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onimttna
COPYRIGHTED
VOL- 150.
IN 1940 OrwrLLIAM
DANA COMPANY, NEW YORK.
8.
ta,d«tlCw-
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE
POST OFFICE AT NEW
YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, MAY 18,1940
NO. 3908.
BROOKLYN TRUST
THE
BANK
COMPANY
CHASE
NATIONAL
Chartered 1866-
BANK
OF THE CITY OF NEW YORK
OF
George V. McLaughlin
Maintaining effective cor¬
President
NEW YORK
BROOKLYN
N E YV
respondent bank service
is
Member Federal Deposit Insurance
Corporation
a
traditional
policy of
the Chase National Bank.
YORK
*
<?•
Broaden your customer
service
with
Chase
cor¬
respondent facilities.-
Hallgarten & Co
Member Federal
Established 1850
Deposit Insurance
Corporation
United States
NEW
YORK
Government
Chicago
London
Securities
City of
Philadelphia
PUBLIC UTILITY
INDUSTRIAL
'The
RAILROAD
FIRST BOSTON
Bonds
CORPORATION
MUNICIPAL
NEW YORK
BOSTON
Moncure Biddle & Co.
CHICAGO
BONDS
PHILADELPHIA
SAN FRANCISCO
PHILADELPHIA
AND OTHBR PRINCIPAL CITIKS
AC.ALLYN«® COMPANY
INCORPORATED
CHICAGO
New York
Boston
Detroit
Philadelphia
Milwaukee
Omaha
r-ri
The
PACIFIC NORTHWEST
SECURITIES
New York Trust
Company
Drumhrllrr, Ehrlirhmmt
Company
.
Capital Funds
.
$37,500,000
>
Exchange Bldg.
OTIS & CO*
*
Seattle
(Incorporated)
IOO
Established 1899
NewYork
CLEVELAND
BROADWAY
Chicago
Commonwealth of Pennsylvania
Turnpike Revenue 3%% Bonds
Due August 1, 1968
R. H. Johnson & Co.
MADISON AVENUE
AND 40TH STREET
Yarnall & Co.
Members
.
New York Stock Exchange
New York Curb Exchange
64 Wall
St,
BOSTON
BOUGHT—SOLD—QUOTED
Members New York Stock Exchange
New York Telephone—Whitehall 4-4923
A. T. & T. Teletype—Phla 22
NewYork
PHILADELPHIA
ONE EAST
1528 Walnut Street,
Philadelphia
57TH STREET
Carl M. Loeb, Rhoades & Co.
61
Established
NEW YORK
London
DeHaOen & Townsend
BROADWAY
Parts
Amsterdam
Member
Geneva
of the
federal Deposit
Insurance Corporation
NEW YORK
30 Broad St.
1874
PHILADELPHIA
1513 Walnut St.
May
Financial Chronicle
The Commercial &
n
1940
18,
Di video ds
LIMITED
IMPERIAL OIL
To
Holders
of:
DIVIDEND
Notice
of 1914.
Greek Government 5 Per Cent. Loan
is
NOTICE
brought to the knowledge of bearers of coupons of Greek Loans expressed
falling due from April 1st, 1940, until the end of the war, that following
the understanding and agreement between the Greek Government, the Council of Bond¬
holders in London, and the Loans Committee of the League of Nations, with regard to the
coupons in question of the above maturities, a percentage of 43% of the face value
will be paid by the Greek State.
•
Holders of bonds of the above Loan are, therefore, invited to present, when due, the
coupons to J. P. Morgan & Co. Incorporated, Paying Agent in New York, 23 Wall Street,
New York City.
The 43% payment will be made on and after the respective coupon
maturity dates, by order and for account of the Bank of Greece.
The rate of such payment
will be 43 % of the sterling face amount of each coupon as follows:
It is hereby
thereof
£0.4.3,17
Coupon
a
£ 0.9.11
On
a
£ 2.9.
7 Coupon
£1.1.3,85
On
a
£12.7.11 Coupon
£5.6.7,25
presentation and delivery of Coupons No.53
upon
to any
Branch of:
APOSTOLIDES,
A.
Finance.
Minister of
1940.
Dividends
The current quarterly dividend
of $1.25 a share on $5 Dividend
Preferred Stock and a dividend Of
|f|||
■
Iff
IILTi
25 cents
Earnings Record
have
able
been declared,
June
to
pay-
re¬
1940.
May 31,
IMPROVEMENT CO.
THE UNITED GAS
indispensable record ol care¬
fully compiled earnings statements,
revised and published monthly
1940,
29,
spective holders of record
An
Common
ihare on
a
Stock
wtSsSSBS1
I. W. MORRIS, Treasurer
in Canada.
The United Gas and
day of May to the 31st day of May, 1940, inclu¬
sive, and no Bearer Share Warrants will be "split"
during that period.
The Dominion of Canada imposes a tax of 5%
deductible at the source on all non-re6idents of
Canada in respect of dividends received by such
non-residents from Canadian debtors.
This tax
will be deducted from all dividend cheques mailed
to non-resident shareholders and the Company's
Bankers, when paying the dividend on presenta¬
tion of coupons belonging to non-resident share¬
holders, will deduct the tax on presentation of
the coupons.
Ownership certificates must be
presented with ail dividend coupons owned by
residents of Canada and presented for payment.
A credit for the 5% Canadian tax so withheld
is allowable to shareholders resident in the United
States against the tax shown on their United States
Federal Income Tax Return.
To enable such
credit
to
be claimed, the United
States Tax
Authorities require the receipt or certificate of
the
Canadian
Commissioner
of Income
Tax
Place, Jersey City, New
One Exchange
STEAM RAILROADS
Corporation
Jersey
May 15, 1940.
monthly returns of
every Class I road obliged to
file with the Interstate Com*
merce
Commission, with com¬
the
Board of Directors this day
declared
quarterly dividend of one and three quarters
percent (IK%) on the Preferred Stock of the
Corporation, payable June 15, 1940 to stock¬
holders of record June 1, 1940.
The
a
parisons for two previous years.
Also gives supplementary state¬
ments for the current month and
date, showing income,
year to
fixed
charges,
dividends,
&c.t
and selected balance sheet items.
PUBLIC
UTILITIES
J.
HOMESTAKE MINING
Dividend
829
thirty-seven
of
COMPANY
No. 829
The Board of Directors
No.
Treasurer.
McKENNA,
A.
has declared dividend
and one-half cents
(S.37H) per share of $12.50 par value Capital
Stock, payable May 25, 1940 to stockholders of
record 3:00 o'clock P. M., May 20, 1940.
Checks will be mailed by Irving Trust Com¬
pany, Dividend Disbursing Agent.
R. A. CLARK, Secretary.
May 8, 1940.
INDUSTRIAL
United
Gives latest available
monthly,
ings statements, with compari¬
sons
for one or more previous
Is a cumulative record,
rigifres for the latest available
period being repeated until the
years.
axe
$8.50 PER YEAR
Single Copies $1.00
WILLIAM B. DANA COMPANY
Street
Canadian
other country outside of the
any
601.
British Empire
advised that the amount of the current
divi¬
converted into U. S. currency at
the official rate set by the Canadian Foreign Ex¬
change Control Board by sending coupons, or
dividend
cheques
properly endorsed, to The
dend
can
be
Royal Bank of Canada, 68 William Street,
New
York City, or any branch of The Royal Bank of
Canada in Canada or any branch of any other
chartered
bank in
Canada with a request for a
draft in U. S. currency in settlement
Shareholders who are residents of
of same.
British Em¬
pire countries may obtain payment in sterling at
the official rate set by the Canadian Foreign
Exchange Control Board by sending their coupons,
or dividend
cheques properly endorsed, to any
branch of The Royal Bank of Canada in Canada
or any
branch of any other chartered bank in
Canada with a request for a draft in sterling in
settlement of same, but such procedure may be
contrary to the exchange control regulations of the
country in which they reside, of which non-resi¬
dents should take due notice.
The banks will remit at the Canadian Control
Board rates prevailing on the day of receipt, less
a
small handling charge made by the Banks.
The official rates at this date are:
BY
11% Premium
$4.47 to the Pound
ORDER OF
THE BOARD,
J.
W.
WHITLING,
Secretary.
56 Church Street,
Dividend No. 71
No.
form
Company's office or at any branch of The Iioyai
Bank of Canada, in Canada.
Shareholders residing in the United States or
"Magma Gopper Company
Toronto 2,
Canada.
Fifty cents per share has been
the stock of this company, pay¬
A dividend of
declared
on
able June
15,1940, to stockholders of record
May 31,1940.
H. E. DODGE, Secretary.
COLUMBIAN
g>pencet iultogg atib &on*,
A quarterly
declared
3nt.
CARBON COMPANY
dividend of $.40 per share has been
stock, payable June 10, 1940,
the
on
to stockholders
SB Sprue.
on
601, if not available at local United
be secured on request from the
No.
States Banks, can
available.
SUBSCRIPTION PRICE t
Foreign Postage Extra
certificate
ship
Sterling
quarterly or semi-annual earn¬
reports
States
time of cashing his
United States Dollar
MISCELLANEOUS
next
payment.
To obtain such receipt the
shareholder must submit, at the
dividend coupons, an owner¬
such
for
are
Gives
represented by Registered
1929 issue, will be made by
of the
cheque mailed from the offices of the Company
on or before the 31st day of May, 1940.
The transfer books will be closed from the 18th
Form
Philadelphia, Pa.
April 23, 1940
Electric
OF CANADA,
THE ROYAL BANK
Certificates
Monthly
and
special disbursement of twelve and one-half cents
(123^c.) per share, both in Canadian currency,
have been declared and that the same will be
payable on or after the 1st day of June, 1940,
in respect to the shares specified in any Bearer
Share Warrants of the Company of the 1929 issue
and whose shares are
.
with the terms of the bonds of this Loan, the above-mentioned payments
will be made by the afore-mentioned Paying Agent in New York at the dollar equivalent of
the sterling amount thereof, upon the basis of their buying rate of exchange on London at
the time of presentation.
Coupons upon which payment is made will be perforated with
the legend "43% Paid" and returned to be re-attached to the bonds from which they were
detached.
Coupons thus presented for payment must be^accompanied by letters of transmlttal which may be obtained at the office of the above Paying Agent.
The
that a semi-annual
hereby given
dividend of twenty-five cents (25c.) per share
a
The payment to Shareholders of record at the
close or business on the 17th day of May, 1940,
In accordance
Athens, March 27,
the Holders of
Share Warrants
in foreign currency
On
and
Shareholders
to
close of business
of record as of the
Seventy-Fourth Consecutive
Quarterly Dividend
May 25, 1940.
JAMES
NEW YORK CITY
L. WICKSTEAD,
Treasurer.
The
Directors of Columbian
Carbon
regular
quarterly dividend of $1.00 per share,
payable June 10, 1940, to stock¬
Company have declared a
Foreign
holders
May
of record
3 P.M.
24,
1940
at
*
GEORGE L. BUBB
Treasurer.
NATIONAL BANK
of
Head Office
EGYPT
.
.
.
.
ELECTRIC BOAT
•
Commercial Register No. 1
Cairo
.
.
Cairo
COMPANY
33 Pine Street
FULLY PAID CAPITAL
RESERVE FUND
.
....
£3,000,000
£3,000,000
"Security Dealers of North America"
A directory
end
Strong—Rugged—Dependable
LONDON AGENCY
6 and 7
King William Street, E. C. 4
Branches in all the
principal Towns in
HERBERT
D.
SEIBERT & CO.
Publishers
25
Spruce Street
New York City
The Board
a
of Stock
Bond Houses
New
EGYPT and the SUDAN
York,
N. Y.
of Directors has this day declared
dividend of forty cents per
of the Company,
share on thelstock
payable June 12, 1940 to stock¬
holders of record at the
close of businesslJMay 28,
1940.
Checks will be
N.
mailed by Bankers Trust~Co
Y., Transfer Agent.
HENRY
May 14. 1940.
R. CARSE,
President.
,
IV
onimprria
Vol. 150
rnnicle
MAY 18, 1940
No. 3908
Editorials
The Financial Situation
3094
.....
Common Sense Control of Armament
Expenditures
Aspects of Public Acquisition of
3110
Operating Utility-
Equities
3111
Comment and Review
Gross
and
Net
in March
Earnings of United States Railroads
3114
The Business Man's Bookshelf
Week
on
the European Stock
1
3117
Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
3101
3101
...3106 & 3148
3116
......
Indications of Business
Activity
Week
on
the New York Stock
Week
on
the New York Curb
3117
Exchange.....
Exchange
3098
3147
News
Current Events and
Bang and
Discussions.......
Trust Company Items
3128
3145
General Corporation and Investment
News.....
.3191
Dry Goods Trade
3237
State and Municipal Department
3238
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices
3155 & 3157
3150
Dividends Declared
3150
Auction Sales
3148
iV. f
New York Stock
Exchange—Stock Quotations..
3158
Exchange—Bond Quotations-3158 & 3168
New York Curb
Exchange—Stock Quotations........3174
♦New York Curb
Exchange—Bond Quotations....
3178
Other Exchanges—Stock and Bond
Quotations
..3180
;>-:V 0
♦New York Stock
Canadian Markets—Stock and Bond
Quotations
3184
Over-the-Counter Securities—Stock & Bond
Quotations.3187
Reports
Foreign Bank Statements
Course of Bank
3105
Clearings
..........
Federal Reserve Bank Statements
General Corporation and
3148
3128 & 3155
Investment News
3191
Commodities
The Commercial Markets and the
Cotton—
Breadstuffs
Crops...
.3225
3228
3233
♦Attention is directed to the new
column incorporated in our tables
New York 8tock
Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank
eligibility and rating.
.
on
Published Every Saturday
Mornfng by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
Herbert D. Seibert, Chairman of the Board and
Editor: William Dana
Seibert, President and
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Treasurer; William D. Riggs, Business Manager.
Salle Street
Edwards & Smith, I Drapers' Gardens,
(Telephone State 0613). LondonLondon, B.C.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23. 1879, at the post office at New
York, N. Y.. under the Act of March 3, 1879.
Subscriptions in United States and Possessions. $18.00
per year, $10.00 for 6 months; in Dominion of Canada.
$19.60 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great
Britain, Continental Europe (except Spain), Asia, Australia and
Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising
matter, 45 cents per agate fine.
Contract and card rates on request.
NOTE: On account
of the fluctuations in the rates of
exchange, remittances for foreign subscriptions and advertisements
must be made in New York funds.
"
■
'
Situation
The Financial
DURING the three-year periodthe first Roosevelt
immediately pre¬
ceding the inauguration of
additional defense funds
all these huge
expects
expended before June 30, 1941, but it is
evident from his message that he is determined
to
be
national defense expenditures
that they shall be laid out with all possible speed.
roughly $650,000,000.
Should they be appropriated in normal course,
For the fiscal year ended June 30, 1934, the New
and expended according to present plan, we should
Deal, although it initiated its spending program on
have to reckon with a national defense
budget
a large scale y with total outlays reaching the then
for the coming fiscal year
peace-time record of some¬
of over $3,000,000,000.
thing more than $6,000,These are staggering
Lest We Forget
000,000 and the deficit,
sums of money, staggering
Speaking to the Indiana Bankers Associa¬
tion
the evening before the President
$2,895,000,000 reduced ex¬
even to minds accustomed
Administration, annual
of the United
States averaged
penditures for
national de¬
on
•
next
shown
every man
States
accustomed
the
increase
an
tures for
mark to
another
expendi¬
must have not
*
this
time he in¬
$1,539,000,000 for
in his pro¬
purpose
posed budget for the
fiscal
estimates
These
excluded
estimated
national de¬
expenditures during
$300,000,000 proposed
outlays for the same pur¬
the 1941 fiscal,
Add these amounts
in
pose
year.
and
we
000 and
have $1,519,000,-
$1,839,000,000
before
Congress
quested
and
re¬
ap¬
of $896,000,-
000"; and authorization for
the Army,
the Navy, the
Marine
self
make
to
of course,
War
year
and
Nor
in
several
to
answers
this
upon an
obviously,
these,
with
con¬
what has been done,
cerns
and
eleventh
of national
One of the first
defense.
of
ques¬
proceed
before they
hour campaign
what
the
already
by themselves„
The restoration of
enterprise in America requires as well a
is
being done,
enormous
in
recent
funds
years
made available to the Pres¬
ident.
of government.
Suspicion has long
been
bureaucratic
item now in the
growing
in
many
quarters that our
national
defense .program
has not
been
ably managed, that
tence, petty
incompe¬
squabbles, ill-
chosen leadership,
a
perhaps
considerable element of
mibtary
do they include
other factors which have
time national defense
do not,
defenseless than
pending
that, in short,
bills for the fiscal
deficiency estimates which may
hatred, outstrip
or
"boondoggling,"
and the thousand and one
Navy appropriation
1941.
not willing
are
emotions, whether
intelligence
tions
budget by reducing the deficit.
As I say,
administrative changes would not be
added that "these estimates
any
security.
national defense will want
contractual
duplicate
ex¬
deadly serious business of
these
supplemental
become neces¬
sary by reason of pending legislation or shortage
of funds under
existing legal programs."
The
President does not say in so many words that he
or
their
period of trial, they have
obligations in the further sum of $286,000,000—
all for national defense.
In making these requests
the President
who
see
of fear
and him¬
Corps,
for
emphasized its urgency.
Let us, in all our emotional fervor about
"billions for defense," not forget this funda¬
mental element in the situation—or we shall
be in serious danger of spending the billions
without getting what is essential for ade¬
quate defense.
this
approve
their fran¬
contained in the Presi¬
in the least
reduced either the basis for or the pertinency
of this warning.
Indeed, several passages
in that message by implication very strongly
went
"immediate
propriation
to
dent's national defense message
President
search
ever,
Nothing that was
periods in question.
On
Thursday of
the
change in its spirit.
profound change in the spirit
to
pointless
Thoughtful citizens, bow-
proved too burdensome upon the people.
A
Republican administration would certainly
propose greater economy in government and
attempt to give the country an honest budget.
It would start in the direction of a balanced
free
re¬
and
pell-mell
a
is that
from abroad to
news
them
tic
a
after
de¬
contrary,
any,
travagance in
enough
spectively for the two fiscal
week
what is
he at
Republican administration, as / see it,
would want to modify some of the regulatory
laws where,
if
waste
A
and
the
cause
said:
he
"emergency
the current fiscal year,
a
On
rible
specific, he at still another
point set forth what he believes a Republican
(presumably a wise Republican) administra¬
tion would undertake to do.
Here is what
$160,000,000
fense"
but
adequate
they will permit the hor¬
Growing more
ended June 30, 1941.
year
have
to
really
for
the danger,
government which regards
itself as the servant of the people, not its
master; a government without prejudice, a
government under which we can move for¬
ward again as a united nation—men of con¬
fidence, men of hope, men of goodwill.
must
likely
not
are
fense.
that in the next four years we
only a change in the technique
government
We
people
present state of
needed
achieve desired ends,
point spoke as follows:
to
/ say to you
the current fiscal
same
cluded
forth his ideas as to
setting
In
their
of any sum or sums
our
necessary
of
At the
should extend
months to come
considerably more money
for some
prompt domestic recovery.
is
$1,359,000,000.
at
year
we
profligacy,
American
the
object to the expenditure
appropriation in our own country; the orders
already in hand are far in excess of our
present capacity to fulfill.
What we must
have in this country above everything else
$1,140,000,000. In his
regular budget message
last January, the President
these
whether
Deal
New
mind
productive capacity can justify.
Likewise, it is of secondary importance to
raise the naval appropriation or the army
to
estimated
present
question
than
over
1939, it
30,
June
crossed the billion
United
United at home.
time it is useless to dispute
the Allies will have
During the year
ended
in
be strong and
credit to the Allies;
12-month
preceding
period.
policy
problem of our foreign
knows; and that is that the
must
the
At
each year
elapsed since has
that has
to
but
basic
The
and
amount,
the
year,
its
about
national defense mes¬
Wendell L. Willkie at one
point said:
however,
found this item back to
The
Congress,
to
sage
$494,000,000.
to
fense
delivered his dramatic
billions
we
we
to
ask
have
that the
for
should be at the present time,
have very little to show for the
already expended in the name of
This suspicion is strengthened by
we
national defense.
the fact
always bedeviled our peace¬
efforts have left us far more
President now feels it necessary
procure the essential
larger and thoroughly
army" and "to replace or modernize
huge
funds "to
equipment of all kinds for a
rounded-out
Volume
all old
The Commercial &
150
Army and Navy equipment with the latest
type of equipment."
<
.
.
The
Entitled
Is
Public
Know
to
Financial Chronicle
3095
The terrible price that
a number of peoples geographically cheek by jowl with the war-mad aggressors
Europe have paid and are paying for want of
adequate defense should not be permitted to engenSo
been
become that the President felt obliged to
strong has this doubt about what has
going
on
take official notice of it in his
special message, say-
ing that "loose talking and loose thinking on the
part of
give the false impression that our
some may
American
Army and Navy are not first rate, or that
has been wasted
money
them."
011
^er hysteria in this country several thousands of
miles away.
We evidently have been trifling with
this matter of national defense
hut
yeargj
plunge into what
may
ment programs like
dent
has
preparation of latfe
should not for that reason heedlessly
we
painted
be quite
unnecessary arma-
stampeded cattle.
The Presi-
dramatic picture of possible
a
"Nothing could be further from the truth."
attack from various
Here
tions, but obviously there is much that the President
facts
are
:
"In recent years
the defensive power of our army,
and marine corps has been very greatly im-
navy
proved."
^
"The navy is stronger
the nation's
history.
Today also
large program of
a
construction is well under way.
new
ours
are
foreign
equal to,
power.
or
Ship for ship,
better than, the vessels of any
This
likewise.
It is today at
.
Its equipment in
greatest peace-time strength.
is, of course,
matter which must in
a
phase of the
large measure be trusted to
those trained in military matters, but Congress
would make
no
mistake in convincing itself
by
con-
suiting precisely these authorities that the program
which the President
essary
secure
in
envisages
now
No
is really such.
likely to begrudge
,
"And the army
its
today than at any time in
has left unsaid.
and from various direc-
sources
a penny
as
urgently
in his right
nec-
senses
is
really needed to make
us
one
in this troubled world but there is
no
point
panicky action,
quality and quantity has been greatly increased and
improved."
for the
great
even
cathedra
an ex
from the President.
before made peace-time national
never
expenditures in
We
defense
comparable to those of the
any way
past few years, and the public is entitled to be
vinced that it has
con-
national defense.
ness
In its material aspects prepared-
has two distinct phases.
One of them,
essen-
tially military, must be largely determined and directed by
men
of military training.
The other,
essentially industrial, must, if it is to be successfully
got its full moneys worth as token
managed, be in the hands of men trained in industry
get its full money's worth for the funds
that it will
and of demonstrated industrial capacity. The Presi-
Vl:'' dent
requested.
now
All this, however, has to do with but one phase of
importance, however,
public to be satisfied with
statement of this sort
have
°nly °ne Phase
.
The matter is of too
The easiest way
for Congress would of
course
be
to have glimpsed something of the
appears
nature of this second aspect of national defense for
to Congress he says that "surely, the
simply to take the action demanded by the Presi-
in his
dent, adjourn at
developments of the past few weeks have made it
early date, and leave the rest to
an
the Administration.
be
In
such
clear to all of our citizens that the possibility of
attack on vital American zojpss ought to make it
system of government any
essential that we have the physical, the ready ability
view, however, it would
our
such
such vig-
to meet those attacks and to prevent them from
and, it is to be hoped effective, house cleaning
reaching their objectives.
Vv'1'.;;*
"This means military implements—not on paper—
which are ready and available to meet any lightning
offensive against our American interest. It means
that
any
recently witnessed in England is impossible
at least in the
manner
similar action is
there
effected, but broadly
urgently needed in this country and
somewhat similar results could in
be obtained if
The
any
searching of political souls, and
orous,
as
course,
our
shirking its plain duty if it took
Unfortunately, under
a measure
at least
Congress has the will to effect them,
appropriate committees of Congress ought with-
ont hesitation and with firmness demand
counting of
years,
and
a
full
ac-
from approximately 6,000 planes a year to more
or
demand that these matters, so
all, be placed in
us
funds will be
proper
assurances
a
hands and, fur-
be given that the
expended effectively for the purposes
in hand before another penny
matter for
told to
blame but
condone
are
action
prepared to defend
no
by Congress
now
we
which
population want,
bill of
.
.
our-
equipment of all kinds, including
or
as
mo-
aircraft
guns
and full ammunition supplies."
to
Evidently the President has begun to think of the
were
to
industrial side of national defense and to think of it
it must be
consequences
procure more
one
ensure
thoughtful elements in
certainly will want when
elapsed for calmer deliberation,
particulars
.
tor transport and artillery tanks, including anti-
as
both vital and most urgent.
means
to our real defense needs,
It is, however, by
obtain the industrial results'
required by his projected program.
over,
no
clear that he has yet even a working grasp of
what is necessary to
assurance
sufficient time has
a
hence that
complaint.
