. Queeny, President, dis¬
closed March 4.
The new bonds
W
$30,530,347
.
991.
Monsanto Chemical
will be secured
R
1940
$33,840,560
February—
.......
first lien on
the new stock.—V. 152, p.
Exchange Commission, has oeen elected a
a director of the company from 1931
was
1439.
p.
"A fourth electric furnace,
odd amounts.
upon
and
tnis railroad.
to 1937.—V.
"A
therefor 3 shares of new stock.
For odd amounts of principal of unsecured
odd
Missouri-Kansas-Texas RR.—New Director—
W. Hanes, formerly Under-Secretary of the Treasury and former
John
member of tne Securities
Transfd to earned sur.
270,375
$5,738,149
450,000
3.725,082
1,241,694
b329,500
2,419,807
1,241,816
dl94,500
3,343,161
1.114,388
$4.04
$4.01
$2.35
$4.40
$28.16
$29.21
$28.19
$27.17
a Including $1,262,349 excess profits tax.
b $217,000 declared payable
June 1,1939. c Including $36,167 surtax on undistributed profits, d $112,500 declared payable June 1, 1938.
e British subsidiary is excluded except
Preferred dividends
stock
Com. shs. outst. (no par)
Earns.per sh.of com.stk.
Book value of com. stock
Cash divs. on com.
to the extent
3,725,082
1,241,712
of dividend received.
Earnings for the 3 and 12
;
Months Ended Dec. 31
[Including American Subsidiaries, Excluding
1940—3 Mos.—1939
Net sales.
Net income
British Subsidiary]
1940—12 Mos.—1939
$13,803,328 $11,811,979 $45,607,600 $38,513,834
1,942,532
1,973.607
5,519,289
5,226,891
The Commercial & Financial Chronicle
1598
Consolidated Balance Sheet Dec. 31
1940
1939
$
$
Assets—
1940
fr.
4,294,805
accruals
67,284
8,971,780
Inventories
Dlvs.on pref. capi¬
tal stock
8,258,841
approp't'd
ad¬
able containers.
6,075,316
ditions..
In
MIn. Int. In Ameri¬
729,413
1,151,144
729,413
1,198,750
subsidiary
bldgs.,
can
a
subs,
Pref. stk.
352,742
a
Pats. A processes.
ser.
A
6,000,000
Com. stock
(par
12,416,940 12,417,120
Paid-in surplus...11,194,032 11,181,277
Earned surplus... 9,570,060 11,368,230
235,705
71,903,865 66,052,246
6,000,000
5.000,000
$10)
1
1
202,587
Deterred charges..
360,266
5,000,000
co
Series B
mar
cblnery A equip.
47,306,836 40,874,926
Ac
Total
225,000
456,285
469,041
20,612,621 15,537,367
Reserves
British
Other assets
Land,
226,000
|
Total
71,903,865 66.052,246
Represented by 50,000 shares of no par value.
Note—British subsidiary is excluded from the above
balance
sheets.
Registers 75,000 Shares of Preferred Stock—
Company on March 5 filed with the SEC a registration statement (No.
2-4686, Form A-2) under the Securities Act of 1933 covering 75,000 shares
of $4 cumulative preferred stock, series C, (no par).
The net proceeds
from the sale of the stock will be added to the company's cash funds. Smith,
Y. City, will be the principal underwriter.
The stock is redeemable at the option of the company after at least 30
days' notice at $100 a share and accrued divs. plus a premium of $7.50
a share if red. on or before March 31, 1946, and a premium of $5 a share if
Barney & Co., N.
red. thereafter.
The price at which the stock is to be offered to the public, the names of
other underwriters and the underwriting discounts or commissions are to
be furnished by amendment to the registration statement.
The
prospectus states that to facilitate the offering it is intended to
stabilize the price of the stock.
This is not an assurance, it states, that the
price will be stabilized or that the stabilizing, if commenced,
discontinued at any time.—V. 152, p. 1440.
may
not be
Inc. —Stockholders
Take
Over
The stockholders of the
company up to the close of business Feb. 6 sub¬
for 31,034 of the 148,991 shares of 4M% cumulative preferred
Underwriters since the registration became effec¬
scribed
to be
Purchased
Name
G. H. Walker & Co...........
1.86%
Ira Haupt&Co
1.75%
6.14%
Ladenburg, Thalmann & Co.... 6.14%
Union Securities Corp
6.14%
Hemphill, Noyes A Co........ 6.00%
Bear, Stearns A Co
1.47%
Francis, Bro. & Co
1.47%
A. G. Becker A Co., Inc
4.66%
Frank B. Cahn & Co
Lazard Freres &Co
4.66%
R. S. Dickson & Co
1.20%
Mason Hagan Inc.
Stern Brothers & Co..
1.20%
Merrill
Lynch,
E. A. Pierce A
Cassatt
Domlnick & Dominlck
4.66%
3.33%
G. M.-P.
2.66%
Murphy & Co...
Jackson & Curtis
Laurence M. Marks & Co
2.53%
2.53%
2.53%
2.53%
2.53%
1.86%
1.86%
Riter A Co
Hornblower A Weeks
Mackubin, Legg A Co
1.47%
1.47%
....
..!
...
Swiss American Corp.
...
Watling, Lerchen &Co
Davenport & Co.
...
1.20%
1.20%
1.20%
1.20%
.67%
1.86%
Schwabacher & Co...
Scott &
Strlngfellow
...
Wertheim & Co
White, Weld & Co
Alex. Brown & Sons
...
I. M. Simon & Co
67%
Stein Bros. A Boyce
.67%
.67%
...
Stlfel, Nicolaus A Co
Statement of Income for 9 Mos. Ended Dec. 31, 1940
Gross sales, less discounts, returns and allowances
Cost of sales
Shipping, selling,
gen.
& adm.
$65,155,852
50,539,051
6,383,955
68,699
expenses
Provision for doubtful accounts
Net profit from operations
$8,164,148
135,590
Other income.
Gross income
$8,299,738
328,500
72,979
2,662,500
Provision for additional compensation to officers and employees
Interest paid on loans and leaf tobacco purchases
Provision for Federal income tax
j.._
Net
income:
Earnings
$5,235,759
per common
share..
$5.84
Balance Sheet, Dec. 31, 1940
Assets—
Cash
on
Liabilities—
hand A demand de¬
Notes payable, banks.
posits
$3,766,451
Accounts receivable.
receivable, subsid...
5,006,501
32,269,562
1,474,489
214,438
235,965
33,896
Other investments, at cost...
67,500
Property, plant & equip
Good-will, trade-marks, Ac..
2,751,265
50,000
Inventories at average costs.
Investments, at average cost
Prepaid exp. & def. charges..
Capital stock ol subsidiary..
Account
40,000
Cash sur.
insur.
20,894
Misc.
Capital surplus... 3,044,181
Earned surplus
104,459
3,184,181
53,500
14,195
1,771,271
41,194
1,878,968
43,347
1,002
1,002
policies..
Inventories
Prepaid
729,347
val. life
expenses.
investments
$4,918,011 $4,947,839
Total
$4,918,011 $4,947,839
Total
Land, buildings, machinery and equipment at reduced
lished in January, 1933, plus subsequent additions at cost,
values estab¬
less provision
b Represented
depreciation of $717,273 in 1940 and $713,392 in 1939.
by 150,000 shares of no par value.—V. 152, p. 1135.
for
(G. C.) Murphy Co.—Sales—
Period End. Feb. 28—
1941—Month—1940
$3,134,123
$3,530,838
Sales
1941—2 Mos.— 1940
$7,009,895
$6,216,790
$6,550,000
2,117,469
3,498,285
Accounts payable
Accrued taxes
Addlt.
comp. to
officers A
employees
Adv., red. of premium ctfs A
335,859
141,668
coupons
Storage
200,000
28,946
218,059
Salaries & wages
Other accr. liabilities
Capital—
Common stock (par $10)
Capital surplus
7,283,940
11,111,510
14,384,330
Earned surplus.
Stock Sold—
Smith, Barney & Co., on behalf of the syndicate which on Feb. 27 offered
52,500 shares (no par) common stock, have announced that subscriptions
has been received in excess of the amount of stock offered*—V. 152, p. 1440
Life Insurance Co. of New York—Reports to
Policyholders on 1940 Operations—Nine-Point Pro¬
gram for Future—Reserves of -130,950,000 Set Up for Possible
Asset Depreciation—
Mutual
850,000
A nine-point program for the future, intended, among other things, to
provide new investment outlets, improve investment yields, rehabilitate
impaired assets, provide independent annual audits, develop improved
types of policies, and make provision for the write-down of mortgages,
real estate and other assets to realistic values, is outlined in the 98th annual
amount remaining after provision for operating expenses and
$10,946,262 was applied to a writedown in the value of
company's investments; $27,669,809 to an increase in policy reserves:
and $24,935 to an increase in miscellaneous reserves.
These adjustments
and a decrease of $940,000 in reserves for income taxes of prior years, left
the Company a final excess of $20,581,594 of income over all expenses and
charges for the year.
Of this amount $7,244,154 was added to surplus,
leaving $13,337,440 available for dividends to policyholders.
The report states that the audit of the Company's assets indicated that
on a realistic basis, the value of mortgage loans and real estate holdings was
less than the amount at which such assets were being carried.
Because of
this, $23,300,000 of surplus funds were set aside as a special reserve for
mortgage loans, and $6,650,000 as a special reserve against real estate held.
In addition another $1,000,000 was earmarked for the purpose of adding
to the reserves for annuities.
After provision for such special reserves in
the amount of $30,950,000, surplus on Dec. 31, 1940 totaled $27,717,636;
and surplus and special reserves amounted to $58,667,636 on the same date,
as compared with $51,423,482 a year earlier.
The Company's investment program for the future, as outlined in the
report, embodies new investment outlets, reduction of idle cash and re¬
habilitation of impaired assets.
As an outstanding example of successful
rehabilitation of property, the report cites the new airlines terminal in New
York City, the construction of which was financed by Mutual Life on land
acquired by the company under foreclosure several years ago, and which
had been providing no investment return.
Revenues from this project,
the report says, are expected to provide a satisfactory return and repay¬
ment of the company's funds over a reasonable period of years.—V. 148,
p. 3693*
Of the
benefit payments,
the
National Aviation
Corp.—New Vice-President—
Corporation has advised the New York Stock Exchange that
$45,870,067
Total.
..$45,870,067
tion.—V.
152, p. 991.
National Bearing
Metals Corp.—Earnings—
1940
Years Ended Dec. 31—
Munsingwear, Inc.—EarningsYears Ended Dec. 31—
a
Net sales
Cost of merchanside sold
1940
$5,942,050
4,547,329
1938
1937
$4,852,521
3,719,252
3,903,448
Dividends
1,270,874
1,179,024
1,234,137
19,959
$39,144
12.484
loss$45,757
12,765
$218,560
9,563
$120,805
$51,628
loss$32,992
8,237
$88,459
Net profit
Dividends paid
$43,391
*
37,500
150,stock—
35.022
loss$32,992
37,500
$193,101
112,500
Earns, per share on
a
$0.59
$0.28
Nil
$1.28
Includes underwear, foundation garments, hosiery, &c., after deduct"
ing returns, discounts and allowances.
on
$228,123
32,346
on
Dividends
and
State income taxes
000 shs. cap.
115.900
$567,758
667,713
$1,483,272
215,264
119,490
$1,235,471
Transferred from depreciation reserves.
4,123,471
$100,847
Net profit
for Federal
157,849
$5,576,169
1,293,875
Miscell. income (net)
1939
$827,885
144,227
$443,572
918,465
121,236
Previous earned surplus
1939
$5,213,467
Advertising and distribu¬
tion exps. ang general
Prov.
126,017
Charge for depreciation
Provision for Federal and State income taxes (est.)
—V. 152, p. 1440.
William
A. M. Burden has been elected Vice-President and director of the corpora¬
$727,438
Total
202
204
Stores In operation
estate.
Percentage
to be
Purchased
Glore, Forgan A Co
28,000
81,975
128,184
and local taxes..
.67%
.67%
Percentage
Hayden, Stone & Co
Contract for deed.
118,869
150,502
crued exp., Ac..
Res. for Fed., State
.67%
April 1, 1956, and at $102.50 thereafter, plus accrued div. in each case.
An annual sinking fund is provided sufficient to redeem 1 % of the total
number of shares outstanding at the end of the preceding fiscal year, sub¬
ject to certain credits.
Transfer agent, Guaranty Trust Co. of New York.
Registrar, Commercial National Bank & Trust Co. of New York.
Underwriting—The several underwriters agreed, severally and not jointly,
to purchase from the company at $100 per share the percentages set oppo¬
site their respective names of the shares offered to stockholders and not
subscribed for by stockholders or their assigns.
8.00%
8.00%
Accts. A notes rec.
ac¬
Reinholdt A Gardner
4H% series (par $100) is redeemable
at $105 per share on or before April 1, 1944, at $104 per share thereafter
and on or before April 1,1949, at $103 per share thereafter and on or before
Lehman Brothers
1,362,819
payable,
Granbery, Marache A Lord
W. L. Lyons A Co
the stock subject to prior subscription by stock¬
The result is that the entire issue has been subscribed, therefore
there will be no general public offering.
holders.
Name
$878,160
1
1,145,156
1,066,590
Acc't
tr*marks,
patents, Ac
Cash
1939
b Capital stock...$1,500,000 $1,500,000
$843,903
chinery, Ac
G'dwill,
1940
Liabilities—
1939
Land, bldgs., ma-
report of the company which is being mailed to the company's 850,000
policyholders.
The report, which is the first to be issued under the administration of
Lewis W. Douglas, former U. S. Budget Director, who became president of
the company on Jan. 1, 1940, is unusual in several respects.
It is divided
into two parts, the first of which is a brief, orthodox report of the financial
results of the year's operations, intended, Mr. Douglas states, for those
"who read while they run."
The second part is a detailed and candid report
on the company's operations and current problems, together with a state¬
ment of policy and a program for the future.
It is therefore a departure
from previous practice, and represents, Mr. Douglas states; "an attempt
to satisfy one of the essential requirements of responsible management
under a system of private enterprise."
Another unusual feature of the report is that it contains financial state¬
ments audited by certified public accountants, a practice not generally
followed by life insurance companies.
The report states that as a supple¬
ment to the triennial examination of the state insurance departments, in¬
dependent audits of this sort will be conducted annually henceforth "as an
additional check upon management and upon the value of assets that are
not subject to precise measurement,"
New insurance issued in 1940 by Mutual Life of New York totaled
$193,449,925, and the total of insurance in fotce on December 31, 1940,
was $3,705,911,798, as compared
vith $3,740,731,467 a year earlier.
On
the same date, the Company's total admitted assets were $1,484,904,216,
which represents an increase of $40,436,594 over the preceding yearend.
Benefit payments to policyholders and their beneficiaries, the report reveals
totaled $107,233,223 in 1940.
The audited statement of income for 1940 as submitted to policyholders,
is on an accrual basis for the first time.
This and other changes in account¬
ing presentation adopted to reflect the company's condition more clearly
make it difficult to compare 1940 figures accurately with figures for earlier
years.
Income of the company in 1940 was $186,677,575, which was
$57,439,168 in excess of outgo for benefit claims and operating expenses.
This balance was increased to $58,282,600 by an excess of profits over
losses on the sale or redemption of bond holdings and sale of foreclosed real
offered at $100 a share.
tive have been offering
The cumulative preferred stock,
1939
Comparative Balance Sheet Dec. 31
1940
Assets—
a
a
a
(Philip) Morris & Co., Ltd.,
20% of Preferred Issue—
above for depreciation of buildings
machinery and equipment amounted to $85,455 in 1940; $87,011 in
$81,536 for 1938; and $68,523 for 1937.
(2) There is no liability in 1940 for Federal excess profits tax.
3,324.067
1,169,878
Depos. for return¬
for property
Invest.
3,502,575
Estimated inc. tax 3,573,610
Monsanto
Chemicals, Ltd.
Funds
$
Accounts pay. and
5,364,814
6,092,582
Recelv., less res...
Due
1939
$
Liabilities—
6,331.766
Cash
March 8, 1941
Notes (1)—Annual charges, included
Loss
on
preferred stock
common
stock
sale of idle plant property.
Earnings
per
share on common
$1,148,518
$1.91
215,278
59,745
41,983
$918,465
$2.95
Condensed Balance Sheet Dec. 1, 1940
Assets—Cash, $253,301; notes receivable, $960; accounts receivable (less
of $20,000 and contra accounts due customers of $133,463), $775,391;
loans to employees, $213; working funds in hands of salesmen, $2,819;
inventories, $1,229,938; real estate mortgage notes, $60,848; land, build¬
ings, and equipment (less reserve fcr depreciation $1,820,940), $2,344,475;
other property (estimated realizable value), $6,956; goodwill, trade pro¬
cesses, Ac., $1,457,755; deferred cnarges, $27,854; total, $6,160,509.
reserve
payable, trade, $140,694; wages, liability insur¬
$39,721; taxes, other than Federal and State income taxes,
Liabilities—Accounts
ance,
&c.,
Volume
$42,249; Federal and State income taxes (estimated), $166,747; reservefor
in metal inventories, $100,000; 7% preferred stock,
$3,075,000; common stock (119,490 shs.no par) $1,194,900; capital surplus,
$252,680; earned surplus, $1,148,518; total, $6,160,509.—V. 152. p. 836.
National Oil Products Co.—Interim Dividend—
market fluctuations
,
National Cash Register Co.—New Director—
Carl H. Kindl, Vice-President in Charge of Manufacturing, was made a
director to succeed P. B. Patterson, who resigned earlier this year.—V.
Director have declared
an
interim dividend of 25 cents per share on
compares
National Tea Co.—Sales—
increase of
1940
1939
$16,509,916 $13,021,871
10,878,892
8,269,750
Cost of goods sold
Sell., admin., &c.. exps.
2,647,192
537,297
Prov. for deprec. & depl_
1937
1938
$9,829,872
6,303,076
1,958,588
available
217,074
_ -.
$1,966,473
354,780
$1,250,369
250,171
$954,171
215,624
$1,926,602
145,197
$1,611,693
127,480
$1,000,198
99,822
$738,547
105,613
$2,446,534
Other deductions
Balance
Other income
...
Directors have declared
undist.
on
U. S. Fed.
excess
profits
profits
e4,144
$4.50
$1,455,237
270,345
$687,428
245,676
57,611
270,008
315,365
cum.
conv.
pref. stocks
504,583
stock
common
$921,632
245,395
$1,565,196
Net profit
Divs. paid in cash—
On
$844,161
144,800
11,933
51,000
tax
Miscellaneous deduction
On
$1,100,020
cl78,389
$1,739,173
c279,792
$2,071,800
b455,604
p.
an
initial quarterly dividend of
On
1st
preferred
57,536
On 2d preferred
b Less $2,396 prior year
a Less
discounts, returns and allowances,
adjustment,
c Includes $11,792
($689 in 1938) net additional taxes paid
d On former classes of preferred stock retired during 1938.
translation of net profit of Canadian subsidiary to U. S.
of Dec. 31, 1939.
for prior years,
e
Adjustment
upon
dollar basis at exchange rate
$1.25 per share
Feb. 20.—V.
272.
Neisner
Bros., Inc.—Sales—
1941—2 Mos —1940
1941—Month—1940
Period End. Feb. 28—
Sales.
$2,626,087
$2,642,147
$1,341,991
$1,418,817
1
Nevada California Electric
Corp.—Call for Bids—
The company is calling for underwriting bids in connection with the
refunding of its 5s of 1956.
There are about $24,500,000 of the 5s out¬
standing.
It is proposed to refund the bonds with a combination of first
lien bonds and debentures or possibly some part in preferred stock, suffi¬
cient to make up a total of $24,500,000.
Bids will be received until mid¬
night, April 2 at the company's office in Riverside, Calif.
The call for
bids is being made pursuant to rules of Practice and Regulations of the
Federal Power Commission.—V. 152, p. 1136.
New Bedford Rayon
d Divs. paid in cash—
•
Preferred Dividend—
the preferred stock, payable March 1 to holders of record
152,
—V. 152, p. 1442.
Profit before taxes.-Income taxes
decreased from 1,069 In 1940 to 1,059
Neiman Marcus Co.—Initial
on
519,932
Operating profit
..
The number or stores in operation
at Feb. 22,1941.—V. 152, p. 991.
Not
317,840
2,380,015
405,633
with
3.84%.
compared
as
(Including Subsidiary)
Calendar Years—
Gross sales
Feb. 22, 1941 amounted to $5,050,532
$4,863,378 for the corresponding period in 1940, an
Sales for the second period ended
National Gypsum Co. (& Subs.)—Earnings—
Surtax
the
stock, payable March 31 to holders of record March 21.
This
with 50 cents paid on Jan. 20, last, and Dec. 16, 1940; 35 cents
paid on Sept. 26, 1940; 25 cents on June 28 and March 26, 1940; $1 paid
on Dec. 18, 1939, and 25 cents paid on Sept. 29, June 30 and March 31,
1939—V. 152. p. 271.
common
151, p. 2805.
a
1599
The Commercial & Financial Chronicle
152
Co.—Dividend Resumed—
Directors have declared a dividend of $1 per share on the class A stock,
payable March 15 to holders of record March 5. This compares with 50
cents paid on April 25, 1940 and $1.25 paid on Jan. 27, 1940.—V. 152,
p. 1136.
(J. J.) Newberry Co.—Sales—
1941—2 Mos.—1940
1941—Month- -1940
$3,734,871
$3 ,255,140
Period End. Feb. 28—
Sales-
$7,217,639
$6,265,246
—V. 152, p. 991.
Consolidated Balance Sheet Dec. 31
1940
$1,414,036
A. sscts^^
Cash
on
hand and demand deposits
50,172
Time deposits (including interest)
a Notes and accounts receivable
2,480,329
2,748,103
*
Inventories
1,000
64,850
Capital stock of sub. (not consolidated)
1
Employee accts. and travel advances (less reserve)
Misc. accts. receiv., investments, &c. (less reserves)
Securities on dep. with State & Dom governmentsHeal estate not used in operations
b Property, plants and equipment
Patents, trademarks and copyrights
Deferred charges
Total
92,731
80,181
188,080
13,224,964
58,973
492,211
$698,240
$663,006
66,987
65,877
70,452
42,477
51,915
104,975
franchise and local
property taxes
Federal and State payroll taxes
;
— —
and State taxes on
income (estimated)
Sinking fund debentures to be retired
3%% sinking fund debentures
3% sinking fund debentures—
510,269
226,000
currently. -
5,774,000
150,000
Reserve
Cumulative preferred stock_
Common stock ($1 par)
11,397,280
67,943
502,964
%;J
-
c
63,372
48,413
93,845
190,171
$20,895,630 $18,876,269
— -
TA abilities—
Accounts payable
Federal and State capital stock,
Accrued interest, royalties, &c
Federal (U. S. and Canada)
1939
$1,517,066
573,561
2,008,286
2,412,367
1,000
6,155,000
1,261,458
r 4,147,192
dl,770,156
_.
i
— —
Capital surplus
Earned surplus
271,653
195,000
4,805,000
New Britain Machine
Net
earns,
Less reserve of
preferred stock—61,550 (60,000 in 1939) no par shares at involuntary
liquidation price ($100 per share),
d Partly restricted as to payment of
dividends on capital stock.
Under provision of the indenture relating to
the 3% sinking fund debentures, the balance of surplus at Dec. 31, 1940,
available for dividends on the $4.50 convertible cumulative preferred
stock is not limited; the amount available for dividends on common stock
is restricted to $1,297,845.—V. 152, p. 1441.
income
-
b Cost of goods
560,000
Common dividends
Account for Calendar Years {Inch Subs.")
1940
1939
1938
1937
—
profit.. $4,732,027
1,370,674
$4,448,930
1,331,571
$3,205,178
1,077,963
$2,646,824
2,240,127
$5,780,500
1,496,551
464,772
2,708,213
$4,283,141
1,496,551
464,772
1,547,550
$4,886,951
1,496,551
464,772
1,547,550
Net income
1,496,551
464,772
dividends.
dividends.
2,708,212
Common dividends
$1,433,166
$1,110,964
$774,268
$1,378,078
3,095,100
3,095,100
3,095,100
3,095.100
$1.34
Surplus
Shs. com. stk.
$1.23
$0.75
$0.95
outst'g.
49,168
105,000
Net profit after
$183,678 to increase present reserve for contingencies to $200,000.
Balance Sheet Dec. 31, 1940
Assets—Cash and certificate of deposit, $1,688,451; trade accounts re¬
ceivable (less reserve), $1,245,320; inventories, $2,037,085; defense facilities
for which company is to be reimbursed by Government, $137,362; sundry
accounts (less reserve), $7,715; land, buildings, machinery and equipment
(less reserves for depreciation and amortization), $1,585,609; deferred
charges, $51,436; total, $6,752,977.
Liabilities—Accounts payable and accrued expenses, $791,193; customers'
deposits, $757,793; taxes (other than taxes on income), $105,360; Federal
and State taxes on income (estimated), $1,423,800; reserve for contingencies,
$200,000; common stock (140,000 shares, no par), $140,000; capital surplus,
$2,557,118; earned surplus, $777,713; total, $6,752,977.—V. 151, p. 3751
England Gas & Electric Association—Output—
New
Electric Association
This is an increase of 1,486,530
10,333,646 kwh.
reports electric output of
kwh.,
week
16.80% above production of 8,847,116 kwh. for the
or
a
corresponding
year ago.
output is reported at 125,534,000 cubic feet, an increase of 10,348,000 cubic feet, or 8.98% above production of 115,186,000 cubic feet in
Gas
ago.—V. 152, p. 1442.
England Telephone & Telegraph Co.—Report—
New
1940
1939
1938
1937
revenues,.$59,292,693 $56,273,116 $54,238,107 $54,212,208
18,308,024
18,529,023
17,720,085
18,160,287
Miscellaneous revenues.
2,792,348
2,690,972
2,675,559
2,495,601
Years End. Dec. 31—
Local service
Toll service revenues
.$80,393,065 $77,493,112 $74,633,752 $74,868,097
Total
Uncoil, oper. revenues..
Total
15,763,382
13,971,533
6.040,677
663,596
7,634,958
Traffic expenses
Commercial expenses...
Operating rents
Gen .& miscell. expenses
Net oper. re venues..
Taxes...
$14,765,965 $14,631,733 $11,649,118 $12,641,356
168,708
141,755
167,313
107,402
Net oper. income
available
for
„
.$14,934,673 $14,773,488 $11,816,431 $12,748,759
4,200,000
4,200,000
4,145,833
3,550,000
671,404
576,378
553,805
1,193,715
fixed charges
Other interest
Amort,
$77\251,142 $74,299,426 $74,613,278
15,562,301
17,440,149
15,513,988
11,380,584
11,197,141
11,686,446
13,868,164
13,760.623
13,800,081
5,919,748
5,830,821
5,883,482
667,802
669,646
666,927
6,830,497
6,626,061
6,297,790
.$24,494,097 $23,022,045 $18,774,985 $20,764,563
9,728,132
8,390,312
7,125,867
8,123,207
Net non-oper. income
Income
254,819
334,325
241,970
226,881
oper.revenues..$807l66,184
Bond interest
a
49,168
288,750
deducting $157,982 for depreciation and amortization
of plant and equipment, and after providing for Federal and State taxes on
income in the estimated amount of $1,423,800, also after setting aside
a
Depreciation expense.11,597,941
$6,102,702
Net operating
Other income
Class A pref.
Class B pref.
Subs.)—-Earnings—
—$90,696,461 $80,906,329 $65,229,970 $91,947,303
sold...- 85,964,434
76,457,399 62,024,792 89,300,479
Net sales
$287,391
Preferred dividends
Current maintenance
Consolidated
$341,520
$20,895,630 $18,876.269
-
National Lead Co. (&
a$l,031,145
preciation and Federal taxes
For the week ended Feb. 28, New England Gas &
42,394
6,000,000
1,261,458
4,147,192
1,291,200
$302,102 in 1940 and $185,077 in 1939.
b After re¬
serve for depletion and depreciation of $2,276,329 in 1940 and $1,759,170
in 1939.
c Issued and outstanding—series of $4.50 convertible cumulative
a
1938
1939
1940
after all charges, incl. de¬
the corresponding week a year
Total
Co.—Earnings-
Calendar Years—
of debt discount
a
_
_
tajVote—No
[Company and domestic subsidiaries
166,306
1S395J)97
stock.
9,334,206
$9,828,934
8,667,477
$6,948,780
8,000,748
$7,838,737
8,334,112
$1,161,457 y$l ,051,968
y$495,375
1940
on common
$560,891
Balance surplus
in which it owns all of the capital stock]
y
Deficit.
Balance Sheet Dec. 31
1939
1940
1939
?
Liabilities—
5
$
11,294,414
Account payable
Tax reserve
516,929
516,929
Div. payable
Fire ins. reserve
3,659,306
3,060,581
116,193
4,228,645
1,159,924
4,797,284
4,797,284
1,331,617
1,586,226
Employers' liab.
426,664
426,664
reserve-
2,696,573
2,927,633
Working funds.
72,594
Res. for conting.
1,550,000
1,000,000
Acc'ts receivable
$
11,167,758
1,159,924
Assets—
Cash
U. S. Govt. sees.
Oth.mkt.securs.:
Domestic
Foreign
8,081,794
10,447,279
receiv.(net)..
Notes, rec. from
231,246
192,830
19,604,317
employees...
Inventories
19,300,473
Secs.of affil.cos.:
6,017,157
6,178,536
4,811,818
Domestic
Foreign
116,193
Foreign exchange
& misc. res've
6,950,230
1,431,773
1,636,404
4,200
1,868.413
10,400,918
1,866,699
467,8.50
9,636,162
2,728,587
2,315,311
3,815,279
3,999,965
Cash
166,543
24,367,600
plies
Deferred
items.
b Common
28,778,689 27,345,523
77,840
77,840
607,006
419,440
Total
853,737
Deferred charges
324,224
110,930,233
108,845,0491
29,883 shs. of pref. A,
$10.—V. 151, p. 3404.
a
11,500,000
8,700,000
7,413,517
7,413,517
liab.
3,112,925
4,108,843
4,492,376
3,508,315
oth.
curr.
Accr'd liabilities
serv.
billed
46,553,404
Pats. & licenses.
Total
Amer.T.&T.
609,237
in advance—
642,325
26,458
24,573
Deferred credits
92,692.954
Deprec. reserve. 94,057,006
■a
Corp't'n surplus
8,197.702
unappropr'ted
8,699,576
358,658
47,067,984
Foreign
■*
from
Advances
Notes payable..
Acc'ts payable &
&
Plant, prop'ty &
equip, (net)..
S
Subscribers' dep.
stock..30,983,100 30,983,100
invest.:
Domestic
1939
$
Liabilities—
Capital stock...133,345,800 133,345,800
35,000,000
IstM. 5% bds.. 35,000,000
40,000,000
1st mtge. 4Hs.. 40,000,000
20,000,000
1st mtge. 3^8.. 20,000,000
not due
10,327,700
6,950,230
358,310
.
Inv. in sub. cos.
1940
1939
1940
$
ALsscts
§
Telep. plant
333,984.303 329,644,650
4,236,217
Misc. phys. prop
3,777,133
Materials & sup¬
166,543
CI. A pref. stock 24,367,600
CI. B pref. stock 10,327,700
Surplus...
5,577,211
Nat. Lead Co.
capital stock.
Pension
2,158,164
Other invest.4,468
reserve
Accts. and notes
Miscell.
168,013
Divs.
provision bel'eved necessary for excess profits tax.
Consolidated Balance Sheet Dec. 31
a
168,175
and expenses
b Includes administrative, selling and other expenses and
$10.
Par
168,171
Bal. avail, for divs...
Earnings per share
—V. 152, p.
Total
110,930,233 108,845,049
25,815 shs. pref. B. and 3,210 com. shs.
b Par
358,288,098 353,602,828
New York Dock
358,288,098 353,602,828
Co.—New Chairman—
Howard A. Flanigan has
—V. 151, P.
Total
1289.
2508.
beenelected Chairman of the Board^of directors.
'
The Commercial & Financial Chronicle
1600
New York Merchandise Co.—New
President, &c.—
8haw, for three years Vice-President of this company, has
Milton M.
boon olcctcd
•
Harry Millstein and Harold M. Weinberg have been elected Vice-Presi¬
dents and Isaac B. Cohen has been named Treasurer, Philip Maslansky
and Victor Price, founders of the company, were elected Chairman of the
board and Chairman of the executive committee, respectively, and both
will continue to be active in the management.
Banjamin Hatternbacb
and Simon Wain were reelected Vice-President and Secretary, respectively.
—V. 151. P. 3247.
last week.
Originally the company had
and $45,000,000 privately.—V. 152, p.
Pacific Mills—Annual
New York
1941
operating
before
Plant
planned to sell $65,000,000 publicly
1444.
Report—
49.212,073
44,071,919
35,989,744
46,172,625
$1,074,693
1,080,802
0336,678
269,681
Cost of goods sold
Telephone Co.—Gain in Phones—
Norfolk & Western
8,
Dec. 28, '40 Dec. 30, '39 Dec. 31,' 38 Jan. 1, '38
$50,286,765 $46,411,224 $35,434,096 $47,881,648
Years Ended—
Net sales
Net
Company showed a net increase of 11,389 telephones in service during
February, against gains of 9,204 a year ago, 0,942 two years earlier, 1,767
three years previous, and 11,512 in the like 1937 month.
In the first two
months of this year the company added 23,709 stations to its lines, compared
with 19,152 in the like portion of last year, 13,322 in the same period of
1939, of 5,002 in the first two months of 1938, and of 24,211 in the similar
months of 1937.—V. 152, p. 992.
March
bonds to be issued under the refinancing and new capital program.
The
smaller amount had been mentioned in the registration statement filed
$2,339,305
1,188,793
Cr23,609
x$555,648
1,251,910
Dr68,881
204,849
$1,709,022
1,252,204
Dr77,558
193,580
profit
charges
depreciation.
Net interest charges
Other charges
!
Net oper. profit before
V
.
■
153,316
■
$1,020,806 x$2,081,288
$60,887
inv'y mark-down..
InV'y adjust, to cost or
mkt., whichever lower
72,275
409,197
$185,679
2,259,442
449,957
Ry.—Earnings—
Month of January—
Freight revenues
Passenger, mail and express revenues
Other transportation revenues
Incidental and joint facility revenues...
..
.
__
Railway operating revenues
Net oper.
—
Transportation rail line
Miscellaneous operations..;
..
,. _
.
General expenses
Transportation for investment
profit after
invent'y mark-down
1940
$8,478,487
319,043
31,836
71,305
$9,716,247
$8,900,672
956,840
1,960,458
136.899
1,967,230
19,568
198,971
Cr4,187
1,679,774
148,889
1,972,021
19,335
188,014
Cr7,590
$4,110,915
Provision
$948,532 x$2,531,245 x$2,073,763
x$348,310
Federal &
for
local income taxes
Net profit for
Dividend paid
789,312
$4,480,468
...
Maintenance of way and structures
Maintenance of equipment
Traffic expenses
1941
$9,220,347
406,827
34,511
54,561
year..
—.—
......
$790,832 x$2,531,245 x$2,073,763
594,184
$348,310
.
'■
157,700
'
.
...
Indicates loss.
x
Consolidated Balance Sheet
Dec. 28,'40 Dec. 30,'39
Dec. 28, '40 Dec. 30,'39
$
$
Assets—
Liabilities—
$
$
997,812 Notes pay., banks 8,125,000
x Accts. receivable 7,188,495
7,377,357 Accounts payable. 1,736,504
Mdse. Inventory.. 11,654,542 11,007,870 Accrued liabilities.
331,358
Supplies
1,074,089
1,040,592 Fed. & State taxes,
Cash
6,500,000
1,487,831
483,681
1,020,321
—
Net railway operating revenues
Railway tax accruals
1,828,201
1,265,294
$2,845,621
$2,937,497
$3,100,302
15,314
36,897
$2,952,811
177,299
$3,137,199
177,668
$2,775,512
$2,959,531
._
Railway operating income
Equipment rents (net)
Joint facility rents (net)
—
Net railway operating income
Other income items (balance)...
Gross income.
Interest
on
with mutual
$2,652,267
0203,616
Drl7,386
..
funded debt
Net income...
0260,606
£>r5,924
196,803
a
dividend of $44.30 per share on certificates of
interest payable March 15 to holders of record Feb. 28.
This compares with
$37.80 paid on Sept. 15, last;; $31.30 paid on March 15, 1940; $25 paid on
Sept. 15, 1939; $45 paid on March 15, 1939; $18.60 paid on Sept. 15, 1938,
and a dividend of $19.30 per share paid on March 15,1938.—V. 151, p. 1436.
17,888
9,753,126
146,609
and Investments
North Star
paid in preceding quarters.
Arrears after current
ayment will amount to 35 cents per share.—V. 151, p. 3405.
Northern States Power Co.
Electric output of the
p.
1940—Month—1939
$606,058
$527,645
224,245
79,115
2,802,501
951,996
2,500,850
887,690
57.908
57,908
694,900
694,900
134
136
134
136
Net oper. revenues...
Rent from lease of plant.
$218,595
$166,241
18,718
17,985
$1,920,605
221,301
$1,933,867
212,653
Operating income
Other income (net)
$237,313
$184,226
Z>r263
$2,141,906
$2,146,520
Dr 1,745
$232,246
85,417
25,386
$183,963
85,417
$2,133,633
864
430
2,575
$121,443
$68,997
$851,957
458,478
$885,759
458,478
$393,479
$427,281
appropriations..
serve
Amortization of limited-
Int.
Period End. Dec. 31—
on
mortgage bonds.
$435,398
$4,541,418
30,413
(Cr)
Net income
1940—12 Mos.—1939
$425,566
Dr8,273
1,025,000
257,106
$2,144,775
1,025,000
236,591
Interest charged to con¬
Co.—Earnings-
1940—Month—1939
Operating revenues
Oper. exps., excl. direct
Dr5,067
Other int. & deductions.
struction
Northwestern Electric
1939
$6,017,443
265,949
63,472
direct taxes
Direct taxes
Gross income
1443.
1940—12 Mos,
$6,370,136
Property retirement re¬
(Del.)—Weekly Output—
Northern States Power Co. system for the week
ended March 1,1941, totaled 31,711,090 kwh., as compared with 29,078,370
kwh. for the corresponding week last year, an increase of 9.1%.—V. 152,
(& Subs.)-—Earnings—
Pacific Power & Light Co.
Operating revenues
Operating expenses, excl.
Oil, Ltd.—Accumulated Dividend—
Similar amounts were
32,143,544 30,607,908
Total....
32,143,544 30,607,908
Total...
x After reserve for doubtful accounts of $200,000.
y After reserve for
depreciation of $18,967,163 ($18,237,086 in 1940) and reserve for future
disposal of $2,061,446 ($1,612,039 in 1940.)
z Represented by 396,123 no
par shares.—V. 151, p. 2952.
term investments
Directors have declared a dividend of 8 X cents per share on account of
accumulations on the 7% preferred stock, par $5, payable April 1 to holders
of record March 12.
2,085,350
y
Period Ended Dec. 31—
North American Bond Trust Certificates—Dividend—
1,888,781
Surplus
Prop., plant and
equipment10,682,161
Prepd* & def. Items
95,913
244,895
Capital stock...19,806,150 19,800,150
z
266,655
225,159
cos.
Long-t'm notes rec.
V. 152, p. 838.
Directors have declared
255.749
estimated
Ins. prem. on dep.
—
Divs. applicable to preferred stocks for
the period
$4,784,016
Balance
205,168
47,236
210,111
42,761
2,289,622
750,849
2,340,449
767,290
50,000
25,000
325,000
300,000
24
24
24
24
Company reports a net gain of 12,578 telephones in February, a new
record for that month and comparing with 8,955 in February, 1940.
The
$132,970
18,717
$147,670
17,985
$1,175,923
221,302
$1,376,253
212,653
January gain was 14,915 as against 11,003 in January, 1940.
Pacific telephone & Telegraph at the end of February had an indicated
2,087,900 telephones in service.—V. 152, p. 1444.
$114,253
1,400
$129,685
2,331
$954,621
1,137
$1,163,600
3,311
$115,653
22,333
9,975
16,529
$132,016
30,292
10,500
11,090
$955,758
$1,166,911
329,962
22,750
190,522
110
Dr24
388
153
Net income
$66,926
$80,110
Dividends applic. to pref. stocks for the period
$460,051
334,200
"$623,830
$125,851
$289,642
taxes
Direct taxes-
Property retire, reserve
appropriations
Amort, of limited-term
investments
Net oper, revenues-.
Rent for lease of plant—
Operating income
Other income (net)..—
Gross income-
Int.
mtge. bonds....
Interest on debentures..
Other int. and deduct'ns
Int.
on
charged to construc¬
(Cr.)
tion
299,835
125,038
71,222
Note—No provision has been made for Federal excess profits tax since
no
excess
profits are indicated.—V. 152. p.
Pacific Telephone & Telegraph
128.
Co.—Gain in Phones—
Parke, Davis & Co. (& Subs.)—Earnings—
Consolidated Income Statement, Year Ended Dec. 31
1940
Profit from operations..$11,788,996
Deprec. of plant & equip.
and amortiz. of plants
Pensions paid former em¬
ployees
Foreign exchange
501,394
498,153
466,388
480,910
156,644
150,548
321,256
149,857
124,065
cl50,017
.$11,130,958 $11,285,077 $10,291,515 $10,663,273
a631,754
240,125
269,440
203,031
Balance
334,188
1939
1938
1937
$12,255,034 $11,031,825 $11,294,200
Miscellaneous income—.
Balance
Note—No provision has been made for Federal
profits are indicated.—V. 152, p. 272.
excess
profits tax since
Ohio Bell
Operating
tributed profits
1941
$4,233,044
9,792
Operating revenues..
Operating expenses
1940
$3,850,241
9,273
$4,223,252
revenues
Uncollectible operating revenue
$11,762,712
Prov. for income taxes.. b3,435,000
Federal surtax on undis¬
Telephone Co .—Earnings—
Month of January—
Total...
no
excess
$3,840,968
2,303,839
2,455,722
$1,767,530
705,337
$1,537,129
Net operating income
Net income.
$1,062,193
1,054,191
Includes
a
on
the
Otter Tail Power
—Special Dividend—
special dividend of 10 cents per share on the
common stock, payable March 25 to holders of record March 10.
Last
previous distribution was made in December, 1937 and amounted to 90
cents per share.—V. 151, p. 112.
Pacific
Gas
&
a
Electric
Co.—Bond
Issue
Raised
The company on March 3 filed with the Securities and
Exchange Com¬
mission in its San Francisco regional office an amendment increasing from
$65,000,000 to $110,000,000 the amount of first and refunding mortgage
were
$1.85
excess
receivable
697,709
closed bank
bDeps.
in
$
Capital stock.__24,514,790 24,503,880
987,401
897,258
Acer, wages, taxes,
46,422
665,837
758,011
foreign inc. tax. 3,452,446
Dividend payable. 1,958,331
2,285,345
1,957,895
&c
Res. for Federal &
Res.
closed
20,874
banks..
for
foreign
profits not trans¬
ferred to U.S...
Deferred charges to
140.000
'
163,310
150,514
1,255,448
1,255,448
fixtures, &c
6,116,759
Machinery pat't
240,180
251,090
surplus...13,942,403 13,467,536
Capital surplus.—
5,929,356
249,944
285,650
future operations
Land...
c
1939
$
Liabilities—
e
Accounts payable
6,254,363
6,233,531
9,014,128
8,482,719
11,056,778 10,554,303
Investments..
1940
$
655,145
Inventories.
Earned
Bldgs., mach'y &
d
rights
Formulae,
and
—
process
copyrights. 10,500,000 10,500,000
Total
to
$110,000,000—
$9,068,304
8,316,824
4,892,489
profits tax.
charged against earned surplus
1939
$
Divs. receiv. from
The company has applied to the Federal Power Commission for
authority
to take over the electric facilities of Central Light & Power
Co., (a Central
States Power & Light Corp. subsidiary).
Otter Tail Power proposes to
finance the merger by issuance of a $500,000
one-year bank note plus
$175,000 of its own funds to retire outstanding securities of Central Light
& Power Co.—V. 150, p. 3752.
Directors have declared
payments
Notes and accts.
common
Co.—Proposed Acquisition—
Pacific Clay Products
blncluding $100,000 for U. S.
1940
Cash
stock, payable Marcn 31 to holders of record March 14.
Previously regular
quarterly dividends of 30 cents per share were distributed.—V. 152, p. 273.
$1.89
$8,639,955
7,829,183
4,893,632
$1.76
authorization of the stockholders.
Assets—
Omnibus Corp.—20-Cent Dividend—
declared a dividend of 20 cents per share
8,809,939
4,894,743
Consolidated Balance Sheet Dec. 31
pyo.
Directors have
$9,254,202
$203,971 foreign exchange, including adjustment in respect
of year-end conversions,
c In
prior years pension
on
"""Vt loZ, p.
140,000
Net profit for year___ $8,187,712
Dividends, cash.7,832,779
Shs. cap. stk. outstand..
4,895,834
Earnings per share
$1.67
$966,409
943,663
570,720
25,000
...
Prov. for foreign profits
not transferred to U. S.
a
Net operating revenues—
Operating taxes
$11,534,202 $10,560,955 $10,866,304
2,280,000
1,921,000
1,773,000
45,912,298 44,110,106
Total
45,912,298 44,110,106
for doubtful notes and accounts of $205,816
1939,
b After deducting reserves,
c After
$7,142,055 in 1940 and $6,800,748 in 1939*
d Less amortization.
©Represented by 4,894,834 (4,894,743 in 1939) no
par shares.—V. 151, p. 3570.
After deducting reserve
and $339,870 in
reserve for depreciation of
a
in
1940
The Commercial & Financial Chronicle
Votmme 152
Panhandle Eastern Pipe Line Co.—oQ-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable March 20 to holders of record March 5.
Like amount was
26' last: dividend of $1 was paid on July 12, last, and dividend
of $1.50 was paid on Jan.
31, 1940. In addition a stock dividend was paid
on Jan. 25. last, as outlined in Y.
152, page 840—V. 152, p. 993.
Securities of, and Advances to.
Stocks
$1 paid
on
Penick & Ford, Ltd., Inc.
Calendar Years—
Gross sales, less disc,
20, last and
223,230 Pittsburgh & West Virginia Ry. Co., common..,.
5,100 Springfield Suburban RR. Co., common
$31,548,919
Par
Bonds, Notes and Advances
$10,126,000 Detroit Toledo & Ironton RR. Co. 1st & ref. 5s, '81 $9,514,037
3,000,000 Pittsburgh & West Virginia Ry. 5-year 4% secured
1937
1,899,000 Pittsburgh Terminal RR. & Coal Co.
5s 1942 (guaranteed)
Springfield Suburban RR., advances
allowances-__$13,565,979 $13,118,444 $12,612,574 $15,504,158
Materials &oper. exps
8,987,820
8,049,546
7,923,207
12,223,643
Profit.
$4,578,159
Maintenance & repairs.
170,549
Taxes—real estate, &c..
140,252
$5,068,898
167,622
145,417
...
.
Gross profit
Sell., adm. & gen.
$4,267,359
2,333,973
5,447
$4,755,859
2,378.635
4,442
$4,363,609
2,343,950
14,011
94,751
452,990
86,198
463,692
$1,366,571
50,599
$1,825,042
54,786
$1,455,757
42,637
$257,907
57,895
$1,417,169
Netprofit
Other income
Gross income
$1,879,828
$1,498,394
Appropriation to
$315,802
343,231
100,000
323,371
100,000
258,473
43",996
$1,073,939
1,070,000
$1,456,456
1,476,000
$1,139,922
1,107,000
$271,806
554,825
$3,939
369,000
$2.91
def$19,544
369,000
$3.95
...
tax
Net income
Common dividends
-
-
Balance surplus
(no par)
com. outst.
Earns, per sh. on com
a
Assets—
$
Liabilities—
$
Cash
1,190,643
1,167,132
Accounts payable.
Short-term loans..
1,500,000
Accts. & notes rec.
1,226~690
Inventories
2,354,129
2,275,199
Mktable secure
Advs.
and
Pro v.
for
$
$
Miscellaneous
301,734
213,283
382,305
Real estate—ground rents
5,014,393
5 252,097
Coal Corp. receivers'
5,285,159
...—
Total
9,332
446,106
chinery & eqpt. 4,752,113
185,956
Prepaid exps., &c.
4,858,961
Dividends...
$1,578,515
164,384
Ground rents
1
1
9,911
662,042
19,261
x
Income Account
Land, bldgs.,ma¬
Interest from bonds
Int. from other accts
Total.
11,681,882
11,812,140
Total
11,681,882
Total income.
After deducting $7,950,921 reserve for
in
1940.
y
$2,269,728
963
19,159
166,537
Interest paid
Taxes
General expenses
_
Penn-Ohio Edison Co.—Bonds Called—
Net income
Commonwealth
See
&
Southern
Corp. above.—V.
152, p.
273.
Pennsylvania Forge Corp.—Extra Dividend—
an extra dividend of 10 cents per share on
stock, in addition to the regular quarterly dividend of 15 cents
both payable March 31 to stockholders of record March 15.
The company paid the same dividends for the last quarter of 1940.
The directors have declared
the
per
common
share,
Dividends-
Earnings
687,925
22,831
14,702
693,150
21,271
$1,697,394
$852,589
$2,597,242
152
310
146,665
148,746
221,467
148,110
bl72,529
157,088
per
share,
w—
Refore deducting loss
Corp.—Report for 1940—Henry II. Lee, Presi¬
a
extension of the effective date of the guaranty from
July 1, 1942, to July 1, 1952, and the RFC required that 95% of the bond¬
holders must agree to such extension.
The Pennroad Corp. and a large
majority of the other holders agreed to such extension, thus assuring the
carrying out of the plan. Under this plan Pittsburgh & West Virginia Ry.
authorized and sold an issue of $7,400,000 five-year secured collateral notes
with interest at the rate of 4 % and with the proceeds paid off the
The RFC purchased $4,070,000 of these notes, one of the
Pennroad Corp. the balance, amounting to $3,000,000.
The collateral securing this issue consists principally of the railway's holding
of Wheeling & Lake Erie Ry. stock—(14,600 shares of 5H% preferred and
59,400 shares of common) and bonds of Pittsburgh & West Virginia Ry. in
the amount of $3,576,000 first mortgage series D 4Mb due in 1960, and
$8,047,000 general mortgage 6s due in 1952.
The voting trust under which all the issued and outstanding common
stock of the Pennroad Corp. was deposited expired on May 1
1939, and
voting trust certificates to the extent of over 91.2% of the shares out¬
standing, have been exchanged for common stock certificates.
at par
loans above.
banks $330,000, and
2,077,325
$0.27
General Balance Sheet Dec. 31
1939
1940
Investments at ledger
Securities of,
values:
$491,515
hand—
"
™
.
(Note B)
1,744,552
.220,244
250
112,330
15,195
Real estate—Ground rents
Accounts receivable
Accrued income
Furniture and fixtures (net)
$358,469
„„
and advances to, subs, (note A)— 45,322,671
Other investments
majority interest in the common stocks of the Canton
Co. of Baltimore: Detroit Toledo &
Ironton RR.; Pittsburgh & West
Virginia Ry. and Springfield Suburban RR.
In accordance with the policy of purchasing its own stock the corporation
acquired during 1940, 380,500 share at an average price of approximately
$2.22 per share totaling $845,703. As a result of this policy the stock out¬
standing in the hands of the public has been reduced from a total of 9,090,000
shares to 7,504,500 shares at Dec. 31, 1940.
The principal changes in the corporation's investment portfolio during
the year 1940 were as follows:
Sale of 352,119 shares of Seaboard Air Line Ry. common stock for
$58,810.
I
Sale of $2,976,000 Detroit Toledo & Ironton RR. 1st mtge. 5% bonds,
due in 1964, at 105M and interest.
Sale of $500,000 Detroit Toledo & Ironton RR. 1st & ref. mtge. 5%
bonds, due in 1981, at 100 and int. to sinking fund of the railroad company.
Payment of $500,000 unsecured notes by Pittsburgh & West Virginia Ry.
Purchase of $3,000,000 Pittsburgh & West Virginia Ry. five-year 4%
secured notes, due in 1945, at 100 and interest.
Purchase of $1,899,000 Pittsburgh Terminal RR. & Coal Co. 1st mtge.
5% bonds, due in 1942, (now Pittsburgh Terminal Coal Corp.) at an
average cost of approximately 66 and interest.
This issue is guaranteed as
to principal and interest by Pittsburgh & West Virginia Ry. and in con¬
nection with the plan of financial readjustment of the railway the effective
date of this guaranty has been extended to July 1, 1952, approximately
95% of the holders or such bonds having agreed to the extension.
The financial problems of the Pittsburgh & West Virginia Ry. and their
solution are of direct interest to this corporation because of its large holding
of common stock of the railway company.
The unsatisfactory financial
condition of the railway company was due to:
(1) Its loans:
From Reconstruction Finance Corp., $4,176,607; from
banks, $2,727,762; from Pennroad Corp., $500,000; total, $7,404,369.
(2) The guaranty by Pittsburgh & West Virginia Ry. of principal and
interest on bonds of Pittsburgh Terminal Coal Corp. outstanding in the
amount of $2,564,000 maturing on July 1, 1942.
This guaranty, assumed
by Pittsburgh & West Virginia Ry., was secured by a mortgage on the
West Side Belt RR. which constitutes an important part of the trackage
now operated by Pittsburgh & West Virginia Ry.
Beginning Jan. 1, 1939,
Pittsburgh & West Virginia Ry. has paid semi-annual interest on such
bonds outstanding.
A plan of financial readjustment was prepared by the railway company,
submitted to the RFC and a commitment made by them subject to auth¬
orization by the ICC as to certain matters over which it had jurisdiction,
which authorization was duly granted.
Before this plan could be adopted it was necessary for the railway com¬
to obtain an
$0.06
on
Assets—
dent, states:
pany
a$555,582 a$2,267,314
$2,083,068 a$l,329,261
1,512,656
790,000
$0.28
$0.17
Cash—Demand deposits in banks, and on
Corporation owns
$1,868,118
$127,375
14,459
sale of securities amounting to $161,264 in
1940, $16,374 in 1939, $394,115 in 1938, and $420,197 in 1937. b Including
Federal surtax on undistributed profits.
a
-V. 152, p. 128.
Pennroad
1937
1938
1939
$982,234
10,421
680,326
24,412
11,812,140
depreciation in 1939 and $7,375,Represented by 369,000 no par shares after deducting
64,773 shares held in treasury.—V. 151, p. 2509.
x
543
for Calendar Years
1940
Goodwill
44,888
220,245
$47,287,467
-
4,623
467,726
stock.
certi¬
ficate and advances for equipment
640,821
5 014,393
Terminal
Pittsburgh
contracts..
Common
$36,000
Jefferson Co. note, secured by first mortgage—..
356,749
637,012
Surplus
24,125
67,000
31,500
230,000
94,000
80,000
Misc. inv. & adv..
y
42,188
148,800
4,800
$1,663,664
Federal
inc. & oth. taxes
Reserves
purchases
on
7,592
59,761
38,125
9,450
28,750
series A
224,267
expenses
47,676
29,956
21
First preferred C (7 % cumulative dividend)
First preferred D (10% cumulative dividend)...
First preferred E (4 H % cumulative dividend)..
Preferred (old) (6% non-cum. dividend)
1939
171,806
<
239,000
14,968
27,565
Common
l
1,000 Chesapeake & Ohio Ry., common
1,800 Lehigh Valley RR., common
500 Louisville & Nashville RR., common
4,500 Missouri-Kansas-Texas RR. 7% preferred A
148,800 New York New Haven & Harrford RR. Co., com..
1,200
Preferred
...—
1,000 Pennsylvania RR., common
i
1,000 Republic Steel Corp. prior pf. 6% cum. conv. ser.A
1,500 Southern Pacific Co., common
10,000 Southern Ry., common..
1,000 Tide Water Assoc. Oil Co. $4.50 cum. conv. pref—
1,000 Youngstown Sheet & Tube Co. SYt% cum. pref.,
Acer. gen. taxes &
1,800,000
25,000
1,066,026
,
$304,590
83,755
46,572
dividend)
/First preferred A (5% cumulative dividend)
First preferred B (8% cumulative dividend)
Consolidated Balance Sheet Dec. 31
1940
;i
$46,000
Prior preference (7% cumulative
19
$32,922 def$283,019
369,000
369,000
$0.74
$3.09
1939
-
Boston & Maine RR.:
Exclusive of maintenance, repairs and taxes.
1940
$13,773,752
r
Stocks
44,304
50,547
24,979
24,337
14,668
reserve
for contingencies
Prov.for Fed.income
1,253,715
6,000
...
1,000 Armour & Co. (111.) $6 cum. conv. prior preferred..
8,000 Atlantic Coast Line RR. common
86.792
468,695
&c_
1st mtge.
-0
Other Investments
Shares
$2,958,782
2,145,388
Depreciation
Shs.
$3,280,515
196,776
124,957
104,066
457,304
exps..
Pro v. for doubtful accts.
Fed. cap. stock & State
corp. taxes,
$4,689,367
179,179
146,579
3,000,000
notes—1945--
re¬
turns &
a
$7,918,809
19,941,641
3,487,969
200,500
.
1938
1939
Dec. 31,'40
-
✓
scrip
(& Subs.)- -Earnings-
1940
'
21,975 Canton Co. of Baltimore common
245,328 Detroit Toledo & Ironton RR. Co. com. & $10.56
Directors have declared two dividends of $1 per share each on the com¬
stock, one payable March 24 and the other April 24, both to holders
This compares with $2 paid on Dec.
Oct. 24 and on Sept. 17, 1940.—V. 151, p. 3406.
Subsidiaries Dec. 31, 1940
Book Value
Shares
mon
20.
stockholders, a decrease from th,
previous year of 4,544.
Patchogue Plymouth Mills Corp.— Dividends—
of record March
1601
At the end of 1940 there were 122,281
44,813,797
1,964,585
220,245
75,333
347,351
17,611
$47,906,757 $47,797,391
Liabilities—
$250,000
Notes payable
Taxes accrued
16,348
5,729
.....
Taxes withheld on dividends
10,838
payable
Capital—
Accounts
Common stock (par
$190,567
1,862
1,966
„
$1)
8,300,000
—
39,479,617
Capital surplus
Deficit account Dec. 31, 1938 (deferred
8,300,000
123,948,654
charge to
capital surplus)
.
------
1,506,979
Earned surplus since Jan. 1, 1939
Cost of common stock, held in treasury
Drl ,662,791
'
84,469,036
640,466
Dr 817,088
$47,906,757 $47,797,391
based on cost,
of Pittsburgh & West Virginia Ry. and Canton
based on values determined by the corporation
as at Dec.
31, 1938.
The book values do not purport to represent the
amounts which might be realizable on disposition of these securities.
