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*
J.
!H4q
w
ommerria
COPYRIOHTEO
VOL. 150.
IN 1940 Br wtlLIAM
B.
DANA COMPANY, NEW YORK.
,S!uedW|?8kWe°ve1raCopy_
rankle
ENTERED A8 SECOND-CLASS MATTER JUNE 23, 187®, AT THE POST OFFICE AT NEW
YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, MARCH 9,1940
S0°wN0
THE
BROOKLYN TRUST
BANK
COMPANY
.
3898
CHASE
NATIONAL
BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
NEW YORK
BROOKLYN
NEW
traditional
a
policy of
the Chase National Bank.
Member Federal Deposit Insurance
YO R K
Corporation
respondent bank service
is
Broaden your customer
service
with
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cor¬
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PUBLIC UTILITY
INDUSTRIAL
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NEW
'
PHILADELPHIA
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
YORK
Chicago
Moncure Biddle & Co.
CHICAGO
BANK OF MONTREAL
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Established l8l7
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Company
Members New York Stock Exchange
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Head
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Office
Capital
.....
Rest and Undivided
Total Assets in
Capital Funds
.
$37,500,000
Profits
Excess
$36,000,000
$40,265,700
of $1,025,000,000
President
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for Institutions and Individuals
Drummond
Vice-Presidents
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
120 BROADWAY, NEW YORK
IOO
W.
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A.
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—
G. W.
Spinney
h
Branches and
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AND 40TH
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The Commercial & Financial Chronicle
II
Beneficial Industrial
cyanamid
Company
preferred
5,
dividend
declared by
Dividends have been
Binder
follows:
the Board of Directors, as
PRIOR PREFERENCE STOCK
$2.50 Dividend Series of 1938
62'/2$
1940.
March 12,
EXPANDIT
NOTICE
DIVIDEND
the
1940
of Directors of American
ness
The
Loan Corporation*
Board
Cyanamld
Company declared a quarterly divi¬
dend of \Va% ($.125) per share on
the outstanding shares of the 5%
Cumulative
Convertible Preferred
Stock, "First Series" and "Second
Series", of the Company, payable
April 1, 1940 to the holders of such
stock of record at the close of busi¬
March
On
1940
9,
Dividends
Dividend*
american
March
per
and
SerOiceable Binder
ending Mar. 31,1940)
(for quarterly period
Practical
A
share
common dividend
March 5, 1940 the Board of
of American Cyanamid
On
for
STOCK
COMMON
Directors
Class
"A"
Stock
of
the
W.
P.
are
30, 1940 to
close of business March 15,1940.
payable
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The magazines are held in place
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OIL CORPORATION
MARGAY
DIVIDEND
The
Dividend Notice
has
share on the
outstanding stock of the corporation of the issue
of 160,000 shares provided by amendment to
the certificate of Incorporation of April 27, 1926,
payable April 10, 1940, to stockholders of record
a
dividend
of twenty-five
I.
TAYLOR,
The Board
of
March
Oklahoma,
Tulsa,
have
Directors
a
or
Intervening issues may be In¬
the necessity of disturbing
You handle only the particular
Successive
serted
or
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copy that you desire to insert or
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has
or
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position.
the
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adjustable
is
embodies
It
•
thick
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issue
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1940.
1,
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at the close of business
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a
than It takes to tell about it,
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less
without
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Board
CORPORATION
OIL
by means of
In
NO. 39
every
to its
feature that
proved of practical value and it avoids
objectionable.
all that are
declared the regular quar¬
NEW
terly dividend of $1.37J4 per
on the 5XA% Cumulative
Preferred Stock of
YORK TRANSIT COMPANY
In sites up to
26 Broadway,
share
New
Convertible
Corporation payable April 1,
to stockholders of record
March 15, 1940. Checks will be
this
York, March 6, 1940.
A dividend of Twenty-five (25) Cents per share
been declared on the Capital Stock ($5.00
1940
par
value)
1940
to
business
S. W. DUHIG.
of this Company, payable April
stockholders
March 21,
of record
Prices for larger sites
15,
of
close
on
application
1940.
J.
Vice-Pres. and Treas
February 29, 1940
the
at
each
Plus postage
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13x8 H inches
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GUARANTY TRUST
R.
The "EXPANDIT" Binder
FAST, Secretary.
COMPANY OF NEW YORK
25
New York City
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New York, March 6, 1940.
The Board of Directors has declared
a quarterly
on theJCapital Stock
Company for the quarter ending March
31st, 1940, payable April 1st, 1940, to stock¬
holders of record March Sth, 1940.ta#Mfc>M
dividend of Three Per Cent,
of this
UNION OIL
SHELL
MATTHEW
T.
MURRAY, JR., Secretary.
COllPOIKATION
Notices
Notice
Notices
Holders
to
CHINESE
of
REPUBLIC
5% Gold Bonds of 1925
paulista
company
railway
(Companhia Paulista de Estradas de Ferro)
Sinking Fund Gold Bonds
Undersigned have received funds
for the payment of the September 15, 1939
The
March
the
on
above
IS
to
111-
Directory of Stock
Chinese Maritime Customs has
the Banque Franco-Chinoise
and Bond Houses
HEREBY
of the
pay
GIVEN
Undersigned
will,
on
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6,
1940,
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prepared
to
make
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the
le Commerce et l'lndustrie, Shanghai, the
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September
pons
at
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1939
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1940, at ten o'clock A.M.,
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financial
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ontmerrW f
Vol. 150
romcle
MARCH 9,
1940
No. 3898
Editorials
The Financial Situation
1479
Repetitious History.
1491
,
The Netherlands—A
Leading Neutral
......
Life Insurance and the TNEC
Public Debt
vs.
Private Debt.
.
.
_
1493
1496
.
1504
_
Comment and Review
Capital Flotations in February...
Annual
Week
1497
Report of Comptroller of Currency
on
1502
the European Stock Exchanges
1483
Foreign Political and Economic Situation
1183
Foreign Exchange Rates and Comment
1489 & 1543
Course of the Bond Market
1504
Indications of Business Activity
Week on the New York Stock Exchange
Week
on
.1504
-
1481
the New York Curb Exchange
.1539
News
Current Events and Discussions
1517
.
Bank and Trust Company Items
1538
General Corporation and Investment News
1585
Dry Goods Trade
1634
State and Municipal Department
1635
-
Stocks and Bonds
Foreign Stock Exchange Quotations
...1549 & 1551
Bonds Called and Sinking Fund Notices
1543
Dividends Declared.
1543
Auction Sales.
1543
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations..1552 & 1562
1552
New York Curb Exchange—Stock Quotations
1568
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond Quotations
1572
1574
Canadian Markets—Stock and Bond Quotations
1578
Over-the-Counter Securities—Stock & Bond Quotations .1581
Reports
Foreign Bank Statements
1487
Course of Bank Clearings
1539
Federal Reserve Bank Statements
1517 & 1549
General Corporation and Investment News
1585
Commodities
The Commercial Markets and the
Crops
1625
Cotton
1628
Breads tuffs
1632
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The Commercial & Financial
vm
Estates Need
No
It
one
has
It's becoming
with taxes
regular physical check-up.
well than to get well.
increasingly popular, too, for men of means to
their affairs
estates and
a
accepted fact that it's easier and more
an
economical to stay
review
X-Rays, Too!
disputes the wisdom of
become
March
Chronicle
frequently
.
.
,
.
to X-Ray their
searching check-up. For
rising, with investment yields low, and with the
subject their plans to
a
constantly changing income needs of the family, no man can be
sure
that the plan
best arrangement
he made two, five, or ten years ago is the
today!
The Massachusetts
estate
lawyer,
you
your
our
seasoned men, working
with
your
trust officer, and your accountant can assist
in minimizing taxes, avoiding unnecessary
and arranging a
you
Mutual will help you organize your own
One of
clinic!
depreciation,
flexible plan of distribution which will save
time and worry now, and save your family money later on.
Here's
a
answered
question
today.
affecting
tomorrow
which should be
Surely it is worth investigating.
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
Springfield, Massachusetts
Organized 1851
Bertrand
J.
Perry, President
$688,640,431
Assets, December 31, 1939. Liabilities
$661,589,637
Surplus to the Assured
.
$ 20,396,794
(In addition, thereto, Contingency Funds which
are
not
included in the surplus
......$ 6,654,000)
9,
1940
The Financial Situation
of the
UPONfatalism, almostinOriental in its adepth, sort
many persons this country strange
of
history of thought
of mind such
seems
to have
descended concerning our future and that of
cherished institutions and traditions.
It appears
be almost
universally believed that democracy in
gious, and there is
no
our
to
dispassionate
"find
solutions"
for
unaware
of
country
this
to
It
ours.
all who
warn
opposed them that, right
or
wrong,
failure to accede
at various
points to the de¬
mands
of
this
would in due
group
that,
or
course
without fail result in
eral
varieties
hinted catastrophic social
upheavals, which, accord¬
ing to some,
form
to be
in
are
another very
or
our
one
likely
fate in any event.
What certain groups like to
call
"the
forms"
are
have
to
due"
evitable."
ued
Roosevelt
"long
Their
accepted
argued, and
order
same
pected
as
"in¬
contin¬
there¬
may
conclusion,
gone
over¬
therefore
existence
fore be
re¬
frequently said
been
and
as a
fore¬
so
it is
of the
more
confidently
ex¬
in
are
the
to be regarded as
nature
predictions,
of
and
political
nothing
they present
more,
an un¬
European
hears
government.
The text of a funda¬
mental document is not
any more important
than the assurance of a
reasonable consis¬
of
vast,
servers
mean
to say
If
ob¬
dread it!"
no
con-
cen¬
a
very
tries, which, in their general
operations, may
be entirely intrastate or
local.
The
American public
has not yet tested
.
.
all the
ing
.
like the influenza
into
.
the
a
it
does
Yet there is
understand
the
it
now says
will
iar
mightily
a
to the
course
easily
have
our
history,
show little
or
no
that fact but
contrary
in¬
are
attach to the central
upon
much that has been
done. Even many of those
would
replace
the
present Administration in
danger,
and in such cir¬
or
perhaps
even
sweep across
citizens, pushing all their
expose
The world trend toward
totalitarianism and absolutism is obvious.
denying
we
clined to "look with pride"
who
themselves
hazards of political prognostication
American.
the
on
~~
they merely
we
concern over
re¬
way.
and
haps unduly disturb and possibly underrate the
age
paths of
that
that, after all, is the best
self-destruction—if this is what they have in
mind, then of
that
fact
strayed far from the famil¬
public
I wager that
There may be no
way in which such
bellion can reach the
court, but it can
cherished traditions out of their heads and
sending
them, like the possessed swine of Biblical lore, to
their
Thought
no
be when the
rebel."
government—and
another.
Confusion of
se¬
daily lives of all the people.
philosopher may well speculate
anything like its ancestors,
when
enter upon
or
con¬
present debauch
.
present
is
our
central government reach¬
what the public's reaction
will
tests have been made.
If the
epidemic of 1918, will
our
under
.
whims, vagaries and caprices of
great degree of probability, that these notions,
the Atlantic and seize
are
self-imposed either to
heresies of Europe,
cumstances there is serious
We
tinue
The new court forecasts the
State and local
regulation of indus¬
as
they exist in this country afford an excel¬
breeding ground for the sundry social, political
and economic
get
necessity which is not
of
ditions
lent
going to
and
end
is, in
effect, that economic
am
tonight
authority.
Supreme Court
picture.
friend
tral
larly obscure
numerous
current
drunk—and, Lord, how I
reach Congress and thus
compel reasonable
restraint in the exercise of
powers a "liberal"
these
over
reported to have
companion: "I
the
inspiring but not particu¬
what
street,
dinner tables,
or
humorist's
is
town
embodied in the
ineffectual, expensive,
one
solemnly remarked to his
Supreme Court, is to be found in the
a
the
who
living of the
people became the highest in human
history.
"From the point of view of the
social phi¬
creation of
we
? What
often is reminiscent
press
tency in the interpretation of it.
And it was
upon
those assurances,
embodied
in
the
precedents of the Supreme
Court, that little
businesses in the United States
became big
businesses and the standard of
present
if
and reads in the
central
as
on
the
other
any
system,
our own
luncheon
enterprise, large and small, could not be
up¬
rooted or
sabotaged by an unduly powerful
Administration,
accept total¬
or
prefer
ones, gave notice to our citizens
the rest of the world that
American
losopher, the underlying significance of
we
itarianism,
a
prior
present
of
Why under the
should
sun
by the Supreme Court, each
growing
to
any
things. But what is
inevitable about any or all
freely in the
hundred
and
fifty
years?
It is not because of the text of the
Constitution, but because a long series of de¬
out of
of course,
of
certain
of this?
Supreme Court decisions, says:
"Why has investment flowed so
And the social
time passes.
these
appearing in the "Saturday
Evening Post"
(issue of March 9, 1940) on the recent trend of
curely enthroned
If these doleful forebod¬
ings
Willkie, lawyer, executive and
leading citizen, in the course of an article
for
turn back.
No one,
be
can
Wendell L.
States
we
we
we
turns.
United
by
well be that
shall go a long way
further
before
the
tide
Centralization and Rebellion
cisions
sev¬
vaguely
It may
There is the possibility that
.
and
of
who surveys with
been taking place in
shall go further in this direction before
has
New Deal supporters and
of economic
as one
one
have not remained untouched
we
'
long been the practice of
apologists to
that
the totalitarian movement.
problems," particularly, perhaps, unemployment,
would, if prolonged much more, "inevitably" bring
totalitarianism
are
this country in recent
years—in one degree or an¬
other since the World
War, for that matter—can be
current, "economic
our
No
what has
eyes
that attitudes
quite conta¬
condition quite so conducive to
distress and
uncertainty.
strangely enough found in all political camps—who
vigorously and repeatedly assert that continued fail¬
to
aware
represented
sweeping changes in points of view
thb> country "could not survive"
participation by us
in another
major war. There are a good many—•
ure
well
are
that here
as
a
per¬
aver¬
return to
Students
effect place their
stamp of
of
our
approval
upon
the nature
departures, contenting themselves with de¬
mands for better totalitarianism rather than less of it.
It is likewise
a
fact which
rather than less
tices and concepts in
for
us,
can
not be denied that
departure from past policies,
the future
may
more
prac¬
well be in store
particularly if conditions abroad favor such
developments here.
What is the explanation of all
this rather strange
confusion and these apparently
conflicting emotions ?
one
and the answer,
The question is an interesting
if correct and widely understood,
should be of substantial aid in
the
clarifying issues during
political campaigns ahead.
One factor is found
in the circumstance that totalitarianism is
apparently sometimes supposed, always
not,
a
as
is
sudden,
violent
On the
unmistakable phenomenon.
or
con-
devel-
approach, and even its relatively full
trary, its
and often are subtle and apparently
harmless, likely to be called by other names which
stand in high favor with its victims.
The totalitarian
movement in this country, or at least its major development, may be
opment during the past seven years,
has for the most
masqueraded as "liberalism" or "humanitarianism," and as such been accepted, even warmly welcorned, by a great many who even today probably
would be shocked by the realization of its true
part
nature.
•
Many of us make the
mistake of supposing that
from personal absolu-
totalitarianism is inseparable
tism
of some "dictator" or similar figwhom resides both the desire and the power
on
in
ure
to issue
the paid
and enforce
commands, arbitrary or other-
without let, hindrance or limitation, from
"concentration camps," "Ogpus," "Gestapos" and
wise,
walls do a
rest, and from a system where stone
the
prison make for any and all Avho betray any mind
or will of their own in any aspect of their lives.
To
with Russia,
these, totalitarianism is synonymous
In its later or more fully de-
Germany, or Italy.
presents all
veloped stages, totalitarianism often
these
uglier and, to American eyes, most repugnant
but there are various degrees of totalisubstantially exist and
aspects,
tarianism and it may very
without plain
continue without "seizure" of power,
brutality, and without the terror and
Russia, Germany,
slavement found in
deed,
a
outright
en-
Italy.
In-
or
people may impose totalitarianism upon it-
The
self, and maintain it in power indefinitely.
fact is that the American
in
precisely
near
took to take the
people have been engaged
Presi-
such thing for years past.
some
dent Roosevelt
the end of his first term under-
curse
off the totalitarianism of his
policies by expounding the notion that the essence
of
democracy consisted in periodical elections by
the
people exercising
a
So
free and honest ballot.
long, he said in effect, as the government must at
frequent intervals
go
to the people for approval and
get a vote of confidence from them there could be no
dictatorship here other than
people themselves.
Should
dictatorship of the
a
any
President
Congress venture to exercise restraints
other way
election,
or
so
deposed Avithout
ceremony
any
itism to farmers, wage earners, and othersr—but by
and lar£e> until about the outbreak of the World
War and indeed for some years thereafter, ours was
a system of fairly vigorous individualism and
equally hardy individual self-dependence,
at the next
the doctrine expounded held.
European Trends
It Avould
pleasant, doubtless, if the matter really
simple!
or
act in any
displeasing to the people themselves, they
both would be
be
March 9, 1940
arbitrary dictatorship based on force and force
alone are by no means snyonymous as seems to be
supposed by some thoughtless persons. Absolute
State socialism or simple communism, even though
managed by the people themselves in the most democratic of fashions, would still be totalitarian in the
fullest degree, and totalitarianism as such is fully
as antithetical to our traditions as the most absolute of monarchies.'
Evidently, then, the average American citizen who
wishes to avoid both totalitarianism and absolutism must look beneath the surface of measures and
policies that are placed before him and certainly beneath the surface of the glib generalities which are
constantly being fed him anent all such subjects,
Totalitarianism has to do not so much Avith the
form government takes as with what government
undertakes to do. It has been brought to its fullest
flowers perhaps in Russia where government^ assumes responsibility for almost everything. ^ Little
or nothing is left to the discretion or the initiative
of the individual, and the average man is relieved,
as far as government can relieve him, of responsibility for his own welfare and his security in old
age, during illness, or at any other time. The system *n offeet in Russia would be totalitarian if the
affairs of government were conducted by means of
a counterpart of New England town meeting. In
this country we have traditionally insisted that the
individual not only be left free to conduct his own
affairs, but that his oAvn Avelfare and his security
against the \dcissitudes of life A\Tere his responsibility. The duty of government, Ave have held, was
confined to seeing to it that a fair field without
favor existed for all, to the formulation and enforcement of a minimum of rules of the game as it Avere,
and to the provision of a very few services such as
roads, postal communications, and some others familiar to every one. We being human, our protestations and our behavior have not always precisely
coincided—as witness "protective" tariffs, some subsidies here and there, and other forms of favor-
The Commercial & Financial Chronicle
1480
were so
The fact is, however, that it is not.
A trend away from the "liberalism" of the middle
J^ar of the 19th century and (in some of its more
more in keeping with the sys"mercantilism" had been under
way in Europe for a number years prior to 1914,
but for the most part it was slow in taking hold
here. The war, however, with the necessity, actual
or supposed, for centralization of authority and responsibility in government and Avith its disruption
of all sorts of routines, economic and other, gave
great impetus to the movement toward a much more
active and many-sided type of government.
This
development was not without its re\Terberations
here, but it was not until 1933, after nearly four
years of hard times, that Ave started "on our way"
under a President surrounded by advisers fired with
zeal for centralization of authority in Washington,
vast extension of the role of government, and the
adoption of all the "reforms" Avhich were "long
overdue." On the record today AAre stand as one of
those countries in A\diich the government holds it-
basic
Totalitarianism
We may
tem
call the system thus propounded "democ-
racy," and "democracy" it
may
be.
We
popular rule," and "popular rule" it
may
We may
manitarian"
ever,
that
we
stantial part
and
that
woof of
"liberalism," and "liberalism" it
they
may
be.
Under
years
embraced
of the notions which make the
the totalitarian
have
the
seemed
President's
to
same
may
a
sub-
Avarp
regimes abroad, and
so
far done little
or
Indeed at times
strengthen
the
trend,
philosophy democracy and
totalitarianism, both in full floAver,
the
may
The fact remains, hoAv-
have in recent
popular elections have
elections
this
We
label them "humanitarian," and "hu-
nothing to check the movement.
in
be.
term the policies pursued by the present Ad-
ministration
be.
call it
may
may
may
country at the same time.
co-exist
However
be, it is clear that totalitarianism and
characteristics)
existing under
Volume ISO
self
The Commercial & Financial Chronicle
responsible for
varied
more
activities
of
the
people and for individual welfare in greater
degree
than had been
thought of even in the most "ad¬
vanced" countries in
World
War, and
as
Europe at the outbreak of
if not
many
the
than any in
more
the
world today
except Russia—that is if purely
military considerations are left out of account.
We,
formerly the greatest individualists, now are in the
forefront of the
totalitarians,
paternalists, and, in
notwithstanding
changed the outward
can, if we
form of
that
our
of the
a sense,
have
we
not
government, and
choose, radically alter the
fairs at the polls this autumn.
of af¬
course
*
The
question
to whether
as
this autumn is the
really vital
if not most of those who
are
the
our
current
hazards
to
constantly speaking of
institutions
personal absolutism of the
European
in mind.
That, of course,
and it cannot be
Many,
one.
have
dictatorships
we must at all costs
confidently asserted
the
avoid,
that the pos¬
$40,000,000, to $5,730,000,000, which
likely to be
bank
when income tax
Demand for credit accommodation still is
est
scale, and the debate
liberty
as such as vital
happiness, but is also
as
freedom is to
our
that involved
in what
regi¬
paternalism and pampering do to the in¬
dividual, who after all is the backbone of this or
mentation
any other nation.
in return for
a
It may well be that the
farmer
substantial
willing to be told
not to do
might not have done
is
And
so
money is quite
something he might
in any event.
naturally willing to have
to funds to
of
sum
or
The wage earner
some one
else contribute
provide for him when he is
unemployed.
it may go on
through the list of new-fangled
old) schemes of control,
restriction,
paternalism and subsidy, but all of
us, whether in¬
dividually "aided" or "benefited" or
not, would <J.o
(yet really
well to
very
give serious thought to what all this
may be
doing to the fiber
of
souls
our
immediate economic well
being.
clined
as
well
Those
as
to
our
now
so
in¬
to
a
part
of
totalitarianism
their
attention
which
has
mod¬
a
City
reporting member banks reflects
loans
an
increase of busi¬
by $13,000,000 to $1,064,000,000.
banks
same
on
Loans
security collateral advanced
$25,000,000 to $482,000,000'.
The
Treasury deposited $75,000,000 gold certifi¬
cates
with the 12
period,
regional banks in the statement
raising the total
$15,868,621,000.
of
somewhat, and total
were
to
the
European
already subtly seeped
through our borders.
Banishment of the latter is
the first and the best
available defense against the
former.
$63,-
up
Federal Reserve notes
advanced
increase of
$10,214,000
account
member
to
variations
bank
$13,633,-
consisting of
balances
reserve
deposits by $13,651,000 to $377,032,000. The reserve
ratio improved to
87.6% from 87.5%. Discounts by
the
regional banks dropped $3,702,000 to $2,977,000.
Industrial
advances
off
were
000, but commitments
$300,000 to $10,404,-
to make such advances
were
$160,000 to $9,126,000. There were no open mar¬
ket changes, the total of United
States
Treasury
issue holdings
remaining at $2,477,270,000.
up
The New Yorkf Stock Market
DEMAND for iharket, developed this modeston the
stocks but only
week
basis,
New York
on a
inquiry resulted in small gains. The slight
improvement in sentiment could be traced rather
definitely
to
reports,
current
that President Roosevelt will
tain
early in
not
the
week,
endeavor
to
no
of the credit and
cur¬
change in the banking
statistics for the week ended
March 6.
Gold stocks
continue to mount
rapidly, and the accretions are
reflected without
delay in the
already tremendously
expanded idle bank
advance
the
in the
statement
total
week
holdings
portant offset
lation
resources
of the
country.
monetary gold stocks
to
recorded
The
for
is
$54,000,000, which raised
$18,220,000,000.
The only im¬
was an
increase of
currency in circu¬
by $42,000,000 to $7,481,000,000.
bursement of funds from the
But
Treasury general
dis¬
ac¬
count with the 12 Federal
Reserve Banks aided the
upbuilding of member
able reduction of
reserves
thus
bank
balances, as did a siz¬
foreign bank deposits. The excess
of member banks
reflected
a
fresh
over
legal requirements
increase for
the
statement
ob¬
third term.
Some favorable earnings reports
of large corporations also stimulated
inquiry for
a
equities, as did rumors of extensive buying of air¬
planes in the United States by the Allies. But the
principal factor making for the upward trend was
Washington
news¬
paper
rency
by
$49,292,000 to $12,367,086,000; a decrease of the
Treasury general account by $25,418,000 to
$535,9S8,000; a decline of foreign bank balances by $27,311,000 to $353,533,000, and an increase of other
the confident assertion of certain
Federal Reserve'Bank
Statement
FUNDAMENTAL show
aspects
position
to
fell
increased
$30,610,000 to
Total deposits with the Federal Re¬
639,000; with the
an
banks
circulation
Banks
serve
instruments
thus
reserves
729,000 to $16,234,379,000.
actual
such
Other cash of the 12
and the
anxiety about the possible spread of
usurped absolutism from
Europe to this country at
some time in the
future wTould do well to turn
at
least
on
to the vast total of idle
as
by any change in this con¬
The condition statement of New York
$4,889,287,000.
vidual
made
are
funds is not yet affected
nection.
in
creeping
payments
is
idle
ing new money by borrowing on this occasion, the
interruption is not likely to be sizable or lasting.
sibility of usurpation at
approach of totalitarianism already in our midst.
Here the
danger is not merely that of loss of indi¬
nat¬
There
month, but since the Treasury is not rais¬
non-existent.
some time in the future is
The fact is,
however, that the imme¬
diate and serious hazard is
found in the
record.
interruption in the advance of
an
resources
later this
by the
should alter this
we
of
urally establishes still another
ness
An Issue for This Autumn
course
week
1481
"columnists" that Mr. Roosevelt intends
retire
from
the
White
House
break the third-term tradition.
without
There
trying
was no
to
to
wide¬
spread faith in the reports, and it is therefore all
the
interesting to note that the
more
proved
on
of the
cause
have
marked
recorded
"highs"
up
from
extremely
the
during
for
narrow
trading
the
so
week
resulted
in
gains
scores
1940.
motionless.
less
than
The
im¬
Be¬
price swings which
far this year,
Leading issues, however,
1 to 3 points, and many equities
only
almost
market
the small buying thus stimulated.
trading
500,000 shares
volume
to
of
were
were
ranged
approximately
850,000 shares.
Airplane manufacturing stocks
most
sessions of the
gains
stocks
are
did
week, and
to be noted
well
on
in
such
indications
were
some
favorites in
of the larger
securities.
of
continued
Motor
good
T"e Commercial &
1482
occasional advances.
stocks
of an excellent earn¬
ings report for last year, and the stock was among
those ranging into high territory for the year.
sistently firm, partly because
made
managed to resume
these issues
even
manifest
steady
a
which affected the
war
stock market here, but the
of peace moves
in the undeclared conflict
rumors
waged by Russia against
Finland aided the market
market the tone was generally
United States Treasury bonds
favorable to holders.
moved
ship and sold off 1% points at the
moved ahead in
and motor shares
field
industrial
upward
the disclosure by Secretary Mor-
on
in
likewise
showed
close, while steel
a
fractional sort
Encouraging reports in the corporate and
of way.
to
on
Wednesday stimulated market
close
to
on
procession
degree.
considerable
a
advanced to around
In the listed bond
issues
Loft, Inc., took over the leader¬
gains.
interest
Thursday.
on
gain
traction
Other
list.
the
in the European
There were few developments
of 10 points, notwith¬
Exchange officials
undeposited shares would be stricken from
spectacular
a
that the
Securities and Ex¬
change Commission pressed its newest drive for
integration of the power and light operating units,
but
given over to trading of a mostly profes¬
Preferred shares of the B.-M. T.
standing the warning of Stock
stocks wavered, as the
trend.
of maneuvering for
sional character.
likewise reflected invest¬
Some of the utility holding com¬
demand.
ment
pany
case
a
was
Tuesday managed to make headway in a
on
session
well-rated equities
Other
it
on
March 9, 1940
position, with best prices being recorded at the
close.
On a comparatively small sales turnover,
strength, and copper issues also came in for
American Telephone was per¬
modic
then
from
The steel group displayed spas¬
demand for cars.
Financial Chronicle
Aviation stocks led the
month.
a
Sales volume
850,000 shares, the best volume
the strength of increased war orders
on
from the Allies and a better
earnings record.
Mov¬
genthau that no new money will be raised on the
ing slightly higher at the start, improvement ex¬
March
tended
Best rated corporate bonds
steady throughout the week, and underwriters
were
quarter-date.
reported fairly good results with offering of new
issues.
in
Speculative railroad and other bonds were
quiet demand, while some foreign dollar issues
forward
moved
Scandinavian bonds
fresh
of
various
impressively for
especially in demand
were
in the
Brazilian bonds
were
in favor late
week, owing to reports that a debt payment
Commodity
proposal would be put forward.
reflected occasional
higher
for
weekly
the
period, while other staples also were firm.
metals steadied
on
mar¬
buying flurries in wheat,
somewhat
finished
which
as
on
lending by the official Export-Import Bank
Washington.
kets
reasons.
Base
heavy buying of some items, such
The foreign exchange markets were un¬
copper.
above
sales volume
nounced increase of
On
touched
new
low levels.
new
Call loans
mained
On
stocks
on
new
low
the New York
high levels
new
colored initial sales,
then
the market developed a
on
changed.
larly
mand-
at the
Stock
Exchange
re¬
New York
Saturday
were
on
Exchange the sales
271,710 shares;
on
Tuesday, 572,535 shares;
855,030 shares;
on
on
Monday, 457,670
on
Wednesday,
Thursday, 691,446 shares, and
war
under
On
Curb
New
York
Saturday
were
99,770 shares;
shares;
on
Exchange the sales
on
on
on
Monday, 125,820
Tuesday, 128,265 shares;
150,905 shares;
on
Wednesday,
Thursday, 161,630 shares, and
on
Market
a
activity
virtual
nalized
on
Saturday of last week
standstill.
opening transactions, with utility shares
almost
trading.
on
the
close, when
Prices displayed
Monday
as
This condition endured
the
some
a
firmness
to
came
slightly better position
low-priced shares again assumed
dominant role in the
moved
came
Irregular movements sig¬
suffering fractional losses.
to
day's activities.
a
Copper stocks
higher, bolstered by the announcement that
French
ditional
sources.
Government
had
purchased
an
ad¬
75,000 tons of the metal from United States
Steadiness
Reports of peace negotia-1
Finland
and
Russia
lag in trading, and stocks affected by
suffered
perceptibly, and steel and motor shares
under the
day's best levels.
As compared
Friday of last week, final prices
yesterday reveal a better position.
General Electric closed yesterday at 38% against
37%
on
Friday of last week; Consolidated Edison
Y. at 31 against 31; Columbia Gas &
N.
of
Electric at
5% against 5%; Public Service of N. J.,
41% against 40%; International Harvester at
56% against 52%;
against 83%;
Sears, Roebuck & Co. at 84%
Montgomery Ward & Co. at 54%
against 53%; Wool worth at 40% against 40, and
American Tel. & Tel. at
23%
on
174% against 172%.
Union closed
yesterday at 23% against
Friday of last week; Allied Chemical & Dye
at
176% against 174%; E. I. du Pont de Nemours
at
186% against 184%; National Cash Register at
16%
24% against 24;
Loft, Inc., at 29% against 29%; Texas Gulf Sul¬
phur at 33% against 34%; Continental Can at 46%
against 46%; Eastman Kodak at 153% against
151%; Standard Brands at 7 against 6%; Westinghouse Elec. & Mfg. at 112 against 112%; Canada
Dry at 20% against 20%; Schenley Distillers at
11% against 12, and National Distillers at 24%
14% against 15%; National Dairy Products at
against 16%; National Biscuit at
Friday, 184,530 shares.
to
a
Western
the
A mixed trend obtained
between
way
with the close, on
Friday, 745,050 shares.
on
day's volume.
start, although the tone was steady and lead¬
fractionally higher.
ers
at
Stock
Aviation stocks continued in de¬
Friday, and accounted for a fair propor¬
on
of the
tion
backward and for¬
motion, with equities finishing the day irregu¬
ward
Co.
levels.
unchanged at 1%.
the
shares;
159
On the New York
Exchange 133 stocks touched
103 stocks touched
and
Exchange
sizable scale, it is un¬
apparent bad effect. Fractionally higher prices
metals being a feature. From
any
closed
high levels for the year while 112
stocks touched
Curb
an¬
monetary stocks.
Stock
York
New
the
our
a
derstood, was absorbed during the session without
caused
Gold moved toward the
Thursday
Liquidation of the securi¬
ties of British holders on
settled, with "free" sterling under pressure, and the
heavy volume, judging by the
The
tapered off in narrow trading, result¬
ing in mixed changes.
dollar
generally strong.
point during the morning.
prices closed near the day's best levels.
tions
United States in
one
period reflected no further progress, but
afternoon
marked
opening prices, but
against 24%.
In
the
closed
rubber group,
Goodyear Tire & Rubber
yesterday at 23% against 23% on
Friday of
and
week; B. F. Goodrich at 19% against 19%,
United States Rubber at 36 against 35%.
last
Volume
150
Railroad
week.
The Commercial & Financial Chronicle
shares
made
fractional
Pennsylvania RR.
this
progress
Steel stocks advanced the
present week to
United
States
European Stock Markets
closed
yesterday at 22%
against 22% on Friday of last week; Atchison Topeka & Santa Fe at 23% against
22%; New York
Central at
16% against 16; Southern Pacific at
12% against 12%; Southern
Railway at 16%
against 16%, and Northern Pacific at
8% against 8.
ground.
Steel
higher
closed
SMALL and irregular movements in the reported
exchanges were
leading
this
ing the
000
section
Friday of last week;
53% against 52%; Chrysler at
General Motors at
firm at London in the
was
early session, but
selling developed later, apparently to enable
taken
on
and the announcement of the £366,660,a quiet mood.
The gilt-edged
war,
flotation evoked
to
Auburn Auto closed yester¬
stock
on
centers.
The London market
faced the first of the large market loans for financ¬
against 40%.
In the motor
group,
week
European financial
yesterday at
58% against 57% on Friday of last week; Crucible
Steel at 39
against 37%; Bethlehem Steel at 77%
against 75%, and Youngstown Sheet & Tube at 41
day at 1% against 1%
1483
some
the holders to subscribe to the
trial stocks
were
firm and soft
A little interest again was
gold mining shares, while other depart¬
the market were
neglected. On the Paris
in
ments of
Bourse the sessions
day, when
monotonous until
were
yesterday at 43% against 43
modest variations for the week.
Oil
11
at
Friday of last week;
on
against 11,
Refining at 22% against 22%.
Among the copper stocks,
and
Atlantic
closed
yesterday at 29% against 29
week; American Smelting &
Copper
on
Friday of
last
Refining at 50
against 49, and Phelps Dodge at
38% against 37%.
In
the
aviation
Curtiss-Wright
group,
closed
yesterday at 11% against 10 on
Friday of last
week; Boeing Airplane at 23% against
23, and
Douglas Aircraft at 85% against 81%.
Trade and industrial
reports indicate only mod¬
changes in the business situation. Steel
opera¬
tions for the week
est
ending today
American
Iron
and
Steel
were
Institute
reported by
at
64.6%
of
capacity, against 65.9% last week, 71.7% a month
ago, and 55.1% at this time last
year.
Production
of electric
power
indicated
by
for the week ended March 2
Edison
was
Electric
Institute at
2,479,036,000 kwh., against 2,455,285,000 kwh. in the
pre¬
ceding week and 2,244,014,000 kwh. in the corre¬
sponding week of last
enue
by
freight for the
the
39,986
week to March 2
Association
634,410
39,378
of
cars, an increase
cars,
and
Car loadings of
year.
American
over
the
over
were
rev¬
reported
Railroads
1939
of
cars.
yesterday at 102%c. against 100%c. the close on
Friday of last week. May corn closed
yesterday at
56%c. against 56%c. the close on
Friday of last
week.
May oats at Chicago closed
yesterday at 42c.
against 40%c. the close on
Friday of last week.
The spot
price for cotton here in New York closed
at 11.08c. against 11.07c. the close on
yesterday
Friday of last
week.
The
spot
price for rubber
yesterday closed at 18.83c. against 18.50c.
on
Friday of last week.
Domestic
the close
closed
copper
yesterday at ll%c., the
In
yesterday
20
3/16
London
at
21
the
same
as
on
Friday of last
pence
per
pence per ounce the close
on
ounce
fers
the matter of
on
transfers
on
on
Paris
closed
on
now
ending.
WARTIME financing
issues
market
started
last
Sir John
of
on the ordinary basis of
Government bonds
was
Tuesday by the British Government.
Simon, Chancellor of
the
Exchequer,
nounced in the House of Commons that
of
£300,000,006 3% bonds, due in 19
an
an¬
offering
years and call¬
able in 15
years, would be made next
books
to
be
closed
the
Tuesday, with
following day.
Terms of
the
borrowing were regarded in the London market
quite acceptable, and it was considered a matter
as
of
that
course
subscribed.
the
The
issue would
return to the lenders
anticipations.
Chancellor
over¬
and the
par,
probably exceeds London
mar¬
In his Commons announcement
commended
the
issue to
citizens,
fiduciary institutions throughout
United Kingdom.
Addressing the British pub¬
over
the
radio, later in the day, he urged the
companies
lic
promptly be
offering will be at
success
and
of the loan
as
one
of
means
impressing for¬
eign countries, especially the German Reich.
and large applications alike were
solicited
John,
who
provided
a
brief*resume
of
Small
by Sir
the
war
financing.
creased
The floating debt, he said, has been in¬
during six months of warfare by £306,-
000,000,
through
while
sales
£100,000,060
of
the
bonds and national
designed
to
Further loans
the future
have
been
raised
small-denomination
defense
savings certificates which
appeal especially
on
a
to
larger scale
small
were
were
investors.
indicated for
by the Chancellor.
It has been
apparent for some time that the Brit¬
a
yesterday at 2.21%c.
Friday of last week.
the Berlin
British War Loan
were
yesterday at $3.91 against
Friday of last week, and cable
was
oper¬
ations in the week
carefully, with
trans¬
ex¬
in
Friday of last
foreign exchanges, cable
against 2.23c. the close
conflict
ish authorities
London closed
$3.93% the close
the
against
week, and spot silver in New York closed
yester¬
on
Friday of last week.
Nor
an
showed only
the coming
Spring.
With this
major problem unresolved, there was little
tendency
on the
part of traders and investors to expand
price for bar silver closed
5/16
day at 34%c., the close
In
of
the
indicating the course of the commodity mar¬
kets, the May option for wheat in
Chicago closed
reflected
and
by the war uncertainties, and espe¬
cially by the possibility of a general intensification
the
of
market
overshadowed
the previous week of
week
Amsterdam
active, although the price trend was upward.
the European financial markets
currently are
ket
same
The
Boerse
at
As
week.
train.
All
Anaconda
Thurs¬
optimistic statement by Finance Min¬
ister Paul Reynaud
brought a little buying in its
an
tremely cautious Dutch attitude
Union
Indus¬
change appreciably.
85% against 83%; Packard at 3% against
3%, and
Hupp Motors at % against %.'
Among the oil stocks, Standard Oil of N. J. closed
Shell
issue.
new
by turns, and failed
of this first
in
London
"The
studying-the financial market
view to proper
timing and terms
major
war
dispatches
announcement
ately made at
of
loan.
This is reflected also
concerning
the
new
the
loan
flotation.
was
deliber¬
an
opportune moment," the London
correspondent of the New York "Times"
remarked,
"because the
public has just got the income tax col¬
lector's latest demands off its
mind and
many in-
L.1484
vestors
for requisitioning
receiving payment
are
security holdings. Also, purgenerally, is beginning to reflect the
part of their dollar
chasing power,
in Government
from Germany in the World War settlement was
revived, and it was added that the Reich must have
a share in the world's riches. Equal trade oppor-
Government borrowing
tunities by "dispossessed" nations with the rich
"plutocracies" were said in dispatches to have constituted another German stipulation. Finally, it
seems, the Reich regime expressed willingness to
join some system of general security which would
assure disarmament, provided all the preliminary
requirements were met. The atmosphere in Berlin
was said to have been one of assurance of victory,
and the talk with Mr. Welles apparently was managed in harmony with such views. Mr. Welles, personally, imparted nothing more than an affable
smile to the eager press representatives in Berlin.
Premier Edouard Daladier conferred at great
length on Thursday with the peripatetic UnderSecretary of State, after the latter had journeyed
to Paris via Switzerland. Once again Mr. Welles
be prudently borrowed
amount that can
reaching its limit."
the banks must be
the extent to which
pens,
Moreover,
from
As it hap-
expenditure.
increase
the
Allies in financing the war
is excellently illustrated by the latest letter of the
National City Bank of New York. That able review
may
be carried by the
indicates that the
British expect to spend £2,400,-
financing the war, or approxinational income. As the conflict continues, of course, the costs are likely to
increase.
French expenditures for war purposes in
1940 are estimated at 250,000,000,000 francs, which
000,000 this year in
mately 40% of the
also
of
approximates 40% of the national income
The British fiscal year ends
March 31, and the budget presentation which now
is imminent will doubtless disclose some of the gencountry concerned.
the
of the British Cabinet
financial expectations
eral
respect to the conflict.
with
#
Welles
March 9, 1940
would prevent Great Britain from imposing a "hunger blockade" on Germany or any other country,
The old demand for a return of colonies "stolen"
The Commercial & Financial Chronicle
-
^
kept his own counsel, but French sources indicated
that general aims of the war were discussed, in a
#
Mission
TRAVELING about Europe on his "information manner "very to have arguedtothe humanitarian view
France. M. Daladier
gathering" tour, Under-Secretary of State
reported satisfactory"
wag
with
week
current
the
and on Thursday
the French Premier,
Fuehrer, Adolf Hitler,
German
of
the
conferred last Saturday with
Sumner Welles
The real purpose of this
Edouard Daladier.
jour-
0f ^he conflict, as
against the German contentions
0f economic necessity.
Liberation of the Polish and
Czech
peoples was said to have been made a pri-
mary
requirement of a settlement by the French
remains to be explained by President
Roosevelt, who dispatched Mr. Welles on his series
of visits ostensibly to learn the inwardness of the
Premier, while elimination of the Nazi regime led
by Chancellor Hitler was also held necessary. Some
accounts suggested that Austria also must be lib-
situation, although the American Emhave functioned well in this re-
erated from German dominance before peace can
bo considered.
Mr. Welles conferred with Presi-
ney
still
European
bassies doubtless
War aims and peace requirements
spect.
of the
imparted to the
official, but it does not appear that any-
c|eilb Albert Lebrun, for a while,
added
but it does not
to the public
belligerents apparently are being
appear
American
knowledge of the situation by that exchange.
thing at all startling or new so far has been ascertained. The most informative portion of the Welles
journey so far was the stay in Rome,
elicited the fact that an
tion from Mr. Roosevelt to
lini
which at least
"autographed" communicaPremier Benito Musso-
conveyed, even though the content of the
was
Possibly because of precautionary enjoinders, no information is available
as to
similar communications, if any, to the GerFrench
and
actually is
President
heads
seeking
a
of
If Mr. Welles
State.
basis for
a
peace
move
by
Roosevelt, that possibility also was kept a
Nor is it at all likely that the
strict secret.
still to
versations
in London will
be
con-
1ield by the Under-Secretary
clarify the real object of this tour,
Chancellor Hitler received Mr. Welles last Satur-
day in Berlin and conferred with the
tary for 90 minutes, in the presence of
man
officials and the American
Alexander
Kirk.
Hitler
Herr
Under-Secreseveral Ger-
Charge d'Affaires,
According to Berlin dispatches,
"presumably" set
forth the German
viewpoint for the benefit of Mr. Welles.
man
contention is that the question
declared
of
The Ger-
war or peace
to Germany," but up to the Allies, which
is not up
or
talked
may
at
It
not be significant that Mr. Welles^
for an hour with Ambassador
Dijon
Joseph P. Kennedy, who was en route to his London
post.
The Under-Secretary will next visit London
authorities, and he will
f0r conferences with British
san
on
his return trip late this month,
not disclosed.
message was
man
may
that anything was
war
on
the Reich last
September, it ap-
American [Neutrality
DOSSIBLY because of a studied attitude of the
A
State Department in Washington, there were
few reflections of the European war, this week,
which aroused concern about the rights of neutrals
on our side of the Atlantic.
Some incidents occurred, however, which assuredly merit the close
attention of the authorities. The 300-mile "safety
zone" around neutral America, which has no basis
whatever in established international law, was "violated" late last week by a British cruiser, which
intercepted two German merchant vessels attempting a dash from The Netherlands West Indian port
of Aruba. One of the ships was captured and the
other scuttled by her own crew to avoid capture,
This quite ordinary incident of the European war
is of no great significance. It happens, however,
that a call for aid allegedly was made at the same
trine similar to the Monroe Doctrine of the United
time by the British merchantman Southgate, which
is said to have claimed danger from a submarine,
United States naval and aerial squadrons soon lo-
States in the
Americas, Herr Hitler is said to have
cated the Southgate, which appeared to be in no
Genuine freedom of the seas was men-
danger. After the incident ended, Navy Department officials in Washington said privately, according to a dispatch to the New York "Times," that "it
pears.
secure
"lebensraum"
in Central and Eastern
explained.
tioned
Reich
The
as
another German
must
made
a
doc-
requirement, and it was
indicated that this would have to take
be
Europe, under
a
form that
Volume
was
150
The Commercial & Financial Chronicle
to the State Department, if it
desired, to
out why the
captain of the Southgate had
up
find
sent out the
attack
Economic
find
their
message."
reflection
shipments
of
kinds
to
trade
with
neutral
tinued, of
in
merchandise
nations
Germany
continue
war
hampering regulations
American
in
has
of
Europe.
been
to
on
various
American
virtually
discon¬
but the British Ministry of Eco¬
course,
nomic Warfare
appear to
be concerned about sup¬
plies reaching the Reich by way of the neutrals.
Requests were reported in New York, in behalf of
the
British
panies
authorities,
refrain
for
the
all the small Finnish islands at the
eastern end
the Gulf of
that
American
oil
com¬
time
a
The
impression
of
such
"explain" the Allied viewpoint on such
worthies, who arrived last Monday,
matters.
These
Ashton-Gwatkin, adviser
of Economic
adviser
to
to
the
French
to
controls
are
The
American ships
and
interferences
especially to
come
within
of activities of the special British and
emissaries, it was indicated upon their
scope
French
arrival.
Irritations
terferences
occasioned
discussed
were
by the British in¬
two
on
occasions, this
week, in the London Parliament.
earnestly
Monday that the
on
mails screened
ican trade
an
mail
declared
was
available
as
...
denied
of American
to ascertain Amer¬
terms
desires
only
out
that
the
than
actually
was
indication
no
Increasing
area
this
kind
war
further
to
an
progress to
bloodshed, and the possibility that the
deavor may succeed
en¬
already is occasioning most in¬
teresting reactions in various European countries.
Only vague indications so far are available as to
the
course
of the peace maneuvers.
seriously, however, and for this
the
unfortunate reports of the
flict.
Sweden quite
They
are
reason
course
of
the
Russian
Governments, but it
associated
may
be that others
terms
would
Allied attack.
in
Finland,
Allied
land had received and
was
considering terms of
tlement, and the impression in London
the Swedish
was
aggression.
Allied
an
The
tal
more
were
lacking, according to this brief
are
Rumors in
some
capitals
demands include
are
a
drastic action in the
con¬
pressure
Possession of the strate¬
Almost
new
for
surrounded, the
on, and thousands of Rus¬
If
Viborg
the Karelian isthmus will
on
weakened, but the defenders
are
said to be
con¬
fortifications in the determination
inch of ground.
every
week, and thus
to
forces
islands in Lake
Ladoga
some
were
Russian
able to claim small
gains.
north, the Russian forces pounded south¬
yesterday claimed occupation of the
and
town
of
Nautsi.
Additional
reserves
were
by the. hard-pressed Finns, and
quite possible that dwindling military
supplies,
as the drain on
man-power, will force the
well
a
"realistic" view of the situation.
PREPARATIONS
this
dec¬
Hangoe,
peace
argued, and the
Europe
were pushed in Western Eur¬
ope this week for that general increase of war
activities which all observers believe to
be inevitable
coming spring in the great conflict between
the
Anglo-French Allies and the German Reich.
Some
of the preparations were of
a
quite spectacular
to the effect that the
naval base at
more
was
said to attest their valor.
Western
laration.
Russian
Russian-dictated
was contested
fought tenaciously
Finns to take
ing in character than those presented last autumn."
Details
A
defeat, it
land, south of the town.
as
far-reach¬
victory
undermine
bitterly by a Fin¬
and the huge Russian
military
machine.
Moving over bay ice, the Russians man¬
aged to gain a foothold on islands and on the main¬
the laconic announcement
presentation of demands to Finland,
of
nish "suicide"
corps
it is
was made that "the
Soviet Government is believed to
have planned the
of
attack.
domination
would seriously
unrelenting all week.
small
Government had passed the
proposed
on to Helsinki.
In the Finnish
capi¬
the
discouraging, for the Russian
called to the colors
Russian terms
German
a
military developments in the undeclared
ward,
set¬
rumored
permission
by London and Paris.
Far to the
that
that
in the Balkans, since the Allies
fighting to defend the small countries
admittedly occupied
merely that of "postman."
dispatches confirmed,
yesterday, that Fin¬
London
Europe.
permit the
To permit a virtual Russian
moreover,
are
situation
this
with
mean
possibility thus looms of
battle
the Stockholm authorities.
It is
insisted in the Swedish
capital that the role of the
Scandinavian country is
to
prestige
avowedly
structing
are
Allies
Northern
in
Europe by Germany ancURussia, and the
protection of Germany's northern flank
against
be
con¬
the
might easily provoke
falls, the Finnish hold
obviously is taking a leading
part in the mediation between the Russian and Fin¬
nish
by
the
war
Northern
sian dead
overshadow
enable
with
in the
peace
British officials
Finns
taken
might
that
point out, according to a London
dispatch to the New York "Times," that
peace on
was
end without
ac¬
quietly pointed
developments
felt
Stockholm, and it is feared
gic city of Viborg
STRENUOUS efforts currently are in
bring the Russo-Finnish
the
keep out of the great
pressure
flict remain
Mediation in Finland
was
of troops for the aid of Finland is
passage
discovered in
\
followed
Russo-Finnish
in
It
interest, for it is
against
dis¬
a
countries to
are
Finland
Russian peace feeler
may-be nothing
stroke in the conflict itself.
All of
Scandinavia
anxious
insist
"honorable" peace and will
accept
an
other kind of settlement.
would be
was
is regarded
All reports from Helsinki
aerial
clipper at Ber¬
autumn, which led
conflict, and Finnish acceptance
regime, to continue fighting if harsh terms
cepted.
Wednesday the seizure
an
Unfortunately,
to what
:
was
"justified" by what
covered in the mail.
such mail.
on
from
It
search
alleged effort
secrets, while
American
muda
is
Ministry
blockade authorities.
by British contraband
with American mails
of
F. T.
Warfare, and Professor Charles Rist,
the
extraordinary delays occasioned
the
British
are
area.
Russian
new
as doubtful.
There is,
hand, the precarious position of the
country to consider.
Among the matters being
studied is even that of a Finnish
4rjuy decision,
quite independent of any made by the Helsinki
more
like nature, the
the Petsamo
gained that the
the other
on
this and many other
a
was
demands exceed those made last
no
incidents, of
strip far to the north in
to the undeclared
being from shipping
lubricating oils to Denmark, Holland and Belgium.
Apparently anxious to avoid friction because of
British and French Governments sent
to the United
States two special
emissaries, who are detailed to
of
Finland, most of the Karelian isthmus,
and
aspects of the great
1485
*
nature.
The
new
and
not
quite finished
British
The Commercial & Financial
^486
Italy was incensed over
coal shipments from the
Reich in Italian bottoms. The tension continued to
mount, and endless conjectures as to the future
course of this "strangest of wars" were heard every-
Thursday, and docked in
warning off New York,
city late the same day. The 85,000-ton Cunard
Star liner made her maiden voyage under
this
White
The arrival of the vessel,
attacks.
from submarine
which is the world's largest,
the
where.
promised immunity
zig-zag course that
hurried
a
apparently in
paint and with a skeleton crew,
grey
European Neutrals
'
contrasted grimly with
ship will remain tied
with the Queen Mary and
to avoid all danger of aerial
It is expected that the
ago.
in New York, along
op
Normandie, so as
the
attack
and prominent
valuable
the
on
authorities that the
tations of British
de-
war may
diplomatic dispute followed which may take some
time to settle. German coal, shipped to Italy via
Rotterdam in Italian bottoms, was declared contra^and ^
British authorities as of March 1,
although previously this trade was unobstructed,
Suitable notification was furnished Rome by the
London authorities on March 1, but the Italian
velop into "total" warfare.
approach of spring, intensified activity
With the
already to be taking place on the high seas
appears
In contrast with the final week of
and in the air.
February, when relatively few ships were sunk, sub-
German craft were reported fre-
marine attacks by
quently this week, and German bombing airplanes
Grand
sels in
in
A
Beet
^ Italian colliers sailed from Rotterdam
an(* everJ vessel was taken into the British control
^ase
Bowns, early this week. One ship was
Admiral, Erich Raeder, declared in Berlin
Sunday that all Allied shipping, and all ves-
last
as
Government apparently remained unconvinced.
The German
to the destruction.
contributed
also
must be regarded by the Germans
convoys
released on the ground that the sailing antedated
Bie British order, but the coal on all others was
unloaded and subjected to prize court proceedings.
The accepted explanation is that this represents an
intensification of the British blockade of Germany,
^ut it also is possible that pressure on neutrals is
boing increased by the London authorities with a
v*eAy
a c*ear Pa^h for possible military strokes
ag^st the Reich from Near East bases,
The Italian Government protested tartly to Great
Britain, last Monday, against interferences with
shipments of German coal in Italian bottoms. This
protest was Loth general and particular. The
methods of economic warfare adopted by the BritGovernment were protested by Italy in behalf
a^ non-belligerents, and some points of internarional law were cited in support of the Italian viewP°int. In particular, Italy demurred at the measure# ^or depriving Italian industry of German coal,
which was described as "an immutable necessity to
engaged in war activities, and would be treated
This ominous warning
corresponding manner.
a
coincided with
Domala,
aerial attack
and
ship
the British ship
on
Several bombs struck the
8,411 tons.
or
merchant
an
than 100 casualties
more
oc-
curred, while the vessel was taken into port afire.
German submarines
their
tankers
Charles F.
seemingly
making British
are
victims,
particular
for
the
large
Meyer of 10,516 tons went down Mon-
day, while the San Florentino of 12,842 tons was
torpedoed and sunk on Wednesday.
smaller craft also met the
usual
the
aerial
A number of
fate, and there
same
sinkings of neutral vessels.
raids
over
were
Extensive
opposing naval bases and land
points were carried out by both British and German
airplanes, and a few planes
An unfortunate
side.
London,
reported from
British
Sunday,
last
the Western Front
when
desultory all
was
Maginot and Limes line outposts.
patrol had been trapped in
admitted
losing
disclosed
in
first
a
large-scale
and
a
German
own
It
men.
conflict between
had occurred that day
British
on
authorities
attention
was
a
modern war,
rather
centered
on
the
Italian deposit of funds to cover the possible
findings of the prize courts might ensure the release
°f the German coal, and it even was indicated that
a British credit might be extended to make the de¬
posit possible. British coal is available in ample
Whether this
amounts to satisfy Italian requirements, it was fur-
of
the
Switzerland.
border of Holland and
a
mere
routine
Such
and
course,
recurring
ports of extensive German troop movements
is
on
re-
matter, or a preparation for
general
offensive could
tained.
Neutral countries
not,
of
solely 1° harm the Reich. A hint was extended that
an
victory in this
brush, with 20 British dead and 16 captured.
incidents do not make
some
German, while
one
claimed the
and
the West-
Front, and London admitted the loss of
Berlin
was
Berlin, Wednesday, that
soldiers and claimed the death of
the
Bfe an<^ work of the Italian people." The warnconveyed that the action might disturb and
compromise Anglo-Italian relations.
But the
Italian protest made no great impression at London, and the British seizures of the coal continued,
so that by Thursday more than 106,000 tons were
*n British hands.
Every effort was made, on the
other hand, to convince Italy that the action was
u°t ^tended to irritate or discomfit Italy, but
*Dg was
French
ambush, but they
an
few of their
London
German troops
ern
three
British bomber.
a
spokesmen announced last Sunday that
the
either
on
for the few scouting expeditions sent out
save
from the
on
lost
were
of mistaken identity was
pursuit planes shot down
Fighting
week,
case
course,
be
throughout Europe
a
ascer-
were
apprehensive of developments that might involve
them in the
great conflict.
The Scandinavians, in
particular, seemed to be concerned
bilitv
aid
that
Great
Finland
Britain
through
and
their
,
in the undeclared Russo-Finmsh war.
1
e
advent of March, Italy encountered the full force
°* the British naval blockade of Germany, and a
property.
emphasize forcibly the expec-
The incident served to
,
ANXIETIES of the[ European neutral coun ries
™ were increased this week, both by the devel¬
opments in the greater conflict between Germany
and the Allies and by the apparent peape moves
reception of the Queen Mary some years
gay
March 9, 1940
them to take a stand.
British interference with
without
Queen Elizabeth, appeared
liner,
luxury
Chronicle
over
France
territories,
the possi-
will try to
and
force
.
Gier stated, and arrangements for supply would
occasion no difficulties. The Italian authorities
nevertheless made it known, Thursday, that they
are highly incensed and not inclined to take advantage of the conciliatory British attitude as to
coal supplies.
It is possible, of course, that the Anglo-Italian
conflict regarding German coal has deep signifi-
Volume
The Commercial & Financial Chronicle
ISO
Some
cance.
interesting
theories
have
been
vanced, but it remains to be established
is
more
implied by the British action than
a
simple
tightening of the blockade covering seaborne
of the Reich.
merce
great indignation
endeavored to
the British action, and they
reassure
Italy
transportation facilities.
the basis of land
on
The incident follows the
negotiations, and
possibly relates to the Italian position in the
concentrations
East
point to
of Allied
forces
in
the
war.
Near
possible Allied effort to attack Ger¬
a
through the Balkan peninsula, and for such
many
efforts
Italian
nevolent
aid
dispute
can
by Italy
also be
Italian
coal
an
Anglo-Italian
effort to force
a
this highly important matter.
on
intended
of
German
be made that the
maintained, however, that the inci¬
dent is
the
helpful, while the be¬
coal merely reflects
on
decision
can
would be
neutrality of Italy would be indispensable.
The contention
It
com¬
German spokesmen expressed
over
breakdown of Anglo-Italian trade
Vast
ad¬
whether
as
demonstration to the Reich
a
difficulties
in
return
encountered
for
in
taking
goods supplied to the
Reich.
If the latter
interpretation is correct, Italy
probably will contract for British coal after a suit¬
able show of
Rome in the
For
resentment, and the real tendencies
war
to
prevailed
Wednesday.
defeat of the
a
in
Sweden
Allied aims.
and
than
some
of the comments made in London.
Noel-Baker,
spokesman
considered
was
a
The
that
foregone conclusion
of forcible
measures
last
war
promise of
involve the neutrals in the
great
conflict.
In the Balkan
countries,
keenest
apprehensions
prevailed
tions of the great Powers.
as
to
as
such
territory
European
was
very
that
re¬
strong in
the
made for
Balfour
that
reason.
weak and hunted race, accord¬
ence
has gone
that
dare to do this shameful act
we
today, to repudiate the moral contract
with them when the last
great war was
Malcolm
we
made
going on."
MacDonald, Colonial Secretary, defended
the restrictions
on Jewish land
acquisitions on the
simple ground that unrest is growing among the
Arabs.
"If
there
trouble in
Palestine," he
said, "there would be repercussions in Trans-Jordania, Irak, Saudi-Arabia, Egypt and India. One
has
were
got to be frank about these things." Notwith¬
the British ruling, Mr. MacDonald de¬
standing
clared
that
"the
established in
Jewish
national
home
Palestine, and it will
has
been
stav there."
/
«/
•
Discount Rates of Foreign Central Banks
THEREdiscount no changes during the week in
have been
the
of the foreign central
rates of any
banks.
Present
well,
the
the
inten¬
Rumania continued to
Germany than in previous weeks, while
insisting upon close military connections with
Great Britain and France.
Country
on
the border
day, but probably reflects only the tension which
Europe feels at the moment. A German air¬
vious
Rate
are
Date
vious
Effective
Rate
3M
Mar.
2
Jan.
5 1940
2
Hungary...
4
Bulgaria...
6
Aug. 29 1939
Aug. 29 1935
Aug
15 1935
7
India
3
Nov. 28 1935
Italy
4^
May 18 1936
1
1936
Holland
"
H
Canada
2M
Mar. 11 1935
Chile
3
Dec. 16 1936
4
Colombia..
4
July
5
3
...
Japan
Java.
18 1933
Ciechoslovakla
Jan.
1
Jan.
2 1937
5H
Oct.
10 1939
1936
4
15 1939
7
6
July
6H
4U
4^
Dec.
Portugal...
4
Rumania
3H
3^
Aug. 11 1937
May
5 1938
June 30 1932
Oct.
3
4M
Oct.
1935
3.05
Sept. 22 1939
Poland
2
..
May 28 1935
4^
3H
17 1937
5
4H
4J4
5
South Africa
4H
2H
Mar. 29 1939
5
Sweden
3
Dec.
Sept.22 1932
5
Switzerland
IH
Nov. 20 1936
2 Y>
2
Jan.
7
Yugoslavia.
5
Feb.
Finland
4
Dec.
3 1934
France
2
Jan.
4 1939
Germany
4
Greece
0
•
14 1937
Morocco..-
3
1
5
7 1936
Jan.
Norway
England
26 1939
4H
3M
Apr.
5
4H
3H
Estonia
2
3
3H
Eire
..
3.29
Lithuania..
3
4
...
Danzig
4 1937
Spain.....
May 15 1933
♦4
4^
15 1939
1
1935
Not officially confirmed.
Foreign Money Rates
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, against 1 short
are
as
Friday of last week and 1 1-32@1 1-16% for three,
months' bills, as against 1
1-32@1 1-16% on Friday
on
Money
At Paris the
on
call at London
open
2Yi% and in Switzerland
The Reicsh
acknowledged responsibility and offered
indemnity, which seems to have modified
neu¬
Pre¬
Effect
Mar. 8
Belgium
1%.
But
Country
Argentina..
plane last Saturday violated Belgian
neutrality and
sent two Belgian
airplanes crashing to the ground.
by the incident.
centers
Rate in
Date
Effective
of last week.
occasioned
leading
Pre¬
Effect
all of
tension
the
at
Mar. 8
on
A clash
Rumania and Bulgaria was
reported last Mon¬
to pay an
rates
shown in the table which follows:
oil
Friday
on
was
market rate is nominal
at
at
1%.
Bank of England Statement
THE statement for expansion of £3,080,000 in
the week ended March 6
shows
further
a
Europe,
tressed
as
by the
whole, remains profoundly dis¬
possibility of involvement in the
a
circulation raising the
in
effect
Palestine
SERIOUS repercussions in Government's policy,
Palestine have been
reported to the British
Feb.
announced
Jews
in
occasioned
demonstrations
estine
28, of restricting the sale of land
that
which
mandated
bitter
are
injuries to hundreds.
came
from
after
was
tailed
territory.
The restric¬
complaints from Jews, and
said to have taken
resulted
in
a
number
place in Pal¬
of deaths
and
Reports of the disorders first
Rome, and the British censorship there¬
relaxed sufficiently to
permit a few de¬
accounts
of
the
riotous
outstanding to £534,296,000
comparison with £479,177,934
a year ago.
The
slightly offset by a gain of
£79,656 in gold holdings and so the decrease in
great conflict.
tion
are a
were
contended
homeland
a
Russia and
to
he
Philip
Opposition,
ing to Mr. Noel-Baker, and "it is because their influ¬
Denmark
contingencies, as the dispute regarding
supplies of that country remains unsolved.
Turkey appeared to be more
conciliatory toward
the
the
fear
for all
tral
and
Today the Jews
Anglo-
that
violation of neutral
would
of
for
tartly that the Jews
Rate in
Norway
wishes, and
still
matter, which developed last
censure was defeated by a
129, but this is of less significance
of 292 to
the
full
a
A motion of
vote
marked
the
on
of
French aid might be sent to
Finland via the Scan¬
dinavian
countries, regardless of their
the
debate
the
amount
arm
Opposition in Great Britain demanded
dress
will then be somewhat
clarified.
Scandinavian countries the
problem of
war or
peace related largely to the
developments of
the Russo-Finnish
war, and to the feeling in Lon¬
don that a settlement on
Russian terms would
it
Labor
1487
discontent.
The
on
reserves
reserves
was
amounted
to
£3,001,000.
Public deposits
£23,251,000 and other deposits increased
£31,052,971.
Of the latter amount, £29,490,666
fell
off
represented
in
other
a
gain in bankers accounts and £1,562,305
accounts.
The
proportion of
to
reserves
deposit liabilities dropped to 24.5% from 27.1%
a
week earlier.
Government securities increased
£10,132,000 and other securities £686,634.
The latter
consist of discounts and advances which
967
and securities
change
was
which
increased
made in the 2% bank rate.
rose
£255,-
£430,667.
Following
No
we
The Commercial &
1488
March
Financial Chronicle
different items for several
comparison of the
a
Changes
years:
for Week
Assets—
Feb. 28,
Feb. 29. 1940
Reichsmarks
Reichsmarks
STATEMENT
ENGLAND'S COMPARATIVE
BANK OF
1939 Feb. 28, 1938
Reichsmarks
Mar. 8,
Mar. 9,
Mar. 10,
Mar. 11,
1940
1939
1938
1937
1936
£
Public
deposits
Other deposits
Bankers' accounts.
Other accounts—
Govt, securities-
Other securitiesDisct. & advances.
Securities
Reserve notes & coin
Coin and bullion
-
2%
2^d. 84s.
148s.
168s.
33.70%
29.4%
33.1%
24.5%
2%
to liabilities
Bank rate
Gold val. per fine oz.
a
a
5,547,000
Of which
2%
11 Md. 84s.
2%
ll^d. 84s.
40.05%
2%
77,336,000
—178,000
Gold and bullion
Sliver and other coin.
—8,198,000
—116,007,000
Investments
Other assets
Liabilities—
81,369,000
396,454,000
+ 6,320,000
Oth.daily matur.oblig.
Other liabilities
800,897,000
Propor. of gold & for'n
curr. to note clrcul'n
353,170,000
0.96%
1.43%
0.65%
—.05%
abroad" are included In "Gold
currence" and "Deposits
Figures as of Feb. 7,1940.
"Reserves In foreign
c
890,977,000
1,559,289.000 1,105,361,000
447,840,000
c651,548,000
ll^d.
New York Money
Bank of France Statement
152,520,000
60,445,000
947,942,000
1,779,330,000 1,532,756,000
5,278,303,000
+ 767,414,000 11,877,237,000 7,938,796,000
Notes In circulation
coin and bullion."
177,512,000
c366,726,000
c23,804,000
172,194,000
-
Advances
a
70,771,000
20,333,000
5,225,000
5,658,191,000
+ 957,742,000 11,824,795,000 7,361,465,000
Bills of exch. & checks-
464,475,109 404,537,294
534,296,000 479,177,934 479 ,260,216
14,238,842
12 ,571,734
16,957,487
11,448,896
22,498,000
133,228,242 150 ,370,925 131,494,177 127,633,436
169,313,650
114 ,279,741
93,826,734 91,569,588
128,898,520 97.423,947
36 ,091,184
37,667,443 36.063,848
40,415,130 35,804,295
105 ,221,164
90,074,300 78,579,966
137,254,164 89,246,164
27 ,997,323
26,544.630 24,736,213
25,702,619 25,764,851
9,944,617
6 ,524,744
4,245,537
3,359,561
3,036,556
14,791,596
22.666,063 22,395,290 21 ,472,579 22,299,093
56,820,120
50,099,122
47,008,000 47,895,892 47,,972,032
201,357,414
1,303,560 227,073,826 327 ,232,248 314,674,231
Proportion of reserve
depos.abr'd
Reichsmarks
70,772,000
10,572,000
Reserve in foreign curr.
Mar. 6,
Circulation
1940
STATEMENT
REICHSBANK'S COMPARATIVE
show
9,
Market
ONLY a week in the New of business was done
modest amount York
this
market,
money
THE weekly statement of the in advances to State
showed
further increase Bank dated Feb. 29
a
raised the total to
high record. A large
1,350,000,000 francs, which
of
40,522,990,139 francs, a new
increase of 2,790,000,000 francs in note circulation
Monday
rowed
brought the total outstanding up to a new
high of 156,150,000,000 francs,
to
securities
against
vances
francs,
1,494,019
rose
126,000,000 francs and 41,000,000 francs respectively.
The Bank's gold holdings now total 97,275,013,697
francs, compared
creditor
proportion of gold to sight liabilities
fell off to 55.75%,
Below we fur¬
compared with 62.91% a year ago.
with comparisons for pre¬
different items
nish the
FRANCE'S COMPARATIVE
STATEMENT
Feb. 29, 1940
Francs
Mar. 2,
four to six
Francs
total at
New York Money
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
loans
+ 1,350,000,000 40.522,990,139 20,627,440,996 32,703,974,773
a
Figures as of Feb. 8, 1940.
Includes bills purchased in France,
process
three
were
48.25%
62.91%
55.75%
—0.89%
hand to sight liab.
the
to 90
but the de¬
Ruling rates
of the supply.
excess
are
^@1% for all maturities.
Bankers' Acceptances
wiped out and the
THE market for prime bankers' acceptances The
has
shown moderate improvement this week.
supply of prime bills has been
abroad, c In
of Nov. 13, 1938, the
advances to the State
unsatisfied balance of such loans was transferred to a new
b Includes bills discounted
0.9 fine per franc) under the
17, 1938; prior to
13, 1938, was effected in the statement of Nov.
was
0.9
per franc; previous to that time and subsequent to Sept. 26, 1936, the value
49 mg. per franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
the
franc.
that date and from June 30, 1937, valuation had
been at the rate of 43 mg. gold
in rates.
Statement
cluding 90
days
for bills running
are
and in¬
J/2% bid and 7-16% asked;
and Yf/o
bid and 9-16%
for four months, 9-16% bid
asked; for five and six months, %%
serve
THE statement of the Bank for the last quarter of
February showed
increase in note circula¬
good.
Bank of New York for bills up to
Reserve
The bill buying rate of
asked.
Bank of Germany
slightly larger and the
There has been no change
Dealers' rates as reported by the Federal
demand has been
of revaluing the Bank's gold under the decree
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold
fine
Rates continued nominal at 1 }4%
continues quiet.
*»*•
entries on the Bank's books representing temporary
decree of Nov.
The market for time money
and renewals.
*69,381,827
3,403,000,000
Propor'n of gold on
*
through the week for both new
ruling quotation all
7,124,079,452 11,049,231,498
826,639,810
746,301,644
3,486,699,701 3,852,194,709
+ 41,000,000
against securs.
Note circulation
+ 2,790,000,000 156,150,000,000 114154 767,405 94,220.611,535
Credit current accts.
—58,000,000 18,331,000,000 24,551,114,291 21,447,246,647
out int. to State..
Rates
Francs
Francs
+ 126,000,000 11,738,000,000
abr'd
Adv.
Temp, ad vs. with¬
The New York Stock
$4,576,553 from the end of January.
French commercial
c
months' datings.
tabulation of brokers' loans showed a
the end of February of $555,474,347, down
Exchange
mand is still in
97,275,013,697 87,265,829,350 55,806,841,281
19,625,550
15,932,828
40,000,000
—2,000,000
bills discounted.,
time loans again
1%% for
1*4% for maturities to 90 days, and
Mar. 3, 1938
1939
+ 1,494,019
b Bills bought
to the Treasury.
held
the New York Stock Exchange
continued moderately active this week
Changes
for Week
Credit bals. abroad.
on
without cost
or
par,
1% for all transactions, and
were
up
Gold holdings
at
loans
days and 1^% for four to six months'
maturities.
The market for prime commercial paper
vious years:
BANK OF
further issue of $100,000,000 discount
91 days, and all the money was bor¬
a
with 87,265,829,350 francs a year
Balances abroad dropped 2,000,000 francs and
current accounts 58,000,000 francs.
The
ago.
The Treasury sold last
due in
bills
Call
record
compared with the
previous high, 154,454,607,175 francs a month ago
and 114,154,767,405 francs a year ago.
Gold hold¬
ings, French commercial bills discounted and ad¬
unchanged.
and rates were
the New York Re¬
from 1 to 90 days.
Bank is Y% f°r bills running
Discount Rates of the
Federal Reserve Banks
an
of
tion
767,414,000 marks, which raised the total
outstanding to
a new
record high of 11,877,237,000
marks, compared with the previous high, 11,797,934,000 marks Dec.
year
a
Bills of exchange and checks also regis¬
ago.
tered
30, 1939, and 7,938,796,000 marks a
large increase, namely 957,742,000 marks and
other
and
rediscount
recent advances on
Government obligations are shown
in the footnote to
The following is the
the table.
schedule of rates now in effect for
of paper
at the different Reserve
DISCOUNT
RATES OF FEDERAL
the various classes
banks:
RESERVE BANKS
daily maturing obligations of 6,320,000 marks.
Gold
THERE have rates of the Federal Reserve banks;
been no changes this week in the
Rate in
bullion,
and other
assets
decreased
178,000
marks,
8,198,000
marks
Federal Reserve Bank
Effect on
Date
Previous
Mar. 8
investments,
Established
Rate
and
1
Boston
respectively.
marks,
Gold
holdings
Sept.
1, 1939
Aug. 27. 1937
IX
IX
now
total
000 marks
note
77,336,000 marks, compared with 70,772,a
year ago.
circulation,
The Bank's ratio of gold to
0.65%, is the lowest
on
record,
New York
1
Sept.
Cleveland
IX
IX
4, 1937
May 11, 1935
2
Philadelphia
116,007,000
Richmond
IX
Aug. 27, 1937
2
*1X
*1X
*1X
Aug. 21, 1937
2
Aug. 21, 1937
2
2, 1937
2
IX
Aug. 24. 1937
2
3, 1937
Aug. 31, 1937
Sept. 3.1937
2
Atlanta
Chicago
St. Louis
Minneapolis
^
compared with 0.70% the last quarter and 0.96%
Kansas City
•IX
Dallas
•IX
last year.
San Francisco
Following
we
furnish the various items with
*
comparisons for previous years:
Advances on Government
IX
Sept.
Sept.
2
2
2
obligations bear a rate of 1%, effective Sept. 1, 1939.
Kansas City and Dallas; Sept. 21, 1939, St. Louis.
Chicago; Sept. 16, 1939, Atlanta,
Volume
The Commercial & Financial Chronicle
ISO
Course of Sterling
Exchange
STERLING exchange is under renewed
trading extremely limited in
pressure,
the free
with
market.
On
Tuesday the pound dropped to $3.88%,
the lowest since Dec. 1.
In New York the
range
sterling this week has
been
for
between $3.88% and
<-$3.94 for bankers'
sight bills, compared with a range
of
between
and
$3.92% and $3.95% last week.
The
for cable transfers has been between $3.91%
range
$3.94%,
compared with
$3.92% and $3.95%
a
of between
range
week ago.
a
New
exchange rates fixed by London have
change in many weeks and are as follows:
no
York
cables,
$4.02%-$4.03%; Paris- checks,
176%@176%; Amsterdam, 7.53-7.58; Canada, 4.43-
4.47.
Berlin in not quoted.
Italian lire
unoffi-
are
cially quoted in London at between 76.75 and 77.50.
London
official
rates
fixed
are
for
one-month
delivery in the forward exchange market
New York
follows:
as
% cent premium to parity with spot rate;
buyers and sellers; Amsterdam 1%
Paris parity for
Dutch cents premium to
parity; Brussels 2 centimes
discount; Zurich 3
centimes premium to parity.
Fresh uneasiness
in
heavy
pressure
ended March
what
to
over
by surprise when
$3.91
for
the
on
on
pound during the week
taken
was
some-
Monday the pound dropped
cable transfers.
A further
decline
on
Tuesday brought the pound to $3.88%, the lowest
quotation for the unit since Dec. 1.
The
that
British
authorities
plan to
tighten their
control
by preventing importers of British goods
obtaining their sterling requirements in the free
from
market,
cents
where
prevailing rates
are
about
now
10
cheaper than the official quotations.
soon
introduce drastic restrictive
measures
which
will
in
virtually eliminate the demand for "free sterling"
the exchange market.
It was persistently rumored
that the
products included particularly such items as tin and
rubber from the Far East and whiskey and woolen
cloth from the United Kingdom,
If such new restrictions as those
the official rate of exchange.
thus obtained will be turned
British authorities will require British
given to
make
the
to the
exchange control,
sterling, to
ceived in payment was
or
ex-
if the goods
that the sterling
prove
transaction
was
the
to
the
materials
United
forthcoming from London
result:
and finished
wide
a
sterling;"
and
in
areas
vital
raw
now
of the British
quotations
considerable
volume of business
many
products imported from the
decline
a
somewhat higher
a
importer of
Kingdom and sterling
Empire;
York
may
American
for
diminution
"free
in
the
being transacted in the New
market.
$3.88%, it
made at the official rate rather than
from
York
supply of sterling in New York
comes
foreign interests with sterling balances in New
or
which receive
sterling in payment for goods
shipped to Great Britain
and dividends
Most
of
the
on
open
market
regulations,
which receive
interest
British securities.
present
new
or
comes
was
level for the day of $3.90%.
was
based
on
as
those
rumored,
it
Any
was
pointed out, would drastically reduce both the supply
on
Tuesday
commercial
a
closing
This commercial buying
the assumption that
control authorities ban the
use
if the British
even
of free market
in payment for British goods, such
sterling,
decree will not be
a
retroactive.
The decline in spot sterling
been
can
hardly be said to
fully reflected in the rate
for
forward
On March 5 90-day sterling
sterling.
was quoted at
3% points discount from the basic cable rate, as
compared with 3% points discount on Feb. ,29.
There is
no
indication that official London
con-
templates lower sterling, although it is possible that
be still further reduced,
Last week Sir John Simon, Chancellor of the
Exchequer, said in reply to a question concerning
depreciation
currency
hostilities it
a
was
that
the
at
beginning
of
deemed advisable to allow the pound
rate which it
was
felt
represented its true
Chief among his questioners were
Conservative
advocating
members,
who
voiced
of the
debate the Chancellor
firmed the Government's intention to adhere
present
the
higher rate for sterling,
a
course
and
policies
monetary
asserted
Government's intention is to continue
con-
to its
that
a
the
de-
course
signed to insure the lowest possible interest rates,
It
was
further
officially asserted that
depreciation will not be resorted to
as
a
currency
means
stimulating Britain's export trade by obtaining
unreasonable
On
House
war
of
5
Sir
Commons
loan of
of
an
exchange advantage.
March
John
Simon
announced
that
Great
Britain's
£300,000,000 will be issued
will be issued at
3%, and will
run
for
a
at par on or
on
in
the
first
big
March 12.
bearing interest at
par,
years,
with
right to redeem the bonds
after Oct. 15, 1955.
will be closed
on
period of 15 to 19
the Treasury reserving the
March 13.
Subscription lists
It is expected that the
issue will be oversubscribed.
Further
demand for sterling in the
from commercial interests.
such
noted that
buyers
entered the market, thus lifting the price in the suc-
The loan
Foreign exchange circles here pointed out that most
of the present
the
sterling,
that the exchange
prove
Following the sharp decline in sterling
to
In the
action, three major consequences to
United States
cost
perm'ssion is
of
certain
reports.
Foreign exchange
JNew York stated that if the London auth-
orities take such
If
terms
opinion of British financial and industrial interests
in confirmation of these
circles in
in
re-
bought at official rates and
were
directly to the British
are
not in the free market.
No official advices
at
in the free market.
to fall to
in
sale
British exporter will have to
economic value.
over
in
sterling to the British exporter.
principal foreign currencies, which will have to be
handed
dollars
in
The dollar exchange
exchange control, which will release the equivalent in
porters either to invoice their goods in terms of the
invoiced
rumored go into
the spread between the selling and buying rate may
Reports from London stated that the Government
will
to the present American
up
importers have been able to pay for many products
purchased in the British Empire in free sterling,
instead of at the higher "official" rate.
These
have
sharp decline reflected reports from London
the
explained that
was
cessive hours of trading after the opening to
the situation abroad resulted
Yet the market
1.
sterling,
It
effect, transactions will be conducted
The official
shown
1489
of sterling in the open market and the demand for
long-term loans
short intervals, depending
war.
It
was
are
expected to follow
upon
at
the duration of the
originally planned that the loans would
aggregate £1,000,000,000.
The Chancellor said that
during thejnext 12 months the Government's borrow-
The Commercial &
1490
will be much more than £300,this first bond issue is convenient
to the Treasury at this time and is in the general
interest of investors.
Ten per cent of the loan will
ing requirements
000,000, but that
be
payable
and the balance
application
on
made to the public by two
The first is issuance by the Bank of
methods.
be
appeal to smaller investors smaller amounts will
offered through prospectuses by the Postmaster
behalf
the
cases
although
£10,
application for this type
no
bills at
at
may
intended to
the offering evidently is
A feature of
United States and other
Subject to certain safeguards, exemption
from taxation is to be offered to non-residents on
income from any bonds purchased, a provision such
from the
money
countries.
made for the war loans last year.
as was
presented last
September estimated Government expenditures at
£1,933,000,000, against which revenue, including
new taxes, amounted to £995,000,000, leaving £938,000,000 to be borrowed.
In the 1940-1941 fiscal
year there will be a full year's war expenditure at
The
an
borrowed in the coming fiscal year.
Call
London money rates are steady.
against bills is freely offered at %%.
are as follows:
Two- and three-months
money
Bill rates
six-months
and
1%%,
four-months
1-16%,
3-16%.
foreign exchange control official rates
Canadian
for United States dollars are
10% premium for buy¬
In New York
ing and 11% premium for selling.
Montreal funds
discount of
ranged during the week between a
14%% and
discount of 13%%.
taken from the weekly statement of
are
the
the week ended Feb. 28, 1940.
GOLD EXPORTS AND IMPRTS,
FEB. 22 TO FEB. 28, INCLUSIVE
Imports
*$1,963,998
Ore and base bullion
Total
_
_
_
Continental and Other Foreign
United
Exports
4,645,017
$21,064
1,122,459
2,800
Brazil
Nicaragua, $206,002
$459,874 Chile, $150,680 Ecuador, $524,469 Philippine Islands.
$183,458
Mexico,
the Federal Reserve banks was reduced
during the week ended Feb. 28 by $46,286,935.
monthly report of the Department of Commerce showed that
$1,122,970,000 gold was held under earmark for foreign account as
of
Jan. 31, 1940.
issue of
the "Monthly Review" of the Federal Reserve
Bank of New York estimated that at
the end of February $1,085,000,000
gold was held under earmark.
Referring to day-to-day rates sterling exchange on
Saturday last
sight
was
steady in limited trading. Bankers'
$3.92%@$3.92%; cable transfers $3.92%
On Monday sterling went off sharply in
market.
The range was $3.90%@$3.91% for
was
@$3.93%.
a
thin
bankers'
fers.
sight and $3.91@$3.91% for cable trans-
On
Bankers'
fers
were
Tuesday
sight
pressure on
was
the pound continued.
$3.88%@$3.90%; cable trans-
$3.88%@$3.90%.
most
revalorization
decrees
|of the Bank's gold
affect the
the smallest degree.
Bank's gold reserves will not
tion of the
the
is
these
According to Paris observers, the revalua¬
reserves.
This
of
feature
important
the
to
more
likely to be
of
working
harmonious
the
true
owing to the
financial
agreement
London and Paris.
The gold reserves listed in the Bank's statement
were computed on the basis of the old francs, whose
value has declined.
This valuation, it is to be pre¬
existing between
sumed,
based
was
franc having a dollar parity
on a
approximately 2.653 cents as of Nov. 12, 1938.
After that date and until the approach of the war in
of
September the franc in terms of
the
mean
actly
dollars averaged
slightly better. This compares with
price on March 4 of 2.21% cents.
Exor
previous the quotation was
a year
2.65% cents.
of the Bank of France before the
decree were computed in old (2.653 cents)
francs.
The gold stock
The
gold
reserves
On
therefore will be revalued
Wednesday the
the franc, which
gold will show on the Bank's balance
market value (presumably the value of
that the
per ounce as
recorded in London).
operation of the Finance Min¬
estimated, puts a 22% higher value on the
A large percentage of the
increased gold valuation will be transferred (a book¬
keeping operation) to the exchange equalization
istry, it is
Nation's
8,989
Other British West Indies
current
The
related
outlined in these
1331.
columns last week on page
This bookkeeping
5,905,778
Mexico.
The
and 29, which were
28
Feb.
on
gold
6,764,415
Gold held under earmark at
been largely
conspicuously thin.
There is no news of importance relating to the
French situation since the new decrees were passed
sheet at its
Canada
The latest
quotations for the franc have
nominal and trading was
$23,864
$3,424,190
Canada,
sterling quotation. The
relationship to the
New York
according to the present value of
...
Com Shipments—■
Kingdom
$139,312
New
strict
means
.
♦Chiefly
Exchange
THE French franc has moving as the unit does in
York market, been highly irregular in'the
$23,864:
..
Sweden
and
21,870,848
__
Detail of Refined Bullion and
Netherlands.
(60 days)
bills at $3.88%.
grain for payment closed at $3.88%.
$23,834,846
Refined bullion and coin
$3.87%, 90-day
Feb. 29
Department of Commerce and cover
United States
Commercial sight bills
$3.87%, documents for payment
2.65% cents
gold imports and exports which
The amounts of
follow
a
cable transfers. Closing
$3.90% for demand and
exchange value of the franc in
EnglandJs price for gold continues at
The Bank of
168s. per ounce.
1
the amount
accelerating rate, which will increase
to be
1
budget
revised
Exchequer
$3.89%@$3.93 for bankers'
range was
$3.87%, and seven-day grain
Cotton
exceed £1,000.
attract
On Friday
sight and $3.90@$3.93% for
finished at $3.88%, 60-day bills at
National Debt Commissioners
of the Trustee Savings Bank.
In these
minimum subscription will be as low as
General and by the
on
The
features.
quotations on Friday were
$3.91 for cable transfers.
units of £100.
England of minimum subscription
To
1940
presented no new
general trend of the market
the
offering will be
9,
market continued thin. The range was $3.89%@
$3.91% for bankers' sight and $3.89%@$3.92 for
cable transfers. On Thursday the market firmed up.
The range was $3.91%@$3.94 for bankers' sight and
$3.91%@$3.94% for cable transfers.
on
April 15.
The
March
Financial Chronicle
This fund is seldom
fund.
The
gold reserves
reported
The
gold supply.
reported.
of the
Bank of France, as
Feb. 29, stood at 97,275,013,697 francs.
valuation, if the Government sees fit to
on
new
record it,
would add approximately 21,400,000,000
Feb. 29.
to the contrary by
the monetary authorities, the present gold revalorization amounts to a devaluation of the franc. It
points distinctly to a currency inflation of the most
francs to the gold reserves as of
Despite reiterated assertions
serious character.
The Belgian currency has been steady in the free
market, the spot rate ruling around 16.91 as compared with par of 16.95. However, future belgas
Volume
are
still at
a
sharp discount, though greatly improved
the first half of
over
are
The Commercial & Financial Chronicle
150
35
now
against
February.
below the basic
points
discount of 45
a
Ninety-day belgas
to 50
cable
rate,
as
various
in
1491
republics.
South
Sharp upturns
Argentine unofficial
free market rate closed at
or
enjoyed only
23.50, against 23.45@23.50
minor market in New York and the
quotation for
Brazilian milreis
the leu has
long been nominal around 0.73%.
March 2 the Rumanian
issued three
decree
On
Ministry of Foreign Trade
laws.
The
first
concerned the
with greatly im¬
proved export balances.
points early in February.
Rumanian exchange has at all times
a
being recorded
are
American trade figures,
Chilean
exchange
against
5.17.
on
Friday of last week.
quoted at 5.15, against 5.15.
are
quoted
is
Peru is
5.17
at
(nominal),
nominally quoted at 18%,
against 18%.
whole system for regulation of
exports and imports,
the second involved the new
premium system for
free
currencies, and the third related to negotiable
currencies.
EXCHANGE on trendsFar Eastern countries Daythe
pre¬
weeks.
sents
no
from recent
new
to-day fluctuations have moved
One provision of the third decree states that the
more
or
less closely
premium which will be paid by the Rumanian Na¬
with the pound and hence in the
early part of
week were quoted lower in
tional Bank will be increased
with the
the
by 50% calculated on
legal parity plus the present premium of 38%.
This premium will be paid
only for currencies
be freely converted into other currencies.
for the dollar should be 211.65
lei.
This
means
In New York
at
in effect
Friday of last week the leu closed
on
0.73% (nominal).
Bucharest
the
lei, instead of 141.10
devaluation of the unit.
a
New
in
York
at
The London check rate
at
Paris closed
on
on
176.50@176.75, against 176.50@176.75
of last week.
In New York
finished
center
at
sight bills
$2.21%
and
$2.21%, against 2.22% and 2.23.
closed at $16.96 for bankers'
for cable
not
are
Italian
sight bills and at 5.05
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
quotec^in New York
or
0.55
Exchange
exchange
nor is
Poland.
on
Exchange
on
(nominal), against 0.73%
on
Finland
closed
1.45
at
Greek exchange
0.72% (nominal), against 0.73% (nominal).
dates of most recent statements,
special
of
no
new
importance from those of last week when,
as
recorded
1331, Sweden took radical steps to tighten
regulation of foreign exchange.
Throughout the
on
page
its
shown for
Banks of—
the
very
Netherlands
shown
at
a
limited New York free
steady
market.
The
guilder and the Swiss franc have also
firmness, although Holland guilders
severe
discount in the
are
still
future
market, 90-day
guilders ruling at 55 points discount from the basic
cable rate.
Bankers'
at
sight
on
Amsterdam finished
53.13, against 53.11
transfers
at
on
on
closed at
22.43
transfers,
against
for
checks
22.43
and at
and
22.43
22.43.
for
francs
cable
against 19.33 and 19.33.
23.83% for
checks
Exchange
and
at
on
Sweden closed
23.83%
for
cable
transfers, against 23.83% and 23.83%; while checks
on
1938
1937
£
£
*659,210
Germany
__
Italy
Netherlands
Nat. Belg._
Switzerland
Sweden
Denmark
_
*130,165,629
328,631,026
b3,866,800
c63.667.000
a23,400,000
85.278,000
67,174,000
86,889,000
55,533,000
Spain
295,816,490
Norway closed at 22.73 and cable transfers
22.73, against 22.73 and 22.73.
Spanish pesetas
at
are
nominally quoted at 10.15, against 10.15.
3,007,350
63,667,000
25,232,000
119,250,000
99,171,000
112,500,000
33,055,000
6,555,000
8,222,000
6,511,000
_
Norway
6.667,000
Total week.
728,276,036
728,303,612
Pursuant to the
327,232,248
293,720,217
2,521,900
87,323,000
25,232,000
119,652,000
99,931,000
78,641,000
26,275,000
6,543,000
7,515,000
1936
£
314,574,231
347,628,740
2,441,000
87,323,000
42,575,000
73,218,000
105,436,000
201,357,414
527,564,812
2,573,700
90,134,000
83,516,000
25,585,000
47,962,000
23,875,000
42,575,000
56,689,000
95,959,000
6,550,000
6,603,000
•
6,554,000
6,602,000
896,640,369 1,074,586,365 1,095,443,971 1,101,835,926
899,138,305 1,073,971,664 1,095,265,327 1,099,659,008
Currency and Bank Notes Act, 1939, the Bank of England
1939 and since have carried the gold holdings of the Bank
statements for March 1,
at the market value current as of the statement
which
was
ounce)
about
the
date, Instead of the statutory price
On the market price basis (168s. per fine
£1,303,560 equivalent, however, to only
(84s. 11 ^d. per fine ounce), according to
formerly the basis of value.
Bank reported holdings of
£«59,210 at the statutory rate
calculations.
our
In
order
to
make
the
current
figure
comparable
with
former
periods as well as with the figures for other countries In the tabulation, we show
English holdings In the above In statutory pounds.
a
Amount held Dec. 31,
of
include
Germany
rencies."
cAs
1938, latest figures available,
"deposits held abroad"
of
April 30,
sequent to Aug. 1, 1936.
b Gold holdings of the
and "reserves In foreign
1938, latest figure available.
Also first report
cur¬
sub¬
The value of gold held by the Bank of France Is presently calculated. In accordance
with the decree of Nov. 13, 1938, at the rate of 27.6 mg. gold, 0.9 fine, equals one
franc: previously and subsequent to July 23, 1937, gold in the Bank was valued at
43 mg. gold, 0.9 fine per franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7.9881 gr. gold
ll-12th fine equals £1 sterling), the sterling equivalent
of 296 francs gold In the Bank of France Is now just about £1; when there were 43 mg.
gold to the franc the rate was about 190 francs to the £1; when 49 mg., about 165
francs per £1; when 65.5 mg., about 125 francs equaled £1.
Repetitious History
Wise
the
men
unwise
from
learn
await
their
the
experience of others;
and
own
recognize
no
pit¬
falls until it is forever too late.
The current
Copenhagen
checks finished at 19.32 and cable transfers at
19.32,
are
corresponding dates in the previous
£
Friday
Swiss
52.90.
by
us
comparisons
1939
Friday of last week; cable
against
reported to
(Friday);
1940
France
53.13, against 53.11; and commercial
sight bills at 52.95,
at
the
fine ounce)
of respective
£
Bank
week the Scandinavian currencies have been
in
cable yesterday
per
as
four years:
*
EXCHANGE on the countries neutral featuresthe
during of
1914-1918 presents
84s. ll%d.
principal European banks
Prev. week.
—+—
war
the
in
Berlin
(nominal), against 1.75.(nominal).
closed at
Gold Bullion in European Banks
England
Bucharest closed at
(nominal).
at
Antwerp belgas
transfers, against 5.05 and 5.05.
Czechoslovakia
on
transfers
transfers, against 16.91 and 16.91.
cable
marks
Friday
sight bills and at $16.96
lire closed at 5.05 for bankers'
for
on
the French
on
cable
Friday
checks yesterday were
yen
Friday of last week.
on
6.80, against 6.80; Manila at 49.80, against 49.80;
Singapore at 47%, against 47.75; Bombay at 30.28,
against 30.22; and Calcutta at 30.28, against 30.22.
0.60
(nominal).
The Japanese
Hong¬
kong closed at 24.30, against 24 7-16; Shanghai at
After the announcement from
closed
rate
Closing quotations for
23.46, against 23.46
regulations the official rate
new
approach of the week-end.
the
again
up
continues pegged to the United States dollar.
yen
which
can
To conform to the
dollars, firming
in
war
Europe
may
be nothing but
civilization
throughout the
but whether it
was
intervened
across
States
afforded
from
as
"a
was
the
from 1914 to 1918,
years
peace or
only
Atlantic
an
armistice fhat
Ocean, the United
opportunity to extricate itself
entanglements in matters with which it had,
Nation, no legitimate concern, and it did so
by rejecting the treaty which would have made it
E
XCHANGE
steady
on
the South American countries is
as rates
are
under strict control in the
a
resumption of the deadly struggle that threatened
a
party to the Covenant of the League of Nations.
Subsequently,
as
the emotionalism
of
war
faded
The Commercial & Financial
1492
and sober reflection dwelt upon
the penalties rarely
quarrels not their
own, realization of the magnitude and exigency of
problems strictly American supervened and became
so general and controlling that not even President
Roosevelt's persistence in his effort to retrieve something from the wreckage of President Wilson's inby those who meddle in
avoided
could induce the Senate to permit
ternationalism
to the World
American adherence
Indeed,
Court.
prior to the renewal of hostilities last year it would
have been extremely difficult to find within the
qualified citizen who failed to
States any
United
recognize that in all their political affairs and
the
terests
Hemispheres
two
are
in-
thoroughly
so
separate and independent that participation of the
New World in the controversies of the Old World
lead to tranquillity abroad nor to any-
never
can
Chronicle
March 9, 1940
as to be in reality quite negligible. That such is
the present disposition and temper of the United
States will not be challenged.
But in this respect, as has already been made
perfectly clear, 1940 merely repeats 1916. If 1911,
or perhaps 1942, is not to repeat 1917 as closely
as 1910 now repeats 1916, some fundamental distinction in events must very soon appear.
course, all the belligerent nations of Europe
Of
had
their highly organized systems of biased publicity
and propaganda at work almost from the outbreak
of hostilities in 1914. And today the same sorts of
publicity and propaganda are just as thoroughly
ingpired and adroitly operated than during the years
organized, and perhaps even more cynically
Have we any evidence, or even
sound reason, to believe or to hope that the average
from 1914 onward.
boring dependency, the public response has been
American's mentality is more resistant to such
subtle influences at this time than it was 25 or 26
years ago? Have any safeguards of understanding
or of emotional stability been erected within the
domain of popular opinion which even moderately
tend to render that opinion impervious to the sinisfor persuasions so skillfully presented and so cunhingly planned to mislead and to control?
Another parallel between 1914-1917 and 1940 obtrudes to command attention. Almost with the
1914 outbreak of European hostilities, President
Wilson ceased very much to concern himself with
cold and non-committal.
domestic problems and became preoccupied with the
thing except danger and disaster to the people and
industries of this country.
Internationalism from the White House has been
a
familiar manifestation since March 4,
form it has appeared,
whatever
in
whose
tries
against transatlantic
quarantines
manding
policies
disapproved,
are
"first line of defense" at or near the
coun-
defi-
in
or
nitions of American interests that would
in
1933, but
whether in de-
require
Rhine,
a
or even
proclamations of armed support should a Euronation have to meet attack through a neigh-
pean
It
was
From
1916.
and
different in
no
World War in
President
of
the
until Congress,
to sacrifice
the behest of
and
of patriotic Amerown
quarrels and
or
to
support the interests
belligerent against the interests of
Many Americans
willing Belgium
for
sent
against
account of
on
forcible
against
in
may
any
other
have been
thought"
sought to be made
was
armies
devastated
ment
"neutral
continue
to
state
a
Germany,
American lives in any effort to affect
no
belligerent.
fare
mass
Europe settle its
the terms of settlement
able
at
States
United
the
to let
was
of any
commencement of the
very
disposition of the great
icans
throughout 1915
Wilson, declared the existence of
between
war
nor
.1914, and through the whole of the
period
ensuing
the
1914,
Paris
a
when
unun- *
thorough-
and
cruelly
refusal, but public senti-
intervention
substan-
was
tially unanimous.
Precisely how that position of determined
trality
was
finally
overcome are
ans
among
deal
gradually undermined and how it
neuwas
topics with which the histori-
future generations will have to
many
by delving deeply in records of propagandist
persuasion and the intricate trickeries of national
leaders
cynically indifferent to the welfare of all
peoples
their
not
neutrality
was
public opinion finally
ican
youths
peace
of
American
gave way,
millions of Amer-
forced to abandon the paths of
were
for the
Nevertheless,
own.
undermined, its defenses in resolute
camps
conscript youth
of war, a vast and armed horde
was
across
their
the sea, where
thousands
many
other thousands returned invalid and crip-
pled.
found
sent
many
graves
and
Shall this history repeat itself?
whence
To that
of Europe. He conceived of the United
States, always with Woodrow Wilson as its cornmanding leader as well as its voice and its agent, as
not merely an intermediary in arriving at the ultimate settlement of a final peace but, much more
than mediator, as the impartial contriver and dictator of treaties more equitable and permanent than
the warring countries could possibly formulate or
would accept of their own volition.
President
Roosevelt's course during the last six months shows
striking similarity. He has almost ceased to speak
of the domestic policies that hitherto appeared to
absorb all his attention. Except for the manipulations connected with control of the National Convention of his party, which is to meet in about four
months to nominate a candidate for the Presidency,
scarcely anything has lately occurred to demonstrate continued .interest in affairs at home. But
the American Youth Congress was sharply called
to account for unsatisfactory expressions concernmg Russia and Finland and sternly instructed concerning the iniquities of Stalin and Hitler, while
letters to the Supreme Pontiff of the Roman Catholic Church and pronouncements concerning European war and European peace appear in nearly
concerns
issue of the daily press,
Colonel Edward M. House was sent by President
every
Wilson
upon an
ambulatory mission to Europe, as
personal representative of the President; UnderSecretary of State Sumner Welles is presently rep-
resenting President Roosevelt in a capacity so
closey identical that the sole difference now discoverable is that the former held no actual office
while the latter does happen to be an officer of the
inquiry the entire voice of America would, it is
State Department, detached, nevertheless, from his
believed, return
normal functions as an under-study and subordinate
a
resolute and unanimous negative,
Or, if there should be dissent anywhere, it would
of Secretary Hull so that he may, for the time being,
be
deal directly for, and report directly to, the President. In retrospect, the mission of Colonel House,
so
relatively
meager
significant in the
in its extent, and
sources
so
little
from which it emanated
Volume
ISO
The Commercial & Financial Chronicle
■
i
behalf of President
on
its
performance, with its
seems
the
scarcely felicitous.
results
and
of
manner
meddlesome
non-results,
ter
Few who know much of
story of those days would
care
repetition in any form or guise.
been grateful to the heart of a
States in
man-
kind, through influencing and controlling
great af-
fairs with which he had
very little
be told that his
part, as the final
be
wrote
to
his
Chief
that
"noblest part ever
played by the
acquaintance, to
fact, only complications
mission.
it
would
be
17, 1915, for example, Colonel
Grey (later, Earl Grey of
reduced to writing, and secured Presi-
dent Wilson's
approval for
an agreement that the
first-named should go to Berlin and inform
Wilhelm
II that the United States
had resolved to
to the conflict and
accept
them
would
intervene
put
a
stop
that, to that end, this country
proposals and, should either side
while
the
to
other
force
remained
obdurate,
acceptance.
The
with the addition only of the
"probably," which was made by the
President,
were:
"If the Central Powers
would
probably be necessary for
and
force the issue."
but it is
House what
were
us
It is true
Page opposed this maladroit
war
still obdurate it
to join the Allies
that Ambassador
method of
entering the
record that when he asked
Colonel
on
the
United
Britain, the reply
came:
States expected
of Great
"Thfc United States would
like Great Britain to do
those
enable the United States to
things which would
help Great Britain
win
the War."
Mr.
Myron C. Taylor and Mr. Welles
men
his
experience and higher qualifications
agent whom President Wilson chose as
the
representative.
Neither
is
at
all
likely to be
easily entrapped by diplomatic subtleties
victimized by his
ineptitude or brash
or
to
be
impetuosity
stimulated
by flattering attentions.
These, how-
ever, are not all the dangers involved in such informal and unrecorded
conversations between heads
or
highly-placed representatives of the hostile nations and personal and
confidential representatives
of the executive head of the
United States and the
Commander-in-Chief
Colonel
House's
of its
Army and its Navy.
European
President Wilson into
-
activities
soon
a
campaign for adding to the
military and naval strength of the
country which
probably should have been moderately
pursued
somewhat earlier.
velt's
program
anticipated
In that
of
respect, President Roose-
national
parallel.
a
defense
has
largely
Yet all the similarities
are
present.
Step has followed step, in 1940, with
scarcely observable divergence from the
progress to
a
state of
in 1917.
war
desire actual
ful
that
If the
climax
was
Congressionally recognized
people of the United States do not
completion of the series, by the dread-
of
an
expeditionary force fighting on
European battle fields, it will be well to
study the
sequence of a quarter of a
century ago and to attempt to discover what steps wisdom
might have
taken to preserve the
The criminal
public
iniquity of
peace
of this Nation,
any war of wanton aggres-
sion excells and belittles
every conceivable comparison; the ignominy of a causeless war
smaller
or
neutrals
engendered' in
continent
of
Leading Neutral
Norway
predicament of the
geographically situated close to,
adjoining, the
of warfare.
arena
There
seems
a
general tendency over here to agree with Mr. Chamberlain when
ish navy
of
he referred to the action of the Brit-
in that
neutrality
touches
Churchill
case
which
when
he
position
was
aiso to have
si0n
of
"a
as
mere
takes
neutral
no
no
property,"
inferred
technical breach
neutral
life
that
the
and
with
and
Mr.
Norwegian
"legal pedantry." Our public appears
largely overlooked the obvious admis-
the
correctness of the
Norwegian
position implied by these remarks,
We
are
0n
bring
Norway to close the inner
This is written in
many.
no
these
critical
times.
coast passage to
Ger-
captious spirit.
The
are
Situated
None
of
she
the
as
enormous
Nevertheless, it would be
most unfair to overlook the difficulties
Norway.
confronting
she is between two powerful
must
tread
her
with
way
Oslo
Group neutrals have any
benevolent neutrality
guided by
fidence
in
pathy.
To them
pedantry" to
breach of their
no
merely "technical,"
nor can
exact
on
pressure to bear
responsibilities of British statesmen
in
legal
probably witnessing the initial step
the part of Great Britain to
from
care.
con-
sym-
neutrality is
they regard it
as "legal
belligerents respect for
the rules of the Law of
Nations, since it is upon
scrupulous respect for those rules by all concerned
that, in their view, their safety depends,
Among all the countries of the
indeed of the
Oslo
world, The Netherlands
Group, and
was,
during
the last war,
the most spirited in observing and in
exacting from others observation of the rules of
neutrality.
led
American
one
the
between Great Britain and
the Altmark illustrates the
over
opponents,
both
are
of far greater
than
The fricti0n
their
words agreed
upon,
word
of
=====
ill-advised
House and Sir Edward
would make
peace
battlefield
any
one
all of them in combination,
nor
The Netherlands—A
On October
Falloden)
upon
a new
Not
Europe.
In
came out of this
accompanied by
could warrant leaving the bones of
soldier
the
of man."
ideal peace
some
of these paper plans,
mediator, would
son
degradation,
concept of co-operative internationalism.
unique and unequaled, but the lofty allurement
achieved nothing in
realization, although ColonelHouse
contest is unmeasured
aspiring minds of the New Dealers,
especially the youngest among them, are filled with
bright ideas looking to leadership by the United
It must have
benefactor of
supreme
a
No doubt the
President, sincerely
a
stupidity is everlasting, and to slaughto bring about the slaughter of friends or foes
or
in such
to recommend
their
aspiring to become
1493
'
Wilson, and the
was
Within her
conspicuously
territorial waters she
own
successful.
Unlike
Norway,
whose geographical position
is, of course, very dif-
ferent, The Netherlands early in the
most
conducive
to
her
own
war
interests to
territorial waters and
ports not
found it
close
her
only to belligerent
warships, but also to armed merchant vessels, with,
the usual exception in favor of vessels in
of course,
distress.
This stand she
was
entitled, though not
obliged, to take under the rules of international
law.
On occasion
military force
she
against
did
not
hesitate to employ
airplanes
and
submarines
operating in violation of her regulations,
On the high seas The Netherlands did not
secure,
in general, observation of the neutrality rules on
the part of belligerents, but did obtain in due
course
many Prize Court awards as the result of the violation
of
her
rights.
Moreover, to protect her
position she finally had her warships
convoy vessels trading with her Dutch East Indies.
Thus,
though many violations occurred, as
happens in the
The Netherlands secured, in ad-
of all laws,
case
dition
of her neutral
recognition
substantial
to
considerable success in avoiding further
by belligerents which might have
resulted if she had shown the slightest sign of
rights,
encroachments
submissiveness.
Netherlands conception of her
basis of The
The
rights and duties as a
itself
neutral was The Hague codi-
rules of neutrality
of the
fication
in
of 1907, which
of generally
largely a restatement
was
principles of international law.
While
strictly complying with those rules, she exerted
constant diplomatic activity with great skill, energy
and stubborn persistence in maintaining her rights
accepted
thereunder.
Netherlands, in the present war, has
The
Thus
position as" a
contributor to the
prestige not only of her historical
the
and
pioneer
outstanding
an
formulation of the rules of international law,
but
having taken, 25
great moral advantage of
also the
consistent
for four gruelling years, an absolutely
stand on all questions relating to her
neutrality,
even
ago,
years
though she was virtually besieged
by desperate opponents, all of them attempting onederogations of the laws of neutrality at her
sided
conditions
Similar
expense.
this time
will
un-
doubtedly be met by The Netherlands with the same
determined
of
defense
her
rights
exact observation of her duties
and
the
same
under international
With
territory only
a
Massachusetts
bit larger than the area
a
Connecticut
and
combined,
one-
quarter of which consists of drained marshes, lakes
and
of
behind dams and
sea
dikes, and
population
a
8,500,000, Holland has had a long experi-
some
in
ence
keeping her equilibrium through difficult
times.
Already in the seventeenth century Holland was
in the
van
among
the countries of the world in cul-
lure, industry and trade.
the
Her ships sailed over all
During that century and the first quarter
seas.
of the next The Netherlands built
other
any
country.
This
ships than
more
position
achieved
was
though she lacked adequate supplies of what
then the
principal
raw
was
material of the industry—
namely, timber.
The note was,
main
has been
however, then struck which .in the
followed
since
by this proud, self-
reliant, enterprising people, possessed of
of
well as that of her colonies.
had been an important factor
as
moderation
lytical
rich
sense
and
caution, yet with
and practical intelligence.
a
spirit
a
keen
ana-
Apart from
soil, especially adapted to horticulture, situ-
ated behind the dunes in the western
portion of the
country, and apart from its eastern coal deposits,
the
only important natural
lands
the
was
her
resource
of The Nether-
geographical position, at the head of
estuary of the Rhine—the paramount navigable
river of
Europe.
has included
a
The vast hinterland thus served
large part of western and southern
Germany, northeastern
Hungary
The
as
clear
far
as
Switzerland,
and
Budapest.
opportunity to
become,
through
great ports of Rotterdam and Amsterdam,
traffic center for the distribution all
of the
was
western
products of this
enermous
over
a
her
vital
the world
industrial region
early perceived and exploited by Holland.
In
fact, during the first three-quarters of the nineteenth
century Holland expanded her
economic position
by this traffic and trade, and by the shipping business,
while developing her
own
agricultural wealth
Industries which
in Holland's economic life in the seventeenth century for a long
time lost their relative standing. This was due to
a number of reasons, including the lack of all the
important mineral raw materials required in modern industry.
Yet as deficiency of timber had not
prevented The Netherlands assuming the first rank
among shipbuilding nations of the seventeenth century, so towards the end of the nineteenth century
the profits derived from her colonies, her trade,
and her traffic were more and more invested in
establishing and developing home industries. The
nature of these industries was largely determined
by foreign competition, as Holland, for the 60 years
prior to 1923, and even much later, operated on a
virtually free trade basis. Thus the industries developed were confined to the production of those
goods
for
which
existing conditions were most
This, in general, has meant that they
chiefly processing of foodstuffs and other
produce derived from Dutch and colonial agricultural effort, the manufacture of raw materials and
semi-raw materials received from the hinterland
and elsewhere at the great traffic marts, and the
skilled industries in which Dutch capital and
trained labor have found profitable employment,
such as shipbuilding, engineering works, machine
favorable.
concern
shops, radio equipment and
The relative importance
law.
of
March 9, 1940
The Commercial & Financial Chronicle
2494
textile plants,
of industry in the eco-
nomic life of The Netherlands is attested by the
fact that some two-fifths of the Dutch workers are
engaged in industry, about one-fifth in agriculture,
and about a quarter in commerce and transport,
Dutch farm holdings are usually small. Only
about 1% out of the 203,000 farms exceed 125 acres
in area.
Intense cultivation is the rule.
While
Dutch agriculture is more
diversified than Danish,
the emphasis on high-grade dairy and pork products
(as well as butter and eggs) and their importance
in Holland's export trade are marked—though
Dutch butter exports are not as large as cheese,
Holland ranks second among cheese producers with
27% of the world's production in 1937.
Among
butter producers she was fourth. However, great
quantities of processed milk, vegetables, fruit,
bulbs, cut flowers, nursery produce, and seed potatoes are also produced and exported.
The importance to the country of this export trade in
farm products is such that the Government has
taken measures to assure the high quality of many
of these exports. Cheese and butter are passed for
export- and given the official marks only if they
meet certain high standards.
Bacon, eggs, processed milk, seed potatoes, grapes, bulbs, and certain vegetables are subject to stringent Government inspection before permission to export is
granted.
1938 The Netherlands had 2,763,560
1,500,000 were milch
cows.
Considerable quantities, of meat and highgrade cattle, principally Frisians, are exported,
Cattle and other animal breeding (including pigs,
sheep, horses and poultry) has, in fact, been a
In
June,
head of cattle of which about
more
important part of Dutch
agricultural produc-
In view of the large
number of small farms involved in this and in other
agricultural activities, the necessity of organization
was obvious, and this need had been filled by the
farmers organizing permanent auctions where their
tion than has dairy produce.
Volume 150
The Commercial & Financial
Chronicle
products may be sold, and
by the cooperative
ment.
The latter has not
attained the relative im-
portance
secured
in
of
some
States, but it plays
role.
move-
by
a
no
the
other
means
northern
inconspicuous
About one-half of the
purchases of fertilizers
and
cattle
feed, over 70% of the butter,
factory
cheese, potato-flour and beet sugar, about
90% of
the sales of
vegetables, and about 50% of fruit sales
within the
come
agricultural
aegis of this
credit is
movement.
chiefly carried
Moreover,
out
by two
cooperative associations.
was
respectively,
$608,440,000.
were
The
about
imports and
1821,500,000
ex-
and
corresponding figures for 1938
$749,950,000 and $550,670,000. During the first
nine months of 1939
the amounts
and
$408,887,000, both
those for the
exports
trqde
of
are
with her
same
a
will
of which
were
larger than
Both
imports and
as
of
In
her
value
were
on
the
industry.
were
However, about
processed
exports
foodstuffs,
about 45%
are
more
While
a
best
terms,
so
The Netherlands
directly
has trade
countries, the principal
are seven
total
of
that of Holland's total
and about the
trade
the
60%
indi-
or
same
nations.
contacts
sources of her
with
foreign
In 1938 she derived
21.3%
value
of her
imports from Germany,
11.5% from Belgium, 10.8% from the United
States,
8.1% from Great Britain, 7.2% from the
Dutch
East Indies,
4.6% from France, and 4.5% from the
Argentine.
Altogether these countries
Holland
the
supplied
with
68% of her
proportion
Great
total
imports.
In
1937
69%.
was
Britain has
long been Holland's best
tomer.
cus-
In
1938, 22.5% of the Dutch exports went
to Great
Britain, 14.8% to Germany, 10.2% to Belgium, 9.6% to the Dutch East
Indies, 5.8% to
France, and 3.6% to.the United States. Thus these
countries
took
total of about
a
land's exports in
In
the
former
Holland with
Holland
1938
as
two-thirds of Hoi-
they had done in 1937.
European
year
was very
countries
61.7% of her imports and
reluctant in the early twenties
to alter the principles of free-trade and
laissez-faire
on which she had acquired
and
developed
her
supplied
took
of her
exports.
position.
72%
Great Britain is thus the best
customer for the
exports, and the Dutch find many similarities, if not affinities, between themselves and the
Nevertheless, the
economic ties with Ger-
many are very close.
port
and
transit
much
In addition to the
large extrade with Germany, the
import
trade
great
with
the
German
hinterland
is
of
importance to Holland.
In 1938 the total
gross
than
large figure
the
traffic
of
total
the
weight of the Dutch im-
was some
of
the
13,000,000 long tons less
through and trans-shipment
great Dutch
ports
with
Germany,
Also, The Netherlands is by far the largest buyer
and
well-
a world
of high tariff
controlled economy, she has from time to time
felt
obliged to increase
her
custom duties until
by the
end of 1938 they assumed in certain cases an admittedly protective aspect. They now range from
6% to 20%, varying generally with the degree to
finished.
Coupled there¬
subsidies of agri-
as
cultural production, price and consumption
control,
industrial codes, and licensing systems to eliminate
ruinous competition in the domestic
titative restrictions have
for the
been
depreciated currencies,
eventually affording bargaining
tiation of trade treaties.
Holland has thus found
of
many
the
it
though not to the
in
other
traditional
countries.
in the nego-
of
controlled
extent
same
and
so
great
which
she
structure under the
little
doubt
in
the
return
a
freer world-wide trade conditions.
undoubtedly,
compara-
regime that there
can
sincerity with which her
nomic leaders hope for
sounder
to
the
was
developed
old
of the
obtains
as
her broad economic
freedom
as
necessary to equip her-
with
success
well
as
However, such is her
conservatism
of the
measure
means
implements
economy,
some
Quan-
of controlling competition from the
purpose
countries with
self with
market.
applied to imports
be
eco-
and
Holland would,
go at least half way to meet others in
this respect.
Her trade agreement with the United
States dates from Feb. 1, 1936.
That The Netherlands had finally to take these
protective
measures for reasons of imperious necessity is clearly indicated not only by the large role
played in her economy by her foreign trade and
external economic relations, but also
by the fact
that her imports have long exceeded in value her
exports by over approximately 25%
1937 the
excess
in 1938,
1939 the
has
or
was
29.2%.
Such
a
26%;
was
months of
position clearly
be
to
watched
carefully, though the balof payments have been in Holland's favor due
to her extensive transport traffic and banking
ices, tourist trade and investments abroad.
The
Dutch
mercantile
navy
ranks
two-thirds
^
only
a
very
small
tonnage
are
more
than
20
old.
While
dent.
Forty-
ships and
are motor
percentage
in
about
being liners, the balance tramps.
three per cent of the
serv-
seventh
tonnage among the world's merchant fleets
years
In
more.
exports
over
26.6%; and for the first nine
excess
had
ance
of imports
The
Netherlands
has
had
its
own
Deal, her essential conservatism is still
ports and exports amounted to 37,000,000
long tons,
This
diverse
However, in
import quotas, exchange restrictions,
declining international trade, and other phases of
Dutch
British.
much of her wealth
so
especially
tive
propor-
strictly industrial products.
many
of
and
quarter of the latter
derived
are
rectly from agriculture
tion
recent years, to
mitigate the asperities of the unemployment situation in Holland by
securing there
large numbers of unemployed for industrial and
other work in Germany.
products.
agriculture
Germany's biggest export
Germany has helped, in
are
1938, of the total exports 30% in
of
and
her.
measures
products which she also exports,
products
with
which the products
a
1937 and
goods,
is
with have been such
large exporter of food products, and
such articles as
machinery, vehicles, fuel, cattle
feed, and artificial manures, she
imports even larger
quantities of these
products, many of which she employs in producing her high
quality exports.
A
total of
40% of her imports are industrial
In
i
keeping
the outlook for prod-
on
needs
balance
1495
her free-
Avorld trader and
a
suit
imports classes
Thus, while
$577,430,000
period of 1938.
traditions, Holland,
nets which
were
very varied character.
position
German
balanced economic
In 1937 the value of
the Dutch
ports
of
The Communists and the Nazis
account.
cut such
are
New
very
evi-
of small
Social-Democratic party which has
figure for many years, to varying ex-
The
a
tents, in the other nations of the Oslo Group, is
one of the four largest political
simply in Holland
parties, and is the only
one
of four not based
on
.
The Commercial & Financial
14Qfi
The Protestants, chiefly Orthodox
60% of the popula-
religious creeds.
Dissenting Calvinists, form
and
branches of Calvinism
tion.
The
sented
repre-
are
by two of the four
two
largest parties; and the
party is the fourth and largest—
Roman Catholic
size to both of the Calvinist
For many years, towards the
being about equal in
parties combined.
nineteenth and the beginning of this cen-
end of the
tury, there was
much friction in politics between
the Protestants
and the Roman Catholics over the
school
During the last war that matter
pursuant to which denominasubsidized by the Government were
question.
settled by a law
was
tional schools
provided.
Since that settlement
contrary, with characteristic Dutch practi-
On the
cal
there has been no antago-
Protestants and Catholics in politics,
nism between
the Calvinist
sense,
common
and the
groups
various
Catholic party have jointly, under
Roman
1918.
national election law, based on proportional representation or
other reasons, no strictly party Cabinet could be
arrangements, governed the country ever since
When, owing to the vagaries of the
formed
or
would be effective,
get along with each other than to
to
merit in
tern of
to
the
any
proportional representation sys-
conducting national elections.
Holland
given
assigned
the native ability of the
ably been due more to
real
of the minis-
The success of these expedients has prob-
"experts.
Dutch
some
customarily
been
have
offices
tetrial
has
Constitution
written
a
which
is
and politically
practical
elasticity all
the
gifted people require of such charters—not as with
by having
us
court interpret it when required, but
a
whether
legislative body to
the
by permitting
law is in
a
While
document.
of
some
the
decisions
on
such
with universal belief in
met
questions have not
their technical correctness,
tion
determine
harmony with the fundamental
such is the innate cauthat the system
of the Netherlander
is
gen-
erally believed to work well in practice.
Netherlands is
The
an
hereditary constitutional
The Queen, greatly respected, as em-
monarchy.
bodying in her person the national traditions and
continuity of aim, shares the legislative power with
a
bicameral
General
elected
legislative body known
as
the States-
Second Chamber has 100 members,
(the
by universal suffrage, and the First Cham-
ber has 50 members elected
by the provincial legis-
Cabinet, though the lower house has also the right
to
do
To
so.
go
into effect legislation
must be
approved by the sovereign, but such approval customarily follows at that stage, any divergency of
views
ous
being in practice previously adjusted in vari-
ways.
The executive
though most
power
is vested in the sovereign,
of it is exercised by the Ministers
Such
responsible to Parliament.
the Constitution
are more
powers as
under
especially within the
sov-
ereign's prerogative—foreign and colonial affairs,
dissolution
of
Parliament, &c.—have been exerted
by Queen* Wilhelmina, and her predecessors only in
scrupulous fulfillment of the letter and the spirit
of the Constitution and in
and
people.
Outstanding
and advisers to the
twenties
well
hamony with the staunch
long-established democratic traditions of the
Dutch
as
as an army
a
has
been
among
the statesmen
Queen since the early nineteenHendrick
Colijn,
a
scholarly as
practical economist, who formerly served
officer and official in the Dutch East
Indies, and later as an executive and director of
the great oil corporations, who thus in his own
career
typifies the far-flung interests of his country.
Holland, with an economic position
tied to the principal markets of the
only
intimately
world, not
because of her vitally important foreign trade
and transport service, but also
because of the ex-
tent of her development as a
great traffic and
transit center, is bound to be
enormously affected
by the present war, even if she is spared the horrors
of an invasion. Great Britain has already interferred with Dutch shipments on the high seas, as
she did during the last war. Similarly, Germany,
in addition to attacks on her shipping, is undoubtedly bringing pressure to bear on Holland to subordinate her economy to the German war needs. It
seems probable that, invasion apart, the Dutch
leaders will find the means and the resources of
skill and intelligence to match the success of their
predecessors of 1914-1918 in keeping The Nether lands out of this war and mitigating its effects,
We do not fully know the seriousness of the possibility of a German invasion of Holland. Certainly
the geographical position of the country is such
that it would make a useful base for air and sea
operations against England, and, perhaps, as the
beginning of a corridor for an attack on northern
France.
Many other factors must, however, be
taken into consideration, and it may be that on
balance an uninvaded Holland will fit will enough
in the German plans. While only a small section
of Holland's eastern frontier can be flooded, the
Dutch believe that during the last war their military strength was important among the causes
which persuaded Germany to leave Holland alone,
While under her 1938 plan her armed forces on a
war footing were to be only some 300,000 men, the
recent budgets have called for great increases in
military preparations. It seems probable, therefore, that in a few months at least The Netherlands
could assemble an army approximately equal to the
600,000 men Belgium is said to have under arms,
Even though the armies of these two countries go
no further towards mutual aid than to operate on
parallel lines, their by no means negligible cornbined strength should also weigh against an invasion of either country,
===========
Life Insurance and the TNEC
Legislation is usually initiated by the
latures).
March 9, 1940
Chronicle
As far as life insurance is concerned, the investigation of the concentration of economic power is
ended. The Temporary National Economic Committee called its last witness on Feb. 29, and pre¬
sumably has now retired to meditate on the subject
of insurance funds used as an "instrument of economic power."
This is a fit time to do likewise. Earlier fear
was
expressed that the members of the
in an excess of zeal, might lose
TNEC,
sight of their duties,
So they were warned
and their terms of reference.
that "it would be a perilous undertaking for them
to burke the business judgment of 64,000,000 satisfied policyholders, animated solely by a desire to
maintain their economic independence or to shield
their dependents against want."
Assuming that the investigation was a sincere
attempt to discover the extent, if any, to which insurance companies possess "economic power" to
dominate security issuers, underwriters, and invest-
Volume
ors?
The Commercial & Financial Chronicle
150
must
wonder
!
1497
just what was learned
through the vast expenditure of time, money, and
read out, Mr. Best indicated in each
words, at the TNEC meetings, which
logical condition causing the fatality.
When the
witness had
caused
one
able in any
The
was not
million
avail-
good library.
early weeks of the hearings
given
were
up
"generally
to
elementary lessons in insurance, disconnected from
economics, or power, or concentration—especially
concentration
under
on
the
discussion.
did not know what it
Did
tal
subject
Often
wanted,
of
the
chairman
of
our
company"?
asked.
some
incompetent
as
management—again
by
with
the
that
apparently
every case, so far," and the witness came back
with "Necessarily; it is self-evident that that would
why it wanted it.
be responsible for nearly every life insurance fail-
nor
presence
in
in the capi-
room" of
other things, but that is the prinei-
There
we
have
it—19
companies
in
ten
years
failed because of their "bad investments; bad investments, primarily." And yet, often these arose
some
Scores of such naive questions
are
pal thing."
from the egregious folly of the president of a cornwith or without counsellors.
One company
was
idea of the size of the
Many others seemed intended
There
ure.
largest life insurance
pany,
were
went under because it sank millions in citrus de-
produce
to
velopments in the Rio Grande Valley—a condition
of no value in
furthering the work of the
committee, but useful to reporters seeking startling
answers
or
diagnosed the eleventh
was
the patlio-
supposedly
the plea that the "question
simply to get
obituary
case
TNEC
Or to ask the "construction cost
per
directed
each
investments, primarily," counsel for
SEC commented that "we seem to come to
find out whether that company made
"studies of the lapse rate of its industrial
policies" ?
on
As
more.
wrong
company to
building project,
or
matter
the
it, for instance, need the
dollars
made
the
save
because
the
company's home
Superintendent of Insurance notoriously incompetent—or worse! In another case,
scandalous matter for their front
pages.
However, nothing sensational developed,
possible only
State possessed
a
a
Life company's officers promoted
and their
com-
over-worked insinuation that the directorate of the
pany
Metropolitan perpetuated its existence through the
use of
proxies forged by some of its agents. As to
vestment" which ruined the company,
Obviously, the answer to "bad investments"
this, the TNEC made
cause of failure is not "more supervision" or "more
laws."
In 18 of these 19 cases, stock
companies
were involved.
Their directors were elected to per-
were
a
the witnesses secured to
suggestion actually engaged in
their
showing; not only
sorry
sustain
this sinister
labor dispute with
a
employers, but the committee refused
witnesses brought to Washington especially
offset the testimony of the
malcontents, and self-
confessed
After
had
wasted
weeks
over
Chicago,
advisers of the highest competency.
nies, stock
committee
4000-room hotel in
an
"inas
a
There
forgers.
the
a
form duties which they failed to carry out
properly,
was no reason for doing without financial
to listen
to many
to
backed
easily
a
sophomoric contemplation of the A. B. C. of life in-
as
mutual,
or
Small compa-
buy good securities
can
largee institutions.
If directors
are
as
of the
kind who neglect their elementary
duties, and in¬
surance commissioners are incompetent or venal,
and had, repeatedly, subjected testifying
witnesses to tricky, or unfair, or even
humiliating
it is not because the States
questioning, public interest became
more
are
the investigation,
can
surance,
centered
in
When its
there
the
purpose
behind
more
and
intention of
submitting the business of
life insurance to yet another
when it also
was
supervisory body, and
apparent that
possibly harmful
no
"concentration of economic power" was
going to be
unearthed, the TNEC became just another investigating body strewing largesse among lawyers,
investigators, and politicians, in return for
conclusive report destined to
top
in-
some
the pile of other
still-born New Deal inventions.
Nor did the committee
prise.
spring
last-hour
Its final hearing of outside testimony
insurance
power."
was
on
sur-
life
certainly devoid of "concentration
Principally, it
was
devoted to
a
of
careful
revelation
on
by Alfred M. Best, the eminent authority
insurance, of the causes and consequences of the
failure
years,
of
the
19
involving
The
an
life
a matter of personal
-
phy> nearly all State laws
essentials,
and
supervision
companies
in
the
last
ten
"indicated initial loss" of
not of geogra-
uniform
are
is
laws, too,
of insurance is
efficiency, and
as
exercised
to their
co-oper-
atively.
There is therefore no reason for further
supervision, beyond that now available, nor is ex-
cellence in
oat
a life company, and its ability to carry
obligations, confined to those with the
its
largest portfolios.
The companies which failed in
the last ten years did not do
any
Federal
be evaded.
As ^r- Best indicated, supervision
spokesman conveyed the impression that
was no
in which they officiate
lacking in legal deterrents.
stock
companies.
sible to start
needs
a
Today,
because they were
so
it
is
virtually
as a mutual company;
a
impos-
new-comer
paid-in capital in the beginning, even
though
years it may be
unnecessary.
And
In later
mutual
any
company could go under if its funds
In*0 "bad investments," with
or
without the
went
recom-
mendation of financial advisers,
one
v
(Continued
on
page
uos)
Capital Flotations in the United States
During the Month of February
and for the Two
Months of the Calendar
Placements
of
corporate
securities
in
February totaled
$256,245,640, 55% greater than January and 60% above
the corresponding month of last
year.
It was the largest
volume of issues brought out in
any month since the commencement of the European war and the
largest total for
February since 1937.
Nearly 85% of the aggregate was
placed through public offerings, private transactions involving only $39,650,640.
In January private sales totaled only
a little more,
$42,075,000, but they represented about 25%
of the whole, while in the preceding two
years direct sales to
the ultimate holders averaged
approximately 33% a month.
Last month's private sales included $30,000,000
securities
of a finance company, the Commercial Investment
Trust
Year 1940
Corp., which was the second largest sale of the
month
The
largest was a public offering of three issues of the
Bethlehem
Steel Corp., totaling $105,000,000.
This was the lamest
single piece of industrial financing carried out
since
in
nassage
1933 of the Federal Securities
Act, just exceeding the
United States Steel Corp. flotation of
$100 000 000 in Tune
1938.
There have,
however, been several larger sales hv
utilities during recent years; for
example in August
io^Q
$123,500,000 securities were placed
by Pennsylvania'Power
& Light
Co.; in May, 1939, $114,500,000 by
Commonwealth
1937, $130,000,000 by Philadelphia
December, 1936, $160 000 000 and in
October, 1936, $175,000,000, by American
Telephone
Edison Co.; in March,
Electric Co., and in
&
?inancial Chronicle
T/ze Commercial d
1498
was
SUMMARY OF CORPORATE
Below
present a tabulation
we
of figures since January,
revised to date.
Further revision of the 1939,
1940 figures, will undoubtedly be necessary
particularly as additional private financ¬
ing is brought to light in annual reports and other places.
financing
as
well
as
the
as
from time to time,
FIGURES
BY MONTHS.
1940,
1939 AND
1938
*1938
*1939
Refunding
Total
New Capital
Refunding
Total
%
%
S
I
%
%
anuary
32,054,718
133,459,832
February
45,404.059
210,841,581
1940
1938, showing the different monthly amounts of corporate
1940
New Capital
9,
gregated $49,133,550, of which $11,287,500 was common.
In February, stock sales comprised less than 7% of the
month's flotations, in comparison with 30% in January and
an average of about 10% in 1939.
About two-thirds of February's municipal total of $172,060,014 was for refunding purposes; it was the first month
since December, 1936, that the refunding volume exceeded
the new money sought.
The total was the largest since June
of last year, and, except for that month, the greatest since
January, 1937.
Two issues were responsible for threequarters of the February total, the Triborough Bridge Au¬
thority $98,500,000 issue of revenue bonds, and the Port of
New York Authority $33,000,000 bond issue.
The Tri¬
borough issue represented the largest single flotation of
revenue bonds
ever brought out by a local governmental
body.
The financing was also unique in that it provided
funds for the immediate repayment of $71,000,000 bonds,
not callable until April 1, 1942, at par plus the full 5% re¬
demption premium and full interest to the call date.
The largest piece of railroad financing in
the $99,422,000 flotation by Great North¬
ern Ry. in March,
1936.
Other large corporate issues in February included the
publicly offered $25,000,000 issue of Dayton Power & Light
Co., the $26,000,000 issues of Kentucky Utilities Co., the
$16,000,000 of Southwestern Gas & Electric Co., and the
$10,000,000 of Skelly Oil Co.
February's corporate total comprised $45,404,059 for new
capital purposes and $210,841,581 for refunding issues al¬
ready outstanding.
While the new capital figure was not
large, it was still higher than any month since last July and
the greatest for February since 1937.
It should be noted,
however, that more than $30,000,000 of the total of new
capital issues in February was represented by finance com¬
pany issues, which we include under "Miscellaneous"; new
capital financing by this class of enterprise lacks the eco¬
nomic significance associated with the same type of financ¬
ing when carried out by such organizations as industrials,
utilities, railroads, &c.
d Financing through the medium of stock issues, particularly
common stock, dropped sharply in February from the rela¬
tively high level of January.
The value of all stock issues
placed last month was $17,130,640, of which common stock
amounted to only $1,069,000; in January, stocks sold agTelegraph Co.
recent years
March
New
Capital
Total
Refunding
%
%
S
5,926,032
10,386,300
16,312,332
46.364,596
4,141,400
50,505,996
23,570,572
165,514,550
256,245,640
136,115,000
159,685,572
40,851,910
62,224,590
103,076,500
First quarter
April
_
.
May
_
-
June
46,688,660
99.667,851
23,995,213
58,643,000
82,638,213
275,665.755
111,211,719
125.008,990
236.220.709
181,749,350
259,909,392
11,683,361
66,750.000
21,740,443
__
193,189,960
78,160,042
____
-
52,979,191
82,475.795
161,502.000
251,798.424
183.242,443
37.574,800
25,691.650
63,266.450
30,241,064
March
282,039,488
202,315,995
98,791.000
301.106.995
78,433,361
130,141,549
725,191,323
251,574.156
191.232.650
442.806,806
788,239,734
1,000.857.078
362,785,875
316,241.640
679,027,515
50.139,246
180,438.079
230,577,325
130,275,506
55,545.325
185.820,831
25 894,844
317,462,641
343,357.485
127,013,570
211.140,930
338,154,500
16,019,150
79,096,000
95,115,150
84,937,241
65,135,600
150,072.841
92,053,240
576,996,720
669,048,960
342,226,317
331,821,855
674.048,172
304,670,584
1,365,236,454
1,669,907,038
705,012,192
648.063,495
1,353,075,687
18,200,021
_____
_
months
Six
595,049,774
212,617,344
Second Quarter
157,313,563
175.513,584
63,921,610
274,237,144
338,158,754
July
September
Nine months
21.407,875
90.702,333
112.200.708
43,520,873
107.701.800
151.222.673
26,971,057
194,281,158
221.252,215
59,644.275
237,143.300
296,787,575
66,578,953
♦
442,387,054
508,966,007
167,086.758
619,082,244
786,169,002
371,249,537
Twelve months
1,807,623.508
2,178.873,405
872.098,950
1,267,145,739
2,139,244,689
Revised.
Treasury Financing for the Month
Government's financing operations last
confined to weekly offerings of bills and the con¬
tinuous sales of United States Savings (baby) bonds.
Each
of the four bill offerings was in the amount of approximately
$100,000,000 and the proceeds went to retire maturing
issues of similar amounts.
The baby bond sales, aggregat¬
Federal
The
month
the case with three of the issues brought
January.
However, the most the Treasury had to
a bill issue last month was 0.006%, and one issue was
yield basis,
out in
pay on
as was
infinitesimally small rate.
money will be sought at the quarterly tax date on
March 15, Secretary Morgenthau has announced, but an
exchange offer will be made at that time to holders of the
1K% notes due next June 15.
No date has yet been fixed
for the refunding of the $353,000,000 3%% Treasury bonds
which the Treasury announced Feb. 13 had been called for
redemption June 15.
In the tabulations which follow we outline the Treasury's
sold at
Total Amount
Type of
Dated
were
ing $144,664,590, were only a little more than half the pre¬
ceding month's record volume of $273,043,000, but large,
nevertheless, as compared with any other month.
There was a slight easing in the demand for Treasury bills
and none of February's issues was disposed of on a negative
No
USE OF FUNDS
of February, 1940
A
Security
Refunding
ccepted
Jan.
3
91-day
Treas.
bills
101,930,000
Jan.
10
91-day
Treas.
bills
101,257,000
financing activities in the current year:
Jan.
17
91-day
Treas.
bills
24
91-day
Treas.
bills
100,240,000
100,253,000
Jan.
31
91-day Treas. bills
100,044,000
100 044,000
U. 8. Savings bonds
MONTHS
OF
1940
273,043,690
Jan.1-31
Feb.
100,253,000
273,043,690
776,767,690
January total
503,724,000
7
91-day
Treas.
bills
100,420,000
Feb.
14
91 day
Tieas.
bills
100,444,000
100,444,000
Feb.
21
91 day
Treas. bills
100,836,000
100,836,000
Feb.
28.
91 day
Treas.
bills
100,454,000
100,454,000
Feb.
1
U. 8. Savings bonds
144,664,590
February to tal
f44,664,590
546,818,590
402,154.000
144,664,590
1,323,586.280
Total 2 mon ths
905,878,000
417,708,280
*
INTERGOVERNMENT
FINANCING
Issued
Retired
%
1940
$
January—
Certificates
50,300,000
Accepted
I
Dec. 27 Jan.
3
91
days
Jan.
5 Jan,
10
91
days
Jan.
12 Jan.
17
91
days
Jan.
19 Jan.
24
91
days
Jan.
26 Jan.
31
91
days
Jan 1-31 Jan.
1
10 years
26,500,000
x2,344,000
50,300,000
26,144,000
24,156,000
103,000.000
1,000,000
102,000,000
February—
1,825,000
579,659,000
380,809,000
225,527,000
217,745,000
191,020,000
273,043,690
Price
Yield
xl,825,000
103,000,000
2,825,000
100,175,000
153,300,000
February total
Total 2 months
%
101,930,000
X
X
Nil
i
28,969,000
124,331,000
Nil
101,257,000
•
Comprises sales
of
special
series
certificates
and notes;
y
z
z
100,044,000
99.999
273,043,690
75
•0.004%
*2.90%
Adjusted Service Certificate Fund and Unemployment Trust Fund, and notes to
Old Age Reserve Account. Railroad
Fund,
Foreign Service
Retirement Account, Civil Service Retirement
Retirement Fund,
Canal Zone Retirement Fund,
Feb.
7
91
91
days
91
days
91
days
|; Febru
Total
x
Corporation,
7 Feb. 14
16 Feb. 21
22 Feb. 28
Feb 1-29 Feb.
ary
2
1
Alaska
Federal Deposit Insurance
776,767,690
total
2 Feb.
certificates sold to
Nil
100,240,000
100,253,000
Railroad Retirement Fund, Postal Savings System, and
Janua ry
$
23,800,000
Amount
Applied for
Due
Dated
Net Issued
2,344,000
_
Notes_
Notes
Feb.
273,043,690
100,420,000
Certificates
Amount
Date
Feb.
r-
100,240,000
Jan.
January total
FINANCING DURING THE FIRST TWO
STATES TREASURY
UNITED
Feb.
$
101,930,000
101,257,000
an
new
Offered
Indebtedness
$
$
days
10 years
100,420,000
99.999
*0.005%
144,664,590
75
*2.90%
y
the succeeding
*0.006%
100,454,000
In the
•0.005%
99.998
compare
for
z Prices ranged from
fractionally under par
At par and slightly above par.
the
thus
comprehensive tables
on
pages we
the February and the two month figures with those
corresponding periods in the four
affording
a
years
preceding,
five-year comparison.
Following the full-page tables we give complete details
1,323,586,280
mont hs
Excess of retirements.
z
999.999
100,836,000
slightly above par down to 99.999; the average was
•Average rate on a bank discount basis.
z
100,444,000
546,818,590
tota 1
Slightly above par.
270,753,000
223,822,000
200,702,000
215,771,000
144,661,590
x
of
the
capital flotations during February, including
issue of any
kind brought out in that month.
every
$
Total
165,70 7,50, 0 14,830 6,3 ,289
194,63289 10,2 "0 98,045 27
618,749
Refundi g 162,081 267, 50, 0 10,69 80
18,4057
$
1936
20
3,618,974 9",5,714,5 0
6,"20 ,6 8,4 7, 4
1936
Refundi g
Capital
249,510 5,0 ,0 30,9750 109,3815
394,607581 9,6 "0 25,0 042,987.42 561.795,32
Total
Refundi g 15,021370 28,3 50 56,02418
650, 0
240, 51 90.606",21,0 09,483.19 369,703.8
Capita 94,29630 4,350, 02,650, 053. 7,40
154,87.03 4,0 ,0 3,504 23 192,01453
150, 0
103,7650 32,450 63,5921 1,40,0 20.51862
4.*13
n*r
New
$
1937
$
New
102,851 0
Total
1938
" 75*,6 O
120, 0
Refundi g 62,104590
New
Refundi g 10.286,0 34,8296
23,570 2 310,9 0 43,791 2 37,452 84
Total
29,150 10, 0 16,016401,069,0
256,4 60 2,4950 172,06 14 450,8 654
Refundi g
196,3 50 14,72081
210,84 51 21,6950 14,30548 346,8209
GFLOAMVUENRINCMDPLT,
New
1940
SOUMFARY Capit l 32.745 0 10, 0 1,589,59 1,069,0
80 ,0 0
45,04 59 57, 456 103,95862
New
365,40 618,749
10,32540
1,30954 135,"280 365,40 27,8642 618,7493,250, 0 13,750 18,4057
3,618,974
64 ,60 6,546, 40
2,6 2,50 9,853,7*0 "l~7 0",6 64 ,60 7,9 5,614 2,ob~",6 2,6 2,50 13,472 14
obtained
$
2,6 2,50 21, 63289
Refundi g 5,0 ,0 16,3 750 4,934,60 4,1 8,02 9.0 ,0 15,0 0
835.0 0
4,50 , 0 94,2 9630 4,350, 0
102,5 0
Total
Refundi g 61.829",50
95,0 0
706",50
95,0 0
~1 8~0 ,6
$
1938
Total
1939
CIOSTURNPHIEAED
GONREUPFWI
CAHARNCDTE
$
120, 0
30,0 0
960, 0 6,2 5, 0 5 5,0 0
75,0 0
102,56
61,82950
'75,0 0
75,0 0
40,2 ~410
245,0 0 75,0 0 706,50
i03,765
2i5,0 0 "i80~6 6
62, 4590
30,0 0 75,0 0 526,50
40,85190
36,107 0 5,70,572
41,67 52 12,0 0 13,504 1,50 0 20,17.52 ~4 61~,6 2,05 ,0 159,68 572
1.50 , 0 100 ,286,
34,8290
34,8290 12,0 ,0 1 ,029 1,01.50, 0
5 0, 0
1,278,0 5, 70,572
6,84 ,572 2,475,6 20.17,52
16,72 0
81,650 105, 0 3,2 5,0 10, 0 1,025,0 1,0 ,0 25,70 0 29,150
Nexe
84,3918 5,6 0, 0 14,587019,320 4,934~,60 4,12 0145,20 0 15,0 0 1,"045",6 240, 51
120, 0
30,0 0
75,0 0
150, 0
40,76910
86,0 0
Refundi g 75,42 50 105, 0 10, .0
Capital
150, 0
62.104,590
1, 97,0 14,60 . 0 ~375~6
960, 0
210, 0
"
~
Capital
28,35.0 19,320. 294,181 36,20 0
4,350, 0 6,598, 06 14,2 1 05 27, 92760 58 ",5 0 7,308,97 56,07.40 65,730 7, 29, 50 16,598 06 5,065",40 16,903185 27, 92760 2,873,0 585, 50 1 ,80 97 154,8703
12,0 0 7,3970 1,50 0 14,60 0 461",0 2,05,0 18,0 0
Neto
1940
650, 0
•
Refundi g 12,0 0 76,20 01 ,50 0
Total
650, 0
102,851 0
526,50
Capital 40,2 410
15,021370
135,'40
1,0 ,0 35,8720* 618,749 5,2 0, 0 16,4250 194.63,289
5,0 ,0 28,350 25.918,06 14,5 386 3,492760 "58 ",5 0 7~518~,97 140,356 81 71,380, 0 152,8 0 35,918 06 lO.bo ",06 21,3 5 86 72,49 760 17,8 30 585, 50 12,85397 394,607581
6,380 123,86.0 10, 0 10," 0,65 6,80,0 9,0 ,0 17.830 5,35,0 249,510 5,0 ,0
New
136, 50 17,05 0 10, 7943 163,72943
Capit l 16.72,0 1.278,6 5,70,572
1939
$
7, 50, 0 7, 50, 0
New
159,68 572 327,140 53,79 85 540,62547
Total
CFOORRPEIGANT,
40,851.90 41,27 12 1,40,0 83,7962
18,0 0 "701,630 05,70,572
MOFYEFBEORINVUAFTARHYS
SIT;TOHATREES
FITNMOFAEYHBCIRVUAGS bSfrtFmGatouaeonhvigcdyeprdnlsmesayl.
Capital
40,76910 75",0
""
6,0 ,0 162,081 26
Capital 61,380 7,29,5010, 0 5,065",40 2,681,980 2,873,0
1937
62, 4590 32,450 2,46 0 17,3890
30,0 0
$
1,0 ,0 16,87204 618,749
New
i
Total
$
7, 50, 0 7, 50, 0
"~I 7"O~,6 1,4 8,974 2,0 ,6 0
$
6,0 .0 165,70
135,"2806 17,51026 3~,'2"50,6
$
Total
13,472 14 4,b"o ,0 89,57653 noocrt,
Capital
135,4b'60 i9."o "6d 5720,6
•
575,0 0
10, 0 10, 0 15,261 40
5,370, 0 196,3 50
585,0 0 8 4,0 0
10, 0 10, 0
1,50 , 0 136. 5,0
375,6 6
5 0, 0
23,570. 2
40 ,0 0 960, 0
17,3064 96,1 640106,4 0 4,109,0 10, 0 1,025,0 1,0 ,0 36,10 0 256,4 60
14,72081 89, 6581 105, 0 10, 0 575,0 0 5,370, 0 210.84 51
14,72081
456"
3,2 5,0 "660. 1,0 .0 20,3 0 32,745 0
86,0 0
789,5 9 585,0 0 8 4,0 0
40 ,0 0 2,658, 59 960, 0 7,015,0 9 1, 40, 0
4.109, 0 "450",0 1,0 ,0 30,7 0 45,04 59
FEBRUAY anonteds- naonteds- naonteds- Gover governmtGacies,-.^&Municpa_lt—Ses,Posein ifnucnldoset FEBRUAY BNooteans-ds &coper,manuft acesori amannufcdtrig &c &htroalddciinngg,, BNooteasn—ds &coper,manuft acesori maannufcdtrig &c h&troalddeiinngg,, utiles&ccoopaelr,,manuft. acesoriindamuasnutrfctlrig b&uildcngs, httroralud<dsiifnnctgg,,,Miscelanous utiles&ccoopaerl,,manuft acesori inmadanuusftcrtrilg &budcings, ",gnid&ahrtsom^vlIcdin-.g, Miscelanous seccuorriptate
MOFTNO H Domestic— Lboongn-tdersm Short-em Prefstrocekd Comstocokn Candi — Lbonogn-tedrms Short-em Prefstorcekd Comstocokn foreign— Lboongn-tedrms Short-em Prefstorcekd Comstocokn corp ate
Corpate—
faCndian oreignLoaann USntiateeds toal Tfdighueorsees MOFONTH Long-TermRailroads utiles cstoeall,,EquipmentMoatonrds industrial buildngsR,uber Shipingtrust,Miscelanous Short-TemRailroads utiles cstoeall,,EquipmentMoatonrds industrial buildngs,Ruber Shipingtrust,Miscelanous
Other
Grand
Total
OtherFarm
Total
♦
Public Iron,
Other Land,
Oil
Inv.
Public Iron,
Other Land,
Oil
Inv.
Total
Stocks— Railroads Public
ste l,Equipment and
Total
Iron, Motors Other Land, Rub er Ship ing Inv.
OU
Total—
Railroads ste l, Equipment and
Total
Public Iron, Motors Other Land, Rub er
OU
409,l850 25,70 16,830 8.52.79 8,0 ,0
Total
Capit l 64.091,72
712,50 6,139,20 7,46 ,2 6
8,0 ,0
New
39.605,3 14,05 0 167,52.094 19,4162
Total
1937
Refundi g 235,986 20 7,250, 0 14,06412 56,02418
3,0 ,0
7. 50, 0 25,70. 1,05 0 f,"oi"o,6 19,46540 1,2 3,2 9
2,6 2,50 25,32 79 94,518 0 164,0 0 126.750, f,bfo",65o 47,16540 13.2 ,39 5. 0 , 0 16,4250 468.52079
Refundi g 48,71 50 162,80 9,714 52 18,251026 6,82.50 3,50 0 6,0 ,0 345,2678 15,0 0
1936
2, 87",50
7, 50, 0 25.037,50
365.40 618.749
10,764.0
1,748 53 63,71850 162,80 9.714 52 "365",40 29,015730 9,768,749 3,50,0 13,750 382,1 3
712,50
712,50
1,05 0 "64 ",60 8,651,836 594, 90
2,6 2,50 13.60,426 30,8 0 1,720, 0 27,035248 64 ,60 18,0 810 3,4 ,490 2,0 .0 2,6 2,50 86,407.648
86,407648 4,0 ,0 140,62 81
231,0460
694,8 02 85.0 0 9,0 0 51,20 0 250,1623
1,80.265143
30,8 0 1,720, 0 25,98 248 9,48,974 2,137.50 2,0 ,0
Capital
Total
New
%
43,67513 85,0 0 9,0 0 47,20 0 69,38.109 74,205.62
4,0 ,0 180,7 14
Capit l
157,fl830 6,80,0 23,45682 63.417,45
251.8,507
Total
14.076,50 2,150, 0 3,719,0 3,6 ,96
72,09172
950, 0
250, 0
124,7930 139,270 25,30 0 10, 0 8,20,0 59,40 0 18,7540 7,635,0 39.605,3 5,80,0 5,10,0 2,0,0
585, 50 250, 0
14,05 0 86, 0694 25,918 06 4,170,!40 19,26 91 5,142760 "58 ",5 0 35,98 79 287,193 20 130,59430 231,052694 51,28906 14,7014 29,6 91 174,52760 18.754,0 43,98 79 694,8 02
7,250, 0 84,05694 19,320 294,18 87,0 0
80 ,0 0
Refundi g 56,4850 125,49750 1,04 50 4,934",65 4,1 8,02 17,3480 15,60 0 1.037,50 235.986,20 1,450, 0 5,0 ,0
$
1937
10 ,0 0
68,309 0 13,852 0 14,25.90 55,405 65",4,081,98042,05 0 3,154,0 250, 0 6,597,50 157,6830 4,350, 0 1,40,0
Capital
153.82496 5,80 0 1 ,480529 1,40,0 32,63025
New
79,518 0 164,0 0 125,70 27,0 0 9,0 0 5,0,0 6,0 ,0 417, 850 15.0 0
Total
382,1 3 48,0 0 6,"40,6 46,92 9 483,5.60
Refundi g 345,2678 25,03750 10,69 80 1,058,053
$
1936
468,520.79 48.0 ,0 10,4 6 187,569041 714,89 20
436.059,21
150, 0
2,0 ,0 2,150, 0
120, 0
1,67,0 1,79,0
30,0 0
1,875,0 6,598,06 4,170,140 19,02510 27,42760 "585, 5 27,08 261 86,73127 72,65930 15,827 50 2,854 6 9,235, 45 24,8 490 69,4 760 3.154,0 585, 50 250, 0 34.65,761 251.8,507
950, 0 6,80 , 0
323,0 0 353,0 0
%
New
142.350,
Total
295,0 0
1,431*50
14,07650
40 ,598
1938
Refundi g 63.546,190 1,79,0 1,02,80
6,3590 50,2 0 30,2 90 146,58 90
1938
YGFoftverhradnommgunic.pllyesFEM2TSFUNIOITWAVNSHDA8RHBRSE.D
YF2ETMFINIOMAAWVLOHFUADR8NOBCSRRP.DGML
Capit l 80,53 10
353,0 0 2.69 ,20 3,6 .9 6
New
87,21650 5,60,0 81,457629 1,40,0 175,64135
125,08 7,60,0 36,107. 0 6,782,904
186,30
Refundi g 106,48 0 5,0 ,0 34,8290
146,5013 36,0 0 37,120.9 219. ,59
Capit l 19,02 0 2,60,0 1,278,0 6,596,04
345,960 10, 0 53,907690 12,3560
51,2950 257,03.19 875,0 730,962381
421,7609
294,67032 50,34 81
34,0143 50,4950 140,372683 53,1690
7.458,7 80 ,0 0 16,59 08 875,0 0 195,73285
New
%
Total
GFCOOVREREPNIGMNATT,,
1940
OSUMFARY
Refundi g
New
CNOOGRRPEUWFAPTIE
ACHANRDTE
bStaneyds
90,0 0
63,546190
951*56
80,53.10
New
29,46 04 20, .0 428,360 120,5 74 598,235 48
Capit l 51,2896 10, 0 3,87 309 12,3560
1939
Capit l 79,48 10
175,9 04 20, 0 46,53.0 157,62304 81,56.947
Total
Refundi g 62,81 90
1939
1,02.50
20,30
4,17689 675,0 0
1,08,70 6,3 ,196 79.48,10 40 ,598 4,296,89 675,0 0 951,50 1,40370 87,21650'
50 ,0
42,89.04 17,0 0 14,97 0 1,60 0 24,32904 750, 0 1,941,0 4.80, 0 175.9 04
Capit l
New
"
Refundi g 20,493602 14,2305 105, 0 10, 0
$
575,0 0
142.350,
1,02,80 62,81.90 1.327,50 "Vso'. o 1,69730
6,3590
186,30
35.01 30 17,0 0 1 ,3290 1,50 0 3,986,30 "93"6, 6 1,750, 0 146,5013
7.8 4,604 3,645,0 10 ,0 0 20,46.04 750, 0 1,0 5,0 50 ,0 0 3,05,0 29.46,04
2,50 , 0 2,60 , 0 1,278",0 5,846, 04 750, 0
19.02,0 10 ",0
875,0 0
585,0 0
10, 0 10, 0 51,70 69 1,40 0 10,296.50 1,40,0 6,24190 21,4850 215,83690 16,40. l",40,6 13,521 0 10, 0 1,025,0 1,40,0 f,"ob ".6 49,750 421,76019
21,4850 164,0 105, 0 3,250 10, 0 1,025,0 1,0 ,0 39,10 0 345,960
Total
1940
60 ,0 0 5 0, 0
40 ,598
5,0 ,0 34,82956
Refundi g 12,0 0 76,50 0 1,50 0 3,80,0 "936",0 1,750, 0 106.48,0 5,0 ,0
2.367.0 14,60 1,0 5",0
5,624.398675,0 0 1,431,50 3.10,0 153,82496
1,01,0 7,35 .9 6
2,50 , 0 7,60 . 0 36.ibf 6o 6,032904 750, 0
12,0 0 78,670 1,50 0 18,40. 01,9401", 50 ,0 2,30.0 125,08 5,0 ,0 ~"fo ",0
Total
40 ,598
5,179,38 675,0 0
x-
205,0 480",0
8,310,718 20,43 59 57,9350 215, 4 30,6405 4.934,60 5,21 ,201 105,480 15,60 9.348.218 43,67513
50,34 81 20,493602 19,26481 05, 0 10, 0 575,0 0 16,97 30 34,0143
50,34 81
16,97 30 294,67032
450, 0
585,0 0
875,0 0 9 1,398
10, 0 10, 0 1,673 09 1,40.6 10,29650 1,40,0 16,2980 24,58 09 1,40, 0 f,40 ,0 13,521 0 1,40,0 0l",bo0".3,07 0 7,4587
9 1,398 5 5,0 0
Capit l 2,875 0 3,25,0 "450,6 6 1,0 ,0 2,13207 51,2896
New
note_s notes. notes. governmt aci_es&t ,Posein fuInobctladinese F2E8B. Notes— &c _ manufctrig &holdcing, Notes— &c manufctrig &holdcing, &c manufctrig &holdcing, &c manufctrig -&holdcing,
F2E8B.
boanndds stock stock boands _ stock stock foreign— boands stock stock corpateGovernmt— Goavntd, ♦Municpal—Stes,Staes toal. fdignuorets EMNODNTHS BLoonagn-TdersmRaJroads utiles ccsotopeaerll,,,Equmainpufmtent aacesnordi indaunstrdl &buildcngs, Shipng- ttrraudsintg,,Miscelanous SBhooartn-TdesmRailroads utiles cscotopeaerll,,,Equmainpufmtent aacensordi indaustrl b&uildcngs, Shipingttrraudsintg,,Miscelanous Railroads utiles ccsootpeall,,,Equmainpufmcterens-t anodi indausntrdl &buildcngs, Shipingttrraudsintg,,Miscelanous Railroads utiles cscotopeall,,,Equmainpufmcterenst anodie indausntrdl b&uildcngs, Shipingttrraudsintg,,Miscelanous cseocrupritate
EMNODNTHS
TWO
DeCorpat— omestic— Long-term Short-em Pref red Com on Candi— Long-term Sbort-em Pref red Com on OtherLong-term Short-em Pref red Com on Total Candian OfortehigernLoan
Farm
Grand
United
Total-.
These
*
TWO
PubLc Iron, Motors Other Land,Rub er
Oil
Inv.
Total
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Stocks—
Total
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Total—
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Total
Volume
The Commercial & Financial Chronicle
ISO
DETAILS OF NEW CAPITAL FLOTATIONS DURING
FEBRUARY, 1940
LONG-TERM
BONDS
AND
NOTES
THAN
FIVE
(ISSUES
MATURING
LATER
YEARS)
RAILROAD
$960,000 New
York
New
Haven
&
Hartford
RR.
trustees'
234%
equip,
trust certificates, due Feb. 1, 1941-1950.
Purpose,
purchase additional equipment.
Priced to yield from 0.35%
to
2.15%, according to maturity.
Offered by McMaster,
Hutchinson & Co., W. H. Newbold's Son & Co. and Putnam
& Co.
PUBLIC
UTILITY
$25,000,000 Dayton Power & Light Co. 1st mtge. bonds, 3% series due
1970.
Purpose, refunding ($19,720,000); balance to reim¬
burse treasury for uncapitalized expenditures, for additions
and improvements and for working capital.
Price, 104, to
yield 2.801% to maturity and 2.782% to Jan. 2, 1966.
Offered by: Morgan
Stanley & Co., Inc.; Almstedt Brothers;
BancOhio Securities Co.; A. G. Becker & Co., Inc.; Bonbright & Co., Inc.; Central Republic Co.; Curtiss, House &
Co.; Fahey, Clark & Co.; Field, Richards & Shepard, Inc.;
First Cleveland Corp.; First of Michigan Corp.; Glore, Forgan
& Co.; Goldman, Sachs & Co.: Greene & Brock; Harriman
Ripley & Co., Inc.; Harris, Hall & Co. (Inc.); Hawley,
Huller & Co.; Hayden, Miller & Co.; J. J. B. Billiard & Son;
W. E. Hutton & Co.; Jackson & Curtis; Kidded, Peabody
& Co.; Lee Higginson Corp.; Lehman Brothers; W. L.
Lyons
& Co.; McDonald-Coolidge & Co.; Mellon Securities
Corp.;
Merrill, Turben & Co.; Maynard H. Murch & Co.; G. M.-P.
Murphy & Co.; E. H. Rollins & Sons, Inc.; Smith, Barney
& Co.; Stone & Webster and Blodget, Inc.; Lowry
Sweney,
Inc.; Union Securities Corp.; G. H. Walker & Co.; White,
Weld & Co. and The Wisconsin Co.
3,400.000 Indiana
Associated Telephone Corp. 1st mtge. bonds,
334%, due Feb. 1, 1970.
Purpose, refunding ($3,150,000), additions, &c. ($250,000).
Price
105 and int.
Offered by Bonbright & Co., Inc., Paine, Webber & Co.
and Mitchum, Tully & Co.
series A,
*2.000,000 Interstate Telephone Co. 1st mtge. series A 3M% bonds,
due Jan.
1, 1970.
Purpose, refunding.
Price, 10234 and
int. (from Jan. 1, 1940).
Placedprivately with two insur¬
ance companies through
Paine, Webber & Co., Mitchum,
Tully & Co. and Bonbright & Co., Inc.
„
$105,555,000
OTHER
6,000,000 Kentucky Utilities Co. 434% sinking fund mtge. bonds,
due Feb. 1, 1955.
Purpose, refunding.
Price, 10134 and
int.
Offered by: First Boston Corp.; A. G. Becker & Co.,
Inc.; Halsey, Stuart & Co., Inc.; Harris, Hall & Co. (Inc.);
Glore, Forgan & Co.; Bonbright & Co., Inc.; Harriman Rip¬
Freres <fc Co.; Lee Higginson Corp.; F. S. Moseley & Co.;
H. Rollins & Sons, Inc.; Stone & Webster and Blodget,
Inc., and Dillon, Read & Co.
E.
Bonbright & Co., Inc.; Harriman Ripley & Co., Inc.; Blyth
Co., Inc.; Central Republic Co.; Kidder, Peabody & Co.;
C. Langley & Co.; Lazard Freres & Co.; Lee Higginson
Corp.; F. S. Moseley & Co.; E. H. Rollins & Sons, Inc.;
Stone & Webster and Blodget, Inc.; Dillon, Read & Co.;
A. C. Allyn & Co., Inc.; H.ML Byllesby & Co., Inc.; Coffin
& Burr,
Inc.; Estabrook & Co.; Hemphill, Noyes & Co.;
Paine, Webber & Co.; Arthur Perry & Co., Inc.; Riter & Co.;
Stern, Wampler & Co., Inc.; Tucker, Anthony & Co.; The
Wisconsin Co.; Newton, Abbe & Co.; Whiting, Weeks &
Stubbs, Inc.; Bacon, Whipple & Co.; Blair, Bonner & Co.;
Illinois Co. of Chicago; The Milwaukee Co.; G. H. Walker
& Co.; Almstedt Brothers; Bartlett, Knight & Co.; J. J. B.
Hilliard & Son; Stein Bros. & Boyce; Bankers Bond Co., Inc.;
Granberry & Co.; Dunlap Wakefield & Co.; W. L. Lyons &
Co.; O'Neal, Alden & Co., Inc.; James C. Wilson & Co.;
Courts & Co.; Smart & Wagner, Inc., and Wakefield & Co.
&
W.
Reserve Power Co. 1st mtge. 334% bonds, due
Feb.
1,
1960.
Purpose, refunding.
Price,
103 and int.
Offered by: White, Weld & Co.; A. C. Allyn & Co., Inc.;
Kidder, Peabody & Co.; Coffin & Burr, Inc.; Halsey, Stuart
& Co., Inc.; W. E. Hutton & Co.; Shields & Co.; BancOhio
Securities Co.; Bodell & Co.; Bos worth, Chanute, Loughridge & Co.; Whiting, Weeks & Stubbs, Inc.; The Wisconsin
Co.; Yarnall & Co.; Blair, Bonner & Co.; Fuller, Cruttenden
& Co.; Washburn & Co., Inc.; Granbery, Marache & Lord;
Minsch, Monell & Co., Inc.; Reinholdt & Gardner; William
R. Staats Co.; Van Alstyne, Noel & Co., and Victor, Common
OIL
LAND, BUILDING, &c.
$575,000 John Carroll University 1st & ref. mtge. 3%, 3)4% and
4%
coupon
bonds, due 1941-1955.
Purpose, refunding.
Prifee on application.
Offered by Dempsey-Tegeler & Co.
*450,000 Massachusetts State College Building Association serial
2)4%-294% bonds.
Purpose, erecting dormitories.
Placed
privately with Worcester County Trust Co. and State Mutual
Life Assurance Co., through w. F. Rutter, Inc.
,
$1,025,000
INVESTMENT TRUSTS, TRADING AND
for
additions,
&c.).
MISCELLANEOUS
ance
surance
privately with
Northwestern Mutual
Ripley & Co., Inc.; Halsey, Stuart & Co., Inc.; Harris, Hall
& Co. (Inc.); Blyth & Co., Inc.; The First Boston Corp.;
G. Becker & Co., Inc.; Glore, Forgan & Co.; Central
Republic Co.; W. C. Langley & Co.; Lee Higginson Corp.;
Stone & Webster and Blodget, Incj Tucker, Anthony & Co.;
E. H. Rollins & Sons, Inc.; The Wisconsin Co.; H. M. Byl¬
lesby & Co., Inc.; A. C. Allyn & Co., Inc.; Stern, Wampler
& Co., Inc.; Bacon, Whipple & Co.; Blair, Bonner & Co.;
Granbery, Marache & Lord; The Illinois Co. of Chicago, and
Bartlett, Knight & Co.
BONDS
ance
Price,
100
and
int.
Co.
(Preferred stocks of
stocks of
at
AND
NOTES
(ISSUES MATURING UP TO
INCLUDING FIVE YEARS;
and Prudential Life
Insurance
Co.
no
par
par value are taken at par, while preferred
value and all classes of common stock are computed
a stated
their offering prices.)
PUBLIC
UTILITY
$6,750,000 General Telephone Corp., 135,000 shares of $2.50 preferred
stock (par $50).
Purpose, refunding ($6,237,081), working
capital ($512,919).
Price, $53.50 per share.
Offered by
Bonbright & Co., Inc., Paine, Webber & Co. and Mitchum,
COAL, COPPER, &c.
Tully & Co.
*276,640 Indiana Associated Telephone Corp., 2,660 shares of $5
cum. preferred stock (no par).
Purpose, additions to prop¬
erty, plant, &c.
Price, $104 per share.
Placed privately
through company's bankers (see bond issue above), with
Phoenix Insurance Co.,
Connecticut Fire Insurance Co.,
Fire Association of Philadelphia and Investors'
Syndicate.
.
735,000 Marion
stock
Reserve
(no par).
Power Co., 7,500 shares of $5 preferred
Purpose, refunding.
Price, $98 per share.
Offered by White, Weld & Co. and A. C.
Allyn & Co., Inc.
7,500,000 Southwestern Gas & Electric Co., 75,000 shares of
5%
cumulative preferred stock (par $100).
Price, $103
Purpose, refunding.
per
share plus dividend.
Offered first to holders
of
#
375,000 Brainard Steel Corp. 1st mtge. convertible 534s, series A,
due serially, Jan. 1,
1941-1955.
Purpose, pay bank loan
($175,000), balance for plant improvements and working
capital.
Price,
99)4
to
102)4. according to maturity.
7% preferred stock in exchange for their holdings.
Underwritten by: Bonbright & Co., Inc.; Harriman Ripley & Co
Inc.; Harris, Hall & Co. (Inc.); Blyth & Co., Inc.; The First
Boston Corp.; A. G. Becker & Co., Inc.;
Glore, Forgan &
Co.; Central Republic Co.: W. C. Langley & Co.; Lee Higgin¬
son
Corp.; Stone & Webster and Blodget, Inc • Tucker
Anthony & Co.; E. H. Rollins & Sons. Inc.; The Wisconsin
Co.; H! M. Byllesby & Co., Inc.; A. C. Allyn &
•
CoTlnc
W. Brooks & Co., Inc.
180,000 McLouth Steel Corp. 1st mtge. sinking fund 5)4% bonds,
series B, due Jan. 1, 1947 (with stock purchase warrants).
Purpose, pay RFC loan.
Price, 102 and int., to yield 5.15%.
Offered by Campbell, McCarty & Co., Inc.
Of¬
STOCKS
.
Corp. 10-year 434% convertible
Purpose, refunding ($370,000),
MISCELLANEOUS
35,000,000 Bethlehem Steel Corp. 10-year (34%-2.60%) serial deben¬
tures, due March 1, 1941-1950.
Purpose, refunding.
Price,
100 and int. for all maturities.
Offered by: Kuhn, Loeb
& Co., Smith, Barney & Co.; Mellon Securities Corp.; Harri¬
man Ripley & Co., Inc.; First Boston Corp.; Union Securities
Corp.; Blyth & Co., Inc.; Bonbright & Co., Inc.; Goldman,
Sachs & Co.; Hemphill, Noyes & Co.; Lazard Freres & Co.,
Lehman Brothers; Kidder, Peabody & Co.; Lee Higginson
Offered by P.
Acceptance
*$10,000,000 Commercial Investment Trust Corp. 3-year 1% notes, due
May 1, 1943.
Purpose, finance expansion of company's
operations.
Placed privately with Metropolitan Life Insur¬
$40,000,000 Bethlehem Steel Corp. consol. mtge. 25-year sinking fund
3)4 % bonds, series H, due Feb. 1, 1965.
Purpose, refunding.
Price, 100 and int.
Offered by same bankers as offered
series G bonds (see foregoing list)
Corp.; Glore, Forgan & Co.; Hallgarten & Co.; G. M -P.
Murphy & Co.; Dean Witter & Co.; Clark, Dodge & Co.
Hayden, Stone & Co.; W. E. Hutton & Co.; White, Weld &
Co.; Dillon, Read & Co., and Morgan Stanley & Co., Inc.
Co.
AND
.
IRON, STEEL,
Co.
$25,700,000
SHORT-tERM
A.
$81,650,000
Insurance
balance general working capital.
fered by Barney Johnson & Co.
Life Insurance Co. through Blyth & Co.
16,000,000 Southwestern Gas & Electric Co. 1st mtge. bonds, series A,
3)4%. due Feb. 1, 1970.
Purpose, refunding.
Price, 103
and int.
Offered
by: Bonbright & Co., Inc.; Harriman
Life
debentures due Jan, 1, 1950.
nsurance
Placed
and Prudential
700,000 Securities
far and int. through First Boston Corp.
Co. Sold privately to New England Mutual Life
construction.
Co.
*5,000,000 R. H. Macy & Co., Inc., and L. Bamberger & Co., 234%
joint and several promissory notes due serially, 1943-1950.
Purpose, refunding.
Placed privately with Prudential In¬
Price,
*1,^00,000 San Diego County Water Co. 1st mtge. 354% bonds, due
March
1,
1960.
Purpose, refunding ($804,500); balance,
COMPANIES
*$20,000,000 Commercial Investment Trust Corp. seven-year 2% notes
due May 1, 1947.
Purpose, finance expansion of company's
operations.
Placed privately with Metropolitan Life Insur¬
Bedford Gas & Edison Light Co. unsecured notes'
series, 3%, due 1955.
Purpose, discharge floating
used
HOLDING
$1,000,000 Affiliated Fund, Inc., 4% 10-year secured convertible de¬
bentures due Jan. 1, 1950.
Purpose, investment purposes.
Price, par and int.
Offered by Lord, Abbett & Co.
& Co.
(originally
MANUFACTURING
$3,225,000
second
indebtedness
AND
$10,000,000 Skelly Oil Co. 3% debentures, due Feb. 1, 1950.
Purpose,
refunding.
Offered by: Eastman, Dillon
Price, 100 and int.
& Co.; The First Boston Corp.; Halsey, Stuart &
Co.,
Inc.;
Kidder, Peabody & Co.; Union Securities Corp.; Hemphill,
Noyes & Co.; Riter & Co.; E. H. Rollins & Sons, Inc.; Mer¬
rill, Lynch & Co., Inc.; Dean Witter & Co.; Laurence M.
Marks & Co.; Alex. Brown & Sons; Merrill, Turben &
Co.;
Stern, Wampler & Co., Inc.; Piper, Jaffray & Hopwood,
and Kuhn, Loeb & Co.
7,750,000 Marion
*500,000 New
INDUSTRIAL
$3,000,000 Blaw-Knox Co. 1st mtge. 334% bonds, due Feb. 1, 1950.
Purpose, pay bank loans
($2,500,000), balance working
capital, &c.
Price, 100 and int.
Offered by Mellon Securi¬
ties Corp., Moore, Leonard & Lynch and Dillon, Read & Co.
225,000 Plomb Tool Co. 1st mtge. 6% bonds, due Dec. 1, 1949.
Purpose, pay notes payable, &c., working capital.
Price,
100 and int.
Offered by White, Wyeth & Co.
ley & Co., Inc.; Blyth & Co., Inc.; Central Republic Co.;
Kidder, Peabody & Co.; W. C. Langley & Co.; Lazard
20,000,000 Kentucky Utilities Co. 1st mtge. bonds, 4% series of 1970.
Purpose, refunding.
Price, 102 and int.
Offered by: First
Boston Corp * A. G.
Becker & Co., Inc.; Halsey, Stuart
& Co., Inc.; Harris, Hall & Co. (Inc.); Glore, Forgan &
Co.;
1501
$30,000,000 Bethlehem Steel Corp. consol. mtge. 20-year sinking fund
3% bonds, series G, due Feb. 1, 1960.
Purpose, refunding.
Price, 98 and int.
Offered by: Kuhn, Loeb & Co.; Smith,
Barney & Co.; Mellon Securities Corp.; Dillon, Read & Co.;
Morgan Stanley & Co., Inc.; Harriman Ripley & Co., Inc.;
First Boston Corp.; Union Securities Corp.; Blyth & Co., Inc.;
Bonbright & Co., Inc.; Goldman, Sachs & Co.; Hemphill,
Noyes & Co.: Lazard Freres & Co.; Lehman Brothers; Kidder,
Peabody & Co.; Lee Higginson Corp.; Glore, Forgan & Co.;
Hallgarten & Co.; G. M.-P. Murphy & Co.; Dean Witter
& Co.; Clark, Dodge & Co.; Hayden, Stone & Co.; W. E.
Hutton & Co.; White, Weld & Co.; Courts & Co.; Robinson
Humphrey & Co.; Baker, Watts & Co.; Alex. Brown & Sons;
W. W. Lanahan & Co.; Mackubin. Legg & Co.* Stein Bros.
& Boyce; Coffin & Burr; R. L. Day & Co.; Arthur
Perry &
Co.; Whiting, Weeks & Stubbs. Schoellkopf, Hutton & Pomeroy; Field, Richards & Shepard Inc.; Curtiss, House & Co.;
Fahey, Clark & Co.; First Cleveland Corp.: Hawley, Huller
& Co.; Hayden, Miller & Co.; McDonald-Coolidge & Co.;
Merrill, Turben & Co.; Maynard H. Murch & Co.; A. C.
Allyn & Co.; Bacon, Whipple & Co.; A. G. Becker & Co.;
Blair, Bonner & Co.; Central Republic Co.; Farwell, Chapman
& Co.; Harris, Hall & Co.; Illinois Co. of Chicago; Stern,
Wampler & Co.; First of Michigan Corp.; Putnam & Co.;
Stern Bros. & Co.; Wm. R.
Staats Co.;
J. J. B. Hilliard
& Son; The Milwaukee Co.; The Wisconsin Co.; J.M.Dain&
Co.; Wells-Dickey Co.; H. M. Byllesby & Co.; Blair & Co.,
Inc.; Dick & Merle-Smith; Dominick & Dominick; Eastman,
Dillon & Co.; Emanuel & Co.; Estabrook & Co.; Graham,
Parsons & Co.; Hornblower & Weeks; Jackson & Curtiss;
Ladenburg, Thalmann & Co.; W. C. Langley & Co.: Laurence
M. Marks & Co.; F. S. Moseley & Co.; Paine, Webber & Co.;
Parrish & Co.; R. W. Pressprich & Co.; Riter & Co.; E. H.
Rollins & Sons; L. F. Rothschild & Co.; Schroeder, Rocke¬
feller & Co.; Shields & Co.; Starkweather & Co.; Stone &
Webster and Blodget, Inc.; Swiss American Corp.; Spencer
Trask & Co.; Tucker, Anthony & Co.; Weeden & Co.; Cassatt
& Co.; E. W. Clark & Co.; Elkins, Morris & Co.;
Janney &
Co.; W. H. Newbold's Son & Co.; Stroud & Co.; Yarnall &
Co.; Moore, Leonard & Lynch; Singer, Deane & Scribner;
Bodell & Co.; Newhard, Cook & Co.; Reinholdt & Gardner;
I. M. Simon & Co.; Smith, Moore & Co.; Stix & Co.: Stifel,
Nicolaus & Co.; G. H. Walker & Co.; Kalman & Co.; Mitchum
Tully & Co.; Schwabacher & Co., and Equitable Securities
Corp.
Mahan Dittmar & Co.;, and Rauscher Pierce
&
$15,261,640
Co., Inc.
The
1502
STEEL,
IRON,
COAL,
Commercial & Financial
I
debentures dated
by
MANUFACTURING
Beech Aircraft Corp., 10,000 shares of common stock
(par $1).
Purpose, payment of note.
Price at the market
(net to the company $6 per share).
Offered by Neelands &
$60,000
New
50,000 shares preferred
to reduce
$884,000
REPRESENTING NEW
ISSUES NOT
16,000 shares of common
plant expan¬
stock, series A
3,162,500
&c.
and
Marshall Field & Co., 31.625 shares of 6% cum. preferred
(par $100).
Price, $104 per share and div.
Offered
by Lee Higginson Corp., Glore, Forgan & Co., Shields &
&
Co. and associates.
stock.
195,875 National Fuel Gas Co., 15,670 shares of common
Price, $12.50 per share.
Offered by Smith, Barney &
190,000 Sport Products, Inc., 20,COO shares
$7).
Price, $9.50 per share.
Offered
preferred
$400,000 (J.) Weingarten, Inc., 80,000 shares of 5%% cum.
stock
(par
$50).
Purpose, expansion, working capital.
Price, $50 per share and div.
Offered by Moroney & Co.,
Milton R. Underwood & Co., Nehause & Co., Chas. B. White
& Co. and A. W. Snyder & Co,
Co.
of common stock (par
by Fuller, Cruttenden
& Co.
98.000
(Wright) Titus Inc., 7,000 shares
Price, $14 per share.
Offered
$10).
GOVERNMENT AGENCY ISSUES
Atlanta Joint Stock Land Bank, 1%% bonds dated
March 1. 1940; due March 1, 1942, optional March 1, 1941.
Purpose, refunding. Price, ICC.
Offered by Kidder, Peabody
LOAN AND
of common stock (pa
by Callihan & Jackson,
Gilbert & Co., Inc.
Inc., and Beckett,
$200,000
FINANCING
class A common
by Wertheim
stock
MISCELLANEOUS
FARM
April 1, 1941.
R. K. Webster
$156,750 Hat Corp. of America, 19,000 shares of
stock (par $1).
Price, $8% per share.
Offered
& Co. and G. M.-P. Murphy & Co.
trade accounts payable, pay
payable, additional equipment, working capital,
Price, $8 per share.
Offered by Eldred, Potter & Co.
Heinzelmann, Ripley & Co., Inc.
bonds, dated
Stock Land Bank, 1% %
April 1, 1945; optional
Price, 100.
Offered by
$22,495,000
"'424,000 Dewey & Almy Chemical Co.,
stock (no par).
Purpose, working capital and
sion.
Price, $26.50 per share.
Sold privately.
notes
Banks %% consolidated
(9 months) Dec. 2, 1940.
$800,000 new capital.
by Charles R. Dunn,
York, fiscal agent.
Tifft Brothers.
400.000 Solar Aircraft Co.,
(no par).
Purpose,
1940
March 1, 1940. due
900,000 San Antonio Joint
April 1, 1940, due
Purpose, refunding.
& Co., Inc.
INDUSTRIAL AND
Platte and
9,
Purpose:
$20,200,000 refunding,
Price, slightly above par.
Offered
shares of
$585,000 Rustless Iron & St#el Corp., 40,000
common
stock (par $1),
Purpose, construction of additions to plant.
Price, market (approximately $14% per share).
Offered
W. E. Mutton & Co.
OTHER
Intermediate Credit
$21,000,000 Federal
COPPER, &c.
March
Chronicle
.
& Lake Erie Ry. 21,500shares of 5% % cum. conv.
preferred stock (par $100).
Price, $99 per share. Offered
Dy Smith, Barney & Co.; Blyth & Co., Inc.; Hay den, Miller
& Co.; Merrill, Turben & Co. and McDonald-Coolidge & Co.
2,150,000 Wheeling
& Co.
395,000 First
Joint Stock Land
*
ing.
Bank (New Orleans), 2% bonds,
1940, due March 1, 1945.
Purpose, refundPrice, 100%.
Offered by R. K. Webster & Co., Inc.
dated March 1,
Annual Report
of Comptroller of Currency
$5,953,125
*
Indicates
privately placed issues.
Made in Existing
Conditions—Would, However,
Delano—Asserts Adjustments Must Be
Systems of Banking and Federal Supervision to Meet Changing
Preserve Their Good Features—Gross Earnings in Year Ended
$2,653,000,000
annual report made public March 5, Comptroller of
the Curreny Preston Delano, in stating that "the existing
of banking and
Federal bank supervision are not
perfect," add3 that:
made to meet changing con¬
adjustments, great care and
wisdom must be exercised.
Every available resource must be thoroughly
explored and to that end it is essential that there be very close cooperation
between bankers and the Government and between the several agencies of
the Government which are interested in the subject.
It is manifest that
every effort should be made to preserve the good features of the existing
systems, recognize and correct their shortcomings, and formulate methods
whereby banking may be made to conform to the needs and demands of
our
rapidly changing economy.
This requires vision and imagination,
wisdom and statesmanship.
Because of the intricacies of our present-day
economic structure, the task is difficult.
However, it is essential that the
future development of our banking system should be carefully planned,
rather than permitted to evolve haphazardly, in order that adequate credit
faqilities, so essential to our continued economic and social progress, shall
adjustments which must be
There are many
In determining
ditions.
the character of these
in times of stress
be available even
and great emergency.
thorough investigation of our banking laws
and the need for changes in them is now under way by a
Senate committee," says Comptoller Delano, "no recommendatioift for legislation are included in this report."
The report, which covers the year ending Oct. 31, 1939,
under the head "structural changes in the National Banking
"Because
a
System, says in part:
the year of
capital stock of the 5,205
$20,428,600.
•
period since the inception of the
Covering the entire
National Banking
1863, to and including Oct. 31, 1939, 14,421 National
banking associations have been authorized to begin business.
Of these
banks, 6,007 have gone into voluntary liquidation in the manner provided
by sections 5220 and 5221, U. S. R. S., paid their depositors", and quit
business or merged with other National and State banks; and 408 have
consolidated with other National banking associations under authority of
the Act of Nov. 7, 1918.
Exclusive of banks which failed but subsequently
were restored to solvency, loss to the National Banking System since its
inception through receiverships has been 2,801 banks.
At the date of the beginning of operation of the Federal Reserve System,
System, Feb. 25,
7,578 National banks in existence with aggregate
$1,072,492,175, as compared with the total com¬
capital stock of $1,323,295,420 for the 5,205 National banks in exist¬
Oct. 31, 1939.
In addition, 1,618 of the National banks in existence
31, 1939, had an aggregate of $239,292,352 of preferred capital stock
Nov. 2,
1914, there were
common
mon
ence
Oct.
capital stock of
outstanding.
From the report we
also take the following:
Branches
of the parent institution and 4
board of directors of the parent
were
relinquished through the liquidation
were
discontinued through action of the
bank-
The net result of these
branches during the year
operations was a gain for the
system of 24
ended Oct. 31, 1939.
Accordiiigto the report "gross earnings of National banks
the year ended June 30, 1939, were $839,000,000, or
$11,000,000 less than those of the preceding year. Interest
and discount on loans equaled $377,000,000," says the re¬
in
port, "and interest
and dividends on bonds, stocks
and other
$304,000,000. Expenses were $9,000,000 less
in the preceding year, amounting to $577,000,000."
securities
than
The
report goes on to say:
Of this, salaries, wages,
and fees accounted for
$250,000,000 and interest
$118,000,000. Net operating earnings
were
$262,000,000, which were increased by $212,000,000 of recoveries.
Recoveries on loans were $33,000,000; recoveries on bonds, stocks and other
securiteis, $35,000,000; and profits on securities sold, $130,000,000.
Losses
and depreciation of $249,000,000 were $31,000,000 more than in the pre¬
ceding year.
Losses on loans were $85,000,000 and losses on bonds, stocks,
and other securities, $116,000,000.
Net additions to profits were thus
$225,000,000 and were $17,000,000 more than thofce in the previous year
deposits and borrowed money, for
on
and
were
6.75% of capital funds.
Interest and discount
earnings in the year
on
loans
accounted for nearly 45% of the gross
ended June 30, 1939, varying in ratios
from less than
No. 7 (Chicago) to approximately 57%
Francisco). Interest and dividends on investments
33% in Federal Reserve district
in district No.
were
12 (San
with the banks in district No. 11 (Dallas)
25% and those in district No. 3 (Philadelphia)
36% of total earnings,
showing the smallest ratio of
National banks in existence
at the close of business Oct. 31, 1939, consisted of common capital stock
aggregating $1,323,295,420, a net increase during the year of $9,446,337,
and preferred capital stock aggregating $239,292,352, a net decrease during
The authorized
$29,469,000,000—Increase of
Below Previous
In his
systems
June 30, 1939 $839,000,000—
Year—Deposits June 30, 1939
in Year—Assets of Export-Import Bank
Total $11,000,000
30% of total earn¬
(Philadelphia) to slightly
more than 33% in district No. 9 (Minneapolis).
The net operating earnings
to gross
earnings showed averages of from 25%% in distric
No. 9
(Minneapolis) to 35% in district No. 3 (Philadelphia).
Interest and discount on loans to total loans were 4% % and varied from
less than 3%% in district No. 2 (New York) to 5 2-3% in district No. 11
(Dallas).
Interest and dividends on bonds, stocks, and other securities
averaged 2% % of total investments, the banks in district No. 2 (New York)
showing the lowest ratio of 2% while the banks in district No. 3 (Phila¬
delphia) showed the highest ratio of nearly 3%%.
Profits on securities
sold during the period were 1% of total investments, varying from %%
in district No. 9 (Minneapolis) to 1 1-3% in district No. 12 (San Francisco).
Net operating earnings were 8% of total capital funds, the lowest ratio
being 6% in district No. 1 (Boston), and the highest ratio 11% in district
No. 12 (San Francisco).
The net additions to profits for the period were
6%% of capital funds, the average ranging from 4%% in district No. 2
(New York) to 10%% in district No. 10 (Kanas City).
The proportion of gross earnings which were preserved as net additions
to profits before dividends were better among the larger banks than among
the smaller for the calendar year 1938.
For banks with deposits of more
than $100,000,000 the ratio of net additions to profits to gross earnings
was 26.8% while for banks of $500,000 deposits or less it was 18.8%.
the largest ratio of
Salaries, wages and fees were
46%.
24% in district No. 3
ings, ranging from nearly
Changes in Principal Items
of Assets and Liabilities
of National Banks in the
Year 1939
On
the McFadden Act, 118
banking associations had in operation 372 branches, as compared
National banking associations with 1,594 branches as of the close
Feb.
National
with 192
of business
25,
1927, the date of the passage of
Oct. 31,
In the entire
1939.
period from Feb. 25,
1927, to the close of business Oct. 31.
branches have been added to the National System.
Of these
branches, 1,240 were de novo branches, 326 were branches of State banks,
which converted into National associations, and 510 were branches brought
Loans and discounts
sessions on June 30,
in
12 months.
brokers and
of State banks with National banks.
period 854 branches have been relinquished, of which
number 569 went out of the System through liquidation of the parent in¬
stitutions, and 285 through consolidation or for other reasons.
The net
result of these operations was a gain of 1,222 branches since Feb. 25, 1927.
During the year ended Oct. 31, 1939, 33 branches were brought into the
National System.
Of these branches, 20 were de novo branches and 13
were branches of a State bank which was converted into a National banking
association.
Of the 20 de novo branhes authorized, 16 were authorized
under the Banking Act of 1933 to operate in places other than the city in
which the parent bank is located.
During this same period, 5 branches
by the consolidation
not
increase of $239,000,000
increased $202,000,000, and loans to
in securities increased $19,000,000.
The change in
1939, were $8,574,000,000, an
dealers
United States Government
available since prior to
dealers in securities
Investments
at
Dec. 31, 1938, loans to
and other securities is
other than brokers and
banks, secured by
included all loans, except loans to
bonds, stocks, and other
During this same
the United States and pos¬
Loans on real estate
other loans secured by
1939, 2,076
into the System
of all National banks in
securities.
increased $909,000,000
the end of the year.
and amounted to $12,553,000,000
United States Government direct
obligations of
$6,900,000,000, and obligations guaranteed by the United States
ment as to interest and principal of $1,870,000,000, increased in
Govern¬
the year
respectively. Obligations of States and
$267,000,000 and amounted to $1,694,000,000, while other bonds, notes and debentures decreased $90,000,000 to
$1,864,000,000.
Corporate stocks, including stock of Federal Reserve
banks, totaling $225,000,000, decreased $50,000,000 during the 12 months
$390,000,000 and $392,000,000,
political subdivisions increased
ended June 30, 1939.
Volume
The Commercial & Financial Chronicle
150
Cash, balances with other banks, including reserve balances and cash
items in process of collection, increased
$1,625,000,000 and amounted to
$11,075,000,000
the end of the
at
The total deposits
June 30,
on
deposits
of
which
to
$29,469,000,000, ai/
These deposits comprise deV
increased
deposits of $8,182,000,000, which showed an increase of
$98,000,000.
Total capital funds of
$3,390,000,000 represented an increase of $116,000,000.
Common stock increased
$9,000,000 while preferred stock de¬
creased $19,000,000.
Surplus profits, and reserves increased $126,000,000.
t
National
substantial
30,
1939,
in
the
Trust
that
banks is
reflected
in
a
held
June
fiduciary
permits, with
a combined capital of
$1,283,456,939, and banking assets of
$28,828,243,612, representing 36.17% of the number,
81.95% of the capita],
86.88% of the assets of all banks in the National Banking
System.
Trust departments had been established
by 1,534 of these banks and 136,451 individual trusts were being administered
with assets aggregating
$9,283,907,276.
Seven hundred and ninety of these banks
16,750 corporate trusts and
and bond issues amounting to
trusts
being administered,
or
volume of individual trust assets
of
under
for
trustees
as
note
Compared with 1938 these
0.59% in the
reduction
a
acting
$9,768,726,724.
increase of 796
an
were
ad¬
also
were
figures represent
number of individual
$135,109,766
1.43%
or
administration;
in
the
or
Dec.
Treasurer
Segregation
reveal
that
of
the
70,839
trust agreements;
the
jurisdiction
trusteeships
trust
or
of
46.24%
65,612
of
the
under
assets
number
or
and
bonds
corporate
comprised $7,380,865,555
administration while the remaining
court
or
private
16,750
27,084
30,463
34,307
20,956
17,076
13,380
1
1
1
3
1,760
23.090
23,645
213
548
383
823
48,910
50,349
71,013
72,158
713
1,760
23,090
23,645
727
707
389
376
45,000
45,000
45,000
45,COO
Common
1,000
1,090
1,691
1,000
1,000
1,291
1,280
1,883
179
191
254
48,910
50,349
71,013
accept, outstanding..
on
Other assets
Total
Liabilities and Capitol Accounts—
Acceptances
executed and outstanding
Other liabilities
Capital stock:
Undivided profits
Reserves
Total
a
Distribution
or
June
its
13,618,
10-93%
or
were
Private
30,
1939, there
or
90%,
banks.
There
All
72,158
552
the
United
States
National banks.
were
and
Of these,
All banks had deposits of $64,600,-
in National
was
were
Banks
banks in
34%,
or
were insured banks.
000.000, 46% of which
insured
of
15,146
were
possessions, of which 5,209,
banks and
mutual
83% of which
savings banks which
was
had
in
$10,-
433,000,000 of deposits.
total assets under
20.50% belonged
254
•
Includes cash Items in process of collection.
living
or
indentures.
79,50% of the
$1,903,041,721
2,
1939
713
banks
being administered under
note-issue
or
National
under
remaining
Oct.
1939
22,496
_
Customers' liability
On
in
accounts
trusts
were
the
29, Dine 30,
1939
Furniture and fixtures
trustee.
those created
42.83%
court
as
fiduciary
were
Mar.
25,487
a
outstanding under which
National banks had been named to act
31,
1938
Assets—
decrease of 359
a
2.10% in the number of corporate trusts with a reduction of
$449,679,948
4.40% in the volume of note and bond-issues
or
31, 1939
(In thousands of dollars)
Preferred
ended
year
1,884 of these institutions
and
ministering
of the date
\
Loans and discounts
Field
National
by statistics compiled for the fiscal
revealed
as
ASSETS AND LIABILITIES OF THE EXPORT-IMPORT BANK
OF WASH¬
INGTON AT DATE OF EACH CALL IN YEAR ENDING OCT.
Balances with other banks and United States
of trust activities in
manner
which
Banks
required of other
A statement of its assets and liabilities
and\
$2,555,000,000,
time
The devlopment
same as
of each call in the year follows:
1939, amounted
$21,287,000,000,
1503
ending Oct. 31, 1939, the
year
banks in the District.
year.
increase of $2,653,000,000 during the
year.
mand
Comptroller in the
CLASSIFICATION OF ALL BANKS, JUNE 30, 1939
to
trusts.
An
analysis
of
the
$7,817,871,227
Banks
of
invested trust funds belonging
private and court trusts under administration reveal
that 48-44% were
bonds, 32.16% in stocks, 7.04% in real estate
mortgages, 7.33% in real
estate, and 5.03% consisting of miscellaneous assets.
Deposits
to
in
The
development
of these
activities
in
national
banks
is
Change
Percent
Months
Total
(Percent
emphasized
by comparing the record in 1939 with that of 6
years earlier, 1933, which
an increase of 36,095 or
35.97% in the number of
reflects
increase of
an
of individual trust assets
under
55.32% in the number of
or
$2,972,249,523
or
47.09% in the volume
administration; and
an
increase of 5,966
corporate trusts.
$31,685,000 for the
$33,447,*000 in 1938. a reduction
against
$1,762,000
under
and
forty-three
1,493 insurance
trust
national banks
agreements
under
15,533 insurance trust
operative supported
were
Two
banks
had
agreements
by insurance policies with
as
trustees
been named
not
yet
to
act
matured
face
value
as
a
transfer
and
fifty-nine banks were acting
involving $3,386,784,612, and 365
An analysis of the new trust accounts
named
1,127
as
7.44
7,239
47.80
49
.32
13,618
89.91
State commercial.a
Mutual savings
or
accounts
placed
banks
agents for
were
acting
as
involving $4,591,425,805.
on
the books of the National
1938, and June 30, 1939, reveal that 237 banks
trustees for 797 bond and note
issues aggregating $651,987,-
1,335 appointments involving $29,390,538; 501 banks
were
named
unde* 2,036 guardianships
involving
assignees in 9 instances
to act in
389
$9,693,975; 8 banks were named to
involving $1,144,878; 21 banks were named
35 receiverships involving
$309,160; 122 banks
committee
and
of
banks
capacities
63 banks
of
estates
were
other
were
named
than
lunatics
to
those
act
in
5,461
enumerated
named to act
273
cases
times in
were
private, b
1,025
$3,478,356;
miscellaneous fiduciary
above involving
$1,069,381,438.
as
Liquidation
of Insolvent National Banks
During the year ended Oct. 31, 1939, there
banks, involving total deposits of $1,322,500.
four
banks
appointed
insured
were
up
In addition
in two
a
were
four failures of national
All deposit accounts of these
$5,000 by the Federal
to
to
such
other instances
four
to
Deposit Insurance
failures receivers
levy and
collect
were,
stock
however,
National-bank failures since the
banking holiday of 1933, with total deposits
All deposit accounts of 14 of these
banks, which
1939, inclusive, after the insurance of bank
1934 to
became effective,
deposits
insured
were
up
to
$5,000 by the Federal
Deposit In¬
substantial progress has been made in
completing
the liquidation of failed National banks.
Receiverships in process of liqui¬
year
dation have been reduced from
a
total of 520 banks in
367 banks in charge of 133 receivers, while the
liquidated
assets
of such
550 million to 450 million
banks
were
un¬
authorized,
including offsets allowed.
past
During the
year, a total of 245 dividend
making available
to
+
{Concluded from
Such
are
the last
some
This average cost
closely follows the trend for
be regarded as approximately normal in
view of the increasing average
liquidation age of remaining re¬
It may be pointei out in this connection that
average
per¬
centage costs of liquidation are comparatively low during the
early years of
receivership administration but invariably increase
progressively from date
of failure to date of final
during recent
to
the
upon loans
closing.
Furthermore, costs of liquidation have
been considerably increased by reason of interest
pay¬
Reconstruction Finance Corporation and to
lending banks
years
made to receivers for dividend payment purposes.
Export-Import Bank of Washington
The
1,817,137
9,186,794
14.23
100.00
.02
2.81
—
.12
—1.27
1497)
page
of the truths which
(lay of the "investigation."
provides any
reason
came
out
on
None of them
for altering existing conditions
radically, especially since not
single policyholder
a
appeared before the committee at any time to voice
dissatisfaction.
any
that
Hence, it
may
be said with all
despite the failure to
carry out the
enquiry scientifically, objectively, and impartially,
the
TNEC
all the
which
will
life
condition
find
it
hard
to
companies, there is
approaching
do
can
harm
a
show
any
that,
among
semblance of
a
"concentration of power"
to
policyholders,
or
to
the
country.
In
fact
a
last-minute remark
the committee
committee's
"if the
member
a
findings.
one
of
of the
Whimsically, he stated that
country's 26 largest companies with 21 bil¬
they had
have to
from
suggests that this may be
lions of assets
that
depositors and other
ceiverships.
Export-Import Bank of Washington, incorporated under the Code
of Law for the District of Columbia and established
pursuant to an Execu¬
tive
.11
.23
+ 1.39
a
.
.
.
had to
liquidate, assuming
market for reinsurance
dump their securities
would be less than
a
billion to
on
so
you
didn't
the market, there
cover
all the realized
losses."
several years and may
amount in
ments
82.96
.32
Life Insurance and the TNEC
has
creditors the aggregate stun of 29 million dollars.
Total costs of liquidation of insolvent
national banks during the year
amounted to an average of
11.28% of total collections from all sources,
the
53,572,763
+
b Includes three non-member uninsured National banks.
charge of 201 receivers
book value of the
been correspondingly reduced
from
dollars, and the estimated values thereof from
173 million to 128 million dollars.
distributions
.09
—
1.93
Note—Deposit insurance assessments paid by all insured banks to the FDIC in
the year ended June 30, 1939, amounted to
$38,997,697.04, of which $21,398,638.73,
or 54.87% was paid by National banks.
Corporation.
During the past
to
6,453,500
1,246,009
9.99
.05
.34
100.00
—
$11,848,952.
failed from
+
3.32
15,146
assessments
assets sold, or to
complete unfinished liqui¬
formerly in voluntary liquidation.
There have been 17
at failure of
surance
+ 1.00
Includes three non-member insured National banks,
assurance
covering deficiencies in value of
dation of banks
—
—
6.77
503
Mutual savings
named to act
involving
registrar of stocks and bonds in 145 cases
involving $743,012,504 while 54 banks were named to act as
transfer agents
in 146 instances involving
$48,298,287.
CorporatlDn.
25.49
.30
banks:
administra¬
as
+ 0.48
State commerical &
were named to act as
individual trustees under 5,916 agree¬
involving $210,072,438; 756 banks were named to
act under 2,705
executorships involving $169,484,603; 546 banks were named
as
act as
45.55
64,576,694
+
$29,415,683
16,457,571
Non-member uninsur.
ments
tors under
Total)
+ 0.18
aggregating
banks between June 30,
692; 837 banks
34.35
insured
Total
hundred
accounts
registrars of stocks and bonds for 4,772
were
Non-member
5,203
Tot. insured bks.
acting
$589,663,705.
3,558
of Grand
Total)
National banks
State member banks.
involving $66,789,867 in proceeds
insurance policies while 704 National
trustees
as
(Percent
5.27%.
or
Three hundred
from
in 12
Months
banks:
Gross earnings from fiduciary activities
aggregated
fiscal year ended June 30, 1939, as
of
Percent
Amount (000 of Grand
To-at
Omitted)
of Grand
individual trusts
being administered;
Change
in 12
of Grand
Number
order
dated
Feb.
2,
1934, submitted four
condition
reports
to
the
This fantastic and nebulous idea
that,
even
in the event of
some
holders could collect all but about
their claimable
probably
means
cataclysm, policy¬
one
per cent of
indemnity.
The insurance
companies can sigh with relief: the
Temporary National Economic Committee finally
bears an appropriate name.
W. C. B.
Public Debt vs. Private
In
Feb. 24/ it was erroneously
caption, in our issue of
stated that the
Itoosevelt took office in
time President
the
from
public debt (Federal, State and mu¬
Federally-guaranteed) had increased
nicipal, and
1939 by "some $30,000,$34,300,000,000, an increase of almost
700%." The facts are that the public debt actually
increased
by about $26,500,000,000 during the
period stated to approximately $67,000,000,000, or
1933
until the end of
up
000,000. to
by about 65%.
of course, the occurrence
the change in the
figures detracts very much from the argument, or
alters in any way the conclusions drawn.
regret exceedingly,
We
but do not feel that
of the error,
The Course of the
Bond Market
been somewhat firmer this week,
although changes in mpst groups have been only frac¬
tional
Foreign government issues advanced moderately.
Utility bonds of all grades worked slowly higher this
week.
Holding company debentures partially recovered
from the sinking spell of the previous week,and New York
traction issues, including Brooklyn City Railroad 5s, 1941,
have
prices
Bond
Brooklyn-Manhattan Transit 4%s, 1966, and Nassau Elec¬
tric 4s
1951. again commanded considerable attention.
In
Market Street Railway 7s,
isolated cases, namely,
certain
MOODY'S BOND
Power & Light
5%s, 1947, price advances
particularly large.
list this week has been generally
to higher, with changes largely fractional.
Included among
issues showing a point or better gain are the Studebaker
have been
which appeared under the above
article
an
1940, and Utilities
Debt
1940
March
The Commercial & Financial Chronicle
15(j4
industrial
The
1% at 110%; the Mead Corp. 6s,
the United Drug 5s, 19o3, up
at 82%.
Against the general trend were the International l aP^r
5s, 1947, which declined % to 102, and the Childs 5s, 1943,
showing a loss of 1% points at ^.
Among hi^-grade in¬
dustrials the Liggett & Myers 5s, 19ol, gained % at 129%
High-grade railroad bonds have been lower during the
week, but a finning tendency has been in evidence toward
the close.
Medium-grade and speculative rail issues disniavpfl
strength toward the close of the week, and price
Pennsylvania BB. 4%s, 1970 closed
at 88
up 1% points; New York Central 4s, 1998, at o9
gained 1% points.
Defaulted rail issues have been higher.
Wisconsin Central 4s, 1949, at 21% registered its highest
price since 1937, gaining 2% points over last week's close.
Chicago Great Western 4s, 1959, closed at 28, up 1%.
Chi¬
cago Union Station Co. applied to the Interstate Commerce
Commission for authority to issue and sell $16,000,000 first
mortgage 3y8% bonds and $600,000 2V2% guaranteed notes
to provide necessary funds to retire $16,000,000 first 4s,
1963.
About $18,000,000 Elgin Joliet & Eastern 3%s were
formally offered during the week, sale of which has not
yet received Interstate Commerce Commission approval.
Except for gains in Danish obligations, the foreign list
has been devoid of any spectacular performance.
The
tendency has been firm, however, with moderate advances
in all departments.
Canadian issues have been quiet in
contrast to the stronger tone in Commonwealth obligations.
6s, 1945, up
104%, and
at
American
South
have been
issues
in better demand, and
bonds Continued steady.
Japanese
Moody's computed bond prices and bond
given in the following tables:
yield averages
are
PRICES f
{Based on Average Yields)
All
Govt.
Domes¬
Corporate by Groups*
118.38
118.38
P.
RR.
Baa
Aa
Aaa
Corp.*
120 Domestic
by Ratings
Corporate by Groups
tic
V.
93.69
112.86
117.60
5
3.60
2.85
3.06
4.82
4.38
3.32
93.53
112.66
117.29
4.
3.61
2.86
3.06
3.67
4.84
4.39
3.33
3.11
80.78
112.86
117.07
2
3.61
2.86
3.06
3.68
4.84
4.39
3.32
3.12
112.86
117.07
1
3.61
2.87
3.06
3.68
4.82
4.39
3.32
3.12
112.66
117.07
Feb. 23
3.00
2.85
3.05
4.37
3.33
3.12
112.80
117.50
16
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3.10
9
3.00
2.86
3.04
3.67
4.83
4.36
3.33
3.11
105.79
118.38
106.98
122.86
105.98
2— 115.45
1~ 115.42
107.11
122.86
118.38
118.38
105.79
80.78
93.53
87.07
93.63
80.02
93.85
87.07
04.01
107.11
122.63
118.38
105.79
115.32
107.30
123.10
118.00
105.79
16— 115.48
115.44
9
107.49
123.33
107.30
122.86
94.01
112.66
100.92
122.63
118.60
105.41
80.78
93.69
112.45
106.92
122.63
118.38
105.41
86.64
03.69
112.25
116.86
115.54
105.41
86.21
93.21
112.25
Mar.
116.86
2„ 115.43
116.43
116.64
—.
—
•
Weekly—
105.98
105.08
80.92
117.29
3.62
2.87
3.70
4.84
4.38
3.34
3.13
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
4.39
3.35
3.14
—
106.54
122.40
13— 115.96
6— 116.03
106.73
122.40
118.16
105.60
86.50
122.86
117.72
105.00
87.07
93.53
93.85
112.25
106.92
112.45
116.64
107.49
105.98
94.01
113.07
117.72
High 1940
116.12
87.21
112.05
116.21
Low 1940
112.05
116.43
High 1939
106.54
121.94
117.72
105.22
80.07
117.72
106.92
122.40
118.60
105.22
87.78
108.77
100.00
112.46
108.27
98.28
92.90
94.33
4.83
20—
2
20— 115.65
115.25,
3.68
27
Jan.
117.94
115.67
3.10
93.09
87.07
118.38
123.10
96.44
3.07
87.07
123.10
107.11
Mar. 8'38 110.66
3.11
6
107.30
120.37
3.10
3.32
171.29
107.30
104.85
3.31
4.38
3.06
117.50
112.86
115.50
114.39
4.39
4.82
3.06
2.85
117.72
113.07
115.68
118.81
4.82
3.68
2.85
3.60
113.07
03.53
5.
123.33
3.09
3.67
3.60
93.09
4—
118.81
3.31
3.66
87.07
6— 115.96
Jan. 27-
Ind.
4.38
3.06
87.21
123.10
118.81
U.
RR.
4.81
2.85
100.17
123.10
107.30
Feb. 23
P.
Baa
A
Aa
Aaa
3.59
105.98
107.49
7— 110.04
r Weekly-
Corp
Averages
Ind.
8--—
7
8— 116.03
Mar.
120 Domestic Corporate
Domes¬
120 Domestic
*
by Ratings
tic
Bonds
Daily
Average*
All 120
1940
Daily
120 Domestic Corporate
120
U. 8.
1040
3.05
3.63
2.88
3.07
3.69
4.86
3.62
2.86
3.09
3.69
4.82
4.37
3.64
13
2.90
3.09
3.71
4.89
4.43
3.59
2.84
3.04
3.66
4.81
4.36
3.31
3.09
4.00
3.34
3.55
4.10
5.26
4.76
3.76
3.64
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
3.73
2.97
3.22
3.85
4.86
4.43
3.47
3.27
4.21
3.19
3.47
4.19
5.98
5.09
4.01
3.53
—
6
-
-
81.09
87.93
104.30
106.54
Low 1939—:—
109.84
113.89
March 8,
09.83
108.66
March 8, 1938-
3.34
•
3.14
3.36
3.16
1 Year Ago—
114.93
102.66
80.50
92.90
109.84
90.78
72.54
83.33
1939.
.
2 Years Ago—
«Tth?Pa.Periwemo™meDQt'S SSfSSSauSSZ tK? me?ely.«veto matt** In a mo comprehensive way the relative levels and the relative movement or
WS'lS-tr.&TSSi waapubUshed In the Issue of Jan. 13. ,340. paae ,79.
l.v.1
THE
STATE
OF
TRADE—COMMERCIAL EPITOME
Friday Night, March
It would seem as
been
has
activity
Trade
8, 1940.
though the downward swing in
checked,
business
at least for the time
being.
This is especially so as
industry.
The steel industry at
reports generally are good.
concerns
the
automotive
time, the current situation
unfavorable outlook. Highly
from the airplane manufacturers.
present appears to be marking
presenting anything but an
optimistic reports come
this connection announcement was
In
Allied
the
purchasing
mission
will
made yesterday that
meet
with aircraft
New York City early next
manufacturers in
week to dis¬
plans for new Allied orders for planes to a value of
$1,000,000,000.
The statement was made by Mr. Purvis,
head of "the" mission, after he and other members of the
mission had held a'conference with Henry Morgenthau Jr.,
cuss
Some observers feel that the
possibility of increased war orders in event of heavy fight¬
ing in Europe in the spring has not been given enough at¬
Secretary of the Treasury.
tention
break
rather
it
is
in
business forecasts.
of war in
than
the
contended
It is pointed out that out¬
September brought an immediate upturn
slump which had been expected.
Thus
a major offensive might result in the
Although steel production continues to decline, March
brought a few encouraging signs, but no evidence as
has
"Iron Age"
says.
In three steel districts, the survey points out, there
has been a small improvement in the operating rate this
re¬
The" national
week.
average
is
estimated
at
63.5%
of
capacity, off 1.5 points from last week.
"Some mills are
still operating at rates higher than the volume of /incom¬
ing business, the difference being accounted for by what
remains of the heavy
backlogs built up last fall," the
review continues.
"As these are rapidly disappearing, the
mills will soon be obliged to subsist on new business, which
must expand
is
considerably during this month if the industry
drop below 6%, which has been generally con¬
as
a
probable bottom for the near term."
The
to
not
sidered
magazine cites the following as the most promising indi¬
cations of improvement in the steel situation:
"Ordering
of steel by nearly all automobile makers for quick ship¬
ment, including expectation of large motor car output dur¬
ing March and April; the awarding of 3,000 tons of fabri¬
cated structural steel, the largest amount reported for any
week
since
January,
1939;
inquiries and orders from
to
export
an
a continued good volume of
foreign countries which points
trade considerably above that of the early
part of last year; the issuance of inquiries for shell steel,
one
for 16,000 tons of
been
growth of a war boom psychology in the United States.
yet of a strong up-trend in new business,
ported in its mid-week review. The moderate improvement
noted a week ago has continued this week, the magazine
on
a
sent
out
by
a
billets and 5,000 tons of bars having
Pittsburgh company which is figuring
British shell contract."
The
started
steady decline in output of electric energy which
early in January was halted in the week ended
Volume
March
2
when
increase
production totaled 2,479,036,000 kwh., an
1.0% over that of the previous week, and a
of
gain of 10.5% over the comparable week in 1939.
had consistently run ahead of a year ago,
weekly figures of the Edison Electric Institute had showed
Jan. 13.
Industrial gains were responsible
increase, according to the reporting geographic
New England's percentage increase over 1939 out¬
declines
for
since
the
regions.
put for the March 2 week
week
a
earlier.
8.4%,
was
Middle
The
as
Atlantic
compared with 7%
and
central
the
industrial
district
had
9.0%
Feb. 24,
gain of 13.9%,
region
ahead of 1939 in the current week, against
a
7.4%
was
on
compared with 12.5% the previous week.
Engineering construction awards for the week total $39,-
308,000,
the
7%
increase of
an
construction
716,000
The
to
for the
reported for
volume
reported by
as
week's
current
$502,213,000,
reported
the
over
corresponding 1939 week
News-Record."
"Engineering
volume
level 21% below the $637,10-week period last year.
a
initial
Private awards for the period,
$171,205,000, are 12% higher
than a year ago.
Private construction for the week, $14,391,000, tops the 1939 week by 62%.
Public construction,
howrever, is 11% lower than the week a year ago.
Revenue freight car
loadings during the week ended last
634,410 cars, an increase of 39,378, or
6.6% from the preceding week, and 39,378 cars, or 6.7%
Saturday
totaled
compared
with
a year ago,
the Association of American
reported.
clearings for the latest week followed the trend
Railroads
Bank
generally in evidence for
months past.
The shrinkage
in the New York total, which bulks large in the
aggregate
for the country, again pulled the turnover for all cities
March
6,
despite varying gains reported
Total clearings for 22 leading
States for the
week ended
Wednesday,
Inc., totaled
compiled by Dun & Bradstreet,
compared with $5,584,983,000 for the same
1939 week, or a decrease of 0.9%.
For this current week,
a
full six-day week, there was a rise of
$772,111,000 over
as
$5,534,498,000,
the total for the
preceding five-day week.
In a comparison
corresponding weeks last year, when both periods
represented full weeks, the gain was only $146,460,000. The
between
turnover
New York amounted
at
$3,618,572,000
last
cities
of
outside
giving
year,
New
which
was
13.3%
in
like
York
to
had
$3,306,192,000, against
drop
a
of 8.6%.
The
21
than
total of $2,228,306,000,
$1,966,414,000 recorded
a
the
Overnight at Boston it
30
F.
W.
Wool worth
gain
and
6.9%
of
over
gain of 23% over the corresponding 1939 week.
Pre¬
dicting
that
production
volume
would ' "steadily
forge
ahead," the survey added that "since late in February a
was
29 to 40 degrees; Baltimore,
48; Pittsburgh, 26 to 34; Portland, Me., 32 to 42;
Chicago, 28 to 33; Cincinnati, 29 to 45; Cleveland, 26 to 36;
Detroit, 28 to 33; Milwaukee, 20 to 30; Charleston, 52 to
57; Savannah, 51 to 65; Dallas, 36 to 62; Kansas City,
Mo., 32 to 36; Springfield, 111., 25 to 43; Oklahoma City,
30 to 55;
Salt Lake City, 40 to 57, and Seattle, 38 to 55.
Loading of Revenue Freight in Week Ended March 2,
1940 Totaled 634,410 Cars
Loading of
freight for the week ended March 2
revenue
totaled 634,410 cars, the Association
announced
March
on
This
7.
was
of Ameican Railroads
of 39,986
increase
an
6.7% above the corresponding week in 1939 and an
increase of 81,518 cars or 14.7% above the same week in
1938.
Loading of revenue freight for the week of March 2
was an increase of 39,378 cars or
6.6% above the preceding
week.
The Association further reported:
cars
or
.
Miscellaneous freight loading totaled 256,124 cars, an increase of 21,809
above the preceding week, and an increase of 22,928 cars above the
cars
corresponding week in 1939.
Loading of merchandise less than carload lot freight totaled 149,550
an
cars,
increase of 15,642 cars above the preceding week, but a decrease of 3,853
below the corresponding week in 1939.
cars
Coal loading amounted to
the
preceding week, but
an
129,904 cars, a decrease of 5,203 cars below
increase of 4,877 cars above the corresponding
week in 1939.
Grain
4,100
and
cars
grain
products loading totaled
above the preceding week, and
corresponding week in
1939-
35,323
cars
cars,
an
increase of
increase of 2,982 cars above the
an
In the Western Districts
grain products loading for the week of March 2,
increase of 2,522 cars
alone,
grain and
totaled 21,026
above the preceding week, and
cars,
an
increase of 1,647
an
above the corresponding week in 1939-
Live stock loading amounted to 11,131 cars, an increase
of 363 cars above
the preceding week, and an increase of 1,495 cars above the corresponding
week in 1939.
In the Western Districts alone, loading of live stock for the
week/
2, totaled 8,049 cars, an increase of 161 cars above the pre¬
of March
ceding week, and
an
increase of 1,021 cars above the corresponding week
in 1939.
Fcrest
products loading totaled 32,269 cars, an increase of 2,123 cars
above the preceding week, and an increase of 7,841 cars above
the correspond¬
ing week in 1939.
preceding week, and
an
10,078 cars, an Increase of 382 cars above the
increase of 1,099 cars above the corresponding
week in 1939.
Coke loading amounted to 10,031 cars, an
Co.
sales in February were
$22,116,703,
February, 1939.
Ward's Reports, Inc., in its weekly survey of the motor
car industry,
today estimated the current week's output at
103,560 cars and trucks, an increase of 2.6% over last week
a
featured
to
Ore loading amounted to
Montgomery Ward & Co. reported February sales of $30,530,347, an increase of 22.3% over sales of February, 1939.
cold the past week.
by moderate temperatures
attended
today's weather, with little if any change looked for tonight
and Saturday.
Thermometer readings varied from a mini¬
mum of 31 degrees to a maximum of 39 degrees.
1939 week.
the
larger
been generally clear and
Cloudiness
some
below the level of last year,
for all of the outside cities.
cities of the United
has
1940
brings
In the New York City area the weather
cidedly favorable.
Although
output
power
1505
The Commercial & Financial Chronicle
150
increase of 162 cars above the
preceding week, and an increase of 2,617 cars above the corresponding week
in
1939.
with the corresponding week in
All districts reported increases compared
1939 except the Centralwestern and all
districts reported increases over the
corresponding week in 1938.
a
remarkable
itself for
early
new
pointed to
/spring
at
cars
demand
retail
has
been
manifesting
points," and that indications
"satisfactory seasonal expansion in
a
new
1938
1940
Four weeks in February
Week of March 2
Total
car
1939
2,555,415
2,486,863
634,410
Four weeks in January.^-...
2,288,730
2,256,717
2,282,866
594,424
2,155,536
552,892
5,166,020
4,965,145
„
5,676,688
•
dealer business during the month."
Although
restricted
by unfavorable weather conditions,
throughout the entire country was 4% to
8%
higher than in the corresponding 1939 week,
according to
the Dun & Bradstreet, Inc.,
weekly trade review, released
today.
Wholesale business was described as narrower than
retail trade
usual for
into
period
a
according
to
sidewise
a
so
the
close to Easter.
statistical
trend.
The
evidence,
rise
in
Industry as a whole,
was
flattening out
retail
trade
than
might have been expected, according to usual
tendencies, owing to adverse climatic conditions.
and
eastern
ditions
Pacific
reduced
the
Coast cities
sales
reported that
volumes
and
outside
the
even
Some
characterized by active storm movements
the outstanding feature of
was
precipitation,
being
extremely heavy rains in Pacific Coast
sections, according to Government weather advices
On
the morning of Feb. 27,
Redding, Calif., reported a 24-hour
rainfall
of
additional
of
7.56
4.44
inches,
and on the following morning
of 3.12 inches,
making a 48-hour
amount
inches.
country there
low
in
an
the
were
central
two
and
storm
eastern
periods.
portions
Pressure
of
was
the interior
widespread
during the first "two days of the week,
precipitation occurred from the centrai
on
Own Lines
tion
of
field
work,
which
had
been
rather
resump¬
seriouslv de¬
layed,
the
wet
and promoted rapid growth of crops.
However,
low, heavier soils in the Southern States continued too
in
made
many
places.
It
was
reported
that
spring
crops-
good progress in most of the South, especiallv in the
Southeast, where the warm dry weather was de¬
extreme
Received from Connections
Weeks Ended—
Afar. 2, Feb. 24, Mar. 4, Mar. 2, Feb.
1940
1940
17,210
15,255
Baltimore & Ohio RR
29,375
27,624
Chesapeake & Ohio Ry
22,829
22,104
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac.Ry.
Chicago <fc North Western Ry
14,272
13,056
17,162
Atchison Topeka
Santa Fe Ry
Gulf Coast Lines
_
_
18,418
1940
1939
15,446
26,091
21,175
14,054
17,930
24, Mar. 4,
1940
5,076
4,240
15,698
14,948
14,645
8,653
8,003
8,702
7,560
7,495
7,212
7,249
9,482
7,288
7,273
13,427
2,913
12,779
9,844
3,228
1,663
1,397
1,612
1,342
2,134
2,560
8,667
38,924
10,124
1,353
1,976
2,578
8,145
38,928
4,263
37,519
Missouri Pacific RR
12,847
11,953
3,688
12,038
New York Central Lines
37,805
35,227
35,141
5,646
4,978
4,837
Missouri-Kansas-Texas RR
3,871
N. Y. Chicago &. St. Louis Ry
3,264
1939
5,327
3,279
14,245
—
10,257
9,903
1,297
2,120
2,383
8,420
38,225
10,350
4,135
Norfolk & Western Ry.-.
17,466
17,961
16,566
Pennsylvania RR
57,529
55,122
54,266
4,299
38,180
5,755
5,496
4,711
5,309
5,272
5,780
5,518
5,267
4,429
23,234
4,974
5,263
8,421
5,378
25,367
5,103
24,507
8,037
7,887
5,074
8,737
8,593
8,307
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
5,425
36,871
298,782 280,665 278,246 188,254 184,552 181,742
Total
TOTAL
LOADINGS
AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
and
upper Mississippi Valley eastward.
However, the ab¬
normally warm weather and generous precipitation over
large sections of the country made the week
generally favor¬
able for agriculture,
especially in the South, where higher
temperatures and much fair weather permitted a
FROM CONNECTONS
RECEIVED
Weeks Ended—
Pittsburgh & Lake Erie RR
total
For
the
when
■'
con¬
the
widespread
AND
Loaded
.v..
International Great Northern RR
The week
latter
LOADED
North¬
1939 week.
the
FREIGHT
(Number of Cars)
•
Pacific Coast and Northeastern
sections
reported gains in retail trade up to 30%.
In New England
the volume was down 3% to
6% under the corresponding
and
REVENUE
seasonal
purchasing of staple groceries and other necessities.
cities
major railroads to report for the week ended
1940 loaded a total of 298,782 cars of revenue
freight on their own lines, compared with 280,665 cars in
the preceding week and 278,246 cars in the seven days ended
March 4, 1939.
A comparative table follows:
less
was
storm
affected
The first 18
March 2,
Weeks Ended—
Mar. 2, 1940
Feb.
24, 1940
Mar. 4, 1939
Chicago Rock Island & Pacific Ry.
Illinois Central System
22,845
20,669
21,920
30,608
28,554
28,814
St. Louis-San Francisco Ry
12,251
11,454
9,859
65,704
60,677
60,593
Total
In the
following
undertake to show also the loadings
ended Feb. 24,
increases when
compared with the same week,last year.
we
for separate roads and systems for the week
1940.
During this period 76 roads showed
The Commercial & Financial Chronicle
1506
REVENUE FREIGHT LOADED
Freight Loaded
Railroads
from Connections
1939
1940
1940
1938
1938
1939
1940
1939
1939
1940
Southern District—(Concl.)
552
488
514
1,255
1,784
6,413
1,272
1,934
6,397
1,291
2.172
6,078
151
158
10,533
1,260
2,163
9,500
1,699
21
20
27
55
47
Ann Arbor
Bangor St Aroostook
Maine
—
Chicago Indianapolis St Louis v.
Central Indiana
1,040
1,166
8,461
1,086
3,873
7,941
1,954
7,479
7,549
1,515
6,802
6,027
243
265
96
125
2,105
1,361
1,804
265
261
170
10.453
9,443
4,024
3,070
Detroit & Mackinac
Detroit Toledo St Ironton
Detroit St Toledo Shore Line-
Erie
1,605
L_
2,480
1,032
884
Norfolk Southern
3,729
11,443
Total
3,012
10,648
6,776
1,771
156
166
1.173
6,539
1,024
6,019
Chicago St North Western
Chicago Great Western
Maine Central
2,639
2,682
2,739
3,001
2,689
Chicago Milw. St. P. St Pacific.
4,285
1,799
35,227
3,760
1,647
2,613
1,355
28,490
210
176
Chicago St. P. Minn. & Omaha.
17,162
3,148
32,597
25
25
34,819
19
St Western.
Pittsburgh & Lake Erie
5,839
4,539
Pere Marquette
5,496
4,407
3", 153
4,497
38,928
11,460
1,656
10,257
1,407
5,057
5,272
536
434
344
27
8,646
1,455
4,243
527
7,550
1,225
3,745
8,225
967
4,978
519
New York Ontario & Western.
N. Y. Susquehanna
Pittsburgh St Shawmut...
392
10,353
1,577
9,867
1,432
4,096
4,825
348
326
221
210
1,072
768
552
1,482
1,301
Rutland
523
483
420
929
971
Wabash
4,974
3,471
4,650
3,135
4,437
2,149
8,593
3,070
7,605
2,977
131,974
124,016
108,867
157,061
140,362
413
382
353
831
690
27,624
2,502
24,180
1,557
20,673
1,122
14,948
13,515
1,418
1,230
Pittsburgh Shawmut St North-
Total.
2,106
297
253
225
1,527
5,281
1,588
5,106
1,183
13
16
4,593
10,883
9,841
Gauley
Cambria & Indiana
Central RR. of New Jersey...
61,065
12,527
2,307
15,679
3,282
9,482
2,395
9,095
4,009
5
4
3,489
2,634
7,140
2,737
7,249
3,078
139
577
604
191
465
441
264
5,997
,520
3,682
309
6,404
Duluth Missabe St I. R
5,808
5,734
688
>-
Duluth South Shore St Atlantic.
Elgin Joliet St Eastern
301
377
367
135
191
8,095
8,017
8,090
2,542
2,340
507
547
521
615
505
Ft. Dodge Des Moines St South.
Great Northern
Green Bay St Western
....
166
299
54
61
Minneapolis St St. Louis
1,348
1,362
4,381
4,278
Northern
8,387
7,664
1,507
4,219
7,145
1,636
Minn. St. Paul St S. S. M
2,304
2,925
1,780
1,904
2,975
250
Lake Superior St Ishpemlng
Pacific..
84
104
172
236
245
1,548
1,103
1,059
1,234
1,197
68,301
64,523
61,920
40,193
38,941
16,491
2,360
16,812
17,545
2,405
4,852
2,101
4,889
2,332
486
332
340
80
76
13,056
2,599
9,132
12,232
2,053
10,293
2,466
7,495
7,081
707
623
2,327
13,092
1,717
9,099
2,463
8,124
2,539
732
742
672
2,145
7,869
2,390
1,069
2,108
International
Spokane
Spokane Portland St Seattle...
Total..
Central Western District—
Atch. Top. & Santa Fe System.
Ohio
Bessemer & Lake Erie
66,994
4,245
Northwestern District—
Alton
Alleghany District—
Akron Canton & Youngstown.
Baltimore &
85,589
11,638
2,037
16.726
13,427
6,676
Wheeling & Lake Erie
726
90,156
171
...
Southbound—
1,456
7,385
Pittsburgh & West Virginia
661
686
374
129
92,766
Winston-Salem
138
N. Y. Chicago & St. Louis
12,867
845
151
335
Southern System
Tennessee Central..
1,301
7,441
N. Y. N. H. St Hartford
929
370
229
8,336
Lehigh & Hudson River
Montour
1,860
2,457
1,003
869
17,387
305
8,375
18,118
Lehigh & New England
New York Central Lines
1,935
2,454
1,429
4,355
4,998
14,206
292
8,278
19,008
Richmond Fred. St Potomac—
Seaboard Air Line
Lehigh Valley—
Monongahela
372
436
387
Piedmont Northern
7,654
1,770
1,292
Grand Trunk Western....
1,957
2,416
1,070
1,634
2,399
Mobile St Ohio
Nashville Chattanooga St St.
1,131
10,520
4,285
Delaware Lackawanna St West.
4,410
2,587
Delaware & Hudson..
1,148
4,439
8,220
217
Central Vermont
Buffalo Creek &
from Connections
Freight Loaded
Railroads
Eastern District—
Boston St
Total Loadt Received
Total Revenue
Total Loads Received
1940
9,
FEB. 24
(NUMBER OF CARS)—WEEK ENDED
FROM CONNECTIONS
AND RECEIVED
Total Revenue
March
Bingham St Garfield
Chicago Burlington St Qulncy..
Chicago St Illinois Midland
Chicago Rock Island St Paclflc.
Chicago St Eastern Illinois
Colorado St Southern
1,935
1,267
2,450
501
609
356
58
63
2,385
2,394
Cumberland St Pennsylvania..
279
247
181
21
28
Denver St Salt Lake
618
625
Valley
Long Island
Penn-Reading Seashore Lines.
158
148
127
38
32
Fort Worth St Denver City
880
909
930
989
825
430
474
456
1,769
1,649
1,124
1,472
1,286
1,270
332
352
312
1,538
976
1,201
97
87
567
401
327
352
315
12
22
19
0
0
18,656
17,148
16,916
4,161
3,827
337
304
249
1,192
1,091
12,621
12,481
11,570
6,416
5,590
i'
Cornwall
Llgonler
1,036
Reading
Co
Union (Pittsburgh)
Maryland
Western
872
756
55,122
12,903
14,679
3,254
Pennsylvania System
2,528
1,538
50,603
44,663
37,519
10,986
9,377
10,122
16,182
2,368
2,500
1,290
34,468
14,873
1,239
6,878
5,058
5,349
2,574
3,025
Denver St Rio Grande Western.
Illinois
Terminal
712
Missouri-Illinois
Northern
Nevada
North Western Pacific
Peoria & Pekln Union
Southern Pacific
(Pacific)
Toledo Peoria St Western
Total.
126,006
109,407
95,228
92,789
84,847
Union Pacific System
331
444
252
9
4
1,111
1,065
1,152
1,614
1,494
88,700
86,131
85,067
46,088
42,869
Utah
Pocahontas District—
Western Pacific
Chesapeake St Ohio
22,104
17,961
Norfolk & Western
Virginian
20,136
16,317
3,986
4,778
17,129
14,596
7,831
4,157
8,003
4,263
1,182
3,303
14
5
496
Total
953
Southwestern District—
Total.
44,843
40,439
12,941
13,448
35,028
125
145
3",035
3,168
International-Great Northern.
204
200
131
195
148
Atl. & W. P.—W. RR. of Ala-
630
680
597
1,436
Atlanta Birmingham St Coast..
496
504
505
839
Atlantic Coast Line
8,957
9,122
3,532
4,930
3,047
1,235
2,488
Louisiana & Arkansas
Central of Georgia
9,281
3,746
1,140
1,077
4,369
2,848
Litchfield & Madison
1,192
Midland Valley
2,002
Missouri St Arkansas
1,557
128
Charleston St Western Carolina
3,643
375
395
342
1,248
Cllnchfleld
1,099
1,022
765
891
1,759
1,378
1,754
1,111
356
193
243
740
796
380
597
701
257
188
184
126
267
256
3,264
11,973
3,612
12,124
3,559
2,578
8,145
2,264
11,824
91
67
77
104
82
6,170
2,189
6,241
3,213
6,022
5,924
2,172
4,280
3,865
2,531
5,914
3,446
2,968
3,257
2,438
2,795
3,526
114
180
229
73
53
29
29
28
22
56
42,442
270
341
312
Durham St Southern
154
136
129
407
343
Missouri Pacific
Florida East Coast
838
1,162
1,638
993
816
Gainsvllle Midland
26
30
29
110
75
42,070
42,679
33,309
Quanah Acme St Pacific
St. Louis-San Francisco.
753
655
861
1,534
1,541
Greenville
270
Georgia
294
1,953
171
1,684
1,335
St. Louis Southwestern
266
274
363
485
471
Texas <fe New Orleans
1,332
19,282
1,503
18,224
14,628
1,091
9,935
5,232
968
Texas St Pacific
20,793
1,365
18,431
18,703
9,281
4,859
Macon Dublin & Savannah
136
176
164
613
157
100
130
306
239
1,878
8,111
627
Mississippi Central
174-
1,927
1,729
City Southern
Missouri-Kansas-Texas Lines.
Columbus St
1,638
1,786
1,381
203
Kansas Oklahoma St Gulf
Kansas
306
1,370
192
Gulf Coast Lines
Alabama Tennessee St Northern
343
1,353
1,976
134
2,913
1,397
Burlington-Rock Island
Fort Smith & Western_x
Southern District—
Georgia & Florida
Gulf
Mobjle St Northern
—_
Illinois Central System
Louisville St
Nashville
Note—Previous year's figures revised.
* Previous figures,
x
individual advances were in hides and wheat
prices.
The movement of the Index is as follows:
Mar. 1
Sat.
Mar. 2
Mon.
Mar. 4
159.1
Month ago, Feb. 8
Year ago, Mar. 8
Tues.
Mar. 5
159.9
Wed.
1939 High—Sept. 22
Mar. 6
159.5
Thurs. Mar. 7
Low—Aug. 15
..160.3
159.4
144.5
172.8
138.4
...159.7
1940 High—Jan. 2.
Low—Feb. 13
169.4
158.5
Mar. 8
Two weeks ago, Feb. 23
159.3
Wholesale
t
Commodity Prices Declined Further During
According to "Annalist"
Week Ended March 2,
The "Annalist" announced March 4 that
commodity
prices declined for the third consecutive period during the
week ended March 2 as
selling in the major items forced
prices lower. The "Annalist" index closed at 81.1 on March 2,
lowest since the week ended Dec. 2 and a decline of threetenths of a point as compared with the
previous week.
growing
prospects,
sharply.
several
on
Wool
poor
and
silk,
the
consequent
however,
trade reports while
Livestock prices showed
vances.
trend.
with
improvement
slightly
were
cocoa
and
rubber
in
higher.
scored
ad¬
Mar. 2,
1940 Feb. 24, 1940 Mar. 4, 1939
Wholesale
of
an announcement
Lubin
the
Bureau
of
Com¬
made March 7 by Com¬
Statistics' index of
Labor
In addition to farm products, foods, and textile
products decreases were
also recorded in the fuel and lighting material and miscellaneous
materials,
and
chemicals
furnishing goods
Largely
group
and
drugs
advanced
index remained
unchanged
at
last
week's level.
result of weakening prices for agricultural products and im¬
as a
jute, and crude rubber,
materials group index dropped 0.7% to equal the year's low
raw
weeks
The semi-manufactured commodities group index advanced
because of higher
naval stores.
prices for raw sugar, vegetable oils, nonferrous metals,
The indexes
for the
large groups
of "all commodities
other than farm products" and "all commodities other than farm
foods"
also
point
Average wholesale prices of finished products declined
ago.
fractionally.
and
The house-
fractionally.
port commodities such as raw silk, manila hemp, raw
2
commodity
Hides and leather products, metals and metal products, building
groups.
The
COMMODITY PRICES
(1926=100)
Index
commodity prices dropped 0.3% during the week
ended March 2 to 78.4% of the 1926 average.
"Lower
prices for farm products, foods, and textile products were
largely responsible for the decrease," Mr. Lubin said.
"Since
September commodity prices at wholesale have
tended
moderately downward.
The cumulative decline
during the last 5 months has amounted to approximately
1 H%-"
The Commissioner added:
Hides
small
Statistics'
wholesale
resistance to the recent downward
WEEKLY INDEX OF WHOLESALE
31,81
March 2
crop
Metals improved with lead, tin and zinc higher.
"ANNALIST"
Labor
of
According to
and
some
3,770
modity Prices Declined 0.3% During Week Ended
of
encouraged extensive selling in all grains and prices dropped
Foreign liquidation pushed cotton prices to the lowest level in
weeks.
declined
weather,
Bureau
the
The "Annalist" further stated:
Better
Total.
missioner
158.7
158.6
Fri.
Wetherford M. W. & N. W—
5,849
Discontinued Jan. 24,1939.
Moody's Commodity Index Declines
Moody's Daily Commodity Index closed at 159.3 this
Friday, as compared with 158.7 a week ago. The principal
Fri.
Wichita Falls St Southern
products
declined slightly.
announcement
issued by the
Department of Labor
reported the following:
Lower prices
for grains, cattle, hogs, eggs, hops, onions, and potatoes
brought the farm products group index down nearly 1% to 68.8% of the
Farm products
77.6
78.3
77.4
1926
average.
Quotations
were
higher
for
sheep,
live poultry, cotton,
Food products
69.8
70.2
70.4
Textile products
Fuels
71.3
71.8
59.8
apples
86.6
86.7
74.2
though the farm products group index is below the level for the
Metals
98.2
97.9
97.3
Buildings materials
72.4
72.4
67.8
Chemicals
86.9
86.9
86.4
Miscellaneous
80.7
80.4
69.8
81.1
81.4
79.3
.
(New York) lemons, peanuts, flaxseed, and imported wools.
Al¬
correspond¬
ing week of February it is nearly 2)4% above a year ago.
Weakening
prices for butter, vegetables, cocoa beans, lard, tallow, and cottonseed oil
accounted for the decrease in the foods group index.
Higher prices
were
reported for cheese (New York), flour, corn meal, lamb, mutton, fresh and
All commodities
/.
cured pork, dressed poultry, pepper, raw sugar,
and vegetable oils.
Volume
1507
The Commercial & Financial Chronicle
ISO
Wholesale prices of textile products continued to drop.
PRODUCTION OF ELECTRIC ENERGY FOR PUBLIC USE
The decrease of
nearly 1 % during the week brought the index to the lowest point since late
September.
Lower
The index is now 6% below that for the week ended Jan.
prices
for
woolen
and worsted goods,
materials
also
minor decrease
a
coal and gasoline.
Decreases
were
reported in prices for crude rubber, cylinder oil, and paraffin wax.
Average wholesale prices of cattle feed fell 1.5% during the week.
A slight advance occurred
result of higher
quicksilver,
in the index for hides and leather products as
prices for calfskins.
solder,
pig tin and
a
responsible for the minor
were
advance in the metals and metal products group index.
Raising prices for yellow pine timbers, prepared roofing, and paint ma¬
—2
May 31, 1939.
117,081 ,000 ,000
118,053 ,000 ,000
119,265 ,000 ,000
+3
June 30, 1939.
120,538 ,000 ,000
+5
July 31, 1939.
Aug. 31, 1939.
Sept. 30, 1939.
Oct. 31, 1939.
121,610 ,000 000
122,609 ,000 000
+8
28. 1939.
Mar. 31, 1939.
Apr. 30, 1939.
The
putty caused the building materials group index to advance slightly.
fractional increase in the chemicals an,d drugs group index was brought about
+9
+ 12
Jan.
129,581 ,000 000
+ 13
1939.
31, 1940.
a
the year are
eliminated.
FOR PUBLIC USE
MONTHLY PRODUCTION OF ELECTRICITY
(In Kilowatt-Hours)
1940, and
% Produced by
% Change
Water Power
1940
1939
Months
(2) important changes in subgroup indexes from Feb. 24
ago;
year
to March
+ 12
production by 12-month periods, all seasons of
included In each total, and the effect of seasonal variations is largely
March 4, 1939 and the percentage changes from a week ago, a month ago,
and
+ 11
Note—Since the above data show
(1) index numbers of wholesale prices for the
of commodities for the past 3 weeks, for Feb. 3,
groups
+7
125,439 ,000 000
126,798 ,000 000
128.000 ,000 000
Nov. 30,
TOTAL
by higher prices for fats and oils.
main
0
+ 1
123,842 ,000 000
terials, particularly red lead, litharge, linseed oil, shellac, turpentine, and
The following tables show
Year
116,045 ,000 ,000
Dec. 31, 1939.
Increased prices for plumbing fixtures,
pig zinc
Previous
Feb.
index registered
group
because of lower prices for bituminous
% Change from
KUowatt-Hours
burlap,
hemp, jute, and twine accounted for the decline.
The fuel and lighting
Production
6.
12 Months Ended
goods, silk,
cotton
1938 to
1939 to
1939
.
1940
1939
1940
+ 15
36
26
2, 1940.
(1926=100)
10,419,000,000
9,459,000,000
January
■'
Percentage Changes from-
February
+ 10
12,000,000,000
+ 10
40
+ 11
10,357,000,000
March
43
Feb.
Feb.
24,
17,
3,
1940
1939
to
to
to
1939
Mar. 2, Mar. 2, Mar. 2,
1940
1940
1940
All commodities
78.4
78.6
78.3
78.8
76.7
—0.3
—0.5
+ 2.2
Farm products
68.8
69.4
68.6
69.6
67.2
—0.9
—1.1
+ 2.4
Foods
71.7
71.5
102.8 102.7 103.1 103.0
Fuel and lighting materials
Metals and metal products
—0.7
—1.7
—1.4
+ 0.1
—2.2
70.5
41
+ 14
36
July
10,477,000,000
+ 11
33
August-.
11,050,000,000
+ 10
32
10,940,000,000
+ 13
28
October
11,673,000,000
+ 16
27
November
11,460,000,000
+ 13
28
December
11,860,000,000
+ 11
27
128,000,000,000
+ 12
34
+ 11.7
74.4
75.3
65.9
—0.8
—2.3
72.8
73.0
73.0
73.3
73.3
—0.3
—0.7
95.3
95.3
95.6
94.5
+ 0.2
—O.l
+ 1.1
74.2
73.6
9,778,000,000
Total
—0.7
95.5
.
__
45
+ 14
10,354,000,000
April
+ 11.4
92.3
71.0
70.5
-
Hides and leather productsTextile products
•
+ 11
10,173,000,000
June
1940
4,
1940
1940
1940
1940
3, Mar. 4,
Feb.
Mar. Feb. 24.
Feb.
2,
May
September
Mar.
Commodity Groups
engaged in generating electric energy for
Note—Above data solicited from all plants
public use, and, in addition, from electric railways, electrified steam railroads, and
for their own use.
Accurate data
received each month, representing approximately 98% of the total production
Building materials
93.3
93.0
93.2
93.1
89.6
+ 0.3
+ 0.2
+ 4.1
certain miscellaneous plants which generate energy
Chemicals and drugs.
77.8
77.7
77.5
77.5
76.2
+ 0.1
+0.4
+ 2.1
are
Housefurnishing goods
89.5
89.5
89.6
89.5
86.6
0.0
0.0
+ 3.3
Miscellaneous
76.9
77.2
77.2
77.1
73.2
—0.4
—0.3
+ 5.1
as
72.4
72.9
72.4
73.2
70.7
—0.7
—1.1
+ 2.4
month
commodities.
Raw materials
Semi-manufactured articles.
79.8
79.6
79.6
80.3
74.5
+0.3
—0.6
+ 7.1
Finished
81.4
81.5
81.4
81.7
80.4
—0.1
—0.4
80.6
80.5
80.9
78.9
—0.1
—0.5
83.6
80.4
—0.1
—0.5
+ 3.5
preliminary while those for the preceding months are corrected in ac¬
cordance with actual reports received and vary slightly from the preliminary data.
+ 2.0
83.3
rapidly as actual figures are available.
are
+ 1.2
80.5
and corrections are made
Thus, the figures shown for the current
shown; the remaining 2% of the production is estimated
All
products.
_
farm
All
products
commodities
other
farm products and
•
Coal
commodities other than
than
I
83.3
83.2
foods.-
CHANGES
PERCENTAGE
IMPORTANT
FROM
24 TO
FEB,
IN
SUBGROUP INDEXES
MARCH 2,
1940
Decreases
Increases
Woolen and worsted goods
Livestock and poultry
2.5
0.9
Other foods
3.3
Nonferrous metals
0.8
Crude rubber
3.3
Meats
0.6
Other farm products
0.5
0.4
0.2
Cattle feed
Grains
1.4
Other textile products
0.2
Silk and rayon
1.3
0.9
Plumbing and heating
Paint and
paint materials
Clothing
Cereal
products
Hides and skins
-
2.0
1.5
*
Bituminous
0.1
Lumber
3.4
0.8
coal
Other building materials
0.1
Fruits and vegetables
Chemicals
0.1
Petroleum
Cotton goods
0.7
0.6
0.5
0.4
Other miscellaneous
Dairy products
of
Production
Electric
Energy in the United
1939, and January, 1940
for December,
The
the
production of electric energy for public
to
filed
reports
This
mission.
1940,
January,
month,,,of
according
Power Com¬
Federal
the
during
represents an increase of 15.2%
when
10,162,112
was
hand
at
electric
utility
power
plants
on
tons.
Prices Dropped During Week
Reaching Lowest Level Since
First Week in October, 1939, According to National
Commodity
March
Ended
2,
P Fertilizer Association
commodity
wholesale
The
12,000,090,000 kwh.,
totaled
with
1940,
1,
Wholesale
States
use
on
Consumption
and
Stock
coal
This was a decrease of 0.7% as
compared with Jan. 1, 1940, and an increase of 6.6% as compared with
Feb. 1,
1939.
Of the total stock, 9,069,123 tons were bituminous coal
and 1,092,989 tons were anthracite, decreases of 0.5% and 1.9%, respec¬
tively, when compared with Jan. 1, 1940.
Electric utility
power
plants consumed approximately 5,134,371 net
tons of
coal in January, 1940, of which 4,901,760 tons were bituminous
coal
and
232,611 tons were anthracite, increases of
4.7% and 9.4%,
respectively, when compared with the preceding month.
in terms of days' supply, which is calculated at the current rate of
consumption, there was enough bituminous coal on hand Feb. 1, 1940, to
last 57
days, and enough anthracite for 146 days' requirements.
Feb.
0.2
,
products
of
stock
total
The
price
Association
Fertilizer
National
index compiled
declined
last
by The
week to the
point reached since the first week of October.
This
2 was 77.1, compared with
lowest
index in the week ended March
77.4
com¬
preceding week, 77.5 a month ago, 72.8 a year
the
in
and 76.8 two years ago, based on the 1926-1928 average
100.
The Association's announcement, dated March 4,
ago,
The aver¬
pared with the same month in the previous year.
daily
age
creased
slightly and reached
consecutive
1940,
or
month
1.2%
of
more
kwh.
during
January,
daily production
average
railroads,
electric
railways,
the
in¬
all-time high for the fifth
an
387,100,000
than
use
in
The production of electric energy by elec¬
December, 1939.
tric
of electric energy for public
production
other
and
plants
which
their own use totaled 242,277,000
kwh., making a total production reported to the Commis¬
sion for the month of January, 1940, of 12,242,373,000 kwh.,
generate principally
or
an
for
daily production of 394,915,000 kwh.
average
The production
by water power in January amounted to
3,161,933,000 kwh., or 26% of the total output for public use.
Reports were received during February, 1940, indicating
that the capacity of generating plants in sendee in the
United States on Jan. 31, 1940, totaled 40,367,000 kwh.
This is a net increase of 73,000 kwh. over that previously
reported in service
are
made
that
the
sarily
in
figures
mean
Dec. 31, 1939.
on
plants
which
shown
all
that
for
the
not
are
any
one
changes
Occasionally changes
reported
month
made
were
promptly
do
not
so
as
went
on
say:
the
prices
the
decline;
week.
move
lower
farm
for
food
other
price average is now
week
last
products
for all
average
The
was
that
representing
the prices of
miscellaneous
rubber, calfskins, and cattle feed.
The metal price average rose for the third successive week as the result
of higher quotations for non-ferrous metals.
A small increase took place
in
the building material
index.
Thirty-three price series included in the index declined during the
week and 22 advanced; in the preceding week there were 28 declines
and 29 advances; in the second preceding week there were 29 declines
commodities,
and
31
reflecting
downturns
in
advances.
neces¬
during that
to
and foods largely accounted for the
commodities remained unchanged for
lower than at any time since
the sharp rise
began early last September.
The broad nature of last
week's decline in foodstuff prices is indicated by the fact that 13 price
series included in the group average declined while only three advanced.
Lower prices for grains, eggs and wool were responsible for the drop in
the farm product index.
The twelfth consecutive decline was registered
by the textile price average, with last week's declines in textiles being
in cotton goods and yarns,
hemp, wool and burlap.
A slight recession
in gasoline quotations lowered the fuel index.
The other group index to
Lower
WEEKLY
WHOLESALE COMMODITY PRICE
Compiled by the National Fertilizer Association.
INDEX
(1926-1928=100)
month, but only that they were reported to the Commission
since
the previous
monthly report
was
Latest
Percent
issued.
Week
Each Group
PRODUCTION OF ELECTRIC
ENERGY FOR
UNITED
1
PUBLIC USE
IN
THE
STATES
Mar. 2,
1940
Group
Bears to the
Total Index
(In Thousands of Kilowatt-Hours)
25.3
By Fuels
23.0
24,
1940
Month
Ago
Feb.
3,
1940
Year
Ago
Mar. 4,
1939
71.5
53.1
53.0
53.5
66.7
64.5
08.0
65.0
Farm products
72.6
52.2
Cottonseed oil
Total
Week
Feb.
66.4
Foods..
Fats and oils
ly Water Power
Preced'g
65.8
04.2
64.5
72.2
69.4
Dec.,
Jan.,
Dec.,
Jan.,
Dec.,
Jan.,
Cotton
59.9
59.8
57.8
49.0
1939
1940
1939
1940
1939
1940
Grains
72.3
73.6
69.0
53.4
Livestock-
Division
61.8
62.7
61.8
70.8
83.6
83.7
84.8
88.2
88.5
89.3
77.1
532,231
221,294
174,844
764,205
17.3
Fuels
Middle Atlantic
542,563
10.8
Miscellaneous commodities.
East North Central
183,712
470,877 2,536,267 2,625,682 3,078,830 3,096,559
167,7 9 8,668,342 2,742,751 2,852,054 2,910,550
West North Central..
89,344
260,460
New England
-
South Atlantic
64,585
310,303
15,657
368,841
14,584
Mountain
581,661
567,400
Pacific
924,276 1,022,700
East South
Central
West South Central
__
__
353,514
589,361
753,525
584,011
592,712
673,355
657,297
1,096,920 1,120,516 1,357,380 1,430,819
304,780
299,651
658,294
668,492
572,371
571,155
588,028
585,739
164,539
163,516
746,200
730,916
227,682
132,819 1,151,958 1,155,519
United States total¬ 3,172,481 3,161,933 8,687,143 8,838,163 11859,624
12000.0
.
75.9
8.2
Textiles
73.6
74.0
75.8
61.3
7.1
Metals
91.9
91.6
91.8
90.4
6.1
Building materials
86.3
86.0
87.7
83.9
1.3
94.3
94.3
94.3
92.4
0.3
Chemicals and drugs
Fertilizer materials
73.3
73.2
73.6
71.4
0.3
Fertilizers
78.7
78.7
78.3
77.7
0.3
Farm machinery
94.9
94.9
94.9
94.9
77.1
77.4
77.5
72.8
100.0
All groups combined
Chronicle
The Commercial & Financial
1508
Above
DOMESTIC ELECTRIC SERVICE
RESIDENTIAL OR
Week Ended March 2, 1940, 10.5%
Electric Output for
March 9, 1940
Year Ago
a
12 Months Ended Dec. 31
Edison Electric Institute, in its current weekly re¬
The
production of electricity by the electric
light and power industry of the United States for the week
ended March 2, 1940, was 2,479,036,000 kwh.
The current
port, estimated that
week's output
The output
+5.5
$36.54
—
853
$36.08
+ 1.3
4.23c
4.06c
kilowatthour—
4.0
*
the like week
a
PERCENTAGE
Were Far
increase of 10.3%
for all types of building con¬
January permit valuations
of
Week Ended
Regions
March 2, 1940
Feb. 24, 1940
8.4
Week Ended
Week Ended
7.0
Feb. 17,
Week Ended
1940
having an aggregate population
struction in the 2,048 cities
PREVIOUS YEAR
Major Geographic
60,000,000 which reported to the Bureau of
than
more
amounted
Statistics
Labor
Feb. 10, 1940
5.2
8.0
9.0
7.4
7.2
12.5
12.9
15.3
West Central
8.0
9.7
9.9
Southern States
8.0
10.9
11.2
13.1
19.4
16.6
15.1
7.2
7.4
4.7
10.5
10.3
10.1
11.2
"This
Perkins reported March 2.
with $151,000,000 in December, 1939, and
compares
16.5
6.1
*
8.3
13.9
$115,000,000,
approximately
to
Frances
Labor
of
Secretary
New England
of Building Construction
Below Month and Year Ago
Valuations for All Types
year ago.
INCREASE FROM
Reports January Permit
Labor Perkins
of
Secretary
for the week ended Feb. 24, 1940, was
estimated to be 2,455,285,000 kwh., an
over
Average annual bill
Revenue per
% Change
900
Kllowatthours per customer
is 10.5% above the output of the correspond¬
ing week of 1939, when production totaled 2,244,014,000
kwh.
1938
1939
Middle Atlantic
Central Industrial
Rocky Mountain
Pacific Coast
Total United States.
DATA
(THOUSANDS
WEEKS
RECENT
FOR
OF
'
12.4
Change
1937
1940
1932
1929
from
1939
Jan.
13
Jan.
20
Jan.
27
Feb.
3
Feb.
10
Feb.
17
Feb.
24
Mar.
2,268,387
+ 11.2
2,248,767
2,225,690
+ 10.1
2,289,659
2,292,594
2,622,614
2,475,574
2,455,285
2,479,036
2
Mar.
2,287,248
+ 14.0
+ 14.2
+12.3
+ 11.9
+ 11.1
2,169,470
2,269,846
2,473,397
2,592,767
2,572,117
2,565,958
2,541,358
6
Jan.
9
+ 10.3
2,244,014
2,237,935
+ 10.5
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
2,212,897
1,619,265
1,602,482
1,598,201
1,688,967
1,588,853
1,578,817
1,545,469
1,512,158
1,519,679
1,538,452
1,542,000
1,733,810
1,736,729
1,717,315
1,728,203
1,726,161
1,718,304
1,699,250
1,706,719
1,702.570
pared with $36,000,000 in December, 1939, and $21,000,000
in January, 1939."
Secretary Perkins continued:
New residential buildings for
which permits were issued in January
showed a decrease of 35% as compared with December, 1939, while there
was
a
decline of 11% in permit valuations for new non-residential build¬
ings.
The value of additions, alterations and repairs increased 4%.
The
steep decline in the value of new residential construction was largely
caused by a sharp decrease in contracts awarded in January for United
States
Housing Authority projects.
If USHA projects were omitted,
private residential construction would show a decrease of 15% in valuation.
As compared
with January, 1939, permit valuations indicate declines
for all
types of structures.
Residential construction showed a decrease
of
13%, new non-residential construction a falling off of 48%, while
additions, alterations and repairs to existing structures were 21% lower.
FOR
RECENT
MONTHS
(THOUSANDS
OF
KILOWATT-HOURS)
valuations
the
in
December,
occurring between
changes
permit
indicated
Percent
Department's announcement also reported the
The Labor
following:
The
DATA
1940, amounted to less than $13,000,000 as com¬
January,
KILOWATT-HOURS)
"The
included in these figures during
value of Federal contracts
Percent
1939
1940
Week Ended
1939," Miss Perkins said.
in January,
$159,000,000
various classes
table for 2,048
the
of
following
1939, and January, 1940, in
of building construction are
cities having a population of
1,000 or over:
Change
1938
1939
Month of
1939
1937
1932
1929
Change from Dec., 1939, to Jan., 1940
from
Class of Construction
1938
All Cities
February
„
_
April
-
<4.
»
May
-
_
March
-
mm
August
rn
September...
mm
November
December
...
7,380,263
New non-residential
8,617,372
6,320,551
7,285,359
Additions, alterations, repairs
9,699,161
9,791,569
10,074,083
10,366,839
6,240,381
7,220,279
+ 13.4
+ 13.7
+ 10.8
10,813,632
10,775,105
9,593,670
+ 12.3
9,962,122
6,277,419
7,523,395
11,488.354 9,975,343
11,234,826 10,005,534
11,594,098 10,524,626
+ 15.2
10,111,605
9,534,868
9,719.582
6,596,023
8,133,485
6,488,507
6,625,298
7,681,822
+ 9.3
+ 12.3
+ 10.2
New residential
125622,510 112451 500
—10.5%
+4.2%
—36.3%
—24.1%
Total
7,871,121
issued
Of
units.
United
during
these,
Permits
7,773,878
117487 445 77,574.474 90,277,135
+ 11.7
--
7,484,727
1,852
States
January,
projects
in
were
provided
1940^
January,
of
class
by
1940,
in
change
percentage
valuations from January, 1939, to
construction, is given below for the 2,048
permit
cities:
December
Statistics
the
of
Electric
•
Change from Jan., 1939, to Jan., 1940
Light and Power
Class of Construction
Industry
The
released
of the electric light and power industry,
Feb.
on
27 by
cov¬
were
the Edison
Per Ct.
1939
1938
Change
Total
1939, there was a decrease of 15% in the
number
of
family-dwelling units provided.
USHA projects for
contracts were awarded during January, 1939, provided for 2,604
with
6,691,295,000
+ 27.8
3,554,675,000
—22.4
11,307,315.000 10,245,970,000
+ 10.4
376,001,000
360,882,000
+ 4.2
86,331,000
109,157,000
—20.9
462,332,000
470,039,000
—1.6
11,769,647,000 10,716,009,000
Total purchased power
Total Input
+ 9.8
9,760,220,000
8,779,316,000
+ 11.2
33,990,000
134,896,000
—10.7
6,663,000
38,062,000
150,954,000
2,367,000
175,549,000
191,383,000
—8.2
use, Ac.:
Used In electric railway department
Used in electric and other departments
Furnished free or exchanged In kind
ing
Pa.,
during January for
New
In
the
City—in
York
store and
for
mercantile buildings to
for
for
for one-family
hotel
a
cost
to
ings to cost
dwellings to cost over
over
$400,000
$900,000, and
over
Total energy accounted for
Losses and unaccounted for
Total output
9,935,769,000 8,970,699,000
1,833,878,000 1,745,310,000
(to check above "input")... 11,769,647,000 10,716,009,000
+ 10.8
+ 5.1
+ 9.8
Classification of Kilowatthour Sales—
Residential
or
domestic
Rural (distinct rural rates only)
Commercial and industrial:
Small light and power (retail)
Large light and power (wholesale)
Publio street and highway lighting
Other public authorities
Street and interurban railways
Electrified steam railroads
Interde partmental
2,000,248,000
*
1,861,519,000
4,924,924,000
203,407,000
204,711,000
360,873,000
171,191,000
33,347,000
1,847,338,000
+ 8.3
*
1,615,637,000
+ 15.2
4,330,104,000
+ 13.7
193,860,000
217,832,000
392,416,000
154,832,000
27,297,000
+ 4.9
for
office building to cost $2,250,000;
an
cost $400,000; in Denver,
$600,000; in Glendale, Calif.,
in Long Beach, Calif.,
for one-family dwellings to cost more than $360,000;
in Los Angeles,
Calif., for one-family dwellings to cost nearly $3,000,000, and for apart¬
ment houses to cost approximately $700,000 ; in Oakland, Calif., for onefamily dwellings to cost over $400,000; in San Diego, Calif., for onefamily dwellings to
cost
approximately $400,000, and for store and
mercantile buildings to cost nearly $600,000; in
San Francisco, Calif.,
Lubbock, Tex., for an office building
Colo., for apartment houses to cost over
for
9,760,220,000
8,779,316,000
one-family dwellings to cost over $1,000,000; in Burbank, Calif.,
office building to cost over $500,000; in Portland, Ore., for one-
for
an
family dwellings to cost
—8.0
dwellings to cost nearly $600,000, and in Honolulu, T.
+ 10.6
+ 22.2
dwellings to
cost
projects:
$206,238,800
2,275,300
$197,111,200
1,986,900
+ 14.5
$208,514,100
$199,098,100
+ 4.7
+ 4.6
in
*
Allocated to other classes.
over
Haven,
New
;
Jacksonville,
nearly
H.,
for one-family
for one-family
$400,000, and for store and mercantile buildings
awarded during
were
In
dwelling units)
cost
Total revenue
in
$300,000.
over
Contracts
+ 11.2
cost nearly
over
$300,000;
Seattle, Wash.,
—6.0
Estimated Revenue—
Revenue from ultimate customers
Other electric revenue
to
dwellings to cost nearly $350,000;
one-family
for
to
Sales to ultimate customers
$700,000 ; in Charlotte, N. C.,
for one-family dwell¬
in Houston, Tex.,
;
in
Total company use, Ac
cost over $1,000,000;
one-family dwellings to cost nearly $600,000; in
Detroit, Mich., for one-family dwellings to cost over $1,600,000; in Jack¬
sonville, Fla., for one-family dwellings to cost over $300,000; in Miami
111.,
Chicago,
Fla.,
—10.6
issued
were
projects:
delphia,
in
Disposal of Energy—
Total sales to ultimate customers..
the following important build¬
Borough of the Bronx, for
apartment houses to cost nearly $1,400,000 ; in the Borough of Brooklyn,
for one-family dwellings to cost nearly $600,000, for apartment houses to
cost over $1,300,000, and for a school building to cost $1,850,000; in the
Borough of Manhattan, for apartment houses to cost over $8,500,000; in
the Borough of Queens, for one-family dwellings to cost over $1,400,000,
for apartment houses to cost nearly $1,200,000, and for a Borough Hall
to
cost approximately
$1,775,000; in the Borough of Richmond, for a
school for mental defectives, to cost approximately $2,000,000; in Phila¬
Permits
8,548,666,000
2,758,649,000
Net purchases:
Net International Imports
total
which
January,
dwelling units.
Source of Energy—
Kllowatthours generated (net):
From "other sources"
—34.3%
—57.3%
—25.6%
Electric Institute:
Compared
Total generation
—12.4%
—27.8%
New non-resldentlal
SOURCE AND DISPOSAL OF ENERGY DURING MONTH OF DECEMBER
Company
—13.0%
—47.7%
—20.8%
New residential
AddlMonp, slterftt.lnns, repairs
By fuel burning plants..
By water power
Ezcl. 1ST. Y. City
All Cities
following statistics for the month of December,
ering 100%
dwelling
the jurisdiction of the
1939, permits in these cities
under
December,
Housing Authority.
17,068
for
provided for 27,166 units, of which 9,914 were in USHA-aided projects.
The
Total
—46.9%
—27.6%
+ 2.3%
7,486,635
6,178,781
6,175,627
6,339,283
8,800,414
9,262,484
9,894,489
m
October
6.850,855
6,787,923
9,589,639
8,934,086
m
m
6,502,755
9,930,252
+ 11.1
10.261,275
m
July
8,922,551
+ 11.5
Ezcl. N. Y. City
—34.9%
7,585,334
9,979,099
*.
June
7,041,926
+ 10.8
+ 10.2
10,155,314
»
m
10,188,587
9,572,242
9,785,174
9,300,383
8,405,129
9,137,970
10,246,886
9,313,092
January
Conn.,
January for the following USHA housing
to
cost
approximately
$1,400,000
(442
in Summit, N. J., to cost $325,000 (87 dwelling units) ;
Fla.,
$950,000
$250,000
nearly $3,000,000
(97
for
(368
the
second
dwelling
dwelling
section
units)
units),
and
(858 dwelling units).
;
to
in
in
the
existing
Meridian,
New
project
Miss.,
Orleans,
La.,
to
to
cost
to cost
Volume
TABLE
The Commercial & Financial Chronicle
150
1—PERMIT
GETHER
NEW
VALUATION
WITH
THE
OF
NUMBER
BUILDING
OF
CONSTRUCTION,
FAMILIES
PROVIDED
DWELLINGS, IN 2,048 IDENTICAL CITIES
OF THE
UNITED
JANUARY.
STATES,
AS
SHOWN
PERMITS
BY
TO¬
FOR
IN
IN NINE REGIONS
ISSUED,
goods
on
Sept.
1509
15.
TABLE
1940
the
base
1913
143.2
was
Dec.
on
15
I—PERCENTAGE CHANGE FROM
as
SEPT.
compared
15,
1939
to
144.2
on
TO
DEO.
15,
1939, IN THE COST OF GOODS PURCHASED BY WAGE EARNERS
AND
LOWER-SALARIED
UNITED
New Residential Buildings
Per mil
of
No. of
LARGE CITIES
32
Change from—
Jan.,
1939
Dec.,
for
1939
'40
Jan.
Fuel
Cloth¬
All
Food
Items
Miscel-
ing
laneoiu
Goods
Rent
ing
Jan.,
1939
furnish¬
and
Light
Area and City
Provided
Dec.,
THE
OF
BY G.ROUPS OF ITEMS
Percentage
Families
Valuation,
Jan., 1940
Cities
IN
House-
Percentage
Change from—
No.
Geographic Division
STATES,
WORKERS
1939
.
New England:
All divisions
2,048 $62,258,543
Boston
—1.2
140
Middle
514
Atlantic
East North Central.
197
South Atlantic
226
East South Central.
83
West South Central
126
Mountain
95
+ 1.4
c
+ 3.8
+ 1.9
—4.4
+0.7
—0.1
+ 3.9
+ 1.3
b
—0.8
—4.8
+0.9
—0.1
+2.7
+2.3
+0.3
—2.8
+0.9
—0.1
+0.7
+ 1.0
+0.1
—2.6
+ 1.5
b
+0.4
+2.8
—0.2
+0.9
c
+0.2
+0.9
b
+ 0.4
—0.1
+0.3
+2.4
+0.2
17,068
—37.2
—15.3
—33.0
+ 49.8
894
—28.9
+ 108.0
—19.7
—22.5
4,994
—27.5
—32.8
—55.1
—43.2
1,298
—57.7
—50.0
New York
—0.7
—73.9
—45.2
255
—69.4
—49.2
—3.9
2,076
—62.5
+ 2.0
Philadelphia
Pittsburgh
—0.5
—60.7
—0.7
—3.1
—80.7
—59.0
426
—74.2
—42.4
Scranton
—0.8
—3.1
+ 54.5
+ 41.5
2,458
+ 40.6
+ 34.6
—14.8
+ 69.4
490
—25.0
+ 32.1
—21.9
3,632,055
20,425,227
6,722,582
944,108
6,534,120
980,903
7,558,045
1,703,760
13,757,743
447
West North Central
—5.1
—13.0
+ 0.2
4,177
—24.5
—1.2
Portland,
New England
—1.0
—34.9
Me
—0.1
Middle Atlantic:
Buffalo
East
North
Central:
Total Building Construction
New Non-Residential
—0.1
+0.6
+0.1
+2.3
+0.1
—0.3
—2.3
+ 0.5
—0.3
+ 1.3
+ 1.7
—0.2
b
—1.0
+ 1.0
b
+0.7
+ 2.2
—0.2
c
—1.5
+ 1.6
c
+ 1.4
+ 1.5
—0.1
—0.4
—2.8
+0.9
+0.6
+ 2.0
+2.0
—0.2
—1.5
—5.0
+0.9
—0.3
b
+ 1.5
-0.4
—0.2
Chicago
Indianapolis
(Including A Iterations
Buildings
+0.1
—0.6
Detroit
220
Cincinnati
Cleveland
Pacific.
and Repairs)
West North Central:
Kansas
Population
City
Minneapolis..
St. Louis
1
Division
Permit
Jan., 1940
Dec.,
Jan.,
1939
1939
Jan., 1940
divisions__
Jan.,
1939
$
All
Dec.,
1939
$
32,413,891
—47.7 114,682,035
+ 15.0
New
England.
1,708,748
Mid.
Atlantic.
—24.1
—27.8 60,047,970
—59.6
—10.5
6,885,456
—19.6
—19.0
5,553,268
18,338,652
14,855,650
4,531,627
4,916,827
2,053,215
3,284,475
1,199,104
5,315,152
—21.0
10,987,077
+ 90.1
—26.6
E. No. Central
3,342,343
—41.3
—76.8
37,923,070
14,160,154
—41.4
—53.9
W. No. Central
2,159,607
—54.1
—23.4
3,991,748
—57.6
—37.4
3,122,904
South
+ 2.1
Mountain..
—32.0
—62.2
11,513,635
—50.4
—37.3
926,106 —33.1
4,557,367 + 108.3
Atlantic
E. So. Central.
W. So. Central
—35.9
—51.0
—78.4
+ 63.4
—3.8
+ 6.8
—2.9
2,329,926
13,405,099
3,342,656
21,130,291
—66.6
—10.7
—49.1
—29.5
—8.0
1,070,969
4.538,770
Pacific
—51.2
—22.0
+ 1.4
+0.1
+0.7
+ 2.4
+ 1.0
—0.2
+0.9
+0.2
—0.8
—1.0
—3.9
+0.6
c
+ 2.6
+0.5
—0.6
—1.2
—3.8
+ 1.0
—0.1
—1.0
+ 1.4
—0.3
Jacksonville
of 1930)
Valuation.
+ 0.6
—3.3
Baltimore
Change from—
Permit
Valuation
(Census
+0.5
Atlanta
Percentage
Percentage
Change from—
—1.1
—0.5
—3.0
+0.7
+0.6
+0.9
+2.8
—0.3
Norfolk
Oeographic
—0.5
—3.3
+ 1.1
b
+0.3
+ 1.1
—0.2
Richmond.
—1.2
—4.6
+0.8
b
+0.3
+ 1.3
—0.1
Savannah
—0.6
—4.2
+ 1.0
+0.2
+0.6
+ 1.2
+0.6
Washington, D. C...
—1.6
—5.5
+0.8
—0.1
+ 1.7
+3.2
—0.2
South Atlantic:
East South Central:
Birmingham
—0.9
—3.3
+ 1.2
—O.l
—1.3
b
—0.2
Memphis
—1.3
—4.9
+0.7
b
—0.4
+0.9
—0.4
Mobile
—1.1
—4.2
+0.9
+ 1.3
—O.l
+ 1.1
—0.5
Houston
—0.4
—2.2
+ 1.4
—0.4
+0.1
+2.0
—0.1
New Orleans..
—1.3
—3.4
+ 1.1
+0.4
+1.2
+0.7
—1.6
—0.2
—1.2
+0.9
+ 0.1
+0.1
+ 1.6
—0.1
—0.5
—2.0
+ 1.1
—0.5
d
+ 1.3
—0.3
West South
Central:
Mountain:
Denver
*
Pacific:
I
Los Angeles
Living Costs in United States Declined 0.6% Between
Sept. 15 and Dec. 15, According to Secretary of
Labor Perkins—Lower Food Costs Offset Increases
in Other
for
of
families
and
earners
wage
salaried workers in the 32 large cities of the
lower-
United States
surveyed by the Bureau of Labor Statistics fell by 0.6 of
1% between Sept. 15 and Dec. 15, 1939," Secretary of Labor
Perkins reported on Feb. 28.
"Although clothing, fuel and
light, and house-furnishing goods were higher in cost on
Dec.
the
15 than
remained
ning
by
at
Bureau
wage
of
Labor
and
earners
in 1923-25
100,
as
Miss
Statistics
82.2
declined
exceeding
1.5%
of
was
1.6%
largest
food
costs
only
15,
of
one
Of
end
large
the
reported
1.6%
Rents
costs
These
declines
Fuel
in
by
drop,
each
1.5%
and
of
in
was
only
of
meats
in
31 and
total
living
and
of
higher
costs
are
showed,costs at
Washington, D. 0.,
more.
while
Seattle
and
the
a
resulting
in
an
The largest increases,
mainly
were
due
the
to
in
cuts
level.
19 cities.
Of
Small
the
showed
13
In
usual
in
the
Boston,
of
to
and
rise
was
3%
furnishings
and
1.4%.
none
reporting
much
as
as
was
the
Boston,
due
cost
higher
in
reporting
of
both
The
declines
cities
much
as
in
of
3.9%
to
increased
to
fuel
oil
the
and
—0.6
a—2.8
+0.9
+ 1.3
+ 1.4
—0.3
a
Includes
0.05%.
51
cities,
b Decrease
b
of less than
0.05%.
Increase of less than
c
dNo change.
TABLE II—INDEXES OF THE COST OF GOODS PURCHASED BY WAGE
EARNERS AND LOWER-SALARIED WORKERS IN 32 LARGE CITIES
OF THE UNITED
STATES, BY GROUPS OF ITEMS, DEC. 15, 1939
(Average 1923-25=100)
HouseFuel
Items
Food
furnish¬
Miscel¬
and
ing
laneous
Light
Cloth¬
All
Area and City
Goods
Rent
ing
New England:
81.7
72.0
86.2
75.3
89.4
83.0
98.5
Portland, Me
84.2
75.3
82.8
76.7
84.4
91.7
103.6
Middle Atlantic:
j»
80.9
73.3
98.4
91.6
99.0
New York.
84.4
80.9
79.3
77.8
85.0
79.1
100.2
81.5
78.2
77.4
69.4
80.0
84.1
97.0
81.0
73.7
81.4
70.6
101.2
83.8
95.9
Scranton
80.9
74.3
83.1
71.3
73.2
87.8
96.6
Buffalo
83.5
74.9
East North Central:
Chicago
92.2
60.3
74.4
78.3
78.8
...
75.1
99.6
Cincinnati
85.0
76.1
81.4
76.1
97.0
95.1
101.0
Cleveland
85.8
78.2
85.0
69.1
113.4
81.0
103.4
78.7
73.9
82.0
66.3
78.6
83.0
94.4
Indianapolis
81.1
76.1
79.9
66.7
84.8
90.3
93.2
West North Central:
81.4
77.2
81.6
61.1
81.0
80.5
Minneapolis..
84.5
84.0
80.2
72.4
89.2
90.6
96.0
St. Louis
82.8
81.8
83.1
58.0
87.9
90.7
101.8
Kansas City...
101.5
South Atlantic:
Atlanta
79.1
70.2
83.8
64.8
73.5
89.5
94.3
Baltimore
85.3
80.8
82.6
76.1
79.7
84.9
103.5
Jacksonville
79.7
76.7
81.0
59.6
88.4
83.7
89.9
Norfolk
84.6
75.3
88.6
64.8
87.1
104.0
82.5
69.1
90.2
73.3
82.7
90.7
81.0
77.4
84.4
64.3
81.5
88.8
92.0
Washington, D. C
86.1
78.0
83.5
86.4
83.3
92.8
99.6
80.8
99.0
East South Central:
93.7
76.0
65.7
87.4
59.4
72.8
81.4
80.6
72.9
87.6
62.4
85.7
95.0
94.8
82.1
72.9
89.2
68.3
70.1
90.0
97.6
Houston.
82.5
78.0
77.9
74.0
76.0
94.4
94.3
New Orleans
83.6
83.3
81.1
74.1
73.8
94.4
91.6
82.1
b80.6
78.6
64.6
74.5
90.4
98.8
77.7
70.1
87.0
54.7
78.6
84.0
94.4
Birmingham
.........
*
West South Central:
Pacific:
Los Angeles
Portland, Ore
82.8
82.0
61.5
83.5
86.7
99.7
San Francisco
87.7
80.8
92.8
74.1
77.4
90.3
105.0
Seattle
86.9
77.6
89.8
70.7
95.0
92.1
101.7
82.2
a76.9
81.7
69.5
87.2
84.6
98.4
143.2
121.8
146.7
113.1
161.7
177.4
196.2
78.5
New-
3.8%,
prices
of
and
drop of
a
of
much
as
fuel
Of the
gas.
respectively),
also had the
Miscellaneous
In
Birmingham,
for electrical
1%,
as
each
due
to
Average: 32 large cities of
the United States.....
(Average 1913=100)
Average: 32 large cities of
the United States
1
by
the
for
1
Table
and
for
32
presents
by
combii.cu,
cities.
where
a
negligible
services
the
32
from
were contained
large
groups
Group
are
also
indexes
15
cities of
of
based
only
an
which
slightly in cost, result¬
0.3%.
Twenty-eight
combined
of
items,
indexes
presented
for
with
in
Debits
to
to
purchased by wage earners and
Dec.
average
each
costs
Table
of
in
15,
1939,
States
2.
costs
shown
are
separaetly
and
in
for
The
as
in
the
cities
these
1913
Debits
17% Lower Than Last Year
individual
and
for
all
cities
for
the
32
cities
100,
index
of
1923-25
years
the
cost
of
all
accounts,
leading cities for the week
below the
business days,
total
as
ended
by
reported
banks in
Feb. 28, which included
aggregated $7,242,000,000,
or
13%
reported for the preceding week and 17%
below the total for the
increases.
the United
on
Bank
items.
in
only five
changed
cities
Sept.
rected from 81.8 to 81.6.
decline
combined.
2
combir°d.
workers
the
the 32
following to say:
goods
reported declines and four showed
cities
of
reported an advance
higher prices for textile
Department of Labor,
Percentage changes in the cost of goods
lower-salaried
one
C._
goods offset the rise ni other
Secretary Perkins
issued
decline
net
a
D.
Every city reported
furniture.
announcement
100,
quarter.
cities,
advances
amounting
Only Washington,
(3.2%).
The remarks of
these
—0.2
i
costs
rise
fall
25
Of
reported
reporting declines only two showed
and Baltimore (1.3% and 1.0%,
occurred, lowered prices
Table
+ 1.7
Denver
the
in
cities.
two
Me.,
increased
during
increases
two
only
costs,
Portland,
two,
in
is
as
reported
light
Portland
than
net
cities
+0.6
electricity rates.
more
in
b
Mobile.
declines,
citise
rise
a
House-furnishing goods increased in cost in all but
The
+0.9
Memphis
items.
same
Mobile,
one,
rose,
showed
coke;
cities
—5.1
Savannah
Boston
Minneapolis showed
surveyed,
Birmingham
as
on
four
cities
resulting from
was
and
These
respectively.
five
costs
1.3%,
change
fuel
area,
and
—1.1
Mountain:
light
3.0%.
ing
small,
than
15
lower
declines,
cotton
reported for
were
rise
England
Seattle
Average: 32 large cities of
Detroit
of
Philadelphia,
approximately
costs,
and
No
five.
—0.1
Pittsburgh
1938.
were
Dec.
on
were
5% or
5.5%,
the
silk hose, and
at
0.5%,
rental
increased
—0.3
+ 1.3
Philadelphia
(1.3%).
average
of
costs
on
Sept. 15.
on
price
the
in
indexes
which
reporting net
relative
rose
remained
than
increased
oil
based
less than in December,
cities.
declines
for
lower
quarter
greatest
higher cost of shoes,
as
cities
cities
31
Detroit
in
+ 1.8
+0.1
Boston
goods purchased
cities,
32
advance of 0.9% for the 32 cities combined.
average
1%
0.7%
32
to
part
32
at the begin¬
as
0.6%.
Clothing
more
in
decline of 5.1%, and Kansas City 5.0%.
a
of
d
+0.2
Richmond
the
of
—0.4
"Rents
city, Washington, D. C., where a net drop
three cities slight increases occurred, the
in (Minneapolis, one of the few cities where
reported
the
the
+0.7
+0.6
of
cost
said.
compared with 82.7
as
higher at the end of the quarter.
2.8-% lower, on the average,
in
the
the cost of all
of
were
due
reported
rise
In
were
available.
the
one
level
same
At the end of the quarter food costs
sugar.
in
the
of
only
in
was
costs
15,
29
reported.
(0.5%)
Food
Sept.
in
Perkins
workers
Dec.
on
in
Perkins continued:
index
lower-salaried
was
increase
Secretary
Living costs in these cities averaged
Costs
the
approximately the
the* quarter."
of
The
offset
than
items,"
of
groups
—3.4
—2.5
Sept. 15, lowered food costs at the end of
on
quarter more
other
—0.9
—0.6
the United States
Groups
"Living costs
Portland, Ore
San Francisco
corresponding week of last
year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted
to $6,656,000,000, compared with $7,613,000,000 the preced¬
ing week and $8,049,000,000 the week ended March 1 of last
year.
These
Board
figures
are
as
of Governors of
reported
the
on
Federal
March 4,
Reserve
1940, by the
System.
346175———CBPRACohhtcleisialvatnomdgtneolpnhdi.a
The Commercial &
1510
8UMMARY BY FEDERAL
19—-MDainl seapolis
Reflecting
RESERVE DISTRICTS
Week Ended
of
1939
Mar. 1,
Incl.
Feb. 28, 1940
Feb. 21,
17
$398,107,000
2,397,119,000
370,834,000
474,007,000
264,016,000
243,453,000
1,131,998,000
$442,421,000
3,384,900,000
3,887,281,000
430,011,000
585,713,000
309,059,000
266,589,000
452,528,000
630,148,000
305,356,000
259,975,000
1,264,349,000
260,469,000
152,837,000
18
25
24
25
41
29
219,638,000
134,290,000
239,421,000
187,169,000
642,124,000
273
$7,242,176,000
16
8—St. Louis
17
28
10—Kansas City
18
12—San Francisco
Total
$487,454,000
244,074,000
146,790,000
263,020,000
209,687,000
736,461,000
279,072,000
235,841,000
716.450,000
$8,327,711,000 '$8,727,166,000
Raw
Materials
Again
Rise
in
December
of Industrial Economics of the
National Industrial Conference Board.
Despite this rise, however, the Conference Board index
remained well below the level of last July and below the
average for any year since 1933.
The Board continued as
slightly to
goods declined
Stocks of semi-finished
a
end
of
November,
The rise
1939.
was
volume
end
the
at
since
the
quarter of
industrial
of
of
December,
of
each
for
stocks
the three
average
ments.
Year-to-Date Comparisons
9% above
Reported production for the eight weeks of 1940 to date was
corresponding weeks of 1939 ; shipments were 4% above the shipments,
and new orders were 9% above the orders of the 1939 period.
For the
with
together
than
comparable monthly
the
figures
a
INDEXES OF MANUFACTURING
1933-1939
of
feet
1933
1934
1935
1936
1937
1938
110.2
114.0
110.4
101.4
99.9
110.9
1939
100.6
February..
111.2
114.6
109.9
101.1
99.7
113.2
100.6
March
112.5
115.3
110.5
100.0
100.2
114.4
April
114.5
116.6
110.4
99.3
99.3
116.7
116.5
116.8
109.2
99.8
102.7
115.9
96.4
June
113.7
118.2
108.3
99.9
104.2
113.7
94.6
114.4
119.5
108.0
98.8
104.7
111.6
94.0
August
116.1
109.6
89.5
September.
117.6
118.2
106.8
98.2
107.0
108.6
89.9
October
115.0
114.6
105.2
99.5
107.6
105.8
November.
114.6
113.4
104.2
100.2
108.3
103.3
91.8
December
114.0
111.3
102.6
100.8
109.7
101.1
a93.4
1933
1934
1935
1936
128.7
122.8
109.2
102.4
87.8
.
105.8
98.1
107.3
119.0
91.4
21% on Feb. 24,
was
24% heavier
orders, 204,565,000 feet.
orders reported
for the week
feet;
ended Feb. 24, 1940, by 419
6% above the production of
the same mills.
Shipments as reported for the same week were 183,022,000
feet, or 0.2% above production.
Production was 182,541,000 feet.
Re¬
ports from 106 hardwood mills give new busindfes as 9,078,000 feet, or
23% below production.
Shipments as reported for the same week were
10,289,000 feet, or 13% below production.
Production was 11,782,000 feet.
193,508,000. feet,
totaled
mills
98.3
July
feet.
production,
544;
Mills,
were:
96.6
May
stocks
mills produced 202,586,000
shipped 193,311,000 feet;
Revised figures for the preceding
194,521,000 feet; shipments, 198,-
194 323,000
of
orders
booked
Lumber
January
gross
Softwoods and Hardwoods
softwood
Materials, Including Cotton at Mills
to
orders
16% a year ago.
Unfilled orders were
stocks were 4% less.
gross
the week ended Feb. 24, 1940, 508
softwoods and hardwoods combined;
592,000
INVENTORIES
Raw
ago;
year
During
week
Adjusted for Seasonal Variation: 1936=100
10% above production,
Supply and Demand Comparisons
unfilled
of
ratio
1940, compared with
of commodities
date, new business was
above production.
eight weeks of 1940 to
shipments were 6%
and
compared with these
classes
with
11%
shipments, 2% greater, and new business, 22%
The industry stood at 67% of the seasonal weekly
of 1929 production and G5% of average 1929 ship¬
The Association further reported:
greater.
brought
year
CONFERENCE BOARD
THE
orders, 4% above production. Compared
week of 1939, production was
point 22.5% below
1933;
January,
new
corresponding
the
inventories of this type to a
point 4% above the level at the end of 1938.
The
following table gives
the Conference Board's indexes for the
last
the
for
were
business, 1% 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 1% below pro¬
3% less;
finished goods stocks
in
Com¬
Ended Feb. 24, 1940
1940,
production during the week ended Feb. 24,
0.1% less than in the previous week; shipments
Lumber
The
finished goods showed no change as
of
the
at
Movement, Week
Report of Lumber
reported at the end of 1938.
level
Inventories
January, 1939.
that year.
the Division
by
follows:
stocks
below the average for
greater;
Physical volume of raw materials in the hands of manu¬
facturers advanced during December, 1939, for the fourth
consecutive month, according to the preliminary indexes
the
was
duction ; new
of
Stocks
21.5% greater than in
of decade or more ago reveal sharp declines. Thus
January, when industrial production as measured by leading indexes
not far below the peak for 1929, total man hours worked stood 23.6%
last
15
2—New York
Industrial
of reduced
parisons with the figures
1,204,492,000
1940
and in the average length of the
industrial activity, total man hours worked
slight drop in employment
declined 1.7% but they were
Centers
Federal Reserve District
compiled
a
work week because
No.
1940
March
Financial Chronicle
or
Identical Mill Comparisons
wood
mills
ended
week
during
Production
Feb.
24,
1940, of 396 identical soft¬
it was 163,434,000 feet;
180,675,000 feet, and a year ago
was
180,773,000 feet and 176,543,000 feet, and
orders received,
191.725,000 feet and 155,623,000 feet.
In the case of
hardwoods, 87 identical mills reported production this year and a year
ago
10,084,000 feet and 8,885,000 feet; shipments, 8,466,000 feet and
8,156,000 feet, and orders, 8,038,000 feet and 7,892,000 feet.
shipments
respectively,
were,
Semi-Finished Goods*
January
1938
1937
111.4
130.9
121.7
108.6
102.5
86.7
119.0
112.3
March
131.5
120.8
107.5
105.0
87.3
120.8
113.3
April.
130.3
120.0
107.5
103.1
86.3
121.9
113.7
May
126.0
118.0
107.8
103.1
87.7
122.6
113.7
June
122.0
115.9
108.3
103.3
88.4
121.5
112.4
July
118.5
116.0
108.6
98.7
91.4
118.1
110.8
August
118.5
115.7
108.0
100.4
93.5
114.7
106.8
September.
120.6
116.5
107.1
98.3
96.5
111.7
99.2
October
120.9
114.6
104.2
96.8
101.4
109.8
92.8
November.
122.3
113.4
102.3
92.9
107.7
110.7
86.2
December
126.4
112.1
101.6
89.4
113.7
110.9
a86.0
1933
1934
February
_
.
.
Finished Goods
1937
1938
85.9
January
91.6
94.7
97.0
107.3
119.9
110.0
1935
1936
1939
84.3
91.8
95.0
98.3
107.6
118.0
109.5
March
83.3
92.1
95.4
97.8
107.9
116.5
110.0
April
81.8
93.0
95.3
98.6
107.4
114.9
110.9
May
82.2
92.3
96.8
98.1
108.8
115.5
109.6
June
82.3
93.2
97.4
98.0
109.5
113.4
109.5
July
85.5
95.4
96.6
98.8
109.0
112.6
August
89.8
95.6
95.4
08.4
111.3
111.8
111.7
September.
93.2
96.0
96.6
100.8
114.2
112.2
108.1
96.0
118.0
February
__
October
110.8
95.4
95.6
103.7
November.
96.7
93.8
94.7
104.4
118.5
111.4
114.5
December
93.8
94.7
95.1
106.1
118.8
110.1
all4.5
_
♦Stocks of copper estimated for
1933.
a
112.4
Totaled $733,000,000
Agricultural Economics—Compares
with $634,000,000 Year Ago—Monthly Farm Income
Report Combined with Monthly Receipts
Cash income from farm marketings and Government pay¬
ments in January totaled $733,000,000, the Bureau of Agri¬
cultural Economics reported on Feb. 28.
In January, 1939,
cash farm income totaled $634,000,000, and in December,
$801,000,000. Income from farm marketings in January de¬
clined slightly more than seasonally from December and
amounted to $607,000,000 compared
with $710,000,000 in
December and $593,000,000 in January last year.
Govern¬
ment payments in January of $126,000,000 were the largest
for any month since Government payments began.
In De¬
cember Government payments totaled $91,000,000, and in
January, last year, $41,000,000.
For the first time the
Bureau combined into one report the regular monthly re¬
port on United States income from farm marketings, and
the report on monthly receipts from the sale of principal
farm products by States.
Details of the January changes
Farmers' Cash Income in January
1939
116.5
111.8
Says Bureau of
in
prices wrere given as followrs:
Although
Preliminary.
December,
Average Weekly Earnings, "Real" Weekly Earnings and
Man Hours Worked in Major Industries in January
Declined Slightly from Previous Month, Reports
Conference Board
Weekly
envelopes of employed
pay
wage
earners
were
a
little smaller in January for the first time since last July,
as a result of the decline in industrial
activity, according to
the
monthly
wage earners
of wages, hours and cost of living of
in 25 major industries released by the Division
survey
than
prices
farm
farm
income
usual
in
in January averaged about 3% higher than in
declined slightly more than seasonally because of
of cotton in December were somewhat larger
to the advance in prices, and the decline in sales
Sales
marketing.
Teduced
response
to about the usual level for this season
Although sales and income of tobacco were higher in
January than in December, the increase was not as great as usual; and
the net result was a decline in the seasonally adjusted index of farm
in
of
January
the
brought marketings
year.
Income
income.
from
grains
was
increased by the large amount
under loan and by increased
placed
Income
from
fruits
January
in
of corn
sales of barley and rye.
was
lower
than
a
earlier_ with
than offsetting
year
sharp declines in income from apples and strawberries more
the
increase
in
income
from
citrus fruits.
Marketings
of
apples
in
that the January average was still equal to the high point reached in the
earlier, but prices were sharply
lower.
Cold weather in the early strawberry-producing States has retarded
the growth of the crop,
and only a negligible amount of strawberries
was
marketed in January.
Citrus fruit prices in January were higher
than a year earlier, and marketings in January were not reduced ma¬
terially by the freeze in the citrus areas of Florida and Texas.
Income from vegetables increased slightly more than
seasonally from
December to January, and
was about
5% higher than a year earlier.
Income from potatoes, beans, and truck crops was slightly higher than a
1936-1937 recovery period.
year
of Industrial Economics of The Conference Board.
Under
date of March 8, the Board further stated:
The decline in
average weekly
earnings of the workers
of the industries covered in the survey amounted to only
due
specifically to
reduction
in
the
a
on
the payrolls
1.4%, and
was
fractional dip in average hourly earnings and a slight
number
of
hours
worked.
however, that this decline occurred from
a
The
Board's survey
shows,
comparatively high level, and
Compared with January, 1939, there was
an
increase of 8.1 %, while the change from the average for 1929 was a decrease
of'only
1.6%.
In
1929,
however, workers had to work
greater number of hours a week to obtain
a
of the amount of goods and services his money
for
a
fractional rise In the cost of
declined
month
1.5% but they
of
1939.
higher than the
Even
were
more
average for
a
substantially
similar amount of money wages.
The position of the employed worker remained very
favorable in the light
income could buy.
Allowing
living in January, "real" weekly earnings
still 8.1%
higher than in the corresponding
striking is the fact that they stood 15.4%
1929.
January
were
about
whereas
ago,
the
same
from
meat
a
year
sweet potatoes was slightly lower.
meat animals were large in January, and
totaled $202,000,000 compared with $191,-
income from
Marketings of all species
income
as
animals
of
$182,000,000 in January, 1939.
Income from
the usual seasonal change from December to
$117,000,000 compared with $112,000,000 in
January last year.
Although prices of poultry were somewhat lower in
January than a year earlier, marketings were considerably larger, and
income from poultry was higher than in January,
1939.
Marketings of
eggs,
however, declined sharply in January and were somewhat smaller
000,000
dairy
in
December
products
January,
and
and
made about
amounted to
I
Volume
than
a
in
•
sharp
a
earlier.
year
combined
This,
decline in
in
January,
The Commercial & Financial Chronicle
ISO
1939,
Farm
together
with
income
and
from
totaled
January
$46,000,000
$70,000,000
Product
Price
in
Local
market
higher
Index
prices
of
Feb. 15
on
lower
from
compared
resulted
prices,
and
poultry
eggs
with .$48,000,000
in
December.
Ended
points
slightly
Income
eggs.
Feb.
Cotton
prices
farm
than
products
month
a
than
27.2c.
the
price
averaged
two
earlier, the Agri¬
Feb. 29.
At 101%
a
farm
markets
received
year
0.12c.
a
of
averaged
on
84.1c.
bushel,
a
or
0.4c.
farmers last month.