Another
is
a year
today, it could have
prepared to accept whatever
without
production capacity.
immediate speeding up of last winter's program to
itself, and if the general public
such
this
partisan politics, it goes without
do, only to find
we
on
production capacity a greatly increasing additional
"The ground forces of the army may require the
still not must better
selves than
placing of foreign orders here,
"Our immediate problem is to superimpose
This
is appropriated.
saying, but should Congress meekly do what it is
the
.
than double that number, due in greater part to the
ther, that adequate
are
...
"During the past year American production capacity for war planes, including engines, has risen
satisfy themselves that all is in proper hands
our
going well
now
also that facilities for production must be ready to
turn out munitions and equipment at top speed.
defense program during the past few
vital to
is not
message
He has,
more-
stated but a part of the industrial problem,
Not only must industry be prepared, physically prepared, to produce the necessary implements for the
The Commercial & Financial
3096
quantities of many other articles which
successfully conduct of defense operations
all
Evidently an Administration which in
locomotives.
the
require—
from shoes to freight cars and
of goods
manner
past has
usually appeared to concern itself
chiefly with making a given task consume the larg¬
est number of dollars and produce the greatest pos¬
sible number of hours
of work for the greatest pos¬
sible number of men now must
completely reverse its
thought and strive to get the greatest pos¬
habits of
dollars spent and men
sible amount of returns for
employed.
required
the machinery operations
"Because of
but prepared to produce the vastly
conduct of war,
increased
May 18, 1940
Chronicle
marked expansion of pro¬
preceded by the building of special
parts fabrication, any
for
duction must be
Only a small percentage of standard
machine tools.
adaptable for the production of
machine tools are
Conse¬
provide for expansion both the
engine and the propeller manufacturer and the
shops who supply parts to them must be sure that
parts and propeller parts.
aircraft engine
quently, in order to
supply the neces¬
machine tool manufacturers can
As this equipment is expensive,
another important problem arises because a decline
in demand would render worthless much of this in¬
equipment.
sary
problems faced in getting seri¬
vestment.
ously to work on national defense, their complexity
and their innumerable difficulties may be illustrated
"Other
The nature of the
by reference to our airplane industry,
is vital in any rational program.
course,
thorough, and without question,
of the most
one
from
which, of
The latest,
plain business standpoint, one of the most
a
complications are faced by engine manu¬
facturers in the
must become
training of employes, many of whom
highly skilled before they are of real
While problems
use.
such as this cannot be defi¬
nitely measured by the
conclusion that any
authoritative studies of the difficulties to be encoun¬
should be conservative.
tered in
Aeronautical
rapid expansion of this industry has been
completed by the investment banking firm of White,
Weld & Co. of this
From it
the
city, and is
now
appearing there under
take the following
we
just off the press.
caption factors Affecting Future Production":
"The
manufacturing airplanes is
of assembly. Raw materials, from the
of
process
largely
one
standpoint of the airplane producer, include not
only aluminum alloys, steel, fabric and other mate¬
rials which must be
state but
processed from an unfinished
semi-finished
parts and finished assem¬
blies, the most complicated of which are engines,
propellers, landing gears and instruments.
Accord¬
ingly the airplane manufacturer must coordinate
For example, while Wright
Corporation, one of the two largest
high powered engines, reported an in¬
builders of
crease
outsider they suggest the
estimate of future potentialities
in sales in 1939 over
1938 of 32%, Wright's
in work-in-proc¬
period showed an increase
only 7.3%. This rate of expansion seems slow in
production as measured by increase
ess
of
plus sales for the same
view of the
Perhaps
increased demand for engines.
the com¬
the process of pre
paring for much larger production in 1940 and
doubtless many of the large orders did not take defi¬
some
explanation is found in the fact that
pany
in 1939, was going through
nite form until the
facts indicate that
task."
■
closing months of the year.
The
rapid expansion is not an easy
V:
production time schedules with those of the com¬
Not Sui Generis
■
panies which furnish these materials.
"The amount of labor
saving machinery used in
building airplanes is relatively small.
Such dies,
used are usually designed
jigs and fixtures
as are
for limited
This condition is due to the fact
use.
that
large production runs have been impossible to
date
as
the
largest orders for war planes so far re¬
ceived cannot be
compared with quantity production
orders of many
other industries.
that
ever,
tained in
same
producing
model
as
a
lot of 100 or 200 planes of the
compared to
small quantity of 10 to
a
This fact is reflected in the
50.
in results of 1939
total
improvement shown
compared with prior years when
production for the industry was lower. Never¬
theless the progress
enough to warrant
can
It is true, how¬
substantial gain in efficiency can be at¬
a
be
noted to date has not been large
an
assumption that 1910 results
expected to show more than gradual improve¬
ment.
airplane engines and pro¬
pellers, like that of producing airplanes, is largely
assembly operation but has
teristics.
most
of
curacy
There
which
are
many
operations
are
an
engine
by the engine producer.
vital.
Ac¬
Some of the
be 'farmed out' to
can
other manufacturers but certain
care
in
require machinery operation.
shop
duction of
special charac¬
thousands of parts
and close tolerances
machine
done
mon
operations must be
'Farming out' of pro¬
engine parts must be planned with great
and such business must be
facturers who
and deliver
on
can
time.
given only to manu¬
be relied upon to
work accurately
by some be said that the airplane
to other branches.
not sui
problems not com¬
So it does, but it is really
Many other items of modern war-
generis.
making equipment present closely similar
problems.
much spe¬
cialized capital equipment before we can produce in
volume the requirements of motorized troops, to say
nothing of many types of guns and other items abso¬
lutely essential to a well supplied army. All this
special industrial equipment is both time-consuming
and costly in its production, and here again the ques¬
We shall be
obliged to make and install
tion arises of its value to those
in view of the
who must install it
uncertainty of continued demand
for
Our capacity to
produce even the more ordinary articles which will
be needed in large quantities to equip a modern
the
goods it is designed to produce.
supplied when in con¬
in
many instances.
Really adequate defense requires
not only that we have these things on hand in case
of need, but that we be prepared to keep them flow¬
ing to our fighting forces once they are seriously
engaged. Due in large paid to the policies of the
army,
"The manufacture of
an
It will doubtless
industry presents many special
and certainly to keep it
tinuous
actual
operations, is open to question
Administration which now calls so
trial
preparedness, American
wisely been
wary
It must needs be
industry has quite
of capital expension for years past.
so now if these same policies of un¬
friendliness and restrictions are to
ever
or
may
of
be the fancied duties
managers
loudly for indus¬
continue. What¬
of owners of funds
would be
of industrial plants, it
The Commercial & Financial Chronicle
Volume ISO
nothing short of folly to expect industry to expand
its facilities
freely so long as conditions remain such
that the economic risk of
so
doing
3097
forcefully to the attention
of the rank and file, the
results will be unfortunate indeed,
too great
appears
Federal Reserve Bank'Statement
to warrant it.
Faced with the situation which
confronts us,
now
D ANKING
statistics
this
week
reveal
another
the unwisdom of the
"plans" of various elements in
D
the
to
the country, with some open market purchases of
Administration
event of
war
of
sorts
in all its stark reality.
appears
who have been
"conscript" capital in the
Those
devoting themselves to projecting all
strange and unworkable
nancing and conducting
shores, have done the
war,
cause
for fi-
programs
should it
to our
come
of national defense
good, but immeasurable harm.
Adoption of such
schemes would be about the most effective
way
aginable to
assure, not
victory, but defeat in
really major conflict in which
take
part,
and they,
we
imany
forced to
were
inevitably would
moreover,
serve, when the question of the
production of large
amounts
of
purposes
arises, sharply to prevent the
war
no
equipments for national defense
vigorous
very
industrial cooperation so essential for that
purpose,
It seems to us essential that the President
promptly
repudiate all this type of
out
nonsense at once and
with-
equivocation, if he hopes to achieve the objec-
tives he
sets for the nation in
now
national defenses.
past
There has been for
insistent demand for
an
organized, semi-official
trialists to
national
building
or
a
board
a
up our
long while
or some
other
unofficial group of indus-
plan and to guide the industrial side of
preparedness for defense.
have much to support
These demands
them, but such
a
board could
sharp advance of the idle credit
combined, reveals that $7,350,000 Treasury bonds
added
were
to
realism it becomes clear that
as
a
care
and with
complete about face
regards many, if not most, of the New Deal pol-
icies
and programs,
tional defense.
done is not
is essential for adequate
Some of the damage that has been
immediately remediable, but
beginning is urgently indicated.
must
of
some
I at
the
ever,
tures
with
national
to
or
man
vigorous
program
in times
debt, direct and indirect,
$45,000,000,000 is under
barrier.
known
inated
a
a
Any nation which
begin its national defense
like these with
na-
a severe
handicap
Unfortunately, there is
whereby such
a
debt
can
materially reduced overnight.
no
way
be elim-
It is, how-
feasible and quite necessary that all expedinot absolutely essential be eliminated forthin
order
that
the
full
financial
in
the
May 15, Treasury note hold-
The market uncertainty
which followed the German invasion of Holland and
Belgium apparently made intervention advisable,
opinion of the Federal Reserve Open Market
in the
Committee.
For the first time since the European
began, accordingly, the market received official
war
support. Obviously enough, there was no intention
of merely adding to excess reserves, which again
climb to new high records in the statistics now
made available.
are
Total open market holdings now
reported at $2,474,070,000, consisting of $1,344,-
845,000 Treasury bonds and $1,129,225,000 Treasury
The portfolio remains bare of Treasury bills
notes.
and bankers' bills.
Most of the important changes
in the banking
statistics for the weekly period ended May 15 made
for an expansion of member bank reserve balances,
Excess
reserves
$170,000,000
over
to
an
$18,949,000,000.
When the matter is considered with
market portfolio
open
ings remaining unchanged.
damental conditions
■
the
statement week ended
$6,300,000,000.
policies past and projected, which lay a dead hand
upon all industrial operations, are corrected.
of
Treasury bonds contributing to the trend. The condition statement of the 12 Federal Reserve banks,
hardly function with full effectiveness, no matter
how wisely chosen, unless and until these more fungrowing out of Administration
resources
legal
requirements
officially
jumped
estimated total
of
The monetary gold stocks of the
country advanced $114,000,000 to another record at
The Treasury disbursed
a
substan-
tial amount from its general account with the 12
Federal Reserve banks, and these funds rapidly
found their way into member bank balances.
member deposits
Non-
were up and retarded the growth
of excess reserves to a degree, as did an advance
of currency in circulation by $9,000,000 to $7,598,000,000. But the influences making for expansion
were
far
more
potent.
The demand side of the
credit picture shows little change for the weekly
period.
New York City reporting member banks
show an increase of business loans of $4,000,000 to
$1,680,000,000. The same banks report loans to brokers and dealers on security collateral down $19,000,000 to $458,000,000.
The Treasury in Washington deposited $194,998,000 gold certificates with the regional banks,
raising their holdings to $16,691,975,000.
Other
cash increased, and total reserves of the 12 Federal
government be freed for national defense purSuch legislation as the National Labor Rela-
the
strength of
Reserve banks were increased by $207,535,000 to
poses.
$17,079,675,000.
tions
circulation increased $13,952,000 to $4,968,735,000.
Total deposits with the Federal Reserve banks in-
Act, the Fair Labor Standards Act, the socalled Walsh-Healey law, and
many provisions of
many other restrictive, often punitive, enactments
not fail to prove a
very
can
now
serious burden
projected national defense
as
the
program proceeds,
It does not appear
feasible to defer action
appropriations
demanded until such problems
as
these
are
now
dealt
with, but their
on
the
presence and their
creased
Federal Reserve notes in
actual
$204,823,000 to $14,396,124,000, with the
account variations consisting of an increase of mem-
her
bank
674,000;
a
balances
by
$216,657,000
to
$13,093,-
decrease of the Treasury general account
balance by $87,551,000 to $424,634,000; an increase
of foreign bank balances by $40,111,000 to $400,-
significance should be carefully noted, and work in
930,000, and
amelioration of the conditions
606,000 to $476,886,000.
The reserve ratio improved
from 88.1%.
Discounts by the regional
out
resulting begun with-
delay.
These
^lems
to 88.2%
are
posed by
and if the
of
some
the
more
fundamental prob-
need for greater national defense,
existing alarm, if such it be, among the
our
people concerning
our
defenses does not bring them
an
increase of other deposits by $35,-
banks increased $27,000 to $2,822,000.
Industrial
advances were off $4,000 to $9,292,000, while commitments to make such advances dropped $32,000
to $8,933,000.
The Commercial &
3098
Winter Wheat
increases over
Crop
industrial
THE winter wheat crop underwent further that
provement during April, with the result im¬
the basis of con¬
find in pros¬
Department of Agriculture, on
the
prevailing May 1, was able to
ditions
pect a crop of
459,691,000 bushels, 33,476,000 bushels
60,691,000 bushels
month earlier and
more
than
a
more
than
on
Thus the outlook is not
Dec. 1 last.
from
harvest in 1939 yielded
'563,431,000 bushels, and the 10-year (1929-38) aver¬
age amounted to 571,067,000 bushels.
It is too early
as'-bad
appeared at first, but is still far
as
The winter wheat
good.
spring wheat crop, but the May 1
forecast the
to
that the crop in most areas is
favorable conditions of
recent years.
It is also noted that the area seeded
is probably about equal to the 19,425,000 acres
which farmers reported, in March, -they intended
report points out
starting out under the most
An area that size would be nearly
planting.
11%
when a crop of
produced. On these bare
higher than planted a year ago,
191,540,000 bushels was
size of the spring
reasonable guess as to the
facts
a
crop
would be around 215,000,000 bushels.
possible, therefore, that the year's output
wheat may
It is
of all
amount to as much as 675,000,000 bush¬
els, which is very nearly equal to average
domestic
disappearance.
It would seem to be
definite, however, that some
reduction in stocks of wheat
of
ume
will
during the
occur
year,
the amount depending on the vol¬
exports.
It is estimated that the carryover
next crop
300,with 254,286,000
July 1 next will be between 250,000,000 and
on
000,000 bushels, which compares
bushels
on
that date in
Exports have
averaging 70,000,000 bushels a year, but the
been
shown by
were
forecast
a
24.3% of the seeded area from 29%
month ago.
It is
now
anticipated, there¬
fore, that about 34,076,000 acres will be harvested
this year,
which compares with 37,802,000 acres in
1939 and
49,786,000
harvested
acre
acres
this year
The yield per
in 1938.
is estimated at 13.5 bush¬
gether had less than 12% of April's
sharp increases over a year ago.
from
ties
form
year's
increased to 72 with $911,000 liabili¬
with $553,000 a year ago.
ties from 57
On
geographical basis, the trend was not uni¬
over any large area, as is evident from the
a
Compared with
failures in the Boston,
Philadelphia, Atlanta, Chicago, St. Louis, Kansas
City and San Francisco Federal Reserve districts;
there were decreases in the New York, Cleveland,
Richmond, Minneapolis and Dallas districts.
The
last year
there were more
most marked increase
The New York
Stock Market
PLUNGING this week the New York stock market
prices on from the devastating Euro¬
resulted
With hardly a pause, levels tum¬
lowest figures recorded
reports.
active dealings to
in
this year,
and to far lower prices than
rye crop
is expected,
on
the basis of
lost 5 to 20
points.
the Low Countries
The rapid German advance in
unset¬
and in northern France
stock, bond, commodity and exchange mar¬
a
degree hardly witnessed since
some
acres.
a
The
little less than the average
crop
is estimated at 36,-
476,000 bushels, compared with 38,095,000 bushels
and 39,249,000 bushels in 1939.
and
the great
Scare selling was
pronounced in the trading on Monday
but
also
All
descriptions of securities joined
in the swift recession, which carried high-priced
stocks off 20 to 30 points for the week* while others
classes, groups and
trial
acres,
prevailed at
last September.
the start of the European war,
of
average
reduction in the Cleveland
district.
only a tenth bushel less than average, from an area
3,250,000
occurred in the San Francisco
district, and the sharpest
nervousness
of
the results:
following summary of
The
3,214,000
$746,000, and commercial
52 involving
service failures
decline that started late in 1929.
May 1 conditions, to yield 11.3 bushels per acre,
Construction
involving $1,547,000 liabili¬
insolvencies rose to -78
kets to
This
failures, there
were
tled the
1929-38.
which had only
April in com¬
160 involving $2,547,000 a year ago.
dropped to 766 with $5,198,000 lia¬
bilities from 790 involving $6,086,000 last year.
Manufacturing bankruptcies also were smaller,
totaling 261 with $6,925,000 liabilities, compared
with 272 with $8,647,000 last year.
In the construc¬
tion and commercial service divisions, which to¬
els, considerably less than the 14.9 bushels produced
years,
the wholesale group,
Retail failures
last year
and the 14.3 bushels average over the 10
the other
parison with
bled
report of the crop reduces expected
from a year ago, while
involving $1,666,000 in
failures
114
pean war
The current
groups
In the geographical segregation
there were decreases in only five of the 12 Federal
Reserve districts, and increases in the other seven.
In the trade divisions, most favorable results
port figures almost meaningless.
abandonment to
In the
figures, three
the
of
greater.
abnormal state of world affairs renders average ex¬
'
1940
18,
March, but of less than 1%.
division
showed decreases
two were
1939, 153,280,000 bushels in
1938, and 83,214,000 bushels in 1937.
May
Financial Chronicle
and Tuesday.
persisted in the mid-week sessions,
inquiry then developed for leading indus¬
aviation
securities, which regained por¬
President Roosevelt's
tions of their earlier losses.
special defense message to Congress on Thursday
stimulated
the
aviation
manufacturing
stocks
especially, and other industrial issues to a degree.
Business Failures in
April
But another
IT IS difficult to derive very much satisfaction
failure figures for April.
from
the
commercial
"While the number of casualties in
the month
did
not
quite equal the number recorded in April, 1939,
the
and
of
the
France.
percentage of decline was easily the smallest,
noted
with
melted.
9.5% in March, 13.3% in February, and 21%
the
There
was
an
increase of 7.9%
preceding month, whereas
on
over
the basis of the
week
simply
Leading issues fell points between sales,
Perhaps the greatest demoralization of the
was
January.
Tickers were late and talk began
it
values
attempt was made to resist the tide
decrease of
also
when
an
hardly
to circulate of a
were
yesterday,
liquidation.
and
of
late
preceding 10 years' results, the expectation is for a
3.4%; in 1939 and 1938 there
Brussels,
penetration by German mechanized units
northern extension of the Maginot line in
the
year-to-year, of any month this year, 3%, compared
in
selling wave developed yesterday when
reports arrived of the Belgian flight from
was
possible closing of the market, as
closed in 1914.
But
no
action
was
taken
up
The Commercial & Financial Chronicle
Volume ISO
the
to
close, yesterday, and market circles enter-
tained the hope that none would develop.
of the situation
ousness
especially since
ever,
reflects the
tle
The seri-
hardly is to be denied, how-
market recession merely
our
deepening difficulties of the Allied bat-
position.
Some stocks lost
of their values in the
quarter to a third
a
proceedings of this black week,
tries.
The day
with
3099
was
descriptive of irregular trading,
stocks making important advances and
war
steel issues in particular reflecting the broadest'
gains.
Moderate activity and firm prices featured
the opening, and
as
trading progressed, steel, avia-
tion, shipping, metal
rail equipment
and
stocks
moved along to finish the session from fractions to
Airplane issues show huge net losses for the week,
three points higher.
despite the bulge that developed after Mr. Roose-
from the head of the Allied forces stating that the
velt
his
announced
fleet of
American air
Allies had entered into the preliminary phase of
annual capacity of
the greatest military engagement was likened unto
proposal for
50,000 planes, and
an
an
equal size.
Industrial stocks generally were sharply
depressed,
and
ground
heavily.
times, and
of
rail
Bids
difficult
were
incidents
some
also
issues
utility
and
lost
find
to
at
noted of suspensions
were
trading in various issues, owing to disproportions
between
New
offerings and bids.
York
Stock
The turnover on the
Exchange neared the 4,000,000-
share level in the active
sessions, and approximated
2,500,000 shares in the less active periods.
In the listed bond market the
less
United
States
the
tended
Other
Treasury
market
were
department
and successful distribution of
also
proved
issue of $75,-
an
break in
more
than three years.
Sales turnover
sharp revision, giving
previous
up
two to nine points from
transactions
Initial
levels.
liquidation that later developed.
in not too sound
a
Margin accounts
condition after previous assaults
Friday gave way before this withering force,
immunity granted to no portion of the list.
was
and
associates,
prices, which made any attempt to
on
deepened
equity section to deeply depressed levels.
the four winds.
ities
leading that
prevailed, owing to fears that
Allied
purchasing
Wheat
plunged the limit of 10c.
ber
be
curtailed
a
week earlier.
halted,
two
on
Other grains also
better maintained than other
obvious consequence
European affairs.
Rub-
commodities,
of the greater transporta-
tion difficulties attendant upon
in
or
bushel
a
weak, and base metals likewise dropped.
was
as an
might
days, and closed yesterday far under the
figures current
were
secur-
In the commodity market
group.
the utmost confusion
successive
iForeign
plunged wildly, with Belgian
the rapid changes
In the foreign exchange
mar-
By mid-
afternoon the market experienced a third and final
Speculative domestic bonds naturally followed the
dollar securities
a
again applied, and values suffered further in-
roads, relinquishing more than six points.
onslaught
Inc.,
After
slight let-up at the close of the first hour, pressure
rally its forces well-nigh hopeless.
Stanley & Co.,
inter-
accounts in the hands of domestic brokers, and sub-
by
Morgan
were
spersed with orders for the liquidation of Dutch
000,000 United States Steel Corp. serial debentures
'
ex-
ceeded 2,500,000 shares and equity values suffered
Prices broke four points in the first period, with
reflected in ordi-
was
Trading
on
long-term Treasury bonds,
media
market.
the
into
thrown
was ex-
vulnerable, but the underlying stability
of this financial
nary
for
investment
bombshell
marked
were
session, and official support
high-grade
somewhat
securities
a
quickened and panic reigned, producing the widest
sequently proved to be the forerunner of the heavy
performances
spectacular, but also somewhat disconcerting,
lower in most
On Monday the announcement
War hysteria
Tuesday, and reason was scattered to
on
Orders to sell streamed in from
all sections of the United States in such volume that
turnover on the day
and
surpassed that of the day before
within close approach of' the 4,000,000-
came
The unrelentless drive of the German
share mark.
armies and the apparent success
of its well-designed
strategy intensified the fear of its ultimate conquest
of Europe, and rendered the
market prostrate from
the pressure of overpowering
liquidation, which re-
suited in losses running from three to
19 points,
Major issues sustained a sharp revision in their
prices, with United States Steel showing a net loss
Bethlehem Steel 8 points, and the
giving up 19% points,
also struck new lows, General Motors
of 6*4 points,
ket, sterling fluctuated widely, although the official
hardest hit of all, duPont,
rate
Motor stocks
naturally
held.
against the dollar.
United
On
States
touched
stocks
Curb
were
the New
new
touched
Stock
Call loans
low levels.
new
on
were
On
on
Stock
the New
were
on
York
re-
Exchange the sales
on
on
Monday, 2,558,990
on
Wednes-
Thursday, 2,354,380 shares,
Curb
Exchange the sales
109,275 shares;
on
on
on
Monday, 479,532
on
Wednesday,
Thursday, 382,160 shares, and
on
Friday, 536,895 shares.
A state
on
of calm
descended
Saturday of last week
as
on
the
stock
market
reports told of the
break-up in the German advance into the Low Coun-
of invad-
ing Nazi forces and their subsequent retreat across
the Meuse River
brought with it on Wednesday re-
sistance to the downward sweep
time
restored
some
of values and at the
semblance of sanity to
trading.
Taking stock of the situation the past sevseasoned brokers contended the decline in
values had gone far
warranted.
with
a
beyond the point circumstances
At the outset prices moved lower, but
steady fiow of purchase orders coming to
hand, the market reacted to
higher levels.
This
principally confined to the
groups most likely to benefit from Allied purchases,
and included steel, aircraft and motor shares. The
afternoon session brought with it news of the collapse in wheat prices, the worst since 1933. This
proved to be a further detriment to better stock
prices, and for a time they succumbed to its unfavorchange in trend was
Tuesday, 596,682 shares;
645,940 shares;
Indications in foreign dis-
eral days
Exchange
Tuesday, 3,680,520 shares;
on
ex-dividend.
patches of a throwing back by the French
same
Friday, 3,074,940 shares.
Saturday
shares;
high levels
low levels.
671,970 shares;
day, 3,768,310 shares;
on
new
new
shedding 6% and Chrysler off 7% points, the quotation being
unchanged at 1%.