Note A:
The book values of investments in subsidiaries are
except as to common stocks
Co. of Baltimore, which are
(B) The book values of
exchange quotations Dec.
"other investments" are based on published stock
31, 1938, plus teh cost of subsequent acquisitions.
stock exchange quotations Dec. 31, 1940, "other in¬
vestments" amounted to $1,202,460 including at cost items aggregating
$80 887 not listed on any exchange. Neither the book values nor the market
quotations purport to represent the amounts which might be realizable on
disposition of these securities.
Based on published
The balance sheet does not include the liability for dividend checks
presented for payment at Dec. 31, 1940, nor cash balances in banks to
liability at that date.
(C)
not
meet such
(D) Corporation estimates that it has no
profits taxes for the year 1940.
liability for Federal income or
excess
Note payable in the amount of $250,000 at Dec. 31, 1940, was paid
full Jan. 3, 1941.
There are pending several laws uits in which Pennroad Corp. is
named as a nominal defendant.
The object of the litigation is to recover
a money judgment from certain persons, for the benefit of all stock and
voting trust certificate holders, for alleged losses in connection with certain
investments originally made by the corporation. Two of such suits are now
in progress in the U. 8. District Court, Philadelphia. Recovery of a money
judgment, if any, less all costs in connection therewith would inure to the
benefit of Pennroad Corp. In the opinion of counsel under the issues joined
no liability can attach to the Pennroad Corp.—V. 152, p. 1138.
(E)
jn
(F)
Pennsylvania Gas & Electric
Corp.—Acquisition, Ac.—
The Securities and Exchange Commission announced March 4 that
Pennsylvania Gas & Electric Corp, and its subsidiary Pennsylvania Gas
& Electric Co., have filed a declaration or application (File 70-259) under
the Holding Company Act regarding the proposed acquisition by the
Darent company from the subsidiary of all the outstanding common stock
of Petersburg & Hopewell Gas Co., consisting of 5,500 shares (par $100) la
share, for $350,000.
/
Pennsylvania Gas & Electric Co. proposes to issue and sell privately for
cash at face value a series of 10 promissory notes each in the amount of
$55 000.
The first note will mature on May 1, 1942 and the balance of
the notes will mature consecutively on May 1 of each succeeding year.
.
The Commercial & Financial Chronicle
1602
Pennsylvnia Gas & Electric Co. will use the proceeds from the sale of
the notes and the common stock of the Petersburg & Hopewell Gas
Co.,
together with $400,000 of its treasury funds, for the payment at maturity
of $1,300,000 5% first mortgage bonds, due May 1, 1941, of York Gas Co.
(now Pennsylvania Gas & Electric Co.)—V. 151, p. 2807.
on
Quar¬
March 4 for the first time put the company's common stock
on a quarterly dividend basis by declaring a dividend of
25 cents a share,
payable April 1 to stockholders of record March 14.
In each year since 1936, when dividends on common were
initiated, pay¬
on
ments have been made
been $1; 1939,
only at the end of the year, payment for 1940 having
75 cents, and 1938, 50 cents.—V. 152, p. 435.
Peoples Drug Stores, Inc.—Sales—
Period End. Feb. 28—
1941—Month—1940
$1,990,005
$1,825,078
was
conditions permit.
as
1941
8,
In 1939 a reduction of $20,000,000
made.
Additions and Betterments—The principal items of capital expenditures
year for additions to, and betterments, of property, roadway
and equipment on the lines embraced in the Pennsylvania
System were:
Completion of work on grade crossing eliminations at Louisville, Kv.;
construe ion of coal handling facilities at Columbus, Ohio; warehouse facili¬
ties at Columbus, Ohio; warehouse facilities at Cincinnati, Ohio; additional
tracks in classification yard, Ebenezer, N. Y.; freight handling facilities at
37th Street, New York; cab signal system between Kiskiminetas Junction
and Conpitt Junction, Pa.; centralized traffic control between Jamison
Road and Machias, N. Y.; between Hudson and Arlington, Ohio; between
Perryville, Md., and Cresswell, Pa., and between Harmony, Ind., and
Casey, 111.; automatic signals between Anoka Junction, Ind., and Bradford,
Ohio; installation of heavier rail and other track material, and miscellaneous
additions and betterments at various points.
during the
structures
Pennsylvania Glass Sand Co.—Common Put
terly Dividend Basis—
Directors
standing debt
March
1941—2 Mos.—1940
$4,106,610
$3,688,662
Directors have declared a dividend of 50 cents per share on the common
stock, payable March 15 to holders of record March 7.
Like amount was
paid on Dec. 16 last; dividend of 25 cents was paid on Sept. 16 last; dividend
of $1 was paid on June 14 last; dividends of 25c. were
paid on March 15,
Passenger Fares—In accordance with an order of the Interstate Com¬
Commission of Feb. 12, 1940, a reduction in the basic passenger fare
coaches on the railroads in eastern territory from 2M cents per mile
to 2 cents per mile—a reduction of 20%—became effective March 25,1940.
Effective on the same date, a new low basis of round trip fares in coaches
was also inaugurated in eastern territory between all points more than
100 miles apart, on a diminishing scale as the distance traveled increases,
ranging from 2 cents per mile for the first 100 miles to 1 Vi cents per mile
for distances greater than 500 miles.
The new low coach fares are good
1940, and on Dec. 15 and Oct. 10, 1939, and 50c. paid on June 19, 1939,
this latter being the first dividend paid since Dec.
15, 1937, when a dis¬
tribution of 25c. per share was made.—V. 151, p. 3407.
at the 1930 rates the passenger revenue
Sales
—V.
1290.
152, p.
merce
in
Pittsburgh Metallurgical Co., Inc.—Dividends—
between all points and on all trains carrying coaches.
It interesting to note that had the 1940 passenger traffic been handled
$37,750,000
Portland Gas & Coke
Period End. Dec. 31—
Operating revenues
Oper. exps., excl. direct
taxes
serve
1940—12 Mos.—1939
$3,478,767
167,333
10,229
2,025,163
430,030
1,943,843
22,917
22,917
275,000
275,000
10
158
124
1,892
$105,346
$98,607
Dr423
$748,450
Dr2,280
$760,606
$98,184
40,604
4,247
$746,170
480,556
29,617
$760,102
487,250
53,733
446.682
re¬
appropriations
limited-term
_
of
Net oper. revenues...
Other income (net)
D/-268
Int. on mtge. bonds
Other int. and deduct'ns
Int. charged to construc¬
tion (Cr.)_
$105,078
39,376
6,544
Dr 504
213
928
554
Net income
$59,158
$53,546
Divs. applic. to pref. stocks for the period
$236,925
430,167
$219,673
430,167
_
..
Balance
a
we believe it to be a step forward.
Stockholders will be interested in the following declared policy of Congress
contained in the Act:
investments
a
become law and
$3,428,023
190,964
,478
Direct taxes
Property retirement
Amort,
Co.—Earnings—
1940—Month—1939
$319,715
$299,244
def$193,242
_
def$210,494
"It is hereby declared to be the national transportation policy of the
Congress to provide for fair and impartial regulation of all modes of trans¬
portation subject to the provisions of this Act, so administrered as to recog¬
nize and preserve the inherent advantages of each; to promote safe, ade¬
quate, economical, and efficient service and foster sound economic condi¬
tions in transportation and among the several carriers; to encourage the
establishment and maintenance of reasonable charges for transportation
services, without unjust discriminations, undue preferences or advantages,
or unfair or destructive competitive practices; to cooperate with the several
States and the duly authorized officials thereof; and to encourage fair
wages and equitable working conditions;—all to the end of developing,
coordinating, and preserving a national transportation system by water,
highway, and rail, as well as other means, adequate to meet the needs of
the commerce of the United States, of the Postal Service, and of the na¬
tional defense.
All of the provisions of this Act shall be administered and
enforced with a view of carrying out the above declaration of policy."
Stockholders—The capital stock of the company at the close of the year
was
owned
Traffic Statistics for Calendar Years of Pennsylvania RR. Co.
unpaid to Dec. 31, 1940, amounted to
Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred
stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.
Note—No provision has been made for Federal
excess
profits
are
excess
profits tax since
no
10.8%, in the operating
or
58,593,288
65,394,792
2,913,408,446
3,294,745,624
Average
from
rev.
$1.11
$1.18
$1.12
$1.10
2.081 cts.
2.259 cts.
2.258 cts.
2.174 cts.
9,647
174,303,212
8,935
148,794,877
8,598
9,326
119,465,445
172,172,912
passenger
revenue
per
passenger per mile.
No.
of
carried
pass,
per mile of road..
No. of
rev. tons
car'd
revenue
tons
No. of
carried 1 mile
revenues.
Operating expenses increased $31,553,843, or 10.3%, and reflect the cost
of carrying the additional business and the
greater use of the
Aver, trainload(tons)
Aver. rev. per ton
Dividends aggregating 3%, or $1.50 per share, were
paid during 1940,
39,755,554,888 34,745,746,161 27,638,941,215 38,049,997,987
1.107
1,090
1,003
1,020
Average revenue per
ton per mile
property.
compared with 2%, or $1 per share, in 1939.
Revenues and Expenses—Freight revenue increased
$42,549,813, passenger
$516,398, and there were also increased revenues from mail,
switching and demurrage.
Express revenue decreased slightly.
)k The increases in operating expenses were:
$6,297,588 in maintenance of
way and structures, chiefly for renewing rails, ties, ballast and other track
material; $8,733,618 in maintenance of equipment, to maintain and
repair
passenger and freight cars; and $15,802,267 in transportation, to handle
No. of
per
revenue
Increased business.
Depreciation aggregating $27,186,431
increase of $720,202.
was
charged to operating expenses,
$2.09
$2.16
$2.17
0.914 cts.
0.924 cts.
0.938 cts.
17,632
15,031
12,036
17,339
$32,424
$26,119
$34,392
per
mile of road
'
^Income
,
1940
increase in the Federal income tax rate.
The increase
of
Ra)}maV Operating Income—Net railway
$9,195,158, to $86,499,486, and
in road and equipment.
was
operating income was up
equal to 3.27% upon the investment
Railway Operating Revenues—
Freight
by payments at maturity of bonds with
a
par value of
$8,762,000, and to
retirements of bonds
aggregating $584,000 through operation of sinking
9^:,?
by the issue of $7,995,000 eouipment trust obligations.
Of the $50,557,883 charged to "rent for
leased roads," $30,947,917 was
returned to companies within the
System as dividends and interest on
securities owned.
—
-
Joint facility (net)._.
inc?me for the year was $46,238,250, an increase of
/Jav Sr IAgainst net income were charged dividends aggregating 3%
($19,751,o31). the necessary appropriations to sinking and other
funds aggregating
reserve
$6,424,029, and advances to leased and affiliated com¬
panies amounting to $2,917,556.
The balance of $17,145,034 was trans¬
charged against this account $3,429,053
representing property retired, no longer required in connection with the
operation of the railroad; $6,115,697 in connection with
the sale of stock of
New York New Haven & Hartford
RR., and $5,616,557 adjustment with
Long Island RR.. under new contract effective Jan.
1, 1936, approved by
Interstate Commerce
Commission, for use of Pennsylvania Station and other
£^lUties, N. Y, City. Other miscellaneous items resulted in a net credit of
Traffic
168,107,037
5,758,765
Miscellaneous operating....
General....
9,577,375
250,173
Transp. for investment—Cr
Total railway oper.
48,732,989 >42,435,401
97,757,158
89,023,540
8,771,527
-
Transportation.
481,173
502,552
32,999,580
48,705,175
65,309,897
98,149,649
7,967,945
8,172,987
152,304,770 136,095,476 163,828,922
5,379,600
5,639,561
6,222,769
9,277,623
9,317,987
13,325,649
150,328
283,204
443,860
8,630,228
expenses..338,454,678 306,900,835 257,047,243 337,961,293
Netry. from railway oper....139,138,730 124,029,943 103,336,998 117,972,216
Railway tax accruals....
43,885,188 40,095,847
37,225,328
39,332,751
Railway operating income
Joint facil. rents—Deb. balance.
95,253,542
6,517,472
2,263,585
83,934,097
4,976,915
1,652,853
66,111,670
6,914,469
1,864,303
78,639,465
3,697,543
1,940,994
Net railway operating income.
86,499,486
77,304,328
57,332,898
73,000,927
362,110
375,480
1,907,660
2,312,259
23,516,383
4,786,560
283,696
5,286,003
303,848
371,625
2,180,348
22,889,286
5,141,689
540,985
4,970,580
131,666
370,373
2,064,638
24,604,527
4,933,836
549,650
4,805,223
230,980
36,226,180
37,559,228
Hire of equipment—Deb. balance
Non-Operating Income—
Income from lease of road.
Dividend income...i...
28,452,040
Income from funded dsecurities.
Inc. from unfunded
eecur.
Inc. from sink. & other
& accts
4,627,946
280,173
funds
5,503,387
202,339
Total non-operating income...
res.
Miscellaneous Income
41,335,655
36,864,230
...127,835,141
114,168,558
Rent for lease roads
50,557,883
Miscellaneous rents
893,538
184,453
28,404,859
71,492
1,484,661
50,967,578
897,741
178,457
28,491,157
137,016
1,464,085
Total deductions
81,596,891
82.136,033
82,512,978
83,281,516
•Net income
46,238,249
32,032,525
11,046,100
27,278,638
6,424,029
19,751,631
(3%)
6,103,359
13,167,754
5,642,719
5,572,482
16,459,692
(2J*%)
were
Operating Ratio—The operating ratio (percentage of operating revenues
required to pay operating expenses) was 70.87%, compared with 71.22%
492,745
Railway Operating Expenses—
Maintenance of way & structure.
Maintenance of equipment
ferred to the credit of profit and loss.
Profit and Loss—There
1937
477,593,408 430,930,778 360,384,241 455,933,509
Miscellaneous rent Income
net
1938
10,270
10,286
10,306
$
S
$
$
363,510,306 320,960,493 259,257,751 341,507,648
71,623,220
65,796,195
71,106,822
71,643,261
25,478,454
25,043,964
22,310,795
26,382,956
16,124,451
13,326,753
12,538,327
15,897,090
356,977
Total ry. oper. revenues
due
»rPnCiuJ:J?on™from Oross Income—Deductions from gross income decreased
$539,142.
The decrease in "rent for leased roads" was due
chiefly to
reduced rental paid as interest on bonds of leased
companies which were
retired or matured.
The decrease in "interest on funded debt" was caused
....
Mail, express, &c
Non-Operating
Income—Non-operating income increased $4,471,425,
chiefly to a dividend of $5,000,000 received in securities from the
Pennsylvania Co., whose entire stock is owned by company.
1939
10,249
Incidental
an
Statement for Years Dec. 31
Mileage operated-
Passenger
$400,569 in unemployment insurance taxes was due to higher
payrolls
resulting from increased employment.
The increase of $943,149 in railroad
retirement taxes was also due to higher
payrolls and to an increase in the
tax rate, from 2^% in
1939, to 3% in 1940, under the provisions of the
Railroad Retirement legislation of 1937.
All taxes required about 9.2 cents out of each dollar of
operating revenues,
equivalent to 6.7% ($3.35 per share) upon the capital stock.
0.898 cts.
$36,771
revenue
Taxes—'Taxes amounted to $43,885,188, an increase of
$3,789,341, or
9.5%.
The increase of $2,445,623 in railway taxes was due chiefly to
larger
$1.98
,
tons car'd
rev.
mile of road
Freight
an
income and
1937
60,476,322
3,147,222,511
each
Report—M. W.
1938
64,243,942
Average
The Year 1940—Improved business continued
throughout the year, being
brought about by war conditions, and resulted in an increase of
$46,662,630,
1939
1940
No. of pass, carried.
No. pass, car'dl mile 3,441,634,923
indicated.—V. 152, p. 1446.
Pennsylvania RR. Co.—94th Annual
Clement, President, states in part:
by 205,883 stockholders, a decrease of 3,463 compared with
Dec. 31, 1939, with an average holding of 64 shares.
Dividends accumulated and
$2,906,495.
of your company would have been
grater.
Legislation—In the annual report for 1939 reference was made to legisla¬
tion pending in Congress relating to the railroads.
This legislation has now
Gross income
93,559,078 110,560,154
Deductions—
Miscellaneous tax accruals
Interest
on
funded debt
Interest
on
unfunded debt
Miscellaneous income charges
51,318,738
863,439
178,016
28,608,497
118,553
1,425,734
51,248,993
856,567
175,141
28,011,308
1,419,109
1,570,395
.M* JL«70«7*
Investments—Investments in affiliated companies increased
$14,920,714,
due chiefly to acquisition of securities of
subsidiaries, and to advances for
construction and loans to
subsidiary companies within the System.
The decrease in investment in
stocks, under "other
Disposition of Net Income—
investments," is due
chiefly to the sale of 102,025 shares of stock of New York New Haven and
Hartford RR., which reduces the
holdings of company to 217,900 shares.
Sinking and other reserve funds..
Dividends
-,F^^LD^<—During the year- $6,162,000 equipment trust obligations,
$1,100,000 30-year 4% serial bonds and $1,500,000 Girard Point
Storage
Co. 1st mtge. 3Hi% bonds were paid at
maturity, and redemptions were
made through operation of sinking funds.
There were issued $7,995,000
15-year 2M% equipment trust obligations, which were sold on a
1.89%
basis, to finance in part the cost of new equipment.
The general balance sheet shows a reduction in the
liability for funded
debt of $1,353,910.
The debt in the hands of the public for the entire
Construction
Rate
expense,
See x
operating
def. & adv. to leased lines and
2,917,556
2,751,479
2,392,600
17,145,033
10,009.932
3,010,781
13,167,754
capital stock
$3.51
13,167,754
$2.43
13,167,754
$0.84
affiliated companies.
Balance, surplus
2,571,984
2,674,480
Shares of canltal stock outstand„
ing (par $50)
•Earnings
per
sh. on
system shows a net reduction of $21,500,000 during the
year, th ough securi¬
ties retired at maturity, bonds redeemed
through sinking funds and bonds
tax accruals for 1936 include
acquired by system companies, thus continuing the policy of
reducing out¬
to
See z
(2%)
A dividend of
13,167,754
$2.07
1% paid on Dec. 2, 1938, charged to profit and loss,
z Railway
$5,817,422 railroad retirement taxes which were credited
profit and loss I-' 1937.
x
Volume
152
The Commercial & Financial Chronicle
General Balance Sheet Dec. 31
1940.
Assets—
642,431,756
606,783,833
Equipment
622,627,906
General expenditures..
Impt.
1938
$
643,959,080
Invested In—Road
Exchange Offer—Company is offering to the holders of its 7 % prior lien
1939
$
8,355,001
$
346,771
5,070,955
xP.C.C.&St. L
273,058
8,478,384
2,212,136
436,569,416
121,779,123
$
642,521,202
594,778,460
7,724,898
120,552,100
6,793,872
4,164,145
2,247,624
leased ry. prop.
Sinking funds
on
1937
643,729,524
600,710,507
7,702,900
121,148,879
8,375,720
121,638,192
299,494
224,580
Deposits in lieu of mort¬
gaged property sold...
Misc. physical property.
Inv. in affil. cos.—Stock.
Bonds
25,951,180
...
Notes
2,091,154
436,506,105
20,733,334
32,118,405
132,041,737
22,420,452
32,118,405
143,600,824
910,188
Cash
66,350,262
39,231,303
4,373,911
17,254,488
Special deposits
3>£% debs.
Unempioy. ins. taxes
15,744,105
&
7,730
40,638
Other current assets
Working fund advances..
4,575,901
4,316,213
10,424,646
Other deferred assets
142.553
6.618
6,608
5,983
$7,101,120
1,993,985
300,949
842,230
$6,761,132
1,835,840
285,055
824,772
$6,308,696
1,769,868
297,994
783,600
$6,083,928
835,427
570,200
805,412
410,150
785,995
324,443
747,743
259,781
$2,558,326
a200,434
$2,599,901
$2,346,795
65,976
$2,160,936
$2,758,760
Int. on long-term debt..
678,633
General interest (net)..
18,219
$2,685,099
697,033
20,841
$2,412,772
705,133
2,537
$2,232,870
713,233
23,110
105,585
5,310
104,592
6,305
107,867
111,143
192
7.912
$1,951,011
$1,856,327
$1,597,040
$1,377,407
6,130,423
10,591,185
31,391,657
40,545,957
4,972,240
135,451
12,357,629
5,045,899
106,567,928
1,892,213
134,832
236,493
102,629,913
2,126,872
6,408,286
242,980
213,581
112,534,351
2,501,140
5,470,960
3,338,456
5,394,416
debits
6,988,106
12,494,088
33,383,337
4,963,132
212,859
119,029,288
Insurance & other funds.
Maintenance
Depreciation
State, local and miscell.
6,505,207
237,699
Federal taxes
Fed. & State inc. taxes.
Net oper. income
Other income, net
Total
2
Capital stock
564,323,810
debt
of
658,387,700
10,142,739
10,142,739
567,728,970
569,472,880
30,887,000
32,236,500
23,699,000
7,478,250
61,316,000
23,809,000
acquired
30,863,000
Funded debt assumed
23,699,000
7,478,250
Guar, stock trust ctfs
Eqpt. trust obligations..
Pt.
658,387,700
30,863,000
23,699,000
10,142,739
assumed by P. RR.
Girard
658,387,700
10,142,739
566,010,720
658,387,700
stock
Funded debt
cos.
Stor.
7,478,250
62,374,000
64,207,000
1,519,000
1,500,000
1,519,000
'
189,164
189,164
189,914
191,414
9,383,812
17,759,706
8,157,114
7,109,132
7,374,392
16,662,519
13,512,479
14,897,871
14,274,878
16,596,055
1,700,416
payable
Aud. accts. & wages pay.
Leased and affil. cos. and
_
1,519,465
1,240,428
27,630
1,874,422
17,649,028
1,450,480
Unemployment insurance
Misc. accounts payable..
2,187*237
2*.422*,366
Int. matured unpaid
2,109,382
2,045,934
Divs. matured, unpaid..
Funded debt, mat'd unpd.
1,311,385
l,095,05i
162
2,294,611
58,831
2,019,358
730,844
71,131
2,040,983
853,679
172,131
accrued.
5,'163*707
5,217,672
5,322,341
Unmatured rents accrued
5,653,681
1,409,816
5,752,385
5,815,284
5,369,576
5,814,911
1,010,207
767,645
958,562
1,825,920
2,543,362
2,220,193
17,033,474
Other current liabilities..
RR. retire, taxes—Co—
20,960,767
1,703,355
2,659,470
18,427,694
1,520,878
17,493,458
1,241,706
Unempioy. insur. taxes..
1,703,355
1,929,084
1,631,483
282,596
113,907
123,727
127,380
463,763,877
2,751,955
3,432,095
442,144,394
419,379,017
2,638,515
396,812,182
2,299.635
1,140,316
13,253,408
11,862,379
11,945,701
1,259,839
11,139,648
Other deferred liabilties..
Tax liability
Premium
funded debt.
on
1,452,894
1,274,910
Accrued deprec.—road <fc
equipment
Res. for inj. to persons..
Res. for loss & dam.—fr't
Other unadjusted credits.
Add'ns to prop, through
Income
Misc.
and
fund
2,497,902
175,592,120
175,174,897
175,866,312
12,260,226
921,091
Profit and loss, balance..
x
11,710,339
873,814
11,094,798
846,658
10,435,228
798,180
108,673,615
168,087,559
103,548,150
165,423,763
98,708,505
95,042,129
161,593,663
171,018,489
surplus
reserves
reserves
...2,396,141,517 2,359,209,499 2,322,408,356 2,316,895,099
Total
Pittsburgh Cincinnati Chicago & St. Louis Ry. consolidated mortgage sinking
fund and
reserve.
Tenders—
>
The Girard Trust Co., Philadelphia, Pa., will until 11 a. m. March 31
received bids for the sale to it of sufficient general mortgage SH% bonds,
series C, due
exceeding
par
Philco
April 1, 1970, to exhaust the sum of $300,814 at prices not
and accrued interest.—V. 152, p. 1445.
'
Corp.—25-Cent Dividend—
share on the common
payable March 26 to holders of record March 14. Like
amounts were paid on Dec. 21, Oct. 15, and on July 15, last this latter
being the initial distribution.—r-V. 151, p. 3898.
Directors have declared a dividend of 25 cents per
stock,
par
$3,
Pittsburgh Plate Glass Co.—To Pay $1 Dividend—
dividend of $1 per share on the com¬
mon stock, par $25, payable April 1 to holders of record March
10. This
compares with $2 paid on Dec. 23. last; $1 paid in three preceding quarters;
$1.75 paid on Dec. 23, 1939; 75 cents paid in the three preceding quarters;
$1 paid on Dec. 23, 1938, and dividends of 25 cents paid on Oct. 1, July 1
and on April 1, 1938.—V. 152, p. 436.
'
The
directors
have
declared
a
Providence Terminal Co.—Interest—
1, 1941, on the 1st mtge. 4% 50-year gold bonds,
that date at office of Second National Bank, New
Haven, Conn.—V. 150, p. 1946.
The interest due March
due 1956, was paid on
Public
Service-Co.
of
Oklahoma—Securities Offered—
A nation-wide underwriting group
& Co. and
Bonbright & Co., Inc.,
headed by Glore, Forgan
March 6 offered to the
on
public $16,000,000 first mortgage bonds, series A, 3
due Feb. 1, 1971, and the unexchanged portion of 83,500
shares of new 5% cumulative preferred stock ($100 par).
The bonds, due Feb. 1, 1971, were priced at 103b£ ana int.
and the preferred stock at $105 a share plus div.
Other
bankers making the offering include Harriman Ripley &
Co., Inc.; Harris,IHall & Co. (Inc.); The First Boston Corp.;
A. G. Becker &!Co., Inc.; Tucker, Anthony & Co., and
Lee Higginson Corp.
The syndicate announced late Mar.
6 that subscription books on the bonds have been closed.
Purpose—The
minimum net proceeds, aggregating $24,563,500 to be
from the sale of the bonds of series A and the 5%
received by the company
preferred stock, excluding accrued interest and dividends and after deduct¬
ing estimated expenses of $110,000, together with $1,261,500 of treasury
funds of the company derived principally from operations, will be used for
the retirement of securities as follows:
$16,000,000 1st mtge. bonds, series A, 4%, due
requiring for principal and premium of 4%
$8,350,000 7% prior lien stock and 6% prior lien
ing for par value and premium of 10%Total
71,870
a
Includes $111,181
paid on arrears of dividends on preferred stock of
Southwestern Light & Power Co.
The aggregate interest charges on the $16,000,000 of bonds of series A
now offered and on the $1,000,000 of notes payable to banks and $4,000
of Town
of Okemah
5% Electric Light bonds presently outstanding,
on
the
basis to $545,700. The annual dividend requirement
83,500 shares of 5% preferred stock amounts to $417,500.
Stock Giving Effect to Present Financing
Authorized
Feb. 1, 1966,
$16,640,000
stock, requir¬
9,185,000
$25,825,000
Outstanding
$35,000,000 a$16,000,000
First mortgage bonds
Notes payable to banks, W\% to 2%%. due
$100,000 semi-annually from Aug. 1, 1941 to
Feb. 1, 1946---
5% preferred stock cumulative (par $100)
Common stock (par $100)
bl ,000,000
c203,500
140,000 shs.
1,000,000
83,500 shs.
100,000 shs.
a Series A,3M%, due Feb.
1, 1971. b These notes were issued under a
between the company and three banks,
By amended articles of incorporation there are authorized 203,500 shares
of preferred stock (par $100) of which 32,131 shares are designated as 7%
prior lien stock, 51,369 shares are designated as 6% prior lien stock and
120,000 shares are designated as 5% preferred stock.
The amended articles
loan agreement dated Jan. 22, 1940,
c
incorporation provide that any and all shares of preferred stock designated
7% prior lien or 6% prior lien stock redeemed or acquired and cancelled by
company shall thereupon become, and may thereafter be issued, as
shares of 5% preferred stock.
of
the
History and Business—Company was incorp. in Oklahoma, May 29, 1913,
is a public utility engaged principally in the production, purchase,
and
transmission, distribution and sale of electric energy in eastern
175,654,021
income andsurplas...
2,660,101
Fund. dt. retired through
Sinking fund
Net income
Funded Debt and Capital
various funds—deposits
RR. retire, taxes tempi.)
85.198
1,784,312
348,853
782,300
amount on an annual
service bal¬
Unmatured int.
128,008
5,279
18,106,336
payable
car
expense
Other income deduct'ns.
64,594,000
Mtges. and ground rents
ances
$214,699
5,974,151
113,864
Amort, of debt disc, and
7,478,250
1st
Co.
mortgage 3Ka
Traffic &
$248,815
6,703,135
396,141,517 2,359,209,499 2,322,408,356 2,316,895,099
Liabilities—
Funded
$218,633
5,732,008
Water.
53,099
6,129,949
6,143,654
11,332,742
34,985,450
5,009,537
255,451
conductors..
on
1937
1938
$235,428
6.397,045
122,052
cos.
from
Int. and dlvs. receivable-
Premium
1939
1940
Sales to affiliated
Gas...
2,466^285
3,006,627
6,914,906
Misc. accounts receivable
Materials and supplies
Unadjusted
Earnings Summary for Calendar Years
2,006*240
service bal¬
receivable
agents
First National Bank, Boston, as exchange agents of the company.
24,070,995
3,392,698
9,477
Loans and bills receivable
Net bal. receivable
deliver their certificates representing stock to be exchanged, accompanied
by the letter of transmittal in the form furnished by the company to
Security-First National Bank, Los Angeles, Calif.; First National Bank &
Trust Co., Tulsa, Okla.* City National Bank & Trust Co.,
Chicago or
Oper. revs.—Electric:
RR. retirement taxes.
car
by the several under¬
writers of the series A bonds and of the shares of the 5% preferred stock not
taken by, or reserved for, holders of the old stock pursuant to the exchange
offer.
Holders of old stock electing to accept the exchange offer must
3,049,774
254,086
Time drafts and deposits.
Proceeds sale
basis and to receive cash equal to the difference between the initial public
offering price (including aecrued divs. to the date of delivery) of the shares
of 5% preferred stock received in exchange by them and the redemption
price (including accrued dividends to the date of redemption) of the shares
of old stock delivered in exchange by them.
16,085,000
15,674,558
68,306,105
43,136,842
8,685,000
Other investments
ances
20,376,407
32,126,238
120,229,405
439,042
65,785,152
64,353,164
153,465,080
2,932,899
60,117,884
Inv.insecur car'dasliab.
Traffic &
1,915,653
438,902,234
66,284,693
32,118,405
Advances
stock and 6% prior lien stock the privilege of exchanging their stock for
shares of the 5% preferred stock.
Pursuant to the exchange offer the
holders of the old stock are given the right to exchange shares of the old
stock held by them for shares of the 5% preferred stock on a share for share
The exchange offer is conditioned upon the purchase
552,188
437,100,465
1603
Oklahoma for
light, power and other purposes.
Company is also engaged in producing,
purchasing, distributing and selling natural gas and in pumping, distribut¬
ing and selling water.
For the calendar year 1940, the company derived approximately 97.89%
of its operating revenues of $7,101,120 from the sale of electricity, 2.01%
from the sale of gas and 0.1% from the sale of water.
At Dec. 31, 1940,
the company supplied electric service at retail to 77,903 customers in 130
cities, towns and communities and in adjacent rural areas in eastern
Oklahoma.
The five largest cities served are Tulsa, Bartlesville, Okmulgee,
McAlester, and Henryetta.
It also sold electric energy at wholesale to one
municipality, one rural cooperative and one public utility serving at retail
a small community in the company's territory.
At the same date, the
company supplied natural gas to 3,533 customers in McAlester and three
nearby communities and water to 338 customers in Grove and Westville,
Oklahoma.
Company estimates that the territory served by it with electric energy
* population of 287,367, of which about one-half is located in Tulsa.
Southwestern Light & Power Co., the principal subsidiary is a public
has
utility engaged principally in generating, purchasing, transmitting, dis¬
tributing and selling electric energy in southwestern Oklahoma.
It also
distributes and sells natural gas and water.
For the calendar year 1940.
the subsidiary derived approximately 76.17% of Its operating revmu?s of
$2,978,786 from the sale of electricity, 23.58% from the sale of gas and
0.25% from the sale of water.
At Dec. 31, 1940, the subsidiary supplied
at retail to 30,897 customers in 82 cities, towns and com¬
munities and in adjacent rural areas and also supplied electric service at
wholesale to five municipalities, three rural cooperatives, the United States
electric service
army
retail.
post at Fort Sill and two
The five largest cities
public utilities serving two communities at
receiving retail electric service from the
subsidiary are Lawton, Cihckasha, Duncan, Clinton, and Hobart.
Electric
service in Duncan is rendered in competition with the municipality.
At Dec. 31, 1940, the subsidiary supplied natural gas to 14.232 customers
in eight
cities and towns, including Lawton, Chickasha
in two small communities.
and Altus, and water
to 295 customers
Underwriters—The names of the principal underwriters and the
amount of bonds and shares of preferred stock underwritten
respectively are as follows:
Bonds
Glore, Forgan & Co., Chicago
Bonbright & Co., Inc., N. Y. City..
Halsey, Stuart & Co., Inc., Chicago
Harriman Ripley & Co., Inc.. N. Y. City
Harris, Hall & Co. (inc.), Chicago
The First Boston Corp., N. Y. City
A. G. Becker & Co., Inc., Chicago
Tucker, Anthony & Co., N. Y. City—
Lee Higginson Corp , Chicago
—
Blyth & Co.. Inc., N. Y. City
Kidder, Pea body & Co., N. Y. City—
Lehman Brothers, N. Y. City
- Stone & Webster and Blodget, Inc., N. Y. City
Central Republic Co., Chicago
W. C. Langley & Co., N. Y. City
E. H. Rollins & Sons, Inc., Chicago
A. C. Allyn & Co., Inc., Chicago
Co.. Inc., Chicago
Milwaukee
Chicago
Blair, Bonner & Co., Chicago
Dean Witter & Co., San Francisco—
The Illinois Co., Chicago
Sills, Troxell & Minton, Inc., Chicago
Farwell, Chapman & Co., Chicago
G. H. Walker & Co., St. Louis
Stern Brothers & Co., Kansas City, Mo
The Ranson-Davidson
Investment Co.,
$800,000
2,000,000
1,750,000
1,750,000
1,750,000
850,000
800,000
575,000
525,000
500,000
500,000
.
-
Stern, Wampler &
The Wisconsin Co.,
Bacon, Whipple & Co.,
KivoMs,-.----------------—--
500,000
500,000
350,000
350,000
300,000
300,000
300,000
300,000
200,000
200,000
21M22
—
200,000
150,000
150,000
-
None
Wichita,
—None
principal
by them
Pref. Shs.
4,175
11,500
None
10,000
10,000
4,900
4,175
4,175
3,000
2,900
2,900
2,900
2,900
2,000
2,000
1,700
1,700
1,700
1,700
1,150
1,150
1,150
1,150
1,150
900
900
900
725
The Commercial & Financial Chronicle
1604
Consolidated Balance Sheet Dec. 31, 1940
Rand s,
(Including Southwestern Light & Power Co.)
a
Common stock (par $100)... $10,000,000
Utility Plant—
5,144,400
Tangible property.,..——$47,150,019 6% prior lien stock
3,213,100
....
Intangibles
4,919,852 7% prior Hen stock
Southw. Light & Power Co.—
Weleetka Pipe
Line Co.—
41,940 Common (par $21)
b3,423
Capital stock
40,000 6% class a com. (par $100).
b49,300
Lawton Corp.—Capital stock
$6 preferred..,
b3,205,527
Notes rec. from associated Ice
1,927,379 Long-term debt
23,754,000
company
—V.
1941
8,
Pittsburgh—Sales—
1941—2 Mos.—1940
1941—Month—1940
$165,319
$123,270
Period End. Feb. 28—
Sales...
Liabilities—
'
Assets—
March
—
$241,931
$333,756
152, p. 995.
Engines, Inc.—Earnings—
Rearwin Aircraft &
Six Months Ended Nov. 30, 1940
Sales——
Net loss after charges
—V. 152, p. 1449.
$199,400
37,098
—
—
—
Accounts
Other Investments at cost or
24,019
estimated realizable value
....
Cash....
1,678,000
-
Special deposits...
—
service
Customers'
723,474
accts.,
773,326
notes, <fcc
Other accts. and notes receiv.
Accrued payroll
Accrued taxes-
48,214
Accrued interest
Dividends declared
Customers'
Due from sub., not consol—
*4*237
Due from affll. companies-
43,573
Materials and supplies——
415,658
PrepaymentsDebt discount and expense..
28,001
1,974,777
2,963
deposits
60,009
Customers' advances for con¬
struction
28,589
—
6,765,040
Reserves—Depredation.....
Other
Contrib. In aid of construe..
....$59,795,432
surplus..
212.891
3,567,552
.$59,795,432
Total..
Tangible property is stated substantially at original cost when first
The original cost or proerrty owned at March 31,
1934 and Sept. 30, 1935 by Public Service Co. of Okla. and Southwestern
Light & Power Co., respectively, was determined Jointly by engineers of
the corporation Commission of Oklahoma and of the companies and was
approved by the Commission.
Intangibles represent the cost in cash and
securities, less adjustments, of utility plant in excess of original cost of
tangible property,
b Not including shares held by Public Service Co. o
Oklahoma.—V. 152, p. 1446.
a
devoted to public service.
Public Service Co. of Northern Illinois—To Sell Water
Reliance Steel Co.—Common
During the firsjt two months of 1941, a total of $329,000 was received by
the fundT representing proceeds from the purchase by investors of 27,659
shares of beneficial interest, according to the fund's portfolio report as of
March 1, 1941.
This new money, together with approximately $168,000 of cash await¬
ing investment at the beginning of the year, was invested in a diversified
list of securities, the trustees observe.
A comparison with the figures on
Jan. 1 shows a substantial increase in holdings of bonds, preferred and
guaranteed stocks which amounted to 33 % of the total on March 1 against
28% on Jan. 1,
Cash holdings dropped from 17 to 13% and the propor¬
tion represented by investments in common stocks declined from 55% to
54% during the period.—V. 152, p. 842.
1940
1939
1938
1937
$6,189,382
928,452
$6,914,499
906,194
$7,659,410
879,796
$5,258,165
869,232
net
earnings
operations
$5,260,930
$4,388,933
from oper.
Depreciation
Consol.
from
Divs.
from
$6,008,304
$6,779,615
124,629
33,041
356,500
70,978
124,440
130,997
$5,418,601
$6,435,782
$7,035,052
$4,666,193
1,289,975
1,012,930
1,154,184
572,552
$4,128,626
Cr60,027
$5,422,852
$5,880,868
$4,093,641
Cr94,559
non-consol.
foreign subsidiaries
Other divs. & int. ree'd.
of 50 cents per share on the no
stock, payable March 14. to holders of record March 7.
This
with 70 cents paid on Dec. 14 last; 50 cents paid on Sept. 14 last;
40 cents paid on June 28 and April 18, 1940; $1.50 paid on Dec. 15, 1939;
40 cents paid on Sept. 11, 1939; 30 cents paid on March 14, 1939, and $1
paid on Dec. 13,1938.—-V. 151, p. 3575.
The directors have declared a dividend
par common
compares
Richmond-Washington Co.—Bonds Called—
guaranteed collateral trust mortgage 4% bonds,
for redemption on June 1 at 105 and
made at the New York Trust Co.—
A total of $9,000,000
due June 1, 1943, have been called
accrued interest.
Payment will be
V. 150, p. 1453.
Rio Grande Valley Gas Co.—Bonds Called—
outstanding first mortgage 7% (reduced to 5%) gold bonds,
1, 1937, (extended to April 1, 1950,) have been called
April 1 at 102
and accrued interest.
Payment will
made at the Manufacturers Trust Co., New York City.—V. 150, p. 3985.
All of the
series A, due April
for redemption on
be
.
Federal & foreign income
and profits taxes
Net income
Adjust, for prior years.
Adjust, to market of sec.
_
&
-
149,522
127,739
foreign net current
current assets
47,143
Surpl. at beginning of
Gross
Past
yr.
surplus....
service
Cr20,714
31,774
$5,163,023
16,578,394
$5,901,582
16,937,920
$4,156,426
17,392,577
$20,418,675 $21,741,417 $22,838,502 $21,549,003
retirement
annuities
780,302
31,889
1,074,606
3,497,765
858,737
2,164,001
33,143 01,174,751
1,074,608
1,074,540
3,497,765
4,197,318
38,835
1,074,483
3,497,765
Surpl.atendofyear_.$15,034,lll $16,277,164 $16,578,394
$16,937,920
Surplus
reserves
Preferred dividends
Common dividends
^
259,829
$4,141,511
16,277,165
Net income
Earns, per sh. on 702,000
shs.
com.
stk. (no par)
$4.37
$5.82
$6.87
Corp.—Earnings—
1940
1941
Month of January—
$482,074
1,069
$461,503
$481,005
323,990
$460,483
313,216
$157,015
67,230
$147,267
62,003
Net operating income..$89,785
62,843
$85,264
Operating
revenues
.
Uncollectiole operating revenues
Operating revenues
Operating expenses
...
-.
-
Net operating revenues
Operating taxes
1,020
58,299
Net income
Sold Privately—The com¬
has sold privately to insurance companies an issue of
$2,600,000 1st mtge. 3^% bonds dated April 1, 1940, due
April 1, 1966.
Proceeds were used to redeem a like amount
of 4% bonds called for payment Feb. 14 at 105 and int. at
New York Trust Co.—V. 152, p. 437.
pany
$4.39
Mills—Accumulated Dividend—
St. Lawrence Paper
Directors have declared
Net income
of this department.—V. 152, p. 1141.
Richardson Co.—Dividend—
St. Joseph Water Co.—Bonds
Consolidated Income Account for Calendar Years
earns,
Mfg. Co.—Registers with SEC—
Rheem
See list given on first page
—V. 152, p. 1141.
Quaker Oats Co. (& Subs.)—Annual Report—
Consol.
share on the common
1732.
p.
Rochester Telephone
(George) Putnam Fund of Boston—Holdings Up—
Initial dividend
payable March 31 to holders of record March 21.
Dividend of
10 cents was paid on June 12, last, and previous distribution,
which
amounted to 20 cents per share,was made on Oct. 15, 1937.—v. 151,
The Illinois Commerce Commission has authorized the company to
sell
properties at Pontiac, 111., to the Illinois Water Service Co. for
$150,000.
Illinois Water Service Co. is a subsidiary of the Northern Illinois
Water Corp.—V. 152, p. 688.
5.
Dividend—-
Directors have declared a dividend of 20 cents per
Properties—
its water
of $1.50 per share on the common
stock,
576,802
27,425
Contingencies
Corp.—Common Dividend—
Reed Prentice
Directors have declared a dividend
stock, payable March 10 to holders of record March
of 50 cents was paid on Dec. 20 last.—V. 151, p. 3754.
690,188
—
Other current liabilities
Earned
Total
27,991
65,880
64,579
1,323,535
276,228
645,137
—
Due from sub .consol....
Other deferred charges.-
93,837
payable
Due to subs, cos., not consol.
Due to affiliated companies..
accumulations
dividend of 50 cents per share on account of
a
the 6% cum. pref. stock, payable April 15 to holders
record March 31.
Like amount was paid on Jan. 15, last, and one of
was
paid
on
St. Louis Southwestern Ry.
Month of
Lines—Earnings—
1941
$2,011,414
1,291,590
$431,361
110,269
$606,868
23,384
$321,092
25,071
$630,251
176,740
$346,162
163,676
$453,511
8,251
$182,486
8,354
$461,763
253,606
$190,840
267,457
$208,156
Net revenue from railway operations
Railway tax accruals
1940
$1,593,280
1,161,919
$719,825
112,957
January—
Railway operating revenues
Railway operating expenses...
def$76,617
'£
—
Railway operating income—
railway operating income
;
Other
Total railway operating
income--;
Deductions from railway operating income—
—.
Net railway operating income
Non-operating income
Gross
of
$2
Dec. 23, last.—V. 151, p. 3252.
on
income
Deductions from gross income.
Consolidated Balance Sheet Dec. 31
Assets—
1940
Cash on hand and in banks
Accounts receivable (less reserves)
Inventories.
$4,869,052
3,888,904
8,022,999
Government securities
14,307,323
State, county and municipal securities
40,000
Inves'ts in & advances to non-consol. subsidiaries1,662,956
Stock purchase & other indebtedness of
employees.
56,315
Company's capital stock (for employees)
342.255
Miscellaneous investments
20,527
Insurance and other prepaid expenses
250,896
x Land,
buildings, machinery and equipment
14,809,033
Trademarks, trade rights, patents & goodwill
10,135,506
Total
.
1939
$4,628,109
3,912,263
10,430,663
13,179,896
1,701*398
67,404
389,366
21,278
312,751
15,190,921
10,135,506
$58,405,768 $59,969,554
.
Liabilities—
Accounts payable
Accrued liabilities
908.251
_
—
2,998,477
270,000
82,455
2,250,000
2,050,000
Dividends declared, payable after Dec. 31
Due to subsidiaries
for inventory shrinkage
for advertising
Reserve
Reserve
Reserve
Reserve
I
for insurance and other
contingencies- — .
for non-consolidated foreign subsidiaries..
6% preferred stock.
y Common stock
Surplus....
in 1939.
259,679
18,000,000
15,210,000
15,034,111
Represented by 702,000
no par
shares.—V. 151, p. 1448.
Railway Express Agency, Inc. (& Subs.)—Earnings—
Period End. Dec. 31—
1940—Month—1939
1940—12 Mos.—1939
Chgs for transportation_$18,773,227 $17,022,159 $176,700,141 $167,179,377
Other revenues & income
269,202
260,053
2,672,281
2.801,239
Total
revenues
&
lnc_$19,042,429 $17,282,212 $179,372,422 $169,980,616
Operating expenses
Express taxes
Interest and discount
funded debt
Other deductions
x
x
Works—Registers with SEC—
.of this department.—V. 150, p. 2896.
Scoville Mfg. Co.—To
Pay 50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Apr. 1 to holders of record March 15.
Dividend of 75 cents
was paid on Dec. 21 last; 25c. paid in the three preceding quarters; 75 cents
was paid on Dec. 22,1939; 20 cents on Oct. 2, 1939; 15 cents on July 1 and
April 1,1939, and dividends of 25 cents on April 1,1938, and Jan. 3,1938.—
V. 151, p. 3409.
Sears, Roebuck & Co.- -Sales1941
1940
.$49,991,529 $40,835,743
Month of February—
•
Sales
—V.
152,
p.
1296.
Sierra Pacific Power
Period End. Jan. 31—
income
tirement
res.
1941—12 Mos.—1940
$2,115,625
$198,682
$2,272,953
69,181
838,032
914,275
$59,553
after
$184,290
66,501
Operating revenues
Gross
Co.—Earnings—
1941—Month—1940
$58,205
$705,976
$779,775
re¬
accruals.
Net income
..$58,405,768 $59,969,554
resT?rve for depreciatipn of $14,891,048 in 1940 and $14,211,037
y
San Jose Water
See list given on first page
—V. 152, p. 691.
Total-.-.t
1,342,795
789,653
3,203,346
270,000
348,807
2,250,000
2,050,000
1,310,905
259,679
18,000,000
15,210,000
16,277,164
Net income.
—Y. 152, p. 1450.
11,849,459
on
| 786,963
88,847
18,652
10,229,187 111,660,648 104,391,284
690,944
7,566.392
6,929,138
83,783
13,555
1,025,661
103,811
955,218
98,326
Rail transptn. rev— $6,298,508
$6,264,743 $59,015,910 $57,606,650
Payments to rail and other carriers—express privs.—V. 152, p. 842.
Sioux City Service
A total of
Co.—Bonds Called—
$11,600 1st mtge. gold bonds, 6% series, due 1951 has been
been called for redemption on April 1 at 101 and accrued interest.
Pay¬
ment win be made at the Continental Illinois National Bank & Trust Co.
of Chicago.-V. 151, p. 2810.
Snider Packing
Corp.—May Increase Stock—
Stockholders at their annual meeting on May 22 will consider
the authorized capital stock from 210,000 shares to 300,000
V. 152. p. 1296.
Southern
shares.—
Ry.—Earnings—
■—Fourth Week of Feb.—
1940
1941
Gross earnings
increasing
(est.)
$3,384,174
Jan. 1
1940
to Feb. 28
1941
$2,936,107 $26,595,636 $22,246,249
Registers Certificates of Deposit—
See list given on first page of this
department.—V. 152, p. 1451.
Volume
1605
The Commercial & Financial Chronicle
152
South Carolina Power
Period Ended Jan. 31—
Gross revenue,
Southwestern Bell Telephone
Co.—Earnings—
$339,842
160,103
$3,992,586
1,890,971
648,081
375,000
566,539
375,000
$103,970
55,053
$97,766
55,753
$1,078,533
675,769
$48,917
14,286
$42,013
14,286
$415,992
171,438
$401,163
171,438
$244,554
$229,725
_
1,651,693
Operating
Operating
Gross income
Divs.
on
pref. stock
$34,631
-
expenses
Net operating revenues
Net operating income
$27,726
—V.
—V. 152, p. 996.
152,
p.
,„■„
See Commonwealth & Southern Co.,
Called
1,607,494
i. „££££ £ £ £
997.
Southern Bell Telephone &
Telegraph Co.— •Earnings
1930'
1941
$6,931,641
26,689
.
Net operating income
Net income
$1,351,123
1,208,965
__
„
$2,248,923
897,800
$1,416,291
Net operating revenues.
$6,219,621
3,970,698
$2,472,484
1,056,193
Operating revenues
Operating expenses
$6,237,889
$6,904,952
4,432,468
Uncollectible operating revenue
Operating taxes
Sales for the month of February, 1941, were $3,315,216, compared with
$3,623,016 for February, 1940, and show a decrease of 8.4%.
The sales for the first two months of 1941 were $6,063,758, compared
with $6,662,433 for the same period in 1940, which is a decrease of 8.9%.
—V. 152, p. 1297.
above.—V. 138, p. 862.
Month of January—
Operating revenues
1,160,070
Standard Fruit & Steamship
18,268
Directors have declared
a
Corp.—Accumulated Div.
the
on
Standard Gas & Electric
April 1
Dec. 18
11, 1939,
last; 75 cents was paid on Oct. 15 and July 15 last and on Dec.
and one of $1.50 was paid on Oct. 16,1939.—V. 151, p. 3577.
Co.—-Weekly Output—
Electric output of the public utility operating companies in the Standard
Electric Co. system for the week ended March 1, 1941, totaled
Gas &
as compared with 122,888,101 kilowatt-hours
week last year, an increase of 18.9% .—V. 152, p. 1451.
146,093,507 kilowatt-hours,
for the corresponding
Southern California Edison Co.,
Ltd.—Annual Report
Superior Water, Light & Power Co.- —Earnings—
Comparative Income Account (Company Only)
1940
1938
1939
1940—Month—1939
$98,503
$98,051
61,714
57,884
11,839
15,368
4,000
4,000
Period End. Dec. 31—
1937
System output (kwh).__3654396036 3622,973103 3058,174415 3138,653552
Calendar Years—
Operating revenues
Oper. exp., excl. di. tax.
Delivered to customers:
Direct taxes
540,744,010 512,482,627 486,659,398 442,674,528
2375428356 2458,053005 1912,825248 2039,305593
Connected loan meters.
573,523
544,762
558,840
535,590
Connected load up h.p..
3,065,374
2,996,184
2,857,198
2,706,103
Lighting (kwh.)
Power (kwh.)
Prop, retir.
res. appro...
Net oper. revenues
$20,799
$20,950
1940—12 Mos.—1939
$1,102,534
704,544
150,216
48,000
$1,087,680
669,389
161,280
48,000
$199,774
$209,011
39
Other income..
Results—
Gross earnings
$47,257,014 $46,246,573 $43,169,624 $42,548,842
11,477,540
11,286,226
10,586,107
10,331,325
Taxes
6,043,594
5,936,065
5,917,634
5,426,136
Federal income taxes—
x604,986
2,000,891
1,678,298
yl,500,000
Int. on bonds and debs.
5,919,602
5,640,582
6.048,499
6,198,462
Oper. & maint.
of
dividend of 75 cents per share on account
$3 participating preferred stock, payable
to holders of record March 20.
Dividend of $1.50 was paid on
accumulations
—V. 152, p. 1296.
115
$209,126
454
454
7,228
7,121
$199,813
5,450
84,086
114
Gross income
expense.
85
114
85
$110,391
35,000
$120,121
35,000
$20,799
$20,950
Int.
on mortgage bonds.
Other int. & deductions.
Int. ch. to constr. (cr)
5,450
83,640
Prov. in lieu of income
taxes
$13,382
$13,309
Dividends applicable to pref. stocks for the periodNet income
2,501,312
Miscellaneous interest..
Construction
81,507
Crll9,527
account..
Amort, of bond, disc., &c
Reserve for depreciation
913,243
7,654,985
118,551
Crl49,642
1,157,296
7,554,687
79,561
Cr267,350
1,158,848
6.234,548
26,265
Cr88,965
Balance
887,462
6,131,992
$12,179,772 $12,701,916 $11,733,479 $12,136,162
14.383,949
11,901,264
10,801,427
9,297,729
914,650
Net income
Previous balance
Adjustment
Preferred
dividends
Common dividends
x
of
com.
There
Federal
excess
O., paying therefor a total purchase price of approximately $3,000,000, of
$850,000 was paid in cash.
Company issued 2% notes for the re¬
purchase price.
These notes are payable in amounts of
$187,500 each quarterly, from Jan. 2, 1941 to April 2, 1943, and $275,000
on July 2, 1943.
The increase in trademarks, goodwill, &c., of $2,645,264 over the corre¬
which
$2.22
$2.10
$2.39
$2.24
shs. outst.
were no
sponding amount in 1939, resulted primarily from the
profits taxes in 1940.
foreign subsidiary companies and branches
consolidated are included as at Sept. 30,, Oct. 31, or Nov. 30, 1940, due to
the distances involved and for accounting convenience, which is in accord¬
ance with past practice.
The accounts of foreign subsidiary companies and branches, substantially
ad of which are located in Great Britain, Canada, Central and South
America, have oeen consolidated in the balance sheet and profit and loss
statement as in previous years.
'
Current assets and liabilities of our foreign subsidiary companies and
branches have been converted at quoted year end, or latest realizable ex¬
The accounts of certain of the
1940
Liabilities—
$
353,943,288
advances
2,033,590
Cash
3,021,989
1,657,357
4,220,752
8k. fund & other
cash deposits.
114,972
262,157
141,788
141,770
3,186,068
3,260,178
3,276,913
3,048,766
14,624,435
17,769,569
5,877,997
5,877,996
Working funds.
Accts. & notes
receivable
Mat'ls & suppl's
disc't
Unamort.
and
prem.
(net)..
Capital stock
4,000,000
514% pref. C. 34,990,025
Com. stock.. 79,570,125
Prem.
on
3,368,417
3,368,417
743,311
issue of cap.stk
Prem.
on
*Oth. Foreign
England
229,697
1,417,666
3,098,427
Deprec. reserve.
57,493,594
3,115,557
reserve.
214,856
2,570,473
Sundry
Capital surplusEarned surplus
.
398.485,496 397,644,4281
Total.
$3,482,093
1,152,927
1,044,844
9,644,455
Total
4,513,628
Period End. Jan. 31—
Gross
-
Operating
expenses
Taxes
Prov.
or
deprec.
amortization
$438,882
186,554
74,233
1940
ances
14,383,949
°
602,093
and other deduc'ts
$89,940
34,358
10,848
$95,920
10,848
$863,686
412,296
130,181
$904,993
412,296
130,181
$44,733
$50,714
$321,210
$362,517
^adv.^d^exps" 30,144,50(4
28,403,351
$10,581,226
9,680
Adjust, of taxes & other
items of prior yrs. (net)
Miscellaneous income—
$1,295,498
390,505
Net income
Divs. on pref. stock
Amort. of pref. stock exp.
discounts..$41,733,461 $38,984,577 $35,625,375
1937
217',026
25,955,104
$33,852,853
23,844,021
$9,670,271 $10,008,831
198,536
207,635
349,610
1,022,272
918,408
2,789
b949,781
12,453
358",509
342", 134
16,015
154,987
$13,390,118 $12,163,322 $11,182,274
$11,447,852
2,047,030
1,878,936
1,789
571,749
$1,252,609
388,922
Calendar Years
1938
Profit from sale of secur.
and
49,454
and
1939
JLIIOW"*
Profit from operations$l1,588,957
Income from marnetable
197,908
securities, interest, &c.
Divs. from affil. cos. and
1,376,545
miscellaneous income-
1941—12 Mos.—1940
$4,698,855
$4,359,713
1,834,880
1,759,296
1,009,273
733,169
$128,640
32,720
$1,468,611
Consolidated Income Account for
Iftfis rfitiirns
1,044,844
55,189
$850,515
America and the British
1,062,008
$122,859
32,919
242,966
$618,096
caption "Other Foreign
2,982,427
667,807
3,071,898
Co.—Earnings-
1941—Month—1940
$448,046
169,983
100,015
revenue
203,408
♦Approximately 98.2% of the assets and all of the income under the
Countries" are located in, or derived from, Latin
Empire, outside England.
51,327,611
After deducting $434,465
Southern Indiana Gas & Electric
1,225,645
647,107
39,558
(other than subsidiaries)
333,272
398,485,496 397,644,428
Total..
$7,804,879 $11,286,972
578,538
solidated)
in 1940 and $918,142 in 1939 reserved for
uncollectible receivables.—V. 152, p. 438.
x
814,627
1,541,967
4,372,498
& branches (con¬
Contributions In
aid of cOnstr*n
$5,372,507
727,340
2,737,757
Divs. & int. from foreign investments
3,246,797
Interest accrued
Total
$4,339,782
1,634,741
Total.
Net profits of subs.
328,746
Countries
$1,032,725
Prop, accts. (less res. for deprec'n)—
Investments & non-current assets
743,311
bonds
Dividends pay..
4,224,627
follows:
Net current assets
Long-term debt. 142,175,000 145,773,000
3,500,000
4,000,000
Accts. payable.
1,279,927
1,715,559
Consumers' deps
390,449
380,782
Res. for pensions
4,060,795
def'd charges.
as
79,570,125
Bank loans
Taxes accrued..
ex¬
pense
Prepaid accts. &
4,000,000
47,681,400
34,990,025
original
outstanding..
Stock disc't and
prem.
pref.
6% pref.B... 47,681,400
Consumers' adv.
on
bonds
change rates.
Net current assets, property accounts (less reserve for de¬
preciation), investments and non-current assets, together with net profits
of subsidiary companies and branches consolidated operating in foreign
countries, segregated as to England and to other foreign countries, are
$
Capital stock:
Original
Investments and
,
1939
$
„
,
Only)
1939
1940
^ nn$
Plants <fc prop..358,648,082
acquisition of these
businesses
It was the opinion of the company that it would not be subject to
surtax on undistributed profits.
z Provisions have been made in the income accounts in the amount of
$2,501,312 which is equivalent to the additional taxes based on income
which would have been payable in 1940 if the company had not had the
benefit for tax purposes of deductions for discount, redemption premium
and expense incident to the refunding of bonds.