It was, however,
Corn prices made about the usual seasonal
earlier.
Southern
many
than
lower
The mid-February
bushel
a
Other
feed
vegetables
a
1.5c.
was
grains
year
seasonally
were
ago.
,
.
curtailed
were
higher than
as
result
a
wave,
however,
prices,
about
15c.
bushel
per
below
prices
a
year
Total.
war has not stimulated—it has diminished—
export demand for farm products, according to the
Bureau of Agricultural Economics.
United States exports
and
fruits
have
been
greatly reduced;
exports
of pork and lard are not up to the volume
that would flow
normally in a year of large production and low prices;
export sales of cotton have been good, but have declined
recently;
little wheat is going abroad.
The
Bureau's
monthly summary, issued March 4, further said:
of
war
is
less
and
of
of
average
of
has
of
power
by
paid
to
to
increase
support
production
prices
has
farmers
is
by farmers
to
in
Refined
of
Refined
some
that
The
farm
outlook
levels
in
would
The
around
for
the
pre-World
corhmodities used in
for
Widest
War
pro¬
dispari¬
with
of
Since
of
increase of
Economics
its
monthly
analysis of the wheat situation,
Agricultural Economics announced Feb. 27
of
the
that
world wheat
about
result
1467.
of old
wheat
on
is
of
net
reductions
more
Rye
is
than
a
estimated
now
in
estimate
The Bureau went
on to state:
July 1, estimated at 1,189,000,000 bushels,
bushels
production
production
month
a
page
338,000.000 bushels less than
world
of
2,
590,000,000
world
about
Southern
earlier.
year
at
the record
production
Hemisphere
12,000,000
bushels
On
4,267,000,000
in
countries,
the
other
bushels,
1938.
than
the
the
present
estimate
since
year.
likelihood
were
also
during the
domestic
over
next
that
there
important
current
would
price
year
be
factors.
are
no
rye
Rye
expected
to
exports
exports
be
less
from
from
the
the
Soviet
Union
United
States
than
1,000,000 bushels,
disappearance slightly smaller than a year
earlier, and the carry¬
July about the same as that of last July.
the
Of
beet
Wallace
Reduces
Estimate
to
1940
Sugar Consumption
6,607,745 Tons
Secretary of Agriculture Wallace announced
reduction in the estimate of
for
the
calendar
on
Feb. 23
consumers'requirements of
a
a
year
decrease of 117,355 tons.
follows:
The Sugar
1940,
different
The announcement explained
period,
countries.
to
make
an
December for the fol¬
lowing calendar year and to make any necessary adjustments in this initial
determination.
refined
sugar
United
The
ex¬
Kingdom,
Refined
of
Sugar
1939
in
63,880
tons,
principally
came
Of
possessions.
the
the
from
British
consumed
sugars
supplied approximately 53,800 tons,
were
imported
were
West
Indies
and
1938,
in
11.5%,
or
12.5%,
or
home
pro¬
while the balance
primarily from the sources mentioned above.
came
*
Federal Land Banks Increasing Sales to Farm Tenants
Aid Them in Becoming Owners
to
In
endeavor to develop a
an
higher proportion of owner-
operated farms in communities, the Federal Land banks are
increasing their sales to farm tenants, according to A. G.
Dur¬
approximately 37% of all sales
were to this class of purchaser.
In addition, he said the
banks are increasing their sales to former owners, both
1939, he pointed
ing
out,
through contract to purchase and through leases with option
The FCA announcement further stated:
purchase.
Sales
of
amounted
10,576
to
sold
farms
which
properties
of
consideration
farms
the
Federal
of
parts
or
$26,702,000.
During
Land
farms
the
have
banks
during
previous
1939
year
taken
for
over
total
a
number
the
of
11,510 for $26,133,000.
was
"Although the total number of sales during the last calendar year was
less than in 1938," commented Mr. Black, "the sales made by six of the
increased
banks
number
of
their
in
which
the
banks
Land
ended
with
pointed out
31,
at
the
for
The
by
previous
farms
fewer
that
period.
the
for
in
decrease
the
the great reduction
two
three
or
years
sale."
inventory of farms
outright by
owned
subject to redemption increased about 1,800 during the
or
Dec.
books
that
accounted
is
during
inventory
banks
these
during
districts
some
estate
Black
the
substantially
in
sales
real
left
Mr.
1939,
when
totaled
it
25,801.
These
carried
were
$80,862,000.
*
Demand
for
Farm
Products
in
January
Maintained
Despite Industrial Decline
industrial activity during January
'The decline in
ently
had little
At the time the initial determination of consumers' requirements for the
calendar year 1940 was issued, it was stated:
"The determination is based on official data now available to the
Depart¬
on distribution and stocks.
When additional official data becomes
available it may be necessary to adjust this figure."
appar¬
products, the Bureau of Agricultural
ported
and
no
or
on
price situation.
December
since
effect
upon
consumer
demand
for
Economics re¬
Feb. 17 in its monthly analysis of the demand
ment in the general
The Bureau states that the improve¬
level of farm prices which has occurred
apparently was due mostly to unusual
affecting
supplies,
rather
than
to
weather
conditions
changes
in demand.
It adds that the recession in indus¬
trial
production which appeared in January is continuing
about the same rate.
Though no immediate turnabout
at
in
to
prospect, the decline probably will be halted in time
prevent
demand
major
any
form
for
decrease
products,
says
in consumer income
the Bureau, which
and
goes
to say:
011
Latest
the
for
war
farm
our
data offer added confirmation of earlier expectations that
export
European
would
products.
is being
mand
be
adverse
an
However,
influence
an
offsetting
as
on
the
demand
export
influence, domestic de¬
bolstered by increasing industrial exports.
These tendencies
expected to continue.
are
with
able
the
commodity
recession
for all
in
prices
industrial
have
declined
since
mid-January
The price weakness
activity.
except farm and food products, some of which
was
along
notice¬
were
influenced
by reduced market supplies brought about by weather conditions.
Pressure
on
an
8.5% Above 1938
approximately
consumption,
which:
British
Wholesale
Act of 1937 directs the Secretary of Agriculture
initial determination of consumers' requirements in
ment
year,
list.
produced in the Dominion, while the remainder
sugars
other
duction
sugar
1940 from the initial estimate of
6,725,100 tons, announced Dec. 29, 1939, to 6,607,745 tons,
as
1939
sugars
cane
is
Secretary
the
farm
smaller
July have been considerably higher this year than a
earlier, although rye supplies have been almost as
large as they were'
This situation has been largely the result of the
strength in
wheat prices,
but the fact that Germany took over Polish
supplies and
the
end
against
as
a
year
last
60
lead
Consumption
or
As
ago.
prices
the
to
tons
previous
the
previous year, an increase of 40,070 tons, or approxi¬
according to advices received by Lamborn &
New York.
The firm added:
Co.,
on
hand,
of
in the
year
were
1939,
1,
59,088
to
during 1939 totaled 509,716 long tons as against 469,646 tons
year
World stocks
Sept.
months
+
issue of March
the
on
amounted
1939-January.
than
more
Finland
Canadian
supplies (excluding the U. S. S. It. and China)
beginning July 1, 1939, are now estimated to
lie about 250,(XX),000 bushels more than for
the preceding
year.
The first part of this summary was
given in our
for
to
and
Europe
five
approximately 175%.
or
September,
the
went
in
exports
corresponding
37,560 tons,
During
ports
Norway
the
for
hostilities
of
year,1 the
this
tons
21,528
The firm further said:
start
January,
{
Wheat
Bureau
the
month last year, an increase
same
250%, according to Lamborn & Co.,
over
or
Ago
by the United
States during
14,213 long tons as contrasted
totaled
4,018 tons for the
New York.
Year
250%
Increased
January
in
exports
year
10,195 tons,
to
'
Supplies for Year Beginning July 1,
1939, Estimated at 250,000,000 Bushels Above Pre¬
vious Year, According to Bureau of
Agricultural
In
issue of Jan. 13,
our
Black, Governor of the Farm Credit Administration.
that
1910-14.
»
World
Exports
sugar
this
demand
declined.
the
living average 122% of the base period.
prices of cotton, corn, wheat, hogs and eggs.
in
Sugar
Over
anticipation
months.
continue below
equivalent
domestic
production
during recent
industrial
received
prices
helped
products
purchasing
but
been
industrial
farmers
that
now
prices
100,
and
are
decreased
principal farm
a
have
war
This
income
propitious
duction
ties
the
through
the
farmers
level
of
requirements.
Prices
give
effects
products
products
given in
was
mately 8.5%,
European
farm
estimate
188.
page
the
for
—
The initial
422,823
943,967
803,026
Consumption of refined sugar in the Dominion of Canada
Good
tinues
Principal
6,725,100
Foreign countries other than Cuba
Increased
of
tobacco
6,607,745
_
Cuba
earlier.
Agricultural Economics Reports European
War Cuts Farm Exports—Domestic Demand
Con¬
of
8,972
1,036,356
1,923,680
26,581
.
_
1,559,695
1,549,898
420,167
938,037
797,982
8,916
1,003,783
1,863,217
25,745
.
Philippine Islands
♦
Bureau
Initial
Determination
Virgin Islands
of
with
prices advancing sharply during the first half
February.
Prices received by growers for apples advanced more than
10% during the month ended Feb. 15, and averaged 81c. a bushel on
that date, compared with 73c.
a
month earlier.
Apple
still
dis¬
on
be issued shortly.
will
basis of this determination are as follows:
Puerto Rico
.
of
were
Domestic beet
Hawaii
by
ago.
month
a
pound
a
earlier.
year
mid-February price of 54.7c.
cold
severe
regulations
Mainland cane area
January
considerably above the avearge of
Supplies
the
price
received
higher and
15 averaged
pound higher than
a
local
higher than
the
Feb.
on
at
lower
The
1940, including data
Feb. 21,
quota
Revised
also quote, in part:
we
wheat
advance.
Formal
taxes
15, but 1.74c.
price of
stocks.
Determination
included, the composite index of prices
paid was 28% above the 1910-14 level.
Thus the general
average
of prices
received, at 101, was only 79%
of
parity.
From the announcement of the Department of
Jan.
and
15
index of prices paid by farmers in
mid-February was un¬
changed at 122, or 22% higher than 1910-14 average.
With
Agriculture
tribution
Up Slightly in Month
Marketing Service reported on
of the August, 1909-July, 1914, average, the index of
prices
received was nine points above that of a
year ago, and was
the highest February index since 1937.
Though prices of
farm products are now slightly higher than in the
pre-war
period, they are still generally well below parity.
The
and
The official data referred to in the press statement of Dec. 29 have now
been compiled and were issued on
The revised quotas on the
cultural
interest
1511
in
prices will continue until the decline in industrial activity halts, unless
the meantime unexpected European war developments become a more
dominant
The
was
factor.
general
higher
r
level of
than
in
prices
January,
received
paitlv
by
as
farmers
a
result
in
of
February
weather
probably
conditions
The Commercial &
1512
increased in January
income
Farm
sonal
and was well above
movement,
levels of
low
crude
ported
months.
FHLBB
Foreclosures for Six Consecutive
Below Preceding Years,
Declined
Have
Years
Reports
non-farm real
declined from the preced¬
ing year it was recently announced in an analysis issued
by Corwin A. Fergus, Director of the Division of Research
and Statistics of the Federal
Home Loan Bank Board.
Beginning in 1925 the number of foreclosure cases rose
sharply, particulrly so from 1930-1932; reached a peak in
1933; dropped substantially during 1934; receded only
slightly in 1935, and then followed a precipitous decline
which not until the past year (1939) has shown any ap¬
preciable tendency to abate.
The summary went on to
consecutive years foreclosures on
six
For
United States have
estate in the
state:
month of the past year
Further, foreclosure activity
in each
less
month
corresponding
the
in
numbered
foreclosures
Non-farm
than
1938.
of
was below that for any year since 1927.
Cases during the
numbered approximately 105,000; 12% below the 119,000 for 1938,
and 10% below the 116,000 for 1928.
The national foreclosure rate for 1939 was 5,5 cases per 1,000 non-farm
during 1939
year
compared with 6,3, 13.3_ and 3.6 for 1938, 1933 and 1926,
Geographically, the higher 1939 |ates are shown to be con¬
principally in the Northeast, Maryland to New England, in¬
dwellings as
respectively.
centrated
clusive.
communities of the country revealed
than the more highly urbanized
areas.
Although all four groups by size of community reported substantial
decreases, Groups No. 1 and No. 2, which together embrace all counties
of less than 20,000 non-farm dwellings, each showed a larger percentage
decline than either Groups No. 3 or No. 4.
Group No. 4 (counties with
60,000 ,or more non-farm dwellings) reported the least decline (9.4%)
and the highest rate (8.6) during 1939.
The high rate for this group,
which incidentally has considerable bearing on the national rate for all
groups, was also due primarily to activity in the Sortheast.
Geographically, the decline from 1938 seemed rather generally dis¬
tributed, with only 14 States registering increases.
Of the States report¬
ing rises,
there was some noticeable concentration in southern New
England and an area extending toward the west from the Great Lakes.
generally,
Speaking
smaller
the
relatively greater improvement over 1938
Four
of
closure
the
Federal
12
reported
districts
Bank
more
fore¬
in the preceding year.
than
1939
in
cases
Loan
Home
Rayon Exports in 1939 Showed Steady
According to "Rayon Organon"—Ship¬
States
Growth,
ments
Valued at $15,300,000 Largest on
Record
Although not large - in comparison with domestic con¬
sumption, exports of rayon from the United States showed
a
steady growth in 1939, and the dollar value and pound¬
of the export of this product were the largest of any
age
in the history of the export trade, states the "Rayon
Organon," published by the Textile Economics Bureau, Inc.,
New York.
The dollar value of the estimated 12,000,000
year
items exported from the United States
according to the publication.
This .new
high record total compares with a previous peak of $11,-.
000,000 in 1938 and a low of $2,400,000 in 1933.
The an¬
pounds
of
rayon
$15,300,000,
was
nouncement, issued March 7 by the Bureau, continued:
The
West
market
Indies
took
25%
of
all
The
Union
of
South
fourth, and
the
for
has
area
American-made
for
exports,
rayon
Africa
United
in
last
instance,
foreign
which
single customer.
third, Canada
largest
the Philippines
second,
were at
about the
same
level
1938, but the shipments to the other four markets rose substantially
The five
year.
in
exports
rayon
Four
and
for
fifth.
Shipments to the United Kingdom in 1939
as
largest
the
been
Cuba,
America's
was
ranked
Kingdom
years
many
products.
rayon
British
of
South
from
exports
rayon
countries
Africa)
the United
(United
accounted
29,700,000
of
our
Canada,
Australia
total
filament
rayon
pounds
in
the
Kingdom,
for 40^% of
the
1939
value
of
States.
Domestic Market
Shipments
78% of
mentioned accounted for
1939.
Empire
Union
the
countries
short
yarn
in
of
consumers
February,
amounted to
with 31,-
compared
for the two months of 1940
16% compared with 52,800,000
pounds delivered during the corresponding months of 1939.
Stocks
of
rayon
yarn
held by American producers totaled 8,300,000
pounds at the end of February, which compares with 7,000,000 pounds
400,000
totaled
on
in
pounds
61,100,000
hand
as
of
Petroleum
March
Daily
January.
pounds,
Jan.
and
31,
an
Deliveries
increase of
1940.
It's Products—Texas
Oil
Case Set for
14—Higher East Texas Allowable Sought—
Average Crude Production Up Sharply—
World Crude
—Possible
in
Mexico
Seen for Sinclair
Federal
Houston
a
on
three-judge court will rule
on
March 14 at
the motion of the Texas Railroad Commission
stay of an injunction
decision
holding the East Texas
ditional quantities of oil
daily.
Two Texas oil men—R. B.
Hartman, of Fort Worth and
S. P. Starnes, of Gladewater—in seeking an
Commission, production of crude oil in
the Lone Star State showed an increase of 100,900 barrels to a
daily average of 1,496,950 barrels.
The East Texas field
accounted for 86,650 barrels of the total increase for the
State.
Since Texas production is far in excess of the Bureau
of Mines estimate, it seems likely that movements of crude
into storage will gain in momentum.
Modest net gains in production were shown by Louisiana
and Kansas where output showed advances of 2,600 barrels
to 281,050 barrels, and of 3,700 barrels to 176,900 barrels,
respectively.
Illinois, which has consistently been setting
record high week after week, showed a loss of 11,600 barrels
to drop to 402,600
barrels.
Oklahoma, which is being
pressed by Illinois as third-largest producer, dropped 13,850
barrels to 407,550 barrels daily.
California was off 19,700
barrels to 584,600 barrels.
December world production
of crude oil set a new high,
rising to 186,088,288 barrels, according to World Petroleum,
which, for the most part, obtains official Government figures
for use in its compilations.
This compared with 178,852,937
barrels in the previous month and 168,236,618 barrels in
December a year earlier.
Total production for the year was
up 5.5% to 2,076,852 barrels.
Production in the United States last year was 1,266,517,500
barrels, which was nearly 61 % of the world total. The total
for 1939 was 53,000,000 barrels above the previous year but
off
increased allow¬
Soviet Russia,
12,600,000 from the record set in 1937.
second in world output, turned out 216,727,000 barrels of
crude oil in 1939, against 206,192,000 barrels a year earlier.
came
within
striking distance
of the Russian
figures at 205,956,000 barrels, which represented a gain of
32,000,000 barrels.
»
The most newsworthy gains were those scored by Egypt
and Saudi Arabia which, less than two years ago, were
producers of little importance. Production of Egypt in 1939
4,415,000 barrels, against 1,561,000 in 1938.
Saudi
Arabia's was 3,855,500 barrels, against 495,000 barrels.
Rumania's 1939 total of 45,996,000 barrels was the smallest
in years, and compared with 48,366,000 barrels produced in
the previous year.
Poland's output last year of 3,898,000
barrels compared with 3,828,000 barrels in the previous
12 months.
Germany, including Austria, Slovakia and
Moravia, produced 5,300,000 barrels in 1939, a new high
record.
The total, however, was less than 10% of normal
German requirements.
Francisco Castillo Najera, Mexican Ambassador to the
United States, at week-end was in Mexico City confering
with President Cardenas on the possible settlement of the
was
expropriation claims between the Mexican Government and
the Sinclair Oil Co. out of the early 1938 seizures of some
$500,000,000 worth of American and British oil properties.
It
was
indicated that there
was some
possibility of a settle¬
being arrived at, but that nothing would be made known
for.everal days.
Upon arrival at Mexico City, Ambassador Najera said that
the possibilities of settlement with the Sinclair interests
centered around the amount that Mexico will pay and ar¬
ment
long-term contract for the
purchase and marketing of Mexican oil. He said that he
expects to reach an agreement "with the company soon."
Ambassador Najera added that he is not negotiating with
either Standard Oil or Royal Dutch Shell. Secretary of State
Hull, at his press conference in Washington Wednesday, said
that he was in no position to give any final details regarding
negotiations between the Mexican Government and any oil
company.
He pointed out that negotiations now seem to be
between Mexico and the oil companies.
There were no crude oil price changes.
Prices of Typical
Crude per Barrel at Wells
(All gravities wjere A. P. I. degrees are
$2.75
1.02
Bradford, Pa
95-1.05
Western Kentucky
.90
Mld-Cont't, Okla., 40 and above._ 1.03
Illinois.
pending appeal from the recent
proration orders uncon¬
stitutional.
The Humble Oil and Refining Co. and Rowan
and Nichols, which challenged the constitutionality of the
orders governing the East Texas field are both seeking ad¬
for
allowable voted for the State by
Reflecting the increased
the Texas Railroad
Corning, Pa
Interests
A
forecasts
Output Sets Record High in December
Settlement
recommend abolishing the Wed¬
rangements with Sinclair for a
February
to domestic
month
demand, he will
shutdown in the East Texas field, which would
provide nearly 100,000 barrels of crude daily.
A sharp increase in Texas crude output was the major
factor in the broad expansion in daily average crude produc¬
tion for the country during the week ended March 4 when
the American Petroleum Institute report showed a gain of
66,150 barrels to a daily average of 3,798,250 barrels. The
week's figure was nearly 300,000 barrels above the March
market demand estimate of the United States Bureau of
Mines of 3,500,600 barrels daily, set in its regular monthly
Venezuela
♦
United
war
nesday
to hold above the rela¬
♦
Non-Farm Real Estate
presented to the Texas
and
daily from independent operators in that area. Commissioner
E. O. Thompson said that if the contract supports the re¬
after adjustment for the usual sea¬
the low income a year earlier. Both
of marketings are expected
1939 during the next few
prices and the volume
tively
have changed very
Prices paid by farmers
eggs.
1940
Railroad Commission evidence of contracts with England
France for the purchase of 65,000 to 70,000 barrels of
little during
the past five months, whereas prices received have increased some.
During
this period prices received by farmers have averaged 80% as high relative
to prices paid as they did during the 1910-14 pre-war period.
and
tables
crude this week
able of East Texas
products as fruits, vege¬
prices of such
in
advances
sharp
caused
which
March 9,
Financial Chronicle
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over..,..
REFINED
INVENTORIES
1.10
1.03
Darst Creek
.76-1.03
Michigan crude
.93
Sunburst, Mont
1.25 Huntington, Calif., 30 and over
.73 Kettleman Hills. 39 and over
1.15
IN
NEW
PRODUCTS—SOCONY
LOWER—"LAMP"
$1.03
Rusk, Texas, 40 and over
CUTS
YORK—WEAKNESS SPREADS TO
FUEL
not shown)
Eldoraro, Ark.. 40
GAS
PRICES
PENNSYLVANIA—MOTOR
SPURT—REFINERY
COMMENTS
1.38
ON
OPERATIONS
TOP-HEAVY
STOCKS
high holdings of gasoline were reflected in
weakening of the price structure in important markets in the
W The
record
Volume
The Commercial & Financial Chronicle
ISO
East during the week.
Stocks of motor fuel continued their
sustained rise into new record
ground, and came within
striking distance of the 100,000,000-barrel level.
A reduction of 4 cents a
gallon in tank-wagon and 5 cents
a gallon in retail
prices was posted in the metropolitan gaso¬
line market by
Socony-Vacuum Oil Co., Inc., for "Mobilgas."
The reduction, posted Wednesday, set tank prices
at 8.3 cents a gallon, with retail
prices going to 12 cents a
gallon.
Tank car prices remained unchanged.
The weakness in gasoline also broke out in
price cuts in
Pennsylvania where the Atlantic Refining Co. posted a
reduction of y cent a gallon in the
tank-wagon price of
motor fuel in the
Philadelphia metropolitan area.
Under
the new schedule, prices
dropped from 8.5 cents a gallon to
-
The
American
daily
average
be
to
the total
a
daily
during
the
their
march into
four
whether
269,000
for
weeks
bonded
for
or
Stocks
of
There
375,000
stimulated
barrels
as
inroads
made
were
a
new
were
no
receipts of California oil
realize from the sale of
many products made from it.
the industry is faced with the situation that carries
in itself and which calls for some
long
range
oils will continue to rise.
In looking to
the future, therefore, the
industry's problem lies in meeting
increasing, and sometimes unexpected, demands for dis¬
tillate fuel and gas oils with
unnecessarily adding to gasoline
stocks in the winter."
Representative price changes follow:
K cent
a
gallon, respectively, in the
March 7—Standard
area.
Oil of Indiana advanced to
tank-wagon prices of standard
States
of
Illinois,
Indiana,
normal all sub-normal
tractor fuel and standard
Wisconsin, Minnesota,
to
imported,
make
Atlantic
Gulf
or
heater oil in the
the
Coast
com¬
OIL PRODUCTION
Four
Week
Chanqe
from
Ended
Ended
Mar. 2,
1940
Previous
Mar. 2,
Week
1940
Mar. 4,
1939
b407,550
—13,850
419,950
441,200
bl76,900
4-3,700
175,350
144,900
68,650
80,800
30,600
208,800
State
Ended
Allotc-
ables
Weeks
Week
{Feb.)
429,000
Kansas
155,500
Nebraska
w«.
429,000
165,000
b
+
Panhandle Texas
North Texas
78,400
104,650
East Central Texas.
East Texas
Southwest Texas
Coastal Texas
Total
4-1,300
76,350
4-1,750
101,100
33,100
251,600
79,600
484,000
West Central Texas..
West Texas
+ 700
33,300
+4,050
235,700
79,000
419,650
+ 86", 650
+3,550
+ 2,900
227,950
237,650
Texas
222,900
234,700
96,700
372,650
246,600
216,250
1,371,400 C1390151 1,496,950 + 100,900 1,402,700
1,321,050
North Louisiana
Coastal Louisiana...
69,150
Total Louisiana...
+ 1,300
68,650
211,900
+ 1,300
210,600
72,100
194,550
266,650
252,800
273,253
281,050
+2,600
279,250
Arkansas..
60.000
70,000
69,000
—250
Mississippi.
68,900
700
52,700
b6,800
402,600
—450
—11,600
6,500
402,400
158",050
Illinois
325,500
Indiana
5,200
+ 3,150
7,250
100,450
+ 2,900
98,400
63.850
—850
55,200
Indiana).
Michigan
Wyoming
b9,650
103,700
64,500
and
—1,800
64,600
66,900
96,400
Montana
15,200
65,200
17,200
Colorado
4,100
3,950
+ 100
17,100
4,500
56,000
48,650
14,250
3,800
113,000
112,500
+ 1,350
112,000
101,900'
585,900 d594,000
3,213,650
584,600
—19,700
3,798,250
+ 66,150 3,734,100 3,314,850
New Mexico
100,300
Total east of Calif. 2,943,100
California
3,529,000
—50
+ 85,850 3,125,800 2,705,550
608,300
609,300
These
are
Bureau of Mines' calculations of the
requirements of domestic crude
premises outlined in Its detailed forecast for the month of
oil based upon certain
February.
As requirements may be supplied either from
stocks, or from
duction, contemplated withdrawals from crude oil Inventories must be
from the Bureau's estimated
requirements to determine the amount of
to be produced.
b
7
Oklahoma, Kansas, Nebraska, Mississippi, Indiana, figures
a.m.
Feb. 21.
are
new
pro¬
deducted
new
crude
for week ended
This Is the original net basis allowable for
the month and Is presumed to have
taken Into consideration allowances for new wells
completed but to exclude any
provision for requested Increases.
It Includes a net figure of
404,480 barrels for
East Texas after deductions for 12 shutdown
days, namely, all Saturdays, Sundays
and Wednesdays of the month.
For all other areas shutdowns have been dis¬
continued and net allowables set which
represent actual permitted
c
production.
of the order,
however, Indicate that In¬
have been granted and modifications made.
Further adjustments
these lines, as In the past, are
likely with the original order being retained.
d Recommendation of Central Committee of
California Oil
creases
along
Producers.
Note—The figures Indicated above do not Include
might have been surreptitiously produced.
CRUDE
RUNS
TO
STILLS
AND
ENDED
Iowa, and North and
South Dakota.
PRODUCTION
MARCH
2,
estimate of any oil which
any
OF
GASOLINE,
WEEK
1940
(Figures In Thousands of Barrels of 42 Gallons Each)
U. S. Gasoline (Above 65
Octane), Tank Gar Lots, F.O.B. Refinery
New York—
New York
Std.OilN.J.$.06H-.07
Socony-Vac. .06^-.07
T. Wat. Oil .08X--08'A
Rich Oil (Cal) .08X-.08X
Warner-Qu.
CRUDE
Developments subsequent to the Issuance
March 6—Socony-Vacuum Oil Co. cut
tank-wagon prices 4 cents a gallon,
and retail 5 cents a gallon to 8.3 and 12 cents a
metropolitan New York
oil
1940.
ments
a
gas
5—Atlantic Refining cut tank-wagon prices of gasoline
gallon in the Philadelphia metropolitan area.
all
impossible
either
at
Require¬
cure
thinking.
March
include
is
daily for
Thus,
no
"There is every
prospect that, with the steady growth of
domestic and commercial oil burner
installations, demand for
distillate and
it
lated
colder
decline
can
2,
Calcu¬
Oklahoma
material than he
raw
figures
but
Daily Refining
Capacity
Other Cities—
Texas
$.07^-.08
Gulf
.08X-.08H
Shell East'n .07^-.08
Chicago
New
$.05
Orleans.
Gulf ports—
Tulsa
Crude Runs
to Stills
at
Potential
.06X-.07
.05^
.04%-.05H
.07M--08
Gasoline
Production
District
-.05X
Percent
Rate
East Coast
Daily
Average
Reporting
615
100.0
540
Refineries
Percent
Inc. Natural
Operated
Blended
87.8
1,433
Appalachian
New York
i
North Texas
$.04
166
87.3
125
86.2
427
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
645
90.7
555
94.9
2,253
419
81.6
272
79.5
z876
Inland Texas
.061
Los Angeles__
Fuel Oil, F.O.B.
(Harbor)—
Bunkder C
Diesel
.03H-.05
Refinery
or
Terminal
California, 24 plus D
$1.50
| New Orleans.$.05X-.05X
I Tulsa
04
-.04X
New
$1.00-1.25
Orleans C
Phila., Bunker C
$1.00
316
50.3
117
73.6
469
90.0
822
86.5
2.403
179
97.8
120
68.6
North Louisiana & Arkansas
100
55.0
42
76.4
116
Rocky Mountain
$
1,055
Louisiana Gulf
(Bayonne)
N. Y.
118
54.2
38
69.4
California
217
828
90.0
451
60.5
1,176
86.4
3,082
80.4
9,632
Texas Gulf
1.50
2.10-2.20
Reported
Estimated unreported
»
N. Y. (Bayonne)—
27 plus
$.04
| Chicago—
I
28-30 D
$.053
| Tulsa
$.02 ^-.03
Gasoline, Service Station, Tax Included
New York
z
Brooklyn
z
Not including
$.17
.17
(Newark
I
Boston
2% city sales tax.
$.1661 Buffalo
.1851 Chicago
Mar.
*
y
11,135
2. 1940
4,441
3,445
24, 1940
4,441
3,490
11,523
x3,704
yl0,410
♦U.S.B.of M.Mar.2, 1939
174
1,503
Estimated total U. 8.:
Feb.
$.17
262
363
Gas Oil, F.O.B. Refinery or Terminal
z
of
average
barrels
B. of M.
only on the gasoline market but on crude prices as well,"
"The Lamp" stated, "since it is axiomatic
that no refiner
for his
use,
daily
a
233,786
and
(Figures in Barrels)
not
more
24,
a
the balance of the
present year, approximately
19,000,000 barrels have been added to gasoline stocks since
Oct. 1, and total stocks are
expected to be around the
100,000,000-barrel market by the end of the current month.
"So large a volume
naturally exerts a depressing influence
pay
with
compared
Feb.
These
DAILY AVERAGE
over
to
by the various
unfinished
justly proud of its accom¬
plishment in meeting the fuel oil emergency on the Atlantic
and Gulf Coasts thus far in the current
heating season, "it
now has a first class
problem on its hands in the matter of
gasoline stocks and their effect on the entire domestic opera¬
tion," "The Lamp," organ of the Standard Oil Co. (N. J.)
pointed out this week.
Despite an increase of 4% in motor fuel consumption from
Sept. 1 to the end of January, and a further indicated in¬
afford
imposed
gasoline.
The total amount of gasoline produced
by all
panies is estimated to have been 11,135,000 barrels
during the week.
Residual fuel oil, on the
contrary, showed an increase of
102,000 barrels in the inventory figures for the week ended
March 2, the American Petroleum Institute
report disclosed.
While the oil industry
may be
crease
the
ended
Reports received from refining companies
owning 86.4% of the 4,441,000
estimated daily potential
refining capacity of the United States,
indicate that the
industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,445,000 barrels of crude oil
daily during the week, and that all
companies had in storage at refineries, bulk
terminals, in transit and in
pipe lines as of the end of the week,
98,364^000 barrels of finished and
holdings.
upon
that
week
barrel
week of March.
The
disclosed that stocks of
consumption, showed
2.
ports during the week ended March
initial
oil and distillate oil reflecting the
gas
ended
domestic
to
weather which
can
barrels,
the week
endeef March
1.1 points in refinery
operations pared the
80.4% of capacity.
Daily average runs of crude
oil, while showing a substantial decline for the second con¬
secutive week, were far above the
figures considered best by
industry economists.
The report showed that daily average
runs of crude oil to stills were off
45,000 barrels, and had
dropped to 3,445,000 barrels.
of
the restrictions
decline of
total
the
separation in weekly statistics.
Petroleum • Institute
finished and unfinished gasoline were
up 1,645,000 barrels
to 98,364,000 barrels.
Adverse weather during the week
ended March 4 contributed to the increase which was in the
face of lower
refinery operations.
A
of
of
average
209,286 barrels
the
territory
estimates
for
Imports of petroleum for domestic use and receipts in bond at principal
United States ports, for the week ended March
2, totaled 1,883,000 barrelsi
ad¬
prices of
Illinois, Indiana, Wisconsin, Minnesota, Iowa, and North
and South Dakota.
On the same date, sub-normal tankwagon markets on kerosene were advanced to within y cent
of normal where the
sub-normalcy was in excess of that
amount.
There was no change made in the
prices of stand¬
ard heater oil or kerosene in
Chicago.
American
Institute
production
Daily average pro¬
duction for the four weeks ended March 2, 1910, is estimated
at 3,734,100 barrels.
The daily average output for the week
ended March 4, 1939, totaled
3,314,850 barrels.
Further de¬
tails, as reported by the Institute, follow i
of
Motor fuel inventories* continued
crude
oil-producing States during February.
standard tractor fuel and standard heater oil in the States
high
Petroleum
gross
March 2, 1940, was 3,798,250 barrels.
This was a rise of
66,150 barrels from the output of the previous week, and
the current week's figures were above the
3,529,000 barrels
calculated by the United States Department of the Interior
8 cents, before taxes.
The Standard Oil Co. of
Indiana, effective March 7,
vanced to normal all sub-normal
tank-wagon
1513
Daily Average Crude Oil Production for Week Ended
March 2, 1940, Up 66,150 Barrels
Estimated Bureau of Mines'
This is
a
basis,
week's production based
1939, dally average,
z
on
x
February-March, 1939, dally average
February-Marc!
the U. S. Bureau of Mines
12% reporting capacity did
not report gasoline productior
The Commercial &
1514
GAS AND
OF FINISHED AND UNFINISHED GASOLINE AND
FUEL OIL, WEEK ENDED MARCH 2, 1940
STOCKS
District
and
At Terms-
and In
Pipe Lines
PlpeZAnes
18,842
3,500
19,624
3,924
247
153
648
16,723
2,361
1,077
280
2,753
"521
1,969
1,494
5,361
"242
3,159
711
33
814
198
19
277
18
198
production of lignite, b
587
756
Rocky Mountain..
1,361
16,880
1,702
158
18,122
7,154
1,886
56,030
73,688
Total barrels produced during
*
Estd. total
91,982
98,354
18,028
6,987
96,719
18,231
7,159
79,788
85,596
19,826
8,718
*
COKE
Feb. 24, Feb. 17, Feb. 25,
1939
1940
1940
Penn. Anthracite—
col¬
including
Total,
Statistics for Month of
Company
Gas
December,
The American
manufactured
1939
8,430,000
181,300
185,600
8,009,000
8,199,000
U,739,000
919,600
19,158
and
natural gas
703,400 in December, 1939, as compared with $78,928,900
for the corresponding month of 1938, an increase of 1.0%.
Revenues from industrial and commercial users rose from
$24,492,000 a year ago to $25,942,200 in December, 1939, a
gain of 5.9%.
Revenues from domestic uses such as cook¬
ing, water heating and refrigeration, &c., declined from
$54,436,000 in 1938 to $53,761,200 in 1939, a decrease
of
1.2%.
$33,-
780,600 for the month, an increase of 1.4% from the same
month of the preceding year.
Revenues for industrial pur¬
poses
35,000
36,200
17,500
373,200
142,600
5,833
6,033
2,917
7,775
2,971
Daily average
Includes washery and dredge
a
increased 9.9%, while commercial revenues increased
2.8%. Revenues from domestic uses were 1% less than for
the corresponding month of 1938, while revenues for house
heating purposes gained
coal, and coal shipped by truck
operations, b Excludes colliery fuel,
working days in the three years.
According to preliminary estimates
of Coal for Month
made by the Bureau
Coal Division of the United
Department of the Interior,
7.8%.
Avge. per
of
Working
Working
Day
{Net Tons)
Days
39,270,000
3,544,000
24.9
1,577,000
24.5
144,700
9,166,000
156,900
25
6,276
395,200
44,940,000
26.1
5,622,000
238,300
26
27
1,722,000
216,200
8,826
..J...— 34,134,000
4,114,000
70,900
23.9
1,428,000
23.5
175,100
9,067",000
24
2,954
148,200
February, 1940 (Preliminary)—
Bituminous coal
Beehive coke
a
.
Bituminous coal
S. Bureau of
Coal Division of the U.
Anthracite
estimated at 9,075,000 net
tons as
a
_
b.
_
.
.
Beehive coke
reported that the total production of soft coal in the
ended Feb. 24 is
—
January, 1940 {Revised)—
Weekly Coal Production Statistics
Bituminous
February, 1939 {Revised)—
Bituminous coal.a
Anthracite-b
against 9,100,000 tons in the preceding week, and 8,640,000
tons in the corresponding week last year.
Figures of daily
car-loadings reflect the holiday observance of Washington's
Birthday in some sections of the country.
The U. S. Bureau of Mines reported that anthracite pro¬
Pennsylvania for the week ending Feb. 24 is esti¬
mated at 940,000 tons, an increase of 131,000 tons when
compared with tonnage in the preceding week. Output in the
corresponding week of 1939 was 973,000 tons.
duction in
OF COAL,
ESTIMATED WEEKLY PRODUCTION
BY STATES
(In Thousands of Net Tons)
(The current weekly estimates are based on railroad carloadings and
ments and are subject to
river ship¬
revision on receipt of monthly tonnage reports from district
the operators.)
and State sources or of final annual returns from
Week Ended—
Feb.
State
Feb. 17, Feb. 10, Feb. 18, Feb. 19, Feb. 16,
1940
1940
Avge.
1929
1938
1939
1923e
f
f
3
3
3
3
321
328
288
244
406
75
107
73
37
170
151
180
166
157
301
1
1
1
1
1,141
1,265
1,135
846
1,722
454
413
341
472
613
75
86
88
82
133
136
Kansas and Missouri
177
214
163
160
212
174
Kentucky—Eastern.
831
890
713
479
1,014
556
201
269
203
155
411
226
37
29
Beehive coke
a
Includes for purposes of
historical comparison and
Alabama
Arkansas and Oklahoma
Colorado
Georgia and North Carolina
Illinois..
Indiana
409
87
231
to End
of
February
{Net Tons) {Net Tons)
statistical convenience the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania.
b Total production, including colliery fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
Note—All current estimates will later be adjusted to agree
complete canvass of
with the results of the
production made at the end of the calendar year.
Sales in Good
Demand Moderates
"Metal and Mineral Markets" in its issue of March 7
reports that domestic consumers purchased a good tonnage
of lead during the week that ended March 6, and tin also
sold in fair volume, but the other metals were inactive.
Prices, excepting tin, showed no change.
In copper interest
centered in renewed buying by the French Government, but
the news exerted
no influence on
the market. Russia
stood ready to buy copper, but producers were not offering
metal in that direction under prevailing strained circum¬
stances.
Quicksilver was higher, following an advance in
mercurials.'
The publication further reported:
Non-Ferrous
and Tin
Metals—Lead
Volume—Copper and Zinc
1,993
437
Alaska
Ccd. Year
Number
for
Month
Total for
Anthracite, b
week
number of
bituminous coal output
1940, amounted to 39,270,000
net tons, compared with 34,134,000 net tons in the corre¬
sponding month last year and 44,940,000 tons in January,
1940. Anthracite production during February, 1940, totaled
3,544,000 net tons, as against 4,114,000 tons a year ago and
5,622,000 tons in January, 1940.
The consolidated state¬
ment of the two aforementioned organizations follows:
States
gas
decreased 3.0%.
Mines
272,000
from authorized
Adjusted to make comparable the
of Mines and the Bituminous
gained .10.9%, while revenues from sales for domestic pur¬
The
c
Preliminary Estimates of Production
of February, 1940
utilities reported revenues of $45,922,800
for the month, or 0.7%
more than for December, 1938.
Revenues from sales of natural gas for industrial purposes
The natural
poses
,
during the month of February,
manufactured gas industry reported revenues of
The
Beehive Coke—
United States total
that revenues of
utilities amounted to $79,-
Gas Association reported
8,631,000 12,650,000
940,000 809,000 973,000
170,900 134,800 176,900
Commercial product'n.b 893,000 769,000 924,000
liery fuel a
Daily average
of
1929c
1939c
1940
30,905
Mines' basis.
Estimated Bureau of
Summary
ANTHRACITE AND
Calendar Year to Date
Week Ended
27,823
27,328
81,499
♦Mar. 2,
OF PENNSYLVANIA
BEEHIVE
(In Net Tons)
75,698
76,091
of Mines
1939...
B.
S.
U.
U. S.:
90,055
24,
PRODUCTION
2,010
675
1940--.
1940...
2,
Mar.
Feb.
495
ESTIMATED
85,242
Reported
..
Estd. unreported--
the week converted to equiva-
6,000,000 B.t.u, per barrel of oil and 13,100 B.t.U- per pound of
of the supply of petroleum products is not directly competitive
with coal.
(Minerals Yearbook 1938, page 702). c Washington's Birthday weighted
as 0.9 of a working day.
d Sum of 47 full weeks ended Feb. 24, 1940. and corre¬
sponding 47 weeks In other coal years.
27,823
6,740
91,524
6,840
6,987
/
'
5,332 262,910 247,108 207,366
and statistical convenience the
Note that most
coal
23". 160
17,353
California
5,956
of historical comparison
lent coal assuming
475
No. La. & Arkansas
1,517
5,978
8,640 360,972 325,190 477,338
1,727
1,178
1,308
1,464
9,100
of weekly output.
Includes for purposes
a
2,790
8,807
2,132
2,708
Louisiana Gulf
Coal equivalent
16,575
8,182
Texas Gulf
—
7
1,853
14,946
Inland Texas
9,075
cl,538
mine fuel
Total, including
Daily average
Crude Petroleum b—
4,216
3,649
4,077
2,380
1939-40 1938-39 1920-30
Bituminous Coal a—
16,113
East Coast
Appalachian
Ind., 111., Ky
Okla., Kan., Mo—
Coal Year to Date d
In Transit
Refineries
and In
Refineries
Unfln'd
Tons)
Week Ended
At
in Transit
At
1940
Feb. 24, Feb. 17, Feb.25,
1939
1940
1940
Residual
Fuel cm
At Terms,
Total
Finished
Finished
Stocks of
Stocks of Oas Oil
and Distillates
Finished &
Unfinished Oasollne
Stocks of
Total
(In Thousands of Net
9,
OF SOFT COAL, WITH
CRUDE PETROLEUM
ESTIMATED UNITED STATES PRODUCTION
COMPARABLE DATA ON PRODUCTION OF
Barrels of 42 Gallons Each)
(Figures in Thousands of
March
Financial Chronicle
f
f
Copper
37
31
63
51
Michigan
8
12
15
14
17
26
domestic account was quiet during the last week,
sales for the seven-day period totaling 7,483 tons.
The price situation was
unchanged, most producers being well sold up, and the quotation continued
at llj^c.. Connecticut Valley.
Domestic sales for February totaled 147,248 tons, which contrasts with
Montana
56
70
77
63
97
80
24,987 tons in January.
New Mexico
28
26
30
27
61
58
North and South Dakota
51
53
85
73
f66
f37
438
480
425
310
455
694
1,981
Iowa
Western
Maryland
Ohio
2,098
1,906
1,474
2,928
3,087
133
142
122
81
129
127
Texas
17
18
16
16
25
Utah
58
59
97
70
150
96
298
322
262
216
281
212
29
37
44
30
77
77
1,812
1,912
1,534
1,181
2,071
1,127
630
664
573
449
725
673
110
122
119
95
170
156
1
1
1
9,100
9,850
8,583
809
636
9,909
10,486
Pennsylvania
bituminous
Tennessee
Virginia
Washington
West Virginia—Southern.a
Northern _b
Wyoming
Other Western States.c
*
23
f4
f7
6,633
12,160
10,956
854
797
1,672
1,902
9,437
7,430
13,832
12,858
Buying of copper for
The feature in
Pennsylvania anthracite.d
Dec.
To—
C. & O.; Virginian; K. & M.; B. C. & G.;
and on the B. & O. in Kanawha, Mason and Clay counties, b Rest of State, including
the Panhandle District and Grant, Mineral and Tucker counties, c Includes Arizona,
California, Idaho, Nevada and Oregon,
d Data for Pennsylvania anthracite from
a
Includes operations on the N. & W.;
published records of the Bureau of Mines, e Average weekly rate for entire month.
f Alaska, Georgia, North Carolina, and South Dakota included with "other Western
States."
* Less than 1,000 tons.
280
108
10,846
504
6,446
Germany
Great
---
Hungary
-
Italy
Netherlands
pares
840
1.655
Britain
Chile
Jan.
672
Belgium
Denmark
France
Total, all coal
Govern¬
75,000 tons of copper from the
records:
p»>
Total bituminous coal
the purchase by the French
the export market was
Cartel on the basis of llMc., f.a.s.
United States ports.
The transaction calls for June-July-August metal to
be shipped at the rate of 25,000 tons a month.
Since last July the French
Government has purchased a total of 300,000 tons of copper.
Prompt ship¬
ment of copper for export sold as high as 11.75c., f.a.s. New York, whereas
forward metal, excluding the French sale, sold down to 11.55c.
Exports of refined copper from the United States—foreign and domestic
metal—during the months of December and January, according to official
ment of
—
1,510
224
exported 308,947
with 349,316 tons
To—
16,839
1,343
12.604
1,250
56,012
57,604
Japan
Other countries
Totals..
metric tons of copper during
in 1938.
Jan.
26.603
Sweden
---
420
794
5,114
1,149
Dec.
..17,057
2,407
Switzerland.
1,824
China and Hongkong..687
Russia
549
1,740
151
1939, which com¬
The Commercial & Financial Chronicle
Volume ISO
Lead,
Sales of lead, totaling 9,763 tons
during the last week, were surprisingly
large, following three weeks of heavy buying that involved 12,214 tons,
15,767 tons and 12,632 tons respectively.
Reports from several im¬
portant consuming interests indicate
for
lead
products.
to be around
Lead
producers
seasonal upward
a
estimate
not
,
and
Shipments
of
foreign tin
Shipments of domestic reclaimed
warehouses.
ex
included,
f Not yet available.
trend in demand
deliveries
Included in either of the columns for zinc.
e
tin
are not
during February
40,000 tons.
February Production and Shipments of Slab Zinc
The quotation continued firm at
5.25c., New York, which was also the
contract
1515
Shipments of domestic production by primary refiners, as reported monthly,
d Imports of foreign spelter.
Shipments of zinc produced from foreign ore are
c
settling basis of the American
Smelting
&
The
Refining Company,
5.10c., St. Louis.
American
Zinc
Institute
March
on
5
released
the
following tabulation of slab zinc statistics:
Zinc
SLAB
Sales by the Prime Western division
during the week ended March 2
totaled 15,492 tons, against 9,431 tons in the week
previous.
Most of the
was booked
before the price advanced to 5%c., St. Louis.
So
far this week the buying has been slow.
The
ZINC
STATISTICS
(ALL GRADES)—1929-1940
(Tons of 2,000 Pounds)
business
February statistics of the
Produced
1,236 tons, against
1,735 tons in January last year.
Imports of zinc in
ore
during January amounted to 11.161 tons, against 484 tons in January
last year.
Ore imports in January of this year consisted of 6,827 tons
from Mexico, 1,525 tons from Peru, and 2,809 tons from Canada.
were in good volume during the last week, with
prices firmer
tight spot position and uncertainty about new exchange regul¬
ations by the British Government.
Offerings were restricted in the Far
to
East.
a
However, offerings of English refined tin increased.
1931.
Year
1932.
1933.
Year
Sales of tin
due
1930-
Year
Year
Tin
Year
1934.
Year
1935.
Year
1936.
Year
Period
Export
602,601
436,275
314,514
218.517
344,001
352,663
465,746
75,430
143,618
129,842
124,856
105,560
6,352
119,830
83,758
561,969
569,241
395,554
44,955
65,333
126,769
300,738
213,531
324,705
366,933
431,499
523,166
589,619
456,990
1937.
Year
for
Period
1938.
The world's visible supply of tin at the end of
February, including the
Eastern and European carry-overs, was 33,148 long tons, against 35,573
tons a month previous and 40,035 tons a
year ago.
United States deliveries
January
44,277
42,639
February..
39,613
39,828
Straits tin for March was qoutable at 47.500c.; April, 47.375c.; May,
47.250c., and June-July, 47.125c.
Chinese tin, 99%, was nominally as follows: Feb. 29th, 45.750.; Mar. 1st,
45.500c.; 2d, 45.375c.; 4th, 45.250c.; 5th, 45.500c.; 6th, 45.625c.
DAILY
PRICES OF METALS
Orders
End of
Period
Period
68,491
18,585
47,769
23,099
18,560
26,651
170
57,999
31,240
19,875
21,023
239
27,190
23,653
148
32,944
59
38,329
28,887
32,341
15,978
30,783
0
42,965
0
48,812
20
38,793
196
41
Electrolytic Copper
Dom.,Refy
Feb. 22.
Holiday
Feb. 23
11.275
Exp., Refy
11.675
11.700
Straits Tin
Lead
Zinc
New York
New York
St. Louis
St. Louis
Holiday
Holiday
Holiday
Holiday
5.500
46.125
5.00
4.85
Feb. 24
11.275
11.700
46.125
5.00
4.85
5.500
Feb. 26
11.275
11.700
47.500
5.00
4.85
5.525
Feb. 27
11.275
11.700
48.125
5.00
11.275
11.650
47.625
11.275
11.688
47.100
Feb. 28
Average
_
.
4.85
5.750
5.25
5.10
5.750
5.05
4.90
5.605
Feb. 29
11.275
11.575
47.750
5.25
5.10
11.275
11.525
47.500
5.25
5.10
5.75
1
Mar.
2
11.275
11.525
47.375
5.25
5.10
Mar.
4
11.275
11.550
47.250
5.25
5.10
5.75
Mar.
5
11.275
11.550
47.500
5.25
5.10
March.
45,084
45,291
127,985
39,500
Mar.
6
11.275
11.575
47.625
5.25
5.10
5.75
11.275
11.550
47.500
5.25
5.10
5.75
Average
_
_
Average prices for calendar week ended Feb. 24 are:
Domestic copper f.o.b.
refinery, 11.180c.; export copper f.o.b. refinery, 11.600c.; Straits tin, 46.015c.;
New York lead, 5.000c.; St. Louis lead, 4.850c.; St. Louis zinc,
5.500c.; and
silver, 34.750c.
43,036
40,641
130,380
42,302
39,607
133,075
0
June
39,450
37,284
135,241
In the trade, domestic copper prices are quoted on a delivered basis: that
is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
are net prices at refineries on the Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
figures shown above
board. On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect
change in method of doing business.
We deduct
.05c. from f.a.s, basis
this
(lighterage, <fcc.) to arrive at the f.o.b. refinery quotation.
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. U2, spot, £244%,
three months, £244%; Feb. 23, spot, £245%, three months,
£244%; Feb. 26, spot, £247, three months, £246%; Feb. 27,
spot, £254%, three months, £254%; Feb. 28, spot, £252,
three months, £252; Feb. 29, spot, £254, three months,
£253%; Mar. 1, spot, £252%, three months, £252%;
Mar. 4, spot, £251%, three months, £251%; Mar. 5, spot,
£254%, three months, £253%; and Mar. 6, spot, £255,
three months, £254.
39.365
0
0
July
39,669
43,128
131,782
40,960
49,928
122,814
38,763
*33,312
36,331
*31,381
36,291
*31,C67
35,491
*30,468
34,443
*29,376
37,729
*32,825
43,109
0
August
0
September.
42,225
69,424
95,615
0
October
50,117
73,327
72,405
0
November.
53,524
64,407
61,522
0
46,867
0
*41,614
48,159
*37,877
December.
57,941
53,468
65,995
*43,657
Total for year.
538,198
44,850
49,914
34,179
29,987
38,447
29,314
29,250
35,874
49,379
44,773
93,116
79,539
166,197
53,751
598,972
Monthly avge.
39,333
1940
January
57,158
57,551
65,602
February
54,532
53,048
67,086
*
Equivalent retorts computed
In total shipments.
Average prices for calendar week ended March 2 are:
Domestic copper f.o.b.
refinery, 11.275c.; export copper, f.o.b. refinery, 11.613c.; Straits tin, 47.646c.;
New York lead, 5.167c.; St. Louis lead, 5.017c.; St. Louis zinc,
5.713c.; and
silver, 34.750c.
The above quotations 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.
78,626
48,339
40,829
*34,186
39,191
*33,905
39,379
*34,172
38,617
*33,332
38,041
*32,131
36,331
*31,107
35,865
*30,746
35,416
*30,350
33,655
*30,751
41.366
*36,169
45,428
*40,175
47,340
*41,980
39,459
*34,183
38,251
*33,324
0
April
5.75
5.57
51,186
37,915
45,383
34,583
*34,321
°{
0
5.75
Mar.
18,273
8,478
1939
May
("E. & M.J." QUOTATIONS)
Unfilled
Retorts
During
128,192
in January and
Average
Operat¬
ing End
of Period
128,407
during February totaled 6,600 tons, against
4,105 tons in February last year.
9,780 tons
Retorts
(a)
Shipped
End of
631,601
504,463
1929-
Stock at
During
Period
Year
Shipped
During
domestic industry showed a moderate
gain in stocks.
[The December and January statistics of the American Zinc Institute,
covering all grades, are summarized elsewhere in this issue.]
Imports of slab zinc into the United States during January amounted to
on
47,287
*43,674
47,188
*43,633
24-hour basis.
a
47,863
*43,614
47,287
*43,732
Export shipments
136,808
,47,496
are
included
Pig Iron Output Off 12.2%
The March 7 issue of the "Iron
Age" stated that
of coke pig iron in February totaled
production
3,311,480 net tons,
compared with 4,032,022 tons in January.
On a daily basis
February output dropped 12.2% from that in January, or
from 130,061 net tons in
January to 114,189 net tons in
February.
To conform with the new practice of the Ameri¬
can Iron & Steel
Institute, all figures are now reported in net
tons.
The rate of operation dropped 9.5 points last month
to 74.9% of the industry's
capacity from 84.4% in January.
The "Iron Age" further reported:
There
were
operation
on
157 furnaces
Feb.
at the rate of
1,
a
blast
in
1, compared with
These 157 furnaces
were
106,040 net tons daily, compared with 123,990 tons
I Twenty-seven furnaces were blown out
operation.
March
on
net loss of 20.
United
States
put three in blast.
Steel
Corp.
or
banked and
blew out
Independent producers blew
14
out or banked
put three in operation, and merchant producers blew
on
one
in
Feb. 1.
seven were put
banked
or
177
operating
units
in
and
eight and
in and took five
of blast.
Among the furnaces blown out
Spencer
Steel
Bethlehem
Co.;
Mystic
unit
banked
of Mystic
Steel Co.; two Carie,
South Chicago (new) and one
one
or
were:
Iron
Clairton,
Harriet Y, Wickwire-
Works;
one
Bethlehem,
Duquesne, two Ohio,
South Chicago (old), four Gary, Carnegieone
one
Illinois Steel Corp.;
one Monongahela and one Lorain, National Tube Co.;
one Midland, Pittsburgh Crucible
Monessen, Pittsburgh Steel Co.; one Anna, Struthers Iron
& Steel Co.; one
Jeannette, Youngstown Sheet & Tube Co.; one Shenango,
Shenango Furnace Co.; Martin's Ferry, Wheeling Steel Corp.; one Betty,
Eliza, Jones & Laughlin Steel Corp.;
one
Domestic
"Metal
and
Shipments of Non-Ferrous Metals
Mineral
Markets"
in
its
issue
of
Steel Co.; one
Feb.
29
showed that domestic
shipments of the principal non-ferrous
metals have been as follows, in short tons except for tin,
the last-named being in long tons:
Republic
Tin
Lead
Net
De¬
Shipments
Primary
Domestic
Imports
liveries
a
b
c
d
Corp.;
one
Madeline,
Co.;
Inland Steel Co., and
Zenith,
one
Corp.
Furnaces blown in included:
Steel
Zinc
Copper
Steel
Inter lake Iron
Riverside,
Carnegie-Illinois
Steel
one
Wheeling
Corp.;
Steelton and
Steel
one
Corp.;
Lorain,
one
one
Cambria, Bethlehem
Mingo
National
and
Tube
one
Co.,
Gary,
and
the
Rockdale furnace of Tennessee Products Corp.
e
PRODUCTION
OF
COKE
PIG
IRON
AND
FERROMANGANESE
NET TONS
1939—
January
58,500
40,189
42,639
1,735
4,330
53,500
34,421
39,828
3,142
4,105
March
58,000
40,871
45,291
4,755
April
53,000
37,903
40,641
May
54,000
40,124
39,607
1,575
2,967
1,945
55,000
38,710
37,284
1,403
4,925
January
4,032,022
54,000
42,636
43,128
1,344
5,275
February.
3,311,480
63,000
45,025
49,928
2,106
6,295
March
February
...
June.
July..
August
'
Pig Iron
5,980
Ferromanganese
x
1940
1939
1940
y
1939
5,905
73,000
59,889
69,424
4,727
5,050
April
October
84,000
66,060
4,233
6,040
May
November
82,000
64,365
73,327
64,407
4,459
7,870
June
December
71,000
44,881
53,468
1,787
2,436,474
2,307,409
2,681,969
43,240
38,720
23,302
20,894
17,928
11,366
September
Half year
Total for year
759,000
555,074
598,972
31,423
2,302,918
1,923,618
2,372,665
12,900
14,025,053
102,470
23,758
23,103
8,835
18,611
71,896
1940—
July
August
2,639,022
2,978,991
September.
3,223,983
October
Consequently this column represents
4,062,901
November
24,583
26,817
approximately current rate of consumption.
The figures for copper are rounded
off. as they are estimates rather than specific accountings.
4,166,888
December
33,999
4,220,536
40,654
35,317,374
275,384
74,000
January
a
Ji#tlIIiaLtJU
UUPPWL
WIIW 111*
VI
allowing for normal return of processing scrap,
b Shipments
account
f
57,551
39,875
umyuicni;
ca
uliaiio
ui
wi
xvxaxvao
an km
9,780
ca
ivuuuiico
from primary refineries as reported monthly.
These shipments
for about 80% of the domestic consumption, the remainder being derived
from secondary refineries.
Year
x
These totals do not include charcoal
pig iron,
y
Included in pig iron figures.
The Commercial &
1516
DAILY AVERAGE
No specific
PRODUCTION OF COKE PIG IRON
'
1940
1938
*
Net
Capacity
85.4
78,596
51.5
51,632
74.9
82,407
86,516
54.0
51,931
56.8
52,476
76,764
March
Percent
Tons
114,189
50.4
51.376
62,052
40.8
45,343
79,089
February
Net
Capacity
130,061
January
Percent
Tons
51.7
------
.
April
m
May
*-•»
-
June
77,486
Half year
39,648
48,717
---
85,130
m
.
August
September
-
-
55.8
43,417
96,096
62.9
53,976
107,466
*
July
70.4
62,737
steel production
131,061
85.9
74,147
138,877
90.9
84,746
business, the difference being
136,146
December
89.4
79,872
backlogs built up last fall.
will
96,760
Year
MERCHANT IRON MADE.
57,633
---
1938
1937
16,475
14,773
11,911
10,793
9,916
9,547
18,039
18,496
10,025
March
18,432
—
7,883
8,527
,
16,259
9,266
7,203
9,529
April
May
11,801
12,652
12,131
15,565
14,352
15,914
21,821
6,020
17,774
9,404
11,225
6,154
21,962
13,013
7,408
19,971
13,606
12,648
16,409
12,550
22,473
12,095
21,224
November
16,642
14,793
December.—-
16,912
10,226
17,541
12,280
14,029
15,282
16,508
16,634
June
July
August
—---
,
September-....
October
-----
the
Among
probable bottom for
more
of improvement in the steel
promising indications
automobile makers for
of large automobile production
fabricated struc¬
tural steel, the largest amount reported in one week since January, 1939;
a continued good volume of inquiries and orders from foreign countries, which
points to an export trade considerably above that of the early part of last
year; the issuance of inquiries for shell steel, one for 16,000 tons of billets
and 5,000 tons of bars having been sent out by a Pittsburgh district com¬
situation
February
drop
and next if the industry rate is not to
been generally considered as a
the near term.
1936
1939
11,875
be obliged to
soon
accounted for by what remains of the heavy
As these are rapidly disappearing, the mills
subsist on new business, which must expand con¬
siderably during this month
below 60%, which has
DAILY RATE—NET TONS
1940
January
made, but the price announcement
mention of tin plate was
interpreted as indicating that there
Although
1939
1940
9,
will be no change on that product .
continues to decline, the coming of March
has brought a few enoouraging signs.
There is as yet no evidence of a
strong upward trend in new business, but the moderate improvement noted
a week ago has continued thereby raising hopes that the recession of the
past wo or three months has been checked.
In three steel producing districts—Chicago, Cleveland and St. Louis—
there have been slight gains in operations this week, though these are more
than offset by further losses in other districts, including Pittsburgh, Wheeling-Wierton, eastern Pennsylvania, Buffalo, Detroit, Birmingham and
southern Ohio.
In the Youngstown area, where the decline has been the
most rapid, the rate is unchanged.
At Detroit there has been a very sharp
drop due to an accumulation of semi-finished steel.
The rate for the in¬
dustry this week is 63^%, a decline of a point and a half.
Some mills are still operating at rates higher than the volume of incoming
is
*
March
Financial Chronicle
by nearly all
The ordering of steel
are:
quick shipment, indicating an expectation
during March and April; the
119933768542087456
awarding of 36,000 tons of
which is figuring on a British shell contract.
lead the way in
pany,
The automobile industry continues to
domestic activity.
for that month since 1929,
of about 440,000 cars in March.
More¬
over, automobile companies have started on their tool and die programs
for 1941 models, from which it appears that die shops will have one of
Following
a
February output which was a record
the industry is planning an output
February Steel Output
Below January Total
production during February totaled 4,374,625
according to a report released March 7 by the
Iron and Steel Institute.
These figures are now
Steel ingot
net
tons,
American
reported in net tons (2,000 lbs.) instead of gross tons (2240
lbs.) as previously.
The figures in the table below for prior
periods have been translated into net tons.
The February total showed a decline from the January
figure of 5,619,698 net tons because of the lower rate of
operations and the shorter month.
Last month's figure,
however, was more than 30% above February, 1939 when
3,347,288 net tons of open-hearth and Bessemer steel ingots
were produced.
An average of 1,056,673 net tons of ingots was produced
weekly during February, or about 17% less than the January
weekly average of 1,268,555 net tons.
In February of last
year, an average
of 836,822 net tons of ingots was
produced
week.
per
their busiest years.
Accompanying the recent downward
output declined
tons
in
There
January.
was
of operation of available
(Reported by companies
HEARTH
AND
BESSEMER
which In 1938 made 98.67% of the
of the Bessemer Ingot
production)
STEEL INGOTS
open-hearth and 99.90%
a
little weakness at Pittsburgh in
tons
by
The
an
Age"
scrap
composite
THE
AGE"
"IRON
1932
Net
Percent o]
Tons
Capacity
Month
(Net Tons)
January.
5,619,698
*83.58
February
4,374,625
69.62
1,268,555
1,056,673
4.14
One year ago
52.48
802,545
4.43
February..
3,347,288
54.72
836,822
4.00
March
3,814,013
56.30
860,951
4.43
10,716,575
54.49
833,326
12.86
April
3,331,156
50.78
776,493
4.29
May
3,273,621
48.32
738,966
4.43
June
3,500,322
53.55
815,926
4.29
10,105099
50.79
776,718
13.01
First quarter
Second quarter
20,821,674
52.63
804,858
25.87
July
3,542,038
52.40
801,366
4.42
August.
4,215,027
62.22
951,473
4.43
4,739,067
72.41
1,107,259
4.28
12,496,132
Third quarter
33,317,806
Nine months
62.23
55.86
951,724
854,303
13.13
39.00
October
6,041,079
89.17
1,363,675
4.43
November
6,118,131
93.26
1,426,138
4.29
December
5,784,150
85.57
1,308,631
4.42
17,943,360
Note—The
1,365,553
13.14
51,261,166
Total
89.30
64.29
983,145
52.14
percentages of
capacity operated in
1940 are calculated on weekly
capacities as of Dec. 31, 1939, as
Open hearth and Bessemer ingots, 79,353,467 net tons; and in 1939 are
calculated on weekly capacities of 1,529,249 net tons based on annual capacities
as of Dec. 31, 1938, as follows:
Open hearth and Bessemer ingots, 79,735,033 net
capacities of 1,517,855 net tons based on annual
follows:
tons.
♦
Revised.
Production
Lower—Carnegie-Illinois
Second
Quarter Prices Unchanged
The "Iron Age" in its issue of March 7 reported that un¬
changed, steel prices for the second quarter were announced
on
March 6 by the Carnegie-Illinois Steel Corp., which
stated that current quotations will apply for all shipments
of hot rolled and cold rolled carbon and alloy products up
to and including June 30, and that shipments after that
date will be invoiced at prices in effect at the date of ship¬
ment.
The "Iron Age" further reported:
2
Mar. 16
Oct.
1
2.056c.
Jan.
8
Apr.
24
1.945c.
Jan.
2
Oct.
3
1.792c.
May
2
Sept.
6
1.870c.
Mar. 15
on average
for basic Iron at Valley
foundry Iron at Chicago,
Low
Nov.
May
Dec.
Jan.
Jan.
20.61
Sept.12
19.61
July
6
20.25
Feb.
16
18.73
Aug.11
17.83
5
1
5
5
May 14
27
16.90
Jan.
13.56
Jan.
3
13.56
Dec.
6
Scrap
Based
on
No.
I
melting
heavy
steel
quotations at Pittsburgh, Philadelphia,
$16.71
17.33
15.08
and Chicago.
Low
High
$17.67
22.50
15.00
21.92
17.75
13.42
13.00
12.25
8.50
1932
2
22.61
Jan.
2
Sept. 19
June 21
Mar.
9
Nov. 24
1940, $16.71 a Gross Ton
One month ago
and
Buffalo,
Valley,
Southern iron at Cincinnati.
Philadelphia,
Steel
Mar. 5,
Jan.
Oct.
Nov.
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
$16.71
Steel Institute
Feb.
20
14.08
May
16
11.00
June
7
12.91
Nov. 10
12.67
June
9
10.33
2
3
22
30
21
10
13
8
12
Apr.
29
9.50
Sept. 25
6.75
on
Jan.
3
6.43
July
5
March 4
an¬
telegraphic reports which it had received indi¬
operating rate of steel companies having 97%
of the steel capacity of the industry will be 64.6% of capacity
for the week beginning March 4, compared with 65.9% one
week ago, 71.7% one month ago, and 55.1% one year ago.
This represents a decrease of 1.3 points, or 2.0%, from the
estimate for the week ended Feb. 26, 1940.
Weekly in¬
dicated rates of steel operations since March 6,1939 follow:
nounced that
that
cated
1Q1Q
Steel
Mar.
2.016c.
14.81
The Ameriean Iron and
Fourth quarter
8
2.249c.
28
Mar.
18.84
17.90
16.90
One year ago
September
Oct.
9
Dec.
22.61
22.61
23.25
23.25
19.73
-
One week ago
First six months
2.211c.
High
1940
3,555,274
17
Jan.
2
May 16
2.261c.
2.236c.
furnace and
$22.61
22.61
20.61
One month ago
1939—
3
May
Based
1940, $22.61 a Gross Ton
4.43
January
2
Jan.
Pig Iron
Mar. 5,
One week ago
1940—
Low
Jan.
2.512c.
2.249c.
2.062c.
2.118c.
1.953c.
1.915c.
1933
Production
85% of the United States output.
High
1937
Weeks in
These products represent
rolled strips.
.—2.261c.
2.286c.
2.512c.
1934
■
plates,
hot
wire, rails, black pipe, sheets, and
2.261c.
2.261c.
2.286c.
1938
Weekly
Steel
Based on steel bars, beams, tank
1940. 2.261c. a Lb.
Mar. 5,
One year ago
Number of
COMPOSITE PRICES
Finished
One month ago
Calculated
Production
price is
third consecutive week.
1935
Period
purchase of 25,000
quoted range of prices.
unchanged at $16.71 for the
strength at Chicago and a
Eastern steel company at the top of the
"Iron
1936
Calculated Monthly
The
compared
about completed its downward trend.
No. 1 heavy melting steel,
The scrap market appears to have
While there is
this is offset by a modicum of
1939
OPEN
compared with 177 in Feb. 1.
and four merchant stacks.
capacity in February was 74.9%
with 84.4% in January.
1940.
OF
130,061
loss of 20 furnaces during the past
net
Of these 16 were steel company furnaces
in February
PRODUCTION
a
On March 1 there were 157 in blast
month.
rate
the steel industry operated
at an average of 69.62% of capacity, which compares with
operating rates of 83.58% (revised) in January and 54.72%
1939.
while on a daily basis
114,189 net tons compared with
February output averaged
the
One week ago
During the month just closed
trend in steel production, pig iron
Total production was 3,311,480 net
12.2% in February.
compared with 4,032,022 net tons in January,
tons
1939—
1939—
1939—
6
55.1%
June 12
53.1%
Sept. 18
79.3%
Mar. 13
55.7%
June
19
55.0%
Sept. 25
Mar. 20
55.4%
56.1%
June 26
.54.3%
Oct.
2
87.5%
38.5%
49.7%
56.4%
60.6%
59.3%
60.1%
62.1%
62.2%
63.0%
58.6%
70.2%
Oct.
Dec. 25
83.8%
Mar.
Mar. 27
Apr.
Apr.
Apr.
Apr.
May
May
3
10
17
24
1
8
May 15
May 22
May 29
June
5
54.7%
52.1%
50.9%
48.6%
47.8%
47.0%
45.4%
48.5%
52.2%
54.2%
3
10
17
July 24
July 31
Aug.
7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
July
July
July
9
88.6% Jan.
1
Oct.
16
Oct.
23
90.3% Jan.
90.2% Jan.
15
Oct.
30
8
6
91.0% Jan.
92.5% Jan.
Nov. 13
93.5% Feb.
5
Nov. 20
93.9% Feb.
12
Nov. 27
94.4% Feb.
19
Dec.
92.8% Feb. 26
91.2% Mar. 4
90.0%
Nov.
4
Dec. 11
Dec.
18
73.7%
1940—
22
29
85.7%
86.1%
84.8%
82.2%
77.3%
71.7%
68.8%
67.1%
65.9%
64.6%
Volume
markets,
The Commercial & Financial Chronicle
150
"Steel" of
Cleveland, in its
March 4, stated:
on
Finished steel demand generally is
marking time.
appears to have been
a
for this period.
Finished
of 134
rate was
1
point to 56%, practically the peak of 1939's first half, and
at the end of last August the
average was 64%.
Some districts will cur¬
up
tail operations further this week.
marked
no
revival
likelihood of
in
Since orders still
steelmaking is in immediate prospect-,
car and locomotive buying must increase further to off¬
completion of orders placed last fall.
Building and engineering con¬
struction
soon
should be reflected in better
activity in shapes, reinforcing
bars and pipe.
Automobile production continues
relatively active.
Last week's
blies of 100,855 units represented a
drop of 1,715 from the week
but the curtailment
was
terests
or
steady
were
not general.
assem¬
before,
Operations of the three leading in¬
higher, independent makers accounting for all of
the reduction.
Output a year ago was 78,705 units.
Steel buying is more active in number of
orders than in total tonnage.
Business includes a fairly large number of
fill-in purchases to balance stocks.
In
some
products
such
buying is increasing,
pointing
to
continued
1,000 units.
has placed 500 hopper cars, and General
American Transportation Corp.
will build 500 refrigerator cars for its own
use.
The Government and two
roads have closed on 87 units of various
Pending business, in addi¬
types.
tion to
1,000
cars for the
New York Central, includes
1,200 to 1,250 box
so
far this year.
viaduct involving 13,250
Principal item
of structural and
tons
was
Queens,
a
1,120 tons of
re¬
inforcing material.
Other large awards include 9,600 tons of
shapes and
1,370 tons of bars for a grade crossing,
Rockaway, N. Y.; 5,000 tons of
shapes and 1,300 tons of bars for a war department
building, Washing¬
ton; 3,000 tons of shapes for a grade
crossing, Dunkirk, N. Y.; and 1,950
tons for a borough hall,
Queens, N. Y.
Several large structural tonnages are
pending headed by 15.000 tons for
a New York elevated
highway.
Export business in steel products continues in the best volume since the
last major European war but holds well
below the peak of the 1914-1918
period.
next
balances
bank
increased
reserves
6
$49,000,000.
arose
member bank
Additions
A
from increases
and
a
434-point reduction
to
59% at Chicago largely
be
on
approximately $5,730,000,000,
March 6
were
Ex¬
estimated to
increase of $40,000,000
an
for the week.
The statement in full for the week ended
March 6 will be
found on pages 1550 and 1551.
Changes in member bank reserve balances and related
during the week and the year ended March 6, 1940,
items
were
as
follows:
Mar. 6, 1940
$
Bills discounted
(+)
or Decrease
Since
Mar. 8,1939
$
$
ingham
Unchanged were Pittsburgh at 63, Wheeling at 94,
90, Youngstown at 40 and St. Louis at 6334.
at
Journal"
of
March
7.
This
compares
previous week and 68H% two weeks
with
67%
in
the
The "Journal"
ago.
further stated:
U.
S.
Steel is estimated at
62%, against 64% in the week before and
Leading independents
ago.
are
credited with 68%, com¬
pared with 69% in the preceding week and 71% two weeks ago.
The following table gives a
comparison of the percentage of production
with the nearest
corresponding week of previous years, together with the
approximate changes, in points, from the week immediately
preceding.
Industry
1940
65 34
1939
5634
1938
U. S. Steel
30
1937
—134
+ 134
—2
68
5234
—1
5934
30
86
+1
1936
56
+ 1
1935
4834
1934
48
1933
15
1932
2634
1931
54
+ 1
51
1930
76
—3
82
1929
94
8234
9134
34
+ 1
52
—
2734
+ 1
+ 34
+2
+ 1
49
34
41
15
1
+3
—134
61
+ 1
—
—
89
+ 1
50
—134
1928
1927
82
+ 1
30
+2
4734
+
Independents
62
34
1534
+2
—2
+1
26
+4
56
+4
70
—3
—334
97
+ 1
8834
+
99
+2
+
34
92
+ 1
77
+1
85
34
+3
Mar. 6,
1940
5
.
.'
ChlcagoFeb.'28, Mar. 8, Mar. 6, Feb. 28, Mar. 8,
1940
.
1939
1940
1940
$
$
$
$
1939
$
Loans—Concluded
Other loans for purchasing or
carrying securities
159
63
63
108
14
14
13
46
94
369
Other loans
Treasury bills
Treasury notes...
192
112
50
Loans to banks
160
112
Real estate loans
370
399
49
50
"~50
190
201
100
362
342
66
245
710
719
863
162
163
215
2,473
2,449
1,741
740
738
663
United States Government...
Other securities
1,263
1,270
1,305
1,061
150
153
125
1,305
1,171
340
341
324
Reserve with Fed. Res. banks
6,198
6,181
4,259
898
894
680
United States bonds
Obligations
guaranteed
by
the
Balances with domestic banks..
Cash in vault
75
81
53
26
28
27
80
80
80
234
239
209
364
363
396
49
49
51
8,977
8,986
6,956
1,759
1,759
1,529
650
653
633
602
502
472
44
44
116
83
83
83
3,503
Other assets—net
3,451
2,780
911
900
699
Liabilities—
Demand deposits—adjusted
Time deposits...
United States Govt, deposits...
2,477,000,000
—87,000,000
including
6)__
10,000,000
25,000,000
bank credit
—1,000,000
—18,000,000
+42,000,000
—25,000,000
—50,000,000
+3,297,000,000
+ 155,000,000
+3,382,000,000
+730,000,000
—358,000,000
—566,000,000
-15,000,000
2,515,000,000
18,220,000,000
Treasury currency
2,984,000,000
Member bank reserve balances
12,367,000,000
Money in circulation
7,481,000,000
Treasury cash
2,358,000,000
Treasury deposits with F.R. banks..
536,000,000
+ 214,000,000
+4,000,000
+49,000,000
+42,000,000
—16,000,000
Non-member deposits and other Fed¬
977,000,000
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
rent
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
-Chlcago-
1940
1939
1940
1940
"l~4
1,488
1,486
247
247
257
Returns
$
$
$
$
$
8,853
2,909
3,038
1,664
1,651
1,365
7,974
2,318
of
Member
Banks
of
the
Federal
System for the Preceding Week
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of
being held until the
following Monday, before which time the statistics covering
entire body of reporting member banks in 101 cities
the
cannot
be
compiled.
body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business Feb. 28:
The
condition
of weekly
reporting member banks in 101 lead¬
following principal changes for the week ended
Feb.
28:
Increases
of
$8,000,000 in commercial, industrial and agri¬
cultural loans,
$24,000,000 in holdings of Treasury bills, $43,000,000 in
holdings of "other securities," $84,000,000 in reserve balances with
ing
cities
Federal
and
1939
2,953
9
15
7
....
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
brokers
Feb. 28, Afar. 8, Mar. 6, Feb. 28, Mar. 8,
in
2,900
564
2,304
567
387
389
348
524
and
Open market paper
8
16
1,492
Reserve
117
113
122
18
18
15
482
457
758
33
33
32
the
and
San
$158,000,000 in demand deposits—adjusted.
and agricultural loans increased
$6,000,000 in
$8,000,000 at all reporting member banks.
Loans to
in securities declined
$15,000,000 in New York City
dealers
at
all
Francisco
Holdings of
and
industrial
City and
$8,000,000
the
statement
shows
Reserve banks,
New York
-New York City-
Loans to brokers and dealers..
Complete
Commercial,
(In Millions of Dollars)
8,894
500
291
System respecting the
Below is the statement of the Board of
Governors of the
Reserve System for the New York
City member
banks and also for the
Chicago member banks for the cur¬
Loans and Investments—total.
671
265
*
Other liabilities
returns of the entire
Federal
$
665
280
Borrowings
In the following will be found the comments of the Board
of Governors of the Federal Reserve
Returns of Member Banks in New York
City and
Chicago—Brokers' Loans
Mar. 6,
1940
Foreign banks
—4,000,000
—22,000,000
+ 54,000,000
Total Reserve bank credit
Gold stock
eral Reserve accounts
Domestic banks
.—1,000",000
direct
$9,000,000 commlt'ts—Mar.
industrial,
Birm¬
Steel ingot production for the week ended March 4 is
placed at 65^% of capacity according to the "Wall Street
Capital account
—4,000,000
_
S. Government securities,
and guaranteed
Industrial advances
(not
Commercial,
for the
Gains of 3 points to 71 and 2
points to 94 occurred at Cleveland and Detroit,
(-)
Feb. 28,1940
3,000,000
Bills bought
U.
reserve
Wire
Inter-bank deposits:
Increase
Other
was responsible
respectively.
of
decrease of $22,000,000 in Reserve bank credit.
of member banks
expected.
is
generally
Ex¬
New York City
$54,000,000 in gold
stock and $4,000,000 in
Treasury currency, and decreases of
$25,000,000 in Treasury deposits with Federal Reserve
banks, $16,000,000 in Treasury cash and $15,000,000 in nonmember deposits and other Federal Reserve
accounts, offset
in part by an increase of
$42,000,000 in money in circulation
cess reserves
period
of
soon
buyers.,
Several other districts also retrenched, in¬
cluding declines of 3 points to 65 in eastern Pennsylvania, 9 points to 58
at Buffalo, 7 points to 56 in New
England and 2 points to 57 at Cincinnati.
reserve
member
to
announcement
facturing costs.
The Week with the Federal Reserve Banks
During the week ended March
the
new
extras fox
second quarter, these affecting
principally and being designed to reflect changes in manu¬
reinforcing bar orders last week jumped
N. Y.,
and
arousing little interest among
into
adopting
are
and hopper cars for the Gulf, Mobile &
Northern.
Structural shape and concrete
sharply to the best level
is
prices
down 2 points to 56%.
latest decline in steelmaking.
re¬
New York Central
steady,
remain
quotations
66% two weeks
car awards involved more than
were
prices
present
coated products
duction in inventories.
Freight
of
producers
a
active, but freight
Operations last
steel
quarter
tension
despite the
steadier trend than has prevailed so far this
year.
Possibilities of improved steel buying are aided
by steady curtailment
in consumers' inventories and
by the approach of seasonal expansion in
requirements of some industries.
Railroad equipment markets are more
set
second
short of production,
are
De¬
compared with $15-50 just prior to last September's sharp advance.
Tin plate production continues to
moderate, contrary to the usual trend
are too
complete reversal of the previous trend.
Ingot production still is giving ground, although last week's reduction
points to 6534% was the smallest in five weeks.
A year ago the
leveling off in steel making.
a
mand is quiet, but prices are
steady, except for a few minor irregularities.
These left the steelworks scrap composite
unchanged last week at $16.67,
The recent decline
definitely checked, but changes for the better
slight to be regarded as
1517
Action of the scrap market suggests
the iron and steel
summary of
United
reporting member banks,
district.
States
and
increased
$6,000,000
Treasury bills increased $22,000,000 in New
York City, $11,000,000 in the
Chicago district, and $24,000,000 at all
reporting member banks.
Holdings of Treasury notes declined $8,000,000.
Holdings of United States Government bonds declined
$8,000,000 in New
York City, and increased
$9,000,000 in the Boston district and $5,000,000
The Commercial & Financial Chronicle
1518
all
at
their 1934 commercial accord to cope with War-time COllditions indicated in United Press Rome advices Feb. 24, which
increased
Holdings of "other securities"
reporting member banks.
March 9, 1940
$46,000,000 in New York city and $43,000,000 at all reporting member
anl declined $10,000,000 in the San Francisco district.
continued'
$11,000,000 in the Philadelphia district, and $158,000,000 at all
of
banks,
member
determining the exchange
J*?®n
*?.d thf a protocol had h®®1*
the Itallan foreign ministry and the Turkish Ambassador at Rome,
Huse^in Ragip A usually well ^f^m^ Itdli^ ^ce ^ Was beIieved
the ^tion would bring the countries closer together.
reporting
$29,000,000 in the San Francisco district and
banks, and declined
City
district.
Time deposits
increased
$9,000,000 in the San Francisco district and $13,000,000 at all reporting
$12 000,000
the
in
Kansas
banks
member
at all
$6,000,000
City and
Authoritative informants said the revised pact between Germany and
banks declined $19,000,000 in New York
reporting member banks.
Deposits credited
to domestic
Deposits credited
Italy was 818ned by Dr'
Clodius, Gmnan economic p ernpo en lary,
and Giannim. A second communique however, said merely that the
foreign banks declined $11,000,000 in New York City.
b
to
A
re-
(+)
or
Decrease
creased commercial exchanges between the two countries, but that further
discussions probably would be held on that matter.
(—)
<+.
Feb. 21,1940
Mar. 1,1939
%
23,268,000,000
8,528,000,000
Loans and investments—total
%
Loans—total
....
+ 57,000,000
—3,000,000
to brokers and
Loans
otheTklan«"lor"
+1,674,000,000
+ 342,000,000
-1,000,'000
+
i9^!wo
190,000,000
—45,000,000
+49,000,000
with the two heads of the mission, Professor Charles Rist,
—40,000,000
—2,000,000
lormer JJeputy uovernor or tne nanK or r ranee anu at
present economic counselor to the Blockade Ministry, and
+1,273,000,000
Ministry for Economic Warfare, who arrived m this country
—3,000,000
+ 6,000,ocx)
+5,000,000
fi!i?^Tovftmmen?d by UnIted
blockade of Germany.
2 421 ooo ooo
-4 ooo ooo
+43',ooo:ooo
+84,000,000
+3,022,000,000
s.io+owiooo
—24:ooo',ooo
+^6:(mooo
+402 ooo ooo
Regarding the meeting,
19,414,000,000
5,290,000,000
State Department officials said today's visit was merely an exchange
+ 3,449,000,000
+13,000,000
+ 88,000,000
671,000,000
2,000,000
—6,000,000
—13,000,000
—1,000,000
greetings and that discussion of the various points at issue
63,000,000
8,085,000,000
Government deposits
domestic banks.1
Foreign banks
+158,000,000
+1,671,000,000
732,000,000
...
Borrowings
—2,OCX),000
of
Lubricating
Shipments
Oils
Neutrals
to
Under-Secretary of State Sumner Welles conferred with
Chancellor Hitler of Germany in Berlin on
conversations
<+»
United
j
.
c;<y„ttri
rananaaa
Signed Japanese n:l Part
Oil Pact
Rumania to
who
i»
submitted
,1
a
,
T)
•
memorandum
ii
which
'j
was
i
j-.'.*
said
to
have
disposed amicably of recent controversy over Rumanian oil.
One result, according to Rumanian sources, was that Ru*i
t>
-a
mama is willing to sell as much oil to Britain as she sells to
•
±
i
n
.
Hermany.
It
with
was
recalled that Bucharest
130,000 tons of oil
agreed to supply Germany
month in
a
1940.
If the
present understanding with Britain is carried out, Britain
will get about 1,500,000 tons of oil from Rumania a year,
in order
1
share
to
equally with Germany.
This would be
nfi
L-r
shipments to Britain.
^ioqo
•
4_
about double the 1939 od
Rumanian sources added that Britain had
justment
of
exchange
between
rates
Welles left Berlin
Mr.
Hans
j>r
who
recalled
snifl
arrived
hp
lii^s
wrote
United
Press
following
to
reoort
accounts from
say
March
to
where
President
Berlin
Mr.
regarding
Under-Secretary
4
Switzerland,
Lausanne,
second
farewell from
a
Ambassador to Washington,
On
1938.
in
in
March 3 after
on
German
Dieckhoff,
was
Welles
it
was
Roosevelt
March 2 had
on
Welles'
'the
conversations
in
Berlin:
or
were
proposed read-
the
brought
conferees, there were many indications that these points
Foreign Minister and Baron von Weizsaecker
out when the
evpiained the German viewpoint:
l,
the
Germany is not willing to end the war
situation
prevailed
which
in
September,
on
the basis of
when
the
return to
a
started,
conflict
She demands equality with Britain—"Lebensraum," a German sphere in
which the peoples of the enlarged Reich can "live and work in peace."
2<
The German Government believes that Britain has been too long the
world's dominant the British does not accept the thesis of a "pax Britain!
power It
ca
enforced by
navy and by British control of military and
economic
3
to
up
an(j former head of the Reichsbank.
Although no official information was given out by either the German
reported the
Great Britain s fears that Rumania would provide additional
oil for the Nazi war machine were reported claimed on
March 2 after Foreign Secretary Viscount Halifax talked for
an hour with the Rumanian Ambassador, Viorel V. Tilea,
n
tour of the four major European
a
to ascertaining present conditions,
Weizsaecker, Secretary of State in the Foreign Office,
aud Dr- Hjalmar Schacht, former Minister of Economics
Ship Equal Amounts of Oil to Belligerents
The New York Herald Tribune of March 3
a.
March 2 but the
is currently
Welles,, who
von
Press
dispatches from Bucharest on March 5
disclosed that Rumania signed a trade agreement with
Japan for an exchange of Rumanian oil for Japanese cotton
and other products.
It was stated that Japanese cotton
products would &rnv6 in Runid<tii8) within six weeks &nd thftt
Rumanian oil would be shipped to Japan through Russia.
No confirmation of this report could be obtained from the
Japanese Legation.
r*
Mr.
secret.
were
nations with a
will keep in strict
confidence any statements made to him by government officials until he presents his report to President Roosevelt
and Secretary of State Hull.
Mr. Welles arrived in Berlin
March 1 from Rome, where he had talked with Premier
Mussolini (noted in our issue of March 2, page 1369). Durillg his three-day stay in Berlin he also conferred with Foreign Minister von Ribbentrop, Field Marshal Goering, Rudolpli Hess, Deputy leader "of the Nazi party; Baron Ernest
making
view
again.
According to letters addressed to the oil companies by the
embassy, negotiations for the resumption of shipments to
these neutral nations are now being conducted by the London
Ministry.
The American companies were informed that, as
soon as the negotiations had been concluded, which might
require several weeks, the local British Consulate General
would again issue navicerts on cargoes to the three countries,
ave
with Other
Talks
cellor Hitler in Berlin—Also
German Officials
March 1 by the British Embassy in Washington,
the Ministry of Economic Warfare of
Britain, to make no further shipments of lubricating oils to
Belgium, the Netherlands and Denmark until advised by the
embassy that navicerts on such shipments could be granted
irnvo
Welles Confers with Chan-
Under Secretary of State
on
.
concerned with the blockade problems.
Companies to Halt
the instance of
,
Feis, Chief Economic Adviser, to meet other State Depart-
anti Herbert
The New York "Times" of March 2 reported that leading
American oil companies engaged in international trade were
eported to
by Assistant Secretary A. A. Berle
taken around the Department
were
ment officials
Oil
American
of
between this
Government and the Allies wonld come later.
After the commissioners had been introduced to Secretary Hull they
+166,000,000
♦
Asks
Washington dispatch of Mar. 6
a
Philadelphia "Inquirer" said:
to the
Uiilted States
at
British Ambassador, Lord Lothian, and the French Ambassador. Count De Saint-Ouentin.
Liabilities—
Demand deposits—adjusted
and
Frarep
The two commissioners were accompanied by the
Mar- 4'
+222',ooo:ooo
lo+yo.ooo.ooo
Time deposits
of
Ashton-GwatHn, technicali adviser to the British
"."".IIIIIII 3+68',ooo',ooo
San^with domestic banks III"
Rank
the
nf
(rnvprnnr
Domitv
fnvmpi*
t^jSSjSo
6,469,000,000
52,000,000
Beserve with Fed. Res. banks
Rumam
in the
Allied
Secretary of State Hull conferred
—4,000,000
i.?II:888;8S8
.
Washington opened discussions
—8,ooo,ooo
1,548,000,000
united states bonds
at
.
Mission
478,000,000
1,185,000,000
Loans to banks
requested
...
Allied
609'000'000
purchasing"or
Britain
.
....
With
a special British-French mission which is
States to adjust difficulties arising from the
Mar. 6 with
United
other loans
Great
.
„„
|kchp
°n Dl°c*aae
dealers in
carrying securities
other securities
„
Talks
Rlr»«~Lrarl»
The State Department at
'332,'ooo;ooo
Real estate loans
°
_
^
Opens
Department
State
Commercial,industrial,andagri-
0i^l?kaet8paf^r7;:::::::
probably would lead to in-
An informed German source said the pact
Since
Feb. 28, 1940
Assets—
year."
between the two countries for the current
porting member banks, together with changes for the week
and the year ended Feb. 29, 1940, follows :
Increase
to determine commercial exchange
German-Italian mixed commission met
Of the principal assets and liabilities Of
summary
throughout the world.
key points
Germany feels she should have her
own
sphere of influence,
a
region
in which the people of the Reich will have an opportunity to obtain their
share of the world's riches, just as the United States has
a
sphere in the
Americas based on the Monroe Doctrine.
*■ Germany cannot see any simple road to peace so long as the British-
alliiTe'
Canal and
main-
femp(ira' c°ntro1 of «»
k
Red Sea and such great naval outposts as Singapore, attempts to
theory of dominance based on force.
Peace, when it comes, must
bo based on a recognition that Germany is the equal of any power and
a
two countries.
Revaluation of the Rumania lei in terms of the British pound
has
sterling
basis."
was
regarded
as a measure
the two nations.
to increase trade between
On
.
Rumania has intimated
a
desire for
new
British export
credits totaling $50,000,000, but discussion of this question
will be held in abeyance until Ambassador Tilea again returns to
London, it
was
equal
understood.
rights
to
raw
materials
and
markets
everywhere.
equality is an essential before disarmament can be achieved
March
7
Mr.
Welles
went
to
Paris,
Economic
on a
"lasting
where he
con-
ferred with Premier Daladier.
Before seeing the Premier
he talked with President Lebrun.
♦
Dutch
Parliament
Adopts Final Compromise
on
Gold
Revaluation Measure
of
Italo-Turkish
Revised
Italo-German
Signing
Italy signed
a new
Commercial
Pact
Also
Agreement—
Signed
trade pact with Turkey
on
Feb. 24,
while another agreement was reported by informed sources
to have been completed between Italy and Germany revising
It is learned from an Amsterdam dispatch to the "Wall
Street Journal" of March 2 that the Second Chamber of the
Dutch Parliament has adopted a final compromise on the
gold revaluation measure giving Bank of The Netherlands a
revaluation profit of 13,900,000 guilders instead of the origin a,
The Commercial & Financial Chronicle
Volume 150
29,900,000.
In consequence it is stated the government
portion of the profits is raised from 116,500,000 guilders to
132,500,000 on the basis of the measure as it now stands.
The paper
quoted
There has been
goes on to say:
some
controversy over the distribution of profits derived
from the writing up of the
gold stocks of the Bank of Netherlands into line
with increased market
valuation
as
of depreciation of the guilder.
result
The plan was announced late in
January to become effective March 31.
The official gold price would then be set at
2,009 guilders per kilo compared
with previous official price of
1,647.5 and the revaluation of the central
bank's
gold
Actually
would
there
correspond
has
been
to
18%
an
22%
a
guilder
depreciation
depreciation.
of
the
Hence,
small
provide
a
profit of about 221,000,000 guilders.
Of this amount, it was proposed to devote
116,500,000 guilders for a new
loan fund for
government
guilders
Fund.
to
cover
mobilization
purposes,
and around 75,000,000
by the Dutch
losses sustained
The balance of
Exchange Equalization
29,900,000 guilders would go to the Bank of Nether¬
Specifically,
currencies
by the Second
Chamber
yesterday thus in¬
the portion of the profits to be devoted to State mobilization needs
creases
at the expense
of the central bank.
Comparative Figures of Condition of Canadian Banks
In the following we compare the condition of the Canadian
banks for Jan. 31, 1940, with the figures for Dec. 30, 1939,
and Jan. 31, 1939:
OF
CONDITION
OF
OF
THE
BANKS
OF
THE
sold
are
by exporters to the
The foreign currencies not to be affected
Although the decree is supposed to
the Italian lira, the German
pengo,
for which
premium
no
v.ij
into force
come
National Bank.
Rumanian
are
mark, Balkan currencies and the Hungarian
is being paid.
week from today,
a
the National Bank will
probably consummate the revaluation of the
lei.
By this
The value of the latter is about
the National Bank will be in
means
issue of bank
notes,
profits—about
to
pay its
10,500,000,000 lei:—will
debt of 10,000,000,000 lei
has
already
20,845,000,000
position to increase the
a
a
inflation,
mean currency
33,900,000,000
from
it
use
to the National Bank.
large scale is thought unlikely
risen
The devaluation
the State, which will
to
go
Although devaluation of the leu might
paper
coun¬
which today amounts to 48,069,000,000 lei, by 50%
without violating the provisions of the Bank Note Act.
lei
a sudden
the circulation of
as
to
48,100,000,000
during the last year, and for the time being covers demand.
Foreign trade rules have been altered at the same time.
the
STATEMENT
Ml
the decree has increased the premium for all free foreign
that
emission of bills on
balances when England abandoned the gold standard in 1931.
compromise adopted
to say:
existing state of affairs.
lands to make up for losses suffered
by the Dutch central bank on its sterling
The
on
This is not interpreted as a step toward inflation of the paper
currency?
since in this respect the revaluation is little more than legalization of an
try's gold stock tomorrow.
margin will exist for further marking up in the future if necessary.
The revaluation would
went
guilder.
a
1519
lei, instead of the oldJYate of 141.& The New York "Times"
lei
According
to
law
every exporter must have a special permit starting March
10.
For cereals, seeds, timber, livestock and oil
products the permit is issued by
the Ministry of Fore'gn Trade.
For contracts to export the above products,
the value of which exceeds
5,000,000 lei, a previous authorization from the
Ministry will have
Ministry the
to be obtained and the contracts must be laid before the
same
day they
are
signed
be considered
or
null
and
void.
DOMINION
CANADA
Member
Trading on New York Stock and New York
Exchanges During Week Ended Feb. 17
Curb
Assets
Jan. 31,
Current gold and subsidiary coin—
In Canada
1940 Dec. 30, 1939 Jan. 31, 1939
5,795,924
5,097,143
9,001,666
11,598,974
64,683,948
219,304,759
4,076,250
35,492,113
107,342,184
70,572,780
216,996,195
5,439,307
34,917,792
135,813,657
54,096,898
215,061,375
4,606,204
4,084,860
4,320,440
31,805,647
31,906,372
16,677,730
155,876,228
167,150,380
147,631,713
,360,953,892 1,353,343,277
Total.
6,477,306
5,121,668
10,893,067
Elsewhere
4,391,097
4,610,569
,160,425,177
Dominion notes
Notes of Bank of Canada..
Deposits with Bank of Canada
Notes of other banks
United States & other foreign currencies
Cheques on other banks
Loans to other banks In Canada, secured,
Including bills redlscounted
Deposits
made
with
and
balance
5,514,227
30,506,115
104,538,911
due
from other banks In Canada
Due from banks and banking correspond¬
ents In the United Kingdom
Dominion
Government and Provincial
Government securities
Canadian municipal securities and Brit¬
ish,
foreign and colonial public
curities other than Canadian
se¬
Railway and other bonds, debs. & stocks
round-lot stock sales on the New York Stock
Exchange and
the New York Curb
Exchange for the account of all members
of these exchanges in the week ended Feb.
17, continuing a
series of current figures being published
mission.
174,725,047
118,191,431
Call and short
170,815,346
121,806,690
168,747,402
125,156,377
totaled 735,515 shares, which amount was
21.94% of total
transactions on the Exchange of 3,363,420 shares.
This
Elsewhere
Loans to the Government of Canada...
Loans to Provincial governments
Loans
to
cities,
towns,
member
trading during the week ended Feb. 17 amounted to
158,650 shares, or 18.42% of the total volume on that
Exchange of 730,195 shares; during the preceding 'Week
trading for the account of Curb members of 168,150 shares
was
13",396",019
loss
on real estate sold
15,709,137
These reports are classified
as
111,916,976
105,808,282
8,309,502
7,732,185
4,025,425
Total number of reports received
1.
71,893,288
2.
8,013,848
4,154,426
72,088,097
72,885,210
Liabilities of customers under letters of
contra
the New
respec¬
follows:
York
New
York
Stock
8,728,690
Curb
Exchange
53,793,244
53,280.090
53,941,324
5,073,232
11,290,513
5,069,151
11,311,479
5,482,139
11,588,171
2,267,727
1,909,318
2,195,597
Deposit
.
Reports showing transactions as specialists
Reports showing other transactions initiated
_
1,065
808
■
190
99
224
on
48
the
floor
3.
Reports showing other transactions initiated off the
4.
Reports showing
floor
cost
with the Minister of Finance
for the security of note circulation
Shares of and loans to controlled cos
with
Exchange and the New York Curb Exchange by their
tive members.
21,026,428
8,255,147
7,708,185
4,020,951
by bank..
premises at not more than
less amounts (if any) written off
per
The data published are based upon weekly
reports filed
York Stock
pro¬
Bank
as
62,612,044
56,132,348
791,847,317
147,652,142
Exchange
103,085,749
estimated
Real estate other than bank
premises
credit
52,868,934
48,661,689
960,264,582
147,160,322
municipalities
vided for
Mortgages
20.51% of total trading of 818,245 shares.
making available the data for the week ended Feb. 17,
New
and school districts
Non-current loans,
with member trading during the previous week
ended Feb. 10 of 844,650 shares, or
20.64% of total trading
of 4,090,630 shares.
On the New York Curb Exchange
the Commission said;
47,732,191
47,848,833
956,144,714
148,654,458
Elsewhere than In Canada
weekly by the Com¬
separately from other sales
In
tures, bonds and other securities of
a
sufficient marketable
value
to
Other current loans & dlscts. in Canada..
shown
are
figures.
Trading on the Stock Exchange for the account of members
during the week ended Feb. 17 (in round-lot transactions)
(not exceeding 30 days)
loans In Canada on stocks, deben¬
cover
Short sales
in these
compares
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
United Kingdom
The Securities and Exchange Commission made
public
yesterday (March 8) figures showing the volume of total
228
no
95
562
transactions...
581
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
Other assets not included under the fore¬
going heads
specialists' other round-lot trades.
On
the
New
York
Stock
Exchange,
the
on
other
hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks In which they
are registered are not
directly comparable
on
the
two exchanges.
Total assets.
3,769,309,951 3,821,960,521 3,396,343,417
Liabilities
may
Notes In circulation
85,928,015
Balance due to Dominion Govt, after de¬
TOTAL ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
112,365,735
129,544,258
47,163,832
44", 853", 944
50,496,753
42,540,234
847,558,528
852,999,234
699,772,326
on
notice
the
by
or
on a
public,
payable
fixed day In Canada
1,750,487,649 1,741,058,768 1,667,403,289
461,189,247
474,477,916
430,394,950
from
other
banks in
Canada,
secured, including bills redlscounted..
Deposits made by and balances due to
banks
and
than
10,122,085
and
United Kingdom
letters
36,050,936
credit
Rest
or reserve
53,793,244
4,979,867
2,742,415
133,750,000
fund
145,500,000
42,213,992
268,164
53,280,090
4,897,289
1,423,473
133,750,COO
145,500,000
53,941,324
4,708,556
2,543,163
133,750,000
145,500,000
a
decree
new
311,040
on
the floor—'Total purchases
Short sales
leu-dollar rate will be 211.65
9,72
295,460
19,750
259,570
Other sales-b
Total sales
279,320
Other transactions initiated off the floor-Total purchases
8.54
102,510
19,000
126,155
March 3
arest, Rumania, March 3, stated that the change will not
affect values of the leu in relation to the currencies of nations
with whom Rumania has special agreements, such as those
The
Total transactions Initiated
Other sales-b
on
devaluing the leu by 50% in terms of gold, effective March 10.
The New York "Times" in a
telephone message from Buch¬
clearings.
50,360
260,680
Short sales
Foreign Currencies
The Rumanian Government issued
342,880
Total sales
2.
3,754,570,902 3,807,090,063(3,384,470,982
Rumania Decrees Leu Devaluation—Increases Premium
on
Transactions of specialists In stocks In which they are
Other sales-b...
3
based
3,244,560
3,363,420
registered—Total purchases
Note—Owing to the omission of the cents In the official reports, the footings in
In the above do not exactly agree with the totals given.
for All Free
b
Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
out¬
up
Total liabilities
37,779,980
330,457
a
118,870
Short sales
...
of
B.
1.
207,078
and
Short sales-
12,852,891
11,329,701
the
standing
Liabilities not Incl. under foregoing heads
Dividends declared and unpaid
Capital paid
78,403,336
*
Bills payable
Acceptances
13,086,892
65,042,104
Kingdom
Canada
Per
tent
Total round-lot sales:
Total sales
banking correspond¬
in
■total for
Week
A.
Other sales
other banks In Canada
ents in the United
(SHARES)
Week Ended Feb. 17, 1940
Loans
Elsewhere
MEMBERS »
after
Deposits elsewhere than In Canada
Due to
OF
de¬
mand in Canada
Deposits
entries
in more than one classification.
Balance due to Provincial governments.
Deposits by the puollc, payable
carry
90,088,507
90,061,563
ducting adv. for credits, pay-lists. <fcc.
Advances under the Finance Act
'
The number of reports In the various classifications may total more than
the number of reports received because a single report
Total sales
145,155
Total—Total purchases
3.68
740,850
Short sales
__
Other sales-b
>m
Total sales
89,110
646,405
735,515
i
=s
21.94
■
The Commercial
1520
BERS *
(SHARES)
_
Week Ended
Feb. 17, 1940
rowings are
a
10,310
the
719,885
from those on
64,460
6,155
Short sales—
10.70
transactions Initiated on
the floor -Total purchases
1.23%.
therefore
value and
with the aggregate market
price for each:
ing industrial groups
average
35,245
2,350
Short sales
classified by lead¬
table listed stocks are
In the following
91,745
Total sales—
will exceed
and their
borrowings
net
this date, was
85,590
Other sales, b.
other collateral; thus these ratios usually
between borrowings on all listed shares
of Jan. 31,
As
total
are
relationship
true
1940, New-York Stock Exchange member
in New York City on collateral
amounted to $560,050,901.
The ratio of these member total
net borrowings to the market value of all listed stocks, on
730,195
B. Round-lot
2. Other
Stock Exchange
York City on collateral amounted to
market value.
730,195
Total sales
1.
1940
The ratio of these member total borrowings to the market
listed stocks, on this date, was therefore 1.21%.
Member bor¬
not broken down to separate those only on listed share col¬
value of all
Per
Cera
lateral
sales:
transactions for the account of members:
Transactions of specialists In stocks In which they
registered—Total purchases
-
29, 1940 New York
Fob.
in New
9,
$555,474,348.
Total for
Week
A. Total round-lot
Short sales
of business
total net borrowings
member
ACCOUNT OF MEM¬
close
the
of
As
NEW YORK CURB EX¬
TOTAL ROUND-LOT STOCK 8ALES ON THE
CHANGE AND STOCK TRANSACTIONS FOR
March
Chronicle
& Financial
Feb. 29.
Jan.
1940
31, 1940
34,375
Other sales, b.
Market
Initiated off the floor Total
3. Other transactions
purchases
Market
Aver.
Value
Price
Value
Price
$
4.93
36,725
Total sales
Aver.
%
$
10,625
$
3,705,926,581
1,025,639,342
6,414,152,476
31.50
3,663,860,947
31.16
20.17
1,021,304,462
20.09
71.56
6,330,045,504
70.75
554,982,687
25.49
563.129,591
25.87
1,565,589,352
3,037,510,307
420,234,357
40.50
40.26
Farm machinery..
601,328.996
45.88
Amusements
250,738,897
14.10
1,555,055,120
3,018,775,808
406,866,663
604,475,645
248,408,761
17,995,938
1,653,229,722
1,659,779,947
25.96
accessories
Autos and
860
Short sales..-
Financial
29,320
Other sales.b.
Chemicals
Total sales.
....
Building
2.79
30,180
manufacturing..
Electrical equipment
Foods
4.
110,330
Total-
Rubber and tires
9,365
Short sales—
Total sales.
17,544,459
3.54
1,664,565,875
26.14
Mining (excluding iron)
1,726,905,388
4,218,674,840
455,002,884
2,506,310,069
3,046,248,224
2,306,383,159
270,343,744
26.86
Land and realty
18.42
158,680
...
of specialists:
Retail merchandising
58,696
Customers' other sales.c
'
Ry. oper. & holding co's
Textiles
(operating)
Gas and electric
36,452
Total sales
& eqpt. mfrs.
Steel, iron and coke
58,721
Total purchases-
(holding)
Gas and electric
Communications (cable tel. & radio)..
♦
The
members, their firms and the
"members" Includes all Exchange
term
special partners.
a Shares In members* transactions as per cent of twice total round lot volume.
In calculating these percentages, the total of members' transactions Is compared
with twice the total round lot volume on the Exchange for the reason that the total
of members' transactions Includes both purchases and sales, while the Exchange
partners, Including
volume includes only
sales.
rules are
c
Sales marked
"short exempt" are
from restriction by the
Commission
New York Stock Exchange
Week Ended March 2
on
Securities and Exchange
On March 7 the
by the Com¬
Feb. 24 were
The figures
filed with the Commission by the
series of current figures being published
mission.
Figures for the previous week ended
reported in our issue of March 2, page 1351.
a
based upon reports
odd-lot dealers and specialists.
are
STOCK TRANSACTIONS FOR THE
DEALERS AND SPECIALISTS ON
ODD-LOT ACCOUNT OF ODD-LOT
NEW YORK STOCK EXCHANGE
Week Ended Feb. 17,
1940
for Week
(customers' purchases):
15,993
Number of orders
345
17,461
Customers' other sales.a..
Customers' total sales
17,806
.
Number of shares:
7,509
417,263
Customers' short sales...
Customers' other sales.a.
424,772
Customers' total sales.
13,696,283
20
Short sales
111,950
Other sales, b
111,970
Total sales.
Round-lot purchases by dealers:
Number of shares
113,240
reported with "other sales'-.
odd-lot orders and sales to liquidate a long
Sales marked "short exempt" are
b Sales to offset customers'
which is less than a round lot are reported
23.31
27.82
14.25
98.32
15.11
185,379,861
24.84
317,707,013
7,152,441
50,975,360
124,844,542
186,565,075
59.23
1,640.814,869
58.70
46,648,037
27.81
43,327,512
25.83
596,810,623
17.39
608,669,974
17.73
903,076,666
22.30
891,967,513
22.03
31.96 45,636,655,548
31.68
46,058,132,499
4.05
17.36
20.80
3.89
16.94
21.02
25.00
give below a two-year compilation of the total market
value and the average price of stocks listed on the Exchange.
We
Averaoe
Value
Market
Price
28.94
Apr. 29
40,673,320,779
28.51
22.32
May 31
43,229,587,173
30.29
25.15
June
30
28.70
34,584,614,803
41,961,875,154
44,784,224,215
43,526,488,215
43,526,688,812
47,001,767,212
46,081,192,347
47,490,793,969
24.28
July
32.37
44,884,288,147
1
Apr.
1
June
1
June
31.50
Feb.
$27.53
1
May
30
30
July
Aug. 31
Sept. 30
31
Oct.
Mar. 31
$46,270,987,418
40,921,074,970
$32.44
27.59
31,858.461.871
35.864,767,775
1
Mar.
$38,869,140,625
39,242,676,837
41,172,861.535
1
Feb.
Nov. 30
28
30.55
Oct.
30.54
Nov. 30
41,004,995,092
44,761,599,352
41,652,664,710
47,440,476.682
47,373,972,773
45,505,228,611
32.96
Dec.
30
46,467,616,372
29.41
31
Aug. 31
31.38
Sept. 30
31
28.69
31.31
29.12
33.15
33.11
31.79
1940—
32.30
31
31
45,636,655,548
31.68
Feb. 29
31
33.34
1939—
♦
Price
1939—
1938—
Jan.
Average
Value
Market
46,058,132,499
31.96
Jan.
Revised.
Spanish Stock Exchanges Resume
of
Value
of the civil war in 1936, held its
it is learned from United Press
advices from Madrid, which also said:
Shares of a total nominal value of more than 25,000,000 pesetas figured
in the first day's transactions.
Exchanges in Barcelona and Bilbao also
first full session on March 6,
reopened.
Plans to reopen
of March 2, page
position
Report
Listed
Stocks
on
New
York
Stock
Stocks
issue
York Stock Exchange Confer
Public Examining Board
Stock Exchange con¬
Securities and Exchange Com¬
mission in Washington on March 6, on the progress made
anent the report of the Public Examining Bo^rd. No-details
of the meeting were aunounced.
Advices to the "Wall
Street Journal" of March 7, from its Washington bureau
Representatives of the New York
ferred with members of the
stated:
the
at
the
close.
SEC
Representatives
and the SEC merely
Commis¬
from the Exchange,
hours and was attended by the
division, and a seven-man delegation
that progress had been
the usual remark
even
achieved was made
of the Exchange referred all inquiries to
announced that the following persons rep¬
resented the Exchange:
McC.
William
Martin, Jr., president;
Paul Shields, J. Gould Remick,
Curtis Calder, H, S. Davis and Samuel Rosenberry.
Chairman Jerome N. Frank said that the group "had had con¬
Philip Russel,
business
on
Feb. 29, 1940, there were
1,236 stock issues aggregating 1,440,945,190 shares listed on
the New York Stock Exchange with a total market value
the Exchange announced on March 5.
with 1,236 stock issues aggregating 1,440,-
$46,058,132,499,
764,569 shares listed on the Exchange Jan. 31 with a
total
$45,636,655,548, and with 1,236 stock issues
aggregating 1,426,197,632 shares with a total market value
of $46,270,987,418 on Feb. 28, 1939.
In its announcement of
market value of
March 5, the Stock Exchange said:
of
Although the meeting lasted two
on
the close of
the exchanges were reported in our
1350.
Officials of SEC and New
with "other sales".
Feb. 29 $46,058,132,499, Compared
$45,636,655,548
Jan. 31—Classification of
Exchange
Operations
Exchange, resuming operations for the
The Madrid Stock
not
compares
647,248.308
28.81
14.24
99.16
1,655,798,668
sion, its trading
This
23.76
Garments
on
Number of shares:
of
29.45
16.52
2,460,949,376
1,365.602.811
3,728,843,392
139,242,495
*
Dollar value
of
23.65
29.02
Leather and boots
Round-lot sales by dealers:
As
271,101,908
first time since the start
dealers (customers' sales):
Customers' short sales
Listed
44.83
23.59
Ship operating and building
Miscellaneous businesses
Three
Number of orders:
with
2,250,458,709
equipment
Business and office
16,908,249
DoUar value
Market
25.76
45.93
428,771
Number of shares.
a
33.11
3,043,256.020
Shipping services
Jan.
Odd-lot purchases by
21.71
25.78
Miscellaneous utilities
Dec.
Total
.
Odd-lot sales by dealers
21.78
438,478,684
21.84
Commission made
public a summary for the week ended March 2 of complete
figures showing the volume of stock transactions for the
odd-lot account of all odd-lot dealers and specialists who
handled odd lots on the New York Stock Exchange, continu¬
ing
4,206,922,908
operating abroad
Foreign companies (incl. Cuba & Can.)
During
3.64
25.82
2,469,598,530
Aviation
All listed stocks.
Odd-Lot Trading
13.64
33.59
U.S. companies
Included with "other sales."
46.12
22.49
Tobacco
sales which are exempted
Included with "other sales."
b Round lot short
38.29
152,272,944
664,355,362
328,964,693
7,442,202
52,245,516
123,576,536
Paper and publishing
25
33.03
2,428,686,491
1,363,874,144
3,760,919,119
Petroleum
transactions for the account
Customers' short sales
C. Odd-lot
39.55
Machinery and metals
149,286
Other sales, b.
„
33.24
■
SEC
there might be
position that tha
meeting was merely to let them listen to the conclusions of the Stock
Exchange committees which have been studying the problem of additiinal
versations" and,
some
after some
further conversations.
protection for
brokers' customers.
The results of the
had
anticipated
which
duced
no
the
no
questioning, he added that
SEC representatives took the
meeting thus feU
SEC
approval
Exchange committees
concrete results,
certainty of
it was
far short of advance
notices which
of a program of customer protection
have worked out.
The conference pro¬
said, and, as of yesterday, there appeared
continued conferences.
The Commercial & Financial Chronicle
Volume ISO
Market
Value
of
Bonds
Exchange
Listed
Feb.
29
New
Stock
York
Jan.
31
on
Below
latest date
were reported at $25,996,000, against $27,046,000
$37,254,037, respectively, on the two earlier dates.
The following is the report for Feb. 29, 1940, as made
available by the Stock Exchange on March 4:
and
The New York Stock
Exchange announced March 7 that
on Feb. 29, 1940, there were 1,387
bond issues aggregating $53,937,100,052 par value listed on
the Exchange, with a total market value of $49,605,261,998.
This compares with 1,391 bond issues aggregating $53,987,705,347 par value listed on the Exchange Jan. 31 with a total
market value of $49,678,805,641.
In the following table, listed bonds are classified
by govern¬
mental and industrial groups with the aggregate market value
and average price for each:
of the close of business
as
1521
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York
1940, aggregated
as
of the close of business Feb. 29,
$555,474,347.00.
The detailed tabulation follows:
Demand
(1) Net borrowings
on
Time
collateral from New York banks
trust companies
29, 1940
Jan
81,1940
.
$25,596,000
$629,478,347
Feb.
$476,946,247
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the City
of New York
62,532,100
$25,996,000
$555,474,347
or
Combined total of time and demand borrowings;
Total face amount of "Government securities"
Market
Aver.
Market
Price
Value
Price
$
%
U. S. Govt, (incJ. States, cities,
United States Companies—
Autos and accessories........
....
Electrical equipment manufacturing..
Food
Rubber and tires................
Amusements
.........
Land and realty
...
Machinery and metals
Mining (excluding iron)......
Petroleum...
....
Paper and publishing
Retail merchandising
Railway operating and holding com¬
panies & equipment manufacturers
8teel, iron and coke............
Textile
6.091,268,220
692,053,983
9,345,215
3,185,419,148
221.156,244
1,061,671,501
304,400,589
19,155,300
13,682,243
15,929,636
43,401,947
110,700,039
35,658.395
Gas and electric (operating)
Gas and electric (holding)....
Communication (cable, tel. & radio)..
Miscellaneous utilities
.....
Business and office equipment.......
Shipping service..
Shipbuilding and operating......
Tobacco
U. S.
....
....
18.210.408
91,580.276
68,345,665
22,120,124
37,231,043
233,620,742
77,319,950
45,913,387
9,333,954
59,968,627
112,048,245
641.265,404
65,390,684
13,781,443
103.98
92.80
78.01
108.37
103.70
105.32
91.18
48.23
96.73
56.05
103.90
99.87
80.72
Below
...
companies operating abroad
Miscellaneous businesses
57.24
6,097.346.695
690,598.389
0,177,385
3,222,367,901
225,136,182
1,056,876.175
100.99
101.16
107.97
101.25
104.32
48.68
69.44
127.40
105.08
13,296,560,306
1,522,688,090
Foreign government
817,516,736
Foreign cos; (lnd. Cuba and Canada).
All listed bonds..
49,605,261,998
681,885,192
666,496,877
683,432.399
654,855,671
547,443,175
31
33,983,537
37,254,037
37,663,739
32,269,650
30,492,889
28,240,322
27,075,500
Aug. 31
478,060,007
Sept. 30
Oct. 31
433,656.992
502,025,629
508,577,554
467,050.867
534,228.504
560.050,900
555,474.347
Apr. 30.....
103.92
May 30.
105.15
June 30
88.69
July 30
46.45
Aug. 31
Sept. 30
Oct.
459,217,933
508.992,407
484,019,538
540,439,140
577.441,170
31
104.28
Nov. 30
99.30
Dee. 31
78.96
31..
57.30
Feb. 28
Mar. 31
Apr. 29
107.88
May 31
103.07
June 30
103.85
July
Nov. 30
543,875,683
Dee. 30
564,642,938
533,004,900
529,478,347
27,046.000
25,996,000
Jan.
31
♦Revised.
50.28
818,950,601
55.60
91.97 49,678,805,641
92.02
55.61
Market
Average
Market
Average
Value
Price
Value
Price
1939—
Jan.
1.....
42,782,348,673
Feb.
1
42,486,316,399
89.70
Mar.
Mar. 1.....
42,854,724,055
41,450.248,311
42,398,688,128
42.346,644,435
43,756.615,009
44,561,109,796
44,182,833.403
44,836.709,433
88.68
Apr. 29
Apr 1
May 1
June 1
June 30.
July 30
Aug. 31
Sept. 30
Oct.
31
Dec
87.82
June 30....
47.471,484,161
48.351,945,186
48,127,511,742
48,920,968.566
48,670,781,615
87.78
July
31....
49,007,131,070
88.98
Aug. 31
May 31
92.08
93.15
47.297,289,186
90.59
Sept.30....
46,430,860,982
Oct.
47.621.245.885
90.79
89.08
31-...
Nov. 30
Dec. 30....
47,839,377,778
49,919,813,386
91.24
90.67
49.678,805,641
49,605,261,998
92.02
90.34
47.053.034,224
91.27
92.33
Joint Stock
Land Banks Refund Outstanding Bonds
with
Jan.
Home
Loan
31
The
busiest
Loan
disbursed
January
Bank
Had
Bank
Three
Home
91.97
Inc., New York. The issue is dated April 1,
April 1, 1945, optional April 1, 1941.
Proceeds are to be used to redeem an issue of 3s.
Another Land Bank issue recently sold by the same
and
matures
bankers, was a $395,000 issue of First Joint
in
January
Busiest
(New Orleans)
three
of Chicago's
years
was
Federal
the
last month when it
record
Illinois
in
Wisconsin.
and
The
gain
over
advances,
he
May
did
month
any
indicating
said,
of
that
last
the
year
member
see
large
so
a
associations have
total of
a sub¬
stantially larger demand for home mortgage funds than they did last
The
January total
in
December,
in
any
year
There
was
ary's loans
scarcely more than
but this seasonal drop was less
advances
1939,
little
the
of
a
first
a
used
year.
Sixty-eight
by Illinois
associations,
than 60% of the total
months
of
last
year
the two States in the district,
the
marked
than
it
year.
disbursed
had been
change in the geographical distribution of this Janu¬
were
more
three
of that
fourth
larger volume of
new
per
cent of the past
in January,
whereas
went into Wisconsin.
Wisconsin
was
the
During
heavier borrower
Mr. Gardner said, but Illinois has taken
loans in each month since.
in
Discussing,
its annual
report,
Federal
the
Reserve
policy, the Federal Reserve Bank of New York states that
"the
open
market operations in
which this Bank partici¬
pated during the past year yere not undertaken primarily
with a view to affecting the reserve position of member
with a view to exercising an influence
orderly conditions in the market
for Government securities."
The report, made public on
March 4 by George L. Harrison, President of the Bank,
observes that "between June 21 and Dec. 6 all of the $477,banks, but rather
toward the maintenance of
000,000 of Treasury bills which
date
compared with last
as
month's
a
1936-37.
since
also
was
Federal Reserve Bank of New York
—Open Market Operations During Year Designed
to Maintain
Orderly Market for Government Se¬
curities—Gold Movement from Abroad Discussed
in
January, 1939, was 124%, A. R. Gardner, President, pointed
out in the bank's monthly report to the Federal Board at
Washington.
The bank likewise said:
until
Stock Land
2% bonds dated March 1, 1940 due
March 1, 1945, optional March 1, 1941.
Proceeds of this
issue, which was offered at 100^, went to redeem outstand¬
ing 5% bonds.
An issue of $200,000 Atlanta Joint Stock Land Bank 1%%
bonds was sold early in February by Kidder, Peabody & Co.,
New York, at 100.
This issue is dated March 1, 1940 and
matures March 1, 1942; outstanding 2% bonds were re¬
deemed with the proceeds.
Bank
Years
$335,100 to member savings, building and loan
associations
Not
Coupon Issues
Webster & Co.,
Annual Report of
Chicago
Lower
$900,000 1%% bonds of the San Antonio Joint
Stock Land Bank was offered at 100 on Feb. 26 by R. K.
An issue of
91.03
1940—
Feb. 29
31
92.92
89.40
1939—
Jan.
91.80
91.66
88.50
46.958.433,389
31
1
90.19
45,539.192,999
45.441,652,321
Nov. 30
%
91.85
%
Feb. 28
85.71
573.871.683
594,288.938
1940—
1940
$
89.26
545,975,979
537,261,959
553.767,240
30,517,547
33,502,875
32,202,875
30.996,000
29,646,000
74.16
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:
S
,
'
1939—
100.76
The
1938—
*576,961,814
521,116,919
466,766.529
459,363,905
469,887,400
493,615,933
541.490,407
524,202,538
580,741,637
619,955,270
717,084,329
632,513,340
646,178,362
617,191,932
515,173,525
515,483,090
509,021,637
626,691,740
107.84
74.10 13,338,146,700
49.65
1,546,032.146
$
$
84,763,000
65,567,500
53,188,500
40,873,600
37,961,000
34,398,000
32,498,000
40,183,000
40,302,497
42,514,100
35,199,137
*492,198,814
455,649,419
413,578,029
418,490,405
431,926,400
Feb. 29
Total United States companies
Total Loans
Time Loans
$
Mar. 31
99.34
$20,295,225
...
two-year compilation of the figures:
a
Demand Loans
76.61
109,410.917 43.24
35,451,245 104.47
43.76
furnish
Feb. 28
303,983,792 66.02
18,964,700 99.50
13,870,053 49.35
15.628,575 68.13
43,204,739 126.82
66.11
100.50
we
1938—
91.30
56.18
collateral
as
of the above compilation is exactly the same as in the loan
99.60
105.22
96.16
pledged
(2) above
report issued by the Exchange a month ago.
Jan.
.........
....
101.82
18,638,981
90,423,146
69,471,468
22,354,583
37,412,308
233,128,466
77,445,100
44,824,164
9,690,020
60,140,560
111,802,230
629,542,092
73,756,106
14,088,622
........ .........
Building
The scope
33,968,496,866 107.99 33,975,676,194 108.01
Ac.).
Financial
Chemical..
for the borrowings inoluded In items (I) and
Aver.
Value
400,000
allowed
were
for
to
'run
held
were
off';"
it
is
on
the earlier
added
that
"the
securities .of short maturity con¬
tinued far in excess of the supply throughout the year,
and the increase in the supply of Treasury bills available
demand
in the
high-grade
market, which resulted from the elimination of such
bills from Reserve Bank portfolios, had
securities."
yield of such
little effect on the
Continuing, the report says, in
.part:
Of
Decrease of
$4,576,553 in Outstanding Brokers' Loans
on
New York Stock Exchange During February—
Total Feb. 29 Reported at $555,474,347—Amount Is
$127,958,052 Below Year Ago
According to the monthly compilation of the New York
Stock Exchange, issued March 4, outstanding brokers' loans
on the Exchange decreased $4,576,553
during February to
$555,474,347 Feb. 29 from $560,050,900 Jan. 31. As com¬
pared with Feb. 28, 1939, when the loans outstanding
amounted to $683,432,399, the figure for the end of February,
1940 represents a decrease of $127,958,052.
Both demand and time loans outstanding on Feb. 29 were
below a month ago and a year ago.
The demand loans on
Feb. 29 totaled $529,478,347, as compared with $533,004,900
Jan. 31 and $646,178,362 Feb. 28, 1939. Time loans at the
\
much
an aid to the maintenance of orderly
security market were the heavy purchases
of Government direct and guaranteed bonds and notes in the latter part
of August and in September.
During the five, weeks ended Sept. 27, this
Bank, acting under the authority and direction of the Federal Open Mar¬
ket Committee, bought a total of $474,000,000 of such securities for the
conditions
greater importance as
in
the
Government
Market Account.
During the latter part of the year $72,bonds and notes, including guaranteed as well as
obligations of the Government, were sold on occasions when an
of bids over offerings in the market was tending to cause unusually
System-Open
000,000 of
direct
excess
Government
rapid advances in prices.
facilitate
of
the
orderly
war
in
The effect of these purchases and sales was to
of the market to conditions arising out
readjustments
Europe.
The net effect of the elimination of
Treasury bills from the
open
market
account and of tbe net purchases of notes and bonds
was to reduce total
holdings of the Reserve banks by $80,000,000 during
1939, and to lengthen the average maturity of the securities held.
In
earlier years it had been the practice of the Reserve banks to keep a
Government security
substantial
part
of
their
portfolios
in
the
form
of
securities
maturing
The Commercial &
1522
within
a
or- two, so that, if it became desirable as a
matter of
policy, to reduce the volume of member bank reserves,
could be attained in large part by permitting securities
year
credit
objective
general
that
without replacement. Because of the
in the past few years, however,
excess
reserves
of the banks are now more than twice as large as the
total holdings of Government securities of the Reserve banks; it is quite
unlikely that the reserve position of member banks could be brought
under control merely oy permitting short-dated securities in the System
Open Market Account to mature without replacement.
A policy which
contemplates a portfolio of diversified maturities, rather than a portfolio
of preponderantly short-term securities, enables the System more effectively
to
exercise an
influence toward orderly conditions in
the Government
security market.
It enables the System to buy, without restriction as to
maturity, whatever securities are in oversupply in the market in circum¬
stances such as existed in
September, 1939, and to offer in the maiket
securities of maturities that are in special and unsatisfied demand, as
by the Reserve banks to mature
held
in member bank reserves
great expansion
did
it
1939.
December,
and
November
in
"throughout the year 1930
the report that
in
is noted
It
in Europe exercised a dominant influence
upon the New York money market and affected the course
of American business."
The effect of the gold movement
from abroad is discussed as follows in the report:
developments
several
in
market.
this
to
of the war at the beginning of September official
countries curtailed the movement of foreign funds
The balances due the United States on trade account
the outbreak
Upon
restrictions
however,
tended
to
further
accelerated and
the
increase,
countries
belligerent
materials
■war
were
States,
exports of
though
even
by the Neutrality Act
prohibited
in November and American shipping was subse¬
prohibited from entering belligerent areas.
Despite the restric¬
international capital movements, therefore, the gold flow to this
quently
tions
United
at war
countries
to
the
to
were
diverted from
was
its amendment
to
prior
nat'ional defense efforts in Europe
as
trade of neutral countries
some
on
lull, again attained large volume in the
closing months of
1939, and the total inflow for the year—$3,574,000,000—was more than 80% greater than in 1938.
Although some of
the incoming gold was placed under earmark for foreign account at this
Bank, the increase in the gold stock of the United States during the
year amounted to $3,132,000,000.
This amount is larger than the total
dollar value of the gold stock
held by this country in any year prior
country,
after
temporary
a
1921.
to
This
gold
abroad
from
caused
further great
a
expansion in the volume of reserves held by member banks, which reached
successive
volume
which
reserves
deposits,
in
reserves
recent
the
and
Dec.
the
as
of
This
by
in
which member banks have been required
action
administrative
the
in
of
summer
and
securities sold by
new
Oct. 25
Government
a
became
funds
1939,
reserves
excess
banks but,
widely
were
transferred
back
large
New
York
banks,
respective
and
of
of
parts
the
low levels in
a
banks,
the
heavy
rapid
A
disbursements and,
also
detailed
contained
in
the
of
bank
Czechoslovakian
claims
on
Second,
latter
surplus
substantial
a
funds
by banks in
pressure
interest
on
and long-term
showed
Government securities
securities
declined
to
.
.
to
the
also
was
high
new
the
levels
during
of
the
the
year.
is
year
of relative
Prom
which
the
second
climax.
a
from
relations
the
beginning of
May to
the
late
July
reached
to
the
critical
a
end
of
stage
September,
and
the
which
in
in
war
Europe
that
April,
which the
continued, but
war
had
the
the
to
pean
At
war.
form
York
at
President
transmit
which
he
prompt
Near
into
its
of
this
covering August
end of
committeee,
mittee
on
as
attended
country at
or
that
of
be
would
a
behalf
would
conferences
behalf
orderly action
in
outbreak
would
held
in
of
advisable
interests
the
Euro-'
a
through
in
of
event
to
which
the
war,
this
the
of
interested departments
through which it might
or
financial
form
be
different
channel
information
also
it
the
convenient
in
the
available
suggestions to the
or
the money
Such
community.
convenient
a
means
market might
a
through
be
August, when the European situation became
Different
called
were
requested
the
representative
might obtain
threatening, steps
serve
in
to
and
such
was
a
also
taken
were
together
their
to
in
this Bank
discuss
formation
formation
similar
way
to
who
of
and
a
this
put
various
sought
for
market
tracing.
27
the
and
Federal
guaranteed^ securities.
In
banks
at
Reserve
bought,
total of $474,000,000 of United States bonds and notes,
a
Government-guaranteed securities.
These purchases were made,
attempt to fix or peg the prices of Government securities, but
the
purpose
of facilitating an orderly readjustment of the
levels
to
the
into
Sept.
buying orders
which
at
market in
sufficient volume
from
other
to maintain
sources
would
come
the conditions of orderly
In
By the last week of September this objective had been achieved
of
the
loss
issue
our
Bank
shown
was
1939
of the
account
1938
of Jan.
for
13,
page
204, the annual statement
referred
was
and the profit and
to,
for the calendar years
Bank
1939 and
therein.
New
Offering of $100,000,000, or Thereabouts, of 91"
Day Treasury Bills—To Be Dated March 13, 1940
Secretary of the Treasury Morgenthau announced March 8
are invited to a new offering of 91-day Treasury
that tenders
bills to the amount of $100,000,000, or thereabouts, to be
sold on a discount basis to the highest bidders.
Tenders will
thereof up to 2 p. m. (EST), March 11,
at
the Treasury Department,
ceived
nominations
such
foreign
with
a
suggestion
a
°in
be
the
general
suggestion,
would
were
available
exchange
similar
of
$10,000,
$1,000,
$100,000,
$500,000,
and
$1,000,000
(maturity value).
No
tender
for
an
amount
less
than
tender must be in multiples of $1,000.
$1,000 will be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g., 99.125.
on
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
ment securities.
10% of the face amount of Treasury bills applied for, unless the tenders
are
accompanied by
or trust
an
express guaranty
of payment by
an
incorporated
company.
Immediately after the closing hour for receipt of tenders on March
1940, all tenders received at the Federal Reserve
11,
I^anks or branches thereof
the closing hour will be opened and public announcement of the ac¬
ceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
the amount applied for,
and his action in any such respect shall be final
submitting tenders will be advised of the acceptance or rejection
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash or other immediately available
funds
on
March
13. 1940.
The Treasury bills will be exempt, as to
principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation,
except
estate
and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
gift tax.)
the
No loss from the sale or other disposition of the Treasury bills
deduction, or otherwise recognized, for the purposes of
shall be allowed
as a
any tax now or
hereafter imposed by the United States or any of its pos¬
sessions.
Treasury Department
!
Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
I
and
more
interests
of
approved the
representatives
The
a
the
the
unanimously
own
committee.
effected
by
representing
groups
they having
select
an
rather
Those
desirable.
the
effect.
market
including
direct
Government
for
ended
weeks
delining prices,
thereof.
Bank
suggested
which
suggested,
and
of
he
serve
own
information
whenever
more
in
to
Government,
committee,
time
market
times
either
the
markets
committee
money
other
Bank,
that
general
a
New
financial
market
the
in
five
the
week
third
the
banking system, and to
right to reject any or all tenders or parts of tenders, and to allot less than
take the following:
we
1939,
in
year,
from earlier expectations? and
this country than had been anticipated.
of the detailed review
part
September
shock
bids
up to
quite. different
was
whole
the
to
bank
period
which
through
rate,
of
Treasury in Washington, D. C., for the purpose.of discussing vari¬
steps that might be taken in preparation for
meeting the possible
ous
of
from
in
the
at
or
to
came
calm
April,
and
basis
In
through
developed and
less immediate effect upon
and
which continued, but at a diminishing
of the month.
Rather than run the risk
the capital market, of such selling
feeding on itself, the Federal Reserve System, under the direction of the
Federal Open
Market Committee, and acting through' this bank, placed
during the first half of September,
new
partly responsible for
developments
January
Finally, the last quarter of the
a
orders
.
of July.
German-Polish
began;
from
the period
part
Third,
on
grade
They (the bills) will be issued in bearer form only, and in amounts or de¬
1939.
of
their
City banks.
of
municipal
and
deposits
review
crisis
throughout the
but will not be re¬
Washington.
The
Treasury bills will be dated March 13, 1940 and will mature
on June 12, 1940, and on the maturity date the face
amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on March 13, in
amount of $100,044,000.
In his announcement of the offer¬
ing, Secretary Morgenthau also said:
only
not
with
deposit
the
period
securities
Government
dispose
to
quent heavy selling in
be received at the Federal Reserve banks and the branches
report, the year being divided into four
periods, certain general characteristics of which were quite
dissimilar, it is noted therein, viz.:
First,
holders of
of part of their investments.
The conse¬
the market for Government bonds and other highsecurities, accompanied by a virtual absence of ordinary buying
in the market, led to a rapid decline in prices of such securities
undertook
country
Some of these
localities
on
downward
inflow of funds from abroad
in
other
and
banks
smaller
deposit with the
on
other
held
York
continued
medium-
on
corporate
summer
increase
in
reserves
accumulation
a
was
but
placed
rates, which already were extremely low,
money
high-grade
on
their
of
of the New
continued
country
and
banks
that
so
amount
change, but yields
The
Government
York
Reserve
the
Short-term
rates.
little
through
New
to
reserves
excess
effect
the
in
Federal
the
One
all
City
increase
an
part of
York, representatives of the larger New York
the view that in the event of the outbreak
were
in other recent years, part of the additional
as
distributed,
through commercial transfers out of New York.
funds
had
meetings attending the formation of the gen¬
held at the Federal Reserve Bank of New
City member banks expressed
of a European war or the
development of other conditions abroad resulting in marked pressure on
the Government bond market, their respective banks would not endeavor
to
liquidate their Government security holdings.
Furthermore, each of
the New York City banks represented at the meetings indicated that it
would, on inquiry from its various correspondent banks in other parts
of the country,
inform them of its own purpose not to try to sell its
Government security holdings in such circumstances.
All of thtse steps
proved of assistance in preserving some degree of order in the Government
security market when war finally broke out.
Nevertheless, while most of the large banks in New York City and in
other
principal cities held their security portfolios practically intact,
recognizing the impossibility of selling their large holdings without disor¬
ganization of the market under the conditions then existing, many of the
During the course of the
committee, which were
eral
withdrawals from
Treasury, and to seasonal currency
greatest effect of incoming foreign funds was felt by the
New York City
in
business.
1936
again increasing rapidly.
first
.
formed at that time consists of five
representatives of the commercial banks and one representative each of the
investment
banking firms, the savings banks, the insurance companies,
and
the
New York Stock
Exchange.
The foreign exchange committee
consists of five representatives of the commercial banks, two representatives
of
the private banks and
investment houses doing a foreign exchange
business, and one representative each of the foreign banks operating in
this
market, and the Stock Exchange firms doing a foreign exchange
against their
maintain
banks, but at the close of the year member bank
The
ing the foreign exchange market.
The general committee which was
A temporary recession occurred between
1937.
the
of
the amount of required
large increase in deposits and to the
owing to payments for
13,
25
On
1940
operations in and questions concern¬
function with respect to
to
9,
nearly double the amount
was
increase
a
reserves
of
Oct.
$50,000,000
within
came
required to
were
to
October.
of
part
reserves
rapid
due
result
a
spring of
and
agency
the
years,
percentages
maintain
and
the latter
bank
banks
member
notwithstanding
increased
to
member
of
$12,000,000,000 level.
the
reaching
of
until
levels
high
new
total
the
namely,
not
of
movement
enormous
March
Financial Chronicle
to
com¬
purpose,
Treasury Explains Outstanding Debt Subject to Debt
Limitation of $45,000,000,000
The Treasury Department, on March 5, issued a report
showing that the face amount of public debt obligations issued
under the Second liberty Bond Act as amended, outstanding
on Feb. 29, 1940 totaled $42,528,665,025,
thus leaving the
Volume
The Commercial & Financial Chronicle
150
face amount of
obligations which may
the $45,000,000,000
be issued subject to
statutory debt limitation at $2,471,-
334,975.
In another table in the report the Treasury indi¬
cates that of the total face amount of
outstanding public
debt obligations
12
public debt obligations out¬
subject to the debt limita¬
public debt outstanding on
standing which, however,
are not
tion.
Thus the total gross
Feb. 29 is shown as
$42,365,353,180.
The
Statutory Debt Limitation
as
Section 21 of the Second
Liberty Bond Act,
the
notes
aggregate
The
issued under
amended, provides that
as
authority of that Act "shall not exceed in
$45,000,000,000 outstanding at
following table shows
and the face amount which
the
can
any
face amount
of
one
time."
obligations outstanding
still be issued under this limitation:
Total face amount of
bonds, notes, certificates of Indebtedness, and
Treasury bills which may be outstanding at any one time
$45,000,000,000
Outstanding as of Feb. 29, 1940:
Treasury
*
Treasury
are
other issues of Treasury notes now
outstanding.
These
specifically set forth in the official circular released today.
Subscriptions will be received at the Federal Reserve Banks and branches,
are
and at the
by
Treasury Department, Washington, and should be accompanied
like face
a
amount of 134 % Treasury Notes of Series
B-1940, maturing
1940, with final coupon due June 15 attached.
The notes will
June 15,
be accepted at par, and accrued interest
to
March 15, 1940,
(about
following their acceptance.
*
be
The right is reserved to close the books
at
time without
any
for
other
issued
under
1940
amount of outstanding public debt
obligations Issued
authority of the Second Liberty Bond Act, as amended
current
(difference between
redemption value and maturity value)
769,187,925
The
Bearing
no
United
the
15, 1940,
31
was
2.
All of the
accepted
65%
was
bids
were
tendered
at
par,
the
authority
Notes
of
Series
given in these
announced
(except estate
accepted,
$100,667,000
and of the
amount
States,
% %
on
1940, and will bear interest from
per annum,
March
payable semi-annually on Sept.
15, and Sept.
15 in each
Eccles of the Federal Reserve Board and Lauchlin Currie,
administrative assistant to the President
It is reported
that since the Treasury has called for redemption on June
inheritance taxes,
or
or
by
State,
any
or
gift taxes) now
$353,000,000 issue of 3%% bonds of 1940-43 a joint
refunding operation was discussed but it was decided to
postpone the exchange offering on the bonds until a later
date.
Morgenthau announced March 7 that the subscription
books for the note exchange will close at the close of business
Subscriptions placed in the mail before
hereafter
or
or any of the possessions of the
local taxing authority.
any
regulations
as
time and under such
shall be prescribed
The
4.
Bearer
5.
bear
of
acceptable to
with
interest
$500,
$100,
Subscriptions
branches and
deposits of public
$1,000,
attached
$5,000,
will
be
at
the
Subscription and Allotment
be
will
received
at
Federal
the
Reserve
Treasury Department, Washington.
banks
whole
Treasury
for account of customers, but
reserves
are
author¬
the right to reject any sub¬
and to close the books
in part,
or
as
to
any
may
all
or
take in
Subject to these reservations, all subscrip¬
shall be final.
tions will be allotted in full.
Allotment notices will be sent out promptly
allotment.
upon
IV.
1.
and
Banking insti¬
official agencies.
as
The Secretary of the
scription, in
The
hereafter prescribed, governing United States notes
tutions generally may submit subscriptions
2.
de¬
in
$10,000 and $100,000.
only the Federal Reserve banks and the Treasury Department
ized to act
moneys,
issued
will be subject to the general regulations of the Treasury
now or
III.
1.
secure
coupons
be issued in registered form.
notes
Department,
be
the circulation privilege.
notes
will not
The
6.
will
notes
but will not
Payment
Payment at par for notes allotted hereunder must be made
before
or
March
15,
1940,
or
on
later allotment, and
will be accepted at par,
completed
or
be made
may
only in Treasury Notes of Series B-1940, maturing June 15,
1940, which
and should accompany the subscription
Coupons
dated June 15, 1940, must be attached to the notes when surrendered, and
accrued
interest
from
Dec.
15,
1939,
to
March
15,
1940
($3.7295
per
$1,000). will be paid following acceptance of the notes.
V.
1.
As
fiscal
agents
General Provisions
of the
United
Federal
States,
Reserve
banks
are
authorized and requested to receive subscriptions, to make allotments on
the basis and up to the amounts
to
the
ment
Federal
notices,
notes
on
Reserve
indicated by the Secretary of the Treasury
banks of the respective districts,
to receive payment for notes
full-paid
subscriptions
allotted,
to issue allot¬
allotted, to make delivery of
and/ they
may
issue
interim
receipts pending delivery of the definitive notes.
2.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplement or amendatory rules and regulations governing the
offering, which
will
be communicated
promptly to
the Federal
Reserve
banks.
HENRY
MORGENTHAU
JR.,
Secretary of the Treasury.
a
until
maturity of the notes.
on
the
today (March 9).
year
They will mature March 15, 1945,
or approved by the Secretary
Treasury in payment of income and profits taxes payable at the
of the
so
accepted.
Treasury Morgenthau announced on
March 6 the offering, through the Federal Banks, of
%%
Treasury Notes of Series A-1945, in exchange for \lA%
Treasury Notes of Series B-1940, maturing June 15, 1940,
in amount of $738,428,400.
Exchanges will be made par
for par, and accrued interest on the notes
exchanged will
be paid March 15, 1940, the announcement said.
The
offering of the new notes will be limited to the amount of
maturing notes tendered and accepted in exchange therefor.
Cash subscriptions will not be received.
According to the Washington "Post" the details of the
refunding operation were worked out at a special conference
held by President Roosevelt at the White House on March
4 with Mr. Morgenthau,
Undersecretary Bell, Chairman
Mr.
in
Treasury Notes of Series B-1940 tendered
The notes will be accepted at par during such
these respects
15
A-1945,
Description of Notes
imposed by the United States,
on
Treasury Offers %% Five-Year Notes in Exchange for
$738,428,400 of 1^% Notes Maturing June 15—No
"New Money" Sought in Quarterly
Financing—
Subscription Books to Close Tonight
of
the
maturing June
subscriptions at any time without notice; and any action he
Secretary
of
The notes shall be exempt, both as to principal and interest, from all
1940.
Total
II.
principal amount becomes payable.
United
Treasury Morgenthau
$309,711,000
to
The amount of the offering under this circular
the
$42,365,353,180
Reference to the offering appeared in our
issue of March 2, page 1355.
K The following regarding the accepted bids to the
offering
is" from Secretary Morgenthau's announcement of March 4:
tendered
be tendered.
1940, and thereafter
notes
for,
Treasury
The notes will be dated March 15,
000,000, or thereabouts, of 91-day Treasury bills totaled
$309,711,000, of which $100,667,000 was accepted at par.
Toe Treasury bills are dated March 6 and will mature on
applied
designated
•
nominations
Total
pursuant
accepted.
March 4 that the tenders to the offering last week of
$100,-
5,
DEPARTMENT,
Offering of Notes
Treasury,
15,
Tenders of $309,711,000 Received to Offering of
$100,000,000 of 91-Day Treasury Bills — $100,667,000
Accepted at Par
June
A-1945
Due March 15, 1945
Office of the Secretary,
will be limited to the amount of
3.
the
of the
States,
may
rules and
of
SERIES
payment of which only Treasury Notes of Series B-1940,
taxation
Secretary
OF
and will not be subject to call for redemption prior to maturity.
Total gross public debt outstanding as of Feb.
29, 1940
Treasury's report as of Jan.
columns of Feb. 10, page 917.
Any
Washington, March 7, 1940.
that date at the rate of
605,876,080
The
States.
approved Sept. 24, 1917, as amended, invites
subscriptions, at par, from the people of the United States for %% notes
1.
$196,281,260
15,892,570
393,702,250
interest
Secretary
$41,759,477,100
Add other public debt obligations
outstanding but
not subject to the statutory debt limitation:
ceased
United
Second Liberty Bond Act,
and
Interest-bearing (pre-war, &c.)
Matured, on which interest has
out¬
are now
OF AMERICA
NOTES
TREASURY
I.
1.
of
.$42,528,665,025
bonds
STATES
TREASURY
Public Debt Service
face
savings
subscriptions
exchanged at this time will be paid in cash when
so
Department Circular No. 631
above
Reconcilement with Preliminary Statement of the Public Debt—Feb.
29,
on
all
or
subject to the reservations set forth
and,
interest-bearing obligations of the
$2,471,334,975
(above)
Deduct, unearned discount
any
be paid
Interest payable March 15 and Sept. 15
maturity value.
Principal amount (current redemption value)
outstanding according to preliminary public debt statement,
$2,610,147,625.
under
notice,
to
as
15, 1939,
will
circular, all subscriptions will be alloted in full.
1940
Approximate
Total
such notes from Dec.
on
$1,000 face amount)
per
Dated and bearing interest from March
15, 1940
i
authority
$3.73
UNITED
may
be
notes will be accorded the same exemptions from taxation
H%
4,003,700
72,110,COO
which
payable
1945, and will not
They will be issued only
the denominations of $100,
The text of the official circular follows:
42,528,665,025
obligations
15,
accorded
116,280,150
of
March
mature
bearer form with coupons attached, in
$500, $1,000, $5,0r0, $10,000 and $100,000.
maturing notes not
$19,048,400
21,118,050
Treasury bills.
amount
will
they mature.
11,366,445,900
Face
The notes
in
$42,412,384,875
Certificates of indebtedness
exchange
subject to call for redemption before that date.
them
1,652,300,000
1,308,271,000
Notes
in
amount of $738,428,400.
The present offering will be the
only opportunity afforded the holders of these maturing notes to
exchange
$ 8,405,874,900
Face amount of matured
obligations
on which Interest has ceased:
Bonds
only
standing in the
$31,045,938,975
notes
Certificates of indebtedness
offered
now
Treasury Notes of Series B-1940, maturing June 15, 1940,
*3,379,335,550
769,492,525
Treasury bills (maturity value)
A-1945,
annum,
semi-nannually.
$26,897,110,900
Saving (maturity value)
Adjusted service
_
Treasury Notes of Series
in the official
Interest-bearing—Bonds—
Treasury
The
provisions
of Feb. 29, 1940
having
as
for Treasury notes maturing June 15, 1940, will be dated
March 15, 1940,
and will bear interest from that date at the rate of
% % per
as
the face amount of
bonds, certificates of indebtedness, Treasury bills, and
Treasury
midnight tonight will be considered
The
following is the Treasury's report issued Mar. 5:
1523
been entered before the close of the
subscription books.
The Treasury's announcement
regarding the exchange
offer said:
($42,528,665,025) should be deducted $769,-
187,925—the unearned discount on savings bonds—reducing
the total to
$41,759,477,100, and to this figure should be
added $605,876,080, the other
o'clock
.+»
President Roosevelt Urges Constant Vigilance to Avert
Intolerance and Injustice—Sends Message to Con¬
ference of Committee for Protection of Foreign-Born
Constant vigilance against intolerance and injustice, to
guard the civil rights and liberties of all citizens "whatever
background," was urged March 2 by President Roose¬
a message to the American Committee for the Pro¬
tection of the Foreign-Born, which opened its annual con¬
ference in Washington on March 2.
Messages urging toler¬
ance
were received
also from Cordell Hull, Secretary of
State; Harold L. Ickes, Secretary of the Interior; Henry
Wallace, Secretary of Agriculture; Associate Justice
A.
of March 5 stated:
Attired in a dark blue business suit,
by
the President entered the church
side door on the arm of Brig. Gen.
a
1940
9,
Washington "Post"
Reporting the day's happenings the
their
velt in
March
Chronicle
The Commercial & Financial
1524
Edwin M. Watson, secretary and
Stephen T. Early, another* secretary, and
Capt. Daniel J. Callaghan, naval aide.
There was no
sermon.
The service, which lasted
20 minutes, con¬
With him were
military aide.
sisted
of
hymns,
Supreme Court, and Mayor F. H.
LaGuardia
of
New
York.
President Roosevelt's letter
assured the Chairman, Dr. William A. Neilson, that "every
American" wished success to the committee which "has
undertaken the task of assuring fair play to the foreignborn within the United States."
The President's letter
follows, in part:
and responsive readings.
Dr. Endicott Peabody,
which the President attended as a boy,
prayers
School,
Groton
of
headmaster
regrets.
Frank
Murphy
of the
takes pride in
Every American
all
all
and
races
commonwealth
abroad
our tradition of hospitality to men of
the great achievements of the American
that
fact
the
been
which were divided
antagonisms were forgotten;
groups
race
and
Enmities
here.
united
are
One of
creeds.
has
opponents met here as friends.
Groups which had fought
overseas
here work together; their children intermarry; they
each
have
former
other
all
contributions
made
democracy and
to
peace.
greatness of this achievement we must be constantly
Because of the very
the attacks of intolerance and injustice.
We must
scrupulously guard the civil rights and civil liberties of all citizens,
whatever their background.
We must remember that any oppression, any
against
vigilant
wedge designed to attack our civilization.
If
intolerance, we must always be on guard.
the work to maintain the rights of the foreign-
injustice, any hatred, is
is
reason
We
to
prevail
a
a
ance
of nations "from cruelties of war."
for divine
prayer
The
Frank
Rev.
home
in
Hyde
R.
Wilson,
the
Following
result
service.
with
the President, looking robust and tanned as a
returned to the White House for a round of
officials on the foreign situation and
trip,
Administration
fiscal problems.
domestic
with
talked
a
group
Ickes
Secretary
in
was
Says
Is
Development
Waterway
and Harbors Congress
told
Roosevelt
Barkley, in his Senate speech, which lasted two hours, said no
Lincoln had faced such a crisis as Mr. Roosevelt faced
Senator
President
since
he took office March 4,
when
1933.
Roosevelt
President
**
Warns
Harbors Con¬
and
3
that
"rational
a
Nation's waterways was essential to national
gratifying at
time when world events force us
a
seven
strides
during the last
have made
we
in the effective development of our waterways and the solu¬
small measure due to the compre¬
years
and
Rivers
integrated
Harbors
and
by the National
developed and forwarded
program
Requests Congress to Increase
Authority of Army Air Corps by
Roosevelt
Contractual
$20,000,000—Two Other Budget Requests
Roosevelt
President
requested Congress to increase the
Army Air Corps by $20,000,000.
of the three budget requests made through the
It
was
one
Bureau
of
the
according to Washington advices
the New York "Times," which further said:
of Feb. 29 to
Mr.
desired
Roosevelt
acquisition,
Budget,
without
equipment
and
780,500.
Today's
the
increased
appropriation,
prior
accessories.
request,
granted,
if
additional
of
budget
original
The
authority to permit the
contractual
new
request
of
John
B.
of
that
Blandford,
the
President,
$20,000,000 of
and
of
estimated
the
to
Budget
that
said
funds
its
that costs
He
Acting
would
the
boost
Direator,
the
the
the procurement
increased
of
cost
Panama
The
to
road, to
*2,
March
on
carry
Road,
former
ago
third
request
President
was
Herbert
by Congress.
increasing.
aircraft program
$325,000
would be
construction
for
of
1936.
near
for
Zone boundary near
Canal
Field.
France
the whole cost of the project,
The
forced to divert
engines and parts,
out an agreement made with the Republic of
highway would extend from the
Randolph
spare
were
the
$30,250,000 higher than original estimates.
The President's second request was
for
three miles of
of
letter accompanying
a
The
United
States
is
Cativa
bear
to
and Panama is to maintain the highway.
$2,500
to
The
Hoover.
bear
the
amount
The portrait is to hang in
cost
was
of
a
(portrait
authorized
two
of
years
The
asked
he
enlarging
begin
to
the
Panama
of
set
locks,
authority to delay for a
but he added somewhat
be camouflaged
the construc¬
year
grimly
that
such
by statements that the War Department
appropriations
the
War
the
had
committee
be completed
not
Department
was
that
said
until two
prematurely
House upheld the committee
detailed
for
and
for
funds.
pushing
and
plans
hence,
years
passed
War
a
the
indicated
Subse¬
Department
appropriation bill minus the $15,000,000.
President
The
cost
be
to
said
that the
because
Congress,
on
plans
this
started
are
responsibility for delay should be
sufficinetly
spring
on
far
the extra
advanced
to
squarely
permit
The
President
carrying
Friday
pleted
of close and
.
made
him
his
remarks
Washington
to
4,000-mile cruise
a
long
con¬
locks, which would
set of
$227,000,000.
train
range
at
from
on
a
press
conference
Pensacola,
which he
Fla.,
made
a
on
special
a
where
he
thorough
com¬
survey
defenses of the Panama Canal.
President
Roosevelt Signs Bill Increasing Capital of
Export-Import Bank—Finland Given $20,000,000,
Sweden $15,000,000 and Norway $10,000,000
Following his return to Washington on March 2 after a
President Roosevelt signed the
increasing the capital of the Export-Import Bank from
$100,000,000 to $200,000,000.
Final Congressional action
on the bill, which
made possible additional credits to Fin¬
land and China, was reported in these columns of March
2, page 1357.
Jesse H. Jones, Federal Loan Administrator, announced
on
March 1 that the Export-Import Bank had allocated
$20,000,000 additional credits for Finland, $15,000,000 to
Sweden and $10,000,000 to Norway.
Mr. Jones explained
three-week vacation cruise,
bill
that
the
after he
be
the White House.
he said, has fill!
third
a
should not
undertaking could
airplanes,
for $25,amount to
been
had
army
planes and equipment
that
in
his special train, the President yesterday
Committee of camouflaging its rea¬
on
Appropriations
.$15,000,000
pushing the project too rapidly.
was
was
$45,780,500.
of
House
Congress,
action
struction
contractual authority of the
journey northward
refusing
quently
President
Congress.
the
for
that
Congress.
respon¬
Canal.
tion of flood-control problems are in no
hensive
the
accused
sons
tion
defense of the Nation.
system essential to the safety and
It seems to me that the great
March 2 that the
on
Last week the House denied the Presi¬
$15,000,000 appropriation to begin this
construction and voted only $850,000, as was noted in our
issue of March 2, page 1358.
Associated Press Washington accounts of March 2, re¬
porting the President's remarks, said:
On
to attend more
closely to our system of national defense to know that the National Rivers
and Harbors Congress has through the years of its existence advocated a
rational development of our waterways, an element of our communication
is
Delaying
on
Canal
dent's request for a
the President which said:
It
Congress
Panama
for
sibility for delaying improvements to the Panama Canal by
construction of a third set of locks would have to be as¬
sumed by
Rivers
the
development" of the
defense. The
organization, which will hold its annual convention in
Washington March 14 and 15, made public a letter from
March
on
afternoon
Hull for an
and Secretary
lunch
for
conference.
President Roosevelt declared
Roosevelt
Vital to National Defense—Sends Message to Rivers
gress
Morgenthau, Under-secre-
comprising Secretary
tary Bell, Chairman Marriner S. Eccles of the Federal Reserve Board and
Lauchlin Currie, administrative assistant dealing with economic problems.
Defenses
President
but sent his
the service,
to attend
invited
was
service,
vacation
his
of
conferences
He
Garner
President
Vice
born."
President
the President's church at his
Dr. Peabody pronounced the
of
rector
the
opened
Park,
benediction.
against
therefore,
welcome,
and for deliver¬
guidance of the Chief Executive
read
of the bank had
trustees
was
signed
on
made
these
allocations
advised by
Mr. Roosevelt that the bill would
his return to Washington.
Mr. Jones's announcement follows:
President
Roosevelt
Returns
After
Washington
to
1
15-Day Vacation
Cruise
He left the
Navy cruiser Tuscaloosa at Pensacola, Fla., on
a special train for the nation's
During his cruise he inspected the Panama Canal
1 and then boarded
capital.
defenses.
March
Reference to
President
the trip was made in
our
issue of
2, page 1355.
Seventh
Anniversary
Cabinet
On
March
Attends
Church
Services
on
Inaugural—Guest
of
at
Dinner
4
President
Roosevelt
observed
the
seventh
anniversary of his first inauguration by attending
a brief
Episcopal Church, across from the
White House.
Mr. Roosevelt, who was accompanied by his
wife and mother and White House aides, has observed this
service
custom
at
on
St.
each
John's
March 4 since his
induction into office in
1933.
In
the
evening the President
and
Mrs. Roosevelt
were
guests of honor at the annual dinner given by the Cabinet.
In
seven
the
Senate,
years
of
Majority
the
accomplishments.
Leader
Roosevelt
Barkley
me
that
he
will
sign
the
Export-Import
bill, and the Trustees of the Bank have allocated
ration for account of Finland, also $15,000,000 to the Bank of Sweden to
heretofore
announced.
The proceeds of these loans may only
reviewed
administration,
praising
the
its
be expended for purchases in this
country and no part of the money may be used for arms, ammunition, or
implements of
war
listed in the President's proclamation under the Neu¬
trality Act of 1939, except commercial aircraft.
Bank's
Roosevelt
advised
finance American exports to Sweden, and confirmed $10,000,000 to Norway,
The Act increasing the
capital permits loans for the purchase of aircraft exclusively for
commercial
President
has
$20,000,000 for additional loans to the Finnish-American Trading Corpo¬
'President Roosevelt reached Washington, late in the day
March 2, completing a 15-day cruise covering 4,000 miles.
on
March
The
Bank capital increase
purposes.
We
have
had no
applications
for
loans
to
buy
aircraft.
Plans
Jan.
13,
to
loan
page
Norway $10,000,000 were mentioned in
these
columns
209.
Export-Import
Bank
Loans
$20,000,000
to
China,
$10,000,000 to Denmark and $1,000,000 to Iceland
The Trustees of the Export-Import Bank have allocated
$20,000,000 for additional loans to finance exports to China,
also $10,000,000 for exports to Denmark, and $1,000,000 to
Iceland, it was announced on Mar. 7 by Jesse Jones, Federal
Loan Administrator, who said:
The proceeds of these loans may only be
expended for purchases in this
country and no part of the money may be used for arms, ammunition, or
implements of war listed in the President's proclamation under the Neu¬
trality Act of 1939.
will
be agricultural
A large part of the exports to Denmark and Iceland
products.
Volume
The Commercial & Financial Chronicle
150
President
Roosevelt Favors Extending
Include State Employees
Hatch
Act
President Roosevelt
of the
bill
Senate Begins Debate
—
extending the Hatch Act, which outlaws "per¬
nicious political activity" by Fedeial
employees; to include
State employees who are paid in whole or in
part with Federal
funds.
The President said it was only right to extend the
restrictions of the Act since it
applied to one type of Federal
_
Tobey filed with the Commerce Committee a brief in which
he attacked the questions as illegal and as
irrelevant to the census. Senator
Tobey recited the 1934 Act, which restricted the questions in a census to
those relating to agriculture,
population, irrigation, drainage, distribution,
unemployment and mining conditions.
Census
"It is
same
the
on
measure
was
day (March 5) by its
Mexico.
on
on
the
Senator Hatch of New
sponsor,
Favorable action
tions Committee
opened in the Senate
the bill by the Senate Elec¬
our issue of March 5, page
reported in
was
1.357.
/ -5 ;
>
■
• .
Concerning the opening of the debate in the Senate,
Washington advices March 5 to the New York "Times" said:
,
The
.
Senate debate developed a sharp difference of
opinion.
Democratic members separate on the question of
did the
testing,
of
the
Act, but Senator Miller, Democrat of Arkansas, supported by Senator
Minton, the majority whip, attempted to amend the original Act and the
amending bill to
remove
His effort
he
argued,
have sought
to
enlarge
the
of
meaning
by including the income
fair to
not
the
people," he said,
"for the Senate, without
pro¬
allow locally and politically appointed, temporary
employees
government to demand from their neighbor-citizens such
to
private
information under threat of penalty of fine and
imprisonment.
"It is a recognized right of the people to petition to the
Congress for a
redress of grievances.
The people have done so and are doing so, in
pro¬
testing against these personal questions and have expressed justified
ap¬
prehension that the method used to gain such information will result in
embarrassment and injury to them.
"Many of their letters
Not only
extending the
officials,
"population, unemployment and distribution"
questions.
employee.
Debate
to the New York "Times'
had the
Senator
March 5 endorsed the principles
on
Washington advices of March 4
following to say:
to
Receiving Part of Pay in
Federal Funds
1525
to
have given illustrations
me
of such betrayal
of confidence in the past."
President Roosevelt comment on the
in another item in our issue of
today.
legislation is reported
retain in the law only those provisions that
protect them
was to
restrictions
on
political activities by job holders.
from assessment and coercion.
When the Senate recessed, the bill
apparently had the support of Senator
Barkley, the majority leader, and had been openly endorsed by Senator
Chandler, while Senators Pepper, Minton and Miller
were
leading the fight
the bill.
on
Senator Hatch served notice that he would vote
against
bill if the Senate should approve the Miller amendment.
In opening
debate, the New Mexico Democrat defeated
his
his
pending
"We could have drafted
much
a
more
drastic bill and still have been
within the Constitution," he said.
Subject
judgment
to
by
Civil
the
Commission,
the
measure
March 6 rejected by a vote of 44 to 41 an
amendment to the bill which would permit
voluntary political
on
activity by Federal employees.
Sponsored by Senator
Miller, Democratic, of Arkansas, the amendment would
have repealed a section of the Hatch Act which
prevents all
but policy making Government employees from
influencing
elections or campaigns.
Washington advices March 6 to the New York "Herald
Tribune" stated:
A
dividion in
the
leadership, helped by the almost solid
Republican vote, prevented the Miller amendment from passing in
one
of
which
22
of Indiana,
Democrats
was
followed
acting
as
floor leader.
Barkley and
40 followed
This
was
Senator Chan Gurney, of South
Dakota, a newcomer to the Senate.
by the Senate March 7
Yesterday (March 8) the Senate by a
vote of 42 to 35.
a
section
27 defeated
barring
employees.
an
varied political
activities by Federal-State
President Roosevelt said at his press conference in Wash¬
on March 5 that the controversy over certain questions
census
was
"obviously political move" and
"everybody accredited to Congress knows that." Action
on the resolution
sponsored by Senator Tobey of New Hamp¬
shire to eliminate from the census
questionnaire all inquiries
relating to wages and income was deferred by the Senate
an
Commerce Committee on March 5 until next
week; this is
referred to elsewhere in today's issue.
census
necessity at his semi-weekly
row
in Congress
proposed family in¬
over
questionnaire, Mr. Roosevelt defended their
press conference and went to the unusual
length
directly with these words:
The whole thing, of course, is.an obviously political move and
nothing
Everybody accredited to the Congress knows that.
else.
Roosevelt opened his press
conference with
a
general discussion of
He said it seemed clear to him, for instance, that nobody
attending the
conference had anything to hide from governmental statistical files,
and pointed out that concealing information from the
Government is far
different from concealing the same information from
neighbor.
Senate
Commerce
solution
Committee
which
Would
Delays
Omit
a
Action
Income
on
Re¬
Query from
Census Questionnaire
Action
resolution, sponsored by Senator Tobey of
forthcoming census
questions relating to wages and income was deferred by
on
the
Commerce
Senate
The
committee
vote
of
the
Committee
on
March
5
until
next
for
postponment was 10 to 5.
A sub¬
Senate Commerce group had voted on
March 4, 3 to 2 in favor of the resolution.
been
This group has
conducting hearings at which Census Bureau officials
have defended the scope of the questionnaire and members
of Congress have testified that some of the
questions were a
violation of
measure
was
described
13 to 7,
voting
on
bill,
an
Democrat, of Wyoming, to require
by both Houses
a
trade pact
the
in
follows:
as
was
defeated, 12 to 8.
proposal by Senator La Follette
to set
export-import control board having powers to license exports and
imports to prevent discrimination against American trade abroad. Senators
an
Johnson, Capper, Vandenberg, Townsend, Davis and Lodge joined Senator
La Follette in supporting this proposal.
The
same
Follette to
with the Secretary of State in
any
*
also voted for—and lost—a proposal by Senator La
give the Secretaries of Agriculture and Commerce equal authority
group
approving trade agreements.
McCarran, Democrat, of Nevada, to prevent
alteration of excise taxes
defeat by 12 to 8.
ments met
coal, oil, lumber and copper in the
on
The committee rejected by
a
agree¬
voice vote
a
between foreign and domestic production costs.
The
public hearings on the measure, which the finance
conducting since Feb. 26, were closed
committee had been
on
March 6.
Hearings before the
group
last week
were
reported in these
♦
President Roosevelt Indicates Indorsement of WheelerLea
At his
Transport Coordination Bill
conference
press
yesterday (March 8) President
Roosevelt made known his indorsement of the Wheeler-Lea
told
his
the
press
conference
measure
by Congress at this session.
(March 8) we also quote:
The
that
he
had
advised
March 7 that he hoped very much that
would be reported out of conference and passed
on
indorsement
surmounted
From the "Eagle" of last night
the
objections
of two
Cabinet members
and the chairman of the Maritime Commission.
The
measure,
aviation
under
been locked in
to
bring all forms of commercial
transportation except
jurisdiction of the Interstate Commerce Commission, has
a
congressional conference committee for six weeks.
passed by both Houses last year but had to
go
to conference
It
to
The Chief Executive was asked whether he favors the
C.
as
i
regulation of water
recommended in the pending legislation.
Roosevelt referred his questioner
in
to a
over
would be
Mr.
a
all forms of transportation.
Mr.
speech he made in Salt Lake City
1932, in which he recommended the consolidation of government
lation
was
adjust
conflicts.
regu¬
He added that he believed the bill
step in that direction.
Roosevelt
was
asked if he had been informed
being delayed in conference.
He replied that
a
as
to
why the bill is
letter had been called to
by the Secretaries of War and Agri¬
culture and the Chairman of the Maritime Commission opposing
the
pro¬
posed transfer of water-carrier regulation from the Maritime Commission
to the I. C. C.
the greatest
Mr. Roosevelt said that the theory of the greatest good for
number must prevail over objections to the measure.
Support by the I. C. C. of the House legislation on trans¬
portation was noted in our issue of Feb. 10, page 920. On
March 4 the I. C. C. proposed to the transportation com¬
mittees of Congress a draft of legislation for regulation of
forwarders as a separate type of carrier.
a
New Hampshire, to eliminate from the
week.
Committee
his attention which had been written
the census, but soon swung into a direct attack on its critics.
press
Finance
Senator O'Mahoney,
carriers by the I. C.
of permitting reporters to quote him
Mr.
Senate
The committee rejected,
up
Regarding Mr. Roosevelt's remarks Washington United
Press advices March 5 said:
Plainly irked by the current
the
on
that the agreements be approved
Senator Wheeler
ington
questions in the
the
President
Questions is Political Move
come
action
transport coordination bill, now in conference. Advices from
Washington to the Brooklyn "Eagle" stated that the
President Roosevelt Says Opposition to Census
1940
In
amendment by
amendment to strike out the
♦
in the
Other
columns of March 2, page 1356.
Another attempt to strike the Federal
political ban from
the original Hatch Act was defeated
vote of 49 to
extending
amendment.
Washington Associated Press advices of March 8
division,
Minton,
enough to permit the all-but-solid Republican vote to swing the balance
against the Miller amendment.
The only Republican vote for it was
by
without
proposal by Senator McCarran to limit tariff concessions to the difference
Senator Alben W. Barkley, of Kentucky, majority leader of the
Senate,
spoke against the amendment for which the Democratic whip, Senator
Sherman Minton,
Measure
An amendment by Senator
Democratic
the most exciting, nip-and-tuck votes of the session.
in
on
Reciprocal Trade Agreements Act, to the
The committee rejected six
amendments, the main one offered by Senator Pittman of
Nevada to require Senate ratification of all future
agree¬
Senate
ments.
Service
would provide for the withholding of Federal aid from States
where abuses
were found.
The Senate
Hearings
The Senate Finance Committee
yesterday (March 8) voted
12 to 8 to report the
House-approved resolution
for three years the
pending bill
both constitutional and "mild."
as
Senate Group Approves Resolution to Extend
Recipro¬
cal
Trade
Agreements
Act for
Three
Years—
legal rights of citizens.
House
Appropriates
$118,578,187
for
Interior
De¬
partment
The
House
of
Representatives, on Mar. 7, passed and
supply bill appropriating $118,578,187
for the Interior Department for the year beginning July 1.
This figure was $3,479,277 below President Roosevelt's
budget estimates. As the bill was reported to the House by
its Appropriations Committee on Mar. 4, it called for
$119,071,187. Washington advices Mar. 7 to the New York
"Times" reported the following action on the bill:
sent to the Senate a
The Commercial <&
1526
recommended appropriation of $5,650,000 for
1941.
An amendment by Representative
Everett M. Dirksen of Illinois to eliminate about $4,000,000 in fund and
contractual authority for two transmission lines failed because of a tie vote.
The House added $500,000 to the $750,000 provided in the bill for the
Provo Reclamation Project in Utah.
The additional fund was requested
declined
It
alter the
to
Bonneville
the
Authority for
yesterday by President Roosevelt.
On an amendment by Representative
Robert G. Allen of Pennsylvania,
proposed appropriation of $2,187,000 for the
Coal Commission to $1,187,000. The teller vote was 88 to 74.
trimmed
House
the
Bituminous
The amendment
the
prices promulgated in the past
increased costs to consumers,
had resulted in
charged
by the Commission
and that new scales under
adopted after a debate in which it was
was
that the scale of coal
$40,000,000 more next year.
appropriation for the Bureau of
Mines, coupled with $500,000 added to the Provo project, and the deletion
of $1,000,000 from the Coal Commission's funds, made the bill's total
$493,000 less than the sum recommended by the Appropriations Com¬
mittee, and more than $3,000,000 under budget estimates.
$7,000 to the $324,500
signing the majority report included Chairman Smith,
Republican members, Representatives Charles
Halleck of Indiana, and Harry N. Routzohn of Ohio.
A
minority report was submitted by Representatives Arthur
Healey (Dem.) of Massachusetts and Abe Murdock (Dem.)
of Utah. The minority, according to the United Press, state:
"While this act may not
Control
Oil
of
on
Bill for Federal
Industry
have the tendency of impairing the rights
guaranteed under this act. We cannot acquiesce in amendments which,
under the guise of improvement, propose to sacrifice vital rights of labor
guaranteed under this act.
We will continue to strive to ascertain and
recommend genuine improvements in the act or its administration."
The
representatives of the leading oil companies have testified
against the enactment of the bill.
Indications are that
members of the subcommittee will make an adverse report
on the bill and that the measure will either be shelved at this
session of Congress or undergo drastic revision.
The bill is
sponsored by Representative Cole, Democrat, of Maryland,
who introduced it at the last session of Congress at the
Roosevelt.
request of President
Creating Federal Tax Commission Intro¬
House—American Institute of Account¬
Resolution
duced in
Says Adoption of Measure Would Be of Great
ants
Importance to Assure
Future Economic Stability
joint resolution calling for the creation by Congress of
non-partisan commission 'To formulate a permanent and
A
a
consistent
House
on
policy of Federal taxation" was introduced in the
March 5 by Representative Emanuel Celler, of
The Federal Tax Commission would be com¬
New York.
posed of eight members, seven of whom would be chosen by
representatives of agriculture, labor,
and consumers, industry and finance,
lawyers, certified public accountants, and ecnoomists. The
eighth member would be from the Treasury Department.
President
the
as
individual taxpayers
In connection with the introduction of this
committee
resolution, the
Federal taxation of the American Institute of
on
would:
/
Abolish the present Board
1.
with not more than two
commission, issued
statement March 5 through its chair¬
a
man,
Walter A. Cooper of New York, declaring that "Con¬
gress
could do
thing of greater importance to assure
stability." The statement goes on to say:
no one
future economic
The annual revision of tax laws on the
social reform is the major cause of
basis of political expediency and
hesitancy on the part of business men
Fixed principles of taxation are urgently required to give
and taxpayers.
taxpayers the necessary confidence to
face the future.
Determination of fixed principles of taxation
between
gap
The flexible
tax
should strive to bridge the
practice.
accounting and established business
application of accounting principles, as
should be recognized,
between taxpayers,
providing such accounting practices be consistently
maintained from year to year.
A
permanent tax structure should be established,
with fixed principles
subject only to changes in rates to meet the varying requirements of the
Federal
Business can adjust itself to changing rates, as long as
budget.
such rates
are
non-confiscatory, but staggers under the impact of successive
calls for new interpretations
of tax provisions from year to year.
It is not intended that legislative or administrative powers be
the
proposed commission; it is
function as a study group
basis
of
its
principles
office of Administrator to
with the exception that
collective b argaining election.
4. Make mandatory the issuance of subpoenas for appearances at hear¬
ings upon request either of an employer, worker or union.
5. Permit court review of Board decisions in representation cases.
6. Forbid the Board to initiate the determination of collective bargaining
units; only the employer or employees could request that action.
7. Once an election is held, forbid other elections in the same plant for
one
function only as a judge,
Permit the Board to
it would continue to have
the power to order a
year.
prohibitions, to permit an employer to discuss labor
provided that discussion did not involve acts
of coercion, intimidation or discrimination.
Relax present
8.
situations with his workers,
threats
or
Apply the usual court rules
9.
Provide that, id court
10.
of evidence to all Board
procedure.
review of any Board decision, the
Board's
based on a preponderance of evidence and
unless they were "clearly erroneous."
11. Revise the declaration of policy in the Wagner Act so that the
Board would not be encouraged to "unionize" employees against their will.
12. Forbid the Board to reinstate any worker who willfully engaged in
violence or unlawful destruction or seizure of property.
13. Revise the definition of the phrase "bargain collectively" so that
neither an employer nor a union would be compelled to reach an agreement
or make counter proposals.
(The Committee Majority did not touch on
findings would be conclusive if
the
contract was necessary to
of whether a signed
bargaining.)
question
show good
faith in collective
examiner become
final, without any further Board action, unless one of the parties to the
proceeding took exceptions to it in 20 days.
15. Exclude employees of farm co-operatives from the Act's application.
16. Forbid the Board to entertain any charge of a violation of the
Wagner Act more than six months after the violation occurred and decree
that back pay could not be awarded to any worker for more than a sixProvide
14.
that
the
intermediate report of a trial
month period.
Abolish the Economics
17.
Division.
recommendations are embodied in a
in the House by Representative Smith.
The
bill introduced
Appeals Sustains State Labor
Ordering Reinstatement of
Waiters
Employed by Stork
Club—Dissolution
of Company Union also Ordered
The New York State Court of Appeals on March 5 sus¬
tained a ruling of the State Labor Relations Board direct¬
ing the Stock Club, a restaurant in New York City, to
reinstate with back wages nine waiters who had allegedly
been discharged for union activity, and also ordered the
dissolution of a company union of Stock Club employees.
The decision, which was unanimous, was the first State
Labor Board ruling, it is stated, ever contested all the way
to the State Court of Appeals.
In summarizing the opinion
of the Court, the New York "Herald Tribune" of March 6
merely expected that the commission
methods
removea
of
s
taxation
to
as
Congress the adoption of such
would
promote
uniformity
and
much as is possible of the present complexity
and uncertainty.
The members of the committee
on
American Institute of Accountants
Federal taxation of the
are,
in addition to Chair¬
Cooper, the following: Victor H. Stempf of New York,
immediate past chairman of the committee and President
of the New York State Society of Certified Public Account¬
ants; Jacob S. Seidman, of New York, Samuel W. Eskew of
Louisville, Oscar Moss of Los Angeles, J. A. Phillips of
Houston, Roscoe L. Thomas of Butte, Mont., and Clarence
L. Turner of Philadelphia.
man
Majority Members of House Committee Investigating
Recommend
Creation
of
New
End
of
Present
Board
and
Body, Whose Powers Would Be
Restricted
Majority members of the Special House Committee in¬
vestigating the National Labor Relations Board, recom¬
mended on Mar. 7 drastic changes in the Labor Act, in¬
cluding abolition of the present Board and the creation of a
new
Board.
One of the recommendations proposes the
separation of the prosecuting and judicial functions of the
Board, and the creation of a new office of Administrator.
The House Committee investigating the Board was headed
by Representative Edward W. Smith (Dem.) of Virginia;
York
New
of
Board
Court
Relations
in
said in part:
director of the Stork Club,
managing
Billingsley,
Sherman
announced
States Supreme Court. If
of dollars,
for the back pay for the dismissed men is figured at $50 a week, or $450..
If the decision were upheld by the Supreme Court the restaurant would
have to pay $450 a week for the period back to September, 1937, minus
what the employees had earned during the period in other jobs.
Harry Rodwin, attorney for the Stork Club, indicated that the appeal
would be based on two grounds, first that no single examiner sat through
the entire hearing, and second, that the board had delayed unduly in giv¬
ing its decision, thereby increasing the amount of back pay to which the
restaurant would be subjected.
The hearings, 'Mr. Rodwin said, were com¬
pleted in March, 1938, while the decision was not handed down until
he
that
delegated
in examining national tax problems, and on the
deliberations recommend
and
simplicity and
NLRB
judicial functions of the Board and
handle many of the Board's present
the prosecuting and
Separate
three members,
functions.
changes in the general scheme and incidence of taxation, a procedure which
to
and create a new one of
belonging to the same political party.
which has long urged the creation of such a
Accountants,
existing
proposed amendments as summar¬
from Washington Mar. 7
majority members
ized in Associated Press accounts
3.
special House Interstate Commerce subcommittee
investigating the Cole oil bill, which it is contended would
virtually place the petroleum industry under Federal regu¬
lation, ended hearings on the measure Feb. 27.
The group
has been holding its hearing for nearly two months during
which time Governoors of the oil producing States and
The
should be most cautious in adopt¬
be perfect, we
ing any amendments which may
2.
Ends Hearings
1940
and the two
create a new
House Subcommittee
9,
those
consideration would cost the consumers
The addition of
March
Financial Chronicle
would carry
the dispute to the United
stands it
decision
the
will cost the restaurant many thousands
November, 1938.
decision
The
was
hailed with great
Board of the New York
satisfaction by the Joint Executive
City Hotel and Restaurant
Employees International
which the dismissed men were members.
According to the decision, the Stork Club engaged in unfair labor prac¬
tices by discharging the men because they joined the union, which is an
American Federation of Labor affiliate; also by organizing immediately
thereafter the Stork Restaurant Employees Association.
The Labor Relations Board had previously arrived at these same find¬
Alliance, the union of
ings and was upheld in an appeal by Judge Isidor Wasservogel, of Supreme
Court.
Then the Stork Club appealed to the Appellate Division, which set
aside the
of
of the Labor
order
Board.
The board then appealed to the Court
Appeal.
The
issue
the
Giving
a
cussed
was
why the
Stork Club management discharged
they were fired because of union activity;
maintained they were fired because they were insubordi¬
customers, mixed checks and were untidy.
One was
having a garlic breath.
the
heard
imminent
with
with
drank
of
case
The union contended
management
nate,
accused
tion
the
in
the waiters.
history
of the case,
the decision
said the waiters in ques¬
August. 1937, that a wholesale discharge of old waiters was
the arrival from Saratoga Springs of a new headwaiter
crew of waiters.
Although some employees previously had dis¬
in
upon
new
joining
the union, they now
became definitely worried, and 13 of
Volume
them
The Commercial & Financial Chronicle
150
enrolled.
By Sept. 23 all had been discharged.
Some of them were
reinstated, bringing the number of individual cases in question to nine.
Today's opinion said:
"The coincidence In all these
cases of
"We
have
right
no
1527
to
read
into
the
statute
which
is not there," he
held, adding that the
itously impute bad faith to the employer."
Judge Hand struck
membership in the union followed promptly
by discharge from employment would certainly Justify at least a very
strong sus¬
picion that discharge followed membership as result follows cause."
the
Board's
practices
order
in
in
the
out
which
future.
words
the
"cease
should
desist"
and
provision
not
"gratu¬
the
part
from
enjoined
was
company
mandatory
a
court
from
unfair
of
labor
He
agreed with the company's plea that the words
unfairly that the company had been guilty of such acts in the
Judge Chase agreed with this point, but Judge Clark wrote a
brief dissenting
opinion on that subject alone.
He said that striking out
implied
past.
Federal
Government Loses Suit for Triple Damages
Against 18 Rubber Companies—Sought $1,053,474
in
Action Under
The United
on
the
Law
Government
States
Sherman
March
5
lost
suit
a
under
provisions
Federal Judge Edward
of
that the Government is not
and
he
dismissed
the
the
injunction
of
criminal
or
$1,053,475.
outlined
the
1939,
and
asked
damages
had
had
attempted to
been
the act
on
tions
are
and
In
in
force
The
York
suit
4'Times"
for
ernment,
Although
first
the
was
time
damages under Section 7.
the
law,
its
Judge
failure
of
Conger
From
passage.
G
March
the
suit
had
been
based
the
to
other
purchaser
law the United
States
damages,
theory
prices
that
the
tires
in
identical
The
Federal
Congressional
considerations
he
asked
between
bids
Contending that
first
three
due
the
because of
three
on
existed
made, the
were
purchases
the
at
at
to
for
pay
occa¬
figuring the
when
contended
it
should
obtained
were
amount,
the
al.
in
the
was asked.
United States of America
titled
was
court
Inland
Steel
the
Work¬
that
of
agreements
Judge J.
Earl
decision, stated that "this
judge and
this
Major, who
illus¬
case
executioner."
multiple
That
case
between
a
company
and its employees
the
on
violation of the National Labor Re¬
This, the only decision by the Supreme Court
was
a
Cooper Corporation
records.
summarizing the Supreme Court's decision, Associated
Washington advices of March 4 said:
Board, ruling in
to desist from
The firm
a
proceeding started by
giving effect to it and
an
American Federa¬
signed, ordered the company
was
to
bargain with the union upon request.
fought the order principally on two grounds:
1.
a
versus
require
writing.
tion of Labor Union before the contract
the
on
$1,053,474.63,
or
The suit
the
upon
Contract
The Labor
It was alleged the
overcharges on the first three occasions
$98,997.57, $127,160.64 and $125,000,
respectively.
Three times this
were
calling
Press
have
final occasion.
et
In
competi¬
the bidders when
among
prices that
NLRB
March 4, nullified a contract between the
National
Licorice Co. of Brooklyn, a collective
bargaining committee
of employees, and 118 of the
company's 140 employees in¬
dividually.
The agreement gave the employee-signers a
5% wage increase and other benefits, in return for which they
contracted not to strike or to demand a union
agreement.
submitted
different
by
submitted
government
low
same
not
to
unanimous
lations Act.
1938.
conspiracy had
a
purchases
the
in
prices
the
on
companies
arrived
was
the
and
does
ground that it
excessively high
obliged
was
defendant
types of tires
government
prices
the
contract
a
a
Division
All
different
by the
these
made late
were
made all
1938.
82
of
The United States
Supreme Court on March 4 sustained
the action of the National Labor Relations
Board in voiding
gov¬
accidental.
not
was
had
Supreme Court Upholds NLRB in Order
Between
Brooklyn Firm and Em¬
ployees—Agreement Not to Strike, in Return for
Wage Increase, is Found Invalid
alleged.
was
amount
difference
Procurement
and
on
be
to
be
on
that
was
that
bargaining.
United States
based
specifically to take action.
claimed
were
1937
quotations
sions, it
commodities,
is authorized
damages asked
rubber
tive
of
dignity
a
collective
remanded to the Labor Board for
rehearing.
17,
the- government, in its
"person."
Judge Conger
found, however, that the definition of "person," as the word is used in the
Sherman law, does not include the
government.
In other sections of the
of
restore
Sherman
specifically to mention the
to seek
the
on
and
to
trates the danger of
placing in a single agency the
duties of
the government
Federal actions
referred
these
the legislation
in naming those authorized
capacity
The
reduced
wrote
a
on
attempt
attitude toward
written contract with
a
Act
criminal prosecutions.
preceding
sign
prosecutor,
$1#053,474.63.
1890, this
order
an
to
nature
was
totaling
9
Co.
Relations
to
March
was
of
fruitless
a
Organizing Committee, an affiliate of the Congress of
Organizations, ruled that the National Labor
usually brought under other sections that provide for injunc¬
decided that the
The
New
the law
General's staff had filed the suit
since
recover
construing
debates
under
recourse
as
by the company's
Industrial
follows:
as
Members of the Attorney
Act
ers'
as
proceedings.
The
decision
Steel
Judge Conger pointed out, how¬
had
Jan.
on
Act.
defined in the law,
complaint against 18 leading rubber
that the Government
total
Anti-Trust
in New York City ruled
"person"
a
manufacturers and dealers.
ever,
Sherman
A. Conger
served
tarnished
As was noted in these columns Jan.
20, page 361, the
United States Court of Appeals at
Chicago, in setting aside
in which it had sought
triple damages from a group of com¬
panies
words
been
That the Board failed to make the
employees who
parry to the action.
2. That the complaint on which the Board was
signed the contract
acting made
against the contract, which had developed afterwards.
The Court, in a
no
allegations
15-page decision by Justice Harlan F. Stone, said
on the
first point that the Board's function
United States Court of
Appeals Rules Company Must
Agree to Written Pact in Collective
Bargaining
Case—Oral Agreements Held Not Sufficient
Under
Wagner Act
there
States Circuit Court of
Appeals in New York
Feb. 26 held, in a two-to-one
decision, that ail em¬
ployer's refusal to put into writing the terms of an oral
agreement resulting from collective
bargaining implied a
on
refusal
to
bargain collectively within the
meaning of the
National Labor Relations Act.
The court denied an
appeal
by the Art Metals Construction Co. of
Jamestown, N. Y.,
from a decision by the National
Labor Relations Board that
the company must
bargain collectively with Local 1509 of
the National Association of
Machinists.
The New York
"Times" of Feb. 27 described
the court's decision, in
part,
as follows:
Negotiations
July
24,
written
the point
amounted
to
at
"refusal
a
Judge
tion
Hand
to
to
"But
he
obliged
to
to
bargain
impaired
and
common
collectively
opposition
to
a
prevailing
opinion,
of
refusal
within
Section
8
(5)
of
which
sary
one
results
its
to
"It
can
dispute
all,
or
otherwise
it
meant
would
from
get
here
whatever
that
bargain
merest
includes
is
what
than
to
give
it
is
conditions,
make
it
not
collective
are
the
the
to
pressure
fair
employees
their
upon
is
a
not
is
implications
reasonably appropriate
permanent
memorial
only appropriate
of
to
of
any
protect
it,
negotiation
but practically
casuistry
"It
argue
that
neces¬
the
the
the
freedom,
once
to compromise the value
nugatory."
they
of
have
the
in
whole
fact
agreed
upon
.'
any
advantage which he has gained by violation of the Act.
Obviously employers cannot set at naught
.
the
National
Labor
Relations Act by inducing their workmen to agree not to demand
perform¬
ance of the duties which it imposes."
.
.
.
The Court ordered the Board's order enforced with
Where the
Board directed
the company to post
that contracts were "void and of
no
minor modification.
a
notices to its employees
effect," the Court declared the notice
should say that the contracts violated the Wagner Act and the
company
would not attempt to enforce them but that this did not
prejudice any rights
the employees might have under the contracts.
fc
Justices
William
O.
Douglas and
modification, saying they
American
"no
saw
proceeding and probably
Hugo
L.
Black
dissented
reason or occasion"
from
the
for it.
in
or
the
that
as
the Wagner Act it did not see fit
expressly
require that any agreement which might be
reached, after the collective
bargaining made compulsory upon- the employer, should be
put in the
form of a signed written contract."
to
Association
States Court of
Ordered
Trial
to
District
Court,
Contends
Medicine
"Trade" and Subject to Anti-Trust Laws
The United States Court of
down
by
Appeals—Decision, Rever¬
Appeals, in
Is
a
decision handed
a
March 4, held that the practice of medicine is
on
a
trade and that therefore it is subject to the Sherman AntiTrust Act.
Reversing
a
Federal District Court decision, the
Court of Appeals ordered the American Medical Association
to stand trial on charges of monopoly.
The District Court
had dismissed an indictment obtained by the Department of
was a
fession and
referred
not
a
trade.
The
case
was
learned pro¬
to in the
"Chronicle" of Oct. 28, 1939 (page 2620).
In summarizing
of the Court of Appeals, Associated Press
the' decision
Washington advices of March 4 said:
It
[the
United
States
Court
of Appeals]
sustained
the validity
of
an
indictment which charged that the A. M. A., two of its affiliates and 20
individual physicians had acted in restraint of trade
by opposing activities
when Congress explored the
subject-matter of the
employees with their employers and passed the comprehensive
regulatory statute known
Medical
United
those
is significant that
of
.
Justice, and had contended that medicine
to
Judge Chase disagreed with this.
Pointing out that nothing
Wagner Act specifies that any agreement need be reached at all
the agreement, if
reached, must be set down on paper, he said:
relations
enjoyment of
severally.
from
them;
or derived
petitioner and its employees," Justice Stone
asserts
"The
not
was
promisor's freedom to
opportunity to put in jeopardy the ascertainment of
what he has
agreed to do, or indeed whether he agreed to
anything at all.
"The freedom reserved to the
employer is freedom to refuse concessions
in
working conditions to his employees and to exact concessions
contract
continuation of
a
arising upon
public right and the duty extend not only to the prevention of unfair
labor practices by the employer in the future, but to the
prevention of his
liberty to
at
freedom;
question
include
a
one
a public right vested in it as a
public body,
charged in the public interest with the duty of preventing unfair labor
practices.
sing
preservation.
the
is
in
"The Board
wrote.
preserve
grant.
no
by the Board is not
from the contracts between
contract
written
law, and which Congress meant to
them
that
they
the
"They should
and
the
on
On the second point,
was
alleged in the original complaint.
"Here the right asserted
on:
advantage
employer;
in
a
down
is no longer
wholly free anyway; before the Act he
bargain with his employees
collectively; he was at
Act
whatever
broke
company's
Hand,
whether such
union
employer's contention that the necessity of a
deprive him of "that absolute freedom in
negotia¬
negotiate with
"The
that
went
the
the
determining private rights."
the unfair labor practices
the
would
he had at
him," and
refuse
quoted
contract
which
of
Learned
issue
and
company
because
Act."
written
to
the
admittedly
agreement.
Judge
narrowed
the
between
1937,
was
of parties in litigation
the Court held that the negotiation of the contract
The United
City
was not to adjudicate private
rights but
public policy of the Wagner Act and that in its proceedings
"little scope or need for the traditional rules
governing the joinder
to effectuate the
of
a
group
health association in Washington.
The charge is that the defendants were guilty of
conspiracy to restrain
in fighting Group Health, Inc., a cooperative formed to
trade
medical
basis.
provide
for
care
The
government
defendants
were
doctors from practicing in
against them.
workers
alleged
here
to
on
have
a
periodical
prevented
Washington hospitals and
Group
to have
One
course
Health
taken steps
p.
,
Counsel for the defendants have not made up their minds
move.
prepayment
open
is to ask the Supreme Court for
a
as
to the next
review of the
The Commercial &
1528
the District
made such an appeal after
The Justice Department
decision.
but was turned down.
Circuit Court today asserted:
Court's ruling last year,
The
enough has been said to
"rules and canons" of the A, M. A. and its affiliated
standards, created a high morale among physicians and
to the alleviation of suffering.
the court said, "it cannot be admitted that the medical pro¬
It added that the
societies had raised
contributed
However,
disciplinary
those now
medical societies, either by rule or
proceedings, legally effectuate restraints as far-reaching as
through its great
fession may
charged."
Justice James Proctor said in upholding the
thought the legal concept of the
in District Court,
Association's demurrer that he
decision "expressly
settled in a Supreme Court
"trade" had long been
word
professions."
excepting the learned
refused to review the
the Supreme Court
lower court's ruling.
Association has bought
aggregating $164,100,908.84
1,412 additional mortgages
It has authorized 13 Large Scale
Housing Loans aggregating
$5,525,500.00.
commitments to buy
AUTHORIZATIONS FROM FEB. 19,
1938 TO MARCH 6,
banks
the reorganization or
Loans to open
aid In
closed banks
to
Amount
Loans
Authorized
8
531,782.50
115
23,114 ,443.31
9,944 ,205.25
----------
liquidation of
—
—
64
and loan associations
companies
to Joint Stock Land banks
to Federal National Mortgage Association
Loans to building
4
1,432 ,891.91
3,921 ,786.45
140,000 000.00
59
251,351 312.30
6,216
22
321,885 049.76
14,380 423.94
28
3,622 600.00
2
Loans to Insurance
Loans
Loans to railroads
—*—-
Loans to business
9
loan companies
mining, milling or smelting of ores
self-liquidating project, under Section 201-a,
Emergency Relief and Construction Act of 1932
Loans to public bodies under Section 5d, as amended—
Commitments to Commodity Credit Corporation
Other loans for financing of agricultural commodities or
Loans for
Integrate Common¬
Would Result in
and Security Holders
Losses
Consumers
to
taken by the Securities and Ex¬
change Commission on March 6 ordering the Commonwealth
& Southern Corporation to integrate its properties under
Section 11 of the Public Utility Holding Company Act of
1935, Wendell L. Wilkie, President, declaring that "the
tearing to pieces of our system would result in material
losses to our consumers and great destruction of values to
Following the action
the Public Utility Act of
effect of Section 11 upon
have, from time to time,
made various proposals to the Commission for rearrangement of our prop¬
erties.
Although under the terms of the Act the Commission has full
authority, in our judgment, to declare that the Commonwealth & Southern
System as presently constituted^ meets the requirements of the law, we
have nevertheless at all times been willing to make reasonable readjust¬
ments of property to meet the Commission's desires.
There
has
been much misunderstanding concerning the provisions of
Section 11.
It permits, subject to the findings of the Commission, the
ownership by one company of more than one electric utility system, if the1
ownership of the additional systems result in substantial economies, if
they are located in adjoining states and if the resulting systems are not so
large as to impair the advantages of localized management, efficient oper¬
ation or the effectiveness of regulation.
The Commonwealth & Southern
since the passage of
continuously,
have
We
1935, given careful consideration to the possible
the Commonwealth & Southern System and we
Power
Gulf
sically
of
composed
southeast
and
consists of
companies
of
group
a
as
the
Georgia, Mississippi, South Carolina
These properties have been developed phy¬
Companies.
and
unit
the
major systems—one located in
two
Alabama,
into pieces would result in sub¬
their separation
operating cost.
The other principal system is located
Michigan.
All of our other properties are located in
stantially increased
State
the
states
of
another,
adjoining
one
to
of
State
the
Michigan and
their joint
operation is beneficial to each.
The average rate for residential
electricity charged by the Common¬
wealth & Southern group of companies is currently less than 3 cents per
kilowatt hour—the lowest of any group of companies in the country and
is more than 25% below the national average and the average consump¬
tion is over
3200 K.W.H. per year—the highest of any group of com¬
This record surpasses that of any major integrated
system in the country,—the type of company which some of the inter¬
preters of the Act proclaim as ideal.
The results accomplished in our system have been brought about through
centralized ownership and joint operation and planning.
The operation of
each company is closely attuned to the needs and welfare of its respective
community and is staffed with skilled operating men, while their Boards
Directors
of whom
We
there
used
are
over
of
our
ability,
to preserve
In
judg¬
our
would result in material losses
to
our
security holders
47,284,290.46
49,647,473.21
5,611,308.16
371,500.00
100,000,000.00
7
livestock
6
Company
—
Loans to drainage, levee and irrigation districts-.
Loans to public school districts
Loans to Rural Electrification Administration
Loan on preferred stock of an insurance company—.—
Loans on and subscriptions for preferred stock of banks.
223
3
1
1
100,000.00
97
314
138,148,200.00
1,653,900.00
15,364,365.34
7,337
$1,545,652,235.40
15
of banks
Purchases of securities from PWA
Purchases of debentures
31,
Report of Operations of RFC Feb. 2, 1932 to Jan.
1940—Loans of $13,414,960,852 Authorized—$2,295,-
the Securities and
urge
but
we
shall
all
times,
within
the
that the broad discretion of the Commission
be
Reconstruction
during Janu¬
ary amounted to $12,699,209,
rescissions of previous au¬
thorizations and commitments amounted to $1,049,270, mak¬
ing total authorizations through Jan. 31, 1940, and tenta¬
tive commitments outstanding at the end of the month of
$13,414,960,852, Emil Schram, Chairman of the RFC, an¬
nounced Feb. 8 in his monthly report.
This latter amount
The bill
continuing until June 20, 1941 the existing emer¬
stock transfers was sent to Governor Lehman
following its passage by the Assembly. The bill
passed the Senate on March 6.
Associated Press advices
from Albany March 6 said:
gency tax on
March 7
The
measure was
to lower
present
approved without discussion, despite pending proposals
rates to prevent securities
business removals from New
York attributed to excessive levies.
Senator
William
Bewley,
included a total of
Republican
and
Chairman
of the
Senate tax committee, said there were "strong possibilities" that proposed
which
he
declined
Senator Bewley said, to a section
to
discuss
are
under
a
vote.
consideration,
exempting odd-lot sales from the
The lower rate proposal would levy a one cent tax for
impost!
each share
on
securities sold under $10, two cents from $L0 to $50 and three cents above
$50.
♦
RFC Authorized
7,337
Business
Since the Reconstruction Finance Corporation resumed
lending during Feb. 1938, it has authorized 7,337 loans
aggregating $1,545,652,235.40, the corporation announced
March 7.
6,216 of these loans aggregating $321,885,049.76
were to business
including $23,477,705.63 later taken up
by banks.
Banks participated in these business loans to
$1,072,313,842 authorizied for other gov¬
and $1,800,000,000 for relief from or¬
ganization through Jan. 31, 1940.
Authorizations aggre¬
gating $3,659,837 were canceled or with drawn during Janu¬
ary, Mr. Sehram said, making total cancellations and "with¬
A total of $635,352,935 remains
banks in the purchase of pre¬
stock, capital notes and debentures.
During January
$2,295,345,489.
drawals of
available to borrowers and to
ferred
$23,467,608 was disbursed for loans and investments and
$39,504,382 was repaid, making total disbursements through
Jan. 31, 1940, of $7,709,363,588 and repayments of $5,816,456,176 (approximately 75.44%).
Chairman Schram's re¬
port continued:
January one loan
During1
$467,000.
amount of
the
companiies
trust
and
1940,
was
authoriized to a bank (in
Cancellations and withdrawals of
(including thoise in
liquidation)
$2,081 was disbursed and
$507,919 ;
authorized
been
have
loans
liquidation in
loans to banks
amounted to
$3,857,561 repaid. Through Jan. 31,
7,539 banks and trust companies
to
(including those in receivership) aggregating $2,555,813,796.
Of this
amount
$512,469,916 has been withdrawn, $13,653,622 remains available
to borrowers and $2,029,690,258 has been disbursed.
Of this latter amount
$1,924,895,923,
is
of
trust
has been repaid.
Only $7,917,877
includes $6,885,777 from one mortgage
approximately 94.8%,
owing by open banks, and that
company.
During January authorizations were made to purchase preferred stock
five banks and trust companies in the aggregate amount of $6,289,000
and cancellations and
withdrawals amounted to $16,500.
authorizations have been
Through Jan. 31,
made for the purchase of preferred
stock,
6,786 banks and trust companies aggre¬
gating $1,355,139,434, and 1,123 loans were authoriized in the amount of
$48,327,755 to be secured by preferred stock, a total authorization for
preferred stock, capital notes and debentures of 6,863 banks and trust
companies of $1,403,467,189 ; $171,050,087 of this has been withdrawn
and
$61,977,100 remains available to the banks when conditions of
and debentures of
notes
have
authorizations
been met.
was authorized for distribution to
amount of $467,000; cancellations
During January one loan
of
a
bank
in
amounted
to
closed
drawals
amounted
repayments
been
authorized
drawn
has been
for
to $2,801,968.
distribution to
$1,343,471,584;
depositors
and with¬
disbursements amounted to $12,081, and
Through Jan. 31, 1940, loans have
depositors of 2,776 closed banks
$334,462,177 of this amount has been with¬
$14,093,822
During January
gation
the
$507,918;
remains available to the borrowers; $994,915,585
disbursed and $945,656,048, approximately 95%, has been repaid.
and
the authorizations to finance
districts were increased
drainage, levee and irri¬
$78,500; authorizations in the amount of
31,
and
irrigation districts aggregating $144,985,727, of which $32,027,486 has
been
withdrawn, $24,080,219 remains available to the borrowers, and
$126,000
1940,
$88,878,022
struction
withdrawn, and $149,021 was disbursed.
Through Jan.
have been authorized to refinance 651 drainage, levee
were
loans
Under
Loans Aggregating $1,545,652,235 from Feb. 19, 1938 to
March 6, 1940—6,216 of
These Loans Amounting to $321,885,050 Were to
agencies
aggregating
Lockport
legislation to lower present rates also would be given opportunity of
Amendments
Corporation in the recovery program
ernmental
capital
State Legislature Passes Bill Continuing Stock Trans¬
fer Tax
for
commitments of the
and
Authorizations
Finance
1940,
these material values rather than to destroy them.
Disbursed
Investments—$5,816,456,176 Repaid
and
Loans
Exchange Commission in
at
Canceled—$7,709,363,588
345,489
and
325,000.
this problem
of
out
system
our
destruction of values
great
hope to co-operate with
working
limit
representatives of the localities served.
and
consumers
our
the
include
the tearing to pieces of
ment,
on
204,911,702.81
212,250,000.00
5
Loans to the RFC Mortgage
panies in the country.
to
125.000.00
137
Wilkie's statement follows:
Mr.
of
1
security holders."
our
in
1940. INCLUSIVE
No. of
Loans to mortgage
Wilkie Says SEC Order to
wealth
&
Southern System
L.
of $370,355-
National Mortgage
Loans to
W.
1940
aggregating $6,243,637.79.
and has
Loans
Last October
9,
,
40,619 FHA insured mortgages
Loans
Last July,
Medical
$71,947,695.42, making a total
the extent of
039.55 loans to business.
The Federal
demonstrate that the common law
governing restraints of trade has not been confined, as defendants insist,
to the field of commercial activity, ordinarily defined as 'trade,'
but
embraces as well the field of the medical profession."
"We think
March
Financial Chronicle
the
has been
disbursed.
provisions of Section 5 (d), which was added to the Recon¬
Corporation Act June 19, 1934, and amended April 13,
Finance
aggregating $3,655,101, were authorized during
the amount of $1,671,255 were canceled or
Through Jan. 31, 1940, including loans to
the fishing industry, to banks and to mortgage loan companies to assist
business and industry in cooperation with the National Recovery Admin¬
istration program,
the Corporation has authorized 7,028 loans for the
benefit of industry aggregating $401,698,237.
Of this amount $91,365,405
has been withdrawn and $114,249,088 remains available to the borrowers.
In addition, the Corporation agreed to purchase participations amounting
to $462,850 in loans to 21 businesses during January and similar author1938,
52 loans to industry,
January.
withdrawn
Authorizations in
during January.
The Commercial & Financial Chronicle
Volume ISO
1529
Izations aggregating $1,758,277 were withdrawn.
Through Jan. 81, 1940,
Coiporation has authorized or has agreed to the purchase of par¬
ticipations aggregating $113,080,108 of 1,695 businesses, $74,191,258 of
In addition to the repayments of funds disbursed for relief under the Emergenoy
Relief and Construction Act of 1932, the Corporation's notes have been canceled
which
the
the
been
has
withdrawn
and
$60,788,552 remains available.
During January five loans in the amount of $165,000 were authorized
to public agepcies for self-liquidating projects.
Disbursements amounted
to $6,737,300 and repayments amounted to $20,108,182.
Through Jan. 31,
1940, 324 loans have been authorized on self-liquidating projects aggre¬
gating $558,900,190; $43,430,841 of this amount has been withdrawn and
$100,351,075 remains available to the borrowers; $415,068,274 has been
disbursed and $342,307,321 has been repaid.
During January the Corporation purchased from the Public Works Ad¬
ministration three blocks (three issues) of securities having a par value
of
$458,000 and sold securities having par value of $3,274,300 at a
premium of $51,961.
The Corporation also collected maturing PWA
securities having par value of $658,585.
Through Jan. 31, 1940, the
Corporation has purchased from the PWA, Federal Works Agency (for¬
merly Federal Emergency Administration of Public Works) 4,143 blocks
(3,082 issues) of securities having par value of $659,733,049.
Of this
amount, securities having par value of $486,972,821 were sold at a
premium of $13,805,611.
Securities having a par value of $143,597,407
still held.
are
held and
In addition,
collected
or
the Corporation has agreed to purchase, to be
a
later date, such part of securities having
sold
at
an
aggregate par value of $16,387,500
position to deliver from time to time.
The
report
listed
follows
as
ments for all purposes
the
as
Administration
disbursements and
is
in
a
repay¬
from Feb. 2, 1932, to Jan. 31, 1940:
Disbursements
Loans under Section 5:
S
Banks and trust companies (incl.
/
Repayments
$
receivers)...1,982,705,196.09 1,881,382,611.61
Railroads (including receivers),—
670,631,461.06
571,054,154.38
387,236,000.00
173,243,640.72
120,596,829.50
90,693,209.81
23,475,413.45
Mortgage loan companies—
Federal Land banks.
Regional Agricultural Credit corporations.——
Building and loan associations (incl. receivers).
Insurance companies
Joint Stock Land banks.,—
*216,437,529.93
412,570,575.90
387,236,000.00
173,243,640.72
117,090,617.79
87,117,928.12
19,885,937.85
State funds for insurance of deposits of public
13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
600,095.79
moneys.,.
Livestock Credit corporations
Federal intermediate Credit banks.
...
Agricultural Credit corporations
Fishing Industry
Credit unions
Processors
or
distributors for payment of pro¬
cessing tax
14,718.06
Total loans under Section 5
Loans
13,064,631.18
12,971,598.69
9,250,000.00
5,569,289.39
456,832.50
584,682.21
to Secretary
of
3,300,000.00
3,300,000.00
88,878,022.28
5,063,889.53
22,579,500.00
22,304,500.00
415,068,274.01
342,307,320.88
12,003,055.32
4,779,548.61
47,298,877.12
207,647,869.98
46,985,062.15
47,251,981.13
73,158,619.23
43,513,311.51
2,396.087.55
refinancing drainage, levee and irriga¬
tion districts
Loans to public school authorities for payment
of teachers' salaries and for refinancing out¬
standing indebtedness.,
Loans to aid in financing
self-liquidating construc¬
tion projects
——
repair'and reconstruction of property
Loans for
—
and purchases
on
...
of assets of closed banks.
Loans to mining businesses
5,192,800.00
Loans to finance the carrying
and orderly market¬
ing of agricultural commodities and livestock:
Commodity Credit Corporation
Total
787,716,962.21
19,644,491.78
146,500,000.00
.
767,716,962.21
18,823,865.49
2,425.46
loans,excl.of loans secured by pref.stock.5,844,715,156.80 4,667,495,105.54
Purchase of
preferred stock,
capital notes
an
The loans authorized and authorizations canceled
drawn
for
bursed
secured by preferred stock of insurance
companies (including $100,000 disbursed for
the purchase of preferred stock).....
634,766,735.05
railroad,
together
with
Administration
Emergency
of
....
Canceled or
Withdraum
$
$
Aberdeen A Rockfish RR. CoAla Tenn. & Northern RR. Corp.
127,000
275,000
.
275,000
2,600.000
634,757
840,936
2,500,000
634,757
400,000
Baltinore & Ohio RR. Co..
95,358.000
Birmingham & So'eastern RR.Co.
41,300
Boston & Maine RR_.
11,069,437
Buffalo Union-Carolina RR
53,960
Carlton & Coast RR. Co....
549,000
Carolina Clinchfield A Ohio Ry.
(Atlantic Coast Line and Louis¬
Nashville, lessees)..
14,150,000
3,124,319
500,000
Central of Georgia Ry. Co
Central RR, Co. of N. J
Charles City Western Ry. Co
Chicago A Eastern 111. RR. Co__
34,475,000.00
8,347,983.47
643,114,718.52
623,733,429.49
505,846,351.88
400,000
400.000
12.204,879
53,960
13,200
535,800
139,909
35.701
14,150,000
3,124.319
464,299
220.692
464,299
200,000,000.00
124,741,000.00
forloansto:
145,000,000.00
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to farmers.
5,916,600
46,588,133
500.000
11,500.000
537
8,920,000
5,364,000
3,840,000
Chic. No. Shore & Milw. RR.Co.
1,150,000
Chicago R. I. & Pac. Ry. Co
Chic. tt. I. A Pac.Ry.Co. (trustees)
13.718,700
1,150,000
13,718,700
1,289,000
Chic. Gt. West. RR. Co. (trustee)
Chic. Milw. St.P. & Pac. RR. Co.
Chic. Milw. St.P. & Pac. RR. Co.
(trustee)
2,680,000
Cincinnati Union Terminal Co
10,398,925
Colorado A Southern Ry. Co.... 29.504,400
Columbus A Greenville Ry. Co..
60,000
Copper Range RR. Co
53,500
Del. Lackawanna A Western Ry
6,100,000
8,300,000
Denver & Rio Grande W.RR.Co.
Denver A Rio Grande W.RR.Co.
1,289,000
2.098.925
53,600
60,000
1,800,000
1,800,000
Denver & Salt Lake West.RR.Co.
3,182,160
Erie RR. Co
16,682.000
Erie RR. Co. (trustees)
10,000,000
Eureka Nevada Ry. Co
3,000
3,182.150
16,582.000
1,800,000
71,300
582.000
(trustees)
—.....
Fla. E. Coast Ry. Co. (receivers)
Ft .Smith A W.Ry.Co. (receivers)
1,957,075
227,434
8,176,000
15,000
Fredericksburg A North. Ry. Co.
Gainesvllle Midland RR. Co
10,539
3,183,000
Galveston Terminal Ry. Co
546,000
Georgia & Fla .RR.Co. (receivers)
354,721
Great Northern Ry. Co
..105,422,400
Green County RR. Co
13,915
Gulf Mobile & Northern RR. Co.
520,000
43,112,667
Lehigh Valley RR. Co
10,278,000
800,000
*350,000
Litchfield A Madison Ry. Co
Louisiana & Arkansas Ry. Co....
Maine Central RR. Co
2,560,000
200,000
Maryland A Penna. RR. Co
Meridian A Blgbee
219,000
9,300.000
3,000
90.000
States
on
of
certification
Administrator
Federal
15,000
78"000
lb", 539
3,183"666
99,422,400
1,729,252
6,843,082
Mississippi Export RR. Co..
100,000
Missouri-Kansas-Texas RR. Co.
5,124,000
Missouri Pacific RR. Co
23,134,800
Missouri Southern RR. Co......
99,200
Mobile & Ohio RR. Co—
22,667
1.000,000
1,799,984,064.72
*
9,278,000
800,000
800,000
2,550~000
2,550" 000
3,000
197,000
50,000
744,252
985,000
6,843,082
100,000
5,124.000
23,134,800
99,200
785,000
a6,843,082
100,000
2,309,760
9 9~ 2 00
785.000
1,070,599
785,000
1,070,599
25,000
31,099,000
27,499" 606
18,200,000
18.200,000
222
7,699,778
919,360
600,000
28,900,000
28.900.000
3,000,000
12,500
778,600
18,200,000
7,700,000
N. Y. N. H. A Hartford RR. Co.
Norf. South. RR. Co. (receivers).
607,000
5,000,000
29,600,000
3,000,000
Co
3,000,000
17,000
17,000
4,975,207
300,000
7,995,175
18,790,000
200,000
400,000
162,600
1,300.000
5,200,000
Southern Pacific Co..
45,200,000
Southern Ry. Co.
51,405,000
Sumpter Valley Ry. Co
100,000
Tennessee Central Ry. Co
5,332,700
Texas Okla.A Eastern RR.Co—
108,740
Texas A Pacific Ry. Co—.—
2,035,000
4,975,207
Pittsburgh & W. Va. RR. Co...
Puget Sound A Cascade Ry. Co.
St. Louis-San Fran. Ry. Co
St. Louis-Southwestern Ry. Co..
Salt Lake A Utah RR. (receivers)
Salt Lake & Utah RR. Corp
Sand Springs Ry. Co
Savannah A Atlanta Ry. Co
Seaboard Air L. Ry. Co. (ree'rs).
300,000
7,995,175
30,000
45,000
117,750
18,672,250
300,000
2,805,176
18,672,250
200,000
400,000
162,600
1,235,000
1.200,000
500.000
2,950,000
44,000.000
50,905,000
100,000
5,147,700
200,000
162"606
26,000
c320,000
24,200.000
19,963,300
100,000
147,700
108,740
700",000
30,000
39,000
6,000
700,666
30,000
23,231,683
13,502,922
23,223,383
4,366,000
13,502,922
750,000
750,000
39,000
991,870
1,403,000
3,600,000
400,000
22,525
22,525
22,625
4,366,000
814,001,217 106,893,556 670,631,461 221,587,530
-
Represents a guarantee; in addition the Corporation also guaranteed the pay¬
Paul A Sault Ste. Marie Ry. Co. (The Soo Line)
the Interest on which was guaranteed by the Canadian
Line" went into bankruptcy, we sold the balance
due on the loan to the Canadian Pacific, receiving $662,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, maturing over a period of 10 years, $350,000
of which matured and was paid on Feb. 1, 1939.
The loan to Minneapolis St.
secured by its bonds,
Paclflo Ry. Co. and when the "Soo
b Includes a
$5,000,000 guarantee; in addition the Corporation also guaranteed
of Interest.
Represents the sale of securities, the Corporation guaranteeing the payment
of both principal and Interest of such securities.
Since sale, $64,000 of the $320,000
has been repaid by the railroad, thus reducing the Corporation's liability under
the guaranty.
c
al7,159,232.30
..........
.....
In addition to the above loans authorized the
Corporation
loans in the amount of $115,222,571 upon the performance of specified conditions.
has
500,000,000.00
Total for relief
86,850,000
25,000
was
499,999,065.72
500,000,000-00
1935..
6,000,000
13,915
520,000
125,000
8,500.000
520.000
1,070,699
Mobile A Ohio RR. Co. (receivers)
*
44,500,000.00
3,108,278.64
14,057,002.92
115,696.87
126,871.85
299,984,999.00
Under Emergency Appropriation Act—1935—
Under Emergenoy Relief Appropriation Act,
1,111,000
546,000
354,721
6,000.000
13,915
ment of Interest.
941,294,924.83
-
627,075
10.000
227,434
8,176,000
River Ry. Co.
(trustee)
Totals
Relief
—I
1,867",076
78.000
Gainsville Midl'd Ry. (receivers)
Galv. Houston & Hend. RR. Co.
the payment
To
53" 500
2,000,000
500,666
a
Administrative expense—-1932 relief..
For relief—To States directly by Corporation
1,561,133
53"500
8,081,000
WrightsvIUe A TenniUe RR
40,500,000.00
97,000,000.00
22,000,000.00
...
Total allocations to governmental agencies.
8,300,000
Western Pac. RR. Co. (trustees).
115,000,000.00
-
...
8,300" 666
29,450.800
Wichita Falls A Southern RR.Co.
to
Regional Agricultural Credit corporations for:
Purchase of capital stock (incl. $39,500,000
held in revolving fund)
Expenses—Prior to May 27, 1933
Since May 26, 1933
Administrative
150,000
Wabash Ry. Co. (receivers)
Western Pacific RR. Co
10,000,000.00
67»546,074.55
insurance fund—
provide capital lor pro¬
duction credit corporations
Stock—Commodity Credit Corporation
Stock—Disaster Loan Corporation
revolving fund
838
150,000
150,000
.
12,000,000
Tuckerton RR. Co
Federal Housing Administrator:
To create mutual mortgage
41,000
155,632
4,338,000
1,000
Texas Southern-Eastern RR. Co.
2,600,000.00
55.000,000.00
For other purposes..
Sec. of Agricul. for crop loans to farmers (net)..
Governor of the Farm Credit Administration for
41.300
122,307
140,000
5,916,500
4<L58iU33
......
Secretary of the Treasury to purchase:
Farmers
90.000
634,757
95,343,400
41,300
11,069,437
14,600
140,000
Chicago & North Western RR. Co
Chicago Great Western RR. Co..
Pere Marquette Ry,
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Capital stock of Home Owners' Loan Corp—
Capital stock of Federal Home Loan banks..
Farm Loan (now Land Bank) Commissioner
Repaid
$
127,000
Alton RR. Co
J.
Ann Arbor RR. Co. (receivers)..
Ashley Drew & Northern Ry. Co.
ville A
Disbursed
127,000
~
Pennsylvania RR. Co
7,709,363,587.85 5,816,456,175.94
Total
dis¬
Authorizations
Pioneer A Fayette RR—
Public
Works security transactions
with¬
amount
"
Authorized
.
Federal
the
repaid by each, are shown in the following
table (as of Jan. 31,1940), contained in the report:
Northern Pacific RR. Co
1,240,915,001.56
—
or
to and
each
Murfreesboro-Nash ville Ry. Co..
Loans
—
No. 432)
N, Y. Chic. A St. L. RR. Co
cluding $18,063,730 disbursed and $11,792,844.54 repaid on loans secured by pref. stock) ..1,170,440,001.56
Purchase of stock of the RFC Mortgage Co
25,000,000.00
Purchase of stock of the Fed. Nat. Mtge. As'n__
11,000,000.00
Total
(Public
Act
New York Central RR. Co..—b41,499.000
and
(in¬
debentures of banks and trust companies
provisions of
Minn. St. P.A S.S.Marie Ry. Co.
Other
Loans to Rural Electrification Administration..
pursuant to
Illinois Central RR. Co
damaged by earthquake, fire, tornado, flood
and other catastrophes
Loans to aid in financing the sale of agricultural
surpluses in foreign markets
Loans to business enterprises
Loans
interest paid thereon,
approved Feb. 24, 1938.
Ft. Worth A Den. City Ry. Co..
purchase
cotton
Loans for
in the amount of $2,720,255,177.07 on account of amounts disbursed for alloca¬
tions to other governmental agencies and for relief by direction of Congress and
.....
—4,061,900,241.95 3,336,876,593.94
Agriculture to
a
17,159,232.30
approved, in principle,
Interest on notes issued for funds for allocations
and relief advances....
...
Grand total.....
*
33,177,419.82
..........
2,774,456,409.37
17,159,232.30
........
Total allocations and relief
Does not Include $5,150,000 represented
10483819,997.22 5,833,615,408.24
by notes of the Canadian Paclflo Ry.
Co., which were accepted In payment of the balance due on loan made to the
Minneapolis St. Paul A Sault Ste. Marie Ry, Co.
,
Mortgage
Loans
for
January
Increased
33.4%
Over
Last Year for All Associations in New York State
The total amount of mortgage
and loan
loans made by all savings
associations in New York State during January,
increased 33.4% over those made during January,
1939, according to an estimate based upon figures submitted
1940,
The Commercial &
1530
111 of its member asso¬
assets total $127,047,478, made a total of 1,051 mortgage loans during Janu¬
ary, 1940, in a total of $2,735,853.
The League on Feb. 23
State League by
to the New York
ciations.
said:
further
these figures to include all savings and
there is a total of 1,780 mortgage
Projecting
York
New
111 institutions, whose
These
State,
loan associations in
loans for a total of
month of January, 1940, which is an increase
33.4%, in the amount loaned for these associations over
1939, or an increase of 355 loans; that is, 24.8% in
the estimated number of loans made by these associations.
An increase of $345,809, or 8%, is likewise reflected from these figures
for
total of all mortgage loans made during the previous month
of
$4,650,948 made during the
of
$1,165,715,
the
or
month
same
1939.
the
1,051
made
loans
actual
reporting associations,
111
by the
there were 214 construction loans totaling $895,534;
the purchase of homes totaling $943,369; 172 refinanced
totaling $2,735,853,
273
for
loans
loans
modernization
and
repair
79
$645,960;
totaling
loans
totaling
and 313 other loans totaling $173,607.
total amount of savings paid in during January,
$77,383,
The
1940, by 237,844
111 reporting associations was $8,123,146.
to the
shareholders
and Loan League Reports Home
United States Savings
Mortgage Lending Lessening as
Seasonal Business
is becoming less and less of a
United States Savings and Loan
mortgage lending
Home
the
business,
seasonal
Feb. 24, based on its analysis of lending
activity each month over the past four years.
Less marked
in 1938 and 1939 than in any previous period were the
variations of the savings, building and loan associations'
volume of advances from month to month, according to
A. D. Theobald, Director of Studies for the League's Com¬
League said on
mittee
If
He went on to say:
Trends.
on
contributed like portions of
all montliB
In April, July, November and Decem¬
from 8.5% to 8.7%.
In the peak months
October, the proportion of the full year's
only 9.6% each, and in no month of either 1938 or
much as 10% of the loan business concentrated in a
done
was
there
was
and
August
year,
lending
1939
the portion ranged
1939
the
for
so
single month.
In 1937, on the other hand, there were three months in
which 30% of the year's business wag done.
Reason for tendencies for business to spread more evenly over the year
lies
in
associations in
efforts being made by the savings and loan
past few years to get themselves and their loan services
the
well
home building
is given in other months of the year besides the late spring, summer and
early autumn, by the business development programs of savings, building
continue
winter
even
or
Nevertheless,
from
far
make
to
toward
moving from apart¬
popular than
and acquiring a home.
the year's business seems
somewhat
money
evening
entirly
counteracted
fall
and
borrowing
for
influence
the
are
the traditional termination periods of leases
spring
summer,
being
people
Now that so many
associations.
loan
ments into homes of their own,
will
up
more
by this.
4,979 farmers obtained
credit from the land
of
New
York
$506,000 to Member Institutions in
Advanced
of
$506,000
♦
Loan Associations
Year $2,506,958,000
and
Savings
of
Assets
Last
General Manager of the Federal Savings
in a report. March 2 summariz¬
ing the progress made by the Insurance Corp. in 1939, said:
1. Assets of $2,506,958,000 in the 2,196 insured associations at the end
of last year constituted 62% of the assets of all 3,870 member associa¬
tions of the Federal Home Loan Bank System.
At the end of 1938 only
56% of the assets of member associations was held by insured institutions.
2.
At the end of
1939 assets of insured associations accounted for
44% of the assets of all operating associations in the United States—
numbering approximately 8,000—as against 36% a year earlier.
Insurance Corp.,
number
the
While
associations,
to
with
compared
Private
year
end of last year, an increase of
Their savings—95% of which are fully
$1,811,188,000,
reported as $237,267, less than 4%
Corporation's assets now total
are
1939—Governor
Black
of
Increase Business
FCA
Reports
$471,-
Intermediate Credit Banks during 1939
12 Federal
Building and Loan Associations in
1939
Total
Loan
Volume of $986,383,000—
Highest in Nine Years
Report
24% over 1988, the sav¬
associations in 1939 reached a nineyear high with the disbursement of $986,383,000, according
to the United States Savings and Loan League.
The League
says that this is nearly $100,000,000 more than was loaned
in 1931, the next highest year of the past nine, and that
it is 126.7% larger than the lowest depression year.
Ac¬
cording to Morton Bodfish, Executive Vice-President of the
League, 1939 ranked ninth in loan activity of the 109 years
ings, building and loan
and
operation in America,
the
Seventy-five percent of the total amount advanced during 1939 repre¬
sented credit extended to production credit associations,
banks,
18% was in the
privately capitalized financing institutions, including
agricultural
credit
corporations
and
livestock
loan
Six percent was used to discount loans made by the banks for
cooperatives on the security of agricultural commodities and 1 % was used
for direct loans to
cooperatives.
During 1939 the banks obtained $282,900,000 from investors through
the sale of collateral trust debentures and had $207,200,000 outstanding at
of the
year,
Seventy-seven percent of the
the report showed.
debentures carried maturities of less than 11 ^ months, while the remaining
23% matured in
The League on Feb. 10 further said:
four years,
past
pose,
of loans going to new construction of any month of 1939.
The
loaned $301,039,000 to make new homes possible for American
portion
associations
At the same time they lent $59,463,000 for the repair¬
families last year.
ing and remodeling of homes.
"These
two
advances,
the
represent
contribution
specific
of
average wage
1939 resulted in net recoveries of $15,432.
Total
estimated losses on the $4,500,000,000 of
extended by the banks since their organization in 1923 have amounted
plus reserves for
.22 of 1%, according to figures included in Governor Black's report.
year-round employment for 106,000 men."
Loans in December were $83,112,000, a slight fall-off
but
nearly
which each month's
previous year.
in
Mr.
vided
Bodfish
pointed
loans
were
this
from
source
decade
1930-39
tion
Government
of
$1,500,000,000
greater
than
the combined participa¬
agencies in the housing field since the Home Owners'
1933.
Counting the $2,988,000,000 of credit
home mortgages, large-scale rental housing, and modernization
Federal Housing Administration is insuring and on which the
Corporation started in
small
for
was
that the total volume of home financing pro¬
[thrift and home-financing institutions] during the
out
which
the
Government
has
the
States
United
a
contingent liability;
Housing
Authority
the $121,000,000 so far loaned by
for rental dwellings; the $2,742,-
Loan Corporation, and
the Corporation advanced, the $193,000,000 of other mortgage agencies, the Government has a $6,116,041,000
500,000 refunding operations of the Home Owners'
the
$71,500,000
for
repairs
which
finger in the housing pie, as compared with the savings, building and loan
associations'
Analysis
the
$7,000,000,000 lent in the past 10 years.
the loans by eavingB, building and loan
which they were made follows:
of
purpose
Bank
Federal
Commissioner
to
Land
Banks
Purchase
and Land
Farms in Last
associations and
for
Month of December
Year 1939
Purpose
Estimated
Home purchase
Refinancing
Other purposes
Percent
of Total
Loans*
of Total
$301,039,000
59,463,000
339,629,000
182,025.000
30.5
$26,923,000
4,335,000
27,779,000
32.3
34.5
18.5
15,001,000
5.2
104,227,000
Repair and modernization
Estimated
Loans*
New construct'on
Percent
10.5
9,074,000
10.9
6.0
Made
33.4
18.4
$83,115,000
$986,383,000
by
from November,
1938, thus completing a full
higher than the corresponding
third larger than in December,
a
month of the
*
Extended
to
lent to
increased by $2,055,150 during
The increase in
surplus brought the total to $16,460,384 on Dec. 31, 1939. Charge-
Credit
associations
institutions into building and repair work supplied work equiva¬
financing
$685,050 in franchise taxes to the Federal government.
offs and recoveries during
these
said Mr. Bodfish.
"We estimate that on basis of an
of $30.50 per week the money poured by the thrift and home
11M months.
The earned surplus for the 12 banks was
to only
accounting for 36.5% of all the savings and loan
purposes,
1939, after transferring $910,000 to reserves for contingencies and paying
credit
that last year's funds went 30.5% for this pur¬
23.6% in 1936.
December saw the largest pro¬
so
compared with
as
Loan
commercial
total loans for the decade 1930-39 up to
steady increase in the portion of savings, building and loan associa¬
advances allocated to loans for new construction has characterized
tion
The FCA announcement further stated:
form of discounts for
the
brought
year
earned
of its annual
approximately
The
Savings,
provided credit to agriculture totaling $471,935,618, ac¬
cording to the annual report of the Farm Credit Administra¬
tion made to Congress by Governor A. G. Black.
Similar
credit in 1938 totaled $464,022,561.
Loans and discounts
outstanding on Dec. 31, 1939 amounted to $200,425,464.
charge-offs
climb of
$122,000,000.
935,618 in Credit to Agriculture Provided
end
a
Total expenses of the Corporation last
$356,000,000.
income.
almost
1938.
the
insurance-^totaled
by
insured
associations, it is stated, num¬
in insured
at
261,000 over 1938.
almost
218 in 1938, total assets of all
$378,000,000 this past year,
than
of $380,000,000 during
savers
2,386,000
of
more
equaling the increase
bered
increased by only 99 during 1939 as
associations
of
increase
an
increased
associations
of
insurance
cumulative value of
Mr. Fallon said:
the
of
evidence
As
accounts
reemployment,"
Intermediate Credit Banks
Federal
the
at End of
Nugent Fallon,
and Loan
A
were
—.—
companies.
assist in
$9,724,000 in the comparable period of 1938.
The largest percentage of farms financed were purchased from the land
banks and Commissioner—a smaller proportion from private sources.
For the full year 1939, approximately $45,526,000 of mortgage loans and
other credit was extended by the land banks and Commissioner to assist
in farm purchasing.
The number of properties purchased was 17,722.
$7,800,000,000.
February
made to its member thrift
and home-financing institutions during February, according
to the monthly report of the Federal Home Loan Bank of
New York, issued Mar. 4. February volume compares with
credits of $1,801,067 extended in January and with credits
of $546,500 in February, 1939.
Outstanding advances to
member institutions amounted to $19,149,455 at the end of
the month, as compared with $17,408,411 a year ago.
Advances
The
$12,832,200 of mortgage
banks and Commissioner to
which these institutions have been in
Bank
Loan
Home
Federal
in
The FCA
quarter.
Increasing their volume of loans
known.
Nowadays a real stimulus to home purchase and even to
and
1940
buying farms, compared to
definite
the
partly
1938 fourth
the
to
quarter
In the recent
loans and other
covered
mortgage lending, each would
8.333% of the year's business.
do
ber of
compared
1939
9,
announcement added:
in
December,
Of
March
Financial Chronicle
by all associations In the United States.
Construction
in
Cities
of
Over
10,000
Increased 32% Over Year Ago
A. G. Black, Governor of the Farm Credit Administration,
said on Mar. 6 the amount of credit extended by the Federal
Residential
land banks and the Land Bank Commissioner to finance the
during
1939 was valued
at
$1,044,707,300,
largest amount since 1929, Federal Home Loan Bank Board
Quarter
purchase of farms increased 32% during the last quarter of
Population in 1939 Largest Since 1929
Residential
population
construction in
cities of
10,000 and
greater
Volume
economists
one-third
it
announced
Statistics.
last
December
$46,085,100
in
the
of
Next
gain
Research
range
as
and
organizations
1938.
over
industry
kinds
also
costing
set
$86,791,000.
Of
in
Home
Loan
December
relative
States
than
increase
with
Bank
in
the
climb
Pittsburgh district
with $9,845,700, or 162%
and
high
was
based
the United States
reports
have
upon
analysis of
an
shown
Housing
December,
small
of, Delaware,
more than
in
building permits
reported
of
nearly
FHLBB
The
in
of
not
other
The
earned
The
two
agencies
of
associations
tions
the
of
678,700.
the
Congress
last
the
to
in
to
invest
to
last
and
loans
than
with
although
downward.
as
4%%,
4%
a
21%
any
of
the
though
No
city today
previous
surveys
rate.
loans
Developing in Home
have
developed
mortgage
of
cities
6%.
have
FHA
state
Others
state
which
other
The
been
Rates
loans
and
report.
might
Some
are
between
insurance
cities
which
eligible.
second
loans
for
of
on
course,
insurance
and
4Vfc%,
5%, other loans
are
loans
Federal
loans
group,
eligible
FHA
have
ordinary
commonly
are
made in FHA insurance between new houses and
affecting the marketing of the older houses and decreasing
value, and the
is
will
process
ultimately affect
reporting cities state.
parity
types,
of
of
homes adversely,
new
a
To keep a favorable market situation for
treatment
is
needed
between
as
houses
new
and
they point out.
increase
Authorities
Should
Put
Real
Comparable
Plane,
Says
Dr.
on
Husband
of
Estate
W.
H.
FHLBB
High real estate taxes in
many States are affecting the
economy toy discouraging home ownership and the
purchase of real estate for investment, it was pointed out
Feb. 24 by Dr. William H.
Husband, member of the Federal
national
the
the
At
purposes.
Taxing
Taxes
Home
Loan
Bank
Board.
"Private
mortgage
and Government agencies have
cooperated
in a successful program to lower the
institutions
for several years
financing costs of
ownership, but the local taxing authorities have not
kept pace in putting real estate taxes on a comparable
plane," said Dr. Husband.
In pointing to the oppressive
home
share subscrip¬
the
Treasury's to $39,end of June through December of last year, HOLC
by $5,500,000 and the Treasury's by $4,313,000.
the
declines
5%
reported
differentiation
Local
1,330 associations,
the net
homes,
well
as
less
as
cities
number
existing construction,
$350,000,000 in member
up
31
On Dec.
$211,453,310
upward
rate
levels
houses
both
since
source
order
in
small
new
seldom
is
year
officials
home-financing
on
6%
than
6%.
number of
United States
this
1934,
invested
were
been
two
their
1939.
System.
came
for
by
from
in
permitted
were
allowed to
were
Bank
HOLO
From
investments
by
communities
30,
received
Corporation
Government funds
June
on
been
Loan
investments
certain
last year
than
fewer
Owners'
authorized
were
said.
end
70
$31,072,000 has
Home
available
funds
the
the
investments
none
or
a
both
commonly
Federal Home Loan Bank System, it was announced Feb. 17.
The Federal Home Loan Bank Board likewise said:
total
higher
shown by nine cities out of every 100.
has
older
dividends
rate
Administration
these
to
has been pqid to the Federal Government on its investments
in savings and loan associations which are members of the
A
one
homes,
includes
Department of Labor.
Approximately $8,696,000 in
higher rate
no
higher than
rate
no
commonly available at lower than 6%.
Three
6%% rate is commonest, less than 1% say 7%
give any higher rate.
Five years ago a range
a
commonest
Differing rate
of
Federal Government Was Paid $8,696,000 in Dividends
Earned Last Year on Its Investments in Savings
and Loan Associations
Treasury and
its
rate
a
Dual Levels
♦
such
8%
as
while
is
cities show
money
say
Standardization
1938.
survey
of
First
district
over
the
was
that
no
cities
larger
month.
have
of
commonest,
as
that
a
Winston-Salem
176%
a
reported
1938
same
the
was
$15,957,000,
percentage gain
and West Virginia
districts
55%
but
the prevailing
still
cent
per
and
one-
remarkable
as
cities
10-year
new
a
is
longer
and
also common,
as
common.
It
Board's
The
1531
Only 10% of the cities show the 4^% rate and report
of
is
all
were
in
Pennsylvania
The
Division of
individuals,
units of
Federal
and
amount
December,
increase
an
said:
11,968
12
eight Southeastern
1938.
35%
home-building
25,435
construction
actual
was
two-family dwellings, costing
against 9,571 costing $37,902,600 in December, 1938.
as
of
volume
the
December,
Most
all
a
further
last
record,
in
by
year
announcement
total
This
by the Board's
represented
December
10.
The 289,992 family dwelling units constructed or
projected
agencies
Feb.
1938, the previous peak post-depression year,
over
estimated
was
In
The Commercial & Financial Chronicle
150
tax
burden Dr. Husband
said:
♦
The
Realtors
Indorse Urban Land
Research into Factors
Institute
total
Undertake
to
this
Affecting City Growth and
300
of
of
The
Acting to aid cities
in
decay
in
causing
are
commercial
National
the
the country to meet trends which
over
communities
many
and
Association
progressive
Approved
combat
suggestions
over-rapid
for
Committee
2.
Advanced
blighted
3.
of
and
with
Urban
aid
set
in
central
to
conservation
of
low
residential
income
existing public
restoration
areas,
through
groups
of
private
and to make substantial contribution to the support
Institute, research agency now in process of creation
Land
in
such
a
factors
affecting city growth and values.
that
way
it
be
will
a
permanent
and
The
unbiased
instrument for
concerned
with
is
urban
structure
and
affecting business and business
urban
values.
As
best
can
be done about
with
areas,
view
a
its
first
major
cities
our
few
to discovering
have
years
home ownership
amounted
a
$66,553,
than the investment
more
or
to
been
marked
by
important
and home purchase, such
reductions
in
the
greatly reduced mort¬
as
in
the
history of
and
the
These
country.
our
Government
agencies
things
have
the
private
cooperated
in
lending
bringing
about.
Not
only do these taxes have
ership,
are
but
they
both
hurt
hesitate
high.
so
the
to
This
of
amount
place
real
real
individual
on
market.
in
money
construction
new
institutionally-held
effect
estate
investment
that
means
serious
a
entire
estate
is
is
People
real
retarded
not
home
when
and
being
own¬
and institu¬
estate
taxes
the
vast
reduced
fast
enough.
Undoubtedly the present rate of expansion in home construction could
be greatly accelerated if the public could be assured of
equitable taxes.
More
people could be put to work
nomic
atmosphere
Home
would
new
on
construction
and
better
a
eco¬
prevail.
Financing Expected to Continue in 1940 Ex¬
Trend, According to Annual Survey of
that
as
just been sold brought
taxes
abolition of
fact-finding, will seek broad public financial support through
subscriptions and memberships of all groups, institutions and individuals
project it will attack the problem of decentralization of
have
owner
and
agencies.
which
the total annual
effective rate of 5.7%,
properties.
many
institutions
cities
sponsor
up
the
HOLC
interest rates, easy monthly repayment plans on mortgage loans, and
special fees and excessive charges.
The prospective home
or
home buyer now has access to the lowest rates and the best
gage
tions
housing for
of
objective study of the
agency,
individual
values
conserve
of
cost
the
which
on
an average
past
terms
follows:
in
Districts.
for
good
the
Agreed to
the
for
plans
areas,
initiative
and
as
action
The suggestions are made by the Association's
Commercial
on
cooperative
decentralization
outlying business districts.
and
areas, directors of
Estate Boards at their
Real
January meeting in Chicago took action
1.
blight
residential
of
$1,166,800,
being
return
Values
properties of
pansion
what
FHLBB
it.
Home financing in the United States shows signs of con¬
Semi-Annual Survey of Real Estate Market
by National
Association of Real Estate Boards
Supplementing
34th
its
semi-annual
earlier
announcement
of
survey
the
real
estate
regarding its
market, the
National Association of Real Estate Boards in later advices
regarding its survey stated that a 4y2% interest rate has
already become the commonest interest rate for first mort¬
moderately-priced homes in 19% of the cities
gages on new
of the
ber
country, according to confidential reports from
real
the
estate
in
261
cities.
Board's previous announcement
Jan.
of
boards
20,
366.
page
survey's findings
The
later
An
item
bearing
appeared in
advices
to
With
interest
on
rates
on
real
steady in
estate
56%
of
mortgages still falling in
the
cities,
on
issue
our
relative
changes in the cost of mortgage
and real estate capital
supply, said in part:
reporting cities,
mem¬
money
supply in
In
on
6%
new
moderately-priced
interest
5V2%
cities
rate
demand, while 13% showed
rate
said
as
undersupply.
is
the
longer the
any
the
one
5%
most
rate
was
5% interest rate is
a
homes,
while
commonest
in
frequently found.
commonest,
In
and
A
of
ago
still
the
only
held
to
cities
38%
the
a
of
commonest.
home
the cities
interest
a
having 5%
as
rates
have
a
have
than
6% is prevalent.
survey
common
become
they
ever
like
before been.
more
of
rate.
nearly
Today in
Five years ago
cities.
five
years
ago
found
only
97%
this
over
of the
was
true
the
cities
in
2%
country
no
rate
the
industrial
these
of
home
home
one-third
The
to
facilities
building
building
economists
February issue is
of
in
the
costs
said
Federal
in
1939
meet
war
field,
and
with
the
"Review."
It
interfere
the
Home
very
dwelling units
enjoyed
to
construction
might
expected,
the
:
labor
and
building of 1940 will not
Loan
managed
thrift
Bank
Board
greatly from 1939,
were
constructed.
the most successful
Mortgage recordings during
survey.
locally owned and
continued
the
entire
uncertainties
cause
and loan associations
1939
year
showed
and
home-financing institu¬
the predominant place in the field by financing
Private savings placed by the public
reached
new
high totals and the trend continues
occupy
of
the
associations
emphatically
mortgagee.
upward.
volume
of
residential construction in 1939, for the first time in
"was approaching the quantity needed each year to replace those
dwelling units lost through fire, demolition and other causes, and to house
10
years,
the
annual
increase
in
to
of
the
of
than
higher
only 56% of
our
began
costs
During the entire
index
the
number
of
the
an
upward
non-farm
trend
in
families,"
the
latter
stated
part
of
the
1939.
there was little change until September, the FHLBB
constructing a standard six-room house having eased
point since February,
1937.
Then, according to the
year
cost
lowest
of
"Review":
"During the last four months of the
roofing.
in
over
as
sharp
Simultaneously, home mortgage
uniform
its
approximately 473,000 non-farm
about
in
of
trend
of
decade, stated the
a
appeared in
mortgages,
that
out
Savings
6%
Change in the interest rate structure of the country in the last five
years is shown by the fact that whereas the
5% rate is now dominant
for
upward
amount
Building
16% of the cities
year
43%
emphatic
v/hen
which
"Review."
the commonest
now
31%
only
rate.
diversion
believe the actual
in
to
demands will
substantial
Change in Interest Structure of Country in Last Five Years
54% of the reporting cities
rate
is
of
excess
on
further
pointed
serious
more
The further advices of the Board said
production
any
become
war
the Federal Home Loan Bank "Review"
Feb. 17 in its annual survey of economic and
conditions
devoted.
Any
effects of the
present,
business
tions
41% of the
and
at
predicted
that
rising in only 3% of
them, the supply of mortgage money is the most
generally plentiful of any
in the 17 years covered by the Association's surveys.
Capital is
seeking loans in 81% of the cities, while loans are seeking capital in
only
8% of the reporting communities.
There is equilibrium of supply and
demand in 11% of the cities.
A year ago only 77% of cities showed
Notafjle
unless the indirect
than
the
period
money
tinuing during 1940 the trend of expansion noted in 1939,
several
The
two
years,
index
although
for
the
the
rise
in
week
of
Dec.
23
was
building materials
the
was
highest
not
quite
the upturn of all industrial commodity prices.
For six consecutive years, said the
survey, "the annual volume of
as
farm
residential
ences
of
It
year, however, substantial increases
classifications, particularly lumber, paint and prepared
wholesale
was
greatly
construction
has
increased.
There
are
widespread
non-
differ¬
opinion as to whether this trend will be continued
during 1940."
pointed out that the FHLBB estimates that the totals will not
vary
from those of 1939.
V
Real
Non-Farm
Lowest
1939
in
Foreclosures
Estate
1927
Since
Real estate foreclosures
by all types of mortgage lenders
numbered 104,857, the lowest figure
1927, and 13,648, or 11.5%, under 1938.
The Board's
economists receive regular nation-wide reports from record¬
since
and other govern¬
communities.
It
ing officials of counties, cities, townships
mental divisions in approximately 1,600
reported:
whole, foreclosures in every month of 1939 were
below the corresponding month of the previous year.
Foreclosures in the
test month of 1939 were lower than in any prior December since 1930.
Foreclosures decreased from 1938 in eight of the 12 Federal Home Loan
Bank districts.
The largest percentage drop—24%—was registered in
three areas—the Cincinnati district of Kentucky, Ohio and Tennessee; the
Topeka district of Colorado, Kansas, Nebraska and Oklahoma; and the
Portland (Ore.) district of Pacific Northwestern States.
A 12% decline in foreclosure cases from 1938 was reported for metro¬
politan communities—cities of 100,000 and greater population.
Approximately 85% of the foreclosures noted in the report are on
homes, the rest on commercial properties.
The notable improvement in foreclosure activity, Bank Board economists
observed, parallels considerable improvement over the last few years in
further
was
the
For
country as a
Suggest a Formula. Embodying
In
by the first complete survey of 1938 trends in the
business just issued. Complete statistics on the activities
of all operating savings and loan associations in many States generally
teg from three to nine months and more beyond the calendar year-end,
the Bank Board said in pointing out the reason for publication of the
emphasized
fact
pavings and loan
report at this time for
decline
estimated
An
$107,429,000
of
acquired
in
estate holdings
real
represented one of the most encouraging developments in the savings and
loan industry during that year.
At the end of 1937 operating associations owned $997,749,000 of real
estate
as
result of borrowers
a
this
1938
made up mostly of homes acquired through foreclosure
defaulting on their loans.
By the end of
reduced to $890,320,000, or 11%.
properties,
actions
was
assets and United States
considered before arriv¬
ing at a ratio of capital structure to total deposits for an individual bank
or
a
group of banks falling in a similar classification by reason of the
that, after deducting from total deposits cash
securities, four percentage factors be
is
Government
comparative closeness of the first four ratios.
The first ratio to which we would give proper weight would
classify
as
tation
to
Boards
reestablish real estate
blight
and counteract
neighborhoods
residential
of
by rehabilitating dwellings in groups large enough to effect
substantial neighborhood change was viewed as shortly
to become economically feasible and was endorsed, by the
a
Association of Real
D. C., Feb. 8 and 9,
with Newton C. Farr, Chicago, President of the Association.
in
meeting
the
The
issued
announcement
an
the
by
capital structure.
A proper
course,
involves maturity
under
chairmanship
the
of
Phila¬
Binns,
W.
Arthur
delphia, reviewed and approved tentative regulations about to be issued
by
Housing Administration which, under a new policy of governmental
Federal
insurance to
rehabilitation projects.
The new Federal policy is expected to make
possible financing at lower cost than has ever before been known for the
conservation and, where necessary, the rebuilding of older areas of Amer¬
ican cities, including blighted areas.
FHA has announced that in rehabili¬
tation project mortgages of not more than $100,000, those coming under
its new regulations, it will establish an interest rate of 4%%. Rehabili¬
tation project mortgages over $100,000 in amount must go through the
more
elaborate review now provided for new construction on large-scale
rental projects, and would carry a 4% interest rate.
This will make
possible in many cities a beginning of the reconstruction of such areas
through ordinary private effort functioning through limited dividend corpo¬
action
the
rations,
the Association,
by
urged
long
8,000,000
subsandard
ably
half
could,
for
generation to
a
FHLBB
points
committee
estimates
in
of
mortgage
there
that
American
expenditure
come.
are
least
at
of
which
prob¬
be
cities,
money,
made
useful
loans
and
total
Spring Drive to Build "Registered
Federal
Home
Building Service
Under
under
its
Home
Federal
the
Loan
drive
spring
Home
Bank
Board
Building
American Institute of Architects and
cil
issued
joint statement to
a
their
lining
efforts
in
the
support
on
March
2
"Registered Homes"
Service Plan, as the
build
to
the
Producers'
Coun¬
building industry out¬
of
the
The
program..
FHLBB, in part, said:
The avowed
plan,
is
ket."
depression
ties
objective of the Institute and Council,
"the reestablishment of
Asserting that
and
because
of
unfavorable
Building
Service
home
public faith in
ownership
faulty planning,
financing,"
offers
problem of
producing
Illinois
Bankers
a
houses
of
the
as
shoddy
out
The
Illinois
member
the late
that the Federal
practical
equi¬
approach"
Home
to
the
durable value.
Association
Publishes
Ratio of Capital Structure to Deposit
its
building mar¬
during
construction, insecure
they pointed
and
of the
co-sponsors
home
"suffered severely
"constructive
Bankers Association
Report
on
Liability
recently distributed to
banks
to
deposit liability. This subject, which was prepared by a
group headed by T. H. Golightly, President of the Madison-
Crawford National Bank of Chicago, was reviewed for two
years on a basis of factual information.
Those serving
with
Mr.
Golightly
:
on
percentage of
capital
to its
to the
structure?
in
operate on a 22%%
country banks)
old
compared with the
basis, as
reserve
of 13% of demand deposits.
Specifically, this means
dollar of deposit increase approximately 23c. must be kept
requirement
for
every
one
This is the required reserve;
have built up high
deposit with the Federal Reserve Bank.
on
in addition to this legal reserve, most banks
reserves
at their local Federal Reserve. Bank.]
excess
Under
above,
one,
allowance
variable
a
must
be
(in
made
order to
properly consider in the reserve requirements) for the character of deposits
maintained by the bank.
In some banks, because of extraordinary large
seasonal shifts in funds or general activity of regular customers,
deposits,
be maintained to
would have to
requirements
reserve
variables.
short-term
a
the question
come
comparative study and analysis of an
requirement and, in addition,
which,
primary
or
for
an
we
made
all
as
reserve
estimate
know,
of
the
management's
subject
are
to
credit
review
needs
of
developing
formula
a
thorough study and
very
to
cover
which
one
given
we
instances
is
FDIC
In
that
banks
most
deposits'
Premiums
Insurance
of
consideration
our
their
of
to
we
pay
a
are not overlooking the fact
premium for the insurance of
of $5,000.
This certainly is a
that must be absorbed by the bank and indi¬
to a
up
Sound Management
Plus
question
called upon
are
funds
item
this
expense
maximum
rectly this expense is passed on to the stockholders or owners of the
if
Surely
funds
bank
called
are
we
depositors'
sound
upon
to pay a premium
for the insurance of
those shareholders of banking organizations who pursue
should be given credit under some plan
management policies
arriving at a deposit-capital ratio determined by our suggested
comparable
some
and
mentioned
of
ratio
of
In
plan or
makes allowances for the factors we have
them to an arbitrary, uniform standard
subject
not
structure to deposit liability.
capital
bankers,
liberally
which
one
does
development of this subject, which we feel is of extreme interest
the
all
to
bank
of lesser earnings.
reason
of
one
will not attempt at
time.
this
by
of
at least
year.
work
The
that
cash
be
must
policies,
twice
would
in turn, involves a
bank's
allowance
loan
or
This,
deposits.
of making due allowance
long-term investment policy,
which, in turn, would
question of percentage of demand deposits to total
the
with
entwine
take care of these
.
above,
two,
on
On the
have had the benefit of
we
prior studies and have drawn
those sources.
special committee with Mr. Golightly were C. F.
Wacker, Vice-President of the La
Salle National Bank of
Salle, 111., and Harry A. Johnson, Cashier of the Third
National Bank of Rockford, 111.
In a preface to the report,
La
Paul T.
Betz,
Chairman of the Committee on
Bank Man¬
of the
Ratification
Senate
of
Trade
Pacts Urged
by
J.
D.
Mining Congress—Denies it
Would be "Tantamount to Repeal"
r"
of American
Julian D. Conover, Secretary of the American Mining
Congress, appearing before the Senate Finance Committee
Feb.
on
29
denied
that Senate ratification of trade pacts
authority exercized by the Executive and
that "ratification is tantamount to repeal;" trade agree¬
ments he maintained which cannot obtain ratification of
would "black-out"
elected
representatives of the people "can scarcely be in the
public interest." .Taking issue with Assistant-Secretary of
State, Henry F. Grady, over Senate ratification, Mr. Conover
stated
that only the
organization have the clear
vision, intelligence and incorruptibility to handle our entanglements with
foreign countries, and that elected members of Congress, responsible di¬
rectly to the people, are incompetent to discharge their duty to the Nation
►
We cannot agree
with the implication in these statements
appointed officials of the Trade Agreements
the report, in pamphlet form, of the
special committee appointed by the Association's Committee
on Bank Management to study the ratio of
capital structure
clusion
the
[Note—In this connection we cannot overlook the fact tlrat today banks
Central Reserve cities
(proportionate increases for Reserve city and
Conover
Federal
The
What is
quality.
portfolio?
Fourth, fixed assets ratio to capital funds.
Plan
launched
and
investment
the bank's management policy with reference
discount portfolio and what percentage does this bear
is
agement, recommends the subject to member banks
Association for their "study and information."
-
,
Launches
Homes"
units
moderate
a
FHA
open
It
out.
dwelling
by
total
to
what
Third,
substantial
Feb. 25 said:
committee,
and
the
analysis of the bank's investment portfolio,
of
Governments
Estate Boards meeting in Washington,
Regarding
invest¬
portfolio after eliminating United States Government securities,
what percentage
is this portion of the investment portfolio to
Committee on Housing of the National
Association on
central reserve city, reserve city. or country bank.
the management's policy is with reference to its
a
what
Second,
ment
individual
Action in cities over the country to
values
be the
of banks
requirements—that is, does the individual bank or group
reserve
for
Rehabili¬
Projects, Says Association of Real Estate
Mortgage Insurance Open
Make
to
must have gathered
while we do believe that there should be some per¬
centage relationship between capital funds and total deposits, this ratio
should not be established on an arbitrary uniform basis.
Our suggestion
time that,
Under
FHA
Four Percentage Factors
howeveT,
1938.
and the public which it
presentation of this whole subject matter you
our
this
by
structure of the Nation.
amount of real estate held by mortgage lenders has been declining,
The
ratio
mandatory deposit-capital
a
quote:
From the report we
the entire home-mortgage
a
in our minds the
evoked
harmful than helpful to banking
more
prove
establish
to
attempt
any
March 9, 1940
study have
and
research
our
selves.
property dropped to a 13-year low record in
11)39.
The Division of Research and Statistics of the Fed¬
eral Home Loan Bank Board estimated on Feb. 10 that such
year
that
belief
non-farm
foreclosures last
of
results
The
may
on
Chronicle
The Commercial & Financial
1532
the special committee state, in con¬
when confronted with
sectional issues.
r
Speaking for all branches of the mining industry, Mr.
Conover urged the Senate Committee to amend the existing
Act in three respects:
1. Make the law
,
on
any
contain a definite requirement limiting our concessions
commodity to that country
which constitutes the principal source of
imports.
provisions in the existing act to make effective
the "escape clauses" found in the various treaties.
3. Require Senate ratification of all agreements before they become
•
2.
Incorporate definite
effective.
Volume
Other
„
ISO
The Commercial & Financial Chronicle
testimony before the Committee
mentioned in
was
these columns of March
2, page 1356.
The
both
of
1533
huge quantity of the white
a
the
white elephant
world's
hands and
its
on
economic
metal
structure.
now
a
The
held
potential
present
tained
Amendment
of
to
Board
Hudson
Navigation Law
to
Commissioners
of
of
River
Urged
by
Extend
Pilots
State
Authority
Include
to
Chamber
of
Com¬
merce
The
Chamber
made public on
tee
the
on
of
Commerce
Feb. 28
Harbor
the
State
of
New
York
Shipping,
urging an amendment
navigation law to extend the authority of the Board
Commissioners of Pilots to include the Hudson River.
to the
of
Legislation to accomplish this—the Mitchell bill—is now
pending at Albany. The report was approved
by the mem¬
bership of the
Chamber
at
the
monthly
meeting on
March 7.
Regulating Employment in State Public
Utilities Industries Opposed
by Chamber of Com¬
merce—Declares It Would Curb
Reemployment
An
"intolerable burden" would be placed on
public utili¬
ties if the pending Andrews bill
regulating employment in
such industries
were
enacted by the
Legislature, it was
asserted in
a report made
public on March 5 by the Cham¬
Commerce of the State of New York.
The report,
which was sponsored
by the Special Committee on Indus¬
trial Problems and
Relations, described the measure as
"vicious legislation" which would curb
reemployment.
The
This
bill
Labor
would require
Commissioner a
public
every
statement
utility
corporation
file
to
with
of
the number of its
employees in
employment and of its procedure in selecting or
promoting
such employees.
The Commissioner, with this
informatin, can then issue
regulations to the corporations setting forth the
procedure to be
each
class
of
followed
the
appointment
of
employees.
Among other things, the corporation
give public notice of its "willingness" to
receive
application
for
employment; to supply forms of
application;
maintain
proper records
of
all
applications; appraise or rate "on a
is
be
to
required
cooperative
eligible
from
by
basis"
the
applicants;
the
law
to
qualifications
and
select
applicant whose
of
each
employees
name
appears
applicant;
fill
to
first
a
the
on
establish
vacancy
lists
it
as
of
occurs
Pointing out that the State Constitution now
specifically
prohibits firms, corporations,
&c., from discriminating be¬
cause of
race, color or creed, the report continued:
should
be
sufficient
and
make
such
unnecessary
vicious
legislation which will only hamper
employers in the selection of qualified
employees, which could subject them to possible
blackmail, and which
establishes a bureaucratic
department with autocratic powers to make
business
in
this
State
still
difficult.
more
Government's Supply of Silver Is Potential
Menace to
Stability of World's Economic Structure,
Says
New
Bill
York
State
Chamber
of
Ending Foreign Silver Purchases
now
(on March 4) made public a
report urging Congress to end
authority of the Secretary of the Treasury to
purchase
foreign silver.
The report said that the
the
government
3,000,000,000
of which is of
$1,000,000,000.
The
silver
chief
ounces
The report
put
of
silver,
more than
foreign origin purchased at
arguments
be
can
advanced
forth
no
cost of
a
has
four-fifths
nearly
continued:
in
longer.
1934
to
China,
to
was
have
been
chief
such
volume
reaching
the
and silver
silver
ticular
question,
the
ratio
of
Pan
a
that it
America.
one
of
last
the
few
the
years,
combined
objective of silver
monetary
stocks
of
gold
tendency to defend the purchase of for¬
was
a
"good neighbor" policy of par¬
That
it
has
been
of
direct
economic
Mexico, which is the world's largest
producer, there can be no
but there is no evidence that it has
helped to promote Mexico's
of
ounce
foreign
inflation
possibilities
"profit"
or
of
seigniorage
silver
pays
out
this
amounted
with
the United
silver
the
States.
government
purchases
adds
to
the
the
Treasury's holdings, because of the so-called
which the Treasury puts aside for itself
when
certificates
it
to foreigners.
On Feb. 19 last, for
example,
1,230,000,000 ounces of silver against
which, at the
statutory value of $1.29 per ounce, the
Treasury had the authority,. if it
desired to do so, to issue
nearly $1,600,000,000 of American
of Commerce
Urges Appointment of
Study New York City's Tax Situation
At its monthly on March 7 the
New York State Chamber
of Commerce
urged Mayor LaGuardia to appoint "a non¬
Declaring that further purchase of foreign silver
grounds, the report pointed out that the
holds enough of the white metal
to meet
its present
consumptive demands for the next
century.
It
was further stated:
now
'
American
depleted,
could
in this
the
to
study the city's tax
situation. A report of the Chamber's
Committee
numerous taxes
Taxation
on
in this State,
emergency
and
otherwise, and particularly in the City of New
York, prevent many
enterprises from being started here; and that
these taxes are an
important
factor in leading
individuals, and industrial and other establishments
to
to
move
neighboring states where
aggregate,
much
taxes
are
less
and in
numerous,
the
lower.
♦
Glenn
L.
Martin
States
in
Predicts
Aviation
Eventual
Lead
of
United
Power—Addresses Bond
of New York
Great Britain, France and
Germany
determined to experiment in
Club
are
apparently all
enemy defense
against aircraft attacks before "they expose too
many air¬
planes in a mission," Glenn L.
Martin, President of the
company bearing his name, said on Feb. 28 in an
address
determining
before
the Bond Club of New York.
Mr. Martin, who
visited Europe last in
1938, discussed conditions so far as
aviation development is concerned in the
countries which are
at war.
now
England and France, he said, will need
sub¬
airplanes to offset the power of
Germany.
He predicted that the United States
will become the
leading
aircraft manufacturer and that "we will
have the
stantially
more
industry in the world in aircraft."
dominating
It
was
a
position
question
as
whether
to
leadership
some
advantages and disadvantages.
over
continued, in part:
to get the greatest
than any
country in the world.
so
not
or
same
higher man-hour
strongest
He
time ago that America would be
able to reach the
in the manufacture of aircraft.
America has the
some
technique of quantity production—more
the
aircraft
could assume that
the aircraft industries of other
countries.
The biggest
We have
advantage is the ability
volume, which may be the controlling factor in
spite of
costs and other
increased costs in this
country that do not
exist in the plants of other countries.
There
was a
question of whether
or not there would be
sufficient volume
plants of France and England to
give us
competition when the war was over.
Under the present law and the
repeal
of the embargoes against
selling, it now definitely throws us into the
posi¬
tion of obtaining the strongest
producing groups of personnel in the United
States of any country, and an
analysis of the after-war market for
replace¬
ment for military and for commercial
uses indicates to us that
America
will, I think, without doubt, lead in aircraft
manufacture and
factory productions in the
war
we
the strongest industry in the world in
States.
.
.
aircraft, right here
in
will have
the
United
.
We have two markets the day peace is
declared.
This will interest some
I know, for some of you have asked me questions.
The day peace is
declared the military market must in the
following 12 months buy a lot
new airplanes.
There is only one exception to that
certainty, and that
would be disarmament.
I think you will agree with me
that there is no
hope for disarmament at the present state of civilization.
Every nation
in the world must
carry adequate arms for defense, and this has
of
happened
to the aeronautical
The ratio
industry:
or
percentage of aircraft in comparison with all other
means
of national defense has been increased
very materially in the last two years.
There
are
many
countries today who are in the market for
aircraft that
can't buy the aircraft they want until the
war is over.
The day the war
is over they must then
supply their peace-time quantities and annual
peace¬
time replacements.
Your President asked
me
question that has been asked
before, and I
He wants to know why there have
not been
a
will give you my view on it.
aircraft demonstrations in the present
more
purposes of aircraft is
preparation for
Aircraft, bombing aircraft, is
its bombs not only five or
to prepare the
some
Ninety
war.
military
per
cent of the
move on the
ground.
long-range cannon, principally, that carries
10 miles, but any number of miles, as
chosen,
a
ground for some military change of the lines.
It would be
perfectly foolish for England or France or Germany to
prepare the way for
advance that they had no intention of making until the
spring campaign.
That is the thing that has kept down the
large flights that we will probably
see when they
really get going on some military program.
The other angle is
visited I knew
talk
some
that in
my
visit in Europe in each country that
I
of the officers well enough that we could
sit down and
frankly, and each country believes it
Each country is not
going to
expose any
possible surprise offense that they
are
has
new
defenses
for aircraft.
large organization of aircraft
not
familiar with until it has
to
put
out a few to draw out all the different
manoeuvres that are calculated to be
defensive against aircraft attack.
Powers of New Deal Criticized
by Wendell L. Willkie—
Says Wrongs Charged to "Big Business" in Twen¬
May Now Be Laid Against Federal Government
mines
Even if
Treasury
produce
all
silver
domestic
with
close
and
to
considerably in
foreign sources
3,000,000,000
the present
consumptive demands
country for the next 100 years.
meet
The report, which
urged
bill to end
foreign silver
of
Congress to
the
excess
of
arts
of
domestic
silver should
ounces
in
and
its
be
vaults
industries
enact the Townsend
purchases, concluded:
ties
cannot
be justified on
any
requirements.
to
partisan, competent city committee"
currency.
The
of
to
United States
a
bill
an
there has been
to
"good neighbor" relations
Every
in
be
Chamber
Committee
foreign
presently to be impossible.
the ground
on
benefit
benefit to
has
one-to-four
seems
More recently
eign
it
as
would
...
justify purchase of
who
beneficiaries of the American silver
policy but instead became a
victim, has been drained of silver.
Even the most ardent
silverites now
admit the failure of the
attempt to raise the price of the white metal to
$1.29 an ounce and, with gold
continuing to flow into the United States
in
main¬
Treasury
of you,
held by the
United States Government
potentially menaces the stability
of the world's economic
structure, the Executive Committee
of the Chamber of
Commerce of the State of New York
the
State
Commerce—Urges
Warning that the huge amount of silver
close to
stability
is
by Frederick E. Hasler, chairman
Committee, commending the Townsend
unanimously adopted.
was
We determined
In compiling this
list, race, color or creed of the applicant must be
disregarded.
In fact, it appears as if all this
additional burden is imposed
public utilities in order to prevent the
possibility of preference being
given to an employee by reason of race, color or creed.
provision
the
the
A resolution offered
the Executive
list.
on
This
If
holdings, there
price collapse of world-wide proportions.
of
report said:
in
only by purchases of the American government.
attempted to dispose of any sizeable part of its
It is contended by
many that the
Legislation
the
to
silver
said:
♦
ber
of
interim report from its Commit¬
an
and
of
by the government is
menace
price
to
Declaring that "today it is not 'big business' that we have
fear," Wendell L. Willkie, President of the Common¬
wealth & Southern Power
"it is
big government.
have been
Mr.
transferred
Willkie
Corp. went on to say on March 4
The abuses that corrupted the 1920's
from
Wall Street to
Washington."
thus,in addressing a convocation of
University of Toledo, the Rotary Club and
spoke
students of the
the Toledo Civic Forum, at
Toledo, Ohio.
In observing
that "in the money-mad period of the
twenties the heads of
some of
our
corporations forgot their
that of
primary function—
running
a
business enterprise in
a
way
that would
The Commercial & Financial Chronicle
1534
and the investor/'
of events we should have
the depression overturned
almost overnight."
this
corporate tyranny
continued in part:
For
given more wholehearted support
ever
was
New Deal would replace it with a truly
Certainly, no liberal movement ever had a greater opportunity
liberal faith.
or
Mr. Willkie
by the people.
the abuses charged against business
the concentration of excessive power in the
Recall to your mind, for a moment,
The first was
in the twenties.
hands of a few men;
second, the use of this power and the money that went
with it to influence
political decisions; third, the manipulation of financial
markets to the detriment
of the investor and the enrichment of the manipu¬
determination to destroy opposition and create
lator; fourth, the ruthless
momopoly.
a
But the responsible party today
but the nation's government.
We have grown so
hardened to the concentration of power in the hands
that we read, day after day, without a
to
encourage
whether or not the President has
private enterprise or whether he will continue the
Government's vast spend-lend program to
delay investment confidence.
.
and it leads just as readily to the second abuse of which
business was accused a
political decisions.
decade ago: namely, the use of this power to influence
Today there are 31 government agencies which can lend money and
dozens of government commissions regulating industry....
there
The people
of the United States will begin their real recovery from the
depression when they demand that a curb should be placed upon a govern¬
grown
In the past 10 years there was only one major
too great.
activity in this country which has shown any real
expansion; that is, the
Government employment has increased nearly
United States Government.
100%; government expenditures have increased nearly 200%, now amount¬
ing to over
nine billion dollars; government borrowing has increased over
and spent
150%.
The Government has created dozens of commissions
millions
on
buildings
to
house them.
It
but
are
appointed by the Executive.
...
If the Government of the
United States will sincerely dedicate itself to the purpose of making men
free to carry on
their economic enterprises, and of making it possible for
game", then this country, with its
to get into the
"the man with brains
great trade area, its natural resources and
an
its business genius, will resume
economic progress which will be even greater
been in the past.
Such
a
importance to
Commissioner
the
position
It would
would seek to elevate the banking department to a
program
equal in
other department of the State.
any
superintendent be paid a salary at least equal
or
It would
and experience.
It
of office, a term of perhaps six years.
And it would subject examiners to civil service examination, or banking
board examination—or, in the absence of civil service or a banking board,
paid the highest salaried department head in the State.
to that
require that he be properly qualified as to character
would give him an adequate tenure
qualifications set fourth in the law.
Our banking commissioners and examiners are
conscientious public ser¬
vants, I believe they would welcome such a program;
their support in one which
Such
supervision out of the realm of political
bank
of
a
that we would have
would bring greater stability to banking depart¬
would lift the
considerations.
professional status to bank supervisors, and which
ments and
is an essential supplement to our own enlarged
program
educationl
Present day business difficulties offer bankers an un¬
equalled opportunity for progress as long as they demonstrate
a willingness to deal with banking problems as an economic
group as well
as
individual
institutions, Rowland R.
McElvare, Executive Vice-President of The Bank for Sav¬
ings, New York Ciry, told the conference on March 6.
In part he said:
has enormously added to its
lives, and it has largely delegated those powers to Federal
who are not responsible to the people nor to the Congress,
powers over our
commissioners
constructive program with specific
provisions aiming at greater stability in our State banking
departments and higher and uniform standards of bank
supervision."
He went on to say:
research program.
are
ment
for the
believe," said Mr. Hanes, "the time has come
"I
Association to sponsor a
service
...
.
of State banking.
in the hands of a few men not con¬
people is just as bad as the concentration of economic power
in the twenties;
which has been made thus
Until the ultimate goal, that of
placing supervision on the uniform and effieient basis it deserves is attained,
continued effort is necessary on the part of all these concerned in the future
far, much remains to be accomplished
to
This concentration of political power
trolled by the
add to the deficit and further
.
The
concluded, he stated, that:
survey
that
quiver, newspaper paragraphs discussing
decided
is not the nation's business,
...
Department
Executive
the
of
general advancement during the
of State bank supervision.
past 15 years in the field
We can repeat each one of those
exists today.
Every one of those abuses
accusations.
1940
9,
the A. B. At
recent survey made by
a
State Bank Division showed
Notwithstanding the real and definite progress
while I hoped that the
a
but
condition,
corrected that
said
Hanes
Mr.
be sound for the worker, the consumer
he added "in the normal course
March
in the future than it has
...
When
look at
we
the
various
industry,
of our economic life:
phases
trading;
communication,
transportation,
there readily come to mind il¬
lustrations of units which have solved their problems
and those of the public
simultaneously, and other units which have solved their problems solely
in terms of their
to those
own
It is equally clear what has
convenience.
respective groups at the hands of the public.
that the problems of banking today are very
doubtful, however, if they
who make
satisfied
a
are more
happened
It may be objected
.
difficult, and they are.
It is
difficult than those of a manufacturer
silk thread out of coal, air, and water.
separate institutions to solve our
as
.
However, if we are
problems without too great
regard for the general impact of that solution on the public, we shall never
make
Criticism of Bill
York
New
State
Establishing Unfair Sales Law In New
Voiced by Merchants' Association of
York
Criticism of the Esquirol
bill—generally referred to
as
the
"loss-leader" bill—establishing an Unfair Sales Law in New
York State, is voiced in a letter which the Merchants' Asso¬
ciation of New York has sent to the legislative leaders and
the members of the Senate and Assembly committees in
a
start toward a
group
solution adequate for all concerned.
Mr. McElvare asserted that the great
development of the
banking business to its present level was due largely to the
business and economic activity of the millions of people
who comprise the American public.
He added:
Your great banking business is the result of the activity of these people,
and
their
were
number to dimish substantially the banks would quickly
The implications in this close relationhsip are far
reflect this situation.
reaching and it might be profitable to consider how well we know our banks
opposition to the measure. A bill somewhat similar to this
was passed in the last session but was vetoed by Governor
Lehman. The new bill is criticized by the Merchants' Asso¬
ciation on the ground that it is of doubtful constitutionality,
that the "veiled attempt to fix prices by statute law" is an
economic fallacy and that the bill is so
vague and uncertain
in its language as to make it impossible of equitable
and banking
enforcement.
the savings banks have
aspects;
problems in the light of
some
of them.
There are two main
the technical, or institutional, and the public aspect.
On the technical, or institutional
side, there is much cause for satisfaction.
Spurred by pride in a job well done and disciplined by a decade of depression,
banks have developed a technical efficiency that compares
best
in
industrial
tremendous
A
accomplishment.
favorably with the
volume
of banking
paper
in the form of checks and drafts, coupons and other instruments of
credit
are
of
handled rapidly and smoothly by the commercial banks, while
individual
developed
an
amizing accuracy in the vast number
characterize
that
transactions
their
Expnsive
business.
banking transactions have been eagerly ac¬
will facilitate
machines
Program to
Improve
Bank Supervision Advocated by
of
A.
B.
A.
Before
Regional
Conference—Remarks of R. R. McElvare, Claude
President
Hanes
E. E. Bennett and Others
The
adoption of
vision of banks
a program
to improve government super¬
recommended to delegates to
on
to the Association's internal
Mr. Hanes who is
program.
also President of the Wachovia Bank & Trust Co. of Winston
Salem, N. C., said in part:
The assumption
a
they have been perfected, making the banks an important custo¬
as
of the business machine industry.
of the right to charter, supervise and
pledge to the public that the government will
...
It has been suggested that bankers should be in the
In every lasting civilization
vanguard of progress.
there are two important and opposed forces:
that holds the group together and conserves its accomplishments,
other that strives
for
the
change and movement in one or more directions,"
he asserted.
"When properly
In this picture
servators
and
balanced, these forces maintain a progressive vicilization.
by the very nature of their business the bankers are con¬
innovators.
For this reason they appreciate the im¬
not
portance of the contacts of
public they
serve,
relationship
but
their individual institutions with the particular
are apt to
as a group or
ignore the even greater importance of their
craft with the public in general.
In discussing at the conference " Banking's Part in Business
Developments" Claude E. Bennett, President of the Pen¬
nsylvania Bankers Association, and President of the Teoga
County Savings & Trust Co. of Wellsforo, Pa. stated:
It must always be
or
remembered that banks are financial and not industrial
We are not the prime movers in industry and
commercial institutions.
the system but we cannot be held re-
We are indispensable to
business.
by government
regulate banks constitutes
quired
mer
one
the Eastern
Savings and Commercial Banking
of the American Bankers Association which opened in New
York on March 6 at the Waldorf Astoria, by Robert M.
Hanes, President of the Association.
Mr. Hanes outlined
the new educational research program of the Association by
means of which its services
are
to be enlarged and made
available to the members through field men added to the
staff and asserted that a program looking toward the im¬
provement of bank supervision is "an essential supplement"
was
Regional Conference
that
We are not inventors, promoters,
spondible for all the ills of the system.
explorers, manufacturers, or sellers; we are financiers, dealers in credit if
do all in its power to insure the highest standards of bank
management.
you
I believe the public so interprets such regulation.
and credit facilities.
Lax chartering, indif¬
ferent examination and supervision by unqualified officials amounts
to a
failure to keep that pledge.
We provide these productive and distributive agencies.ith
like.
We
are
not Aladdins with powers
magical Utopia.
The future of chartered banking depends in a great degree on the con¬
We cannot control business; our only job is to finance it
We can make funds available but we cannot employ strong arm
soundly.
tinuation of checks and balances represented in the dual system of banking.
squads to force our customers to borrow.
But the dual system of banking will survice or fall according to the quality
as
of banking and bank supervision maintained within the States.
to
At
the last
convention
of the
National Association
of Supervisors
of
State banks, the Secretary of that Association asserted that "if at any time
the
State
demands,
Department fail
we can look to
to render
course."
the
type of supervision
the Federal Government
tion of all bank supervisory powers.
to attempt
the public
the assump¬
Centralization sometimes follows that
I agree with his assertion.
Too often does political
seem to
influence appointments to
Too often is the tenure of office of the
Too often
are
aminers too small to attract qualified career men.
com¬
the salaries of commissioners and
ex¬
Fundamentally we are required,
capital, to adapt our lending policies
prevailing business cond t ons, to make only sound loans and
irrespective of the need of the system for artificial stimulus.
are
and
must be
colonize and settle new areas of finance, as industry
is
.
.
and business colonize
methods and keep ourselves keenly alert to current and pro¬
spective industrial conditions.
Where
investments,
In order to do this we must constantly
and settle new areas of endeavor.
our
.
We must con¬
and credit ahead of us.
We must
pioneers in new fields of finance.
tinually push the frontiers of money
improve
partisanship
State banking departments.
missioner too brief.
the custodians of the nation's liquid
We
capital
to transform our economic system into a
that
.
.
.
pioneer spirit in which our predecessors in the banking
profession met and overcame every emergency confronting this country
during the past 150 years.
For seven years we have complained about the
Volume
The Commercial & Financial Chronicle
150
encroachment of Federal bureaus in the
banking field.
new issue of
government bonds is floated, we pad our
But every time a
subscriptions for
more
bonds than we can absorb.
We vie with each other in
putting our de¬
positors' money into the hands of the
lending bureaus at Washington and
thus
misrepresent the amount of money "awaiting investment.
This is
unfair to the government, to ourselves, and
to our depositors.
We must prevent our
banking system from falling into the hands of the
concentrationists
or
Comptroller's Office,
State banks, and
shall
we
we
bid
farewell
the
to
Federal
Reserve,
the
and the dual system of
banking as represented by our
soon find ourselves
embarking upon still another
shall
of experimentation.
sea
It is my sincere belief that this job
if the basis of
our
ate initiative.
best be done
can
economic system continues to be
We must be prepared to
the soundness
of the
banking system
play
by
our part
be fostered
can
vis, as
in industry,
enterprise and priv¬
effectively because
only by developing
able bankers,
not by detailed legislative and executive
regulations, or by
centralizing the power over life and death of bankers and others in some
divinely inspired bureau
be
ledged.
no matter
where the throne of such
It is not possible to legislate good bankers
a
operating efficiency by simpli¬
and systems and better
organizing their
personnel, it was stated at the Conference by L. W. Bishop,
Cashier of the State-Planters Bank & Trust
fying business forms
Va.
on
urged to "streamline" their methods of dealing
through mortgage fore¬
by William J. Martin, President of the Granite
Trust Co., Quincy, Mass., in an address on March 7.
Mr.
Martin outlined steps he termed
necessary to modernizing
real estate departments in banks.
were
with real estate properties
acquired
closures
bureau may
any more than
it is
I believe that bankers of today are
and social welfare.
Leslie R. Rounds, Vice-Presdient of the Federal Reserve
Bank of New York,
addressing the conference on March 6
stated that "this discussion would seem to indicate that there
is perhaps no ideal solution of the
problem of dealing with
savings deposits, particularly in those institutions which carry
both savings and demand accounts."
He went on to say:
perhaps due to the fact that banks have tried to do the impossible?
By this is meant that they have endeavored
to earn
rate of interest which
a
only be secured by the employment of funds for
an
extended period of
time and at the
same time
they have been willing to accept the deposits
under conditions which permit of their withdrawal
either immediately or
within a relatively short space of time.
Savings deposits have almost
universally been invested in corporate and
upon real estate, or
realized
10
was
both.
upon
quickly.
years
ago.
These
government bonds or in mortgages
are assets
That fact is much
Nevertheless, because
which
more
of
can
not at all times be
today than it
apparent
the
absence
of any other
satisfactory medium for investment, banks receiving
savings accounts are
more or less forced to employ the funds in one or
the other of these mediums.
Experience has shown that this policy works reasonably
satisfactorily most
of the time, but that there are times when it
puts the bank in
position.
The bank's position is in
trader, and with
withdrawal
to
very thin
a
some
difficult
a
respects similar to that of
margin at that.
a
margin
It receives deposits subject
relatively short notice and, to earn any reasonable
of interest, is obliged to make
inve(sments upon which it can effect
ra
upon
substantial realization only on days when the weather is
fair and confidence
is
running high.
Upon other days liquidation
can
be effected, if at all,
only by taking substantial losses.
Conciliator
This is not a desirable position in which
Those savings depositors who withdraw funds
at a time when the
bank could not readily and
satisfactorily
liquidate a sbstantial part of its
receiving preferential treatment since obviously the bank could
assets, are
not
to assume
by any substantial proportion of its de¬
If the savings depositor wishes the bank to invest his funds and
all the risks incident to
changing market values and
depressed
real estate, and at the same time pay him the
greater part of the earnings
the investment, he certainly should
upon
withdraw his funds in order to make his
all investments are
not
own
cheap. * In that respect
be permitted in addition to
investments at the time when
at least he should be
a
partner
in the enterprise rather than being permitted to
occupy the preferred position
of a creditor.
In the long run, savings depositois would
have a better un¬
derstanding of the problems of banking, and
incidentally a greater ap¬
preciation of the service they receive, if they could be
brought to realize
that savings deposits are not, and cannot at all
times, be subject to im¬
mediate, or even reasonably prompt withdrawal.
Savings banks and commercial banks with savings de¬
partments
urged on March 6 to concentrate their efforts
greater volume of deposits from their present
customers rather than
increasing their efforts to obtain new
accounts by Frank P. Bennett, Editor of the
"United States
on
were
obtaining
a
Investor."
Pointing out that statistics gathered by State
banking departments indicate that in New York State there
is a savings account on the books of banks for
every two
persons in the State, and that in Massachusetts two out of
every three people have savings accounts, Mr. Bennett
asserted that further extension of efforts in these
States to
obtain new accounts would not be
satisfactory because of
diminishing returns.
In addition, he cited sta¬
tistics showing that the number of new
savings accounts
obtained by banks each year in the Eastern States is
con¬
stantly declining and said:
"In
two of
a
population.
Now suppose
you
add to this the passbooks represent¬
ing savings deposited with national banks, trust companies,
co-operative
banks, savings and loan associations.
I suspect you will find that the total
is very
nearly equal to the population of the State, or may
even surpass
it,
in New England and New York."
We
service, he continued.
Who,
either in savings banks or out, has ever made use of the fact that
the number of deposit transactions at Massachusetts
savings banks each
year is only about one and one-half times the whole number of
open ac¬
counts?
Yet that is
a
significant figure.
the light of the dwindling figure for brand
It is the figure for which
we are
looking.
It takes
the books of the savings banks of Massachusetts
of
one
are
and one-half deposit entries in the course of
deposit entries in two years, then there
receiving
no
deposit
about these accounts
entries
as
a
importance in
already mentioned.
a
receiving
longshoremen
by Joseph P. Ryan, President of the
Green, President of the A. F. of L.
Department of Labor.
The request
reach
was
year,
or
only three
year
end to year end.
The
South
I. L. A., and William
to the United States
an
understanding.
strike, which is
now
affecting the Clyde-Mallory, Savannah and
and Miners Transportation
Company, has
forced the lines to place
embargoes on cargo from North Atlantic ports to
Miami, Tampa, Jacksonville, Fort Pierce and Port
Everglades, Fla.;
Bull
Lines and
the
Merchant
Savannah, Ga., and Charleston, S. C.
Fruit Line, signed
Mr.
an agreement
Finn, it is expected, will
Craig, Vice-President
committee, in order
of
an
A fifth company, the Refrigerated
with the I. L. A. last week.'
meet today with Mr.
Ryan and John E.
Clyde-Mallory and Chairman
to effect
The strike was called
of 10 cents
on
a
of the operators'
meeting between the two factions.
Feb. 25.
The I. L. A. first demanded increases
hour, but later reduced its demand to five
also threatened to call out 600
men
cents.
The union
employed by the Bull Line in Baltimore,
but such action has not
yet taken place.
A previous reference to the
longshoremen's strike
peared in our issue of Mar. 2, 1940, page 1367.
ap¬
Anniversary of Thomas Masaryk, Founder of Czecho¬
slovakia, Observed—Gov. Lehman Proclaims Day
Governor
Lehman
on
March
4
proclaimed March 7
as
Czecho-Slovak
Day in New York to commemorate the
birthday anniversary of Thomas Masaryk, founder and first
President of the former Republic.
A mass meeting was held
in New York City on that
day, at which Col. V. S. Hurban,
Czechoslavak Minister to the United
States, and Karel
Hudec, Acting Consul General in New York, delivered ad¬
dresses.
Eduard Benes, former President of
Czechoslavakia,
sent a cablegram from London
thanking the Governor for
proclaiming the day. Several other States also observed the
day.
Queen
Elizabeth,
New
York
on
World's
Maiden
Largest Liner, Docks in
Voyage—To Remain Here
During European War
The 85,000-ton Cunard-White Star
liner, Queen Elizabeth,
on a
surprise maiden voyage.
liner, which is the world's largest, left Scotland on
Mar. 2 to avoid the dangers of the war zone. It is
expected
arrived in New York Mar. 7
The
remain in
to
War.
New York for the duration of the
Her sister
European
ship, Queen Mary, and the giant French
liner, Normandie,
started last
F.
D. S.
have been in New
The
Corporation Takes Title
final
York
since
the
war
September.
Eagle"
to
Brooklyn "Daily
j
in the financial rehabilitation of the
Brooklyn "Daily Eagle" were taken on Feb. 28 when title
to the paper passed from Charles C.
Green, trustee, to the
F. D. S. Corporation, which is headed
by Frank D. Schroth,
present publisher.
Mr. Schroth was the sole bidder for the
property in January when it was sold by a referee in bank¬
ruptcy in Brooklyn Federal Court; this was reported in our
issue of Jan. 20, page 370.
In the "Eagle" of Feb. 29, it
was
steps
stated:
Brooklyn "Eagle" purchased from the Union Cen¬
building at 24 Johnson St.
The life insurance
tral Life Insurance Co. the
company, as mortgagee, foreclosed the mortgage on both the front
and the
rear
How
missionary effort ?
urged that banks which make loans on life insurance
should adopt a standardized assignment form in
seven
The strike was called over the
question of wages.
The
lines have offered to continue the
prevailing wage scale to
October 1941 while the labor
leaders, who originally de¬
manded a 10c. to 15c. increase
per hour in different ports,
subsequently reduced their demands to a straight 5c. an
hour raise in all ports.
In reporting the
appointment of a mediator, the New
York "Herald Tribune" of Mar.
7, said:
Eagle buildings
some weeks ago.
The Schroth group purchased the
building, used for publication purposes.
effective
policies
at
was made after con¬
ference between the
companies and union leaders failed to
At the same time the
an average
must be no end of accounts that are
whatever from
broad field for
by
If the 2,850,000 open accounts
on
It
on grave
new accounts
Strike
Mr. Finn arrived in New York Mar. 6 to
principals involved in the dispute. He was ap¬
pointed after request for mediator had been made Mar. 4
have
pushed the bounds of the field already cultivated so far out,
in these generations of savings bank
service, that we have cut heavily into
the untouched space available for pushing it further.
The advertising we
are doing cannot be expected to harvest so
much, year by year, as in the days
before such large fractions of the whole population had
been brought within
our
Longshoremen's
Labor Department
Atlantic ports.
the law of
State whose population is about 4,250,000 the
savings banks of
Massachusetts already have something like
2,850,000 open accounts on their
situation is much the same throughout New
England.
Even in the great
State of New York, the ratio is about one account at
savings banks for each
in
meet with
permit similar withdrawals
positors.
Appointed
Thomas M. Finn, representative of the conciliation
service
of the United States
Department of Labor, has been ap¬
pointed by Dr. John R. Steelman, Chief of the
Service, to
mediate the strike of 5,000
be.
to
Co., Richmond,
March 7.
fully conscious of their responsibility, that they are socially-minded, and
that they are ready to play their
part in the advancement of our economic
Is this
collateral for loans by Robert
4
possible to legislate sound judgment.
can
as
C. Tait, Assistant Trust Officer of the
Fenessee Valley
Trust Co., Rochester, New
York, in addressing the con¬
ference on March 8.
Banks must improve their
Banks
free
a
1535
accepting insurance policies
as
The old
rear
The sale of that property became
of yesterday.
Eagle Building, at 305-307 Washington St., remains in the
ership of the Union Central Life Insurance Co. of Cincinnati.
own¬
Association
National
•
'
Two
Problems
A series of informal meetings and conferences in 37 in¬
dustrial communities from coast to coast will be launched
this month by the National Association of Manufacturers,
cooperating with state and local trade groups, in what was
described March 8 as an effort to clarify industrial thinking on
current economic problems.
The first of the 37 meetings,
it was announced by the Association, will be held in Louis¬
ville, Ky., and Pittsburgh, Pa., March 13 and 14, re¬
spectively. In these meetings industrial leaders will sit down
with officials of the Association for a discussion of local and
national industrial problems.
Ten meetings are scheduled
for the month of April in cities throughout the South to be
followed by similar gatherings in the Mid-West, Par West
ing
Current Economic
on
delphia
Federal
Circuit Judge Manton Begins
Sentence—Pays $10,000 Fine
and
Two-
March
Director
Mr.
took
H. Finley, Editor
Death of Dr. John
Emeritus of New
York "Times"
Dr. Finley,
who was
internationally known in the
spheres of education,
journalism, joined The New York "Times" as associate
editor in 1921, when Charles Ransom Miller was editor and Rollo Ogden
an associate editor.
Mr. Miller died 1922 and Mr. Ogden became editor.
and letters, and
22, 1937, and Dr. Finley became acting editor.
On April 21,1937, the "Times" announced Dr. Finley s appointment as
editor.
He held that post until Nov. 16, 1938, when, because of ill health,
he took the title of editor emeritus, being succeeded by Charles Merz.
A man of wide interests, Dr. Finley had a long and distinguished career
and it brought him many honors.
His activities were manifold, ranging
Mr.
from
Ogden died Feb.
restoration of the Parthenon and from studying
association with many philanthropies.
writer, a lecturer, and he was unusually interested
active and intimate
He was an educator, a
in the
promotion of the arts.
headed the Red Cross Commission in Pales¬
York Commissioner of Education.
Up to his death he was connected with many civic and charitable organi¬
zations.
He received honorary degrees from more than 30 colleges and
universities, and 12 governments bestowed 13 decorations on him.
During the
tine.
Research
of
World War he
For several years
The
New
he was New
York State
resolution voicing its
Assembly on March 7 passed a
regret in the
death of Dr. Finley, and
proclamation
placed at
Mayor LaGuardia of New York City issued a
directing that the flags on all City buildings be
half-mast for a period of 10 days in honor and
tribute to
Among the numerous expressions of regret was
the following from Gov.Lehman of New York:
I have learned with very deep regret of the death of Dr. John H. Finley,
for whom I had the highest regard and admiration.
He was a great edu¬
cator and, as Commissioner of Education for the State of New York for
nearly ten years, he made an outstanding contribution to the cause of
education throughout the nation.
He was a great journalist who brought
to the reading public a broader understanding of the problems of the day
throughout the world.
New York State has lost a very distinguished
Dr. Finley.
citizen.
League.
Economy
1928
from
of
1932.
to
of
public
Charities
attracted
field
research
Reserve
The
engaging
He
1913.
in
1911
and
thereafter in
associated
health.
He
1913
1917, preparing
from
much
since
University
University,
housing and
that
studies
the
Columbia
at
of
Bureau
Brooklyn
in
Western
from
work
field
the
in
active
degree
post-graduate
the
been
has
B.A.
to
attention.
was
this
During
a
period
at Barnard College and New York University
courses
problems of social work.
on
1917 to
From
Association
after
He
for
problems
tion
Mr.
Gebhart
the
was
Director of Social Welfare
Condition
of
the
Poor
in
this
of
city,
number
with
University
Gebhart
of
the
on
also
articles
A.
I.
C.
and
P.
monographs
In
1925
child health problems.
nerved
on
a
committee
he
child
on
health
course
a
gave
In
Welfare
the
Science
which
evolved
the
plan
of
Research
funeral
for
the
Council.
of
summer
prohibition.
at
While with this organiza¬
coordinating social work in New York City and led to the founding of
Social
the
and
charge of community health projects for that organization.
a
while
New York
Mr.
Improving
1919 had
prepared
1926
Council
From
costs
1926
Mr.
in
September,
financed
a
Gebhart
survey
1926,
to
of
collected
the
April,
data
social
1928,
for
effects
Social
the
of
he directed
national
a
study
by the (Metropolitan Life Insurance Co.
*
H.
W.
Trecartin
New
York
Appointed Educational Secretary of
Chapter of American Institute of
Banking
Herbert
W. Trecartin has been appointed Educational
for the New York Chapter of the American
Institute of Banking, it is announced by Daniel F. O'Meara,
President of the New York Chapter and Assistant Vice-
Secretary
•
President of the Public National Bank & Trust Co. of New
He succeeds Gwynne Prosser, who resigned to take a
York.
position with McCann, Erickson, Inc., New York adver¬
tising company. Mr. Trecartin has been Acting Educational
Secretary since late in December, having been loaned to the
Chapter by the Chase National Bank of New York where
he was connected with the credit department.