Saturday
and
as
the
On the New York
the New York Stock
the New York
shares;
toward
Exchange nine stocks
Exchange 12 stocks touched
mained
soft
were
levels for the year, while 930
and 527 stocks touched
On
units
movements
sharply accelerated.
York
high
Other
Gold
able influence.
Recovery among war stocks fol-
lowed later, but they failed to
touch the day's best
The Commercial & Financial
3100
President's appeal
levels.
The
billion
dollar
to Congress for a
defense-expansion
fund
made
on
Chronicle
May 18.
1940
yesterday at 50% against 60% on Friday of last
week; Crucible Steel at 32 against 41; Bethlehem
Thursday afternoon heartened the general list and
Steel at 77 against 86%, and Youngstown Sheet &
brought amazing recovery to aviation stocks, and to
Tube at 32% against 42%.
The motor stocks followed the fortunes of a de-
issues in
lesser degree.
other
war
group
extended all the
a
way
Gains in this
from two to six and
one-
dining market the present week, with the spread in
a
prices of Chrysler Corp. the widest in the group,
willy-nilly fashion until the afternoon, when the
disclosed,
Auburn Auto closed yesterday at 1% against 1%
bid on Friday of last week; General Motors at 42%
for the moment became of secondary im-
against 52%; Chrysler at 61% against 81%; Paek-
half
points.
In early dealings values moved in
contents of the President's message were
War
news
portance as brokers turned their thoughts to the
ard at 2% against 3%, and Hupp Motors at %
President's defense program and
against %.
derived by
contracts.
over
the
the benefits to be
industries through Governmer"
war
Recovery in wheat prices after
to wide fluctuations
factor toward stronger
was
another
markets.
a
day given
Of the total issues
than doubled
more
those
that
declined, with about 20% of the total showing
no
change.
The lightning-like penetration of the Nazi
invaders
deep into Belgium and northern France
brought about the fall of Brussels yesterday and
induced
Sales
fresh
share level
of
liquidation
volume
as
again soared
in
stock
prices
here,
beyond the 3,000,000-
the market weakened under
attacks, and equities
gave up
a
series
from three to 10
points
as news
of the
trickled through at intervals telling
increasing gravity of the Allied position.
A
comparison of prices at the close yesterday with
final
quotations
on
Friday of last week
reveai
broad
recessions in all groups.
General Electric closed
35
yesterday at 30% against
Friday of last week; Consolidated Edison Co.
on
of N. Y. at
26% against 30%^Columbia Gas & Elec-
trie at 5
against 5%; Public Service of N. J. at 34%
against 40%; International Harvester at 47%
against 55%; Sears, Roebuck & Co. at 67% against
83%; Montgomery Ward & Co. at 39% against
45%; Woolworth at 34 against 37%, and American
Tel, & Tel. at
156% against 172.
Western Union closed yesterday at
19%
16% against
Friday of last week; Allied Chemical & Dye
against 178%; E. I. du Pont de Nemours at
on
at 155
161
against 186%; National Cash Register at 11%
against 13%; National Dairy Products at 14%
against 17; National Biscuit at 19% against 22;
Texas Gulf
Sulphur at 29% against 33%; Loft, Inc.,
against 29% ; Continental Can at 36 against
44%; Eastman Kodak at 139% against 155%;
at 21
Brknds at 5% against 7; Westinghouse
Mfg. at 89% against 108%; Canada Dry at
against 18%; Schenley Distillers at 9% against
Standard
Elec. &
15
12%, and National Distillers at 20% against 24.
In
the rubber group,
Goodyear Tire & Rubber
closed
yesterday at 15% against 19% on Friday of
last week; B. F. Goodrich at 12%
against 15%, and
United States Rubber at 18% against 27.
Railroad shares came in for sharp downward revision
in
prices the present week.
Pennsylvania
yesterday at 17% against 20% on Friday of last week; Atchison Topeka & Santa Fe at
RR. closed
15%
against
20%;
New
York
Central
at
12%
against 14%; Union Pacific at 84 against 90; SouthPacific at 8% against 10%; Southern
Railway
10% against 14%, and Northern Pacific at 5%
era
at
against 7%.
Losses
nounced
the
week.
steel
shares
United
were
States
very
Steel
pro-
closed
Oil at 8% against 11%, and At-
lantic Refining at 21 against 25%.
Among
the
stocks,
copper
Anaconda
22% against 29%
closed yesterday at
on
Copper
Friday of
last week; American Smelting & Refining at 38%
against 49%, and Phelps .Dodge at 30% against
37%.
In the aviation group, Curtiss-Wright closed
yesterday at 9% against 10% on Friday of last
week; Boeing Airplane at 20% against 22%, and
Douglas Aircraft at 82% against 89%.
Industrial
reports
were
not
unfavorable
this
week, but they exercised hardly any influence over
the market, in view of the startling European developments. Steel operations for the week ending today were estimated by American Iron and Steel
Institute at 79.0% of capacity, against 65.8% last
week, 60.9% a month ago, and 45.4% at this time
last year.
Production
of
electric
power
for
the
week
ended May 11 was reported by Edison Electric Institute at 2,387,566,000 kwh., against 2,386,210,000
kwh. in the preceding week and 2,170,750,000 kwh.
in the corresponding week of last year. Car loadings of revenue freight in the week to May 11 were
reported by the Association of American Railroads
at 680,657 cars, a record high for the year. This
increase over the preceding week of 15,147
was an
cars>
and
over
the similar week of 1939 of 126,013
cars.
indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 86%c. against 108%c. the close on
Friday of last week. May corn closed yesterday at
61%c. against 68%c. the close on Friday of last
week. May oats at Chicago closed yesterday at
38%c. against 41%c. the close on Friday of last
week.
The spot price for cotton here in New York closed
yesterday at 9.72c. against 10.32c. the close
on
Fri-
day of last week. The spot price for rubber closed
yesterday at 22.75c. against 24.00c. the close on
Friday of last week. Domestic copper closed yesterday at ll%c. against ll%c.-ll%c. the close on Friday of last week. In London the price of bar silver
closed yesterday at 23% pence per ounce against 21
pence per ounce the
close
on
Friday of last week,
and spot silver in New York closed yesterday at
34%c., the close on Friday of last week,
In the matter of foreign exchanges, cable transfers on London closed yesterday at $3.22 against
$3.19% the close
among
this
yesterday at 35% against 41% on Friday of last
encouraging \ week; Shell Union
(a little less than 1,000) traded during the day, the
number to advance
v
Among the oil stocks, Standard Oil of N. J. closed
transfers
on
on
Paris
Friday of last week, and cable
closed yesterday at
against 1.81c. the close
on
1.82%c.
Friday of last week.
The Commercial & Financial Chronicle
Volume ISO
European Stock Markets
3101
that would have commanded admiration in other
PRICE movements followed in thewar newsEuro- have been prepared conformity with plansthat stand
the leading this circumstances. In long in advance, and that must
exchanges
week
stock
on
failed
in sharp contrast to the sudden allegations of Dutch
and Belgian plotting for Allied aid, the Germans
marched into Holland and Belgium with ruthless
disregard for the genuine neutrality of those Low
Countries. Luxemburg, also a real neutral, was
overwhelmed immediately, since that small country
iias na defense forces.
Holland and Belgium,
warned repeatedly against a Nazi attack, were better prepared. But the Netherlands proved defenseless against the onrushing hordes of Nazis, and a
virtual capitulation of that country took place Tuesday, only four days after the start of the German
military advance. Against Belgian border defenses
the Germans threw an enormous weight of military
strength, and the Belgian lines wavered and broke
in a few places. But the British and French soon
stiffened the resistance of the Belgians, and the
first great battle of the Western Front was joined
along the banks of the Meuse and Dyle rivers, with
Brussels and Antwerp the obvious objectives of the
Germans in Belgium. The Nazis took the French
border town of Sedan in their initial advance, and
some of their mechanized forces apparently penetrated portions of the northern Maginot line extensi°n- But in northern France the struggle is ob-
tion of the
Amsterdam
The
centers.
to open
is closed
now
market
after the Whitsuntide holiday, and
financial
pean
indefinitely because of the capitula-
country to the German invader, Tuesday,
The London Stock
Exchange
was
the only prominent
European market doing business last Monday, all
others
Small
being shut down for the Whitsuntide.
dealings and
irregular upward movement were
an
reported in that session at London, but in all subse-
quent trading prices melted in the London market,
Gilt-edged issues, industrial stocks and other securities all drifted
steadily downward, under the impact
of the
news
gloomy
of the German progress in BelThe Paris Bourse like-
gium and Northern France.
wise
witnessed
holders endeavored to
especially heavy,
that
the
war
turn at any
at
after slump,
slump
as
liquidate.
frightened
as
Dealings were not
most holders doubtless realized
might take
news
After
moment.
more
a
favorable
quiet initial session
a
Berlin, Tuesday, the German market bounded
forward in mid-week
dealings, owing to the collapse
of the Netherlands resistance and the
of Reich
forgotten in all markets
were
battle
rapid advance
Ordinary considerations
troops elsewhere.
the tremendous
as
developed in the Low Countries and in North-
France.
ern
and uncertain, with the official statements
scure
from either side
none
too informative.
Grim and Ruthless Warfare
Holland Falls
WESTERN EUROPE was turned into a shamNazis
bles this week
as
the German
their Blitzkrieg on the Low
extension of the
ern
Allies,
EFENDERS of the Netherlands found it
unleased
L'
Countries and the north-
Maginot line in France.
to surrender almost the entire country
to the German invaders, soon after the troops began
The
to march over the border just eight days ago.
augmented by the Netherlands and Bel-
now
sary
neces-
None
gium, resisted with all their strength the shattering
too skilled in actual warfare, the Netherlands troops
impact of the German mechanized forces and the
put up a valiant resistance and only laid down their
vast steam-roller of the main Reich forces.
of
battle overwhelmed
The tide
arms
when the
extreme.
Holland with dreadful and
situation seemed desperate in the
German troops rapidly conquered the rela-
of the main
tively defenseless Dutch region immediately east of
Belgian fortifications also have fallen to the Ger-
the Zuyder Zee, and they also proceeded with amaz-
disconcerting swiftness, while
invaders.
man
some
Allied aid promptly reached the Low
ing speed to roll up the defenses of the higher ground
Countries, but it failed to stem the German advance
contiguous to the German Rhineland.
in the
principal part of the Netherlands, while Bel-
troops were dropped over Rotterdam in great num-
battlefield.
German
bers, and the effectiveness of this new form of war-
perhaps pierced
fare was demonstrated by the hold which the Ger-
gium
remains
vast
a
Some
forces apparently have reached and
the extension of the French fortifications
opposite
man
Belgium, but the official reports from both sides
veiled
are
inconclusive
and
northern France.
as
the
to
fighting in
All that is certain at the moment
is that the initial
great battle of the
war
is being
fought and that the carefully laid plans of the GerCommand
man
French and
of the
meeting
are
British
a
degree of
authorities admit
success,
the serious-
forces thus obtained on a part of the great
Dutch port.
-
Parachute
German bombing airplanes reduced
most of the Holland airports to uselessness in merciattacks.
Although the Netherlanders gained
less
considerable aid from the British flyers, they were
unable to resist the Reich aerial superiority, and
this circumstance also contributed heavily to the
fall *of the country, Tuesday.
The real purpose of
situation, but insist that it is far from
the Nazis in invading Holland was not disclosed,
desperate.
The principal German aim still is undis-
but is presumed to be that of gaining areas from
closed and
possibly will depend
which land forces might endeavor to outflank the
ness
the tremendous
Allies
cannot
northern
the main
land
As
the
an
now
in
of
If the
Belgium and
enveloping movement against
a
Blitzkrieg against Eng-
previous invasions of Poland, Den-
Norway, the Germans this week rendered
ordinary military
calculations
obsolete.
against Holland, Belgium
burg, which they launched early
carried
course
equally probable, and equally fantastic.
their
movement
the
in progress.
Germans
Maginot line and
mark and
all
halt
France,
seem
in
struggle
upon
along with
a
on
The
and Luxem-
May 10,
was
swiftness and thoroughness
Belgians, and sea and air forces might essay an
attack
on
England.
The main German attack on the Netherlands was
rushed over the land bridges between the "water defenses" of the country, and it is probably for that
reason
that reports are lacking of any Dutch flood-
It is conjectured
"Trojan horse" units
ing of nominal defense regions.
in some quarters that German
actually were in the country long before the inva-
sion began, and made useless the controls of the
water defenses centering in Amersfoort.
The full
Chronicle
The Commercial & Financial
3102
account of the swift invasion is still to be told.
it is clear that
the "heart"
even
But
of Holland, com¬
May 18, 1940
Belgian defend¬
through the use of a secret device.
number of 1,000
to the
ers
said to have
are
sur¬
of German
prising the triangle from Amsterdam to The Hague
rendered
to
troops used the alleged new means of combat.
Utrecht, became perilous by Tuesday, for on that
day the Royal family was transferred to London,
and
Cabinet
Dutch
the
immediately followed this
when
helplessly
handful
a
doubt about the new German arm is
some
But
advisable,
strange method is not reported to have
since the
It remains
elsewhere.
evident,
the
been
used
ported early repulses of the parachute troops in
other
hand, that the Germans were able to put the
Ratterdam, but these were soon joined by mechan¬
fort out of use and to sweep
ized forces which the Germans sent overland.
they did in 1914.
Dutch authorities
flight to the British capital.
land
thus
overland
French
General
from
off
cut
was
Belgian
re¬
Hol¬
and Anglo-
aid, and the Dutch commander,
Henry Gerard Winkelman, considered his
situation
hopeless late
Tuesday.
on
He ordered the
on
around Liege, much
as
The new Albert Canal was crossed
and the German forces
poured
Belgium,
one
great army moving through the Ardennes to
the
French
while
border,
hastened
another
The latter force
Brussels.
across
met
was
near
toward
Louvain
defending troops to lay down their arms and thus
by major detachments of the British Expeditionary
prevent further slaughter of soldiers and civilians.
some justification, in a strictly military sense,
Force, and a hot contest began along the banks of
With
the River
Chancellor Hitler extolled this conquest as
with the
"unique,"
Wednesday, and added that its military impor¬
on
be shown in the
tance will
soldiers
that
German
occupied the industrial area of Holland
day, and Queen Wilhelmina began to rule her
added to the Allied
considerable
amounts
around
fleet, but it
of
Dutch
that
appears
gold fell into the
of
march
circumspect
a
was
The Dutch Navy
A curious incident of the inva¬
hands of the Nazis.
sion
exile.
from her London
domain
was
future.
near
invaders
the
Doom, where the former German Kaiser
Airplanes
Dyle, Wednesday.
were
outcome of this conflict still is in doubt.
claimed
is
no reason
to doubt the accuracy
Hand-to-hand conflicts
of the assertions.
reported
were
this front,
on
proximity of the Napoleonic battlefield of
Waterloo
tempted
second Waterloo
Louvain.
claimed
some
observers to predict that
might be in
Command
German
The
progress
a
in and around
late
yesterday
entry of Reich troops into Brussels, and
their appearance
But the
maintains his household.
Both sides
damage to the enemy, and there
enormous
and the
used
greatest abandon by both sides, and the
at the gates of Antwerp.
fighting around the French city of Sedan
possibly is of equal importance, for the area around
Western Front
that historic battlefield is
FURIOUS fighting was reportedofall this Belgium
the extended Western Front,
which week on
The battle on the blood-drenched
again is
a
fields of
Belgium
German
part.
invaders, but that
of the element of
may
be
one consequence
surprise, which the Reich forces
utilized to the full.
in
far to have favored the
seems so
The
reports
confused, and
are
respects they conflict, but there is no doubt
some
whatever that the first
and Allied forces has
Dyle Rivers.
major conflict between Nazis
developed along the Meuse and
Aerial and mechanized land units
ap¬
trol of the Channel
a
battle of tanks in the
followed by the German
From Sedan to the North
Sea the French fortifications
to
of the great
those
the
reason
points, and
Meuse at three
are
somewhat inferior
Maginot line, which may be
attack in that
for the Nazi
Germans sent their tanks
ber of
reported to have crossed the
were
that
by the Germans, but they affirmed
the week progressed the
main Allied and German armies also seemed to be
The British forces poured into
coming to grips.
Belgium
over
the last week-end, in
aid.
pleas from Brussels for immediate
mechanized
and
French
terrain
regular units moved toward the
a
Official
to the
French
response
loop into French territory was established
a
within
German
assumption in
course
Belgian defenses, and
of Brussels and
a
Antwerp
gigantic conflict, while
a
battle for the possession
now
is
one
phase of the
German attempt to break
claims
which
over
Commands
the
their
losses in
men
were
modest, while
the
vast
struggle raged.
themselves
uncertain
battle between
adversaries
the
war
as
to
the
great contingents of
Each side, however, claimed
were
suffering
airplanes and land casualties.
carried
The
quarters was that the several
some
were
of the
the
highly mobile forces.
that
Thursday that
High Command provided few details of the
invaders, doubtless in conformity to well conceived
however, served to overwhelm the most important of
on
week this situation would be well in hand.
plans.
The lightning attack of the German forces,
The
a num¬
places/ French authorities admitted
parently have been employed with great abandon in
as
area.
the border at
over
this test of
strength, but
con¬
An immense
Sedan, which succumbed to the invaders
on
the last week-end.
over
which the
on
Ardennes, which the French
claimed to have won, was
attack
pivot
ports may hinge.
into
the
enormous
Allied air¬
German Rhineland,
through the extension of the Maginot line opposite
but the Germans
the
superior air force in the drive against Belgium and
Belgian
theater of
frontier
war.
constitutes
Actually, of
a
course,
second
vast
these lines
are
the
preferred to
Maginot line.
Reich
use
their admittedly
statements claimed the
continuous, but the Germans retain the initiative
destruction
and
ports in great numbers, but such
possibly will be able to decide whether the
flict is to be carried to the
the
Belgian coast,
or
con¬
around
often in the
of
British
warships and troop trans¬
statements too
past have proved unfounded.
Maginot line.
With
forces
swift
and
deadly precision,
moved late last week to
European Neutrals
German
the
outflank the
LL of
great
Belgian border fortress of Liege, and the great Al¬
beit Canal.
They attained at least
by undisclosed
means.
great forts, and
Eben
one
a
partial
Liege consists of
chain of
of the key points, known as
Emael, fell to the invaders last
a
success
Saturday
Europe is resigned to a still greater exten¬
sion of the
prodigious conflict between the Al¬
lies and the German
indications
will
the
strike.
this
Nazis, but there were no definite
week of where the
lightning next
Italy is regarded in most circles as
determining factor in any extension of the war
Volume
The Commercial & Financial Chronicle
ISO
to southeastern
kept his
student
Europe.
Premier Benito Mussolini
counsel, however, save for permitted
own
demonstrations
Allies.
In
against the Anglo-French
dozen Italian cities students marched
a
3103
the Anglo-French Allies will be able to salvage that
section, which centers around
the ore port of NarLondon and Stockholm dispatches early this
vik.
week indicated that
military operations for the
against British consulates, and not in all instances
capture of Narvik
did the
the tremendous events
Italian
suffered
were
police intervene before indignities
by the British representatives.
of the Allied nations
burned in
were
Flags
of these
some
demonstrations, and the smiling acquiescence of II
Duce seemed
from
encouraging to the students.
President
participation
deaf
on
Roosevelt that
said
was
It is
ears.
Thursday to have fallen
on
clear,
now
that Premier Mussolini has
the
A plea
Italy refrain from
the other hand,
on
intention of
no
entering
Europe.
the main battlefields
on
of
troops
were
said to have taken
a
coastal
miles north of Narvik, under the protecting fire of British warships.
An eye-witness dissome
patch to the New York "Times" of Thursday, from
"somewhere near Narvik," provided more illuminat-
ing information than is supplied by the laconic military communiques.
According to that account, the
great conflict until he is convinced that his Ber-
Germans not only hold Narvik, but hope to hold it
partner in the famous axis will win.
lin
for a long time to come. The Nazis are rushing repairs to the port and the railroad which carries ore
matic experts
hold the opinion that
Most diplo-
decision by
a
Signor Mussolini will await the outcome of the
rent battle in
some
cur-
from the Kiruna mines in Sweden, and they are said
Belgium and northern France, while
to have received supplies and reinforcements by air
and sea in recent days. The dispatch states that the
claim that
only the passive role of threats and
intimidation will be acted out
to
by II Duce, in order
keep important French troop concentrations
on
main fighting against the Nazis is being done by
Norwegians.
.
the Italian border.
r
■
.
Switzerland
bility of
sions
Swiss
airplane
aircraft forces.
on
the
for
several
a
shot down by the Swiss anti-
was
appeared to be
invasion of Switzerland that the
an
Legation in Berne burned all its files, Tues-
day.
German forces gathered ominously
on
the
Swiss
border, and the Swiss-German frontier
was
closed, Thursday.
The possibility of
a
/CHANGES in the
France
occa-
one
German
move
Western Front.
To
disregard of Dutch and Belgian
continual alarm
the
over
in
was
a
rumors
involving both German
state of almost
of border incidents
and Italian
officially controlled German
press
forces.
launched
a
The
verbal
barrage against Yugoslavia, Thursday, and this
almost
considered
as
forces
the
on
Yugoslavian
concentrations
banian border.
were
Hungary
some
action
frontier,
while
even
dispatched to the Al-
quiet, but Rumania
was
endeavored to better its defense
British Fleet sailed
to
Greece added to its defense
against that country.
heavier
prelude
a
was
arrangements.
The
Thursday from the Egyptian
on
highly im-
all
intents and
on
the
Great
Britain,
as a consequence
purposes
of the Allied with-
drawal from Central Norway, has been followed by
the formation of a National Government.
In
France, also,
a
reshuffling of the Cabinet took place,
with all legal parties
changes the British
Yugoslavia
prove
the
enforced resignation of the Chamberlain regime in
the
neutrality.
represented in the group
now
Premier
Paul
Reynaud.
move must
Of
these
be regarded as by far
the
more significant.
On being entrusted by King
George VI with the formation of a new Cabinet,
Winston Churchill
rapidly filled the posts with the
ablest
men
within
servative, Liberal
an
inner
War
reach, regardless of their Con-
or
Labor affiliations.
Council
of
five
He named
members, ranging
with himself in this group Viscount
servative,
as
Halifax, ConForeign Secretary; Neville Chamber-
lain, Conservative,
as
Lord President of the Coun-
cil; Clement R. Attlee, Laborite,
as Lord Privy Seal,
Greenwood, Laborite, as Minister withportfolio. As his War Secretary, Prime Minis-
and Arthur
out
and this added to the
anxiety in the vast region of
Churchill last Sunday named Anthony
Eden,
Conservative, while Sir Archibald Sinclair, Liberal,
was selected as Air Minister, and Albert V. Alexan-
southeastern
Only Russia appeared to feel
der, Laborite, was placed
port of Alexandria, for an unannounced destination,
no
concern,
Europe.
and
hint
no
afforded by Moscow
was
of the real views entertained at the Kremlin.
...V.y;
•
Norway
ter
as
First Lord of the Ad-
Sir Kingsley Wood, Conservative, was appointed Chancellor of the Exchequer, and Herbert
Morrison, Laborite, was selected for the Supply
miralty.
Last Tuesday Mr. Churchill widened the Cabi-
p0st>
FEW reportsofwere available thisthe hands ofNor- duction, which a placed under theAircraft Pronet by establishing new Ministry of direction
all
which
is in week from the
now
wray,
German
Nazis
save
the northward of the
try.
the
being
tor the Reich.
nomic
strip far to
populous portion of the
as
little
more
Even Sweden is
demands, in
a sense,
coun-
subject to Nazi
a
Sweden.
But
new
was
asked last
Monday to supply the
regime with its necessary vote of confidence,
and the response was
members voted.
unanimous, in
so
tionally brief speech, in which he invited
part of Norway
far
Mr. Churchill delivered
to declare its
battleground, and it still is possible that
Parliament
eco-
Skagerrak-Cattegat
one
of
Lord Beaverbrook.
con-
which affords the only outlet to the West-
World for
remains
than supply bases
owing to the Nazi
of the Baltic Sea and the
passage,
ern
coastal
Together with completely occupied Denmark,
principal areas of Norway must be considered
for the time
trol
was
the small
,
Hv-
portant factors in the developing conflict
surrounding
view of the Reich
::V
Cabinets of England and
war
unquestionably will
through Switzerland, with the aim of outflanking
Maginot line, cannot be lightly dismissed, in
r.
Allied Regimes
possi-
move
neutrality, and at least
British authorities
convinced of
British
over
Italian
an
German airplanes
violated
German
this week
was nervous
German attack and
a
"protectorate."
so
re-
continuing, notwithstanding
The port itself remains in German hands,
but French
point
were
an
as
the
excep¬
the House
approval of the steps taken.
"I have
nothing to offer," he said, "but blood, toil, tears and
sweat.