This amount has been
applied in reduction of unamortized debt discount, redemption premium
and expense carried in the balance sheet.
y
Balance Sheet Dec. 31 (Company
in part:
1, 1940, the company acquired the businesses conducted under
of The Cummer Products Co. and The Molle Co. of Cleveland,
names
mainder of the
$15,931,314 $14,383,949 $11,901,264 $10,801,427
(par $25)
3,182,805
3,182,805
3,182,805
3,182,805
com. out.
are
On March
the
Earns, per sh. on average
no.
profits
Sterling Products (Inc.)—Annual Report—
Earned surplus
Shs.
excess
A. H. Diebold, President, says
$26,563,721 $25,517,830 $22,534,906 $21,433,891
5,063,754
5,088,003
5,064,228
5,063,551
5,568,654
6,045,878
5,659,414
5,568,913
Total
$75,391
$85,121
been made for Federal excess profits tax since
indicated.'—V. 152, p. 276.
Note—No provision has
no
x
$1,837,874
1.546,332
31,469
Spiegel, Inc.—Sales—
Southeastern Power & Light Co.—Bonds
z
$2,943,953
1,106,079
$1,897,610
revenues
Net income.^
Balance
$7,954,349
5,010,396
$3,185,304
1,287,694
-
revenue
Operating taxes
Net income
$7,985,818
$1,076,932
662,541
$377,921
Operating expenses
174,806
Taxes
67,895
Prov. for deprec'n—31,250
Int. & other deductions.
1940
1941
$8,546,232
33,706
$8,512,526
5,327,222
Operating revenues
JJncoliectible operating
$3,670,164
50,723
31,250
Earnings—
Co.
Month of January—
1941—12 Mos.—1940
1941—Months-19*0
Total income
Gross income
Int.
Prov. for Fed'l& foreign
-
Balance
—V.
152,
p.
34,358
996.
Telephone Co.
1940
1941
$1,785,583
Operating revenues.
Operating expenses...
$1,781,083
1,194,511
$1,614,934
$586,572
193,122
$477,715
145,233
$393,450
319,572
$332,482
258,175
Net operating revenues.
Operating taxes
Net operating
income .
Net income
—'V. 152, p. 996.
68,597
345,824
13,119
d238,963
5,886
124,390
121,775
118,456
182,108
5.944
$9,140,026
11,761,510
$8,741,363
9,674,375
$9,016,243
7,833,777
$22,957,220 $20,901,536 $18,415,738
6,789,370
6,535,397
6,486,679
$16,850,020
7,175,645
a200,000
tri buted profits
Deprec. of market sec—
Interest paid
Other losses and charges
Divs. on pf. stk. of subs.
Adj. of taxes, &c., prior
46,396
139,071
8,633
4,500
$1,618,434
3,500
1,137,219
profit for year— $9,229,231
Previous surplus
13,727,989
Net
Total surplus
Dividends
147",244
36.U87
Earnings—
r"Month of January—
Operating revenues
Uncollectible operating revenue
2,595,754
Federal surtax on undis-
years
Southern New England
3,727,795
income taxes—
_
-
-
Adjustments.......---
75,699
f638,150
el67t549
—$16,092,150 $13,727,989 $11,761,510 $9,674,375
1,740,870
1,740,871
1,712,877
1,705,150
$5.30
$5.25
$5.10
$5.28
a Excess profits tax.
b Sterling Products' proportion of profits of affiliated
companies for the year 1939 was approximately $89,000 ($73,000 in 1938)
less than the income of these companies taken up in the above accounts.
Surplus
Shs. of cap. stk.
Earned per share
outst*g_
1937, and $307,644 in 1936, d Includes $148,081 net adjustment of foreign
exchange and $90,881 adjustment of taxes and other items of prior years
Consolidation of Capital Co.
prior years
Miscellaneous accounts receivable--
2,328,357
1,290,754
140,182
b Land & buildings, machinery & eqpt., &c
5,164,552
794,024
17,386,202
785,400
14,740,938
U, S. Government securities
Other marketable securities
_
Accounts receivable—trade
a
Balances owning by
Other receivables
-
affiliated companies
Inventories
-
-
Finished stocks
consignment with customers
Investment in affiliated companies
on
1940
$7,605,087
3,825,007
1,493,695
3,862,089
545,215
217,556
8,466,958
273,549
3,644,312
Other investments
Advances
Advertising supplies and deferred charges
Trade-marks, goodwill, &c
'-
Total
ducted by California Lands Inc. in farms and oil properties.
According to the announcement, consolidated assets of
panies as of Dec. 31, 1940 totaled in excess of $65,000,000
for reserves in excess of $5,000,000-
3,097,242
payable
Reserve for contingencies
2,914,490
24,430
127,062
1,650,000
5,096,319
Notes
4,739,214
25,577
124,199
1,400,000
sub-
2,779,702
5,096,319
327,310
344,958
158,734
17,507,000
8,226,238
16,092,150
L>r606,443
171,974
17,507,000
8,226,238
13,727,988
Dr606,389
$57,037,541
$51,963,773
Reserve for fluctuations in mkt. val. of securities--
Minority int. in pref. stock of sub. company
Capital stock (par $10)
Capital surplus
Earned surplus
c Treasury stock
-
The purpose
year,
—-
Stone &
Webster, Inc. (& Subs.)—Earnings—
corporation in 1940 had a consolidated net income of $1,354,147.
after providing a reserve of $100,000 for possible security losses, equivalent
to 64 cents
per share on the capital stock of the corporation. This compares
consolidated
with
share of capital
net
income
of
$1,024,082,
stock, in 1939.—V. 151,
p.
equivalent to
3235.
49
cents per
Tampa Electric Co.—Earnings—
Period Ended Jan. 31—
Operating
revenues
1941—Month—1940
$491,285
$430,675
1941—12 Mos.—1940
$5,158,250
$4,726,183
1,497,310
1,486,828
1,505,920
1,498,954
Gross income after re¬
tirement
res.
accruals.
Net income
—V.
151,088
150,413
138,476
137,851
152, p. 998.
Texarkana
Water Corp.—Bonds Sold Privately—Com¬
has sold privately to an insurance company $1,100,000
1st mtge. 3^% bonds dated Jan. 1, 1941, due Jan. 1, 1966.
Company at same time sold to the parent company 1,200
shares of common stock (no par).
Proceeds will be used to
redeem $600,000 1st mtge. 5s called for payment March 17
at 105 and.int. and pay $600,000
promissory notes.—
V. 152, p. 1297.
pany
pending the consolidation of personnel of the two
units.
C. P. Anderson, Martin C. Bolts, Harry
Monroe L. Moss,
C. F. McElroy,
Treasurer and A. Ghiselli, Secretary.—V. 151, p. 3411.
of the
new
company
McClelland,
include:
Norman E. McFadden, John A. McKee,
Vice-Presidents; Emil Kehrlein Jr., Assistant Vice-President;
h
Traylor Engineering & Mfg. Co.—Tenders—
Sealed proposals for the sale to Fidelity-Philadelphia Trust Co., Trustee,
a sufficient amount of the preferred stock of this company to exhaust
the sum of $15,079 will be received at the office of Fidelity-Philadelphia
of
Trust Co., Trustee, 135 So. Broad St., Philadelphia, until Friday, March 28,
1941, at 12 o'clock M.
All stock accepted by the sinking fund is to be
presented for payment and cancellation as of April 1, 1941. The dividend
due on that date has been declared and will be paid by Traylor on stock
accepted. Therefore, offerings should be made at a figure which does not
include accrued dividend.—V. 150, p. 1618.
Union Premier Food Stores—Initial
Directors have declared
new
$2.50
an
Pref. Dividend—
initial dividend of 62 M cents per share on
cumulative preferred stock, payable March
of record March 5.—V. 152, p.
After reserves for doubtful accounts and discounts of
The
^
effect economies
Principal officers of the new company are: George J. Panano, former
President of Capital Co., Chairman of the board of directors; E. D. Wood¬
ruff, former President of California Lands Inc., President; and C. P. Cuneo,
former Vice-President of Capital Co., Senior Vice-President. Other officers
$198,867 in 1940
and $156,906 in 1939.
b After depreciation reserve of $5,048,685 in 1940
and $4,761,269 in 1939.
c 9,830 shares.—V. 151, p. 2957.
a
of the consolidation, Mr. Grant stated, is to
operations and to simplify further the structure of Transamerica Corp.
Present offices of the two divisions will be maintained until later in the
in
the
Total
the two com¬
after provision
...
-—$57,037,541 $51,963,773
Liabilities—
Accounts payable, accrued expenses, &c
Accrued Federal and foreign income taxes
Divs, pay. on stk. to be issued & on pf. stk. of
Due to affiliated companies
and California Lands Inc., subsidiaries of
corporation, engaged in the real estate business was announced on
M. Grant, President of the parent company.
The new
corporation retains the name of Capital Co. and it will have two operating
divisions, the City Properties Division which will continue the functions
of the former Capital Co. with respect to urban properties, and the Cali¬
fornia Lands Division which will carry on the activities heretofore con¬
March 4 by John
1939
$8,086,083
3,825,007
1,614,636
4,060,340
433,697
276,140
6,103,470
320,987
3,612,012
2,319,946
1,345,920
108,271
4,330,925
Assets—
Cash in banks and on hand
1941
this
(net),
e Adjustment arising from settlement of Federal income taxes of
subsidiary companies for period prior to inception of company, including
interest thereon to date or settlement,
f Net cost of development of new
products $482,040, and additional British taxes applicable to
income $156,110.
Consolidated Balance Sheet Dec. 31, 1940
8,
Corp.—Two Units Merged—
Transamerica
$324,656 In 1938, $324,528 in
Includes depreciation of $363,363 in 1939,
c
March
The Commercial & Financial Chronicle
1606
15 to holders
1453.
United Biscuit Co. of America—25-Cent Common Div.—
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 24 to holders of record March 14.
Like amounts
were paid on
Dec. 1, last, and each three months previously.—V. 152,
p. 998.
United Corp.—Files to End Holding Status by Giving Up
Voting Rights in Four Utilities—
Corporation on March 5 filed an application with the Securities and
Exchange Commission for approval of a proposal that it relinquish control
of the voting stock of the Columiba Gas & Electric Corp., the Niagara
Hudson Power Corp., the Public Service Corp. of New Jersey and the
United Gas Improvement Co.
If the plan is made effective, United will
a declaration that it has ceased to have the status of a holding company.
The corporation, in its petition, indicated that it owns outstanding vot¬
ing securities of the four public utilities as follows;
(a) Columbia Gas & Electric, 19.6%.
(b) Niagara Hudson Power, 23.2%.
(c) Public Service of New Jersey, 13.9%.
(d) United Gas Improvement Co., 26.1%.
United Corp.'s proposals, as filed with the Commission, provide, among
among other items, the following:
(1) That United Corp. shall not exercise any right it may have as owner
of securities to vote for any proposal which may be put before the meetings
of stockholders of the four companies, except with the express permission
seek
of the Commission.
$728,982
319,792
156,175
8.3,333
$701,933
282,406
88,542
83,333
$8,844,897
3,390,325
1,501,037
1,000,000
$8,522,890
3,356,047
1,090,070
1,000,000
$169,682
1,065
$247,652
711
$2,953,535
14,120
$3,076,773
15,855
(2) That United Corp. shall have no director or officer who, at the same
time, is a director or officer of any of the four companies.
(3) That, except on approval by the Commission, United Corp. shall
not engage in any transaction with, or participate in, the underwriting of
any issue of securities of the four companies.
(4) That notwithstanding this plan, United Corp. shall reduce its hold¬
ings of the securities of the four companies, from time to time, when in the
judgment of its board of directors such securities may be sold, exchanged or
otherwise disposed of advantageously to the corporation.
The plan is subject to the approval of the majority of the stockholders of
United Corp.
George H. Howard, United's President, said at the annual meeting of
stockholders in Wilmington, Del., March 5 that if the plan is approved by
both the SEC and stockholders, an application accordingly would be filed
with the Commission for a declaration that United had ceased to be a
$170,747
140,542
3,273
$248,363
140,542
2,678
$2,967,655
1,686,500
33,281
$3,092,628
1,686,500
31,707
holding company as defined by the Public Utility Holding Company Act of
1935.
But even if the declaration on status is granted, United would remain
subject to the jurisdiction of the Commission under the Investment Com¬
pany Act of 1940, he added.—V. 152, p. 1145.
$26,932
$105,143
$1,247,874
Dividends applicable to pref. stocks for the period375,678
$1,374,421
375,678
Texas Electric Service
Period End. Dec. 31—
Operating revenues
Oper. exp., excl. di.
tax.
Direct taxes-
Prop, retir.
res. app
Net oper. revenues-..
Other income (net)
Gross income
Int.
on
mortgage bonds.
Other interest
—
Net income
Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
___
Balance-
$872,196
$998,743
provision of $45,000 and $205,000 for Federal excess
profits tax in the month of December, 1940, and in the 12 months ended
Dec. 31, 1940, respectively.—V. 151, p. 3903.
Note—Includes
Texas & New Orleans
January—
Gross from railway
Net from railway
Net ry oper. income—.
—V. 152, p. 845.
Texas Power & Light
Period End. Dec. 31—
Operating
revenues
Oper. exp., excl. di. tax.
Direct taxes
Prop, retir.
res. approp.-
RR.—Earnings—
1941
$4,148,960
1,222,897
654,220
1940
1939
$3,802,172
992,612
405,247
1938
$3,485,975
852,294
319,723
$3,488,334
581,526
38,580
Co.—Earnings—
1940—Month—1939
$935,644
335,139
188,411
87,631
1940—12 Mos.—1939
$900,591 $11,020,256 $11,515,287
389,058
4,372,404
4,574,352
133,144
1,356,270
1,214,457
90,695
1,072,990
1,088,893
386
4,734
3,056
Amort, of Ltd.-term in v.
409
Net oper. revenues--Other income (net).-
$324,054
686
$287,308
1,395
$4,213,858
16,809
$4,634,529
13,595
Gross income
Int. on mortgage bondsInt. on debenture bondsOther int. & deductions-
$324,740
170,417
10,000
11,411
$288,703
170,417
10,000
11,782
$4,230,667
$4,648,124
2,117,917
120,000
137,663
—
-
United
Gas
Improvement Co.—SEC Denies Petition to
Order U. G. I. Subsidiary to Cease
Operation—
The Securities and Exchange
Commission on March 1 denied an appli¬
by H. Jerome Jaspan for an order directing the Philadelphia Gas
Works Co., a subsidiary of the United Gas Improvement Co., "to cease
and desist from unlawfully operating facilities for the production and
distribution of manufactured gas in the City of Philadelphia." The ground
on which the SEC was asked to issue such an order is found in the allegation
that the Philadelphia company acquired the utility assets which it operates
by lease from the City of Philadelphia without first securing SEC approval,
in violation of Section 9 (a) of the Act.
It was also alleged that the United
Gas Improvement Co. guaranteed the performance by the Philadelphia
company of its obligations under the issue without submitting the trans¬
action for SEC scrutiny, in violation of Rule U-12B-1.
In support of the
motion, it was contended that by reason of the alleged violation of Section
9 (a) and of Rule U-12B-1 both the lease and the guarantee are void under
cation
Section 26 lb) of the Act.
In its opinion the Commission stated:
"Whether these allegations are true we
need not now decide, for as we
our authority under the Act we must, without regard to the facts,
deny this motion for want of power to grant it. This conclusion is inevitable
because our only powers, when a provision of the Act or of a rule is being
violated, are under Section 18 (f) of the Act, to bring an action in the
proper district court of the United States to enjoin the violation, or to
transmit the evidence to the Attorney General for criminal prosecution, or
conceive
both."
Net income
$132,912
$96,504
Dividends applicable to pref. stocks for the period
2,045,000
120,000
86,550
Balance
-
$1,979,117
865,050
$2,272,544
865,050
$1,114,067
.
$1,407,494
Note—Includes provision of $61,000 for Federal excess profits tax in the
December, 1940, and in the 12 months ended Dec. 31, 1940.—
V. 151. p. 3903.
month of
Thompson Automatic Arms Corp.—Suit Dropped—
A suit brought last December by executors of the estate of Colonel Marcellus H. Thompson to restrain payment of dividends on 116.400 shares of
common stock of the corporation which had been issued
to Russell Maguire
& Co., Inc.
was withdrawn March 4 in the New York Supreme
A temporary injunction granted on consent by Justice John
on
Dec. 3, 1940. was vacated and under
suit
were
a
delivered to attorneys for the defendants.—V. 152, p.
Toledo Peoria & Western
January—
irom railway
Net from railway
Net ry. oper. income.__
—V. 152, p. 846.
Gross
Court.
F.
Carew
court order all papers
filed in the
1144.
RR.—Earnings—
1941
1940
1939
1938
$213,047
79,928
29,404
$184,499
59,581
24,472
$151,804
50,069
22,052
$176,460
72,376
29,811
Weekly Output—
The electric output for the U. G. I. system companies for the
closed and the figures for the same week last year are as follows:
Week ended March 1, 1941, 123,184,708 kwh.; same week
108,329,581
p.
kwh.,
increase
an
of
14,855,127 kwh. or
week just
last year,
13.7%.—V. 152,
1453.
United
Illuminating Trust—Ceases to Be Holding Com¬
pany—
The Securities and Exchange Commission on Feb. 28 issued an opinion to
the effect that both United Illuminating Trust and Illuminating Shares Co.
have ceased to be holding companies witnin the meaning of Public Utility
Holding Company Act.
The applications arose out
filed by said companies pursuant to Section 11 (e) of
Commission, approved
of a joint application
said Act, wherein the
plan for the divestment of control of the securities
of the United Illuminating Co., an operating electric utility company.
Said plan has been consummated, and the companies therefore made these
applications.
On Aug. 27, 1940 the trustees of the United Illuminating Trust voted to
terminate the Trust.
This was approved by the holders of more than 80%
of the class A stock of the Illuminating Shares Co. at a special meeting of the
stockholders of that company held Oct. 10, 1940.
On Oct. 23, 1940 the
trustees transferred and delivered to the Illuminating Shares Co. all of the
assets of the Trust, consisting of 579,651 shares of the capital stock of
the United Illuminating Co. held by them.
It appears that the termination
of the Trust
of Trust.
as
a
aforesaid
was
in accordance with the terms of the Declaration
The Commercial & Financial Chronicle
Volume 152
After the termination of the United Illuminating Trust and the delivery
to the
Illuminating Shares Co. of the shares of capital stock of the United
Illuminating Co., the Illuminating Shares Co. proceeded to exchange such
No provision has been made for Federal excess profits tax since no excess
profits are indicated.—Y. 152, p. 276.
Utah Power &
shares for shares of its own class A stock, one share of the United Illuminating
Co. stock for each two shares of the class A stock of the Illuminating Shares
On Feb. 13,1941, a special meeting of the stockholders of the Illuminating
Shares Co. was held for the purpose of voting on the advisability of dis¬
solving the Illuminating Shares Co., and at that meeting the consent of the
stockholders, to the dissolution of the Illuminating Shares Co., was duly
given. The Illuminating Shares Co. was duly dissolved on Feb. 15, 1941.
Light Co. (& Subs.)
Period End. Dec. 31—
retirement re¬
appropriations.-
serve
The Securities and Exchange Commission has issued an order reconvening
March 12 public hearings in its corporate simplification case against the
on
company.—V.
152, p.
91,000
91,000
1,092,000
1,092,000
$377,320
$4,765,585
$4,185,648
5.155
4,382
189,028
$4,770,740
2,268 330
25,000
16,104
300,000
180.469
$4,190,030
2,291.511
300,000
191,990
Net income
$150,654
$147,356
Dividends applic. to pref. stocks for the period-
$2,021,941
$1,406,529
1,704,761
1,704,761
a
per
a
1940—4 Afos.—1939
$216,134
$1.51
share of com. stock
12 Mos. 1940
$411,326
$2.88
$90,898
$0.64
United States Envelope
Calendar Years—
Net profits
1941.
Net income
$680,418
1,507,378
4,313
"$2,192,109
Total.
Preferred dividends
280,000
52,500
$125,321
316.377
$741,685
313,050
$487,674 loss$191,057
1,465,725
2,029,522
Dr5,340
7,891
$428,635
2,056,770
11,293
$1,948,059
280,000
$1,846,356
280,000
$2,496,698
280,000
170,446
$796,244
308.569
65,625
35,780
Cr774
131,250
55,926
CV9.764
$1,602,780
Surplus, Dec. 31
$1,507,378
$1,465,725
Comparative Balance Sheet Dec. 31
lQ^Q
Common stock.--
124,733
2,642,182
1,295,534
127,415
2,603,280
1,201,391
428,221
370,955
raw
38,122
30,296
512,220
Reserve
Mlscell.lnvest
Accrued
Int.
460,724
521
materials..
for
64,947
Deferred assets
48,801
200,000
12,448
Total
$9,020,140 $8,806,549
Vanadium-Alloys Steel Co. (& Sub.)—Earnings—
a
a
a
Van Sweringen
Corp.—Special Master Approves Plan—
Veeder-Root Inc.—75-Cent Dividend—
150,000
70,000
Directors have declared a dividend of 75 cents per share on the common
1.507,378
stock, payable March 15 to holders of record March 1.
This compares
with $2 paid on Dec. 16, 1940, $1 paid on Sept. 16 and June 15, 1940, 50
cents paid on March 15, 1940, and dividends totaling $4 per share dis¬
tributed during 1939.—V. 151, p. 3904.
Total.
Vick Chemical Co.
.$9,020,140 $8,806,549
Pay 50-Cent Dividend—
dividend of 50 cents per share on the common
United States Rubber Co.—To Pay Common Dividend—
a lapse of 20 years, the directors
of this company on March 5
Net profit
(& Subs.)—Earnings—
—_
a
share on the common stock, payable on
April 30 to holders of record of April 16.
The directors also ordered pay¬
ment of $2 a share on the 8% non-cum. pref. stock, payable on March 28
to holders of record of March 21.
The last dividend payment on the common stock was on April 30, 1921.
In December, 1938, the company resumed payments on its non-cum. pref.
stock after a lapse of 11 years.
Dividends of $8 a share were paid in 1938,
1939 and 1940.
F. B. Davis Jr., Chairman and President of the company, said that as
a result of the improvement in business and the defense program the com¬
pany's plants were working at capacity on the largest backlog of unfilled
orders in its 50 years of history.
"Our present preoccupation,
Mr. Davis declared, "is with our country's
defense program, and our attitude toward that is simple.
We are 'all out*
for whatever our Government wants us to do.
We are at this time extremely
busy producing on large defense
$1.33
After
minable losses attributable to prevailing war
Victor Chemical Works
closing of the books 30 minutes
greeted the public offering of 203,127
shares of common stock March 4, after the close of trading
on the New York Stock Exchange.
More than 60 houses
that amount only by a prompt
after distribution began,
participated with Smith, Barney & Co. in underwriting the
offering and the participation of distributing dealers in addi¬
tion to that of the underwriters was nation-wide.
The
offering was at a fixed price of $57 a share and was one of
the largest secondary distributions on record, amounting
to
more than $11,500,000 at
the offering price.
It was the
largest single public offering of British holdings which has
come
onto the market
here.
was
Exchange under that ruling.
The fact that U.S. Steel common is listed on nine different exchanges lent
A special battery of telephones was set up in the
interest to the offering.
1940
1939
1938
1937
$8,486 734
$8,393,582
$6,658,288
$5,730,984
Cost of
5,105,910
5,592,074
4,441.630
3,697,746
$3,380,824
1,563,589
124,076
$2,801,508
1,336,377
119,031
$2,216,658
1,208,201
124,029
$2,033,238
1,060,821
157,900
operations $1,693,159
56,714
$1,346,100
54,653
$884,428
38,698
$814,516
22,960
$1,749,873
$1,400,753
c2,801
22,528
246,593
$923,126
$837,476
173,247
119",976
20,447
$1,128,830
24,427
$749,879
19,787
$717,059
13,971
$1,007,504
$1,104,404
$730,092
$703,087
974,080
974,400
626,400
739,875
d$1.45
e$1.59
e$1.05
©$1.01
goods sold..
Gross profit
a
Sell., gen. & admin, exp
Research & develop, exps
Profit from
Other income
Total income
c3,526
Adjustment
Interest
25,801
paid
Normal Fed. inc. tax—
369,829
Fed.
119,594
203,170
profits tax..
excess
Surtax
undistributed
on
442
profits of subsidiary._
— —
$1,027,952
Balance
b Equity
Netprofit
Cash
.
——
dividends
Earnings per share.-
compensation to officers and employees of parent
company,
b Attaching to minority interest in the net profits of subsidiary,
c Adjustment in
respect of foreign exchange fluctuations,
d On 695,600
shares of $5 par.
© On 696,000 shares of $5 par.
a
additional
Incl.
Consolidated Balance Sheet Dec. 31
1940
1939
—$1,353,923 $1,485,311
Assets—
Cash
a
Notes and acc'ts
rec'ble
597,682
Miscell.
receivable
c
Fixed assets
—
Net oper. revenues—
Rent from lease of plant
Gross income
bonds
and deduct'ns
Interest on mtge.
Other int.
Balance
(deficit)
8,719
Accrued interest
5,505
1
value
Acer,
taxes
(other
than Fed. inc.).
82,285
Acer. Fed. inc. tax
101,649
490,660
78,013
20,500
9,232
5,653
Long-term notes
payable
Operating res'vesEquity attached to
750,000
161,979
85,815
246,552
900,000
139,219
contr. for sale of
Capital stock— 3,480.000
859,895
Paid-in surplus
61,140
3,480.000
859,895
Earned surplus— 2,464,319
-1939
2,430,895
int. in cons. sub.
1940—12 Mos.—1939
$100,769
$98,048
$1,099,179
88,848
83,282
6,866
992,184
80,062
1,019,926
6,341
$5,580
46.138
$7,900
43.603
$ 26.933
592,372
$5,171
614,291
$51,718
50,763
1,276
$51,503
$619,305
$619,462
50,763
1.061
609,150
613.728
14,013
9.624
$321
$321
$3,858
$3,890
65,087
e
$1,111,955
Dr9,031
86.858
Notes—No provision has been made in the above statement for unpaid
interest on the 6% income demand note, payable if, as, and when earned,
amounting to $2,290,399 for the period from Jan. 1, 1934 to Dec. 31, 1940.
37.437
29*746
Accr'd liab. insur.
-
Traction Co.- -Earnings—
Period End. Dec. 31—
Direct taxes
163,750
curr.)
61,737
1299.
taxes----
ment (due
4,898,495
Patents at recorded
Deferred charges.-
1939
$338,663
100,000
Loan contract pay¬
compensation Accrued payroll.-
23,542
Co. at 14 Wall St. to accommodate members of
the distributing group and to relieve the strain on the firm's normal tele¬
phone facilities.
Buyers were for the most part individuals.—Y. 152, p.
Operating revenues
Oper. exps., excl. direct
$283,152
d Balance of add'l
19,406
79,971
5,190,476
Other assets
1940
Liabilities—
Acc'ts pay., tradeNotes payable
1,504,398
notes and
acc'ts
673,504
1,492,959
(trade)
offices of Smith, Barney &
Utah Light &
conditions.—V. 152, p. 848.
(& Subs)—Earnings—
j
b Inventories
effected, the actual time consumed
being the minimum allowed by the New York Stock Exchange under its
recent ruling.
The offering was launched at 3:10 and the books were kept
open until 3:40 for the benefit of member firms of the New York Stock
Unusually quick distribution
$1,951,030
$2.80
Consolidated Income Account for Calendar Years
less disc'tS
returns & allowances.
Gross Scilos
of the number of shares offered, and limited to
excess
$1,951,881
$2.86
depreciation, other charges, and reserving for undeter¬
taxes,
Idle plant expense
Corp.—Stock Sold—A demand 50%
United States Steel
in
orders."—V. 152, p. 1146.
$879,091
$1.26
$970,634
a
1940—6 Mos.—1939
1940—3 Mos.—1939
Earns.per sh.on cap.stk.
a
dividend of 50 cents
profits
Approval of an amended plan for reorganization of the corporation and
Cleveland Terminals Building Co. was recommended Feb. 27 in a report by
Special Master Charles I. Russo to Federal District Court at Cleveland.
The Terminals Building Co. would transfer Terminal Tower and two
other public square structures to three new companies, but would retain
management of the buildings.
The plan also provides for the reduction of an original issue of $6,000,000
of first mortgage leasehold 6% bonds on the Tower building to $2,414,500,
with bondholders receiving about 70% of authorized capital stock in a
proposed Terminal Tower Co.—V. 148, p. 3087.
After
a
excess
1,602,780
stock, payable March 31 to holders of record March 15.
This compares
with 25 cents paid on Dec. 31 last; $1.50 paid on Sept. 28 last; 25 cents paid
in three preceding quarters; $1.25 paid on Sept. 28, 1939, and dividends of
25 cents per share paid on June 30 and March 31,1939.—V. 151, p. 3412.
declared
and
b On 199,903 shares of capital stock in 1940, and 200,377
152, p. 1000.
1940.
Period End. Dec. 31—
Directors have declared
$434,995
$2.17
$608,609
$3.04
-
After interest, depreciation, Federal and State taxes,
tax in
1939
1940
Net profit
b Earnings per share
—V. 152, p. 1299.
U. S. Potash Co.—To
dividend of 15 cents per share on the common
a
stock, payable March 31 to holders of record March 10. Previously regular
quarterly dividends of 12 M cents per share were distributed. In addition,
extra dividend of 12 H cents was paid on Dec. 20, last.—V. 151, p. 3580.
Fed.
income taxes
52,852
54,471
U. S. securities.
made for Federal excess profits tax since
indicated.—V. 152, p. 276.
100,000
4,036
Prepaid charges.-
427,701
14,658
Reserve for taxes.
2,625,000
491.724
Res. for adlust. on
Surplus
rec.,
2,625,000
Acc'ts payable
Stock In proc., &c.
U. S. securities—
1939
Preferred stocky-.$4,000,000 $4,000,000
Acc'ts & notes rec.
Cash
1940
Liabilities—
$3.84'9.631
these stocks are cumulative.
on
are
Directors have declared
$2,029,522
b As follows: Expense of trans¬
Envelope Co., $8,290; reserve for Federal income taxes,
$150,000, reserve for adjustment of raw materials, $100,000.
Includes other income (net) of $5,230.
1040
profits
shares in 1939.—V.
fer of Monarch
Plant, investment.$3,916,354
Trademarks,
pa¬
Dividends
excess
6 Months Ended Dec. 31—
b258,290
Crl,460
Common dividends
Miscellaneous charges._
Adj. of val. of mach'y,&c
$317,180 def$298,232
VandeKamp'sHolland Dutch Bakers Inc.—15-Cent Divm
1937
1938
1939
1940
Previous surplus-.
Adjustments
goodwill
14,599
Note—No provision has been
Co.—Annual Report—
a$991,765
311,348
Depreciation
tents &
deben. bonds
a Dividends
accumulated and unpaid to Dec. 31, 1940, amounted to
$7,813,488, after giving effect to dividends of $1.75 a share on $7 pref.
pref. stock declared for payment on Jan. 2,
no
yJoe/rfo
mtge. bonds
on
stock and $1.50 a share on $6
After depreciation, taxes, &c.—V. 152, p. 441.
a
on
Balance
(Del.)—Earnings—
Period End. Dec. 31—
Net profit
Earnings
Int.
Int.
168
$377,488
$379,281
189,028 :
25,000
1453.
United Specialties Co.
a
2,156,444
$378,227
1,054
Net oper. revenues
Other income (net)
Other int. and deduct'ns
United Light & Power Co.—Hearing Reconvened—
6,092,483
6,190,303
2,392,333
577,574
186,661
594,111
232,257
taxes
Direct taxes
Property
£he Illuminating Shares Co., and the Illuminating Shares Co. held only
2,139 shares of the capital stock of the United Illuminating Co., being less
than M of 1% of the capital stock of the United Illuminating Co.
Earnings—
1940—12 Mos.—1939
$1,232,555 $14,440,221 $13,526,575
1940—Month—'1939
Operating revenues
$1,295,595
Oper. exps., excl. direct
^Itthe close of business
on Feb. 17, 1941 (as the result of exchanges of
Illuminating Shares Co. stock for class A stock of the Illum¬
inating Shares Co. since the special meeting of stockholders) there remained
outstanding only 3,839 shares of class A stock and 439 scrip certificates of
,
the United
1607
$8,836,067 $8,715,000
Total
Total----
$8,836,067 $8,715,000
for doubtful accounts,
b At approximate cost
or
market, whichever is lower,
c After reserves for depreciation and
obsolescence,
d Payable to officers and employees of parent company,
e Respresented by 696,000 shares
of $5 par value, f 400 shares at cost.
a
After deducting reserve
—V.
152. p. 848.
Vinco
Corp.—15-Cent Dividend—
declared a dividend of 15 cents per share on the common
March 25 to holders of record March 10.
Dividend of 10
paid on Dec. 20, 1940.—V. 151, p. 3258.
Directors have
stock, payable
cents was
Sales--_-----
----
1941—Month—1940 ,
1941—2 Mos.—1940
$6,325,996
$5,970,574 $12,805,633 $11,834,697
—V. 152, p. 1300.
1939
Calendar Years—
& allowances.$17,127,829
Cost of goods sold, including expense
$14,274,416 $10,468,787
12,566,614
of unused facilities
Depreciation.--——441,387
Selling, general A administrative exps,
2,174,451
Provision for doubtful accounts
25,480
Cash discounts on sales, less discounts
purchases
Net expense of real estate not in use
on
in the business
Miscellaneous
and
bonds
8,898,953
438,208
1,937,056
44,199
11,088,224
438,021
1,921,280
39,839
172,532
129,679
31,114
24,050
33,496
64,142
28,894
52,037
$516,882 *$1,060,239
38,643
20,328
109,055
funded debt of Walworth Co.
on
6,925
82,449
$1,815,241
Int.
$562,450
308,232
316,187
4,379
27,742
8,242
x$S57.462
318,748
7.908
13,256
Interest on funded debt of subsidiaryOther interest
Provision for Federal taxes on
Income
29,983
353,869
$1,123,157
x
505
$205,900 x$l,297,878
Loss.
Consolidated Balance Sheet Dec. 31
1940
Cash
$
in banks...
a
458,612
456,069
-
1,438,555
2,073,641
Receivables—-
$
700,000
bks. 1,200,000
Accounts payable762,922
117,553
503,451
74,163
payroll--
Accrued taxes
rec.(other)
96,842
Misc. securities—
28,888
42,438
83,333
84,857
Prov. for Fed. inc.
7,140.474
23,693
208,478
8. f. instal., curr..
Mtge. receivable..
83.333
c Plant & equip— 7,160,068
Pat'ts A goodwill.
21,949
78,852
242,536
237,717
Acer. int. on bonds
4,354,360 Accrued
5,573.251
Inventories
b Notes
1939
3
IAabililies—
Notes pay. to
hand and
on
1940
1939
$
Assets—
198,252
221,614
deferred charges
33,000
347,773
taxes-—
Other accr*d exps.
23,271
25,724
74,875
67,575
purch. contr
216,412
1st mtge. 4% bds- 6,409,000
6% debentures.—
671,500
e6% pref.stk.(par
$10)
619,120
Mtge. note pay...
Prepaid expense A
230,262
Lease
6,725,000
748,500
636,841
3,394.080
d Common stock.. 3,394,870
Fract.
warr.
for
stock—
237
347
Capital surplus..Surp. earned since
930,724
912,188
common
Jan.1,1936
Total
15,715,655
13,857,2701
515,383 def496,733
for doubtful accounts notes and drafts,
b After reserve
for doubtful notes of $20,000.
c After reserve for depreciation of $11,270,773 in 1640 and $10,936,900 in 1939.
d Represented by 1,357,948
(1,357,632 In 1939) no par shares,
e Includes fractional warrants for
shares of 6% preferred stock.—V. 151, p. 3905.
a
After
reserve
Washington Railway & Electric Co.—Bonds Called—
4% 50-year gold bonds, due
Dec. 1, 1951, has been called for redemption on June 1 at 105 and accrued
interest.
Payment will be made at the Chemical Bank & Trust Co., New
York City.—V. 151, p. 3905.
A total of $74,000 consolidated mortgage
Washington Water Power Co. (& Sub.)—Earnings—
Period End. Dec. 31—
1940
■Month—1939
Operating revenues
$1,053,487
Oper. exps., excl. direct
taxes
401,146
Direct taxes
230,983
Property retirement re¬
serve
91,856
appropriations
.
Sales—
Combined sales
1455.
have
declared
West Virginia
Coal & Coke Corp.—To Revise Stock—
dividend to its stockholders."
Giving effect to the proposed changes,
last, will show
capital surplus of
a
Wheeling Steel Corp.—Registers
1940—12 Mos.—1939
$963,631 $11,551,152 $10,780,932
352,777
130,385
4,442,490
2,291,706
3,989,834
1,653,023
92,841
1,106,975
1,113,157
$5,000,000
Kuhn, Loeb & Co
Illinois Co. of Chicago—
Harriman Ripley &
Jackson A Curtis
250,000
Landenburg. Thalmann A Co.
Laurence M. Marks A Co
400,000
Corp
2,500,000
Co., Inc.- 1,500,000
Smith, Barney & Co
750,000
The First Boston Corp
750,000
Bonbright A Co., Inc
Drexel A Co
750,000
Goldman, Sachs A Co
750,000
Lazard Freres A Co
500,000
Moore, Leonard A Lynch
Kidder, Peabody A Co
Union Securities Corp
500,000
500,000
400,000
250,000
150,000
150,000
350,000
250,000
150,000
F. S. Moseley A
Securities
Corp
—
Hayden, Stone A Co
A. C. Allyn A Co., Inc
Bacon, Whipple A Co
Baker, Watts A Co
A. G. Becker A Co., Inc
Blair A
Co., Inc
Blair, Bonner A Co
-
Curtls8, House A Co
Estabrook
111,754
Ferris A
Int. charged to construc¬
tion (Cr.)
-
4,001
760
5,080
1.506
Net income
$262,992
$315,972
Dividends applic. to pref. stock for the period —
$2,818,664
622,518
$3,041,658
622,518
$2,196,146
$2,419,140
Balance
Waukesha Motor Co.—Earnings—
1939
1940
1941
$373,423
$141,113
$108,589
$0.93
$0.35
$0.27
Earnings
—V. 151, p. 3413.
Directors have declared a dividend of 18 cents per share on the common
stock, payable March 31 to holders of record March 17. Previously regular
quarterly dividends of 20 cents per share were distributed.—Y. 152, p. 278.
dividend of 25 cents per share on the common
stock, payable April 1 to holders of record March 15.
This compares with
50 cents paid on Aug. 26, 1940, and dividend of 12K cents paid on July 1,
a
1939.—V. 152, p. 696.
Western Union Telegraph Co.,
mlscell. expenses
Inc.—Earnings—
1940—Month—1939
454,159
200,340
1940—12 Mos.—1939
$8,934,289 $99,704,353 $95,660,403
503,729
6,364,057
6,147,594
618,608
8,205,988
8,277,940
506,540
5,676,925
5,522,522
5,431,245
59,875,879
57,973,067
193,410
2,190,916
2,256,989
177,063
2,021,618
operating revenues. $1,704,922
38,524
510,834
Operating income
Non-oper. income
Gross Income
Ded'ns from gross inc..
Net
income
—V. 152, p. 1301.
$1,155,564
187,890
$1,343,454'
572,460
$770,994
200,000
350,000
200,000
150,000
150,000
150,000
Stern Brothers A
Stern, Warn pier A Co., Inc
100,000
Stone A Webster A Blodget,
A
Co
$1,503,694 $15,368,970 $13,327,524
35,738
398,817
384,142
520,838
5,898,146
5,952,734
$947,118
194,611
$9,072,007
1,573,193
$6,990,648
1,518,514
$1,141,729 $10,645,200
590,383
7,023,619
$8,509,162
7,129,048
$551,346
$.3621,581
Co
250,000
400,000
Inc
350,000
-
Hayden, Miller A Co
Hemphill, Noyes A Co
150,000 Stroud A Co., Inc
150,000 Spencer Trask A Co
150,000 Tucker, Anthony A Co
100,000 G. H. Walker A Co
250,000 White, Weld A Co
300,000 Whiting, Weeks A Stubbs, Inc
350,000 The Wisconsin Co
250,000 Dean Witter A Co
350,000
J. J. B. Hilllard A Son
150,000
Hornblower A Weeks
250,000
Hardgrove
Field, Richards A Co
First Cleveland Corp
Graham, Parsons A Co
Hallgarten A Co
Harris, Hall A Co. (Inc.)
150,000
400,000
250,000
150,000
350,000
300,000
200,000
350,000
$30,000,000
The price at which the bonds are to be offered to the public, the under¬
writing discounts or commissions and the redemption provisions are to be
furnished by amendment to the registration statement.
The prospectus states that to facilitate the offering It is intended to
stabilize the price of the series B bonds.
This is not an assurance, it states,
that the price will be stablized or that the stabilizing, if commenced, may
not be discontinued at any time.—V. 152, p. 1147.
Co.—Extra Dividend—
of $1 per share in addition to
quarterly dividend of like amount on the common stock, both
payable April 1 to holders of record March 15.—V. 151, p. 2813.
i
the regular
Wisconsin Michigan Power
Co.—Earnings—
Earnings for 12 Months Ended Dec.
$1,380,114
31,1940
Total
operating revenues
Total operating expenses
and taxes
—
$1,338,057
Gross income
Net
interest
$3,994,210
2,675,513
$1,318,697
19,360
Net operating revenues
Non-operating re venues
508,787
charges
1,621
Other deductions
$827,650
N et income
—V. 151, p. 2962.
Woodward Iron Co.—25-Cent Common
Directors have declared a dividend of 25 cents per
2,154,767
Net telegraph & cable
Uncollectible oper. revs.
Taxes assign, to oper
250,000
Inc
250,000
Wesson Oil & Snowdrift Co.—25-Cent Dividend—
5,781,537
180,411
350,000
150,000
Schroder Rockefeller A Co.,
Equitable Securities Corp
Whitaker Paper
Conducting operations.Relief depts. & pensions.
All
other
general
and
200,000
-
L. F. Rothschild A Co
Directors have declared an extra dividend
Wellington Fund, Inc.—-lS-Cent Dividend—
All other maintenance._
Riter A Co
E. H. Rollins A Sons, Inc
Dick A Merle-Smith
Glover A MacGregor, Inc
$9,631,015
Repairs
"
628,194
Deprec. & amortization681,452
150,000
200,000
350,000
150,000
250,000
250,000
150,000
200,000
901,848
Period End. Dec. 31—
Tel. & cable oper. revs—
Co
Maynard H. Murch A Co
G. M.-P. Murphy A Co
Paine, Webber A Co
Arthur Perry A Co., Inc
200,000 Schwabacher A Co
'250,000 Shields A Co
300,000 Singer, Deane A Schribner
Stein Bros. A Boyce
150,000
Central Republic Co. (Inc.)--
162.663
Directors have declared
300,000
Eastman, Dillon A Co
Note—Includes provision of $7,353 for Federal excess profits tax in the
month of December, 1940 and in the 12 months ended Dec. 31, 1940.—
Y. 152, p. 134.
150,000
100,000
Cassatt
Alex. Brown A Sons
Clark, Dodge A Co
$4,024,918
28,836
150,000
Merrill, Turben A Co
Mellon
H. M. Byllesby A Co., Inc.—
$3,709,981
36,266
150,000
750.000 Mackubin, Legg A Co
750,000 A. E. Mas ten, A Co
750,000 Merrill Lynch, E. A. Pierce A
Blyth A Co., Inc
770,000
per share on 400,000 shares
capital stock, par $5
350,000
W. E. Hutton A Co
Lee Hlgglnson
Other int. and deduct'ns
6 Months Ended Jan. 31—
Net profit after deprec., Fed. & State
income taxes, &c
$30,000,000 Bonds—
Corporation on March 4 filed with the Securities and Exchange Commis¬
a registration statement (No. 2-4684, Form A-2) under the Securities
Act of 1933, covering $30,000,000 of 3first mortgage sinking fund
bonds, series B, due March 1, 1966.
The net proceeds from the sale of the bonds, together with such portion
as may be necessary of the proceeds of bank loans in the amount of $6,000,000, which the company proposes to make, will be applied to the
redemption, at 105%, of $31,500,000 of 4M% first mortgage sinking fund
bonds, series A.
The company states that it intends to call the series A
bonds on a date not later than 60 days after the issue and delivery of the
series B bonds.
The balance of the proceeds from the bank loans will be
added to working capital.
Accrued interest on the series A bonds will be
paid by the company out of its general funds.
The underwriters of the series B bonds and the amount to be taken by
$4,053,754
mtge. bonds.
■
the balance sheet as of Dec. 31,
$2,392,987.—V. 151, p. 2961.
sion
$3,746,247
on
March 20,1941, will vote on three
pay a
$389,703
64,167
10,324
Interest
-$1 Dividend-
a
proposed amendments to the corporation's charter, as follows:
(1) Change in the present no par value of the common stock to a par
value of $5 a share, without increasing the number of shares.
(2) Reduction in the authorized number of common shares from 635,316
to 627,848 at $5 par value by cancellation of 7,468 shares held by the
company of which 400,000 shares will be outstanding.
(3) Indemnification and reimbursement of any officer or director for
expenses incurred in defending himself against suits arising from his official
duties according to the proxy calling the meeting in New York City.
In connection with the change in the common stock, the company will
be authorized to apply the resulting surplus to the extent necessary to
extinguish the deficit existing at Dec. 31, 1940.
,
The reason for the restatement of the capital stock and surplus accounts
arises, the proxy statement said, "from the fact that the corporation is
now operating at a comparatively small profit and hopes that it will be able
to continue to produce an operating net profit out of which it may lawfully
$331,419
64,167
8,261
Gross income
$3,407,000
2,496,000
5,903,000
,
Stockholders at the annual meeting on
$387,628
2,075
—_
1,146,000
2,696,000
$3,819,000
3,357,000
7,176,000
dividend of $1 per share on the common
stock, payable April 1 to holders of record March 15.
This compares with
$1.50 paid on Dec. 14, last; 50 cents paid on June 28, last, and a dividend
of $1 paid on Dec. 15, 1937.—V. 151, p. 3260.
Directors
$329,502
1,917
Net oper. revenues
Other income (net)
$1,550,000
$1,919,000
3,571,000
3,490,000
Wholesale sales
—V. 152, p.
1941—2 Mos.—1940
1941—Month—1940
eh. 28—
Period End
each are as follows:
15,715,655 13,857,270
Total
on
Westmoreland Coal Co.
Walworth
company
debentures reacquired
Offered—Allen & Co.
Feb. 28, after the close of the market, 5,000 shares
of common stock (par $10) at 23
less % concession to
dealers.
The stock is from a domestic source, according to
offered
Retail sales
203,731
$1,661,002
45,184
Other incomeon
1938
...
Gross sales, less returns
1941
8,
the bankers.
(& Subs.)—Annual Report-
Walworth Co., Inc.
Supply Co.—Stock
Wcstern Auto
Walgreen Co.—Sales—
Period End. Feb. 28—
Discount
March
The Commercial & Financial Chronicle
1608
Dividend—
share on the
stock, payable on March 25 to holders of record March
dend of $1 was paid on Dec. 23 last.—V. 152, p. 1455.
15.
common
Initial divi¬
(F. W.) Woolworth Co.—Sales—
1941—Month—1940
1941—2 Mos.—1940
$23,666,319 $22,116,762 $45,674,655 $42,628,796
Period End. Feb. 28—
Sales.
—V. 152, p. 1147.
Yazoo & Mississippi
January—
Gross from railway
Net from railway
Net ry. oper. income
—V. 152, p. 1455.
-
Valley RR.—Earnings—
1941
$1,302,948
398,673
188,174
1940
$1,185,094
283,954
63,629
1939
$1,105,640
248,512
38,306
1938
$1,195,272
362,763
146,998
The Commercial & Financial Chronicle
Volume 152
YmirYankee Girl Gold Mines,Ltd.—Two-CentDividend—
Directors have declared
dividend of two cents per share on the common
stock, payable March 31 to holders of record March 15. This will be the
first dividend paid in some time.—V.
143, p. 130.
a
1609
(J. S.) Young Co.—Earnings—
Years Ended Dec. 31—
Net profit (after all charges)
Earnings
Balance Sheet Dec. 31,
Youngstown Sheet & Tube Co. (& Subs.)—Earnings—
Frank Purnell,
President, Says in part:
Properties dismantled, sold or otherwise disposed of during the year
to $1,826,139 gross book amount; tne undepreciated balance
thereof, aggregating $220,613 after deducting salvage and other recoveries,
was charged to income account.
Improvements and betterments authorized for completion during 1941,
include buildings for storage of billets at the bar mills, strengthening of
and
buildings and enlarging ladles at the
hearth furnaces at
the Indiana Harbor Works.
The open hearth improvements will add
about 60,000 net tons to the company's annual ingot capacity.
Other
such improvements, already in progress, are an additional electric weld
unit for making thin-wall conduit and mechanical tubing at the Campbell
works and the rebuilding of the billet mill, which was installed at the
Campbell Works in 1906.
The latter improvement will lower costs and
improve quality of product and also will increase the blooming mill capacity
by about 200,000 net tons per year.
Consideration is being given to other
improvements and betterments that may become essential during 1941 and
open
the installation thereof will be authorized as conditions warrant.
To reduce fixed charges being paid by the company on its outstanding
funded
debt, the directors authorized partial refunding threeof during
1940, and $10,000,000 convertible 4% debentures and all of the first
mortgage 4% bonds, series C, were redeemed.
To provide funds for such
redemption, company issued $10,000,000 serial notes dated Aug. 15, 1940,
and due annually through 1947, $10,500,000 principal amount of serial
debentures dated Nov. 1, 1940, and due annually through 1947 and $45,000,000 of first mortgage 3 M % sinking fund bonds, series D, dated Nov. 1,
1940, and maturing Nov. 1, 1960.
There remain outstanding $20,000,000
of convertible 4% debentures.
Taxes accrued in 1939 were $4,297,000 and in 1940 were $5,497,000
after giving effect to a non-recurring income tax reduction of about $1,160,000 made possible by deduction for income tax purposes of certain costs
of the refunding and unamortized discount and expense on securities
redeemed.
Such accrued taxes include social security taxes of $1,494,000
paid by the company in 1939 and $1,645,000 paid in 1940.
Company
was required by law to deduct from employees
wages in 1940 and pay
to the Government for old age benefits $411,000.
The United
States
of Internal
Bureau
Revenue
is still
$§.20
1940
Assets—Cash, $327,598; accounts receivable, $45,851; inventories, fin¬
goods, materials and manufacturing supplies,
$490,079; foreign
purchase advances, $17,136; sinking fund for plant replacement: invest¬
ments, book value (market value $586,653), $574,131; plant and equipment
(including real estate) (less reserve for depreciation of $509,957), $490,763;
complaint, charging the company and its subsidiary, Youngstown Metal
Co., with unfair labor practices in connection with the 1937
and also in connection with a rearrangement of jobs in the open
hearth department in the early part of 1938.
The case is set for hearing
on
March 13, 1941.
Efforts at settlement, in which the company has
been actively engaged since the early part of 1938, are still proceeding
and there is a possibility that the major portion of the charges may be
composed without hearing.
Stimulated as it is by the defense needs of our Government and war
needs of other governments, the present high level of demand for steel
products undoubtedly will continue for some months in the future.
Ex¬
tremely high taxes, particularly upon individual incomes in the moderate
income brackets, will reduce individual purchasing power and contribute
to a curtailment of domestic consumption.
Government spending never
can replace in the economic structure the power and uplift of individual
spending.
It is not possible to predict with any degree of accuracy the
extent or duration of the present period of high consumer demand, and it
is important that the country be prepared for whatever economic impact
may follow, when the present Governmental demand for high production
a
Products
strike
is withdrawn.
Soodwill, $1,000,000; other assets, $119,143; prepaid items, $8,845; total,
3,073,545.
Liabilities—Accounts payable, $5,022; accrued items, $6,166; Federal
1941, $27,434; dividends declared and payable,
$33,767; other liabilities, $1,386; preferred stock, $646,600; common stock
(par $100), $1,469,400; surplus, earned, $883,770; total, $3,073,545.—•
V. 150, p. 2279.
and State income taxes, due
Youngstown Steel Door Co. (& Subs.)—Annual Report
Consolidated Income Account for Calendar Years
1940
Gross
.143,054,028 117,027,997
119,888,738 101,111,353
Sales (net)
Cost and expenses...
.__~237l65^290
1^916,644
1,383,510
1937
$2,088,981
$9,183,014
Sell.,
5,590,395
484,090
3,382,313
377,745
1,516,335
323,283
5,698,961
492,507
$1,151,561
16,779
$249,363
22,293
$2,991,545
23,187
.."$2,411,812
$1,168,340
$271,656
$3,014,733
5", 557
T, 678
& adm. exps.
gen.
Profit
Other income.
^
Total income.
Loss
on sale or disposal
of capital assets
Loss
1937
$
1938
$
84,664,566 144,288,797
75,470,642 119,959,981
10,6327394
6,949,866
3,503,944
6,630,932
2,908,877
2,694,266
235,658
285,668
567,707
176,688
935,649
291,029
157,230
532,378
15,586
72,865
109,439
73,756
98,459
75,287
16,778
3,719
110,378
75,930
824,021
174,450
29,110
502,453
3,474
3,396
$1,398^629
"$801,741
998,880
665,920
$49,535
166,480
$2,209,500
1,331,846
665,920
665,920
665,920
665,920
$2.10
.
$1.20
$0.07
$3.32
111",906
_
Prov. for amort, of pat'ts
Prov. for Fed. & Can ad.
inc.
&
profits
excess
taxes
Prov. for Fed. surtax
on
undistributed profits.
Miscellaneous charges..
Balance surplus
Common dividends paid
No.
shs.
of
com.
92,035
stock
outstanding (no par).
x
Earns, per sh. on com.
stock
x
After
undistributed
surplus
tax.
Consolidated Balance Sheet Dec. 31
Assess—
1940
1939
Cash
$1,783,277
Accts. receivable.. 1,258,436
Inventories
1,164,998
Land
87,925
a Bldgs., mach. &
equip., dies, &c.
974,625
1940
Liabilities—
$719,501
1,200,527
1,359,573
87,926
Accts. pay.—trade
Accrued payroll..
Accrued taxes.
Other
accr.
llabil..
Common stock J.
1,858,633
Earned surplus... 2,871,932
c
1,006,957
$208,162
20.844
879,925
34,211
7,984,852
3,248,521
Deprec. and depletion..
Interest
_
218,493
19,826
1,858,633
2,472,183
1
Total.
1
27,272
Deferred charges..
c
650,037
577,172
41,552
$5,873,707
$5,072,0741
Zonite Products Corp.
1,993,408
Total
$5,873,707 $5,072,074
a
After reserve for depreciation,
b After reserve for
Represented by 665,920 no par shares.—V. 152, p. 1301.
amortization,
:;
;
(& Subs.)—Earnings—
Consolidated Income Account for Calendar
Gross income
1939
$461,489
41,451
b Patent & patent
267322,224
6,895,239
916
refinancing & listing of
common stock
Interest (net).
Prov. for depreciation
24,328,816
1,428,982
9,193,924
1,438,470
3,939
foreign exchange
on
Prior yr's. income taxes.
Exps. in connection with
Goodwill.
T^IJSoO l7\345jii0
Net profits
Other income
1938
$4,911,619
discts
allowances'.'
applications
Consolidated Income Account for Calendar Years
1939
$
1939
$8,462,770
$2,388,284
23,527
less
Cost of sales, excl. deprec
and amortization
c
1940
$
s&lcs
returns &
engaged in its
audit of the company's income tax returns for the year 1929 ana later years.
On Feb. 18, 1941, the National Labor Relations Board issued and served
a
$142,651
$6.32
$166,471
ished
amounted
cranes
1938
1939
1940
$159,425
$7.76
per common share
1940
1939
Gross profit from oper..
Years
1937
1938
$2,524,323
2,390,931
$1,913,036
1,721,714
$1,996,184
1,688,290
$245,536
37,242
$133,392
45,402
$191,322
45,905
$307,894
68,200
$208,294
33,838
$87,990
18,834
$145,416
20,303
$239,694
28,150
$242,132
$106,824
2,890
31,535
52,925
$165,719
$267,844
$2,290,589
Sell.,gen. & admin.exps.
2,045,053
Amortization of bond dis¬
202,624
count and expenses
Expense of idle property
Special expenses, &c
532,231
Profit accrued to minor-
ity subsidiaries
i
103
.
Surtax
on
21,654
cl,576,181
1,876,500
323,500
Cr847
——
Fed. income taxes
...
1,765,000
849,000
....
Operating
.
3,925
Strike expense
Net profit from oper..
Depreciation
349,000
undistr. profit
profit
Other income
Total income
...
Foreign exchange losses
.
"15,036
Prov. for doubtful accts.
10,815,468
Common dividends
~5J)04,484
loss658,934
825,000
2,090,752
Net profit
Preferred dividends
825,000
825,000
"~7,899,716
Surplus
Com. shs. outstanding..
Earns, per share on com.
12,190,649
b2,268,750
5,204,004
1,675,008
$5.96
$2.50
4,717,895
1,675,008
$6.79
1,675,008
Nil
a Less
discounts, returns, allowances,
b Includes regular dividends,
$5.50 per share ($825,000), and $9,625 per share ($1,443 J50) on account
c Includes $550,000 charged to reserve for contingencies,
provided by charges to income during the current year.
come
U. S. Government securities, at cost
Restricted cash balances
Accounts and notes receivable, less reserve
Due from officers and employees..
15,234,557
65,000
28,590
23,390,797
42,029
47,519,614
616,861
21,871,821
122,000
...
Inventories
Balance receivable on purchase contracts
25,089,083
49,565
48,434,134
644,005
Investment—Stocks, bonds, notes and advances:
28,899
33,960
$114,606
loss$26,904
$ 49,916
$0.06
$142,365
Foreign
income
taxes
(credit adjustment)..
Net profit
244
Nil
$0.14
10,744,694
646,246
612,943
76,415
144,896,612
3,780,653
1940
Assets—
Cash
Liabilities—
1939
$636,882
331,416
Inventories
$426,458
238,549
b Receivables
225,604
Accts.
$6.17
in Chile-.-....
Provision
Real est. &
for
$118,220
66,525
-
d
24,096
Capital stock._.
Treasury stock.
Capital surplus...
Earned surplus—
■
------
equip.,
non-operating
Land, bldgs., ma¬
23,500
28,997
chinery, &C
Pats., trade-marks,
goodwill, &c—
307,615
$104,224
49,935
845,556
Z>r98,781
424,776
273,438
34,337
845,556
Dr98,781
424,776
165,167
in¬
come taxes
23,115
1939
payable and
accrued expenses
355,924
Net current assets
Investments
1940
a
323,031
..