He was
originally with the Liberty Loan Division of the Federal
President
Roosevelt
Receives
R.
G.
Casey,
First
Australian Minister to United States
Richard
G.
Casey, the first Australian Minister to the
United States, presented his credentials to President Roose¬
velt on Mar. 5.
Mr. Casey said that the establishment of
diplomatic relations should be instrumental in further ad¬
vancing the friendship between the two countries. President
Roosevelt replied that he had the same confident hope that
the bonds of friendship will be more firmly cemented. The
arrival of Mr. Casey in the United States was reported in
these columns Feb. 24, page 1210.
♦
pedestrianism to the
the Bible to
National
the
Reserve Bank of New York.
of The New
York "Times," died on March 7 at his home, in New York
City.
He was 76 years old. The following brief account
of his career is taken from the "Times" of March 8:
arts,
announced
Manufacturers
of
Finley, editor emeritus
Huston
John
Dr.
his
he also gave special
Cincinnati, Philadelphia,
ex-president of the Cincinnati Stock Exchange,
Cincinnati Chamber of Commerce, trustee
of Cincinnati Children's Home, director of Cincinnati Fine
Arts Society and member of the Ohio Chamber of Commerce.
Director
Gebhart
research
with
Exchanges, Chicago
was an
of
Director
as
received
Cincinnati, Mr. Hutton began with W. E.
in 1889, and has been senior member since
retirement of his father.
The firm is a member of the
He
Association
the
Against
served
Hutton & Co.,
member of the
League
Economy
National
of
Association's announcement further said:
70 years old.
A native of
Co.
Director
He went to the Economy League from the Asso¬
the
Prohibition Amendment,
which he
ciation
senior partner of the firm of W7E"
investment bankers, died of a heart attack
the New York offices of the firm. He was
Duplex Paper Bag
of
appointment of John C. Gebhart as its
Research.
Mr. Gebhart since 1936 has been
3
of
League.
number
Baltimore and Detroit
Stock Exchange and Board of
Trade, New York Curb Exchange and New York Cotton
Exchange. He was director of U. S. Shoe Corp., Aluminum
Industries, Inc., Columbia Gas & Electric Corp., of which
he was also a member of the executive committee; Cincinnati
Street Railway Co., Cincinnati Gas & Electric Co., American
Thermos Bottle Co., American Rolling Mill Co., of which
he was also chairman of the finance committee; Hatfield Co.,
Campbell-Creek Coal Co., Champion Paper & Fibre Co.,
Interchemical Corp., Richardson Co., Morristown Securi¬
ties Corp., Printing Machinery Co., Multi-Colortype Co.,
Research
of
Director
From 1932 to 193G he served as Director of Research of the
James M. Hutton, Sr.,
Stock
mem¬
McCabe
1936
Executive
Sr., of Investment Banking
& Co.—Was Formerly Presi¬
of Cincinnati Stock Exchange
New York,
Council's
The
Agent.
Appointed
National
The
Firm of W. E. Hutton
the
Gebhart
C.
Executive
Death of James M. Hutton,
March 2 at
Chairman of the
reappointed
Reserve
Yarnall.
Mr.
Since
*.
on
Federal
National Association of Manufacturers—Has Been
former senior Judge of the Federal
Circuit Court of Appeals at New York, who was convicted
of conspiring to sell judicial favors, began on March 6
serving his prison sentence of two years at Northeastern
Penitentiary, Lewisburg, Pa. The other part of the penalty,
the $10,000 fine, was paid by Mr. Manton on March 6.
A request to the United States Supreme Court for a review
of the Circuit Court's decision finding him guilty was denied
on Feb. 26, as noted in these columns March 2, page 1359.
Hutton & Co.,
ap¬
were
area
+.
J.
Martin T. Manton,
dent
Philadelphia
the
bership is increased to 51 with the selection of Mr.
on
Year Prison
in
men
subsequently
and
and
Board
New
Former
business
pointed to the Business Advisory Council for the United
States
Department of Commerce, it was announced in
Philadelphia on Feb. 29 by W. L. Batt, President of the
SKF Industries, Inc., and recently named Chairman of the
Council.
The new appointees are Thomas B. McCabe,
President of Scott Paper Co., and D. Robert Yarnall, Presi¬
dent of Yarnall-Waring Co.
Mr. McCabe was also recently
reelected a director of the Federal Reserve Bank of Phila¬
England.
Meetings are scheduled well into
October.
Principal speaker at most of the meetings will be
the N. A. M.'s new President, H. W. Prentis Jr., President
of the Armstrong Cork Company, who will outline national
industrial problems.
and
of Commerce
Advisory Council of Department
Series of Conferences to
1940
9,
R. Yarnall Appointed to Business
T. B. McCabe and D.
Manufacturers to Launch
Clarify Industrial Think¬
of
March
Chronicle
The Commercial & Financial
1536
Y.
Yamada
Appointed
First Secretary
Embassy at Washington
of
Japanese
The Japanese Foreign Office announced on Mar. 5 that
Yoshitaro Yamada of the European-Asiatic Bureau had been
appointed First Secretary of the Embassy in Washington,
succeeding Shun-ichi Kase, who has been transferred as
Counselor of the Japanese Embassy in Berlin.
This was
learned from a United Press Tokyo dispatch of Mar. 5.
John
W.
Hanes
Business
to
Serve
in
Commerce
Advisory Council—Other
John W. Hanes, former
Department's
New Members
Undersecretary of the Treasury,
appointed to the Business Advisory Council of the
Department of Commerce, it was announced by Secretary
Hopkins on Feb. 29. An increase in the council membership
to 60, an addition to the membership of representatives for
small business, farmers and consumers, was announced by
Mr. Hopkins.
Among others who accepted Secretary Hopkins' in¬
has been
vitation to
serve on
the Council
are:
Volume
Cornelius
Louis
E.
The Commercial & Financial Chronicle
150
F.
Kelley, President of
the
Anaconda
Copper
Kirstein, Vice-President of William Filene's
Clarence Avildsen,
Chairman of the
Hardwick Stires, of Scudder,
D'Olier, President of
United
Drill
Stevens & Clark,
Mining
Sons
Co.,
Co.;
Boston;
Corporation,
Chicago;
New York, and Franklin
Prudential Insurance Co. of America.
the
1537
Central States Group of the Investment Bankers Association
of America to be held in
Chicago March 28 and 29, it was
announced
on March 6
by Julien H. Collins of Harris, Hall
Co., Chicago, Chairman of the Group.
The announce¬
&
ment continued:
R.
E.
Lynch
Named
Counsel
for
House
Committee
Investigating Un-American Activities
Members of the Chicago District of the N. A.
roughly the
same
area
the Central
as
attend the conference whether
Robert E.
LyDch, Washington attorney, has been ap¬
pointed counsel to the House Committee investigating unAmerican activities, it was announced
by Chairman Dies
on Mar. 5.
He succeeds Rhea Whitley, who
resigned to
conduct a private law practice.
As was
reported in these
columns of Jan. 27, page 620, the Committee has been
given
authority to continue its inquiry another year.
or
States
S.
D., which embraces
Group, have been invited
not members of the I.
B. A.
to
Francis A.
Bonner of Blair, Bonner & Co., Chicago, Chairman of the N. A. S.
D., and
Wallace Fulton of Washington, Director of the Organization, will
partici¬
pate in the discussion of its work in a forum on the afternoon of March 28
conducted by John Blunt, III, of Lee
Higginson Corp., Chicago.
Three speakers will discuss municipal finance at a forum led
by
S. E.
Johanigman of
The Milwaukee Co., Chicago, Chairman of the
Municipal
Securities Committee of the Group, on the
morning of March 29.
These
will include John S. Clark of
Fahey, Clark & Co., Cleveland, Chairman of
the National Committee on
Municipal Bonds, Frederick L.
Bird, Director
R.
E.
Healy
Gives
Up
Post
Head
as
of municipal research for Dun &
SEC
of
Utility
Division
Robert E. Healy, member of the Securities and Exchange
Commission, has relinquished his position as sponsor of the
SEC's Utility Division.
The action, it is stated, does not
affect Mr. Healy's continuance on the Commission.
Bradstreet, New York and W.J. Altfilisch
of the municipal law firm of
Chapman & Cutler,
Newton P. Frye of the Central
Chicago.
Republic Co., Chicago, Chairman of the
Group Education Committee, will conduct the forum on public relations,
and Mark Baxter of The
Parker
National Committee
legislation.
on
Corp., Chicago, Chairman of the I. B. A.'s
State legislation, will lead the discussion session
Both of these forums will be held
on
on
the afternoon of March 29.
Speakers for them and for the luncheon
meeting opening the conference
have not been announced.
Meeting of
National Farm Institute at Des Moines,
Iowa—Farmers Told European War Will Not Profit
Them—Industrial and
Government Leaders Warn
Against Crop Expansion
At
the
Farm
Institute,
Des Moines, Iowa, on Feb. 23, R. M. Evans,
Agricultural Adjustment Administrator, said that the war
in
Europe would result in no profits for the American
trade
for
"War is destroying, rather than
building, foreign
American agriculture,"" he stated.
Two other
speakers, John D.
Black, Professor of Economics at Har¬
University and former chief economist of the Federal
Farm Board, and G. B.
Thorne, director of research for
Wilson & Co., expressed similar views.
At the evening
vard
dinner meeting of the
Institute, which was attended by over
farm representatives, Chester. C. Davis, member of
the Board of Governors of the Federal
Reserve System
and former AAA
chief, and Howard Coonley, Chairman of
the National Association of
1,000
Manufacturers, warned that
boom would
war
dustry.
be
disastrous
both to
a
agriculture and in¬
Philip Murray, Vice-President of the Congress of
Organizations, who spoke on the same program,
Industrial
contended that the number
problem of agriculture and
organized labor is unemployment.
Mr. Davis stated:
American
farmers
have
not
yet completed
by the effects of the last
sary
one
the adjustments
made
neces¬
war.
If
they expand their planting in anticipation that higher
prices
enlarged demand will result from this one, they will be headed for
and
meeting appeared in
issue
our
♦
Bankers
opening session of the National
meeting in
farmer.
Previous reference to the
of Feb. 10, page 932.
Association
Second
for
Annual
Consumer
Conference
at
Credit
to
White
Sulphur
Hold
Springs, W. Va., March 28-30
Several innovations are announced for the second annual
conference of the Bankers Association for Consumer
Credit,
to be held March
28, 29 and 30 at the Greenbrier, White
Sulphur Springs, W. Va., according to George T. Spettigue,
Secretary of the Association. In addition to a notable pro¬
of speakers, there will be shown for the first time, a
complete consumer credit department, dramatizing every
gram
transaction from the
beginning of advertising and solicitation
point where the lending institution sends the borrower
thanking him for his completed business. Another
"first time" feature will be a
display of consumer credit ad¬
vertising and promotion material from banks in all parts of
the country, as
prepared under a new plan of co-ordination
between the
Financial Advertisers Association and the
to the
a
letter
Bankers
Association
for
Consumer
Credit.
Thomas
J.
Kiphart, advertising director of the Fifth-Third Union Trust
Company, Cincinnati, and a past president of the Financial
Advertisers Association, is in charge of
assembling material
from F. A. A. members.
Among the speakers who have accepted invitations to
more
address general sessions of the conference are Robert
Hanes,
President of the American Bankers Association; Chester
(Feb. 24)
Adolf A.
Secretary of State, stated that the
United States is
seeking "to show the world a peaceful way
Reserve Board;
Manager of the International Har¬
Co., and Dr. Ralph A. Young of the University of
Pennsylvania.
The new plan of cooperation between the
trouble
than
this
the
At
concluding
Berle
Jr.,
generation
is going
day's
to mop
up.
session
Assistant
of
life in which war will become
silly, disarmament will
become possible, and the
process of imperialistic expansion
will become
simply absurd."
In reporting his
remarks,
Associated Press Des Moines
advices, Febr-24, said:
Mr.
Berle
that
said
the
United
States
must
"glorious isolation" has vanished and that
it
recognize
cannot
that
Consequently,
To
to
accomplish
make
and
choose
their
imposed
Mr.
to
that,
assist
own
lives,
cited
"the
the
Berle
States
"must
continued,
possible
to
creating
be
set
the
situation
forced
to
in
it
trade
is
peace.
As
States
has
fair
a
a
pacts
as
result of
profited
conclusion
the
of
one
a
"is
of
which
bound
beneficial
"men
method
of
that
this
the
this
on
President
program
a
of
in
now
gradual
rest
may
living
major instruments
the trade pacts
from
approximately equal degree, constituting
ideal throughout the world."
Other speakers
merce,
States
in
adopt
making the
people."
channels
democratic
former
about
other
the United
reopen
world
a
rather than
reciprocal
United
and
commerce
benefited
United
them."
on
Berle
said,
Mr.
in
achieving economic
he
the
possible for ourselves and for
endeavor
every
trade"
in
he said,
economy
former
effect,
reopening of
the
world
major
has
victory for
included Harper
of
Sibley,
the United States Chamber of
and Milo Perkins, President of the Federal
Com¬
Surplus
Commodities Corporation.
Regarding Mr. Sibley's talk,
the Omaha
"World-Herald," in a dispatch from Des Moines,
Feb. 24, said:
"As fanners, whether
must
to
stop
make
to
study
it
sure
democracy."
Among ways
in
does
the
not
belt
corn
proposed
every
infringe
law,
upon
Encouraging
cotton
the
belt/' he said,
administrative
fundamental
"we
procedure,
principles
of
service,"
he
Administration
is
"rendering
essential
Encouraging demand
He
said
tion
was
reported in
American
our
issue of Feb. 24,
page
1220.
Chemical Society to Feature Symposium
Petroleum at
on
Meeting in Cincinnati, April 8-12
To aid the petroleum
industry in producing super-fuels for
aircraft and automobiles and to promote the
orderly expan¬
sion of the industry as a source of synthetic organic chemicals,
the American Chemical
Society, it is announced, will hold
Frederick
D.
Rossini,
Chief
of
the
Section
on
Thermo¬
chemistry and Constitution of Petroleum of the National
Bureau of Standards, Washington, D.,C., will be Chairman,
is planned to give fresh direction to the new and revolution¬
ary activities of the petroleum irdustry in the potentially
vast field of synthetic products, including
plastics, artificial
rubber and silk, and a host of other materials.
Dr. Rossini
states:
While the petroleum industry, with a
fineries, is
now
$2,000,000,000 investment in
re¬
primarily concerned with the production of fuels for auto¬
mobiles and airplanes of almost incredible speed and efficiency,
it is also
believed to be at the threshold of practically limitless expansion as a manu¬
facturer of synthetics.
Chemists aim
to
clarify the scientific and economic
problems involved in this development.
The purpose of
summary
we
also quote:
the symposium is to bring before the scientists and tech¬
studies
of
in
the
Rochester
a
of present knowledge and data concerning the thermodynamic
properties of hydrocarbons and related compounds.
nourishing
a
national symposium on "Fundamental Thermodynamics of
Hydrocarbons and Their Derivatives" at its 99th meeting
in Cincinnati, April 8 to 12.
The symposium, of which Dr.
new uses
The
food for the unemployed."
4.
Bankers Association and the Financial Advertisers Associa¬
nologists associated with the petroleum and other interested industries
for farm products In
industry.
Buying price-depressing food surplusses to be distributed
for relief.
"stamp plan" of handling relief commodities.
He said in
"these stamps bought over
three-quarters of a million dollars more
2.
3.
Governor of the Federal
From the announcement
the
listed:
1.
or
every
Deputy
vester
being affected
escape
by world conditions.
democratic
its
Davis,
Frank W. Jenks, Credit
With this summary
available, it will be possible for the industry to know just what
new
thermo¬
dynamic data will need to be obtained, both because of the absence of any
foreign countries.
United
States
Chamber
data
of
Commerce
show
the
reciprocal trade agreements program "has been
definitely beneficial to
American farm producers as a
whole."
the
at
accurate
all and because many of the older data in
the literature are not
enough to satisfy present day requirements.
Speakers at the symposium, the theme of which is "Funda¬
Chemical Thermadynamics of Hydrocarbons and
Bright Wilson Jr.,
mental
Discussion
Subjects Announced for
Group I. B. A. Conference to be
March 28-29
Forums
and
on
Central
Held in
States
Chicago
municipal finance, public relations, legislation,
regulation
two-day
program
$1,000
American
Chemical Society Award in Pure Science in 1937 for
experi¬
physical chemistry; Prof. John G. Aston of
mental work in
of the securities business under the new
National Association of Securities Dealers, are included on
the
Their Derivatives," will include Prof. E.
of Harvard University, winner of
the
for the fifth annual conference of the
Pennsylvania State College; Prof. Kenneth S. Pitzer of the
University of California, Prof. George S. Parks of Stanford
University, and Dr. Rossini.
The symposium will be a
feature of the program of the Society's Division of Petroleum
The Commercial & Financial Chronicle
1538
Chemistry, of which Dr. Gary R. Wagner of the Pure Oil
Company, Chicago, is Chairman.
Banking
Atlantic
Affa.fr*
A.
B.
Public Information Program—Paid
Studying
Executive
Work—President
Handle
to
Denies Report
Connely
Bankers
denying
reports published in New York that John W. Hanes, former
Under-Secretary of the Treasury, had ;been offered the
position/of paid president of the Association. Mr. Connely
explained that a special committee of the Association has
been making a study as to the best means of doing its part
in a public information program that will assist in acquaint¬
ing the American people with the necessity of preserving our
system of free enterprise. His statement went on to say:
In exploring the best means of developing this program, it
apparent that the present organization of the
a
will
has become
Association will have to be
we
discussion of compensation been had.
state that such a fantastic
(It should be
unnecessary
At
The
special Committee
Board of Governors
should be given.
as
has
made
no
definite recommendation
to
its
yet as to who should be employed or what title he
When the Committee is vested with proper authority by
vote of the Board of Governors a full statement wiU be made
regarding this
important matter,
________________
ITEMS
ABOUT
Daniel
F.
BANKS,
TRUST
COMPANIES,
special meeting of the Directors of the Mitten Bank
Philadelphia, Pa., held Mar. 4, Frank J.
a
McGlinn (an officer of the
Pennsylvania Banking Depart¬
elected President of the institution to succeed
Myers, who resigned because of other duties,
and Richard K. Curtis, formerly Treasurer of the bank, was
advanced to Vice-President. In regard to the new President's
„banking career, the Philadelphia "Inquirer" of Mar. 7 said:
ment)
was
William K.
Mr.
McGlinn,
whose
financial experience covers a
&c.
O'Meara,
President, New York Chapter,
American Institute of Banking, and Assistant Vice-President
of The Public National Bank & Trust Co. of New York,
announces that the Chapter is offering a new course called
"Documentary Credits." The course will be conducted by
Wilbert Ward, Assistant Vice-President of The National
City Bank of New York, at the Chapter quarters in the
Wool worth Building each Monday and Thursday evening
from 7 to 9 p.m. beginning March 11, and continuing for
consecutive weeks.
Mr. Ward was Chairman of the
Commercial Credit Committee of the American Acceptance
Council and is the author of "Bank Credits and Acceptances"
ten
published by Ronald Press in 1931.
Remington J. S. Brown, a Vice-President of the Stock
Clearing Corporation, subsidiary of the New York Stock
Exchange, died of a fractured skull on March 2 resulting
from a fall while horseback-riding in Old Westbury, Long
span
began his banking career with Central National Bank
Penn National).
In
of 35 years,
(now the Central
After 20 years with that institution he was chosen
tive Vice-President of the Third National Bank,
Execu¬
Miami, Fla.
1932 he became associated with Pennsylvania Banking Department.
Members of the New York Cotton Exchange have
voted
suspend trading on Good Friday, March 22 and Saturday,
March 23, it was made known yesterday (March 8).
to
4
to
salary ($100,000) as was mentioned in the article
referred to is utterly ridiculous and out of the question.)
preferred stockholders
& Trust Co. of
wholeheartedly beUeve is in the public
No decision has been reached in this matter by the Investment
Bankers Association, nor has any position been offered to any one, neither
a
Jeffers said, while payment to
Mr.
banking officials, Mr.
full amount of their deposits without
depend upon liquidation of assets.
paid executive whose sole duty it will be to handle the
association, information which
has
delay,
from
4
work Involved in disseminating, through the geographical groups of the
interest.
AU depositors will receive
J. W. Hanes Had Been Offered Post
Emmett F. Connely, President of the Investment
Association of America, issued a statement March 6
implemented with
undue
bank were handed over to State
of the
1940
advices
Department.
Associated Press
City on the date named, added:
Jeffers said.
I.
March 9,
At
meeting of the Board of Trustees of the United States
Trust Co., New York, on March 7, John Hay Whitney was
elected a member.
Mr. Whitney is a director of several in¬
dustrial corporations.
a
4
Louis S.
Cates, President and a Director of Phelps Dodge
Corporation, has been elected a member of the Board of
Trustees of Central Hanover Bank and Trust Co. of New
York. Mr. Cates, well known in mining and financial circles,
is President and Director of Dawson Fuel Co., Dawson,
N. Mex., Moctezuma Copper Co. and Phelps Dodge Mer¬
cantile Co.; Vice-President and director of Sudden & Christenson, San Francisco; and a director of Phelps Dodge
Refining Co., Utah Fire Clay Co., First Security Trust Co.
of Salt Lake City, First Security Corp. of Ogden, Utah,
Old Dominion Co., Canadian Copper Refiners Ltd., Habirshaw Cable and Wire Corp. and the Long Island RR. He is
also a director of the National Industrial Conference Board.
Mr. Cates
was graduated from the Massachusetts Institute
Technology in 1902 and served from 1933 to 1938 as a
member of the corporation.
He is a director of the American
Institute of Mining and Metallurgical Engineers and is a
past President of both the American Mining Congress and
the Mining and Metallurgical Society of America.
of
4—
Willard P.
Americans to the Washovia Bank & Trust Co. of Winston-
Schenck, Vice-President and Secretary of the
Brooklyn Trust Co., Brooklyn, N. Y., died on March 7
at Methodist Episcopal Hospital in Brooklyn, after a short
illness. He was 71 years of age, more than 51 of which had
been spent in banking.
Born in Brooklyn, Mr. Schenck
entered the employ of the old Long Island Loan & Trust
Co. in 1888, in a junior clerical capacity.
About ten years
later he was appointed Assistant Secretary of the company,
in which capacity he was serving when the Long Island
Loan & Trust Co. was merged with the Brooklyn Trust
Co. in 1913.
On Jan. 1, 1916, he was elected Secretary of
the Brooklyn Trust and on Jan. 17, 1924 was elected VicePresident and Secretary, in which capacity he served until
Salem, N.
his
Island.
the
He
was
56 years old.
Mr. Brown had been with
Stock
Clearing Corporation for more than 20 years
having served successively as First Teller, Assistant Mana¬
ger and Assistant Secretary.
He was elected Vice-President
in January, 1939; mention of this was made in our issue of
Jan. 21, 1939, page 381.
4
As
special tribute to Robert M. Hanes, President of
the American Bankers Association, the Colonial Trust Co.
of New York is lending its collection of checks of famous
a
C., headed by Mr. Hanes, it was announced
by Arthur S. Kleeman, President of Colonial
Trust.
The exhibit will be on display at the Charlotte,
N. C. branch of the Washovia Bank & Trust Co. beginning
March 4; subsequently it will be loaned to the correspon¬
dents of the Colonial Trust Co. in various parts of the
country. The exhibit includes the checks and photographs
of 72 Americans who were famous in the early history of
March
death.
3
4
A
merger
of two Westchester County,
Kisco—was consummated on Feb. 29. The
consolidated institution continues the title of the Trust Co.
of Mount
of Larchmont and
Kiseo.
a
branch has been established in Mount
Henry F. Fruend is President.
the country.
4
:
i
,,
Albert
The First Trust & Deposit
—*—
Bradley,
Vice-President of the General Motors
Corp., was elected a Director of the Chemical Bank & Trust
Co., New York, at a meeting of the bank's Board of Di¬
rectors held on Mar. 7.
Mr. Bradley is a member of the
Board of Directors of the General Motors Corp. and also
serves
on
the corporation's two Governing Committees,
the Policy Committee and Administration Committee.
He
is also
a
ing Co.
N. Y., banks—•
the Trust Co. of Larchmont and the Insurance Loan Trust
Co.
Director of the Yellow
Truck & Coach Manufactur¬
The bank had the following to
say
regarding his
career:
Mr. Bradley was born May
Dartmouth College with
economics and finance.
a
He
29, 1891.
He was graduated in 1915 from
Bachelor of Science degree, winning honors in
was
awarded
a
university fellowship in Political
Economy by the University of Michigan where he also received
a
Master of
Arts degree in 1916 and the degree of Doctor of Philosophy in 1917.
Mr.
Co. of Syracuse, N. Y., a$50,000,000 institution, is to be reorganized and recapitalized
through a merger, a $25,000,000 loan by the Federal Deposit
Insurance Corp., and the subscription of $5,500,000 of new
preferred capital stock by the Reconstruction Finance Corp.,
according to an announcement on March 7 by Leo T.
Crowley, Chairman of the F. D. I. C. The plan involves
the absorption by the Syracuse bank of the Baldwinsville
State Bank of Baldwinsville, N. Y., and special meetings of
the
stockholders of both institutions have been called for
April 5 to vote
on
the proposed union.
The New York
"Herald Tribune," in Syracuse advices on March 7 in regard
to the matter, quoted Mr. Crowley in his announcement as
saying:
It has been evident for some time that the First Trust & Deposit Co. was
confronted with serious operating problems
and
a
stagnant asset condition.
Bald¬
Bradley joined the staff of General Motors Corporation in 1919 following
Elimination of the unsatisfactory assets of this institution and of the
his discharge as a First Lieutenant in the Air Service of the United States
winsville State Bank through merger of two banks
Army.
000,000 loan by this corporation will alleviate this hazardous situation and
with the aid of a $25,-
give to Syracuse and its environs one of the strongest, most liquid banks in
At
meeting of the Board of Directors of Sterling National
Bank & Trust Co. of New York this week, Charles Bellinger
was elected a director.
Mr. Bellinger is a partner of W. L.
Perrin & Son, General Agents and Insurance Underwriters.
a
the country.
The capital and reserves of First Trust & Deposit
through losses sustained over
immediate supervisory action.
a
Co. had been depleted
period of years to an extent that required
In order to minimize losses to be borne by
Federal Deposit Insurance Corp. and in order to avoid any
interruption of
banking services to the institution's customers, the merger plan was de¬
Suspension of the Bankers Trust Co. of Atlantic City,
J., was announced on Feb. 29 by W. Lindley Jeffers,
President of the institution, who was reported as saying
N.
that the action
was
due taken because of the institution's
inability to raise additional capital
as
required by the State
veloped
as an
alternative to the appointment of a receiver for the bank.
The plan was
developed by representatives of this corporation and the
Superintendent of Banks for New York, and has the approval of the Recon¬
struction
added.
Finance Corp.
and the Federal Reserve System, Mr. Crowley
Present officers of the bank, who are not
responsible for the in¬
stitution's problems, have been cooperative in all stages of the
negotiations.
Volume
The
The Commercial & Financial Chronicle
ISO
dispatchradded in part:
/
The banking office of Baldwinsville
State Bank will continue to operate
branch of the merged bank.
The letter sent by First Trust &
Deposit
its stockholders says that the
F. D. I. C. has agreed to advance the
difference between the liabilities of the
company to its depositors and the
as a
to
amount of the assets of the bank selected
by the management for retention
It is estimated that this advance will
amount to approxi¬
after the merger.
mately $25,000,000, and the corporation will make
a
Baldwins ville State Bank of
approximately $250,000.
& Deposit branches will be
closed.
THE
CURB
similar
advance
to
Four of First Trust
Cyanamid B
closing last night at 39% against 36% on Friday a week
ago, Babcock & Wilcox at 24% against 22%, Gulf Oil
Corp.
at 36 against
34, Humble Oil (new) at 59% against 59,
Sherwin Williams Co. at
91% against 90%, United Shoe
Machinery at 74% against 72% and United Gas pref. at
100 against 97.
MARKET
DAILY
Price
changes were mixed with the trend pointing down¬
during the early part of the week but the market
strengthened on Wednesday and numerous substantial
TRANSACTIONS
ward
briskly upward on
irregular at times but
Wednesday.
Industrial issues were
improved as the week advanced.
Aircraft shares were un¬
even
although some improvement was apparent on Wed¬
nesday.
Trading interest centered largely around the public
utility stocks during the brief session on Saturday, and while
there
to
were
occasional strong spots scattered
market,
as a
decline and
whole,
most
through the list,
down.
Aircraft shares continued
of the active members of the
group
was
showed fractional losses or failed to
appear
the industrial section Mid vale Co. moved
on the tape.
In
against the trend
and added 2% points to its advance
closing at 109%.
Aluminum Co. of America was
up 3 points at 109 and
Wisconsin Power & Light preL moved
briskly forward 1%
points to 107.
The declines included,
among others, Mead
Johnson, 1 point to 165; Quaker Oats, 1 point to 118; SherwinWilliams, 1 point to 89%; American Superpower 1st
pref.,
1% points to 65%; Chicago Flexible Shaft, 1
point to 77;
Chesebrough Mfg. Co., 1% points to 112; Cleveland Electric
Illuminating Co., 2 points to 44%; Florida Power & Light
$7 pref., 1% points to 98; and
Niagara Hudson Power 1st
pref., 1% points to 87.
Curb stocks were mixed
during most of the dealings on
Monday.
Trading was light the transfers dropping to
approximately 126,000 shares, against 186,000 on
Friday,
the last full day.
Chemical stocks were in demand at
higher prices, American Potash & Chemical
moving ahead
2% points to 103%, and American Cyanamid B was
up %
point
at
37.
Public
utilities
were
stronger, Gulf States
advancing 2% points to a new peak at
114%.
Industrial issues also were improved, and a moder¬
ate gain was recorded
by Royal Typewriter which climbed
upward 2% points to 62%.
Other advances included Nehi
Corp., 1 point to 65; Bell Tel. of Canada, 2% points to
130%;
Pittsburgh & Lake Erie, 2 points to 57; and Tobacco &
Allied Stocks, 2 points to 56.
Utilities $6 pref.
Public utilities
of the
stocks
ceding day
turned
that
were
downward
on
Tuesday and
registered moderate gains
lower.
Aircraft
shares
on
were
the
gained 3 points at 21, and Raymond Concrete Pile which
advanced 1 % points to 38%.
Other noteworthy gains were
Colt's Patent Fire Arms,
1% points to 80; Electric Bond &
Share pref., 1% points to
63%; Grumman Aircraft Engi¬
neering Corp., 1% points to 17%; American Hard
Rubber,
1 point to 16; and Brillo
Mfg. Co. A, 1% points to 34.
were
apparent
on
Wednesday,
Standard Oil of Ohio moved forward
2% points to 31%, and
Gulf Oil and Humble Oil were
higher by a point or more.
Other stocks showi ng a gain of 1
point or more were Cellu¬
loid 1st pref., 2% points to
82%; Niles-Bement-Pond, 1%
points to 65; Patchogue Plymouth Mills, 3 points to
33;
Toledo Edison, 1%
points to 109; United States Rubber
Reclaiming, 2% points to 4%; Valspar pref., 1% points to
22; and Wisconsin Power & Light pref., 1% points to
108%.
Stocks moved briskly forwrard
during the greater part of
the session on
Thursday, and while the advances were
mostly around a point, there were a few outstanding issues
that forged ahead into new
high ground. American Potash
was
in this class and reached
peak at 109 with
a
gain of 5 points.
a
new
New tops
1939-1940
were
declines, public utilities were mixed and industrial special¬
ties were active at higher prices. The
gains included among
others Cities Service pref. 2% points to
59, United Gas
pref. 2 points to 99, Sherwin Williams Canada 1 point to
11%, Singer Manufacturing Co. 1% points to 146% and
Bell Tel. of Canada 1% points to 132.
Mixed price movements were apparent
during a goodly
part of the dealings on Friday. Toward the end of the ses¬
sion the market steadied, and as the trading
ended, prices
were about
evenly divided. Outstanding among the advances
Borne
Scrymser which added another 3 points to its
top and closed at 44, while Standard Oil of Ohio climbed
YORK
CURB
EXCHANGE
Bonds (Par Value)
of
1940
Foreign
Shares)
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Domestic
99,770
128,265
150,905
184,530
850,920
$14,000
$21,000
$688,000
16,000
None
1,006,000
65,000
1,187.000
16,000
78,000
1,237,000
3,000
$6,460,000
Sales at
Total
Corporate
None
1,143,000
1,285,000
1,267,000
161,630
Foreign
Government
$674,000
*969,000
1,122,000
125,820
Total
69,000
1,357,000
18,000
13,000
Week Ended Mar. 8
1,298,000
$255,000
$58,000'
$6,773,000
Jan. 1 to Mar. 8
New York Curb
Exchange
1940
Stocks—No. of shares.
1939
1939
1938
850,920
1,032,660
7,426,757
8,828,255
$6,460,000
58,000
255,000
$12,568,000
$71,330,000
$104,654,000
1,028,000
1,070,000
$6,773,000
$13,038,000
Bonds
Domestic
Foreign government
Foreign corporate
Total
Toronto Stock
March 2 to March 8,
193,000
560,000
277,000
1,171,000
$73,061,000'
Exchange—Curb Section
Sales
Last
Beath A
Week's Range
for
Sale
Par
of Prices
Week
Price
*
Canada Bud Brew
Low
1
*
Low
1
1,000
5
5
35
1
High
Mar
Jan
1%
15
4 %
U%
Mar
15%
Jan
1.25
5
11%
1.35
1,420
1.00
Jan
1.40
Feb
1.70
Consolidated Paper
1.75
61
*
400
1%
0%
100
Dalhousie
Range Since Jan. 1, 1940
Shares
UH
"uii
1
Coast Copper
High
1
*
Canada Vinegars
Canadian Marconi
Corrugated Box pref
$106,752,000
both inclusive, compiled from official sales lists
Friday
Stocks—
6,201
61
45c
1.65
Mar
40
2,585
5
Feb
0%
15
45c
Feb
2.00
Jan
Jan
8%
Jan
45c
Jan
61
Mar
Mar
55c
Jan
DeHavilland
13.
13
25
12
Feb
15
Feb
Disher Steel pref
Dominion Bridge
12
12
50
12
Feb
14
Jan
37^
39
715
37
18
22
50
18
39
Langley's pref
Mandy
100
"ioc
Montreal Power
30%
3014
...
*
Ontario Silknlt
•'end-Orellle
~35~~
5,400
30%
275
40
Jan
22
Jan
Mar
9c
Mar
13%e
Mar
CO o *
Feb
31H
Jan
Jan
4
50
4
Mar
4
Mar
30
35
140
25
Feb
36
Feb
1.80
i
1.80
-i
1.90
3,225
%e
•
1.75
Feb
He
Feb
He
Feb
2%
Jan
3%
Feb
He
1,000
3 %
75
21%
155
20%
Feb
3
*
Fhawlnluan
10c
4
loo
Robb-Montbray
Rogers Majestic A__
*
10c
*
Ontario Silknlt pref.
21 %
•
2.35
Jan
24
Jan
No par value.
CURRENT
—D. M. S.
was
NOTICES
elected
a
Hegarty, formerly President of D. M.
S.
Hegarty & Co., Inc.,
Vice-President of E. H. Rollins & Sons, Inc. in its New York
office, according to an announcement by that firm.
In his
new
connection
Mr.
Hegarty will participate in the buying
ac¬
tivities of E. H. Rollins & Sons, Inc.
—Jackson
New York
&
data
on
Curtis,
Stock
115 Broadway,
New York City, members of the
Exchange, have prepared
a commission chart covering
giving commission rates for non-members, and
trading units, taxes, minimum charges and delivery time.
leading stock
exchanges,
—David Hinshaw of the Standard Oil
"What's
Happening in
New
Club of
America at
—H.
M.
York
on
Mexico"
at
Wednesday,
a
Co. of New Jersey will speak on
luncheon
March
13,
of
in
the
the
Municipal
Bankers
Bond
Club
of
120 Broadway.
Byllesby
&
Co.,
Inc.,
have announced that
has become associated with them and will specialize in
Course of Bank
Clifford
Drake
municipal bonds.
Clearings
Bank
clearings this week show a decrease compared with
a year ago.
Preliminary figures compiled by us based upon
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, March 9)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 4.2% below those
for the corresponding week last year.
Our preliminary
total stands at $5,599,408,829, against $5,844,233,313 for the
same
week in 1939.
week ended
At this center there is
Friday of 13.4%.
a
Our comparative
loss for the
summary
for
the week follows:
also
recorded by Borne Scrymser 1 point to 41, Monach Machine
Tool 1 point to 29% and
Chicago Flexible Shaft 1 point
to 78.
Aircraft shares showed fractional gains and some
were
Mar. 8.
the
transfers climbing to 151,000 shares
against 128,000 on
Tuesday.
Oil stocks moved to the front, Borne
Scrymser
advancing to a new peak at 40, with a gain of 2% points.
& Chemical
NEW
Stocks
Week Ended
pre¬
higher and
pref. which
advances
THE
most
chemical issues continued
strong as American Cyanamid B
advanced 1 % points to a new
high at 38%.
New tops were
also recorded
by Simmons Boardman $3 conv.
Renewed
AT
(Number
gains
recorded in all sections of the list.
In the fore part of
the week public utilities were inclined
to move upward but
again sold off on Tuesday.
Oil stocks were stronger around
midsession and the chemical shares moved
were
the
1539
to 36 at its high for the day and closed at 35 with a
gain of 3 points.
Aircraft stocks were irregular and the
public utilities and industrial specialties registered a number
of fractional gains.
As compared with Friday of last week
prices were moderately higher, American
up
Clearings—Returns by Telegraph
Week Ending March 9
Chicago
Boston
Kansas
City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
Eleven cities, five days
Other cities, five days
Total all cities, five days
AU
cities, one day—
Total all cities for week
-
1939
$2,611,494,439
254,610,990
New York
Philadelphia
Per
1940
$3,016,095,334
215,736,500
284,000,000
160,733,952
—13.4
+ 19.9
77,063,365
60,453,110
61,821,936
67,300,000
102,651,000
77,237,527
60.472,283
65,945,120
53,343.716
$3,920,512,754
745,661,270
$4,165,337,368
674.338,425
309,000,000
170,738,027
74,106,936
73,000,000
114,250,000
97,760,537
78,035,350
$4,666,174,024
933,234,805
$5,599,408,829
_
Cent
+ 18.0
+ 8.8
+ 6.2
+ 8.5
+ 11.3
+26.6
+29.0
+ 16.9
+ 13.3
—5.9
+ 10.6
$4,839,675,793
1,004,557,520
—3.6
$5,844,233,313
4.2
—7.1
The Commercial & Financial Chronicle
1540
be estimated.
In the elaborate detailed statement, however, which
1940
9,
append another table showing the clearings by Federal
We
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends today
(Saturday), and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
March
Reserve districts for the two months for four years:
.
2 Months
of the week in all cases has to
1st
2 Months
2 Months
1939
Dec.
1938
1937
12 cities
$
$
$
$
Dists.
Reserve
Boston
Inc.or
1940
Federal
2 Months
2,033,976,924
2,249,627,722
+10.8
1,907,025,862
2,479,234,764
24,872,654,792
33,937,656,336
New York.. 13
"
27,749,485,337
—3.1
3d
PhlladelphlalO
"
3,589,888,934
3,133,189,711
+14.6
2,929,985,282
3,400,049,854
4th
Cleveland..
7
"
Richmond.. 6
"
2,336,323,853 +16.8
1,080,411,831 +16.4
2,214,553,747
1,043,787,503
2,701,948,363
5th
2,729,346,911
1,257,641,397
6th
Atlanta
.10
"
1,377,280,813
+13.4
1,280,954,031
1,367,310,166
0.4%, the aggregate
7th
Chicago
18
"
1,561,249,300
4,387,865,285
3,670,814,119
+ 19.5
3,622,393,126
4,402,113,148
clearings for the whole country having amounted to
$6,179,155,653, against $6,177,392,776 in the same week in
1939.
Outside of this city there was an increase of 10.5%,
the bank clearings at this center having recorded a loss of
6.7%. We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a decrease of 6.2%, but in the
Boston Reserve District the totals register an increase of
4.2% and in the Philadelphia Reserve District of 8.1%.
8th
St. Louis...
4
"
1,249,124,464
1,099,057,171
9th
Minneapolis 7
"
"
2d
we
able to give final and com¬
plete results for the week previous—the week ended March 2.
For that week there was an increase of
present further below, we are
of
26,876,193,117
+ 12.4
751,740,191
+18.4
750,003,422
789,476,485
1,478,308,878
1,084,670,072
1,375,094,471
1,491,500,792
2,168,020,164
+7.5
968,862,443 +12.0
1,943,677,896 +11.5
1,351,904,770
"
12thSan Fran... 10
1,111,772,798
890,331,892
"
lOthKansas City 10
11th Dallas
6
49,522,268,136
Outside N. Y. City
47,532,630,387
23,649,811,487
113 Cities
Total
20,694,032,368
32 clt'es
Canada
1,190,771,035
920,171,634
909,466,696
1,881,060,260
2,172,932,979
+4.2 43,873,551,610 55,996,268,439
+14.3 19,898,606,676 23,152,996,641
2,540,288,821 + 16.6
2,962,662,332
1,153,807,821
2,979,531,300
2,529,062,597
Our usual monthly detailed statement of transactions on
The New York Stock Exchange is appended.
The results
In the Cleveland Reserve District the totals show an im¬
Description
1939
1940
1939
1940
f
13,470,755
13,873,323
29,461,420
39,055,673
$99,176,000
18,843,000
2,365,000
$96,722,000
17,400,000
4,871,000
$220,079,000
39,097,000
6,125,000
$228,212,000
37,940,000
12,452,000
$120,384,000 $118,993,000
$265,301,000
*278,604,000
Stocks, number of shares.
Bonds
Railroad <fc misc. bonds..
Foreign government
U.S. Government bonds.
Total bonds
districts:
SUMMARY
Two Months
Month of February
Richmond Reserve District of
7.8% and in the Atlanta Reserve District of 13.8%.
In
the Chicago Reserve District the totals are larger by 13.3%,
in the St. Louis Reserve District by 10.2% and in the Minnepolis Reserve District by 20.1 %.
The Kansas City Reserve
District enjoys a gain of 6.6%, the Dallas Reserve District
of 23.6% ana the San Francisco Reserve District of 3 3%.
In the following we furnish a summary by Federal Reserve
provement of 16.9%, in the
transactions in share properties on the
Exchange for the two months of the years
1940 is indicated in the following:
volume
The
OF BANK CLEARINGS
of
New York Stock
1937 to
Inc.or
Week End. March 2,1940
1940
1939
Dec.
1938
1937
Federal Reserve Dists.
1
S
%
$
$
1940
281,576,634
270,125,457
+4.2
237,166,834
307,341,477
2d
New York..13
"
3,526,312,860
3,758,237,342
—6.2
3,341,459,237
4,307,918,133
3d
PhlladelphlalO
"
436,579,037
386,134,242
471,304,214
4th
Cleveland..
"
337,038,049
+8.1
288,392,114 + 16.9
+7.8
149,271,805
252,330,188
149,011,050
146,454,509
168,851,003
452,428,245
555,883,958
1938
1937
No. Shares
No. Shares
No. Shares
338,950,840
133,523,478
1939
No. Shares
1st
12 cities
Boston
7
5th
Richmond..
6
"
6th
Atlanta
10
"
175,784,597
7th
Chicago
18
"
540,682,066
8th
St. Louts...
4
"
154,660,484
Minneapolis 7
lOthKansas City 10
11th Dallas
6
"
112,889,328
"
139,069,046
"
404,012,953
75,073,733
9th
12thSan Fran... 10
Total
160,876,966
"
140,320,193
134,562,820
158,547,690
59,890,939
66,103,372
+3.3
221,508,201
274,918,820
250,268,637
6,199,155,653
6,177,392,776
2,530,903,331
328,568,238
month of
today
a summary
1940
7,066,042.104
2,892,190,640
—0.4
349,931,836
457,662,349
course
For that month there was an increase
body of clearing houses, of 4.6%, the 1940
aggregate of clearings being $22,834,951,138, and the 1939
aggregate $21,840,482,419.
In the New York Reserve Dis¬
trict the totals show a loss of 2.9%, but in the Boston Reserve
District the totals show a gain of 8.4% and in the Philadelphia
Reserve District of 14.5%.
In the Cleveland Reserve Dis¬
trict the totals are larger by 17.8%, in the Richmond Reserve
District by 14.3% and in the Atlanta Reserve District by
13.3%.
The Chicago Reserve District has to its credit
an expansion
of 19.8%, the St. Louis Reserve District of
13.4% and the Minneapolis Reserve District of 23.2%.
In the Kansas City Reserve District the increase is 10.5%,
in the Dallas Reserve District 12.4% and in the San Fran¬
cisco Reserve District 12.6%.
last four years
Federal Reserve
February,
1938
1937
$
Boston
New York..15
"
8d
"
4th
Phlladelphlal7
Cleveland.. 18
5th
Richmond..
9
6th
7th
Atlanta.... 6
Chicago....31
"
2,022,252,876
1,688,532,845
8th
St. Louis
14 cities
T°
Chicago
Boston
1940
$
S
$
$
S
26,839
23,975
2,244
2,287
1,728
2,974
1,610
2,772
32,843
2,780
2,130
3,221
667
871
809
732
976
1,605
1,395
1,289
1,479
25,872
2,685
1,907
3,421
348
313
298
353
737
—
Philadelphia....
St. Louis
—
...
Pittsburgh.
—
Baltimore
1,137,235,385
12,273,327,588
12,644,778,041
10,974,229,456
15,823,035,481
1,680,352,706
1,467,077,651
1,361,462,987
1,556,643,938
"
1,294,890,953
1,098,862,826
17.8
1,252,555,064
587,170,941
513,581,311
J 14.6
1,008,071,506
"
14.3
482,140,984
551,078,346
"
737,536,606
651,000,850 +13.3
602,865,605
648,424,391
+19.8
+13.4
1,607,706,785
639
1,091
932
902
1,185
590
1,248
1,127
1,087
1,236
536
505
203
228
506
450
442
475
312
313
367
758
694
691
783
405
338
620
743
260
234
271
344
861
712
211
230
552
462
466
501
166
155
149
150
355
327
315
316
441
355
305
416
948
775
723
150
132
127
117
314
284
273
238
120
111
102
111
253
241
225
236
43
..
275
205
Cleveland
37
39
43
96
83
83
Minneapolis
New Orleans
...
Detroit.
._
Louisville
546,314,019
576
644
210
349
...
...
._
937
95
90
82
189
167
165
175
112
137
299
249
246
299
87
86
88
225
189
189
196
117
107
99
118
247
229
220
248
74
64
58
73
169
148
134
154
161
143
136
143
345
303
302
327
83
67
74
71
184
148
159
159
147
..
77
117
105
-
78
141
..
2,033,665,019
504,454,779
421
492
237
..
City
440
531
301
..
Cincinnati
745
655
530
583
...
San Francisco...
Kansas
1937
$
..11,806 12,223 10,563 15,320
1,025
1,296
1,037
New York
Denver.
866,172,044
—2.9
1937
1938
1939
1938
S
Milwaukee
+8.4
-Jan. 1 to Feb. 29-
1939
$
Buffalo—
945,755,762
AT LEADING CITIES IN FEBRUARY
Month of February
1940
St. Paul
Dists.
1st
2d
%
clearings at leading cities of the country
BANK CLEARINGS
omitted)
Providence
February,
$
+3.9 12,620,502,357 11,076,265,314 + 13.9
+4.6 11,029,309,130
9,617,767,054 + 14.7
February and since Jan. 1 in each of the
is shown in the subjoined statement:
(000,000
Omaha
Dec.
25,692,147,968
of bank
1939
$
for the month of
February.
1939
1940
%
Feb— 22,834,951,138 21,840,482,419
for the entire
February,
Clearings Outside New York
$
Jan... 26,687,316,998
of the clearings for the
1940
the clearings by months
covers
1939
$
2,362,782,803
February,
50,248,010
Month
5,584,839,710
Inc.or
58,671.416
14,256,094
MONTHLY CLEARINGS
The
We also furnish
24,151,931
13,873,323
Clearings, Total AU
+0.4
+ 10.5
329,729,317
...32 cities
following compilation
and 1939:
25,182,350
since Jan. 1, 1940
105,282,517
127,003,698
The
...
161,929,130
92,380,319
+6.6
60,748,143 +23.6
2,797,097,596
Outside N. Y. City
+ 10.2
93,991,710 +20.1
130,494,317
258,612,851
113 cities
Canada
154,444,517 +13.8
477,085,588 +13,3
15,990,865
13,470,755
Month of January
Month of February
1,025,589,623
Indianapolis
Tlchmond
..
Memphis
7
"
587,961,913
618,441,549
"
417,563,833
339,040,042 +23.2
340,401,055
361,189,921
"
689,531,581
623,776,899 +10.5
610,510,687
11
"
511,102,880
454,631,066
424,564,448
1,007,669,638
895,003,577
849,491,476
1,031,548,668
22,834,951,138
21,840,482,419
313
262
255
272
49
60
131
116
112
126
40
39
50
100
89
89
107
44,451
5,071
42,975
2,107
17,623 23,782
2,289
2,009
4,558
39,502
4,372
51,103
4,893
—22.835 21,840
19,632 26,071
9,618
9,069 10,751
49,522
23,650
47,533
20,694
43,874
19,899
55,996
23,153
431,017,530
"
+12.4
+12.6
130
50
45
...
698,122,830
11th Dallas.
12thSan Fran... 19
115
58
Hartford
Minneapolis 16
10th Kansas City 18
117
Salt Lake City—
Seattle
9th
Total
191 cities
Outside N. Y. City—
Canada
32 cities
+4.6
19,632,071,812
10,750,876,028
1,170,967,164
1,352,919,732
—
Total aU
2,367
Outside New York.11,029
26,070,830,610
9,069,291,125
1,162,814,624 +34.1
1,559,641,676'
CLEARINGS FOR
Other cities
9,617,767,054 +14.7
11,029,309,130
..20,468 19,733
Total
We
add
now
our
detailed statement showing the figures
for each
two
city separately for February and since Jan. 1 for
years and for the week ended March 2 for four years:
FEBRUARY, SINCE JANUARY 1, AND FOR WEEK ENDING MARCH 2
Month of February
Week Ended March 2
Two Months Ended Feb. 29
Clearings at—
Inc.or
Inc.
1940
First
Federal
Rese
rve
1939
Dec.
1940
1939
Dec.
$
Maine—Bangor
$
%
$
$
%
+ 16.7
+6.6
4,565,563
16,944,214
+7.7
1,907,288,861
5,987,115
3,190,117
3,421,744
5,720,324
28,989,551
R. I.—Providence
N. H.—Manchester-
2,030,660
7,279,724
809,178,950
2,749,377
1,302,336
1,532,106
2,451,146
11,069,281
7,158,293
40,095,867
16,170,989
5,697,900
36,968,400
2,070,733
Total (14 cities)....
1,025,589,623
945,755,762
+8.4
Portland
...
Mass.—Boston
Fall River.....
Holyoke
Lowell...
New Bedford.
Springfield.Worcester
Conn.—Hartford
New Haven
Water bury
1940
3
1939
$
or
Dec.
%
1938
$
1937
$
District— Boston—
2,370,000
7,758,091
871,294,104
2,704,396
1,448,797
1,585,203
2,505,327
12,942,301
7,954,802
44,910,721
18,662,194
6,284,100
42,746,500
2,423,087
...
Inc.
or
4,205,008
+ 11.1
18,094,294
+ 12.0
99,600,517
41,573,202
16,895,364
1,727,629,760
5,724,276
2,813,284
3,391,526
6,094,542
25,827,350
16,262,416
89,140,130
35,759,706
12,991,100
96,374,600
4,976,520
12,679,300
83,133,500
4,420,762
2,249,627,722
2,033,976,924
—1.6
+ 11.2
+3.5
+2.2
+ 16.9
+ 15.4
+ 10.3
+ 15.6
+ 17.0
606.237
1,971,959
202,585,901
552,061
804,162
2,170,864
205,905,837
688,701
+8.6
751,442
600,966
+25.0
+0.3
1,742,897
237,916,905
676,053
1,998,508
232,949,984
—12.9
+4.0
091,668
—2.3
+ 13.4
+0.9
"35+997
366.004
—3.0
708,747
3,319,738
2,148,950
17,591,399
604,226
+ 17.3
3,501,325
2,049,863
—5.2
10,947,410
+60.7
+16.3
+2.5
4,819,171
.4,283,336
+ 12.6
4,413,350
728,373
4,026,209
2.355.809
14.637,090
4.663.810
+ 15.9
+ 12.6
10,870", 100
ll",537"700
—5.8
10,210,500
10,770",000
678,235
594,467
+ 14.1
480,439
563,904
+ 10.6
281,576,634
270,125,457
+4.2
237,166,834
307,341,477
+ 10.4
—6.1
+ 11.9
+ 11.3
+ 11.7
+2.1
+4.8
"33l", 139
609,810
3,052,499
1,916,156
10,430,783
"39~6",7l2
Volume ISO
The Commercial & Financial Chronicle
1541
CLEARINGS (Continued)
Month of February
Clearings at—•
Two Months Ended Feb. 29
Inc.
1940
I
1939
$
Second Federal Res
N.
erve
Y.—Albany
...
Elmira
...
140,607,090
2,181,170
3,208,834
Jamestown
New York
11,805,642,008
35,922,464
Rochester
Syracuse
23,615,150
3,542,542
15,930,500
Utlca
Westchester County.
Conn.—Stamford
N.
15,074,537
.1,969,794
J.—Montclalr...
Newark
76,335,632
95,236,627
Northern New Jersey
Oranges
Total
Third Federal Rese
1,664,935
Harrlsburg——
8,028,045
Lancaster
4,563,668
1,936,650
1,654,208
45,352.708
7,454.480
+ 5.3
33,203,521
Fourth Federal Re
3,765,989
4,549,837
2,886,005
+ 11.5
.
1,572,456
y2,235,687
+ 5.9
3,699,155
—8.6
4,493,547
1,328,352
+23.5
3,217,872
+3.2
18,095,453
—4.5
10,181,174
4,053,305
3,503,961
+ 14.1
+ 9.6
+ 15.1
+3.0
+3.0
3,421,000,000
12,606,616
21,226,735
+ 16.8
8,075,380
+20.5
10,547,755
—8.8
2,106,133
1,453,626
4,712,513
+20.4
4,173,851,464
8,117,702
4,667,417
+ 10.3
4,584.754
8,849,011
6,293,449
3*.526",948
+ 19.1
+4.5
3_,679*702
4,1*86*687
—12*1
+ 16.7
+4.9
+ 12.7
4*.2*98*,925
3,575,894
4,132,491
433,998
—13.5
4,899,196
485,637
+ 11.9
20,320,489
25,446,776
20,970,999
30,812,226
—3.1
436,058
20,909,057
—17.4
27,673,351
3,526,312,860 3,758,237,342
—6.2
+ 7.0
—22.2
5,152,616
679,611
22,123,960
40,554,696
3,341,459,237 4,307,918,133
—1.8
428,692
618,801
411,250
528,393
882,388
—29.9
424,149
448,333
800,136
376,016
+ 9.7
432,973
437,520
1,210,600
l",264*216
—4.2
1,1*96*617
1,51*9*263
424,000,000
1,402,920
2,580,795
934,143
1,225,936
390,000,000
2,158,994
2,364,528
1,288,086
1,072,032
+ 8.7
374,000,000
1,519,183
2,329,948
457,000,000
1,486,435
2,859,727
1,255,326
1,980,303
—1.2
17,299,833
10,449,606
3,461,531
+ 17.1
3,190,710
+ 15.0
12,518,813
+0.7
19,436,838
7,796,813
9,200,716
2,034,703
+ 9.2
580,604
+ 9.8
2,974,000,000
—18.9
+4.6
—2.6
+3.6
+ 14.6
—35.0
+ 9.1
—27.5
931,543
+ 14.4
1,468,096
+3.5
+34.4
—2.7
—0.9
3,765,900
4,079,300
—7.7
3,390,000
3,384,900
+ 14.5
3,589,888,934
3,133,189,711
+ 14.6
436,579,037
404,012,953
+8.1
386,134,242
471,304,214
+ 16.2
1,995,742
63,337,883
102,902,070
13,565,900
1,848,589
57,527,853
92,124,562
13,994,900
+8.0
2,089,264
56,784,895
63,811,534
13,276,400
69,637,654
96,883,650
17,823,500
+ 19.8
4,582,363
18,025,338
15,403,180
+ 17.0
853,614
338,154
660,824
310,766
470,139
+42.1
7,355,335
10,539,949
—
Greensburg
Pittsburgh
668.052
530,186,259
6,346,337
Erie
Oil City
439,651,026
5,560,315
8,253,533
5,675,394
9,152,273
Ky.—Lexington
W. Va.—Wheeling..
7,403,320
6,101,173
rve
Va.—Huntington..
+ 2.2
+25.8
+ 19.8
—4.5
+29.2
+8.8
+2.6
+ 14.1
+ 10.9
+ 30.4
6,434,850
District—!
2,025,478
10,215,000
160,990,485
4,870,601
8,734,276
4.952.159
+4.8
—3.1
—5.2
1,098,862,826
1,294,890,953
—1.4
+ 17.8
17,971,046
505,710,357
860,955,010
86,376,000
4,151,909
1,755,033
15,273,942
23,555,264
9,680,776
38,262,303
2,326,970
761,345
1,324,796
1,091,410,050
,13,755,489
22,624,755
20,906,368
12,545,498
15,467,940
449,584,125
712,079,148
79,986,600
4,254,157
1,662,947
12,715,879
+20.1
l",73l",906
1,694,290
+ 2.2
18,600,490
+ 26.6
1,533*867
2*,203*799
2,551,414
2,736,554
—6.8
2,251,298
3,887,533
150,953,134
118,465*366
+2*7*4
112,582", 930
146,37*l",252
+ 16.9
252,330,188
338,950,840
313,475
2,716,000
35,735,507
1,230,573
369,531
3,058,000
36,609,442
1,457,422
9,399,063
33,458,559
1,441,837
677,099
1,264,604
931,812,048
12,328,768
19,150,746
19,458,677
12,981,166
+ 12.5
+20.9
+ 8.0
+ 10.1
+ 11.7
—3.1
—2.4
2,143,552
+ 5.5
+3.0
+ 14.4
+ 61.4
+ 12.4
+ 4.8
+ 17.1
+ 11.6
+ 18.1
+7.4
—3.4
2,729,346,911
2,336,323,853
+ 16.8
337,038,049
288,392,114
2,786,308
19,533,000
303,230,468
10,011,144
+49.1
545,903
2,998,000
40,917,852
1,187,808
420,276
+29.9
+ 13.7
+ 8.7
2,781,000
35,394,677
1,283,246
+ 15.6
Richmond—
1,322,091
+ 53.2
8,911,000
+ 14.6
142,800,895
+ 12.7
4,155,510
21,636,000
344,906,413
4,592,434
7,390,675
4,495,552
+ 6.1
10,880,479
+ 18.2
+ 10.2
300,862,970
1,366,783
93,153,189
259,996,607
+ 15.7
535,548,726
1,338,156
82,733,901
90",600",251
84,*906",899
2,992,533
+6*7
68",6"o6"677
+ 7.6
78*.411*250
+ 12.6
17,222,228
11,134,998
644,195,201
3,220,286
200,290,282
179,158,408
+ 11.8
24",627", 154
24,485*707
+0*6
24*."927*846
29,105*405
587,170,941
513,581,311
+ 14.3
1,527,641,397
1,080,411,831
+ 16.4
160,876,968
149,271,805
+7.8
133,523,478
149,011,050
+ 10.7
40,984,150
+8.8
159,339,335
516,800,000
12,081,166
9,197,187
7,972,028
lr4,863,17«
15,053,017
39,104,657
149,792,287
449,600,000
9,331,336
7,551,799
7,632,997
161,603,950
10,262,649
163,700,815
13,708,434
Va.—Norfolk
Richmond
C.—Charleston....
Columbia
Greenville
Md.—Baltimore
Frederick:
D. C.—Washington...
(9 cities)
Sixth Federal Rese
rve
Tenn.—Knoxville
District'
18,940,675
76,214,002
245,900,000
Nashville
Ga.—Atlanta
Augusta
5,388,550
4,215,094
3,758,103
93 680,160
7,020,284
Columbus
Macon
Fla.—Jacksonville
Tampa
Ala.—Birmingham
90,012,931
7,903,783
3,828,786
Mobile
Montgomery
+27.9
+4.9
+20.0
+ 50.5
+ 16.6
1,581,568
355,089,888
2*; 86,956
13,051,423
4,553,207
11,296,531
1,942,006
2,387,593
2,201,475
Gary
6,720,907
14,702,178
19,746,160
50,000,000
1,044,624
+ 30.9
1,114,027
1,003,245
19,263,000
"963", 106
+4*2
l",612",916
l",13*3*,456
20,188,000
—4.6
18,467,000
20,614,000
+ 17.7
22",965+25
20,205*941
13*7
16", 154*978
+ 25.2
21,21*9*767
1,899,937
1,752,971
+ 8.4
1,406,801
1,770,000
+29.5
+21.8
+4.4
+20.6
+46.7
+ 13.3
1,561,249 300
1,377,280,813
—0.6
3 712,164
948,439,384
527.320
8,318,269
23,775,164
+ 11.1
+ 12.8
Indianapolis
73,783,418
+ 15.5
+ 15.4
28,398,281
4,931,843
13,924,233
5 441,911
+ 10.2
4',97 9,523
4,022,655
+67.1
14,736.053
32,759,532
+22.9
+24.7
11,039,234
+33.2
64,070,040
+ 15.2
5,075,262
+ 51.6
Terre Haute
21,703,555
5,653,613
90,196,391
18,234,580
+ 19.0
5,036,750
77,562,424
+ 12.2
+ 16.3
1,233,058
2,446,240
+ 18.8
1,564,633
Sheboygan
2,906,634
441,295
1,374,770
Des Moines
4,554,003
36,866,076
Sioux City
13,989,487
809,404
1,783,432
1,275,744
7
5,381,965
2,006,237
1,998,301
7,695,666
Oshkosh
423,426
1,100,352
4,106,757
31,164,358
12,422,229
+ 26.9
168.650-^3
16,568,188
48,601.945
11,974,848
188,989,477
3,268.544
6,237,642
+4.2
938'It
+24.9
Q
2 761,849
+ 10.9
9.581,097
78,016.245
30,346,873
+ 18.3
+ 12.6
906,284
1.670,878
—10.7
+
+8.2
X
X
X
X
X
+ 11.1
"155",088
+9.3
*1*31*645
+ 17.8
""162*149
"183*734
+8.6
44,292,512
30,278,208
+46.3
33,955,889
40,947,747
+ 13.4
175,784,597
154,444,517
+ 13.8
146,454,509
168,851,003
3,861,906
—3.9
—15.4
+22.3
259,237
131,080,140
306,262
775,497,163
107,200,213
+22.3
335,387
89,758,955
328,978
114,548,582
+ 9.5
+ 19.4
3",478",927
3",198", 262
8*8
2*.801*777
3*,6*45*,819
1,806~ 734
1,516*072
+ 19.2
1,"819*899
l","7*70*378
4,097,647
11,471,189
4,571,470
4,710,858
7,951,031
25,708,740
147,984,298
11,693,837
40,194,560
10,421,871
166,755,414
2,630,611
5,200,163
854,732
2,266,092
9,298,885
68,553,195
+ 19.0
+ 5.7
+ 85.3
1,633,852
"964",599
+ 69.4
"978,664
1,256*612
+ 14.0
19",892",000
20",303*066
—1*5
17,379*666
21*."49*1*666
+41.7
1,832,758
5,900,580
1,516,292
5,223,754
+ 20.8
+ 13.0
1,128,352
4,661,514
1,468,245
5,117,320
21,699*980
21,"952",060
—1*1
21.967", 094
22*,9*4*6",992
1,204*672
1*35*3*571
—i"i"o
l",6*8*9* 570
l",238*445
9,991,863
3,526,502
9,224,737
3,523,796
+8.3
10,091,111
3,164,413
9,352,637
3,331,063
+27.4
+ 20.9
+ 14.9
+ 13.3
+24.3
+ 20.0
+ 9.8
+ 21.9
+3.0
+ 13.8
+ 10.1
+6.7
1,233,299,632
1,121,650
1,037,137,262
Decatur
4,444,144
3,595,918
+ 18.9
+23.6
15,738,056
13,194,619
+ 19.3
Rock ford
4,693,670
5,165,723
4,049,850
4,590,364
+ 15.9
Springfield
602,700
478,952
+25.8
10,058,982
10,865,742
1,286,800
2,022,252,876
1,688.532,845
+ 19.8
4.387,865,285
27,655,153
1,748,723
3,410,080
2,451,029
+ 17.1
+ 19.6
369*894
7,963,633
+ 13.7
774,231
+
+ 20.4
+21.4
2,243,940,791
1
Chicago
4,223,650
20,703,908
56,600,000
1,454,741
1
+24.3
—38.8
South Bend
Manitowoc
+7.0
District —Chicago—
1,572,528
441,264,687
6,708,853
Iowa—Cedar Rapids..
4,434.589
+ 5.9
56,000,000
+7.0
651,000,850
2,314,230
Watertown
4,275,859
19,604,163
—2.1
20,754,036
59,900,000
1,367,129
—1.9
155,010,550
Muskegon
Bay City
Milwaukee
4,184,225
+ 6.4
17,312,727
3,224,309
1,352,470
327,004,973
+7.3
Lansing
Wis.—Madison
+4.8
+ 14.5
+ 14.5
737,536,603
-
—7.4
+ 14.9
7,210,410
8,887,000
+23.5
—18.8
serve
+ 7.8
+ 5.8
+ 2.5
+ 20.3
192,627,264
17,163,417
8,258,700
9,619,000
16,990,060
3,582,292
1,478,378
355,240,130
6,398,400
3,343,315
651,916
Detroit
Wayne
+31.0
165,838,051
(16 cities)...
Grand Rapids
Jackson
+ 16.0
9,784,838
1,580,014
577,869
Meridian
Flint
17,109,805
70,054,072
212,000,000
4,112,123
3,294,589
3,584,112
78,082,781
4,665,103
77,223,279
4,180,000
Vicksburg
16,285,439
10,865,805
+ 10.8
Atlanta—
7,941,303
1,755,968
La.—New Orleans
Seventh Federal Re
Mich.—Ann Arbor
+2.1
4,487,000
...
Jackson
(31 cities)
446,596
878,043
—6.7 3,222,056,907
+ 5.2
8,194,538
+ 17.4
39,140,000
2,296,397
816,674
5,844,603
8,797,798
4,795,961
2,224,478
834,870
Pa.—Beaver County.-
Total
29,000,000
1,081,497
+ 15.7
Toledo
Sterling
8,185,400
1,627,731
36,700,000
736.688
742,559
4,777,405
25,659,325
31,080,090
+ 12.7
Newark
Peoria.
$
16,244,387
1,837,425
30,116,109
30,799,600
—5.3
7,048,132
Youngstown
Bloomington
8,537,124
5,148,755
*1937
$
6,323,591 + 180.2
+ 6.4
1,239,050
+ 24.0
29,600,000
+ 5.3
539,709
724,027
+ 6.8
3,402,058,057 3,646,489,445
+ 27.0
—3.1
209,916,032
337,787,202
Lorain
El.—Aurora
6
—3.6
1938
%
—Cleveland—
Mansfield
Ames
+ 14.7
27,749,485,337
serve District
Hamilton
M tes.—Hattlesburg
66 ,622,492
35 ,722,318
26,876,193,117
—0.0
8,157,130
236,573,173
404,524,235
41,024,900
Federal Rese
+0.8
+ 21.5
or
Dec.
$
17,720,509
1,305,628
36,700,000
568,254
766,035
+ 19.9
,445,585
5 .789,630
26,838 ,598,019
36,738,069
1,467,077,651
Ohio—Canton
Cincinnati
Cleveland
Columbus
(18 cities)...
+ 10.4
4,015,126
160,249,274
227,104,848
6,096,440
1,680,352,706
(17 cities)...,
—17.3
4
1939
$
977,829
+ 1.8
13,411,980
N. J.—Trenton
1940
10 652,116
249 103,924
+ 5.1
+9.2
+ 10.9
Hazleton
Del.—Wilmington
102
,257,692
31 ,775,037
31 ,489,155
3 ,826,356
142 ,178,738
212 ,207,417
7 ,839,029
956,780
530,738
2,284,673
12,089,689
Pottsville
Ind.—Ft.
+ 17.2
872,115
639,103
2,164,470
13,413,495
13,044,600
York
Total
+31.3
5,625,617
9,172,637
3,043,819
4,059,972
Du Bois
Total
76,409,941
5,792,676
9,447,102
3,555,400
4,891,016
Scranton
8.
+ 17.8
+20.5
+2.1
+ 23.5
1,605,000,000
Wilkes-Barre
W.
—3.4
85,184,865
11,761,495
298,652,510
4,479,062
7,034,129
25,872,456,649
7,776,748
4,781,104
1,697,675
1,509,724
1,395,000,000
Lebanon
Norrlstown
Philadelphia
Reading
Inc.
Dec.
District— Philadelphia
y2,044,360
1,640,864
Chester
Fifth
+4.1
+ 12.7
-2.9
Bethlehem
Total
43,247,712
5,497,422
116,704,281
2,136,434
2,599,189
12,222,715,365
30,489,228
17,989,945
3,022,237
15,121,700
14,338,932
1,934,836
69,921,541
—25.2
2,852,580
rve
1939
or
%
95,245,194
3,814,025
Pa.—Altoona
Franklin
1940
12,273,327,588 12,644,778,041
(15 cities)..
Total
Dec.
%
6,196,362
Buffalo
Week Ended March 2
Inc.
District —New York—
45,012,298
Bingham ton
or
+ 12.5
28,289,727
8,412,870
+ 16.2
+0.1
+ 1.0
+ 7.8
"
"
"
+ 12.5
3l'.870.8T|
/
10,214.596
+ 6.4
330,094,094
1,205,737
4,138,856
1,204,217
1,010,422
+ 27.4
1,363,023
422+59
293,392,892
1,015,393
3,361,526
1,121,229
1,219,571
3,670,814,119
+ 19.5
540,682,066
477,085,588
+ 19.6
—1*2*4
"447*938
494 ,918
+ 12.5
360,536,992
1,115,596
4,336,128
+ 11.8
289,699,402
1,015,312
3,706,501
1,190,810
1,324,537
+ 13.3
452,428,245
555,883,958
+ 18.7
+ 14.0
+ 7.4
1,481.284
1,423,569
The Commercial & Financial Chronicle
1542
March 9, 1940
CLEA RINGS (
serve
99,300,000
284,293,095
147,767,710
+ 10.4
39,620^366
3+29+413
+ 13.2
31,"074",290
41,27+848
+24.6
21,533,118
17,480,780
+23.2
18,786,530
20,709,282
702,000
646,000
+ 1.3
296,621
229,122
+29.5
1,971,000
+ 15.5
4,676,000
4.272,000
+ 15.7
+ 9.5
518,441,549
+ 13.4
1,249,124,464
1,111.772,798
+ 12.4
154,660,484
140.320,193
+ 10.2
134,562,820
161,929.130
587,961,913
—
313,904,936
184,185,992
597,417
2,276,000
Ky.—Louisville
19,976,395
461,562,947
2,532,004
+ 16.9
2,838,499
+ 1.0
+ 19.6
72,486,494
2,810,923
60,976,220
+ 18.9
3,311,853
57,932,294
70,395,540
188,970,921
3,127,786
+ 19.0
30,439,355
24,219+36
+25+
25+45,851
25,876,803
2",423",615
2,35+238
+2.9
2",119",977
2720+623
"527", 550
Tenn,—Memphis
111.—Jacksonville
Quincy
(7 cities)
Total
+ 13.5
+ 24.2
84,000,000
+ 14.5
984,900
67,191.850
+6.9
6,922,547
972,005
736,851,191
7,924,028
83,437,647
448,439
Independence
86,900,000
667,029,159
+ 8-7
+ 11.1
150,382,624
Cape Girardeau
5
92,900,000
+ 10.5
—2.0
313,073,216
3,034,801
457,678
132,483,882
347,821,554
3,299,028
Mo.—St. Louis
%
$
«
%
District —St. Louis—
1937
S
%
$
$
1938
Dec.
1939
1940
Dec.
1939
1940
Dec.
%
$
Federal Re
Eighth
Inc. or
Inc. or
Inc. or
1939
1940
Week Ended March 2
Two Months Ended Feb. 29
Month of February
Clearings al—
Ninth Federal Rese
10,835,043
258,800,720
1,600,889
104,553,725
Minneapolis
St. Paul
1,431,703
23,359,355
8,711,106
205,138,929
1,091,435
+24.4
+ 26.2
552,199,899
+ 46.8
3,379,716
87,459,946
1,427,250
+ 19.5
224,957,021
+0.3
3,140,884
X
607,000
644,000
—5.7
District— Minneapolls-
rve
Minn.—Duluth
516,282
X
X
X
+33.5
3,272,125
+0.4
Fergus Falls
472,265
357,111
+32.2
1,083,458
865,699
+ 25.2
N. D.—Fargo
11,042,796
8,378,630
17,310,272
+ 17.9
910,000
+31.8
+ 6.3
20,412,125
967,000
1,979,000
1,819,000
1,157,000
+8.8
+ 18.2
1,368,024
663,236
535,000
+ 24.0
2,887,706
2,271,534
5.828,782
+ 27.1
6,132,116
5,180,035
+ 18.4
—6.2
12,430,776
13,586,056
—8.5
+25.9
Minot
S.
D.—Aberdeen
5,465,645
+ 12 +
"567",908
"685",562
"612+00
+"l"2".0
"595",899
568",647
3,251,406
2",340+46
+38.9
2", 10+537
2",43+229
105,282,517
224,931
11,750,160
173,734
+29.5
484,955
417,563,883
339,040,042
+ 23.2
890,331,892
751,740,191
+ 18.4
112,889,328
93,991,710
+20.1
92,380,319
+ 18.5
+ 0.2
854,710
795,055
+ 7.5
95,318
134,326
1,051,48"
10,985,183
9,436,371
+ 16.4
22,025,916
123,980
139,540
2,766,798
—23.1
515,744
326,212
514.860
119,954,939
110,653,164
14,717,585
568,109
14,470,068
673,760
1,012,758
9,469,115
10,398,640
+ 26.3
1,668,939
+ 35.2
6,052,853
Great Falls
2,783,527
2,058,583
2.367,442
—
12,318,295
Helena
Lewis town
(16 cities)
Tenth Federal Rese
Total
rve
386,563
Hastings
Lincoln
Omaha.
*
Kan.—Kansas City—
Manhattan
+ 17.6
5,731,619
+ 4.8
25,951,152
Parsons
901,298
Topeka
10,789,571
Wichita
12,210,460
+ 8-4
253,060,921
+ 1.7
33,241,782
—15.7
1,254,698
—11.0
+ 13.9
1,675,607
21,145,643
+ 17.4
25,677,520
1,588,109
311,552,828
10,635,435
+ 32.6
4,684,735
+ 11.9
11,827,339
+ 11.2
758,102,206
27,292,619
555,609
Mo.—Joplln
Kansas City
490.861
+ 13.2
1,413,815
31,140,728
2,369,432
30,061,628
+3.6
65,432,178
+9.3
5,190,751
+ 9.9
247,115,006
1,311,563
2,166,968
106,792,396
,2,293,170
1,240,556
689,5 '1,581/
623,776,899
2.106,031
—
St. Joseph
348,575,495
Carthage
Okla.—Tulsa
Colo.—Colo. Springs..
117,354,786
Denver
Pueblo
—
Wyo.—Casper
(18 cities)
Eleventh Federal R
Beaumont
3,261,146
eserve
L.¬
Dal I as
El Paso
Fort Worth
Galveston.
4,149,336
230,577,000
20,320,571
25,304,245
9,462,000
194,415,546
511,102,880
4,218,827
Texarkana
1,166,616
(11
cities)
serve
+ 10.5
3,279,151
32,750,185
—1.4
28,844,295
41,138,402
2.842", 083
3,960,058
2",289", 662
+ 24+
2",746",223
3,081,814
2,924,683
+35.4
3,297,589
3,887,418
+ 9.2
92,875+75
85,478",404
+ 8+
85",086",937
102",179",346
+ 5.5
3,150,610
2,901,943
+ 8.6
2,994,009
3,278,879
"529",035
—64.9
+4.8
+ 2.9
—6.7
—12.1
—2.5
+ 9.9
+ 25.1
+31.5
+ 2.3
District —San
Francl
421,168,570
43,194,959
38,661,126
53,837,374
56,228,154
1,696,962
46",213,683
50,930,631
+ 2.7
20,783,000
61",253",000
47,016,349
s",124,409
6",b"5b^9oi
—-15.3
5",36V,245
67402", 966
20,006,000
+ 3.9
2,920,000
2,281,000
+28.0
2,733,000
2,894,000
+ 11.9
+ 15.9
412,358,498
4,085,722
368,668,604
3,452,011
8,665,127
+8.2
792 J84
898+78
—11 +
"937",251
+0.3
2,589,872
+ 1.2
28,124,877
8,010,103
2,449,054
28,158,471
843,907
+ 6.6
+0.1
3,506+87
2","953",602
+ 18 +
3,202+21
3",334", 906
1,084,670 072
968,862,443
+ 12.0
75,073,733
60,748,143
+ 23.6
59,890,939
66,103,372
+ 12.4
3,794,395
313,383,897
2,754,874
261,955,151
+ 19.6
36,547^822
32",613",052
+ 12 +
31,149+04
37,900*837
7,112,360
—2.3
862,122
986,840
—12.6
901,337
999,370
6,948,189
10,482,933
9,024,587
1,835,000
223,667,884
4,983,604
+ 16.2
28,852+91
29",834",032
—3".3
28",223",458
31,50+286
14",673",509
12,519,801
+ 1*7*2
11,819", 2 99
15,978,568
3",925",080
4",767+31
—17 +
3",995+18
4+64,062
3,544", 974
4",016388
—11 +
3",772",820
4,36+772
158,869,000
+3.8
—17.3
172,483,000
3,027,096
—25.1
135,376,000
2,812,024
1,484,949
—24.8
1,972,892
1,710,855
2,183,974
+3.3
221,508,201
274,918,820
+ 12.5
+ 18.4
"
+ 5.7
8CO
+ 26.4
+ 6.0
3,919,299
847,000
+ 18.3
+ 19.4
2,121,000
253,862,315
5,767,770
+37.7
+ 15.6
+ 13.5
101,139,924
2,170,336
50,108,729
11,869,569
7,025,126
7,392,439
15,733,877
+ 2.7
+ 12.1
18.073,100
15,629,516
+ 15.6
15,789,510
—2.6
32.172.821
35,124,234
2,793,000
14,860,023
+ 12.7
7,055,000
6,494,000
+ 8.6
—9.9
27.808.822
—15.7
2,898,046
530,594,105
+6.8
6,635,910
33,001,034
6,553,362
+ 9.9
13,390,661
3,094,434
+ 16.4
+ 19.9
+ 15.0
+ 14.9
+ 4.7
131,283,104
31,491,770
16,165,937
+ 15.7
115,740,421
+ 13.4
26,505,297
+ 18.8
—8.4
+ 1.3
+ 10.8
—4.3
1,248,439,094
21,915,677
1,126,812,768
10,074,394
22,030,873
■—0.5
164,982,000
2,421,294
+ 12.9
12,905,904
1.205,852
+ 14.5
17,712,526
12,587,312
16,131,742
+ 2.5
8,113,673
5,355,158
7,088,076
+ 9.8
1,598,007
2,927,437
1,609,907
2,123,949
1,007,669,638
895,003,577
+ 12.6
2,168,020,164
1,943,677,896
+ 11.5
258,612,851
250,268,637
583,300,369
San Francisco
Santa Barbara
9,642,089
6,046,800
Stockton
San Jose
(19 cities)
Grand total
1,548,113
1,439,339
4.3
■
3,149,000
Riverside
127,000,698
+ 11.7
—3.8
+ 16.1
8,283,886
Pasadena
+6.6
—4.6
1,477,253
+ 15.6
+ 11.5
+ 49.0
7.353.325
Modesto
130,494,317
+ 30.3
15,382,451
Berkeley
Long Beach
(191 cities) 22,834,951,138 21,840,482,419
49,522,268,136
47,532,630,387
+4.2
6,199,155,653 6,177,392,776
+ 14.7 23,649,81 1,487
20,694,032,368
+ 14.3
2,797,097,596 2,530,903,331
+ 4.6
P«
11,029,309,130
Outside New York
158,547,590
139,069,046
+ 7.5
+ 8.4
3,268,821
13,643,327
Calif.—Bakersf lei d
"646", 171
670,191
+ 10.1
*1,275,000
57,624,461
Salt Lake Oity
"746", 909
616,426
i
"
590.087
+ 8.1
1,375,094.471
504,576
+ 13.6
"
+ 31.5
8,047,618
116,535,022
2,602,445
Ariz.—Phoenix
185",935
+ 7.7
14,012,732
117,742,293
Portland
Utah—Ogden
"
+ 5.8
8,720,017
486,886,000
4.638.324
1,011,000
Ore.—Eugene
152,613
2,638,302
2,860,269
32,299,635
15,424,626
1,899,445
Idaho—Boise
138,021
+3.4
129,472
+ 7.2
2,656,926
'
1,478,3 8,8 8
9,617,767,054
CANADIAN CLEARING8 FOR FEBRUARY, SINCE
Month of
%
Canada—
Dec.
1939
1940
$
S
%
$
Dec.
%
918,553,676
+ 7.2
+ 17.8
130,850+96
31,~91,374
14,061,223
27,975,028
+ 1\6
—23 +
22,169,565
3+154,952
24,185,783
+ 10.4
147,239,402
+ 2.9
59,658,489
+48.2
175,959,774
138,954,667
+26.6
Quebec
88,418,661
19,679,374
16,637,675
+ 18.3
15,760,396
8,460,661
+83.3
33,934,855
19,105,640
+ 15.3
Halifax
Hamilton
23,499,955
23,666,259
11,198,221
7,184,938
11,864,396
16,439,127
12,375,211
1,095,123
1,807,106
4,728,960
2,037,960
4,050,983
17,586,755
+ 33.6
+ 33.6
16,082,829
+ 47.2
37,136,512
37,597,468
6,345,591
6,786,685
8,779,451
12,311,614
9,794,201
+ 76.5
+5.9
13,734,122
+ 58.5
13,735,397
18,964,755
+20.6
27,046,720
+ 25.2
21,679,395
+23.2
2,342,132
4,995,495
4,260,822
1,658,643
1,432,399
1,846,585
3,422,954
2,497,664
954,202
+ 14.8
2,031,388
+ 16.2
2,790,226
2,903,901
2,341,281
672,863
Ottawa
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton.
Kingston
+ 22.7
3,086,183
+31.3
2,229,145
+25.2
+ 13.1
+ 24.0
+ 17.3
1,936,051
+ 17.8
2.227.61S
3,458,364
+ 28.8
+ 31.9
+8.1
10,206,712
996,975
+ 16.4
2,487,151
+ 29.2
1,696,85C
+33.2
2,306,435
+9.1
5,787,676
5,593,707
1,722,64S
4,848,701
6,103,515
9,095,863
24,975,527
2,608,971
6,537,84*
4,730,09(
Sudbury
(32 cities)
Estimated,
x
1,638,788
+3.7
5,204,55(
3,588,355
3,434,187
+ 18.9
8,374,594
1,559,641,676
Sarnla
*
+ 20.5
4,083,72C
Chatham
Total
+ 26.4
1,499,257
2,281,055
2,937,35S
4,455,140
11,030,715
1,160,335
3,213,199
2,260,736
2,517,249
1,699,863
Peterborough
+ 33.5
3,853,067
1,801.468
789,588
Medicine Hat
+35.1
39,110,912
28,213,687
49,597,101
45,604,081
21,763,801
14,396,467
22,868,121
33,861,299
26,708,671
2,359,612
3,815,649
10,451,755
4,621,576
8,033,765
1,162,814,624
+ 34.1
2,962,^62,335
No figures
available,
y
Calculated
on
■
+47.7
+ 21.3
+4.8
$
190,051+57
114,723+77
798,165,988
214,144,988
+ 72.3
%
1937
134,237+00
151,559,907
+ 28.9
S
—20.7
+ 69.4
376,524,139
1938
Dec.
118,368,452
111,805,778
+ 17.6
Vancouver
S
$
67,80^0,970
Winnipeg
+ 32.3
FEBRUARY 29
93,864,405
131,718,369
94,256,733
Montreal
414,962,233
2,362+82,80312,892,190,640
Inc. or
1939
1940
984,430,669
881,096,607
369,036,824
548,856,521
485,425,650
159,687,755
79,741,994
+ 10.5
Week Ended Feb. 29
Inc. or
Inc. or
1939
1940
+0.4 5,584,839,710 7,066,042,104
JANUARY 1, AND FOR WEEK ENDING
Two Months Ended Feb. 29
February
Clearings at—
Toronto
162,887
—7.2
—IS
+4.e
3,461,588
Seattle
Yakima
+23.1
—3 A
147,290,067
Wash.—Bellingham
1,069,544
20,555,892
241,391,680
32,313,637
1,344,745
1,906,912
21,678,326
23,374,547
3,745,344
694,292,872
25,866,766
1,075,076
63,978,640
4,907,678
229,413,663
4,727,168
2.870.831
'
454,631,066
1,998,924
Wichita Falls
Twelfth Federal Re
6,218,454
'4-5 7
173,300,356
1,724,425
3,957,875
1,163,007
12,847,201
Port Arthur
La.—Shreveport
+ 42.2
6,695,077
3,967,731
197,216,739
18,232,838
26,313,817
9,212,000
12,995,683
Houston.
+ 2.5
+ 11.4
Dlstric t—Dallas—
6,494,132
Texas—Austin
.
+ 20.0
District— Kansas City-
Neb.—Fremont---—
Total
678*247
"
580,400
2,783,573
Huron
Total
*764",397
1,325,300
5,042,583
5,590,957
23,299,204
394,032
732,779
Mont.—Billings
Total
~
18,417,238
12,907,118
4,249,395
2,303,366
17,928,244
4,571,055
18,333,007
15,992,945
4,486,526
+38.9
+ 7.6
29,315,072
5,612,712
2,89+106
5,695,325
6,396,585
2,182,461
2,183,541
3,084,230
4,177,310
1,860,648
2,283,646
3,260,447
2,626,527
—23.0
—4.S
2,451+62
5,529,322
4,508,363
1,830+46
1,686,408
3,197,649
3,641,227
2,516,962
219,567
248,526
—11.7
291+92
—8.£
397,905
392,866
1,147,75*
500,075
1,416,520
563,581
4,553,968
4,445,917
1,438,461
.
+ 1 +
+ 9.7
+ 15 +
—19.1
+ 5.6
2,893,083
295,704
3,245,258
+ 17.6
349,657
382,046
8,607,260
3,991,900
+ 21.4
883,034
1,043+06
—15.4
+ 15.8
338,466
439,56C
—23.6
6,626.853
+ 21.2
720,897
790,336
—8.*
+ 26.3
569,187
715,181
530,40*
+ 7.S
881+29
744,160
1,121,375
4,582,165
759,982
—5.6
756,219
799,567
216,202
—25.J
177,351
214,588
480,066
—5.6
340,884
523,919
500+79
1,280,933
3,337,282
4,778,550
1.517.202
4,181,433
4.896.203
7,424,051
+ 17.1
+ 13.5
+ 16.0
161,541
456,154
+24.7
622,41*
587,05'
+6.6
+ 22.5
931.74S
958,33*
—2.*
—6.*
1,140,562
3,674,459
753,529
616,969
21,971,164
2,125,047
+ 13.7
2,797,981
+ 22.8
235,201
3,003,18*
256,526
—8.6
293,66(
332,433
5,297,44(
+ 23.4
689,361
706,521
—2A
+ 19.4
430,OS-
464,71(
670,869
553,332
757,516
3,962,223
4,395,391
—7 X
+ 18.4
en.07'I
774,66
—204
492,576
+3.8
319,83<)
412,82,>
—22.1
1,006,219
410,781
3,457,581
7,204,1 +I
2,540,288,82
basis of weekly figures.
+16.2
1,119,50-I
l+78,66(
+ 16.6
328,568,2311
329+29.31'
552,880
499,497
)
1,114,21'
1,053,041
—0.^t
349,931,83(
457,662,349
—5
Volume
ISO
The Commercial & Financial Chronicle
FOREIGN
EXCHANGE
RATES
REDEMPTION
Pursuant to the requirements of Section 522 of
the Tariff
1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the
buying rate for
cable transfers in the different countries
of the world.
We
give below a record for the week just passed:
1543
CALLS
EXCHANGE RATES CERTIFIED
BY
FEDERAL
RESERVE
BANK TO TREASURY UNDER
TARIFF ACT OF 1930
MAR. 2, 1940, TO MAR. 8,
1940,
SINKING
Below will be found
stocks of corporation
a
list of bonds, notes and preferred
called for redemption,
sinking fund notices.
Company and Issue—
Unit
Mar. 2
Europe—
Belgium, belga.
Bulgaria, lev
Czechoslov'ia. koruna
Denmark, krone
Mar. 4
Mar. 5
Mar. 6
Mar. 7
Mar. 8
*
t
s
t
%
$
.168922
.168927
.168955
.169227
.169488
a
a
a
a
a
a
a
a
a
a
a
.193116
.193100
.193116
.193116
.193116
Engl'd, pound sterl'g 3.927638
.193116
3.910555
3.896666
3.900555
3.926666
Finland,
markka
3.916944
.015833*
.015833*
.015375*
.015125*
France, franc
Germany, reichsmark
.014625*
.013625*
.022261
.022158
.022079
.022095
.022243
.022186
.401125*
.401100*
.401125*
.401150*
Greece, drachma
.401150*
.401150*
.007260*
.007137*
.007131*
.007134*
.007128*
.007125*
Hungary,
.175912*
pengo
.175930*
.175930*
.175930*
Italy, lira
.175930*
.175930*
.050467
.050471
.050471
.050471
.050471
Netherlands, guilder.
Norway, krone.....
.050471
.531077
.531288
.531205
.531272
.531166
.531233
.227131
.227112
.227087
.227062
.227128
.227128
a
a
a
a
a
a
.036275
.036125
.036100
.036950
.036068
.035987
b
b
b
b
b
b
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
.099500*
.099500*
.099500*
.099500*
Sweden, krona
.099500*
.099500*
.238162
.238131
.238112
.238062
Switzerland. franc
.238181
.238150
.224194
.224177
.224194
.224183
Yugoslavia
.224183
.224172
.022537*
.022537*
.022537*
.022535*
.022535*
.022535*
dinar...
Asia—
a
a
Shanghai (yuan) dol
a
a
.066887*
Tientsin (yuan) dol.
Hongkong,
a
a
a
.067093*
a
a
a
.066762*
a
a
.066812*
a
a
.067093*
.066525*
a
a
a
dollar.
.244083
.242766
.241541
.241816
.242781
.242883
.301,729
.301735
.301700
.301650
.301700
.301735
Japan,
.234383
.234383
.234383
.234383
.234383
.234383
.461083
yen
Settlem'ts, dol
.459066
.458133
.457641
.460366
.459983
Australasia—
Australia, pound.... 3.129583 3.115208 3.104791 3.107916 3.128541 3.121041
New Zealand, pound. 3.142083*
3.127708* 3.117343* 3.120312* 3.141250* 3.133541*
Africa—
■
Union South Africa. £ 3.980000
3.980000
3.980000
3.980000
3.980000
North America—
3.980000
Canada, dollar
.863203
.861171
.856339
.855000
Mexico, peso
.856015
.851328
.166600*
.166600*
.166600*
.166550*
.166550*
.166575*
Newfoundl'd, dollar.
.860000
.858750
.853750
.852500
.853437
.848437
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
.060580*
.060575*
.060575*
.060575*
.060575*
.060575*
.050000*
.050333*
South America—
Argentina,
peso
Brazil, mllreis official
"
free..
.050333*
.050333*
.051650*
.051650*
.051o50*
.051650*
.051650*
.051650*
export.
.040000*
.040000*
.040000*
.040000*
Colombia, peso
Uruguay, peso contr.
.04000*0
.040000*
.571475*
.571362*
.571362*
.571362*
.571387*
.571362*
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.385000*
.385000*
.385000*
.385000*
.385000*
.385000*
Chile, peso—official.
"
Non-controlled
*
Nominal rate,
a
ENGLISH
The
No rates available
b
FINANCIAL
.050333*
.050333*
Temporarily omitted
MARKET—PER
Ry. Co., 4% bonds
Aroostook Valley RR. 1st mtge.
4%s_
Autocar Co. 7% bonds
♦Ludwig Bauman & Co., warehouse bonds
Bear Mountain Hudson River
Bridge Co., 1st mtge. 7s
Bethlehem Steel Corp.
3%% bonds
5% preferred stock
♦Central Indiana Power Co., 1st
mtge. bonds
Chicago Union Station Co., 4% guaranteed bonds
_
or
CABLE
Date
Mar. 11
Mar. 13
Mar. 15
Mar. 22
1127
1585
1128
1419
1590
Apr.
Apr.
Apr.
1
813
1421
1
Mar. 28
1595
Apr.
1
1
1421
1
835
*3713
1
1
1
1431
1429
275
Mar. 16
1276
May
May
Apr.
1
1
Apr.
Apr.
Apr.
15
1
1
*2687
Mar. 15
Mar. 15
x995
x3714
X3714
1432
1
Mar. 19
1277
1599
1599
1136
16
/
\Mar.
Apr.
Corp., 1st mtge. 434s
♦
Johns-Manville Corp., 7% preferred stock
♦Kentucky Utilities Co., 1st mtge. bonds
♦Lehigh & New England RR., general mtge. bonds
Lexington Water Power Co. 1st mtge. 5s
Lib by, McNeill & Libby,
5% bonds
Louisville & Nashville RR., unified
50-year 4s
Marion-Reserve Power Co., 1st mtge. 434s
♦Monroe Coal Mining Co., 1st
mtge. 6s___
Morristown & Erie RR. 1st mtge. 6s
•;
435
1
1601
Apr.
_Apr.
_Apr.
1
1602
1603
4
-*
1603
Mar. 14
Mar. 11
1283
1
1603
Apr.
1
July
I
Apr. 20
842
843
1285
1605
Mar. 18
Mar. 28
♦Northwestern Electric Co., 1st mtge. bonds
1444
_May
1
1608
June
Ohio Electric Power Co. 1st
mtge. 5s
Ohio Water Service Co., 1st
mtge. 5s
Oklahoma Natural Gas Co. 1st mtge. 3%s
♦Pennsylvania RR., gen. mtge. 3%s__
Pennsylvania Telephone Corp. 1st mtge. bonds
1
1289
Mar. 16
441
Apr.
1
Mar. 30
1003
1609
Apr.
*3725
1
Mar. 16
Mar. 15
Peoples Light & Power Co.. coll. lien bonds
Richfield Oil Corp. 4% debentures
Richmond-Washington Co. 4% bonds
Sayre Electric Co. 1st mtge. 5s
Skelly Oil Co. 4% debentures
6% preferred stock
June
850
1145
1
1453
Apr.
I
_Mar. 28
1294
May
1
Apr.
1
Mar. 21
Southern Natural Gas Co. 1st mtge.
434s
Southwestern Gas & El. Co. 1st mtge. 4s
1455
1146
♦Traylor Engineering & Manufacturing Co., pref. stock._Mar.
♦United Electric Railways Co., gen. & ref.
mtge. bonds__Mar.
Vanadium Corp. of America—
334% notes
Mar.
5% debentures
Mar.
Announcements this week.
1585
Apr.
May
Apr.
-
♦
Page
5
15
May
Colorado Power Co. 1st mtge. 5s
Consolidated Gas Utilities Corp.
5-year 6% notes
Consumers Power Co. 1st mtge.
3%s
Crown Cork & Seal Co.,
Inc., 4%% debentures
Dayton Power & Light Co. 1st & ref. 3%s
Denver Gas & Electric Co. gen.
mtge. 5s
Denver Gas & Electric Light Co. 1st
mtge. bonds
Duluth Missabe & Iron
Range Ry. 3 X
bonds
Fairchild Engine & Aviation Corp. $6
pref. stock
♦Federal Light & Traction
Co., 1st lien bonds
♦Firestone Tire & Rubber Co.,
3%% debentures
German-Atlantic Cable Co. 1st mtge. 7s
(B. F.) Goodrich Co. 434% bonds
Great Northern Power Co. 1st
mtge. 5s
(Walter E.) Heller Co.—
J 10-year notes
a
British India, rupee..
Straits
redemption
Apr.
Apr.
7% preferred stock
elvetia Coal Mining Co., 1st
mtge. 5s
♦Indiana Associated Telephone
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
'
♦Alabama Power Co., 1st mtge. 5s
Allied Stores Corp. 15-year bonds
♦Altoona & Logan Valley Electric
.168966
a
together with
The date indicates the
last date for making
tenders, and the page number gives the
location in which the details were
given in the "Chronicle":
INCLUSIVE
Noon Buying Rate for Cable
Transfers in New York
Value in United States
Money
Country and Monetary
FUND
NOTICES
Act of
FOREIGN
AND
1455
1295
1618
1619
29
22
15
1148
15
1148
x,Volume 149.
daily closing quotations for securities, &c., at London,
DIVIDENDS
Sat.,
Mon.,
Tues.,
Wed.,
Mar. 2
Thurs.,
Mar. 4
FH.,
Mar. 5
Mar. 6
Mar. 7
Mar. 8
Dividends
Silver, p. oz. dz Closed
Gold, p. fineoz. 168s.
21%d.
20 15-16d.
21 l-16d.
21%d.
21 5-16d,
first
168s.
168s.
168s.
168s.
Consols, 2 %%_
British 3%%
168s.
£73%
current week.
£73%
£74
£73%
£74
W. L
Closed
Closed
£99%
£99 7-16
£99%
£99%
£99 9-16
Closed
£112%
£113%
£113%
£113
£113
British 4%
1960-90
The
price of
States
Bar
we
-
on
the
silver
same
per
ounce
(in cents)
N.Y.(for'n) 34%
the United
34 %
34%
34%
the
Then
71.10
71.10
71.10
NATIONAL BANKS
Department:
VOLUNTARY
LIQUIDATION
Amount
Feb.
28—First National Bank in Lamar,
Mo., common stock,
$26,000; preferred stock, $24,000
$50,000
Effective Feb. 7,1940.
Lidiquidating agents: Charles B. Edwards
and Harold C.
Chancellor, both of Lamar, Mo. Absorbed by:
Lamar Trust Co., Lamar, Mo.
CHANGE
Merchants
chester, Winchester, Va.
paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
News
in our "General Corporation and Investment
Department" in the week when declared.
name
OF
Bank
&
Trust
Co.
of
Win¬
To: "Farmers & Merchants National Bank."
following securities
were
Share
1st $7 cum. and
SALES
sold at auction
on
Wednesday
Stocks
$ per Share
par $50
21
100 Massachusetts Hospital Life Insurance Co.,
par 5100
1 Boston Athenaeum, par $300
9
2
6
common
24%
Bonds—
Percent
5400 Central Public Utility Corp. 5%s, August, 1952, with 8 shs.
5% 1st & 2d preferred (quar.)
American Fork & Hoe
com.
stk__$3 lot
NOTICES
—George S. McVicar, Associated Editor of the "Investment Dealers
Digest" and formerly with Bond & Goodwin, Inc., has become associated
Haupt & Co., members of the New York Stock Exchange,
as
a
statistician.
—Wellington "Duke" Hunter,
$1H
15c
—
$1%
$2
6234c
*
American Hard Rubber, pref. (quar.)_
American Investment (111.) 5% preferred
American Maize Products,
(qu.)_
25c
(quar.)__
$1%
25c
$6 1st preferred
member of the Security Traders Asso¬
Holders
1 Mar. 22
Apr.
Mar. 25 Mar. 18
1 Mar. 18
Apr.
Apr.
1 Mar. 27
Mar. 15 Mar.
5
Mar. 30 Mar. 16
Apr. 15 Mar. 20
Mar. 29 Mar. 15
1 Mar. 15
Apr.
Mar. 25 Mar. 14
Apr.
1 Mar. 12
1 Mar. 12
Apr.
Mar. 15 Mar. 6
Apr. 15 Apr.
5
Mar. 30 Mar. 19
1 Mar. 15
Apr.
Mar. 30 Mar. 18
Mar. 30 Mar. 18
75c
(quar.)
Apr.
Apr.
1 Mar. 23
1 Mar. 14
Apr.
1 Mar. 14
Apr.
Apr.
1 Mar. 15
1 Mar.
5
Apr.
Apr.
Apr.
1 Mar. 12
$134
$1%
(qu.)_
Inc
15c
Avery (B. F.) & Sons, preferred (quar.)__
(quar.)
3734c
Bankers Trust Co.
Bank of the Manhattan Co. (quar.)
Beatrice Creamery Co. (quar.)
When
Payable of Record
$134
Preferred (quar.)
American Water Works & Electric Co., Inc.—
50c
20c
—
25c
6234c
234c
Bishop Oil Co
Briggs Mfg. Co
Brillo Mfg. Co., common (quar.)
Class A (quar.)
British Columbia Power, class A (quar.)
Broad Street Investment Corp
Brown & Sharpe Mfg. (quar.)
50c
20c
50c
50c
*
;—
Buffalo Niagara & Eastern Power, pref.
(quar.).
lst preferred (quar.)
Bulova Watch Co. (quar.)
Extra
Burroughs Adding Machine Co
a
ciation of New York, has formed the firm of Hunter & Co. with offices
at
42 Broadway, New York City, to conduct a general brokerage business in
ver-the-counter securities.
25c
10c
25c
-
Extra
Ira
30c
Preferred (quar.)___
Beneficial Industrial Loan Corp
Prior preferred (quar.)
212
6 Central Republic Co., par $5
15lunits Central-Illinois Securities Corp. trust certificates
with
$134
American Cyanamid Co., cl. A & B. com. (qu.)_
Art Metal Works,
By R. L. Day & Co., Boston:
CURRENT
tux
American Agricultural Chemical
American Alliance Insurance (quar.)_,_
American Business Credit, common A
American Capital Corp. $3 preferred
American Crystal Sugar, preferred (quar.)
Appalachian Electric Power $7 preferred
10]Boston Woven Hose & Rubber Co.
8%c
1234c
$1%
preferred (quar.)
Alberta Wood Preserving Co., pref. (quar.)
Alexander & Baldwin Ltd
conv.
American Optical Co,
American Snuff Co. (quar.)
of the current week:
Shares
of Company
Preferred (quar.)
TITLE
National
AUCTION
5 Exeter Mfg. Co.,
are:
Ahlberg Bearing Co., class A.
Air Associates, Inc. (quar.)
Preferred
The
second table in which
Per
following information regarding National banks is
the office of the Comptroller of the
Currency, Treasury
&
a
previously announced, but which
71.10
The
March 1—Farmers
follow with
have not yet been
Name
from
we
dividends
35
71.10
71.10
show
bring
The dividends announced this week
34 %
U. S. Treasury
(newly mined)
in
days have been:
we
grouped in two separate tables.
In the
together all the dividends announced the
are
California Packing Corp., 5% pref. (quar.)
California-Western States Life Insurance
(s.-a.)
semi-annually
Canada Bakeries, new 5% pref.
(initial)
Canada Packers, Ltd. (quar.)
20c
$134
UX
40c
Mar. 21 Mar. 14
1 Mar. 20
Apr.
1 Mar. 15
Apr.
1 Mar. 14
1
Mar. 12
Mar. 30 Mar. 15
Mar. 30 Mar. 15
Mar. 15 Mar.
5
Mar. 30 Mar. 19
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
Apr.
1 Mar. 15
1 Mar. 15
15 Mar. 30
1 Mar. 18
Mar. 11 Mar.
4
Mar. D Mar.
4
May
10c
1 Apr. 15
Mar. 27 Mar. 20
Mar. 27 Mar. 20
June
5 Apr. 27
6234c
May 15 Apr. 30
50c
50c
50c
Mar. 15 Feb.
50c
Sept. 15 Aug. 31
1 Mar. 15
Apr.
1 Mar. 15
Apr.
t$2
t75c
29
Per
Name of
of Record
Apr.
(quar.)
Apr.
Mar.
11
Mar.
11
Mar. 11
Mar. 18
Mar.
Mar. 15
Apr.
Mar. 20
Apr.
Chicago Pneumatic Tool, $3 preferred (quar.)__
$2 )4 preferred (quar.)
Chicago Rivet & Machine
Chicago Towel Co
-Preferred (quar.)
Chickson Tool Co. (quar.)
—
Cincinnati Gas & Electric, preferred (quar.)___
Climax Molybdenum Co
Cleveland Electric Illuminating
Preferred (quar.)
Clorox Chemical Co. (quar.).
Coca-Cola International Corp
Mar. 20
Mar.
Feb.
28
Mar.
Mar.
Mar.
Mar. 12
Mar.
Mar. 10
12
30c
50c
$5.80
Coca-Cola Co
75c.
25c
(Dan) Co
til
$1)4
preferred
—
Colonial Ice, 7% preferred (quar.)
$6 preferred (quar.)
— Commonwealth Utilities Corp., $7 pref. A (qu.)
Connecticut Gas & Coke Securities, pref. (quar.)
Consolidated Retail Stores 8% pref. (quar.) —
8% preferred (quar.)
8% preferred (quar.)
Consumers Gas (Toronto) (quar.)
Continental Baking Co., preferred (quar.)
Continental Bank & Trust (quar.)
Davega Stores Corp..
Columbus Auto Parts,
Apr.
Mar.
New York Lackawanna & Western
Mar. 16
Apr.
Apr.
Mar.
Apr.
Mar. 15
Mar.
12
Mar.
Feb.
12
23
Apr.
Mar.
Apr.
Mar.
Mar.
15
Mar. 16
Mar.
Mar. 16
Apr.
Mar.
Apr.
May
Apr.
Apr.
Mar. 15
Apr.
Mar. 15
15
June
15
Apr.
15
18*
15
15
Mar. 15
Eaton &
20c
Mar.
Mar.
9
10c
Mar.
Mar.
9
M
Apr.
15
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
37)4c
25c
$1)4
$1)4
50c
62)4c
(quar.)
35c
Grant
(W. T.) Co. (quar.)
5% cumulative preferred (quar.).
Great American Insurance (quar.)..
25c
25c
Ry. (quar.)..
Apr.
15
Preferred
15
16
Mar. 18
Mar.
18
Mar. 15
Mar.
18
Mar.
18
Mar. 20
7% preferred
(W. B.) Co
Jersey Central Power & Light, 7% pref. (quar.)
6% preferred (quar.)
5)4 % preferred (quar.)
Joliet & Chicago RH. (quar.)
Joy Mfg. Co. (quar.)
Kansas Gas & Electric, 7% preferred (quar.)
$6 preferred (quar
Kansas Utilities Co., 7% preferred (quar.)
Kerlyn Oil, class A (quar.)
Keystone uustociian Fun<
eystone Custodian Fund K-l (s.-a.)
Series S-l
(semi-annual)
-
Knapp-Monarch, preferred (quar.)
Kreuger (G.) Brewing
Lackawanna RR. of N. J. (quar.)
-
Mar. 18
Mar. 15
Twin States Gas & Electric,
Apr.
Apr.
Mar.
15
Mar. 15
Union Bag & Paper Corp
United Aircraft Products
Mar.
Mar*. 11
Apr.
Mar.
Mar. 20
37)4c
United States Gypsum Co.
Preferred (quar.)
25c
Mar.
Mar.
£
Mar.
8
Mar. 20
1
37)4c |Mar. 30 Mar. 20
50c
Apr.
i\n
Apr.
Apr.
$r
Apr.
Apr.
20c
$154
37)4c
$154
$1)4
$154
$154
25c
$154
$1)4
$154
854c
Mar.
9
1 Mar.
5
5
1 Mar.
5
1 Mar.
1 Mar. 16
Mar. 30 Mar. 20
May
1 Apr.
1
;
(quar.)
1 Mar. 11
1 Mar. 11
Apr.
30c
154%
1)4%
1)4%
8
1 Mar. 14
1 Mar. 14
1 Mar. 21
1 Mar.
9
(quar.)
,
Quarterly
xtra
Quarterly
Extra
5)4% cumulative preferred
5)4% cumulative preferred
5)4% cumulative preferred
5)4 % cumulative preferred
(quar.)_,
*.)
(quar
[.quar.)
(quar.)
1 Mar. 16
1 Feb.
20
1 Mar.
15
Mar. 30 Mar. 19
Mar. 30 Mar. 19
Apr.
Apr.
Apr.
Apr.
1 Mar. 16
Mar.
1 Feb.
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 15 Mar.
19
8
1 Mar. 14
62)4c
$1)4
$154
Apr.
Apr.
Apr.
1 Mar. 15
Apr.
5 Mar. 11
Mar. 25 Mar. 11
Apr.
Apr.
Apr.
50c
$154
2%
1 Mar. 15
1 Mar. 18
1 Mar. 16
1 Mar. 16
Mar. 22 Mar.
8*
10c
Mar. 15 Mar.
9
$15
Apr.
Mar. 25 Mar. 18
$1
30c
Victor Chemical Works...
Waukesha Motor (quar.)
Mar. 30 Mar. 20
1 Mar. 21
Mar. 25 Mar. 18
1 Mar. 15
25c
Apr.
20c
Mar. 30 Mar. 15
75c
Wellington Fund, Inc
Western Grocers, Ltd. (quar.)
Preferred (quar.).
West Penn Electric, class A (quar.)
15 Mar. 20
15 Mar. 20
$154
$154
$154
$1)4
$1)4
7% pref. (quar.) —
6% preferred (quar.)
4Vi% pref. (quar.).
Apr.
Apr.
Mar. 30 Mar.
10
May 15 Apr. 19
May 15 Apr. 19
Apr. 15 Mar. 20
•
Institution.
Quarterly.
Quarterly.
Quarterly.
1 Mar. 21
Apr.
$1
50c
Mar. 15 Mar.
5
50c
Zion's Co-operative Mercantile
June
5
5
50c
50c
15 May
Sept. 15 Sept.
Dec. 15 Dec.
5
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Below
we
Per
Name
Share
of Company
16 Apr.
9
Abbott Laboratories
40c
10c
(quar.)
1 Mar. 15
Extra
1 Mar. 18
4)4% preferred (quar.)
Apr.
1 Mar. 15
Apr.
Apr.
Apr.
2 Mar. 15
15 Mar. 30
15 Mar. 30
15 Mar. 30
$1)4
75c
Acme 8teel Co. (quar.)
Aero
37)4c
Supply Mfg., class A (quar.)
Aetna Ball Bearing Mfg. (quar.)
Agnew-Surpass Shoe Stores preference
Agricultural Insurance Co. (quar.)
Alabama Power Co., $7 pref. (quar.)
35c
(quar.).
—
5 preferred (quar.)
§6 preferred (quar.)
Allied Stores
Mar. 27 Mar. 14
37>4c
$154
+20c
noc
+20c
Mar. 21 Mar. 14
Allis-Chalmers Mfg. Co
Alpha Portland Cement
Aluminum Goods Mfg. Co
1 June 20
1 Mar. 15
15 Mar. 30
10 Mar. 20
Mar.
1 Feb.
Apr.
Apr.
July
July
1 Mar. 20
Oct.
Oct.
1 Sept. 20
1 Sept. 20
21
1 Mar. 20
1 June 20
Alabama &
Corp., preferred (quar.)
Aluminum Mfg..
$1)4
$1)4
$1)4
3%
25c
$1H
Holders
When
Payable of Record
Inc. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
2 Dec.
20
Dec.
20
154
+$1)4
+$1)4
+$154
Apr.
Mar. 20
July
June 20
American Asphalt Roof Corp. pref. (quar.)
American Automobile Insurance Co. (quar.)__
Oct.
8ept. 20
American Bank Note
Jan.
Dec. 20
6% pref. (quar.)
American Can Co., 7% pref. (quar.)
6c
Apr.
Mar. 15
American Chicle Co.
7% preferred (quar.)
(quar.)
Mar. 31 Mar. 14
Mar. 31 Mar. 14
Apr. 15 Apr.
1
Mar. 12 Feb. 20
Apr.
1 Mar. 15
Mar. 15 Mar.
1
Apr.
1 Mar. 15
Apr.
Apr.
Apr.
May
Apr.
Apr.
1
1
1
1
1
1
Mar. 20
Mar.
10
Mar. 15
Apr. 19
Mar.
8
Mar. 18
Mar. 20 Mar.
8
25c
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 2
2
1 Mar.
Apr.
1 Mar. 18
25c
Mar. 30 Mar. 11*
25c
Mar. 25 Mar.
1
Apr.
1 Mar. 16*
15c
20c
+$1)4
Aluminium, Ltd
Jan.
120c
1 Mar. 15
1 Mar. 10
Apr.
Apr. 15 Mar. 15
$U4
Van Camp Milk Co
Preferred (quar.)__
Mar. 31 Mar. 15
10c
Extra
'lit?
(quar.).,
Mar. 31 Mar. 15
Quarterly
May
Apr.
Apr.
5
1 Mar. 21
Jan.
Missouri Utilities, preferred (quar.)
Apr.
1 Mar. 15
1 Mar. 15
Apr.
10c
$1)4
(quar.)
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. 30 Apr. 15
10c
Apr.
1 Mar.
10c
Vicksburg Ry. Co. (s.-a.)
Allegheny Ludlum Steel
Allied Chemical & Dye Corp. (quar.)
Allied Laboratories (quar.)
Allied Products Corp., common (quar.)
Class A (quar.)
$1)4
1 Mar. 20
29
5 Mar. 22
Mar. 11 Mar.
5
Apr.
Apr.
Apr.
Apr.
1 Feb.
Apr.
Apr.
25c
United States Trust Co.
5
Apr.
Apr.
Apr.
Apr.
Apr.
20
Mar.
1 Mar. 15
Mar. 15 Mar.
Apr.
Apr.
Apr.
5
15 June
Mar. 30 Mar. 15
1 Mar. 15
Apr.
$154
•ie
Wheeling & Lake Erie Ry.
1 Mar. 11
June
Mar. 30 Mar. 15
37)4c
$154
$1)4
United States Rubber Co., 8% 1st pref. (quar.)
United States Steel & Wire Co. (quar.)
West Penn Power,
Apr.
Apr.
Apr.
Apr.
5
Mar. 15 Mar.
$2
,
+ioc
+20c
+ 10c
Mandel Bros., Inc
Marine Midland Trust (quar.)
25c
1 Mar. 12
1 Mar. 20
Mar. 29 Mar. 14
15c
7% prior lien (qu.)
50c
6% pref. (quar.)
2nd preferred (quar.)
25c
10c
$1)4
$1)4
(quar.)
Marshall Field & Co., common (quar.)
10c
1 Mar. 15
1 Mar. 15
Hotl%
5
62)4c
12)4c
10c
Marine Midland Corp
$154
Apr.
Apr.
Apr.
Apr.
75c
1 Mar. 15
Mar. 15 Mar.
50c
Margay Oil Corp
10c
50c
...
1 Mar. 15
Mar. 28 Mar. 20
Mar. 15 Mar.
25c
Marion-Reserve Power Co., preferred
Montana-Dakota Utilities
,,
Apr.
Apr.
68c
50c
Preferred (quar.)
Modern Containers, Ltd.
Trans-Lux Corp
1 Mar. 15
Mar. 15 Feb.
each share of Loft, Inc., held
Manufacturers Trust Co.
50c
8Hc
58 l-3c
50c
6% preferred ("monthly)
5% preferred (monthly)
Toledo Light & Power Co., 6% preferred
Apr.
65c
5c
(quar.)__
2
50c
United Carbon Co
Lessing's, Inc
6% preferred (quar.)
5% preferredJquar.)
9 Apr.
9 May
2
May
Mar. 30 Mar. 15
Mar. 30 Mar. 15
412-3c
(quar.)
preferred (monthly)
Mar.
Lehman Corp
Louisville Gas & Electric Co., $7 pref.
Apr.
10c
$1)4
+$354
Sun Life Assurance of Canada
Toledo Edison Co., 7%
Apr.
20c
(quar.)
share of Loft Candy Corp. for
2
10c
11*
50c
Trico Products Corp. (quar.)
Tri-Continem al Corp.. pref. (quar.)
$1
Locke Steel Chain
-
Starrett (L. 8.) Co
Preferred (quar.)
Mar. 28
37)4c
Lambert Co
9 Mar.
Apr. 15
1 Mar. 11*
50c
Mar. 22
5
13c
(semi-annual)
Series 8-3
Mar.
(interim)
Apr.
Apr.
Mar.
25c
Jarvis
10c
Silver King Coaliton
Mar. 22
+$1)4
37)4c
(quar.)
(quar.)
1 Mar.
$1)4
Selected Industries, Inc.,
Apr.
50c
Investment Co. of America
1
Apr.
Apr.
25c
Standard Chemical Co.
Mar.
15 Mar. 15
Apr.
$154
(quar.)
Schenley Distillers, 5)4% preferred (quar.)
Scranton Electric, $6 preferred (quar.)
Mar. 18
Mar. 20
Apr. 15 Mar. 31
1 Mar. 15
Apr.
1 Mar. 11
Apr.
1 Mar. 11
Apr.
8
1 Mar.
Apr.
1 Mar. 15
Apr.
9
1 Mar.
Apr.
Apr. 20 Mar. 20
1 Mar. 15
Apr.
May
(quar.)
Mar.
15
Mar. 20
1 Mar. 15
3c
$5)4 dividend prior stock (quar.).
Mines
—
Skelly Oil Corp. 6% preferred (quar.)
Smith (L. C.) & Corona Typewriter (quar.)
Preferred (quar.)_.
Southern Ry.—Mobile & Ohio certificates (s.-a.)
Southwestern Gas & Electric Co., 5% pref. (qu.)
Mar.
1 Mar. 15
20c
87 )4c
Sangamo Electric Co
25c
International Power Co. Ltd.
15c
San Jose Water Works
25c
Hollinger Consol. Gold Mines (mo.)
Home Gas & Electric 6% preferred (quar.)
Homestake Mining Co. (monthly)
Honolulu Oil Corp. (quar.)
Houston Oil Fields Material Co., Inc.—
Preferred (quar.)
Illuminating Shares, class A
Indiana General Service 6% preferred (quar.)
Indiana & Michigan Electric 7% pref. (quar.)
6% preferred (quar.)
Indianapolis Power & Light, 0)4% pref. (quar.)
Inland Investors (interim)
International Nickel of Can., pref. (quar.)
Payable in United States funds less Cana¬
dian non-residence tax.
$1
15c
(quar.)
Rainier Brewing Co., partic. pref. A & B (mo.).
Participating preferred A & B (monthly)
Participating preferred A & B (monthly)
Ray-O-Vac Co
8% preferred (quar.)
Reed Drug Co., common (quar.)
Class A (quar.)
Riverside Silk Mills, class A (quar.)
Rochester Telephone, 6J4% pref. (quar.)
Rome Cable Corp
—
Ruud Mfg. Co. (quar.)
Quarterly
Russell Industries, old (quar.)
—
Mar.
$1)4
Preferred (quar.)
Holland Furnace Co
50c
B preferred
1354c
3%
$1)4
Hercules Motors Corp
Hinde & Dauch Paper.
15 Mar. 21
$1)4
Quarterly Income Shares (quar.)
Radio Cor
Corp. of America, $3)4 1st pref. (quar.)..
25c
Greyhound Corp., common (quar.)...
Preferred (quar.)
Guaranty Trust Co. (N. Y.) (quar.)
Heath (D. C.) 7% preferred (quar.).
Apr.
$1)4
$1)4
(quar.)
Mar.
$1)4
Green Mountain Power, prer
Mar.
Mar.
35c
67c
25c
General Time Instruments
Preferred (quar.)
Extra
1'Mar. 15
5
25c
Godchaux Sugar, class A
Goldblatt Bros., Inc., preferred
one
Mar.
3]Mar. 15
15 Apr.
$1)4
(quar.)
General Paint Corp., pref. (quar.)
International Shoe Co.
Apr.
Apr.
$1
25c
Mar. 15
Mar. 29 Mar. 22
37 Yc
General Electric Co.
1 Mar. 15
1 Mar. 14
1 Mar. 15
50c
Apr.
50c
•
Apr.
70c
Mar.
15
Mar.
25c
Formica Insulation
$1)4
$2.80 preferred (quar.)
Philadelphia Electric Power Co., pref. (quar.)..
Sept. 14
Mar.
15
1 Mar. 18
Apr.
Apr.
Apr.
Apr.
Apr.
50c
(quar.)
Page-Hersey Tubes, Ltd. (quar.)
Pennsylvania Edison, $5 pref. (quar.)
Oct.
Mar.
Mar. 30 Mar. 20
1 Mar. 15
Apr.
58 l-3c
Pittsburgh Plate Glass
Pittsburgh Screw & Bolt
Plough, Inc., common (quar.)..
Premier Gold Mining (quar.)
Eastern States Products, preferred
Eastern Steamship Lines, preferred
~—
—
Pacific lighting Corp., pref.
16
1
Mar. 25 Mar. 20
10c
New York Transit Co
Mar. 15
Mar. 15
15 June
Mar. 29 Mar. 18
25c
Mar. 16
Mar.
1
June
25c
—
Mar. 15 Mar.
412-3c
Mar. 20
$1)4
$1)4
$1)4
Series F
10c
10c
20c
$1K
pref. (monthly)
20c
25c
(quar.)
(quar.).
Howard Management Fund A-l
25c
20c
Nicholson File Co. tquar.)
Ohio Public 8ervice Co., 7%
$2
$2)4
$2
...
25c
$154
30c
Mar. 20
$2
$2
Dominion Glass Co. (quar.)
Preferred (quar.)
55c
5c
50c
6% preferred (monthly)
5% preferred (monthly).
Natomas Co. (quar.)
Apr.
Holders
Payable of Record
1 Mar. 15
Apr.
Apr. 15 Mar. 30
Apr. 15 Mar. 30
2 Mar. 20
Apr.
1 Mar. 11
Apr.
1 Mar. 11
Apr.
1 Mar. 20
Apr.
43)4c
(s.-a.)
Apr.
Apr.
Apr.
Apr.
Apr.
July
31 He
$1)4
Foster & Kleiser 6% class A preferred (quar.)..
Fruehauf Trailer Co
General American Investors, pref. (quar.)
Newark & Bloomfield RR.
Phoenix Fire Insurance Co.
$1)4
Preferred (quar.)
Empire Safe Deposit Co. (quar.)
Europe-North American Ry. (s.-a.)
Fanny Farmer Candy Shops (quar.)
Federal Light & Traction
Food Machinery Corp..
Preferred (quar.)
Monongahela West Penn Public Service—
Preferred (quar.)
Mutual Systems, Inc
8% preferred (quar.)
Nachman Spring-Filled
National Candy Co
1st and 2nd preferred (quar.)
National Battery Co., preferred (quar.)
National Brush Co. (quar.)
Quarterly.
National Cylinder Gas Co
National Oil Products (interim)
Navarro Oil Co. (quar.)
Mar.
$1H
Share
Company
Apr.
25c
Cohen
Eagle Picher
Mar. 20
Apr.
Apr.
Apr.
Apr.
—
pref. (quar.)
Lead, preferred (quar.)
Mar. 30
Mar. 18
Mar.
6% preferred (quar.)
$6 preferred (quar.)
Dominion Tar <fc Chemical,
Mar. 20
Apr.
Capital Administration, preferred A (quar.)
Central Aguirre Associates (quar.) — -Central Electric & Telephone Co., pref. (quar.).
Central Maine Power Co., 7% pref. (quar.) —
Central Hanover Bank & Trust (quar.)_.
Chamberlin Metal Weather Strip
Mar. 20
Mar. 18
Apr.
Apr.
Carriers & General Corp
Name of
1940
9,
When
Per
Holders
Share
Company
Canadian Oil Cos., 8% pref.
Cannon Mills Co
Loft, Inc.,
March
The Commercial & Financial Chronicle
1544
Mar. 27 Mar.
8
50c
Mar. 31 Mar. 15
50c
June 30 June
50c
50c
$1X
$1)4
$1)4
$1)4
$1)4
15
Sept. 30 Sept. 15
Dec.
31 Dec.
15
Mar. 31 Mar. 15
June 30 June 15
Sept. 30 Sept. 15
Dec.
31 Dec.
Apr. 15
15
Mar. 30
25c
Mar. 15 Mar.
75c
Apr.
1 Mar. 11
$1)4
Apr.
1 Mar. 15
$1
Mar. 15 Mar.
1
1
Volume
150
The Commercial & Financial Chronicle
Per
Name of
Company
40c
5% convertible.preferred (quar.)
American Cigarette & Cigar,
pref.
American Cities Pow. &
Light,
(quar.)
$2X cl. A (quar.)
Opt. div. l-16th sh. of class B or cash.
American Colortype Co
American Envelope Co.,
7% pref. A (quar.)
7% preferred A (quar.)
American Export Lines, Inc
SIX
SIX
68Hc
25c
(quar.)
4X% preferred (initial) (quar.)
American Hawaiian
Steamship Co
Ameriem Hide & Lea ther,
pref. (quar.)
25c
5
5
Mar. 29 Mar. 15
Apr.
liMar. 11
1'Aug. 25
Mar. 15 Mar.
4
Mar. 15 Feb. 23
Mar. 15 Feb.
23
Mar. 15 Feb.
40c
1.183*
19
Apr.
l|Mar.
8
20c
50c
(bi-monthly)
Apr.
l'Mar. 15
Mar. 30 Mar. 19
1 Mar. 14*
Apr.
Mar. 15 Mar.
1
75c
Home Products
Ice Co., preferred
Meter Co
News Co.
Mar. 15Mar.
Mar. 15 Mar.
Sept.
t30c
+35c
25c
75c
I Holders
Mar. 15 Feb.
25c
Paper Goods Co. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Power & Light Co., $6
pref
$5 precerred
28
Mar. 15 Mar.
5
Mar. 15 Mar.
5
SIM
SIM
SIM
SIM
+$13*
t93Mc
American Public Service Co
7% pref. (quar.)_
SIM
American Rolling Mill Co.,
43* % preferred
tSIM
American Safety Razor
(quar.)
30c
Amer. Rad. & Standard
Sanitary, pref. (quar.)__
SIM
American States Insurance Co.
(quar.)
30c
American Steel Foundries.
25c
Apr.
Mar.
25c
Mar.
Mar. 15
Mar.
6
Apr.
Mar.
5
Mar.
1
_
.
,
American Stores Co
American Sugar Refining, pref.
(quar.)
American Sumatra Tobacco
(quar.)
American Tobacco Co., preferred
(quar.)__
American Tclep & Teleg.
SIM
25c
June
15 June
Anaconda Copper Mining Co
Anchor Hocking Glass
25c
5
Sept. 16 Sept.
5
Dec.
5
16 Dec.
llMar.
6
Apr.
l|Mar. 6
Apr.
Mar. 20,Feb. 29
Apr. 15 Mar. 15
Mar. 29 Mar 15
June
May 24
Mar. 15
Mar.
SIM. Apr.
S2M
Apr.
(quar.)
Mar.
9
Mar. 15
Mar.
Mar.
5
Corp.
$6 3* div.
preferred (quar.)
Andes Coppef Mining Co
Anheuser-Busch
conv.
$12%
$1
Arkansas Power & Light, $7
pref. (quar.)_
51M
$6 preferred (quar.)
Armour & Co. (Del.) 7% preferred
(quar.)
Armstrong Cork Co. (interim) preferred (quar.)
Arnold Constable
Arrow-Hart & Hegeman Electric
Asbestos Corp., Ltd.
51X
SIM
SI
123*c
50c
(quar.)
Ashland Oil &
Refining (quar.)
Bangor Hydro-Electric Co., 7% 1st pref. (quar.)
6% preferred (quar.)
Oo.__
Basic Dolomite, Inc
1
5
75c
Apr.
Apr.
Apr.
six
*!£
4c
50c
51
25c
$1
Extra
Belding-Cortieelli (quar.)
(quar.)
Bell Telephone of Canada
(quar.).
Bell
Telephone of Pa. pref. (quar.)
Berghoff Brewing Corp. (quar.)
Bethlehem Steel Corp. 7% preferred
(quar.)
5% preferred (quar.)
Birmingham Water Works Co., 6% pref. (quar.)
Black & Decker Mfg. Co.
(quar.)
Bliss & Laughlin
_
Preferred (quar.)
Bohn Aluminum & Brass
Bond Stores, Inc. (quar.)
SIM
52
SIM
25c
SIM
25c
25c
25c
37Hc
'40c
Borg-Warner
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
25c
$2
SIX
Boston Woven Hose & Rubber Co
Bower Roller Bearing Co
Brazilian Traction, Light & Power,
pref. (qu.)_Brewers & Distillers of Vancouver
Extra
50c
75c
SIX
British-American Tobacco Co.. Ltd. (interim)..
Brunswick-Balke-Collender Co
:-
Canada Bread Co., 5% preferred
(quar.)
25c
7% cum. preferred (quar.)
Both
divs.
subject to approval
Foreign Exchange Control Board.
Canada Permanent Mortgage Corp
*623*c
—
IS IX
*37 Mc
*30c
*13*%
by
21
1 Mar. 19
1 Feb.
29
1 Mar. 11
1 Mar. 11
20
Apr.
Mar.
9 Feb.
Mar. 15 Mar.
5
1 Mar. 15
1 Mar. 15
Mar. 15 Feb. 29
Apr. 15 Mar. 31
Apr.
Apr.
Mar. 15 Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
1 Mar. 15
1 Mar.
8
Mar.
8
Mar. 15
Mar. 15
15 Mar. 23
15 Mar. 20
Mar. 15 Mar.
1 Mar.
Apr.
1 Mar.
Apr.
5
1
1
Mar. 15 Mar.
1
Mar. 29 Mar. 12
Mar. 30 Mar. 23
Mar. 30 Mar. 23
1 Mar. 15
Apr.
Mar. 15 Mar.
8*
1 Mar. 15
Apr.
Mar. 30 Feb. 29
1 Mar.
Apr.
9
Mar. 15 Mar.
1
Mar. 20 Mar.
8
1 Mar. 15
20 Apr. 27
May 20 Apr. 27
Mar. 15 Mar.
1
Mar. 15 Feb. 23
1 Mar. 20
Apr.
Mar. 30 Mar. 16
Mar. 30 Mar. 16
2 Mar. 16
Apr.
Apr.
1 Feb.
26
Mar. 29 Mar.
4
Mar. 15 Mar.
5
Apr.
Apr.
1 Mar. 15
4 Feb.
16
Mar. 15 Mar.
1
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Mar, 20 Mar.
Apr.
9
1 Mar. 15
Oct.
1
Apr.
1 Mar. 15
1 Mar. 15
Apr.
Mar. 20
2
Apr.
Apr. 25
Apr. 15
Sept. 14
Central Cold Storage Co.
(reduced)
Central Illinois Light Co.,
43*% pref. (quar.)_
Central Illinois Public Service,
$6
$2
*50c
*62 Mc
25c
(quar.)
,Ltd., preferred..
Canadian Canners, Ltd
First preferred (quar.)
preferred (participating)—
Second preferred (quar.).
Second preferred (participating).,
Canadian Foreign Investment Corp. 8% pref—
$15*
*515*
SIX
mx
*53 X
29
Mar. 15
Mar. 30
Mar. 30
Apr.
Mar.
Apr.
Mar.
Mar. 15
Mar. 15
Mar. 21
•
Chicago Railway Equipment, pref
Chrysler Corp
Cincinnati Union Terminal, 5% pref.
(quar.)-.
5% preferred (quar.).
5% preferred (quar
r.).
City Auto Stamping (quar.)
City Ice & Fuel Co
Clark Equipment Co., common
(quar.)__
Cluett, Peabody & Co., Inc. (interim).
Preferred (quar.)
(quar.)
Commercial Alcohols, Ltd., pref.
Commercial Credit Co. (quar.)
15c
Apr.
30c
25c
Mar. 15 Feb. 27
Mar. 15 Feb. 27
Mar. 15 Feb. 27
Mar. 25 Mar. 14
$15*
Apr.
1 Mar. 21
Mar. 15 Feb, 26
5
Apr.
1 Mar.
SIX
SIX
$1
Mar. 11
Feb. 23
Mar. 31
Mar. 15
Apr. 15 Mar. 30
Mar. 30 Mar.
Mar. 15 Mar.
Mar. 15 Mar.
623*c
25c
Mar. 15 Feb.
25c
Apr.
+51
$15*
Mar. 15 Feb.
Apr.
Apr.
Apr.
90c
$15*
30c
$15*
May
Apr.
Apr.
$15*
50c
$15*
,
Continental Steel Corp
25c
7% preferred (quar.)
SIX
Wi
63*% preferred (quar.)
Copperweld Steel Co
20c
62
SIX
six
5%
SIX
12Xc
50c
25c
563*c
563*c
5c
50c
$2
SIX
$1
25c
Apr.
Apr.
Apr.
Apr.
1
1
1
1
Mar. 15
Mar. 1$
Mar. 15
Mar. 15
Mar. 10 Mar.
Mar. 10 Mar.
1
1
May 15 Apr. 29
Apr.
1 Mar. 15
Apr. 15 Mar. 30
Apr.
6 Feb. 29
Mar. 15 Mar.
1
Mar. 30 Mar.
9
Mar. 25 Mar. 14
Apr.
1 Mqr. 11*
Mar. 15 Feb.
Mar. 15 Feb.
29
29
Apr. 25 Apr. 15
Apr.
1 Mar. 13
Mar. 30 Mar. 20
Mar. 15 Mar.
Apr.
1 Mar.
Maf. 15 Mar.
4
873*c
$1
37 Xc
15c
Apr.
2 Mar. 15
Mar. 25 Mar. 15
Mar. 15 Mar.
1
3c
Apr. 30 Apr.
2
Apr.
1 Mar. 20
Apr.
1 Mar. 20
10c
25c
Deisel-Wemmer-Gilbert
Inc
May 31
Aug. 31
Dec.
Detroit Gasket & Mfg. Co
Nov. 30
Mar. 15
Detroit-IIillsdale & Southwestern (s.-a.)-
Mar. 15
Detroit Steel Corp
Devoe & Raynolds Co., Inc.,
Devonian Oil Co. (quar.)„
Delnite Mines
8
Mar. 15
Mar. 11
Mar. 30 Mar. 15
Mar. 20 Mar. 15
Apr.
1 Mar. 20
Apr.
1 Mar. 15
25e
Davenport Hosiery Mills
Dayton & Michigan RR. (s.-a.)
8% preferred (quar.)
Fund,
8
Mar.
1 Mar. 15
Mar. 25 Mar.
4
25c
Continental Telephone Co. 7% part. pref. (qu.).
Delaware
15
Mar.
Apr.
—
Cutler-Hammer, Inc
David & Frere Ltd. class A
Extra
1 Apr.
1
1
Mar. 30
Apr.
1
$15*
Co
5% cum. conv. preferred (quar.)
Corporate Investors class A (quar.)
Corrugated Paper Box Co. 7% pref.
Cosmos Imperial Mills preferred (quar.)
Courtaulds Ltd., Am. dep. rec. (final)
Crane Co. 5% cum. conv. preferred (quar.).
Creameries or America, Inc. (quar.)
Crowell-Collier Publishing Co. (quar.)
Crown Cork International Corp., class A
Crown Cork & Seal Co., Inc.—
$2.25 preferred w. w. (quar.)
$2.25 preferred ex-w. (quar.)
Crown Drug Co
Crown Zellerbach Corp. (final)
Crum & Forster 8% pref. (quar.)
Cuneo Press, Inc., 63* % pref. (quar.)
Curtis Publishing Co. $7 preferred
9
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 15 Mar.
1
Mar. 15 Mar.
1
10c
Oil
1 Mar. 29
May
50c
25c
Special
5
29
1
Mar. 20 Mar.
8
1 Mar. 15
Mar. 30 Feb. 29
75c
Consolidated Investment Trust
5
Mar. 15 Mar.
*4c
-
Consolidated Cement Corp., class A
Consolidated Edison (N. Y.), pref. (quar.)
(Quarterly)
Consolidated Film Industries, pref—
Consol. Gas El. Lt. & Pow. Co. (Bait.) (quar.)43*% preferred (quar.)
Continental
8
8
$1,065* Mar. 30 Mar
Apr.
1 Mar.
9
$1,065* Apr.
9
1 Mar.
75c
Apr.
1 Mar. 8
Apr.
1 Mar. 15
Coniarum Mines Ltd
Connecticut Light & Power (quar.)
Sept.
(initial)
De Long Hook & Eye—
Dennison Mfg. Co., prior preferred
Derby Oil 6c Refining $4 pref
$1
25c
$2
$2
25c
Semi-annually
2d pref. (quar.)
—
SIX
25c
Dewey & Almy Chemical Co., $5conv. pref.(qu)
Distillers Corp.-Seagrams Ltd. (quar.)
Payable in U. S. funds.
—
Mar. 15
1 June 19
1 Sept. 18
1 Mar. 15
Mar. 31 Mar. 15
Oct.
10c
Commonwealth Telephone preferred (quar.)
Compo Shoe Machinery Co. (quar.)
Preferred (quar.)
Compressed Industrial Gases
Congoleuin-Nairn, Inc. (quar.)--
1 Mar. 20
Apr.
July
50c
Preferred (quar.)
Commercial Investment Trust (quar.)
Convertible preference (quar.)
Commonwealth & Southern, $6 preferred
-
1
Mar. 30 Mar. 20
Mar. 31 Mar. 25
Mar. 13 Feb. 19
515*
515*
$15*
51V*
(quar.)
SI
SI
tS2
25c
43 5* c
Columbian Carbon Co.
(guar.)
Colt's Patent Fire Arms Mfg. (quar.)
1
1 Mar. 20
Mar. 30 Mar. 26
Mar. 30 Mar. 20
50c
__
Coast Counties Gas & Elec., 6% pref.
(quar.)_.
June
Mar. 15
Mar. 15
M:ar. 29 Mar.
Mar. 29 Mar.
$15*
-
l.Mar. 15
1 Mar. 15
l'Mar. 8
1 Mar.
8
Apr.
25c
SI
*5c
Apr.
Apr.
Apr.
Apr.
*51
Extra
Feb. 29
Feb. 29
Mar. 15
Mar. 15
515*
62 j-^c
50c
Feb.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
29
29
28
$15*
54
$15*
Mar.
29
Mar. 20 Feb.
Mar. 15 Feb.
Extra
Chicago Daily News $7 pref. (quar.)
Chicago Dock &, Canal Co. extra
Chicago Flexible Shaft (quar.)
Colgate-Palmolive-Peet pref.
15 Mar. 30
15 Mar. 30
15 Mar. 30
Mar. 20 Feb.
Chesebrough Mfg. Co. (quar.)
Preferred (quar.)
15 Mar. 30
15'Mar. 30
15c
Mar.
*15c
*5c
Apr.
Apr.
Apr.
Apr.
Apr.
515*
SIX
SI
*50c
*12Mc
*2 5c
Mar. 15 Feb. 20
Mar. 29 Mar. 15
Mar. 29 Mar. 15
Apr. 15 Mar. 30
*4c
SIM
-
Apr.
1 Mar. 20
Mar. 15 Feb. 20
I2c
Chartered Trust & Executor Co. (Toronto,
Can.)
Chesapeake & Ohio Ry
Preferred A (quar.)
Extra
14
1 Mar. 15
1 Mar. 15
1 June 14
Mar. 15 Mar.
5
$15*
12 3*c
Central Patricia Gold Mines
(quar.)
Extra.
6% cumulative preferred (quar.)
6% cumulative preferred
Central Power Co.
(Del.) 7% preferred
6% preferred
Mar. 12
Mar. 15
Mar.;15
Apr.
Apr.
July
$1
Central Power Co. 7% cum.
preferred (quar.)
7% cumulative preferred
30 Mar. 30
15 Mar. 30
1 Apr.
1
15 Mar.
8
1 Mar. 15
30 Mar. 20
30 Mar. 20
21 Mar. 25
June 30 June
pref
6% preferred
1 Mar. J 5
1 Mar. 15
15 Mar. 30
30 Mar. 30
Apr.
Apr.
May
$3.50
$2.72
$15*
—
Feb.
the
Canada Starch Co.. Ltd
Canada Steamship Line, preferred
Canada Wire & Cable, class B (interim)
63*% preferred (quar.)
Class A (quar.)
Class A (quar.)
Class A (quar.)
$1
JS1X
(quar.)
Canada Cement, Ltd., 63*% pref
Canada Foundries & Forgings class A
Canada Northern Power Corp., Ltd
1st preferred
1st partic. preferred
prior preferred (quar.).
prior preferred (quar.).
Mar. 30 Mar. 15
62^0
-
*
First
60c
Stock dividend (1 sh. for each
40 held)
1 Mar. 15
1 Mar. 15
9
Mar. 15 Mar.
9
Apr.
1 Mar. 20
Mar. 20
Apr.
50c
Mar. 15 Mar.
2
Mar. 30 Feb. 29
Mar. 15 Mar.
5
1 Mar. 20
Apr.
M
._
Mar.
Apr.
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 20 Mar.
515*
75c
lOd
Preferred (quar.)
Buckeye Pipe Line Co
Bucyrus-Erie Co., 7% preferred (quar.)
SIM
Budd Wheel Co., preferred (quar.)
SIM
Preferred (partic. div.)
25c
Buffalo Ankerite Gold Mines, Ltd
*123*c
Building Products Ltd. (quar.)
tl7Mc
Bullard Company
25c
Burgess Battery Co. (initial)
15c
Burlington Steel Co., Ltd
15c
Burma Corp. Ltd. (Amer. deposit rets.) interim
3 M annas per share, equal to 3.93 pence persh.
Butler Water Co., 7% preferred (quar.)
SIM
Calamba Sugar Estates (quar.)
40c
7% preferred (quar.)
35c
California Ink Co., Inc
Cambria Iron (s.-a.)
—
Preferred B
Case (J. I.) Co. preferred
(quar.)
Celanese Corp. of America
$43* preferred (quar.)
Continental Assurance Co. (Chic., 111.) (quar.)__
Continental Can Co., Inc., $4.50 pref. (quar.)_Continental Gas & Electric prior pref. (quar.)
15c
Mar.
$2
50c
SIX
SIX
Consolidated Laundries, pref. (quar.)
Consumers Power Co. $5 preferred (quar.)
2.5c
Mar.
Apr.
,371?
Carpenter Steel Co
Carter (Wm.) Co.,
pref. (quar.)
Carthage Mills, preferred A
Apr.
May
50c
June
SIX
50c
—
Brewing Corp. of Amer. (quar.)
Bridgeport Gas Light (quar.)
Briggs & Stratton Corp. (quar.)
Class A
1 Mar. 15
1 Apr. 26
29
SIM
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)--.
Canadian Breweries
Mar. 30 Mar. 15
Apr.
40c
Bayuk Cigars, Inc. (quar.)
1st preferred (quar.)
Beattie Gold Mines (interim)
Class B preferred
Mar. 30 Mar. 15
Apr.
May
May
Preferred (quar.)
Semi -annual
Apr.
Mar. 15 Feb.
Mar. 11 Feb.
12Mc
Bastian-Blessing
Preferred
1 Mar. 20
Apr.
25c
75c
(Quarterly)
Atlas Powder Co
Autocar Trucks $3 cum. & partic. pref.
(quar.)__
Bangor & Aroostook RR. 5% conv. pref
$15*
$15*
*4%
t$2
Telegraph Co. (quar.)
$7 prior lien preferred (quar.)
$6 prior lien preferred (quar.)
Champion Paper & Fibre
Preferred (quar.)
1M
(quar.)
in
Canfield Oil Co
6% preferred (quar.)
Carolina Telephone &
7%
7%
7%
7%
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
*1.16
*25c
*51
Canadian General Electric
(quar.)__
Canadian General Investments, Ltd
Canadian Industries, Ltd., class A
Class B (quar.)
7% preferred (quar.)
Canadian Marconi Co.
(initial)
Canadian Tube & Steel
Products, Ltd., 7% pref.
Canadian Westinghouse (quar.)
Mar. 15
Mar. 11
Mar.
Mar.
1
Mar. 25 Mar 11
1 Mar. 15
6
*515*
Canadian Cotton Ltd.
(quar.)
Extra.
Preferred (quar.)
Central & South West Utilities Co.—
Mar. 30 Mar. 15
50c
7% participating preferred (quar.)__.
Partic. pref. (participating
dividend).
Common (irregular)
Mar.
2
Holders
Payable of Record
Canadian Celanese, Ltd.—
Mar. 15
25c
SIM
SIM
When
Share
Apr.
Apr.
Apr.
Mar. 31 Mar. 15
Mar. 30 Mar. 13
Mar. 15 Mar. 13
!1X
Name of Company
Mar.
Mar. 31 Mar. 15
10c
(quar.)
Associates Investment Co
5% cumul. preferred (quar.)
Atlanta Gas Light Co. 6.% cum.
pref. (quar.)___
Atlantic Rayon Corp. $2j* prior pref.
(quar.)._
Atlantic Refining Co., preferred
Oil
Mar.
15c
Preferred (quar.)
Assoc. Breweries of Canada
Preferred (quar.)
Barnsdal
Mar. 20
Mar.
8
Apr.
15c
Extra
Per
Payableiof Record
Mar. 25 Mar. 15
June
llMay 25
SI X
SIM
American & Foreign Power
Co., Inc., $6 pref.^»
$7 preferred
American Gas & Electric Co.
American
American
American
American
American
When
Share
American Chain & Cable
Co., Inc
1545
SIX
50c
Mar. 15 Mar.
1
Apr. 20 Apr.
5
July
5 June 20
Jan. 1*41 Dec.
20
Mar. 20 Mar.
9
Mar. 20
Mar. 15 Feb. 29
Mar. 15 Mar.
1
Apr.
_
Mar. 15 Mar.
1
The Commercial &
1546
March
Financial Chronicle
25c
Preferred
(semi-ann.)
Dixie-Vortex Co.. class A
Doctor Pepper
Sept.
3 Aug. 12
2-10-41
3-1-41
Hall
(C. M.) Lamp Co
(quar.)
Apr.
1
1 May
Preferred (quar.)
i
Hammermill Paper 4H% pref. (quar.)
Harbison-Walker Refractories Co.6% pref.
-
Sept.
Dec.
2 Nov. 16
15c
t50c
25c
Dominguez Oil Field (monthly)
Dominion Coal. 6% preferred (quar.)
J37c
25c
Steel
Dominion Textile Ltd. (quar.)
Preferred (quar.)
Dover & Rockaway RR. Co
Draper Corp. (quar.)
Dominion Foundries &
191X
75c
75c
Duke Power Co
$1 %
(quar.)
50c
Inc. (quar.)
(quar.).
Dun & Bradstreet,
Duplan Silk, preferred (quar.)
Du Pont (E.I.) deNemours (interim)
$4 H preferred (quar.)
Duquesne Light Co. 5% cum. 1st pref. (qu.)_/_
Eastern Gas & Fuel Assoc., 4H% prior pref
Eastern Massachusetts Street Rys. pref. A
Eastman Kodak Co.
(quar.)
Preferred (quar.)
Easy Washing Machine, Ltd., 7% pref
Economy Grocery Stores Corp
Eddy Paper Co
Edison Bros. Stores, Inc. (quar.)
$1s1
91%
91H
91%
*1H
tSlH
91X
91X
tt35c
_
5
Ma-. 20 Mar.
Mar. 30
Apr. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
1
1
1
15
1
1
1
1
Hazeitine
26
Apr. 25 Apr. 10
Apr, 15 Mar. 15
Apr.
1 Mar. 15
-
—
(quar.)
4
Hickok Oil Corp.
5
5
Apr.
1
Mar.
15
7% preferred (quar.)
5% preferred (quar.)
Holophane Co.. inc. preferred (semi-annual)
Home Fire & Marine Insurance (quar.)
Horders, Inc. (quar.)
Joskins Mfg. Co
Houdaille-Hershey Corp., class A (quar.)
Mar. 15 Feb.
29
Class B
75c
50c
Mar. 30 Mar.
9
Mar. 30 Mar.
9
Electrolux Corp
30c
Mar. 15 Feb.
25c
9
Mar. 23 Mar.
Apr. 15 Mar. 29
_
Elgin National Watch Co
—
El Paso Electric Co., $6 preferred (quar.)
El Paso Natural Gas
Empire Power Corp. $2.25 cum.
$6 preferred (quar.)
Emporium Capwell
preferred (s.-a.)
referred (s.-a.)
/o preferred
91X
50c
partic. stock—
Ifx
*w+■
72
$3H
$3H
56 He
56 He
(quar.)
preferred (quar.)
preferred (quar.)
56%c
56 He
preferred (quar.)
Engineers Puolic Service Co. $6 pref. (quar.)
$5H preferred (quar.)
;
$5 preferred (quar.)
Erie & Pittsburgh (quar.)
y0
Mar. 16
1
Mar. 11 Mar.
1
Mar. 15 Mar.
1
Mar.
16
Mar. 23 Mar.
9
Apr.
„
Ex-Cell-O Corp
Apr.
1
Sept. 21 Sept. 7
Apr.
1 Mar. 16
July
1 June 22
Oct.
1 Sept. 21
1- 2-41 Dec.
Apr.
Apr.
Apr.
7 He
Mar. 28 Mar.
Mar.
Feb.
Mar.
Apr.
—
29
Mar. 12
_
7
25c
25c
Mar. 20 Mar.
1
Federal Mogul Corp
25c
Mar. 15 Mar.
5
Ferro Enamel Corp
25c
Mar. 22 Mar. 11
Co
Finance Co. of America at Baltimore—
Common A & B (quar.)
$5 cum. preferred (quar.)
Fireman's Fund Indemnity (quar.)
Firestone Tire & Rubber
First National Stores (quar.)
Fiscal Fund (bank stock) (stock div.)
Insurance stock (stock dividend)
50c
Mar. 28 Mar. 14
15c
Mar. 30 Mar. 20
Federal Mining & Smelting
Co. (irregular)
Fifth Avenue Coach
Foote-Burt Co.
'IS?
25c
62Hc
2H%
2H%
25c
_
Class B
Fox
Apr.
20
5
5
Apr.
Mar. 25 Mar.
8
Mar. 15 Feb.
15
Mar. 15 Feb.
15
Mar. 15 Mar.
5
25
Mar. 16 Feb.
25
Apr.
Apr.
Extra
Apr.
Apr.
Apr.
Apr.
Apr.
Fuller Brush 7 % pref
(quar.)
Co., 6% pref. (quar.)
Galland Mercantile Laundry Co. (quar.)
Fuller (Geo. A.) 4% pref.
Gallon Iron Works & Mfg.
Galveston-Houston Co
1 Mar.
15
15 Mar. 30
1 Mar. 15
1 Mar. 15
Mar. 15 Mar.
Gamewell Co
(quar.)
Gannett Co., Inc., $6 conv. pref.
5
Mar. 15 Mar.
1 Mar.
Apr.
15
5
91%
91%
17 He
5
Mar. 31 Mar.
15
t20c
Preferred
Mar. 15 Mar.
37 He
(quar.)
Co. (quar.)
(quar.)
Gatineau Power Co. (quar.)
5% preferred (quar.)
5H % preferred (quar.)i
Gay lord Container
Preferred (quar.)
General Acceptance Corp
Garfinckel (Julius) &
Mar. 20 Mar.
tii H
UH
Apr.
Apr.
1 Mar.
1 Mar.
10c
Mar. 15 Mar.
"Jfc
Mar. 15 Mar.
25c
Class A
Mar. 15 Mar.
2c
General Box Co. (semi-annual)
Mar. 15 Mar.
July
1 June
10
25c
General Cigar Co..
Mar. 15 Feb.
UH
pref. (quar.)
—
75c
I—
91H
(quar.)--
UH
$5 preferred (quar.)
General Public Utilities, Inc., $5 pref.
Mar. 20 Mar. 11
25c
General Candy Co., elass A (quar.)—
10c
General Printing Ink
UH
9i %
Preferred
(quar.)
General Railway Signal, pref. (quar.)
Apr.
1 Mar.
Mar. 12 Feb.
26
8*
15
May
Apr.
Apr.
1
Apr.
1 Mar. 15
Apr.
8
1 Mar. 20
1 Mar. 15
1 Mar. 11
Apr.
1
Mar. 21 Mar.
General Refractories
25c
General Reinsurance Corp. (quar.)
25c
Mar. 12 Mar.
5
25c
Mar. 12 Mar.
5
Extra
75c
Mar. 15 Mar.
62 He
50c
$2H preferred (quar.)
General Telephone Tri Corp. (quar.)
General Tire & Rubber 6% preferred
Mar. 15
30c
Allied pref. (final)
General Telephone Corp. (quar.)
General Telephone
A (quar.)
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Gibraltar Corp. of Amer., 7% pref. (quar.)
Gillette Safety Razor
Preferred (quar.)
Girdler Corp
91H
91H
5
91H
UH
Apr.
1 Mar.
7
Mar. 29 Mar.
8
15c
May
1
Apr.
1
25c
Mar. 15 Mar.
40c
Apr.
1 Mar. 15
Apr.
1 Mar. 15*
5
(quar.)
Glidden Co., preferred (quar.)
56 He
Globe Hoist
12Hc
X2y&
Mar. 15 Mar.
Mar. 30 Mar.
9
Mar. 15 Mar.
Glens Fails Insurance
God's Lake Gold Mines, Ltd
Goebel Brewing
Gold & Stock Telegraph Co. (quar.)
Golden Cycle Co. (quar.)
Goodrich (B. F.) Co., $5
preferred (quar.)
Goodyear Tire & Rubber Co. (quar.)
$5 convertible preferred (quar.)
1
9
1 Mar. 30
91H
$1
91H
Mar. 11 Feb.
25c
Mar. 15 Feb.
15
91H
Mar. 15 Feb.
Mar. 15 Feb.
15
Apr.
29
Mar. 30 Mar. 22
(Extra1*
Gorham Mfg. Co
25c
50c
Mar. 15 Mar.
Gorton-Pew Fisheries Co., Ltd
75c
Apr.
2 Mar. 21
50c
'Apr.
'Apr.
2 Mar. 15
Great Western Sugar
Preferred (quar.)
Green (D.) Co. 6% preferred
Greene Cananea Copper Co
Group No. 1 Oil Corp
Gulf Oil Corp
91X
91X
75c
Apr.
24
1
2 Mar. 15
1 Mar. 22
Mar. 11
Mar.
4
$50
Mar. 29 Mar. 11
25c
Apr.
1 Mar. 15
15c
Mar.
Mar.
1
Mar. 19
25c
Mar.
Mar.
Apr.
Apr.
Mar. 23
Mar.
Apr.
Mar. 15
Mar.
Apr. 20
Mar. 11
Apr.
Mar. 20
Mar.
Mar. 30*
Mar.
Mar. 21
Mar.
Mar. 21
Mar.
Mar. 21
Mar.
Mar.
8
Apr.
Mar.
2
Apr.
Mar. 30*
Mar. 15
Mar.
Mar. 20
Mar.
Mar.
Apr.
Apr.
Mar. 11
7
Mar. 11
Mar.
Mar. 11
Mar.
Mar. 19
Mar.
Mar.
8
Mar.
Mar.
Mar.
Mar.
8
8
Mar.
Mar. 19
HS
91%
held.
40c
Mar. 11*
Apr.
Apr.
'Apr.
25c
91H
Mar. 15
Apr.
1
Mar. 15*
| Apr.
Mar. 20
'Apr.
Mar. 11
10c
Mar.
Mar.
Feb.
Apr.
Mar. 30
Apr.
Mar. 15*
1*
Apr.
Mar.
Mar.
Mar. 20
91
Mar.
Feb.
25c
Mar.
Mar.
75c
Mar.
Mar.
10c
30c
Mar.
Feb.
June
May 10
Aug. 10
30c
30c
15c
17c
Sept.
—
1
1
29
9
Dec.
Nov.
Mar. 12
Apr.
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar.
35c
Mar. 11 Feb.
Mar. 20 Mar.
91%
(quar.)
24
Apr.
Apr.
Apr.
Apr.
60c
preferred
29
$2
7%c
15c
Apr.
Mar.
1
29
8
1 Mar. 15
75c
—
(quar.)
Kaufmann Dept. Stores 5% preferred (quar.)_.
Kaynee Co., 7% preferred (quar.)
Keith-Albee-Orpheum, 7% preferred
Kemper-Thomas 7% special pref. (quar.)
Special preferred (quar.)
Special preferred (quar.)
Kennecott Copper Corp
Keystone Public Service Co., pref. (quar.)
Keystone Steel & Wire
Kimberly-Clark Corp (quar.)
...
6% preferred (quar.)
Kings County Lighting, 7% pref. B (quar.)
6% preferred C fquar.)
5% preferred D (quar.)
Z
Mar. 15 Mar.
1
91X
7% pref. (quar.)
Mar. 15 Mar.
Mar. 15 Mar.
8
25c
15c
91H
91%
91H
12Hc
91X
91X
91%
t$l H
91%
1
Mar. 30 Mar. 19
Apr.
Apr.
1 Mar. 14
1 Mar. 15
15
Apr.
1 Mar.
Apr.
1 Mar. 15
Mar. 15 Feb. 29
1
Mar. 15 Mar.
1 Mar. 22
Apr.
Apr.
1 Mar. 15
20
June
1 May
91%
Sept.
91%
Dec.
3 Aug. 20
2 Nov. 20
25c
70c
1
Mar. 30 Mar.
1 Mar. 15
Apr.
29
25c
Mar. 15 Feb.
25c
Apr.
1 Mar. 12
Apr.
1 Mar. 12
1 Mar. 15
91X
91%
$1X
91H
25c
91X
(quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
1 Mar. 20
1 Mar. 11
Mar. 13 Mar.
1
15c
Mar. 13 Mar.
1
30c
June
91X
91%
Apr.
30c
Extra
preferred (quar.).
May
13 May 31
1 Mar. 16
1 Apr.
10c
1%
(quar.)
(quar.)
—
91%
91%
91%
Apr.
June
Dec.
15
16
Mar. 15 Feb.
Apr.
Apr.
17 He
3c
(quar.)__
*
Leonard Refining
Libbey-Owens-Ford Glass Co
Life & Casualty Insurance Co. of Tenn
Liggett & Myers Tobacco preferred (quar.)
Lily-Tulip Cup Corp
Lima Cord Sole & Heel Co
1
62Hc
$1
25c
8
Sept. 16
25c
Lehn & Fink Products Corp
19
Mar. 15
30c
Lane-Wells Co.
(quar.)
Lang (John A.) & Sons, Ltd. (special)
(quarterly)
Lava Cap Gold Mining
Leath & Co., preferred (quar.)
Lehigh Portland Cement Co. 4% pref.
Mar. 15 Mar.
1 Mar.
!50c
preferred (quar.)
(quar.)
Landis Machine
21
1 Mar. 15
1 Mar. 15
9
Mar. 30 Mar.
1 Mar. 15
Apr.
Apr.
1 Mar. 14
Mar. 14 Mar.
1
12 He
50c
5
Mar. 20 Mar.
Mar. 15 Feb. 29
12c
1 Mar. 15
Apr.
1 Mar. 12
Apr.
1
Mar. 15 Mar.
91%
30c
12Hc
30c
Mar. 30 Mar. 15
30c
Co. (quar.)
Quarterly
Quarterly
D. C.) (quar.) —
6% participating preferred (quar.)
7% prior preferred (quar.)
Lindsay Light & Chemical Co., pref. (quar.)
Link Belt Co. preferred (quar.)
Lit Brothers, 6% preferred
Liquid Carbonic Corp. (quar.)
Loews, Inc. (quarterly)
Lone Star Gas Corp
Aug.
1 Apr.
1 July
25
26
30c
Lincom National Life Insurance
Lincoln Service Corp. (Wash.,
5
Mar.
Apr.
Apr.
1H%
Quarterly.
Kroger Grocery & Baking 6%
7% preferred (quar.)
Lake Shore Mines, Ltd
Lamaque Gold Mine, Ltd
5
Mar.
May
$1H
7% pref.
8
Mar. 23
Mar.
1 H%
Koppers Co., 6% preferred
Kresge (8. 8.) Co. (quar.)
Mar. 14
91H
6% preferred (quar.)
Drug Co. (quar.)
Preferred
9
Mar.
37 He
Preferred
Preferred
9
Apr.
50c
Katz
Klein (D. Emil)
Mar.
Mar.
5c
(guar.):
Kansas Electric Power,
Preferred
15
15
Apr.
$2
(quar.)—
City Power & Light, pref. B (quar.)
1 Mar. 15
1 Mar.
Mar.
1
t22Hc
tlOc
Joslyn Mfg. & Supply. _
Preferred (quar.)
Joy Manufacturing Co. (quar.)
Kalamazoo Vegetable Parchment Co.
Mar. 30 Mar. 20
1 Mar. 15
Mar.
91X
5% preferred C (quar.)
Mar. 22 Mar. 15
Apr.
Apr.
Apr.
$1*
Preferred B
Kansas
29
91H
Irving Trust Co. (quar.)
Jamaica Public Service, Ltd. (quar.)
Johns-Manville Corp.,
1 Mar. 30
Feb.
68Hc
Jewel Tea Co. new shares (quar.)
1
Mar-.
67 He
—
1 Mar. 15
15
25c
15c
Nickel of Can. (in U.S. funds)
Ocean Telegraph Co. (quar.)
Salt Co. (quar.)
Silver Co. preferred
Vitamin Corp
Inter-Ocean Reinsurance (semi-ann.)
Interstate Hosiery Mills
Investment Corp. of Philadelphia
Investors Distribution Shares (quar.)
Iron Fireman Mfg. common v. t. c. (quar.);
Common v. t. c. (quar.)
Common v. t. c. (quar.)
International
International
International
International
International
Jamieson (J. E.) & Co
Jefferson Lake Oil Co., Inc.,
1 Mar.
Apr.
Loom, Inc., $3 n-c pref
15
37Hc
Mining Co
3 Aug. 20
1 Mar. 15
Mar. 15 Mar.
Preferred (quar.)
General Mills, Inc., 5% cum.
General Motors Corp
Mar. 15 Mar.
Sept.
RR., 5H% pref. (s.-a.)_.
(Peter) Brewing (quar.)
Preferred
Mar. 30 Mar. 20
Mar. 16 Feb.
(quar.)
Fruit of the
1
Feb.
40c
7% preferred (quar.)
Ford Motor Co. of Canada—
Class A (quar.)
Fort Wayne & Jackson
Mar. 15
Mar.
Mar.
91X
91%
91H
(semi-annual)
Independent Pneumatic Tool
Indianapolis Water Co., 5% cum. pref. A (qu.)
lnterlake Steamship Co
International Business Machines Corp. (qu.) —
A stk. div. at the rate of 5 shs. for each 100 shs.
International Harvester Co. (quar.)
International
1 Mar. 18
Apr.
Apr.
3c
1
Mar.
Tftcc
$1
91H
Preferred
14
Mar. 22
Mar.
25c
Interim
Mar. 14
Mar. 14*
62Hc
Imperial Tobacco of Canada (final)
21
1 Mar. 14
91%
118
Falconbridge Nickel Mines (quar.)
Falstaff Brewing pref. (semi-annual)
Faultless Rubber Co (quar.)
15
Mar. 22
Mar. 21
25c
5% preferred (quar.)
1st preferred (quar.)
Mar. 20
1
Mar. 25
Apr.
Apr.
1
16
25c
7% 2nd preferred (quar.)
6% preferred (quar.)
Hubbell (Harvey), Inc.
(quar.)
Humble Oil & Refining Co
Hummel-Ross Fibre Corp
Hussman-Ligonier, preferred (quar.)
Hyde Park Breweries Assoc
Hygrade Sylvania Corp
Prefeired (quar.)
Idaho Maryland Mines (monthly)
Illinois Bell Telephone
Co. (increased)
(Phila.)
Alar.
$1
50c
5
29
50c
Howes Bros. Co. 7%
50c
Electric Controller & Mfg.
Apr.
6
Mar. 30
UH
$1.05
Household Finance Corp. (quar.)
1 Mar. 14
Mar. 15
UH
3lHc
(interim)
Electric Storage Battery Co.
Preferred (quar.)
j.
Feb.
Apr.
Apr.
Apr.
Apr.
—
Apr.
Apr.
Electric Auto-Lite
Mar.
Mar.
25c
*
& Co., (mo.)
1 Mar.
1 Mar.
Mar. 20 Mar. 11
Mar.
SIM
91H
91%
60c
Apr.
Apr.
25c
Feb.
91H
$1X
Mar. 15 Mar.
29
Mar.
5
15c
Publications, class A
Hewitt Rubber Corp
Hibbard, Spencer, Bartlett
Mar. 15 Feb.
Mar. 15
Mar.
Co
Heilman (G.) Brewing Co. (quar.)
Hein-Werner Motor Parts (quar.)
Helme (Geo. W.) Co
Preferred (quar.)
Hercules Powder Co
Mar. 14 Feb.
Mar.
Apr.
Corporation (quar >
Mar. 15
25c
a.
t
-
Hecla Mining
20
Mar.
—
Hearst Consolidated
1 Mar. 20
7
1 Mar.
25c
25c
Extra
Hazel-Atlas Glass Co
2
Mar.
$1H
(quar.)
Cooley Co. (quar.)
Mar. 15
Mar. 11 Feb.
Apr.
Apr.
Hart &
15
Mar. 30
Mar. 30
Mar.
(qu.)
Preferred
Mar. 20
Mar.
— _
pref. (quar.)
Harnsburg Gas Co., 7%
Harshaw Chemical Co
Mar. 29 Mar. 15
Mar. 25 Mar. 15
Apr,
1 Mar. 15
25c
62Hc
5% cum. preferred (quar.)
Egry Register Co. pref. (quar.)
Theatres, preferred-.
Hamilton Watch Co
18
3 Aug. 17
30c
29
Mar.
t75c
t$lH
Hamilton United
30c
Co. (quar.)
29
Feb.
Mar. 18
Apr.
-
Feb.
Mar.
Mar.
25c
-
-
Mar.
30c
A (quar.)
Hall (W. F.) Printing
Hamilton Cotton
9
Mar.
$1H
SIM
43Hc
Co.. $6 pref. (quar.)
$5.50 preferred (quar.)
Hackensack Water Co., pref.
Holders
Payable of Record
Share
of Company
June
(quar.)
Quarterly
Doernbecher Mfg. Co. (quar.)
Dome Mines Ltd
Preferred
2 Nov. 12
75c
Quarterly
Preferred
Dec.
Gulf States Utilities
1 May 10
3 Aug. 12
75c
(semi-aim.)
Preferred
Sept.
25c
(quar.)
Quarterly
Quarterly
June
50c
Diamond Match Co.
Name
Payable of Record
1940
When
Per
Share
Company
Holders
When
Per
Name of
9,
Nov.
1 Oct.
26
25c
Mar. 12 Feb.
29
37Hc
87 He
Mar. 12 Feb.
29
Mar. 12 Feb.
29
May
8
Mar. 15 Mar.
1 Mar. 15
Apr.
t$2
Apr.
12 Mar. 30
1 Mar. 16
25c
Apr.
50c
Mar. 30 Mar. 15
Apr. 22 Mar. 22
20c
Volume
150
The Commercial & Financial Chronicle
When
Holders {
Payable of Record
Name of Company
Little Miami RR.
Co., original capital (quar.)__
i
10 Nov. 25
Mar. 10 Feb. 24
10 May 24
Sept. 10 Aug. 24
Dec. 10 Nov. 25
Mar. 29 Mar. 11
Apr.
1 Mar. 18
Lone Star Cement
Corp
Class A common
(quar.)
Lunkenheimer Co. 6H % preferred
Apr.
Apr.
Apr.
com.
(quar.)
%\%
91X
91X
87 He
X91X
1 June 21
Oct.
1 Sept. 21
23
1-2-41 Dec.
Mar. 15 Mar.
1
Apr.
15 Mar. 30
Mar. 30 Mar. 15
50c
June
50c
McKenzie Red Lake Gold Mines
(quar.)
Macassa Mines, Ltd.
(5 c. regular, 3c. extra)
Machine Mfg
Sent.
3c
1
May
3 Aug.
1
1
1
Mar. 15 Mar.
t8c
50c
Magma Copper Co. (irregular)
Magnin (I.) & Co. preferred (quar.)
Preferred (quar.)
Preferred (quar.)t
Common (quar.)
\
Mallory (P R.) & Co.
Managed Estates
Manischewitz (B.) Co., preferred
(quar.)
Mapes Consolidated Mfg. Co. (quar.)
Marsh (M.) & Sons, Inc
Maryland Fund, Inc
Masonite Corp. (quar.).
50c
91X
Mar. 15 Feb. 29
Mar. 20 Mar.
5
Mar. 15 Feb. 28
91 x
May 15 May
Aug. 15 Aug.
4
5
91X
Nov. 15 Nov.
5
JOc
20c
4c
91H
Mar. 15 Mar.
1
Mar.
9 Feb. 28
Mar. 15 Feb. 28
50c
4Cc
Master Electric Co.
(quar.)
Mathieson Alkali Works
(quar.)
Apr.
Apr.
Apr.
10c
25c
25c
Extra
Mar. 10 Feb.
Mar. 10 Feb.
60c
37 yc
Corp. 5% pref. (quar.)__
$lf*
Mar. 20
Mar. 15
Mar. 23
Mar. 15 Feb. 29
20
20
Mar. 20 Mar.
Mar. 30 Mar.
Mar. 30 Mar.
5
4
4
1
5 Dec.
1
June
5 June
1
Sept.
5 Sept.
1
30c
Dec.
5 Dec.
1
91H
Apr.
Apr.
1 Mar. 20
1 Mar. 20
50c
6% preferred (quar.)
Dec.
30c
Mesta Machine Co
Metal & Thermit
Preferred (quar.)
Sept.
5 June
5 Sept.
30c
Merck & Co
June
25c
(quar.'
(quar.
(quar.
(quar.
(quar.
25c
25c
25c
preferred
preferred
preferred
preferred
preferred
Apr
Apr.
1 Mar. 16
$1
$1X
91X
91X
91H
91 X
Preferred
Preferred
Preferred
(quar.)
(quar.)
(quar.)
Metropolitan Edison, $6 pref. (quar.)
Meyer-Blanke Co
7% preferred (quar.)
Michigan Steel Tube Products Co
Midco Oil Corp., voting trust ctfs
40c
91H
15c
25c
Midland Steel Products Co
50c
Non-cumulative dividend shares
8% cumulative first preferred
50c
92
91
Midvale Co
Mid-West Refining, Inc.
(quar.)
10c
Mississippi River Power, 6%tpref. (quar.)
Mississippi Valley Public Service Co.—
6% preferred B
Mock, Judson, Voehringer
Preferred (quar.)
Modine Mfg. Co
Mohawk Carpet Mills, Inc
Molybdenum Corp. of America (resumed)
25c
50c
25c
25c
91X
—
J 50c
50c
40c
Preferred A and B (quar.)
Moore (Wm. R.) Dry Goods Co.
(quar.)
91X
91X
SI X
91X
,
Morris Finance Co., class A
87 He
92 X
50c
t$l!*
(quar.)
Monsanto Chemical Co. (quar.)
Moore Corp.,, Ltd. (quar.)
'
91
common
Class B common
Morris (Philip) & Co., Ltd., Inc.
Extra
50c
75c
(quar.)
-
—...
preferred (quar.)
Morris Plan Insurance Society
(quar.)
Quarterly
Quarterly
23 Dec.
13
Apr.
1 Feb. 29
Mar. 12 Mar.
6
Apr.
1 Mar. 23
Mar. 11 Feb. 29
Mar. 20 Mar.
1
Apr.
1 Mar.
1
Apr.
Apr.
Apr.
1 Mar.
1
I
1 Mar.
1 Mar. 23
Mar. 25 Mar.
Apr.
91X
Quarterly
Quarterly
Quarterly
Dec.
9
Apr.
91X
(quar.)
Montreal Cottons, Ltd.
(quar.)
Preferred (quar.)
Montreal Loan & Mortgage Co.
Sept. 30 Sept. 20
$ih
Monroe Chemical, pref.
(quar.)
Monsanto Chemical Co. pref. A and B
(s.-a.)
Montgomery Ward & Co
1
Ma
ar. 11 Mar.
1
Mar. 30 Mar. 20
June 29 June 20
91X
Monarch Life Insurance
5% conv
1 Mar. 22
Apr.
July
25c
Quarterly
A
1 Mar. 16
1 Mar. 15
1 Mar. 15
Mar. 15 Mar.
1
Mar. 25 Feb. 29
Mar. 25 Feb. 29
(qu.)
6H % preferred (quar.)__
6H% preferred (quar.)
6H % preferred (quar.)
MacKinnon Steel, Ltd., preferred
McColl-Frontenac Oil Co., Ltd., pref. (quar.)__
McCrory Stores Corp. common (quar.)
Mclntyre Porcupine Mines (quar.)
Class
New York State Electric &
Gas,
Dec.
$2
cum.
M
SI
SI
1 Mar
15
1 Mar. 16
Mar. 11 Mar.
1
Apr.
1 Mar. 15
Mar. 20 Mar.
5
Mar. 15 Mar.
1
Mar. 31 Mar. 15
Mar. 15 Mar.
1
Apr.
1 Mar. 11
June
1 May 10
15 Mar. 20
Apr.
1 Mar. 20
Mar. 15 Feb. 29
Apr.
Mar. 15 Feb. 29
Mar. 15 Feb. 29
Mar. 15 Mar.
1
Apr.
Apr.
Apr.
July
1 Mar. 7
7
1 Apr.
1
1 July
1
Oct.
1 Oct.
1
1-2-41 Dec. 31
Mar. 30 Mar. 15
Mar. 30 Mar. 15
Mar. 25 Mar.
8
1 Mar.
Mar. 25 Mar.
8
June
1 May 15
June
1 May 24
Sept.
1 Aug. 23
Dec.
1 Nov. 22
Apr.
Apr.
2 Mar. 15
Morrison Cafe Consolidated,
7% pref. (quar.)__
91X
Muncie Water Works Co.,!8% preferred
(quar.).
91X
40c
$2
Mar. 29 Mar. 16
Mar. 15 Feb. 29
Mar. 15 Mar.
1
35c
Mar. 30 Mar. 11
Mar. 27 Mar. 15
Apr. 15 Mar. 15
Mar. 21 Mar.
8
Morristown Securities Corp
Motor Finance Corp., $5 pref.
(quar.)
Motor Wheel Corp. (quar.)
10c
Muskegon Piston Ring Co.
Myers (F. E.) & Bro
i_.
...
National Biscuit Co
National Bond & Investment (quar.)
Preferred (quar.)
National Breweries,
Preferred (quar.)
Ltd.
25c
91X
(quar.)
50c
44c
National Cash Register
National Container (Del.)
National Dairy Products (quar.)
25c
20c
20c
Preferred A & B (quar.)
National Grocers, Ltd., prior pref.
(quar.)
National Lead
Preferred B
Preferred
A
(quar.)
(quar.)
National Malleable & Steel Castings Co
National Standard Co
National Steel Car Corp. (quar.).
Nehi
75c
40c
$15*
37 He
12Xc
91X
91X
25c
50c
50c
Corp., stock div. of 4 additional shares of
stock for each share of common held.
N. Y. Curb will announce ex-div. date later..
1 Mar. 23
Mar. 21 Mar.
Apr.
Apr.
Apr.
8
1 Mar. 15
1 Mar. 15
15 Mar. 30
Mar. 15 Feb. 24
Apr.
1 Mar.
1
Apr.
1 Mar.
1
Apr.
1 Mar. 15
Mar. 30 Mar. 15
May
1 Apr.
Mar. 15 Mar.
19
I
Mar. 30 Mar. 13*
Apr.
1 Mar. 15
Apr.
15 Mar. 30
1.185*
Nelman-Marcus Co., 7% preferred
New Amsterdam Casualty (semi-annual)
Newberry (J. J.)
Co. (irregular)
New Britain Machine Co. (quar.)
Apr.
1
Apr. 15
Mar.
Feb.
$15*
37Xc
June
May 20
Apr.
Mar.
Apr.
29
1
60c
50c
...
New York City Omnibus
Apr.
Mar. 15
t75c
$7 prior lien Preferred
New England Telep. & Telegraph
New Jersey Power & Light Co., $6 pref.
(quar.).
New Jersey Zinc Co
Newmont Mining Corp
NY, Pa, NJ Utilities Co., $3
Mar.
Mar. 16
Mar. 20
Mar. 20
12c
New England Public Service Co.—
$6 prior lien preferred
Mar.
25c
Extra
New England Fire Insurance (quar.)
-
Apr.
May
25c
(Quarterly)
t87Hc
$15*
$1X
non-cum.
pref
Mar. 15 Mar.
Mar. 15 Mar.
Mar. 30 Mar.
Apr.
1
Feb.
1
1
8
29
17
50c
Mar.
50c
Mar. 15 Mar.
1
Mar. 29 Mar. 20
Apr.
1 Feb. 29
75c
75c
Class A (quar.)
Class A (quar.)
$1
92 X
30c
6% preferred (quar.)
5% % preferred (quar.)
North River Insurance
(N. Y.)
North Texas Co.
(initial)
Northland Greyhound Line pref.
(quar.)
Norwaik Tire & Rubber, pref.
(quar.)
Norwich Pharmacal Co.
(quar.)
Ohau Ry. & Land Co.
(monthly)
Ohio Brass Co., class A and B
:
Ohio Finance Co.
(quar.)
9 Feb.
75c
71 %c
25c
91X
50c
40c
(quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 11
1 Mar. 15
1 Mar. 15
$1.80
$7 preferred (quar.)
$7.20 preferred (quar.)
Ohio Match Co
Ohio Oil preferred (quar.)
Oklahoma Gas & Electric Co.—
Apr.
1 Mar. 15
25c
91X
6% cumulative preferred (quar.)
(quar.)
7% cumulative ^referred
Oklahoma Natural Gas
m
95X preferred (quar.)
$3 preferred (quar.)
Omar. Inc., 6% preferred (quar.)
Omnibus Corp
Preferred (quar.)
Orange & Rockland Electric Co.—
6% preferred (quar.)
5% Preferred (quar.)
91X
75c
91X
30c
Co
15c
91X
25c
91X
91X
91X
(quar.)
$5)* preferred (quar.)
Panhandle Eastern Pipe line—
(quar.)
29
15
1 Mar. 14
Apr.
1 Mar. 25
Apr.
1 Mar. 25
Mar. 20 Feb. 23
Mar. 20 Feb. 23
Apr.
1 Mar. 2
Apr.
1 Mar.
2
Apr.
Apr.
1 Feb.
29
1 Feb.
29
15
Apr.
1
1 Mar. 15
1 Mar. 15
Apr.
Mar. 20 Mar.
1
Mar. 30 Mar. 16
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Davis & Co
Paton Mfg. Co., Ltd
7% preferred (quar.).
Penick & Ford, Ltd. (quar.)
aicl
Mar. 15 Mar.
4
Mar. 30 Mar. 15
1 Mar. 15
Apr.
Penney (J. C.) Co
Penna. Glass Sand Corp., $7 cum.
pref.
Penn Electric Switch, class A
(quar.)
Mar. 15 Mar.
1
Mar. 15 Feb. 29
Mar. 15 Mar.
1
Pennsylvania Salt Mfg
Pennsylvania Sugar
Pennsylvania Telep., preferred (quar.)
Pennsylvania Water & Power (quar.)
Preferred (quar.)
Peoples Drug Stores, Inc
Peoples Gas Light & Coke
Perfect Circle Co. (quar.)
Pet Milk Co. (quar.)
Petroleum Exploration (quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar. 15
Mar. 15
Mar.
5
Mar. 21
Mar. 14
Mar. 11
Mar.
4
Mar.
Extra
Mar.
Mar.
Philadelphia Dairy Products Co., Inc.—
First
preferred (quar.)
Philadelphia Electric Power, pref. (quar.)_
Phoenix Acceptance Corp., class A
(quar.)
Pictorial Paper Package
91X
50c
Pierce Governor
Pilot Full Fashion Mills, Inc., 6% cumu.
pref,.
Pioneer Gold Mines of B. C. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh Coke & Iron Co., $5 pref. (quar.)
Pittsburgh Fort Wayne & Chicago (quar.)
Preferred (quar.)
Pittsburgh Metallurgical
Plymouth Oil Co. (quar.)
—
Inc
Power
Corp. of Canada, Ltd., 6% cum. pref—
6% non-cum. participating pref. (quar.)
Pratt & Lambert, Inc
Preferred
Accident Insurance
Procter & Gamble 5% pref. (quar.)
12 He
7 He
Mar.
4
Feb. 20
Mar
Pfeiffer Brewing Co. (quar.)
Pharis Tire & Rubber
Mar.
Apr.
Apr.
May
Mar. 20
Mar.
8
Apr.
Apr.
Apr.
Mar. 15
June
May 20*
Apr.
Apr.
Feb.
Mar. 11
2'Mar. 11
Apr.
Apr.
Apr.
7
6*
1
Mar. 30
Mar. 30
Mar. 15
Mar.
8
Feb. 23
Apr.
July
Apr.
Apr.
5
July
5
Mar. 20
Mar.
Mar,
1
Mar.
1
Feb. 29
Feb. 29
Mar.
1
Feb. 15
Feb. 15
Mar.
Mar.
Mar.
Mar.
Mar.
m
29
Mar. 15 Mar.
Mar. 30 Mar.
Mar.
Mar.
Mar.
$6 preferred (monthly).
$6 preferred (monthly).
$5 preferred (quar.)
4
Mar. 15
Mar.
5
Mar. 15
Mar.
8% preferred (quar.).
7% preferred (quar. /
5
May
Mar.
Mar.
Mar.
Prosperity Co., 5% preferred (quar.)
5% preferred (quar.)
Public National Bank & Trust Co. (N. Y.)
Public Service Electric & Gas, $5 pref. (quar.)__
7% preferred (quar.)
Public Service (N. H.) $6 preferred (quar.
$5 preferred (guar.).
Public Service or New Jersey.
•
29
15
Mar. 30 Mar. 15
Mar. 30 Mar. 15
Mar. 30 Mar. 14
Apr.
Apr.
(quar.)
Parke
.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 30 Mar.
Mar. 30 Mar.
1 Mar. 16
Mar. 27 Mar. 11
Tilford, pref. (quar.)
Powdrell k, Alexander
Mar. 15 Feb. 29
Mar. 15 Mar.
5
Apr.
Paraffine Cos., Inc
Preferred (quar.)
Paramount Pictures, Inc., 1st pref.
Second preferred (quar.)
1 Mar. 15
1 Mar. 15
Apr.
$1H
$13*
Preferred (quar.)
Ottawa Light, Heat & Power Co.
(quar.)
5% preferred (quar.)
Otter Tail Power, $6 preferred
Park &
1 Mar. 20
Apr.
Mar. 11 Feb. 23
Mar. 15 Mar. 12
Mar. 23 Mar.
8
1 Mar. 11
Apr.
91X
91X
91X
$1.65
$15*
$6 preferred (quar.)
$6.60 preferred (quar.)
Class A & B preferred
1 Mar. 15
9 Feb. 23
1 Mar. 15
1 Mar. 20
Apr.
Apr.
87 He
25c
10c
Mar. 30 Mar. 15
Mar. 15 Feb. 20
Mar. 19 Feb. 29
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr.
Mar.
10c
Ohio Edison Co. $5
preferred (quar.)
Elevator
50c
50c
60c
.
Mar. 14 Feb. 23
1 Mar. 20
1 Mar.
8
Mar. 20 Mar.
Mar. 15 Mar.
May 15 May
Aug. 15 Aug.
Nov. 15 Nov.
Apr.
Apr.
50c
Noblitt-Sparks Industries
Noranda Mines, Ltd. (quar.)
Norfolk & Western
Ry. (quar.)
North American Co.
(quar.)
Otis
$2
t$13*
91X
91X
50c
Mar.
Feb. 15
Mar. 15
Apr.
Mar.
6% prior lien stock (quar.).
Publication Corp., voting trust ctfs. (quar.)
Mar. 20
Mar. 20
Apr.
15
Mar. 27
Mar. 18
1 Mar. 20
Mar. 15 Mar.
5
Apr. 15 Mar. 20
Mar. 15 Feb. 23
1 Mar.
8
Apr.
Preferred
(quar.)
7% first preferred (guar.):
Puget Sound Power & Light $5 prior pref
Pullman, Inc
Pure Oil Co., 5% preferred (quar.)
53* % preferred (quar.)
6% preferred (quar.)
Quaker Oats Co. (quar.)
Preferred (quar.)
Feb.
Apr.
Public Service Co. (Oklahoma)7% prior lien stock (quar.).
.
common
Neisner Bros., Inc., 4%% Pref. (quar.)
Shipbuilding, preferred
5X% pref. (qu.)
Niagara Share Corp. of Md., class A pref. (qu.)_
Niles-Bement-Pond Co
1900 Corp., class A (quar.)
Preferred
When
Holders
Payable of Record
Share
New York & Queens Elec.
Light & Power (quar.)
New York
June
Loose-Wiles Biscuit 5% pref.
(quar.)
Lord & Taylor
(quar.)
Lorillard (P.) Co
Preferred (quar.)
Louisiana Land & Exploration Co
Louisville Gas & Electric
Co., class B
5%
5%
6%
6%
6%
Per
Name of Company
Mar. 10 Feb. 24
June 10 May 24
Sept. 10 Aug. 24
Original capital (quar.)
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed
(quar.)
Special guaranteed (quar.)
Preferred (quar.)
Mercantile Acceptance
1547
Apr.
1 Mar.
8
1 Mar.
Apr.
Mar. 25 Mar.
8
Apr.
—
§uaker State Oil Refining Corp
alston Steel Car, preferred (quar.)
;
Raybestos-Manhattan. Inc
Rayonier, Inc., $2 preferred
Reading Co., second preferred (quar.),.
1st preferred (quar.)
Real Silk Hosiery Mills, 7% preferred
Reeves (Daniel), Inc. (quar.)
Preferred (quar.)
Reliance Electric & Engineering
Corp
Reliance Grain Co., Ltd., 6H%
preferred
Reliance Manufacturing Co
7% preferred (quar.)
Remington Rand (interim)
Preferred (quar.)
Republic Investors Fund pref. A and B (quar.)__
Republic Natural Gas Co. common (quar.)
Republic Steel Corp., 6% cum. pref. A (quar.)..
6% cum. conv. preferred (quar.)
Rheem Mfg. Co
Rice-Stix Dry Goods Co. 1st & 2d
pref. (quar.).
1
May 31 May
1
Mar. 15 Feb.
Mar. 30 Mar.
Mar. 15 Feb.
Mar. 11 Mar.
29
Apr.
29
11
11 Mar. 21
Mar. 14 Feb.
Mar. 25 Mar.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 25 Mar.
Mar. 15 Feb.
May
Apr.
Apr.
20
1 Apr.
1 Mar.
1 Mar.
1 Mar.
Apr.
1
May
Apr.
Apr. 25 Apr.
1 Mar.
Apr.
21
12
29
29
15
29
20
21
11
11
15
16
11
1 Mar. 11
Mar. 15 Mar.
1
1 Mar. 15
Apr.
Apr.
The Commercial &
1548
March
Financial Chronicle
Rich's. Inc., 6X%
SIX
SIX
pref. (quar.)
5
Todd Shipyards Corp
Tokheim Oil Tank & Pump Co
Mar.
Mar.
1
Trans-lux Corp
Mar. 20
Transue &
Mar. 20
Truax-Traer Coal 6%
25c
Apr.
Apr.
Apr.
Mar. 11
37 He
25c
Mar.
Mar.
5H% preferred (quar.)-.---Twentieth Century Fox Film Corp.,
Apr.
Mar. 11
Time, Inc
9
15
25c
15c
Apr.
4
Mar.
Mar.
$2
Apr.
Apr. 10
SIX
Apr.
Mar. 20
Apr.
Mar. 15
25c
Mar.
Mar.
75c
Mar.
Mar. 10
$2H
Mar.
Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 18
75c
SIX
SIX
>%
A (qu.).-
SIX
SIX
six
6preferred D (quar.)
6% preferred (s.-a.)
$3
United
8
United
8
Mar.
8
Feb.
29
Mar.
Mar.
Mar.
1
25c
Mar.
Feb. 29
37Hc
37 He
Mar.
Mar. 23
United States Playing
Mar.
Mar. 23
3c
Mar.
Mar.
SIX
May
Feb.
Mar.
9
Mar.
Mar.
9
Apr.
Mar. 30
Mar.
Feb.
21*
Mar.
Mar.
4
Apr.
Mar. 15
1
Mar.
15
Mar.
15
7
Apr.
Mar,
7
Apr,
Apr,
Apr.
Apr.
Apr.
Mar. 12*
Mar. 20
Mar.
Feb.
Mar. 20
20
May
Apr. 30
Apr.
Alar. 20
Mar.
Feb.
Mar.
Mar. 15
Mar.
Mar.
29
6
Mar. 11 Feb. 24
5
Mar. 15 Mar.
Waldorf
1 Feb.
1
16
Apr.
Mar. 15
1
Mar. 15 Feb.
15
25c
Mar. 15 Feb.
15
Mar. 15 Feb.
29
25c
SIX
30c
12Hc
SIX
SIX
Mar. 15 Feb.
Apr.
29
15 Mar. 30
5
Mar. 15 Mar.
June 30 June
15
Sept.30 Sept. 14
lip
20c
75c
$1
2Hc
§&
Quarterly
50c
Sundstrand Machine Tool
Sunray Oil Corp
5X% preferred (quar.)
a
Sunset-McKee Salesbook Co. class A (quar.)--
(quar.)
Superior Oil Co. of Calif., common
Supervised Shares, Inc. (quar.)
Sutherland Paper Co
Swift & Co. (quar.)
J-Sylvanite Gold Mines (quar.)
-
Dec. 31 Dec. 14
Mar. 30 Mar. 15
Apr.
Apr.
1 Mar. 25
1 Feb. 21
5
Mar. 21 Mar.
Mar. 15 Feb.
24
Mar. 15 Feb.
24
Mar. 30 Mar. 10
1
5c
May
1
68 Xc
Apr.
1 Mar.
37 He
Mar. 15 Mar.
1
4
Apr.
.
40c
25c
Mar. 30 Mar.
1
Prior preferred (quar.)
Will & Baumer Candle Co.
May 20 May
10
29
2
Winsted
Mar.
1
12
12
Preferred
(quar.)
(James), Inc
25c
10c
Mar. 15 Mar.
Mar.
Apr
28c
Mar. 15 Feb.
12c
Mar. 15 Feb.
5
8
29
29
50c
Apr.
Mar.
1
50c
Mar. 15 Mar.
1
_
t75c
Mar. 29 Mar. 11*
4
Mar. 15 Mar.
Thew Shovel
SIX
Mar.
Tide Water Assoc. Oil. pref.
SIX
SIX
$3 preferred
Co., 7% pref. (quar.)
Thompson Products, Inc., common
$5 Conv. prior preferred (quar.)
(quar.)
25c
Apr.
Apr,
Apr.
15 Mar.
1
Mar.
Mar. 22
Mar. 22
Mar.
5
June
Sept.
Apr.
July
Oct.
Apr.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
tS7
75c
Mar. 25 Mar. 18
SIX
$2 X
six
June
1 May
1 May
June
Mar. 15 Feb.
Apr.
Mar. 15 Mar.
40c
Mar. 14 Feb.
20c
SIX
10c
SIX
43 Xc
35c
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 11
1 Mar. 15
8
Mar. 20 Mar.
July 15 June 29
Apr.
1 Mar. 20
Mar. 15 Feb.
25c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
1 Mar. 12
Apr.
Apr.
1 Mar. 20
20c
SIX
six
75c
SIX
$2
Apr.
1 Mar. 12
1 Mar. 16
1 Mar. 20
1 Mar. 15
Mar. 11 Feb.
Mar. 15 Mar.
1 Apr.
1 Apr.
50c
Nov.
1 July
1 Oct.
Nov.
1 Oct.
SIX
SIX
SIX
SIX
six
(Alan) Steel, 7 % preferred
Wright-Hargreaves Mines (quar.)
Wood
Extra
Co., 7% pref. (qu.
Youngstown Sheet & Tube Co. com
5X% preferred A (quar.)
Youngstown Steel Door Co
Yellow Truck & Coach Mfg.
25c
t87 Xc
110c
15c
SIX
25c
SIX
25c
15
1 Mar. 10
1 Mar. 16
May
May
Aug.
Aug.
50c
-
1
29
May 31 May 15
Aug. 31 Aug. 15
Mar. 30 Mar. 15
25c
SIX
SIX.
six
6% cum. pref-
15
15
23
1 Mar. 16
50c
50c
SIX
SIX
1
Mar. 15 Mar.
50c
Transfer books not
20
27
27
25c
63^ % preferred (quar.)
6% preferred (quar.)
j
Mar.
Mar.
SIX
Wiser Oil Co. (quar.)
t On account of
Mar.
Mar.
M
7% cumulative preferred
7% pref. (quar.)
*
Mar.
May
Aug.
37Hc
62 He
SIX
SIX
SIX
SIX
six
Wisconsin Public Service,
29
8
1
15 Mar.
1
20 Feb. 29
l:Apr. 20
1 July 20
26 Mar. 16
20 Mar. 11
20 June 10
20 Sept. 10
20 Apr. 10
20 July 10
19 Oct. 10
20 Mar.
5
1 Mar. 15
20 Feb. 20
SIX
Wisconsin Power & Light Co.,
10c
Texon Oil & Land Co
60c
SIX
Mar. 30 Mar. 16
Mar. 18
May
Mar. 15
8
SIX
-
Mar. 30 Mar. 16
Mar. 15
15
Mar.
37 He
Quarterly
_
June
Apr.
_
Extra
Mar. 14 Feb.
14
July
$1
Mar. 30 Mar. 16
Apr.
Mar. 30 Mar.
20c
Mar. 30 Mar. 16
Apr.
1
Sept. 10 Aug. 31
Dec. 10 Nov. 30
Mar.
9 Mar.
1
Mar. 15 Mar.
1
Mar.
Apr.
Mar. 15 Mar.
preferred (quar.)—
50c
10c
10 June
5c
Inc
25c
60c
1
June
15c
40c
Extra
68 He
9 Mar.
$2
Quarterly
Mar. 30 Feb.
8
Mar.
Mar.
2 X%
Hosiery Co. (quar.)
Mar. 30 Feb.
2
Mar.
50c
Extra
Apr.
2
Mar.
SIX
SIX
SIX
Six
Wilson Line, Inc
5c
9
Mar.
50c
preferred (quar.)—
pref. (quar.)
Wieboldt Stores 6%
SIX
5X% participating preference (quar.)
Talon, Inc. (quar.)
Tappan Stove Co
Teck Hughes Gold Mines (quar.)
Telephone Bond & Share Co., 7% 1st pref
$3 1st preferred
Texas Corp. (quar.)
Texas Gulf Sulphur Co. (quar.)
$
Whitman (William) Co
5
Mar. 20 Feb.
Mar.
SI
4
Mar. 15 Mar.
Mar. 15
Mar.
50c
Mar. 15 Mar.
Willson Products,
Mar.
10c
SIX
Mar. 15 Mar.
5
40c
25c
(quar.)
Extra
26
$6 preferred (quar.)
5c
—
Feb.
40c
50c
Extra
Mar.
(quar.)
Whitaker Paper
Preferred (quar.)
10c
Tacony-Palmyra Bridge (quar.)
26
Wellington Fund, Inc
West Texas Utilities Co., $6 cum. pref. (quar.)__
West Virginia Pulp & Paper Co
i.
West Virginia Water Service pref. (quar.)
Western Light & Telephone, 7% pref. (quar.)_Western Pipe & Steel 7 % preferred (s.-a.)
Western Tablet & Stationery Corp., 5% pf. (qu.)
Westinghouse Air Brake Co
Westmoreland, Inc. (quar.)
Weston (Geo.) Ltd. (quar.)
Wheeling Steel Corp., $5 preferred (quar.)
30c
30c
Extra
5
Feb.
1.16 2-3 Apr.
$1
Apr.
(quar.)(quar.)
Corp
25c
Sunshine Mining Co.
Apr.
July
Mar.
43 Xc
(quar.)
2Hc
(quar.)
Sunset Oils Ltd
Mar. 16
8ystem, Inc. (quar.).
Preferred
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Sept.
VjM
(Hiram)-Gooderham & Worts.,
Preferred (quar.)
Waltham Watch Co., 7% preferred
Warren (S. D.)
Washington Railway & Electric—
5% preferred (quar.)
5% preferred (s.-a.)
Washington Water Power, $6 pref, (quar.)
Wayne Pump Co
Weber Showcase & Fixtures, 1st preferredWelch Grape Juice Co
Preferred (quar.)
16
_
29*
Feb.
May 31*
Aug. 31*
Nov. 30*
Dec.
Walker
15 June
Dec.
June
32c
Mar. 30 Mar. 16
1
Sept.
Dec.
Mar.
Apr.
Apr.
July
Walgreen Co. (quar.).
4H% preferred w. w. (quar.)
Mar. 20 Mar. 10
June
Sept.
50c
Card
(quar.)
1
Mar. 15 Mar.
Mar. 15 Feb. 10
Apr.
Mar.
June
50c
Vapor Car Heating Co., Inc.-7% preferred (quar.).'
7% preferred (quar.).
-.).
7% preferred (quar.
7% preferred (quar.).
Veeder-Root. Inc (quar.) —
Ventures, Ltd
Vermont & Boston Telegraph (ann.)
iuarterly
7% preferred
7% preferred
7% preferred
Wagner Electric
Mar. 20
Mar.
50c
-—
1
Mar. 20
Mar. 19
Mar.
50c
Foundry Co. (quar.)
Pacific Ry. Co..
Preferred (semi-annual)
Viking Pump Co. (special)
$2.40 preferred (quar.)
Virginia Elec. Pow. Co., $6 pref. (quar.)..
Virginian Ry. Co. 6% preferred (quar.)
6% preferred (quar.)
(New stock) (initial)
Vulcan Detinning (quar.)
Mar. 20
Mar. 20
Mar.
Mar.
2c
Vicksburg, Shreveport &
Mar. 16
Mar. 15
Mar. 15
50c
$6 preferred
Mar.
Feb. 29
Mar. 15
2c
Van Norman Machine Tool-
Apr.
Mar.
Apr.
Apr.
Apr.
Apr.
2c
Upson-Walton Co. (quar.)—
Utah Power & Light, $7 pref
Apr.
Mar. 31
15c
U. S. Tobacco Co. (quar.)
Preferred (quar.)
20
Mar. 15 Feb.
Engineering
Sterchi Bros. Stores, 1st preferred (quar.)
Strawbridge & Clothier, 7% preferred—*
Sudbury Basin Mines, Ltd
Sun Oil Co. stock dividend--.
S2H
SIX
Apr.L 6
2c
Quarterly
Quarterly
Quarterly
24
Mar.
*
-preferred (quar.)
—
Universal Products
June
Steel Products
—
58 l-3c
53c
50c
United States Sugar pref.
Preferred (quar.)
Apr.
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
Co. (Del.)—
Apr.
SIX
(quar.)
United States Pipe &
9
Mar. 12
25c
Co.,
1
SIX
Feb.
Mar. 15
Standard Oil Co. (Ky.) (quar.)
Thermoid
Mar.
Mar. 12
Standard Oil Co. of California
Talcott
Mar.
Mar.
1
Standard Oil Co. (Indiana) (quar.)
Class A
15c
Mar.
Standard Fuel, preferred
Class B
—
40c
Staley (A. E.) Mfg., $5 preferred (quar.)
5%
June 30
Sept. 30
Quarterly.
Quarterly
Standard Brands, Inc. (quar.)
2
Oct.
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
United New Jersey RR. & Canal (quar.)
United Pacific Insurance Co. (quar.)
United States Graphite Co
United States Petroleum Co. (quar.)
1
Mar. 15 Mar.
Mar.
15c
25c
Quarterly
Apr.
Apr.
2
July
Mar. 15
__
(quar.)
$2
1
Mar.
15c
Mar. 15
Co.. 7% cum. pref
Corp. (quar.)
Southland Royalty (quar.)
Southwestern Light & Power Co.—
$6 cumulative preferred (quar.)
$6 cumulative preferred
-.Sparks-Wlthington pref. (quar.)
_
.
Spencer Kellogg & Sons (Irregular)
Spencer Trask Fund
Spiegel. Inc., S4X con v. pref
Spring Valley Co., Ltd. (liquidating)
Square D Co
5% preferred (quar.)
Mar. 22
15c
Apr.
Apr.
Apr.
Apr.
Mar.
Southern Phosphate
Apr.
Apr.
Ap.r
5
Mar.
Southern Colorado Power
Preferred (quar.)
Standard Wholesale Phosphate & Acid Works
Stecber-Traung Lithograph
95c
SIX
20
8
Mar.
(quar.)
Paper Mills, pref. (quar.)
Socony-Vacuum Oil
So no tone Corp
_
Preferred (quar.)
South Carolina Power Co., $0 1st pref. (qu.)
South Penn Oil Co. (quar.)
South Porto Rico Sugar Co. (quar.)
Preferred (quar.)
South West Pennsylvania Pipe Line
Southern & Atlantic Telegraph, gtd. (s.-a.)
Southern California Edison, orig. pref. (quar.)__
Original preferred (special)
Preferred C (quar.)
6% preferred B (quar.)
Southern Canada Power Co., Ltd. (quar.)
Mar.
Mar.
Mar.
Preferred
Feb.
Mar.
Apr.
May
Apr.
Feb. 13
Feb. 29
Mar.
8
Mar.
10c
SIX
SIX
Mar.
Smith (H.)
Standard Oil Co. of Ohio
Mar.
t20c
5
Mar.
preferred (quar.)
(quar.)
Apr.
60c
5
Mar.
Mar.
May 1.
Sloss Sheffield Steel & Iron
$4 X pref.
Mar. 12*
Mar.
15c
preferred (quar.)
Mar.
Mar. 16
30c
SIX
(irregular)
Sioux City Stockyards (quar.)
SIX partic. preferred (quar.)
SIscoe Gold Mines, Ltd. (quar.)
Skelly Oil Co. preferred (quar.) —
If SEC approves proposed financing plan of
company, pref. stock will be retired as of
Mar. 14
(irregular)
Dyewood Corp., pref. (quar.)
Biscuit Co. of America preferred (quar.)
Bond & Share, Ltd. (quar.)
Mar.
t$3 X
|20c
(interim)
Mar.
Mar.
12 He
50c
Drill Co
10c
•
Mar. 15
Apr.
Mar.
5
United Light & Railways
Mar. 15
10c
Simonds Saw & Steel Co.
Mar.
10c
Mar. 21
SIX
Inc
Shattuck (Frank G.) Co
Shell Union Oil pref. (quar.)
Sheller Manufacturing Corp
Sherwin-Williams (Canada) preferred
Silverwood Dairies, Ltd., partic. preferred
Seeman Bros.,
5
Mar.
75c
-
5
Mar.
25c
Co. (quar.)
1
Mar.
Mar.
Mar.
75c
Seaboard Oil of Del. (quar.)
Mar.
Mar.
United
Preferred
1
Apr. 20
Apr. 20
Mar. 15
Apr.
Mar.
Mar.
Mar.
United Elastic Corp
United Gas & Electric Corp.
8
25c
25c
Scranton Lace Co
pref. (qu.)
Quarterly
Quarterly
29
Mar.
8
7% pref. (quar.)..
Gas Improvement (quar.)
8
Mar.
Mar.
Mar.
1
Mar.
34c
25c
United
40c
Mar.
Mar.
(semi-annual)
F'ood Stores. Inc. (quar.)
Cumulative conv. preferred (quar.)
Mar.
S1.12X May
$1
May
Mar.
Mar.
S1H
Preferred
Mar. 18
SIX
5X% preferred (quar.)__
Co., common (quar.)
$4.50 preferred (quar.)
$4 preferred (quar.)__
Scovill Mfg. Co
Scott Paper
1
Mar.
Mar.
S3 H
37 He
50c
Union Premier
Union Twist
Feb.
Mar. 11
15c
United-Carr Fastener Corp.
Mar.
26
7
Mar.
10c
preferred (quar.)
Mar. 18
Mar.
Mar.
75c
Williams Steel Forging
Mar. 18
25c
Schlff Co. (quar.)
6% cumul. partic.
8
26
Feb.
Mar.
25c
Salle Street Corp. (quar.)
Udylite Corp
Preferred (quar.)
Underwood Elliott Fisher Co. (quar.)
Union Carbide & Carbon Corp—
Union Gas Co. (Canada) (quar.)
Union Investment Co
7.6% preferred (quar.)
Union Pacific RR
Mar. 15
Feb.
Mar.
25c
208 So. La
May
Apr.
50c
Bend & Southern RR_
Simon (H.) & Sons
Preferred (quar.)
Dec.
$1X
$1%
Co., lnc
5% preferred (s.-a.)
:
Safeway Stores, lnc
7% preferred (quar.)
6% preferred (quar.)
5% preferred (quar j
Savannah Electric <fc Power 8% pref.
7H% preferred B (quar.)
7% preferred C (quar.)
Sears, Roebuck &
Timken-Detroit Axle (quar.)
Sept. 20
Dec.
25c
(quar.)
Safety Car Heating & Lighting
St. Joseph Lead (quar.)
St. Joseph South
June 20
Oct.
10c
——
Mar.
25c
pref. (quar.)
1 Mar. 22
Mar. 20
10c
Sabin Bobbins Paper
35c
SIX
Roofing Co., Inc., $1.40 conv.
Common-.--
Apr.
Apr.
July
10c
Quarterly
Quarterly
Quarterly
Robertson (H. H.)
Rochester Telephone Corp, (quar.)
6X% preferred (quar.)
Roeser k Pendleton, Inc. (quar,)
Roos Bros., Inc. (quar.)
Roeser & Pendleton, Inc. (quar.)
Rubenstein (Helena), Inc., common—
(25c. and 25c. special)
Class A (quar.)
Rustless Iron & Steel
Preferred
Tilo
Mar. 30 Mar. 15
10c
Risdon Mfg. Co. 7% preferred (quar.)Roberts' Public Markets, Inc. (quar.)-_
Payable of Record
Share
Company
Holders
When
Per
Name of
Payhbleiof Record
Share
Company
Holders
When
Per
Name of
1940
9,
1 July
29
1
15
15
15
15
15
15
Mar. 15 Feb.
29
Mar. 15 Feb.
Mar. 20 Feb.
29
29
Mar. 20 Feb.
29
Mar. 20 Feb.
29
Apr.
1 Mar. 11
Apr.
Apr.
1 Feb.
15
1 Feb.
15
Apr.
Apr.
1 Mar. 15
2
1 Mar.
Mar. 25 Mar. 12
1 Mar.
2
Mar. 15 Mar.
1
Apr.
closed for this dividend,
accumulated dividends.
Payable in Canadian funds,
deduction of a tax of 5% of the
and in the case of non-residents of Canada
amount of such dividend will be made.
Volume
150
The Commercial & Financial Chronicle
Condition of the Federal Reserve Bank
of
New
The
Weekly Return of the New York City
Clearing House
York
following shows
the condition of the Federal Reserve
New York at the close of
business Mar. 6, 1940,
Bank of
The weekly statement issued
by the New York City
Clearing House on Friday afternoon is given in full below:
in comparison with the
previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF
ASSOCIATION
.
Afar. 6. 1940
Assets—
on
8,
by U. S. Govt,
direct and guaranteed
1,540,000
89,821,000
1,540,000
90,691,000
l,064,00o
120,654,000
open market-Industrial advances
U. 8. Govt,
securities, direct and guar¬
anteed:
•„
National City
Surplus and
CLEARING
HOUSE
Net Demand
Time
Undivided
Capital
...
Bills
Total U. 8. Government
securities,
direct and guaranteed
Bank
Deposits,
Devosits,
Average
Average
234,000
888,000
2,050,000
3,851,000
Other assets
Cent Hanover Bk&Tr Co
t
215,000
2,049,000
408,181,000
344,156,000
752,337,000
500,000
25,000,000
6,000,000
5.000.000
12,500,000
7,000,000
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
724,663,000
756.983.000
4,000,000
100,270,000
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co..
New York Trust Co
237,660,000
343,525,000
143,478,000
752,337,000
10,000,000
50,000,000
Chase National Bank
Fifth Avenue Bank
7,000,000
729,617,000
Totals
17,000
63,000
3,299,000
159,076,000
9,876,000
19,015,000
2,911,000
143,405,000
9,005,000
14,372,000
*
As
per official
Includes
reports:
6 (Feb. 20)
208 ,594,000
508 ,670,000
13,887,000
39.638,000
172,019,000
a2,202 ,468,000
682 759,000
62,040 765,000
634 ,548,000
cl,061 ,612,000
294 ,381,000
4,855,000
77,641,000
99,581,000
50,288.000
28,152,000
1.838,000
4,734,000
667 ,889,000
635 ,665,000
70 ,538,000
1,599,000
d2,882 ,784,000
38,517,000
53 ,155,000
4,647.000
el,111 ,089,000
39,156,000
13 ,889,000
2,177,000
129 ,862,000
2,943,000
402 ,108,000
28,227,000
102 ,770,000
2,058,000
87 ,067,000
51,804,000
925,016,000 13,790,613,000
518,887,000
companies, Dec. 30,
663,761,000
National, Dec. 30, 1939; State, Dec. 30, 1939; trust
1939.
deposits
in
$70,345,000;
$19,846,000.
8,981,042,000 8,963,356,000 6,564,336,000
...
15,000,000
First National Bank
17.000
....
42,117,000
21,000,000
Irving Trust Co^
Continental Bk & Tr Co.
1.981,000
147,223,000
9,858.000
19.212.000
banks
90,000.000
Corn Exch Bank Tr Co.
2,596,000
.
13,931,000
26,512,700
67,518,600
56,744,100
184,702,000
40,151,100
72,745,600
19,065,100
109,480,000
53,188,800
4,409,900
133,291,800
3,922,200
81,047,700
2,515,700
9,395,300
27,959,100
8,525,000
9,910,300
20,000,000
Guaranty Trust Co
Manufacturers Trust Co
654,000
755,385.000
Bank premises
6,000,000
20,000,000
77,500,000
Chem Bank & Trust Co.
190,000
2,406,000
408,181,000
344,156,000
Notes
Total assets
YORK
THURSDAY, MAR. 7, 1940
%
Bank of New York..
Bank of Manhattan Co.
999,000
discounted
bought In
Uncollected items
NEW
Profits
*
Members
145,000
854,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other
THE
OF BUSINESS
*
Clearing House
obligations
Other bills discounted
Bonds
CLOSE
1939
$
8.047,366,000 8,015,090,000 5,664,963,000
Seemed
bills
1940 Mar.
$
AT
7,956.005.000 7,922.859,000 5,543,245,000
Total reserves
Bills discounted:
Total
28,
hand and due from
United States
Treasury.*
Redemption fund—F. R. notes
Other cash t
Bills
Feb.
$
Gold certificates
1549
foreign
c
branches as follows:
a (Feb.
24) $247,284,000;
(March 7) $3,598,000; d (Feb. 29) $68,013,000; e
(Feb. 21)
Liabilities—
F. R. notes in actual circulation
1,254,079,000 1,243.073,000
Deposits—Member bank
THE
993,062,000
reserve acc't.. 6,945,742,000
6.921,582,000 4,786,653,000
U.S. Treasurer—General
account
118,303,000
137.109,000
241,174,000
Foreign bank
125,649,000
280,897,000
Other deposits
Total deposits
Deferred availability items
Other liabilities, incl. accrued
dividends
133.509.000
265.369.0001
91.440,000
189,250,000
each
725,000
758,000
Sst.,
51,105,000
53,326,000
7,109,000
10.080,000
Other capital accounts.
Total liabilities and
capital accounts..
Ratio
F.
of
total
reserve
to
make
deposit
10,027.000
92.2%
Wed.,
Thurs.,
Fri.,
Mar. 6
Mar. 7
Mar. 8
43/9
104
52,463,000
92.1%
1,752,000
Reserve bank notes.
bank's
Hudsons Bay Co
Imp Tob of G B & I—
Loudon Mid Ry
Federal
Royal Dutch Co
Shell Transport
Swedish Match B
certificates given by the United States
Treasury for the gold taken
over from the Reserve
banks when the dollar
was, on Jan. 31, 1934, devalued from
100 cents to 59.06
cents, these certificates being worth less to the extent of
the
difference, the difference itself having been
appropriated as profit by the Treasury
under the provisions of the Gold Reserve
Act of 1934.
'
36/6
£7%
66 /3
16/10%
26/7%
9/4%
16/10%
26/7%
26/7%
125/-
125/-
125-
£20
£21%
80/-
80/-
80/-
£7%
£77w
£14%
£22%
80/£7%
£14%
£15
92/-
£33%
80/10/-
92,6
£33%
80/7%
10/26/10%
20/9
26/9
20/6
20/6
£4 %
£4%
£4%
Witwaterarand
Areas
48/1%
£7%
66/6
9/6
26/7%
125/—
£19%
£7%
27/-
Vlckere
West
9/4%
92/3
81/3
10/-
£13%
39/9
36/9
£7%
66/9
16/9
£15
£33 Ml
United Molasses
9/9
16/9
£7Jie
£15%
92/6
Rio Tlnto
are
17 /-
26/434
125/£19%
80/-
Metal Box
2,672,000
own
£7%
66/9
43/6
103/1%
£61
£13%
48/1%
48/9
36/10%
8/10%
Closed
43/6
103/1%
£61
£13%
37 /6
Rolls Royce
or a
£13%
50/-
50/-
Rand Mines
1,684,000
9
£7%
67/-
Electric & Musical Ind
Ford Ltd
89.9%
103
£61%
£13 %
Distillers Co
7,457,000
8,134,000
/4%
43/6
103/9
£61%
£63
De Beers
ad¬
t "Other cash" does not Include Federal
Reserve notes
These
Tues.,
Mar. 6
43/9
Cons Goldflelds o£ S A.
Courtaulds S & Co
and
industrial
vances
x
50,956,000
8,981,042,000 8,963,356.000 6,564,336,000
R. note liabilities combined
to
51,148,000
53,326,000
7,109,000
Mon.,
Mar. 4
Cable & W ord
Central Mln & Invest—
Capital Accounts—
Capital paid in
received by cable
as
Mar. 2
Boots Pure Drugs
British Amer Tobacco.
1,135 000
8,859,422,000 8,841,746,000 6,445,326.00
Surplus (Section 7)
Surplus (Section 13-b).
EXCHANGE
day of the past week:
7,470.591.000 7.457.569,000 5,308,517,000
134,027,000
140.346,000
142,612.000
Total liabilities
Commitments
LONDON STOCK
Quotations of representative stocks
92/6
£33%
80/7%
10/26/6
20/3
£4%
£33%
78/9
10/1%
26/7%
20/3
£4%
I
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
reporting member banks in 101 leading cities from which weekly returns are
obtained.
These figures are
always a week behind those for the Reserve banks themselves.
The comments of the Board
of Governors of
the Federal Reserve
System upon the figures for the latest week appear in our
department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and
Chicago reporting member banks for a week later.
items of the
resources
Commencing with the
and liabilities of the
statement of May 19.
1937, various changes were made in the breakdown of loans
as reported in this statement, which were
Federal Reserve Bank of New York of
April 20. 1937. as follows:
confined to the classification of loans and
discounts
This classification has been
changed primarily to show the
amounts of (1) commercial, industrial
and agricultural loans, and
(2) loans (other than to brokers and dealers) for the
purpose of purchasing or carrying
securities.
The revised form also eliminates the
distinction between loans to brokers and dealers
in securities located in New York
City and those located
outside New York City.
Provision has been made also to include
"acceptances of own bank purchased or discounted" with
"acceptances and commer¬
cial paper bought in open market" under the
revised caption "open market
paper." instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known
that the new items
"commercial, industrial and agricultural loans" and "other loans'!
would each be segregated as "on securities"
and "otherwise secured and unsecured."
A more detailed
explanation of the revisions was published in the
May 29. 1937. issue of the "Chronicle," page 3590.
described in
an
announcement of the
The changes in the report form
are
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS IN 101 LEADING CITIES
BY DISTRICTS ON FEB.
28, 1940 (In Millions of
Federal
Reserve Districts—
ASSETS
Loans and Investments—total
Loans—total
Total
Boston
$
New York
Phila.
Cleveland Richmond
Atlanta
Chicago
81. Louis
%
%
%
Minneap.
Kan. Cily
Dallas
%
%
%
Dollars)
San Fran,
%
%
$
$
23,268
1,169
9,665
1,164
714
8,528
1,931
627
609
3,401
690
3,263
433
421
686
635
684
263
309
911
331
189
296
271
981
343
*
%
2,253
Commercial, Indus, and agrlcul. loans
4,324
292
Open market paper
Loans to brokers and dealers in secure.
Other loans for purchasing or carrying
1,765
197
259
332
115
167
67
537
119
193
99
25
177
180
9
17
4
37
11
4
20
2
17
22
2
6
39
6
1
4
3
20
Real
estate loans
609
21
462
24
478
securities
19
215
31
25
1,185
Other loans
Treaury bills
Treasury notes
United States bonds
Obligations guar, by U. 8. Govt
81
198
50
1
46
1
458
647
11
207
1,735
41
752
15
2
128
m
11
72
12
7
10
41
174
52
1,548
Loans to banks
31
114
52
10
28
1
m
1
14
47
22
384
mmmm*'
-
93
193
73
89
2
342
14
30
31
10
19
176
177
28
287
34
35
68
44
62
156
114
1,076
137
116
102
92
715
112
67
'
6
6,469
333
2,637
339
652
2,421
54
1,347
99
124
53
68
57
50
*
71
283
170
6
3.468
121
1,459
71
274
19
51
289
181
65
10,390
103
479
502
6.360
103
44
443
142
58
561
308
184
480
142
123
100
1,212
241
186
131
45
375
Balances with domestic banks
21
95
23
14
3,104
175
64
217
12
223
7
16
12
334
210
24
Other assets—net
1.261
220
81
553
198
495
93
88
318
292
100
271
38
48
81
23
16
23
29
239
1,006
1,078
Other securities
Reserve with Federal Reserve Bank..
Cash In vault
68
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic
banks
Foreign banks
Borrowings
Other liabilities
Capital accounts
19,414
•
1.188
9,644
954
1,329
498
404
5,290
235
2,614
488
1,032
294
262
623
746
472
200
571
190
956
14
64
190
119
54
147
47
32
135
44
134
17
2
24
31
108
368
162
429
269
311
1
8,085
323
3,543
433
456
308
732
290
20
673
1,193
5
1
1
1
9
rnmmmmm
1
20
692
21
271
16
15
33
10
3,719
245
19
1,610
6
215
7
377
3
97
4
93
386
287
95
69
103
87
352
mrnrnmmm.
mmmrnmm
mmmm
mmmm
mmmm
m
The Commercial &
1550
Weekly Return of the
The
following
1940
Federal Reserve System
Board of Governors of the
issued by the Board of Governors of the
was
March 9,
Financial Chronicle
Thursday afternoon, Mar. 7,
Federal Reserve System on
results
corresponding
Federal
Reserve banks at the close of business on Wednesday. The first table presents the
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of *lCurrent Events and Discussions."
showing the condition of the 12
RESOURCES AND LIABILITIES OF THE
COMBINED
(000) Omitted
Thru Ciphers
FEDERAL RESERVE BANKS AT THE
6,
1940
^
Feb. 21.
1940
Feb. 14,
1940
f
I
*
$
Gold etfs. on
Total reserves
15,793,621
9,574
15,739,122
15,674,618
15,610.619
9,572
356,186
367,455
9,430
369,498
10,118
384,791
10,118
387,624
16,234,379
S. Treas.x.
(Federal Reserve notes)
hand and due from U.
Redemption fund
Other cash *
1940
16.170,650
16,118,050
16,069,527
-
%
Mar.
Jan. 10,
Jan. 17,
1940
S
Jan. 24,
31,
8,
1939
1940
$
S
12,183,719
15.552.120
9,335
15.483,120
15,433,121
15,384,025
8,602
9,385
413,222
413,173
386.451
9,903
370,419
10,130
415,243
15,974,677
15,904,895
15,828,957
15,764,347
12,609,092
16,017,361
15,868,621
1940
Jan.
Feb. 7,
1940
ASSETS
CLOSE OF BUSINESS MARCH 6, 1940
$
Feb. 28,
1940
$
Mar.
Bills discounted:
Secured by
Total bills
455
520
558
644
593
1,696
512
741
606
470
5,338
6,168
6,388
6,357
6,303
6.236
6,167
6,264
1,649
2,607
U. 8. Government obligations,
guaranteed
discounted
direct and fully
Other bills
6,784
6,946
7,001
6,896
6,842
3,345
14,122
2,977
6,679
6,079
6.623
lb"404
lO",704
lb", 427
"ib",434
10*485
"lb",373
ib'.sii
"lb",893
10,843
1,344,045
1,133,225
1,344,045
1,344,045
1,133,225
1,344,045
1,133,225
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,564,015
2,477,270
2,494,327
2,494,539
2,494,589
2,495,182
2,495,059
2.494,955
2,582,035
2,494,653
2,493,776
discounted
553
Bills bought In open
market
Industrial advances
United States
Government securities, direct and
guaranteed:
Bonds
—
—
N"OteS«
„«•» — »
Bills
840,893
1,215,466
507,656
-
Total U.
and
S. Govt, securities, direct
guaranteed—
......
Foreign loans on gold
-
Total bills and securities
Gold held
—
abroad
Due from foreign
47
47
47
47
""""47
banks
-
20,003
21,273
636,295
792,040
22,084
598,495
26,266
640,571
41,771
63,931
41,792
41,792
62,895
61,460
24,626
625,068
41,808
61,973
—
.«
premises
Other assets
-
64,759
a
—
accrued dividends......
Total liabilities
19,222,788
19,169,375
19,184,824
4,860,778
4,846,468
4,836,768
4,832,101
4,827,752
4,849,757
4,886,229
4,343,566
4,858,677
12,019,594
574,794
395,767
282,519
11,829,930
655,434
8,984,989
1,101,562
255,935
13,272,674
711,207
10,596,599
1,498
13,162,115
609,799
1,518
12,367,086
535,988
353,533
377,032
13,633,639
594,538
3,098
380,844
363,381
12,150,709
13,623,425
13,552,919
596,109
3,140
606,706
2,733
12,149,576
631,565
392,526
340,677
354,865
12,096,727
642,138
12,240,683
595,990
361,381
12,317,794
561,406
388,173
354,408
649,441
407.313
315,284
13,526,050
755,965
13,470.873
575,359
2,867
2,415
621,950
1,991
18,819,415
18,835,136
18,659,661
15,496,557
135,954
151,720
26,839
35,447
135,936
151,720
.26,839
35,193
136,041
151,720
26,839
35,346
134,948
15,840,746
19,131,350
18,885,415
18,872,569
136,074
151,720
26,839
36,395
136,081
151,720
26,839
136,075
136,093
151,720
26,839
35,899
136,093
151,720
26,839
35,711
136,008
151,720
26,839
35,652
-
Surplus (Section 13-b)
Other capital accounts
36,195
•
•
32,825
19,373,873
19,481,901
19,235,778
19,222,788
19,169,375
19,184,824
87.5%
87.4%
87.3%
87.3%
8,638
87.5%
8,350
87.5%
8,376
8,395
8,294
8,403
12,570
8,966
87.5%
8,361
84.4%
87.5%
2,247
773
3,632
1,641
1.038
1,580
2,269
4,556
1,608
135
205
176
45
3,995
1,191
932
796
1,468
181
226
244
260
3,818
3,708
3,717
5.199
279
355
377
403
376
247
1,119
198
1,563
3,814
149
205
197
243
295
365
464
307
148
6,623
6,784
6,946
7,001
6,896
6,842
3,345
Bills and
discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
—
:•
1,126
.....
"
157
—
2,977
Total bills discounted
1-16 days bills
open market
6,079
6,679
821
978
open market
16-30 days Mils
346
97
152
-
open market
304
open market
in open market
'
......
,
-.
553
"
"
"
market
Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days Industrial advances
Total bills bought in open
"
1,493
"1,587
"i~468
"l",435
l",439
~l"484
"1,468
l",470
1,407
2,231
415
59
171
215
159
149
97
105
154
419
339
491
501
392
523
178
275
283
205
283
292
331
184
493
503
500
522
202
157
1-16 days
8,180
8,069
8,568
8,535
8,555
10,928
10,485
10,373
10,911
10,893
10,843
8,000
8,284
7,995
8,061
10,404
Total industrial advances—
U. S. Govt, securities,
27,264
19,432,186
Short-Term Securities—
1-16 days bills
bought In
bought in
31-60 days bills bought In
61-90 days bills bought In
Over 90 days bills bought
149,152
87.6%
industrial advances
Maturity Distribution of
•
19,471,590
liabilities combined
Commitments to make
1
3,336
19,009,607
Ratio of total reserves to
Reserve note
•
553,056
9,126
capital accounts
deposits and Federal
Total liabilities and
151,720
26,839
36,103
254,113
13,367,722
19.023,136
—
409.375
267.376
616,701
2,153
19,081,351
Capital paid In
12,147,656
507,485
412,567
300,014
13,421,614
19,120,562
«...
CAPITAL ACCOUNTS
Surplus (Section 7)
51,687
4,889,287
ailability items
Other liabilities, incl.
15,840,746
19,235,778
deposits
Total deposits...
19,009,607
19,481,901
Foreign banks
Deferred
41,711
60,703
19,382
19,373,873
actual circulation
Deposits—Member banks' reserve account...
United States Treasurer—General account..
Other
535,646
42,735
•
19,432,186
LIABILITIES
Federal Reserve notes in
169
30,623
618,796
41,735
59,104
47
27,895
19,471,590
-
-
47
731,253
41,736
59,877
47
21,582
638,754
41,741
—-—-
Uncollected items
Total assets
47
19,935
619,180
41,703
65,695
—
—
banks
Federal Reserve notes of other
Bank
2,490,651
10,704
10,427
10,434
direct and guaranteed:
342
14,122
101,710
1-16 days
52,010
16-30 days
-
115,848
31-60 dayR
193,788
61-90 days
Over 90 days
2,477,270
Total U, S. Government
2,477",270
2,477",270
2,477",270
2,477",270
2,477,270
2,477,276
2,477*,270
2,477*270
2,100,659
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477.270
2,477,270
2,564,015
5,210,592
5,180,520
316,856
5,160,100
323,332
5,164,940
332,839
5,178,093
350,341
5,204,261
354,504
5,227,565
341,336
4,624,142
321',843
5,166,486
305,708
5,163,324
321,305
....
4,832,101
4,827,752
4,849,757
4,886,229
4,343,566
securities, direct
and guaranteed
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank
Held by Federal Reserve
by F. R. Agent
Bank
4,889,287
4,858,677
4,860,778
4,846,468
5,323,500
5,313.500
5,298,500
5,298.500
5,305,000
723
1,068
1,296
1,152
5,309,000
1,307
5,309,000
1,390
5,329,000
1,423
5.341,000
1,374
4,768,000
615
5,324,115
In actual circulation
5,314,223
5,299,568
5,299,796
5.306.152
5,310,307
5,310,390
5,330 423
5.342,374
4,770,977
Collateral Held by Ayent as Security for
Notes Issued to Bank—
Gold ctfs. on hand and due from
U. S. Tieas..
By eligible paper.
United States Governmeut securities
Total collateral
*
"Other cash"
*
These are certificates given by the United States Treasury
cents on Jan.
280,576
4,836,768
does not include
Federal Reserve notes.
provisions of the Gold Reserve Act of 1934.
banks when the dollar was devalued from 100 oents to 60.08
difference, the difference itself have been appropriated as profit by the Treasury under
for the gold taken over from the Reserve
31, 1934, these certificates being worth less to the extent of the
2,977
Volume
ISO
The Commercial <fc Financial Chronicle
Weekly Return
1551
of the Board of Governors of the.
Federal Reserve
WEEKLY STATEMENT OF
RESOURCES AND LIABILITIES
OF EACH
OF
THE
12
FEDERAL RESERVE
Three Ciphers
(000) Omitted.
Federal Reserve Agent at—
and
from
Total
Boston
New York
Phila.
$
ASSETS
certificates on hand
Gold
$
%
$
Cleveland Richmond
$
due
United States
Treasury.
15,868,621
Redemption fund—Fed. Res. notes..
9,572
878,990 7,956,005
_
Other cash
647
16,234,379
991,934
$
412,723
631
934
768
28,751
25,806
22,632
89,821
909,405 8,047,366
Chicago
$
831,127
1,540
29,768
356,186
Total reserves
Bills discounted:
Atlanta
%
860,509 1,018,674
St. Louis Minneap. Kan. City
$
306,482 2,407,278
'
$
408,223
782
1,149
45,984
470
discounted........
664
327,650 2,454,411
661
9,528
423,726
258,892
S.
Govt,
1,406
1,344,045
1,133,225
372,524
41
10
59
886,260
25
«
4
43
106
198
252
238
86
112
263
79
56
263
312
251
127
122
322
79
81
263
110
241
3,097
318
925
801
330
186
119
482
691
39,771
33,533
62,897
51,196
53,031
43,167
110,797
93,418
2,049
96,123
408,181
110,221
137,084
68,145
81,047
344,156
54,495
92,934
144,872
60,273
115,581
57,447
45,945
122,148
50,818
securities,
direct and guaranteed..
2,477,270
752,337
203,155
252,665
125,582
100,440
267,020
111,091
73,304
115,928
94,363
204,215
178,646
755,385
206,564
47
Fed. Res. notes of
other banks.
Uncollected Items
177,170
2,490,651
Total bills and securities
Due from
foreign banks
Bank premises
Other assets
13
302
.
999
70
10,404
..II"
60
13,771
238,839
18,546
848,789
1,117
36,354
377
14,839
$
224,766
854
2,977
Industrial advances
U. 8. Govt,
securities, direct & guar.:
Bonds
Notes
U.
145
2,507
Total bills discounted.
Total
70
San Fran
$
353,601
Secured by U. S. Govt,
obligations,
direct and guaranteed
Other bills
Dallas
$
248,703
'
20,386
436,123
System (<Concluded)
BANKS AT CLOSE OF BUSINESS MAR.
6, 1940
253,234
3
126,634
18
101,363
5
4
267,672
111,170
73,571
2
116,310
2
94,955
205,147
1,829
26,601
19,935
558
1,981
828
1,405
619,180
2,766
58}247
2,880
147,223
49,561
68,744
41,703
50,510
65,695
4,393
19,211
9,858
4,551
5,476
5,523
7,255
1
See
1
a
1,379
15,642
2,027
2,246
2,615
6,716
2,808
462,087 2,823,116
622,398
1,920
27,652
569,523
2,532
3,831
19,471,590 1,154,132 8,981,042 1,127,494 1,354,839
...
Total assets
6
2,882
88,050
3,379
1
4
1,578
741
2,068
29,328
28,597
1,391
29,025
3,213
1,165
2,938
1,978
2,967
2,653
5,792
352,853
525,618
367,682 1,130,806
LIABILITIES
F. R. notes In
actual circulation
4,889,287
403,480 1,254,079
345,288
454,329
218,391
159,269 1,072,007
191,673
141,053
183,680
81,074
384,964
12,367,086
535,988
593,321 6,945,742
43,348
118,303
25,350
125,649
6,389
280,897
595,645
703,654
53,919
32,862
295,474
23,942
221,521 1,465,367
21,991
105,057
286,307
151,080
23,600
271,202
213,859
623,914
22,026
22,056
Deposits:
Member bank reserve
account...
U. S.
Treasurer—General
account-
Foreign banks
353,533
Other deposits
377,032
Total deposits
13,633,639
Deferred availability Items
Other
liabilities, incl.
668,408 7,470,591
Total liabilities....
10.507
12,367
42,402
33,312
10,601
3,424
9,255
7,774
6,291
10,247
8,410
394
10,601
2,299
25,140
25,857
18,923
264,289 1,616,250
15,194
4,151
699,660
800,942
338,761
339,475
188,745
303,869
248,815
693,834
57,633
134,027
49,455
66,216
297
594,538
3,098
accrued diva
43,294
34,629
26,092
49,925
725
25,665
435
342
89,774
27,460
13,782
85
27,458
119
26,499
378
26,644
72
138
230
110
167
449,342 2,778,409
558,680
343,718
515,237
19,120,562 1,129,818 8,859,422 1,094,838
1,321,829
607,162
356,498 1,105,609
#-
CAPITAL ACCOUNTS
Capital paid in
51,105
10,405
53,326
2,874
36,395
.1
Other capital accounts
9,340
151,720
26,839
Surplus (Section 7)
Surplus (Section 13-b)__
136,074
1,695
7,109
10,080
11,909
14,198
4,393
2,156
14,004
1,007
3,676
Total liabilities and
capital accounts 19,471,590
1,154,132 8,981,042 1,127,494 1,354,839
to make Indus,
advs..
9,126
356
1,684
711
1,119
Commitments
*
"Other cash" does not
Include Federal Reserve notes,
a
5,265
5,247
3,246
1,478
14,323
Federal Reserve notes:
Issued to F. R. Bank
Total
5,210,592
321,305
Held by Federal Reserve
Bank
In actual circulation
Collateral held by Agent
4,889,287
r_
as
Phlla.
5,324,115
Mar. 13 1940
3 1940
April 10 1940
April 17 1940
April 24 1940
1,685
6,869
1,490
2,024
1,249
1,850
462,087 2,823,116
569,523
352,853
525,618
151
61
492
18
20
70
Atlanta
$
Chicago
St. Louis
$
144,856
439,259
3,803
192,721
9,041
89,990
10,534
8,916
54,295
218,391
159,269 1,072,007
191,673
141,053
183,680
81,074
384,964
250,000
175,000 1,130,000
209,000
147,500
195,000
91,000
464,000
37
205
147,537
195,205
91,000
464,000
454,329
375,000
482,000
375,116
42
482,000
250,042
175,000 1,130,000
8
THE
209,000
PARIS
each
Asked
5 1940.
i
Mar.
Banque de France
point.
8,110
of
June
15 1940...
Dec.
15 1940...
Mar. 15 1941...
June
15 1941...
Dec.
15 1941...
Mat. 15 1942...
1H%
1^%
IH%
1H%
1H%
1H%
Maturity
100.25
100.27
102
Dec.
102.8
102.10
June
102.10
Dec.
15 1943...
102.20
102.20
103.20
103.22
Bid
2%
l%%
lVs%
iy*%
i%
>A%
1%
H%
15 1942...
15 1943...
102.8
Mar. 15 1944...
June 15 1944
THE
BERLIN
15 1945...
STOCK
Closing prices of representative
each day of the past week:
2
Allgemeine Elektrlzltaets-Gesellschaft
(6%) 138
Commerz'und Privat-Bank A.
Deutsche Bank (6%).
G.
6%
Deutsche Reichsban (German
Rys.) pf.
Dresdner Bank (6%)
Farbenindustrie I. G.
(7%)
Relchsbank (new shares)
Siemens & Halske (8%)
Vereinlgte Stahlwerke (6%)
7,900
965
962
485
489
17,330
16,820
16,850
16,705
16,745
622
610
610
605
2,085
2,055
2,050
525
510
520
788
782
780
778
779
230
Comptoit Nationale d'Escompte
Coty S A
609
2,085
540
......
233
235
232
234
252
255
250
Credit Commercial de France
Credit Lyonnals
528
104.20
245
248
524
523
530
538
1,640
1,660
1,635
1,652
270
274
275
<■
1,695
Closed
635
618
610
829
826
1,621
1,617
1,625
954
955
855
960
976
991
1,006
1,012
955
950
•
955
39
102.28
102.30
Rentes, Perpetual 3%
4 u.%
36
1,934
74.00
Pechiney
103.2
102.1
610
831
1,629
936
103
101.31
609
837
1,639
Orleans Ry (6%)
Pathe capital
104.22
520
843
105.2
105
968
2,145
Cle General d'Electricite.__
Citroen B
Lyon (P L M)
1,913
1,895
1,890
1,895
73.60
73.75
73.60
73.50
36
35
35
83.90
83.65
83.55
83.70
83.60
113.80
113.70
113.45
113.30
113.25
2,490
2,480
2,500
2,510
2,531
100.31
101.1
102.3
102.5
Saint Gobaln C & C
100.25
100.27
Schneider & Cle
1,680
5%, 1920
1,660
1,665
1,680
1,672
as
received by cable
Mar.
Mar.
Mar.
Mar.
4
5
6
7
65
65
65
64
64
1,176
1,168
1,175
1,158
1,163
642
641
648
647
Tubize Artificial Silk pref
Union d'Electricite
EXCHANGE
647
83
80
77
78
77
420
415
410
409
410
42
41
41
42
41
the
New
Wagon-Llts
8
Mar.
United
140
139
141
137
137
169
(8%)
7
Franca
492
Asked
-Per Cent of Par
Berliner Kraft u. Llcht
7;925
Thurs.,
Mar.
Societe Marseillaise
stocks
Mar.
8,005
6
Francs
962
Societe Generale Fonclere
Soclete Lyonnalse
Sept.15 1944...
Mar.
8,060
NordRy
Sept. 15 1942...
101.30
,
Wed.,
5 Mar.
Francs
490
L'Alr Llqulde..
Rate
Francs
990
Kuhlmann
Int.
Asked
Tues.,
Mar., 4 Mar.
499
Energle Electrique du Nord....
Energle Electrlque du Littoral..
Int.
Mon.,
2
Francs
Banque de 1'Unlon Parlslenne...
32ds
more
received by cable
Bank de Paris et Des Pays Bas
•
Bid
Sat.,
Mar.
1
Francs
Courrleres
or
as
day of the past week:
Fri.,
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Mar. 8
Rate
BOURSE
Quotations of representative stocks
May 29 1940.
$
202,207
440,070 1,365,145
May 22 1940.
San Ft an.
$
172,270 1,118,041
13,001
46,034
116
May
1 1940.
May
8 1940.
May 15 1940.
Dallas
$
14,700
Quotations for United States
Treasury Notes—Friday*
Maturity
$
233,091
145
one
2,121
2,143
367,682 1,130,806
3,754
Minneap. Kan. City
$
Canal de Suez cap
Cle Dlstr d'Electricite
a
10,709
10,224
26,196
345,288
440,000 1,365,000
Figures after decimal point represent
1,266
480,525
Bid
June
3,974
21,042
403,480 1,254,079
Asked
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Mar. 20 1940
Mar. 27 1940
3,613
1,142
366,330
Treasury Bills—Friday, Mar.
Bid
4,094
3,152
1,001
STATEMENT
$
for discount at
purchase.
are
4,377
538
760
Cleveland Richmond
$
422,184 1,349,118
18,704
95,039
615
United States
April
5,323,500
paper
Total collateral
Rates quoted
New York
security
nor notes issued to
banks:
Gold certificates on hand
and due
from United States
Treasury
Eligible
Boston
2,958
4,709
Less than $500.
$
by F. R. Agent
13,585
22,824
1,429
4,106
713
5,725
622.398
FEDERAL RESERVE NOTE
Three Ciphers
(000) Omitted
Federal Reserve Bank
of—
4,622
170
171
170
170
171
110
110
111
•
111
111
114
115
115
115
128
128
129
129
Securities
on
page.
115
128
Government
Exchange—See following
111
115
7%.128
States
York Stock
110
110
110
110
111
111
180
181
181
181
182
182
106.
106
106
106
106
244
244
245
243
113
114
114
115
the
New
York
Stock
244
114
at
106
246
.113
Transactions
Daily, Weekly and Yearly—See page 1567.
Stock and
Bond
Average*—=See
page
1567.
Exchange.
March
1940
9,
1552
Sales—New York Stock Exchange
Stock and Bond
YEARLY
DAILY, WEEKLY AND
Pages—Page One
Occupying Altogether Sixteen
furnish
we
the transactions in Treasury, Home
daily record of
a
week.
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
Bond Prices
Daily Record of U. S.
120.12
120.15
f .12
1
L
I Close
Total sales in $1,000 units...
.
mmmm
114.24
114.27
114.20
mmmm
114.24
114.26
114.19
114.20
mmmm
114.24
114.26
5
2
1
2
mmmm
mmmm
units...
114.18
fHlgb
Low.
3^8, 1946-50
'
.
114.18
mm
•
mmmmm
mm
fHlgb
>
Low.
3HS. 1940-43
Close
101.23
mm
2 Ms,
101.13
1
101.12
103.24
103.24
I
1
103.24
mmmm
109.20
mmmm
109.20
mmmm
mmmm
1
mmmm
mmmm
1
Low.
mmmm
+
104.28
104.28
5
mm'm
109.30
109.27
109.28
109.28
109.30
109.27
109.28
109.28
15
1
7
1
110.13
110.12
110.12
110.11
110.11
110.12
110.11
110.13
110.12
110.12
mm—
fHlgh
| Low.
I Close
m
fHlgh
(Close
....
mmmm
....
111.25
I Close
111.25
Total sales in $1,000 units...
104.1
...{Low.
I
103.18
103.21
104.1
103.13
103.18
103.21
104.1
12
*1
8
Federal Farm Mortgage
fHlgh
I
1
mm
fHlgh
1
6
mmmm
mmmm
....
1
1
1
t
110.4
g
108.3
107.19
107.19
107.19
$1,000 units...
3
107.23
108.2
108.10
107.20
107.28
108.4
2
82
16
107.20
*1
1
5
3
104.21
104.22
104.25
104.21
104 21
104.21
109.17
109.11
109.17
109.11
109.17
109.11
25
1
'
•
^,mmm
m
25*8. 1942-44
104.21
104.22
104
104.21
104.22
104.25
[Close
101.31
101.30
4
I Close
1
*
107 TO
107T7
107*22
108.1
I
107.17
107.22
108
107.29
108.1
t Cash sale.
t Deferred delivery sale,
107*29
107.8
Odd lot sales,
Note—The
107.29
107.17
107.22
2
50
1
100.18
106.19
106.27
107
107.8
1
Treas. 45*s,
106.18
106.19
106.27
107
mmmm
107.8
1
Treas. 35*8, 1943-47.. 109.21 to
106.27
107
mmmm
107.8
1
of coupon
sales
only
includes
table
above
107.10
Treas.35*s, 1944-40.. 110.12 to 110.12
I#--' i
[Close
M Total sales in $1,000 units..
100.18
106.19
1
7
25
1
32
100.15
106.26
|I Low.
106.15
106.21
Close
106.15
106.26
$1,000 units...
11
mmmm
■
1947-52.. 120.10 to 120.10
109.21
1 Treas. 25*8.
2
194547.. 109.12 to 109.12
.107.24 to 107.24
Treas. 25*8, 1951-54.
14
mmmm
3
25*8, 1958-03
Transactions in registered bonds were:
bonds.
10
mmmm
fHigh
Total sales in
101.30
Total sales in $1,000 units..
109.5
1,000 units...
fc fHlgh
"J Low.
Total sales In
25*8. 1950-59
*3
101.30
101.31
101.27
J Low
mmmm
6
101.31
101.27
I Close
P"
3
101.27
3
fHlgh
mmmm
109.5
104
104.25
Total sales in $1,000 unUs.
IMS. 1945-47
109.5
'
'
107 28
104
{Low.
1
108.4
| Low
107.28
Close
107.26
fHlgh
2
5
fHlgh
*41
107 28
107.28
107.23
I
109.13
Total sales in $1,000 units...
25*8, 1951-54
107.26
107.23
107.23
Total sales in $1,000 units...
108.10
108.10
108.4
[Close
107.23
107.23
108.10
108.4
'
107.23
107.20
fHlgh
{Low.
3s, series A, 1944-52
109.13
fHigh
107.20
Home Owners' Loan
109.13
| Low.
,
25*8, 1948-51
«
....
108 TO
Total sales in $1,000 units...
close
Total sales in $1,000 units...
108.21
[Close
Imp
I
...
108*4*
fHlgh
Mi
J Low.
25*8, 1942-47
JL
4
107.20
| Low
W
fHlgh
110.10
107.20)
2Mb, 1945-47
p
Total sales in $1,000 units...
....
1 Close
Total sales in
Close
110.29
1
110.7
2
fHlgh
|I Low.
110.29
110T 4
110.4
108.10
*1
110.29
11*0*4"
108.9
108.4
Total sales in $1,000 units...
....
3s, 1942-47
•
mmmm
108.10
108.4
[Close
1
1
mm
108.4
-{Low.
3s, 1944-49
....
....
"""
fHigh
Close
Total sales in $1,000 units...
1
1
mm
27
{ Low.
35*8, 1944-04
1
111.23
111.23
1
1
Total sales in $1,000 units...
,
1
103.23
103.11
Total sales in $1,000 units'...
1
[Close
] Low.
105.4
3
103.18
111.23
1t11
{Low.
2Mb. 1955-00
105.4
105.3
111.20
EL
3s, 1951-55
105.3
111.20
D
fHlgh
fHigh
| Low.
1 C31ose
2
105.4
103.13
....
$1,000 units.
103.29
105.3
m m m
....
Total sales in
103 29
103.10
1
mmmm
....
111.25
38, 1946-48
103.10
103.6
mmmm
;m
J Low.
fHlgh
103.6
$1,000 units.._
2s, 1948-50
111.20
12
mmmm
| Low.
103.29
High
Total sales in
109.27
109.30
109.31
1
Total sales in $1,000 units...
3Ms. 1949-52
9
103.10
110.12
Total sales in $1,000 units...
Total sales in $1,000 units...
106.10
11
8
103.6
1
110.11
Close
33^8. 1940-49
2s, 1947
mmmm
2
109.31
109.28
Low.
106.16
fHlgh
| Low.
[ Close
104.28
109.28
16
fHlgh
106.2
$1,000 unUs...
mmmm
109.28
Total sales in $1,000 units...
3MS, 1944-46
104.28
■
105
Close
106.10
4
[Close
■
105
106.10
106.16
105.25
| Low.
2}*8, 1951-53
Total sales in
104.28
104.28
mmmm
106.20
105.28
Close
fHlgh
109.22
1
105
106.2
105.25
$1,000 units...
109.22
109.23
fHlgh
3^8, 1943-45
mmmm
■mmmm
105.26
109.22
109.23
Total sales in $1,000 units...
3^8, 1941
109.20
109.23
I
Total sales in
1
5
1
Low.
103.24
m+*mm
mmmm
106.4
106.1
fHlgh
2Mb, 1950-52
mmmm
mmmm
mmmm
103.26
103.26
106.4
106.1
$1,000 units...
103*24
106.4
106.1
Low.
Total sales in
1
103.24
103.26
Close
5
I CIOQQ
7"
'
3^8, 1943-47
108.31
Low.
1948
2Mb, 1949-53
mmmm
1
O
fHlgh
Low.
59
108.31
fHlgh
101.12
mum
101.13
Total sales in $1,000 units...
106.24
17
108.31
Total sales in $1,000 units...
101.12
101.23
Close
106.24
107
17
Close
101T3
[High
Low.
3^8. 1941-43...
106.28
106.28
83
fHlgh
mmmm
101,23
Total sales in $1,000 units...
106.18
106.14
Close
■
•
Total sales in $1,000 units—
106.10
106.4
Total sales in $1,000 units...
mmmm
mmmm
mmmm
mmmm
106.28
Low.
2Hs, 1945
114.18
Close
107.4
fHlgh
114.20
mm
106.28
Total sales in $1,000 units...
mmmm
8
Mar.
106.16
106.4
I Close
114.19
Low.
Total sales in $1,000
....
.
25*s, 1960-65
114.19
(High
4a, 1944-54
12
....
4 Mar. 5 Mar. 6 Mar. 7
106.4
fHlgh
Low.
120.15
{Low.
4Mb, 1947-52
Treasury
120.15,
120.12
(High
Treasury
Bond Prices Mar. 2 Mar.
Daily Record of U. S.
7, Mar. 8
0 Mar.
5 Mar.
4 Mar.
2 Mar.
Mar.
York Stock Exchange
Owners' Loan and Federal Farm Mortgage
Securities on the New
United States Government
Below
No
the only transactions of the day.
disregarded in the day's range, unless they are
for the year.
NOTICE—Cash and deferred delivery sales are
taken of such sales in computing the range
account is
106.26
'
106.24
United States Treasury
Bills—See previous page.
United States Treasury
106 24
Notes, &c.—See previous page.
51
New York Stock Record
Saturday
Wednesday
Tuesday
Monday
Mar
Mar. 2
Mar
4
Friday
$ per share
$ per share
$ per share
$ per share
$ per share
67U 67*2
69
685s
69
69
677g 687g
685g
*683g
69i4
1593g
1593g *135
1593g *135
1593« *136
*135
1593g *136
159% *135
4512
*41t4 45l2 *4H4 45l2 *41U 45i2 *41*4 45l2
*4114 45l2 ♦41U
48
*46
48
48
48
*47
48
48
*46
*46
48
*46i2
*734
77s
77g
758
778
77g
75g
77«
*784
*784
*7Sg
77g
235g
24
23i2 24
233g
2212
22
22
2214
22'4
2H2
2H2
1784
18
18
*1734
18
18
177g
177g
177g
*177g
*1784
18
49*2 50
497„
495g
503g
49
49%
48i2 4912
485g
4858
49
34
«4
»4
5s
*8
*58
34
*5R
*8
58
*5g
84
6
6ig
6
6*4
614
63g
6U
6%
*614
614
6I4
6I4
$ per share
*68»g
.
78
7g
1134
78
«4
11&8
12
1
34
78
12U
10I2
1012
7g
1214
1012
EXCHANGE
On Basis of
?8
7fi
700
100
1,900
2,100
900
7.500
500
6,000
4,200
$ per
Abbott Laboratories...No par
Co
Adams Express
Adams-Mllllls
5g Feb
0
Mar
Allegheny Corp
...No par
12
1214
11
10
10
IOI4
IOI4
*10
11
*9l2
10l2
1012
1012
15
*14
143g
14
14t2
15
15
217g
147g
223g
147R
223g
227g
22l2
225g
2212
3,100
*72lg
'mmmm
*22l4
*72
$2.50 pnor conv pref.No par
Alghny Lud St! Corp..No par
Alleghany & West 0% gtd.100
IOI4
*10l2
105*
105g
III4
107g
I76l2 177
*12
127g
1,000
Allen Industries Inc
1,800
Allied Chemical & Dye.No par
Allied Kid Co
5
*14
2134
2184
*934
217g
2214
*72ig
*72lg
*72
*10
17484 17434
175
IOI4
175i2
1214
14
*12
13
IOI4
*10
I2I4
*13l2
8ig
8
♦15
54ig
*1914
47«4
10ig
48l2
*
*176
13
*12
1334
1334
8I4
8lg
83g
67i4
3084
147g
67i4
6714
*134
*15ig
5384
*1914
54
54lg
1934
4734
10lg
4812
17612 178
*12
13
137g
66I4
36l4
*14l2
105g
17514 176
8ig
67U
36i2
147g
2
*72
*12
*135g
17
*6014
*36ig
*14i4
*134
IOI4
367g
37l2
15
2
*14l2
*17g
1012
*15lg
1634
5334
5334
2
14
14lS
8ij>
8lg
*67
37i2
*1412
17g
1384
8i2
3734
*6012
37U
15
*1434
6784
2
11
*17g
17612
1278
14
834
67 84
3712
15
21g
12
*10l2
III4
11
11
1412
15
500
1,100
800
100
5M % Df A with $30 war. 100
5M % Pf A with $40 war. 100
5M % pf A without war. 100
Allied Mills Co Inc
884
4,900
Allied Stores Corp.....No par
6784
600
14
6734
3738
4,000
1434
100
Alpha Portland Cem..No par
*17g
218
600
Amalgam Leather Co Ino.
6%
17
*15
167g
*15
1634
643g
55
*5414
55i2
*54
5514
"moo
800
Am
conv
1934
1934
20
19l2
4834
4834
1912
49l2
1934
51l4
1934
48
191?,
4934
1934
48ig
5112
63
8,700
Am
103g
101g
10ig
487g
10lg
IOI4
103g
1034
IOI4
10l2
2.400
American
*48
48i2
Bid and asked prices; no sales on this day.
*48
4834
48
*48
1 In receivership,
a
190
Del. delivery,
preferred......50
Amerada Corp..
A'nines
Inc
'1
1334
Jan 19
I8I4 Jan 15
72
Feb 19
9ig Jan 23
6% preferred
r
Cash sale.
Apr
Apr
3H2 Mar
012 Aug
33i2
Jan
19
Sept
share
Sept
25
Mar
I57g Sept
Apr
Jan
Dec
7
Jan
0i4
lig
145g
Jan
Jan
684
12
Jan
4i2
12t2
Jan
Jan
4i2 Sept
5g July
Aug
Aug
8
2H4 Feb 21
73
Feb 29
June
14
Apr
52
May
8
Feb 13
684
Apr
151i2
IH4 Mar
Oct
Sept
68
'4
Sept
No
27i2
45U
19i2 Jan
58ig Jan
>4 Jan
10i4
per
7112
149i2
49'2
50i2
lli2
Jan
Sept
1U Sept
10
Jan
2
Sept
201 z Sept
18U Sept
18
Sept
23i2 Sept
28U
rg
Jan
Sept
117g Oct
2001s Sept
I47g 8ept
15'g Sept
ll8g Jan
Jan 10
14
Jan 25
10 ■'
Apr
Apr
15
Feb
9
9i2
Apr
0
Apr
Jan 2
Feb
1
Feb 5
Feb 28
68
Jan
54i2
Apr
71
41?g
Jan
28
Apr
483g
Apr
I97g
Jan 15
I6i2 Jan 24
50i2 Jan 3
12ig
180
Feb
93g
16
23g
Jan
Jan
1284
Jan
1*4 June
12
Aug
Jan 12
2
10'gMar
46
Jan 21
Ex-dlv.
y
50
Apr
21
Feb
Mar
10
*
Apr
;
13i2 Jan 15
77g Jan 19
171
50
Bank Note
n New stock,
Jan
9i2 Jan 18
4184
1434
*15l2
9
10
AUls-Chalmers Mfg....No par
7
5
IO34 Jan 30
..No par
Agric Chem (Del)..No par
100
preferred
48
*47
No par
8
5
7
34 Mar
6'*84
35'2
1412
l*
1412
5314
19i2
5%
*10tg
47l2
48l2
1
1.100
1334
85s
*37
2,100
Jan
Mar
4814 Feb
11
115g
9
24
1734 Mar
10
*912
12
5
Jan 16
No par
*934
llSg
.
487S
Air Way El Appliance..No par
Alaska Juneau Gold Mln...lO
7g
IIS*
11
7S
6
21
No par
Address Multgr Corp
Air Reduction Inc
Feb
714 Feb
...No par
Steel
Highest
share
53
41*4 Feb
45
25
Acme
3
per
120
70U Feb 14
Feb 8
147
2
4H4 Feb
No par
i
share
per
Jan
144
100
4M% conv pref
Abraham & Straus
$
share
67i4 Mar 8
Par
Shares
Lowest
Highest
Lowest
Week
Mar. 8
Mar. 7
Mar. 6
5
Range for Previous
Year 193»
1
IQO-Share Lots
Range Since Jan.
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
SALE PRICES—PER
AND HIGH
Sales
for
LOW
Jan
4
16
Apr
53
26
June
Mar
8
1U2
Jan
4
60
Jan
3
Ex-right
.
934 Sept
46i2
Dec
Aug
Jan
Jan
33g 8ept
21
Sept
74t2 Sept
24i2 Sept
47
Dec
17'4
Jan
60
Jan
1 Called for redemption.
Volume
LOW
New York Stock
150
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
Saturday
Monday
for
Tuesday
Wednesday
Thursday
Friday
the
Mar. 4
Mar. 5
Mar. 7
Mar. 8
Week
$ per share
Shares
$ per share
7%
$ per share
734
40%
132
♦171
7%
40%
131
$ per share
8%
41%
41%
132
*114% 115%
132
734
41
8
7%
41%
41%
*131
114% 11434
$ per share
133
20%
108%
♦134%
10%
8%
6%
*1234
♦87
2%
*5
11434 115
115
173
173
173% 173% *171
25%
25% 26
26%
2634
26%
43l2
43%
44
*43%
45%
44%
£20
20
20%
20%
2012
20%
108
108% *103
106
106
*105
139
*134% 139
*134% 138
*134%
10%
*10%
13
*10%
13
*10%
8
8%
8%
8%
8%
8%
7
684
*634
"
7
*634
7
*13
13%
*13
13%
13% *13%
90
90
90
*87%
90
*87%
2%
*2%
2%
*2%
2%
*2%
6
1%
2134
*4
1%
22
4%
*22
4%
18%
31
31
5%
5%
23
*18%
31%
6
1%
23
5%
234
7%
7
7
700
400
210
2%
234
1%
5%
*4134
29
29
20
*19
31
31
5%
I
*34
59
2%
29
*28%
36
2%
5%
3
*33%
58%
1%
~i~,506
1,100
American Can
5 % conv preferred
American Chicle
5%
29
5%
5%
5%
$7 preferred
No par
...No par
No par
6% preferred
J..50
American Home Products
1
American Ice
4134
4134
52
52
*5134
41%
53
4134
52
300
20
20%
20%
22
21%
21%
51%
21%
51%
20%
57
21%
6,100
*56%
57
57
59%'
59
60
58
58
1,000
13%
2%
14
13%
13%
2%
24
1334
13%
13%
13%
800
234
*2%
3
2%
3
23
22%
23%
2334
2334
23%
2334
23%
23%
24
♦115% 122
*115% 122
*115% 122 .*115% 122
*115% 122
*115% 122
*25
2534
2534
*25
25%
25%' 25% 25%
2534
26
25% 25%
3%
3%
3%
3%
3%
3%'
3%
3%;
3%
3%
3%
3%
53
53
52%
53
£51%
51%
5334
53%
52% 53%1
53%
53%
44
44%
44%
*42
44-%
42%
43
43%
4334
44
44% 44%
9
9
9
9%
9%
9%
9
9%
9
9%
9%
9%
1,400
Preferred
100
Amer Mach & Fd> Co.No
par
Amer Mach A Metals..No
par
1,200
Amer Metal Co Ltd...No par
56
56
14
14
*13%
14
3
*2%
3
*2%
3
22%
4134
I
i
*161
164
15%
163
15%
163
14%
*161
15
163
14%
*66%
68
12%
*10%
12%
11
*30%
4834
31%
31
31%
10%
31%
49
48%
49
15
,*161
I
♦142
68
*6614
12%
12%
1034
143%
150
*149
28%
28%
28
28%
13
13
13
13
15%
21%
21%
*15%
21%
92
92
|
*14%
15%'
172% 172%
86
5
5
5%
7
7
28%
7
43
*40
£2834
29%
36%
36%
*20%
2034
11134 11134
14%
14%
2%
2%
34%
34%
8%I
8%
37%
20
111% 111%
14
9%
*95
42%
8
*42
29%
69
69
6884
6834
500
40
10
*8%
*——
734
*75
68
*60
40%
10%
8%
100
7%
77
68
Amer
£0%
50%
49%
50%
5,600
Amer
142% 142%
6834
6834
149
29%
28%
13
*13
15%
21%
*15%
*21
734
8
77
*69
73
*70
73
44
44
*44
4534
*99% 100
22s4 22%
99%
2234
99%
23 I
7%
13
16%
20%
21
900
1,400
American Sugar Refining..100
500
15%
100
Preferred..
100
Am Sumatra Tobacco.-No par
85
Jan
2
8684 Jan
2
*95
98%
95
8%
43%
8%
42%
95
8%
43%
43%
7%
7%
*40
*36%
21
8%
*
68
*62
6%
43
*40
*40
*34%
110
*14%
*2%
35%
110
6%
6%
55%
56%
68
40
10%
10%
8%
9%
9%
6%
5534
9%
99%
*
*62
AnchorHockGlass
3
100
35%
300
Archer Daniels Mldl'd.No par
100
ArmourACo(De1)pf7% gtdlOO
15%
6%
57
1,330
100
33,600
6,400
68
$6.50
conv
Armour A Co of Illinois
5
$6 conv prior pref
No par
7% preferred
Armstrong Cork Co
100
39%
39%
~2,200
£10%
9%
10%
1,200
Arnold Constable Corp
9%
3,600
Artloom
*
100
7%
25
Corp No par
preferred-No par
Andes Copper Mining
20
AP W Paper Co Inc.....
5
112
*10834 110
40
8%
$5 prior conv pref
2,100
*34%
100
8
100
72
*75
*70
75
7%
*75
*70
45%
*43%
46
*43%
79
8
Corp
77
100
300
45%
100
5
No par
100
7% preferred
"4",400
75
99% 100%'
23% 23%
No par
Associated Dry Goods
1
6% 1st preferred
7% 2d preferred
100
100
Assoc Investments Co.No par
1,900
17%
17%
18%
18%
16
18%
18%
18%
*18%
19%
I884
1834
1,000
Atlantic Coast Line RR—100
5,100
Atlantic Refining
99% 100
15% *14%
*14%
16
*14
*14
*14%
1534
1534
15%
17
*15%
17%
*15
*15%
16%
*15
*15
16%
17
17
22%
2234
22%
22%
22%
22%
22%
23
22%
2234
22% 2234
*107% 108% *107% 108% *107% 108%*107%
108% *107% 107% 107% 107%
8%
8«4
834
8%
8%
9%
9
9
9%
9%
9%
*4834
49% *48%
49%
49%
49%
50
4934
50
50% o49% 49%
70%
70%
♦70%
7034
7034
72
7034
72
*70%
7034
71%
72
123
*120
120% 120% *120
123
*120
*120% 121
121% *120% 121
7%
784
734
8%
8%
8%
*7%
8%
8%
*7%
8
8%
1%
1%
1%
1%
1%
1%
134
1%
1%
1%
1%
1%
4%
4%
434
4
5%
4%
5
4
4
4
4
4%
30
28%
31%
32%
28% 30%
2734
27% 27%
27
28%
27
6%
6%
6%
6%
6%
6%
6%
634
6%
6%
6%
6%
15%
15%
15%
15%
15%
15%
1534
1534
16%
15%
16%
15%
5
5
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
*6
6%
6%
6%
6%
6%
*6%
6%
6%
6%
6%
6%
*11%
11%
*11%
11%
11%
11%
11%
*11%
11%
1134
11%
11%
45
*44%
45%
44%
45
45
45
45
45%
45
44%
45
14%
14%
14%
14%
14%
14%
*14%
15
14%
15%
15%
15%
*7%
7%
*7%
8%
*734
8%
*734
8%
*7%
8%
*7%
8%
29
29
*29
*2834
29
29%
29%
29% *28%
29%
2834
2834
330
7,000
11%
11
11
11%
11%
11%
11%
31%
3134
31%
3134
3134
3134
31%
3134
3134
115
*113% 115
*113% 115
*113% 115
*113% 115
27%
27%
27%
27%
27%
27%
*27%
27%
27%
112% *10934 112% *10934 112%
10934 10934
10934 10934
32
*30%
32
*30%
32
*30%
32
*30% 32
125
125
*122% 125
125
*121
126
*120% 125%
9%
9%
9%
9%
*9%
9%
*9%
9%
9%
66% *64%
67
*64%
68
*64%
68
*64%
68
32%
32%
33%
33%
34
33%
34%
34%
34%
22
2134
22
2134
22%
22%
22%
22%
22%
55«4
55%
55% *53%
56
*53%
56
5534 5534
38
38
38
3734
3734
38%
38% *38%
38%
76%
76%
77%
77%
78%
78
78«4
773.t 78%
10
10
10
20%
10%
*17
18
*1734
*1434
15
14%
78
80
22%
23
*75
23%
18
19",, 19"«
119%
II9"
29
29
*21
*20%
21%
10%
*21
10%
21%
10%
18
18
*18%
*1334
*1334
78
*70
23%
14%
77%
23%
10%
*70
2334
Bid and asked prices; no aaleo on this day.
21%
10%
18%
1484
77%
24
100
5% preferred
100
12,700
800
800
20
3,100
2,800
13,000
1,690
19,900
8,000
4,900
800
500
280
1.600
4% conv pref series A...100
Corp
5
50
Atlas
6% preferred
32
Jan
No par
No par
Corp. of Del (The).3
50
Mar
Jan
1284 Mar
11% Feb 23
Jan
4
52% Jan 3
146% Jan 19
Feb
9
150% Jan 22
33% Jan 3
Feb 23
16% Jan 11
174% Mar
8
Feb
7
90% Feb 23
150% Jan 24
Dec
9
Sept
20
Jan
46% Sept
63
Sept
144
Nov
69
Aug
Oct
153
July
20% Aug
8% Apr
41
Jan
140
9
Apr
15% Apr
75% Mar
1378 Dec
148
73
Apr
Apr
75%
Oct
132
14% July
18% Oct
34.
Sept
97% Sept
18% Jan
171% Dec
87% Jan
8934 Jan
153% May
8% Jan
14% Jan
Aug
12
Apr
48
Sept
Sept
Apr
40
Sept
35% Feb
19
Feb
111% Feb 21
11
Jan 27
2% Jan 26
31% Jan 12
106% Jan 2
5% Feb 23
1238 Jan 4
99
Jan
9
114
Jan 10
15
Feb 23
Apr
13%
Apr
Jan
Aug
15% Sept
6484 Sept
5478
Jan
27% Aug
IM84 June
21
Sept
Feb 29
8«4
Apr
1%
378 Jan
35% Feb 27
110
35
111
96
Apr
4
Dec
Apr
May
37
Sept
106
Deo
3% Aug
3384 Apr
60
21
97
6% Jan 23
46% Jan 23
68% Jan 4
64% Feb
50
Mar
65
37
Jan 15
41
Jan
Jan 15
1078 Jan
9% Jan
96% Jan 12
3134 Sept
7% Sept
53g Apr
58
10
13
Mar
8% Jan 12
96% Jan 12
7% Feb
6
6% Mar
57
9
75
Feb 13
78
70
Feb 10
85
36% Jan 12
97% Jan 3
44
6
Mar
Feb 13
Jan 11
Jan 11
Jan 16
73
5%
70
Jan
Apr
Jan
Oct
June
Jan
100
June
21
Sept
18
534
9%
18%
104%
15
Jan
18% Jan
23% Feb 16
Jan 25
5
5
Feb 24
6% Feb 26
7
Apr
Aug
Aug
Sept
Apr
Apr
51
Feb 14
43% Apr
73
Feb
9
50
116
4
4%
Jan
Sept
2
Apr
Nov
3% Aug
9% Aug
378 Aug
Jan
Sept
8
16
6% Jan
71
127
5% Mar
8
Jan
Mar
30% Jan
2684 Sept
26
Sept
2484 Oct
110%June
9% July
48% Aug
Apr
1% July
Jan
4278
71
Aug
June
32% Mar
7% Jan
18
Oct
81
38
£49s4 Dec
Jan 15
Jan
Apr
25% Jan
6
7884
Oct
Dec
Apr
54% Feb
23% Jan
9% Mar
10%
90
100% Mar
110
100
41
22% Jan 22
13% Feb
14% Jan 27
20% Jan 15
107% Mar 8
8% Jan 12
47% Jan 2
10%
Jan
30
Mar
50% Feb 24
17% Mar
834 Sept
Sept
434 Sept
5% Sept
378 Jan
30% Jan
9% Nov
21% Sept
834
Jan
11% Sept
11%
Dec
30%
Jan
49
Dec
87%
Jan
10% Aug
21%
1478 Jan
100
10
44% Feb 29
13% Jan 18
52% Jan
..No par
7% Jan 23
8% Jan
9
6
Apr
13
Jan
8
29% Mar
6
24%
Apr
33
Feb
1
25% Jan 15
13% Jan
4
19%
Jan
Asphalt Corp
Brothers
50
5H% preferred
5
No par
1st
preferred
Beatrice Creamery
$5 preferred w w
100
25
No par
...50
26% Feb
10% Mar
114
27
20
122
ft
Belgian Nat Rys part pref
Jan
5
Jan 22
109% Jan 10
30% Jan 15
No par
Co
Feb
6
Jan 15
63% Feb 27
26% Jan 15
15% Feb 16
3178 Mar
115
Feb
1
7
29% Jan 25
109% Mar 7
30% Jan 15
127
Jan 24
9% Jan 27
64
Feb 28
11% Aug
15% Apr
109% Oct
17
Apr
98
Apr
2734 Sept
10478 Sept
7%
52
Apr
Nov
8
16%
Apr
21
Jan 15
22% Feb 23
1778
Apr
par
£5
Feb 19
5634 Jan 18
48%
No par
37
Jan 15
39
Apr
Sept
5
Bendlx Aviation
Beneficial Indus Loan..No par
pfd$2.50dlv ser*38No
Best A Co
15,400
Bethlehem Steel (Del).No par
15% preferred
20
7% preferred...
100
Blgelow-Sanf Corp Inc. No par
Black A Decker Mfg Co No par
70% Jan 22
17% Jan 10
Jan
2
115
10%
10
10%
4,300
1834
1834
*18%
*1384
*70
23%
1434
14%
14%
60
Bloomlngdale Brotbere.No par
14% Mar
*70
23%
77%
24%
50
Blumenthal A Co pref
4,900
Blaw-Knox Co....
No par
Inc
5
100
Boeing Airplane Co
r
80% Sept
15% Mar
6
Conv 5% preferred
Bliss A Laughlln
Jan
4
11% Mar
n New stock,
10%
25% Aug
36% Apr
127% Sept
59% Apr
Jan
Jan
2234
24
^Baltimore A Ohio..
100
4% preferred
.....100
50
Pr
Apr
Nov
18%
2034
Jan
26% Jan 22
14% Jan 18
Barber
49
162
70
89
Feb
28
17% Jan
70
Jan
7
587$ Nov
7% Feb 21
43% Jan 11
31% Jan
38% Jan
22% Mar 8
5% Jan 30
39
Baldwin Loco Works v t c—13
Bangor A Aroostook
Apr
Apr
8% Sept
Sept
1178 June
34
£26
Apr
140
10% Jan
163
278 Jan
Beldlng-Hemlnway
Def. delivery,
3%
63% Jan
54
Oct
21% 8ept
l%Mar 2
1% Feb 7
1634 Jan 19
$5 prior A
112
5% Jan
8% Mar
Austin Nicholas
22% Dec
Jan
5% Sept
40% Jan
124% Mar
Apr
100
a
9
Apr
28%
21%
t In receivership,
2478 Feb 21
2%
3
*20%
1
Jan
4
3
800
24
1584
97„ Jan
Jan 22
500
77%
Apr
124% Jan 10
Beech-Nut Packing
200
30%
79%
11
47% Jan
5
7% Feb
29
19
41
3
2
95
119
29
4
Aug
Aug
Jan
Jan
Jan 29
Aviation
Dec
3% Aug
1478 Jan
3% Jan
Feb 29
600
700
13
60
6
"""206
200
Sept
120
Beech Creek RR..
4,300
9
6
100
Bayuk Cigars Inc
42",900
3% Sept
6% Jan
4l34Mar 4
52% Jan 23
2234 Jan 3
No par
tAuburn Automobile.-No par
5% conv preferred
Atlas Tack Corp
1,500
200
Aug
Jan 15
Barnsdall OH Co—
500
25
63
3,700
200
Jan
No par
Atlas Powder
Barker
160
...100
26
2,675
19"«
119
1434
23%
19",, 19",,
118% 118% *11734 118%
29
29
*27%
29
100
5% preferrred
Atl G A W I SS Lines..No par
*15
10%
5% preferred
Atch Topeka A Santa Fe.-lOO
60
Jan
41% Feb 26
Jan 12
9% Mar
Amer Zinc Lead A Smelt.... 1
22%
22%
No par
Apr
Sept
4% Sept
8% Apr
78
Apr
3% Apr
6
No par
Preferred
Anaconda Copper Mining..50
Anaconda W A Cable..No par
600
112
146% Feb 29
10
$6 1st preferred
American Woolen
3,700
36%
22%
..100
16",800
36
*62
77
7
43
38%
112%
*14%
15
*2%
3
15
100
1.700
1,000
*36%
10%
7%
8%
4284
30
68
77
Am Water Wks A Elec.No par
300
29%
40
*
1,400
7,200
30%
10%
8%
98%
6% preferred
Am Type Founders Inc
30
30%
38%
39%
39%
10%
83s
4284
7%
7
43
2934
*95
200
Sept
138
93
2
Jan
14%
18% Jan 23
Jan
934
25% Nov
33
4134
81
£14% Feb 29
16734 Jan 15
3% Jan
30% Nov
3% Feb 19
30% Feb 24
13% Feb 16
17% Jan 5
23% Feb 23
25
54%
20%
1
25
Telep A Teleg Co... 100
*53%
*20%
5
Common class B
54%
28
14% Feb
American Tobacco
23^4
118
8
Feb
23%
19",, 19",,
Jan
Amer
72
28
Feb 26
155
1,100
*44
118
9
6
9,100
70
28
21%
Mar
4,200
70
11834
43
Aug
17% Sept
8% Feb
1178 Sept
18% Sept
86% Sept
5% Jan
6% Sept
60% Jan
Jan
Feb 24
92%
132
8
Sept
43% Sept
Mar
12
*15%
Oct
25% Oct
115% Mar
Apr
26
15
*90
Oct
64
25%
120
American Stove Co
No par
Apr
278 Mar
July
40%
Jan
4
1,200
13
173% 17334
17334 174%
88
88
87%
87%
89%
90
8934
90
150
150
*148
149
*147% 149
5%
5%
5%
53g
5%
5%
9%
9%
9%
9%
9%
938
*43% 46
*99% 100
19"i, 19*%!
Jan
12
6% Jan
37
2334 Jan 30
3% Mar 2
£51% Mar 5
26% Jan 22
*53%
*27%
119
86
77
1931»i
234 Jan 24
2238 Jan 26
89
*75
*117
Feb 16
Feb 20
Jan 18
53
75%
Feb 16
Feb
1
Jan 11
99%
23%
*37%
5034
18%
51%
13%
Amer 8teel Foundries__No par
American Stores
No par
51%
75%
40% Jan 24
4.200
22%
*55%
3
29
51%
18%
56
3734
75%
2% Jan
24% Jan 4
5% Jan 18
Feb 28
23%
*55%
3734
4% Feb 20
33% Feb 1>
56% Jan 13
68
51%
31%
31%!
31%
114% 114%.*113%
*27%
27% *27%
*109% 112% *109%
♦30%
32
*30%
124% 124% *122%
*9%
9%
9%
*64%
66%
*64%
3134
32
32
22%
22%
2l%
Apr
142
22%
11
10
149
51
10%
24% Jan
3584 Jan
25
51
11
1
2
18
-.100
51
11
Mar
28% Jan
Aug
179
Apr
6% preferred
5034
*14%
Apr
86
14%
7%
Dec
88%
7,%
100
178
5
American Snuff
16
4% May
12%
10
15%
22
8%
*75
2834
112
100
100
Feb
2% Sept
2% Jan
600
92
21
8%
*8%
29
13%
15%
2138
Preferred
61
7% Jan
70
15%
111% 112
*60
500
Apr
Dec
Aug
5% Sept
6% Apr
8
28% Jan
150
91
91
*14
39%
10%
*
142% 142%
*67%
*145
149
Ship Building Co -No
Smelting A Refg.No
3% Mar
May
1
4% Mar
Jan 22
American Safety Raaor..18,50
American Seating Co..No par
420
8
116% Sept
5
5
Jan
Mar
1% Feb 28
21% Mar 1
46
300
32%
8%
Jan
Apr
9
14% Feb 23
91
8
57% Sept
140
Sept
16% Aug
30% Aug
13% Apr
7
Highest
I per share
Apr
83%
5% Jan
par
12%
10%
4,600
1034
9% Mar
4
par
12%
6834
Jan
Feb 2
Jan 2
Jan 16
Feb 2
32%
150
3
64%
11%
9%
29%
12%
1034
1534
17234 173%
20
10%
100
32%
111% 112
39%
conv pref
12%
*13
10%
4^%
25
32%
21%
91
*15
38
39%
100
*10%
*2%
2%
*2%
3
*2%
3
*33%
34%
35
35%
*34%
35%
*10934 110% *10934 110% *10934 110% *109%
110%
5%
534
6S4
534
5%
5%
584
6%
*5134
51%
51
5134
52
52%
52
55%
*60
Preferred
12%
143
109%
Feb 23
2
Feb
5
Am Rad A Stand San'y.No
par
American Rolling Mill
10%
32%
50%
13
29%
20
50
69
*15%
43
*36
11,500
161
4,300
29%
5%
9%
98%
8%
42%
7
*40
28%
9%
98%
No par
15%
68%
88%
5%
I
*4134
*6%
*40
20
*5%
9%
$5 preferred
15%
143
,*146% 149%
*95
2,900
15%
*149
1534
17234 17278
8534
86
9%
95%
8%
No par
15
49%
91%
88
$6 preferred
10%
*15
43
*41
*13
147
91%
No par
Amer Power A Llght__.No
par
2,200
15%
32
1234
15%
21%
42%
95%
8%
*36
147
148%
9%
.
100
American News Co
1234
29
21
92%
1534
172% 172%
86%
86%
88%
88%'
88
*147
£12%
15%
*15
86
87%
28%
15%
21%
*90
150
161
163
14,400
68
I
12%'
10% j
32%!
49% 1
142% 142% *142% 144%
*67%
68% *67%
68%
*67%
68%
*14734 150
*149
*15%
68
*161
5% conv pref
__50
American Locomotive..No par
6% conv preferred
"""2OO
15%
49
*66%
12%
*10%
163
300
Feb 15
13
Mar
10% Mar
...No par
6% non cum pref
100
Amer Internat Corp
No par
Amer Invest Co of 111..No
par
4134
53
100
138
6% Jan 15
*51%
19%
56%
42%
Feb 15
Jan 15
10% Jan 26
81% Jan 2
2% Jan 17
52
*4134
*5134
3
109
American Crystal Sugar
10
6% 1st preferred
100
American Encaustic Tiling... 1
42
4234'
Jan
5
19'4 Feb 23
6
*41
19%
2
5
Feb
133
♦51%
19
Jan
42
American Colortytfe Co
10
Am Comm'l Alcohol
Corp..20
2,300
300
150
2
No par
Am Coa» Co of
Allegh Co NJ25
"2", 500
1,900
Jan 29
Jan 16
1
106
AmerA For'n Power
3% Aug
3184 Apr
Jan
Feb 21
2334 Feb
par
share
per
116%
176%
32%
5is4
23%
171
No par
Amer Hawaiian SS Co
10
American Hide & Leather... 1
2,100
8% Feb 20
4584 Jan 3
$
125
5
100
European Secs__.No
share
Jan 12
Feb
loo
Preferred
per
Lowest
132
112
$6 preferred
3
*28%
5% Jan 13
38% Jan 22
130% Jan 5
American Car & Fdy..No
par
Preferred
100
Am Chain & Cable Inc.Nc
par
500
36
$
25
19%
32%
59%
share
per
1
.100
$7 2d preferred A
2,700
$
Year 1939
Highest
par
Fdy.No
pre!
conv
300
3
3
29
5%'
5%
H%
6
31%
5%
36%
59%
5
Amer
23%
*5
59%'
*28%
5%
6
*19
31%
5%
6
1%
23%
*5
5,200
3%
*5
23%
31
234
2%
6
1%
31%
5%
5%
2%
*5
23%
5%
10
13%
1%
59
100
6,400
91
2334
5%
*34
700
300
13%
31
36
1,100
91
1%
58%
2%
300
2,500
13%
31%
29%
*6%
1,800
90
19
58%
2%
Am Brake 8hoe &
140
13%
19
*5%
*33%
American Bosch Com
1,100
90
19
5
9,600
1334
7
Par
43
90
6
*5
7%
Lowest
133
*132
114% 115
114% 114%
172
172
172
*172% 173%
27%
2634
2634
27
26%
45
45%
45%
*44% 4584
*20%
20%
20%
20%
20%
108
*105
108
107% 107%
*136
138
138
138
138
13
*10%
13
*10%
13
9
9%
9%
9%
9%
19
36%
58%
42
133
23%
5%
7%
42%
7%
42
*132
115%
19
5
29%
5%
1%
share
per
8
4134
*5
23
5%
*3334
58%
234
2834
5%
5%
36
59
234
*28
*5
1%
5%
18%
♦33%
*58%
6
1%
$
*131% 133
173
25%
*4214
»
Range for Previous
EXCHANGE
Mar. 6
1553
Range Since Jan. 1
On Basis of 100-Share Lots
NEW YORK STOCK
Mar. 2
2
Cash sale,
5
x
27
Mar
1
19% Jan 16
9% Feb 5
34% Mar
Jan
83% Jan
3
3
20%, Jan 26
121
Jan 26
34% Jan
22% Jan
5
32
14
8%
22
8
15
Jan
13%
56% Jan 4
21% Jan 12
80
Mar
18
Ex-dlv.
Feb 29
y
2578 Feb
Ex-rlghts.
26% Nov
115% Nov
28
July
107% Nov
32
Nov
128% Aug
958 Oct
73% Jan
3334 Oct
22% Dec
56
Dee
Dec
57% Mar
Sept
18% Sept
120% Sept
3234 Oct
24% Oct
1734 Jan
36% Oct
50% June
15% Apr
99% Apr
157g Apr
11% Jan
23% Jan
Jan
Apr
Apr
100
Dec
23% Mar
35
Apr
67
Dec
1634
Aug
3484
%
Jan
^ Called for redemption.
t
Mar. 2
*64
6434
6434
2478
*24
23%
22i4
233g
22i2
23's
*2
2:%
3334
*2
*33
22I4
3312
*6i2
1078
20%
*3818
6%
*6i2
10^8
*2
11
2038
38%
6134
2l8
*52
58l2
20%
*37%
♦513s
17
19%
83
56l2
21
21
21
5634
9%
*105
2312
233g
23%
4,500
2234
23U
23%
233g
227g
233g
11,700
*2
2lg
2ig
2%
100
£34
34U
34%
Bower Roller Bearing
634
34%
634
1,000
6%
1,000
207g
38%
3,300
7,600
Bridgeport Brass Co—No par
203g
38is
*377g
51%
21g
34i2
6%
11
21l8
38l2
5114
*2
*3334
65s
10%
2%
34i4
65g
1078
2i8
2I8
74
2134
84
91
91
1814
18
12
12
*9%
H%
7
7
73%
17%
18
18
21
2134
21%
91
91
3%
912
255g
253g
978
9%
*105
934
*105
514
40%
57g
5i4
25ig
32i2
183g
6%
243g
32%
I83g
12
334
12
67g
7
12
22
4
35g
3%
11%
Il7g
1 l7g
67
*13%
1378
*2434
25
*51%
1%
7%
53
1%
*51%
H2
7%
714
55
15g
712
*1378
2078
21
*
39
578
21
36
3734
5
*5i4
40
*3934
*8534
25is
8G34
25l8
*278
3i8
6978
68
*68
85%
3
*25
3
25
115%
116l2 *11512 116%
50
4934 50
28l4
28l2
28is
2814
113
113
11334 114
*11
IH4
lll4
1134
4934
283g
*49l4
23%
234
234
*113
2 34
...
11%
2334
2334
234
234
114
*114
234
934
67g
7
334
3%
12%
12%
I27g
*22
14
1%
734
77g
*52
21%
6%
25%
27g
27g
5%
*4%
5%
4%
9
*8%
4%
8%
*5
9%
5%
8%
5%
5%
57g
*19
3734
1914 *19
*104
10458 105
23l2
*23
1934
23%
20
203g
4l2
387g
39
4i2
4l2
39
96%
238
1012
%
134
k
4%
38 34
*93%
96l4
2%
*17S
*158
10%
3 6
22
458
*9314
%
*17S
158
*1014
*2234
237g
22%
3878
*9314
33
19U
*
105
105
32%
684
.
178
10%
%
1%
*134
*10%
3i«
3i#
k
k
'4
%
78
*34
*13%
13U
1
1314
*s4
*13%
36
50
*3434
*49%
13%
*34I4
36
50
50
*4914
*14
%
*%
*8%
*1178
12i2
6
6
83%
1334
*96
32
84
1334
97i2
I
5g
*%
%
*834
*1178
*534
*2912
9
1214
8%
12%
*534
*29%
8%
12%
6
32
8334
1378
8334
3%
35
13%
96%
3U
3%
*34
34i4
*
112
112
40
40
*77%
*46
85%
*77%
85%
377g
38
38
4284
43U
42%
43%
*135
138
*61
6334
1834
105
1878
105
136
136
121
121%
*62%
6334
1834
187g
3110338 1033g
*31
31%
112
*31
*110
31%
*17%
*3%
4
*4%
484
*4%
434
4%
2484
414
*3%
2412
24%
*24
2434
584
87
578
87
*24%
121
6334
1834
103% 103%
18
*31
4
578
87%
76%
*74
76%
*74
95%
*92%
95%
95
7
7
*7
96%
*17g
2%
2
*17g
2%
"""166
*2
2%
1,000
10%
10%
10%
10%
400
JChic Great West 4% pf_.100
Chicago Mall Order Co
5
'it
316
%
316
%
2,500
4,800
510
3,400
*%
%
1334
35
50
*%
46
*111
116
13
13%
1
1%
*64
*20%
*111
13%
13%
1
1%
♦111
13%
1
200
*%
*8%
%
*%
9%
*8%
1278
100
*%
127g
578
100
*%
*3%
35
*29%
9%
13%
57g
32
86
86 34
57g
9%
200
13%
13%
3,200
57g
57g
800
*9
1334
1334
1378
97
96
97
*94
86%
*3
3%
3 53g
65
1334
1,900
97
35%
...
*il2~
42
*77%
80
377g
4334
140
41%
*77%
*45
...
3834
38%
44%
44%
3%
"""206
35%
35%
1,100
141
140
113
42
80
...
62%
187g
19%
*62%
187g
*102»3!
31%
32
31%
43%
80
42%
*77%
*45
38
45%
4434
141
6334
19%
—
32%
38%
45
900
18%
103% 103%
3234
32%
*18
4%
434
*3%
247g
*3%
4%
2434
24%J
24%
88%
8734
5%
2434
2434
534
8734
534
87
4%
47g
4
25
12,600
5,300
900
""366
*37g
18%
4%
*434
5%
160
30
•
4
10
25
4
25
2,300
1,000
25
5■
25%
534
25%
57g
24,900
87
*86%
87%
700
82
95
95
600
Columbian Carbon
7%
22
800
Columbia Pict
*634
*2034
£46%
115
13%
1%
113
13%
1
113
13%
1%
65
65
65
65
65
32
31%
32%
32%
323g
32%
32%
•Bid and asked prices; no sales on this day.
*111
13%
1
£63%
317g
7%
7%
115
13%
1%
63%
32%
21%
46% 46%
106% 106%
400
5,200
4,500
11134 111%
13%
13%
1
1%
400
63
3134
J In receivership.
a
63%
32
6,700
27,800
100
v
100
100
v
preferred.No par
conv
conv
conv
Commercial
65
■
111
Mar
6
Feb 27
preferred
10
100
pf ser *35.No par
16% Jan 15
103% Mar
5
5
17% Feb 29
3
Jan 19
4% Jan 19
3% Feb 27
23
Jan
Sept
Jan
Sept
47%
18
Sept
22% Sept
98
Apr
17
105
Dec
Aug
30
Jan
Apr
21%
Oct
6%
£3% Dec
29% Sept
27
Apr
47% Sept
8584
Oct
95% June
4
Sept
l3g Sept
1% Aug
4% Sept
14
% June
Oct
7g Sept
1% Sept
1% Sept
% Dec
Solvents..No par
%
10
Mar
Dec
Aug
7g Sept
9
Jan
10
13% Mar
6% Feb 29
Feb
1
178
15% Sept
Apr
13%
4% Dec
25
Jan
1% Sept
9% Mar
41
Apr
Jan
Sept
94%
Oct
9l3g Jan 3
14% Jan 28
53% Apr
9
Apr
14% May
98
79
Jan
97% June
Feb
6
Jan 30
760
58
46% Sept
Mar
334 Jan 2
35% Feb 15
15
Apr
4%
34%
Oot
Oct
6
68
Feb
69
Feb
1067g Sept
115
65
Mar
114% Jan 10
43% Mar 8
2%
Apr
Feb
5% Mar
87
Jan
46% May
Jan
60%
345g June
38
Dec
125
Sept
135
Mar
123% Jan 4
63
Feb 27
105
Sept
133
58
Jan
20
Feb 21
106% Feb 8
11% Apr
I0l7g Feb
10334
35%
112%
1934
4%
5%
4%
26%
26%
Jan 30
Feb 3
Feb 10
Jan
Jan
Jan
Jan
3
2
3
12
9
9
4
21% Apr
20%
100
Apr
Apr
Jan
62% Dec
18
Dec
110
37%
Oct
"Oct
111% Dec
2478 Sept
8% Sept
934 sept
11%
Apr
234 Aug
378 Sept
8% Sept
25% Dec
Dec
3% Aug
14
Apr
14
Apr
5%
74%
Apr
9
Feb
Jan
91
Mar
Jan 26
62%
Jan
83
Feb
73
Apr
96
Oct
15%
Jan
15% Dec
2
1
Mar
1
Mar
8
27.500
Commonwealth Edison Co..25
3078 Jan 15
Feb
Feb
73s Jan
3834
108% Feb 21
5534 Feb 9
98%
Oct
42
Apr
113
Jan
Mar
153s
l3g
73%
32%
y Ex-rlghts.
Jan
Jan
Jan
Jan
25%
6% Dec
3
48
63
x Ex-dlv.
7
Mar
23% Jan 29
Jan
Mar
3
Oct
Sept
78
Feb 14
142
79
51% Jan 15
110% Jan 9
13
Feb 19
39
95% Mar 6
778 Jan 11
5
Feb
19% Jan
457g Mar
104
78
Apr
69
20%
92% Jan 10
Jan 13
2234 Jan 13
$6 preferred series...No par
r Cash sale,
Jan
13
5% Aug
45% Mar
Commonw'lth & Sou..No par
n New stock,
5278
June
22
3984 Jan
35% Jan
357g Jan
1,400
Def. delivery,
Oct
678
96
32
42
2
76% Feb 14
Feb 28
Comm'I Invest Trust..No par
$4.25
Jan 17
110
Commercial Credit
100
54%
53%
Jan 31
100
5% preferred
$2.75
Jan 30
3
28
6% Jan
*74%
94
7%
76O
t c No par
78
94
7%
79% Jan 15
12% Jan 15
94% Jan 17
t C...No par
*74%
Jan
85% June
9% Apr
% Apr
31
1
74% Mar
877g Feb
74%
7%
Feb
Jan 16
Columbia Gas & Elec..No par
95%
7
5%
12% Sept
1434 Sept
% Aug
7% Apr
30
..2.50
74%
2
% Jan
2
100
100
Sys Inc cl A.2.50
94
384 June
3% Apr
3% Apr
50% Nov
8
4% 1st preferred
4% 2d preferred
76%
3034 Sept
113% Aug
% Aug
No par
95
Apr
23s Apr
103% Sept
% June
Jan
6% preferred series A
Oct
18%
44
102 %j Mar
10
77g Aug
58
% Jan
Jan
Class B
Apr
3g Jan
61
Colo Fuel & Iron Corp .No par
Columb Br'd
64% Sept
30% Dec
l097g Aug
19% Jan
72% Mar
84
1
118
Colorado & Southern
122% Mar
13% Apr
8
Feb 29
pref called
Collins & Aikman
Apr
38% Apr
50
Jan 12
136
Colgate-Palmollve-Peet No par
6% preferred
100
6%
Jan
Mar
110
3% Sept
20% Jan
No par
(The)
Class A
Sept
39% Sept
No par
Coca-Cola Co
4
94% Mar
Apr
100
Preferred...
5% conv preferred
112
*110
434
100
200
*192»«
18
4%
Cluett Peabody & Co..No par
122
62%
187g
50
8,800
143
62%
_
23s July
63% Aug
30% Aug
35% Jan
(The). 1
4,000
121
112
24%
25
5
Clev Graph Bronze Co
Sept
3
38 Jan
31
Specialgtd 4% stock
50
Climax Molybdenum..No par
*140
18
434
No par
Clev & Pitts RR Co 7 % gtd
110
*110
*4
3,800
...