We have before
grievous kind."
land,
sea
us
an
ordeal of the most
His policy he outlined
as
war
by
and air until victory is achieved, for "with-
The Commercial & Financial Chronicle
3104
for the British Em-
victory there is no survival
out
pire,
survival for all that the British Empire has
no
stood
for,
his
survival for the urge, the impulse of
no
that mankind shall move forward toward
the ages,
The House, which comprises 615 mem-
goal."
Churchill a unanimous
bers, thereupon granted Mr.
The meeting was
by 381 to 0.
of confidence
vote
hurriedly called, which makes it appear that the
lack of additional votes was due rather to non-
mented on the "orgy of destruction," and added that
Americans cannot close their eyes to the menace
abroad or delude themselves "with the mere hope
that somehow all this will pass us by." It was disclosed in Washington, Wednesday, that Mr. Roosevelt had addressed an appeal to Premier Benito
Mussolini to keep Italy aloof from the conflict,
President Roosevelt delivered a defense message
of the Senate and the House,
to a joint session
and long
dreaded attack began through Holland and
Belgium.
M. Reynaud announced that Louis Marin;
Nationalists, and Jean Ybarne-
Thursday, in person. He made much of the brutal
force of modern offensive war in these ominous days
of swift and shocking developments, which make
every neutral nation look to its defenses in the light
of new factors. "No old defense is so strong that
it requires no further strengthening, and no attack
of the French Social party, had consented
is so unlikely or impossibly that it may be ignored,"
The Cabinet was said to be in
to next measures to be taken for
the President declared. Much progress has been
made in our defense arrangements, according to Mr.
Roosevelt, but he held that still more is needed.
of members than to abstentions.
appearance
In
legal parties quickly rallied to the sup-
France all
.
May 18, 1940
when the long awaited
port of Premier Reynaud,
leader of the French
garay,
to
join the regime.
absolute
unity
as
the defense of France.
Aircraft production should be speeded, without in
.
American Reactions
any way
curtailing suppiies to the Allies, he said;
THROUGHOUT the the wantonand especially in The Nation should achieve an ability to turn out
States, Americas, German invasion
50,000 planes a year, it was indicated, and should
the United
the most bitter resent-
of the Low Countries aroused
ment and
clear determination to prepare
a
any
be denied that some
It is hardly to
eventualities.
for
movement, but to a
degree is represents a hastening of tenden-
hysteria is present in this
certain
cies
apparent ever since the European war began.
Sympathy for the Allied cause gained ever broader
In some
parts of the metropolitan press the question now is
posed whether the United States should not enter
expression, both officially and unofficially.
the
war
without delay.
The Nazi invasion of Eng-
land, Belgium and Luxemburg was condemned in
he most
and
forthright
by President Roosevelt
The decision
Secretary of State Cordell Hull.
suddenly
for
manner
reached by the Administration to call
was
vast armaments program,
a
diture of
record
involving the
No less
peace-time outlays of recent years.
Roosevelt reappropriation of $896,000,000, of which $546,000,000 would be for the
Army and $250,000,000 for the Navy and Marine
Corps.
In addition, the President asked for perimmediate
the
quested
BOnal authority to expend $100,000,000 for "emer-
gencies affecting the national security and defense."
Over and above these $896,000,000, Mr. Roosevelt
agked for authorization to make contractual
tions amounting to
and Marine
Corps, and $100,000,000 for the Execu-
tion wouId be the
vasion of the Low Countries and the intensification
Gf ^he
from Buenos
of the Johnson
and the
for loans to the Allies.
the
way
Neutrality Acts, in order
Viewed in
plainly place the United States
general, these
moves
well
the road to war.
along
on
^
President Roosevelt set the
the United States
on
the Low Countries.
he not
held
In
a
late address
on
Nazi
threat to the
ments of the
constitutes
aggression
security of the Americas.
Neutrality Act
were
a
met last Saturday,
Holland, Belgium and Luxemburg
were
war
to the
On the
provisions of that
the British
definite
The require-
officially to the list of nations at
measure.
added
and subject
same
day
Navy landed forces at the Dutch West
Indian islands of Curacao and
Aruba, allegedly to
prevent sabotage by Germans, and
our
press
war
In
Western Front.
on
a
summary
Aires, last Saturday, the Associated
reported that Ecuador had expressed official
sympathy for the Low Countries, while press cornment
in
all
almost
South American
capitals
was
Argentina was said to have
change in the neutrality of the Americas
along the same lines.
proposed
a
"non-belligerency."
-£0 an attitnde of
-jng
on
any
with the Allies>
on
Tuesday that
Secretary of State Hull indicated
a
Uruguayan proposal for joint con-
clemnation of the German invasion
favorably in Washington.
jcan
tr
adopted at the Pan-
There was little
conference, late last year.
judication of
concern
countries
among any
regarding
in the Dutdh West
would be viewed
This move would be in
accordance with declarations
ama
While frown-
gucb virtual alliance of the Americas
the
of the Latin Amer-
Allied
landing
of
Indies.
State Depart¬
regarded
as
Far Fast
infringement of the Monroe Doctrine, since
no
D EPERCUSSIONS of the latest European war
ment made it
an
May 10,
only scored the "cruel invasion," but also
that
when
tone^ for comment in
the Nazi military sweep over
swept by
feeling of revulsion against the German Nazi in-
in the
to pave
principal aim of the vague items,
The Latin American countries also were
a
obliga-
$186,000,000 for the Army. Navy
He indicated that increase of aircraft produc-
tive#
significant, perhaps, was the introduction of a bill
House, last Monday, calling for modification
through the general program of
jn order to carry
speeded defense arrangements, Mr.
expen-
$1,182,000,000, notwithstanding the
some
plan a program for an aerial force of 50,000 planes,
change
of
clear that this
sovereignty
Roosevelt last
was
was
not
involved.
Saturday answered
an
President
appeal from
1\
developments were not long in developing in
the Far East, where interest rapidly shifted from
Leopold III for American moral support of the Bel-
the Sino-Japanese war to the problem
gian defense, with an assurance that all America
lands East Indies.
hoped for
Dutch islands,
vation
tegrity.
a
rebuff of the
aggressors
and the
preser-
by the Belgians of their freedom and in-
Secretary Hull
on
Monday bitterly
com-
of the Nether-
Those extensive and wealthy
stretching more than 3,000 miles
along the Equator in the Indian and
Pacific Oceans,
virtually have been cut off from communications
•
Volume
with
The Commercial &
150
Holland,
possibility of snch
an
The
by the Nazi flood.
produced
occurrence
Japa¬
a
statement, in mid-April, that Japan could not
be indifferent to
erlands East
diately by
States
a
Indies, and this
was
countered imme¬
Washington declaration that the United
would
view
prejudicial to
Hull last
change in the status of the Neth¬
a
active
any
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
that the status quo
see
is mainained in the Netherlands East Indies.
authorities in Batavia at the
time
same
as
Friday
1%.
was
there as
measures
Saturday reiterated the intention of the
United States Government to
were
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 of last week. Money on call at London on
on
Bank of
Secretary of State Cordell
peace.
3105
Foreign Money Rates
that almost all of the Nether¬
now
lands has been inundated
nese
Financial Chronicle
Dutch
placed all
England Statement
THE statement of the Bank for in circulation
May 15 showed total notes the week ended
at
£546,415,000,
an
advance of £2,462,000 in the week,
compared with the record high £554,615,983 Dep. 27,
of the islands under martial law and interned the
1939, and £493,619,892 the corresponding period
German
year ago.
nationals and
mental
ships within their
Native
area.
rulers
their continued
nounced
on
govern¬
Wednesday
mina, which tended to clarify the situation.
British
and
assured
of
status
The
Netherlands
Japan
the
Governments
Monday that
on
Dutch
an¬
loyalty to Queen Wilhel-
islands
The
formally
change in the
not
is
a
contemplated.
position of Japan remains enigmatic, although
is
quite possible that the Japanese Navy is
anxious to engage
in activities
the Netherlands East
success
in
its
than dubious
seems more
exhaustion
occasioned
by the
longed campaign of aggression in China.
nese
behalf in
own
Indies, but the likelihood of
in such endeavors
view of the
on
pro¬
deposits
decreased
spectively.
£1,743,957
The latter
20.6%.
accounts,"
£2,406,773,
and
The proportion of
19.1%; last week it
now
£712,000,
increased
deposits fell off £4,150,730.
consists of "bankers accounts" and "other
which
reserves to
20.1% and
was
re¬
liabilities
a year
Government security holdings showed
slight gain of £15,000 while other securities de¬
a
clined
£1,027,870.
and
counts
Other
advances"
securities
and
include
"securities,"
"dis¬
which
dropped £643,825 and £384,045, respectively.
change
we
The Japa¬
civil authorities appear to have some knowl¬
Public
while other
is
a
attended
was
gain of £59,946 in gold holdings, reserve dropped
a
£2,402,000.
ago
tension is said to have decreased in Tokio.
It
by
As the circulation increase
made in the 2% discount rate.
was
show
the
various
with
items
No
Below
comparisons for
back years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
edge of the actual situation, for Foreign Minister
Arita
jingoistic utterances in the Japanese
of
May 15,
war
Russia.
press
in favor
States, Great Britain
or
The decision of the United States Govern¬
Public deposits.....
Other dedposits
Bankers'
accounts..
Other accounts...
ment
to
keep the main American battle fleet at
Govt, securities
Other securities
Hawaii caused much
described
been little
Diso't & advances.
Securities
There has
Reserve notes & coin
Some engagements
Coin and bullion
outcome is indefinite.
the invaders show
It
to liabilities.
last three years
regime set
en¬
up
of undeclared warfare.
The puppet-
by the Japanese militarists at Nan¬
king under the renegade Nationalist, Wang Ching-
wei, functions only in
Soviet
a
limited degree.
be significant that
Russia
corded for
and
no
It may
on
the
or
clashes between
Japanese forces have been
time
some
Manchukuo and Outer
re¬
long border between
Mongolia.
DiscountlRates of Foreign Central Banks
THEREdiscount no changes during the week in
have been
of the foreign central
the
rates of any
Present
banks.
£
May 19,
1937
May 20,
1936
£
493,619,892 478,591,756
16,802,961 28,501,656
143,465.603 129,144,148
107,314,635 93,175,094
36,150.968 35,969,054
113,511,164 98,346,164
31,346,115 28,504,455
7,754,546
10,076,195
21,269,920 20,749,909
33.171,078 48,548,580
226,790,970 327,140,336
rates
at
the
leading centers
are
shown in the table which follows:
20.6%
2%
19.1%
2%
168s.
Gold val. per fine oz.
£
481,432,794 423,130,096
19,193,680 21,027,714
135,010,860 116,845,802
97,430,988 80,081,602
37,679,872 86,764,300
103,272,534 91,173,310
27,990,549 21,396,495
7.142.831
6,571,049
21,419,500 14,253,664
40,715,844 43,058,398
322,148.638 206,188.494
1488.
26.40%
2%
30.7%
2%
5d. 84s.
11 J*d. 84s.
11 Hd. 84s.
31.23%
2%
11 Hd.
Bank of Germany Statement
at least be said that
can
present tendency toward
no
largement of the vast area of China occupied in the
not
£
546,415,000
33,856.000
148,943,906
106,381,208
42,562,698
139,093,068
26,369,446
3,876,440
22,493,006
35,081,000
1,495,931
Bank rate
reported this week, far in the interior, 'but the
may
1938
Proportion of reserve
"anti-Japanese."
as
waged by Japan against China.
were
Tokio, where the
change, meanwhile, in the conflict being
was
move
at
concern
May 18,
1939
£
Circulation
the United
with
May 17,
1940
early this month spoke out vigorously against
THE statement of the declinefor the first quarter
Bank in note circulation
May showed
of
a
of
253,266,000 marks, which reduced the total out¬
standing to 12,226,571,000 marks.
Notes in cir¬
culation the previous quarter, 12,479,837,000 marks,
was
the highest on record, compared with 8,252,039,000 marks a year ago. A loss also appeared in
gold holdings, namely 253,000 marks, in bills of
exchange and checks of 269,953,000 marks, and in
investments of 2,257,000 marks.
The Bank's gold
holdings now total 77,256,000 marks, compared with
70,772,000 marks a year ago.
The proportion of
gold to note circulation is now at 0.65%, compared
with the record low, 0.62% the previous quarter
and 0.93% a year ago.
Other assets expanded
757,586,000 marks and other daily maturing obliga¬
171,362,000 marks.
Below we furnish the
various items with comparisons for previous years:
tions
REICHSBANK'S COMPARATIVE STATEMENT
Rate in
Effect
May 17
Country
Pre¬
Date
vious
Effective
Rate
Mar.
11936
2
Jan.
5 1940
6
Aug. 151935
Mar. 111935
7
Argentina..
Belgium ...
Bulgaria
Canada....
2H
Rate in
Country
Effect
May 17
Hungary
4
3
Nov. 28 1935
4^
3H
May 18 1936
Apr.
7 1936
3.65
..
India
Deo. 161936
4
Italy.
Japan.....
181^33
5
Java
3
Jan.
11936
3X
4
Jan.
21937
5
Norway
Oct.
101939
4H
Poland
Eire——.
3
June 301932
3X
Portugal...
4
England
2
Oct. 26 1939
3
Rumania
3^
Estonia
4H
Oct.
11935
5
South Africa
4
Dec.
3 1934
2
Jan.
4 1939
2X
3H
Apr.
4
6
Jan.
6 1940
4 1937
7
Yugoslavia.
mm*
Danzig.
_—
Denmark..
Finland
—
France
Germany
Greece
*
.-
4«
3.29
Not officially confirmed.
4^
......
3
Jan.
14 1937
Lithuania—
Czechoslo¬
vakia....
Rate
Aug, 29 1939
Aug. 29 1935
July
.
Effective
3
3
Colombia.
vious
Holland
4
Chile-
Pre¬
Date
6
July
15 1939
Morocco—
6M
May 28 1935
Sept. 22 1939
...
4H
....
4«
5
4
7
4H
3H
Deo. 17 1937
.
5
Aug. 11 1937
4H
4M
4H
.....
♦4
May
5 1938
May 15 1933
Mar. 29 1939
Sweden....
3
Deo. 15 1939
2H
Switzerland
1H
Nov. 26 1936
2
5
Feb.
Spain
—
1 1935
Changes
for Week
5
6H
Assets—
May 7, 1940
May 6,1939
May 7,1938
Reichsmarks
2
Reichsmarks
Reichsmarks
Reichsmarks
70,772,000
70,773,000
10,572,000
20,333,000
5,395,000
5.920,000
—269",953",660 11,917,636,000 7,473,752,000 5,623,281,000
122,839,000
188,719,000
c635.510.000
•'w
42,484,000
48,474,000
c30,693,000
417,916,000
208,426,000 1,135,276,000
—2,257,000
+757,580.000 2.684,473,000 1,844,431,000 1,358,695,000
—253,000
Gold and bullion
Of which depo3.abr'd
Res've In for''n currency
Bills of exch. & checks
Silver and other coin..
Advances
-
Investments—
—
Other assets.........
77,266,000
a
— mm
Liabilities—
Notes In circulation...
Oth. dally matur.
obllg
Other liabilities......
Propor'n of gold & for'n
curr. to note clrcul'n
a
—253,266,000 12,226,571,000 8,252,039,000 5,859,667,000
053,439,000
1,885,549,000 1,218,780,000
+ 171,362,000
666,203,000
c776.549.000
229.715,000
+0.03%
coin and bullion."
c
Figures ar
0.65%
0.93%
1.29%
"Deposits abroad" are Included In "Gobi
of March 30, 1940.
"Reserves In foreign currency" and
Chronicle
The Commercial & Financial
3106
May 18,
1940
%% bid and 7-16% asked; for bills running for four
Bank of France Statement
months, 9-16 bid and %% asked; for five and six
THE weekly circulation dated May 9 showed total
statement at 158,770,000,000 francs,
notes in
-
francs in the week,
of 174,000,000
decline
a
com¬
pared with the record high, 158,944,000,000 francs
a week ago and 123,743,733,126 francs a year ago.
French commercial bills discounted rose 151,000,000
current
creditor
and
francs
balances abroad and ad¬
vances
against securities dropped 5,000,000 francs
and 23,000,000 francs, respectively.
The Bank's
temporary advances to State
unchanged, the former at 84,615,039,654
holdings
remained
and
fraiics and the latter at 21,600,000,000
francs.
'HERE have been
the ^different
comparisons for previous
with
items
Government obligations
recent advances on
of paper
at the different Reserve banks:
Rate in
Effect on
x
New York—
Philadelphia..;
Francs
Francs
84,615,039,654 92,265,948,691 55.807.455.329
33,476,035
13,575,135
35,000,000
—5,000,000
Credit bals. abroad,
French commercial
Note circulation
Credit current acc..
No change
'HE foreign
21,600,000,000 20,576,820,960 40,133,974,773
a
in
ments
t> Includes bills discounted abroad,
c
In
of Nov. 13, 1938, the
the process of revaluing the Bank's gold under the decree
three entries on the Bank's books representing temporary
advances to the State
were wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-lnterest-bearlng loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9 fine per franc) mner the
decree of Nov. 13, 1938, was effected In the statement of Nov. 17, 1938; prior ot
that date and from June 30, 1937, valuation had been at the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 26, 1936, the value
wa8 49 mg. per franc, and before Sept. 26, 1936, there were 65.6 mg. of gold to
the franc.
The present value Is 23.34 mg. gold to the franc.
market
developments failed to affect the rate schedule in
the New York money
was
ness
The
market this week.
supply remains extremely small.
Treasury in Washington sold on Monday a fur¬
ther issue of
awards
at
were
0.016%,
Stock
computed
Call loans
on
on
an
annual
the New York
1% for all transactions,
Exchange held to
Belgium and Luxemburg,
without
free market is
The
between
military develop¬
any
pared with
last
or
was
for
trading
on
the
in
the foreign
the major movements of
on
The May 10 low of S3.00
the lowest price since Nov. 29,
a range
as com¬
of between $2.99% and S3.48%
The range
for cable transfers has been
S3.13% and $3.31%, compared with
of between S3.00 and S3.49
Since
as
for sterling this week has been
range
week.
between
quote
slight improvement
significance,
S3.12% and S3.31 for bankers' sight,
a
a range
week ago.
May 10 the Bank of England has ceased to
official rate
an
spot
or
Holland and Belgium, either
on
for future delivery.
Exchange
on
Berlin
1%%
maturities
quoted in London since the beginning
of the
Italy is unofficially quoted in London
war.
at around 69.00.
Official
England
Money Rates
'
exchange rates
are
as
was
New York, one-month de¬
continues
quiet.
no
for time
money
prime commercial
change this week.
paper
Trading has been
moderately active but the volume of business
tinued at about the
are
same
volume
as
last week.
parity; Paris, parity for sellers and buyers.
The
1%% for four to six months'
The market for
maturities.
market
new
Rates continued nominal at 1%%
to 90 days and
has shown
The
livery, is officially quoted in London at %% premium
to
ruling quotation all through the week for both
renewals.
con¬
Ruling
the
obscurity of the foreign exchange situation,
difficulties in which the financial centers of the
leading countries find themselves, and the complete
demoralization of
influx
of
tinued
rates
as
light.
Dealers'
reported by the Federal Reserve Bank of
bring the great
The
total
United States
gold stocks of the
are
The
May 15 amounted to
States
gold
on
$18,949,000,000.
THE market for this week. Few acceptances have
quiet prime bankers' prime bills con¬
New York for bills up to
commerce
United States into especial
prominence at this time.
total United
Bankers' Acceptances
out and transactions have been
foreign
gold to the
rapidly approaching the $20,000,000,000 mark.
%@1% for all maturities.
come
quoted by the Bank of
follows: New York cables, 4.02%-
ing); Canada, 4.43-4.47.
and
now
4.03%; Paris checks, 176%-176% (2.2883 cents buy¬
V
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
the
Stock
rates
Exchange
practically without effect
for cable transfers
f°r f°ur to six months'
and 1%%
days,
New York
up
City and Dallas: Sept. 21. 1939. St. Louis.
While quotations for the free
Europe.
shown is
datings.
loans
2
has not been
while time loans continued at
90
2
pound have not touched the lows reached on
$100,090,600' 91-day discount bills, and
bank discount basis.
to
Little busi¬
done, partly because the bankers' bill and
commercial paper
2
3. 1937
Friday, May 10, following the invasion of Holland,
1932.
higher records, European war
ever
2
Sept.
international commodities.
Market
ITH member bank excess reserves still climb¬
ing to
-'f,
exchange situation is completely de¬
exchange situation
New York Money
2
3, 1937
moralized under the impact of
46.30%
64.19%
48.67%
Figures as of April 11-1
Includes bills purchased In France.
'.."■'"'V''
Aug. 31, 1937
Sept.
Course of Sterling
Propor'n of gold on
hand to Rlerhf. Hab
2, 1937
Aug. 24, 1937
.
.".-M,
2
Sept.
-
Temp. advs. with¬
out int. to State..
2
Aug. 21, 1937
Chicago Sept. 16.1939. Atlanta. Kansas
Adv. against securs.
2
2
May
Aug. 21,1937
-
obligations bear a rate of 1%, effective Sept. 1,1939,
Advances on Government
7,522,744,535 9,670,517,776
742,292,162
792,218,868
3,355,264,377 3,632,002,407
—174,000.000 15877 0 000,000 123743 733,120 99.876.380.330
+350,000,000 15,071,000,000 19,997,690,747 20,656,586,399
+ 151,000,000 13,045,000,000
*68,887,703
—23",000,000 3,488,000,000
bills discounted.,
b Bills brought abr'd
*
...
San Francisco*.
•
11, 1935
Aug. 27,1937
,
*ix
Minneapolis
2
4, 1937
Sept.
*IX
IX
•IX
•IX
IX
,
Dallas.
No change
Gold holdings
c
May 12, 1938
,i','
IX
IX
•IX
,
IX
IX
1, 1939
Aug. 27, 1937
IX
.
Kansas City
Francs
Francs
a
May 11, 1939
Rats
Sept.
■
Chicago
May 9, 1940
Previous
Established
1
Boston
Atlanta...
Changes
Dale
May 17
Federal Reserve Bank
St. Louis.........—
for Week
OF FEDERAL RESERVE BANKS
DISCOUNT RATES
Richmond
COMPARATIVE STATEMENT
shown
schedule of rates now in effect for the various classes
Cleveland
BANK OF FRANCE'S
banks;
are
The following is the
the table.
in the footnote to
-
changes this week in the
no
rediscount rates of the Federal Reserve
The
48.67%,
Below we show
Federal Reserve Banks
Discount Rates of the
proportion of gold to sight liabilities is now
compared with 64.19% a year ago.
The bill buying
York Reserve Bank is %% for bills
from 1 to 90 days.
;
running
350,000,000
accounts
francs, while the items of
gold
months, %% bid and 9-16% asked.
ra^e of the New
and including 90 days
are
During 1939 gold imports to the United States
increased
by $3,130,000,000 to
a
total of $17,640,-
000,000 in December.
In view
of the
war
developments it would
that if there is any country
seem
in Europe which still has
The Commercial & Financial Chronicle
Volume
stock of
a
150
gold
its
on
hand it will make haste to
England and France
are
vestor in the United
During
exception.
no
the week ended
May 8 the United Kingdom shipped
$14,438,616 and
an
undisclosed amount has been sent
here since that date.
It is clear that
weeks
some
repatriation of gold to France ended
and that the French will be com-
ago
The Netherlands is the third largest foreign in-
convey
holdings to the United States.
3107
States and is outranked
by Great Britain and Canada.
here have become
large in recent
so
in Switzerland, formally opened
Banking Corporation,
was
There cannot be much more
safety.
a
New York
agency
May 8 in quarters shared by the Swiss-American
on
pelled to send their gold out of the country in order
its
particu-
years,
larly since the invasion of Poland, that the great
Credit Suisse, one of the oldest and largest banks
to
ensure
only
Swiss investments
New York corporation which
a
organized last July under the auspices of the
gold left in Europe and further increases in the total
Credit
piling
business.
up
on
this side must
from the mining
come
war
may
should
compelled to send whatever
acquire to New York for safety unless
come
to
a
sudden end.
central banks and governments now
000,000.
of
\
\
foreign countries earmarked
with the Federal Reserve banks for account of
Germany's onslaught
foreign
exceed $1,270,-
the coastal coun-
on
Europe cannot have yielded much gold to
Berlin.
But London
Germans
The
dispatches of May 16 asserted
from
obtained
Holland
about
Allied
countries
assets than
did the
to
Washington
in liquid monetary
more
German Government
con-
a
as
of the Nazi invasion of Norway, Denmark
sequence
and the Low Countries.
The
latest
available
figures
on
of the invaded nations show that
Netherlands
The
transfers of
the gold reserves
Heavy
$690,000,000.
gold from these countries to London and
New York have been made in the last year
and have
increased in recent months.