17,759
53,503
46,174
20,755
21,607
16,911
Prepaid rent, taxes
& other expenses
Adv.
supplies and
prepaid advertls.
2517239 006 247,6557oi3
Total
$1,613,144 $1,475,279
Total
$
Dividendsdeclared
Ore received in excess of payments....
Accrued interest
Accrued taxes
Other accrued liabilities
Funded debt payable
Minority shareholders' equity in subsidiaries
Reserve for relining, rebuilding furnaces, &c_.
Reserve for insurance
------
4% 1st mortgage sinking fund
Convertible 4% debentures
5,610,134
206,250
1,306,797
588,448
4,182,506
2,244,087
3,000,000
;
$
5,611,488
Liabilities—
Accounts payable
206,250
960,783
19,134
4,122,365
345,563
29,031
3,847,184
345,592
55,500,000
30,000,000
bonds
20,000,000
fund 3 % % bonds, series D
45,000,000
EaraSsurplus
-
-
—Ellis A. Gimbel Jr., who was
York Stock Exchange
NOTICES
a
member of the New
Weitsman have formed the New
firm of Gimbel & Co., to transact a general brokerage
at 120 Broadway, New York City.
and investment business with offices
Gimbel
that was
24,022,975
$1,613,144 $1,475,279
recently elected
York Stock Exchange and Herbert H.
,=
27,024,414
•"Represented by 1,675,008 no par shares.—Y.
CURRENT
Mr.
iol:o74:8?6
Total
a 19,900
shares (reacquired) at cost,
b After deducting reserve of
$12,387 in 1940 and $26,871 in 1939 for doubtful accounts, c After depre¬
ciation of $539,921 in 1940 and $571,229 in 1939. d Represented by 845,556
shares of $1 par value stock.—Y. 151, p. 2518.
3,103,618
1,675,109
1,500,000
iSti3erntSbpWea„n-^y:::::::::::::- !:M
Total
21,451
Extraordinary items
c
Mining and affiliated companies
10,797,290
Public utility, oil, &c., companies
—.—
740,304
Bank stocks and partic.ctfs. in bank securs
608,644
Company's shares held in treasury
Property accounts
141,230,848
Deferred charges
1,651,410
1st mtge. sinking
47,131
12,886
taxes, &c
Consolidated Balance Sheet Dec. 31
$
-
-
24,927
Federal and foreign in¬
Earns.per sh.on cap.stk.
1939
$
1940
_
146
3,613
53,600
1,103
33,300
Federal surtax
Consolidated Balance Sheet Dec. 31
Assets—
52,472
Interest
of accumulations.
Cash
*
.
Adj. of net for. assets—
4,179^484 def1,483^934
1,675,008
Sundry deductions, &c_
863
24,034
62,007
store.
was
formerly a partner of Gimbel, Levy & Co. and prior to
Vice-President and executive head of Gimbel Bros. New York
In all, he was connected with Gimbel Bros., Inc.
has had wide
than
152, p. 1301.
with the
years
and
F. Rothschild & Co. for more
15 years in an investment advisory capacity, and
251,239,106 247,655,013
for 21
experience in the merchandising field.
Mr. Weitsman has been associated with L.
Guaranty Company of New York.
before that
was
March
The Commercial & Financial Chronicle
1610
The Commercial Markets and the
8,
1941
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
Friday Night March 7, 1941.
Coffee—On the 1st inst. futures closed 24 to 27 points
higher for the Santos contract.
Continuing to antici¬
the prospect that Brazil will soon folow Colombia's
example and establish minimum prices on coffee for export,
the Santos contract on the local Exchange today jumped
net
pate
to 27 points to new seasonal
States import quota control plan
24
Since the United
highs.
went into effect on Nov.
prices on futures are now about 2c. per pound higher.
Similarly in the actual coffee market Brazil prices nave
advanced about 2c. per pound since quota control became
effective, but they are still lagging in the rise as compared
with gains registered for Colombian coffee here.
On the
3d inst. futures closed 7 to 8 points net lower for the Santos
contract, with sales totaling 109 lots.
The Rio contract
closed unchanged to 1 point off, with sales totaling only 9
lots.
Santos coffee futures were 2 to 5 points higher during
28,
the early trading.
This was in sharp contrast to Saturday's
market, when gains of 24 to 27 points were made on over
50,000 bags.
New seasonal highs were again recorded.
The Rio contract was up 11 points with Sept. at 6.20c.
Brazilian cost and freight offers were 15 to 10 points higher
and scarce, while mild prictes were firm, with Manizales
quoted generally at 12 %c. for Mar. shipment.
On good
authority it was said that one of the country's largest dis¬
tributors of roasted coffee would raise prices by
a
pound, retail, this week.
Last week this distributor was
advertising coffee at "the lowest price in history."
The
British Ministry of Foods is said to have fixed a maximum
retail price for coffee at 2s. 8d. per pound, or about 54c.
On the 4th inst. futures closed 5 to 3 points net lower for the
Santos contract, with
sales totaling 105 lots.
At the end of
lower to 1 point
the third hour Santos coffee stood 2 points
higher against opening losses of 4 to 7 points.
There was
very little news or activity in actuals and most interests
preferred to do nothing while awaiting further developments.
A lk£c. increase in retail prices which the A. & P. are said
to be making from the "all time low" prices of last week,
still does not fully reflect the increased values of green
coffee over the last few months, but by many traders is
viewed as favorable to the market.
Local closing: May,
8.20; July, 8.40; SeptV 8:55; Dec., 8.70; Mar., 8.91.
On
the 5th inst. futures closed 7 to 10 points net lower for the
Santos contract, with sales totaling 70 lots.
The market
ignored reports that activity in actuals was good, with
roasters accumulating both milds and Brazils.
Colombian
Manizales were held just over 13c. a pound for Apr. ship¬
ment, or fully y8e. over existing minimums, suggesting
new and higher minimums.
In Brazil the official spot price
on Rio 7s was off 200 reis to 15.800 per 10 kilos in the first
change since Feb. 15.
Through the offices of the National
Coffee Association it may be possible for those in the trade
who bought Venezuelan coffee for "forward shipment"
but, because the quota is closed, cannot get such stocks, to
obtain relief from offiial Venezuelan
sources.
On the 6th inst. futures closed 8 to 13
points net higher,
with sales totaling 99 lots in the Santos contract.
Santos
coffee was 5 to 9 points higher during early afternoon after
having been off 2 points in early trading. A decline of 400
to 500 reis in the spot price of Santos coffee in Brazil failed
to bring out selling.
A firm actual market apparently in¬
fluenced the values of futures.
It
was
said that Manizales
could not be
bought for under 13c. a pound, while Brazilian
cost and freight offers were unchanged, and bids of 5 to 10
points under existing offers failed to result in business.
There is still apprehension regarding the freight situation.
Today futures closed 8 to 12 points net higher for the Santos
contract, with sales totaling 145 lots.
One sale in Rio May
of 4 contracts, which showed net gain of 4 points at 5.86.
Santos coffee rose to new seasonal highs in active trading.
Gains of 12 to 19 points were being held in early afternoon.
Twenty Santos and two "A" notices were issued and im¬
mediately stopped. In Brazil the spot price on Rio 7s was
up 200 reis per 10 kilos.
Cost and freight offers from Brazil
held
generally unchanged.
Sufficient freight space for
coffee needed from Brazil
importers here.
Rio coffee prices closed
was
said to be
a
matter of
concern
among
March, 1941
May
Santos coffee
as follows:
5.681 July
5.861 September
6.01
6.09
prices closed
March, 1941
May
July
as follows:
8.12 September
"
8.31 December
8.50
8.68
__8.87
Cocoa—On the 1st inst. futures closed 5 to 8 points net
higher. The cocoa market advanced to new high levels, not
only for the year but for 1940, in today's session when the
market closed 5 to 8 points net higher.
Spot Accra quoted
at 6.35c. is the highest spot price since 1939.
Last week
cocoa
futures rose 25 to 30 points on continued heavy
manufacturer and dealer support.
There also was consider¬
buying and profit taking reported
Today 157 lots were traded, including
Warehouse stocks decreased to 1,385,621
able commission house
COMMERCIAL EPITOME
during the week.
4 lots of switches.
bags. Cocoa received in store last week amounted to 29,489
bags, whereas withdrawals totaled 11,469 bags.
Local
closing: Mar., 6.11; May, 6.18; July, 6.27; Sept., 6.34. On
the 3d inst. futures closed 2 to 3 points net higher, with sales
totaling 328 lots. Wall Street appeared to be the principal
buyer of cocoa today, although some further manufacturer
buying also was reported.
Prices this afternoon stoou 7 to
9 points net higher on a turnover of 300 lots up to midday.
The market was in new high ground for the season.
News
that the British Government had raised the prices of cocoa
in Great Britain was the cue to the bulls, although in the
trade the situation here and in England is regarded as quite
distinct.
Warehouse stocks decreased 4,000 bags, the total
standing at 1,381,697 bags against 1,101,568 bags a
Local closing: Mar., 6.14; May, 6.21; July, 6.29;
Sept., 6.36; Dec., 6.46. On the 4th inst. futures closed 3 to
5 points net higher, with sales totaling 328 lots.
Prices were
firm in the cocoa market during most of the session today.
now
year ago.
Twenty-four notices were issued but they were stopped by
Altogether 51 notices have been issued so
manufacturers.
far against Mar.
The open position in Mar. is 243 lots,
of a total of 6,980 lots reported by clearing members of
out
the
Cocoa Exchange.
Mar. 24 is last notice day. The advance
in cocoa started early in Oct.
Since Oct. 4 prices have
advanced 2c. a pound.
Warehouse stocks decreased 10,300
bags.
They now total 1,371,387 bags compared with
1,101,968 bags a year ago. Local closing: Mar., 6.19; May,
6.26; July, 6.32; Sept., 6.41; Oct., 6.44.
On the 5th inst.
futures closed 23 to 21 points net higher.
Transactions
The bull market continued in full swing
totaled 691 lots.
with manufacturers and Wall Street
Trading
was
active with
Manufacturers
noon.
a
competing for contracts.
turnover of 475 lots to
were
said
to be
mid-after¬
buying actuals and
covering hedges.
Thirty-five Mar. notices were issued but
were stopped quickly.
During early afternoon the market
was 12 to 14 points net higher and in new high ground with
Mar. selling for 6.30, up 11 points.
Primary countries con¬
tinued to sell reluctantly.
Warehouse stocks decreased 800
bags. They now total 1,370,521 bags compared with 1,093,783 bags a year ago.
Local closing: Mar., 6.42; May, 6.49;
July, 6.55; Sept., 6.63; Dec., 6.72; Jan., 6.76.
On the 6th inst. futures closed 25 to 28 points net higher,
with sales totaling 1,314 lots.
The cocoa market boiled over
today. Prices were bid up 28 to 29 points to highest levels
in four years.
Turnover by early afternoon exceeded 1,000
lots under a general trade which embraced Wall Street trade
interest and manufacturer buying.
Enormous profit taking
was readily absorbed and 31 March notices were stopped.
pound
The
market crossed the 7c. level for the first time since September,
1937, when March, 1942 positions sold at or above that price.
December sold at 7c. flat.
Warehouse stocks decreased
News that Accra interests had refused bids of 6.60c. a
for actual cocoa,
raised visions of
a
shortage of
cocoa.
They total 1,368,074 bags against 1,089,641
Local closing: Mar., 6.70; May, 6.75;
6.80; Sept., 6.91; Dec., 6.98; Jan., 7.01.
Today
futures closed 3 points up to 1 point net lower.
Sales totaled
957 lots.
Sharp fluctuations featured the cocoa market.
Early the market was bid up 6 to 8 points to new highs, but
those prices tempted a wave of profit taking into the market,
with the result that a break of 25 to 30 points from the
maximum levels ensued.
On the dip fresh demand ap¬
peared, which rallied the market price during early after¬
noon showing net advances of 2 to 3 points.
Trading con¬
tinued active, the sales to that time totaling 760 lots.
The
market continues to reflect the uncertain shipping situation
and secrecy of cocoa shipments explained by desire to escape
U-boat attack.
Warehouse stocks continued to decline.
2,500 bags.
bags
July,
a
year
ago.
Local closing: Mar., 6.72; May, 6.77; July, 6.83; Sept., 6.90;
Dec., 6.99; Jan., 7.02; Mar., 7.08.
Sugar—On the 1st inst. futures closed unchanged to 1
point lower. Marking time pending developments, the sugar
market today displayed little activity following heavy trading
on Thursday and Friday.
Raws sold at 3.15c., unchanged.
Both futures contracts ended unchanged to 1 point lower.
In refined brokers reported that refiners had about shut
down on accepting 4.45c. business for delivery by Mar. 7 as
some of their number advanced prices to 4.60c. and 4.65c.
and
were
accepting business at nothing less than 4.55c.
In
reported sale today was a parcel
of 5,000 bags of Puerto Ricos, due Mar. 3, at 3.15c. to
National, unchanged from the level of the previous day. On
the 3d inst. futures closed 1 to 2 points net lower, with sales
totaling 75 lots, in the domestic contract. The world sugar
contract closed unchanged to 2 points net lower, with sales
totaling 138 lots. After having advanced 20 -points in the
last two weeks, the domestic sugar market suffered a moderthe
raw
market the only
The Commercial & Financial Chronicle
Volume 152
ate setback in
ing for
a relatively small volume of
trading r Except¬
few small lots of nearby sugar available at 3.17e. a
a
In the above table, the
Sound, nothing wasBernhardt, chief of the sugar division of
offered in the raw market under 3.20c.
leanwhile Joshua
the
Agricultural Adjustment Administration, told a house
sub-committee that reserve supplies of sugar were sufficiently
large to prevent any sky-rocketing of prices. In Cuba 152
sugar mills were reported grinding compared with 155 a year
ago.
World sugar was A point lower, with much of the
early trading centering in May contracts. On the 4th inst.
futures closed unchanged to 1 point off for the domestic
contract, with sales totaling 202 lots.
The world sugar
contract closed A to IA points off, with sales totaling 32
lots.
In the raw market 7,800 tons, another lot of the same
size and a lot of 6,200 tons, all due middle of April, were
offered at 3.20c., while at the same price were 7,300 tons
of Puerto Ricos loading Mar. 25, two cargoes April ship¬
ment^ and a cargo of Cubas loading Mar. 20.
possible to buy nearby
deliveries of refined sugar have been converted to
short tons, raw value, by
cane
to
value
raw
applying the factor 1.07, except in the case of
Deliveries of refined sugar by refiners are converted
refiners.
sugar
1611
1.061725 for 1940, 1.060259 for 1939,
by using the factor
1.059 for 1938,
These factors
1.0575347 for 1936.
1.0571 for 1937, and
represent the relationship between meltings of raw sugar and production of
refined
during
sugar
the
periods
two-year
1935-36 and during the year 1935,
Deliveries of sugar for
1937-38,
1938-39,
1936-37,
respectively.
local consumption in the Territory of Hawaii
during the calendar year 1940 amounted to 32,965 short tons, raw value,
as
in
compared with 30,842 tons in 1939. 27,476 tons in 1938 and 30,669 tons
1937.
value,
In Puerto Rico,
1940 deliveries totaled 68,706 short tons, raw
compared with 69,037 tons in 1939 and 69,086 tons in 1938 and
as
72,396 tons in 1937.
Stocks of sugar in the hands of refiners, beet sugar factories and importers
of
direct-consumption
table along with the
sugar on
Dec. 31, 1940
shown in the following
are
corresponding figures for the previous four years:
(Short Tons, Raw Value)
1939
1940
1938
1937
1936
,
It might be
3.18c.
Refiners overnight
announced a general price advance to $4.65, effective imme¬
diately for immediate shipment business only. This was 20c.
above the price at which most had been selling. Washington
reported that the House committee had postponed hearings
sugars at
Refiners' stocks of
Less:
355,076
104,815
raws.
Over-quota
raws
478,705
31,951
207,381
42,552
288,970
109,553
199,685
58,273
Refiners' stocks of quota raws.._
250,261
446,754
179,417
164,829
141,412
Refiners' stocks of refined
272,478
355,600
376,425
34,649
263,411
13,659
341,776
249,752
1,601,756 1,351,279 1,383,048 1,084,214
965,838
0
0
358,229
47,080
272,478
355,600
311,149
Less: over-quota refined
bill to reallocate any Philippine deficit to domestic areas.
On the 5th inst. futures closed unchanged to 1 point off for
Refiners' stocks of quota refined.
the
Beet factories' stocks of refined.
on a
domestic contract,
with sales totaling 111 lots.
The
world sugar contract closed unchanged to A point off, with
sales totaling 57 lots.
In the raw market Revere of Boston
paid 3.16c., a new high price for 1,500 tons of Philippines
due the middle of April.
Offers included 6,000 bags of
Puerto Ricos, clearing Mar. 13 and 10,000 bags clearing
Mar. 26 at 3.18c. while about a half dozen cargoes of Cubas,
Philippines and Puerto Ricos were offered at 3.20c. Refiners
are said to be
receiving orders at their new price, $4.65 even
before full confirmations and details have been given on the
recent $4.45 orders.
This is a surprise.
Trading in the
world sugar contract was slow.
On the 6th inst futures closed 6 to 2 points net higher,
with sales totaling 402 lots.
Domestic sugar was 3 to 4
points higher under Cuban buying during the early trading.
Most positions were selling or within a point of seasonal
highs. The raw market was firm and Cuban freights were
again higher. Most Cuban sugar moves here on other than
United States boats which are beyond the jurisdiction of the
Importers'
of
stocks
consumption
direct-
38,930
Total stocks *
That is double the rate of
a
few
months ago.
63,465
20,228
61,545
4,554
110,253
76,835
43,237
66,991
Total quota stocks
*
912,607
559,767
raw
1—RAW
REFINERS'
SUGAR:
DELIVERIES
AND
FOR
CONSUMPTION
Stocks
Source of Supply
a
on
cargo
late Mar. and
2.2 71 September
2.291 January
2.331
March
May
July—
-
2.36
2.34
Meltings
Receipts
Division
Sugar
Administration
on
of
Feb.
the
Agricultural
20 issued its
Adjustment
statistical statement
1940, consolidating reports
obtained from cane sugar refiners, beet sugar processors,
importers and others. Total deliveries of sugar during 1940
amounted to 6,890,792 short tons, raw value, compared
with 6,867,533 tons in 1939; 6,643,253 tons in 1938; 6,671,402
tons in 1937; and 6,706,113 tons in 1936.
The announce¬
ment goes on to explain:
covering
calendar
the
as
of distributors during 1940
Continental
(Short Tons, Raw Value)
2,994
190
87,288
980,641
986,677
1,601
6
38,569
346
0
88,889
931,636
638,092
869,748
118
2
272,416
338,628
2,720
7
79,670
48,223
0
0
0
0
0
0
9,397
52,459
49,419
0
0
12,437
0
214
214
0
0
0
478,705 4,514,423 4,630,068
a31.951
7,779
205
355,076
M04.815
Other countries
Total
Nonquotarawsugars
1939
260,261
Compiled in the Sugar Division, from reports submitted by refiners on Form
t
SS-15-A.
From Cuba,
a
b Includes 31,115 tons from
1937
TABLE
PRODUCTION AND DELIVERIES OF CANE AND
SUGAR BY UNITED STATES REFINERS AND PROCESSORS.
2—STOCKS,
BEET
1940
JANUARY-DECEMBER,
(Short Tons, Raw Value)
Initial stocks of refined,
Less exports
4,718,846 4,468,679 4,594,891 4,714,835 4,519,145
65,474
74,199
132,061
65,267
178,264
Deliveries
,
..
Final stocks of refined, Dec.
31, 1940
for
continental
con¬
4,640,582 4,336,618 4,529,417 4,640,636 4,453,878
sumption
Cane sugar refiners'
SS-ll-C
The
a
which is
1938 and 1939.
delivered against sales for export. The Department of
of refined sugar amounted to 178,264 short tons,
1940.
Commerce reports that exports
value, during the calendar year
raw
c
Revised.
d
Larger than
v
actual deliveries by a small amount
processing, &c.
RECEIPTS,
7,779
Cane sugar
6,176
10,480
13,946
DELIVERIES OF DIRECTAREAS, JANUARY-
AND
SUGAR,
FROM
SPECIFIED
1940
(Short Tons, Raw Value)
CONSUMPTION
DECEMBER,
„
Stocks
Sources of
371,202
9,630
174,869
59,736
247
Puerto Rico
11,313
11,517
—
Dec. 31,
1940
436,437
9,877
185,941
58,321
b25,454
Importers
qa
0
0
130
130
0
0
3,762
3,459
303
619,329
694,165
—
1
vUuiyUCU
0
241
12,932
0
0
0
—
-
on
or
Usage
Receipts
a90,689
-
Hawaii
Stocks
Deliveries
on
Jan. 1,
Supply
1940
Cuba
.
representing losses In re¬
'
3—STOCKS,
TABLE
-
113,766
lii
v—
and distributors of
- —*
38,930
—
~
„
includes
3,513 tons in customs'
custody,
b Includes 1,902 tons in customs'
custocy.
4—MAINLAND
4
CANE
MILLS'
STOCKS,
M^L^RlEgf jANUARY-DECEMfeER,
11,032
PRODUCTION AND
1940
(Short Tons, Raw Value)
refiners' deliveries for
continental consumption
Beet sugar processors
4,648,361 4,342,794 4,539,897 4,654,582 4,464,910
1,551,394 1,810,471 1,448,865 1,245,498 1,364,765
Importers of direct-consumption
694,165
sugar
Continental
cane
mills
572,807
562,652
615,432
719,138
96,872
141,461
91,839
155,890
157,300
Deliveries
Stocks
Slocks on
Jan. 1,
1940
For Direct
j
Consumption
Production
|
(direct-
consumption sugar)
Total
6,890,792 6,867.533 6,643,253 6,671,402 6,706,113
-
direct-consumption sugar on Forms SS-16-B and
o
TABLE
TABLE
deliveries of
raw sugar
1,601,756
submitted on Forms SS-16-A and
by the sugar refineries and beet sugar factories.
refineries' figures are converted to raw value by using the factor 1.0611725,
the ratio of meltings of raw sugar to refined sugar produced during the
Compiled by the Sugar Division from reports
a
Deliveries
Factories
cl,351,279
1,801,871
dl,551,394
355,600
4,635,724
b4,718,846
272,478
Jan. 1, 1940
1936
of
Domestic Beet
i
Refineries a
Total
Cane sugar refiners' deliveries
refined sugar—
Cuba, 60,901 tons from Puerto Rico,
9,935 tons from the Philippines, and 2,864 tons from "Other countries."
China and Hongkong
1938
...
446,754
Balance
Other foreign areas
1940
on
Dec. 31,
1940
690,140
M isc. (sweepings, &c)
Philippines
England..
compared with the previous four years were as follows:
Stocks
46,212
Philippines
year
Total deliveries of sugar by the four types
Lost
37,187
17,902
117,162
250,845 1,586,917 1,747,290
Cuba
b Deliveries include sugar
The
JANUARY-
for Direct
by Fire,
&c.
Consumption
1940
years
Sugar Deliveries for 1940 Totaled
6,890,792 Tons,
Compared with 6,867,533 Tons in 1939, According
to AAA Sugar Division
FOR
Deliveries
on
Jan. 1,
Production
offer include two
parcels of Mar. clearance
a cargo May at 3.25c.,
while Cubas second half Mar. and first half April, a cargo
in each position, are offered at 3.25c.
Prices closed were:
3.20c.;
RECEIPTS, MELTINGSJ
STOCKS,
DIRECT
(Short Tons, Raw Value)
Puerto Ricans
at
448,155
DECEMBER, 1940
Virgin Islands
cargoes
549,842
tories shown in Tabe 4.
TABLE
Two lots of Philippines, 14,000 tons, due midof April and one of May Puerto Ricos,
and one cargo of April Cubas were offered at 3.20c. Refiners,
while limiting buying to immediate shipment, were reporting
a
continued good response.
World sugar futures were
unchanged compared with previous finals.
Today futures
closed 3 to 2 points net higher for the domestic contract,
with sales totaling 614 lots.
The world sugar contract closed
unchanged to y2 point higher, with sales totaling 68 lots.
Domestic sugar rose 3 points to new seasonal highs in active
trading, reflecting further activity in raws, also at new highs
since Oct., 1939.
Reported raw sales included 5,500 tons
of Philippines now loading, to an operator at 3.21c., followed
by 2,000 tons, now loading, to Sucrest at 3.23c., this last
price being 3 points above the best paid yesterday. Offers
are limited because of the difficulty of booking freight space.
April; two
567,401
Excluding quota raws for processing held by importers other than refiners,
46,614 short tons, raw value, in 1940 and 153,456 short tons,
value, in 1939: and the stocks of over-quota sugar held by mainland cane fac¬
which amounted to
Puerto Rico
south side at 44c.
5,242
2,268.240 2,299,350 2,112,324 1,731,485 1,490,479
1,708,473 1,386.743 1,544,923 1,181,643 1,042,324
Less: total over-quota stocks
Hawaii..
and
82,077
3,513
37,028
Importers' stocks of quota sugar.
north side of Cuba
April space from the
quoted at 42c. per hundred pounds
113,766
1,902
sugar
Less: over-quota sugar
United States Maritime Commission.
was
.
*160,436
♦
Revised.
302,127
96,872
For Further
Dec. 31,
on
1940
Processing
303,865
61,826
The Commercial & Financial Chronicle
1612
TABLE
6—DISTRIBUTION OF SUGAR FOR LOCAL CONSUMPTION IN
TERRITORY
OF
HAWAII AND
PUERTO RICO JANUARY-
THE
DECEMBER,
,
1940
(Short Tons, Raw Value)
32,965
Territory of Hawaii
Puerto Rico
Lard—On
the
joints lower.
68,706
*
-
1st
inst.
futures closed
unchanged to 7
The lard market during the short session today-
ruled
barely steady.
Prices backed and filled within the
past few days following more or less the actions of sur¬
rounding markets. Packing house interests were credited
with a little hedging in the distant months within the past
but this pressure was offset in part by light in¬
vestment buying for speculative account.
Very little actual
hog business was reported.
Hog prices ranged from $7.50
to $7.75.
Western hog marketings today totaled 13,000
few days,
head
.
compared with 19,200 head for the same day last
year.
On the 3d inst. futures closed 2 to 5 points net lower.
The
market at Chicago backed and filled within narrow limits
throughout the session, due to the dulness in other markets.
Hog prices at Chicago were 5 to 15c. higher than Friday's
finals.
Western marketings totaled 68,900 head compared
with 73,000 head for the same day last year.
The bulk of
the hog sales disclosed, ranged from $7.45 to $8.
On the
4th inst. futures closed 2 to 5 points net higher.
Trading
was
light, with fluctuations narrow.
Hog receipts at
11 of the principal packing centers in the West, including
Chicago, last week totaled 350,169 head, compared with
394,588 head for the previous week and 407,214 head for
the same week last year.
Hog sales at Chicago today
ranged from $7.45 to $8.
Western hog receipts today
totaled 70,600 head compared with 87,500 head the same day
last year.
On the 5th inst. futures closed 5 to 7 points net
higher. The opening range was 2 to 5 points higher despite
weakness in hogs and lower grain markets.
Receipts of
hogs at Chicago and other packing centers in the West were
much larger than anticipated and totaled 73,400 head,
against 74,200 head same day last year.
Hog prices at
Chicago ranged from $7.25 to $7.85.
Hog prices were off
10 to 15c. from Tuesday's finals.
On the 6th inst. futures closed 10 to 12 points net higher.
and
50
in
tons
the
March
new
standard
contract.
8,
1941
The actual
quiet and steady.
Importers are still
reluctant to sell.
Spot standard No. 1-X ribbed smoked
sheets in cases remained unchanged at 21 %c. per pound.
market
was
also
Local closing: Mar., 20.70; May, 20.65; July, 20.20;
19.97.
On the 4th inst. futures closed 65 points net
Sept.,
higher
for the No. 1 standard contract, -with sales totaling 43 lots.
The new standard contract closed 21 to 23 points net higher,
with sales totaling 27 lots.
Speculative covering caused
advances of 10 to 13 points in the early trading.
Turnover
to early afternoon was 36 lots.
During the late session
prices soared and showed substantial gains at the close.
Twenty tons were rendered for delivery on the Mar. old
contract.
The London rubber market closed % to 3-16d.
higher.
Singapore
was
The
unchanged to l-32d. higher.
controller of Malaya has fixed a rate of release of rubber for
second quarter at 97%%.
Registered operators may obtain
additional export credits which would be deductible from the
second quarter's allowance.
Local closing: No. 1 Standard:
Mar., 21.05; May, 21.00. New Standard: July, 20.41;
Sept., 20.20.
On the 5th inst. futures closed 6 to 7 points
higher for the No. 1 standard contract, with sales total¬
ing 35 lots.
The new standard contract closed 14 points
net higher to unchanged, with sales totaling 31 lots.
Re¬
ports of a shipping shortage and strength in the spot market
gave
the rubber contract market fresh strength, prices
rising 10 to 19 points on a comparatively small turnover
of 19 lots to early afternoon.
Mar. sold at 21.20c.
Certerficated stocks of rubber decreased by 20 tons to a total
of 780 tons.
London closed 3-16 to 5-16d. higher.
Singa¬
net
.
Local closing: No. 1
New Standard Con¬
tract: July, 20.55; Sept., 20.25; Dec., 20.00.
On the 6th inst. futures closed 58 to 59 points net higher
for the No. 1 standard contract, with sales totaling 82 lots.
The new standard contract closed 59 to 35 points net higher,
with sales totaling 143 lots.
Aggressive buying by specu¬
lative interests caused rubber prices to advance vigorously
during the later trading.
The freight situation was the
was
1-16 to 3-32d. higher.
Standard: Mar., 21.12; May, 21.06.
pore
chief influence.
Trade interests heard that American trans¬
-
Speculative participation in lard futures at Chicago increased
The foreign demand for
American lard remains slow and no confirmation of any large
purchases have been disclosed recently. Meanwhile supplies
of lard in this country are very large and packers here are
awaiting anxiously for the United Kingdom to come into
the market for large quantities of lard.
Prices on hogs at
Chicago closed mostly 10c. higher, with sales ranging from
$7.35 to $7.85. Western hog marketings totaled 61,200 head
compared with 69,000 head for the same day last year.
Today futures closed 12 to 10 points net higher.
slightly within the past few days.
DAILY CLOSING PRICES OF LARD
FUTURES IN CHICAGO
Wed.
Thurs.
Pri,
6.20
6.32
6.42
Sat.
Mon.
Tues.
March
6.12
6.10
6.15
May
July
September
6.32
6.47
6.60
6.27
6.42
6.57
6.32
6.47
6.62
October
6.37
6.55
6.70
6.50
6.65
6.82
6.62
6.77
6.92
;
Pork—(Export), mess, $26.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $19.25 (200 pound barrel).
Beef: (export), steady.
Family (export), $21.25 per barrel
(200 pound barrel).
Cut Meats: Pickled Hams: Picnic,
loose, c.a.f.—4 to 6 lbs., 13c.; 6 to 8 lbs., 12%c.; 8 to 10 lbs.,
12%c.
Skinned, loose, c.a.f.—14 to 16 lbs., 19%c.; 18 to
20 lbs., 19%c.
Bellies: Clear, f.o.b. New York—6 to 8 lbs.,
17c.; 8 to 10 lbs., 17%c.; 12 to 14 lbs., 15%c. Bellies: Clear,
Dry Salted, Boxed, N. Y.—16 to 18 lbs., not quoted. 18 to
20 lbs., 12%c.; 20 to 25 lbs., 12%c.; 25 to 30 lbs., 12%c.
Butter: Firsts to Higher than Extra and Premium Marks:
26% to 31c.
Cheese: State, Held '39, 25 to 25%c.; Held
'40, 21% to 22 %c. Eggs: Mixed Colors: Checks to Special
Packs: 16% to 19 %c.
to
Oils—Linseed oil prices were advanced 2 points per pound
a basis of 9c. in tank cars.
Quotations: Chinawood: Tanks,
spot—27c. bid; drums—28c. bid.
Coconut: Crude: Tanks,
nearby—.03% bid, nominal; Pacific Coast—.03% bid, not
quoted.
Corn: Crude: West, tanks, nearby: .06% bid.
Olive: Denatured: Drums, spot—$2.25 bid.
Soy Bean:
Crude: Tanks, Decatur basis—.05% bid, nominal; New
York, l.c.1. raw—.072 bid. Edible: Coconut: 76 degrees—
.09% to .09%. Lard: Prime: Ex. Winter—8% offer. Cod:
Crude: not quoted.
Turpentine: 45% to 48%.
Rosins:
$2.21 to 3.41.
Cottonseed Oil sales
contracts.
yesterday, including switches, 344
Crude, S. E., val. 5%.
March
6.72 @
April
May
6.77 @
6.80 @
n
6.85©
n
Prices closed
August
October
w___
June
6.79 July
September
as
follows:
6.94©
6.98 @
n
7.C1@
7.01© 7.02
Rubber—On the 1st inst. futures closed 1 to 8 points net
There were only 140 tons sold in the old contract
lower.
and
30
market
tons
in
the
also
new
standard
contract.
The
actual
quiet, but remained steady.
Spot,standard
No. 1-X ribbed smoked sheets, in cases, was
unchanged at
21 %c. per pound.
A London cable stated that the con¬
troller of rubber in Malaya has fixed the rate of release of
rubber for the second quarter of 1941 at 97%%.
Local
closing: Mar., 20.75; Apr., 20.70; July, 20.20; Sept., 20.00;
Dec., 19.83.
On the 3d inst. futures closed 7 points lower
to unchanged.
As a result of the general lack of interest,
crude rubber futures ruled slightly easier in rather quiet
session today.
Sales totaled 80 tons in the old contract
was
rubber to this country.
which 82 were
21.40c., up 34
points.
London closed l-16d. to%d. higher. ^ Singapore
closed unchanged to 3-32d. higher.
Local closing: No. 1
standard: Mar., 21.70; May, 21.65; new standard: May,
21.65; July, 20.99; Sept., 20.65; Oct., 20.55; Dec., 20.35.
Today futures closed 35 points net lower for the No. 1
standard contract, with sales totaling 143 lots.
The new
standard contract closed 25 to 35 points net lower, with
sales totaling 43 lots.
After opening unchanged, rubber
broke more than 30 points under heavy selling and profit
taking. Turnover to early afternoon was 159 lots, including
100 exchanged for physical rubber.
Tender of 180 tons on
Mar. No. 1 contract was posted.
The selling of rubber
reflected belief that ways would be found to ship more
rubber to this country.
London closed quiet, unchanged to
l-16d. lower.
Singapore was l-16d. to %d. higher. Local
closing: No. 1 standard: Mar., 21.35; May, 21.30.
New
standard: July, 20.70; Sept., 20.30; Dec., 20.10.
ports would be dispatched to bring
Sales to early afternoon totaled 107 lots, of
on the new contracts.
May new sold for
Hides—On the 1st inst. futures closed 23 to 8 points net
higher.
The 23-point gain was registered in the March de¬
livery.
There were only 32 lots traded, equal to 1,280,000
pounds.
Heavy standard frigorifico steers also advanced to
13%c., with about 16,000 hides being sold to the United
States.
There were 110 transferable notices issued during
the
week
against the March delivery.
Local closing:
March, 13.52; June, 13.35; Sept., 13.33; Dec., 13.35.
On
the 3d inst. futures closed 6 to 13 points net lower.
Scattered
commission house and trade selling moved the market to the
low levels for the day in the afternoon.
Dealer interests
were good buyers
most of the day against sales of resale
hides in the actual market at steadier levels.
109 lots.
There
were more
Sales totaled
transferable notices issued against
the March
position, bringing the total so far this month to
Importers report that effective April 1 freight
40% higher.
Private cables
disclose that this will represent an increase of 6-16c. per
pound in Brazil.
Offerings of hides in South America were
limited today.
Packer hide sales in Chicago were nil,
according to dealers.
Local closing:
March, 13.43; June,
13.23; Sept., 12.23; Dec., 13.25.
On the 4th inst. futures
closed 6 to 7 points net higher.
The opening range was 3 to 4
points off, but the market rallied, and by early afternoon
gains of 5 to 7 points were in evidence.
Transactions totaled
1,120,000 pounds.
There were 40,000 pounds tendered for
delivery against the March contract.
Certificated stocks
of hides increased by 612 hides to 321,242.
Local closing:
March, 13.49; June, 13.30; Sept., 13.30.
On the 5th inst.
futures closed 7 to 11 points net higher.
Transactions
totaled 60 lots.
The opening of the market showed net
gains of 10 points.
During the early part of the session
prices held steady, with transactions totaling 1,240,000
pounds up to that time.
There were 40,000 pounds tendered
for delivery against the March contract.
The rise today
was on
speculative buying following advancse of %-cent in
the South American spot markets.
Local closing: March,
13.57; June, 13.41; Sept., 13.37.
On the 6th inst. futures closed 1 to 18 points net higher.
Transactions totaled 105 lots.
The opening range was 8 to
161 notices.
rates from Brazil will be about
Volume
9 points net higher.
The market ruled firm during most of
the session. Transactions to early afternoon totaled 1,160,000
rounds.
Certificated stocks of hides in warehouses licensed
the exchange decreased 1,554 hides to 319,688 hides,
.jocal closing: Mar. 13.58; June 13.55; Sept. 13.55; Dec.
13.55. Today futures closed 12 to 23 points net higher, with
sales totaling 167 lots.
Raw hides opened unchanged.
Fallowing the opening prices advanced somewhat and by
>y
12.30 P.M. values
were
June 13.78; Sept.
13.78.
8 to 9
points higher. At the highest
range prices were in new high ground for the year.
Trans¬
actions totaled 59 lots. There were 400,000 pounds tendered
for delivery against the March contract. Certificated stocks
of hides in warehouses licensed by the exchange decreased
by 3,119 hides to 315,613 hides. Local closing: Mar. 13.70;
Ocean
.
,
,
Freights—Inquiry for tonnage is reported active
in all markets.
1613
Che Commercial & Financial Chronicle
152
Charters included:
Time
Charter:
West
Indies trade, $7 to $7.50 per ton.
Canadian trade, $6.75 to
North of Hatteras—South African trade, $7
per ton.
North of Hatteras—East Coast South America,
$7.25; West Coast, $7. United States North Atlantic—Far
East, $7 to $7.25 per ton. Net Form: Three ports India to
North of Hatteras, March, 62c. per cubic foot.
Sugar:
Philippines to United States Atlantic, $25 bid. Queensland
to Halifax—St. John, $21 per ton.
Ore: South Africa to
Hatteras, $15 f.i.o. per ton; Brazil to Sydney, N. S., $12.50
per ton Takoradi to Baltimore, $16 per ton.
Philippines to
Baltimore, offers scarce. Linseed: Plate to North of Hat¬
teras, .18 per'ton.
$7.50 per ton.
Coal—According to figures furnished by the Association
American Railroads the shipments of anthracite into
eastern New York and New England for the week ended
Feb. 15 have amounted to 2,129 cars, as compared with
1,203 cars during the same week in 1940, showing an increase
of 926 cars, or approximately 46,300 tons.
Shipments of
anthracite for the current calendar year up to an including
the week ended Feb. 15, have amounted to 15,302 cars, as
compared with 14,679 cars during the same period in 1940,
showing an increase of close to 31,150 tons. Shipments of
bituminous coal into this territory during the week ended
Feb. 15 have amounted to 2,795 cars as compared with 2,465
cars during the corresponding week in 1940.
Calendar year
shipments of bituminous coal have amounted to 17,491 cars,
as compared with
17,329 cars during the same period in
1940, indicating an increase estimated at 8,100 tons.
of
Wool Top«—On the 1st inst. futures closed 5 points off to
point up.
Trading in this market today was unusually
light, with only seven contracts, or 35,000 pounds, estimated
to have been sold in the short session.
Oct. sold in a 2-point
1
while other months were active only at a single price.
Spot certificated tops were quoted at 130.0c. a pound,
nominal. The previous day's sales had been 440,000 pounds,
according to the C. E. A. report. There was a good demand
for both spot tops and spot wools in the Boston market, but
supplies of spot tops were limited and the supply for spot
wools was confined mainly to wools of foreign origin.
Local
closing for wool tops: Mar., 128.5; May, 124.5; July, 120.5;
Oct., 117.5. On the 3d inst. futures closed 5 points advance
to 1 point decline.
Sales were estimated at 25 lots or 125,000
pounds, compared with 35,000 in the short session Saturday.
There were no trades on the opening, and activity thereafter
was at a slow pace, with rather little interest evidenced on
either side.
The spot position, or Mar., changed hands
during the day at 128.5c., unchanged, but was 129.0c. bid
at the closing. Apparel wool consumption of about 76,600,000
range,
pounds equivalent for Jan., was considered disap¬
pointingly small after the 80,560,000 pound consumption in
Dec.
Jan., 1940, showed 55,218,000 pounds.
Spot certi¬
ficated tops were quoted unchanged at 130.0c. nominal.
Local closing: Mar., 129.0; May, 124.8; July, 121.0; Oct.,
117.5; Dec., 116.0.
On the 4th inst. futures closed 2 to 5
points net lower. The market was confined to a very narrow
range.
There were no trades on the opening, and dealings
were slow through the day with only about 18 contracts, or
90,000 pounds, estimated to have been sold, which compared
with 240,000 officially reported for Monday. There were no
notices issued.
Certificated spot tops were quoted at 129.0c.
bid and 131.0c. asked, comparing with a nominal price of
130.0c. the previous day.
Local closing: Mar., 128.5; May,
124.3; July, 120.5; Oct., 117.3; Dec., 115.8.
On the 5th
inst. futures closed unchanged to 15 points net lower.
The
market was decidedly reactionary today and declined at one
time 15 to 22 points.
Later in the session some covering
and trade support appeared and the list improved.
Sales
were light with the total for the day estimated at 28 lots or
140,000 pounds.
The previous day's sales were officially
110,000 pounds.
No Mar. delivery notices were issued.
Spot certificated tops closed at 128.5c. bid and 130c. asked.
Local closing: Mar., 128.5; May, 123.0; July, 119.0; Oct.,
116.0; Dec., 114.5.
On the 6th inst. futures closed 5 points off to 3 points up.
Interest in the market broadened a little.
Following the
early decline, prices developed a little more tone with
interest shown in reports that the placing of Army contracts
is expected to boost unfilled orders for wool goods to new high
levels since the last war. Sales for the day were estimated at
60 contracts or 300,000 pounds, comparing with 155,000
officially reported for the previous day.
Spot certificated
tops were quoted at 129.0c. nominal. Boston reported that
grease
prices of
raw
wools there showed little change.
Demand
was
today than earlier in the week. Contracting for
was reported quiet.
Local closing: Mar.
128.0; May 123.3; July 119.3; Oct. 116.1; Dec. 114.1.
Today futures closed unchanged to 6 points off. The market
moved narrowly in continued quiet trading today. . Total
sales on the New York exchange to midday were estimated,
less active
wool in the West
in
the trade at about
Although dealings
150,000 pounds.
relatively limited, interest was shown in all of the
usually active positions. At the high prices of the morning
active contracts showed a decline of 3 points to an advance
of 5 points from the closing levels of the previous day, while
at the lows they were 4 points below to 5 points above
yesterday's last quotations. Local closing: Mar. 128; May
122.7; July 118.8; Oct. 115.8; Dec. 114.3.
were
Silk—On the 3d inst. futures closed lc. to
2He. net higher.
The market's firmness was due to
Sales totaled 430 bales.
primary markets and to higher prices in the spot market.
Trade and commission house interests were supporting the
futures market with gains of 4He. at one time during the
morning session.
Japanese selling at the close of the market
weakened prices to the low levels for the day.
There were
10 more transferable notices issued against the March de¬
livery today bringing the total so far to date to 71 notices.
The primary markets were higher and active.
Futures at
Yokohama ranged 10 to 1 yen up, while Grade D gained 15
yen to 1,475 yen.
Spot sales in both markets amounted to
370 bales, while futures transactions in Yokohama equaled
7,725 bales.
Local closing:
March, 2.66H; May, 2.68H;
July, 2.69H; Sept., 2.70.
On the 4th inst. futures closed
2 to 3c. net lower.
Declines in primary markets were
followed by an easy tone here, the contract market standing
about 2c. lower during early afternoon.
Trading was dull,
only 120 bales changing hands to early afternoon.
The price
of crack double extra silk in the spot market was 2c. lower at
$2.74H a pound.
Yokohama Bourse prices dropped 11 to 18
yen. Grade D silk in the spot market was 10 yen lower at
1,465 yen a bale.
Local closing: April, 2.65; May, 2.65H;
June, 2.66; July, 2.66H; Sept., 2.67H; Oct., 2.67.
On the
5th inst. futures closed lc. to 1 He. net higher.
Transactions
totaled 9 lots.
Circulation of 24 March notices failed to
upset the raw
,
They were stopped and the
silk market.
during early afternoon was holding gains of about a
cent a pound.
Transactions to that time totaled 26 lots.
The price of crack double extra silk in the spot market
remained unchanged at $2.74H a pound.
On the Yokohama
Bourse prices closed 2 to 8 points higher.
In the spot market
Grade D silk declined 5 yen to 1,460 yen a bale.
Local
closing: No. 1 Contracts: March, 2.66; May, 2.67; July,
2.68; Sept., 2.69.
On the 6th inst. futures closed He. off to He. up.
Sales
totaled 41 lots.
Declining in sympathy with the Japanese
markets, silk opened 2c. lower. Later, the tone of the market
showed improvement in moderately active trading which
totaled 35 lots to early afternoon.
Sixty bales were delivered
on the March contract.
In the uptown spot market crack
market
double extra silk
$2.72H
& pound. #The
lower. Grade D silk in
lower at 1,450 yen a bale.
2c. lower at
was
Yokohama Bourse closed 15 to 23 yen
the outside market
Local
closing:
was
10 yen
Mar., 2.65H; May, 2.67;
No. 1 Contracts:
July, 2.68H; Aug., 2.68H- i Today futures closed 3H to
4Hc. net higher. Sales totaled 116 lots.
The silk market
was irregular.
The opening was 2c. lower in sympathy with
declines in Japanese markets and lack of demand for spot silk
in the uptown
covered,
market.
During the forenoon the market re¬
prices standing unchanged to
lc. higher during
early afternoon. Sales to that time totaled 43 lots, including
20 exchanged for physicals.
In the uptown market demand
was light in spite of a cut of 2He. a pound in the price of
crack double extra silk to $2.70.
Ten bales were tendered
on the March contract.
The Yokohama Bourse closed 1 to
D silk in the spot market was 15 yen
Local closing: No. 1 Contract:
April, 2.70; May, 2.71; July, 2.73; Aug., 2.73; Oct., 2.72.
15 yen lower.
Grade
lower at 1,435 yen a
bale.
COTTON
Friday Night, March 7, 1941
The
indicated by our tele¬
Movement of the Crop, as
from the South tonight, is given below. For the
week ending this evening the total receipts have reached
55,790 bales, against 41,552 bales last week and 48,964
bales the previous week, making the total receipts since
Aug. 1, 1940, 2,671,311 bales, against 6,234,913 bales for
the same period of 1939-40, showing a decrease since Aug. 1,
1940, of 3,563,602 bales.
grams
Receipts at—
1.014
Houston
1,323
Corpus Cbristi__
New Orleans
Mobile
lilt;
Total
1,273
268
12,360
15,734
16,341
3", 146
3",384
22,451
11
350
2
5
39
17.069
55,790
2,255
1,344
4", 125
10
763
1,665
7.641
3,931
276
1
1
283
;
771
771
4,155
"10
43
1
Savannah
Lake Charles
Norfolk
Totals this week_
Fri.
Thurs.
Wed.
Tues.
5,596
39
Mon.
Sat.
Galveston
.
2,347
9,663
99
"99
11,340
6,084
9,287
—v,
iUUUWIUg
total since Aug. 1,
with last year:
v
1940, and the stocks tomght, compared
>
V
;
/
The Commercial & Financial Chronicle
1614
interests, especially in the May and July
recovered to virtually the best levels for
Stock
1939-40
1940-41
Receipts to—
Mar;T
Since Aug
This
Since Aug
1. 1940
This
Week
~~
Week
1, 1939
1941
15.734
Houston
161341 1,064,494
39*279
148,443
588
22,451
737,472
35*,263
41,153
1,859,424
178,482
66,915
2,131,335
"350
10.529
25,496
758
1*395
139*721
26
14
44,639
15.517
29.138
5,600
18.376
2,205
771
Corpus Christ!
8,588
Beaumont
New Orleans
Gulfport
...
Mobile
Pensacola, AcJacksonville.
6
Savannah
Charleston
Lake Charles.
""39
Wilmington
"99
Norfolk
51,618
1,809
61,395
38,460
45,919
8,027
14,322
18
8
7
237
747,810
752*154
45.114
92,779
777,846
75,394
91,992
500
915
1,467
1,225
15,319
180
Baltimore
55.790 2,671.311 107,381 6,234.913 3.018-508 2.783,055
Totals..
Included in
Gulfport.
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1940-41
Receipts at—
1937-38
1938-39
1939-40
1936-37
1935-36
9,679
5,182
40,962
5,097
2,369
1,703
15,734
16,341
22,451
28,187
39,279
350
1,395
2,205
5,267
7.448
10,057
1,007
581
18
7
150
5
237
790
173
680
592
729
810
2,576
5,473
1,701
597
2,280
55,790
Galveston
Houston.....
New Orleans.
Mobile.
Savannah
Charleston
107,381
27,264
92.663
67,954
38,439
35.263
5
Wilmington..
"99
Norfolk.
All others.
Total this wk.
21,077
14,060
46,114
1,022
1,266
1.746
1,265
7,809
12,086
12,867
774
1,116
904
6
Since Aug. 1.. 2.671,311 6,234,913 3,108,896 6,567,777 5,656.873 6,078,934
The exports
for the week ending this evening reach a total
of 24,286 bales, of which 471 were to Japan, 1,685 to China,
and 22,130 to other destinations.
In the corresponding
week last year total exports were 126,010 bales.
For the
season to date aggregate exports have been 666,913 bales,
against 4,814,184 bales in the same period of the previous
season.
Below are the exports for the week:
Week Ended
Exported to—
v.
Mar. 7. 1941
Ger¬
Great
Exports from—
Britain
Galveston..
....
France
Italy
many
....
China
Houston
New Orleans....
Total
3,239
17,891
1,000
2,156
1,00C
*471
Los Angeles....
Total
41,256
2,909
1939
1*685
471
1,685
22,130
6,822
21,415
3,550
34,623 126,010
21,759 71,453
....
Total 1940
Total
Other
3,23(3
17,891
Japan
....
19,455
20,304
7,551
ll",99£
5,126
From
695
24,286
Exported to—
Aug. 1 1940 to
Mar. 7, 1941
Otreat
Exportsfrom— Britain
Galveston....
Ger¬
France
many
Italy
China
Japan
Corpus Chrlstl
21,723
138,621
23,225
8,207
1,680
New Orleans.
113,139
2,280
Houston.....
Mobile
Norfolk
33,131
352 132,773
600
42,950
28,461
3,559
...
New York...
26*398
314
Boston..
Los Angeles..
*974
San Francisco
3,827
2,313
34", 140 17*878
6,606
11,286
5,846
4,461
Seattle......
Total
Total
Other
415
1,617
56,886
279,953
25,505
158,369
28,461
3,559
26,712
2,313
59,598
25,420
137
333,843
59,210
Total 1939-40 1600,284 670,873
371.842 358,063
Total 1938-39
33,456 451,893
365,772 241,366
137
23.106 250.754
666,913
701.898 332,860 1022920 4814,184
660,579 56,693 531,810 2586,125
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Some demand for new crop months was
belief that something will be done to
Leaving
Ger¬
Galveston
Houston
New Orleans.
Savannah
Coast¬
many
Britain France
Other
Foreign
wise
4*362
61911
150
_
Charleston
Mobile
Norfolk
Other ports.._
Total 1941..
Total 1940
Total 1939
4,362
79,640
25*478
9,155
6,069
Speculation In cotton
6*576
7,061
38,386
42,323
3,000
1,008
300
Stock
of
sales
968,587
957,343
529,851
147,628
35.432
50,560
29,572
283,804
4,308 15,731 3,002,777
5,363 148,767 2,634,288
6,187
70,310 2.244,429
for future delivery during the past
week
was
more
active, with the market showing a dis¬
tinctly firmer tone. Active mill buying of new crop months,
which
moved
market.
to new highs for the season, featured the
In Southern spot markets the situation continued
strong, with buyers paying $7 and $8 for equities in the
Spot sales in the South continue substantially
central belt.
above, those
of last year.
On the 1st inst.
prices closed unchanged to 5 points up.
Increased mill price-fixing against a week-end spurt in cotton
goods sales accounted for moderate advances today in the
local cotton futures market, but part of the gains were
erased by Southern selling on bulges.
During the greater
part of the session, the volume of trading was restricted
and price movements were narrow.
However, demand
improved during the last half hour and prices touched the
best levels for the day on buying credited to Carolina mill
in the
cotton farmer
the
South
the
in
new
improve the plight
the week reflected
for
Spot cotton
the recent im¬
year.
crop
provement in mill demand and at the 10 designated markets
to 124,577 bales against 110,899 the previous
week and 137,518 last year.
On the 3d inst. prices closed
Talk in Washington of giving
unchanged to 3 points off.
the
farmer
cotton
aid
more
offset by selling of
was
near
months by leading spot houses, with the result that fluctua¬
tions in the local market were narrow and final prices were
unchanged to 3 points lower.
The opening range was 1 to
points lower in a rather featureless affair.
Small trade
orders for Mar., May and July were against hedge selling
orders that seemed to dribble in all day.
There was better
support in new crop months.
Secretary of Agriculture
Claude R. Wickard before the House Agricultural Appro¬
priations Committee refused to recommend any major
changes in the farm program, although Congress appears
to be attempting to bolster the cotton farmers' income
because of the loss in the export markets.
Spot sales at
the leading Southern spot market totaled 8,074 bales,
compared with 7,996 bales same day last year.
On the
4th inst. prices closed unchanged to 5 points net higher.
The market was firm during most of the session.
The
opening range was 2 points lower to 1 point higher.
Most
of the offerings consisted of hedge sales by spot firms acting
3
for Southern interests.
One house
was a
free seller of both
Brokers with cooperative connections and
clientele also were sellers.
Trade buying fur¬
May and July.
Southern
nished the chief support of the market.
Mar. notices were issued caused Mar.
The fact that
shorts
to
no
cover.
Bombay was on both sides of the market, apparently trans¬
ferring straddles.
Price-fixing coincidental with activity
in the Worth Street cotton goods market continued all
through the forenoon and held the market steady.
It is
expected that the Works Progress Administration will be
in the goods market for 10,000,000 to 12,000,000 yards of
cotton textiles for distribution to emergency relief work the
latter part of this month.
Sales of spot cotton in the South
have fallen off.
On the 5th inst. prices closed 2 to 12 points
net higher.
Active buying of new crop months by mills
advanced prices of those positions to new high levels for
the season, gains ranging from 1 to 13 points during early
afternoon.
The strong character of the market was apparent
at the outset when active buying of new crop positions de¬
veloped.
The opening was unchanged to 2 points net
higher with Southern mill interest credited with bidding for
Oct. and Dec. contracts.
A feature of the opening was the
buying of 10,000 bales in those two positions.
Commission
houses, hedge sellers and Bombay supplied the contracts.
The rise in forward positions continued during the forenoon
and advanced prices to new high levels for the season.
Both
and Dec.
Oct.
crossed
10c. level and
the
registered
overnight gains of 13 points each.
Information from
virtually all spot markets in the South point to the con¬
clusion that the better grades of cotton are hard to buy.
On the 6th inst. prices closed 1 to 2 points net higher.
Trade buying absorbed hedge sales readily, with the result
that cotton prices recovered early losses.
The opening was
steady, 1 point higher to 1 point off, but immediately after¬
ward the market softened under heavy profit-taking, in¬
creased hedge selling and local offerings.
It was hard to
say whether defeat
of high benefit payments to farmers
in
the
House
was
interests,
by
stopped
reported
Total
3.000
12,281
450
Prices
again attributed to
a
a
factor.
Wall
Offerings
Street
and
houses bought nearby positions.
Shipboard Not Cleared for—
Great
deliveries.
the current move¬
ment, but as has been the case in recent sessions, spot houses
had more selling orders to execute in old crop deliveries on
a
scale up, and partial reactions from the best followed.
trade
Mar. 7 at—
8, 1941
amounted
1,603
122,044
32,709
4,321
10,242
25,925
29,572
1,200
New York..
Boston
*
1940
971,587
760
969,624
74,055
105 358
530 301
61,051
50,560
1,971
1,011
147.628
35,432
26,483
11,000
28,187 1,581,014
546 639
15.596
Galveston
Brownsville
March
an
as
important
were
mill
absorbed by
Trade
concerns.
Twelve March notices were
firm.
spot
confused- regarding
The
farm
trade is
Appar¬
cotton
legislation.
ently Congress is against high farm benefit payments. That
may not mean that high loan rates would also lose.
Crop
preparations are said to be well advanced compared with
last year.
I
Today prices closed 4 to 9 points net higher.
advance
to
new
highs for
the
season
the
After
cotton
an
market
receded under increasing volume of hedge selling, although
still maintaining gains of 4 to 9 points during early after¬
The
noon.
market
had
strong
1 to 14 points
establishing new high
Trading on the first call was active,
with large purchases from July forward by trade interests,
Bombay and brokers for Wall Street commission houses.
higher, with
prices for the
new
Southeastern mills
and
a
opening,
deliveries
season.
various firms to
October
crop
were
credited with heavy buying through
estimated total of 20,000 bales of July,
December contracts.
Brokers with Bombay
an
connections
bought heavily in May, July and October, tak¬
ing an estimated 15,000 bales.
Wall Street was a good
buyer of new crop deliveries.
The selling also was from
varied
sources.
Spot houses
were
active sellers of nearby
months.
The
New
official quotation for middling upland cotton in the
York
market each day for the last week has
March \ to March 7—
Sat.
Middling upland (15-16 normal) 10.90
been:
Mon.
Tues.
Wed.
Thurs.
10.83
10.79
10.81
10.82
Fri.
10.87
Premiums and Discounts for Grade and Staple—The
following table gives premiums and discounts for grade and
Volume
The Commercial &
152
1615
Financial Chronicle
of
sales
York
the New Orleans Cotton Exchange,
Agriculture makes public each day the volume of
delivery and open contracts on the New
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries on contract on Mar. 13.
Premiums
for future
and discounts for
Cotton Exchange and
from which we have
grades and staples are the average quota¬
markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
tions of
10
figures
Open
3 Mar.
1 Mar.
28 Mar.
Feb.