38%
103% 103%
103% 103%
113
*112
33
34 Jan
% Jan 29
8% Mar 5
11% Jan 16
4% Feb 8
Clev El Ilium $4.50 pf.No par
*3
Sept
85% July
38 Jan
Feb 28
Feb 28
% Jan
%Mar
Chicago Yellow Cab ...No par
Chickasha Cotton Oil
10
Co
£43
Jan
1% Jan
1434 Jan
357g Jan
46
100
Chrysler Corp
City Ice & Fuel
6lA% preferred
Sept
41% Sept
Jan 13
JChic Rock Isl & Pacific—100
7% preferred..
.100
Childs Co
8
6%
Feb 9
12% Jan 22
3334 Jan 19
30
*45
35
121% 121% *121% 12134
*62%
%
%
%
%
No par
100
City Investing Co
100
City Stores..
5
Clark Equipment
No par
CCC & St Louis Ry 5% pf.100
70
3%
65
112
40%
934 Jan
10
*45
....
112
16", 2 00
15gMar
Chicago Pneumat Tool .No par
$3 conv preferred
No par
Pr pf ($2.50) cum div No par
Chile Copper
32
867g
94% Feb
17gMar
JChic Mil St P & Pac_.No par
100
5% preferred
JChicago & North West'n.100
Preferred
100
6% preferred
*29%
85%
1334
32
65
1,100
*%
65
317g
1334
35%
4978
18
4
200
13%
%
22
115
1
*34%
*49%
*%
*%
*20% 2178
21%
*20%
22
46% 4634
46%
46% 46%
45%
46
*107% 108
*106% 108
*107% 108% *107% 108% *107% 108
54
54
54
5334
54
54%
£53% 537g
5334
54
*20%
%
%
2
5
29
5
2
29
38% Mar
100
Jan
June
Apr
363g Feb 15
20% Jan 4
105% Feb 20
26 a4 Jan
3
23% Mar 7
434 Jan 3
423g Jan 8
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
Jan 18
4% Jan
No par
25
JChesapeake Corp
Chesapeake & Ohio Ry
Preferred series A
96
*93
%
5,400
8,300
Jan
47
Apr
6
9
Jan
15
5
Cab Mfg
20%
July
9
721% Feb 27
JChic & East 111 Ry 6% pf_100
17g
112
5%
*74
7%
22
46%
*927g
4%
40%
4%
397g
Checker
Apr
3% Sept
10% Sept
4% May
94% Jan 30
41% Jan 10
8% Feb 15
18% Feb 13
No par
Common
900
3,000
13%
3434
*49%
1
102
Fib Co 6 % pi. 100
2234
*34
*96
Cham Pap &
22 34
35%
50
6
6% Feb
No par
Chain Belt Co
22 34
%
12%
578
*29%
85%
13%
4% Mar
100
6% prior preferred
2234
18
4
24%
88
60
Certain-teed Products
23%
4%
40%
*110
*3%
24%
400
Cerro de Pasco
23%
18
4
24%
25
534
87%
31%
20
104
104
112
*4%
*93
7%
121%
*62%
18%
*17%
I8I4
4
*3%
38%
4334
138% 138%
33%
700
32%
1934
*34
*48
38%
43%
*110
112
*17%
*3%
*243g
85%
2,300
2,400
22%
4%
£39 34
102 *3J 102»32 *102»3i
*103"32.._. *102»32
*110
*77%
*47%
...
37 %
*11914 120
65
*111% 112% *111% 112%
3934
40
40% 40%
*47
..
3%
35
678
1734
137g
3% Jan
114% Mar
5% Feb
2
6% Jan 22
27% Jan 26
%
*45
*45
*3
34U
85%
*13%
96%
1378
97
1934
104
*49%
J
*%
*96
33%
3i#
Jan
1
39
Apr
35
243g Feb
21% Jan 22
2% Jan 22
5% Feb 26
*22 34
%
%
62
92% Jan 31
37
Mar
1
684
July
77
11478Mar
12% Feb
6684 Feb
..100
Copper.No par
1
13%
13%
<
6%
32
84
67g
Jan
Sept
53
12
5
4
3
8
15
21
23
3
6
10
Century Ribbon Mills.No par
Preferred
177g
30
5
3038 Jan
30
500
Aug
36% Dec
3% Sept
29% Sept
56% Jan
112
6% Sept
163g Nov
847s Nov
Apa
Apr
9%
II884 Jan
97g Jan 22
Jan 12
No par
5% preferred...
100
Assoc .No par
Central Foundry Co
1
Central 111 Lt 4H% pref.. 100
Central Aguirre
Sept
9%
Apr
Mar
% Feb
47g Aug
Feb
26% Jan
107% Jan 12
100
7% prior preferred
Celotex Corp
734 Sept
20
Jan
2384 Mar
7
47% Feb
111
203g Dec
1834 Jan
2% June
4
100
Jan
34% Mar
Jan
Mar
75
Jan
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
30
Apr
Apr
25%
11%
13%
48%
Jan
66
99
%
*35
*%
*45
*45
31S
*33%
14
36
50
*%
%
*29l2
*%,
*14
1
700
2% Jan
100
I) Co
Preferred
Jan
Jan
89% Feb
27
Jan
^Central RR of New Jersey 100
Central Vloleta Sugar Co
*34
^
%
78
*3434
%
3
23
Mar
Jan
3% Jan
38% Jan
85% Mar
100
"434
39
104
100
Feb
400
39
*19%
4,000
100
*94
33%
13,400
1,040
600
2%
5
6
99
634
50
6%
40%
57g
41%
37% Mar
1
Case (J
39% Jan
434 Jan
5
Carriers & General Corp
22% Feb
Mar
36
8
55% Jan
6% Nov
Apr
57g
187g
8
21
12
6
3
4
6
8
1638 Jan
8%
38
67g
33%
Carpenter Steel Co
Jan
June
1
6% Mar
178 Feb 21
8% Feb 21
1% Jan 23
6% Jan 15
No par
500
52
2
13% Jan
16% Jan
Capital Admin class A
1
$3 preferred A..
.
10
Carolina Clinch & Ohio Ry 100
1,000
7
Jan
*8
6
*94
3734
24
*234
*11434
*4%
6
99
30%
29%
13% Feb
Campbell W & C Fdy..No par
Canada Dry Ginger Ale.—-.6
Canada Sou Ry Co
100
Canadian Pacific Ry
25
Cannon Mills
5
51
60
Calumet & Hecla Cons
Mar
23% Jan 18
1
Cop..5
Callahan Zinc Lead
22% Mar
4% Jan
1334 Jan
81% Jan
15% Jan
267g Feb
Apr
11
3
3
4
4
6
3
3
3
4
9
16
47g Jan
3% Jan 29
11% Jan 22
Byron Jackson Co
No par
California Packing —„ .No par
4,000
114% H47g
11%
11%
6 534
6534
21% Jan 10
4
*5%
5
834
*8%
377g
7
34
1934 *19% 1934
105
*10434 105
2334
2234 2234
22
22%
2234
4%
4%
4%
39%
39%
4034
96% *93% 96%
I7g
*178
2%
"
*134
178
*1038
10%
11
%
%
316
94%
3784
7
33%
27g
*4%
51
50
24
114% *114%
*94
6834
15% Aug
21% Apr
11% Apr
3
7
Mar
7% Jan
400
3%
116% 116%
24
24
10
25%
*3
11%
*8
32i2
280
87
66
*4l2
3734
7
3278
41%
*85%
25%
5%
11%
*5
3712
*678
5%
*41
87
66
27g
300
500
1178
24
74,100
39
66
*2334
6%
*38%
*5%
25%
11%
*65%
1,100
10,400
30
39
"~6%
3,000
Feb 19
33
Mar
25% Nov
29% Apr
26
67
Dec
Sept
13% Jan
106% Aug
Apr
5
6% Feb 17
634 Jan 30
20% Jan 3
Copper <fc Zinc
4
5
6% Jan
4434 Jan
10
Byers Co (A M)
No par
Participating preferred..100
50
Nov
Jan
9% Apr
7
Apr
9484 Apr
Feb 16
105
JBush Term Bldg dep 7 %pflO0
Butte
39
30% Aug
12% Jan
5% preferred
"3,400
41%
5%
41
*8 534
87
1434
2134
14%
20%
39
39
5%'
41%
5%
40%
*8534
500
1,600
53%
1%
7%
1%
7%
6%
6%
6%
39
*52
39
*35
39
1434
2578
14%
25%
14%
2134
14%
14%
2178
1,100
1,300
73g Apr
Apr
27
41
12% Jan
..30
5
1334 Dec
15% Dec
507g Dec
Nov
13% Apr
9% Feb 28
5% conv preferred
14% Dec
31%
11% Jan 2
3% Jan 19
Butler Bros
Jan
Jan
Jan
3534 Feb 10
2578 Feb 21
10% Feb 9
--1
Bush Terminal
300
70
69
*65
69
25%
53%
1%
55s
37%
634
32%
1934
22%
*65
5i2
3718
634
*22
1,100
334
8i2
c94%
7
12%
*5
9412
9%
67g
22%
334
*8
9412
9%
140
117g
*3%
Aug
2
11
18
1
53
1% Apr
Apr
Jan 19
20
Aug
5%
28% Jan 12
Burroughs Add Mach-.No par
400
14
114
114
99
6,000
4
9%
*4%
*94%
12
4
3%
66
66
24
24
23%
114%
11%
66
66
66
117g
18%
12
Burlington Mills Corp
£25% 25%
3
3%
3%
68%
68% *68 34 69%
69
116%
116% *115
115% *115
50
60
50%
50%
49%
29% 29%
28% 29%
29
113% 114% 11334 11334
114%
3
*68%
68
116
66
5l2
40i2
85%
25%
*5i4
40
No par
18 34
900
41
25% Jan
21% Jan 15
8% Jan 15
101% Jan 15
5% Jan 30
39% Jan 30
4% Jan 18
No par
No par
Bulova Watch
3,200
3,200
25%
*38
8634
253g
Bullard Co
Budd Wheel
327g
19%
1334
14%
21%
6lg
6,700
25
3234
Apr
4134 Apr
Jan 23
Mar
91% Mar
59% Feb 17
3
Jan 15
35
5
7% preferred..........100
Budd (E G) Mfg
No par
7% preferred
100
25
25%
55
1%
734
*
*38
5l2
40
3
53s
40
*85l2
57g
57g
38
20% Mar
33
18%
68
*5134
1%
7%
2H2
36
5%
3912
.534
*38
14%
2ll4
par
Bruns-Balke-Collender.No par
16% Apr
18% Mar
Jan 15
25%
1334
14
39
14lg
14i4
20%
*
14
Jan
48
Oct
Feb
1578
3178
31
21% Mar
49
478 Sept
5% Sept
734 Aug
2% Feb 20
75
par
327g
25%
734
534
3434
734
53
par
par
Bucyrus-Erle Co
580
Jan
19% Apr
2234 Jan
39% Feb
-
No par
Brown Shoe Co
5,600
5%
par
25%
22%
334
1378
25
55
1%
0'2
6
5%
5%
41%
5%
384
22%
*1334
247g
*51l2
H2
3,600
3,400
12%
68
67
69
*67
14
25
9%
41
7
12
69
200
25%
9%
5%
10
22
35%
25%
Aug
32
13% Jan 30
par
$6 pref ctfs of dep
Dec
22
1% Jan
12% Jan
12% Jan 30
*3%
7
lli2
25
69
1,400
41
41
3%
*3.%
*133g
59%
--No
No
Bklyn-Manh Transit..No
$6 preferred series A,No
Ctfs of deposit
No
Brooklyn Union Gas
No
36 preferred
63% Dec
Jan
24
678 Feb 27
Mar
51
121% Dec
12% Jan
16% Jan
1884 Apr
1% Apr
12% Jan
10% Jan 15
19% Jan 23
38% Mar "
Brooklyn & Queens Tr.No par
*105
5%
53ft
4034
6lg
25i2
327g
18%
12
40
100
400
51
share
Jan
per
28%
Sept
3534 Jan
3
Jan
16
234 Jan
31% Jan 15
Manufacturing.No par
Briggs & 8 trat ton..
No par
Bristol-Myers Co
5
21%
*35
2
100% Sept
25% Jan
5
Jan 17
Feb
22
Brlggs
5834
2534
9%
(The)
Borg-Warner Corp
Boston & Maine RR
*21%
*87%
35%
3534
25
334
*2134
18%
21%
92%
21%
91%
*35
*35
35
25 •
97g
22
22
18%
21%
Borden Co
3,700
1,300
8,600
50,800
5,600
8,900
59
1178
*2134
3%
1178
38%
51%
2%
2134
*3%
*9U
12i8
3%
912
67g
334
75
*37%
51%
*2%
38%
51%
2%
74
183g
58%
24%
3H2
I83g
1 l7g
18
*3l2
2
2134
67g
18is
*51
583g
40
243g
3U4
12
*37%
2134
6
31
11
22%
577g
6
57s
*24
30%
1034
22
21J2
51g
5i4
4078
24%
lllfi
22
58
9*8
*105
6
6
11
21%
35
*105
*2
21
565s
*24l4
30Js
6%
2H2
9%
24l2
1034
207g
2%
65
1758
35%
*40
6i2
2%
5434
I73g
20%
2518
5U
3414
52
*51
*35
4078
6
233s
X2478
...
514
*40
3
23t2
2538
9!
2434
Co
Brewing Corp of America
23l4
3534
*35
5
Bond Stores Inc
200
24
24
5
5
247g Feb 21
23% Feb 21
2
6518
2412
20%
8478
57
2H4
17
Jan
21% Jan
*2414
$ per share
26
Jan 16
22
65ig
2434
17%
19%
62
1
15
5
100
5
Class B
640
65l4
55
84
56%
17
19%
*81%
140
121% 121%
65%
65%
65
Highest
Lowest
share
Feb 10
per
123% Jan
65% Mar
117
2434
2
*45
Bon Ami class A
$
21% Jan 12
Mar 2
5
No par
No par
Bohn Aluminum <fc Brass
1,100
2534
2434
233g
2234
11%
20;%
383ft
513s
2
120
120
1187S 119
25%
Lots
Highest
Lowest
$ per share
Par
Shares
$ per share
25i2
25%
255s
On Basis of 100-Start
Week,
j rMar. 8
$ per share
$ per share
25l2
Friday
t
EXCHANGE
65%
65
2338
225g
2i8
3334
65s
51
Mar. 7
NEW YORK STOCK
the
*24i2
23%
2214
65
2434
*24
Thursday
Mar. 6
11978 1197g
119
119
118
117
Wednesday
|
$ per share
25
25
25
*24I2
25
,
Mar. 5
% per share
$ per share
*24%
Tuesday
Monday
Mar. 4
Saturday
STOCKS
for
1940
Range for Previous
Year 1939
Range Since Jan. 1
Sales
SALE PRICES—PER SHARE, NOT PER CENT
AND HIGH
LOW
March 9,
New York Stock Record—Continued—Page 3
1554
Apr
10334 Sept
8% Aug
1% Dec
4534
£25%
30% Mar
*
57
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
Jan
72% Aug
Apr
32%
^ Called for redemption.
Dec
Volume
l0w
and
.
2
$ per share
*5%
22%
*11%
*8%
27%
12%
sale prices—per
share,
90%
5%
NEW YORK STOCK
Friday
the
Mar. 8
Week
$ per share
$ per share
$ per share
Shares
$ per share
1134
8%
8%
27%
13%
2734
11%
$
5%
22%
8%
2778
12%
per share
*5%
22%
11%
*8%
277g
5%
2278
12%
9%
2838
5%
2278
12%
*8-%
28%
5%
23%
12%
8%
28%
13%
84
92
92
92
91
91
91
31
31%
10884 10878
4
7%
2
4
18%
*102% 10234
1534
1578
1
109
1
*78
9%
31%
1
9%
9%
3034
31%
87g
5%
534
1%
1%
21
*96% 100%
*31
3134
6%
32%
32%
44
44
*41
42
1634
6%
1678
8%
10
87g
878
9%
9%
97g
4
4
*378
4
4
378
37(5
37(5
7%
738
7%
7%
7%
7%
7%
7%
2
2
2
2
2
2
*178
*178
*178
*4
4%
3%
4
4%
4
4%
4%
4%
17%
*16%
17% *16%
17% *16%
17% *16%
17%
103
103
*102% 103% *102% 103% *101% 103
*101% 102%
15%
15%
15%
16
15%
15%
16%
16%
*1534
16%
*170
5%
1%
20%
175
6%
1%
21
*96% 100%
31
31
*6%
32%
3278
43%
41%
1678
*170
*40
41%
16%
3734
*80%
*334
3734
*91%
38%
84
*80
4%
*3%
*30
7
7
*7%
*6%
32%
89
86
34%
43%
*170
174
43g
25,900
534
*99
*91%
92
81
39
*80
82%
81
3%
7%
85
3%
7%
1,000
160
1,000
1678
17
4,900
*91%
92
150
*42
3934
39
3934
82
80
80
3,800
300
4%
3%
3%
20
7%
7%
7
7%
2,200
85
*85
13%
14%
*14
29
29
4
4
4
4
*42%
10
10%
4378
10%
28-%
28l2
28%
29
29%
43%
10%
29%
2878
4
85%
43%
42
43
1078
11%
29%
11%
11% 169,700
29%
2978
*86
90
*86
90
*86
62
*57
62
*57
19%
*19%
19%
20
20
20
20
*5
6
*llli4
2034
*2612
*19
2078
27
1914
*1834
19I4
5
5
19
*19
19
19
19%
19%
19
19%
47g
47g
47g
47g
l
*%
*%
11914 11914 *118% 120% *118% 120
20l2
20l2
20% 2034
20%
20%
*33l2 34
34
34
33% 34
*3834 40
39% 40
*39%
40%
*9^8
9l2
*9%
9%
9%
9%
187S
19
187S
1878
18%
187g
*76
81
*76
79% *77
79%
13
13
*13
*12%
13%
13%
38
38
38
38
37% 38
19
19
*18i4
187g
19%
19%
20
20
20% 20%
20%
20%
82
82
82%
827g
82%
83%
155
*153% 155
156
156% 160
17%
1734
*17%
18
17%
17%
*38
5%
*12%
%
5%
*5%
5%
13
6
*5%
*16%
17%
7%
7%
111% 111%
21%
21%
5%
17%
100
734
7%
600
"2184
3,900
27%
700
*18%
40
83
80
80
84
84
*80
82
*84
%
*1%
1%
*1%
1%
1%
1%
*2%
2%
1%
2%
2%
2%
2%
*1%
1%
*13g
134
1%
*4%
*8
*5
4%
9%
237g
1
5%
27%
*24%
*4
*%
*23%
89%
*1734
39%
*18%
*
*4
9
*8%
23%
106
Preferred
100
Cudahy Packing
50
Inc
5
Preferred
No par
Curtlss-Wright
*5
1
*34
*5
1
2
"""366
450
500
600
1334
1334
1378
37%
19%
19%
37%
19%
20
1,100
34% Jan 22
78% Jan 22
3% Jan 16
6% Feb
3
91% Feb 24
Aug
9
Aug
26
Dec
Jan 25
9% Jan 15
5
16
Feb 26
25
Davison Chemical Co (The).l
6% Jan 22
Dayton Pow & Lt4J^ % pf. 100 rill
Jan 19
Co
15%
1934 Feb
5
23% Jan
...20
2534 Jan
4
16
9
27% Mar
19% Mar
23% Jan
Dlesel-Wemmer-GUbert
Detroit Edison...
10
100
118a4Mar
Devoe & Raynolds A..No par
Match
No par
33% Jan
2
38% Mar
1
Diamond
6% partlc preferred
25
Co
No par
6
Feb 24
8
Jan 15
Jan
76
81
Jan 25
25
No par
75
3,400
Dow Chemical Co
No par
142
2,600
Dresser Mfg Co
No par
100
Dunhlll International
1
Duplan Silk
Jan
2
1434 Jan 12
5% Feb
12 34 Feb
No par
6
5
4%
126
11834 Jan 19
6% cum preferred
Eaton Manufacturing Co
173
6,500
6,200
8,500
1,600
16,200
1,300
1,200
1,300
200
1,400
500
10
6,600
900
1%
138
1%
.u
500
2%
*1%
234
1%
*2%
234
2%
2%
1,400
*1%
1%
*1%
1%
100
100
200
2,500
200
9-%
9%
934
1,700
26%
26%
*34
26%
11,000
1
126%
4
112
5
4% Jan 22
1457g Feb 26
6% Jan
166'% Jan
100
4
2
Eltingon Schlld
No par
Electric Auto-Lite (The)
Electric Boat
No par
No par
Elec Storage Battery..No par
Elk Horn Coal Corp—No par
El Paso Natural Gas
3
Corp
conv
16
Jan 31
1
Jan 15
1% Jan
39% Mar
6
17
3
1% Jan
4534 Jan 29
1
12% Jan
4
83
80
Mar
4
89
Mar
4
97
100
100
84
3
% Jan 22
Eureka Vacuum Cleaner
5
5
Ex-Cell-O
3
Corp
6
6
5
5
42%
42%
42%
Fairbanks Co 8% pref
100
Fairbanks Morse & Co.No par
34% Jan 15
26%
26
42%
26%
1.800
26%
1,800
Fajardo Sug Co of Pr Rico..20
2524 Jan 31
15%
15%
16%
16%
16%
2,200
Federal Light & Traction... 15
15
99
99
*98% 100
*24% 25%
60
25%
4%
16%
98%
*24%
*4%
*34
*2334
84
84
24%
*23%
*88%
24%
*23%
24%
90
*88%
90
24%
*88%
24%
90
*18
18%
18
18
18%
18%
*18
3934
*18%
3934
2334
3984
3978
40
*18%
2334
*18%
40
23%
39%
*18%
3978
2334
Bid and asked prices; no sales on this day,
4
Federal Water Serv
34
*39%
21
400
34
*18%
2
Federal Motor Truck..No par
7(5
7g
*8884
r96
78
*34
89%
18%
397g
23%
*
preferred
Federal Min & Smelt Co
78
a
Def. delivery,
Feb
1
Jan 22
n New stock,
r
Cash sale,
1
x
Ex-div.
y
8
111
Jan
89
Aug
Jan
69
95
Aug
Apr
34 Aug
1
Feb
1
934 Jan
8
2 6% Mar
1
Jan
7
Aug
3% Sept
6
Apr
14% Apr
178 Sept
3
Sept
6
Sept
3% Sept
65% Sept
5% Mar
13
Feb 23
24
Feb 23
20
Apr
Jan
8
11
Apr
25%
2%
87j
4378
38%
18%
Jan 19
Jan 3
4% Jan 4
81
Jan
Dec
31%
6%
1%
27%
8934
23%
40%
21%
Jan
Nov
Jan
Sept
Jan
Sept
Aug
98
29
6%
42%
28%
17%
100%
28%
3
Feb 19
%
234
Dec
Apr
Apr
16% Sept
100
%Mar 1
2178 Jan 23
8578 Jan 12
Jan
Jan
22% Jan
4% % preferred
Ferro EDamel Corp
t In receivership,
Feb 16
Mar
Jan
1378 Aug
40% Feb 14
Federated Dept Stores-No par
100
200
1
Jan
Oct
Nov
80% June
22% Jan
100
90
1,400
Mar
July
Apr
17% Jan 30
3734 Jan 18
24%
18%
7
Fidel Phen Fire Ins N Y.$2.50
*24
*8834
*17%
2334
zl03% Mar
Jan
Feb
Oct
62% Apr
65% Apr
8
FUene's (Wm) Sons Co.No par
A.No par
90
40
Jan 12
2% Aug
84 May
18«4 Apr
8234 Sept
17% Nov
2734 Apr
24%
18%
3% Sept
4284 Nov
55
Sept
Jan
17s Sept
78 Jan 17
434 Jan 9
Sept
Apr
1% Apr
65% Sept
5
3178 Deo
%
28
32% Aug
1% Jan
3
124% Aug
118% Feb
Feb
3% Jan
Jan
June
Sept
1% Feb 20
4
14
116% Nov
188% Sept
35
2% Jan 23
8% Jan 16
20% Jan 15
17% Dec
19% Jan
38
8
l%Mar
8784 Nov
144% Dec
Apr
7| Jan
I84 Jan
2634
1634
99
25%
""460
111
50
Evans Products Co
4%
3
Jan
8
Jan
July
Apr
134 Jan 10
41% Jan
42
Mar
4% 1st preferred—
4% 2d preferred
4%
32% Mar
72% Mar
Jan
22%
41%
Apr
Apr
1% Sept
3184 Jan
109% Jan
35%
34
Apr
Aug
22%
8%
6%
20%
1% Jan 27
36% Jan 12
Jan 12
10% Nov
Apr
1
36% Jan
23% Mar
28% Jan 23
4478 July
20% Mar
90
July
13% Nov
8%
186%
183%
3078
1978
3%
40%
18%
3%
1238
15% Sept
8% Jan
Mar
No par
preferred
S5M preferred w w..No par
$6 preferred
No par
Equitable Office Bldg..No par
JErie RaUroad
100
$6
17% Jan
134 Jan
4% Mar
27
Oct
34% July
1834
23%
33% Mar
Jan
111% Sept
12% Apr
334 July
138% Apr
155% Sept
15% Apr
Jan
50
100
.1
5% preferred
Engineers Public Service
$5
178
8
34% Jan 16
14% Mar
Electric Power & Light. No par
Endicott Johnson
277« Jan 15
3
Elec & Mus Ind Am shares...
$7 preferred
$6 preferred....
Jan 19
5
Exchange Buffet Corp.No par
10
Jan 17
Eastman Kodak (N J).No par
Edison Bros Stores Inc
T,206
1%
7g
Apr
Apr
Sept
2
10
Mar
10
Apr
20% Sept
55
Aug
101% Apr
108
2
Eastern Rolling Mills
Jan
Apr
Jan
1,300
125%
32%
Sept
Apr
3684 Sept
0% Aug
1334 Sept
66
Sept
984 May
30
Oct
878 Sept
Apr
18
28
Dec
Feb
1,900
103
28
Jan
6
Mar
Oct
Deo
1%
10
34% Mar
25%
Dec
4
26% Jan 22
11234 Dec
18%
1384 Jan 18
120
June
10% Sept
27% July
Mar
Jan
7
17% Mar
Apr
6
116
*1%
25%
43s
7
122
34
4%
7
8
Nov
Apr
8
42%
*4
Mar
18% Mar
Duquesne Light 5% 1st pf. 100
1
55% June
25
Sept
18634 Mar
*5
4
162
120
Eastern Airlines Inc
91
Jan
Jan 15
4178
2634
15%
98%
*24%
4%
4
9
1,500
34
98%
Feb
175
preferred
6
*24%
86
100
8%
4134
27%
25%
8
Du P de Nem (EI) & Co...20
$4.50 preferred
No par
4
Apr
13% Apr
3% Aug
14% Sept
4% Apr
103
Sept
1534 Apr
Jan
27
99
8
Feb 29
Mar
117
4134
*24%
8
Douglas Aircraft
Jan 15
Apr
45
38
20
8
19%
73%
3% Sept
125% Jan
23% Jan 10
34% Jan 27
43% Feb 3
10% Feb 21
13% Mar
Sept
19% Sept
Deo
28%
7% Sept
63% Sept
13% Nov
32% Nov
Apr
4% Aug
12% Aug
9,000
Class A
3% Sept
38
578 Jan
34 Jan
18% Jan 15
Feb 27
Jan
8% Sept
Sept
11%
2378 Jan 10
82
1
20
Deo
96
23
193gMar
89
4
Jan
27%
15%
99
102
5% Mar
1678 Mar
8% Feb
11234 Jan
No par
Preferred
42%
*15
20% Jan 11
No par
34
4
9
Dome Mines Ltd
*80
4%
2
5,900
*8634
89
8
38
8684
82
3
20
14,200
*81
4
Jan
16% Jan 15
125% 126 1*125% 12534
116% 116% *116% 118
32% 33%'
3378 3478
*5
4% Jan
46
Jan
93
48
14% Jan 11
378 Jan 15
Jan
110
13
29% Feb 24
42
38
Apr
Feb 14
18% Jan 30
4% Jan 6
Inc...No par
June
2% Aug
8% Feb 23
11% Jan 31
34% Jan 15
"8,500
*87
6
Apr
Sept
12% Feb 20
26
Deo
2% July
52% Sept
62
Jan 12
*79
Aug
5
94
33
1
27%
5%
4% Jan
177
Apr
No par
7,000
150
32% Sept
61% Sept
67% Sept
Apr
82% Feb 23
Jan 12
Dixie-Vortex
Jan
Apr
Doehler Die Casting Co No par
186% 18634
186%!
Jan
Apr
Apr
Sept
Apr
2,000
300
16%
49
5478
407g Deo
5% Nov
31% Jan
9
Feb
5% pre Jwlth warrants.. 100
37%
Sept
5
Apr
29% Apr
1% Apr
1978 Aug
51% Sept
116
May
10% Jan
28
53
300
13%
rl06
20%
90
Deere &
Jan
Mar
22% Mar
9
2
Feb 26
Jan 12
79
*84
37% Jan
784 Jan
Jan 12
79
9
45
Jan 23
79
*4
35% Mar
9
53
79
257(5
9
Jan
82
79
4%
Jan
778 Mar
32% Aug
13
Apr
41% Jan
40% Feb
37% Mar
17% Deo
28
Diamond T Motor Car Co...2
257g
1
27
37
% Jan 18
19%
Jan
1
Class A__
DLstU Corp-Seagr's Ltd.No par
*4
105
12% Mar
2
Sept
% Sept
16
Sept
93
Apr
26% Jan
6% Aug
11% Mar
30% Jan
1,100
8%
24%
*34
Feb 28
Mar
100
3
3234 Feb
.1
2,600
834
98
10
9%'
4%
24%
24% Jan
4% Jan 31
*36%
Jan 11
l%Mar
JDenv ftRG West 6% pf.100
40
2
63g Mar
*41%
42
27%
*99
4%
24%
*%
42
*147g
4%
*8%
2378
5
29% Feb 14
61% Jan 3
65% Jan 4
30% Mar 7
6% Jan 15
35
Apr
24%
Erie & Pitts RR Co
237g
*34
25
20% Feb 28
Aug
Sept
Dec
6
18781
82
5
177
11
1
4
100
9%
*81
4
2
Feb
91
11%
43
Preferred
1834
%
738 Jan
40% Mar
434 Feb
78 Jan 10
18% Jan 30
%
%
4734 Feb 17
116% Jan 26
Jan
85
r87% Sept
32% Apr
9234 Jan
Crucible Steel of America.. 100
Cuba RR 6% preferred
Cuban-American Sugar
10
86%
%
Feb 24
4% Jan
.100
5
5
5
5
*47g
5
5
5
I
5
5%
5%
152% £149% 149% 150% 150% 151
151%' 152% 153 I 153% 153%
*17034 176% *107% 174% *170% 174% *170% 174% *170S4 174% 173
173 I
*31%
31%
31% 31%
31%
317g
3178 3278;
3234
33%
32% 33
*16%
17
17
*16%
17
*16%
*16% 17
*16% 17
*1634
17
*1
1
*1
1%
1
1
1
1
1%
1%
1
1%
38
38
37% 38
38%
387g
3878 39%
3834 39%
387(5 39%
14%
14%
14%
14%
143s
15
14%
15
14%
15%
15%
15%
1%
1%
'1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
5
478
5
5%
5%
5%
5
5%
5%
5%
5%
5%
27
27
28
27%
27%
28%
28% 28%
28%
28%
*28%
28%
24
23%
23%
23% 23%
2434
23% 24% *2334 24%
24% 24%
*31
32
31%
31%
32
32
31% 32%
31
*30%
3138
30-%
1%
1%
1%
*1%
1%
1%
*1%
1%
*1%
1%
1%
*1%
39
39
38%
39
38%
39%
39%
39
39%
39
39%
39%
45
*44%
*44%
45
44%
*44%
*44% 45
44% 44% *44% 45%
*11078 111
*iio78 m
*11078 111
111
111
11078 111
*U078 111
8%
8%
8%
8%
8-%
8%
8%
8%
8%
8%
8%
8%
76
*72%
74
72% 72%
72%
73% *73
75
75
76
76
88%
172
5
5
Delaware Lack & Western. .50
20
20
20% 20%
20%
83% 85
8478 85%
8534
847(5
160
162
161
162
159% 160
18
18%
17%
18%
18%
18%
5%
5%
8
5%
5%
5%
7%
7%
13
13
*127g
13% *12% 13% *13
13%
118% 121% *116% 121% *116% 121%'*116% 121%
*%
53% Feb
613gMar
Delaware & Hudson
*478
*80
Jan 22
2,800
152
*84
15% Jan 10
75
1878
1857g
17% Jan
Jan 15
10
13%
3% Jan 22
22% Jan 12
25
2,300
*39%
88
Feb 20
18%
1978
Jan 19
5
|
Feb
15
978
38
Feb 29
July
I84 Apr
8% Aug
Sept
9% June
18% Mar
6% Jan 13
Jan
978 Sept
5% Sept
9
Sept
34
Sept
10178 Deo
17% Dec
1% Jan 10
38
8
3234 Nov
9% Oct
108% Aug
2% Jan
1
97% Jan 10
113
Apr
share
per
8% Feb
30% Jan
978 Dec
IOI84 Jan
84 Dec
734 Sept
334 Dec
89
18%
19%
2% Jan
438 Mar
5
41% Jan 19
94% Feb
19%
*%
3934:
Jan
7
19%
434
Mar
4% Jan
104
27
Highest
5
6% Aug
5
5
9%
38
1% Jan
No par
preferred
1834|
*77%!
Feb
1
20
119
118% 118% *119
11934
119
j
20% 20%
20%
20341
20%
20%
*34
34% *34% 34%'
34%
34%!
*13
1478 Jan 15
900
%
39
8
1834
5%'
Feb 29
10
1834
*%
40
109
Jan 31
19%
4%
13
*12%
121% *118% 121%
184% 18434
185
184% 184%
186
1847g 1847g
126
125% 125% 126
12578 12578
1257g 126
*116% 11634 116% 116% *116% 116% *116% 116%
31
30%
30%
30% 31
31
31%
32%
*118
5%
*16%
7 78
19%
Jan 18
7a Jan 19
8% Jan 31
334 Feb 77
7% Nov
42% Feb
17% Jan
Davega Stores Corp..
Conv 5% preferred
5%
17%
19%
19%
40
No par
400
5%
19%
Pref ex-warrants
Crown Zellerbach Corp
Cutler-Hammer
*7%
27
20
w w..No par
700
*16%
27
47g
*%
pref
20%
112% 112% *112
21%
21%
21%
27%
27%
*2634
30% Jan 15
107
978 Feb 21
32% Feb 7
Cushman's Sons 7% pref.. 100
$8 preferred
...No par
6,400
62
19%
*478
*16%
400
90
*57
*16%
18%
7%
7%
111% 111% *111% 111%
*20% 21%
2078
21%
*26% 27
26%
26%
5% conv preferred
100
Cream of Wheat Corp (The).2
Crosley Corp (The)
No par
Crown Cork & Seal
No par
4%
*42%
62
5%
Co...
Curtis Pub Co (The)...No par
*4
90
17%
7%
l
...1
25
700
4%
*57
*7
25
ICO
Cuneo Press
*86
7%
Corn Products Refining
900
68
5
5
Continental Steel Corp. No par
Corn Exch Bank Trust Co. 20
210
90
1678
Continental OH of Del
1,000
*57
5
...1
14%
*86
167S
$2.50
85%
68
*7
Continental Insurance
Continental Motors
2834
90
19%
20
14%
*57
19l2
100
2834
43%
107g
29%
29%
7
6
14%
*86
*19
Mar
2878
85%
6
Sept
434 Apr
15% Aug
5% Apr
73
Apr
79% Apr
Mar
$4.50 preferred
No par
Continental Diamond Fibre. 5
conv
13% Feb 29
8% Mar 4
297a JaD 2
1434 Feb 29
92
No par
8% preferred
Continental Can Inc..
$5
Apr
81
12% Feb 26
Class B
conv
Apr
Feb 23
14% Feb 28
10034 Jan 24
$2.25
5
19
Feb 10
734 Jan 30
134 Jan 24
3% Jan 23
2,500
13.700
3
79
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t C..25
Crane
43%
42%
6% Jan
share
24% Feb 17
86
7
Coty Inc
Coty Internat Corp
600
7% Jan 29
$2 partlc pref
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
4,700
*3%
13%
43
6%
34%
43%
82
29
4%
678
39%
*28%
10%
29%
30%
634
34%
19",000
Jan 15
8
578 Jan 13
25% Jan 15
5
Consol Edison of N Y..No par
$5 preferred
No par
Consol Film Industries
1
Preferred
100%
*30
17
*13
10%
*99
42
92%
3978
5,400
30%
16%
91%
39%
460
6234
100%
42
*42
54%
62
35
13%
43
54%
*17078 175
6
6%
534
1%
1%
1%
22
21% 2178
43
29%
*42%
200
6%
29
4
4,700
2934
43
*13%
*4
23%
*29
34%
30%
7
92
85%
23
2978
54%
62%
*1707(5 174
135s
29
414
45
10%
1314
23%
35%
16%
84
4%
43%
*91%
38%
86
43(5
30%
1678
73g
4%
23%
2978
*30%
678
34%
42
4%
1,100
3,600
21%
16%
*3%
7%
7%
4034
1%
43%
42%
1678
100
7%
4034
5% Jan 12
22% Jan 12
per
100
95
5,800
$ per share
Year 1939
Lowest
100
95
7%
21%
preferred
6H% priorpref__
Consol Coppermlnes Corp
Continental Bak Co cl A No par
4034
1%
7%
$ per share
No par
1,300
1,400
*7%
61%
Consolidated Cigar
Highest
par
Conn Ry & Ltg 4^ % pref. 100
Consol Aircraft Corp
1
1,700
300
40%
54%
par
2,300
4634
46%
113% 113% *112% 113%
6%
100%
500
Congoleum-NairnInc__N0
Congress Cigar
..No
1
46%
6%
1%
*96
100
700
Conde Nast Pub Inc.—No par
13%
1278
95
46
900
9,400
Par
5% preferred vtc
100
Consumers P Co$4.50 pfNo par
Container Corp of America.20
1%
95
4,200
Lowest
1
13%
1
21%
4178
7%
38%
837g
30%
7
*42
4%
92%
175
6%
6%
1%
1%
21
2078
*97% 100%
7
92
*86
500
7%
*91%
*28%
1
*78
13
160
3078
107% 108
4
13% *13
13
13
13%
13%
13%
1%
1
1
1%
*1
1%'
1%
*95
9534 *95% 96
94% 95
9434 95
46
46%
46
45% 46
45%
46%
46%
*113% 114
*113% 114
*113% 114
*113% 113%
*7%
7%
7%
7%
*7%
7%
7%
7%
40%
40%
40% 40-% i
40%
4078
40% 407(5
4
4
4
4
4
4%
4%
4%
2234
2234
23
22% 23
23%
23% 23%
*28%
29% *29
29%
*29%
2978
2934 2934
54
54%
54%
54%
54%
547g
54% 54%
62
6134
62
62% 62%
61%
61%
62%
21
9%
31%
150
6,700
17,500
1,500
1
*78
9%
1%
175
9%
108% 10878
1
13
*170
110
10,000
9,400
12%
91%
1,600
8%
84
*91
*7g
11%
8%
13
91
8%
37g
7%
*17g
*37g
*16%
28
300
2,600
84
*81%
91%
1
8%
28%
5%
23%
'
12%
13
81%
91%
9%
9%
12
*5%
23%
11%
84
13%
81%
9
5%
23%
84
12%
81
31%
5%
23%
1134
*8%
28%
28%
12%
*80
878
1
Range for Previous
EXCHANGE
Mar. 7
87g
9%
9%
30% 31
30%
*108% 10834 *108% 109
*108%
18
On Basis of 100-8ftar« Lots
for
Thursday
Mar. 6
11%
4
Range Since Jan. 1
Wednesday
*5%
22%
♦7S
STOCKS
Mar. 5
12
*834
*378
7%
*178
1555
Sales
Tuesday
22%
„
3034
not per cent
Monday
80
80
9
high
Mar. 4
Saturday
Mar
New York Stock Record—Continued—Page 4
150
1
Jan
9
25
Jan
3
8934 Feb 27
20
Ex-rights.
Jan
3
5
Deo
Deo
Nov
K Called for redemption.
Jan
Oct
Feb
Nov
Deo
Dec
New York Stock Record—Continued—Page 5
1556
March
AND
SALE PRICES—PER
HIGH
SHARE,
Monday
Tuesday
1
Wednesday
Mar. 2
Mar. 4
Mar. 5
I
Mar. 6
! $
$ ver share
ver
share
$ ver share
Friday
Mar. 7
Mar. 8
1
$ ver share
$ per share
Shares
700
104
4%
*101
4%
♦11
11%
11
*48
48%
*48
*6*8
6%
*6%
104
*101
4%
4)2
11
48%
11%
48%
6%
*6%
104
4%
*101
44
*18
44
94%
*94%
94%
*129
*129
130
53
52%
*123)4 124%
*52)2 53%
5*4
5%
*9
9%
*108
111
52%
124
53)8
6
9%
*108
1
*18
*11%
12
48%
6%
*48
48%
*48
48%
634
6)4
9%
*108
%
17)2
*17
28*4
14%
28%
14%
29
29
28%
14%
14%
14%
28
28
28
28
23*4
23%
12%
12%
18)2
18%
*98
100
20) 2
20%
6l2
6%
50
60
*27%
*23%
*12%
*17%
*98
20)2
%
17%
17%
*92)4
*%
*17
23%
23)4
12%
*12)4
*17%
18%
100
*98
20%
6)2
50%
6%
6%
50) 2
49%
7%
7%
7%
7%
54%
54%
17%
41%
3%
17%
*53%
17%
55)2
17%
41%
3%
*41
44
*54%
17%
*42%
3%
2%
2%
93
19
68)2
23%
23%
*96
98
3%
*6218
*%
8%
3%
66
1
8%
*14%
14%
*9%
'
2%
*82
19%
68)2
^
83
23
19%
68)2
23%
96
96
*3%
*63
%
8%
*14)2
3%
66
13%
23%
*27*4
140)2
*50
57
32%
*50
2%
*82
19%
20%
3%
2%
83
19%
3%
*63%
1
8%
14%
*9%
14%
98
384
66
1
8%
14%
9%
1434
20%
6%
50
7%
54
18%
3%
2%
*82
19%
2%
83
19%
*6318
96)4
3%
66
1
8)4
13l2
1
9%
15
*50
57
147
*135
8%
8%
8
93)2
3%
*93
24
3%
17%
34)2
35)4
18%
16%
*3%
*15%
*33
35
110
3%
110
147
8%
96
3%
110
*136
8%
*94
3%
110
10
10%
10%
10
10%
*107% 110
*108
*108% 110
160
14%
88%
*158
*14%
87%
160
14%
88%
132
*101
*131
132
61
61
61
114
*16%
30%
7%
13%
*112
114
17%
30%
7%
*16%
31%
7%
13%
1334
*101%
110
*34
12%
*67%
*105
54
54
35
53%
*33%
13%
68
*5
*23%
*5%
h
11
5%
*40
*5
♦
♦100
48%
5%
49%
1%
1%
5%
23%
5%
23%
%
11
*21%
21234
*67%
110
5%
48%
*1%
100
17%
34%
*16
34
17%
22)4
40%
5%
*5%
5%
%
11
*21%
*40
*5
17%
160
*14
88%
*131
*59%
*112
*16%
31%
8%
96
*136
147
*8
94
54%
54%
18
18
*43
45
,19)2
2%
2%
x2%
83
20
69%
23%
*96
97
3%
*63%
3%
66
1
8%
*12%
9%
8%
13%
9%
15
*82
"3" 500
69%
69%
23%
23%
2,100
6,600
96%
%
8%
*12%
200
3%
66
800
1
"7",800
8%
1,200
13%
9%
2%
*2%
24
24
*3%
16
3%
2%
*23
200
400
1,300
80
700
16%
17%
33
300
110
*108
110
160
*160
163
14%
89
132
61%
114
17%
14%
8934
*131
61%
*112
137
14%
91
8
8
""856
96
30
110
110
600
*108% 111
2,200
10%
*10%
10%
*106% 110
*106% 110
*160% 162
160% 160%
14%
14%
*14%
400
61%
91
92
93
93
4,800
132
132
132
10
63
65
114
*112% 114
17%
*16%
17%
63)2
1,000
64
t In receivership,
a
100
2,800
100
preferred
800
25
25
10
No par
preferred
100
100
1
100
2
% Jan
2
86% Jan 16
128
Jan 15
51
Jan 15
123% Mar
37% Jan
1
3
4% Jan
4
9
Oct
*
31
Apr
36%
Jan
41
Jan
48)2 Jan
Jan
Jan
56% Mar
Feb
20% Jan 18
6% Jan 3
47% Jan 3
7% Mar
8
4
Co... 10
10
5
No par
12.50
Mining
Houdaille-Hershey cl A.No par
Class B
No par
Household Finance
No par
preferred
100
Houston Oil of Texas
v
t C..25
Howe 8ound Co
600
Hudson & Manhattan
5
100
preferred
100
3,000
Hud Bay Mln A Sm LtdNo par
6,200
Hudson Motor Car
No par
1,700
Hupp Motor Car Corp
1
3,700
Illinois Central RR Co
100
60
6% preferred series A...100
Leased lines 4%
100
80
RR Sec ctfs series A
1000
Cash sale,
x
Sept
126% June
28
Apr
56%
38
7
6%
Mar
Apr
4
12% Sept
28
Jan
92)2
1%
Apr
14
20%
Jan
41
Jan
19% Jan
Sept
Jan
2
16
2434Mar
13% Jan
7
4
15
20)2 Nov
Apr
8% Sept
15%
10% Aug
18
Jan 17
97)2 Nov
99)2 Feb
27% Mar
100
23% Jan
4
634Mar
6
51
.
Jan 11
Jan
3
15% Apr
5% Apr
43% Oct
6% Aug
43
14
Mar
7
34
6
13%
Sept
May
3% Mar
8%
54
Sept
4
2
2% Jan 29
2%
80%
16)2
6312
Jan 22
Feb 28
Jan 15
Jan 15
21% Jan 15
9H2 Jan 23
3%
Jan 20
Feb 29
64
Feb
3134
23%
12%
22)z
27%
13334
44
2%
86
Jan
13% Apr
53
Apr
87
Apr
Nov
109% Jan
5% Sept
2% June
67
Jan
Nov
24% Jan
74)2 Mar
38% Jan
Dec
80
Mar
10
Apr
1)2
10%
15'8
10%
22)2
24%
Jan
35
Aug
25
Aug
% Aug
4%
Apr
14% Dec
9% Dec
Jan
24% Feb 21
18% Jan 8
2734 Jan 3
Feb
Mar
3% Mar
21%
55
47
Jan
2434 Jan 19
97% Feb 21
4% Feb 8
71)2 Jan 9
1% Jan 30
834 Feb 24
14% Jan
29% Jan
Jan
66)2 Mar
24)2 Jan
Apr
69% Mar
142
Jan
Mar
2%
70
Jan
20% Jan
Jan 29
Nov
1%
234 Feb
88
Jan 30
Jan 15
Feb 5
Jan 15
55
Jan
18% Feb 27
19% Jan
38)2 Jan
Jan
15)2 Oct
43% Sept
Apr
5634 Feb 16
Jan 15
Jan
10% Jan
111)2 Nov
1% Sept
% June
1% Jan 11
Oct
Feb
99)2 Feb 21
2
6
Jan 29
22%
Jan
12)2
16%
23%
129%
Apr
Apr
42
Nov
Sept
Dec
Dec
Sept
22)2 Sept
33% Sept
37% Sept
141)2 July
53% Deo
35)2 July
21% Mar
12)2 June
Aug
Sept
May
34% Feb
1734 Jan
9
4
24%
4
12
3
10
6
234 Feb 23
28% Feb 23
Apr
6
9
Apr
36
Jan
4
3
17% Jan
22% Sept
32% May
3034 Jan 12
Feb 29
16
20
Feb 13
Jan
Jan
14)2 Apr
Apr
%
Sept
Sept
2
11
Apr
Apr
3034 Jan 5
34% Jan 17
17% Jan 15
34
Feb 29
29
May
37
Jan
9
32
Jan
38
20% Feb 19
8
Apr
18% Dec
Feb 21
17
8
15
Apr
18
Oct
106)2 Jan 12
103% Jan 22
28% Jan 4
99
Apr
105
Oct
96
May
17
Apr
123
Sept
15
Feb
16
7
104% Jan 25
Feb 14
Jan 22
7)4 Jan
91
3
Jan
3
3% Jan
6
Feb 14
Jan 12
Feb
2
Jan
5
Jan 15
112% Jan 16
17
Jan 23
30% Mar 2
5% Jan 18
12% Feb 1
4
Jan
8% Feb 26
95
3%
53% Mar 8
33% Jan 30
11% Feb 2
67% Feb 29
108% Mar 6
5% Mar 8
47)2 Jan 24
34 Jan 3
3
Jan 11
23)2 Feb 29
5% Jan 19
a4 Feb 9
11
Jan
Jan 11
2
Apr
93
Jan
8
100
163
Jan 31
Jan
3
Mar
8
93
133% Jan 30
y
63
Apr
128)2 Apr
18%
34
Jan
4
60%
Jan 12
35
Feb 17
27
Apr
8%
Apr
60% Oct
102
Sept
4% Sept
40
Apr
5
% Dec
2% Sept
21% Sept
6)2 Feb 17
4% July
1% Feb 20
7% Feb 20
27
1
13%
Ex-dlv.
Mar
June
Jan
50% Feb 21
Jan
Jan
3
3
5
3
Jan
Jan
6)2 Jan
Ex-rlghts.
% Aug
115
July
19
Jan
51
Jan
11% Mar
21% Sept
110
Oct
66% May
36%
17%
73)4
110%
9%
57
1%
Mar
Jan
July
Aug
Sept
Sept
Jan
5% Jan
35% Sept
8% Jan
9
Aug
2%
20%
16%
Apr
35
Jan
38)8 Sept
49
Mar
2
Jan
12% Dec
13% May
18% Nov
101% Sept
135)2 Mar
65)2 Aug
Sept
8
Oct
Nov
4% Nov
167
14% Apr
29% Sept
5% Nov
8% Aug
95
May
47% Sept
14% Mar
May
Oct
100
70% Jan 29
111% Jan 10
6% Jan 3
10%
92
Apr
9
4
4
15% Feb 23
144
.
10
Jan
Jan
7% Mar
103% Nov
33% Sept
148
54
115%
Nov
117
7
24%
41%
5
Apr
6% Sept
Sept
Mar
65
21% Jan 19
38% Jan 25
Mar
Apr
8%
110
15%
Feb
71
113% Jan 29
10% Jan 3
Feb 26
5
4%
Jan 30
100
preferred
65)2 July
99
July
112
105
Jan 10
Jan
Aug
128% Dec
17
87% Jan 10
No par
Holland Furnace (Del)
Hollander A Sons (A)
Jan
3% Sept
6% Mar
Jan
47%
118% July
1% Jan
72% Jan
125)2 Dec
36% Apr
47% Jan 13
61
Holly Sugar Corp
_
39
30
Jan 15
131
preferred
_
9534 Feb 16
130)2 Jan
55% Jan
126
44%
% Dec
% Jan
44
130)2 Mar
107% Sept
118% Jan
24
100
r
106
19% Apr
12)2 Aug
No par
New stock,
Jan
116% Jan 31
18% Jan
3334 Jan 4
15% Jan 11
No par
n
25%
7
6% cum preferred
Herehey Chocolate
100
Dec
_
Mar
17
Hercules Powder
5%
Jan
16
1934 Jan
27% Jan 19
14)2 Jan 13
14
300
Jan
75
34 Jan
155
5%
Jan
35
6
100
Homestake
18
Apr
Apr
% Feb
No par
conv
Mar
9
85)2 Aug
% June
Motors
$4
5% Sept
Apr
17%
Mar
10
9% Jan 10
107% Mar 1
Preferred
Mar
July
Sept
43
11% Jan
110
107
Hercules
11
69
Feb 16
Jan 12
65
149
23% Jan
109)2 Jan 27
% Feb 20
16
2)2
3)2 Jan
2
Jan
40
1
25
Corp
500
Def. delivery,
Feb 10
25
200
2,100
116
Hecker Products
10,300
600
37% Feb 29
45% Jan 12
Hazel-At las Glass Co
7%
300
2
3% Jan 27
100
Water
6% preferred
Corp of Amer class A
6^4 % preferred w w
Hayes Mfg Corp
"
5~800
Jan
128
Jan
103)2 Mar
Dec
Sept
2% Jan
No par
preferred
Hlnde& Dauch Paper
"lV200
Feb 5
5
Feb 6
Jan 15
Feb
145
Jan
Apr
7%
lli2 Jan
10
preferred..
Hat
100
113% 113%
2% Jan 16
Hanna (M A) Co $5 pf.No par xlOl
Harbison-Walk Refrac. No par
24
80
15
40
8% Jan
Mar
Helme (G W)
*131
132
this day,
6,500
3%
10%
.
on
800
96
57% Jan
Jan 26
Jan 18
20
Guantanamo Sugar
6%
Jan
Jan
1
Greyhound Corp (The).No par
20
9
6
10
Hamilton Watch Co
150
5% May
13
Green Bay A West RR
Green (H L) Co Inc
6%
Jan
Jan
No par
preferred
Hackensack
52
5
6
8
Gt Nor Iron Ore Prop..No par
8%
Jan
Jan
2
Great Northern pref...No par
Great Western Sugar..No par
Preferred
100
5^4 %
Jan
18%
No par
200
*92
3%
5%
Dec
7%
x9% Sept
45)2 Aug
% Jan
dlv ctfs.No par
Without dlv ctfs
Granite City Steel
Grant (W T) Co
500
8
3%
w
104%
Apr
7% Feb
13% Mar
9% Mar
...1
5
7% preferred class A
Hall Printing Co
96
*16%
*16%
17%
31%
31%
32
32
32
31% 32
32%
7
7
7%
6)2
6%
6%
6%
6%
6%
14
13%
*13%
14
14%
*13%
14%
13%
14
110
*101% 110
*101% 110
*101% 110
*101% 110
54
54
54%
6334 54
53%
54%
53%
53%
35
35
35
*33% 34%
35
35
*34%
36
13
13%
13%
13%
13%
13%
13%
13%
14%
68
*67%
68
68
68
*67% 68
68
68
109% *102
109
109
108%
108% 108%
*105% 110%
5%
*5%
5%
5%
5%
5%
5%
5%
5%
*48
49
49)4
49
49
4834
49
*48
49%
*1
1%
1%
1%
Us
1%
1%
1%
1%
*5
5%
5%
538
5%
5%
5%
*5%
5%
23%
23% 2334
2334 24
23% 24
23%
24
5%
5%
5%
6
6
5%
6
6)8
6)2
%
%
■%
%
%
%
%
%
%
11
11
11%
11%
11%
11%
11%
11%
11%
22%
22
*21
22
*21
21% 21% *21
22
*40
40%
40
40%
40% 40%
40%
*39%
40%
5
5
5%
*5%
5%
5%
5%
*5%
5%
Bid and asked prices; no sales
60
8
3%
Grand Union
""600
*92
3%
3%
3%
110% *108)2 110%
10%
10%
10%
No par
100
Gulf Mobile A Northern...100
33
♦136
No par
Graham-Paige Motors
Granby Consol M S A P
50
3%
16
147
$5 conv preferred
Gotham Silk Hose
700
2%
34)2
35%
No par
5 % preferred
No par
Goodyear Tire & Rubb.No par
300
1,800
13,400
1,400
26
*3%
1
Goodrich Co (B F)
700
57
*50
60
1
Preferred
15
9%
*14
preferred
Gold <fc Stock Telegraph Co 100
19%
*63%
4 \4 % conv
Gobel (Adolf)
3,900
2%
No par
No par
(The)
Goebel Brewing Co
83
3%
preferred
Glldden Co
200
No par
8,200
3%
19%
*95
$6
400
Brothers
Apr
103)2 Jan
4
15) 2 Sept
»
Jan 15
9
Glmbel
94
Jan 19
98
5,400
July
3%
Jan 26
104
61
Mar
Sept
3% Sept
5% Sept
18% Oct
7% Aug
July
102
137
Jan
36
9
7
100
No par
2
18% Mar
50
2
7%
preferred
3% Jan
17% Feb 16
48% Mar 5
6% Jan 24
2
55
Apr
1% Apr
2)2 Jan
Jan
15% Feb
7%
conv
18%
14
7% Jan
Apr
Sept
27
Feb
4
19% Jan 2
11% Jan 16
20
Aug
1%
Jan
Mar
14r
35
5
11
-
Aug
Jan
July
37)2 Sept
108% Jan
29% Jan
90% Jan
9% Sept
Apr
32% Jan
2
par
7%
55
18%
3)2
Feb 13
4% Feb
par
7)2
*54%
18%
*136
8%
94
par
$5
35
147
pref.-No
General Telephone Corp
Gen Theatre Eq Corp..No
Gen Time Instru Corp .No
6% preferred
Gillette Safety Razor..No par
3%
9
Gen Steel Cast $6
General Tire & Rubber Co...5
44
Jan 18
General Refractories...No par
General Shoe Corp
1
1,100
3%
2
86)2 Jan 15
5,400
1,300
Jan 29
6% preferred
100
Gen Realty A Utilities
1
$6 preferred
No par
"~f,466
*33
34
1
No par
6%
*35)8
35)4
35%
*35% 36
118%
*1814 1834
*18
18%
18%
18%
18%
18%
16% *15%
*15%
16%
16
16
*15%
16
*15%
16%
105
105
*104)2
*104l2
*104%
*104%
102 ~
102
*102
102% *102% 103
103
*102
*102
103
103
25
24%
24%
25
24% 25
*25
25%
25%
25%
25%
93%
*3%
*112
200
10,000
2)4
*87%
800
"l,200
23%
3%
*60%
6,900
16%
2%
*131
460
12
*3%
*14
1,300
33%
23%
*158
900
12
4
*109
300
16%
2%
24%
*135
1,500
33)2
2%
27
....No par
preferred
No par
12
27
*15%
*104)2
*101%
*24%
Common
General Printing Ink
No par
33%
16)2
12
10
.No par
preferred
Gen Railway Signal
33%
16%
*11%
*2%
*2412
18%
$5
Gen Outdoor Adv A...No par
Gen Public Service
80
33%
16%
16%
100
preferred
800
*33
*11%
No par
""406
57
16%
3234
pref series A. No par
General Motors Corp
$6
*50
1134
*35
*98
conv
5%
1,200
2,300
No par
No par
preferred
General Mills
80
32,500
31
31% Jan 15
31%
66% Aug
Feb
Gen Gas & Electric A..No par
$6
57
11%
*33
1,100
*50
16
*15%
$4.50
44"
35
34% 34%
35
3434
35
34%
34%
*24
*24% 25
*24
24%
24%
24)2
24)2
14
13%
1334
14%
14%
14%
14%
14%
23% 24
24%
24%
25
24)2
24%
24%
28
2734 28
28
*27%
28
27%
28
139l2 139% *137% 139% *137% 139% *137% 139%
32%
*33
General Foods Corp
400
%
Electric Co...No par
20%
*14
13%
9%
*14
11%
*35
3,800
6
113%
50%
1
8%
16
2%
48%
116%
General
8
100
preferred
6%
23%
32%
*3%
38%
47%
7%
20%
68%
11%
*2%
*24)2
130
3% Feb
51
Apr
103% Apr
5
Mar
No par
General Cigar Inc
50%
23%
16
2%
1,200
75
9%
18%
48%
17%
100
20%
69
23%
96%
3%
100
Cable Corp...No par
..No par
(
50%
2p%
3:6%
*82
32%
3%
17%
34%
35%
18%
General
50%
44
44
3%
12
*3%
17%
$8 preferred
No par
General Bronze Corp..
5
7% cum preferred
38%
%
..5
._i
Class A
20,700
*20
Baking..
400
18%
115% 115%
%l
44
No par
5
preferred
300
94%
*98
18
69
23%
100
32%
16%
,
48%
%
*20
*11*4
16
♦18
116% 116% *116
%
54
*43 %
44
22%
1
57
7%
55
1734
69
*95
8%
14%
9%
9%
9%
14%
14%
14%
34)2
34% 34)2
24%
24%
24)4
13)4
13%
13%
23%
23%
23)2
27%
27%
28
140
140% *137
*14%
*34)8
*23*4
*98
20%
7%
18*4
*67%
100
20%
6%
7%
*81)2
61
115% *115% 115%
38%
39
39%
48%
1,700
10%
21%
*58
18%
17%
18
48%
116%
10%
*20
60
$6
Gen Am Transportation
800
50)2
3%
10%
21
59%
Gen Amer Investors...No par
11,600
6%
2%
10%
*20
69%
Sept
20)2 Jan
101
General
700
Oct
5
per
1% Apr
107)2 Jan
pref No par
2,300
3
25
5
Jan
2,600
*2%
May
21
Jan
8
Jan 30
5H % conv preferred
10
17
1
3% Jan
Feb
3% Jan 26
100
200
Feb
13
5
50
140
38
17% Feb 10
14
Gaylord Container Corp
7%
Apr
70
10
200
6)2
6%
6%
6%
6%
6%
*9
9
9
9
9%
9%
*107)2 111
*107% 111
*107% 111
1
%
%
%
*%
%
%
*17
17
17%
17%
17%
17%
17%
*93
99)2
99%
99)2 *93
99%
99%
%
%
%
*%
1
*%
*17
a 17
17
17
17
17%
17%
30
30
28%
*29%
30
30%
30%
15
15
14%
14%
14%
14%
14%
29
29
29
28%
28%
29%
29)2
24
24
23%
23%
24%
24%
24)4
12%
12%
12%
12%
12%
12%
12%
*18
18
18
18%
*17%
18
18%
53%
*49%
3%
10%
20%
2%
1
Feb 29
No par
preferred.
12
*48
48%
6%
6%
*101
103%
52%
52%
111
%
*17
2%
$3
Garnewell Co (The)
3
9%
54
%
3
Galr Co Inc (Robert)
Gar Wood Industries Inc
*134
140
Gabriel Co (The) cl A..No par
Gannet Co conv $6
6%
124
1
*134
10
Freeport Sulphur Co
"Y, 700
734
Sept
25
105
10
No par
No par
4%
""406
54
17%
99%
140
103%
52%
7%
15
1
3
!
100
$7 conv preferred
800
94%
94
94
129
3)128
129
128% *128
130
53%
54
53%
54%
53%
54%
124
125
I 124% 124)2
124% 124%
54%
56%
55)2
56%
56
56)2
124
17%
99)2
*%
7%
94%
129
*»4
17%
*92)4
*17%
*92%
*%
52%
44
53%
124%
54%
6%
*101
7%
38%
i
24)2 Jan
F'k'nSimon&Co Inc 7% pf.100
200
1
Jan
35
Francisco Sugar Co
2,370
Jan
23% Jan 23
2% Jan 30
4\4% conv pref
Foster-Wheeler
104
*4%
105% June
32
40
1,200
per share
25)2 Sept
Jan
t Follansbee Brothers. .No par
Machinery Corp
10
190
100
Apr
21
Food
3,000
17%
99%
46
Florshelm Shoe class A.No par
300
1,000
i
43% Jan 18
18% Jan 15
Jan 25
Highest
share $
Jan 2'
21% Jan
32
Florence Stove Co
1
per share
No par
Fllntkote Co (The)
700
19% Jan 31
104
Year 1939
35)4 Feb
S
share
No par
First National Stores__.No par
200
per
106
1,700
300
$
Feb 26
6% preferred series A—100
3,200
*11%
6%
*6)2
53%
*94
129
9%
102
*18
130
111
6%
94%
52%
4%
12
44
94
*101
104
4%
*11%
102
103)2 *102
103% ♦102
103)2
51
*5114
52)2
51)2
51% 52
52l8
*7%
7%
7%
7%
7%
7%
7%
137
*134
137
140
*135
*133)2 140
3
*2%
2%
2%
2%
2%
2%
*10
10% *10%
10%
10)4
10%
10%
20
20
*19
20
20
21%
2034
*56
59
58
58
*58
59%
59%
*17%
17%
*17%
17%
17%
17%
17%
♦115)4 115% *115% 115% *115)2 115%
115%
38
38l8
38
3812
38% 38%
38%
48
47% 47%
47%
48
47)2
47%
117
117
*116
116
116
*116
116%
%
%
%
%
%
%
%
*18
*101
4%
11%'
*102
*9414
104
434
10
Firestone Tire A Rubber
400
,
4%
Par
I
Lowest
Highest
Lowest
Week
*20
*20
20%
20%
20%
20%
20%'
20%
20%
20%
20%
20%
104% 104%
104fy 104% *104
104% 104%
104% 104%
104% *104% 104%
45
45
45
45
45
45
45%
45% z45
45%
44%
44%
19%
19%
19%
19%
19%
19%
19%
19%
19%
19% *19%
19%
*34
35
35
35
*34%
35
*34% 35
*34%
36
*34% 35
*24
*24
25
*24
2434
24% 24% *23%
*23%
24%
24%
24%
*2%
2%
*2%
*2%
2%
*2-%
2%
2)2
2%
2%
2%
2%
32
32
32%
*31*4 32%
32% *31% 32%
*31% 32%
32%
32%
106
106
*106
107% *106
107% 107% *106
107)2
107)2 *106
107%
18
19
18
19
18%
17%
1778
18%
17%
17%
18%
18%
*72
*72
*73
75
74
75
75
*72%
75
*72%
75
79%
*5
*4*4
5%
*4%
5)4
*4-%
5%
*4%
5%
*4%
5%
5%
34
*28
*28
34
*28
34
34
*28
34
*28
*28is
34
34
34%
34%
34)4
34%
34%
34%
34%
34%
34%
34%
34%
*2
*2i4
2%
*2%
2%
*2)4
*2%
2%
2%
2%
2%
2%
*3I4
*3%
3%
3%
3)2
3%
3%
3%
3%
3%
3%
3%
14
14
♦15
14%
15
14%
14%
*14%
15%
15%
*14
14%
18
17
1678
17%' *17% 18%
18
18%
18%
17%
17%
17%
*101
Ranye Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
|
$ ver share
1940
Range for Previous
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
.
Sales
for
LOW
Saturday
9,
434 Sept
11%
If Called for redemption.
I
Jan
Jan
Jan
Volume
LOW
New York Stock
150
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Record—Continued—Page
Sales
STOCKS
for
Saturday
t
Monday
Mar. 2
$ per share
6
.
Mar. 6
*6%
$ per share
$ per share
26% 27
llli4 111%
6 >4
27
154
27
11134 llla4
112
6i4
2714
*111
27
112
*153
154
*6i8
27
*153
*6%
154
6%
27%
86
86
8.534
86
87
87%
13
13
1312
6%
1312
1312
*6%
3%
*25g
42i2
13%
6i4
13%
6%
37g
334
*2%
14%
6%
334
6%
4%
*3
4
4
*3
*41
41%
*110
110%
4%
4%
10
10
1%
190
53%
*158
10
2
2
*32
53%
189%
.5312
16234 *15712
3%
10
4
36
*13114
123g
55%
4i8
*53i4
*353.4
*33%
27
*98
378
*334
*9i4
*82%
8i2
*26i2
*125i2
1514
*9H2
*68
*124i2
*58
1312
334
IOI4
13i2
133s
133s
7
1712
14
*120
...
*6%
7
*1734
*12%
13%
18
14
6%
92
*90
38
*37
2lo
30
*2i4
*29l2
255g
334
2612
2934
778
29'%
*734
14%
1578
14l2
1578
5%
32
2134
113
3i4
H4
4
*14
21%
2H2
*112
113
3ig
22
22
22
1334
2834
4914
1334
I334
*28lo
*42
7%
3%
1
3%
2178
*13%
4214
*42
*3i8
*1634
314
17
*108is IO8I4
24% 243s
*1.56
159
17%
1778
.56
56
*3312
34
I3514
24«4
25i8
*134
17%
1718
56
56
*33%
34
134
134
25
17%
*5578
*33%
*130
12%
3712
38
3%
37%
314
*37%
3i8
*614
6%
6%
6%
*3678
*32
34
32
32
*2934
15%
15%
1434
31
15l2
1584
1434
2934
2934
25%
*334
26%
297g
*5
2534
30%
77g
1
22
*111% 113
*42
1334
29
51
7%
43
1534
1512
*14l2
16
1534
1514
*118
478
*4%
14l2
1%
H4
47g
5
12l2
H4
5
5%
1412
40%
1234
3434
35
40
29
5034
3%
27%
105
*109
•
*34l2
*169
3i2
50'2
*1484
*1534
12%
29
*25i2
*101
*4I2
145s
4012
170
28l2
170
15
1578
112
*2%
*29
30
2534
*334
2534
4%
2534
27
27
27
30%
30%
30%
30%
*7%
*1334
15%
5%
37%
2.%
30
27
4%
26%
16
383g
2%
734
15%
16%
16%
*434
32%
21%
5%
3234
25%
334
%
334
35
51
5
147g
42ls
12'g
3514
29
...
51
*35*
334
*25l2
2712
*101
1434
I.534
*109
105
*155
17%
156
1734
2534
2834
*12
156
17%
*57%
*33%
*130
35%
12%
37%
3%
7%
3%
3%
7
7%
7%
7%
15l*>
*1%
478
*4%
3714
25%
29
7%
20
15%
16%
3,800
*484
5%
33
33
27
2,600
31%
21,600
35%
6,500
156
18%
573g
34
200
86,300
3,300
900
1,100
60
3,000
50
2,000
800
*1%
16
15%
*15%
15%
15%
*15
1%
1%
434
434
14%
43%
1234
14%
44%
13%
14%
43%
44%
1234
35
35
35%
13%
36%
29%
51
334
27%
105
29%
*160
51
*3%
*25%
*101
29%
170
5
29%
170
51
50 34
4
*3%
*26%
27%
105
*101
170
51
3%
271?
105
16%
1534
15%
1,300
12,700
1%
1%
300
5
5
8,700
5%
14%
6%
14%
7,300
43%
12%
4434
13%
61,300
22,700
3534
29%
3534
29%
900
No par
5
Lehigh Portland Cement
26
1,640
1,400
4
27
300
*101
105
{ In receivership,
a
900
2,100
Def. delivery,
Jan
107
Dec
434 Jan
5
4% Jan
10% Jan
3
86
Jan
6
8% Jan
9
27% Mar
7
3% Sept
4
3
Sept
7% Aug
76
Sept
7% Nov
18
Apr
3
13
Sept
18
Oct
59
105
Jan
133
June
83
Sept
123% Jan 19
55% Jan 16
13
Mar
7
120
Feb
8
6% Jan 22
Feb 29
119% Sept
128
Jan
2
122
Sept
Aug
67
Jan
3
35
Apr
14% Jan
5
13
Apr
120% Jan 30
7% Jan
17
Feb
Feb 15
97
Feb 23
97
117% Jan
5% Apr
15% Jan
8
Jan
9
5% Feb
20
11
Jan
Apr
838 Apr
Feb 23
Mar
90
13% Feb 15
2
2
Jan 15
Sept
Apr
7% Apr
5
7% Jan
Jan 15
2%
25%
24%
3%
Feb 29
25
Feb 27
Aug
June
12% Apr
Jan 16
26
Feb 16
20
4
Feb 26
1
No par
1
Long Bell Lumber A
No par
Loose-W11 es Biscuit.......-25
5% preferred
(P) Co
7% preferred
100
Lorillard
10
...100
Louisville Gas & El A..No par
Louisville
6%
& Nashville
100
10
138 Jan
438 Jan
23% Jan
Jan 16
Jan 15
6% Jan 12
41% Feb 14
10534 Jan 15
1% Apr
Feb 19
29
Jan 11
53% Jan
3
7% Feb 13
43% Feb 29
108
McCall Corp
conv
No par
1
preferred .....100
New stock,
r
Cash sale.
3% Apr
20
14
Jan 23
Feb 26
IO884 Jan 26
Jan 31
178 34 Jan 12
Sept
938
Apr
23
Apr
36% Apr
4%
Apr
5% July
Oct
638 Sept
3% Sept
834 Sept
2734 Jan
13% Nov
3234 Mar
5634 Mar
10
Sept
33
Sept
43% Aug
95
Sept
108% Aug
10984 Aug
95% Sept
152
Sept
20% Jan
29% Jan
6
15
Apr
3
36% Jan 18
40
Jan
2
2034 Aug
31% Apr
47
1134
15%
28%
3334
13%
18%
32%
3738
Mar
6
10
18% Sept
106
4
2
2
Jan
Jan
Jan 15
Jan 15
Jan
18% Jan
42% Jan 15
3% Jan 15
18% Jan 30
106
55% Jan 16
33% Feb 24
27
Feb
9
Jan
3
30% Sept
108% Mar
31% Feb 28
46% Jan
101% Sept
4
Feb 23
Jan
_
1834 Jan 11
Jan
5
25
Jan
6
159
Feb
7
21% Jan
4
60
Jan 25
35
Jan
3
14% Jan
14% Jan
14% Feb 16
1% Jan 5
434 Jan 13
3% Jan 31
Jan 31
35% Jan 15
7«4 Jan 15
34% Mar 5
28% Jan 16
161% Jan 6
50% Feb 1
3% Jan 22
26
Feb
98
Jan 11
2
143, Jan 13
14% Jan 31
108
Feb
* Ex-dlv.
6
Mar
38% Sept
2
180
May
19
Nov
40% Sept
19
Mar
Jan
3284 Dec
54% Jan
109% July
2134 July
62
Jan
Aug
6% Sept
16% Sept
22% Mar
105
Jan
19% Apr
138
110
243g
June
Feb
Sept
159% June
1584 Jan
36% Apr
20% Mar
67
Sept
3
28
Apr
35
Aug
134% Jan 27
124
Feb
135
Nov
18
Aug
3
25% Sept
11% Sept
25% Apr
1234 Jan
Mar
3334
43%
19%
40
Oct
Feb
Jan
Sept
1
3% Jan
Apr
6% Sept
5
Apr
7%
Oct
6
y
7% Mar
35% Feb 28
9
Apr
30
Nov
31% Feb 28
Jan
Jan
13
Aug
13% June
2934 Dec
109
Mar
2334 Jan 15
153% Jan 12
16% Feb 10
28
No par
McCrory Stores Corp
n
Mar
38
Masonlte Corp
6%
Mar
118
33% Jan 19
234 Feb
6% Feb 28
Co......
Martin-Parry Corp.—No par
Jan
Dec
8
30% Jan
Market St Ry 6% pr pref.100
No par
5%
2934 July
29% Oct
13% Jan
23% Jan
18% Mar
112
27% Jan 15
1134 Jan
Martin (Glenn L)
Sept
37%
2834 Jan
Marshall Field & Co
Dec
4
30% Oct
2638 Aug
25
Jan 30
Maracaibo Oil Exploration.. 1
Marine Midland Corp
38
Apr
24
100
Sept
46% Sept
16% Sept
17
No par
Ctfs of deposit........
Manhattan Shirt
25
1434 Mar
10% Mar
99
% May
2% Feb 19
Jan
1634 Nov
0978 Jan
18
July
100% Dec
2% Sept
% Feb 20
jan
Sept
23% Jan 10
Jan 12
Ctfs of deposit
Modified 5% guar
24
Jan
Jan
133
1
19%
12134
11%
25
100
No par
Jan
Mar
5% Jan 17
3534 Jan
preferred....
Manatl Sugar Co
12
Jan
Jan 22
56.50 preferred
Apr
12% Sept
Jan
25
Loft Inc
7
9% Jan
1834 Jan
1638 Jan 11
4
Lima Locomotive WkB.No par
Link Belt Co
No par
Lone Star Cement Corp No par
Apr
334 Dec
2384 sept
20% Apr
115
Jan
1
29% Jan
30% Mar
Feb 20
3
19
No par
Apr
125
134 Apr
Jan 24
434 Feb 6
31% Jan 15
21% Feb 21
IO984 Jan 31
175
Corp
Jan
234 Jan 24
31
par
Lockheed Aircraft
Apr
834 Apr
Jan 15
15% Feb
.100
Loews Inc...
Jan
3234 Sept
4
105
par
1034
8
25
par
June
Jan
48%
Lion Oil Refining Co
No
Liquid Carbonic Corp..No
Feb
Jan
87
Mar
Libbey Owens Ford Gl.No par
Llbby McNeil & Llbby
7
Life Savers Corp
5
Liggett & Myers Tobacco.,25
Lily Tulip Cup Corp..No
1434
Jan
17
12% Jan 12
2634 Jan 18
Series B
9%
9%
77% Jan
21
1
7% preferred
100
May Department Stores...10
Maytag Co
No par
$3 preferred
-No par
56 1st cum pref
No par
51
Oct
100% Feb 21
Sept
48
1
Mar
Fink Prod Corp
5
Lerner Stores Corp
No par
Mathieson Alkali Wks.No par
*3%
33
84
38
69
Lehn &
1,200
51
*26%
Apr
14% Feb 26
45% Mar 5
No par
50
20
*166%
1434
1434
1434
14%
14%
1434
1484
14%
15
16
16
16
16
*1578
16
16%
16%
16%
111
*109
111
111% *109
*109% 111
*109% 111
Bid and asked price;; no sales on this day.
100
40«4 Sept
19
6% May
60% June
126
14% Feb 28
t Manhattan Ry 7% guar. 100
1534
*14%
31% May
5
Jan
Jan
1434 Jan
578g Dec
Jan 13
5% preferred
100
Lambert Co (The)....No par
Lane Bryant
Lee Rubber & Tire
Jan
May
5
Jan 15
28% Jan 19
7% Mar 8
Mandel Bros
15%
Jan 30
Kroger Grocery & Bak.No par
Laclede Gas Lt Co St Louis 100
700
15%
5
1
par
3,100
1%
5
10
No
7%
15%
15%
*15%
1%
5%
Kresge (S S) Co
Kresge Dept Stores
Kress (S H) & Co
5534
138
29
20
38
33g
1534
1584
15%
Dec
Sept
6% Aug
25% Aug
3% Jan
39% Jan
39
*7%
100
35
123
35
1
37%
3%
200
4
Jan 11
Sept
1438 Jan 2
60% Feb 9
5% Jan 24
56i4 Feb 6
3638Mar 6
28
Macy (R H) Co Inc....No par
Madison Sq Garden...No par
Magma Copper
10
30
38% Jan
38% Jan
14% Feb
No par
Jan
10
2
No par
8%
1738 Sept
13%Mar
$5 prior preferred
Oct
5% Apr
3
34% Feb
par
41
195'4 Mar
71% Sept
I6634 Aug
Apr
Jan
133
5% Sept
2% Aug
79
200
32%
7
Sept
334
Mar
2,400
30
142
5
96
12%
32%
Jan 23
5% Jan
1138 Feb 17
2
Mack Trucks Inc...
900
171
457g Sept
Jan
2,400
*12
Apr
Sept
4
90
No par
2534
28%
25%
2834
16
145
Jan
Kennecott Copper
Mac Andrews & Forbes
70
33%
5
1,500
30
15
*101
500
39%
13%
1734
3
Feb 24
Kendall Co $6 pt pf A.-No par
Preferred
1,400
Feb 29
2434 Jan 18
1
4,400
*2984
16
clA.l
28%
5034
7%
2,600
16% Sept
3% Oct
10*4 Jan 31
conv
Class B
700
"""160
46% Oct
109% Dec
Apr
Kelsey Hayes Wh'l
7,300
177
1934
Apr
2% Apr
7% Aug
1% Apr
12% Apr
1334
10834
38
6234 Jan
Dec
9% Mar
3% Dec
Dec
90
5
191
Sept
5%
sept
85
4,200
400
Jan 15
Feb 29
82% Feb 16
50
400
Feb
123
21
Apr
36% Jan
Mar
8
9884 Sept
Apr
28
3434 Feb
9
Apr
9%
4%
234
284
17%
8
100
43%
108
Jan 22
lis4 Jan 18
5034 Jan 18
67
4
2% Jan
Aug
6
12% Jan
157
8
334
22%
*17%
8
Jan
Sept
147% May
15% Jan
4% conv preferred
700
8
5
Jan
131
96
Lehigh Valley RR
Lehigh Valley Coal
6% conv preferred
Lehman Corp (The)
1,200
44% Jan
9% Sept
29%
Apr
1234 Feb 27
10
1,400
8
43g Apr
95
700
*32
15%
5
3%
1%
30
170
100
1,100
33
43%
13%
34%
29%
51
~l~6(j6
Jan
13
100
2134
113
35
*150
50
30
14%
3%
*2578
200
1,200
7,200
33
42%
*169
3,300
35% Mar
33%
25%
97%
334
334
4
Jan
3
8
131
9
Keith-Albee-Orpheum pf._100
100
32%
5%
5%
14%
12%
34%
*28%
80
3034
5
4% preferred
5% conv preferred
Kay ser (J) & Co
140
7%
57%
57%
34
*33%
135% *130
135%
12%
3%
*14%
18
2534
*2834
7
37%
156
2534
2834
3
32
100
Kalamazoo Stove & Furn...lO)
Kan City P & L pf ser B No par
Kansas City Southern.No par
Kaufmann Dept Stores
*13%
16%
21%
2134
*111% 113
*111%
3%
3%
3%
1
1%
1%
3%
3%
*3%
22
22% 2234
1334
1334 *13%
29
29
28%
50%
50%
50%
7%
7%
7%
43
43
43%
*106% 108
*106%
108% 10834 *108
*174% 177
*174%
*19%
1934
1934
26%
2634
26%
38%
38% *38%
13%
13%
*13%
18
18
1734
30%
30%
3034
12%
37%
*3%
*2934
15%
Preferred
Jones & Laughlin St'l pref. 100
Kimberly-Clark
Kinney (G R) Co
57
*12
par
100
34
12
Johns-Manvllle.......No
700
57
12
1
2 34
*33%
2834
Island Creek Coal....
56 preferred
1
Jarvis (W B) Co
..1
Jewel Tea Co. Inc. new.No par
140
500
1,300
2:6% Mar
No par
37%
29%
57
2534
2834
1,700
1,800
Foreign share ctfs...No par
Keystone Steel & W Co .No
34
29i4
1214
37l2
314
28l2
*1134
25%
2834
10
2,500
6
334 Feb 29
8% Jan 15
Jan
Interstate Dept Stores.No par
Preferred
100
lntertype Corp
5
Mar
No par
400
135% *130% 135%
25l4
29ig
,
200
Inter Telep <te Teleg
13%
3%
22%
17%
300
Jan 22
4
100
634 Jan
110% Feb 14
53% Mar
159% Mar
51
50
13%
3%
2178
1334
287g
50%
7%
156
30
13
.
1.56
1,000
1,100
180
*
7% preferred..
"6,900
Jan
4% Jan 15
9% Feb 6
1% Jan 19
32% Feb 1
100
preferred
International Sliver.
100
*1234
108% 108% *108% 110
*108% 110
*108% 110
28%
28% 29%
30%
29%
2934
28%
30%
4234 43
43% 4334
43%
43% 243%
43%
3%
3%
3%
3%
3%
3%
*3%
3%
17
17
*1634 17% *1634 17%
17%
17% *17%
17%
10818 108lg *106
106
106
*106
10734 *106
10734
10734
243g 2434
24% 2434
24%
25
2434 25
2434
24%
156
5%
13%
IO8I4 108%
293s
30i4
4234 4312
*3l8
314
156
100
,
Internat Rys of Cent Am
11,500
107
*106
IO6I4 106% *106
107
107
107
108
108
108
10734 108
108% 108% 108%
*174l2 177l2 *174% 177
*174% 177
*174% 177
*19
20
*19
1934 *19%
1934 *19% 1934
*26
265g *2618 26l2 *26% 2634
26% 2738
*37
39
*37
3814
37% 37% *37
38%
13
13
13
13
*127g
13U
13% 13%
1714
17i2
18
18
17i2
17%
17%
18
293g
29%
29'8
30%
30%
3034
30% 30%
3434
35
345s
3514
3434 347g
34%
35%
«07i2 IO8I4
29%
305s
4334
43%
5% conv pref
15
96
37%
3%
22%
1334
43
Inter Paper & Power Co
9434
1%
5034
7%
Internat'l Mining Corp
1
Int Nickel of Canada..No par
Preferred
100
37%
1%
29
7%
100
...
Jan
108
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
37%
37%
14
3%
29
Preferred..
No par
93
3%
4934
Internat'l Harvester
900
3%
1%
4912
75g
4214
No par
Internat Agricultural..No par
Prior preferred
100
Int. Business Machines-No par
2,100
32%
112
No par
7%
.3212
*2134
29
49%
*7i4
43U
714
22
112
Jan 15
Intercont'l Rubber
Interlace Iron
12%
*7%
*21%
40
Certificates of deposit......
Interchemical Corp....No par
6% preferred
.....100
7%
*13%
1578
5
6% Feb 28
100
12%
734
32
Jan 15
Jan 15
t Interboro Rap Transit
7%
9434
15%
*4%
6% Feb 14
1278
734
3%
1]8
35g
Us
33s
2%
29%
2578
4%
26%
29%
32
14% Feb 21
Jan 17
12%
*13%
5I4
Jan 22
634
13
*29
32
90
11%
5%
3%
234
1
93
92
16
80% Jan 22
Insuranshares Ctfs Inc
1234
38%
16
Feb 27
12%
634
2%
2938
16
154
96
*2%
29%
3
96
*37%
*3%
*26%
150
100
No par
900
1334
*90
1634 Apr
86
95%
38%
334
2612
*4%
*3158
100
3
4
*1234
95%
*37
2%
29%
2534
157g
*90
Jan
Jan
13
95%
95%
*13%
30
7%
1.5
*334
2614
2958
*734
255s
4
26l4
100
*1234
29
118
Inspiration Cons Copper...20
300
*12%
5% Jan 31
25% Feb 26
111% Mar 2
300
18%
37%
*13%
2i2
6% preferred
Inland Steel Co
Highest
I per share % per share
10
No par
International Salt.....No par
International Shoe....No par
18%
37%
1334
30
2534
•
400
$ per share
Lowest
No par
Industrial Rayon
Ingersoll Rand...
180
*120
7%
9434
37%
*133s
*37%
*90
400
18%
1334
*90
13
Indian Refining
Year 1939
Highest
5 per share
Par
8,500
*17%
*12%
100
95% 117%
12
12U
*6%
634
6%
13%
100
7,200
""806
*90
12
12
*1234
4,000
7%
14
*1234
13%
Lowest
300
634
18
133s
38i2
49
7,400
7%
18
133g
22
""606
7%
*12%
*
13
*120
14
I314
*1312
28i2
5,000
1.000
7
18
13U
li8
378
300
7
*17%
*1234
13
*95l2 117%
6f»s
13%
*120
...
37%
*3i8
3%
9%
10%
13%
7
37is
*2H2
10
*13
100
*90
13%
*634
36%
*112
190% 190% 188% 188%
55%
55%
56%
5534
159% 160
*157% 159%
4
240
33
....
363s
*4l2
2
"""566
1,500
15,900
3614
32
2
*32
33
3,100
4,400
6,900
6l2
6%
6l2
65g
634
6%
634
634
684
X6%
63g
36
36%
3618
36i2
36I4
36%
36%
35%
36%
35%
35%
133
*13114 133
*13114 133
*131% 133
*131% 133
131% 131%
1212
13
123g
125g
12% 127g
13%
1234
13%
12%
12%
55l2
55%
56i2
5634
57%
5734
58%
57%
58%
56%
573g
*4
*4
*4
4I8
4
4
4i8
4I8
414
4%
4%
5334
*52 34
53U
5314 *5212 53l2 *52% 53
52 %
5384
5234
*36
37
365g
*36ig
365g
3534
36%
*35%
36%
*35% 36
34
33%
3334
3334 3334 *33% 34
*33%
34
*3334
34
27
27
28
28
*26i8 27
27%
27%
27%
27% 27%
101
*98
101
*98
101
*98
*99
102%
102%
*98% 102%
378
.334
378
334
37g
334
37g
334
3%
334
3%
378
334
37s
334
37»
*334
4
334
334
334
334
912
*9i8
9i2
914
914
9%
9%
9%
934
9%
9%
93
♦825s 87
*82% 87
84
85
*82% 87
83% 83%
8i2
*8i4
8%
*8%
8%
*8%
8%
8%
8%
8%
8%
2714
2634
2634 *2612 27l2 *26% 27%
27% 27% *27% 28
*12512
*125%
*125%
125% 125% *12.5%
15
I0I4
1514
15ig
15%
15ig
15%
15%
15%
15%
1534
»46
46
94
457g
46%
4634 47% Xi6h
46 34
47%
48
70
70
69%
70
*69l4
70%
70%
7134
7134
7134 72%
*1241o 132
*127
132
132
*130
132
130
130
129
129
60
60
60
60
*59
*5818
60 I *59
61
*59
60%
92
255$
5
*2
6%
3%
3
*41% 42
109% 110%
*4%
5
10
10%
10%
2%
*31
4
338
*2%
"2", 100
10,100
*6i8
*214
2914
9
I597g 15978
6%
3%
10%
34
189% 189%
53%
55
1334
6%
87
14
4
13
*95i2 11712
11*8
1158
*37
9
*31%
14%
*4
41?
10%
1.54
86%
10%
*1234
*85
110%
4%
10%
500
334
100
*90
110
*153
87%
*2%
3
4134 4134
110% 110%
42
1,500
112
9%
*120
*12i2
3334
19034
5378
*160
162
161
4
378
4
10%
9'8
10%
3
*41
154
87%
13%
*6%
3%
63g
27%
*6%
2634
*111
4
*120
*6i2
1712
3
42I2
110% 110%
4%
4%
10i8
IOI4
*2
2lg
*3178
337g
*18812 1 9034
5314 5334
6%
6%
27
112
400
10%
10%
6i2
42
110% llOU
*4l4
412
10
34
*187
412
4134
1%
*31
4
6%
27
*153
154
85%
6%
Shares
*111
85*2
4
$ per share
Range for Previous
EXCHANGE
Week
I
112
*153
the
Mar. 8
Thursday
t
1557
Range Since Jan. 1
On Basis of 100-Share Lots
NEW YORK STOCK
Friday
Mar. 7
$ per share
Wednesday
Mar. 5
$ per share
6
*1.53
Tuesday
,
Mar. 4
6
27
Nov
29
Nov
17
Feb 28
5
16
Jan 26
1285
Oct
16
Nov
10
Apr
16
Oct
1
Apr
2% Sept
4% Apr
3% Aug
684 Sept
16% Jan 17
1% Jan
5% Jan
3
5
6% Mar 8
I53g Feb 21
44% Mar
7
14% Feb 20
934
Apr
Apr
26% Aug
2
May
Sept
40% Jan
8
30
3134 Jan
4
2O84 Aug
170
Mar
2
53% Jan 4
4% Feb 23
27% Jan 13
103% Feb 29
16% Jan 8
16% Jan 4
111
Feb 24
Ex-rights.
1534 Nov
8% Mar
1784
4685
8%
67%
378s
Nov
Nov
Dec
Jan
3% Sept
2484 Dec
Sept
176
July
6334 Oct
685 Mar
36% Mar
93
105
155
4034
Nov
Apr
Jan
10% Apr
934 Jan
88
Jan
3 Called for
June
16*2 Aug
178$ Nov
108% Dec
redemption.
New York Stock Record—Continued—Page 7
1558
March
r
AND
SALE PRICES—PER
HIGH
Monday
\Tuesday
Mar. 2
Mar. 4
Mar. 5
Mar. 6
$ per share
$ per share
$ per share
Thursday
23*4
7%
7%
♦41
4178
*41%
11%
11
11%
2334
24
24
7%
41%
11%
23%
*7%
7%
42
41%
24%
7%
41%
11
11%
*8%
8%
8%
102% 102% *102%
10%
10%
10%
11%
8%
*8%
♦8lz
8%
102% 102% *102% 102%
Mar. 7
8
per
Friday
STOCKS
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
SHARE, NOT PER CENT
Wednesday
S per share
*23%
7%
Sales
far
LO
Saturday
EXCHANGE
Mar. 8
share
Lowest
Shares
Par
McGraw Elec Co
1.800
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mines. .5
2,500
McKeesport Tin Plate
00
1
100
Stores
Jan
4
Jan
6
5
80
Mar
1
66
99
Jan
2
10%
*10%
No par
10
Jan 12
*76
79
*76
79
*76
79
~~
*76
79
*76
79
10
$6 preferred series A.No par
64
Feb
60
*61
07%
*62
05%
34%
*62
*60
66%
*60
33%
65%
34%
33
"3", 700
$5.50 pref ser B w w.No par
Melville Shoe Corp
1
5%
5%
*5
34
5%
66%
33%
5%
1,800
33
33%
5%
24%
5%
24
14
33%
*5%
23«4
*13%
*31%
10%
*14%
14
31%
*1014
14%
31%
1034
14%
34%
34
33%
5%
5%
23%
48
48
48
*102
108
*102
108
334J
3^4
*39
43%
*3%
*39
•i#
10%
%
%
3%
%
%
3%
*3%
%
*18
118
*120
121% *120
54
53%
,*117
45
28
*43%
27%
11
11
*10%
17%
17%
*24%
25%
17%
*2414
434
434
434
*35
12%
*75
*35
38%
12%
*12%
75%
*110%
fi J
7%
7J4
76
*110%
-rt.,
7%
50%
0%
*18
16%
*11%
*50
50%
6%
6%
*16
19%
16%
12
16%
117g
24%
24
24
4
43%
*40%
44%
934
%
33s
934
934
h
3%
*%
3%
*'ie
he
%
%
38
he
17
17
106
17%
105% 105%
*117
53%
*43%
27%
%
78
3%
4
934
%
3%
10
4
41%
43%
*9%
*%
3%
*%
**i»
he
%
*17
17%
*1034
*105% 107
*39
44
4
3%
37g
3%
♦9%
*9%
*34
3%
%
31%
3%
43%
he
*334
*40%
934
%
3%
*%
%
*18
%
934
*50
50%
6%
19%
16%
6%
634
*16
19%
16%
12%
24%
170
18%
99%
19%
15
11%
16%
17%
16%
16%
12
12
24
23%
*50
12%
24
*165% 170
*165%
170%
*18
*18
*18
18% *18
18%
*97
*97
99% *97
99% *97
19
*18%
*1834
19% *18%
19%
*15
15
15%
1478
15%
14%
11%
11%
11%
11%
11%
11%
1634
1634
16% 16%
16%
1034
*113
113
*112
113
113
113
11334
113
111
113
113%
113% 113% *111%
*5%
534
5%
*5%
*5%
5%
5%
*6
*6
*6
6%
6%
6%
6%
24% 24%
24% 24%
24% 2434
2434
12%
12% *12%
13% *12%
14
*12%
II
11
10%
107g
11%
11%
11%
*91
94
93
*91
*91
93
91%
21%
21% 21%
21%
21% 21%
21%
*170
172
171
171
» 170
170
*165
*165% 170
50%
6%
18
*50%
634
18%
17%
50%
6%
18%
1,200
80
6
2,200
*50%
034
18%
17%
12%
24%
-
400
Monsanto Chemical Co
10
7
18%
""326
1,700
"""706
700
*8~, 800
90
*86
*74
75
*12%
13%
43%
10%
17%
31%
32%
*41%
16%
*16%
31%
32%
*3%
*6%
*74
12%
*41%
16
*16%
*31%
*32%
4%
*3%
*6%
7%
90
*86
90
*86
21%
170
11%
91%
21
*165
25
1%
*3g
*1%
1%
%
%
%
*%
%
%
15%
15% *15%
15%
1578
16%
1534
102
102
103
102% 103
103% 103%
32
32
*31% 32% *31% 32%
32%
*215% 216
215% 216
216% 216% 216%
*110% 112% *110% 112% *110% 112% 110%
20%
21
20%
20%
20% 20%
20%
57
57% 57%
57%
57%
57%
56
*56
55
56
55% 56
56%
55%
24%
24%
24%
24%
24% 2434
2434
*87 - • 90%
*89%
90% *89% 90% *8914
8
8
8
8
8%
8%
8%
*111
113
III
111
*110% 111%
*110%
*32
33%
33% 33%
33% 33%
33%
*4%
*414
4%
4%
*4%
4%
4%
42
*40% 42
*40%
*4034 4134 *4034
6%
6%
6%
6%
6%
634
6%
20
20
*19%
1934
19% 1934
20%
13%
13%
I
104% 105%'
*434
6
*15%
16
*138% 144
*10%
36%
*27%
14%
105
105
5
*4%
16
15%
*138%
144
13%
11%
100
25
*13
90
*86
90
8,700
3,900
8,100
300
...
60
%
lag
%
16%
105
*55%
%
1%
42,100
400
%
1%
%
*%
16
16
105
106
33
3334
3234
217% *216% 217%
110% *109% 111
21
2034
21%
56%
56%
56%
55%
55%
55%
25
2434
25%
90%
*89%
90%
700
10
400
13
300
27,900
17%
3234
33
1,600
500
400
4%
106
3334
3434
217
217
111
21%
21%
434
634
20%
4%
*4034
634
20
4-%
4134
6%
20
340
1,500
173% Jan 31
132
Nat Mall & St'l Cast Co No par
2134 Feb
3
National Pow & Lt
7%
63%
8%
12%
700
5634
55%
24%
25%
6%
7
20
20
"
_
144
*141
1034
10%
36%
28%
*36%
*27%
38%
37%
37%
28
28
*27%
144
1034
37%
10%
37%
28
28
*141
No par
1034
*36%
*27%
10%
39%'
2784
142%
10%
10%
*36%
39%
*27%
2784
55
*51
55
*51
55
*51
55
*51
55
*51
16,900
"3",700
100
60
900
"8", 500
900
2,700
100
Newmont Mining Corp..It 10
Newport Industries
1
119
*117
119
*117
119
*117
119
*117
100
1,300
61
62
61
62
300
200
*6
*21
24
*6
22
5%
61%
5%
6%
5%
61%
5%
5%
6%
5%
6%
*6%
6%
22
♦21
10%
10%
10%
12%
*11%
33%
12%
33%
*1134
33%
12%
47
*47
1034
10S4
10%
1034
*10%
1034
*12
12%
12%
*12%
13
1234
33%
33%
3384
34
3334
34
47%
47%
47%
47%
47
47
14%
14%
14%
14%
*14%
1434
139
137% 137% *138
*137% 139
47
33%
47
*133g
14%
47
*13%
137
*135
154
*151
154
1334
137
*151
6%
■I
6%
6%
33%
47%
1334
136% 137
14%
*135
Mar
7
Jan
4
Jan 22
50
75% Feb 21
14% Feb 20
100
10
Feb 27
56
Feb 20
1% Jan 23
% Jan 25
13% Jan 15
2
92
Jan 30
28% Jan 15
*151
6%
* Bid and asked prices;
'
6%
no
154
*151
7
sales
634
on
22
154
6%
this day.
*21
*151
6%
22
154
6%
21
*151
21
634
a
Feb 27
3434 Mar
8
3
Jan
Jan 26
22% Jan 15
Jan
5
7% Jan 18
4
Jan 17
Jan 31
6% Feb 24
18% Jan 20
5
Jan 24
10
Jan 24
Apr
Dec
5% Feb 29
5% Feb 24
Jan
217
Nov
113
June
168
Apr
Apr
22
Jan
234
Apr
32%
Apr
Aug
6
14% Sept
12
Sept
100% Sept
434 Aug
15% Sept
Feb 19
3
128
7%
33
Jan 11
Feb
8
16%
Oct
Apr
July
Apr
Jan
16
Sept
55% Sept
26% Dec
54
Dec
Dec
70
Jan
6% Jan 10
6% Jan 6
3
Aug
2334
12%
12%
34%
Feb 13
Jan 4
Mar 6
Feb 17
2%
Apr
11% June
334 June
984
27%
Apr
41
Apr
Apr
100
100
151
154
Jan 24
128
Pacific Tin Consol'd Corp—1
6
Sept
Dec
y
30
20% Mar
113% May
8% Jan
27% Jan
148% July
120
Apr
Ex-dlv.
101% Sept
Jan
114
x
Oct
6% Nov
4434 Aug
Jan
6
Cash sale,
Jan
Dec
•
Apr
137% Mar
r
Nov
1434
50
130% Jan 16
stock,
89
40%
114%
4
n New
Feb
Aug
6
3
6
59
40
Jan
Feb 26
26%
Sept
16% Jan
Feb
Sept
103% Sept
Jan 23
5
17
94% Dec
33% Dec
29
64% Jan
5
13
70
31%
113
Jan 17
4634 Feb
1% Dec
% May
8% June
Sept
Jan 22
Jan 15
Mar
1% Sept
5% Sept
134 Sept
100
55
Jan 17
Mar
62
Dec
Feb 16
Jan 3
Jan 3
Jan 12
Jan 3
112%
34%
5%
42%
7%
120
10% Feb 29
120
%
118% Mar
Jan
Jan 22
32% Jan 15
Def. delivery,
Feb
Sept
Sept
Nov
June
Feb 23
No par
preferred
Sept
July
7
55
59% Jan 15
No par
6%
Sept
29% Nov
3
119
11
Pacific Telep <fc Teleg
1734 Sept
Sept
Sept
23%
25%
4534
43%
1034
15%
May
30
Co. 12.50
20
140
July
47
41
2
26% Jan 19
No par
No par
Corp..
Oct
Feb
June
Aug
62
82
12% Jan
36% Mar
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Pacific Mills..
42
Jan
Apr
112% June
90% Feb 20
9% Jan 3
144
Jan 11
10
Pacific Ltg
Jan
59%
50%
5%
11%
29%
87%
12%
26% Jan
106% Feb
5% Jan
18% Jan
1534 Feb 28
140
1st pref..No par
Outboard Marine & Mfg
5
Outlet Co
No par
600
15%
20
59% Aug
14% Mar
13% Jan 13
103% Jan 22
conv
preferred
Feb
523g Sept
50% Sept
Jan
Jan 10
No par
2d preferred.
27% Jan
173% Aug
145
8
69
100
Coast Co
Jan
Jan
Mar
18%
58
100
16%
3
5
No par
Otis Steel Co
18%
106
2334 Jan
6
No par
500
i'.ioo
107
113
No par
154
634
} In receivership,
3,500
% Jan 11
16% Feb 19
Mar
Oppenheim Collins
1st
4
Mar
Otis Elevator
30
Jan
55
..6
100
Jan
106
3
219
No par
Preferred
100
% Jan
Jan 22
41% Feb 24
140
4% July
110% Feb 26
20% Mar 5
208
Norwalk Tire & Rubber No par
Preferred
•;
50
Pacific
Apr
Apr
1% May
7% Jan
33% Jan 30
(The)!
8% preferred A
Apr
5% Jan
50
$5.50
10%
115
111
Omnibus Corp
Apr
Apr
5
2
North States Pow $5 pf No par
Co.
8%
27
9
88
Oliver Farm Equip
Apr
Jan
50
100
Telegraph
73% Mar
32
18%
% Jan
1
Northern Central Ry Co
Northern Pacific Ry
Apr
Apr
30
56
North Amer Aviation
Feb
28%
Sept
Jan
105% Sept
Jan
50
5% % pref series
Oct
6%
82
8% Sept
Jan
..50
6% preferred series
Mar
8%
.
119
100
JN Y Ontario & Western. .100
Adjust 4% preferred
114
Aug
Dec
52% Jan
N Y
North American Co
41
33
100
Shipbldg Corp part stk..l
7% preferred
100
Noblitt-Sparks Indus Inc
5
Norfolk & Western Ry
100
Sept
10
11% Sept
21% Jan
16
18% Aug
117% Jan
35% Sept
33% July
39
110
Conv preferred.
Ohio Oil
3
50
JN Y N H & Hartford
Northwestern
Jan
Jan
17% Nov
95% May
2334 Sept
26% Jan
Apr
Apr
3134 Feb 14
3% Jan 12
6% Jan 31
No par
40
10%
Feb 14
50
100
Pacific Amer Fisheries Inc
10%
21%
87
110
Nov
175
Apr
5% Aug
10
2%
Jan 16
NYC Omnibus Corp..No par
New York Dock
No par
50
52
18%
108% Mar 8
71% Feb
1
11% Jan 18
1834 Sept
15
28% Mar
July
14%
6-%
7
7% Mar
16% Jan 22
3034 Jan 23
6% preferred series A
Oct
10% Jan 29
25% Jan 3
N Y Chic & St Louis Co... 100
6%
6
4
18% Jan
2,400
*11%
3334
*6
4
Feblo
43
1534 Jan 22
Owens-Illinois Glass
6%
21%
10%
Jan
41
2,500
61
Jan
Jan
No par
0%
6034
6%
3
3
No par
6% preferred
1,500
4
Jan
New York Central
119
61
6
Jan 26
40
Jan
43% Feb 23
Jan 12
83
8
27
N Y Air Brake
200
55
*117
6
pref series A
2
24
1
4Vi% conv serial pref... 100
Newberry Co (J J)
No par
5%
Jan
Mar
8%
73%
9%
13%
Mar 6
Jan 22
Jan 15
Jan 2
40% Feb 10
3% Jan 4
9% Jan 10
No par
Natomas Co
142% *141
119
*5%
39
100
100
National Tea Co
22
■
*141
10%
5%
25
5H % prior preferred
6% prior preferred
1,800
14%
10%
*60%
No par
National Steel Corp
Jan 15
19% Feb
National Supply (The) Pa. .10
$2 conv preferred
40
490
56%
4%
4134
Jan 31
148% Jan 29
200
7,900
55%
4%
*4034
96
2
2,800
17,800
1,200
*89%
90%
8%
8%
8-%
8%
8%
*111
113
113
*111% 113
33%
33%
33%
*33%
34%
42
10% Jan 19
Feb 13
Feb 21
Jan 6
Jan 3
Jan 12
3,100
%
Jan
6% Jan
Dec
9% Jan
26% Nov
Apr
Jan
N Y & Harlem RR Co
13g
17% Jan
114
17%
14% Dec
z8% July
12% Jan
110
Sept
107
Sept
4% Apr
6%
25%
15%
12%
12%Mar
N Y Lack & West Ry Co. .100
16
3
12% Jan
91% Mar
1
par
10
10% preferred
1%
*3g
15%
Feb 26
170
Gypsum Co.
conv preferred.No
5% preferred
65
%
7% Sept
21% Sept
147% Oct
10% Apr
87
Sept
144
7%
111
23
Jan
52
7% Aug
2
Jan
100
1,400
33
106
No par
Neisner Bros Inc
16%
*55
60
6
National Lead Co
50
44%
*7
10
$4.50
900
13
*51
A
"l",005
44%
16%
17%
3234
*4
8
14
100
Nat
300
90
50
No par
preferred
1434 Sept
70% Dec
Aug
17% Mar
24% Jan 24
170% Mar 6
18% Feb 16
116% Jan
100
100
14
7% preferred A
700
108% 108%
*74%
75%
7% Feb 15
22% Jan 3
110% Jan 25
109% Jan 30
5% Feb 23
No par
Nat Enam & Stamping No par
5,700
*86
Aug
Jan
111% Nov
9% Jan
43% Sept
5% Sept
6% preferred B
22
*49
4
Jan 12
Oct
7% Jan
44% Mar
Apr
51
Jan
17%
30
Sept
Sept
20% Jan
16% Jan
No par
9
50
105
Sept
19
Apr
8
1834 Feb
I434 Mar
10% Jan 30
16% Jan 15
Register
Nat Distillers Prod
5,300
170
91%
21%
*165
170
Jan
47
Apr
30
May
37% Mar
16% Apr
3% Aug
4% Jan
20% Sept
10% Sept
8% Sept
83
Sept
*7% June
152
Sept
100
11%
9134
105
10%
61
16
Jan 24
Feb 15
76% Mar
97
6%
5,700
13%
11%
9134
21%
*117
60%
5%
165
14
10
Apr
110% Feb 23
8% Feb 16
92'4 Jan 17
Nat Dept Stores
500
6%
14
14%l 13% 14%
1334
14%
14%
105% *10534 107% *106
1073g *106
107%
5
5
*4%
5
*5
*5
5%
5%
16
15%
16
16%
16%
16%
16%
16%
14
2234 Jan
Feb 28
100
7% pref class A
7% pref class B
*112% 118
1%
10
1
39
Nat Bond & Share Corp No par
*110'
%
1%
lia4 Jan 16
5
Co
_
6
13% Jan 13
cum pref
100
Nat Bond & Invest Co.No par
90
6%
2434
Feb 15
6% Jan
7%
"""600
112
24%
*12%
Jan 22
Feb 13
5% Jan 13
1
Corp
Biscuit
5% pref series A
112
*112% 118
%
Corp of America—10
Nat Dairy Products
5%
3
17% Mar
70
*6
Feb
Nash-Kelvinator Corp
5
Nashv Chatt & St Louis—100
8,200
*110
%
10
Feb
67% Jan 23
109
National Cylinder Gas Co—1
*112% 118
%
1%
30
-.100
preferred
Nat Cash
*110
*%
*1%
5% Feb 16
3,000
*110
*56
Jan 30
4
2,800
*112% 118
65
18% Feb 27
26% Jan 9
15
50
50
46% 46%
49
49
*108% 109
*108% 110
*108% 109
75
*74
75%
75%
75%
74%
75
12%
13
13
12%
13
13
13%
43
*42
44
43
4434
4334 *44
16
16%
16%
10%
16%
1634
1634
17% *17%
18
1734
18
17%
17%
32
33
33
31% 32%
33
33%
33
*3234 33
*3234
33
*3234 33
*4
5
*4
4%
*4
5
4%
7%
*6%
7%
*67g
7%
*7
7%
....
~
23
12%
45%
*54%
1534 Jan 20
1
12%
16%
109
59"
8
1434
*110
*54
30% Feb
14% Mar
50
12%
*112% 118
56%
122% May
5734 Oct
121
31% Aug
22% Sept
9% Apr
15%
*110
...
Sept
40%
12
*112% 118
*55
112
2
14%
*138
145
*138
144
144% *138
144% *138
144% *138
145
23
23
24
24
24
*2234
23%
*22-% 23%
24%
2334
24%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
66
60
65% 66% *66% 67%
67
67%
6734
67%
68
68%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
*13
13
13
13%
*12% 13
13
13
*12%
13%
*1234
13%
42
42
42
42
42
*41% 42%
4234
41%
42%
*41%
4234
*41
43
*42
43
*42
*41% 43
42%
42%
42%
42%
42%
5%
53«
5%
5%
6%
7%
684
5%
5%
684
7%
934
934
*9% 10
9%
9%
*9%
10
*9%
9%
9%
9%
*24% 25% *24% 25% *24% 25% *24% 25% *24% 25% *24%
25%
*86
121% Jan 30
7,600
100
Oct
4
Jan
Jan
3
Murray
190
21
Apr
120
1134
5%
Dec
11434 Sept
50
113%
%
10-%
8534
Apr
Sept
Myers (F & E) Bros...No par
1133s *112
% Jan
110
200
17
Aug
% July
19% Jan
110% Feb 13
Jan
Mar
14% Jan
2% Jan
934 Jan
1% Sept
2% Sept
8
153s
6%
Jan 15
July
6%
2% Aug
Jan
5%
113
1
Dec
118
Co class B
1
$7 conv preferred
No par
Munslngwear Inc
No par
Murphy Co (G C)
No par
*138
43% 43%
45%
*108% 109
*108%
104
Mulllns Mfg
1,100
113
1% Jan
434 Jan
% Jan
Sept
8
Mueller Brass Co
900
113%
10% Jan
% Jan 18
2rl634 Feb 29
Motor Products Corp..No par
Motor Wheel Corp
5
10,900
*112
43% Mar
Feb
200
5%
54
4% Jan
45
170% *160
17034 *165
17034
18
18%
17%
*17%
17%
99% *96
99% *96
99%
19% *1834
19%
19%
1934
*6
114
2% Sept
36
Sept
8% Aug
110
50
National
5%
6%
24%
13l2
1138
91%
103% Sept
6
4
18
40
120% Nov
85% Jan
116%Mar
National Acme Co
17
Jan 20
Jan
43% Feb 14
27% Mar 2
10% Jan 12
Nat Aviation
16%
44% Sept
Apr
5(1% Jan 15
3,000
16%
8
>i« Jan 26
No par
9,800
113
63% Jan
101
Morrell (J) & Co
Morris & Essex
4,800
12%
24%
5
Apr
Montg Ward <fc Co. Inc.No par
17%
12%
17%
12%
24%
Mar
Apr
6%
No par
Preferred series B
13",200
24%
173s
12%
243g
Apr
120
Aug
No par
$4.50 preferred
30
»
50%
Apr
18%
34 Feb 13
3% Feb 28
100
100
100
20
2,400
6% Jan
28% Jan
21% Sept
39% Jan
16% Sept
4
334 Jan 29
37% Jan 16
9% Jan
No par
7% preferred series A
tMissouri Pacific RR
5% conv preferred
Mohawk Carpet Mills
Nov
30% Dee
Jan
106
Mo-Kan-Texas RR
700
14
Nov
63
37
100
No par
10
800
14% Sept
73
11%
Feb 29
Mission Corp
Aug
56
July
39% Aug
28% Dec
3
July
11% Sept
47
600
6
18% Sept
10% Oct
101% Nov
25
Jan 25
$0.50 preferred
200
Jan
16% Jan 10
111
4% conv pref series B
2,500
-
No par
Minn Moline Power Impt—1
0
Apr
3134 Mar 5
11% Feb 21
16% Jan 2
8% cum 1st pref
100
Minn-Honeywell Regu.No par
90
*18
■f
50%
Midland Steel Prod
Feb 21
8%
6% Aug
88
7
8% Jan 27
13% Jan 29
33% Jan 15
Mid-Continent Petroleum—10
1,300
26
5
5
25% Dee
10% Jan
59% June
3
5
Miami Copper...
34% Mar
6% Jan
15% Apr
5% Sept
Sept
39
Jan
28
1,800
Feb 24
Highest
share $ per share
Jan 15
5
1,400
Jan 11
per
13% Mar
Mesta Machine Co
%
17%
17%
17%
17%
17%
109
108
10734 109
109% 110%
*117
117%*117
11734
117% 117%
116% 116%
121% *120
121% *120
121% *120
121% *120
121%
55
55
537g
53% 54
53%
54%
54%
54%
45
*43% 45
*4334 45
*4334 45
*4334 45
28
28
28
28
28
28
27%
27% 27%
11
11
13
11%
11%
12%
13%
13%
14%
17%
17% 17%
17%
17%
17%
17%
17%
17%
25
25
25
25
25
24%
25%
2434 2434
5
4%
5
4%
4%
4%
4%
4%
*434
38
38
38% *35% 38% *35
38% *35
*34%
13
13
13
13
12%
12%
12%
*12%
*12%
76
75%
75% 75%
75%
7634
76%
7634
76%
*110%
*110%
*110%
*110%
7%
7%
7%
7%
7%
734
7%
7h
7%
Jan 12
21%
5% conv 1st pref
50
Merch & M'n Trans Co.No par
60
*18
*17%
5
1
(The)
1,400
3%
106
Co
Mengel
930
14
31%
10%
14%
48
5%
24%
25
24%
24%
25%
24%
*13%
14%
13%
13% *13%
14%
31%
31%
31%
31%
31% 31%
10%
10%
11
10%
10%
10%
10%
10%
14
14
14%
14%
14%
14%
14%
14%
33% 34
34% 34%
3478
3478
34% 34%
119
120
*118% 119% *118% 1197g *118% 119%
48
48
*47%
48
47%
48% *48% 497g
108
108
106% 100% *102
106% 106% *105
23%
*13%
14
31%
33% 33%
119% 119%
*33%
*118% 120
5%
25%
33%
9
3
9
79
1,200
4
Jan
Jan
79
10%
8% Feb
47%
12%
9%
102%
11%
*01
*10%
25% Jan
Lowest
$
53% Feb 6
29% Jan 30
10
Co
6 % conv preferred
Mead Corp
McLellan
200
$ per share
z22*4 Jan 15
7% Jan 17
39% Mar 8
10% Jan 15
8% Feb 1
1
1,500
1,200
Range for Previous
Year 1939
Highest
$ per share
Week
$ per $hare
24
24%
24
24
24%
7%
7%
7%
7%
77s
40%
40%
41%
39%
40%
11%
11%
11%
11%
11%
*8%
8h
8%
8%
8%
102% *102% 102% *102% 102%
10%
10*4
10%
10%
10%
9, 1940
50
7% Jan
Ex-rights,
4
9%
6%
Apr
7% Sept
7% Nov
25
Nov
15% Sept
1234 Mar
3434 Mar
52
Oct
21% Sept
132
June
15612 July
7% Dec
t Called for redemption.
=
Volume ISO
LOW
AND
Saturday
Mar. 4
$
17%
1678
*63s
7*8
42
714
*8712
89
9%
*16i2
18
2
2
433s
20%
714
714
89
378
*35g
*14
14l2
36
*36i4
36i2
*2i2
33
33
24
7i2
8%
22l2
7i2
8%
3712
3712
4334
43
*76i2
80
58
94i2
*514
3634
*434
*57
*812
*2612
*48
*
6
70
36%
512
5812
912
2814
5%
24
*48
75S
70
*
14
14
378|
22%
36
*358
2234
143s
365s
23%
23
7%
34
34
34
24%
2434
23%
23
80
*7634
%
94
*140
6
*34
3658
2334
7i2
70
*2678
*48%
*
538
*57
87g
283s
*267g
49%
110
*48%
*
2334
5%
2334
7%
70
70
70
*17
18
*16%
18
29
*24
29
5%
10«4
l7s
12%
2134
*1234
10%
1%
2134
14
70
*124
12478
124
*21%
21%
*21%
»1234
14
*13
14
*11
IP4
IPs
17g
178
*%
13%
13%
40%
6834
124
*3s
%
12%
13%
13
13
38%
687g
39%
6878
163
*162
163
*1718
*2778
1734
*17%
17%
28i2
1458
*28
28%
27
15
*2H2
*3l2
*5438
55
*2534
*21%
3%
543g
*13
13l2
*12%
*7
7l2
*12l2
2214
4i2
13
*7
*12%
15
4078
407g
IIP4 HP4
*123% 124%
*162
163
1%
*20%
*17%
2834
*15%
25%
2534
*22
*53
56
*53
*12
13
12
1014
10
56i2
*54%
56%
67
*56
57
10
*15s
134
15s
P4
20%
*8612
*7412
2034
88i2
76%
2034
21%
90%
78%
76%
6634
22%
378
*1018
89
155s
*75
2534
*64
12
1734
28%
14%
14%
5%
*21%
*55
12
17%
28%
*15
79
22%
3%
55
13
2
%
1334
13%
40%
69%
378
*7
*12%
10
55%
*56
1%
2078
7%
13
10
55%
57
378
17%
2834
16%
25%
22%
378
5534
12
7%
7%
12%
12%
10%
56
10%
*54%
64
64
413s
54
7i8
*634
12
*1912
*1
7i8
7
12
20is
II4
*3812
*14
*i2
*2i4
*4
41%
*53
7%
*6%
12
*19%
*1
*38
39
%
7%
*4
41
*53
7
1478
94%
*91%
15%
94%
7%
7%
7%
41%
54
7%
*6%
7
12
1178
12
20
1%
20
20
39
38%
*%
%
%
*2%
7%
48
7
*%
%
3
54
*86
%
3
*1
*%
*2%
*4
1%
*%
%
1,000
13
12%
13
*12%
*37% 39
69%
69%
113% 113%
14,400
41
41%
*53
54
7
7%
$5
300
6%
7%
8%
100
40
8 ,400
Jan
5
6% Feb 19
9% Jan 20
30
Jan 18
3534 Mar
2
2
6534 Jan
3934 Jan 18
11034 Feb 21
124
Feb 20
160%
117%
2534
8%
85
26
*22
22%
4% 1st preferred
4% 2d preferred
50
.....50
54%
*65
9P4
*87
90
76
900
27
*24
27
100
83%
*81
83%
48%
90
1434
4.200
48%
91
91
41
7
1478
48%
14%
*86
778
41%
54
94
7%
41%
8%
41%
*53
5M% conv preferred
100
800
1978
19%
19%
1%
19%
19%
*1
lh
39%
%
"""666
%
200
1%
38%
38%
2:39
%
%
%
39
*%
*%
*2%
*4
%
3
....
39%
%
*%
*2%
4
t In receivership,
JRutland RR 7% pref
4
6%
a
8,000
630
20
40
5,200
5%
preferred
preferred
Safeway
Stores
Def. delivery,
n New stock,
r
100
100
100
No par
Caah sale,
Aug
Mar
6
178 Jan 29
19% Jan 24
2884 Jan 3
1678 Jan
26% Feb
4
23
Jan
3
4% Feb
8
9
4
85% June
53% Apr
1% Dec
16% Apr
6%
12%
10%
2078
16
June
June
Apr
Sept
July
2% Dec
40
Dec
16
19
54
7
Apr
16%
9
6%
10
13% Feb
9
9
Apr
Apr
3
9% Dec
Dec
Apr
4
17s Jan
237g Jan
2
78 July
1278 Apr
3
43
Nov
Dec
2834 Dec
2234 Sept
2834 Oct
27
Sept
5% Sept
Jan
10% Jan
Dec
Sept
8% Jan
85% June
6778 Jan
278 Jan
23% Sept
Jan 12
50
Mar
Oct
Nov
14% Sept
17% Jan
75% Mar
75
Nov
284 Nov
28% Sept
Jan 23
9234 Jan 31
78% Mar 4
Feb
1434 Jan
3
Feb 6
Feb 16
29
Jan
2
21% July
40%
82
Feb 26
63
Aug
84
Sept
Feb 28
53
Jan 12
56
Sept
Jan
3
157S Feb 20
37% July
7% June
1434
Jan
Jan
4
94
Jan 10
7834
Jan
87
Dec
8% Feb 13
41% Jan 20
52% Jan 29
8% Jan 3
7% Jan 3
6%
Apr
11%
Jan
Sept
45
Jan
July
6% Apr
6% May
58
Jan
10%
934
Jan
6
Feb 16
Jan 23
%
Jan
7
3
12
Jan 30
4
Jan
9
44% Jan 15
Feb 27
52
10
Sept
7g Jan
% Aug
134 May
3% May
2734 Apr
82% Jan
334 Feb
4
Jan
51% Mar
Jan
114
Jan 29
113% Jan 30
19% Jan 15
116
Feb 23
y
Apr
% June
Jan 10
Ex-dlv.
35
Apr
Apr
Jan
13g Feb
42
104
x
9%
% Jan
4
112
2
42
15% Sept
34 Apr
27% Apr
20% Jan
% Jan 19
2
No par
preferred
preferred
preferred
Savage Arms Corp
Aug
5
Jan 11
21% Feb 23
Jan
11
60
36% Feb
100
5%
6%
7%
1034
5
100
100
JSt Louis Southwestern... 100
10
Feb
Mar
Sept
6334 Aug
9
3
Jan
1
10
JSt Louis-San Francisco
70
6
55% Feb 29
6% Jan 20
1078 Jan 25
18% Jan 15
100
St Joseph Lead
3
'
67
Mar
Feb
69
7
No par
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
200
Feb 16
79%
15%
15%
6%
6
6% Jan 18
39% Jan 2
52% Jan 29
10
Richfield Oil Corp
Ritter Dental Mfg
800
3834
100
Common
1978
Sept
Mar
Jan
July
88
10
Reynolds Spring
1
Reynolds (R J) Tob class B. 10
8,500
12
a:22% Aug
6% Aug
11%
22%
7634
45%
97g
preferred
....100
5}4 % preferred
100
Reynolds Metals Co..-No par
"3",666
7
8
65
7%
54
7
3
117%
4178
1184
90%
81%
18%
Mar
18% Jan 22
79% Jan 23
100
Class A
300
7%
Sept
1% Jan
5
6% conv preferred
1,900
7%
64
6 % conv prior pref ser A. 100
Revere Copper & Brass
5
10
7%
11% Jan 19
934 Jan 30
49% Feb 6
Republic Steel Corp...No par
500
13
June
111
8
JReo Motor Car.
800
*73
*12%
48%
1478
*53
24,600
1234
Aug
166
4
Feb 16
Remington-Rand
2,900
77
5
Jan 16
3% Jan 15
Preferred with warrants..25
9134
7%
25% Feb
Rensselaer & Sara RR Co.. 100
21%
143
Jan
.7
10
2034
Apr
Sept
13
300
P4
129
Feb 23
2,200
Dec
147
12
10%
Sept
Sept
66
9
(Robt) & Co 1st pref__100
70
112
49
II984 Feb
4184 Aug
11438 Aug
128% Aug
Jan 20
55
55%
31% Apr
101% Sept
Jan
Feb
Jan 31
2:10
Apr
Mar
84
16% Sept
I634 Sept
143
40
*65
1%
115% Jan 11
zl27% Jan 12
Reliable Stores Corp..-No par
Reliance Mfg Co
10
300
Apr
50%
42% Feb 27
5
100
*54
1%
21%
*75
l%Mar
19% Feb
68
1%
21%
3
5
8
60% Jan
207s
18
112
89
Feb
par
Jan
69% Mar
118% Jan
Aug
9% Mar
14% Jan 19
14% Mar 7
5% Jan 6
par
% May
6
32% Jan
Feb
Jan
Feb
Feb
77% Feb 13
1st pref..No par
42
1678 Sept
2% Jan
118
9
*25
13
Dec
2% Sept
164
141% Jan
26
*12
20% Sept
149
Apr
6% Sept
22%
12%
10%
%
% Feb 27
1478 Jan 3
1434 Jan
112% Feb 16
No par
Reis
Aug
Oct
Oct
40% Sept
Sept
*22
90
Sept
48%
25%
17
*25
100
6
4
% Aug
Jan 13
7%
1
6% Apr
7% Aug
Jan 15
13
June
4
16
*7
Apr
12% Aug
Feb 13
% Jan 16
No par
7%
12%
10%
55
Aug
Jan
6
14% Jan 16
*12
11
11% Sept
16% Sept
Jan
27
12
Sept
175
2% Feb 27
1
12
95
Sept
478 Aug
6% Apr
15
50
*7
Apr
158
Mar
8% Jan
1234 Jan
25
40
174
Sept
50
Jan 12
78
100
Silk Hosiery
Preferred
32% Sept
14% Sept
12% Jan 13
10% Feb 5
50
Real
Mar
2%
Sept
$2 preferred
Reading Company
55
12
Apr
4
24
Rayonler Inc
*53
Apr
12
17% Sept
300
55
3
8% Jan
72% Jan 25
9
500
*53
5% Jan
27% Jan
2234 Feb
17%
200
Apr
142
JRadio-Kelth-Orpheum No
"""460
23
35% Mar
Jan 17
1
Raybestos Manhattan.No
4
27% Jan 10
49% Jan 5
Mar
287g
15%
*3%
Aug
1534 Jan
17%
*28%
15%
378
Jan
6
Feb
1534
*3%
378 Sept
45% Mar
9% Oct
31% Sept
51
Sept
36
_
18
9,300
900
Aug
2
Feb
22
"16666
17%
46% Sept
34% Jan
19% Jan
1%
29
Apr
32
6534
17%
*28%
1534
July
% Feb 14
20% Jan 2
...100
100
conv
Jan
35
12
No par
$3.50
Mar
7
Apr
Jan 18
5
Aug
154
234 July
67g Feb
110
91
178 Sept
103% Mar
25
16% Jan 15
No par
preferred
preferred
Apr
Sept
10% Sept
8% Mar
47% Sept
483g Aug
31%
Feb 14
24
2034
400
*1P4
Bid and asked prices; no sales on this day.
171
11% Jan 18
preferred
preferred
Jan
.
769% Feb 16
6% preferred
100
5% conv preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp. .10
Radio Corp of Amer...No par
$5 preferred B
No par
2,100
1P4
%
Feb
11% Jan 15
Pure Oil (The)
"2/666
Jan 29
7
1
Pullman Inc
21,300
IP4
3
4% Feb 27
Pub Ser El & Gas pf $5.No par
"
IPs
%
Jan 22
Jan
*20%
1%
*20%
49
49
49%
49 %
49%
4934
497g
5034
5034
51%
5034
51%
11012
110% 1105s
110% 110% 110% 110% 110% 11034
110% 110%
♦1125s 114
♦1125s 113
*112% 113
112
*112% 113
112
*112% 113
115
115
*11434 115
*11434 115
*11434 115
*11434 115
*11434 115
*27
27%
27%
27%
27%
2878
29
2834
2978
29%
2934
29%
300
75
87gMar
26
21
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J..No par
3,000
Apr
6% Feb 19
34
66
5
Procter & Gamble
640
136
6
48
No par
pref
conv 2d pref
Apr
36
Jan
4134 Jan
2:6534
1%
*110
*
2,900
7
*4
36% Mar
107% Feb 10
No par
B
684 Sept
Sept
100
conv 1st
Sept
25
Jan
124
Jan 10
Jan
5%
5%
Sept
40
17
Jan 23
Jan 23
Jan
Class
45
13% Sept
% July
Sept
Jan
No par
21
74
4% Jan 31
Oct
534 Sept
1934 Sept
1
8
preferred
45
6
3
conv
Apr
Apr
58Mar
30
Mar
Apr
7%
Jan 11
4
Dec
124
May
9578Mar
44
100
2
534
28%
2
Mar
17
Feb
24
30%
3
136
Jan
5
Pressed Steel Car Co Inc
600
*6%
*2%
%
2
5% Sept
33
27% Sept
39% July
8884 Jan 15
JPorto Rlo-Am Tob cl A No par
7
%
Hosiery
Poor & Co class B
*6%
*1P4
*1
74% Jan 26
85
17,800
*75
36% Jan 27
3834 Jan 3
4% Jan 9
1284 Jan 3
36% Jan 4
28% Jan 4
3:2278 Mar 8
8% Jan 4
47
Jan 11
534
10018
6634
1%
21%
118% Jan
2434 Jan
Jan 20
50
6%
No par
1,100
300
1134 Sept
120% June
15
Aug
Jan
9434 Aug
434 Sept
Apr
2% Aug
17% Aug
Jan
16% Jan
40
preferred
7% Jan 30
5%
66
25
Apr
Apr
34
Feb 17
10% Feb
40% Jan
1,100
.
4
3434 Feb
Pitts Y'n & Ash Ry 7% pf.100
Pittston Co (The)
No par
Plymouth OH Co
5
Pond Creek Pocahontas No par
100
11%
1%
Jan 24
14%
*1
3
14
11%
1%
21
14%
15%
5%
534
*75
100%
*81
47
30% Feb
21% Feb
79%
14%
1234
1478
100
100
No par
79%
14%
*24
81%
4H4
40
25
81%
*53
*38%
69%
25
47
73g
41%
13%
27
83%
94%
13%
*24
14%
*13
%
13
*13
13
*81
7%
11%!
1%
77
*46
*86
500
12%
47
7i2|
2134
77
83%
9H2
2P4! *21%
91
*81
*7i8
2134
1334
21%
9178
*4538
9U2
"""870
"""206
2078
47
20
1%
1334
Jan 24
Pittsburgh Steel Co
No par
7% pref class B
100
5% pref class A
100
5H % 1st ser conv pr pf.100
Pittsburgh & West Va
100
*148
*11%
1%
10
Pitts Ft W & Ch 7% gtd pf 100
Pitts Screw & Bolt
No par
120
14%
21%
91%
78%
12%
*81
20
800
31%
1334
100
5% prior preferred
5% preferred
$5
5,200
10
*3A
1334
Feb 16
6% preferred
100
Pitts Coke & Iron Corp No par
130
*34
P4
*45I4
600
600
17
13%
3
Pittsburgh Coal of Pa
"l",l66
174%
77g
7%
*9%
33% Feb 5
3534 Jan 16
100
Pitt C C & St L RR Co
31
1%
26
14%
*172
17
*14%
*23
14%
*70%
*30%
14%
1%
21%
60
5%
2334
778
72
*25
14%
26%
83is
14%
5%
2334
77g
30%
18
79%
67
300
49%
Jan 24
Jan 5
Jan 15
Preferred
100
Pierce Oil 8% conv pref... 100
Pillsbury Flour Mills
.25
Pirelli Co of Italy "Am shares"
110
31
P4
91%
78%
12%
49%
*
50
Peoples Drug Stores...No par
Peoples G L & C C(Chic)._100
Phoenix
20
200
27
*27
14%
534
100%
6,300
5%
30%
*17%
Z7834
1234
14%
778
10%
79%
14%
*12
*23
174
734
10%
27
No par
Reading C & I. No par
Philip Morris & Co Ltd
10
5% conv pref series A
100
Phillips Jones Corp
No par
7% preferred..
100
Phillips Petroleum
No par
~i"66o
9%
v t c No par
Phila &
~
56
*834
69%
11334 11334
41
40%
4P8
41%
41%
4P8
111% 112
*111% 112
*111% 112
124
124% *124
125% *1237g 125%
142
142 "1*141% 143
1*141% 143
*162
16234! 162
162
*161% 162
*116
119% *116
119% *116
119%
27
2734
27% 27%
2678
27%
9
8%
9
9%
9%
9%
*88
95
*88
*89% 95
95
2634
13%
7%
174
70
113% 113% *113% 11334
*11538 11912 *116
119% *116
119%
26
2618
26%
263g
26%
27
83S
812
8%
8%
8%
8%
*89l2 95
*89%
95
*89%
95
78%
78%
78%
78%
78%
785s
14i2
14i2
14%
14%
14%
1458
*14i2
15i4
*14%
15
14%
14%
512
534
55s
534
55s
534
*75
*75
100i8
*75
100%
100%
66
*65l2
66
66%
66%
66%
1%
ia8
1%
1%
1%
1%
*20i2 21i2
*20% 213g *20%
21%
al458
*2534
69%
4,800
*434
5%'
734
2,300
40
Corp
$7 conv preferred
Pennsylvania RR
$6
38%
56
28% i
49%
*148
7g
2134
*14114 14278 *14138 142% *141% 14238
*162
1334
78
1^4
12
%
%
1P4
12%
*12
1212
12%
3534 3534
36
36
6878
687S
687g
6878
113
11312 11334
1135g
40i4
40l2
4058
4034
11112 112
*111% H17g
5%
2334'
74
Jan
4% Jan
Philadelphia Co 6% pref
600
"
6%
38%
9%'
734
95
2
Pet Milk Co
145
*34%
5%
6
Jan
Jan 23
Feb 5
Petroleum Corp of Amer
5
Pfelffer Brewing Co...No par
Phelps-Dodge Corp
25
500
%
*6
6%
40
38%
240
93%
93
*137
2334
7%
12
1034
12
94
110
5%
24
*148
1%
*12
49%
*
1734
31
1034
*%
57
*834
*27%
49%
%
*38
1H2
12%
%
*434
57
878
28%
*17%
*25%
*147
78
534
*34%
37%
58
7%
5%
90
145
*93%
40
110
5%
23%
7%
*22%
12%
86
*137
37%
*434
58
13
*34
*78%
43%
%
6
37
17
*147
4,400
9
39%
43%
9578
148
*34
834
283g
49l2
9%
38%
4334
9
%
6
6%
40
9
53S
95%
*140
37
*434
*57
58%
*834
38%
*43%
I *7634
*558
49
3678
200
2,200
90
95%
150
734
39
Feb
Peoria & Eastern Ry Co
Pere Marquette Ry Co
"""300
11%
33%
33%
24%
*7634
148
11%
34
2278
80
%
100
800
4%
7%
I
%
3578
37
*23%
9
39%
88
Penn G1 Sand
*2278
44
No par
Jan
Jan
4% Sept
47
Sept
21
Sept
2% Feb
13% July
II84 Mar
69% Dec
Apr
200
7%
734
Penney (J C) Co
Jan
26
Deo
200
2434
23
38%
*43ii
23
534
z5%
48
Feb
14%
107%
13%
Apr
12% Mar
7% Mar
62% Jan
Sept
Jan
60%
104
1178 Apr
1% Aug
5
14
*2%
*10%
Jan 17
2% Mar
Mar
2234
37
4%
6
55
27s
i9~666
Feb
No par
3%
20%
1378
118%
21%
2278
8
Penlck & Ford
10
7%
3834
437g
%
95U
24%
*2178
7%
36
Jan 15
Penn Coal & Coke Corp
*2178
734
9
38%
43%
*10%
*33%
3
22
18
1% Feb 28
9% Jan 11
534 Jan 13
Penn-Dixie Cement
No par
$7 conv pref ser A...No par
3578
*2%
11
2.50
Parmelee Transporta'n. No par
Pathe Film Corp
1
Patlno Mines & Enterprises .10
4
Mar
978 Feb 20
9
134 Feb
1
No par
Jan
100
37
37
4%
11
33%
23%
*2158
7%
34
146
3634
*2%
11
44% Jan
92
Jan
2
Apr
18
8% Jan
2
8% Jan 18
17
1
900
22%
3578
%
92
Jan
1978 Dec
834 Sept
35
5
10
Jan
1178
434
June
2% Jan
85
14
23
2
Feb 23
101% Jan 25
Jan 15
100
Parke Davis & Co
Parker Rust Proof Co
Jan
1
44
5
7
7
2d preferred
8
427g Feb 24
1
Park & Tilford Inc
Park Utah Consol Mines
Mar
share
per
978 Sept
Sept
Sept
6% Sept
72
Sept
7% Sept
14% Sept
1% Apr
Jan 18
3%
*119
*35
6%
8
Highest
$ per share I
7
Deo
3
Apr
8% Jan 4
3% Feb 15
2034 Jan 3
34 Feb 13
41% Jan 12
100
378
14%
2258
1
2234
22%
*14
36
11
29
14
4,900
12,700
5,100
1,800
5,800
7%
Year 1939
Lowest
share
per
6*4 Jan 16
3%
*22
23%
*34
4%
378'
*119
2234
36
*2%
412
III4
378
*14
227g
36%
36%
*34%
36%
378
*22
*119
17
2H2
800
2%
*7
7%
7%
90%
*358
*358
23
*25
21i2
*1234
*10i2
134
11%
*3%
384
3%
22%
*7%
12l2
21
178
11%
37g
110
78
21
2
11%
2,800
91
*11%
*58
21%
7%
*17358 17412 *17358 17412 *1735s 174% *174
174%
*634
678
678
678
7%
7%
7%
734
10
*912
10
IOI4
10
10
10
10%
*3014 3H2
31
31
*30% 31
31
31
*147
*20%
1%
1138
1%
4334
55%
5U
*22%
70
"MOO
4334
90%
*3%
*35g
*215S
7% Jan 12
3% Jan 12
100
6% 1st preferred
1,300
44
55%
*8%
*2612
2
9134
*434
*57
4912
110
5i8
*2212
*7i8
*34
2
9%
$
yl5% Feb 15
No par
conv preferred
Paramount Pictures Ino
18
55%,
*558
49
2
9%
4%
300
55
%
37'4
*16%
92
*4334
117g
834
9514
92
91
38i4
4314
*138
12,600
2
1%
11%
7%
Panhandle Prod & Ref
Parafflne Co Ino
7%
7%
92
9%
18
2
4378
2]3g
1,000
20
*16%
9%
21
73s
Range for Previous
Highest
$ per share
10
Packard Motor Car
No par
Pan Amer Airways
Corp
5
Pan-Amer Petrol & Transp. 5
1,000
44
101%
55%
834
9514
1134
78
*4234
*98
90%
3712
43%
*7612
%
145
2034
1%
7%
*89%
9%
18
4334
*119
*10i8
*33%
23%
*2158
712
24
2212
73g
92
78
4334
101
55%
14%
*3
11
4334
101
2
44
634
378l
*34U
36%
4i2
11
43
101
2%
li2
3%
22
*3333
18
15,300
48,700
Pacific Western Oil Corp
_
78
90
*14
22~~
1
Par
300
7%
5514
*119
22
9
115s
22
Range Since Jan. 1
On Basis of 100-Share Lots
Lowest
400
8
55
*3%
22
*119
*78
8
89i4
33s
378
24
8
1559
EXCHANGE
Shares
7%
3%
18%
714
56i2
89
*22
*73s
*7%
3%
18%
3%
18%
8
7%
*89%
9%
*16%
89
4384
*203s
314
18%
43
7%
$ per share
$ per share
*7%
7i2
18is
*98
425g
101
(
7%
33g
89
*55
56l2
8834
*3%
*34
H4
12'8
714
*56
7(
2
•
*714
314
17U
*684
78
314
173s
7h
*16%
1*4
1134
1%
$ per share
7U
9
18
8
Week
718
2i8
4334
203s
12
Mar. 8
89
4334
203s
203s
*114
1178
Mar. 7
914
2
4334
the
*98
89
9%
*1612
Friday
7U
314
17'8
714
78
425s
43
*98
89
9%
*138
10H2
7%
*41
10H2
7%
Thursday
Mar. 6
$ per share
7%
3%
1714
714
%
1
STOCKS
NEW YORK STOCK
Wednesday
Mar. 5
|
78
7%
Sales
Tuesday
|
per share
7U
314
Record—Continued—Page
SHARE, NOT PER CENT
for
Monday
7%
3%
a42
SALE PRICES—PER
|
$ per share
*98
HIGH
,
Mar. 2
*7h
3%
17i8
*6%
*78
New York Stock
11034 Feb 20
2978 Mar
Ex-righta.
6
96
Jan
104% Jan
1034 Apr
9584 Dec
8934 Oct
20% Jan
Jan
Oct
17% Sept
34
Jan
2% Nov
49% Sept
78 Sept
2
Jan
6
Sept
6% Sept
5I84 Nov
109
113
Aug
Oct
116% June
23
Sept
1 Called for redemption.
r
New York Stock Record—Continued—Page 9
1560
AND
SALE PRICES—PER
HIGH
Monday
Tuesday
Mar. 2
Mar. 4
Mar. 5
$ ;per share
$ per share
12
12
$ per share
12
,
12
7334
74
%
K
*5I4
6«s
46 84
46 84
*113% 113%
109
*108
*74
113% 113%
I8I2
%
\
2%
*18
2%
83%
137«
*13%
*55%
5%
84
84M
*1334
1314
*55%
5%
50I4
1378
13%
59%
5ig
50i2
7
7
*7
39
*38
*3814
11
11
*106
107
**6%
2l7g
*214
117g
117g
74
5%
*46%
614
217g
2l2
*23
25
*1934
20
51
107g
*106
*6%
2134
*2%
*23
%
5%
48
114
*113
2%
*17g
837g
83%
137g
837g
14
14
14 %
13%
13%
57%
59%
5%
57%
5
5
51
I
51%
51%
7
714
39
10 7g
107
38%
10%
38%
11%
10534 106%
6%
6%
22
2%
25%
7%
22
2%
*23
6%
22
2%
25%
20
Shares
*117g
7334
%
5%
11%
12
74%
12
1,800
74
*73
600
10,400
%
%
6%
5%
6%
2,800
9
9
84
1334
13%
14
57%
5
*38
1034
Seaboard Oil Co of Del-No par
22%
*2%
*134
1%
200
8434
84%
13%
6,100
Sears Roebuck & Co ..-No par
3,900
Serve! Inc
1334
700
60
*55%
61
200
I07g
6%
22%
2%
25%
Sharpe & Dobme
$3.50 conv pref ser A.No par
11%
4,800
10634 10634 *106
107%
5%
6%
6%
6%
22%
22%
21%
22
4,600
1,300
38
38
I07g
11
*2%
*23%
1934
2%
25%
5%
5%
65
*53
*7%
3834
10%
*2%
*24%
90
2%
25%
100
1,000
1,000
29%
12%
1634
2734
*3734
2734
39
*2ig
2i4
614
6%
*15
*95g
15i2
10
23
23
IH4
2I4
*14%
2612
IH4
2%
I5ig
2612
150
150
*5%
70i4
*5I2
*64
233g
44'g
*33i2
*5234
934
64i2
33'%
67g
108
1%
*64
23%
44%
337g
54
97g
64I2
*23
6%
70%
23%
44%
*33%
44%
337g
337g
7
108
34
1%
4
4
*l()i4
13%
11
13%
24
24
257g
257g
43%
43%
30%
7934
30<4
79i2
914
8%
6i2
9l2
His
11%
8%
*6'4
5934
124
6014
124
IOI4
54
934
64
67g
43%
79%
*8
6%
2
3414
*7
*227g
317g
*714
*5%
*514
317g
734
5%
534
40
*38
*4i2
*57g
4414
334
*734
4434
34
34
34
35%
537g
35
23%
45%
35%
5334
54
7
7
934
35
67g
*11
*1334
11%
14%
*14%
34%
*7
23
3134
7%
*5%
5%
*38
43%
4334
*30%
79%
8%
6%
31
7934
24
437g
31
31
31
257«
61%
124
60%
*123
10%
10%
23
24
10%
15
3334
3334
7%
23
33%
3334
738
*33%
*7
23
23%
23
32
32
32
3134
2%
*24
2%
15%
2
15%
*7
77g
8
8%
534
5%
6
6
6%
40
I"
44%
40
5%
6
44%
334
4434
34
334
3334
734
34
37g
*734
534
8
*4Vi
534
*38%
41%
5
*6%
44%
334
3334
77g
*5%
*39
60%
124
10%
24
2%
15%
15%
33%
*7
3%
40
*3%
*4
33%
*2%
*16%
10%
4%
4%
33%
33
33
*2%
*1634
IOI4
18
17
17
10%
10%
10%
2%
18
103s
*90%
9034
22%
*4734
48%
5%
1538
7%
2%
*7834
*434
*834
*1134
2334
2%
41
5
31
23
5%
15%
7%
2%
83
5%
934
11%
2334
2%
*26
27
*11%
1%
4334
44
1134
1%
*3%
4
*8914
2234
4734
5%
15%
*7%
2%
*80%
5%
*834
1134
*23
4%
4
2%
5%
31
4
4%
4%
5
5
*4
4%
4
4
*4
33
2%
33%
33%
34%
2%
434
5%
4%
*4
7,200
2%
1684
1,400
10%
10%
10%
10%
10,500
9034
90
90
£23
23%
51
5%
15%
5%
15%
5%
16%
5%
5%
5%
15%
1534
16%
16%
*7%
2%
82%
*5%
*9%
11%
2%
82%
5%
10
1134
5%
5
9%
*9%
11%
*2%
26
26
11%
1%
1134
1%
4334
11%
*23
*2%
26%
8
2%
90
5
9%
11%
24%
2%
26%
8
*714
*2%
*80%
5%
*9
11%
*23
*2%
*26
11%
11%
1%
43%
43
10
11%
24%
2%
27
11%
*1
2%
89%
5%
*43
12%
1
1
43%
*23%
2%
26%
12%
1%
43
2%
39%
118
59%
18%
2%
39%
*116
*59%
*18
2%
3834
119
59%
18%
2%
39%
*116
118
59%
60%
17%
18
2
36%
2%
38%
*116
60%
118
17%
*17%
2
37
2%
38
Bid and asked prices; no sales on this day.
*116
65%
63%
17®4
8
*714
2
37%
6
Jan
2
3% Jan 19
10%
13%
2334
25%
Jan 19
Jan 19
100
Superior Steel Corp....
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
Swift & Co
25
1
Without warrants
Inc (James)
9
50
5preferred..
Telautograph Corp
6
Tennessee Corp
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur....No par
Texas Pacific Land Trust
9% Jan
23
Feb
6
2
Jan 19
13% Feb
1
28% Jan 11
6% Feb
22
Jan
7
2
30-% Jan 15
7% Jan 23
5% Feb 5
Feb
2
34% Jan
2
5
4
......100
1
preferred
10
2234 Aug
Sept
65
8034 Jan
Apr
80
Dec
6% Aug
6% Jan 27
12% Jan 5
3% Apr
8%
Apr
12% Feb 21
63% Feb 20
5%
Apr
10
Oct
4534 Sept
60
Jan
124
Feb 13
10% Jan 20
Jan 5
2% Jan 3
17% Jan 3
35% Feb 28
27%
Jan U
7
23% Feb 15
32% Jan 25
9% Jan
7% Jan
3
5% Mar
40
Mar
118% Sept
7% Apr
19% Sept
134 Aug
10
Apr
4%
35%
8%
6%
12%
2434 June
37% Sept
4% Aug
33g Aug
4% Aug
33% Oct
12% Sept
9
Jan
Jan
24
Oct
48
61
Oct
17
2% Jan
23
4
Jan 27
Dec
41
Oct
6
Nov
Apr
33
Nov
1% July
7% Apr
3
34%
5%
16%
5,500
6% Jan
9
5
Sept
9,800
Transcont'l & West Air Inc..5
12% Jan 15
100
Transue & Williams St'l No par
Tri-Contlnental Corp..No par
1634 Feb 19
8% Jan 3
234 Jan 4
8
900
11%
11%
~2~666
23%
2%
23%
2%
300
27
2934
13%
*1%
1%
43
*116
*63%
1734
2
37%
a
18% Deo
14% Mar
Apr
No par
No par
No par
10
20th Cen Fox Film CorpNo par
$1.50 preferred
1,300
350
7%
19,800
preferred..
Truax-Traer Corp
Truscon Steel Co
Twin
No par
City Rapid Tran.No par
preferred
100
Twin Coach Co
1
6
95
7
Jan 19
2% Feb 2
77% Feb 16
4% Feb 13
9
Feb 16
11% Feb
6
23% Mar 8
2% Jan 26
Jan 15
24
9% Jan 15
1
Jan
2
3
Apr
6
Apr
Jan
25% Jan 23
2% Mar 8
2984 Mar 8
13% Mar 7
1% Jan 11
45
8,900
Union Bag & Paper
6,300
Union Carbide <fe Carb.No par
12% Jan 15
78% Feb 3
14% Jan
88% Jan
"MOO
Union El Co of Mo$5 pf No par
Union Oil of California
25
600
1,400
4%
Jan 16
Jan 15
84
No par
19,600
United Aircraft Corp
30,600
Un Air Lines Transport
300
United Biscuit Co
Preferred
"Moo
1734
500
2%
3834
19,500
9,100
Def. delivery.
United Carbon Co
5
5
No par
100
No par
United-Cair Fast Corp .No par
United Corporation....No par
$3
preferred
nNewHtock.
3
16
93
100
preferred
Union Tank Car
112% Feb
No par
r Cash sale,
Mar
5
115
Feb 19
Jan 12
17% Jan 8
97% Jan 4
89% Feb 10
Jan 11
27
Jan 15
2234
43%
14%
15%
4912 Feb
16% Jan
Jan 15
Jan
2
Jan 31
112
Feb 19
9
3
16% Feb 13
119
Feb 23
54% Feb 5
17% Jan 12
65% Mar
Mar
5
2% Jan
3634Mar
5
2
t Ex-dlv.
8
4
y
19
42
Ex-rlghta.
6
Feb 21
3
Feb 13
11% Dec
1934 Sept
1% Apr
17% Apr
7%
Apr
*4 Dec
34% Sept
6
Aug
65%
Apr
108*4 Sept
15% Aug
81% Apr
Jan
8% Sept
12% Dec
10% Jan
4% Sept
Apr
9% Feb 21
13% Jan 4
Dec
64%
Mar
5%
Feb
25
Apr
2
39% Jan 16
100
5%
96
Apr
74
fUlen <fe Co
Union Pacific RR Co
0%
7
4
82%Mar
Under Elliott Fisher Co No par
No par
3
Jan 24
600
900
No par
89% Mar
900
118
64
$6
pief
11% Jan
Oct
4% Nov
33% Nov
3*4 Jan
Apr
3
5
1234
3%
1% Jan
284 Sept
Jan
conv
1
Oct
Apr
Sept
2%
52
10
42
5%
3% Dec
24% Jan
$4.50
Feb
10
jan
38% Sept
11% Sept
22%
46% Jan 19
5% Mar 6
Tide Water Associated Oil—10
Mar
534 Nov
5% Mar 7
4% Jan 17
35% Mar 8
Mar
July
8% Sept
14
Feb 16
Sept
Mar
15% Dec
20% Jan 13
5
13%
1%
584
Aug
Jan
Jan
9% Sept
50% Sept
Sept
7
.10
*9
43
9%
7%
43%
6%
3% Aug
26
30
Jan 15
10%
Apr
8
4
8
Jan
Jan
30% Mar
7
2
38%
3% Sept
22% Jan
25% Sept
34
16% Jan 13
128% June
11% July
32% Aug
Jan
Jan
Apr
42% Feb 16
534 Maa 8
4
17%
17
Feb 14
Jan
Jan
7% Sept
2234 Sept
5% Sept
Jan 16
27% Jan 15
12%
8% Feb 15
18% Jan 8
52% Jan 29
2
Sept
53% Sept
46% Jan
5
30
36
1
Jan
25% Oct
33% Sept
Apr
3% Aug
3% Jan 16
2634 Jan 8
Jan
Jan
Oct
Aug
15% Feb 13
50% Jan 3
3% Jan 12
34
5%
10%
20%
38
4
3% Jan 23
3234 Jan 2
34% Dec
20%
5% Mar
4
par
13% Apr
24% Sept
6% Jan
2s4 Feb
par
Apr
Dec
7% Jan
108
June
Dec
434 Apr
5
Thompson (J R)
Thompson Prods Inc..No
Thompson Starrett Co.No
$3.50 cum preferred.No
par
2
10
Jan 25
5% Feb
42% Feb
Third Avenue Ry........ 100
25
Oct
Tlmken Detroit Axle..
100
X In receivership,
Jan 23
5% Feb 19
10% Mar 6
No par
Co
conv
56% Jan 23
122
18% Apr
5% Dec
94
Tlmken Roller Bearing.No par
Transamerica Corp
2
1,600
38%
pref
Jan 15
8
3,800
2%
2%
$3 div
9
1
100
No par
Preferred
2
7% Feb 21
No par
Thermold
9% Mar
Mar
6,900
89%
2%
conv
2
10
Texas Pacific Coal & Oil
Mfg
8
Feb 24
Jan
2
Superior Oil Corp
Talcott
Mar
37
734 Jan 18
108% Feb 16
2% Jan 4
7% Jan 8
18% Jan 9
2234 jan 8
26% Jan
2734 Jan
46% Jan
33% Jan
51
400
*2%
27
64%
1734
100
*81%
24%
118
29«4 Jan 26
103% Jan 4
1% Jan 19
Sept
2334
5034
14
14
14
14
14
£14
13%
14%
1334
14
14%
84
85
84%
84%
84%
84%
84%
£84%
85
84%
85%
*114
115
*113% 115
*113% 114% *11334 11434 *11334 11434
*113% 114
16
16%
*16%
16%
16%
16%
*16%
16% 16%
16%
16%
16%
*93
94
94
94%
94%
93%
*93%
93%
94%
94%
*94% 95
85
*84
84
84
*8434
84% 85
*84%
86
84%
84%
84%
27
26%
26%
26%
26% 26%
26%
26% 26%
2634
2684
26%
47
47
471"
48
47%
47%
48%
47% 47%
48%
48% 49%
15
15
15%
15%
16%
15%
15%"
15%
15%
16%
16%
16%
*16
16% a 1584
15% *16
16% *16%
16% *16
16%
16%
16%
*58*4
18%
65
Jan
60
Jan 29
Apr
9% Aug
83
Sept
1034 Apr
1334
83%
*116
200
35%
49
*7%
2%
*80%
11,400
2%
23%
8
5
34%
49
2%
650
*15%
23%
82
110
13,300
2%
1634
49
5%
534
34%
*90
preferred...
100
Sunshine Mining Co
10c
Superheater Co (The)..No par
$3.60
2
23
5%
14,000
4,100
34%
49
15%
700
*16%
48
89%
200
2,300
1,100
4%
23
91
1,700
34
33
23 %
*89
*16%
10%
34
40
5%
5%
34
4834
91
2%
534
5%
2%
16%
10%
89%
23%
24%
2%
*43
*38
5%
31
1
No par
Oil
The Fair
401"
41
5
30
54
9% Feb
60
5
6%
"""166
4%
41%
Sun
4%
*51
4%
25
Studebaker Corp (The)
52%
53
30
par
No par
*4
*51
*40
par
par
Stokely Bros & Co Inc
*51
53
4%
par
Texas & Pacific Ry Co
*51%
31
par
Standard Oil of Indiana
Thatcher
53
42
preferred
No
^Standard Gas & El Co No
54 preferred
...No
$6 cum prior pref....No
57 cum prior pref
No
500
16%
52%
4%
No par
54.50
700
11
16
42
1
Square D Co
Standard Brands
1,100
11
16
*30
16% Mar
75% Mar
534
11%
16
5
8% Aug
5734 Dec
16%
534
10%
16
3I84
3
Feb 28
2
Conv 54.50 pref.....No par\
11%
11
*
42
53
11% Jan
No par
Spiegel Inc
16
*1014
16
4%
Apr
*10
57g
10%
*29
1,400
8
33%
534
*39
42
5,000
*15.%
*3%
4
5%
6%
44%
334
8
*51
34% Dec
Mar
50% Feb
5
8
4
Apr
50
8
52%
11
41%
44%
334
33%
4
51% Sept
8
29
*39
6%
44%
4l4
Apr
35% Mar
Jan 15
No par
Splcer Mfg Co
$3 conv pref A
Symington-Gould Corp w w.l
*5%
5%
*4
36
1,300
6%
*10%
4%
Apr
9
2,500
31%
6%
534
57g
*4
14%
Feb
8%
6%
5%
31%
8%
16%
4%
6
47
Swift International Ltd
Ills
*4
65
"4,166
6%
44%
334
34
*5%
700
7%
6%
534
33%
1,300
2,200
1,100
Jan
9% Sept
70% Nov
22% Dec
23% Mar
23%
32%
23%
lllg
534
2%
15%
3%
Jan 16
Stone & Webster
2
43% Sept
Mar
1% Aug
434
Jan 29
42% Jan 12
76% Feb 8
7% Jan 31
10%
5
21
10
5
24
Jan
23% Jan
36% Nov
65
1
Stewart-Warner Corp
30
Dec
21%
No par
preferred
Sperry Corp (The) v t c
Sterling Products Inc
500
29%
Spencer Kellogg & Sons No par
1,100
1,000
60%
Dec
Jan
1
2,000
*534
15%
7
8%
6%
5%
8%
2% Feb 23
2
79%
124
18% July
35% Sept
143
34
Jan
8
79
60%
Apr
23%
Feb
Jan
Apr
10% Apr
11% Apr
15% Apr
3
1% Feb
28% Jan 29
*123
39
Sept
127
Sept
3% Sept
6
4234 Feb 23
5%
3334
3734 Jan 15
Standard Oil of New Jersey.25
<
4434
37g
1
Starrett Co (The) L S..No par
10%
41%
Mar
15% Sept
14
20% Jan
3478 jan
500
24%
33%
7%
23%
Feb 28
24
13
Feb 19
Jan
17% Mar
10% Aug
1% Sept
15% Jan
31%
5,200
*60%
30
Jan 15
Dec
Sept
12% Apr
Feb
Jan
Jan
16% Jan
2884 Feb 23
Jan 19
43%
35,800
9
Jan
150
31
9%
Jan
6
Jan
43%
12%
*123
1434 Feb 26
22% Jan 16
14434
28%
12%
16%
Standard Oil of Calif ...No par
9%
12%
Sept
13,700
10,600
17,.500
1134
9%
11%
Dec
21
"1366
6%
9%
127
15
6%
97g
98% Nov
112
24
6%
Jan
Apr
Jan
26%
6%
12%
Sparks Wiihlngton-.—Nc par
Oct
29%
92
22% Jan 4
103% Jan 31
28%
Apr
Jan 19
28
32% jan
3% June
16% Apr
15% Aug
11% Apr
25%
8%
9%
-.100
Feb 19
107% Nov
8% Sept
70
7
2334
8%
15
5%
12%
79%
15
32
7,300
8%
6%
2
*7
220
79 %
12
preferred
55.50
600
7,900
4,700
8%
10%
23%
227g
1%
..No par
Ry
Spear & Co
5,200
16,400
1,000
1,200
2,800
4%
5%
100
Mobile & Ohio stk tr ctfs 100
"i~,66o
37
*15%
*51
Southern
79%
734
40
Southern Pacific Co
3,300
3,100
25
Southern Calif Edison
36%
1%
100
preferred
3,700
560
4
8%
7,700
10%
*11%
*14%
2
So Porto Rico Sugar...No par
3
Feb
38% Aug
17% Sept
101
1934 Jan 13
11% Feb 28
S'eaatern Greyhound Lines..5
9% Aug
98% Aug
434 Apr
17% Apr
2% Dec
Oct
11%
Jan 17
Snider Packing Corp...No par
10
7% Sept
54
Feb 21
300
600
Jan
Jan
Jan
Sept
118
Feb 26
1,500
72
112%
17%
11%
2434
12%
2%
10
Oil Co Inc. 15
18%
21%
Jan 29
Smith & Cor Typewr-.No par
So cony Vacuum
28
2% Jan 10
25
June
Sept
Jan 30
105
400
64
7%
—
Jan
Dec
6% Dec
108% Feb 7
6% Jan 10
Feb
South Am Gold & Platinum.. 1
7
24
1
3% Sept
24% Sept
3% Jan
85% Nov
3% May
9
Jan 15
15
3,000
Jan
40% Feb 13
13% Jan 4
111
32,200
4
36% Jan 11
1034 Mar 5
10
10%
107% 108
15
6% preferred
.100
Sloss Sheffield steel <fe Iron. 100
Jan
7% Mar
21% Feb 2
2% Jan 8
21% Jan 19
19% Jan 15
99% Jan 3
No
60% Apr
11% Apr
10% Apr
43
.24
Feb
...No par
Sim cob Petroleum
10
Slmonds Saw & Steel ...No par
preferred
4
2
54
2
4% Feb
6% Jan113
105
Simmons Co
$6
Apr
51
50
Jan
% Aug
1
57% Mar 5
534 Jan 11
5% Feb• 19
Smith (A O) Corp
64
7
...No par
preferred--.100
Skelly Oil Co
Jan
15
par
100
8%
79
2
5%
734
24
26%
437g
*11%
14%
10%
23%
6
8
124
43%
*30
4
4%
1178
14%
24%
26
44
4%
11%
14%
5%
5%
6
3%
33%
14%
1%
107%
*1%
134
734
434
44%
*11
7
10%
6434
36%
7%
107% *106
534
6%
334
353.4
7%
7%
434
447g
35%
2378
7%
317g
35%
26
147g
347«
10%
64
26
*123
5334
10%
6434
97g
24
8%
6%
5334
64
257g
2
23
53%
237g
9%
10%
23%
*64
107% 107% *105%
1%
1%
1%
4
4%
4%
H7g
61%
2
20
conv
Sept
15% Aug
1% June
3
16% Jan 11
Silver King Coalition Mines.-5
400
70%
*23%
45%
9%
34
34
*64
2334
447g
11%
*59%
10%
7%
23
70%
*233g
9%
23%
147g
34%
*64
23%
4434
lls8
61%
10%
2%
*1.414
70%
9%
24
*23
*5%
44%
7
124
6%
23%
70%
11%
*59%
*123
*5%
44%
33%
53%
97g
65
35%
64%
6%
6%
23%
53%
797g
8%
*5%
23%
97g
64%
347«
44
31
6%
44%
33%
*64
54
107% 107%
1%
1%
4
4%
*1034 11%
1334
1334
237g 24
2534 26
*30 ig
*5%
Shell Union OH
600
2% Jan
2
2
54% Feb.26
Shattuck (Frank G)...No par
Sheaffer (W A) Pen Co.No par
7%
1212
*1614
*11214 H212
*1934
preferred
conv
3,400
1,200
5%
55
2914
117
*112
*1934 20
10234 10234
55
No par
No par
No par
4,300
73g
20
20 %
20
*19%
20
10234 10234 102"i«102»i« I02«i«102»n 102*3i«10213i6
*111
*112
117
112
112
*113
116
115% *111% 116
112% 112% *111% 113
*111% 113
112% 112% *112% 112%
*16
17
16
16
16%
16%
16%
16%
*15% 16
10
10
10
10
10
*97*
10
10%
*97g
10%
*23
23
23
23%
*2234 23%
23%
23%
*2234 23 %
11% 11%
11%
ll3g
11% H%
11%
11%
11% 11%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
*15
15
15
15
15
15%
1434 1434
15%
15%
26
2634
26% 26% £26% 2634
*26% 267g
*26% 27
*14934 157% *148
157% *148
157% *148
*14934
157%
29
29%
29%
29% 2934
29%
29%
2934
29% 2934
13
12%
13
13%
127g
13
12%
13
12% 1234
16%
167g
16%
16*4
17%
17%
16%
16%
16% 16%
29
2834 297g
29%
28%
28%
283g 28%
28% 28 34
*3734
42%
*3734
42%
*3734 42% *3734 39% *3734 39%
2
2
2%
2%
2%
2%
2%
2%
*2%
2%
*10234 103
Sharon Steel Corp
Jan
87
—
Jan
52% July
117% May
Feb 27
20
Jan
1
10%
Apr
105
13% Feb 26
12% Jan 16
1
7%
39%
5
*53
7%
3834
Seagrave Corp
18
134 Jan
8034 Jan
No par
2
1334
1334
%
334 Apr
44% Sept
4
300
85
14
14
5%
10634 10634
*23
18
54 preferred
84%
137g
*1334
*557g
53%
6%
18
Jan
% Jan
40
preferred
54.50
*134
84%
14
57%
53%
7%
18%
49
1% Jan
10
*18
% Jan 2
734 Feb 21
% Jan 8
434 jan 11
109
114
18%
17% Mar
76% Aug
% Feb
*113
share
Aug
Sept
% Jan
114
per
10
61
108% Mar
*113
1
Feb 13
77
3
^Seaboard Air Line—.No par
4-2% preferred
100
114
Scott Paper Co
Highest
share
per
13% Jan 11
23
Jan
69,400
1,700
*113
%
11 »4 Jan
72
115% Jan 11
300
18%
5
100
1
100
preferred
JSchulte Retail Stores
8% preferred
5K%
i
% per share
share
per
11234 Feb
47
108% 108% *108% 10834
%
%
%
3,
34
34
*%
34
Schenley Distillers Corp
$
No par
No par
47
%
84
Par
Year 1939
,
Lowest
Highest
46% Feb
47
108%
Lowest
Lots
No par
47
%
%
18%
2%
%
5%
S per share
48
108% *108
*18
%
%
5%
$ per share
On Basis of 100-Share
Week
*47
%
%
1834
shah
74
%
i&g
18i2
*1%
per
12
108% *108
*108
%
%
74
%
63,
48
Mar. 6
j
Range for Previous
Range Since Jan. 1
STOCKS
Mar. 8
>
1940
9,
EXCHANGE
Friday
Mar. 7
117g
14
*5
Thursday
NEW YORK 8TOCK
the
NOT PER CENT
SHARE,
Wednesday
74
75
*47
1
Sales
for
LOW
Saturday
March
88
-
Jan
7% 8ept
14% Sept
26% Jan
34%
Jan
3*4 Aug
35% Aug
12%
4*4
66
Jan
Jan
Jan
13% Dec
94% Sept
118
July
1934 Jan
105
Sept
20% Mar
90
July
24% Sept
31
61
78
Apr
Aug
7% Apr
14% Sept
112% Mar
52
Apr
69%
13%
Apr
20
2
Apr
30%
Apr
Nov
16% Dec
18% July
119% June
3*4
Oct
Mar
Feb
39% Aug
1 Called for redemption.
Volume
LOW
New York Stock
ISO
AND
HIGH
SALE
Saturday
Mar. 4
$ per share
*514
*4i2
5i4
434
*61
434
7718
12i2
114
434
53s
*4l2
*434
5*8
12
434
434
434
34i2
77i2
34i2
*34i2
77i2
77i2
1178
123g
112i4 112i2
1214
125g
*5
5i8
12'g
5i8
*478
6
*57g
6
6
89
*8612
89
89
90
*9
10
9
9
*9
*878
8114
918
813g
9I8
*9
978
81
"
912
*87g
81
81
180
*174
*174
180
5
5
*45s
8012
*174
514
3234
*30
3234
21
2U8
213s
55s
*514
10
*914
*58
10
63
*58
363s
363g
36
36
*138
3514
1135s
*61
*65
5714
11678
*37i2
*4514
*2i8
*7
134
*5434
*14
*355g
H2
353s
1135s
6134
66i2
57i2
11678
21*2
5-3g
1*2
353g
6412
573g
117
114
65
583s
58is
117
117
*37l2
3784
45U
2ig
4514
*7
*134
*5434
*14
♦12
5g
12
1934
*1858
33I4
33l2
33
5778
1414
6734
39
39
119
*45
3278
46
*5912
*
*
30
338
*275g
283s
*44l2
*3138
11712
712
45i2
32i4
100
100
*658
*133
2934
314
314
*277g 28l2
117l2 117i2
*658
7l2
*4412 453g
*313g 32i4
1*4
*99
103
1*2
28
Us
134
96
*96
2i2
714
53s
53s
335g
*15l2
*7i2
*114
2312
35g
*45
*13g
*6i8
*35g
*2918
*2712
1712
225g
4i8
1*2
714
*7i2
*li4
23i2
35s
48l2
28i4
U2
*6i8
*3&8
*2812
*27l2
1712
225g
*1712
*2234
578
30
4i8
*85
4i8
16
8i«
1*2
418
*60
68
68
*68
69
*6
109
*10712 108l2
11112 111*2 111*2
10412 *10412 105
11712 11712 11712
16i2
*16i8
1612
*1007g
38
37g
7ig
*334
34
3812
378
*5g
*68
2334
*6
7
134
67
98
67
*97l2
30
*45
6
5
5
*47
60
*51
2012
3U
*20
*1934
*3
1«4
3l2
5l2
65
134
35s
55s
65i2
5i8
134
138
*1*2
*1
73g
99
*963S
6*8
40
99
6
6
2478
334
49
24
334
*45
45g
2934
2812
*1*2
*6*8
♦3*2
*2884
2778
7*2
13s
24*2
24*4
24*4
334
334
4934
47*2
47*2
134
87g
4*2
29*4
28*2
18*8
23*4
4*4
134
*1*2
87g
*6*2
458
*3*2
2884
*277$
2912
277g
*17l2
18
18
18*8
18*8
23
23
23*4
4*8
23*4
4*8
23*4
43g
*70
25
~
*245g
69
*68*4
*68*4
108*2 108*2 108*2
112
112i2
11112
104
10484 10434
*117
118*2 *117
*16
16*8
16*8
*10078
*101*4
3734
*334
*6'8
3734
%
%
243g
37g
7*8
25
38
25
4*8
*70
245g
*68*4
70
245s
70
38*2
*101*4
39
4*4
7
Western
*6*8
7*8
200
34
*58
34
1.200
245g
247g
113*4 11334
134
134
*134*4 136
2634 2634
27*2
27*2
3634 37
*36*2 37*8
37
37l2 *3634 3758
2334
3,300
112
24*4
245g
113*2
135
136
7*8
684
58
*5g
24*4 2478
2458 2478
11334 11434
2334
2434
5g
110
*80
110
70
70
70
*82
*68*4
93g
II84
11&8
117g
1134
5*8
5*4
55'4
5ig
53s
55*4
5*8
5*8
*5512
62*8
*55
20
20
20
110
70
*9*8
11*2
5*8
5*4
5*8
5*8
20*4
20
3*8
3*8
3*8
3*8
*3
158
134
158
158
1*4
334
334
534
68*2
334
3*2
578
67
35g
55g
6
68
70
*121
127
40*2
40*4
40*2
*1814
*6718
19
19
*1858
19
73
*63
73
*65
73
*63
73
*53
69
*53
69
*53
69
*53
69
36i4
46
*3414
35
35
35
*42
45
114
114
1012
4012
*825g
235s
*147g
2ig
86
235s
153s
2i8
♦
*103g
87
22ig
1714
121
87
*21*4
1714
*120
11
10*2
403g
413s
41
♦825s
8534
23*2
153s
*825s
*23l2
2312
*15
2i8
2i8
15
*2
87
22*8
1758
123
10l2
417g
86
237g
15
2*4
87
*2H2
1758
*120
1034
417g
*825s
237g
14*4
*2*8
87
22*8
1778
122
35
Jan
Mar
1
Feb 27
Feb
Jan 22
3434
3434
*4334 46
115
116*4
*87
89
22*8
22*8
1753
177s
122
122
prior pref...No par
Mfg(The SS).20
1
White Rock Mln Spr Co No
par
200
White Sewing Mach
$4 conv preferred
67
Prior preferred
18*2
18*2
*53
6,300
Wilson A Co Inc
15,500
$6
2,000
4334
4334
116*4 117
5
No par
preferred
100
Wisconsin El Pow
1*4 Jan 18
33
Jan 31
Jan 19
Mar
2884 Mar 7
2734 Feb 26
200
Apr
14i2
Oct
7
Dec
50
Jan
3
3
1
2314
Feb
68
Feb 16
1734
18
10,600
40
25
Yellow Truck A Coach cl B..1
Preferred
100
6*2 Jan 13
434 Jan 11
Jan
478 Feb 23
July
Jan
3
16
4
Jan
Jan
20!% July
147g Mar
278
44
07g
58
Jan
Mar
Jan
July
378 Jan
1384 May
73s Sept
55*4 Aug
334
Jan
Oct
80
Deo
28*2
Jan
79
Jan
2
110
Mar
7
85
Apr
Jan 30
114
Jan
3
95
Apr
102*8 Feb 14
114l2 Jan 10
108
88
Apr
106
Deo
105*2 Sept
15i2 Nov
115
Nov
Jan
8
Jan 31
117i2Mar
19i2 Jan
4
16
103i2
Feb 14
39i4 Feb 24
107*4 Deo
112*2 Deo
10312 Feb 14
33*2 Jan 13
3*2 Jan 13
I
6*8 Feb
<58 Jan 31
22*8 Jan 15
22*2 Jan 15
5
4
Jan
4
7*8 Jan
2
1
Jan
2834 Jan
28*2 Ja**
3
3
20*2 Apr
2% Apr
3*2 Apr
5
Sg
Deo
107g Apr
18*8 Apr
82i2 Apr
1057g Jan 15
118
Jan
130
Jan 15
138
Jan
5
26
Jan 20
293g Jan
3
10*2
Apr
3812 Feb 13
3914 Jan 3
15*4
Apr
Feb
4
120
May
z29
Apr
4
42
July
Jan 30
74
Apr
Mar
19*8
Dec
363g Nov
684 Sept
11*8 Sept
2
37
Sept
Sept
37*4 Sept
121
Sept
145
Mar
28*2 Deo
39*4 Deo
3912 Deo
3
75
Oct
06*2 Jan 23
70
Jan
9*4 Feb 29
11*8 Jan 24
10
Jan 11
5
Jan 23
4*2 Jan
38
Jan
2
4
1934 Feb 28
3ig Feb 9
1*2 Jan
3
5
Jan 15
47g Jan 13
61>4 Jan 5
13«g Jan
3
8
6*8 Jan 8
6*8 Jan 26
97
Oct
155g Apr
387a
Oct
80
Jan
80
Jan
45
July
78
Oct
8*2 Dec
7
Apr
3*8 Sept
134 Aug
57i2Mar
8
14
Apr
22
4
14
Sept
Jan
35g Jan 11
23g Aug
178 Feb 16
414 Feb 15
1
23g June
6
278 Aug
70
Jan 29
32
June
12*4 Mar
1534 Oct
7
Jan
458 Nov
3484 Nov
20*2 Dec
4*4 Nov
3*g
Feb
0*4 Feb
77g Sept
Mar
6
121*4 Mar
25*4 Feb
4H2 Feb
9
15
Apr
7
8
36
Sept
5038
Jan
10i2 Apr
47*2 July
23*8
Jan
43
69
18
Jan
213g Jan
68
Jan 19
71
3434 Mar
4334 Mar
7
8
1
Jan 25
105
Jan 22
85
Jan 22
22*8 Jan 20
1658 Feb 6
11578 Jan
5
10*8 Feb
1
37*2 Jan
50*2 Jan
May
8
8
23*2 July
31*2 Apr
60*4 Nov
115
74
8
85
Apr
5
75
Mar
25
Jan
3
19*4 Jan
4
18'4 Sept
115g Apr
98
127
Mar
122i2 Feb 24
86
100
5H% preferred ser A... 100
Youngst'n Steel Door..No par
86
Jan 15
89
1,000
22
Feb
5
15*4
1,000
Zenith Radio
I4i2 Feb
3
2*2
1,100
Zonite Products Corp
12
Apr
Jan
3
48U Jan
3
30
Apr
Jan
6
74
May
28*2 Jan
167S Jan
4
2*2 Jan
3
3
9i2 Aug
Sept
3184 Sept
8914 Feb
117
24
386g Jan 22
Aug
105l2 Apr
38*2
53*2
124*2
85i2
33*4
217f
15*4
*2*4
Cash sale.
Apr
Dec
Jan
86
r
178
75
24
New stock,
20
Apr
Sept
27*4
15*4
23s
n
9*4
5084
Oct
7,000
Del. delivery,
6*2 Apr
4*8 Nov
Oct
Jan
2,100
a
Feb
138 Nov
Sept
8
3534
115g
2*4
36
3
233g July
98*2 July
243g
3284
41l2
$ In receivership,
Dec
3*2 Dec
378 Sept
1434
11*8
No par
1*4 Dec
21
Deo
19*4 Apr
41
Corp
Sept
5
11*2
Young Spring A Wire..No par
Youngstown S A T
No par
July
15
31i2 Jan
42*4
86
24*8
15*4
Jan 10
17s Jan
107g
24
Jan 10
4*4 Feb 19
4134
*825s
3
30'4 Sept
1034
153a
2*4
Jan
Feb
Jan 10
80
2
Mfg Co
June
1658
95g
16g
25i2
4
3838 Jan
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
1
4
63g
118
Mar
Jan
24
5
10
Yale A Towne
150
Sept
2934 Dec
5«4 Sept
3384 Sept
Sept
85
Jan
Jan 16
3*4 Jan
1
500
65
3
98
22
2
500
Nov
101
22*8 Feb 17
7
4
Jan
preferred B
100
Prior pref 4M% series.. 100
Prior pf 4X % convserleslOO
Sept
40
131
5i2 Apr
1512 Apr
2834 Feb
1934 Jan
Mar
89
120
8
0%
200
40
116*2 July
44*4 Deo
50i2 Aug
Apr
1*2 July
6
Feb 21
22
227g
120
Jan
7i2Mar
17
116
Worthlngt'n PAM(Del)No par
7% preferred A
100
400
Sept
Mar
35*4 Jan 11
1534 Mar
Wool worth (F W) Co
10,500
Sept
21
84 July
13gMar
Feb
Jan 18
10
6% pref. 100
2234
*87
2*8
13g Mar
634
20*s
9378
5*4
Woodward Iron Co
-2*406
69
35
20
Wilcox Oil A Gas Co
73
*34*4
No par
Willys-Overland Motors..... 1
6% conv preferred
10
*121
*63
Corp_._l
64*2
13g Jan
100
1,400
127
25*8
40*4
40*2
1
112*2 Sept
4*2 July
125
1
Feb
1
4
100
Apr
78
,
9
42l2
86
24*8
Bid and asked prices; no sales on thla day.
Jan
33*4 Jan
4,000
500
17
48
2534 Jan 18
conv
Apr
2*2 Apr
5
No par
White Motor Co
Sept
18*4
3is4 Jan
67
preferred
109
Jan
98
53g
25
54*4 Aug
8
5*8
6
59i2 Feb 28
65
White Dental
"2'.5O6
4*8
8
04*4 Jan 29
57*2
*65
Jan
100
$5
100
938
67g
6
40*4
44l2 44l2
114l2 115l2
70
12
600
25
*34l2 35l2
45
*43*4
*110*4 113l2
*68*4
3,800
25
I884
90
Jan
46
100
6%
June
Sept
Apr
33*2 Jan 23
353g Jan 19
Wheeling Steel Corp
163
146
Apr
Wheeling A L E Ry Co
5H % conv preferred
110
134
*121
1878
*80
50
par
July
Sept
3478 Apr
Westvaco Chlor Prod..No par
5% conv preferred
30
10
3*8
1834
1012
600
68
20
2518
40i4
37*8
*64
15g
3*2
25
121
37*8
1,000
3*8
25"
122
1st preferred.
Weston Elec InstrumentNo
800
20
70
*120
2834
37
134
3*2
4018
1834
17U
6% pref.. 100
Western Union Telegraph. 100
Westinghouse Air BrakeNo par
Westlnghouse El A Mfg
50
130
3*8
40
173g
Western Pacific
3,200
28
20
538
25
17i4
Supply Co... 10
Maryland
.100
4% 2d preferred
100
3,700
367g
5*4
62*8
24-78
87
245g
*9*8
117g
5*8
5*4
57*2
117g
40i8
*121
100
Western Auto
*4
4,100
55g
pref
1,800
247g
*215s
6%
38*2
1,100
4
Sept
16
6
117*2 117*2
'*101*4
Deo
17
8
418
Sept
858 Mar
25g Oct
64
Mar
Jan
4
85
116
31
8234 Sept
12078 Sept
37*2 June
4634 July
Apr
25
6
June
Jan
May
Aug
3934 Feb 23
z70
Mar
Nov
9
16
35*4 Mar
Sept
July
60*2 Sept
Apr
Feb 29
Oct
Mar
37*2
6*8
5234
11434
68*2
46
45*4
*2
Jan
118*2
4
Oct
15*4 Sept
134 Dec
63g May
138 Apr
94i2 Feb 7
68 Jan 12
Jan
111
400
39
8
8
105»4 Jan
300
Mar
118
7% preferred
100
6% preferred
...100
WestPennPowCo 4\i % pf.100
West Va Pulp A
Pap Co No par
16
56i2 Jan 12
100
par
4158 Aug
98*2 May
30
Sept
3
Jan 23
West Penn El class A. .No
par
31*4
67
No par
preferred
Wesson Oil & Snowdrift No
par
$4 conv preferred
No
200
117*2 117*2
Jan
Feb 29
170
40
87
"loo
31
334
534
Pipe
Webster Eisenlohr
7%
3134
*122
22ig
1,300
*16
7
Feb 23
140
16
6
Jan 31
240
16
Mar
2
Jan 29
104
_
4
65
314
27i2
116*4
512
4478
3178
112
2514
113
438
5
No par
Washington Gas Lt Co.No par
Waukesha Motor Co
5
Wayne Pump Co
"III
110
66
6684 Jan
28*4 Jan 17
1*2 Jan 11
6*2 Jan 13
46s Jan 11
100
23*2
97*2
60
Jan 23
No par
par
38*2
4*4
*9
43
104
16*2
Jan
7034 Jan 11
683g Jan 3
118*4 Jan
19
283s Jan 22
353g Jan 15
11434 Jan 23
100
preferred
600
97*2
93g
Jan 19
*2 Jan
16*4 Jan
7l2 Mar
1*4 Jan
2178 Jan
3i2 Jan 15
4534 Jan 13
7%
200
98
*9
Feb 13
67
..100
No par
No par
600
68
93g
100
Jan 16
Feb
148
Co.IIIIlOO
Co
28*2
18*8
*97*2
31*4
11*2
514
5i8
Ry.IIlOO
par
*64
*80
5
System
Warren Fdy <fe
68
*6512
5
25
200
98
3134
3034
No par
f Warren Bros Co
*110
60
Jan
38
178 Feb 15
684 Jan
15s Jan 19
112
104
48
65
48*4 Feb 20
238Mar 6
73g Jan 12
Feb 19
11238 H23g
38
37g
*6*4
5578 Jan 22
104
110
_
64*2 Feb 29
108*2
llll2
104l2
109
4
Apr
Apr
July
100
70
70
8634
Jan
Detinning Co
300
245g
31*4
Jan
100
Warner Bros Pictures
$3.85 conv pref
87g
245S
Jan
No par
$3 convertible pref..No
par
$1 1st preferred.....No
200
4*2
*68*2
5
3
6
134
43*8
preferred
30*2
*6*2
*3*2
Jan
416s Jan
llSigMar
_
Jan 15
584 Aug
31*8 Oct
1*8 Dec
35
25
1*2
*29*2
*2778
18*8
*23*8
*4*8
1*4 Jan
3434 Jan 29
1
100
4934
1*2
Jan
61
par
*70
..
73
87
*43
3612 Feb 28
No par
Ward Baking Co cl A
..No par
Class B
No
3,600
13g
49
Preferred
1,100
37g
.
3234 Sept
Walk (H)Good & W Ltd No
pin
100
334
*1*4
4
W % pref with warrants 100
Walworth Co
No
*24*4
8*8
10*2 Sept
38*8 Jan
300
9,500
1*2
24*2
37g
*7*2
35i2 July
293g Sept
35i2 Jan 18
Walgreen
7*2
13g
Apr
13*2 Apr
3*2 July
34
700
500
8
23
5
67
..25
preferred
Waldorf
800
818
H2
Feb 28
634 Jan 10
Jan 22
6%
Mar
778 July
159
Vulcan
Jan
180
Apr
Jan 15
5% preferred A
5% preferred B
16
9ig Jan 18
113
4
15
300
33
26*4 Jan
Feb 24
5*4 Feb 26
5*4 Aug
65*4 Sept
14934 Sept
Jan
8
70
J Wabash Railway
1534
31
21
Mar
1334 Feb 20
"loo
33
6
109
Virginia Ry Co
50
16
4i2 Feb 1
29*4 Feb 13
54
900
33*8
1*2
1«4
*215g
10
100
16
Jan 11
11
87*2 Mar
17*4 Sept
14
Sept
Apr
Va El <fc Pow $0
pref...No par
Va Iron Coal & Coke
5% pflOO
200
100
578
Jan 25
62
6%
1,800
99
89
181
Feb
No par
500
33
*6718
*110
1,400
16
*18
*42ig
*97*8
534
Mar
46
5% preferred
100
Victor Chemical Works.
5
Va-Carollna Chem
No par
500
1%
22
June
5
No par
7% 1st preferred
Vlck Chemical Co
300
7*2
7*2
22
75
Sept
75g Sept
2
Vanadium Corp of Am.No
par
Van Raalte Co
Inc...
5
8,500
33*4
*53
*34
10
*15l2
*7i2
*1*4
67
127
...
*1
738
22
40
*12134
*245g
1*2
7
95g Feb 21
103g Jan 3
115
Preferred
1*8
1*2
3
Nov
14
8
8% preferred
100
Universal Pictures 1st pref. 100
Sales...
.No par
Preferred
100
*133
*1
8
Jan
Sept
15
117*4 June
Jan
Vadsco
1,400
*33
878
*418
13g
7h
99
22
1*8
134
200
80
3*2
Jan
Mar
93
8
177
Sept
663 Apr
334 Aug
534 Mar
5
95
Apr
110
Jan
No par
Vlcks Shreve & Pac
2934
35g
Jan
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
-""266
20
2934
11
....100
Conv pref (70c)
United Stores class A
$6 conv preferred
500
46
7*4 Jan 25
8*8 Jan 23
80i2Mar 5
50
7% preferred
United Stockyards
Corp
1,000
*97l2
31*4
20U
314
55s
*1
50
Jan 15
6212 Apr
Jan
Feb 24
Feb
8*8 Sept
11
50
Corp
Preferred
400
40
*45
4*4 Feb 5
534 Feb 23
par
& Mln
U S Tobacco Co
3,300
*64
1®4
312
35*4
10*2 Jan 13
1100
U 8 Steel
1,200
1,700
116
Smelting Ref
15
117*4
13i8
578
7i8
35i2 Sept
7*8 Mar
834 Jan
10
Preferred
40,500
68
*3i8
66
1*8
U S
857b Jan
5
6
Mar
80
Jan
74
3*4 Apr
2534 Apr
Mar
53g Jan
35
share
4*2 Aug
4*8 Dec
54*4 Dec
70*4
10
8% 1st preferred
600
62
8
20
Foundry
U S Rubber Co
1,600
*39
*61
29*2
35g
2834
...
1,300
2,600
6*8 Mar
5*8 Jan
Highest
$ per share $ per
62UMar
..100
Playing Card Co
JU S Realty & Imp....No
10,800
16
1*2
*28
*133
U S Pipe &
U 8
Feb 27
1178 Mar
<fc conv cl A..No
par
Prior preferred
100
98
70
*9
*33g
Partlc
900
*58
80
29*2
U S Industrial
Alcohol.No par
U S Leather Co
No par
600
30*4
110
113s
*61
3*8
preferred
..100
U S Hoffman Mach
Corp
5
5H % conv preferred
50
"i'165
*97l2
*65
*5is
4584
...
2934
3434
7%
900
116
118
4584
60
*64
*80
914
347g
39*4
39*4
200
10
19
75
112
U S & Foreign
Secur_._No par
2,600
Jan 18
Lowest
$ per share
4*8 Feb 29
33
10
16 first preferred
100
U S Dlstrlb
Corp conv pref. 100
U S Freight Co
No par
U S Gypsum Co
20
150
67
70
514
34*2
*17*2
preferred
700
98
110
lli2
19
5
800
750
'
56*8 Jan 10
5
United Paperboard...
700
30
*65
11*2
5i8
92
*17*2
4,000
333g
*6*g
*312
*2834
34
*80
*9
150
100
No par
United Mer & Manu Inc v t c 1
1,100
**2
412 Jan 11
par
$5
600
1,100
90
!
45,400
365s
1*2
5
10
United Fruit Co
No par
United Gas Improv't.-No
Year 1939
Highest
$ per share
5
Jan
2
Par
.
United Drug Ino
United Dyewood Corp
Preferred
United Electric Coal Cos
United Eng&Fdy
600
1,500
36*2
91
**2
*116
80
138
7*4
*217g
*96*8
57g
24
2334
24
2358
24
24
2334
24lS
245g
11234
11234 113
113*2 11312
*130i4 136
*13212 136
*13334 136
*2614
27
*26i4
27U
*26i4
27
*3612 37
36i2 3612
*36i2 37
*36
37
37
37
*36i4
37
30
36*4
*36
*148
*58
*1*2
1*2
2334
*60
3514
46
2934
33s
28*4
7*4
*112
*97l2
*2914
185s
*1
*70
25
3834
*75g
35g
*2414
385s
*334
3318
*153s
H2
*2378
25
934
62
150
5S
*133
1
53s
384
*2414
*10712
11H2
104l2
*116l4
*16i8
*1007S
28
7
2312
4812
1*2
8?8
45s
30
28
183s
2278
3412
*45
*62
358
97
333g
934
*60
89
90
*2
*60
30
*13g
53g
1*2
24
334
4934
134
878
4534
97
3338
2,000
*148
40
97
*1538
150
1858
22
16i8
8i4
5
1*2
36*4
357g
36*8
35'8
36
115*8 1113*4 113*2 113
113
6H2 62
62*4
62*2
62*2
6234
6434 6434
65
647g
6478 *64
5834 59i2
585s
59-V
58*4
59*8
117i2 117i2 117*2 117*2 *11758 118
37*4 375g
*38
3734
38
38*2
*445s 463s *45
46
46*2
46*2
2*8
2%
*2*8
2*4
2*4
2*4
7*4
7*4
*7*8
738
*7*8
738
lh
134
*184
178
134
184
*5434 5778 *5484 57?s *5434 5778
*14
15
15
15
*14*2
15
*65
6784 68
68*2 *65
68*2
118
22
335g
10
357g
*39
22
53s
li2
H2
*116
*H2
96
*7
*13g
13g
40
1
22
*134
19
3418
*133
22
600
28*2
2884
28*2
28*2
117
117
*1155g 117*2 *115*2 117*2 *115*2 117*2
7i2
7i2
712
7l2
*65g
7*2
*65g
7l2
*44i2 453g
45l2 45l2 *44*2 46*2 *4434 46*2
*313g
32i4
32
33
32l4 3234
*3234 33*4
*96
100
*95
100
*97
100
98*2
98*2
*1
*U2
♦lag
714
*2178
1*2
3638
90
3l2
*133
*1
365s
lo
80
*2934
5
434
36
*148
...
*
80
2934
314
*116
*60
5
15,800
65
*34
10*4
62l2
36*2
3638
118
4534
*60
80
*29
*3812
*116
*478
*63
9*8
62*2
36*2
86
*1858
39
*116
45
134
12
1934
*30
150
86
6*8
114
6U8
6434
59 I8
*5434
33
*115l2 119
1*2
36
714
*2
434
65
36I2
7*4
134
1414
45S
534
36
3712
46i2
2*8
*64
8U2
178l2
*53s
10
117
*148
*9
Lowest
~
5
63
3714
*4458
2*8
2i8
714
1*8
5778
1414
6734
Shares
6
0
6
6
*578
6*8
93
923g
93
923g
93
*9
9ig
*9*8
9*2
9*2
97g
9*8
9*8
93g
938
82
81
81l2
82
81*4
178*2 *179
180
180
*179
534
*5*4
534
534
6
*30
32
3234
*30
32
2134
2134
2134
21*2 215g
5*2
55s
55s
5*2
534
*58
114
6H8
6412
9ig
934
63
H2
$ per share
584
5
10
37
36
36
Mar. 7
Ranoe for Previous
EXCHANGE
77I2
123S
2H2
5l2
934
the
Week
*63
35*8
53g
*36i2
*3578
3512 3534
11378 11378
6II4
6U4
*185s
45
2H2
*58
13g
3734
46i2
214
714
134
5778
1414
55g
3234
3612
*66i8 6712 *66lg
150
14912 14912 *148
86
83*4
84U
8434
39
*30
63
36*2
0
*9034
180
*514
213s
5l2
*918
*514
*30
On Basis of 100-Share Lots
NEW YORK STOCK
Friday
35*8
*34i2 35*8
77*2
7734
77*2
77*2
12
123g
12*2
12*2
125s
112
112
*113*4 115
*114*4 116*2
12U
1234
1238
125g
12l2
1278
5
5
5*4
514
5*s
5*4
6
*86
*578
Range Since Jan. 1
Mar. 8
|
65
1561
STOCKS
Thursday
55g
45s
*63
478
77*2
125g
123s
123g
62
35ig
773s
11212 112I2
■12*8
5i2
45g
45s
62
,
$ per share
55g
412
65
*34
114
$ per share
45S
*61
35*8
7714
133g
Mar. 6
10
Sales
$ per share
Wednesday
Mar. 5
53»
*4i2
65
*34
Tuesday
\
$ per share
53s
SHARE, NOT PER CENT
for
Monday
Mar. 2
PRICES—PER
Record—Concluded—Page
Oct
Oct
Sept
Sept
Nov
Nov
Deo
Mar
Oct
21*4 Jan
603g Sept
92
Sept
34
Bept
22*8 Jan
378 Sept
/
March
1562
9,
m
1940
Exchange
Bond Record—New York Stock
FRIDAY, WEEKLY AND YEARLY
for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
No account is taken of such sales in computing the range for the year.
letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
NOTICE—Prices are "and interest"—except
week's range, unless they are the
in the week in which they occur.
The italic
Friday
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 8
Range or
Sale
Friday's
Inter st Period
Bid
Price
A
Low
United States Gevernment
Asked
High
Jan. 1
Bonds Sold
No.
N. Y. STOCK EXCHANGE
Week Ended March 8
Price
Low
High
120.12
120.15
2
119.30120.17
♦Chile Mtge Bank 6 Ms
114.26 114.19
114.27
10
114.14114.29
♦6 Mb assented
M S
114.18
114.18
6
101.12
101.23
5
101
103.24 103.24
103.26
3
103 24 104.24
109.23
3
109.20 109.30
105
23
104 28 105.17
J
D
M S
«.
114.9
114.30
12102.8
1957
1957
1961
1961
♦Sink fund 6 Mb
of 1926
*6%b assented
...1961 a
♦6s assented
J
D
109.22 109.20
F
A
104.28
A
O
109.27 109.27
109.31
25
109.25110.1
A
O
110.12 110.11
110.13
15
110.6
110.18
J
D
111.23 111.20
111.23
7
111
111.23
111.25
111.25
5
111.19112.13
♦Chinese (Hukuang Ry) 5s
110.29
110.29
1
110.10110.29
♦Cologne (City) Germany 6 Mb. 1950
110.4
110.14
9
109.28110.30
Colombia
J
D
J
D
M
m,
»
m
«
«
~
M S
108.10 107.19
108.21
106
M
109.11 109.11
109.17
31
M
J
M
S
108.21
108.28 109.13
108.2
109.5
of
♦Colombia Mtge Bank 6 Ms
107.29 107.8
108.1
88
106.28108.1
♦Sinking fund 7s of 1926
107.8
55
106.9
107.8
♦Sinking fund 7s of 1927
65
105.27106.26
106.18
D
106.24 106.15
106.26
D
106.24 106.4
107.4
108.31
D
D
108.31
*108.13108.18
M S
J 06.4
106.1
106.4
178
5
----
105.25107.4
25-year gold 4Ms
O
J
J
D
105:3
105.4
104.16105.4
External 5s of 1914
J
D
103.11
104.1
48
102 23 104 .1
External loan 4 Ms ser C
1949 F
4 Ms external debt
1977 j l>
M
Mar
15 1944-1
3s
Jan
15 1942-1947 J
S
FN
__
*105.6
102.20103.29
Mar
1 1942Home Owners' Loan Corp—
3s series A
May
1 19442Ks series G
1942-
108.10
105.10
108.9
3
....
*104.30105.3
M S
2Mb
*108.14108.18
108.10 108.4
J
108.20
107.29108.13
105.1
105.15
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
J
June 30 1945 J D
♦Public wks 5 Ms
1951 A
1952 A
♦Czechoslovakia (Rep of) 8s
107.28 107.20
107.28
11
107.18108.4
J
J
104.21 104.21
105.25
23
104.15104.25
D
101.30 101.27
101.31
8
101.10101.31
122 M
3
122U
122V4
ser
5 Ms of 1926
1940
1940
Customs Admin 5Ms2dser__ 1961
6 Mb 1st series
1969
Securities.
5Ms2dserle8—
Municipal
—1969
♦Dresden (City) external 7s
♦Gtd sink lund 6s
*26 M
28
O
*26M
28
Akershus (King of Norway) 4a.1968
M S
*58
J
27 M
28M
26M
29
1945
*13M
1945 J
J
13M
13 M
♦External s f 7s series C
J
*13M
14M
O
"l3M
14M
♦External s 1 7s series B
——
♦External
s
f 7s series D
1945 J
1945 J
♦External
s
t 7b 1st series
1957 A
♦External sec s f 7b 2d series. 1967 A
♦External sec s f 7s 3d series. 1957 A
J
J
S f extl conv loan 4s
A
A
O
1972
Apr
1955 J
External g 4 Ms of 1928
♦Austrian (Govt) s f 7s
13M
1
13M
5
12M
15M
14M
10
12M
067
96M
94 H
12X
067
5
12M
14M
2
67
70
95M
96M
316
94
91M
95
122
87M
96 M
95
87
85 M
87 X
164
79 X
87 X
86 %
85
87 M
98
80 M
87%
82
78
82
79
76 X
91
81M
41
75 M
90M
78 M
102
73
84
S
81M
78
77 X
73
*7
13
-.1957
-.1945
-1949
F
J
Belgium 25-yr extl 6 Ms
External
6M
*12
A
S
98
97
J
94 X
1955 J D
A O
102 X
1955 J
f 6s
s
M
External 30-year s f 7s..
♦Berlin (Germany) s f 6 Ms
♦External sinking fund 6s
J
♦Brazil (U 8 of) external 8s
1941
♦Externals f 6mb of 1926..-1957 A
92
102 X
*12M
1960
8M
12M
98
50
94 X
40
89
102 X
67
100
22
96
95
104M
13
1
14
12
12
23 M
21M
23 M
103
17 M
23 M
13 M
13 M
18M
18M
ll
M
12
O
18M
16M
18M
230
f 6Ms of 1927—1957 A O
♦7s (Central Ry)
1952 J D
Brisbane (City) s f 5s
1957 Af S
18M
16M
18M
134
17%
16
17 X
60
13
18M
72 M
72 M
1
70
79
1958 F A
1950 J D
72 M
♦External
s
Sinking fund gold 5s.-.
20-year s f 6s
1962 J
♦Budapest (City of) 6s
Buenos Aires (Prov of)
♦6s stamped
1961 M S
1977 M S
1976 F A
s f 4M-4 Mb
Refunding s f 4M-4Ms
External read) 4M-4M8
External
External
s
1976
s
O
1984 J
J
1967 J
f $ bonds
72 M
z81M
7M
*79M
72 M
82
7M
♦Secured
s
f 7s
...
64 M
44 M
Canada (Dom of) 30-yr 4s
1960
A
O
1952 FN
gg
J
1961
1944 J
—.1967 J
25-ytar 334 s
7-year 2 mb
J
87%
7%
61M
53
62
63 M
11
63
64 M
66 M
♦Farm Loan s f 6s
44 X
44 M
14
♦Chile (Rep)—Extl s f 7s
♦7s assented
♦External sinking fund 6s
F
♦6s assented
-
—Feb 1961 F
*101M
ioo"
1
60 M
60 M
60 H
69
101%
101X
79 %
102 M
14
101
104
79 M
3
74
80
*]02M
100
79 M
13M
13M
o
*13M
13K
13M
J
♦Extl sinking fund 6s.-Sept 1961 M 5
♦6s assented
Sept 1961 M -S
♦External sinking fund 6s
1962 A O
♦6s assented
External sinking fund 6s
♦6s assented
For footnotes see page
1962 A
1963
O
1963 Af N
1567.
13M
65
71
72
72M
o71
a71
70
71
*71%
*71%
*71H
72 %
71M
74
72 M
"75"
70 H
70 M
71
72
72
71M
72
*11
15
11M
13M
15
13 M
48
53 M
40
50
*49
s
"46 %
45
12%
102
102
12M
12 X
102
102
*
1949
7s unstamped
71
16
12M
105
100
iihM
HfiM
iio"
115M
108 M
Y'd
1949
108M
106
108 M
German Govt International—
—1965 J D
♦5 Ms of 1930 stamped
♦5Ms unstamped
1965
♦5 Ms stamp(Canadlan Holder)'65
♦German Rep extl 7s stamped.. 1949 A
♦7s
unstamped..
O
6M
3
68
8M
5M
12
7
10M
7M
15M
13 M
51
7M
9H
1949
108
12
15M
14
15M
15
9M
German Prov A Communal Bks
♦(Cons Agrlc Loan) 6Ms
1958 j D
*14M
*23 M
♦Greek Government s f ser 7s..1964 M n
♦7s part paid..
♦Sink fund secured 6s
1964
1968
*17M
¥
A
*16"" "l8"
20M
*19M
'um
♦15
1968
MM
"l6M
(Republic) s f 6s ser A.—1952
o
♦Hamburg (State 6s)
1946
j
♦Heidelberg (German) extl 7Msl950 J
Helsingfors (City) extl 6 Ms
1960 a O
Hungarian Cons Municipal Loan—
1945 J
—1946 J
♦7 Ms secured s f g
♦7s secured s fg..
79
*10
*9M
11
22 M
80
90
10
80
o
Haiti
37
"l5"
32 H
j
8
7
7M
j
37
7H
37
7M
7
8M
8
*8
7
8
*7M
♦Hungarian Land M Inst 7 Ms. 1961 FN
♦Sinking fund 7 Ms ser B
1961 FN
Hungary 7 Ms ext at 4Ms to... 1979 F a
7M
8
29 M
Irish Free 8tate extl
s
25M
29 M
29M
92
92
69 M
68
70 M
74
68
72
s
78
77
78
19
68
78
J
50 M
48%
51
28
87
85
87 M
97
48%
77M
87 M
62 M
62
62 M
132
57M
62 M
15M
3
15
17M
12M
12M
*
1960 MAT
f 5s
1951 J
Italy (Kingdom of) extl 7s
Japanese Govt 30-yr s f 6 Ms... 1954
f
d
A
1965 FN
Extl sinking fund 5 Ms
91M
M
13
14
♦Medellin (Colombia) 6 Ms
1
11X
14
Mendoza
95
81
93X 101M
106
92 X
14
91H
96 M
82 M
92
83 M
68
93 %
92 M
10
82 X
92
100 M 107
54 M
79
j
*1
J
l
1
*M
1M
(US) extl 5s of 1899 £.1946 Q
♦Assenting 5s of 1899
1945 Q
♦Assenting 6s large
♦Assenting 5s small
♦Mexico
*M
"i~K
1
IK
1954 j
d
X
M
X
1
X
15M
14
15
7
-
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small
{♦Treas 6s of '13 assent (large) '33 j
j
{♦Small
*1M
J
x
1
X
X
M
1
1
M
X
1M
%
1M
J
"l4"" ""15M
o
50
48 M
50
123
48
18
11X
14
♦Sec extl
8
f 6 Ms
1958 m S
12
11M
12
16
8
1
13M
17
♦Sec extl
s
f 6 Ms
1969 M
12 X
....
"MM
~13M "17"
46
1M
*%
D
5
14
14M
72
1954 J
6
--—
14M
12M
79
*1
♦Assenting 4s of 1904
15
14
12M
77M
♦4s of 1904
16
13
79
88 X
1
2
12M
d
d
79
16
15M
1954 J
1954 J
readj
78 X
1
*11M
(Prov) 4s
♦Mexican Irriga'n gtd 4Ms—1943 M n
♦4Mb stmp assented
1943 M n
96 M
89
6
13
10 %
11M
6M
Milan (City, Italy) extl 6Ms—1952 a
Minas Geraes (State)—
♦Montevideo (City)
♦6s series A
s
11M
12M
8
62
62
1
54
1952 j D
1959 M N
62
8M
53 M
12
12
44
40
X
62
62
12
14M
13M
17
13«
14 M
13M
14
17
12M
14M
79 M
1
79
90M
13 M
17
New So Wales (State) extl 5s._ 1957 f
External s f 5s
Apr 1958 a
79 M
1
82
79
82
9
78
89
12
14
Norway 20-year extl 6s
1943 F a
91 X
88
91M
26
85
14 X
93 M
1944 F a
1956 M S
91
88M
91
38
85
13
14
93M
71
76
22
68
77 M
70
216
61
59
73 M
73
73 M
80
15
3
7s
*14M
13M
16M
20-year external 6s
12
14
13 h
18
17
External sink fund 4Mb
External s f 4Ms
1965
a
A
o
10
o
"69 M
63
65 M
62
68 M
92
73M
73 M
4
13M
14M
9
12M
14M
4s 8 f extl loan
1963 f
A
14 M
14M
48
1
14 M
FN
58
36 M
14
14M
...
45
81
13M
13
14
87 M
69
42 M
*10M
*14%
14
54
51
38M
55 M
d
14M
J
60
45 M
65
14M
M
20 M
102
102
*13M
♦Frankfort (City of) sf6Ms—1953 FN
French Republic 7 Ms stamped. 1941 j D
1941
105M
102 M 103
99
101M
56
61
1948
7Ms unstamped
External 7s stamped
17
20
♦Lower Austria (Province) 7 Ms 1950 J
100 x
14M
A
Jan 1961 J
Jan 1961 J
f 6s
♦6s assented
85
20
20
45M
100 M
15M
A
1961
63
73
~85~"
84
40
*11M
1960 A O
♦6s assented
♦Extl sinking fund 6s__Feb
42
60
2
15
14
44 M
33%
15%
66
16
O
39
11
*11M
2
A
27
38 M
A
18
1960
42 M
o
78M
14
26 M
♦Jugoslavia (State Mtge Bk) 7s 1957 a
♦Leipzig (Germany) s f 7s
1947 f
79 %
-.1942 UN
"57M "65M
6
O
27 M
67
78 X
M N
26 M
26
26 M
56M
79
1960
1942
34M
34
26
4
9
78 X
Oct 15 1960 A
♦6s Oct coupon on
27M
28M
4
37
79 M
-
54
26M
63 X
J
6
116
33 M
14
26 M
57 M
56 M
1968 UN
30-year 3s
30-year 3s
8
91M
83 M
34 M
27
*62 %
49 %
A
42 M
a O
M S
A o "72 M
A O o71
M s
A O
72
A O
MN
Italian Cred Consortium 7s ser B '47 m
Italian Public Utility extl 7s—1952 /
64 X
93 %
J
♦Carlsbad (City) 8s
1954 J J
♦Cent Agrto Bank (Ger) 7s
1950 M S
J
♦Farm Loan s f 6s._. July 15 1960 J
♦6s July coupon on..
i960
s
95
100 M
Aug 15 1945 F A
10-year 2 Mb
♦Ry extl
......
6M
13
78
81M
13M
—
J
1968 M N
72 M
1
85
Bulgaria (Kingdom of)—
♦Stabilization loan 7 Mb
9
17
65
64 X
1975 M N
f 4M-4%b
3% external
A
82
D
13
6M
12M
100 %
D
1968 J D
17
10M
36
38 M
1967
1945
♦6s part paid—
♦Bavaria (Free State) 0M8-
14
14
14M
1966 M N
J
15 M
12M
13M
J
1957 M
16
14
13M
12M
O
1972 F
8 t extl conv loan 4s Feb
Australia 30-year 5s
External 6s of 1927
15M
13
12M
12M
13M
O
Antwerp (City) external 6s
1958 J D
Argentina (National Government)—
S f external 4Ms
-.1945 M N
S f external 4Mb
---1971 UN
1
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
Finland (Republic) ext 6s
65
♦Antloqula (Dept) coll 7s A...
13M
39
42 M
Agricultural Mtge Bank (Colombia)
A
11M
26M
1955 F
2d series sink fund 5 Ms
1947 F
A
6
O
1942 J
-
External g 4Ms
Apr 15 1962
Dominican Rep Cust Ad 5Ms—1942
1st
&
16
12M
26 M
a
Sinking fund 5 Ms...Jan 15 1953 j
Denmark 20-year extl 6s
External gold 6Ms
AfN
122 M
Govt.
—1951 M n
1944 m S
1949 f A
♦Sinking fund 8s ser B
New York City Bonds—
Foreign
ser A
104.26 105.2
J
See Over-the-Counter
13
106.4
Federal Farm Mortgage Corp—
3Ms
32 X
*26 M
j
4
*
33%
33
1946 un
1947 f A
4
-
34 M
{♦Cordoba (City) 7s stamped.. 1957 F a
106.20
1
13M
Cordoba (Prov) Argentina 7s.. 1942
105.5
16
I3M
13M
107.17 108.3
105.1
13
12M
11M
m 8
108.10108.31
6
11M
5
2
-.1952 j D
1953 FN
Copenhagen (City) 5s
5
4
28
1961 J J
1947 a O
16 M
13
16
17
103.29
-
12 M
High
ll*
13M
10 %
103.29 103.6
104.1
13M
2
13
D
••
12
14
17
32
J
13M
12
8
*6%
106.20
S
13
13M
o
106.10 105.25
M
12M
Low
12 M
13
1951 J D
f gold of 1927. Jan
D
107.8
13
No.
15M
12
(Republic of)—
-Oct 1961 A
109.5
S
13X
*13""
1928
s
High
14
s
s
1960 M
♦7s assented
♦6s extl
Since
*13M
12M
12M
1960 M
♦Chilean Cons Munlc 7s
♦6s
Range
Jan. 1
Asked
13
1962 m N
♦6s assented
108.4
J
J
107.7
D
D
D
D
1962 FN
♦Guar sink fund 6s
S
J
J
4
J
j
j
J
1961 a o
♦Guar sink fund 6s
A
Bid
Low
Foreign Govt. & Munic. (Coni.)
O
D
m m
Friday's
BONDS
Since
J
«.
Range or
Sale
Range
A
,w
Week's
Last
Week's
Last
14M
1
13 M
16M
Municipal Bank extl s f 5s
1970 j
D
12M
13M
70
12
14
Volume
ISO
New York Bond
Friday
BONDS
N.
Y.
STOCK
EXCHANGE
Oriental Devel Quar 6a
Extl deb 5%s
A
1955 A
O
69
1953 J D
...1963 IN
♦Stamped assented
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
♦Nat Loan extl s f 6s 1st
—
—
— —
♦Poland (Rep of) gold 6a
4%s assented
9%
O
1958
O
1968
s
f 6s
J
1952
100%
-
_
O
1967 J
11
♦Roumanla (Kingdom of) 7a)..1959 F
♦February 1937 coupon paid.
♦Saarbruecken (City) 6s
1953 J
10%
O
A
Sao Paulo (City of,
Brazil)—
♦5s extl secured s f
♦6%s extl secured
s
------
57%
------
11
10%
1936
21%
13%
11%
1950
♦7s extl water loan
1956
♦6s extl dollar loan
1968
♦Secured
1940 A
O
1945 J
D
f 7s
s
♦Saxon State Mtge Inst 7s
1958 J
External
s
98
21
21
11
27
7%
97
7
12%
20
10%
10%
14
57%
42
*9
M
.
8%
7%
7%
7%
6
—
—
— —
54
60%
8
9%
7%
—
7%
22
10
31%
m
-
m
7%
3
27
96
---
-
-
10%
13%
30
6
11
7
10
21%
13%
11%
10%
35%
8
21%
13%
7%
7%
21%
17%
11%
13%
11%
13
5%
1
5
5
5
5
60
♦Uruguay (Republic) extl 8a...1946 F A
59%
40
61
35
53
61
62
1
53
62
62
1
52
62
62
♦External
a
f 6s..
1964 AfN
*61
3%s-4-4%s (5 bonds of *37)
5,3%
1979 IN
F
1978
3 Kb extl readjustment
1984
Venetian Prov Mtge Bank 7s..1952
♦Vienna (City of) 6s
1952
♦Warsaw (City) external 7s
D
A
52%
53%
51%
53%
17
43%
43%
52%
51
'
54%
1
46
50%
43
51
-----
1958 F
*5%
*5%
A
D
-
-
61%
-
-
--
-
-
-
-
8%
---
----
8%
-
-
-
-
61%
-----
5
-
12
56%
-----
7%
61%
RAILROAD
AND
INDUSTRIAL
COMPANIES
51%
1948 M S
1947 J
------
D
101%
10-year deb 4Kb stamped...1946
Adriatic Elec Co extl 7s
1952
1st
cons
cons A
5s
6s with
4s series B
warr
------
5
101%
2
107%
108%
5/%
*109%
---
108
108
*40
60
*61
74%
1946
85%
Alleghany Corp coll trust 6a...1944
conv 5s
1949
------
1950
Allegh & West 1st gu 4s
Allegh Val gen guar g 4s
41%
1998
------
..1942 M S
Allied Stores Corp deb 4%s..._1950 A O
4Kb debentures
1951 F
2030 M S
87
80%
41%
41
85
50
41
*62
59
94%
61%
26
-
9
96%
110%
104
61
76%
66%
8
101
Amer IG Chem conv 5%s
1949 AfN
Am Internat Corp conv 5%s...1949 J
J
Amer Telep & Teleg—
107% 108
54%
60
53
106
1955
Am &
Foreign Pow deb 5s
111
*16%
60%
31
47
70%
45%
62%
105% 106%
100
101%
94%
97
109% 111
17%
60%
17%
108*32 109%
108
108
Amer Wat Wks & Elec 6s ser A. 1975 MN
108%
106%
106
108%
Anaconda Cop Min s f deb 4 %s 1950 A
♦Anglo-Chilean Nitrate—
106%
108%
107%
107
O
J
D
J
J
1967
O
Jan
1955 Q
—1995 A
109
9
107%
18
107% 109
105% 107
107
109
106% 107%
35%
101%
101
O
104%
Nov
36
35
34
40
46
2
45
50
98
3
98
64
100
100%
100%
103%
101%
101%
87
D
1958
103%
99%
109%
107
1965
1946 J
D
*114
Atl & Charl A L 1st 4%s A
1st 30-year 5s aeries B
1944 J
J
92
1944 J
J
94
Atl Coast Line 1st cons 4s July 1952 M S
General unified 4Kb A
1964 J D
93%
75
-
75
97%
-
19
107
Cal-Ariz 1st & ref 4%s A
Atl Knox & Nor 1st g 5s...
1962 Af S
-
87%
*92%
*92%
*95%
103%
*99%
108%
1948
176
87
86*%
1955
23
104%
*85
1995 MN
...1955 J
1
109%
98
I960
—
-
-■
•
----
96
--
99% 101%
103% 107
85%
87%
85%
88%
40
—
-
-
-
11
2
92
92
91%
93%
95
93%
-
98%
101%
95%
101% 103%
100
100%
108% 110%
107
114
--
92
15
94%
61
108%
114
133%
12
57%
72.
45
45
132K
*105%
16
*14K
15K
57%
58
95% 101
50
72%
""3
116%
133%
14
11
"le"" ""_4
22
72%
72%
115% 117%
131% 133%
"15% "l6~~
"14
*14%
14%
15%
15
15%
15%
15%
15%
105*32
106*32
106*16
128
1966
105%
108K
101%
100*32 108%
105*82
105*16
170
104% 105%
104% 109%
100% 101%
1962
1959
1944 J
D
Boston A Maine 1st 5b A
C...1967 M S
1st M 5s series II
1955 AfN
1st g 4Kb series JJ
1961 A O
107K
cons
mtge 3%a..:1960 M N
Bklyn Manhat Transit 4%s
1966 AfN
Certificates of deposit
1st 5a stamped
Certificates of deposit
Bklyn Union El st g 5s
1950 F
Certificates of deposit
Bklyn Un Gas 1st cons g 6s.
69
46 K
*109K
45%
110%
46%
135
41%
48
45%
46%
31
46
45%
9K
89K
46%
9%
72
41%
40%
47
92
11
76%
42
62
109%
101%
19
169
75
109K
101%
109K
101
88
86 K
83 K
46 K
45K
Y'j
84 %
88
86%
46%
109% 109%
1
117
152
99%
88%
112%
113%
D
♦Certificates of deposit
t {♦Burl C R A Nor 1st A coll 5s 1934 AO
♦Certificates of deposit
97 %
90
39%
86%
46%
4
46
85
37 K
July
Guaranteed gold 5a
Oct
Guaranteed gold 5s
Guar gold 4Kb
June 15
Guaranteed gold 4Kb
29
24
103
80 K
96
1969 J
96
38%
38
"25
36
92
113%
108% 108%
36
41
35%
40
6%
6%
5%
5
69%
42
68%
41
57%
6
103%
48
81
99%
100%
97%
100%
101%
101
100 %
8
109
40 K
57
103%
1957 J
111% 114
93%
97%
105
106%
100% 112%
5K
1962
Canadian Nat gold 4Kb
Guaranteed gold 5s
112
8
*5
57
1966
87
6
97%
37%
42
...1960
5s A
23
109%
"37%
44%
50%
88% 100
112%
113%
106%
*69
1955
"36
97
38
76%
110
83% 101%
82
106
*
9%
92
38
109%
106
...1952
Consolidated 5s
89
66%
48
38
85
ioo""
9
45
*53
A
Buffalo Gen Elec 4%s series B.1981 F A
Buff Nlag Elec 3His series
C...1967 J D
^♦Buff Roch A Pitta consol 4%sl957 MN
Bush Term Bldgs 6s
gu
Calif-Oregon Power 4s
94
101%
46 K
1945 MN
1941
108%
100 %
^♦Boston A N Y Air Line 1st 4s 1955 F A
Brooklyn City RR 1st 5s
J
1941
Certificates of deposit
10
37
101
55
7
6%
69%
40%
44
51%
60
102% 104%
80%
85
96
103%
99% 106%
100% 107%
22
53%
62
15
L & N coll gold 4s
70%
76
69
67%
69
30
64%
70
39%
38%
39%
12
38
41
32
34%
Oct 1952 MN
1953 M S
J
1948 J
J
J
98%
99%
16
A
96 %
98% 105%
96%
97%
27
95 K
110%
95 K
109%
96% 103%
95% 103
109% 113%
60% 66%
,
*33
—
—
—
-
105%
68%
1946 M
6s equip trust ctfs
Coll trust gold 5s
1
Collateral trust 4 %s
t*Car Cent 1st
S
1944 J
Dec
1954 J
D
1960 J
guar 4s
34
69
105% .105%
—
-
-
-
7
19
74
100%
ser
A 1952 J
22
66%
65
86
86%
103%
22
82%
43
77
14
•75%
*42
1959 A
O
1949 F
A
Through Short L 1st gu 4s._. 1954 A
68%
71%
105% 107%
2%
2%
2%
2%
6%
68%
9%
6%
i*
6
5
6%
74
107
6%
98
1996 F
2d consol gold 4s
Warm Spring V 1st g 5s
107%
20%
18
106% 110
68%
66
64
61
63
48
40%
48
54
65
58
62%
78%
110%
79%
20
73%
110*3» 112ln
75
82
106
J
106
1
104% 106%
104
6
103
122
123
17
122
98%
99
17
98%
104%
J
99
100
105
55
*100
....
109
J
J
15
48
16%
15
17%
67%
77
111
44
"44%
107%
95%
103%
122%
98%
D
1940
Potts Creek Branch 1st 4s.. 1947
R A A Div 1st con g 4s
1989
74
106% 109
110
17
*110
"79%
A
1963
95
75
107%
44
*60
8
1996 MN
18
30%
7%
3%
61
"48%
1950 M 8
1992 M S
97%
8
*110%
O
1939
8%
30%
6%
2%
*95
74
107%
'107%
Guaranteed g 5s
1960 F A
Central RR A Bkg of Ga 5s._. 1942 MN
Central Steel 1st g s 8s.
1941 MN
Certain-teed Prod 5Ks A
1948 M S
1950 M
18
29
15
Cent Pac 1st ref gu gold 4s
94%
"85% "90%
*4%
*4%
17
1962
Champion Paper A Fibre—
Sf deb 4Kb (1935 issue)
S f deb 4Kb (1938 issue)
Ches A Ohio gen g 4 Ks
Ref A imp mtge 3Ks ser D..
Re A lmpt M 3 Ks ser E
Ref A lmpt M 3 %a ser F
Craig Valley 1st 5a
May
97%
87
*5
1987
,
77%
109%
2%
"44%
Central N Y Power 3%s
70
*7
1987
of N J gen g 5s
♦General 4s
18
6%
1961
4s
87
80%
101% 108%
79%
84%
48%
*27%
♦Chatt Div pur money g 4s__ 1951
D
♦Mac A Nor Div 1st g 6s
1946
J
♦Mid Ga A At Div pur m 6s. 1947
J
♦Mobile Div 1st g 5s
J
1946
Central Foundry mtge 6s
1941 M 8
gu
97
"85%
2%
107
108
109
*
O
1959
97%
26
101
48
109
18
72
110%
81%
77
♦Cent Branch U P 1st g 4s
1948 J D
^♦Central of Ga 1st g 6s._Nov 1945 F A
♦Consol gold 6s
1945 MN
4
102%
86 K
102%
82 %
D
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Adir 1st gu gold rs
1981 F A
Oelotex Corp deb 4 Kb w w
1947 J D
♦Ref A gen 5Ks series B
♦Ref A gen 6s series C
96%
64
65
66 K
1949 J
Caro Clinch A Ohio 1st 6s
116
109*
116
117
*106%
100
125%
99%
99%
103% 107%
101% 101%
109
109
114
117%
106
13
110
14%
93%
99%
104
98%
98%
106
1941 M 8
♦Chicago A Alton RR ref
g
Chic Burl A Q—111 Div 3
Illinois Division 4a
Kb—.1949 J
J
1949 J
J
1st A ref 4Kb series B
1st A ref 5s series A
9
55
1959 J
D
77
75
71
Atlantic Refining deb 3s
1956 J
1956 F
General 4s
54%
1948 J
O
A
96%
70%
Atl & Dan 1st g 4s
Second mortgage 4s
Atl Gulf & W I S3 coll tr 5s
1969 A
1970 F
93%
54%
70
53
D..1960
F
95
70%
1567.
50
116
1959
Cons mtge 3%s series E
3%s conv debs
Cons mtge
92
10-year coll tr 5s....May 1 1945 AfN
For footnotes see page
116
♦Debenture 6s
1955
♦BerliD Elec El A
Undergr 6 %s 1956
Beth Steel cons M
j»Central
46
J
Ark & Mem Bridge & Term 58.1964 M S
Armour & Co (Del) 4s series B.1955 F A
1st m s f 48 ser C (Del)
1957 J
J
Atchison Top & Santa Fe—
Trans-Con Short L 1st 4s
1948
t*Cent New Engl 1st
68
Rocky Mtn Div 1st 48
17
57%
1960
Belvldere Delaware cons 3 %s._ 1943
♦Berlin City Elec Co deb 6
%s.. 1951
cons gu
58%
72 K
1st A ref 58 series C
Canada Sou
12
50
*35
104%
48
Conv gold 4s of 1910
Conv deb 4%s
1951
ser
49
49%
55%
96%
56
68 K
Battle Creek A Stur 1st
gu 3S..1989
Beech Creek ext 1st
g 3%s
1951
5s Beries B
18%
95%
"95 %
...1951
13%
45
*51
104%
108»32
Conv 4s of 1905
49%
49%
26%
30%
26%
26%
48
48
103
108%
Stamped 4s..
Conv gold 4s of 1909
43%
41%
Y'j
102
108%
...1995
59
72
108*32
Adjustment gold 4s
54
104%
108*32
General 4s
2
104%
108%
108%
4s
55%
Gen mortgage 5s
1941 M S
Cent Hud G A E 1st A ref 3 %s. 1965 M 8
Cent Illinois Light 3Ks
1966 A O
64%
A
g
55
61%
61
M N
JAnn Arbor 1st
54
20
104%
S f income deb
18
23
61%
103%
103%
20-year sinking fund 5%a
1943
3%s debentures
1961
3%s debentures
1966
Am Type Founders conv deb..1950
13%
56
109
13
105%
111
80%
39
*100%
Allis-Chalmbers Mfg conv 4s.. 1952 M S
70
70%
105%
96%
103%
107% 108%
85%
79%
78%
69%
------
A
♦Alplne-Montan Steel 7s
3
55%
104%
101
109
--
1948
♦5s stamped..
5
1
1943
51
104
70
1948
assented
Alb A Susq 1st guar 3 %s
Coll &
52%
104%
101
*104
70
1943
Albany Perfor Wrap Pap 6s
59
1941 MN
Coll trust 4 Kb
J j*Abltlbl Pow & Paper 1st 58.1953 J D
Ala Gt Sou 1st
58
14%
25%
Guaranteed gold 4%a__Sept 1961 M S
Canadian Northern deb 6 Kb
1946 J
Canadian Pac Ry 4% deb stk perpet J
A
1961 J
Adams Express coll tr g 4s
Coll trust 4s of 1907
25%
15
54%
3
-----
49%
*8%
MN
44%
52
54%
O
168
52%
*50
*38
1958 F
♦4Kb assented
Yokohoma (City) extl 6s
52%
------
J
A
Con ref 4s
4s stamped
Bush Terminal 1st 4s
1979 AfN
..1978 J
42
13%
13%
55K
14K
1957 MN
55%
37
1964 AfN
external conversion
26%
"I4K
1950 /
5
f 6s
3K-4K-46i»s extl conv
4-4%-4%s extl readj
28
25%
lo47 MN
7
a
readjustment
3%-4-4%s ($ bonds of *37)
72
38
1st lien A ref 0s series A
59%
♦External
external
73
26%
Debenture gold 6a
62
O
25K
26%
30%
15%
40
70
28 %
87
39%
59%
70%
66
25%
25K
15%
58%
39%
67
8
69
67%
26%
1st lien A ref 5s series B
----
84%
24
67 K
29%
85
-----
77
26K
Bklyn Qu Co A Sub con grd 6s 1941 AfN
Certificates of deposit
10
87
100% 101%
64% 70%
67%
D
18
12
High
57
D
Certificates of deposit
S'western Div 1st mtge 5s___1950
Certificates of deposit
Toledo Cln Div ref 4s A
1959
Bangor A Aroostook 1st 5s
1943
ser
34
102
66%
69
Bklyn Edison
13
5%
*100*18
1996 Af S
1960 F A
P L E & W Va
Sya ref 4s
3%s
43%
95
67%
11%
11
35%
13%
*74
J
1961 A
6
10%
21%
11%
Ref A gen 5s series F
♦Convertible 4%s
♦Certificates of deposit
4Kb
Low
82
57
1995 J
Big Sandy 1st 4s
11
10%
10%
12%
12%
5%
*4%
*15%
A
1971 J
12%
11%
10%
10%
No.
52
*87
Jan. 1
1995 J
♦Deb sinking fund
6%s
20
11
11%
10%
10%
10%
11
10%
57
Since
11
2000 M S
Ref & gen 5s series D
Telep of Pa
Range
Asked
High
dk
67 %
Ref & gen 6s series A
Ref A gen 6s series C
Bell
or
Friday's
Certificates of deposit
Stamped modified—
...
13
1952 M
f 5%s guar
90
10%
9%
12%
*16
D
1955 F
Taiwan Elec Pow a f 5 %s
Tokyo City 5s loan of 1912
----
13
103
99
29
m
*16
♦4%s assented
1958 J D
♦Sileslan Landowners Assn 6s..1947 F A
♦Sydney (City) 8 f 5%s
44
..
10%
35%
♦Sinking fund g 6%s
1946 J D
Serbs Croats & Slovenes
(Kingdom)
♦8s secured extl
1962 AfN
♦7s series B sec extl.^
1962 AfN
♦Silesia (Provof) extl 7s
12
11%
—-
— •
92
*12
1957 AfN
San Paulo (State of)—
i*8s extl loan of 1921.
♦8s external
12%
*7%
J
1952 AfN
f
13%
54
11
11%
10%
11%
1
101%
10
7%
----
*19
12%
3%
15
10%
90%
--
5%
1
11
13
10%
D
1952 A
-
10
5%
7%
7%
6%
7
----
*12%
100%
16%
7%
13
91
♦Extl sec 6%s
..1953 F A
Rio Grande do Sul (State
of)—
♦8s extl loan of 1921
1946 A O
♦6s extl a f g
1968 J D
♦7s extl loan of 1926
1966 MJV
♦78 municipal loan
Rome (City) extl 6%s
8%
13
1950 M S
1946 A
15
*11
O
6%
8%
Range
Bid
Low
alburn
Auto conv deb 4Kb 1939
.oJn & N W 1st gu
g 5s
1941
Baldwin Loco Works 5s
stmpd.1940
JBalt & Ohio 1st mtge g 4s July 1948
1st mtge g 5s
July 1948
10%
6%
Last
Railroad & Indus. Co*.
(Conl.)
9%
10%
10%
9%
8%
----
10%
A
♦Rio de Janeiro (City
of) 8a
1
72
9%
5%
O
A
74%
6%
9%
9%
9
11
J
78
68
25
*7
D
f 7a...1941 A
7s A
74%
7
9%
*7%
J
..1947 F
a
5
78
*8%
O
1966
25-year external 6s
♦Rhine-Main-Danube
66%
67%
73
103% 105%
*14
♦Prague (Greater City) 7%s._.1952 AfN
♦Prussia (Free State) extl
6%s,1951 M S
♦External
----
10%
*7
O
♦External sink fund g8s___..1950
4%s assented
1963
♦Porto Alegre (City of) 8s
1961
Queensland (State) extl
32
70
105
9%
1947
♦Extl loan 7%s
12
61
51%
9%
9%
S
1940
♦Stabilization loans f7a
4%s assented
12
55%
75
O
.1960 J
High
12
69%
9%
D
..1959 M
aer.
Price
Low
----
Week's
Sale
Week Ended March 8
24
17%
8%
10%
f 6s 2d aer..1961
N. Y. STOCK EXCHANGE
56%
68%
-
9%
BONDS
Since
61
75
1963 IN
1947 M S
1563
Friday
Range
NO.
High
59%
55%
68%
*103%
1958 MN
2
Jan. 1
sS
Ask
A
*11%
1953 MS
Oslo (City) a 1 4%s
♦Panama (Rep) extl 5 Ha
♦Extl a f 58 aer A
s
Bid
Low
F
A
or
Friday's
Price
Foreign Govt. & Mun. (ConcT)
♦Nuremburg (City) extl 6a
1952
♦Nat Loan extl
Range
Sale
Week Ended March 8
Record-Continued-Page
Week's
Last
3s..1949 A
O
...1958 M 8
1977 F
A
15%
94%
23
14
16
30
92%
97
76
"86%
88%
90%
119
79
89%
A
1971 F
100
80%
86%
18
97% 102
87%
92
77%
82
38
83%
84
90
3
STOCK
Week Ended March 8
Railroad & Indus. Cos.
{{♦Chicago & East III 1st
{♦Chic & E 111 Ry gen 5b
Low
(Cont.)
6s...1934
1951
♦Certificates of deposit..
1982
4a—1959
{♦Chic Ind & Loulsv ret 6s
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦IstAgei 5s series A....—-1966
♦1st A geD 6s series B.-May 1966
Chicago ind A Sou 60-year 48.1956
Chic L S A East 1st 4 34b
1969
{Chic Milwaukee & St
A
118
—
— — —
—
Ask
2
Jan. 1
No.
High
5
118
1634
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17
62
16
3
Low
118
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1934
1st mortgage 434s.
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13
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16
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42
634
83*
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834
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834
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31
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Detroit Edison Co 4 34s ser D__ 1961 F A
J
57
57
1
57
60
J D
112
112
10
112
114
J
2534
233*
2534
73
2334
J
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26
21
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263*
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18
24
263*
263*
10
23 34
J
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134
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417
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1634
17
72
1334
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Electric Auto Lite conv 4s
1952
1334
16
Elgin Jollet A East 1st g 5s
1941
El Paso AS Wist 5s
1965 A
1965
1940
1940
"1834
19
153*
10
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11
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2 34
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83
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1952
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—
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14
—
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—
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4
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67
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5
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234
76
75
67
----
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stamped
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112
106 34
12
10834
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106
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27
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90
90
95
99
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55
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1993
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1977
Dlv 1st 4s 1991
St L Dlv 1st coll trg 4s
1990
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1940
W W Val Dlv 1st g 4s
1940
Cleve Elec Ilium 1st M 334 s—1965
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J
J
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6434
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....
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*106
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10634
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— — — —
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s
1942 Af S
1954
30-year deb 6s series B
J
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10934 10934
78
7134
29
8234
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------
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723*
2834
30
1974 Af S
6
6
73,,
303*
104
48—1948 A O
Columbus A Tol 1st ext 4s....1955 F A
Columbus Ry Pow A Lt 4s—..1965 UN
Commonwealth Edison Co—
1st mtge 334s series I—
1968
Conv deba 334s
...——1958
Conn A Pasump River 1st 4s. .1943
Conn Ry A L 1st A ref 434b..—1951
Stamped guar 434s.....—1951
Conn Riv Pow s f 3348 A
..1961
Consol Edison (N Y) deb 3348.1946
3 34s debentures
.1948
3 34s debentures
1956
3 348 debentures
1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s—1956
Consol Oil conv deb 334s
1961
{♦Consol Ry pon-conv deb 4s.. 1954
Columbus A H V 1st ext g
45
1952
23*
7s
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♦20-year s f deb 6a
Gen Steel Cast 5 34s with warr.
103
------
32
-
1942
-----
-
---
-----
-
-
-----
183*
----
8
1093* 111
125
130
10734
14
10434 1053*
15
16
15
1534
"153* "ie"
5534
60
Consumers Power Co—
May 1 1965 AfN
1967 UN
1st mtge 334s
1970 UN
1st mtge 334s
1966 UN
Container Corp 1st 6s...
1946 J D
15-year deb 5s
1943 / D
Continental Oil conv 234#
1948 J D
Crane Co a f deb 334s
1951 F A
Crown Cork A Seal a f 4s.——-1960 UN
8 f 434a debentures
1948 3
Crucible Steel 4343 deba
1948 F
Cuba Nor Ry 1st 5348
1942 J
Cuba RR 1st 5s g
1952 3
7 34s series A extended to 1946— 3
3
6s series B extended to 1946
Del & Hudson 1st A ref 4s
1943 M N
10734
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10834
1093*
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10334
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108
104
104
108
------
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10234
1043*
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109
—
--
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10734 109 34
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107
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104
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10434
5
-
-
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--
10434
----
41
3
108
11034
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293*
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13
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303*
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36
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4
32
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27
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5534
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92
General mtge 4s series G
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GreeDbrler Ry 1st gu 4s
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Gulf A Ship Island RR—
97
10034
893*
1946
1967
Green Bay A West deb ctfs A..
♦Debentures ctfs B
Feb
Co 1st mtge
{{♦Housatonlc Ry cons
Houston Oil 43*8 debs
s
1949
1999
1944
g 5s...1937
1954
f 5s ser A
Hudson Co Gas 1st g 5s
72
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6
1940 UN
1950 A O
1950 A O
♦Harpen Mining 6s
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Gulf States Steel s f 434s
1961 A
Gulf States Util 334a ser D
1969 AfN
Hudson Coal 1st
*1534
10734
80
85
58
10734 1093*
-
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,
80
72
78
2
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10834
-
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793*
...1952
213*
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1944
1950
1st A gen 8 f 634s
865*
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10434
1947
Grays Point Term lstgu 6s
Gt Cons El Pow (Japan) 7s
104
7134
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70
3
893*
84
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--
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81
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...—1955
1956
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-
-
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/
.1949
102
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Gulf Mob A Nor 1st 5 34a B
178
53
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234
234
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103
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1949
{{♦Ga Caro A Nor 1st ext 6s...1934
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33*
23*
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28
----
-
*23*
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8134
11334 113 J4
89
8
81
103 34 10434
12834
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1976
1977
1946
3
110
8 54
6
49
General 434s series D
53
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6 34
15
3434
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21
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1973
104
-
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103
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55
-
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10334
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97
105
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104
— — — —
106
UN
{{♦Proof of claim filed by owner
(Amended) 1st cons 2-4s
1982
Goodrich (B
93
1063* 108
103
68
10334
.
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63*
General 4348 series E
Columbia G A E deb 5s—May 1952 AfN
Debenture 5s
Apr 15 1952 A O
Debenture 5s
Jan 15 1961 J 3
O
Great Northern 43*s series A..1961
....
106
18
54
58
925*
103""
10434
D
♦Certificates of deposit
Fonda Johns A Glov 434s
1
10334
104
Grand R AI ext 1st gu g 4 34b.. 1941
8334
9034
-----
18
14
49 34
53 34
1043*
103
S
67
763*
703*
10534
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S
{♦Fla Cent A Pennln 5s
1943 J 3
{Florida East Coast 1st 434s—1959 J D
♦1st A ref 6s series A
15
103
.1942 Af
1942 Af
f 5s stamped
1st lien 6s stamped
2
96
10734
103
10734
1946
1940
1948 AfN
8634
------
96
A
1947
18
O
1534
92
1073*
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Gen Amer Investors deb 6s A—1952
21
A
55
1
Gen Cable 1st s f 5 34s A
77
D
A
8
♦Gen Elec (Germany)
873*
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164
793*
7634
1
139
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5434
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....
78
153*
53
77
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78
21
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15
14
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O
19
S
5s 1942
Gouv A Oswegatchle 1st 5s
-----
15
15
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*1023*
—
2434
1934
53
1956 J D
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-
26
1834
J
6634
A
A
213*
60
56 34
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76
....
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o
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AfN
64
10034 10034
100
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57
97
20
1941 7 "3
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J
----
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53
2334
1834
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62
48
5034
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19
75
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59
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1938
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1
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67
8
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13
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5534
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15
12
10734
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1955 J
6234
106
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1967 J D
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1967
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62
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series D
3
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—
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1962 M S
1567
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35
106
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52
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1944
1963
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1996
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6234
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163*
163*
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3
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1948
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1977
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1972
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1973
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1945
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1943
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1987
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1995 J D
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1965
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8
15
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1987 UN
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11834
1940
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EXCHANGE
193*
1 1989
J 987
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16
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EXCHANGE
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9,
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Friday
wetx. a
rnaay
N.
March
New York Bond Record—Continued—Page 3
1564
J
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1951 J 3
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Western Lines 1st g 4s
1951
873*
9734
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1951
1951
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1951
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1952
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1955
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1952
Collateral trust gold 4s
1953
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1955
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Aug 1 1966
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1950
Litchfield Dlv 1st gold 3s
1951
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1953
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1951
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1951
83
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70
New York Bond Record-Continued—Page 4
Volume ISO
Friday
BONDS
N.
Y.
STOCK
EXCHANGE
||
Week Ended Mar. 8
Railroad
&
Indus.
Cos.
(Cont.)
Bid
Low
Range
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Is
BONDS
N.
Since
Ask
A
High No.
Low
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1963
1940
1948
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8
62
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39
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18
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1932 To
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—
82
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77 H
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74 H
34 H
72 K
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103
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99
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32
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1947
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1952
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1954
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1964
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1964
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1974
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...1943
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1954
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1
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1951
1952
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D
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1946
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1952
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1953
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1950
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...1949
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1949
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83
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91
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86
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A
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1945
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1955 Af N,
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1962
1978
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1975 Af" S
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1978 MN
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19H
8H
19
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{♦Mo Pac 3d 7s ext at 4% .July 1938 MN
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1977 M
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—.1938 M S
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1960 A
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1965 A
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1941 J J
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1955 A O
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1955 A O
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2000 J D
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196
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Nat Distillers Prod 3Hs
1949 Af S
National Rys of Mexico—
J
♦4Hs Jan 1914 coupon od.._1957 J
J
♦4Hs July 1914 coupon on..1957 J
J
♦4Hs July 1914 coupon off..1967 J
J
♦Assent warr & rets No 4 on '57 J
19
68
90
109H- 110H
110H HI
99H
99H
83 H
83 H
111
A
J
34
19
134
53
A.*—1978
1951
Certificates of deposit
43 H
42 H
107K
105 H
*1
*1
*H
*H
♦4s April 1914 coupon on—.1977 A O
♦4s April 1914 coupon off
1977 A O
♦Assent warr & rets No 5 on '77 A O
H
H
H
*H
*H
*H
4 Ha—
4 on '26
1951
April 1914 coupon off
1951
J
{♦Assent warr & rets No
♦4s April 1914 coupon on
A
1H
A
♦4s
No 4 on *51 A
mtg3Hs
K
19
18H
1H
17
18H
♦Assent warr A rets
19
17H
"18H
National Steel 1st mtge 3s
4
18
14
17
1H
18H
a
1981
Nat RR of Mex prior lien
2K
13H
13H
13H
17
1949
H——1980
Nat Acme 4Hs extended
13
129
433
3H
16H
1H
18H
♦Certificates of deposit—
stpd
19
K
K
*H
O
♦
O
*
H
102
102H
102 H
1966
A
O
1954
J
D
102H
102 H
6,
102H
H
H
26
102
18
102H 103
103 H
lOVA 104 K
68
71H
128H
84H
A
Louisville Gas & Elec 3Hs
8
110
89
35
111H
79H
J
Natl Supply 1st
*69 H
109H
89-H
O
5
164"
Af S
F
99
109 H
54
118
107
lv t
i04H
Af S
A
109 H
109H
"90 H
1944
10
27
♦
Af S
1951
Co deb 7s
5s
126
129 %
99
99
O
Louisiana & Ark 1st 5s ser A—1969 J
117
129
109 H
D
F
116H
125H
125H
129 H
MN
Little Miami gen 4s series
Lorlllard (P)
10
18
A
104H
Af S
Nassau Elec gu g 4s
16M
1941
1965
4
82
72
103H
J
Nash Chatt A St L 4s ser
18
59—1941
72
76
66
52 H
52 H
48
111H
104H
1977 M 8
5Hs—
53 H
15H
58 assented..
"82
1949
1st A ref 5 Hs series B
1978
{♦Mo-Ill RR 1st 5s series A... 1959
Mo Kan & Tex 1st gold 4s
1990
♦25-year
50
Af N
$Leh Val Term Ry 1st gu g
64 H
66
69 H
64
6
29H
2003
2003
Lex & East 1st 50-yr 5s gu
"79H
♦65
79
6H
50
Af N
♦5s assented
"§4"
♦31
*66
J
49 H
......2003
♦4Hs assented.
♦General cons 5s
81H
♦95
J
Nat Dairy Prod
tLeh Val N Y 1st gu 4Hs
1940
4Hs assented
1940
{♦Lehigh Val (Pa) cons g 4s...2003 Af N
♦4s stamped
....
2003 Af N
♦General cons 4 Hs
2003 Af N
44 H
J
♦Conv gold 6 Ha
42
1944
♦5s stamped
42 H
J
♦1st & ref g 5s series
"42"
Lehigh & New Eng RR 4s A...1965 A O
Lehigh & NYlstgug4s
1945 M S
Lehigh Valley Coal Co—
13
J
106H
105 H 106 H
Lautaro Nitrate Co Ltd—
Lehigh C & Nay s f 4Hs A
1954 J
Cons sink fund 4 Ha ser C—1954 J
43
5H
5H
5H
106
3H
3H
90
51
43
J
104
9
D
42 H
J
104
10
25
70
J
16
O
Prior lien 5s ser A
,
2d gold 5s—
48
$ §*M St P A SS M con g 4s int gu'38
{♦1st cons 5s
1938
{♦1st cons 5s gu as to Int
1938
♦1st & ref 6s series A
-.1946
108
104 H
3% to.,1947 J
47
{♦Minn & St Louis 5s ctfs
1934 MN
♦1st & ref gold 4s
1949 M S
♦Ref & ext 50-yr 5s ser A—.1962 Q F
107
105 H
48 H
47
J
♦4s (Sept 1914 coupon)
1977
♦Miag Mill Mach 1st s f 7s
1956
Michigan Cent Deft & Bay CityJack Lans A Sag 3Hs1951
1st gold 3H8
1952
Ref A lmpt 4Hs series C
1979
Michigan Consol Gas 4s
1963
{♦Mid of N J 1st ext 5s
1940
{{♦Mil & No 1st ext 4Hs
1939
♦§Conext4Hs
1939
{♦Mil Spar A N W 1st gu 4s—1947
{♦Milw A State Line 1st 3Hs—1941
♦1st & ref 5s series I
O
{♦Laclede Gas Light ref & ext 5s '39
Ref & ext mtge 5s
1942 A O
Coll & ref 5 Hs series C
1953 F A
Coll & ref 6Hs series D
1960 F A
Coll tr 6s series A..
1942 F A
Coll tr 6s series B
1942 FA
f 6s
♦Mex Internat 1st 4s asstd
105H 106H
105 H
3H
78H
77 H
Af~S
1945 Af N
Metrop Ed 1st 4 Hs series D...1968 Af S
Metrop Wat Sew A D 5Hs
1950 A O
{{♦Met West Side El (Chic) 4s. 1938 F A
----
105H
104 H
112
1947 A
{♦Man G B & N W 1st 3 Hs—1941
----
105 H
104
105 H
A
-----
-
38
87 H
j
3Hs collateral trust notes... 1947 F
Lake Erie & Western RR—
---
100
87 H
1954 J
Kresge Foundation coll tr
Lake 8h & Mich
83
170
99 H
87 H
Koppers Co 4s series A
5s 1937 extended at
—
100
50
80 H
80 H
*160
O
Kings Comity Elev 1st g 4s
Certificates of deposit
---•
87
*80
J
Kings County El L & P 6s
92 H
-----
—
-
102
*106 H
1961 J
13H
107
----
24
102
1987 J
13 H
101H
25
1946 Af S
Corp 1st 6s
Kentucky Central gold 4s
80 H
78H
_
39
107 H
103 H
D
IK
35
34
65
99H
93 H
38H
8
94
88 H
*65
34
(Rudolph) Ino—
$645).. 1943
♦Ctfs w w stmp (par $925).. 1943 MN
♦Ctfs with warr (par $925)-. 1943
2
14H
14H
74H
42
3
67 K
16H
96 K
96H
9
J
4s—1959
Laughlln Steel 4Hs A..1961 M S
48—1990 A O
90H
67
76 H
101H 103 H
30
53 H
O
1950 J
39
1H
D
1950 A
39
40 H
43 H
41
71H
102 H
99
97
99
Af S
A
9
93
102
Kanawha & Mich 1st gu g
Sou 1st gold 3s
Ref & lmpt 5s
...Apr
Kansas City Term 1st 4s
Kansas Gas A Electric 4Hs...
83 H
78H
80
Manila RR (Soutb Lines) 4s.—1959 Af N
s
107 H
77 H
102 H 102 H
69 H
J
Kan City
22
UH
H
9H
5s B—1972 Af N
1947 F A
J
Int Telep & Teleg deb g 4H3--1952 J
Debenture 6s
1955 F A
{{»K C Ft 8 A M Ry ref g 4s—1936
♦Certificates of deposit
75
12H
1H
9H
Int Rys Cent Amer 1st
1st lien & ref 6Hs
Jones &
70H
10
—1955 M S
James Frankl & Clear 1st
70H
13H
IK
11H
12
1H
1956
Internat Hydro El deb 6s—-.1944
Int Merc Marine s f 6s
1941
Internat Paper 5s ser A & B...1947
$♦10wa Central Ry 1st & ref 4s. 1951
1
36
75H
27
86
♦1st g 5s series C
Ref s f 6s series A
30 H
103
85
1956
♦1st 5s series B
3
72
*96
30
{05H
54
106
15
43
Certificates of deposit
Mead Corp 1st 6s with warr
Inland Steel 3Hs series D
High
14
1007«
-----
Low
54
1007M
Gen mtge 4Hs series A
1960 J D
Manatl Sugar 4s s f
Feb 11957 MN
-i.--
11
43
47
-----
No.
53 H
41H
44H
43 H
•
High
106H
79
37
41
Since
Jan. 1
78
Maine Central RR 4s
m
Range
Ask
106
50 H
*98
A
Low
47 H
*20 H
or
Friday's
Bid
D
77
100Tn 100l,U
Range
Sale
f deb 5s. 1951 Af N
s
48 H
47
Last
Price
Railroad & Indus. Cos. (Com.)
H
43 H
48 H
♦lisoder Steel Corp 6s
Ind Bloom & West 1st ext 4s._1940
Ind 111 & Iowa 1st g 4s
STOCK
Week Ended Mar. 8
McCrory Stores Corp
1963
Illinois Steel deb 4 Ha
Y.
Jan. 1
Ill Cent and Chic St L & N O—
Joint 1st ret 5s series A
Week's
Friday
Range or
Friday's
Sale
Price
1565
Week's
Last
73 H
112
79
105H 107
{♦Naugatuck RR 1st g 4s
1954
5s...1948
*67
Af N
J
D
J
Newark Consol Gas cons
J
124H
*36
{♦New England RR guar 5s.—1945
♦Consol guar 4s——
.1945 J J
New England Tel A Tel 6s A.-1952 J D
1st g 4Hs series B—
1961 Af N
N J Junction RR guar 1st 4s—1986 F A
N J Pow A Light 1st 4HS
I960 A O
New Orl Great Nor 5s A
—1983 J J
NO&NElstref&imp4HsA 1952 J J
New Orl pub Serv 1st 6s ser A.1952 A 0
1st A ref 58 series B
..—1955 J D
J
New Orleans Term 1st gu 4s...1953 J
A
O
{{♦N O Tex A Mex n-c lnc 5s.. 1935
♦Certificates of deposit
♦1st 5s series B
—1954 A O
♦Certificates of deposit...
♦1st 5s series C
-1956 F A
♦Certificates of deposit....—
♦1st 4Hs series D
1956 A~F
♦Certificates of deposit
♦1st 6Hs scales A—
—.1954 OA
♦Certificates of deposit
36
125H
128
k
71
71
70
124H
37H
36 H
123 K 124
126
128
125H 128H
124H 128
H
35H
36 H
34
37
71
105H
109""
77
69H
78H
54 H
54 H
53 K
55H
103H
104H
105H
105H
104H
105H
104 H
108H
70
70
68 H
33
30
33
36 H
32H
36 H
102 H 105 H
103 K 106 K
66 H
71K
33
27 H
30
25
30
38
29
*34 H
34 H
36 H
30
32 H
33
32
34H
33H
34H
28
32
29
32
29
37H
36 H
37H
31H
33
*32 H
33
H
II*
33
34H
32H
39 Hi
33 K
New York Bond Record—Continued-Page 5
1566
BONDS
Last
STOCK EXCHANGE
N. Y.
Range
Sale
Week Ended March 8
Since
Railroad & Indus. Cos. (Cont.)
Low
High
Jan.
No
*111
4%s.l945
Low
111
111
10-year 3%s sec s f
Ref A lmpt 4%s series A
Ref A lmpt 5s series C
Conv secured 3%s
57%
59
37
56%
62
77%
21
74%
79
Pennsylvania RR cons g 4s
51%
56%
58 %
68
59%
91
57
62%
58
67%
58%
61
56%
63%
J
75%
74
76
30
74
79%
/
F
F
90%
92
35
86
92
General 4 %s series A
"60%
60
60%
25
56
69%
General 5s series B
56%
60
53
149
57
58
63%
64%
23
53%
55%
131
82
1946 F A
C
4s collateral trust
£5 %
82
82%
extended to.—1947 A
1941 A
3-year 6% notes
gu4%s A—1953 i
1953 F
5s series Bt
N Y Dock 1st gold 4s
1st guar
F
1951"
1947 A
1965 A
1966 A
Conv 5% notes
D
E
1st lien A ref 3Ms ser
O
O
A
A
A
'
*82%
81
O
81%
105
105%
107
105%
107
*50%
108%
109%
13
106
52%
52
O
O
84%
67
61%
53% 59%
77%
82%
81%
85%
86
78%
104% 105%
108%
50%
52%
52%
47
108
108%
23
108%
109%
17
62
108
109%
108% 110
N Y & Erie—See Erie RR
D
5s. —1948 J
125%
125%
117
117%
♦N Y & Greenwood Lake
*12
14%
N Y
*97%
55%
N Y Gas El Lt II & Pow g
Purchase money
F
1949
gold 4s
A
117
108%
43
107 %
107%
108
25
109
109
3
107
108%
108% 109%
113% 114%
113
114%
87%
90%
9
90%
147
118%
100%
118%
101%
70
106%
106%
16
1965
-1968
106%
88
1970
1981
1984
1952
Gen mtge 4 % s series E
Conv deb 3%s
85
85%
95%
88
96%
75
95%
89%
98%
95%
96
24
95%
98
82
85
123
82
116
116
1
114
117
117
O
O
67%
Apr
Apr 1990
Peoria A Pekln Un 1st 5%s
1974 F
Pere Marquette 1st ser A 5s—1956 J
1st 4s series B
118%
85
Peoria A Eastern 1st cons 4s—1940 A
4s
148
117
100% 102%
106% 108%
95%
1947 M S
Refunding gold 5s
5
109
96%
1943 A
Peoples Gas LAC cons 6s
♦Income
114%
114%
118%
101%
1960
16
114
114
89%
Debenture g 4%s
1
High
108
90%
General 4%s series D
1974 A
1978 M S
M6M»«rle8A
Low
108%
4s sterl stpd dollar-May 1 1948 AfN
1970 A O
Gen mtge 3%s series C
Consol sinking fund 4%s
No
107%
1948 AfN
Consol gold 4s
High
Jan.
A
AfN
1943
Since
Asked
A
Pennsylvania Pow & Lt 3%s..l969
4%s debentures
1974 F
76%
61%
"
A
Range
Is
Friday's
Bid
Low
F
•»
Range or
Sale
Railroad & Indus. Cos. (Cont.)
76%
52%
N Y Chic & St Louis—
N Y Edison 3%s ser
Last
Price
Sft.
59
N|Y Cent A Hud River 3%S--_1997
Debenture 4s
1942
Lake Shore coll gold 3%s.--1998
Mich Cent coll gold 3%8—1998
N Y Connect 1st
Week Ended March 8
1946
2013
2013 A O
1952 AfN
N Y Cent RR 4s series A
1st mtge 3%s
Y. STOCK EXCHANGE
1998
Newport A C Bdge gen gu
Ref 4 %s series
N.
1
High
ES
*1
BONDS
Range
or
Asked
A
1940
9,
Week's
Friday
Friday's
Bid
Price
March
Week's
Friday
66%
8
67%
A
*107
63
64
/
1st g 4%s series C
1980 Af S
Phelps Dodge conv 3 %s deb—1952 / D
*52%
58%
6
63
69%
10
67
58
54%
57
61%
109% 111%
111
110
64
106% 106%
55
110%
110%
114% 117
9
110
/
1956 J
10
27
8
7%
87%
116
110
58%
125% 126%
22
117
118%
1943 MN
Phlla Bait & Wash 1st g 4s
109% 110%
General 5s series B
N Y
5s_.-1946AfN
A Harlem gold 3%s~
2000 Af N
Lack & West 4s ser A
1973 Af N
4 %s
55%
11%
99%
53%
100%
13
99%
70
64
64
*65
97
*60
69
65
67
72%
72%
71
72%
*75%
99%
1941 M S
{{♦N Y&NE (Bost Term) 4s. 1939 A O
{♦N Y N H & II n-c deb 4s
1947 Af S
4fl
3%s__1947
3%s..l954
1955
♦Non-conv debenture 4s
1956
♦Conv debenture 3%s
1956
♦Conv debenture 6s
1948
♦Collateral trust 6s
1940
♦Non-conv debenture
♦Non-conv debenture
♦Non-conv debenture 4s
Af S
A O
/
AfN
J
/
/
A
1957 M
♦Debenture 4s
♦1st A ref 4 %s ser of
1927—1967 J
J
J
O
N
D
72%
*16
115
5
107
109
4
106% 108
1981 / D
108
107%
108
1967 J
D
105%
3%s...1967 M 8
{♦Phlla A Reading C AI ref 5s. 1973 J J
110%
105%
110%
105%
110%
1949 Af S
"*3%
♦Conv deb 6s
{{♦Philippine Ry 1st
17
15%
15%
Pitts Coke A Iron
15%
12
15
7%
30
16
17
31
5%
8
5%
6%
18
18%
54
62%
5%
8
6%
"52
33
18
20
175
6
4
—
107
105%
106
22%
63
Series H
5%
2%
8
4
-
44
7
1
9
52
122
1954 F A
3%s
1959 F
Debenture 4s
52
107% 110
106% 108%
104% 105%
104
9
106
cons
Gen A ref 4 %s series A
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons.-1945
♦Oct 1938 A sub coupons
1945
Ctfs of deposit stamped—
♦Apr '33 to Oct '34 coups. 1945
♦Apr '33 to Apr '38 coups. 1945
North Pacific prior lien 4s
1997
Gen lien ry & Id g 3s Jan
2047
Ref A lmpt 4 %s series A
2047
Ref & lmpt 6s series B
2047
Ref & lmpt 5s series C
2047
Ref & lmpt 5s series D
2047
Northern States Power 3%s—1957
Northwestern Teleg 4%s ext.-1944
1963 F
4%s
Series J cons guar 4 %s
Gen mtge 5s series A
""3
85%
87
87
90%
5
6%
15
28
110
112
109
102
104
"33
15%
237
93
11%
15%
10
1st mtge 4%s series C
1960 A
70
11
122
53
Pitts Y A Ash 1st 4s
1st
ser
1948 J
A
4%s series D_
Port Gen Elec 1st 4 %s
1st 5s 1935 extended to
{♦Porto Rico Am Tob
1950 J
Potomac Elec Pow 1st M 3%s.l966
Pressed Steel Car deb 5s
1951 J
54%
70
Purity Bakeries
45
114
45
50%
40
40
"64" *68%
Q
41
39%
43%
41%
54
39%
42%
46
42
175
53
44%
55%
54%
56
48%
48
48%
48
49%
109
14
46
47%
60%
61%
61%
41
108
109%
11
46%
1st A ref mtge 8s
Ore Short Line 1st
/
.1946 J
J
.1961 J
J
1st mtge A 4%s_-. .1962 J
J
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
Otis Steel
D
Pacific Coast Co 1st g 5s
Pacific Gas & EJ 4s series G
1st & ref mtge 3%s ser H
1946
1964
1961
1st & ref mtge 3 %s ser I
1966
{♦Pac RR of Mo 1st ext g 4s_ —1938
{♦2d ext gold 5s
1938
107%
108%
109
10
'108"
107
108%
57
109%
110
21
106
106%
38
103»i«
103ui«
104
108%
106%
109%
105% 107
103 is a2108%
*105%
117%
111%
117%
*119%
105%
105%
74%
74%
111%
111%
s
f g 38 loan ctfs
Parmelee Trans deb 6s
Pat & Passaic G & E
1
19
109
109%
21
75%
5
74
74
1
109
109%
6
110%
110%
2
A
O
85%
43%
*125%
1944 J
1941 M
Penn Glass Sand 1st M 4%s_.1960 J
Pa Ohio & Det 1st & ref 4 %s A. 1977 A
1981 /
A
S
D
O
J
103%
97
*106%
96%
*98
108% 109%
109% 110%
6
48%
60
9
84%
43%
86%
44%
72
s
1968 A
f deb 5s
1948 J
{♦Radio-Keith-Orph pt pd ctfs
for deb 6s A com stk (65% pd). J
{♦Debenture gold 6s.
1941 J
{♦Deb 68 stamped
1941 J
ReadingCo Jersey Cent coll 48.1951 A
"84"
124
"2
94
67%
104
"29
67
147
110
10
9
78
58%
78
25%
108% 110
17%
84%
*3%
5%
3%
5
*63%
111%
111%
109"
112
148
148
45
79
J
148
*222%
224
108%
104%
109
16
108% 109%
104%
22
102% 104%
108%
104%
222% 224
D
D
*50%
D
66
*50
1997 /
J
1997 /
57%
100%
2
55%
70%
38
69%
70%
70%
"59%
69%
J
Remington Rand deb 4%s w w.1956 Af S
4%s without warrants
1956 Af S
52%
59%
O
71
100%
100%
I
Rensselaer A Saratoga 6s gu—1941 AfN
101%
100%
5
70%
98% 102
14
98% 100%
100%
"57
A
94%
"94%
Purch money 1st M conv 5%s '54 MN
Gen mtge 4%s series C
1956 AfN
107%
107%
108%
21
107
95%
95%
95%
51
92
100%
16
99% 100%
Republic Steel Corp 4 %s ser B 1961 F
/
J
100
-1946 /
J
*26
1946 /
J
♦Rhine-Ruhr Water Service 6s. 1953 /
J
*15%
*14%
♦Rhine-Westphalia El Pr 7s__.1950 MN
95
*15%
4%s 1956
♦3 %s assented
.
♦Direct mtge 6s
♦Cons mtge 68 of 1928
♦Cons mtge 6s of 1930
1952 AfN
1953 F
A
.1955 A
Richfield Oil Corp—
48 s f conv debentures
O
1952 Af S
Rlchm Term Ry 1st gen 5s
♦RIma Steel 1st s f 7s
1952 /
.1955 F
{{♦Rio Grande June 1st gu 68.^1939 J
{ {♦Rio Grande West 1st gold 4s 1939 J
♦1st
15%
J
106
*103%
A
38%
/
30
17
15
15%
14%
15%
14
15%
15%
14%
106
106
109
105
10%
"38%
38%
38%
29%
30
20
28%
31
11
30
11%
13
10%
12%
1949 A
O
1977 M
S
*121%
1967 M
S
107%
1967 M S
Gen mtge 3%s series J
1969 Af S
{{♦R I Ark A Louis 1st 4%s._1934 Af S
*111%
con A
coll trust 4s A
Roch G A E 4%s series D
Gen mtge 3%s series H
Gen mtge 3%s series I
♦Ruhr Chemical
s
1948 A
/
1941 J
108
7%
a7%
21
/
Saguenay Pow Ltd 1st M 4%s.l966
108% 111
21
7%
*7%
93%
93%
*111%
St Lawr A Adir 1st g 5s
2d gold 6s
♦
1996
21
95%
15
9
9%
93%
98%
110% 111%
112
79%
St Louis Iron Mtn A Southern—
♦{Riv A G DIv 1st
g
1933 AfN
4s
62
60
62
60%
60%
22
20%
22
65%
♦Certificates of deposit
31
59%
6
58%
62
10
23%
62%
13%
1959 Af S
65%
65%
6
St L Rocky Mt A P 5s stpd
1955 J
1950 J
/
53%
53%
56%
7
51%
{♦St L-San Fran pr lien 4s A
♦Certificates of deposit
/
13%
12%
13%
110
10%
23
/
12%
14%
12%
1950 J
105
"97%
106
104% 106%
94
62%
125%
St Louis Pub Serv 5s
103
21
7%
7%
7%
10
70
*
1966
107% 109%
6%
9%
108%
a7%
O
1949 J
f 6s
{♦Rut-Canadian 4s stmp
{♦Rutland RR 4%s stmp
11%
106
18
10%
5
105% 105%
54
14%
106
105
10
6
"l
15
15%
18%
65%
98
96
16%
15%
*8%
D
95%
108%
26
*15%
*15%
106
91%
67% 72
102% 102%
105%
65
64%
60%
75%
75
22
1
104
84%
*147
J
O
105%
.
81%
107%
59
81%
J
Gen A ref 4 %8 series A
104%
98
106%
96%
98%
97%
99
{♦St L Peor A N W 1st gu 5s—1948 J
♦Prior lien 5s series B
/
1978 Af S
♦Ctfs of deposit stamped
{♦St L S W 1st 4s bond ctfs... 1989 MN
Nov 1989 J
66%
10
13
11
15%
10%
15%
12%
J
14
11%
11%
12%
255
11%
26
10
12%
58
12
56
64
27%
30
16
17%
*29
36
2
32
16%
J
/
12%
14%
57%
12%
14%
13%
♦Certificates of deposit
♦Con M 4%s series A
{♦ 1st terminal A unifying 5s.1952 /
♦Gen A ref g 5s series A
1990 J
J
Gen A ref 4 %s series B
♦2d 4s inc bond ctfs
For footnotes see page 1567.
46%
102%
102%
105%
98
75
39
*107
103%
74
103% 104%
126%
105%
D
58% 60%
111% 113%
109% 112%
107% 109%
74% 79
86%
72
"102%
1952 AfN
1963 F
50
75
76
St Jos A Grand Island 1st 4s—1947
103%
50
"44%
105% 105%
110% 111%
116% 118
118
118%
104% 106%
74% 77
104
103%
50
M S
Guar 3%s trust ctfs D
4%s series B
10
30
60%
*102
Guar 4s
28-year 4s
"31
112
103%
1942 M S
1941 F A
1942 J D
Penn-Dlxle Cement 1st 6s A
75%
109%
1944 A
E trust ctfs
106
75%
Penn Co gu 3%s coll tr ser B
Guar 3%s trust ctfs C
ser
119
112%
1949 M S
♦Paullsta Ry 1st s f 7s
19
109%
5s
cons
"~2
"~74"
1955 F
1947
118
60%
111%
111%
Ref mtge
1st M
6
112
1966
3%s Beries C
1966
Paducah & 111 1st tf g 4%s
1955
Panhandle Eastern Pipe L 4s._1952
Paramount Broadway Corp—
8%
108%
109%
109%
108%
110%
31
112%
Pacific Tel & Tel 3%s ser B
Paramount Pictures 3s deb
108
108%
D
5s.. .1946 J
cons g
7
7%
110
108
108%
D
Oregon RR & Nav con g 4s... .1946 J
7
*109
73
107%
24
110
2037 J D
3%s
Revere Cop A Br 1st mtge
s f 7s
7
46
44%
40%
110% 110%
22%
deb 4s..1957 Af N
{♦Providence Term 1st 4s
1956 M 8
107% 107%
45
71%
*107
guar
*113
1
110%
70%
*107%
20
106%
72%
22%
114
59
105%
106%
110%
/
♦6s stamped
1942
{{♦Postal Teleg A Cable coll 5s 1953
Pub Serv of Nor 111
106%
105%
108%
~~6
*106
70
105% 108
106%
48%
42%
42%
41
42%
*106
6s. 1942
Public Service Ei A Gas 3%s..l968 J
1st A1 ef mtge 5s
2037 J
105%
108%
40%
D
1960 M S
conv
121% 125%
104% 106%
105% 106%
766%
44
42%
O
14%
56
—
-
"~1
*41
104% 107
97% 100
D
109% 110%
65%
Oklahoma Gas & Elec 3%s_.. .1966 J
4s debentures
.1946 J
"42%
Pitts AW Va 1st 4 %s ser A—.1958 J
\D
1st mtge 4%s series B
1959 A1 O
14
116%
115% 116%
104% 108%
*108
1977 /
10
65
.1943 F A
Ontario Power N F 1st g 5s.
Ontario Transmission 1st 5s.. .1945 AfN
27
A
*43
J
3
98%
D
*53
.1972 J
105%
1962 F
14%
.1967 M S
1st mtge3%s
105
104%
98%
-.1974 /
65%
.1965 MN
104%
104%
/
1943 MN
♦Rhelnelbe Union
Ohio Edison 1st mtge 4s
1st mtge 48
106
O
1st gen 5s series C
Q
J
{♦Og & L Cham 1st gu g 4s.-. .1948 J
Ohio Connecting Ry 1st 4s... .1943 M S
D
98
109
116
2
1977 J
1st gen 5s series B
13
45
116%
1975 A
12
103%
*44
116%
115%
22%
108
121%
*115%
109
1970 /
Gen mtge 5s series B
Gen 4%s series C
Pitts Va A Char 1st 4s guar
108
109% 110
109
116%
10%
13
A
A
58
111%
65
109
111% 112
108
•
1964 AfN
11
90%
5%
110%
*108%
102%
108% 108%
10
*109
5%
110%
90%
5
A
J
*107
5%
39%
14%
1974 M S
1974 Af 8
North Cent gen A ref 5s
111%
D
58
62
90
A
102he103
1957 AfN
1960 F A
4s
cons guar
{♦Providence Sec
Debenture
8%
110% 112%
98
100%
107% 108
1953 J
2
14%
{{♦Norfolk A South 1st g 5S...1941 MN
1996 O A
North Amer Co deb 3%s
1949 F A
111%
108
111%
*105%
44
12
*87
Norf & W Ry 1st cons g 4s
3%
100
A
10%
7%
110%
70
13
6
102 he
1949 F
Series G 4s guar
60
"44"
107
110%
10%
3%
*107%
*108%
1945 M N
105%
105%
17%
10%
♦Certificates of deposit
102 he
Series D 4s guar
Series E 3 %s guar gold
Series F 4s guar gold..
105%
22%
5%
110%
99%
20%
19%
105%
58
104% 106%
109% 111%
9
102 he
18%
28%
30
3%
12
8%
Af S
6
18%
29%
44
10%
8
1942 MN
1951 Af N
3%s
30
1940 A O
-1942 A O
4%s A. 1952
Series C 4 %s guar
1963 J /
{{♦N Y Susq A West 1st ref 68.1937 / J
{♦2d gold 4%s
1937 F A
♦General gold 6s
1940 F A
♦Terminal 1st gold 5s
1943 AfN
N YTelep 3 lesser B
1967 J /
N Y Trap Rock 1st 6s
-1946 J D
6s stamped
1946
{{♦N Y Westch A Bost 1st 4%s *46 J
/
Niagara Falls Power 3%s
..1966 M S
Nlag Lock & O Pow 1st 5s A—1955 A O
Niagara Share (Mo) deb 5%s_1950 Af N
{{♦Norfolk South 1st & ref 58.1961 F A
N Y A Rlchm Gas 1st 6s A
conv
Pitts C C C A St L 4 %s A
Series B 4 %s guar
17
109
N
8
3%
110%
99%
16
16
108%
N Y Steam Corp
3s
conv
16
17
109
Pow 3 %s. 1965 M N
YRys prior lien 6s stamp-.-1958 / J
S
6
13
3%
/
15
16%
*82
{♦N Y Providence A Boston 4s 1942 A O
4s—1993 A O
N Y A Putnam 1st con gu
N Y Queens El Lt A
—
*61
19 %
29%
5%
18%
1955 / D
♦General 4s
481
1937 J
1948 M
s f
12
67
16
16%
Series I
1992 M S
5s series A
Phillips Petrol
16%
*15%
{♦Harlem R A Pt Ches 1st 4s 1954 M N
{♦N Y Ont & West ref g 4s
sec
16%
15
17
114
109
♦Certificates of deposit
*16"
17%
*15%
16%
115
109
Phlla Electric 1st A ref
*63
N Y & Long Branch gen
*114
/
Phlla Co
1973 Af N
♦N Y L E & W Dock & Imp
A
1977 J
60
RR 5 %8 '42 Af N
5s 1943 J
/
series B
♦N Y L E & W Coal &
1974 F
General g 4 %s series C
General 4 %s series D
10
17
"""4
8%
10
36
10
8%
10%
Volume 150
New York Bond
Friday
BONDS
N.
Y.
STOCK
ii
EXCHANGE
Week Ended March 8
Range or
Friday's
Sale
Price
Bid
Railroda & Indus. Cos.
(Cont.)
St Paul A Duluth 1st con
g 4a. 1968
{♦St Paul E Gr Trk 1st 4MS—1947
{♦Schulco Co
115M
1943 /
J
1963 A
O
1965 M N
59
115M
56
107 M
107
111
111
1942 M
5
♦109M
J
28 M
J
—
J
♦Guar
s f 6 Ms series B_
♦Stamped
1946 A
O
♦Adjustment 5s
Oct 1949 F
1959 A
111
1
110
29 M
43 M
*11M
12
S
11
♦Certificates of deposit
{{♦Atl A Birm 1st gu 4s
1933 M S
{♦Seaboard All Fla 6s A ctfs.._1935 F A
4M
4M
♦Series B certificates
1935 F
Shell Union Oil 2 Ms debs
Shlnyetsu El Pow 1st 6 Ms
6M
5M
6
*12
Tm
J
1952 J
1941
56
44 M
123M
11
15M
4M
1
1M
6M
5M
4M
b
4M
8M
7M
13M
15M
19
2M
2M
"~35
2M
4
2
2M
4M
95M
98
95
96 M
65
95M
65
1
57
65
29 M
33 M
15M
*32 M
15M
23
23
"l5M ""9
24 M
11
101M
101M
21
105
105 M
119
27
107 M
103 M
108
South A North Ala RR gu 5s. .1963
South Bell Tel A Tel 3Ms
1962
*
104M
104M
—7
44
Southern Calif Gas 4Ms
1961 M S
107 M
108
4
1st mtge A ref 4s
Southern Colo Power 6s A
Southern Kraft Corp 4Ms
1965 F
J
105M
110M
105 M
1946 J
D
99 M
99 M
110M
105 M
100 M
5
1947 J
A
2
40
Southern Natural Gas—
1968 M S
30 M
44
15
122
105 M
Gold 4 Ms
Gold 4 M®
18M
28M
29M
"21
101M
1st mtge pipe line 4 Ms
1951 A O
So Pao coll 4s (Cent Pac coll)..1949 J D
1st 4Ms (Oregon Lines) A... 1977 M S
30M
1M
1952
1979
61M
107 M 108 M
109 M 111M
21
106M
106
106M
20
45M
44 M
46
51
48 M
47 H
49
93
14M
23
30 M
99 M 101M
104M 106
107M
109""
103 M 105 H
106 M 108M
109M HI
105
106
97 M
106
100M
107M
43 M
47 M
48 M
53
45
46
149
45M
50 M
1969 M N
45 M
45M
46
119
45
Gold 4 Ms
1981 MAT
45 M
45
46
114
45
50 M
50 M
10-year secured 3Ms
1946 J
52 %
52
53
129
51M
58
San Fran Term 1st 4s
1950 A
78 M
79 M
4
77 M
80 M
-
So Pac RR 1st ref guar 4s
1st 4s stamped
«
O
1955
60 M
60
60 M
89
58
65 M
1955
Southern Ry 1st cons g 5s
Devel A gen 4s series A
.
J,
45M
87 M
1956
57
~87M
42
88
1956
76 M
75
57 M
77 M
...1956
Devel A gen 6s__
Devel A gen 6 Ms
Mem Dlv 1st g 5s
81M
80
81M
56M
1996
*74 M
St Louis Dlv 1st g 4s
1951
So'western Bell Tel 3 Ms ser B.1964
1st A ref 3s series C
♦{Spokane Internat 1st
68
108
111M
107M
111M
1968
g
Railroad & Indus. Cos.
5s..1955
21M
80
86 M
88 H
277
27
56 M
75
1939 F
1954
J
Western
78 M
28
47
13
12M
13M
12
10M
13
42 M
8M
~~7%
8
8
8M
7M
7M
8M
105 M
30
105 M
67M
76 M
~32M
A
8
7 H
7M
67 M
76 M
31M
*28
14
64
5
74
88 M
32 M
76 M
87 M
S
S
9M
9M
9M
7M
9M
105 M 106 M
38
105 M
66 M
7%
97
8
8
106
84 M
88 M
26
31M
35 M
35
35M
70
70
37
*50
70
*108
109
127M
D
127 M
108 M
118
108
118
D
110M
117M
110M
100
1952
3
108
10
117 X 120
24
84 M
32
89 M
108 M
99M
16
82 M
89 M
l08M
108 M
zl7M
16M
77
44
110 M
100
83 M
70
107M 108
109 H 109 M
126
127 M
*108
J
1st A ref 5 Ms series A
1977
West NY A Pa gen gold 4s.
...1943
{♦Western Pac 1st 5s ser A
1946
♦5s assented
1946
Western Union Teleg
g 4Ms—.1950
8
8M
8
O
1954 J
20
25M
*11
O
1966 J
17
41
t
D
1967 J
Maryland 1st 4s
16
High
106 H 108 M
37 H
45M
28 M
"l3""
E..1963 M S
West Va Pulp A
Paper 3s
17 M
Low
46
Washington Cent 1st gold 4s... 1948 Q M
Wash Term 1st gu 3
Ms
1945 F A
1st 40-year guar 4s
....1945 F A
Westchester Ltg 5s stpd gtd___ 1950 J D
•_
76
*25
1980 A O
ser
46
I
O
Warren RR 1st ref gu g 3 Ms.-.2000 F
Gen mtge 3 Ms
West Penn Power 1st 5s
1st mtge 3 Ms series 1
No.
42 M
17
J
Walker (Hiram) GAW deb
4Ms 1945 J
Walworth Co 1st M 4s
1955 A
68 debentures
1955 A
Warner Bros Pict 6s debs
1948 M
{♦Warren Bros Co deb 6s
1941 M
High
107 H
17
♦Toledo A Chic Div g 4s
1941 M S
{♦Wabash Ry ref A gen 5 Ms A. 1975 M S
♦Ref A gen 5sseries B
1976 F A
♦Ref A gen 4 Ms series C
1978 A O
♦Ref A gen 5s series D
Since
Jan. 1
Ask
40 M
J
1941
{♦Des Moines Dlv 1st g 4s__1939
♦Omaha Dlv 1st g 3 Ms
1941
Range
A
106 M
107 M
42 M
A
or
Friday's
Bid
Low
1966 M 8
1939 AfN
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
2
17M
110
110M 111M
99 X 100
82 M
85
88 M
2
91
A
O
M
8
M
S
"17"
17
26
16M
M N
18M
65M
66 M
19
64
67 M
D
66 M
71
M 8
25-year gold 5s
1951
30-year 5s.
i960
♦Westphalia Un EI Power 6s...1953
69 M
J
107
7
M 108M
17M
18M
69 M
71M
54
67M
72
68 M
69 M
30
66M
70
J
J
15M
15M
1
14
2361 /
West Shore 1st 4s guar
J
48 M
45 M
49 M
31
46
46 %
11
41 M
Registered
2361 /
J
Wheeling ALE RR 4s
1949 M S
Wheeling Steel 4Ms series A... 1966 F A
White Sew Mach deb 6s
*115M
Wilson A Co 1st M 4s series A..
1955 J
Conv deb 3Ms
1947 A
Winston-Salem S B 1st 4s
1960 J
"21M
320
110
7M
21
*7M
108
8M
108 M
109 H
'io§M
7M
110
D
1943 J
J
1948 M
S
108 M
108
1961 Af N
105 H
105M
44
22 H
21
9M
7
"16
7M
107M 109 M
109 M 110M
9M
9M
19
20
*9M
110
16H
16M
6M
24
6M
O
.
6
"22%
18M
19
13M
103 M 106
97
100
*109
J
103
12M
15
99 M
1961 J
.
106
99
O
1968 A
{♦ Wor A Conn East 1st 4 Ms
Youngstown Sheet A Tube—
"l2M "16
105 M
47
113M 115M
102
12M
105 M
/
15M
52 M
H
"73
99 H
*1021jj
{♦Wis Cent 50-yr 1st gen 4s
J
1949 J
♦Certificates of deposit
{♦Sup A Dul div A term 1st 4s '36 M N
♦Certificates of deposit
Wisconsin Elec Power 3 Ms
Wisconsin Public Service 4s
116
QQ
99
..1940 M N
{ §♦ Wilkes-Barre A East gu 5S..1942 J D
79 M
23
Range
Sale
{♦2d gold 58
61M
84 M
78
....
78
111M
9
110
108 M
30
107
68
68
22 M
Week's
Last
Price
(Concl.)
.
1994
is
si
EXCHANGE
{{♦Wabash RR 1st gold 5s
98 M
12H
Socony-Vacuum Oil 3s debs.1964
3s debentures
54
STOCK
Virginian Ry 3Ms series A
6M
95M
D
♦Siemens A Halske deb 6Ms.--1951 M S
♦Silesia Elec Corp 6 Ms
1946 F A
Sllesian-Am Corp coll tr 7s
Slmmens Co deb 4s
6M
6
5
116
118
15M
2M
2M
A
1954 J
114
2
*1M
4M
6M
3
11
12
4M
68 series A
25
125
12
82
4M
5M
109 M 111
"9
44
*120
O
1945 M
5
28 M
♦Certificates of deposit
cons
25
29 M
Y.
Week Ended March 8
High
82
97 JK
"26
108
41M
41M
A
§ ♦Refunding 4s
98*«
43 M
O
A
Scioto V A N E 1st gu 4s
1989 M N
51 ♦Seaboard Air Line 1st g 4s__1950 A O
{♦Gold 4s stamped
1950 A O
5
Low
....
59
M
1946 J
guar 6 Ms
No.
5M
♦97 M
115
1940
♦Stamped
♦1st
6M
N.
Jan. 1
82
5M
St Paul Minn A Man—
S A A Ar Pass 1st gu g 4s
San Antonio Pub Serv 4s
San Diego Consol G A E 4s
Santa Fe Pres A Phen 1st 5s,
1567
BONDS
Since
Ask
*5
1972
6
Friday
Range
High
82
_
tPacific ext gu 4s (large)
A
Low
{♦St Paul A K C Sh L gu 4 Ms~ 1941
St Paul Un Dep 5s guar
Record-Concluded—Page
Week's
Last
16
Conv deb 4s
1st mtge s f 4s
ser
C
108 M
106
47
105M 109 M
105 M 106 M
55
72
111M
108 M
17M
22 M
107M
Staley (A E) Mfg 1st M 4s
1946
107"
107
107 M
14
105
Standard Oil N J deb 3s_
2 Ms
1961
105 M
105 M
106
32
104M 106 M
1953
Studebaker Corp conv deb 6s. .1945
105 M
105 M
105
29
110M
108 M
105
112
87
104M 105 M
99 M 113M
105 M
128 M
34
105
14
126 H 128M
transaction
114M
6
114M 115
x
Swift A Co 1st M 3 Ms
1950 M N
TennCoal Iron ARR gen 5s... 1951 J
J
Term Assn of St L 1st cons 5s.. 1944
Gen refund
s
f g
4s
128M
128 M
108"
1953
Texarkana A Ft 8 gu 5Ms A...1950
Texas Corp deb 3 Ms
105 M
114M
107 M
91
90
M
108
19
91
23
1951
106 M
1959
3s debentures
106 M
105 M
105
106 M
105 M
*60
66 M
Texas A N O con gold 5s
1943
Texas A Pacific 1st gold 5s.-—2000
Gen A ref 5s series B
il7M
1977
Gen A ref 5s series C
Gen A ref 5s series D
1979
107 M
67M
*68
1980
Tex Pac Mo Pac Ter 5Ms A...1964 M S
67 M
91
108
29
65
"16
106
107 M 109 M
92
88
105M 107 H
104 M 106M
66 M
55
107 M 110M
25
67 M
72 M
"_42
67 M
67
72
68 M
91M
3
91
e
69
72
r
1960 J
J
♦Adj income 6s
Jan 1960 A
{♦Third Ave RR 1st g 5s
1937 J
O
Tide Water Asso Oil 3 Ms
J
1952 J
J
59M
20
99 M
106
55M
18M
99M
106
60 M
21
321
exchange rate of $4.8484.
f The following Is
732
13M
60 M
21
99 M
5
95
99M
106 M
14
106
Treasury 3 Ms 1940-1943, June 15 at 100.
Vanadium Corp. 5s 1941, Mar. 15 at 101.
{ Companies reported as being in bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such
companies.
Friday's bid and asked price.
129
Deferred delivery sales transacted during the current week and
in the yearly range:
107 M
62 M
62
62 M
85M
85M
86
3
56 M
85 M
Brisbane 6s 1950, March 4 at 81.
Western Pacific 5s 1946, March 6
89 M
66M
6
64 M
66 M
66
Toronto Ham A Buff 1st g 4s.. 1946 J D
Trenton G A El 1st g 5s
1949 M S
Tri-Cont Corp 5s conv deb A.. 1953 J
J
100 M
*124M
106 M
♦Tyrol Hydro-Elec Pow 7Ms—1955 J/N
♦Guar
sec
s
f 7
UJigawa Elec Power
1952 F
s
f 7s
A
J
93
107M
{{♦Union ElevRy (Chic) 5s... 1945
1st lien A ref 5s
June 2008 M
34-year 3 Ms deb
35-year 3 Ms debenture
1970 A
United Drug Co (Del) 5s
U N J RR A Canal gen 4s
8 f
6M8 series C
7
111M 112M
69
101M 102 M
113
115
101M
114M
73
108 M
38
S
115M
115M
115M
97 M
28
96
97 M
36
96
O
65
107 M
65 M
5
80
82 "A
96
107M
O
D
82 X
105M
105
*14M
1951
*14M
♦Sink fund deb 6 Ms ser A... 1947
105 M
101M
100 H
91M
101M
102
102
101M
86M
88
106M
1959
100 M
107
88
1959
106M
86M
101M
105
106 M
88M
107
s
f 48 series B
O
101
A
Sales
$474,000
$15,000
3,355,000
836,000
4,882,000
832,000
5,693,000
5,059,000
863,000
85,000
241,000
128.000
1,135,000
122,000
6,316,000
4,901,000
1,586,000
208,000
6,695,000
3,596,441
$26,181,000
$5,726,000
$799,000
$32,706,000
■
Week Ended Mar. 8
$2,780,000
4,276,000
5,955,000
6,684,000
Jan. 1 to Mar. 8
New York Stock
1940
Exchange
24 M
Stocks—No. of shares.
1939
1940
1939
5,612,305
33,659,111
$799,000
$2,316,000
9,138,000
39,462,000
$6,990,000
$16,012,000
45,608,000
26,181,000
250,362,000
49,641,000
287,267,000
$32,706,000
$50,916,000
$302,960,000
$352,920,000
46,917,322
Bonds
Government
*23 M "25"
3,596,441
State and foreign
5,726,000
Railroad and industrial
Total
"90" ~93M
100M 102 M
101
103 M
86 M
93 M
100M 107
86 M
93 M
100
Stock and Bond Averages
Below
are
stocks and
the
daily closing
bonds listed
on
averages
of representative
the New York Stock
107
Exchange
compiled by Dow, Jones & Co.:
*109
1957 MAT
Bond
$2,291,000
Sales at
as
Cons
Total
States
Bonds
745,050
24 M
24
~20"
United
,
691,446
Total
82 M
24M
90M
State
Municipal
For'n Bonds
457,670
....
Friday
67 M
23 M
*14M
1947
112
Exchange,
110M
~24~~
*23 M
1947
61M
Stock
Bonds
572,535
855,030
Monday
Wednesday
Thursday
107M 109
77
York
Mis cell.
274,710
Tuesday
106M 108 M
113M 116M
110
90 M
1944
1
*110
*23 M
♦3Ms assented A
1947
United Stockyards 4Ms w W..1951
Utah Lt A Trac 1st A ref 5s
1944
2
New
Railroad &
of
Shares
Saturday
97 M
*23 M
tVanadium Corp of Am conv 5s 1941 A
Vandalla cons g 4s series A
1955 F
Number
Mar. 8, 1940
98
96M
1951
{♦Debenture 5s
5s stamped
8M
114M
..1951
5 Ms stamped
9
8M
111"35
101M
96M
{{♦Util Pow A Light 5 Ms
95
107 M
97 M
Utah Power A Light 1st 5s
12
85 M
107 M 109
108 M
1944 M S
♦3Ms assented C
1
17
114M
1953 M S
♦3Ms assented A
93
108 M
the
at
Stocks,
Week Ended
"tSH "l3M
S
O
U S Steel Corp 3Ms debs
1948 J
♦Up Steel Works Corp 6Ms A. 1951
♦Sec
107 M
16 M.
at
Daily, Weekly and Yearly
106 M 108
8M
101M
1971 M N
United Biscuit of Am deb 5s.._ 1950 A
United Cigar-Whelan Ste 5s... 1952 A
125
10
Transactions
99 M
125
111M
1959
Union Pac RR 1st Aid gr 4s.. .1947
1st lien A ref 4s
June 2008 M
106 M
*13M
UdIod Oil of Calif 6s series A... 1942
3s debentures
126
included
not
63
*14
1945 M S
Union Electric (Mo) 3Mb. ——1962 J
98
No sales transacted during current week.
Bonds selling flat.
z
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953 J D
Tol A Ohio Cent ref A Imp 3Ms I960 J D
Tol St Louis A West 1st 4s
1950 A O
Tol W V A Ohio 4s series C
1942 M S
list of the New York Stock Exchange bond Issues which have
a
been called in their entirety:
*
50 M
Cash
sales; only transaction during current week, a Deferred delivery sale;
only
during current week.
» Odd lot sale, not Included In
year's range.
Ex-Interest.
§ Negotiability Impaired by maturity,
t The price represented Is
the dollar quotation per
200-pound unit of bonds.
Accrued interest payable at
♦
Third Ave Ry 1st ref 4s
•.
No sales.
97 H
68M
Cash sales transacted
during the current week and not included in the yearly
range:
*109
101M
101
105
Stocks
Bonds
Vera Cruz A Pacific RR—
{♦4 Ms July coupon off
{♦4 Ms assented
10
1934 J
J
1934 J
J
1968 M
S
109
Va Iron Coal A Coke 1st g 5s... 1949 M S
45
45
*55
10
83
Va Elec A Pow 3 Ms ser B
Va A Southwest 1st gu 5s
1st cons 5s
2003 J
J
1958 A
O
*M
60 M
60M
l X
109M
61M
K
M
109
40
~59~" ~62M
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
45
30
Indus¬
Date
110
roads
Stocks
trials
Rails
Rails
ties
Bonds
ties
Total
Mar.
8.
148.07
30.87
24.24
49.49
107.86
91.61
47.42
108.72
88.90
Mar.
7.
148.32
30.94
24.27
49.58
107.71
91.48
47.55
108.64
88.84
Mar.
6.
147.97
31.01
24.30
49.52
107.60
91.43
47.34
108.75
88.78
Mar.
5.
146.89
30.68
24.15
49.14
107.70
91.39
47.28
108.70
88.77
Mar.
4.
146.43
30.46
24.19
48.97
107.70
91.31
46.79
108.71
88.63
Mar.
2.
146.33
30.41
24.11
48.91
107.70
91.30
46.76
108.64
88.60
New York Curb Exchange—Weekly and Yearly Record
1568
March 9, 1940
the only transactions of the week and when selling ontslde
No account Is taken of such sales In computing the range for the year.
NOTICE—Cash and deterred delivery e&lee are disregarded In tbe week's range unless they are
of tbe regular
weekly range are shown In a footnote in the week In which they occur.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Mar. 2, 1939) and ending the presentFriday (Mar. 8, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
In the
Last
Par
STOCKS
Week's Range
for
Sale
of Prices
High
Low
Low
19
Par
High
Feb
22%
Jan
Supply Mfg—
Aero
Class
A-.--————J
B«.---------—1
Mfg com
5
Air Associates toe com—I
Class
A Ins worth
I Air Investors common.
Conv preferred
Bell Tel of Canada
m
6
uh
2%
5%
5%
11%
2%
20%
*
*
17 pref
36 preferred
106
4,400
600
6
11%
200
2%
1,100
27%
400
4%
5%
6%
Feb
Jan
6%
11%
2%
27%
%
Jan
Feb
Benson A Hedges com..
Conv pref
Feb
7
300
"""56
101
120
Jan
77%
Mar
Feb
Jan
Jan
108
Feb
98
Mar
Blckfords Inc com
12.60
Jan
2
Feb
2%
Jan
Rlauner's
Alliance Investment
1
Jan
1%
Feb
$3 conv pref
Class A conv com—.25
Aluminum Co common..*
159"
158"
162~"
2,600
preference.——100
116%
116
116%
350
6%
Aluminum Goods Mfg—*
Aluminum Industries
com*
Aluminium Ltd common.*
0% preferred..—100
American Beverage com.l
American Book Co
Amer Box Board Co
100
com.l
17%
17%
17%
9%
9% 10%
106% art 04% 110%
107%
107% 107%
%
%
%
44%
44%
44%
10
Jan
20
50
11
11
11
Feb
138%
114%
Jan
Jan
200
17
Jan
500
7%
93%
Feb
103%
%
Jan
Mar
2,200
150
100
41
Feb
11
Mar
20
Feb
168%
116%
17%
11%
110%
107%
100
%
1%
*
S5.60 prior pref—.—*
Amer Centrifugal Corp-.l
S3
preferred
150
76
77
Bourjois Inc
25
Class A with warrants.26
Class B.........