From
lands
different to
to
of the European conflict into
up
the City
war,
the
New York to
by
was
no
a
in-
means
slump in the free sterling rate in
record low level.
a new
Opinion
seems
prevail there that official action should be taken
to arrest the depression in the free
pound because
its gyrations "have an adverse psychological reaction
in
overseas
markets."
The City seems to advocate
fixed official rate for all classes of commodities,
a
Conditions in the London money market seem to
few weeks ago.
a
^
January through March alonei The Nether-
Some borrowers have found cheap
supplies and others have had to make use of clearing
Call money against bills is in supply
bank funds.
at %% to 1%.
Bill rates are as follows: Twomontlis bills 11-32%, three and four-months bills
1 1-16% and
Norway had $84,-
000,000, Denmark $53,000,000, Belgium $626,000,and
stage of total
be rather patchy as compared with those prevailing
according
opinion gained considerably
with the flaming
£26,-
(about $104,000,000).
000,000
000
security
Despite the preoccupation of financial London in
Gold deposits of all
that
and
the past few weeks with the political crisis and then
countries will also feel
tries
investment
an
Re-
gold they
the
do
to
regions of the Far East and the South American
regions of South Africa, Australia and Canada.
mote
Suisse
six-months bills llA%.
*
Canadian dollars remain fairly stable though still
at
severe
can
discounts in the free market.
The Ameri-
equivalent for the London official rate on Canada,
4.43-4.47, is 90.09@90.91 cents.; The Canadian
ex-
change control authorities made a ruling a few days
ago
in
that all imports into Canada are to be paid for
the
countries
of origin
from Canada,
directly
United
Heretofore much of the Canadian imports have been
States, Norway sent $33,405,000 and Belgium shipped
paid for through New York agents who were paid in
American dollars and then bought sterling or such
a
shipped
$46,878,000 of gold to the
large but undisclosed amount.
Sweden sent $115,-
041,000 to the United States in that period.
^
_The "Financial News" of London quoted French
sources
on
April 15 to the effect that all the gold
bullion of Norway had
been removed prior to the
Nazi invasion.
anticipating the invasion of Scandinavia
financial
the
of
stated: "Accounts
loot
Germany in Denmark and Norway
falling to
are
probably
The bulk of Danish gold has been
exaggerated.
transferred
abroad,
and
if
Norway
followed the
example of Sweden, which shipped the greater part
of its
the
£74,000,000 to the United States
Germans will
some
probably not find
very
time
ago,
as
were
It is understood
required.
that about $40,000,000 yearly was involved in this
Since under the
trade.
new
arrangement payment
win be made at official rates, much demand for outside sterling
A recent issue of the "New Statesman and Nation"
of London
other currencies
it is
and
treal funds ranged during the
count of 19
13-16% and
a
are
In New York Mon-
week between
and exports which
taken from the weekly statement of the
United States Department
the week ended
of Commerce and
cover
May 8, 1940.
gold exports and
imports, may 2 to 8, inclusive
Imports
much in
Exports
.*$1,494,629
$2,948
76,989,309
144
$78,483,938
Oslo."
$3,092
.
According to Washington authorities on the basis
of information reaching
could have been only a
Government
sources
there
Detail of
Refined Bullion and Coin Shipments—
relatively small part of the
$14,638,616
.
gold stocks of
any
of the four nations waiting for
51,650,782
1,631,898
DominfcaYRepublic
German seizure.
A
dis-
a
discount of 17J^%.
The amounts of gold imports
follow
Canadian dollars,
some pressure on
believed, will be eliminated.
,
Chile.
great part of the foreign gold which has reached
this side since the influx
found its way into
began several
years ago
has
money
market, and more has gone into bonds and
According to Washington advices The Neth.
,
*.
„
$144
<«
»
-
-
m
«,
.
661,918
British
166,737
Hongkong!
.
8,239,193
•»
«.
m
bank deposits and the short-term
shares.
...
•.
■
165
,
erlands has investments
.
in
f\*7n
this country of $1,076,-
$142,357
Ecuador,
$101,611
Netherlands Indies,
$412,173 Philippine
islands.
Gold held under
earmark at the Federal Reserve banks was increased
during the week ended
May 8 by
$21,272,5921
k
<
<
►M
nno 000
"Relirilim has $296 000 000 and Switzerland
UUU,UUU, Deigium nas
ailU owuzeriana
The latest monthly report of the Department of Commerce showed that
$1>232i301t000 gold was held under earmark for foreign account as of
has
April 30.
$1,115,000,000.
The Commercial & Financial Chronicle
3108
Referring to day-to-day rates
sterling exchange on
ranged as follows: Bankers' sight,
$3.19K@$3.31, cable transfers $3.20@$3.21%.
On
last
Saturday
On
$3.14K@$3.27K for bank-
Throughout the past week the foreign exchange
departments of New York banks were kept busy untangling transactions among themselves which resuited from the invasion of Holland and Belgium,
This they were doing by offsetting contracts between
each other and paying compensation for small differ-
sight and
On Wednesday the range
$3.13%@$3.21.
transfers
$3.18%@
$3.17%@$3.28 for bankers' sight and
was
sight
was
On Thursday bankers'
cable transfers.
S3.29 for
$3.19K@$3.26%; cable transfers $3.20@
On Friday the range was $3.19K@$3.26%
bankers' sight and $3.20@$3.26% for cable
$3.26%.
for
Closing quotations on Friday were S3.21
transfers.
for demand and
Commer-
S3.22 for cable transfers.
60-day bills at S3.17;
documents for payment (60 days) at S3.17, and 7-day
grain bills at $3.18%. Cotton and grain for payment
cial
accord among France, Britain, and Belgium at 68
Belgian francs for 100 French francs, or 120- Belgian
francs for the pound.
S3.15K@S3.29 for cable transfers,
Tuesday bankers' sight was $3.12%@$3.20; cable
Monday the range was
ers'
May 18, 1940
sight bills finished at S3.18;
closed at S3.18.
'
:
V
>k
J
r
t-
r
.
i
Continental and Other Foreign Exchange
ences,
thereby reducing the volume of contracts out-
standing. When a Dutch or a Belgian bank sells a
contract for future delivery of guilders or belgas, the
buyer often resells it to a third party, who in turn
may pass it on to a fourth or fifth buyer.
Purchase
transactions are frequently similarly involved. Untangling these snarls is now occupying the attention
of foreign exchange traders. The official freezing of
Belgian and Dutch balances by executive order is
considered helpful to the local exchange market in
straightening out the financial difficulties
DEMORALIZATION of the Continental foreign theOn May 13 the United States made
invasion of Belgium and Holland,
exchanges is complete. Trading in the Eurocurrencies is in effect largely suspended.
The separate classification of exchange on the countries neutral during the war of 1914-1918 has become
pean
inappropriate under the present war conditions and
comment on those units will be made under the above
caption.
The fluctuations in the
of sterling, to which the franc
fleet the movements
is
French franc merely re-
officially linked.
Future franc
exchange has ceased to be quoted in
New York since
1% points discount from
spot on May 9 and 90-day futures were at 4%%
points discount on the same date. Otherwise there
is nothing essentially new in the French foreign
exchange or financial situation. The currency is
being constantly undermined owing to the mounting
and the weakened financial structure re-
costs
war
lire
steady,
continue
official control at
maintained by the
Recent
from
dispatches
London stated that the
Italian authorities have instructed Italian
London to accept United
banks in
States dollars, not British
Financial
has political
significance or is merely a decision to postpone the
buying of sterling in view of its break in New York.
It was officially announced in Rome a few days
ago that the 1940-1941 national budget, swollen by
emergency expenses, will total 50,000,000,000 lire
pounds, for tourist lire and emigrant lire.
quarters are uncertain whether the action
$2,500,000,000).
(about
will be
000).
a
deficit of
The
in
for
Senator Ricci told the Senate that this expen-
35% of the national income.
transfers
16.83%
May 10.
earlier.
pended
were
was
The
made
15.56%,
week earlier
a
as
a
and with
discount of 85 points
90-day belgas.
May 9 when
rates
The United States Treasury Department has
issued
a
was
were
within the United States to make all payments,
transfers and withdrawals from accounts in the name
of six designated Belgian banks, subject to the obligation to file prompt weekly reports with the appropriate Federal Reserve bank showing details of such
transactions during each week.
Similar licensing
of The Netherlands,
by
a
On May 15 the United States Treasury
the
use
provided the
The
order was similar to one issued previously permitting
the use of such funds in security transactions. Both
authorizations constituted exceptions to President
Roosevelt's order prohibiting any transaction involving assets in the United States belonging to the governments or peoples of the five invaded nations unless
the transactions are licensed by the United States
tions in commodity future transactions,
money
is not taken outside the United States.
Treasury.
On May 16 restrictions were further
private
owners
month for personal expenses in
Morgenthau
Minister.
also
It
the
at
was
request
of
ment that the action was taken to
was
accounts
financial
Netherlands
protect Netxerlands
drafts by any
might be set up in The
possible fraudulent
from
puppet government that
Netherlands.
the
assumed in the Treasury Depart-
sus-
under spot for
triple
eased to permit
of such funds to withdraw up to $500
the United States,
granted earlier in
the week permitting withdrawals from accounts of
the Netherlands Government and Dutch Colonial
banks held in this country was revoked by Secretary
a
year
were
authorized
of frozen funds of the invaded European na-
with
a
announced from Paris that
fixed
general license authorizing banking institutions
17.02%
V
May 16 it
exchange
whose
compared
May 9, when the threatening situation
reflected in
On
last quotation
on
Quotations for future belgas
on
tended to Norway, Denmark or Luxemburg,
funds in the United States also were frozen.
On May 16 the general license
Belgian unit has not been quoted in New York
London since
belgas in New York
cable
three countries invaded by Germany because they
were in a position to give voluntary direction of the
uses of their money.
No such exemption was ex-
budget there
Under the
20,000,000,000 lire ($1,000,000,-
diture will represent
or
Treasury officials said that the situation in Holland
that of the other
and Belgium were different from
Rome, with commercial lire hardly
deviating from 5.05 cents for cable transfers,
ever
and other purposes.
authorizations have been accorded to the chief banks
suiting from repeated devaluations of the unit.
Italian
available to
Holland and Belgium their large cash resources in the
United States for the purchase of defense weapons
The last quotation for
May 10.
30-day French futures was
created by
°
Holland guilders have not been quoted since
German invasion
on
May 10.
the
The last spot quota-
Volume
tion for
The Commercial & Financial Chronicle
ISO
guilders in New York
53.08
was
Thurs¬
on
day, May 9, at which time the imminent peril of the
Lowlands
indicated
was
by the record discount of 180
points under the basic cable rate for 90-day guilders.
Amsterdam
that
measures
had been adopted
by the Netherlands Government, but whether these
regulations
Savings Banks association.
duced from
can
be considered effective since the end
of Holland's resistance
on
May 14 is doubtful, espe¬
at
of last week.
In New York
against 5.05 and 5.05.
in New
offices from the country.
It is understood that the Bank of The Netherlands,
the central bank of
may
establish its head
This is considered
office in London.
since London is
Holland,
logical
a
move
the seat of the Dutch Govern¬
now
ment and is also the home of the
Other
royal family.
Poland,
ask
permission
to float
big
a
of the United States Government.
soon
is said that Holland is
colonial
prepared to pledge
as
Holland,
well
as
now
securities and bank
as
deposits held in the United States by Dutch nationals.
Exchange
official
the Dutch East Indies, while off the
on
quotation list of London,
be considered
a
floating
may
currency
toward weakness owing to war
for the present
with
tendency
a
Before
conditions.
the surrender of the Holland forces
regulations
pro¬
mulgated in Amsterdam prohibited the Dutch East
Indies from exporting
gold, gold coins, foreign
ex¬
change, checks, bills, securities, &c., while transfers
abroad
authorized to be made only
were
by the Java
Bank
pending definite exchange restrictions.
same
time
Ipdies
were
ence
and
by the Dutch East
prohibited.
stability of the Netherlands East Indies
announced
was
on
May 15 by
Commissioner
Trade
Zimmerman,
for
enforced
on
Dutch
May 11 the Batavia Government had
of
blockade
a
international
of
payments
both residents and non-residents of the island.
Checks
ment
and
Netherlands.
The
The
Java
plans to replace this provisional
a more
definite arrangement
would be established
Swiss francs
are
This,
Govern¬
measure
under which
an
sharply, with nominal current
quotations of between 21.11 and 22.43 cents,
pared with 22.40 cents last week.
the Swiss situation is indicated
futures
are no
Swedish
with
institute
supervised by the Java Bank.
off
as com¬
by the fact that Swiss
longer quoted.
exchange is quoted in New,York around
23.70-23.85, but quotations
are
largely nominal and
dispatches from Oslo in German-occupied
Norway, state that the administrative council
the German-held part
of Norway announced
tion in the bank rate and other
credits
were
the
made in
It
was
measures
a
reduc¬
for bank
said that the arrangements
cooperation with the Bank of Norway,
Norwegian Bank Association, and the Norwegian
on
at
at
23.85
0.65.
(nominal) and
23.85, against 23.85 and 23.85.
Denmark and Norway ceased to be
on
and 22.40.
Swiss francs closed at 22.40 for
Spanish pesetas
transfers, against 22.40
are
nominally quoted at
9.25, against 9.25.
EXCHANGEsteady and generally unchanged from
quiet and on the South American countries is
recent weeks.
that
-
A recent Buenos Aires
semi-official
continuance of the
sources
war
are
of
dispatch stated
the
opinion that
with the resultant
emphasis
trading with Great Britain and France to the
on
exclusion of other important nations might result in
strict
more
rationing
of imports from the United
States, which asks payment in free currencies.
The
Argentine Exchange Control Office still bans
more
than 1,000
classes of United States products
ground that there is
with which to pay
an
on
the
insufficient supply of dollars
for such goods.
Argentine unofficial
or
free market closed at 22.88
@23.00, against 22.70@22.75.
Brazilian milreis
Chilean exchange is
nominally quoted, at
5.17, against 5.17.
are
Peru is
nominally quoted at 16%, against 1734.
EXCHANGE on the Far Eastern countries shows
Hongkong dollar and the Shanghai unit
the
both
strongly inclined to
ease.
The Indian
rupee
and
unchanged, the former moving
strictly with the pound and the yen held by the
Japanese
yen
are
official control at 23.46 cents.
On
the
May 11 the Japanese control decided to suspend
yen-sterling exchange rate temporarily and Tokio
banks
dealing in foreign exchange will be allowed to
fix their
hama
own
exchange rates for sterling.
The Yoko¬
Specie Bank will continue to quote the
yen-
sterling rate, but this will be purely nominal and
based
on
the official yen-dollar rate.
Closing quotations for yen checks yesterday
23.46, against 23.46 on Friday of last week.
kong closed at 20.00, against
5 9-16
were
Hong¬
19.65; Shanghai at
against 4.80; Manila at 49.80, against 49.80;
Singapore at 47%, against 47%; Bombay at 30.25,
against 30.23; and Calcutta at 30.25, against 30.23.
Gold Bullion in
for
designed to aid trade and effect industrial
reorganization.
transfers
quoted after April 8.
The gravity of
trading is thin.
Press
Exchange
(nominal), against
Sweden closed
on
checks and at 22.40 for cable
however, left free all payments between the East
Indies
Bucharest
on
Emil C.
the
possessions, at his office in the Rockefeller Plaza.
He said that
Exchange
(nominal), against 0.50.
exchange closed at 0.63
At the
Steps have been taken to maintain the independ¬
florin, it
not quoted
are
quoted at 5.15, against 5.15.
German imports
all
Berlin marks
in exchange on Belgium, Holland,
collateral
tin, rubber, and other East Indian
products, in addition to its gold stock
outside of
It
loan in the New York market.
war
vast amounts of
may
$1.82%,
Finland closed at 2.04 (nominal), against 2.04. Greek
Exchange
London)
Friday
the French
on
Italian lire closed at 5.05
Czechoslovakia.
or
head offices in the East Indies.
that the Nether¬
nor
closed at 0.50
cable
London dispatches on May 15 said
sight bills
Friday
sight bills and at 5.05 for cable transfers,
York,
great Dutch banks are expected to establish their
lands Government (now transferred to
on
on
center finished at $1.82 and cable transfers at
against 1.80% and 1.81.
the central
removed their principal
Paris closed
on
176.50-176.75, against 176.50-176.75
for bankers'
now
was re¬
The legally constituted
party to this action.
a
The London check, rate
cially since the leading Netherlands banks, including
bank, have
The bank rate
4)/2% to 3%.
Government of Norway of course cannot be said to
be
dispatches of Sunday, May 12, stated
foreign exchange
3109
European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
in
84s. 11 %d.
per
fine ounce)
the
dates
principal European banks as of respective
of most recent statements, reported to us by
special cable yesterday (Friday); comparisons
are
The Commercial &
3110
The
corresponding dates in the previous
shown for the
thoughtful
preparations must have been had the United
fensive
France...
1938
£
242,449,963
b3.362.250
.
..
c63.667.000
al7,440,000
Spain..
Italy
Netherlands
*97,714,000
dl31,731,000
84,959.000
40,411.000
Nat. Belg—
Switzerland
Sweden
Denmark..
6,505.000
Norway
6,667,000
Prev. week.
«•
£
293,723,451
2,522,000
63.667.000
25,232.000
123,356,000
88,590,000
74,955,000
28,989,000
6,540,000
7,442,000
42,575,000
58.110,000
99,522,000
48,516,000
23,904.000
6,554,000
6,604.000
867,885,955 1,042,156,787 1,097,577,800 1,043,729,700
866,725,286 1,042,913,782 1,088,878,236 1,046,035,850
the Currency and Bank Notes Act, 1939, the Bank of England
Statements for March 1, 1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement date, Instead of the statutory price
which was formerly the basis of value.
On the market price basis (168s. per fine
♦
Pursuant to
the Bank reported holdings of £1,496,931; eQUivalent, however, to only
about £756,492 at the statutory rate (84s. 11 Hd. per fine ounce), according to
our calculations. In order to make the current figure comparable with former periods
as well as with the figures for other countries in the tabulation, we show English
ounce)
holdings In the above In statutory pounds.
a Amount held Dec.
31, 1939, latest figures available,
b Gold holdings of the
Bank of Germany include "deposits held abroad" and "reserves In foreign cur¬
rencies."
c As of April 30, 1938, latest figure available,
d Includes foreign ex¬
changes.
e
Prior to Invasion.
The value of gold held by
_
,
the Bank of France was revalued with the statement
accordance with the decree of Feb. 29, 1940, at the
of the Bank as of March 7, in
to the latest revalorization
in accordance with the de¬
cree of Nov. 13, 1938, at 27.5 mg. gold 0.9 fine per franc; previously and subse¬
quent to July 23, 1937, gold in the Bank was valued at 43 mg. gold 0.9 fine per
franc; before then and after Sept. 26, 1936, there were 49 mg. to the franc; prior
to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound
gold 0.9 fine equals one franc; prior
the value of the Bank's gold holdings was calculated,
rate of 23.34 mg.
sterling at the English statutory rate (7.9881 gr. gold ll-12tb fine equals £1 sterling),
the sterling equivalent of 349 francs gold in the Bank of France Is now Just about
£1; at 27.5 mg. gold to the franc the rate was about 296 francs to the £1; when there
were 43 mg. gold to the franc the rate was about 190 francs to the £1; when 49 mg.
about 165 francs per
£1, when 65.5 mg., about 125 francs
present with a national
States continued until the
206,188,494
460,124,006
2,526,200
89,106,000
322,148,638
347,629,862
2,456,300
87.323,000
25,232,000
87,923,000
102,437,000
83,558,000
25,719.000
6,549,000
6,602.000
327,140,336
*129,821,955
311,709,000
3,010,000
63,667,000
23,400,000
100,750,000
88,164,000
98,865,000
33,722,000
6,555,000
8,222,000
695,662,705
695,523,041
Total week.
1936
£
*756,492
England...
Germany
1939
£
1937
£
1940
Banks of
for a moment, to con¬
may pause,
simpler the sudden demand for de¬
sider how much
four years:
May 18, 1940
Financial Chronicle
equaled £1.
debt
barely above, f16,000,000,000 and ordinary Fed¬
eral
expenditures, including interest and sinking-
fund, running below $4,000,000,000, and well within
the current
budget receipts.
They
may
fensive
preparations might be today, had President
Roosevelt adhered
steadfastly to the promises he
proclaimed just before his first election and enforced
a
rigid
economy
Federal
reduction
whole
and retrenchment throughout the
administration, perhaps not achieving the
of 25%
which he advocated and
pledged, but resisting and preventing the enormous
impairment of the country's resources caused by the
unproductive and wasteful expenditures and the
huge and mounting deficits of his seven years in
The sober
office.
of the American people must
sense
burdens which they are being
demand that the
new
asked to
shall, if they
assume
with
rounded
ample
are
assumed, be
sufficient
and
States is already
than those of
embarked upon a
without
this Nation but
of any other country similarly insulated against for¬
eign aggression by natural barriers and not embar¬
rassed by colonial commitments of extreme signifi¬
cance in its economy.
This program, many believe,
was adopted without adequate inquiry or delibera¬
tion, and unquestionably the acquiescence of some
was
yielded against their 'better judgment in many
program
of military and naval enlargement
precedent not only in the history of
instances while in numerous others a
sent
was
stimulation to
reluctant as¬
recognition of the hoped for
vouchsafed in
general industry possibly consequent
largely increased employment in enterprises
upon
contributing to the supply of military and naval
program
for
sudden
a
this
Europe have become the occasion
sentatives
demand, supported by the President,
Cabinet, and some Senators and Repre¬
most of his
not
those steadily taking their
among
from the White
cues
of this
scarcely 'beyond the initial stages,
week's events in
House, for the immediate ex¬
ufacture of
reserves
for
country for the man¬
possible warfare
terials to be consumed in
or
which
sober
with
thus
ma¬
experimental practice pre¬
It is
paratory to the problematic event of war.
condition
of
a
nearly immeasurable potentialities
confronts
the
country
and
wherever
judgment survives the sudden inundation of
imported emotions and enthusiasms there will be
insistence upon
its examination in its
every
relation
and
detail, if not
the
startling enlargements officially proposed, at
as
preliminary to acceptance of
least to insure that funds
are
supplied for its
purposes
providently administered and that the frightful
burden
least
fresh
of
people is
so
expenditure thus forced
wisely adjusted
as
possible impediment to their current
and the ultimate recovery
cial health.
upon
the
to constitute the
economy
of industrial and finan¬
upon
in the fruitless effort to
in¬
penalize efficiency.
It
industry and business
equalize capacities and to
to afford precisely this
was
protection that the principle which insists that free
be taxed
men can
lished in
with
its
denied,
there
estab¬
was
settlement, to become, when temporarily
basis of revolt and
a
In
secure
shall be
step towards inde¬
a
sanction of the doctrine that
taxation without
no
the whole power
of the
representation,
the authority to im¬
purse,
taxes and to make appropriations of the moneys
pose
so
only with their consent
English history and brought to America
pendence.
raised, is reposed in the United States in the Con¬
with the right to originate such legislation
gress,
especially entrusted to the House of Representatives.
The
the
exigency of the huge Federal expenditures of
present day supports the conclusion that it is
time
fully and
more
effectively to utilize and im¬
plement this authority of the Congress and this
clusion
becomes
immediately
the
and
armament
should forthwith be
Senator
formal
of
the
study
claim
that
these
de¬
upon
expenditures
largely increased.
Lodge of Massachusetts has proposed, by
resolution, the creation of
Senate
and
House
defense needs and
of
a
joint committee
Representatives
formulate
a
"to
policy for
presentation to Congress" which is at least
in the
con¬
irresistible and
manding in view of the current expenditures
pansion of the already vast demand upon the capi¬
tal and income resources of the
onerous
revenue-production and from the ham¬
pering restrictions laid
equipment.
With the later and most extensive features
the
equities in taxation imposed to achieve other ends
Expenditures
The United
sur¬
safeguards
against mis-direction and waste and that there be
full and immediate relief from all
Common Sense Control of Armament
consider, be
sides, how much easier the problem of financing de¬
a
step
right direction.
In approaching its consider¬
ation and that of any
amendment and enlargement
which
for
might be desirable and
necessary
to provide
complete and continuous scrutiny of financial
resources
least
and
capacities
as
well
as
search for the
oppressive expedients for making the necessary
funds available and the accurate assessments of the
defensive needs
as
they exist and change, there
are
controlling elements of the present situation that
may
not safely be overlooked.
tions
effect
When
are never
as
war
aggressor
Defensive
used, although they
moral
deterrents,
unless
may
prepara¬
have
there
is
some
war.
actually supervenes, and especially if the
is
powerful,
determined,
and
well-
Volume
The Commercial & Financial Chronicle
ISO
1,1
,
equipped, much
•
i
of munitions and
reserve
Francis Bacon
supplies.
enactment of legislation designed for the dismem-
herment of holding company systems.