New York
Contracts
6
5 Afar.
4 Mar.
Mar. 6
Mar. 6.
on
%
29-32
15-16
31-32
1 Inch
Inch
Inch
Inch
Inch
and Up
1941—
.34
on
.44
on
.59 on
.66
.28
on
.38
on
.53
Good Middling
Strict Middling
.22
on
.31 on
.10
on
.19
5,600
7,800
8,700
10,500
34,200
3,500
8,200
4,600
16,500
13,100
700
1,300
200
300
4,700
57,400 127,800
72,600 1,030,700
.67 on
.42
.55 on
on
.17
.06 on
January
on
.72 off
.63 off
.52 cff
.47 off
.37 off
1.38 off
1.32 off
1.28 off
52,400
40,600
41,700
Total all futures
1.25 off
.22 on
.31
on
.47
on
.5^
on
Open
on
.42
on
.35
.21 off
.12 off
Even
.06 on
Strict Low Middling
.72 off
.63 off
.52 cff
.47 off
.3/ cff
1.44 off
1.38 off
1.32 off
1.28 off
1.25 off
on
1941—
.......
350
4,850
2,050
5,850
550
1,400
1,450
55,700
950
900
2,200
2,650
3,950
56,250
1,400
3,700
2,200
5,350
39,300
850
700
100
12,700
.31 off
.17 off
.12 off
.02 off
July
.53 off
.44 cff
.30 off
.25 off
.17 off
October
5,900
1,150
.95 cff
.82 off
.77 cff
.71 off
December
1,500
400
1.03 off
Middling spotted shall be tenderable
such
New York
a
1942—
only when and If the Secretary of
grade.
Agri¬
Quotations for 32 Years
4,900
16,550
Total all futures
quotations for middling upland % (nominal) at New
York on Mar. 7 for each of the past 32 years have been as
""So
"loo
March
>
1,100
700
January
13,000
follows:
10.87c.
11.08c.
9.02c.
**
7.05c.
10.85c.
14.00c.
21.65c.
18.90c.
14.25c.
19.40c.
1933
1940
1932
1939
1937
1936
1935
1934
1931
1930
9.11c.
14.45c.
11.41c.
12.30c.
12.35c.
1938
*
1929
1928
1927
1926
18.25c26.05c. 1917
11.90c.
28.55c. 1916
8.85c.
30.75c. 1915
13 10c.
18.65c. 1914
12.40c.
11.60c. 1913
41.00c. 1912 ——10.60c.
14.55c.
27.15c. 1911
15.00c.
32.90c. 1910
1925
1924
1923
1922
1921
1920
1919
1918
At
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 days:
Ala., Blrm'am
Montgom'y
Steady
Steady.
Steady
Steady
Nominal
Wednesday. Nominal
Total
1,283
Selma
Ark.,Blythev.
Forest
U49
260
5", 343
194
-
39.370
996
242
City
54,887
37,494
12,815
2,259
847
20
1,263
1,256
5,780
4,333
155,166
1,229
1,417
43,610
66
167.728
30,826
66,227
95
40.699
726
5
9,139
528
31,193
1,703
100,505
3,541
141,253
54
38,393
2,344
34,078
485
130,850
1,293
86,722
27
62,658
576
37,955
36
14,368
239
47,750
36,581
Walnut Rge
312
40
10,461
69
Athens....
95
42,191
27
39,459
413
43,851
113,793
133.729
11.400
6,871
117,982
4,859
132,776
600
30.800
745
32.205
125
38.047
611
Bluff-
4,940
1,172
8,734
1,890
15,626
1.700
71,758
Atlanta
2,524
94,296
4,446
32,883
700
700
34,194
500
"loo
171
Augusta...
3,704
227,299
5,727
219.734
5,629
2,293
300
19,400
400
29,800
400
Macon....
378
24.814
375
33,854
466
16,106
107,219
250
40,082
50
36,152
16,332
80,896
70,372
110
107.559
135,773
3,261
4,595
1,532
3*537
534
36,148
6 100
4,400
97,558
25,800
30
Rome
and closing prices at New
past week have been as follows:
Wednesday
Monday
Tuesday
March 3
March 4
March 5
Thursday
Friday
March 6
March 7
Columbus..
85
13,702
7
28,054
189
154,621
18.647
Greenwood-
1,463
3,686
95,652
1,455
228,424
6,175
85.859
Jackson....
33
181,775
19,424
580
16,663
11,486
60
601
19,040
141
32,627
7,257
26,718
47,833
263.179
3,972
2,522
317,482
Range..
10.4377
10.4077
10.3971
1,668
5.128
46
"241
19,385
508
17", 646
1,132
17,662
N.C., Gr'boro
46
32,901
324,468
4,840
Natchez
Vicksburg..
Yazoo
10.47-10.50
10.39-10.44 10.40-10.42 10.38-10.42 10.43-10.45 10.42-10.46
10.50
10.44-10.45 10.46
10.42
10.41
10.43
10.4577
10.4977
66.423
Miss.. Clarksd
3,633
1,928
La., Shrevep't
April—
City
205
14,970
34,131
2,822
2,000
"l20
40
11,636
1,028
60,793
15.376
497
19.306
1.128
42,770
11,494
5,773
66
2,075
234,872
97,559
7,141
1,988
53,647 2890.579
77,928
758.497
24
26.904
194
10.317
Oklahoma—
420,155 10,1°4 319,204
2,312 103,212
99,707
S. C.. Gr'ville
1,706
Tenn., Memp. 111,965 3286,250 120,593 1016,144
674
21,232
35,786
654
Texas, Abilene
15 towns »_
1,512
76,285
Closing.
10.40-10.45 10.46-10.51
10.38-10.43 10.37-10.40 10.36-10.41 10.39-10.45
10.49
10.42-10.43 10.44
10.39
10.38
10.41
2,168
7.392
June—
Range..
Closing.
July—
Range..
Closing.
10.3977
10.3477
10.3471
10.36H
10.4077
10.4577
13
20,116
129
6,460
21
10,721
85
2,926
""46
15.609
"55
2,036
Dallas..
380
58,894
1,268
54,644
693
47,220
387
34,399
Paris
Range..
941
67.259
2,289
36,491
198
244
27,506
6,778
7,988
34
2,592
74,091
6,518
157
Texarkana
628
49,400
4,002
180
36,405
851
1,384
27,506
Waco
386
39,038
447
3,091
26,059
29,115
81
55,753
261
13,907
Austin
Brenham
.
.
Robetown..
San
10.41-10.48
10.28-10.34 10.28-10.32 10.27-10.32 10.31-10.38 10.34-10.39
10.41-10.42
10.36-10.37 10.37
10.30
10.31-10.32 10.30
August—
Marcos
Total,56towns 166,349
Range-
Closing.
10.2777
10.2877
10.3477
10.1877
10.1977
10.1877
10.19n
10.2077
10.2777
SeptemberClosing.
*
10.0977
10.0677
10.0771
October—
Range..
9.90- 9.97
9.92- 9.97
Closing.
fl.95n
9.95
9.94- 9.99 10.00-10.13 10.07-10.14 10.20-10.29
10.21
10.10 —— 10.12
9.99
9.9477
9.9477
9.9877
9.89- 9.95
9.92- 9.95
9.92- 9.98
9.9377
9.97
9.9177
9.92- 9.96 10.08-10.08
10.0877
10.0777
9.9577
-
Range..
Closing.
10.0977
December—
RangeClosing.
9.94
—
Jan.(1942)
9.89- 9.93
Range..
Closing.
9.9371
10.1177
10.1977
9.99-10.11 10.05-10.12 10.18-10.22
10.18-10.19
10.10 —
10.09
—
10.22-10.22
10.1677
February—
6132,222 216,6643110,177
Includes the combined
totals of 15 towns in Oklahoma.
show that the interior stocks have
during the week 50,315 bales and are tonight
372,399 bales more than at the same period last year. The
receipts of all the towns have been 78,326 bales more than
in the same week last year.
decreased
and Since Aug. 1—
Overland Movement for the Week
We give below a statement showing the overland
for the week and since Aug. 1, as made up from
reports Friday night.
The results for the
Aug. 1 in the last two years are as follows:
Mar. 7—
Closing.
w
Nominal.
Via St.
Range for future prices at New
Mar. 7, and since trading began on
Range for
Option for—
York for the week ended
each option:
Range Since Beginning of Option
Week
1941—
May 18 1940 10.62 Jan.
10.38 Mar.
4 10.50 Mar.
7
8.10
May
10.36 Mar.
4 10.51 Mar.
7
8.00 May 18 1940 10.61
July
10.27 Mar.
4 10.48 Mar.
7
8.59 Aug.
9.90 Mar.
October
.
4 10.29 Mar.
7
8.70 Oct.
9.89 Mar.
1 10.22 Mar.
7
9.28
9.89 Mar.
1 10.22 Mar.
7
9.49 Feb.
1942—
January
Jan.
10 1941
7 1940 10.51 Jan.
&c
Island
Via Louisville
Via Virginia points
Via Rock
Via other routes,
Mar.
7 1941
17 1941 10.22 Mar.
7 1941
Since
Aug. 1
325.893
180.205
15.338
14,788
110.706
413,923
35,942 1,060.853
The
week and since
1939-40
Since
Week
11,494
7,950
100
3",773
11,481
Aug. 1
259.741
209,525
8,733
6,767
121,499
583,921
34,798 1,190,186
15,341
16,313
180
192
22,407
4,922
6,246
198.592
22,611
430,026
5.294
220,179
overland.*
13.331
630,827
movement by rail to Canada.
29.504
970,007
Boston, &c_«-
- —
204
South
deducted
2.285
Leaving total net
Including
movement
telegraphic
421.428
Total to be
*
Dec. 19 1940 10.22
&c
Between interior towns
Inland, &c., from
18 1940 10.59 Nov. 22 1940
^
overland
Deduct Shipments—
Overxana to N. Y.,
11 1941
Sales for Future Delivery—The Commodity
Administration of the United States Department
Volume of
Exchange
10 1941
17.662
5,025
495
870
3,204
8.686
Louis
Via Mounds,
Total gross
March
.
Week
Shipped—
December.
88.023 5626,490 145,449 2737,778
1940-41
Range..
614
3.989
totals
above
The
Range..
7»
61,033
342
Ga., Albany..
2,624
Mo., St. Louis
Novembe
368
Columbus..
Steady
Steady
March 1
May—
170
27,569
2 200
600
"600
Nominal.
10.42n
8,937
72,893
16,061
54,469
8
2,200
Nominal
Saturday
Closing.
24,808
50
34
728
2",166
Total
Futures—The highest, lowest
Closing.
42,090
26,266
133,664
33,354
80,825
38,667
10,994
Contact
-
Since Aug. 1
Range..
35,203
35,403
8
1,913
45,985
1,073
260
Mar.
102.718
51,013
143,778
64,633
Rock
Little
Pine
week.
Afar (1941)
34,572
7,790
93,901
51,284
110,862
Stocks
Week
Season
Week
2~,I6O
Spot
400
York for the
1,124
43.223
24.224
134,713
Newport...
Nominal
__
34,955
15,122
"842
Jonesboro..
Closed
Nominal
Thursday.
Friday
4,216
Eufaula..-.
Hope
Market
Closed
7
Receipts
Mar.
Week
Season
Stocks
Shipments
Ship¬
Receipts
Helena
SALES
Futures
Spot Market
Movement to March 8, 1940
7, 1941
Movement to March
Towns
York
The total sales of cotton on
in
detail below:
ments
week at New York are
that is, the
corresponding periods of the previous year—is set out
Week
Market and Sales at New
the movement,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, ana the same items for the
** Bank holiday.
1941 quotation is for 15-16.
Saturday
Monday
Tuesday
Towns,
Interior
the
350
179,400
11,750
7,100
8,200
The
1941*
14,000
900
100
200
2,250
3,550
March
.39 off
culture establishes a type for
Contracts
4
.17 on
3,250
Strict Middling
3 Afar.
Mar. 4
May
Spotted—
Good Middling
1 Mar.
28 Mar.
27 Feb.
26 Feb.
.55 on
.19 on
Middling
Strict Middling
Feb.
New Orleans
.67 on
.10
Good Middling
aMiddling
183,900
92,100
1942—
Extra White—
Low Middling
354,900
2,400
1.44 off
Strict Low Middling
Low Middling
18,600
46,400
December
.54 on
on
20,800
21.500
October..
on
.35
Basis
16,500
16,600
.73
on
.47 on
on
.12 off
.21 off
Middling
14,000
8,900
.78 on
.60 on
on
4,900
13,600
8,700
March
19,100
13,700
While—
Strict Good Middling.
5,500
17,900
July
Middling Fair
56,800
338,300
8,100
9,600
4,100
6.400
May
a
The
the following table.
compiled
given in bales of 500 lb. gross weight.
are
overland movement
13,331 bales, against 29,504 bales for
and that for the season to date the
overland exhibits a decrease from a year ago
foregoing shows the week's net
this year has been
the week last year,
aggregate net
of 339,180 bJes.
*
'
The Commercial & Financial Chronicle
1616
-1940-41In Sight and
Spinners'
55,790
Receipts at ports to Mar.
7Net overland to Mar,
7
Southern consumption to Mar.
Interior stocks in
of
2,671,311
Aug. 1
13.331
630.827
5,ll5,000
107,381
29,504
140,000
249,121
8,417,138
1,151.600
276,885 11,724,920
*57,426
307,729
*50,315
excess
6,234,913
970,007
4,520,000
mill
Soutnern
takings
consumption to FeD. 1
over
Greek
Since
Week
7-180,000
Total marketed
Excess
Since
Aug. 1
Week
Takings
-1939-40
909,878
Came into signt during week.--198,806
Total in signt Mar.
7-
919,610
219,459
10.478,616
12,952,259
March
Mill
Cotton
Activity
1941
8,
Declines—Cut in
Raw
Cotton Imports from United States Expected—War con¬
ditions have curtailed considerably the output of Greek cot¬
ton
mills, according to information available in the Office of
Foreign Agricultural Relations and reported on March 3 in
"Foreign Crops and Markets."
Greek imports of United
States cotton were larger in 1940 than in 1939 but prospects
are for reduced imports during 1941, it is indicated, the ad¬
vices likewise stating:
During the first nine months of 1940 total cotton imports into Greece
18,000 bales, including about 11,000 bales from the
In the calendar year 1939 total imports amounted to 12,000 bales
amounted to about
Nortn. spinn's'takings to Mar. 7-
54,811
1,805,130
38,149
1,172,660
and
♦Decrease.
Movement into
sight in previous
Bales
133,348
a937—Marcn 12-
*937
-69.256
—
The Visible
1936
Since Aug. 1-
Bales
9,027,430
.12,978,684
.12,187,765
.
Supply of Cotton—Due to
war
conditions,
abroad,
cotton statistics are not permitted to be sent from
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the spot prices
Li/erpool.
March 7—
1941
Middling uplands, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
1940
1939
5.40d.
1938
8.66d.
8.03d.
13.33d.
7.76d.
9.56d.
11.46d.
7.27d.
8.53d.
4".13dr
X.21&.
4.55d.
7.76d.
7.19d.
4.18d.
4.33d.
6.49d.
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
Closing Quotations for Middling Cotton
on—
Saturday
Monday
Tuesday
K
15-16
%
15-16
%
15-16
%
15-16
%
,15-16
^
In.
In.
in.
in.
in.
in.
in.
in.
in.
in.
In.
Wednesday i Thursday
Friday
Mar. 7
Galveston—
9.95 10.15
.93
15-16
In.
,97 10 .17
10.53
New Orleans- 10.26 10.46 10.22 10.42
.24
2810 .20 10
9.98 10.18
.99
02 10 ,22 10
10.46 10.28 10.43
10.29
Savannah
10*31
.29
32 10 .47 10
49,10
Norfolk
10.2010.40 10.20 10.40 10 .20
,4010
40 10
10.10110 30.10
Cotton Crop of
.30
72;i0 .49
....
*
Little Rock..
9.75
9.95
Dallas
9.78!
9.95
*
9.75
#
♦
001
00 10 20 10
9.95
*
India—Indian cotton
x
75
,74 10
001
9 .75
9
Rain
9 95
9
.95
9 .80
Oil
9,
05
9 .82110 071
76 10
00
Rainfall
Days
Inches
High
Low
3
0.28
74
46
60
2
0.05
1.04
87
83
27
57
40
62
55
Texas—Galveston
Amarillo
*
Austin
2
Abilene
dry
76
34
2
3
0.63
0.13
84
75
49
67
44
60
2
0.35
0.65
0.68
0.02
1.46
83
44
64
.1^.
Rio
Fort Worth
Houston
2
El
9 85 10.05
1
2
Paso
Palestine
Not received.
Saturday
Monday
Tuesday
March 1
March 3
March 4
Wednesday
Thursday
Friday
March 6
March 5
March 7
2
2
Antonio
—
10.00
December.
9.98
October
9 99
10.036-.04a 10.16
10.17-10.18 10.28
9.956-9.96a 10.006-.01a 10.13
10.146-.15a 10.246-.26a
9.946-9.95a 9.916-9.93a
60
0.06
0.78
82
39
80
37
59
0.20
70
25
48
0.50
64
33
49
2
0.93
1.53
77
29
53
73
35
1.66
2.64
61
72
33
54
47
26
49
1.24
75
32
1
0.01
77
29
53
2
1.77
2.58
0.39
69
22
46
72
74
25
28
49
40
0.11
80
73
77
2
2
1
__
2
2
Florida—Jacksonville
Miami
dry
dry
__
Tampa
Georgia—Savannah
3
61
54
51
53
67
57
27
52
;
2
1.29
64
23
44
Augusta
2
70
72
63
31
51
28
46
21
44
24
43
South Carolina—Charleston..
North Carolina—Asheville—.
2
0.42
0.17
0.46
1
0.48
66
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
2
2
1
2
0.36
0.46
0.05
0.88
2
0.68
67
64
71
63
65
9.986-.00a 10.106-.12a 10.106-.12a 10.196-.22a
Macon
_-
Steady
Steady
Nominal.
6 Bid.
Quiet
Steady
a
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Asked.
Three New Members of New York Cotton
Exchange—
At a meeting of the Board of Managers of the New York
Cotton Exchange held on March 7, the following were
elected to membership in the Exchange:
Eldon Bradford
Keith of Boston, Mass., a partner of Walker & Co.; Harry
Edgar Reis of New York City, a partner of A. M. Kidder
& Co., and Robert Copeland Jones of Washington, D. C.,
a
partner of R. C. Jones & Co.
Mr. Keith is also a member
of the Chicago Board of Trade, and Mr. Jones is a member
of the New York Curb Exchange and also of the Washington
Stock Exchange.
CCC
Reports on 1940-41 CottoA Loans—The Com¬
modity Credit Corporation announced Feb. 27 that through
Feb. 24, 1941, loans made on 1940-41 cotton
crop by the
Corporation and lending agencies aggregate $147,389,641.34
on 3,060,399 bales.
Cotton remaining under loan aggregates
2,813,457 bales.
Cotton loans completed and reported to
the Corporation by States are as follows:
State
No. of Bales
Alabama
45,499,980.84
3,134,200.92
5,026,438.04
105,887
312,765
California
15,596,755.27
7,320.73
151
Georgia
164,316
97,492
72,243
11,635
Mississippi
Missouri
New Mexico
North Carolina
7,857,967.83
4,716,056.72
3,317,717.27
5,383
Louisiana
247,839.68
1,919,655.47
7,795,231.13
5.870,652.03
618,593.28
"
South Carolina
Tennessee
165,141
116,139
12,669
Texas.
1,463,961
Virginia
699
Total..
cooperatives
Total
Repayments by individuals
Repayments by cooperatives
Net totals
540,017.31
40,554
_
Oklahoma
•
48
30
47
23
43
22
48
17
41
The 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:
Afar. 7, 1941
Feet
New Orleans
Above
Above
zero
Above
zero
of gauge.
Above zero of gauge.
Memphis
Nashville
Shreveport
Vicksburg
Receipts
zero
of gauge.
Above zero of gauge.
of gauge.
Afar. 8, 1940
Feet
3.2
3.4
10.0
14.6
3.8
15.4
22.2
3.4
from the Plantations—The
5.0
15.5
following
table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Week
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
End.
1939
1938
1940
1939
1938
1940
1939
1938
Dec.
66,719
Florida
.
23
Amount
114,878
Arizona
Arkansas
2
Nashville
1940
Loans by
40
1
Birmingham
Montgomery
Tone—
n
59
80
Atlanta
.-
Spot
Futures
57
57
2
_
1942—
January
35
41
38
1
Shreveport
Mississippi—Meridian
Vicksburg.
1941—
79
77
76
2
Waco
Oklahoma—Oklahoma City
Arkansas—Fort Smith
Little Rock
Louisiana—New Orleans
Alabama—Mobile
10.506-.51a 10.476-.49a 10.496-.50a 10.536-.55a 10.53 6-.55a 10.56 6-.57a
10.46n
10.43
10.48
10.44n
10.49
10.53
10.36n
10.33
10.36 —
10.41
10.44
10.46
Mean
Del
9 88110.13
closing quotations
Thermometer
Corpus Christi
Brownsville
10.25
leading contracts in the New Orleans cotton market for
the past week have been as follows:
May
fourth official
crop,
Returns by Telegraph—Telegraphic advices to us this
evening indicate that the weather has been wet in the
western half of the cotton belt and dry in the eastern half.
10.00
for
July
attributed
are
Egypt Restricts Cotton Plantings—Egyptian Govern¬
on Feb. 22, 1941, enacted legislation forbidding cottongrowing during 1941 on land now sown to beans, lentils,
helba, flax and barley, according to "Foreign Crops and
Markets" of March 3.
As a result, the 1941-42 cotton pro¬
duction is expected to be reduced by 100,000 to 125,000 bales
from last year's crop of 1,922,000 bales.
10.79
20,10
20 10 .00
New Orleans Contract Market—The
March
imports
ment
San
Holiday.
1940
according to "Foreign Crops and Markets" of March 3.
10.35
Montgomery. 10.05 10.25. 10.05 10.2510 .05 10
10.46 10.71 10.43 10.68,10 44 10
Augusta
.75 10
Memphis.-.. 9.75 10.00 9.75 10.00
9.99.10.19
Increased
cotton.
estimate 1940-41, placed at 4,718,000 bales ^of 478 pounds)
from 22,775,000 acres, compared with final
(unrevised)
estimate for 1939-40 of 4,136,000 bales and 21,356,000 acres,
10.50
....
8.
shipping difficulties have retarded actual receipts. \
Greece produces about 75% of its normal mill requirements of raw cotton,
which range from 100,000 to 105,000 bales annually, but cloth production
must be supplemented by imports, formerly secured from Italy, Germany
and the United Kingdom.
Trade with the first two countries, however,
has been suspended and most imports from the United Kingdom, amount¬
ing to little more than half of the former volume, consist of war materials.
Government orders for cotton war materials have enabled only a few Greek
mills to operate on a normal basis.
10.54
Houston
U.
10.24
Mobile
x
no
6.31d.
—
Week Ended
included
largely to efforts to build up stocks for emergency use.
Although Greek
authorities have granted import permits rather freely for U. 8. cotton,
years:
1938
185.842
Week—
1939—March 10
1938—Marcii il-_
at
U. 8.
"
70,189,199.09
33,573.35
2,750,632
309,767
$132,371,398.96
3,060,399
$147,389,641.34
201,766
45,176
2,276,057.85
2,813,457
$135,471,918.«7
15,018,242.38
9,641,664.62
6.
86,554 210.127
13.
85,302 257,101
61,655 240,688
62,544 189,049
20.
27.
Jan.
1941
1940
3.
33,323 169,951
11.
41,434 181,653
31,994 196,677
40,723 149,768
54,214 137.532
17.
24.
31.
77,815 3260,298 3498,072 3496,222 88,219 173,332
64,534 3284,365 3449,968 3471,689 109,399 208,997
54,236 3323,846 3389,066 3448,226 101.106 179,786
44,595 3339,502 3346.020 3434,970 78,200 232,095
1939
42,596
38.827
37,387
43,199
35,546
1941
1940
1939
1941
1940
65,209
39,901
80,873
31,339
1939
3301,310 3265,094 3400.270
3306,088 3189.004 3369,048
3295.489 3127,764 3329,120
3281.765 3072,688 3291,719
nil
89,025
46,212 105,463
21,395 135,347
26,999
94,692
5,798
3262.404 3016,687 3246.532
34.853
81,531
Nil
7,896
7,605
Nil
Feb.
7.
14.
65,381 177,019
Nil
48,964 122,734
29,078 3228,672 2956,982 3212,973
25,681 3195,258 2897,286 3174,825
21,337 3173,825 2845,482 3138,203
21,967 117,323
21.
70,930
Nil
28.
41,552 138,982
25,736 3160,492 2795,204 3096,651
27,531
28,219
88,704
Nil
55,790 107,381
27,264 3110,177 2737,778 3051,323
5,475
49,955
Nil
50,328 168,665
16,596 108,960
Nil
Mar.
7.
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1940, are 3,834,381 bales;
in 1939-40 were 6,602,151 bales, and in 1938-39 were
4,392,943 bales.
(2) That although the receipts at the outports
the past week were 55,790 bales, the actual movement from
Volume
1617
The Commercial <Sc Financial Chronicle
152
plantations was 5,475 bales, stock at interior towns having
decreased 50,315 bales during the week.
Manchester Market—Our
report by cable tonight from
Manchester states that the market in both yarns and cloths
is dull but steady.
Demand for cloth is improving.
We
weeks
give prices today below and leave those for previous
of this and last year for comparison:
1939
1940
8X Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl-ds
8 H Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
Twi&t
to Finest
Upl'ds
d.
d.
ify
situation is the best in several years.
On the 3d inst. prices
% to 124c. net lower.
After fluctuation nervously
throughout the session, wheat prices today closed substan¬
tially lower.
Selling was based on weakness of securities,
reports of rain over much of the soft winter wheat belt and
growing tension in Europe. Brokers said profit taking was
in evidence while reports of increased receipts at some
terminals as well as lagging flour demand, were bearish
factors.
One Chicago crop expert issued a preliminary
report which confirmed recent advices from the Southwestern
winter wheat belt of heavier than expected damage, due to
closed
The preliminary estimate of
low temperatures.
production
625,000 bushels, compared with a government forecast
of 633,000,000 last Dec. and the 1940 crop of 589,000,000
bushels. Other crop experts will make reports on preliminary
surveys Wednesday.
On the 4th inst. prices closed 24 to Mc.
net higher.
Wheat futures ruled firm in quiet trading today
was
d.
d.
s.
d.
s.
s.
d.
s.
d.
d.
Dec.
3
12
15}* @16
@12
15.14
12
6
@12
15.22
12
6
@12
9
9
8.54
13..
8.37
Nominal
15.25
12
6
@12
9
8.43
Nominal
8.19
6
Nominal
20..
Nominal
e._
Not
27..
16}* @16}* 12
8.53
available
@12
6
8.59
8.78
8.70
9
after
yesterday's losses of around a cent a bushel.
from commission houses believed acting for milling
1940
1941
Jan.
3..
15.70
12
11—
15.68
12
17—
15.71
12
24-
15.63
12
31—
15.68
12
15.65
12
16}* @17}* 12
6
@13
Nominal
12
3
Nominal
12
3
@12
@12
8.69
Nominal
12
1}*@12
8.65
Unauoted
12
1}*@12
8.56
Unquoted
Unquoted
Unquoted
12
10}*
10}*
10}*
10}*
10}*
8.77
7}* @12 10}*
7}*@12 10}*
7}*@12 10}*
7}*@12
7J*@12
7}* @12
7}*@12
7}*@12
8.74
8.75
1H
4
9.29
8.98
boosted May
6
8.75
fore
4}*
4}*
8.30
8.29
4}*
8.30
4}*
4}*
8.12
4}*
7.99
4}*
8.03
Feb.
14—
15.55
12
21—
15.49
12
28—
15.55
12
7}*@12 10}*
8.64
14.54
12
1}*@12
1}*@12
1}*@12
1}*@12
15.65
12
9
8.66
14.54
12
1}*@12
7-
8.58
8.56
12
12
8.04
Mar.
7—
@12 13
on a previous page, the
United States the past week
The shipments, in detail, as
from mail and telegraphic reports, are as follows:
Shipping
shown
News—As
exports of cotton from the
have reached 24,286 bales.
made up
Bales
Bales
HOUSTON—
To Sweden
17,891
GALVESTON—
To French Indo-China
new
3,239
LOS ANGELES—
To Japan
To China
471
1,685
...
Orleans—
24,286
Total
1,000
To Chile
Demand
interests,
wheat contracts at times to 8324c. a bush, be¬
attracting sufficient offerings to bring about a reaction.
The upturn was associated also with strength of securities.
Trade news was without feature and war developments
remained confusing.
Weather conditions were favorable and
continued lack of demand from milling interests furnished
higher prices. R. M. Evans, head of the
Agricultural Adjustment Administration, indicated further
cuts in acreage of cotton, corn, and wheat probably would
be necessary.
He said the lows of export markets were
causing surpluses of these commodities to accumulate rapidly.
On the 5th inst. prices closed 24 to lc. net lower.
Wheat
sagged about a cent a bushel today following release of crop
experts' figures indicating current winter wheat conditions
point to the possibility that 1941 production will pile a new
surplus on the record breaking
carryover from previous
•seasons.
Exporters
reported
approximately 1,000,000
bushels of Canadian wheat were sold to Great Britain,
little incentive for
Alexandria Receipts and Shipments.
bringing purchases for the week to around 5,000,000 bushels.
No sales to Portugal or Spain could be confirmed,
The trade
preliminary crop reports of four recognized experts,
who estimated probable winter wheat production at from
605,000,000 bushels to 625,000,000.
While these figures
compared with an average of 595,000,000 bushels at which
the experts estimated the crop last Dec., they were not as
optimistic as the Government's preliminary forecast, 633,000,000 bushels.' Production last year totaled 589,000,000
Liverpool Imports, Stocks, &c.
bushels.
Freights^—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
Cotton
York
are
Statistics—Regulations due to the war
Foreign Cotton
from abroad.
in Europe prohibit cotton statistics being sent
We are therefore obliged to omit the following
tables:
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Liverpool—The tone of the Liverpool market for spots
and futures each day of the past week and the daily closing
prices of spot cotton have been as follows:
;
Tuesday
.
Thursday
Friday
Quiet
Wednesday
Quiet
1
Quiet
Quiet
Quiet
\
12:15
1
M.
P
Monday
Saturday
Spot
Market,
Mid. upl'ds
8.66d.
8.66d.
8.66d.
8.65d.
8.66d.
CLOSED
s
Futures
Quiet;
(
i
opened I
1
Market
Market,
3
1
to 2 pts.
advance
to
advance
3
pts.
advance
Quiet;
Quiet;
Quiet;
1 point
1 point
1 point
unchg'd
advance
decline
Quiet;
Prices of futures at
Sat.
March 1
unch.
to 2 pts.
advance
Quiet;
1 point
advance
Liverpool for each day are given below:
Tues.
Mon.
Fri.
Thurs.
Wed.
to
Close
Close Noon Close Noon Close Noon Close Noon Close Noon
March 7
d.
New Contract
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
*
8.30
8.31
8.31
8.30
8.31
8.30
8.31
8.31
8.31
8.32
8.32
8.32
8.31
8.32
8.31
8.32
8.32
8.33
8.32
8.32
8.33
8.33
8.32
8.32
8.32
8.33
8.33
*
October
8.30
8.32
•
May
July...
8.31
*
1941
March
8.28
8.26
8.29
8.27
8.27
8.26
8.28
8.26
8.27
8.27
8.24
8.23
8.24
8.24
8.23
8.22
8.23
8.23
8.24
December
January, 1942
*
—
8.23
8.23
8.24
8.24
8.23
8.23
8.22
8.22
8.23
8.23
8.22
*
March
»
unch. Q't;
to 2 pts.
advance
\
P. M.
-
Q't;
pts.
advance
(
4:00
to
unch. Q't but st'y Q't;
Closed.
BREADSTUFFS
Friday Night, Mar. 7, 1941.
Flour
prices have been holding steady during the
several days.
However, in this area the demand is
past
still
reported as slack, with only small fill-in orders received.
Deliveries, however, appear to have picked up slightly, and
mills expect to operate five full days for the week compared
with four last week.
Despite the gain, shipments are con¬
sidered below normal for the season.
received
24c. higher.
the start of trad¬
ing today, and then spent the remainder of the session in a
slow recovery that wiped out the early loss and tacked on
small net gains.
The opening setback was attributed to
selling based largely on receipt of good snows and rain in
important producing areas southwest. The rally was accom¬
panied by purchases inspired by the stronger tone of securi¬
ties, with previous short sellers and mills reported on the
buying side.
With the condition of wheat regarded as the
best in years, and many farmers presumably preparing to
reseed winter-killed acreage within allotment limits, crop
experts said the moisture situation virtually assures a good
start when the growing season begins.
It is pointed out
that on the basis of recent private estimates a total United
States supply, including carryover of old wheat, or around
1,000,000,000 bushels is in sight on July 1, even before the
On the 6th
Wheat
inst.
spring wheat crop matures.
Today prices closed % to l%c. net higher.
rose
substantially in the early trading, lost
Wheat prices
much of the
gain, and then surged upward again in the final hour, scor¬
ing net gains of more than lc. a bushel in a moderately
active trade today.
Buying was attributed to professional
dealers as well as commercial interests, covering previous
short sales or taking ownership of contracts.
Reports that
the Government may increase crop loan rates, firmness in
securities and in other commodities, and mounting tension
in the Balkans were regarded as bullish factors.
Farm
officials were reported to be conferring in efforts to iron
out a compromise program during the coming season,/and
some traders expressed belief certain phases of the various
proposals will be outlined in tomorrow's AAA anniversary
speeches.
Open interest in wheat, 45,350,000 bushels.
DAILY CLOSING
Wheat—On the 1st inst. prices closed
Lic. lower to 24c.
market's nervousness
an
Sat.
DAILY
May
juiy
CLOSING PRICES
from the five months' lows in the
days.
This was offset by support which brokers
attributed to mill and commercial purchases or dealers basing
10
on reports of crop damage in some localities and pro¬
ducers' requests for higher loan rates.
The tense situation
in the Balkans as well as elsewhere in Europe and the Orient
action
The Santa Fe Railroad's survey
of winter wheat in Kansas may average
10 to 15%, attracted attention, but the road pointed out
abandonment may not be greater than usual and the moisture
continued to disturb trade.
estimating that loss
Sat.
83}*
79}*
79}*
:::::
-
Season's High and
May
89}*
July."
85}*
83}*
NEW YORK
Wed.
Thurs.
Fri.
DAILY CLOSING
Mon.
82}*
im
78}*
Tues.
83}*
79}*
79}*
IN CHICAGO
Wed.
82}*
78}*
78}*
Thurs.
82}*
78}*
78}*
Fri.
83}*
79%
79}*
I
Season's Low and When Made
Nov. 15. 1940 May
70
Aug. 16. 1940
Nov. 18, 19401 July
73 H Feb. 17. 1941
Jan.
7, 19411September73}*
Feb. 17.1941
When Made
PRICES OF WHEAT
Sat.
77}*
79}*
May
juiy.::::,
October
Tues.
OF WHEAT FUTURES
-
September
Mon.
-104}* 103}* 104}* 103}* 103}* 104}*
reflected profit taking, encouraged by
advance of about 7c.
last
PRICES OF WHEAT IN
No. 2 red
September
higher compared with previous finals. Wheat prices dipped
about 24c., rallied %e. to %c. above the previous close and.
then finished today's session 24c. lower to J4c. higher. The
prices closed 24c. lower to
prices dropped as much as 124c. at
FUTURES IN WINNIPEG
Mon.
77}*
78}*
Tues.
77}*
im
Wed.
77}*
7&x
Thurs.
77X
Fri.
77}*
79}*
—
Corn—On the 1st inst.
prices closed unchanged to 24c.
Corn fluctuated with wheat but showed an easy
tendency, despite a let-up in country bookings which
amounted to only 20,000 bushels.
However, receipts
totaled 250 cars, with arrivals at the 12 principal terminals
this week totaling 5,528,000 bushels, compared with only
2 450 000 bushels last week and 3,810,000 bushels a year
lower.
The Commercial & Financial Chronicle
1618
On the 3d inst. prices closed
off to %c. up.
The
during most of the session, due to
heavy receipts, totaling 304 cars, although much of the
grain was believed to be Government corn being mowed
from tanks.
Bookings to arrive fell off to only 33,000
bushels, while shippers took only 5,000 bushels.
The 12
principal interior terminals received 1,017,000 bushels
compared with 938,000 a week ago and only 659,000 a year
ago.
On the 4th inst. prices closed
to %e. net higher.
There was very little trading in the corn market, though the
undertone was firm in sympathy with the strength displayed
ago.
market ruled heavy
corn
in the wheat market.
the 5th inst.
On
prices closed J^c.
lower to 24c. higher.
Corn prices showed little change.
Corn receipts of 121 cars were taken mostly on consignment
with only part of the arrivals offered for sale, but industrial
demand for these was good.
On the 6th inst. prices closed unchanged to ^4c. up.
ing
Trad¬
light, with the undertone heavy. Corn receipts
were
reduced further, totaling only 109 cars, but traders
expressed belief this reflected a letup in the movement of
Government corn from steel bins.
However, yesterday's pur¬
chases to arrive were substantial.
Today prices closed %
to V2c. net higher.
Corn rose 24 to ,c., but receipts were
slightly larger, although only a small proportion were of¬
fered for sale in the open market.
was very
DAILY CLOSING PRICES OP CORN
Sat.
No. 2 yellow
Mon.
78%
NEW
IN
Tues.
78%
YORK
Wed.
79%
Thurs.
79%
Fri.
60%
60%
60%
Season's High and When Made
May
July
September
66
65%
63%
60%
60%
59%
61%
61
60%
61%
61
60%
Season's Low and
Nov. 18. 1940 May
Nov. 18. 1940 July
Jan. 16, 1941 September
...
61%
61%
61
61%
61%
60%
When Made
54%
58%
58%
Aug. 16, 1940
Sept. 23. 1940
Feb. 17,1941
Oats—On the 1st inst. prices closed unchanged to J^c.
off.
Trading very quiet, with the undertone easy.
On the 3d
inst. prices closed 34 to 34c. net lower.
Trading light, with
undertone heavy during most of the session.
On the 4th
inst. prices closed 24 to 24c. net higher.
Although trading
was light, the market held firm, influenced
apparently by
the stronger tone of the stock market.
On the 5th inst.
prices closed 24c. net lower.
Trading was light and without
feature.
On
inst.
prices closed %c. net higher.
Trading
was
light and more or less routine.
Today prices closed
24 to %c. net higher. Trading was dull, though the under¬
tone was steady.
DAILY CLOSING PRICES OP OATS FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
May
July
September
35%
31%
30%
Season's High and When Made
May
July-...
September
38
34%
32%
.
...
35
31%
30%
35%
31%
30%
35%
31%
30%
Season's Low and
Nov. 15. 1940 May
Nov. 15. 1940 July
Jan. 15, 1941 September
When Made
28%
30%
—
35%
31%
30%
35%
31%
30%
Aug. 16. 1940
Oct.
9. 1940
Feb. 17, 1941
30
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
35
34%
35%
35%
35%
35%
July
33%
33%
33%
33%
33%
33%
October
31%
31%
31%
Rye—On the 1st inst. prices closed % to %?. net higher.
prices showed surprising firmness in the face of the
closed
with
24 to
corn
markets.
On the 3d inst. prices
was also dull,
On the 4th inst. prices closed
24c. net lower.
the undertone
On
the
weak.
6th
inst.
prices
closed
unchanged
VsC.
to
up.
time during the session showed losses of % to
%c. with wheat. Today prices closed % to 24c. net higher.
one
Trading light, though the undertone of the market
DAILY
of the last three years:
CLOSING
PRICES
OF
FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs. Fri.
43%
44%
„
42%
44%
45%
46
Season's High and When Made
May
July
52%
52%
September
51
43%
45
45%
Season's Low and
43%
45%
45%
When Made
43
Feb.
Feb.
44
Feb.
41%
43%
45%
46%
21, 1941
21. 1941
21. 1941
RYE FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
50
49%
50
50%
50%
OF
May
July-October
|
43%
45
Nov. 15. 1940 May
Nov. 14, 1940 July
Jan.
10. 1941 September
DAILY CLOSING PRICES
firm.
RYE
Sat.
May
July
September
was
50%
;
48%
44%
47%
43%
48%
October
Closing quotations
were as
Flour
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
Chicago
220,000
48%
44%
49%
44%
49%
44%
follows:
Corn
New York—
No 2 yellow, all rail...
79%
All the statements below
Oats, New York—
No. 2 white..
Rye. United States, c.i.f
Barley, New York—
40 lbs feeding
Chicago, cash........
250.000
4,000
270 000
242,000
261,000
72,000
476,000
27,000
2,000
214,000
8,000
100,000
104,000
53,000
17", 000
Milwaukee.
Toledo
2,000
Buffalo
35,000
360,000
57,000
834,000
50,000
27,000
428,000
2.000
98,000
Indianapolis
112,000
St.
Louis--
251,000
149,000
176,000
70,000
120,000
774,000
30,000
27,000
711,000
241,000
276,000
12,000
52,000
2,000
30,000
85,000
78,000
2,000
56,000
Peoria
Kansas City
Omaha
44,000
St.
Joseph.
22,000
Wichita
Sioux
40,000
24"6oo
13,000
36,000
10,000
2,000
31,000
2,299,000
5,593,000
964,000
133,000
1,451,000
1,261.000
1,501,000
Tot. wk, *41
685,000
Same wk '40
443,000
5,791,000
4,332,000
1,166,000
347,000
Same wk '39
468,000
2,957,000
4,082,000
1,832,000
361,000
Since
74,000
355,000
City-
Aug, 1
1940
12,907,000 206.150.000 173,616.000
50,231,000
1939
13,607,000 242,062,000 159,638,000
14,007,000 238,867,000 184,760,000
69,315,000 20,513,000 85,100,000
74,057,000 19,614.000 71,238,000
1938
9,409,000 66,514,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, March 1, 1941, follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New
York.
Rye
Barley
bush 56 lbs bush 48 lbs
172,000
13,000
Boston
28,000
272,000
1,000
2,000
Philadelphia
42,000
1,000
15,000
4,000
"loot
Baltimore.
13,000
1,000
109,000
18,000
20,000
22,000
9,000
57,000
17,000
277,000
2,940,000
184,000
49,000
21,000
3,000
2,066,000
18,906,000
1,947,000
384,000
149,000
110,000
_
New Orl'ns*
8,000
2,000
3,000
Can. Atlan¬
tic ports
2,644,000
.
Tot. wk. '41
Since Jan. 1
1941
Week 1940.
237,000
3,932,000
558,000
360,000
18,000
131,000
2,210,000
19,841,000
10,421,000
1,860,000
721,000
799,000
Since Jan. 1
1940
*
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
Saturday March 1, and since July 1, are shown in the
annexed statement:
Wheal
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Bands
Bushds
Bushds
Bushds
New York
132,000
Portland, Me
231,000
Boston
287,000
Philadelphia
208,000
Baltimore
'
375,000
Can. Atl. portsTotal week
1941.
Since July 1, 1940
Total week
1940.
Since July 1, 1939
a
40,570
2,644,000
3,877,000
a40,570
78,402,000 21,676,000 3,824,740
4,318,000
558,000
81,000
ios'ooo
314",000
396,000
293,000
42,000
173,000
9,828,000
90,031,000 23,246,000 3,044,846 3,505,000 3,046,000
Complete export data not available from Canadian ports.
The
visible
granary at
supply of grain, comprising the stocks in
principal points of accumulation at lake and sea¬
Saturday, March 1, were as follows:
board ports
GRAIN
STOCKS
Wheat
Oats
Rye
Barley
Bushels
Bushds
Bushds
Bushds
31,000
New York
Corn
Bushels
United States—
13,000
39,000
87,000
Philadelphia..
113,000
105,000
4,000
11,000
Baltimore--.-—
300.000
698,000
15,000
374,000
New Orleans
60,000
1,000
1,000
2,000
147,000
1,000
967.000
58,000
Fort Worth
8,280,000
853,000
119,000
1,000
19,000
Wichita
3,864,000
7,140,000
3,936,000
2,755,000
7,880,000
6,959,000 13,622,000
771,000
1,655.000
119,000
8.000
10,000
83,000
331,000
22,000
3,000
Galveston
_
.
—
———
Hutchinson
St. Joseph
Kansas City
28,178,000
Omaha—
Sioux City
St. Louis
6,000
3.000
10,000
1,336,000
164,000
7,000
1,692,000
1,105,000
388,000
155,000
790,000
Chicago
"
45,000
6,177,000
Indianapolis...-.—.-.
Peoria
669,000
4,000
152,000
10,239,000 13,385,000
690,000
1,562,000
3,702,000
21,000
284,000
1,176,000
25,429,000 10,382,000
18,804,000
2,706,000
afloat
1,118,000
1,635,000
3,529.000
283.000
Milwaukee
582,000
Minneapolis
Duluth
565,000
72,000
194,000
656,000
Detroit
100,000
2,000
4,000
2,000
190,000
Buffalo
3,952,000
744,000
652,000
278,000
442,000
1,1941.-131,459,000 61,944,000
Total Feb. 22, 1941.-133,100.000 61,690,000
3,796,000
6,424,000
4,251,000
5,122,000
5,275,000
_TotalMar. 2,1940.- 99,150,000 39,437,000
7,256,000
9,890,000 13,150,000
"
afloat
2,812,000
270,000
45,000
Total Mar.
6,553.000
grain not included above:
Oats—Buffalo, 124,000 bushels; New
York, none; Erie, 228,000; total, 352,000 bushels, against 860,000 bushels in 1940.
Barley—New York, 36,000 bushels; New York afloat, none; Buffalo, 55,000;
Duluth, 82,000; In transit—rail (U. S.), none; total, 173,000 bushels, against 1,544,000 bushels in 1940.
Wheat—New York, 3,067,000 bushels; New York afloat,
467,000; Boston, 1,724,000; Philadelphia, 679,000; Baltimore, 1,407,600; Portland,
1,206,000; Buffalo, 9,290,000; Buffalo afloat, 448,000; Duluth, 14,765,000; Erie,
1,989,000; Albany, 8,307,000; In transit—rail (U. S.), 2,462,000; total, 45,811,000
bushels, against 27,755,000 bushels in 1940.
Wheal
5.35@5.55
Corn
Bushels
Bushels
Oats
Total Feb.
65%
53-65% n
Total Mar.
Rye
Barley
Bushels
Bushels
Bushels
1,102,000
813,000
1,708,000
1, 1941—442,407,000
336,000
3,584,000
55,019,000
Ft. William & Pt. Arthur 89,338,000
Other Can. & other elev.298,050,000
Total Mar.
48%
61%
regarding the movement of grain
-receipts, exports, visible supply, &c.—are prepared by us
2,257,000
73,000
Canadian—
GRAIN
Wheat. New York—
No. 2 red, c.i.f., domestic
104%
Manitoba No. l.f.o.b.N.Y. 89%
149,000
Duluth
Lake, bay, river & seab'd
5.60 @5.851 Soft winter straights.. ...5.10 @5.30
—.5.30@5.60JHard winter straights
Barley
428,000
Minneapolis
FLOUR
Standard Mill Quotations
Spring patentsFirst spring clears
Rye
bush 56 lbs bush 48 lbs
""iVotc—Bonded
50%
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
July-
'
bbls 196 lbs
Receipts at—
This market
54c. net higher.
The rye market did not lag in the upward
trend of all grain markets, although the gains were but
fractional.
Trading was fairly active in rye futures.
On
the 5th inst. prices closed unchanged to 24c. off.
Trading
was dull,
with fluctuations extremely narrow.
There was
little of interest in the news concerning rye.
Prices at
figures collected by the*New York Produce Exchange.
we give the receipts at Western lake and river
ports
for the week ended last Saturday and since Aug. 1 for each
First
31%
Wheat
heaviness of wheat and
1941
from
ended
the 6th
8,
79%
79%
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
May
July
September
March
1,606,000
594,000
3,499,000
6,394,000
2,536,000
921,000
6,497,000
2,525,000
5,233,000
5,517,000
11,829,000
—
22, 1941.-445,920,000
2, 1940.-292,091,000
2,935,000
7,835,000
3,796,000
5,122,000
6,424,000
6,394,000
2,536,000
5,233,000
*—i
m
Summary—
American
Canadian
Total Mar.
131,459,000 61,944,000
442,407,000
-
1, 1941.-573,866,000 61,944,000 10,190,000
7,658,000 11,657,000
Total Feb. 22, 1941.-579,020,000 61,690,000 10,748,000
7,800,000 12,070,000
Total Mar.
2, 1940—391,241,000 39,437,000 19,085,000 12,825,000 20,985,000
Volume
The Comma %,ial & Financial Chronicle
152
The world's shipments of wheat
and
corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Feb. 28 and since July 1, 1940, and July 1, 1939, are
shown in the
following:
Corn
Wheat
.
Week
Since
Since
Week
Since
Since
Feb. 28,
July 1,
July 1,
Feb. 28,
July 1,
July 1,
1941
1940
1939
1941
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
Black Sea.
1,168~666
rather generally in the eastern half of the belt and some
plants have been frozen down, but apparently little permanent damage
has resulted and the crop continues rather generally in satisfactory con¬
dition.
In the southwestern belt wheat made but little growth.
How¬
ever, the general condition continues good, although it is too early to
determine the extent of winterkilling.
In the Great Basin and Pacific
States the
outlook
continues
favorable.
The seeding of spring oats
is getting off
to a late start with
work considerably delayed in the
southern Plains and trans-Mississippi States because of continued wet soil.
Local oat seeding was reported as far north as southern Kansas; warm
dry weather is needed.
of wheat tops
.
29,679",000
55,000
59,780,000 115,839.000
11,293,000
THE DRY GOODS TRADE
23,224,000
2,821,000
77,287,000
21,515,000
3,029,000 111,732,000 129,865,000
3,992,000 29,900,000
Argentina.
Australia
New York,
An active demand for
Other
countries
Total
6,200,000
33,388,000
2,520,000
17,928,000
53,714,000 136,720,000
55,000
4,197,000 181,704,000 304,825,000
Chicago Board of Trade Lowers Wheat and Rye
Margins—Directors of the Chicago Board of Trade at their
regular meeting on Feb. 25 fixed minimum margin require¬
ments
spreading transactions between the various grains
on
wheat,
and between different markets at 3 cents a bushel on
and rye; 5 cents on soybeans and 2 cents on oats.
This
it is understood will effect a reduction of 1 cent a bushel on
corn
wheat and rye,
while the other grains and soubeans remain
No change was made in minimum margin
transactions of speculative account for the general
unchanged.
rates
on
public.
CCC Corn Stocks Total 485,093,518 Bushels—The
Commodity Credit Corporation announced on Feb. 28 that
as of Feb. 21, 1941, the Corporation was holding 485,093,518 bushels of 1938, 1939 and 1940 corn either pledged as
collateral to loans or delivered to the Corporation in satis¬
faction of loans.
In addition, says the Corporation's an¬
nouncement, approximately 10,000,000 bushels of 1938 and
1939 corn is in process of either having loans upon it re¬
newed, being delivered to the Corporation, or being redeemed
by farmers.
Loans completed to date on 1940 corn totaled
74,684. for 70,518,249 bushels, valued at $42,959,250.32.
Loan repayments in the past week totaled 10,985 bushels.
Loan and Government owned corn in storage, by States and
in types of storage, follows:
Owned Corn
Loan Corn
Stored on Farms
Stored in
Stale
Country]
1938 and
Stored in
1939 Corn
Steel Bins
9,730,666
708,385
29,344,740
1,746,233
114,390,818
29,454,471
1,877,972
61,694,895
24,944,189
39.841,465
428,513
1,396,365
341,239
1,390,720
1940 Corn
Illinois
Indiana
Iowa___—
Kansas
Terminal and SubWarehouses
terminal
355,746
20,429,969
1,131,436
Missouri.
41,941
2,435
4,870,788
2,300,130
Nebraska
9,418,739
27,188,847
3,439,158
14,340,140
94,026
23,175
191,545
2,884,973
4,643
Kentucky
Michigan
Minnesota
North Dakota.
Ohio
South
Dakota-
Wisconsin
New
14",175
mulating in trade channels have been refuted by reliable
authorities.
Instead, it is claimed that stocks are smaller
than
activity with sizable quantities changing hands at firm prices.
In fact, advances were paid for some items which did not
participate in recent firmness and activity.
A number of
the active items reached the highest levels since August,
said to be due to the
Sheetings also sold in
impressive volume, while an increased inquiry was reported
for drills, ducks and various mechanical specialties.
It was
1937, and the improved demand was
large movement of finished goods.
said
138",684
1,004"372
1,563,046
16,631
1,747,161
5,975,284
264,223
650,273
551,453
251,180
1,192,355
199,609,197
107,934,597
107,031,475
Report for the Week Ended March 5—The
general summary of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
weather for the week ended March 5, follows:
narrow
sheetings
particularly
was
buyers who
the heavier
the next four to six months.
Inquiry
abnormally cold east of the Rocky Mountains
normal to the westward.
The largest minus de¬
supplies for nearby delivery.
Some mills were willing to
contracts for
August-September delivery, but
entertain
buyers did not appear to be very anxious to commit them¬
selves so far into the future.
Twills continued to strengthen
as
partures of temperature occurred in the Southeast where stations
reported weekly means 6 degrees to 11 degrees below normal.
the Rockies, the plus departures from normal ranged mostly from
generally
West of
4 degrees
degrees.
Subzero temperatures were reported locally in the Northeast
and rather generally in northern Michigan, Minnesota, South Dakota,
North Dakota and eastern Montana; the lowest was 19 degrees at Bismark, N. Dak.
More or less precipitation occurred in practically all portions of the
to 9
country.
However, the amounts were mostly light to moderate,
in the Pacific Coast States, the eastern Great Basin and some Rocky
except
Moun¬
California again had heavy rainfall, the weekly total at
Los Angeles being 5.3 inches and at Redding, in the northern Sacramento
Valley, 5.7 inches.
On Sunday morning, March 2, severe radiational frosts occurred in
peninsular Florida districts.
A moderate temperate inversion prevailed so
that dangerously low temperatures were largely confined to limited low
ground areas.
Damage to citrus was negligible, being confined to some
tender growth and advanced bloom in limited low ground sections.
In
most cases the citrus bloom was not advanced sufficiently to be injured.
Tender truck in all the major trucking districts, except the Lower East
Coast section, was severely injured.
Tomato and potato plants suffered
moderate to heavy damage and many tomato plants will have to be reset.
Nearly 50% of the bean acreage on the east side of Lake Okeechobee was
lost.
Strawberry bloom was moderately damaged, but mature berries
received little or no injury.
Tung bloom in northern districts had moderate
to heavy damage.
Watermelon plants were heavily damaged and manyacres must be replanted.
Celery, lettuce, cabbage and other hardy truck
districts.
practically unharmed.
the above, reported from the headquarters of the Weather
service at Lakeland, there was no extensive damage by
the freeze in Southern States, although growth of hardy truck crops was
generally retarded and there was some local frost damage to tender plants
as far north as eastern North Carolina.
In Louisiana strawberry bloom
was killed which will delay shipments about three weeks.
Preparations
for spring planting made little progress in middle and west Gulf States
because of continued wet soil.
In Central and Northern States seasonal farm work was again inactive
because of low temperatures, snow, or wet soil, while spring work is be¬
coming seriously delayed in south Pacific coast sections because of per¬
sistent rainfall.
In Tennessee and the south Atlantic area moderate
precipitation during the week was decidedly helpful, but more is needed
in the latter.
Also, additional moisture was beneficial in some persistently
dry Rocky Mountain sections, particularly in Wyoming.
Heavy feeding of livestock was necessary in the Northwest and much
of the Great Plains; continued wet fields still prevented grazing in the
southern Plains and the resulting dry feeding of stock is depleting supplies
on many farms.
West of the Rocky Mountains livestock were generally
,
,
.
.
_
In addition to
Bureau fruit-frost
,
and amply grazing.
of the Western States.
,
Mountain snow storage
shortages developed in a number of
widths.
An improved
persistent demand was noted for rayons with the actual
business placed said to be limited.
Wanted quantities of
various items for nearby delivery were difficult to secure.
and
print cloth were as follows: 39-inch 80s, 8c.;
39-inch 68-72s, 6^8 to 7c.; 3834-inch
64-60s, 6c., and 3834inch 60-48s, 5343.
Prices
for
39-inch 72-76s, 7^c.;
Woolen
The "week as a whole was
for
business
38,419
favored by mild temperatures
demand
osnaburgs showed a broadening tendency, but actual
was
more
or less restricted by the shortage of
for
Washington...
continues deficient in most
that
active with bag manufacturers among the chief
also accumulated additional supplies of some of
458,218
crops were
result of the increasing industrial activity and
reemployment throughout the country.
Demand in wholesale markets was active for some lines
and moderate for others.
Print cloths enjoyed the most
10,872,092
Oregon
and much warmer than
they should be in view of the rapid rise in public spending
power as a
7,238,909
70,518,249
sufficient
in prices.
Meanwhile, statements to the effect that stocks are accu¬
17,478,911
York
Weather
thousand yards in some cases have proved to be
to tie up the production of mills and force advances
1,688,976
2,581,890
California
Totals.
Friday Night, March 7, 1941
print cloths, which were moved in
among the features in the dry goods
appreciable volume, was
market during the past week.
Buyers not only paid~ higher
prices for some of the more active items, but placed orders
for sizable quantities calling for delivery during July and
August.
Up until recently the bulk of the buying was
confined for the most part to deliveries through the first half
of the year, and the increased willingness to make distant
delivery purchases was attributed largely to the soldup con¬
dition of mills, and the increasing belief that prices will
work higher as the season progresses.
An active demand
was also noted for various other lines of dry goods with buyers
in many instances continuing to encounter numerous diffi¬
culties, mainly delivery problems, in their search for wanted
supplies.
More impressive than the amount of business
booked, however, was the sensitivity of prices which re¬
mained firm in all directions.
Purchases of several hundred
cloths for delivery over
8,576,793
Tennessee
tain
1619
Grains—Recent low temperature has resulted in the browning
Bushels
Exports
No. Amer.
Small
Goods—Developments in the men's wear division
again overshadowed by the pending Army contracts,
and until these contracts are awarded, mills will be unable
to determine what amount of machinery they will be able
to use for civilian needs.
In the meantime, shortages have
continued in spring fabrics.
Prices for most cloths continued
to show an advancing tendency, and no abatement was
were
expected in this respect owing to the risng labor costs.
A
number of woolen mills announced a 10% wage increase
during the past week.
Demand for women's wear continued
active, but actual business was hampered by the difficulty
in arranging wanted deliveries.
Further expansion was
noted in the demand for wool blankets, while demand for
knitted underwear was brisk and additional business was
booked for sweaters and sports wear.
With Easter falling
fortnight later than it did last year, a sharp increase
pre-Easter distribution of wool apparel is expected.
a
Foreign
Dry Goods—Prices for
in
linens and particularly
grades continued firm during the week.