—1
Amer Cyanamld class A. 10
32%
33%
10
Wh
Amer Export Lines com.-l
16%
Class B n-v.__
Amer Foreign Pow warr
Amer Fork A Hoe com—*
Amer Gas A Eleo new...10
Jan
Breeze Corp com
1
Brewster Aeronautical... 1
Jan
2%
Jan
Jan
Mi
Jan
Preferred...
Mar
Feb
20%
Jan
Brill Corp class A
Class B
%
Jan
%
Jan
100
31%
Jan
33%
Feb
Jan
Mar
33%
1%
Mar
1
Jan
34
Jan
32.60 conv preferred
1
Amer Hard Rubber Co. 60
Amer Laundry Mach
"ili """366
"36% "39%
17~200
Jan
39%
18%
Mar
2,200
Me
200
Mi
Jan
Mi
Jan
13
13
100
Feb
34 %
32%
16%
29%
84%
3%
30%
11%
32%
3%
~13~~
16
10
20
16%
16%
14%
14%
28%
6% preferred.——.25
6,700
400
1,475
34%
33
Jan
16%
Jan
17
Jan
Jan
Jan
16%
29%
Feb
22
Jan
Feb
68
Feb
350
11%
600
16
900
28%
100
14%
28%
18%
%
34%
%
1,100
100
32
iol"
107
6%
Post
Fence
*
~12%
"l %
85%
6%
4%
Feb
»Mi
Jan
Jan
109
Jan
Mi
400
300
300
110
113%
Feb
M«
Feb
Me
5,100
2%
2%
900
7%
6%
*5%
Jan
Feb
3%
1%
Jan
Feb
2
Feb
Feb
2,600
1,500
70
98
2
Jan
Feb
94%
Jan
Feb
Mar
Feb
12%
115
Jan
Jan
%
2%
2%
7%
99
Jan
Jan
Jan
Jan
Jan
100
6
Jan
6%
Mar
600
5%
Feb
5%
Jan
Jan
8%
Feb
%
%
'16
300
%
%
1,400
3,200
%
%
2
Jan
Mi
Jan
Feb
%
5%
Jan
Mar
Jan
100
2%
19%
5
Feb
Mi
Feb
2%
19%
5%
1%
3%
400
110
900
2%
Feb
19%
Feb
Mar
5
3%
23%
6
Jan
Jan
%
3%
15%
16%
15,600
100
Feb
600
%
2%
13%
Feb
1%
Mar
Feb
3%
Jan
Mi
"T% "i% """400
6
6
400
Avery (B FpA Sons com..5
Jan
1%
5%
5%
Jan
17
Feb
Jan
%
1%
6%
Jan
Jan
Feb
Feb
7
Feb
Feb
1%
1%
100
3%
3%
3%
3,200
46%
44%
3%
22%
46%
3%
25
190
"24%
com.
30
6%
23%
Baldwin Rubber Go com.l
7%
7% preferred
Bardstown Distill Inc..
Barium Stainless Steel.
6
23%
6%
%
%
31.20 conv A oom.....5
Basle Dolomite Ine eom..l
1
10
9%
6%
*16%
Class A voting..
Clas B non-vot
5%
100
4,600
6%
24%
7%
%
%
2,500
1,000
400
300
Carman A Co class A
6%
Mar
Jan
Jan
%
8%
Feb
300
1
Jan
1%
Feb
1,900
1,500
15,800
7
Jan
5%
Jan
10
2%
200
*2% "2%
"200
8
2%
3%
Jan
Feb
Jan
6%
16%
Jan
Feb
Feb
Jan
Jan
49
Jan
2%
Jan
3
Feb
Jan
1%
Feb
12%
Jan
Feb
38
200
13%
Mar
20
30%
18%
Feb
Feb
34
Mar
19%
Jan
Feb
29%
*13%
13
13%
34
34
22
25%
4%
25
650
27
4%
18
4%
700
100
18
1%
2%
1%
200
2%
2%
1,600
Feb
Feb
1%
18
22
Feb
Jan
4%
27%
5%
18%
1%
Feb
Feb
Mar
Jan
1%
Feb
2
Jan
11
11
300
10%
300
28
Jan
20%
99%
98
12%
12%
1%
%
%
21%
100%
2,000
500
Jan
Feb
4%
11%
Feb
39%
20%
Mar
Feb
22
38
|
Jan
Jan
43
Feb
20%
Mar
98
Mar
Mar
Feb
14%
Jan
2%
Feb
22%
108
Jan
Jan
1%
100
%
200
12%
1%
%
%
100
*Mi
Jan
1%
%
Jan
Jan
Mar
600
»ii
Jan
%
Jan
200
zl5%
Mar
17%
Jan
2,100
13
215%
10%
10
6%
11
350
100
2,400
5%
5%
100
6%
7%
3,600
215%
15%
19
Class B
7
1,800
Feb
22
Jan
1
1%
9
25
1
1
100
Jan
7%
Feb
2%
Jan
%
Jan
1%
9%
1%
Feb
1,300
9
6%
2%
6%
1%
"1% "~6%
""466
39%
39%
300
%
—....*
Carolina P A L S7 pref...*
16 preferred
*
Carrier Corp common
1
8
Jan
%
50
Jan
Feb
25
Jan
6%
40%
100
105%
1
25
*
105
5%
38
Jan
*11
Jan
^
3
12%
7%
13
7%
2%
3
30
1,200
200
700
Jan
Feb
10
12%
98
100%
92%
12%
7%
18
98
Carter (J W) Co common. 1
Casoo Products
•
114%
com
•
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref.100
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 50c
Cent States Eleo oom
9%
2%
Jan
Jan
106
3%
Jan
Feb
3
Jan
19%
Jan
53
3%
25
Jan
Jan
Mar
5%
23
Jan
Feb
6%
%
%
Jan
Mar
Mar
8
26%
7%
%
%
Jan
Jan
Mar
Feb
Jan
9%
Jan
6
Feb
7%
Feb
13%
10%
10%
5%
4%
12%
6%
Jan
6
Jan
Feb
14
Jan
4%
8%
200
101
9%
9%
110% 110%
10
190
600
25
105
%
Mar
Feb
Jan
Jan
99
Feb
15%
7%
Jan
Feb
Feb
12
Feb
Jan
20
Jan
Jan
3%
Jan
Jan
114%
5%
34%
Mar
Feb
Feb
3%
20%
69%
Jan
Jan
14
Jan
Jan
103%
9%
115
200
4%
4%
4%
300
3%
'"n% "12"
150
50
100
Feb
Feb
1 %
100
Jan
17%
Feb
1%
5%
1%
1%
200
1,000
85
109
109
%
%
1%
5%
1%
1%
i>i«
•11
Jan
106%
97%
7%
%
1%
5%
1%
1%
H
Strip Co..
...5
Jan
Jan
Jan
%
Jan
%
2%
Jan
Jan
Jan
Mar
8%
2%
Jan
Jan
Mar
2%
Jan
Feb
4%
Mar
Mar
"78"
9%
4
36 preferred..........*
60%
55
36 preferred BB
...»
Cities Serv P A L 37 pref.*
36 preferred..........*
116
500
68
200
200
4%
60%
5%
*
13
Jan
10
si«
4%
Jan
Mar
78%
77
Chllds Co preferred
100
Cities Service oommon..lO
6O0 preferred B__.
7
6%
110
5.300
1,600
5%
200
8%
»*
4
54%
4%
Jan
Feb
78%
10
Jan
Mi
Jan
27%
Jan
Feb
Jan
5
60%
5%
50
104
99%
100
104
97
100
City Auto Stamping
*
City A Suburban Homes 10
Jan
Clark Controller C0.....I
Clauds Neon Lights Ine..l
FBD
Clayton A Lambert Mfg..*
3%
Mar
Cleveland Eleo Blum....*
Cleveland Tractor com...*
3%
43%
1%
7
7%
Mi
Feb
54
270
89
Jan
104
520
82
Jan
100
300
6%
6%
16%
%
4%
42%
5%
Jan
6%
%
4%
45
0%
1,800
2,400
2%
2%
200
800
450
2
Feb
Mar
Feb
11%
50
112
112
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Chamberlln Metal Weather
Charia Corp
__10
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...4
Chief Consol Mining
1
15%
""he
Conv
Jan
75
100
101
7%
4%
31%
82%
15
6%
Jan
Feb
675
82%
1
preferred...
100
preferred
100
preferred.....100
Conv pref opt ser *29.100
113% 114%
31%
Cent Hud G A E
1%
42
Feb
Celaneee Corp of America
Cllnchlield Coal Corp..100
For footnotes see page 1573
Jan
%
7%
*
..1
Capital City Products...*
Carib Syndicate
25c
Jan
2,100
Beaunlt Mills Ine com..10
31.50 oonv Dref
20
Beech Aircraft Corp.....I
5
100
—*
Canadian Marconi
Jan
Baumann, see "Ludwlg"
Beau Brummell Ties Ino._l
Jan
Jan
Mar
800
25
14%
1%
Feb
Barlow A Seelig Mfg—
Bath Iron Works Corp
7% partlo pref
19%
15%
Baldwin Looomotlve—
Purch warrants for
Jan
1
Cndn Colonial Airways...!
Canadian Indus Alcohol—
Jan
Axton-FlBher Tobacco—
Baboook A Wlloox Co..
0%
10%
Jan
Mar
Camden Fire tnsur Assn..5
Canadian Car A Fdy Ltd—
16
25
26
Ayrshire Patoka Collieries 1
44
49
$7 dlv. preferred...—*
1st partlo pref
lAostin Silver Mines—.1
Class A common.....10
5%% prefabs £1
Calamba Sugar Estate..20
Castle (A M) common.. 10
Catalln Corp of Amer
1
Atlanta Birmingham 4c
Coast RR Go pref
100
Atlanta Gas Lt 0% pref 100
Aviation A Trans Corp._l
Jan
1%
8
Jan
Mar
Am dep
7% 1st partlo pref
100
Celluloid Corp common. 15
1%
6%
15
2%
2%
Burry Biscuit Corp.. 12%o
1%
M«
...
Buckeye Pipe Line.....50
Buff Nlagra A Eastrn Pw—
SI. 60 preferred...
..25
Jan
Assoc Tel 4c Tel class A.
....
Brown Forman Distillery. 1
$8 preferred
..*
Brown Rubber Co com
1
Bruce (E L) Co com
.5
1%
t c com...........
Warrants
Brown Fence A Wire com.l
Class A pref.......
.*;
3%
%
Automatic Products
.5
Automatic Voting Mach..*
Jan
2,050
Jan
Feb
Cables A Wireless Ltd—
2%
0% preferred w w
0% preferred xw
British Col Power el A...*
I Brown Co 6% pref
100
Jan
35 preferred..
Atlas Plywood Corp.....*
Mar
26%
28%
Jan
Jan
Glass A.........
Atlas Drop Forge oom...6
1%
60
27%
44
6%
%
1%
Jan
%
1%
100
8%
2%
27%
dep rets ordreg..lOs
Am
Feb
Assoc Gas A Eleo—
1
43
Jan
20
17
7%
Atlantic Coast Line Co.60
Jan
20%
75
Amor deposit rcts....£l
Atlantic Rayon Corp
Atlas Corp warrants
7%
Carnation Co common...*
Carnegie Metals com
1
Atlantto Coast Fisheries..*
40%
100
Jan
7%
6%
Assoc Breweries of Can..*
Option warrants..
Assoc Laundries of Amer.*
800
7%
Jan
Feb
%
Jan
Associated Elee Industries
Common........
Feb
6
Jan
Feb
Jan
1
18%
Mar
7%
x5 H
6
18%
12%
3%
1%
1%
11%
97%
6%
*5%
1
6%
16%
1%
Jan
£1
64
7%
Ashland Oil A Ref Co
Jan
deprctsordreg
300
«% preferred
"o%
Feb
deprctsord bearer £1
250
2
6
1
6%
14%
39
Am
5,500
2
Art Metal Works oom
Feb
Am
12%
12%
3%
1%
1%
2
Arkansas P 4c L 37 pre!..*
%
8
Jan
%
Mi
2
27%
37%
6
15%
46
Jan
British Celaneee Ltd—
S5 1st preferred
•
Bunker H1U A Sullivan 2.60
Burma Corp Am dep rets..
Jan
%
41%
7%
1%
43
Jan
Jan
Mar
Feb
Feb
12%
British Amer Oil ooupon. . *
Registered
.._.*
British Amer Tobacco—
6%
Common el A non-vot..*
v
7% preferred
100
Brillo Mfg Co common..*
Class A...
*
Mar
36
Jan
Jan
Feb
Mar
13%
Feb
124%
43%
6,200
1,000
*
.....
Me
65%
Me
Arkansas Nat Gas com...*
44
Cable Elec Prod oom.._60o
Vot trust cfcfs.
50o
64
Angostura-W upperman ..1
Apex Eleo Mfg Co oom
*
Appalachian Eleo Power—
37 preferred......
*
fAreturus Radio Tube
1
10
600
Jan
Jan
Jan
*
100
6%
%
Am Superpower Corp com*
1st 30 preferred...
•
Anchor
""466
0%
Mar
1
16%
100
a;113% 114%
2
30 series preferred.....*
American Thread 5% pf..5
169"
Jan
Jan
%
.10
Republics
Amer Seal-Kap com.
Mar
Feb
Amer Pneumatic Service.*
Amer Potash A Chemical.*
Mar
39%
3%
30%
68
.1
Meter Co.........*
American
13
Jan
15
—.100
Preferred
Mar
Feb
25
10%
16%
Amer Mfg Co common 100
Amer
15
31
3%
Amer Lt A Trac com—25
Amer Maracalbo Co
Jan
Jan
16%
31%
13%
2
27%
Bridgeport Gas Light Co.*
Bridgeport Machine
♦
%
16%
Me
American General Corp 10c
32 conv preferred——1
preferred
*
Brazilian Tr Lt A Pow...*
Jan
31
"T
1%
2d
7
31
"~i%
150
14
8%
136
Mar
Mi
6%
*
45
Mar
Jan
1,600
7% 1st preferred.... 100
1,500
33 %
300
»
13%
Bowman-Bil tm ore com... *
Jan
77
7
38
Bo hack
Feb
Am Cities Power A Lt—
Class A
14
43
Mar
72
%
%
S3 opt conv pref..—.*
Blumenthal (S) A Co....*
Feb
Jan
Jan
4
Mar
Feb
Jan
40
15%
5%
100
10c
Common class B
Mar
♦
Feb
American Capital-
Class A common..—10c
130%
26 H
Jan
220
com
18%
5%
7
123
W) common.....1
Blue Ridge Corp com
1
1%
70
5%
%
.....
131
*
(H C) Co com
*
7% 1st preferred—100
Borne Scrymser Co.
25
Feb
High
Jan
17%
6%
24%
45
Bliss (E
Allied iriternat Invest com
Low
2,200
2,000
23%
6%
*
*
preferred
Range Since Jan. 1,1940
Shares
hi
Blrdsboro Steel Foundry
& Machine Co com
93
Allied Products (Mlchj..10
for
Week
130% 132
24%
6%
Purchase warrants.
Alles A Fisher Inc com—
98
Price
Berkey A Gay Furniture. 1
Jan
Jan
Jan
Jan
100"
of Prices
Low
High
Bell Tel of Pa 6 H% Pf-100
10
Me
100
Jan
1%
17%
%
74%
105%
96%
Me
Warrants
5%
Alabama Gt Southern. .60
Ala Power
Ben Aircraft Corp oom..l
Beilanca Aircraft com
1
Week's Range
Sale
(.Continued)
Shares
10
Acme Wire Co com.
Last
STOCKS
Range Since Jan. 1,1940
Week
Price
Sales
Friday
Sales
Friday
Jan
Jan
Jan
Jan
7%
6%
ieH
5
Jan
48%
Jan
7%
2%
Jan
New York Curb
Volume ISO
Friday
STOCKS
Last
Sale
(Continued)
Par
Price
Club Alum Utensil Co...*
Cockshutt Plow Co oom
*
Week's Range
High
for
Range Since Jan. 1,1940
300
Tx "m
"ioo
IX
900
Low
55*
5?*
Colt's Patent Fire Arms.25
Columbia Qas A Elec—
79 %
79 X
Conv 6% preferred..100
Columbia Oil & Gas
.1
66
66
66
1?*
400
3
Jan
Feb
6
Feb
75*
15*
4?*
5?*
Feb
8?*
2?*
Jan
Jan
Jan
6?*
Jan
Fire Association (PhUa).lO
Flsk Rubber Corp..
1
77
25
IX
64
2,000
IX
1
83
Jan
Florida P A L $7 pref—.♦
Ford Motor Co Ltd—
Jan
70?*
2?*
Feb
Jan
Am dep rets ord ref
£1
Ford Motor of Canada—
Class A non-vot——*
X
Jan
Feb
Jan
ht
Jan
8
Jan
*ie
IX
4,300
300
1?*
Jan
1?*
Mar
43
43?*
250
40?*
Feb
34?*
35?*
250
84
Jan
465*
37?*
Feb
35?*
X
X
100
<i«
Feb
5*
Feb
17 X
17X
17X
300
17?*
Jan
18
Feb
Conv parti e pref
Fruehauf Trailer Co
45
Feb
45
Feb
Fuller (Geo A) Co com
S3 conv stock
Jan
Conn Gas A Coke becur—
S3 preferred
Consol Biscuit Co...
*
1
Consol Q E LP Ba t com *
70 X
80 X
82
1,000
100
43*% series B pre!
Consol Gas Utilities..
i'x "ix
1
Consol Retail Stores.....1
r34
r34
3
""700
50
3?*
800
8% preferred
Consol Steel Corp com
*
ContG&E7% priorpf 100
Continental Oil of Mex-.l
Cont Roll & Steel Fdy
Cook Paint & Varnish
*
*
Cooper-Bessemer com....*
S3 prior prererenoe
Copper Range Co
*
*
5
Cop per weld Steel—
Cornucopia Gold Mines.5e
Corroon A ReynoldsCommon
.....1
S6 preferred A..
*
1
Coeden Petroleum com
5% conv preferred
IX
6
Crocker Wheeler Elec
4?*
91?*
1?*
5
10
100
1,400
92?*
30
""500
"GX
10
10
150
Crowley, Milner A Co
*
Crown Cent Petrol (Md)-5
25c
7% conv preferred
25
Crystal Oil Ref com...—*
S6 preferred
—.10
6
Jan
15*
39?*
Jan
3?*
97?*
Feb
Feb
1,500
IX
100
"lX "ix
"17200
Jan
Jan
21X
2,000
15*
1?*
2X
2X
"ix
8X
IX
19X
Feb
17?*
165*
Jan
Jan
12?*
Jan
15
100
9?*
17?*
27?*
Jan
Jan
Jan
32?*
105*
105*
19?*
105*
19?*
300
"295*
295*
30?*
1,600
"23"
""25
1
Mar
1?*
Jan
Mar
105*
19?*
Jan
Feb
Jan
17
Feb
19
Jan
22
Feb
27?*
Feb
41
Jan
Jan
85?*
Feb
41
87
73
"85?* '85X
"""16
Jan
78
Jan
1?*
200
15?*
15?*
100
1
Mar
1?*
Jan
Jan
Jan
155*
165*
Mar
Mar
Jan
Jan
Jan
Jan
Warrants......—
Feb
165*
X
Jan
Feb
145*
13?*
100
Feb
Jan
Jan
Feb
1?*
77?*
Feb
Feb
Jan
1?*
Jan
25
Gen Outdoor Adv 6% pf 100
Gen Pub Serv 56 pref
*
A«i
Feb
25
Jan
Feb
X
55?*
Feb
iti
500
Mar
h«
Mar
90
87?*
90
50
75
40
40
40
80
\ 35
Gen Rayon Co A stock...*
General Shareholdings Corp
Common
56 conv
Jan
hi
60
h«
Jan
90
Jan
Feb
44
IX
73 X
preferred..—*
IX
74
Feb
Jan
5*
Feb
15*
110
1?*
72?*
600
Jan
Feb
Mar
5*
1
6% preferred A
100
Gen Water G A E eom...1
105?* 105?*
80
103?*
Jan
9?*
Jan
...*
53 preferred
""40?* "4l"
"125
*
1015* 1015*
75
39?*
98?*
875*
5?*
Jan
Jan
Georgia Power 50 pref
Jan
Jan
Feb
Jan
6ie
105?*
55 preferred..—
.*
Gilbert (A C) common...*
Preferred
....*
Gilchrist Co
»
X
10
Jan
Mar
2X
8X
IX
20?*
100
1?*
Jan
100
7?*
1,200
1
Jan
Feb
175
18
Jan
Jan
Jan
Jan
2?*
8?*
1?*
20?*
8?*
2?*
112
Feb
Feb
Feb
Mar
77
Jan
Jan
Jan
1055*
95*
41
Feb
Feb
Mar
1015*
Feb
Jan
90
Jan
6
Jan
Feb
405*
Jan
45
Jan
45*
Glen Alden Coal
300
"18?*
""500
"Tx "m
i"700
ix
100
*18"
18
"m
50
6?*
Jan
4
Feb
ix
25
25
"ix "ix
50
"ioo
Jan
45*
6?*
23?*
8?*
Feb
8
Jan
Gorbam Ino class A
Feb
J*
2ix
21X
13
J*
8X
4?*
13
9X
4?*
Jan
Feb
5X
74?*
Jan
19
Feb
195*
Non-vot eom stock..—*
29
Jan
32
Jan
Feb
7% 1st preferred.—100
7
Jan
8
Jan
45*
Jan
Feb
Feb
Feb
Grumman Aircraft
84?*
15*
Feb
92
Feb
Jan
2
Jan
Gull Oil Corp
Gulf States Utll 55.50 pf.*
56 preferred—
*
Feb
Feb
11
Feb
17?*
15*
Jan
Jan
Hall Lamp Co
15*
1?*
Jan
Feb
Haloid Co
300
?<
18?*
Jan
Feb
22
Jan
Jan
26?*
Jan
Hartford Rayon vtc
.1
Hartman Tobacco Co.... •
Jan
28
Jan
Harvard Brewing Co
100
Hammer mill
ft
....6
Paper
13?*
Jan
Feb
Feb
Jan
Jan
74?*
Feb
5?* Mar
1?*
77
Jan
Jan
Durham Hosiery el B com *
Duro-Test Corp com——1
5*
Jan
1?*
IX
IX
2
200
IX
Mar
25*
Jan
Duval Texas Sulphur...
7X
7X
7X
600
ox
Jan
7X
Mar
UX
10X
12X
3,800
Feb
12 X
Jan
3X
2X
48?*
19?*
3?*
52?*
24?*
2,000
25*
Feb
1,100
3,000
42?*
17?*
Jan
52
35*
5*
Mar
Feb
24?*
Mar
Feb
10
Eastern Malleable Iron..25
10
9
"~X ""he """400
Eastern States Corp.....*
~15~
3X
3X
16
~~2~X
"\5X """l25
4
16?*
1,000
100
IX
55*
55
62
2X
13,400
6?*
565*
64?*
33,900
1,100
3,200
Option warrants—..
13?*
1
....1
13?*
100
200
Elgin Nat Watch Co
15
Empire Diet El 8% pf 100
X
Mar
Jan
Jan
Jan
134
134
100
130
Jan
135
Jan
43
43
50
40
Jan
46
Jan
17
8?*
2?*
15?*
9?*
2?*
175*
iizx
36?*
1,900
34
Mar
39?*
109?*
60
109
Mar
111?*
Jan
113?* 114?*
180
112
Jan
114?*
Mar
95*
Mar
75*
17X
28X
100
"1"?* "ix
50
Jan
"I7266
5?*
145*
Feb
Jan
18
28
Feb
30
Jan
Jan
70?*
Feb
Feb
Jan
Jan
1?*
5*
Jan
Feb
15*
Jan
Jan
7X
Feb
15*
15*
7?*
1?*
900
IX
X
1?*
7?*
7?*
200
6
"26"
28?*
20
300
27?*
Jan
29
2?*
175*
Jan
"""IOO
3?*
21?*
Feb
Feb
15,200
6?*
4?*
8?*
Jan
10?*
8?*
26?*
26?*
Jan
Jan
Jan
11
Mar
27?*
Jan
Mar
27?*
300
26?*
26?*
27
550
12?*
12?*
76?*
20?*
12?*
78?*
205*
...
.25
Henry Holt A Co—
Participating class A..
Hewitt Rubber common..5
Hey den Chemical
...10
Hires (Chas E) Co
1
Hoe (R) & Co class A—.10
Holllnger Consol G M...6
Holophane Co oommon..*
Holt (H) see Henry.—.
76?*
200
100
11?*
500
67
200
20?*
12?*
Jan
79?*
21?*
8?*
Feb
Feb
Jan
12
Jan
100
7
11
100
11
13
200
12?*
Jan
14
Jan
Feb
145*
Feb
295*
Jan
35
Feb
Jan
120
7?*
7?*
Hormel (Geo A) A Co eom*
Horn (A Q Co com
1
35*
Jan
Jan
Mar
12?*
Horn A Hardart Baking.
16
27
14?*
Jan
Jan
Jan
7?<
75*
11
12?*
Horde's Ine
Feb
X
Jan
6?*
27
w w
Preferred ex-war.
Jan
6?*
—25
Preferred
Jan
Feb
Jan
Mar
Mar
100
19X
120
Feb
4X
Jan
Horn A Hardart......—*
Jan
17X
Jan
5% preferred
100
Hubbeil (Harvey) Ine....5
345*
34
345*
325
33?*
110
2X
Mar
"lT"
~i~o~
Humble Oil A Ret
*
59?*
58
Mar
85*
61?*
Jan
55
Jan
Hummel-Ross Fibre Corp 5
4?*
62
Mar
70
Jan
Mar
20
Jan
Jan
Jan
Feb
Jan
355*
Feb
111
Feb
f Huylers of Del Ino—
125*
~io
Jan
Mar
Hussmann-Llgonler Co..*
1?* Feb
5?* Mar
Mar
«i# Mar
3?<
14
15*
Jan
Common...
Jan
4X
60 X
5X
'""160
14
Jan
16
Feb
2,400
1,000
58
Mar
68
Jan
7% pref stamped—.100
7% pref unstamped..100
Jan
.........
Jan
24
Jan
Mar
79
Feb
Hydro Electric Securities.*
Hydrade Food Prod.....5
Feb
Hygrade Sylvan!* Corp..*
Illinois Iowa Power Co...*
Jan
Jan
67?*
675*
Feb
6% conv preferred
Jan
69
Feb
Jan
70 X
Feb
Illinois Zinc Co...
26
Jan
Illuminating Shares A
Imperial Chemical IndusAm dep rets regis
£1
Imperial 00 (Chut) soup..*
Registered..—.——*
Imperial Tobacco of Can.6
Imperial Tobaeoo of Great
2X
2,300
10?*
X
Feb
X
Feb
hi
Feb
675
235*
Jan
255*
Mar
700
4?*
Jan
Feb
50
11
26?*
105*
23?*
105*
Jan
700
Feb
12 X
Jan
5X
45*
6?*
31,100
45*
Mar
65*
Feb
"24 %
85*
245*
8?*
245*
14?*
4,900
500
7?*
Jan
300
23?*
105*
Jan
Jan
Feb
8?* Mar
245* Mar
145* Mar
Britain A Ireland
Indiana Pips Line
.60
"23?*
22?*
4?*
75*
10
7% preferred...—100
5*
7?*
8X
25*
2?*
11?*
11?*
11?*
12?*
X
Jan
105*
105*
25*
Feb
Feb
Jan
40
Feb
2?*
22?* Mar
4?* Mar
7?* Mar
11?*
11?*
12?*
1,900
1,600
200
5?*
11?*
6?*
115*
12
12
5?*
U?*
11?*
12?*
Feb
3
Jan
Mar
200
950
Feb
Jan
2%
235*
4?*
7?*
600
Jan
Jan
Jan
29
1,200
55*
Jan
150
60?*
11?*
Feb
900
Jan
Jan
Mar
Mar
Jan
Jan
4
265*
65*
7?*
63
6
Jan
Jan
Jan
Mar
Feb
Jan
125*
125*
13?*
Jan
245*
65*
Feb
Jan
Jan
60
225*
55*
UJ*
Mar
16
Jan
10
12
Mar
165*
Jan
£1
Indiana Service 8% pf.100
45*
3
x39%
*
Jan
2X
X39
*
Jan
3
Div arrear ctfs
45*
23?*
1573.
0,200
400
19 X
he
14
95*
17X
28?*
11
Mar
25X
4?*
26?*
11?*
•
Jan
Jan
Feb
34
7?*
10?*
Mar
25X
Equip..5
.1
X
7?*
25
FalrebUd Aviation—....1
Jan
10
635*
655*
"67?* "67?*
Eureka Pipe Line com..50
Jan
9?*
2?*
175*
Mar
Jan
11
64
66
45*
Jan
2
60?*
1
75*
2?*
14?*
Class A...——..—*
Heller Co common
77
X
25X
600
200
3,800
69
9
Helena Rubenateln
23
66
Jan
109
36
275*
15
Empire Gas A Fuel Co—
6% preferred....... 100
65*% preferred
100
7% preferred—.—. 100
8% preferred.....—100
Empire Power part stock.*
Jan
43
13 X
2
6
56?*
64?*
11?*
134
5
0% eonv preferred—.50
Hecla Mining Co.
26c
16
37 preferred series A.—*
56 preferred series B
*
Jan
Feb
Feb
114
Hearn Dept Store com
12?*
Feb
1?*
24?*
155*
27?*
6?*
Mar
Hazel tine Corp
4?*
Mar
...100
Mar
Mar
Jan
Mar
Haverty Furniture ev pfd
95*
109
52 X
'""600
14?*
23?*
65*
8?*
109
1
Jan
Jan
700
Feb
360
10
Mar
75*
1085*
7% preferred..
25
Feb
Gypsum Lime A Alabast.*
4?* Mar
13
100
DubUler Condenser Corp.l
10
Jan
hi
112
Hartford Eleo Light——25
100
Feb
Jan
102
Jan
Mar
X
Engr.l
25
Jan
Jan
1?*
125
200
Guardian Investors
X
Jan
Jan
Feb
2,600
9
109
Grocery Sta Prod com..25c
14
45*
15*
27?*
Gt Northern Paper..—25
Greenfield Tap A Die.—.*
15*
1?*
100
Feb
Jan
24?*
Great Atl A Pac Tea—
Jan
Jan
1?*
15
25?*
'""§?* "9
Gray Manufacturing Co. 10
Jan
29
1?*
14?*
25?*
Grand Rapids Varnish...*
100
100
Jan
Jan
...1*
17
115*
5X
50
25
._*
Mfg common..10
26?*
21
24?*
ht
53 preferred
26?*
ix
ix
24?*
IOO
Feb
16?*
IX
IX
4,800
57 preferred...
10
IX
7?*
Godehaux Sugars class A.*
Class B
17?*
4?*
IX
7
*
Goldfleld Consol Mines.. 1
Goodman Mfg Co
.50
78
150
56 preferred-..—...*
Jan
1
100
15
Jan
55* Mar
745* Mar
Falrchlld Eng A Airplane. 1
Feb
1
1
145*
X
7?*
10?*
105*
25?*
5?*
27?*
For footnotes see page
3?*
Feb
Jan
Jan
400
6?*
4?*
74?*
Fanny Farmer Candy..
Fansteei Metallurgical
Jan
15?*
155*
400
-10
Falstaff Brewing—
25*
800
X
G or ham
Dominion Tar A Chemical*
Esquire Ine
1,100
165*
75*
25*
Draper Corp
Emseo Derrick A
3?*
X
*
Equity Corp common.. 10c
53 conv pref...——1
Jan
Feb
165*
15?*
22?*
6?*
1,200
Dominion Steel A Coal B 25
Electrographlc Corp
Feb
X
3?*
1
Feb
111
9
E octroi Inc v t o
1
15
Amer dep rets ord ref .£1
Feb
7
4
55 preferred..........*
56 preferred
....*
Elec P & L 2d pref A
♦
12
70
Gladding McBean A Co—*
Am dep rets ord reg..£l
Dlvoo-Twln Truck com
1
Easy Washing Mach B
*
Economy Grocery Stores.*
Eister Electric Corp
1
Eleo Bond A Share eom—5
Jan
15?*
3?*
General Alloys Co
Gen Electric Co Ltd—
Feb
he
X
Dobeckmun Co common. 1
45* % prior preferred. 100
6% preferred
.....100
Mar
.100
Hat Corp of America—
B non-vot com...——1
Common
104?*
X
10
Eagle Plcher Lead......10
East Gas A Fuel Assoc—
Jan
Jan
800
15?*
Jan
Distilled Liquors Corp..
Distillers Co Ltd—
Duke Power Co
15?*
Gen Fire proofing oom
»
Gen Gas A El 6% pref B..»
15*
5?*
Jan
70
5X
5
Diamond Shoe Corp com.*
Dominion Textile Co
Jan
General Investment oom.l
Jan
19?*
4?*
10
Driver Harris Co
5% preferred
7
20 X
1
7% preferred..
135*
965*
Jan
Jan
10X
20
com
16,500
Jan
Mar
15X
1
Detroit Steel Products...*
Mar
98
8?*
4?*
15?*
X
Feb
Gatlneau Power Co eom.*
*
Detroit Paper Prod
Jan
67?*
"23"
9
21
60
8% debenture
.100
Derby Oil A Ref Corp com*
6% pref w w
6u
210
1
Jan
9?*
800
—1
Detroit Gray Iron Fdy
1
Det Mich Stove Co com—I
1
Feb
Jan
IX
IX
S6 prior pref
De Vllblss Co
X
5X
Darby Petroleum com
5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A conv..
35
Decca Records oom
1
preferred
Detroit Gasket & Mfg
100
69?*
145*
15?*
98
104?*
07X
Jan
25
4?*
conv
104
15
83
Jan
100
6?*
A
1
......
120
Feb
500
Curtis Mfg Co (Mo)...—5
Dejay Stores
Common
Jan
4?*
90
9X
Cuneo Press 6 X % pret.100
Curtis Lighting Inc......*
Dennlson Mfg cl A com—5
15?*
High
200
9?*
68 X
4% conv preferred
100
Gamewell Co 56 conv pf.*
97?*
1?*
25X
*
com
3
Low
6
ox
OX
General Tire A Rubber—
Crown Cork Interaat A..*
Crown Drug Co com
Feb
Jan
35
8X
1
Croft Brewing Co
3?*
Feb
15*
5X
16X
Mar
Amer dep rets
100 frcs
Fox (Peter) Brew Co.——6
Froedtert Grain A Malt—
Jan
25X
8X
*
Cuban Tobacco
1?*
4?*
92?*
50
£1
Courtaulds Ltd
Creole Petroleum
2?*
78?*
117
Consol Mln & Smelt Ltd.6
...100
Consol Royalty Oil
10
Range Since Jan. 1,1940
for
Wee
Shares
Ford Motor of France—
15*
43
.
1
Range
of Prices
High
Class B voting
he
_
OX
Week's
Low
X
Jan
6?*
....
ext to 1946
Price
Fldelio Brewery
45*
Feb
Jan
Jan
Compo Shoe Mach—
Vtc
Fedders Mfg Co.....
5
led Compress A W'h'se 25
Plat Amer dep rets....
3?*
Commonwealth 4 Southern
Commonw Distribution
Sale
Pa
Jan
450
Columbia Pictures Corp..*
Community P&Ltti iref *
Community Pub Service 25
Community Water Serv
i
Last
High
6
IX
5X
80
Warrants
STOCKS
(Continued)
Shares
3H
1569
Sale
Friday
Week
of Price*
Low
3X
Cohn A Rosenberger Inc. *
Colon Development ord
6% conv preferred.—£1
Colorado Fuel A Iron warr.
Exchange—Continued—Page 2
Sales
400
Feb
Feb
New York Curb
1570
Exchange—Continued—Page 3
Sales
Friday
STOCKS
Last
Week's Range
Sale
of Prices
Week
Par
Price
IndplaP AL0%% Pi- .100
110%
Low
High\
110% 110%
Range Since Jan. 1,1940
Low
30
110%
Mar
%
Jan
Feb
1
%
Jan
Feb
113
Jan
Industrial Finance—
V t e common
1
Week's Range
far
Sale
of Prices
Low
High
Week
Par
1
class A
Class B
Last
High
Indian Ter Ilium OU—
Non-voting
STOCKS
(.Continued)
Shares
Middle States PetrolClass A v t c new
Class B
v t
c
1
3%
'11
Jan
71%
650
70%
Jan
%
9%
73%
Feb
21
21
21%
500
21
Feb
22%
Jan
Mid vale
10
10
10%
700
10
Mar
15%
Jan
1%
500
Feb
1%
Jan
Mar
12%
Intt Industries Inc
1
Internat Metal Indus A-.*
Internat Paper A Pow warr
1%
q
q
1%
2%
1%
25
9
5,600
1%
Jan
3
Feb
Jan
| International Petroleum—
Coupon shares
Registered shares
17%
18%
18%
18%
100
4%
17%
—.
4%
1,400
4%
Jan
»ll
%
300
%
Jan
International Products—*
Internat Safety Razor B
%
International Utility—
Class A_....
Class B.
2,100
17%
Jan
19%
Feb
18
Feb
19%
Feb
5
Jan
%
Mar
S2
conv
Midland
12
preferred
*
Steel Products—
non cum
8%
300
9
%
-.1
%
8%
2,000
*
Warrants series of 1940.
International Vitamin
1
Interstate Home Equip. .1
16
%
9
Jan
Feb
Feb
3%
3%
3%
8%
8%
14
350
Feb
%
18%
Jan
32
15
•
Feb
37
Jan
3
1,200
1,400
3%
Jan
7%
10%
Feb
3%
Feb
•ii
Jan
Jan
8%
Jan
Mar
5%
100
Co
Mid-West Abrasive
*
60c
109%
1%
7%
175
109% 109%
1%
1%
7%
7%
3%
6
Jan
Jan
Feb
Jan
18%
114%
1%
Mar
Feb
8
Jan
105
Jan
65%
Mar
6% preferred-100
Missouri Pub Serv com.
117
117
10
Feb
117%
Feb
5
600
4%
Jan
5
Jan
4%
117
10%
S2.60
Molybdenum Corp
1
Monarch Machine Tool.
Monogram Pictures com-1
Monroe Loan Soc A
1
Montana Dakota Utll—10
7%
31
10%
200
10%
Feb
6%
28%
7%
32
4,200
1,200
5%
24%
»i«
Feb
1
Jan
Feb
2%
Jan
"ie
400
13u
2
Montreal Lt Ht A Pow--*
2
100
2
169
Montgomery Ward A
Jan
169
"To
168
Moody investors part pf.*
IMoore (Tom) Distillery .1
23%
450
24%
100
6%
Jan
16
Jan
%
17%
Jan
Mar
Irving Air Chute
16%
17%
800
16
Mtge Bank of Col Am shs
Mountain City Cop com 6c
4
17%
3%
4%
Jan
17%
Feb
Mountain Producers-
5%
5%
5%
"~2% '""2% "2%
(Mountain States Pw com*
Mountain Sta Tel A Tel 100
11%
9%
9%
25
534% preferred
6% preferred
7% preferred--
Jan
3
Jan
Jan
2%
Feb
£90
90%
125
88
Jan
90%
Feb
97%
90
95
Jan
98
Jan
105
£90
29%
105%
30
27%
pref. 100
Keith (Geo
E)7% 1st pflOO
29%
29%
27%
27%
27
100
20
6
Ken-Rad Tube A
Key Co com
103%
1,100
120% 120%
Kokenge com.-*
KansasQAE7%
Kennedy's Ino
*n
Feb
1%
97
100
.100
100
Jones A Laughlln Steel. 100
Julian A
Jan
2%
100
6%
Lamp A *
3%
6%
27%
116%
200
Mar
6
700
3%
Jan
Feb
Kings Co Lt« 7% pf B.100
6% preferred D
100
Kingston Products..
1
Kir by Petroleum
Jan
Jan
Kirkl'd Lake G M Co Ltd 1
Klein (D Em
11) Co com—*
%
%
1«I6
600
92%
..
1%
Jan
Mar
Mar
Jan
Mar
7%
4%
112%
Jan
Jan
92%
10
""1% "lH
"700
67%
1%
Knott Corp common
Lane Bryant
7% pref—100
Lane Wells Co com
1
Jan
68
Jan
Mar
2
Jan
500
2%
%
Mar
100
13%
Jan
2%
1%
13%
Jan
10
100
10
Jan
10%
Jan
7
100
Jan
Jan
Jan
88%
19%
4%
7%
Jan
Mar
Feb
55
Feb
Jan
12%
Feb
Jan
Jan
Jan
20%
4%
2,700
19%
Mar
25%
Jan
Nehi Corp common..
1st preferred
4,500
3%
Feb
4%
Jan
Feb
41
£6%
Jan
80
Jan
9%
Jan
11%
Feb
Jan
16%
Feb
Feb
%
Feb
6
Feb
6
2%
4,500
2%
Jan
2%
Mar
3n
%
800
3n
Jan
%
Jan
34
300
31%
Feb
35%
Jan
500
9%
Jan
11%
Feb
16%
10%
16%
Jan
22
9%
100
10%
22%
350
18%
Jan
16%
22%
Mar
1%
1%
300
1
Feb
1%
Jan
5
13%
13%
13%
200
13
Jan
13%
Mar
*
9%
9%
9%
1,100
Jan
10%
Jan
Mar
A..*
Long Island LightingCommon
...»
1
9%
1
1%
600
39%
40%
375
39%
Mar
1%
48%
36%
38
700
36%
Mar
44%
Jan
Jan
2%
Mar
Feb
6
Jan
105%
Jan
Feb
7% pref class A
.100
6% pref class B—...100
Loudon Packing
*
37%
2%
2
2%
Louisiana Land A Explor.l
Louisiana PALS6 pref..*
1,1.00
1%
5%
5%
5%
2,800
5
103
Jan
Jan
Jan
A Co com*
Conv 7% 1st pref
Conv 7% 1st pref
100
v t
21
clOO
Lynch Corp common
5
Majestlo Radio A Tel—.1
25
27
25
26%
Jan
25
Jan
27
24%
Jan
2,900
%
Mar
•u
Feb
500
1
1%
*
Jan
Mar
71I
Jan
"ll
Feb
1%
Feb
35
28
28
36
Feb
Jan
10
Jan
25%
100
Marconi Intl Marine
Feb
10
Mantechewltz (The B) Co. *
Ma pes Consol
Mfg Co—*
Communlca'ns
Corp
25
Jan
900
h
%
preferred
Jan
20
20
27
%
Manatl Sugar
opt warr
Mangel Stores
Jan
29
Feb
15
—*
Marlon Steam Shovel
Mass Utll Assoc v t c
*
4%
4%
200
1
2%
3%
2%
100
4%
1,000
28%
29%
800
Massey Harris common..*
Master Electric Co
1
4%
29
Feb
2%
2%
3%
21%
May Hosiery Mills Ino—
34 preferred
Mead Johnson A Co
*
Memphis Nat Gas com—5
MercantUe Stores com...*
Merchants A Mfg cl A—1
8%
9%
616
716
29%
166
"IT"
7%
165
4%
16%
7%
166%
400
4%
300
5%
Jan
Jan
%
141%
9%
Jan
15%
Jan
Jan
12%
17%
Jan
Jan
Feb
Mar
Mar
10
81%
Jan
Feb
4,800
3,700
7 %
Jan
11%
9%
Mar
su
Jan
7is
Jan
8%
Feb
29%
10
28%
Feb
31
500
10
Feb
""50
43
Jan
Feb
Jan
11%
47
10%
12%
10%
12%
100
9%
Jan
16%
4,300
Jan
11%
12
Jan
13%
3
12%
Feb
42
88
92
3%
700
41
Jan
88
Mar
1,700
2%
3%
48%
Jan
6%
Feb
54%
Jan
11%
42%
92
1,000
10
42%
5%
8
10%
5%
6%
Jan
44
97%
3%
7%
10%
1%
8%
1,025
500
11
100
1%
3%
cum
5%
8%
Jan
8%
Jan
11%
1%
*x«
Jan
1%
Feb
U7
60
Jan
70
5%
Feb
6
Jan
Feb
6
Jan
%
Jan
1
Jan
1%
Jan
1%
Jan
12
Feb
65
Feb
24%
900
67%
12%
5%
64
%
Jan
115
66
Feb
12
6
100
6
Feb
13%
76%
25%
124%
5%
Jan
4%non-cum.l00
*
6% preferred
100
$2 preferred
»
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Inc oommon—*
New Jersey Zinc
25
New Mex A Aria Land—.1
66
66
133" £131"
"12%
62
300
67
133'
"230
Jan
133
6%
1
12%
"466
12
Jan
13%
62%
550
60
Feb
65
1%
12%
61%
800
Feb
33
Feb
33
*
com
1
*
New Process Co
N Y Auction Co
2
Feb
2
N Y A Honduras
Roeario 10
N Y Merchandise
10
N Y Pr A Lt
7% pref—100
$6 preferred
N Y
1%
Founders shares
200
Mar
7%
Jan
9
Feb
114%
Jan
118%
Jan
106
20
101%
Jan
109
15
1,400
12%
Feb
106
106
4%
1
5%% preferred
14%
14%
104% 104%
100
20
New York Transit Co
5
N Y Water Serv
0% pf.100
6%% A preferred—.100
Mesabl Iron Co
1
Metal TextUe Corp
26c
3
Common
—.10
5
5%
9,000
100
84
87%
475
6% 1st pref
6% 2d preferred
Class A opt warrants
Class B opt warrants
Class B common..
Class A preferred
5%
5
5%
100
*
Feb
Feb
84
Mar
6%
89%
Jan
81%
Feb
*n
Feb
Jan
7»j
Jan
Jan
1
Feb
Jan
5%
Feb
Feb
99%
1,200
57%
Jan
67%
9
9
100
8%
Jan
9
1
1%
700
1
Jan
1%
Jan
4%
4%
400
4%
Jan
5%
Jan
nu
12,900
1,575
%
73%
Feb
Jan
85
23%
4%
Noma Electric
Jan
5
94%
66
1
Feb
Feb
26%
64%
Feb
Jan
Mar
Nor Amer Lt A Power—
Mar
Jan
5
Jan
29%
Feb
Jan
152%
4%
Jan
Mar
167
Feb
4%
Jan
15
Feb
17
Mar
Jan
4
Jan
Feb
Common.—....
1
$0 preferred
*
North Amer Rayon cl A—*
Class B common
*
»1«
84
85
24%
26%
80
49%
Jan
52
%
300
5n
Mar
2%
Jan
*!•
Nor Central Texas Oil...5
Nor European OU com—1
Nor Ind Pub Ser 0% pf.100
Feb
50%
he
Feb
bi
100
100
50
100
Jan
105%
30
100%
Jan
114
Feb
30%
4%
Mar
%
Mar
Jan
»u
*
Feb
Novadel-Agene Corp
35
900
%
Jan
2%
42%
Jan
3%
Feb
Ohio Brass Co cl B com—*
Ohio Edison $0 pref
*
110
110
75
Jan
42%
Jan
102%
103
200
Feb
108%
%
Jan
Jan
Jan
67
Jan
%
%
800
'ii
Feb
%
Jan
5%
6%
600
5%
Mar
7%
Jan
16u
"i.
300
%
Jan
4%
Feb
Jan
5
Feb
Ohio OU 0% pref
100
Ohio Power 0% pref—100
Ohio P S 7% 1st pref.—100
0% 1st preferred
100
OUstocks Ltd common...5
Oklahoma Nat Gas com. 15
$5%
100
7%
700
i5 „
Jan
11%
Mar
18%
36%
22%
100
16%
Jan
15%
18%
7%
11
22%
103
400
50
35
19%
107
98%
Mar
Jan
37
23
Jan
110%
Jan
104%
114% 115
7%
50
113%
Feb
116%
112%
107
Feb
107
20
106%
Jan
115%
107%
200
7%
Feb
7%
107
19
50
13 preferred
7%
11
18%
10
Northern Sta Pow cl A—25
Northwest Engineering—*
•il
2%
109% 110
100
Feb
Jan
1%
50%
0% prior preferred—60
No Am UtlUty Securities.*
7% preferred..
Northern Pipe Line
%
80
%
*
........10
Jan
4%
6%
66
100
2%
Feb
%
29
Jan
%
4%
2%
104
Feb
Feb
Jan
700
3%
*
Mar
Niagara Share—
600
—*
Michigan Bumper Corp.. 1
Michigan Steel Tube..2.60
Michigan Sugar Co
*
15
105%
£73
-100
Jan
9%
Partldpat preferred—16
Metropolitan Edison—
Feb
Niagara Hudson Power—
Jan
Feb
63
%
-.6
3
104
5%
21%
100
4%
Jan
New York State EI A Gas—
100
4%
28 %
I
"l%
Feb
100
23%
"20
""
.*
ShlpbuUdlng Corp—
150
25%
116% 116%
5
7%
•
23%
116%
Nlplsslng Mines
3%
28%
17
Warrants
$6 preferred—.
Mexico Ohio OU
Feb
14%
Feb
2
7%
Participating preferred.*
Merrltt Chapman A Scott*
Feb
5%
"45% "45%
Nelson (Herman) Corp.—6
Neptune Meter class A—*
Nestle Le Mur Co cl A
*
Nineteen Hundred Corp B1
15
*
McCord Bad A Mfg B„.♦
MoWUliams Dredging...*
»
NUee-Bement-Pond
ord reg £1
Margay OU
Feb
4%
4%
N Y City Omnibus—
Warrants
*
...
Ludwlg Bauman
Feb
1%
22%
7u
Feb
*
New Engl Pow Assoc
2%
32%
Jan
Jan
3%
Jan
Nebraska Pow 7% pref-100
42%
19%
5
%
9%
Jan
Feb
Nevada Calif Elec com. 100
2%
Jan
30
(Nebel (Oscar) Co com.—*
11%
Lefoourt Realty common
Conv preferred
Class B
500
Nat Union Radio Corp.—1
Navarro OU Co
National Tea6%% pref. 10
National Transit
12.60
Nat Tunnel A Mines
100
Class B
Locke Steel Chain.—.
Lone Star Gas
Corp
Nat Rubber Mach
*
National Steel Car Ltd—.
National Sugar Refining.*
88%
16%
*
National Container
(Del). 1
National Fuel Gas..
Nat Mfg A Stores com—.
National Oil Products—4
National P A L 56 pref—
National Refining com—
500
"Tod
Jan
26
£11% £11%
7% preferred
-.25
National Candy Co
National City Lines com.l
$3 conv pref
60
5%
41%
Class A
Lit Brothers common
Loblaw Groceterias cl
7,.
12%
"9% "Id"
171
Mar
79
Nat BeUas Hess com
1
National Breweries com..*
Jan
£71
"Id"
16%
9%
12%
4
Jan
%
Fibres.-1
Jan
6%
20
Mar
10%
5%
41%
12%
*i#
-.
85
60
Langendorf Utd Bakeries—
Lehigh Coal A Nav
*
Leonard OU Develop
25
Le Tourneau (R
G) Inc.-1
Line Material Co
6
Llpton (Thos J) olass A„ 1
6% preferred
25
Nat Automotive
-
32
4%
3,200
1,600
138
Murray Ohio Mfg Co
*|
Muskegon Piston Ring.2%
Muskogee Co com
*
6% preferred
100
Nachman-SprlngfUled
Mar
Jan
Jan
26
-.10
55
88%
1
LackawannaRR (N J). 100
Lake Shores Mines
Ltd-.l
Lakey Foundry A Mach.l
Mar
Mar
13%
""% "T~
7
1
Kreuger Brewing Co
1*16
92%
10
Kobacker Stores Ino
*
Koppers Co 6% pref..-100
Kresge Dept Stores—
4% conv 1st pref
100
Kress (S H) special
pref. 10
Mar
Jan
%
89
13%
"%
Klelnert (I B) Rubber ColO
Preferred
27%
120%
Mar
Jan
3%
111
1
conv
36
*
Kimberly-Clark 6% pf.100
Kingsbury Breweries
11
$5
105%
Jan
11%
7%
Feb
23%
300
16%
12%
17%
*ii
Tood
Feb
Mock, Jud, Voehrlnger—
Jan
2%
1
Minnesota P A L 7 % pf 100
Mississippi River Power—
650
2%
Jan
Mar
3%
2%
11
%
17%
1
Italian Superpower A....*
Jacobs (F L) Co
.....1
Jeannette Glass Co
*
Jersey Central Pow A Lt—
Jan
Jan
57%
16
....
Jan
1%
7%
100
17%
'
Jan
Jan
500
%
65%
Iron Fireman Mfg v t o—*
3%
Jan
"n
9%
Mar
11
%
63%
13
13
4%
Jan
4%
600
13"
200
Feb
Feb
8
500
Interstate Hosiery Mills.*
Interstate Power S7 pref_*
Investors Royalty
—1
13
High
»
17%
dlv aha..—*
Common
SI.76 preferred
S3.60 prior pref
2,500
4%
Midwest OU Co
-10
Midwest Piping A Sup..
Mining Corp of Canada—*
Minnesota Mln A Mfg—*
60
Jan
Feb
300
8%
Low
•11
71
Jan
3%
8%
71%
9
Range Since Jan. 1, 1910
Shares
new...
Internat Hydro Elec—
Pre! S3.60 series
In
Price
Middle West Corp 00m.
Midland OU Corp—
7% preferred—..--100
Insurance Co of No Am. 10
International Cigar Mach
.
1940
9,
Sales
Friday
for
{Continued)
March
"49%
7%
20%
1,100
18%
Jan
20%
49%
49%
150
46
Jan
250
112
49%
114%
8
♦
112%
1
Oliver United FUters B-._*
1%
1%
2%
4,900
1%
Feb
2%
Omar, Inc
8%
8%
8%
150
7%
2%
Jan
8%
Feb
Jan
3%
Feb
conv prior
pref
Oldetyme Distillers
—1
Overseas Securities——*
Par footnotes
see
page
1573.
112% 113%
Feb
Volume
New York Curb
149
Friday
STOCKS
Last
(Continued)
Sale
Par
Price
Pacific Can Co common..*
of Prices
Low
14%
PacificQ4E0% 1st pl.25
34 %
Pacific Public Serv
High
for
Range Since Jan. 1, 1940
14%
300
34%
34%
30%
1,200
25
30%
100
13%
33%
30%
107%
Feb
7,700
9%
31%
47%
Selby Shoe Co
Jan
12%
10%
35%
49%
Feb
10
14%
300
12
Jan
16
Feb
34
100
33%
Jan
34%
Feb
300
%
Mar
sis
Mar
1%
11%
Jan
2%
15%
65
Jan
65
9%
1
1%
1 4%
Feb
Feb
43%
Jan
1%
2
13
15%
5,100
9,600
Jan
37
37%
125
37
Mar
112% 113%
150
*
169
169
20
com
2%
66 %
Pa Water A Power Co
PeppereU Mfg Co
169
50
14%
2%
14%
2%
67%
1
£7%
6%
x7%
7
£30 % £31 %
•
6%
1
10
Conv S3 pref series A- -10
Pierce Governor common,*
37
25
166 %
12
Jan
175
Feb
Feb
16
Feb
%
6%
125
11H
57 %
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. _25
11%
1 %
7%
Jan
Jan
8%
Jan
Solar
Feb
Sonotone Corp
Jan
£30%
Mar
5%
Jan
Soss
1,300
200
500
10%
10%
Feb
%
Feb
2
Jan
8%
Feb
Jan
Jan
45
Feb
Jan
11%
61%
12%
Jan
Jan
Jan
11%
50
Jan
11%
Mar
21
1%
Jan
Preferred A
Jan
Feb
Stahl-Meyer Ino
Jan
41%
Jan
10
Mar
Jan
Jan
Jan
9%
Feb
6
Jan
Jan
Jan
39%
8%
500
Mar
Jan
Mar
Feb
Jan
Standard Brewing Co
*
Standard Cap A Seal com
Conv preferred
10
Standard Dredging Corp—
$1.60
conv
Jan
100
Feb
Standard Oil (Ky)
.10
Standard OU (Ohio) com 26
Jan
106%
Feb
Standard Pow A Lt
Jan
113%
Feb
79%
Feb
93%
Jan
42%
575
39%
Feb
50%
Jan
Standard Silver Lead
104%
109%
Jan
109%
Feb
Standard Tube cl
Jan
112%
Feb
Standard
B
Wholesale
Jan
32%
Jan
11%
17%
8%
Feb
"~7%
""460
30
110
500
13%
100
38%
20
6%
117
8%
Feb
7%
Mar
Jan
Jan
125
Feb
149%
12%
Feb
153
Jan
Mar
13
Feb
8
Mar
Feb
Feb
Feb
50
%
1%
2
Feb
10%
%
10%
Jan
14
Jan
35
1%
Mar
Feb
44
Jan
Jan
35
Feb
45
30
45
Jan
30%
500
29%
Jan
30%
500
28 %
Jan
30
1%
Feb
2
Jan
Feb
167
Feb
167
25%
26
300
Sterchl
18%
25
5%
2%
500
14%
5%
Jan
5%
200
2%
Jan
14%
14%
20
Jan
15
1%
1%
1%
300
1%
Feb
1%
200
1%
Mar
%
Jin
15%
15%
""166
20%
22
»
'»
22
950
1%
10%
20%
1,800
28%
36
Jan
Jan
Jan
%
Jan
Jan
15%
Mar
19%
Jau
22
Mar
Jrn
"ISO
20%
*i«
1%
12%
20%
35
Jan
2%
13%
8%
Jan
11
Jan
20%
1%
20
7.800
'A/.
28%
Mar
108%
Jan
110
%
%
Jan
Feb
Feb
Mar
36
300
2,100
109% 109%
Jan
Feb
14
200
"l"6%
Feb
Mar
2
Jan
Feb
78
Mar
%
%
Feb
9
Jan
Jan
%
%
22%
78
Jan
27%
Jan
8%
Feb
10
Jan
200
8%
%
500
9
1
34%
300
%
33%
300
33%
1%
1%
100
1%
400
Jan
Jan
*i«
Feb
40 %
Jan
1
Jan
1%
Feb
21
Mar
1
Jan
62
"34%
Feb
21
Jan
Feb
Jan
4
Jan
Jan
20
8
Feb
8
Sterling Aluminum Prod.l
1
Sterling Ino
--1
Stetson (J B) Co com...
Sullivan
Sun Ray Drug Co
*
1
Jan
26%
Jan
Sunray Oil
6 % ^ conv pref
%
%
Jan
6%
9,200
2,500
5%
Jan
8%
100
1%
Jan
2
2%
200
2%
Jan
3%
4%
4%
100
4%
Feb
3i«
Mar
4%
%
Feb
10%
10%
10%
300
9%
Jan
13%
13%
1%
13%
800
10%
Jan
1%
2,300
50
35
35
200
1%
33%
Feb
Superior Otl Co (Calif)..25
Superior Port Cemeat
33
33%
300
33
Machinery
13%
1%
13
18%
2%
Feb
%
13%
5%
Jan
6%
Feb
Jan
*i«
Jan
Feb
Swan Finch OH Corp
Feb
19%
£6%
Jan
100
18%
4%
Jan
Taggart Corp com
15
1
4%
4%
4%
200
1,100
1%
Feb
2%
Feb
Tampa Electric Co com..*
28%
28%
29%
.1,300
1
%
Jan
Jan
Taylor Distilling Co
1
Jan
104%
Feb
Technicolor Inc common.*
15%
15%
100
"166
13
Feb
Jan
1
600
RochesterG&El 6 % pf C 100
104
""75
4%
8%
1%
2%
5
Jan
Jan
7%
1%
14%
36
9%
Stlnnes (Hugo) Corp
Stroock (SI Co
Feb
6
7%
Sterling Brewers Ino
Mar
Jan
Jan
62
12
1%
24%
6%
1%
32
2%
100
5
101
12
*
38%
100
1%
100
Jan
19%
5%
2%
Jan
50
Bros Stores—
6% 1st preferred
5°r
2d preferred
Jan
Rio Grande Valley Gas Co-
Voting trust etfs
Jan
Mar
2%
*
Stein (A) A Co common..*
Mar
5%
5
1
Richmond Radiator..
18%
46
18%
5%
Tastyeast Inc class A
18%
Jan
30
*11
1
2%
30
Ordinary shares
%
1%
400
%
Rloe Stix Dry Goods-——*
Feb
Steel Co of Canada—
Mar
12%
8%
5%
4%
22
Starrett (The) Corp v t c.l
Jan
Jan
153
13
Jan
39%
phate A Add Wks Ino.20
86
Mar
8
1
4
Feb
Phos¬
75%
24%
152
5
JReynolds Investing...
Rheem Mfg Co.—
Jan
Mar
%
900
J
675
60c
Republic Aviation
1%
1%
200
1
Standard Steel Spring....5
3,200
118
5%
Jan
Jan
29%
1
Standard Products Co
26
17%
118
60c
Feb
600
*
40%
Reeves (Daniel) common _•
%
1%
1%
1%
*
Preferred
38%
Jan
32
1
Common class B
750
*
Feb
45
30%
100
87%
*
Mar
40%
1%
84%
S3
2%
1%
155
1%
preferred..20
87%
13
Jan
Feb
Feb
31
Common
6% preferred
12%
1%
143
39%
Standard Invest $5% pref*
"~7% *"T
200
*
Mar
525
4%
Am dep rets ord reg—£1
Srencer Shoe Corp
*
Jan
Jan
8%
81%
22%
1%
Jan
8
Jan
*16
80
2,900
1%
4%
"i%
25
5%
20
1%
1%
Southland Royalty Co...5
Spalding (A G) A Bros.
5% 1st preferred
—e
Spanish A Gen Corp—
Jan
112
2,400
'""26
Jan
Feb
112
2%
Jan
*16
100
1%
146% 147%
1%
"l47%
Feb
1%
%
4%
Feb
81%
20%
Jan
Mar
3
3%
107
21
7%
97%
25%
2
6%
200
107
15%
Jan
Jan
Jan
4
25
6%
Jan
19
Jan
106%
110%
112
14
100
Mar
200
6%
*
100
Reliance Eleo A Eng'g
10%
Jan
2%
200
*
13%
2
Jan
36%
Mar
36
Jan
13
$3.30 A part
13
Class B com
6%
%
%
%
%
15%
/
Mar
27
Jan
9%
Jan
4%
6
Jan
Jan
36%
Mar
Jan
*11
Jan
%
Jan
700
%
Jan
•i«
Feb
1,300
12%
110%
Jan
Feb
Jan
16%
113%
100
101
Jan
104%
Jan
116%
Feb
116%
Feb
Texon OU A Land Co
2
2%
2%
300
2%
Feb
2%
12 %
Jan
Jan
Thew Shovel Co com
5
22%
22%
23%
Jan
23%
Feb
1
13
12%
13%
1,100
1,300
18%
Tilo Roofing Inc.-
101%
100
Roeeer A Pendleton Ino.
11%
Jan
13%
Mar
56
56%
75
4%
300
14
Roils Royee Ltd—
£1
5
11%
200
10%
Feb
6
2
3%
3,000
1%
Jan
1
2%
2%
100
pref-——20
6%
6%
100
2%
6%
62%
250
Rossis International
Texas P A L 7%
pref—100
11%
*
»u
Mar
Mar
12%
3%
3%
Mar
7%
Jan
Jan
Feb
-2%
1
14%
14
14%
1,400
*
46%
46
47%
250
pref
Ryan Consol Petrol
3%
5
1,000
*
1%
1%
1%
1,200
Clas A 82 conv pref—. 50
100
Salt Dome Oil Co
3%
13%
Ordinary reg
Def registered
£1
Jan
*i6
Feb
62%
Mar
Toledo Edison 6% pref-100
Mar
preferred A
100
Tonopah Mining of Nev.l
Jan
2%
2%
2%
5
Jan
15%
Jan
Jan
43
47%
Mar
Feb
2%
Jan
2
Feb
1%
1%
Feb
15
6
Jan
Jan
3,500
2%
4%
15
Mar,
3%
----1
Iransweetern Oil Co
J10
Jan
Jan
Jan
Jan
1
100
57%
Jan
75%
Jan
600
6%
Feb
7%
Jan
Tung Sol Lamp Works
%
400
%
Feb
1%
Jan
Jan
35
Jan
Savoy Oil Co
Schlff Co common
5
1
Jan
1
Jan
*
13%
13%
100
12%
Jan
14
Jan
30
30%
1,400
28%
Feb
31
Jan
24
30
Jan
27
Feb
*
Scranton Lace common..*
1573
T
1%
66
200
109
140
800
1%
1%
2%
2%
100
%
1
35
Jan
Jan
64%
Jan
70
Jan
105%
Jan
109
Mar
Jan
115
Jan
Jan
65
109
%
1,200
»
6%
67
10%
112
65%
109
Trl-Continental warrants..
Trunx Pork Stores Inc
•
see page
Common
%
67
*
Jan
Sanford Mills
Scranton Elec 86 pref
Jan
5
%
Jan
1
Jan
1%
Mar
3%
Feb
Trans Lux Plct Screen—
Tublze ChatUlon Corp
Class A_
""%
25
1
69
Jan
56
—6s
7%
6%
67
1
Samson United Corp com.l
56
3%
Ryerson A Haynes com—1
St Lawrence Corp Ltd—•
St Regis Paoer com
Jan
10%
4%
Tobacoo Secur Tr—
Todd Shipyards Corp
60
Jan
Mar
%
Tobacco A Allied Stocks.
Tobacco Prod Exports...*
Jan
Royalite Oil Co Ltd
Royal Typewriter:
Feb
4%
Tlflhman Realty A Constr*
Rome Cable Corp com
Roosevelt Field Inc
Root Petroleum Co
For footnotes
Jan
114%
4%
1
Common
Scovlll Mfg—
96 %
Jan
5%
Raymond Concrete Pile—
7% preferred
Feb
111
100
Feb
Railway A UtU Invest A..1
12.50 conv
89
50
Feb
400
8
Quebec Power Co
*
Ry A Light Secur com.--*
Rustless Iron A Steel
2,050
Feb
6%
18%
6%
4%
15%
Russeks Fifth Ave
91%
113%
7%
Feb
5%
9%
75%
24%
conv
89
Feb
Mar
5%
15%
*
125
79 %
11.20
800
10
300
17%
Am dep rets ord reg
800
100
400
*
6% pref D
6%
16%
6%
15
Feb
7% preferred
1%
(6 preferred
*
Puget Sound Pulp A Tim.*
Pyle-Natlonal Co com--.5
Rochester Tel 6 % % prf
6
3ia
2
Southern Colo Pow d A.25
42
*
Mar
21
25
41%
*14
6% prior iten pref—100
Relter-Foster Oil
5% original preferred .25
6% preferred B
26
22%
9%
$6 preferred
Public Service of Okla—
Reed Roller Bit Co
Mar
11%
1
40
22%
4
^*
Red Bank Oil Co
%
2%
100
5%
11
1%
100
*
Raytheon Mfg com
Feb
Jan
Feb
7,700
Southern Pipe Line
Jan
200
100
100
preferred
Mar
•n
Southern Union Gas
Jan
Public Service of Indiana—
conv
56
Mar
Public Service of Colorado
6% preferred
Jan
Feb
112
26
1
"llK
*
Pyrene Manufacturing-_ 10
52%
Jan
Jan
Mar
Mar
104
Jan
13
100
*
Quaker Oats common
350
56
%
6%
South New Engl Tel.-.100
Southern Phosphate Co-10
Jan
9%
100
25c
*
$5 prior preferred
56
Southern Calif Edison—
Jan
9%
99
600
13
Pressed Metals of Am—1
7% prior lien pref—-100
Puget Sound P A
Jan
%
"91%
Southwest Pa Pipe Line. 10
Jan
12%
1
$7 prior preferred
Feb
Jan
Jan
2%
1
com
5%% pref series C
102%
8
7% 1st preferred
Feb
1
Feb
Jan
55
8
6% 1st preferred
%
52%
7
__l
Feb
1%
100
22 %
Mfg
Co
11%
1,800
13
*
Mfg
44%
13%
Jan
Feb
320
Power Corp of Canada—»
16 preferred
Feb
1%
10 K
100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
South Coast Corp com
8outh Penn Oil
9%
900
1%
Prudential Investors
31%
6%
Smger Mfg Co
Jan
59
4%
Providence Gas
120
Jan
Jan
6%
34
11
1%
%
Corp
Jan
Feb
57
4%
Producers
1,200
Sioux City G A E 7% pf 100
Skinner Organ
5
Jan
7%
10%
5
Prosperity Co class B
11
16
*
27%
8%
7%
40%
9%
Potrero Sugar common—5
♦
pref..
Feb
200
1%
7%
25c
com
conv
Jan
6
1,500
12
12%
7.50
Prentice-Hall Inc
$3
Mar
25,100
40%
102
Pneumatic Scale com—10
Premier Gold Mining
Jan
"""156
—25
*
2%
72%
Co_l
6% 1st preferred
Mar
Simmons-Boardman Pub—
90%
400
10%
7%
1
Pratt A Lambert Co
Line stamped
8U«x Co common
Feb
%
Pittsburgh & Lake Erie-50
Powdrell & Alexander
Jan
Mar
Mar
100
37
IK
*
Co
7
9%
Simplicity Pattern com..J
Mar
2%
65
50
Mining
300
%
6
Simmons H'ware A Paint.*
1,000
12
Pioneer Gold Mines Ltd._l
Plough Ino com
com..25
Feb
Pitney-Bowes Postage
Polaris
Mar
2%
5% cum pref ser AAA100
Sherwin-Williams of Can.*
112
1
Pleasant Valley Wine
1%
8%
200
»
common
Jan
Phoenix Securities—
Pittsburgh Forglngs
%
Shattuck Derm Mining
5
Shawinlgan Wat A Pow..*
2
117
Phlla Elec Co %t> pref
*
Phlla Elee Pow 8% pref 25
-
Jan
*14
1
26
Philadelphia Co common-*1
Meter...
Feb
4%
.1
77%
Pharls lire A Rubber
Pitts Besa & L E RR
Sernck Corp
Seton Leather
113%
*
Plnee Wlnterfront Co
Jan
39%
8
54%
Jan
15i§
10
"16
Feb
Mar
%
£1
Jan
950
Perfect Circle Co
Common
Amer dep rets reg
Jan
100
Phillips Packing Co
Jan
1
Jan
72,100
"55% "56"
Mar
9%
Selfridge Prov Stores—
111
100
65
"~2 %
*
Penn Traffic Co
7%
9%
%
..5
$5.50 prior stock
25
Allotment certificates.—
110
50
Pennsylvania Sugar
Jan
Mar
%
Convertible stock
2
*
Penn Salt Mtg Co
Feb
1 %
53
Jan
Jan
Shreveport El Dorado Pipe
*
com
Jan
Jan
38%
Pennsylvania Gas & Elec—
Class A
Jan
Sherwin-Williams
*
*
»14
High
Feb
39
*
Sentry Safety Control
Pennsylvania Edison Co—
8
200
Selected Industries Ino—
Common
——1
200
%
Penn Cent Airlines com__l
Pa Pr A Lt $7 pref
$6 preferred-
7%
Feb
3%
Jan
47%
50c
200
1
Jan
2%
S5 series pref
S2.50 aeries pref
Segal Lock A Hardware—1
45%
200
%
*
Jan
30
25
8%
*
Seeman Bros Inc
13%
*
53
Low
%
Securities Corp general
9%
33
20
53
Range Since Jan. 1, 1940
Shares
High
8%
Feb
5%
for
Week
of Prices
53
Jan
20
Week's Range
Low
Warrants
Feb
34
31%
pref25
com
Jan
Jan
Feb
Price
Scranton Spring Brook
Water Service $6 pref
Scullin Steel Co com
__*
3%
Peninsular Telephone com*1
Pennroad Corp
34%
31%
108%
95%
6%
Feb
12
Parkeraburg Rig & Reel—1
Patchogue-Ply mouthM Ilia *
Pender (D) Grocery A—-*
Penn-Mex Fuel
Penn Traffic Co
Mar
4%
10
cum
Par
Selberllng Rubber com—*
20
Paramount Motors Corp.l
Class B
Jan
Feb
Mar
Feb
SI.30 1st preferred
Pan tepee Oil of Veneauela—
Claas A SI .40
14%
Feb
6
5%
1571
Sales
Sale
High
88
American ah area
Last
(Continued)
Low
*
Parker Pen Co
STOCKS
Week
14 %
4
Friday
Shares
107% 107%
5%% 1st preferred
25
Pacific Lighting $5 pref
*
Pacific P A L 7% pref.. 100
Exchange—Continued—Page
Sales
Week's Range
80c
1
preferred.—..,*
Udyllte Corp
1
JUlen A Co ser A pref
•
Series B pref
•
2%
Feb
9
*i«
Jan
»!•
Jan
8%
Jan
x8 %
Jan
9%
35%
1,200
8%
Feb
10%
Jan
350
JaD
39%
3%
Feb
2%
2%
2%
900
31%
2%
Mar
7%
100
7%
Feb
8
Jan
"3%
7%
3%
1,600
3%
Feb
4%
Jan
%
Feb
1%
Jan
%
Feb
1
Jan
35
conv
35
4
.
Jan
Last
Sale
(Concluded)
Par
Unexcelled Mfg
Price
Week's Range
of Prices
High
Low
1%
Co....AO
1%
for
Week
Shares
100
Sts.l
18 %
100
1
United Chemicals com...*
*7%
14%
18%
400
7
7%
1,800
14
14%
400
18%
Un Stk Yds of Omaha..
United Aircraft Prod
13%
Feb
8ts..l0c
."I«
"18
1
1%
1%
98
100
warrants
United O A E 7% pref. 100
Feb
Birmingham Gas 5e
Feb
Broad River Pow 5s.. 1954
Jan
Canada Northern Pr 6a '63
Jan
64%
7%
Jan
5%
Feb
Jan
14%
Mar
12
Jan
•is
Feb
%
6%
Jan
Jan
%
6,800
1%
92%
Jan
100
%
Jan
Cent States Elec 5e
89
Jan
|»Chlc Rys 5s ctfs
Jan
24
Jan
-*
70
Feb
70
Feb
Specialties com—1
1
U S Foil Co class B
5
S and Int'l Securities—*
$5 1st pref with warr...*
8 Lines pref
*
S Plywood..
1
51 % conv pref
20
"IS
100
1,075
50
6%
7
4,000
4,100
~6%
5%
6%
6%
U
U
4%
4
Jan
6%
Mar
4%
Jan
7%
Feb
Jan
7%
%
Feb
Feb
1
4%
3%
Jan
Jan
23%
30%
Feb
Jan
Cuban Tobacco 5s
3,500
2%
Feb
5
Jan
%
2%
Jan
Mar
4%
%
Jan
3,600
1%
Jan
2%
Feb
"ii"
"460
T,l66
Jan
Feb
Jan
Mar
Feb
400
1
Jan
200
52
53%
53%
"l%
1%
%
15
14%
1%
54
%
1%
1%
27%
%
1950
Feb
Empire Dlst El 5s
1%
T
5%
4%
Feb
Erie Lighting 5s
Jan
Jan
1907
09%
Banks 6s-5s stpd_ —1961
27
22%
Feb
Feb
6s ex warr stamped. 1944
Gatlneau Power 3%s A
84%
1%
Jan
General Bronze 6s
88%
*is
Feb
General Pub Ser? 5s..1953
Jan
98
96%
ser
C 1966
101%
104%
1,000
Jan
8
Mar
Georgia Power ref 6e—1907
107
71
"166
1%
Jan
Feb
2
Feb
4
Feb
Glen Alden Coal 4s
1905
%
Mar
1
Jan
Oobel
1941
Jan
1%
Feb
Grand Trunk West 4s. 1950
Jan
14%
76
♦Gesfurel 6s
(Adolf) 4%s
68%
70%
85%
Gr Nor Pow 5s stpd—1960
76%
76%
107% 107%
Green Mount Pow 3%s '63
103
76%
6
Jan
♦Hamburg El Underground
A St Ry 6%s
1938
Jan
Heller
59%
Feb
Mar
Feb
0%s
17%
Jan
10%
Jan
10%
Feb
6%
Feb
7%
Feb
5%
Jan
6%
Feb
Feb
6%
Feb
—
-
102%
4%
Mar
6%
Jan
12%
Feb
Mar
6%
Jan
Jan
87%
Feb
75
Jan
77
Feb
107%
Mar
108
Feb
103
Mar
105%
Feb
1,000
40,000
.
*
-
-
Jan
42%
6,000
Jan
Jan
111
Jan
66%
Jan
78
67
78
76%
108% 108%
98%
99%
99
99
22,000
2,000
10,000
20,000
25,000
Jan
Jan
Jan
106%
103%
Jan
105
101%
97%
Jan
Jan
103%
2,000
98%
Jan
100
Jan
65%
66
10,000
64%
64%
64%
17,000
64%
Mar
71
71
72
5,000
Jan
106% 107
14,000
62%
105%
BONDS
5%
Alabama Power Co—
1st A ret 6b
1946
1st A ref 6s
1951
1st A ref 5s
i960
1st A ref 6s
1908
1st A ref 4%s
1907
Am Pow A Lt deb 08—2010
Amer Seating 6s stp..1946
$106% 107%
104% 105%
104%
104% 104%
104% 105
101%
101% 102%
99% 101%
102% 102%
107
Jan
109
Feb
109%
107% 108
Appalao Power Deb 6s 2024
Arkansas Pr A Lt 6s..1950
Associated Eleo 4%s.. 1953
107%
52%
27,000
27,000
40
Jan
43
40
Mar
40%
40
43%
34,000
40
Mar
63%
64,000
42
14,000
$126% 127%
106% 107%
1957
62%
61%
.1952
42
40
Iowa-Neb LAP 6S...1957
6s series B
1901
106
106
104%
Feb
107%
Jan
Feb
105%
106%
103%
105%
102%
Jan
Feb
Jan
-
.
.
«• «
Isarco Hydro Elec 7s. 1952
Italian Superpower 6s. 1963
Jan
-
Iowa Pow A Lt 4%s..l958
104%
106%
27,000
101%
Mar
91,000
99%
Jan
5,000
100
Jan
Jan
Feb
5s stamped
...1942
$107
108%
Jan
52
50
52
21,000
45
Jan
52
104
104
104%
103%
Jan
105
Feb
105
105%
105
Jan
105%
Feb
105 %
Jan
106%
Jan
Feb
...1947
108%
106%
Jan
Feb
111%
Jan
8,000
108
Feb
126
Jan
129
Jan
4%s series C
1961
Kansas Elec Pow 3 %s. 1966
Kansas Gas A Eleo 6a.2022
22~666
106%
Jan
107%
Jan
13,000
38,000
105%
$107% 110
126% 126%
"2,666
125%
Jan
126%
11,000
4,000
103%
105%
103%
102%
105%
Jan
104%
Jan
Jan
Jan
Jan
106
Feb
103%
Feb
Jan
107%
104%
Jan
106
105
Jan
108
67
Jan
99%
90%
Jan
Jan
list mtge 5s
16 %s sales D
1901
104% 104%
1948
105"J»105"»2
Jan
15%s series F
1955
12%
Mar
26%
28%
Jan
28%
34%
Jan
Jan
Feb
1949
13%
12%
13%
13
13
Mar
13%
12%
14% 136,000
12%
Mar
14
16
14
Mar
Assoc T A T deb 6%s.A'55
Atlanta Oas Lt 4%s.. 1955
"70%
3,000
71%
18,000
107%
10,000
32,000
100% 100%
95%
95%
Mar
Kentucky Utilities Co—
40,000
Jan
95%
42
Jersey Central Pow A Lt—
62%
100%
109%
48%
Jan
30
6s without warrants 1947
Baldwin Locom Works—
Feb
42%
Mar
6s with warrants... 1947
105%
38
12%
107% 108
51
Jan
3,000
34,000
47
108
68
106%
46%
41%
13%
70%
Feb
40
43%
52% 123,000
107
Feb
Feb
107%
$106% 107%
50
107%
61
40
105%
104
5,000
Jacksonville Gas—
10,000
104
♦Conv deb 6s
1960
♦Debenture 6s.....1968
♦Conv deb 6%s
1977
75
Jan
Feb
68%
106%
Jan
Jan
107%
Mar
106%
Jan
108%
Feb
95%
92%
Jan
'Jan
100%
95%
Mar
102»M102»ji
Long Island Ltg 6s
11,000
105% 105%
15s series I
..1909
Lake Sup Dlst Pow 3%s '66
♦Leonard Tlets 7%s..l946
1,000
$16
105
1945 4
Louisiana Pow A Lt 5s 1957
40
105%
107% 107%
12,000
54,000
102»n Mar
Feb
Mansfield Mln A Smelt—
♦7S
$17
1941
Rail A Mfg—
6s stamped..
...1948
Memphis Comml Appeal—
Deb 4%s
1952
Mengel Co oonv 4%s.l947
McCord
Avery A Sons (B F)—
♦Convertible 0s
i960
Bell Telep of Canada—
1st M 6s series B
1957
6s series C..
43
40
2,000
20,000
14%
63,000
14% 104,000
Atlantic City Eleo 3%s '64
40
41
12%
Associated Gas A El Co—
♦Conv debt 4%s...l948
♦Conv deb 4%s
40%
1952
5s series B
109
72
43%
49%
47%
1955
1957
$4,000
Appalachian Eleo Power—
1st mtge 4s..
...1963
Debentures 4%s_._ 1948
72%
109%
6%s series C
Debenture 6s
Sold
73%
International Power See—
Interstate Power 5s
Bonds
100
Feb
7s series F
5%
109%
55,000
23,000
7s series E
Wright Hargreaves Ltd..*
Feb
76%
107%
105%
65
107
15%
Feb
66
1963
♦Indianapolis Gas 5s A 1952
Indpls Pow A Lt 3%s.l968
Jan
108%
75
106
50
Mar
25
73%
m — •
„
Jan
33
Jan
$5
_
63
50
$108% 109%
78
Feb
60%
103%
Jan
1st lien A ref 5s
Jan
70
4,000
Feb
Indiana Service 5s....1950
Jan
25,000
11,000
73%
11,000
Mar
Jan
71
102% 102%
102% 103%
7%
Jan
Jan
Mar
99%
4%
Mar
66%
70
105
S f deb 5%s—.May 1957
Indiana Hydro Elec 5s 1958
Jan
Feb
103
105% 106%
104% 104%
6%
107
Jan
103%
4%
Jan
Jan
Jan
Feb
104%
600
105%
Feb
1st A ret 6b ser C...1956
100
51,000
20,000
Jan
15%
Jan
1,300
98%
103%
101%
Feb
108%
Feb
Feb
100%
102%
9%
Jan
Jan
96
22~666
102
Jan
7,000
11%
Winnipeg Electric B com.*
75
Jan
97%
74%
45,000
Jan
Jan
Jan
Jan
98%
30
Jan
2
45~666
81
50
6s series B
1949
Idaho Power 3%s
1967
111 Pr A Lt 1st 6s ser A. 1953
1st A ref 5%s ser B.1954
Jan
84%
103
$14%
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A...1949
6%
100%
103% 105
103
*
Houston Lt A Pr 3 %s. 1960
Jan
34
$15%
1943
Jan
7,000
31,000
22,000
64
53
33
(WE)4sw w..1940
14%
104
$50
1935
9
7,000
71
70%
♦Hamburg Elec 7s
5%
101%
76%
84%
70%
Jan
5%
98
96%
97%
106% 107
Jan
12
Jan
102
2%
100
Jan
98%
Jan
5%
12%
Feb
22%
Feb
Jan
12%
31
2,000
26,000
Feb
Feb
4%
Mar
$18
1953
10
4%
Jan
99%
89
4%
104%
109%
Jan
87%
4,600
20
Jan
96
101%
89
T066
108%
4%
4%
6%
7%
109
Jan
Mar
86
5%
107
101 %
100% 101
84%
87
~~2%
1%
1,000
47,000
Jan
Guardian Investors 5s. 1948
7%
Jan
Mar
103%
Guantanamo A West 6s '58
10
27
47
104% 104% 113,000
Feb
300
Jan
Mar
104%
97%
$74
-r*.
Houston Gulf Gas 6s.. 1943
1
101
102
"366
99%
Jan
100
Woolworth (F W) Ltd—
Amer dep rets
5s
109
99%
Feb
Jan
2
105%
Jan
4
Feb
Wisconsin P A L 7% pf 100
Wolverine Portl Cement.10
Feb
46%
Jan
T% ~~8%
Feb
103%
96%
1%
'Hi" "Hi
Mar
3,000
Jan
6
*
Jan
77
12,000
47
$60%
1
112
Jan
Grocery Store Prod 6s. 1945
800
Feb
Mar
Jan
Jan
6%
Mar
110
12,000
55,000
6%
104%
2
5%
83
117%
Mar
50
Jan
Jan
5,000
$100
1940
Gen Wat Wks A El 6s. 1943
7%
1
77%
Mar
12,000
26%
28%
Florida Power 4s
Jan
7%
Feb
170",660
6%
119%
109
Federal Wat Serv 6%8 1954
Finland Residential Mtge
Feb
*
Jan
Feb
105% 105%
103% 104
78
47
1953
5%
50
19,000
5%
5%
%
Gary Electric A Gas—
55
Williams Oll-O-Mat Ht._*
Petroleum
0%s series A
mm — m
1%
17
Jan
15,000
83%
119%
105%
300
1%
107
Feb
Ercoie Marelli Elec Mfg—
rn'*.
Feb
20
17
80%
83
110% 110%
119
m
Florida Power A Lt fls. 1964
Feb
3
%
104%
%
77
11%
"166
6%
119
1962
Feb
5%
78
Elmlra Wat Lt A RR 5s '50
1%
Feb
14%
Weyenberg Shoe Mfg
1
Wichita River Oil Corp..10
Williams (R C) A Co
*
Woodley
110%
Jan
Westmoreland Inc
com
(Boat) 3 %s *65
Elec Power A Light Ss.2030
6%
$%
6%
82%
Jan
1
Western Tablet A Station'y
Common
*
Tube
6%
Aug 1 1952
El Paso Elec 6e A
Western Maryland Ry—
Wolverine
Jan
87
9,000
106% 107
107
3%
8
"% "'%
*
Co
96%
Georgia Pow A Lt 5s.. 1978
6%
"l% "l%
1.26
Wilson-Jones
Feb
Jan
1
Wlilson Products I no
Feb
93
4%
6%
West Texas Utll $0 pref..*
Westmoreland Coal Co
Jan
58%
41,000
Gen Pub UtP 0%s A. 1956
♦General Rayon 6s A. 1948
...1
7% 1st preferred
93
94%
Jan
66
78%
94
94%
Jan
Mar
10
Jan
Jan
Mar
Mar
Jan
%
100
Jan
87%
52
Jan
Jan
4,300
1
68
127%
5,000
9%
68
Feb
55%
•is
%
17
Jan
125%
2,000
33,000
87%
91% 137,000
1%
20%
1%
300
25
Jan
109
52
-
Jan
Jan
450
111%
Jan
84
1-
♦0%s_..
Aug 1 1952
♦Certificates of deposit
1%
55
Feb
90
'
Jan
13%
25
22
26%
16|«
Jan
%
1%
100
15
22
27%
200
1,600
Wayne Knitting Mills...6
1
18%
1%
66
1%
61
1
*
Western Air Express
Western Grocer com
Feb
1%
*
West Va Coal A Coke
Mar
11
1
*
Wellington Oil Co
Wentworth Mfg
24
16%
•
Walker Mining Co
Jan
175
100
Class B
Mar
Jan
62
*
Waltt A Bond class A
5%
8%
61
*64
7% preferred
Jan
109%
107%
108%
Detroit Internat Bridge—
Mar
3
1,000
5,000
110
90
1944
Jan
*ii
5,500
92%
95%
134%
87%
0s ser A stamped...1943
Jan
%
6
Jan
Feb
125% 125%
Cudahy Packing 3%s_1955
Delaware El Pow 6%s 1959
500
"i% "i%
62
7% pref.. 100
Vogt Manufacturing.....*
Wagner Baking v to
Mar
91
108
108
Cont'l Gas A El 5«—.1968
2%
Rights
Wabl Co common
80%
133
138
110
(Bait) 3%s ser N... 1971
1st ref mtge 3s ser P. 1909
Consol Gas (Bait City)—
Gen mtge 4%s
.1954
Consol Gas Utll Co—
Feb
Feb
94%
78%
Consol Gas El Lt A Power
19%
17%
"io"
Va Pub Serv
Waco Aircraft Co
Mar
45,000
27%
1%
1
Petroleum
80
76%
92%
91,000
Edison El 111
Utility A Ind Corp com..6
Venezuelan
Jan
84
100
*
Van Norman Mach Tool.6
77%
66
95%
♦Deb 7s
6
preferred
7
Utll Pow A Lt 7% pref. 100
Valspar Corp com
1
54 conv preferred
6
Jan
+134
Eastern Gas A Fuel 4s. 1956
1
Conv
66
214,000
300
8
S5.50 priority stock
Jan
84
250
*
10c
1
80
67%
80
21%
.*
Utility Equities
Jan
83
*18
2%
Utah Pow A Lt 17 pref...*
95
70
Cities Serv P A L 6%s. 1952
80%
Jan
91
5,000
Jan
68%
29
5
Jan
49
Jan
69
95%
Feb
2%
Utah Radio Products
Mar
1969
6%S
106
90
Debenture 6s
83%
Jan
Jan
Feb
100%
85
57,000
68%
1949
%
107%
100%
5,000
91
95
69%
Communltv Pr A Lt 5s '57
6
2
10
Utah-Idaho Sugar
Mar
1958
Conn Lt A Pr 7s A...1951
Jan
»u
Universal Products Co
Feb
100%
43%
68%
Jan
3
%
Insurance
104%
3,000
69%
Feb
1,700
United Stores common_60c
Universal
Jan
Feb
71%
1950
1%
5
.*
Universal Pictures com
41%
76%
Jan
48,000
Conv deb 5s
44
50c
1
Mar
140,000
13,000
73%
71% 418,000
115,000
71
31,000
71
1900
83%
4%
21%
28%
5
Universal Corp v t c
Jan
31
71%
94
1955
Jan
Mar
2%
Class B
6s series B
Cities Service 5s
Jan
69
4%
Universal Cooler cl A
41
93
Feb
Jan
U 8 Rubber Reclaiming..*
Universal Consol Oil
Mar
91
43
61
1%
United Wall Paper
46
1927
%
71%
2,300
1,300
'16
1%
1st 17 conv pref
Feb
Feb
69
%
1%
U 8 Stores common
Feb
66%
69
1
U S Radiator com..
5%
243%
6%
U S Graphite com
U
31%
Debenture 6b
United Molawee Co—
74%
Jan
21,000
56,000
100%
100% 100%
43% 46%
Cincinnati St Ry 5%s A *52
43%
100%
83%
Jan
Jan
$104% 105
1956
Jan
38%
United
Ry 4 %s A
Jan
»1S
Feb
98%
100
100
Cblo Jet Ry A Union Stock
Yards 6s
1940
1%
73
102%
Jan
76%
1%
43
Jan
Mar
33
Mar
Jan
74%
Jan
100%
Chicago A Illinois Midland
Jan
Jan
Jan
26
99%
Mar
76
Mar
Jan
98%
Jan
80%
31
%
240
Feb
95
76%
%
Am deo rets ord reg
Feb
96
94%
106%
32%
....
1,500
4,400
United N J RR A Canal
151
11,000
1954
6%s__
7,900
Jan
Jan
10,000
Cent States PAL 6%s'53
%
35%
4%
High
Low
141
81%
32%
Jan
Tu
24
Preferred
2,000
68,000
31%
2%
101
Jan
29%
100
United Prom Sharing..26c
United Shoe Macb com.25
96%
101% 102
95
96%
96%
32%
»ie
34
8,000
151
1948
Feb
$
33,000
16,000
96
80%
Cent Power 5e ser D..1967
Jan
High
106% 107%
95%
1956
%
34%
102
Canadian Pac Ry 6s.. 1942
Carolina Pr A Lt 5s
%
%
8%
Feb
Feb
1959
Jan
62
United Milk Products...*
53 partlc pref
96
H,
T«
*
•
96%
96%
3%
83
United Lt A Pow com A..*
50 lit preferred..
Birmingham Elec 4%sl968
19%
900
1%
100
%
Option
Common class B
150
Jan
10,200
United Elastic Corp—
pref non-votlng_*
150%
Feb
100
%
United Corp warrants
United Gas Corp com
1998
Bethlehem Steel 6s
17%
64%
60
S3 cum A part pref—
Un Cigar-Whelan
Mar
3%
Union Investment com...*
Union Premier Foods
1%
Range Since Jan. 1,1940
Week
Low
Price
Feb
for
of Prices
Sale
High
Jan
1%
Week's Range
Last
(Continued)
Low
12
Union Gas of Canada..
BONDS
Range Since Jan. 1,1940
1940
Sales
Friday
Sales
Friday
STOCKS
let 17
March
New York Curb Exchange—Continued—Page 5
1572
I960
111
3,000
1,000
107% 112% 116,000
105
Jan
120
Feb
Jan
Metropolitan Ed 4a E.1971
109%
109% 110%
110%
110
110%
21,000
9,000
109%
Mar
116
Jan
110
Mar
117
4s series Q
$68
70
$100% 101
92%
92
92%
3,000
107% 107%
7,000
$109% 111%
70%
Feb
101
Jan
107
Feb
93%
110%
Jan
Feb
108
Jan
110%
Feb
Jan
1965
For footnotes see page 1573
£
New York Curb
Volume 149
Friday
Last
BONDS
Week's Range
Price
Week
Low
Middle States Pet 6%s
High
100
"66%
100
66
Range Since Jan. 1, 1940
Low
99%
Feb
65
1,00C
Jan
10.00c
40,00c
8,00c
100%
Jan
102%
Jan
106% 106%
11,00c
105%
Jan
103%
103%
106%
103% 103%
7,00c
102
Jan
104
"104%
70
6s series A__
Jan
Feb
Mar
Feb
Jan
Twin
City Rap Tr 5Hs '52
tUlen Co—
104
104%
52,00c
103%
Jan
104%
Feb
2,000
24.00C
109
Mai
Jan
110%
98
Feb
92
99%
99%
110% 112%
3.00C
98%
Feb
60,000
111%
Jan
107%
107
107%
27.00C
106
20%
1,000
"no"
110
110%
14,000
128
128
108% 109
112%
20%
Nebraska Power 4%s_1981
"l"09"
78%
New Amsterdam Gas 5a '48
67
77%
79
5a
"67%
Conv deb 5a
Feb
United Lt A Pow 6S..1975
25%
Jan
6Hs
1974
Jan
5 Ha
124
Jan
128
Mar
Un Lt ARys (Del) 5 Ha'52
106
Jan
109
Mar
67%
67%
Feb
Jan
122%
71%
Jan
63
39,000
65
82%
Jan
Jan
71%
Jan
Jan
71%
Jan
77%
6,000
67%
Mar
62%
42,000
121%
3,000
121
63%
19.00C
43,000
108%
94%
Mar
95%
94%
95%
98,000
97
96
97%
72,000
96
101
ilTood
102
Jan
no
102
102% 102%
86
6HA.. 1946
1st ref 5s series B..
Jan
1950
6s
Mar
"89 H
Jan
102%
Jan
103%
Jan
Wash Ry A Elec 4s
West Penn Elec 5s.
106
81
1956
102
"105%
48%
1 No Indiana G & E 6a..'52
"105%
61
102
105% 105%
46%
48%
*105% 106
*103% 105
Jan
Jan
19%
Feb
75
Jan
77%
Jan
Feb
Jan
107
Jan
87%
89%
108%
88
Jan
93%
16,000
115
Mar
19,000
15,000
83%
Jan
Jan
20
74
Jan
99
Jan
Jan
Jan
119
Feb
84%
101%
100%
Jan
103
Jan
Jan
99%
5,000
99
Jan
102%
17,000
100
Mar
101
102%
16.000
102%
Jan
100
2,000
100%
97%
Jan
100
102
Jan
101
Jan
8
17,000
1,000
1,000
.1954
7%
1951
109
2030
_
107% 107%
114
58
106%
Feb
Wise Pow A Light 48.1966
106
Feb
Yadkin River Power 6s '41
Feb
I^York Rye Co 5s
♦Stamped 5s
Feb
Feb
114%
Feb
105%
61
Mar
6,000
101%
Feb
102%
Jan
104%
Jan
106
Jan
FOREIGN
45%
Jan
49%
Jan
105%
Feb
AND
106%
Jan
Feb
Jan
106%
111%
108%
114
114
58
1,000
2,000
104%
106% 106%
*104% 105
106%
Mar
Feb
109
Mar
106%
Jan
108
Feb
Feb
114
Mar
Jan
10%
20*666
1937
95%
95%
95%
"5*666
1947
96 %
96
96%
5,000
26%
26%
52%
Jan
115%
60%
104%
105%
Jan
105
Jan
Feb
106%
Jan
101%
58%
*104
7%
108%
Feb
105
Jan
Jan
94
Feb
97
Jan
95%
Feb
98%
Jan
1,000
26%
Jan
29
Feb
T606
26%
Jan
28%
Feb
12%
Feb
12%
Feb
11%
Feb
11%
Feb
"11%"
Jan
li%~~5an
Jan
12
Jan
Mar
15
Jan
Jan
104%
110%
107%
107%
109
Jan
7,000
4,000
105% 106
10,000
111% 111%
107% 108%
1945
.1968
Jan
100
"io6~~
West Newspaper Un 6s '44
Wheeling Elec Co 58..1941
Mar
Feb
55
3,000
118%
45%
99
Jan
87
113%
*113% 114%
59%
Jan
Mar
105%
104%
5,000
Jan
Jan
Waldorf-Astoria Hotel—
Jan
10
Jan
33,000
116
82 H
Feb
10,000
100% 101%
115
66%
Jan
24,000
30,000
108% 108%
89 H
91
101%
Jan
Feb
17%
83
Jan
Feb
Jan
108%
118%
103%
8
20
85
1946
Jan
102%
*105%
1954
tN'western Elec 6s etmp'45
N'western Pub Serv 5s 1957
9,000
28,000
106
Nippon El Pow 6%S__1953
No Amer ut A PowerNo Boston Ltg Prop3 %s*47
Nor Cont'l Utll 5%s._1948
87
102% 104
103
1st mtge 3%s
1964
N Y & Westch'r Ltg 4s 2004
Ohio Power 3*48
Serv
2,000
Mar
117%
43%
26,000
25,000
H
62%
30
80 %
83 H
West Penn Traction 5s '60
♦Ext 4%s stamped.1950
Ogden Gas 6s
*19
1944
Pub
99%
100%
Mar
New York Penn A Ohio—
5 %s series A
4 Ha
Va
Jan
100
25
82
1973
Utah Pow A Lt 6s A..2022
♦5s Income debt
*101
"l02%
N Y 8tate EAG4%sl980
Debenture 5s
Deb 6s series A
Jan
115
29,000
45%
83 H
High
106
9,000
8%
9%
118H 118H
*20
Low
30,000
7,000
66
44
United Lt A Rys (Me)—
6s series A
1952
110
.1942
9H
1959
2,000
Debenture 5%s
1954
New Orleans Pub Serv
5s stamped
107%
18,000
New Eng Power 3%s_1961
New Eng Pow Assn 5a. 1948
♦Income 6s series A.1949
65%
♦United Industrial 6Hs '41
♦1st 8 f 6s
1945
Jan
Jan
67
110
Mar
108%
121
110
Mar
99%
112%
111
66
121%
N E Gas & El Asan 6s
Jan
20%
Jan
H 107H
101H 102%
66
Range Since Jan. 1,1940
$
116% 117
101%
United Elec N. J>4s..1949
United El Serv 7s
1956
95
Week
High
106
Conv 6s 4th 8tamp.l950
109%
94
for
of Prices
Low
2022
Tide Water Power 5s.1979
Tletz (L) see Leonard—
109
"94%
Net Pow A Lt
Week's Range
Price
Texas Power A Lt 58.1956
Jan
100%
66%
103
1573
Sales
Sale
(Concluded)
High
103%
103
Last
BONDS
$
101% 102%
101%
6
Friday
for
of Prices
Sale
(Continued)
Exchange—Concluded—Page
Sales
13,000
15,000
Jan
GOVERNMENT
MUNICIPALITIES-
Agricultural Mtge Bk (Col)
♦20-year 7a
Apr 1946
♦7s ctfs of dep. Apr '46
Jan
♦20 year 7a
Feb
Jan 1947
*22
26 H
35
26%
26%
Ohio Public Serv 4s._1962
108%
108% 108%
36,000
Jan
109%
JaD
♦7s ctfs of dep. Jan '47
*22
35
Ok la Nat Oas3%s
B..195.'
106%
106% 106%
19,000
101%
Jan
107%
Jan
♦6a effe of dep...Aug '47
%22
35
Okla Power A Water 5s '48
103%
103% 103%
1,000
102%
Jan
105
Feb
♦6k ctfs of dep..
*22
35
109% 109%
2,000
7,000
109%
Mar
96
93%
Feb
96
Jan
♦7s
of dep. 1946
*12
25
110
4,000
109%
Jan
112
Jan
♦7s ser B ctfs of dep.1945
*12
54,000
90%
Jan
97%
Jan
*12
25
43
101%
Jan
Jan
*12
25
Jan
43%
103%
♦7a ser C ctfs of dep. 1945
♦7a ser D ctfs of dep. 1945
♦7a 1st
Jan
106
Pacific Gas A Elec Co—
Antloqula (EHpt or) Co¬
1941
1st 6s series B
Pacific Invest 5s
ser
A.1948
95%
Pacific Ltg A Pow 53.1942
«
Pacific Pow A Ltg 58.1955
Park
•
-
"93%
3a... 1964
Lexington
Penn Cent L A P 4 Hs.1977
110
92%
93%
43%
43%
101% 102%
105% 106
103% 104%
1,000 j
74,000 1
110%
1971
Penn Electric 4s F
1962
5s series H
3,000
12,000
104
103%
Mar
Deb 6Ha series
"i07"
B..1959
Penn Pub 8erv 6s C—1947
of dep.'67
*10
25
♦7s 2d ser ctfs of dep.'57
*10
25
Jan
♦7s 3d ser ctfs of dep.'57
*10
25
1951
*12
30
*10
40
*10
40
Feb
5.000
107 %
Jan
108%
Feb
♦Baden 7a
108%
5,000
107%
Feb
Jan
Bogota (sec Mtge Bank of)
107
107%
21,000
Mar
♦Caldas 7 Hs ctfs of dep '46
95
1961
95
113
96%
55,000
97
97
5%s._1972
4s series D
98
33,000
112% 114%
28,000
PhUa Rapid Transit 6s 1962
98%
98
98%
Pledrn't Hydro El
47%
46
48% 108,000
6%s.'60
Pittsburgh Coal 6s.-.1949
Pittsburgh 8teel 6s...1948
*105% 106%
*100% 101
♦Pomeranian Elec 68.1953
*13
92%
13,000
90
1961
Potrero Sug 7« stmpd.1947
4 %s series F
93%
57,606
90
54,000
108
5,000
*110% 110%
*51%
54
Power Corp(Can)4%sB *69
♦Prussian Electric 6s.. 1954
89
89
*14
Jan
Jan
108%
Jan
Jan
108%
Feb
♦7s ctfs of deposit.. 1948
*10
25
*10
25
Jan
♦7 Ha ctf* of dep
1946
Cent Bk of German State A
♦Prov Banks 6s B..1951
*14
35
14
Feb
14
Feb
1952
*14
35
14%
Feb
14%
Feb
*22
40
95
Mar
96%
112%
Jan
97%
98%
115
Feb
96
Jan
1(0
Feb
41%
Jan
Jan
48%
106%
Jan
102
Feb
Jan
14
94
Mar
83%
83%
Jan
Feb
108
Mar
Jan
90%
154%
154% 156%
6,000
1966
106%
97%
Puget Sound P A L 5%s '49
1st A rel. 5s ser C.1950
95%
1st A ref. 4%a ser D.1950
91%
106% 106%
97%
98%
94%
95%
91%
92%
*22
40
*10
40
Cundlnamarca (Dept. of)
♦6Hs ctfs of dep...1959
Danish 5 Ha
1955
*43
70
48%
Jan
52
Jan
*39
50
39
Feb
41
Jan
Jan
6
6
5,000
6
Mar
7
Jan
♦German Con Munlo 7s *47
13
11,000
12%
Jan
12%
13%
12%
Jan
Jan
110%
50
Feb
53
Jan
Jan
91%
58
Jan
Jan
15
Feb
Jan
158
13
13
1947
*12%
20
♦Hanover (City) 7s—1939
*11%
*11%
20
12" "
Jan
9%
Jan
10
Feb
♦Secured 6s
Mar
Jan
25
"l2%"
Feb
Lima (City • Peru—
12,000
88,000
106%
Mar
108
Jan
♦6%« stamped.....1958
♦Maranbao 7s
1958
94%
Jan
100%
Jan
♦Medellln 7s stampe <1.1951
26,000
91%
90%
Jan
100
Jan
♦7s ctfs of deposit..1951
*10
25
47,000
Jan
97
Jan
♦6 Hs ctfs ot dep
1954
*10
15
*9%
*12%
11
14
Jan
12
Feb
*13%
14%
Feb
15
Jan
Mtge Bk of Bogota 78.1947
93%
95
3,000
93%
Mar
20%
20%
1,000
18%
Jan
14%
Safe Harbor Water 4%s'79
14%
1,000
14%
Mar
108
99
20%
15
♦Issue of May
Jan
*26%
8,000
*15%
♦Scbulte Real Est 6s..1951
Scrlpp (E W) Co 6Ha. 1943
1951
102%
Scull In steel 3a
"l"62% 103"
69%
Jan
*22
♦7 ctfs of dep..Oct '47
134
Jan
♦Mtge Bk of Chile 6s.1931
12
Mar
Jan
29
Feb
Jan
104
14
3,000
Jan
Mar
Jan
12
26%"
14
Mar
43
Mtge Bank of Colombia—
♦7s ctfs of dep
1946
*20
40
♦7s ctfs ot dep
1947
*20
40
70%
Mar
♦6%s ctfs of dep..1947
*20
40
98%
Jan
*37
43
38%
Jan
13,000
93
Mar
97%
Jan
Mtge Bk of Denmark 5s '72
♦Parana (State) 7a—1958
13H
13%
13%
6,000
9%
Jan
13%
Feb
1,000
16,000
92
Feb
95%
Jan
♦Rio de Janeiro
6HS.1959
10%
9%
4,000
7%
Jan
10%
Mar
98%
Jan
101
10%
%
38,000
110%
Jan
112%
12*666
70%
94%
4,000
32,000
1st 4Hs aeries D
1970
Sheridan Wyo Coai 6S 1947
93
93
94%
92
92
Sou Carolina Pow 58.1957
101
Southeast PAL 6s...2025
111%
102%
63%
Jan
Mar
♦Russian Govt 6HS..1919
*%
108% 109%
24,000
108%
Jan
110%
JaD
109
108% 109%
20,000
108%
Jan
105
9,000
24,000
104%
Jan
110%
105%
105
Jan
99
Feb
Jan
Feb
...1949
17
6,000
14 H
14%
78
%
Jan
Feb
79
Mar
Jan
17
Mar
Jan
16%
Feb
12,000
%
77%
17
79
Feb
•u
Jan
2,000
78
♦Santa Ft 7-4s stmp_.1945
105%
%
79
•&/
1921
♦5 Ha
Jan
Sou Calif Edison Ltd—
Sou Indiana Ry 4s
S'western Assoc Tel 5s 1961
105%
51%
52%
106% 106%
So'west Pow A Lt 68.2022
14
26%
Jan
Jan
93
1960
1 '60
1968
1951
40
14
26
"26" ""Feb
Mar
93
100% 101
111%
109%
Jan
Mar
107%
35
93
9,000
bhawlnigan W A P 4 Ha '67
111
Jan
134
12
108
*133% 134%
40
*26%
♦Issue of Oct 1927
Jan
28
*22
1927
♦7 ctfS of dep.May '47
Mar
23
San Joaquin L A P 6s B '52
♦Saxon Pub Wks 6s..1937
So'weet Pub Serv 6s..1945
13%
-1953
Queens Bore Gas A Elec—
6 Hs series A
1952
♦Ruhr Gas Corp 6 Hs. 1953
♦Ruhr Housing 6%s..l958
Ref. M 3%s B.July
6,000
Danxlg Port A Waterways
♦External 6Hs
1952
Jan
Pub Serv of Oklahoma—
Sou Counties Gas 4 Ha
dep__July '61
♦6s ctfs of dep.-Oct
61
Jan
109
87%
150
13%
13%
♦Hanover (Prov) 6H*. 1949
6°/~ prepetual certificates
Ref M 3%s_May 1
13%
♦6s ctfs of
Feb
Publlo Service of N J—
4s series A
1948
7s
♦6s series A
Mar
14
16
4,000
Valley
Colombia (Republic of)—
Jan
104%
110
......
♦Cauca
Jan
Mar
14
87
93%
Certificates of deposit...
Potomac Edison 6s E.1956
106
107%
100
------
30
108
Portland Ga. A Coke 5s '40
12
109%
107%
107%
3,000
*107% 107%
Peoples Gas L A Coke—
4s series B
1981
Phil a Elec Pow
ser ctfs
108% 108%
107% 108
1964
6a series D
25
Mar
108
108%
1950
A
ser A ctfs
105%
Penn Ohio Edison—
6s series
lombia—
Jan
♦Bogota (City) 8s ctfs 1945
102%
...1979
1st 5a
Apr'48
100%
-
-
♦Spalding (A G) 5s...1989
58%
99% 100%
13,000
107% 107%
2,000
58%
10,000
58%
50
Jan
52%
106%
Jan
107%
105%
108%
58%
Feb
50
♦Santiago 7s.
1961
♦7s
Jan
*17%
25
Feb
Mar
Feb
Jan
Feb
Mar
Standard Gas A Electric—
6s (stpd)
..1948
(Stpd).....1948
57
61%
49
Jan
72%
61%
57
61%
36,000
49%
Jan
72%
Jan
1951
61
57
61%
35,000
48
Jan
72%
Jan
Debenture 6s.Dec. 1 '66
61
57
61%
63,000
48
Jan
72%
Jan
Conv6s
Debentures
6a
6s gold debs
61%
1957
61%
56,000
61% 140,000
48
Standard Pow A Lt 6s 1957
61%
57
61% 155,000
49
♦Starrett Corplnc 58.1950
20%
20%
21%
19
Stlnnes (Hugo) Corp—
2nd stamped 4s....1940
2nd stamped 4s
37
Elec Service
5sl960
44
105%
38
26
1946
Ternl Hydro El 6H8.1953
Texas
57%
26
43
45%
105% 106
5,000
2,000
1,000
41,000
25,000
Jan
Jan
72
Jan
Jan
.
71%
24%
Feb
Jan
Jan
29
Jan
38
Mar
24%
Jan
26
*
Jan
42
104%
No par value,
Interest,
n
a Deferred delivery sales not Included in year's range,
d ESar
Under the rule sales not Included In year's range.
Cash sales n tto-
eluded In year's range,
x
Ex-dividend,
J Friday's bid and asked price.
Bonds being traded flat.
| Reported in receivership.
No sales being transacted during current week.
♦
Jan
46
Jan
Jan
106
Mar
T Called for redemption:
Kentucky Utilities 5s series G AH 1961,
6%s series D
1948,
5%s series
F
1955,
and 5s series I 1969.
Northern Indiana 8 A E 6s
1952, May 1 at 105.
Northwestern Elec. Co. 6s stpd. 1945, May 1 at 103,
e
Cash sales transacted during the
current
week
and not Included In
weekly or
yearly range:
No Sales.
V
Under-the-rule sales transacted
during the current week and not Included
Id
weekly or yearly range:
No sales.
z
Deferred delivery sales transacted during the current week and not Included In
weekly or yearly ranee:
Power
(
1
1
Corp. of Canada 4%s 1959, Feb. 28 at 86.
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 1," when issued; "w w," with warrants: "x-w"
without warrants.
The Commercial & Financial Chronicle
1574
March
9,
1940
Other Stock Exchanges
Baltimore Stock Exchange
March 2
to
Sales
Friday
Listed and
Last
Par
Stocks—
Week's Range
Sale
Arundel Corp
Week
of Prices
Low
High Shares
Price
19
*
40c
Bait Transit Co coin vtc.»
1st
1.75
100*
pref v t c
Consol Gas E L A Pow
813*
*
119
100
4X% pref B
Eastern Sugar Assoc com, 1
Preferred v t c
1
9 3*
17 U
Finance Co of Am A com.5
Houston Oil
pref-——100
Mar Tex Oil
40
40c
50c
116
1.75
78
10
119
93*
1275* 1283*
93*
93*
173*
175*
48c
Jan
19
Feb
20
Feb
55c
Jan
Jan
40c
1.50
Jan
Jan
783*
116
Jan
Feb
27
45
126
31
20
4
130
Feb
Jan
70c
Jan
Feb
55c
Jan
2
260
Feb
8
453*
Jan
48
Jan
623
123*
Jan
Feb
160
67
Feb
223*
Jan
155*
723*
233*
263*
Jan
Mar
Jan
315*
36 3*
Jan
953*
Jan
16
66
67
2
233*
233*
235*
1,095
Bait Transit 4s flat...1975
313*
363*
313*
36
315* $30,000
363* 13,000
31
953*
953*
10,000
92
Jan
Jan
BondsA
1975
5s flat
1975
B 5s
10
10
-.
10
10
1,000
Mar
10
Feb
Mar
Stocks (Continued)
March 2
to
March 8,
Sale>
Pa
Stocks—
Price
r
for
Week
of Prices
Low
High Shares
Range Since Jan. 1. 1940
High
7
35*
35*
35*
Backstay Welt Co com —*
7
7
7
BarlowASeellg Mfg A com 5
10
10
10
*
18
18
183*
600
Beiden Mfg Co com
10
Belmont Radio Corp com.*
Bendix Aviation com. ...5
10
10
200
50c
*
Common
Amer Tel A Tel
.100
....
1745*
1
Assoc Gas & El Co cl A.
-
-
-
-
-
50c
50c
75
35c
Feb
60c
Jan
1723* 1745*
2,144
1675*
Jan
1745*
Mar
21
ht
Jan
3*
Jan
3*
-
3*
Blgclow-Sanford Carpet—
Preferred
100
—
Bird A Son Ino
—
—
—
85
100
Boston Edison Co
100
------
195*
Boston Herald Traveler..*
101
113*
833*
145
145
Elevated..—-.100
Boston
—
115*
♦
Boston A Albany
—
—
102
105
92
Jan
Jan
115*
230
103*
85
364
78
Jan
102
Feb
115*
Mar
86
Feb
1473*
571
1443*
Jan
1493*
Jan
ar495*
195*
503*
193*
754
443*
Jan
Mar
375
Jan
503*
203*
23*
23*
25
Jan
23*
Mar
183*
Feb
Boston A Maine—
100
Common std
Prior preferred
Class A 1st pref
------
8
Cl H 1st pref std....100
C1C 1st pref std_..._ 100
C1D 1st pref std
100
m m
Boston Personal Prop Tr. *
w
*
m
145*
2
23*
145*
Feb
10
60
15*
Feb
23*
123*
Jan
3
Feb
15
20
23*
15
Feb
73*
15*
13*
210
100
15*
Brown-Durrell Co com—*
Otninrtet Ar
23*
25*
2
50
8
2
------
2
25*
8
too
std..100
15*
25
Jan
1
Jan
103*
23*
25*
25*
Jab
Mar
Jan
Jan
Jan
15*
Mar
Mar
...
f-
73*
75*
73*
125
65*
Feb
83*
Feb
.25
Hpcia.
50c
50c
50c
20
50c
Mar
50c
Mar
.
Cliff Mining Co.
Range
—25
East Gas A Fuel Assn—
Copper
------
3
*
Common...
53*
55*
721
33*
230
Jan
43*
..
Feb
23*
Feb
55*
Jan
33*
52
483*
52
794
42
Jan
52
Mar
235*
43*% prior pref...—100
6% preferred
—.100
193*
235*
642
175*
Feb
235*
Mar
Eastern Mass St Ry—
—.—.—100
1st pref..—
—100
Common
Preferred B
.....
------
100
------
East Steamship Lines com *
------
Employers Group.
*
General Capital Corp....*
Gillette Safety
Razor
243*
------
65c
66c
32
60c
Feb
603*
123*
10
593*
123*
Feb
24
603*
123*
43*
243*
30
30
43*
10
65*
Jan
63
Jan
Jan
173*
50
35*
Jan
43*
Jan
1,070
215*
Jan
243*
Feb
25
295*
Jan
315*
65*
Jan
65*
65*
91
4
*
Feb
1.00
4
34
Jan
6
Mar
Hathaway Bakeries—
*
Class A
Preferred
Maine Centra)
40
6% cum pref
Mass Utilities Assoc
7
100
l
Narragansett Racing Assn
Inc
1
55*
New England Tel A Tel 100
N YNHAHRR
100
North
Butte—
132
5*
66c
2 50
.
North RR (New Ham).100
Old Colony RR—
Common.
30c
25
Pacific Mills Co
Pennsylvania
------
100
Old Dominion Co
•
»
-
-
—-
------
223*
15*
76
30c
23c
135*
213*
13*
83*
115*
93*
69c
30c
24c
United Shoe Mach Corp. 25
25
------
43
47c
Utah Metal A Tunnel Co.l
Venezuela Holding Corp. -1
Vermont A Mass Ry
100
13*
90
W aldorf System ......... *
Warren Bros
*
73*
15*
30
30
*
13*
90
75*
15*
Mar
25*
Jan
25*
Jan
1,030
Jan
55*
1325*
Mar
25
43*
1243*
5*
7,517
45c
Feb
497
6
85*
25
Jan
Jan
Jan
Feb
Feb
5*
69o
76
Mar
Feb
Mar
Mar
30c
Jan
Jan
24c
Mar
135*
Jan
Feb
153*
245*
13*
93*
Jan
21
19c
285
15*
83*
10
135
Jan
25c
825
300
Jan
61
25
105*
93*
Feb
Mar
Jan
Mar
Jan
Jan
Jan
12
Feb
125*
Jan
700
29
Jan
32
Feb
310
253*
Jan
28
Feb
72
743*
433*
1,018
50c
1,100
40
425
90
75*
15*
41
63*
213*
52
2
Jan
Feb
45
1,080
72
36
43*
112
145*
28
Jan
23*
Jan
76
313*
95*
315*
*
5
Warren (S D) Co..
55c
28
115*
,*
Stone A Webster
6% cumul pref
55*
53*
1315* 1325*
5*
3*
743*
25
Torrlngton Co (The>.
Union Twist Drill Co
213*
25*
233*
15*
83*
115*
103*
315*
Reeoe Button Hole MachlO
Shawmut Assn T C
60
28
RR...—.50
Qulncy Mining Co
450
7
213*
25*
100
v t o.
41
7
*
com....
20
332
Feb
843*
Jan
423*
Jan
44
Jan
45o
Feb
13*
Mar
2
Jan
90
1
87
Jan
130
65*
15*
Jan
11
263*
Jan
30
50c
75*
Jan
Mar
Jan
Mar
Jan
15*
30
Feb
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Week
Price
Low
High
Acme Steel Co com
Adams Mfg Co com
------
25
*
33*
135*
20
20
*
91
1743*
5
63*
Aro Equipment Co com.. 1
------
Asbestos Mfg Co com
.1
Associated Invest Co com-*
------
A they Truss Wheel cap...4
see
rage
-
-----
Co cap. 100
For footnotes
-
11
10
Armour A Co common
10
23*
133*
-
------
Amer Pub Serv Co pref. 100
Amer Tel A Tel
10
-
33*
133*
Aetna Ball Brng Mfg coml
Allied Products Corp cl A25
Common
473*
693*
473*
-
Advance Alum Cstgs com. 5
Allls-Chalmers Mfg Co
683*
1577
103*
11
37
375*
89
92
Burd Piston Ring Co com.
Central Cld Storage com-20
1723* 1743*
55*
63*
14
133*
1
13*
44
463*
53*
53*
1,116
50c
$7 preferred
*
Prior lien pref
*
Cherry Burrell Corp com. 6
Chicago Corp common.-.1
Convert preferred
*
Common new
3,050
100
103*
Feb
113*
Feb
50
143*
Feb
Mar
45*
73*
1,650
1,025
23*
63*
Jan
Feb
173*
43*
73*
22
21
Jan
223*
Feb
19
223*
193*
150
19
150
18
Feb
20
-
Jan
-
250
100
Mar
Feb
5*
Jan
13*
Feb
Jan
453*
Mar
1,000
250
63*
37
53*
Jan
155*
7
Jan
Jan
79
93*
140
813*
93*
-
-
-
813*
220
3*
3,050
Mar
Jan
Feb
113*
Jan
Mar
8 Vt
79
843*
3*
3*
113
113*
"
56
280
113
543*
553*
113
40
12
150
3*
543*
Jan
Feb
3*
113
Jan
1203*
Feb
Mar
Feb
103*
13*
Feb
77
Jan
Jan
13
13*
Jan
13*
2,450
365*
150
36
Jan
37
Feb
78
78
100
67
Jan
78
Mar
85*
'833*
3*
85*
865*
469
"~45*
43*
45*
400
313*
313*
325*
Compressed Ind Oases cap6
Consolidated Biscuit com.l
153*
143*
Consolidated Oil Corp...*
""73*
Chi Flexible Shaft com...5
15*
------
Chic A Nor Wt Ry com 100
ht
Chicago Yellow Cab com.*
Chrysler Corp common..5
-----
Cities Service Co com... 10
3
Club Alum Utensil com..*
Jan
185
hi
83*
793*
Feb
3*
Mar
150
93*
Jan
Jan
Jan
91
Jan
4
Feb
5
Jan
150
3
Jan
33*
Jan
31
Jan
33*
73*
323*
163*
33*
Jan
165*
12,000
1,900
1,100
3
Commonwealth Edison—
25
Capital
3
350
73*
155*
203*
165*
240
223*
410
Cudahy Pack'g 7% preflOO
O u n ni ngham D r ugStores2 3*
Curtis Lighting Inc com. .*
Dayton Rubber Mfg—
70
663*
70
18
18
1
18
Container Corp
Crane Co
25
com
Common
...
Class A...
35
Decker (Alf) A Cohn—
Common
Deere A Co
com
Feb
7
Feb
------
Jan
70
Feb
18
JaD
19
Feb
2
Jan
183*
350
31
21
93*
------
Jan
Jan
150
25*
213*
93*
Jan
59
183*
13*
25*
25*
Mar
Feb
80
20
8
173*
243*
153*
203*
13*
13*
*
.
Diamond T Motor Car cm2
Jan
23*
31
""213*
10
133*
18
20
com
13*
Jan
Mar
Jan
Jan
17
Jan
193*
10
293*
Jan
313*
Jan
150
13*
193*
83*
Jan
23*
233*
103*
Mar
35
25
Feb
Jar
Jan
Feb
Dixie Vortex Co—
Common
133*
Eddy Paper Corp com ...*
Elec Household Utll cap. 5
113*
343*
Jar
133*
Mar
Jar
38
Mar
350
113*
Fet
13
15
100
15
Fet
163*
Jan
700
3
Jar
33*
243*
Feb
243*
35*
243*
40
40
-
------
15
Elgin Natl Watch Co..
Fair (The) pref.
450
200
123*
15
"123*
*
38
115*
135*
—*
corn
135*
37
*
Class A
Dodge Mfg On
243*
100
33*
400
20
223*
Fet
Mar
40
40
Jan
Feb
Mar
FitzSimons A Co—
DAD com
Gardner Denver
com
new*
General
Candy cl A
5
General Finance Corp coml
General Foods
11
com.
Gillette Safety Razor—
Common
100
103*
Jan
14
Jan
15
350
123*
Feb
15
Feb
—
——
—
-
-
------
475*
535*
------
Goodyear T A Rub com..*
Gossard Co (H W) com
*
650
175*
450
153*
Jan
U
Feb
11
150
103*
23*
453*
Feb
11
Mar
Jan
51
Jan
Mar
25*
475*
525*
63*
25*
350
4834
5434
654
1,262
378
211
4
Jan
Jan
43*
Jan
23*
483*
55 3*
63*
Jan
63*
Feb
Jan
123*
Feb
Jan
243*
Feb
Jan
123*
Feb
Jan
Jan
Jan
65*
Hall Printing Co com.. .10
125*
—
-
—
-
—
"93*
Helleman Brewing cap
1
Fp]n-Werner Motor Parts 3
Illinois Central RR com 100
s
135*
16
------
-
—-
-
——
——————
250
63*
103*
213*
113*
26
900
25
Jan
27H
183*
70
173*
Jan
203*
Feb
95*
93*
350
83*
Jan
10
Feb
50
9
9
Jan
10
83*
383*
Jan
40
Jan
40
Mar
15
60
13
Jan
15
Feb
123*
155*
113*
Jan
143*
16
150
14
Jan
16
Feb
Jan
23
23
53*
133*
24 3*
Jan
11
53*
115*
950
45*
143*
1,202
246
50
43*
11
Feb
213*
23*
Feb
3
Mar
Jan
Jan
Feb
23*
100
875*
555*
95
284
823*
Jan
903*
533*
Feb
623*
Jan
17
17
17
150
16
Jan
17
Feb
155*
153*
193*
55*
155*
195*
1,650
55*
83*
100
500
4
100
46
——————
---—
1
Jefferson Electric Co com. *
195*
------
83*
83*
"44"
44
1013*
101
-
—
—
——
—
—
-
—
—
—
23*
—
5*
13*
33*
*
200
143*
193*
53*
73*
Jan
26
Feb
17
Jan
213*
Jan
63*
Feb
83*
53*
493*
1033*
33*
3*
13*
Jan
Jan
4
Mar
180
44
Mar
140
100
Jan
3
350
3*
13*
33*
26
23*
Feb
800
3*
Jan
300
IN
33*
253*
Jan
100
10
Jan
Jan
75*
251
23*
203*
950
50
<N 0 *
Mar
55*
133*
23*
255*
500
4J*
Jan
255*
75*
23*
29
29
75*
2
203*
63*
2
Jan
Mar
1023*
4
SO
.100
Lincoln Printing Co com.*
$3.50 pref
*
Jan
23*
855*
533*
*
..1
212
9
Iron Fireman Mfg v t c.__*
Jarvls (W B) CoCommon
300
233*
125*
143*
*
B
12
225*
125*
253*
185*
40
Hlbbard Spen Bart com. 25
Border's Inc com
*
Hubbell Harvey Inc com. 5
Illinois Brick Co cap.... 10
63*
60
12
"
Great Lakes DAD com..*
6% preferred
Jan
43*
/■
*
Goldblatt Bros Ino com..*
Houriallle-Hershev cl
43*
43*
173*
11
------
General Motors Corpcom 10
General Outdoor Adv com*
11
143*
—-
*
..
_.
11
15
*
Fox (Peter) Brewing com.5
Fuller Mfg Co com..__-.1
Cumulative pref
*
TJbby McNeiu<* Lmbycom*
Jan
Feb
105*
15*
Leath A Co com
Mar
20
Jan
363*
Feb
1743*
Jan
173*
...
Feb
Jan
Jan
4
Central A S W—
133*
1675*
53*
133*
Jan
173*
23*
63*
—
— -
43*
63*
Cent 111 Pub Ser $6 pref..*
203*
Jan
Feb
33*
103*
—
173*
10
Jan
Jan
Jan
100
223*
—
1
Feb
Mar
Feb
18
—
"
La Salle Ex tens Unlv com-5
11
22
50
Jan
413*
Jan
1,375
18
5
10
com
Jan
100
233*
18
*
Preferred class A
Buntl Bros
4
Jan
Feb
53*
10
Jan
18
Mar
Jan
Mar
Jan
4
Feb
10
Feb
5
50
Kerlyn Oil Co cl A com
5
Kings bry Brewing Co cap 1
355<
Mar
113*
4
Jan
89
343*
Jan
4
49
71
Jan
1,203
35*
1
Feb
150
Jan
10
650
Feb
455*
340
4?*
273*
45*
345*
21
75
100
150
3,376
Jan
Jan
Mar
120
Jan
450
10
22
703*
9
183*
Jan
213*
Jan
23*
113*
193*
11
Jan
253*
223*
685*
80
Jan
233*
202
1,220
93*
173*
83*
225*
Kentucky I'tli ir cum pf
------
250
Feb
11
-
—
Ken-Rad TubeAL'p comA*
*
Common
Feb
23
5
Kellogg 8witchboard com. *
Abbott Laboratories—
Jan
63*
Borg Warner Corp—
Common
—
Jan
Jan
33*
50
18
Katz Drug Co com.
Shares
73*
4
550
45*
313*
—
International Harvest com*
Range Since Jan. 1, 1940
High
Jan
183*
Inland Steel Co cap
Sales
Last
-
—
34
——————
1
t c._*
Indiana Steel Product coml
both inclusive, compiled from official sales lists
Friday
—
63*
Bliss A Laugbllninccom.5
Binks Mfg Co capital
Indep Pneum Tool
Chicago Stock Exchange
March 2 to March 8,
—
95*
1,900
Low
113*
35*
183*
Bereboff Brewing Crrp._l
Cumul conv pref
30c
CastleCAM)ACocm(new) 10
American Pneumatic Ser—
Shares
63*
Butler Brothers..
Low
High
7
Bruce Co (E L) com
Sales
Week's Range
Last
Low
Aviation Corp (Del)
3
Aviation A Transportcap.l
Bastian-B leasing com
Since(Jan. 1,1948
Week
Price
Par
Common...
both inclusive, compiled from official sales list*
Friday
for
of Prices
Brach A Sons (E J) cap—.*
Brown Fence A Wire—
Exchange
Range
Week's Range
Sale
.
Boston Stock
Sales
Last
Feb
Jan
463*
CHICAGO
Friday
Feb
173*
Mar
155*
Georgia & Alabama Ry Colst mtge cons 5 %
-1945
La Salle St.,
S.
Jan
10
13*
463*
O 8 Fidelity A. Guar
10
Jan
30c
New Amsterd'rn Casualty 2
Municipal Dept. CGO. 521
Trading Dept. CGO. 405-406
Jan
Jan
258
Mt Vrn-Woodb Mis pfd 100
Penna Water A Pwr com,*
463*
153*
Bell System Teletype
Jan
31
Jan
40C
305
13*
Jan
Principal Exchanges
Members
Feb
Jan
93*
1,250
1.85
83
1193*
113*
Feb
17
864
260
Paal H.Davis
213*
350
38c
13*
High
Mar
50
29
260
50
Low
183*
243
813*
1.70
80
35c
1
Common class A
Maryland A Pa RR comlOO
Mercantile Trust Co
193*
41c
1
.
2,070
29
-20
Fidelity & Deposit
195*
1183*
93*
Unlisted
Range Since Jan. 1.1940
for
xm
193*
Atlantic Cst Line (Conn) 50
SECURITIES
CHICAGO
Match 8, both inclusive, compiled from official sales lists
Jan
Feb
33*
26
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Feb
Mar
73*
Feb
25*
Jan
26
Jan
Lindsay Lgt A Chem—
Common;
..10
Lion Oil Refg Co cap
Loudon
Packing
*
*
com
Lynch Corp com
Mapes Cons Mfg Co cap.
.
5
*
55*
——————
23*
------
13
2
50
25
Jan
53*
133*
23*
255*
10
26
Jan
29
300
450
12
13*
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Volume
The Commercial & Financial Chronicle
150
Friday
Sales
Last
Par
Week's Range
of Prices
Week
Price
Low
Marshall Field com
*
McCord Rad A Mtg A...*
143*
McQuay-Norris Mfg com.*
373*
Merch A Mfra Sec
Class A
High
143*
7
373*
123*
Feb
153*
Feb
5?*
Jan
7?*
Jan
U S
Jan
373*
Mar
37}*
70
3?*
33*
3?*
36
200
27?*
275*
50
------
com. 1
Middle West Corp can
ft
Midland United cnv pfd A*
Midland UtU6% prllenlOO
7% prior lien pre!
3?*
35*
2,550
85*
12,100
1?*
150
Mar
55*
250
5
Jan
63*
53*
53*
100
43*
Jan
Jan
6?*
63*
770
33*
Jan
63*
7?*
413*
413*
10
41
Jan
423*
50?*
Jan
Mar
Jan
Jan
94?*
90
76
Jan
55?*
84?*
213*
80
21
Jan
22
113*
300
103*
Feb
113*
*
250
26
Feb
28?*
343*
1,400
28
Feb
34 3*
Mar
43*
5,150
3
Feb
43*
Mar
103*
103*
600
183*
183*
50
5
333*
32
North Amer Car Corp cm20
Northwest Bancorp com ..*
43*
35*
*
7% preferred
..100
Oklahoma G & El 7% pflOO
16
103*
163*
Mar
"li H
10?*
16
17
100
16
10
115
Mar
14
10
133*
GILL1S
108
9
10
108
1
5
conv
?*
Cleveland Stock
Mar
March 2
Jan
143*
March 8, both
to
7
jaD
9
Penn RR capital
200
3*
Jan
143*
100
15
568
Jan
Jan
36?*
37
290
Jan
243*
383*
Feb
Airway Elec pref
283*
28 3*
30
26
Feb
28 3*
Mar
Akron Brass Mfg
43*
43*
200
Jan
53*
Feb
%
113*
?*
700
3*
Feb
113*
50
10?*
Feb
%
123*
3*
14?*
1233*
Feb
154
Feb
-
*
1
Quaker Oats Co
Preferred
*
Rath Packing com
Sangamo Electric
-
1
36
50
Signode Steel Strap pref.30
Common
*
Spiegel lnc
10?*
1
Jan
13*
Jan
Jan
30
Feb
81?*
Jan
87
Jan
350
3*
60
50
16
Feb
17
25}*
950
223*
Jan
253*
103*
380
93*
Jan
11
28
5
255*
Swift A Co
25
Thompson 'J R)
Trane Co (The)
com
United Air Lines Tr cap 5
Gypsum Co com
20
United States Steel com..*
Jan
1,550
443*
327
-
---
-
—
—
-
153*
550
143*
Jan
85
332
78?*
Feb
88
Jan
163*
326
14?*
Jan
16?*
Jan
81?*
815*
59?*
81?*
Mar
587
32
4
365
4
57?*
-
300
4
37
Jan
Feb
Feb
Feb
Jan
Feb
Intel lake
Steamship
1?*
13*
Jan
150
13*
Feb
13*
Jan
Feb
1?*
Jan
1?*
Feb
Nestle LeMur A
115
2
Feb
c
N Y Central RR
13*
50
13*
Jan
223*
538
203*
22?*
Jan
223*
Feb
a32?*
126
273*
20
19?*
373*
203*
163*
21?*
Jan
243*
Jan
c
105
215
43*
43*
863*
Yates-Amer Mach
3 3*
33*
143*
42
35
140
31
31
16
16
1?*
1?*
30
28?*
Jan
117?*
Jan
Packer Corp..
Feb
Reliance Electric
Republic Steel
Richman Bros
Jan
Jan
43*
843*
Jan
893*
Jan
2?*
Jan
3}*
Jan
153*
620
14 3*
Feb
163*
Jan
c
$1,000
1263*
Jan
130
Jan
Cincinnati Listed and Unlisted Securities
*
White Motor
1033*
Jan
Jan
Feb
29
Jan
Feb
123*
403*
Jan
Mar
3
Feb
11
Feb
353*
Feb
Jan
4
Jan
133*
44?*
Mar
Mar
Mar
33
Mar
Jan
Mar
Jan
173*
Mar
25
243*
133*
21?*
173*
1?*
30?*
Feb
27
2 3*
Jan
363*
Jan
235
Mar
Jan
Jan
Mar
Jan
Jan
33*
40
Jan
13*
200
13*
Jan
1?*
Jan
500
3*
Jan
1
Jan
75
15?*
193*
63*
Mar
al63*
145
50
183*
Jan
Jan
23
Feb
Jan
7?*
10
Jan
12?*
Jan
75
10
10
Jan
10
Jan
123*
Feb
14
Jan
275
196
18?*
598
363*
10
a8
Jan
233*
Jan
Jan
393*
Mar
Jan
7
83*
Jan
259
273*
Jan
343*
10
463*
Feb
52
Jan
100
93*
143*
Jan
13
Mar
Jan
15?*
Mar
60
153
65
553*
33*
9?*
113*
10
385*
390
10
55
oil?* all?*
a423* o423*
Youngstown Sheet A Tube*
Jan
20
103* alO?*
10
*
60
213*
a7
a333* a35
a483* a48?*
al2?* al3
15?*
15?*
a57?* 0593*
33*
3?*
Union Metals Mfg
*
c United States Steel com.*
..
Feb
1
a7?*
Inc..*
Timken Rollr Bear'g cm-*
Twin Coach com
1
Weinberger Drug Store.
Jan
24?*
42
123*
133*
a20H a213*
39?* 393*
*
Van Dorn Iron Works
Jan
23?*
20?*
153*
1?*
39
10
*
com
Seiberling Rubber
Thompson Products
c
Bonds—
a
c
Jan
41
13*
*
4
90
253*
9?*
36?*
Jan
1
13*
6
200
Feb
Jan
Mar
422
al63* al73*
a23?* a233*
33*
33*
*
53*
Jan
Jan
Jan
183*
123*
1163*
333*
21?*
31
25
213*
Jan
Feb
Mar
Jan
50
30
39
Jan
Feb
60?*
70
181
1?*
29
Feb
Jan
101
570
a6?*
Jan
450
3
133*
al6
Jan
10
100
504
383*
133*
.
5
33*
90
103
36?*
com
22?*
106?*
873*
128}* 128}*
com
115
a26?* a26?*
Otis Steel
1,100
53*
4?*
Ohio Oil
121
50
Ohio Brass B
6C
Feb
114}*
a39
2
1?*7> Jan
10
*
Jan
175
al03* alO?*
*
50
15*
53*
C'wealth Ed deb 3?*s.l968
Feb
11
113*
103
c Natl Mallebl St Cst com-*
Natl Refining (new)
*
Prior pref 6%
....*
1125* 113?*
153*
Mar
20
3
Jan
233*
243*
53*
»
43
Jan
Feb
al9?* al9?*
a23?*
Monarch Machine Tool..*
National Acme
1
215*
Woodall Indust lnc cap..2
Wrlgley (Wm Jr) cap
*
5
Jan
173*
153*
1,760
a23
McKee (A G) B
*
Medusa Portland Cement-*
Metro Paving Brick
*
23?*
235*
------
353*
16?*
a413* a44?*
873*
683*
Jan
143*
175
"133*
1183*
Jan
Jan
275
20
a38
*
Jan
Feb
o43
a203* a203*
1
Feb
56
Jan
63*
51
383*
1153*
12?*
603*
105
a203* a203*
*
Lamson A Sessions
Leland Electric
c Martin (Glen
L) com
171
88
Jan
6
Mar
668
115
Industrial Rayon com..*
Interlake Iron com
*
132
1173* 1175*
1?*
13*
——————
Western Un Teleg com. 100
W'house El A Mfg com. .50
Wisconsin Bankshrs com.*
Zenith Radio Corp com
c
Mar
Jan
Jan
563*
10
2
193*
153*
113*
Firestone Tr A Rub cm-10
General Electric com..
National Tile
-
—
1
cap
Jan
Feb
9
c
84
120
Jan
Feb
Jan
a40
Goodrich (B F)
*
Goodyear Tire A Rub
*
Hanna (M A) $5 cum pref-*
Jan
85
85
a32
Jan
2
Mar
8
193*
103*
57
163*
General Tire A Rubber..25
15
153*
163*
Jan
843*
143*
-----
------
13*
*
cap
Jan
42?*
233*
44?*
.._...*
Walgreen Co common
Jan
22
225*
c
45
175
Hijh
Jan
2
100
Mar
223*
323*
233*
453*
43*
153*
Utility A Ind Corp—
Convertible preferred..7
Wahl Co com..
Jan
32
7% cumul preferred .100
Utah Radio Products com-1
Wayne Pump Co
Feb
c
Jan
2V8
27H
Feb
23*
153*
303*
233*
2
U S
253*
221
3,110
------
25
com
Union Carb A Carbon cap •
Mar
83*
193*
315*
223*
25
Texas Corp cap.
1?*
925
22 3*
8
------
360
30
Jan
173*
83*
55
113*
Dow Chemical pref
Low
10
cl33* al3?*
57
Eaton Mfg
Mar
23*
Jan
16
13*
263*
85
Colonial Finance
26
30
1?*
Sunstrand Mach Tool como
Swift International cap_15
Range Since Jan. 1,1940
Shares
a58?* a59
63*
6?*
*
55?*
1,255
2}*
8Vs
*
Feb
85
13*
Cleve Builders Realty
Cleve Cliffs
Feb
200
------
25
City Ice A Fuel
Jan
Feb
Standard Dredge—
(new)
Feb
High
al73* al8
83*
83*
93*
10
Apex Electric Mfg pref. 100
c Amer Home
Prod com__l
33
13*
Low
Brewing Corp of Amer...3
150
24?*
9?*
253*
Jan
Jan
50
500
13*
16
Sou Bend Lathe Wks
cap. 5
Standard Oil of lnd
Stewart-Warner
for
Price
Irpn pref
*
c Cleve
Graph Bronze cm.l
Cleve Railway
100
Cliffs Corp com
5
29
——————
2
Jan
Week
cm 10
100
36
2
Addressograph-Mul
Mar
30
------
Jan
c
Par
117
83
Sears Roebuck A Co cap_*
Serrlck Corp cl B com
1
Mar
3*
11?*
Mar
3*
140
13*
295*
30
4?*
1,250
119
1513* 1513*
-
13*
com new*
common
3*
133*
115*
117
------
10
com
3*
123*
117
100
Rollins Hosiery Mills
-
-
------
1
common
-
------
Potter Co (The) com
Pressed Steel Car com
Feb
Mar
109
Sales
of Prices
*
------
1
Jan
Exchange
Week's Range
100
Pictorial Paper Pkge com .5
com
105
Jan
23}*
143*
21?*
35?*
Feb
213*
37
Peoples O LtACoke cap 100
Perfect Circle Co com
*
Pines Winterfront
Poor & Co cl B
Stocks—■
3*
143*
------
50
Feb
Feb
inclusive, compiled from official sales lists
Last
Feb
22Vs
A10
Jan
A. T. & T. OLEV. 665 9c 666
Sale
Common clB
Jan
Billdlnc, Clcvaland
Telephone: CHerry 6050
Jan
223*
Peabody CoalPenn Elec Switch
Jan
55
83*
2?*
163*
11?*
i°^| RUSSELLco.
Uitei Cssnrci
Jan
115
Jan
108
Friday
9
93*
2
Jan
Mar
183*
Mar
115
14
*
High
6?*
13*
13?*
Jan
12
Jan
115
6
150
153*
100
Jan
Ind com.
23*
153*
11?*
Low
27
23*
23*
73*
Members Cleveland Stock Exchange
Jan
27 3*
------
73*
Ohio Listed and Unlisted Securities
Jan
10?*
273*
------
10
Range Since Jan. 1, 1940
Shares
Jan
813*
com.
Common
1,249
High
Jan
21
84?*
------
Low
Price
10
Jan
55
com*
Week
50
Feb
53?*
Mountain States Pw pf 100
Muskegon Mot Spec cl A.*
Omnibus Corp com
Oshkosh B'Gosh—
Printing..
Preferred.
Jan
63*
for
of Prices
Jan
Jan
Week's Range
*
Preferred
Jan
30
1?*
.
Northwest Eng Co cap
North West Util—
4
Feb
3?*
9?*
2?*
8
._
National Standard
Mar
5?*
Miller & Hart lnc cnv pf
*
Monroe Chemical Co pref. *
Montgomery WardCommon
Nachman-Springflled
33*
27?*
3?*
73*
1?*
8
100
_
Par
Rapid
230
------
*
Mlckelberry'• Food
Common
Stocks (Concluded)
High
Wurlitzer
1
part pre!
Noblltt-Sparks
Low
1,755
7
Sales
Last
Sale
Shares
143*
7
Range Since Jan. 1, 1910
—
com
12 cumul
Friday
for
Sale
Stocks (.Concluded)
1575
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Jan
33*
103*
13?*
483*
Jan
Jan
Jan
52LL LYONS *££
Established 1878
Members:
Watling, Lerchen & Co.
Cincinnati Stock Exchange, New York Stock Exchange
and Other Principal Exchanges
115
E.
Fourth
Members
New
St., Cincinnati
Telephone Cherry 3470
York Stock
Detroit Stock
Teletype Cln. 274-275
Ford
Cincinnati Stock
March 2 to March 8,
Par
Aluminum Industries
*
Week
Sale
of Prices
Low
High
Price
163*
*
100
3%
103
*
Cin Ball Crank
5
Cin Gas A Elec pref
100
Cin Post Term pref
Cin Street
2
108
"~2~3*
50
98
Cin Union Stock Yard
*
3%
16?*
Feb
Last
Week's Range
for
Feb
153*
Feb
Sale
of Prices
Week
96 ?*
Jan
87
Feb
33*
Jan
3%
7
2
Early A Daniel pref
Gibson Art
28
*
Hatfield prior pref
Hilton-Davis pref
...
100
Mead pref
30?*
National Pumps pref
Procter A Gamble
10
*
693*
*
For footnotes see page
1577.
Feb
18c
100
18c
Jan
25c
7?*
4,383
63*
Jan
7?*
Mar
223*
21?*
223*
935
193*
Jan
223*
Jan
113*
12
25
92
2 »A
317
65
97
30
123*
133*
5?*
63*
23
11?*
155
115
15
15 J*
23*
6?*
10
110
Mar
110
Feb
Feb
92
Feb
Jan
2?*
Jan
Brlggs Mfg com
*
Burroughs Add Machine.*
Burry Biscuit com
12?*c
Jan
98?*
Feb
Consumers Steel
Jan
143*
Mar
Feb
14
43*
Det & Clev Nav
10
78c
Jan
Detroit Edison
100
1183*
Jan
7?*
Jan
Feb
12?*
Jan
Det-Michigan Stove com.l
Detroit Paper Prod com
1
95c
Jan
115
1}*
_.
Feb
Divco Twin Truck
Feb
Ex-Cell-0 Corp com
Federal Mogul com
Jan
Fruehauf Trailer com
1
Gar Wood Ind
3
13?*
Jan
54}*
169
55?*
375
513*
263*
43*
Jan
28
Jan
Jan
283*
63*
Mar
15?*
com
com
Feb
325
20
Continental Motors com_.l
Jan
1
com...
com
9
3
26?*
*
143*
263*
Feb
27
Jan
General Finance
com
40
Jan
423*
Feb
General Motors
com
10
im
25
123*
Jan
15
Feb
Goebel Brewing com
1
Feb
107
Mar
Graham-Paige
1
'
20
293*
30}*
79?*
10
?*
170
69?*
490
1,068
3
25
20
56
/
101
28?*
603*
%
2
Jan
Jan
Mar
Jan
303*
793*
?*
3
com
—
2?*
Grand Valley Brew com__l
Mar
Hall Lamp com
*
Houdaille-Hershey B
*
133*
6?*
Mar
Hudson Motor Car com..*
Jan
693*
Mar
20
Mar
Kingston Products com__l
Jan
1.25
Jan
Feb
13*
Jan
4
43*
285
4?*
Feb
78c
78c
100
1183* 120
13*
1?*
95c
8?*
24
95c
9
26?*
112
33*
119
Jan
Feb
1,180
13*
Jan
550
91c
Feb
325
943
8
20?*
Jan
Jan
143*
14?*
875
12
Jan
29
160
283*
Jan
5
395
4?*
Jan
4?*
2?*
53?*
300
2?*
Jan
1,764
513*
Jan
23*
2?*
1,260
23*
Jan
1.00
525
90c
Jan
125
13*
13*
93*
26?*
153*
323*
5
2?*
553*
2?*
13*
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Jan
72c
1H
72c
100
60c
Jan
75c
Jan
7?*
9?*
5,446
5?*
Feb
Mar
133*
53*
14?*
2,275
11?*
Feb
63*
53*
Jan
49c
1,395
1,350
9?*
133*
6?*
44c
9
Hurd Lock A Mfg com_._l
Feb
12?*
Feb
66c
1.00
—
Mar
18
Jan
87c
230
2?*
52?*
Mar
65?*
11?*
820
73c
29
4?*
1
18
656
93c
73c
6?*
Mar
Jan
90c
1
com
50
68%
183*
33*
18c
793*
H
2H
*
*
High
Feb
63*
98 %
107
23*
7%
2m
107
*
100
1
1
42 x
143*
33*
Baldwin Rubber com
26 3*
*
33*
Feb
42
5
Moores-Coney A
5
23*
316
92
6 3*
._*
Kahn
1st pref
Kroger
273*
__10
Atlas Drop Forge com
Auto City Brew com
83*
54
15?*
52?*
Low
Jan
Feb
Feb
117
115
Range Since Jan. 1, 1940
Shares
1?*
107?*
5VB
54
High
Jan
14 ?*
100
General Motors
Low
Jan
13 K
Formica Insulation
33*
105
Price
7?*
5%
6 ?*
Jan
Par
144
107?* 108?*
11
102
Stocks—
17
13 3*
10
Sales
Jan
14?*
133*
*
p
Exchange
both inclusive, compiled from official sales lists
15
103
2
2 3*
Detroit Stock
March 2 to March 8,
High
16
800
7?*
98
Low
134
5h
Eagle-Picher
Randolph 5530
344
"l3Vs
City Ice
Colgas
Randall A
Shares
97
103
Range Since Jan. 1, 1940
for
Week
16?*
15?*
92
50
Cin Telephone
DETROIT
Telephone:
Friday
7H
100
Hob art A
16
Rang
97
100
Burger Brewing
Crosley Coi
s
14?*
Amer Roll Mill
Champ Paper pref
Churngold
Building
Exchange
Sales
Last
Baldwin pref
New York Curb Associate
Chicago Stock Exchange
both Inclusive, compiled from official sales lists
Friday
Stocks—
Exchange
Exchange
41c
Feb
52c
Jan
1?*
1?*
260
1?*
Jan
13*
Jan
Mar
Feb
H
•
of Prices
Sale
Stocks
{Concluded)
Low
Price
Par
High
1%
1%
210
1%
Feb
1%
2,110
90c
Jan
1%
19c
20c
3,800
Jan
25c
Jan
2%
2%
150
2%
Jan
2%
Feb
Baldwin Locomo Wkfi v t c_
al5X
5%
125
5%
Mar
7
Feb
Barnsdall
Oil Co
alOX
1%
McClanahan Oil com
1
20c
Michigan Silica com
1
Mich Steel Tube com..2%
5%
M ich
—
Feb
50c
Jan
4
736
2
1
Masco Screw Prod com
Jan
Mar
Jan
19c
Jan
Anaconda
Copper
Armour A Co (111)
87c
90c
Feb
90c
Mar
10%
2,456
7%
Jan
10%
Mar
Bethlehem Steel Corp
IX
14%
4,455
1%
Jan
Feb
2,975
10%
Feb
1%
14%
7%
7%
7%
834
5%
Jan
1
10X
IX
—
Motor Products com
Murray Corp com
_10
Pack ard M otor Car com
.
3%
3%
21%
lix
9%
11%
8X
«%
_
Feb
8%
Jan
Feb
44%
21%
11%
Feb
20%
6,299
8%
*
51 X
Jan
5%
5X
Mar
Jan
al3X al3%
150
13X
Jan
14X
Mar
Jan
30
IX
Jan
305
3%
Jan
IX
4X
Feb
Columbia Gas & Elec
*
5%
Solvents
*
al3X
Commercial
1
,
4%
a22X
Curtlss-Wright Corp
2%
1%
11H
a29%
2%
Jan
Electric Bond & Share
Jan
Elec Pow A Light Corp...*
Sheller Mfg com
_
_
5%
"23M
23
4%
295
945
25
1
1
4
Feb
General
*
a4X
a38%
Feb
General Foods Corp..
*
a48%
Jan
Goodrich (B F) Co
*
a
24
Jan
Fleet rio
t o
19 X
1
Tom Moore Dlst com
United Shirt Dlst com.
—
2%
2%
925
2%
Jan
2%
Jan
International Tel & Tel
*
3X
1
Tlvoll Brewing com
40c
40c
200
26c
Jan
43c
Jan
Kenuecott Copper Corp..*
a37%
.*
3%
5%
3%
225
3%
Jan
Jan
Loew's Toe
*
aZ 0%
6%
6,374
4
Jan
4%
6%
Mar
Montgomery Ward & Co.*
a54%
1%
Jan
1%
Mar
Feb
United Specialties
U 8 Radiator com.,
1
U ni versal Cooler B
6%
IX
1
*
1%
115
1%
1%
1%
17%
3%
350
18
•
al6%
Nor American Aviation.10
a24%
New
466
York Central RR_.
5X
al
4
4X
1,199
9X
Feb
11
Feb
60
29 X
Feb
29 X
Feb
7X
Jan
8X
Jan
*
a6
a4X
a 5X
75
8
Jan
8
Jan
aZ9X
a47X a48%
246
38
Jan
40
Jan
oZ 8
al9%
3X
19%
3X
aZ7X a 37%
aZ0% a30X
a54
a54%
al 6X
al6
a24% a25X
a
20 X
75
45X
Jan
47 X
Feb
10
19
Feo
20
Jan
107
Feb
3%
4X
36
Feb
36%
Jan
50
35 J*
Jan
35 X
Feb
53
Jan
18 X
Jan
188
22%
Jan
26 X
Feb
495
21
26%
Mar
21X
Jan
7
Jan
7X
Jan
Jan
3X
Jan
24%
Jan
225
16
*
*
a6%
a6%
a6X
65
Jan
Packard Motor Car Co
*
3%
3X
3X
385
3X
Feb
Pennsylvania
50
a22%
a22X a22X
UX
5%
a IX
al%
78
21X
Jan
380
5X
5
IX
Feb
Feb
477
19X
*
3%
5,574
16%
3%
Jan
18%
3%
Mar
1
IX
1%
1%
1,757
1%
Jan
1%
Jan
Wayne Screw Prod com..4
Wolverine Brewing com.. 1
IX
1%
1%
1
Feb
1%
15c
18c
3,150
4,400
10c
Jan
20c
Jan
35
Ohio OH Co
Walker & Co B
Warner A ircraft com
Jan
3
nx
a29X a29%
21
Jan
Jan
10
a22X a22%
nx
7
a6
ad
5
1%
Jan
21
Class
5%
Jan
1%
2,335
1%
23%
4%
1%
5%
1
Std Tube B com
a
al
al
Commonwealth A South..*
Continental Oil Co (Del)-5
Timken-Det Axle com... 10
Jan
85
349
Jan
Mar
Feb
51X
39
a 50X
Jan
22
Feb
Feb
5X
140
a49%
Jan
200
76
2354
Feb
75% a78%
a22X a23%
a50X
1%
22
Feb
23%
5X
Feb
60
Jan
Mar
♦
Caterpillar Tractor Co
3
22
34X
a6%
2
10
1
Feb
a6X
Jan
Scotten-Dillon com
3\X
73 X
293
«6%
Jan
Mar
15
34 X
34 X
34%
Jan
150
Jan
a23X
1%
1%
15
4
a78%
1%
2%
40
Jan
53
a6X
a
*
382
1%
Jan
a6X
15% a 15%
alOX al0%
a6%
800
2%
7X
60
1%
*
Jan
Feb
a22% a22X
a22%
1%
2
5X
24%
190
1%
__
Jan
Feb
135
23 X
1%
Rickel (H W) com
Feb
5%
22%
a6
23X
5
River Ralson Paper com
29X
5
25
Borg-Warner Corn
Canadian Pacific Ry
Continental Motors
300
Jan
a5X
Prudential Invest com—1
Reo Motor com
26%
Jan
Feb
100
Parker Rust-Proof corn. 2%
Pfeilfer Brewing com
Mar
8%
3%
Jan
43
838
240
21
Parker-Wolverine com—*
c
3%
1,805
44
43%
*
Parke Davis com
74
891
196
a29X aZOX
a6
6
Bendix Aviation Corp
9%
1%
11%
*
_
High
Low
Shares
23 X
5
14%
igan Sugar com
Mid-West Abrasive comSOc
Micrornatlc Hone com
a29%
4%
1%
4%
35c
1,700
4
.
Range Since Jan. 1, 1940
for
98c
4%
55c
1940
Week
Price
Par
Stocks (Concluded)
High
of Prices
Low
High
50
5
Atch Topeka A- 8 Fe RylOO
Atlantic Refining Co
25
Aviation Corp 'The) (Dell8
45c
55c
1
Lakey Fdry A Mach com.l
Kinsel Drug com
SaSalle Wines com
Low
Shares
Week's Range
Sale
for
Week
9,
Sales
Last
Range Since Jan. 1, 1940
Week's Range
Last
March
Friday
Sales
Friday
t
Chronicle
The Commercial & Financial
1576
'
Universal Products com
_*
_
.
North
American
Co
RR
*
5%
Radlo-Kelth-Orpheum .__*
Radio Cnrp of 4mer
Republic 8teel Corp
Sears Roebuck & Co
a84X
*
nx
lix
J)..25
a43X
*
a9X
Btudebaker Corp
1
UX
282
16%
10
a.7
a
a7
Jan
6
IX
Jan
Jan
22%
Jan
Mar
"nx
Jan
230
a83X a85
al6%
a7
Stone A Webster Inc
Chicago Board of Trade
21%
a 16X
*
Standard Brands Iric
Standard Oil Co (N
21
11%
Southern RyCo
MEMBERS
York Stock Exchange
*
Socorty Vacuum OH Co. .15
Wm Cayalier & Co.
New
*
alH
21X
20
11
6
Jan
nx
Jan
Jan
17 X
7X
Jan
45X
Jan
194
43 X
Feb
50
10X
Feb
12
JaD
362
9X
Jan
12X
Feb
65
a43*A a43%
o9 X
a9X
12
U 7A
22%
Jan
23 X
Feb
156
43 X
Feb
Los
Ban lint
Petroleum
Co..
Week
Sale
Par
of Prices
Low
High
Price
3%
l
Range
s
4
3%
29
29
30
Berkey A Gay FurnCo—.1
Bolsa-Cblca OU A com. .10
a25c
a25c
a25c
*
4%
al3%
a25%
Barker Bros 5%
°7t pref..50
Broadway Dept Store
B y ron Jackson Co
*
Calif Packing Corp com..*
2
Low
1,015
3%
Mar
150
28%
Feb
30
100
37c
Jan
2%
Mar
4%
5
Jan
14%
Jan
14%
Jan
25
Jan
26
Jan
10%
30
8%
Feb
11
86%
125
83%
Feb
90%
182
10%
7%
4%
9%
Feb
Consolidated Steel Corp..*
Preferred
*
7%
5%
10%
a85
9%
39c
Emsco Derrick A Equip..5
9%
4%
10%
083%
9%
Exeter Oil Co A com
39c
36c
i
Farmers & Merchs NatllOO
a 85
398
398
398
Jan
10
90
10
*
325
650
Jan
Jan
8
Jan
Jan
Jan
5%
Jan
10%
•
Mar
32
200
Feb
10
500
35c
Jan
383
18
Feb
11
Jan
43c
398
Jan
Mar
Feb
10
Jan
10
54
54
54
553
52
Jan
54%
Feb
a5
a5
a5
40
5
Jan
Globe Grain A MUling..25
a8%
a8%
a8%
Golden State Co
11
11
11
Ltd-.l
General Motors com
*
9%
Hancock OU Co A com
•
a23%
36%
Holly Development Co
1
9%
70c
Goodyear Tire A Rubber.*
9%
a23% a23%
36%
70c
37
72 %c
100
8%
16
8
100
Jan
Jan
6
8%
11
Feb
Mar
180
9%
24%
Feb
36%
Mar
24%
38%
Feb
401
1,100
70c
Feb
80c
Jan
Jan
6
6
6
145
6
Feb"
6
Feb
Hupp Motor Car Corp...1
75c
75c
75c
325
75c
Feb
75c
Feb
1
9%
9%
9%
210
Lincoln Petroleum Co.. 10c
12c
10c
14c
6,600
7c
Aircraft Corp—1
31%
31%
1,035
28%
Jan
2
1%
4%
13,739
1%
4%
Feb
4%
1%
4%
500
Lockheed
I,os Antr Industrie* Tnc
.
Los Angeles Investment. 10
Mascot Oil Co
30
1%
1
42c
42c
45c
1
Menasco Mfg Co
2%
1%
2%
9%
861
Jan
Jan
Jan
40c
1%
14,295
Jan
Jan
11%
16c
32%
3
4%
Feb
Feb
Jan
Feb
Jan
50c
Jan
2%
Jan
28c
Rights
Occidental Petrol Corp._.l
Oceanic Oil Co
1
13c
28c
57,559
13c
Mar
32c
Feb
a23c
a23c
o23c
100
25c
Feb
30c
Feb
36c
36c
36c
1,300
360
Feb
47c
Feb
*
4%
4%
4%
355
4%
Jail
4%
Jan
Pacific Gas A Elec com. .25
a33%
a33% a33%
33%
34
Pacific Clay Products
6% 1st pref...
..25
Pacific Indemnity Co
10
Pacific Lighting Corp com*
Pacific Public Serv 1st pfd *
Puget Sound Pulp A Tlmb*
Republic Petroleum oom.l
6%% pref
50
a47
13%
100
174%
124%
Budd (E G) Mfg Co
*
Budd Wheel Co
*
5X
30 X
10
General Motors
Horn&Hardart (NY) com *
6%
Pennsylvania RR
Penn Traffic
2%
com
Phila Elec of Pa $5 pref
*
Phila Elec Pow pref
Scott Paper
—
22%
2%
Feb
Jan
5%
Jan
4%
*
33
24
a33% a33%
Jan
367
27
Jan
372
6
Feb
*
8%
Jan
Jan
2%
Jan
24%
2%
Mar
2%
Jan
Feb
21
117%
Feb
120%
Jan
30%
Jan
31%
Jan
50
15%
Feb
16
Jan
47%
178
46%
Jan
48%
Jan
48%
37
41 %
Jan
48%
Mar
100
'it
Jan
X
Feb
%
%
Feb
105
595
%
Feb
1
Jan
2%
Jan
Feb
46%
X
%
%
%
X
Jan
270
1,535
865
2
2
Feb
Jan
*
38%
36%
36%
900
36%
Mar
41%
United Gas Improve com.*
12%
114%
11%
13%
30,208
11%
Mar
15%
Jan
111% 114%
9%
10%
10
10%
491
111%
Feb
9%
Mar
Jan
117%
401
11%
100
9%,
Jan
10%
Jan
Mar
Preferred
._____*
Preferred
Westmoreland Inc
*
Westmoreland Coal
*
Pittsburgh Stock Exchange
March 2
to
March
official sales lists
8, both inclusive, compiled from
Sale
Stocks—
Par
Allegheny Ludlum Steel.
Armstrong Cork Co
_
Price
Sales
Week's Range
of Prices
High
Low
Range Since Jan. 1,1940
for
Week
Shares
High
Low
33
Feb
30
Mar
70
37
10
9%
2,542
30c
Jan
40c
Jan
277
5%
Jan
6%
Feb
10%
30c
30c
30c
L) Candy Co...*
5%
5%
5%
6
Jan
30
Jan
Jan
Follansbee Bros pref
100
877
28%
Jan
Jan
Fort Pitt Brewing
Feb
34%
Jan
Jeanette Glass pref..
Feb
15%
Jan
Hoppers Co pref
966
23%
Feb
26%
Jan
Lone Star Gas Co
50
Feb
36
5%
Mar
15%
Jan
16
13%
461
11
Jan
13%
18
18
18%
189
13
Jan
20
1%
700
*
647
33%
12%
7%
5%
15%
13%
903
15%
12%
5%
15%
1
190
Feb
11%
40
1
*
40%
18%
*
Columbia Gas & Elec
Feb
Jan
Feb
10
Carnegie Metals Co
Feb
Feb
23%
21%
10%
Copperweld Steel
...5
Duquesne Brewing Co
5
6%
Jan
21%
39%
*
*
30%
29%
30
Jan
Jan
Jan
Mar
Jan
Jan
*
10
10
2
5%
16%
5%
544
4,128
16%
1,333
16
13%
5%
2%
16%
14
5%
2%
2%
2%
234
Jan
10
Jan
Mountain Fuel
1%
*
Supply.. 10
Mar
6%
Jan
Natl Fire proofing Corp
Feb
17%
Jan
13%
Feb
15%
Jan
Pittsburgh Oil & Gas
4%
Jan
5%
Feb
200
2%
Mar
3%
Jan
2%
Mar
3
Feb
Rentier Co
Jan
90
Feb
1,575
9%
Feb
10%
Jan
2,574
5
Jan
5%
Feb
88%
40
9%
9%
9%
5%
5%
5%
1%
1%
1%
1%
300
Jan
1%
200
1%
Jan
1%
400
1%
Feb
102% 102%
190
99%
Jan
2%
1%
103%
8%
1%
1%
Jan
Jan
Feb
Feb
7%
150
6%
Feb
40c
45c
435
40c
Mar
450
Mar
7%
7%
1%
35
5%
Jan
7%
Mar
1%
7%
1
5
84%
86%
5
Jan
Mar
32
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt—*
711
1%
32
20
*
485
Jan
Mar
32
Pittsburgh Brewing Co...*
1,922
1%
32
100
Ruud Mfg Co
•
Mar
1%
138
%
25
U nited Coi p com
Clark (D
34%
8%
5%
10
Feb
Jan
1,123
16
47%
47%
Tacony-Palmyra Bridge—
Class A participating... *
Tonopah Mining
1
Transit Invest Corp
25
Pi ef erred
23%
2%
16
*
L
21%
2%
4,324
Blaw-Knox Co
240
29%
34%
12%
3%
50%
33%
117% 118%
31
31%
118
25
Phlla Insulated Wire
Jan
8%
8%
3,635
29%
Jan
67
Jan
Jan
7%
28%
29%
Mar
862
34%
Jan
1,228
584
Jan
2%
54%
Feb
Feb
Feb
1,253
35%
Jan
Jan
7
Mar
16o
Feb
29%
Jan
Mar
Feb
20%
353
2
Feb
2
3%
836
2
1
50
Feb
14c
7
30%
29%
34%
13%
24%
2%
Jan
Mar
4%
32%
55%
100
32%
7%
*
Last
30
5%
86%
Friday
29%
14
Feb
90%
1%
Light
Pennroad Corp vtc
Jan
30
24
Jan
6%
Jan
7
Natl Power &
Feb
29%
a33%
6
Jan
80%
3%
2%
6% preferred B
25
6%% preferred O
25
8o Calif Gas Co 6% pfd A25
13
Feb
4%
65
366
156
Jan
So Calif Edison Co Ltd-25
34%
5
665
4,293
Jan
alO% alO%
27%
30
6%
6%
30
Mar
3%
2%
36%
31
Mar
127%
2%
12
15
Feb
174%
Jan
3%
405
31%
13%
Jan
122%
2%
250
Security Co units ben Int..
Feb
168%
113
3%
2%
39
11%
960
2X
.50
16%
6
290
Lehigh Valley
Jan
a35
High
Low
5%
6%
4
30%
52%
33%
Shares
Lehigh Coal & Navigation *
Feb
4%
5%
a49% a51%
31%
31%
alO%
13%
12%
172% 174%
124% 125%
4
*
com
High
5%
1,1940
Range Since Jan.
for
Week
of Prices
Low
86%
5
Chrysler Corp
Week's Range
5%
20%
16%
5%
a51%
2%
:—*
Bell Tel Co of Pa pref-100
American Tel & Tel
Mar
Ryan Aeronautical Co.—1
Safeway Stores Inc
*
Yosemite Ptld Cem pref. 10
American Stores
Price
20%
8%
Wellington Oil Co of Del..l
Sale
Par
110
8%
10
Last
Stocks—
Curtis Pub Co
official sales lists
Sales
Friday
20%
8%
1%
Jan
8, both inclusive, compiled from
49%
Roberts Public Markets..2
Consol Oil
4
Philadelphia Stock Exchange
Feb
659
Vega Airplane Co
Jan
IX
47%
1,100
Universal
Jan
3%
al*A
112
14c
25
Willys-Overland Motors.
39%
7%
Union OH of Calif
62X
10
34
14c
Transamerlca Corp
Jan
50
34%
7
Taylor Milling Corp
57 X
a3%
Jan
14c
Standard Oil Co of Calif.. *
Feb
a
Jan
a35
a35
Superior OH Co (The).-25
Jan
38%
a3%
Feb
7
100
48%
59
33%
38%
*
Pacific Co
Jan
Feb
a3X
33%
1
Southern
48 X
35 X
alX
5
Jan
47
122
637
a46X a48%
a35% aZ6%
59 X
...
182
Richfield Oil Corp com
*
a36
985
20%
15%
2%
20%
16%
2%
Signal Oil A Gas Co A
a48X
10
290
Rice Ranch OU Co
Sontag Chain Stores Co..*
15 X
39%
39
39%
*
Jan
a46% a47%
34
SbeU Union OH Corp
15X
Jan
Hudson Motor Car Co...*
Lane-WellsCo
100
Elec Storage Battery... 100
Gladding McBean A Co—*
Fltzlmmons Stores
16
Mar
Jan
Jan
86%
7%
Douglas Aircraft Co
16
Jan
37c
1,506
4%
4%
al3% al3%
a25% a25%
4%
1%
50
2%
2%
5%
Feb
16
March 2 to March
High
7%
Corp
8?%
Range Since Jan. 1, 1940
for
Shares
10
OH
Jan
Feb
Week
86%
Corp
11
78X
U 8 Steel Corp
*
Chrysler
Consolidated
Feb
35
Warner Bros Pictures
5
Central Invest Corp... 100
Feb
16%
a85
25
Sales
Last
Stock*—
42X
20
a85
United Air Lines Transp_.fi
United Aircraft Corp
5
Teletype L.A. 290
inclusive, compiled from official sales lists
Friday
,
a44% a44%
a 10% a\6%
a85
25
Texas Corp (The)
Angeles Stock Exchange
March 2 to March 8, both
a44X
alOX
Union Carbide & Carbon.*
US Rubber Co
Los Angeles
a22X a23
Tide Water Assoc Oil Co. 10
San Francieco Stock Exchange
Angelee Stock Exchango
Lot
623 W. 6th St.
a 23
Swift A Co
7%
Jan
2%
Jan
31
31
45
30
Jan
33%
Jan
Westinghouse Air Brake..*
a4c
a4c
a4c
100
Unlisted—
24
25
180
23
Feb
28%
Jan
Westinghouse El & Mfg.50
AmerRadA Std Sanl
Amer Smelting A
Feb
Vanadium-Alloys Steel...*
Shamrock Oil & Gas Co__l
Mining—
Cardinal Gold Mining Co.l
*
Refining*
Amer Tel A Tel Co..
100
a9%
a49%
a!74
For footnotes see page 1577.
a8%
a9%
a49% a49%
al72% a 174
10
115
33
371
|
Jan
10
47%
47%
Jan
112% 114%
150
74
106%
Jan
117%
Jan
120
1%
Jan
2%
Jan
Jan
Jan
1%
Unlisted—
Pennroad Corp vtc
1
1%
2%
Volume
The Commercial & Financial Chronicle
150
St. Louis Stock
March 2
March 8, both
to
Friday
Friday
Sale
Stocks—
Par
American Invest
Price
1
com.
52
21%
13%
Chic & Sou Air Lines pref 10
Coca-Cola Bottling com__l
Collins-Morris Shoe
42
52
34
Feb
12
Jan
13%
31
Jan
34
Mar
1
Mar
2
Jan
Feb
18
Mar
Mar
27
Jan
16%
18
515
14%
22%
605
22
18
18
7
18
W"
120
120
9
118
Feb
120
95
20
93
Feb
95
Mar
9
1,040
Jan
9
Mar
......
1
com
8%
1
15
*
com
Hussmann-Ligonler
12%
com
com...
International Shoe
Johnson-S-S Shoe
"11"
10
*
com
34
*
com
Feb
15%
12%
Feb
49
Mar
50
Feb
55
55
25
53
Jan
55
Mar
33%
15%
34
179
Mar
36
11%
11%
*
2d preferred
100
Rlce-Stix D Gds
160
11
Feb
332
11
Feb
12
12
Mar
99
98
37
4%
98
4%
Mar
55
108%
Feb
6%
110%
32
1
Feb
1.37
Jan
7%
50
7%
8%
7%
505
6%
Jan
7%
317
7%
Jan
9
'28%
Wagner Electric com....15
27%
28%
660
Jan
26
Jan
28%
St Louis Pub Serv 5s. 1959
Income
65%
1964
9%
37%
United Railways 4s...1934
4s c-d's
65% $13,000
9%
1,700
37%
65
9%
Mar
37%
37%
9%
37%
36%
Jan
5,000
11,000
Feb
37
Mar
66%
12%
38%
38%
Jan
50
107% 108%
5%
5%
Jan
Jan
21%
Jan
Jan
138%
Mar
Jan
43%
Feb
Feb
100%
130
75
42%
257
99%
150
51
41%
99%
50
62
Mar
Jan
54
Jan
1.15
100
1.05
Feb
1.35
Jan
1,087
12 %
Jan
17%
24%
19%
28%
19%
Mar
16
17%
24%
153
18%
Jan
17%
28%
18%
17%
28%
18%
582
J7
Feb
540
26
Jan
276
18%
Mar
Mar
Jan
Jan
Jan
7
7
7%
320
Feb
8%
Jan
5%
5
5%
5%
5,256
4%
Jan
6%
10%
26%
26%
Feb
5%
6%
Mar
106
5%
10%
27%
27%
------
30"
------
11%
7
713
30
345
28%
3,211
99% 100
99
62
Mar
Jan
11%
Jan
Feb
30
Mar
Jan
30
Feb
Feb
34
117
33%
Jan
12%
12%
34%
13%
100%
34%
Feb
34%"
2,065
12%
Mar
15%
Jan
------
5%
5%
70
Jan
22%
33%
2,649
5%
23%
Mar
33%
433
32%
Feb
26%
33%
Feb
-mmmm*
15c
17c
400
15c
Feb
20c
Feb
——————
46o
46c
200
46c
Feb
60c
Feb
10%
10%
410
5%
5%
8,071
10%
5%
Mar
6%
15c
15c
2,004
13c
Feb
15c
Jan
Feb
Feb
------
•
23%
1
I
5%
24
16
16%
25
Feb
373
14%
13%
4%
Jan
Feb
15%
Jan
Jan
5%
Feb
3%
10%
Feb
13%
13%
207
3%
10%
10
327
5%
100
3%
10%
295
3
10
Jan
10
294
Jan
17%
234
2.75
2.85
290
YosemitePtldCement prflO
Jan
159
295
17%
------
Jan
8%
16%
mmmmrnm
Jan
612
16
rnmmmmm
Wells Fargo Bk & U T. 100
Western Pipe & Steel Co 10
11
Feb
8%
6%
10
Jan
17%
8%
16%
"10%
1%
Jan
1,969
rnmmmmm
5
Jan
0
16%
8%
Victor Equipment com___l
Preferred
5
Jan
20%
99%
--
*
Vega Airplane Co
Feb
17%
*
Universal Consol Oil
Jan
5%
22
1
Union Sugar com
United Air Lines Corp
Jan
Jan
24
.1
Transttrncrica Corn
108%
363
20 U.
1.15
Jan
Mar
890
107%
5%
50
99%
25
< ill < -o of < 'allf
52
42%
------
Tread well-Yukon Corp.._l
Union < >11 Co of Calif
25
Mar
Bonds—
Feb
1,005
17%
Thomas Allec Corp A
*
Tide Water Ass'd Oil com 10
Feb
7%
...
Texas Consol Oil Co
Mar
6
Jan
47
47
Super Mold Corp cap...10
Mar
9
7%
com
Standard
Jan
7%
1
Stix Baer & Fuller com.. 10
Jan
31%
*
Spring Valley Co Ltd
Mar
1
Feb
3<
Feb
20 3^
So Cal Gas Co pref ser A 25
Southern Pacific < V)
.100
Feb
135
3%
Feb
30%
34
135% 138%
Signal Oil & Gas Co A
*
Soundvlew Pulp Co com..6
Preferred
100
Jan
4%
Jan
3i%
107%
5%
100
Shell Union Oil com
Jan
Feb
11%
32%
901
Schlesinger (B F) 7% pfd 25
Mar
119%
1
Scruggs-V-B Inc com.___5
9%
2,037
2,200
30%
47%
Kicutieid oil Corp00m...»
Aeronautical Co
1
Mar
1,385
33%
30%
Rvan
Feb
Feb
11
A- T com
Preferred
Mar
12
110
com
39
Feb
3
5
11%
cl A— 1
com
Feb
39
Jan
6%
17%
8
1,240
11%
100
Rayonier Inc
Jan
37%
50
4%
98
Jan
Feb
.
33%
33%
*
Rheem Mfg Co
Mar
11%
*
com
1st preferred
15
15%
6%
19%
4%
19
4
33%
10
11
25
com
15%
6%
39
Midwest Piping & Sply cm*
Mo Ptld Cement
Puget Sound P
Jan
1.30
t T*»l com.. 100
RE&RCoLtd pref
Mar
1.50
777
PhillpplneLongDlstTelplOO
Feb
11
20
4%
*
National Candy com
Mar
135
19
5
com
15
12%
49
6%
__20
com
Lemp Brew
McQuay-Norris
75
12%
*
com
15
7%
*
Plg'n Whistle pref
Jan
Jan
Feb
668
*
Paraffine Co's com...
*
Preferred
.100
Jan
19%
49
Prefeired series 1936. .50
Hyde Park Brew
15
Feb
11
6%
14%
33%
Pacific Pub Serv com....*
Preferred
*
Feb
95
100
High
Mar
1.30
30%
47%
IVI
6
14%
34
PMCtftc
Low
170
1.30
25
$5 dividend
Shares
6
14
Range Since Jan. 1, 1940
for
Week
1.30
25
Pac Light Corp com
Mar
50
22
100
Sterling Alum
26
Jan
22%
1st preferred
St L Pub Serv
Jan
"l8"
2d preferred
Laclede Steel
52%
16%
484
~~14%
64^
1st oref
Range
s
6
6% 1st pref
Mar
35
1%
Ely & Walker D Gds com25
Key Co
Jan
42
5
com
Dr Peppercorn
General Shoe
51
335
High
Feb
of Prices
Low
High
Price
Pacific f-oasi Aggregates.5
Pac G & E Co com
25
*
Columbia Brew
Falstaff Brew
41
133
13%
1
_
Low
.200
25
34
34
Range Since Jan. 1, 1940
Shares
Par
Pacific Amer Fishleries cm5
Pacific Can Co com
*
Week
High
41%
52
50
for
of Prices
Low
*
com
Preferred 5%
Burkart Mfg com
Stocks (Concluded)
official sales lists
W*ek
Sale
Sales
Weeks Range
Sales
last
Exchange
inclusive, compiled from
Last
1577
ST. LOUIS, MO.
15%
2.75
Jan
Jan
Feq
300
Jan
Jan
18%
Jan
Mar
2.90
Jan
Unlisted—
Amer Rad A Std Sanitary. *
Gatch Bros., Jordan &
McKinney
Inc.
LOUIS
STOCK EXCHANGE
ST.
Anfflo Nnr Corn A com
ISSUES
LOUIS BANK STOCKS
Atlas
418
OLIVE
ST.
A. T. & T. Tel.
GarfLld 3450
Corp
Blair a Co fnc can
Quotations
St. Louis Bank and Trust
on
Bid
Boatmen's National Bank
First National Bank
Mississippi Valley Tr Co..
San
31
30
31%
Bid
43%
29%
< '»»•»».'
274
8%
165
3%
3%
500
27%
8%
3%
22%
023
rnmmmmm
7
30%
1
Mercantile
Commerce
A Trust Co
53
Francisco Stock
Last
Sale
Stocks—
Par
Price
Sales
Week's
Range
of Prices
Low
High
for
Ciitf
1
Nhi'1
Calif Cotton Mills
450
'%
Mar
661
37%
Jan
Preferred
u'fka
Kelvlnntnr
Feb
15%
Jan
a 55
------
National Distillers Prod..*
16
Feb
18
Jan
No American Aviation
2
Mar
2
Mar
North
13
Feb
13%
Mar
Jan
25c
Feb
Oahu Sugar Co Ltd cap.20
Packard Motor Co com..*
Mar
40%
Mar
Jan
20%
Feb
40%
25%
52%
1,200
Jan
52%
Jan
•
5%
60
102%
Jan
105%
Mar
Radio Keith Orpheum...*
mmrnmm-
28c
200
26c
Jan
32c
Jan
Riverside Cement Co A..*
4%
50%
4%
758
Jan
Schumach Wall Bd pref..*
------
50
4
56
106%
9%
9%
16%
91%
9%
4%
8
19%
19%
43%
Emsco Derrick & Equip
6
Fireman's Fund Indm ColO
42%
Flrpman
96
9%
96%
56
106% 106%
24
17
*
Ins Co. .26
a25%
a25%
rnmmmmm
2,200
28c
91%
Emporium Cap well Corp
Preferred (ww)
50
1
Hi
com
23c
52%
105% 105%
5
....
Co
305
40%
1
D1 Giorgio Fruit pref... 100
Amer
13%
23c
10
5
13%
13%
25
Mlii Go com
Cons. Coppermines
Crown ZeUerbaoh 00m
9%
c6%
120
24
9%
17
92
9%
4%
8%
167
21
5,897
20c
40%
23
51
49
3%
Feb
Jan
55
4%
Mar
750
51
Jan
57
106
Jan
109
So ( aiif
Feb
497
23%
Jan
PR Co..
RaOlo ' *oro of
Feb
26
penn«vlvh<>1h
*
rnmmmmm
rnmmmmm
a22%
60
Pioneer Mill Co
20
oierlea
Kdlson com
mmmmrnm
29%
29%
26
0% pref
5%% pref
25
25
24%
Jan
Standard Brands Inc
8
Feb
9%
Feb
8tudebaker Corp eom
1
15
Jan
Jan
Sup Port Cement pref A..*
88%
Feb
Jan
Texas Corp com
------
*
100
2,435
129
9%
Jan
17%
92%
10%
Jan
Title Guaranty Co pref...*
350
4
Jan
5%
Jan
T
350
8
Feb
Jan
Jan
8%
19%
Mar
United Corp of Del
U 8 Petroleum Co
Jan
250
Aircraft
nlfpo
12
19%
918
17%
225
40
44%
Feb
310
9%
Mar
11
Jan
20
36%
Jan
44
Feb
Utah-Idaho 8ug Co com..5
Warner Bros Pictures
6
293
Jan
97
Feb
Western Pacific com
Food Machine Corp com 10
31%
96%
32%
215
93%
31%
Mar
33%
2.10
2.10
200
1.75
Feb
2.10
Mar
130
5%
35%
Jan
6%
Jan
Feb
38%
Jan
13c
15c
1,000
13c
Mar
16c
Jan
1.20
1.25
10c
------
440
1.
0
Mar
1 55
Jan
35%
4%
20
20
11c
4
Jan
Feb
35%
4%
Feb
2,450
1
25
4
4
9%
9%
a53% a55
Jan
12c
Feb
4
Feb
9%
Feb
3%
6%
101
3%
Feb
55%
4%
Feb
Jan
7%
Feb
785
30
4%
a6%
o24% c25%
a24% a25%
20%
20%
23
Jan
Feb
Mar
Jan
23%
Jan
26%
20%
35
Mar
23%
Jan
Jan
Mar
Jan
23%
3%
Jan
23%
Jan
12
Jan
21
3%
21%
11%
6%
260
140
40
604
100
1%
165
4
Mar
Feb
Feb
Jan
0
Mar
Jan
Mar
1,030
0
Jan
1%
4%
25%
30%
30%
29%
7%
12%
20
42
Jan
44
Mar
Mar
183
29
Jan
Feb
29
8
Jan
200
44
44%
Jan
23%
570
7
12%
44
Jan
29%
1,145
a29% 029%
7
c
100
103
261
23%
3%
3%
a22% a22%
11%
11%
6%
5%
1%
1%
4%
4%
25%
25%
29% 29%
29%
29%
Jan
8%
5 %
10
00%
0
187
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
a2
Mar
44%
18
Mar
20
Jan
531
47
Jan
4"%
Feb
2%
Mai
2%
Jan
18
49%
44%
10
18
47%
49
.
a37% a37%
4%
4%
a2
63
95c
1.00
500
95c
Mar
1.15
Jan
58%
58%
59%
984
1%
1%
200
o3%
a3%
03%
32
5"%
1%
3%
Jan
------
Jan
66%
1%
4%
Feb
20c
20c
100
20c
Mar
25c
Jan
mmmmmm
Jan
Jan
Jan
Feb
Foster & Klelser com.. .2 %
1
Jan
121
44%
rnmmmmm
United Htatm Steel com,, *
9%
42%
Jan
Jan
8%
41
538
11%
.25
44
Jan
6%
------
mmmmrnm
Corp cap.5
*
Mar
36%
rnmmmmm
Corp
265
Coast Cos G&E 1st pref 100
Coiih Chem Indust A
*
Fund
Nash
2
50
Clorox Chemical Co
s
Jan
Feb
Feb
36%
10c
1
16
M cap__l
Prpfprr#»d
M A M Com
rnmmmmm
8% pref
10
Montgomery Ward A Co *
Mountain City Copper.. .6
14%
_.*
Doernbecher Mfg Co
El Dorado Oil Works
mmmmrnm
2
Caterpillar Tractor com..*
»
1.60
a!8H al9AC
1.25
*
16
100
Preferred
( >n»
125
Feb
6%
38%
15c
1
13%
Calif Water Service pref 100
Hill Gold
Jan
Feb
Jan
Mar
6%
mmmmrnm
McBryde Sugar Co......6
*
Calif "aeking Corp com.
('arson
al9%
*
Mar
Calif-Engels Mining Co. 25
Calif Ink Co capital
6
Mines.. 1
20
com.
a7%
Jan
Jan
6%
38%
4%
*
265
mmmmrnm
Monolith Port Cem com..*
Byron Jackson Co
Calamba Sugar com
Calaveras Cement com
30% a31%
mmmmrnm
*
Jan
4
%
5%
36
Mar
1.50
5
Feb
11%
10c
122
Feb
Feb
5%
30%
Jan
7%
30
4%
%
20
Jan
Kenn I'onner Porn com.
632
61
350
Feb
Feb
1,100
1,165
04%
%
5%
Jan
7%
Feb
1.55
Jan
2
9%
33%
14c
124
Jan
86
60
6%
4%
14%
Jan
335
951
1.55
Mar
82%
3,550
1,026
123
12%
72
11%
20c
2
Feb
880
35
6%
4%
80
1%
13
86
a.7%
18c
Associated Ins Fund Ino. 10
625
1%
12%
10%
6%
Bishop Oil Co
1%
Jan
86
34%
1
Bank of Calif N A
Mar
Feb
11%
20
«t»nk
3%
30%
34%
M J A
Anglo Amer Mln Corp
Jan
1
rntl NMckpt Co of Can,..
Range Since Jan. 1,1940
High
Jan
7%
32%
7%
Idaho Maryland
Week
Low
8%
1,004
%
Ttalo Pet Corp of Am com 1
Shares
25%
Jan
Jan
8%
6%
5%
Goodrich (B F) Co com...*
both inclusive, compiled from official galea lists
Friday
Jan
248
1,036
rnmmmmm
*
CurtlHH- W rigfii < ''>rn
55
Exchange
Jan
7
%
Consolidated Oil Corp...*
130% 133%
-
4
Domlnguez OH Fields Co.*
Elec Bond A Share Co
5
Bk
St Louis Union Trust Co.
Y
\
Jan
Feb
a9
34%
Jan
9%
6%
33%
rnmmmmm
ImPho" 1 N» ill
85
31
a4
12%
------
Coiik
Ask
o23%
Jan
Mar
Feb
a8%
rnmmmmm
Ml
.*001
General Heetrb" Go
March 2 to March 8,
Augl
"«
Feb
30%
8%
rnmmmmm
6% pfd '27-100
-4prvWf
Mar
50c
29%
Claude Neon Lights com.l
Columbia River Packers..*
Ask
41%
.
Companies
9%
173%
Feb
8%
Bunker Hill A Sullivan 2 50
Cal Ore Pwr
Feb
52c
Aviation Corp of Del
3
Bendlx Aviation Corp.-.f
St. L. 494
Mar
2,200
rnmmmmm
6
com
9
171
63c
*
Argonaut Mining Co
5
Atclils Top A Santa Fe 100
(MEMBER)
125
409
52c
-
rnmmmmm
Anaconda Copper Mln. .6(1
ACTIVE Itf:
ST
9%
9%
173% 173%
American Tel A Tel Co. 100
Amer Toll Bridge (Del) ..1
GeneralMotors Corp com 10
General Paint Corp com
*
Preferred
53%
Golden state Co Ltd..... *
53
"il
698
52
Jan
1
7
140
34
7
*
34
635
6%
30%
Jan
10%
53%
11%
3,437
9
Jan
Jan
55%
7%
•No
Jan
trading
Feb
year,
34
x
100
a
Odd lot sales.
6 Ex-stock dividend,
*
15
14%
15
611
13%
Jan
15
*
20%
20
20%
493
19
Jan
20%
privileges,
d Deferred delivery.
rCash sale—Not Included In range for
Ex-dlvidend.
y Ex-rlghts.
s Listed,
t In default.
Jan
Holly Development
1
70c
72c
1,700
Mar
76c
Feb
Preferred
*
15%
15%
16
10
1.00
1.00
1.00
10
Langdendorf Utd Bk A
Class B
3
3
16
*
»
Leslie Salt Co
""7%
1
Lockheed Aircraft Corp-.l
3
16%
70c
17%
Jan
55c
Jan
1.15
Feb
tribution
100
2.00
Jan
3.75
Feb
railroads
420
15%
7%
Jan
Feb
Mar
16%
8%
Mar
15%
8
812
42%
185
34
145
42%
32%
30
31
31
720
29
60C
2%
60c
9%
CURRENT
100
oOc
Mar
Feb
NOTICES
—Adams & Peck, 63 Wall St., New York City,
200
34
7%
Feb
325
42%
10
LeTourneau (R G) Inc
Magnavox Co Ltd
70c
Admitted to unlisted
Mar
Hale Bros Stores Inc
Hawaiian Pine Co Ltd
Honolulu Oil Corp cap
Hunt Brothers com
e
Mar
11%
value,
par
a
table
with
using 1929
showing
respect
as a
to
the
gross
relative
revenues
position
have prepared for dis¬
of
for each
the
country's
of the
past
10
major
years,
base year.
43%
Jan
Feb
35
Jan
Jan
32%
Feb
Stocks," to be published in May by Duell, Sloane & Pearce, it
Jan
70c
Feb
nounced this week.
Street for many years.
Magnln & Co (I) com
*
""9%
9
Jan
9%
Jan
5
16%
16
9%
16%
250
March Calcul Machine.
917
15
Jan
16%
1
2.35
1.75
2.35
18.610
1.75
Jan
2.70
Jan
27c
13c
27c
Mar
9
8%
9
29,679
2,720
13c
7%
Jan
9
Mar
9%
980
9%
Jan
10
Jan
3%
9%
3%
3%
25%
5%
114
38
5%
Jan
5%
Mar
23
130
21%
Jan
Feb
227
4%
Jan
23%
4%
Livermore
Mr.
has
just completed a
book,
"How
to
Trade
was
in
an¬
Livermore has been well acquainted with Wall
Jan
Menasco Mfg
—Jesse L.
Co
com
Rights
Nat) Auto Fibres
com
Natomas Co
1
*
No Amer Invest com... 100
Occidental Insurance Co. 10
O'Connor Moffatt cl AA
*
Oliver Utd Filters A
25%
"5%
*
B
*
5%
23
"4%
4%
4%
45
3%
25
33c
Jan
4
Jan
26
Feb
Jan
Feb
Jan
I
—Chicago
Mercantile
Exchange
memberships
have
been
posted
for
transfer to Robert A. Gardner and William E. Stanley, partners in MitchellHutchins Co., Chicago.
—Application
Chicago
Stock
was
posted Mar. 4 for the transfer of
Exchange to George T. Weymouth,
Co., Wilmington, Del.
a
membership in the
partner
of Laird
&
The Commercial & Financial Chronicle
1578
March 9,
1940
Canadian Markets
LISTED
UNLISTED
AND
Montreal Stock
Service
all Canadian
on
Exchange
Sales
Friday
Range Since Jan. 1, 1940
Last
Securities.
i
Greenshields & Cq
Mcrjr-s
Montreal Stock Exchange
507 Place
Montreal Curb Market
Par
(Concluded)
Stocks
Prod..*
English Electric A
*
Foundation Co of Canada. *
•
Qatlneau Power
100
Preferred.
100
5H % preferred
General Steel Wares..—*
Provincial and
Goodyear T pre! lnc '27.50
Closing bid and asked quotations, Friday, March 8
Gypsum Lime A Alabas..*
Hamilton Bridge
Bid
Ask
Bid
56
58
58
Oct
Oct
1 1956
Prov of British Columbia—
55
57
6a
102% 103%
Sept
190
101%
1 1962
89
92
Imperial Tobaceo of Can.6
15 1965
94
97
Industrial Acceptance
5s
12 1949
91
93
4s
June
86
88
4%s
Jan
92
4%s
Mar
2 1950
95
16%
78
81
4s
Feb
1 1958
88
91
1 1961
SO
93
July
4 Ha
Province of Quebec—
1 1941
Aug
...June 15 1954
5s.
81
78
2 1959
Dec
6s
4%s
May
Hudson Bay Mining
*
Imperial Oil Ltd..
Preferred
*
Intl Petroleum Co Ltd
*
International
*
Power
93
96
5s
June
15 1943
70
73
InternatlonalPower preflOO
87
90
6%s
4%8
Nov
15 1946
1 1951
70
73
Jamaica Pub Serv Ltd new*
64
68
4 Ha
Sept
15 1952
95
Mar
1 1960
97
Oct
97
6s
100
Lake of the Woods
Lang A Sons (John A)
Railway Bonds
Bid
Ask
Bid
4s perpetual
Deo
July
58
4%s
£6
87
81
6s
Dec
1 1954
82
83
75
77
4%s
July
1 1960
76
77
96%
Sept
4%s
67%
79%
debentures.
15 1942
6s
Ask
Canadian Pacific Ry—
Canadian Pacific Ry—
15 1944
1 1946
Sept
102% 103%
1 1944
National Breweries......*
Bonds
*
Noranda Mines Ltd
Bid
Ask
Ask
95%
98
100
109% 110%
98%
1 1951
96
6%s
96%
96%
4Hs--
Feb
4Hs
5s
July
July
1 1966
1 1957
1 1969
6s
Oct
1 1969
Feb
1 1970
1 1946
July
345
95
Mar
16%
Grand Trunk Pacific Ry—
100% 101%
100%
4s__
4H
7H
14H
14H
22%
96
55%
Jan
~3l"
6,335
10%
Feb
5%
3,005
4%
Feb
5%
Mar
8
2,212
6
Jan
8
Mar
10
30 H
14H
16H
16H
28%
21H
724
970
19
Feb
22%
Jan
49
100
Jan
103%
Feb
1,390
30
Jan
14%
Feb
31%
14 %
1,253
16H
2,087
28%
175
Jan
16%
Feb
Jan
29
Feb
Feb
21%
Jan
23
27 %
460
27
Jan
28%
1,011
43
Jan
46%
Jan
22 H
23
1,595
Jan
24
Feb
75
21%
3%
Mar
6
46
90
Jan
94
Feb
14%
Feb
3%
"92"
25
21H
3%
for
13 H
100
25
25H
270
27
Jan
16%
12%
8H
*25%
16H
55
15
Jan
16%
Feb
12 %
85
12%
Feb
13
Jan
9H
1,160
Feb
of Prices
Week
Sale
Stocks—
Par
Low
Price
High
Low
Jan
9
6
825
5
Feb
9%
879
8
Feb
6%
9%
40
60
Jan
81
Mar
5
107
Jan
120
Feb
81
81
120
120
7%
30%
30 %
30%
Jan
31%
50
50
51
48
50
Feb
36 H
36%
37
687
36
Feb
56%
38%
Jan
41H
41H
50
40
Feb
41%
Mar
62
65
5,907
5%
55
AcmeGloveWks6%%pf 100
Agnew-Surpass Shoe
11%
*
"13"
160
61
Feb
69
Jan
31%
31%
600
26%
Jan
822
71%
Mar
32
32 %
255
30%
Mar
10 H
65
10%
Mar
32%
78%
33%
10%
Feb
72 H
Mar
12
11%
Feb
13%
Mar
7%
Feb
10
25
15
Jan
16
Feb
70
65H
72
454
58
Feb
70
Mar
*
10H
10H
10%
525
10
Jan
11%
20 H
20
21
1,515
19%
Jan
24
Jan
76
76
76
65
74
Jan
80%
Feb
16
16
Feb
17%
6
5
20 %
795
5H
244
17H
60
17
107% 107 %
5%
4%
19
19%
47
45 %
20 H
21%
13 %
*
,
16 %
5%
17H
14%
126
2,145
Jan
4%
Feb
17%
Jan
596
43%
Feb
1,665
20
Feb
345
12
Jan
Jan
126
Mar
Mar
105
Mar
Jan
15
Jan
77
Feb
86%
180
76
Feb
83
Jan
76H
76 H
*
2
15
3
Feb
3
Feb
Tuckett Tobacco pref.. 100
High
160
160
15
155
Feb
160
Mar
...*
Anglo Can Tel Co pref. .50
Asbestos
•
48
«.
18%
168
9%
10%
523
15
—
*
Mar
35
Jan
Winnipeg Electric A
14%
Jan
16%
Jan
Winnipeg Electric B..
49
Feb
Jan
30
16%
13%
Jan
1.20
Mar
1.75
75
25%
Feb
35
Feb
Feb
169
10%
383
14,031
165
8%
Jan
Jan
Jan
Canadlenne
29%
Jan
3
Mar
Jan
7
Feb
16
16%
645
15
21
21
110
22
52
6%
Feb
17%
23%
21
22%
*
22
22
25
20
Jan
22
16
"17
730
16
Mar
18
21
60
5% preferred
7%
19%
—
-
4,692
*
25
Canadian Pacific Ry
Cockshutt Plow
Crown Cork & Seal Co
—
_
~
•
100
Preferred
Dominion Bridge
•
pref
Dominion Glass
Dominion Steel A Coal B 26
Dominion Stores Ltd
Preferred
*
Dryden Paper
Jan
Feb
16%
Jan
24
Feb
Jan
1,936
28%
37%
Feb
201
Feb
30
Jan
Jan
16
Jan
127%
19%
115
115
38
101
Jan
115
14%
415
10
Jan
13%
Feb
3%
1,685
2%
Feb
3%
Jan
670
2%
Feb
3%
Jan
13
2%
18%
36
126%
3
19
Jan
Mar
365
12
Jan
19%
Feb
43,218
6
Jan
8%
Mar
8%
7%
43%
7%
205
44
44%
2,102
43%
Mar
29%
50
28%
Jan
24
29%
23%
23
Jan
25%
Jan
95
94
95
94
Jan
96
Feb
------
38
39%
1,123
36%
Jan
40%
Jan
21%
21%
255
20%
Jan
22
Feb
123%
70
Jan
125
Jan
14%
2,448
4%
250
123
14%
•
123
13%
4%
24
8
88
90
9%
7%
87%
7%
*
•
Mar
13
7%
7%
100
Dominion Textile
Mar
23%
2
Feb
2%
Jan
*
2
2
2%
155
2
Jan
7
11
Jan
2%
11%
90%
9
Jan
Feb
58
Jan
65
Feb
inn
10%
10%
65
66
10
10%
10%
24
*
20
Jan
120
9%
Jan
11%
Feb
80
23%
Feb
24%
Feb
24
160
23
160H
160
Jan
162
100
160
100
176
176
176
61
168
Jan
100
209
209
127
200
Feb
210
100
....100
310
310
311
174
308
Jan
310
190
190
190
163
182
Jan
190
.....
Montreal
Nova Scotia....
Roval
Jan
176%
206
......
Mar
Jan
Feb
.
Mar
Montreal Curb Market
March 2 to March 8,
both inclusive, compiled from official sales lists
Sales
Friday
Stocks-
Par
Range Sinoe Jan.
Week's Range
for
Sale
of Prices
.1940
Week
Price
Low
High
Shares
Low
High
Mar
20
45
125
19
*
Dom Tar A Chem
21%
Jan
35
2%
26
100
Jan
Feb
17
126
14%
*
Distillers Seagrams
Dominion Coal
„
*
Consol Mining A Smelting 5
Mar
17
126%
...»
Canadian Locomotive
8%
18%
695
35
35
*
Converters.. 100
Cndn Foreign Investment*
Cndn Industrial Alcohol..*
Jan
16%
1,547
26%
5%
43
25
190
24
ClassB
22
153
Last
20
26%
100
Feb
21%
25
Canadian Cottons
110
2%
Feb
23
44
15
100
99
Jan
20
—
13%
Celaneee
Jan
20
5,877
14%
Preferred 7%
95
200
8%
Canadian Car A Foundry.*
Preferred
272
44
•»
*
28%
Jan
Feb
Mar
37
22 H
Jan
7%
405
2%
Mar
Can Wire & Cable cl B___*
Canadian Bronze.
.
...
Jan
98%
Canada Steamship (new).*
Jan
37
Mar
2%
6%
3%
Feb
8%
*
16
Jan
Jan
Feb
Mar
7%
98%
Can North Power Corp... *
Feb
2%
..25
Commerce
Feb
4%
Jan
.
Preferred
Mar
2%
16
Class B
Mar
2%
*
Woods Mfg pref
Zellers
Mar
190
21
100
2%
5%
25
36
100
Preferred.
10%
2,980
*
Preferred
35
800
Jan
5%
5
Canadian
Jan
Jan
3
27
Building Products a (new)»
Canadian
Mar
41
Canada Cement Co
Canada Forglngs CI A
2%
6%
3%
Bank#—
24
29
6%
3%
Wllslls Ltd
100
1,800
Bulolo
7%
5%
3%
*
3
Jan
5%
m.m
-
6
22
Wabasso Cotton
Feb
3
•
»
*
35
29
.*
*
Feb
908
35
29
.
11%
14%
166% 169
Brazilian Tr Lt A Power.*
B
Jan
18%
24%
35
British Col Power Cor p a
Bruck Slik Mills
11
49%
26%
18%
15%
120
35
100
Bell Tele phone
14
48
120
*
100
Preferred
18%
14
Bathurst Pow A Paper A. *
(N) Grain
24
24%
*
Associated Breweries
Bawlf
75
15%
*
Corp
Vlau Biscuit
15
2H
...*
Pnltert Steel Corp
'2%
Jan
2
Jan
20
Jan
Jan
Mar
116
280
Feb
110
Jan
105
77 H
6
3
Jan
5%
20%
50%
24%
14%
5
77
2r
Jan
Jan
65
105
77H
55
32
3
Jan
Feb
13%
Feb
30%
-
Feb
17
201
.
Jan
6
19%
19%
107%
106%
13%
•
Jan
Jan
690
126
105
60
135
,
Feb
Mar
5
17%
13 H
Mar
5%
Jan
Jan
4,810
9
13 H
55
15
-
100
Algoma Steel Corp...
11%
5
j£n
10H
..100
4
30%
Alberta Pacific Grain A..*
Preferred..
5%
55
Feb
72 %
31%
Simon (H) & Sons pref. 100
.
Jan
Jan
15H
*
50
preferred
Twin City
Acme Glove Works Ltd..*
Feb
5
17
Tooke Brothers
Shares
Mar
13%
23%
9H
107 %
Preferred
Jan
92
13 H
Steel Co of Canada
Range Since Jan. 1, 1940
Week's Range
Last
Feb
92
Southern Canada Power.. *
Sales
Jan
15%
15%
27
13 %
9
Shawlnlgan W A Power..*
Friday
Jan
43%
100
Preferred
34
27
Rolland Paper vt
Sher Williams of Can
Jan
43%
5%
8 ague nay Power pref
Mar
14%
43 H
22 H
16H
81
15
14H
103
14 %
*
92
Feb
Feb
Mar
55%
7%
22 %
20
102
*
*
79
Exchange
10%
Jan
Feb
%
inn
89
both inclusive, compiled from official sales lists
Jan
Mar
80
Jan
9
_.
St Lawrence Corp
Montreal Stock
9%
89%
60
9H
St Lawrence Paper pref. 100
March 2 to March 8,
2,125
96
55%
5%
Quebec Power
A
10 H
96
To""
*
..*
1 1962
Jan
101%
55 %
100
.
_
Power Corp of Canada.
Price Bros A Co Ltd
1 1962
Jan
3s
9%
Jan
Feb
105
15
15H
*
Ottawa Electric RyB
Rolland Paper
100% 100%
5s
96
95 H
102 H 103
Regent Knitting
96
June 15 1955
95
95
*
5% preferred.
Canadian Northern Ry—
Sept
Feb
*32%
Mill*
Penmans
(American Dollar Prices)
4%s
Feb
15%
16%
96%
*
Ottawa L H & Power.
Closing bid and asked quotations, Friday, March 8
4Hs
5%
Jan
Mar
"65"
National Steel Car Corp.
Niagara Wire Weaving
Ottawa Car Aircraft
Canadian National By—
Jan
15
25
Preferred
Ogilvle Flour
Government Guaranteed
Bid
5
10
210
5H
30%
100
Ontario Steel Products
Dominion
15
290
15%
100
Mont I.n*P Consol..
Montreal Tramways
Feb
15
5
100
Preferred
(American Dollar Prices)
Feb
34
15
*
*
McColl-FrontenacOll
Closing bid and asked quotations, Friday, March 8
4
Jan
14%
25
Cottons
Feb
Jan
2%
31
15
3
Montreal
10
14 %
*
Laura Secord...
Legar pref
Mawsey-Harrls
210
30
High
12
Jan
27 %
......
Intl Nickel of Can
15 1960
Apr
4%
4
10
30
*
Apr
16 1961
Province of Nova Scotia—
5s
4%s
50
30
Intl Bronze Powders
Prov of Saskatchewan—
Prov of New Brunswick—
100
Preferred
104%
Oct
1 1953
Province of Manitoba—
6s
4 %s
Smith Paper...
103
15 1943
May
1 1959
4%s
5
Hollinger Gold
Howard
1 1942
1 1948
Jan
fie
Ask
Province of Ontario—
Province of Alberta—
4%
Low
Shares
11
11
7%
Gurd (Charles)
(American Dollar Prices)
Price
96
Preferred
Municipal Issues
Week
*
B
68 R
for
of Prices
Low
High
1
lectrolux Corp
Enamel A Heating
d'Armes, Montreal
Week's Ranee
Sale
625
155
5,750
35
1,810
681
7
122
Feb
13%
Feb
4%
Jan
9
Jan
30
Feb
15%
Jan
5%
Jan
Jan
8
86
Feb
89
87%
Jan
90%
6%
9
Mar
Jan
48%
11%
Mar
Jan
Mar
Jan
Abltibl Pow A Paper Co..*
6%
cum
1.65
100
13%
*
6% cum pref
Aluminium Ltd
139%
2,910
2,285
1.50
120
100
pref
1.75
13%
12%
137% 143
120
1.30
Feb
12%
Mar
2%
17%
Jan
Jan
119
Feb
134
Feb
175
115%
Jan
120
Mar
1,028
"~4%
4
4%
693
4
Jan
5
5
5%
556
5
Feb
6%
Jan
Brewers A Dlsts og Vane. 5
Brit Amer Oil Co Ltd
•
5%
5%
22%
Jan
5%
Feb
Feb
23%
British Columbia Packer**
18%
Bathurst P&PCoB
*
Beauharnols Power Corp. *
Canada A Dom Rug (new) •
Canada Malting Co
Can Nor P 7% cum
*
23%
1,651
18%
18%
32
17
Jan
101%
33%
33%
38
38%
15
100
Feb
100
838
33
Jan
35
Jan
105
36
Jan
39
Feb
150
109
Jan
111
Feb
110
11%
11%
108
108
2
Cndn Breweries Ltd
Preferred
"33%
preflOO
Canada Vinegars Ltd
*
CanWlreA C 6% cm prflOO
5%
99%
CalgaryPow6%cm pref. 100
2
29
__
Cndn Gen Electric Co...50
Cndn Gen Investments
*
Jan
5%
22%
446
28%
111
11%
108
2%
29
4%
22%
19 %
Jan
Jan
Feb
15
12
Feb
15
Jan
2
108
Mar
108
Mar
1,765
1.55
177
24%
Jan
2%
Jan
29%
2.25
2.30
45
2.25
Mar
9%
9%
230
9%
Jan
Feb
Feb
2.30
Mar
9%
Feb
Cndn Industries Ltd B...*
231
8
231
Jan
235
Cnd nIntlInvTr5 % cm pf 100
43
43
10
43
Feb
45
Jan
Cndn Light & Power ColOO
17%
18%
31
17%
Feb
17%
Feb
1 25
1.25
25
1.00
Feb
7%
55
6
Jan
20
25
Feb
Canadian Marconi Co
Cndn
7%
*
Viewers
1
6%
Ltd
100
cum pref
No par value,
r
25
Canadian market.
231%
25
Jan
1 35
Feb
8%
Jan
33
Jan
Volume 150
The Commercial & Financial
Chronicle
1579
Canadian Markets'—Listed and Unlisted
Montreal Curb Market
Friday
bast
Stocks (Concluded)
Par
Catelll Food Prods Ltd
Sales
Week's Range
of Prices
Sale
Price
Low
*
3%
3%
Dominion Woollens
Preferred
3
Jan
3%
6X
Feb
6%
Feb
17%
55
17T4
Feb
Jan
11
18%
28
914
6%
2%
Jan
10
Feb
Feb
8%
Jan
Feb
3%
Jan
7%
3X
"~8%
41X
3%
678
2X
Feb
9X
300
8
Feb
1,685
8
Feb
6%
Feb
8%
Jan
Friday
5
Jan
6
Jan
Last
5%
Feb
6%
Jan
8%
Jan
10
Feb
9
714
5%
40
Fair child Aircraft Ltd...6
6
*
3%
6
8%
•
510
9%
1,800
Feb
*
im
Feb
22%
20
Jan
20
Jan
16X
212
20
Jan
20
Jan
21%
36%
3%
Feb
10%
Feb
60c
Jan
n%
19
1,128
17X
Feb
38
38
56
35
Jan
40
3
3%
3
3}4
10
10
130
l
45
50
525
*
23
23
194
27
27
20 X
21X
5X
8)4
Feb
8%
40c
21
820
5%
8X
Feb
100
10
Feb
Mar
26 X
19 H
28
Feb
27%
Jan
22
5
Mar
8X
Mar
Feb
48
85
48
Mar
59
98 X
113
14X
15X
Page-Hersey Tubes Ltd..*
Mar
15X
1,102
13X
Jan
99%
15%
Jan
45
Mitchell (Robt) Co Ltd..*
Moore Corp Ltd
*
17%
98 X
98 X
25
48
100
MeColl-Fron 0 % cm pf. 100
17)4
45
25
44%
Feb
46
Feb
107
70
109
46
Powei of Canada—
0% cum 1st pref
100
Provincial Tra nsport Co. *
Quebec Tel & Power A...*
101%
101
6%
.
cm prflOO
107
Feb
18
99%
Jan
7%
750
614
115
112
19X
25
19X
4%
101
Feb
19%
Jan
Jan
Feb
4%
Mar
Feb
20 %
Feb
Mlnea—
29c
29c
Beanfor Gold
29c
2,900
29c
Feb
35c
Jan
Feb
16%c
Feb
8c
8c
1,000
9c
10c
Mines
10c
1,000
10c
11%
11%
35
"40%
11%
8%
39%
40%
110
36%
Jan
8c
8c
14,900
40%
80
Jan
11%C
iox
Feb
10 x
Jan
Big Missouri Mines
9Xc
13c
10%
9Xc
425
10c
Feb
11c
4%c
Feb
4Xc
4Xc
Jan
4%C
Feb
6c
1,000
1,000
4c
6c
6c
Mar
6c
68c
Mar
68c
200
70c
Feb
2c
87c
Jan
2c
2,216
Cndn Malartic Gold
*
Cartler-Malartic Gold
1
2c
Century Mining Corp
*
Consol Chibougamau
"l8c
1
Dome Mines Ltd
*
Duparquet Mining
1
2c
Feb
2%c
Feb
1,400
14c
Feb
20c
18c
Jan
18c
1,000
14c
Jan
llXc
Cent Cadillac Gd M Ltd..l
12c
800
15l4o 15%c
*24X
24 X
25
2c
"
3~65
East Malartic M Ltd
Eldorado Gold
3.60
12c
460
2c
20o
Feb
Feb
16c
Jan
25
Mar
29%
Jan
iXe
Feb
2%c
Jan
3.75
1,800
3.60
Jan
1.00
1.00
1,200
95o
Feb
1.25
4.80
Jan
4.95
450
4.00
Feb
4.95
39c 4014c
1
Falconbrldge Nickel
Mar
400
44 c
Feb
68c
Francoeur Gold.
Inspiration Mln & Dev... 1
J'M Consol Gold
36c
Jan
500
34c
Jan
36c
3c
Feb
3c
3,028
214c
Feb
3%c
Feb
25%
55,800
1,160
4%C
8%C
Feb
7Xc
25X
25%
Feb
4.35
31%
Jan
4.35
100
4.35
Jan
4.80
1.03
Feb
1.06
10,600
1.03
Mar
1.07
Feb
Mar
56X
1
Malartic Gold Field
1.05
Feb
Mclntyre-Porcupine
5
O'Brien Gold
1
1.40
1.40
165
Pamour-Porcuplne Mines.
1.35
Mar
*
1.82
1.80
Jan
1.80
300
Pandora-Cad lUac Goid
1
Pato Consol Gold Dredg'g I
Perron Gold
1
1.80
Feb
2.35
6c
Feb
6c
500
4%c
Jan
2.45
10%o
Jan
2.50
1,920
2.00
Feb
2.50
1.85
Mar
1.90
300
1.85
Mar
2.11
3.85
Jan
3.85
150
3.85
Jan
4.15
Jan
3c
Jan
8%C
Feb
2.20
Mar
2.40
Jan
Pickle-Crow
Gold
Red Crest Gold
50
1
3.85
*
50
50
6c
1
1
1
2.20
98c
Slscoe Gold
6C
2.20
San Antonio Gold
Sherrltt-Gordon Mines
77c
50
1,000
150
Jan
90c
98c
575
96c
Feb
1.15
77c
Jan
77c
3,400
75c
Feb
85c
Feb
43Xc 43He
Sladen-Malartic Mines
1
Sullivan Consol Mines.__1
Sylvanite Gold
1
600
38c
Jan
61c
Jan
Mar
"81c
80c
4,250
80c
3.35
3.35
10
3.35
Jan
3.80
3.35
3.80
Jan
3.90
250
3.90
Feb
4.15
Jan
20Xc 23Xc
16,800
19%c
Jan
31c
Jan
285
7.25
Mar
8.20
Jan
Teck Hughes Gold
Wood-Cad 11 lac Mines
1
1
23Kc
Wright-Hargreaves
*
7.25
85c
7.25
7.25
1.00
Jan
Oil-
Anaconda Oil Co Ltd
*
Anglo-Canadian Oil Co
*
Brown Oil Corp Ltd
*
6Xc
6Xc
1,000
614c
Feb
7c
Feb
89c
89c
800
1.00
Jan
1.03
Jan
89c
16c
16c
500
10c
Mar
18c
Jan
25
1.98
Feb
2.35
Jan
Calgary & Edmonton
*
1.90
1.90
Calmont Oil Ltd
1
35c
35c
200
35c
40
c
145
25Xc 25!4c
100
Dalhousie Oil Co
*
Davies Petroleums Ltd
*
Foundation
Petroleums
11c
35c
Mar
35c
35ci Mar
25Xc Mar
55c
Jan
25 %c
Mar
Mar
11c
100
11c
Feb
*
2.50
11c
2.45
Feb
2.59
Homestead Oil & Gas Ltd. 1
3,350
2.49
Feb
5%c
3.10
Jan
5Xc
5%c
2,000
5Xc
Feb
7c
Jan
33
Feb
Home Oil Co Ltd
Royalite Oil Co Ltd
*
33
33
30
36
Jan
March 2 to March 8,
Exchange
both inclusive, compiled from official sales
lists
Friday
Last
Sale
Stocks—
Par
Abltlbl
0%
1.65
preferred
100
Acme Gas
of Prices
Low
Alberta Pacific Grain
Preferred
Aldermac
Copper
1
Gold Mines
Anglo-Huronlan
Low
High
127
1,350
29%
108
49c
52c
8,700
48c
Feb
16c 16 %c
6.95
6.95
69o
1,900
15Xo
Feb
19Xc
190
6.60
Feb
8.60
16X
16%
2%c
500
12
12%
95
1.95
1.99
1,750
35c
35c
3,200
5%
255
5
Feb
26
55
Feb
T.95
1
*
5
60
57
Canada Cement
*
Preferred
6%
28c
147
62
21%
17
Jan
120
50
Mar
Cndn Bk of Commerce. 100
Canadian Can
*
177
Cauadlan Can A
20
B
28 %
Foundry
...25
*
Jan
10
20
Jan
22
12%
Jan
14
15
915
"26""
13%
Feb
24
26
460
24
Feb
29
35
35
36X
610
30
Jan
125X 125%
37%
65
230
..100
Castle-Trethewey
"22"
2.40
117
...1
230
10%
Jan
69c
2,500
660
Mar
85
118X
Jan
6
Feb
8%
38,131
4%
50
2.45
117
4%
19%
2.25
8%
4%
Jan
33
Jan
114
22
2.53
Jan
117
100
65c
500
65o
Feb
2.25
75c
2.31
2,990
2.23
Feb
2.55
12c
11,300
lOXo
Jan
20
101 %
78c
Mar
45c
Mar
60o
Feb
78c
6%
Feb
9%
101 %
Cheetervllle-Larder Lake.l
Chromium
102
78c
*
45c
78c
45c
3,695
55c
11,200
Cochenour-Wllllams Gold
1
61%c
60c
64c
6,100
Cockshutt Plow
Commoll
*
8%
7%
8%
610
Conlarum
*
27%c 27%c
Mines
Bakeries
*
1.64
18
Consol Chibougamau...
Smelters
Consumers Gas
6
100
Crows Nest Coal
Cub Aircraft Corp..
100
43%
175%
33
500
27%c Mar
Preferred
100
96
13c
13c
500
12c
Feb
43%
44%
175% 178
836
43%
169%
Mar
49
J an
178
33
775
1.64
Mai
452
1
17%
Mar
117
33
6
27
..100
Dominion Foundry
208'
34
Dominion Steel B
25
Dom Stores
3%
13,705
2%
5,500
24c
23%
24
1,040
94
96
145
25%
207% 209
33%
Dominion Woollens
*
Dominion Woollens pref. 20
1,316
120
34%
1,889
1.25
10
30
13%
14%
4%
7%
100
10
3,109
730
4%
8
2,525
88
88
31
3%
3
9
8%
3%
9%
3c
3c
7c
7c
5%c
6c
4,000
3.76
11,905
Dorval-Siscoe
3c
...1
...*
"5%'c
"Ill
3.70
_
3.60
1
32o
Jan
25
90%
Jan
96
24%
Mar
29
Jan
210
204
32 %
1.25
JaD
36X
Feb
1.25
30
Feb
30
13%
Feb
15%
5%
4%
6%
Feb
Jan
8
Feb
86
88
Jan
3X0
9X
834
lc
2,015
5%
Jan
500
3c
Feb
4c
1,000
6c
Feb
5%c
Mar
lOXo
7%C
3.00
Mar
17
20
16
Mar
100
100
3%
23
16
...
Eastern Theatres pref.
Eldorado
33 X
Mar
1.25
Dominion Tar
16c
Jan
25c
30
14%
4%
1.98
19
Jan
2%
24%
Dominion Scottish Inv___l
Preferred
50
32c
1.70
24c
Dome Mines (new)
58o
18 X
3
"24"
1.05
1.64
Davies Petroleum
Distillers Seagrams
14o
102
Feb
17X
13c
Cons
East Malartic.
Eastern Steel
85c
125
Mar
110
920
22
3%
20
65c
"2I3I
Chartered Trust
Dominion Bank
240
Feb
11c
Central Patricia
Central Porcelain
Consolidated
127%
Mar
2%
%
16%
Jan
650
123
7%
4%
21%
117
124 %
810
66c
121
""7%
5
9%
3%
19X
18
66c
415
230
3
18
Cariboo..
Carnation pref
2.15
160
*
*
178
772
2.41
Canadian Wineries..
Canadian Wlrebound
Jan
10%
100
25
29
13%
Canadian lnd Alcohol A..*
R
Jan
21
Cndn General Electric. .50
P
Jan
10%
Canadian Locomotive.. 100
Canadian Malartic..
»
< •
50
1.55
168
13%
13%
..100
Canadian Oil pref
104
24%
365
21
13 X
*
Preferred
Canadian Celanese
Preferred
1,320
29
178
176
"21"
*
Can Car A
100
12
99
Feb
95c
91c
96c
4.10
18X
100
2,145
1.30
Feb
2.25
2,050
90c
Feb
*
12X
4Xc
Feb
English Electric A
1.
1,460
17X
Jan
29%
29%
29%
10
Faiconorldge
29%
Mar
33
1,000
*
Mar
6c
4.80
4.65
Jan
4.80
Jan
4.80
15c
Mar
27%
26 X
Jan
3c
27 %
Feb
27%
3%c
27%
2X
3c
Feb
3%c
3%c
3%c
1,200
1,600
9,100
4.00
Fanny Farmer
Federal-Klrkland
1,000
3%c
Mar
6%c
7c
4,000
5%o
Feb
4%c
5%c
8%0
15c
1,180
28c
2%
10
32%
145
29c
7,950
30
Jan
28c
Mar
21c
2%
36
38c
Jan
Jan
Jan
Fleet Aircraft
15%
3Xc
Feb
3c
16M
39,500
3c
Feb
6Xc
Jan
87c
5,000
85c
Mar
1.03
Jan
14
1
Fernland
Firestone Petroleum...25c
85c
275
...1
Jan
Jan
Feb
1
*
Jan
21
10%
20%
21%
3,151
19%
Feb
21%
21X
10
21%
Mar
10c
10c
22%
21%
10c
2,400
Jan
3.00
Jan
Francoeur
Mar
17c
Jan
Gatineau Power
Feb
2.68
Jan
fc
Mar
Gatineau Power pref
10XC
Jan
20c
Feb
28c
Jan
Rights..
General Steel Wares
6c
20c
100
6c
20c
6Xc
1,525
20c
5,499
«
.
..
100
*
*
*
205
210
29
201
Feb
210
Jau
312
10
305
GUlles Lake
Jan
1
315
Feb
Glenora—
*
1.10
14
14X
4
6c
1.08
4%
*
168
40c
95%
5
10%
5%c
1
4
6%c
6%c
1.13
5
4%
5%
166% 169
100
13 %
Jan
15X
Jan
3%
Feb
Jan
Feb
8c
Feb
Jan
1.19
2,300
45
100
248
1.05
4
4%
165
5
Mar
Jan
5%
Jan
Gold Eagle.
6%
169
Mar
*
Mar
Mar
lie
6,050
105
15
95
93%
41
94
Jan
5
5%
10%
40
5
Mar
6
1,295
9%
Jan
7,500
5c
Mar
10%
lOXo
9%
5c
6c
1%C
2c
Mar
*
70c
16X
97
..
.
No par value.
2,000
1X0
Jan
2c
55c
54c
55c
5,300
54c
Mar
69c
16Xc
16%c
17c
2,400
16c
Feb
26c
23c
26c
26c
Feb
14c
14c
14c
Feb
1
17c
22c
17c
16%c
17%c
1,200
24,700
14c
1
Jan
Jan
9c
40c
42c
15%
»
Gold Belt..
Golden Gate
Mar
8%
1
Goldale
5%c
22
50c
God's Lake.
55
6,000
.
15
*
310
"l4"
735
»
B
2.30
210
8%
*
Ford A
2.10
1
6%c
Foundation Petroleum.25c
7Xc
100
8%
21%
Jan
Feb
190
366
Bell Telephone Co
Jan
5%
15%
2.13
2,000
1
39
55
65
60
13,200
„
150
21%
2.37
oeauriarnols
Jan
2.00
2.20
Beat tie Gold.,
61
104 X
140 %
4,744
60
17%
Jan
20%
8%c
Beatty A
21%
61
Feb
5,473
20%
*
8%
Jan
16X
102
50
2.37
1
8
7%
19%
99
22
36
140
52
8%
Jan
2.00
2.16
B
388
16%
Feb
20%
7%c
Bear Expl
39
47c
5%
58
Mar
50
8c
*
6%
92%
22
Cndn Bakeries prf
(new) 100
Canadian Breweries
»
Preferred
*
2.20
Bathurst Power A..
Mar
17
146
*
1
Bank of Nova Scotia
35c
6c
3c
*
1
2.39
1.80
15
*
100
Feb
15
104%
3c
14
1.95
409
103
17%
Jan
Feb
7%
98 %
16%
50
Preferred
B
Feb
2c
22
38
"l04%
"~7%
Canada Wire A
57
15
12
98
39
*
Steamships
975
22
100
Canada Foundry A
*
Canada Malting.
*
Canada Northern Power. *
Canada Packers
•
Can Permanent Mtge.,100
1
Cons.
Jan
15%
2%c
*
Canada Bread B.
Arntfield Gold
Bagamac..
Feb
27
*
Burlington Steel
Aunor Gold Mines
Bankfleld
22%
13%
2%
1
Bank of Montreal
Feb
5%
23%
1.50
31
*
Anglo-Can Hold Dev
Shares
4
10%
5%
23%
29%
12%
15c
*
*
Range Since Jan. 1, 1940
20
Jan
5%
18,689
*
Bunker Hill..
11
Jan
8%
28%
10%
5C
13
100
Algoma Steel
for
Week
High
*
Alberta Pacific Consol
Amm
Price
Week's Range
19
22%
*
Duquesne Mining.
East Crest
Sales
10
9
29%
1
Preferred
Toronto Stock
365
11%
"23"
Building Products (new)_»
Jan
6Xc
1
Joliet-Quebec Mines
1
Lake Shore Mines Ltd_.._l
Macassa Mines
36c
4.10
Feb
9%
.....
1,000
10%
20
18 %c
Jan
8
170
20
Jan
10
"10%
Buffalo-Ankerite
Jan
8c
Bouscadillac Gold
Brazil Gold & Diamond..1
9
12o
52c
»
Brewers & Distillers
5
British American Oil..
Brit Columbia Powe A..*
Canada
High
51,450
_
Aldermac Copp. Corp. Ltd*
Arntfield Gold
Low
18c
.%
ulan-Porcuplne
Range Since Jan. 1, 1940
Shares
15c
Brantford Cordage pref. 25
Brown Oil
High
16%c
]
Brazilian Traction.
for
Week
8c
50
_
Bralorne
Bro
Low
..I.Ill*
Preferred
Bobjo
Canada Bread
Feb
112
Jan
Blue Ribbon
Calgary <k Edmonton
Calmont
7%
Jan
112
7
Mar
Jan
111X
Jan
4%
110
pf
Jan
101X
614
4%
4%
96
Mar
Price
*
.
Jan
Mar
17X
Maritime Tel & Tel Co. .10
1
Biltmore
Jan
5%
8%
17%
Par
Bldgood Klrkland
Jan
Jan
(1Continued)
Sales
Week's Range
of Prices
Sale
Stocks
Feb
5
18X
Exchange
Jan
20
38
21
Toronto Stock
Feb
10
578
Lake St John P & P
cm
Feb
3%
9%
22
Intl Utilities B
Pow6%
44
16
16
Loblaw Groceterias A
*
MacLaren Power & Paper*
Maple Leaf Milling
JPFcfcrTGcl
Walker-G & W $1
Jan
20
Freiman (A J) 6% cm pflOO
Intl Paints (Can) Ltd A _.*
Intl Utilities Corp A
,_*
Sou Can
Feb
Mar
3%
20%
Foreign Power Sec Corp..*
Fraxer Companies Ltd
*
Massey-Harrls6%cmpf
17
Jan
37
343
5%
5%
Jan
2%
120
7
EasternDairies7%cm pflOO
Grain Exchange
TORONTO
30
8%
*
(Winnipeg
Street
203
16
unlisted
TV/ramThe Toronto Stock Exchange
Members
11 Jordan
3%
8%
*
5,740
5,470
18X
3
and
F. J. CRAWFORD & CO.
Mar
615
'~3%
Fraser Cos voting trust
Feb
3,970
6%
...
Aircraft Ltd
Ford Motor of Can A
18
3%
m
2%
18%
3%
41%
"3%
Fleet
High
Jan
13%
10
David <fc Frere Ltee A
*
David & Frere Ltee B
*
Dom Engineering Works.*
B
Low
222
17%
7%
listed
on
Canadian Mining and Industrial Securities
3X
6X
.....
Consol Div Sec pref___2.50
Consolidated Paper Corp. *
Cub Aircraft Corp Ltd
*
Donnacona Paper A
18
invited
Range Since Jan. 1, 1940
High Shares
17 X
Commercial Alcohols Ltd. *
Preferred
5
Consol Bakeries of Can
*
Inquiries
for
Week
3,700
17c
Jan
26o
26c
Exchange
High
Low
Shares
Low
Transcontinental, Ltd.
English
Jan
83%
84
65
Mar
87
Rubber
..-.---60
Orah am-Bousquet.—
1
Grandoro
—*
64
55
202
54
Mar
67%
Feb
2%C
2%c
500
2%c
3c
Jan
5%c
2,500
5%c
5%c
Mar
6%
6%
Mar
voting.*
5%C
7%
Mar
Mar
25
25%
44
25
Feb
27%
30
30
10
25
Feb
30
2%c
2%c
Goodyfar Tlrt *
Preferred
Grr.il
.«*»*«
I
*
Great West Saddlery pref50
Grull-Wihksne
1
Gunnar
———1
Gypeum
*
pref
Voting trust
30
Hamilton Theatres
Harding Carpets-
2,000
2%c
6,020
2c
Jan
3%c
Feb
7.25
630
6.55
Mar
7.75
Feb
1%C
Barker
.
Hlnde A Dauch
(JoijsoUdated-
Hoilluger
Home < >11 Co
-
-m
Homestead Oil
Honey
T%c
3%
Feb
4%
Jan
1.03
Feb
1.48
Jan
Sherrltt-Gordon.
4,866
5%C
Feb
10c
Jan
Slgman
6c
Jan
Silverwoods
———
A.
Intl Metals
Preferred
.........
preferred
97c
98c
8,026
Feb
1.18
7.75
7.65
7.85
384
7.55
Feb
8.70
Jan
6%
264
5%
7%
Feb
7%
150
Jan
Feb
7%
Feb
21%
Feb
Feb
15%
395
14%
Jan
1,272
14%
Mar
15
Jan
Bllverwoois pref..
14%
2.45
2.60
6,355
2 45
Feb
3.10
Jan
Simpsons A
5c
5c
5%c
9,000
5c
177
Feb
41
215
Jan
14%
16%
0%
6%
4,066
14%
15%
6%
2,200
625
32c
11
112
112
Jan
Jan
38 %c
Feb
15%
100
Feb
113
112
36
106
Feb
112%
510
113
Jan
115
Jan
2,469
43
Feb
1,813
21%
Jan
24
Feb
*
23
International Utilities A—*
10%
10%
265
8%
Jan
,10%
Feb
3,100
3
Feb
65c
1
—1
1
55c
Feb
13c 13 %c
4,633
13c
Feb
19c
Jan
2%c
Jan
8%
Mar
4%c
9%
Feb
35
Feb
2.75
Jan
2%c
K el vlnator..
Kirkiaml Uke
i
.
Lei urn
Jan
32c
Feb
1.30
3,650
1.26
Mar
1.54
Jan
1,805
25
Mar
Jan
100
2
Mar
2%
Jan
0.25
Mar
7.50
Mar
%c
Mar
22 %o
Jan
12%
Mar
2
1,358
II,800
I
12%
12%
413
l%o
l%c
4,000
8%
9%
305
32
Jan
7
2%c
Jan
1%C
9%
-
B
Jan
Jan
28%
Jan
Mar
26%
Jan
United Steel.——
2,060
4.25
Mar
4.75
Feb
U pper
91
Mv
6,600
1.95
2.55
37o
Feb
62o
Jan
1.10
Jan
Walte
*
Pref erred*
4%
5%
8
8
*
6%
51%
Prontenao--
9%
98%
9
50
100
Preferred
————6
—.....1
Mclntyre..
McKenzle
5%
9%
Feb
99
Feb
58
Jan
7%
9
860
97%
99
77
90
60
61
305
50
Feb
6%
Jan
59o
Feb
85o
Jan
4.00
Jan
4.35
Jan
5.45
Feb
6.05
Jan
Jan
43%
*
1.04
1.10
1,320
1.04
Mar
Containers......*
100
Preferred
Monarch Knitting pref. 100
Monarch Oils.........25c
19%
19%
45
15%
Jan
Mining Corp
Modern
Moneta
09c
Morris- Kirk land.
"04%
"23c
'73*
44%
Feb
Feb
184
27,034
60
Mar
1%C
1,500
lc
Jan
2c
7%
Feb
8%
1,040
26
210
25
Jan
9
8
9
Mar
I
190
140
4
Mar
5
Jan
45
21
37
Jan
45
Mar
1,337
12
Feb
13%
Mar
40
94
13
13%
94
96
90
Jan
2%C
2%c
5,000
2c
Jan
3%o
2%
491
1%
Feb
2%
Jan
Jan
2.25
2.25
185
1.30
Feb
2.38
Jan
11
11
10
Feb
11%
Feb
"2%
2
11
26
*
7.10
7.35
68,800
19 %c
7.10
7.15
5%C
600
4%c
*
295
7%
Feb
69
Jan
193
Bonds—
95
Mar
37%C
99%
1948-1952..
Pacaita Oils
Feb
3c
See
Jan
7c
500
6c
Jan
9%c
1.25
Mar
1.40
page
1,350
73
6c
500
Bid
Gold
Feb
Abltlbl P A Pap otfs 6a
1953
6s..1046
47
49
Gen Steel Wares
73%
76
Gt
5%c
6c
4,500
5%c
Jan
6%c
Feb
Alberta Pac Grain
9.25
9.00
Jan
9.85
Feb
60c
Feb
90c
Mar
Algoma Steel 5a
1948
Beauharnols Pr Oorp 6s '78
83
235
75
78
4%s-1960
1940
Calgary Power Co 5a.-I960
Canada Cement 4%a.l951
74
78
43
Corp—
Pressed Metals
3%
Feb
665
1.30
Feb
1.21
4,150
6,865
1.08
Feb
4
Feb
4
1.81
1.29
34o
British Col Pow
Jan
Brown
Jan
Jan
Co 1st 5%s
Dome
Roche LL
9
48c 53 %c
12%
13%
5%C
Canadian
35o
Jan
61c
Feb
Canadian Inter Pap 6s
4%c
5,700
220
109
1.85
Jan
4%c
Mar
Jan
107
Mar
6%c
Feb
Jan
111
2.35
Feb
6c
Mar
Jan
8%o
Jan
5%s
Feb
100
5c
12,400
4c
35o
Feb
53o
Jan
2.12
Jan
Donnaoona Paper
3.90
3.85
3.95
Jan
4.25
Jan
2.14
2.24
4,736
1,710
3.75
2.18
2.05
Feb
2.25
Feb
Famous Players 4 %a—1961
1.38
1.47
12,550
1.13
Feb
2.18
Jan
Federal Grain 6s
1949
*
10%
10%
10%
470
10%
Jan
11%
1.32
1.26
1.32
1,350
/ Flat
1
*
1
10%
10%
10%
690
2.09
15,309
1.98
Feb
35c
1,000
35c
Mar
100
26%
4%c
Feb
6c
160
13c
Feb
1.42
Jan
Feb
12%
2.38
15c
Feb
Jan
180
33
Feb
135
Feb
13o
Feb
28
Jan
6%c
Jan
190
36%
160
Jan
Jan
Feb
4%
5%
72
4%
Feb
5%
Jan
2.35
2.20
2.35
8,157
2.16
Feb
2.50
Jan
8%o
9c
3,500
3.000
8c
Feb
15o
Jan
34c
Feb
57o
Jan
3c
3c
500>
3c
Mar
5%c
Jan
1.08
1.08
1.11
1,100,
1.07
Feb
1.24
Jan
5
36o 37 %c
Shawkey
SOo
80
85
86
Quebec Power
83
87
76%
79%
64
66
4-5e series A
75
78
4-5s series B
74
78
price
n
4a
•
No
par
48—1962
Baguenay
1951
Co—
1956
value.
Power—
4 % 8 series B
Winnipeg Elec—
1966
75
78
1965
1965
60
61%
49
51
Nominal.
CURRENT
NOTICES
with Royal Securities Corp., has
E. Scott Co., dealers in Canadian securities.
—"William Eiger, for many years
associated with H.
—Emanuel & Co., New
Mar
21c
9c
*
1
88%
85%
77
Jan
150
3,000
82%
0%s.l945
Jan
570
87%
5a. .1957
Coal 3 %a '63
Feb
20
33%
33
6.200
42
190
160
Senator Rouyn
27
4%C
15C
Sand River
r«»ek
35c
188
190
100
St Antnouy
Antonio
2.00
27
Jan
1.25
Power Corp
Coal 6%a 1955
Dom Gas A Elec
Dom Steel A
51%
Price Brothers 1st
Dom Tar A Chem 4 %s
Mar
Russell Industrial
St Lawrence Corp
50%
1961
ex-stock
1.85
10
63
of Can 4%s'69
N Scotia Stl A
Jan
1.75
4,475
13%
80
53
Feb
11
60
84%
50
9
225
36%
84
Jan
23,876
71
1949
Canadian Viokera Co 6s *47
Consol Pap Corp—
7
4,210
i
70
77
77
235
18,517
100
84
67
60
Minn A Ont Pap
1.90
Rank
Royallte Oil
82
35%
Massey-Harrls 4 %s
80
Canada SS Lines
35c 30 %c
Royal
77
57
74
10
1.85
35c
78%
75
67
2%ato,38-5%sto'49.—
1954
6a—1945
McColl-Front OU 4%a 1949
82
71
Jan
1.85
2.07
Ask
75%
Maple Leaf Milling—
93
78%
Feb
9
Mar
1961
5%s
5a...1967
Canners 4a. 1951
24o
150
28C
10
107
Riverside Silk—
Lakes Pap Co
44
50
1.40
6c
Reno Gold...—
4%s.l952
1st 6s 65
Int Pr A Pap of Nfld 6a '68
Lake St John Pr A Pap Co
86
1,500
90c
7c
Powell Rou
Premier
March 8
Fid
Jan
7c
6c
1
Mar
Prices)
78%
6%c
Crow
Jan
IfO
Ask
Mar
6c
6%c
35%c
1
1
97
Feb
Utility Bonds
Mar
72
1.38
Cons
Paymaster
Perron Gold
Jan
1539
(American Dollar
1.75
Partanen-Malartlo
Jan
11
Jan
...
—
5%o
Feb
asked quotations, Friday,
Closing bid and
1.76
Porcupine
Pantepec
Jan
Feb
Jan
99%
20,300
Industrial and Public
Jan
297
8%
109
Page-Mersey
8.15
Exchange—Curb Section
Toronto Stock
Jan
2%c
1.26
10
13%
4%c
Jan
Mar
95
$5,00
99% 100
95
War Loan
Feb
23c
61
22,800
1,500
1.13
*
*
;
Ottawa Car
3(ic
Jan
188%
215
2%c
25%o
63c
9
7%
Jan
Jan
23c
4
pref-.——*
3,600
23c
21 %c
Jan
10%
25c
1.35
*
5
Mar
6%c
1
-
23c
Uchl
Jan
21
64%
62
4
45
Mar
8%
Jan
4
York Knitting
Feb
1.35
1
'Mar t
F
Feb
9.05
6c
1
1
*
Orange Crush
Prest. n
12c
Jan
6%c
27c
Pioneer
Jan
12c
Jan
5c
6c
Omega
Ontario Steel Car
Pamour
181
Feb
80
72
5
.....
Okalta Oils
Stif-i
942
25
Feb
6,100
8c
90c
——...
Empire
Preferred.*.
San
Jan
45%
93 %c
46
7c
...
O'Brien
Power
Mar
1.25
North H tar
Pickle
66c
1
Norgold..
<>ru
13,385
2%c
5
Nordon Oil
Northern
71c
190
-
Mines.
i.t
.i-»
Jan
66c
9
100
Nayhob
1
Newbec
*
New Gold Rose..---——1
\
9c
25%
20
litr
——
Mar
8
*
National Grocers pref...20
National 8ewer A
*
Niplssing
7%
l%c
National Grocers
•
500
184
20%
Mar
7%c
5%c
1
National Trust
99%
65
61
182
183
•
Murphy
60
99%
45
45%
*
100
A
Jan
Feb
98
5
99
7%c
I
...........
Moore Corp....—.
28
;
01
99
Mar
96
I Ymlr Yankee
Feb
20
19%
1
*
Hargreaves
Jan
1.33
566
100
Wright
Jan
(615
20%
19%
11%C
-
Feb
6%
42%
20%
41
13%
B
9
633
980
45
Preferred
Wood Cadillac
2,400
473
5.75
Flour—*
100
Winnipeg Electric A.
Jan
44c
4.10
5.55
100
58c
8%
4.05
5.60
„
Mar
43c
4.05
*
Preferred
Jan
8
Feb
5%
*
WeHioii*
1.47
43c
Feb
Mar
2,465
Wlltsey-Coghlan
M tr
Jan
1.12
11,900
—
Preferred
Mar
8%
.*
•
McWatter Gold
Mercury Mills...
17
63c
..1
1.25
43c
Jan
6%
42
3,250
1.26
1.25
1.25
Mar
60c
Wenrtlsro
Jan
Feb
Mar
Jan
2%
6%
—
Amulet
Western Canada
Jan
Jan
Feb
6%
69%
9 %
6
48
35c
63c
Preferred...
Jan
510
62%
Feb
Mar
Mar
5%
Walkers.
Jan
7%
648
Feb
Feb
3,835
6
48
4%
3,330
8%
5
100
*
Harris
Preferred
MoColI
Jan
"T%
Maple Leal Milling
Massey
7
Mar
6
5
21c
-—1
Ventures
Feb
7%
Jan
1,300
•
Jan
88.230
6
Feb
80
63
21c
2%
.....
Canada
51c
7%
92
98
B
2.04
6
Feb
10
47c
7%
49
Jan
1.95
*
Jan
Feb
4.25
10
48
9
2.00
Preferred
Jan
48%
25
38 %
6
Mar
7%
32
661
26%
25%
Jan
Feb
365
671
6%
29
30
10
365
10
680
48%
United Fuel A-_-—
Jan
Feb
Jan
1.70
31%
1.70
"31%
41%
26
l%c
1.90
41
27
Jan
Feb
41%
25%
%c
Jan
1.70
200
15%
3.40
2,000
13%
236
Feb
14,400
Jan
5,050
Mar
lc
Jan
12%
13
75c
70c
1.06
4.15
2%
2.95
10
Feb
3,063
3.90
Mar
16%
925
1.02
Feb
3.75
16%
12,950
lc
Mar
70 %c
73c
"l".03
Feb
72c
3.10
92c
4%
3.45
12
Feb
Mar
11
Jan
75
3.75
13
3.80
4%
3.10
35
235
16%
1
1
MilartleOold
'
Manitoba A Eastern...._*
Maple Leaf Gardens
1,565
*
i
MacLeod Cockshutt
Madsen Red Lake
3.20
12
*
Gas.
Union
4.25
Macaesa Mines
Mar
Lchl Gold..——.—— 1
Twin City
Jan
Mar
88c
4.45
Feb
3%
2%
70 %c
26%
20
8%C
Jan
72
70c
"20%
*
*
Loblaw A-
Feb
2%
—...
3.05
Little Long Lao
4%c
136
4%
♦
-
2,000
7c
3%
4%
21c
,
2.05
3.10
1
*
Toronto Elevator pref—.50
Toronto Mortgage
-.50
Totvig M*O.
Mar
Jan
11
Toronto Elevator
Jan
13
........
Jan
1.80
1,650
Toburn
25%
:i,antes
Jan
11 %C
4,850
7c
1
Mar
3
5%c
14 %C
1.90
3
Feb
2 65
Feb
3 %c
8,500
1.83
Jan
83
Mar
3
36
3
4%c
4c
Jan
1.80
29,266
2.64
3
*: "3%
Tip Top Ta lors
6.40
'"72c
Jan
76
12c 14 %C
I
22c
l%c
—
,
86%
60
Feb
Feb
"l~.85
Ter«
700
12%
pref.————26
76%
4c
*
9.461
6.25
12 %C
Lapa-Cadlllaol
Laura -Record (new)
3
Lebel-Oro
1
165
3
*
Tamblyn com——
28c
12%c 13%c
0.30
Lamaque G
Mar
*
2.35
2
*
Lake Sulphite
Jan
26%
2.46
2.63
*
„
2.29
26
25
2.00
Feb
77
B
1.26
"V.26
I
l.ahp -ahore
Mar
23%
76
•
—.1
...
28c
1
Kirk land-Hudson
Basin
Rvlvanlte 1 mid
Jan
1.25
20
76%
1
2.31
2.32
K **rr
Legare
2%c
8%
8%
185
77
Supers Ilk A—
7,400
13c
2%C
1.40
26%
77
Sturgeon River
Jan
1.25
78
—...
Sudbury Contact
40c
'unsolldated
Jan
Jan
25%
100
43%
B
7%o
62 %c
*
Mines..
22%
M <
7%c
*
43%
J
Jan
25
22%
Jelllcoe
5c
—
iteach
t>»Ke
Sudbtiry
25
Jan
"43%
c
Jan
6%c
Mar
"
InteruHMoiifil Oetmlenm
Jan
61c
40c
47
luteruatiouai Nickel.
87c
Jan
3%c
Sterling Coal
otrav,
Jan
39c
.
600
Steer Rook Tron
Jan
75c
3,900
4,100
Preferred.—
Mar
6.050
45c
5c
Jan
114% 115
78c
45c
60c
—
Jan
75c
45c
4%c
Canada
Steei of
12%
103
75c
50c
Stedman—
Feb
Feb
Jan
7%
Jan
Jan
3%c
Paving
Standard
91
Petroleum—*
South West
Mar
I
Jan
5%
99%
124
101% 103
103
6%
16
30
12
*
South End Pefmipum
Jan
15%
16%
30c
125
Slave Lake
Jan
9%
785
111% 112
112
Jan
21
11%
11%
1
.1
1
Sladen Malartlc
Feb
220
Jan
Simpsons
Slscoe Gold...—....
Jan
9%
Mar
710
30c
14%
10%
12
Jan
7
12%
14%
16%
Feb
34
39
65
216;
Feb
40%c
680
9
8%
215
I
Mar
6%
21
*
*
pref——100
Simpsons B
25
Jan
34 %c
31
30%
216
17%
10,383
25
24
34 %c 35 %c
34 He
*
10''
6
.*
14%
7 %c
Jan
97c
95c
1
—
15%
Feb
High
Low
Quebec..-1
2.49
100
100
—
Intl Milling pref
Mines,
16
—
Inspiration..
110
14%
*
lujpertai Hank of Can..l0i'
Imperial OU
•
Imnerlal Tobacco.----. 6
Preferred
———£1
A
Jan
500
5,420
5%C
»
Hunts A
Feb
2.50
1.75
4c
1, 1940
Range Since Jan.
Shares
Low
Price
Par
(Concluded)
Stock*
Week
of Prices
High
SaU
Mar
for
Week's Range
Last
1.10
l%c
Sales
Friday
4c
*
Bay Mln A 8m
8
Jan
Exchange
Toronto Stock
1.05
l%c
*
.6
*
1
Gold
Hudson
Mar
6
4,542
8
6%
"l'.OS
Dew------——*
Howey
2%C
6.55
""7%
1
1
Hard liock
Jan
5% Mar
3%c
Jan
Mar
4%
l%c
Y. 1-2316
Feb
5%
l%c
-1
*
1
*
ridge
<
4c
64c
Ma
50c
4%
gwazey--------1
Halllweh
— 1
Hamilton
4 <%C
49 %C
6%
1,849
Teletype N.
4-0784
Telephone Whitehall
Jan
Mar
Mar
2%c
I,000
6,750
YORK
NEW
Jan
8
RECTOR STREET
19
"60c
»ihhtu*
Hallnor Gold
83%
279
Securities
So. American Bonds
Foreign Dollar Bonds
Week
of Prices
High
Sale
Price
Par
(Continual)
Stocks
Jan. 1,1940
Range Since
for
Week's Range
Last
European Internal
British and Any Other
Sales
Friday
1940
Markets—Listed and Unlisted
Canadian
Toronto Stock
March 9,
Chronicle
& Financial
The Commercial
1580
York Stock Exchange
that A. Richard Stern has
—Bristol & Willett, 115
latest issue of their
—Charles
become
H.
members, have
become associated with
become
announced
the firm.
Broadway, New York City, are
distributing the
"Over-the-Counter Review."
Seaver,
for many years with F.
associated with Cooke & Lucas.
S. Moseley & Co.,
has
Volume
150
The Commercial & Financial Chronicle
Quotations
New York
Bid
a2*s July
15
1969
a3s
Jan
a3s
Feb
99 X
99 X
9<X
a4
*s Jan
<z4*s Nov
15
1978
1
1981
119* 120 *
120* 121*
101X
107
a4*sNov
1
1957
106 X
106
107 X
107 X
fl4HsMar
1
1963...
104
V'&X
11054
a3*s May
1954
a3*s Nov
1954
a3*s Mar
1960
a3*s Jan
15 1976
1 '2
a4s
May
a4s
Nov
1958
a4s
May
May
1959
a4s
111*
1977
a4s
Oct
1980
114 X
a4*sJune
1
116*
1967
1
1979
116*
116*
USX
119*
1971
118*
117
—_
1965„";i?t.—
1
a4*sDec
U1X 112 U
120*
*% Al% due Mar
1% due
Apr
*% due
May
*% Al% due June
120
121X
120* 122
121* 123 X
124* 126*
Trlborough Bridge—
a4*s Mar
1962
U5 X
1964
1966
4s serial revenue 1942...
4s serial revenue 1968...
115X 117*
117*
117 J* 118*
118
119*
3*s
s
f revenue
3s serial
116
rev
2*s serial
6.90 less*
63.35 less*
1980
102
102 X
1953-1975..
62.55 %
1945-1952
61.60
rev
98 X
2.50%
Ask
Bid
1 1940 b. 20%
*% A 1% due July
1 1940 b .20%
1 1940 b
Ask
1 1940 b .25%
*% due
.25%
Aug
1 1940 6.30%
*% due
*% due
...
1 1940 b .20%
Sept
3 1940 6 .30%
Oct
1 1940 6.30%
2 1940 6. 35%
*% due.....Dec
Chicago & San Francisco Banks
113
a4*s Mar
a4*s Apr
a4*s Apr
15 1972
1 1974
a4*s June
a4*s Feb
15 1976
1957
15
114* 115*
1960
1
a4*s July
a4*sDec
U3X 115
1957
Bid
118* 120*
106
100
Debentures
Ask
1977
a4*s Mar
a4Ms May
1975
a4*s Sept
1
Securities—Friday Mar. 8
Federal Intermediate Credit Bank
Bid
95
98 X
1979
a3*s July
City Bonds
Ask
94
1977
Over-the-Counter
on
1581
Par
American National Bank
A Trust
Bid
100
Ask
209
Par
Harris Trust A Savings. 100
Northern Trust Co
100
219
Bid
Ask
298
308
563
575
Continental Illinois Natl
Bank A Trust
First National
33
1-3
88*
.100
240
SAN
90*
245
FRANCISCO—
Bkof AmerNT AS A 12*
35*
37*
USX 120
New York State Bonds
Bid
3s 1974..
3s 1981
Ask
Vermilye Brothers
Bid
Ask
6 2.15 less
Canal & Highway—
5s Jan & Mar 1964 to '71
1
World War Bonus—
62.20 less
1
4*8 April 1940 to 1949.
Highway Improvement—
61.20
4s Mar A Sept 1958 to '67
131*
131*
62.35
Highway Imp 4*s Sept '63
141
m--
Canal Imp 4*s Jan 1964..
Can A High Imp
4*8 1965
14!
...
30
mm m
138
Specialists in Insurance Stocks
...
Canal Imp 4s JAJ '60 to '67
Barge C T 4*s Jan 1 1945.
Port of New York
Bid
Gen A ref 4th
ser
Par
108
1940-1941
M AS
105
1942-1960
M AS
Aetna Cas A Surety
Aetna
6.25
104
108*
103
104
Inland Terminal
4*s
M AS
1942-1960..
M AS
10
79
108*
1'9*
7*
13*
21*
48*
50*
23*
48*
35
..10
Government—
4 *s Oct
4*s July
American Reserve
U S Panama 3s June 1 1961
1959
118
Ask
1952
114
115
5s
Apr
1955
100*
101*
5s
Feb
1952
116* 118*
5*s Aug
1941
106
Hawaii 4*s Oct 1956
116* 118*
July 1948 opt 1943.
110
10
111*
112*
—
Bid
J&J
Ask
Bid
105* 106*
105* 106*
105* 106*
.J&J
MAN
3*s 1955 opt 1945..MAN"
4s 1946 opt 1944
J&J
Ask
106 X
107
5
Joint Stock Land
Bid
26
/14
/2*
/2*
/2*
5s
5Xs
16
16
10
Denver 3s
100
First Carol Inas 5s
First Texas of Houston 5s.
First Trust of
Chicago—
100
81
^
.
99*
99
100*
100
/4 4
-
t9
Illinois Midwest 5s
•
Northeastern
Northern
2*
52*
11*
North Itiver
Pacific Fire
25
53*
Phoenix
10
47
/21
...
7X
9
4.5*
Seaboard Surety
10
38 X
40
11*
22*
Security New Haven
10
Springlield Fire A Mar..25
Stuyvesant
5
34 X
30 X
121
Great American
...5
Great Amer Indemnity ...1
Halifax
10
'23
/12
10*
45*
28*
19*
90
46
99*
Virginia Carolina l*s
99*
100
100
5
>
8
Fremont
1*
Lincoln
4
Par
Bid
-mm
100
Bid
Ask
2
90
100
Pennsylvania
+-m
66
...
3
Ask
Bank of Manhattan Co. 10
17*
18*
2-3
40
50
Bensonhurst National.. .50
75
100
75*
3
4
29*
Sun Life Assurance
100
290
340
13
Travelers
100
457
467
Commercial National.. 100
100
31
36
Potomac
100
105
115
San Antonio
100
95
28*
U 8 Fire
87
U 8 Guarantee
Steam Poller -10
62
64
18*
34*
19
>
100
36*
201
770
Virginia
5
.
Virginia-Carolina
100
First National of N Y..100 1915
Merchants Bank
100
108
Bid
%%
1%..
Aug
100
Bankers
Bronx
County
Brooklyn
444
10
59*
new
1955
2X
100
Par
National Bronx Bank___50
National City..
.12*
Bid
National Safety Bank. 12*
Penn Exchange
Peoples National
Central Hanover
Nov
454
61*
23*
86
91
Dec
1
1940 101,9
101,13
Call May 16 '40 at 100*
Ask
l*s Jan 3 1944—
Call July 3 '40 at 102
Loan Corp
Corp—
14% notes July 20 1941
*%
*%
1%
101.16 101.24
101.16 101.20
30*
12
Nov
Jan
July
1
101.2
101.4
1941 101.5
101.7
15 1942 101.7
101.9
1 1942 101.22
101.24
U 8 Housing Authority—
\X% notes Feb 1 1944.. 102.25 102.28
Mortgages
WHITEHEAD &
10
14
45
55
32*
23
23
16
Telephone: WHiteball 3-6850
FHA Insured
Bid
Par
Fulton
Bid
Ask
195
100
10
100
210
294
299
12*
1620
13*
1660
29
32
39*
41*
52
54
113
116
106
109
51
53
32
40
New York
Colonial Trust
25
10
12
Continental Bank A Tr.10
Corn Exch Bk&Tr
20
14
15*
Title Guarantee A Tr. ..12
Trade Bank A Trust.. ..10
11
54
55
Underwriters
100
80
Empire
12
13
United States
100
1670
Manufacturers
FISCHER
Street, New York, N. Y.
20
Preferred
2.5
3*
101
Arkansas
100* 102
4Xa
102
Bid
Minnesota 4*s
...
Asked
101
102*
4
District of Columbia 4X3.
Florida 4*s
Georgia 4*s
Illinois 4*s
103
101
102
101
*s
New Jersey 4*s
New Mexico 4*s
102
102* 104
5s
Delaware
Mortgages
Asked
Alabama 4*8
Irving
Kings County
Lawyers
Request
34*
Companies
Guaranty
on
14
20
30 X
Ask
29
50
1584.
34 X
HBMay 15 1940 100.2
100.4
X8
May 15 1941 100.20 100.23
Reconstruction Finance
2s
Apr
1 1943 102.22 102.26
Federal Natl Mtge Assn—
2s May 16 1943—
44
Chemical Bank & Trust. 10
10
53
76
106
40
Clinton Trust
For footnotes see page
24*
51
2X
50
17*
Sterling Nat Bank A Tr 25
Ask
18*
100
23
73
Bid
Home Owners'
Offerings Wanted—Circular
New York Trust
Bank of New York
2.50
Ask
1 1941 10.22 100.24
15 1941 101.11 101.13
118
Bid
' Westchester Fire.
FHA Insured
800
Par
4
.10
105
Public National
Fifth Avenue
U 8 Fidelity A Guar Co..2
16*
27*
44 Wall
13.55
X
125
8
Bank of Yorktown..66
Chase
245
72*
Commodity Credit Corp—
New York Bank Stocks
Par
5
3X
240
11
84
2s
100
North Carolina
50
45
Des Moines..
20 X
28
20 X
27*
10
86
99
New York
160
Denver....
First Carol inas
8X
25 X
5
St Paul Fire A Marine..25
Seaboard Fire A Marine..5
10
—
7 X
Obligations of Governmental Agencies
14
83
Ask
150
Dallas
18*
36 X
28*
Reinsurance Corp (N Y) .2
Republic (Texas)
10
Revere (Paul) Fire
10
23
/21
16
34 X
10*
Hartford
...
131*
81 X
85 X
43*
105
5s
128
6
—
Hanover
Joint Stock Land Bank Stocks
Atlantic
132
Preferred Accident
5
Pro vid ence-Wash ington .10
33*
Federal Home Loan Banks
80
27
126X
Globe A Republic
5
Globe A Rutgers Fire. -15
2d preferred
15
103
Union of Detroit 2*s
Virginian 2s
99*
Bid
25 X
National.25
_
100
Par
2.50
Northwestern
43*
26*
26 *
—
Hartford Fire
St Louis 4*s
17X
3X
4X
102X mx
General Relasurance Corp 5
Georgia Home.
10
Gibraltar Fire A Marine. 10
104
Southern Minnesota 5s
Southwest 5s
98*
Atlanta
5
12.50
5
100
••
99
4X8...
16
-
mm
69
37 X
50 X
5
98
102
5s
69
5s
35 X
4.8
38*
'
99*
l*s
Oregon-Washington 5s
m —
10
95*
9*
31*
Pacific Coast of Portland 5s
5X3
Lafayette 5s
4X3
83
71
99
15*
X
8X
140*
10X
10
29
129
6
7X
135
69*
Phoenix 4*s
100
Iowa of Sioux City
83
79
6*8
100
Fletcher 3*s
Fremont 4*s
51*
127
2
8X
30 X
Glens Falls Fire
Ask
79
Montgomery 3*8
North Carolina
100
4Xs
New Amsterdam Cas
New Bruaswick
Rhode Island
Bid
New York 5s
4Xa
..10
10
IX
27 X
60 X
68
Franklin Fire
New Orleans 5s
99*
50*
.5
10
10
New Hampshire Fire
New York Fire
8
Excess
Fidelity A Dep of Md. -20
Bank Bonds
Lincoln 4*s
5s
3*
3*
3*
7
5
com
National Liberty
2
National Union Fire....20
32
24*
Fire Assur
National Casualty
National Fire
22*
30
Fireman's Fd of San Fr.25
Firemen's of Newark.. ...5
Ask
f 14
49
Merch & Mfrs Fire N Y..5
10*
Fire Assn of Phlla
Burlington 5s.
4*s
Chicago 4*s_
Merch
50*
10
1*
3
25*
10
27*
36*
2
3X
City of New York
City Title
5
5
72
10 X
70 %
53
635
Connecticut Gen Life.
10
Continental Casualty. ...5
Eagle Fire
.2*
Employers Re-Insurance 10
9X
2*
7*
8*
102* 105
Federal
111* 112
46
10
68 X
625
—
Federal Land Bank Bonds
21X
43 X
10
Lincoln Fire
Carolina
U S conversion 3s 1946....
Conversion 3s 1947
34X
2H
Maryland Casualty
1
Mass Bonding A Ins.. 12X
Boston
Camden Fire
112
107*
117* 119*
—25
.
4*s July 1952
5s
..10
Automobile
9
15
Baltimore American.. -2*
Bankers A Shippers..
2.5
Govt of Puerto Rico—
IX
19X
71X
Jersey Insurance of N Y.20
Knickerbocker
5
121
122
A ik
32 X
37
American Home
Bid
Home Fire Security
Homestead Fire
las Co of North Amer
•6*
American Equitable.. ...5
Bid
5
10
Home
82*
24 *
American Surety
Philippine
Par
10
...
American of Newark.. -2*
American Re-Insurance. 10
Ask
Ask
1°5* 129*
51*
53*
32X
34*
-25
American Alliance
6.25
United States Insular Bonds
Bid
Bid
-.10
10
Agricultural
ser D
1940-1941
__
Aetna Life
99* 100*
1977
Companies
Ask
ser E
107
3s 1976
Gen A ref 3*s
Teletype N. Y. 1-894
Insurance
Bid
4*s
ST., N. Y. CITY
—
Authority Bonds
Holland Tunnel
Gen A ref 4s Mar 1 1975.
Gen A ref 3d ser 3*s *76
114*
Ask
Port of New York—
BROAD
HAnover-2-7881.
N Y
101
102
102
101* 102*
101
102*
101
102*
101* 102*
(Metrop area) 4*s„
New York State 4*8
North Carolina 4*s
Pennsylvania 4*s
101X
102X
mx 102 X
10IX mx
Rhode Island 4Xb
102
103
Indiana 4*s
Louisiana 4*s__
101
102
102
102
South Carolina 4*s
Tennessee 4*s
101
101
Maryland 4*s
101 x
101
102
102 X
13
Texas 4X8
Massachusetts 4*s
102
mx 103
103*
90
Virginia 4Xs
101
102
Michigan 4Xs
101* 102*
West Virginia 4*s
101
102
4*
1720
A servicing fee from
X% to *% must be deducted
from interest rate.
The Commercial &
1582
March
Financial Chronicle
1940
9,
Securities—Friday Mar. 8—Continued
Quotations on Over-the-Counter
Railroad Bonds
Ashed
Bid
Guaranteed Railroad Stocks
Youngstown 5Ms
Akron Canton A
.1945
4s secured notes
Boston A Albany 4Mb
Mjtmktn Ajew "fork
120 Broadway
I GUARANTEED
J
|
NEW YORK
'st\e\
\ Since 1855J
Guaranteed Railroad Stocks
(Guarantor in
Dividend
Alabama A Vlcksburg
6.00
(Delaware <fe Hudson)...—. 100
Allegheny A Western (Bull Roch & Pitts)..
100
Beech Creek (New York Central)
60
Boston A Albany (New York Central)
100
Boston A Providence (New Haven)
100
Canada Southern (New York Central) ...
100
Carolina Clinchfleld A Ohio com (L A N-A C L)_..100
Cleve Cin Chicago & St Louis pref (N Y Central).. 100
Cleveland A Pittsburgh (Pennsylvania)
...
50
Albany A Susquehanna
Betterment stock
(Pennsylvania)
....
Fort Wayne A Jackson pref (N Y Central).....
Georgia RR & Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack & Western)
Delaware
78
120
124
84
85 M
8.50
17
22
3.00
35 M
37 M
5.00
8 5M
87
5.00
63
66
3.50
77 H
47
79 M
2.00
2.00
45K
47 M
5.50
58
160
100
50.00
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (US Steel)..
Terre Haute A
29
56
58
4.00
88 M
91
United New Jersey
Pittsburgh Fort Wayne A Chicago
4.50
41M
Vermont Valley
43
45
7.00
2171H
175 M
6.64
65
6.00
136
3.00
67
136
10.00
242
245
6.00
52
55
63"
5.00
a-59
5.00
261
3.50
25
27 X
3.00
53 M
56 M
A com
Amer Bern berg
5% conv pref 1st
2d series
Amer Distilling
Equipment Bonds
Ash
Bid
New Orleans Tex A Mex
2.00
New York Central 4Mb
New York
3Ms Dec 1 1936-1944..
63.00
2.00
Canadian National 4Ma¬
64.00
3.00
64.00
3.00
64 00
3.00
61.85
1.25
62.25
2.25
2.25
1.75
Chicago A
St Louis 4Mb
New York New Haven A
*
Canadian Pacific 4Mb
61.00
3.75
62.25
99 X
1.75
61.80
1.50
62.00
1.50
61.85
4Mb...
1.50
3.00
Reading Co 4Ms
3.00
St Louis-San Francisco—
48
61.00
0.50
2.25
4Mb
63.00
2.25
St Louis Southwestern 5s..
62.40
1.75
61.90
1.50
Southern Ry 4Ms
62.00
1.50
Texas Pacific 4s.
62.00
1.50
62.00
1.50
2.25
Great Northern 4Ms
63.00
Southern Pacific 4Mb
Erie RR 4Mb..
63.00
61.00
Hooking Valley 5s..
Illinois Central 4Mb
0.50
62.75
4Mb.
1.50
2.00
62.75
Internat Great Nor
62.25
2.00
4Mb
Long Island 4Ms
..
61.00
0.50
62.00
1.00
Virginia Ry 4Mb.
Maine Central 5s.
62.75
2.00
Western Maryland
4Mb
61.75
1.00
Missouri Pacif
62.50
1.75
Western Pacific 5s.—
63.75
3.00
62.50
1.75
6s
c
4Mb
5s
118
.1961
86
.1947
80
19 r>7
106
"89"
75
70
106
99M
109 M
108
.1957
.1946
105
.1940
97 M
94
.1951
85
"9l"
74 M
75M
44
48
60 M
62
Type com
99M 102M
41M
42 M
25
*
24 M
26
23
26
pref 100
100
70 M
12M
40
17H
18H
11M
*
Ohio Match Co
20
38
*
Pharmacal.._2M
Norwich
3%
2M
17M
50
preferred
5%
Ash
B d
*
1
Corp. .25
*
Petroleum
1
Petroleum Heat A Power. *
293
12M
17 M
16
Pan Amer Match
Pepsi-Cola
Co
Conversion
Pilgrim
26M
Pollak
58
61
M
19M
10
8
H
3H
3
2M
Postal Telegraph System
17M
305
2M
*1
Exploration
75M
23 M
Armstrong Rubber A
*
Art Metal Construction. 10
Mills
Botany Worsted Mills
9
A.*
M
%
cl A5
2M
3M
10
5
5M
Buckeye Steel Castings..*
Cessna Aircraft
1
20
21M
11.25 preferred
*
Manufacturing
14
15H
8M
60
7M
Remington Arms com
Safety Car Htg A Ltg___50
4M
5M
59M
61H
Manufacturing..25
29M
30 M
4% preferred w 1
Scovlll
Singer Manufacturing.. 100
145M 147M
£1
2
Skenandoa Rayon Corp..*
6
Singer Mfg Ltd
3
100
10
39M
1
3M
3M
4H
Standard Screw
20
37 M
7M
4M
39M
6%
6M
25
*
*
48
50
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
1
6
6M
7M
8M
Chilton Co common
1 %
2M
41
Solar Aircraft
73
77
Stanley Works Inc
Stromberg-Carlson
*
*
10M
12M
Sylvanla Indus Corp
22
24
.*
64 M
68
*
25M
27 M
10
*
Dictaphone Corp
*
Dixon (Jos) Crucible... 100
61
64
Tennessee Products
*
*
21
23
Time Inc
*
39M
42 M
Trico Products Corp
*
26M
30 M
Triumph
Explosives
2
3M
4H
29
32
United Artists Theat com. *
United Piece Dye Works.*
1M
M
2%
73M
77
100
2M
3M
*
58 M
61X
Juice com 2M
20 M
22M
100
108M
1%
2"
*
Steel. _*
Wilcox A Gibbs com
50
Worcester Salt
100
York Ice Machinery
*
22 M
24M
100
25M
6s.. 1961
1960
/69M
$1 cum preferred
$3 conv pref
Crowell-CoJIIer
100 M
63.75
103
.1947
~6l"
57
.1941
New Britain Machine
Tampax Inc com
Consolidated Aircraft—
1937-49
Dec 1 1937-50
Pere Marquette
58
0.50
2Ms series G non-call
63.75
90
.1949
to.
14 M
45 M
M
Domestic Finance cum pf. *
Jan A July
3.75
64.50
Denver A R G West 4Ms.
0.50
4s series E due
1.10
2.00
64.50
5s
.1947
.1967
17M
3M
Columbia Baking com
62.75
Chicago R I A Pacific—
Trustees' ctfs 3Ms
1.25
61.00
Northern Pacific 4Mb
61.70
4MB
2.00
62.25
5s
Pennsylvania RR 4Ms
Chicago A Nor West 4Mb
Chic Milw A St Paul 4Mb
36
Par
13M
13M
Chic Burl A Qulncy
62.75
Hartford 4Mb.-
1.50
62.00
Cent RR New Jersey 4Mb
Chesapeake A Ohio—
/13M
.1946
—
99 M
98 M
.2032
Nat Paper A
40
2M
Bankers Indus Service
62.60
4MB
63.25J
ss
101
98
.1948
Nat Casket pref
3
12%
Products
American Mfg 5%
Ash
63.25
5s
100
.2000
Ash
16M
ser__10
Autocar Co com
Boston A Maine 4Ms
113
.1940
.1990
37
Co 5% pf 10
Hardware
Maize
Arlington
1.75
.1959
.1954
American Cyanamld—
Amer
0.75
105
.1942
2M
*
*
*
Mills Inc
American Arch
63
6.00
American
62.50
101M
104 M
.
Bid
Par
Alabama
American Enka Corp...
61.10
101
.1960
Industrial Stocks and Bonds
50
Lack A Western)
(Penn-Readlng)
Baltimore A Ohio 4M8
98
.1950
68"
140
100
50
Preferred
99
.1978
.
.1968
140
Atlantic Coast Line 4Ms.
64
Washington County Ry 3Ms
West Virginia A Pittsburgh 4s
71
6.00
Bid
56
M
153
100
100
Tunnel RR St Louis (Terminal RR)...
100
United New Jersey RR A Canal (Pennsylvania)
100
Utica Chenango A Susquehanna (DLAW)
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Paclfio (Illinois Central)..100
(Terminal RR)
Railroad
.1950
VIcksburgh Bridge 1st 4-6s
83
Seoond preferred
West Jersey A Seashore
64
4Mb
38
1.50
7.00
Warren RR of N J (Del
57
Buffalo 4s—
Railroad A Canal 3Ms.
3.00
Pittsburgh Youngstown A Ashtabula pref (Penna)..100
Rensselaer A Saratoga (Delaware & Hudson)..
100
St Louis Bridge 1st pref
52
.1953
4s........——
100
(Penna) pref
48
Georgia 4s
50
50
50
Preferred
78 M
77
.1946
Toronto Hamilton A
M
101M
.1945
Toledo Terminal 4Ms
27 X
5.00
"34M
33 M
.1970
Peoria 5s
Toledo Peoria A Western
800
650
3.875
100
50
Northern Central
112
.1960
Union Sta tlon 5s
Northern 4s
New York A Harlen 3Ms—
New York Philadelphia A Norfolk 4s
New Orleans Great Northern income 5s....
New York A Hoboken Ferry 5s
....
Norwich A Worcester 4Mb
Pennsylvania A New York Canal 5s extended
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s......
Portland Terminal 4s
Providence A Worcester 4s
Tennessee Alabama A
43"
41M
4.00
(D L & W)
50
eo
58
.1951
61
9.00
100
100
77
33
8.75
...60
25
74
31
103
.1995
M em phis
2.00
75
.1961
New London
6.00
100
..60
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
New York Lackawanna & Destern
73
10.50
--—.100
(Illinois Central)
Ashed
Bid
Par in Dollars
~60~
56
.1951
Terminal 3Ms.
Central—Louisville Div A
Indiana Illinois A Iowa 4s
Kansas Oklahoma A Gulf 5s
Louisville A Nashville 3Ms
Illinois
48
100M
.1956
Hoboken Ferry 5s
Parentheses)
51
46
.1955
4s
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5s
—
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4a
Connecting Railway of Philadelphia 4s
Cuba RR improvement and equipment 5s—
Elgin Joliet A Eastern 3M« ser A
Florida Southern 4s
2-6600
78 M
49
.1944
4Mb
P
STOCKS
56
77
.1940
Cambria A Clearfield
Tel« RE ctor
45
55
.1943
Boston A Maine 5s
Stock Ejctbtuft
f4 3
.1944
6s
Baltimore A Ohio
3o$cpb Walkers Sons
45
.1945
Pub
Dentists Supply
com
Devoe A Raynolds B com
Draper Corp
*
Farnsworth Telev A Rad.l
Federal Bake Shops
Preferred
Foundation Co For shs
*
American shares
Garlock Packings com
Gen Fire
*
30
*
*
*
Extinguisher
Corp com *
Gen Machinery
2H
8M
Machine Tool
2
1
*
100
Preferred
3%
10
Veeder-Root Inc com
1%
3%
48
50
15M
16
20 X
21M
Giddlngs A Lewis
Good Humor Corp
Steel common
Welch Grape
2H
28%
29M
4
7% preferred
West Dairies Inc com
vtcl
$3 cum preferred
5M
7% preferred
3%
42 M
46 H
39
41M
Amer Writ Paper
25
Harrisburg Steel Corp
5
Interstate Bakeries com..*
$5 preferred
..*
Klldun Mining Corp
1
King Seeley Corp com
1
Landers Frary A Clark..25
Lawrence Portl Cement 100
Ley (Fred T) A Co
*
Long Bell Lumber
*
15 preferred
100
Mallory (P R) A Co
*
Martin Rockwell Corp
1
McKesson A Rob bins
5
$3 conv preferred
*
Merck Co Inc common.. 1
$6 preferred
100
Muskegon Piston Ring-2 M
42
45
Beth Steel 3s
10M
12
1965
.1950
Brown Co 5Ms ser A.. 1946
Carrier Corp 4Mb
1948
Comml Mackay 4s w 1.1969
Deep Rock Oil 7s
1937
Lawrence Turnure & Co.
founded
1832
Members New York Stock Exchange
New York Coffee
New York Curb Exchange (Associate)
& Sugar Exchange
ONE WALL ST., N. Y.
WHitehall
Bell Teletype NY 1-1642
3-0770
%
5K
7
7%
8M
43
3
4M
27)4
4M
Graton A Knight com
Preferred
Great Northern Paper
Sugar Securities
2M
1M
160M 164
34 M
36 M
Wickwlre Spencer
Great Lakes SS Co com..*
We Maintain Markets In Unlisted
4M
26 H
Taylor Wharton Iron A
23
H
3M
25M
*
National Casket
114
27 M
M
1M
29
M
9M
10H
28 M
30 M
16M
Bonds—
16M
13M
47
48 M
Nat
56 X
5M
6M
25M
26 H
46M
48 M
16
17M
15
19
51M
1>7M
100
101)4
101M
164 H
96 M
135
36 H
27 M
Radiator 5s
NY World's Fair 4s.
1950
Skelly Oil 3s.
116
91
50
1946
1941
Old Ben Coal Inc 6s w-s.'48
Scovlll Mfg 5Mb
1945
*
44 M
89M
/55M
12K
55M
1H
12M
100
14314
Stamped
Insplr Consol Copper 4s '52
Libby McN A Llbby 4s *55
McKesson A Rob 5Mb 1950
Minn A Ont Pap 6s
1945
M
12
71 H
98
100
3Ms
1
Blaw-KnoxCo 3 Ms
Woodward Iron 1st 5s. 1962
2d conv Income 5s. .1962
30
32
34 M
37 M
108M
109 X
99M 100 M
106
111 M
114"
Sugar Securities
Telephone and Telegraph
Bid
Bonds
Ash
124
26
5
Eastern Sugar Assoc com.l
Preferred
1
163
/4M
128 M
65
Punta Alegre Sugar
Cuban Atlantic Sugar
Antilla Sugar Estates—
6s
...1951
Baraqua Sugar Estates—
6s
1947
1941
Haytian Corp 8s
1938
New Niquero Sugar Co—
3M8
1940-42
Caribbean Sugar 7s
6M
30 M
Corp.*
Refg
Vertlentes-Camaguey
Savannah
Sugar
Sugar Co
25
For footnotes see page 1584.
Par
Stocks
West Indies Sugar
1
5
Corp._l
Bid
Ash
Par
8 M
9M
9M
10
28
30
10 H
33
35
Am Dist Teleg (N
Preferred
J) com.*
100
11H
3M
3M
8M
8M
Bid
103
Stocks
Par
Ask
107
116M 118
Canada
100
Bell Telep of Pa pref
100
Cuban Teleph 6% pref-100
130
135
124
Bid
Ash
18
16M
33 M
34 H
30 M
31H
125 M
Emp A Bay State Tel-_100
Franklin Telegraph
100
Tel..25
Pac A Atl Telegraph
25
Peninsular Telep com
*
Preferred A
25
New York Mutual
45
Bell Telep of
100
Tel A Tel. .100
Int Ocean Telegraph
Mtn States
53
59
Rochester Telephone—
$6.50 1st pref
26
So A Atl Telegraph
75 M
Sou New Eng
137
141
Telep
100
25
100
Wisconsin Telep 7 % pf. 100
114
18
20
167M 171
118
Volume
ISO
The Commercial & Financial Chronicle
Quotations
"Public
Over-the-Counter
on
Securities—Friday Mar. 8-Continued
Utility Preferred Stocks"
Bought
*
Investing Companies
Par
Sold
•
Quoted
•
1583
Bid
Admlnis'd Fund 2nd Inc.
Aeronautical Securities..
Affiliated Fund Inc
1J.
Ast
Per
12.21
12.99
Investors Fund C
9.57
10.40
Bid
Keystone Custodian Funds
1
10.62
Members
26.61
21.50
8.39
Series B-4
6.45
.39
Series K-l
14.51
3%
Series K-2
9.97
5%
Series S-2
Principal Stock and Commodity Exchanges
115 Broadway
Tel.
Series B-l
Series B-2
Series B-3
3%
4%
ESTABLISHED 1879
3.80
3.50
7.63
Holding Corp..
16%
3.18
♦Amerex
Curtis
&
15%
.34
Jackson
3.47
7
8
3%
4%
16.77
.10
Asl
26.16
13%
Bid
4.00
Ast
84%
86%
25.59
Alabama Power 17 pref..*
Amer Cable & Radio w i_.5
Amer G & E 4%
% pref 100
Arkansas Pr & Lt 7% pref *
Associated
Gas
&
2%
2%
xll2% 113
98
99
Electric
Original preferred
$6 50 pref erred
17 preferred
Atlantic City El
106% 107%
*
%
*
1
6% pref.*
86
88
20%
21%
New
..25
preferred
6%
preferred
*
$6
preferred
preferred
100
107
98
Cent Pr & Lt 7% pref..100
Consol Elec & Gas $6 pref *
7%
68%
104% 105%
100
91%
117%
16
cum
$7
preferred
92%
6%
7%
59%
cum
39%
40%
41%
preferred
*
111%
25%
26%
3%
4%
*
32%
L7% pf-.100 xl04
Kan Gas & El 7% pref. 100 xl 19
Kings Co Ltg 7% pref. 100
93
Long Island Lighting—
6% preferred
100
7 % preferred
100
9.54
33%
6% preferred D
100
17.91
1.58
m
42
Texas Pow A Lt 7% pf.100
Toledo Edison 7 % pf A. 100
34%
95%
98
7% preferred
100
Utah Pow A Lt $7 pref...*
5.%
67%
Corp—
-
45%
2.35
Series 1955
1
2.90
1
2.84
1
2.64
Series 1958
3.80
D.
5.95
6.70
Plymouth Fund Inc
1.21
1.32
Putnam (Geo) Fund
ment Fund series A-l.
18.02
F
19.36
11.67
12.53
27.30
Series
29.35
10c
Common
.40
13.97
Quarterly Ino Shares.. 10c
5% deb series A
Representative Tr Shs.. 10
Republic Invest Fund—
6.65
101
10.32
4.56
....
26
18.55
19.97
7.59
Clark Fund Inc
85.11
Selected Amer Shares..2%
8.96
Selected Income Shares.. 1
Fiscal Fund Inc—
4.34
2/0
2.76
Sovereign
10c
.66
3.06
Spencer Trask Fund
*
Standard Utilities Ino.50c
15.53
4.05
4.60
17.56
6%
19.09
5.88
Investors
♦State St Invest
Corp...*
Super Corp of Amer cl A. 2
22%
103% 106%
29%
30%
112
113%
115%
114
84%
61%
86%
62%
Kansas Power Co 4s.. 1964
Kan Pow <fc Lt 3%8
1969
Kentucky Util 4s
4
Asl
101
101%
110% 111%
1970
%8
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
30.66
Marlon Res Pow 3 %s. 1960
Income deb 3%s...l978
/13%
Income deb 3%s...l978
Income deb 4s
1978
14%
14%
Montana-Dakota
/14
5.38
Agricultural shares
5.40
5.88
Automobile
4.69
5.11
Group Securities-
2.57
2
3.89
/14%
/14%
15
Aviation shares
9.08
9.87
Building shares
5.85
6.37
Chemical
6.98
7.59
shares
C__
1
2.52
♦Series
D
1
2.47
Trustee Stand Oil Shs—
♦Series
A
1
5.49
♦Series
B_.
1
5.03
rusteed Amer Bank Shs—
Electrical Equipment..
Food shares
8.88
9.58
4.52
4.93
Investing shares
Merchandise shares
3.27
3.57
5.47
5.95
6.48
B
4.32
4.71
Voting shares
Class B
...25c
5.96
RR Equipment shares..
Steel shares
3.93
5.28
16%
2.24
25c
4.29
.97
5.75
Tobacco shares
.68
.86
♦Huron Holding
Corp
5.36
5.56
1
.14
.34
15.99
14.29
17.19
Investment
Banking
Corporations
63%
Incorporated Investors..5
Independence Trust Shs.*
94
1%
Institutional Securities Ltd
Bank
2.22
26
♦Class B
*
2
16%
Group shares
1.09
1.20
Insurance Group shares.
1.32
1.45
Mountain States Power—
15%
9.96
Trustee Stand Invest Shs—
♦Series
shares
92
103% 104
3.70
1
32.97
4.94
General Investors Trust
61%
101%
73
AA
102
1955
.39
B
4.61
101% 102%
Bid
105% 105%
105% 106%
107
107%
50%
52%
87%
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
-
«.
C.
30
28%
Utility Bonds
Ast,
57
m
2.58
89%
39%
United Gas A El (Conn)—
90
.85%
6.83
Mining shares
Petroleum shares
33%
Associated Electric 5s. 1961
3.22
6.56
Series 1956
-
9.91
25
87 %
1960
Railroad
....
6.85
88
21%
Sioux City G A E $7 pf. 100
Southern Calif Edison—
40 %
3%s s f debs
1970
Amer Gas A Pow 3-5s. 1953
Amer Utility Serv 6S..1964
7.35
Railroad equipment
mm mm
16.57
79%
38%
Bid
8.08
7.92"
...
Oils
-
4.95
<
37%
Sierra Pacific Pow com..
95
Public
10.24
Machinery
36%
5.16
6% pref series B
*1
preferred
31%
Supervised Shares
122
37%
5% conv partlc pref..50
Mississippi Power $6 pref. *
•»
Scudder, Stevens and
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
2
105
Mass Utilities Associates—
Assoc Gas A Elec
6.20
7.80
Rochester Gas A Elec—
Jamaica Water Supply
f debs
supplies..i...
«*
3.32
117
Jer Cent P <fc
s
Building
Electrical equipment...
Insurance stock!
112% 113%
114
115
8.95
Chemical
Delaware Fund
106% 108
114
115%
115% 117%
*
Penn Pow & Lt $/ pref..
.
3%s
100
100
Pipe Line Co
Bank stock
m
■>»*■■»
25%
38%
39%
40%
7% preferred..
100
Interstate Natural Gas
*
Interstate Power $7 pref. *
$7
*
Pacific Ltg $5 pref
* t
Pacific Pr & Lt 7% pf—100
Panhandle Eastern
*
5.43
11.94
«• m
112%
110% 111%
115
116%
113% 115%
Okla G & E 7% pref... 100
Idaho Power—
$6
107%
117%
78
62%
preferred...*
preferred
*
cum
m
....
2.85
2.97
100
preferred
7.61
Automobile
Aviation
2.85
Cumulative Trust Shares.1
111% 112%
preferred
12.37
Steel
100
Ohio Power 6% pref
Ohio Public Service—
1
1.25
Agriculture
Metals
67
68%
132% 134%
106
Ohio Edison $6 pref
$7 preferred
New England Fund
N Y Stocks Ino—
37
116
(Del) 7% pref
(Minn) 5% pref
3.82
6.19
ser
I
34%
pf.
Light—
preferred
B shares
*
117%
36
8%
65%
Dallas Pr & Lt 7% pref. 100
Derby Gas & El $7 pref..*
Federal Water Serv
Corp—
$6.50
cum
(Colo)
(Md) voting shares__25c
National Investors Corp.l
1
Series AA mod
Series ACC mod
114% 116%
*
100
Continental Gas <fc Elec—
preferred
$6
3.65
Nation .Wide Securities—
mm,'*,
mm
29%
Eng G & E 5% % pf_*
Eng Pub Serv Co—
New York Power &
109% 111%
Consol Traction (N J)..100
Consumers Power $5 pref. *
7%
New
10.58
9%
m
2.41
33%
32
7% cum preferred
100
Northern States Power—
109
100
86%
20.75
2.41
$7 prior lien pref.....
104% 106%
99
97%
Central Maine Power—
7%
Series A A.
30
84
100
New Orl Pub Serv $7
*
8%
5%
28
10c
Mass Investors Trust.... 1
3.89
2.47
Pub Serv 7% pref
15
Mountain States Power—
preferred
11.70
3.58
4%
Nassau & Suf Ltg 7%pf 100
Nebraska Pow 7% pref. 100
Carolina Power & Light—
$7
Missouri Kan Pipe Line..
Monongahela West Penn
7%
27.31
10.81
Chemical Fund.
117
1%
119% 125
Birmingham Elec 17 pref.*
Buffalo Nlag & East Pow.
$1.60 preferred
1%
1%
%
*
Mississippi P & L $6 pref.*
6% pref. 100
Miss Kiv Pow
Maryland Fund Inc
Mutual Invest Fund...10
14%
3.40
Bid
Par
6.68
.25
24.20
Utility Stocks
Par
4.00
Manhattan Bond Fund Inc
3.86
15.60
7.84
Series S-4
Bankers Nat InvestingClass A
Teletype N.Y. 1-1600
Public
13.86
Series S-3
New York City
BArclay 7-1600
13.88
Income deb 4%s_._1978
Conv deb 4s
1973
Conv deb 4%g
Conv deb 5s
Util—
4%s
1954
1st 6s
1938
100% 101%
/28 %
Conv deb 5%s
1973
8s without warrants 1940
30
New Eng G & E Assn 5s '62
NY PA NJ Utilities 5s 1956
N Y State Elec & Gas Corp
73
30
Water Bonds
65
30
/64
1973
67
30
4s
1965
Assoc Gas A Elec Co—
Cons ref deb 4%s...l958
/io
12
Sink fund inc 4%s_.1983
Sink fund inc 5s
1983
Public Service 3%s_1969
/9
12
12
Sfinc4%s-5%8
1986
/9
12
Sink fund inc 5-6s..l986
/9
12
74
Bid
105% 106
Blacks tone Valley Gas
A Electric 3%s
1968
109% 110%
Indiana—
3%s
1964
Old Dominion Pow 58.1951
Parr Shoals Power 58.1952
Penn Wat & Pow 3%s 1964
3%s
1970
99
1st lien coll tr 5%s._1946
1st lien coll trust 6s. 1946
90%
100
92%
94%
96%
99% 100%
Cent III El A Gas 3%s. 1964
Central Illinois Pub Serv
1st lien 3-6s
1961
Portland Electric Power—
6s
1950
Pub Serv of Colo 3%s. 1964
Debenture 4s
1949
Pub Serv of Indiana 4s 1969
1st mtge 3%s
1968
Cent Ohio Lt A Pow 4s 1964
Centra] Pow A Lt 3%s 1969
103%
104
102
Pub Util Cons 5%s—.1948
Collateral 5s
1951
/%
1%
69%
88%
47%
90%
1962
49
47
49
S'western Gas & Ei 3%s '70
S'western Lt & Pow 3%s'69
106% 106%
Dallas Pow A Lt
109%
Dallas Ry A Term 6s. 1951
Inland Gas
61
77
63%
mm*.
4%s.
6%s stamped
For footnotes
see page
102%
88%
71%
1966
Sou Cities Util 5s A
1958
105
105%
43%
46%
103% 104%
104% 104%
Tel Bond & Share 5s.. 1958
Texas Public Serv 5s..1961
79
Toledo Edison 3%s._.1968
United Pub Util 6s A. 1960
Utica Gas <k Electric Co—
5s
1957
Wash Wat Pow 3%s._1964
West Texas Util 3%s.l969
106
76
99
Western Public Service—
106%
/57%
59%
101% 101%
1584.
1960
Wisconsin G A E 3%s. 1966
Wis Mich Pow 3%s..l961
132%
106%
107
104
104%
100
101
107%
107%
194$
104
107%
101%
103
Plalnfleld Union Wat 5s '61
92
107
Richmond W W Co 5s 1957
105%
St Joseph Wat 4s ser A 1966
Scranton Gas & Water Co
106
101
Huntington
Water—
101%
6s
...
103
5s
105%
4%s
1958
103%
Scranton-Spring Brook
106% 107%
Water Service 5S-1961
1st & ref 5s A
100
103
Shenango Val 4s
93%
1967
ser
94
B. 1961
102
105%
102
5s.
.1950
4s A.
Kokomn W W Co 5s_.1958
.1956
105%
100
78
99% 101%
103
101
89%
..
100%
107% 108%
103
1948
Phlla Suburb Wat 4s. 1965
Pinellas Water Co 5%s.'59
87
5s.
..
1950
..1948
Pittsburgh Sub Wat 5s '58
oo
84%
73%
104%
5%s
1952
87%
1947
103% 103%
85%
87%
Corp—
Iowa Pub Serv 3%s..l969
102
106%
St Joseph Ry Lt Ht & Pow
107% 108%
Dayton Pow A Lt 3s..l970
Federated Util 5%s...l957
Indiana Assoc Tel 3%sl970
106
1st & ref 5s
104
1st consol 4s
.
w-4
v-4
19%
103% 104%
1st coll trust 4%s__1966
Peoria Water Works Co—
Prior lien 5s
101%
105%
Sioux City G & E 4s
-
Coll Inc 6s (w-s)
1954
Cumberl'd Co PAL 3%s'66
3%s.l967
104
/17%
Republic Service—
68%
Consumers Power 3%s.'69
Crescent Public Service—
5s.