And the
effect of this unprecedented Federal activity was to
a
by excessive taxation
It is still
strength, immunity from an ex-
weight of taxation and freedom of persons,
initiative
and
property
in
success
should it encounter the
future, would enter
caps
of
upon
immense debt,
scheme of
taxation,
at the whim of
and ill-adjusted
monetary system controlled
a
one
it under the handi-
a severe
entrusted with
man
improvidently delegated, and
powers
legislative
industrial
an
organization burdened and hampered by
badly-digested,
meddlesome,
strictions devised
by
States,
The United
catastrophe of war in the
near
an
resolution, and event-
struggle.
any
national
of
sources
are
morale conducive to courage,
ual
and
a mass
unnecessary
ization and
production.
seven
mediable
financial
urged
organ-
experience of
it is the immeasurable and irre-
years,
administration.
.
Beyond this, if anything
has been established in the wearisome
the last
of
re-
without sympathy for or
men
comprehension of the problems of industrial
scale
discourage investors from the voluntary acceptance
of yet uncharted risks.
But with a gradual lessening of public and congressional interest in further assault on an industry
which has steadily lowered its selling prices in the
had ever
true that financial
treme
no
high degree of military prowess.
people oppressed
incompetence of the Roosevelt
Defensive
preparations
the
upon
presently required of this country in-
as
evitably involve business problems of the greatest
complexity
which
quately
well
as
not
are
military and naval problems
as
likely to be dealt with either ade-
successfully by
or
inclined to sudden and
restrained
men
of heady emotions,
impulsive decisions, and
by any sufficient
deliberation and of the
^
sufficient
a
remarked, in the time of Queen Elizabeth, that
risen to
.
the creation of competitive enterprises, and in the
is necessary than the mere
more
plentiful possession of armed forces and
3111
,
urn-
of the value of
sense
responsibilities for indirect
and related consequences.
face of a continued rise in the cost of living, with
the industry purged of undesirable elements and
questionable practices, with the yields of tax-free
bonds approximating the level of true interest, with
returns from high-grade taxable issues now occupymg the ground but shortly vacated by the taxexempts, and with the yields of the better preferred
shares equaling the returns previously derived from
sound bonds, investment capital in its great need of
employment is again turning to operating utility
equities.
One reason for this revival of utility common
stock purchases is the increasing availability of
these shares. In the past, except for the common
stocks of such outstanding operating units as Bos-ton Edison, Commonwealth Edison, Consolidated
Edison, Consolidated Gas of Baltimore, Detroit Edison, Southern California Edison and a few others,
the more attractive equity shares of gas and electrie operating utilities have been lodged in the port*
foli°s of holding companies, and except where preemptive rights of minority interests have permitted
expanded ownership, these stocks have been acquired
solely by parental holding companies. But this mouopoly of operating utility equity acquisitions is
fagf Mng dissolved by the Securities and Exchange
immediate
Commission through its integration operations un-
necessity for the vast enlargement of the defensive
^er the Public Utility Holding Company Act, or
^ie threat °f these operations, and the supply of
these shares for public absorption promises to be
We
venture
conclusion
no
preparations already in
suddenly thrust
upon
without the least
thing
the pursuance
States
the
which has been
progress,
public consideration.
hesitation,
so
But,
insist that if
we
is attempted in that direction,
more
gram now
to
as
sharply increased over the coming months. Already
we ^iave se€n
of the equity of three sound
operating utilities purchased from holding cornPauies by underwriters and publicly distributed,
while in another instance, due in large part to the
findings in the Consumers Power case, where
a $10,000,000 debt expansion was denied because of
1he resultant distortion of capital ratios, a top-
any-
even
without further expansion of the
in
pro-
in progress, the Congress of the United
ought actively to bear its full portion of
sponsibility.
Without such activity
Nation cannot avoid unnecessary
on
re-
its part the
losses approaching
closely to disaster.
=========
ranking holding company subsidiary, all of whose
Aspects of Public Acquisition of Operating Utility Equities
stock was parentally owned, has engaged
capital in part through public distribution of
additional common shares.
But this contemplated large-scale shifting of operating utility ownerships from holding companies to
the investing public raises a fundamental issue
common
new
By Ebnest r. Abrams
For
practically the first time since the collapse of
security values,
the gas
in which a
be
a
decade ago, operating utilities in
and electric fields are
now
facing
a
market
portion of their capital requirements
engaged through the sale of
common
stocks.
can
Dur-
ing early depression years, when safety of principal
was
the dominant
every
character
consideration, equity shares of
thrown overboard to lighten
were
capital risks with little regard for their intrinsic
worth, and by the time this hysteria had subsided
and
investment
from storm
ministration
were
and
was
our
was
a
cautiously emerging
newly-installed National Ad-
engaged,
concerned, in
so
far
as
electric utilities
punitive attack
on
their rates
managements, which culminated in the estab-
lishment of
of
capital
cellars,
numerous
projects for the production
"yardstick" electricity, in the loaning
of Federal funds to
a
or
granting
long list of communities for
*
which revolves around the relationship of their
offering prices to book and rate-base values,/ For
decades, now, investors have been encouraged in the
practice of measuring the worth of public utility
securities almost entirely on the basis of earning
power, but in recent years, with the vital changes
that have taken place in utility regulation procedure, and with the changes now being made or
proposed in the method of valuing utility properties
for rate-making purposes, past and present earnings
have been deprived of a part of their validity as
exclusive yardsticks for the determination of utility
security values.
Prospective buyers of operating
utility equities, it would appear, must now delve
deeper than mere reported
earnings to measure the
utility common stocks and to protect
true worth of
possible loss.
of the Newport Electric Corp. offering
themselves from
In the
case
May 23, 1939, representing
of
entire
the purchase of its
of
the bankrupt estate of Utilities
Power & Light Corp. and the distribution of that
stock to the public at $29.50 per share, equivalent
10.35 times current earnings, the
that certain
SEC required
portions of its findings be incorporated
prospectus through which the public offering
to be made.
For although the SEC found that
in the
was
warned
"It is
to know that certain Newport
municipal ownership of the electric property.
the electric
In
property is acquired by the
city of Newport in condemnation proceedings the
amount which common stockholders
On the basis of the data
offering price per share.
which appears
will receive for
be less than the $29.50 initial
their investment may
of record in this proceeding, it may
be estimated that in the event of
condemnation of
property and liquidation of the company, the
accruing to the common stock, on the
assumption that the acquisition price will be equiva¬
lent
to
book value of
retirement
less
ment
property, plant, and equip¬
would be approxi¬
reserve,
Commission has instituted a rate proceeding.
proceeding results in a substantial rate
this
If
also
may
required by the Uniform System of Accounts. Such increase
also reduce West Penn's earnings.
Thirdly, in the
would
Commission,
Cost Study filed with the Federal
reported an amount of over
Power
be amortized, it may have some
that this amount
dividends."
earnings and
-
Indianapolis Power &
stock / distribution, involving
100% of the outstanding equity, or 645,980 shares
owned by the bankrupt estate of Utilities Power &
Light Corp., plus 68,855 additional shares sold
directly to the underwriters by the company, which
Co.
were
common
offered
April 3, 1940, at $24 per share, or
on
current earnings, the SEC did not
13.12 times
at
require that any part of its findings be
incorporated
offering prospectus, probably
because the
in
the
company was
not engaged in any rate
base at an amount not far distant
But it did make a
stock would be
the
approximately $16.70
per
share;
on
assumption that the acquisition price will be
established
reserve
reproduction
the
equivalent to
in
the
books, the proceeds accruing to the
per
stock would be
and
on
the
as
approximately $19.54
per
com-
share;
assumption that the acquisition price
equivalent to the depreciated cost installed
established
as
installed
Young Report less retirement
mon
will be
cost
in
the
Young Report the proceeds
accruing to the
common
mately $8.67
stock would be approxi¬
share."
per
Likewise, in the
case
of
an
ownership of 100% of the
common
a
stock
to the investing public but, rather, the dis¬
tribution of d,
common
relatively small amount of additional
stock
of
a
finding that the depreciated book
properties acquired from the company's
subsidiaries was some $28,000,000 higher than
value of the
two
the
the
carried
figures at which these facilities had been
on
books
Indianapolis
of the predecessor
was
company
utilities, and the
required,
pre-
a
as
that
proceeding take the position
requisite to Commission approval, to stipulate
it would
that
never
or
issue
the increased common
the fact of its issuance, could be raised as
obstacle to
an
in any
permission to
stock,
rate
reductions,
or as
price of the company's properties in
In
of the West Penn Power Co.
.operating utility from its parental holding
company
the company's books.
affecting the
condemnation
proceedings.
offering of April 9, 1940, which represented not
transfer of
proceeding,
agitation for municipal ownership was lacking, and
the Public Service Commission of Indiana had estab¬
of
established by the Rhode Island
effect on
,
However, in the case of the
Light
from the values recorded on
as
of book value of prop¬
original cost thereof.
If either the Federal
Commission or the Pennsylvania Commission directs
erty over the
lished the rate
,the proceeds accruing to the common
Public Utility
the Pennsylvania
West Penn has
acquisition price will be equivalent to the rate base
$3,044,859
reduction,
substantially reduce West Penn's earnings.
Secondly, the company's depreciation requirements may be
increased under the system of depreciation accounting as
it
mately $11.44 per share; on the assumption that the
Commission
;
First, the Pennsylvania
to speculation.
rise
$12,000,000 representing the excess
organizations plan to continue their campaign for
proceeds
give
Public Utility
Commission and
pective investors
the
which
of the Original
purchase of this stock at that price.
the event
account in any
Power
important," said the Commission, "for pros¬
;
;
.
general factors which must be taken into
enterprise, there are certain special factors
results
prospective investors of the dangers inher¬
ent in the
18, 1940
"Apart from the
earnings record of the company," it
the
to
the following language:
offering price of the stock is fair in rela¬
"the initial
tion
May
Furthermore, the Commission summarized its
findings with respect to certain factors potentially
affecting the future value of the stock, in part, in
issue, evidenced by 59,550 shares
common
$20 par value, from
to
Chronicle
The Commercial & Financial
3112
holding
company
subsidiary
words, although the SEC approved the
other
^ale of the three foregoing operating utility com¬
mon stocks to the public on the basis of their earn¬
ings records at prices ranging from 10.35 to 16.15
earnings, it also warned prospective
times current
investors of the
inadequacy of asset values, both at
the time of initial offering and in the event of spe-
through investment channels, or 160,000 shares out
cific
of
Electric
common,
that the
highest asset value assignable to the stock
a
$27
total of
per
2,935,000 shares to be outstanding, at
share, equivalent to
16.15 times current
future
was
its
reduced to
findings be included in the offering prospectus.
respect to the relationship of offering price
to book value of the
common
stock, the Commission
found:
"On
a
pro
forma corporate basis, based
on
the stated value
and
surplus^he common st(x?k will have^a value of approximately $12.60 per share.
If deferred charges of $7,526,000
(representing unamortized debt discount and
demption premium and expense
other miscellaneous charges) are
justed value of the
common
on
expense,
re¬
the preferred stock and
deducted, the resulting ad¬
stock will be approximately $10
If the inflationary items are also deducted from
the assets the adjusted value will be $5.60 per share."
per
case
share.
29.3% under specific conditions; in the
of West
that the
of
In the case of Newport
it cautioned prospective buyers
66.2% of the offering price, which might be
earnings, the SEC again required that certain of
With
happenings.
the
Penn Power common, it
pointed out
present asset value of the stock was
initial
price,
which
46.7%
could be reduced to
20.7%; and in the case of Indianapolis Power &
Light
common,
it implied in its findings that no
asset value whatever would
the
exist for the shares, if
write-up of property values on the Indianapolis
companys' books
was
extinguished.
.
The attitude of the Commission toward these
dis¬
crepancies between asset values and initial offering
I
Volume
The Commercial & Financial Chronicle
ISO
prices based
from
its
"We
are
earnings records
on
findings in
Secondly, neither the Constitution
be inferred
may
Electric
the Newport
case.
faced," said the Commission, "with the
fixed return
to any
investors of the Estate of Utilities Power &
the
Corp. and that of the
In that connection
company.
the
on
investors in the Newport
new
hand
one
our
records show that
representatives of certain Newport
organizations contend that the prices
while
are
too high,
the other hand it is the contention
on
of the
ments" of the
price which is too low.
to the debtor for the
by
be
Newport stock is
one
offered
dealer who often has had occasion to buy and
a
sell
Yet the price being paid
utility securities and who
familiar
with
the
be presumed to
may
values
of
securities."
such
Apparently, then, the Commission has taken the
/position that despite inadequacies of asset values,
courts,
the moment.
"fair" return, which
a
on
the accepted valuation of
Thirdly, the Federal Power Commis¬
sion and many
State regulatory bodies have required
electric utilities under their jurisdiction to restate
their
a
earn
subject to the "fickle and varying judg¬
facilities at
selling its interest in Newport at
established property valuation
any
What it has guaranteed utilities is
"opportunity" to
itself is
of Utilities Power &
the debtor is
on
utility.
Protective Committee for the Preferred Stockholders
Light Corp. that the estate of
property accounts to show the value of utility
"original cost," which is defined
cost of such
to
public service," with the difference between "orig¬
inal cost" and
present-day book value segregated in
"electric plant
an
for
tain
acquisition adjustments" account
implied extinguishment.
an
original cost
cases,
And while, in
may even
day book values, the general effect of this require¬
ment, if there is
any
merit in the 1932 contention
of the Federal Trade Commission that
ties
to
tric
offerings,
between
when
a
their
reasonable
subsequent public
relationship
exists
Judged
solely by this
relationship of offering
22% of elec¬
utility book values consisted of write-ups and
other
intangibles, will be
the values
earnings and initial offering prices.
cer¬
exceed present-
justified in approving the sale of utility equi¬
and
"the
as
property to the person first devoting it
it is
underwriters
the de¬
nor
cisions of the highest court have ever guaranteed a
allegedly conflicting interests between that of the
Light
3113
which
on
anteed the
substantial lowering of
a
operating utilities will be
"opportunity" to
guar¬
"fair" return.
earn a
price to earnings, past issues would appear to have
And, fourthly, the Uniform System of Accounts,
been
scribed
fairly
priced.
Although
not
wholly
com¬
parable, the average market price of Commonwealth
half the State
Edison, Consolidated Edison, Consolidated Gas of
line
Baltimore, Southern California Edison, Boston Edi¬
the
Detroit Edison, and Pacific Gas & Electric, over
son,
the
periods during which these offerings of electric
utility equities
were
being made,
utility commissions, requires straight-
depreciation which
substantially increase
may
depreciation expense of
many
Power
findings.
On the
whole, then, since existing rate bases
earnings, compared with 13.2 times earnings for
be
Newport, West Penn, and Indianapolis
formula is substituted for the
while the similar average
commons,
market price of Lone Star
Gas, Peoples Gas, and Pacific Lighting
times
was
11.0
earnings, compared with 11.5 times for Wash¬
ington Gas Light
common.
Furthermore, the
mar¬
rule; since the fairness of
dependent
neither the Federal
since
State
the
to the manner,
during each of the first four weeks following their
which
excesses
inal cost
1940
Low
May 9,
(the day preceding German invasion of the
Countries), and their
since public offer¬
ranges
scribed
initial
can
Unfortunately, however, future earnings of
operating utilities
levels, for
a
may
our
not be continued at present
number of influences
are
at work which
threaten lower rate bases and lower valuations for
rate-making purposes, and which suggest
in
certain
operating
First,
costs.
an
increase
although
the
Commission
or
nor
any
de¬
the time during
book values
over
orig¬
amortized; and since newly pre¬
may
substantially
utility costs, past performance offers
assurance
,
the rate
of present-day
to be
are
ing all tend to confirm the reasonableness of their
prices.
Power
depreciation accounting
increase
rate of return is
regulatory bodies have reached
respective offerings, their market prices
on
"present fair value"
any
the shifting judgments of courts;
upon
as
operating utility commons
may
substantially lowered, if the prudent investment
cision
ket action of these four
operating utilities,
specifically noted by the SEC in its West Penn
as
15.6 times
was
pre¬
by the Federal Power Commission and about
no
that future earnings of operating utilities
be held at
present levels.
And, obviously, this
applies with equal force to all operating utilities,
whether
now
independently owned,
publicly owned,
pany
systems.
There are,
or
or soon
to be
to be retained in holding com¬
.
however, alleviating aspects of this con¬
templated large-scale transfer of operating utility
"present fair value" rule laid down by the United
ownerships from holding companies to the investing
States
public.
Supreme Court in Smyth
years ago
years
as one
the fairness of
determined,
ported
Ames just 42
and consistently supported through the
intervening
tion cost
v.
a
specifically designates reproduc¬
of the
requisite yardsticks by which
utility property valuations must be
dissenting minority of that court,
sup¬
by the Federal Power Commission and
vociferous
congressional
power
bloc, is strongly
a
con¬
of the
been
Light Co.),
has
been absorbed
served areas,
local
ings.
And while the amount prudently invested in
occasional utilities may
the
as
equal present book values,
general application of this valuation method
would tend to lower rate bases.
subsidiaries have
a
substantial portion of their shares
by investors in and around the
and this repatriation of even partial
utility control promises to exert a wholesame influ¬
ence
prudent investment
company
Indianapolis Power & Light Co., and Washington
Gas
rule and the substitution of
utility valuation proceed¬
folding
publicly distributed (Newport Electric Corp.,
tending for the desertion of the "present fair value"
the dominant formula in
In the three instances to date where 100%
equity of
on
their
public relations.
For the attitude of
governments, rate payers and regulatory com¬
missions is
toward
generally
more
friendly and reasonable
locally owned enterprises than toward those
dominated
by "Wall Street."
When dissatisfaction
with rates and other service conditions arise in the
futpre, these local
stockholders will probably be
The Commercial &
3114
sympathetic and public spirited in their atti¬
toward complainants than have corporate
more
tude
and both administrative
stockholders in the past,
regulatory agencies of government will doubt¬
and
greater incentive to protect equity invest¬
less have
of local voters and taxpayers
ments in the hands
of non-resident corpora¬
where the interests
than
tions
involved.
are
units
where these independent
too,
Then,
operating
located in investment areas, where accu¬
are
savings exceed the needs of local institu¬
mulated
Financial Chronicle
breed contempt where contempt is deserved, it
also be productive of goodwill and confidence.
may
can
merit in the phi¬
Administration which was
responsible for its sponsoring of the Public Utility
And, finally, if there is any
losophy of the present
emancipated utilities, while losing some of the bene¬
fits of informed control and direction, and sound
technologic advice, .will also escape the disadvan¬
of being operated largely for the
ing
eaptal at reduced cost. Although hardly typical,
one instance of this availability of local capital at
low cost may
be found in Hartford, Conn., the insur¬
center of
ance
America, where the Hartford Electric
Light Co., whose common stock has long been held
by residents of the served area, was
able to sell not
bearing 3%
mortgage bonds but debentures
first
coupons
before practically any other operating util¬
ity in the country was able to command
Gross and Net
regarding the Euro¬
and the course of general business in this country.
In comparison
with the same month of last year, gross and
It
was
activity which began last De¬
evident in March, as it is at the present
time, that the stirring events of the
European scene must
and
States
Beyond
neutrals.
other
of the United
generalization,
this
however, the pattern of affairs is difficult to trace.
Heavy
States for airplanes and a few
orders in the United
other
war
supplies needed by the Allies, who have the resources
and
transportation facilities necessary under our neutrality
laws, apparently are counterbalanced to a large degree
agricultural
American
by
products in
curtailed
markets
Europe.
Latin America and some parts of the Far East
for
turning to the United States for their ordinary
require¬
ments, with means for effecting payment a primary
problem.
are
occurred, and
The intensification of the war that now has
still greater areas, bring the
problem into sharper relief without altering the outlines.
the
course
of
our
own
domestic affairs regulated the finan¬
during March.
cial results of railroad operations
ness
bulge that developed late last year, upon the outbreak
of the war,
was
tic
slmvly
gave way
still running its course.
to
a
decline which in March
Little developed in the domes¬
political sphere which could be construed as encouraging.
The third term debate raged
President Roosevelt
a
The busi¬
as
furiously, without a sign from
to whether he
intended to attempt
break in the sound traditions of the country against per-
in
the way
of business by the New Deal were unrelaxed,
and in view of the many
uncertainties faced
it is perhaps natural that
line.
business
men
Gross earnings of the railroads
$320,243,592,
1939,
The obstacles placed
a
against
gain
$314,460,087
of $11,783,505,
or
in
last
year,
an
hand
held to a cautious
during March were
the
3.75%.
March amounted to $78,332,834, against
month
on every
same
Net
month
earnings
of
for
$74,688,343 in that
increase of $3,644,491,
or
4.88%.
We
present the March earnings in tabular form, as compared
to
the
same
month
of 1939:
whether investors or
of these units,
stockholders
holding companies, may have to be
Railroads for the Month of March
Operating expenses..
Ratio of expenses to earnings..
$326,243,592 $314,460,087 + $11,783,505
+8,139,014
247,910,758 239,771,744
(76.25)
(75.99)
$74,688,343
$78,332,834
Net earnings
general improvement in the situation of
a
of a wiser legislative approach to the
roads by means
problem
intensive study a joint House-Senate
After long and
April 26 submitted to Congress a compromise
on
providing for Interstate Commerce Commission
bill
rates
States Government freight,
United
on
for the Reconstruction Finance
powers
added lending
Corporation, and an
investigation of the relative importance of the
the Wheeler-Lea bill,
This measure, known as
saddled
unfortunately
Congressmen with pro¬
certain
by
promptly
various types
of coordination.
transportation facilities with the aim
was
regula¬
the special "land-grant"
repeal of
carriers,
of water
tion
of
the rail¬
Whether they will succeed remains to be
transportation.
committee
+4.88%
+ $3,644,491
efforts in recent weeks to
There have been some earnest
effect
(—)
—0.27%
+3.75%
+3.39%
g41
233,617
232,976
Mileage of 132 roads
Gross earnings
Inc. (+) or Dec.
1939
1940
Month of March
of
satisfied with
their shares.
lower returns on
posed amendments apparently designed to favor
labor and
agriculture, and the bill was sent back to the committee
As intro¬
sound approach
railroad problem and to that of transportation as a
within the United States.
It may be noted here that
May 9, making early passage uncertain.
rooms on
duced, the bill generally was regarded as a
whole,
return
coaches
to
2c.
a
throughout
little
a
relation
fare
rate in
24 on
effected March
naturally
of this change.
If past
any,
show
extensive variations in
subsequent
earnings because
fare change.
to the business statistics
now
financial statistics of railroad
cate in
passenger
was
guide, it is doubtful whether
any
of the passenger
We turn
if
reflection,
experience is
months will
East
ICG, but the March financial returns
orders of the
showed
mile basic
a
the
which underlie the
operations.
In order to indi¬
simplified form the measure of trade activity
its
to
bearing
on
the
revenues
in
of the railroads
during the month under review, we have brought together
in the subjoined table the
petuation in office of any President.
But the common
under'either arrangement.
well
the
that
Important as the European war may be, it is evident
security holders will fare about as
and senior
ers
to the
rhe sweep of the conflict over
own¬
grade of operating utilities the rate pay¬
the better
seen.
exercise enormous effects upon the economy
decentralized
of hold¬
ing company benefits can be determined only by the
coming years, although it seems probable that in
keeping with
gains were rather modest, and quite in
the slow decline of business
cember.
But
of the carriers were somewhat improved.
net earnings
not the advantages of
or
benefit of hold¬
stockholders.
ership and operation will outweigh the loss
Earnings of United States
March, the indecision then prevalent
the
Whether
and
managements *
company
operations in the United States reflected, during
Railroad
pean war
this low
holding company domination, and the dan¬
tages of
employment, familiarity with locally owned utili¬
provide a continuing source of expansion
with its integration requirements, these
Act of 1935
ger
ties may
For while familiarity
mortgage issues.
rate for its
supply of investment capital is seeking
tions and a
May 18, 1940
the
more
ing
to
freight
figures indicative of activity in
important industries, together with those pertain¬
grain,
car
cotton
and
livestock
receipts
and
revenue
loadings for the month of March, 1940, as com¬
pared with the
same
month of 1939, 1938, 1932 and
On examination it will readily be seen
tion of the
building industry and soft coal production, the
output of all the industries covered was very much
than
too,
in
as
loaded
the
same
month
of 1939.
larger
A substantial increase,
might be expected, is shown in the number of cars
with
revenue
Southern outports
and
1929.
that, with the excep¬
the
freight.
Receipts
of cotton
at
the
also were on a very much larger scale,
receipts at the
Western
primary markets of the
Volume
The Commercial & Financial Chronicle
ISO
showed a
products (taking them collectively)
various farm
1929
Automobiles (cars):
Production
(passenger
cars, trucks, &c.).a._
423,299
371,946
221,645
119,344
585,455
$272,178
$300,661
$226,918
$112,235
$484,818
Seaboard Air Line
Minn. St. P. & S.S.Marie
Grand Trunk Western__
Pa. anthracite.d.