While
business in general was good, the napkin division experienced
a buying flurry as importers sought to fill demands of re¬
tailers.
Napkin linens, which were formerly produced in
Belgium and Czechoslovakia, are now coming only from
Ireland and China, with the result that available supplies
are not so numerous as
they were before the war.
Con¬
siderable aJctivity was also noted in the handkerchief section
of the market.
It is expected that supplies of handkerchief
linens will show a steady decline, and, as a result, manu¬
facturers placed fairly sizable orders in an effort to prepare
themselves for the prospective shortage.
Firmness de¬
for the finer
veloped in the market for burlaps on reports that the motor
ship Speybank with a cargo of burlap had been sunk in
the Indian Ocean or off the east coast of Agrica.
Demand
was active with offerings scarce.
Domestically lightweights
were
quoted at 7.25c. and heavies at 9.60c.
The Commercial & Financial Chronicle
1620
March
The issues of $1,000,000 or more
follows:
Specialists in
and associates
314 N.
•
WIRE
4.245%.
2,914,200 Denver, Colo., special Improvement
Broadway
&
a
a group of Denver bond houses headed by Peters, Writer
Christensen at interest rates of from 1 H% to 3% at par,
net interest cost of about 2.33 %.
Due in 1956, and optional
at any
The principal
SALES
IN
time.
FEBRUARY
of 103.50, to yield 1.47%.
Finance
Corporation in arbitrarily eliminating investment
participating in the purchase of the State of
offering of $136,330,557 refunding bonds.
This
operation was confidently anticipated by dealers in taxexempt securities as it was expected that approximately
$90,000,000 of the issue would be underwritten by a Nation¬
wide group headed by the Chase National Bank of New
York; Kuhn, Loeb & Co., New York, and the MercantileCommerce Bank & Trust Co., St. Louis.
As a matter of
fact, a syndicate of some 250 large and small investment
houses representative of every section of the
country had
been formed to facilitate distribution of the
bonds, which
were intended to be
acquired by the banking group.
The
bankers from
Arkansas
balance of the issue
was
1,800,000 Pittsburgh, Pa., funding bonds sold to E. H. Rollins &
Sons, Inc., Philadelphia, and associates as 2s at 101.15, a
basis of about 1.88%.
Due serially from 1942 to 1961, incl.,
and reoffered to yield from 0.40% to 2%, according to
maturity.
1,500,000 Massachusetts
(State of) water bonds sold to a group
by the Bankers Trust Co., New York, as l%$ at
102.76, a basis of about 1.57%.
Due yearly from 1946 to
1970, incl., and reoffered to yield from 0.90% to 1.70%,
headed
according to yearly maturities.
1,103,000 Humphreys County, Miss., 3M% refunding bonds publicly
offered by the First National Bank of Memphis and associates
at prices to yield from 2% to 3.20%, according to
maturity.
Due serially from 1942 to 1960, inclusive.
1,000,000 East Chicago Sanitary District, Ind., sewage disposal
plant bonds awarded to Stifei, Nicolaus & Co. of Chicago
and associates as 2^s at 100.43, a basis of about
2.46%.
Due serially from 1943 to 1967, inclusive.
scheduled to be purchased by the
RFC.
This
procedure had been determined
in conferences
of the Federal
agency and the banking group prior to the sale date of
Feb. 27.
The difficult task of working out the details
incident to the formulation of a suitable basis on which the
between
State officials
upon
and representatives
Following is
large commitment
misgivings were unnecessary, however, as it de¬
veloped that Jesse Jones, RFC head, had decided that the
"rate was too high for a
tax-exempt bond of a sovereign
State" and announced his intention to bid for the
entire
loan "at a substantially lower rate than the
bankers would
make at this time."
As the banking syndicate, forced to
comply with market conditions,
was unable to meet the terms
which Mr. Jones had decreed that the issue
warranted, they
were
obliged to refrain from making
a
agency then purchased the entire issue
3s and 3Ms, making a net interest cost of
bid.
on
The Federal
bid of par for
a
3.20%.
Mr. Jones
immediately available
and the balance will be placed
announced that $18,000,000 3s will be
to
private investors
on
at par,
the market when "conditions
appear to warrant."
It
was
a
relatively simple matter for the RFC adminis¬
impose his own ideas as to the value to be placed
on the bonds.
Backed by the huge resources of the Govern¬
ment, he could well afford to ignore basic market conditions.
Then, too, unlike private banking interests, he is in the
fortunate position or being able to
keep investments "on ice"
ad infinitum, and not
being required to concern himself
about such mundane, daily matters as the
payment of space
for office quarters,
employees' salaries, general operating
trator to
and
expenses,
whether
he
taxes.
has
not
It
set
remains
to
be
seen,
moreover,
precedent for other municipal
bodies, States, counties, cities, &c., to turn to the RFC
a
for their credit
requirements, rather than accept the terms
required under general market conditions.
The State of Arkansas
award, of course, is not included in
tabulations in accordance with our
policy of disregarding
issues placed with Federal
agencies until they are subsequently
liquidated in the private market.
As this is the practice
employed by both the RFC and the Public Works Adminisration, our elimination of such loans at the time of
original
sale precludes the
possibility of duplication of items in our
compilations when an issue is sold in whole or in part at a
later date.
As the
municipal sales in January amounted to
no more than
$63,656,197, the total output for the first two
months of 1941 was
only $113,581,297, as compared with
$256,683,191 in the same period in 1940.
Name
1320
867
!
G>
Int. Rate
c
$100,000
111,600
70,000
Report
Bids rejected
Offering canceled
Offering postponed
Offering canceled
Offering postponed
3%
25,000
Not sold
z'
Camden, Ohio
b Columbis
864
1020
Amount
not exc. 4%
Big Stone Gap, Va
a
1470
175,000
not exc. 6%
Grove, Ohio..-
3M%
Dakota County, Minn...
d
1020
Dyer, Tenn._
Edgemont Ind. S. D.
1472
e
20,900
180,000
x
not exc. 4%
No.
27, S. Dak
Kempsvllle Magisterial S.
D., Va
f Knox
Marinette County, Wis
not exc.
g Michigan (State of)
h Montgomery, Ala.......
150,000
Offering postponed
Offering postponed
Offering canceled
316,000
1164
1164
No bids
not exc. 4%
1468
1466
1314
1472
x
County, Tenn
the voters
3%
x
75,000
660,000
x
not exc. 3H%
a
a
Issue reoffered
Bid rejected
Not sold
50,000
optional with the bidder,
was
preliminary to
as a
30,000
x
St. Petersburg, Fla
1 Sullivan County, Tenn
Rate of interest
Issue
will
be submitted to
b Error in legal notice resulted
possible reoffering.
c County arranged for local banks to carry
in postponement of sale to March 15.
proposed to be retired from proceeds of bond sale,
d Issue
11.
e Maturity schedule
was corrected and new offering
f Issue was reoffered for award on March 10.
g Liti¬
gation bearing on proposed issue caused bankers to refrain from submitting bids,
reoffered
was
were
on
Feb.
announced for March 6.
h Bids were rejected at original offering on Feb. 25 and a new call was Issued for
on March 18.
1 Governor vetoed bill authorizing bond issue.
tenders to be received
The sale by the State of New York of $100,000,000 notes
and the marketing of $42,400,000 tax anticipation warrants
by the Chicago School District, 111., resulted in swelling
financing during Feb¬
ruary to a total of $171,750,789.
As usual in such operations,
Morris S. Tremaine, New York State Comptroller, accepted
subscriptions for the note issue from a large number of banks
and investment houses throughout the State.
The obliga¬
tions were issued at 0.20% interest and mature June 30,
1941.
Mr. Tremaine subsequently issued announcement of
the volume of temporary municipal
his
intention
to
receive
sealed
bids
on
March
11
for
the
sale of $19,600,000 housing bonds.
The placement in February of
$31,720,200 Canadian
municipal bonds was due principally to the sale of issues of
$15,000,000 each by the provinces of Ontario and Quebec,
respectively.
Bulk of the remainder of the month's total
represented financing by the Montreal Metropolitan Com¬
mission, Que., in the amount of $1,200,000.
Temporary
borrowing of $80,000,000 consisted of the sale of that amount
of Treasury bills by the Canadian Government.
No United States possession financing was undertaken in
the United States during February.
Below we furnish a comparison of all various forms of
obligations sold in February during the last five years:
Taking up now other operations in the municipal market
during February, we find that the total of issues for both new
capital and refunding purposes aggregated only
$49,925,100.
our
record of the issues offered during February
Page number of the "Chronicle"
is given for reference purposes.
Page
warrants which
that basis.
even on
Their
a
and which failed of sale.
State could refund the
outstanding indebtedness had been
shouldered by the investment bankers.
Thus, after months
of intensive work and,
obviously no little expense, the only
remaining consideration concerned the terms which the
banking group proposed to offer for the bonds.
The principal factor here, of
course, was the character of
market conditions generally and the indicated basis on which
State of Arkansas bonds,
particularly an offering of such
magnitude, could be successfully marketed.
After taking
such factors into
consideration, the banking group decided
that the interst rate would have to be
3M%They also are
reported to have expressed concern about taking on such a
highway bonds purchased by the
2%
2,500,000 Nassau County, N. Y., new capital issues awarded to an
account managed by the National City Bank of New York,
as 1.90s at 100.189, a basis of about
1.877%.
Due serially
from 1942 to 1960, incl., and reoffered to yield from
0.25%
to 2%, according to date of maturity.
the action of the Reconstruction
was
(State of)
National City Bank of New York and associates at 102.609,
a basis of about 1.60%.
Due in 1948.
Reoffered at a price
development in the municipal bond market
in the recent month
refunding bonds sold
to
ST. LOUIS
2,650,000 Georgia
MUNICIPAL BOND
as
3,700,000 Erie County, N. Y., home relief bonds awarded to a syndi¬
cate headed by Halsey, Stuart & Co., Inc., New York, as
2s at 100.33, a basis of about 1.91%.
Due annually from
1942 to 1951, inci., and reoffered to yield from 0.85% to 2%,
according to maturity,
Founded 1890
DIRECT
iollows:
$2,000,000, due serially from 1942
to 1971, incl., as 3^s at 100.06, a basis of about
3.745%,
and $4,000,000, due in 1971, as 4>is at 100.075, a basis of
StifeUNicolaus & CoJnc.
CHICAGO
were as
$6,000,000 Dade County, Fla., new capital bonds awarded to P.
Dabney & Co., Boston, and Leedy, Wheeler & Co., Orlando,
about
•
during February
,
Illinois & Missouri Bonds
105 W. Adams St.
1941
8,
1941
1940
1939
$
February
$
S
S.)_ 49,925,100 171,946,014 53,799,855
Temp, loans (U. S.) 171,750,789 118,776,800 169,694,684
Can. loans (temp.)__
50.000.000 50,000,000
80,000,000
Perm, loans (U.
*
Can. loans (perm.):
Placed In Canada.
31,720,200 105,045,000
4,095,500
Placed in U. S...
None
None
None
Bonds ol U. S. Pos'ns
None
None
None
$
63,592,112
1937
$
42,987,742
76.500,890 194,999,651
25,000,000
25,000.000
21,277,183
31,735,691
None
1,400,000
None
None
333,396,089 445,767,814 277,590,039 187,770,185 294,723,084
Total
*
1938
•
New York City:
$40,000,000 in February, 1939; $50,000,000 in
Includes temporary securities issued by
1941-
none
in
February,
1940;
February, 1938, and $58,000,000 in February. 1937.
The number of municipalities in the United States emitting
long-term bonds and the number of separate issues made
during February, 1941, were 230 and 274, respectively.
This
!
Volume
The Commercial &
152
contrasts with 277 and 333 for
284 for February, 1940.
For comparative purposes
January, 1941, and 236
and
we
Month of
February
1915
..171,946,014
53,799,855
63,592,112
42,987,742
98,045,427
53,435,359
65.182,481
256,683,191
157,623,043
111,480,529
250,216,123
187,569,041
150,607,778
120,253,685
1932
17,571,818
35,292,689
53,406,424
173,540,753
1907
1931
119,446,501
170,095,408
1906
1930
191,401,330
1905
1927
81,558,516
69,901,723
133,823,923
77,130,229
1926
172,358,204
1925
80,323,729
94,798,665
80,003,623
66,657,669
65,834,569
1939
1938
1937
1936....
1935
1934
1933
1929
1928
1924
1923
1922
1921
1920
1914
1913
1912
1911
1910
1909
1908
1904..
145,612,446
234,167,550
284,008,204
242,724,827
215,859,851
1903
1902
1901
1900
194,424,134
1899
176,999,232
175,244,868
152,886,119
1898
1895.
1897
1896
1918
31,705,361
30,927,249
22,694,286
115,234,252
56,017,874
46,754,354
1917
25,956,360
66,029,441
1919
Two Months
-
-
18941893.
1892
1316
1018
Lakemore, Ohio
a
1630
1317
1164
1627
1016
1019
1468
1472
1316
1627
1627
1627
1161
1468
1017
1466
Name
1319 Aberdeen, S. Dak
Amount
r90,000
Maturity
1943-1956
Rate
Page
2
1159 Abilene 8. D., Kan
17,000
30,000
r<*13,000
80,000
70,000
1944-1948
1943-1952
1470 Alsen Spec. 8. D., N. Dak
3
1950
1472 Amarillo Ind. S. D., Texas
1K-2
1942-1951
1472 Amarillo Junior College Dist. Tex. 1 K-2 1942-1951
1015 Ames. Iowa (3 iss.).
2K
1942-1951
1160 Anoka Co. S. D. No. 5, Minn
2K
1942-1962
1314 Appanoose Co.. Iowa
IK
1947-1949
1018 Asheboro, N. C
2K
1944-1951
1016 Adrian, Mich.
IK
1014 Alamosa. Colo
3
1160 Atlantic
1316 Atlantic Co., N. J
3K
1.10
1.10
1158 AugustaHousIngAuthority, Ga_2 K-3 K
1019 Baldwin Twp., Pa
2
1018 Bay Village, Ohio
2K
1019 Beaver Falls, Pa.
1)4
1625 Belmond S. D., Iowa
2
1468 Blloxi, Miss.
3K
1469 Binghampton, N. Y
1.10
1158 Bluffton, Ind
1)4
1016
—
1472 Bremond, Texas (2 iss.)--..----1315 Brockton, Mass
1470 Burlington, N. C. (2
iss.)
Catasauqua 8. D., Pa
1314 Center, Colo
1314
1470
1016
1942-1961
1942-1951
1942-1946
1943-1972
1943-1962
1944-1966
3-3)4
3
2
4
1164 Camden, Tenn
1160
1951-1956
--
4
1317 Buffalo. N. Y
1472
1942-1951
—254
IK
1630 Brenham, Texas...
1161
IK
1942-1947
Chautauqua Co., N. Y
...1.20
1948
Childress Ind. 8. D., Texas—
3K
1950-1956
Claiborne Co., Miss
2K
1941-1950
Clarinda 8. D., Iowa
2K
1941-1960
Clark Co., Ohio (2 Iss.).
1)4
1945-1950
Clarksdale, Miss
2K-2K
Center Twp., Ind
Clay Center 8. D., Kan....
1018 Cleveland Heights, Ohio
1164
1317
Clio, Mich
1164 Ciute R. D., Texas
1320 Cochran Co., Texas
CoffeyvlUe, Kan
1017 Colonle, N. Y
1315
1318 Columbus, Ohio...
1164 Corpus
1942-1946
1942-1966
3)4
1-25 yrs.
2)4
1943-1949
IK
1-10 yrs.
2.20 1942-1970
2
1945-1949
1
3
Christ! Housing Authority,
2 K-2K1944-1957
Texas
1942-1951
Dade Co., Fla
3-3K 1942-1971
Dade Co., Fla
4K
1971
Dalhart, Texas (2 iss.) —-3-4
1942-1956
Danbury, Conn
1)4
1941-1950
Danville, Va
1.70 1943-1962
Danville Con. 8. D. 118, 111
IK
1951-1956
Danville Con. 8. D. 118, 111
1.80 1956-1957
Davenport, Iowa
---2
1950-1960
Daviess Co. Public School Corp.,
3
1015 Council Bluffs, Iowa
1314
1314
1320
1466
1472
1158
1158
1467
1159
-
-
Ky
1015
-2
Deal. N. J
2K
Denver, Colo
1K-3
East Chicago San. Dist., Ind---—2)4
1014
1623
-
1916
Ohio
1)4
El Paso Housing Auth., Tex.-2.40-2K
Erie County, N. Y
2
Fairfield Co. 8. D. No. 16,8. C--2K
Fall River Housing Auth., Mass2-3K
Fayettevllle, N. C
2K-2K
Forest Grove, Ore
-2K
Forest Twp. S. D. No. 5, Mich
—
1314
Fort Wayne,
1162 East Liverpool,
1164
1161
1319
1159
1470
1019
1470
1162
1164
1164
Ind_.-------------IK
Franklin County, Ohio
1)4
Franklin Twp. Rural 8. D., Ohio—2K
Fremont Co. 8. D. No. 27, Wyo
4
Garden Oaks Water Control & ImprovementDlst.,Tex
1627
1314
1017
1315
1018
IIS
Hi!
1163
------
100.57
100.05
100
100
100.18
Housing
Auth.,Mont2-2)4
100.42
100.06
100
100
------
100.59
103
HaSton 8. D., Pa
2
Housing Auth., Mont_.2-2K
N. Y
—1.70
1627 Hempstead, N.Y. (2 Issues)
1.70
1015 Henry, 111
1164 Hickman County, Tenn
--3
r357,000
150,000
7200,000
135,000
40,000
7310,000
------
100.06
100.07
100
100.81
100.73
100.29
100
40,000
Hood River Co. 8. D., Ore
Humphreys County, Miss
100.21
100
100.43
------
1941-1951
1948
1950-1952
1942-1956
1943-1951
1941-1960
2o0,000
7<*16,000
2,650,000
775,000
75,000
715,000
93,000
150,000
f^.OOO
1943-1959
__
------
100.34
100.51
105.58
100
1162
2.17
1.43
----
58,000
541 000
R. b~.~No~~15, Tex_lM-2
Jefferson,Ohio
IK
Kalida Con. Rural 8. D., Ohio
2K
1942-1951
1942-1951
1942-1961
65,000
18,000
1014
1018
100.03
100.05
100
100.04
4.49
1.79
1.97
1.98
100.02
100.30
100
111.83
2.50
1.63
4K
1.80
Norwalk Housing Auth., Conn_2-3K
Ocean County, N. J
2
Ohio Co. Court House Corp., Ky.4
Omaha, Neb
IK
Ontario, Calif
2
Palestine, Texas
2K
Paris 8. D. No. 95, 111
3
Patton Twp 8. D., Pa
2K
Peekskill, N. Y
1.60
PensacolaHousing Auth.,Fla.2.30-2K
Pittsburgh, Pa. (2 issues)
2
Pleasant Valley Fire Dist., N.Y_-2.20
Poumas County, Calif
3
1628 Northville,N.Y
1161
1159
1160
1466
1472
1015
1628
1018
1158
1470
1014
1315
1316
Minn
Ramsey County,
1319 Redmond, Ore
1018 Richfield, N. Y
2
------IK
IK
2.20
Mont
2K
D. No. l.N.Y.2.20
1.34
1018
1.69
1.78
2.00
1316
1159
—-
1314
1470
1472
Ripley Sewer District No.
-1K-1K
(2 issues)-1314
----
2.21
2.33
2.46
----
1.31
2.48
1.91
2.75
^*22
2.72
2.07
----
1.19
1.39
----
4.00
2K
2K
2
Ruthven 8. D., Iowa
St. Clair, Mo
1472
40, Minn
2K-3
San Marcos, Texas
Calif
1018 Saratoga Springs, N. Y. (2 issues)IK
1158 Savannah Housing Auth., Ga_2K~3K
1162 Saybrook Twp. Rural 8. D.,Ohio_2
1469-Seaside Heights, N. J
4
1014
20 years
1942-1956
1942-1960
1942-1956
1-7 yrs.
1941-1960
1942-1945
1959-1961
1951
1941-1950
1945-1954
1943-1954
1941-1957
1942-1961
1942-1953
1941-1965
1942-1956
1942-1951
1942-1946
1942-1956
1941-1951
,
1.60
1.59
1.38
San Mateo County,
1944-1953
1942-1961
1942-1966
1942-1951
1942-1960
1942-1961
1941-1946
58,000
1.24
100.06
100
101.15
100.42
101
1.59
2.40
1.88
100.55
100.19
100.40
1.65
1.69
2.15
100
2.37
100.33
100.24
100.82
2.18
2.22
1.62
2.91
2.23
2.13
2.91
2*50
1.47
453,000
1471
Steubenville, Ohio
1163
1014
1316
1630
1161
1320
1316
-
-
Strattanville S. D., Pa
—
1160
2.20
4,00
1.96
1.72
2.12
3K
IK
3K
Webster Co., Iowa
IK
West Frankfort. Ill
4
West Palm Beach Housing Authority, Fla
2.40-2K
Wichita, Kan
IK
Wichita, Kan
IK
Wichita, Kan
- — IK
Willoughby Rural 8. D., Ohio
2K
Warroad, Minn
1319 Washington, Pa
1468 Wayne, Mich
1158
1158
1015
1315
1315
1471
3.50
100
—-
100.03
100.21
103
1.49
1.98
3.02
100
2.47
250,000 100
20,000 100.25
313,412 100.14
35,000 100.23
30,000 100.13
763,000
163,000 100.94
100,000 100.33
97,000 100.09
27,000 100.33
42,000
2.25
1.46
1.98
2.70
2.48
1.95
2.16
-
S.D.No. 5, Mich.,
2K-4
1467
3.15
0.97
1.48
1.46
1.39
1941-1956
Sterling, Colo
o'?2
- - --
100.10
100.11
100.19
101
2.40-2 K
1466
J!K
2.00
2.45
100.40
1.22
2.22
1.89
3.88
The Dalles, Ore
4K
3K
Warren Twp.
2.38
101.01
Teaneck Twp. 8. D., N.J
Simmesport, La
1015 Spencer, Iowa
1.97
—-—
100.13
100
1019
Shelton, Wash
1159
1467 Somerset, Ky
101.71
100.22
80,000
1161
1472
100.48
100.26
101.30
100.02
80,000
110,000
545,000
1158
1320 Shawano County, Wis
-
1014
100.15
15,000
725,000
i5,000
15,000
1942-1951
1942-1961
1942-1953
1941-1950
-
1941-1946
1942-1951
1942-1951
1942-1945
1942-1961
1943-1960
1944-1960
1316
100.20
101.23
2.15
—
IK
2
3K
Syracuse 8. D.,Kan__._
1K-2K
Tampa Housing Authority, Fla.,
1319 Sharon, Pa
1
---IK
IK
1K-1K
1318
100
100
12,000
rl6,000
32,890
40,000
100,000
7101,000
50,000
18,000
120,000
14,000
7,500
25,000
30,000
4,800
40,000
Sedgwick County, Kan
1625 Sedgwick County, Kan
1625
1.63
100.58
2.40
65,000
22,000
6,000
7190,000
<*170,000
Vnn
----
inn'sa
15,000
100
7,000
<*83,000
18,500
<*15,000
<*500,000
94,000
755,000
100,000
750,000
7100,000
112,000
1,800,000
12,000
32,000
1942-1948
V™"""
100.02
1.37
2.44
35,000
10,000
7,500
12,500
52,000
50,000
7450,000
100.53
______
102.83
100.55
100
60,000
2K
1943-1967
IK
1942-1951
Toledo, Ohio
2
1946-1950
Tulare Co., Calif
2K
1942-1951
Tupelo, Miss. (2 issues)
2K
1942-1956
Union City, Tenn
2K
1954-1956
Union Co., N. J
2
1942-1979
Van Ind. 8. D„ Texas
2K-2K
1942-1951
Vicksburg, Miss
1K"2
1941-1960
Walden, N. Y
2.20 1942-1956
Walnut Ridge, Ark. (2 issues)
4
100
100.98
100.70
2.74
2.11
2.25
1.35
1.90
100.03
29,000
3,000
1942-1971
1942-1961
1943-1952
1942-1956
1957-1958
1942-1961
1942-1947
1014 Seibert, Colo
1315
100
100.11
—
Russell Co. Rural H. 8. D. 4, Kan.
3.74
4.24
1018
1471
100.11
1.57
100.89
Richland Co. H. 8. Impt. District,
1469
1018 Ripley Central 8.
1467 Storm Lake, Iowa
______
102.76
30,000
1163 Raccoon Twp. 8. D., Pa
----
102.60
100.12
100.93
1942-1955
1942-1960
1943-1967
Pratt, Kan
1.N.Y.2K
Ripley Twp. School Twp., Ind—-IK
Roanoke Rapids, N. C
2K-3
Rockingham Co., N.C. (2 Issues) _2K
Rogers Ind. 8. D., Texas
3K-3K
Royal Oak Twp. 8. D. 8, Mlch.2K-4
lUu.ua
1942-1978
--4
1467
______
12,uOil
1944-1961
Miss
1315
----
100.11
2K
T)
1164 Jackson Co.
1162
20,000
C_-----------3K
Tnkfl R
1161
-----
t5,000
71,103,000
1963-1964
loll ESCon.N7j.C2lame.)...
jdo
15,000
SO'**™
--------
3-3K
C
3.00
1.18
2.27
Ind
-
1020 Nashville, Tenn
i'aq
1942-1956
1941-1960
1019 Huntingdon 8. D., Pa
iniK
Tnflwieh MflSS—■■
t
----
I® fovid- ra.
ll'.ooo foVii" 2.m
1945-1946
Iredell County, N.
1318 Iredell County, N.
—-
100
100.11
100.23
Muncie Housing Auth.,
1315 Muskegon, Mich
1316 St. Louis Co. 8. D.
------
-
1)4
3K
--3
1318
1159
1469
100
100.53
2Hi
Ohio
HHlflhoro
1318
1468
100.75
39,000
777,000
14,300
Ore
1157
2.60
100
1627 Hempstead,
igoo
Ala
101.60
1163 Morrow Co. Union H. 8. D. No.
3.36
1.87
0.88
2.99
3.50
2.50
2.41
1.82
1.68
3.00
1.45
1.87
1014 Monterey County, Calif
North Olmsted, Ohio
----
100.08
99.50
100.06
100
—
.
NokomisS.D.No.42,111
2.75
2.75
1.47
2.17
2.37
100.38
100.18
1320 Monroe County, Wis
Montgomery
1946-1970
1942-1959
1942-1951
1942-1961
1941-1954
1945-1961
1942-1952
1942-1956
—
1318
1.10
1.19
100.36
164,000
70,000
125,000
2,500,000
7150,000
75,000
1020 Monroe County, Tenn
1015
—--
1.10
1.47
1.21
1.97
3.67
3.41
2.58
1941-1960
2
1317 Middlesex County. N.J
„
196,000
682,000
2,000,000
4,000,000
381,000
<*9,000
7<*43,000
125,000
250,000
34,000
1,500
1944-1967
1942-1959
1942-1958
1942-1951
1942-1950
1943-1964
if
1160 Helena
1016
1319
------
100.91
100
100.33
100
100
-
1316
1317
—--
1942-1949
88,000
1941-1956
278,000
1942-1951 73,700,000
1942-1951
10.000
1942-1960
368,000
3K-3K
Garland, Neb
----------—-Georgia (State of)
—
2
GlenCove, N. Y_
1.60
Gloucester, Mass
—1)4
Grant County, N. Dak _
—
--
1160 Great Falls
25,000
r112,000
<*30,000
7,000
70,000
70,500
608,400
200,000
29,200
1942-1951
50,000
19567<*2,914,200
1943-1967 1,000,000
East Dundee, 111. (2 issues)
1160
1015
1471
IK
Medfield,Mass
IK
Medford, Ore
IK
Meridian, Miss
2K
Merdian Housing Auth., Miss-_2-2K
Miami Beach, Fla
2K
Michigan City 8. D., Ind
IK
2.74
1.24
4.00
1.49
101.67
100.32
100.22
100.13
98.53
100.90
101.02
8,000
2K
2-3K
4
-IK
Nassau Co., N.Y. 15 issues)
1.90
Newport, Ky
3
Newport, Ky--2K
Nez Perce Co. Rural H. 8. D.
No. 1, Idaho
3
Niagara Falls, N.Y. (4 issues)-.-1.20
Niskayuna, N.Y. (2 issues)
2.30
1.07
2.13
1.75
113,000
1942-1960
1942-1951
1952-1961
1942-1951
1942-1949
1943-1959
1942-1971
1942-1945
1942-1944
1941-1954
1942-1946
1-10 yrs.
1941-1959
1949
1942-1950
1941-1958
1944-1961
1943-1960
Massachusetts (State of)
1157
1942-1958
.
1468 Dearborn, Mich
1468
2.49
3.50
1.07
1.07
----
100
101.14
100.39
1942-1949
.
1316 Marshall, Minn
100.03
100
100.16
100.06
100
100.07
100.05
100
100
96
101.69
2.91
2.23
2.72
1941-1957
Manawa, Wis
Mansura, La
1020 Marion Ind. 8. D., 8. Dak
1015
2.22
1.98
2.39
1.50
2.97
100.50
100.17
100
1,
1K-1K
1017 MachesterTwp.,N. J
2.68
2.75
1.42
2.23
325,000
175,000
100,000
100,000
28,000
30,000
100,000
25,000
60,000
<*275.000
80,000
455,000
258,000
15,000
54,000
120,000
370,095
rlOO.OOO
r56,000
21,500
rl35,000
42,117
r90,000
100.50
100.40
1942-1949
1942-1965
IK
1.70
3
4K
Madison County, Tenn
Mamaroneck, N.Y
1158
100.13
100.13
100
100.32
101.40
100
101.17
2.50
1.41
2
2K
McPherson, Kan
IK
1160 Macomb Co., Mich. (3 issues)-.3-4K
1015
100.35
100
100.53
100.16
80,000
1159
1468
2.97
Miss..2-2K
2K
McComb Housing Auth.,
1163 McKeesRocks, Pa
207,000
rl5,000
210,000
184,521
1942-1946
1942-1951
1942-1960
1943-1966
1946-1965
1944-1950
Auburn, N. Y. (3 Iss.)
1019
100.20
1.56
1942-1971
1942-1957
1941-1960
1953
1941-1954
1942-1948
1942-1956
1472 Lubbock, Texas (2 issues)
<i43,561
<*721.000
52,000
12,000
1941-1956
1941-1955
2K
1469 Auburn, N. Y
1624
107.250
100.94
City Housing Authority,
N.J
1469
Basis
2.00
Price
100
100.14
Housing Authority,
2.40-2 K
Tex__2K-3
Lancaster, N.Y..—
_2K
Laredo Housing Auth., Tex. -2K-3K
Laurel, Neb
2K
Laurel Housing Auth., Miss
2-2K
Lemoyne 8. D. Pa
2
Leominster, Mass
IK
Lexington, Tenn
3K
Lincoln County, Miss
2K
Lincoln, Neb
IK
Lincoln, Neb—
1.60
Lincoln, Neb. (2 issues)—
IK
Little Falls Twp., N.J.. J
2
Livonia Twp., Mich
3K
Long Branch, N.J
3K
Los Angeles Co., Calif
3
Lamar Un. Jr. Coll. Dist.,
1159
record of the issues sold during February:
100
25,000
748,000
860,000
121,125
146,000
r<*29,000
105,000
7,500
15,000
721,500
100,000
7<*500,000
300,000
123,900
<*50,000
75,000
521,000
4,000
250,000
66.000
50,000
25,000
7440,500
100,000
65,000
735,000
25,000
15,000
17.500
19,000
1,500,000
86,000
40.000
100,000
136,000
7231,000
150,000
576,000
80,000
40,000
50,000
1315 Lake Township, Mich
1472
Following is
Basis
1.63
1.22
20,000
3
3
No. Ill, Minn
$87,223,923
76,919,397
42,616,309
122,416,261
37,813,167
58,072,526
27,658,087
54,495,910
29,230,161
100,663,423
22,153,148
34,923,931
18,694,453
47,260,219
17,941,816
71,857,142
60,914,174
47,703,865
37,545,720
36,698,237
28,390,655
17,746,884
9,310,631
31,795,122
7,951,321
21,092,722
5,150,926
23,530,304
12,614,450
13,462,113
4,221,249
25,511.731
5,137,411
13,114,275
7,038,318
17,456,382
9,308,489
23,082,253
12,676.477
10,931,241
4,423,520
16,111,587
5,779,486
19,038,389
11,966,122
10,510,177
5,071,600
14,113,931
7,761,931
Price
101.28
100.13
101
Lake of the Woods Co. Ind. 8. D.
For the
$37,047,824
1916
Kirkwood, Mo. (4 issues)
1467 Kokomo, Ind
Amount
$50,000
148,000
769,000
6,000
78,500
195,000
1943-1967
1015 Kaplan Sew. Dist. No. 1,
1016
Month of
For the
February
Two Months
$49,925,100 $113,581,297
1940
Maturity
1943-1961
1946-1961
1942-1949
1942-1946
1942-1958
1942-1951
Rate
La._3K-3K
IK
IK
1469 Kortright Fire Dist., N. Y
3
1320 La Grange, Texas
2K
1318 Lake County, Ohio
IK
Name
Page
add the following table
showing the output of long-term issues in this country for
February and the two months for a series of years;
1941
1621
Financial Chronicle
1941-1958
7245,000
100.07
2.92
1942-1957
1942-1952
1943-1965
1942-1949
1960
<*26,000
100,000
<*375,000
130,000
7156,000
100
3.50
1.44
3.96
1.22
1941-1956
130,000
40,000
92,000
80,329
60,000
100.37
96
100.11
„
„
1942-1951
1942-1951
1942-1961
100.03
100.11
100.11
100.79
100.21
2.43
—
1.23
1.35
2.2
The Commercial & Financial Chronicle
1622
Page
Rale
Name
1471
Wilson, Pa
1314
Woodbury CO., Iowa
Woodbury Co., Iowa
1467
1467
Yellow
Medicine
8.
D.
Basis
100.29
100.07
1.49
100
3.00
100.03
1.38
r33,000
100,000
1^-1^1942-1951
Co.
Price
$r67,000
100,COO
12,000
106,000
1945-1950
1941-1943
101.61
1.05
1.46
43,
1942-1949
Minn...
1471
Amount
■
1943-1956
IX
IX
3
Wyandotte Co., Kan
1316
Maturity
IX
York, Pa.
1947-1953
Total bond sales for February (230 municipalities,
covering 274 separate Issues)
d Optional,
.A:$49,925,100
k Not Including $171,750,789 temporary loans or funds obtained by
Government,
r Refunding
population, assessed valuation,
gross and net debt, net debt ratio and per capita, tax levy,
tax collections, tax titles, and a
comparison of tax rates.
Copies are available upon request.
Nebraska—Municipal Statistics Compiled—Statistical in¬
formation of Nebraska municipal subdivisions is presented in
condensed booklet form by Wachob-Bender Corp. of Omaha
States and municipalities from agencies of the Federal
and
bonded
We have also learned of the
previous months and
our
not previously recorded in
tables:
Name
Page
1020
following sales which occurred
were
Rale
Maturity
Amount
Cheatham Co., Tenn
1160
EwingTwp. 8. D., N. J. (Dec.)..3H
Fair land 8. D„ Okla
2.20
1944-1956
Fayette Co. F. 8. D. 195, Ill.(Dec.)314
Fort Madison, Iowa (Dec.)
3
Gnadenhutten, Ohio
2X
1019 Henessey 8. D., Okla
2.18
r35,000
15,000
19,000
150,000
d541,500
11,000
13,000
1941-1955
1019
1941-1950
1943-1970
1941-1955
1314
1159
1018
1160
104.41
2.88
100
2.50
3-3 H
1020 Port of Kennewick, Wash
1019 Umatilla Co. 8. D. 61, Ore
1946-1965
2-10 yrs.
1944-1958
2X
2-2>*
IX
Warren Co., Ohio
r50,000
12,000
100
2.12
All of the above sales (unless otherwise
January, 1941.
sales (not
100.40
100
2.25
100,22
indicated)
are
for
RFC and PWA loans) for
or
that month 163,656,197.
Name
Rate
Maturity
Amount
1320 Canada (Dominion)
Price
Basis
*40,000,000
1630
*40,000,000
1164
Canada (Dominion)
East York Twp., Ont
3
1020 Ontario
1320
(Province of)-Quebec (Province of)
1164
Rockcliffe Park, Ont
1630 St. Colomb de Sillery, Que
1320
Sudbury, Ont
1630
Vancouver
Sewerage
1942-1947
2X
3^-4
ZX
.AX
1-8 yrs.
3
and
&
Districts
Drainage
1942-1951
1941-1945
and
&
Districts
Drainage
valuations,
villages and
of Jan. 1, 1941, may
readily
as
cities,
index for the purpose, and the bonded debt of
irrigation districts is shown in the back of
N. Y.—Financial Report of City Simplified—
Comptroller of New York City,
Joseph D. McGoldrick,
on
March 2
a
new
form of his annual report on the
city's finances designed to help not only the taxpayer, but
also the city official who wants to or must find
specific in¬
formation in the report.
The archaic form used for over 50
years has been revised
and shortened, and new material
has been added in the "hope that this volume will become
the ABC of city finances."
"We have
rearranged its statistical data
more
logically, its summaries,
schedules and tables in simplified form, reduced
bookkeeping detaU to
minimum and have added new and significant tabular material," the
a
Comp¬
troller said in
a
forward.
understood by the
"In short, this volume attempts to make itself
taxpayer, whom it is intended to guide along the intri¬
paths of the finances of the New York City Government.
"The archaic form of previous annual reports was so
confusing in its
illogical arrangement, its maze of unnecessary bookkeeping detail and its
lack of explanatory notes, that few taxpayers were able to unravel the
tangled web of monetary magic that it protrayed.
I doubt that even many
city officials could follow the devious meanderings of these former reports/'
3.07
98.40
4.70
97
3.60
1,034,000
later this year."
The new consolidated form was made possible by a complete mechaniza¬
tion and modernization of the auditing system in the Comptroller's office
that has
been
carried
out
by First Deputy Comptroller Joseph M.
Joint
4
Cunningham.
Mr. McGoldrick, in his foreward, gave "public recognition to
my as¬
sistant, J. W. Haslett, who undertook the monumental task of revising the
volume and reorganizing its contents."
Total long-term Canadian debentures sold In February$3l ,720,200
*
assessed
103.06
166,000
1946-1970
of
counties,
The report is only about one-hali the size oi the previous annual
reports.
Board,
B.C
of
The figures and statistics are the same as those contained in the
report in
the old form, covering the fiscal year of 1939-40, which was issued
by the
Comptroller several months ago.
The Comptroller said the old and new
forms were used for the same year so that there would be "no
confusing gap
between the archaic and the new styles when the 1940-41 report is
published
Joint
-ZX
Sewerage
40,000
Statements
levies
3.55
98.07
Board,
B. C
1630 Vancouver
439,000
15,000,000
1951-1956dl5,000,000
8 yrs.
16,200
1942-1961
25,000
an
all drainage and
the booklet.
cate
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN FEBRUARY
Page
Neb.
and
school districts in Nebraska
be found in
issued
These additional issues will make the total
including temporary
debts
New York,
<*28,000
20,000
Lincoln,
Basis
Pontiac Twp. 8. D. No. 1, Mich.
(Sept.)
1019
1944-1956
Price
8, 1941
The statistics given show
bonds.
in
March
Temporary loan; not Included in total for month.
The new material in the revised report includes balance sheets on the
York City Employees, the Teachers and the Board of Education
Retirement Systems; explanatory introductions to many of the tables, and
comparative statistics for the last preceding full fiscal year.
It has a de¬
tailed table of contents and an index.
New
News Items
Arkansas—RFC
Action
Highway Refunding Bond
Award Assailed—Two significant aspects of Federal and
State finance are thrown into high relief by the
summary
action of Jesse H. Jones, Federal Loan Administrator, in the
matter of $136,330,557 State of Arkansas bonds, last Thurs¬
day, reported George Wanders, writing in the New York
on
"Herald Tribune" of March 3.
One of these relates to the
fundamental problem of the cost of money, and the other to
the difficult matter of Federal and State
relationships.
Al¬
though it seems improbable that Mr. Jones thought these
things through when he calmly purchased the entire Arkansas
issue, they are sure to remain prominent and perhaps in¬
dicative.
It
;
was
1
fiarly well established, late last week, that Mr. Jones purchased
the entire issue in behalf of the Reconstruction Finance
Corporation because
of dissatisfaction with open market ideas of the credit
rating to which the
sovereign State of Arkansas is entitled.
The huge refunding was tentatively
arranged on the basis of cooperation between underwriters and the Federal
agency.
Arkansas officials were the prime movers for such cooperation,
which seemed advisable because of certain technical aspects of the transac¬
tion.
Although several years of general work had been put in by the banking
on
the deal, and some months of intensive work,
they were
rudely pushed aside at the last moment.
This, in the opinion of some
independent observers, may only reflect a fallacy on the part of the bankers
in expecting real cooperation from a Federal
agency under the current
Administration.
But such aspects of the incident sink into relative in¬
underwriters
significance, as against the dictatorial control of interest rates asserted by
Mr. Jones, and the paternalistic attitude manifested with
respect to the
vital financial arrangements of a sovereign State of the Union.
Conference
Federal
on
State Defense Sees
Financing—The
Government
bonds,
recent
affording
issue
Higher Costs for
of
taxable
U.
S.
direct comparison with
quotations for non-taxable securities, apparently will provide
a
officials of local governments with
one
of their best arguments
against taxing municipal bonds.
r
Already comparisons of the taxable and non-taxable government issues
have been made and the Conference on State
Defense, which has led the
fight against reciprocal taxation in the past couple of years, presents the
figures in support of its argument against taxation of municipals.
Until
the
new
taxable
issues
were
marketed,
opponents of reciprocal
taxation had based their arguments on theoretical estimates of increased
local government costs.
These estimates predicted an increase of about
0.60 in the interest rate of taxable over non-taxable bonds. The Conference
on State Defense also
brought up arguments of constitutional
right. Tem¬
porarily the latter have been forgotten in favor of the visible difference in
the yield of taxable and non-taxable governments.
1
On March 3 the new 2% treasury issue, which matures in 1950 and is
callable in 1948, was quoted at 100 28-32-100 30-32, a yield basis of about
1.85%. The Government's tax free 2s of 1938-50, were qouted at 104 2-32104 4-32, a yield of about 1.42%. Both estimates of yield are
figured to the
call date, the non-taxables, which mature in December at a
TX-yeax basis
and the taxables which mature in March
on a
seven-year basis.
The quotations show a difference of about 43 basis points in
yield. In
words, forgetting the question of taxation, the new 2s can be pur¬
chased at around $31 a bond less than the taxable
issue, or a price which
would return about 0.43 more in yield.
other
Massachusetts—New Edition of Municipal Statistics Com¬
piled—Tyler & Co., Inc., Boston, are making free distribu¬
tion of the 30th edition of their booklet in the quarterly series,
giving up-to-date financial statistics of the Commonwealth
of Massachusetts, its counties, cities, towns and districts.
This edition contains an outline map of the Commonwealth,
showing all its political subdivisions.
The report divides the city's finances into four parts—current operations,
funded debt, sinking funds and retirement
system. Current, operations are
progressively broken down under general administration, capital improve¬
ments and unemployment relief, with detailed schedules and tables under
each subclassification.
The other parts are similarly treated.
The general
tables are replete with reference marks to schedules and tables of details.
New York State—Plan
for Easing Income Tax Payments
Eased—On the grounds that it would
cause
trouble in pre¬
paring future budgets, Republican legislative leaders side¬
tracked on March 4, for this year at least, a bill which would
have permitted the payment of the State income tax in
equal quarterly instalments, beginning with returns filed in
1943.
The income tax bill met its downfall in the Assembly when it was re¬
to the Committee on
Taxation—an action tantamount to
committed
rejection—by a vote of 124 to 10.
Its sponsor, Assemblyman Maurice
Whitney, Rensselaer Republican, and chairman of the Taxation Committee,
reluctantly consented to the recommittal.
The 10 who voted against the
recommittal were all Republicans.
Mr.
Whitney's bill wouid have made the payment dates for State in¬
dates, except the first one.
The pay¬
April 15 June 15, Sept. 15 and Dec. 15, Under
the present methods, the 1% emergency tax may be paid in two equal
instalments on Feb. i5 and June 15, while as for the 2% normal tax, onehalf is payable April 15, and one-half in equal instalments, on June 15
come
tax indentical with the Federal
ment dates would have been
and Oct. 15.
The recommittal did not affect another Whitney bill which would permit
the deduction in the State income tax returns of income tax payments to the
Federal government.
That has not yet been reported out of committee.
Vehicle Registration Bill Passed—The Senate on
passed Assembly Bill No. 1 introduced by George B.
Parsons of Syracuse, which will change the motor vehicle
registration date for passenger vehicles to April 1, confirm¬
ing action taken by the Assembly last month. This bill was
Motor
March 4
sent
to
the
desk of
Governor Herbert H.
Lehman for his
signature.
The measure had the backing of automobile clubs, motor vehicle dealers,
chambers of commerce, service clubs, gasoline dealers, farm groups, and
trade associations and labor unions.
It will stagger the registra¬
tion of motor vehicles over the first three months of the year, buses and
numerous
taxicabs being registered any time prior to Feb. 1, trucks and other com¬
mercial vehicles prior to March 1, and passenger vehicles prior to April 1.
If the measure is signed by Governor Lehman, New York will become the
29th State to have deferred its motor vehicle registration date for 60 days
or more beyond the first of the
year, including the neighboring States of
Connecticut, New Jersey, Pennsylvania, Vermont, Rhode Island, New
Hampshire and Maine.
The purpose of the measure according to Assemblyman
Parsons and
Senator Rhoda Fox Graves of Gouverneur, who sponsored the biU in the
Senate, is to lessen the work of the Motor Vehicle Department by stagger¬
ing the time for registering motor vehicles; to provide a more convenient
time for motorists to pay their registration fees and make it possible for the
average motor vehicle owner to use his automobile all year around; and to
provide the State with increased tax revenue of about $1,500,000 annually.
Bill to Allot Remainder of
Crossing Funds Introduced—A bill
definitely allocate the money remaining in the
grade-crossing bond issue, if it is depleted by legislative ap¬
proval of Governor Herbert H. Lehman's proposal to divert
$60,000,000 to highway and parkway construction, was
introduced on March 5 by Senator John J. Dunnigan,
New
York, Democrat, and Assemblyman D. Mallory
Stephens, Putnam County Republican.
which would
The bill would relieve the fears of many sections of the State that their
grade-crossing work would go undone if the diversion measure wins. About
$53,000,000 would be left for grade-crossing work if the $60,000,000 was
diverted.
Volume
The Commercial &
152
ORANGE
COUNTY
O.
Santa
BOND
Ana), Calif.—SCHOOL
sealed bids
of $182,000
Huntington Beach School District bonds.
Interest rate is not to exceed
5%, payable semi-annually.
Dated April 1, 1941.
Denom. $1,000. Due
$15,000 in 1942 to 1952, and $17,000 in 1953.
No bid for less than par and
accrued interest.
Prin. and int. payable at the County Treasurer's office.
The approving opinion of O'Melveny & Myers of Los Angeles, will be
furnished.
Enclose a certified check for 3% of the par value of the bonds.
weeks ago.
SAN
DIEGO, Calif.—BOND ELECTION—It is
Sick, City Clerk, that
an
to have the voters pass on
stated by Fred. W.
election has been scheduled for April 22 in order
the issuance of $1,983,000 sanitary sewer system
bonds.
SAN
OBISPO COUNTY
LUIS
SCHOOL BOND
idle in the State Treasury.
to
(P. O. San Luis Obispo). Calif.—
of Paso Robles Union School
SALE—The $60,000 issue
District bonds offered for sale
Mortgage Moratorium Tapering Asked—A. new legislative
plan for the tapering off of the mortgage moratorium was
considered in Albany on March 5, as conferences were begun
with the hope that an agreement could be reached on the
form of a bill to put the plan into effect.
The new proposal
on
Due
on
101.01,
a
1313—was awarded
2Ms, paying a premium of
March 3—V. 152, p.
R. H. Moulton & Co. of San Francisco, as
$606, equal to
Dated March 1, 1941.
basis of about 2.63%.
&#»
March 1 in 1942 to 1957.
OFFERING—It is stated by Faye
Canfield, City Clerk, that she will receive sealed bids until 2 p. m. on
March 6, for the purchase of $149,000 coupon airport bonds.
Interest rate
is not to exceed 4%, payable M S.
Dated March 1,1941, Denom. $1,000.
Due March 1, as follows:
$10,000 in 1942 to 1955, and $9,000 in 1956.
Rate of interest to be in multiples of M of 1%.
No bid for less than par
and accrued interest.
Prin. and interest payable at the City Treasurer's
office.
The approving opinion of O'Melveny & Myers, of Los Angeles, will
be furnished.
These are the bonds authorized at the election held on Feb. 4
by a vote of 8,829 to 820.
Enclose a certified check for 10 % of the bonds bid
SANTA BARBARA, Calif.—BOND
for, payable to the City Treasurer.
TULARE COUNTY (P. O. Visalia), Calif.—SCHOOL DISTRICT
SALE—The $75,000 issue of Porterville School District semi-ann. bonds
offered for sale on March 4—V. 152, p. 1157—was awarded to the Crocker
First National Bank of San Francisco, as 1 Ms, paying a premium of $12.50,
equal to 100.016,
a
basis of about 1.745%.
Due on
Dated March 1,1941.
March 1 in 1942 to 1951 incl.
moratorium be continued for at least
another year on one-family homes occupied by the owners,
and that the moratorium on revenue-producing properties
that
(P.
OFFERING—It is stated by B. J. Smith, County Clerk, that
will be received until 11 a. m. on March 18, for the purchase
Assembly Speaker Oswald D. Heck and Republican Senate Leader Joe R.
Hanley said the budget and tax program would be passed by the Legislature
shortly.
The budget was reduced more than $3,000,000, but reinstatement of
$1,564,000 for county and town highways; $150,000 for county fairs and
$50,000 for minimum wage enforcement brought the net cut to $1,586,769.
Republicans lowered education costs $565,000; defense, $1,271,000;
debt service, $1,304,978, and miscellaneous, $209,791.
Chairman Abbot Low Moffatt of the Assembly Ways and Means Com¬
mittee was credited with "finding'* $1,304,978 that Mr. Lehman "over¬
looked" in railroad grade crossing funds.
Mr. Moffat said that these
funds represented reimbursements from railroads and localities and were
is
Orrick, Dahlquist,
Neff & Herrington of San Francisco.
Republicans Vote Budget Cut—Republican Senate and As¬
sembly majorities voted unanimously on March 5 to reduce
Governor Lehman's 1941-42 budget by $1,586,769.
Republican leaders announced approval of the reduction
after an hour's conference.
They charged that a further
reduction of $585,000 could have been made except for "an
error of this amount in the Governor's appropriation bill."
The budget, as reduced by the Republican majority, will be $384,106,683.
now
Legal approval by
1941 to 1955 and $3,000 in 1956.
Brooklyn Bus Measure Signed—On the same day Governor
signed into law a measure permitting New York
City to lease 250 buses as substitutes for street cars in Brook¬
lyn, a few hours after the Senate approved and sent him the
bill.
The leasing was blocked by a Supreme Court injunction
Lehman
several
1623
Financial Chronicle
the present
COLORADO
(City and County), Colo.—BOND SALE—It is stated by
F. E. Wilson, Manager of Finance, that the $2,914,200 Special Improve¬
ment District refunding bonds offered for sale on Feb. 27—V. 152, p. 1466—
were purchased by a syndicate composed of Peters, Writer & Christensen,
Boettcher & Co.; Donald F. Brown & Co.; Sullivan & Co.; J. H. Goode;
Oswald F. Benwell; Geo. W. Vallery & Co., and Henry Wilcox & Son, all
of Denver, at a net interest cost of about 2.33%, divided as follows: $200,000
as lMs, $200,000 as lMs, $220,,000 as lMs, $200,000 as 2s, $1,100,000 as
2Ms, and $1,014,200 as 3s.
Dated April 1, 1941. Due on April 1, 1956*
optional at any time..
DENVER
be terminated at the end of this year.
moratorium, which applies to all mortgages that were in
enacted in 1932 as a depression emer¬
been renewed from year to year, notwithstanding
have it modified.
Governor Herbert H. Lehman
has repeatedly urged the Legislature to pass a tapering-oif measure.
Under
the moratorium no mortgage can be foreclosed for non-payment of principal,
if the interest and taxes are paid regularly.
The present
effect prior to July 1, 1932, was first
gency measure, and has
efforts in recent years to
BONDS
INVESTMENT—The successful bidders re-
FOR
OFFERED
public subscription priced at 100 and
they were disposed of to investors very
offered the above bonds for
Bond
Proposals and Negotiations
interest, and it is said that
IDAHO SPRINGS,
accrued
rapidly.
Colo.—BOND ELECTION—An election is said
order to have the voters pass on the issuance
be scheduled for April 1 in
to
of
$15,000 street surfacing bonds.
Alabama
Municipals
4%
March 15. 1941.
Steiner, Rouse & Co.
Members New York Stock
ANIMAS, Colo.—BONDS AUTHORIZED—The City Council is
approved an ordinance calling for the issuance of $275,000
electric light and power revenue bonds.
Denom. $1,000. Dated
LAS
said to have
DELAWARE
Exchange
NEW
BIRMINGHAM, ALA.
YORK
AUTHOR"
bond-financed
DELAWARE (State of)
LEG1SLATURE WOULD CREATE
ITY TO CONSTRUCT RIVER TUNNEL
Construction of a
vehicular tunnel under the Delaware River is the object of a series
bills introduced in the State Legislature Feb. 28 by Senator Paul R.
One of the bills would create the Delaware Tunnel Commission
Direct Wire
ALABAMA
of three
Rinard.
to con¬
maintain and operate a vehicular tunnel and approaches from a
point at or near Pigeon Point near Wilmington to a point at or near
water Point in Salem County, N. J.
The Commission would consist of
seven members appointed by the Governor, four from Delaware and three
from New Jersey.
The New Jersey members would be named on recom¬
mendation of the Governor of that State.
Construction costs of the tunnel
would be met by bonds to be issued by the Commission.
Imposition of
tolls for use of the tunnel would provide revenue to meet maintenance
costs and bond amortization.
struct,
ANNISTON, Ala.—BOND SALE—The $16,000 coupon semi-annual
improvement, series 331 bonds offered for sale at public auction on March 4
—V. 152, p. 1466—-were awarded to Marx & Co. of Birmingham, as 2s,
at a price of 98.66, a basis of about 2.28%.
Dated March 1, 1941. Due
on March 1 in 1942 to 1951.
ARKANSAS
ARKANSAS, State of—BOND CALL—It is announced by the State
Refunding Board that all of the State Highway Refunding, series A and B,
and all of the State Toll Bridge Refunding bonds, series A and B, are being
called for payment on April 1, at the Chase National Bank in New York.
^
LINCOLN COUNTY
A
(P. O. Star City), Ark.—BOND
ELECTION—
the
scheduled for March 25 in order to have
the issuance of $75,000 court house construction bonds.
special election is said to be
voters pass on
MORRILTON, Ark.—BOND ELECTION—It, is reported
' pril 8 in order to have the voters pass on
will be held on
that an election
the issuance of
cleaning equipment bonds.
$9,000 fire fighting and street
Municipals
California
Deep-
Another of the bills
Ferry Commission empow¬
would create a Delaware
of
River be¬
negotiate for and purchase the property, facilities and equipment
privately owned vehicular ferry lines crossing the Delaware
tween New Castle County and New Jersey.
ered to
all
the series would authorize a
for the cooperative action through
The final bill in
New Jersey
compact or agreement with
the medium of a body cor¬
be known as the Delaware River Tunnei Authority.
Meanwhile, in Washington, Senator James H. Hughes of Delaware
introduced a resolution in the United States Senate granting the consent of
Congress to an agreement or compact between Delaware and New Jersey
for financing, construction and operation of a vehicular tunnel or tunnels
under the Delaware River near Wilmington.
A recent Delaware State Highway Department report estimated the cost
of a two-lane tunnel linking Delaware and New Jersey at approximately
porate and politic to
$16,300,000.
DISTRICT OF COLUMBIA
BANKAMERICA COMPANY
.
:
.
■
.
.
.
.
...
Los Angeles
San Francisco
New York
Representative
Telephone WHitehall 3-3470
52 Wall St.
announced
CALIFORNIA
CALIFORNIA, State of—TAX DELINQUENCY BRINGS PROP¬
ERTY RANGING FROM GOLD MINES TO GHOST TO WNS—Everything
from country clubs to gold mines and wineries have been deeded the State
of California for non-payment of taxes, a study of tax delinquent properties
which have reverted to that State showed on March 1.
Among the properties of which the California State Controller is the
"landlord" is the "ghost town" of Sam'l Posen near Red Bluff, a com¬
munity of 10,000 city lots in undeveloped range land.
The town was laid
out nearly 60 years ago, but when taxes were not paid the State became the
of the entire community.
Besides this ghost town the State owns a
owner
13-story office building, two
factory, a $250,000 private school, several large hotels"
railroad, an athletic club, a distillery, hundreds or
and homes, and 3,000,000 acres of vineyards, grazing land and
mausoleums, a glass
an
ice skating rink, a
warehouses
-
forests.
More than
$7,500,000 worth of delinquent
-
property of this type has been
through redemp¬
tion by former owners, and $800,000 worth has been sold to new owners at
public sales, according to the Municipal Finance Officers Association of the
returned to California tax
United States and
rolls during the last three years
Canada.
otherwise non-revenue producing tax delinquent
property has yielded about $375,000 in the last six years—more than
enough to pay the cost of administering the entire program designed to
return tax delinquent property to the tax rolls.
In
addition, rental of
KINGSBURG, Calif.—BONDS
SOLD—It is stated by F.
O. Rosander,
$33,000 municipal improvement of 1941 bonds were pur¬
chased on March 3 by Stone & Youngberg of San Francisco as 2 Ms, paving
a premium of $231, equal to
100.70, a basis of about 2.65%. Denom.
$1,000.
Dated March 16, 1941.
Due on Dec. 15 as follows: $2,000 in
Citv Clerk, that
WASHINGTON, D. C.—REPORT ON GOVERNMENT OWNED LAND
THROUGHOUT COUNTRY—With more than 20% of its area exempt from
taxation because it is owned by the Federal Government or by foreign powers
for embassy and legation purposes, Washington, D. C., has perhaps a
higher proportion or tax-exempt property within its boundaries than any
other large American city, the American Municipal Association
March 4.
The tax exempt property represents almost one-third of the
total assessed value of all real property in the Nation's capital.
Although
the Government allocates $6,000,000 annually to the District in support
of the local government, assessors have just reported to Congress that the
District lost $14,000,000 during the last fiscal year as a result of the non¬
tax status of Federal property, according to the information.
A study completed two years ago by the National Emergency Council
placed the area of all urban property owned by the Federal
excluding holdings in the District of Columbia, at 58 square miles.