Indianapolis Water—
1962
6s series B
84%
107"
Bid
Penna State Water—
1st consol 5s
105% 106%
105% 105%
103
101% 102
Central Public UtilityInoome 5%s with stk '52
Cities Servioe deb 5s..1963
Cons Cities Lt Pow A Trac
5s
1962
106%
Peoples Light & Power—
Cent Ark Pub Serv 5s. 1948
Central Gas A Elec—
Consol E A G 68 A
101% 102
109% 110%
82%
104%
Ast
102% 103
105%
102%
105%
Nor States Power (Wise)—
/9
Northern
%
106% 107
/28%
/28%
/28%
1973
Pomeroy Inc com—10c
80%
r—
103
103
Texarkana Wat 1st 5s. 1958
5%s
Muncie Water Works 5s '65
New Jersey Water 5s. 1950
New Rochelle Water—
5s series B
105%
Union Water Serv 5%« *51
103%
102
Morgantown Water 5s 1965
...1951
5%s
1951
New York Wat Serv 5s '51
105%
105%
105%
101% 104%
58 series B
95
100
97% 102%
93%
98%
Newport Water Co 5s 1953
1950
1st mtge 5s
1951
98
1st mtge 5%s
1950
103
100%
103
105
6s series B
Ohio Cities Water 5%s '53
Ohio Valley Water 6s. 1955
Ohio Water Service 4s. 1964
Ore-Wash Wat Serv 5s 1957
ICO
103
108
103
103%
95% 1C0%
1956
101
5«» series C
I960
105%
6s series A
1949
103
104
Quotations on Over-the-Counter
March
Financial Chronicle
The Commercial &
1584
Quoted Here
Municipal Bonds—
Compani«
Domestic (New
York and
Public Utility
Federal Land Bank
Bonds
Foreign Government
Stocks
Railroad Bonds
Bonds
Railroad Stocks
Industrial Bonds
Real Estate Bonds
Industrial Stocks
Investing Company
Securities
ties
U. S. Government
Mill Stocks
U. S.
Mining Stocks
The Bank
Dept. B, Wm.«B.
42
52
50
26
26
28
Q
52
1941
20
23%
Building—
f ctfs 4Mb (w-s) '58
40
Sec s
3%
42
Prudence Secur Co—
25
5s
1943
1st mtge 4s.
4s '49
1958
42
..1939
/30
24"
22
Savoy Plaza Corp—
3s with stock
1956
A0%
11%
(w-s)......1956
/10%
11%
60 Park Place
(Newark)—
82"
61 Broadway
n8
20
616 Madison Ave—
39
41
30 M
32
stamped
1st 4-5s
'
m
22"
20
80
3Ms with
Syracuse Hotel
50
55
Trinity Bldgs Corp—
44
72
37 M
39 M
1st & gen
'
7s..
194
Palatinate Cons
Bavaria 6%s to
Bavarian
Bid
Ast
Bid
25
8s.
7s..
20 M
4%
3%
3%
4%
6s..
/22%
no
)
6s.
British
Brown Coal Ind
/5
assau
dlvidend.
I
foM
6%
15%
/58
1962
Ind
1948
4s.
.1947
/28
.1945
/12
/14
Hungary 7 Mb
ational Hungarian &
2M
n
Central Agric Bank—
l
Mtge 7s
/61
I
/45
/36
62 %
/72
/51%
7
51
7
I
1956
Poland 3s
/5
3
74"
Porto Alegre
1968
7s
Protestant Church
54"
16M
Prov Bk
Westphalia 6s *33
9
3
/13
Rio de Janeiro 6 %
5
9
6s 1936
17
16M
99
issued,
17%!
19%
d Coupon, e Ex coupon.
w-s With stock, x Ex-
York Curb Exchange.
Quotation not furnished by sponsor or
Issuer.
$89.50 of principal amount.
5% was paid on July 2
and 5%%
1941
5s
1933
f 12
Rom Cath Church 6%s '46
/12
R C Church .Welfare 7s '46
3
/12%
9
mM
3
/13%
Saarbruecken M Bk 6s.'47
...
7s ctfs of deposit.. 1957
scrip
/13
/14
/12
/10
/2
7
3
/12
/2
/5
5
/12
2
112
117"
5
19
...
3
/14
/7%
f 3c
/16
1948
(Brazil)—
/14
8s ctfs of deposit.
3
/s
/13%
/13 M
/14%
1948
8s
Santa Catharina
9M
1947
Santa Fe 7s stamped.
4s
Santander (Colom) 7s.
Sao Paulo
/8%
1942
82
1964
8%
75M
77~~
1948
/19M
fSM
/14%
f UK
20 M
(Brazil) 6s. 1943
Saxon Pub Works 7S..1945
6%s
.1951
9%
3
/14
—
Saxon State Mtge 6s__1947
mM
Siem & Halske deb 6s.2930
—
German Central Bank
21
24
..1956
21
24
3
fl9M
i
2M
—Hayden,
/38
s
3
5
/II
70
/13
/13%
that there
77
79%
/18
18%
customary
86
87 M
76%
78
/13%
United
See United Kingdom
3
Glore, Forgan & Co. confirm
1955
1947
Stettin Pub Util 7s... 1946
Tolima 7s...
7
Stone & Co. and
possible merger
of the two firms.
These discussions are being carried on but are still in
a preliminary stage.
In the event that a merger is decided upon the
2d series 5s
Toho Electric 7s
Great Britain & Ireland3
from sinking by
Kingdom of Great
Britain & Ireland 4s. 1990
20
/II
!2
production due to war
losses
sugar
300
Mtge Bk Jugoslavia
1956
State
5s
German scrip..
conditions; shortage of shipping
submarines; expansion of stocks
and hoarding in neutral countries; were discounted only as they actually
happened.
Failure to anticipate or partially discount strong potentialities
accounted for the many perpendicular rises in price beteen 1914 and 1918,
the study reveals.
It goes on to examine the possible distortion of the
supply and demand situation during the current season.
—David Saperstein of the Security and Exchange Commission will speak
at the New School for Social Research on Monday, March 11, at 8:20 p. m.
His topic, "Regulation under the Security and Exchange Commission," is
part of the symposium "The New World of Finance," in which leading
economists and authorities in the financial world take part each week.
A. Wilfred May and Rudolph L. Weissman are chairmen.
Mr. Saperstein was formerly associated counsel in the United States
Senate Stock Market Investigation and collaborated with Ferdinand Pecora
in establishing the SEC, where he was director of the Trading and Ex¬
change Division.
'
—Herbert R. May & Co. announced the opening of offices in the Fourth
& Pike Bldg., Seattle, to carry on a general investment business in stocks
and bonds.
Herbert R. May, President, is a graduate of the University
of Washington and was born in Bremerton of a pioneer family.
During
the past six years he has conducted an investment business in Spokane.
reduction in sugar
tonnage;
9~%
/8%
7s 1957
/12
7
39
Salvador
4s
3
/5
/8
NOTICES
the war continues are forecast by Higgins
& Lonsdale, New York sugar brokers, in a study entitled "Sugar Price
Potential in Second World War."
The study points out that during the
first world war such intangibles as an extension of the war to other countries;
—Higher prices for sugar if
15%
5
6 Basis price,
to < When
CURRENT
29 M
(Ger¬
1946
many) 7s
A4%
/14%
fUM
A4%
3
6s.
*
preferred
York Stock Exchange.
/5
/14
City Savings Bank
Funding 3s..
$5
Sept. 25.
,
German Central Bk
7s.
12%
Nominal quotation,
$ Quotation on
/50
Central German Power
6%s.
100
United Cigar-Whelan Stores
13
Interchangeable.
a
(Daniel) pref
18
16 M
7
Duesseldorf 7s to.
n
Reeves
9%
7%
4
14
/5
7s to.
mM
/25
16 M
7
Miller/(I) Sons common..5
8% 'preferred
50
i08%
...
2
Ex-rights.
t Now selling on New
/14
(A & B) 4s...1946-1947
(C & D) 4s...1948-1949
at Central Savings Bk of
100
y
fNow listed on New
/14
Landbank 6%s '38
pref
100
Co Inc..*
value,
/Flat price,
♦
/o 0
5s.
No par
at Bank Panama—
/13%
19£
)
see
*
...
Corp—
6%s
65
3%
30
65
fl2M
Recklinghausen 7s. .1947
19f
100
6% pref...100
Kress (S H)
/60
/40
/12%
Hungarian Bank-
7%s
100
7% preferred
3%
2
27
Fishman (M H)
/14
14"
Ast
KobacVer Stores—
7
5
common...*
7% preferred
/14
23~"
Bid
Stocks
As*
Bd
*
/G Foods Inc common.. *
Bohack (H C)
Diamond Shoe
1948
Water 7s
/36c
/14
funding scrip
Brazil
B
/14
/5
/13%
A 3%
21%
67
1948
4s
70
24
Berland Shoe Stores
/3 %
/3%
/ 13
7s..
Par
28
22
n
f20M
f 19M
f4%
f 3%
64
Par
1st mtge
45
Chain Store
n
1936
15
22
Corp—
w-s..-....1951
Ast
/5
change Bank 7s
1st 4MB
Westinghouse Bldg—
1947
1951
/5
A2
/30 /26
/26
/36
/12%
Anhalt 7s to..
1st
12
20
1950
3s
Wall & Beaver St
..1952
3-4s
(Bklyn)
5s (L I)
m-mmr
48
Walbrldge Bldg (Buffalo)—
1963
1st 5s
4-5s'46
47"
70
/31%
/45%
1939
1st 5%s
28
26
1958
2 Park Ave Bldg 1st
47
Ludwig Baumann—
shown below are
71
..1955
Textile Bldg—
London Terrace Apts—
Bonds
(Syracuse)
'
.
1st 3-5s
5Ms w-s
25%
1957
3s with stock
Lincoln Building—
Income
•V-
Bldg—
stock....1950
1st 3s
1948
Lewis Morris Apt Bldg—
1st 4s..
1951
Lexington Hotel units
Tel. HAnover 2-5422
...
26%
1947
1st 3%s
OO
1st lease 4-6 Ms
a CO., INC.
39
OO
Bldg
1948
Lefcourt Manhattan
nominal.
67
Sherneth Corp—
1st 5%s
f
situation some of the quotations
55%
65
36
34
1st 6s. 1951
Hearst Brisbane Prop 6s' 42
Hotel St George 4s... 1950
and Coupons
Foreign Unlisted Dollar
53%
1957
income
Roxy Theatre—
14%
Lefcourt State Bldg—
Due to the European
...
Realty Assoc Sec Corp—
20
17
65
1961
5Mb stamped
39
Inactive Exchanges
St., N. Y.
3
..1951
32
30
Harriman Bldg
52 William
44%
/2
1948
Fuller Bldg debt 6s...1944
1st 2%-4s (w-s)
1949
Graybar Bldg lstlshld 5s '46
1st 4s
BRAUNL
57%
42%
103 E 57th St 1st 6s...
1400 Broadway Bldg—
Foreign Stocks* Bonds
37%
55%
165 Broadway
1946
42 Bway 1st 6s.
36
BK.........
C-2
F~l _.
2d mtge 6s—
28
Bldg—
Film Center Bldg 1st
54%
1 Park Avenue—
40 Wall St Corp 6s...
York City.
series
series
series
series
5%
52 M
Co—
Olicrom Corp vtc
21
6%s (stamped 4s)..1949
52d & Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
published monthly anq
Your subscription should be sent to
Dana Co., 25 Spruce St., New
5%s
5Ms
5%s
5Ms
10%
40
500 Fifth Avenue—
and Quotation Record is
sells for $12.50 per year.
/8%
2M
1st income 3s
Securities
Territorial Bonds
22
4M
stmp._1956
N Y Title & Mtge
Ambassador
50 Broadway
Stocks
20
Corp—
4s with stock
65%
64
Safe Deposit
Title Guarantee and
Land Bank Securi¬
1955
N Y Majestic
Equit Off Bldg deb 5s 1952
Deb 5s 1952 legended...
Stocks
73 M
Club—
2s
33
Hotel units
Real Estate Trust and Land
Insurance Stocks
Joint Stock
Eastern
1945
S f deb 5s
72M
27
N Y Athletic
4s '45
CheseboroughBldg 1st 6s'48
Colonade Construction—
1st 4s (w-8)
1948
Court & Remsen St Off Bid
lst3%s
1950
Dorset 1st <fc fixed 2s..1957
Bonds
Public Utility
Canadian
7~>
/6
Chanin Bldg 1st mtge
Canadian
Out-of-Town)
Metropol Playhouses Inc—
/23%
——1957
3s
Domestic
Ast
Bid
Ast
/35
1st mtge 3s. 1957
Beacon Hotel Inc 4s..1958
B'way Barclay inc 2s..1956
B'way & 41st Street—
1st leasehold 3%-5s 1944
Broadway Motors Bldg—
4-6s
1948
Brooklyn Fox Corp—
Alden Apt
have interest, you
Banks and Trust
Title Co. Mortgage Certificates
Bid
wiil probably find them in
our monthly Bank and Quotation Record,
In this publi¬
cation quotations are carried for all active over-the-counter
stocks and bonds.
The classes of securities covered are:
which you
in
1940
Securities—Friday Mar. 8—Concluded
Real Estate Bonds and
If You Don't Find the Securities
9,
...
3M% War Loan
Uruguay conversion scrip..
Unterelbe Electric 6s.. 1953
Vesten Elec Ry 7s
1947
Wurtemberg 7s to
1945
/40
/13
/13
/13
recent
informal discussions relative to a
have been
some
announcement would be
made.
& Co.
Z. Udvardy,
A. P. Burch, Jack Horowitz and J. U. Davis to its staff.
The firm is also
distributing a selected list of high-yielding securities presenting opportunities
—The New
announces
to
the
York Stock Exchange
addition of
obtain yields between
firm of Alexander Eisemann
Victor Lampert, John Mayer,
7% and 10%.
Volume
150
The Commercial & Financial
Chronicle
1585
General Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For mechanical
reasons
However, they
FILING
OF
REGISTRATION
UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
it is not
are
always possible to arrange companies in
always as near alphabetical position as
STATEMENTS
SECURITIES
UNDER
A ssets—
following additional registration statements (Nos. 4334
4342, inclusive) have been filed with the Securities
and
Exchange Commission under the Securities Act of 1933.
American
approximately $43,863,780.
has filed
a
First
North America
(2-4335, Form C-l) of New
registration statement covering 33,300 shares in
of North
America, Inc. (2-4336, Form C-l) of
New York, N. Y. has filed a
registration statement covering 250 various
types of Independence Fund Declaration
of Trust, which will be of
income
type, capital type and distributive
type, the offering of these types has an
aggregate value of $250,000
including $18,750 creation fee which is returned
Registrant is sponsor.
to sponsor.
Proceeds will be used for investment.
Filed Feb. 29, 1940.
Independence Fund of North America
(2-4337, Form C-l) of New
York, N. Y. has also filed a registration statement
covering Independence
Fund Declaration of Trust and
agreement accumulative type.
100 are with
insurance aggregating $120,000
plus creation fee to sponsor
amounting to
$9,000, and 100 are without insurance the
aggregate of which is $120,000
plus creation fee to sponsor of
$9,000. Proceeds will be used for investment.
Registrant is sponsor. Filed March
1, 1940.
Cinnabar City Mining Co., Inc.
(2-4338, Form AO-1) of Reno, Nev.,
has filed a
registration statement covering 400,000 shares of
$1 par capital
stock which will be offered
at $1 per share.
Proceeds will be used for two
plants, improvements, development and for
contingencies. Ed. A. Glenn is
President of the
company. Alfred E. Clarke and Ed. A. Glenn will be the
underwriters.
Filed March 5, 1940.
Republic Investors Fund, Inc. (2-4339, Form
A-2) of Jersey City, N. J.
has filed a registration
statement covering $1,000,000 of
collateral secured
convertible bonds, due
1950, and the offering will be made at $100- Of the
total issue $350,000 will be
presently offered and the remaining $650,000
will be offered as value of
collateral permits.
The company also registered
an unknown
number of shares of $1 par common stock
which will be reserved
for conversion of bonds.
Proceeds of the issue will be used to
repay loan and
for investment. William
R. Bull is President of the
company. Bull, Wheaton
& Co..
Inc., have been maded underwriters. Filed March
5, 1940.
Wisconsin Electric Power Co.
(2-4340. Form A-2) of Milwaukee,
Wis., has filed a registration statement
covering 282,098 shares of 4M%
preferred stock, par $100, and
1,551,539 shares of common stock,
par $20.
Filed Marbh 6, 1940. (See
suosequent page for further details).
Mead Corp. (2-4341, Form
A-2) or Chillicothe, Ohio, has filed a
regis¬
tration statement
covering $6,000,000 of 15-year first mortgage
bonds,
due March 1, 1955.
Filed March 6, 1940.
(See subsequent page for further
details).
Commonwealth Loan Co.
has
(2-4342, Form A-2)
of Indianapolis,
Ind.,
filed a registration statement
covering 35,000 shares of $100 par 5%
cumulative preferred stock.
25,000 shares will be offered by
underwriter,
and 10,000 shares will first be
offered in exchange on a share for share
basis
for the $100
par 7% cumulative preferred stock, and the
issuer will then
offer unexchanged shares
30 days from prospectus date.
Proceeds of the
issue will be used for the
retirement of the 7% preferred stock and
for debt.
R. C. Afufderheide is
President of the company.
Hallgarten & Co has been
named underwriter. Filed March
6, 1940.
The last previous list of
registration statements
our issue of March
2, page 1417.
Akron Canton &
Youngstown
Being Submitted
U.
S.
was
given
Ry.—Reorganization Plan
for Approval—
to Securities Holders
District' Court for the Northern
Alabama Power Co.—TVA to
Buy Properties—
The Tennessee Valley
Authority, it was announced Feb. 24, has reached
an agreement with the
company for purchase of certain electric
properties
in Northern Alabama.
The price is, said to be,
$4,600,000, to be divided
among the TVA and the municipalities and
cooperative associations parti¬
cipating in the transaction.
The announcement
May 1, 1940.
said the probable date for transfer of
the property
The
Chemical Bank & Trust Co., N.
Y., will until 10 o'clock a. m.
April 5 receive bids for the sale to it of sufficient first
mortgage 30-year
5% bonds, A series, due March 1, 1946 to exhaust the sum
of $1,063,815
at prices not exceeding 105 and accrued
interest.—V. 149, d. 1417.
/.
%
•
Juneau^ Gold Mining Co.—Earnings—
Period End. Feb. 28—
Gross earnings.
x
Profit—
1940—Month—1939
$359,500
$327,000
114,500
76,700
1940—2 Mos—1939
$720,500
214,000
$733,000
200,000
Includes other income and is after
operating expenses and development
charges, but before depreciation, depletion, Federal income taxes
and surtax
on undistributed
profits.—V. 150,
x
p. 948.
Albert Frank-Guenther
Calendar Years—
Gross inc. from opera ns_
Expenses
Otherdeductions.net
Net
loss.
yl91,969
281,620
6,795
6,062
102,353
91,922
exps. & def.
assets,
<fc
exp.
1939
1938
$134,297
less
eral taxes
7,617
10,974
18,171
21,000
665,000
adjustments, &c.
Customer deposits
6% pref.stock
z
188.599
200,660
93,240
93,240
Goodwill
z
Class A stock
Class B stock
24,037.
$862,292
26,600
26,600
Capital surplus.__
$990,462
53,000
665,000
26,600
26,600
1,053
1,053
38,047
35,770
$862,292
$990,462
Earned deficit
Total
After reserve for
depreciation of $73,534 in 1939 and
$159,096 in 1938.
Accounts receivable only.—V.
148, p. 2252.
x
y
$218,967
gen¬
Reserve for rate
Land,
building,
equipment, &c.
Dec. 31
Liabilities—
Accounts payable-
Alexander & Baldwin, Ltd.—SI.50
Dividend—
Directors have declared a dividend of
$1.50 per share on the capital
stock,
payable March 15 to holders of record
March 5.
This compares with $1
paid on Dec. 20 last; $2.50
paid on Dec. 15 last; $1.50
paid on Sept. 15
and on June 15
last; 50 cents on May 15, 1939, and
$1.50 paid on March 1,
1939.
See also V. 149,
p. 3707.—V. 149, p. 4017.
Alleghany Corp.—Time for Filinq Plan Extended—*
The Marine Midland Trust
Co. of New York, as trustee
for the 5s of
and Alleghany Corp. have
extended to March
12, 1940 the time
within which a plan of
readjustment for the 5s of 1950
may be submitted,
under the terms of the
agreement dated Sept. 28, 1939 under
which Manu¬
facturers Trust Co. is
holding in trust 107,579 shares of Chesapeake & Ohio
Ry. common stock withdrawn from the
collateral securing
Alleghany 5s of
1944.
1950,
SEC Decides
Against Starting
The Securities and
Exchange
corporation's financial
an
Action
Commission, after
to Delist Stock—
an
investigation of the
statements, has decided against
instituting pro¬
ceedings to remove company's stock from the New
York Stock Exchange.
IflLThe SEC decided against delistment action
since Alleghany had filed
amendments correcting the financial
statement for the years
1934-37, incl.
"In view of this
fact," the Commission's opinion read in
part, "and of all
the circumstances of this
case, and since this
report will serve to inform the
investing public of the past deficiencies, we do not feel
that it will be
necessary to institute any further
proceedings."
The inquiry into the
much-investigated corporation
was
instituted
on
July 28, 1938, with the SEC announcing that it had
"reasonable ground to
believe" Alleghany had made
"false and misleading" statements.
The
Commission complained that;
(1) Alleghany charged to "capital
surplus" in 1934-1937 $5,000,000 in
bond discount (the difference between
the corporation's price and the
market price of
bonds) and expenses which probably should have been
charged to "profit-and-loss or earned surplus."
(2) Alleghany charged to "capital surplus"
$23,000,000 of net losses
sale of investments which should
have been charged to
"profit-and-loss
earned surplus."
on
or
(3) A loss of $29,612,125 from sale of Erie
Railroad and Nickel Plate
Railroad securities Jan. 29,
1938, to Alleghany's subsidiary Chesapeake &
Ohio line "was not taken
up into the accounts for the
years 1932 to 1937,
inclusive."
Lybrand, Ross Bros. & Montgomery, Alleghany's
auditors, commented
March 4 that while Alleghany
"subsequently filed amended statements in a
form preferred"
by the Commission, "it was and is our opinion,
however,
that the reports in their
original form, which bore our certificate, fairly
presented the facts and constituted full disclosure
thereof."—V. 150, p. 1417.
Allied
Laboratories—Stock
Offered—F.
S.
Moseley
&
Co. March 7 offered 6,600 shares of common
stock at the
last sale (March 6) on the New York Stock
Exchange,
68^6, plus commission.
The offering does not
represent
financing.
Announcement was made March 7, that
company has entered into an
underwriting agreement with F. Eberstadt & Co., Inc., New
York, cover¬
ing the public distribution of 20,000 shares of common stock.
The com¬
pany
serial
intends to
use the proceeds from the sale of the
shares to retire its
bank loans incurred in connection with its
recent program of plant
expansion.
Following the offering,
244,530 shares of common stock.
the
company
The company expects in the near future to file
with the Securities and
Exchange Commission
ing.—V. 150,
p.
will
have outstanding
registration statement
covering the proposed offer¬
1269.
a
Altoona & Logan Valley Electric
Ry. Co.—Tenders—
Holders of first lien collateral trust
4% bonds are being notified that the
Fidelity-Philadelphia Trust Co., trustee, now has in its possession $2,650
being proceeds or salvage value derived from the Fairview Division Track
and Roadway and three street cars to be
abandoned by order of the Public
Utility Commission and released from the lien of the indenture,
agreeable
provisions thereof incident to the abandonment of
operation inter alia
Roadway, and the surrender of certain franchises and
the substitution of motor
transportation service by Logal Valley Bus Co.,
certain of the stock of which is
pledged under said indenture as part of the
security for said bonds.
to the
of said Divisien and
Pursuant to the request of the company the trustee will
apply said moneys
to the purchase of said bonds at the lowest
price asked or obtainable therefor
or to the
redemption thereof, and holders are invited to file with the trustee
proposals in writing indicating the numbers and
principal amounts of the
bonds tendered and the prices at which
they are willing to sell and make
of the same with all
coupons for cancellation.
Interest on all
bonds accepted by the trustee for such
acquisition and cancellation will be
pro-rated to the date of payment and paid, the additional funds
required
therefor to be furnished by the
company. All proposals must be in trustee's
office not later than 12 o'clock noon, March
surrender
11, 1940.—V. 147, p. 2673.
Tenders—
Alaska
x
$316,956
Acer.
charges
new
District of Ohio, Eastern
Division, and the Interstate Commerce Commission have
approved a
plan for the reorganization of the Akron Canton &
Youngstown Ry. Co.
and Northern Ohio
Ry. Co., pursuant to section 77 of the
Bankruptcy Act.
The plan is being submitted to
the holders of the general and
refunding
mortgage 5Yt% and 6% bonds due April
1, 1945, to the holders of equip¬
ment trust certificates of
1926, to the holders of claims evidenced by secured
promissory notes, to the holders of claims evidenced
by unsecured promis¬
sory notes, and to the holders of common
stock, of Akron Canton & Youngs¬
town Ry., and to the holders
of the first-mortgage
5% bonds due Oct. 1,
1945, (or certificates showing the deposit of such bonds
with a protective
committee)to the holder of the
general-mortgage 6%, series A, bonds due
Oct. 1, 1945, to the holder of
common stock, and to the
holder of other
claims, whether absolute or contingent, allowed
by the court, of or against
Northern Ohio Railway, for their
acceptance or rejection.
Only those
holding such securities or claims on Feb. 20,
1940, will be entitled to vote
on the plan.—V.
150, p. 1417.
was
Prepd.
of
Mutual Trust Fund, which will be
offered at market. Proceeds will be
used for-investment.
H. J. Simonson Jr., is
President of the company.
Sponsored by depositor. Filed Feb.
29,1940.
Independence Fund
Accts. & notes rec.,
less reserve
reserves
Business Credit
Independence Fund
York, N. Y.
alphabetical order.
Sheet
1938
$279,337
Other
Corp. (2-4334, Form A-l) Of New York,
N. Y. has filed a
registration statement covering
300,000 shares of $1 par
class A common
stock, which will be offered at $7.25
per share.
Proceeds
of the issue will be
used for working capital.
Raymond W. Burman is
President of the company. Clarence
Hodson & Co., Inc. has been named
underwriter. Filed Feb. 29,1940.
The
1939
Cash
to
in
Balance
ACT
The
The amount involved is
exact
possible.
1938
1937
$363,007
369,491
04,209
1936
$416,117
441,090
11,314
$535,993
523,480
18,448
$546,477
504,543
15,534
$2,277
$36,287
$5,934
prof$26,401
50,861
James M. Hutton Sr., senior partner of W. E.
Hutton & Co., died on
March 1 of a heart attack at the New York
offices of his firm.
He was
70 years of age.
Mr. Hutton was a director of this
company, of U. S. Shoe Corp., Colum¬
bia Gas & Electric Corp., of which he was also
a member of the executive
committee; of Cincinnati Street Ry. Co., Cincinnati Gas & Electric
Co.,
American Thermos Bottle Co., American
Rolling Mill Co., of which he was
also Chairman of the finance committee; Hatfield
Co., Campbell-Creek
Coal Co., Champion Paper & Fibre Co., Interchemical
Corp., Richardson
Co., Morristown Securities Corp
Printing Machinery Co., Multi-Colortype Co. and Duplex Paper Bag Co.—V. 149, p. 1168.
,
American Business Credit
*~"See
Law—Earnings—
1939
% pref. dividends
Aluminum Industries,
Inc.—Obituary—
list given on first page of this
American
Chicle
Corp.—Registers with SEC—
department.—V. 150, p. 1269.
Co.—Stock
Vote
Barred
Majority—
Lack of
by
Lack
of
two-thirds majority of the total
outstanding capital stock at the
annual meeting held March 5 prohibited
voting on the retirement and can¬
cellation of 1,100 shares of the
company's stock.
The company had ac¬
quired this stock in the open market.—V.
a
150,p. 1270.
The Commercial &
1586
March
Financial Chronicle
Dec. 31
Consolidated Balance Sheet
(& Subs.)—Earnings—
American Bank Note Co.
1936
1937
1939
$998,484
$2,220,223
130,073
230,819
251,551
Manufacturing profit
1938
$656,239
Calendar Years—
134,084
237,649
255,466
185.851
337,733
279,687
Maintenance and repairs
Depreciation
Taxes
69,165
$1,482,298
101,872
$1,416,952
$371,285
135,716
$43,796
Profit from operation.
Other income
327,306
258,228
119,974
$1,584,170
y241.879
$1,536,926
22,259
$507,001
x209,246
172,200
39,100
47,488
Net profit..
1obs$102,611
Pref. dividends (6%)...
269,739
Common dividends
64,994
$38,967
269,739
357,468
$967,528
649,941
$1,079,825
269,739
747,432
$437,344
$588,240
sur$47,848
sur$62,654
$1.07
$1.24
...""$112,961
Profit.
x42.456
Federal taxes
128,834
22,023
appropriations.
preferred dividends
Pension
Sub.
Other
♦
deductions
Deficit..
652,773
Earns, persh. on
212,700
30,769
18,996
177,450
48,879
21.131
269.739
Nil
Nil
shares
common
y321,93S
(no provision for Federal income and
No provision was considered necessary
Provision for foreign income taxes
x
excess
required).
profits taxes was
for surtax
on
y
$
1939
$
Assets—
Mach'y,
Common stock
5,171,429
Mat'l & supplies.. 1,168,900
919,884
6% pref. stock of
foreign subsld's.
5,240,965
1,098,971
892,105
ment, <fcc
Accts. receivable.
_
Accts.
$
4,495,650
6,527,730
4,495,650
6,527,730
6% pref. stock
equip¬
1938
$
Liabilities—
4,348,482
Real est. & b.dgs 4,267,718
402,216
391,032
242,525
resale to employ.
28,320
28,320
Accrued liabilities.
82,889
Marketable Invest.
1,673,379
75,000
1,800,325
Res. for contlng's.
233,013
233,013
830,351
820,555
deposits
of
for taxes
custom'rs'
Adv'ce
75,520
37,911
Dividends payable
3,909,724 Surplus approp. for
em pi's'
pensions
31,912
2,731,794
Deferred charges..
102,044
Cash
x
830,351
Power
Cities
820,555
4,906,954
$1,881,299 in 1939 and
$1,800,635 in
of $3,898,813 in 1939 and
1938. y After reserve for depreciation
in 1938—V. 149, p. 2959.
American
$3,775,265
to
&
Corp.—Votes
Light
Stock
class A stock and
retire parts of two issues of
the annual meeting held on March 5.
authorization, the company will retire 51,363
shares It already has purchased or may purchase and retire up to 40,000
additional shares.
The additional stock purchase will be paid for from
regular funds of the company treasury.—V. 150, p. 1417.
reelected the board of directors at
Under the stockholders'
American Cigarette
-Earnings—
& Cigar Co.1938
1937
1936
$2,220,651
218,670
$2,318,021
$2,439,385
360,328
17,981
1939
Calendar Years—
& rents rec. from
Divs.
$2,139,689
Other divs. & int. rec'd.
194,286
Other income
zDr777,888
zDr690,114
237,465
zDr681,200
$1,556,087
$1,749,207
$1,874,286
70,824
84,380
60,888
123,265
65,652
172,062
85,856
93,000
85,856
101,000
84,000
$2,817,694
90,702
222,977
6,885
85.208
195,000
58,130
81,894
American Tobacco Co.
Total income..
Operating expenses
Int. on coll. note payable
Other interest
Prov. for amortization..
Prov. for Fed. inc. taxes
140,995
fund
7,750
7,750
28,000
56,000
386,636
532,957
744,300
744,300
59,737
85,497
50,064
$1,162,290
23,934
$1,328,134
23,934
1,566,062
Prepaid expenses &
Paid in
x
common
14,651
$1,383,072
1,566,133
$2,120,376
23,934
1,959,377
$746,642 def$261,862 def$206,995
657,922
919,784
1,126,779
200,000
$6.52
200,000
1,404,565
200,000
$5.69
23,934
200,000
$10.48
$6.79
stock B of American Tobacco Co. at cost of
cigarette and cigar operations (net) after deducting
in 1939, $10,544 in 1938 and $20,187 in 1937.
such stock
other income of $3,013
1939
leased
$
x
Real
7,840,124
7,754,268
59,203
58,930
11,510,550 11,948,818
Investments
$
Accts.
Products
14,000,000
3,523.265
Curr. liabilities..
Prov. tor
contlng
.
.
.
733,530
Deferred income-
485,489
Capital surplus..
.
Earned surplus..
.
Other accts. receivl
83,710/
3,817
receivable._/
\
.
1,799,299
4,232,536
150,000
1,027,623
150,000
150,000
150,000
1.691,877
1,691,877
657,922
1,404,565
30,000
Notes
Feb.
goodwill of said company, subject to
property, business and
which
liabilities
meeting of directors
the
American
The following
Semi-Automatic Arms
is taken from the Boston
corporation has been incorporated under the laws of Massachusetts
and sell automatic and semi-automatic firearms and other
and to acquire and exploit letters patent of the United States
and foreign countries and applications for letters patent.
Authorized
capital is 100,000 shares ($1 par) common. Of this stock, 50,005 shares are
to be issued for patent rights, drawings and engineering data.
Melvin M. Johnson Jr., is President; John B. Howard, Treasurer; Brooks
Potter, Clerk.
,
,
In connection with the formation of this corporation, a check of records
available at the (Mass.) 8tate House discloses that Mr. Johnson and Mr.
Howard held similar positions with the Johnson Automatic Trust, which last
year sought to qualify its securities for sale in Massachusetts.
The appli¬
cation has since been withdrawn. Johnson Automatic Trust was organized
to develop and sell automatic firearms under license held by the trust from
the Johnson Patent Trust.
The Johnson Automatic Trust had an original capitalization of 650 shares
of B stock and 350 shares of A stock, both of no-par value. Both issues were
split 20-for-l in October, 1939. It was proposed to sell the A stock after the
split-up at $100 a share, or the equivalent of $2,000 a share for the old stock.
Available records disclose that the 650 shares of old B stock were sold at
25 cents a share.
Some of the old class A stock was sold as follows:
100
shares at $100 a share; 35 at $200 a share; 10 at $300 a share, 10 at $400 a
share; five at $500 a share four at $750; 60lA at $1,000 a share and 33 18-20
at $1,500 a share.
to manufacture
American Stores Co.
Depreciation
$1,880,434
$3,215,776
88,674
130,728
224,191
$2,440,511
953,662
$3,439,967
760,761
653,761
14,700
$2,011,162
931,809
485,218
Social security taxes.
Reserve for taxes
Dividends
Adjusted
earnings
after taxes, due to invalidation
Supreme Court are as follows:
1937, 65c.
Consolidated Balance Sheet Dec.
1939
equipment. 11,929,270
Unamort.
cost
of
640,119
1
5,078,025
2,704,561
34,880
11,272,902
505,916
122,005
223,435
Inventories
12,687,094
lecelvable.
and
Deferred charges..
693,818
taxes
519,034
567,590
514,129
Earned surplus
13,589,269 1 2,121,198
b Treasury stock. .£>73520.109 Dr3520109
gencies
Total.........33,267,526 31,838,740
Represented by 1,400,000 shares of no par value,
98,680 shares of common stock,
c After depreciation
1939 and $10,019,504 in 1938—V. 150, p. 1270.
a
(Consolidating All Wholly-Owned Domestic Subsidiaries)
1,289,690
1,540,642
Reserve for contin¬
.33,267,526 31,838,740
Total
Colortype Co.—Earnings—
...
State
employees
(secured)..
depreciation.—V. 148, p. 3052.
Federal
19.374,155
166,665
746,977
1
5,227,295
1,998,214
Investm'ts
51,307
Loans to
Capital stock...19,374,156
Accts. payable and
accruals
2,562,802
Pa-chain store tax
388,787
leasehold improv
Goodwill
Accts.
11,328,812
$
%
Liabilities—
a
and
1938
1939
$
Real est., plants
Cash
31
1938
$
Miscell.
23.827,177 21,599,588
x$0.38
$1.57
of Pennsylvania
For year 1938,
x$0.O4
$0.88
Store Tax by State
Assets—
c
454,000
$2,045,587
2,602,640
1,301,320
1,301,320
Mktable. secure..
'Total
98",500
$57,627 def$805,686 def$557,053
1,301.320
1,301.320
$502,999
Surplus for year
(no par).
Earnings per share
Shs. outstand.
940,381
$495,634
1,301,320
$57,629
$1,153,659
650,660
Net income
128,469
American
$2,351,837
Pa. chain-store tax
272,205
67,865
30,339
23,827,177 21,599,5881
$2,970,163
657,765
244,000
Total income
30,322
40,141
After
90,120,665
20,051,361
$3,065,733
1,010,309
..._
20,248,420
95,570
earnings..
19,018,205
Other income
51c.;
1936
2,816
$113387,803
18,729,810
Cost of sales
Net
(& Subs.)—Earnings—
1939
1938
1937
2,272
2,416
2,620
$114,824,010 $109852,807 $114565,593
92,436,739
88,482,765
93,124,037
Number of stores
87,461
x
Corp.—Organized—
"News Bureau":
This
1,487,153
Total
Co.—New President, &c.—
C. Dickermhn,
held on Feb. 29 William
was
int., &c
Deferred charges..
the two companies.
elected Chairman of the Board, and Duncan W. Fraser,
Vice-President in Charge of Manufacturing, was elected President.
Robert B. McColl was elected Vice-President in Charge of Manufactur¬
ing.
Noah A. Stancliffe, General Counsel, was elected a director.
The
new executive appointments were made effective as of March
1.—V. 149,
p. 1016.
President,
Leaf tobaccoat cost
accr.
of reorganization between
American Locomotive
At
certain specified
This transaction was
assumed by the company.
were
pursuant to an agreement
—V. 149, p. 3544.
Marketable secur.
Subs.
Corp.—Acquisition—
capital
$
Common stock.. .14,000,000
1,393,760
(custs.)
rec.
$5,994,438 $6,026 676
Total
corporation reported to the New York Stock Exchange that on
12, 1940, it transferred and assigned 3,000 shares of its treasury
stock to the Antrol Laboratories, Inc., in exchange for all of the assets,
398,900
.
1,380,610
Cash.
1938
398,900
25*% coll. loan..
and
estate
furniture, Ac
1939
Liabilities—
Pref. 6% stock..
assets—
1,216,068
285,663
After deducting reserve
Chain
1938
$
of
value
231,000
1,568,860
,219,791
368,827
for bad debts of $138,070 in 1939 and $143,884
in 1938.
b After deducting reserve for depreciation of $2,879,384 in 1939
and $2,849,442 in 1938.
c Includes accrued expenses.—V. 150, p. 1417.
a
x
Balance Sheet Dec. 31
Assets—
224,300
.568,860
$5,994,438 $6,026,676
Total
$137,065
391,714
Cigarette & Cigar Co. as follows: 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 fractional certificates, $5,379.
1937—Cost of stock,
$1,560,369; cash in lieu of fractional certificates, $5,764.
1936—Cost of
stock, $1,951,891; cash in lieu of fractional certificates, $7,486.
z Loss on
Book
6% pref. stockstock
Capital surplus—
Earned surplus...
to American
x
Works
Art
Common
100,359
64,686
charges
deferred
Expenses
_
pref. stock—
5%
Amer.
Gross sales
25,873
Balance, surplus
Profit and loss surplus.
Shs.of com .out. (par $70)
Earns, per sh. on com..
21,446
subsidiary co__
2,431,817
2,360,346
equipment
Calendar Years—
Net earnings
Pref. dividends (6%)...
x Common dividends...
interest
Minority
plant
Real est.,
bonds.
Debenture
53,551
subsidiaries
Taxes
(other than Fed'l
income)
Net income from sinking
fund invest'ts—Dr
mortgage
113,006
subsidiaries
&
Res. for sink,
5% notes secur. by
weapons,
Retirement—
Stockholders voted
187,099
ing year
Invests. In foreign
16,968,819 18,246,879
Total
16,968,819 18,246,879
After reserve for depreciation of
132,429
4,049,099
Surplus
Total
44,136
67,435
orders
appro¬
priated surplus.
28,000
Res've for taxes..
foreign
from
Due
605,109
90,270
Invest,
28,000
47,672
16,000
Investments
incl.
pay.,
reserve
Com, stk. acq. for
Contract,
5% notes due dur¬
15,224
16,176
counts recelva'le
American Home
1938
y
1,449,476
The
Consolidated Balance Sheet Dec. 31
x
1,663,242
payable
$1 ,182,600 $1,143,637
50,000
48,275
Accrued bond int.
& ac¬
Other loans
undistributed profits.
1939
1,507,800
1,584,829
receivable
Inventories
b
accounts
$278,921
Notes & accounts
a
Notes A
$318,111
Cash
$2,287,651
219,819
c
1938
1930
Liabilities—
1938
1939
Assets—
1940
9,
b Represented by
of $10,758,935 in
Consolidated Income Account for Calendar Years
1939
admin,
Gross
Total income
on
deb. bonds..
8,053,068
7,071,505
$675,203
85,787
$803,694
76,505
$709,062
51,545
$767,664
31,791
75,735
$760,990
39,114
48,407
$880,199
47.173
59,974
46,629
187,901
31,055
221,074
$760,607
55,042
43,219
39,762
178,231
22,770
205,998
143,694
Minority interest sh. of
profit of subsidiary co.
Dr3,278
Dr3,656
Dr4,234
Dr2,932
$321,560
profit
on
33,121
235,909
166,903
expenses
Balance,
189",271
24,702
Other interest
Pref. divs.
7,332,041
undist. profits
Depreciation
Other
$7,780,567
$690,493
Federal income tax
Surtax
1936
$8,856,762
7,159,065
expenses
profit
on
1937
$8,007,244
and
Other income
Interest
1938
$7,849,558
77,171
Shipments..
Mfg. costs, selling
$211,510
$282,159
$212,653
13,734
37,215
14,366
37,215
14,388
37,215
14,486
.$270,611
$159,930
$230,556
$198,167
stk. of Am.
Art. Wks. not owned.
Pref. divs. of company.
_
Co.—Annual Report—
Refiners' Volume Declining
competitive conditions, Mr. Abbott pointed out that
about 241,000 tons greater than in any
previous year.
Larger quotas for beet sugar are being suggested, with a
continuance of benefit payments, he stated.
This would mean, be said, a
furthet" reduction in volume for the domestic cane refiners, who in 1939 were
Commenting
on
domestic beet sugar distribution was
permitted to supply only about 58% of domestic
almost 77% in 1929,
Calls Conditions "Unfair
Since
called
Surplus
Sugar Refining
American
Company in its report for 1939 shows earnings of $6.16 per share on the
preferred stock and none on the common stock. Consolidated net income
was $2,771,058 as compared with $407,088 in 1938.
Surplus was credited
directly with $368,312 in connection with a sale of timber. Cash at the yearend wks $11,219,638, current assets $36,554,915, current liabilities $6,851,484, sundry reserves $6,941,037 and surplus $9,858,154.
Dividends of
$7.00 Were declared during 1939 on the preferred stock.
Joseph F. Abbott, President, said that the improvement over 1938 was
due to a slightly better refining margin, increased income from investments
and more favorable results from Cuban operations.
the present
on to
Sugar Act expires this year,
determine again how this
trolled, he said.
consumption as against
the Government is now
country's sugar supply is to be con¬
Volume
150
The Commercial & Financial
Chronicle
1587
'
Until
proper legislative recognition is
given to the importance of the
domestic cane sugar
refining industry in this country's sugar
economy,"
he said, "stockholders
must expect
fluctuations in annual earnings.
The
sharing of such a large part of the
continental market with
tropical refiners,
through quotas, and the continued
expansion of the beet sugar industry
through subsidies, are conditions
operating
cane sugar
System,
$186,860,000 in 1939, an increase of
$11,697,000, or 6.7%
over 1938.
The Western Electric
Co., including its subsidiaries, had net
earnings, after interest charges, of $16,476,000 in
1939, as compared with
$5,734,000 in 1938 and $19,514,000 in 1937.
These 1939 earnings are after
an initial
appropriation of $1,045,000 to an
employment stabilization re¬
serve, which the
company hopes will become of real help in
dealing with
its employment conditions
unfairly against the domestic
refining industry."
which are
fundamentally less stable than those
of telephone
operating companies.
As bearing on the
possible effect of the profits of the Western
Tropical Wages Low
Unskilled workmen in most
United States cane sugar refineries are
paid
65c. to 70c. per
hour, while labor employed by the
subsidized producers
who make refined
sugar in the tropics is
paid only a fraction as much,
according to Mr. Abbott. Domestic
refiners must look to quotas for
pro¬
tection against this
tropical competition, he pointed
out, as they have no
tariff protection.
Mr. Abbott said
every other important cane sugar con¬
suming country fosters its cane
sugar refiners.
Particularly in view of
uncertain world
conditions, the United States should protect its cane
sugar
refining industry to assure its refined
sugar supply, he asserted,
_
tj
World
nor
"It is apparent," he
added, "that the world has ample
sugar supplies.
The question of who will
take care of the needs of
the nations requiring
outside supplies is
yet to be determined, as is also the
question of what
prices will prevail.
This will depend on such
factors as the duration of the
war, the countries
ultimately involved, the extent to which transportation
is interfered
with, exchange conditions and
rationing."
1938
Profit from operations
Int. &mc. from invest..
Total.
inadequate.
pointed
en
$5,351,052
1,485,423
$2,392,089
1,950,000
$6,836,475
2,150,000
500,000
35,000
Net income..
$2,771,058
3,149,993
Preferred dividends
Common dividends
$407,089
3,149,993
337,499
$378,935
450,000
$3,080,403
450,000
Balance, deficit.
8hs.com.
out.
Earns, per sh.
total employees of the Bell
System, including the West¬
Electric Co. and the Bell
Telephone Laboratories, numbered 297,100
1939, which was 4,800 more than at the end of
1938.
Total
payroll for 1939
including operating, construction, manufacturing and
aboratory personnel was $570,151,000, an increase of
$6,014,000 over 1938.
500,000
43,337
(par $100)
on com...
Nil
$4,143,138
3,149,991
899,998
Investments, Including Notes and Advances, in
Subsidiary and Other Companies
at Dec. 31,
Assets—
$
Ri.est. A p'ts.
x
&
from
.
Sundry
Acc'ts
565,457
outstanding..
Surplus
25,310
general
45,000,000
6,941,038
6,599,699
4,126,512
45,000,000
815,032
8,335,794
11,219,638
p.
Total..
pared with 430,000 in 1938 and
876,000 in
an all
time high of 16,536,000 Bell System
775,000 telephones
independently owned
same
was
$190,281,000,
an
increase of $34,-
System at the end of the year,
in Government
obligations, were
including
$149,721,000,
a
only
The corresponding ratio of debt to total
capital obligations at the
was 45% and at the end
of 1929 was 34%.
Taxes—Taxes continued to rise and the
total for 1939, including taxes
charged to construction, amounted to
$158,905,000, an increase of $11,474,000 over 1938, which year in turn showed an
30%.
were
increase of $9,748,000
82 cents per month per
equal to about
telephone.
Stockholders—At the end of 1939, there were
636,800 stockholders of record
Telephone & Telegraph Co.
While this is 75,400 below
the high number reached in
1932, it is 167,000 more than 10 years ago.
The average number of shares held
per stockholder at the end of 1939 was
29.
Geographically, the stock was widely held.
Approximately one-quarter of
the Bell System
employees own stock in the company.
No stockholder
holds as much as 1 % of the total
stock.
Of the total stockholders,
215,000
held from one to five shares each
and 601,000 held less than 100 shares
each.
The 35,000 stockholders,
including many large institutions, who own 100
shares or more were 5.6% of the total
number of stockholders and held
50% of the total stock.
of the American
Western Electric Co.—The sales of the
Western Electric Co., which manu¬
and supplies most of the
telephone equipment used in the Bell
factures
$1,200,000
162,500
300,000
$41,699,064
Inc.
b On Jan. 2, 1940 the
common
Michigan
stock
in
the
Remaining 50% owned by Western
c
e
$1,212,895
Includes
real
estate
of
reserve
mortgages
f Advances of
$85,000,
in respect of possible loss
debentures stated at $8,000,
$1,400,000 having been provided in 1938
£ Includes
New
York
World's
Fair
4%
Bell System Income
Statement, Years Ended Dec. 31
accounts
of
the
American Tel. <fc Tel.
Co.
and
its
principal telephone subsidiaries]
1939
Miscellaneous
revenues
Uncoil, oper. revenues
Total oper. revenues
expense
Traffic expenses
Commercial expenses
Operating rents
Gen. and mlscell. expensesGen. admin., lncl. cost of
development & research
Accting & treas. depts
1938
744,498,825
332,355,170
34,427,693
Z)r4,093,990
24,752,610
24,291,042
38,248,916
23,538,281
23,168,875
38,732,189
37,610,194
34,575,687
13,290,204
12,441,686
11,131,889
8,269,162
14,349,148
Cr6,151,081
156,308.640
7,663,287
13,476,899
C'r5,919,663
145,113,063
7,538,269
7,028,183
11,799,704
11,481,631
(775,967,476 <7r2,601,841
xl35,917,191 X116339.437
217,345,813
190,500,346
206,982,702 219,487,546
24,923,551
16,199,130
242,269,365
death
206,699,476
42,082,226
and
41,801,746
other
benefi(s
Other general expenses..
Exps. charged construc'n
Taxes
Net operating income—
Other income
inc.
....
(before
Interest deductions
Amort, of debt discount and
exp. and other fixed
chgs.
Am.
Tel.
&
Balance, surplus..
No. of shares of Amer. Tel.
& Tel. Co. stk.
628,397
607,117
199,558,741
164,290,613
8,747,469
190,280,877
155,543,144
182,342,866 184,744,464
168,181,146
168.180,906 168,081,179
Tel.
Co. stock
outst'd'g.
Earnings per share
Includes
235,976,171 248,352,387
41,939,686
49,796,463
168,181,146
by public
Net income applic.to AmTel.& Tel. Co. stock._
x
28,864,841
9,277,864
Total net income
Net Income applic. to stocks
of subs, colsolidated held
on
28,993,469
fixed
charges)
Dlvs.
$
321,502.556 306,238,511
30,387,239
26,657,445
Dr3,954,282 Dr3,196,336
1,107,187,698 1,052,657,832 1,051,379,343 994,862,132
214,289,622
207,979,688
203,528,183 182,063,578
159,985,056
157,508,634
161,601.522 160,963,777
164,053,760
161,178,111
158,813,627 139,483,912
88,457,467
85,937,289
84,194.049
78,276,690
13,453.218
13,390,016
13,481,511
13,452,768
Employees' sickness, acci¬
Total
1936
703,443,830 665,152,512
13,342,094
ice pensions
dent,
1937
$
$
713,084,657
311.663,707
33,025,243
Dr5,115,775
Prov. for employees' serv¬
or
end of 1919
►
50.00
this company,
d Number of shares,
[Consolidating the
during the 10
1939
50.00
300,000
market value.
is
$1,100,721,000,
f
$13,649,213
8,732,568
18,854,783
29.72
$10,000,000 and sold
thereon.
The investment in
telephone plant at the end of 1939 amounted to
$4,590,510,000.
The increase in plant
The total capital
obligations of the System, including capital stock
premiums and surplus, at the end of
the year were
$3,697,122,000, of which
funded debt and pension fund notes
amounted to
el5,195,000
of
$1,485,000 to Eastern Telephone & Telegraph Co. are
Included in the balance sheet under
deferred debits at a net amount of
telephone plant amounted
$314,925,000 and retirements to
$213,493,000, resulting in a net increase
of $101,432,000 or
2.3%.
This compares with a net increase of
$99,529,000
in 1938.
in
33.34
23.18
amount for cash at par to
Co.,
$13,100,000.
year, gross additions to
investment during the 1930's, that
is,
years ending with Dec. 31,
1939, was $885,000,000, which
about one-third of the increase of
$2,469,000,000 during the 10 years
ending with Dec. 31, 1929.
The depreciation and amortization
reserves
at the end of 1939
amounted to
$1,304,376,000, or 28% of the investment
in plant.
22,550,6O6
75,000
book value
Electric
$27,065,000.
Taxes
5,515,000
21,740,000
6,350,000
144,231,274
100.00
100.00
$
company held $118,066,000.
In addition,
the Western
Electric Co., Inc., over
99% of whose capital stock is owned
by the Ameri¬
Telephone & Telegraph Co., had cash
assets at the end of 1939 of
1937.
78.17
99.44
2,800,000
blO.OOO.OOO
3,409,323
£12,895
Total
Local service revenues
can
over
85.80
c50.00
432,500
Current maintenance
Additions—During the
73.23
18,749,800
...
Depreciation
to
99.99
4,525,000
3,400,000
$2,224,820,969 $141,494,323
Toll service revenues-
Telegraph Co. earned $9.24 per share in
as compared with $8.16
per share in 1928.
The total net income
System applicable to American
Telephone & Telegraph Co. stock
$10.18 per share, as compared with
$8.32 in 1938.
Assets—Cash assets of the
this
99.31
100.00
Common stocks except as otherwise indicated,
Bell Telephone Co.
"paid its notes of
Telephone &
temporarily invested
99.99
100.00
75,000
Common
$1,107,-
revenue was
1939,
which
99.99
Preferred
Others
was
funds
99.99
Cuban American Tel. & Tel. Co.
of the
of
100.00
100.00
.139,999,600
book value
1938, and the most in the history
income of the System applicable to
American
Telephone & Telegraph Co. stock
738,000 over 1938.
American
16,200,000
141,817,298
140,041,898
125,401,232
37,585,586
43,223,835
154,440,399
101,039,490
176,252,078
36,592,463
150,529,084
55,999,180
2,400,000
16,200,000
Co...140,000,000
(Can.).
population.
Earnings—In 1939, the Bell System gross
operating
188,000, an increase of $54,530,000 over
The
8,100,000
5,500,000
a
telephone companies and more than
40,000 rural lines in the United
States have direct or indirect
connecting
arrangements with the Bell System and
share with it the
responsibility of
furnishing nation-wide telephone service.
Including the approximately
4,200,000 telephones of
connecting telephone companies and rural lines,
there were at the end of
1939, about 20,750,000 telephones in the United
States, practically any one of which can be
connected promptly not
only
with any other but with
93 % of the telephones in the
world, except for those
under restrictions in certain
countries on account of war.
While the total
number of telephones in the
United States at the end of
1939 was the
largest that it ever has been, the number
of telephones per 100
population
was 15.9 which is
slightly lower than the previous high of 16.4 in
1930.
Thus, the increase in the number of
telephones over 1930 was a little less,
proportionately, than the increase in
The total net
24,000,000
Other Companies—
1937.
conversations than in 1938.
of the system.
100.00
Southern New England Tel.
Co.$13,337,400
Cin. & Suburban Bell Tel. Co..
8,169,150
Bell Tel. Co. of Canada
com¬
At the end of the
year
telephones in service was reached.
^
Also a new high record was the
number of Bell System
telephone con¬
versations in 1939 with local
conversations well above, and toll and
long
distance conversations
slightly below, the previous high.
The
daily
average number was 73,802,000, an
increase of 3,906,000 over 1938.
There
were 5.6% more local
conversations and 5.5% more toll and
long distance
About 6,500
Total
10,625",000
36,467,862
bl24,988,629
Eastern Tel. & Tel. Co.
American Telephone &
Telegraph Co.—Annual Report
for 1939—Walter S. Clifford,
President, states:
General—During 1939, the Bell System gained
21,000,000
100.00
36,999,100
40,000,000
148,959,600
100,000,000
172,999,000
Mountain States Tel. & Tel. Co.
35,187,500
Pacific Tel. & Tel.
Co., com...154,870,900
Pacific Tel. & Tel.
Co., pref
64,095,700
Bell Telephone
Laboratories,Inc. 2,400,000
Western Elec.
Co., Inc. (no par) d5,966,248
195 Broadway
Corp
5,500,000
....113,650,677 111,313,725
116,316,050
5,700,000
100.00
Illinois Bell Tel. Co
1307.
153,667,184
100.00
Northwestern Bell Tel. Co
Southwestern Bell Tel. Co
9,772,421
$8,700,000
5,000,000
4,225,000
9,475,000
100.00
& Potomac Tel Co.
Co
Indiana Bell Tel. Co
11,807,300
depreciation.—Y. 148,
444,280,335
Michigan Bell Tel.
815,093
9,858,155
Advances
Face Value
100.00
lWlsconsin Tel. Co
27,351
8,129,283
113,650,677 111,313,7251
After
$
45,000,000
45,000,000
Dlvs. declared &
664,304
100.00
of West Virginia
Southern Bell Tel. & Tel.
Ohio Bell Tel. Co
taxes
payable, &c._
64,876
otflc.
Total
&
4,803,972
65.31
of Baltimore
City
1938
6,036,453
reserves
24,731
Cash
x
1,788,877
Co.$87,094,200
35,000,000
Chesap. & Pot. Tel. Co. of Va._ 24,000,000
Chesapeake & Potomac Tel. Co.
$
Common stock.
employees
Invest.,
Liabilities—
Preferred stock.
11,940,853
accts.
receivable
and
$
72,185,756
Book Value
(Cost)
$92,045,721
Chesapeake
$2.67
1939
70,656,057
15,480,222
1,252,978
Accrued income.
Loans
Due
'
Notes and
a
421,300,000
140,000,000
110,000,000
Diamond State Tel. Co
5,000,000
Chesapeake & Potomac Tel Co_
20,000,000
$4,352,563
3,149,986
899,998
$2.20
5,991,643
Mdse. & supplies
Deterred charges
Notes
1938
% of Total
of Holdings Outstanding
Subsidiary CompaniesNew England Tel. & Tel.
New York Tel. Co
New Jersey Bell Tel. Co
Bell Tel. Co. of Pa
Consolidated Balance Sheet Dec. 31
1939
1939
-Capital Stocks
Par Value
sur$93,149 sur$302,579
450,000
450,000
Nil
As
ern
$6,510,276
2,123,874
33,839
Fed. inc. taxes
(est.)
appropriated $1,500,000.
the
a
at the end of
$5,187,023
1,323,253
bonds
in
Employees—The
Not
$1,725,128
666,260
before,
investigation was ex parte and was conducted
one-sided manner.
The report recommended certain
amendments to the Communications
Act of 1934 adding to the
authority
of the Commission.
The company believes
that, as a whole, the amend¬
ments recommended
would tend neither to
improve telephone service nor
to reduce costs to the
user.
1936
$5,221,058
1,950,000
__
out
throughout
Reported
$4,223,324
997,735
Depreciation.
Interest
1937
Co,
other company could remain in
FCC Report—On June
14, 1939, the FCC transmitted to Congress its
report on the special
telephone investigation on which it had been
engaged
for 4H years and for
which Congress had
Consolidated Income Account
for Calendar Years
[Including Constituent Companies]
$99,600,559$ 113,058,7471
97,875,431 107,707,696/
any
business year after year
unless,
the long run, it
made a profit.
The profits of the Wastern Electric
Co., which have been reasonable and
proper, represent a relatively small
item in the cost of
telephone service, something less than
2%.
Rate Changes—Bell
System rate changes in 1939 resulted in a net reduc¬
tion of some
$4X00,000 annually.
These changes included increases in
some places where
rates were
sugar production has increased
about two-thirds since the World
War, and but little sugar production has
been destroyed so far in the
present
according to Mr. Abbott.
1939
on
in
war,
Net sales & misc. rev.
.$106,697,420
Costs and all
expenses.. 102,474,096
Electric
Co.
telephone rates, it is of interest to note that the Federal
Communica¬
tions
Commission, in its report on its special telephone
investigation, shows
the average return to
the Western Electric Co. on its
net investment for
the years 1920 to
1936 inclusive, to have been less than
7%.
These earn¬
ings of the Western Electric Co. on its
investment are low as compared with
those made
during the same period by comparable large, successful manu¬
facturing companies, and, of course, neither the
Western Electric
Ample Sugar Available
„
were
'
718,245
11,047,413
13,093,215
22,099,731 defl2,638,002
14,161,960
16,663,285
18,686,794
18,686,794
18,686,794
18,685,093
$8.32
$9.76
$10.18
$57,534 in 1937 and $86,106 in
tributed earnings.
646,206
193,390,279 197,837,679
1936
provision for surtax
$9.89
on
undis¬
The
1588
Bell System
Assets
Consolidated Balance Sheet Dec.
1939
1938
companies
lnv^tmente
SSr
"/.1
.
Material
ami
.
supplW-
102,970,588
47,169,154
10,958,245
45,764,507
9,973,236
and expense
Unamortized debt, disct.
,
77,949,279
109,189,382
Investments—....
Current receivables
"S'S-! it-
11.106.7M
.0,8.6,942
10.798.901
$5,227,361,850
8,370,800
55,119,062,915 $5,057,809,062
Tel. & Tel. Co...$1,868,679,400
capital stock.........
269,975,028
$1,868,679,400 $1,868,679,400
269,975,028
269,975,028
Other deferred
6,804,834
debits
Total
Capital stock, Am.
Premiums on
Consolidated— '
Common stocks held by public
Preferred stocks held by public
Funded debt, Amer. Tel. A Tel. CoSubsidiaries consolidated
Notes sold to trustee of pension fund.
Current and accrued liabilities......
6,637,974
Subsidiaries
1,304,376,440
85,798,561
42,854,950
430.170,700
524,462,035
121,536,524
205,143,596
5,541,203
1,253,081,519
65,140,450
430,170.700
441,338,480
139,499,457
216,824,542
3,998,263
1,198,516,028
3,021,303
3,317,751
85,798,621
42,854,950
430,155,700
561,568,000
108,997,421
221,090,607
4,772,378
by
public
-
appllc. to cap. stk. of
American Telephone A Telegraph
Co., surplus reserved
......
Unappropriated surplus
Consol. surplus
„„„
71,187,161
237,610,935
85,303,237
249,246,873
$5,057,809,062
68,911,157
256,479,614
Income Account
for Calendar Years
[American Telephone A
Telegraph Co. only]
15,092,047
4,289,242
Z>r569,104
4,313,644
7>r715,156
Uncollectible oper. revenues.
Total oper. revenues
Depreciation expense
Traffic & commercial exps__
Provision for employees
$89,636,121
$89,185,326
14,463,707
14,375,057
$85,311,996
Miscellaneous revenues
Current maintenance
1936
1937
1938
1939
$93,953,677
Toll service revenues
License contract revenues
$112,765,862 $103,374,191
19,778,996
18,284,613
16,837,155
16,642,917
10,976,631
10,895,835
13,450,531
4,199,119
Dr364,987
4,364,975
Dr585,827
$107,339,531 $106,920,784
18,579,198
16,143,285
17,379,956
17,376,311
10,139,956
8,720,511
ser¬
891,598
884,453
854,057
914,521
sickness,
acci¬
dent, death & oth. benefits
Operating rents
608,570
11,621,520
681,770
11,576,079
General and mlscell expenses
22,202,615
21,264,521
471,849
11,407,236
20,384,940
4 50,960
11,255,777
20,086,779
Cr265,323
Employees
Cr235,612
Cr239,250
13,786.288
Exps. charged
12,305,246
construction.
Taxes
Net operating
$16,298,101
Mlscell.non-oper.rev.
-
_____
$172,586,539 $152,428,028
168,181,146
168,181,146
Net Income
a
declared
Dividends
$2,508,051 in
$6,745,235
$11,653,909
18,686,794
18,686,794
18,685,093
$8.16
$9.62
$9.35
company by Itself is less by $17,694,338 in 1939; $3,115,116
1937 and $9,918,050 in 1936 than the company s proportion
of the consolidated Bell System
State
come
taxes
180,233
257,268
289,910
1.328,973
1,369,374
4,888,214
1,275,964
4,737,063
5.798,293
taxes.
f Federal income
810,224
876,433
$26,427,935 $25,435,643
3,161,982
3,161,982
22,839,853
22,752,249
def$566,192
$513,704
Net income
(6%)
Preferred vids.
(cash)
Com. divs.
Balance, surplus
239,896
1,350,674
3,820,025
$26,197,493 $20,183,821
3,161,982
3.161,982
22,934,186
23,061,555
$101,325 df$6039,716
4.575,044
4,593.912
4.556,177
4,547.079
$5.11
$25)
sh. on com..
Earns, per
$3.70
$5.03
$4.89
subsidiaries not consolidated include
$369,670 in 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
translated into United States dollars at rate of exchange prevailing at
Dec. 31, 1939, was approximately $6.50,000 in excess of the said dividends.
b Dividends received in 1938 from subsidiaries not consolidated include
Dividends received
a
$1,478,681 in common
Co.
and, based upon
in 1939 from
stock and common stock
including earnings of
B of American Tobacco
foreign subsidiaries, as hereto¬
1938 of
American
of
1938, would
be $398,000.
Dividends received in 1937 from subsidiaries not consolidated include
$1,478,681 in common stock B of American Tobacco Co. and exceeded by
$310,060 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
rates of exchange, exceeded the net income for
such unconsolidated subsidiaries applicable to the investment of
Tobacco Co. by $427,000.
The excess, based upon including net income
foreign subsidiaries at rates of exchange prevailing at Dec. 31,
c
converted at prevailing rates).
d Dividend received in 1936 from subsidiaries not consolidated
$1,975,868 in common stock B of American Tobacco Co. and
$2,000 the net income for 1935 of such subsidiaries applicable to
ment of American Tobacco Co. (.earnings of foreign subsidiaries
at constant rates of exchange not in excess of prevailing rates).
than if
existed in respect of Fed¬
include
exceed by
the invest¬
converted
$227,371,967 ($221,749,610 in 1938) cost of sales,
expenses.
but no provision made or believed re¬
quired for Federal surtax on undistributed profits.
Consolidated Balance Sheet Dec. 31
deducting
©After
selling, general and administrative
f Includes capital stock taxes,
Real est.,
x
Common
fix¬
chinery,
17,883,092
20,099,296
tobacco
manuf. stock,
Leaf
suppl.,
op.
Cash
&C151,755,380 144,597,118
16,396,944
790,390
11,261,538
16,920,507
760,690
receivable 11,427,339
Other accts. and
notes receiv'le
I k.
yet
cont., tax., Ac
96,100
2,912,681
Amts. owing by
1,650,624
2,215,303
by affil.co.
payable-
Accts.
2,231,892
2,198,345
2,148,449
6,999
790,496
de¬
div.
Accrued interest
Other investm'ts
6,899
790.496
347,474
3,449,039
presented-
clared
and
subs..z24,269,552 a24,269,552
1,959,143
co.
of
adv.,
Surplus
y
wholly-owned
30,754
17,036
to affil. cos
Prov.
Accts. rec. from
Treas. stock
_
8,222,317'
58,764,982
7,453,213
58,251,279
.Z>rl3143,406/>rl2400,978
4,456,896
subs..
foreign
conv.
ctfs. not
div.
Pief.
Prepaid Ins., Ac.
Amts. owing to
co.
28.739,000
Sciip and
wholly-owned
foreign
16,740,000
23,792,roo
(notcurr.) 20,000,000
bank (current)
owned
domestic
124,650
831,250
18,532,000
Notes payable to
1,285,044
1,118,376
,
.
Serial debentures
Capital stock of
partly
gold bonds
78,354,425
115,650
831,250
6% gold bonds.
4%
Bills receivable.
Accts.
Common
>.
52,699,700
40.242,400
52,699,700
stock. 40,242,400
stk B. 78,354,525
Preferred stock.
ma¬
tures, Ac
$
$
Liabilities—
%
$
1938
1939
1938
1939
Assets—
net Income for these years.
consider that any liability
undistributed earnings forl937 or 1936
Note—The company did not
eral surtax on
1.000
canceled
and expenses
loss
franchise and in¬
and
$179,834,815 $174,826,414
168,180,906 168,081,179
18,686,794
$9.24
Net Income of the
a
$197,810,195 $199,269,492
17,975,380
24,443,078
of shares outstand¬
ing (par $100)
Earned per share
in 1938;
,
$4,405,393df$15,753,118
Surplus
Number
$25,309,857
166,071,313
7,048,640
673,880
839,682.
nf .
171,855.965
6,996,285
-
$189,186,924 $169,073,447
16,600,385
16,645,419
Total net earnings
Interest deductions
400
Flood casualty
$18,284,065
413,340
(net).
6,762.993
10,103,597
147,896,567
9,585,633
554,682
Interest revenues...
$11,178,007
165,522,792
6,811,349
income
Dividend revenues
1,800
215,571
bonds pur.
Other losses
Crl00,210
vice pensions...
1,335.620
1,037,475
fore, at constant
$5,227,361,850 $5,119,062,915
Total
1,387,170
1,104,639
Depreciation
Interest, discount. &c._
161,371
277,037
$34,826,642 $27,585,977
1,181,337
1,191,511
$36,264,380 $34,246,960
Total income
Prem. on 6%
"**
a946,490 b2,697,404
273,489
202,944
Other income
8hs. com. outs. (par
consol. applicable to
such subs, held
stks. of
Co.—Earnings—
Owned Domestic Subsidiaries]
1939
1938
1937
1936
e$35,044,402 iS31.346.612 $31,531,222 $24,770,673
d2,653,933
c3,018,383
Calendar Years—
Operating profit
Divs., interest, Ac
_no
3,702,634
Depreciation and amort, reserves...
Durplus of subs,
or
or
Deferred credits
cap.
99,788,319
2,076.693
62,689,998
'Sn nJHtfl
99,939,516
51,660,701
10,508,947
2,075,000
94,725,991
1,325,000
71,771,606
deposits";::::
Cash and
Temporary cash
$4,389,648,887
1W. un
219,190,150
_or
_
1940
9,
[Including Wholly
1937
215,765,965
97,643,910
216,756,819
86,211.419
(not consolidated)
March
Chronicle
American Tobacco
31
$4,590,509,972 $4,489,077,687
Telephone plant
Investments In controlled
Other
Commercial & Financial
Brands, tr.-mks.,
»
goodwill,
54,099,430
Ac.
54,099,430
'
Telegraph Co. Balance Sheet'Dec 31,
Assets-—
1939
1938
1937
Telephone plant
$445,573,024
$442,521,392
$438,503,758
Investments in subs, (at cost)
2,366,315,292
2,373,048,316 2,367,510,620
Other investments (at cost)
43,003,202
42,969,262
44,037,709
Sinking funds
500,000
600,000
500,000
Cash and deposits
41,587,318
58,451,335
30,070,915
Temporary cash investments
76,478,335
38,460,036
97,323,678
Current receivables
11,648,559
13,173,298
13,649,472
Material and supplies
4,585,788
5,115,059
5,633,496
Unamortized debt discount A expense
2,283,228
2,386,530
2,489,603
Other deferred debits
2,050,028
1,849,974
2,955,31*
American Telephone &
$2,994,024,774 $2,978,475,202
Total
$3,002,674,565
Liabilities—
$1,868,679,400 $1,868,679,400 $1,868,679,400
capital stock..
269,975,028
269,975,028
269,975,028
430,155,700
430,170,700
430,170,700
trustee of pension fund
7,383,199
7,922,580
10,889,266
Stock issued and outstanding
Premiums on
Funded
debt
Notes sold to
42,045,287
4,854,179
Dividend payable
Accounts payable
Surplus reserved
Unappropriated surplus
11,855,479
1,294,130
10,143,780
1,331,343
123,499,264
63,264,444
155,287,343
114,969,519
64,664,444
171,265,912
$2,994,024,774 $2,978,475,202 $3,002,674,565
Total
Notes—No specific
•
be sustained.
Gain in Phones
a
During
February—~~
gain of about 82,900 telephones
American-Hawaiian
years
25 cents per share on the common
record March 15.
Extra dividend of
50 cents was paid on Dec. 27 last, and dividends of 25 cents were paid on
Dec. 21, Oct. 2, July 1 and on April 1, 1939.—V. 150, p, 830.
dividend of $1 per share on the common
51,144,000 45,493,000
-_50.865.000 45,301,000
2
1937
five
1936
52,341,000 44,680,000
52,164,000 44,129,000
40,054,000 52,478,000
41,135,000 52,311,000
44,398,000
43,979,000
1418.
—V. 150, p.
Anheuser-Busch, Inc.—To Pay $1
Dividend—
declared a dividend of $1 per share on the common
payable March 13 to holders of record March 2.
This com¬
pares with $1.50 paid on Dec. 22, last, $1 paid on Sept. 9, last; 50 cents
paid on June 10 and on March 10, 1939, and regular quarterly dividends
30 cents in preceding three months periods.
In addition, an extra dividend
of 40 cents was paid on Dec. 12, 1938.—V. 149, p. 4018.
have
stock, par $20,
American Writing
Paper Corp.—Earnings—
a
allowances and
freight
Cost of sales,
1938
b Selling,
administrative and general expenses
less other income,
Inactive property expenses—
Other deductions,
c
Profit before interest
and Federal income taxes..
Interest
Net
Federal income taxes,
profit
estimated
$5,806,663
5,177,348
432,238
$197,077
192,673
72,501
31—
1939
$6,784,107
5,616,061
477,239
$690,807
Years Ended Dec.
Gross sales, less returns,
stock,
payable April 1 to holders of record March 30.
A dividend of $10 was
Dec> 21 last: $2 was Paid on °ct- 2 last: SI on July 1 and on April 1,
1939; $6 was paid on Dec. 24, 1938, one of $2 was paid on Oct. 1, 1938, and
dividends of $1 per share were paid on July 1, 1938, and each three months
previously.—V. 149, p. 4165.
electric energy for the last
1938
1939
1940
52,899,000 45,923,000 39,717,000
51,071,000 4 5,846,000 39,654,000
10--.,
17
Feb. 24
Provision for
American Steamship Co.—$1 Dividend—
a
50,865,000
kilowatt
follows;
Week Ended—
Mar,
of American Water
of
,
in*service
stock, payable April 1 to holders of
Directors have declared
of the electric properties
Steamship Co.—25-Cent Dividend
Directors have declared a dividend of
Inc.—Weekly
for the week ended March 2, 1940, totaled
increase of 12.3% over the output of 45,301,000
corresponding week of 1939.
Comparative table of weekly output of
Directors
have not been closed for the years
in the principal
telephone subsidiaries of the American Telephone & Telegraph Co. included
in the Bell System during the month of February, 1940.
The gain for the previous month was 94,700 and for February, 1939,
68,000.
The net gain for two months this year totals 177,600 as against
133,300 for the same period in 1939.
At the end of February this year
there were about 16,713,000 telephones in the Bell System,—V. 150, p. 1418.
was
Electric Co.,
hours for the
Feb.
subsequent to 1932.
"There
Output of electric energy
kilowatt hours, an
Feb.
similar laws.
Federal Income tax returns of the company
Water Works &
American
Local Law No. 19
While the city has made claims of substantial
amount In this connection, the company denies liability for such taxes.
Also 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
of 1933, and subsequent
can
of
provision has been made in the accounts In respect of a con¬
tingent liability to the City of New York for taxes imposed under
thereunder
subsidiaries
Works & Electric Co.
13,584,104
1,331,940
credits
Deprec. and amortized reserves
166,359
Output—
133,213,770
63,264,444
159,537,723
Interest and taxes accrued
Deferred
291,230,362 276,663,968
Total
x After
depreciation of $13,591,034 in 1939 and $12,373,553 in 1938.
Represented by 30,439 (25,360 in 1938) shares of common and
(162,336 in 1938) of common B stock carried at cost.
z The
American Tobacco Co.'s equity in the net assets of these sub¬
sidiaries as shown by their balance sheets at Dec. 31,
1939, including
intangible assets of $3,983,802, aggregated $24,412,688.
In calculating the
equity of the American Tobacco Co., fixed assets of the foreign
were translated into United States dollars at the nominal parity of the foreign
currencies, other assets and liabilities were translated at the rates of ex¬
change prevailing at Dec. 31, 1939.
a The
American Tobacco Co.'s equity in the net assets of these sub¬
sidiaries, as shown by their balance sheets at Dec. 31, 1938, including
intangible assets of $3,969,892, aggregated $24,764,897 on the basis
including net assets of foreign subsidiaries, as heretofore, at constant rates
of exchange.
The equity, on the basis of including net assets of foreign
subsidiaries at rates of exchange prevailing at Dec. 31, 1938, would be
$24,445,963 including intangible assets of $3,966,606.—V. 150, p. 1418.
42,045,287
5,616,886
42,045,287
4,481,547
276,663,968'
y
12,923,000
Funded debt called for redemption..
...291,230,362
Total
160,063
$425,633
139,587
47,296
loss$41,926
78,940
4,932
$238,750 loss$46,858
labor and manufacturing expenses, including depreciation
1939, $148,269; 1938, $142,832.
b Including depreciation as
follows: 1939, $3,179: 1938, $3,021.
c Including depreciation as follows:
1939, $58,213; 1938, $59,132.
a
as
Materials,
follows:
Volume
The Commercial & Financial Chronicle
150
1589
Comparative Balance Sheet Dec. 31
Assets—
1939
$466,937
6,353,344
36,661
Prepayments
on
1939
1938
$338,732
$280,870
75,487
70,315
Accruals
Int.
674,221
1,413,659
6,272,374
32,109
Inventories
b Fixed assets
Cash
Liabilities—
Accounts payable-
Notes <fe accounts
receivable
a
1938
$444,887
Cash in banks and
on hand
Balance Sheet Dec. 31
561,974
gen'l mtge.
on
Prov. for Fed'l and
State Inc. taxes,
2,800
100
1
1
Notes payable
77,025
Accounts payable-
415,356
—credit balance
1,705
1,705
1,220,315
20,869
1,214
1,054,279
27,576
12,244
.
trade¬
Accrd. wages, &e_
3,431,674
deI92,602
Total
continues
At the
Verney was chosen Vice-President and A.
Harry L. Bailey, Weston Rowland and Carleton
directors.
J. Briggs Felton, of Manchester,
gross sales last year were
$1,000,000.—V. 147, p. 2673.
financing for the
new
creditors:
to
projects done under contract.—V.
Bondholders
.$46,257
(100% of claims)
on
_
bonds to date of payment
Stockholders ($3 per share)
Statutory fees and commissions
Associated Electric Co. (&
11,379,000
839,509
1,097.931
xl939
te
porary trustees
Other taxes
Operating income
$39,000
2,215
195,988
$14,478,209
In addition to the cash turned over to the trustees of the
company,
trustees in bankruptcy transferred to the trustees of
the
Amoskeag Mfg. Co.
receivables,
tax
V. 146. P. 2355.
claims
and
other
items
of
property.—
'
Appalachian Electric Power Co.—To Review Case—
The U. 8. Supreme Court agreed March 4 to review a
decision by the
Circuit Court of Appeals holding that the
company did not need a Federal
license to build a power dam on the New River near
Radford, Va.
In 1925 the company notified the Federal Power
Commission that
it
proposed to build such a dam and asked for a "minor part" license on the
assumption that the river was not navigable and that a standard license
not required.
The principal point of difference was that a standard
license gave the Government the right to take over the dam at its
option
at the end of 50 years, while a "minor
part" license did not include the
recapture clause.
was
Commission
held, however, that a standard license was required
on the ground that,
although the river was not navigable at the site of the
dam, the project would affect its navigability elsewhere, likewise the
streams into which it flowed.
Later it modified this position to hold that
the river generally was navigable.
A Federal District Court upheld the power
company's view, as did the
Fourth Circuit Court of Appeals when the FPC
sought an injunction to
halt construction of the project, which now is almost
finished.—V.149,
4165.
Arcturus Tube
recommending liquidation of this company was submitted on
March 5 to Bankruptcy Referee John Grimshaw Jr.
by a joint stockholders'
and creditors' protective committee.
The plan was a substitute for one presented a short time
ago to Federal
Judge Thomas Glynn Walker by the stockholders' committee.
a
merchandise creditors' committee filed
a
petition expressing
belief the company could be reorganized.
Mr. Grimshaw said he would consider both plans and then make
mendation
to
Prov. for divs. not being paid on cum.
pref. stock..
public
private sale under the supervision of the protective committees.
joint plan differed from the original petition in the stipulation
that "in the event the price offered is less than one-third of the book
value
Court approval must be obtained before the sale
may be con¬
summated."—V. 146. p. 1230.
The
.
Hegeman Electric Co .—Common Div.—
Directors have declared a dividend of 50 cents per share on the
common
stock, payable April 1 to holders of record March 20.
This compares with
$1 paid on Dec. 27 last; 50 cents paid on Oct. 2 last; 40 cents paid
last, and previously quarterly dividends of 25 cents per share
tributed.—V. 149, p. 4019.
-V.
on
July 1
were
dis¬
Corp.—Earnings—
Calendar Years—
Expenses
Inventory adjustments.
Idle plant expense
Liquidation losses
__
1939
z$767,629
332,817
Associated
Gas
1938
y$340,494
282,760
1937
1936
x$430.271
317,092
24,058
83,027
$434,812 loss$126,462 loss$141,587
Dr5,122
36,768
Dr3S7
Other income.
Total profit.
$6,094
23,042
68,628
66,590
48,977
$429,691
Federal taxes, Ac
120,000
Creds.arising from trans¬
actions of prior years.
Special prov. for prior
adjustment, Ac
profit
on
,$1970,776
Electric
Co.—Trustees
Selected
by
Action—Inquiry Pressed by
Attorney General—
Federal Judge Vincent L. Leibell, who is
supervising the reorganization
proceedings of the Associated Gas A Electric Co. and its
wholly-owned
subsidiary, the Associated Gas A Electric Corp., named March 1 three
trustees for
the organization.
Walter H. Pollak, of New York, a lawyer, was
appointed sole trustee
of the company.
Dr. Willard L. Thorp, economist, and Dennis J. Driscoll, Chairman of the Pennsylvania Public Service
Cormmission, were
chosen trustees for the corporation.
In his brief memorandum
announcing his choice of trustees, Judge
Leibell said he had informed the Securities and
Exchange Commission of
his intention to do
so.
"The Commission, after
appointment," he added.
due
deliberation, raised
no
objection to
the
While the business affairs of the system were under
scrutiny by Judge
Leibell, Hugh A. Fulton, special assistant to the Attorney General, was
pressing his investigation to determine whether any possible violations of
Federal law might be involved.
Mr. Fulton has issued a number of sub¬
poenas and questioned numerous persons connected with one or another of
the companies of the system.
lie is cooperating with the Treasury De¬
partment and the SEC.
It was announced March 1 that two
attorneys had been designated to
assist Mr. Fulton.
They are Robert Keebler of the SEC and Leslie A.
Rushbrook of the Bureau of Internal Revenue,
Weeklv Output—
The Utility Management Corp. reports that for the week ended
March 1
net electric output of the Associated Gas A Electric
group was 94,664,080
units (kwh.).
This is an increase of 9,913,965 units or
duction of 84,750,115 units a year ago.—V. 150, p. 1419.
loss$89,694 Ioss$141,974
7,233
12,748
$29,136
14,706
11.7% above
pro¬
Associated Gas & Electric Corp.—Trustees Selected—
150,
Associated Utilities Corp.—To
p. 986.
Merge Subsidiaries—
The Securities and Exchange Commission March 1 announced
that cor¬
an application (File 54-21) under Section 11
(e) of the
Holding Company Act for approval of a plan of merger of two of its sub¬
sidiaries, Associated Investing Corp. and Associated Real Properties, Inc.
Associated Utilities Corp. is a subsidiary of Associated Gas A Electric
Corp.
The company proposes to acquire all of the assets of the two sub¬
sidiaries and assume their liabilities,
it is stated, and will cancel the
indebtedness and surrender the securities of the two
companies which it
poration had filed
holds.
Atlantic Refining Co.
Calendar Years—
1938
$
1937
1936
126,902,685
125,731,247 131,217,204
113,126,317
98,714,818
operating A
101,603,249 103,957,896
89,784,062
gen¬
eral expenses
Net income from oper.
Other income
Total income
Interest
Deprec. A depletion
Insur. A doubt,
(& Subs.)—Earnings-
1939
rec
Intangible devel. costs._
x Taxes, incl. Federal tax
(estimated)
Minority interest
28,187,867
98,698
24,127,998
682,142
27,259,308
1,746,116
23,342,255
2,250,297
28,286,565
801,759
12,969,423
722,361
3,212,162
24,810,140
29,005,424
306,614
11,502,296
483,805
1,570,964
25,592,552
392,805
12,162,575
473,646
2,144,990
5,552,648
4,930
5,318,827
6,638
y5,199,523
7,177
y4,930,546
5,661
5,023,282
4,310,659
592,000
2,663,999
6,384
9,935,045
592,000
2,663,999
7,307
1,048,276
6,671.739
2,663,999
3,563,372
2,664,000
$3.51
$2.59
874,308
10,702,180
637,095
1,100,565
9,216
Balance, surplus
Preferred dividends
70,000
Common dividends
$248,907
Divs. cap. stk.(min. Int.)
592,000
2,663,000
5,387
loss$96,927 loss!154,722
31,318
38,756
$14,430
40,873
$194,407 def$128.245 def$193.478
$26,443
Shs.com. out. (par $25).
1,762,895
2,663,999
Nil
Earns, per sh. on com..
$1.66
pref. stock
Surplus.
&
Court—Members of SEC Approve
Costs,
y$370,269
366,648
48,048
97il60
:
Profit.
Dividends
3,515,532
12,608
243,587
150, p. 427.
Gross income
Gross profit on sales
3,386,037
8,315
231,966
$2,411,330
Preliminary .-
See Associated Gas A Electric Co.—V.
or
Artloom
50
$5,742,503
Amortization of debt discount and expense
x
041,641
50
$6,037,648
Associated Electric Co. charges—
Interest on long-term debt
a recom¬
Judge Walker.
The present petition suggested the company be liquidated in "an
orderly
manner" and that all properties be sold in bulk or individual lots
at
Arrow-Hart &
1,738,181
172,150
171,129
Treasury Department.
Co.—May Liquidate—
plan
At that time
$7,782,373
1,736,141
193,123
170,673
024,055
long-term debt
Net income
363,204
432,612
Balance of cash transferred to trustees of
Amoskeag Mfg. Co..
1,887,939
$7,285,870
496,503
Subsidiary Companies charges—
on
2,060,631
743,555
$8,113,581
Other income (net)
Other interest
41,215
Expenses of administration, including all legal, accounting and
other expenses, incident to the attempt to
reorganize, as well as
the expenses of liquidation
"
Totol
$25,480,148
11,894,759
1,607,393
$7,917,593
.•
Provision for retirements
Federal income taxes
Balance
273,435
1938
$26,003,029
11,379,171
1,627,106
2,316,926
693,554
2,068,678
expenses
Amortization of debt discount and expense
Interest charged to construction
13,362,698
to referee,
Attorneys' fees—Attorney for trustees
Attorney for debtor
54,500
Earns, per sh. on com..
x
Subs.)—Earnings-
Years Ended Dec. 31—
Total operating revenues
Other interest
and permanent trustees.
miscellaneous
150,
830.
p.
Interest
creditors
Full interest
Net
company.
The principal operations of the
corporation comprise large construction
reclamation projects, and the major portion of
earnings is normally
derived from large construction
and
Gross income
$5,045
General
.
at the close of
the market March 5 12,000 shares of common stock
of the
corporation at $19.25 per share.
The offering does not
Maintenance
Taxes
Dividends
1938.
Marburg, Price & Co., Baltimore, offered
Operating
Distribution of the funds realized in liquidation is itemized
by Referee
Black as follows:
.
$3,856,250 $3,367,219
'
Amoskeag M^g. Co.—Liquidation—
A
Total
elected
Arthur Black, referee in
bankruptcy, recently filed in the U. S. District
Court, Boston, a summary of administration of the debtor's
property.
It
shows that from the assets there was realized a sum of
$2,178,398 greater
than the total liabilities.
The liabilities were $12,299,812, and realiza¬
tions $14,378,209.
<
...$3,856,250 $3,367,2191
represent
the board of directors.
President and other local men on the board are: Aretas B.
Carpenter, William F. Harrington, Arthur E. Moreau, Roger G.
Mosscrop
and John R. McLane.
The
119,692
483,097
Arundel Corp.—Stock Offered—Alex. Brown & Sons and
as
Company's
119,692
677,504
x After
dedpreciation of $1,275,151 in 1939 and $1,214,319 in
Represented by 200,000 no-par shares.—V. 149, p. 2961.
y
-..$8,840,053 $8,589,511
Amoskeag Fabrics, Inc.—Personnel—
p.
Total
2,080,139
3,154,871
Wellington Sears Co., which recently acquired 51% of the stock of this
were
120,976
Earned surplus
2,080,341
After
Richmond
120,976
value
reserve for doubtful notes and accounts of
$70,933 in 1939 and
$61,512 in 1938.
b After reserves for depreciation of $563,501 in 1939 and
$356,383 in 1938.
c Represented
by 416,068 no par shares.—V. 149,
p. 2502.
R.
25,689
26,860
of pref. stock.
Surp. arising from
356,318
Capital suiplus...
Clinton Swift, Treasurer.
55,315
157,282
276,640
Common stock__
on
3,017
26,036
reduct. in stated
Earned surplus
company, now has five representatives
recent annual meeting, Gilbert
12,422
6,402
80,839
Surp. arising from
purch. & retlre't
machinery
a
4,760
liab
2,784,650
2,316.175
390,000
214,526
U. 8. & Pa. taxes.
menting, adapt¬
ing and recondi¬
tioning plant and
.$8,840,053 $8,589,5111
curr.
Reserves
Reserve for supple¬
Total
Misc.
34,628
marks A patents
1938
$444,900
1,500,000
Customer accounts
Inventories
zation exps., un¬
c
1939
$444,900
1,600,000
400,000
288,581
Common stock..
123,922
Deferred charges..
Miscell. assets
expended bal
Gen. mtge. bonds,
due Jan. 1, 1961
Goodwill,
y
661,291
Investments
102,355
Prov. for reorgani¬
Invest, at nominal
value
Liabilities—
Pref en ed stock
Accts. receivable.. 1
Notes receivable../
138,971
estimated
corporate
trustee
1938
$1,826,934 $1,779,037
Cash
1. 1940
deposit
with
1939
ma¬
Patents, &c
bonds pay. Apr.
1,170,492
Assets—
Land, bldgs.,
chinery, &c
x
$1.09
After discounts and bad debts,
Nil
Nil
y After deducting cost of salas amount¬
ing to $1,638,725 in 1938 and $1,773,576 in 193/.
z After
deducting
$3,974,219 cost of sales and $234,790 other expenses not included in above
standard cost.
Surplus
2,663.999
$1.40
7,342,197
443,325
3,335,500
x In
addition to the amount of taxes above there was
paid (or accrued)
for State gasoline and Federal excise taxes the sum
of $26,476,853 in 1939
$24,194,468 in 1938, $24,700,423 in 1937 and $21,932,328 in
1936.
$3,175 in 1937 and $3,145 in 1936 surtax on undistributed
cludes
y In¬
profits.
Consolidated Balance Sheet Dec.
31
1939
1938
$
%
142,172,291
Common stock.
4,335,140
372,862
4,459,939
Cum. pref. stock
Mat'ls & suppl's
10,115,307
21,841,951
3,265,650
11,694,594
21,827,938
2,723,447
Due from empl's
38,455
41,680
$
Liabilities—
Plant, eq., Ac. 144,784,942
1938
S
1939
Assets—
y
Invest, oth. cos-
Marketable sees.
378,061
Accts. and notes
receivable
Oil Inventories..
17,161.132
14,360,547
Oth. curr. assets
137,076
61,800
73,985
14,800,000
25,406,849
Long-term
Cash
debt
payable-
5 ,228,662
5,157,468
Tax liability---
4 ,288,237
Accrued Items.--
847,234
4,217,972
830.629
Oth. curr. llab._
18,174
113,152
114,638
Deferred
items.
Reserves..
,053.554
minority lnt_-
y
of cost of treasury stock over par
of 5336,338.
depreciation, depletion and amortization of
$98,165,891 in 1938.—V. 150, p. &31.
After reserves for
692 in 1939 and
8,433,873
73,270.967
.203,400,377 199,058,436
Total
203,400,377 199,058,436
After deducting excess
10,899
3,142
,056,398
Surplus
1,207,262
1,280,056
x
x
14,348
Cap. & Burp, of
charges
Total
194,818
142,000
(current)
Accts.
118,692
Spec, trust fund
Prepaid A def'd
66,599,975
14 ,800,000
Long-term debt. 25 ,249.849
Associates Investment Co.—Merger
Co.—V. 150, p. 1419.
$105,401,-
Atlas Press
1939
$2,144,730
1,672,879
50,773
$2,005,093
1,446,270
45,826
42.5,661
392,869
profit
$166,755
15,639
$28,208
14,590
$98,601
8,191
$105,815
3,776
Miscell. deductions
$182,394
47,723
24,800
$42,799
28,586
$106,792
37,153
6,000
$109,591
17,371
9,200
$109,871
$14,213
Other income
Pro v. for Fed. inc. taxes
$61,899
$57,396
$686,934
$698,365
25.483
25,483
21,722
305.794
305,794
21,722
260,659
260,659
$14,694
$10,192
$120,481
$131,912
$63,639
47,275
$83,020
70,913
$0.67
$827,199
101,374
277,335
856,423
1938
Accounts payable-
202,353
Accrued accounts-
13,189
8,008
695,635
Estimated
24,800
718,391
279,203
Costs and expenses.;
Notes payable-
2
19,371
4,007
300,000
80,131
Capital surplus.-Earned surplus...
Interest
51,701
$826,269
$1,436,588
128,349
$1,515,408
106,781
532,273
69,000
<—
602,116
20,520
16,574
38,196
583,186
117,587
41,738
8,352
$457,809
$657,766
180,113
281,460
677,960
88,300
29,400
undist. profits
on
Special charges
—
$14,619
177,529
$320,421
Net profit.
Preferred dividends
177,210
43,537
Common dividends
130,610
$2,089,192 $1,843,168
$561,379 in 1939 and $517,414 in 1938.
shares.—V. 149, p. 2503.
b Rep¬
Consolidated Balance Sheet Dec. 31
(Del.)—Sale of Lycoming Marine Line—
Reid Gas Engine Corp. has purchased the marine and indus¬
machinery, equipment and inventory of Lycoming Manufactur¬
ing Co.
The Lycoming company is owned by Aviation Corp. which is
disposing of its marine and industrial line and will concentrate on aircraft.
Purchase by the Reid company was made at a liquidation sale.—V. 150,
p. 1128.
Baldwin Locomotive Works—Statement Re NLRB Action
Commenting upon the action of the National Labor Relations Board in
the case of the Baldwin Locomotive Works, company stated that the order
of the Board dated Feb. 29, directs it to desist from acts which it claims it
never committed and which, prior to any hearings in the proceedings, it
guaranteed would not be practiced by anyone under its control.
The
company's statement further disclosed:
The order of the Board also requires the company to disestablish the
Baldwin Federation, an independent union formed by the employees to
represent them in their negotiations with the Management and organized
after the passage of the National Labor Relations Act and after the decision
of the Supreme Court which held the Act constitutional.
requested the management
to recognize it as the exclusive bargaining agent for all of the employees in
the locomotive and foundries divisions of the company.
The management,
however, refused unless the Federation could establish that it represented
a
majority of the workers.
The Federation then requested the Labor
Board to conduct an election to determine the number of employees which
it represented but the Labor Board refused to do so, even though the comfollowing its organization,
f)any had the findings of an an election. Somethat the
months
ished by consented to such impartial referee,
Jator it
estab-
was
Federation in fact
represented a substantial majority of the workers in the locomotive and
foundries divisions of the company and in Sept., 1937, the company recog¬
nized the Federation as the sole bargaining agent for the employees in
those divisions.
Since then the Federation has represented the men in
% pref.
$1,151,963
579,342
4,846,095
2,428,113
stock.
28,891
581,375
4,532,807
821,335
Cash
Misc.
146,993
1
-
1
Goodwill
stock.
3,295.444
628,338
.
Res've for
1,203
Federal
23,300
86,604
income tax
Curr.
1,450,000
Co.,
rent—
accrued
80,832
Other investments
Deferred charges.
b Common
Sunland Inv.
28,875
770,412
83,512
131,035
Investments
1938
stock..$3,237,300 $3,237,300
3,295,444
Accounts payable.
613,742
2,246,337 Notes pay., unsec. 1,700,000
Notes A accts. rec.
Inventories
1939
Liabilities—
1938
1939
Fixed assets—.$1,037,680
d Treasury
The Joseph
$376,306
$147,086
$99,675 def$162,910
Surplus.
109,332
Assets—
Total
168,971
20.043
Sunland
to
Inv. Co. & other rents
3,199
$2,089,192 $1,843,1681
Federation,
103,250
Federal
trial engine
The
$1,333,338
92.128
$1,114,144
174,322
18,129
Deprec. & amortization.
paid
$1,463,707
$734,141
45,643
$1,068,501
Operating profit
Other income
718,391
$819,984
102,625
Capital stock
taxes
Aviation Corp.
1939
1938
1937
1936
$12,135,312 $11,977,712 $14,314,027 $12,576,811
11,066.811
11,243,571
12,980,689 11,113,103
sales
Net
$567,306
$567,306
350,000
136,302
2
22,192
After depreciation of
Corp.—Earnings—
Barker Bros.
Surtax
1939
Liabilities—
1938
b
resented by 94,551 no par
1271.
-V. 150, p.
a
a
_
Balance
$0.88
$0.15
Comparative Balance Sheet Dec. 31
Total
pref. stockstock.
on
on common
Federal taxes
1939
Other assets
$1,005,308
306,943
Total income
$1.16
aLand, bldgs., ma-
Deferred charges..
$992,039
305,104
Rents
Barns, per sh. on 94,551
shares of capital stock
trademarks
goodwill
$81,970
24,573
Calendar Years—
Dividends paid
and
$87,394
25,495
Net oper. revenue
Fixed charges
387,996
general expense
Inventories
11%'oot
164,33o
$1,908,441
1,374,916
39,714
414,395
Pats.,
182,708
1936
Selling, administration &
chln'y, eqpt. Ac.
12,543
Surplus
1937
1,940,209
53,77*
Accts. A notes rec.
ioo'™2
14,634
Div.
1938
Depreciation—
Cash
.
34,000
Dividend
$2,586,399
AsseAs—
.
Depreciation
3253.
-JEarnings-
Calendar Years—
Operating
,
_
Taxes accrued
dividend of 10 cents per share on the common
15, 1938.—V. 149, p
,.
_
City Bank Farmers Trust Co., accom¬
for annexation of agreements and new
fixed interest coupons and contingent interest coupons and stamping, pur¬
suant to a decree dated Nov. 8, 1939, of the U. S. District Court for the
District of Maryland confirming the plan for modification of interest charges
and maturities, dated Aug. 5, 1938.
Such stamped modified bonds will
be delivered to holders of certificates of deposit on and after March 5, upon
surrender of certificates of deposit accompanied by a letter of transmittal.
First mortgage 50-year 5% gold bonds, due 1948, in like manner, may
be presented at the office of United States Trust Co. and such stamped
modified bonds are being delivered to holders of certificates of deposit for
bonds upon surrender of certificates of deposit.—-V. 150, p. 1419.
be presented at the office of
panied by a letter of transmittal,
may
Period End. Feb.
stock, payable March 5 to holders of record March 1.
Dividend of 20 cents
was paid on Dec. 11, last and regular quarterly dividends of 10 cents per
share were previously distributed.
In addition, an extra dividend of
Atlas Tack Corp.
Listing—
Thelrefunding and general mortgage bonds: series A, series C, series D
series F, and certificates of deposit therefor
have been suspended
from dealings on the New York Stock Exchange.
Refunding and general
mortgage bonds: series A, C. D and F "stamped modified'
have been
admitted to dealings.
,
—
Southwestern Division first mortgage 5% gold bonds, extended to 1950,
and
Gross earnings
Co.—To Pay 10-Cent Dividend—
10 cents was paid on Dec.
They w ere
Bros. & Hutzler, 102.464;
& Co., Inc., 101.83964.]
Co.,^102.088, andiHalsey, Stuart
Bangor Hydro-Electric Co.—Earnings—
29—
1940—Month—1939
1940—12 Mos.—1939
$199,668
$188,586
$2,288,602 $2,242,046
Operating expenses
63,640
^8,356
Proposed—
See Morris Finance
Directors have declared a
1940
9,
were received.
[Four other syndicate bids for the certificates
First$Boston Corp., 102.5199; Salomon
The
Freeman &
00 ,599,975
(par J100).--
March
Chronicle
The Commercial & Financial
1590
instalm't on
10,000
10,000
330,442
liability.
351,905
80,000
Capital surplus—
Earned surplus.._
116,970
116,970
460,156
360,481
long-term oblig.
Accr'd taxes,
pay¬
roll A other ex p.
Deferred
.$9,953,325 $9,542,275
Total
Total
—
90,000
.__$9,953,325 $9,542,275
in 1939 and $1,442,310 in 1938.
shares,
d Represented by 302 (301 in
1938) shares of preferred stock and 4,054 shares common stock, at cost.—
depreciation of $1,530,541
After
a
b Represented by 178,200 no par
V.
149,
4166.
p.
Warehouse Bonds
(Ludwig) Baumann & Co.— Tenders for
The Continental Bank & Trust
receive bids for
Co. of N. Y. will untU 3
the sale to it of sufficient
house Long Island City, N. Y., first
to exhaust the sum of $26,883 at
o'clock. March 22,
Ludwig Baumann & Co. Ware¬
mortgage 6^ % serial bonds (modified)
prices not exceeding par and accrued
interest.—V. 149, p. 1319.
Barber
Asphalt Corp.—New Director—
Joseph M. Roebling was elected a director of this corporation at a meeting
Feb. 27.
He fills the vacancy caused by the recent
of the board held on
death of Arthur W.
Basic
Sewall.—V. 150, p. 681.
Dolomite, Inc.—To Pay
Directors have declared a
\2yorCent Dividend—
dividend of 12 >3 cents per share on the com¬
stock, payable March 15 to holders of record March 5.
with 25 cents paid on Dec. 15, last; 6% cents paid on Sept.
mon
This compares
15 and on June
unfair labor practices and management domination of the
15, last; 12]A cents paid on March 15, 1939; 10 cents paid on Dec. 15, 1938;
15 cents paid on March 15, 1938, and previously regular quarterly dividends
of 20 cents per share were distributed.
In addition, an extra dividend of
five cents was paid on Dec. 15, 1937.—V. 149, p. 3402.
dismissed in the recent order of the Board.
It should be made clear that before, during and since the Board's pro¬
Gross profit on goods sold
Adv., selling, admin. &
those shops in their negotiations with the management.
In Dec., 1938, the Labor Board Issued its complaint
against the com¬
charges filed with the Board by the C. I. O., claiming
Federation.
The company filed an answer denying the charges and hearings were held
in the matter before a
Trial Examiner of the Board in Philadelphia which
lasted five months.
Thereafter the Trial Examiner filed an intermediate
report to which the company filed exceptions and these exceptions were
pany,
based
upon
ceedings, the company's position
has always been that it desired the Board
and foundries divisions, and that the
recognize whatever organization obtained a majority of
that election.
Sometime ago, and shortly after the hear¬
ings in this proceeding were completed, the Labor Board announced that it
had changed its rules so that an employer might petition for an election,
but the company's request that the
Board hold such an election, the
answer has been "no" on the ground that the C. I. O. has not requested it.
While no final decision has as yet been reached by the company, it was
indicated that it would probably contests the order of the Labor Board.
—V. 150, p. 1419.
Beech-Nut Packing Co.
(& Subs.)—Earnings—
1939
Calendar Years—
$9,886,850 $10,193,724
$9,865,092
6,232,940
6,880,600
5,923,902
$3,279,519
v 463,146
$3,653,910
367,718
$3,313,124
596,938
$3,131,242
413,856
$3,742,665
$4,021,628
443,865
$3,910,062
$3,545,098
385,248
362,518
to conduct an election in its locomotive
company would
the employees in
Ohio
RR,—Equipment Trusts Offered—
headed by Harriman Ripley & Co., Inc.,
March 6 was awarded $4,750,000 2%% equipment trust
certificates, series J, on a bid of 103.0391.
The certificates,
issued rnder the Philadelphia plan, dated March 1, 1940,
and maturing $475,000 each March 1, 1941-50, inclusive,
were
leoffered at prices ranging from 101.97 to 102.21
and dividends, yielding 0.35% to 2.25%, according to
maturity.
Associated with Harriman Ripley & Co., Inc.,
were Blyth & Co., Inc., and Alex. Brown & Sons.
Baltimore
A
banking
&
group
Proceeds of the issue represent about 80% of the
1,000 50-ton hopper cars, 500 70-ton gondola cars,
and
100 70-ton hopper cars
cost of constructing;
500 50-ton box cars
The cost of the
for carrying cement in bulk.
equipment is approximately $5,929,000.
Net
earnings
Other income
Total income
$9,055,144
6,585,573
general expenses
Depreciation
Loss on demposal of idle
real estate and equiptProv. for employ, welf._
Expend, in preparation
for N. Y. World's Fair
502,557
46,980
218,999
269,832
293,456
Res've for Federal taxes-
460,321
230,933
522,333
444,383
433,983
41,151
27,522
5,215
40,556
38,851
$2,472,658
$2,527,143
$2,741,204
$2,709,039
306
2,515,763
315
315
315
2,406,382
2,625,144
2,625,144
def$43,411
8,744,050
$120,446
8,623,605
$115,745
8,507,860
$83,580
8,424,280
Profit & loss surplus._
$8,700,639
$8,744,050
$8,623,605
$8,507,860
stock
(par $20)
Earned per share
437,524
$5.6o
437,524
$5.78
437,524
$6.26
437,524
$6.19
Surtax
on
undistributed
profits
Minority int. in subs—
Net profit
dividends
Preferred
Common
dividends
Balance, surplus
Previous surplus
Miscell.
Shares
adjustments—
common
outstanding
a
Of
a708
a
subsidiary.
_
,
Volume
150
The Commercial & Financial
Chronicle
Consolidated Balance Sheet Dec. 31
1939
1938
S
$
Assets—
1939
Liabilities—
Real est., build¬
a
ings, Ac
5,106,764
Mtges. 6c secured
loans
27,776
Pat's, trade-marks
Mis cell,
30,681
Accounts payable-
101,457
Dividends payable
Acer. U. S. lnc.tax
Accrued expensesres.
546,975
477,281
254,478
1,265,291
Contingency res've
400,000
Employees Ins.
1,089,373
6,142,286
Mis cell, reserves.
389,451
Surplus paid In...
Earned surplus
326,323
300,433
c
21,807,727 21,742,3681
After
deducting depreciation
of
400,000
68,004
1,453,390
8,744,050
DT447,857
The aggregate amount
paid or provided for the year 1939 for taxes of
Bethlehem Steel Corp. and its
subsidiary companies consolidated and its
share of the taxes of its
subsidiary companies not consolidated, and of ore
mining corporations partially owned
by it, is $21,191,492, as compared
with $13,183,148 for the
year
1938.
Such aggregate amount includes
$6,299,196 for unemployment, old age and railroad
retirement taxes for
1939, as compared with $4,574,092 for 1938.
Operations of the steel plants of
corporation for the year 1939 averaged
70.8% of their rated steel capacity, as compared with
43.3% in 1938.
During the first quarter of the year operations
averaged 53.8% of such
capacity, but in the last three quarters of the
year the rate of operations
increased gradually and
substantially, especially during the last quarter,
when operations
averaged 98.6% of such capacity.
The increase was due
almost entirely to commercial steel
orders.
The war in Europe has not
resulted in any important amount of
munition business for your corporation.
The management believes the
interests of corporation will best be served
by conditions of peace rather than war.
After the close of the World War
corporation
discontinued the production of munitions and
gradually
developed commercial lines of products to utilize its
facilities, retaining,
however, some facilities for producing armor
plate and forgings for guns,
shells, &c., for the U. 8. Government.
Your management believes that
under present conditions it is not wise
to invest the capital of the
corpora¬
tion in additional facilities for the
production of munitions or to use its
present facilities for that purpose at the
expense of its commercial business.
The rated steel
capacity (ingots and castings) of corporation was in¬
creased, effective Jan. 1, 1940, from 10,042,000 tons to
10,240,000 tons
per annum to reflect actual
capacities demonstrated for the first time in 1939.
The monthly average number of
employees of your corporation in the
United States receiving
pay in 1939 was 95,029, as compared with
82,680 in
1938.
The average earnings per hour of such
employees in 1939 was 91.6c.,
as compared with
91.2c. in 1938.
Such employees worked an
average of
35 hours per week in 1939, as
compared with 29.9 hours per week in 1938.
The first lien &
refunding mortgage bonds issued by Bethlehem Steel
Co. (Pa.) and the first
consolidated mortgage bonds issued
by Lacka¬
wanna Steel Co. and
assumed by one of the
subsidiary companies, were
expressed to be payable both as to
principal and interest in dollars or in
certain foreign currencies.
Both issues were called for
redemption in 1937.
The effect, if any, upon such
obligations of the gold clause resolution of
Congress approved June 5, 1933, and of the
subsequent devaluation of the
dollar in terms of
gold, was not finally determined until May
22, 1939,
when the U. S. Supreme Court
made its decision, which sustained the
posi¬
tion taken by the subsidiaries of
corporation that the obligations of the
bonds could be discharged, both as to
principal and interest, by the payment
in dollars or the
equivalent thereof on the respective redemption dates.
In 1939 sums sufficient to
pay the redemption price of the bonds of both
such issues then
outstanding in the hands of the public were paid to the
trustees under the respective indentures
of mortgage securing such bonds
and the liens of both
mortgages were satisfied and discharged.
The litigation between Bethlehem
21,807,727 21,742,368
$3,957,371 in 1939 and $3,669,904 in
1938.
b After reserves of
$56,196 in
shares at cost.—V. 150,
p.
The cash expenditures for additions
and improvements to
properties of
during 1939 amounted to $11,711,743.
The total cash ex¬
penditures for such purposes
during the five years 1935 to 1939,
inclusive,
have amounted to
$104,681,011.
The estimated cost of
completing the
construction authorized and in
progress at Dec. 31, 1939, is
$11,287,000.
Such uncompleted construction
comprises numerous miscellaneous items
which are incidental to the normal
development of the businesses of the
corporation.
1,144,134
1,453,090
8,700,639
Treasury stock.- Dr447,857
Total
tory value.
corporation
524,969
164,744
56,300
_
140,267
on purchases
Deferred assets
72,620
141,831
546,984
con¬
cos
17,067
3,359.552
222,908
662,701
Cash
4,035,717
Int. and dlvs. rec.
13,429
Marketable secure. 3,331,328
b Accts. receivable
1,092,459
Inventories
6,817,372
a
trolled
4,500
71,071
Minority stk.
4,000
4,381,144
accts.rec.
Ad vs.
$
8,925,000
Pref. stock, class A
40,995
31,274
113,403
664,690
Security lnvestm't
Total
5,212,700
1938
$
8.925.000
Common stock
1939 and $60,505 in
1938.
c
1129.
8,726
Beech Aircraft
Corp.—Orders—
Corporations backlog of orders totals
$1,736,730 it was announced on
This compares with a
backlog of $1,279,000 on Jan. 31. 1940,
$376,965 at the end of February a year
Feb. 26.
and only
The corporation
ago.
has
made deliveries
aggregating over $275,000 during
30-day period.
Corporation also announced that they have on hand orders for
military
conversions of their
all-metal, high speed, twin-engine transport.
This
type of "Beechcraft" won the Macfadden On-to-Miami
race in Jan., 1940,
with a
the past
speed of more than 234 miles per hour for a
non-stop distance of
1,084 miles.
It also won the
Congress race from Maimi to Havana with
speed of 235 miles per hour and established a new
speed record between
the two cities.—V. 150,
p. 1420.
a
Bell
Telephone Co.
Additional Bonds Voted—
of
Canada,
Ltd.—Issuance
of
A
by-law proposing issue of $10,000,000 bonds, debentures
or
other
obligations ranking junior to company's first
mortgage bonds was ap¬
proved at a special meeting of stockholders held on
Feb. 29.
In addressing the annual
meeting, C. F. Sise, President, stated that
redemption of series A bonds had been
practically completed, and only
$5,000,000 were outstanding.
Explaining the decision to float the new
issue on Aug. 1, Mr. Sise said that
cost in foreign
exchange in the operation
of purchasing U. S. funds in the
open market was $7,188, or an average rate
of less than ^ of
1% premium.
He
pointed out that a month later the
cost would have been $660,000 due
to the increase in U. 8. funds from
nearly par to a premium of 11%.
Unlisted Trading—
The 1st mortgage 5% gold
bonds, series A, due March 1, 1955, have
been removed from unlisted
trading by the New York Curb Exchange.—
V. 150, p. 1271.
Bell
Telephone Co. of Pa.—Earnings—
Month of January—
Operating
1940
Net operating income..
Net income
_
$1,925,078
533,889
$1,618,336
1,167,649
Operating taxes
$5,979,800
4,054,722
$2,221,476
603,140
Net operating revenues
$6,003,795
23,995
$6,392,605
4,171,129
Operating revenues
Operating expenses
1939
$6,412,893
20,288
revenues..
Uncollectible operating revenue
$1,391,189
932,876
Gain in Phones—
in
Company reports a
February, against
1420.
net
an
gain of 6,641 telephones in service in
Pennsylvania
February, 1939.—V. 150, p.
increase of 4,672 in
>
Bethlehem
Steel
Shipbuilding Corp., Ltd., and United
States Shipping Board Merchant Fleet
Corp., is still pending.
On Dec. 27,
1938, a judgment was entered in the U. S. District Court at
Philadelphia
in favor of the
Shipbuilding Corporation for $5,272,075, together with
costs.
A suit by the United States to
recover alleged
overpayments on
some of the same contracts was
dismissed.
In awarding
recovery to the
Shipbuilding Corporation, the Court refused to allow interest even at
the
rate (2% per annum) which had been
recommended by the referee appointed
by the Court.
The Fleet Corporation appealed from the
judgment to the
U. S. Circuit Court of
Appeals for the Third Circuit and the
Shipbuilding
Corp.—Annual
Grace, President, states in part:
Report—Eugene
G.
The net income of corporation for the
year 1939 was $24,638,384, as
compared with $5,250,239 for the preceding year.
The net income for the
1939 was equivalent to $5.75 per share on the
2,984,994 shares of
common stock
outstanding in the hands of the public at the end of the
Corporation appealed from the jugdment in so far as it
denied interest to
Shipbuilding Corporation on the amount adjudged to be due to it.
The United States appealed from the
dismissal of its suit.
The appeals
were argued on Jan.
16, 1940.
the
Production (in Gross Tons) for Calendar Years
year
year,
after deducting an amount
equal to the dividends for the year on both
classes of the outstanding preferred stock.
The net billed value of products
shipped and of other classes of business
done by corporation during the
year 1939 is $414,141,087, as compared
with $271,192,675
during the preceding year.
The estimated net amount of business
booked during the year by cor¬
poration aggregated $538,368,398, as
compared with $340,497,325 for the
year 1938.
The estimated net billing value of the unfilled
orders on
Dec. 31,
on
1939 amounted to
Dec. 31,1938.
hand
$287,002,024,
1591
the year, which resulted in an
increase in the inventory value at
Dec. 31,
1939, of such raw materials and certain manufactured
products above the
estimated normal cost.
In order to provide for a
possible decrease in the
market prices of similar raw materials and
consequently a decreaes in the
replacement cost of manufactured products, a reserve of
$2,000,000, equal to
the estimated amount of such
increase in the inventory value at
the end of
the year, has been set
up out of income and deducted from the
total inven¬
as compared with
$162,774,713
Regular quarterly dividends on both classes of the
preferred stock were
on Jan. 3, April 1,
July 1, Oct. 2 and Dec. 26, 1939.
Dividends on
Sept. 15, 1939,
and $1 per share on Dec.
1, 1939.
In July, 1939, corporation sold
$25,000,000 consolidated mortgage 20year sinking fund 3 J\% bonds, series
F, due July 1, 1959, to replace to
the extent of
$21,400,000 cash used in or deposited for retiring the first lien &
refunding mortgage bonds issued by Bethlehem Steel Co.
(Pa.) and the
first consolidated mortgage bonds issued
by Lackawanna Steel Co. and
assumed by one of the
subsidiary companies.
The balance of the proceeds
of the new bonds was to provide for
additions and betterments to
properties
or
additional working capital.
The expenses (approximately
$215,000)
1939
6,730.921
Ore.
1938
1,855,361
4,944,977
4.259,996
Limestone....
Coal
Coke
5,321,356
1,302.212
3,825,673
3,039,392
Pig iron and ferro-manganese.
or
mortgage 25-year sinking fund 4H%
bonds, series D, and of consolidated mortgage
30-year sinking fund 3%%
bonds, series E, of Bethlehem Steel Corp.
On Jan. 25, 1940, directors voted to redeem on
April 1, 1940, all of the
outstanding
5%
cumulative
preferred
at par.
stock.
Such
stock
is
redeemable
In
December, 1939, Bethlehem Steel Co. (Pa.) entered into a contract
with the U. S. Navy Department to sell the
Hunter's Point Dry Dock
property in San Francisco Harbor to the U. S. Government for
$3,993,572
in cash under an arrangement by which,
among other things, Bethlehem
Steel Co. (Pa.) may retain possession of and the
right to use the
property
This contract has not yet been
closed,
but the sale has been reflected in the accounts of the
corporation for the
for three years at a nominal rental.
year 1939.
In 1936 the Mexican Government ordered the forfeiture of
certain unde¬
veloped iron ore concessions in Mexico owned by one of the
subsidiary com¬
panies of Bethlehem Steel Corp., Compania de Minas de Fierro "Las
Truchas" 8. A.
In 1937 such
subsidiary filed in the Federal District Court
of Mexico proceedings to test the
validity of the order of forfeiture.
On
Aug. 2,1939, the Supreme Court of Mexico rendered a final decision in such
proceedings against it as a result of which titles to the concessions involved
in the suit, which are its principal Mexican
concessions, have been forfeited.
Accordingly, the book value at Dec. 31, 1938, of all the properties of such
subsidiary was written off as hereinafter explained.
The sale or other disposition of capital assets
during the year (consist¬
ing principally of dwelling houses and the iron ore concessions of Compania
Minas de Fierro "Las Truchas" 8. A., and the Hunter's
Point Dry
Dock property above referred to) resulted in a net
gain of $728,200, which
amount was credited to surplus account.
de
Shortly after the war in Europe began, the prices paid for certain raw
substantially above the level of those prevailing earlier in
materials increased
3,917,341
4,775,562
3,237,837
5,250,116
7,105,925
4,350,569
7,269,828
5,993,647
5,055,157
3.094,775
5,145,989
4,283,938
Consolidated Income Statement for Calendar Years
1939
$
a
Net
Depletion
c
Selling, adminis., &c., general
Net operating income
,
Other income
—
Interest on funded debt
Amortization of discount and commis¬
sions on sale of bonds
Other interest
908,367
15,262.549
337,204
6,252,928
7.499.082
4,533,487
6,678,311
4.944,850
6,739,039
531 409
641.425
1,067,463
15,636,734
13,136,230
15,373,288
12,537,848
748,240
44,129,746
819,669
38,300,888
6,732,777
13,286,088
44,949,415
6,526,198
6,175,087
371,275
3,953
248,679
295,343
18,687
117,567
338,618
338,618
338,618
Rental equal to 4% on stock of Cam¬
bria Iron Co
Minority int. in net income of Johns¬
town Water Co
Net discount and premium on bonds
purchased for sk. fd. or for treasury
3,802
5,088
Cr8,376
34,714
30,806,274
Balance
4,406
43.585
6.158,480
37,982,998
6,167,890
908,241
5,863,402
300,000
Provision for:
Fed'l income & excess-profits taxes.
Fed'1 surtax
on
undistributed profits
Net income
Preferred dividends
Common dividends
Surplus
common
Earnings
per
271,192,675 423,708,682
216,740,180 334,946,176
37,579,104
721,784
expense
Total income.
xl937
.$
774,109
15,727,458
423,627
Unemployment, old age and rail¬
road retirement taxes
d All other taxes
Doubtful notes & accounts receiv'le
x
$
906,300
16,580.301
372,905
Depreciation
Pensions (corporation's plan)
Shs.
xl938
billings (excl. billings between
corporations incl. in consolidation).414,141,087
Cost of billings shown above
328,782,324
Provision for:
were
on
5,019,079
4,824,914
Steel ingots (open-hearth,
bessemer and electric)
paid
securities will be used, together with other
moneys, in the retirement
before July 1, 1940, of consolidated
1936
6,071,764
1,641,119
5,246,278
3,857,651
1,950,267
Rolled steel & other fin¬
ished products for sale
the common stock were
paid as follows: $.50 per share on
incident to the issue and sale of the consolidated
mortgage bonds, series F,
charged to income.
The discount (amounting to
$750,000) on the
sale of the bonds was set
up as a deferred charge to be amortized over the
term of the bonds.
On Feb. 28, 1940, corporation entered into a
contract with a group of
underwriters for the sale of $35,000,000 serial
debentures, $30,000,000 con¬
solidated mortgage 20-year sinking fund 3
% bonds, series G, due Feb. 1,
1960, and $40,000,000 consolidated mortgage 25-year
sinking fund 3^%
bonds, series H, due Feb. 1, 1965.
The net proceeds of the sale of these
1937
9,302,004
stock outst'g (no par)..
share
...
24,638,384
7,471,096
4,775,076
5,250,239 b31,819,596
7,471,096
7,471,096
15,941,020
12,392.212 def2,220,857
2,984,994
3,183,984
$5.75
Nil
8,407,480
3,185,114
$7.64
Restated for comparative purposes.
Aggregate net amount billed for products shipped, revenue from trans¬
portation companies and other classes of business and
services, less returns
a
commissions and other allowances.
b Not including provisions for
pensions, taxes or depletion, but including
provision for depreciation of certain classes of equipment
(In addition to
the provision for depreciation shown) and for
renewals and maintenance,
c In addition to the
provision for depreciation included in cost of billings,
d Except Federal income and excess
profits taxes and surtax on undis¬
tributed profits.
The Commercial & Financial
1592
consolidated net income for 1937 reflects deductions in the aggre¬
$327,000 as provision for accrued liabilities which was subsequently
unnecessary and credited to surplus in 1938.
Consolidated Balance Sheet Dec. 31
The
e
58,834
3,558,585
40,134
45,759
48,555,088 34,195.648
Accrued interest
19,751
23,281
Inventories
116,498,56b 108,870,491
Invest in capital stocks & ad vs. to subsidiary cos. _
3,551,149
4,501,163
Inv. iri capital stocks of & advs. to ore-min'g corp's
3,924,709
4,316,059
Marketable securities
receivable (trade)
receivable
unpaid balances on real estate
instal. contracts & mtges. & def'd receivables
5,885,349
Property account
—
—
462,877,996
a
Operating profit
Other income
Deferred
c
charges
5,218,205
*
Reserve fund assets
4,839,480
3,2o6,978
3,254,922
—»
under contract for sale of cer¬
tain properties to U. S. Government
Management stock ownership plan
Amount receivable
Total
3,993,572
------
14,015,580
Accounts
Accrued
payable (trade)
liabilities
700,370
compensation fund.
Special incentive
828,027
consolidated
fund instalments & purchase
obligations payable within one year
Indebtedness to subs, not
Serial bonds, sinking
Other bonds
Preferred stock
1,171,380
irr-f—r;;;;
Funded debt ,&c
Reserves
after one year..
......
preferred stock
preferred stock
7% cumulative
5% cumulative
189,886,700
3,711,708
8,577,392
93,388,700
JMZZ'Z™
.283,574,430
stock:
b Common
2,974,000
dividends payable Jan. 3, 1939
Accident comp. & pensions pay.
78,229,111
Surplus
$169,429
639,190
$1,190,152
364,800
152,008
75,467
79,974
137,630
After
At lower of cost or
$376,718 loss$823,621 loss$545,227
a 174,341
142,023
14,965
Surplus credits
Surplus
$521,848
19,982
$551,059 def$681,598 def$530,262
Net profit
$541,830
x292,131
94,380
Preferred dividends.
"II"
Surplus charges
'
,
proposals to be made by the two stockholders include changes in the
extra compensation which would limit the amount to l-15th of the aggregate
sum of any cash dividend paid on the common stock; that in no event shall
the amount paid to the President exceed $50,000 and to Vice-Presidents
$25 000, and that when extra compensation is paid to any executive or
employees whose aggregate compensation exceeds $25,000 a year the pay¬
ments must be approved by stockholders.
ruled out of order.
.
50,480
$1,432,573 $1,962,835
239,412
239,412
Nil
$1.77
x $21 per share on account of accumulations,
y Including Saltex Looms,
Inc. to Nov. 10, 1939, date on which bankruptcy proceedings were in¬
stituted.
z The provision for depreciation of plant property for the year
1939 was $252,014, as compared with $422,066 for the preceding year
(including $53,430 and $97,766, respectively, applicable to the Saltex
Looms, Inc.).
The reduction of $170,052 in 1939 was caused largely by the
adjustment of the property accounts as of Dec. 31, 1938, from an appraisal
basis to the basis of depreciated cost,
a Adjustment arising from exclusion
$1,251,555
$700,496
239,412
Surplus, Dec. 31
239,412
Nil
Shs.com. stk. (nopar)..
Earnings
per
of Saltex
$1.17
share
Looms from consolidation as of Nov.
10, 1939.
Consolidated Balance Sheet Dec. 31
[Excluding Saltex Looms, Inc.]
Liabilities
Liabilities—
$
5,267,928
b Common stock.
goodwill,
Patents,
451,855
Notes &
trade
31,682
20,175
1,150,000
2,000,000
577,922
1st mtge. bonds.
1,179,359
Notes payable
ac-
cept'ces recelv'le
Life Insur. policies.
Accts.
500,000
753,953
_
1,530,210
4,294.589
Saltex Looms, Inc.
1
&c
263,268
1,319,990
253,519
2,379,500
receivable.
Inventories
2,734,117
1051946
96,528
Deferred charges..
Accts. pay. & accr.
Pur.
money
mtge.
82,500
97,500
186,615
180.483
Surp.avall .for Dref,
dlv. & s. f,, &c_. 1,500,000
1,500,000
(due after 1 yr.)
970,253
dl
Investments
$
1,530,210
3,141,841
Preferred stock._
c
1938
1939
S
1938
$
2,903,841
Assets—
Fixed assets
a
Reserves
Surp. arising from
acq. of cap. stk
161,046
161,046
Deficit.../.
,
,
$155,319
1,807,516
$551,059 def$732,078 def$530,262
700,496
1,432,573
1,962,835
Surplus
Cash
Annual Meetinq to Be Held April 9—
The annual meeting of stockholders will be held April 9, at Wilmington,
Del
The proxy statement to stockholders shows that two holders of common
shares will propose that future annual meeting be held in New York, that
stockholders approve the independent auditors appointed by the directors
and a representative of these auditors attend annual meetings. The manage¬
ment states that general counsel advised that valid action could not be
taken at the meeting on these proposals, and that therefore, they will be
85,900
......
1939
quoted market value.
996.271
103,250
Fed'l income taxes. &c_.
Undistrib. profits tax...
-
in 1938.
c
3,655,000
5,123,160
1,867,774
170,003,362
3,113,690
9,445,073
93,388,700
18,677,740
302,478,480
64,863,198
732,932,382 699,474,044
reserves for depreciation of $327,608,235 in 1939 and $307,058,216
b Represented by 2,984,994 (3,183,984 in 1938) no par shares,
Total
a
7,661,496
17,334,845
965,000
161,307
735,219
21,106,975
29,055,849
l.OoO.OOO
- - -
pensions pay, within one year..
$1,027,479
162,673
134,476
—
Previous surplus
Accident comp. &
money
Total income..
732,932,382 699,474,044
- -
Liabilities—
390,455
$6,412
163,017
Write-down of inv., &c.
Inter est...-
3.880,175
484,349,911
$2,414,205
403,329
$1,567,413
744.642
z252,014
Accounts and notes
d Sundry securities,
1936
1937
$1,413,888
1,004,147
$614,444 loss$671,612
Expenses
Depreciation
$497,847
798,755
422,066
$570,757 loss$722,973
43,686
51,361
Gross profit.
37,120,685
75,554,356
time deposits in banks
_
Cash on deposit with mtge. trustees and cash for
sinking fund & for bonds payable Jan. 1,1940—
Cash, demand and
Calendar Years
1938
yl939
$
A ssets
c
Consolidated Income Account for
1938
1939
1940
9,
appointed a trustee who now has charge of that company's properties.
This action was deemed to be for the best interests of all concerned.
gate of
found
March
Chronicle
409,491
960,550
Other
The
proxy
statement reveals that the
remuneration paid Eugene G.
for reorganization of latter
1938
1937
1936
$21,106,241 $20,585,476 $22,141,456 $18,105,214
^*for doubtfuH^ans^T.
12,535,304
12,410,302
12,299,873
$8,175,174
$9,841,583
$7,531,873
6,648
6,382
8,011
Gross income
interest
Federal taxes.
Prov. for Fed. surtax..
Other charges
Prov. for
Net
$8,577,585
x671,770
1,557,094
$8,181,556
x596,872
1,398,735
$9,849,593
x699,980
1,671,993
372,605
$7,105,015
$6,185,949
711,961
$7,541,521
452,086
1,225,281
33,742
1,830
pref. dividends..
Common stock divs...
$5,828,582
942,469
368,976
Prior
—
_
753,976
-
—
4,282,730
3,819,732
4,630,032
4,557,772
$1,667,278
$1,654,255
$1,532,514
$516,834
2,314,989
2,314,989
2,314.989
2,314,989
Earnings per share—..
$2.56
$2.34
$2.74
$2.19
x
Includes $332,679 ($296,719 in 1937) interest on employees' thrift
accounts,
y Consists of unrealized loss in connection with stating the
assets and liabilities of the Canadian subsidiary at the U. S. dollar equiva¬
lents at Dec. 31, 1939, $28,643, and other charges of $1,093.
Consolidated Balance Sheet Dec, 31.
1939
A. sscts
^
r
726,186
7,582,914
& fixtures
Cash
c
Instal. notes
accts.
18,715
13,142
27,376
122,583
Def. charges, &c._
assets,
a
$
$
Liabilities—
7,500,000
7,500,000
Commonstock-_16,585,168
16,585,168
d Prior pref. stk._
Notes payabre
notes
Real estate
27,120
Federal
tax
56,142
82,721
89,561
88,178
278,325
241,625
f217,544
$1,481,772
1,364,672
1,364,672
$1,389,113
$1,391,282
1,391,800
$1,221,676
$117,100
Dividends
$122,191
a
Earns, per sh. on cl. A
stock (nopar)
d Earns, per share on
1,266,922
1,266,922
c$7.19
class B stock (no par)_
a
$4.01
1,323,758
def$518 def$102,082
b$6.71
$3.78
e$5.89
$3.78
b$6.70
b$6.70
$3.38
participation provisions of the shares, class A stock is entitled
share per annum, and after class B stock has received $2.50 a share
per annum, both stocks participate equally as a class in any further dis¬
tribution.
b Figured on 94,573 shares issued,
c Figured on 94,583 shares
of stock in hands of public,
d Figured on 200,000 shares of stock in hands
of public,
e Figured on 92,647 shares of stock in hands of public,
f In¬
cludes provision for Federal undistributed profits tax in amount of $333.
g Includes dividends paid on both class A and class B In reacquired common
a
Under the
49,798
at
1,615,008
cost
1939
1938
Accts. pay. (trade)
Accr'd liabilities..
$44,484
$52,984
28,036
27,749
Res. for Inc. taxes
286,394
278.200
15,646
x Capital stock
4,123,880
Earned surplus... 2,734,959
4,123,880
Liabilities—
1938
$699,185
1,772,901
153,661
Inventories
Cash, recs., inven¬
tories & mkt. sec.
357,314
172,651
650,804
bad debts
17,391
Res. for contlng..
Accts. recelv. (net)
less
reserve
for
2,615,749
593,463
z578,965
Plant & equipment
Deferred income..
•
y
prior pref. stock
468,899
25,902
bank (net)
Cap. stk. of
Goodwill, &c
Prepd. & def. chgs.
3,467,379
390,149
3,024,178
511,187
1,372
325,077
co..
(less deprec'n)..
420,272
10,824
Total
Reserve for taxes,
3,202
325,389
644,991
668,889
2,850,001
2,850,001
30,272
27,024
$7,233,399
$7,115,9531
Total
$7,233,399 $7,115,953
Represented by 100,000 shares class A and 200.000 shares class B stock
y Represented by 5,417
(5,427 in 1938) class A shares,
Subject to foreign exchange restrictions.—V. 149, p. 3403.
x
410,204
&c_.
insurance,
1939
$386,494
Marketable secure.
Claim agst. closed
accounts
59,022
Comparative Consolidated Balance Sheet Dec. 31
Assets—
Cash...
25,900,000 23,850,000
1,489,142
1,332,035
15,136 Other curr. liabil..
27,776 Due to affll. cos..
thrift
126,093 Employees'
less
reserve
$2,540,086
1,527,398
301,500
&c
Net income
g
1938
Due to subscr. for
Investments
Other
^
678,070
7,799,326
rec.64,779,624 61,191,478
&
receivable
Miscell.
1939
1938
elOO.OOO
Deposit in esciow.
c
1936
$2,801,594
1,750,159
A stock at cost.
stock
outstanding (no par).
Shares of common
b Furn.
1937
$2,724,720
1,722,469
to $4 a
Pref. stock ser. A divs.
Surplus
Federal taxes,
Years
1938
$3,117,203
1,839,413
Operating profit
Depreciation
Balance, surplus
y29,737
$6,318,984
income..
company.—V. 149, p. 2680.
9,648
Income credits.
$3,833,886 in
(& Subs.)—Earnings—
Consolidated Income Account for Calendar
10,573,342
$8,570,937
Other
Bon Ami Co.
1939
Corp. (& Subs.)—Earnings
7,446,673 10,531,299
Total
depreciation of $3,041,622 in 1939 and
b Represented by 239,412 shares of no par value,
c Including ap¬
propriated surplus representing preference above par at $10 per share,
d Saltex Looms, Inc. at nominal valuation pending outcome of proceedings
in 1939.—V. 150, p. 1421,
Beneficial Industrial Loan
Calendar Years—
1939
Operating income
After deducting
a
Grace, President by the corporation and subsidiaries in all his capacities for
1939, amounted to $271,224, and that the aggregate paid to directors and
officers as a group last year was $1,416,969. The corporation did not have a
managerial contract with any person
7,446,673 10,531,2991
Total
1938.
Outside interests in
(no par value),
z
12,500
12,500
6,167,819
Earned surplus...11,437,683
6,167,819
9,718,217
cap.
stk. of sub.
Paid-in surplus...
Borg-Warner Corp.—New Product—
new type of airplane hydraulic fuel pump which stabilizes fuel pressures
altitudes and makes it possible for planes to operate efficiently above
20,000 feet has been developed in cooperation with army engineers and is
now being manufactured by the Pump Engineering Service Corp., a division
of Borg-Warner.
In earlier types of fuel pumps, gasoline vaporized at high altitudes,
resulting in inefficient operation at heights approaching 20,000 feet.—Y.
149, p. 3710.
A
at high
73,429,562 69,914,796
Total
a
c
in
73,429,562 69,914,796
Total
by 2,314,989 no par shares,
b After depreciation,
d Represented by 150,000 no par shares.
© Deposits
in connection with contracts for purchase of instalment notes
Represented
After reserves,
escrow
receivable.
To
Pay
45-Cent Common Dividend—
declared a dividend of 45 cents per share on the common
March 30 to holders of record March 15.
Dividend of 50
cents was paid on Dec. 27 last, and previously regular quarterly dividends
of 45 cents per share were distributed.
See V. 148, p. 1311, for detailed
record of prior dividend payments.—V. 149, p. 3709.
Directors have
stock, payable
(Sidney) Blumenthal & Co., Inc.
-Annual
Report-
President states:
letter last year referred to the fact that due to the losses
sustained in the operation of the plant of the Saltex Looms, Inc. and to the
unsatifactory outlook for transparent velvet sales, it had been decided to
suspend manufacturing operations of this subsidiary and also its sinking
fund payments, although it was hoped to continue the payment of interest
on its bonds.
As the year progressed the transparent velvet business did
not improve and the Saltex Looms, Inc. found it necessary, through lack
of funds, to omit the payment of its bond interest due Oct. 1, 1939.
On
Nov. 10, 1939, the Saltex Looms, Inc. instituted proceedings for its re¬
organization under Chapter Xof the Chandler Act, and the Federal Court
H.
H.
Chell,
The President's
'
Boston Consolidated Gas
Co.—Output—
Company reports output for February, 1940,
as
compared with 1,199,865,000 cubic feet
increase of 8.1%.—Y. 150, p. 123.
feet
Braniff Airways,
of $1,297,439,000 cubic
in February, 1939, an
Inc.—Public Financing Planned—
Plans for the first major financing
by the company—Chicago-through-
Texas airline system, were disclosed March 8 by T. E. Braniff, President,
with the announcement that the company is filing with the Securities and
Exchange Commission a registration statement covering
common stock.
F. Eberstadt & Co., Inc., New York,
150,000 shares of
is named as the
underwriter of the issue.
special stockholders' meeting has been called on March 21 at Oklahoma
City to approve a recapitalization plan involving an increase in the auth¬
orized capitalization from 75,000 shares.
($10 par), to 400,000 shares.
($2.50 par), and a fo"r-for-one split of the present shares. Of the 150,000
shares registered, 100,000 are to be sold by the company and 50,000 by
Mr. Braniff.
The company intends to apply the proceeds to be received
A
Volume 150
The Commercial & Financial Chronicle
by it to the payment of
equipment obligations in the amount of $400,000
on four
21-passenger Douglas DC-3's, recently placed in service, or to the
purchase of four additional
Douglas DC-3 airliners contracted for June
delivery. Any balance not so applied is to be added to
the airline's working
capital.—V. 149, p. 3866.
Brazilian Traction Light & Power
Co., Ltd.—Earnings
Month of January—
Gross earnings from
operations
Operating
1940
__
x
Net earnings
x
Before depreciation and
amortization.—V.
$3,249,267
$1,694,483
1 554,784
&c
1939
1938
Gross profit from oper.
$2,610,628
Depreciation
401,208
Sell. & admin,
expenses.
1,241,611
Pro v. for doubtful accts.
41,383
Net profit from opers.
Other income—Interest
&
discount,
1937
1936
$19,998,348 $13,132,125 $21,047,799 $17,399,833
17,387,720
11,840,221
18,671,098
14,646,577
Cost of goods sold.
earns., &c.
Gross income
Interest expense
Cash discounts allowed.
Provision for bad debts
Other charges
$1,291,904
201,638
1,125,656
27,185
$2,376,701
$2,753,255
168,697
1,079,912
185,861
1,177,391
loss$62,574
$970,166
40,770
37,117
114,233
71,109
$967,195
127,430
185,898
loss$25,457
65.528
112,613
"$1,084,399
$1,575,756
$1,504,647
1,828
5,269
136,666
35,961
185,390
.
Prov.
for
Fed.
&
38,810
Dividends
156,000
151,500
12,500
264,156
57,500
$459,058 loss$251,900
$733,181
667,133
$1,076,202
758,714
$459,058 def$251,900
939,790
926,990
$0.49
Nil
$66,048
926,990
$317,488
739,592
$1.46
...
Balance
Shares of capital stock..
Earnings per share
$0.79
Consists of $26,064 loss from hurricane
damage and $22,237 machinery
and equipment
changes resulting from the change-over to the new mill and
other extraordinary items.
x
Balance
1939
Assets—
Cash
628,284
1,351,780
3,796,315
80,008
Inventories
Accts. rec.
86,770
748.713
252,841
393,684
101,500
6284,035
92,876
Ser. debens. pay._c3,500,000
expenses &
326,398
60,476
270,359
60,176
495,223
495,223
Invest. & advances
Reserves
645,541
z Capital stock
Earned surplus
7,898,654
1,786,964
2,500,000
476,144
7,834,654
1,327,906
a6,535,352 a6,037,867
Total
....15,116,747
12,726,7641
Total
15,116,747 12,726,764
x After reserve for
doubtful accounts of $75,728 in 1939 and
$54,963 in
1938.
y After reserve for depreciation of
$4,525,340 in 1939 and $4,196,143
in 1938.
z
Represented by 926,990 no par shares,
a
Includes $413,102
($359,337 in 1938) for construction work in
progress,
b Includes $156,000
for Federal income tax.
c $250,000
current.—V. 149, p. 2680.
Brooklyn Union Gas Co.—Earnings—
Calendar Years—
Sales of gas
1939
1938
1937
$23,313,186 $22,486,978 $21,786,263
5,699
2,224
15,164
Other gas revenue
Total operating revenue
$23,318,885 $22,489,203 $21,801,428
11,519,103
11,670,719
11,234,122
1,544,588
1,656,283
1,835,548
1,772,349
1,145,208
727,985
Amortiz. of gas plant acquisition
adj.
60,733
Federal income taxes
387,900
50,000
50,200
Other taxes
3,514,022
3,635,497
3,429,486
Operating
expenses
Maintenance
Provision for depreciation
x
Gas operating income
Other income (net)
$4,520,190
Gross income.
Interest on long-term debt
$4,428,091
2,510,000
Other interest charges
Amortization of debt disct. & expense
Amortization of premium on debt
Miscellaneous income deductions
Net income
per
28,427
Cr4,800
18,927
$4,524,086
$4,543,642
2,510,000
89,100
28,427
Cr4,800
7,311
19,556
-
$1,679,853
745,364
$1,913,604
1,453,460
745,364
$2.25
$2.57
share
In 1939 and 1938 and for
retirements in 1937.
z Prior to this date the
company did not carry a reserve for such accounts.
x
Comparative Balance Sheet Dec. 31
1939
A 3$cts
and
fund
accounts:
Other
"1,491,956
»
359,003
1,930,013
Special deposits
94,269
Receivables
Accrued utility revenues unbilled
Materials and supplies
6,46.3,323
1,277,146
2,311,391
46,997
448,262
6,823
Prepayments
Unamortized debt discount and expense
Other deferred debits
Capital stock expense
Total
Long-term debt
1 ,215,045
Federal income taxes accrued
Other taxes accrued
Interest accrued
Other current and accrued liabilities
Deferred credits
Reserve for depreciation
Amort, of gas plant acquisition adj., excl. of franch.
Injuries and damages reserve
reserve
Total
745,364 no-par shares.- -V. 150, p. 683
37,268,200
49,000,000
2,500,000
1,133,397
85,294
492,277
49 ,000,000
1 ,750,000
Matured interest
Customers' deposits
Miscellaneous reserve
Contributions in aid of construction
Earned surplus
111,980.751
37 ,268,200
Notes payable to banks
Accounts payable
x
2,902,140
357,333
984,934
87,055
5,417,321
1,241,109
2,565,035
74,458
476,689
49,128
112,031
Ill ,676,172
Liabilities—
Common stock
Employees provident
91,203,186
6,510,332
physical
property, principally land held for sale
Other investments and special
funds, at cost
Cash
x
1938
$
Utility plant: Gas plant in service-tangible prop¬
erty at "original cost"
90,814,918
Gas plant acquisition adjustments
6,432,069
Investment
Brooklyn-Manhattan Transit Corp.—Present Situation
Explained by Officials—
Gerhard M. Dahl, Chairman of the board of
directors, and W. S. Menden, President of the Brooklyn-Manhattan Transit
Corp. and the Brooklyn
& Queens Transit
Corp., have sent to the holders of certificates of
deposit
for BMT and
BQT securities deposited under the
BMT-BQT unification
plan, a "report on the situation" as to the
present status of the unification
plan.
The letter is as follows:
We have received letters from various
security holders who have deposited
their securities under the
BMT-BQT unification plan, complaining of the
disparity between the prices for their certificates of deposit and the
prices
for the undeposited securities, as
quoted on the New York Stock
Exchange,
or
referring to reports in the public press of purchases of
undeposited securi¬
ties at prices higher than the
plan prices.
It appears from these letters that
there is some
some of the
security holders who have
misunderstanding in the
deposited their securities
90,810
432,528
439,380
214,879
453,434
12,038
113,052
13 ,644,211
980,885
565,581
1 ,886,983
104,519
1 ,159,114
2 ,345,512
.111,676,172
the nature of the plan, the status of the
securities deposited under
it,
and the activities of the
companies and of the City of New York in
obtain¬
ing compliance with its deposit requirements.
The managements of the
companies have endeavored
throughout to
keep the security holders fully advised as to all material facts
and conditions
pertinent to their interests in connection with the
plan, and, following this
same
procedure, it is important that any misunderstandings or
misgivings
in the minds of
any of the security holders who have
deposited their securi¬
ties, whether due to erroneous reports in the
public press or to stock market
quotations or to any other cause, should be cleared
up as promptly as pos¬
sible.
Accordingly, this report on the situation is being sent not
only in
reply to the letters received but to all the holders of
certificates of deposit
for securities deposited under the
plan.
The fact of outstanding
importance is that the success of the plan as to
the rapid transit and power
properties and as to the surface properties is
practically assured.
Its requirements as to the deposits of
securities have
been fulfilled.
Receipt of satisfactory rulings of the tax authorities is
expected within a few days.
Upon
receipt of these rulings,
the Transit
Commission of the State of New York will be in
position to declare the plan
operative and to fix the date for its consummation.
It is expected that this
by the Commission will be taken shortly after March 1
and that
May 15 will be fixed as the date of consummation, thus
assuring holders of
certificates of deposit issued under the
plan that they will receive, on or
as soon as practicable after such
date of
consummation, 3% corporate stock
of the City oi New York or
(at the city's option) cash in the amounts
pro¬
vided for in the plan; and upon announcement; of
this program the market
prices of the certificates of deposit issued under the
action
plan should reflect more
nearly the value of the corporate stock of the city for which such
certificates
exchangeable upon consummation of the plan.
As pointed out in our previous communications
to security
holders, and
as shown
by the plan itrelf, the BMT-BQT unification plan is a
voluntary
plan, open to acceptance or rejection by each
security holder.
are
Accordingly,
it has been inherent in the situation from the
beginning that there would be
hold-outs and that these hold-outs would have to be
dealt with.
This
could not be avoided.
There was no method
by which all security holders
could be compelled either to accept the plan or to
relinquish their holdings
at not more than the amounts allocated
thereto in the plan.
For this reason
the plan stipulated the unusually high
deposit requirement (90%)
$1,802,591
372,682
745,364
$2.42
Dividends..
Shs. of capital stk.
outst'd'g (no par).
Earnings
72,946
$4,331,496
Dr20,537
$4,310,958
2,510,000
90,573
28,427
Cr4,800
6,906
Dr92,099
its
a maximum of
$2,866,000 in accrued depreciation or
depreciation up to $220,000 for the current year.—Y.
148, p. 3837.
as to
current
BIdg., mach'y &
equity in auto &
$1,500,000
and the remainder from
surplus and to effect
minds of
Notes payable, not
Land
trucks
%
Res. for Federal &
State taxes
current)
1938
$
Accounts payable.
Accruals & reserve
(not
def'd charges
y
Liabilities—
2,052,020
4,534,288
Accts. & notes rec.
31
1939
$
1,032,982
x
Prepaid
Sheet Dec.
1938
$
approximately
outstanding would be reduced immediately
by $81,000, annual interest requirements would be
decreased and a saving
fixed charges would be used to retire
additional bonds and to reduce
further funded debt to $2,721,000 at
maturity of the new mortage bonds.
The company has notified the
Commission of its readiness to reduce
annual
Net profit for year
by
of $1,000,000 from
surplus
The company intends to reduce the
stated value of its common stock
by
$675,000 and requested the Commission review annual
and accrued depre¬
ciation in light of recent
experience to determine the amount which should
be set up in the
depreciation reserve at the close of last year, and the
appropriate annual depreciation.
The Commission's
report on the issuance of new securities stated that the
refunding program would tend to improve the
company's position.
Prin¬
cipal amount of funded debt
in
x48,302
State
inc. & cap. stock taxes
Prov. for Federal surtax.
companies privately at 102 to realize proceeds of not less than
$3,753,600
for redemption with other
necessary funds at 104 of $3,761,000 of
40-year
gen. & ref. series A 5% bonds, due 1967.
The serial notes are to be sold at
not less than par and
proceeds are
to be applied towards
redemption of the gen. & ref. mtge. bonds and to
discharge $374,500 of outstanding short-term notes.
The order states that so
long as the serial notes are outstanding, accruals
equal to not less than one-sixth of the semi-annual
payment required
to be made to
discharge the notes be set aside monthly from net income,
before payment of
dividends, and placed in a special reserve.
The order
requires that prior to issuance of the securities
authorized the company
make certain readjustments
relating to utility plant and other asset accounts,,
and to
increase its depreciation reserve
through transference
contingency reserves.
43,283
$926,426
Extraordinary charges..
The company has been authorized
by the New York P. S. Commission
issue $3,680,000
4% 1st mtge. bonds due 1965 and $575,000 of
2%%
serial notes, not later than March
15.
The bonds are to be sold to
insur¬
to
ance
150, p. 832.
Bridgeport Brass Co.—Earnings—
Calendar Years—
Gross sales, less
returns,
Vancouver, Ltd.—Extra Div.—
Directors have declared an extra dividend of 25 cents
per share in addi¬
a regular dividend of 50 cents
per share on the common
stock, par
$5, both payable May 20 to holders of record
April 27.
Dividends of like
amount were paid on
May 19, 1939.—V. 149. p 1617.
tion to
Brooklyn Borough Gas Co.—Issues Authorized—
1939
$2,987,998
1,471,836
$1,516,162
expenses
1593
Brewers & Distillers of
52,918
176,659
473,112
9,499
112,403
7,270,299
606", 067
1,729,392
73,442
1,156,907
9,840,883
.
111,980,751
as a con¬
dition to its being declared operative—so as to
assure that not more
than
10% would have to be dealt with in the hold-out class.
As a matter of
fact, the indications are that the securities which must
be dealt with in the
hold-out class will amount to
considerably less than 10%.
It is true that holders of securities in the
10% class have demanded and
in some instances received, and other holders
may demand and in some
instances may receive, higher prices for their securities
than the plan prices,
but this is no reason for condemning the
plan.
It has been manifest from
the beginning that some of the
security holders would jeopardize the inter¬
ests of all the other
security holders by holding out in the hope of
exacting
a few more dollars, if the
plan should succeed.
It is also possiole,
however,
that some of the hold-outs may
ultimately be forced to accept less than the
amounts offered in respect of their securities
under the plan.
In this con¬
nection. attention is called to the fact that the
plan does not
contemplate the redemption
require
or
other retirement of undeposited
preferred
Corp.
Neither does the plan
require or contemplate the liquidation or dissolution-of either
company upon
consummation of the plan or later, the decision on which
in the case of each
company will rest with its stockholders.
or
stock of either the BMT Corp. or the
BQT
It is not true, however, as
erroneously reported in the public press, that
either of the companies purchased
any of
than the plan prices in order to meet the
its own securities at higher prices
90% deposit requirements of the
plan.
The facts are as follows:
(1) The BMT Corp. did not at any time buy at any price
any of its bonds
or preferred stock, nor
any of the Kings County Elevated
4% bonds or
Brooklyn Union Elevated 5% bonds, required to constitute the
necessary
90% deposits under the plan as to the rapid transit and power
properties;
and the BQT Corp. did not at any time
purchase at any price any of the
bonds of its system, nor any of its
preferred stock, necessary to
comply
with such deposit requirements as to the surface
properties.
(2) The BMT Corp., as owner of 134,032.7 shares of preferred and
490,408
shares of common stock in BQT
Corp., in order to make up the 90%
deposit requirement, purchased securities of BQT
Corp. at average price®
below the amounts of corporate stock allocated
thereto under the plan.
In making these purchases, the BMT
Corp. acted for the protection of its
investments and to prevent the development of a
situation in which the
plan might succeed as to the rapid transit and power
properties but fail
as to the surface properties.
(3) Since the 90% deposit requirements of the plan were
met,
became apparent that the
and it
plan would be declared operative as to the
rapid
transit and power properties and as to the surface
properties, the companies
have acquired some of the securities in the
10% hold-out
class.
Such
acquisitions are necessarily inherent in the plan ana do not
involve any de¬
parture from the terms of the plan or adversely affect in
any way the treat¬
ment of any securities deposited under the
plan.
(4) The City of New York, acting entirely within its
rights and for the
protection of its own interests, acquired as the result of its
invitation for
or
by private purchase and subjected to the plan. BMT
Corp.
bonds and preferred stock and
Brooklyn Union Elevated and Kings
tenders
County
the deposited se¬
90% deposit require¬
properties. We are
prices paid by the city for these securities were
Elevated bonds in amounts
advised that the average
not in excess of the plan prices.
Suspended from Dealings—
Certain Securities
List of the New York Stock Exchange at its
meeting March 5 determined to suspend from dealings, at the opening of
business on March 8, the following four transit issues.
This action was
taken because of the small amounts of these securities which are in the hands
of the public and. available for dealings on the Exchange.
Stock
the amounts outstand¬
indicated by reports received by the Exchange are;
Amount
ing, as
Brooklyn Queens County
due 1931, stamped
& Suburban RR.f 1st mtge. 5%
bonds,
$45,000
5%
Brooklyn Queens County <fc Suburban RB„ 1st consol.
bonds, due 1941, stamped
—
Brooklyn City RR., 1st consol. 5%ix>nds, due 1941-....
Brooklyn & Queens Transit Corp., preferred stock
280,000
247,000
4,473 shs.
Inquiry Being Made into B. M. T. Sales, <fcc.—See under
Interborugh Rapid Transit Co. in V. 150, p. 1438.—V. 150,
p. 1272.
Brown Rubber
Co., Inc.—New President—
of Edward A.
company.—V. 150, p. 683.
Feb. 29 announced the election
of
Board
—V. 150, p.
directors
as
President and Treasurer of the
on
■Earnings—
(E. L.) Bruce Co. (& Subs.)
1938
1937
$3,722,725
3,124,532
$3,337,468
2,714,246
$855,552
523,544
$598,192
$623,222
462,280
433,570
Miscellaneous charges.
$332,008
111,816
$135,912
33,738
$189,652
48,129
Miscellaneous income.
$220,192
63,621
$102,174
85,399
1130.
$283,813
59,820
$187,573
25,446
$178,317
$223,993
47,639
6,693
$162,127
$152,730
48,207
7,893
49,191
(net)
3,441,933
Cost of sales
Operating expenses.
preferred stock represented by depositary certificates on
March 4 voted against exchangeing such certificates for one and one-tenth
shares of 6% preferred stock of Bush Terminal Co.
Accordingly a status
quo is maintained until next year when another meeting will be held to
consider the exchange, in accordance with the reorganization plan approved
in April, 1937.—V. 150, p. 1272.
Holders o' 7%
Prov. for Fed'l & State income taxes,
_
pref. dividends
% cum. pref. dividends
76,794
64,707
.$78,911,785 $74,858,412 $84,710,483
Cost of goods sold (incl.
rent, merchandise and
buying, and publicity
$81,367,116
1938
1939
Notes
Cash In banks and
on
a
$228,628
35,135
893,327
87,496
6,131
Cust'rs accts. rec.
$216,708
62,489
hand
Cust'rs notes rec.
3,275
32,350
sec.
Int.
.
Sundry accts. rec.
Advs.
on
log
Consignments
1,857
.
In
12,243
11,993
2,998
-
7,224
83,487
Special credits
64",900
Prov. for bonuses
613,254
Investments
554,771
107,732
not current
130,967
10,189
140,486
145,756
82,254
42,318
270,136
226,929
values.
land
d Res.
114,340
cut over
for
5,501
available
136,936
1,675,201
1,649,617
1,714
1,979
Patents
$6,483,507 $5,875,324
Total
26,816
24,932
10,045
10,815
stk
stk.
,388,700
1,416,200
434,800
445,200
Com. stk. (par $5)
650,000
After
Paid-in surplus
,249,625
665,114
1,237,080
465,050
Total
.$6,483,507 $5,875,324
reserve
depreciation
Co., Inc. (& Subs.)- -Earnings—
$2,167,915
936,357
$1,873,091
880,289
$2,975,984
1,081,900
1936
$2,116,126
738,953
$1,231,557
$992,802
14,683
26.703
$1,894,084
17,692
$1,377,173
x428,650
$1,246,240
231,225
238,101
$1,019,505
z246,406
$1,911,776
y404,251
z335,840
$1,805,822
yl43,922
Z254.023
$776,914
$714,073
$1,171,685
$1,407,877
$2.39
$2.20
$3.60
$4.33
1939
3 Mos.End. Dec. 31—
Gross profit
Expenses.
Operating profit
Other income
Total income
Income charges
Depreciation and tax
Net
Earns,
profit
per sh.
on
x
1938
59,026
1937
com.
stock-.-
Including profit
on
gold conversion and foreign exchange,
y Include
z No provision has been
provision for doubtful notes and accounts, &c.
made for Federal surtax on undivided net income.
an
extra dividend of 50 cents per
share in ad¬
dition to the regular quarterly dividend of 50 cents per share on the common
stock, both payable March 27 to holders of record March 20.
Like amounts
were paid on Dec. 21 last.—V. 150, p. 988.
$1.12
$1.70
661,570
Consolidated Balance Sheet Dec.
1939
Cash
on
$
2,886,640
9,489,856
258,682
banks
z
500,000
banks
3,205,662 Accts. pay., net.. 2,058,882
8,641,758 Customers' credit
58,523
balances, &c
282,511
1,422,224
175,876
117,366
71,618
19,218
554,759
Due to employees.
Merchandise inven¬
and
officers
to
Land, buildings,
equipment, &c. 7,659,693
Improvements to
employees
7,740,755
488,699
Accrued taxes
Federal
premises,
taxes
income
other than retail
on
342,581
5% pref. stk. (par
$30)
8,127,360
Com.
stock
(par
53,903
602,092
75,000
382,036
254,686
..
Reserves
stores, amortized
75,683
45,549
Accr. bonuses pay.
13,804,103 12,329,513
tories
$
$
Liabilities—
Notes pay.,
Accts. receivable
1938
1939
$
hand & in
Other assets.
31
1938
584,948
Paid-in surplus
Earn,
8,127,360
11,376,050 11,376,050
4,751,245 4,751,245
$10)
surpl. since
<
5,968,242
6,571,229
1933
reserve
After
V.
150,
and cash discounts of $300,246 in
After,deducting reserve for revaluation and
for depreciation of $5,086,972 in 1939 and $4,920,188 in
1938.
reserve for revaluation of $6,999 in
1939 and $11,699 in 1938.—
reserve
p.
for doubtful accounts
y
832.
Copper & Zinc Co.- -Earnings-
Butte
x
.34,776,749 32,839,050
Total
34,776,749 32,839,050
After
1939 and $300,000 in 1938.
1937
1938
1939
Receipts from lessee.
$4,929
6,796
6,765
$5,597
$132,815
$64,719
24,280
Total income
24,645
31,495
36,908
General and office exps.,
taxes, &c
$19,048 prof$101.320
60,000
$19,351
Net loss
declared
Earns, per sh. on 600,000
sharek capital stock
Receipts from lessee
x
$57,954
$¥,597
$4,929
Other income
Dividend
1936
u
$126,019
-
prof$27,811
30,000
Nil
$0.17
$0.04
operator of company's properties, being 50% o*
Nil
net smelter returns.
Balance Sheet Dec.
1939
Assets—
Mines
and
31
Capital stock
$3,000,000
Accounts payable1,406
$3,517,866 $3,537,2491
Total
150,
p.
Total
$3,000,000
737
1,389
1,387
748
1,428
514,335
$3,361,841 $3,361,841
Investments
145,425
147,425 Taxes accrued--—
Accts. receivable..
984
984 Unclaimed divs
Cash
9,616
26,999 Surplus
—V.
1938
1939
Liabilities—
1938
mining
533,686
$3,517,866 $3,537,249
1423.
Canada Iron Foundries,
Directors have
Ltd.—$3 Preferred Dividend—
declared a dividend
of $3 tier share on the 6% non-cum.
April 15. A dividend of
April 30, 1939, $1.50
paid on April 30,
Nov. 15, 1937.—
pref. stock, payable April 30 to holders of record
$2 was paid on Nov. 15 last; one of $2.50 was paid on
was paid on Nov. 15, 1938; one of $3.50 per share was
1938, and one of $1.50 per share was distributed on
V. 149, p. 2505.
Canada Steamship
Directors have
Lines—Preferred Dividend—
declared a dividend
preferred stock, par
of 62 H cents per share on
the 5%
$50, payable April 1 to holders of record March
paid on April 1, 1939.—V. 148, p. <M70.
21.
Dividend of 50 cents was
Extra Dividend—
Directors have declared
1,102,667
$0.28
claims
Bulova Watch
1,127,983
$0.83
650,000
cum.
of $8,350 in 1939 and $9,700 in 1938.
b After reserve
of $3,133,180 in 1939 and $2,979,672 in 1938.
c Less
amortization of $2,726 in 1939 and $2,462 in 1938.
d Provided out of
paid-in surplus and payable by the issuance of 3H% cum. pref. stock.
—V. 149, p. 2505.
a
for
1,127,983
b Including 5,680 shares in 1937 and 1936 held in con¬
nection with reserve for pensions,
c Consists of $247,628 recovery of pro¬
cessing taxes paid prior to Jan. 6, 1936, net and $168,462 adjustment of
Federal income tax provision for year ended Dec. 31, 1934.
Note—Included in the 1938 figures were special non-recurring credits
totaling $416,091 arising from adjustment of Federal income tax provision
for 1934 and recovery of processing taxes paid prior to Jan. 6, 1936.
cum.
Pref. 7% cum.
Pf-3J^%
equipment
c
11.410
plant and
$718,908
406,368
169,197
$1,908,100
Reclassified,
a
Calendar Years—
Earned surplus
10,257
Miss...
b Prop,
135,300
$1,673,388
411,918
672,349
per
share of com. stock—
27,501
pref. dividends.
To wnsite—Bruce,
256,700
32,423
$1,347,749
Net profit
406,368
5% cum. conv. pref. divs
338,395
Common
dividends
b No. of shs. of com. stk.
1,137,605
outstanding
z
Res. for accld. Ins.
Land—timbered &
330~,3U
tributed profits
sales of cut-
over
116",492
undis¬
Federal surtax on
plant
impt., deferred.
Unearned gr. profit
on
depl
pay.,
253,000
Federal normal, inc. tax
x
4,134
State inc. taxes.
Notes
10,00.0
35,152
250,576
11,190
c416,091
12,500
75,000
39,167
deductions
Total
138,334
..
37,209
in
Jan. 1,
Prov. for Fed. and
Notes & accts. rec.,
Timber tracts,
Accr'd liabilities
100,255
$3,048,702
257,188
22,667
93,284
"¥,333
56",842/
3,528
depos. in escrow
and employees..
"32",322
192,941
closed bank
Other
min. oper. to be
2,143,427
Bal. due from offic.
$2,218,678
em¬
ployees cred .bals
2,398,591
66,467
hands of agents.
expenses
and
$458,348
781
Sundry
Officers
664,025
$2,925,565
123,137
pay__l
/
Prov. for loss on funds
Sec. dep. from Ter-
Inventorles
Prepaid
7,392
4,478
26,212
lumber purch...
Cotton In storage
99,182
825,102
"$2,025,737
112,145
37,636
40,000
875,880
$263,265
195,083
101,787
Due to affII. co-._
and
838,739
5% gold debs—
on
Deferred charges.-
101,929
182,060
156,206
358,393
189,771
to date
Pioneer tract.
9,245,246
118,111
319,029
$1,547,368
.
Int. on 5% mtge.
Other interest
leased
Trade
10,425,613
160,252
377,137
Other income
7,915
Timber purchase
by cut-over
land
9,917,799
229,980
386,198
,
$1,737,139
Profit.
658,614 Accts. payable:
Notes & accts. rec.,
10,117,608
Deprec. and amortiz—
(other than Fed.
income taxes)
$1,250,000 $1,000,000
11,000
11,000
Plant impt
68,017,681
Taxes
payable:
Banks
70,996,890
less recoveries—
off,
y
Assets—
63,264,079
Customers' accts. written
Earnings
1938
82,754
65,791,892
costs)
Oper. exps. incl. selling,
gen. & admin. & main-
25,588
1939
$74,775,658 $84,633,689 $81,302,409
Total...
Consolidated Balance Sheet Dec. 31
Liabilities—
»1936
1937
1938
1939
and allowances,832,199
Miscell. operating income
79,586
returns
x
cum.
(& Subs.)- -Earnings-
Butler Brothers
Calmdar Years—gqipg
ipgg clisc*ts
Orosfi
Assets
Net income before income taxes
Co.—Exchange Plan Defeated
Bush Terminal Buildings
$141,522
36,795
1939
$4,297,485
6 Months Ended Dec. 31—
Sales to customers
1940—8 Mos—1939
$2,129,627
$2,162,451
1940—Month—1939
$279,589
$344,829
Outstanding
Issue—
Callanan
Wire Co.—Sales—
Period End. Feb. 29—
Sales
will be suspended, together with
The issues which
paid on
Brown Fence &
the plan to make up the 90% deposit
and power properties, we understand that
The Committee on
dividend of $1.50 per share in addition
$1.50 per share on the common stock,
of record March 4. Special dividend
Dec. 27 last.—V. 149, p. 4167.
regular quarterly dividend of
both payable March 11 to holders
to the
of $6 was
„
...
securities acquired by the city and subjected to
requirements as to the rapid transit
the city also acquired securities
within the 10% hold-out class.
In this connection, we are advised that the
securities so acquired by the city within such class included the substantial
holdings of the Prudential Insurance Co. of America and that the city
agreed to purchase such Prudential holdings only after the 90% require¬
ments of the plan had been met.
In other words, notwithstanding the
impression created by the puolic press and given wide currency, that the
Prudential performed an act of public service by selling its holdings to the
city so as to make the plan possible, the fact is that this influential institu¬
tion kept itself at all times within the hold-out class, thereby jeopardizing
the plan and the interests of all security holders depositing their securities
under it, and by the sale of its holdings to the city at prices higher than the
plan prices contributed nothing whatever to the success of the plan.
In conclusion, the BMT-BQT unification plan, in the opinions of the
boards of directors of the companies, is the best and the fairest for the City
of New York and for the security holders, that could be worked out under
existing conditions, and the successful consummation of the plan is dis¬
tinctly in the interest of the holders of certificates of deposit for securities
deposited under It.
These opinions were expressed to the security holders
in the beginning, when the plan was first submitted to them; thev have
been strengthened by subsequent developments, and they are not changed
or affected in any respect by the necessity of dealing with the hold-outs in
the 10% cla«s, or by the fact that, as the result probably of speculations
among these hold-outs, the market quotations for the undeposited securities
are higher than the market quotations for the certificates of deposit.
Co.—Extra Dividend—
declared an extra
Directors have
In addition to the
(5)
& Sharpe Mfg.
Brown
which, taken together with
curities of the same issues, were sufficient to meet the
ments of the plan as to the rapid transit and power
1940
March
Chronicle
The Commercial & Financial
1594
Canadian Bakeries,
declared an initial dividend of $2 per share
preferred stock, payable April 1 to holders of record
Directors have
5%
Ltd.—Initial Preferred Dividend—
150, P. 683.
on the new
March 15.
V.
Volume
150
The Commercial & Financial Chronicle
California Oregon Power
Years Ended Dec. 31—
Operating
$4,666,277
1,030,489
282,308
300,000
7,270
636,028
90,475
$2,318,088
238,222
$2,319,707
238,210
$2,079,866
$2,081,497
Maintenance and repairs..
reserve
Amortization of limited-term
investment
Taxes
Provision for Federal income taxes
-
Net operating revenues
Rent for lease of electric
plant.
NeUoperating income
Dividend and interest revenues
Merchandise and jobbing
986
Dr42,677
$2,060,311
842,500
203,223
$2,039,351
842,500
203,223
162
1,045
85,567
23,285
78,814
17,654
$905,573
$896,114
Net income
Preliminary
Liabilities—Audited vouchers
and accounts payable,
$30,703; unredeemed
tickets, $20,684; accrued items,
$35,653; portion of equipment obligations
payable, due within one year,
$33,488; equipment obligations payable,
$120,091; funded debt, $2,402,800; unfunded
debt, $5,978; reserve accounts,
$7,369; 6% cumul. partic. preferred stock
($100 par), $611,200; common
stock (15,000 shares no
par), $750,000; capital surplus,
$25,690; earned
surplus, $295,321; total, $4,338,978.—V.
149, p. 2506.
531
Dr20,541
(net)
Gross income.
Interest on funded debt.
Amortization of debt discount and
expense
Other interest (net)
Amort, of prelim, costs of
projects abandoned
Miscellaneous deductions
Assets—Cash, $84,401; working funds, $7,999; certificate of
deposit,
$100,000; U. S. Treasury bills, $80,000; note
receivable, $8,000; interest
receivable, $530; accounts receivable, $3,433; material and
supplies, $5,116;
land, $47,466; buildings,
equipment, buses and bus equipment (net),
$356,346; non-operating property (net),
$1,788,060; organization and
franchises (net), $21,404: other
intangible property (net), $271,528; in¬
vestments, $64,834; special funds,
$46,072; unadjusted debits, $11,567;
reacquired securities, $442,221;
nominally issued securities, $1,000,000;
total, $4,338,977.
1938
$4,984,241
1.134,828
254,535
480,000
7,270
642,520
147,000
_
Appropriation for retirement
x
Balance Sheet Dec. 31
xl939
revenues
Operation
Central & South West Utilities
Chamberlin Metal Weather
Strip Co.—10-Cent Div.—
Directors have declared
stock, payable March 20
Campbell, Wyant & Cannon Foundry Co. (&
Subs.)1939
$764,297
Other deductions
Federal tax
Federal surtax
on
Comments
$1,615,438
319,294
The
Oil,883
189,800
439,065
41,425
367,910
Cr3,314
78,322
...
$1,552,159
63,279
$1,549,123
368,503
$223,107
334,549
Cr 1,542
Depreciation
$2,056,420
504,261
10 cents per share on the common
to holders of record March
15.
This compares
with 25 cents paid on Dec.
15 last; 10 cents paid on
Sept. 15 and June 16
and on Dec. 16 and
Sept. 15, 1938, and previously
regualr quarterly divi¬
dends of 20 cents per share
were
$1,504,383
44,740
$181,682
Other income
1936
$2,115,973
611,590
$620,747
$736,181
28,116
Operating profit
Oil,617
217,548
2,307
undis¬
tributed profits
96,700
$906,003
431,219
$474,784
Surplus
Shs.cap.stk.out.(no
Earnings
344.v25
$0.93
344.925
Nil
$2.63
1939
bldga.,
1938
Liabilities—
ma¬
y
chinery & equip.$3,658,372 $3,909,361
1939
Gross inc. from
Sell.,
Cash
Payroll accrued
969,384
141,595
Accounts payable.
Dividend payable-
220,232
545,851
1,241,788
954,392
Taxes accrued
59~, 008
61,676
37,784
98,866
28,426
27,875
99,688
54,417
41,271
settlements
152,844
137,970
144,102
Land
contracts
&
2d mtges. rec'le.
Investments
Deferred charges-.
Prov.
Earn'd
x
Total
$6,862,155 $6,416,3091
3,075 shares,
p. 1423.
x
Represented
y
by
Co.'s
Total
4,359
2,045,511
Dr27,550
stock.
4,907
2,162,261
surplus...
own
I>r27,560
$6,862,155 $6,416,309
348,000
no
shares.—V.
par
150,
Canadian General Electric
Co., Ltd.—Common Div.—
Directors
have declared a dividend of
$2 per share on the common
stock,
payable April 1 to holders of record March 15.
Previously regular quarterly
dividends of $1.50 per share were
distributed.—V.
147,
Canadian National
1940
—V. 150, P. 1424.
Canadian Pacific
&
$6,667,185
1,213,472
374,399
9,238
194,289
196,415
on
1,660,237
362,378
676,155
850,304
$6,374,101
$2,479,749
$4,461,227
$4,406,993
1,153,726
1,153,726
1,153,726
865,547
1,065,407
x605,774
1,263,967
1,287,676
2,250,000
1,138,015
1,500,000
$3.53
$0.25
$2.04
$2.25
on
on common
stock.
on com.
stock
x
$500,000 cash and $105,774 in stock.
$1,307,672
Trade accts. pay
Other accts. pay
Feb. 29
1939
$2,473,000
Increase
$569,000
Canadian Wirebound
Boxes, Ltd.—Accumulated Div.—
The
dividend of 37 A cents per share on
account
of accumulations <m the
$1.50 cumul. class A partic.
stock, no par value,
payable April 1 to nolders of record March
15.
A like amount was paid in
each of the 10
preceding quarters.
Accruals after the current
payment
will amount to $2.25
per share.—V. 149, p. 1469.
a
1938
$
.
.
.
1,250,000
2,623,933
288,432
4,830,000
mtge.
...
Reserves
1938
$
Assets—
744,086
159,803
170,241
10-year 4)4% deb.10,000,000
Pur, money
1939
$
1,361,365
.
Div. payable
Notes pay. to bks.
1940
—V. 150, p. 1424.
1,268,645
641,657
26,689
taxes
Notes pay. to bks.
Accrued liabilities-
$3,042,000
-
$6,600,316
1939
$3,547,323
Earnings for the Eight-Day Period Ended
Traffic earnings
$4,649,272
1,423,508
other
exps
Fed.
Liabilities—
Increase
Ry.—Earnings—
directors have declared
debs.
Earns, per share
Feb. 29
1939
$4,854,995
$6,457,795
209,391
Consolidated Balance Sheet Dec. 31
Earnings of the System for the Eight
Day Period Ended
revenues
$6,576,624
23,692
598,084
Ry.—Earnings—
^
Gross
$4,586,436
62,836
7% cum. prior
preferred stock
Divs. on 7% cum.
1st
partic. pref. stock
2083.
p.
$9,493,739
3,035,944
Net income
Divs.
1936
3,333,167
$10,579,543
1,876,860
Amort, of deb.
Divs.
'
1937
$9,923,822
57,637
Depreciation
Prov. for
income
a
acc't of
on
Total income
Int. on
debt
being
$9,676,044
3,099,420
patents
for returned
castings
Unclaimed wages&
unadjust. credit
of this issue.
$7,434,290
2,847,854
Non-recurring income—
104,051
827,962
777,652
Inventories
pages
1938
opers...$13,256,988
gen. & admin, exp.
Net oper. profit
Miscell. income net
1938
Capital stock.. .$4,050,220 $4,050,220
Accts. receivable-_
advertising
the
Consolidated Income Account
for Calendar Years
$3.00
1939
shows
a
booklet entitled "The Romance of
Celanese,"
brief commentary and
growth of the corporation.
Consolidated Balance Sheet Dec. 31
Assets—
Land,
the
on
report
highest volume of business
earnings in the history of the company.
Accompanying the report being sent to stockholders is
344,175
par)
share
per
annual
and
$271,377
345,175
.
3712.
p.
Corp. of America—Annual Report
for 1939—•
on
operating' and financial results for the year
1939 will be found
$1,045,396
774,019
$114,324 def$198,501
Dividends....
distributed.—V. 149,
Celanese
44,816
$321,379 loss$112,207
206,955
86,294
Net profit
dividend of
a
1937
1938
$1,164,105
427,924
Expenses.
Co.—Aquisition—
The company filed,
Feb. 29, with the Securities and
Exchange Com¬
mission, an application for approval oj its
acquisition of not more than
71,000 shares of common stock of the
Southwestern Gas & Electric Co., a
subsidiary, for $1,300,000.
The stock is to be acquired in
return for a
four-year note of the company to the order of the
Middle West Corp.
—V. 150, p. 1131.
-V. 150, p. 1423.
Calcndar Years-—
1595
Co,—Earnings—
S
Cash with bankers
&
on
hand
17,645,441 15,801,766
Trade debtors, less
1,178,574
reserves
3,435,318
288,432 Other
accts.
&
5,000,000
advances
43,697
10,000,000 Inv., at cost or less 5,469,464
1,193,589 Due from affil. co,
63,715
310,368 Notes & accts. rec.
191,828
7% cum. ser. prior
pref. stock
16,481,800 16,481,800
7% cum. 1st part.
pref. stock
14,817,900 14,817,900
b Common stock.
1,025,000
1,000,000
Surplus
...13,256,157
9,783,509
deferred
2,955,260
41,871
6,515,879
6,587
637,376
Prepd. exps. & def.
charges
c
239,816
275,140
Inv. in Celluloid
Corp., less
res..
689,991
749,991
Other Inv., at cost
340,600
366,128
a Fixed assets
36,502,881 32,820,536
Research & experi¬
Cannon Mills Co.—50-Cent
Dividend—
mental expenses,
Directors have declared a dividend of
50 cents per share on the common
stock, no par value, payable April 1 to
holders of record March 18.
Divi¬
dend of $1 was paid on Dec.
29 last; 50 cents was
paid on Sent. 30 last, and
previously quarterly dividends of 25 cents
per share were distributed.—V.
150, P. 1424.
(net).
1,228,354
—
1,424,901
1
1
Pats. & tr.-mks
Total
After
66,296,654 60,958,0601
-
Total
66,296,654 60,958,060
for depreciation and amortization of
$12,294,744 in 1939
$10,951,889 in 1938. b Represented by 1,025,000
(1,000,000 in 1938)
shares, c 99,657 shares of common stock of Celluloid
Corp. at cost,
has reserve of $310,000 in 1939 and
$250,000 in 1938.—V. 150, p. 1273.
a
reserve
and
Carolina Clinchfield & Ohio
Ry.—Purchase—
The Interstate Commerce
Commission
chase by the company of the
of
Kentucky.—V. 148,
p.
on
Feb.
no
15 authorized the •pur¬
properties of the Clinchfield Northern
Ry.
2889.
All of the outstanding first
mortgage collateral and refunding gold
bonds,
series A, due
July 1, 1947 have been called for
redemption on March 28
at 105 and accrued interest.
Payment will be made at the First National
Bank of Chicago.—V.
149, p. 4168.
Central Mexico Light & Power
Co.-—Time Extended—
L.
P. Hammond,
President, is notifying holders
6% 30-year gold bonds that the time within
which
of
the
the
1st mortgage
of such
holders
become parties to the
deposit and extension agreement
dated as of Sept. 29,
1939, has been extended up to and
including July 1,
1940.
To date holders of such bonds
have deposited under the
deposit
and extension agreement more
than $1,004,000
principal amounts of bonds,
constituting more than 95% of the total issue
outstanding.—V. 150, p. 124.
may
Charleston (W.
Va.) Transit Co.-
Calendar Years
Operating
Earnings—
1939
revenues
Maint. of road & equipt.
1938
1937
$737,006
$680,384
84,484
$727,030
78,167
307,148
64,319
Operation expenses
Depreciation
303,120
72,263
2,306
87,491
306,095
89,823
1936
$683,975
<
92,090
286,322
71,827
2,270
74,858
2,025
79,750
90,120
68,523
$185,624
3,551
$117,961
7,398
$174,712
5,930
$165,213
8,744
$189,176
30,061
2,821
$125,359
35,586
$180,642
37,146
$173,958
ways and structures..
Other deductions
9,542
30,391
8,607
19,588
Net inc. for the year..
$116,362
$81,166
26,490
26,610
$123,907
27,030
Amortization
Taxes (incl. Fed. inc.tax)
Rental of leased carrier
property
21,882
Operating income
Non-operating income._
Total income
Fixed int. on funded debt
Miscellaneous interest__
Loss
on
_
Company has petitioned the Public Service Commission of
Maryland
for authority to issue $5,000,000 of
common stock at par value.
Hearing
on the application was set for March
18.
to
The company said part of the
money would be used to pay obligations
American Telephone &
Telegraph Co.
If approved, the stock will be
April 1, the company said.
issued
Gain in Phones—•
Company had a net gain
1,455 in February, 1939.
of
1,761
stations
For the first two months net
gain was 3,791
2.718 in the 1939 period.—V.
150,
p.
during February,
stations, against
a
against
gain of
988.
Chicago Dock & Canal Co.—Extra Dividend—
Directors have declared an extra dividend of
$4 per share in addition to
the regular quarterly dividend of $1
per share on the common
stock, both
payable March 30 to holders of record March 26.—V.
145, p. 3813.
Chicago Milwaukee
Approves Budget—
Federal
Judge
Michael
St.
Paul
&
Pacific
Ry.—Court
I.
Igoe has approved the 1940 improvement
budget of this railroad.
It provides for total expenditures of
more than
$8,000,000 as compared with improvement budgets of
$11,000,000 for
1939 and $36,954,601 for 1938.
Provision is made in the budget for
expenditure of $1,600,000 for rail
fastenings and ballast, including 27,800 gross tons of new
rail.
The
1938 budget included a $3,700,000 provision for such
items, including 30,000
gross tons of new rail.
This year's budget calls for the construction
of 2,000 steel box cars
and
25 steel wood lined cabooses in the road's
Milwaukee shops, as well as
remodeling and air-conditioning 25 steel coaches.
Ten high-speed
freight
locomotives and 16 heavy Diesel-electric
yard locomotives and two
light
Diesel-electric locomotives for branch line
service will be acquired.
The
amount budgeted includes
only 20% of the cost of new locomotives and
the
box cars, the remainder being covered
by equipment trust certificates which
will be sold to the Reconstruction Finance
Corporation.
Cost of the Dieselelectric locomotives is not included as
these will be paid In
track
42,689
2,333
abandonments of
Divs.—preferred stock.
Chesapeake & Potomac Telephone Co. of Baltimore
—Seeks to Issue $5,000,000 Common Stock—
Central Indiana Power
Co.—Bonds Called—
securities
par
::::::
$128,936
35,753
ments over a
peroid of years.
monthly instal¬
is the re¬
in this year's improvement program
One of the major items
estimated
placement, renewal and strengthening of 660 bridges which it is
will cost $1,209,903.
Authority to purchase the 2,000 freight cars and 10 high-speed freight
locomotives included in the budget was obtained from the Federal Court
Dec, 5 last.—V. 150, p. 1425.
Midland Ry.—Earnings—
Chicago & Illinois
Railway oper. revenues.
Railway oper. expenses.
Net
rev.
$3,919,833
2,662,735
$3,506,032
2,611,720
$3,904,687
2,699,630
$3,805,484
2,350,504
$1,257,098
$894,312
369,962
287,001
$1,205,057
276,402
$1,454,980
282,663
$607,311
$928,655
$1,172,317
from railway
operations_ _
Railway tax accruals —
$887,136
Net rents,
1936
1937
x!938
1939
Calendar Years—
incl. equipm't
income.
Other income.
Rent for
$870,043
13,570
$1,168,009
7.891
$677,467
93,302
$883,612
$1,175,899
317.078
325,795
6,722
102,575
309,203
37,728
leased eqpt
debt
Int. on funded
Other interest charges..
Amort, of exp. on
funded
510,276
188
20.425
21,187
9,593
$224,434
$529,908
$655,792
180,000
180,000
360,000
280,000
paid on cap. stock.
Reclassified to reflect the
in accordance with orders of
x
redistribution of rentals on leased equipment
Interstate Cdmmerce Commission effective
Balance Sheet Dec. 31
1939
33CtS
Road, equip.,
1938
1939
1938
§
§
"
Atf.13,121,510 13,172,977 Cap.stk.(S100 par) 4,000,000
166,664
spec.dep.
charges and
266,714
prepaid accounts
373,273
404,992
599,509
278,604
4,087
280,233
420,313
224,820
1,891
314,405
Invest. &
Cash
Accts. receivable..
Misc. curr. assets.
Mat'is & supplies.
7,054,000
294,995
Accounts payable.
102,060
Accrued interest..
296,733
Accrued taxes
Funded
debt
4,000,000
7,150,000
229,715
103,500
216,967
71,342
163,156
1,530,359
1,529,368
Misc. current liab.
Res. for deprec.
of
equipment
Sales, Earnings and
construction
Dividends
Net After
AllCngs.
Sales
and has a
a fleet of
capacity.
Earns.
*
Per Sh.
Divs.
* Divs.
Paid
PerSh.
$62,945
S9.C0
1928-.
50.000
5.00
1929
134,943
70,000
/.00
1931
105,430
65,000
6.50
1933
37,896
49,175
5.00
237,614
108,185
.11.00
2.265,003 343,460
34.92 196.700
20.00
1927
2,526,493 358.318
36.25 207,585
21.00
...2,812,749 405,388
41.01 207,585
21.00
Earnings and dividends per share on shares of the par value of $100
each which were outstanding at the end of respective year.
On June 5,
1939. the articles of incorporation were amended for the purpose of splitting
up and subdividing each of the then outstanding shares of the par value of
----
$13.29
6.26
13.4 9
10.54
3.81
24.16
$78,158
62,600
$777,003
856,124
1.030,685
1,081,920
720,926
1,417,312
1924
-
*
July 2C, 1939. a
without par
aggregated $2,754,577. On
paid on the new shares
dividend of 60 cents per share was
value.
& Merchants National Bank of
Transfer Agent—Farmers
Los Angeles.
Y., Inc.—New President—
James T. Murray,
former Vice-President and General Counsel, was
elected President and Chairman of the Board of company, and its Buffalo,
Trenton and Bridgeport su bsidiaries at a meeting of directors held March 4.
Mr. Mirray
Miss
succeeds the late Charles E. Culpeper.
Daphne Seybolt was elected Vice-President and Treasurer.
and Treasi rer.
J. Foster Kanatzer, former
formerly was Secretary
She
Assist¬
and
the
and Assistant Treasurer, was elected Vice-President,
G. William Priggen, a department head, was elected Secretary of
company.—V. 149, p. 4025.
Secretary
$
$
Liabilities—
proceeds will be used for the
additional working capital.
Purpose—It is rroposed that
new garage facilities and for
ant
in 1939.
offices cover approximately three acres
Coca-Cola Bottling Co. of N.
19,692
Net income
Def.
50
22,228
193658.
Properties
Company's plant and
of
1940
9,
capacity of 460,800 bottles per eight-hour day.
Company owns
132 trucks utilized in distribution, 115 of which are of six-ton
$100 each into 25 shares without par value.
During the first 10 months of 1939 sales
$461,293
debt
Divs.
Cr66,368
fixed
for
avail,
Inc.
Dr4,308
$673,679
3,788
$930,491
Net ry. oper.
Dr58,612
$924,597
5,894
Cr37,461
March
Chronicle
The Commercial & Financial
1596
Grants in aid of
43,494
construction, &c
44,310
Capital surplus...
929,703
929,703
Earned surplus...
600,428
340,159
Coca-Cola Co.—75-Cent Common
Dividend—
declared a dividend of 75 cents per share on the common
stock, payable April 1 to holders of record March 12. This compares with a
year-end dividend of $2.25 and a dividend of 75 cents (cr a total of $3 per
share) paid on Dec. 15, last; dividends of 75 cents paid on Oct. 2 and on
July 1. last; 50 cents was paid on April 1, 1939; 75 cents paid on Dec. 15
and on Oct. 1, 1938 and dividends of 50 cents paid on July 1 and on April 1,
1938. Extra dividend of $2 was paid on Dec. 15, 1938.
Directors have
Trademark Infringed—
Cola
Manufacturers of
Dixi Cola, Markbert Cola,
Lola Cola and Apola Cola
trade mark "Coca Cola" in a decision of the
at Baltimore, Feb. 22 Judge William C.
Coleman announced, he would permanently enjoin the defendants from
using, as part of the name of their product, the word "cola," and would also
compel them, if they distributed their products in other than bottled form
to change its color so as to clearly distinguish it from Coca Cola.
The defendants, included Dixi-Cola Laboratories, Inc., Marbert Pro¬
ducts, Inc., and Apola Extract & Syrup Corp.—V. 150, p. 685.
held to have infringed the
United States District Court
were
14,923,930 14,706,062
Total
14,923,930 14,706,062
Total
-V. 150, p. 1425.
Chicago Rivet & Machine
Co.— To Pay 25-Cent Div.—
declared a dividend of 25 cents per share on the commou
payable March 15 to holders of record Feb. 20.
Dividend
cents was paid on Dec. 21 last, and regular quarterly dividend of 10
was paid on Sept. 15 last.—V. 149, p. 3712.
Directors have
stock, par $4,
of .35
cents
Southern
&
Chicago
Up 49%—
Company flew
Air
Lines—Passenger Revenue
1,252,145 revenue passenger miles during the first two
of 44.6% over the same period of 1939, when
865,743 passenger miles.
D. D. Walker, Vice-President,
announced on March 5 that during the period from Jan. 1, to Feb. 29,
months of 1940, an increase
flew
airline
total of 3,139 revenue paassengers were carried against 2,107 for
months in 1939.
This is an increase of 49%.
number of passengers carried in February, 1940 showed a
decrease of 3.6% under January of the same year and an increase of 51.1%
over the month of February, 1939.
The company flew a total of 588,461
1940,
a
the same
The
total
revenue
passenger
miles in February, 1940, against
663,684 in January,
1940 and 424,661 in February, 1939.
Mr, Walker further stated that the
United States on
domestic scheduled air lines of the
Feb. 26th completed 11 months of service without fatality
crew or anyone else.
During these 11 months the intra
78,460,700 plane miles and carried 1,895,700
total of 737,450,000 passenger miles.
If one plane had done the flying, it would have made 29,720 trips across
the continent.
If one passenger had done all the flying, he would have made
139,670 transcontinental round trips which at 39 hours per round trip
would have required 621 years and 10 months of constant flying.—V. 150.
to
passengers,
United States air lines flew
passengers, a
page
Coca-Cola International
Colonial Ice Co.—$2
Dividend—
declared a dividend of $2 per share on the common stock,
payable March 6 to holders of record March 1. Dividend of $1 was paid on
Nov. 20, last and on May 8, 1939.—V. 149, p. 2228.
Directors have
Columbia Broadcasting
System, Inc.—Time Sales—
sales amounted to $3,330,627, an increase of 31% over
the $2,541,542 reported a year ago.
Cumulative time sales for the first two months aggregate $6,919,616, an
increase of 32.7% over $5,215,599 for comparable 1939 preiod.—V. 150,
p. 1428.
February time
Corp.—Listing—Voting
Pictures
Columbia
Trust
to
Expire April 1—
Stock Exchange has
New York
The
989.
Corp.—Dividend—
March 2 declared a dividend of $5.80 per share on the com¬
mon stock, no par value, payable April 1 to holders of record March 12.
This compares with $23.40 paid on Dec. 15, last; $5.80 paid on Oct. 2 and
on July 1, last; $3.85 paid on April
1, 1939; $21.40 paid on Dec, 15, 1939;
$5.80 on Oct. 1, 1938, and $3.89 paid on July 1 and on April 1, 1938.-—V.
150, p. 1132.
Directors on
authorized the listing of 358,651
stock (no par) in exchange for the presently outstanding
trust certificates upon the expiration of voting trust agreement
dated as of April 1, 1930; 8,510 shares of common stock presently issued and
outstanding and not deposited under the voting trust agreement; 28,893
shares of common stock upon official notice of issuance upon the exercise
of outstanding options; and 135,000 shares of common stock upon the con¬
version of the corporation's $2.75 preferred convertible stock, making the
total number applied for 531,054 shares of common stock.
shares of common
Co.—Open Bidding Asked on
Loan
of $16,000,000—To Pay Off 4%
Series—Previous
Financing Done by Private Negotiation—
Chicago
The company has
offer for
Station
Union
tentatively set March 12 as the date on which it
bidding an issue of $16,000,000 3H%
will
sale on competitive
1st
1, 1963.
Previously the company has
negotiation.
The proceeds of the proposed sale will be used to refund $16,000,000
of 4% series D bonds, due July 1, 1963, which are callable on July 1 at 105.
The company applied March 7 to the Interstate Commerce Commission
for authority to issue $16,000,000 of 3H%
1st mtge. bonds and $600,000
of 2M% guaranteed notes, to provide funds for the retirement of $16000,000 of 4% 1st mtge. bonds due on July 1, 1963.—V. 150, p. 835.
mtge. bonds, series F, due July
done its financing through private
Cinnabar City Mining Co., Inc.—-Registers
first page of this department.
Cities
Service
Power
&
Light
Co.—Death
Sentence
United Gas Improvement Co. below.
Cleveland Cliffs Iron Cor—New Director—
Morgan B. Brainard, President of the Aetna Life Insurance
Hartford, Conn., has been elected a director of this company to
vacancy
created by the death of Chester C.
Co. of
fill the
Bolton.—V. 149, p. 4025.
Clinchfield RR.—Earnings—
January—
Gross from railway...._
Net from railway
Net ry. oper. income
—V. 150, p. 835.
issue
1939
$617,462
339,408
1938
$503,129
214,737
$587,091
283,426
378,935
313,054
193,097
283,063
Angeles.—Slock Offered—
(no par) was
of 2,875 shares of common stock
recently offered (to residents of California
per share by Lester & Co., Los Angeles.
The
only) at $35.50
2,875 shares of common stock offered are the unissued
shares of authorized capital stock.
Lester
the total of 250,000
Commonwealth
Edison
Co.—Banking
balance of
& Co. has
Sells
Syndicate
200,000 Shares of Stock—One of the largest distributions of
utility common stock in the last year "was effected March 6
when
a
widespread
underwriting
syndicate, headed
by
Dillon, Read & Co., sold 200,000 shares of common stock
of the company at 32% a share after the close of the market.
The stock involved in the deal had a total value of $6,475,000,
the offering price
stock
on
being based on the closing price for
the
Stock Exchange.
the New York
Continental
Read & Co. purchased the securities from the
Trust Co. of Chicago.
Purchases was made in the form
Commonwealth Edison Co. convertible debentures.
These debentures
are convertible into common stock at the ratio of four common shares for
each $100 of debentures.
The Continental Illinois Bank & Trust Co. has
a
substantial stock and debenture interest in Commonwealth Edison
arising out of the collapse of the Insuli utilities system.
Illinois Bank &
of
Weekly Output—
electricity output of
sales deducted) for
The
company
the Commonwealth
Edison Co. group (inter¬
2, 1940 was 153,588,000
the week ended March
compared with 139,179,000 kilowatt hours in the corre¬
sponding period last year, an increase of 10.4%,
The following are the output and percentage comparisons for the last four
weeks and the corresponding periods last year:
-Kilowatt Hour Outputkilowatt
dated Dec. 6, 1939, providing for the purchase
under certain conditions of up to 2.875 shares of said stock from the "com¬
pany at the price of $34 per share net to the company.
Pursuant to said
agreement, the company at the request of Lester & Co. will sell up to 875
or these shares to
Hopkins, Hughey & Anderson, investment dealers of
Los Angeles, at $34 per share for resale by Hopkins, Hughey & Anderson
to the public at the public offering price, subject to the same terms and
conditions as the offering by Lester & Co.
Company is engaged in the bottling and sale of Coca-Cola and other
non-alcoholic beverages in the City of Los Angeles, Calif, and the territory
adjacent thereto.
It holds an exclusive franchise for the bottling and sale
in bottles of Coca-Cola which franchise permits it to serve the City of Los
Angeles and surrounding communities within a radius of 50 miles.
This
area has an estimated population of approximately 2,750,000.
From time
to time the company bottles and sells other products in the same territory.
entered into an agreement
under which 358,651 shares
is dated as of April 1, 1930
1940.
The holders of the voting trust
thereof, properly endorsed, to City Bank Farmers
Dillon,
1937
1940
$780,794
452,996
Coca-Cola Bottling Co. of Los
An
of the outstanding common
and will expire on April 1,
certificates upon the surrender
Trust Co., at 22 William
St., New York, N. Y., the depositary, will be entitled on and after April 1,
1940, to receive certificates for common stock for the number of shares
represented by such voting trust certificates.—V. 150, p. 275.
The voting trust
stock is deposited
with SEC—
See list given on
Invoked by SEC—See
—V. 149, p. 4170.
voting
hours
Week Ended—
2
Mar
Feb'24
Feb
—
17
—-
-
1940
1939
P.C. Inc.
153,588,000 139,179,000
10.4
152,212,000 142,276,000
7.0
151,135,000 138,649,000
9:0
158,730.000143,483.000
Feb! io:::::.:
10.6
New Directors—
The annual proxy
on
statement of this company, forwarded to shareholders
Jr., Secretary, shows that Charles Y. Free¬
March 1 by John W. Evers
Chairman of the Toard,
man
proposed for
of
election to the
and Edward J. Doyle, President, are being
board of directors to fill the vacancies created
deaths of James Simpson and John T. Pirie.
The annual meeting
stockholders will be held in Chicago on April 2.—V. 150, p. 1428.
by the
Volume
The Commercial & Financial Chronicle
150
Commonwealth
with
Loan
Co.,
Indianapolis—Registers
1597
Consolidated Edison Co. of N. Y.,
SEC—
Inc.—Weekly Output
Commission
Consolidated Edison Co. of New York announced production of the
elec¬
tric plants of its system for the week ended March 3,
amounting to 150,200,000 kilowatt hours, compared with 142.2C0.000 kilowatt hours
for the
cum.
corresponding week of 1939,
A registration statement has
been filed with the Securities and Exchange
at Washington
covering the issuance of 35,000 shares of 5%
pref. stock ($100 par).
Of the total, 25,000 shares will be offered
through Hallgarten & Co. and the remaining 10,000 shares will be offered
m
exchange for a like number of shares of the company's outstanding
7% pref. stock.
an
increase of 5.6%.—V. 150, p. 1429.
Consolidated Retail Stores, Inc.—Sales—
Period End. Feb. 29—
Sales
Proceeds of the offering of these shares will be
applied by the company
1940—Month—1939
$741,098
1940—2 Afos.—1939
$1,368,649
$1,274,783
$633,111
to reduction of bank
—V.
Kentucky.
Howard G. Wascher has been nominated as a director of this
company to
succeed E. E. Van Sickle, who is
retiring from the board.—V .149,
loans, it was stated.
Company is one of the leaders in the personal finance business and is
successor to a business
originally founded in 1887.
It operates 57 offices
in Indiana,
Illinois, Iowa, Michigan, Missouri, Minnesota, Ohio, and
990.
Corn Products Refining Co.—New Director—
Corp.—SEC Starts Death
and Standard Power & Light
Edward S. Perot
At
tentatively
The reduction in the par value of the common stock
of $20 per share
on the outstanding 467,489 shares will create a
capital g-rplrs of $9,349,780.
The capital and earned s^rpb s at the close of the 1939
fiscal year
amounting
to $4,921,159 will be more than exhausted
by the adjustments to be
made,
which adjustments are estimated to be
approximately $7,000,000 in the
property values based on the appraisal, $750,000 for Old Dutch
Cleanser
advertising investment and $588,942 for uanmortized debt discount and
expense, applicable to refunded issuas—a total of $8,338,942.
The
remaining deficit will be charged to capital surplus created by the
adjust¬
ment of the par value of the common stock,
leaving a remaining balance
in the capital surplus of
approximately $5,900,000 at the beginning of the
1940 fiscal year, and no earned surplus.
the provisions of the law, and whether there may be retained interests in
business other than the business of a public-utility company as such.
any
Standard Power & Light Corp. is the top holding company controlling the
Standard Gas & Electric Co. system.
This system has total assets of
approximately $1,088,350,000 and serves with electricity communities in
19 States having a population of approximately 4,915,390
persons.
Com¬
munities having about 2,800,370 persons in nine States also are served
gas.
The revaluation
The
headquarters of Standard Power & Light Corp. and Standard Gas &
are located in Jersey City, New Jersey and New York
City
and the system controls electric companies
operating in Arkansas, Cali¬
fornia, Colorado, Idaho, Illinois, Indiana, Iowa, Kentucky, Minnesota,
Montana, Oklahoma, North Dakota, Michigan, Oregon, Pennsylvania,
South Dakota, Washington, Wisconsin and Wyoming, and in Mexico. The
gas companies operate in eight of those States and in West Virginia.
Among the subsidiaries of Standard Power & Light Corp. and Standard
will in
Electric Co.
no
of fixed assets
and the elimination of
intangible assets
change the number, amount or type of assets owned
by
change in any way the character of the business presently
way
the company or
carried on.
Company stated that considerably more than the required amount of
of the pref. and common stockholders was received in
support
consents
of the management's recommendations.—V. 150,
p. 991.
Curtiss-Wright Corp.—New Plane Accepted hy Navy—
Gas &
Electric Co. listed in the Commission's notice are Louisville Gas &
Electric Co., Northern States Power Co., Philadelphia Co., Southern
Acceptance by the United 8tates Navy of a streamlined
exnerimenta
observation plane, designated the Xs 03 O-l, was announced
by Curtiss
Aeroplane division of this corporation.
Colorado Power
Co., Oklahoma^Gas & Electric Co., San Diego Consoli¬
dated Gas & Electric Co., Mountain States Power Co., California
Oregon
Power Co., and a company operating in Mexico.
The notice lists 33 electric
Designed for use aboard battleships and cruisers and carrying armament
deemed sufficient to protect Itself the olane is a
midwing monoplane powered
and gas utility subsidiaries of Standard Power &
Light Corp. and Standard
Gas & Electric Co. and 79 subsidiaries which are non-utility
companies.
The Commonwealth & Southern Corp. has total assets of
with
12-cylinder inverted V-type air-cooled engine.
a
It carries
$1,213,866,439
electricity communities in 10 States with a population of
approximately 9,100,000 persons.
Communities having about 1,614,000
sea.
and serves with
are
a crew of two and can be equipped for use either
on land or
Its soeed and cruising range, kept secret by the
Navy Department,
reported to be considerably In excess of
scouting planes now in
service.
—V. 150, p. 991.
served with gas.
Southern
Delta Electric Co.—To
regular
quarterly dividends of 15 cents per share
extra dividend of 30 cents was
1939
1938
.
expenses
$6,441,539
$6,091,640
$6,321,889
$6,746,256
34,499
116,039
1936
$3,393,575
$3,004,380
665,811
282.537
$2,136,750
$2,073,862
750,000
a2,625,000
$2,111,959
750,000
a2,100,000
$2,056 031
^636,750df$l ,301,138
Ullm
jf?
df$738,041
5,313,828
Drl48,592
$231,031
5,585,915
Dr53,118
$5,763,828
Flood losses
Net income
$6,475,109
1,836,035
$6,126,139
1.737,416
$6,437,928
1,754,059
$6,815,314
1.773,505
124,323
111,104
450,000
Common dividends
1,050,000
&
~
111,753
346,566
11,883
345,460
65,896
345,557
40,345
pref. stk.
on
Previous
348,939
50,293
$4,168,872
374,242
$3,853,919
374,242
$4,173,644
374,242
$4,531,473
796,742
property
deductions
divs.
123,448
rurpj;- -- -- adjustm'tl
M,sc. surplus
leased
Cash
Total surplus
of net
for
com.
inc, avail,
Common
Earns,
Shs.
stk. divs. &
other corp. purposes,
transferred to surpl.
sh.
on
$3,794,630
3,444,378
$3,479,677
3,444,378
$3,799,402
3,444,378
$3,734,731
3,443,780
$3.03
$3.30
$3.25
com.
stock..
1939
$
1939
Sink,
1, ,814,181
invests.
funds
67,557
93,437
921,730
Cash._
927,830
3,427,775
sees.
20,009
19,836
Xotes&accts.rec.
3, ,208,834
3,416,903
from
Due
sub.
Accrd.
Int.
Common stock
Work In progress
dts.
Employ' welfare
fund (contra)
-
2,043,694
good-
,
1
1
2,182,712
4,214,539
2,064,461
3,914,742
divs.
Notes receivable..
105,184
98,916
9,856,107
9,883,638
2,685,389
unpd.
874,112
will, &c
Cash
872,381
Inventories
pay._
703,891
791,868
b
1,499,332
Investments
Deferred charges..
17,257
Consumers' deps
316,808
6,612,221
5,462,167
Other reserves
158,976
605,336
575,363
Standing timber 2,637,628
Liabilities—
$
Preferred stock —15,000,000
c Common
stock..11,337,500
Accounts payable.
40,340
1938
$
15,000,000
11,337,500
Reserves
3,178,175
66,829
769,088
450,000
3.658,527
Surplus
3,466,833
2,762,438
Accrued taxes
907,894
Pref. divs. payable
4*0,000
147,500
726
890
,281,933
disct. & exp._
accounts.
rights,
accts..
Accounts
1939
%
1,582,582
Accts. receivable..
49,839,500
Res. for retire's.
rec_.
Pat.
1938
$
Plants & mach'y
bond
and
decl. &
46,217,240
6,804,400
46,217,240
50,116,000
55,638
1,024,283
2,666,798
2,845,268
820,810
814,431
83,843
Contrlbs. for
ex¬
tensions
Employ, welfare
res.
(contra).
Earned surplus
92,272
.
Marketable
339,664
3,353,748
349,718
3,119,910
a
34 380,742
After"depreciation
Represented by 1-148,126
4025.
no
par
c
of
3,205,839
532,760
34,044,3821
$4,177,952
Total
in
34,380,742 34,044,382
1939
Represented by 700,000
686.
A
and
no
$4,291,869 in 1938.
par shares.—V. 150,
p.
contract
calling for $20,000,000 of Improved type
two-engine
been placed with this company,
by the British Air
scheduled to begin late this
year and extending
through to December, 1941.
new
attack
349,718
116,257,703'
552,432
9,614.942
Douglas Aircraft Co.—Gets British Order—
715,424
339,664
8,452,622
4,796,934
b After depletion,
bombers has
Ministry
117,325,228
securs.
Total
853,749
Prepd. and def'd
x
6,804,400
Matured
int.
a
1,425,159
375,997
pis.
Mat'ls & suppl's
Total..
x
Accrued
Unamortlz. debt
Unadjusted
1939
8,200
em
and officers
$5,313,828
700,000
700,000
700,000
700,000
share
$1.77
$1.67
$1.73
$1.65
$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.
A ssets
55,806
companies
Loans to
stock
Funded debt
3, ,539,496
Marketable
$3,977,196
a
S
5K% cum. pref.
1,887,587
and
special depos-
450",666
$2,762,438
per
1938
Liabilities—
"
Prop., pl't&inv.lOl ,681,210 100,529,836
Miscell.
450*,000
Consolidated Balance Sheet Dec. 31
1938
S
Inv. in sub. cos.
$4,427,196
$3,466,833
Balance Sheet Dec. 31
Assets—
$3,225,285
12,846
450,000
stk. outstand¬
com.
600,000
1,225,000
ing (no par)
Earnings
$3.30
dividends
per
881,624
257.631
142,361
$3,952,896
36,063
450,000
Sundry tax adjustments.
Acer. pref. divs. payable
Surplus, Dec. 31
Bal.
Years
1937
$3,393,269
1,055,780
b247,864
15,763
•
exps., less prem. on dt.
Rentals & other chgs. on
Neg income
Calendar
1938
$3,561,145
1.186,408
b237,987
sources..
Preferred dividends
Other
n'
Co.—Earnings—
Income Account for
Federal taxes, &c
69,058
properties
Amort, of debt disc't
'
1939
Earns, from all
non-oper.
Gross corp. income
Interest on funded debt.
Output—
an
Industrial output for the week ended March 2 totaled
30,499,000 kwh.
decrease of 7-10 of 1% from the previous week's 30,720,000
kwh., but
gain of 14.5% over the 26,625,000 kwh. for the corresponding period of
1939.—V. 150, P. 1277.
1936
33,570
from
were distributed.
In addition,
Dec. 20, last.—V. 149, p. 3714.
a
Deprec. & amortization.
Operating income
Income
on
Output for week ended March 2 totaled 67,844,000
kwh., a decrease of
M of 1%; from the previous week's 68,216,000 kwh., but an increase of
14.8% over the 59,117,000 kwh. for the like 1939 period.
Consolidated
1937
paid
Detroit Edison Co.—Power
-Earning s-
$19,703,330 $18,680,810 $19,636,753 $18,593,769
13,261,791
13,314,864
12,589,170
11,847,513
revenues
Pay 20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the
common
stock payable March 20 to holders of record March 11.
Previously
Diamond Match
Calendar Years—
stock
against the capital or paid-in surplus of the company the amount or
amounts
which it shall determine hereafter to be
appropriate, based upon a cost
valuation apprsi'al of its fixed assets and the elimination
of certain intan¬
gible assets, which adjustments are to be made as of the close of
business Oct.
28.1939.
the public hearings each company will be entitled to
present evidence with
respect to the Commission's allegations and with respect to whether the
company's "additional" systems are such that they may be retained under
Operating
Operating
by-laws of the
common
directors to charge
scheduled for May 6, 1940, precise dates for the hearings will not be fixed
until the Commission has had an opportunity to study the answers made
by
the companies and to ascertain the scope of the issues raised therein.
At
Connecticut Light & Power Co.
for
a
company to reflect said reduction in the par value of the
and in the authorized capital, (3) authorized the board of
if any, the company believes it should take to
comply with the standards of
Section 11 (b) (1) of the Act.
Such answers are called for by April 16,1940.
While public hearings in these two
Corp. maintains offices for the doing
of business in the City of Wilmington, and maintains
general headquarters
in the City of New York.
The corporation controls directly or indirectly,
electric companies operating in Michigan, Illinois, Indiana, Ohio, Penn¬
sylvania, Alabama, Georgia, Florida, Mississippi and South Carolina, and
controls gas companies operating in seven of those States.
Among the 10 electric and gas utility subsidiaries of the Commonwealth
& Southern Corp. listed in the Commission's notice are Consumers Power
Co., Southern Indiana Gas & Electric Co., Alabama Power Co., Georgia
Power Co., Gulf Power Co., and Mississippi Power Co.
The notice also
lists 31 subsidiaries which are non-utility companies.
Any State. State commission, or municipality affected and any interested
security holders or consumers may apply to the Commission to intervene
in the proceedings as provided in the Commission's Rules of Practice.
—V. 150, p. 1429.
1940 were $641,728 as compared to $599,710
increase of $42,017, or 7%.—V. 150, p. 1275.
an
special meeting of stockholders held March 6, 1940, the
following
(1) Authorized the reduction in the par value of the
stock from $50 to $30 per share, and the reduction of
the author¬
ized capital stock of the
company from $45,000,000 to $30,420,200; (2)
ap¬
proved the amendments in the articles of agreement and the
holding company system is not confined in its operations to a single inte¬
grated public-utility system.
The notices give each company an oppor¬
an answer and to present its own views as to what action,
are
February,
common
tunity to make
States also
Executive
Wallace K.
as
actions were taken:
Standard Power & Light Corp., upon its chief usbsidiary, Standard
Gas & Electric Co., and upon the Commonwealth & Southern
Corp. The
notices allege in each case that it
appears to tlje Commission that the
Commonwealth &
at a directors'
Cudahy Packing Co.—Capital Reduction Voted—
upon
persons in seven
for
February, 1939,
the proceedings
previously instituted with respect to other large holding
company systems.
The Commission's action was taken by the issuance of notices served
been
President of the company
Crown Drug Co.—Sales—
Sales
Company Act of 1935 with respect to Standard Power & Light Corp. and
The Commonwealth & Southern
Corp.
The action taken was similar to
have
elected
was
meeting held Feb. 27. He joined the company early last year
Vice-President and was elected to the directorate in June.
Brown was made Vice-President.—V. 149, p. 1472.
The Secrrities and Exchange Commission March 6 announced the insti¬
tution of proceedings under Section 11
(b) (1) of the Public Utility Holding
proceedings
2509.
Crocker-Wheeler Electric Mfg. Co.—New President—
& Southern
Sentence Against Corporation
Corp.—Given Until April 16 to Answer—Hearings May 6—
The
p.
p.
Commonwealth
with
150,
The
Total.-.117,325,228
116,257,703
shares at stated value.—V.
149,
p.
with
deliveries
aircraft ordered
struction bv
,
.
is similar to the improved
type now under con¬
Douelas for the French Government and will be
built at the
,
Monica Calif., plant. Announcement of the conclusion of
the nego¬
tiations with the British Purchasing Commission was made
on Feb. 27
by
Santa
The Commercial & Financial Chronicle
1598
W.
Donald
order, which is substantial,
and is concluding an order for 20 bombers for the Canadian Government, the
new order is its first military business from the British Government since
started last September.
with Douglas gives the company slightly
$100,000,000 of unfinished work now actually under contract, or on
contracts about to be signed. Currently, the Douglas backlog is reported at
$66,500,000, with the acquisition of the new order. This does not include
$14,000,000 of work for 40 DC4 42-passenger planes, construction on which
already has started.—V. 149, p. 3259.
the
war
121,982,000
59,153,000
National Power & Light Co.. 75,857,000
Electric Power & Light Corp.
d Jf n
106,656,000
52,773,000
84,943,000
Amount
%
15,326,000
14.4
6,380,000
12.1
d9,086,000 dl0.7
docrcdsc
j
^
Duff-Norton Mfg. Co., Inc.—New Director—
John R, McGinley 2d, Assistant Vice-President of the Marine Midland
Trust Co. on Feb. 29 was elected a director of this company.—V. 149, p.
do not include the system inputs of any companies
appearing in both periods.—V. 150, p. 1433.
The above figures
not
Edison Brothers Stores,
Sales.-.
Edmonton Street
Total
Co.—Earnings—
Gross revenues
expenditures
bonds and notes.
23,026,609
1,582,082
21,761,793
1,579,901
23,217,209
1,576,430
19,472,062
1,660,723
Renewals
Taxes
1939—12 Mos.—-1938
$737,814
564,278
$698,535
531,641
$173,535
69,317
97,500
54,530
$166,895
69,317
75,000
53,243
$47,812
15,058,583
$30,665
14,233,543
$0.0486
$0.0487
$17,029
5,776
7,000
$24,581
5,776
22,500
5,197
Operating surplus
charges
Fixed
°PnewJsV& Yeplace.Te?
Ry.—Earnings—
1939— Month—1938
$69,798
$74,536
-52,769
49,9.54
revenue
Total oper.
1939
1938
1937
1936
$30,413,406 $27,638,845 $29,269,165 $27,611,113
Calendar Years—
1940—2 Mos —1939
$2,769,543
$2,760,300
150, p. 992.
—V.
Period End. Dec. 31—
Duke Power
Inc.-r-Sales—
1940—Month—1939
$1,472,337
$1,444,364
Period End. Feb. 29—
4027.
on
1 Q3Q
1940
Operating Subsidiaries of—
Amer. Power & Light Co
Placement of the British order
over
Int.
1940
-Increase-
estimated that 5,000,000 additional
Douglas, President, who
labor hours would be entailed in the job.
While company is working on the French
March
5,014
Unamort. disc, on bonds
—1,617,736
called.
Previous surplus
Credit
$4,660,474
8,753,791
$4,297,150
8,954,280
$5,619,767
9,628,710
Net income
836,510
patent suit
Surplus
of
Mercantile
Development Co
Eisler Electric
268,740
$15,248,477 $13,251,430 $14,250,775 $13,652,303
Total surplus...
19,859
4,292,704
a836,510
19,859
3,030,144
4,040,192
19,859
3,030,144
59,275
572,717
147,422
7,049
$9,628,710
$4.23
$8,954,280
$4.58
$11,129,152
$5.54
stock.-
$4.78
During the year company received income of $965,369 from the dis¬
solution of Southern Electro-Chemical Co. and Alper Chemical Corp. and
disbursed the net proceeds of same, after taxes, to the stockholders, resulting
in a special distribution of 82.82 cents per share of common stock.
This
income was received as the company's portion of the proceeds arising out
of the settlement of patent litigation which had been pending many years,
is non-recurring and had no relation to its public utility business.
Balance Sheet Dec. 31
1939
1938
$
|
estate,
6,230,589
127,372
77,878
a6,992,024
Notes, acc'ts &
int. receiv'les.
4,699,507
4,480,104
$
acc'ts
7,052,211
payable
199,796,334
6,888,403
Deferred charges
202,163
Accrued interest
6,964,258
200,128
2,444,431
2,063,335
replace., Ac.. 67,741,261
Funded debt... 38,000,000
63,169,533
Tax reserve
Res., renewals &
38,000,000
283,700
283,700
Common stock. 101,004,898 101,004,898
$7 cum. pf. stk.
munlc.
&
&
1938
$
Liabilities—
Notes
plants, Ac.-.207,273,421
Investments
5,986,903
State
1939
$
150,520
92,525
3,296,125
bonds
Mat'i A supplies
3,636,835
Deferred
287,038
269,125
11,129,152
9,628,710
credits
Surplus
or
Earnings—
With sales reaching the $1,500,000 mark for the
first time since 1929,
shows a profit on operations for 1939,
Federal income taxes, of $110,200.
This
is equivalent to approximately 28 cents per share on 393,251 shares of
capital stock outstanding and compares with a profit of $20,686 for the year
1938.
After all deductions, including depreciation, patent amortization of
$43,041, and Federal income and excess profits taxes, net income to surplus
was $54,831, or 14 cents per share, against a net loss of $21,863 in 1938.
The company's financial position was strengthened during 1939. total
current assets rising 5% to $738,236 on Dec. 31 and current liabilities de¬
creasing 8% to $151,777, a current ratio of about 4.9 to 1. Cash on hand of
$127,8o3 at Dec. 31 was only 16% less than all current liabilities. Dividends
of $31,460 were paid in 1939.
The company, by arrangement with the
Treasury Department, is amortizing the value of original patents acquired
at its inception at the annual rate of $42,000, at which rate amortization
will be completed by 1945.—V. 149, p. 4028.
corporation,
Including certificates of deposit.-
a
-V. 150, P.
1432.
Corp.—Stock Qualification Sought—
Dun-Bradstreet
*
following from the Boston "News Bureau":
Qualification for sale in Massachusetts of 42,454 shares of Dun-Bradstreet
Corp. $6 preferred stock and 480,000 shares of common stock is before the
Division of Investigation of Securities, Department of Public Utilities.
The shares to be qualified do not represent new financing by the company,
but rather stock already outstanding in the hands of the public. *
It is proposed to offer the common at market, which is approximately
$38.50 a share.
This stock has been acquired from individuals.
The
preferred stock, which is held in substantial amounts by large investors
such as banks and insurance companies, is quoted around $110.
No information as to earnings is available.
However, the company has
paid common dividends based on the present capitalization (the stock was
split 4-for-l in Dec., 1936) as follows: 1939, $3; 1938, $3; 1937, $2; 1936,
$2.50; 1935, $1.50.
The stock is currently on a $2 annual basis, supple¬
mented by special disbursements.
The latest available balance sheet, dated Dec. 31, 1938, shows total
assets of $16,315,296, of which cash amounted to $4,267,887 and files and
goodwill $7,350,743.
It is estated that financial position in 1939 showed
an improvement over the preceding year.
We take the
•
Duquesne Light Co.—Reduces Rates—
a
The Pennsylvania Public Utility Commission on M^rch 5 announced
voluntary reduction of $1,724,000 a year in rates by this company.
The new rates go into effect after the company submits a new schedule
of
charges
the
for
Commission's
Commissioner
approval.
Richard
J.
be done "almost immediately," and added that
apply principally to household consumers but would
also affect small business, the steel industry and municipalities.
Beamish
said
thus
will
the lower rates would
cl939
12 Months Ended Dec. 31—
Operating revenues
a Net operating income
b Net
1938
$32,226,929 $29,423,286
12,814,989
11,382,038
I
10,328,513
income
8,931,327
maintenance, taxes, appropriation for retire¬
b After deductions for all interest charges, amortiza¬
tion of debt discount and expense, &c.
c Preliminary.—V. 150, p. 687.
a
After operating expenses,
ment reserve,
&c.
East Broad
19320468
Elgin Joliet & Eastern Ry .—Bonds Offered—Financing
in the amount of $20,000,000
taken
company
permitting abandonment by the
Rocky Ridge to
extending from
Stanton Quarry, about 1.53 miles, all in Huntingdon County,
of its
Ridge branch, extending from
Rocky
Evanston, about 4.9 miles and its so-called Stanton siding,
Neelyton to
Pa.—V.
149, p. 3113.
Eastern
Steamship Lines, Inc. (& Subs.)—Earnings—
Month of January—
1940
$603,761
701,116
<
Operating revenue
Operating expense
$97,355
1,725
54,924
Operating loss.
Other
income.
Other expense-
$150,554
Deficit
1939
$586,282
626,202
$39,920
899
55,263
$94,284
operations after depreciation, interest,
rentals and local taxes, but before Federal income tax, capital stock tax,
The
above
capital gains
P. 993.
statement
or
losses
covers
and
other
non-operating adjustments.—V.
Eaton & Howard Management
Directors have declared a dividend of 20 cents per
paid on Dec. 23, 1939.—V. 150, p.
Eaton & Howard
share on company's
Like amount was
record March 9.
276.
Management Fund F—10-Cent Div.—
Directors have declared a dividend of 10 cents per
to
150,
Fund" Al"—20-Cent Div.
stock, payable March 25 to holders of
holders of record March 9.
share, payable March 25
23,
Previous payment was made on Dec.
1939, and amounted to 15 cents per share.—V. 146, p.
Ebasco Services Inc.—Weekly
3952.
Input—
For the week ended Feb. 29, 1940 the kilowatt-hour system input of
subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
the operating companies which are
March
7.
for the company was under¬
consists of $17,700,000 1st
The offering
mtge. 334% bonds,
series A, due March 1,
1970, which
marketed
by a group headed by Morgan Stanley &
Co., Inc., and including Harriman Ilipley & Co., Inc.;
Smith, Barney & Co.; The First Boston Corp.; Harris,
Hall & Co. (Inc.); Glore, Forgan & Co.; Central Republic
Co.; A. G. Becker & Co., Inc., and 26 other investment
firms.
The bonds were priced at 101^ and int., to yield
3.17% to maturity.
The remaining $2,300,000 of bonds
will be sold by the company at 99 3^ directly to the United
States Steel Corp. and the Carnegie Pension Fund.
The
underwriters purchased the $17,700,000 of bonds from the
at 993^.
eompary
United States Steel
The railway
company
is controlled by
Corp.
Dated March 1, 1940; due March 1, 1970.
Interest payable M-S.
Coupon bonds In denom. of $1,000 registerable as to principal.
Fully
registered bonds in denom. of $1,000, $5,000, $10,000 and authorized
multiples of $10,000. Coupon and registered bonds interchangeable. Cum.
semi-annual sinking fund of $100,000 to be applied to the purchase or re¬
demption of first mortgage 3 M % bonds, series A, and calculated t» retire at
least $9,000,000 thereof by maturity. Redeemable at option of company, as
a whole or in part, at any time upon 45 days' notice at following prices:
to and incl. March 1, 1945, at 106%; thereafter, to andincl. March 1, 1950.
at 105%; thereafter, to and incl. March 1,1954, at 1C4%; thereafter, to and
incl. March 1, 1958, at 103%; thereafter, to and incl. March 1. 1962, at
102%; thereafter, to and incl. March 1, 1966, at 101%; and thereafter at
100%; in each case together with accrued interest.
The issue and sale of these bonds is subject to authorization by the
Interstate Commerce Commission.
In the opinion of counsel these bonds under existing statutes will be upon
issuance legal investments for savings banks in the States of New York.
Mass., Conn, and New Hampshire.
Company^-Company, all of the capital stock of which is owned by United
States Steel Corp., is known as the "Chicago Outer Belt Line" and owns
152 miles of main line road circling the City of Chicago, from Waukegan,
111., to Gary, Ind., and South Chicago, 111., and Porter. Ind.
It provides
rail service for industries in the Chicago area.
Between its termini it con¬
nects with every line of railroad entering Chicago thereby providing facilities
for road to road transfer.
Top RR. & Coal Co.—Abandonment—-
The ICC on Feb. 21 issued a certificate
in its annual report
before patent amortization and
was
228.144,853 221,583.688
Total
228,144,853 221,583,688
Total
or acquires any profits or losses and all the stock of each is
by Eisler Electric Corp.
liabilities
owned
a
Assets—
Products Co., and all of its tungsten carbide business is transacted under
name of Tungsten Electric Corp, whose trade name of "Teco" is uni
versally known.
'
Neither Callite Products Co. nor Tungsten Electric Corp. has any assets
the
1,841,460
Surplus adjustments
Surplus, Dec. 31
Corp.—May Change Name—
At their annual meeting, to be held on April 2, stockholders will vote on
change in the name of the corporation to Callite Tungsten Corp.
At the
present time the notice to stockholders states, approximately 80% to 85%
of the Eisler business is carried on under the widely known name of Callite
(8,753,791
19,859
—
Special distribution
Premium & unamortized
disct. on bonds retired
Cash.—
1,444.779
$0.0478
$0.0477
-
a
Preferred dividends
Common divs. (cash)
Real
$761
1,518,039
Rev. passengers carried.
Receipts per passenger,
-V. 149, p. 3554.
settle,
account
Earns, per com.
$4,860,591
8,522,972
$8,892
Total deficit
Purpose—Net proceeds from the sale of the bonds ($19,900,000 exclusive
with funds from the company's treasury toaccrued interest, will be used to retire all the presently outstanding
mortgage bonds of the company and to satisfy the mortgages securing them,
as follows:
(a) for payment at or before maturity of $10,000,000 Elgin
Joliet & Eastern Ry. 5% first mortgage bonds, due May 1. 1941. and (b)
for redemption of $9,000,000 4
first mortgage bonds issued by ChicagoLake Shore & Eastern Ry. on or before June 1, 1940, at 110.
of accrued interest), together
pay
Summary of Earnings for Calendar
Total
Net Railway
Operating
Available for
Revenues
Revenues
Fixed Chgs.
$1,814,535
13,341,878
def346,936
7,762,242 def1,020,588
$21,807,429
1935
„
9.985,193
10,289,152
14,202,770
19,119,317
1937--..,21,340,187
1939
..
Years
Income
Operating
12,079,176
18,148,238
924,896
602,179
2,720,060
$2,450,702
115,639
def588,223
1,357,670
994,151
3,783,290
3,552,171
1.230,554
2,929,174
3,918,668
3,620,976
1,270,102
3,315,466
3,330,401
Fixed
Net
Charges
Income
$1,409,257
1,031,265
def915,626
1,012,840 def1,601,063
1,001,222
356,448
985,653
8,498974,048
l,955,12u
973,878
2,944,790
2,624.208
996,768
1,008,324
261,778
978,348
2.352,053
$1,041,445
Security—Upon release of the company's two existing mortgages, to be
on delivery of these bonds,
the indenture securing these bonds
will, in the opinion of the company's counsel, be a first lien (subject to liens
for taxes and assessments not yet due or being contested in good faith)
upon (1) all physical property now owned
by the company (except 434
acres of non-carrier real property described in the indenture), and
(2) all
equipment now owned by the company and the company interest in equip¬
ment now leased to it under equipment trust arrangements.
The mortgage
lien, as well as the provisions (with certain exceptions stated within) of the
indenture, may be modified by vote of holders of 66 2-3% of outstanding
obtained
bonds affected.
Underwriters—By separate agreements dated March 5. 1940, with Mor¬
Stanley & Co., Inc., the investment banking houses named below
severally agreed to sub-underwrite, to the extent indicated after their
gan
have
Volume
ISO
The Commercial & Financial Chronicle
respective names, a part of the
offering of $17,700,000 first mortgage 3^%
bonds, series A, due March 1, 1970.
addition, the subsidiary companies purchased
publicly held indebtedness during the year 1939:
& Co» Inc
$200,000 W. E. Hutton & Co
$250,000
Bacon, Whipple & Co
200,000 Indianapolis Bond & Share
Bartlett, Knight & Co
100,000
Corp
100,000
A. G. Becker & Co., Inc..
350.000 The Illinois Co. of Chicago
150,000
Blair, Bonner & Co
200,000 Kidder, Peabody & Co
500,000
Blyth & Co., Inc.
500,000 Kuhn, Loeb & Co
1,250,000
Central Republic Co
350,000 Ladenburg,Thalmann&Co.
500,000
Paul H.
Davis & Co
100,000
Dillon, Read & Co
Estabrook & Co.
-.1,250,000
300,000
Farwell, Chapman & Co...
100,000
The First Boston
Corp
1,000,000
First of Michigan
Corp
200,000
Glore, Forgan & Co
400,000
Goldman, Sachs & Co
500,000
Harriman Ripley & Co., Inc. 1,000,000
Harris, Hall & Co. (Inc.)..
400,000
Lazard Freres & Co
paid the following
or
Principal
Amount
Town of
Headland, 6% waterworks refunding bonds (assumed by
Alabama Water Service Co.), due
July 1, 1939
Coos Bay Water Co., 1st
mtge. sinking fund 6% gold bonds
(assumed by Peoples Water & Gas Co.), due May
1, 1949—
Series A
500,000
750,000
F. S. Moseley & Co
300,000
E. H. Rollins & Sons, Inc_
300,000
Smith, Barney & Co
.1,000,000
Stern, Wampler & Co., Inc.
200,000
Union Securities Corp
400,000
White, Weld & Co
350,000
2,000
100,000
6% gold bonds
(assumed by New York Water Service
Corp.), due July 1,1939
Rochester & Lake Ontario Water Service
Corp.—
1st mortgage 5%
gold bonds, due March 1, 1951
Scranton-Spring Brook Water Service Co.—
Non-interest bearing serial promissory note, due June
30,1939
South Bay Consolidated Water
Co., Inc.—
Great South Bay Water
Co., 1st ref. mtge. 5s, 1949
Natural Gas Co., 1st mtge. pipe line
sinking
Elmer Leasehold Trust—Sale
of Securities Enjoined—
Exchange Commission reported March 6 that Judge
Edgar S. Vaught of the U. S. District Court at Oklahoma
City bad entered
final judgment enjoining Elmer
Leasehold Trust and H. C. Robinson of
Oklahoma City, trustee, from
violating the registration provisiors of the
Securities Act of 1933..
The Commission in its
complaint charged that the defendants were sell¬
ing securities, namely certificates of interest
evidencing an interest or right
of participation in Elmer
Leasehold Trust, a trust, a substantial portion of
a
Electric Mfg.
would
money
be
lent
Consolidated
150,
Co.—Employees Offer Loan—
for
Federal income taxes
Calendar
Years
interest
and
the
company
_
Net earnings
$9,200,041
$8,787,447
5,403,637
941,730
901,075
Gross income
Charges of subsidiary companies:
Dividends
83,090
5,560,477
1,029,036
618,515
226,326
$1,870,509
$1,353,093
341,153
31,309
357,737
7,594
$1,498,046
preferred stock
net income.Cost and expenses of natural
gas exploration
$987,763
on
Minority interest in
would
-
-
Balance.
Charges of Federal Water Service Corp.:
Interest
debentures
Miscellaneous charges
on
Balance of consolidated net income.
common
dividend of two cents per share on the
company's
stock, par $1, payable March 22 to holders of record March 12.
Dividend of three
a
cents was
paid
on
Dec. 23, 1938.—V. 147, p. 3308.
Firestone Tire & Rubber Co.—Debentures Called—
A total of
$1,200,000 10-year 3J^% debentures, due Oct. 1, 1948 have
Payment
Co., Cleveland, Ohio, or at the National
City Bank, New York City.—V. 149, p. 4028.
been called for redemption on April 1 at 103 and
accrued interest.
will be made at the Cleveland Trust
Federal Water Service
Consolidated Balance Sheet Dec. 31
127.
Fifty-Six Petroleum Corp.—Common Dividend—
Directors have declared
Corp.—Annual Report—
C. T. Chenery, President, in his remarks to
stockholders states:
Reclassification Plan—The first major objective of the corporation during
the year was to work out a plan for the reclassification
of its stock in order
that the existing impairment of capital
might be eliminated and dividends
might be paid.
The Public Utility Holding Company Act of 1935
requires
that corporate structures of registered
holding companies be simplified and
voting power be fairly and equitably distributed.
The corporation was
advised by the staff of the Securities and
Exchange Commission that the
plan filed on June 2, 1938 for the proportionate reduction of the
capital of
Assets—
1939
$166 ,037,954
2 ,174,712
415,880
Cash
6 ,072,911
Accounts and notes receivable
,040,169
Accrued unbilled revenue.
371,216
Materials and supplies.
,076,350
Prepaid taxes, insurance, &c._
137,353
Commission on capital stock
2 ,113,263
a Debt discount and
expense
2 ,465,016
b Premium and discount
424,005
Organization expenses of holding and invest¬
ment companies
Natural gas exploration
Miscellaneous deferred charges.
Total.
stockholders affected.
However, on Jan. 16, 1940,the Supreme Court of
Delaware in the case of Havender vs. Federal United
Corp. held that this
principle was not applicable to a consolidation or
merger proceeding and
that in such a proceeding action could be taken for
the conversion of out¬
standing preferred stock including dividends in arrears into common stock.
This
decision,
it is
believed,
the way for a simplification of the
corporate structure of the corporation by conversion of the
outstanding
shares including dividends in arrears into
common stock.
Promptly after this decision was handed down the officers of this
corpora¬
tion met with the staff of the Securities and
Exchange Commission and out¬
lined to them a plan of merger of
Utility Operators Co. into Federal Water
Service Corp. and the conversion of the stocks of
both corporations Into
common stock and the distribution of
such common stock to the holders of
$184,897,121
place in the near future
respecting such a plan and that shortly
thereafter the new plan will be
formally filed.
It is believed that the road
is clearer for working out a
plan of reorganization than it has been at any
previous time and that such a plan as is above referred to
may be made
effective during the ensuing year.
Purchase and Sale of
Properties—During 1939 corporation sold its invest¬
ments in two operating companies.
The common stock of California Water
Service Co.
was
sold
as
of June
1, 1939, for $3,202,000, and the common
stock of Chester Water Service Co. was sold on Dec.
8, 1939, for $800,000
On Nov. 3, 1939, Peoples Water & Gas
Co., a subsidiary sold its water
properties serving the communities of Burlington, Mt. Vernon and Sedro
Wooiley, Wash., to a public utility district for the sum of $300,071.
On June 29, 1939, Alabama Water Service
Co., another subsidiary, sold
its Decatur plant to the City of Decatur for the sum of
$825,146, and on
Nov. 15, 1939, sold its Bridgeport plant to the
municipality which it served
for the
sum
of $70,029.
Federal Water Service Corp. on Jan. 23, 1940,
purchased for $810,000
all of the outstanding securities of the
Chattanooga Gas Co., which com¬
pany serves by- product gas to the City of Chattanooga,
This substantial city can be served with natural
gas
Tenn., and environs.
from the system of
Southern Natural Gas Co. by a 40 mile extension of transmission
mains.
Corporation is negotiating for the sale to a Water Authority of its invest¬
securities of Clear Springs Water Service Co. and a
contract is
218,039
14,633,367
16,381,567
5,436,114
3,647,709
704,884
1,340,465
4,930,086
3,254,663
690,734
810,309
15,189,640
3,848,865
3,865,070
15,189,640
13,666,733
2,500,000
3,935,342
2,535,036
$184,897,121
' $ 191,889,254
long-term debt accrued
on
Unearned
accruals
revenue
Deferred liabilitiesReserves
Contributions for extensions
Capital stock and surplus of subsidiary cos.:
Pref.
stock
at
par
minimum liquidation
or
values..
Undeclared and unpaid cumulative dividends
preferred stock
on
Common stock
Capital surplus
Earned surplus
Capital stock and surplus of Federal
Service Corp.:
Cumulative preferred stock
Water
8lass A cumulative common stock
lass B
stock
13,666,733
2,500,000
common
Capital deficit
Earned deficit
Total
On issues not outstanding, in process of amortization,
b Applicable to
before maturity, in process of amortization over original
a
bonds refunded
lives of refunded issues.
Statement of Income
Income from
(Company Only) for Calendar Years
subsidiary companies consolidated—
Interest
a
_
_
Dividends from California Water Service Co
of California Water Service Co
General and miscellaneous expenses
Provision for depreciation
General
taxes
—
Miscellaneous deductions
Common stock
Peoples Water & Gas Co., $6 cumul. pref. stock
35,731 shs.
1,492 shs.
7,055
$1,054,409
191,987
2,068
19,114
24,674
362,501
7,594
$425,154
Total income
securities
Purchase of Securities—During the year 1939, the
corporation purchased
retired the following securities:
5H% debentures, due May 1, 1954, principal amount
$1,242,000
Purchase money notes, principal amount
150,000
Scran ton-Spring Brook Water Service Co., $6 cumul. pref. stock
4,986 shs.
Pennsylvania Water Service Co., $6 cumul. pref. stock
70 shs.
Southern Natural Gas Co., adjustment mortgage bonds, due
Jan. 1, 1960, principal amount
$41,500
64,280
16,371
$1,055,613
227,897
1,475
14,624
14,000
341,153
31,309
$446,470
—
Miscellaneous other income
Interest on 5 Yz
or
1938
$535,685
218,343
293,325
Interest to settlement date in connection with sale
Federal income
Service Co.
1939
$699,895
225,575
49,491
Dividends..
being prepared for the sale to another utility group of its investments in
of Union Water
$6,654,000
104,913,123
503,118
516,826
'
443,816
582,962
1,050,418
745,092
1,435,200
163,792
166,274
851,567
21,906,695
1,003,017
Federal income taxes accrued
ments in
In addition, West Virginia Water Service Co.
bought two small water
properties serving Hamlin and Danville, W. Va.
Corporation is negotiating, either directly or through subsidiaries, for
the purchase of additional gas properties in the southeastern States but
at
the time of this writing no other purchases have been
consummated.
It is
contemplated that a substantial portion (in addition to the amount used
for the purchase of the securities of
Chattanooga Gas Co.) of the cash
balance of $3,660,436 will be used in the purchase of other
gas properties.
It is necessary for all new purchases to comply with the
integration and other
requirements of the Public Utility Holding Company Act.
$191,889,254
$5,262,000
99,985,623
95,649
1,017,124
632,376
1,099,365
863,049
1,313,284
135,696
163,237
577,526
23,067,848
1,061,325
General taxes accrued
opens
the outstanding stocks.
It is expected that further discussions will take
with the staff of the Commission
436,179
102,955
96,469
]fA.n.hi lit.i p,s
Interest
arrears in dividends upon
434,949
51,007
82,335
;
Long-term debt—Federal Water Service Corp.
Subsidiary companies!
Bank loans payable
Accounts payable
Consumers'
accounts
payable of ScrantonSpring Brook Water Service Co
Consumers' deposits and accrued interest-
Miscellaneous
reclassify
stock without the unanimous consent of the
$172,773,228
5,986,272
445,104
2,207,725
3,179,006
407,817
1,000,460
166,784
2,107,628
2,518,912
460,715
Investments and special funds
Deferred consumers accounts receivable
preferred stock into
common
1938
Plant, property, rights, franchises, &c
the corporation which would permit dividends to be
paid to the preferred
of current earnings was
unacceptable and much consideration
during the past year has been given to the working out of a
plan which
would convert the various classes of stock now
outstanding into common
stock.
Under the decision of the Supreme Court of
Delaware in Keller vs.
Wilson & Co., Inc., it is impossible to
stock out
1938
$8,472,384
315,063
Interest charges
The Irving Trust Co. of N. Y. will until 11 o'clock
a.m., April 15 receive
bids for the sale to it of sufficient first lien s. f.
gold bonds due March 1,
1942 to exhaust the sum of $144,359.—V.
p.
Subs.)
$9,028,547
171,494
_
Federal Light & Traction Co.—Tenders—
150,
(Incl.
$22,319,107 $20,912,654
8,448,142
7,815,416
2,240,683
2,211,851
1,996,476
1,973,241
605,260
439,761
.
Other income
1434.
p.
Account
revenues
Operation and maintenance expenses.
Provision for retirements, replacements and
deprec.
General taxes
The New York Curb Exchange has removed the
debenture rights from
trading.—V.
Income
1939
Operating
European Electric Corp., Ltd.— Unlisted Trading—
unlisted
bonds, 4% series due 1961.
gage
without registering such
would repay it from net earnings.—V.
148, p. 3870.
•
36,500
_
_
without
531,000
44,000
675,000
Co., 6% debenture bonds, due Nov. 1,
1950-
Union employees of this
company held out an offer on March 6 of a
$100,000 loan from their wages to keep the firm from
leaving St. Louis.
The company, which has 1,200
production employees and 300 executives
and office workers, needs new
factory space and is considering inducements
to move its plant to
Evansville, Ind.
Local 1102 of the United
Efectric, Radio and Machine Workers (C.I.O.).
which has 1,240 members, proposed that the
company make deductions,
ranging from 5% to 10% from the pay of all its employees for the loan to
defray expenses of moving to a new location in the St. Louis district.
The
7,500
fund
Sale of Securities by
Subsidiary Company—West Virginia Water Service
Co. sold an additional issue of
$125,000 principal amount of its first mort¬
the assets of which, consist of oil and
gas leasehold interests and rights,
through the use of the mails and means and instruments of
transporta¬
tion and communication in interstate
Emerson
200,000
bonds, 4M% series due 1951
First mortgage pipe line
sinking fund bonds, 4M% ser. due 1952
Collateral notes payable to banks
Western New York Water
The Securities and
commerce,
6,000
73,000
-
Southern
the Commission.
5,000
New York Water Service
Corp.5K% secured serial promissory notes, due Aug. 1, 1939
Hempstead & Oyster Bay Water Co., gen. mtge.
—V. 150, P. 1433.
securities with
$1,000
Series B
500,000
500,000
Lee Higginson Corp
Lehman Brothers
Mellon Securities Corp
1599
In
Net inco
a
tax
% gold debentures
ie
Former subsidiary company not consolidated—sold as of June 1,
Balance Sheet Dec. 31,
Liabilities—
A 3 sets'
Investments and advs. (net).$23,836,361
262,238
Special funds
Cash
_
_
:
-
3,660,437
253,152
-----
Due from subsidiary cos
Mlscell.
1939.
1939 (Company Only)
accts.
and
ceivable, &c
Organization expense
Office furniture and fisxtures
4,871
1,444,221
424,732
29,716
Miscellaneous accruals
common
deficit
Earned deifict
-V. 150, P. 688.
ued
Reserves
Capital
$29,915,729
acci
Cumulative pref. stock
Cla88 A cumulative
Class B
Total
$5,262,000
Federal income tax
notes re¬
Commission on capital stock.
Long-term debt
Accounts payable
Int. on long-term debt accr.
General taxes accrued
Total
stock
-
-
411,506
48,235
15,194
16,691
11,340
508,323
15,189,640
13,666,733
2,500,000
3,848,865
3,865,070
$29,915,729
The Commercial & Financial Chronicle
1600
(M. H.) Fishman Co., Inc.—Sales—
1940—Month—1939
Period End. Feb. 29—
Stores
—V.
$231,872
$250,025
Rales
in
operation
150, P. 994.
.
1940—2 Mos.—1939
$469,321
$438,958
39
_
39
March
1940
9,
all the facts before final action is taken regarding release or layoff.
An
effort will be made to retain the employees covered by this plan who are laid
department or one division through transfer to another depart¬
within the division, or another division in the same community, if
off by one
ment
such opening is available and the
employee is qualified for that work.
protection provided by this plan," said Mr. Sloan, "is in line with
long-standing 'policy of equity, which is that General Motors Corp.
will respect scrupulously its obligations and discharge them justly—always
respecting the equity rights of those with whom it may be dealing."
The plan provides that any released or laid-off salaried employee who
has a complaint regarding his separation and who has exhausted all steps
for adjusting the complaint within the division from which he was sepa¬
rated. may appeal the case to an official of the corporation.
In this respect
the procedure is somewhat similar to the plan established in 1938 which set
up the General Motors Dealer Relations Board to review complaints brought
to it by dealers.
"The
our
Florida Power &
1939—12 Mos.—1938
$1,242,240
revenues
rate reduc. res.
$1,182,618 $14,033,560 $14,742,912
$1,242,240
Operating
Deduct
Light Co.—Earnings—
1939—Month—1938
Period End. Dec. 31—
$1,182,618 $14,033,560 $14,160,603
582,309
Balance
appropriations
7,278,473
618,640
1,400,000
1,200,000
$569,364
$5,111,811
$5,682,130
221
Net oper. revenues
Rent from lease of plant
7,521,749
116,667
$506,933
.
496,587
116,667
Oper. exps., incl. taxes.
Property retirem. reserve
221
2,651
2,650
$5,684,780
$507,154
138,755
$569,585
237,716
$5,114,462
Other income (net)
457,509
518,485
Gross income.
$645,909
$807,301
216,667
110,000
19,682
$5,571,971
2,600.000
1,320,000
223,262
$6,203,265
2,600.000
1,320,000
243,674
$304,017
$460,952
pref. stocks for period.
$1,428,709
$2,039,591
1,153,008
$886,583
sales of Chevrolet passenger cars and trucks continued in large
throughout the second 10 days of February, totaling 21,523 for
period and 46,608 for the month to date, it was announced at the
company's headquarters on Feb. 29.
This is an increase of 12.957 units or 38.5% over sales for the first 20
Retail
that
1,153,008
$275,701
Operating income
mtge. bonds_
debentures..
216,667
Other int. and deduct'ns
15,225
Interest
on
Interest
on
Net
a
110,000
income
Dividends applicable to
Chevrolet Retail Sales—
,
volume
Sales in the second 10 days increased by 4,985
days of February, 1939.
units over those for the same
Used
period last year.
volume also gained, both over the
car
Oldsmohile & Pontiac Sales—
Sales of the Oldsmobile division of
Balance
-
accumulated and unpa'd to Dec. 31, 1939, amounted to
$6,054,753, after giving effect to dividends of $1.75 a share on $7 preferred
stock and $150 a share on $6 preferred stock, declared for payment on
Jan. 2,1940.
Dividends on these stocks are cumulative.—V. 149, p. 4174.
a
Dividends
dividend of 25 cents per share on the common
stock, no par value, payable March 15 to holders of record March 5. Divs.
of 20 cents were paid on Dec. 15 and on Oct. 27, last, this latter being
the first dividend paid since March 15, 1938, when a regular quarterly
dividend of 20 cents was paid.—V. 149, p. 2366.
gain during February's second 10
days and continued to be four times greater than they were a year ago,
Unfilled new
Mr.
was
the $1.25
holders of record same date.
distribution made on Nov. 23 last.
car
orders
registered
Bathrick said.
car
a
.
150,
p.
decline
a
Corp.—Capital Reduced—
General Public Service
Previous dividend
showed
1278.
sales continued at record levels and inventories
for the first time in six months, he added.—V.
dividend of 25 cents per share on the common
stock, payable Feb. 29 to
1939 period, according
8.901 units, a gain of 50 7% over the corresponding
to D. U. Bathrick, general sales manager.
Used
& Cotton Mills—25-Cent Dividend—
Directors have declared a
General Motors in the first 20 days of
February totaled 7,788 units, in the retail domestic market, a new high
for the period in the division's 43-year history, and 38% ahead of the like
1939 period.
Sales during the second 10 days of the month were 3,745
units, 29.5% over a year ago.
Sales of Olds's custom 8 cruiser, which has advanced styling, are running
181% ahead of the 1939 Olds 8-cylinder car.
Retail sales of Pontiac cars for the first 20 days of February totaled
Foote-Burt Co.—Common Dividend—
Directors have declared a
Fulton Bag
preceding 10 days and over
Used car sales for the
to date.
of 19.39, according to the report.
the same period
second 10 days were 43,535, making a total of 86,355 for the month
Used car sales in the same period for 1939 were 71,524 units,
that at the annual meeting of stockholders held
of incorporation by de¬
creasing the number of authorized shares of common stock from 900,000 to
700,000 and decreasing the number of authorized shares of capital stock
from 957,610 to 757,610 to reflect such change.—V. 150, p. 433.
Company informs
us
March 4, action was taken to amend the certificate
Gaylord Container Corp. (& Sub3.)—Earnings—
1939
$1,445,899
1938
$1,677,200
Depreciation, depletion, and amortization
627.506
588,008
Interest charges
9,358
146,993
20,505
199,617
Years Ended Dec. 31—
Profit
-
Prov. for Feu. & State taxes on
Net profit.
Dividends paid on
income—estimated
$662,042
279,947
$382,096
$0.71
preferred stock...
Earnings available for common stock
Earns, per share of com. stk. outst'd'g (539,221 shs)
—V. 149, p. 3408.
General
American
$869,070
270,145
$598,925
$1.11
Transportation
Corp.—Stock
General
The U.
xl939
1938
1937
'
1936
$304,680,000$259,484,341$349,739,514$268,544,587
Net Income
41,236,000
27,729.329
63,546,762 43,947,166
Earnings per share
$1.43
$0.96
$2.21
$1.52
x Estimated figures,
y After all charges,
z On common stock.
Calendar Years—
declared
Orders—
Gimbel Brothers—New
The
President Charles
General Gas & Electric Corp.
—V. 150, p.
E. Wilson announced
on
(& Subs.)—Earnings—
1938
1937
1936
1939
$42,196,701 $35 130,746 $38,011,865 $41,113,008
399,178
454,870
354,316
242,556
226,206
293,421
256.908
342,655
Calendar Years—
Coal sales
$42,781,912 $35,756,129 $38,760,156 $41,724,233
Total revenue
Expenses, deprec., depl.,
royalties, &c
41.569,646
34,247,752
36,113,228
36,868,270
$1,212,266
$1,508,377
202,726
$2,646,927
82,150
$4,855,963
622,689
$1,299,325
920,338
27,310
37,945
$1,711,103
1,236,084
$2,729,077
1,223.612
26,437
303,440
$5,478,652
1,639,528
45,592
20,302
$313,731
$409,126
656,456
$1,175,589
875,259
$2,782,485
2,188,109
87,059
Other income
Total income
Interest
Federal taxes
(& Subs.)—Earnings—
1939x
Years Ended Dec. 31—
Operating expenses
_
1938
Net income
$26,911,315 $25,256,234
10,174,371
10,147,011
437,808
Dividends
1,546,457
3,489,468
711,562
2,840,812
Provision for retirements
Federal income taxes
Other taxes
Operating income
Other income (net)
1,310,128
3,094,444
469,745
2,798,664
$8,148,644
Dr25,809
Maintenance
$7,4,36,241
143,449
Shs. of capital
$7,579,690
standing (no par)
Earnings per share
$8,122,835
income
Subsidiary companies charges:
Interest on long-term debt
Interest charged to construction
Dividends paid or accrued on preferred
stocks
being paid on cumula¬
tive preferred stock
4,668,447
189,525
406,849
Cr14,050
440,001
339,416
$893,179.
41,923
Drl6
$5,673,134
$5,638,610
$5,537,160
1,750,487
$0.18
1,750,487
1.750,487
$0.67
1,750.487
stock out¬
1939
$0.23
1939
1938
$
$
Assets—
c
Liabilities—
b Capital
Coal & surface
18,289,166
18,288,344
5,152,812
5,568,400
4,555,043
Unsettled taxes.
2,203,969
2,203,969
6,321,036
Cash
_
Interest
U. S. Governm't
—
$1,502,923
Dividends
on
299,923
299,919
Coal
$5 prior preferred stock of General
Gas & Electric Corp
& unmatured
$851,228
on
Balance
x
—
$1,203,000
General Motors
Corp.—Employees Allowance Plan—
Alfred P. Sloan Jr., Chairman of this company, announced on March 5 a
separation allowance plan for salaried employees of the corporation and its
wholly-owned subsidiaries in the United States.
It will affect more than
40,000 people.
The plan adopted for salaried employees, together with the
income security and layoff benefit plans already in operation, covering the
hourly-rated factory employees, has the effect of providing proper consid¬
eration for every employee of General Motors.
The plan provides that any salaried employee with one year or more of
continuous service who is released for reasons beyond his control wiU be
a separation allowance.
This will amount to 25% of one month's
for each year's service up to 10 years.
For each year's service in ex¬
of 10 years, the allowance will be on the basis of 35% of one month's
pay.
The minimum separation allowance is one-half of one month's pay
and the maximum is six months' pay.
Employees who are rehired wiU, by
repaying their separation aUowance, re-establish their service credits with
paid
pay
cess
the corporation.
Under the plan, any
salaried employee whose separation is recommended
by his department head is assured a thorough consideration and review of
2,103,544
1,941,681
taxes
__
accrued
375,000
325,000
649,925
473,229
873,512
1,197,221
496,444
460,919
533,587
931,522
(def'd)
30,370
32,275
28,252
2,098,848
817,496
3,512,651
Inv. deprec. res.
1,678,090
71,454
807,390
Other reserves..
62,567
Def'd income
Res. for workm's
affili¬
8,261,080
3,842,613
Other securities
Deferred assets
1,490,998
7,998,673
666,962
4,968
6,935
6,835,642
7,186,073
32,107,372
5,860,171
5,673,134
compensation.
Minority Int. In
subsidiary
3,970,461
1
1
Goodwill
551,611
Capital surplus. 32,107,372
1,295,732
ated cos
$551,309
Preliminary.—V. 149, p. 3409.
(curr't)
34,282
.
hand
of
51,416,341
36,441,528
Workmen's compensa.
Mat'ls & suppl's
Stocks
—
payable.
pensa.
Accrued
Accts. and notes
obligations
1938
51,416,341
34,922,468
Workmen's com-
Accts.
Structures and
equipment
28
Funded debt
90,954,784
Interest accrued
Net income
$1.59
$
$
stock.
89,733,023
lands
receivable.
39,957
72,917
interest-bearing scrip and notes
$247,330 sur$300,330 sur$594,376
5,638,610
5,537,160
5,298,902
Cr281,870
Z)rl98,880
Dr356,117
Consolidated Balance Sheet Dec. 31
General Gas & Electric Corp. charges:
Other interest
22,605
1,034,034
$5,860,171
Surplus. Dec. 31
a
$1,615,797
Balance
5,673,134
Cr311,152
Dr38
Surplus adj. (net)
Minority interest
267,804
413,420
Crl3,981
918,428
$124,077
Deficit
Previous surplus
4,761,424
816,265
Other interest
Amortization of debt discount and expense
on
and a
anp^iD^ed on Feb. 29 by Frederic A.
The a$|Pointment jg effective April 1.
128.
Glen Alden Coal Co.
Miscell. deductions
Total operating revenues
Provision for dividends not
Official—
appointment of Miss Bernice Fitz-Gibbon as publicity director
member of the Executive Board was
Operating income
Orders received by this company during the first nine weeks of 1940
amounted to $66,900,000, compared with $58,900,000 in the same period
Interest
expected to be completed by June 1.
a
'
last year, an increase of 13.5%,
on March 7—V. 150, p. 1435.
March 31 and liquida¬
See also V. 150, p. 1436X.J- *
Gillete will cease to operate as a separate company
tion is
Other sales revenue
dividend of 35 cents per share on the
common stock, no par value, payable April 25 to holders of record March 15.
This compares with 65 cents paid on Dec. 20 last; 25 cents paid on Oct. 25,
July 25, and on April 25,1939; 20 cents paid on Dec. 22, Oct. 25, and July 25
1938, and 30 cents paid on April 25, 1938.
Gross
Co. is notifying stockholders of this company that
minority stockholders of $29 a share for their common will
be extended to March 29.
Royalty and rents
Dividend—
corporation.—V. 150, p. 1435#
Co.—Offer Extended—
Rubber
S.
recent offer to
Sales billed
The directors on March 1
City of New York has been appointed
Gimbel, executive head of the store.
General Electric Co.—Earnings—
z
Telephone Corp.—Registrar—
The Chase National Bank of the
registrar for the preferred, $2.50, stock of this
Of¬
offering does not represent new financing.—V. 149, p. 3556.
the $6
This stock has been called for redemp¬
preferred stock, payable March 15.
tion.—V. 150, p. 278.
Gillette Rubber
fered—Union Securities Corp. and Blyth & Co., Inc., offered
9,500 shares of common stock at 51 Y% a share plus equivalent
of New York Stock Exchange commission of 18 cents, over
the counter after the close of the market March 6.
The
y
Telephone Allied Co.—Final Pref. Dividend—
General
Directors have declared a final dividend of 75 cents per share on
Conting. claims
& mining haz¬
ards
Earned surplus.
138,465,646 138,965,495
Total
a
After
value,
c
depreciation,
Total
b Represented by
148, p. 3409.
..138,465,646 138,965.495
1,750,487 shares of no par
Less depletion.—V.
(B. F.) Goodrich Corp.—To
Establish Chilean Plant—
Corporation has obtained permission to establish a tire-manufacturing
plant in Chile.
The permission was obtained from Finance Minister
Roberto Waccholtz, through the British firm of Duncan Fox & Co.—V. 150,
p.
1436.
Gotham Silk Hosiery
Stockholders on
incorporation
to
Co.—Recapitalized—
March 4 voted to amend the company's certificate of
provide
for
authorized
capital
stock totaling 475,000
Volume
ISO
which
The Commercial & Financial Chronicle
25,000 shares
to be 7% cumulative
preferred and
450,000 shares common, without
par value.
At present there are au¬
thorized 131,051 shares of
preferred and 1,000,000 shares of common.
A
total of 25,220 shares of
preferred and 395,100 shares of common were
outstanding as of Dec. 31, 1939.
The step was taken, according to the
management, for tax purposes.—V. 150,
p.
1136.
Period End. Feb. 29—
„
Balance Sheet Dec. 31
1939
Assets—
LiabUUies—
622,764
1,756,961
10,126,434
1,566,813
8,889,471
296,931
rec.
308,871
1940—Month—1939
$5,748,120
1940—2 Mos —1939
S6,109,000
$12,040,024
228,731
156,511
1,933,855
1,368,249
271,351
104,823
1,022,000
271,351
728,649
Surplus at organlz. 3 297,212
surplus...17 440,966
a Treas.
stk.-Dr.. 3 795,448
3,297,212
14,534,129
3,795,448
company since 1939, has "under¬
monopolize part of the commerce of the State."
The
taken to
Attorney
General claims prices of commodities in the three
Omaha stores have been
lower than those for similar
commodities in the concern's Falls City, Neb.,
stores "for the
purpose of intentionally destroying the business of its com¬
petitors."
The petition asks the Court to find the
defendant company guilty of
unfair discrimination and of
creating a monopoly, and to oust the company
from "all business of
every character" in the State.
on
the
move
for the A. & P., in a statement
commenting
by the Nebraska Attorney General, said:
"The proceeding files
directly in the face of the decision, dated April
29, 1938, by the three-judge Federal
Statutory Court (United States Dis¬
trict Court, District of
Minnesota) in the case of the Great Atlantic and
Pacific Tea Co. against Ervin et al.
This decision represents the
ruling of
the highest judicial tribunal which has
considered this question.
"In accord with A. & P.'s
policy to pass on the consumers all savings
resulting from merchandizing efficiencies, A. & P. is able to offer
goods at
lower prices in its self-service
super markets than in its regular service
stores because it costs
considerably less to operate the former type of store.
"The Federal Court, in
holding a similar provision in a Minnesota statute
invalid, declared:
"Differentials in prices justified by the differences in
selling costs at
different stores have not heretofore been
considered as iniquitious, wrongful
or unfair, nor as
having any tendency to destroy competition or to foster
monopoly.
In fact, such price differentials have been
regarded as beneficial
to the public and not harmful to
any one, and, even though they may effect
competition, they cannot be considered as the evil which the
Legislature
was seeking to
stamp out.
The effect upon competition of differences in
prices honestly based on differences in selling costs is the normal
and natural
result
of
fair
competition between merchants whose overhead expenses
This type of competition is to be
encouraged in the public interest,
differ.
rather than restrained.'
"The company has not
yet been served with any of the papers which the
of Nebraska has been reported to have filed and as soon
Attorney General
as
it
is
apprised of the exact nature of the allegations it will
preparation of its defense."—V. 150, p. 840.
begin the
1940
150,
.
1939
$2,093,445
$1,959,452
132
Stores in operation
—V.
132
996.
p.
Total..
x
of^the 15 preceding quarters.—V. 150,
stock,
no par
value, payable
A like payment was made in each
p.
1436.
Greyhound Corp.—25-Cent Dividend—
Directors have declared a dividend of 25 cents
per share on the common
stock, payable April 1 to holders of record March 22.
Extra dividend of
50 cents in addition to a dividend of 25 cents was
paid on Dec. 21 last, and
previously, regular quarterly dividends of 20 cents per share were dis¬
tributed.
In addition, an extra dividend of 30 cents was
paid on Dec. 25,
1938.—V. 149, p. 3557.
•
Helvetia Coal Mining Co.—Bonds Called—
A total of $62,500 first
mortgage 5% sinking fund gold bonds due Oct. 1,
have been called for
redemption on April 1 at 105 and accrued
interest.
Payment will be made at the Central Hanover Bank & Trust
1958
Co., New York City.—V. 148,
p.
commitments
reserve
in
sales._.e$12,912,327 $11,098,189
5.530,399
exp._
Net profit from oper.
Other income, less mis¬
_
$7,381,928
cellaneous charges
5,066,038
1,032,151
$9,896,769
5,071,177
$4,825,592
$4,323,717
y288,999
355,691
$5,114,591
z3,974,498
207,984
$4,679,409
$932,109
16,140,700
$3,729,919
16,206,297
Prov. for Fed. inc. tax.,
cl,560,000
Net profits.
Earned surp. at Dec. 31.
$6,233,304
14,534,129
$4,126,255
13,734,341
See (e)
Total surplus
$20,767,433
1,269,220
2,057,247
x949~,490
$17,860,596 $17,072,808 $19,936,216
1,269,220
1,269,220
1,269,220
2,057,247
2,069,247
2,526,296
Earned surp. Dec. 31.$17,440,966
$14,534,129
Shares
com.
stock
x
Includes
$13,734,341
$16,140,699
685,749
701,749
$3.50
out¬
standing (no par)
Earnings per share
685,749
$7.24
$180 surtax
on
685,749
$4.17
undistributed
Nil
profits,
y
Profit
from scrap
and creamery products, discounts and other miscellaneous income
amount¬
ing to $476,644, less interest charges ($138,519) and loss on retirement of
fixed assets ($49,126).
z Adjustment to reduce inventory from cost to lower
of cost or market at Dec. 31, 1937
($3,869,921) and provision for market
decline in purchase commitments ($104,577).
a
Profit
cellaneous
from scrap and creamery
income
(net) amounting
of cost
or
market
on
at
Dec.
31,
1939, $107,406.
creamery products, discounts and
cellaneous deductions, $88,811.
—ve"l49repPe879eV'PaSS'
1939—12 Mos.—1938
$1,333 prof$15,685
$10,639
982,029
3,663,286
3,698,466
$6,051
914.548
9'01C
8'6°C
8'91C
8'69C
Hoskins Mfg. Co.—To
Pay 25-Cent Dividend—
The directors have
declared a dividend of 25 cents
per share on the
stock, par $2.50, payable March 26 to holders of
record March 11
This compares with 40 cents
paid on Dec. 22, last; 20 cents paid in each
of
the three
preceding quarters; 15 cents paid on Dec. 23,
common
1938;
Said on26. 1938 and
Sept. 26, 1938; Dec. 24,
15 cents
larch
paid on June 25, 1938; 25
10 cents
cents paid
on
on
1937; and 40 cents paid on Sept. 27 and
26, 1937, this latter being the initial
payment on the $1.50 par shares
—V. 149, p. 3718.
June
Hotel
Lexington, Inc. (N. Y.)—Earnings—Int. Payment
owners of collateral
Registered
mortgage income bonds, income deben¬
trust certificates are being advised
by Harold Klein
President, that for the fiscal period from
July 1, 1939 to Dec. 31, of that
year, there was a net profit, determined in accord with provisions
of the
indenture securing the bonds, of
$167,046.
Of such profit, an amount
equal to 2j^% or the $3,120,000 bonds
outstanding is being applied in
payment of the balance of
of 1% interest on the bonds
for the semi¬
annual period ended
Aug. 31, last, and in payment in full of interest on the
tures
and
voting
bonds for the semi-annual
period ended
effect of the New York World's
Fair, the
in 1939 was
Feb.
gross
29, 1940,
Reflecting the
income of Hotel Lexington
$1,966,109, compared with $1,842,308 in 1938,
an increase of
$123,801.
For the six months during which the
Fair was open, the
gross
income ran ahead of 1938 and
during the remainder of the year it was below
1938.
Average room occupancy for 1939 was
66.32% against
year earlier.
Sales of food and
149, p. 1178.
beverages
67.06%
were up,
a
Mr. Klein reports —V
Payment—
The New York Curb
Exchange has been notified that the profit and loss
statement of this corporation shows no income
available for interest due
March 1, 1940, on the
corporation's 5% sinking fund income
debentures,
due Sept. 1, 1954, and,
accordingly no interest on said debentures will be
payable
on
March 1, 1940.—V. 149, p. 1916.
Lighting & Power Co.—Earnings—
Period End. Dec. 31—
Operating
1939—Month—1938
1939—12 Mos.—1938
$995,453
$940,621 $12,237,283 $11,520,480
740,553
527,560
6.935,972
5,957,720
revenues
Oper. exps., incl. taxes..
Property retirement res.
appropriations...
Cr73,133
64,092
1,406,920
1,486,595
Net oper. revenues...
Other income
$328,033
4,779
$348,969
1,593
$3,894,391
$4,076,165
19,572
Gross income
Tnt. on mtge. bonds
$332,812
80.208
$350,562
80,208
13,078
$3,920,350
962,500
171,422
$4,095,737
962,500
Net income
$239,045
$257,276
Divs. applicable to pref. stocks for the
period
$2,786,428
315,078
$2,977,318
$2,471,350
$2,662,240
Other int. & deductions.
13,559
Balance
-V. 149. p. 4176.
25,959
155,919
315,078
3558.
Hydraulic Press Mfg. Co.—Initial Preferred Dividend—
Directors have declared
the
new
f Profit from scrap and
income, less mis¬
other miscellaneous
Hygrade Sylvania Corp.—52p2-Cent Common Dividend—
Directors have declared
a dividend of
62)^ cents per share on the com¬
stock, payable April 1 to holders of record March 11.
This compares
with 87y* cents paid on Dec. 20 last;
37H cents paid in October, July, and
April, 1939, and on Dec. 23, and April 1, 1938, and
cents
per
share
were
1280.
Illinois Brick
previously, regular
distributed.—Y. 150, p.
Co.—Shipments Rise 45%—New Director—
Shipments in January and February showed an increase of 45
% over the
corresponding 1939 months, William F. Schlake,
President,-told stock¬
holders at the annual meeting held March 4.
Hugo Phillipi, Secretary of the company, was elected a
director, succeed¬
ing Daniel Voltz, deceased.—V. 146, p. 1244.
Illinois Terminal RR.
Calendar Years—
Co.—Earnings—
1939
1938
oper. expenses.
$5,901,780
3,877,583
$5,301,961
3,775,542
bl937
$6,196,308
4,071,216
$5,998,626
3,823,565
Railway tax accruals—
$2,024,197
494,140
$1,526,419
506,763
$2,125,091
589,465
$2,175,061
636,022
Hire of equip, (balance)
Joint facility rents (bal.)
$1,530,057
Dr298,045
Cr43,321
$1,019,656
Dr232,143
Cr43,179
$1,535,626
Dr352,188
Cr45,128
$1,539,039
Dr283,587
Cr44,876
Other income
$1,275,333
26,656
$830,691
28,311
$1,228,565
27,710
$1,300,327
$1,301,989
98,895
$859,002
98,700
$1,256,275
98,682
$1,356,352
98,423
637", 900
635,538
225,000
618,983
300,000
664,880
1,250
36,205
1,364
34,515
1,077
15,826
18",389
$527,738
$88,885
a$296,706
$274,659
Railway
Railway
oper. revenues.
_
Rent for leased roads—
Rent paid to Ill.-Iowa P.
Interest
McKinly Br'ge
on
funded debt.
of
on
Amort,
come, $253,072; gross income, $2,081,887; cash discounts allowed, $228,622;
loss on assets disposed of, $33,743; interest
expense, $13,224; Federal, and
Penna. State income and franchise tax, $346,205: net income,
Miscelaneous deduct's._
$1,460,094;
surplus beginning of quarter, $17,107,051; total, $18,567,145; dividends
declared Dec. 26, 1939—payable Feb.
1,5, 1940, $1,021,999; refund of
Federal processing tax, $104,179; surplus end of quarter, $17,440,966.
Initial dividend of 37 K cents
per share on
$25, payable March 1 to holders of record
par
mon
Co. for
Earnings for the Quarter Ended Dec. 31, 1939
an
6% preferred stock,
Feb. 24.—V. 149, p. 3874.
Gross profit on sales, $3,556,023; shipping expense,
$750,318; selling and
general administrative expense, $976,890; net profit, $1,828,815; other in¬
23,135,284 21,606,533
discounts of $143,121 in 1939
and
by 271,351 no-par shares,
z
Repre¬
a Represented
by 17,507 shares conv.
1939—3 Mos—1938
Rev. fare pass, carried..
products, discounts and other mis¬
to
$261,294, less interest charges
retirement of fixed assets ($39,655).
b Adjustment
to reduce inventory from cost to lower of cost or market at
Dec. 31, 1938
($795,353) and provision for market decline in purchase commitments
($104,823).
c Also
includes
Pennsylvania
income
tax.
d Not
con¬
solidated.
e Includes adjustment to reduce
inventory from cost to lower
($140,060) and loss
Total
and
Holyoke Street Ry.—Earnings—
Period End. Dec. 31—
quarterly dividends of 75
Conv. pref. stock divs..
Common dividends
debts
Represented
Net loss
p.
a81,580
$6,113,730
b900,176
cl,087,300
-
bad
y
sented by 728,649
no-par shares,
42,900 shares of common stock at cost,
b After reserve for
depreciation of $11,464,526 in 1939 and
$10,829,346 in 1938.
c Consoli¬
dated.
d Includes accuredliabilities,
e Bank loans
only.—V. 149, p. 4176
1936
$9,782,028
5,458,311
£411,376
Inventory adjustment.
728,649
The dividend item appearing in last week's
"Chronicle" page 3438
headed Hyde Breweries Association, Inc.
properly refers to the dividend
paid by Hyde Park Breweries Association, Inc.—v.
150, p. 1438; V. 149,
$7,793,304
Total profits
Conv. pief.stock
Common stock..
Hyde Park Breweries Association, Inc.—Correction—
Consolidated Income Account for Calendar Years
dl939
1938
1937
Ship.,sell.&adm.
for
1938.
prev. stock and
1325.
Hershey Chocolate Corp.—Earnings—
Gross profit on
Res. for market de¬
cline in purchase
23,135,284 21,606,533
After
$148,032
Corp.—Accumulated Dividend—
The directors have declared a dividend of
$1.50 per share on account of
accumulations on the $6 cumulative preferred
March 15 to holders of record March 1.
State
Earned
Houston
Green Mountain Power
&
Hotel Waldorf-Astoria
Corp.—No Interest
(H. L.) Green Co.—Sales—
Month of February—
Sales
income
y
Official Replies to Action—
George J. Feldman, counsel
Loans & notes pay .el
Reserve for Federal
z
Great Atlantic & Pacific Tea Co.—Nebraska
Official
Files Suit to Oust
Company from State—
alleges that the
$
._dl ,136,698
taxes.
stock
4 filed suit in the U. S. District
Court at Omaha, Neb., to oust retail
stores of the Great Atlantic & Pacific
Tea Co. from Nebraska.
Mr. Johnson's petition
payable
ad vs.,
prepd. Ins., etc.
Land, buildings,
machinery
and
were
Attorney General "Walter Johnson March
cl938
$
wages
equipment, etc.. 9,776,203 10,062,103 Dividends payable 1
021,999
net earnings for the fiscal year ended Jan. 31,
1940, were $3,824,996 which after
deducting dividends paid on preferred
stock is equivalent to
$2.92 per share on 1,189,354 shares of common stock
outstanding at the year end. In the previous year consolidated net
earnings
common
&
100,000
Salesmen's
$11,279,188
b
$2,766,424 or $2.03 per share on 1,189,354 shares of
outstanding at the end of that year.—V. 150, p. 995.
Accounts
1,014,375
3,061,192
Mdse. inv. at cost.
Parts.
Earnings—
^Preliminary consolidated
1939
$
950,025
Cust's accts.
x
cl938
$
Cash
Supply and repair
(W. T.) Grant Co.—Sales—
Sales
1601
are
discount
funded debt
cl936
56,024
a Of which, for the
year ended Dec. 31, 1937, $243,372 is
applicable to
predecessor companies and $53,233 is applicable to the new
company,
b Combined results of operations of Illinois
Terminal RR. and its prede-
The Commercial & Financial Chronicle
1602
c Reclassified
by the ICC.
companies,
cessor
accounts prescribed
of the classification
basis
the
on
equipment61,143,855 51,785,100
Improve, on leased
railway property
5
Liabilities—
par)
Grants
S
of
aid
In
132,320
15,000,000 15,000,000
71,091
72.308
60,384
451,701
777.227
47,966
50,197
1,000,385
422.384
Audited
2,891
13,691
wages
166
13,581
94,407
70,900
Due.from affll.co.
104,748
71,663
1,313
Materials A tsuppl.
422,626
380*580
Other curr. assets
113,503
Deferred assets—
130,847
7,996
Tax liability
337,552
Aecr.deprec.—eqp 2,920,198
Other
unadjusted
credits
282,432
Unadjusted debits
75,497
59,016
Funded debt
Deposit In lieu of
mtge. prop, sold
16.476
—
deposits,.
Special
492,325
Traffic A car serv.
balance receiv..
Net bal. rec. from
► agents & conduc.
Miscell. accts. rec.
.
8.120
quarters.—V. 149, p. 3718.
12 preceding
20,052
14,701
payable.-
247,285
309,793
Unmat. Int. accr..
57,213
296,435
262,340
llabil..
343,800
Other, def. llabil..
31,422
Inspiration Consolidated Copper
292,325
Power Co
balance
A
accts.
Paid-in surplus
min
57,917
290,112
38,971
215,465
8,377,055
9,162,703
551
27,691
Z)r367,140
notes
on
y8,529.086
y4,707,265
$294,773
25.844
$2,587,872
27,906
$718,395
24,744
$1,600,968
275,194
$320,617
391,502
$2,615,778
388,379
$743,139
389,417
500,116
pay'Ie, &c
State
x
loss.....
2.996,387
253",730
& county
327,738
taxes, Ac
....
Prov.for deprec.& obsol.
through inc. and
surplus
5,372.225
Other income
Int.
Before
depletion,
$353,722
$1,899,661
$825,658 loss$324,616
Net profit
x
75
$5,425,660
$1,576,200
24,768
.exps.A Fed. taxes
Arizona
1936
1937
$3,291,161 $11,116,958
ad¬
602,172
2,865,740
Additions to prop,
Profit A
$6,948,425
Copper sales.
Costs, marketing &
Co.—Earnings«—
1938
1939
YearsEna. Dec. 31—
payable
curr.
dividend of $1.75 per hhare on account
pref. stock, par $100, payable March 15
A similar payment was made in each of the
Iowa
Illinois
Other
Corp.-
Feb. 29.
to holders of record
Traffic A car serv.
Adv. to RR Credit
Cash
Due
Misc. accts. pay..
Misc. phys. prop.-
Hydro-Electric Power Co.—Accumidated Div.—
Indiana
The directors have declared a
of accumulations on the 7% cum.
165,119
construction
$5,162,532 $10,903,471 $10,217,998
$5,603,117
—V. 150, P. 1139.
(1100
25,000,000 25,000,000
Cap. stock,
A
in road
Invest,
1938
1939
$
$
Assets—
1940—Month—1939
Period End. Feb. 29—
Sales
1938
1939
1940
9,
(S. H.) Kress Co.—Sales—
of
Balance Sheet Dec. 31
March
Includes depreciation.
y
Balance Sheet Dec. 31
Total
53,599,130 53,877.496
Total
53,599,130 53,877,490
150, P. 1438.
—V.
Illinois Iowa Power
than
inc.
taxes
1,710,738
2,069,171
414,700
1,948,778
417,275
2,178,437
657,000
1,789,988
411,535
401,990
Supplies
299,499
2.276,311
2,814,643
Finished copper on
hand
2,141,808
consol
Divs.
$8,351,789
$8,116,417
$8,436,431
545,624
547,980
515,509
516,075
30,532
24,447
36,402
108,255
47,629
$8,688,845
5,983,876
$8,988,343
5,928,143
$8,690,824
6,109,362
-
stock of
com.
on
of
Co.
Super-Power
Illinois
------
Other non-oper. revs...
Gross income
Int.
on
funded debt
Amortiz.
of
163.803
162,783
Crl 14,714
25,329
Cr25,808
Crl 547
402,851
420.060
419,912
$2,114,101 b$2,476,814
Int. during constructs.
Divs. on pref. stocks of
162.332
97,257
23,971
Cr56,061
98,075
22,133
385,431
31,142
subs
Miscell. deductions
$2,431,889
23,935
20,190
to Illinois Terminal RR. Co. of
$349,745 in 1937. b Of which, for
the year ended Dec. 31, 1937, $872,871 is applicable to the four months
prior to May 1,1937 and $1,603,943 is applicable to the eight months ended
a Operating
revenues include sales
$325,616 in 1939, $314,542 in 1938 and
Dec. 31-1937.
Consolidated Balance Sheet Dec. 31
Liabilities—
Prop, and plant. 128,969,698
Cash on dep.with
126,835,745
15,582
3,388,650
a54,724,485
51,904,360
trustees
not consol
on
5,862,874
147,516
5,826,801
143,949
hand
b Cash ondepos.
receivable
from
not
2,611,469
2,836,210
...
6,063,300
6,063,300
of
97,369,400 100,148,400
debt
of
1,133,981
258,388
318,432
1,661,050
1,627,496
2,910,262
Mater'l A suppl.
3,079,211
payable.
96,358
96,358
Accrued taxes..
2,456,982
1,103,406
528,457
2,091,995
124,223
89,287
11,583,000
div.
payable.
pref.
stk.
Accrued Interest
bond
disc. A exp
Consumers'
dep
61,158
67,300
Other def. ch'ges
53,157
101,590
def.
liabilities
d Contributions
by
consumers
197,534,988 195,870,458
Total
12,938,596
p.
Illinois
Terminal
RR.
14,398,413
5,747,826
3,501,532
197,534,988 195,870,458
Total
191,376
2,378.893
45,786
310.727
Surplus
33,307,465 33,556,047
Total
for depreciation of $10,669,955 in 1939 and
150, p. 1438.
Rapid
$10,238,871
Co.—Committee
Transit
Seeks
for 6s at Court Hearing—
Kahn, of counsel for the committee, emphasized the contrast between
creditors and the allotment of
share to the common stockholders.
He cited previous valuations
made under the auspices of the Transit Commission and called the atten¬
tion of the Court to the fact that the offer of New York City of a price of
$350 had attracted a deposit of less than 28% of the outstanding $10,500,000 of the issue.
Ira W. Hirshfield, also of counsel for the committee,
compared "what had been thrown into the pot" by security holders of the
I. R. T. and Manhattan Elevated and alleged that the position of the
Interborough 6s was relatively impaired.—V. 150, p. 1438.
W.
a
International Business Machines Corp.—Listing—
New York Stock Exchange has authorized the listing of 42,770
The
additional shares of capita] stock (no par) on official notice of issuance as a
stock dividend, payable at rate of (£-100 of a share for each share held,
making the total amount applied for 898,178 shares of capital stock.
Against the issue of the 42.770 shares $1,377,915 will be transferred on
the books of the corporation from earned surplus to capital stock which
transfer amounts to $32.2168 per share.—V. 150, p. 1439.
Directors on March 4 declared the regular 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 hereto¬
fore, the disbursement in United States dollars of the dividend payable in
issued by the company's Toronto, Montreal and
New York transfer agencies and in the prevailing equivalent in pounds
sterling
to certificates
Jn respect to certificates issued by the London transfer agency.
International Products
Corp.—Listing and Registration
The 6% cumulative preferred stock, par $100, has beem*emoved from
listing and registration by the New York Curb Exchange.—V. 150, p. 1439.
Intertype Corp. (& Subs.)—Earnings—
Calendar Years—
1939
Gross profit
Sell. & gen. admin, exps.
1936
1937
1938
$1,538,979
1,219,249
$1,570,833 x$2,281,889
1,200,779
1,531,825
$1,742,477
1,097,714
$750,064
$644,763
175,366
152,566
100,775
77,000
99,571
$319,730
88,062
37,500
Co.
Depreciation
Interest
Assets
on
in
debentures.
_
$370,054
191,827
49,076
11,031,769
14,398,413
$49,076,353; Central Terminal Co., $5,648,064; subsidiaries in process of liquidation, $68.
b For payment of
dividends on preferred stocks of subsidiaries, &c. c Less reserve of $323,550
in 1939 and $306,795 in 1938.
d For construction of property. © Repre¬
sented by 783,805 no par shares at a stated value of $25 per share.—V. 148,
a
219,146
3,204,551
190,464
220,920
Reserves
Paid-in surplus.
Earned surplus.
59,100
the position of the bondholders as general
1,145,651
557,483
Sundry-currentA
Prepaid insur. A
expenses
397,323
Interest-.
Accrued
The committee for holders of the 6% bonds of the company of which
Dwight F. Faulkner, Jr. is chairman, March 5, entered a strong plea for
a hearing held before Judge Patter¬
son in the U.
S. District for the Southern District of New York.
David
11,700,000
1,085,680
Accts.
52,998
60,775
better treatment of the bondholders at
respect
Co
Funded
Sub.
subs.
consol
Unamort.
debt
subsidiaries
Accts. A notes
Due
of
stocks
Funded
250,438
214,554
.
International Nickel Co. of Canada, Ltd.—Dividend—
24,175,000
19,595,125
111. Iowa Pow.
Cash in banks A
c
e
($50 par)
24,175,000
Common stock 19,595,125
subsidiaries..
subs.
owned
2.361,407
184,798
459,645
928,310
Inter borough
$
$
Serial pref. stk.,
Pref.
wholly-
In
Inv.
1938
1939
1938
1939
7,043,000
—
Accrued taxes
reserve
1938.—V.
Better Price
$1,982,377
162,332
& expense
Taxes assumed on int
Other int, charges
Netincome.
After
x
$3
disc't
bond
Notes payable
33,307,465 33,556,047
$8,018,864
$8,927,945
5,851,994
Net oper. revenues...
Income from subs, not
452,048
1,920,551
Accts. receivable..
in
•
401,990
366,065
Accounts payable.
470,987
at cost
Total...
3,301,968
$
9,565
2,000
reserves
11,398,893
Copper in process,
Deferred charges..
of
Approp. to deprec. &ret.
1938
$
Liabilities—
Capital stock (par
$20)
23,639,340 23,639,340
Funded debt
5,910,000
Accrued wages
Cash
un¬
distributed income
subsidiaries
Bldgs., mach.,Acll,057,803
Inv. in sundry cos.
^
...
Prov. for inc. taxes
for surtax on
1936
$24,455,476
10,453,494
1,630,221
1,513,669
1,293,698
Maintenance
x
1937
a$25140,082
10,230.730
1938
revenues_..a$26,327,976 a$24938,277
Operating expenses..... 10,545,084
10,127,495
Prov.
$
17,520,274 17,884,813
and lands
Co. (& Subs.)- —Earnings—
1939
Operating
other
1939
1938
$
Mines, min. claims
Calendar Years—
Taxes,
1939
Assets—
60,000
yl8,750
Germany and
inv. in German subsid.
Fed. normal inc.tax. &c.
Federal surtax
on
undis¬
26,000
tributed profits
Profit on sale of subsid.
CV64.702
fire insur. company
z22~,466
Other deductions
2429.
Net
Illinois Zinc
Feb. 20 issued an order
authorizing the company to withdraw its registration statement (2-3641).
The registration statement was filed March 29, 1938, on Form A-2, and
covered an issue of first mortgage & collateral trust 6% convertible fiveyear bonds, series A, due May 1, 1943, in the principal amount of $600,000,
and 30,000 shares of no par capital stock reserved for conversion of the
bonds.
The registration statement became effective on May 5 as of
April 18, 1938.—V. 150, p. 1438.
The
Securities
and Exchange Commission on
com.
stk. (no
per
Includes
21
21
88*694
99,721
177,281
166,201
$135,615
221.740
$26,241
221,612
$0.55
80.57
$148,710
221,612
$1.42
_
_
Surplus
Shs.
$370,923
21
$33,939
2d preferred dividends.
Common dividends.
Earnings
$392,626
$164,179
38,196
$122,633
profit
1st preferred dividends.
Co.—Registration Withdrawn—
par)
share
_
_
58,006
221,612
$1.32
77,694
(net) of $75,182 ($122,633 in 1937).
y From
July 1. 1938.
z Other deductions
including $130,835 foreign exchange
adjustment arising from translation of accounts of the English subsidiary,
x
other income
less other income.
Consolidated Balance Sheet Dec. 31
Independence Fund of North America, Inc.—Registers
Assets—
with SEC—
a
See list given on first page
of this department.—V. 149, p. 261.
c
Indiana Associated
Telephone Corp.—Earnings—
Month of January—
Operating revenues
Uncollectible operating revenue
1940
$140,458
Operating revenues
Operating expenses
$140,322
74,665
136
Mach'y A equip.
Cash
Notes Aacc'tsrec 2,325,750
Inventories
1939
$132,321
128
$697,361
1,400,564
2,136,831
$705,438
1,277,494
2,394,839
b Common
10-yr.
...
properties
Operating taxes.
Net
operating income
Netincome
1
1
e
1
1
42,882
Accts.
P.
1280.
200,000
208,480
inc. from in¬
stalment sales..
machinery sold.
34,571
19,256
28,027
Res. for taxes, Ac.
50
98,414
3,124,257
269,024
3,090,318
g Earned surplus.
20,058
4H% bonds series B due Oct. 1,
1965, have been called for redemption on April 1 at 105 and accrued interest.
Payment will be made at the First National Bank of Chicago.—V. 150,
All of the outstanding first mortgage
85,658
199,698
Advances payable,
$47",469
32,019
93,994
259,629
payable_.
commission. Ac.
Res. for taxes pay.
$67,577
Called—
1,000,000
Prov.for salesmen's
67,140
Treasury stock
Total
a
Bonds
1,000,000
Deferred charges..
64,616
$44,913
350
sink,
Patents A patterns
Inv.in German sub
$132,193
$65,657
50
20,694
3%%
fund debs
2,291,051
1938
stock..$1,832,100 $1,831,750
2d pref. stock
on
Net operating revenues
Rent for lease of operating
1939
Liabilities—
1938
1939
$6,627,649
After deducting
$6,711,7051
Total
.
fDr 1,600
$6,627,649 $6,711,705
depreciation of $2,168,921 in 1939 and $2,179,336 in
b Represented by 221,740 (221,722 in 1938) shares of no par value,
reserves of $250,000.
© Includes sundry accruals,
f 110 shares
common stock at cost,
e Of which $2,960,611
($2,942,743 in 1938) is re¬
1938.
c
After
stricted
issue of
as to payment or dividends under terms of indenture providing for
10-year 3%% sinking fund debentures —V. 149, p. 4032.
Volume
The Commercial d: Financial Chronicle
150
International Mining Corp.—To
Pay 10-Cent Dividend—
Directors have declared
a dividend of 10 cents
per share on the common
stock, payable March 20 to holders of record March 11,
Dividend of 15
cents was paid on Dec.
22, last and regular quarterly dividend of 10 cents
was paid on 8ept.
20, last.—V. 149, p. 3875.
Assets—
Cash
on
dem.
Superpower Corp.—Earnings—
[Including Operations of Wholly-owned
Subsidiary to
Thereof]
March
24,
1938.
Period End. Dec. 31—
a
1939—3 A/os.—1938
Dividends
$34,337
Interest
b Inc. from realiza'n of
restricted lire
$34,337
$68,673
a
9
$573,367
Fees
of
transfer
1,031
575,612
val.
surr.
$35,368
$ 609,949
500,000
5,270
5,043
8,834
12,502
9,587
21,412
2,744
1,992
29,881
agent,
.
Taxes,
incl.
pro v.
for
U.S. capital stock tax
Interest paid, other than
on
debentures
-
26,974
204
134,654
512,104
150,000
168,480
Cap. stock (par$l)
Earned surplus...
300,000
233,251
1,194,361
1,171,768
$23,063
$558,527
$1,213,907
139,560
6,820
139,560
6,820
558,240
27,279
594,240
28,972
on
_
Amort, of disc,
Loss
on
on debs_
sales of securities
11,300
334,454
1
10,213
8.396
$1,716,591
reserve
848,720
Crl50
Prov. for U. 8. inc. taxes
396,296
197,519
990,650
Cr27,376
Net
$434,823
$95,790
sales of securities held in
Italy
are
1939—12 Mos.—1938
2,866,037
24,003,229
532,964
outstanding.
Stamped Stock remains listed.—Y. 144,
Kansas City Public Service
Period End. Dec. 31—
Total oper.
Operating
23,228,684
644,373
expenses
Net oper. revenue
General taxes
.
_
j
2,866,037
26,932,587
23,873,057
$99,393
$150,851
$1,417,570
$1,256,534
Equiv. in U. S. curr. at
official parity of exeh.
on
>,479,092
5,290,328
$1,104,623
232,340
122,686
$1,188,764
256,774
124,176
$749,597
2,365
$807,814
3,721
$811,535
484,389
77,860
852,450
x
The equivalent in U. S. currency of lire dividends, interest and
profits
sales of securities not realized and not taken into income is included in
"unrealized income from lire dividends, interest and
profits on sales of
Prof it .—V.
$603,164
expenses in
Italy with restricted lire; and through the purchase in Italy for
reitrement with restricted lire of $1,200,000, principal amount, of the cor¬
poration's 35-year 6% gold debentures in 1938 and $600,000 principal
Not including interest paid and accrued on debentures held by
subsidiary prior to its dissolution.
wholly
Period End. Dec. 31—
71,301
$751,962
460,514
335,704
830,362
x$16,389
$874,618
Co.—Earnings1939—12 Mos.—1938
$6,313,131
$6,224,770
3,346,251
in¬
264,456
280,638
3,450,451
391
563
5,349
5.007
55,000
55,000
660,000
660,000
$219,179
4,12/
$191,735
4,634
52,197,231
$2,213,512
6,924
8,499
$223,306
$196,369
52,204,155
$2,222,011
720,000
180,000
107,158
term investments
Property retirement re¬
serve appropriations.
operating
revs
Other income (net)
$3,365,266
$2,808,571
$136,710
40,075
8,943
Amortization of limited-
Net
12 Months
3 Months
879
1939—Month—1938
$539,026
$527,936
.
Statement of Earned Surplus
Period Ended Dec. 31, 1939—
Balance (surplus) at beginning of period
Net adjustment of U. S. income and capital stock
$135,831
1439.
p.
Operating revenues
Operating expenses,
cluding taxes
1939.
owned
6,449
10,104
Kansas Gas & Electric
securities"
on the Dec. 31, 1939 balance sheet.
b Income from realization of restricted lire arose
through the payment of
150,
$152,384
$134,921
18,908
260,764
69,221
funded debt.
x
Gross income
Int.
prior periods
26,124
Total
$2,808,571
434,823
$3,391,390
1,017,642
2,807,612
2,807.612
$433,864
Net loss for period
Equivalent in U. S. currency of loss in lire on dis¬
posal of investment in United Electric Service
$433,864
Balance (deficit) Dec. 31, 1939
Balance Sheet Dec. 31,
Assets—
60,000
60,000
720,000
15,000
8.616
15,000
8,307
180,000
113,255
Cr 579
CY796
CY632
0 40,645
$113,858
Dividends applicable to preferred stocks for the
period
$1,191,532
$1,255,498
Int.
(cost
or
con¬
Netincome..
$140,269
520,784
-V.
520,784
$670,748
$734,714
Inc.—To
Balance
Decrease
149, p. 4032.
35-yr. 6% gold debs., ser. A,
value)
$25,428,465
due 1963...
Int. accrued
Dollais on deposit in U. S.
b Lire on deposit In Italy,
Lit. 21,411,405, subject
339,181
to exchange restrictions.
1,126,968
1,453
600,329
Debenture
$8,704,000
279,120
debs
on
coupons
due
but
not presented for paym't..
Accrued
receivable
on
charged to
struction
1939
*
Unamort. disct.
on
on
Interest
Liabilities—
Investments
declared
mortgage bonds.
debenture bonds.
Other interest & deducts.
taxes for
Accounts
>,236,768
5,132,145
97
changes
Depreciation
on
a
1939—12 Mos.—1938
$134,823
Operating income
Non-operating income..
Interest
1,888,383
c
Co.—Earnings—
Crll,416
10,201
Other fixed
amount in
3841.
$133,609
.
Gross income
2,396,394
of $.052634
p.
1939—Month—1938
$560,820
$575,623
427,211
423,239
revenues
Social security taxes
sales of
securities
1439.
The capital stock (unstamped) has been
suspended from dealings on the
York Stock Exchange because of the small amount
New
$213,972
1939—3 Mos.—1938
1,809,369
79,014
p.
Chicago RR.—Suspended from, Dealings—-
$3,121
$1,017,642
being collected and deposited in Italy
by the corporation's representative.
As exchange restrictions, in effect
since November, 1935, have prevented the direct conversion of these de¬
posits into U. S. currency, the corporation does not include them in income
unless they are realized by other means.
A comparative statement of all
lire dividends and interest received and
profits realized in the respective
periods is given below:
Dividends received in lire
Int. received in lire
Corp.—Preferred Stock Called—
St., New York City.—V. 150,
Dividends and interest in lire on securities owned by the corporation,
interest in lire on the corporation's bank balance in
Italy and profits in lire
x
...$1,716,591 $1,578,868
A total of 7,500 shares of cumulative
7% preferred stock has been called
for redemption on April 1 at $121.75
per share.