Cotton
Reading
(cars).e z3,122,556 z2,976,655 z2,746,428 z2,825,798 z4,807,944
Car loadings, all
receipts,
Chic. Ind. & Louisville..
St. Louis Southwestern..
South¬
375,133
644,554
294,409
108,817
424,338
ports (bales) _f
Livestock receipts: g
ern
$6,849,661
$752,360
536,506
296,743
Louisville & Nashville
New Oris. Tex. & Mex.
Chic. Rock Isl. & Pacific
255,459
176,346
Baltimore & Ohio
173,792
Yazoo & Miss. Valley...
135,764
N. Y. Ont. & Western..132,813
Florida East Coast
129,212
147,199
141,708
119,472
118,054
117,076
Bessemer & Lake Erie...
Detroit Toledo & Ironton
Clinchfield
Freight Traffic:
Total (22 roads)
Southern Pacific (2rds.).
Atlantic Coast Line
159,198
147,802
Union Pacific
Western Pacific
35,400,000 35,438,000 26,745,000 32,250,000 40,068,000
4,859,000
3,773,000 3,604,000 4,015.000 4,789,000
106,651
106,409
Maryland.
Texas Pacific
224,343
217,010
210,096
183,099
______
Building ($000):
Coal (net tons):
Bitumlnous.c
Western
$1,086,012
Norfolk & Western
867,147
Northern Pacific
703,713
Chesapeake & Ohio
;„v
542,471
Chic. Milw. St. P. & Pac.
516,152
Great Northern
401,328
Chic. Burl. & Quincy...
258,840
Atch. Top. & Santa Fe__
246,246
Illinois Central
229,635
.....
1932
1938
1939
1940
Increase
Increase
Pennsylvania
ing cattle markets fell below those of a year ago.
March
MARCH
OF
livestock receipts at the lead¬
substantial increase, but the
3115
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
Nash. Chatt. & St. Louis
(3 roads)
119,571
al04,7Ol
100,383
New York Central
Chic. & North Western..
Total (15roads)..
$2,913,650
These figures cover the operations of the New York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
and the
Central,
Northern, and Evansviile Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is a decrease of $118,001.
a
Chicago (cars)
6,271
6,731
Kansas City (cars)-..
Omaha (cars)
2,121
2,654
7,228
3,013
1,760
2,011
1,839
16,762
11,954
4,813
4,135
7,116
6.298
Cincinnati
Western flour and grain
receipts: h
z2,082
zl,956
zl,820
Z15.079
Z32.832
Z26.991
zll.864
z6,549
z7,512
z5,530
z5,309
When the roads
z2,326
Z15.661
Z14.929
Z12.295
zl4,904
Corn (000 bushels)
Oats (000 bushels)
z2,287
z26,515
Flour (000 barrels)...
Wheat (000 bushels)..
-
Z27.437
zlO.314
Barley (000 bushels)..
z6,279
z7,291
Z6.782
Z2.762
zl,796
zl,722
z963
z650
3,270,499
1,742,984
1,160,682
4,457,368
Steel ingot productlon.l.
4,236,050
2,681,969
3,814,013
2,414,887
1,684,468
districts—the
zl,284
& Steel (net tons)
Pig Iron productlon.k..
arranged in groups, or geographical
6,069,910
Eastern,
all
the three great
and
Southern
the
Western—
the
z4,419
Rye (000 bushels)
are
divisions, according to their location,
together with all the various regions comprising these dis¬
tricts, show increases in
Iron
the
exception
and
X838.214
x711,722
*701,625
*408,573 xl ,468,743
ern,
Shipments.m
X886.845
*798,888
*791,426
Orders received .m
x901,804
x803,141
*781,575
*547,167 xl,562,519
*552,873 *1.638.245
we
a
United States Bureau of the
States
of
east
Mountains).
Rocky
d United States Bureau of Mines,
c
and Steel
f Com¬
National Lumber Manufacturers' Association (number
m
reporting mills varies in the different years),
x
Four weeks,
z
of
has
that
been said
regions
Turning our attention
in consonance with the results shown in
In
1940,
March,
increases
in
obliged
are
and
amount,
earnings
gross
roads
seven
roads
thirty-three
to
in
excess
report
the case of the
in
the general totals.
able
are
show
to
$100,000,
of
and
above
that
decreases
net earnings twenty-two
gains of more than $100,000, and fifteen roads
roads report
Outstanding among the roads and systems able
decreases.
and net earnings alike are
to show increases in both gross
Pennsylvania RR., which heads the list in both gross
the
and
with
net,
increase
an
of
$2,401,556
1940
in
gross
gross
and
Ohio, reporting
gain of $749,903 in gross and $542,471 in
a
The New York Central System, while reporting a gain
in gross
of $497,381, shows a loss in net of $104,701.
(These
figures cover the operations of the New York Central and
its leased lines; when, however, the
is included,
and
Pittsburgh & Lake Erie
the result is an increase in gross of $643,080
loss of
a
$118,001 in the net.)
Among the roads show¬
ing losses in both gross and net alike, we find the Atlantic
Line
Coast
with
decrease in net;
$231,120 decrease in
gross
and
$536,506
the New Orleans Texas & Mexico
(three
roads) with $268,132 loss in gross and net of $255,459, and
$259,725 and
table
we
a
loss in net of $176,346.
Dec.tr-)
or
'
■'
%
13,958,737
13,910,060
61,925,523
60,068,949
Central Eastern region
67,923,922
63,775,091
+48,677
+ 1,856.574
+ 4,148,831
143,808,182 137,754,100
+ 6,054,082
Total
(18 roads)
(51 roads)
%
+0.35
+3.09
+ 6.51
+ 4.39
Southern District—
Southern region (27 roads)
45,977,013
44,996,365
Pocahontas region (4 roads)...
21,352,100
19,109,285
+ 980,648
+ 2.18
+2,242,815 + 11.74
67,329,113
64,105,650
+3,223,463
+ 5.03
Northwestern region (15 roads)
Central Western region (15 roads)..
33,098,370
56,805,193
31,349,980
56,074,719
+ 1,748,390
+730,474
+ 1.30
Southwestern region (20 roads)
25,202,734
25,175,638
+27,096
+0.11
115,106,297 112,600,337
+2,505,960
+ 2.23
326,243,592 314,460,087 + 11,783,505
+ 3.75
'
Total
(31 roads)
Western District—
Total (50 roads)
(132 roads)
Total all districts
+ 5.58
Net Earnings
Mileage
District & Region
1940
in
excess
of
$100,000, whether increases
decreases, and in both gross and net:
PRINCIPAL
CHANGES
IN
MONTH
GROSS
EARNINGS
FOR
...
Reading
Southern Ry
Union Pacific
Grand Trunk Western
__
Minn. St. P. & S.8. Marie
N. Y. Chic. & St. Louis.
Central of New Jersey
Detroit Toledo & Ironton
Bessemer & Lake Erie
Western Pacific
Erie
3,734,037
Inc.
( + ) or Dec. (—■)
$
%
+0.07
+2,610
—203,466
+ 1,599,184
—1.46
24,614
13,972,896
16,157,796
57,612
35,263,057
33,864,729
+ 1,398,328
+4.13
38,287
6,063
38,429
11,668.061
—5.67
8,930,790
12,368,940
7,413,256
—700,879
6,057
+ 1,517,534
+20.47
44,350
44,486
20,598,851
19,782,196
+816,655
+4.13
45,682
56,368
29,191
45,821
56,338
5,732,732
11,081,697
5,656,497
3,993,713
11,277,277
,6,717
26,142
26,221
Cent. East, region
24,526
57,385
New Engl, region.
Total.
+ 9.90
Dist.-
Southern
Southern region.
__
region
Pocahontas
Total.
Dist.—
Western
Northwest'n region
Cent. West, region
Southwest'n region
29,360
+ 1,739,019
+43.54
—195,580
—113,931
—1.73
5,770,428
+ 6.79
+4.88
131,241 131,519
22,470,926
21,041,418
+ 1,429,508
232,976 233,617
78,332,834
74,688,343
+3,644,491
Total...
—1.97
NOTE—Our grouping
of the roads conforms to the classification of the
Commission, and the following indicates
Commerce
groupe
Interstate
the confines of the different
and reg.cn,:
EASTERN
DISTRICT
England Region—Comprises the New
England States.
Region—Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Great Lakes
Increase
$2,401,556 Clinchfield
1,272,801 Pittsburgh & Lake Erie..
Chesapeake & Ohio
749,903 Kansas City Southern
Baltimore & Ohio
684,148 Western Maryland
Atchison Top. & Santa Fe
653,415 Lehigh Valley
Great Northern
573,282 Virginian
Northern Pacific
549,580 Wabash
New York Central
a497,381 St. Louis Southwestern..
Pennsylvania
Seaboard Air Line
THE
OF MARCH
Norfolk & Western
Illinois Central
$
$
3,736,647
13,769,430
17,756,980
6,777
Great Lakes regloi
New
TnfYpflRp
Chic. Milw. St. P. & Pac.
1939
,1940
1939
In the following
show all changes for the separate roads and sys¬
tems for amounts
or
Inc.(+)
•
New England region (10 roads)
Great Lakes region (23 roads)
the Chicago Rock Island & Pacific, reporting a loss in gross
of
S
and $867,147 in net; the Northern Pacific, with
$549,580 in gross and $703,713 in net, and the Chesapeake &
net.
1939
$
$1,086,012 in net; the Norfolk & Western, showing $1,272,801
in
of
Gross Earnings
to the
separate roads and systems, we find the exhibits
to the
now
The boundaries
indicated in the foot¬
SUMMARY BY GROUPS—MONTH OF MARCH
;
Eastern District—
whole.
are
Five weeks.
above applies exclusively
railroads of the country as a
with the classification of
Commission.
Commerce
District and Region
All
As previously explained,
note to the table:
k "Iron Age." ' 1 American Iron
h New York Produce Exchange,
Institute,
Interstate
Our
decreases.
small
show
the roads to conform
group
companies
g Reported by major stock yard
of the net earnings four
by groups is as below.
the different groups and
Commission,
Coal
Bituminous
National
Association of American Railroads,
e
piled from private telegraphic reports,
in each city,
(figures for 37
b F. W. Dodge Corp.
Census,
the
Southwestern)
the
summary
Note—Figures In above table issued by:
and net earnings alike, with
gross
the case
(the Great Lakes, the Southern, the Central West¬
regions
Lumber (000 feet):
Production.m
that in
$171,863
145,699
142.177
141.953
140,661
138,115
131,209
126.178
479,652 Delaware & Hudson
122,121
453,547 Pere Marquette
118,617
390,648 Missouri Pacific
108,761
324,288
Total (33 roads)
290,038
$12,754,452
Decrease
280,991
257,139 New Oris. Texas & Mex.
(3 roads)
255,735
$268,132
259,725
238,086 Chic. Rock Island & Pac.
231,120
203.644 Atlantic Coast Line
166,864
186,146 N. Y. Ont. & Western
111,317
179,390 Missouri-Kansas-Texas
173,589
Total (7 roads)
$1,037,158
172,139
Central Eastern Region—Comprises
east of a line from
and
a
the section south of the Great Lakes Region
Louis and the Mississippi River
Ohio River to Parkersburg, W. Va.,
of Maryland and by the Potomac
Chicago through Peoria to St.
of the Ohio River, and north of the
line thence to the southwestern corner
to the mouth
River to its mouth.
SOUTHERN DISTRICT
Region—Comprises the section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Southern
Pocahontas
Region—Comprises the section north of the
southern boundary of
Virginia, east of Kentucky and the Ohio River north to- Parkersburg, W. Va..
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by
the Potomac River to its
mouth.
WESTERN DISTRICT
,
the section adjoining Canada lying west of the
north of a line from Chicago to Omaha and thenoe to Portland,
Columbia River to the Pacific.
Northwestern Region—Comprises
Great Lakes Region,
and by the
_
Central Western
Region—Comprises the section south of the Northwestern Region
Chicago to Peoria and thence to St. Louis, and north of a line
City and thence to El Paso and by the Mexican boundary
west of a line from
from St. Louis to Kansas
to the Pacific.
figures cover the operations of the New York Central and the
lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansviile Indianapolis & Terre Haute.
Includ¬
ing Pittsburgh & Lake Erie the result is an increase of $643,080.
a
These
leased
Region—Comprises the section lying between the Mississippi
line from St. Louis to Kansas City and thence to El
Rio Grande to the Gulf of Mexico.
Southwestern
south of St. Louis and a
and by the
River
Paso,
The Commercial & Financial
3116
entirely
almost
was
due
traffic—
wheat
larger
the
to
20,515,000 bushels against 15,061,000 bushels—the receipts
the other items
of all
(with the exception of rye)
having
of
Year
March
Given
Preceding
.....
mm
911
greater
the
less degree smaller than a year ago.
at the Western
the receipts
Altogether,
of
or
five
staples, wheat,
primary markets
oats, barley and
corn,
in
rye,
912
m
915
910
917
bushels
bushels in March last
against only 47,115,000
as
and 52,561,000 bushels in March, 1938.
year
1932 the
of
five weeks
In the
same
grain movement reached only 35,-
664,000 bushels, but back in 1929 it totaled 76,286,000 bush¬
In
els.
Western
the
following
table
give
we
the
details
of
the
919.....
920
921
923
924
504.010,114
485,498,143
528,905,183
529,899,898
504,233,099
510,134,027
452,024.463
375,588.844
289,633,741
219,857,606
292,775.785
280,492,018
307,833,663
377,085,227
926
927
928
mm
929
grain movement in our usual form:
930
931
WESTERN FLOUR AND GRA TN RECEIPTS
932
5 Weeks Ended March 30
Flour
Year
Chicago
(Bush.)
1940
Minneapolis
Wheal
(Bbls.)
1940
.
1939
«•
-
-
Oats
Rye
(Bush.)
(Bush.)
766
6,031
916
4,930
657
104
4,867
58
1,254
2,534
1,720
1,109
1,120
788
4,919
368
278
576
trnrnmm
917
1,062
225
552
4
443
37
52
96
8
663
25
29
1,830
895
648
1,301
11
516
326
1,039
28
1,262
2,302
740
27
mm~~
1940
19
246,848
+24.67
+50,484,357
+ 16.17
+ 10,676,415
+2.92
+61,492.190
—1,483,390
+ 16,059,426
+59,806,190
—30,628,340
—18,864,833
+43,668,624
+ 17.72
247,363
248,185
230,336
226,086
213,434
+ 9.27
—e.32
—5.73
+432,616
375,617,147
288,880,547
217,773,265
292,798,646
280,484,056
+0.08
—4.98
234,202
235,470
236,520
236,048
236,500
236,948
241,115
242,325
237,804
+ 11.31
237,054
236,158
234,828
233,659
238,729
240,427
241,964
242,421
241,974
241,489
241,194
239,246
238,226
236,607
235,829
234,761
+3.75
232,976
233,617
—12.50
—10.95
—22.89
242,566
241,996
—23.89
240,911
+34.44
239,228
238,011
—4.20
+ 9.75
+69,335,247
282.514.278
314,460,087
233,389
239,649
+2.15
+22.53
—94,426,288
+31.945,809
+ 11,783,505
307,749,980
376,997,755
228,835
212,770
236,774
+3.51
+ 12.62
—26,410,659
+ 10,884,477
—64,595,796
—76,672,852
—85,983.406
—69,022,941
+75,002.520
—12,306,728
+27,349,607
529.467.282
530,643,758
505.249,550
516,620,259
452,261,696
247,317
225,631
236,559
+ 9.00
246,548
234,832
234,986
235,424
235,715
—3.74
237,295
243,184
243,598
—25.05
909
$69,613,713
$55,309,871
910
78,322,811
69,658,705
+8,664,106
+ 1244
911...
4
mmmm
69,209,357
78,357,486
—9,148,129
—11.67
1,382
3,312
1,442
63
616
1,112
640
18
191
912.
861
592
338
15
211
913.
1940
217
49
2,036
336
49
295
914
1939
260
85
1,815
288
53
207
915
1940
95
4,427
880
108
1939
84
4,403
624
270
.mmmm
1,414
1939
mmmm
1,100
1940
mmmm
1940
1940
2
91
mrnm
919
mmmm
145
178
'mmmm
men m —
4
mmmm
mmmm
mmmm
.
918..
'mmmm
-
_
-
m
+25.86
+$14,303,84#
+ 848,494
+ 1.24
—4,275,145
+3,104,528
—6.18
64,889,423
67,452,082
.
+4.78
+ 1,000,350
+ 1.48
68,392,963
+29,378,627
+ 42.96
96,718,706
—7,911,240
—8.18
87,309,806
82,011,451
27,202,867
40,872,775
58,538,958
113,468,843
920...
Cent
68,190,493
29,596,482
917
mmmm
(+) or
(—)
Decrease
69,168,291
69,038,987
64,893,146
67,993,951
68,452,432
97,771,590
88,807,466
82,561,336
-
916..
m m — m
273
198
391
1939
Per
Year
Preceding
m
m-m m
Increase
Year
600
Wichita
—6.00
Given
of
March
662
1939
St. Joseph
—15,194,218
+58,731,563
+27,249,215
234,692
Month
1939
Kansas City
245,200
261
I 1940
Peoria
240,510
+0.26
234,258
10
m
1939
St. Louis
+4.44
+660,166
226,965
Net Earnings
1,574
1940
Indianapolis and Omaha..
+ 5.77
+ 10,595,839
457,374,460
473,747,009
534,644,454
504,362,976
485,236,559
282,571,467
314,460,087
320,243,592
940
330
76
1939
Toledo
mm
220,421
223,563
230,263
3,401
1940
Milwaukee
..... mm
939
1,225
2,767
1939
1940
Duluth
936
937
938
1,156
178
989
mm
935
Barley
(Bush.)
11,816
1,075
1,081
1939
Corn
(Bush.)
.
mm
934
(000 Omitted)
933
—4.72
+ 12,955,678
238,098,843
450,978,940
473,433,886
533,553,199
922
+ 15.98
237,735
238,218
294,068,345
312,276,881
365,096,335
347.090.277
458,462,330
408,582,467
925
ended March 30, 1940, aggregated 56,043,000
the five weeks
+ 12.09
253,362,099
362,701,238
375,772,750
918
Pieced'g
249,514,091
249,230,551
250,174,257
238,157,881
290,830.406
321,317,560
914
Year
Given
224,608,654
238,634,712
237,564,332
mm
Year
Cent
(+) or
Dec. (—)
$205,700,013 5183,509.936 +522,190,078
+32,887,440
238,725,772 205,838,332
227,564,915 238,829,705 —11,264,790
909
910
Per
Inc.
Year
913
in
been
Mileage
Month
The increase
with March, 1939.
18, 1940
Gross Earnings
greatly in¬
in March the present year was on a
creased scale as compared
May
(taking them col-
grain traffic over Western roads
The
lectively)
Chronicle
—4,748,470
—5.44
—52,414,969
—63.91
+ 13,669,908
+ 50.25
154
2,082
26,515
14.904
\
1939
2,287
15,661
14,929
+46.78
+92.87
+3,419,324
+3.01
117,668,590
—2,914,076
—2.48
114,677,751
—5,447,665
—4.75
109,081,102
134,064,291
+24,561,652
+22.62
+ 1.21
135,874,542
—4,034,267
132.122,686
+7,516,400
+ 5.69
101,494,027
139,756,091
101,541,509
84,706,410
—38,262,064
—27,38
—16,893,267
—16.64
16
81
923
1,796
1,722
6,549
7,512
215
1940
1939
+ 18,656,316
+ 54,637,199
922._
6,279
925.
7,291
926
64
!
39,882,642
58,831,644
921
25
40
340
113,697,798
929
149
117,117,122
114,754,514
109,230,086
133,642,754
135,691,649
131,840,275
139,039,086
930
81oux City
16
924
Total all
927
928._
3 Months Ended March 30
+ 1,627,358
—2.97
Flour
Wheat
Corn
Oats
Rye
Barley
931
84,648,242
(Bbls.)
932
67,670,702
43,100,029
934
83,939,285
42,447,013
—17,035,708
—25.256,01 3
+41,492,272
—20.11
933
935__
67,659,321
83,942,886
—16,283,565
—19.40
71,711,908
111,515,431
54,102,703
74,688,342
68,205,090
71,708,880
+3,506,8 1 8
+39,806,551
+ 55.51
111,501,626
—57,398,923
—51.48
54,100,286
+ 20,588,056
74,688,343
+3,644,491
+38.06
+4.88
(Bush.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
(1940
2,794
1,812
3,568
173
3,019
PM
1939
2,740
2,527
6,041
316
Minneapolis..
1940
4,297
2,768
2,654
3,226
8,550
7,999
Year
(000 Omitted)
1,208
15,359
12,437
2,186
2,692
1,397
2,174
1,211
1,694
1,867
1,214
19
2,315
6,352
7,466
1940
1,593
3,415
1,675
1939
1,682
2,543
Peoria
1940
564
121
1939
640
Kansas City
1940
285
1939
218
Chicago
21,032
1939
1,053
10,852
mmmm
1940
Duluth
7,017
1939
mm-m
1940
203
10
1939
Milwaukee
249
38
1940
Toledo
mm
2,015
1,684
mm
1939
1940
Indianapolis and Omaha...
Louis
1,702
1,431
842
84
627
5,400
82
85
2,072
45
52
1940
Joseph
11
3,470
1,306
127
76
878
96
201
660
305
6,083
725
2,403
2,140
602
347
503
469
689
544
620
7
17
'.'mmmm
mmmm
2
mmmm
940.
mmmm
2,582
....
mm
1940
Wichita
mm mm
3,004
mm mm
2,869
6
135
296
1
1939
m
'
Sioux City
1940
The Course of the Bond Market
The bond market declined heavily
509
recent
■
m
mmmm
'm
1940
1
1939
The cotton movement
developments.
war
\
6,582
over
this week, in view of
Governments declined
S.
mmmm
nearly two points from
mmmm
mm
mmmm
a
week
and the losses in
ago,
m
m
'
porates have been large for all grades.
The industrial section of the list declined
344
83
28
71
818
142
38
202
46,447
36,579
39,042
15,425
5,351
19,089
moderately
38,675
18,400
3,393
18,288
losses
as
ence,
particularly
Southern roads
cor-
■
271
mm m
5,458
U.
mmmm
■
314
m
1939
Total all
78,332,834
619
900
939
539
2,412
4,831
1939
rn
+ 5.14
116
938..
'
St.
+97.75
27
2,391
1,876
—36.95
5,173
937_.
823
543
7,159
9,804
1939
St.
457
679
936
68,356,042
was
also very
rest of the bond market this
toward
week-end.
the
sharply with the
week, but most
groups
However,
gained
substantial
compared with last week's close have been in evid¬
among
the lower grade and speculative
issues.
Issues
land shipments of the staple and the receipts of cotton at
include
the
the
points at 71Studebaker Conv. 6s, 1945, off 8 points at
much
larger than in March, 1939, both as regards the over¬
Southern
150,163 bales
year,
but
outports.
Gross shipments overland totaled
against only 100,240 bales in March last
as
comparing with
153,749
bales
in
March,
1938.
97
of the
later type
Certain-teed
International
International
showing net losses would
Products
53^s,
1948, down
9H
Paper 6s, 1955, off 6% points at 96 K:
Mercantile
Marine
6s,
1941, off 8y$ points
Back in 1929, March shipments of the staple totaled 80,093
at
bales, and in the corresponding period of 1932 dropped to
Company 5s, 1943, off 5points at 46H; United Drug 5s,
43,122 bales.
for
Details of the port movement of the staple
theylast three
years are set out in the
subjoined table:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF MARCH
AND SINCE JAN.
61%'t Manati Sugar 4s, 1957; off 6 points at 38; Childs
1953, off 4% points at 81^.
53^s, 1949
Month of March
Utility bonds have been under heavy
Since Jan. 1
day,
1940
Galveston
1939
102,345
142,477
Houston, Ac
Corpus Christl
1938
New
Orleans
1939
19,146
69,302
51.713
""*602
13,481
154,561
40*767
135,910
785,184
132*370
7,667
Brownsville
Beaumont
1940
33,975
4,810
878
407,399
486,432
3,389
94,499
113,700
14,261
575
15
.......
1938
333,520
328,287
12,264
2*312
3,143
2,294
6,690
36
172
3,274
4,290
15,849
Charleston
40
101
847
1,026
1,038
338
Lake Charles
657
963
4,584
2,225
2,098
2,304
914
3,219
4,053
3,503
107
131
118
Mobile
16,084
6,627
12,154
70,682
17,850
Pensacola
1,824
48
787
20,268
206
Savannah
Wilmington..
Norfolk
Jacksonville
74
Total
424,338
108,817
294,409 1,812,308
selling
gardless
the
following
we
furnish
a
summary
or
quality, and
or
weie
off
as
much
3
as
this week,
253
385.959 1,212,255
of the
March
un¬
On Monday and Tues¬
even
high grades,
as
re¬
in the
Co. of Pennsylvania 5s, 1960
points.