"While
this is a relatively small area, it comprises some of the most valuable urban
Government,
property in the
United States," the Association
said. The urban holdings,
large holdings
to the Associa¬
however,
are
only a small part of the Government's
throughout the country which are tax-exempt, according
tion.
Most of this land is in the public domain.
The council's study gave
the following figures:
The Federal Government owns more than 20% of all land in the United
States—394,657,721 acres, which represent holdings in every State.
The
land is scattered through 2,628 of the 3,071 countries, and 2,965 cities.
Govern¬
and local
if Congress consented to taxation by States and localities of this
ment-owned real estate, the Association said, the yield to State
treasuries wouid probably be more than $91,000,000 a year.
The percentage
of Federal lands in the States ranges
from 82% in Nevada
l-10th of 1% in Iowa.
In three States besides Nevada—Arizona,
Utah—the Government owns more than 58% of the land.
The
Government also owns approximately 100% of land in four counties in
Nevada, and in one county in South Dakota the value of Government
down to
Idaho and
property is in excess
The four
of 800% of the assessed value of all other property.
of the largest areas of Federal land are:
agencies having custody
109,823,489 acres;
Affairs, 52,-
service, 151,897,489 acres; Grazing Division,
General land office, 54,659,873 acres, and Bureau of Indian
188,320 acres.
Forest
The Commercial & Financial Chronicle
1624
March
8, 1941
COLUMBUS, Ga .—BOND ELECTION—The City Manager states that
election will be held on May 7 in order to have the voters pass on the
issuance of $200,000 2>£% school bonds.
an
FLORIDA MUNICIPAL BONDS
Our long experience in
handling Florida issues gives
us a compre¬
IDAHO
hensive background of familiarity with these municipal bonds.
We
will be glad to answer any inquiry regarding them at no obligation.
COEUR
D'ALENE, Idaho—
bonds offered for sale
Atkinson-Jones & Co.
March 3—V.
The $50,000 coupon city
BOND
152, p. 1467—were purchased by
of Portland.
MALAD CITY, Ida ho—BONDS OFFERED—Sealed bids were received
a. m. on March 7, by W. W. Thomas, Village Clerk, for the purchase
$8,000 not to exceed 4% semi-annual coupon sewage disposal plant
bonds.
Dated April 1, 1941.
Due in 10 years.
RECrummer & Company
until 7
of
CHICAGO. ILLINOIS
1ST. NAT. BANKBLDG
on
ILLINOIS
FLORIDA
CENTRAL
FLORIDA, State of—BOND AND NOTE TENDERS RECEIVED—
In connection with the call for tenders of sealed
offereings of matured
unmatured
original
or
Edwin Larson,
JACKSONVILLE, Fla.—BOND REFUNDING
—The
following letter
was
sent
to
us
March 1:
State Treasurer,
that
UNDER DISCUSSION
by J. E. Pace, City Auditor,
for giving consideration at this time is due to the
probable passage
by Congress of an Act to place a tax on municipal bonds. No definite action
has been taken, however, and so we are not in
position to give further
information at this time, other than that the matter is under
consideration."
reason
W*'—WATER CERTIFICATES VALIDATED—'The city's
$8,000,000 issue of water revenue certificates is said to have been approved
by the State Supreme Court on Feb. 25.
may
•
«191L„Denom- SI,000. Due April 1, as follows: $4,000 in 1956,
510,000.in 1957 to 1960, and $15,000 in 1961 to 1964. No bid will be conamount of the issue, Prin. and int. payable at
®{dered except for the entire
the Chase National Bank, New
York, or at the First National Bank, Mount
Dora. The bonds will be subject to
approval as to legality by Caldwell &
Raymond, of New York. All bidders
are notified that the bids which they
binding for a period of 10 days Immediately follow¬
Delivery of bonds shall be made not later than April 1.
make will be considered
PASCO COUNTY (p. O. Dade
City), Fla.—BONDS REFUNDED—
This county has called its
outstanding $1,341,000 bonds for April 1 to be
exchanged for new 4% bonds due 1947 to 1963, according to R. E. Crummer
Co., refunding agents.
The rate on the present bonds began at 4% and
graduated upward.
The first refunding program for Pasco
County was undertaken in
When
the
bonds.
1932
aggregating $1,765,000, were exchanged for 4%
the county has retired $425,000 of bonds as a
saving in interest affected. The county has reduced its average
6%
bonds,
Since that time,
result of the
2?£l1™RrlnSIpal and interest requirements in
1930 of $149,000 annually to
$104,000 today. In 1930 the ad valorem tax requirements
averaged $37.58
per capita and last year it had fallen to $6.84.
/nPi£,EjyLAS COUNTY SPECIAL
ROAD AND BRIDGE DISTRICTS
(P. O. Clearwater), Fla.—BOND CALL—It Is stated by Ray E.
Green,
County Commissioners, that 5% refunding bonds of
*o1'owing districts are being called for payment on April
1, at the
Clerk of the Board of
Chase National Bank in New York:
District No. 2 bonds.
228,000 District Bo. 3 bonds.
221,000 District No. 4 bonds.
111.—WARRANT SALE—A group
awarded on March 3 $6,568,000
paying par for $2,025,000 at 0.75% interest
and the balance at 1%.
This was the only bid received at the sale.
Asso¬
ciated in the purchase were John Nuveen & Co., Stern, Wampler & Co.,
Blair, Bonner & Co., Farwell, Chapman & Co., Knight, Dickinson &
Co., Martin, Burns & Corbett and D. T. Richardson & Co,
anticipation
warrants,
COOK COUNTY SCHOOL DISTRICT NO. 87 (P. O. Bellwood)»
111.—BONDS VOTED—An election on Feb. 15 the voters authorized an
issue of $40,000
DORR
An
building bonds.
TOWNSHIP
(P.
O.
Woodstock), 111.—BOND ELECTION—
question of issuing $125,000 road
election will be held April 1 on the
bonds.
•.'v
GALESBURG, 111.—BOND SALE—'The First National Bank of Chicago
purchased on March 3 an issue of $101,000 judgment funding bonds as
l^s, at jpar plus a premium of $540, equal to 100.534, a basis of about
Dated March 1, 1941 and due Dec. 1 as follows: $6,000 from 1942
incl/, $8,000 from 1952 to 1955 incl. and $9,000 in 1956. Interest
Legality approved by Chapman & Cutler of Chicago.
Principal and interest (J-D) payable at the City Treasurer's office.
1.44%.
to 1951
J-D.
ILLINOIS (State of)—BILL WOULD TAX STOCK IN "FOREIGN"
CORPORATIONS—A bill to tax stock in "foreign" corporations—those
incorporated in other States—has been introduced in the Illinois Legisla¬
ture by Edward J. McCabe, State Representative, who is also Deputy
Assessor of Cook County.
The measure was designed to offset the loss of
some $3,000,000 in personal property taxes after the Supreme Court held
the stock in such corporations, which pay taxes on tangible property within
the State, could not be taxed although held in Chicago by individuals.
The suit was brought by the Harry Hart Trust, which moved to enjoin the
assessor from assessing 30,500 shares of Hart, Schaffner & Marx, which is
incorporated in New York and pays taxes on tangible property in Illinois.
Under the McCabe bill, 6uch shares would be taxed with a deduction for
the proportionate shares of taxes imposed on property actually used to do
business in Illinois, Representative McCabe explained.
III.—BOND
MARSEILLES,
April 8 to vote
on an
ELECTION—An
election
will
be
held
issue of $250,000 light plant revenue bonds.
OGLE AND LEE COUNTIES TOWNSHIP HIGH SCHOOL DIS¬
TRICT NO. 212 (P. O. Rochelle). 111.—BOND OFFERING—Vera. E.
Herrman, Secretary of the Board or Education, will receive sealed bids
until 6 p. m. on March 10 for the purchase of $125,000 not to exceed 3%
interest coupon building bonds.
Dated March 1, 1941.
Denom. $1,000.
Due Dec. 1 as follows: $7,000 in 1946 to 1949, $8,000 in 1950 to 1953,
$9,000 in 1954 to 1958, and $10,000 in 1959 and 1960.
Bidders must state
naming a single
rate.
Principal and interest payable at such bank in Chicago as the Board
of Education and the purchaser may hereafter agree upon.
The bonds
shall provide for registration as to principal.
The Board of Education will
accept the best bid of par or better, specifying the lowest rate of interest.
Enclose a certified check for $1,000, payable to the Township School
in their proposal the rate of interest the bonds are to bear,
Treasurer.
Dated Jan. 1, 1933.
Dated April 1, 1933.
INDIANA
Dated Dec. 1, 1932.
Dated Jan. 1, 1933.
Dated Jan. 1, 1933.
Dated Dec. 1, 1932.
Dated Jan. 1, 1933.
11 bonds.
Dated June 1, 1932.
23,000 District No. 5 bonds.
7 bonds.
8 bonds.
9 bonds.
211,000 District No.
313,000 District No.
44,000 District No.
538,000 District No.
COOK COUNTY (P. O. Chicago),
headed by the Illinois Co. of Chicago was
tax
offer for immediate sale the
MOUNT DORA, Fla.—BOND OFFERING—It is stated
by J. B. Griswold, Town Clerk, that he will receive sealed bids until 5 p. m. on March
18,
for the purchase of $104,000
4% semi-ann. refunding of 1941 bonds. Dated
ing March 18.
111.—BOND ELECTION—An
of issuing $96,000 water and
Centralia),
on
••Your cpmmunication of Feb. 18th addressed to Fred M.
Valz, has been
referred to me and for your information there has been some
discussion
regarding the exchange of approximately $3,000,000 bonds falling due dur¬
ing the years 1942 to 1945, both inclusive, the exchange to be
made, of
course, with the consent of the holders of the bonds in question.
The
It is said that the City Commission
above certificates.
O.
election will be held March 22 on the question
sewer revenue bonds.
refunding road and bridge or highway bonds, time
by J.
(P.
or
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and special road and bridge districts, noted here on Feb. 15—-V.
152, p. 1158—it is reported
10 parties offered bonds.
CITY
CENTER TOWNSHIP
(P. O. Indianapolis), Ind.—BOND SALE—
The $370,094.75 judgment funding bonds offered Feb. 28—V. 152, p. 1314
awarded to Harriman Ripley & Co., Inc., and the Northern Trust
—were
Co. of Chicago, jointly, as l\i%, at par plus a premium of $2,142.85, equal
to
100.579, a basis of about 1.10%.
Dated March 1, 1941, and due as
$37,000 July 1, 1942; $37,000 Jan. 1 and July 1 from 1943 to
1946, incl., and $37,094.75 Jan. 1, 1947.
Re-offered by the purchasers to
yield from 0.30% to 1.15%, according to maturity.
Second high bid of
100.577 for 1 \is was made by the Harris Trust & Savings Bank, Chicago,
and the Union Trust Co., Indianapolis, jointly.
follows:
j PINELLAS COUNTY SPECIAL ROAD AND BRIDGE DISTRICTS
p. Clearwater) Fla.—BONDS SOLD—It is stated by Ray E. Green,
Clerk of
the Board of
County Commissioners, that the following 4% semiaggregtaing $1,614,000, were purchased
by Leedy, Wheeler & Co. of Orlando, and the Clyde C. Pierce
Corp. of Jacksonville, jointly. paying a price of 100.042:
*^r£fH?dLn*vl88™ of 1940 bonds
on Feb. 24
Special Road and Bridge District
otI'995 Special Road and Bridge District
218,000 Special Road and Bridge District
Special Road and Bridge District
iU'SPP Special Road
No. 2 bonds.
No. 3 bonds.
No. 4 bonds.
.
No. 5 bonds.
No. 8 bonds.
No. 9 bonds.
519.000 Special Road and
Bridge District No. 11 bonds.
COLUMBUS,
«...enom. $1,000.
New
Dated April 1, 1940. Prin. and int. (A-O) payable in
City or in Jacksonville.
Legality approved by Chapman &
Chicago.
York
sutler of
PINELLAS-MANATEE JOINT BRIDGE AUTHORITY (P. O. St.
Fla.—BOND
VALIDATION
REJECTED—The
State
Supreme Court is said to have declined on Feb. 26 to validate
$450,000
Petersburg),
revenue
line
bonds, with which the said authority proposed to acquire
Tampa Bay.
a
across
ferry
PINELLAS COUNTY SPECIAL TAX SCHOOL DISTRICTS
(P. O.
Clearwater), Fla.—BOND SALE—The following 4H% coupon semi¬
annual general
refunding bonds, aggregating $116,000, offered for sale on
Feb. 26—v. 152,
p. 1158—were purchased by D. E. Arries & Co. of Tampa,
bidder for the bonds, at a price of 96,
according to the Chief Clerk
of the board:
$59,000 Special Tax School District No. 1 bonds.1 Due
to
on
on
April 1 in 1942
Ind.—BOND
SALE—The
$40,000
fire
house
bonds
offered
Feb. 28—V.
152, p. 1314—were awarded to the Indianapolis
Bond & Share Corp., Indianapolis, as lj^s, at a price of 100.605, a basis
of about 1.39%.
Dated Feb. 15, 1941, and due as follows: $2,000 July 1,
1942; $2,000 Jan. 1 and July 1 from 1943 to 1951, incl., and $2,000 Jan. 1,
1952.
Other bids:
For lMVo Bonds
*
Bidder—
'
First National Bank, Columbus
Kenneth S. Johnson
.
>
Fletcher Trust Co., Indianapolis
Rate Bid
100.43
100.321
—100.308
For l%% Bonds
Raffensperger, Hughes & Co
City Securities Corp., Indianapolis
v*.:
John Nuveen & Co
101.032
——100.502
100.313
Seasongood & Mayer
Irwin-Union Trust Co., Columbus
COLUMBUS SCHOOL CITY,
Due
1960.
100.53
-
100.104
—100.00
April 1 in 1947
1956.
57,000 Special Tax School District No. 6 bonds.
to
Rate Bid
,
Blyth & Co., and Paul H. Davis & Co
100.419
First National Bank of Chicago, and Fletcher Trust Co
100.277
John Nuveen & Co.; Bacon, Whipple & Co., and Raffensperger,
100.271
Hughes & Co_
Halsey, Stuart & Co., Inc., and City Securities Corp
—100.19
and Bridge District No. 7 bonds.
ivPPQ Special Road and Bridge District
cfn'PPS Special Road and Bridge District
Other bids, all for 1 J^s, were as follows:
Bidder—
Charles K. Morris & Co_
Ind.—BOND OFFERING—The Board
of Trustees will receive sealed bids until 10 a. m. (CST) on March 25 for
the purchase of $110,000 not to exceed 2H% interest school bonds.
Dated
March 1, 1941.
ST.
PETERSBURG, Fla.—BOND
OPTION CANCELED—It is stated
ry T.L.Crossland, Director of Finance, that the option which
to John
was
granted
Nuveen & Co. of Chicago, and associates, on Feb.
18, as noted
here—V. 152, p. 1314—was not exercised
up to Feb. 26, the date of ex¬
piration, to purchase the $660,000 refunding bonds as 4s, at
par.
bonds will
therefore, be readvertised for sale shortly.
March 1, 1942 to 1961 incl.
a
The
Due $33,000 from
VJ?R£ bEACH, Fla.—SEALED
TENDERS INVITED—It is stated by
that he will receive sealed tenders until
refunding bonds, dated Jan. 1, 1937, and Jan. 1,
of bonds to be purchased will be determined
by the said
A. C. MacConneil. City
Clerk,
8 P-m. on March 26, of
1939. The amount
Clerk.
GEORGIA
Denom. $1,000.
Due $3,000 March and Sept. 1, 1942 to
1959, and $2,000 March 1, 1960.
Principal and Interest (M-S) payable
Co., Columbus.
The bonds are being issued in
accordance with Chapter CC of the Acts of the General Assembly of the
State of Indiana for the year 1903, and all Acts amendatory thereof, and
Chapter 119 of the Acts of the General Assembly of the State for the year
1937, and all Acts amendatory thereof, for the purpose of providing funds
for the cost of the repair of and the building of an addition to the McKinley
School Building and the repair of the Garfield School Building, both of said
buildings being of and in the School City.
The bonds will not be sold for
less than the principal amount thereof.
The legal opinion of Davis,
Baltzell & Sparks of Indianapolis will be furnished the successful bidder.
at the Irwin-Union Trust
DECATUR COUNTY (P. O. Greensburg), Ind.—BOND SALE— The
$120,060 bonds offered March 6—V. 152, p. .1158, 1314, were awarded to
John Nuveen & Co. of Chicago and Raffensperger, Hughes & Co. of In¬
dianapolis, jointly, as l^s, at par plus a premium of $1,105.78, equal to
100.921.
ATLANTA, Ga.—CERTIFICATES OFFERED—Sealed bids were re¬
ceived until 3 p. m. on March 7, by B. Graham
West, City Comptroller,
for the purchase of $260,000
2% water works revenue certificates.
Denom.
$1,000.
Dated March 1, 1941.
Due $13,000 on March 1 in 1942 to 1961,
incl.
Principal and interest (M-S) payable at the City Treasurer's office
or at the Chase National Bank in New York.
a
basis of about 1.65%.
Sale consisted of:
$30,000 infirmary bonds.
Dated March 1,1941 and due as follows: $1,000,
July 1,1942; $1,000, Jan. 1 and July 1 from 1943 to 1956 Incl. and
$1,000, Jan. 1, 1957.
90,000 memorial hospital bonds.
Dated March 1, 1941 and due as fol¬
lows: $2,500, July 1, 1942; $2,500, Jan. 1 and July 1 from 1943
to 1959 incl. and $2,500, Jan. 1, 1960.
Second high bid of 100.425 for
was
made by Kenneth S. Johnson
MARYLAND
of Indianapolis.
SALISBURY,
TOWNSHIPS
(P. O. Odon), Ind .—BOND OFFER ING—Ira G. Leach, Trustee, will
receive sealed bids until 7:30 p. m. on March 14 for the purchase of $48,000
not to exceed 3% interest school bonds.
Dated March 15. 1941.
Denom.
$875, $705, $680, $600 and $500.
Due serially in one to 20 years.
The
approving opinion of Matson, Ross, McCord & Ice of Indianapolis will be
furnished.
Enclose a certified check for $500, payable to Ira L. ChristenMADISON
TOWNSHIPS
ODON
AND
SCHOOL
was
awarded
on
Feb. 25 an issue of $105,000 warrants at
'
OFFERING—Thomas Parker Jr., City
March 17 for the purchase of
f55,000 1941. toDenom. $1,000. Due Feb. 1, as follows: $1,000 in
'eb. 1,
not
exceed 4% interest coupon right-of-way bonds.
Dated
1942 to
1956. and $5,000 in 1957 to
of 1%. The bonds may be
registered as to principal. Principal and interest payable at the Farmers &
Merchants Bank of Salisbury. Authority of Chapter 218 of the Acts of 1939
of the General Assembly, as repealed and reenacted with amendments by
Chapter 22 of the Acts of 1941, of the General Assembly. Enclose a certified
1946, $2,000 in 1947 to 1951, $3,000 in 1952 to
1961.
Rate of interest to be in multiples of M
MUNCIE, Ind.—WARRANT SALE—The Merchants National Bank of
Muncie
Md.—BOND
Clerk, will receive sealed bids until 8 p. m. on
berry. Treasurer.
interest.
1625
Chronicle
The Commercial & Financial
Volume 152
0.75%
WAYNE TOWNSHIP (P. O. Indianapolis), Ind.—BOND SALE—The
$30,276.48 judgment funding bonds offered March 3—V. 152, p. 1314—
were awarded to the Indianapolis Bond & Share Corp. of Indianapolis as
l^sat par plus a premium of $184, squalto 100.607, a basis of about 1.39%.
Dated March 1, 1941 and due as follows: $1,500 July 1, 1942: $1,500 Jan. 1
and July 1 from 1943 to 1951. incl.. and $1,776.48 Jan. 1, 1952.
check for $500.
MASSACHUSETTS
AGAWAM, Mass.—NOTE SALE—Lee Higginson Corp. of Boston was
awarded on March 3 an issue of $50,000 notes at 0.29% discount.
Due
Nov. 5, 1941.
Other bids: First Boston Corp., 0.337%; First National
Bank of Boston, 0.35% plus $2.00.
Mass.—NOTE OFFERING—The Town Treasurer will
March 10 for the purchase of $30,600
Dated March 15, 1941.
Due March 15 as follows:
$8,600 in 1942; $8,000 in 1943 and $7,000 in 1944 and 1945.
Bidder to
BRAINTREE,
receive sealed bids until 11 a.m. on
IOWA
BELMOND
SCHOOL
DISTRICT
(P.
fire
O.
Belmond),
Iowa—
station
name rate
offered for sale on Feb. 27—
152, p. 1467—were awarded to the Carleton D. Beh Co. of Des Moines,
2s, paying a premium of $330, equal to 101.178, according to the Dis¬
notes.
of interest.
SALE—The $28,000 semi-annual school bonds
v.
as
trict
Secretary.
are
said to have approved the
an
election held on Feb. 18 the
issuance of $30,000 electric light revenue
bonds.
OFFERING—It is stated by J. P. Johnson,
bids until March 10 for the purchase of
exceed 2% semi-annual town hall and fire station bonds.
$4,000 not to
Dated Feb. 25,
WEBSTER
.
Webster
1941.
SALE—'The
issue of $40,000 tax notes
awarded to Southgate & Co. of Boston, at 0.149%
1, $10,000, Nov. 15 and $15,000 Dec. 30,
1941.
CITY
INDEPENDENT SCHOOL DISTRICT
(P. O.
City), Iowa—BONDS VOTED—It is reported that the voters
held
Feb. 26.
at
CITY, Kan.—BOND OFFERING—Sealed bids will be re¬
a. m. on March 10 by Howard Payne, City Clerk, for the
ceived until 10
?urchase of a $750,000 issue of municipal airport general obligation$25,000
bonds.
>ated March 1, 1941.
Denom. $1,000.
Due Sept. 1 as follows:
1942, $20,000 in 1943. $25,000 in 1944, $40,000 in 1945 to 1960 and
$40,000 on March 1, 1961.
Interest payaole M-S at such rate or rates
in
(but not more than two rates) as may be specified by the bidders.
The
city will furnish and pay for printing bonds and the bonds will be sold sub¬
ject to the legal opinion of Bowersock, Fizzel & Rhodes of Kansas City.
The bonds will be sold subject to rejection by the State School Fund Com¬
mission and will be available for delivery on or about March 24.
Enclose
certified check for 2%
thereof.
nThis notice supplements the offering report given in our issue of March
1
KANSAS, State of—BOND ISSUES AUTHORIZED—Governor Payne
issuance of bonds.
construction.
One
was for $100,000 at Pratt and the other for $85,000 at Russell.
The other bills authorized Ottawa to issue $10,000 for street improve¬
ments, and permitted Hamilton County commissioners to issue $10,000
for refunding of outstanding hospital warrants.
Ratner recently signed four local bills, all authorizing
Two of the measures authorized bonds for hospital
LAWRENCE, Kan.—BOND ELECTION—The City Clerk states that
an election will be held on April 1 in order to have the voters pass on the
issuance of the following bonds aggregating $35,000: $20,000 street im¬
provement, and $15,000 airport bonds.
SEDGWICK COUNTY (P. O. Wichita),
Kan.—BONDS SOLD—The
bonds aggregating
Small-Milburn Co. of Wichita, is said to have purchased
$72,889.06, divided as follows:
$32,889.06 1% improvement bonds, at a price of 100.10, a basis of about
0.97%.
Denom. $1,000. one for $889.06.
Due on Dec. 14
as follows: $5,889.06 in 1941; $6,000 in 1942 and 1943 and $5,000
in 1944 to 1946.
Interest payable J-D.
40,000.00 1
a
public work relief, series I bonds, at a price of 100.112,
Denom. $1,000.
Dated Jan. 14, 1941.
14 in 1942 to 1951, incl.
Interest pay¬
basis of about 1.48%.
Due
$4,000 on Jan.
able J-J.
Principal and interest payable at the State
Treasurer's office.
approved by Depew, Stanley, Weigand & Hook of
Legality
Wichita.
DISTRICT
(P.
O.
Topeka)
Kan.—BOND
ELECTION—It is reported that an election will be held on April 1 in order
to have the voters pass on the issuance of $197,000 construction bonds.
TOPEKA
MALDEN, Mass.—NOTE SALE—The issue of $500,000 notes offered
awarded to Leavitt & Co. of New York,
0.313% discount. Dated March 6, 1941 and due $250,000 Jan. 15 and
$250,000 Feb. 17, 1942. Other bids:
March 5—V. 152, p. 1468—was
KANSAS
KANSAS
LYNN, Mass.—NOTE SALE—Jackson & Curtis of Boston purchased on
$1,150,000 notes at 0.288% discount. Due Nov. 7,
Sale comprised issues of $500,000 and $650,000. Other bids for the
$500,000 loan were as follows:
First National Bank of Boston, 0.29%;
Manufacturers Central National Bank of Lynn, 0.30%; Leavitt & Co., N.
Y., 0.303%; Security Trust Co., 0.32%; Day Trust Co., 0.33%; National
Shawmut Bank, 0.347%.
March 4 an aggregate of
1941.
approved the issuance of $60,000 school building bonds at an election
a
was
Due $15,000 Nov.
Iowa—BOND
Town Clerk, that he will receive
on
KINGSTON, Mass .—NOTE
offered March 6
discount.
UNION,
1-3 months
0.26% dis¬
count.
DELHI, Iowa—BONDS VOTED—At
voters
HOP KINTON, Mass.—NOTE SALE—An issue of $25,000 9
revenue bonds was sold to Lee Higginson Corp. of Boston, at
SCHOOL
Kan.—BOND OFFERING—Sealed bids will be received
10, by E. S. Worrell, Director of Finance, for the
purchase of an issue of $97,469.70 not to exceed 5% semi-ann. park and
sewer
bonds.
Dated March 1, 1941.
Denom. $1,000, one of $469.70.
Due March 1, as follows: $9,469.70 in 1942, $9,000 in 1943 and 1944, and
$10,000 in 1945 to 1951.
Legality to be approved by Bowersock, Fizzeli &
WICHITA,
until 7:30 p. m. on March
Rhodes of Kansas City.
Discount
Bidder—
0.322%
0.326%
0.33%
0.347 %
Jackson & Curtis
First Boston Corp
National Shawmut Bank of
Boston
Maiden Trust Co
0.348%
First National Bank of Boston
First National Bank of Maiden
Middlesex County National
0.35%
—0.356%
Bank of Maiden
MASSACHUSETTS (State of)—NOTE SALE—The issue of $4,000,000
March 3—V. 152, p. 1468—was awarded to a syndicate com¬
posed of Bankers Trust Co. of New York, National Shawmut Bank, Bos¬
ton Safe Deposit & Trust Co., Merchants National Bank, Second National
Bank and the Day Trust Co., all of Boston, at 0.167% interest rate.
Dated March 6. 1941 and due March 2, 1942.
Other bids:
notes offered
Bidder—
National City Bank of New York
Manhattan Co
First National Bank of Boston
Higginson Corp
First National Bank of New York
Lee
Sept. 1,
Sept. 1, 1941, 102 on or prior to Sept. 1, 1950, 101 on or prior to
1955, and at par thereafter.
Prin. and int. payable at the Bank of Clarkson,
Legality approved by Woodward, Dawson & Hobson, of
Clarkson.
NEWPORT, Ky .—BONDS OFFERED—S ea^ed and unconditional bids
received untL 3 p.fm. on March 7, by J. B. Morlidge. City Manager,
for the purchase of $100,000 not to exceed 3% semi-ann. unlimited tax
refunding bonds. Denom. $1,000.
Dated March 1, 1941. Due on Juiy 1
as follows:
$2,000 in 1943 to 1946, $3,000, 1947 to 1950, $4,000, 1951 to
1955, and $5,000 in 1956 to 1967.
were
—
BEDFORD, Mass.—NOTE SALE—Timothy J. Crowley, City
receive bids until 11 a.m. on March 11 for the purchase at
issued in anticipation of of revenue for the cur¬
rent year.
Dated March 12, 1941 and due Nov. 7, 1941.
Said notes
will be authenticated as to genuineness and validity by the First National
Bank of Boston, under advice of Storey, Tborndike. Palmer & Dodge of
Boston, and all legal papers incident to this issue will be filed with said
Bank, where they may be inspected.
NEW
Treasurer, will
discount of $500,000 notes
NEWTON.
Mass.—BOND SALE— The $120,000 coupon sewer bonds
awarded to R. L. Day & Co. of Boston as l^s, at
offered Marcn 4 were
100.07, a basis of about 1.499%.
Dated Aug. 1, 1940.
Denom. $1,000.
Due $4,000 yearly on Aug. 1 from 1941 to 1970, incl.
Principal and semi¬
annual interest payable at the First National Bank of Boston.
Legal
opinion of Ropes. Gray, Best, Coolidge & Rugg of Boston.
Coupon bonds
can be exchanged for full registered bonds, excepting those within one year
of maturity (Massachusetts statute).
Interest on registered bonds will
be paid by check from the City Treasurer's office.
Other bidders: For l^s—Newton, Abbe & Co., 101.7699; Harriman
Ripley & Co. and Kidder, Peabody & Co., 101.4176; Tyler & Co., 101.333;
Bond, Judge & Co., Graham, Parsons & Co. and Lyons & Shafto, Inc.,
101.0136; Hornblower & Weeks, 100.909; Whiting, Weeks & Stubbs and
Estabrook & Co., 100.80; Chace, Whiteside & Symonds and Perrin, West
& Winslow, 100.699.
NORTHBRIDGE, Mass.—NOTE SALE—The
purchased an issue of $150,000 notes at
of Boston
Second National Bank
0.186% discount. Due
1941.
July
,
Boston obtained
Due $10,000 on
17 and Sept. 18 and $20,000 on Nov. 6, 1941.
Other bids: First
Corp., 0.229%; Merchants National Bank of Boston, 0.26%;
Boston
Bristol County Trust Co.,
0.279%, and First National Bank
of Attleboro,
0.29%.
STONEHAM, Mass.—NOTE SALE—The Merchants National Bank of
was awarded on
March 6 an issue of $100,000 notes at 0.18%
Due Dec. 10, 1941.
Other bids:
Second National Bank of
Boston, 0.19%; R. L. Day & Co., 0.22%; Middlesex County National
Bank, 0.29%.
Boston
discount.
TAUNTON,
Treasurer, will
Louisville.
—
0.27%
NORTON, Mass.—NOTE SALE—Jackson & Curtis of
award on March 4 of $40,000 notes at 0.22% discount.
GRAYSON COUNTY PUBLIC SCHOOL CORPORATION (P. O.
Leithfield), Ky.—BONDS OFFERED TO PUBLIC—A $30,000 issue of
3/^ % coupon 1st mtge. bonds is being offered by Stein Bros. & Boyce, and
the Bankers Bond Co., botn df Louisville, for public subscription at prices
to yield from 1.50% to 3.35%, according to maturity.
Dated March 1,
1941.
Denom. $1,000.
Due March 1, as follows: $1,000 in 1943, $2,000
in 1944 to 1957, and $1,000 in 1958.
Callable on any interest payment
date on 30 days' published notice at 103 and accrued interest on or prior to
$25
15
0.19%
0.195%
MEDWAY, MasNOTE SALE—The Second National Bank of Boston
purchased an issue of $50,000 tax notes at 0.264% discount.
Due $25,000
each on Nov. 1 and Dec. 1, 1941.
"
Dec. 3,
KENTUCKY
Premium
Int. Rate
and Bank of the
0.18%
Mass .—NOTE OFFERING—Howard
receive bids until 11 a.m. on March 11
discount of $300,000 notes
A. Briggs, City
for the purchase at
issued in anticipation of revenue for
the current
Dated March 12, 1941 and due Nov. 10, 1941.
The First National
will guarantee the signatures and will certify that the
notes are issued by virtue and in pursuance of an order of the Municipal
Council, the validity of which order has been approved by Storey, Thorndike
year.
Bank of Boston,
Palmer & Dodge
of Boston.
WORCESTER, Mass.—NOPE SALE—The Bankers Trust Co. of New
awarded on Feb. 28 an issue of $500,000 revenue anticipation
notes at 0.15% discount, plus a premium of $8.
Dated March 3, 1941 and
due Nov. 7, 1941.
The State Street Trust Co. of Boston, second high
bidder, named a rate of 0.15%.
York was
LOUISIANA
CALCASIEU PARISH ROAD DISTRICT NO. 1 (P. O. Lake Charles)
La —BOND SALE—The $50,000 issue of semi-ann. road bonds offered for
sale on March 4—V. 152, p. 1315—was purchased by the Ernest M. Loeb
Co. of New Orleans, divided as follows:
$42,000 as 3Ks, due on April 1,
$500 in 1942. $1,500 1943 and 1944, $2,000 1945 to 1949, $2,500 1950 to
1954, $3,000 1955 to 1957, and $3,500 in 1958 and 1959, the remaining
$8,000 as 2^s. due $4,000 on April 1 in 1960 and 1961.
LIVINGSTON PARISH (P. O. Livingston), La .—BONDS SOLD—An
$100,000 court house bonds is reported to have been purchased by
the Ernest M. Loeb Co. of New Orleans as 4 Ms.
issue of
PARISH SEAT
ELECTION UPHELD—Litigation
courthouse construct.on issue by the above parish,
ended by a State Supreme Court decision to
election in which Livingston was designated as the
relative to a $100,000
apparently has been
uphold legality of a 1926
parish seat, and a ruling
by the Louisiana bond and tax board to approve the bond issue.
Prior to
action by the Board, the police jury negotiated a contract for sale of the
issue at
4M%. as noted above.
„
WORCESTER COUNTY (P. O. Worcester), Mass.—NOTE SALE—
The National Shawmut Bank of Boston was awarded on Feb. 28 an issue of
$700,000 notes, due in SH months, at 0.17% discount.
The Second
National Bank of Boston, next highest bidder, named a rate of 0.173%.
MICHIGAN
CLIO, Mich.—BOND CALL—Lyle P. Brown, City Clerk, announces
that the outstanding balance of $112,000 refunding bonds of the issue1
dated April 1, 1937, maturing after April 1, 1941, have been called for
redemption on the latter date.
Bonds together with current and all sub¬
sequent coupons
attached should be presented to the Clio
State Bank, Clio.
DEARBORN, Mich.—PRICE PAID—The $29,200 2% district
ment bonds awarded Feb. 25 to Crouse & Co. of Detroit—V. 152, p.
were sold at a price of 100.075.
assess¬
1468—
1626
The Commercial & Financial Chronicle
DEARBORN TOWNSHIP (P. O. Inkster), Mich.—BOND OFFERING
—Arthur Nixon, Township Clerk, will receive sealed bids until
8 p. m. on
March 10 for the purchase of $118,000 not to exceed
6% interest coupon
water supply system revenue bonds.
Dated March 15, 1941.
Denom.
$1,000.
Due March 15 as follows: $5,000 in 1944 to 1946,
$6,000 in 1947
to 1950, $7,000 in 1951 to 1954, $8,000 in 1955 to
1957, and $9,000 in 1958
to 1960.
Bonds maturing $9,000 in 1960 shall be subject to
redemption
at any time on or after March 15,
1946, on any interest payment date,
and bonds maturing $8,000 in 1957 and $9,000 in
1958 and 1959 shall be
subject to redemption at any time on or after March 15, 1956, on any inter¬
est payment date in the inverse order of their maturities
and redeemed by
the payment of the principal together with the accrued
interest thereon to
the date of redemption.
No other bonds shall be callable.
Rate of interest
to be in a multiple of X of 1%.
Principal and interest payable at the
Manufacturers National Bank, Detroit, or at its successor
paying agent
named by said Township, which shall be a responsible bank
or trust com¬
pany in Detroit.
The principal of the bonds and the interest thereon are
payable solely from the revenues of the water supply system of said town¬
ship, and the bonds are issued pursuant to the provisions of Act No.
94
of the Public Acts of 1933, as amended, and an
ordinance adopted on Feb.
19.
No proposal for less than all of the bonds will be
considered.
Bids
shall be conditioned upon the legal
opinion of Miller, Canfield, Paddock
& Stone of Detroit, approving the
legality of the bonds.
The cost of the
legal opinion and the printing of the bonds will be
paid by the township.
The bonds will be delivered at Detroit.
Enclose a certified check for
2%
of the par value of the bonds,
payable to the Township Treasurer.
DETROIT, Mich .—CURRENT
STUDY CITES FURTHER IMPROVE¬
MENT IN CREDIT POSITION—The
city is showing continued substan¬
tial progress in the improvement
annual compilation of material
of its credit position,
according to the
prepared for holders of the city's bonds and
released by First of Michigan
Corp.,
firm's compilation finds this
Detroit ahd New York City.
The
progress "reflected in debt retirement, in¬
collections, reduction of accumulated deficits, reduction of interest
charges and the smoothing out of annual debt service
requirements through
refunding of high coupon callable bonds, and increase in
not to exceed
March
6%, payable A-O.
Dated April 1, 1941.
8, 1941
Denom. $1,000.
Due April 1 as follows: $40,000 in 1942 and $30,000 in 1943 and
1944.
Prin. and int. payable at the Irving Trust Co., New York.
No bid at
less than par and accrued interest will be considered.
Each bond may be
registered as to principal in the name of the owner, on the registry books
of the City Treasurer; such registration being noted on the bond
by the
Treasurer, after which only such registered owner or the legal representa¬
tive of such owner shall be entitled to receive the principal
thereof; and no
transfer thereof shall be valid unless made on such registry books
by the
registered owner in person or by the duly authorized attorney of such owner;
and similarly reported on the bond; but such bond may be
discharged
from registration by being transferred to bearer, after which it shall be
transferable by delivery, but may be registered again as above.
Such
registration, however, shall not restrain the negotiability of the interest
coupons by delivery merely.
The bonds are authorized under and by virtue of Subdivision 1 of Section
55, Chapter VIII, of the City Charter, and pursuant to the provisions of
Mason's Minnesota Statutes for the year 1927, Section 1943, and pursuant
to Section 1946-2 of the 1940 Supplement to Mason's Minnesota Statutes
of 1927 and in further pursuance of "An Ordinance Providing for the Issu¬
Form and Sale of $300,000 of bonds of the City for the purpose of
Extending the Water and Light Plant of the City," passed Dec. 28, 1910,
ance,
and approved Dec. 30, 1910, and all other laws thereunto enabling; and as
thus authorized are to be issued, sold, negotiated and delivered by the
City
Council, notwithstanding any limitation contained in the City Charter, or
in any statute of the State, prescribing or fixing limitation upon the bonded
indebtedness of the city, and the City Council declares that the full faith
and credit of the
city shall at all times be irrevocaoly pledged for tne pay¬
of the bonds and for the payment of the current interest thereon.
The approving opinion of Chapman & Cutler of Cnicago will be furnished.
Enclose a certified check for 2% of the par value of the bonds,
payable to
the city.
ment
creased
every
item of
general economic statistics."
On a per capita basis, Detroit's valuations
are low in comparison with our
10 largest cities, being down nearly $1,000
in a decade against some $400 for other
cities, declares the firm in consider¬
ing the city's credit factors and the price of its securities.
While the city's
direct debt is high, its
overlapping debt is below the average, $159 against
$161, according to the compilation.
With the exception of Chicago and
St. Louis, Detroit is the
only one of this group of cities in which the entire
indebtedness is scheduled to be paid off
by 1963, and it is the only city in
the group which has issued no
general obligation bonds, other than refund¬
ing, since 1933.
Also strengthening the
city's position is the fact that cur¬
rent tax collections
up to Feb. 15, 1941 show an increase for 1940-41 over
1939-40 of 3.2%.
Noting the fact that Detroit's improved credit position
and the rise in the bond market have been
reflected in the price of the
city's
securities, the firm presents a tabulation of
approximate yields obtainable
20-year 3 K % bonds of the 10 largest cities as an
interesting comparison,
follows: Detroit,
2.95%; New York, 2.95%; Chicago, 2.50%; Phila¬
delphia, 2.60%; Los Angeles, 2.50%; Cleveland,
2.50%; St. Louis. 1.75%;
Baltimore, 1.90%; Boston, 2.40%, and Pittsburgh,
2.10%.
on
as
DETROIT, Mich.—OFFERINGS WANTED—City Controller Donald
Slutz announces that the
city will receive sealed offerings of city non-callable
bonds until March 12, at 10 a.
m., in the amount of approximately $140,000
for the street
railway sinking fund under the following conditions:
Offerings shah show the purpose, the rate of interest, date of
maturity,
the dollar value and the
yield.
Offerings whl be accepted on the basis of the highest net
yield to the
city as computed from the dollar price.
No bonds
maturing beyond
The city reserves the
Aug.
1, 1950, will be accepted.
up to that date only.
remain firm until 1 p. m., March 13.
PRAIRIE, Minn.—BOND ELECTION—It is reported that
on
March 11 in order to vote
an
the issuance of $50,000
on
disposal plant bonds.
ST. PAUL, Minn.—BOND SALE—The $275,000 issue of coupon semipublic welfare bonds offered for sale on March 5—V. 152, p. 1468—
ann.
awarded to a syndicate composed of Stranahan, Harris & Co., Inc. of
Toledo; Bond, Judge & Co.of Boston; and Kalman & Co. of St. Paul, as
lMs, paying a price of 100.387, a basis of about 1.43%.
Dated March 1,
1941.
Due from March 1, 1942 to 1951, incl.
was
STUNTZ
(P. O. Hibbing), Minn.—BOND OFFERING—Both sealed
and oral bids will be received until 10 a. m.
on March 20 by Richard Har¬
Town Clerk, for the purchase of $55,000 not to exceed 2Yi% semi¬
annual sewage
bonds.
Dated April
1,
1941.
Denom.
$1,000.
Due
Oct. 1 as follows: $10,000 in 1949 to 1952 and $15,000 in 1953.
The bonds
will be delivered on or before April 1 at the Town Treasurer's office or in
Minneapolis or St. Paul.
Prin. and int. payable at any suitable bank or
trust company designated by the purchaser.
Enclose a certified check for
2% payable to the Town Treasurer.
vey,
WILLMAR, Minn.—CERTIFICATE OFFERING—Sealed bids will be
received until 7 p. m. on March 10, by E. H. Brogren, City Clerk, for the
purchase of $4,000 3% semi-annual certificates of indebtedness.
Denom.
$1,000.
Dated Feb. 15, 1941.
Due $1,000 on Feb. 15 in 1942 to 1945.
No bid for less than par will be accepted.
A certified check for
$100,
payable to the City Treasurer, must accompany the bid.
YELLOW
MEDICINE
COUNTY
SCHOOL
DISTRICT
NO.
43
(P. O. Clarkfield), Minn.—PRICE PAID—The School Clerk now reports
tnat tne
right to reject any or all offerings.
The city reserves the
r,ght on bonds purchased, which are delivered sub¬
sequent to March 19, 1941, to pay accrued interest
Offerings shall
LONG
election will be held
sewage
the
$33,000 refunding bonds sold jointly to E. J. Prescott & Co. and
Co., both of Minneapolis, as noted here—V. 152,
for a premium of $276, equal to 100.836,
March 1 in 1942 to 1949.
Allison-Williams
p. 1316—were purchased as l^s
a basis of about 1.57%.
Due on
FARMINGTON
TOWNSHIP (P. O.
Farmington), Mich.—BONDS
OFFERED—Harry McCracken, Township Clerk, received sealed bids on
MISSISSIPPI
March
7 for the purchase of $20,000
refunding bonds of 1941.
Dated
April 1, 1941.
Denom. $1,000. or such fraction as
may be necessary.
Due $4,000 annually on
April 1 from 1942 to 1946, incl.
Bids were asked
in
the alternative, as follows: for
bonds callable on any interest
date;
bonds non-callable, and for bonds to be
partially callable.
FOREST TOWNSHIP SCHOOL DISTRICT NO.
5 (P. O. Otisville),
Mich .—BOND ISSUE DETAIIjS—The
$43,000 refunding awarded Feb. 5
to the Channer Securities
Co., Chicago, at a price of 100.048, a net interest
cost of about
2.265%, were sold as follows: $12,000 2^s, due 1942-47 incl.;
$15,000 2Ks, due 1948-53 incl.; $9,000 2s, due 1954-56
incl.; $7,000 2V2b,
due in 1957 and 1958.
HAMTRAMCK, Mich.—NOTE SALE—E.
purchased
was
as
made
on
W. Thomas & Co. of Chicago
5s the $135,000 tax anticipation notes for which no
formal bid
Feb. 25—V. 152, p. 1468.
Dated Feb. 1,
1941 and due
Aug. 1, 1941.
LAKE TOWNSHIP (P. O. St.
Clair), Mich —BOND SALE DETAILS
$48,000 refunding bonds of 1941 awarded to
Miller, Kenower &
Co. of Detroit—V. 152,
p. 1315, were sold at a price of 100.05 for
$36,000
2^s, due 1942 to 1946 incl. and $12,000
2^s, due in 1947 and 1948, a net
interest cost of about
-—The
2.628%.
MICHIGAN (State of)—TENDERS
FUNDING BONDS—G. Donald
WANTED
OF
HIGHWAY RE¬
Kennedy, State Highway
Commissioner,
will receive sealed tenders of
assessment district highway
refunding bonds
until 2 p. m. on March 17 at the
office of the Director of
Finance, Lansing,
for the following described
issues:
District
Estimated
No.
Obligation of
294
Counties,
Counties,
449 Counties,
462 Counties,
463 Counties,
467 Counties,
418
Funds
twps. & district..
twps. & district..
$1,000
2,000
twps. & district..
2,000
twps. & district..
17,000
District
No.
475
Estimated
Obligation of
Townships portion
475 Assessment dist. portion
481 Macomb County portion
Funds
$2,000
15,000
3,000
481
Assessment dist. portion
484
Counties, twps. & district..
4,000
Counties, twps. & district.. 20,000
Townships portion
10,000
5,000
twps. & district..
9,000
twps. & district..
471 Assessment dist.
portion...
473 Assessment dist.
portion.__
474 Assessment dist.
6,000
491
7,000
492
492
Assessment dist. portion
8,000
portion.._
10,000
501
475 Macomb
County portion...
7,000
1120
Counties, twps. & district..
Counties, twps. & district..
3,000
4,000
1,000
All tenders shall be
submitted in writing, sealed and marked "Tender of
Bonds,
and shall specify the road assessment
district number, the bond
numbers, the obligor (whether township portion,
county portion or assess¬
ment district
portion on individual issues), and shall
stipulate the lowest
price at which the owner will sell such
bonds with May 1, 1941 and subsecouP°ns
attached.
Bids shall remain firm through
Thursday,
Marchi 20, 1941.
All bonds purchased shall be delivered
to the paying
agent designated in the bonds on or before
March 24, 1941, accrued interest
being computed to that date.
can
be considered.
No tenders above par and accrued interest
ROYAL OAK
TOWNSHIP, Mich.—BOND CALL—Lester Opliger,
township Clerk. calls for payment at par and accrued
interest on April 1,
1941, at the National Bank of
Detroit, series D refunding bonds Nos. 25,
13, 4, 2 and 47, dated Oct. 1, 1936 and due
Oct. 1, 1948.
WILLIAMSTON,
Mich.—BOND CALL—B. Howard
Gorsline, Village
$42,000 water works bonds, Nos. 5 to
46, incl.,
dated April 1, 1937 and due
$2,000 April 1, 1942 to 1962, incl., have been
called for payment on
April 1, 1941, at par and accrued interest.
Bonds,
together with current and subsequent
coupons attached, should be pre¬
sented at the Village Clerk's
office.
Clerk,
announced
that
GULFPORT, Miss.—BOND SALE— The
$60,000 coupon
semi-annual
airport
bonds offered for sale on March 6—V. 152, p. 1468—were pur¬
by the First National Bank of Memphis, as 2 Ms, paying a premium
of $1,296, equal to 102.16, a basis of about
2.53%.
Dated Feb. 1, 1941.
chased
Due in 1942 to 1961 inclusive.
HUMPHREYS COUNTY (P. O. Belzoni), Miss.—PRICE PAID—
It is stated that the $1,103,000 3M% semi-annual
refunding bonds offered
for public subscription by a syndicate headed by the First National Bank
of Memphis, as noted here—V. 152, p. 1468—were
originally purchased
by the said
Due
group at par.
MADISON
on
April 1 in 1942 to 1960.
COUNTY
SUPERVISORS' ROAD DISTRICTS (P. O.
Canton), Miss.—BONDS SOLD—It is reported that the following bonds
aggregating $80,000, all of them 2M% semi-ann. road refunding bonds,
have been purchased oy Scharff & Jones of New Orleans: $28,500 District
No. 1; $24,500 District No. 2; $16,500 District No. 4, and
$10,500 Dis¬
trict No. 5 bonds.
Dated Dec. 15, 1940.
Legal approval by Charles &
Trauernicnt of St. Louis.
MADISON
COUNTY
SUPERVISORS
ROAD
DISTRICTS
(P.
O.
Canton), Miss.—BONDS NOT SOLD—It is reported by A. C. Alsworth,
Clerk of the Board of Supervisors, that the following funding bonds
aggre¬
gating $14,000, offered on Feb. 26—V. 152, p. 1469—were not sold as no
bids
were
received:
$5,750 Road District No. 2 bonds.
8,250 Road District No. 5 bonds.
Due in 1942 to
1952.
Due in 1942 to 1956.
McCOMB, Miss .—BONDS OFFERED TO PUBLIC—A $376,000 issue
of 4 % semi-annual refunding series A bonds is being offered
by John Dane
and Weil & Arnold, both of New
Orleans, jointly, for general investment,
at
prices to yield from 1.25% to 3.40%, according to maturity.
Dated
May 1, 1940.
Denom. $1,000 and $500.
Due Nov. 1 as follows: $15,000
$17,000 in 1944, $11,000 in 1945.
$17,000 in 1946, $13,000 in 1947, $19,000 in 1948, $14,000 in 1949, $20,000
in 1950, $16,000 in 1951, $22,000 in
1952, $19,000 in 1953, $23,000 in 1954,
$18,000 in 1955, $25,000 in 1956, $20,000 in 1957, $27,000 in 1958, $29,000
in 1959, $10,000 in I960, $6,000 in
1961, and $7,000 in 1962.
Prin. and
int. payable at the Whitney National Bank,
New Orleans.
Legality
approved by Charles &. Trauernicht of St. Louis.
in 1941, $16,000 in 1942, $12,000 in
1943,
MARKS, Miss.—BONDS VOTED—At
voters
are
an election held on Feb. 28 the
said to have approved the issuance of
$45,000 school bonds.
MISSOURI
CARUTHERSVILLE, Mo.—BONDS
on
March
3
the voters
$200,000 in electric
are
revenue
said
to
DEFEATED—At
have
defeated
the
an
election held
proposal to issue
bonds.
LOCKLAND SANITARY SEWER DISTRICT
(P. O. Clayton), Mo.
—BONDS SOLD—It is stated by the District
Attorney that $34,500 3%
semi-annual sewer bonds have been purchased
by the Baum, Bernheimer
Co. of Kansas City, paying a premium of
$358.25, equal to 101.038, a
basis of about 2.89%.
Dated
May 1, 1940.
Denom. $500.
Due May 1
$500 in 1942 and 1943, $1,000 in 1944 and 1945, $1,500 in 1946
1948, $2,000 in 1949 to 1954, and $2,500 in 1955 to 1960.
Prin. and
int. payable at the First National
Bank, Kansas City.
Legality approved
by Charles & Trauernicht of St. Louis.
as
follows:
to
SUGARTREE TOWNSHIP (P. O.
Carrollton), Mo.—BONDS SOLD
Township President states that the Carroll County Trust Co. of
Carrollton has purchased $12,000 3% semi-annual road improvement bonds
at par.
Due $1,000 in 1941 to 1952.
—The
MINNESOTA
BRECKENRIDGE,
Minn.—BOND
SALE—The
$75,000
issue
of
on March 3—V. 152,
p. 1316—
purchased by the City Sinking Fund
Commission, according to the
City Clerk. Dated April 1, 1941. Due $5,000 from
April 1, 1944 to 1958
incl.
coupon sewage piant bonds offered for sale
was
DULUTH,
until 10
a.
m.
Minn.—BOND
on
March
OFFERING—Sealed bids will be received
10 by C. D. Joronimus,
City Clerk, for the pur¬
chase of $100,000 coupon semi-annual
refunding bonds.
Interest rate is
VALLEY PARK, Mo .—BONDS VOTED— The City Clerk states that
the voters approved the issuance of $45,000 sewer
system bonds by a wide
margin at an election held on Feb. 25.
WHEATON, Mo.—BOND SALE DETAILS—The City Clerk states
that the $12,000 water system bonds sold to a local investor, as noted here
on Dec. 7, were purchased as
4s, at a price of 100.583, a basis of about
3.94%.
Due on March 1 as follows: $400 in 1942 to 1945; $500, 1946 to
1949; $600, 1950 to 1955. and $800 in 1956 to 1961.
The Commercial & Financial
Volume 152
montana
("MISSOULA COUNTY (P. O. Missoula), Mont.—
Clerk of the Board of County Comissioners states that the $270,000 free
"~high school construction bonds sold to a syndicate headed by Kalroan & Co.
of St. Paul, as l^s, at a price of 100.275, as noted here in December,
mature $13,500 xrom Jan. 1, 1942 to 1961, giving a basis of about; 1.72%.
MISSOULA
AND
GRANITE
COUNTIES
SCHOOL
JOINT
1627
Chronicle
composed of B. J. Van Ingen & Co., Inc., New York; Colyer, Robinson
& Co., MacBride, Miller & Co., both of Newark; and Walter, Woody &
Heimerdinger of Cincinnati, their bid being for an aggregate of $388,000
bonds, as 2^s, at par plus a premium of $391,530.80, equal to 100.91, a
basis of about 2.67%.
Sale consisted of the following issues:
85,000 City hall bonds.
Due Feb. 1 as follows:
$6,000 from 1942 to
1945, incl.; $7,000 from 1946 to 1948, incl. and $8,000 from 1949
to 1953, inclusive.
DIS¬
TRICT NO. 32 (P. O. Clinton), Mont.—BOND SALE—'The $22,900
school bonds offered for sale on March 3—V. 152, p. 1160—were awarded
to the State Board of Land Commissioners as 2}£s, according to the
Due $1,000 on Feb. 1 from 1942 to
30,000 water bonds.
No. Bonds
April i in order to have the voters
pass on
the issuance of $15,000
V
Neb.—BOND ELECTION—An election is reported
on the proposed issuance of $18,000 airport bonds.
COLUMBUS,
Nashville; M.
Dwyer & Co
'
Inc
and
GARLAND, Neb.—BONDS SOLD—The Village Clerk states tnat the
first Trust Co. of Lincoln has purchased $16,000 3% semi-ann. refunding
?o?ds- Dated Aug. 1, 1940. Due on Aug. 1 as follows: $500 in 1941 to
Carroll
& Co.,
_
_
CONSOLIDATED
HUBBARD, Neb.—BONDS SOLD—It is reported that $4,000 refunding
bonds have been sold to an undisclosed investor.
,
100.44
2X%
390
2M%
100.32
386
3%
101.41;
3%
100.55
390
Rollins & Sons,
Inc., and Granbery, Marache& Lord
390
389
Dougherty, Corkran & Co
0'Gara& Co__
3%
100.31
„
A. C. Allyn & Co., Inc.; E. H.
M. M. Freeman & Co
Julius A. Rippel, Inc.; Butcher
John Nuveen & Co
& Sherrerd, and
successful banking group
yield from 0.60% to 2.75%. according to
BONDS PUBLICLY OFFERED—The
CREEK
^
100.54
2K%
389
:_
Rippel & Co.
H. B. Boland & Co., and Alfred
years
SCHOOL DISTRICT (P. O.
Dawson), Neb.—BOND SALE DETAILS—The District Secretary states
that the $10,000 semi-annual community house and gymnasium bonds
sold to Beecroft, Cole & Co. of Topeka, as noted here in December, were
purchased as 1
at par, and mature $1,000 from Oct. 1,1942 to 1951 incl.
HONEY
100.771
2%%
388
Minsch. Monell & Co., Inc.; J. S.
DECATUR, Neb.—BONDS SOLD—The Village Clerk states that the
following bonds aggregating $29,000 were sold recently: $16,000 refunding
and $13,000 funding bonds.
In 1951; optional after five
Vick &
B.
Campbell, Phelps & Co., Inc.; John B.
& Co.; Buckley Bros., and Dolphin
as
being set for April 1
1950, and $11,000
Union Bank,
Co. and Bailey,
H. L. Schwamm & Co.; Commerce
CHADRON, Neb.—BOND ELECTION—An election is said to be sched¬
airport bonds.
Bate Bid
Int. Bate
Bid for
Bidder—
nebraska
i
1971, inclusive.
Other bids:
1941.
All of the bonds will be dated Feb. 1,
District Clerk.
uled for
1942 to 1962,
$276,000 school bonds. Due Feb. 1 as follows: $8,000 from
incl. and $12,000 from 1963 to 1971, inclusive.
the bonds at prices to
MIDDLE TOWNSHIP SEWERAGE
re-offered
maturity.
DISTRICT NO. 1 (P. O. Cap®
N. J —BOND ISSUE DETAILS—The $50,000 3% sewer
general obdgation bonds awarded last December to Warren
A. Tyson Co., Philadelphia—V. 151, p. 3919—mature $2,000 annually
on Dec. 31 from 1943 to 1967, inclusive.
May C. H.),
revenue
and
,
LAUREL, Neb.—BONDS SOLD—It is stated by the Village Clerk that
$29,000 2%% semi-ann. refunding bonds authorized by the Village Council
on Nov. 14,
1940, have been purchased by the Wachob-Bender Corp. of
Omaha.
Denom. $1,000.
Dated Dec. 1, 1940.
Due on Dec. 1, 1953;
optional on Dec. 1, 1947.
Municipal Bonds
Government Bonds
-
Housing Authority Bonds
LINCOLN, Neb.—BOND SALE—The $500,000 issue of semi-annual
refunding bonds offered for sale on Feb. 28—V. 152, p. 1016—was
by the City Council on March 3 to Wood, Struthers & Co. of
New York as l^g at a price of 101.57, a basis of about 1.11%.
Due
$50,000 on March 1 in 1942 to 1951; optional at any time after five years.
Tilney & Company
water
awarded
NEW YORK, N. Y.
76 BEAVER STREET
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
$300,000 issue of semi-annual aviation field bonds offered at the
time, as reported here, were awarded jointly to thje First Boston Corp.
as 1.60s, at a price of 100.32, a, basis of about 1.57%.
Due $30,000 on March 1 in 1952 to 1961: optional at any time after 10 years.
The
same
and Kaiser & Co.
following semi-annual special assessment bonds aggregating $123,900,
on the same date—V. 152, p. 1016—were awarded to the
National Bank of Lincoln as l^s, paying a price of 100.22,
basis of about 1.21%:
The
new
offered for sale
Continental
a
$110,000 paving districts bonds.
1951, inclusive.
13,900 water districts bonds.