Payment will be made at
J. P. Morgan & Co., 23 Wall
a
on
Total
Directors have
The
Profits in lire
$1,578,8681
for depreciation.—V. 149, p. 3875.
declared interest on certain series of the
company's out¬
standing income bonds, payable March 6 to holders of record Feb. 29 in
respect of the six months' period ended Dec. 31, 1939, as follows: Series
A,
$1 per $100 principal amount; series B, $1.25; series
C, $1.50; series D,
$1.15; series E, $1.50; series I, $2, and series N, $3.—V. 149, p. 1766.
Joliet &
& securities written off
on
92,734
448,473
Johns-Manville
_
52,250
Income taxes.
4,341
$560,277
Int. paid & accrued
debentures
52,569
llabils.
$112,116
Jersey Mortgage Co.—Interest Payment—
registrar, trustee, legal
expenses,
&c
All other expenses
c
Accrued
1
After
1938
$35,007
Res. for Federal
Patents
Total
1939
payable.
24,977
Prepaid insurance.
a
Accts,
32,220
304,837
$1,276,221
4,720
5,626
$19,155
of
Accts. receivable-_
Inventories
1,207,539
$573,367
Total income
Liabilities—
Current—
Land....
aBldgs, mach.,&c.
equipment
1939—12 Mos.—1938
1938
$687,597
life insurance
the Date of Dissolution
Income:
1939
hand and
deposits..
U. S. Govt, bills..
Cash
Italian
1603
Condensed Balance Sheet Dec. 31
debs
7,470
12,006
taxes
Reserve for expenses
c Unrealized Income from lire
divs., int. & profits
of
on
6,000
sales
securities
2,654,952
d $6 cum. preferred stock
e Common stock, class A
12,417,200
...
97,001
f Com. stk. class B, 1st Series
7,500
f Com. stk., class B, 2d series
Capital surplus
Earned
......
deficit
Kaufmann
Department
Stores,
Capitalization—
Stockholders at their annual meeting on March 18 will vote upon a
proposition to decrease the capital stock of the company from $7,932,500,
capital stock, consistnig of 4,325 shares of preferred stock of the
par value of $100 each, 65,000 shares of 5% cumulative preference stock of
the par value of $100 each, and 1,000,000 shares of common stock of the
par value of $1 each, to $7,350,000, consisting of 63,500 shares of 5% cumu¬
lative preference stock of the par value of $100 each, and 1,000,000 shares
of common stock of the par value of $1 each.—V. 149, p. 3560, 1919, 1180,
416, 262; V. 148, p. 3851, 1811, 1645.
its present
7,500
3,737,510
433,864
Kellett
Autogiro Corp.—Orders Reach New High—
now total $405,000, a new high, according to Roderick
Mr. Kellett said the company sold
autogiros in 1939 with major portion of company's business consisting
of subcontract manufacture of aircraft parts for plane builders.—Y. 148,
Unfilled orders
G. Kellett, Executive Vice-President.'
Total
$27,496,396 |
Total
$27,496,396
a Market
value Dec. 30,
1939, $29,627,922.
With the exception of
50,000 shares of Meridionale Electric Co. which are held in safekeeping in
Switzerland, all securities are kept in Italy and the securities themselves,
as well as the disposition of
any proceeds of sales, are subject to the re¬
strictions at present in force in Italy.
The income on all securities, in¬
cluding the shares held in Switzerland, is being collected and deposited in
Italy and the disposal of such deposits is restricted also by governmental
regulations,
b Stated at the official parity of exchange of $.052634.
The
value of these lire will
depend upon the terms under which they may be
8. currency when, as and if such realization is authorized,
Not to be included in income until realized in U. S. currency.
Stated
realized in U.
c
at the
official parity of exchange of $.052634.
970,015
3719.
e
p.
no
par
shares,
f 75,000
d 124,172 no par shares,
pax shares of each issue.—V. 149,
no
two
p.
584.
Kentucky Utilities Co.—Debt Ratio Criticized in Opinion
by SEC—
'
The Securities and Exchange Commission, in its findings and opinion,
March 5, served notice that it intends to keep a watch on the dividend
payments and indebtedness of the company.
Handing down its formal opinion on the bonds which were sold last
week, the SEC said that the company's ratios of debt to total capital and
to property "are not altogether satisfactory."
Funded debt comprises
63.8% of the company's capital structure and is equal to 65% of the com¬
pany's gross property value.
Because it found these debt ratios not
Special meeting of stockholders, called to ratify an increase in capitaliza¬
tion, was postponed from March 6 until April 3, due to lack of a quorum.
This is the second postponement.—V. 148, p. 3851.
Jamaica Public Service Co., Ltd.—Initial Common Div.
Directors have declared
on
the
common
an initial quarterly dividend of 17 cents per share
stock, payable April 1 to holders of record March 15.—
V. 150, p. 1138.
'
1939
Depreciation
$1,043,851
257,087
32,171
Operating profit
1937
1938
.
$709,336
172,301
36,570
1936
$1,178,999
242,332
$781,339
163,139
32,294
24,365
$754,593
$500,465
$904,373
633
37.335
$501,099
90,000
$941,708
Federal income taxes
$754,593
132,000
Net profit
Divs. on common stock.
$622,593
600,000
$411,099
Earns, persh. on 300,000
shares
$2.08
Total income
Includes
surtax
devoted to the retirement of debt, which will have the effect of improving
the security structure and the ratio of debt to property," the Commission's
opinion said.
"Insofar as that result might be offset by the undue payment
of common dividends, the Commission has jurisdiction under Section 12-C
(of the Utility Act) to restrict dividends to the extent that it might be neces¬
to protect the company's financial integrity, safeguard its working
capital, and prevent the payment of dividends out of capital or unearned
surplus; and, of course, any future issuance of debt securities will be subject
to our jurisdiction under Sections 6 and 7," the decision continued.
Bonds Called—
Holders of the following bonds:
First mortgage lien gold bonds, series D,
6^j%, due Sept. 1, 1948; first mortgage lien gold bonds, series F, 5H%.
due Oct.
Other income.
a
Middle West Corp., and the future issuance of bonds by the company.
"It is highly desirable that the savings from the proposed (bond) financing
—as well as a substantial portion of the company's earnings—should be
sary
(W. B.) Jarvis Co.—Earnings—
Calendar Years—
Gross profit
Sell. A adminis. expense.
completely satisfactory, the SEC
said it would watch the company's future dividend payments to its parent.
(F. L.) Jacobs & Co.—Meeting Postponed—
on
undistributed
$49,700 for 1937.
$593,834
1,284
.
a213,000
$595,118
al09,500
225,000
$728,708
431,250
$485,618
318,750
$1.37
$2.43
$1.61
profits
of
$18,150
for
1936
and
1, 1955; first mortgage lien gold bonds, series G, 5%, due Feb. 1,
1961; first mortgage gold bonds, series H, 5%, due Feb. 1, 1961; first mort¬
gage gold bonds, series I, 5%, due Feb. 1, 1969, and first mortgage gold
bonds, series K, 6%, due March 1, 1957, are being notified that, pursuant
to the respective provisions of said bonds, all outstanding bonds will be
redeemed and will become due and payable on April 4, 1940, at the office
of Continental Illinois National Bank & Trust Co. of Chicago, at par and
accrued interest thereon to said date of redemption (April 4, 1940.) and a
premium upon the principal thereof as follows:
5% in the case of said bonds of series D; 3% in the case of said bonds of
4% in the case of said bonds of series G; 4% in the case of said bonds
of series H; 2)4 % in the case of said bonds of series I; and 4% in the case of
series F;
said bonds of series K.
,
1939
April 4, 1940.
bonds of any series may surrender them on or after
March 5, 1940, together with all unmatured coupons appertaining thereto
and will thereupon be paid at the par amount thereof plus interest thereon
to April 4. 1940, and the full premium in respect of the !>onds so surrendered
—V. 150, P. 1440.
x
Custodian Funds—Dividends—
declared a dividend of 68 cents per share on the 8-1 shares
and a dividend of 13 cents per share on the 8-3 shares both payable March 15
to holders of record March 5.
Directors also declared a dividend of 65 cents
per share on the K-l shares payable March 15 to holders of record Feb. 29.
—V. 149, p. 3720.
Directors have
Kingshighway Bridge
Co.—Escrow of Funds Terminated
stockholders are being notified that the escrow of funds estab¬
lished with the First National Bank of Chicago, under date of June 13,
1939 for the benefit of the holders of common stock, will be terminated in
accordance with the provisions of said escrow agreement on March 25, 1940.
Prior to that date each owner of outstanding common stock has the right
under the provisions of escrow agreement to surrender to the First National
Bank of Chicago the certificates representing his shares of common stock
Common
endorsed in blank and with signature guaranteed by a bank or trust
firm member of the New York or Chicago Stock Exchanges),
and to receive from said escrow the sum of $27 for each share of such common
stock evidenced by the certificates so surrendered.
Upon the termination
of said escrow on March 25, 1940, the bank will pay over the residue of
funds then remaining in said escrow to Kingshighway Bridge Co.. in ac¬
cordance with the provisions of said escrow agreement.—V. 147, p. 1039.
.
(duly
company, or a
(S, S.) Kresge
Invest,
&
in
Preferred stock—
1940—Month—1939
1940—2 Mos.—1939
$10,115,540 $9,547,104 $19,664,194 $18,810,098
_
in operation in February, 1940 were 675 U. 8. and 60
Canadian, compared with 681 U, 8. and 58 Canadian in February, 1939.
—V. 1.50, P. 1282.
125,998
Long-term notes &
accounts recelv.
142,736
Govt, securities.
TJ. 8. securities—
3, 637,429
882,709
1940—4 Weeks—1939
1940—8 Weeks—1939
$19,399,140 $18,027,803 $37,604,106 $35,196,740
Period End. Feb. 24—
Sales.
operation
—V.150,P.1262.
in
Stores
3,945
-
3,980
Subs.)—Earnings—
Lambert Co. (&
Years
Consolidated Income Account for Calendar
1937
1938
1939
1936
a$l0,604,376a$l0,747,835a$10,617,718x$10,655,423
8.839,259
8,977,056
9,061,145
8,881,457
Gross sales (net)
Cost and expenses
Net earnings
$1,765,117
Depreciation..
119,715
122,199
$1,556,573
118,141
$1,773,966
112,421
333,593
322,727
247,262
289,778
$1,770,779
income taxes
Prov.
loss
$1,311,809
$1,325,853
$1,191,170
3, 108,160
9,926,337
7>r313,848
48,054
38,983
37,446
$1,261,837
$1,277,798
$1,152,187
$1,272,387
58,105
1,119,557
1,119,556
1,399,446
1,492,742
Lam¬
bert Co. stock
com.
$158,242 def$247.259 def$220,355
746,371
746,371
746,371
$142,280
746,371
Balance, surplus
stk. outst'g
income less other charges
other income less other charges of $105,094 in
other
$1.70
$1.54
$1.71
$1.69
Earned per share
Includes
of $177,043.
a Includes
1939, $72,342 in 1938 and
$160,613 in 1937.
Consolidated Balance Sheet Dec. 31
b Stk.
Land, buildings,
machinery, &c__
of Lambeit
$917,650
Investments
2,748,071
859,720
c
1,712,080
190,101
Inventories
$106,911
$114,137
1,659,089
1,659,089
682,037
592,332
Pharmacal Co..
$919,520
2,766,281
939,726
d Cash
Accts. receivable--
1938
1939
Liabilities—
1938
1939
Assets—
a
1,638,816
194,470
Accts. payable and
Lamb't Co. capi¬
tal stock
266,984
...
accrued sects...
Res.
Prepaid & deferred
charges
for estimated
329,115
322,671
436
456
surplus.
2,788,491
Paid-in surplus...
1,393,514
2,663,532
1,393,514
income tax
333,882
Res. for for'n exch.
Goodwill and trade
1
1
166,768
51,252
names
Other assets
59,222
..36,942,800 35,765,743
Total
After reserve for depreciation
x
in 1938—V. 149, p.
.36,942,800 35,765,743
Total
of $23,774,758 in 1939 and
d Earned
Total
$6,959,593 $6,745,732
$6,959,593 $6,745,732
and $1,390,203 in 1938.
minority interest).
c Rep¬
stock,
d Cash and earned
surplus are stated after deduction of the dividend of the Lambert Co.
payable Jan. 2, 1940, and Jan. 3, 1939, respectively.—V. 150, p. 1441.
a
After
depreciation
of $1,324,139
Lessing's, Inc.—Common Dividend—
Directors have declared a
dividend of five cents per share on the common
11 to holders of record March 5. Dividend
paid on June 10, 1939 and a regular quarterly dividend
paid on Sept. 10, 1938.—V. 149, p. 3266.
stock, payable March
amount was
Libby, McNeill & Libby—Listing—
Stock Exchange has authorized the listing of $11,000,000
15-year sinking fund 4% bonds.—V. 150, p. 842.
Loft, Inc.—Stock Dividend—
March 4 declared a dividend of one
1940—Month—1939
$924,247
$862,536
Period End. Feb. 29—
1940—2 Mos.—1939
$1,950,795
$1,780,923
—V. 150, p. 998.
Lehigh & New England RR.—Tenders—
24, 1939.
Oct.
leased to the candy corpo¬
cancellation by Loft, Inc., on six months'
candy corporation to pay all taxes
plant in Long Island City has been
10 years, subject to
ration for
charges.
Earnings for Years Ended Dec. 31
[Excluding Pepsi-Cola Co. and Subsidiaries]
National Bank
& Trust Co.,
until 12 o'clock noon, March 14 receive bids for the sale to it as of
Lerner Stores
int.,
x$12,135 y$l,126,590
$0.01
Nil
before including $1,549,734 dividend received from
Pepsi-Cola Co. was $1,487,599.
Loft, Inc., received a dividend of $3,081,555 from Pepsi-Cola Co., of which it credited $1,531,821 to its invest¬
ment in Pepsi-Cola Co. and $1,549,734 was credited to income account.
yLoss.—V. 150, p. 438.
of
1940
February—
1939
$2,134,693
—V. 150, p. 1441.
79,545
59,000
769,015
708,000
$172 677
1,757
$1,988,924
11,504
$1,835,980
$218,457
$174,434
$2,000,428
80,791
$1,858,180
875,536
59,272
■cm. 225
Cr 8,881
875,433
72.960
72,947
7,730
mtge. bonds,
Other int. & deductions,
4,718
Ct-7,777
construct'n
$137,780
$104,533
applicable to pref. stock for the period
Net income
Divs.
1939
1938
1937
,
&c
Manfr. shipping cost
Prov. for deprec., obso¬
lescence
and
$14,804,465 $12,073,737 $12,400,938 $12,779,151
8,360,132
7,444,261
7,274,146
6,617,718
1,621,768
1,672,353
1,821,899
1,729,048
2,282,737
2,182,744
1,988,175
243,432
Selling, admin, and gen¬
242,389
Miscellaneous income
Total income
Prov. for Fed. inc. taxes
Net income
Previous balance
237,842
$536,537
245,144
$1,005,430
347,281
$2,200,776
315,220
$2,701,260
444,039
$781,681
$1,352,712102,167
$2,515,996
355,325
$2,257,221
9,025,251
Profit
2,034,285
265,178
$2,297,439
403,821
eral expenses
Dues for sales promot'n.
—V. 149, p.
356,532
$704,003
9,302,559
$1,250,545
9,396,456
$2,160,670
466,050
Total surplus
Miscellaneous
8,222,025
-
$11,282,472 $10,006,562 $10,647,001 $10,858,930
Common dividends
227,004
1,129,131
227,004
754,307
245,456
1,098,986
debits
333,702
1,126,635
2,137
Period End. Feb. 29—
Sales
-
1940—Month—1939
$2,737,952
$2,997,943
Stores in operation
..
1940—2 Mos.—1939
$5,765,349 $5,273,070
201
202
150, P. 1139.
—V.
McKeesport Tin Plate Co.—Suit Against
A
Federal court suit filed at Pittsburgh,
Company Filed
March 4, by two stockholders
aside the merger of the McKeesport Tin Plate Co. and
National Can Co. into the McKeesport Tin Plate Corp.
The action charges that the merger three years ago was fraudulent
seeks
to
set
three
named
as
top
the
and
directors who are
connived to despoil the
the same to their in¬
tin (plate) company."
executives of the corporation and nine
defendants "unlawfully conspired and
(plate) company of its assets and to dispose of
dividual benefit and profit and to the damage of the
tin
—V. 149, p.
3877.
Month
Corp.—Sales—
1940
of February—
Sales
$1,312,150
__
1939
$1,261,181
999.
Reflecting sharp sales gains of
Factory—
its own branded merchandise and
the need
for its manufacturing activities, company has leased the
factory property at 184-10 Jamaica Avenue, Jamaica, comprising over
106,000 square feet, it was stated on March 6 by Ralph Straus, Secretary.
The expansion move follows the crowding of Macy's present Long Island
City location, where it occupies 1,200,000 square feet given over to manu¬
facturing and warehouse facilities.
- •
Macy's is now manufacturing over 650 items in drug and cosmetic lines.
While the number of these items has increased only slightly since the advent
of fair trade, the sales have expanded sharply in this period, Mr. Straus
said.
The store began its manufacturing operations over 35 years ago*
adding new items every year.—V. 150, p. 843.
$9,926,337
$9,025,251
$9,302,559
$9,396,455
Corp.—Trustee Uncertain
Feasibility of Reorganization—
on
the corporation, now in process
tion, reported Feb. 27 to the
certain whether a
new
capital Was needed.
little working capital.
Federal Judge John
tion
of reorganiza¬
Federal Court at Chicago that he was un¬
substantial
inventories and too
reorganization plan would be feasible, since
He said he found too great
_
P. Barnes set March 25 for filing of a reorganiza¬
of creditors' claims.—V. 149, p. 3412.
plan and April 15 for filing
Mandel Brothers,
Directors have declared a
Inc.—Common Dividend—
dividend of 50 cents per share on the common
of record March 14. This compares
45 cents paid on March 20, 1939; 75
paid on Jan. 26, 1937, this latter being
stock, payable March 27 to holders
with 25 cents paid on Dec. 27, last;
Surplus carried to bal¬
sheet
4178.
Claude A. Roth, trustee for
10.185
stk_
Preferred dividends
356,532
$575,721
McCrory Stores Corp.—Sales—
Majestic Radio & Television
77,678
Miscellaneous credits
Red. in par of com.
$932,253
$1,047,429
for greater space
accrued
renewals
22,200
$690,897
(R. H.) Macy & Co., Inc.—Leases
1936
$7,069,362
4,525,382
$216,517
1,940
Gross income
Int. chgd. to
$7,644,920
4,886,981
-
Other income (net)
on
$626,887
395,210
$736,192
440,130
Net oper, revenues
Interest
1939—12 Mos.—1938
1939—Month—1938
Operating revenues
Oper. exps., incl. taxes__
Prop,
retirement
res.
appropriations
Lehigh Portland Cement Co.—Earnings—
Calendar Years—
ance
Light Co.—Earnings—-
Louisiana Power &
Period End. Dec. 31—
—V. 150, p.
Sales, less disct., allow¬
ances,
year
McLellan Stores
$2,322,746
Month
for
Loss
x
Corp.—Sales—
Sales
1938
1939
profit after depreciation, amortization,
legal fees, Federal income taxes, &c
that
Philadelphia, Pa., will
April 1,
1940 of sufficient general mortgage bonds to exhaust the sum of $86,794
at prices not exceeding 102 and accrued interest.—Y. 150, p. 1441.
Tradesmens
share of
Loft Candy Corp. stock for each share of this company's stock held, payable
April 2 to holders of record March 15. Company stated that this dividend
was declared to complete segregation of the candy business of Loft, Inc.
Of the 173 stores operated by Loft, Inc., and subsidiaries at the start
of 1940, 153 have been transferred to the candy corporation, mainly by
sub-leasing at rentals corresponding to rental values as appraised on July 31.
1939. It is expected that remaining stores either will be closed or transferred
subsequently to the candy corporation. Meanwhile the candy company is
operating the remaining stores on the basis of 7% of gross receipts.
Furniture, fixtures and equipment in transferred stores have been leased
to the candy corporation for 10 years at an annual rental equal to 2% of net
book value plus depreciation, or an aggregate substantially less than the
comparable depreciation charged prior to reductions in book values of fixed
assets under the plan of readjustment approved by stockholders of Loft on
Bryant, Inc.—Sales—-
Sales
The
of like
of five
The New York
first mortgage
1939
in
b Represented by 28,250 (par $1) shares (being
resented by 746,371 no par shares of common
Lane
$23,533,279
3720.
Balance
Total
9,025,251
509,896
Prepaid insurance.
Per common share
l
x
Drl87,170
3,235,432
428,545
.....
Net
Net profit applic. to
Lambert Co, stock.
Shs. of
120,000
1,000,000
strip¬
$1,309,834
49,972
to
minority interest
Dividends paid on
120,000
&
Surplus
ping chgs., &C-_
Inventories
Unabsorbed
61,933
profit appliable
97,678
1,000,000
bags
com pen.
fire ins. reserves
Treasury stock
and other carrying
of invest; agency
in Spain
Net
56,682
474,221
notice, at an annual rent of $25,000, the
possible total
for
56,653
636,367
& doubtful accts
The Loft
Federal, State & foreign
cotton duck
Res. for
4,954,863
for disc.
rec.
377,868
377,203
Dividends payable
for Federal
Prov.
Res. for returnable
1,000,000
4,362,275
1 000,OCO
4 301,618
Accts. & bills rec.,
less
sal¬
general
income tax
in U. 8.
reserve
&
taxes
Investm't of Jnsur.
Cash
5,675,100
19,248,638 19,248,638
351,697
payable.
378,496
wages,
aries
1,624,977
Directors of this company on
& Baking Co.—Sales—
Kroger Grocery
Accrd.
adv.
,624,977
$
5,675,100
Com. stk. (par $25)
Accounts
498,811
1938
S
Liabilities—
18,741,164
chinery, &c
21 ,305,783
Mineral
deposits,
469,476
less depletion...
cents was
Co.—Sales—
Period End. Feb. 29—
Sales
Number of stores
$
Land, bldg., ma¬
to affll. cos
Keystone
1940
1 Q^Q
1938
$
Assets—
Holders of the above
9,
Consolidated Balance Sheet Dec. 31
April 4. 1940.
Bonds sur¬
should have attached all coupons maturing sub¬
bonds will cease to accrue on
Interest on all
rendered for redemption
sequent to
March
The Commercial & Financial Chronicle
1604
cents
paid
on
Jan. 26, 1938, and $1
The Commercial & Financial Chronicle
Volume ISO
the first payment to be made on the common stock since
April 20, 1929
when a dividend of 6234 cents per share was distributed.—V.
149, p. 4034'
Manila Electric RR. &
Lighting Com.—Interest Agent—
The Chase National Bank of the
City of New York has been appointed
agent for the payment of interest on the 6% 50-year first lien and collateral
trust
Metropolitan Edison Corp.—Paying Agent—
The Commercial National Bank & Trust Co. of New York has been
appointed paying agent and regsitrar for the secured consolidated refunding
gold bonds of this corporation and of the 6% consolidated refunding gold
bonds of The Mohawk Valley Co.—V. 150, pi 1140.
sinking fund gold bonds due March 1, 1953 in lieu of transfer and
agency, effective March 1, 1940.—V. 150, p. 1442.
Mexican Utilities Co.—Deposit
paying
J.
Marine Midland Corp.—New Directors—
Henry J. Wyatt and Samuel G. H. Turner have been elected directors.
—V. 150, p. 999.
1605
H.
Moseley, Vice-President of the
Time Further Extended—
company,
is notifying holders of
seven-year 7 % collateral trust bonds that the time within which holders of
such bonds may become parties to the deposit and extension agreement,
dated Sept. 29, 1939, has been extended up to and including July 1.
To
more than $583,000 principal amount, or more than 98% of these bonds
has been deposited.—V. 150,
p. 132.
date
Market Street Ry. Co.—Deposit Time Extended—
Company reports that the time within which first mortgage 7% sinking
fund gold bonds, series A due April 1, 1940,
may be deposited under the
plan for extension of maturity has been extended to March 15, 1940.—V.
150, p. 1442.
Middle West Corp.—SEC Starts Death Sentence Action—
Given UMil April 9 to Answer—Public Hearing April 29-—
The
Marshall Field & Co.—Common Dividend—
Directors have declared a dividend of 10 cents per share on the common
stock, payable April 30 to holders of record April 15.
Dividend of 30 cents
was paid on Dec.
29, last, this latter being the first common dividend paid
since Dec. 1, 1931.
In letter to shareholders
announcing the current dividend, President
Frederick D. Conley said:
"As it is difficult to predict what lies ahead for business under present
unsettled conditions, and as a large part of the company's annual earnings
normally accrues in the fourth quarter of the year, the directors have elected
to
pursue a very conservative policy with regard to interim dividends.
Consideration will be given to an extra dividend at or shortly after the yearend, if the volume of business and net profits for 1940 justify the directors
in
taking such action."-:—V. 150,
P.
1442.
Massachusetts State College Building Association—
Sells Bonds—
The association has sold to Worcester County Trust Co. and the State
Mutual Life Assurance Co., jointly, 1450,000 serial bonds at an average
234 % and 2%%. W. F. Rutcer, Inc. acted as the
financial agent of the association.
*
Proceeds from the sale of these bonds will be used for purpose of erecting
dormitories for the Massachusetts State College in Amherst.
Upon the
rate of interest of between
final principal payment of the bonds, the dormitories become the property
of the Commonwealth of Massachusetts.
Mead
Corp.—Registers with SEC—
The corporation, March 6, filed with the Secutities and Exchange Com¬
mission,
registration statement (No. 2,4341, Form A-2) under the Securties Act of 1933 covering $6,COO,OCO of 15-year 1st mtge. bonds, due March 1
1955.
The interest rate is to be furnished by amendment to the registration
a
statement.
The net proceeds from the sale of the bonds together with funds to be
received from the private sale of $2,500,000 of 3% serial notes to First
National Bank, Chicago, will be applied as follows:
$6,085,040 to the redemption at 104% of $5,851,000 of company's out¬
standing 1st mtge. 6% gold bonds, series A, due May 1, 1945.
$2,143,680 to redemption at 10134% of $2,112,000 of company's out¬
standing 434 % coll. promissory notes, due serially Sept. 21, 1940 to May 1,
holding, company system is not confined in its operations to a single in¬
tegrated public utility system.
The notice gives the company an op¬
portunity to mkke an answer and to present its own views as to what ac¬
tion, if any, the company believes it should take to comply with the stand¬
ards of Section 11 (b) (1) of the Act.
Such answer is called for
1940.
While the public hearing in this proceeding has been
scheduled for April 29, 1940, the precise date for the hearing
fixed until the Commission has had an opportunity to study
by April 9,
tentatively
will not be
the answer
made by the company and to ascertain the scope of the issues raised therein.
At the public hearing the company will be entitled to present witnesses with
respect to the Commission's allegations and with respect to whether the
company's "additional" systems are such that they may be retained under
the provisions of the law.
The Middle West Corp., with headquarters in Chicago, controls, directly
or Indirectly, electric companies operating in 16 States and gas companies
operating in 11 of those States and one other.
The electric companies
operate in Arkansas, Indiana, Illinois,
Kansas, Kentucky, Louisiana,
Michigan, Missouri, Nebraska, Ohio, Oklahoma, South Dakota, Ten¬
nessee, Texas, Virginia and Wisconsin.
The gas companies operate in
Indiana, Illinois, Kansas, Kentucky, Missouri, Michigan, Mississippi,
Nebraska, Oklahoma, South Dakota, Texas and Wisconsin.
Among the subsidiaries of the Middle West Corp. listed in the Com¬
mission's notice are Central & South West Utilities Co., Kentucky Utilities
Co., North West Utilities Co., and United Public Service Corp., all of which
are also registered
holding companies under the Public Utility Holding
Company Act.
In addition to these companies, the notice lists 50 electric
and gas utility subsidiaries of the Middle West Corp. and 33 subsidiaries
which are non-utility companies.
Any State, State Commission, or municipality affected and any interested
security holders or consumers may apply to the Commission to intervene
in the proceedings as provided in the Commission's Rules of Practice.—V.
150, p. 844.
Mississippi Power & Light Co.—Earnings—
Period End. Dec. 31—
Lehman
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
1939—Month—1938
$669,646
$683,560
Corporation on March 2 reported sales for the four weeks ended Feb. 10
$1,809,474 as compared with the similar period last year of $1,761,715,
increase of 2.71%.
Sales for the eight weeks' period were $5,243,419,
as compared with sales for last
year of $4,897,618, an increase of 7.06%.
—V. 150, p. 844.
516,823
60,000
5,226,366
760,000
5,076,155
720,000
$55,663
$106,737
869
364
$1,371,878
1,615
$1,541,725
1,664
$56,532
68,142
10,457
$107,101
68,142
6,478
$1,373,493
817,700
109,588
$1,543,389
817,700
76,196
Net income.def$22,067
$32,481
$446,205
403,608
$649,493
403,608
$42,597
$245,885
Other income (net)
Gross income..
of
a
Divs. applicable to pref. stock for the period
Balance.....
Co.—Earnings-
Calendar Years—
Profit from oper., after
1939
1938
1937
1936
$5,124,507
23,665
$7,611,373
61,342
$6,857,243
60,633
$4,970,277
728,011
x342,725
405,114
$5,148,172
689,483
363,682
359,999
$7,672,715
788,457
305,819
531,619
$6,917,876
757,826
386,755
250,487
189,000
590,000
10,593
2,458
208,000
604,000
24,345
1,903
331,873
896,377
124,292
3,896
1,246
428,864
763,838
58,000
$2,715,427
1,481,968
$2,909,957
2,469,948
$4,668,029
3,951,916
$4,266,964
3.951,453
$1,233,459
$440,009
$716,113
$315,511
$2.71
$2.91
$4.67
$4.26
deducting maint. & re¬
pairs and royalties but
before deprec'n, &c__
$4,920,394
Add—Other income.
49,883
-
Total income
Gen., admin. & sell,
Depreciation
exps
Taxes
Loss
on
disposal of capi¬
tal assets
.
Rents.
1
Prov. for Pa. inc. tax
Prov. for Fed. inc. tax__
Prov. for Fed. surtax...
Net profit for year
Common dividends
Balance, surplus.
Earnings per share
common
x
on
stock.
Includes amortization.
Balance Sheet Dec. 31
1939
Assets—
Permanent assets.
6,621,278
5,213,003
Cash...
Accts.
rec.
1939
1938
LiabUUies-
$
6,806,226
3,432,328
under
term contracts..
Accts. recelv., &c.
Inventories
Intangible assets
Deferred charges..
.
.
28,500
2,174,089
1,419,493
5,934
34,423
1938
$
S
Common stock..
5,000,000
Accounts payable. 1,223,520
Accrued payrolls..
178,592
Dividends payable
494,001
Accrd. inc., excess
5,000,000
788,539
805,218
242,606
a
45,000
2,239,271
1,930,176
profit & undist.
6,924
profits taxes
43,320 Accrued gen. taxes
308,244
708,162
139,348
494,002
Excess pay. rec. on
802,837
uncompl. contr's
Other
305,925
reserves
Surplus.
Treasury stock
Total
a
15,496,720 14,503,244
346,631
6,032,618
Dr68,178
....15,496,720 14,503,244
Total
Represented by shares of $5 par.—V. 150,
7,266,077
J9r68,178
p.
Operating revenues.
Operating expenses
Net operating revenues
Operating taxes.
...
*
396,550 telephones in service in
a
Corp.—Interest Payment—
meeting held Feb. 20, 1940 the board of directors of this corporation
April 1, 1940
Oct. 1, 1956
equivalent to: 3% of the principal of the series A bonds and 2% of the
principal of the series B bonds.
On April 1, 1940, the accumulated unpaid interest on the series A and
series B income bonds will amount to 24% and 19% respectively.—V. 149,
p. 3269.
Mohawk Valley Co .—Paying
Agent—
Metropolitan Edison Co., above.—V. 141, p. 2742.
See
Monroe Coal
The
Mining Co.—Tenders—
Fidelity-Philadelphia Trust Co.,
noon
March
18 receive
bids
for
Philadelphia, Pa., will until
the sale to
it of sufficient
Montana Power Co.
12
first
of $20,766.
(& Subs.)—Earnings—
$3,463,792
2,132,888
Period End. Dec. 31—
1939—Month—1938
1939—12 Mos.—1938 <
Operating revenues
$1,516,183
$1,282,541 $15,058,960 $13,076,693
7,324,036
6,389,390
Oper. exps., incl. taxes.750,426
584,290
Prop,
retire.
& deple.
reserve appropriations
130,584
1,613,748
1.563,211
127,506
$1,527,436
554,549
$1,330,904
467,662
Other income (net)
$972,887
951,268
$863,242
800,832
$638,251
851
$567,667
Drl,428
$6,121,176
Dr6,885
$5,124,092
Dr40,211
$639,102
158,001
$566,239
159,574
44,125
35,549
$6,114,291
1,905,981
529,495
437,512
08,527
$5,083,881
1,927,603
529,495
416,153
0335,950
Net income
$399,837
$326,991
Divs. applic. to pref. stock for the period-
$3,249,830
957,528
$2,546,580
957,498
Balance
$2,292,302
$1,589,082
Net oper. revenues—
Gross income
Int. on mortgage bonds.
on debentures.----
Int.
Other int. & deductions.
Detroit and immediate
The company as a whole had 754,746 telephones in service March 1, a
gain in February of 5,940 against 6,636 in January.
Gain during the first
two months of 1940 was 12,576 against 12,133 in the like period of 1939.
Mobile Gas Service
At
declared the following amounts of interest to be payable on
on the first mortgage income bonds, series A and B, due
1939
$3,470,911
'
7,119
Gain in Stations—
150, p. 1286.
Since the plan for the readjustment of the capitalization of the company
adopted by the stockholders at a special meeting held Aug. 21, 1936, there
have been paid four dividends on the new stock totaling $2.85 per share.
The new stock was issued on the basis of 17 shares of common stock for
each share of prior preferred stock and one share for each share of preferred
stock outstanding.
Shares may be exchanged prior to April 1, 1940, which is the final date
for exchange of stock, and the company has been advised by Its counsel that
holders who have not exchanged on the expiration date will not be stock¬
holders of record and will not be entitled to vote on dissolution.—V. 144,
P. 617.
mortgage 6% bonds due Aug. 1, 1947 to exhaust the sum
suburbs on March 1, a gain of 3,186 during February compared with 3,689
in January, according to this company.
—V.
then stockholders of record.
$3,818,505
2,291,069
...
Net operating income.
were
On July 19, 1939, the holders of prior preferred and preferred stock
informed that the directors would shortly fix a closing date for the
exchange of preferred issues into the common stock of this company pro¬
vided for under the recapitalization plan dated June 16, 1936. The directors
have now fixed that date at April 1, 1940.
Stockholders who have not
exchanged, must exchange in order to fix their status as stockholders in the
dissolution, proceedings for which will be instituted immediately after the
expiration or the date fixed for the exchange of stock. It is contemplated
that final distribution will be made in such dissolution proceedings to the
were
1940
$3,830,350
11,845
Net income—
There
...
accumulated and
Mississippi Valley Utilities Investment Co.—Exchange
of Stock—
o'clock
1443.
Michigan Bell Telephone Co.—Earnings—
Month of January—
Operating revenues
Uncollectible operating revenue
Dividends
unpaid to Dec. 31, 1939, amounted to
$487,693, after giving effect to dividends amounting to $2 a share on $6
preferred stock, declared for payment on Feb. 1, 1940.
Dividends on this
stock are cumulative.—V. 149, p. 4180.
a
Mesta Machine
1939—12 Mos.—1938
$7,358,244
$7,337,880
550,650
63,333
Melville Shoe Corp.—Sales—
an
1 announced the in-
The action taken was similar to the proceedings instituted Feb. 28 with
respect to^Electric Bond & Share Co. and Engineers Public Service Co.
The Commission's action was taken in a notice served on the Middle
West Corp. \ The notice alleges that it appears to the Commission that the
1945.
Brothers, N. Y. City, will be the principal underwriter, it is
stated.
The prospectuc states that to facilitate the offering, Lehman
Brothers as the representative of the underwriters is authorized to effect
transactions in the bonds for the purpose of stabilizing the market price.
This is not an assurance, it states, that such transactions will be effected,
or that if commenced,
they may not be discontinued at any time.
The price at which the bonds will 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.—V. 150, p. 3268.
Securities and Exchange Commission March
stitutioiyof proceedings under Section 11 (b)(1) of the Public Utility
Holding(Company Act of 1935 with respect to the Middle West Corp.
Int. charged to constr
-Y.
149, p. 4180.
44,125
37,189
050
The Commercial & Financial Chronicle
1606
Finance
.$30,530,347 $24,964,107
—
—
Morris
1939
1940
Co.—Merger
Proposed with Associates
The directors at
special meeting March 5 approved as a preliminary
a
and the Associates
Notice of a meeting for the ratification of
be submitted to a vote of the stockholders
step a Joint contract of merger whereby the company
Investment Co.
the
may merge.
agreement will
later date.
merger
at a
As
a
preliminary action to expedite the exchange of stock, the directors
declared
a
stock dividend on
the outstanding class A common stock en¬
titling the stockholders to one-tenth of
a share of class A common stock
for each share of class A common stock held of record as of the close of
business March 5, 1940.
A dividend of one-tenth of a share of class B
stock for each share of class B common stock held of record at
common
the close of business March 5,
The dividend is
1940, was also declared.
to be payable on March 20,1940.
To those stockholders wherein fractional
shares result, a plan will be developed and submitted to the stockholders
for the handling of the fractional shares.
On Feb. 15, 1940, stockholders were advised of action of the board
of directors declaring a regular dividend of $2.50 per share on the class A
common stock and 50 cents per share on the class B common stock, which
dividends
are
The annual report for 1939 reveals substantial increases in net eannngs,
payrolls, number of employees and working capital. In a letter introducing
payable March 30 to holders of record March 15.
Obviously
fact that improvements to the structural mill and to the
facilities were made at the Weirton, W. Va.. plant during the year
a program
continuous
additional
Although the total average number of employees increased only 14%
during the year, the payrolls disbursed during 1939 were almost a 33%
increase over 1938 payrolls. The average number of employees in 1939 was
20,099 compared with 17,623 in 1938.
Payrolls amounted to $36,651,186
in 1939. an increase of $9,042,301, over the 1938 total of $27,608,885. The
payroll total includes $631,273 for vacations withpay as compared with the
1938 disbursement for this purpose of $557,336. The average wage payment
to each National Steel Corp. employee was $1,823.53.
Charges totaling $6,856,916 were made to operating cost during the year
to provide for depreciation and depletion comparing with the provision o
$5,487,985 for this purpose in 1938.—V. 150, p. 845.
,
National Tea
1940
1939
Operating revenues
Uncollectible operating revenues
$2,162,239
9,784
$2,039,429
6,636
Operating revenues...
Operating expenses...
$2,152,455
1,458,602
$2,032,793
1,381,814
$693,853
327,588
$650,979
293,062
.......
—
150,
——
......
$366,265
$357,917
285,008
—
.
275,304
Period End. Feb. 29—
Sales
,
1940—Month—1939
$3,134,123
1940—2 Mos.—1939
$2,752,150
in
operation
—V. 150, p. 1141.
....
$6,216,790
202
201
an
JDr4,564
com.
—
quarterly dividends of six cents
per
share
were
distributed.—V. 146,
p.
1560.
Cnoparj
x
creases
Co.—February
Revenue
In¬
10.2%—
Total gross
51,000
revenue
for the first two months of this year amounted to
an increase of 9.7% over the
corresponding period in 1939 when
$1,365,280
67,848
94,237
*$226,750
81,334
376,950
$982,313
622,650
Nil
$1,527,366
628,250
Nil
$231,534
628,250
$0.23
Additional provision for Federal income tax assessment
Consolidated Balance Sheet Dec.
1939
Assets—
$
Accts. payable-.
410,060
Due from employ's
for cars purch'd
Mtgs. receivable
Investments..
_
Officers
Total
stk.
February, 1940
'
$3,748,695
$3,226,983
905,101
$4,132,084
$
$
payable.—.
380,631
Accounts payable. 2,277,480
Real estate mtgs—
606,163
Acct. payable (Re
Notes
store lease cancl)
12,500
1,634
for conting's
83,890
(self insurance).
5H% pref. stock
(par $10)— 1,431,070
a Common stock..
7,783,126
Paid-in surplus—
Earned surplus. b
sub¬
8,433^320
Fixed assets
Goodwill
2,118,741
513,750
23,000
26,499
.
z
666,168
26,000
Res.
17,906
17,020
4,023
1,132
32,460
script. contracts
_
69,398
1,844,642
67,465
1,457,570
7,783,125
69,398
2,213,622
8,954,511
1
1
100,303
111,818
....
Prep, rents, taxes,
Total
Increase
8.5%
x
14,499,280 14,814,839
After
reserve
Total.
—
...—14,499,280 14,814,839
for bad debts of $66,918 in 1939 and $67,787 in 1938. y
z After reserve for depreciation of $8,154,554 in
17.0%
reserve
10.2%
and $8,019,446 in 1938.
cludes restricted surplus
—V. 150, P. 1001,
1938
1939
Liabilities—
$
1,354,251
383,498
3,929,349
3,463
3,838,937
y4,028
_-
insurance, &c_.
February, 1939
$2,975,258
773,437
Red
for year 1933.
31
1938
.
1,677,405
Notes receivable
the figure was $7,782,595.
The comparisons are as follows:
Blue
-
$982,313
Notes rec.—officer
Gross network revenue for the NBC networks for February, 1940 rose
sharply over the same period in 1939 with the total figure amounting to
$4432,084, an increase of 10.2% over February, 1939.
$8,537,292,
x$277,750
64,750
2,216
Profit.
from company..
Broadcasting
$1,298,314
$369,080
622,650
Nil
..
outst.
Inventories
a
$974,679
$369,080
/
Deficit..
Shs.
x
dividend of five cents per share on the common
stock, payable April 15 to holders of record March 30.
Previously regular
National
$369,080
a7,634
Cash
Mutual System, Inc.—Five-Cent Dividend—
x$226,391
51,359
Preferred dividends...
Common dividends....
Cumulative Mutual time sales for the first two months of 1940 aggregated
an increase of 10.8% over the gross billings of $591,683 for the
Directors have declared
$1,419,430
121,116
Federal taxes
$655,378,
period.^
$1,025,689
51,009
$364,516
Total loss..
Prov. for lease cancel or
rentals on closed stores
a
increase of 22.1% over
1936
$62,100,160 $62,485,320
62,586,760 61,358,393
787,591
932,830
900,536
708,456
_
Other income
$5,437,685
.
Mutual Broadcasting System, Inc.—Time Sales—
1939
-
Earns, per sh. on com
February time sales amounted to $337,649,
February, 1939 time sales of $276,605.
similar
_
Operating loss
Net loss
(G. C.) Murphy Co .—Sales—
Stores
Cost of sales, &c
1000.
p.
Years
1937
1939
1938
$56,824,450 $55,545,216
56,480,510
55,783,314
Sales.
Depreciation
,
Co.—Earnings—
Telegraph Co.-—Earns.
Month of January—
Net operating income
Net income.
standing with the trade
employees and manage¬
ment, have never been better, and these factors are such that the owners
of the securities of the National Steel Corp. can be well satisfied with the
value behind their investments," Mr. Weir said.
Consolidated Income Account for Calendar
Mountain States Telephone &
and that
of extensive improvements is now under way in the 48-incn
strip mill as well as in the tin plate mills at that location. No
financing will be necessary to cover these improvements, he
"The physical condition of our properties, our
and the quality of our entire organization, both
viously declared payable on March 30.—V. 150, p. 1444.
—V,
that a total of $8,700,He calls attention
finishing
paid out in expenditures for plant and equipment.
was
the
to
the stock dividend declared will not participate In the cash dividend pre¬
Net operating revenues
Operating taxes.
E. T. Weir, Board Chairman points out
the report,
246
Investment Co.—Stock Dividend Declared—-
1940
9,
Corp.—Annual Report—
National Steel
Montgomery Ward & Co.—Soles—
Month of February—
Sales.-.—V. 150, p. 1441.
March
of $2,857.
Represented by 660,000 no par shares,
by reason of purchase of treasury stock:
a
After
1939
b In¬
1939,
$996,407; 1938, $939,907.
National Credit Finance
Corp.—Promoters Indicted—*
The Department of Justice and the Securities and Exchange Commission
March 1 reported that a grand jury in Federal District Court at St. Paul,
Minn., had returned an indictment charging Robert W. Hacking and Paul
Hacking, both of Minneapolis, with violations of the fraud provisions of the
Securities Act of 1933, Mail Fraud and Conspiracy in connection with the
sale of various securities issued by National Credit Finance Corp.
The indictment charged that the defendants employed a scheme and arti¬
fice to defraud numerous investors by means of false representations in sell¬
ing the preferred and common stock, promissory notes, accumulative in¬
stalment contracts and subscription agreements issued by National Credit
Finance Corp., which was dominated by the defendants.
It was charged
to be a part of the scheme for the defendants to issue and disseminate false
financial statements and to divert to their own use, and the use of enterprises
personally owned and controlled by the defendants, funds derived from the
sale of the securities.
For this purpose, the indictment charged, the de¬
fendants organized and operated numerous finance and industrial loan
subsidiaries, which included: Interior Credit Finance Corp.; St. Paul
Finance Corp.; Duluth Credit Finance Corp.; Range Credit Finance
Corp.;
Central Minnesota Finance Corp.; Interstate Credit Finance
Corp.; Wis¬
consin Credit Finance Corp.
The companies personally owned or controlled
by the defendants, into which the funds were diverted, included: Hacking
Brothers, Reliance Collection Service, Hacking Brothers Audit Service.
Minneapolis Credit Finance Co., St. Paul Credit Finance Co., Duluth
Credit Finance Co., Virginia Credit Finance Co., Willmar Credit Finance
Co., Central Minnesota Credit Finance Co. of St. Cloud, Mankato Credit
Finance Co., Olmsted County Credit Finance Co. of
Rochester, Superior
Credit Finance Co., Eau Claire Credit Finance
Co., LaCrosse Credit
Finance Co., Milwaukee Credit Finance Co., Wausau Credit Finance
Co.,
Chicago Medical Credit Bureau, Adjustment Service Bureau, Inc., and
Reliance Adjustment Service Bureau, the indictment
alleged.
National
Malleable
&
Steel
Castings
Co,—To
Pay
25-Cent Dividend—
Oil
Products
Co.,
Inc.—New
President-
Directors Reduced—Stock Increased—
Board, will
con¬
tinue, however, to
March 1
as
serve as the board's Chairman.
John H. Barton retired
President and a director of the company.
At the shareholders' meeting held March 4 it was voted to reduce the
board of directors from nine to eight as a result of Mr. Barton's
resignation.
Stockholders also approved an increase in the capital stock by 100,000
shares to a total of 300,000 shares.
Mr. Gulick explained that the addi¬
tional stock will not be issued at this time.
a
Sept. 30, June 30, and April 15, 1938.
See V. 146, p. 2053, for detailed
record of previous dividend payments.—V. 150, p. 1446.
National Shirt Shops of Del., Inc.—Sales—
p.A?°mPany reports gross sales for the year ended Dec. 31, 1939 of $4,401,i..ocompared with $3,959,311 for the previous year, an increase of
p.
133.
P.
24, 1940.
Average sales
per
1939 to 1,069
location increased 18.64%.—V. 150,
1001.
Neisner Brothers, Inc.—Sales—
Period End. Feb. 29—
Sales
1940—2 Mos.—1939
1940—Month—1939
$1,342,230
$1,208,783
$2,626,326
$2,381,319
—V. 150. p. 1288.
(J. J.) Newberry Co.—Sales—
Period End. Feb. 29—
Sales
1940—2 Mos.—1939
1940—Month—1939
$3,255,661
$2,989,675
$6,265,767
$5,797,627
—V. 150, p. 1412.
New
England
Gas
&
Electric
Association—System
Output—
For the week ended March 1, New England Gas & Electric System reports
electric output of 8,847,116 kwh.
This is an increase of 746,106 kwh., or
9.21% above production of 8,101,010 kwh. for the corresponding week a
year ago.
Gas output is reported at 120,487 mcf., an increase of 22,025 mcf., or
22.37% above production of 98,462 mcf. in the corresponding week a year
ago.
Coupon Payinq and Transfer Agent—
New York Curb Exchange has been notified that the Chase National Bank
has been appointed coupon paying agent for the 5% debenture bonds, due
Sept. 1, 1947.
transfer agent for the
—V. 150, p. 1447.
'
New York has been appointed
$5.50 dividend series preferred stock of this company
New Jersey Power & Light Co.—Interest
Paying Agent—
The Guaranty Trust Co. of New York has been appointed agent for the
payment of interest on this company's 1st mtge. gold bonds, 4M % series,
due 1960, in lieu of transfer and paying agency, effective March 1, 1940.
New York Central
RR.—Preliminary Report—
F. E. Williamson, President states:
This preliminary report shows the financial results of company for 1939,
and indicates clearly now a moderate upturn in volume of freight traffic,
even for a short period, affects net earnings.
During the early months of the
year,
while volume was somewhat above
the low of 1938, it was not sufficient to enable the company to realize any
net income.
Business during August was slightly better, and commencing
in September there occurred a substantial betterment.
For the last four
cars loaded and received increased by 223,698 cars, or 20.41%,
1938, and freight revenue for the same period increased $16,673,573,
21.46%.
Largely as a result of this increase in business during the
last four months operating revenues for the year increased $42,405,513, or
14.2%, as compared with the previous year.
Operating expenses increased $19,381,849, or 8.2%, the largest increase
being approximately $11,000,000 in maintenance of equipment, due to the
necessity of repairing freight equipment, some of which had stood idle for
a long period.
Notwithstanding the increased expenditure required, the
company was able to carry through more than 50% of the increase in
operating revenues to net revenue from railway operations, and after all
charges had a net income of $4,509,236.
This compares with a deficit of
$20,154,000 in the preceding year.
over
dividend of 25 cents per share on the common
stock, payable March 25 to holders of record March 20.
This compares
with $1 paid on Dec. 18, last; 25 cents
paid on Sept. 29, June 30 and on
March 31, 1939; 30 cents paid on Dec. 22, 1938 and 20 cents
paid on
11.18%.—V. 150,
amounted to $4,863,378, as
corresponding four weeks of 1939, an
15.19%.
The number of stores in operation decreased from 1,101 in
at Feb.
months
Common Dividend—•
Directors have declared
of
—V. 150. p. 1142.
Charles P. Gulick, one of the founders of this
company in 1907. again was
elected President after a two-year absence from that post.
Mr, Gulick
who left the Presidency in 1938 to become Chairman of the
on
increase
The Chase National Bank of the City of
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 30 to holders of record March 13. Dividend of $1
was paid on Dec. 21, last, and compares with a
regular quarterly dividend of
50 cents last paid on Dec. 22, 1937.—V. 149, p. 3723.
National
Sales for 4 weeks end Feb. 24—
Sales for the four weeks ended Feb. 24, 1940
compared with $4,221,770 for the
or
The Commercial & Financial Chronicle
Volume ISO
You will note
further reduction of $1,127,320 In total fixed charges,
which for the year 1939 amounted to
$48,103,444.
In 1932, total fixed
charges were $58,468,208, so that there has been a reduction 6ince that year
of $10,364,764.
This has been brought about largely by a reduction,
a
through payment and conversion, of $141,230,755 in fixed obligations of
the company and of its lessor companies
outstanding in the hands of the
public and by refunding operations at lower interest rates.
The result has
been a decrease In the annual interest
requirements on outstanding obliga¬
tions of $9,299,915.
Due to changed conditions over the past 10
years, caused mainly by high¬
competition, business handled on branch lines has been seriously
Where such branch lines have become unprofitable, company
has followed the policy of
abandoning them upon approval by the Inter¬
way
affected.
state Commerce
Commission, with the result that
a
total of 346 miles have
been abandoned since 1932.
There is today a much greater utilization of equipment per unit than in
past.
The faster movement of cars and the quicker turn-around at
terminals have made it possible to do a larger volume of business per car
the
owned than
previously the
was
and this has enabled the company to
case,
reduce
its expenditures for new freight equipment.
During the year,
however, in order to meet the demands of business, orders were placed for
additional equipment of certain types, the principal order (made last fall)
being for 500 50-foot box cars and 3.500 55-ton coal cars, and these cars
are
now
being received.
This purchase is being financed through an
equipment trust of $9,000,000 which was sold to the Reconstruction Finance
Corporation.
Total equipment trust maturities of the company and its
lessor companies for the current year will
only amount to $5,483,000.
This
with maturities of $15,227,344 in 1932.
As indicative* of the sound condition of the
property,
been able without congestion, delay or car
New York
Comparative Income Account
1939
the
Local
properly to handle the increased traffic.
Our service, both passenger and freight, has been materially improved
during the past few years, and this policy was continued in 1939.
A new
train,
"The Pacemaker," handling deluxe coach equipment including
observation cars, dining cars and lounge cars, was established between
New York and Chicago for the comfort and convenience of those who do not
on a
16-hour
schedule,
we think that we have the finest and most luxurious train in the
world.
During the past year, in cooperation with the Pullman Co., we
have continued the policy of providing additional new, light-weight equip¬
ment for our
principal through trains.
Income Account
TTTotal,
Freight
Passenger..
All others
1938
»
1937
$
Depreciation
expense...
Operating rents
Gen'l &
of
tenance
misc.
1936
$
2,000,801
8,911,632
2,044,400
9,180,020
Prov. for empl. service
pensions
2.065,490
9,278,707
1,928,789
8,870,293
2 ,163,740
2,190,604
2,143,297
2,305,502
1,740.215
1.598,911
1,711,842
1,569,685
Empl. sickness, accid't
death & oth.benefits
Paym'ts for
serv.
298,681,195 366,226,126 361,063,872
under license conts.
2,968,044
2,885,119
2.902,369
2,794,088
Other general expenses
2,253,190
2,394,509
2,292,170
2,506,659
Exp. chgd. construc'nCrl,289,692 Crl,226,878 Cr1,303,241
Cr646.256
Taxes
33,807,287
32,597,453
29,311,615 y25,057,269
Net operating income.
Net non-oper.
of
debt
exp. & oth.
37.872,722
2,278,860
34,694,427
3,551,488
1.720,329
38,767,547
3,129,341
1,187,842
40,151,583
2,778,187
1,237,432
disc.
&
fixedchgs.
51.603
45,427
35,011
25,639
Net inc. avail .for divs.
35,370,799
29,377,181
34,415,352
36,110,325
33,704",000
33,704,000
880,000
33,704.000
1,625,000
33,704.000
1,666,799
x4,326,818
xl68,647
4,213,000
4,213,000
4,213,000
4,213,000
$6.97
$7.96
$8.19
Divs,
on
cum.
6H%
preferred stock
Divs.
on common
Deficit,
x
y
stock.
$8.40
Includes $12,900 surtax
from rail¬
$
Telephone plant801 ,510,831
Cap. stk .invest.
Bonds of affil
793,509,529
companies...
28,339,000
12,300
12,300
315,845
730,096
9,258,462
8,733.934
Miscell. physical
82.225,687
(77.55)
32,160,527
92,233,436
Cash
(74.46)
30,812,037
Working funds.
12,872,731
14,036,893
16.142,773
5 531,547
5,738,233
Mat'l A supplies
Notes receivable
552,089
10, 048,355
81,643
10,735,446
Accts. receivable
joint facility rents.
&c
23, 638,246
Prepayments...
1, 163,192
Unamort.
Net railway operating
37.303,427
16,893,421
15,582,476
15,173,666
36.028,267
24,317,396
45,278,626
22,465,462
Unamort.
30,756,142
60,345,663
67,744,088
1,584,168
1,679.735
1,795,987
yl, 035,496
29,076,407
22,472,195
25,297,503
1,461,066
58,549,676
25,163,019
26.404,466
66.074,725
26,707,627
629,579
28,777,854
1,656,069
4,509,236
x20,1.54,357
6,352,612
8,933,175
687,752
183,927
508,492
1,642,325
Otherdef'd shgs
216,869
508,491
Income
available
unfunded debt..
on
Net income
Deficit.
x
Condensed General Balance Sheet Dec. 31
1939
A ssels—
a
1938
%
1939
Liabilities—
$
Invstmnt. 1,719,506,809
Cash
30,703,561
Capital stk.
Equipment
trst. ohlgs-
21,189.000
27,050,755
Mtge. bonds
512,858,000
512.896,000
Deb. bonds.
-.
5,500,000
5,500,000
Other curnt.
assets
24,998,197
sets
20,182,145
18,543.642
562,332,642
562,332.642
Conv. secrd.
18,779.692
bnds.
and
seed.
bds.
as¬
A an-
adjstd dts.
3^8,
75,000,000
from
American Tel.
Notes
sold
5,000,000
Customers*
posits
vance
A
17.600,000
27,052,865
28,393,499
to
trustee of pen¬
sion fund
de¬
ad¬
bill'g A
5,155,124
4,853,370
11,788,120
Taxes accrued..
12,512,646
1,017,578
54,699
10,914,518
9,887,895
payments
Accts. pauable A
983,531
Rents accrued..
Deferred
924,396
64,801
credits
A misc.res'ves
552,284
783,572
Deprec.in res've268,167,355 264,723,885
Unappropriated
21,121,586
surplus...
22,281,989
Total
889,151,780 880,704,680'
Total
889,151,780 880,704,680
x Includes
$2,876,535 representing sterling bonds of £593,100, the
principal being payable in pounds sterling, and the interest in pounds
sterling, or, at the option of the bondholders, in dollars at a fixed rate of
exchange of $4.85 for one pound sterling,
y Excludes $573,105 represent¬
ing expenses incurred in connection with the issue and sale of series C
bonds.
Pending approval by the Public Service Commission, this amount
included in other deferred charges.
Note—The City of New York nas made certain claims in respect to excise
and sales taxes which if sustained would result in a tax liability substan¬
tially in excess of the provision made therefor in the company's accounts.
The company denies the city's claims and is contesting them.
25,037,000
26,663.903
....
Defened
1938
$
1,727,919,599
28,098,275
Material and
supplies
Ref. mtge.
for
fixed charges
Rent for leased roads
Interest on funded debt.
Int.
14,269,120
x60,868,035
25,000,000
25,000,000
Interest accrued
Miscellaneous deductions
from income
14,269,120
other cur.liab.
1.669.363
52,612,680
22,059,323
25,005,580
1,038,541
84,586
22,498,115
1,283,721
cap'l
stock exp
Insurance fund.
54,196,848
560,947
debt,
disc't A exp..
income
Other income
ital stock
A Tel. Co
750,000
$
cap¬
serial series C.
cos
1938
1st A gen. mtge.
Advances
Sinking funds..
Net debits for equipment
Total income
5,332,125
in
61,178,812
(79.52)
32,723,605
on
Ref. mtge. 3^8.
5,330,029
non-contr.
$
4^8
Bonds and other
investm'ts
1939
Liabilities—
Common stock.421,300,000 421,300.000
Premium
28,339,000
cos
15,163,359
Railwav tax accruals
undistributed earnings.
1938
$
84,202,476
(75.31)
31,735,690
operations
Operating ratio
on
781,325
Comparative Balance Sheet Dec. 31
1939
Assets—
property
and
36,341,108
2,426,440
for
Other interest
Amort,
32,269,319
2,425,108
40,715,771
3,5,38,236
1,755,134
Income
available
fixed charges
Bond interest
&
36,401.031
33.054,305
41,184,591
36,741.914
70,409,084
59,475,860
79,377,372
76,537,118
6,877,167
6,624,834
6,780,674
6,566,990
Transportation
128,370,420 123,265,821 139,560,842 131,318,812
General and all others.. 14,826,530
15,081,563
17,096,960
17,665,602
way
38,147,838
2,567,933
income..
non-controlled
structures
revenue
ree'd
$
Maint. of equipment
Traffic
Net
805,776
expenses:
Capital stocks of
way
870,197
Executive & law depts.
Acct'g & treas. depts.
Main¬
expenses:
1,045,837
204.929,455 206,296.463 199,112,762
42,528,716
40,863,806
37,883,473
25.109,789
24,951,229
26,818.999
28,244,760
28,609,432
29,458,972
29,664,894
27,203,851
19,370,216
18,887,381
19,001,616
18,249,952
5,214,401
5,169,699
5,203,789
5.271,972
Traffic expenses
Commercial expenses...
in affil. cos...
Total operating revs..341,086,708
Oper.
842,393
Total oper. revenues.211,490,578
Current maintenance... 42,483,683
ing (par $100)
Earned per share
240,130,665 202,781,708 257,541,451 257,714,419
61,412,817
60,313,894
66,405,564
62,575,824
11,579,204
11,055,622
11,398,843
11,136,818
7,275,651
5,508,096
7,341,132
7,796,383
20,688,371
19,021,875
23,539,136
21,840,428
Express,
'
159,914,222
31,697,751
8,306,565
212,332,971 205,975,292 207,166,660 199,918,538
Uncoil, oper. revenues..
Surplus
$
Mail.
1936
$
service
Shs. com. stk. outstand¬
for Calendar Years
1939
Revenues.
31
$
'
[Including All Lines Operated Un der Lease]
Calendar Years—
$
revenues..168,463,869 164,142,242 165,129,726
34,187,286
32,508,212
33,186,212
Miscellaneous revenues.
9,681,815
9,324,838
8,850,722
desire to travel in Pullmans and at greatly reduced fares as compared with
those existing a few years back.
In the case of the new Twentieth Century
Limited, which operates between New York and Chicago daily
Dec.
1937
Toll service revenues...
has
company
Years Ended
1938
$
compares
shortage, to handle a large
increase in volume during the last four months of the year, and
your man¬
agement believes that our facilities and organization are such that a further
material increase in traffic can be handled without substantial increase in
investment, aside from such number of new freight cars as may be required
1607
Telephone Co.—Earnings—
and notes.
81,708,200
86,074,200
25,000,000
25,000,000
42,599,503
39,579,890
Secured bnk.
loans
....
Curr. liabts.
Non-negtbl.
flltd.
cos.
59,525,143
56,103,393
Depreciation
other
reserves
.
.
Norfolk & Western
Ry.—Summary of Annual Report—
31, 1939—Extracts from the remarks of
President W. J. Jenks, together with income account, will
be found under "Reports and Documents" on a subsequent
Year Ended
debt to af-
and
Gain in Phones—
The company added 9,204 telephones to its lines in February, against a
gain of 6,942 in February, 1939, 1,767 in 1938, 7,512 in 1937 and 6,208 in
1936.
The cumulative gain for first two months amounted to 19,152.
against 13,322 in 1939 period, 5,002 in 1938, 24,211 in 1937 and 12,648 in
1936—V. 150, P. 1002.
215,641,728
216,026,479
113,762,630
page.
111,613.434
b Deferred
liabilities.
Dec.
Condensed Income Account for Calendar Years
Approprlted.
1939
Total
surplus
Profit A loss
9.581,313
9,557,315
—balance-
170,777,953
172,310.113
from
rev.
1938
1937
1936
oper'n..$93,115,128 $77,162,942 $94,861,503 $94,864,293
51,118,388
46,370,719
53,107,322
50,147,899
Total oper. expenses
Net
rev.
from
oper...$41,996,740 $30,792,223 $41,754,181 $44,716,395
13,459.336
11,485,030
13,035,513
13,734,848
Fed., State & local taxes
Total.. 1.820,476,112
a
In
road,
curities. Ac.
1,822,030,466
'
Total..1,820,476,112 1,822,030,466
equipment, improvements on leased railway property,
b And other unadjusted and miscellaneous credits.
se¬
Note—This balance sheet,does not
affiliated, terminal
tral
RR.
securities
as
or
or
include the assets or liabilities of lessor,
other companies, nor the liability of New York Cen¬
guarantor
under
or
leases
or
otherwise
obligations of such companies.—V. 150,
with
p.
respect to
Net rental
&
of equipment
joint facilities (Cr.).
Netry.
oper.
Other income.
Period End. Jan. 31—
$114,101
$109,088
ment accruals
150,
p.
27,375
14,662
313,872
149,582
321,875
169,273
2.794.327
2,750,871
2.472,025
2,492,003
$30,001,238 $20,013,687 $31,799,281 $32,909,525
Dividends
on adjustment
preferred stock (4%)_
Common dividends
846.
New York
lines,
bonds and
other charges
—V.
This
.$32,795,565 $22,764,558 $34,271,306 $35,401,528
leased
on
Net income
30,365
16,341
Net income
3,523,878
$1,190,626
Gross income after retire¬
—V.
of
interest
1940—12 Mos.—1939
$1,211,123
3,996,614
Gross income from all
Rental
Co.—Earnings—
1940—Month—1939
Operating revenues
2,415,096
the
1447.
sources.
New York & Richmond Gas
3,121,813
income.$31,659,216 $21,722,288 $32,715,281 $34,505,424
1,136,349
1,042,269
1,556,025
896,104
150,
p.
913,720
21,097,245
916,500
14,064,830
919,692
22,503,728
919,692
18,284,279
1448.
Shipbuilding Corp.—Gets Cruiser Contract—
was awarded a contract for construction of two light
by the Navy Department on its bid price of $17,990,000 per vessel.
The ships are to be completed in 36 and 39 months, and are being built
under the alternate bid proposals allowing for changes in cost of labor and
materia'.
They are of the 10,000 ton class, and were, authorized by the
Naval Expansion Act of May, 1939.-^—V. 150, p. 1447.
company
cruisers
North American Bond Trust Certificates—Dividend—
Directors have declared
a dividend of $31.30
per share on certificates of
payable March 15 to holders of record Feb. 29.
This compares
Sept. 15, last; $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. 149, p. 1626.
interest
with $25 paid on
The Commercial & Financial Chronicle
1608
Northern Pacific
Co.—Annual Report—
North American
The 50th annual report of the company shows all-time high records in
electric output and electric revenues or subsidiaries In 1939.
Net earnings
were higher than In the preceding year and, except for 1937, higher than
in any year since 1931.
Net income for the year, on a new basis of consolidation of accounts of
,
"
....
.
subsidiaries, amounted to $20,718,862, equal after preferred dividends to
$1.99 on each of 8,573,467 shares of the company's common stock out¬
standing.
This is on the basis of changes in the company's percentage
of ownership of common stock of two subsidiaries, Washington Ryr &
Electric Co. and North American Light & Power Co.
Ownership of voting
stock of the former, it is pointed out, fell below 50% due to the special divi¬
dend on North American's common stock paid Dec. 29 in participating
units of the Washington company's common stock, and the latter's accounts
are
no
longer consolidated.
North American's ownership of common
stock of North American Light & Power Co., on the other hand, has now
been Increased to 84% and its accounts are consolidated for the first time.
On this old basis of consolidation of accounts, net income for 1939 was
$19,434,208, equal after preferred dividends to $1.84 a common share,
which compares with earnings of $15,109,007 in 1938, equal to $1.55 a
common share.
This was an increase of 18.8%.
March
equal, after preferred dividends, to $1.57 per share of common stock
against $1.38 for 1938.
Consolidated
operating revenues increased 5.7%
to
$123,238,720,
toward which electric revenues alone contributed $100,906,039, a gain of
Ry.—Changes Annual Meeting Place—
always have been in New York City.
The change was announced in the
notice for the annual meeting which is scheduled for April i>.
"The Northern Pacific is a Northwest property," C. E. Denney, Presi¬
dent, wrote in part in the notice of its stockholders.
"Our chief interests
lie in the territory we serve.
It seems entirely fitting that the meeting of
the stockholders, many of whom live in the Northwest, should be held
in St. Paul, the headquarters of our company and the eastern terminus of
the line."—V. 150, p. 1448.
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power
Co. system for the week
2, 1940, totaled 29,074,000 kilowatt-hours, an increase of
12.5% compared with the corresponding week last year.—V. 150, p. 1448.1
ended
March
Northwestern Bell Telephone Co .—Earnings—
Month of January—
Operating revenues
Uncollectible operating revenues-.
1940
$2,904,989
7,293
1939
$2,802,590
8,098
Operating revenues.
Operating expenses
$2,897,696
1,983,593
$2,794,492
1,948,992
$914,103
405,248
$845,500
386,938
$508,855
$458,562
448,422
397,913
-
for 1939, as
The balance came from steam heating, gas and transportation
services and non-utility operations.
Total assets of the company on the new basis of consolidation at Dec. 31,
1939, were $939,697,839, compared with $934,650,765 on the same basis
at Dec. 31,1938, and with $931,567,744 as shown in the 1938 annual report.
Current and working assets, including $34,908,521 in cash, time deposits,
short-term investments and United States Government securities, aggre¬
gated $67,893,077 on Dec. 31, 1939, and exceeded current and accrued
liabilities at that date by $36,306,349, as compared with an excess of
$28,763,548 on Dec. 31, 1938.—V. 150, p. 697.
1940
This railway will hold its annual meeting in St. Paul, Minn., this year
for the first time since it was chartered by Congress in 1864.
The sessions
Corporate earnings of North American, which do not include the portion
of net income' of subsidiaries retained by them in their surplus accounts,
were
9,
Net operating revenuesOperating taxes
7.4%.
North Star Oil,
Net
Northwestern Electric Co.—Bonds Called—
All of the outstanding first mortgage 20-year sinking fund gold bonds,
due May 1, 1945, have been called
accrued interest.
Payment will be
for redemption
Ohio Associated Telephone
7% cum. pref. stock, par $5, payable April 1 to
holders of record March 15.
This dividend is payable in Canadian funds
and in the case of non-residents Is subject to a 5% tax.
A similar payment
was
made
on
Oct. 2,
July 3, April 1 and Jan. 3, 1939; Sept. 15,
July 2, April 1 and on Jan. 2, 1938; Oct. 1, July 2 and on April 1, 1937.
—V. 149, p. 1924.
on
Co.—-Earnings—
1940
Month of January—
$63,744
—
156
147
—
$65,990
44,329
$21,661
7,875
—
Net operating revenues.
Operating taxes. _'
$63,597
42,644
$20,953
6,778
$13,786
Operating revenues
Operating expenses
The Securities and Exchange Commission Feb. 29 approved a series of
transactions between Northern Indiana Power Co.. Central
1939
$66,146
Operating revenues
Uncollectible operating revenues
Approves Series of
May 1 at 103 and
made at the Harris Trust & Savings
V. 150, p. 1448.
Bank, Chicago, 111.
Ltd.—Accumulated Dividend—
The directors have declared a dividend of 8 % cents per share on account
of accumulations on the
Northern Indiana Power Co,—SEC
operating income
Net income
—V. 150, p. 1289.
$14,175
-V. 150, p. 1143.
Financial Changes—
Net
financial
Indiana Power Co. and the trustee for Midland United Co,
Northern Indiana Power Co. is to issue $10,038,000 of first mortgage
4M% bonds, series A, due Jan. 1, 1965; $600,000 of 3% serial notes due
one to six years, and a $1,870,546 5%
promissory note payable to Central
Indiana Power Co.. due March 1, 1965.
Northern Indiana Power will
purchase $11,575,900 of its own bonds from Central Indiana and $200,000
of bonds which it has assumed from the Midland United Co.
Central Indiana also was authorized to purchase $939,100 of its own
bonds from the Midland United trustee and $538,000 of its own bonds from
.the U. 8. Government.
Company also was permitted to purchase $538,000
of bonds of Northern Indiana Power Co.—V.
150, p. 848.
Co.—Earnings—
Total
--
——$44,528,191 $41,876,651 $42,001,791
81,853
206,930
81,651
Uncollec. oper. revenues
Total oper. revenues--$44,446,338 $41,669,721
The plan of reorganization dated as of March 27, 1939 as amended was
prepared by the reorganization committee in cooperation with the pro¬
tective committee for the holders of the Northern Indiana Ry., Inc., 1st
& ref. mtge. gold bonds, 5% series 1930 and holders of substantial amounts
of the Indiana Ry. 1st mtge. 5% gold bonds (extended to Jan. 1, 1936 at
6%).
The reorganization committee consists of H. L. Kendig, Chairman, and
William Carnegie Ewen, members of the bondholdersT committee and
designated by the bondholders' committee to represent the interests of
holders of Northern Indiana Ry., Inc., 1st & ref. mtge. gold bonds, 5%
series 1930, on the reorganization committee, and James Bush and Lahman
V. Bower, representatives of holders of Indiana Ry. first mortgage bonds.
Northern Indiana Ry., Inc. was organized in Indiana in 1930 and has
been engaged in the operation of certain street railway and interurban
lines, bus and truck lines and other properties in the counties of St. Joseph,
Elkhart and LaPorte in Indiana ana in the county of Berrien in Michigan.
On Dec. 28, 1931, pursuant to suit brought in the St, Joseph (Ind.) Circuit
Court, by a creditor of the old company, R. R. Smith of South Bend, Ind.,
was appointed receiver and has since that date operated its properties.
On
March 9, 1939, suit was filed in the St. Joseph Circuit Court by Chemical
Bank & Trust Co. and Howard B. Smith, trustees under the 1st & ref.
mtge., for foreclosure of the mortgage.
6,605,912
5,505,205
3,495,083
431,500
7,312,050
6,478,870
5,870,064
3,368,072
444,122
513,213
1,421,909
495,555
1,361,787
$485,418
1,273,914
442,760
1,081,683
393,048
394,090
369,509
362,677
Traffic expense
Commercial expenses
Operating rents.
-
Gen. & miscel. expenses;
Exec. & legal depts
Acct'g & treas. depts.
for employees'
service pensions
Employees' sick, acci¬
dent, death & other
Prov.
benefits
260,068
245,624
251,083
231,398
619,176
320,942
583,133
323,862
589,256
Cr239,659
0212,111
4,702,951
545,964
314,344
0104,528
5,534,051
—
Services receiv. under
license contract
-
Other general exps—
Exps. charged constr.
Taxes
6,413,037
—
Net oper. income. —$10,786,631 $10,301,651
Net non-oper, income—
171,060
282,200
Income
available
_
Treatment to Be Accorded to Various Classes of Creditors and Stockholders
1st Mtge. Bonds—Shall be entitled to receive
(a) Indiana Railway Co.
$10,957,691 $10,583,851 $10,050,268 $10,435,704
193,000
597,817
Net inc.avail.for divs.$I0,764,691
Divs. on common stock. 10,500,000
$9,986,033
9,100,000
ferred to surplus.__
Shares stock outstand'g.
Earned per share.--
$7.13
$
$886,033
$
Invest,
in
plan with respect to each $20, principal amount, of their claims and
trolled
cos
Other investm'ts
Misc. phys. prop
Cash
156,568
1,498,981
2,211,7b9
1,898,977
880,910
190,250
Prepayments
Tel.&Tel.Co.
108,603
sold
to
1,633,918 Notes
trustee of pen¬
1,946,602
sion fund
3,803,974
72,359 Cust. deposits &
advance pay.
1,915,047
1,446 Accts. payable &
other cur. liab.
4,049,646
698,137 Acer, liabil. not
follows;
First
Mtge.
Income 5s
Cap. Stock
of Company
'Equipment obligations..
—To be assumed by new company—
Ind. Ry. 1st mtge. bonds..
$162,000
x$162,000
Northern Indiana Ry., Inc., 1st & ref.
mtge. bonds
y766,542 38,327 shs.
Preferred claims (none known).
General unsecured debt (none known)
Capital stock
No provision made
Series A.
y
Northern
Series B.—V. 150,
Ohio
p.
848.
Ry.—Plan Being Submitted to Security
Holders for Approval.—See Akron. Canton. &Youngstown
Ky. above.—V. 149, p. 4182.
$
3,400,000
3,366,057
3,526,705
1,390,104
due.....
1,322,524
3,065,766
7,676,614
4,979,035
214,156
3,328,907
35,741,216
7,376,241
253,937
Deferred
credits
Deprec. reserve.
202,933,239 199,250,757
Total
Total
278,547
202,933,239 199,250,757
-V. 150, p. 1003.
Ohio Brass Co.—EarningsEarnings for Years Ended Dec. 31
1939
Ry., Inc., 1st & ref. mtge. bondholders in the
pain does not contemplate the issuance of any securities by the new com¬
pany for the accrued interest on these bonds.
Estimated Distribution of Cash and New Securities—It is estimated that
the distribution of cash and new securities to holders of claims and interests
x
1938
38,763,133
Unapprop. surp.
7,754,988
Other def. debits
Nothing for Interest Accrued
The treatment accorded the Indiana Railway Co. 1st.mtge. bondholders
Indiana
$7.91
$
LiabUUies—
and 25 shares of capital stock of the new company.
all rights to interest thereon one share of capital stock of the new company.
(d) Capital Stock—No provision is made in the plan for the holders of
the capital stock of the old company.
$203,176
1,300,000
Advs. from Am.
Accts. receivable
(c) General Unsecured Debt—Holders of general unsecured debt of the
old company, if any, shall be entitled to receive upon consummation of
the
$50,141
1,300,000
$7.54
1939
con¬
1st mtge. 5% income bonds of the new company, series A.
(b) Northern Indiana Ry., Inc., 1st <& Ref. Mtge. Cold Bonds—Shall be
1,400,000
$7.69
1939
sscts
49,014
entitled to receive upon consummation of the plan with respect to each
$1,000 of bonds and all rights to interest thereon;
$500 in principal
amount of first mortgage 5% income bonds of the new company, series B;
$264,691
1,400,000
Telephone plant 189,810,178 184,767,085 Common stock. 140,000,000 140,000,000
1,829,068
1,446
4,406,079
as
157,521
6
$9,800,141 $10,278,176
9,750,000
16,075,000
1938
Mat'ls & suppl's
Notes receivable
Cash
250,127
Comparative Balance Sheet Dec. 31
Working funds.
plan will be approximately
$9,797,756 $10,278,908
252,512
156,796
for
fixed charges
Interest deductions
Other fixed charges
upon consummation of the plan with respect to each $1,000 of bonds and
aU rights to interest thereon: $500 in cash; $500 in principal amount of
1
353,636
0222,818
5,695,692
Income balance trans¬
Claims and Interests to Be Dealt With Under the Plan
Equipment obligations
$66,437
Indiana Ry. 1st mtge. gold bonds (due Jan. 1, 1930; extended
to Jan., 1936 at 6%), being $324,000 In respect of principal
and $131,220 in respect of interest455,220
Northern Indiana Ry., Inc., 1st & ref. mtge. gold bonds, 5%
series 1930, being $1,533,085 in respect of principal and
$594,070 in respect of interest
2,127,155
Capital stock (no par).
100,000 shs.
Holders of preferred claims against the old
company, if any, as deter¬
mined by the court, shall be paid the amount thereof in cash upon con¬
summation of the plan.
dealt with under the
$41,920,140 $39,270,876
7,222,454
5,757,207
6,700,077
6,507,722
4,841,799
5,683,456
3,278,121
3,0.37,686
442,583
439,202
7,920,272
.
properties and operate the franchises has obtained
permission from the Public Service Commission to so operate.
and the Nortern
$39,364,658
93,782
Depreciation expense
The plan of reorganization dated as of March 27, 1939, as amended has
become effective and has been consummated.
The sale of the properties
held Jan. 29 last, has been approved by the court.
The new company
which is to take over the
.
Ohio Bell Telephone
Calendar Years—
1939
1938
1937
1936
Local service revenues.-$33.689,159 $31,847,067 $31,531,099 $29,665,017
Toll service revenues
8,793,578
8,581,945
7,973,175
7,969,368
Miscellaneous revenues2,045,452
2,056,409
1,888,746
1,730,273
Current maintenance---
Northern Indiana Ry., Inc.-—Plan Operative—
_
operating income.
Net profit
Earnings
—
per common
-
$468,621
$1.35
—
share.
Consolidated Balance Sheet
1938
$15,629
$0.04
Dec.*31,1939
Assets—Cash, $445,463; marketable securities, $1,904,138; notes re¬
ceivable, $6,314; accounts receivable, $962,198; inventory, $1,755,117;
manufacturing plants and equipment, $2,764,360; total, $7,837,590.
Liabilities—Accounts payable, $244,077; reserve for taxes, $126,390;
common stock
(347,534 no par shares) and surplus, $7,467,123; total,
$7,837,590.—V. 150, p. 1449.
Ohio Oil
Co.—Refinances Debentures Issue—
The annual report for 1939 has
the following:
At the beginning of the year (1939), the company had outstanding $7,000,000 in serial notes and $14,000,000 in 15-year 3 H % sinking fund debentures.
During the
ance
ing
year $3,000,000 of the serial notes were paid off, leaving a bal¬
of $4,000,000 in serial notes, and the $14,000,000 debenture outstand¬
as
of Dec. 31, 1939.
On Feb. 1, 1940, the remaining $4,000,000 of serial notes were paid off
and
March 4 the debenture issue
3 H% Per annum interest rate will be privately financed through
or serial bank notes totaling $14,000,000, maturing over a
arrangements completed whereby on
bearing
a
the issuance
period and bearing a
tier annum
interest rate.
This
re-
Volume
150
The Commercial & Financial Chronicle
financing will result in
of the
borrowing.—V.
a
very material
149. p. 3271.
1609
savflug to the company over the life
Balance Sheet Dec. 31
1939
Ohio Seamless Tube
Earnings for Year Ended
Gross Profit.„
Operating profit.
Other
$687,810
223,721
rec. & accr'd
int. & accts. rec.
Acct. rec. from an
$464,088
3,713
expense
.
Sinking fund
$467,802
19,389
_____
Other deductions
_
Provision for depreciation
...I
IIIIIIIII IIIIII
Provision for Federal income and
excess-profits taxes (est.)
affiliated co
Fixed assets
Prepaid Insurance.
Deferred charges.
20,305
387,410
_
97.320
x
$2.08
securities, $1,425,209; other assets,
$19,972; property, plant and equipment (less reserves for
depreciation and
deferred charges, $35,616; total,
•
Liabilities—Accounts payable, $244,085; accrued taxes and
royalties,
$22,472; provision for Federal taxes on income ^estimated), $54,500;
$1.75
prior preference stock (36,212 shares no par),
$1,267,420; 7% preferred
stock
(par $100), $161,000: common stock ($5 par),
$393,260; capital
surplus, $578,909; earned surplus since March 31,
1937, $158,929; total,
$2,880,575.—V. 150. p. 134.
Pacific Coast
Power Co.—Unlisted
Trading—
5% gold bonds, due Match 1,1940 have been removed from
unlisted trading.—V.
149,
p.
Pacific Telephone
118.
Gilman,
Co.—Employees1 Hospitalization Plan
President
and
General
Manager.
feature is also available to dependents of
employees.
life health, accident and life insurance, which
Soup insurance.
Employees accepting the
new
by
hospitalization
The
The plan augments
now embraces $30,000,000
plan would be assured of hospitalization
benefits up to $4 per day for a period of 31
days.
In addition, provision is
made for special hospital charges
up to $20 and surgical fees up to $150.
In employee
maternity cases the same benefits are provided, except that
the hospitalization
period is limited to 14 days.
An employee's wife or unmarried children between the
ages of 3 months
daily hospital benefits at $3 per day for a
and 18 years also can be assured of
period up to 31 days and special hospital charges up to $15.
Benefits for
wives of employees in maternity cases are
provided at the rate of $3 per day
for 10
days, together with special fees up to $15.
provided for dependents.
Surgical coverage is not
The cost to each employee for his benefits alone is
75 cents per month.
For one dependent there is an additional cost of
60 cents per month, making
a total of $1.35. and for two or more
dependents the cost is 90 cents for the
dependents, or a total of $1.65 per month.
"The new plan," Mr. Gilman explained, "will become
effective when
75% of
our
17,000
employees elect to accept the benefits it offers.
"It is, we believe, an important and most worth while
extension of the
protection offered by group insurance through the Packard Aid Associa¬
tion.
More than 90% of our
factory employees now have this protection.
The new plan will be administered
by the Packard Aid Association and
underwritten by the Aetna Life Insurance
Co., which now handles our
other group plans,
"Packard employees and their families have been
paid $2,253,753.83 in
disability benefits since 1921 under our
group plan.
Since 1930, when the Packard Aid Association added group
and
accident
coverage,
$447,417.31
has
been paid Packard
em¬
ployees in these benefits, making a total of $2,701,171.14."
Retail sales during February showed an increase of
78% over a year ago,
totaling ,5,880 units against 3.346 in February, 1939.
M. M. Gilman,
President, states tbiat the rate of gain of the last 10 days was 129 %, deliveries
of new cars amounting to 2,660 units
against 1,161.
Last month's volume
was
.34% ahead of January's total of 4,371.
Mr. Gilman points out that Packard in
January was far ahead of the
industry in its rate of gain over last year and that deliveries for January
and February conbined were
63% above the like 1939 months, which further
increased Packard's lead.—V.
150. p. 441.
Page-Hersey Tubes, Ltd.—Common Dividend—
Directors have declared a dividend of $1.25 per share on the common
stock, payable April 1 to holders of record March 15.
Previously regular
quarterly dividends of $1 per share were distributed.
In addition, extra
dividend of 50 cents was paid on Jan. 2, last.—Y.
149, p. 3880.
Pan
American
Airways
Corp.—Stock Offering—Of
through the issuance of
520,222 shares were subscribed at $12.75 per
G. M.-P. Murphy & Co. and Lehman Brothers,
756,689
537,365
shares.—V. 148,
p.
11,448,088 11,800,408
2600.
$1,234,122
830,122
____
Selling, warehouse and administrative expenses
Profit through operations
$404,001
45,635
_
Other income credits
Gross income
Income charges.
Provision for income taxes
Net
$449,636
9,338
88,411
11,832
_*
income
Dividends
Dividends
Earnings
$340,054
103,125
45,500
$1.11
share
common
above for
as of Sept. 15, 1939.
Its
period o'f consolidation beginning
the
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash on hand and demand deposits, $360,771; notes and accounts
receivable (net), $1,326,318; inventories, $2,094,079; notes receivable
not
due within one year, $39,665; cash surrender value of life
insurance, $8,462;
land,
buildings, machinery and equipment, furniture and fixtures, trans¬
portation equipment (less reserves for depreciation of
$1,405,865), $2,103,474; deferred charges, $29,018; total, $5,961,787.
Liabilities—Notes payable (bank), $298,189; accounts payable,
$233,352;
accrued accounts, $170,223; notes
payable to bank not due within 1 year,
$701,811; reserves for insurance, $41,079; minority interest in capital stock
and surplus of the Oil Countries Specialties
Mfg. Co., $595,015; cumulative
preferred stock (25,000 no par shares), $1,952,000; common stock
(par $1),
$182,000; capital surplus, $866,038;
$5,961,787.—V. 150, p. 442.
earned
$922,079;
total,
Parker Wolverine Co.—To Retire Debentures—
pay par
and accrued interest for the issue until
Dec. 15, when those still outstanding will be called.
Original issue was
$90,000, which was disbursed as a dividendon common stock in 1937,
with
conversion privilege which expired Dec. 15, 1938.
of the debentures is understood to be a
a
Retirement
to
placing the stock
on
and 50 cents Dec. 15.—V.
Patino
Mines
&
step
preliminary
regular semi-annual
a
next three or four months.
dividend basis within the
The company last year paid 25 cents June 15
149,
p.
3272.
Enterprises
Consolidated—General
Tin Dividend—
This company and its agent the Chase National Bank, through which
American certificates of General Tin Investments, Ltd., were to be dis¬
tributed to Patino shareholders, have been advised that a 10% sterling
dividend, less tax at seven shillings in the pound, has been declared on the
ordinary shares of General Tin Investments, Ltd., payable March 8 to
holders of record Feb. 29.
It was added, however, that the record date for
American certificate holders for purposes of distribution will be not earlier
than
March 20.
It is the present estimate of Patino Mines and the Chase National Bank
that, assuming receipt of such dividend and conversion into dollars at ap¬
proximately ci rrent rates of exchange, the distribution to be made on
American certificates will be at the rate of 22 cents per share represented.
It was pointed out that, before any American certificate holder of record
date
the
on
later
be
to
announced
receive
can
the
distrubut
on
on
his
shares, it will be necessary to meet the requirements of the British Trading
with the Enemy Act of 1939.
See also V. 149, p. 4037 for details of stock dividend.—V. 150, p. 284.
Paulista Ry. Co.—Interest
Payment—
Ladenburg Thalmann & Co. as fiscal agents, are notifying holders of
1st & ref. mtge. 7% sink, fund gold bonds that they have received funds
for the payment of the Sept. 15, 1939 interest on these bonds.
Payment
will be made
the
Sept.
3567.
an
on
and after March 6, 1940, upon
presentation and surrender,
1939 coupons at the office of the fiscal agents.—V.149
15,
Pennsylvania Power Co.—EarningsPeriod End. Jan. 31—
Gross
1940—Month—1939
and taxes—
$400,609
216,870
$366,342
251,826
Prov. for depreciation..
to the announcement.
surplus,
Company is notifying holders of the remaining $37,057 of outstanding
2% debentures that it will
of
underwriting group for the issue, announced
remaining 5,169 shares were purchased by
underwriters and have been disposed of, according
per
stock
Note—The subsidiary company was acquired
p.
The
preferred stock
on
on common
operations are included
Oct. 1, 1939.
shares,
the several
Total
$4,111,511
2,877,388
Gross profit
warrants,
March 7.
4,620,275
100,000
sales.
Cost of goods sold
an
issue of 525,391 shares ($5 par) capital stock of the
corporatioD offered to stockholders and certain officers and
employees
of the corporation for
subscription,
who headed
538
173,019
100,000
4,620,275
x
Earnings for the Year Ended Dec. 31, 1939
Net
life insurance and permanent total
sickness
Capital stock
Capital surplus...
7,334,000
358
90,498
_
service
company and all of its subsidiaries are being offered a
and surgical insurance plan, it was announced
hospitalization
M.
15, '55 7,301,500
(The) Parkersburg Rig & Reel Co. (& Subs.)—Earnings
& Telegraph Co.—Gain in Phones—
Packard Motor Car
400
Minority interest in income of subsidiary
Company and subsidiaries report February gain in telephones in
8,955. against 8,610 in February last year.—V. 150, p. 1449.
Employees of this
due Feb.
418,067
no par
111,414
fund loan bonds,
11,448,088'11,806,408
Represented by 1,950
4,526
90,528
Deficit from July 1,
1935
Total
$
1,219
Lease deposits
Rents rec. in adv..
23,531
^Assets—Cash, $218,601; marketable
M.
34,071
11,304,536
42
~~$260,874
prior preference stock.
on
oteol^ence of $2,111,203), $1,399,777;
52,880fO 5
group
29,220
10 ,949,886
1938
$
Accounts payable.
Accr'd liabilities..
Owing to affiliate.
1st mtge.
sinking
cash
51
Balance Sheet Dec. 31, 1939
at
23,332
54,500
per common share
The 1st mtge.
23,135
133^040
...
/
1939
Liabilities-
2,830
held by trustee-
Total income.
Earnings
38,081
Notes
Dec. 31,1939
income
Net profit
Dividends paid
$
Cash in banks
.
Selling, administrative and general
1938
$
Assets—
Co.—Earnings—
39,500
34,000
$144,239
27,843
Oper.
1940—12 Mux.—1939
$4,367,816
2,824,412
413,500
$4,024,197
2,854,213
331,000
$80,516
25,817
$1,129,904
317,252
$838,984
289,637
$116,397
17,500
3,300
$.54,699
34,792
$812,653
$549,347
227.292
226,758
$95,597
revenue
exps.
$19,907
Net proceeds from this pale of stock will be
placed in the general funds of
the company and used by it, or advanced to and used
by its subsidiaries
with their general funds, for the payment of indebtedness
aggregating $2,-
545,000 in the form of notes falling due April 1, 1940, and for the
payment of
the aggregate purchase price of
airplanes as follows: approximately $1,200,000 for 10 Douglas DC 3 planes; approzimateiy $710,000 for three Lock¬
heed
Excalibur
44
planes; and approximately $2,840,000 (the portion of
the purchase price in excess of escrow
deposits already made) for six Boeing
314-A clippers and engines therefor.
Negotiations are in progress for
urther
Purchasedetails in V. 150, p.DC-4 planes, at
of three Douglas 1143.
Panhandle
Eastern
Pipe
Line
a price not yet determined,
Co.—Proxies Asked by
Mohan-t¬
in
a
direct attack
on
the management of the Columbia
Corp. and the Panhandle Eastern Pipe Line Co.,
a
Oil & Gasoline
majority of whose stock
is owned by Columbia Oil, the Missouri-Kansas (Mokan) Pipe Line Co. sent
March 5 to puDlic holders of the common stock of Panhandle Eastern
proxies asking them to revoke management proxies already sent and to
appoint executives of Mokan as representatives at Panhandle Eastern's
annual meeting on March 11 in Dover, Del.
Ownership of Panhandle Eastern is divided among Columbia Oil, Mokan
and public stockholders.
Columbia Oil owns 404,326 common shares and
all the preferred stock of Panhandle Eastern.
Mokan holds 339.275 com¬
150,
P.
1450.
Paramount Broadway
Calendar Years—
1938
1937
1936
$969,856
$990,934
$1,007,035
$923,500
822,019
354,650
838,155
362,984
831,450
806.710
384,467
413,743
24,715
25,102
27,970
30,039
$231,528
$235,307
$236,852
$326,992
__
Amortizat'n of bond dis¬
expense
Net operating loss for
theperiod.
Loss
on
sale of capital
s-
sets
Total loss
Balance.
—V. 150,
P.
-
Pennsylvania Power & Light Co.
1939—Month—1938
Operating revenues
Oper. exps., incl. taxes..
Amort,
of
Prop, retirement
$231,528
$235,307
$254,374
$326,992
$322,589
-Earnings—
1939—12 Mos.-—1938
$3,585,877 $39,154,106 $38,941,713
1,880,159
21,401,570
1,144
1,016
13,005
22,107,864
10,524
229,167
348,333
2,750,000
2,750,000
reserve
appropriations
Net oper. revenues...
Other income (net)
Gross income
on
$549,062
limited-term
investments.
Interest
$3,493,279
1,805,309
l—
on
mtge. bonds.
chgd. to construct
n
Net income
$1,457,659
8,643
$1,356,369 $14,989,531 $14,073,325
99,885
26,427
121,259
$1,466,302
277,083
106,875
210,908
Cr978
$1,382,796 $15,089,416 $14,194,584
453,750
4,725,972
5,445,000
865,417
50,000
600,000
15,815
779,197
174,922
CV238
Crll.216
Cr5,376
$872,414
Balance
$8,730,046
3,846,532
$7,980,038
3,846,546
$4,883,514
$863,469
Di vs. applicable to preferred stocks for the period.
$4,133,492
-V. 150, p. 285.
Pennsylvania
RR.—Tenders—
The Girard Trust Co.,
Philadelphia, Pa., will until 11 a. m. March 30
April 1, 1940, sufficient gen. mtge. 3K%
bonds, series C, due April 1, 1970, to exhaust the sum of $300,748 at prices
not
ng pa*- -no accrued interest.—V. 150, p. 1451.
receive bids for the sale to it, as of
17,522
36,298
1451.
Period End. Dec. 31
Int.
Corp.—Earnings—
1939
Expenses.
Deprec. of fixed assets._
and
income—
debentures._
Other int. & deductions.
Income from operations.
count
Net
Dividends on pref. stock
Amort, of pref. stock expi
Interest
shares and 63,766 are in the hands of about 1,700 public stockholders.
mon
—V.
Gross income.-
Int. & other deductions.
The Commercial & Financial Chronicle
1610
1940 were $16,031,677 as compared
of February,
month
the
for
$14,613,892 for February, 1939. .This is an Increase of $1,417,785
9.70%.
Total sales from Jan. 1 to Feb. 29, 1940 inclusive were $.34,324,676 as
with
or
This is an increase
1939.
compared with $31,140,504 for the same period in
of $3,184,172 or 10.23%.
To Vote
Pension Plan—
on
at their annual meeting on March 21,
retirement compensation plan for certain mem¬
staffs of the company and its subsidiaries, to be
Stockholders of this company,
be asked to approve a
will
bers of the management
retroactively effective as of Jan. 1, this year.
The proposal is linked with a
plan for compulsory retirement, after Jan. 1, 1945, at the age of 60.
Plan calls for the purchase by a trustee of 200.000 common shares of
For the current year, employees may (and, with next year,
must/contribute to the retirement fund one-fifth of the compensation that
they receive over and above their regular salaries.
They are allowed to
contribute as much as one-third but if that one-third should be less than
$500 they are allowed to contribute the entire amount of their extra com¬
pensation to the fund.
These amounts are credited to their own accounts.
The company is to contribute 2% of each employee s regular annual salary
and a percentage of the net profit of the company, continuing this until the
200,000 shares have been paid for in full.
On retirement, each employee will receive a non-assignable annuity
representing the value of his account.—V. 150, p. 1003.
this company.
Peoples Light & Power Co. (& Subs.)-—Earnings—
[Excluding Texas Public Service Farm Co.I
1939
1938
$3,462,999
$3,253,101
1,903,115
1,843,944
121,536
262,391
41,128
124,509
242,353
16,196
Income from merchandise, &c
$1,134,829
7,561
$1,026,099
/>2,195
$1,142,390
301,895
$1,023,904
Retirement accruals.
$840,495
210,683
152,601
27,648
$734,191
$449,563
$347,191
152.601
145,437
20,500
12 Months Ended Dec. 31—
Operating revenues
.
—
t
Operation
Maintenance
General
-
-
taxes...
Federal income taxes
—:
Net operating revenues
Gross
before retirement accr'Is.
income
Interest to public on long-term debt.
Interest to parent company
Other income deductions
>
Net income (applic. to Peoples Lt. & Pr. Co.)._
Earnings from subsidiary companies included in
income deductions
subsidiaries
Earnings from former subsidiary companies
Earnings from other sources..
145,437
17,915
813
$513,941
49,363
6,739
54,503
8,867
Federal income taxes
2,400
2,309
219,637
21,491
9,323
collateral lien bonds, series A.
on
223.648
$616,652
General and administrative expenses
General taxes
Interest
289,713
4,455
10,033
...
Total income
Interest
on
scrip certificates, due 1946...
Other income deductions
234,450
21.491
548
$198,949
$300,521
[Texas Public Service Farm Co. Not Consolidated]
1939
Property,
in
.?
13,774,372
($1
14,706,893
83,201
2,080,025
Co.long-term dt. 4,227,085
4,675,324
280,041
($1
3,160
3,160
Cum.
8,605
2,115
stock ($25 par).
7,543
Peoples Lt. & Pr.
868,224
779,438
funds
Sinking
545,219
13,304
632,913
-
Accts. receivable..
Receivables
assoc.
655,392
Interest accrued..
from
4,375,600
620
consolidated)
Mat'ls & supplies.
15,975
1,814
Prepayments
Deferred debits...
184,168
186.116
23,885
138,354
28,479
142,338
Retirement reserve 2,323,306
23,329
2,603,488
credits..
Uncollectible accts.
6,276
the date of any annual meeting of stockholders,
then the holders of such of said three classes of
—V.
150, p.
1291.
Philadelphia Electric Co.—Withdrawal of Applications—
The
Securities and Exchange
Commission 011 March 2 consented to the
withdrawal by the company, a subsidiary of
preferred stock.—V. 149, p. 3418.
,
Transportation
Co.—Capital
Reora.
in reorg. res've.
Philadelphia Transportation Co.—
refunding mtge. 4% bonds
3%-6% consol. mtge. bonds for stock
45,170
74,720
Capital surplus...
532,854
494,323
532,854
191,299
16,362,893
16,764,249
Earned surplus...
$3,951,436
2,630,000
21,665,300
a$167,000
b252,000
c644,300
1.897.86C
31,933,544
31,973,598
596,400
d40,054
$1,103,354
15,101,340
d6.720
_
596,400
For refund, cert, bonds of lessor cos.
Participating pref. stk. (par $20)
15,094,620
Com. stk. (719,926 shs.. no par, with
a stated val. of $10 per share)
7,199.260
7,199,260
$22,293,880 $22,300,600
$6,720
$85,015,193
$1,110,074
$83,905,119
bonds of C. Benttm Cooper due Jan.l»
blanket mtge. Metroploitan Life
PRT Co. real estate 1st mtge.6%
a
construction.
Decrease
(Retirem'ts)
$61,611,239 $62,714,593
and stk. trust certif 's of lessor cos.
67,330
Contrlbu'ns in aid
'39
1.
1.897,860
First &
1,189,733
1,038,610
63,930
Other reserves
Jan.
mtgs.,
44,093
45,671
Plan
talisation
tion at
Mar.I. '40
estate
Securities
Based on esti¬
mated Capi¬
bonds & miscel.
real est. mtgs. & ground rents
$3,784,436
Collateral trust bonds
1
2,378,000
Divisional lien bonds
21,021.000
Real
Ad). of assets acq'd
of
the United Gas Improvement
Co., of its declaration pursuant to Sections 6 (b) and 7 of the Public Utility
Holding Company Act of 1935 with respect to the sale of $10,000,000
of serial
234 % promissory notes and 50.000 shares of $4.25 dividend
and
current
Deferred
233,359
$6 cumul. pref.
changed so that in the event that, at
dividends shall be in default
stock as are then in default
shall be entitled, by coting together as one class, to elect two members of
the board of directors; and in the event that, and as long as, the holders of
any said three classes of stock shall be entitled to elect two members of the
board of directors as aforesaid, then the holders of the preferred 5% stock
and the holders of the common stock shall be entiled, by voting together as
one class, to elect the remaining members of the board of directors.
In the
event that dividends shall bd^fn default in an amount equivalent to three
full yearly dividends on the 6% cumul. pref. stock, or the $6 cumul. pref.
stock, or the $5 cumul. pref. stock, as the case may be, then the holders of
such of said three classes of stock, as to which the company shall at the time
be in default in any payment of dividends (irrespective of the duration or
extent of the default as to any such class), shall be entitled, by voting to¬
gether as one class, to elect the smallest number of directors necessary to
constitute a majority of the entire number of the board, and in the event
that, and as long as, the holders of any of said three classes of stock shall
be entitled to elect a majority of the directors, then the holders of the
preferred 5% stock and the holders of the common stock shall also be en¬
titled, by voting together as one class, to elect the largest number of directors
which will constitute a minority of the entire number of the board of direc¬
tors.
The foregoing rights of the holder of shares of the 6% cumul. pref.
stock, or the $6 cumul. pref. stock, or the $5 cumul. pref. stock, as the case
may be, to vote for the election of directors shall continue until all defaults
in payment of dividends on the parficular class of stock held
have been
remedied or until the company shall be in such condition that it can de¬
clare dividends on such class of stock in an amount equivalent to the divi¬
dends in default thereon, but not thereafter.
The holder of shares of the
6% cumul. pref. stock, or the $6 cumul. pref. stock, or the $5 cumul. pref.
stock, as the case may be, shall be entitled to one vote for each share held
of record of such of said three classes of stock as shall then be entitled to vote
for the election of directors.
Except as so proposed the voting rights of the
holders of each of the respective classes of stock will remain as at present.
There are no dividends in arrears on any class of stock of the company.
stock, or the $5 cumul. pref. stock be
19,845
accr'd liabilities.
31,101
220,453
223.115
,
22,174
Other
(not
co.
pref.
conv.
Accounts payable.
warrants
&
receivable
par)
Subs.'long-term dt 4,545,750
235,488
Customers' depos.
183,971
Taxes accrued
216,573
22,297
25,478
Special deposits—
Notes
of directors after
classes of stock of the company with respect to the election
defaults in dividends on the 6% cumul. pref. stock, or the
62,520
2,080,025
266,061
Cash
Change Stock Voting Rights—
an adjourned special meeting of the stockholders to be held March 12,
proposed that the voting rights of the holders of each of the respective
Capitaliza¬
83,201
investments
(not oonsol.)
To
At
it is
stock
Inv. In other cos..
Other
operating expenses, maintenance, taxes, appropriations for
retirements, depletion and amortization, leaseholds, &c.
b After deduc¬
tions for all interests charges, amortization of debt discount and expense,
&c.
c Preliminary.
Note—This statement excludes Pittsburgh Rys. Co., its subsidiaries,
street railway subs, of Philadelphia Co., and Beaver Valley Traction Co.,
and its subsidiary.
*
After
a
$
62,520
com.
4,242,283
6,115,011
b Net income.
stock
par)
Class B
co.
assoc.
com.
$44,030,171 $40,213,522
14,841,556
12,601,513
Operating revenues
a
Net-operating income
1938
S
Liabilities—
Class A
equipment
Inv.
1939
1938
$
plant &
1938
cl939
12 Months Ended Dec. 31—
Philadelphia
Outstanding—
Consolidated Balance Sheet Dec. 31
Assets—
1940
Philadelphia Co. (& Subs.)—Earnings—
(J. C.) Penney Co.—-Sales—
Sales
March 9,
1944, $107,000: Motor Real Estate Co.
due March 1, 1951, $60,000.
Ins. Co.
b PRT Co. 5%
collateral bonds, due Feb. 1,1957, $204,000; Union Trac¬
collateral trust mtorgage bonds,
tion Co. of Phila. 4% 50 year sinking fund
Total
16,362,893 16,764,249
Total
Income Account
{.Company Only)
12 Months Ended Dec. 31—
subsidiary companies
Revenue from former subsidiary companies
Dividends on investments in other companies
Other
1938
1939
Income—Revenue from
$339,945
4,455
income
*
$332,817
20,500
813
due
1952, $48,000.
c Pitt Co. 50-year 5%
and 6% sinking fund bonds,due March 1,1962,
$281,000; Phila. and Willow Grove St. Ry. Wi% mortgage bonds, due
July 1,
July 1, 1939 (full issue retired), $363,300.
d Peoples Passenger Ry. stock trust certificates, $46,774.—V. 150,p. 135.
Philadelphia Rapid Transit Co.—Stricken from the
Lis^
common stock
($50 par) and the 7% cumulative preferred stock
par) have been stricken from the New York Stock Exchange.
These
securities were suspended from dealings on Nov. 15, 1939.
In its order
of final confirmation of plan of reorganization, the court directed the perma¬
nent closing of transfer books as of the close of business Nov. 14,
1939.
The
10,033
($50
Total income
Federal income taxes
2 309
255 941
9,323
548
$38,302
$38,302
on long-term debt
income deductions
2 400
241.128
""
Interest
Other
$354,130
49,363
6,739
$354,433
54,503
8f867
—
General and administrative expenses
General taxes
$39,138
—V. 150, p. 850.
(Albert) Pick Co., Inc. (& Subs.)—Earnings—
Calendar Years—
income
Net
■
Balance Sheet Dec. 31
Assets—
1939
1938
investments
Special
Aocr.
deposits
int.
.
(51
1938
$62,520
.
907
($1
312,699
Cum.
83,201
84,089
2,080,025
com.
2,102,225
4,227,085
4,938
4,675,324
10,801
stock
stock
15,000
(associated cos.)
Accounts payable.
Accrued taxes
9,000
14
Other
8,458
7,059
3,539
2,000
Earned surplus...
Total
$8,207,121 $8,717,316
1,173,305
28,000
532,854
39,138
$8,207,121
Total
137,891
$8,717,316
Pepsi-Cola Co. (& Subs.)—Earnings—
$11,269,128
Net profit after
income taxes
x$4.870,479
,
*
per
1939
yl938
$7,342,201
deprec. & Federal and Canadian
share
259,277
$18.78
$3.240,333
261,486
$12.39
After deducting extraordinary charges of $779,660 in connection with
litigation,
y
Excluding Pepsi-Cola Co. of Calif.—Y. 149,
_
Net income.
Preferred dividends
Common dividends
Earns, per sh. on com.
$49,075
9,071
$21,006
3,092
$176,043
28,877
--
$40,004
7,083
25,607
$0.19
$17,914
7,573
17,106
$147,166
8,905
60,929
stock (par $1)_
$0.06
$0.81
Assets—Cash on hand and demand deposits,
$38,634; notes and accounts
(less reserves), $837,417; merchandise inventories, $498,674;
(less reserves), $12,988; advances to employees, $120; prepaid
expenses, $7,854; real estate not used in operations, $2,630; land, buildings,
machinery and equipment (less reserve), $83,345; patents, $1; total,
$1,481,663.
Liabilities—Notes payable (bank), $100,000; accounts payable, $146,663;
customers' credit balances, $11,137; dividend payable, $25,607; accrued
payroll and expenses, $28,970; accrued taxes other than Federal income tax,
$24,709; provision for Federal income tax, $7,556; unearned interestfon
instalment
accounts and notes receivable,
$6,463; provision for such
Federal income tax as may have to be paid on income applicable to in¬
stalment sales,
Years Ended Dec. 31—
Gross profit on sales
Earnings
pf$l 19,879
56,164
investments
150, p. 1451, 849.
Shares of capital stock (par $5)
$33,935
54,941
receivable
acq'd
in
reorganization.. 1,038,610
Other reserves
28,000
Capital surplus...
532,854
-V.
50,022
Consolidated Balance Sheet Dec. 31,1939
liabll..
Reserve for adj. of
assets
__
Provision for Fed. taxes on income.
and
current
accrued
1937
$1,062,065
942,186
pref.
conv.
Long-term debt...
Deferred debits
1938
$769,435
803,370
807,725
$947
Loss
Net inc. before Fed. taxes on income
par)
283
.
receiv.
1939
$806,778
§62,520
Other income less other deductions
par)
Class B
52
377,137
400,826
Cash
Accts. receivable.
1939
Class A com. stock
(wholly owned).$7,410,664 $8,391,536
Inv. in other cos..
3,160
3,160
Other
Selling and administrative expenses.
{Company Only)
Liabilities—
imsubsids.
Invest,
,
Gross income from sales
p.
3881.
$13,000; preference stock ($5 par), $103,125; common stock
($1 par), $170,713; capital surplus,
total, $1,481,663.—V. 150, p. 135.
$753,693;
earned surplus, $90,025;
Pittsburgh Screw & Bolt Ccrp.—Common Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock, payable April 20 to holders of record March 20.
This will be the
first dividend paid since Dec. 21, 1937, when 20 cents per share was dis¬
tributed.—V. 150, p. 285.
Volume
150
The Commercial & Financial C hronicle
1
Phillips-Jones Corp. (& Subs.)
Calendar Years—
1938
1937
$8,610,166
8,455,922
79,009
$7,564,708
x7,388,840
76,697
$20,657
$915,137
prof$75,234
prof$99,171
5,844
21,760
20,846
$10,697
30,207
$909,293
27,893
prof$96,994
pf$120,017
21,708
..
Operating loss
Other income
Total loss
Interest
Special charge & adjusts.
25,128
$40,903
$1,740,481
prof$71,866
81,917
prof$98,309
$40,903
$1,740,481
$10,051
prof$16.164
84,900
85,000
85,000
85.000
Preferred dividends
Deficit
out¬
common
Holders of equipment trust certificates, series of
1936, maturing on and
after April 1, 1940 are
being notified that the plan set forth in circular
letter dated Feb. 1, 1939,
proposing the sale of 1,186 hopper cars forming a
part of the Trust Equipment under the above trust which
have become worn
out and obsolete, and which it was
proposed to sell, after competitive bids,
at their highest market
value, has been declared effective, and on Feb. 28,
1940, the company deposited with the Chase National Bank of the
City of
New York, trustee, the
$280,000 required to carry out the plan.
Accord¬
ingly, $200 will be paid forthwith upon the principal of each
$1,000 certifi¬
cate as of the next semi-annual dividend
date, which is April 1, 1940.
The
remaining principal of the certificates maturing April 1,
1940, will be paid
concurrently upon presentation out of other funds.
All certificates should be transmitted
forthwith to the Chase National
Bank of the City of New York, 11 Broad
St., New York City, N. Y., in
order that the provisions of the
plan may be carried out.
y803,295
Net loss
of
Pittsburgh & West Virginia Ry.—To Pay Off Equipments
1936
$5,830,653
6,745,790
9,960
Depreciation
Shares
Earnings—
1939
$4,923,275
4,943,932
Net sales.
Cost of sales, exp., &c._
standing ^no par)
Earns, per share on com.
Nil
«AAfter ducting credit
Nil
82,145
Nil
Dividend warrants due April 1, 1940, should be detached and
forwarded
for collection
separately in the usual manner.—V. 150, p. 1452.
Plomb
Wyeth & Co.,
processing tax.
Special charges and adjustments consists of
adjustment of merchandise
inventory as at Dec. 31, 1937, $326,041, adjustment in connection
with
y
acquisition of
subsidiary companies as at Dec. 31, 1938, $70,389, write-off
salesmen and deferred
selling expense existing as at Dec. 31,
1937, $94,424, write-off of deferred
charges existing as at Dec. 31, 1937,
$33,865, provision for loss on advances to former officer
made prior to
Dec. 31, 1937, $125,000,
provision for loss on notes and accounts receivable
arising prior to Dec. 31, 1937, other than tiade
$30,275, adjustment of
fixed asset values and reserve for
depreciation, $124,257 and sundry other
credits, $958, balance (as above) $803,295.
Redeemable,
el advances
Consolidated Balance Sheet
Assets—
1939
1938
Fixed assets.
$1,925,073
Trade name, good¬
will, &c
1
600,000
51,400
45,000
7,708
10,561
15,950
26,000
Other liabilities.__
1,377,160
Res. for conting's.
Acer.exps.,tax, <fcc
130,593
12,496
160,488
30,935
Capital surplus...
1,296,102
65,750
97,182
Deficit
1,487,262
cDr2,353
1,077,712
1,522,818
and
accts. receivable
Deferred charges
__
Com. treas. stk
Total
$4,154,548 $4,343,301!
Total
Piper Aircraft Corp.—Common Stock Offered—Common
financing for the corporation, manufacturer of low-cost
stock
carried out March 6 with the
offering by J. E.
Swan & Co. and Jackson & Curtis of
33,290 shares at a
price of $8.75 per share. The issue has been oversubscribed.
was
The shares
are to be issued
through the exercise of subscription rights and
proceeds will be added to general funds from which
the
to
reduce accounts
and
company proposes
notes
payable, pay off or reduce bank loans and
mortgage debt and to increase working capital.
♦
The company reports that
during the fiscal year'ended Sept. 30, 1939,
it sold 1,374
planes, compared with 631 planes in the
10K-month period
ended Sept. 30, 1938, and that sales of
524 planes in the final three months
of 1939 compared with sales of
145 planes in the
corresponding period of
1938.
Dollar sales volume for the 1939 fiscal
year amounted to $1,768,651
and net profit, after all
charges and income taxes but before deducting por¬
tion of organization
expense, totaled $94,212.
"On the basis of figures
compiled by the
Aeronautical Chamber of Com¬
according to the prospectus, "sale of Cub planes accounted for
all light planes in the United
States during
merce,"
about
60% of the total sales of
the year
1939.
It is the intention of the
company to continue and to de¬
velop its policy of mass production of
low-priced planes with a view to
maintaining its active leadership in the field of low-cost civilian
flying in
the United States."—V.
150, p. 285.
Pittsburgh
Metallurgical
Directors have declared
mon
was
on
Co.,
Inc.—Dividend—
bonds offered.
1939
1938
for doubtful accounts)
$2,915,027
exps.
& cost of
goods sold
2,216,502
Real estate taxes
1937
Net oper. prof,
deprec
mon
25,952H shares of unissued
$3,262,601
2,527,955
were reserved for conversion of preferred stock.
Common Stock Purchase Warrants—There will be attached to each bond
detachable common stock purchase warrant in bearer
form, which will
entitle the holders, from and after the date of issue but not later than Dec.
1,
1949, to purchase 100 fully paid and nonassessable shares of the common
stock at $6.66 per share.
Such warrants are to be exercisable only as an
entirety.
Underwriter—White, Wyeth & Co., Los Angeles, Calif.
Company has been advised by the underwriter that on Dec. 18, 1939 it
an agreement with Morris B.
Pendleton, President, director
and stockholder, and Dillon Stevens,
Vice-President, Secretary-Treasurer,
director and stockholder, whereby said individuals
agreed to employ the
entered into
underwriter
remain
$319,923
11,228
before
1,833 shares of the common
company owned by him and Dillon Stevens will assign and
transfer to the underwriter 917 shares of the common stock of the
company
stock of the
by him.
Gross
298,053
13,430
$365,066
11,352
counts, &c
Cost of goods sold
$727,599
387,221
Profit from operations
Other income
Deduct income charges.
Net income
287,507
$779,907
413,773
327,146
$823,241
437,371
328,106
$657,115
353,738
264,937
$52,870
5,733
$38,986
10,068
$57,763
14,055
$38,439
7,559
$58,603
24,381
6,492
$49,055
35,670
1,760
$71,819
23,328
8,433
$45,999
16,615
5,041
$27,729
expenses
$11,624
$40,057
$24,342
—V. 150, P. 285.
Porto Rican American Tobacco Co.—Bondholders Favor
$383,480
17,737
$375,775
13,917
Liquidation—
A poll of the holders of company's 15-year secured
6% convertible bonds
charges & deprec
$331,151
Interest on mortgages272,000
Interest on notes
6,457
has convinced the Glidden bondholders committee that the
preponderant
$376,418
249,333
11,282
$401,218
204,651
17,593
$52,694
298,075
bl7,453
$115,803
307,519
$178,974
307,519
$172,972
307,519
$262,833
profit before
preciation
less
Income Account for Stated Periods
10 Mos.End.
■Years Ended Dec. 31Oct. 31, '39
1938
1937
1936
dis-
Prov. for income taxes..
int.
Net
financial adviser of the company as long as any of the bonds
Said individuals further agreed that, in considera¬
as
outstanding.
tion of the underwriter undertaking such
employment, Morris B. Pendleton
will assign and transfer to the underwriter
before
.
Warrants provide that, upon certain contingencies provided in
the indenture, either the number or kind or both number and
kind of
securities deliverable upon the exercise thereof
may be varied but without
increase or decrease in the aggregate purchase price.
2,481,518
301,695
a49,470
$3,168,776
$191,715
$128,545
$134,546
'/
$389,692
216,720
Write down of invest
Net loss.
majority, both in number and amount, desire liquidation of the company,
if the bondholders can realize in cash, 80% of the principal amount of their
bonds and receive securities for the balance due, the committee announced
March 7.
de-
Depreciation.
T
a Including Federal and State social
security taxes of $49,380 in 1939—
$47,860 in 1938 and $37,309 in 1937.
b Write-down of investment in New
York World's Fair 1939, Inc..
4% debentures, due Jan. 1, 1941 to quoted
market value as at Dec. 31.1939.
of
Independently of the desires of the bondholders the commlttee-composed
Nathaniel F. Glidden, Philip W. Henry and H. Duncan Wood, has
the conclusion, as a result of the studies and inquiries which it has
made, and particularly in view of the poor earning record of the company
in recent years, that ft is not in the interest of the bondholders that the
business of the company be continued, according to a letter addressed to
holders.
The committee has also decided that if any plan providing for
the continuance of the company were to be approved by the court the
committee would feel compelled to advise the bondholders against
accepting
such a plan.
come to
,
The committee states that it
1939
Assets—
1938
$
Accounts
&
Liabilities-
149,533
9.772
secur.
1939
$
96,954
Marketable
4,850
*
131,490
188,952
208,737
^
Fixed assets
Unamort.
25,000
-
14,139,796 14,426,714
36,525
19,601
alterations
Other def. charges
37,722
21,604
4,105,000
6.800,000
6,800.000
breakage
9,154
6% cum. pref. stk.
(par $100)
2,500,000
d Common stock.
34,483
2,500,000
34,483
Notes
payable.
-
59th St., N.Y..
Res. for plate glass
«.
„
J.
.
»
3,156
«.
24,200
13,162
Surplus
Deficit-..
3,413,817
2,412,591
9,487
3,413,817
2,149,757
14,619,463 14,982,2431
Total
14,619,463 14,982,243
a*After depreciation of $5,260,064 in 1939 and
$4,973,146 in 1938. c Aris •
ing from reduction in par value of common stock from $100 per share to
per-share.
.
—
$1
d Par $1.
e
Includes
—V. 149, p. 2524.
$100,000
holds authorization from the holders
($175,000 in
1938)
$1,103,000 principal amount of bonds or more than 32% of the entire
issue, and points out that, inasmuch as it is likely that practically all the
bondholders who have authorized the committee to represent them, and
also many bondholders who have not authorized the committee to
represent
them, would follow its advice in regard to a plan, it appears obvious that a
plan contemplating the continuance of the business cannot be effected; and
it would be futile and
in
1st mtge. on Plaza
Hotel & 22 West
c
Total
45,372
2,278
4,030,000
e
balance
of cost of Persian
room
45,356
40,521
received
advance, &c
4%fdebs
a
$
164,515
taxes
Rents
N. Y. World's Fair
Pxepald insurance-
1938
156,444
Accrued wages and
123,264
-
$
Accounts payableAccrued interest
'
notes
receivable (net)
Inventories
now
of
Balance Sheet Dec. 31
Cash
common
stock
a
Gross income
2,147,378
316,938
a67,775
314,178
a64,424
Other income
prof,
1936
$2,897,157
Oper.
Taxes other than real est.
Of the consideration to be received for
any shares of com¬
stock which are sold pursuant to
warrants, $1 per share, is to be
credited to capital and the remaining $5.66 per share of such consideration
is to be credited to paid-in surplus.
Operating Co.—Earnings—
Years End. Dec. 31—
Outstanding
$225,000
$225,000
60,000 shs.
17,301 ^ shs.
400,000 shs. a33,296
shs.
a The number of shares of common
stock shown above as outstanding
upon completion of the present financing is
subject to increase by the
exercise of any of the common stock purchase warrants attached to the
Operating
Oper. revs. & gross sales
(after
deduc.
prov.
"
Authorized
First mortgage 6% bonds, due Dec. 1, 1949--6% cum. conv. preferred stock ($10 par)
Common stock ($1 par)
of 25 cents per share on the com¬
to holders of record March 7.
Like amount
paid on Dec. 15 and on Oct. 10 last, and
compares with 50 cents paid
June 19 last; this latter
being the first dividend paid since Dec. 15, 1937,
a distribution of
25 cents per share was made.—V. 150,
p. 850.
Net
automobile, transportation, aviation,
shipping, petroleum and general manufacturing; also for various depart¬
ments of municipal, State and national
governments, including schools,
highway, Agriculture, Treasury, river and harbors, Army and Navy.
The company serves approximately 2,000
customers, principally auto¬
motive and industrial jobbers and hardware merchants.
owned
when
Plaza
development,
wrenches, screwdrivers, ham¬
mers, pliers, chisels and body and fender tools, for the use of
professional
mechanics and industries; including
dividend
a
stock, payable March 15
located at 2209 Santa Fe Ave., Los
Angeles,
The general character of the business done Is the
design,
production and sale of hand tools, principally
Capitalization upon Completion of Present Financing
$4,154,548 $4,343,301
After deducting depreciation of
$1,233,198 in 1939 and $1,166,709 in
1938.
b Represented by 85,000 shares of no
par value,
c 100
shares.
—V. 149, p. 1188.
a
airplanes,
Company's
are
Calif.
504,419
1,103,547
notes
principal executive offices
925,000
395,299
or in part, at the option of the
company, at 105%
entitle the holders thereof to purchase 100 shares of
Business—Company's predecessor, Plomb Tool Co. (Del.), was incorp.
on May 24,
1928, to acquire the business of the partnership of C. H. Wil¬
liams and M. B. Pendleton, which business had been in
existence since
1907.
Company was incorp. in California, Oct. 8, 1937.
The Delaware
corporation was merged into the company on Dec. 31, 1937.
1938
Nbtes payable
811,085
whole
(par $1), at $6.66
per share until Dec. 1, 1949.
Purpose—Retirement of indebtedness, $185,398; increase of cash working
capital, $12,000.
$1,152,500 $1,153,500
2,000,000
Accounts payable.
Mtge. payable
123,949
853,006
Investments
1939
as a
Warrants
common stock
31
7% pref. stock
1
178,726
Accts. receivable.-
Inventories
and int.
b Common stock_. 2,000,000
Cash
Sundry
Dec.
Liabilities—
$1,876,990
Tool
Co., Los Angeles—Bonds Offered—White,
Los Angeles, are offering at 100 and int.
$225,000 1st mtge. 6% bonds due Dec. 1, 1949 (with common
stock purchase warrants
attached).
$0.19
of $98,896 representing claim against United
States Government for refund of
a
1611
current.
a waste of the time of the Court and the
parties and
the company for the trustee to propose, and the court to
such plan.
"Under the circumstances the only alternative to a
dismissal or the proceedings would appear to be a proposal of a plan for the
liquidation of the company," says the letter.
"The committee
has investigated the possibilities of realization
on
liquidation, and has either been in tocuh itself, or has consulted with persons
who have been in touch, with all of the leading cigar manufacturers of the
country.
As a result of this canvass the committee is of the opinion that a
purchaser for the 240,000 shares of the stock of Congress Cigar Co., Inc.,
owned by the company, can be found who will pay in excess of $12.50 per
share, or $3,000,000 for that stock.
The price, together with the amount
which appears to be realizable on the remaining assets of the
company, is
sufficient to pay estimated expenses of the proceedings and the
principal of
the
assets
of
approve any
the
bonds with
interest in full and leave
a
small balance for the class
A
stockholders.
In order to bring about agreement with the stockholders the
committee recommends certain concessions being made
pursuant to which
those bondholders who did not wish to await final
liquidation of all of the
properties could dispose of their holdings immediately at a substantial cash
price, probably 90% of the principal of their bonds, thus
increasing the
possible equity for the stockholders.
The Commercial & Financial
1612
March
Chronicle
1940
9,
/
new television development is the improved
projection of
television images, of a size and claritv suitable lor theatre
Large screen television will permit the showing of current
events and other programs to large audiences.
The relay system described
above offers a practical means for distributing television programs to
theatres, whether in a single locality or in the several cities of a television
other
The
large screen
presentation.
Public Service Co. of Indiana
1st
"A" 4s due 1969
network "
Consolidated Income Statement
TRADING
DEPARTMENT
Years Ended Dec. 31
109,844,444 a99,200,627
649,954
767,482
111,852,876
786,622
$
100,229,505
956,804
110,494,398
99,968,109
112,639,498
101,186,310
96,567,423
116,844
3,010,620
650,000
See e
2,066,700
86,576,979
97,217,-721
301,829
3,067,788
89,722,150
250,063
3,445,295
600.000
600,000
8,082,811
7,412,072
9,024,858
3,152,896
$
$
Gross inc. fromoper.
Eastman, Dillon 8 Co.
Total gross inc.
all sources, x
New York
Broad Street
from
Cost of sales, gen. oper.,
development, selling &
Bell SyBtem Teletype N. Y. 1-752
9-3100
Tel. Bowling Green
Other income
YORK STOCK EXCHANGE
NEW
MEMBERS
15
administrative
exps-_
Interest
March 18 for the filing of a plan or
and April 3 for a hearing on such plan or report and
any other plans which may be proposed.
Irrespective of the plan or in¬
tentions of the trustee the committee proooses to present a plan for liquida¬
tion.
It is expected that opposition will be met from the class A stock¬
holders, and the committee is urging the bondholders who have not au¬
thorized it to represent them to act immediately in their own interest."
"The dates now set by the court are
report by the trustee
Amort, of goodwill
Prov. for Fed. inc. taxes
Net
for
income
U. S. Govern¬
Co.
Service
of
Road Acquired
Ind.—Portion of
by Southern Indiana Ry., Inc.—See latter company
1295.—V. 150,
in V. 150,
1145.
p.
on
B pref. stock..
68,321
3,152,902
69,840
the report by David Sarnoff,
President, include
the following:
Operations of all RCA companies were on a profitable basis.
Consolidated gross income was $110,494,398. an increase of $10,526,288
the preceding year.
Consolidated net profit was $8,082,811, an increase of $670,739 over
over
the
preceding year.
All dividends on the preferred
per
stocks were paid and a dividend of 20 cents
stock.
2,770,792
2,770,724
Surplus
Earns.per sh.on com.stk.
2,090,802
$0.35
1,418,605
$0.30
2,615,632
$0.42
on
Divs.
on common
share was declared on the common
stock (paid Jan. 16, 1940).
on
1937 such profits were recorded as payments
had remained unchanged,
creased by $222,006.
the
States.
operations for the year 1939, when compared-with the
previous year, show an increase in gross income of 10%, an increase in net
profit of 9%, and an increase in the number of persons employed of 15%.
Major General James G.
Harbord, Chairman, and David Sarnoff,
President, speaking for the RCA Board of Directors, direct attention in
the report to the fact that "the progress made by the corporation cannot
be measured alone by increases in its income and profits.
There must also
be taken into account the strengthened position of the corporation in the
d Including cumulative arrears to Dec. 31,
industry, the increase in the number of workers it employs, and the con¬
it is making in research and pioneering to improve
existing services, to create new services, and to increase the scope of the
radio art and industry and its usefulness to the public."
During 1939 the monthly average number of employees of RCA and its
companies was 20,716, compared with 18,046 during 1938, an increase of
2,670.
At the year-end the total was 22,913, compared with 19,177 at
the end of 1938, an increase of 3,736 employees.
current assets of
Dec. 31,
at
such subsidiaries to the prevailing
%
8,731,502
4,990,663
Communications
All other sources
50.7
36.9
7.9
4.5
$110,494,398
Consolidated Balance Sheet Dec
Amount
istration and
other operating expenses
Wages and salaries to more than 20,000 employees
Depreciation and interest
Inventories
32.7
3.4
4.3
Dividends to stockholders
4,789.249
5,992,009
Carried to surplus
2,090,802
$110,494,398
After providing for
„
5.4
1.9
15,103,296
a 106,84 5
12,329,813
11,818,755
$
14,657,406
e90,720
12,434,670
11,526,974
„
981,750
9,234,822
378,133
543,686
473,028
6,889,439
31,448,144
g7,164,460
31,089,038
8,453,263
2,212,050
8,029,609
2,040,832
8,801,343
30,967,130
8,179,104
1,594,033
29,211,839
8,573,118
1,038,754
93,739,980
90,799,549
89,373,348
87,750,056
15,841,894
13,259,860
10,719,273
10,319,059
(non-current)
Investments
b Fixed assets
Pats., contr., &c.,less res
Deferred charges
Total.
Liabilities—
&accruals__
Mtge. pay. (current)
Note pay. (current)
Accts. pay.
Com. divs.
2,770,792
4,000,000
8,000,000
2,532,024
5,441,301
2,4 07", 184
5,441,301
14,574,441
286,160
payable
-
cum.
&c_
reserves-
f
$3.50
conv.
875,000
530,463
......
Notes pay. (non-curr.)__
Serial notes
10,400,000
4.56,526
2,493,471
6,109,067
10,000,000
14,574,441
329,631
27,762,032
16,528,905
14,546,096
378,027
27,759,112
15,334,649
89,373,34 8
87.750,056
507,194
2,749,747
4,750,707
1st
$5 B pref. stock
d Common stock
27,762,032
Earned surplus
20,531.335
14,574,441
293,227
27,762,032
19,061,504
93,739,980
90,799,54 9
preferred stock
c
a
52.3
$57,753,632
36,091,242
14,249,189
10,805,338
Notes & accts receivable
Vc
3,777,464
Taxes-.
16,181,298
14,737,488
Notes & accts. receivable
Total
materials,
16,877,396
Marketable securities
100
supplies, sustaining program
talent, rent, sales and advertising; payments to
associated broadcasting stations; research, admin¬
raw
13,440,164
Cash
1936
$
$
$
31
1937
1938
1939
Assets—
This income was distributed during 1939 as follows:
of
exchange export rates
1939.
General
$56,065,201
40,707,032
*
31, 1938, amounted to $1,-
companies in 1939, following
the practice of prior years, have been included in the consolidated statement
of income and are converted into dollars at the prevailing monthly exchange
export rates.
The net income so included in 1939 amounted to $272,859
after charging thereto provision for exchange adjustments to reduce net
Res. for spec, cont.,
consolidated gross income were:
Amount
Cost
1938 the policy of amortizing good¬
of $310,000. The balance of goodwill
remaining on the subsidiary's books at Dec.
876,722.
Note—The operations of foreign subsidiary
stant technical advances
Manufacturing
Broadcasting
If the policy
1936 of $26.25 per share on 15,393 shares, $404,066.
e The directors of
National Broadcasting Co., Inc., a 100% owned subsidiary included in the
year
The results of
Sources of the corporation's
when received.
income^cur the year 1938 would have been de¬
Including^6,000 in 1937 and $89,200 in 1936 for
c
undistributed profits,
surtax on
These
from $8,000,000 to $4,000,000,
and the rate of interest from 2 lA % to 1 % %.
Harmonious labor relations were maintained throughout the year.
On April 30, 1939, RCA inaugurated the first public service of tele¬
vision in the United
2,933,550
$0.20
1938 a policy was adopted, taking into income the profits
sale and rental of photophone equipment as payments became due.
In
As of Jan. 1,
a
dividends totaled $5,992,009.
Bank loans were reduced during
6,155,937
862,291
2,360,096
3.157,512
d481,031
2,770,683
consolidated accounts discountinued in
America—Annual Report—
Salient facts stated in
310,000
c2,117,300
e
_
will which involved an annual charge
Radio Corp. of
See
1,683,700
320,519
2,940,603
600,000
310,000
cl,137,100
year,
transferred to surp.
Divs.
Inc.—Gets U. S. Govt. Order—
at $119.000.
Crrrently, the company has unfilled orders on its books amounting to
$14,000,000, compared with $1,700 000 a year ago, and in the past year
expanded its payroll from 600 to 2,600 men.
There is sufficient freight car
business on hand to guarantee operations into the second quarter and sub¬
way car contracts will last until next August.—V. 149, p. 3419.
p.
,
A pref. stock.
Conv. 1st pref. divs
Pressed Steel Car Co.,
Public
Depreciation
Amortization of patents.
Divs.
—V. 150, P. 700.
Company has received an "educational" order from the
ment for 15,000 shell forgings of 75 millimeter calibre, valued
1936
1937
1938
1939
At the lower of cost or
market,
b After reserves of $51,435,908 in
1939; $53,503,003 in 1938; $51,156,062 in 1937 and $53,193,676 in 1936.
c Represented by 13,363 no par shares in 1939, 13,69.3 no par shares in 1938,
15,393 no par shares in 1937 and 17,653 no par shares in 1936 (redemption
value $100 per share),
d Renresented by 13,881,016 no par shares in
1937 and 13,879,556 no par shares in 1936.
e At cost,
by 900,844.8 no par shares in 1939, 1938 and 1937, and
shares in 1936.
g Represented by 555,254 1-10 shares of
common
stock and $4,485,550 of 10-year debentures of Radio-KeithOrpheum Corp. at cost, $6,614,435 and $275,004 sundry advancements
to and investments in associated companies.
1939, 1938 and
f
Represented
899,092.8
no par
100
all dividends and other deductions from the surplus
account, the total earned surplus at Dec. 31.1939 amounted to $20,531,335,
increase of $1,469,831 over the surplus at the end of 1938.
After using $4,000,000 to reduce notes payable to banks, cash on hand
and in banks at Dec. 31, 1939, was $13,440,164, compared with $16,877,396
an
Television Images
Sent from Airplane in Historic R. 0. A
N. B. C. Demonstration—
The following is taken from a news release
"Television shed the ponderous bulk that
at the end of 1938.
soared into the air March 6 to
Total current assets at the end of 1939 amounted to $44,358,951 com¬
pared with $41,931,924 at the end of 1938.
Total current liabilities were $18,612,686, compared with $13,259,860
dated March 6:
has kept it earthbound and
give the groundling his first aerial view of a
an
at the close of 1938.
At the end of 1939,
the ratio of current assets to current liabilities
was
2.4 to 1.
The review of RCxV operations for the year 1939 points out that "more
radio sets are now in use in the United States than in all the rest of the world
combined.
With
some
45,000,000 receivers in American homes and auto¬
mobiles; radio is more than ever an integral part of our national life."
"The people of the United States are served by a broadcasting industry
made up of more than 800 local broadcasting stations," the report states.
"More than 400 of these local stations are served by national and regional
networks.
These network facilities provide a competing and varied program
service to the entire Nation.
The American system of broadcasting not
It was history's first public demonstration of telecasting from
airplance.
pioneer venture, staged jointlh by the Radio Corp. of America,
the National Broadcasting Co., United Air Lines and the RCA Mfg. Co.,
great city.
"In the
lighweight electronic cameras peered at the towers of Manhattan,
shipping in New York's harbor and Wall Street's financial district during a
45-minute
demonstration program, relayed
over
the NBC Television
Station.
It was estimated that about 10,000 persons witnessed'the his¬
new
which marked the public debut of newly developed "vesttelevision apparatus.
at Station W2XB, near Schenectady, reported
'perfect
toric telecast,
pocket'
"An
observer
reception,' although the distance from
NBC's transmitter is nearly 130
miles.
"Although weather conditions were far from
siderable interference from the plane itself in
ideal, and there was con¬
the received image, the
only helps to maintain our essential democratic freedoms, but also provides
American listeners with the finest and most varied programs available
clearly showed familiar landmarks to armchair aviators—auto¬
mobiles speeding on the West Side Express Highway, ships lying at their
anywhere in the world."
The 1939 report to RCA stockholders calls attention to the introduction
of the first public service of television in the United States on April 30,
1939.
At that time NBC began a regular television program service in the
New York area and RCA-Victor television receivers were placed on sale.
J'Two important new television developments are now technically ready
for public service," the report states.
"One is a system of television radio relays, different from any other
system so far devised, which offsets the distance limitations of ultra-short
waves.
This new RCA system makes possible the establishment of inter¬
city television networks comparable to the wire networks of sound broad¬
casting.
This development makes it feasible to set up a radio relay system
for television linking New York City, for example, with Washington, D. C.,
and with Boston, Mass., and other intermediate cities.
"The new RCA television relay system is a marked advance in the
development of radio transmission.
It makes use of specially designed
automatic relay stations operating on frequencies many times higher than
those used by regular television broadcasting stations.
"Each relay station in the new system contains both receiving and
transmitting devices, mounted on a 100-foot steel tower.
The system
employs highly directional, or beam-like, transmission, and RCA frequency
modulation developments.
The radiated power required for operation of
each station is 10 watts or less.
The distance between relay points averages
some
30 miles, and each relay station operates automatically and un¬
berths in the North
attended.
program
River, steam and smoke pouring from the
funnels of
tugboats, the RCA building in Radio City and the Empire State building.
"Commenting on the newest of televison's achievements, Lenox R. Lohr,
President of NBC, declared,
Televison's unique characteristic of being
the living room events happening miles away, so that the
them at the time they occur, has never been more clearly
demonstration today.
"'The new mobile equipment is entirely self-contained and complete;
and can be mounted without difficulty in small spaces.
It marks a tre¬
mendous technical stride; its social implications are tremendous.
To us at
RCA and NBC. it means that today we can give the television public a
service not possible before, when we were obliged to schedule special events
considerably in advance, and to use two 10-ton trucks to pick them up.'^p*
"The
success
of the demonstration was 'little short of astounding,'
according to O. B. Hanson, NBC Chief Engineer.
"The new television equipment used in the novel experiment is the
able to bring into
public may witness
shown than in the
'vestpocket'
NBC's
local
apparatus recently
television service.
developed by the RCA laboratories for
It consists of a 2-camera chain with?a
lightweight relay transmitter, operating on a wave-lengthfof 104 centimeters,
the shortest yet employed in practical television.
The total of 10 small
units, each mounted in carrying cases about the size of an ordinary suitcase,
weight about 700 pounds.
"The new iconoscopes used in the cameras, it was explained, are consider¬
more sensitive than
has enabled engineers to
ably
the standard pick-up tubes and their smaller
construct lighter and more flexible cameras.
size
The
Volume
ISO
The Commercial & Financial Chronicle
1613
entire unit will
immediately go into NBC's television service here in
UP both outside events and studio
programs at Radio City.
"All of the control
picking
equipment was strapped to the felt-covered work
the United Air Lines
flying laboratory, a twin-motored Boeing
transport.
Cameras were mounted near
ports in the fuselage and
transmission apparatus was stowed
forward in the plane, directly behind
the
247-D
Ryan Aeronautical Co.—Price of Stock—
Company will offer 125,000 shares of common stock ($1 par) at the market
but not in excess of $7.50
per share, according to an amendment filed with
the Securities and
Exchange Commission.—v
generator, mounted in a baggage compartment in the
supplied power for the equipment.
A non-directional
fixed to the top of the
fuselage, was used in relaying the
Earnings for Year Ended Dec. 31
the ship,
of
nose
antenna
array,
®^c10n 8'fnalt0 a relay receiving point on the roof of the RCA building.
^om this point the electrified program traveled over a cable circuit to
150, p. 852.
.
Scotten, Dillon Co.—Earnings—
pilot s compartment.
"A gasoline-driven
1939
Income from operations
Other income—net
1938
$408,535
37,173
$390,143
42,504
Net income before income tax
Provision for Federal income tax
$445,709
66,793
$432,647
63,670
$378,916
$368,977
480,000
$1.23
_____
NBC
s main transmitter in
the Empire State
"Some of the difficulties met
with in the
building for general boradcast.
pioneer transmission from an
by the mechanical vibration of the plane itself while in
and the adaption of
equipment intended for use on the ground for the
airplane
the
air
were caused
aerial experiment.
"Power for the apparatus
driven generator, developed
Dividends paid
was delivered by a new 4,000-watt
gasolineby D. W. Onan & Sons, of Minneapolis, Minn.,
150, p. 1293.
for airplane purposes.—V.
Public Service Co. of Northern
Calendar Years—
Operating
1939
revenues
Operation
Maintenance
State, local &
miscell.
Fed.
surtax
3,368,899
880,000
3,616,515
910,200
213,800
4,240,000
4,240,000
4,000,000
Gross income
$9,249,521
249,503
$9,447,746 $10,018,740
354,444
545,442
$9,438,890
412,440
$9,499,024
2,811,400
$9,802,190 $10,564,182
4,572,622
5,288,930
$9,851,329
5,487,210
1,097,489
71,327
123,667
20,230
573,708
Cr29,719
445,728
020,001
442,379
015,021
492,058
033,309
$3,635,025
$4,703,997
589,705
2,000,058
670,000
504,343
2,521,172
666,677
434,973
1,601,699
$5.42
$5.53
$4.16
expense
Int. charged to construct
Net income
6%
on
7%
on
cum. pref.
on common
stock.
stk. outstdg
com.
Earnings
3,015,000
670,000
$6.40
per share
Includes
x
Waukegan
Generating
liquidated in January, 1938.
Co.,
wholly-owned
651,221
1939
$
1939
$
&c
Cash
with trustee..
Def'd
21,663
5,143,833
U. S.
80,228,000
36,000,000
1,419,152
791,268
759,034
3,004,100
383,505
670,268
ligations
2,000,000
4,738,124
7,617
24,589,501
22,680,377
4,924,189
Prepaid accts...
Mat'ls & suppl's
93,211
curr.
liab.
1,162,488
442,364
738,976
128,056
2.178,391
_
Customers' dep.
Misc.
Accts.
1,920,578
receiv.
Total...
Earned
208,112,517 204,898,2221
After
a
Reserves
Contributions
12,257
b Represented
reserve,
__
584,480
530,259
surplus.
8,442,243
7,626,392
Total
by
670,000
208,112,517 204,898,222
no
par
3727.
p.
&c
Not
shares.—V.
149.
have
accumulations
on
declared
a
dividend
of
$1.75
per
share on account of
13 to holders of
the 7 % preferred stock,
payable March
record March 5.—V. 123, p.
854.
187,471
136,338
79,810
$197,046
2,955
$73,161
1,564
Gross income
Income charges
$233,180
2,833
$200,902
3,877
$74,726
2,671
$216,018
$230,347
$197,025
$72,055
38,874
42,371
52.384
19,432
$177,144
10,387
144,330
$187,976
7,419
128,594
25,000
$144,640
$52,622
100",000
25,600
Profit
before
provis'n
for income taxes
Prov. for Fed. & State
income
Net
taxes
income
Preferred dividend
Common
divs.—Cash..
Stock
Including surtax of $5,901 in 1936 and
profits.
a
See list given on first page of this
department.—V. 150, p.
45,000
,803 in 1937
Condensed Balance Sheet Dec.
31,
on
undistributed
1939
fref. stocksubscribed by employees, 300 shares,(103,215 shares,
(par $20), $188,700; common stock $4,500; earned
119,850;
no par),
surplus,
$72,852; total, $453,587.—V. 148, p. 1339.
Corp.—Earnings—
Calendar Years—
1939
Gross sales, less disc'ts..$16,178,598
Manufacturing costs
14,479,029
1938
1937
xl936
$10,505,879 $20,206,115 $21,185,510
9,263,252
16,892,763
17,522,072
$1,242,627
582,063
738,039
$3,313,353
687,631
867,918
$3,663,438
843,344
1,088,363
47,084
75,072
77,025
~6", 000
12.500
12,000
12,500
73,000
$281,148 loss$130,560
69,210
65,778
$1,658,231
126,511
$1,569,206
183,364
$350,358
loss$64,781
$1,784,742
54,211
$1,752,570
164,930
2,788
6,480
41",361
exp__
$1,699,569
588,496
772,641
51,284
Provision for deprec'n._
Sell., gen. & adm.
701.
i
Assets—Cash, $185,420; accounts receivable, incl. $441 due from em¬
ployees, $14,305; inventories, $3,679; instalment subscriptions for common
stock receivable from employees, $1,725; inventory or tires and tubes,
$988; property (less allowance for depreciation of $37,123), $200,272;
bottles and cases at inventory value of cost or less,
$47,199; total, $453,587.
Liabilities—Accrued expenses, $5,325; estimated income taxes, $40,099;
deposits for returnable containers, $22,260; hy% % cum. con v. & redeemable
Balance
Republic Investors Fund, Inc.—Registers with SEC—
1936
$246,675
93,703
$229,493
3,686
Sharon Steel
Reed-Prentice Corp.—Accumulated Dividend—
Directors
1937
$500,871
166,585
available
2,730,332
Accrued taxes.
Govt, ob¬
Special deposits.
a
expenses,
36,000,000
Accrued interest
15,000
16,281,907
5,048,130
14,704,801
charges..
Cash
80,228,000
affiliated cos.
Accts. payable._
1938
$587,240
170,275
Net profit from oper.
Other income
$
Notes payable to
deposit
on
52,000,000
Funded debt
174,521,686 170,408.009
4,703,191
6,160,096
Investments..
$
52,000,000
1939
sales,.
)
Cost of beverages sold.
Sell., gen. & adminis.
1938
Liabilities—
b Common stock
Plant, property,
rights, fr a nch.,
a
Seven-Up Bottling Co., St. Louis—EarningsNet
a
1938
1939
practice
desirable because of the
relatively few companies on a four-week basis. The
change "will make our figures more comparable with those of similar
organizations," he states.
"However, the 13*period calendar will be con¬
tinued within the organization," he added.—V.
150, p. 1294.
subsidiary
Balance Sheet Dec. 31
Assets—
1940
$40,835.743 $34.900,544
j
its
of reporting sales at four week
periods and will report on a monthly basis hereafter.
T. J. Carney, President,
explains the change in the reporting periods as
cum. pref.
stock
Divs.
Shs. of
February—
Calendar Years
stock
Divs.
Sears, Roebuck & Co.—Sales—•
Month of
Sales.
$3,739,330
dis¬
1939
$372,250; deferred charges, $34,525; total, $4,206,190.
Liabilities—Accounts payable,
$4,100; accrued taxes
and
expenses,
$42,716: provision for Federal income tax, $66,793; reserve for contingen¬
cies (including "windfall
tax"), $80,000; capital stock (par $10), $3,000,000;
earned surplus, $1,012,581;
total, $4,206,190.—V. 150, p. 853.
107,000
59,040
683,115
debt
1,800,000
56,349
$4,287,286
of
Balance Sheet Dec. 31,
Company has abandoned
affiliated companies..
Other int. charges
Divs.
3,197,416
716,800
480,000
$1.26
per common share
Assets—Cash on hand and in banks, $321,971; U. S. Government securi¬
ties and accrued interest
(at cost), $1,758,032; customers' accounts receiv¬
able (less reserve
$8,899), $147,178; inventories, $1,565,648; other assets,
$6,585; property, plant and equipment (less reserve for deprec. of $354,921),
212,900
4,240,000
Interest on funded debt_
Int. on notes payable to
&
1936
Earnings
and
intangs
Net operating income.
Other income.
count
xl937
undis¬
tributed income
Prov.
for
deprec.
Amortiz.
1938
3,725,497
1,048,900
tax
on
amortiz. of
Illinois—Earnings—
$40,639,017 $39,647,561 $41,679,099 $39,231,289
20,230,408
19,464,015
20,365,338
19,435,262
2,144,691
2,246,901
2,314,506
2,230,021
Federal taxes
Federal income
Net income
30" 543
6,932
6,308
$308,997
loss$95,324
$1,720,810
$1,574,852
285,000
90,000
225,000
$1,345,810
249,288
461,961
$1,305,852
157,200
Taxes, other than prop¬
Rheem
Mfg. Co.—Transfer Agent—Registrar—
The Chase National
Bank of the
City of New York has been appointed
transfer agent for the common stock of this
company.
City Bank Farmers Trust Co. has been appointed registrar for
500,000
shares common stock of this
company.—V.
150,
Rochester Central Power
p.
1004.
p.
corporation.—V.
1614.
Prov. for doubtful acc'ts
Balance
Interest
on
"6", 000
bonds
Amort, of bond discount
Rochester
Gas
&
Electric
Corp.—Transfer
Discontinued—'
Company has
Agency
notified the New York Curb Exchange that it has dis¬
continued the agencies heretofore maintained in New
York
City for transfer
% preferred stock and series D 6 % preferred
stock, and that henceforth all shares of said preferred stock shall be
presented
for transfer to the transfer department of this
corporation at its principal
office, No. 89 East Ave., Rochester, New York.—V.
150, p. 1145.
and registration of its series C 6
Rochester
Month
con¬
tract fees, &c
Total other income
Corp.—Paying Agent—
Manufacturers Trust Co. is paying agent and
withholding agent for the
5% gold debentures, series A, due Sept. 1, 1953, of this
144,
erty and income
Provision for service
and expense
interest
Other
Profit from opera'n—
Prov. for Fed. and State
income
53,500
Prov. for Federal surtax
Preferred
.
$255,497
298,600
dividends
loss$95,324
298,600
Common dividends
Telephone Corp.—Earnings—
x
of January—
taxes
1940
1939
Uncollectible operating revenues.
$461,503
1,020
$434,490
Operating
$460,483
313,216
$433,525
302,498
965
44,000
396,174
Consolidated.
Note—The foregoing statement for 1939 does not include the increase of
$132,324 in the equity of this company in its partly-owned subsidiary.
Comparative Balance Sheet Dec. 31
expenses.
1939
Assets—
$
Cash
Operating
$147,267
62,003
$85,264
58,266
taxes.
$131,027
58,808
$72,219
46,817
Notes <fe accts.
Inventories
—V.
150,
p.
..
Directors
have
Co.—Preferred Dividend—
declared
a
dividend
of $1.25
1,636,815
3,597,040
24,450
53,109
and
advances
3,670,591
3,707,808
Property, plant &
equipment
6,989,687
136.
Rockwood &
Investments
2,368,371
7,294,547
Russeks-Fifth Ave., Inc.—To
A
it
new
store will be opened in
unit
the boulevard and
250,000
Due
146,101
contr.
249,418
Accrued payrolls..
Accrued interest..
227,392
Accr'd gen.
148,709
75,485
74,650
on
ore
171,364
19,867
283
taxes.
Dividend payableaccr. liabil.
134,994
217,325
41,217
74,650
52,315
550,000
332,000
950,000
324,271
Serial pref. stock 5,972,000
Common stock.. 3,974,530
5,400
5,972,000
3,967.330
_
Keserves
purch. contracts
Open Chicago Store—
a
depth of 130 feet
on
x
t
Paid-in surplus and
capital surplus.. 4,923,522
Lake St.
call for main and second floors and a basement which will be
given over entirely to the most modern type of fur storage vaults.
The
building will also house workrooms and a fur design studio —V. 147, p.2403,
Ruud Mfg. Co.—Dividends—
Directors have declared two dividends of 25 cents
per share each on the
common stock, one payable March 15 to holders of record
March 5 and the
other payable June 15 to holders of record June 5.
Dividend of 15 cents
paid on Dec. 1 last, this latter being the first dividend paid since Dec.
16,
937, when 25 cents per share was distributed.—V. 149, p. 3276.
400,000
Paym'ts under stk.
Earned surplus...
The plans
was
476,595
Note payable (non-
per
Chicago about Aug. 1 by this company
announced on March 5 by Max Weinstein, President.
The new
will be situated at Michigan Boulevard and Lake St. and will have
a
on
$
932,903
Fed. & State taxes
was
frontage of 65 feet
%
Accounts payable.
Notes payable
Other
share on account of
accumulations on the 5% preferred stock, payable March 1 to
holders of
record Feb. 20.
Arrears as of April 1, 1940, after the current
payment,
will amount to $12.50 per share.—V. 146,
p. 2384.
1938
1939
Liabilities—
S
2,110,975
3,893,775
rec.
Deferred charges..
Net operating income
Net income
1938
1,626,691
Total
x
Represented
(391,611 in 1938)
18,573,566
by
18,400,293
Total
4,923,522
671,455
714,557
18,573,566
18,400,293
59,720 no par shares,
z
Represented by
shares,—V. 149, p. 2705.
392,331
no par
Shakespeare Co.—To Pay 10-Cent Common Dividend—
Directors have declared a dividend of 10 cents
per share on the common
stock, payable April 15 to holders of record April 10.
Stock dividend of
100% was paid on Oct. 2 last and cash dividend of 30 cents was paid on
July 1 last.—V. 149. p. 2244.
The Commercial &
1614
$184,290
$1,005,401
3,739
$76,468
158
107,218
318,773
431
668,104
106,521
289,266
Maintenance
Taxes
$919,724
4,097
Non-operinc. (net).
$76,900
$1,009,141
11,710
7,553
94,865
$69,347
11,193
$914,275
134,500
$832,772
$58,153
$779,775
$699,107
210,000
339,628
210,000
339.626
$58,205
Net income
Preferred dividends
Common dividends,
—V. 150, p.1455.
71,853
Inc.—Com. Div.
declared a dividend of 12 K cents per share on the common
1 to holders of record March 15. Like amount was
Dec. 27 and on Oct. 1, last, this latter being the
on the common shares since April 1, 1939, when a regular
of 25 cents per share was distributed.—V. 150, p. 1005.
on
first dividend paid
quarterly dividend
$43,811
10,713
Net
operating Income
1006.
—V. 150, p.
...
paid.
—
$1,797,075
1,039,968
$739,877
701,941
$3,512,790
1,130,476
$2,837,042
3,000,000
$1,441,818
1,750,000
$4,643,266
3,650,000
operating income
stock
$308,182 sur$993,266 sur$832,868
—V. 150, P.
1295.
bl939
bl938
1937
-.$52,860,465 $49,732,671 $56,117,734
50,690,271
47,682,191
53,161,085
Calendar Years—
Net sales
Cost of sales, &c
b
$3.58
Marketable secur.
Special deposit
437,020
368,432
$2,632,924
Total income
$2,367,336
$3,393,669
152,984
196.758
139,368
245,973
$4 ,727,561
109,131
162,585
403,931
z436,925
156,645
Interest charges—
146,177
Accrued taxes
Annuities payableMeter
6,186,764
936,831
291,097
202,162
167,746
2,237,727
6,554
10,250
1,110,676
290,713
135,439
20,797
28,379
18,000
20,913
_
4,593
accr. accts..
66,635
4,326
67,900
Interest
com¬
pensation (curr.)
179,010
Fed.
normal
for
x400,000
__
662,126
_
359,292
profits-
$1,751,092
Net profit—
Preferred dividends
450,000
382.697
Common dividends
$1,613,663
450,000
318,915
263,484
1,265,000
$1,905,943
$895,038
$844,748
$918,395
$12.53
$1.66
$0.91
$1.02
Including administrative, selling and general expenses and provision for
doubtful accounts and collection expenses, also for 1937 a loss of $790,994
on closing out of forward
commitment on commodities,
b Consolidated
Surplus
a
,
„
.
•
practice, the foregoing state¬
accordance with the company's past
In
x
the company's reports its
cash collection basis. The
prepared on the accrual basis, wheras
ments are
income tax purposes on a
income for Federal
9,000
Mtge. payable
$3,434,427
$2,571,403
y403,371
1,272,994
Earns, per sh. on com.__
figures.
for
contr.
on
deed (current)
Other
779,047
207,401
149,728
deps.& accr.
Workmen's
Due
$
25,000,000 25,000,000
Capital stock
Accounts payable.
3,551,775
Deferred charges..
c
1,556,527
2,581,570
1,122,336
180,332
Due from affil.cos.
employees' prof.
sharing plan
Prov.
undistributed
9,559,548
2,619,015
Cash.
$2,956,650
316,856
1938
$
Lidbilities-
15,458,070
Material, mdse. &
stock oil
5,357,648
Other receivables.
$2,050,481
462,730
,
Prov. for Fed. surtax on
1939
$
9,559,548
1,567,183
aNotes&accts.rec.
$4,359,129
^
$2,170,194
income tax
1938
Prop. &eqpt.-.22,403,161
Investments (cost)
♦ 1936 .
$44,695,482
40,336,353
Profit
Consolidated Balance Sheet Dec. 31
$
$1,626,276
1,346,668
Spiegel, Inc. (& Subs.)—Earnings—
1,000,000
1,000,000
$4.64
1,000,000
$1.44
Including selling and general expenses.
1939
$2,635,196
1,008,920
Southwestern Gas & Electric Corp.—Initial Pref. Div.
declared an initial dividend of $1.25 per share on the 5%
payable April 1 to holders of record March 15.
Prov.for
out¬
Assets—
$2,934,953
1,106,079
cumulative preferred stock,
Other income
1,000,000
$2.84
$7,462,369
4,827,173
1006.
Depreciation
standing (par $25)—
Earnings per share
a
— —
23,062
$7,954,349
5,010,396
Net income
—V. 150, P.
$3,589,806
2,756,938
$162,958
capital
31,469
-
Net operating revenues
Operating taxes
Net
$7,494,431
**'837,874
1,546,332
Operating revenues
Operating expenses
$1,979,961
1,609,846
Deficit
Shs.
1939
_
Operating revenues
Uncollectible operating revenues
a
Dividends
Telephone Co.—Earnings-
Month of January—
____
Net income
$30,696
—
Directors have
Subsidiary]
Calendar Years—
1939
1938
1937
1936
Net sales
$27,505,596 $25,931,104 $37,119,156 $30,932,468
Cost of sales
24,413,877 23,769,729 a31,709,952 a28,952,508
Deprec. and depletion,.
1,208,860
1,406,988
1,626,811
Fed. & State inc. taxes.,
85,785
14,510
269,603
[Including Wholly-Owned
Profit from operations
$40,603
9,907
$33,098
Operating taxes
South Penn Oil Co .—Earnings—
Other income (net)
$106,219
65,616
$115,664
Southwestern Bell
Smith & Corona Typewriters,
Directors have
300
-
Operating expenses.
stock, payable April
paid
a
Operating revenues
Uncollectible operating revenues
133,665
Silver King Coalition Mines Co.—Common DividendDirectors have declared a dividend of 10 cents per share on the common
stock
payable April 1 to holders of record March 15., A dividend of 15
cents was paid on Dec. 23 last, and 10 cents was paid on Oct. 2 last; this
latter being the first payment made since April 1, 1938, when 10 cents per
share was distributed; prior to then regular quarterly dividends of 25
cents were paid.—V. 149, p. 3728.
(L. C.)
Associated Telephone Co.—Earnings—
1939
}?}§«*
$106,469
$115,904
250
Southwestern
Month of January—
91.049
$69,181
10,976
Int. & amsrt.. etc
_
$2,403,812 $22,270,033 $20,303,661
$923,821
$80,891
Balance.
1939
(est.)____ $2,920,851
1456.
Gross earnings
—V. 150, P.
—Jan. 1 to Feb. 29—
1940
1939
Week of Feb.—
1940
$1,983,615
684.232
49,514
9,399
24,983
$80,732
$2,115,625
$160,365
68,595
7,948
27,015
Operating revenues
Operation
—Fourth
1940—12 Mos —1939
194 0—Month— 193 9
1940
9,
■Earning8—
Southern Ry.-
Co.—Earnings-
Sierra Pacific Power
Period End. -Jan. 31—
March
Financial Chronicle
Surplus
20,939
25,532
18,288,749 11,739,722
provision charged against earnings for normal Federal income tax, namely,
$400,000, is on the accrual basis, the amount of such tax computed on the
cash collection basis is $375,403, which is included in the accompanying
balance sheet under current liabilities, and represents the amount of Federal
income tax which will become payable in 1940.
y $65,871 paid on QH% cumulative preferred stock and $337,500 paid
on $4.50 convertible series cumulative.
z In
accordance with the company's past practice, the foregoing state¬
ment of profit and loss is prepared on the accrual basis, whereas the com-
Total
46,569,715 38,986,133
ectfon basis.
The provision charged against earnings for on a cash colJiany reports its income for Federal income tax purposes normal Federal
Res. for ann. pay.
Other
1,176,936
Workmen's
876", 399
300,743
reserves
com¬
pensation claims
pay.
Due
on
deed
86,786
126,495
(non-curr.)
for
contr. after Dec.
31
...46,569,715
Total
a
After
reserve
38,986,133|
for doubtful notes and accounts of $20,861
in 1939 and
b After reserve for depreciation and depletion of $91,819,413 in 1939 and $98,197,673 in 1938.
c Represented by 1,000,000 shares
(par $25)—V. 150, p. 855.
$33,575 in 1938.
Southern Advance Bag &
Paper Co.—Dividends—
Company paid dividend of $1.75 per share on the 7% preferred stock;
$1.50 per share on the 6% preferred stock, and 50 cents per share on the
convertible preferred stock on March 1, to holders of record Feb. 23Initial dividends of like amounts were paid on Dec. 1 last.—V. 124, p. 3511.
.
namely $436,925, is on the accrual basis, the amount of such
computed on the cash collection basis is $263,776, which is included in
accompanying balance sheet under current liabilities, and represents the
amount of Federal income tax which will become payable in 1938.
During
the year 1936 the company provided approximately $200,000 for Federal
surtax on undistributed profits in excess of the amount payable on the cash
collection basis, and this excess has been retained in the tax reserve.
No
surtax will become payable on the cash collection basis for the year 1937 and
no further provision has been made in respect of such tax.
Consolidated Balance Sheet Dec. 31
income tax,
tax
the
1939
Southern Bell Telephone &
Telegraph Co.—Earnings
Month
1940
of January—
Operating revenues
$6,237,889
18,268
Uncollectible oper. revenue
Operating revenues
Operating expenses—.__
Net operating revenues
Operating taxes
$6,219,621
3,970,698
__
—V.
19,049
$5,549,120
3,666,171
$2,248,923
897,800
_
$1,927,949
793,717
$1,351,123
1,160,070
-
Net operating income
Net income
1939
$5,613,169
$1,134,232
943,894
150, p. 1456.
3,118,832
3.093,824
5,073,842
3,650,815
c Accts. receivable27,681,144 26,509,491
Due from em pi's..
3,963
2,349
Cash
2,379,337
2,359,188
a
Fixed assets
Inventories
Life Ins.
Telephone Co.—Gain in Phones—
Company during February had net gain of 4,598 Stations, against gain
of 3,569 in February, 1939.
For the first two months net gain was 10,166
stations, against 7,207 in like period of 1939.—Y. 149, p. 3729.
Southern
California
Water
Co.—Places
Securities
110,545
747,361
Deferred charges._
39,168,825 36,595,178
Total
After depreciation,
Month of January—
Operating revenues.
1940
$1,618,434
3,500
1939
$1,518,750
4,500
$1,614,934
1,137,219
$1,514,250
1,068,587
Net operating revenues
Operating taxes
$477 715
145! 233
$445,663
131,909
Net operating
Net income
$332 482
$313,754
241,820
Uncollectible operating revenues
______
—V.
150.
p.
income
1006.
.
8,600,000
669,688
459,895
126,238
.
1,660,153
2,759,695
2,759,695
9,565,136
8,646,742
39,168,825 36,595,178
Total-
After reserves of $3,608,716 in 1939
and $2,743,,
31
1938
1973
1936
profit.
$5,283,439
adm., and gen.
$4,632,814
$3,020,990
$5,273,640
2,906,673
2,320,361
2,145,747
2,536,213
74,001
28,408
26,482
712,843
37,878
713,722
Selling,
expense
Prov. for doubt, accounts
—net
See
Depreciation
Operating
2,696
$135,917
26,930
$1,985,827
29.384
$2,315,622
funded debtTax on bond interest—
Amort, of bond discount
on
$1,539,119
zl2,857
Total income
Interest
744,926
y
$2,302,765
profit
Other income
$1,541,816
140,256
$162,847
151,267
$2,015,211
2
114
1,398
15,813
14,034
16,424
21,652
23,098
23,885
31,002
136,427
_
15,674
20,038
and expenses
disposition of
buildings and equip-_
Sundry charges
Loss
9,422
7,764
4,834
9,557
22,398
383,921
x233,263
6,302
261.295
$1,751,799
$5 pref. stock234,885
7% pref. stock
76,020
$1,131,223
loss$71,542
$1,460,568
234,885
150,326
76,020
253,952
126,976
167,216
84.651
Fed.
for
inc.
tax
(estimated)
Net
188,292
on
Prov.
on
25.314
undist. profits
profit
on
Divs.
on
Divs.
on common
x
107,419
1,752,506
manage't bonus.
1939
Divs.
258A75
9,200,000
Accrued payroll <fe
Consolidated Income Statement Ended Dec.
Surtax
Operating revenues.
Operating expenses
Notes payable
Taxes accrued
Staley Mfg. Co. (& Sub.)—Earnings—
Other interest
Co.—Earnings—
series
d Par $2.—V. 150, p. 1147.
544 in 1938.
(A. E.)
c
$
10,000,000 10,000,000
d Common stock. 2,551,316
2,551,316
Accounts payable- 2,544,244
1,809,959
con v.
Capital surplus
Earned surplus
Gross
Southern New England Telephone
40,232
319,272
620,007
1938
$
Liabilities—
$4.50 cum. pf. stk.
Conting. reserves
Pri¬
vately—The company, a subsidiary of American States
Utilities Corp., it was announced March 5, has completed
a refunding operation by which its entire issue of $3,717,000
43^% 1st mtge. bonds will be called for payment April 1,
1940.
Company will issue $3,500,000 1st mtge. 3%%
bonds, due 1970, and $500,000 2%% notes due serially from
9 months to 6M years.
Both issues have been placed
privately and the financing operations were handled through
Harris, Hall & Co. and Doyle, O'Connor & Co., Chicago.
—V. 146, p. 3523.
53,800
policies..
Other assets
a
Southern California
3
1939
1938
$
Assets—
stock-
Includes $3,702 additional assessment
depreciation for the year amounted to
income for incidental operations.
for prior years,
$796,977.
z
y
350*,666
210,010
Provision for
Includes $3,002 net
Volume
150
The Commercial & Financial Chronicle
1615
Consolidated Balance Sheet Dec. 31
1939
Assets—
1938
$
„
Cash
1939
$
849,596
Liabilities—
receivable.
Notes payable
2,400,000
Accrued taxes, Int.,
5,493,406
497,864
bldgs.,
equip, and rolling
stock
10,683,839 10,170,626
Prepaid
insurance
prem., unarnort.
bond disc., &c__
324,194
cum. pref. stk.
Common stock. 4,232,530
Earned surplus... 4,364,207
32,330
Invest.,
Prepaid
x
21,256,827 19.272,172
p. 3572.
par
al939
Similar
29,967,215
6,190,988
10,892,003
12,554,353
Gross income
10,967,859
1,383,564
174,681
10,931,144
1,382,417
193,945
523,048
903,937
and miscellaneous
Balance.
Dividends on capital stocks held
by public
Minority interest in undistributed net income
299,099
9,128,882
9,030,273
89,806
254,591
$7,857,946
Standard Screw Co.—Common Dividend—
Directors have declared a dividend 15 cents
per share on the common
stock par $20, payable Feb. 27 to
holders of record Feb. 19.
This com¬
pares with 30 cents paid on Dec. 27, Nov.
10, Sept. 30, June 30, and Mar. 31,
1939 and 25 cents paid in each of the four
preceding quarters.—V. 148,
(L. S.) Starrett Co.—Earnings—
C^Mos. End. Dec. 31—
1939
Sales
$1,580,738
y Cost of sales.
919,415
$5,859,307
Operating profit
29",459
22,000
4,276,110
10,829
51,431
94,319
4.413,918
73,099
66,705
$3,317,412
d Consolidated net income
Total income
$826,577
_
Amortization of debt discount and
expense
155,010
Preliminary,
b For comparative purposes the figures for the
year
Dec. 31, 1938, have been revised
to reflect equalization of
adjust¬
recorded subsequently, but which are
applicable to that period,
c Exclusive
of expenses for
legal service rendered prior to Aug. 3, 1938,
which were
charged to reserve for reorganization expenses,
d Of these
ended
approximately $538,000 for the year 1939 and $496,000 for the
year
1938 have been reserved
by a subsidiary company in final compliance with
the requirements of orders of a
State regulatory
body; also approximately
$860,000 for the year 1939 will be reserved
by a subsidiary company for
revaluation of assets and other
purposes.
Statement of Income (Company
Only)
Years Ended Dec. 31—
1939
Dividends from public
utility affiliates
$5,245,105
Dividends from others
402,051
Interest on funded debt of affiliate
130,625
Interest on indebtedness of affiliate
4,398
Total income
Corporate, fiscal and administrative expenses
Legal service
Other extraordinary professional service
$5,782,179
292,940
75,103
45,000
49,251
52,000
Taxes
Provision for Federal income taxes
*
funded debt
Other interest
Federal and State tax on interest on
funded debt.
Amortization of debt discount and expense..
402,051
130,625
51,786
$5,372,700
231,963
b40,576
Int.
debentures
on
Int. on demand loan....
Fed., State & city taxes.
Other
expenses
Prov. for
L.
$57,875
128,524
8,123
9,206
33,501
for eonting.
on inc. ot
E. Corp. to
>
res.
Federal surtax
A.
$65,307
55,813
1,038
8,568
37,498
&
22,667
2,484
$110,154
30,897
$331,057
7,815
$332,763
14,404
$240,566
$318,358
11,388
161,369
Net
4.413,918
73,099
in
$79,257
$323,242
8,448
8,598
110,024
Dec. 31 '39
7.3,350
9,140
146.699
June 30'39
Accts.
$578,285
$351,882
497,436
372,906
receivable
receivable
(for sees.sold)..
Inventory
Pref.
1,639,436
1,805,158
270,682
(at U.
$132,080
148,017
149,741
607,500
stock
607,500
1,500.000
1,500,000
(par
$100)
x
$42,070
and
Common stock..
Res. for sink, fund
sees.
(at cost)
bank
Fed.
State taxes
20,952
277,530
Marketable
Dec. 31 '39 June 30 '39
payable
&accrd.exp8
Accrd.
(customers)
Accts.
Liabilities—
Accounts
posits & curr.)..
(for pref. stock).
92,303
2,393,856
Surplus
92,303
2,271,763
S.
18,924
equivalent)
counts rec.
(less
13.093
13,329
47,750
47,750
92,303
92,303
294,777
81,334
365,762
reserve)
Miscell.
securities
155,010
$339,970
Treasury stock
Land (cost)
Buildings (cost)..
Machry. & equip¬
ment (cost)
Deferred charges.
(less reserve).
__
Total
After
305,277
81,334
X360.916
y956,963
4,510
p.
1937
xl936
$299,617
32,801
$332,419
161,283
17,558
18,851
37,817
25,000
'
z
Represented by 150,000
$4,873,757 $4,663,377
y
After
no
par
for depre
shares.—V. 149,
reserve
3730.
Calendar Years—
1939
-Earnings1938
1937
1936
Net sales, incl. gasoline,
oil & misc. sales taxes_$74,893,435
Less gas., oil & sales tax.
36,521
68,298
Total..
for depreciation of $499,280.
Standard Oil Co. of Ky.
$274,224
66,679
$340,903
185,936
12,461
930,088
16,455
$4,873,757 $4,663,377
reserve
ciation of $647,777.
Net sales
a
$72,482,214 $74,091,161 $64,841,544
21,711,763
20,941,086
20,970.237
19,310,063
$53,181,673
$51,541,128 $53,120,924 $45,531,481
Cost of goods sold, sell¬
ing. & admin. exps___ 48,121,080
$71,910
$27,388
Unrealized
depreciation
security transac¬
of $1,332,087
in
value of investments based upon market quotations or estimated
values at
Dec. 31,1939 is not included in the income statement above., This
compares
with an unrealized depreciation of $1,610,740 on investments carried
at
$4,424,736 at Dec. 31, 1938.
46,831,082
47,996,648
40,967,799
$5,060,592
366,675
$4,710,046
278,481
$5,124,275
383.042
$4,563,682
477,859
$5,427,268
532,705
$4,988,527
358,821
$5,507,317
426,532
$5,041,541
606,090
Other income.
Total income
b Other deductions
Prov.
tions amounting to $86,618, less a credit of $23,238
resulting from acquisition
of the corporation's own debentures at a discount, or a net
amount of
$63,380 has been charged to capital deficit, in accordance with the com¬
oper.
y Includes charge for depreciation of plant in amount of $28,356 in 1939
$28,311 in 1938, $26,713 in 1937 and $23,018 in 1936.
z No provision has
been made out of earnings for Federal surtax on undistributed
profits.
66,705
Including results of operations of American London & Empire
Corp.
cost of
increase
surplus, before divs.
Pref. stock dividends...
Common stock dividends
$5,048,702
10,297
practice.
$103,762
$243,049
Sink, fund for pre¬
ferred stock
from Jan. 1, 1936 to date of its dissolution, April 8, 1936.
Note—Excess of realized losses over gains for the year on
established
20,381
55,600
Operating profit
t
Balance for the year.. loss$37,610 loss$121,479
pany's
23,651
53,700
12,850
Surplus charges
51,431
94,319
April 8, 1936
x
16,719
Dep. in Canadian
-Earnings$36,768
21,107
$405,162
$329,181
3,581
1457.
1938
$402,104
$324,753
6,303
x
14.330
$133,330
6,391
29,4 59
22,000
Electric output of the public
utility operating companies in the Standard
Gas & Electric Co. system for the week ended
March 2. 1940, totaled 122,kilowatt-hours, an increase of 12.5% compared with the corres¬
$50,977
5,249
956
2,161
409,000
1939
$398,957
982
Total surplus
$4,788,238
reorganization expenses.
Years End. Dec. 31—
Cash divs. received.
Int. received & accrued.
$396,732
4,391
3,381
791
Comparative Condensed Balance Sheet
Weekly Output—
Investing Corp.
129,158
Cash (demand de¬
Preliminary,
b Exclusive of expenses for legal service rendered
prior
Aug. 3, 1938, which were charged to reserve for
Standard
$644,037
245,081
$240,888
Net income
$823,358
p.
$680,399
283,667
26,208
51,300
Surplus credits (net)
Assets-
1938
a
ponding week last year.—V. 150,
$416,041
286,883
Misc. notes & ac¬
$5,267,885"
4,276,110
Net income
to
$1,304,500
660,463
$370,844
52,448
Res. for Fed. inc. taxes
ments
amounts
1936
649.969
772
Salary & wage bonus
Other charges (cash dis¬
counts, bad debts)
z
1937
$1,330,368
564,596
$365,599
4,473
Income from securities..
Other income
231,963
c40,576
1938
$980,638
$661,323
295,723
Manufacturing profit.
45.000
49,251
52,000
Other extraordinary professional
service
on
1659.
p.
Sell. & general expenses.
292,940
75,103
&
Light Corp.—SEC Invokes Death
April 16 to Answer—See Common¬
Corp. above.—V. 149, p. 1930.
wealth & Southern
$8,264,395
Provision for Federal income taxes
Interest on funded debt
Gross income
no
Until
$5,405,470
453,837
Taxes
funded debt.
Power
406,449
Total..
Standard
Interest
Represented by 394,331
Vice-President.
Standard
subsidiary public utility
Gas & Electric Co.
charges:
Corporate, fiscal and administrative expenses
Legal service
a
63,451
.$2,977,778 $4,766,148
y
additio
Sentence—Given
915,129
.$17,241,419 $14,525,549
Standard Gas & Electric Co
on
shares,
419,151
Standard Oil Co. (Indiana)—New Counsel—
on guaran¬
__
interest
par
Total.
Effective March 2 Buell F. Jones became General
Counsel of the company
age on that
$31,194,508 $28,247,283
Interest on funded debt
Amortization of debt discount and
expense
Other interest (net)
on
$2,977,778 $4,766,1481
succeeding Louis L. Stephens who reached normal retirement
date.—V. 149, p. 2989.
$31,469,022 $28,392,122
Dr274,514
Drl44,839
(net)
Other interest
Federal and State tax
2,750,300
394,331
394,331
474,469
45,510
cousin, Paul W. Fleischmann, is 1st Vice-President and a
director,
Jay Holmes, a nephew of Max Fleischmann is also a director.h
Thomas L. Smith was elected President of the
corporation some months
ago and, effective in
December, became "Chief Executive Officer" of the
company.—V. 150, p. 1456.
$31,887,344 $28,810,431
418,322
418,309
Net operating income.
of
.
__
and
30,361,166
6,296,650
Net operating revenues.
of income
2,750,300
pref.stock,
counsel
de¬
Rents for lease of electric
properties
income of
Cum.
Common stock
other
bl938
11,685,366
13,474,662
companies
x
,
the proxy statement for the annual meeting to be held
reveals that W. G.
Dunnington, elected a director on Nov. 29 last,
of Mrs. J. Jay O'Brien,
formerly the wife of the late Julius
Fleischmann, who died 15 years ago.
Albert R. Fleischmann is a cousin of the
family of the late Julius Fleisch¬
mann, whose son, of the same name, is a director of
the corporation.
An¬
pur¬
reserves
Balance
644
Represented by 55,006 no
shares.—V. 149, p. 1629.
In
is
...---$93,705,188 $88,414,990
Appropriation for retirement, depreciation and
Other
55,502
25,000
1,717,000
More active participation
by members of the Fleischmann family in the
affairs of this
company was demonstrated on Feb. 28 in the election of
Albert R. Fleischmann,
Manager of the Chicago division, as Vice-President
of the
At the same meeting of directors John W.
company.
Luce, Manager
in Charge of
Production, also was elected a
common
Subs.)—Earnings—
Years Ended Dec. 31—
Sundry amortization
5,161
250~250
Res. for eonting
Funded debt
Standard Brands, Inc.—Personnel
Changes—
,
Appropriation to reserve for payments
teed obligations.
6,694
on
debentures
Earned surplus...
(Exclusive of Deep Rock Oil Corp.,
Pittsburgh Rys. Co. and the com¬
and
Pittsburgh Motor Coach Co., and the
Co., and the subsidiaries of such companies)
income
226,959
interest-_
1938
$150,000
29,716
April 2
Standard Gas & Electric Co.
(&
Other
10,000
Total
paid on Dec. 15, last; dividends of 10 cents were
paid in each
the four
preceding quarters; five cents paid on Sept. 15 and on June
15,
1938, and 10 cents paid on March
15, 1938—V. 150, p. 703.
pletion
Taxes
20,030
4,424,736
Capital deficit
or
gas
Accrued interest
120
$ 5.50 di v. series
149,
on the
March 5.
chased)
Maintenance and repairs
pay, to bk.,
due April 13, '39
Accounts payable.
Note
y
Spencer Trask Fund, Inc.—15-Cent Dividend—
Subsidiary Public Utility Companies;
Operating revenues
Operation (including electric power and
1939
27,313
2,958,304
at cost...
Notes receivable
from sub. cos
32,330
Directors have declared a dividend of
15 cents per share
stock, par $1, payable March 15 to
holders of record
panies
operated by it
Beaver Valley Traction
Liabilities—
$66,467
1,343
350,000
3,915,424
1,086,000
4,232,530
3,247,711
1,086,000
amount was
1938
$8,011
Accts. receivable—
brokers, &c
a
21,256.827 19,272,172
Total
b After reserve for
depreciation.—V.
Par $10.
a
1939
Accrued int. rec._
318,779
231,852
280,500
3,155,000
tax
Paid in surplus...
Total
822,046
1,600,000
426,957
467,119
Sinking fund.....
411,000
1st mtge. 4% bds. 2,763,000
Reserve for eonting
350,000
$5 pref. stock
3,915,424
7%
319,277
808,261
&c
Income
Assets—
Cash in banks
$
Accounts payable.
1,700,600
1,773,995
7,111,473
518,646
Other assets.
b Real est.,
1938
$
1,085,481
Accept. & accounts
Inventories.
Balance Sheet Dec. 31
a
for
Fed.
&
State
normal inc. and
excess
profits taxes
Net
profit for
915,000
year.
...
Cash dividends
Shs cap.stk.out.($10par)
Earnings per share
850,000
c897,886
c642,000
$3,979,563
$3,779,706
3,255,989
2,604,797
$4,182,900
3,907,187
2,604,797
$1.45
$1.60
$3,793,451
3,516,475
2,604,799
$1.46
3,386,229
2,604,796
$1.53
a Includes depreciation of $1,486,055 In
1939, $1,334,062 in 1938,T$l,185,819 in 1937 and $1,094,642 in 1936.
b Includes depreciation of $3,154
c
$3,201 in 1937 and $3,249 in 1936.
In 1938 and 1939,
No provision con-
Stone & Webster,
sidered necessary for surtax.
1939
S
1939
$
Assets—
Property acc'ts.21,133,872 21,273,524
2,454,814
1,821,466
y
140,145
1,823,890
927,911
50,000
1,638,380
1,638,374
7,751,406
Acer. Fed.
4,639,665
7,158,072
Fed. & State excise
221,648
177,735
.
Other assets
_
Deferred charges.
-
6,725,572
483,402
$809,520
$951,986
280,966
173,070
$906,375
208,053
$1,406,022
590,984
$1,114,428
Other
169,000
1,945,535
tax.,<fcc
6,935,169
4,923,323
6,966,128
504,280
Inventories
$856,985
62,101
32,900
Interest
Capital stock...26,047,958 26,047,965
4,196,443
3,307,000
taxes
payable—
Prov. for Federal &
State inc.taxes.
Insurance reserve.
Capital surplus...
Earned surplus
Total
862,234
50,000
a
-
-
and miscell. earnings
Other dividends, interest
Profit
on
sales of securities
Total earnings
Operating expenses
After depreciation,
x
y
Par $10.—V. 148, p. 3422.
1938
1937
1936
$4,651,499
174,533
$5,220,700
196,850
$5,157,443
203,009
$4,648,867
4,410,206
$4,476,966
4,230,938
$5,023,850
4,544,367
$753,360
1939
corporation.
„
Note— The earnings as stated
returns
$238,661
$246,028
Drl 1,836
6,045
$479,483
42,883
$448,232
15,279
$226,825
$252,073
$522,366
$463,511
Comparative Balance Sheet Dec. 31
1939
Notes
Surtax
91,600
49,343
54,893
77,105
9,900
600
$420,866
8,763
47,362
82,498
22,955
23,830
5,000,000
8,444,625
Unadjusted credits
3,877,856
3,858,393
Earned surplus—
39,127
27,788
15,802
1,702
20,933
1,658
2,373
2,970
5,000,000
Capital stock.
Capital surplus... 8,503,848
715,778
x
488,516
Other notes, int. &
undistributed
on
15,206
payable-
1,272,500
4,177,161
Cash in banks & on
accts.
$385,806
income of subsidiary..
$
$
Liabilities—
Accounts
1,272,500
4,301,284
sub. companies.
hand
taxes.
§■
4,686,830
Taxes accrued
4,794,505
from
rec.
1938
1939
1938
.
§
j^sscts
Prov. for U. S. & foreign
income
be¬
estimated fair value of securities
0WB6(i
Sees, of other cos._
Total income
,
do not take account of the difference
and quoted market or
tween book amount
Invs. in sub. cos..
Other income (net)
$488,516
526,078
Dividends paid
$4,954,434
4,506,203
less
563,703
62,209
a Expenses
include, in addition to fixed rental payments for space
occupied, $112,205 (1938, $130,353) paid to Stone & Webster Realty Corp.
under the terms of its lease of the Boston office building owned by that
and
! $4,832,798
183,931
Freight & disc, allowed.
Years End. Dec. 31
Sales,
65,455
31,400
61,678
Taxes
Net income
42,697,778 41,056,534
Total
..42,697,778 41,056,534
Total
1938
ill!?™
subsidiaries—Dividends
Revenue from
Accounts payable.
(cost) 6,493,812
secur.
Trade accts. rec..
Corporation Only)
12 Months Ended Dec. 31—
$
Liabilities—
Cash
Mkt.
1938
S
1938
1940
9,
Inc.—Earnings—
Comparative Income Statement (Parent
Balance Sheet Dec. 31
x
March
The Commercial & Financial Chronicle
1616
less
rec.,
reserve
Furn. & eqpt., less
income
Portion of inc.
Co. applic.
ity interest
$202,730
$171,932
Net
Sundry assets
of Nyal
to
allow.for deprec.
debits
Unadjusted
minor¬
4,543
4,663
4,196
1,859
Shs.
stk. (no par)
com.
Earnings
per
share
$416,203
$198,534
64,094
132,840
132,840
$1.01
$170,071
62,300
116,285
132,840
$0.81
Consol. net income.
Divs. paid on pref. stock
Divs. on common stock.
72,171
225,615
132,715
$2.59
$381,263
152,730
164,550
$2.28
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $401,063; marketable securities, $41,947; trade accounts
(less
ofr depreciation of $1,560,154), $1,717,425; trade-marks,
goodwill, $883,869; deferred charges, $122,958; total,
reserves
and
processes
Comparative Consolidated Income Statement
12 Mmths Ended Dec. 31—
a
(Incl. Sub. Cos.)
$6,282,626
4,068,956
Taxes.......!
Balance.
Interest
_
$5,812,883
3,859,189
690,368
645,687
$1,523,302
268,072
8,336
271
$1,308,007
285,877
10,911
2,029
$1,246,623
$1,009,191
197,982
24,558
197,874
50,011
$1,024,083
526,098
$761,306
-
_
bonds and mortgage
on
1938
1939
•
Gross earnings
Operating expenses
receivable (less reserves of $121,383), $1,218,358; inventories, $1,597,161;
investments and other assets, $77,759; land, buildings, machinery and equip¬
ment
Represented by 2.104,391 no par shares.
x
131,640
14,048.233
.14,305,149
Total
14,305,149 14,048,233
Total
Amortization of debt discount and expense
Other interest
$6,060,540.
(trade), $150,046; accrued compensation,
Liabilities—Accounts payable
and other expenses, $145,594; mortgage on Kansas City
(due Feb. 1, 1940), $8,000; taxes on income of prior years,
$28,353; United States and foreign taxes on income of the year 1939 (est.),
$50,951; minority interest in subsidiary company, $63,130; surplus applic¬
able to common stock, $1,668; 5% participating preferred stock (par $100),
$1,236,000; common stock (132,840 shares, no par), $1,661,193; surplus,
$2,715,604; trade, $6,060,540.—V. 149, p. 4186.
taxes, royalties
warehouse
Co.—Extra Dividend—
Steel Products Engineering
Directors have declared
an
extra dividend of five cents
in addition to a
regular quarterly dividend of 15 cents per share on the $1 par capital
stock, both payable March 30 to holders of record March 15.
This com¬
pares with dividends of 30 cents paid on Dec. 26, last, and 15 cents paid
on Sept. 30 and on July 1, last.—V. 149, p. 3730.
Sterchi Bros. Stores,
Balance..
Depreciation
Amount applicable to
Net income.
,
transactions of Stone
-
assets and net income
stated do
Common
$251,576
68,435
Accts., int. & notes
98,859
247,856
Bonds & mortgage 6, 018,000
8,881,190
6,657,408
estate
b Securities.
Sink,
$1.14
$0.54
Sterling, Inc. (& Subs.)—Earnings—
Earnings for 6 Months Period June 1 to Nov. 30
1939
1,119,574
12,509
18,160
12,963
23,883
$187,777
5,801
30,026
$217,340
4,227
35.349
$151,949
25,807
41,491
$177,763
24,883
x84,473
$0.31
_.
Income deductions
III"
Provision for Federal income tax.
I.III"!
IIIIIIIIIIIIII
Preferred dividends
Common dividends
Earns, per sh. on 422,364 shs.
of
common
$0.36
stock
($1 par)
$42,236 of which
$1,373,759
operating^ administrate
Provision for depreciation.
Provision for bad debts.
was paid
Dec. 20, 1938.
Consolidated Balance Sheet Nov. 30. 1939
Assets—Cash
on hand and in banks, $140,919; accounts receivable (less
doubtful accounts of $166,373), $2,219,522; merchandise in¬
$292,816; other assets, $15,560; fixed assets (net), $474,308;
deferred charges, $38,573; total, $3,181,699.
Liabilities—Notes payable, $150,000; accounts payable (net), $149,860;
accrued liabilities, $100,025; other current liabilities, $27,574; mortgage
payable, $250,000; deferred credits, $663; reserves, $267,000; cumulative,
convertible preferred stock (34,409 no par shares), $860,225; common stock
reserve
Unadjusted credits
24,927
542,891
1,293,159
45,794
10,535
112,754
stk. &
1,348,277
43,264
capital
of
109,331
surp.
189,688
269,729
000,000
Capital stock —
Capital surplus— 9 222,878
Earned surplus— 1 241,828
5,000,000
sub
c
9,134,785
749,934
54,445
61,986
42,186
72,332
allow, for deprec
52,023
Unamort. debt dis¬
count & expense
Unadjusted
debits
56,297
b Carried at written
down values
24,509,499 24,139,545
Total
24,509,499 24,139,545
Total
as
of Jan.
1, 1932 and cost of sub¬
sequent purchases except-in the case of shares of common stock of Engineers
PuDlic Service Co. remaining after the distribution to stockholders Dec. 27,
1937, such remaining shares having been written down to quoted market
31, 1937.
The quoted market or management's estimated
of all securities carried in this account, was at Dec. 31, 1939
approximately $7,703,000 (1938—$7,649,000). Included herein are certain
securities deposited under declarations of trust dated Feb. 14,1938.
c Rep¬
resented by 2,104,391 no par shares.—V. 149, p. 2529.
value of Dec.
fair value,
Superior Portland Cement, Inc.—Earnings—
Income for
Income from
Year Ended Dec. 31, 1939
$1,176,591
operations...
42,297
Other income
$1,218,888
42,634
.Total income
non-operating expenses
Miscellaneous taxes and
Depreciation and depletion
134,098
Provision for Federal income tax
196,586
$845,570
Net income for period
Earnings per class B share
$4.06
Balance Sheet Dec. 31, 1939
Liabilities—
Assefs—
$1,468,126
207,737
Cash
Investments
87,496
Accounts & notes rec. (net)
Plant,
real
Payrolls
estate,
&c.
preciated values)
217,994
Reserve for taxes
632,033
Inventories
$256,753
32,502
Accounts payable
22,936
Other reserves
*
(de¬
Capital and surplus
6,114,585
4,249,379
for
ventory,
($1 .par),
$407,464; capital surplus, $79,412; earned surplus, $889,475*
total, $3,181,699.—Y.
150. p.
855.
Strouss-Hirshberg Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, par $5, payable March 15 to holders of record March 5. This compares
"with 35 cents paid on Dec. 15, last; 15 cents paid on Sept. 15, last; 25 cents
paid on June 15 and on March 15, 1939; 15 cents paid on Dec. 15, 1938;
five cents paid on June 15, 1938; 15 cents paid on March 15, 1938; 25 cents
P?
405,518
senting cash held
86,240
1,097,757
x
$1,287,519
$1,316,204
Cost of goods sold, selling,
1938
$1,275,330
40,874
purchased accounts receivable)
Int. & taxes accr'd
Deprec. reserves
6,628,514
$
6,223,000
943,810
426,747
Furn. & eqpt., less
Assets—Cash, $129,691; accounts and notes receivable (less reserve of
$505,799), $3,623,380; inventories, $1,144,344; life insurance (cash sur¬
render value), $40,014; investments and sundry assets, $17,689; furniture
and fixtures, automobiles, trucks, &c. (at cost less depreciation), $76,126;
improvements to leased property (at cost less amortization), $89,761; de¬
ferred charges, $36,467; total, $5,157,471.
Liabilities—Notes payable (banks), $610,000; accounts payable (trade),
$468,159; accrued expenses, &c., $171,265; Federal income taxes payable,
$70,000; reserve for contingencies, $181,619; 6% cum. 1st pref. stock ($50
par), $1,089,500; 5% non-cum. 2d pref. stock ($20 par), $417,720; common
stock (298,108 shares, no par), $298,108; capital surplus, $855,389; earned
surplus, $995,710; total, $5,157.471 —V. 150, p. 446.
Sales (less discounts, returns and allowances)
Other income (including gross profit of $44,959 on
7,000,716
repre¬
by bond trustee.
1939
31,
863,769
892,078
43,860
78,850
less reserve
fund,
Accounts payable.
Min. int. in
Prepayments
(298,108 no
Condensed Balance Sheet Dec.
rec.,
8,881,190
__
7,674,398
1938
$
Liabilities—
$
Assets—
Office bldgs. & real
Materials & suppi's
59,622
common stock
1939
1938
1939
Cash in banks & on
dividends
Earnings per share of
par shares)
securities owned.
31
Comparative Consolidated Balance Sheet Dec,
30,000
6% cumulative first preferred dividends
5% non-cumulative second pref. dividends
book amount and
accqunt of the difference between
take
not
of which are relatively
quoted market or estimated fair value of
1938
$5,084,692
4,456,401
!_
profit
include the accounts of all
small companies, the
insignificant. The earnings as
Notes—The consolidated financial statements
subsidiaries of Stone & Webster, Inc., other than two
hand
Net
to the customary profits
Srofits of companies.
y other $173,270 (1938—$2,351) realized on sales of investment securities
$429,405
66,889
20,886
Income charges and credit (net)
Provision for Federal income taxes
and losses on security
& Webster and Blodget, Inc., incident to its business,
Includes in addition
a
1939
$6,174,300
5,179,821
96,481
368,592
100,000
Cost of goods sold and operating expenses
General and administrative expenses
...
Dividends
Inc.—Earnings—
Years Ended Dec. 31—
Net sales
minority interest..
.iSi58,0" of the three Preceding quarters, and 22H cents paid to March
15, 1937.—V. 149,
p.
3572.
$6,644,771
Total
*
$6,644,771
Total.
stock and 100,000 shares of class B
outstanding.—V. 149, p. 1773.
75,000 shares of class A preferred
common
stock
Sylvania Industrial Corp. (&
Calendar Years—
Net earnings
Depreciation of plant & equipment._
Amort, of rights, patents & processes
Provision for Federal and State income
taxes and
capital stock tax
Net income
Avge. number of shs. cap. stock outst
Capital stock dividends
Earnings per share
Subs.)—Earnings—
1939
$2,451,098
542,709
201,104
1938
$1,552,001
522,200
194,695
1937
$1,410,749
461,141
157,177
367,000
173,000
194,000
$1,340,284
$662,106
$598,431
425,077
530,776
$3.15
433,381
435,091
413,336
$1.37
215,905
$1.52
Volume
ISO
The Commercial & Financial
Chronicle
Consolidated Balance Sheet Dec.
31, 1939
banks and on
hand, $943,040; customers'
Assets-—Cash
Texas Gulf
in
receivable
(less reserves),
(less reserve), $26,162;
$690,451;
miscellaneous
accounts
accounts
Liabilities—Accounts payable
Federal
and
Superior Steel
Net
Selling
1939
General expenses
Prov. for deprec. of
prop.
Other charges
$662,128
62,842
70,320
Earns .per sh.
53,724
State
57,102
136,865
$239,525
year.$175,192 loss$291,674
Includes $36,961 for possible decline
in value of
Comparative Balance Sheet Dec
Assets—
1939
Notes & accts. rec.,
customers
592,017
398,898
763,194
on
1
1
Advs.
500
payable
on
41,416
1939
s. f. bonds curr.
Notes pay., bank.
67,000
a450,000
74,073
100,571
1,183,000
500,000
65,146
51,384
1,250.000
44,673
44,732
__
44,673
44,732
Deposits in closed
issued
val.
treas.stock
banks
1,561
Deferred charges..
53,178
of
over
cost
40,660
253
Deficit
z
Total
1938
Capital stock—$1,803,000 $1,803,000
Accounts payable.
560,494
238,204
1st mtge. 5% conv.
compensation
Net excess of aver,
comp.
funds
Treasury stock
$4,117,818 $3,612,2821
Total
.
253
138,216
Dr27,029
313,408
Dr27,029
shares,
Taber
1,724
Mill, New Bedford—Reorganization—
Tampa Electric Co.—Earnings—
Period End. Jan. 31—
$399,284
167,855
25,221
Operation.
Maintenance
138,090
19,376
58,060
Taxes
63,309
Net operating revs
1940—12 Mos.—1939
$4,726,183
$4,497,235
1,819,780
1,641,914
282,404
274,594
691,185
644,117
$183,758
$1,932,814
19
47
3,106
$1,936,611
1,867
Non-oper. income (net).
$174,310
35,833
Preferred dividends.
Common dividends.
—V. 150, p. 1457.
$1,938,478
430,000
430,000
$147,878
$1,505,920
590
6,966
$1,508,478
7,735
$137,851
Net income
$1,935,920
625
Interest.
$183,711
35,833
$138,476
Retirement accruals
$147,288
$1,498,954
70,000
1,338,943
$1,500,743
70,000
1,338.902
Telautograph Corp.—Earnings1939
Selling
Installation-
\
>
Maintenance
1938
1937
$612,718
xl5,425
*
1936
$612,934
10,129
$615,738
11,062
$603,581
10,334
$628,143
83,473
147,938
173,355
16,558
89,233
545
707
3,716
1,548
4,081
11,250
2,660
3,006
23,893
22,688
21,776
22,846
Special expenses
Develop't expenses
Organization changes.
Loss on foreign
exchange
17", 588
163,191
70,330
2,678
9,139,106
36 192
9,472,443
50,000
Contingent oil inc.
5,337
45,850
5,871
Res. for contings..
29,462
201,484
88,068
201,484
633,855
70,228
11,500
y
$83,103
14,277
22,352
67,980
$137,197
137,232
$15,123
$435
def$35
def$2,800
226,600
226,600
$0.37
226,600
288,760
$0.51
$0.60
$0.59
$134,456
137,256
outst'd'g
other
income and
$9,982
gross
profit
on
sales
of
Comparative Balance Sheet Dec. 31
Assets—
1939
Cash
Accts. receivable..
Sundry debtors...
1938
$694,210 $2,325,770
66,942
97,020
34,866
26,092
3,028
Inventories
3,833
expenses..
Other assets
Patents,
a
Accounts payable.
Accrued accounts.
3,798
25,111
9,536
1,683
—
9,997
$1,143,800
11,958
15,630
1,456
14,000
40,561
22,688
34,137
941,792
320,214
Z>rl0,800
Earned surplus
c
Treasury stock..
941,792
332,476
Dr 10,916
shares,
z Common
stock..
Div. credits outstg
633,849
1,460
1,467
3,291.245
5,440,659
3,537,015
5,003,617
Surpl. arising from
9,557,743
Total
10,297,783
9,557,743
depreciation and depletion of $4,409,813 in 1939 and
Represented by 888,146 (888,140 in 1938) no
par
$300,000 current and $150,000 not
current.—V. 149, p. 3278.
reserves for
in
a
1938.
z
Texas Mutual Life Insurance
Co.—Promoter Indicted—
The
Department of Justice and the Securities and
Exchange Commission
March 2, reported the indictment of
J. M. May, President of Texas
Mutual
Reserve Life Insurance Co. on
charges of violating the fraud section of the
Securities Act of 1933 and the Mail
Fraud Statute in connection with the
sale of "surplus certificates"
of the company. The indictment
was returned
by a Grand Jury in the U. S. District
Court for the Eastern District of
Texas.
The indictment
fendant
charged that
as
a
part of the scheme to defraud the de¬
effected fictitious transactions
cash item in year-end statements
for
for the
purpose of making the
1937 and 1938 more favorable.
The
statements were published and
disseminated to investors, it was
charged.
The defendant, it was
charged, also caused the distribution of
8% interest
Eayments on certificates at
ad
deficit.
a
a time when the company was losing
money and
Thatcher Mfg. Co.—Consolidated Balance
Sheet Dec. 31—
1939
1938
Liabilities—
b Real est.,
bldgs.,
machinery, &c__$1,501,387 $1,489,575
Licenses, formulae,
1
22,273
24,453
1,546,285
35,806
613,368
1938
$1,320,000 $1,320,000
d Common stock..
1,596,173
1,596,173
Accounts payable.
235,524
235,398
Accruals, taxes, &c
363,574
308,591
Miscell. reserves..
628,689
643,174
Capital surplus
82,918
82,918
Earned surplus— 1,414,383
1,263,337
22,273
not consolidated
1939
Convertible pref.
stock
702,773
29,823
not consolidated
Indebt. of affiliate
c
1
717,990
12,308
30,703
1,290,889
a
Unretired stock.
Investments
Securities
of
affil.
Cash
Market, securities
Accts. & notes rec.
35,806
688,123
Advs. to salesmen
7,549
7,399
1,129,404
29,777
Deferred charges..
Part, in non-liquid
1,111,262
39,085
assets of reorgan¬
ized
banks
660
a
16,731
1,879
$5,641,261
$5,449,591
(16,459
in
Total
$5,641,261 $5,449,501
1938) shares company's
own convertible preferred
b After depreciation of
$2,647,-
stock at cost and four shares of
common,
118 in 1939 and $3,534,274 in
1938.
c
shares,
Represented by
132,000
no
par
d Represented by 146,836 no
par shares.
The income statement for the 3 and
12 months ended Dec. 31 was
pub¬
lished in V. 150, p. 1457.
Tokyo Electric Light Co., Ltd.—Earnings—
(In Japanese Yen)
6 Mos. End. Nov. 30—
Sale of electricity
1939
90,016,787
Income from investm'ts.
3,380,083
Interest
3,109,949
Sundry income
1,770,878
Total income
Taxes and public charges
Interest
1938
1937
1936
83,110,686
363,921
2,814,283
3,649,683
79,096,155
269,078
2,585,970
1,454,507
72,826,216
264,514
1,817,225
3,252,790
89,938,574
on
98,277,698
4,476,513
31,614,337
83,405,712
7,309,012
19,813,622
78,160,746
21,463,539
12,021,420
8,929,197
7,888,346
14,994,500
12,386,809
12,156,486
7,855,126
10,876,723
12,414,266
5,401,840
8,504,410
11,608,980
12,480,016
5,901,910
4,121,900
12,237.845
18,353,384
expenses...
loans
funded debt
18,353,012
18,353,581
20,603,149
6,846,877
and
Depreciation
Office and general exps.
other deductions
Net profit.
5,598,853
17,217,073
Balance Sheet Nov. 30
(In Japanese Yen)
Assets—
1939
1938
equip. 14,029,335
15,679,503
plants—227,815,191 279,259,974
Distrib'n
Instala.
lines.
on
134,354,766
86.279,827
158,848,264 160,227,840
con¬
sumers' prem.
Constr'n works.
Inv. In affll. cos.
affiliated
Liabilities—
1939
Tax reserve
4,867,594
Prov. for future
47,940,411
90,446,400
20,000,000
46,821,818
56,071,474
28,445,260
losses
on
red.
of for'n bonds
10,500.000
10,500,000
Funded debt...425,340,833 383,796,320
payable. 22,286,759
3,461,472
Accrued Interest 10,534,489
9,251,651
Accts.
89,469,079
13,076,955
8,266,583
Investments —170,462,024
Loans...
3,122,547
Bills receivable.
1,744
Bank deposits.. 17,926,813
co.-
73,731,337
12,150,137
Employees sav'gs
11,169,915
28,163,076
Unclaimed
2*057
2,798,418
386,462
364,031
3,946,196
373,317
7,117,682
15.664,942
26,543,549
Receipts In adv.
Deposits
Suspense rets
Consigned mdse.
(contra)
Sees .dep. (contra)
598,611
103,740
profit
the term
994,497,342 969,203,096
Total
16,700
157,083
27,920,000
5,900
2.315,973
7,215,760
3,800,208
9.704,442
20,258,281
3,800,208
598,611
103,740
16,834,157
16,832,819
18,353,384
Surplus
Net
17,800
183,593
-
For exch. susp..
Unamort. dt.dis¬
Consigned mdse.
(contra)
Sees. dep. (contr.)
Loans
4,262,813
deb.
redemptions..
Unclaimed divs.
"
Suspense pay'ts.
Prepayments...
count & exps.
1938
Share capital
429,562,000 429,562,000
Legal reserve
28,621,000
26,781,000
Special reserve6,000.000
6,000,000
Em pi. retire, res.
3.092,727
2,808,106
Accts.receivable
Total
1,657,368
55,225
10,297,783
After
y
Cash on hand..
1938
Rent, ree'd In adv.
Capital surplus
contracts
and goodwill
Total
Liabilities—
1939
b Common stock..
$1,143,800
Federal tax
3,327
Deposits
Prepaid
Total
65,658
est'd by
Mdse. & stores.
supplies and accessories.
Plant accounts..
as
a450,000
company
appraisal
Loans & advs. to
stock
taxes
Earned surplus
Offices
$114,815
114,380
Surplus
a
7,025
Transmls'n lines 61,699,071
Substations
50,342,087
lYtfo
—
Net profit
Common dividends—__
curr. assets.
Fixed assets
Power
12,337
793
Miscellaneous taxes
(no par)
Notes pay. to Nat.
City Bk.of N.Y.
Accrued liabilities.
904
3,013
expenses:
Earned per share
x Consists
of $5,443
$
45,625
Prov. for Fed. inc.
& excess profits
3,650
9,949
84,901
Bad debts
com.
$613,916
49,498
87,648
33,336
157,206
17,687
89,894
3,834
/ 30,426
Experimental
Legal
Shs.
$626,800
49,009
87,249
32,212
159,099
17,469
92,550
(166,105
Engineering
Federal taxes
71,057
1938
$
3,518
Generating
$623,064
53,505
82,586
J
Depreciation..
Extraordinary
1939
131,379
20,263
Total
$174,290
Expenses—Administra'n
$0.86
21,350
190,038
62,296
1,763
and employees..
$430,675
Total income
133,221
1938
445,760
accrd. interest..
Accts. receivable..
Inventories
Inventories
1940—Month—1939
revenues
Miscellaneous income
$823,410
44,405
$0.92
Liabilities—
Accounts payable.
&c
The confirmation of the
plan of reorganization of the
corporation, which
scheduled for hearing in Federal
Court, Boston, March 1, has been
continued to March 15 by Federal
Judge Francis J. W. Ford.
John W. Cussen, trustee,
informed the court that the
employees of the
corporation have raised
$21,700, also that the New Bedford Textile Fed¬
eration has raised $16,000.
The purpose is to raise
$100,000.
Between
now and the time when
the plan comes
up again for confirmation, the busi¬
ness men in that section
are to be interviewed
by the New Bedford Textile
Federation for the purpose of
trying to secure funds.—V. 150, p. 446.
Calendar Years—
Rentals
29,214
$604,585
88,813
$0.68
$
Assets—
1938.
was
Operating
49,709
$766,000
40,696
3,703
$4,117,818 $3,612,282
x After
depreciation of $2,598,872 in 1939 and
$2,521,270 in
Represented by 115,000 shares
(par $100).
z Represented
by
a Includes
$440,000 not current.—V. 149, p. 3278.
y
16,500
$614,670
177,629
$0.69
1939
y
Res. for workmen's
eqpt. pur
Workmen's
$1,117,481
264,857
com.stk
Assete—
$3,775,212
31
Wages payable
Other accruals
1st mtge. 5% bds.
dep. with
trustee
$1,194,351
540,057
$454,943
Liabilities—
1,140,474
Mlscell. Invest
Cash
1938
$2,071,974 $1,992,690
173,584
370,546
Inventories
on
on hand & In
bks.—on demand
Working funds
Notes receiv. and
z Includes
other interest in the amount
of $28,405 ($14,038 in
1938)
and $4,067 ($322 in
1938) for amortization of bond discount and
expense.
Property accts.
$930,592
148,092
Cash
inventory of bihets and
slabs,
x
$1,076,786
Balance Sheet Dec. 31
Other
49,000
Cash...
$1,155,126
39,225
$810,843
196,173
Deferred charges..
$413,194
Net profit for
y
$894,067
36,525
*
Accts. receiv. from
production
Other assets
$618,351
43,777
z70,849
z94,972
mach. & eqpt.
&
97,961
96,693
18,458
6%
bonds__
for Fed.
income taxes
$781,802
29,041
operating income-
Dividends paid
$7,086,121
5,876,717
262,800
133,600
$371,830
41,364
$319,163 loss$202,367
Prov. for obsoles. of rolls
bldgs.,
1936
$1,952,744
875,958
Total income
Income deductions
Prov. for Fed. inc. and
excess profits taxes
1936
$8,182,789
y7,174,008
279,743
185,028
90,922
81,257
$291,588 loss$220,323
27,575
17,956
Gross profit
Int. on 1st
mtge.
Prov.
1937
140,984
120,204
42,198
Net profit from oper_.
Other income
sink. fd. gold
1938
$3,591,306
3,333,482
174,761
136,373
137,060
40,067
expenses:
1937
$2,142,230
987,104
Net income
$5,989,319
5,163,901
220,328
Cost of sales
1938
$1,860,373
966,306
Other income
and accrued
expenses,
and capital stock
Corp.—Earnings-
Calendar Years—
Net sales.
1939
$1,768,241
986,439
Operating charges
$539,014; provision
State income
taxes, $358,306* capital
stock
(437,816 no-par shares),
$7,146,805; paid-in surplus, $603,420:
earned surplus,
$3,292,827: reacquired stock held in
treasury (15,805 shares
at cost),
Dr$292,535; total, $11,647.838.—V.
149, p. 3278.
for
Producing Co.—Earnings—
Calendar Years—
Gross operating income-
receivable
merchandise, materials and supplies, $1,343,071;
^ekpeDMLiwl deferred charges, $55,101; investments and advances,
$o45,799; land, buildings,
machinery and equipment (less reserve for de¬
preciation of $3,161,831),
$5,195,021; rights, patents and processes (less
amortization), $2,849,192; total,
$11,647,838.
1617
18,353,012
for
994,497,342 969,203,096
—V. 149, p. 1630.
$2,487,339 $2,465,244
Total
$2,487,339 $2,465,244
After depreciation of $666,923 in 1939 and
$1,773,945 in 1938.
b Rep¬
by 228,760 shares, par $5.
c 2,160
shares of cost.-—V. 150.
resented
p. 288.
'
Time, Inc.—Common Dividend—
Directors have declared a dividend of
$1.75 per share on the common
stock, payable March 11 to holders of record Mar.
7.
This compares with
an extra dividend of $1.25
per share in addition to a dividend of
$1.50 per
The Commercial &
1618
paid on Dec. 20,
dividends of $1 paid on
•hare
an
distributed,—V.
Income Account
On March 31, 1939
share was
quarterly dividend of $1 per
Air, Inc.—Reports Loss
Transcontinental & Western
company during
March 7, by Jack
showed a wide margin of improvement over the preceding
year, however, and predicted considerable "improvement in our relative
position" in 1940.
The 1939 figures showed a 39% increase in passenger
revenues as well as increase in air mail and air express revenue, which
reduced the year's deficit to more than $560,000 under the 1938 loss of
'^Mr^Frye
anticipated during
necessary to meet
would show considerable
the industry.
said that although further losses might be
first quarter of 1940, due to the increased costs
expected increases in traffic, he believed 1940
improvement in the airline's competitive position in
the
Income Account
for Calendar Years
$7,906,924
6,927,824
935,651
139,651
Depreciation
Ordinary taxes
$5,433,655
5,583,004
843,515
125,751
90,216
$96,202
9,719
102,344
Expenses
$6,219,881
5,787,899
1,008,287
$702,056
16,294
63,593
operations
Loss from
Other income
Other charges
Net inc. for the year.
declared a dividend of
Directors have
175,000
210,000
$1,138,955
$1,439,939
3,834.125
$1,047,006
3,381,836
.
Dr5,371
Dr4,515
034,190
Dr278,903
257,416
Cr60,089
Z>rl 1,920
taxes, prior years
Miscell. credits or debits
Z)r9,686
Add. deprec. for pr. yrs.
b Transfer from capital _
Divs.
cum.
'1,543,650
92,042
100,000
911,691
537,317
87,308
719,418
654,806
31- $2,358,324
$1,681,917
$1,597,176
$3,834,125
invest
declared on 7%
pref. stock
Earned surp. Dec.
depreciated at time of disposal or retirement, b And
paid in surplus of loss and provision for loss on investment, abandoned
property &c. charged to prior years.
Condensed Balance Sheet Dec. 31
Assets not fully
A
Notes & accts.rec
x
S
Inventories
-
Other assets
Notes
1,375,120
Accts.
381,636
payable
a2,500,000
503,113
payable—
43,654
Dividends payable
407,885
Accrued liabilities-
...
413,907
1
157,486
1
91,619
Deferred int. inc..
8,397,893
$7 non-cum. conv.
-
—
&
intangibles
properties
Net sales
Cost of sales
1937
$2,773,460
2,346.086
1938
$1,314,529
1,250,007
1939
$2,192,534
1,857,469
$64,522
129,351
127,149
$427,374
121,202
186,239
$345,881
87,278
164,501
$46,604 loss$ 191,978
6,157
2,658
7,507
$119,933
16,446
$94,102
17,835
9,645
$335,065
128,834
159,628
Depreciation
Selling & adminis. exps.
Net profit on sales
Deducts, from inc. (net)
Federal income tax
13,291
$90,195
80,490
$66,621
67,075
134,150
Nil
134,150
$0.67
134,150
$0.49
Dividends
134,150
$0.24
standing (no par)
Earned per
share
y
After reserve for
Underwood Elliott Fisher Co.
(& Subs.)—Earnings—
1936
1937
1939
1938
d$3,274,368 d$3,044,822
Calendar Years-
1938
a R'l est. & equip.51,522,844 $1,621,789
316,285
Cash....
367,160
$677,500
117,860
$677,500
39,046
Accrued taxes, &c.
39,618
34,610
30,609
7,507
1,273
352,760 Capital surplus... 1,870,995
1,870,995
153,655
186,594
Co.'s stk. pur. for
receivables.
Inventory
charges.
b Capital
8,637
8,637
5,724
410,214
9,855
resale to empl._
Reserve for
10,300
64,157
Depreciation
& cap__
Surtax on undis. profits
Social security taxes, Fed.
Fed. tax on inc.
$6,798,922
$4,962,413
534,901
362,242
533,220
251,928
483,648
854,512
65,000
483,182
493,838
520,146
Net income
Deficit
492,078
482,398
146,689
$3,838,704
$1,857,080
$1,767,596
$4,913,363
dividends
dividends
Com. shs. outstanding..
1,468,600
734,300
1,835,750
734,300
3,298,878
129,299
2.014,506
$2.53
$2.41
733.084
$6.70
733,084
$5.06
Preferred
Common
Earnings per share
a
a After
depreciation of $2,118,345 in 1939 and $2,002,789
Represented by 135,500 shares, including 1,350 shares held in
—V. 150, p. 1298.
b
in 1938.
treasury.
Co.—Tenders—
Fidelity-Philadelphia Trust Co., Philadelphia,
o'clock noon March 29, receive bids for the sale to it of
stock to exhaust the sum of $5,005.—V. 149, p. 1774.
The
general expenses and al
$20,718,175 in 1938.
manufacturing, selling and
amounting to $21,182,653 in 1931.
After deducting
charges
.
d Includes miscellaneous
operating results of nonthose where availability
curtailed by exchange or other restrictions) in the
$23,968,521 in 1937, and
$22,349,783 in 1936.
income (net), including equity in net
consolidated subsidiary companies (exclusive of
other
seriously
$304,399 in 1939 and $436,047 in 1938.
Consolidated Statement of Surplus for
of earnings is
$2,598,871 $2,492,349
Total
Traylor Engineering & Mfg.
State
and
other
Federal
income tax
1,879
$2,598,871 $2,492,349
Total
1938
1939
Liabilities—
stock—
Accounts payable180,698 Accrued payrolls..
274,436
Trade accts. rec._
amount of
Earned surplus balance
Year 1939
$13,886,853
Jan. 1, 1939
charged to capital surplus in 1936 in respect of in¬
tangibles and capital stock premiums theretofore written
off, now charged to earned surplus
Amount transferred to specific reserve for certain investments
Amounts
Pa., will until 12
sufficient preferred
replace reserve previously
and now restored thereto.
to
Tri-State Telephone
Month of
& Telegraph Co.—Earnings—
$537,873
.
1,402
$536,734
Uncollectible operating revenues.
$533,167
379,532
389,639
Operating expenses.
$153,635
$96,972
Operating taxes.
Net operating income
Trunz Pork Stores,
Cost
of
$4,733,273
sales,
4,596,306
4,833,799
$136,967
13,811
Other income
$124,963
9,562
$91,671
11,796
$26,449
10,911
Prepaid
$150,778
24,184
12,500
__
deductions
21,345
13,112
$114,093
875,832
Pro v. for Federal taxes
$134,526
$100,067
830,805
$103,467
15,031
$37,360
2,735
Patents,
tax
$88,436
799,621
Total
in 1938.
$989,925
63,712
17,583
$930,873
43,443
$888,058
$857,543
45,000
45,000
11,598
11,520
732
12,921
$875,832
$830,805
$799,621
84,716
86,886
88,400
90,000
$1.35
$1.15
$1.00
$0.38
prior years
Balance
Shares common stock
Earnings per share
Liabilities—Accounts
ment taxes,
accounts
and
notes
payable, $124,981; accrued charges and unemploy¬
$14,761; provision for Federal income taxes, $24,185; capital
® no par shares). $500,000; surplus (earned), $908,630 total,
vliO7<ui5u0>
443,003
623,411
Deferred
liabilities
51,876
__
conting. &
future expend-- 2,422,971
85,176
40,000
50,388
6,160,854
7,343,000
7,343,000
14,545,704 13,920,583
Total
26,060,677 29,077,856
y
26,060,677 29,077,859
Common stock..
depreciation of $8,169,101 in 1939 and $8,029,620
Represented by 734,300 no-par shares.—V. 149, p. 3279.
After reserve for
y
Inc.—Large European Order—
European
announced.
announcement.
of
first six
of
Shipments for the first six months of the fiscal year totaled better
Triumph Explosives,
Company on Feb. 29 received a $450,000 order from a
govern¬
certain of its regular products, G. H. Kann, President,
The order is to be completed by July, 1940, according to the
Mr. Kann stated that the new order brings the company's backlog
orders to well in excess of $1,000,000.
The company closed the
months of its fiscal year on Jan. 31, 1940, with a backlog in excess
ment for
receivable, $39,042; in¬
ventory, $138,408; investments, U. S. Treas. bonds (at cost), $320,676;
accrued interest receivable, $1,400; deposits as security on leases, $1,720'
mortgage receivable, $2,500; sundry investments (at cost), $17,075; prepaid
bld&8- & equipment (less reserve for depreciation of
$416,393), $780,224; goodwill, $1; total, $1,572,556.
$253,804;
Deferred income
taxes
IJnred. mdse. coup
Res. for
$600,000.
than $600,000.
Earnings for 6
Balance Sheet Dec. 31, 1939
Assets—Cash,
&c
4,231,062
1
$34,625
605,235
$908,630
Total surplus.
449,566
782,522
95,555
30,000
wages, com¬
missions,
Accrued
goodwill,
x
surplus
Dividends
S
411,445
Surplus
restored
Treasury stock
Federal income taxes for
273,179
5,352,297
1,002,275
&c
217.683
Net profit
Previous surplus
Acer,
1938
339,485
payable.
8,442,784
269,157
5,328,876
develop¬
ment,
Accounts
5,185,449
expenses-
Investments
Total income
5,620,531
4,947,718
8,404,905
Fixed assets
$
Liabilities—
accounts
&
receivable
x
1939
$
6.080,302
Inventories
treas.)..$14,545,704
1938
$
Cash
Notes
Operating income
$3,812,425
31, 1939
1939
4,249,076
thereof
(incl. $291,790 representing com. stock in
Consolidated Balance Sheet Dec. 31
Assets—
1,824,536
236,641
—
acquired in prior years over cost
'
4,874,121
•
$33,731
1,717,518
investments
Balance Dec.
$4,275,525
delivery
ministrative expenses
to
Reserves for
Jan. 2, '37
$4,965,793
$4,958,762
selling, general and ad¬
Processing
Amounts
Inc.—Earnings—
Dec. 31, '39 Dec. 31, '38 Dec. 31, '37
(net)
$10,733,278
1, 1939
earned surplus
transferred from reserves in respect of;
Total surplus
Years Ended—
-
Balance Dec. 31, 1939
52,925
—V. 150, p. 1298.
Sales
$12,201,878
1,468,600
-
stock at rate of $2 per
Capital surplus Jan.
$100,710
38,310
39.092
share
-
Dividends paid on common
Excess of assets
Net income
1939
Total.
Amount transferred from
$147,095
50,123
-
Net income for year
$534,569
1,139
.
1,824,536
$10,344,798
1,857,080
1939
1940
Januaru—
1,717,518
surplus
provided out of capital
Balance
Other
Cash re¬
effect at
Net income for year..
Balance Sheet Dec. 31
1939
Assets—
Deferred
of $50,000.
.
stock out¬
Shares capital
Misc.
for doubtful accounts
reserve
depreciation of $6,873,915 in 1939 and $6,212,093 in 1938.
z
country converted at free rate of exchange in
Dec. 31, 1939 (less reserve for exchange loss).—V. 150, p. 1298.
stricted in foreign
a
$32,940 loss$194,636
Net income
13,844,407 11,967,442
Total
13,844,407 11,967.442
After
5,082.426
1,681,917
2,358,324
Of which $534,739 current.
x
profit on sales1
depreciation.
before
299,415
5,099,820
surplus
Total
137,097
299,415
Earned surplus...
1936
$2,346,743
2,000,862
a
Gross
137,697
$1),
Com. stk. (par $1)
Capital & paid-in
cl.A stk.(par
Corp.—Earnings—
Williams Steel Forging
Transue &
Calendar Years—
2,494,500
2.494,500
7% pief.stock
149, p. 1192.
~V.
178,086
11,764
173,202
Reserves
Plant and village
y
stock, payable March 15 to holders of record
which was made in November, 1938 also amounted
152*279
Contingent royalty
liab. (net)
8,362,726
Investments
$
$
Liabilities—
601,360
810,506
1,652,156
2,800,345
1,251,810
1,258,172
zl3,867
Cash
1938
1939
1938
fit
►
Defetred charges.,
March 8. Previous payment
to 10 cents per share.
17,234
10,000
surplus.
1,681,917
settlement
of royalty litigation. _
Crl88,418
Adj. Fed. & State inc.
other
10 cents per share on the common
91,927
$281,934
1,597,176
Previous earned
Patents, licenses
Corp.—10-Cent Dividend—
Trans-Lux
ll",703
84,968
Net amt. from
Net loss
adjustments.—V. 149, p. 4043.
489,700
180,000
(estimated)
taxes
1939
$188,827
b$749,355
$959,837
a Includes profit on sale of equipment
(net), profit on sale of materials
and supplies, excess provision for Federal income tax and excess provision
for legal expenses,
b The loss here stated includes $23,908 that was not
included in last year's report, principally because of retroactive mail pay
564,004
18421
Extraordinary charges..
Federal & State income
a
$1,083,080
a204,117
80,874
721,231
16,493
3,916
Write-off of capital
Other losses on
1937
1938
1939
Total operating revenue
$1,033,575
$1,867,571
Research & develop, exp.
The report
1936
1937
$2,282,032
909,990
15,608
Depreciation
Years
1938
Net inc. after deduction
$2,244,553
of all charges—
a
operating loss of $188,827 was sustained by the
the year 1939, according to the annual report issued
Frye, President.
,
^
A net
for Calendar
1939
Idle plant expenses
for 1939—
1940
9,
Corp.—Earnings—
Tubize Chatillon
addition to regular
last; and extras of 50 cents in
Sept, 30 and June 30, 1939.
in addition to a
150, p. 1147.
extra of 25 cents
March
Financial Chronicle
Sales
Net
profit after all charges,
but before taxes
Months Ended Jan. 31
1940
.
incl. deprec. & amort.,
1939
$647,183
$254,704
71,512
loss 69,348
capital stock
$0.25
Nil
The earnings of $71,512 for 1940 do not include earnings of Central
Railway Signal Co., Inc. or its subsidiary, Pacific Railway Signal Co., Inc.,
which companies on their respective six and 12 months' fiscal periods show
total net earnings of $41,178. after all charges but before preferred dividend
requirements of $9,500 and income taxes, according to the report. Giving
Earnings per share on
Volume
150
The Commercial & Financial
Chronicle
to t^Je ^,^°Ye figures for the first half of the present fiscal year,
earnings
Triumph Explosives, Inc.,
together with Central By. and its
subsidiary,
aggregate in excess of $100,000, or about 35 cents
per share on the out¬
standing capital stock of
Triumph as of Jan. 31, 1940. Purchase of sub¬
stantially ail the common stock of Central
By. and its subsidiary will be
completed prior to July 31,
1940.—V. 150, p. 447.
1619
p
of
United Aircraft Products, Inc.—Common
Dividend—
Directors have declared a dividend of 10 cents
per share on the common
stock, payable March 25 to holders of record March
11.
Dividend of like
paid on Oct. 16, last, this latter being the
only distribution made
during 1939.—V. 149, p. 4188.
amount was
Union Bag &
Paper Corp.—Common Dividend—
United Electric Corp. (&
Subs.)-
Directors have declared a
dividend of 15 cents per share on the common
stock, payable April 5 to holders of
record March 11. Last
previous payment
was the
123^-cent distribution made on Feb.
18,1938.
Years End. Dec. 31—
Gross
Selling & gen.
Depreciation
Operating
1938
1937
$1,059,481
578,306
141,110
$2,409,626
745,892
$888,689
$340,064
...
for
Fed.
surtax
8,983
11,715
$1,501,926
$646,977
41,064
11,614
77,974
10,050
36,476
Crll,076
69,500
291.000
91,700
132,000
on
profits.
3,036",088
$994,402
4,917
3,258,366
$3,267,163
$4,257,686
yl60,900
2,555
34,250
$3,737,550
32,567
94,729
62,592
62,592
45",838
191,735
742,105
47,114
335,536
$3,036,088
$3,258,366
$231,075
Book value of goodwill &
patents charged off
Divs. paid—On pref. stk.
20",975
On
common stock
191,735
Surplus, Dec. 31
$4,429,279
Earns, persh. on 191,735
shs. (par $5) com. stk.
for
reserve
value
par
1939, $107,015;
$3.37
$0.95
48*,488
$4.94
$2.45
adjustment of
1939
Cash
taxes for
1938
$558,843
Accts. & notes rec.
(less reserve)
notes
20,838
19,534
par)
Common stock ($5
par)
15,000
15,000
34,250
672
960
3,028,493
1,000,000
1,000,000
4,429,279
on
sale
Reduction
for
Total
$5,764,378 $8,446,343
depreciation of $3,263,866
($3,159,211 in 1938).—
Corp.—Annual Report—
Included in current
cash, and bonds of the United States
Government, aggregating
$37,409,180 and inventories amounting to
$11,904,826-—V. 150, p. 856.
United-Carr Fastener Corp. (&
Calendar Years—
Net sales & commission.
Cost and oper. expense.
Operating profit
(net).
Depreciation
Profits applic. to min. int
1939
$4,707,714
3.982,765
$7,072,010
5,323,968
$1,748,042
$1,629,971
128,626
80,047
289.616
10,758
265,115
9,261
23,761
a241,590
250,122
26,076
a263,079
$1,010,647
87,040
4,861,125
$269,734
$1,064,447
366,230
305,192
183", 113
31,846
305,192
598,'935
304,192
550,652
291,737
$1.75
$0.88
$3.50
$3.43
(no par)
Includes Federal surtax of
5% pref. stock
1939
1938
..$1,001,869
Liabilities—
$743,151
822,351
662,118
1,278,031
1,112,626
52,383
45,862
71,823
43,018
3,566
3,230
equipment (cost) 2,220,959
1939
1938
Accounts payable.
$223,060
$147,585
134,099
103,889
Fed., State & for¬
eign taxes, est..
270,895
167,979
11,261
2,453,071
Cash surrender val.
Deferred income..
x
12,166
Minority interest in
Misc. notes, accts.
Total
33,585
38,147
45,203
386,251
391,092
400,108
574,358
558,835
$183,580
23,974,535
~$3lT/746
878,613
subsidiary
x
cos..
Common stock..
Surplus
and
\ 68,296
U220,768
3,571,172
62,651
1,220,768
3,402,415
23,625,164
350
Unclaimed div.
checks
written off
Add'l prov. for Fed. inc.
2,318
30
taxes
of Fed'l
prior
Excess of
income
years
par
Drl4,000
11,676
value—
37,243
43,309
$24,169,791 $23,974,535 $23,625,164 $23,467,188
y Of preferred stocks of United Gas & Elec. Corp. and subsidiaries ac¬
quired during current year over cost thereof.
Consolidated Balance Sheet Dec. 31
1939
A ssets—
1938
1939
$
256,245
Accts. receivable..
6,090
6,655
Notes receivable..
123,8*9
429,657
179,667
431,307
1,033,800
..$5,500,455 $5,116,5481
9
Divs. held in res' ve
1,041,800
1938
$
$
437,822
United Gas& Elec.
Cash
accr__
&
Liabilities—
El.
Corp. pref. stock
Accounts payable.
Int. and divs. un¬
2,189,209
Corp.
591,100
552,500
Securities owned. .34,557,275
34,549,170
8,950
sidiary company
Organlz. exps., &c.
8,950
7%
x
37,196,534 37,018,294
Represented by 310,464
United
no par
6,499,400
pref.
stock ($100 par)
Gas & El.
United
Co.
5% pref. stk.
Common stock
Surplus
Total
11,735
12,904
2,218,588
6,499,400
Reserves
Pref. stock of sub¬
688
26,975
claimed, &c
10,714
Total
shares.—V.
1,195,800
1,195,800
3,104,643
3,104,643
24,169,791 23,974,535
37,196,534 37,018,294
148,
p.
3546.
Gas
Improvement Co .—Death Sentence Action
Invoked by SEC—Given Until April 12 to Answer with
Hearings
Set for May 2—
The Securities and Exchange Commission, March
5, announced the
of proceedings under Section 11 (b) (1) of the Public
Utility
Holding Company Act of 1935 with respect to The United Gas Improvement
Co. and Cities Service Power & Light Co.
institution
taken
was similar
to the proceedings
previously instituted
Electric Bond & Share Co., Engineers Public Service Co.
Corp.
The Commission's action was taken by the issuance of notices
served on
The United Gas Improvement Co. and Cities Service Power &
Light Co.
with respect to
The notices allege in each case that it appears to the Commission
that the
holding company system is not confined in its operations to a single
integ¬
rated public-utility system. The notices give each
company an opportunity
to make an answer and to present its own views as to what
action, if any, the
believes it should take to comply with the standards of Section 11
(b) (1) of the Act. Such answers are called for by April 12, 1940. While
public hearings in these two proceedings have been
tentatively scheduled
for May 2, 1940, precise dates for the hearings will not be
fixed until the
company
Commission has had an opportunity to
study the answers made by the
companies and to ascertain the scope of the issues raised therein.
At the
each company will be entitled to present evidence with
respect to the Commission's allegations and with
respect to whether the
company's "additional" systems are such that they
may be retained under
the provisions of the law, and whether there
may be retained
interests in
business other than the business of a
public-utility company as such.
The United Gas Improvement Co. owns total
assets of $837,616,393 and
with electricity communities in nine
States with a
any
53.469
Represented by 305,192 shares
36",824
Balance, surplus
public hearings
4
49,470
465,696
$106,414
23,323,950
and The Middle West
Accrued expenses.
Accts. & notes rec.
•
30,917
382,172
$126,360
23,467,188
The action
$21,100 in 1937 and $38,500 in 1936.
Condensed Consolidated Balance Sheet Dec. 31
supplies, &c
4,117
United Gas & El. Co.
*
1,891
dividends
Shs. com. stk. outstand'g
Earns, per sh. on capital
Licenses, patents,
goodwill, &c
Prepaid expenses,
$1,017,421
$6,491,096
$724,949
76,353
282,560
1936
$534,987
Common
plant
$1,434,202
($100 par)
$1,351,918
261,844
279,214
dividends
ProD.,
prof2~ 225
x
1937
Net profit...
receivable, &c._
Mlscell. investm'ts
'3,277
1936
670,637
728
Subs.)—Earnings—
1938
$6,811,991
5,460,073
Income taxes
Preferred
.
605
(after eliminating
inter-co. dividends):
Int. & divs.
—life Insurance
Cr6,668
100,468
years
invest'ts.
book value
Divs.
United Gas
Inventories
or
on
17,102
received.
(net)
301,250
169,237
$1,290,418
Current assets at Dec. 31,
1939, amounted to $53,071,459 and
current
liabiliti3s at the same date amounted to
$34,404,556, which is inclusive of
$26,461,050 representing advances on sales contracts.
Assets—
250,734
32,487
2,950
Refund
Aircraft & Transport
Corp.
A dividend of 75 cents a share
was paid on June
15, 1939, and another of
$1.25 on Dec. 15, 1939, involving a total
disbursement of $5,208,816.
Unfilled orders at Dec. 31, 1939,
amounted to $127,004,032.
During
the year 1940, to date, additional
orders in substantial amount
have been
Cash
386
$1,171,028
119,781
In 1939, corporation and its
subsidiaries realized a consolidated net
profit
of $9,375,436, after Federal and
Canadian income taxes and
minority interest
in the profits of Canadian Pratt &
Whitney Aircraft Co., Ltd., or at the
rate of
approximately $3.53 a share on the outstanding
shares, including
those reserved for issuance in
exchange for shares of common stock of
United
a
224,610
of office equipment
Loss on uncollected notes
and accts. receivable.
y
stock
290,815
981
Balance
Previous svrplus..
14,193
119,782
reserve
deductions
$1,489,800
taxes for prior year—
11,515
United Aircraft
Other
$1,720,700
United G. & El. Corp.
7 % pref. stock
Divs. on com. stock of
$5,764,378 $8,446,343
are
$1,633,850
exps. & taxes
incl. prov. for Federal
income taxes
United G & El. Corp.
V. 150, p. 1147.
assets
.$819,163
Operating
1,203,824
2,932,305
1,367,800
(cost).
After
69,500
1,203,823
Prepaid expenses.
Treasury stock—
x
1937
$808,526
912,173
$1,559,575
Total income
1938
$803,249
730,601
3,129,600
Reserve for sinking
fund pref. stock.
Surplus...
Subs.)—Earnings—
1939
$800,400
759,175
Net income for period.
132,000
ol co.
Total
United Gas & Electric
Corp. (&
Years Ended Dec. 31—
Interest earned
Divs. received or accrued
overpaid in prior
$111,115
3,056,108
,
deposit, for sink.
fund requirem'ts
common
$1,128,200
The limit of price at which tenders
respective call prices, as follows: Series A,
105 and interest; series B, 101 and
interest.—v. 138, p. 1562.
Loss
Canadian taxes.
Pref. stock
($100
Sink, fund invest.,
preferred stock.
$1,095,145
pany not later than noon of March 22.
will be considered will be the
1938
$203,099
Accrued Federal &
34,250
stock
1939
284,893
stock
Miscell. securitiesx Plants &
equip..
$1,253,310
Refund of Fed. inc. taxes
Accts. payable and
1,656,009
Athol Homes Corp.
Pref.
Liabilities—
$673,993
512,622
receivable
$99,436
1,130,580
101,816
Interest dedu ctions
Sheet Dec. 31
1,462,363
First Nat. Bank of
Athol stock
$64,732
1,128,200
101,816
Cr4,029
United Electric
Railways Co.—Tenders—
prior years, $911.
accrued expenses
Mdse. & supplies.
Misc.
accts.
and
$5,117
1,302,557
62,656
Cr8,292
1
Company has deposited $206,328.02 with the Old Colony Trust
Co., for
investment in its general and
refunding mortgage bonds due Jan. 1, 1951,
series A 5% and series B
4%.
Tenders will be received by the trust com¬
July 1,
Comparative Condensed Balance
Assets—
$108,936
9,500
Consolidated Balance Sheet Dec.
31, 1939
Assets—Cash, $99,075; accounts and acceptances receivable (less
reserve),
$302,417; inventories, $1,366,221; life insurance
(cash surrender value),
$258,950; marketable securities (at cost),
$75,657; non-current investments
and receivables,
$62,140; insurance premiums unexpired, &c.,
$31,237;
plants and equipment (less reserves for
depreciation of $1,047,370), $1,444,257; patents, unamortized (cost),
$6,327; total, $3,346,281.
Liabilities—Accounts payable, trade, $152,406; accrued
wages and other
expenses, $23,241; Federal and State
taxes, $59,825; social security taxes,
$17,971; reserve for contingencies, $100,000; capital stock
(154,299 no-par
shares), $1,542,990;surplus, $1,449,849; total, $3,346,281 —V.
150, p. 1147.
preferred stock sinking fund restored to
surplus,
over par value ($529,740) of
preferred
July 1, 1939, $52,974; excess of cost
($2,706,875)
($2,599,860) of preferred stock reacquired prior to
net
$64,732
x
3,217,474
y Excess of call price
($582,714)
stock called for
redemption
over
$12,417
7,300
Includes Federal capital stock taxes,
y Refund of Federal floor stock
and processing taxes
paid in prior years and interest thereon.
335,536
$2,932,305
year.
Addition to res. for sink.
fund for pref. stock
Being
9,800
$520,076
$666,761
xl,203,823
2,932,305
$4,802,889
begin of
Total surplus
Surplus charges
x
128,500
—
credits
at
39,622
4,633
Dividends paid
$635,262
58,192
38,668
Net operating profit..
Surplus
Surplus
$1,492,943
13,189
Canadian income tax.
undistributed
$64,681
59,247
30,635
559,495
135,927
$353,254
deductions
Beserve for Federal and
Bes.
170,791
$895,623
Miscell.
Surplus Jan.
1936
$1,330,684
6,934
Cash discounts, addition
to res. for bad
dts., &c.
loss$25,149
$1,449,848
1939
691,480
143,780
Other income
(int., tene¬
ment rents,
&c.)
loss$12,390
16,595
4,192
4,019
securs..
Federal taxes.
expenses..
profit
$201,510
14,173
6,481
y23,356
$207,219
1,253,310
77,638
Cr66,957
on sale of
Other credits.
-Earnings-
$1,723,949
profit
x55,180
70,865
$245,519
38,300
Profit
1299.
Calendar Years—
Manufacturing
91,089
93,825
12,227,921
2,058,198
x36,666
68,376
Inc. from invests., &c__
Annual meeting of stockholders
will be held May 14 for the
purpose of
electing 15 directors.
Slated by the management for
election to the board
:iW. D. Clark, not now
a director.
Other directors are slated for re¬
p.
1936
$2,326,239
2,225,343
Net profit from regular
operations
Union Pacific RR.—New
Director—
Union Twist Drill Co.-
1937
$2,438,865
2,284,911
x71,786
94,557
Depreciation
a
meeting of the board of directors of this
corporation, M. E. Codyj
resident manager'of the
company's Savannah plant, was elected a director.
—V. 149, p. 3126.
election.—V. 150,
Earnings
1938
$2,808,647
2,422,223
Cost of operations
Taxes, city and State...
New Director—
At
1939
operating income.
Total
no par
$5,500,455 $5,116,548
value.—V. 150, p. 1147.
serves
population of
approximately 5,077.000 persons.
Communities having about
5,250,000
persons in seven States also are served with
gas.
The Commercial &
1620
Improvement Co. has
The United Gas
March
Financial Chronicle
Philadelphia and
including Public
thereof) operating
Maryland, Illinois,
including Public
thereof) operate
headquarters in
controls, directly or indirectly, electric companies (not
Service Corp. of New Jersey and subsidiary companies
in Pennsylvania,
Arizona, Connecticut, Delaware,
Indiana, Michigan and Ohio.
The gas companies (not
Service Corp. of New Hersey and subsidiary companies
in five of those States and also New Hampshire and Tennessee.
Among the subsidiaries of The United Gas Improvement
the Commission's notice are Commonwealth Utilities Corp.,
Electric Power Co., Susquehanna Utilities Co. and Gary Electric
Co., all of which are alsp regisgered holding companies
Utility Holding Company Act.
The notice also lists 38
Co listed in
Philadelphia
& Gas
under the Public
electric and gas
utility subsidiaries of The United Gas Improvement Co. and 48 subsidiaries
which are non-utility companies.
The notice also describes the operations
of Public Service Co. of New Jersey and its subsidiaries, in which The United
Gas Improvement Co. owns a substantial interest.
It is stated that Public
Service Corp. of New Jersey has filed an application for exemption as a
subsidiary of The United Gas Improvement Co. and in view of these facts
that corporation shall not be deemed a respondent in the present proceeding
unless and until so designated by further order of the Commission.
Cities Service Power & Light Co. owns total assets of $422,595,013 and
with electricity communities in 14 States with a population of ap-
1122,647 in 1938.
e Arising
debentures.—V. 150, p. 704.
and
of convertible
through the conversion
Sold—Lee Higginson
Potash Co —Stock
States
United
1940
9,
have
stock (no par)
Corp. and associates announced March 7 that they
placed a block of 7,500 shares of common
at $36.50 a share.
The offering does not represent
new
financing.—V. 149, p. 3573.
United States Realty
& Improvement Co. (&
Years Ended Dec. 31
Subs.)—
Consolidated Income Account
•1939
el938
al937
al936
$1,850,645
803,779
$1,917,642
$2,244,596
1,083,535*
$2,328,390
821,140
584,784
598,826
597,570
1,179,094
608,137
313,315
313,487
322,637
327,520
$148,767
$184,189
$240,854
$213,639
60,813
67,527
33,202
26,751
$251,716
$274,056
$240,390
Oper.revs. (after deduct,
provision for doubtful
accounts)
Operating expenses
Real estate taxes
Deprec. on office & hotel
buildings, as provided
serves
12 States 2,161,538 persons. Communities having about 958,696 persons
served with gas.
Eroximately also
Net oper. income
real estate and
are
l
Light Co. has
Service Power &
Cities
headquarters in New
York City
directly or indirectly, electric companies operating in Arkansas,
Kansas, Missouri, Oklahoma, Tennessee, Virginia, Washington,
Connecticut, North Caroline, Colorado, Wyoming, New Mexico and Ohio,
from
hotel
and controls,
Arizona,
Its gas subsidiary
and in Canada.
non-utility companies.
Any State. State commission, or municipality affected and any interested
security holders or consumers may apply to the Commission to intervene
in the proceedings as provided in the Commission's Rules of Practice.
are
Gen. and corp. exps.
111,548
119,559
131,493
173,847
debentures
371,457
127,518
374,726
426,037
152,267
23.872
Mtges. and
United States Envelope
$741,685
313,050
$786,943
316,305
$487,674 loss$191,057
$428,635
$470,638
1,465,725
Dr5,340
2,029,522
7,891
2,056,770
$1,948,059
280,000
Total
dividends
$1,846,356
$2,496,698
170,446
charges..
$2,681,989
280,000
280,000
131,250
55.926
Assets—
1939
Preferred stock
$3,969,952
Common
pat¬
Acc'ts
2 ,603,280
1 ,201,391
2.136,342
1,074,943
501,256
30,296
32,668
512,220
495,022
Accrued
Int.
raw
359,117
12,352
100,000
materials..
for
Fed.
70,000
income taxes
4,036
1,819
charges..
52,852
63,204
54,471
1,465,725
1,507,378
Surplus
rec.,
U. S. securities.
60,694
Prepaid
Deferred assets
$8,806,549 $8,462,194
Total
-V.
$8,806,549 $8,462,19k
Total
150, p. 1147.
U. S. Leather Co.—Buys
United States Pipe &
Sinking fund deposit
Invests, in and advances to
George A. Fuller
Plaza
Foundry Co.—Earnings—
1936
$13,877,874
10,661,744
460,488
$3,063,080
191,940
$1,880,898
150,101
$2,365,310
248,644
$2,755,642
226,136
$3,255,020
xl51,741
533,000
$2,030,999
50,616
326,145
$2,613,954
$2,981,778
40,006
338,193
$2,570,279
10,722,706
$1,654,238
"$2^235,756
10,460,314
10,021,515
$2,427,867
8,870,573
193,656
2,770,865
.$ 13,292,985 $12,114,552 $12,450,927
($1.20).
Common dividends
1,739,808
1,391,846
2,079",078
Premium paid on pref.
profit
Previous surplus.
Bal. in res. for imts,
re¬
turned to surplus
753,649
and bonds
11,086
175
786,493
bl75,001
684,847
23,243,630
24.295,756
28,187
and equipment
46,797
^,847
deferred charges—
fl *Zn7
$25,586,615 $26,561,697
$70,021
$55,356
145,464
277,220
and wages
payable 4% due Jan. 30, 1939 Trinity Bldgs.
Corp. of New York
Rents receivable in advance
Notes payable (secured by pledge of inter-co. mtge.
of $4,000,000 on Whitehall Bldg.)
Note payable
a
Capital stock
.
, „
1,141,500
1,139,500
3,710,500
670,000
28,181
18,000,000
2,595,890
.
670,000
509,453
18,000,000
2,083,066
$25,586,615 $26,561,697
1939 and $93,852 in
Total
After reserve for
1.211,500
3,710,500
Deficit
x
3,000,000
175,000
1 ,C00
1,197,500
—
.
2,324
3,000,000
100,000
-
Reserves
iO.OOO
2,248
6% deb. notes, due Feb. 1, 1938
15-year sinking fund 6% gold debs, of G. A. F.
Realty Corp., dated Jan. 1, 1929 (guar, by
parent company as to prin. at maturity, interest
and sinking fund payments)
6% sinking fund debentures due Jan. 1, 1944. of
U. S. Realty & Improvement Co
1st mtge. 20-yr. 5H% gold loan of Trinity Bldgs.
Corp. of N. Y., dated June 1, 1919 (guar, by
parent co. as to prin., int. & sink, fund paym'ts)
4% 1st mtge. of Lawyers Bldg. Corp. due Sept. 1,
doubtful accounts of $94,188 m
1939 and $2,940,568
by 900,000 no
Co. 4%. due
shares,
b Consists of note receivable—Plaza Operating
April 30, 1939 (deposit as collateral to note payable of
and non-interest bearing demand note in principal amount of
$175,000) $175,000
$3,930,000,
$100 each, and 34,483 shares
at nominal value $1. c Con¬
sists of notes receivable, 3%, due Aug. 30, 1940 (deposited as collateral
to note payable of $HX\0C0) $100,000 and non-interest bearing demand
note in principal amount of $3,930,000, 25 shares of preferred stock, pax
value $100 each, and 34,483 shares of common stock, par value $1 each
25,000 shares of preferred stock, par value
of common stock, par value $1 each—stated
$14,069,306
94,800
924,971
Net
other real
63,039
Notes
136,902
417,009
Total income
Interest
Federal income taxes...
....
Real estate, buildings
y
786,493
cl00,001
Co
Operating Co
Mtges. rec., invest, in and advances to
estate cos., and invests, in other stocks
par
1939
1938
1937
$14,460,756 $11,702,249 $13,434,452
10,982,581
9,413,495
10,683,685
Deprec'n & amortization
415,094
407,856
385,457
Calendar Years—
Costs and expenses
Operating profit
subs, not consolidated:
zl938
$490,757
1938.
y After reserve for depreciation of $3,253,883 in
in 1938.
z Exclusive of Plaza Operating Co.
a Represented
dividend.—V. 150, p. 1008,
Net sales
Other income.
r
1943
Own Shares—
Company during December and January purchased 1,500 shares of its
prior preferred stock, using funds obtained from the sale of assets no longer
required in the business.
In a letter to stockholders, Henry M. McAaoo
President, explained it has been the company's policy to use such funds
for retirement
of capital issues.
Randolph Lewishohn, a stockholder,
had sent a notice to other stockholders asking why the company had pur¬
chased the stock instead of paying a
receivable..
Inventories
Accrued taxes, interest
Res. for adjust, on
370,955
Reserve
fund
and accrued interest
Accounts, notes
x
Accounts payable
2,625,000
Reserve for taxes.
U. S. securities
^1939
$498,649
95.160
62,265
12,559
175
$2,056,770
12,448
Stock In proc., &c.
Mlscell. InveBt
31
Cash held in special
Prepaid expenses and
491,724
126,294
Cash
e
Consolidated Balance Sheet Dec.
213,969
2,625,000
stock
payable
127,415
Acc'ts <fc notes rec.
furniture and fixtures of $876
Exclusive of
in 1936.
Operating Co.
Office furniture and fixtures
1939
1938
$4,000,000 $4,000,000
Liabilities—
1938
goodwill.
ents &
Plaza
131,250
$1,507,378
$1,465,725 $2,029,522
Comparative Balance Sheet Dec. 31
Plant, investment.$3 ,849,631
A. FuUer Co. and
Total
Surplus, Dec. 31
Trademarks,
Exclusive of George
Cr 7 74
Cr9,764
Adj. of val, of mah'y,&c.
11,293
280,000.
65,625
35,780
dividends
Miscellaneous
$424,093
$460,152
$535,633
subsidiaries and of Plaza Oper¬
$440,329
Net loss.
ating Co.
c Includes depreciation on office
in 1939, $1,127 in 1938; $1,572 in 1937 and $1,753
2,194,086
17,266
Previous surplus
Adjustments
Common
1936
1937
1938
$125,321
316,377
income
19,721
Cash
Co.—Earnings—
$796,244
308,569
Depreciation
25,645
22,973
Assets—
1939
Calmclar Years—
Net profits
15,720
22,546
curity taxes
11,486,127 kwh. or 11.9%.—V. 150,
96,845,580 kwh., or an increase of
p. 1458.
142,832
16,841
payable
& Federal
capital stock taxes
Federal & State social se¬
Notes
415,878
141,471
State franchise
a
electric output for the U. G. I. system companies for the week
Just closed and the figures for the same week last year are as follows:
Week ended March 2,
1940, 108,331,707 kwh.; same week last year,
of
parent co. and subs...
Interest charges—
c
Weekly Out-put—
The
Preferred
$209,580
Total income
Light Co. listed in the
Co., Federal Light &
Traction Co., Toledo Light & Power Co. and Central Arkansas Public
Service Corp., all of which are also registered holding companies under the
Public Utility Holding Company Act.
The notice also lists 36 electric and
gas utility subsidiaries of Cities Service Power & Light Co. and 22 subsid¬
Net
*
of those States
Among the subsidiaries of Cities Service Power &
Commission's notice are East Tennessee Light & Power
iaries which
income—interest
securities, &c
on
Michigan.
in
and
companies operate in 11
Other
—stated at nominal value
U. S. Rubber
Directors on March
non-cum.
March 8.
June 23,
Dec. 23,
$1.—V. 150, p. 857.
Co.—To Pay $2 Preferred
6 declared a
Dividend—
dividend of $2 per share on
the 8%
to holders of.record
$2 paid on Sept. 22,
and on March 24, 1939, and a dividend of $4 per share paid on
1938, this latter being the first dividend paid since Feb. 15,
1st pref. stock, par $100, payable March 22
This compares with $6 paid on Dec. 22, last;
1928.
Total surplus
Preferred dlvs.
of
value
over
facil.
1458.
Inc., of Del.—Common
Dividend—
dividend of 25 cents per share on the common
March 15 to holders of record March 4. Dividend
of 75 cents was paid on Dec. 20, last and one of 25 cents was paid on
Sept. 30, last.—V. 149, p. 3573.
Directors have declared a
stated
stock, par $1, payable
1st
pref. stock canceled..
Plant
Co. above.—V. 150, p.
U. S. Truck Lines,
2,607,000
stock redeemed
Excess of cost
Offer Extended—
See Gillette Rubber
treasury
421,019
demolished,
less
deprec. prov. and
salvage recovered
United States Tobacco
Cr88,465
x
Loss
on
sale
A. ssds
^
*
Prop, and plantl8,343,741
5,118,969
Marketable secur.
69,424
Cap. stock of subs.
Other
investments
on
receivable
Deferred
charges.
314,188
Common stk.
522,155
$4,356,890
672,481
$5,029,370
.
2,598,388
3,378,414
42,799
618,582
403,951
.456,346
425,137
2,000,882
125,435
615,024
597,201
546,590
303,235
e
Flood loss
r
(7%)-—
Common dividends
Balance, surplus
Profit & loss surplus..
2,000,882
11,553,177 10,722,706
Shares
28,985,770 28.998,069
Earns, per share on com.
depreciation of $6,770,226 in 1939 and $6,515,288 in
for doubtful accounts of $128,196 in 1939
b After deducting reserve
Total
$3,396,154
163,101
3,223,264
$3,358,135
163,100
3,044,703
$3,462,687
163,229
c3,204,950
$4,235,863
163,359
b4,006,188
$150,332
5,605,765
$94,508
5,513,328
5,447,012
$5,765,886
$5,756,098
$5,605,765
$5,513,328
1,831,400
1,831,400
457,850
f$7.21
457,850
$8.89
$66,316
Excess of cost over par of
of
common
2,071
out¬
standing (no par)
28,985,770 28,998,069
135,689
657,819
$9,789
5,756,098
earnings
Pref. dividends
preferred stock—Dr..
Accr'd wages, roy¬
alties, &c
Capital surplus.
$4,437,948
166,660
Previous surplus
Fed¬
eral income tax.
$4,121,997
257,522
Total income
Net
13,918,460 13,918,460
438,322
568,933
242,990 Accounts payable
31,183 10-yr. 3H% conv.
debentures
958,000
337,745
Earned surplus...
1938.
1936
$3,915,793
380,556
$
(par
120)
Provision for
2,348,607
2,761,187
29,654
1938
$
Liabilities—
^
18,475,029
3,891,518
~
e
TotaJ
1937
$3,741,441
$4,268,700
convertible
1939
1938
b Accts. and notes
Inventories
1938
$3,933,695
335,005
Federal income taxes
interest and premium paid
Comparative Balance Sheet Dec. 31
1939
Cash.
Operating profit
Divs., int. & misc. inc..
Deprec. & obsolescence.
of securities,
debentures, &c.
a
Co.—Earnings—
1939
Calendar Years—
surplus..$11,553,177 $10,722,706 $10,460,314 $10,021,515
Shs. com. outst. (par $20)
695,923
695,923
695,923
676,215
Earns, per sh. on com...
$3,69
$2.38
$3.21
$3.45
Profit & loss
b Includes
cludes
special
$1.76
$1.74
special dividend of $3.75 amounting to
dividend of $2 per share amounting to
$1,7 16,938.
$915,700.
In¬
Lea
c
e
Volume
tobacco,
150
The Commercial & Financial Chronicle
f After deduction of
flood loss.
income for the year would
amount to
on common stock.
If flood loss
not deducted
was
$3,765,923, equaling $7.86
per
share
Calendar Years—
1938
$
$
Assets—
y
Real estate,
chry.Afixts
5,453,373
Liabilities—
Preferred stock
will, &c
1
1
3,718.416
Cash
Leaf,
5,409,650
11,213,037
884,169
943,745
6,488,299
5,498,059
Marketable
Capital
other
Other
securs.
stocks
3,418,078
768,223
3,223,009
5,765,886
Surplus
600,039
$1,640,487
10,587
5,756,098
$2,041,911
$1,993,552
810,114
987.569
$1,706,678
946,471
$1,651,074
975,293
$1,231,797
$1,005,983
$760,207
611,259
497",250
$675,781
468,000
income
Deduc. from gross inc.
Divs.
Divs.
Divs.
600,039
159,242
expenses__
167,820
47,316
64,876
27,998,132
27,595,4161
Total
27,998,132 27,595,416
Represented by 1,831,400 shares of no
par value,
of $2,531,446 in 1939 and
$2,441,516 in 1938.—V.
y After depreciation
148, p. 3573.
Upson-Walton Co.—10-Cent Dividend—
Van Raalte
1937
$9,900,667
8,868,156
$9,905,954
8,762,900
$9,430,935
8,227,783
$1,032,511
57.490
$1,143,053
53,169
$1,203,152
45,902
$1,455,915
Cost and expenses
Operating income
Other income
$1,090,001
215,165
77,943
,196,222
191,193
91,472
$1,249,054
184,449
91,763
1936
262,335
105,470
silk
raw
186,452
124,917
5,943
120,898
11,222
124,388
13.039
$901,658
118,104
323.203
$671,977
118,349
258.562
$775,494
121,586
452,483
$835,415
122,217
452,484
undist. profit.
Common dividends
shs. com. stk.
$460,351
$201,424
$260,715
$6.06
(par $5)
$295,066
$4.28
$5.06
1938
$
$
c
497,667
Consumers'
c
1939
counts receiv'ble
Mdse. acc'ts, Ac.
Miscell. acc'ts
890,198
775,318
830,700
28,761
46,361
822,162
38.783
and supplies
Note and Int.
Props, and plants.$2,321,400 51,911,238
Cash
328,728
469,008
Accts. and notes
y
x
.
1,228,417
1,275,416
2,543,075
1,818,415
charges70,523
Sundry invest
53,847
Deferred
218
taxes
$6,492,142
$5,528,1411
Total
646,405
?60,000
339,277
311,145
Accounts payable.
Accrued accounts.
Prov. for Federal
Capital surplus
Earned surplus...
z Pref. stk. in treas
Total
646,405
.
Other current liab.
303,315
186,452
32,993
1,008,671
1,9 0,631
Dr59,630
272,329
42,559
Dr59,630
..$6,492,142 $5,528,141
Veeder-Root, Inc.—To Pay 50-Cent
Dividend—•/
Subs.)—Earnings—
1939
1938
1936
depreciation, &c
Earnings pa1 share
$879,091
$667,014
x$861,116
$1,126,623
$1.27
$0.95
$1.26
$1.61
undistributed profits.
After providing for
taxes, depreciation and other charges, the net earn¬
ings for the six months ended Dec. 31,
1939, were $1,951,029, or approxi¬
mately $2.80 per share on the outstanding
shares.—V. 150, p. 1009.
Before surtax
on
Walgreen Co.—Sales—
Period End. Feb. 29—
Sales.
Webster
bonds
Consolidated Income Account for Calendar Years
1939
1938
$3,747,8121
Cost of sales
2,934,454
Gross profit.--i
Sell., adm. & gen. exp..
Miscell. charges (net)
Depreciation
1937
1936
Not Reported
f
Georgetown
light
Co.
discount A dep.
Commission and
82,019
mtge. 5% bonds
Notes pay. to bank
1,000,000
1,000,000
83,697
—Secured
Acc'ts A wages pay
Divs. payable
Customers depe. A
600,000
526,409
199,425
386,477
expenses
b
Excess
104,454
of invol.
liquidation val__
def'd
139,000
139,000
65,266
68,596
debit
construct,
items
$813,358
708,400
92,801
$816,891
854,947
63,129
50,601
$958,529
1,022,771
72,590
52,931
$1,205,164
1,171,186
_prof$12,156
Net loss.
$151,786
$189,763
$135,257
78,154
91.080
$38,087 charged for the year 1939 compares with
$50,601 for the year 1938.
The decrease is largely due to the
discontinuance
in 1939 of depreciation on certain
plant assets sold in 1939 and on certain
other plant assets deemed to have been
fully depreciated on Sept. 30, 1939.
Consolidated Balance Sheet Dec. 31
Assets—
1939
Cash
1938
$544,140
1939
$272,386
500,466
1938
$
Liabilities—
$
567,565
1,626,968
1,850,115
expenses.
14,248
11,300
Other Investments
12,150
12,150
dry accruals
Fed. & St. tax. pay
Prov'n tor future
775
pay., contln., Ac
Min.int.ln sub.co.
14,097
Preferred stock,
b Common stock.
531,600
409.313
54,928
13,818
546,300
409,313
Capital surplus
658,575
Surplus approp. for
pref. stock red'd 2,468,400
2,453,700
_
Inventories
Cal.
on
deposit In
closed
bank
aLand.bldgs., Ac.
Goodwill
467,564
653,479
1
1
^
Accts. pay. & sun¬
c
Deficit
Total
a
$3,232,636 $3,300,671
After depreciation of
resented
Gas¬
1st
advs.
298,264
curr.
llab...
Reserves
Total
Total
43,527
$35,127
28,029
920,906
43,240,845 39,552,620
Total
30,164
670,891
913,570
b Rep¬
Wellington Fund, Inc.—To Pay 20-Cent Dividend—
Directors have declared
a dividend of 20 cents
per share on the common
par $1, payable March 30 to holders of record March 15.
This com¬
with 25 cents paid on Dec. 28 last; 20 cents
paid on Sept. 20 last;
25 cents paid on June 28 last; 20 cents paid on March
31, 1939; 15 cents paid
on Dec. 30 and 8ept.
15, 1938; 20 cents paid on June 28 and March
31,
1938, previous to which regular quarterly dividends of 15 cents
per share
were
distributed.—V. 150, p. 289.
stock,
573,817
305,435
43,658
84,040
33,809
323,059
51,780
100,500
4,105,669
3,576,375
43,240,845 39,552,620
a In connection
with issuance of $4.50 cumul.
conv, pref. stock,
b Of
$4.50 cum. pref. stock over sales
price thereof,
c Less reserves,
e
Repre¬
sented by 425,000 no par shares in
1939 and 390,000 no
par shares in 1938.
f Represented by
35,600 no par shares.
Granted Exemption from
Holding
Company Provisions—
The company, announced
March 4 that it had received notification from
the Securities and
Exchange Commission that it had issued an order exempt¬
ing the company from those provisions of the
Public Utility Holding Com¬
pany Act of 1935 which would require it to
register as a holding company.
In its opinion the Commission
found that the company is
predominantly
a public
utility company and that the company and its five
subsidiaries
operate as a single unit in the District of
Columbia and adjacent territory
in Maryland and
Virginia.
The executive officers and directors of the
company in general hold similar positions in each of
its subsidiaries.
The
Commission also found that all of the
subsidiaries' outstanding securities
were owned by
Washington Gas Light Co. and rhat all services performed
by the company for its subsidiaries were
charged to the subsidiaries at cost.
Washington Gas Light Co. and its subsidiaries are not affiliated
with any
other public utility system since the
common stock of the
company, formerly
owned by Washington and
Suburban Companies, was distributed to the
general public last year.
The company is now owned
by more than 5,000 stockholders located in
39 States and the District of Columbia. The
common stock is listed on the
New York Stock
Exchange.—V.
Wentworth Mfg.
Net
sales
Co.—Earnings—
Earnings for the 3 Months Ended Jan. 31, 1940
$1,015,017
930,092
Cost of goods sold
Gross income from operations
Selling, general and administrative expenses.
$84,925
84,723
$202
Other deductions, less other income
Net
2.101
loss
$1,900
547,697
Total
Additional Federal income tax, prior
year
Cash dividend declared on
preferred
Jan.
31,
$545,797
216
8,524
1940
$537,057
Balance Sheet Jan. 31, 1940
Assets—Property not used in conduct of business, $134,498; fixed asset8
(net), $217,658; deferred charges and prepaid expenses,
$36,634; total,
$2,304,554.
Liabilities—Bank loans, $700,000; accounts
payable, $8,462; accrued
taxes and expenses,
$56,157; dividend payable, preferred stock, $8,524;
convertible preferred stock
(39,940 no par shares), $539,190; common
stock ($1.25 par), $512,520; earned
surplus, $537,057; paid-in surplus,
$660; less cost of 5,845 shares of preferred stock purchased and in
treasury,
Dr.$58,016; total, $2,304,554.—V. 149, p. 3574.
Western Electric
Co., Inc.—Consolidated Earnings—
Calendar Years—
Sales and other operating revenue
1939
(net):
Telephone companies
Subsidiary and associated companies
Others
Bell
1938
$177,534,532 $167359,889
2,699,056
2,323,142
12,530,106
10,302,617
Total sales and OVUW. Vi/Ul aULUK A ty V UilUV*.
other operating revenue
$192,763,694 SI
$179,985,648
Payrolls
72,525,640
75,453,756
Payments to trustee of pension funds
3,571,147
12,■402,781
Provision for employment stabilization
1,044,889
Taxes—social security, Fed. income & other taxes
8,862,777
6,504,269
i.
oven PttiVO »JUU
««
Purchases of materials and services
Depreciation of plant
Decrease in inventories
76,862,821
*5,710,439
7,386,359
$3,232,636 $3,300,671
$238,924 in 1939 and $1,974,208 in 1938.
by 409,313 shares of no par value.—V. 149, p. 3281.
pares
186,300
642,250
Accrued Interest-.
Accrued taxes
Misc.
Earned surplus,
Note—Depreciation
Prepaid
8,500,000
14,178
10,936
Earned surplus, balance Oct.
31, 1939
Eisenlohr, Inc.—Earnings—
Net sales
Accts. receivable.
2,880,000
8,500,000
4% series s.f.mtge.
Net operating income
1940—Month—1939
1940—5 Mos.—1939
$5,970,914
$5,647,079 $31,474,945 $30,419,426
—V. 150, p. 1009.
5,199,500
2,720,000
bonds...
150, p. 289.
1937
taxes,
x
mtge.
3,560,000
6,161,397
5,199,500
11,605
15.656
1,008,671
1,470.279
Directors have declared a divididend of
50 cents per share on the common
stock, payable March 15 to holders of record March
1.
Dividend of $2
was paid on Dec.
15, last and previously regular quarterly dividend sof
25
cents per share were distributed.
In addition, an extra dividend of
75 cents
was paid on
Sept. 15, last, and extras of 25 cents were
paid in each of the
six preceding quarters.
An extra of $2 per share was
distributed on Dec. 15,
1937.—V. 150, p. 137.
Vick Chemical Co.
(&
4,461,811
6,895,072
Special deposits
Unamortized debt
124,917
x Represented
by 129,281 shares of $5 par value,
y After allowance fo
doubtful accounts and discounts of
$69,500 in 1939 and $37,000 in 1938
z Represented
by 590 shares.—V. 151, p. 1458.
3 Mos. End. Dec. 31—
Net profit after
3,560,000
4,868,915
Capital surplus
Gen. mtge. 5% bds
4 Yi.%
series
ref.
rec.
co
1938
$1,746,200 $1,746,200
Common stock
preferred stock.
Profit A loss surp.
Deferred Income..
1939
Notes Pay
receivable
Inventories
Liabilities—
1st pref. stock
2,600,000
584,503
Mdse., materials
Prepayments
$
3,650,000
660,538
856,085
rec.
1938
$
Common stock.,
f $4.50 cum. conv.
e
ac¬
$5.52
1938
1939
Liabilities—
39,809,297 36 ,191,776
Comparative Balance Sheet Dec. 31
Assets—
$5.20
common stock in
Fixed capital
Cash
Other
Balance, surplus
Earns, per sh. on 129,281
$1.81
Consolidated Balance Sheet Dec. 31
a
Net profit
1st pref. dividends
$207,781
dl30,000
$2.24
e425,000
$2.52
c52,621
$239,586
e390,000
Including Federal
from affil.
commitm'ts to market
Prov. for Fed. taxes, Ac.
f133,821
$374,912
e390,000
income and undistributed
profits taxes,
b Prior to
June, 1937.
c From May 1,
1937, to Jan. 31,
1938, less accrued dividends,
$14,882, to dates of sales of stock, d Shares
of $20 par.
e No par value shares,
f Less accrued dividends to dates of
of sales of stock,
g Includes accounts of Alexandria Gas Co. and
Washing¬
ton Suburban Gas Co. for
the period from Aug. 1 to Dec.
31, 1939.
c
Gross income
Depreciation
Discts., int. & other chgs
160,208
$460,331
Number of shares
Earned per share
a
351,000
cumui.
pref. stock
1939
1938
$11,097,652
9,712,740
$4.50
bl 17,000
stock.
Assets—
$1,384,912
71,003
Net sales.
Prov. to reduce
_
Balance
Co., Inc.—Earnings—
1939
a557,469
416,831
.
capital stock._
on
change into
Directors have declared a dividend of
10 cents per share on the common
stock, par $1, payable March 20 to holders of record
March 9. Dividend of
30 cents was paid on Dec.
20, (ast, this latter being the first dividend paid
since March 21, 1938 when 10 cents
per share was distributed; prior to
then,
regular quarterly dividends of 20 cents were
paid.—V. 149, p. 3573.
Calendar Years—
on
on common
conv.
x
on
$1,674,312
32,366
II
Gross
and
Total
Surtax
$1,990,143
3,410
Net income
accts. receivable
Prepaid
769,334
...
reserve
470,905
$2,021,338
20,573
Taxes
of$
companies
notes
General
$7,504,578
4,444,216
445,576
574,386
incl. Federal Inc.
taxes
10,629,717
Bills & accts. rec__
$
2,330,000
14,943,700
mfg.,stocks,
supplies, Ac
$
1936
$7,908,799
4,768,813
414,766
608,447
442,461
revenues
expenses
Maintenance
2,330,000
x
1937
$8,257,923
4,878,341
400,384
518,150
Operating
Operating
1938
Common stock._14,943,700
Accounts payable.
771,134
Acer.taxes & exps.
3,715,748
1938
$9,018,260
5,183,960
476,169
821,904
514,888
Other income
1939
ma-
Trademarks, good¬
gl939
Retirement accruals
Balance Sheet Dec. 31
1939
1621
Washington Gas Light Co. (& Subs.)—Earnings-
Net
operating profit
Sundry
income
(net)
Income from sub. &
assoc. cos. not
Earnings before interest charges
Interest charges
Net earnings carried to
surplus
*
Based on engineering studies
consol.
(net)._
67,578,519
6,611,162
15,435,527
$16,799,622
1,402,412
Dr436,433
$5,999,634
811,063
306,804
$17,765,601
1,289,515
$7,117,501
$16,476,086
$5,734,033
1,383,468
in 1939 of probable
remaining life of
and service equipment, the
depreciation rates were reduced
resulting in $546,470 lower charges for depreciation.
buildings
The Commercial &
1622
Western
Dec. 31
Consolidated Balance Sheet
1939
A
1938
$
Earnings for
1939
9,958,592
9,822,905
machinery__._-.108,884,233 111 ,063,564
15,763,670 15,953,535
-
Buildings, service equipment and
Small tools, furniture and fixtures.Total plant-
a
Electric Co., Inc.:
not consol
Other, at cost less reserve of $1,288,293
Of Western
11,858,672
4,793,630
In sub. & assoc. cos.
Of subsidiaries consolidated:
b In subs. oper. in foreign
In the
Patents and
countries
809,243
2,151,068
—
12,743,646
20,160,681
1,225,923
1,740,334
482,814
less reserve of $800,308
goodwill—Teletype Corp
less res. of $1,526,274---
Deferred receivables,
suppliers
—
Merchandise
Notes & trade accepts.,
less res. of $113,759
Accounts receivable (net) —
26,497,938
21,268,722
6,445,597
Marketable securities—-—
Cash and deposits
11,851,321
5,401,921
(represented by 6,000,000 shares, no par:
stockholders
Surplus..—
Reserves—Depreciation of plant
1,959,158
21,431,788
767,773
20,296,926
16,487,269
9,176,081
(Elec. Research Products, Inc.)..
stabilization
compensation
Other self-insured risks
Noyes payable, demand:
Trustee of pensions funds d
Others for borrowings
*
Deferred liabilities
Accounts payable:
Payrolls and suppliers
Accrued taxes and interest
Subsidiary and assoc. companies, not
$
1,750,000
1,044,889
340,000
352,750
Workmen's
31,981,505
832,984
49,006
129,313
$3,697,322
511,659
972,000
$3,349,168
561,469
675,000
$2,223,414
$2,161,008
$2,213,663
$2,112,699
paid—Pref. stocks
consol----
2,211,676
4,362,618
payable
retire $2,036,400 of these notes
during 1940. See also V. 140, p.
1301.
Boylston Mfg. Co.—To Call Bonds—
At a special meeting of stockholders held Feb. 27, it was decided to call
in the $125,500 of 1st mtge. bonds and $220,000 of 2d mtge. 7% bonds on
April 1.
In their place will be issued $220,000 of 43^ % bonds to be secured
by first mortgage and $100,000 of 5)^ % 2d mtge. bonds.—V. 145, p. 786.
West
Supply Co.—Earnings—
Western Auto
Calendar Years
Income Account for
1936
1937
1938
1939
$36,335,436 $36,911,994
Cost of sales &
sell., gen.
39,523,452
142,438
284,502
Prov. for depr. & amort.
419,756
Taxes
and admin, expenses.
32,092,706
32,173,789
22,052,199
67,327
25/,922
346,761
98,833
213,217
285,323
803,055
294,814
71,599
200,228
170,051
709,431
164,202
Maintenance and repairs
doubtful accts.
operating profit..
$3,586,108
365,996
867,953
978,210
367,709
Rentals
$2,336,772
$3,042,962
$2,348,858
444,880
349.983
338,194
247,699
$4,030,988
Other income
$2,686,755
$3,381,156
37,753
$2,596,558
534,280
45,653
288,293
Total
Provision for Federal
State income taxes
Prov. for excess
$2,087,840
864,073
$2,475,177
bl,132,097
$2,066,014
1,362,736
a751,368
a751,368
Plant and
Cash
477,500
765,551
prof, tax
•»
Prov. for Federal surtax.
$3,169,904
Net income
1,352,462
Dividends paid
Class B
Shares class A &
a751,368
stock
114", 546
Notes
Deferred charges.
1939
$
4,787,487
5,740,811
10,165
10,165
Marketable securs
$
LiabUUies—
z
$
•
3,821,833
10,256,699
3,585,263
1 033,564
668,685
1,002,524
29,523
Notes & accts. rec.
Inventories..
771,765
Time bank loans.
2,000,000
2,500,000
24,813
311,830
Paid-in surplus
972,000
Income Account
Earned surplus
6.604,037
4,786,595
Other assets
Deferred charges.
7,463,456
345,618
.
Ac
_
20,253,849 17,908,103
x
20,253,849 17,908,103
Total
for depreciation of $306,539 in
Represented by 751,368 shares of common
After deducting reserve
191 in 1938.
z
1939 and $252,
stock, par $10.
—V. 150, p. 1010.
Western Grocer
6 Months Ended Dec.
Co.—Earnings—
for
5,743,629
848,435
5.982,475
862,508
$222,687
Net sales
$6,888,256
Selling,
Net
sold
administrative and warehouse expense..
profits from operations.
Interest on bank loans
General
Net
40,697
$140,502
profit
loss$18,856
a
$297,569
Cash
1938
$384,213
Notes
Accounts rec. (less
payable
Accrued taxes, Ac.
514,269
594,659
3,145,449
3,660,771
Income tax
1,320,262
1,277,147
Deferred liabilities
6,679
14,980
90,562
reserve)
Inventories
x
Fixed assets
Invest.s and
provls.
111,825
Deferred charges..
Trademark & good¬
Common
Balance available for
talization
surplus.__
Common
stock
Treas. (2,489
x
/ifter
100,000
896,100
2,100,000
2,100,000
302.248
stock...
301,453
137,604
85,517
$8,080
$2,699
Balance for the year
of discount and expense.
Including amortization
a
Balance Sheet Dec.
1939
31 (Company Only)
$
shs) Dr20,990
$
S
LiabUUies—
278,890
203,986 Cap. stock (978,526shs.)
23,723,037 23,723,037
Notes receivable..
360,000
1,137,000
Investments
a34,765,023 34,006,248 lG-yr.3)4% coupon
notes
due June
Interest receivable
1,899
9,416
15, 1946
11,000,000 11,000,000
Unamort. tax eps.
4,169
4,080
Accrued taxes
57,177
55,546
Unamort.
coupon
14,896
14,896
note disc. A exp.
255,315
294,848 Int. and other accr.
Surplus
870,186
862,100
Cash
—
Total...
35,665,297 35,655,578
Common stocks of constituent companies (respresenting their book
values at dates of acquisition for shares acquired by exchahge and actual
cost of shares purchased for cash):
Turners Falls Power & Electric Co.
35,665,297 35,655,578
Total
a
(110,000 shares), $12,485,194; United Electric Light, Co. (221,575 shares),
$12,874,682; Pittsfield Electric Co. (31,160 shares), $4,263,812; Western
Co. (166,256 shares), $4,711,335; Quinnehtuck Co.
(3,500 shares), $725,000; Western Massachusetts Agency, Inc. (5,000
shares), $5,000.
Massachusetts Electric
Official—
Trustees.
held Feb. 21, trustees were re¬
office of Chairman of the Board of
meeting of stockholders
At the annual
elected and it was voted to create a new
subsequently elected W. Rodman
The trustees
Peabody to that
office.—V. 149, p. 2532.
Westinghouse Air Brake Co.
1939
Calendar Years—
$2,086,758
1,665,837
Net inc. from oper
Income deductions
_
Provision for Federal
$680,152
1,511,900
$5,393^659
3,594,848
$2,971,771
4,091,392
$3,752,595
253,670
$2,192,052
841,101
$8,988,508
1,728,487
$7,063,163
608,393
and
733,296
357,134
yl ,006,640
y905,987
$2,765,629
1,575,500
$993,816
$6,253,381
$5,548,782
3,106,453
$1,190,129
$605,226
$6,253,381
$2,442,329
3,172,111
$0.72
3,108,912
3,108,912
3,106,814
$0.32
$2.01
$1.79
State income taxes__
profit
Dividends paid in cash .
_
Surplus
Shares
of
Earns. per
(& Subs.)—Earnings1937
1936
1938
$18,114,332 $14,153,415 $33,180,563 $22,139,398
13,473,263
27,786,903
19,167,627
16,027,574
Other income
capital stock
(no par).
sh.oncap.stk.
See z
388,590
undistributed
dis¬
Including $12,000 in 1937 and $1,025 in 1936 st^rtax on
profits,
z During 1937 payments amounting to $2.25 per share were
tributed to stockholders from paid-in surplus, which was created in 1935 by
a reduction of the stated value of the capital stock.
There were three more
y
made from paid-in surplus:
30,
approximately
25 cents per share on April
1938; 25 cents per share on July 31, 1938, and the remainder,
share, on Oct. 31, 1938.
Note—Provision in the amount of $656,009 for depreciation
25 cents per
and equipment
has been charged
1939
$
Assets—
in uncom¬
contracts
Treasury stock.
78,002
40,543
1
dL.271,680
.
Investments
Cash
Accts. & notes
964,762
5,637,757
15,129,347
rec.e4,495,359
market, securs—
Accr. Int. rec'le
notes & accts .rec
Inventories
Drl6,264
Total
$
$
Capital stock...34,893,218
Stocks of subsidi¬
a
aries not held
Notes & accta. rec.
(not current)
1938
1939
LiabUUies—
$
Equity
pleted
Dec. 31
1938
9,514,668
Patents
of buildings
against earnings for the year.
9,820,203
Property
Deferred charges._
in
1938
1939
1938
$
Assets—
4,904,568 11,469,462
54,296
98,290
See e
9,879,455
1.258,667
Accounts
payable.
1,015,625
Dividends payable
Advance billings..
8,343
1,012,892 Accrued liabilities. 1,399,233
5,780,963 Reserve for contin¬
gencies, Ac
1,661,389
9,304,491
2,503,036 Minority interest
in cap. & surplus
Officers' and em pi.
$6,022,331|
Total
$5,396,054 $6,022,334
depreciation of $1,773,125 ($1,730,868 in 1938).—Y. 150, p. 706.
$5,396,054
$1,959,751
1,957,052
dividends
Dividends paid
U.S.Govt. & other
Surplus from recapi¬
Earned
will
1938
$760,409 $1,081,641
1,450,000
975,000
123,856
125,158
23,525
893,100
7% pref. stock
misc.
assets
Total
1939
Liabilities—
Accounts payable.
$1,965,132
1,957,052
Interest expense
b
Consolidatea Balance Sheet Dec. 31
1939
Assets—
$2,414,231
890
55,441
398,150
expenses
Taxes.--.—.-
18,666
44,063
Depreciation
12,206
$2,420,144
1,020
56,959
397,033
—,
Consolidated Balance Sheet
23,525
17,963
Income tax
1938
$2,384,860
29,371
Interest earned
$43,273
Cost of goods
1,184,065
companies.. $2,407,938
Total...
payments to be
1938
1939
$6,814,751
31—
23,723,037
Total
50,808,944 49,868,874
of common stock of no par value.
Calendar Years (Company Only)
outstanding
Total
1,413
—-..
1939
972,000
Capital assets
common
stock—
Capital stock...23,723,037
Earned surplus
1,286,915
x
50,808,944 49,868,874
Net
Accr. taxes, wages,
Minority
65,757
573,700
Income—Dividends from constituent
7,513,680
1,467,143
7,513,680
payable. 2,130,568
Capital stock
Accounts
821,866
536,302
Represented by 978,526 shares
x
Gross income.
1938
1939
1938
$
Cash
-
Total
the new common stock.
Comparative Balance Sheet Dec. 31
Assets—
460
supplies.
$
3,000,000 3,000,000
Coupon notes
11,000,000 11,000,000
Notes payable
1,360,000
875,000
Current liabilities.
927,100
822,750
Reserves
9,511,891
9,262,609
...—
798,294
554,070
113,122
906,315
1938
$
Liabilities—
Mortgage bonds
249,664
769,072
Other assets
$8.96
stock
1939
$
receivable.-
Mat'is &
in 1938
Dec. 31
1938
Cost of sales
$3.29
stock, par
New common
5,412
$2.77
$4.22
$2.77
$3.29
$10.
b $230,456 paid on class A and B
outstanding
and $90,641 on
$1,286,915 $1,184,296 $1,278,967
amounting to $529,833 in 1939, $538,408
$359,030 in 1936.
Gross sales
Earns, per sh. on Class A
& class B common shs.
$129,048
1,266,366
Dr.328,686
$1,066,728
equip...46,430,680 46,337,297
1,237,390 1,283,828
New
&
362
$256,231
1,066,728
Dr43,992
$
Acc'ts receivable.-
230,456
121,415
95,533
Income deductions
380
$203,852
1,278.967
Dr298,523
1939
411,084
s
104
$266,336
1,184,296
Drl63,718
Assets—
1932 to a reserve accumulated in
plant costs, and after
retired,
companies and
made for
1,957,052
1,957,052
maintenance
Incl.
x
288,289,957 281,338,399
$8,233,301 charged off in
At cost less
26,236
1,957,052
1,957.078
Surplus
Previous surplus
Adjustments
4,232,921
1,129,969
1,225,393
6,842,880
1,220,350
1,412,193
—.—
Capital stock of West¬
ern Mass. Cos
Minor, stocks of con¬
stituent utility cos-
6,038,181
7,277,481
previous years to provide for anticipated decline in
deduction of obsolete, worn-out and excess plant written off or
b Pro rata share of capital and surplus accounts of subsidiary
advances at cost, less reserve of $654,257.
c Cost less provision
amortization of $3,876,765.
d 4% demand notes held by trustee as an
investment of pension funds not presently required to meet pension pay¬
ments. Under present arrangements with the trustee, the companies expect
x
125,930
$3,553,945
511,937
881,000
of constituent cos..
Investments
- -
Total..
a
102,639
$3,259,705
89,462
Consolidated Balance Sheet
335,000
358,531
29,665,271
;
Other.—.
Net
161,696
Net income
Divs.
1,755.728
1,988,950
2,070,991
$3,501,869
512,455
766,000
$473,806 in 1937 and
141,000,000 141,000,000
1,500,000
1,500,000
18,204,199 17,354,220
73,188,013 73,089,013
Gen. contings.
Employment
Prov, for
$3,571,392
Interest
1,229,006
2,129,464
•$
,
Cash paid by
Fromsurplus
to
$3,451,306
—
Total earnings
288,289.957 281,338,399
1939
1938
-
-
Liabilities—
a
$3,340,173
2,141,069
Total surplus..,
Total
Drafts
$8,724,933
3,709,499
--
Operating profit—
2,183,490
334,219
-----215,199
43,271,199 50,6o7,5o8
Prepaid royalties
Other deferred charges
Capital
1936
$9,100,478
3,540,135
Retirement reserve
United States
Other, at cost
Advances to
—
1937
$8,705,940
3,183,643
Other income
Investments:
c
Taxes...--
1938
$9,384,637
3,903,395
Operating revenue
x Operating expenses--
-.134,606,495 136,840,004
-
1940
9,
Massachusetts Cos,—Earnings—
Calendar Years (Including Constituent Companies)
%
spt s
s
Land
March
Financial Chronicle
of subsidiary
Def. credits to inc.
Earned
surplus
34,893,217
1,418
566,647
388,590
38,767
1,160,597
1,657,659
1,433
842
842
1,235
13,242,334 cll397,614
See d
8,877,783
231,934
52,222,416 50,105,744
Total
52,222,416 50,105,744
b
Representing
Represented by 3,172,111 shares of no par value
c Earned surplus restricted in the amount of
63,199 shares of capital stock.
a
Volume
ISO
The Commercial & Financial Chronicle
$251,559, which
represents the cost of 6,851 shares of the
parent company's
capital stock reacquired and held in tis
treasury,
d Includes $313,126 from
officers and employees.
«
—V.
150,
Includes $278,540 from officers and
employees.
1010.
p.
$12.50
Wheeling & Lake Erie Ry.—To Pay $1 Common Dividend
(Alan) Wood Steel Co .—Accumulated Dividend—
28, 1938.—V. 149,
June 14, 1940.—V. 150, p. 1459.
Wisconsin Electric Power Co.—Stock
Registered with SEC
Company March 6 filed with the Securities and
Exchange Commission
registration statement (No.
2-4340, Form A-2) under the Securities Act
of 1933 covering
282,098 shares of 4H% series preferred stock ($100 par)
and 1,551,539 shares of common
stock ($20 par).
Period End. Feb. 29—
$9,183,014
1,516,335
5.698,961
$1,529,306
377,745
$572,646
323,283
$3,484,053
$1,151,561
16,779
$249,363
22,293
$2,991,545
23,187
$1,801,245
25,753
$1,168,340
$271,656
$3,014,733
$1,826,998
3,939
2,114
profit
on
Gross
Interest
income
on
funded debt
Amortization of debt discount and
expense
Amortization of abandoned street
ry. property
Other interest (net)
Miscellaneous deductions
& adm. exps.
gen.
Loss
sale
on
Loss
on
foreign exchange
x
Preliminary.—V. 150,
common stock
174,450
Prov. for Fed. surtax
$49,535
166,480
$2,209,500
1,331,846
$1,252,559
589,615
56,700
outstanding (no par),
665,920
665,920
665,920
332,960
$1.20
$0.07
$3.32
$3.84
x
Earns, per sh.
$6,922,560
4,518,851
683,582
93,626
$9,237,623
5,903,051
697,326
99,114
$7,531,456
4,960,619
689,743
100,172
524,797
535,730
x
After undistributed surplus tax.
Consolidated Balance Sheet Dec. 31
Assets—
1939
Cash
.
Inventories
Land
$1,101,702
$2,002,401
$1,375,698
112,227
73,06.5
101,770
$1,213,928
550,541
$2,075,466
650,103
$1,477,468
699,520
count
and
38,416
119,224
18,911
25,475
17,464
99,449
5,582
yl79,289
51,097
30,593
96,310
$631,177
$532,881
x$l,177,512
expense
Federal income taxes
Other deductible
Net
income
Net
x
income
17,118
Dec.
&
31—carried
Revenue Act of
1936.
Cash
$
1,410,815
Accounts payable.
Accrued accounts.
425,702
1,630,575
529,661
226,658
20 ,405,874
20,806,820
347,372
$
650,037
Invest'ts and other
on
2nd
and
296.947
mtge.
called
1st mtge. 5% bds.
2d mtge. cum. 5%
Common
348,615
199,303
243,342
98,625
bonds,
for red...
income
358.243
120,398
inc.—est
bonds..
733,600
6,906,500
19,826
68,351
16,941
Common stock..
Earned surplus
1,858,633
2,472,183
2,336,361
1,858,633
1
41,552
21,113
reserve
Yukon Consolidated
Gold
Corp., Ltd.—Initial Div.—
Directors have declared
common
an initial dividend of
eight cents per share
stock payable March 30 to holders of record March
9.
Zion's
on
the
Co-Operative Mercantile Institution—Dividend
Directors have
declared a dividend of 50 cents per share on the
common
stock, par $50, payable March 15 to holders of record March 5.
Previously
regular quarterly dividends of 25 cents per share were distributed.
Zonite Products Corp.
(& Subs.)—-Earnings—
1939
$2,524,323
Sell., gen. & admin, exps.
2,390,931
1938
$1,913,036
1,721,714
1937
1936
$1,996,184
1,688,290
$1,791,829
45,402
$191,322
45,905
$307,894
68,200
$286,013
66,931
$87,990
18;834
$145,416
20,303
$239,694
28,150
$219,082
36,249
$106,824
Net profit from
Depreciation
$165,719
$267,844
$255,331
$133,392
oper..
Operating profit
Other income
1,505,816
Foreign exchange losses.
2,890
863
146
Prov. for doubtful accts.
31,535
24,034
Sundry deductions, &c__
52,925
62,007
3,613
53,600
47,374
1,103
6,055
33,300
50,000
33,960
47,249
Interest
Federal surtax
Adj. of net for. assets
Federal and foreign in¬
come
taxes,
Foreign
(credit
&c
income
6,346
24,927
21,451
28,899
taxes
adjustment)..
244
loss$26,904
Earns. per sh .on cap .stk.
24,562,166 24,847,9421
2,226,900
3,435,700
148,949
2,704,300
stock
2,804,250
9,167,075
Total
488,700
7,013,500
1,941,403
9,055,984
1,310,226
24,562,166 24,847,942
Note—The holders of second
mortgage bonds have the right to convert
common
stock,
par value
$10 per share, at the
rate of
40
$49,916
$0.06
Nil
$142,365
$0.17
$98,307
$0.12
Consolidated Balance Sheet Dec. 31
Assets—
1939
Cash
b
$426,45$
Receivables
355,924
225,604
Chilean accounts
24,096
1938
Liabilities—
equip.,
non-operating
cLand, bldgs., ma¬
chinery, &c
Pats., trade-marks,
goodwill,
_
1939
$350,394 Accts. payable and
accrued expenses
440,893
247,026 Res've for disputed
41,922
25,486
28,997
29,748
342,845
$132,071
34,337
845,556
Dr98,781
424,776
165,167
62,045
845.556
55,000
for
in¬
come taxes
323,031
d
a
Capital stock...
Treasury stock..
Capital suiplus
Earned
1938
$104,224
claim
Provision
Real est. &
surplus...
2>r98,781
424,776
173,810
organ¬
53,503
152,408
Prepaid rent, taxes
& other expenses
Adv.
Capital surplus
Earned surplus
such bonds into
8,698
218,493
liabil
$5,072,074 $4,347,0651
After
ization exp., &c.
104,494
Reserves
Total
accr.
723,793
1
_
Fed. & States taxes
1 ,185,665
1938
$
Liabilities—
669,614
Inventories
Prop., plant
equipment
Other
Total
$5,072,074 $4,347,065
for
depreciation,
b After reserve for amortization,
Represented by 665,920 no par shares.—V. 150, p. 1148.
a
e
1939
1 ,474,405
and
accts. receivable
Deferred charges.
1,076,698
applications
Goodwill
Investments
1938
$
Assets—
assets
1,006,957
Deferred charges..
Inventories
Balance Sheet Dec. 31
1939
notes
Accrued taxes
87.926
858,081
41,451
for
to
earned surplus since
reorganization, $777,346.
$1,177,512.
y The company having been in reorganization under Section
77-B of
the Federal Act, as amended,
during the year, no provision has been made
for the surtax on undistributed
profits, because of the exemption provided
Trade
446.049
1938
$461,489
pat't
Total above
under
Accts. pay.—trade
Accrued payroll..
c
equip., dies, &c.
$633,927
the period Jan. 1 to March 31—carried to
earned
surplus prior to reorganization, $400,166: net income for the
period April 1
to
1939
330,870
Bldgs., mach. &
b Patent
c
Liabilities—
51,660,616
1,206,527
1,359,573
87,926
Accts. receivable.
a
1938
$719,501
405,224
$1,324,137
516,408
funded debt.
Amortization of debt dis¬
on
on com.
stock
1936
528,124
Gross income
Int.
82,579
"3",396
$801,741
665,920
Calendar Years—
Gross profit from oper_.
1937
Other income
254,104
77,121
Balance surplus
Common dividends paid.
Preferred divs. paid
No. shs. of com. stock
$1,359,341
1938
t
expenses
502,453
36,359
122", 162
on
undistributed profits.
Miscellaneous charges..
6,004
40,468
ministrative
29,110
92,03 5
taxes
41,498
$7,731,211
5,099,344
733,648
86,426
Depreciation
Depletion
Selling, general and ad¬
75,287
16,778
3,719
110,378
75,930
Prov. for Fed. & Cndn.
inc.
& excess profits
1,015,777
151,244
50,000
discts.,
&c
98", 459
73,756
__
$2,623,864
$1,283,669
Gross sales—less
109",439
Interest (net)..
$2,620,831
Dr28,718
27,170
4,581
1939
Cost of sales
15,586
Prov. for depreciation
Prov. for amort, of pat'ts
Woodward Iron Co.—Annual
Report
Calendar Years—
"3",678
Exps. in connection with
refinancing & listing of
449.
p.
"5",557
Prior yr's. income taxes.
1,226,400
329,800
$1,648,392
Net income
dieposal
or
$2,162,541
361,296
492,507
of capital assets
3,191,168
532,579
970,000
10,710
36,190
available
sales
Profit
Other income
Total
Net operating income
Merchandise and jobbing (net)
Interest and dividends
Miscellaneous income
1936
Not
before prov. for de-
Sell.,
1938
$2,969,146
1,075,753
148,100
50,000
1937
$2,088,981
3,382,313
$8,870,778
$2,964,894
Dr31,295
30,856
4,692
Depreciation
Taxes
1938
Gross
Wisconsin Public Service Corp.
(& Subs.)—Earnings—
Provision for Federal and State income taxes
Subs.)—Earnings—
Gross sales, less
discts.,
returns & allowances.
$4,911,619
Cost of sales, excl.
deprec
voting rights in the event of default in dividend payments and
instances.—V. 150, p. 1459.
xl939
Co. (&
1939
in other special
$9,191,203
2,861,291
546,702
1,098,796
1,254,500
465,020
1010.
p.
Consolidated Income Account for Calendar Years
A hearing has been set for March
18 in the SEC's Washington offices on
the declaration and
application (File 70-1) of company regarding the issuance
and sale of 282,098 shares of
4H % series preferred stock and a maximum of
141,049 shares of common stock.
The company, for approximately 10
days, will offer in exchange for each share of its
6% preferred stock, one
share of new preferred stock and
H share of common stock, plus a cash
dividend adjustment of
approximately 37.5c. a share of 6% preferred stock.
Any of the new preferred stock not required for the
exchange will be sold
to the public
through underwriters.
The company also proposes to confer
certain additional
rights upon holders of the preferred stock by giving such
revenues
150,
Youngstown Steel Door
Hearing March 18—
Operating
3734.
1940—Month—1939
1940—2 Mos.—1939
$22,116,703 $20,685,859 $42,628,705 $40,338,505
Sales
—V.
The company, until
April 4, 1940, proposes to offer in exchange for each
share of its
outstanding 6% series preferred capital stock, issue of 1921,
one share of the new
preferred stock and H share of common stock, plus a
dividend adjustment of
37He. per share of 6% preferred stock.
The
exchange offer will be effected only if at least
60% of the 6% preferred stock
held by others than the
parent company, the North American Co., is
deposited, it is stated.
New preferred stock not
required for the exchange offer, but not more than
81,355 shares, will be offered publicly
by underwriters.
The common
stock will be issued
only in connection with the exchange offer and upon
conversion of the new preferred stock.
The company also registered scrip
certificates to be issued in lieu of fractional
shares of the common stock.
The names and addresses of the
principal underwriters of the preferred
stock are as follows:
The Wisconsin Co., Edgar, Ricker &
Co., The Mil¬
waukee Co., Morris F. Fox &
Co., Dal ton, Riley & Co., Inc., Loewi & Co.,
Bingham, Sheldon & Co., Partridge-Player Co.,
Inc., A. C. Best & Co.,
Braun, Monroe & Co., The Marshall Co.,
Harley, Haydon & Co., Inc.,
Northern Wisconsin Securities Co.
The prospectus states that to facilitate
the offering it is intended to stabi¬
lize the price of the securities.
This is not an assurance, it states, that the
price will be stabilized or that the
stabilizing, if commenced, may not be
discontinued at any time.
The unexchanged 6% preferred stock
will be called for redemption on
June 1, 1940 at $110 a share
plus accrued and unpaid dividends.
Net
cash proceeds from the sale of
the new preferred stock, together with trea¬
sury funds, will be used to redeem the
6% preferred stock, it is stated.
The new preferred stock is convertible
into common stock until June 1,
1952 at the rate of five shares of common
stock for each share of preferred.
It is redeemable on or
before June 1, 1952 at $107.50 a share and there¬
after at $105 a share, in each case
plus accrued and unpaid dividends.
The price at which the new
preferred stock will be offered to the public,
the underwriting discounts or commissions
and the number of shares to be
taken by each underwriter will be
furnished by amendment to the registra¬
tion statment.
Operation
Maintenance.
p.
(F. W.) Wool worth Co.—Sales-
a
Years Ended Dec. 31—
$20 per share.
Directors have declared a dividend of 87
H cents per share on account of
accumulations on the 7% cumulative preferred
stock, par $100, payable
March 25 to holders of record March 12.
This compares with $1.75 paid
on Dec. 21
last; $1 paid on Nov. 17 last; 75 cents paid on June 15 last and
50 cents paid on Dec.
,
stock special
are also 27,661 shares of common stock
reserved for sale
purchase, expiring April 1, 1947, at prices ranging from
Until
Wheeling Steel Corp.—Exchange Time Extended—
on
to
such time as the aggregate
principal amount of first and second
mortgage bonds shall be reduced to an amount not in excess of
$7,306,200,
no dividends
may be declared or paid on any shares or class of the
company's
capital stock now or hereafter authorized or
existing.—V. 150, p. 1148.
Corporation has notified the New York Stock
Exchange that the time
which 6% preferred stock
may be exchanged for $5 cumulative
convertible prior preferred stock and
common stock of the corporation,
pursuant to the plan of
recapitalization dated June 8. 1937, has been ex¬
tended until the close of business
that
purpose.
There
under option to
Directors on March 1 declared a
dividend of $1 per share on the common
stock, payable April 1 to holders of record March
21.
Dividend of $4 was
paid on Dec. 27, last, and one of
$5 per share was paid on the common
shares on Dec. 18, 1937—V.
150, p. 1459.
within
1623
shares of common stock for each $1,000
principal amount of bonds, and at
Dec. 31, 1939 there was reserved
118,420 shares of common stock for
20,755
38,219
16,911
25,535
supplies and
prepaid ad vertis.
Total
$1,475,279 $1,594,477
Total
...$1,475,279 $1,594,477
19.900 shares (reacquired) at cost,
b After deducting reserve of
$26,871 in 1939 and $31,818 in 1938 for doubtful accounts.
accounts,
c After
depre¬
ciation of $571,229 in 1939 and
$555,488 in 1938.
d Represented by 845,556
shares of $1 par value stock,
e
Ac estimated realizable value based
on
4 cents Chilean peso,
f Includes purchases from companies
acquired in
1938.—V. 149, P. 3282.
'
The Commercial & Financial Chronicle
1024
March i9, 1940
•
j^jepxrris and gnrummts.
PUBLISHED
AS
ADVERTISEMENTS
NORFOLK AND WESTERN RAILWAY
SUMMARY OF FORTY-FOURTH
COMPANY
ANNUAL REPORT FOR 1939
Norfolk and Western Railway Company covering operations for 1939 shows
$15,952,186, or 20.67 per cent., over 1938 as a result of improved general
business conditions evidenced by increased industrial production and requirements, chiefly attributable to anticipated de¬
mands from foreign countries because of war conditions.
Operating Expenses increased $4,747,669, or 10.24 per cent. Net
Income increased $9,987,551, or 49.9 per cent.
Income Balance of $29,087,518 was equal to $20.68 per share upon the out¬
standing Common stock as compared with $13.57 in 1938.
The
Fourty-fourth Annual Report of the
Gross Railway
Operating Revenues increased
OPERATING RESULTS
1938
1939
$93,115,127.59
51,118,387.68
$31,659,216.49
1,136,348.96
Federal, State and Local Taxes
Equipment and Joint
Net Rental of
Gross Income from all sources
Interest
paid
Bonds and Miscellaneous Deductions
on
Net Income
Dividends
on
-
-
-
Adjustment Preferred Stock—$4.00 per
$916,500.00
$19,097,186.55
share
Income Balance
LOSS STATEMENT
PROFIT AND
Credit Balance,
Add:
$20,013,686.55
$913,720.00
—
$2,750,871.08
$30,001,237.78
Operating Income.
Net Railway
Other Income—Net
$22,764,557.63
$2,794,327.67
Facilities—Credit
$21,722,288.31
1,042,269.32
$32,795,565.45
Operations
$11,485,030.06
2,415,095.51
$29,087,517.78
Net Revenue from
$30,792,222.86
$13,459,336.15
3,121,812.73
Railway Operating Expenses.
$77,162,941.67
46,370,718.81
$41,996,739.91
Railway Operating Revenues.
$151,694,535.32
December 31, 1938
29,087,517.78
Income Balance for the year
Miscellaneous
Items
714,149.65
_
— r
$181,496,202.75
Deduct:
Appropriation of surplus for dividends upon Common
Miscellaneous
$21,097,245.00
Stock
782,035.81
Items
$159,616,921.94
December 31, 1939
Credit Balance,
21,879,280.81
share, or $913,720.00, were paid upon the Adjustment Preferred stock.
dividend of $5.00, a total of $15.00 per share, or $21,097,245.00, were paid upon
the Common stock, compared with $10.00 per share upon the Common stock for 1938.
The total of Common stock divi¬
dends paid during 1939 equals 4.11 per cent, upon the Company's Railway Property Investment and 72.53 per cent, of the
Quarterly dividends of $1.00, a total of $4.00 per
Quarterly dividends of $2.50 and an extra
Income Balance-
.
FINANCIAL
and represented 75.94 per cent, of capitalization so held. On
numbered 13,545, an increase of 221 during the year, with an average
stock held by the public was $163,482,800
The capital
December 31, 1939,
the Company's stockholders
holding of 121 shares.
The funded debt held
by the public was $51,794,932
and represented 24.06 per cent, of capitalization so held. Securities
had a par value of $505,400 and a market value of $599,843.
sinking fund for retirement of funded debt
in the voluntary
RAILWAY PROPERTY INVESTMENT
was
increase over 1938 of $10,622,508, of which $2,759,700
roadway, structures and shop machinery and $7,316,229 for new
Investment was $513,195,652, an
The Total Railway Property
expended for various additions and improvements to
rolling equipment.
ADDITIONS AND BETTERMENTS
consisted of laying 86.05 miles of track with 131-lb. rail, making a total
rail; replacing existing bridges wdth heavier structures; eliminating
grade crossings; and installing automatic signals and centralized train control on an important heavy tonnage branch line.
The
Of
more
important additions and betterments
2,555.35 miles of track laid with 130-lb. or heavier
NEW
During the
year
in service 3,414
freight train
6 work equipment cars
cars,
IMPROVED
The
equipment
tion with
train
EQUIPMENT
the Company built, in its shops at Roanoke, Va., 9 steam
program was
EQUIPMENT AND SERVICE
enlarged in order to enable the Company to meet
and for
cars
passenger
transportation requirements in connec¬
Expenditures were authorized for additional steam freight locomotives and freight
modernizing steam freight locomotives, improving passenger train cars, and rebuilding and extensive
improved business conditions.
modernizing interlocking and signal installations.
resulting in improved service. Average speeds of
records in fuel efficiency established.
repairs to other rolling stock, also for new steel rail and for
year new
freight locomotives and purchased and placed
and 22 automobiles and trucks.
high records in operating efficiency were attained,
trains
were
increased and
new
During the
freight and
TAXES
Taxes
were
$13,459,336,
an
Taxes required 14.45 per cent, of Total
creased earnings.
cent, of Net Income and $8.23 per
17.19 per cent., due chiefly to Federal taxes upon in¬
Railway Operating Revenues and were equivalent to 44.86 per
the capital stock.
By order of the Board of Directors,
W. J. JENKS,
increase over 1938 of $1,974,306, or
l
share
upon
President.
Volume
ISO
The Commercial & Financial Chronicle
1625
The Commercial Markets and the
Crops
COTTON—SU GAR—COFFEE—G RAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, March 8, 1940
Coffee—On the 2d inst. futures closed 3
points net higher
Santos contract, with sales
totaling 12 tons.
The
was
extremely dull, with little in the news to shake
for the
market
off the
feeling of lethargy that prevails among traders.
Actual shipment prices of
Brazilian coffee to the New York
market
were
unchanged, but the spot price of Rio 5s was
down 100 reis at 16.100
milreis per 10 kilos.
Other spot
prices were reported
unchanged.
Brazil in the first half of
February destroyed 59,000 bags of coffee.
That compares
with 123,000 in the last half
of January and
79,000 in the
first half of
January.
On the 4th inst. futures closed 2 to 3
points net lower for the Santos
contracts, while the Rio con¬
tracts
3 to 14
points net lower.
Only two lots were
traded in the Santos
contract, and two in the Rio contract.
The stalemate in the
coffee futures market continued
today.
Laek of interest continued
to reflect actuals.
The lower
prices for spot coffee in Brazil and the
recent declines in
milds may have been
weakening influences in futures. Both
Santos 4s and hard 4s as well
as Rio 5s were down 100 reis.
Clearances from Brazil last week
were 249,000
bags, of which
132,000 were for the United
States, 106,000 for Europe and
11,000 to all other destinations.
On the 5th inst. futures
closed 1 to 6 points net
lower for the Santos
contracts, with
sales totaling 33 lots.
There was a sale of one lot for
May
were
delivery in the Rio (new A) contract, which
Santos coffee futures
be
were
closed unchanged.
5 points lower on what
appeared to
hedging by trade interests.
July sold at 6.20c., off 5
points.
This price was within 11
points of the seaonsal low
July made July 3 last year.
In Brazil last night Santos
official spot prices were off 100
reis per 10 kilos.
Milds were
still barely steady with
afloat Manizales offered at
8%c.
Stocks of
on
Colombian coffee in New York
warehouses were
of Brazils
here—155,000 bags.
On the 6th inst. futures
closed
unchanged, with sales of only
4
today just equal to stocks
lots in the Santos contracts.
The market
again at a
standstill, with no transactions
having taken place during
the forenoon.
Prices of Santos contracts
were nominally
unchanged.
Values
of
Manizales again offered
actuals
at
were
was
unchanged,
with
8%c.
On the 7th inst. futures
closed 1 to 4 points net lower for
the Santos
contract, with sales totaling 21 lots.
During the
morning session Santos futures held at 1 to 2
points lower.
The decline in Brazilian
values of hard 4s and Rio 5s of 200
and 100 reis
respectively was considered a contributing
factor.
Trading volume at a late hour was
4,000 bags.
In
the actual
markets, while quotations for Brazilian coffees
were
unchanged, it
was
thought that they had an easier
unchanged, with Mani¬
8%e., while Medellins for
March-April were available at 9.40 to 9.50c.
Today futures
closed 1 to 5 points net
lower for the Santos
contract, with
sales totaling 33 lots.
Santos futures were 1
point lower in
trading this morning which totaled 5,,500
bags to a late hour.
The weakness was
primarily due to the sale of old crop
Brazils, supposedly hedging, at prices under
those at which
cost and freights are
generally held.
Price of actuals, other
than these were
unchanged and there was nothing reported
doing. From Rio came the advice that
undertone.
Mild values were about
zales for March-June
shipment at
spot 7s were 200 reis
lower.
Rio coffee prices closed
March-.
as
follows:
3.70 J
Santos coffee prices closed
March
as
6.19
6.26
Cocoa—On the 2d inst. futures
closed 1 to 3 points net
Transactions totaled only 68 lots or 911
tons, with
most of the turnover accounted
for by an
exchange of 20
May contracts for Sept. at a spread of 16
points.
Other
activity was only scattered and routine for the
most part.
The market showed a
heavy tone during the short session
lower.
today, influenced largely by the announcement of an
in¬
in African-United States
freight rates on cocoa beans
of only SI per ton
beginning Apr. 1, compared with an ad¬
vance of $5.50
expected by the trade.
The new rate will be
$17.50 per ton beginning next
month until further notice.
Local closing: Mar.,
5.25; May, 5.31; July, 5.39;
Sept.,
5.47; Oct., 5.51; Dec., 5.59.
On the 4th inst. futures closed
5 to 3 points net lower.
Transactions totaled 38 lots pr 509
tons.
Trading in cocoa futures was exceedingly dull, with
crease
the tone
easier.
During eaily afternoon prices were 2 to 4
points lower, with Mar. at 5 .,21c., off 4
points on a turnover
of only 30 lots.
The open interest in the Mar.
contract
still is 165 lots.
Warehouse stocks of cocoa increased 100
bags.
They now total 1,101,968 bags compared with
1,035,620 bags a year ago.
A cable from the Gold Coast
tons.
cocoa
crop
Marketing is finished in
On the 7th inst. futures closed 7
to 5 points net higher.
Transactions totaled 275 lots.
Cocoa futures were bid
is expected to realize 245,000
most
districts."
up
2 to 3
points during the early trading.
The open interest
bags with two weeks remaining in
complete liquidation of the Mar. position.
has been reduced to 1,700
which to effect
Warehouse
loss
stocks
Local
closing:
continued
was
1,700 bags, leaving
pared with 1,045,572 bags a
a
to
decline.
The
overnight
total of 1,087,984 bags
com¬
Afloats continue far
Local closing: Mar., 5.32; May,
5.40; July, 5.47; Sept., 5.55; Dec., 5.67;
Mar., 5.79.
Today
futures closed
unchanged to 2 points off.
Transactions
behind those of last
year.
totaled 215 lots.
notices
of
year ago.
Mar. longs were hit when six transferable
were issued and permitted to circulate.
delivery
Mar. broke 7 points to 5.25c.
That unsettled the market
generally,
prices of other months losing
The open interest in Mar. still is
145 lots.
falls on Mar. 21.
about 2 points.
Last notice day
Con¬
Trading today totaled 110 lots.
siderable
switching out of Mar. into later positions was
stocks increased 600
bags.
They now
1,088,560 bags compared with
1,057,877 bags.
closing: Mar., 5.30; May, 5.40; July, 5.47; Sept.,
Dec., 5.67.
Warehouse
done.
total
Local
5.54;
Sugar—On the 2d inst. futures closed unchanged to 2
points lower, with sales totaling only 24 lots in the domestic
contract.
The
world sugar contracts closed
^ point higher
point lower, with sales of only 9 lots.
Raws were un¬
changed, but lower selling prices were said to be effective
1
to
offshore and
on
beet refined in the New York
area.
Activity
largely in the nature of short covering
pver the week-end.
No interest developed in the raw market
today, and quotations were nominally unchanged. Refiners
would pay the last price of
2.85c.; sellers were asking 2.87c.,
but possibly would
accept 2.86c.
Forward positions were
valued a few points higher.
On the 4th inst. futures closed
unchanged to Y point lower for the domestic contract, while
in both markets
was
the world sugar contract closed
unchanged to Yi point higher.
Transactions totaled 22 lots in the former and 52 lots in the
latter.
Trading in sugar futures was at the slowest
pace this
During early afternoon
unchanged to 1 point net higher, with
May selling at 1.95c., up 1 point. Traders appeared to be
waiting for developments in the raw sugar market, where a
sale of 5,000 bags of Puerto Rico
sugar clearing Mar. 13 was
but the market
domestic futures
,6.14]
read: "The main
ment appeared to be more
favorable to the market.
During
early afternoon prices were 1 to 2 points
higher with Mar.
selling at 5.25c.
The open interest in the
spot position has
been reduced to 159 lots.
Sales of all contracts to
early
afternoon were 136 lots
today.
Warehouse stocks continue
to decrease.
They lost 4,100 bags overnight.
They now
total 1,089,641 bags
compared with 1,036,605 bags a year
ago.
Local closing: Mar., 5.25; May, 5.33;
July, 5.41;
Sept., 5.50; Dec., 5.62.
year,
follows:
6.011 September
6.051 December
May
July
Mar., 5.20; May, 5.27; June, 5.31; July, 5.35;
Sept., 5.44'>
Oct., 5.48; Mar., 5.68.
On the 5th inst. futures closed
4 to 5 points net
higher. Transactions totaled 42 lots. A
little Wall Street
buying trickled into the cocoa futures
market and advanced
prices 2 to 4 points in a quiet session.
Sales to early afternoon totaled
only 22 lots. At that time
Mar. was selling at 5.22c.
Warehouse stocks continued
to decrease.
The overnight loss was
8,200 bags.
The
stocks now total
1,092,783 bags compared with 1,036,6C5
bags a year ago.
Afloats to this country amount to
only
68,400 bags, whereas a year ago they
aggregated 140,448
bags.
Local closing: Mar., 5.24;
May, 5.32; Sept., 5.48;
Dec., 5.60; Jan., 5.64.
On the 6th inst. futures closed 1
to
2 points net
higher.
Transactions totaled 169 lots.
Cocoa futures showed a little
improvement today as senti¬
reported made to
Other
raw
was
firm.
were
a
refiner at 2.85c.
a
pound, unchanged.
offered in various shipping positions
at 2.87c. to 2.94c. a
pound, while refiners were believed
willing to pay 2.85c. for a late Mar. or early April arrival. A
slightly easier tone in refined sugar was reported as last week
ended.
sugars were
Large Eastern
cane sugar refiners maintained prices
pound, but offshore refined in some instances
could be purchased at 4.30c. to
2.27Mc., while beet refined
at
4.50c.
was
a
offered at 4.25c.
On the
5th inst. futures closed
un¬
changed to 3 points net higher for the domestic contract,
with sales totaling 280 lots.
The world sugar contract closed
unchanged to 1 point up, with sales totaling 117 lots. Sugar
futures
were firm
today. In the domestic market prices were
during most of the session. Forty-one notices of delivery,
the first issued so far, were
circulated, but were stopped soon.
It was rumored that a
large long position held by an im¬
firm
portant refiner had been settled.
The Mar. developments
strengthening effect. In the raw market prices con¬
An operator paid 2.90c. a pound for 3,000
tons of Philippines, Mar
.-Apr. shipments, unchanged from
the previous sale.
Offers included several parcels of Mar.
Puerto Rico at 2.85c., Mar. arrival
Philippines at 2.88c.,
Mar .-Apr. Philippines at 2.92c. and
Apr .-May Philippines at
had
a
tinued steady.
The Commercial & Financial Chronicle
1626
In the world sugar
2.94c.
market prices firmed up when
buyers paid 1 to 2 points higher. The market was influenced
by the European news.
On the 6th inst. futures closed
unchanged to 1 point higher for the domestic contract, with
sales totaling 231 lots.
The world sugar contract closed lA
point
with sales totaling 29 lots.
to 1 point down,
up
domestic contract trading was
In the
rather active, with quite a
making up the volume.
Several large
blocks changed hands, the volume by early afternoon totaling
in excess of 10,(XX) tons.
In the raw sugar market the sale
of 2,000 tons of Philippines due Mar. 27 were reported sold
at 2.86c.
The sale was made to an unidentified operator. It
does not affect the spot price.
The last sale of prompt sugar
was at 2.85c. to a refiner.
Cubas clearing next week were
number of switches
offered
today on the basis
One ad¬
of 2.85e. duty paid.
notice against Mar. was issued today.
market nearby deliveries were 134 points
ditional transferable
In the world sugar
higher, but later positions were a point lower. The strength
of nearby sugars was attributed to the European develop¬
ments of the last few days.
On the 7th inst. futures closed 2 to 3 points net lower for
the domestic contract, with sales totaling 220 lots.
The
world sugar contract closed 34 point up to 334 points net
lower, with sales totaling 80 lots.
Interest in sugar futures
converged on the March position.
Issuance of 20 notices
caused that month to ease about 2 points, with sales at 1.86c.
The circulation of those notices was reflected in the activity
in March, nearly half of all transactions taking place in the
Trading to a late hour totaled 8,100 tons. In
a sale of 18,000 bags of Cubas arriving today
refiner was a contributing factor.
The price
represented a decline of 2 points in the spot sugar price. It
was said that there
was further refiner interest in March
sugars at 2.83c. and in April sugar at 2.85c. a pound.
World
sugar futures were 34 point higher to }A point lower during
early afternoon.
Trading to that time was quiet, totaling
only 1,900 tons.
Today futures closed 1 point down to 1
point up for the domestic contract, with sales totaling 346
lots.
The world sugar contract closed 1 to 234 points net
higher, with sales totaling 105 lots.
Mixed price changes
were seen in
the domestic sugar market, while the world
market advanced.
In the domestic trading circulation of
58 March notices caused liquidation in the spot month which
caused the price to drop 1 point to 1.84c.
Other 1940 de¬
liveries were unchanged but 1941 months registered gains of
1 to 2 points.
Trading was active with transactions reaching
12,500 tons to early afternoon. In the raw sugar market the
spot price declined 2 points further when National paid only
2.81c. for 5,000 bags of Puerto Rieos clearing March 13th.
spot month.
the
raw
market
at 1.93c. to a
The world futures market
prices
stimulated by news
purchased 20,000 tons of
were
that the French Government had
in San Domingo at 1.55c. a pound, up 8 points, com¬
pared with the last previous sale. Confirmation of the trans¬
was obtained through checking freight bookings.
sugar
action
Prices closed
as
follows:
March
.1.90
-
2.02
2.00
1.841S eptember
.
May
July
January
.1.971
Declined
Average Spot Price of Raw Sugar in February
Two Points from January
The
average
spot
price of
raw
sugar
during February
two points from the January aver¬
age of 2.848c. to 2.827c., duty paid basis, according to B. W.
Dyer & Co., New York, sugar economists and brokers. This
declined approximately
firm reports a
decline of three points in the refined sugar
price for February, when compared with the Janu¬
average of 4.440c. net, including processing tax.
average
ary
Sugar Production in India Estimated at 858,000 Tons
The
Cawnpore,
Imperial Institute of Sugar Technology,
estimates that
India's
production during the 1939-40
season will total 858,000 tons, compared with 659,800 tons
and 920,700 tons, respectively, in the two preceding fiscal
years,
sugar
according to a report to the Bureau of Foreign and
Commerce at Washington from Trade Commis¬
Domestic
sioner
of
Barry T. Benson, Calcutta.
to be crushed by Indian
cane
season
tons
is
last
reported
season
at
and
The estimated quantity
sugar
mills in the current
9,284,000 tons, as against 7,004,800
9,916,400 tons in 1937-38.
The an¬
Detailed
last
reports
cane
season,
increase for the
but
4%%
expected
to
nearly
8%
by
the
in
the United Provinces
lower
Institute
than
in
indicate
1937-38,
the
that
is
42%
while
estimated
higher
in
Bihar
than
the
period is expected to be 25% higher than last year,
the 1937-38 season.
The same quantity of sugar
is
same
below
be
received
for crushing
but
crushed
in
the
rest
of
India
as
in
the
preceding
two
seasons.
Lard—On the 2d inst. futures closed 7 to 10
points net
higher.
The opening range was 2 to 7 points higher.
The
market ruled firm during the entire session, this being due
largely to the report that during the month of January con¬
sumption of lard reached record-breaking proportions.
It
was learned that in January 114,000,000
pounds of lard were
consumed domestically and 28,000,000 pounds were
exported
to Europe and other countries,
making a -total consumption
of 142,000,000 pounds.
Clearances of lard for export from
New York at the close of the week
were light and totaled
only 12,000 pounds.
Hog prices at Chicago today remained
very steady in spite of the forecast for smaller hog receipts
the coming week.
Western hog receipts today were reported
totaling 20,300 head, against 8,900
last year.
higher.
showed
1940
9,
head for the same day
On the 4th inst. futures closed 7 to 10 points net
The market started of with gains of 7 points, and
further
improvement
Export
towards the close.
shipments of lard from the Port of New York today totaled
1,242,720 pounds, with the destination "Europe."
Chicago
hog prices were 10c. to 15c. higher.
Hog sales ranged from
$4.85 to $5.75.
Western hog marketings totaled 75,300
head against 48,200 head for the same day last year.
On
the 5th inst. futures closed unchanged to 2 points higher.
opening prices were unchanged from previous finals.
sources reported that Finland purchased 3,000 tons
of American lard last Thursday and 3,000 additional tons on
the close of the week.
It was also reported that France and
The
Private
purchased farily large quantities.
However, in spite
encouraging items there was not much pep to the
market, although the undertone was fairly firm.
Receipts
of hogs at Chicago and other Western packing centers were
slightly above trade expectations and totaled 89,800 head,
against 68,900 head for the same day last year.
Prices on
hogs at Chicago closed 10c. lower.
Sales ranged from $4.85
to $5.60.
On the 6th inst. futures closed unchanged to 2
points higher.
The opening range was unchanged to 2 points
lower.
Trading was fairly active, with the undertone barely
steady.
There were no special features to the trading.
Fairly heavy export of lard were reported from New York
today, clearances totaling 528,000 pounds, with the destinat¬
ion given as "Europe."
Receipts of hogs for the Western
run today totaled 76,600 head against 49,100 head for the
same day last year.
A few sales were reported at Chicago
early in the day at prices ranging from $5.35 to $5.50.
On the 7th inst. futures closed unchanged to 3 points
lower.
The opening range was unchanged to 2 points lower.
Trading was light and fluctuations extremely narrow.
There was little of interest in the lard market today.
No
clearances were reported from New York today.
Prices on
hogs at Chicago closed 5 to 10c. lower.
Scattered sales
ranged from $4.60 to $5.50. Receipts of hogs at the principal
Western markets were a little above expectations and totaled
70,500 head, against 41,900 head for the same day last year.
Today futures closed unchanged to 3 points net lower. The
heavy drop in wheat values and the other grains had its
effect on lard futures, and caused heaviness to prevail in
the latter during most of the session today.
Sweden
of these
DAILY
CLOSING
PRICES
Sat.
March
OP LARD FUTURES
Mon.
Tues.
Wed.
6.05
6.27
May
July
September
6.35
6.55
6.75
6.47
6.67
6.75
October
6.12
6.15
6.15
6.37
6.85
IN CHICAGO
Thurs.
Fri.
6.15
6.15
6.32
6.35
6.55
6.37
6.57
6.77
6.85
6.57
6.75
6.85
6.52
6.72
6.80
6.75
6.82
Pork—(Export), mess, $18.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200-pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
Meats: Quiet.
Pickled Hams: Picnic, loose, c.a.f.—4 to 6
lbs., 9%c.; 6 to 8 lbs., 9Ac.; 8 to 10 lbs., 934c.
Skinned,
loose, c.a.f.—14 to 16 lbs., 1434c.; 18 to 20 lbs., 1434c.
Bellies: Clear, f.o.b. New York—6 to 8 lbs., 12c.; 8 to 10
lbs., 11c.; 10 to 12 lbs., 10c.
Bellies: Clear, dry salted,
boxed, N. Y.—16 to 18 lbs., 6^c.; 18 to 20 lbs., 634c.;
20 to 25 lbs., 634c.; 25 to 30 lbs., 634c.
Butter: Creamery,
Firsts to Higher than Extra and Premium Marks: 26%c. to
29c.
Cheese: State, Held '38, 21c. to 22c.; Held '39, 20c.
to 2034c.
Eggs: Mixed Colors: Checks to Special Packs:
1534c. to 19c.
Oils—The local linseed oil market continued
firm at 9.8c. inside for tank
cars.
quiet, but
Quotations: Chinawood:
Tanks—26c.
bid; Drums, 2634 bid.
Coconut: Tanks—
.0334c. bid; Pacific Coast, .02J4 bid.
Corn: Crude: West,
tanks,
nearby—.06lA
bid nominal.
Olive:
Denatured:
Drums, spot, afloat—95 to 97.
Soy Bean: Tanks, West—
.05 Lb to .06.
New York, L.C.L., raw—.075 bid.
Edible:
Coconut: 76 degrees—.09*4 bid.
Lard: Ex. winter prime—
8^4 offer; strained—834 offer.
Cod: Crude: Norwegian,
dark filtered—64 offer; light—70 offer.
Turpentine: 3734
to
Rosins: $6.20 to $7.60.
3934-
sales, yesterday, including switches, 33
Crude, S. E., val. 6@634- Prices closed as follows:
Cottonseed Oil
contracts.
7.15 July.
March
7.05@
April
May
August
7.10®
n
7.14® 7.15 September
June
nouncement further said:
supply of
as
March
7.19®
n
„
October
7.22®
7.27®
7.30®
7.30@
n
7.31
Rubber—On the 2d inst. futures closed 22 to 7 points net
higher.
Transactions
totaled
560
tons.
Crude
rubber
higher in a quiet session today.
The
advance, influenced by factory demand for spot and nearby
deliveries, found offerings rather scarce.
There was some
futures moved sharply
shipment business done, importers state.
Spot standard No.
1 ribbed smoked sheets in the trade advanced to 18 ll-16c.
Local closing: Mar., 1859; May, 18.40; July,
pound.
per
18.18; Dec., 17.90; Jan., 17.90.
On the 4th inst. futures
closed 21 to 8 points net lower.
Transactions totaled only
460 tons.
Rubber futures were fairly steady in quiet trad¬
Interest in the market was limited as shown by the
early afternoon trading totaled only 33 lots.
Firmness at Singapore and high shipment offerings were a
constructive influence.
Nevertheless prices this afternoon
ing.
fact that to
were
on
2 to 7
points lower.
One lot was tendered for delivery
the total so far to 1,300 tons.
Mar. contract, bringing
Certificated stocks of rubber are down to
London rubber market was
irregular,
2,170 tons.
The
higher to l-16d.
Volume
The Commercial & Financial Chronicle
ISO
lower.
Singapore closed 3-32 to Hd. higher.
Local closing:
Mar., 18.38; May, 18.26; July, 18.10; Sept., 17.95; Dec.,
17.80.
On the 5th inst. futures closed 10 to 13
points net
Transactions totaled 64 lots.
After opening lower,
higher.
rubber futures firmed
up in a small market.
interests were credited with
buying contracts.
British dealer
During early
afternoon prices were 4 to 7
points higher, with May selling
at 18.33c., up 7
points.
At that time 24 lots had changed
hands.
The London market was
unchanged to Hd. lower.
Singapore also was easier.
Active buying of rubber in the
Eastern markets by the British is
expected to relieve the
pressure
of actual rubber
on the New York market to some
Local closing: Mar., 18.50; May, 18.39;
July, 18.20;
Sept., 18.08.
On the 6th inst. futures closed 7 to 16 points
net higher.
Transactions totaled 200 lots.
The market
was firmer in
sympathy with markets abroad.
The
extent.
opening
higher, and initial gains were extended
during early afternoon stood 1 to 16
points higher, with Mar. at 18.50c., up 11 points.
Ten
tons were tendered for
delivery on the Mar. contract, bring¬
ing the total so far to 1,330 tons.
Sales of contracts to early
afternoon totaled 175 lots.
London closed unchanged to
5-16d. higher.
Singapore also was higher.
Local closing:
Mar., 18.60; May, 18.46; July,.18.32; Sept., 18.23; Dec.,
10 to 11 points
later.
The market
was
18.06.
i
On the 7th inst. futures closed
unchanged to 2 points off,
with sales totaling only 17 lots.
The market moved within
a
range in mixed trading.
Twenty tons were tend¬
against March contracts, bringing the total so far to
1,350 tons.
Trading in futures was light, only nine lots
changing hands to early afternoon.
Certificated stocks of
rubber decreased to 1,820 tons over
night. Abroad prices
were irregular.
Both London and Singapore closed l-16d.
higher to l-16d. lower.
Local closing: Mar., 18.58; May,
18.45; July, 18.32; Sept., 18.21; Dec., 18.05; Jan., 18.05.
Today futures closed 8 points up to 1 point off compared
with previous finals.
Transactions totaled 107 lots.
Short
covering in the March position caused near months to ad¬
vance in the rubber futures
market.
During early afternoon
March stood at 18.63c., up 5
points. The open interest still
is 167 lots.
July was off 2 points at 18.30c., March holding
a premium of 33
points. Switching out of March into May
was
reported.
Trading to early afternoon totaled 75 lots.
Certificated stocks decreased to 1,800 tons.
London and
Singapore closed unchanged to Hd. lower.
Local closing:
Mar^, 18.66; May, 18.45; July, 18.34; Sept., 18.20; Dec.,
Hides—On the ^d inst. futures closed 3 to 6
points net
The opening range was 2
points lower to 9 points
higher. Transactions totaled 1,040,000 pounds. There were
lower.
in
changes reported in the domestic spot market. Trading
futures in today's short session was more or less
hide
listless
and
without feature.
Local closing: Mar., 13.70;
June, 14.05; Sept., 14.32; Dec., 14.55; Mar. '41—14.74. On
the 4th inst. raw hide futures
opened 10 points lower to un¬
changed. Prices advanced following the opening on sales of
42 lots, of which 5 lots were
exchanged for physical. There
were 40,000
pounds tendered for delivery against the Mar.
contract, bringing the total so far to 2,960,000 pounds. June
sold at 14.15, up 10, and
Sept. at 14.41, up 9. Commission
house buying rallied
prices from an early setback.
There
was also some
buying around the ring.
On the 5th inst.
futures closed 29 to 20
points net higher.
Transactions
totaled 194 lots.
Raw hide futures
opened 3 points lower to
8 points higher.
The market advanced following the opening
in moderate
trading.
Transactions totaled 78 lots.
Mar.
sokLat 13.94c., up 19, June at
14.21, up 16 and Sept. at
14.45 up 15.
Commission house buying advanced prices to
new highs for the
movement.
Sales in the domestic spot
markets totaled about 11,500 hides
including Feb .-Mar. light
cows at 12 He. and
heavy native steers at 12 He- In
the Argentine market sales totaled
19,000 nides
native
including
Feb.-Mar.
frigorifico steers at 14 He. Local closing: Mar.,
14.04; June, 14.28;. Sept., 14.51; Dec., 14.74; Mar.
(1941),
14.96.
On the 6th inst. futures closed 4
points off to 9
points net higher.
Transactions totaled 97 lots.
Raw hide
futures opened 7 points lower to 5
points higher. The market
was firm
following the opening, sales amounting to 62 lots.
June sold at 14.37, up
9, and Sept. at 14.62, up 11.
There
were 160,000 pounds tendered
for delivery against the Mar.
contract today, and the total for the month so
far amounts to
3,120,000 pounds. In the domestic spot market sales totaled
about 30,000 hides
including Feb.-Mar. light native cows
at 12h£c.
Heavy native steers sold at 12He.
In the Ar¬
gentine market 2,000 frigorifico steers sold at 16 5-16c. Local
closing: Mar., 14.00; June, 14.32; Sept., 14.59; Dec., 14.83.
On the 7th inst. futures closed 12
to 10 points net higher.
Transactions totaled 121 lots.
Raw hide futures opened 10
points lower to 6 points higher.
the morning on sales of 39 lots.
Prices
There
tendered
steady during
were
were
40,000 pounds
for delivery against the Mar. contract
today,
bringing the total so far this month to 3,160,000 pounds.
Certificated stocks
of hides in warehouses licensed
by the
exchange decreased by 748 hides to a total of 903,387 hides
in store.
Light local commission house buying put the market
up.
Local closing: June, 14.44; Sept., 14.69; Dec., 14.93;
Mar., 15 16.
Today futures closed 19 to 21 points net
lower.
Transactions
opened 8 points lower
totaled
to
86
lots.
unchanged.
Raw
hide
futures
Prices held easy duiing
morning
1627
sales
on
of
1,480,000
pounds.
Certificated
stocks of hides in warehouses licensed by the
exchange
increased by 2,300 hides to a total of 905,687 hides in store.
It was confirmed that spot hides sold in Chicago at advances
of
He.
a
pound.
Local closing: June, 14.23; Sept., 14.50;
Dec., 14.95; Mar., '41, 14.95.
Ocean Freights—Chartering of
tonnage in general
fairly active, and new business was disclosed in many
tions of the
was
sec¬
freight market.
Charters included: Grain:
New York
to Antwerp (berth), 90c.
per 100 pounds, March.
Buenos
Aires to New York (linseed), $10
per ton.
Buenos Aires to
Antwerp, $31.50, March. New York to Antwerp (berth),
90c. per 100 pounds, March.
Buenos Aires to New York
ocean
River Plate to Antwerp, April, $31.25
per ton.
(linseed), $10
per ton.
Buenos Aires to Antwerp, $31.50,
New York to Antwerp, (berth), 90c.
per 100 pounds
March.
asked, March.
Buenos Aires to New York (linseed), $10 per
Buenos Aires to Antwerp, $31.50, March.
Grain
Booked: Eight loads, New York to Antwerp, March, 90c.
ton.
103 pounds. Time: Round trip east coast South American
trade, March, $4.50 per ton.
Three months, West Indies
trade, March, $4.25 per ton.
Three months West Indies
trade, March, $4.25 per ton. Another vessel: Five to seven
months, delivery Hatteras, April, $4.75 per ton; Chilean
per
nitrate trade.
Three to five months general trade,
Hatteras, April-May, $4.50
per
delivery
ton.
Coal—-According to figures furnished by the Association
narrow
ered
no
the
of
American
eastern
Railroads,
New York
Feb.
17 have
1,864
cars
of 661
and
amounted
during the
cars,
or
the
shipments of
New England for
to
1,203
cars,
as
anthracite into
the week ended
compared with
week in 1939, showing a decrease
approximately 33,050 tons.
Shipments of
same
anthracite for the current calendar
year up to and including
the week ended Feb. 17 have amounted to
14,679
cars,
as
compared with 14,520 cars during the same period in 1939,
showing an increase of close to 7,950 tons. Incomplete carloadings reports from the railroads indicate bituminous coal
production in the United States for the week ended Mar. 2
as
approximately 8,800,000 net tons.
Production for the
corresponding week: 1939, 8,493,000 tonS; 1938, 6,405,000
tons.
Percentage of change: 1939, increase 3.6 per cent.;
1938, increase 37.4 per cent.
.
Wool
Tops—On the 2d inst. futures closed 10 to 13 points
higher.
Transactions totaled about 60 contracts, or
300,000 pounds.
A good demand was reported from spot
firms for the May, July and Oct.
positions, with general
buying in the more distant months, which became more
aggressive toward the closing.
Offerings were light and
mostly on limits on a scale up.
Spot tops advanced lc. a
pound orUO points to $1.06 a pound.
Local closing: Mar.,
101.3; May, 101.0; July, 100.0; Oct., 99.6; Dec., 99.5.
On
the 4th inst. futures closed 3 to 4
points net lower.
Trans¬
actions totaled 250,000 pounds.
The wool top futures
market opened this morning about in line with
Saturday's
close.
After an early moderate advance, selling came into
the market in some volume and
prices turned easier.
Total
sales during the forenoon were estimated in the trade at
approximately 200,000 pounds.
At the best prices of the
morning active months on the New York Exchange were
unchanged to 4 points higher.
Trading prices ranged from
a low of 99.3c. for Dec. to a
high of 101.6c. for Mar.
This
compared with a range on Saturday of 99.0c. to 10.3c.
net
Advices from
Boston
stated that
business
in
that
market
continued very dull
with asking prices holding about un¬
changed. Spot tops were unchanged at $1.06 a pound.
Local closing: Mar., 101.0; May, 99.6; June, 99.3; July,
99.2.
On the 5th inst. futures closed 2 to 4 points net lower.
Transactions totaled 350,000 pounds up to the noon hour.
The wool top futures market was steady on the opening this
morning, but prices turned downward in subsequent trading
on
increased selling pressure.
Spot houses were active
sellers.
Prices on the New York Exchange around midday
were 2
to 6 points below yesterday's closing levels.
Local
closing: Mar., 101.0; May, 100.5; July, 99.2; Oct., 99.0;
Dec., 98.8.
On the 6th inst. futures closed 5 poipts up to 5
points lower.
Trading in wool top futures was slow today,
with total sales to midday estimated in the trade at
ap¬
proximately 200,000 pounds of tops.
Futures changed hands
around the low levels recorded yesterday.
After a steady
opening prices on the New York Exchange sagged in later
dealings on increased liquidation, but turned firmer later in
the session on spot house buying.
Local closing: Mar.,
100.6; May, 100.0; July, 99.0; Oct., 98.7; Dec., 98.5.
On the 7th inst. futures closed
quiet but steady and 1
point higher to 4 points lower. Transactions totaled about
60 contracts or 300,000 pounds.
Spot tops were unchanged
at $1.06 a pound.
The undertone of the wool market in
Boston was showing a slight improvement.
This was the
result of recent mill inquiries rather than an increase in
actual business, especially in domestic wools.
A number of
mills have been inquiring for fine domestic wools, but actual
trading has been extremely light.
South African merino
wools have received an increase in demand the past few
days.
Average to good'combing length fine South African wools
have brought mostly 87 to 92c., scoured basis,
including
the duty.
Local closing: Mar., 100.7; May, 100.0; July,
98.8; Oct., 98.4; Dec., 98.1.
Today futures closed 2 to 5
points net lower. Wool top futures again showed an easing
tendency in a comparatively quiet market. While offerings
The Commercial & Financial
1628
not heavy, they were sufficiently numerous in the face
light demand for contracts to cause the market to weaken
moderately.
Total sales to midday were estimated at
March
Chronicle
were
Stock
1938-39
1939-40
of
Receipts to
This
Since Aug
This
Since Aug
Week
Mar. 8
approximately 300,000 pounds of tops. Prices on the New
York exchange moved within narrow limits during the fore¬
noon.
The widest spread between the high and low of any
one contract was only 5 points.
Local closing: Mar., 100.5;
May, 99.5; July, 98.4; Oct., 97.9.
1 1939
Week
1 1938
39", 279
588
Corpus Christ!
Beaumont
35~263
New Orleans
closed 4c. to 7c. net lower for
the No. 1 contract, and 10c. to 5c. off for the No. 2 contract.
Silk prices held easy in quiet trading.
Scattered selling fol¬
lowed reports of weakness in the Japanese markets.
The
turnover to early afternoon was only 20 lots.
At that time
prices were 43^ to 6c. a pound lower.
The price of crack
double extra silk in the New York spot market declined 4L£c.
to $3.01 a pound.
On the Yokohama Bourse the market
closed 61 to 79 yen lower. Spot grade D silk declined 10 yen
to 1,685 yen a bale.
Local closing: Mar., 2.82; May, 2.74;
July, 2.70K; Sept., 2.61; Oct., 2.59L6.
On the 5th inst.
futures closed 4 to 5c. net higher.
Transactions totaled 23
lots.
Steadiness in the Yokohama silk market was reflected
in higher prices in New York.
Dealer-importer interests were
credited with bidding for No. 1 contracts, but trading was
small, totaling only 6 lots to early afternoon, all on the No. 1
contract.
At that time prices were 5c. higher on May at
$2.79. Twenty bales were tendered for delivery on the Mar.
No. 1 contract, bringing the total so far to 470 bales.
The
price of crack double extra silk declined lc. to $3 a pound.
The Yokohama Bourse closed 1 to 13 yen higher but spot
grade D silk declined 15 yen to 1,670 yen a bale.
Local
closing: No. 1 contracts: Mar., 2.85; May, 2.79; June, 2.75K;
July, 2.75. On the 6th inst. futures closed y2 point up to
2 V2 points net lower.
Transactions totaled 38 lots, all in the
No. 1 contract.
Weakness in the Japanese markets was re¬
flected here in a lower opening.
The market was steady
thereafter, but made little recovery. During early afternoon
May contracts were selling at $2.76, off 3c., and July at
$2.71
off Sy2o,. Sales to that time totaled only 14 lots,
all on the No. 1 contract.
The price of crack double extra
silk in the uptown spot market declined 5c. to $2.95. a
pound. The Yokohama Bourse closed 33 to 54 yen lower.
Grade D silk declined 20 yen 1,650 yen a bale.
Local
closing: No. 1 contracts: April, 2.82; May, 2.77; June, 2.76;
July, 2.74; Aug., 2.65; Sept., 2.63.
On the 7th inst. futures closed 10 to 13c. net higher.
Transactions totaled 144 lots.
Buying of silk futures was
based on a recovery in the Japanese markets.
It caused
prices to advance here ?>y2 to 9c. by early afternoon, when
March stood at $2.863^* July at $2,803^, and Sept. at $2.72.
Sales to that time, all on the No. 1 contract, totaled 50 lots.
The price of crack double extra silk in the uptown spot market
advanced lc. to $2.96 a pound.
Tender of 220 bales on
March contracts were made, bringing the total deliveries to
690 bales on the No. 1 contract and 10 on the No. 2.
In
Yokohama Bourse prices closed 19 to 25 yen higher, but the
price of spot Grade D silk in the outside market declined
25 yen to 1,625 yen a bale.
Local closing: No. 1 Contracts:
Mar., 2.953i; April, 2.92; May, 2.90; July, 2.83lA\ Aug.,
2.78; Sept., 2.74; Oct., 2.72.
Today futures closed 63^ to
23^c. net lower. Transactions totaled 61 lots.
Disappoint¬
ing response in Japanese markets to the rise in the New York
silk market yesterday was reflected in a lower price range
here today.
The opening was 5 to 7c. below last night's
close, but prices firmed up somewhat afterward when dealers
covered.
Sales to early afternoon totaled 39 lots, all in the
No. 1 contract.
At that time May stood at $2.88, off 2c.,
and July at $2.80, off 33^c.
The price of crack double extra
silk in the New York spot market advanced 3c. to $2.99 a
pound.
The Yokohama Bourse closed 5 to 19 yen higher.
The price of spot grade D silk advanced 35 yen to 1,660 yen
a bale.
Local closings: Mar., 2.89; May, 2.85; July, 2.80;
Aug., 2.73; Sept., 2.71; Oct., 2.693^.
Silk—On the 4th inst. futures
1,395
Mobile
Pensacola & G'p't
Jacksonville
~"l4
2,205
Savannah
18
Charleston
Cnarles
Lake
8
_
7
Wilmington
237
Norfolk.
1,859,424
178,482
66,915
2,131,335
139,721
51.618
1,809
61,395
38,460
45,919
8,027
14,322
920,776
747,810
612,899
7*448
41,153
Brownsville
963,520
285,441
16,678
730,308
52,383
9,965
1,872
32,039
15,815
38,698
11,277
13,108
752", 154
715,578
47,354
31,801
600,139
63,029
z4,654
1,626
148,837
34,568
6,118
16,250
1,631
10,057
1,007
581
150
23
5
173
1940.
The Movement of the Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 107,381
bales, against 138,982 bales last week and 122,734 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,234,913 bales, against 3,108,898 bales for the same period
of 1938-39, showing an increase since Aug. 1, 1939, of
3,126,015 bales.
1,603
122,044
32,709
4,321
10,242
25,925
100
1,225
1,727
1,250
Totals.
__
27,264 3,108,898 2,783,055
1107,381 6,234,913
2,314,739
Christi.
Receipts included in Corpus
17,018
922
15,319
180
Baltimore
&
z
Gulfport not included.
give below the totals at leading ports
28.187
39,279
35,263
1,395
Houston
_
_
Orleans.
Mobile
Savannah
581
150
18
Charleston
5,182
40,962
774
5,097
2,369
1,703
1,116
803
904
1,099
592
6
178
7
5
237
173
680
729
597
1,187
790
Wilmington.
2,576
5,473
1,701
2,280
576
107,381
27,264
92,663
67,954
38,439
24,287
_
Norfolk
All others
Total this wk.
3.694,400
3,108,898 6,567,777 5,656,873 6,078,934
Since Aug. 1-. 6,234,913
for the week ending this evening reach a total
of which 41,256 were to Great Britain,
19,455 to France, nil to Germany, 20,304 to Italy, 6,822 to
Japan, 3,550 to China and 34,623 to other destinations.
In
the corresponding week last year total exports were 71,453
bales.
For the season to date aggregate exports have been
4,814,184 bales, against 2,586,125 bales in the same period
of the previous season.
Below are the exports for the week.
The exports
of
126,010 bales,
Exported to—
Week Ended
Mar. 8,
1940
Ger¬
Great
Exports from—
France
Britain
Galveston
New Orleans
2,091
36,515
New York__
7,623
6,712
5,969
1,500
Houston
Angeles
Total—_
3,084
5,735
Galvestcra
Houston
Corpus
Christi
Wed.
Tues.
Mon.
3,403
6,785
4,009
2,027
3,477
3,782
3,509
16,922
4", 200
7,194
13", §54
4",264
3", 283
3",018
129
New Orleans
21
95
813
237
100
Mobile
1939.
2,909
8,308
20,304
1938-
42,561
6.822
3,550
34,623 126,010
7,551
21,415
695
11,464
11,998
11,328
5,126
Total
7,557
22.762
3,104
'690
Exports from—
Britain
Ger¬
Great
France
14
2,205
8
18
_____
Lake Charles
2
Wilmington
19
Norfolk
148
7
1
43
237
27
180
Baltimore
***» •
Totals this week-
13,184
22,581
23,736
12,366
11,473
180
24,041 107,381
following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks tonight, compared
The
with last year:
Other
China
Japan
Italy
many
Total
1
1
286 114,413
312,017 133,928
Galveston
Houston
Corpus Christi
Brownsville
._
8,257 163,214
404,486 127,270
71,308 27,424
6,861
8,496
10,242
.
Orleans.
569,368
16,290
1,135
Mobile
48,033
4,339
Jacksonville..
1
—
.
.
...»
Pensacola, Ac.
Savannah
"75
42,314
5,498
Charleston
26,235
1,575
Wilmington..
6,773
9,162
11,507
Gulfport
Los Angeles
San
150,698
73,145
491
4,179
«•> m .
...
2,631
19,494
....
""486
11,170
L704
....
....
10,510
...»
....
......
....
"
214
200
6,871
157,139
26,772
....
33,456 451,893
'
....
5,389
17,647
284
11,791
...
8,500
1938-39
371,842 358.063
365,772 241,366
660,579
1937-38 1400,987 687,470
718,981 404,040
384,357
5,704
58,590
290,114
1,867
41,515
10
our
56,693 531,810 2586,125
55,728 826,694 4478,257
telegrams tonight also
give us the following amounts of cotton on
cleared, at the ports named:
On
shipboard, not
Shipboard Not Cleared for—
Lsaring
Mar. 8 at—
Ger¬
Great
Britain
Orleans.
_
France
13,700
16,840
49,000
25,478
6,069
8,813
many
wise
_
_
Total
32,100
40,192
715,710
711,962
701,371
122,044
32,709
91,922
25,925
232,645
10,600
17,289
10,497
5,000
6",576
38,386
42,323
5,848
40.802
5,363 148,767 2,634,288
6,187 70,310 2,244,429
5,009 80,153 2.932,385
363
76.475
ports
1940.
1939._
1938.
Stock
Coast¬
2,800
5,700
16,978
79,540
9,155
19,681
Other
Foreign
Savannah
Total
23,723
5,554
-
24,439
2,998
701,898 332,860 1022920 4814,184
Total
New
27,810
6,773
mm
....
......
...»
.....
1600,284 670,873
Galveston
811
70,109
10
"i00
9,878
Houston
.
10,145
100
Seattle
Total
86,208
196
....
'mm
1,050
199
......
50
....
......
......
601
...»
2,153
8.837
......
1,271
585
....
......
......
27,922
185
...»
52,325 195,527 1403,204
31,419
9,324
......
1,539
3,922
....
.—....
....
■
42,661
__
Francisco
4,309
....
.
.......
1,825
50
Boston
.
171,540 47,231 377,855 1157,270
194,880 173,977 329,514 1401,598
10,390 25,452 199,826
36,681
....
—
13,974
York...
New
.
211
550
6,182
Norfolk
.
"~8", 169
353",972
Lake Charles.
New
18,329
4,334
400
Beaumont
35,263
1,395
272
18
71,453
24,146 122,922
Exported to—
From
Mar. 8, 1940
Total
8
1~,226
"17
Savannah L
21,759
Aug. 1,1939 Jo
Total
14
58,605
1,500
19,455
Total
588
588
__
28,187
39,279
25,759
2*200
Norfolk
Total
Fri.
9,579
6,609
1,350
5~618
41,256
Other
10,705
4,028
Jacksonville
Charleston
Thurs.
Total
31,718
1,204
550
Los
Other
18,435
China
Japan
Italy
many
5,660
6,777
7,018
__
Charleston
Sat.
5,524
5,557
8,299
1,064
7,809
12,086
12,867
9,679
Mobile
Receipts at-
1934-35
1935-36
1936-37
21,077
14,060
46,114
1,022
1,266
1,746
1,265
5,267
7,448
10,057
1,007
2.205
Galveston
New
1937-38
1938-39
1939-40
Receipts at—
other years,
for six seasons:
comparison may be made with
In order that
we
28,809
500
In addition to above exports,
Friday Night, March 8,
777,846
91,922
75,394
1,467
Boston
Total
COTTON
45,114
92,779
New York
x
1939
1940
5,267
28,187 1,581,014
Galveston
Houston
1940
9,
Speculation in cotton for future delivery
continues mod¬
trend irregular and fluctuations
narrow.
These relatively quiet conditions reflect the slow
Southern spot markets and the uncertainty regarding de¬
velopments in Washington.
There is little in the news
to serve as an incentive for substantial operations on either
erately active, with price
side of the market.
On the 2d inst.
decline
prices closed 6 to 9 points net lower. The
cotton futures today under further
continued in
Volume
The Commercial & Financial Chronicle
150
foreign selling as well as because of a less active trade de¬
mand.
The opening range was 2 to 7 points net lower under
selling by brokers with Bombay and Liverpool connections.
The Bombay market eased further and continued to send
selling orders here.
They were estimated to have totaled
10,000 bales during the short session. These offerings were
apparent during the greater part of the session.
Rallies were
feeble, with outside buying continuing to be of limited
proportions.
The easier tone of other markets and dis¬
appointing fresh demand for spot cotton seemed to be in¬
fluencing sentiment. Some resistance developed at the day's
lows in the form of spot house or trade buying.
Spot in¬
terests continued to buy July, partly against sales of March.
As a whole, obsevers said that the volume of trade buying
smaller than in recent weeks.
was
Spot cotton sales for the
137,518 bales at the 10 designated spot
week amounted to
markets
34,525 bales a week earlier and3
Middling quotations were 5 to 10
points lower.
On the 4th inst. prices closed 11 to 13 points
net higher.
When the market here opened, Liverpool was
higher than due and Bombay was firm.
As a result sellers
had a slight advantage, getting prices 4 to 6 points higher
than the close last Saturday.
Later the rise was extended a
few points.
Interest continued to converge on the March
position, in which some covering of shorts took place. The
open interest in March has been reduced further as a result of
recent liquidation by large spot firms.
This morning it was
down to 98,300 bales.
Hedge selling was light today. More¬
over spot firms were reported as buyers of July and Oct.
contracts.
Trade buying was noted.
Certificated stocks of
cotton continue to increase.
They now total 8,035 bales.
Weather conditions in the cotton belt have turned lately for
the better.
They are more favorable now for cotton plant¬
ing, which is late.
Authorities on insect pests predict that
boll weevil infestation this year will be comparatively small.
On the 5th inst. prices closed 8 to 13 points net higher.
Speculative buying influenced by the strength of other com¬
modities, advanced cotton futures this afternoon.
During
the early trading, interest centered upon the March contract
because 14 notices of delivery were put into circulation.
The
market opened steady and 1 to 3 points higher.
Circulation
of the March notices soon was stopped by important spot
interests, their action tending to impart firmness to the
market as a whole.
A strengthening influence also was
Liverpool cables reporting that the English market was 7 to
11 points higher than due.
After the opening there was a
little foreign buying in the market, the demand emanating
from both Liverpool and Bombay.
Spot houses were sellers
of#July.
There also was some small Southern selling. The
open interest in Mar. is diminishing every day.
This morn¬
ing it had been reduced to 95,400 bales.
The spot cotton
markets were quiet.
Sales yesterday totaled only 7,995
bales compared with 5,557 bales a year ago.
The average
price of middling cotton in the 10 designated spot markets was
10.59c. a pound, a rise of 6 points overnight.
On the 6th
inst. prices closed 4 to 10 points net lower.
The market
was largely dominated by liquidation of old crop months by
Bombay interests, and commission and spot house selling in
Mar.
English cables showed a steady market in Liverpool,
where the situation was difficult to appraise because of the
inaccessibility of statistics on domestic imports and consump¬
tion.
Weekly mill forwardings to Manchester are maintain¬
ing a good average, but size of mill stocks are unrevealed. It
is generally thought that English spinners are carrying ample
reserves.
The Bombay market was steady.
Further re¬
strictions on rupee and sterling exchanges are thought by
many to be conducive of limiting
new straddle
interest.
Bombay brokers sold about 8,000 bales of May and July
during the morning session. Prices backed and filled within
a narrow range all day.
In the South spot dealings were only
a fill-in business, and new export business almost ceased to
exist.
Spot sales in the southern spot markets increased
slightly today when the total at leading southern spot
centers was 15,064 bales, compared with 6,103 last year.
Average price of middling 10.75c.
with
compared
43,564 bales
a year ago.
points
the
Price
7th
inst.
fixing in
show small
A
sion.
a
prices closed 1
narrow
to 5 points net higher.
holiday
Bombay
in
tended
to
limit
speculative
from the outset.
The opening was
higher in response to news that Liverpool
cables were 1 to 7 English points higher than due.
The
early trading was mixed.
Trade firms, Wall Street, and
in
interest
1
to
5
the market
points
9
to
lower
opening was due to liquidation of March con¬
by circulation of 32 notices of delivery on
March was off 6 points and other near
also were heavy.
Eventually the notices were
started
March contracts.
I>ositions
"stopped,"
March
15
after
sition.
Ten
notices
issued,
were
but
those
stopped
March by a
wrere
jjromptly.
There was persistent selling of
leading spot interest, supposedly in liquidation of a long
position.
Other spot firms were buyers of March and also
of May
and July.
New crop positions were relatively
steady.
The open interest in March has been reduced to
85,200 bales,
Sales
totaled
of
exclusive of notices issued
spot
15,004
in
cotton
bales,
a
12
Southern
over
sales
market
March
a
This
afternoon
its
loss.
interest
according to information from New Orleans, additional
covering between 8,000 and 9,000 bales
expected.
cer¬
are
The official quotation for middling upland cotton in the
New York market each day for the past week has bee
March 2 to March 8—
Sat.
Mon.
Tues.
11.08
11.12
11.28
11.32
Middling upland % (nominal).. 10.95
Middling upland 15-16 (nom'l) .11.15
_
Wed.
11.03
11.23
'T
.
ii
Thurs.
11.08
11.28
»»»■
mm
Fri.
11.08
11.28
i—
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for
grade and
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the average
quotations of 10
markets designated by the Secretary of Agriculture.
Old Contract—Basis
liveries
contract
on
Middling
inch, established for de¬
14, and staple premiums
premiums over %-mch. cotton
March
on
represent 60% of the average
at the 10 markets on March 7.
Old
Contract—Basis
Middling 15-16 inch, established for
on contract on
March 14, and staple premiums
and discounts represent full discount for >g-inch and 29-32inch staple and 75% of the average premiums over 15-16-inch
deliveries
cotton at the
10 markets
on
March 7.
Old Contract
Inch
New Contract
1 In.
15-16
Inch
and
K
15-16
31-32
Inch
Up
29-32
Inch
Inch
Inch
1 In.
and
Up
White—
Mid.
Fair
on
.64 on
.72
on
.35
on
.44 on
.53
on
.58
on
St. Good Mid..
.48 on
.58 on
.67 on
.30
on
.38
on
.48 on
.53
on
Good
.42
on
.52 on
.61 on
24 on
.32
on
.42
on
.48 on
.53
on
.29 on
.40 on
.49 on
.11
.19
on
.29
on
.35
on
.40
on
Basis
.11
on
.20 on
.18 off
.10 off
Basis
.06 on
.12
on
.48 off
.38 off
.30 off
.65 off
.58 off
.50 off
.45 off
.39 off
1.03 off
.93 off
St.
.53
Mid
Mid
Mid
Low Mid
St
Low Mid
•St. Good Ord.
♦Good
Ord
Extra
on
.64 on
59 on
.87 off 1.20 off 1.14 off 1.05 off 1.01 off
.97 off
1.61 off 1.43 off 1.39 off 1.68 off 1.64 off 1.56 off 1.54 off 1.50 off
2.09 off 1.99 off 1.96 off 2.22 off 2.19 Off 2.11 off 2.09 off 2.06 off
White—
Good Mid
.42 on
.52
on
.61
on
.24
on
St. Mid
.29
.40
on
.49 on
.11
on
Mid
Even
.11
on
.20 on
.18 off
St. Low Mid...
Low Mid
on
.32
on
.19
on
.42 on
.29
.10 off
on
.48
on
.53
..35
on
.40 on
Even
.06 on
on
.12
on
.48 off
.30 off
.38 off
.65 off
.58 off
.50 off
.45 off
.39 off
.87 off 1.20 off 1.14 off 1.05 off 1.01 off
.93 off
.97 off
1.51 off 1.43 off 1.39 off 1.68 off 1.64 off 1.56 off 1.54 off -l.SOoff
2.09 off 1.99 off 1.96 off 2.22 off 2.19 off 2.11 off 2.09 off 2.06 off
1.03 off
•St. Good Ord.
•Good Ord
Spotted—
Good Mid..—
.08 on
.18 on
St. Mid
.07 off
.03
.60 off
.49 off
.48 off
.40 off
Mid
Low Mid..
•St
•Low Mid
.27 on
.11 off
.02 off
.06
.12 on
on
.17
on
.25 off
.12 on
.16 off
.07 off
.01 off
.04 on
.42 off a.77 off a.69 off a.60 off a.55 off a.60 off
1.22 off 1.14 off 1.08 off 1.39 off 1.35 off 1.26 off 1.24 off 1.19 off
1.87 off 1.82 off 1.80 off 2.05 off 2.03 off 1.97 off 1.95 off 1.93 off
on
Tinged—
Good Mid
St. Mid
•Mid
Low Mid—
•St
•Low Mid
.34 off *.66 off *.61 off *.63 off •.50 off *.45 off
.69 off
.62 off
.55 off *.87 off •.82 off *.74 off *.71 off .*66 off
1.25 off 1 21 off 1.18 off 1.41 off 1.40 off 1.35 off 1.34 off 1.32 off
1.80 off 1.78 off 1.78 off 1.97 off 1.96 off 1.93 off 1.93 off 1.93 off
2.28 Off 2.28 off 2.28 off 2.46 off 2.46 Off 2.45 Off 2.45 off 2.45 off
Yelloto Stained-
1.01 off
94 off
.87 off *1.18off *l.lBott *1.06off *1.04off *.98 off
1.35 off 1.33 off 1.31 off 1.53 off 1.52 off 1.50 off 1.49 off 1.48 off
1.84 off 1.83 off 1.83 off 2.01 off 2.01 off 2.01 off 2.01 off 2.01 off
Good Mid
•St. Mid
♦Mid
Cray.59 off
Good Mid
.51 off
.42 off •.76 off •.72 off ♦.64 off •.60 off ♦.53 off
.73 off
.65 off
.90 off
.67 off
.87 off
.78 off
.74 off
.67 off
1.23 off 1.17 off 1.13 off 1.41 off 1.37 off 1.31 off 1.28 off 1.26 off
St. Mid
•Mid
•Not deliverable on future
contract,
Middling spotted shall be tenderable
a
only when and if the Secretary of Agriculture establishes
New York
The
a
type for such grade.
Quotations for 32 Years
quotations for middling upland at New York
32 years have been as follows:
on
Mar. 8 for each of the past
1932
7.05c.
1924
28.55c.
1916
30.75c.
18.65c.
1914
1940
11.08c.
1939
9.02c.
1931
10.85c.
1923
1938
9.11c.
1930
14.00c.
1922
1937
14.45c.
1915
■„
11.90c.
8.85c.
13.10c.
1929
21.6.5c.
1921
11.60c.
1913
1936
11.41c.
1928
18.90c.
1920
41.00c.
1912
1935
12.30c.
12.35c.
1927
14.25c.
1919—27.15c.
1911
14.55c.
1934
1933
.....
12.40c.
.......
10 60c.
1926
19.40c.
1918
32.90c.
1910
15.00c.
1925
*
26.05c.
1917
18.25c.
1909
9.85c,
Bank holiday.
Market and Sales at New York
on the spot each day during the
indicated in the following statement.
For the convenience of the reader we also show how the
The total sales of cotton
week at New York
are
market for spot and futures closed on the same days:
Contract
Spot
Old
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Old
New
Total
Old
New
"ioo
"ioo
800
1,200
200
1,100
200
*mm
-
-
mm.rn.rn.
300
Total week
Since Aug. 1
New
"400
1,100
300
2,000
900
2,900
82,537
32,500
1,200 115,037
11 1»1 t11 ai
1 1i 1 i
111t
1
I
1
1,200
Spot Market Closed
Old
Longs liquidated
nrices
were
2
to
9
Nominal
__
Nominal
Saturday
Monday
Tuesday
Wednesday
Thursday
_
Friday
Nominal
Nominal
Nominal
Nominal
t
—
Futures Market Closed
__
checkered appearance.
position.
of
open
stocks
of
up to 8 points off.
Switch¬
ing transactions out of old crop months into new gave the
the
all
The
tifications
yesterday
the
7,382 bales the previous day.
Today prices closed 8 points
cotton
day.
but not yet filled.
markets
marked increase
recovered
reduced 5,900 bales yesterday to 79,300 bales.
now
stand at only 11,400 bales, but,
was
Certificated
spot houses wrere buyers, while the cotton was supplied by
Liverpool and the South. Some of the selling was believed
to represent hedges.
Interest centered in the March po¬
March
which
is the last March notice
in March
market caused cotton futures to
gains, which were held during most of the ses¬
with distant options relatively firm.
The
3 to 6 points lower, although Liverpool cables
English points better than due.
Apparently
was
5
tracts
*
On
lower,
opening
came
the
1629
New
Barely steady. Barely steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
The Commercial & Financial
1630
lowest and closing prices at New
week have been as follows:
Monday
Mar. 4
Thursday
Mar. 5
Friday
Mar. 7
Wednesday
Tuesday
Mar. 2
Mar. 8
Mar. 6
statistics
cotton
We
Saturday
Supply of Cotton—Due to war
The Visible
Futures—The highest,
York for the past
March 8—
389,000
8.03d.
.
11.14a
11.10a
11.20a
11.13a
Closing. 11.00a
11.13a
{old)
Apr.
Range..
10.86a
11.00a
11.08a
10.87a
10.90a
Closing. 10.74n
11.00a
11.04a
11.00a
4.21d.
4.55d.
6.31d.
9.66d.
4.18d.
4.33d.
6.13d.
11.46d.
.
10.86a
10.95a
7.94d
6.49d.
4.13d.
8.53d.
Middling uplands, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
L
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, si
5.40d.
7.27d.
7.19d.
11.08-11.15
Range.
952,000 1,093,000
381,000
343.000
999,000
433.000
1,130,000
1937
1938
1939
1940
10.95-11.07 10.94-11.04 10.96-10.99 10.93-10.98
Range., 10.85-10.91 10.88-10.98
10.99 —
10.97-10.98
10.97 11.06 10.85-10.86 10.98 Closing
Mar. {new)
the stock at
supply of cotton and can give only
Alexandria and the spot prices at Liverpool.
{old)
conditions,
permitted to be sent from abroad.
obliged to omit our usual table of the
visible
Mar (1940)
1940
9,
not
are
therefore
are
March
Chronicle
^
w'
_
6". lid".
Apr. {new)
Range..
Closing
10.88a
.
„
10.66-10.75 10.74-10.86 10.75-10.83 10.78-10.83 10.73-10.78
Range.. 10.63-10.69
10.75
10.84-10.85 10.77-10.78 10.82 —
10.75 10.63 -
Closing.
May {new)
10.76a
10.88a
10.97a
10.90a
10.94
Closing. 10.46 a
10.58a
10.67a
10.60a
10.88a
10.64a
Closing
June
.
Range
10.57a
10.29-10.35 10.32-10.41 10.39-10.51 10.43-10.49 10.44-10.48 10.40-10.43
10.40
10.47 —
10.43 —
10.50 —
10.41 —
10.30 —
Range.
10.43-10.46 10.47-10.47 10.62-10.62 10.59-10.59 10.59-10.61
Closing. 10.44
10.55a
10.64a
10.56a
10.59
10.45a
—
10.54a
10.46a
10.49a
Range..
Closing. 10.34a
Closing
9.61-
Closing.
9.65- 9.74
9.67
9.71-
9.86
9.76- 9.84
9.82- 9.85
9.81- 9.85
9.73
9.61
9.85-
9.86
9.81
9.85
9.83
85,502
l",9l6
93
43,809
677
167.728
4,333
155,166
95
131,132
1,079
30,826
1,229
43,610
1
38,945
865
66,227
1,417
47,750
6
60,037
526
40,699
726
9,139
528
31,193
141,253
34,078
86,722
Rock
1,703
100,505
3,541
Newport...
54
38,393
2,344
—
Bluff.
485
27
130,850
62,658
1,293
Walnut Rge
36
14,368
239
Pine
9.69- 9.72
9.66- 9.71
9.72a
9.69a
,9.78a
.
Range..
9.46- 9.52
9.52- 9.59
9.60- 9.72
Closing.
9.46
9.59
9.72
9.68 a
(1941)
103,307
2,486
"149
39,930
132,322
443
4
48,527
110
41,381
22
12,835
245
27
31,387
540
1,468
107,537
3,486
1,718
108,271
8,600
4,078
17,040
39,865
116,325
147,828
56
27
39,459
5,629
113,793
6,871
Augusta...
2,293
133.729
4,859
117,982
132,776
Columbus.
400
11,400
600
30,800
Macon
9.74a
Dec.—
9.64- 9.71
227
433
413
466
36,152
745
32,205
"21
26.732
125
38,047
30
16,699
40,251
124,487
"417
50
40
2,028
2,683
Athens..
9.76a
9.78a
9.66 a
9.53a
i9,3l2
Atlanta
Range..
.
"""2
37,955
15,626
43,851
576
227
38,826
36,581
5
Ga., Albany..
—
Nov.—
Closing
"loi
61,033
95
Little
Oct.—
Range..
72,893
Jonesboro..
10.13a
10.17a
10.13a
10.19a
10.09a
9.99a
8,789
8,937
170
368
16,061
66
Hope
Range..
81,972
76,985
163,510
51,174
55,846
47,962
35,197
134,187
12,630
50
54,469
27,569
342
Helena
Sept.—
51,086
260
Ark.,Blythev.
Forest City
10.43a
10
2,209
8
34
Selma
Aug.—
68,755
728
Montgom'y
10.53a
—
159
26,266
1,913
45,895
Mar.
Week
Season
Week
8
Stocks
ments
Mar.
Week
Season
1,073
Ala., Blrm'am
Eufaula
{new)
Range
I
1939
Ship¬
Receipts
Slocks
ments
Week
Closing
Ship¬
Receipts
10.70a
10.76a
10.73a
10.80a
10.71a
10.60a
{old)
Movement to Mar. 10,
1940
Movement to Mar. 8,
Towns
Closing
July
34,000
34,199
32,856
81,661
9.43- 9.49
9.49- 9.50
9.58-
9.43
9.55a
9.66-
9.69
9.69
9.65- 9.65
9.66a
La., Shrevep't
110
66,423
32
85,658
Miss., Clarksd
9.69- 9.69
9.69a
9.66
9.65a
16,332
107,559
1,532
154,621
3^537
60,793
728
Columbus..
Range..
Closing.
Feb.—
189
18,547
534
36,148
20
1,455
228,424
5,175
85,859
847
127,043
26,740
194,035
60
32,627
7,257
601
19,040
36
32,015
655
1,028
255
7,831
275
38,785
16,215
26,718
497
15;376
19,306
1
27,776
45,171
455
21,796
Rome
Range..
Greenwood.
Closing.
Jackson
»
of the previous year—is set out in
detail below:
{new)
Range..
Jan.
that is, the
the movement,
{old)
June
July
—
Towns,
Interior
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period
10.94-10.94
10.79-10.79 10.90-10.90
Range..
the
At
{old)
May
Natchez...
Nominal.
"120
Vlcksburg
Range for future prices at New York for
Mar. 8,1940,
60,731
259
40,639
4,691
97,908
Yazoo City.
40
47,833
1,128
48,162
11,636
263,179
11,494
42,770
5,773
195
Mo., St. Louis
5*666
133,130
5,666
3,499
N.C., Gr'boro
the week ended
and since trading began on each option:
141
3,972
66
2,075
4
4,619
227
3,244
2,522
317,482
7,141
130
2,181
278,244
97,559
1,668
53,647 2890,579
77,928
337,957
3,172
74,892
30,249 1764,602
21,979
2,865
48,343
784,493
286
13,191
Oklahoma—
24
26,904
"~46
15,609
"55
Dallas
Range Since Beginning of Option
Range for Week
Option for—
593
47,220
387
234,872
76,285
758,497
10,317
2,168
2,036
34,399
Paris
198
74,091
244
27,506
1,384
"""9
13,280
"72
2,516
180
36,405
851
27,506
3
27,252
199
35,546
55,753
261
13,907
164
54.224
7
23,521
15 towns *
S. C.. Gr'vllle
Tenn., Mem's
1940—
New
10.85 Mar.
2 11.07
Mar.
5
7.36
Apr. 20 1939 11.28
Dec.
13 1939
11.08
March old..
8 11.15 Mar.
8
8.19 Aug. 28 1939 11.45
Dec.
13 1939
Mar,
New
May
Mar.
5
7.54
4 10.94 Mar.
7
10.79 Mar.
May
Feb.
26 1940
1 1939 11.07 Jan.
3 1940
17 1939 10.95
8.05 Sept.
2 10.86
old... 10.63 Mar.
New
June
10.29
Mar.
2 10.51
Mar.
5
7.63
Mar.
2 10.62
Mar.
5
7.90
1 1939 l6.6"d Jan.
1 1939 10.82 Jan.
Sept.
10.43
New
Sept.
August
3 1940
3,989
Marcos
7 1939
1 1939 10.14 Jan.
3 1940
29 1940 10.07 Jan.
3 1940
.
Tot., 56 towns
*
9.61
Mar.
2
9.86
Mar.
5
8.25 Nov.
9.46
Mar.
2
9.72
Mar.
5
9.28
9.43 Mar.
2
9.69
Mar.
5
9.07
Jan.
6
14,485
107
3,204
471
44,246
563
42,461
3
63,111
147
43,170
Jan.
9.81
23 1940
Feb.
26 1940
February
Volume of Sales for Future
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
15 towns In Oklahoma.
that
show
totals
above
2737,778i 46,160 4256,930! 91,531 3051,323
the
interior
in the
same
Overland Movement for the Week
and Since Aug. 1—
statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
We give
below
2 Mar.
4 Mar.
5 Mar.
6 Mar.
7
a
Week
Shipped—
Via St. Louis
7
1940—
900
8,000
5,200
9,300
9,300
10,200
300
New
*79,300
1,200
16",000
14,306
19,600
10",306
100
100
500
29",900
13,900
30,900
18", 100
13,500
New
1,400
200
300
100
800
47,600
8] 500
7,700
30,200
607,000
October—Old
900
New
16,600
8",600
7,500
375",000
.34,798 1,190,186
32,190
875,481
922
4,922
15,341
6,246
198,592
9,608
17,329
6,737
301,798
.
5,294
220,179
10,735
325,864
-
29,504
970,007
21,455
549,617
3,773
11,481
.
.
overland
Deduct Shipments—
Overland to N. Y., Boston, &c_.
Between interior towns
Inland, &c., from South
December—Old
500
l'lOO
4^500
2", 000
2",600
l",906
300
200
600
100
100
7,600
180
192
.
99, 700
200
New
4,352
17,803
100
.
Via Virginia points
Via other routes, &c
Total gross
Aug. 1
132,895
135,721
2,364
6,323
118,995
479,183
-
Via Louisville
580,600
500
100
New
Since
Week
259,741
209,525
8,733
6,767
121,499
583,921
34,300
200
900
May—Old
July—Old
Aug. 1
11,494
7,950
.
Via Mounds, &c
Via Rock Island
March—Old
1938-39-
Since
Contracts
Mar.
1 Mar.
have
week last year.
-1939-40
Mar.
stocks
during the week 57,426 bales and are tonight
313,545 bales less than at the same period last year.
The
receipts of all the towns have been 41,863 bales more than
Mar. 8—
Open
New York
853
6,471
decreased
1941—
January
88,023 5626,490 145,449
Includes the combined totals of
The
.
December..'
811
Waco
4,589
15,318
40
614
6,518
Robstown..
71,946
3 1940
Dec.
9.54
8.08 Aug. 31 1939
October
November
..
Texarkana.
July old
194
7,392
Austin
San
old
New
September
Texas, Abilene
Brenham
April old
1,988
Total to be deducted
5,666
4,125
244
205
1941—
January
Leaving total net overland *
Inactive months—
200
August, 1940
Total all futures
115.500
65,200
46,100
90,000
*
Including movement by rail to Canada.
foregoing shows the week's net overland movement
has been 29,504 bales, agaiDst 21,455 bales for
the week last year, and that for the season to date the
The
58,400
44,800 1,832.500
this
Open
New Orleans
Feb.
28 Feb.
29 Mar.
1 Mar.
2 Mar.
4 Mar.
5
Contracts
Mar. 6
aggregate net
of
1940—
year
overland exhibits an increase over a year ago
420,390 bales.
1939-40
March—Old
2,500
900
900
4,600
2,400
700
50
New
4"l50
May—Old
18,900
12", 700
5", 550
4", 150
9", 800
112,050
ll",850
4,650
3" 500
9" ioo
77,350
200
4,050
100
New
1,500
3~500
July—Old
5~650
200
New
In
250
4,000
Sight and Spinners'
Takings
Week
107,381
Receipts at ports to Mar. 8
2~, 3 50
3,750
3", 100
200
New
500
600
2"
100
2,350
3,850
300
200
13,600
100
March..
100
Total all futures..
13,100
100
100
1,400
50
15,000
33,050
13,500
12,750
2,750
23,650
970,007
21,455
549,617
4,520,000
130,000
3,838,000
11,724,920
307,729
178,719
*45,371
7,496,515
1,089,400
takings
consumption to Feb. 1—
of
Southern
mill
Came into sight during
Total in sight Mar. 8
*
Includes
2,400 bales against which notices have been issued, leaving net open
*
Decrease.
133,348
9,027,430
12,952,259
.
292,450
432,515
919,610
week— .219,459
.
contracts of 76,900 bales.
Since
Aug. 1
3,108,898
276,885
*57,426
Excess
over
1941—
January.
Week
27,264
29,504
Southern consumption to Mar.
60", 650
100
1938-39
8--140,000
Net overland to Mar. 8
October—Old
December
Since
Aug. 1
6,234,913
38,149
1,172,660
30,637
937,466
'
Volume
The Commercial & Financial Chronicle
ISO
Movement into sight in previous
Week—
Bales
1938—Mar.
11_-
1937—Mar.
12
1936—Mar
14
years:
Since Aug.
185,642
169,256
124,427
1631
1937
Week
Bales
1—
1935
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantations
End.
12,978,684
12,187,765
11,557,152
._
1936.
1939
1938
1937
1939
1938
1937
1939
1938
1937
Deo
8.
210,127
77,815 165,506 3498,072 3466.222 2610,850 173,332
15. 257,101
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern principal cotton markets for each
day of the
Below
64,534 169,711 3449,968 3471,589 2640,423 208,997
54,236 139,333 3389,066 3448,226 2663,852 179,786
22. 240,688
29. 189,049
week:
44,695 141,563 3346,020 3434,970 2658,348 232,095
1940
1939
1938
1940
1939
1938
1940
65,209 230,448
39,901 199,284
ot),873 162,762
31,339 147,087
1939
1938
Jac.
5.
169,951
12. 181,553
Closing Quotations for Middling Cotton on-
19.
Week Ended
Saturday
Monday
%
%
15-16
Vi
15-16
%
15-16
H
15-16
In.
In.
In.
In.
In.
In.
In.
In.
Tuesday
Wednesday
196,677
149,768
26.
Friday
Thursday
Mar. 8
42,596 125,656 3265,094 3400,270
38,827 121,714 3189.004 3369,048
37,387 116,840 3127,764 3329,120
43,399 120,588 3072 ,C8S 3291,719
2619,799
89,025
2613,016 105,463
2629,636 135,437
2628,795
94,692
7,896
86,716
7,605 128,497
NU
133,463
5,798 119,744
Feb.
15-16
In.
In
2. 137,632
9. 168,665
15-16
In.
In.
35,546 104.958 3016,68/ 3246,532 2598,040 81,531
29,078 112,608 2956,982 3212,973 2575,215 108,960
25,681 101,785 2897,286 3174,825 2570,224 117,323
21,337
86,337 2845,482 3138,203 2543,310
70,930
16. 177,019
Galveston
10.57 10.77 10.60 10.80 10.67
New Orleans. 10.54 10.74 10.54 10.74 10.65
Mobile
10.57 10.67 10.60 10.70 10.69
Savannah
10.82 10.97 10.85 11.00 10.84
Norfolk
23. 122,734
10.60 10.80 10.63 10.83 10.55 10.75
1. 138,982
8. 107,381
10.62 10.72 10.67 10.77 10.60 10.70
10.78 10.93 10.77 10.92 10.70 10.85
10.90 11.05 10.90 11.05 11.00
10.50 10.60 10.50 10.60 10.45 10.55
10.92 11.07 10.95 11.10 11.04
10.97 11.12 11.02 11.17 10.95 11.10
10.30 10.50 10.35 10.55 10.45
74,203
135,433
96.794
NU
10.35 10.55 10.40 10.60 10.35 10.55
25,736
27,264
59,413
39,957
71,853
82,658 2795,204 3096,651 2500,609
88,704
NU
92,663 2737,778 3051,323 2479,799
41,955
NU
10.90 11.05 10.95 11.10 10.90 11.05
Augusta
NU
Mar.
10.58 10.78 10.63 10.83 10.55 10.75
Montgomery. 10.50 10.60 10.50 10.60 10.60
Nil
NU
Memphis
Houston
10.60 10.80 10.63 10.83 10.72
....
The above statement shows:
-
(1) That the total receipts
from the plantations since Aug. 1, 1939, are 6,602,151
bales;
in 1938-39 they were 4,392,943 bales, and in 1937-38 were
8,286,078 bales.
(2) That, although the receipts at/ the
outports the past week were 107,381 bales, the actual
movement from plantations
was
49,955 bales, stock at
interior towns having decreased 57,426 bales during the week.
10.65 10.85 10.70 10.90 10.60 10.80
Little Rock.. 10.25 10.45 10.30 10.50 10.40
Dallas
10.21 10.41 10.24 10.44 10.30
10.30 10.50 10.35 10.55 10.30 10.50
10.22 10.42 10.27
New Orleans Contract Market—The
10.47 10.20 10.40
closing quotations
for
leading contracts in the New Orleans; cotton market for
the past week have been as follows:
India Cotton Movement from All Ports—The
of Indian cotton at
Saturday
Monday
Tuesday
Mar. 2
Mar. 4
Mar. 5
Wednesday
Thursday
Mar. 7.
Mar. 8
Mar. 6
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1, as cabled,
for three years, have been as follows:
Friday
1940—
March
old 10.965-.98a 11.065
New
New
11.12
11.06
11.265
11.205
11.225
11.165
10.84
10.95
10.88-10.89 10.93
10.965
10.865
July old
New
-
11.075
10.525
October
11.005
11.055
10.53
10.58
10.705
Week
10.725
9.65
9.75
9.885-9.89a 9.845-9.86a
December- 9.495-9.50a 9.605-9.61a 9.735-9.75a 9.695-9.71a
—
Bombay
10.635
8.90
L28.000
9.545
9.71n
Since
Week
Aug. 1
93,000 1,331,000 106,000 1,432,000
For the Week
9.675-9.69a 9.635-9.65a 9.695-9.71a 9.675-9,69a
Great
from—
Tone—
Britain
Spot
Steady
Quiet
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
New fut'es
.taked.
Since Aug. 1
Steady.
Steady.
Steady.
Steady.
Steady.
Conli■
Jap'n &
nent
China
Steady.
1939-40..
29,000
45,000
a
873,000
41,000
148,000
686,000
875,000
22,000
21,000
152,000
408,000
581,000
a
a
722,000
448,000
361,000
1938-39—
10,000
12?000
6,000
12,000
18,000
13?000
22,000
1937-38..
6,000
15,000
a
a
a
a
a
a
168,000
280,000
123,000
238,000
6,000
a
32,000
19,000 i
67,000
40,000
a
a
209,000
428,000
144,000
390,000
a
1595,000
686,000 1323,000
408,000 942,000
Not available.
Alexandria
Feb. 8, which
not
Receipts
and
Shipments—We have
only
received the Alexandria movement for the week ended
now
Exchange.
a
all—
1939-40..
below.
As these reports have
been coming in regularly, we can only publish them as
we
present
received.
by Telegraph—Telegraphic advices to us this
evening indicate that it has been mostly dry and moderately
1939-40
1938-39
1937-38
155,000
6,557,035
Alexandria, Egypt,
the cotton belt.
90,000
5,532,633
200,000
7,293,949
Feb. 8
Rain
Rainfall
-Thermometer
Days
Inches
High
Low
1
0.01
77
48
63
Amarillo
2
0.15
70
Receipts {cantars)—
Mean
T exas—Gal veston
Rio
Paso
Houston
Palestine
31
54
82
45
64
84
43
81
36
59
88
43
66
dry
dry
dry
Dallas
76
dry
__
71
31
52
77
36
57
76
40
Since Aug. 1
61
dry
dry
Brownsville
38
This week
47
83
dry
Abilene
24
dry
dry
Austin
This
0.01
79
45
0.17
89
39
78
Little Rock..
Louisiana—New Orleans
1
53
33
Aug. 1
8",300
106,307
439,219
16,167
8,300
678,421
48
37
84,325
89,916
365,908
13,825
631,128 30,450
553,974
116,728
58
8
were
.64
78
200
123,752 8,300
105,310
9,300
368,737 11,950
900
33,329
Note—A cantar Is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Feb.
53
79
dry
dry
Since
Week
12,175
Total exports
54
32
72
0.01
30
73
dry
dry
This
Aug. 1
11",975
To America
64
Smith
Since
Week
Liverpool
To Manchester, &c
To Continent & India
62
2
Oklahoma—Oklahoma City
This
Aug. 1
Exports (bales)—
To
58
1
San
Antonio
Since
Week
»
64
Port Arthur
Arkansas—Fort
a
31,000
22,000
Total
Returns
Christi
Total
19,000
1938-39..
following were elected
membership in the Exchange: C. L. Andrews of C. L.
Andrews Cotton Co., Memphis, Tenn., who are cotton mer¬
chants; Jerome Howard Ferguson of the Ferguson Cotton
Co., Shreveport, La., cotton merchants; and George Stanely
Morrison of Houston, Texas, Senior Vice-President of Rodgers & Co., Inc., spot cotton merchants.
Mr. Andrews is
also a member of the Memphis Cotton Exchange and Mr.
Corpus
China
32,000
1937-38—
Cotton Exchange held on March 7, the
over
nent
10,000
a
1939-40..
/
to
member of the Houston Cotton
Japan &
Britain
Other India:
Three New Members of New York Cotton Exchange—
At a meeting of the Board of Managers of the New York
a
Total
Conti¬
3,000
3?000
1938-39..
b Bid.
Morrison is
Great
Bombay—
1937-38..
Del
,552,000
Aug'. 1
Exports
9,445
Old futures
El
Aug. 1
9.855-9.86a
9.75 n
mi—
January
cold
Week
10.51
10.655
1937-38
Since
Since
10.975
10.495-.51a 10.60
1938-39
...
Mar. 7
Receipts at—
10.85
10.615
10.40
—
'1939-40
11.165-.18a 11.10
11.165
11.065
May old— 10.74
155,000 cantars and the foreign shipments 12,175 bales.
Shreveport
Mississippi—Meridian
Vicksburg
1
0.01
76
33
55
1
0.01
78
39
59
Alabama—Mobile
1
0.21
74
40
60
Birmingham
Montgomery.
1
0.27
75
30
53
Alexandria, Egypt,
2
0.56
72
34
53
Mar. 6
1
0.16
79
48
64
.
Florida—Jacksonville
j.
Miami
2
0.65
81
49
65
2
0.10
72
43
4
0.44
74
48
58
61
1
Pensacola
0.02
76
41
Atlanta
figures below for the current
'
1939-40
1938-39
1937-38
161,000
7,229,149
300,000
6,252,617
200,000
8,045,289
58
..
Tampa
Georgia—Savannah..
We have also received the
week.
Receipts (cantars)—
This week
Since Aug.
1
2
0.46
76
33
55
Augusta
2
This
Since
This
Since
This
0.55
72
Since
37
55
Macon
2
1.07
Week
49
Aug. 1
Week
34
Aug. 1
Week
63
Aug. 1
South
Carolina—Charleston..
1
Charlotte.
70
40
55
0.17
61
26
44
0.51
65
29
47
1
0.21
67
30
49
1
_
Raleigh
Wilmington
Tennessee—Memphis
Chattanooga
__
Nashville.
0.12
1
2
North Carolina—Asheville
72
0.24
76
34
0.56
76
34
55
1
0.34
77
30
53
15,000
To America
Total exports
'21,000
138,952
117,400
424,892
34,968
8,200
18",loo
950
716,212 27,475
110,675
106,316
432,121
17,475
7,300
134,789
20",206
100
121,907
502,310
18,217
666,587 27,000
777,199
Note—A cantar is 99 lb.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Mar. 6
161,000 cantars and the foreign shipments 21,000 bales.
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Mar.
8, 1940
Feet.
Orleans
Cotton
Mar. 10, 1939
Feet.
Above
zero
of gauge-
5.0
Above
zero
of gauge.
15.4
35.9
Above
zero
of gauge.
22.2
35.4
Shreveport
Vicksburg
Above
Above
zero
of gauge.
of gauge
3.4
17.9
15.5
York
16.4
Memphis
Nashville
41.7
Receipts
6",000
J
54
33
The
New
\
52
1
___
039
2
Export (bales)—
To Liverpool
To Manchester, &c
To Continent & India
from
the
zero
_
Plantations—The
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
We aie therefore obliged to omit the following tables:
World's Supply ana Takings of Cotton.
in
'
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:
were
,
Liverpool Imports, Stocks, &c.
Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is good.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:
Manchester
The Commercial &
1632
8Ya. Lbs. Shirt¬
ings, Common
Middi'g
Upl'ds
Twist
to Finest
Upl'ds
to Finest
Twist
d.
d.
8.
Cotton
32s Cop
Cotton
d.
d.
d.
s.
d.
8.
8.
d.
d.
Dec.
12
15—
6
Nominal
16%@16 H
29..
8.78
Nominal
9
@12
8.70
8
ItH&lTh
12
6
@13
1%
9.29
8%@
Nomina>
12
3
@12
4
8.98
19-
Nominal
12
3
@12
6
8.75
8%@
8%@>
8 10%@
V
8 10%@
.
26..
Nominal
12
1%@ 12
4%
8.30
8%@
Unquoted
Unquoted
12
4%
4%
8.29
8%@
8.29
Unquoted
Unquoted
12
1%@12
1%@12
1%@12
1%@12
8 10% @
9%
9%
9%
9%
5..
12..
0
5.16
5.24
ib
ib
5.25
19 39
19 40
jan.
4.97
1%
10%@ 0 1%
8 10%@
8%@ 9%
8%@ 9%
8%@ 9%
8%@ 9%
8.59
Nominal
Nominal
22—
8.19
6
@12
3
12
15%@16
8..
9
10%@ 9
8
5.30
ib
ib
5.19
6.18
8
9
@
9
8
9
@
9
5.10
9H
8
9
@
9
5.13
9
Feb.
3..
9..
1723..
12
12
8%®
9%
8
@
9
5.07
4%
8.12
8tf@
9
@
8.04
8%@
9%
9%
8
4%
8
9
@
9
9
5.15
8%@
8%@
9%
9%
8
9
@
8
9
@
9
9
5.40
5.15
Mar.
1-
14.54
12
1%@12
4%
7.99
8—
14.54
12
1% @12
4%
8.03
5.29
Shipments in detail:
Shipping Newg-
Bales
Bales
HOUSTON—
GALVESTON—
To Italy
7,623
Denmark
To
To Holland
To Norway
Portugal
To
To Spain
To Sweden
America...
To South
To France
—
To Latvia
ORLEANS—
To Great Britain
To France
NEW
To Italy
To South
To
—
To Italy
To Japan
To China...
—
36,515
7,018
5,969
1,204
1,350
1,360
6,110
346
100
To Denmark
To N or way
119
1,336
.
To Sweden
550
To Great Britain
5,618
To Japan
To China
3,449
450
America
1,500
To Great Britain
LOS ANGELES—
2,710
Spain
To Holland
To South
208
America
Portugal
To Spain
To Latvia
NEW YORK—
To France
To
2,691
6,777
6,712
To Great Britain
461
2,597
200
4,641
7,075
1,190
917
5,660
1,354
—
2,200
126,010
Total
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
Monday
follows:
Quiet
Friday
Thursday
Wednesday
Tuesday
Quiet
Saturday
Spot
Market,
12:15
P.
Moderate
Mid. upl'ds
8.03d.
8.06d.
7
10
to
Steady at
Quiet, st'y. Quiet, st'y,
2 to 4 pts.
2 to 4 pts.
decline
1
to
3 pts.
decline
advance
advance
Quiet at
Steady at
Quiet, st'y,
10
7 to 8 pts.
2 to 3 pts.
2 to 4 pts.
2 to 9 pts.
advance
advance
decline
decline
pts.
opened
Market,
7
4
to
pts.
M.
Prices of futures at
dec.
Quiet
Liverpool for each day
are
at
Barely st'y,
given below:
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Mar. 2
dec.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Mar. 8
d.
d.
d.
d.
d.
d.
d.
d.
*
7.79
7.77
7.82
7.84
7.85
7.87
7.86
7.83
7.83
•7.74
*
7.89
7.86
7.92
7.93
7.94
7.95
7.94
7.92
7.93
7.84
7.90
7.96
7.72
7.78
—
May.
*
July
*
October
7.92
7.75
*
December
Jan.
d.
d.
d.
New Contract
March (1940)
m
*
(1941)
m
„
7.66
*
March
-
—
-
-
*
May
-
-
-
-
7.81
7.80
*.
7.60
7.54
—
-
-
7.71
7.70
7.65
7.52
7.46
*
July
7.69
7.63
7.58
7.98
7.97
7.72
7.65
«
-
-
~
«.
-
7.99
7.99
7.82
7.82
7.74
-
-
-
-
7.72
7.72
7.97
7.98
7.80
7.81
7.72
7.70
«»
7.72
7.91
7.76
7.69
7.68
7.65
7.60
weeks
7.56
7.54
7.52
•
-
-
-
Today prices closed 1% to l%c. net lower.
Wheat prices
back about 2c. a bushel today under pressure of profit-
fell
BREADSTUFFS
to
Friday Night, March 8, 1940.
most of the week.
of the leading
In spite of the firmness in wheat, most
mills made no price changes in flour prices,
apparently with the idea of encouraging a little buy¬
Mills continue to report moderate shipments
ing interest.
wheat
unchanged to YgC.
higher.
The closing range represented the high levels of the
day.
Wide and at times rapid price swings today reflected
the wheat market's nervousness and uncertainty over the
European
situation
Alternate
as
well
waves
as
conflicting domestic trade
of buying and selling kept prices
churning about most of the short session.
All contracts at
times dipped about a cent a bushel below previously closing
levels, with May falling momentarily below $1 for the first
time in two weeks.
Buying strength mustered from grain
dealers, millers and other professionals, lifted quotations.
Most of the selling was based on rains over the grain belt as
well as rather large week-end receipts, exceeding 1,000,000
bushels at the principal interior terminals, compared with
730,000 a week ago, and 465,000 a year ago.
Buying came
mostly from mills, with 165,000 bushels sold to shippers here
and reports from outside markets indicating processors'
demand expanded on the price decline.
On the 4th inst.
prices closed Y% to Y,o. net lower.
Gains of about a cent in
wheat prices were lost during the final hour of trading today,
and the market closed fractionally lower than Saturday.
Selling associated with rather large receipts at principal
markets, particularly in the Northwest, offset purchasing
credited to mills and cash grain dealers.
Some of the selling
was
believed to have represented hedging of loan wheat
purchased by commercial interests.
The price decline last
at
bushel
or
tiations
more
recent
some
price advance lifted
terminals
stored grain
under Government loans.
levels
to
quota¬
attractive to
the
1939 harvest
since
Market prices range up to 20c. a
above original loan rates.
Reports of nego¬
for peace in
the Russo-Finnish war also attracted
attention, but most traders were inclined to ignore the for¬
eign situation.
Belgium was reported purchasing Argen¬
more
Wheat—On the 2d inst. prices closed
Losses from early highs amounted
The
who have
producers
tine wheat,
contracts.
increase in sale of loan wheat, and Euro¬
2c.
than
more
tions for
Flour—Quiet prevailed in the local flour market during
some
political reports.
pean
factors."
a
month.
grain belt,
on
as
taking and selling, induced by forecast of moisture in the
♦Closed.
lliis
about
rose
reports and improved export business in North Amer¬
ican grain.
Export sales included more United States
Pacific Coast wheat to Russia and 350,000 bushels of Cana¬
dian to Continental Europe.
Crop experts called attention
to moisture deficiency in the spring wheat belt and pointed
out that good rains will be needed to give the crop a satis¬
factory start.
A private crop observer estimated Oklahoma
may not harvest more than half of its wheat acreage, ac¬
cording to a trade source, and said that conditions in
some parts of Kansas also were bad.
This overshadowed
reports of fairly good rains and snows at some Kansas
points overnight.
In the first few days of March moisture
so far has been very favorable, with precipitation in some
localities as much as normally is received in the entire
7.58
7.67
market
crop
7.62
7.62
closed 1 to l%c. net higher.
The
2c. today to the best level in
result of buying inspired by pessimistic
On the 7th inst. prices
wheat
two
Steady at
4 to 6 pts.
Steady at
Futures
curtail
to
outside mills.
demand
8.05d.
8.02d.
7.99d.
CLOSED
Market
P.
Good
Quiet
demand
M.
1940
Government officials estimated
Middi'g
8% Lbs. Shirt¬
ings, Common
32s Cop
9,
liquidation of loan wheat, which
had been reduced to around
115,000,000 bushels, and much heavier terminal market
receipts, reflecting the movement of this grain, had a bearish
effect on the market.
Supplies at leading receiving points
were heavy again
today. Primary receipts last week ex¬
ceeded 5,000,000 bushels, and were 2,000,000 bushels more
than the previous week.
On the 5th inst. prices closed
2^ to 3c. net higher. All deliveries of wheat soared over the
dollar mark today after the futures market bad opened
hesitatingly.
A late rally in prices which touched off many
standing orders to buy, and substantial short covering
boomed quotations as much as 3%c. a bushel.
Traders
were discussing the
European political situation, reported
abandonment of wheat acreage in Oklahoma because of a
poor stand, and the British blockade. Prices receded a little
from the top because of profit-taking.
Cash wheat prices
were 1 to
higher and the trading basis was firm; ship¬
ping sales, 15,000 bushels; receipts, 4 cars.
A mild flurry of
selling at the start, induced by uncertainties over the weather
outlook for a major portion of the wheat belt, met a solid
block of orders to purchase at levels just below the market
and prices then worked upward.
On the 6th inst. prices
closed Kc. lower to l/io. higher.
After a session of rapid
fluctuations reflecting forecast of colder weather in the
grain belt and estimates indicating some crop improvement
the last three months,
wheat prices closed today with
little net overnight change.
Profit-taking based on the
upturn yesterday, and hedging of loan wheat accounted for
some of the selling, while the foreign political situation, with
attention centered
on
Anglo-Italian relations, attracted
buyers.
Dust storms in some localities of the domestic
Southwest and a good local shipping business also brought
some strength to the pit.
Predictions of colder weather in
parts of Oklahoma and Texas as well as other sections of the
belt, offset prospects of more moisture.
This also over¬
shadowed the private crop reports which emphasized the
importance of near perfect weather over the wheat belt next
few months if present wheat prospects are to be maintained.
Exporters sold 300,000 bushels of Canadian wheat to con¬
tinental Europe and local shippers sold 50,000 bushels to
tended
week
1938
1939
March
Financial Chronicle
and Russia was understood to be inquiring for
United
Vladivostok.
with ice
as
reported
threat
a
States
Pacific
Coast
wheat
for
to
on
fields in
winter
sections, wTas regarded
which already have been
some
grains,
Open interest
damaged to some extent by the cold winter.
in wheat was 90,667,000 bushels.
DAILY
CLOSING
PRICES
OF
Sal.
120%
No. 2 red
DAILY
shipment to
A return of cold weather to Western Europe,
CLOSING
PRICES
OF
NEW YORK
IN
Tues.
Mon.
120%
WHEAT
Sat.
100%
98%
98%
May
July
September-
WHEAT
Wed.
123%
FUTURES
Mon.
Taes.
<
October.
OF WHEAT
FUTURES
Sat.
DAILY CLOSING PRICES
Tues.
89
L-.
89%
91%
Mon.
88%
89%
90%
89%
90%
91%
Fri.
124%
123%
IN
Wed.
CHICAGO
Thurs.
100% 103% 105%
98% 100% 100%
97% 100
100
Season's Hioh and When Made
f
Season's Law and
May
109%
Dec. 19, 1939[May
63%
July
107%
Dec. 19, 19391 July
-77%
September---105%
Feb. 20, 1940(September
92%
May
July
Thurs.
123%
Fri.
105%
102%
101%
102 %
100%
100%
When Made
July
24, 1939
Oct.
Feb.
9,1939
1,1940
IN
Wed.
89%
90%
91%
WINNIPEG
Thurs.
89%
Fri.
91%
89%
90%
92%
91%
Corn—On the 2d inst. prices closed Ye. to ^gc. net lower.
Some
selling of corn was credited to dealers, partly repre¬
senting hedging of 23,000 bushels booked to arrive.
On the
4th inst. prices closed unchanged to %c. higher.
Corn prices
advanced fractionally, reflecting reports of increased export
movement although no new sales of any consequence have
been confirmed the past several days.
Foreign buyers were
Volume
The Commercial & Financial Chronicle
150
believed to be taking supplies largely from
will have
*
Argentina, which
huge new crop ready for export in a few weeks.
Credits allowed by the United States to Scandinavian coun¬
tries were expected to have some influence on demand for
coarse grains.
On the 5th inst. prices closed %$. to
net
higher.
This steadiness was influenced largely by small
primary' receipts, which totaled only 363,000 bushels,
against 507,000 last year.
There was a lack of any real
pressure from the country, and, this, together with the
strength in the wheat market had its influence on corn
prices.
Reports of continued heavy selling for Government
loans, with the total as of March 1 placed at 212,000,000
bushels, also attracted some support.
Trade sources sug¬
gested that the final total under loan would be larger than
last year.
On the 6th inst. prices closed unchanged to
34c. up.
Corn prices held to a 34c. range throughout the
session, being steadied by sale of 280,000 bushels to Denmark
for shipment from Baltimore.
Receipts were modest but
bookings amounted to 58,000 bushels, which caused some
hedge selling.
On the 7th inst. prices closed % to 34c. net higher.
Corn
prices were steady to fractionally lower, with the market
disturbed by bearish crop reports from Argentina.
An
official estimate placed Argentine abandonment at only 6%,
which crop experts said practically assured a bumper crop.
Abandonment last year was almost one-third of the acre¬
age.
Today prices closed % to %c. net lower.
The corn
market ruled heavy, influenced largely by the weakness
of wheat.
Open interest in corn tonight was 43,891,000
Closing quotations
CLOSING
DAILY
PRICES
OF CORN
Sat.
No. 2 yellow
Mon.
72%
PRICES
CLOSING
NEW YORK
Wed.
72%
73H
Mon.
1
57
56%
57%
Thurs.
57
57%
58
58
73%
57^
57%
5834
72%
Fri.
56^
57%
57^
When Made
July 26.1939
Oct. 23.1939
Feb.
1,1940
Season's
High and When Made
I
Season's Lew and
May.
6334
Sept.
7. 1939 May
42
July
61%
Dec. 19. 19391 July
52%
September
6134
Jan.
4, 19401 September— 5534
FLOUR
Spring pat. high protein..6.20@6.40 Ry« flour patents
5.10 @ 5.30
Spring patents
6.05@6.20 Seminola, bbl., Nos. 1.3—6.85@7.05
Clears, first spring
5.30@5.40 Oats good
3.10
Hard winter straights
6.35@6.50 Corn flour
2.05
Hard winter patents
6.60@6.75 Barley goods—
Hard winter clears
prices closed unchanged.
Trading
light and without feature.
On the 4th inst. prices
closed unchanged to 34c. lower.
This market was dull, with
fluctuations extremely narrow.
On the 5th inst. prices
closed unchanged to 34c. net higher.
Trading in this grain,
was very dull and prices
confined within a narrow range.
On the 6th inst. prices closed
3/gC. to 24c. net higher.
Strength on oats was attributed to buying by dealers.
On the 7th inst. prices closed 34c. lower to %c. higher.
Oats were about steady, with trading relatively light.
To¬
day prices closed % to V2C. net lower.
This market was
influenced largely by the weakness displayed in the wheat
and
corn
DAILY
markets.
CLOSING
OF
PRICES
OATS FUTURES
Season's High and
DAILY
40%
3534
33%
33%
September.-..
May
July
September
Mon.
40%
3534
_
CHICAGO
IN
Wed.
Tues.
41%
Thurs.
36
41%
3634
33%
34%
4234
36%
34
Wheat, New York—
No. 2 red, c.i.f., domestic
12334
Manitoba No. 1. f.o.b. N. Y. 10336
Corn, New York—
No. 2 yellow, all rail...
When Made
I
Season's Low and
Mar.
8, 1940|May........ 2734
Feb. 21, 19401 July
30%
Feb. 23, 19401 September — 3134
4234
36%
34%
When Made
July 24,1939
Oct.
9,1939
Feb.
1, 1940
OATS
OF
Sat.
October
FUTURES
Mon.
40%
38J4
3434
40%
38%
34%
Tues.
IN
Wed.
40%
3934
35
40%
30%
35%
Thurs.
41%
30%
36%
Flour
Receipts at—
Wheat
Chicago
Sat.
6534
May
6634
67%
July
September
Season's High and
May
July
September
77%
76
75%
When
Dec.
Dec.
Dec.
♦
Tues.
6636
67%
68%
6736
6834
68%
7234
7236
May.
July
Mon.
72%
7236
Tues.
7334
73
68%
6936
70
73%
7336
Thurs.
67%
68%
69%
Fri.
74
Kansas City
Omaha
20,000
Joseph_
...
PRICES OF
Sat.
-
October.
Mon.
Tues.
IN WINNIPEG
Wed.
Thurs.
5436
5236
52
54 36
5236
5436
52
5436
5236
5036
50
5036
5034
5036
5,000
299,000
205,000
88,000
3,000
Tot. wk. '40
459,000
68,000
148,000
120,000
6,000
26,000
48,000
12,000
73,000
"4",000
"e" 000
347,000
361,000
1,261,000
1,501,000
1,833,000
165,000
243,000
44,000
47,000
17,000
2,000
6,000
383,000
45,000
4,332,000
4,082,000
6,459,000
1,166,000
1,832,000
1,722,000
Same wk '39
468,000
2,957,000
Same wk '38
401,000
2,923,000
Since Aug. 1
1939
13,607,000 242,062,000 159,638,000
1938
Total
14,000
285,000
69,315,000 20,513,000 85,100,000
74,057,000 19,614,000 71,238,000
82,206,000 22,307,000 75,060,000
14,007,000 238,867,000 184,760,000
11,883,000 223,181,000 189,624,000
1937
2,000
8,000
5,791,000
443,000
570,000
493,000
41"666
Buffalo
receipts of flour and grain at the seaboard ports for
March 2, 1940, follow:
the week ended Saturday,
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
New
York.
Rye
142,000
364,000
291,000
10,000
Philadel'la-
32", 000
676,000
33", 000
Baltimore..
15,000
231,000
351,000
24,000
33,000
21,000
120,000
19,000
1,187,000
44",000
Barley
bush 56 lbs bush 48 lbs
12,000
NewOrl ns*
I5i"o6o
Portl'd.Me.
Galveston..
St. John W.
24",000
31,000
47,000
4,000
268,000
40
18",000
50,000
2,000
861,000
Boston
Halifax
94,000
m
81,000
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
Raft
Week 1939.
268,000
1,548,000
402,000
55,000
16,000
19,000
2,701,000
13,512,000
5,433,000
542,000
182,000
349,000
Since Jan. 1
1939
*
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports
from the several seaboard ports for the week
Saturday, March 2, 1940, are shown in the annexed
Fri.
54 36
5236
5036
Corn
Bushels
New
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
Wheat
Exports from—
74,000
478,000
York
Portland, Me
42,000
"47",000
291,000
Boston
284,000
Philadelphia
555,000
122,000
Baltimore
542,000
392,000
New
1,000
i2b"o66
Galveston
44,000
1,187,000
St. John West.
151,000
50,000
94,000
81,000
861,000
Halifax
Total week 1940..
Same week 1939
a
42",000
7,000
Orleans
4,318,000
2,667,000
558,000
910,000
a81,000
83,500
293,000
3,000
42,000
173,000
16.000
Complete flour export data not available from Canadian ports.
The destination of
July 1,1939, is
as
these exports for the week and since
below:
Wheat
Flour
Corn
Exports for Week
Week
Since
Week
Since
Week
Since
Mar. 2,
July 1,
Mar. 2,
July 1,
1939
1940
1939
Mar. 2,
1940
July 1,
1940
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
♦Total 1940
81,000
3,044,846
Total 1939
83,500
3,663,069
*
Detailed figures not
The
visible
granary
4,318,000
90,031,000
2,667,000 103,196,000
1939
558,000 23,247,000
910,000 60,496,000
available.
supply
at principal
of grain, comprising the stocks in
points of accumulation at lake and
March 2, were as follows:
seaboard ports, Saturday,
GRAIN STOCKS
Wheat
United States—
Corn
Oats
Rye
Bushels
Bushels
Bushels
Bushels
Boston
New York
450,000
Philadelphia-
137,000
Baltimore
413,000
561,000
Galveston
Fort Worth
BARLEY FUTURES
2,000
62,000
City.
New Orleans
7334
7136
October
42,000
158,000
231,000
statement:
30%
WINNIPEG
Wed.
99,000
35%
When Made
Aug. 12, 1939
Oct.
9, 1939
Feb.
2,1940
OF RYE FUTURES IN
Sat.
May
July.
6534
6634
67%
11,000
205,000
44,000
78,000
138,000
10,000
1,154,000
290,000
44,000
424,000
37,000
13~1~,666
47,000
Wichita
262,000
412,000
89,000
2,000
Indianapolis
St. Louis
Peoria
ended
IN CHICAGO
Wed.
Thurs. Fri.
Marie
I
Season's Low and
26. 19391 May
43%
18, 19391 July
5234
26, 19391 September— 6436
DAILY CLOSING PRICES
DAILY CLOSING
Mon.
Barley
1,738,000
163,000
20,000
Toledo
Sioux
Rye
bush 56 lbs bxish 48 lbs
247,000
Milwaukee-
41
liquidation and short selling of rye futures.
FUTURES
66
55-64N
453,000
July 1 to—
RYE
85
2,706,000
displayed in the wheat pit.
There was some new outside
buying, and covering of shorts played its part in the
firmness displayed in rye futures.
Today prices closed
1 to %c. net lower.
The downward movement of wheat
and corn values had its effect on rye values, and induced
OF
146,000
225,000
...
and Since
PRICES
Oats
bush 32 lbs
Duluth
the strength
CLOSING
Corn
bush 56 lbs
Minneapolis
Fri.
to 2^c. net higher.
attributed in large measure to the
strength displayed in the wheat market towards the close.
On the 4th inst. prices closed 34c. net lower.
The rye
market showed considerable firmness at one stage, with
prices advancing almost lc.
On the bulge, however, there
was profit taking and prices lost most of the gains.
On the
5th inst. prices closed 134c. to 124c. net higher.
This
market, as usual, responded strongly to the vigor and strength
of the wheat market and closed at the top levels of the day.
Trading was fairly heavy, with considerable short covering
in evidence.
On the 6th inst. prices closed 34c. to V%q. net
higher.
At one time prices showed gains of almost lc., but
profit taking took the edge off this improvement.
Trading
was not very active.
On the 7tli inst. prices closed 134 to %c. net higher.
DAILY
7236
-
553
bush 60 lbs
,
bbls 196 lbs
Rye—On the 2d inst. prices closed
considerable
No. 2 white
Rye, United States c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
of the last three years:
The firmness of rye was
Rye futures were firm, influenced largely by
Oats, New York—
regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
WINNIPEG
PRICES
CLOSING
May
July.
4.50@6.90
All the statements below
Fri.
42
3634
33%
Prices Withdrawn
GRAIN
Tot. wk.
Sat.
May
July.
Coarse
1.2-0.3-0.2..
Oats—On the 2d inst.
was
Nominal
Fancy pearl (new) Nos.
St.
Fri.
CHICAGO
IN
Wed.
Tues.
5634
56%
57%
56
56%
...x
Thurs.
7334
OF CORN FUTURES
Sat.
May
July
September
IN
Tues.
follows:
were as
a
bushels.
DAILY
1633
Wichita
Hutchinson
St. Joseph
Kansas
Omaha
City
2,678,000
7,169,000
2,560,000
5,847,000
2,636,000
20,541,000
6,433,000
272,000
166,000
39,000
W Barley
Bushels
216,000
2,000
620,000
1,204,000
13,000
4,000
1,000
19,000
1,000
598,000
148,000
21,000
2,000
267,000
2,000
225,000
10,000
19,000
148,000
17,000
21,000
74,000
362,000
488,000
20,000
107,000
26,000
730.000
1,762,000
2,525,000
The Commercial &
1634
Wheal
Sioux
Corn
Oats
Bushels
Bushels
Bushels
Indianapolis
4,454,000
932,000
1,409,000
286,000
5,113,000 15,101,000
...
Peoria....
Chicago
afloat
217,000
104,000
229,000
15,000
1,518,000
909,000
298,000
5,287,000
4,012,000
2,000
1,993,000
1,086,000
5,000
—
Minneapolis
Duluth
135,000
Detroit
90,000
afloat
afloat...,—.
58,000
598,000
935,000
1,146,000
2,900,000
2,566,000
2,000
2,053,000
6,937,000
980,000
121,000
772,000
910,000
1,255,000
325,000
*
1,648.000
600, OCX)
3,808,000
2,770,000
Buffalo
17,000
135,000
34,000
2,000
140,000
199,000
264*000
14,720,000
10,532,000
Milwaukee
"
450,000
927,000
907,000
City
St. Louis
Barley
Bushels
Rye
Bushels
763,000
13,150,000
13,113,000
8,829,000
Note—Bonded grain not included above: Oats—New York,
14,000 bushels;
Philadelphia, 70,000; Buffalo, 525,000; Buffalo afloat, 174,000; Erie, 77,000; total,
860,000 bushels, against none in 1939.
Barley—New York, 393,000 bushels;
Buffalo 928,000; Baltimore, 155,000; Chicago afloat, 68,000; total, 1,544,000 bushels
against none in 1939.
Wheat—New York, 1,738,000 bushels; Boston, 1,639,000;
Philadelphia, 1,760,000; Baltimore, 6,721,000; Portland, 244,OCX);Buffalo, 2,625,000;
Buffalo afloat, 1,640,000f Duluth, 2,731,000; Erie, 25,000; Erie afloat, 1,034,000;
Albany, 7,598,000; total, 27,755,000 bushels, against 3,650,000 bushels In 1939.
2,1940.- 99,150,000
Total Mar.
24, 1940..100,554,000
4, 1939.. 85,047,000
Total Feb.
Total Mar.
Corn
Wheat
Barley
Bushels
750,000
1,129,000
5,956,000
Rye
Bushels
344,000
1,100,000
1,491,000
11,829,000
11,708,000
8,644,000
2,935,000
2,905,000
7,256,000
11,829,000
9,890,000 13,150,000
2,935,000 7,835,000
2,1940.-391,241,000 39,437,000 19,085,OCX)
24,1940.-396,903,000 39,562,000 19,314,000
4,1939.-228,092,000 45,393,000 22.567,000
12,825,OCX) 20,985,000
12.944.CXX) 20,806,000
9.714,000 15,133,000
Bushels
40,743,000
77.034.CXX)
elev.168,314,000
2,1940.-292,091,000
1940..296,349,OCX)
4, 1939..143,045,0Q0
Total Mar.
24,
Total Feb.
Oats
Bushels
1,896,000
2,163,000
7,770,000
Other Can. & other
Total Mar.
7,835,000
7,693,000
0,304,000
2,108,000
Summary—
99,150,000 39,437,000
.292,091,000
......
American
.
Canadian
Total Mar.
Total Feb.
Total Mar.
The world's
shipments of wheat and corn, as
furnished by
Produce Exchange for the week
March 1 and since July 1, 1939, and July 1, 1938, are
Broomhall to the New York
ended
shown in the
the general condition continues poor to only fairly
subject to blowing by high winds about the first
following:
variable and
plants came up last fall, but in considerable areas
there has been a favorable absorption of moisture by
is mostly unfrozen.
West of the Rocky
Week
Week
Since
Since
July 1,
1939
July 1,
1940
1938
1940
1939
July 1,
1938
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
1,
26,000
2,821,000
64,910,000
11,067,000
2,674,000
77,287,000
97,658,000
152,000 29,900,000
2,689,000 115,839,000
11,293,000
.
July
74,327,000
4,269,000 129,805,000 168,979,000
Black Sea.
Australia
1,
48,269,000
60,965,000
No. Amer.
Argentina.
Mar.
566,000
23,224,000
known.
New York,
120,000
17,928,000
25,880,000
7,230,000 304,825,000 391,764,000
Total...
Weather Report
Ice storms
33,388.000
32,616,000
3,746,000 136,720,000 206,251,000
for the Week Ended March
characterized by active storm movements
6—The
the
the
and widespread
Pressure was low in the interior during the first 2 days of the
widespread precipitation occurred from the central and upper
Mississippi Valley eastward.
On March 1 a disturbance of considerable
energy was central over the southwestern Great Plains, and, moving thence
eastward and northeastward across the central Mississippi Valley to New
England, it brought widespread precipitation to nearly the entire eastern
half of the country, the amounts being heavy in some interior sections.
The week was decidedly warmer than normal throughout nearly the en¬
tire country, but in the Northeast the weekly mean temperatures were
slightly subnormal and also locally along the Atlantic coast and in extreme
southern Florida.
In all other sections they were above normal, decidedly
so in the
Great Plains and Rocky Mountain districts.
Throughout the
Plains region the temperature averaged from 9 degrees to 13 degrees higher
than normal.
Freezing weather extended southward to extreme northern
North Carolina in the East and in the interior to the central Ohio Valley,
northern Arkansas and northwestern Texas.
Minima below zero were
reported from northern New York, the interior of New England, and in a
limited central-northern area, the lowest being minus 16 degrees at Devils
Lake, N. Dak., on Feb. 28.
Precipitation was heavy from the middle Atlantic area westward to the
southern Great Plains; also in the far Northwest, extending southward to
central California.
In other sections there was very little rainfall, except
periods.
week when
The South and Southwest had a generally dry week, with many
stations reporting no
measurable precipitation.
The abnormally warm weather and generous precipitation over large
made the week generally favorable for agriculture,
especially in the South where higher temperatures and much fair weather
permitted a resumption of field work, which had been rather seriously
delayed, and promoted rapid growth of crops.
However, the low, heavier
soils in the Southern States continued too wet in many places.
Over
the western half of the country where the winter generally was warm
sections of the country
and moist, the
persistence of high temperatures and mostly ample pre¬
cipitation, especially in central and northern districts, continued to favor
agriculture.
In the far Northwest there was some additional mountain
snow storage, but the amounts continue below normal.
Spring crops made good progress in most of the South, especially in the
extreme Southeast where the warm, dry weather was decidedly favorable.
Potatoes are coming up well in northern Florida and considerable plant¬
ing was accomplished in east Gulf sections.
Some local gardens were
made as far north as the Tidewater sections of Virginia, while in the West
oat seeding was active northward to Oklahoma.
In the Central Valleys
farm work remained rather inactive because of heavy rainfall.
In the
central Great Plains soil moisture is now ample for current needs, with
the top layers saturated, though farther south, expecially in Oklahoma
hnd eastern New Mexico, high winds on March 1 brought the first general
duststorm of the season.
There
was
valleys of California, but conditions in the southern half of the State were
decidly favorable.
In the far Northwest recent moisture had been more
abundant than for many years.
Conditions continue generally
for livestock over the great western grazing sections.
warmth
and
favorable
dry weather have improved wintergrain crops in the Southeastern States.
In the southern portion of the
mam Winter Wheat Belt plants are beginning to green up under the intluence of warmer weather and ample precipitation, but in northern sec¬
tions they remain largely dormant.
In the eastern half of the belt the
weather of the week was generally favorable.
In Texas winter grains made fair to good growth and are in fairly satistactory condition.
In Oklahoma they are greening up considerably but
although the subse¬
quent improvement in weather conditions helped to
initial losses in the sales volume.
While pre-Easter
reduce
buying
instances left much to be desired, some individual
fared rather well, notably in the ready-to-wear and
in many
stores
divisions.
Department store sales the country
ended Feb. 24, according to the Federal
Reserve Board, gained 5% over the corresponding week of
1939.
In New York and Brooklyn stores a loss of 0.8% was
recorded, while Newark establishments showed a gain of
accessory
over
for the week
0.4%.
Trading in the wholesale dry
goods markets reflected the
disappointing flow of goods in retail channels.
Some lastminute reorders on holiday items were received, but their
total volume was insignificant.
Wholesalers continued their
previous cautious attitude, although late in the week some
appeared to the effect that a broader buying
movement may not be far off.
The introduction of the new
fall blanket lines met with a spotty response.
Business in
indications
a
active
but the prevailing un¬
material continued to
hampering effect.
Trading in rayon yarns was more
and a number of producers reported their output for
Both weavers and knitters displayed con¬
offerings, and prices ruled firm
throughout, notwithstanding the fact that surplus stocks in
producers' hands revealed a slight increase at the end of
April booked up.
siderable interest in yarn
Goods—Following the upturn in sales
previous week, trading in gray cloths markets
continued to give a fairly satisfactory account, with total
sales exceeding current production figures by a slight margin.
Buying emanated from a variety of sources, such as chain
stores, mail order houses and converters, and most orders
were for quick delivery, confirming previous impressions to
late in the
in need of immediate supplies and
quantities of goods accumulated right after
the outbreak of the war have now been worked off.
Further
rumors of contemplated curtailment measures, the steadier
tone of raw cotton and of other commodity markets and a
slight improvement in the movement of finished goods, also
helped to encourage sentiment.
Prices displayed a steadier
undertone and demands for concessions met in most instances
with a refusal on the part of mills.
Business in fine goods,
after early sluggishness, turned slightly more active, and
buyers showed considerable interest in both lawns and broad¬
cloths.
A fairly active call developed for pigment taffetas
and sharkskins moved in good volume.
Closing prices in
print cloths were as follows: 39-inch 80s, 6^ to 6%c.; 39-inch
72-76s, 6Me.; 39-inch 68-72s, 5%c.; 38^-inch 64-60s, 5c.
383^-inch 60-48s, 4%c.
the effect that buyers are
that the large
Woolen
Goods—Trading in men's wear fabrics
remained
pending the formal opening of the new fall
scheduled to take place next week, at prices ranging
inactive
lines
from
32^c. a yard above those quoted a year ago. Some
early showings met with active interest on the part of users,
and a few initial orders were reported to have been placed by
25c. to
chains.
Further scattered purchases of tropical
gabardines were put through, and some inter¬
continued to be shown in overcoatings.
Mill operations,
leading
worsteds and
est
although
reflecting
still
between-season
influences,
held
based on the remaining backlog of orders,
the total of which continued to exceed last year's correspond¬
somewhat better,
fair margin.
Reports from retail clothing
disappointing showing as adverse weather
interfered with the usual pre-Easter con¬
sumer purchases.
Business in women's wear fabrics had a
spotty character as the spring season is nearing its end and
the new fall lines are not expected to be opened until late
ing figure by
a
made
a
centers
conditions greatly
in
April.
Some quick shipment orders for wanted
which premiums had to be
reached the market on
by buyers, because of lacking spot
materials
conceded
offers.
Goods—Trading in linens was dull as busi¬
by the tight supply situation
abroad.
Business in burlap remained quiet.
Prices weak¬
ened further under the influence of Calcutta advices concern¬
ing an increase in stocks at that center during the month of
Foreign Dry
ness
heavy flood damage in the Sacramento and northern coastal
Small Grains—The
of the country during
review served to hamper
raging in some sections
Domestic Cotton
480,000
precipitation, the outstanding feature of the latter being extremely heavy
rains in Pacific coast sections.
A sluggish depression occupied the north
Pacific coast during the first part of the period, and widespread rains con¬
tinued in far western districts, with excessive falls in northern California.
On the morning of February 27, Redding, Calif., reported a 24-hour rain¬
fall of 4.44 inches (included in last week's bulletin) and on the following
morning an additional amount of 3.12 inches, making a 48-hour total of
7.56 inches.
For the central and eastern portions of the country there were two storm
locally.
TRADE
Friday Night, March 8, 1940.
February.
general summary of the weather bulletin issued by
Department of Agriculture, indicating the influence of
weather for the week ended March 6, follows.
The week was
„
the early part of the period under
retail business to a considerable extent,
Other
countries
of small grains is mostly
_
THE DRY GOODS
7,344,000
India
,
,
Mountains the condition
unusually so in the Pacific Northwest.
In Washington the
soil is generally saturated, with some erosion, bad on summer fallow slopes,
in the wheat belt.
In this area February precipitation was 3 times the
normal and the soil in the drier sections is now wetter than ever before
Since
Mar. 1,
Exports
they are not yet up;
the soil as the ground
satisfactory,
exert
Since
good; some fields were
of March. In Kansas
ample for current needs, with the topsoil wet.
In the eastern
part of this State wheat is in fair to good condition and is showing some
greening and root development, but in the west it continues
uncertain. Also there is some greening reported from Nebraska where
silk goods turned a trifle more active
certainties in the market for the raw
Corn
Wheat
1940
9;
moisture is
39,437,000 7,256,OCX) 9,890,000
39,562,000 7,600,000 10,039,000
45,393,000 13,923,000 7,606,000
Bushels
Canadian—
Lake, bay, river &seab'd
Ft. William & Pt, Arthur
March
Financial Chronicle
continued to be hampered
February amounting to 37,600,000 yards.
The
the Calcutta mills to reduce the working week
decision of
from 60 to
cut to 48 hours had been predicted, and
of the shipment situation were additional
depressing factors.
Domestically lightweights were quoted
at 5.50c., heavies at 7.35c.
54 hours, whereas a
a
further easing
Volume
The Commercial & Financial Chronicle
150
1635
Page
Name
Int. Rate
1162 Roosevelt County S. D. No. 17,
Mont.......
not exc. 4%
1478 Throckmorton, Texas
..not exc. 4%
1313 Wichita, Kan....
1M%
Amount
Specialists in
Illinois & M issouri Bonds
Rate of interest
x
Report
Not sold
18,827
55,000
....
Not sold
150,000
Offering canceled
optional with the bidder,
a New offering has been an¬
nounced for March 13—V. 150, p. 1475.
Original sale had to be canceled as storm
conditions prevented members of Board of Education from attending meeting at
which award
was
was
to be made.
Short-term borrowiDg by States and municipalities
Stifel, Nicotaus & Cojnc.
Founded 1890
105 W. Adams St.
DIRECT
CHICAGO
WIRE
MUNICIPAL
ST.
SALES
BOND
314 N. Broadway
•
IN
LOUIS
FEBRUARY
The fact that sales of State and
municipal bonds during
the recent month attained the inordinately large total of
$172,060,014 (was due in large measure to the completion in
that period of two major pieces of revenue bond financing
aggregating $131,500,000. This figure represented offerings
of $98,500,000 by the Triborough Bridge Authority and
$33,000,000 by the Port of New York Authority.
The
former issue, which constituted the largest offering of its
kind on record, resulted from a consolidation into a single
agency of the oiiginal Triborough Bridge Authority and the
New York City Parkway Authority.
This required refinanc¬
ing of $71,000,000 of previously issued outstanding debt, call
for redemption of which was made shortly after the new issue
was placed on the market.
The operation, incidentally, was
an immediate success as Dillon, Read & Co. of New York
announced on behalf of its associates in the underwriting
that the selling group books had been closed on the first day
of the formal offering of the securities.
Also of interest in
connection with last month's financing was the marked suc¬
cess which attended the first offering to the public of local
housing authority bonds. The sharp response to the initial
loans of this character occasioned official announcement of
additional offerings to be made in the near future.
The issues of $1,000,000 or more brought out
February
were as
during
February aggregated $118,776,800, of which $75,000,000
was accounted for
by the State of New York, which marketed
a note issue in that amount at an interest cost of
0.15%.
Notes are dated Feb. 27,1940 and mature June 28, 1940 and
the interest rate equalled the best terms on which the State
ever has borrowed in the
public market. Other important
borrowers on a temporary basis in the recent month were
State of California, Cook County, 111. and Boston, Mass.
Practically all of the Canadian municipal financing effected
in the recent month was represented in the sale of $65,000,000 bonds by the Province of Quebec and $40,000,000
by the Canadian Government.
Other sales amounted to no
more than $45,000.
Of the provincial issue, $25,000,000
three-year 2 Ms were sold privately to banks and the remain¬
ing $40,000,000 bonds, made up of $31,500,000 3 Ms, due
Aug. 15, 1948 and $8,500,000 3%s, due Feb. 15, 1955, were
offered to the public.
The Dominion's issue of 2% fiveyear refunding bonds was sold to the Bank of Canada, at
99.37, a basis of about 2.13%.
The Government also
refinanced $50,000,000 Treasury bills.
No United States Possession financing was undertaken in
this country during February.
Below we furnish a comparison of all various forms of
obligations sold in February during the last five years:
1940
1937
$
$
Perm, loans
(U. 8.). 172,060,014 53,799,855
*Temp. loans (U.S.) 118,776,800 169,694,684
63,592,112
Can. loans (temp.)..
Can. loans (perm.);
25,000,000
21,277,183
None
98,045,427
25,000,000
52,065,000
24,600,000
31,735,691
24,777,775
None
None
$
42,987,742
4,095.500
Bonds of U. 8. Pos'ns
1936
76,500,890 194,999,651
50,000,000 .50,000,000
Placed in U.S.—
during
None
Total
FINANCING
1938
$
Placed in Canada- 105,045,000
follows:
MUNICIPAL
1939
$
February
None
None
None
None
1,400,000
None
445,881,814 277,590,039 187,770,185 294,723,084 199,488,202
♦"
*
$98,500,000 Triborough Bridge Authority, N. Y., callable revenue
bonds, including $50,000,000 sinking fund 3 Ms due Feb. 1,
1980, $40,000,000 serial 3s due from 1953 to 1975, incl., and
$8,500,000 serial 2%$ due 1945 to 1952, incl., were purchased
by a large banking group headed by Dillon, Bead & Co. of.
New
York.
In the reoffering, the 3 Ms
were
priced at
102.25 and accrued interest and the serial 2Ms and 3s were
offered from a yield basis of 1.50% to a price of 99.50.
The
Authority received a price of par plus a premium of $86,000
for the issue.
The financing resulted from a consolidation of
the original Triborough Bridge Authority and the New York
City Parkway Authority, and $71,000,000 of the proceeds
were set aside for redemption of the outstanding debt of the
previously autonomous Units.
Call for retirement of such
indebtedness has
been issued.
33,000,000 Port of New York Authority, N. Y., 3% fourth series
general and refunding callable bonds, dated Dec. 15, 1936
and due Dec. 15, 1976, awarded to a syndicate headed by
,
Halsey, Stuart & Co., Inc., New York, at a price of 99.188,
a
basis of about 3.02%.
Reoffered at a price of 100.25,
to
yield about 2.989% to maturity.
Includes temporary securities issued by New York City, None in Feb., 1940;
$40,000,000 in Feb., 1939; $50,000,000 in Feb., 1938; $58,000,000 In Feb., 1937 and
$31,000,000 in Feb., 1936.
The number of
during February, 1940,
325 for
For
February
1940
—
..
—
..
—
..
..
1935
1934
-
„
1932
to a price of 98,
—
.
81,558,516
1930
1929
69,901,723
..133,823,923
..
1928
1,500,000 Mississippi (State of) highway bonds bearing interest rates
of 2% and 3M% and due semi-annually from 1941 to 1952,
incl., sold to a group headed by John Nuveen & Co, of Chicago
at a price of par plus $11.11 premium, or a net interest cost
of about 2.14%.
Reoffered to yield from 0.40% to 2%,
according to interest rate and date of maturity.
1,300,000 Ohio Bridge Commission, Ohio, 2% Sandusky Bay Bridge
revenue
refunding bonds awarded to a group headed by
A. C. Allyn & Co., Inc., of Chicago, at a price of 102.11,
a basis of about 1.59%.
Due from 1940 to 1948, incl., and
callable
under
various
1927
1926.
1924
—
—
..
—
..
The
following is a list of the issues reported to have been
unsuccessfully offered in the recent month. Page number of
the "Chronicle" is given for reference purposes.
Int. Rate
1314 Ferndale Sch. JDist., Mich
not exc. 4%
1476 Girard City S. D., Ohio
not exc. 3%
1474 Haddon Township, N. J
not exc. 4%
not exc. 3M %
1024 Miami, Fla
...
1476 Noonan Township, N. Dak
Hills
ship Sch. Dist., N. J
1162aParsippany-Troy
-
-
1921
-
1920
-
—
1918
.
..
1917
1916
-
94,798,665
80,003,623
66,657,669
65,834,569
31,705,361
30,927,249
22,694,286
25,956,360
37,047,824
series of
years:
Month
Two Months
1915.
$257,032,191
157,623,043
1914.
111,480,629
250,216,123
187,569,041
150,607,778
120,253,685
1913.
1912.
1911.
1910.
1909.
53,406,424 1908173,540,753 1907.
170,095,408 1906.
191,401,330 1905.
145,612,446 1904.
234,167,550 1903.
284,008,204 1902.
242,724,827 1901.
215,859,851 1900.
194,424,134 1899.
176,999,232 1898.
175,244,868 1897.
152,886,119 1896.
115,234,252
1895.
56,017,874
46,754,354
66,029,441
87,223,923
1894.
1893.
1892.
February
....$42,616,309
37,813,167
27,658,087
29,230,161
22,153,148
18,694,453
17,941,816
60,914,174
37,545,720
28,390,655
9,310,631
7,951,321
5,150,926
12,614,450
4,221,249
—
—
—
....
—
—
—
....
—
—
—
—
—
—
.—
—
.
—
—
—
—
5,137,411
7,038,318
9,308,489
12,676,477
4,423,520
5,779,486
11,966,122
5,071,600
7,761,931
For the
Two Months
$76,919,397
122,416,261
58,072,526
54,495,910
100,663,423
34,923,931
47,260,219
71,857,142
47,703,865
36,698,237
17,746,884
31,705,122
21,092,722
23,530,304
13,462,113
25,511,731
13,114,275
17,456,382
23,082,253
10,931,241
16,111,587
19,038,389
10,610,177
14,113,931
Owing to the crowded condition of our columns we were
obliged to omit this week the detailed list of the issues sold
in
February
.
It will
appear
in
a
subsequent issue.
conditions.
1,000,000 Gadsden, Ala., 4% water revenue bonds sold to an account
headed by the Equitable Securities Corp. of Nashville.
Due
from 1941 to 1978, inclusive.
Name
..
-
1,100,000 Cincinnati, Ohio, Southern Ry. refunding
bonds were
purchased by the National City Bank of New York and asso¬
ciates as 2s, at a price of 101. a basisofabout 1.94%.
Dated
April 1, 1940, and due April 1, 1960.
Page
.
1923
1919
77,130,229
-172,358,204
80,323,729
__
1922
2,398,000 Pittsburgh, Pa.,
1.90% refunding bonds purchased by
Singer, Deane & Scribner of Pittsburgh and associates, at a
price of 100.08, a basis of about 1.89%.
Due from 1941 to
1960, incl., and reoffered to yield from 0.20% to 2.13%.
17,571,818
35,292,689
..119,446,501
-
1931.
1925
53,435,359
65,182,481
..
.
1.48%.
Reoffered from a yield, of 0.15%
depending on maturity.
„
-
1937
1936
.$172,060,014
53,799,855
63,592,112
42,987,742
98,045,427
a
For the
Month of
1933
due serially from
add the following table
we
purposes
February and the two months for
1939....
public works bonds,
This
January, 1940, and 282 and
showing the output of long-term issues in this country for
3,100,000 Newport, R. I., waterworks system purchase bonds purchased
by an account headed by Phelps, Fenn & Co., Inc., New
York, as 2Ms, at 100.36, a basis of about 2.22%.
Due
annually from 1941 to 1971, incl., and reoffered on a yield
basis of from 0.15% to 2.40%, depending on date or the
maturity.
■
Conn.,
230 and 377, respectively.
February 1939.
comparative
1938
1940 to 1959, incl., sold to a group headed by the First Na¬
tional Bank of New York as lMs at 100.189, a basis of about
were
contrasts with 313 and 369 for
6,300,000 Erie County, N. Y., home relief bonds, awarded to Halsey,
Stuart & Co., Inc., New York, and associates, as 1.90s, at
100.039, a basis of about 1.89%.
Due $630,000 annually
from 1941 to 1950, incl., and reoffered to yield from 0.35%
to 2.10%, according to maturity.
2,775,000 Hartford,
municipalities in the United States emitting
long-term bonds and the number of separate issues made
not exc. 4M %
Amount
$500,000
25,000
236,000
28,160,000
6,000
Report
Bids rejected
Bids unopened
Option granted
Bid rejected
No bids
Town¬
x
60.000
Issue re-offered
News Items
Massachusetts—New Edition
of Municipal Statistics
Com-
piled—Tyler & Co., Inc., Boston, are making free distribu¬
tion of the 26th edition of their booklet in
the quarterly
series, giving up-to-date financial statistics of the Common¬
wealth of Massachusetts, its counties, cities, towns and
districts.
This edition contains an outline map of the Com¬
monwealth, showing all its political subdivisions.
The statistics given show population, assessed valuation,
and net debt, net debt ratio and per capita, tax levy,
collections, tax titles, and a comparison of tax rates.
gross
tax
Copies are available upon request.
The Commercial & Financial
1636
Benefits Extended—
March 5 a bill to
extend the benefits of the Municipal Bankruptcy Act to
cities in States which do not have special assessment dis¬
tricts, according to an Associated Press dispatch fromWashington on that date.
Bankruptcy
Municipal
Act
President Roosevelt signed into law on
Representative Chauncey W. Reed, Republican of Illinois, author of the
chiefly to aid his State, but would apply to others.
The Municipal bankruptcy law permits special taxing agencies which
some States create to finance local improvements to work out agreements
with their bondholders when the bonds are in default.
Other State* such as Illinois do not have special taxing agencies, and in
these, until the Reed bill became law today, it would have been necessary
for an entire city to declare itself bankrupt in order to
work out special
bill, said it was drafted
bondholder arrangements on one
defaulted issue of improvement bonds.
Jersey—Study Shows Downward Trend in Local
Taxes—The following article, dealing with a study of 1940
New
municipal budgets and local tax rates,
Newark "Evening News" of March 2:
A downward
is taken from the
trend of municipal tax rates in New Jersey
146 municipalities showed a drop In tax rates, 59 showed
expected their rates to remain the same.
Mr. Eaton said that
among municipalities with higher rates were "some of the largest in the
State, which have been notorious for increasing their expenditures in the
face of decreased Taxpayer ability to pay."
The prospective decreases, according to the Chamber, are "being effected
in the face of another apparent general decrease in taxable property valu¬
ations throughout the State."
The Chamber attributes the brightening tax picture to the "substantial
decrease in local government debt burden, which amounts to almost $280,000,000 in the last seven years, conscientious efforts for economy by many
municipal and county governing bodies, the enactment of sound State laws
in recent years requiring municipalities to operate on a pay-as-you-go or
'cash' basis, and to better tax collections."
The statement adds:
will produce a 47-point in¬
is expected to be 40 points
higher.
Bayonne's tax rate will rise 85 points, due partly to a loss of
ratables, and partly to increased appropriations.
crease
35% of the last few years.
Legislature A/pproves Move to Limit Census Inquiries—The
Assembly on March 6 concurred unanimously and without
discussion in a resolution adopted previously by the Senate
memorializing Congress to amend the Federal census law to
eliminate personal questions from those to be asked in the
despite a $4,000,000 loss in ratables."
adopted
a
resolution memoiializing Congress to
take steps to prevent "any President from seeking a
term."
The vote was strictly along party lines.
third
which does not go to the Senate, was introduced by
Assemblyman Herbert J. Pascoe, Republican, of Union County, and was
opposed by Assemblyman Peter P. Artaserse, minority leader.
Its adoption followed by less than a week the action of the New York
State Legislature in adopting a similar bill introduced by Senator John J.
McNaboe, a Democrat, of New York City.
The New York vote was
82 to 47 in the Assembly and 26 to 16 in the Senate.
The resolution,
City Housing Authority—Bids Sought on
Bond Issue—Tenders will be opened March 14 on a new issue
New
York
$1,350,000 bonds of the above named Authority, of which
proceeds will be used to defray the full costs of Vladeck
City houses in the Corlears Hook section of the lower East
Side.
The bond issue, authorized on Feb. 29, will mature
of
the
serially in increasing amounts from Feb. 1, 1941 to 1980.
are to name the rate of interest, and the bonds will
Bidders
be sold in
a
single block to the bidder proposing the lowest
net interest cost.
Payment of principal and interest are guaranteed unconditionally by
of New York, which is to provide an annual subsidy in order to
keep rents low.
It was for the purpose of such bond issues as the one now
announced, the Housing Authority explains, that power to levy the occu¬
the City
pancy tax was
the Authority,
sought.
Tenders for the issue will be opened at the office
of
122 East 42d St.
(This subject is treated at greater length on a subsequent
page of this section, under the sub-section devoted to New
York municipals.)
New York
State—Senate Passes Stock Transfer Tax Bill—
March 6 and sent to the Assembly a
until June 30,
1941, the additional emergency tax on stock transfers, and
would also make several changes in the normal and emergency
The Senate
passed
on
bill which would continue for another year,
levies
on
transfers of stock.
Sponsored by William Bewley, of Lockport, and Assemblyman Maurice
Whitney, of Rensselaer, Republican chairmen of the Legislative Com¬
mittees on Taxation, the bill would exempt from the normal and emer¬
levies transfers to the nominee of a broker; deliveries or transfers by
purchasing brokers to a nominee for holding as broker, and transfers from
an underwriter or dealer in securities to a nominee.
New provisions in the bill applying to both the normal and emergency
tax, read that it is not intended to impose a tax "upon deliveries or transfers
by a purchasing broker to his nominee if the certificates so delivered or
transferred are to be held by such nominee for the same purpose as if held
by the broker, nor upon deliveries or transfers from a corporation which is
an underwriter of, or dealer in, securities, an investment trust, a bank or
other financial institution, to its nominee or from one nominee thereof to
another nominee thereof, provided the certificates continue to be held by
such nominee for the same purpose for which they would be held by such
underwriter, dealer, investment trust, or financial institution, or from any
such nominee to such underwriter, dealer, investment trust or financial
gency
Institution."
resolution
The
also
urges
that the
criminal penalty for giving false
information be repealed.
Under the concurrent action
of the two houses of the Legislature, copies
of the resolution were to be sent at once to President Roosevelt, to each
United States Senator and members of the House of Representatives
elected from New York State, and to the Clerk of the House and Secretary
of the
Senate.
New York
State—Republicans' Budget Passes—The Repu¬
majorities in the Senate and Assembly adopted on
March 7 their economy fiscal program, which includes no
new taxes and reduces Governor Lehman's proposed budget
blican
of $396,700,000 to
The
vote,
Senate
$391,760,000 for the year starting July 1.
with
the
Republican majority standing solid on
a
"party" roll call, was 27 to 24.
An hour earlier the Assembly had approved
80 to 66.
The budget, which is $30,000 higher than that finally adopted last year,
now goes back to the Governor, who has described the Republican program
as
"deceptive" and "dishonest."
The Governor may approve or veto
certain parts of the budget which the Republicans have changed.
If he
does veto those parts the Republicans may devise substitute plans or they
may tell the Governor their program is their last word and they will let
time prove who is right in the current budget disagreement.
The Republican budget was adopted during consecutive eight-hour
sessions of the two houses, during which the Democratic minorities made
stubborn but ineffective gestures of opposition, echoing the Governor's
complaint that the majority fiscal plan provides inadequate revenue and
the program,
will leave the State a
The
$10,000,000 deficit.
Republicans meanwhile defended
their plan and pushed it through,
contending that all revenue estimates were guesses based on fact and that
they had as much authority and ability as the Governor to make revenue
6Stini2lt6S
In both houses the
Assembly Calls for Ban on Presidential Third Term—By a
vote of 41 to 14 the Republican-controlled Assembly on
March 4
section contained
sales, agreements to sell, memoranda
deliveries or transfers of shares or certificates of an investment
trust between an investment trust and an underwriter or between an
underwriter and a dealer in securities."
William McC. Martin, President of the New York Stock Exchange, led
the fight against the tax, heading a large body of business leaders who
personally went to Albany to give testimony before a legislative committee.
Stock Exchange officials refused to comment pending action
by the
Assembly. Mayor LaGuardia's support in favor of a reduction in the stock
transfer also was sought and obtained.
,
„
Mr. Martin had argued that the relatively high transfer taxes in New
York State as compared with such States as Pennsylvania, Massachusetts
and Illinois, had driven stock brokerage business out of the State, with the
result that employment in New York's financial district had shrunk over
Example
of improvement is found in Wildwood,
whose present governing body, by exerting every effort to effect economies
without curtailing essential services, has been able to achieve a tax rate drop
from $9 in 1937 to $4.95 in 1940, even in the face of a decrease in ratables.
"Other municipalities which
show outstanding decreases from 1939
Include:
Hammonton, 66 points; Glen Rock Borough, 55; Wallington Bor¬
ough, 62; Waterford Township, 56; Nutley, 78; Newfield Borough, 107;
West Amwell Township, 66; Lambertville, 48; Eatontown Borough, 72;
Haledon, 52; Alloway Township, 61; Port Republic, 116; Ocean Gate
Borough, 67; Hanover Township, 70; Liberty Township, 76; Raritan
Township (Monmouth County), 137; Washington Township (Burlongton
County), 253.
0"Of the municipalities of over 100,000 population (excluding Newark
and Elizabeth, which have not as yet reported), Paterson is the only one
which shows a 1940 tax rate decrease.
By reducing several departmental
appropriations Paterson's officials are anticipating a drop of 5 points this
"One of the most notable instances
year
1940
of sales,
The study found
Notable
9,
decennial canvass next month.
rise and 26
"Jersey City has approved a budget which
over the 1939 rate.
The Trenton rate
provide that "nothing in this
Another change would
shall be construed to Impose a tax on
is indicated in a
of 231 local budgets released today by the State Chamber of Com¬
merce.
Municipalities which show a drop in their 1940 rates outnumber
the others 2^ to 1.
Only those budgets which have passed first reading and have been re¬
ceived by the State Local Government Commission were studied.
Newark's
budget, which has not yet been introduced, is expected to run counter to the
trend shown by the Chamber's survey, with the tax rate likely to jump from
$4.55 to over $5.
Charles A. Eaton Jr., Chamber Secretary, said the study showed "that
this is the first year since 1933 that there has been a general downward
trend in property taxes throughout New Jersey."
The report covered
40% of the 566 municipalities in the State.
Mr. Eaton said the remaining
335 would be studied as soon as their budgets are introduced.
146 Show Drop
survey
a
March
Chronicle
Republican leaders asserted that above and beyond all
the broad principle of slashing the ever-mount¬
detailed considerations was
ing cost of government and the necessity of avoiding the imposition of a
new tax on a population unable to afford it and "in rebellion" against more
taxation.
The Democrats counter-charged that these were considerations
peculiar to a Presidential
election year, more than anything else.
States Now Levy Chain Store
Taxes—Kentucky's new chain store tax, which goes into
effect 90 days after the 1940 Legislature adjourns, brings to a
total of 21 the number of States with this levy, the Federa¬
tion of Tax Administrators reported on March 6.
United States—Twenty-one
The
new
Kentucky tax Act replaces a statute held
unconstitutional early
Supreme Court.
The Act provides for payment of
for each store in a chain of five units or fewer to a
maximum of $200 per store in chains of more than 250 units.
The chain store tax had its first acceptance in South Carolina in 1930,
according to the Federation.
The majority of the laws were enacted in
the period 1933-35.
Except for Tennessee, which taxes floor space, the
States levy fees which are graduated according to the number of stores.
In Michigan, for example, a chain which has 26 stores in the State pays
$250 in taxes for each store and a correspondingly less amount if there are
fewer stores.
In Louisiana a chain owning more than 500 stores which
may be located either inside or outside the State boundaries, pays $550
for every store within the State.
The new Kentucky tax is of the latter
last year by the State
fees ranging from $25
type.
States which have
Arizona,
California,
reoealed or invalidated chain store tax laws include
Maine, New Mexico, Pennsylvania and Vermont.
tax law is in the courts at present but the tax is
Minnesota's chain store
still operating.
Chain store taxes are not
important contributors of revenue, the Federa¬
in 1939 totaled $6,165,000,
State collections from this source
tion said.
of total tax revenues.
Among the large collectors were
Texas, $785,000; Michigan, $597,000, and Indiana, $544,000.
States with the chain store tax include: Alabama, Colorado, Florida,
about
or
0.2%
Georgia, Idaho, Indiana, Iowa,
Kentucky, Louisiana, Maryland, Michigan,
North Carolina, South Carolina, South
Virginia and Wisconsin.
Minnesota, MississipDi, Montana,
Dakota, Tennessee, Texas, West
United
States
Housing
Authority—Additional
Loan
Approved—The following is the text of the intro¬
ductory remarks contained in a press release (No. 453),
made public by the above named Authority in Washington
Contracts
on
March 5:
Loan contracts to
local housing authorities for construction of low-rent
projects to rehouse low-income families from the Nation's slums passed
the $600,000,000 mark today when President Roosevelt, upon recommenda¬
tion of Nathan Straus, Administrator of the United States Housing Author¬
ity. approved loans totaling $27,236,000 for 13
These loans, to defray 90% of the estimated
rent and slum clearance
communities.
$30,273,000 cost of 18 lowprojects brought the total of USHA loans approved
$624,114,000 for 158 local housing authorities throughout the Nation.
call for the erection of 379 projects in 167 different com¬
provide a total of 140,242 dwelling units to rehouse about
560,000 dwellers in the slums.
Earmarkings outstanding for further loans now total but $52,212,000,
which with the $624,114,000 in approved loan contracts, makes a total of
$676,326,000 in USHA commitments to 178 local housing authorities.
To date, 184 USHA-aided projects totaling 71,699 dwelling units have
gone under construction, or have been completed, in 25 States, the District
of Columbia, the Territory of Hawaii and Puerto Rico.
Tenants are
occupying 18 projects in Allentown, Pa.; Augusta, Ga.; Austin, Texas;
Buffalo, N. Y.; Charleston, 8. C.; Dayton, Ohio; Detroit, Mich.; Jackson¬
ville and
Miami, Fla.; New York City and Syracuse, N. Y., and Toledo
and Youngstown, Ohio.
The largest of the new loan contracts was $7,092,000 to Philadelphia
for a project to provide about 1,500 decent dwellings for low-income families
in that city, where two USHA-aided developments totaling 1,535 units
already are under construction.
Louisville, were two projects totaling
1,594 dwellings are rising on what once were two of the worst slum areas
in the city, received a loan contract for two more developments, totaling
1,194 units, while Providence, R. I., plans two projects totaling 1,056
units under a $4,428,000 loan contract.
to
Their programs
munities and
Westchester County,
N. Y.—Hutchinson Parkway Toll
Voided—The Court of Appeals in Albany on March 5,
a 4 to 3 decision, held that the 10-cent tolls collected by
above county
by
the
since last Aug. 21 on the Hutchinson River
Parkway were illegal.
Volume
The Commercial & Financial Chronicle
ISO
1637
I
Federal
questions
would
litigation and no appeal
the United States Supreme Court, County Attorney
were
not
involved
in
the
the right to redeem the bonds on Jan. 1, 1950, or on any interest payment
date thereafter upon 45 days' notice at par and accrued interest plus a
be taken to
William A. Davidson said.
If the Hutchinson tolls had been upheld the county was prepared to
collect tolls also on the Saw Mill River Parkway.
An income of more
than $1,000,000 a year from both levies was anticipated for use in amortiz¬
premium of H of 1% of the principal for each year or fraction of year of the
term thereof which has not expired at the date of redemption, provided the
premium shall not exceed 3% of the principal.
ing parkway bonds.
Although the county had been developing its parkways as toll-free roads
1922, the decision to levy the fees came last year after the State
had refused financial assistance to the county for parkway maintenance,
although traffic counts indicated that 75% of the parkway motorists were
non-residents of Westchester, according to County Executive William F.
Bleakley.
The projected toll system on the new Fleetwood viaduct of the Cross
DUMAS, Ark.—BONDS VOTED—AX an election held on Feb. 27 the
voters are said to have approved the issuance of $12,000 in various civic
ARKANSAS
since
County Parkway, spanning the Bronx River Valley between Mount Vernon
Yonkers, was not affected by the court's decision, as that toll system
was required under terms of a $1,800,000 loan to the county by the Recon¬
struction Finance Corporation for Cross County Parkway improvements.
The collection of tolls on the Hutchinson River Parkway ended at 3:18
p.m. March 5 after Mr. Davidson had telephoned to the clerk of the Court
of Appeals and confirmed reports regarding the decision.
On the order of Justice Frederick P. Close, of the Appellate Division in
Brooklyn, the toll receipts have been segregated in a special account in
the People's National Bank and Trust Co. of White Plains, and, under
the ruling of the Court of Appeals, those who paid tolls must be reimbursed
and
improvement bonds.
'
LITTLE
ROCK, Ark.—-WATER SURPLUS REPORTED—In the four
years since the above named city purchased the Arkansaw Water Co.,
subsidiary of American Water Works & Electric Co., the municipal water
system is reported to have set up a surplus as of Dec. 31 of $527,755, includ¬
ing $430,050 to meet conditions of the trust indenture relative to debt
service, which in 1940 will amount to $333,520.
Surplus is $97,7C4.
Debt retirement in 1939 amounted to $75,000 and reduced the total to
$6,427,000.
The new total of assets is $7,903,518.
Operating revenue in 1939 was reported at $632,812. compared to $611,893
in the preceding year, and operating expenses were $168,338 against
$178,893.
Fixed charges amounted to $264,480, compared with $250,788.
Net income was $209,722 against $197,792 in the preceding year.
from the fund.
Legislative Permit to be Sought for Toll Charges—We quote in
part as follows from a special dispatch out of White
to the New York "Herald Tribune" of March 7:
Plains
Despite the ruling yesterday by the Court of Appeals invalidating the
10-cent toll charged on the Hutchinson River Parkway, Westchester County
intends to keep on fighting for the right to impose tolls on that parkway
and others in the county.
William F. Bleakley, County Executive, said
today that he intended to ask the Legislature for a bill authorizing the
levying of tolls on county parkways built entirely with county money.
Mr. Bleakley has already made appointments with the two Westchester
County Senators and five Assemblymen at Albany and plans to confer
with them tomorrow on his proposed bill.
"I am acting with the West¬
chester County Park Commission," he said, "and this bill I will cause to
be introduced will permit us to collect tolls for the exclusive purpose of
paying the debt created by the acquisition, construction and maintenance
of our parkways."
Meanwhile the county has the problem of setting up a system to refund
the $279,160.90 collected from 2,791,609 motorists wTho used the Hutchin¬
son River Parkway since Aug. 21, while the toll was in effect.
Present
plans call for a bureau of refunds to be set up, but that cannot be done
until the judgment of the Court of Appeals has .been filed with the Supreme
Court in White Plains, which probably will be some time next week.
California
Bankamerica Company
485 California Street, San
Bell System
OFFICES
ALABAMA
BIRMINGHAM,
Ala.—BOND
SALE POSTPONED—It is stated by
C. E. Armstrong, City Comptroller, that the sale of the $2,130,000 capital
improvement refunding, public improvement refunding, and public im¬
provement (new) bonds, originally scheduled for March 12, as described
in detail in our issue of March 2—V. 150, p. 1471—has been postponed to
noon
on
March 15.
LEEDS, Ala.—BOND SALE—'The $20,000 3 M % semi-ann. public im¬
provement bonds offered for sale at public auction on March 4—V. 150,
p. 1471—were awarded to Ward, Sterne & Co. of Birmingham, at a price
of 100.49, a basis of about 3.15%.
Dated Dec. 1, 1939.
Due $2,000 on
Dec. 1 in 1940 to 1949 incl.
MONTGOMERY, Ala.—BOND OFFERING—Sealed bids will be received
noon on March 12, by J. L. Cobbs, City Treasurer, for the purchase
4% semi-ann. street improvement
until
of the following issues of not to exceed
bonds
aggregating $160,000:
$140,000 series BB bonds.
Due $14,000 on Jan. 1 in 1941 to 1950 incl.
20,000 series BC bonds.
Due $2,000 on Jan. 1 in 1941 to 1950 incl.
Denom. $1,000.
Dated Jan. 1, 1940.
Rate if onterest to be in multiples
of
of 1%, and must be the same for all of the bonds.
Bids must state
the price offered.
Prin. and int. payable at the Chemical Bank & Trust
Co., New York.
These bonds issued under the "Municipal Bond Code" of
the State, are general obligations of the city and will be and are additionally
secured by and primarily from assessments levied and to be levied against
the property benefited by such paving and improvements.
The ordinance
authorizing the issuance and safe of these bonds pledges as security for any
sums realized from the sale of the bonds, the proceeds of the assessments
heretofore made and assessments to be made, againfet the property bene¬
fited by the paving and improvements authorized
and also authorizes, if
it should become necessary, the transfer and assignment for the benefit of
the bondholder the lien of the city thereon, with power to enforce the same
either at law or in equity.
The assessments pledged to these bonds will be,
and are, sufficient in amount to pay both principal and interest of the
bonds, and when collected, will be deposited in a separate sinking fund.
The bonds are issued under authority of separate ordinances adopted by the
Board of Commissioners on Feb. 20, series BB, to provide funds to
pay the
balance of cost of improvements and pavements heretofore authorized, and
named in the ordinance and completed, and series BC to provide funds for
the payment, in part, of improvements and pavement heretofore authorized
and named in the ordinance and now under construction.
to be delivered to the
purchasers at
a
The bonds
are
place to be designated by the Board
IN
OTHER
Francisco
Teletype SF 469
PRINCIPAL
CALIFORNIA CITIES
CALIFORNIA
CALIFORNIA, State of—WARRANTS SOLD—Two issues of registered
warrants, aggregating $5,480,715 were offered for sale on March 6 and were
awarded to R. H. Moulton & Co. of Los Angeles, at 2H%, plus a total
premium of $1,508.
The warrants are divided as follows:
$3,000,000
unemployment relief, and $2,480,715 general fund warrants.
Dated
March 9, 1940.
Due on or about Feb. 26, 1941.
LOS
Bond Proposals and Negotiations
Municipals
ANGELES
COUNTY
SCHOOL
DISTRICTS,
Calif.—BOND
SALE—The $13,000 Palos Verdes School District bonds also offered on
Feb. 27 were awarded to Redfield & Co. of Los Angeles, as 5s, paying a
premium of $15, equal to 100.115, a basis of about 4.98%.
Dated Jan. 1,
1936.
Due $1,000 on Jan. 1 in 1941 to 1953, incl.
(The above report was given in our issue of March 2—V. 150, p. 1471—
but we are now informed by Inez R. Babbitt, Assistant Bond Clerk, that
this bid was rejected and the bonds consequently were not sold.)
ORANGE
COUNTY
OFFERING—We
are
(P.
O.
Santa
Ana),
Calif.—SCHOOL BOND
informed by B. J. Smith. County Clerk, that he will
-a. m. on March 12, for the purchase of an issue
receive sealed bids until 11
Beach Elementary School District bonds.
Interest
5%, payable A-O.
Dated April 1, 1940.
Denom.
$1,000.
Due April 1 as follows: $5,000 in 1941 to 1946, $7,000 in 1947 to
1949, $8,000 in 1950, and $10,000 in 1951 to 1955.
Prin. and int. payable
at the County Treasurer's office.
The bonds will be sold for cash only and
at not less than par and accrued interest.
The proceedings for the issuance
of the bonds will be submitted for approval to O'Melveny, Tuller & Myers,
of Los Angeles, and the opinion of the attorneys will be furnished to the
purchaser without charge.
Enclose a certified check for not less than 3 %
of the par value of the bonds bid for, payable to the County Treasurer.
(These are the bonds mentioned in our issue of March 2.)
of $109,000 Newport
rate is not to exceed
SAN FRANCISCO (City and County), Calif.—NOTE OFFERING
bids will be received until 3 p. m. on March 11, by David A.
Barry, Clerk of the Board of Supervisors, for the purchase or $1,000,000
not to exceed 6% tax anticipation notes.
Dated as of the day of delivery.
Denom. $10,000.
Due May 10, 1940.
The notes will be sold and awarded
to the bidder or bidders offering to purchase the same at the lowest rate or
rates of interest computed from the date fixed for the presentation of bids
to May 10.
If two or more bidders offer to purchase the notes at the same
lowest rate or rates of interest, the Board of Supervisors shall determine
which bid shall be accepted.
Interest shall be computed on the baste of
365 days per year.
The notes are issued under the authority of Ordinance
No. 269 and payable exclusively out of taxes levied by the city and county
for the fiscal year 1939-1940 without preference or priority of any one note
over any other note.
All of the notes shall constitute a first lien and charge
against the taxes collected during the half of the fiscal year 1939-1940
irrespective of the date the same shall be so received.
The approval of
Orrick, Dahlquist, Neff & Herrington, of San Fransicso, as to the legality
of the notes will be furnished to the purchaser.
Enclose a certified check
for not less than $10,000, payable to the Clerk Board of Supervisors.
—Sealed
SAN LOUIS OBISPO COUNTY
(P. O. San Louis Obispo), Calif.—
offered for sale on
BOND SALE—The $110,000 court house bonds of 1938
March 4—V. 150, p. 1312—were awarded to the Anglo California National
Bank of San Francisco, at 0.875% .plus a premium of $1, equal to 100J)009,
fan. 1 in 1941 to
a basis of about 0.874%.
Dated Jan. 1, 1939. Due on Ja
1943.
of Commissioners,
and the issuance, sale and delivery of the bonds are
subject to the final approving opinion of Reed, Hoyt, Washburn &Clay,
of New York.
Enclose a certified check for 2% of the bonds.
ALASKA
JUNEAU, Alaska—BOND SALE—An issue of $129,000 3% general re"
funding bonds was sold during February to Jaxtheimer & Co. of Portland*
Dated March 1, 1940 and due serially on Oct. 1 for a period of 15 years.
ARIZONA
ARIZONA STATE TEACHERS* COLLEGE
(P. O. Tampe) Ariz.—
BONDS PUBLICLY OFFERED—A $335,000 issue of 4% semi-ann. building
and improvement revenue bonds is being offered by Stranahan, Harris &
Co., Inc. of Toledo, for general investment. Dated Feb. 1, 1940. Denom.
$1,000. Due Feb. 1, as follows: $6,000 in 1942 and 1943, $7,000 in 1944
and 1945, $8,000 in 1946 to 1949, $9,000 in 1950 to 1952, $10,000 in 1953
and 1954, $11,000 in 1955 to 1957, $12,000 in 1958 and 1959, $13,000 in
1960 and 1961, $14,000 in 1962 and 1963, $15,000 in 1964, $16,000 in 1965
and 1966, $17,000 in 1967, $18,000 in 1968 and 1969, and $19,000 in 1970.
Prin. and int. payable at the office of Treasurer of the Arizona State
Teachers' College or at the Chase National Bank, New York. Legality to
be approved by Chapman & Cutler of Chicago.
COCHISE
COUNTY SCHOOL
DISTRICT NO. 14 (P. O. Bowie),
were received until March 9, by
Ariz.—BONDS OFFERED—Sealed bids
A.
R.
School Superintendent, for the purchase of $20,000 4%
semi-ann. school bonds., Due $1,000 in 1941 to 1960, incl.
Spikes,
GRAHAM
COUNTY
were
(P.
Safford),
Ariz .—BONDS OFFERED—
March 9, by W. L. Buffington,
the purchase of $100,000 not to exceed
3H% semi-ann. road and bridge, series of 1940 bonds.
Denom. $1,000.
Dated Jan. 1, 1940.
Due on July 1 as follows: $12,000 in 1943 to 1946,
and $13,000, 1947 to 1950, all incl.
Sealed bids
O.
received until 10
a. m. on
Clerk of the Board of Supervisors, for
SALT RIVER PROJECT AGRICULTURAL AND IMPROVEMENT
POWER DISTRICT (P. O. Phoenix) Ariz.—BOND SALE—The $425,000
refunding bonds offered for sale on March 4—V. 150, p. 1312—were
a syndicate composed of Stranahan,
Harris 8c Co., Inc. of
Refsnes, Ely, Beck & Go. of Phoenix, the Pasadena Corp. of
Pasadena, and Tyler & Co. of Boston, as 35is, paying a price of 97.64, a
basis of about 4.03%.
Dated March 1, 1940.
Due July 1, as follows.
$40,000 in 1960 to 1964, and $225,000 in 1965.
The district reserves
coupon
awarded to
Toledo:
COLORADO
CREEDE, Col.—BOND SALE DETAILS—We are informed by the City
subject to the outcome of
an election, as noted here—V.
150, p. 1312—were purchased by Brown,
Schlessman, Owen & Co. of Denver, as 4l4s, paying par. Denom. $1,000.
Registered bonds, dated Feb. 5, 1940. Due from May 1, 1941 to 1955;
optional on any interest paying date prior to maturity, at par plus 3%
premium.
Interest payable M-N.
Clerk that the $30,000 waterworks bonds dold
GLEN WOOD
SPRINGS, Colo.—BONDS SOLD—We are informed by
Lawrence Dever, City Clrk, that $10,000 water extension bonds were sold
recently to Amos C. Sudler & Co. of Denver, as 3s, at par. Denom. $1,000.
Coupon bonds, dated Feb. 1, 1940.
Due in 1950. interest payable F-A.
(This notice supersedes the sale report given in our issue of Feb. 24—
V. 150, p. 1312.)
CONNECTICUT
WINDHAM, Conn.—ENJOINED FROM CASH AID TO ATTRACT
INDUSTRIAL PLANT—Superior Court Judge Edward J. Daly ruled
March 2 that a town cannot spend the taxpayers' money to attract new
industries. He granted an Injunction to George J. Rood, a Windham Center
farmer, restraining Windham Selectmen from spending the balance of a
$5,000 appropriation made to induce a New York manufacturing firm to
locate there.
The Town of Windham includes the City of Willimantic,
cento1 of the eastern Connecticut textile industry. During the last year this
neighborhood has enjoyed an influx of firms from New York.
The $5,000 appropriation was voted at a town meeting last March. The
fund was to cover the expenses of moving machinery and equipment of the
Electromotive Co., manufacturers of lighting fixtures, from New York to
Willimantic. Today the court found that all but $548 had been spent.
Declaring that municipalities were without authority to offer cash in¬
ducements to industries, Judge Daly added:
"I have a great deal of sympathy for the voters of the Town of Windham
who desired to aid the community and make It possible for many on relief
rolls to gain employment with the new industry. My sympathy, however,
is not authority for the expenditure of public funds, for the purpose is not a
public one."
Elated by his victory, Mr. Rood said he would consult his lawyer on the
prospects of recovering the rest of the appropriation. He said that two other
firms had come to Willimantic on cash inducements, stayed a few months,
then moved to another town offering better terms.
„
„
The Commercial & Financial Chronicle
1638
FLORIDA
DAYTONA
BEACH,
In connection with the call for tenders of sealed offerings of matured
or
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and special road and bridge districts, noted here on Feb. 10—
V.
150, p. 1024—it is reported by W. V. Knott, State Treasurer, that 15
parties offered bonds.
HAINES
Via.—CERTIFICATE
CITY,
TENDERS
INVITED—It
is
stated by M. D. Graf, City Clerk, that on March 20, at 8 p. m„ he will
receive sealed offerings of certificates of deposit that have been issued by
the First National Hank of Chicago, pursuant to the plan of composition
of the city.
The amount of certificates to be purchased will be determined
by the Mayor Commissioner.
or
the
same
VOLUSIA
COUNTY
SPECIAL
SCHOOL
TAX
DISTRICT
NO.
11
(P. O. De Land) Fla.—BOND OFFERING—It is stated by George W.
Marks, Superintendent of the Board of Public Instruction, that he will
a. m. on March 20, for the purchase of $20,000
4% coupon semi-ann. school bonds. Dated July 1, 1938. Denom. $1,000.
Due $1,000 July 1, 1941 to 1960. Prin. and int. payable of the Chase Na¬
receive sealed bids until 10
tional Bank, New York.
These bonds
were
authorized at
an
election held
on
Sept. 27, 1938, and have been validated by the Circuit Court of the Seventh
Judicial
District of the
State.
An
amendment
to
the
State Constitution
approved in the general
assessment to create
election of 1924 provides for an unlimited tax
interest and sinking fund. The approving opinion of
an
Chapman & Cutler, of Chicago, will be furnished the purchaser.
Merchants National Bank of Muncie
Enclose
100.29.
system bonds
4% bonds dated April 1, 1936, due Oct. 1, 1962, and callable on any interest
date after April 1, 1938, various numbered bonds aggregating
$75,000 have
been called for redemption on April 1, 1940.
Payment of the principal
amount of said bonds so called for
redemption, together with a premium of
5% of such principal amount, will be made on or after April 1, 1940, on
surrender of said bonds in negotiable form accompanied by Oct.
1, 1940 and
subsequent coupons at the principal office of the Chemical Bank & Trust
Co., 165 Broadway, N. Y. City.
Coupons maturing April 1, 1940, and prior
thereto, will be paid on presentation and surrender of such coupons.
CHICAGO, III.—NET BONDED DEBT SHARPLY REDLCED—The
city paid $1,578,691 of corporate bills during the final quarter of last year,
the quarterly financial statement made
public by Robert B. Upham, City
Comptroller, discloses.
Net bonded debt during the period was reduced
from $96,490,541 to $86,802,830.
Cash on hand on Dec. 31, aside from
$2,130,840 reserved for tax warrants, amounted to $83,417.
as
of the close of the year composes as follows:
1939
..$95,238,000
8,435,169
1938
$107,323,000
10,832,458
$86,802,830
$96,490,541
.3,627,491
2,523,774
719,114
2,197,335
3,990,381
719,114
$93,673,211
42,408,000
9,951,455
$103,397,373
46,915,000
10,751,605
$52,359,455
CITY,
Ind.—BOND OFFERING—A.
B.
$10,000from 1948 to 1952, incl.; $20,000,1953; $25,000 in 1955 and $20,000
from 1956 to 1960, incl.
Bidder to name a single rate of interest, expressed
in a multiple of H of 1%.
Principal and interest (J-J) payable at office of
the
tax
Treasurer
of
Board
of
School
Commissioners.
Bonds
are
unlimited
obligations of the school city and proposals must be accompanied by a
3% of the issue bid for, payable to order of the Board of
certified check for
Commissioners.
INDIANAPOLIS
SCHOOL
Ind.—BOND SALE—
CITY,
$400,000
series A coupon refunding bonds offered March 5—V. 150, p. 1472—were
awarded to the First National Bank of Chicago, as 2s, at par plus a premium
of $9,086, equal to 102.271, a basis of about 1.82%.
Dated March 14,
1940 and due July 1 as follows: $5,000 in 1941; $20,00G in 1944 and 1945;
$10,000, 1948 to 1950, incl.; $25,000, 1951 and 1952; $30,000, 1953; $40,000
1955 to 1959, incl, and $45,000 in 1960.
Second high bid of 100.851 for 2s was made by the Harris Trust & Savings
from
Bank of
Chicago.
LIBERTY TOWNSHIP
(P. O. Waldron), Ind.—BOND SALE— The
$40,900 school township building bonds and $32,800 civil township com¬
munity building bonds offered March 6—V. 150, p. 1161—were awarded
to Raffensperger, Hughes & Co. of Indianapolis.
MARION, Ind.—BOND SALE—The $40,000 waterworks
revenue
bonds
offered March 4—V. 150, p. 1472—were awarded to the Channer Securities
Co. of Chicago, as 2s, at par plus a premium of $108, equal to 100.27, a
basis of about 1.95%.
Dated Jan. 1, 1940 and due Jan
1 as follows:
MUNCIE,
Ind.—WARRANT
OFFERING—John
D.
Lewis,
City
Comptroller, will receive sealed bids until 10 a. m. on April 16 for the pur¬
chase of $98,000 not to exceed 4% interest, including $80,000 general fund
and $18,000 for the park fund.
Dated as of date of delivery.
Denoms. to
suit purchaser.
Principal and interest due June 29, 1940.
Payable out of
taxes hertofore levied and now in course of collection for each of the funds,
a sufficient amount of which taxes has been appropriated and
pledged for
Legal opinion of Matson,
Judgments (corporatefund)
Judgments (judgment tax fund)
Judgments (special assessments)
Ross,
McCord
&
Ice of Indianapolis, will
be
IOWA
ESTHERVILLE, Iowa—BOND OFFERING—It is stated by George W.
Shadle, City Clerk that he will receive bids until March 11, for the pur¬
chase of the following electric revenue bonds aggregating $110,000:
$56,000 series A bonds.
Dated May 1, 1940.
Due $8,000 on Jan. and
July 1 in 1941 to 1943, and on Jan. 1, 1944.
21,000 series B bonds.
Dated June 1,1940.
Due $7,000 on July 1, 1944,
and on Jan. and July 1, 1945.
21,000 series C bonds.
Dated July 1, 1940.
Due $7,000 on Jan. and
July 1, 1946, and on Jan. 1, 1947.
12,000 series D bonds.
Due on July 1, 1947.
Dated Aug. 1, 1940.
All bonds are subject to redemption by giving
interest payment date.
FERTILE
CONSOLIDATED
15 days' notice
SCHOOL DISTRICT
on
any
(P. O. Fertile)'
Iowa—BOND SALE—The $11,000 building bonds offered on March 1—
150, p. 1473—were sold as 2Ms, paying a premium of $121, equal to
101.10, a basis of about 2.09%.
Dated March 1, 1940.
Due on May 1 in
1944 to 1950.
t
V.
$57,666,605
Net bonded debt
SCHOOL
Good, Business Director of Board of School Commissioners, will receive
sealed bids until 12:15 p. m. on April 2, for the purchase of $214,000 not to
exceed 5% interest series B coupon refunding bonds.
Dated April 9, 1940.
Denom. $1,000.
Due July 1 as follows:
$9,000 in 1944; $10,000 in 1945;
furnished the successful bidder.
CAIRO BRIDGE COMMISSION (P. O. Cairo), 111.—BOND CALL—
Chairman Ray Williams announces that in accordance with
provisions of
Article II of the trust indenture securing the outstanding bridge revenue
Dec. 31—
an issue of $) 50,000 public works bonds as 2Ms, at a price of
Due serially from 1946 to 1950, incl.
INDIANAPOLIS
to
sewer
sold to the Midland Securities Co. of Chicago,
Bonded debt,.
Less sinking fund.
32.10
payment of both principal and interest on the warrants.
They are issued
cover expenses of the two funds prior to collection of taxes in
1940.
ILLINOIS
AUBURN, III.—BONDS SOLD—An issue of $38,000
^
35.10
$5,000 in 1943; $6,000 from 1944 to 1948, incl. and $5,000 in 1949.
Second
high bid of 100.152 for 2s was made by the City Securities Corp. of
Indianapolis.
HONOLULU (City and County), Hawaii—PRICE PAID—It is now
reported by the Treasurer of the City and County that the $875,000 4%
semi-ann. rural water revenue bonds sold to Brown, Schlessman, Owen &
Co. of Denver, as noted here—V. 150, p. 1160—were awarded for a
pre¬
mium of $6,738, equal to 100.77, a basis of about
3.94%.
Dated Jan. 15,
1940.
Due on Jan. 15 in 1945 to 1970.
The debt statement
$8.10
39.75
March 2
on
a
HAWAII
was
Premium
GARY, Ind.—BOND SALE— John Nuveen & Co. of Chicago purchased
certified check for $500,
payable to the Board of Public Instruction.
(This notice supersedes the offering report given in our issue of March 2—
V. 150, p. 1472),
1940
1%
1H%
1K %
1H %
Browning, VanDuyn, Tischler & Co
Offerings must be firm for at least 10 days
will not be considered.
1
Kenneth S. Johnson
State of—BOND AND NOTE TENDERS RECEIVED—
unmatured original or refunding road and bridge or highway bonds, time
9,
Int. Rate
Indianapolis Bond & Share Corp
Fla.—BONDS SOLD—It Is stated by the Debt
Service Commission that a $300,000 issue of refunding bonds was offered
for sale on March 4 and was purchased by Welsh, Davis & Co. of Chicago,
at a price of 98 for bonds maturing in 1941 to 1945 as 4s, and bonds matur¬
ing in 1946 to 1959 as 4Mb.
Dated Nov. 1, 1939.
Prin. and int. (M-N)
payable at the Irving Trust Co., New York.
FLORIDA,
March
Bidder—
HANCOCK. Iowa—BOND OFFERING—It is stated by H. P~Grinyer,
Town Clerk, tnat he will receive bids until March 18, for the
purchase of
$8,000 water system construction bonds. Due in 20 years.
HARRISON COUNTY (P. O. Logan) Iowa—BONDS SOLD—It is
reported that $16,000 funding ,onds were purchased on Feb. 15 by Vieth,
Duncan & Wood of Davenport,
mm
W TAYLOR
Corporate tax warrants.
Unpaid bills, payrolls
ELMIRA TOWNSHIP (P. O.
Toulon), 111.—BONDS VOTED—At an
election held on Feb, 20 the voters authorized an issue of
$10,000 road
graveling bonds.
FAYETTE COUNTY (P.
O.Vandalia), 111.—BOND SALE NOT CON¬
SUMMATED—The sale of $40,000 4% highway bonds to the H. C. Speer
& Sons Co. of Chicago was not consummated
as the voters refused to author¬
ize the loan at
an
election
FORRESTON,
and
on
National Bank of Diagonal,
100.304,
issue
bonds has been sold to
of $78,000 waterworks
Benjamin Lewis &
Co.
of
Chicago.
improvement
KENTUCKY
BOARD OF REGENTS OF WESTERN KENTUCKY STATE TEACH¬
ERS' COLLEGE (P. O. Bowling Green), Ky.—BOND SALE DETAILS
—It is now reported by the College President that the $280,000 3% semi¬
annual refunding bonds sold last December, as described here at the
time,
were purchased by J. J. B. Hilliard & Sons of Louisville and
associates,
at a price of 101.50.
Due on Jan. 1, in 1941 to 1963 incl.
KENTUCKY, State of—COUNTY DEBT ARRANGEMENTS MADE
—The holders of obligations of the counties of Lee, Perry, Pulaski,
Whitley
and Letcher, are advised that the Kentucky Counties Bondholders' Com¬
bonds.
representing the holders of approximately $5,0C0,000 Kentucky
obligations, has arranged to refinance the fuuded debt of these
Full details of the refunding programs can be obtained from
DeWitt Davis, Secretary, 135 South La Salle St., Chicago, 111.
county
counties.
MASON COUNTY (P. O. Maysville)
LAHARpE
TOWNSHIP (P. O. LaHarpe), III.—PURCHASER OF
BONDS—The $38,000 highway improvement bonds were authorized
by the
voters and then sold to Lewis, Pickett &
Co., Inc. of Chicago, as 3s, and
not to W. D. Hanna & Co. of
Burlington.—V. 150, p. 1472.
ORANGEVILLE, 111,—BOND
on
ELECTION—An election will be
the question of issuing $8,000 street
improvement bonds.
held
PETERSBURG, 111.—BOND OFFERING—The City Clerk will receive
sealed bids until 7:30 p. m. on March 19 for the
purchase of $10,000 general
obligation and $13,000 revenue water bonds.
SALEM, 111.—BONDS
VOTED—At
election held Feb. 28 the voters
an
authorized
an
issue of $150,000 street
improvement bonds, which
already been sold subject to favorable decision by the electorate.
SALEM
TOWNSHIP
(P.
O.
Salem),
had
water revenue
Title Trust Co.,,Louisville.
It was reported also that
&
Co., both of Cincinnati,
bonds.
Dated
March
1,
1940.
LIVINGSTON
PARISH
SCHOOL
DISTRICTS (P.
O.
Denham
La.—BOND SALE—The following bonds aggregating $60,000,
on Feb. 20—V. 150, p. 872—were awarded to the Ernest M.
Loeb Co. of New Orleans, as 5Ms, paying par, according to report: $30,000
School District No. 24, and $30,000 School District No. 26 bonds. Due on
Springs)
offered for sale
March
COUNTY
(P.
O.
Frankfort),
Ind.—BOND SALE—The
$25,000.bridge bonds offered Feb. 19—V.
150, p. 871—was awarded
to Bartlett, Knight & Co. of
Chicago, as 1Mb, at a price of 100.66, a basis
of about
1.08%.
Dated Feb. 15, 1940 and due $2,500 on Jan. 1 and July l
from 1942 to
BRIDGE, La.—BOND SALE—The $75,000
water works and
electric light revenue utility bonds offered for sale on Dec. 21—V. 149,
p. 3750—are reported to have been purchased by the Ballard-Hassett Co.
of Des Moines, Iowa, as 4s.
Dated Jan. 1, 1940.
Due on Jan. 1 in 1943
to 1960.
Denom. $1,000.
Due March 1 as follows:
$1,000 from 1943 to 1968, incl.
and $2,000 in 1969 and 1970.
Principal and interest (M-S) payable at the
Harris Trust & Savings Bank,
Chicago.
Legality approved by Chapman
& Cutler of Chicago.
CLINTON
Seasongood & Mayer, and Charles A. Hinsch
associated in the purchase of the bonds.
were
LOUISIANA
BREAUX
INDIANA
$30,000 4M%
UNIVERSITY OF LOUISVILLE (P. O. Louisville), Ky .—BOND
DETAILS—It is now reported that the $135,000 First Mortgage
Medical School Annex refunding bonds sold to Pohl & Co. of Cincinnati, at
at a price of 103.625, as noted here—V. 150,
p. 1025—were sold as 3s, are
dated March 1, 1940, in the denomination of $1,000, and mature March 1
as follows:
$8,000 in 1941 to 1947, $9,000 in 1948, and $10,000 in 1949 to
1955.
Principal and interest payable at the office of the trustee, Kentucky
SALE
$125,000 road
CHALMERS, Ind.—BOND SALE—Doyle, O'Connor & Co. of Chicago
purchased
Ky.—BONDS SOLD—A $50,000
issue of county infirmary building bonds is reported to have been
purchased
by a Louisville construction company at a price of 101.125.
111.—BOND ELECTION—An
election will be held March 11 on the
question of issuing
bonds already contracted for by an investment house.
issue of
as lMs, paying a premium of $73, equal to
basis of about 1.72%. Due $6,000 in 1948 to 1951 incl.
mittee
KASKASKIA TOWNSHIP (P. O.
Vandalia), 111.—BONDS VOTED—
an election held on Feb. 20 the voters
authorized an issue of $6,500 road
At
April 2
a
Feb. 27.
111.—BONDS SOLD—An
sewerage revenue
COUNTY (P.
O. Bedford) Iowa—BONDS SOLD—It is
reported that $24,000 funding bonds were purchased on Feb. 22 by the First
1946 incl.
1 in
RED
1942 to
RIVER,
DISTRICT
(P.
1960.
ATCHAFALAYA AND BAYOU BOEUF LEVEE
O. Alexandria), La.—BOND OFFERING—Sealed bids
will be received until 10 a. m. on March 26, by Sol B. Pressburg, Secretary
of the Board of Commissioners, for the purchase of a $216,000 issue of not
to exceed
DELAWARE COUNTY (P. O. Muncie), Ind.—BOND SALE—The
$13,000 court house improvement bonds offered March 1—V. 150,
p. 1161—
were awarded to
Raffensperger, Hughes & Co. of Indianapolis, as Is, at
par plus a premium of $31.57, equal to
100.242, a basis of about 0.89%.
Dated March 1, 1940 and due as follows:
$2,000, July 1, 1941; $2,000,
Jan. 1 and July 1, 1942 and
1943; $2,000. Jan. 1 and $1,000, July 1. 1944.
Other bids:
5% semi-ann. refunding bonds.
Dated May 15, 1940.
Denom.
Due serially in 1941 to 1965.
Prin. and int. payable at the State
The bonds will be awarded on the basis of the lowest
interest cost to the district without the consideration of premium.
Delivery
will be made at the State Treasurer's office on May 15.
The District will
supply the approving opinion of Chapman & Cutler of Chicago, and all
$1,000.
Treasurer's office.
bids must be
so
conditioned.
Enclose
to the Board of Commissioners.
a
certified check for $6,000, payable
Volume
The Commercial & Financial Chronicle
150
.
MAINE
Aug. 1
AUBURN, Me.—BOND SALE—Harriman Ripley & Co., Inc., New
York, Frederick M. Swan & Co. and F. Brittain Kennedy & Co., both of
Boston, jointly purchased $130,000 bonds of a price of 100.10, a net interest
cost of about 1.63%, as follows:
$75,000 1H% Water District bonds.
Due Oct. 1 as follows:
$5,000 from
1942 to 1948 incl. and $10,000 from 1949 to 1952 incl.
55,000
Sewer District bonds.
Due $5,000 on Oct. 1 from 1942 to
1952 incl.
All of the bonds will be dated April 1, 1940.
MARYLAND
as
follows:
exceed 4% interest refunding bonds of 1940, series C,
authorized by Chapter 158, Laws of 1939.
Due April 1 as follows:
$4,500 in 1945; $10,000, 1946 to 1950, incl.; $15,000, 1951 to
1954, incl. and $20,000 from 1955 to 1959, incl.
Bonds to be
refunded mature in months of June to Sept. of this year.
Bonds
$214,500 not
I, p. 1026—was not sold.
Dated Feb. 1, 1940 and due
follows: $3,000 in 1941; $3,500 in 1942 and 1943, and $4,000 in
1944 and 1945.
DETROIT,
Mich.—SURVEY CITES
$32,000,000 REDUCTION IN
NET DEBT SINCE 1934—The First of Michigan Corp. has prepared
distribution its annual report on the financial and economic position of
for
the
city, a document replete with material of interest to holders of the city's
obligations.
The report should prove of particular value to those who are
interested in keeping abreast of debt retirement, sinking fund purchases,
and the city's refunding program.
Of special importance, in view of the
probability of further refunding operations and periodic sinking fund pur¬
chases, is the extensive schedule of callable bonds classified by interest
rates and exact maturities.
The report undertakes to show the unfavor¬
able as well as the favorable factors in the city's financial and economic
status.
MONTGOMERY COUNTY (P. O. Rockville), Md.—BOND OFFERING—Richard H. Lansdale, Clerk of the Board of County Commissioners,
will receive sealed bids until noon on March 26 for the purchase of $289,500
bonds, divided
as
1639
to
may be issued in denoms. of $500 or any multiple thereof at
purchaser's option, registerable as to principal or as to principal
and interest.
Principal and interest payable from an ad valorem
tax on all property in the county.
75,000 not to exceed 5% interest coupon Kensington Parkway bonds of
1939.
Such of the proceeds as may not be required for the pro¬
posed project are to be turned over to Maryland-Nat. Capital Park
and Planning Commission for general park purposes, as authorized
by Capter 133, Laws of 1939.
Bonds will mature $5,000 on April
1 from 1945 to 1959, incl.
Bonds may be issued in denoms. of
$100 each or any multiple thereof and may not be registered as
to principal. Principal and interest payable as maturing from an
ad valorem'tax from the assessable property in that portion of the
Maryland-Washington
Metropolitan District in Montgomery
County or in the event such tax shall prove insufficient, then from
a general levy upon the asseable property in Montgomery County.
1,1940. Prin. and int. (A-O) payable
Montgomery County National Bank, Rockville.
Bidder to name the
rate of interest, and different rates may be named on the respective issues,
but all of the bonds of each issue must bear the same rate.
Bonds will be
delivered to the successful bidder on or about April 1, 1940.
A certified
check for 2% of the bonds bid for, payable to order of the County Treasurer,
must accompany each proposal.
The bonds will be valid and legally binding
obligations of Montgomery County, Maryland, issued upon the faith and
credit of the entire county, exempt from State and local taxation.
The
successful bidder will be furnished with legal opinion by Niles, Barton,
Morrow & Yost of Baltimore.
Delivery of bonds to be at the office of the
County Commissioner, Rockville, Md. or at any incorporated bank or
trust company specified by the purchaser provided purchaser agrees to
pay costs of such delivery.
All of the bonds will be dated April
at the
Some of the outstanding developments
as follows:
treated in the report have been
summarized
Net
debt
reduction
of
approximately $32,000,000 since completion of
refunding plan of 1934.
of 88.5% as of Feb. 9,
2.7% ahead of last year, give assurance of total collections for the year
of 90% for the first time since 1928-29.
Retirement
of $95,000,000
higher-interest-rate callable term bonds,
refunded since 1935, by sale of lower-interest-rate serial bonds, has reduced
annual interest charges by $1,251,000.
Wayne County (Detroit), according to latest U. S. Department of Com¬
merce reports, in 1937 ranked second in value of products manufactured,
first in total wages paid, and second in cost of materials consumed by manu¬
facturing establishments, in comparison with all other counties in the United
States.
It was virtually the only county out of the eight leading industrial
counties to report a gain over 1929 in any of these classifications.
Evidence that the 1937 level is being maintained is indicated by the fact
that the industrial employment index for the Detroit area on Jan. 1, 1940,
was 112.1 compared with the 1937 average of 112.3.
Current tax collections for the 1939-40 fiscal year
or
in
excess
HARRISON TOWNSHIP (P. O. R. F. D. No. 3
Mount Clemens),
Mich.—BONDS SOLD—The First National Bank of Mount Clemens pur¬
chased
an
issue
One bond for
of. $8,000 5% water main bonds.
Dated Feb. 1, 1940.
$2,000, others $1,500 each.
Due Feb. 1 as follows: $2,000 in
1942 and $1,500 from 1943 to 1946, inclusive.
MIDDLEVILLE, Mich.—BOND ISSUE DETAILS—'The $20,000 cou¬
sewer bonds were sold to the Farmers State Bank of Middleville—
150, p. 1474—at a price of 100.141, as follows: $5,000 2 ^s, due from 1941
to 1949 incl.; $15,000 3s, due from 1950 to 1964 incl.
Net interest cost of
about 2.96%.
Other bids were for 3M% bonds, as follows: Crouse & Co.,
100.33; McDonald, Moore & Hayes, 100.25; Channer Securities Co., 100.13.
pon
V.
OAKLAND
COUNTY
(P.
O.
Pontiac),
Mich.—BOND CALL—The
for payment on May 1,
interest, all of the outstanding highway improve¬
ment bonds issued on behalf of the county for variously numbered road dis¬
tricts.
The bonds included in the call should be presented for payment at
Board of County Road Commissioners has called
1940, at
par and accrued
the Detroit Trust Co.,
upon
Detroit.
The bonds called, it is noted, are those
which the county appears as the primary obligor.
OWOSSO,
Mich.—NOTE SALE—'The issue of $25,000 tax anticipa¬
150, p. 1474—was awarded to Crouse &
tion notes offered March 4—V.
Co. of Detroit, at 2 Yi % interest, plus a premium of $37.50.
Dated March 1,
1940 and due $15,000 Nov. 1, 1940 and $10,000 May 1, 1941.
The State
MASSACHUSETTS
AGAWAM, Mass.—NOTE SALE— The First National Bank of Boston
purchased on March 1 an issue of $100,000 notes at 0.24% discount.
Due
$50,000 each on Nov. 5 and Dec. 5, 1940
.Other bids: Lee Higginson
Corp., 0-257% ; First Boston Corp., 0.273%; Blair & Co., Inc., 0.31%.
AMESBURY, Mass.—NOTE SALE—The First National Bank of Boston
discount.
Due Nov. 8, 1940.
Other bids: First & Ocean National Bank or Newburyport, 0.21%; Merchants National Bank of Boston. 0 23%; Tyler & Co ,
0.25%.
awarded
was
on
March
1
an
issue of $100,000 notes at 0.19%
BURLINGTON, Mass.—NOTE SALE—An issue of $30,000 notes was
on Feb. 27 at a discount of 0.32%.
Due Nov. 27, 1940.
sold
COUNTY
HAMPDEN
(P.
O.
Springfield),
Mass .—NOTE SALE—
The
$200,000 tax
anticipation notes
offered March 6—V.
150,
1473—were awarded to the
Union Trust Co. of Springfield, Mass.,
p.
at
Dated March 7, 1940 and due Nov. 7, 1940. Other bids:
Third National Bank & Trust Co., 0.075%. plus $1 premium: R. L. Day
& Co., 0.085%; Merchants National Bank of Boston, 0.12%; First National
Bank of Boston, 0.128%.
0.06% discount.
SALE—The Merchants National Bank of
Boston was awarded $20,000 notes at 0.09% discount.
Due Dec. 2, 1940.
The Second National Bank of Boston, next highest bidder, named a rate
of 0.10%.
LINCOLN,
Mass.—NOTE
Savings Bank of Owosso, second high bidder, named a rate of 3%.
PETERSBURG, Mich.—BOND ELECTION—At an election on Mar. 11
an issue of $41,500 water system bonds.
the voters will consider
ROCHESTER, Mich.—BOND ELECTION—At an election to be
at the close of the present month the voters will consider a proposal to
$50,000 water softening plant bonds.
held
issue
MINNESOTA
BRAINERD, Minn.—BONDS SOLD—A $30,000 issue of 3% semi-ann.
sewage disposal plant revenue bonds is said to have been purchased by
Kalman & Co. of St. Paul, for a premium of $200, equal to 100.666, a
basis of about 2.90%.
Dated March 1, 1940.
Denom. $1,000 and $500.
Due $1,500 March 1, 1941 to 1960, subject to redemption at par and accrued
interest on March 1, 1950, and on any interest payment date thereafter.
Prin. and int. payable at the First National Bank & TruBt Co., Minneapolis.
BUHL, Minn.—BONDS DEFEATED—At an election held on Feb. 23
are said to have turned down the proposed issuance of $90,000 in
the voters
hospital and paving bonds.
FARMINGTON, Minn.— WARRANT SALE—The $2,000 coupon semiimprovement warrants offered for sale on March 4—V. 150, p. 1474—
awarded to the First National Bank of Farmington, as 4^s, paying a
ann.
were
MANSFIELD, Mass.—NOTE SALE—An issue of $150,000 notes was
0.18% discount.
Due
on Nov. 8, Nov. 25 and Dec. 13, 1940.
Other bids: Second
National Bank of Boston, 0.186%; First National Bank of Boston, 0.219%.
sold to the Merchants National Bank of Boston, at
$50,000 each
METHUEN, Mass.—NOTE OFFERING—Bids will be received until
11 a. m. on March 12 for the purchase at discount of $175,000 notes, due
$100,000 Nov. 5 and $75,000 Dec. 19, 1940.
MILLBURY,
Mass.—NOTE ISSUE DETAILS—The $100,000 notes
the Second National Bank of Boston at 0.148% discount—
1473—mature $50,000 each on Nov. 15 and Nov. 30, 1940.
Other bids: Worcester County Trust Co., 0.155%; Merchants National
Bank of Boston, 0.23%; First National Bank of Boston, 0.26%; Blair &
Co., Inc., 0.32%.
awarded
V.
150,
to
p.
MONTAGUE, Mass.—NOTE OFFERING—Bids will be received until
noon on
March 11 for the purchase at discount, of $200,000 notes, due
$100,000 Nov. 1 and a like amount on Dec. 2, 1940.
NEEDHAM, Mass.—NOTE SALE—The issue of $150,000 notes offered
150, p. 1473—was awarded to the Merchants National Bank
of Boston, at 0.068% discount.
Dated March 5, 1940 and due Dec. 5,
1940.
Other bids: Boston Safe Deposit & Trust Co., 0.079%; Norfolk
County Trust Co., 0.119%; Second National Bank of Boston, 0.125%;
R. L. Day & Co., 0.135%; Needham National Bank, 0.175%.
March 4—V.
NORTHBRIDGE, Mass.—NOTE SALE—'The Second National Bank
of Boston purchased an issue of $150,000 notes at 0.083% discount.
Due
Due Nov. 22, 1940.
Other bids: Chace, Whiteside & Symonds, 0.10%;
Worcester
County
Trust
Co.,
0.12%;
First National
Bank of
Boston,
premium of $45, equal to 102.25. Due $200 on Dec. 20 in 1941 to
MINNEAPOLIS, Minn.—BOND OFFERING—We are informed by
George M. Link, Secretary of the Board of Estimate and Taxation, that he
action bids on March 19, at 10:30 a. m., the
following issues of not to exceed 6% semi-annual bonds, aggregating
$2,760,000:
will offer for sale by sealed and
$1,200,000 public relief bonds.
—V. 150, p. 1314.)
WARE, Mass.—NOTE OFFERING—Bids will be received until 11
March
a. m.
19 for the purchase of $16,500 public works notes, to
April 1, 1940 and mature over a period or 10 years.
by the State Emergency Finance Board.
WATERTOWN,
Mass.—NOTE SALE—The issue
be dated
Loan was approved
of
$300,000 notes
National
Nov. 26,
offered March 5—V. 150, p. 1473—was awarded to the Merchants
Bank of Boston, at 0.07% discount, plus a premium of $10.
Due
1940.
WESTFIELD, Mass.—NOTE SALE—The issue of $300,000 revenue
anticipation notes offered March 6 was awarded to R. L. Day & Co. of
Boston, at 0.14% discount. Dated March 7, 1940 and due Nov. 15, 1940.
Next best bid of 0.178% was made by the First National Bank of Boston.
WORCESTER COUNTY
(P. O. Worcester), Mass .—NOTE SALE—
anticipation notes offered March 5—V. 150, p. 1473—were
Bank of Boston, at 0.07% discount.
Dated March 5, 1940 and due Nov. 14, 1940. Other bids: Second National
Bank of Boston, 0.079%; Bates, Converse & Co., 0.08%; Chace, White¬
side & Symonds of Boston, 0.10%.
The $600,000 tax
awarded
Due $120,000 on April 1 in 1941 to 1950,
inclusive.
220,000 permanent improvement (work relief) bonds.
Due $22,000 on
April 1 in 1941 to 1950, inclusive.
*4
140,000 permanent improvement (storm drain) bonds.
Due $14,000 on
April 1 in 1941 to 1950, inclusive.
500,000 permanent improvement (paving) bonds.
Due $50,000 on
April 1 in 1941 to 1950.
700,000 water works bonds.
Due $35,000 on April 1 in 1941 to 1960,
incl.
(This issue replaces the $100,000 issue of similar bonds
which had been scheduled for sale on March 13, as noted here
0.21%.
on
1950.
Minn.—BOND OFFERING—It
is stated by C. H. Peterson, County Auditor, that he will receive sealed and
oral bids until March 20, at 10 a. m., for the purchase of $48,000 drainage
funding bonds.
Dated March 1, 1940.
Denom. $1,000.
Due $12,000
March 1, 1944 to 1947.
Rate of interest to be designated by purchaser.
Principal and interest (M-S), payable at any suitable bank or trust company
designated by the purchaser.
The county will furnish the executed bonds
and the approving legal opinion of Fletcher, Dorsey, Barker, Colman &
Barber, of Minneapolis, without cost to the purchaser.
Enclose a certified
check for at least $1,000, payable to the county.
JACKSON COUNTY (P. O. Jackson)
to the
Merchants National
Rate of interest to be in a multiple
to both principal
Bids offering an
amount less than par cannot be accepted.
Purchasers will be required to
pay accrued interest on the bonds to but not including the day of delivery:
and in addition to the purchase price, purchasers of the bonds will be
required to pay the Board of Estimate and Taxation $1 per bond to apply
on the expense of the board in issuingrland transporting the bonds to place
of delivery.
Delivery will be made in Minneapolis, Chicago or New York
City, at a national bank acceptable to the purchaser, any charge made by
sucn bank for delivery service to be paid by the purchaser.
The bonds will
be accompanied by the opinion of Thomson, Wood & Hoffman, of New
York, that the bonds are valid and binding obligations of the city.
Forms
on which to submit bids will be furnished on request to the above Secretary,
A certified check for 2% of the amount of the obligations bid for, payable
Denom. $1,000.
Dated April 1,1940.
of % or 1-10th of 1%.
The bonds may be registered as
and interest on application to the City Comptroller.
to the
City Treasurer, is required.
WADDITIONAL OFFERING—It is also stated that sealed and open bids
will be received on the same day, at the hour of 9:30 a. m., by Ohas. O.
BURTON AND DAVISON TOWNSHIPS FRACTIONAL SCHOOL
Swanson, City Clerk, for the purchase of an issue of $176,444.37 coupon
special street improvement bonds.
Interest rate is not to exceed 5%,
payable A-O.
Dated April 1, 1940.
Denom. $1,000 each, or fractions
thereof, as nearly as practicable, as desired by the purchaser, and to be
payable as nearly as practicable in consecutive equal annual instalments, in
series in each of the proceedings, the first instalment of each of such series
of bonds to be payable on April 1, 1941 and one instalment of each such
series to be payable on April 1 of each succeeding year thereafter until
fully paid, the number of such annual instalments in the proceedings to be
as follows:
Five annual instalments in Proceeding No. 2190; 20 annual
instalments in Proceeding No. 2175; and 10 annual instalments in each of the
DISTRICT NO. 9 (P. O. R. F. D.
No. 3, Flint), Mich.—BONDS NOT
SOLD—The issue of $18,000 not to exceed 4% interest school bonds offered
proceedings Nos. 2148, 2153,2154,2155,2157,2159,2161,2162,2164, 2165,
2167, 2168, 2169, 2172, 2173, 2179, 2180, 2181, 2184 and 2188.
Rateiof
MICHIGAN
AUBURN HEIGHTS SCHOOL DISTRICT,
Mich.—BONDS VOTED—
election on
bear interest at not more than 4% and mature on
An issue of $18,000 school addition bonds was approved at an
March 5.
They
are to
July 15 from 1941 to 1945 incl. They will be sold only in event that proposal
to increase the tax limitation is approved at another election on March 16.
The Commercial & Financial Chronicle
1640
interest to be in multiples of *4 of 1 %, and must be the same for all bonds
for which the offer Is submitted.
Award will be made at the lowest coupon
and the highest price on such lowest rate, and no bid
rate of interest bid
will be accepted for less than the par value of the bonds bid for.
These
bonds are authorized to be issued and sold by a resolution, passed Feb. 23,
approved Feb. 23, for the purpose of realizing funds for making improve¬
existing streets in the city.
Prin. and int. payable at the
fiscal agency of the city in New York City, or at the City Treasurer's office.
Delivery will be made by the City Comptroller in New York City, in
Chicago, or in Minneapolis, at a national bank satisfactory to the purchasers,
any charge by said bank for delivery service to be paid by the purchases.
The approving opinion of Thomson, Wood & Hoffman of New York, will
be furnished.
A certified check for 2% of the par value of the bonds bid
for, payable to G. E. Miller, Assistant City Treasurer, is required.
ments in certain
MISSISSIPPI
Miss.—BOND CALL—The following notice was sent to us
recently by Dane & Weil of New Orleans:
We are advised by the City of Biloxi, Miss., that the following bonds
have been called for payment at par and accrued interest on June 1, 1940:
BILOXI,
$44,000 City of Biloxi, Miss., refunding callable 5*4%, series H, Nos. 6
to 49, incl. (entire series) maturing 1944 to 1964, incl.
$115,000 series I, Nos. 3 to 117, incl., 5)4% (entire series) maturing
1940 to 1964, incl.
$112,000 series L, Nos. 4 to 115, incl., 5*4% (entire series) maturing
1940 to 1964, incl.
All of above series are dated June 1. 1934.
These bonds may be presented on or before the call date to The Peoples
or The First National Bank, of Biloxi, Miss., for payment at par and
Bank
and will pay for the printing of the bonds and the
office of the State Auditor.
Delivery of the bonds
than
This call is in addition to the previous call of $197,000 series K, 5H» on
same
The
date, notice of which was previously sent to you.
information
following
also
was
furnished
Dale of Call
Amount
June 1,1937
Series
by the above
June 1,1939
June 1,1939
June 1,1939
6%
6%
6%
6%
6%
6%
6%
5^%
5^%
5*4%
38,000
63,000
80,500
66,000
2,000
2,000
5,000
74,000
39,000
197,000
44,000
115,000
112,000
396,000
June 1,1939
Dec. 1,1939
Dec. 1, 1939_____
Dec. 1,1939
Dec. 1,1939
Dec. 1,1939
Dec. 1,1939
Dec. 1,1939
June 1,1940
June 1,1940
June 1,1940
June 1,1940
June 1,1940
June 1,1940
'
Rate
U
N
P
O
P
Q
R
E
F
G
J
P
S
T
K
H
I
L
D
$50,500
81,000
25,000
104,000
18,000
named
ST.
Mo.—BOND OFFERING—It is stated by Kenneth
JOSEPH,
T.
NEBRASKA
ELKHORN
SCHOOL
DISTRICT
(P. O.
Elkhorn),
Neb.—BONDS
SOLD—It is reported that $8,000 2% semi-annual refunding
been purchased by the Walter V. Raynor Co. of Omaha.
bonds have
FREMONT, Neb.—BOND OFFERING—It is reported that A. J.
Forman, City Clerk, that he will offer for sale at public auction on March 12,
$45,000 issue of not to exceed 1*4% semi-annual refunding
bonds.
Denom. $1,000,
Dated May 1, 1940.
Due $9,000 on May 1
in 1941 to 1945 incl.
A certified check for 1% of the total amount of the
bid is required.
at 7.30 p.m., a
McCOOK SCHOOL DISTRICT (P. O. McCook),
$25,000 refunding bonds offered for sale on
Neb.—BOND SALE
—The
March 4—V. 150,
1474—were awarded to Beecroft, Cole & Co. of Topeka as 1 *48, paying
par, according to the Secretary of the Board of Education.
Due on July 1
in 1943 to 1948; optional on July 1, 1943.
53,000
5*4%
6%
5M%
5%%
5*4%
5*4%
NEW
ATLANTIC
5%
Lncalled
Series
as
of Feb.
noon on
CALDWELL-WEST CALDWELL COMBINED SCHOOL DISTRICT
of $20,000 not to exceed 3% interest coupon school bonds.
Dated May 1,
1940.
Denom. $1,000.
Due $2,000 on May 1 from 1942 to 1951 incl.
274-406
Numbers
5%
5%
5%
JERSEY
J.—TENDERS
(P. O. Caldwell), N. J.—BOND OFFERING—C. H. Wrensch, District
Clerk, will receive sealed bids until 8 p.m. on March 19 for the purchase
14. 1940
Rate
B
C
M
N.
WANTED—Frank B. Off,
Finance, announces that he will receive sealed
April 4, at the principal office of the National Newark
& Essex Banking Co., Newark, of bonds now outstanding of the following
authorized issues; $24,651,000 refunding bonds and $2,285,000 refunding
water bonds, all dated July 1, 1936 and maturing Jan. 1, 1973.
Prices
must not exceed par and accrued interest and $400,000 is available for pur¬
chase of refunding bonds and $60,000 for purchase of the water refundings.
A certified check for 1% of the bonds tendered, payable to order of the
city, is required.
Tenders may be made on all or none basis.
tenders until
6-213,215-240,242-268,
270-272,
23-75
CITY,
of Revenue and
Director
2-33,35-41
4-200
6-49
3-117
4-115
5*4%
5*4%
5*A%
M
Numbers
31-101,107-540
1-81
25-49
1-104
7-24
1-38
1-10,12-64
3-10,12-164
3-68
3-6
2-3
2-6
3—150
$1,565,000
$2,000
10,000
21,000
registration fee at the
will be made not later
April 5.
of Call of Refunding Issues of June 1, 1934
June 1,1937
Dec. 1,1937
Amount
1940
p.
company:
Schedule
9,
Boyle, City Comptroller, that he will receive sealed bids until 8 p.m. on
April 1, for the purchase of an issue of $136,000 coupon refunding bonds.
Dated May 1, 1940.
Denom. $1,000.
Due May 1, as follows: $8,000
in 1945 to 1952, and $9,000 in 1953 to 1960.
The bidder will name the
rate.
Each bid must be for all of the bonds.
Interest may be at a single
rate for the whole issue or at two rates, one for one set of maturities and
another for the remaining maturities, but all rates must be in a multiple
of *4 of 1%.
Prin. and .int. (M-N) payable at the Guaranty Trust Co.,
New York.
These bonds will be direct and general obligations of the
city.
The opinion of Chapman & Cutler of Chicago, will be furnished and
the bonds will be printed, registered and delivered at the Guaranty Trust
Co., New York, at the expense of the city.
Forms on which to submit
bids will be furnished on application to the City Comptroller.
Enclose a
certified check for $2,720.
accrued interest to date of delivery.
the
March
4-5
2-11
2-22
Due
1940-41
1940-49
1940-50
Bidder to name a single rate of interest, expressed in a multiple of *4 of 1 %.
Principal and interest (M-N) payable at the Citizen's National Bank &
Trust Co., Caldwell
The bonds were authorized at an election held Nov.
21, 1939.
Legal opinion of a recognized firm of bonding attorneys of New
York City will be furnished to the purchaser.
A certified check for 5% of
the bonds, payable to order of the Board of Education, must accompany
each proposal.
(The above notice of the offering supersedes that previously
given in V. 150, p. 1474.)
It is expected that the legal opinion will be furnished by Hawkins, Delafield & Longfellow of New York City.
CAMDEN,
J .—RELIEF ISSUE
N.
later than Nov. 9,
AUTHORIZED—The, City Com¬
26 to borrow $1,000,000 on 2% notes to mature not
1940, in anticipation of the sale of a bond issue.
Pro¬
ceeds will be used
$33,000
for relief purposes.
CLEVELAND, Miss .—BOND SALE DETAILS—It is
now reported by
City Attorney that the $9,000 3 *4 % semi-annual sidewalk construction
bonds sold to the First National Bank of Memphis, as noted here—V. 150,
p. 153—were purchased at a price of 100.777, and mature on Oct. 10 as
follows: $500 in 1940 and 1941, and $1,000 in 1942 to 1949, giving a basis
of about 3.35%.
Prin. and int. (A-O) payable at the Cleveland State Bank
the
of Cleveland.
GREENWOOD,
offered for sale
auction to
on
Miss.—BOND
SALE—'The $85,000 funding bonds
150, p. 1474—were awarded at public
as l%s, paying a premium of $382,
basis of about 1.80%. Due in 1941 to 1949 incl.
March
the Bank
equal to 100.449,
a
5—V.
of Greenwood,
P HARRISON COUNTY (P. O. Gulfport) Miss.—BOND SALE— The
$20,000 county-wide road and bridge refunding bonds offered for sale on
March 4—V. 150, p. 1162—were purchased by White, Dunbar & Co. of
New Orleans, as 3 *4s, paying a price of 100.312, according to the Clerk of
the Board of Supervisors.
MERIDIAN, Miss.—BOND ELECTION—It is stated by R. S. Tew,
City Clerk and Treasurer, that an election was held on March 5 in order
to vote on the issuance of $100,000 in water extension and
improvement
bonds.
MISSOURI BONDS
Markets in all State, County & Town Issues
SCHERCK,
RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO
chase of $12,000 school bonds.
Dated March 1,
Due $4,000 March 1, 1954 to 1956.
Bidders are
1940.
Denom. $1,000.
requested to designate in
interest at a rate
however, that all of the
their bids the price they will pay for the bonds
bearing
likewise to be designated in their bids; provided,
JEFFERSON CITY, Mo.—BONDS VOTED—At
Feb. 27 the voters
are
said to have
a
the election held on
approved the issuance of the $200,000
wide margin.
ST. JAMES, Mo.—BOND OFFERING—Sealed bids will be received until
7:30 p. m. on March 15 by A. G. Bullock. City Clerk, for the
purchase of
two issues of bonds, aggregating
$24,000, divided as follows: $19,500 public
sewer system improvement and
$4,500 water works system improvement
bonds.
Denom. $500.
Dated Feb. 15, 1940.
Due on Feb. 15 as follows:
$2,000 in 1944 to 1955, incl.
Prin. and int. (F-A 15) payable at a place to
be designated by the bidder and approved
by the Board of Aldermen.
Bonds will be sold at not less than par and accrued interest.
Bidders are
requested to designate in their bids the rate of interest to be paid on said
bonds; provided, however, that the interest rate thus designated shall be
an even multiple of
one-quarter of 1 %, and all of said bonds shall bear in¬
terest at the same rate.
Proposals should be addressed to the Board of
Aldermen and should be filed with the City Clerk on or
prior to the date
Each bid must be accompanied by a cash¬
city in the amount of $750, to evi¬
(of the bidder.
The Board of Aldermen reserves the
right to reject any or all bids and all bids must be made on the form sup¬
plied by the said Clerk.
The successful bidder will furnish its legal opinion
and hour hereinabove named.
ier's
certified check payable to the
dence the good faith
or
RIVER
JOINT BRIDGE COMMISSION (P. O. Cam¬
J.—COLLECTION OF JUDGMENT, HALTED—'The United
a bill
den),
N.
States
Supreme Court on March 4 authorized Pennsylvania to file
of complaint against New Jersey seeking to block collection of a damage
judgment against the Delaware River Joint Toll Bridge Commission.
A
group of New Jersey individuals obtained a decree in New Jersey court
awarding them compensation for alleged injuries to their properties re¬
sulting from construction of a bridge at Easton, Pa.
Pennsylvania seeks
to stop collection, contending it would postpone the time when the bridge
will become free to the public.
FAIR LAWN SCHOOL
DISTRICT, N. J.—BOND OFFERING—Harry
Barr Jr., District Clerk, will receive sealed bids
until
21, for thepurchase of $63,000 building bonds which
election on Nov. 21, 1939—V. 149, p. 3592.
FORT
LEE,
N.
8
were
p.
m.
March
on
authorized at
J—BOROUGH AND SCHOOL DISTRICT
an
BONDS
EXCHANGED—The minutes of the March 4 meeting of the Local Govern
Board, constituting the Municipal Finance Commission, includes a
report on the status of the borough and school district bonds exchanged
pursuant to the respective refunding programs.
Of the $3,309,200 of out¬
standing borough bonds, a total of $51,200 had not yet been exchanged;
in the case of the school debt of $4,041,200 the bonds still to be exchanged
amounted to $100,200.
ment
NEW
JERSEY
(State of)—MA Y ISSUE RELIEF BONDS—It is re"
William H. Albright, State Treasurer, may shortly ask for
$10,500,000 unemployment relief bonds, representing the
unsold portion of a $21,000,000 issue authorized at the November, 1939,
First instalment was awarded Dec. 19 to a syndicate
general election.
headed by Shields & Co. of New York, as 14s, at 100.52, a basis of about
1.07%.
They mature annually from 1942 to 1949, incl., and contain an
optional redemption clause.—V. 149, p. 4065.
ported
sealed
that
bids
on
PLEASANTVILLE, N. J.—BOND SALE—The $30,000 coupon or
registered bonds offered March 4—Y.
150, p. 1135—were awarded to
Warren A. Tyson Co. of Philadelphia, as 5s, at a price of 100.13, a basis of
about 4.96%.
Sale consisted of:
14,000 emergency relief bonds.
Dated Feb. 1, 1939 and due Feb.
follows: $4,000 from 1944 to 1946 incl. and $2,000 in 1947.
The Mainland National Bank of Pleasantville, second high bidder,
par for 5s.
1 as
named
SOMERDALE, N. J.—PROPOSED BOND ISSUE—'The borough plan*
to issue $60,000
sanitary sewer system bonds.
same
rate, which shall be an even multiple
of *4 of 1%.
Prin. and int. (M-S) payable at a place to be designated by
the bidder, subject to the approval of the Board of
Education.
The bonds
will be sold at not less than par and accrued interest.
The district will
furnish the legal opinion of Charles &
Trauernicht, of St. Louis, and will
pay for the printing of the bonds.
™
DELAWARE
1945 incl.
EUREKA SCHOOL DISTRICT (P. O.
Eureka), Mo.—BOND OFFER¬
ING—It is stated by Robert T. Geggie, Secretary of the Board of Educa¬
tion, that he will receive sealed bids until 8 p.m. on March 11, for the pur¬
public building bonds by
.
Feb.
$16,000 emergency relief bonds, series of 1940.
Dated Feb. 15, 1940 and
due Feb. 15 as follows:
$4,000 in 1941 and $3,000 from 1942 to
MISSOURI
bonds shall bear interest at the
voted
mission
Municipal Bonds
-
Government Bonds
Housing Authority Bonds
Tilney & Company
76 BEAVER STREET
NEW
YORK, N. Y.
Telephone: WHitehall 4-9898
Bell System Teletype: NY 1-2395
NEW
YORK
BATH, N. Y.—BONDS VOTED—John W. Taggart, Village Clerk,
re¬
ports that an issue of $8,000 fire truck and equipment purchase bonds was
approved by a decisive margin at the election on March 5.
The municipal
commission will take the bonds at a low rate, according to Mr. Taggart.
BINGHAMTON, N. Y.—BOND OFFERING—Arthur J. Ogden, City
Comptroller, will receive sealed bids until 11 a. m. on March 15 for the
purchase of $100,000 not to exceed 5% interest coupon or registered series I
general bonds of 1940. Dated Jan. 1, 1940. Denom. $1,000. Due $10,000
on Jan. 1 from 1941 to 1950 incl.
Bidder to name a single rate of interest,
expressed in a multiple of *4 or l-10th of 1 %. Principal and interest (J-J)
Volume
The Commercial & Financial Chronicle
150
payable at the City Treasurer's office.
The bonds are unlimited tax obli¬
gations 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 $2,000,
payable to order of the City Comptroller, must
accompany each proposal.
CLINTON COUNTY (P. o.
Plattsburg), N. Y.—BOND SALE—The
coupon or registered bonds offered March 4—V.
150, p. 1315—
$274,000
were
awarded to the First National Bank of
Chicago, as
of
100.281, a basis of about 1.66%.
Sale consisted of:
$35,000 public welfare (home relief) bonds.
Due Feb. 1
1.70s, at
a
price
follows:
$3,000
from 1941 to 1945 incl. and
$4,000 from 1946 to 1950 incl.
65,000 refunding, series of 1940 bonds.
Due $5,000 on Feb. 1 from 1946
as
to 1958 incl.
after
174,000 road and bridge bonds.
Due Feb. 1 as follows: $22,000 in 1941
and 1942: $28,000, 1943; $29,000, 1944; $4,000 from 1945 to 1950
incl.; $5,000, 1951 to 1958 incl.; $6,000 in 1959 and $3,000 in I960.
All of the bonds will be dated Feb.
1, 1940.
Other bids:
Bidder—
Int. Rate
B. J. Vanlngen & Co.,Inc. and E. H. Rollins &
Sons,Inc. 1^%
Hemphill, Noyes & Co
H. L.
Allen & Co. and Minsch, Monell &
Co., Inc
Blair & Co., Inc. and Roosevelt &
Weigold, Inc
Marine Trust Co. of Buffalo; R. D. White & Co. and
Rate Bid
100.31
100.277
100.088
1%%
1 %%
1.90%
100.33
Goldman, Sachs & Co.
1.90%
Bankers Trust Co. of N. Y. and Bacon, Stevenson & Co.
1.90%
Union Securities Corp. and Estabrook &Co
1.90%
Harris Trust & Savings Bank and F. W. Reichard & Co.
1.90%
Manufacturers & Traders Trust Co. and George B.
Gibbons &Co_
2%
Halsey, Stuart & Co., Inc
1
2%
100.279
100.229
100.08
100.057
•
100.309
100.188
COHOES, N. Y.—PLANS REFUNDING ISSUES—Common Council
a resolution on
Feb. 28 authorizing City Comptroller Lambert
Roulier to petition the State Comptroller to
approve an issue of $85,000
adopted
debt
equalization
refunding bonds.
DUANESBURG (P. O. Duanesburg), N. Y.—BOND SALE—Ira Haupt
& Co. of New York
purchased an issue of $4,000 relief bonds as 2.40s.
Due $1,000 from 1941 to 1944, inclusive.
EAST SYRACUSE, N. Y.—BOND OFFERING—Willis E.
Lansing,
"Village Clerk, will receive sealed bids until 10 a. m. on March 21 for the
purchase of $15,000 not to exceed 5% interest coupon or registered street
improvement bonds.
Dated April 1, 1940.
Denom. $1,000.
Due April 1
as follows:
$2,000 from 1941 to 1946, incl., and $1,000 from 1947 to 1949,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
>r l-10th of
1%.
Principal and interest (A-O) payable at the Bank of
)ast Syracuse, or at the Chase National Bank, N. Y.
City.
The bonds
are unlimited tax
obligations of the village and the successful bidder will
be furnished with the approving legal opinion of Frank J. Greiner of East
Syracuse.
A certified check for $300, payable to order of A. K. Studer,
Village Treasurer, must accompany each proposal.
19427365 195760 1976345208
r
FALLSBURGH (P. O. South Fallsburg), N. Y.—SALE OF SOUTH
FALLSBURG WATER DISTRICT ISSUE—The $24,000 South Fallsburg
Water District Extension No.
awarded
were
to
price of 100.289,
a
the
Union
1 bonds offered March 5—V.
Securities
basis of about 2.72%.
on Jan. 1 from 1941 to 1964 incl.
t*1 Bidder—
150,
p.
1475—
Corp. of New York, as 2^s, at a
Dated Jan. 1, 1940 and due $1,000
Other bids:
Manufacturers & Traders Trust Co. of Buffalo
Bacon, Stevenson & Co
E. H. Rollins & Sons, Inc
National Bank of Liberty
Roosevelt & Weigold, Inc
George B. Gibbons & Co.. Inc
Int. Rate
2.90%
3.20%
3.20%
3K%
3.70%
3.70%
Rate Bid
100.419
100.66
100.44
100.33
100.27
GREENVILLE FIRE DISTRICT (P. O. Scarsdale), Town of Greenburgh, N. Y.—BOND OFFERING—Willis H. Mason, Secretary of Board
of Fire Commissioners, will receive sealed bids until 10 a. m. on March
18,
for the purchase of $55,000 not to exceed 6% interest coupon or
registered
fire house bonds.
Dated March 15, 1940.
Denom. $1,000.
Due $5,000
on
March 15 from 1941 to 1951, incl.
Bidder to name a single rate of interest
in a multiple of M or l-10th of 1%.
Principal and interest
expressed
(M-S)
payable at the Scarsdale National Bank & Trust Co., Scarsdale,
with New York exchange.
The bonds are general obligations of the dis¬
trict, payable from unlimited ad valorem taxes.
A certified check for
$1,100, payable to order of the district must accompany each proposal.
Approving legal opinion of Dillon, Vandewater & Moore of New York City
will be furnished the successful bidder.
BEACH,
N.
date.
Erovided in the indenture, coupon bonds will be exchangeable for registered
onds of like maturity of authorized denominations and
registered bonds
will
be exchangeable for coupon bonds or other
registered bonds of other
authorized denominations of like maturity.
The City of New York will
unconditionally guarantee punctual payment of the principal of and interest
on the bonds, and will
pledge the faith and credit of the city for the per¬
formance of the guaranty.
The city will have power and be obligated, if
necessary, to levy ad valorem taxes without limitation of rate or amount
m order to
pay the bonds in case of default by the Authority in the payment
thereof.
In the opinion of counsel the exemption from Federal income tax
on the bonds is not free from doubt.
A ruling has, however,
from the Commissioner of Internal
Revenue that such
interest will be exempt.
In the opinion of counsel, interest on the
of the interest
been
obtained
bonds,
existing law, is exempt from New York State income taxes.
Fore¬
going data are for information only and do not constitute a full description
or of the guaranty of the
city or a complete statement of the
conditions for bidding and terms of sale and will not constitute a
part of the
contract of purchase.
All offers to purchase the bonds must be on an
official form of porposal for bonds.
The conditions for bidding and the form
of proposal for bonds
may be obtained on application at the office of the
Authority.
Attached to these papers are (a) the form of letter of the
Authority to the purchasers, appropriate for use in a circular offering the
bonds for sale, which will be furnished to the
purchasers on the acceptance
of their proposal: and (b) the form of
opinion of Hawkins, Delafield & Long¬
fellow, bond counsel, N. Y. City, which will be furnished to the purchasers
on the
delivery of the bonds.
The bonds will not be sold for less than par
under
of the bonds
and
accrued
interest.
ADDITIONAL INFORMATION RELATING
TO
OFFERING—The
above offering represents the first public
financing to be undertaken by
the New York City Housing Authority, of which Gerard
Swope is
Chairman,
embracing
replannmg, reconstruc¬
and constitutes the initial step in publicly
financing a program
other low-rent housing projects and the clearance,
tion
and rehabilitation of substandard and unsanitary areas in the
City
of New York.
To the proposective underwriter of the issue or his investor
clients the most important single feature of these bonds is the unconditional
guaranty of the principal and interest thereof by the City of New York,
which will be endorsed on each bond and which, in the opinion of
Hawkins,
Delafiled & Longfellow, bond counsel, will pledge the faith and credit of the
city which has power and is obligated, if necessary, to levy ad valorem
taxes upon all the taxable property within the city, without limitation of
rate or amount, to meet the obligation of the
guaranty.
The Authority
itself has no power of taxation.
This current financing of "Vladeck City
Houses" guaranteed bonds is entirely a New York City and New York
City Housing Authority matter and is not tied up in any way with the
United States Housing Authority or the State of New York as may be the
case
in later undertakings of the Authority.
In addition to the city's
guaranty of the bonds, there is also piedged annual subsidies to be paid by
the city to the Authority in amounts equal to the amount of principal of
and interest
on
the bonds due within each year.
Y.—FUNDING
BILL APPROVED—Governor
Herbert H. Lehman approved the Thompson bill (S. Int. No. 377, Print
No. 381) as Chapter 92 of the Laws of 1940, to amend Chapter 635 of Laws
of 1932, entitled "An Act to incorporate the City of Long Beach," in rela¬
tion to the issuance of bonds to pay or fund judgments heretofore or here¬
after recovered against the city.
OLEAN, N. Y—BOND ELECTION— At
the voters will be asked to authorize
MANORHAVEN (P. O. Port Washington), N. Y.—BONDS SOLD—
$110,000 home relief bonds.
All of the bonds will be dated March
missioner of Accounts, will receive sealed bids until 2 p.m. on March 14
for the purchase of $105,000 not to exceed 5% interest coupon or registered
bonds, divided as follows:
$90,000 public works bonds.
Due July 1 as follows: $4,000 from 1940 to
1948 incl and $6,000 from 1949 to 1957 incl.
I 15,000 home relief bonds.
Due July 1 as follows: $2,000 from 1940 to
1946 incl. and $1,000 in]1947.
V All of the bonds will be dated Jan.
1, 1940.
Denom. $1,000.
Bidder to
name a single rate of interest, expressed in a multiple of
or 1-10 of 1%.
Principal and interest (J-J) payable at the State Bank of Albany, Mechanicville Branch, with New York exchange, or at the National City Bank, New
York.
The bonds are unlimited tax obligations of the city and the approv¬
ing legal opinion of Dillon, Vandewater & Moore of New York City will be
ifurnished the successful bidder.
A certified check for $2,100, payable to
order of the city, must accompany each proposal.
V NEW YORK CITY'HOUSING AUTHORITY, N. Y.—BOND OFFERING—The above Authority will receive sealed bids at its offices at 122 East
42d St., N. Y. City, until noon on March 14 for the uprchase of $1,350,000
Vladeck City Houses bonds guaranteed by the City of New York.
Rate
orirates of interest to be named
by the bidder in a multiple of M of 1 %.
Not more than four different rates may be stated and all bonds of the same
maturity must bear the same rate.
Award will be made on the basis of the
bid figuring the lowest net interest cost to the Housing Authority, com¬
puted as stated in the conditions of bidding.
The bonds will mature
follows:
Amount
Maturity—
$18,000
18,000
19,000
20,000
20,000
21,000
21,000
22,000
1962.
1949
23,000
1963-
1950-
23,000
24,000
25,000
26,000
26,000
1964.
1948
1953
1954
Amount
Maturity—
$27,000
27,000
'29,000
130,000
1957-
1958
f 30,000
1959-
...
{31,000
f 32,000
34,000
34,000
35.000
37,000
38,000
39,000
1979--
1980
Amoun
$39,000
41,000
42,000
44,000
45,000
45,000
48,000
49,000
50,000
52,000
54,000
55,000
57,000
Interest will be payable on Feb. 1 and Aug. 1 of each year.
Both prin¬
cipal and interest will be payable in any coin or currency of the United States
of America which at the time of payment is legal tender for the payment of
public and private debts.
The bonds will be subject to redemption prior to
March 1 from 1941 to 1950
1, 1940.
Denom. $1,000.
Rate
on
PLEASANTV1LLE,
Feb.
N.
Y.—BONDS
was
AUTHORIZED—An issue of
authorized by the Board of Trustees
26.
CENTRAL
SCHOOL
N. Y —BONDS VOTED—At
MECHANICVILLE, N. Y.—BOND OFFERING—John 8. Moore. Com¬
1942.
on
expressed In a multiple of U. or 1-10 of 1 %.
Different rates
the respective issues, but all of the bonds of each issue
bear the same rate.
Principal and interest <M-S) payable at the
First & 8econd National Bank & Trust Co., Oswego.
The bonds are
unlimited tax obligations of the city and the approving legal opinion of
Caldwell & Raymond of New York City will be furnished the successful
bidder.
A certified check for 2% of the bonds bid for, payable to order
of the City Chamberlain, must accompany each proposal.
be made
RIPLEY
$3,000 from 1950 to 1959 incl.
as
election to be held Mar. 14
of interest to be
may
must
$45,000 well construction bonds
1
an
issue of $14,850 fire truck bonds.
Due $11,000
on
3.40% and price of 100.02. a basis of about 3.397%.
Dated
Dec. 1, 1939 and due Dec. 1 as follows: $2,000 from 1940 to 1949 incl. and
Maturity—
an
85,000 public works projects bonds.
Due March 1 as follows: $8,000
from 1941 to 1945 incl. and $9,000 from 1946 to 1950 inclusive.
Interest rate of
1941
the
follows:
as
Delason & Co. of New York City purchased the $50,000 water
refunding
no bids were received Jan. 30—V. 150, p. 874.
naming an
Feb.
revenues from
OSWEGO, N. Y.—BOND OFFERING—Thomas J. Hunter, City Cham¬
berlain, will receive sealed bids until 11 a.m. on March 14 for the purchase
of $195,000 not to exceed 6% interest coupon or registered bonds, divided
bonds for which
W
The
project (rents, &c.) are also pledged, subject to the right of the Authority
apply the same to operating expenses, and the Authority in presenting
the current offering for bids states that the bondholders must rely for pay¬
ment of the bonds on the guaranty of the city and on the city's obligation to
pay the subsidies and not on the revenues.
to
&
Trust Co. of New York purchased on March 4 an issue of $150,000 tax
anticipation notes at 0.19% interest.
Dated March 13, 1940 and payable
July 13, 1940.
LONG
that
Coupon bonds will be issued in the denomination of $1,000, registerable
to principal only, or as
fully registered bonds without coupons in the de¬
nominations of $1,000, $10,000 and $50,000.
Upon payment of the charges
as
inclusive.
LARCHMONT, N. Y.—NOTE SALE—The Central Hanover Bank
^
1641
maturity on any interest payment date on and after Feb. 1, 1945, but not
prior thereto, as a whole at the option of the
Authority or in part, in the
inverse order of their maturities, either at the option of the
Authority or by
operation of the retirement fund provided for in the indenture
securing the
bonds at a price equal to the
principal amount of each bond or portion
thereof to be redeemed, together with a
redemption premium equal to the
following percentages of said principal amount: 4% if redeemed on or after
Feb. 1, 1945
andjprior to Feb. 1, 1950; 3K% if redeemed on or after that
date and prior to Feb. 1,1955; 3 % if redeemed on or after that
date and prior
to Feb. 1, 1960;
2K % if redeemed on or after that date and prior to Feb. 1
1964; 2% if redeemed on or after that date and prior to Feb. 1,
1968; 1H %
if redeemed on or after that date and
prior to Feb. 1, 1972; 1% if redeemed
on or after that date and
prior to Feb. 1, 1976; and
% if redeemed on or
an
DISTRICT
NO.
election held Feb.
1
(P.
19—V.
O. Ripley),
150, P. 1028—
the voters authorized an issue of $175,000 high school addition
bonds.
ROCHESTER, N. Y.—BOND OFFERING—L. B. Cartwright, City
Comptroller, will receive sealed bids until 11 a. m. on March 12 for the
purchase of $1,795,000 not to exceed 4% intersst coupon bonds, regis¬
terable as to both principal and interest but not as to principal only, and
divided
as
follows:
$800,000 public welfare bonds.
Due $80,000 on March 15 from 1941 to
1950, inclusive.
900,000 public works bonds.
Due $90,000 on March 15 from 1941 to
1950, inclusive.
95,000 pavement reconstruction
bonds.
Due March 15 as follows:
$10,000 from 1941 to 1948, Incl., and $15,000 in 1949.
All of the bonds will be dated March 15, 1940.
Bidder to name
one rate
of interest, expressed in a multiple of \i or l-10th of 1 %.
Denom. $1,000.
Prin. and int. (M-S 15) payable at paying agent of City of Rochester in
N. Y. City.
A certified check for 2% of the bonds bid for, payable to
order of the City Comptroller, is required.
The bonds are unlimited tax
obligations of the city and the approving legal opinion of Reed, Hoyt,
Washburn & Clay of New York City will be furnished the successful
bidder^
YONKERS, N. Y.—BOND SALE—The $2,500,000 coupon or registered
bonds offered March 7—V. 150, p. 1475—were awarded to a syndicate
composed of Lehman Bros., Blair & Co., Inc., Estabrook & Co.. Eastman,
Dillon & Co., all of New York; Manufacturers & Traders Trust Co.,
Buffalo; Kean, Taylor & Co. and Equitable Securities Corp., both of New
York; Schoellkopf, Hutton & Pomeroy, Inc. of Buffalo; Otis & Co., Inc..
C. F. Childs & Co..and Campbell, Phelps & Co., Inc., all of New York,
as 3s and 3 Hs, at a price of 100.02, a net interest cost of about 3^037%.
Bonds were sold as follows:
$625,000 3K% general bonds of 1940, series 1.
Due March 1 as follows:
$85,000 from 1941 to 1945. incl.; $30,000, 1946 to 1950. incl., and
$10,000 from 1951 to 1955, inclusive.
465,000 3% general bonds of 1940, series 2.
Due March I as follows:
$35,000 in 1941 and 1942; $45,000 In 1943 and $50,000 from 1944
to 1950, inclusive.
300,000 3% water bonds of 1940.
Due $15,000 on March 1 from 1941 to
1960, inclusive.
"
117,00C 3Ji % local improvement bonds of 1940. Due March 1 as follows:
$27,000 in 1941 and $30,000 from 1942 to 1944, inclusive.
900,000 3% debt equalization bonds of 1939.
Purpose of issue is to refund
bonds
1941
maturing in 1940.
to 1945, incl.,
1960, inclusive.
Due March 1
$35,000 in
1946
as follows:
and
$5,000 from
$60,000 from 1947 to
90,000 3% school bonds of 1940.
Due March 1 as follows: $6,000 in 1941,
$7,000 in 1942 and $5,000 from 1943 to 1958, inclusive.
The Commercial &
1642
BONDS PUBLICLY
for
re-offered
were
OFFERED—The bonds, all dated March 1, 1940,
public investment at prices to
yield from 0.75% to
3.05%, according to interest rate and maturity.
Halsey, Stuart & Co.,
E. U. Rollins & Sons, Inc., Stone & Webster and Blodget, Inc. and asso¬
ciates submitted second high bid of 100.048 for 3.10s, a net cost of about
3.09%.
Third and final offer of 100.11 for 3.20s, or a net cost of 3.188%,
which included Blyth &
Co., Inc., and Kidder, Peabody & Co.
came
&
from an account
Co., Inc., Harriman Ripley
YONKERS, N. Y.—PROVIDES FOR MATURING NOTES—W.
Schubert, City Comptroller, reports that provision has been made
payment of $118,000 local improvement notes maturing March 12
$1,000,000 of 1939 tax notes due March 14.
NORTH
A.
for
and
CAROLINA
O. Winston-Salem), N. C.—BOND SALE
registered road refunding bonds offered for sale
FORSYTH COUNTY (P.
150, p. 1476—were awarded to the Milwaukee Co. of
Milwaukee, paying a premium of $33, equal to 100.066, a net interest
cost of about 2.09%, on the bonds divided as follows: $25,000 as 2Mb,
due $5,000 on March 1 in 1945 to 1949; the remaining $25,000 as 2s, due
$5,000 on March 1 in 1950 to 1954.
March 5—V.
on
C.—NOTE OFFERING—Sealed bids will be re¬
ceived until 11 a. m. on March 19, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
of $75,000 bond anticipation coupon notes.
Denom. $25,000.
Dated
April 1, 1940.
Due $25,000 on Nov. 1, 1940 and on Sept. 1 in 1941 and
1942.
The notes are being issued in anticipation of the receipt of proceeds
from the sale of water bonds.
Legality to be approved by Masslich &
Mitchell of New York.
A certified check for $375 is required with bid.
N.
GREENSBORO,
N. C.—BOND OFFERING—Sealed bids will be re¬
(EST), on March 12, by W. E. Easterling, Secretary
Commission, at his office in Raleigh, for the pur¬
chase of $11,000 refunding bonds.
Dated March 15, 1940.
Due on
March 15 as follows:
$5,000. 1947, $3,000 1948 and 1949, without option
WADESBORO,
ceived until 11 a. m.
of the Local Government
of prior
There will be no auction.
payment.
Denom. $1,000; coupon
15)
purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of M of 1 %.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and ac¬
crued interest will be entertained.
Bids must be accompanied by a certified check upon an Incorporated bank
or trust company, payable unconditionally to the order of the State Trea¬
surer for $220.
The right to reject all bids is reserved.
The approving
option of Reed, Hoyt, Washburn & Clay, New York City, will be furnished
livery at place of
Ohio—BOND SALE—The $6,000 fire prevention bonds
150, p. 1164—were awarded to Browning Van Duyn,
Cincinnati.
Dated Jan. 1, 1940 and due Sept. 1 as fol¬
$500 from 1941 to 1948, incl., and $1,000 in 1949 and 19o0.
FELICITY,
Tischler & Co. of
lows:
Ohio—BOND SALE— The
KENTON,
OHIO
Dec., 1940.
mature
LORAIN, Ohio—BOND OFFERING—Frank Ayres, City Auditor, will
until noon on April 1 for the purchase of $14,000 3%
fire pumper bonds.
Dated March 1, 1940.
Denom. $2,000. Due $2,000
on Oct. 15 from 1941 to 1947, incl.
Bidder may name a different rate of
interest provided that fractional rates are expressed in a multiple of M of
1 %.
Interest A-O.
Principal and interest payable at office of the Sinking
Fund Trustees.
Bonds to be delivered to the purchaser in the city.
A
complete transcript of proceedings had relative to the above bonds to be
approved by Squire, Sanders & Dempsey of Cleveland, will be furnished the
successful bidder.
A certified check for 2% of the bid must accompany
each proposal.
ORRVILLE,
Ohio—BONDS AUTHORIZED—The Village Council
recently passed an ordinance providing for an issue of $15,OQO 3% library
bonds.
Dated March 1, 1940.
Denom. $750.
Due on Oct. 1 as follows:
ST.
(A-O) payable at the Nationa*
Ohio—BOND ISSUE DETAILS
Isphording and the Weil, Roth & Irving
Co., both of
& Trust Co.,
improvement
,
DISTRICT (P. O. Berlin Center), Ohio
—BOND OFFERING—George B. Shrader, Clerk of Board of Education,
will receive sealed bids until noon on March 16 for the purchase of $32,000
not to exceed 4% interest construction bonds.
Dated March 1, 1940.
Denom. $500.
Due as follows: $1,000, March 1 and Sept. 1 from 1941
to 1946 inch; $1,500 March 1 and Sept. 1 from 1947 to 1954 incl.
Rate of
interest to be expressed in a multiple of
of 1%.
Interest M-S.
A
certified check for $320, payable to order of the Board of Education, must
accompany each proposal.
CAMPBELL, Ohio—BOND OFFERING—John B. Ross, City Auditor,
29 for the purchase of $32,813
4% coupon bonds, divided as follows:
will receive sealed bids until noon on March
$30,000 public park bonds.
Dated Jan. 15, 1940.
Denom. $1,000.
$3,000 on Oct. 1 from 1942 to 1951, incl.
Issue to pay
portion of cost of park improvement.
They are
are outside
the 10-mill limitation.
A certified
payable to order of the city, must accompany each proposal.
2,813 street improvement bonds.
Dated Jan. 2, 1940.
One bond for
$573, others $560 each.
Due Oct. 1 as follows: $573 in 1942 and
$560 from 1943 to 1946, incl.
These bonds are part of a voted
issue of $65,000 and are inside the 10-mill limitation.
A certified
check for $75, payable to order of the city, must accompany each
proposal.
a different rate of interest provided that
expressed in a multiple of
of 1%.
Interest A-O.
Bidder may name
HEIGHTS
(P.
O.
coupon
Warrensville),
fractional
Ohio—BONDS
municipal
light and power plant system extension first mortgage revenue bonds offered
March 7—V. 150, p. 1317—were awarded to Otis & Co. and Merrill, Turben
Cleveland, jointly, as 2s, at a price of 101.277, a basis of
Dated March 1, 1940 and due Sept. 1 as follows: $15,000
incl., and $16,000 from 1951 to 1955, incl.
Second high
bid of 100.072 for 2s was made by Braun, Bosworth & Co., McDonaldCoolidge & Co. and Hawley, Huller & Co,
& Co., both of
about 1.85%.
from 1941 to 1950,
SANDUSKY, Ohio—BOND SALE—'The $4,300 golf course equipment
offered March 4—V. 150, p. 1165—were awarded to the Third
a price of 104.53, a basis of about
1.41%.
Dated March 1, 1940 and due Sept. 1 as follows: $1,000 from
1941 to 1943 incl. and $1,300 in 1944.
Other bids:
bonds
National Bank of Sandusky, as 3s, at
Int. Rate
1 V\%
White & Co
-
Rate Bid
190.16
1%%
2H%
Bidder—
J. A.
190-043
100.43
Seasongood & Mayer
Ryan, Sutherland & Co
Provident Savings Bank & Trust Co
SILVER
LAKE
2y2%
(P. O. R. D. No. 2,
100.07
Cuyahoga Falls), Ohio—BOND
Offering—J. R. Somers, Village Clerk, will receive sealed bids until noon on
March 18 for the purchase of $110,000 3% refunding bonds.
Dated April 1,
1940.
Denom. $1,000.
Due $22,000 on March 1 from 1949 to 1953 incl.
Bidder may name a different rate of interest provided that fractional rates
are expressed in a multiple of
of 1%.
A certified check for 2% of the
bonds bid for, payable to order of the Village Treasurer, must accompany
each proposal.
(P.
COUNTY
STARK
Sutherland & Co. of Toledo
O. Canton),
Ohio—NOTE SALE—Ryan,
purchased an issue of $78,000 one-year notes
IKs at par plus a premium of
$78.
CITY
TOLEDO
Board of
bonds in amount
the current year.
ISSUE AUTHORIZED—State
Ohio—RELIEF
has authorized city to issue delinquent tax
$235,000 to finance its share of poor relief program for
DISTRICT, Ohio—BOND SALE—'The
bonds offered March 4—V. 150, p. 1165—
SCHOOL
$600,000 coupon delinquent tax
composed of Ryan, Sutherland & Co.; Stranahan,
Harris & Co., Inc.: Braun, Bosworth & Co., all of Toledo, and Field,
Richards & Shepard of Cleveland, as 2s, at par plus a premium of $3,942,
equal to 100.65, a basis of about 1.88%.
Dated March 15, 1940 and due
$75,000 on Oct. 1 from 1942 to 1949 incl.
Other bids:
were
awarded to
a group
Int. Rate
Bidder—
Otis & Co.: BancOhio Securities
Co., and Fullerton & Co.2%
State Teachers Retirement System
Fox, Einhorn&Co
Merrill, Turben & Co.; Hayden, Miller & Co., and First
First Cleveland Corp., and
2\i%
2A%
Rale Bid
100.43
100.89
10i.80
%
100.53
2\i%
100.32
Roose; Provident Savings Bank &
Lahr, Doll & Isphording, and Weil,
Roth & Irving Co
-—2\i%
100.21
of Michigan Corp
23^
Assel, Goetz & Moerlein; Fahey, Clark & Co.; McDonaldCoolidge & Co.: Hawley, Huller & Co., and Johnson,
Kase& Co.*
-
&
Carpenter
Siler,
Trust
Due
city's
voted bonds and
check for $700,
Prin.
Bank of Orrville.
Ohio—BOND SALE—The $230,000
MARYS,
1955, incl,
incl., and $1,500 from 1951 to
$750 from 1941 to 1950,
and int.
of
BERLIN RURAL SCHOOL
CLEVELAND
Ohio—BOND ISSUE DE¬
bonds purchased by the Sinking Fund
4% interest, are dated Dec., 1939 and
Denom. $2,000.
Tax Appeals
Cincinnati, were associated with the Provident Savings Bank
of Cincinnati, in the recent purchase of $300,000 building and
bonds as 2 %s, at 100.251, a basis of about 2.73%.
are
O. Mount Vernon),
KNOX COUNTY (P.
TAILS—The $10,000 poor relief
150, p. 1164—bear
Trustees—V.
TOLEDO,
rates
$7,425.63 poor relief deficiency
1—V. 150, p. 1164—were awarded as l^sto Browning
Tischler & Co. of Cincinnati.
Dated Feb. 1, 1940 and due semi¬
annually on Feb. 1 and Aug. 1 from 1941 to 1951 incl.
bonds offered March
Van Duyn,
as
the purchaser.
AKRON CITY SCHOOL DISTRICT,
1940
offered March 2—V.
in
bonds registerabie as to principal only; prin. and int. (M-S
payable
lawful money in New York City; general obligations; unlimited tax; de¬
—VanLahr, Doll &
9,
receive sealed bids
FAYETTEVILLE, N. C.—BONDS VOTED—By a vote of almost threeto-one, the voters in a special election on Feb. 27 approved issuance of
$150,000 worth of bonds for construction of a new city hall.
The vote was 861 for, 331 against, a majority of 530 for the issue.
—The $50,000 coupon or
March
Financial Chronicle
Co.; Van
COUNTY
TRUMBULL
(P.
O.
Warren),
Ohio— BOND SALE—The
$140,000 refunding bonds offered March 7—V. 150. p. 1317—were awarded
to the Provident Savings Bank & Trust Co. of Cincinnati as lj^s, at a
price of 100.14, a basis of about 1.47%.
Dated March 1, 1940 and due
$7,000 on April 1 and Oct. 1 from 1941 to 1950, incl.
Second high bid of
100.044 for 1 J^s was made by the BancOhio Securities Co. of Columbus.
WARREN, Ohio—BOND SALE—The $125,000 coupon general im¬
refunding bonds offered March 7—V, 150, p. 1317—were
Co. of Columbus as 1%s at a price of
101.212, a basis of about 1.56%.
Dated March 1, 1940 and due Oct. 1
as
follows: $13,000 from 1942 to 1946, incl., and $12,000 from 1947 to
1951, incl.
Second high bid of 100.801 for
was made by Fangboner,
provement
awarded to the BancOhio Securities
Ginther &
Co. of Cleveland.
AUTHORIZED—City Council authorized an issue of $50,000 3% park
bonds.
Dated April 1, 1940.
Denom. $1,000.
Due $10,000 on Oct. 1
from 1941 to 1945. incl.
Principal and interest (A-O) payable at office of
OKLAHOMA
the Director of Finance.
HOBART
COLUMBIANA COUNTY
(P. O. Lisbon), Ohio—PROPOSED BOND
Commissioners, re¬
be issued against delinquent
SALE—The
DISTRICT
(P. O.
Hobart),
Okla.—BOND
of building repair bonds offered for sale on
1477—was awarded to the County Treasurer on an
basis of 1.75%, reports the Clerk of the Board of Education.
SCHOOL
$60,000
ISSUE—C. A. McLaughlin, Clerk of Board of County
March 4—V.
ports that an issue of $70,000 relief bonds may
interest cost
tax collections.
sealed tenders until
noon
on
March 20 of refunding bonds, dated Jan.
1,
Series and bond numbers shall be stated and no interest shall accrue
after March 20.
Bonds will be purchased at the lowest prices to the extent
1939.
$50,000.
CHAMPAIGN COUNTY (P. O. Urbana), Ohio—BOND
$7,800 delinquent tax bonds offered March 1—V. 150, p.
SALE—The
1164—were
awarded to the Champaign
National Bank of Urbana, as 3s, at par plus a
premium of $50, equal to 100.64, a basis of about 2.35%
Dated March 1,
1940 and due $1,950 on June 1 and Dec. 1 in 1940 and 1941.
Other bids:
Bidder—
*
Int. Rate
Premium
Seasongood & Mayer
\V2%
$1.85
BancOhio Securities Co
2%
10.00
J. A. White & Co
2%
8.87
Provident Savings Bank & Trust Co
2%
8.58
Citizens National Bank of Urbana
4%
152.89
.
-
DAYTON, Ohio—BOND SALE—The $300,000 delinquent tax poor
relief coupon bonds offered March 1—V. 150, p. 1164—were awarded to
Stern Bros. & Co. of Kansas City and Ellis & Co. of Cincinnati, jointly, as
l^s, at
a
basis of about 1.04%.
Dated March 1, 1940
$80,000, 1941; $70,000, 1942; $50,000 in 1943;
1944 and $30,000 in 1945 and 1946. Next highest bidders were:
price of 100.68,
and due Oct
$40,000
in
1
as
a
int. Rate
Ryan, Sutherland & Co
Securities
Co
Van Lahr, Doll & Isphording
llA%
1A%
1H%
Rate Bid
100.41
100 34
100.42
tJ?£.NI^ON EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio—
SALE—The
BOND
$50,000 recreation facility bonds offered March 6—
1316—were awarded to Ellis & Co. of Cincinnati as 23^s, at a
100-513, a basis of about 2.43%.
Dated April 1, 1940 and due
$1,000 on April i and Oct. 1 from 1941 to 1965, incl.
Bonds unpaid after
10 years from date of issue will be callable at par and accrued interest on
any interest date on four months' notice.
Second high bid of 100.082 for
2Hs was made by Weil, Roth & Irving Co. of Cincinnati.
V.
150,
OKLAHOMA CITY,
bids on March 5,
bonds, but City
advised that on account of litigation
filed late on March 4 it was likely that the City Council Mould readvertise
the issue for sale at a later date.
A decision, however, was expected to be
Clerk Earle M. Simon late in the day
made in 48 hours.
A banking group headed by Halsey, Stuart & Co., Inc., submitted the
high bid, offering 100 for $6,711,000 as 2Mb and $200,000 as 2Mb.
The
bonds, dated March 15, were to have matured serially on March 15, 1943
to 1960.
A group headed by the Harris Trust & Savings Bank submitted
the only other tender.
HEARING ON BOND
ISSUE ASKED—In connection with the above
report we give herewith the text of an item carried in the "Wall Street
Journal" or March 7, under an Oklahoma City caption; In answer to an
injunction suit filed in Oklahoma County District Court to prevent the
of $6,911,000 municipal water bonds voted recently by taxpayer
citizens, the Municipal Counselor has asked Judge Lucius Babcock to set
March 18 for a hearing.
Only two bids for the bonds were filed at Tues¬
sale
day's
City
Council
meeting.
City officials indicated new bids Mill be
settled.
Lowest bid rate was 2.48742 %.
asked for after pending litigation is
BIDS REJECTED—We quote in part as
follows from
a
special dispatch
City to the New York "Herald Tribune" of March 8:
only two bids received on the proposed sale of a $6,911,000 water
works bond issue after a suit was filed to invalidate the bond election, the
out of Oklahoma
With
Oklahoma City Council today unanimously rejected the two bids.
Councilmen follOMred the recommendation of W. A. Quinn, City
ager,
bids
The suit
it
a
Man¬
and F. G. Baker, City Auditor, to reject the bids as "too high."
New
expected to be asked after validity of the election is established
are
in the District Court.
p.
Okla.—BOND AWARD DEFERRED—Bids were
received from two syndicates at the scheduled opening of
for the purchase of the total $6,911,000 of water-works
follows:
Bidder—
BancOhio
issue
p.
Due in 15 years.
GARFIELD HEIGHTS (P. O. 5551 Turney Road
Cleveland) Ohio
—TENDERS WANTED—Thomas Mulcahy, City Auditor, will receive
of about
150,
was
filed
on
"
the
eve
of the receipt of bids.
"malicious attempt to tie up the bond issue in
Mr. Quinn branded
litigation by political
of the administration who unsuccessfully fought the bonds."
City officials reported more than 60 investment houses withdrew from the
bidding in the face of litigation.
The city had refused to guarantee a de¬
livery date for the bonds.
opponents
Volume
The Commercial & Financial Chronicle
150
SKIATOOK, Okla.—BOND OFFERING—It
win be received until
7.30 p.m. on March
is reported that sealed bids
12, by Noble G. Goins, Town
Due $1,000 in 1943 to
fo,r the P^hase of $10,000 building bonds.
1952 incl.
SENECA
1643
SCHOOL
DISTRICT NO. 63 (P. O. Walhalla), S. C.—
BOND SALE—The $50,000 school bonds offered for sale on
March 1—
V. 150, p. 1478—were awarded to C. W.
Haynes & Co. of Columbia, pay¬
ing a premium of $18.55, equal to 100.037, a net interest cost of about
2.65%,
on the bonds divided as follows:
$30,000 as 2 34s, due $3,000 on
Feb. 1 in 1941 to 1950; the
remaining $20,000 as 224s, due $4,000 on Feb. 1
1951 to 1955, inclusive.
OREGON
in
NYSSA, Ore.—BOND SALE—The $7,364.79 semi-annual funding bonds
offered for sale on March 4—Y. 150,
p. 1477—were purchased by the First
National Bank of Portland,
according to the City Recorder.
No other bid
was received.
Dated April 1, 1940.
Due on April 1 in 1941 to 1948, incl.,
optional after 1941.
W. C. Hutchinson, Superintendent of
Education, conclucded his report
the sale as follows:
"There were a large number of bidders besides the
on
above, but I believe the
next lowest bid was a joint one by McAlister,
Smith & Pate of Greenville, S. C., and Frost, Read & Co. of
Charleston,
S. C."
;
SOUTH
CAROLINA,
PENNSYLVANIA
BOGGS TOWNSHIP SCHOOL DISTRICT
(P. O. West Decatur),
Pa.—BOND SALE—The $10,000 coupon school bonds offered March 4—
V. 150. p. 1477—were awarded to
Phillips, Schmertz & Co. of Pittsburgh
as 3 34s, at a
price of 100.80, a basis of about 3.33%.
Sale consisted of:
$7,000 series A bonds.
Due $1,000 on April 1 from 1943 to 1949, incl.
3,000 series B bonds.
Due $1,000 on April 1 from 1950 to 1952, incl.
All of the bonds will be dated April 1, 1940.
Other bids: William T.
Mease of West Decatur, par for 4s;
County National Bank of Clearfield,
par for 4Ms.
State
of—NOTE
SALE—The
$2,000,000 tax
p.
1478—were
awarded to the Citizens & Southern National Bank of South
Carolina, of
Columbia, at 1.05%, plus a premium of $25.
Dated March 6, 1940.
Due in 90 days from date.
anticipation
notes
UNION,
S.
offered
for
sale
March
on
5—Y.
150,
C.—BONDS OFFERED—Sealed bids were received until
D. Arthur, City Treasurer, for the purchase of $35,000
March 7, by W.
refunding bonds.
,
WOODRUFF,
refunding bonds
S.
C.—BONDS
were sold
recently
SOLD—It
as
is
reported
that
$85,000
334s.
CAMBRIA COUNTY
(P. O. Ebensburg), Pa .—NOTE OFFERING—
The County Comptroller will receive sealed bids until 11 a. m. on March
8,
for the purchase of $350,000 tax
anticipation notes, dated March 12, 1940
and payable Sept. 12, 1940.
EAST
April 23
PROSPECT, Pa .—BOND ELECTION—An
on
election will be held
the question of issuing $10,000 waterworks construction bonds.
HOMESTEAD
SCHOOL
DISTRICT,
Pa .—BOND SALE—The issue
of $120,000 refunding bonds offered March
5—V.
150, p. 1477—was
awarded to Singer, Deane & Scribner of
Pittsburgh.
Dated April 1. 1940,
SOUTH
SALE DETAILS—It is stated by the
$7,000 refunding bonds sold to the First National
Bank & Trust Co. of Sioux Falls, as noted here—V.
150, p. 1318—were
purchased as 4s, at a price of 100.357, and mature $1,000 on Jan. 1 in 1942
to 1948, giving a basis of about
3.92%.
Clerk
that
the
TENNESSEE
and
due $12,000 on April 1 from 1941 to 1950, incl.
E. H. Rollins & Sons, Inc., of Philadelphia, participated in the
purchase
being par plus $1,341 premium for 2s, equal
to 101.117, a basis of about
1.79%.
Other bids:
of the issue, the successful bid
Bidder—
Glover
&
Inc., and S.
K.
Premium
Cunningham
$522.00
Norman Ward & Co
Blair & Co., Inc., Stroud & Co. and Johnson & Mc¬
2%
1,066.80
Lean, Inc__
Halsey, Stuart & Co., Inc__
Moore, Leonard & Lynch and Dougherty, Corkran &
2%
2H%
667.80
234%
129.96
Phillips, Schmertz & Co., Hemphill, Noyes & Co. and
r__
Co
TOWNSHIP
(P.
O.
464.40
a
price of 100.0116,
in their bids the coupon rate applicable to these bonds which he shall
desire to purchase.
Prin. and int. (F-A) payable at the Chemical Bank &
Trust Co., New York.
The bonds have been authorized
by
basis of about 2.495%.
Dated Feb.
due $1,000 on Aug. 1 from 1948 to 1959, incl.
Other bids:
a
Bidder—
1, 1940 and
Int. Rate
Phillips, Schmertz & Co.
Philip J. Davidson....
Rate Bid
2%%
22?%
Moore, Leonard & Lynch
Glover & MacGregor
101.47
100.512
100.233
101.40
100.877
101.12
<
2%%
3%
3%
334%
...
Burr & Co., Inc
Johnson & McLean
LACKAWANNA COUNTY (P. O. Scranton), Pa.—NOTE OFFERING
—Philip V. Mattes, County Solicitor, states that the County Commissioners
will receive sealed bids until March 19, for the purchase of
$350,000 tax
anticipation notes, dated March 22, 1940 and payable Dec. 31, 1940.
LUZERNE COUNTY (P. O. Wilkes Barre), Pa.—BOND SALE—'The
coupon funding bonds offered March 8—V. 150, p. 1317—were
a group composed of E.
H. Rollins & Sons, Inc., New York,
Schmidt, Poole & Co. of Pittsburgh, and Stroud & Co. of Philadelphia, as
1 34s, at a price of 100.196, a basis of about 1.20%.
Dated March 1, 1940
and due March 1 as follows: $50,000 in 1942 and $150,000 from 1943 to
Purchaser shall furnish the blank bonds and shall furnish bond
attorneys'
opinion, both at his own expense. Transacript of proceedings of the Quar¬
terly County Court and of the Budget Committee will be furnished to pur¬
chaser.
CARTER
election
to
be
held
on
,
PHILADELPHIA, Pa.—FBIC ASKS BIDS ON GAS CERTIFICATES
—The Division of Liquidation, Federal Deposit Insurance Corporation, an¬
nounces that it will receive sealed bids until 2
p.m. on March 15 at the
office of Edward C. Tesst, Supervisor Liquidator, Room 615, National
Press Bldg., Washington, D. C., for the purchase at not less than
all but
May
the
1
par of
part of $489,000 334% gas revenue trust certificates, maturing
from 1940 to 1957 incl.
The certificates, reports say, represent
no
amount
subscribed
to
original city issue of $41,000,000 by the
Integrity Trust Co., Philadelphia, which, it was further stated, voluntarily
closed on Jan. 15 last and has been in liquidation since, a procedure in which
the FDIC has been prominently active.
In connection with the offering,
it
is
of interest
to
note
an
that
the
unmatured
portion of that part of the
certificates originally acquired by the Reconstruction Finance Corporation,
amounting to $20,050,000, were purchased from the corporation last Janu¬
ary by Smith, Barney & Co. and Harriman Ripley & Co., Inc., both of
New York.—V. 150, p. 725.
PHILADELPHIA, Pa.—VOTE ON WATER BOND ISSUE— The pro¬
posal to issue $20,000,000 reduced from $22,000,000, bonds to pay for im¬
provements to the municipal water plant will be considered by the voters
at an election to be held on April 23.
Issue would consist of 25-year serial
bonds to bear interest at not
PITTSBURGH,
than 4%.
more
Pa .—BOND SALE— The $375,000
automotive vehic¬
ular
equipment bonds offered March 5—V. 150, p. 1317—were awarded
Schmidt, Poole & Co. and E. Lowber Stokes & Co., both of Phila¬
delphia, jointly, as Is, at a price of 100.472, a basis of about 0.84%.
Dated
March 1, 1940 and due March 1 as follows:
$75,000 from 1941 to 1945, incl.
Among other bids were:
to
Bidder—
Int. Rate
Halsey, Stuart & Co., Inc
National City Bank of New York
1%
1%
1%
W. H. Newbold's Son & Co
ROBESON
TOWNSHIP,
Rate Bid
100.155 i'
100.11
100.07
Pa .—BOND SALE—The $13,000 funding
and improvement bonds offered March 4—V. 150, p. 1165—were awarded
Burr & Co., Inc. of Philadelphia, as 124s, at par plus a premium of
to
$53.43, equal to 100.411, a basis of about 1.69%.
Dated March 1,
and due $1,000 on March 1 from 1941 to 1953, incl.
Other bids.
Bidder—
Int. Rate
E. H. Rollins & Sons, Inc
2%
M. M. Freeman & Co
2M%
2 34%
234%
234%
2%%
224%
3%
Edward Lowber Stokes & Co
Eastman, Dillon & Co
Singer, Deane & Scribner
National Bank of Topton
Barclay, Moore & Co__
Berks County Trust Co
UPPER
Willow
MORELAND
Grove),
TOWNSHIP
SCHOOL
DISTRICT
1940,
Premium
$13.00
167.70'
99.97
73.84
76.00
66.00
27.17
6.45
(P.
O.
Pa.—BOND SALE—The issue of $50,000 school bonds
offered March 4—V. 150, p. 1477—was awarded to Edward Lowber Stokes
& Co. of Philadelphia, as 2s, at a price of 101.628, a basis of about 1.86%.
Dated March 1, 1940, and due $2,000 on March 1 from 1941 to 1965, incl.
RHODE
ISLAND
PROVIDENCE, R. I .—PROPOSED BOND ISSUE—The city is seeking
passage of bills by the State Legislature authorizing the
school repair and $450,000 street improvement bonds.
SOUTH
MOUNT PLEASANT, S.
issuance of $750,000
CAROLINA
C.—BONDS SOLD TO RFC—It is stated by
O.
Elizabethton), Tenn.—BOND SALE—
inclusive.
Denom. $1,000.
Dated March 1, 1940.
TEXAS
$92,000
Texas—BONDS SOLD—The following bonds aggregating
said to have been purchased by C. N. Burt & Co. of Dallas:
are
$47,000 4% semi-ann. refunding bonds.
Due April 10 as follows: $1,000
in 1941, $4,000 in 1942 and 1943, $6,000 in 1944 and 1945, $7,000
in 1946 to 1948 and $5,000 in 1949.
45,000 434% semi-annual refunding bonds.
Due April 10 as follows:
$2,000 in 1949, $8,000 in 1950 and 1951 and $9,000 in 1952 to 19.54.
Dated July 10, 1939.
Denom. $1,000.
Prin. and int. payable at the
First National Bank, Bowie, or the Fort Worth National Bank.
BROOKSMITH CONSOLIDATED RURAL HIGH SCHOOL DIST¬
RICT (P. O. Mt. Sterling), Texas—BONDS SOLD—It is reported that
$3,500 4% semi-ann. school house, series of 1939 bonds were purchased
recently by the County Permanent School Fund, at par.
Due on Aug. 1
in 1940 to 1969.
CHILDRESS, Texas—BOND TENDERS INVITED—It is stated by
Johnson, City Secretary, that he will receive sealed tenders until
April 4, for bonds of the following series: $3,000 refunding, series 1937 A,
4% bonds, $6,000 refunding, series 1937 B. 434% bonds, and $6,000 water
works refunding, series 1937,
434% bonds.
Any maturity will be con¬
Whitt
sidered.
All offers must be at less than par and accrued interest.
DALLAS,
Texas—BONDS SOLD—The following bonds aggregating
$600,000 were offered for sale on March 6 and were awarded to a syndicate
composed of Lazard Freres & Co. of New York, the First National Bank of
Dallas, and Milton R. Underwood & Co. of Houston, as 1.80s, paying a
price of 98.637, a basis of about 1.94%:
$300,000 street opening and widening bonds, series No. 156. Due $15,000
on April 1 in 1941 to 1960 incl.
100,000 street paving bonds, series No. 157.
Due $5,000 on April 1 in
1941 to 1960.
200,000 school improvement bonds, series No. 158.
in
offered
OFFERED FOR INVESTMENT—The successful bidders rethe above bonds for public subscription at prices to yield from
0.20% to 2.10%, according to maturity, and they reported
practically all of the issue had been sold.
March 8 that
COMPLETED—A
special
dispatch
from
Edinburg
to
the
"Wall
Street
Journal" of Feb. 14 reported as follows:
"Ending litigation of more than 10 years duration, the Edinburg Con¬
solidated Independent School District has completed a refunding program
to cover $3,131,000 in outstanding bonds and $800,000 in outstanding and
past due interest coupons, and plans immediately to equalize all assessments
on property in the district for
1936 and prior years if taxpayers will pay
all delinquincies at once.
Interest rates on the bonds, being refinanced at par, have been reduced
from 5% and 6% annually to rates varying from 1% for the first 10 years
of the refunding issue's 40-year term to 5% for the last 10 years of the term.
This reduction in interest will reduce interest requirements for the first
year from $180,000 to $31,000, making possible a large additional saving
in the total amount of interest to be paid."
"
FLOYDADA. Texas—BOND TENDERS INVITED—It is stated by
S. E. Duncan, City Secretary, that he will receive sealed tenders of refund¬
ing bonds, series 1935, dated March 1, 1935, until March 12.
The city
has approximately $12,000 with which to purchase bonds and only tenders
of less than par and accrued interest will be considered.
The city will
accept the lowest offer or offers sufficient to exhaust the funds on hand for
such purpose and reserves the right to accept or reject any portion of the
amount of bonds that may be offered by any one person.
GALVESTON,
Texas— WHARF
REVENUE
TEMPLATED—We quote in part as follows from
"Wall Street Journal" of March 7:
The
City Commission
is considering
a
BOND
a
ISSUE
CON¬
special dispatch to the
plan submitted
by investment
bankers for municipal acquisition of properties of the Galveston Wharf Co.
bankers estimate that the city could finance the purchase
believe
on
EDINBURG
CONSOLIDATED
INDEPENDENT
SCHOOL
DIS¬
TRICT (P.
O. Edinburg), Texas—BOND REFLNDING PROGRAM
issuance of revenue bonds which could be
by the Reconstruction Finance Corporation.
Due $10,000 on April 1
1941 to 1960 incl.
BONDS
have been
par
March 5—V.
KINGSPORT, Tenn.—BOND SALE—The following bonds, aggregat¬
ing $190,000, offered for sale on March 5—V. 150, p. 1166—were awarded
Craigie & Co. of Richmond, as 234s, paying a premium of $374.30,
equal to 100.197, a basis of about 2.48%:
$65,000 street and sewer bonds.
Due on March 1, as follows:
$2,000 in
1941 to 1950, and $3,000 in 1951 to 1965.
75,000 fire department building and equipment bonds.
Due $3,000 on
March 1 in 1941 to 1965, inclusive.
25,000 park and playground bonds.
Due $1,000 on March 1 in 1941 to
1965, inclusive.
25,000 civic auditorium bonds.
Due $1,000 on March 1 in 1941 to 1965,
the Town Treasurer that $17,500 4% general obligation, sewer system con¬
struction bonds approved by the voters at an election held on March 1,
purchased at
on
to F. W.
BOWIE,
issue of $145,000 sewage
(P.
150, p. 877—was awarded to a syndicate composed of Fox, Einhorn & Co.,
Walter, Woody & Heimerdinger, Charles A. Hinsch & Co., and P. E.
Kline, Inc., all of Cincinnati, as 4s, according to the Chairman of the
County Court.
Due on April 1 in 1941 to 1965, optional prior to maturity.
1945 inclusive.
an
COUNTY
The $225,000 issue of coupon school bonds offered for sale
$500,000
an
adjourned
County Court begun and held on Jan. 15, under and
by authority of Chapter 300 of the Public Acts of Tennessee for 1937.
awarded to
OXFORD, Pa.—BOND ELECTION—At
April 23 the voters will be asked to authorize
disposal system bonds.
an
session of the Quarterly
Aliquippa), Pa.—BOND SALE—
The issue of $12,000 coupon improvement bonds offered Feb. 29—V.
150,
p. 1165—was awarded to Singer, Deane & Scribner of Pittsburgh, as 234s,
at
noon on March 15, by John M. McCloud,
Secretary of the Budget Committee, for the purchase of a $2504)00 issue of
funding bonds. Dated Feb. 1, 1940. Denom. $1,900. Due Feb. 1,
as follows:
$35,000 in 1952 to 1957, and $40,000 in 1958.
Bidders shall
name
2%
_____
HOPEWELL
CAMPBELL COUNTY (P. O. Jacksboro) Tenn.—BOND OFFERING—
Sealed bids will be received until
coupon
Int. Rate
MacGregor,
& Co
DAKOTA
HUMBOLDT, S. Dak.—BOND
Town
The
through
liquidated within 16 years.
They
that under municipal ownership the properties could be released
The Commercial & Financial
1644
by the Interstate Commerce Commission and
that approximately $100,000 in taxes
paid by the wharf company would revert to the city
from strict regulation
Federal
taxation, estimating
from
being
abnormally high market for municipal bonds seems to offer
for the city to acquire the properties without the
expenditure of funds or the issuance of securities other than the revenues to
be derived from the property." the formal proposal read.
"We believe that the company can be persuaded to sell the properties
for a price of $6,250,000, of which a part would be returned to the city,"
the proposed stated.
"The present
unusual opportunity
an
GUADALUPE COUNTY (P. O. Seeuin) Texas—BONDS SOLD—We
informed by the County Clerk that $84,000 road construction bonds were
Newman & Co. of San Antonio, at par. Denom. $1,000.
Coupon bonds, dated Nov. 15, 1939.
Of the total issue $40,000 are 3Ks,
and $44,000 are 4s, all of them maturing from 1941 to 1950. Interest pay¬
are
sold on Nov. 13 to
mature in
Wis.—FOND SALE—The $15,000 3J4% semi-ann. town
for sale on March 1—V. 150, p. 1318-——were1 awarded^to
La Crosse, paying a premium of $1.051, equal to 10/ .006,
about 1.70%.
Dated March 1, 1940,
Eue on March 1 in 1942
ETTRICK,
hall bonds offered
basis of
a
1946, incl.
to
FENNIMORE, Wi*.—BOND OFFERING—It is stated
City Clerk, that she will offer for sale at public auction
AND WAUWATOSA, JOINT SCHOOL DISTRICT
O. Station F, Route 10, Milwaukee), Wis -BOND OFFERr-
NO.14 (P.
ING—It is stated by Grover
receive sealed bids
LORAINE, Texas—BONDS SOLD—It is stated by the City Secretary
that $4,500 refunding bonds were sold recently.
TO RFC—It is stated by
McCAMEY, Texas—BONDS TO BE SOLD
Mayor Ramer that the following 4% water and sewer revenue bonds ag¬
gregating $250,000, approved by the voters on Feb. 16, will be purchased
at par by the Reconstruction Finance Corporation: $200,000 system pur¬
chase, and $50,000 extension and repair bonds.
MATH IS, Texas—BONDS SOLD—It is stated that the following bonds
aggregating $22,000, approved by the voters at an election held on Feb. 6,
have been purchased by Rauscher, Pierce & Co., of Sau Antonio: $6,500
4% semi-ann. fire department bonds at a price of 103.00, and $16,500 4%
semi-ann. sewer system bonds at a price of 102.909.
Due on March 1 in
1941 to 1957.
MONTGOMERY COUNTY COMMISSIONERS' PRECINCT NO. 2
(P. O. Conroe), Texas—BONDS OFFERED TO PUBLIC—The $500,000
road, series 1940 bonds awarded on Feb. 26 jointly to
the Merchantile-Oommerce Bank & Trust Co. of St. Louis, and A. W.
issue of unlimited tax
8nyder & Co. of Houston, as 214s, paying a
premium of $5,525, equal to
101.105, a basis of about 2.12%, as noted here—V. 150, p. 1478—were
reoffered for general investment at prices to yield 114 % to the optional date
in 1943, and 214% thereafter to final maturity.
$70,000 in 1948, and $215,000 in 1949 and 1950.
Due on Feb. 1 as follows:
CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. O. Denver City), Texas—BOND OFFERINC—It is stated by D. F.
Fergason, District Secretary, that he will receive sealed bids until 8 p. m.
on March 11, for the purchase of a $95,000 issue of school house construc¬
tion bonds.
Interest rate is not to exceed 3 %, payable A-O.
Due April 10,
as follows:
$9,000 in 1941 to 1945, and $10,000 in 1946 to 1950.
These
bonds were authorized at an election held on Feb. 10.
The district will
furnish the printed bonds and opinion of the Attorney-General of the State
as to their legality.
Enclose a certified check for 2% of the par value of the
bonds, payable to E. H. Hicks. President of the^district.
SLIGO
,
150, p. 1318—were awarded to E. H. Rollins & Sons,
Judge & Co. of Boston.
bids:
Int. Rate
Rate Bid
Bond, Judge & Co.._
First National Bank of Boston
2%%
100.456
2% %
100.257
Lyons & Co.__
2%%
F. W. Home & Co
3%
Par
100.21
Bidder—
voters
Vt.—BONDS
authorized
the
VOTED—At
issuance
of
an
1951, and $4,000 in
JOINT
LUCK
BOND
SCHOOL DISTRICT
SALE— The $27,500 semi-annual
March 2—V.
MAIDEN ROCK JOINT
Secord, County Treasurer, for the purchase of $65,000 not to
4% annual building bonds.
Dated Jan. 1, 1940.
Denom. $100, or
multiple thereof not exceeding $1,000, as may be determined here¬
after.
Due within a period of not to exceed 23 years from date of issue,
the annual maturities to commence with the second year after the date of
issue: and, after two years from date of issue, the bonds may be paid
and redeemed at any time, at the option of the district.
The various
annual maturities of the bonds will (as nearly as practicable) be in such
amounts as will, together with interest on the outstanding bonds, be met
by an equal annual tax levy for the payment of the bonds and interest.
Bidders are required to submit a bid specifying: (a) the lowest rate of
interest and premium, if any, above par, at which such bidder will purchase
the bonds, or (b) the lowest rate of interest at which such bidder will
purchase the bonds at par. Prin. and int. payable at the County Treasurer's
E.
exceed
made
that there
be
included
in
the
annual
a sufficient amount to pay the interest and principal
they shall mature and unless a sufficient sum shall be
otherwise provided to make such payment, the tax shall be levied as a
part of the 10 mills annual levy permitted to school districts.
(These bonds were originally sold on Feb. 3 to Blyth & Co. of Seattle,
budget and tax levy
but
the
as
award
was
canceled
SCHOOL DISTRICT NO. 3
(P. O. Maiden
Wis .—BONDS OFFERED—Bids were received until 8 p. m. on
Ruth Julian Clerk of the School Board, for the purchase of
$10,000 3% semi-ann. building bonds.
Denom. $500. Dated Feb. 15.
1940.
Due on Feb. 1 as follows: $500 in 1942 to 1951, and $1,000 in 1952
Rock),
March
to
8. by
1956.
SUPERIOR, Wis.—BOND OFFERING—We are informed by R. E.
McKeague, City Clerk, that he will receive sealed bids until noon on
March 19, which bids will be considered at a meeting of the Common Coun¬
cil to be held at 8 p.m. on said date, for the purchase of an i^ue of $146,000
not to exceed 4li % semi-annual refunding bonds.
Denom. $1.000. Dated
March
1, 1940.
Due on March 1 as follows: $7,000 in 1943 to 1947;
$8,000 in 1948 to 1951: $9,000, 1952 to 1954; $10,000, 1955 to 1957, and
$11,000 in 1958 and 1959, all incl.
.
Said bonds will be sold to the highest responsible bidder, the high bid
to be the bid offering to purchase bonds bearing the lowest rate of interest
and paying the highest premium for bonds at such rate of interest.
The bonds have been authorized for the purpose of refunding outstanding
bonds maturing $5,000, Jan. 3, 1940; $5,000, Feb. 2, 1940; $15,000, April1,
1940: $11,000, May 15, 1940; $9,000, June 1, 1940: $21,000, July 1, 1940;
$23,000, Aug. 1, 1940; $8,000, Aug. 2, 1940, and $48,000, Sept. 1, 1940,
and $1,000, Nov. 1, 1940; and are to be delivered in blocks as the out¬
standing bonds are presented for payment and cancellation.
Bids must be accompanied by a certified check for not less than 2% of
the par value of said bonds made payable to the City Treasurer
The
refunding bonds are to be issued subject to the approving opinion of Chap¬
man and Cutler of Chicago.
The purchaser is to pay for the cost of the
approving opinion and the cost of the blank bonds.
The city^ reserves
right to sell all or part of the bonds, and to reject any or all bids.
the
GREEN RIVER, Wyo.—BOND
SALE—The $37,000 coupon semi-ann.
refunding sewer bonds offered for sale on March 4—V. 150, p. 1318—were
awar
ed to the Rock Springs National Bank of Rock Borings, as 2s, paying
a
premium of $74, equal to 100.20, a basis
Due on July 1 in 1941 to 1950 incl.
of about 1.96%.
Dated July 1,
1940.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 5 (P. O. Dayton),
Wyo .—BOND OFFERING— Sealed bids will be received until March 28, by
District Secretary, for the purchase of a $14,000 issue of
not to exceed 3% semi-annual refunding bonds.
Denom. $1,000.
Due
$1,000 on May 1 in 1941 to 1954, incl.
It is said that the district reserves
the right to sell the bonds for cash, at not less than their face value.
Walter V. Jones,
CANADA
(Province of)—HALVING OF BOND INTEREST HELD
BY LONDON TRIBUNAL—In a judgment dismissing <wo
A1 BERTA
some
been
NO. 3 (P. O. Luck), Wis.—
refunding bonds offered for sale
150, p. 1478—were purchased by Paine, Webber & Co.
of Ch'cago, as 234s, paying a price of 102.37, a basis of about 1.99%.
Dated March 15, 1940.
Due on March 15 in 1941 to 1953 incl.
on
and
KELSO SCHOOL DISTRICT NO. 133 (P. O. Kelso), Wash.—BOND
OFFERING—Sealed bids will be received until 10 a. m. on March 13, by
has
the same on
office. The
right to accept the bid most advantageous on the basis
of the lowest interest cost.
Printed bonds will be furnished by the district.
The approving opinion of Lines, 8pooner & Quarles of Milwaukee, will be
furnished.
Enclose a certified check for $500 for each issue bid for.
ILLEGAL
Provision
received for not less than par value
district reserves the
election held on March 5
$45,0C0 street improvement
WASHINGTON
bonds
1952 to 1955.
plus interest to date of delivery and the rate of interest shall be
all bonds.
Prin. and int. payable at the District Treasurer s
$5,000 sidewalk and curbing bonds.
of such
1948, $3,000 in 1949
Issued for the purpose of
$1,600 in 1941, $2,000 in 1942 to
follows:
to
retiring existing indebtedness.
Dated March 1, 1940.
Bids will be
WYOMING
Inc., New York, as2^s,atpar plusapremium of $251.13, equal to 100.313,
a basis of about 2.35%.
Dated Feb. f, 1940 and due $4,000 on Feb. 1 from
1941 to 1960, incl.
Second high bid of 100.456 for 2%& was made by Bond,
RUTLAND,
will
the purchase of the follow¬
semi-annual bonds, aggregating $69,000:
Denom. $1,000, one for $400.
Due March 1,
as follows:
$1,400 in 1941, $i,000 in 1942 to 1944, $2,000 in 1945
to 1953, and $3,000 in 1954 and 1955.
Issued for the purpose of
building an addition to the present school building.
40,600 refunding bonds.
Denom. $1,000 one for $600.
Due March 1,
VERMONT
FAIRFIELD, Vt.—BOND SALE—The $80,000 coupon refunding bonds
offered Feb. 29—V.
Schroenkenthlaer, District Clerk, that he
until 8 p. m. on March 15, for
ing not to exceed 2^%
$28 400 building bonds.
5
W
as
KARNES COUNTY ROAD DISTRICT NO. 4 (P. O. Karnes City)
Texas—BONDS SOLD—A $35,000 issue of 3H% semi-ann. road bonds is
reported to have been purchased recently by Rauscher, Pierce & Co. of
San Antonio, at a price of 100.317.
Due on Feb. 3 in 1941 to 1960 incl.
office.
by Bertha Pope,
on March 18, at
$29,000 issue of 254% semi-ann. refunding bonds.
Dated
Denom. $1,000. Due Feb. 15, as follows: $1,000 in 1941 to
1950, $2,000 in 1951 to 1958, and $3,000 in 1959.
The bonds are general
obligations of the city and are issued to refund an issue of sewage disposal
plant bonds issued pursuant to Section 66.06, Wisconsin Statutes.
The
purchaser will furnish printed bonds. A legal opinion of Lines, Spooner &
Quarles, of Milwaukee, will be furnished by the city. A certified check for
$1,000, payable to the city, is required.
7:30 p. m., a
Feb
15
1940.
30 years.
JEFFERSON COUNTY (P. O. Beaumont). Texas—PRICE PAID—
It is now reported that the $75,000 tuberculosis hospital bonds sold jointly
to Crummer & Co. of Dallas, and Mahan, Dittmar & Co. of San Antonio,
as l«*s, as noted here—V. 150, p. 1030—were purchased for a premium of
$31, equal to 100.04, a basis of about 1.745%.
Due $7,500 on Dec. 30 in
1940 to 1949.
Geo.
1940
GRANVILLE
WATER CONTROL AND IMPROVEMENT
O. Highlands) Texas—BONDS SOLD—It is re¬
ported that $83,000 5% semi-ann. water works and sewer revenue bonds
have been purchased by the J. It. Phillips Investment Co., of Houston, at a
price of 95. Due on July 20 in 1941 to 1958.
HEMPHILL, Texas—BOND SALE DETAILS—It is stated now that
the $30,000 refunding bonds sold to the First National Bank of San Augus¬
tine, at par, as noted here—V. 150, p. 1478—were purchased as 5s, and
HARRIS COUNTY
DISTRICT NO. 1 (P.
the
9,
the State Bank of
able F-A.
Other
March
Chronicle
appeals of the Alberta Government, the Judicial Committee of the Privy
Council on March 5 ruled that three Acts passed by Provincial Legislative
Assembly in 1937, reducing interest rates are ultra vires of the Legislature,
according to a Canadian Press dispatch from London. England.
The Acts are the Provincial Guaranteed Securities Interest Act, the
Provincially Buaranteed Securities Proceedings Act, and the Provincial
Securities Interest Act. It was held that the Acts deal with interest, a subject
reserved exclusively for the Dominion Parliament under Section 91, British
North America Act.
Low announced that interest
50% of the old rate.
refunding the entire
public debt "in terms consistent with the present interest rates" and declared
the Privy Courcil decision will "enable the Government to seek and obtain
(In Edmonton, Provincial Treasurer rolon
payments will be continued on provincial securities at
He said the Government will proceed with plans for
a
of its policy.)
argued from a jud gment
definite mandate from the poeple" in surport
The validity of the first two
Acts
was
favoring
corsidered from a
the Foresters' order.
Provincial Government
securities and other bonds guaranteed by the Alberta Government held by
the Order, which under the 1937 Acts was reduced 50% retroactive to June,
1936.
The Alberta courts upheld the contentions of the Foresters, and the
Provincial Government took the cases to the Privy Council.
the Independent
Order of Foresters; the third Act was
further judgment of the Alberta courts in favor of
The Foresters had sued for full interest on
CANADA
subsequently.)
of)—BOND
(Dominion
SALE— The Bank of Canada,
of
Ottawa, purchased on Feb. 29 an issue of $40,000,000 2% refunding bonds
price of 99 .375, a basis of about 2.13%.
Dated March 1, 1940 and due
March 1, 1945.
Principal and interest payable in Canadian funds.
Pro¬
ceeds of the issue, coupled with cash on hand, were used in the redemption
on March 1 of $65,013,636 5-year 3% bonds.
at a
WISCONSIN
BELOIT, Wis.—BOND ELECTION—We
are
informed by the Clerk of
the Board of Education that
an election will be held on April 2 in order to
have the voters pass on the issuance of $900,000 in high school building
bonds. He states that if the proposal is passed the bonds will be sold through
the City Council.
DURAND, Wis.—BOND SALE—The $39,000 coupon semi-ann. re¬
funding bonds offered for sale on Feb. 29—V. 150, p. 1318—were awarded
to Kalman & Co. of St. Paul, as 2s, paying a premium of $526, equal to
101.34, a basis of about 1.80%.
Dated March 15, 1940.
Due $3,000 on
March 15 in 1941 to 1953, incl.
Other bids (all on 2s), were as follows:
Bidder—
Feb. 1,1940.
ORONO,
Premium
Channer
Securities Co., Chicago
Harley, Haydon & Co., Madison
Paine, Webber & Co., Chicago
Wells-Dickey
Co.,
Minneapolis
State Bank of LaCrosse
__
$525
475
425
325
300
1111-11111121
Z..ZZ
Z__ZZ ~
ZIIIZZZ2IZIZZ2ZZZZ
ELMWOOD, Wis.—BOND SALE—The $21,700 general obligation sew¬
refunding bonds offered for sale on March 1—V. 150, p. 1478—were
purchased by Harley, Haydon & Co. of Madison, according to the Village
Clerk
Dated March 15, 1940.
Due on March 15 in 1941 to 1958, incl.
erage
No other bid
TREASURY BILLS
SOLD—An
issue of
$25,000,000 three-months
Treasury bills was sold Feb. 29 at an average cost to the Government of
0.751%.
Dated March 1, 1940.
REGULATIONS ISSUED GOVERNING ANNUAL DRAWINGS OF
WAR LOAN BONDS—The Canada "Gazette" of Feb. 26 contained official
text of the regulations recently approved by the Government with respect
to the annual drawings for redemption of bonds of the first war loan dated
was
received.
bonds
a
was
Ont.—BOND
sold
basis of about
to J. L.
3.30%.
SALE—An issue of $7,356 3% improvement
Graham & Co. of Toronto, at a price of
97.50,
Due in 1950.
Ont.—BOND SALE—Harrison & Co. of Toronto were
issue of $165,000 3% bonds at a price of 97.28, a basis of about
Due serially on April 1 from 1941 to 1950, incl.
Other bids:
»■<
Bidder—
Rate Bid
H. G. Ballinger & Co
96.59
Burns Bros. & Denton
;
96.27
R. A. Daly & Co.
.96.18
Wood, Gundy & Co
95.86
WESTON,
awarded
3.59%.
an
@FedFRASER