1951, inclusive.
Due $11,000 from March 1, 1942 to
Due
$1,390
1,
March
from
1942 to
BOND CALL—It is stated by Theo. H. Berg, City Clerk, that the city
will call and retire, on or before March 15, a total of $800,000 water ex¬
tension bonds, dated Jan. 1,
1932.
&j
LONG PINE SCHOOL DISTRICT (P. O. Long
SOLD—The District
Secretary reports that the
$36,212.95
Due
ZM% semi-annual refunding bonds.
serially in 20 years, optional after 5 years.
<*4
*
4
Pine), Neb.—BONDS
State has purchased
Dated Sept. 1, 1940.
^
MURDOCK, Neb.—BONDS SOLD—The Village Clerk states Umt
$9,500 3X % semi-annual water refunding bonds have been sold.
Denom.
$500.
Dated Oct. 1, 1940.
Due $500 from Oct. 1, 1942 to 1960; callable
after Oct. 1, 1950.
Prin. and int. (A-O) payable at the County Treasurer s
office.
york
ELMIRA, N. Y.—BOND OFFERING—A. Lyman Wright, City ChanT
berlin, will receive sealed bids until 2 p. m. on March 13 for the purchase
of $75,000 not to exceed 6% interest coupon or registered general bonds of
1941.
Dated March 1, 1941.
Denom. $1,000.
Due March 1 as follows:
$10,000 from 1942 to 1948 incl. and $5,000 in 1949.
Bidder to name a single
rate of interest, expressed in a multiple of X or 1-10 of 1%.
Principal
and interest (M.-S) payable at the City Chamberlain's office.
The bonds
are unlimited tax obligations of the city and the approving legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
A certified check for $1,500, payable to order of the
city, must accompany each proposal.
In the event that prior to the de¬
livery of the bonds the income received by private holders from bonds of
the same type and character shall be taxable by the terms of any Federal
income tax law, the successful bidder may, at his election, be relieved
of his obligations under the contract to purchase the bonds and in such
case the deposit accompanying his bid will be returned.
Buffalo), N.
ERIE COUNTY (P. O.
Y.—REPORTCITES CONTINUED
COLLECTIONS—In forwarding the 1940 tax
Ulrich, County Treasurer, addressed us as
IMPROVEMENT IN TAX
collection statement, Charles
follows:
TILDEN
(P.
DISTRICT
SCHOOL
GRANTED—The
President
of the
Walter V. Ray nor Co. of Omaha was
Neb.—OPTION
Tilden),
O.
Board
of Education
states
that the
granted a 60-day option to purchase
$74,000 refunding bonds.
collections is
WYMORE, Neb.—BONDS SOLD—The City Clerk states that $20,000
municipal swimming pool bonds approved by the voters last September,
have been sold.
closed.
new
MANCHESTER,
Two
First—The percentage of tax
hampshire
Slus a premium of $4.50. Due National 1941. of Boston, 0.34%;Corp.,
Dec. 12, Bank Other bids: Elms First
lanchester, 0.3291%; Second
National Bank of Boston,
0.38%; Bond, Judge & Co., 0.39%; Lee Higgin-
Corp., 0.395% and Leavitt &
collections in the county as a
reduced
tax sales were
as
follows:
HAMPSHIRE, State of—MUNICIPAL LEGISLATION UNDER
CONSIDERATION—The following report is taken from the February issue
of "New England Municipal News," published by F. W. Horne & Co.
$919,434.80
County-held liens were reduced by
Individual-held liens were
Co., N. Y., 0.41%.
64,011.49
reduced by
,
NEW
of Hartford:
been introduced in the New
of Representatives and sent
"Two important pieces of legislation have
Hampshire Legislature passed by the House
consideration.
three to five years the period during
for the loss of taxes on tax¬
Government for purposes of flood
law providing for such reimburse¬
ment, on the basis of the 1939 assessed valuation, for a period of three
years 'next ensuing the year lands or-interest therein becomes exempt from
"House Bill 74 would increase from
which the State is required to reimburse towns
able property taken over by the Federal
control.
The 1939 Legislature passed a
FRANKLIN SQUARE MUNSON FIRE DISTRICT (P. O. Franklin
Square), N. Y.—BOND OFFERING—Robert W. Gunther, Secretary of
Commissioners, will receive sealed bids until 3 p.m. on
March 21 for the purchase of $20,000 not to exceed 6% interest coupon
or
registerd fire alarm system bonds.
Dated April 1, 1941. Denom.
$1,000.
Due $2,000 annually on April 1 from 1942 to 1951 incl.
Bidder
to name a single rate of interest, expressed in a multiple of X or 1-10 of 1 %.
Principal and interest (A-O) payable at the Franklin Square National Bank,
Franklin Square.
The successful bidder will be furnished with the opinion
of Reed, Hoyt, Washburn & Clay of New York City that the bonds are
valid and binding obligations of the district.
A certified check for $400,
payable to order of the district, is required.
taxation.'
"House Bill 105 would extend for four years
guarantee emergency notes
cities and counties."
Council
to
PITTSFIELD
TOWN
the authority of the Governor
and bonds issued by towns,
SCHOOL DISTRICT, N. H.—SUPREME
BOND ISSUE—It is reported that the
COURT OBVIATES NEED FOR
GERMANTOWN AND CLERMONT
NO. 2 (P. O.
Bidder—
funds
C. F. Childs & Co., and
This will
bond issue.
Union Securities Corp.,
Inc
construction of an addition to
obviate the necessity of
its school building.
the district's having to float a
CENTRAL SCHOOL DISTRICT
$156,000 coupon
Gcrmantown), N. Y.—BOND SALE—The
Sherwood & Co
and Roosevelt & Weigold,
-
Tripp & Co
new
and George B. Gibbons & Co., Inc
A. C. Allyn & Co., Inc
Shields & Co., and Schwabacher & Co
Manufacturers & Traders Trust Co., and Bacon,
Stevenson & Co
Marine Trust Co. of Buffalo and R. D. White & Co.
Blair & Co., Inc.,
j
jersey
BURLINGTON, N. J .—BOND SALE—The $18,000 coupon or regis¬
sewer bonds offered March 4—V. 152, p.
1160—were awarded to
Collings & Co. of Philadelphia, as
at par plus a premium of
$66.61, equal to 100.37, a basis of about 1.67%.
Dated March 1, 1941
and due $2,000 yearly on March 1 from 1942 to 1950 incl.
Other bids:
;
tered
C. C.
Int. Rate
Minsch, Monell & Co
H. B. Boland & Co___—_
100.305
100.283
100.27
Colyer, Robinson & Co
Hendricks & Eastwood
M. M. Freeman & Co
Burlington City Loan & Trust
W. E. Wetzel & Co
r
CLIFTON,
bonds
offered
1M %
— -
-
■
\H%
1X%
1M %
Co
100.319
100.569
100.189
100.056
2%
2%
100.519
100.34
Due $1,000 yearly on Feb.
1 from 1942
5,000 series B water bonds.
100.06_
registered
syndicate
100.11
1.80%
1.90%
1.90%
1.90%
$10,000 series A water bonds.
to 1951, incl.
Due $1,000 yearly on Feb.
1 from 1942
to
Far
100.361
N. J.—BOND SALE—The $391,000 coupon or
March 4—V. 152, p. 1316—were awarded to a
100.135
IX %
& Co. of New
100.272
100.129
2%
2X%
Bate Bid
bonds offered Feb.
100.22
2%
2%
Int. Bate
IX %
HEMPSTEAD, N. Y.—BOND SALE—The $61,000 coupon or registered
2&~V. 152 p. 1317—were awarded to Kidder, Peabody
York, as 1.70s, at a price of,100.53, a basis of about 1.63%.
Rate Bid
1M%
Bidder—
Schmidt, Poole & Co
—- —
Parker & Weissenborn__r_________— _____
awarded
registered school bonds offered March 5—V. 152, p. 1469-—were
to E. H. Rollins & Sons, Inc.. New York, as 1.60s, at 100.189, a basis of
about 1.57%.
Dated March 1, 1941 and due March 1 as follows: $10,000
from 1942 to 1954. incl.; $11,000 in 1955 and $15,000 in 1956.
Other bids:
or
State Supreme Court has authorized the district to use certain trust
of the town which had previously been earmarked for educational purposes
to aid in the
$983,446.29
the Board of Fire
to the Senate for
and
whoel ex¬
approximately 10 years.
towns collected more than 90%
from 90.25% to 97.58%.
You will aiso find enclosed our annual tax sales statements, which show
the total tax liens held by Erie County and also by individuals as of Jan. 1,
1941.
Compared with the statements of Jan. 1, 1940, the outstanding
first time in
Second—Tne three cities and 16 of the 25
of the taxes spread, the percentages ranging
H.—NOTE SALE—The issue of $500,000 notes
Curtis, of Boston, at 0.29%,
N.
collected in Erie County as a
namely:
ceeded 90% for the
offered March 6 was awarded to Jackson &
son
whole: 84.16% col¬
collected in the City
in Erie County tax
contained in the 1940 tax collection sttement herewith en¬
very interesting facts are brought forth in these statements,
Gentlemen—90.76%
lected in cities and towns outside of Buffalo; 95.83%
of Buffalo.
This record of continued improvement
1946.
incl.
46,000 refunding bonds ol 1941.
Due Feb. 1 as
and 1950, and $10,000 from 1951 to 1953,
follows: $8,000 in 1949
incl.
Feb. 1, 1941.
They were reoffered by the
bankers at prices to yield from 0.40% to 1.65%, according to maturity.
Other bids were as follows:
All of the bonds will be dated
:
:
..
J,
...
>
The Commercial & Financial Chronicle
1628
Bidder—
Int. Rate
Adams, McEntee& Co., Inc
Tilney&Co..
H. L. Schwamm & Co,
Blair & Co., Inc
George B. Gibbons & Co.. Inc
—
Second National Bank & Trust Co., Hempstead
R.D.White&Co
C. F.ChiIds& Co. and Sherwood & Co..
A. C. Allyn & Co., Inc
Craigmyle, Rogers& Co
_
,
Y.—NOTE
_
additional information and must be accompanied by a certified check upon
incorporated bank or trust company, payable unconditionally to the
order of the State Treasurer for $640.
The approving opinion of Masslich &
an
;
;
In the event that prior to tne delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
100.30
100.14
Par
100.173
100.14
-
,
Mitchell, N. Y. City, will be furnished the purchaser.
100.101
\
100.168
100.139
Eurchase the bonds, and in sucn case the deposit accompanying his bid will
returned.
e
100.202
2.20%
2H%
SALE— The
Marine Midland Trust
Co. of New York was awarded on March 4 an issue of $150,000 tax notes
at 0.30% interest, plus a premium of $15.
Due July 31, 1941.
NEW YORK, N. Y.—PLANS TO ISSUE $35,000,000 BONDS—The
city is expected to issue an aggregate of about $35,000,000 various municipal
bonds some time in the present month.
Of the total It Is expected
that $19,000,000 will be offered for award at competitive bidding, with the
remainder being absorbed by the city's sinking funds.
The bonds offered
for public sale will be either 10- or 15-year serial obligations, while those
Intended for the sinking fund would mature from 15 to 35 years.
March 18
is mentioned as the probable date of the public award.
GUILFORD COUNTY DRAINAGE DISTRICT NO. 1 (P. O. Greens¬
boro),
NEW YORK (State of)—$249,170,000 OF BONDS TO BE REDEEMED
IN NEXT TEN YEARS—Coincident
with
the announcement of his
intention to open bids March 11, for the sale of $19,600,000
housing bonds,
detailed account of which appeared in V. 152, p. 1470,
Comptroller Morris
8. Tremaine has followed his usual custom of making available to the
HIGH
outstanding on Feb. 1, 1941.
Sinking funds on that date amounted to
$145,120,450.82, all of which was applicable to the redemption of term
aggregating $233,.500,000.
In a foreword to the report,
Mr. Tremaine directed particular attention to "one
point illustrating the
indebtedness
direction in which the State debt is currently moving.
Present schedule of
outstanding serial debt shows maturities ranging from a little over $33,000,000 in 1942, downward to something over $12,000,000 in 1951.
It is
also noted that during the same period, only $13,000,000
sinking fund bonds
are scheduled for redemption, whereas
sinking fund assets at the present
time amount to over $145,000,000.
Mr. Tremaine points out that, na¬
turally, no one can accurately predict the amount of bonds that may be
authorized by the people or appropriated by the
Legislature within the
next decade.
He adds, however, "that there are no present indications
that a sufficient amount of long-term financing will be done to
materaily
upset" the present trend toward rapid retirement of State debt.
NORTH VILLE, N. Y.—BOND SALE—The $7,000 series A
coupon or
registered water bonds offered Feb. 28 were awarded to the Marine Trust
Co. of Buffalo, as 1.80s, at a price of 100.053, a basis of about
1.79%.
Dated March 1, 1941.
Denom. $1,000.
Due $1,000 on March 1 from
1942 to 1948 incl.
Principal and interest (M-S) payable with New York
exchange at the Northville Bank. Legal opinion of Dillon, Vandewater &
Moore of New York City. Other bids:
int. Rate
R. D. White & Co
E. H. Rollins & Sons, Inc
Sherwood A Co
1.90%
2% *
2.20%
2.20%
George B. Gibbons & Co., Inc
Rate Bid
$1,000
received
until
''-"-I
MOCKSVILLE, N. C.—BOND SALE—The $40,000 coupon semi-ann.
water and sewer bonds offered for sale on March 4 —Y. 152, p. 1470—were
awarded to Vance, Young & Hardin of Winston-Salem, paying a premium
100.12, a net interest cost of about 3.39%, on the
as follows: $15,000 as 3s, due $1,500 from March 1, 1943
1952, the remaining $25,000 as 33^8, due on March 1, $1,500 in 1953
and 1954, $3,500 in 1955 to 1960, and $1,000 in 1961.
of
$48.75, equal to
bonds divided
to
PASQUOTANK COUNTY
(P.
O. Elizabeth City),
N. C.—BOND
OFFERING—Sealed bids will be received until 11 a.
m. (EST), no March 11,
by W. E. Easterling, Secretary of the Local Government Commission, at
nis office in Raleigh, for the purchase of $9,000 school building bonds.
Dated Nov. 1,1939.
Due on May 1 as follows: $2,000, 1950 to 1953, incl.,
and $1,000, 1954. without option of prior payment.
There will be no
auction.
Denom. $1,000; prin. and int. (M-N), payable in lawful money in
N. Y. City; coupon bonds registerable as to principal only; general obligations; unlimited tax; delivery atjplac|0of purchaser's choice.
;
Bidders are requested to name thelnterest rate or rates, not exceeding
6 % per annum in multiples of M of 1 %.
Each bid may name one rate for
part of the bonds (having the earliest maturities), and anotner rate for the
balance, but
no
bid
may name more
than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
Tne bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost
the
to
county,
such cost to be determined
by deducting the total
amount of the
premium bid from the aggregate amount of interest upon all
of the bonds until their respective maturities.
No bid of less than par and
accrued interest will be entertained.
Bids must be accompanied by a
certified check upon an incorporated bank or trust company, payable un¬
conditionally to the order of the State Treasurer for $180.
The right to
reject all bids is reserved.
The approving opinion of Reed, Hoyt, Wash¬
burn & Clay, N. Y. City, will oe furnisned tne purchaser.
In the event that prior tothe delivery of tne bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his electiion, be relieved of his obligations under the contract to
purchase the bonds and in such
bereturned.
on
be
POINT, N. C.—BONDS AUTI10RI/ED—The City Council is
adopted an ordinance recently, authorizing the issuance of
100.16
NYACK, N. Y.—BOND OFFERING—William P. Bugbee, Village Clerk,
will receive sealed bids until 3 p. m. on March 18 for the
purchase of $11,000
not to exceed 6% interest coupon or registered
sewage disposal plant, series
II bonds.
Dated April 1, 1941.
Denom. $1,000.
Due
will
have
100.277
100.22
100.149
bids
OFFERING—Sealed
$435,000 refunding bonds.
public
condensed statement of the essential features of the State s fiscal
opera¬
a series of years.
The report shows that the State will redeem in
the next 10 years $249,170,000 or the $653,967,000 of bonds which were
C.—BOND
purchaser.
said to
a
tions for
N.
March 15, by H. Clyde Smith, Chairman of the Board of Commissioners,
for the purcnase of $12,000 6% semi-ann. drainage bonds.
Due $1,200 in
from 3 to 12 years after date of issue.
Further details as to form of bonds
and the method of payment are to be agreed upon by the Board and the
purposes
Bidder—
8, 1941
100.133
2.20%
Manufacturers & Traders Trust Co
N.
100.64
100.22
,1.90%
1.90%
2%
2%
2%
2.10%
2.10%
-
LARCHMONT,
Rale Bid
1.90%
1.90%
—
First of Michigan Corp
March
case tne
deposit accompanying his bid will
:7r.:.C
■
Ivr:-
YOUNGSVILLE, N. C.—BOND SALE—The $3,000 semi-annuai water
bonds offered for sale on March 4—V. 152, p. 1470—were purchased by
the First
a
National Bank
basis of about 4.70%.
of Waynesville,
as
4 2is, at a price of 100.233,
Due $500 on March 1
Dated March 1, 1941.
in 1944 to 1949 incl.
Oct. 1
from 1941 to 1951 incl. Bidder to name a single rate of
interest, expressed
In a multiple of M of or l-10th of 1 %.
Principal and interest (A-O) payable
to the Nyack Bank & Trust
Co., Nyack.
The bonds are unlimited tax
obligations of the village and the approving legal opinion of Hawkins.
Delafield & Longfellow of New York City will be furnished the successful
bidder.
A certified check for $220, payable to order of the
village, is re¬
quired.
In the event that prior to the delivery of the bonds the income
received by private holders from bonds of the same
type and character shall
be taxable by the terms of any Federal income tax
law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid
NORTH
DAKOTA
BURKE COUNTY (P. O. Bowbells), N. Dak.—BONDS SOLD—It is
reported by the County Auditor that the $167,271.77 semi-annual
refunding bonds offered for sale without success on Aug. 27, 1940, as
now
noted here at the time, have been purchased as 4s
Dated Sept. 1, 1940.
Due on July 1 in 1944 to
maturity.
./'--v
by the State Treasurer.
1963; optional prior to
;
■—„'■■■ ;,7:■
i-yr
will be returned.
WILLIAMS COUNTY (P. O. Williston), N. Dak.—CERTIFICATES
SOLD—It is stated by the County Auditor that of the $200,000 certificates
OSWEGO, N. Y.—BOND OFFERING—Leonard T. Gadwood, City
Chamberlain, will receive sealed bids until 11 a.m. on March 18 for the
at
purchase of $191,000 not to exceed 6% interest coupon
Due
of indebtedness offered for sale
divided
as
or
follows:
$106,000 home relief bonds.
Due March 1
as
follows:
registered bonds,
All of the bonds will be dated March
1, 1941.
Denom. $1,000.
Rate
of interest to be expressed in a
multiple of
or 1-10 of 1%.
Different
rates may be bid for the separate
issues, but in such case all the bonds
of each issue must bear the same rate.
Principal and interest (M-S) pay¬
able at the First & Second National Bank & Trust
Co., Oswego.
Bonds
are unlimited tax obligations of the
city and will be delivered to
the pur¬
chaser
on or about March
27, 1941, at the Marine Midland Trust Co.,
New York City.
A certified check for 2% of the bonds bid for, payable
to order of the City
Chamberlain,
& Raymond of New York
is required.
Legal opinion of Caldwell
City will be furnished the successful bidder.
In the event that prior to the
delivery of the bonds the income received by
private holders from bonds of the same type and character shall be taxable
by the terms of any Federal income tax law, the successful bidder
may,
election, be relieved of his obligations under the contract to purchase
at his
the bonds and in such
case
the
deposit accompanying his bid will be returned.
PELHAM,
N. Y.—BOND SALE—The $10,000 coupon or registered
improvement bonds offered March 4—V. 152, p. 1470—were
awarded to First National Bank of Mount
Vernon, as 1.60s, at par.
Dated
Feb. 1,1941 and due $1,000
yearly on Feb. 1 from 1942 to 1951 incl.
general
Other bids:
Bidder—
int. Rate
R. D. White & Co
George B. Gibbons & Co
NORTH
Rate Bid
1.90%
2%
2%
Manufacturers & Traders Trust Co
100.139
100.319
CAROLINA
Corporation accepted the
%~25-
on
g
Dec- 1
as
Allows: $1,000 in 1943 to 1966, and
tSS
'
DALLAS, N.C.—BOND OFFERING—Sealed bids will be received until
11 a. m. on March 11, by W. E.
Easterling, Secretary of the Local Govern¬
ment
Commission, at his office in Raleign, for the purchase of a $32,000
issue of sanitary sewer bonds.
Dated Feb. 1, 1941.
Due on Feb. 1 as
follows:
$1,000, 1944, $1,000, 1945, $2,000, 1946
to 1957 and
$1,000, 1958
There will be no auction.
principal alone; prin. and
(F-A), payable in legal tender in N. Y. City; general obligations;
unlimited tax; delivery on or about March 25, at
place of purchaser's choice.
Bidders are requested to name the interest rate or
rates, not exceeding
6 % per annum in multiples of X of 1 %.
Each bid may name one rate for
part of the bonds (having the earliest maturities), and another rate for the
Dalance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the
lowest interest
to
1963, all incl., without option of prior payment.
Denom. $1,000; coupon bonds registerable as to
int.
cost to the town, such cost to De determined
by deducting tne total amount
of the premium bid from the aggregate amount of interest
upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
interest will be entertained.
Bids must be on a form to be
on
on March 5—V.
152, p. 1318—a block of
purchased by the American State Bank of Williston, as 5sf
The remaining $150,000 certificates evidently were not sold.
or before Jan. 10, 1943.
was
OHIO
AKRON, Ohio—$2,323,863 DEBT RETIRED LAST
YEAR—City has
a net bonded debt of $31,388,731
representing a reduction of $2,323,863
during the last year, according to Philip W. Ferguson, secretary of the
Sinking Fund Commission.
Total debt includes $23,258,012 general obli¬
gation bonds; $206,506 poor relief excise tax notes; $122,500 poor relief
tax levy notes; $6,658,412 water department bonds, and $1,143,300 special
assessment bonds.
Per capita debt, based on a population of 243,130, is
$95.67.
Average interest rate on the outstanding bonds is 4.432%.
COLUMBUS, Ohio—BOND SALE—The $100,000
coupon
fire depart¬
ment bonds offered March 6—V.
152, p. 1470—were awarded to the Bran¬
Bank & Trust Co. of Columbus, as 1 Ms, at a price of 100.01, a basis of
about 1.248%.
Dated April 1, 1941 and due $10,000 on Oct. 1 from 1942
to 1951 incl.
Second high bid of 100.643 for l^s was made by Hawley,
son
Shepard & Co. of Cleveland.
COLUMBUS, Ohio—OTHER BIDS—The $608,400 deficiency
awarded
to
the
State
Teachers
Retirement
Sustem
as
2s
at
a
bonds
price of
103.007, a basis of about 1.43%—V. 152, p. 1318—were also bid for
follows, each bidder having named a rate of 1H %•
Bidder—
as
yV.-'.Rate Bid
,
Field, Richards & Co., First Cleveland Corp., and McDonaldCoolidge & Co
101.151
Stranahan, Harris & Co., Inc., and Otis & Co
101.144
.
furnisned with
Blyth & Co.; Fahey, Clark & Co.; Hayden, Miller & Co.; Merrill,
Turben & Co., and Lowry Sweney, Inc__
100.77
Halsey, Stuart & Co., Inc.; Blair & Co., Inc., and E. H. Rollins
& Sons, Inc
100.279
CLEVELAND, N. C.—BONDS SOLD TO RFC—In connection with the
report given here last August, to the effect that the Reconstruction Finance
Corporation had agreed to purchase at par $30,000
4% semi-ann. water
and sewer bonds, it is now reported
by W. E. Easterling, Secretary of the
Local Government Commission, that the said
$1,500 in 1967 to 1970.
par.
$10,000 from 1942
to 1945 incl. and $11,000 from 1946 to 1951 incl.
85,000 public works project bonds.
Due March 1 as follows: $8,000 from
1942 to 1946 incl. and $9,000 from 1947 to 1951 incl.
,
$50,000
100.585
Braun, Bosworth & Co. and Provident Savings Bank & Trust Co.
BancOhio Securities Co.; Weil, Roth & Irving Co., and Van Lahr,
Doll & Ishpording
Pohl & Co.; C. F. Childs
100.581
100,21
& Co.; Fullerton & Co.; Charles A.
Hinsch & Co.; Paine, Webber & Co., and Seasongood & Mayer.
100.062
EAST SPARTA, Ohio—BOND OFFERING—Cora K. Dine, Village
Clerk, will receive sealed bids until noon on March 20 for the purchase of
$10,000 4 3^% street improvement bonds.
Dated Jan. 1, 1941.
Denom.
$500.
Due $500, July 1, 1942; $500 Jan. 1 and July 1 from 1943 to 1951
incl. and $500 Jan. 1, 1952.
Interest J-J.
A certified check for $100 is
required.
HILLSBORO, Ohio—BOND SALE—The Farmers
Hillsboro purchased
ment bonds as
IRONTON,
on
Feb. 11
an
& Traders Bank of
issue of $20,000 water system improve¬
2Hs, at par.
Ohio—BOND
SALE—The
$9,000
delinquent
tax
bonds
offered March 5-v. 152, p. 1471—were awarded to the Provident Savings
Bank & Trust Co., Cincinnati, as 2)^8, at par
plus a premium of $29.70,
equal to 100.33, a basis of about *2.19%.
Dated March 1, 1941 and due
$1,000 on March 1 from 1943 to 1951 incl.
Second high bid of 100.62 for
2^s
was made Dy
MINSTER,
J. A. White & Co. of Cincinnati.
Ohio—BOND
SALE— The $25,000 sewer system bonds
offered March 4—V. 152, p. 1318 were awarded to the State Teachers
Retirement System, Columbus.
Dated March 1, 1941 and due $625 on
May 1 and Nov. 1 from 1942 to 1951 incl.
Volume
OHIO (State of)—LOCAL REFUNDING AUTHORITY EXTENDED—
8tate
Legislature has completed enactment of a measure which
extends for two years the authority of subdivisions to refund maturing
Donds, enabling them to obtain lower interest rates and spread payment of
The
their
obligations
over
a
longer period.
Ohio Senate
The
political sub¬
that
by a
divisions committee has been hearing arguments on a proposed bill
would permit cities to approve bond issues for the repair of bridges
55% majority vote instead of the usual 65% majority.
SANDUSKY, Ohio—BOND SALE— The $65,000 sewer bonds offered
March 3—Y. 152, p. 1318—were awarded to Seasongood & Mayer of Cin¬
cinnati as 2s, at abrice of 101.15, a basis of about 1.89%.
Dated March
15, 1941 and due Sept. 15 as follows: $3,000 from 1942 to 1956, incl., and
$2,000 from 1957 to 1966, incl.
Second high bid of 100.68 for 2s was made
by Ryan, Sutherland & Co. of Toledo.
Int. Rate
Bidder—
Rate Bid
2%
2%
2%
Weil, Roth & Irving Co
Braun, Bos worth & Co
BancOhio
Securities
Co
,
100.53
254%
State Teachers Retirement Fund
100.65
100.63
100.56
2%
Stranahan, Harris & Co., Inc
100.71
SOUTH SOLON, Ohio—BOND OFFERING—Joseph E. Blake, Village
Clerk, will receive sealed bids until noon on March 25 for the purchase of
$2,000 4 54% street improvement bonds.
Due $100, Oct. 1,
1,1951.
Denom. $100.
1941; $100 April 1 and Oct. 1 from 1942 to 1950 incl. and $100 April
Principal and interest (A-O) payable at the Village Clerk's office.
noon
on
March
not to exceed 3%
This issue was authorized at the November,
28 for the purchase of $125,000
interest
building bonds.
1940, general election.
BILLINGS
SCHOOL
(P. O. Billings), Okla.—BOND
offered for sale on March 3—V. 152,
DISTRICT
terest cost of about 2.36%, Edgar Honnold District Clerk.
&1471—were awarded to C. according to the of Oklahoma City, at$1,000
Due a net
in 1944 to 1951, incl.
3%
100.062
354%
S. K.
3K%
100.703
100.427
354%
354%
100.42
100.13
Okla.—BONDS VOTED—The City Clerk states tnat at
tne election held on Feb. 25 the voters approved the issuance of $100,000
airport bonds by a wide margin.
Okla.—BONDS
Cunningham & Co
M. M. Freeman & Co
Burr & Co
REDSTONE TOWNSHIP
(P. O. Uniontown), Pa .—BOND OFFERING
—Charles L. Lewellyn, Township Solicitor, will receive
office, 604 Second National Bank Bldg., Uniontown,
March
VOTED—Tne voters
approved the issuance of $125,000 airport bonds at an
sealed bids at his
until 2 p.
for the purchase of $15,000 coupon township bonds.
1, 1941.
Denom. $1,000.
Due $3,000 annually on May
17
m.
on
Dated
1 from
of interest, expressed in a
(M-N) free of all taxes,
except gift, succession and inheritance taxes, levied pursuant to any present
or future law of the Commonwealth of Pennsylvania.
Sale of the bonds is
subject to approval of the Pennsylvania Department of Internal Affairs.
Township will print the bonds.
A certified check for $1,000, payable to
March
1942 to 1946, incl.
Bidder to name a single rate
multiple of 54 of 1%.
Principal and interest
order of the Township Treasurer, is required.
SPRINGDALE,
bonds
Pa.—BOND
SALE—'The
4—V.
152, p.
Moore, Leonard
Dated March 1, 1941 and due March
1953 incl.; $10,000 in 1954 to 1955, and
offered
Schmertz
&
March
Co.
and
$55,006
coupon
refunding
1319—were awarded to Phillips,
& Lynch, of Pittsburgh, as 2^s.
1 as follows: $5,000 from
$5,000 in 1956.
UPPER SAUCON TOWNSHIP SCHOOL DISTRICT (P.
1948 to
O. Emaui,
Pa.—BOND OFFERING—P. G. Lichtenwalner, District Secre¬
March 14, for the purchase of
$29,700 154, 2 or 254% coupon or registered building bonds. Dated May
1,1941.
Denom. $100.
Due May 1 as follows: $1,500 from 1942 to 1960,
incl. and $1,200 in 1961.
Bidder to name a single rate of interest, payable
M-N.
A certified check for 2% of the amount bid for, payable to order of
tary, will receive sealed bids until 7 p. m. on
District
Treasurer,
is
required.
WILSON, P&.—OTHER BIDS—The $67,000 refunding bonds awarded
Feb. 24 to Mackey, Dunn & Co. of Philadelphia as 154s at 100.298, a basis
of about 1.46%, as reported in V. 152, p. 1471, were also bid for as follows;
Bidder—
Int. Rate
Rate Bid
Easton National Bank
Charles Clark & Co. and E. W. & R. C. Miller & Co.
Singer, Deane & Scribner
C. C. Codings & Co
I
CUSHING,
MUSKOGEE,
Johnson & McLean
Pohl&Co
the
OKLAHOMA
SALE—The $8,000 building bonds
Rate Bid
Int. Rate
Bidder—
Route 1),
WARREN TOWNSHIP RURAL SCHOOL DISTRICT (P. O.Warren),
Ohio—BOND OFFERING—The District Clerk will receive sealed bids
until
1629
The Commercial & Financial Chronicle
152
said to have
election neld on
are
Feb. 25.
OKLAHOMA, State of—BUDGET BALANCING AMENDMENT ON
BALLOT—Regarded by public leaders as the most important local question
ever submitted to Oklahoma voters, the budget balancing amendment will
go on the March 11 election ballot with support of Governor Leon C.
Phillips, who may campaign the State in its behalf.
Its principal provision
is that revenue estimates will be made by the State Board of Equalization
and may not be exceeded by the legislature in voting appropriations, and
that issuance of warrants may not exceed cash on hand by more than
$200,000.
In 10 years, the general revenue deficit totals $42,247,894, of which
$33,667,681 is outstanding in the form of long-term bonds and non-funded
indebtedness.
additions to the debt. A con¬
of more than $400,000 except when
election and a second limits the legislature in ap¬
propriations to the amount of its revenue estimate. Apparently to protect
warrant holders, the Oklahoma Supreme Court has failed to stop the accu¬
mulation of debt, although in a recent decision it warned that in further
litigation, it would require strict compliance with the law.
Statutes now in force have failed to check
stitutional amendment bars additions
authorized at a special
LeRoy H. Snyder
Suplee, Yeatman & Co., Inc., and Dolphin & Co.Burr & Co., Inc
Schmidt, Poole & Co
Rambo, Keen, Close & Kerner and George E.
Snyder & Co
Dougherty, Corkran & Co
Blair & Co., Inc., and E. H. Rollins & Sons, Inc
154 %
154%
100.25
100.899
154%
154%
2%
100.688
101.17
254%
154 %
154 %
101.29
101.014
101.536
154%
154 %
100.83^
100.326
100.555
154%
YORK, Pa.—LIST OF BIDS—Following is a complete list of the other
bonds awarded Feb. 28
Corp., New York, as 1Kb, at 101.618, a basis of about
1.05%—V. 152, p. 1471.
Bidder—•
Int. Rale
Rale Bid
Blair & Co
154%
101.559
Geo. E. Snyder & Co., and Rambo, Keen, Close
& Kerner154%
,101.347
Warren A. Tyson
154 %
' 101.16
E. W. Clark & Co., and W. H. Newbold s Son &
Co
154%
101.09
Stroud & Co
1
154%
101.0199
Dougherty, Corkran & Co
154%
100.90
Stein Bros. & Boyce, Baltimore
154%
100.89
Union Trust Co., Pittsburgh
—
154 %
100.7905
Drexel & Co
154 %
100.6985
Halsey, Stuart & Co
154%
100.659
Elmer E. Powell, Pittsburgh
154 %
100.53942
Schmidt, Poole & Co
154 %
100.o26
bids submitted for the $100,000 general improvement
to the First Boston
^
Charles Clark
OREGON
MEDFORD, Ore.—PRICE PAID—The City Recorder states that the
$40,000 airport bonds sold to Atkinson-Jones & Co. of Portland, as 154s,
as noted here—V.
152, p. 1471—were purchased at a price of 100.21, a
basis of about J.. 146%.
Due $4,000 from Jan. 15, 1942 to 1951, incl.
SALEM HEIGHTS WATER DISTRICT
(P. O. Salem), Ore.—BOND
RHODE
March 12, by
for the purchase of $17,000 not to exceed
OFFERING—Sealed bids will be received until 5:15 p. m. on
E. A. Carlton, District Secretary,
4% semi-annual water bonds.
Dated April 1, 1941. Denoms. $1,000 and
$500.
Due $1,000 April 1, 1943 to 1959.
No bid for less than par and ac¬
crued interest.
These bonds were authorized at an election held on Nov. 29,
1940.
Enclose a certified check for 2% of the par value of the bonds
THE DALLES,
Ore.—BONDS VOTED—The City Recorder states that
the following bonds aggregating $49,000, were approved by the voters at
an election held on Feb. 26: $39,000 airport, and $10,000 industrial site
bonds.
F.
D.
CREEK HIGHWAY WATER DISTRICT (P. O. Portland.
Box 5), Ore.—BONDS OFFERED—Sealed bids were received
until 8 p. m. on March 5 by M. W. Billiard, District Secretary, for the pur¬
chase of $14,500 water bonds.
Denom. $500.
Dated April 1, 1941.
Due
on Jan.
1 in 1946 to 1960.
Principal and Interest (J-J) payable at the
United States National Bank in Portland.
Int. Rate
3%
3%
354%
....
Phillips, Schmertz & Co
CHESTER
MUNICIPAL
AUTHORITY,
Pa.—ISSUES
TO BONDHOLDERS—The above agency, which on Dec.
REPORT
PROVIDENCE.
FIRST
8, 1939,
COUNTY (P. O. Erie), Pa .—NOTE SALE—The $250,000 tax
CLIFF,
Pa .—BOND
OFFERING—C.
W.
Sellers,
Borough
Secretary, will receive bids until 7 p. m. on March 19, for the purchase of
$9,000 254% borough bonds.
Dated March 1, 1941. Denom. $500. Due
$500 on March 1 xrom 1942 to 1959, incl. Any or all o£ the bonds maturing
after March 1, 1944, are callable at the borough s option.
Interest M-S,
^ certified check for $500, payable to order of the Borough Treasurer, is
required.
FRANCONIA TOWNSHIP SCHOOL
Pa.—BONDS VOTED—At an
an;issue of $60,000
R. I.—BOND SALE—The $3,000,000 unemployment
March 7—V. 152, p. 1471—were awarded to a syndicate
to
yield from 0.30%
to 2%, according to
maturity.
ISLAND
(State of)—BILL WOULD ALLOW MUNICI¬
PALITIES TO FUND RELIEF COSTS—F. W. Home & Co. of Hartford
report that a bill has been introduced in the State Legislature which would
allow towns and cities to issue serial notes or bonds outside the present debt
restrictions for the purpose
The
automatically cease
of amortizing unemployment relief outlays.
authority granted under the terms
Dec. 31, 1942.
Par
Par
100.646
anticipation notes offered Feb. 28—V. 152, p. 1163—were awarded to the
Marine National Bank of Erie, at 0.2292% discount, without legal opinion.
Second high bidder was W. H. Newbold's Son & Co., Pniladelphia, which
named a rate of 0.2312%, also without legal opinion.
FORD
ISLAND
of the bill would
Rale Bid
began operating as a municipal utility the facilities of the Chester Water
Service Co., has issued its first report to bondholders under date ol Feb. 24,
1941.
Report covers operations in the period irom Dec. 9,1939, to Dec. 31,
1940, and presents a balance sheet and statement of income and expenses as
certified by Ernst & Ernst. According to Chairman William J. McDowell,
results of operations in this initial period were very gratifying.
ERIE
100.19
100.16
100.068
100.058
100.046
RHODE
PENNSYLVANIA
Bidder—
100.23551
composed of Halsey, Stuart & Co., Inc., Blair & Co., Inc., Adams. McEntee
& Co., Inc., B. J. Van Ingen & Co., Inc., Bacon, Stevenson & Co., G.
M.-P. Murphy & Co., Paul H. Davis & Co., Bond, Judge & Co., Harvey
Fisk & Sons, and Edward Lowber Stokes & Co., as 2s, at a pride or
101.209, a basis of about 1.87%. Dated April 1, 1941 and due $150,000
annually on April 1 from 1942 to 1961 incl. The bankers re-offered the
bonds
BARRETT TOWNSHIP (P. O. Canadensis), Pa.—BOND SALE—
The issue of $6,000 bonds oifered March 3-—V. 152, p. 1319—was awarded
to the First National Bank of Newfoundland, as 3s, at par plus a premium
of $30, equal to 100.50, a basis of about 2.83%.
Due Dec. 16 as follows;
$1,000 from 1941 to 1944, incl. and $2,000 in 1945. Other bids:
Stroudsburg Security Trust Co
Charles Synder, Canadensis...
100.38999
154%
154%
154 %
154 %
154%
154%
CRANSTON, R. I.—NOTE OFFERING—William M. Lee, City Treas¬
urer. will receive sealed bids until 2 p. m. on March 12 for the purchase at
discount of $200,000 notes issued in anticipation of taxes assessed as of
June 15, 1941.
Notes will be authenticated as to genuineness and validity
by the First National Bank of Boston, under advice of Ropes, Gray, Best,
Coolidge & Rugg of Boston.
relief bonds offered
WOLF
R.
154%
& Co
McKelvy & Co., Pittsburgh
Glore Forgan & Co
Barciay, Moore & Co
J. P. Morgan & Co. Incorporated
Harriman Ripley & Co
Harris Trust & Savings Bank, Chicago
DISTRICT (P. O. Franconla).
4 the voters authorized
election on Mar.
building bonds.
SOUTH
DAKOTA
GREENVILLE, S. D.—BOND OFFERING—Sealed bids will be received
until 11 a. m. on March 14, by B. F. Dlllard, City Clerk and Treasurer,
for the purchase of a $250,000 issue of coupon water works refunding bonds.
Interest rate is not to exceed 3%, payable A-O.
Denom. $1,000. Dated
April 1,1941. Due $25,000 April 1,1944 to 1953. Rate of interest to be in a
multiple of 54 of 1% and must be the same for all of the bonds. Prin. and
int. payable at the Chemical Bank & Trust Co., New York. The bonds will
be registerable as to principal only, and will be awarded to the bidder offering
to take them at the lowest rate of interest at a price at not less than par and
accrued interest. As between bidders naming the same rate of interest, the
amount of premium will determine the award.
The bonds are valid and
legally binding obligations of the city and the city is authorized and required
by law to levy op all taxable property of the city such ad valorem taxes as
may be necessary to pay the bonds and the interest thereon without limita¬
tion as to rate or amount.
The opinion of Reed, Hoyt, Washburn & Clay,
of New York, to this effect will be furnished to the successful bidder.
En¬
close a certified check for $5,000, payable to the city.
TENNESSEE
(P. O. Tiptonville), Tenn.—BOND ELECTION—
The issuance of $150,000 school building bonds will be submitted to the
voters on May 14, according to report.
LAKE COUNTY
LEXINGTON, Tenn.—BOND SALE DETAILS—The Town Recorder
that the $21,500 354% semi-annual refunding bonds sold jointly
the First National Bank of Lexington, and the First State Bank of
Henderson, as noted here—V. 152, p. 1472—were purchased at par and
mature on May 1 as follows: $3,000 in 1942, $4,000, 1943 and 1944, and
1946. and 1947, and $2,500 in 1948.
states
to
TOWNSHIP SCHOOL DISTRICT (P. O. Pitcairn, R. D.
Pa.—BOND SALE—The $50,000 coupon refunding and funding
28—V. 152, p. 1319—were awarded to Phillips, Schmertz
& Co. of Pittsburgh, as 2KbDated March 1, 1941, and due March 1 as
follows: $6,000 from 1944 to 1949, incl.. and $7,000 in 1950 and 1951.
Successful bid was a price of 100.372, a basis of about 2.69%.
Other
PATTON
No.
1),
bonds offered Feb.
bids:
SHELB YVILLE, Ten n.—BOND SALE— The $300,000 issue of 3%
semi-annual water works revenue bonds offered for sale on March 5—
V. 152, p. 1472—was awarded to a syndicate composed of the Cumberland
The Commercial & Financial Chronicle
1630
March
8,
1941
Securities Corp., the Hermitage Securities Co., both of Nashville, Estabrook & Co. of New York and Wheelock & Cummons of Des Moines, for a
mutual savings banks to in vest, in water district, electric and public utility
department revenue bonds, or bonds taken out on National Defense
premium of $1,301, equal to 100.433, a basis of about 2.97%.
March 1, 1941.
Due on March 1 in 1944 to 1970.
measures,
SPARTA, Tenn.—BOND OFFERING—It is stated by J.
Dated
WISCONSIN
M. Camp,
Mayor, that he will offer for sale at public auction on March 14, at 1 p. m.,
$60,000 issue of 3M% semi-ann. funding bonds.
Dated Jan. 1, 1941.
Denom. $1,000. Due Jan. 1, as follows: $2,000 in 1944 to 1948, $3,000 in
1949 to 1958, $5,000 in 1959 to 1962, and $6,000 in 1963.
Prin. and int.
payable in law ful money at the Chemical Bank & Trust Co., New York.
The bonds will be general obligations of the town, payable from unlimited
ad valorem taxes levied against all taxable property within the town.
a
Delivery, accompanied by the approving opinion of Charles & Trauernicht
without cost to the successful bidder.
A certified check for
2% of the face value of the bonds is required.
of St. Louis,
UNION
secured by Federal funds.
CITY, Tenn.—BONDS SOLD—'The Nashville Securities Co.
2%% semi-ann. refunding
of Nashville is said to have purchased $63,000
bonds.
Due in 1954 to 1956.
TEXAS
AMARILLO INDEPENDENT SCHOOL DISTIRCT (P. O. Amarillo)
Texas—BOND SALE DETAILS—It is reported that the $80,000 building
bonds sold to R. A. Underwood & Co. of Dallas, as noted here—V. 152,
1472—were purchased as follows: $51,000 as 2s, due on March 1, $1,000
$8,000, 1943 to 1946, and $9,000 in 1947 and 1948; the remaining
$29,000 as 12£s, due on March 1, $9,000 in 1949 and $10,000 in 1950 and
p.
in 1942,
1951.
AMARILLO JUNIOR COLLEGE DISTRICT (P. O. Amarillo) Texas
SALE DETAILS—It is reported that the $70,000 construction
—BOND
R. A. Underwood & Co. of Dallas, as noted here—V. 152
1472—were purchased as follows: $46,000 as 2s, due on March 1, $1,000
1942, $7,000, 1943 to 1945, and $8,000, 1946 to 1948; the remaining
$24,000 as lMs, due $8,000 in 1949 to 1951.
bonds sold to
p.
in
EAU CLAIRE COUNTY
(P. O. Eau Claire), Wis.—
highway improvement semi-annuai
1320—was awarded to the
First National Bank of Chicago as 1 Hs, paying a price of 100.215, a basis
of about 1.21%.
Dated April 1,1941.
Due on April 1 in 1947 and 1948.
The
$100,000
of non-taxable
issue
bonds offered for sale on March 1—V. 152, p.
reported that $85,000 electric
FEN NI MORE, Wis.—BONDS SOLD—It is
plant revenue bonds have been purchased by Harley,
Madison.
Haydon & Co. of
■
.
r
COUNTY (P. O. Fond du Lac), Wis.—BOND
OFFERING— Sealed bids will be received until 10 a. m. on March 10 by
Arthur J. Kremer, County Clerk, for the purchase of an issue of $150,000
DU
FOND
LAC
refunding bonds.
Interest rate is not to exceed 3 %, payable A-O.
Denom.
$1,000.
Dated April 1, 1941.
Rate of interest to be in a multiple of
of 1 %, and must be the same for all of the bonds.
Prin. and int. payaole
at the County Treasurer's office.
Alternate bids will be received on the
basis of the following alternative maturities, to-wit:
(a) Due serially
$50,000 April 1, 1945-to 1947; (b) due $150,000 Oct. 1, 1942.
The bonds
will be sold to the nighest responsible bidder at not less than par and
accrued interest.
The basis of determination of the best bid will be the
lowest interest rate bid and (or) interest cost to the county, provided that
the county reserves the right to determine which schedule of maturities
it desires to accept irrespective of the bids submitted.
The bonds are to
be issued subject to the favorable opinion of Chapman & Cutler of Chhcago,
which will be furnished without charge to the successful bidder.
The blank
bonds snail be furnished by the purchaser.
Enclose a certified check for
2% of the par value of the bonds, payable to tne City Treasurer.
FOX LAKE, Wis.—BOND SALE—The following 2% semi-annual bonds
aggregating $10,000, offered for sale on March 3—V. 152, p. 1472—-were
Co. of Madison, paying a premium of $150,
equal to 101.50, a basis of about 1.72%:
$7,500 street improvement bonds.
Due on March 1 in 1944 to 1951.
2,500 funding bonds.
Due on March 1 in 1942 to 1944.
awarded to Harley, Haydon &
BRENHAM, Texas—BONDS SOLD—-A syndicate composed of Gregory,
Eddleman & Abercrombie of Houston, Mahan, Dittmar & Co. of San
Antonio; Fenner & Beane, Callihan & Jackson, both of Dallas, and R. K.
Dunbar & Co. of Austin, purchased on Feb. 24 an issue of $275,000
2%_%
semi-ann. lighting and power system revenue bonds at a price of 100.072,
a basis of about
2.74%.
Dated March 1, 1941.
Denom. $1,000.
Due
March 1, as follows:
$10,COO in 1942 to 1944. $12,000 in 1945 to 1949,
$15,000 in 1950 to 1960, and $20,000 in 1961. Callable on and after March 1,
1951, at par and accrued interest. Prin. and int. payable at the Washington
County State Bank, Brenham. Legality approved by Chapman & Cutler,
of
Chicago
,
MANAWA, Wis.—PURCHASER—In connection with the public
ing by Heronymus, BalJschmider & Co. of Sheboygan, of the $25,000
offer¬
4Mi %
second series, bonds,
noted here on March 1—V. 152, p. 1472—it is stated by the Village Clerk
that the original purchaser of these bonds was Mullaney, Ross & Co. of
semi-annual water works and sewage system mortgage,
Chicago, at par.
.
DALHART, Texas—BOND REFUNDING DETAILS—Crummer & Co.'
Inc. of Dallas, confirms the report given here that it nas entered into an
agreement to refund $357,000 outstanding bonds of the above city—V. 152,
p. 1320.
The new refunding bonds mature from March 1, 1942 to 1970
and bear 3% interest to 1951 and 4% from 1952 to maturity.
Tne out¬
standing debt of the city has been called for payment
substantial part of tne refunding issue has been sold.
as
of MTarc«» 1 and
a
LAMARiUNION JUNIOR COLLEGE DISTRICT (P. O. Beaumont)
equal to 100.50, a net interest cost of about 2.91%, on the bonds di\dded
as follows:
$350,000 maturing March 1, $20,000 in 1942 to 1951, $30,000 in
1952 to 1956, as 3s, $150,000 maturing $30,000 March 1, 1957 to 1961, as
2^s, and $350,000 maturing $35,000 March 1, 1962 to 1971, as 3s.
The last
MUSCODA, Wis.—BONDS PUBLICLY OFFERED—A $33,000 issue of
2%% semi-ann. electric light plant mortgage revenue bonds is being offered
by T. J. Grace of Chicago, for general investment.
CANADA
CANADA
IN
$350,000 maturing bonds are optional for redemption
after 15 years from March 1, 1941.
on any
annual maturity
Associated with the above named firm in the purchase were:
Blyth &
Co., Inc.; Paine, Webber & Co.; Madiin^ Burns & Corbett, Inc., both of
Chicago, Garrett & Co., and Moss, Moore & Cecil, Inc., both of Dallas.
LUBBOCK, Texas—PRICE PAID—It is stated by the City Secretary
that the $175,000 electric light improvement and construction bonds and
the $75,000 water works improvement and construction bonds sold to the
Citizens National Bank of Lubbock, as noted here—V. 152, p. 1472—were
purchased
as Is, for a premium of $32.36, equal to 100.012, a basis of 0.99%.
description of these Donds was given in our issue of March 1, as reported
above.
of)—MUNICIPAL
(Dominion
1940—Tax
HIGHER
Texas—BOND SALE—The $850,000 issue of semi-ann. coupon school
bonds offered for sale on Feb. 28—V. 152, p. 1472—was awarded to the
Dunne-Israel Co of Dallas, and associates, paying a premium of $4,250,
The
_
collections
in
Canada
COLLECTIONS
during 1940,
TAX
improved
according to the Citizens' Research Institute of Canada.
In 90 muni¬
cipalities, for which comparable information was available for 1939 and
1940, 82 municipalities collected a higher percentage of current levy in
1940 than they did in 1939, and in 59 of the 90 municipalities the total
current and delinquent collections combined were higher in 1940 than
they were in 1939.
In 87 of 122 reporting municipalities, total current
and delinquent collections were greater than the current levy alone.
As
to the current tax levies, 24 municipalities collected 90% or over during
the fiscal year, 60 collected between 80% and 90%, 29 between 70% and
80%, eight between 60% and 70%, and one Saskatchewan city, because of
drought conditions, collected under 50%.
SHARPLY LOWER—Canadian Government, provincial
financing in the first two montns of 1941, exclusive of
bills, showed a marked decrease over recent years,
totaling $30,453,044, against $328,693,479 for the same months of 1940
and $79,660,000 in 1939, according to the monthly compilation of Wood,
Gundy & Co., Inc.
Of the 1941 total, $13,328,044 was for new money
and $17,125,000 for refunding.
Treasury bills in the amount of $155,000,000 were sold in January and February of this year, all of the total repre¬
senting refunding, compared with totals of $105,000,000 in each of the
two previous years.
No financing has been effected outside of Canada
FINANCING
and
municipal
Treasury
Dominion
since 1939.
MATAGORDA COUNTY ROAD
—BOND OFFERING—Sealed bids
DISTRICTS|(P. O. Bay City), Texas
were
received until
10
a.
m.
on
March
12, by the County Judge, for the purchase of the following bonds aggregating
$135,000; $60,000 District No. 1, and $75,000 District No. 11 bonds.
Dated April 10, 1941.
Due in 1942 to 1961.
Bidders to name the rate of
interest.
SAN MARCOS, Texas—BOND SALE DETAILS—In connection with
the sale of the $170,000 electric light plant revenue bonds to Crummer
& Co. of Dallas, as noted here—V. 152, p. 1472—it is now
reported that
the bonds
were sold as follows:
$37,000 maturing Jan. 15, $7,000 in 1942
1944, $8,000 in 1945 and 1946, as 2Ms, and $133,000 maturing Jan. 15,
$8,000 in 1947 to 1951, $9,000 in 1952 to 1958, and $10,000 in 1959 to
1961, as 3s.
Dated Jan. 15, 1941.
Denom. $1,000.
Bonds maturing
to
and after Jan. 15,
and int. payable at
on
1953, are callable on and after Jan. 15, 1951.
Prin.
the First National Bank, Dallas.
Legality to be
approved by the Attorney General and Chapman & Cutler of Chicago.
February financing this year, exclusive of Treasury bills, was in the
total amount of $12,261,700, of which all but $350,000 was to ootain new
compared with $65,276,942 in February, 1940, and $4,February, 1941, was featured by a Province of Quebec
in the amount
in each of the
last three years.
Tne 1941 total was all for refunding.
money.
This
095,500 in 1939.
issue of $10,000,000 of 4% and 3 ?4 % bonds.
Treasury bills
of $80,000,000 were sold in February, against $50,000,000
Corporate financing in 1941 through
Feb. 28 continued quite inactive,
total being $4,100,000, of which $2,611,000 was for new money
the remainder for refunding.
Tnis total compares with $3,050,000 in
first two months of 1940 and $22,761,000 in 1939.
the
and
the
CANADA
(Dominion of)—TREASURY BILLS SOLD—An issue of
$40,000,000 Treasury bills, dated Feb. 28, 1941, and due May 30, 1941,
sold on Feb. 27 at an average yield of 0.623%.
was
HAMILTON,
chased
an
Ont.—NOTE SALE—Harrison &
Co.
of Toronto pur¬
Due June 15,
issue of $350,000 Treasury notes at 1H % interest.
1941.
TRAVIS COUNTY (P. O. Austin), Texas—WARRANTS SOLD—
It is stated by J. A. Belger, County Auditor, that $150,000
2.20% semi-ann.
road
and
bridge warrants
have been purchased at par by the Capital
National Bank of Austin.
Dated March
15, 1940.
Denom. $1,000.
Due March 15 as follows:
$5,000 in 1941 to 1944, $6,000 in 1945 to 1947,
$7,000 in 1948 to 1950, $8,000 in 1951 to 1954, $9,000 in 1955 and 1956,
$10,000 in 1957 to 1959, and $11,000 in 1960.
None of the warrants have
been delivered to the above bank because the purpose for which the war¬
rants were authorized has not yet been fulfilled.
It is probable that some
time in the next few months the warrants, or a portion of them, will be
delivered to the bank.
UTAH
KAYSVILLE, Utah—BONDS VOTED—At
the voters are said to
the election held on Feb. 15
have approved the issuance of the following bonds
aggregating $35,000: $30,000 city hall, and $5,000 street lighting bonds.
VIRGINIA
r
COVINGTON, Va,—BOND SALE—The $80,000 issue
of semi-annuai
supply refunding bonds offered for sale on March 3—V. 152, p. 1164—
awarded to Scott, Horner & Mason of Lynchourg as 2s, paying a pre¬
mium of $1,009.99, equal to 101.262, a basis of about 1.85%.
Dated
March 1, 1941.
Due on Jan. 1 in 1943 to 1963; optional prior to maturity.
water
LANARK
COUNTY
(P.
O.
Lanark),
Ont.—BOND
OFFERING—
The County Treasurer will receive sealed bids until March 12 for the pur¬
chase of $15,000 3 Yi % improvement bonds.
Due in 15 annual instalments.
MONTREAL, Que.—NOTICE OF INTEREST PA YMENT—L. Roberge,
Director of Finance, announced March 3 that semi-annual interest on the
bonds listed below, registered in the city's books, will be regularly
various
paid by check at the rate specified on the bonds.
6%
3%
43^%
4%
4%
May 15, 1940 4 3^%
..June
1,1940 5%
June 15, 1940 3%
Oct.
1, 1940 2 y%7o
Nov. 1, 1940
Nov. 1,1940
Nov.
1, 1940
Dec. 15, 1940
Mar. 1,1941
Holders who have not registered their bonds are invited to do so by
sending them, with exact information as to the name in which they should
be registered and the address to which interest checks should be sent, to the
Registrar, office of the Director of Finance, City Hall, Montreal, Canada.
It is recommended that these securities be insured against all forwarding
risks.
The bonds will be returned to holders as soon as they have been
registered.
Semi-annual interest
on
the above-mentioned bonds not
also be paid on presentation
registered,
of the bonds at the office of the Registrar.
will
was
WASHINGTON
KING COUNTY WATER DISTRICT NO. 59 (P. O.
Seattle), Wash.
—BOND ELECTION—It is reported that an election will be
held on
March 11 in order to have the voters pass on the issuance of about
$2 000 000
not to exceed
will be heid
of
6% water
on
$4,645,000
the issuance of
revenue bonds.
W&sh^—BOND ELECTION—It is
March 11 in order to have the
Que.—BOND SALE—Clement, Guimont,
TORONTO, Ont.—TREASURY BILLS SOLD—An issue of $1,500,000
134% Treasury bills was sold to life insurance institutions in the city.
Due $1,000,000 May 15 and $500,000 May 31,1941.
Dated Feb. 28, 1941.
VANCOUVER AND DISTRICTS JOINT SEWERAGE AND DRAIN¬
AGE BOARD, B. C.—BOND SALE—A syndicate composed of A. E.
Ames
reported that
an eiecrion
voters pass on the issuance
electric distribution system revenue purchase bonds
or
$6,500,000 electric distribution system revenue construction
bonds.
WASHINGTON, State of—BANK INVESTMENT BILL SIGNED—
Governor Langlie signed a measure recently, H. B.No. 83, which
permits
St. COLOMB de SILLERY,
Inc., of Quebec, purchased an issue of $25,000 434 % improvement bonds
price of 98.40, a basis of about 4.70%.
Due serially on Jan. 1 from
1942 to 1961, incl.
at a
& Co., Dominion Securities Corp., Wood, Gundy & Co., all of
Toronto, Pemoerton & Co., and Lauder, Mercer & Co., both of Vancouver,
the Canadian Bank of Commerce, purchased $1,200,000 bonds, as
and
follows:
$1,034,000 4% sewer and drainage bonds.
1946 to 1970, incl.
166,000 334% sewer and drainage bonds.
1941 to 1945, incl.
I
Due serially
on
Due serially
on
Sept. 1 from
Sept. 1 from
@FedFRASER