Liquidation later subsided,
Weakness in Canadian
but price recovery was very moderate.
utility bonds has been outstanding, despite the broad and
general nature of the market decline.
The
entire
declines
list
of
during the
Union Pacific First 4s, 1947
Norfold & Western 4s, 1996
roads.
have
been
bonds
railroad
week.
of the country for each year back to and including 1909:
39)/i.
high-grade rails,
declined 1% points to 1133^.
declined 4 to 122.
among
New York Central 5s, 2013
Southern Pacific 43^s, 1968
participated in price
Among the
witnessed
comparisons of the gross and net earnings of the railroads
pressure
appeared which affected all bonds
waves
class
instance of the Bell Telephone
declines
In
European developments.
"
443,147
32,894
1,522
7,940
16,090
4,553
10,310
13,298
.
The General Steel Castings
off 8 points at 64.
along with all other types of securities, in reflection of
1
favorable
Ports
were
Precipitous
the weekly situated
dropped 3% to 49
declined 73^ points to close at
Defaulted rails registered sharp losses.
Volume
trend
The
The Commercial &
150
of
bonds
foreign
downward,
continued
as
liquidation sent most issues down to their year's
renewed
Belgian bonds have been under severe pressure, and
low.
reflected
Italian issues
Other weak spots
apprehensions felt about the
the
Kingdom's possible future
course
Financial Chronicle
which
suffered losses of several points.
issues
have
MOODY'S BOND PRICES
AU
Govt.
14
121306592
Corporate by Groups*
P.
U.
Baa
RR.
May 17- 113.73
105.79
120.37
117.72
105.79
84.96
92.28
112.06
16- 113.73
106.17
120.82
117.94
105.98
85.52
92.75
•
Aa
Aaa
Corp.*
Corp
106.17
85.38
92.90
85.52
93.21
112.86
94.17
113.89
107.49
122.40
118.00
107.11
86.78
108.46
123.56
119.25
107.88
87.93
94.81
114.72
10- 115.51
108.46
123.33
119.25
107.88
88.36
94.97
114.72
117.72
9- 116.42
109.44
124.02
120.37
109.05
89.25
95.62
115.78
119.25
116.34
109.44
124.02
120.59
109.05
89.25
95.62
116.00
119.03
115.78
118.81
7- 116.30
109.44
124.02
120.59
108.85
89.25
95.46
116.29
109.24
124.02
120.37
108.66
89.10
95.40
115.57
109.24
123.79
120.59
108.66
89.10
95.46
115.67
116.36
109.24
123.79
120.37
108.66
88.95
95.29
115.57
109.05
123.79
120.37
108.27
88.95
95.29
115.35
1- 116.45
108.85
123.79
119.92
108.27
88.65
95.13
115.14
94.81
114.93
118.81
Apr. 26.. 116.18
108.85
123.79
120.14
108.08
115.94
108.46
123.56
119.92
107.30
88.07
94.33
114.51
12— 116.38
108.27
123.56
119.69
107.11
87.93
94.33
114.30
108.66
124.25
119.92
107.30
88.51
94.81
114.51
116.87
107.88
123.56
119.25
106.92
87.49
93.85
113.89
118.38
106.36
87.49
93.85
113.68
21- 116.36
107.69
15- 116.74
107.49
123.33
118.81
107.17
87.35
93.69
113.68
8- 116.03
123.10
118.38
106.17
87.21
93.69
113.07
117.72
1- 115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
Feb. 23- 115.82
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
94.01
112.86
117.50
115.44
107 30
122.86
118.81
105.98
86.92
94.01
112.66
122.63
118.60
105.41
86.78
93.69
112.45
Jan. 27— 115.54
106.92
122.63
118.38
105.41
86.64
93.69
112.25
116.80
20- 115.65
106.54
122.40
117.94
105.41
86.21
93.21
112.25
3.21
3.59
2.88
3.05
3.61
4.84
4.35
3.27
3.16
3.54
2.83
3.02
3.57
4.70
4.31
3.23
3.09
3.54
2.84
3.02
3.57
4.73
4.30
3.23
3.09
115.96
106.73
122.40
118.16
105.60
86.50
93.53
112.25
106.92
122.86
117.72
105.60
87.07
93.85
112.45
117.72
84.96
92.28
112.05
114.72
2.97
3.51
4.67
4.26
3.18
3.02
2.81
2.96
3.51
4.67
4.26
3.17
3.03
2.81
2.96
3.52
4.67
4.27
3.18
3.04
3.50
2.81
2.97
3.53
4.68
4.27
3.19
3.04
3.50
2.82
2.90
3.53
4.68
4.27
3.19
3.04
3.50
2.82
2.97
3.53
4.69
4.28
3.19
3.04
3.51
2.82
2.97
3.55
4.69
4.28
3.20
3.05
3.52
2.82
2.99
3.55
4.71
4.29
3.21
3.05
3.52
2.82
2.98
3.50
4.72
4.31
3.22
3.04
4.34
—
2.83
2.99
3.60
4.75
3.24
3.06
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.08
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.08
3.66
4.80
4.38
3.28
3.10
3.31
3.09
3.54
2.85
3.00
3.66
4.81
4.38
1
3.61
2.87
3.00
3.68
4.82
4.39
Feb. 23
3.00
2.85
3.05
3.68
4.83
4.37
3.33
8.12
3.59
2.84
3.04
3.67
4.82
4.36
3.32
8.10
4.36
8.33
-
3.32
3.12
3.11
9
3.60
3.67
4.83
2
Jan.
3.62
2.87
3.05
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
3.63
2.88
3.07
3.69
4.86
4.39
3.35
3.14
3 62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
3.68
2.97
3.09
3.71
4.97
4.74
3.36
3.51
4.67
4.26
3.17
3.02
27
116.04
105.22
2.81
3.49
3.49
2.84
110.64
6- 116.03
3.49
3.59
116.43
120.37
3.32
3.59
116.86
105.79
4.41
8
117.29
100.92
Low 1940 113.73
4.93
3.04
117.07
2- 115.43
13.
3.65
21
Mar.
117.50
107.49
9.
3.09
29——II—
117.94
87.07
2.91
1
118.38
6— 117.10
105.98
3.22
3.65
Weekly—
Apr. 26
118.38
118.81
3.21
3.33
3.
118.81
123.33
3.32
4.43
2
118.60
88.51
Weekly—
107.49
4.44
4.94
4
118.60
16- 115.48
4.93
3.66
6
118.81
2- 116.48
119.03
3.67
3.09
7
118.81
123.56
3.08
2.95
Aa
8
118.81
Mar.29.
2.95
3.60
13
117.72
19
3.23
3.00
9
116.21
13- 114.87
«
3.33
10
115.14
11— 115.43
J
4.47
15
106.30
3
4.97
16
117.72
Ind
3.68
115.14
117.72
U.
RR.
3.09
114.93
121.72
P.
Baa
2.97
112.86
120.82
Corporate by Groups
Aaa
3.68
106.17
120 Domestic
by Ratings
tic
May 17
106.37
4— 116.30
120 Domestic Corporate
120
Domes¬
Averages
Ind
14„ 113.89
6-
All
114.72
15- 113.82
t
{Based on Individua Closing Prices)
1940
112.66
8-
MOODY'S BOND YIELD AVERAGES
Daily
tic
Bonds
Doily
Averages
Japanese
given in the following tables:
120 Domestic
by Ratings
Domes¬
while
ground lost in the
Moody's computed bond prices and bond yield averages
are
t
120 Domestic Corporate •
120
17. 8.
South American
sympathetically weak,
recent break.
(Baaed on Average Yields)
1940
been
Government loans regained part of the
in the European conflict.
have been Australian and Canadian issues,
3117
0
High 1940
3.04
2.86
3.23
Low 1940 115.25
106.54
121.94
117.72
105.22
86.07
92.90
112.05
116.21
Low 1940
3.49
2.80
2.90
105.22
87.78
94.33
112.05
110.43
High 1939
4.00
3.34
3.55
4.10
5.26
3.64
118.60
3.70
106.92
122.40
4.76
High 1939 117.72
3.05
3.71
4.34
3.36
3.15
100.00
2.88
4.77
Low 1939 108.77
3.62
3.79
2.96
3.16
3.93
5.09
4.62
3.45
3.30
4.23
3.20
3.54
4.23
5.96
5.34
3.88
3.48
112.45
108.27
81.09
98.28
87.93
104.30
106.54
Low 1939
110.24
113.27
May 17, 1939—
102.12
109.64
May 17, 1938—
1
1 Yr. Ago
Mayl7'39 116.91
103.74
120.59
116.21
101.23
83.33
89.99
96.11
115.35
108.46
96.11
72.76
80.08
2
2 Yrs.Ago
Mayl7'38 111.72
*
Year Ago—
computed from average yields on the oasLs of one 'typical"
movement of actual price quotations.
They merely serve to
These prices are
level or the average
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used In computing these Indexes was
Years Ago—
oond (4% coupon, maturing in 30 years), and do not purport to show either the average
Illustrate In a more comprehensive way the relative levels and the relative movement of
' V
•'<■»
published In the Issue of Jan. 13, 1940, page 179.
clear why the Allies adopted their
German indications that she in¬
tended to "reverse the unjust verdict" of the war in regard
vaster ambitions, make
adverse attitude towards
The Business Man's
to her overseas
Bookshelf
possessions.
the events at Versailles which stripped Germany
of her former colonies are presented concisely, and the grad¬
In turn,
of German spokesmen
referred to them as
"thefts," furnish a full understanding of the effect created
on the followers of Hitler, as well as on his sympathizers
changes in the mental attitude
these events,
until they
ual
towards
The German Colonial Claim
*
By Rt. Hon. L. S. Amery, M.P.
with Maps.
Longmans.
199
pages,
$2 50
they must come some day is about all that seems safe
According as the victory goes to one side or the
to assert.
other, so will our interest be greater or less in the fate of
the lands owned by the Allies overseas.
Britain, France,
scattered about the
ownership might be of para¬
Belgium, Holland possess vast tracts
globe, whose possible change of
mount interest to us.
The change might be uncomfortably
in which we have vital concern; it might be
provide bases for warships or aircraft im¬
close to spheres
yet
distant,
of extreme importance to us.
If no
involved, there are in¬
perhaps arise to bring about changes
in the supposed interest of a "permanent peace."
It is well to look ahead, in days when world-rocking
events happen with suddenness.
If Nazidom is in a position
to bring about its dream of Colonial empire, what form will
be given to it?
If Nazidom can not dictate, what may it try
to beg, what form will its plea take?
"The German Colonial
sea-routes
perilling
forcible change of ownership were
fluences which would
Secretary of State,
with all the wealth of material at his disposal to make his
work a most valuable ahd reliable record.
The origins of
Claim" is written by a former British
the several colonial
cate
how
The
scene.
reasons
hold
covet
a
THE
STATE
on
policies as here described clearly indi¬
belated comer on the
why Germany's ambitions led her to
Germany was a
and why
Central Africa,
OF
as
Business activity
a new
TRADE—COMMERCIAL
EPITOME
continued to show gains.
Car loadings
record high for the year and steel operations
gained 4 points, showing the largest weekly expansion in
some time.
Electric output and petroleum runs to stills
the German claims for the return
to
analyzed with dispassionate and
convincing argument.
The
German case, whether for the resti¬
of her "stolen" dominions, or for the "redistribution
economic aspects of the
tution
given greater prominence in
they aroused more interest in
this country than the others.
So that the chapter which
discusses this main theme of the German discourses posr
sesses an
exceptional interest.
The contention that Ger¬
many as a "have-not" nation, as a people without space to
live (Lebensraum), must recover her lost empire or starve
to death, is shown up for what it is worth, devoid of foun¬
dation, mainly by quotations of statements and statistics of
of the riches of the
earth"
were
Germany than any other, and
German origin.
and
strategic
The
and British
French
claims
and
discussable
political
reasons
which
made
the
nations so insistent that the German
pretensions were neither admissible nor even
forcefully presented.
They should be of
are
special interest to us, specially if ever we sit down at some
table in the hope that we may use our influence in
round
which of the present bel¬
the conditions to be imposed.
To anyone wanting the quintessence of the facts bearing
on this question, likely to be of such supreme importance to
the world and especially to this country, this book will be
of the greatest value.
It is unqualifiedly recommended to
reaching a settlement, no matter
ligerents may be laying down
the
intelligent reader.
the starting point for
Friday Night, May 17, 1940.
showed
juridical and moral, which are given
of their colonies are
The several forms,
international struggle in the Low
Countries at this moment in doubt, it is impossible to pre¬
dict where and when the terms of peace will be discussed.
With the outcome of the
That
outside of Germany.
.
advanced.
also
back
on
W. C. B.
market suffered a severe set¬
again today, due to the extremely
The stock
Tuesday
and
from abroad, latest advices stating that in some
the Allies have been badly routed
Germans are now within 100 miles of Paris.
These
grave news
areas
of the battlefield
and the
are
indeed grave
happenings and serious repercussions are
The Commercial & Financial
3118
expected throughout the world. All this is having a highly
disturbing effect in this country, and the air is filled with
uncertainty.
There is every indication of a tremendous
the United States for eventualities should
Allies be defeated.
Purchases of war material of all
drive to prepare
the
United States Government
both for Allied and
kinds,
ac¬
count, are almost certain to increase enormously over the
next few months, unless the war ends shortly.
These pros¬
pects indicate that our
already overspeeded machine indus¬
try will be called upon for still greater expansion.
Increased purchases of steel by the Allies in the
United
German invasion of the Low
Countries, the "Iron Age" states in its mid-week review.
Great Britain, probably cut off from supplies of steel from
Belgium, upon which she depends to a considerable extent,
will look to this country to make up the deficiency, it is
be
will
States
sequel to
a
out.
Inquiries for about 100,000 tons are being
and others are expected to follow soon.
France
inquiring for shell steel, of which a large quantity may
bought as soon as complications arising from very rigid
pointed
quoted
is
be
on,
specifications are straightened out, the review says.
Great
Britain, meanwhile, is expected to hurry the placing of
additional shell orders and other munitions contracts that
negotiation
under
It is
here.
estimated
that
have
been
about
4,500,000 tons of steel a year previously sold by Bel¬
gium in world markets may be added
which
to American sales,
approximately double the volume of recent
would
Domestic consumers
months.
of steel,
although not rush¬
ing into the market in the manner of last fall, when the
war started, have increased their orders in the last several
all products.
The "Iron Age" estimates
operations at 70% of capacity at mid-week, up 3Y2
days for nearly
steel
points from
the
scrap
week
a
is
future
near
ago.
Still higher production within
forecast.
Recent increases in steel
prices, it is pointed out, bring the composite for all
markets to
by
the electric light and power
the United States for the week ended
country.
Automotive supply, household and gardeD items,
and sporting goods were particularly active.
Wholesale
unchanged on the average, as a goodly
sized orders continued to support volume.
There were no spectacular features to the weather the past
week.
Throughout most of the country from the Great
Plains eastward warmer weather is needed quite generally,
Government observers state.
Reports state that the spring
trading activity held
flow
of
industry of
May 11 amounted to
1,356,000 kwh. above the preceding week's total
2,386,210,000.
Compared with last year's total of 2,170,750,000 kwh., turnover the latest week gained 216,816,000
kwh.,
or
10%.
reports filed by the railroads with the Association of American
Railroads and made public today.
This was an increase of
15,147 cars from the preceding week this year,"126,013 more
corresponding week in 1939, and 138,849 cars over
the same period 2 years ago.
This total was 105.4% of
average loadings for the corresponding week of the 10 pre¬
ceding years.
The Association of American Railroads reported today that
88 class I railroads had estimated operating revenues of
$262,521,848 in April compared with $234,186,711 in April,
1939, and $370,924,278 in April, 1930.
The Association said
the 88 reporting carriers represented 83 % of total operating
revenues of all class I railroads.
The railroads had freight
revenues of $216,309,559 in April compared with $185,680,740 in April, 1939, and $286,345,709 in April, 1930.
While bank clearings in 11 leading cities of the United
States for the five days ended May 17 increased from the
previous week's total, expansion was likewise noted when
compared with the total volume for the corresponding week
of last year.
Bank debits for the latest reporting week,
dated May 8, according to the report by the Board of
of
the
Federal
Reserve
System
for 273 cities,
amounted to
$7,823,000,000, against $7,354,000,000 for the
like 1939 week, an increase of 6.4%.
New York clearings
for the five days ended May 17 showed a substantial gain
over the same week in 1939, the increase
being 11.9% and
the respective totals
being $2,757,028,415 and $2,464,630,877.
The turnover for 113 cities for the week ended
May 18 totaled $6,165,208,604 (figure estimated), or 12%
more than the
$5,504,472,599 recorded a year ago.
Virtual elimination of various European export markets
last month and a slower movement of goods to Latin Ameri¬
can countries
brought about a $29,000,000 drop in exports
in April from the preceding month, the
preliminary statistics
on
foreign trade issued today show, with total exports
amounting to $315,371,000 as compared with $344,147,000
of Oklahoma, and in large areas of
Texas. However, the subsoil continues dry in many localities,
with continued soaking rains needed for replenishment. Out¬
door work advanced rapidly during the week, with seasonal
seeding of staple crops advancing in practically all parts of
the country.
In the New York City area the weather has
been very unsettled during the week, with temperatures un¬
seasonably cool.
Fair and cool weather obtained today, temperature ranged
from 53 degrees to 63 degrees.
Partial cloudiness tonight
and Saturday, followed on the latter day by warmer weather.
Continued cool tonight with lowest thermometer reading
for the city placed at 50 degrees and about 45 degrees for
Overnight at Boston it was 58 to 73 degrees; Baltimore,
to 63; Pittsburgh, 41 to 54; Portland, Me., 50 to 56;
Chicago, 46 to 49; Cincinnati, 45 to 58; Cleveland, 42 to 50;
Detroit, 43 to 47; Milwaukee, 43 to 46; Charleston, 60 to 82;
Savannah, 51 to 85; Daxlas, 70 to 90; Kansas City, Mo., 53
to 76; Springfield, 111., 45 to 67; Oklahoma City, 64 to 78;
Salt Lake City, 46 to 77, and Seattle, 44 to 68.
52
Colonel
output
production appeared to be "embarked on a narrowly con¬
tracting seasonal course downward."
Retail sales thus far
were
reported "well ahead of normal seasonal
expec¬
tations."
Business trends this week
ol stock and
contrary to the movement
commodity prices, in many respects, Dun &
Bradstreet, Inc., reported today.
Retail trade volume
moved up several notches, aided by general improvement in
weather.
Factory operations expanded.
Retailer's order¬
ing, which recently has been comined chiefly to immediate
or near term needs, showed little
appreciable change.
The
reports of expanding retail volume came from all over the
Pursued
Norway
in
Orders for Mechanized
Result in
upturn in business
Prospects for an
Trust
land
activity are noted
of the Cleve¬
May., In addition to citing definite
"Business Bulletin" for
already at hand, he said he be¬
betterment
of
trust company's monthly
the
in
writing
Co.,
mechanized warfare waged by the Germans
lieves that the
aircraft and
His re¬
Norway will result in increased orders for
in
land
motorized
marks follow,
in part:
under way last December has continued during
of this
four months
in
down
April.
for
orders
several
that
fact
first
there were
of 'May
day
blast furnaces pro¬
more
ducing pig iron than there had been one month earlier.
increase since November.
In the first quarter of this
went
out
of
the
but the rate of decrease was much slowed
year,
In recent weeks there have been some increases in new
classes of industrial goods.
Still more important is the
the
on
the United States.
equipment in
The decline that got
first
Likely to
Held
Equipment
by Colonel Leonard P. Ayres, Vice-President
production.
hopeful indications,
This is the first
year
39
furnaces
yet oonelusive.
mostly consist of
adjust¬
ments for typical
seasonal changes, reached its lowest figures for this
year in the last week of April.
Nevertheless, no important decreases in
the volumes of industrial production are now being recorded, and in some
important lines, such as the automotive industries, outputs are holding'
These
are
Railroad
but
miscellaneous
of
loadings
car
they
are
not
as
which
freight,
goods, have continued to decline, and the index, after
manufactured
unexpectedly well.
up
The
about modern
this
in
varied
warfare which
types
are
It
now
and
land
ment.
craft
indicate that
that large numbers of airplanes of
essential in open field fighting.
The
facturing
will
be
placed
in
this country.
already over-speeded machine tool industry will be called
in the European war operate to make most manu¬
which
of
they hurriedly
maintaining the inventories of goods
built up last autumn when hostilities
They fear price advances, and while some of these have developed
war became
more
active, and others are in prospect, they have
the
since
yet become either
as
that
policies
follow
firms
supplies
began.
business activity is
numerous
Revenue Freight
that an
on
The present situation is
serious.
upturn may
be developing.
Car Loadings for Week Ended May 11
Reach 680,657 Cars
freight for the week ended May 11
revenue
totaled 680,657 cars, the
announced
or
moving sideways at about the levels reached last
and signs indicate
autumn,
or
for both air¬
These prospects
wholly probable that increased orders
Sinister developments
not
direct bearing on industrial prospects
a
is
them
for still greater expansions.
upon
and
things
liberally supplied with motorized equip¬
vehicles
our
have
two
must be
forces
seems
demonstrated
conclusively
has
completely
now
field
that
of
One
country.
is
other
;
Norway
in
campaign
Association of American Railroads
This was an increase of 126,013 cars
May 16.
22.7% above the corresponding week in 1939 and an in¬
of
crease
1938.
was
138,849 cars or 25.6%
an
above the
Loading
3,121
a
freight loading totaled
of
cars,
an
increase of 3,638
cars above the
1939.
merchandise
less
cars
than
carload lot
below the preceding
freight totaled 149,047
week, and a decrease of
below the corresponding week in 1939.
loading amounted to 118,382 cars, a decrease of 3,656 cars below
the preceding
week in
276,578
preceding week, and an increase of 23,723
decrease of 859
cars
Coal
May 11
15,147 cars or 2.3% above the preceding
The Association further reported:
corresponding week in
cars,
the same week in
increase of
Miscellaneous
cars
above
Loading of revenue freight for the week of
week.
were
Future—Method
Hopeful for Business
Ayres
Warfare
of
Loading of
volume would total 99,030 cars and trucks
against 98,480
last week and 80,145 this week a year ago.
It added that
May
.
the suburbs.
March.
Ward's automotive reports in its weekly survey of auto¬
mobile activity estimated today that the week's
in
principally in
sections,
numerous
southern Kansas, most
than the
in
in
occurred
showers
indications
Car loadings of revenue freight for the week ended May 11,
totaled 680,657 cars, a new high for this year, according to
Governors
minor
of
growing season is still unfavorably late.
Some areas also
need rain to condition the top soil, principally in the eastern
Ohio Valley and the Southeast, but in general, the moisture
situation is fairly satisfactory and warm.
Sunny weather is
now
the pressing need throughout this area.
Beneficial
2,387,566,000 kwh., an increase of 10% over the correspond¬
ing period a year ago, according to figures released by the
Edison Electric Institute.
Output for the latest reporting
was
May 18, 1940*
$17.58.
Production
week
Chronicle
ll>39.
week, but
an
increase of 75,883 cars above the corresponding
Volume
*,
and
Grain
945
The Commercial &
150
products
grain
below the preceding
cars
loading totaled 32,226 cars, a decrease of
week, and a decrease of 2,141 cars below the
Financial Chronicle
3119
REVENUE FREIGHT LOADED
(Number of Cars)
1939.
In the Western Districts alone, grain and
grain products loading for the week of May 11, totaled 19,217 cars, a
decrease of 1,463 cars below the preceding wedk, and a decrease of 2,866
carB below the corresponding week in 1939.
corresponding-week in
stock
Live
preceding week, and a
cars
below the corre¬
alone, loading of live
decrease of 1,271 cars
cars below the corre¬
''
sponding week in 1939.
Forest products loading totaled 33,351 cars, an
above
the
preceding week, and an
sponding week in 1939.
Ore
the
loading amounted to
preceding week, and an
week in
Coke
1939.
V
51,572 cars, an increase of 16,090 cars above
increase of 26,644 cars above the corresponding
'
loading amounted to 8,008 cars, an increase of 323 cars above the
preceding
week in
•
v
-
.
and
week,
an
increase of 3,553
,,
,
above the corresponding
cars
1939.
corresponding week In
Central West and all Districts reported increases compared
reported increases compared with the
except the
May 11
Week of May
Week of May
2,288,730
2,282,866
2,976,655
2,225,188
572,025
536,149
...
4—
—
665,510
10,363,109
v
10,900,108
12,005,370
Total
541,808
554,644
680,657
11
18,029
20,117
5,521
6,195
5,204
30,612
24,361
13,493
21,002
16,916
16,526
12,029
7,010
11,535
11,455
5,446
18,351
14,355
Gulf Coast Lines
2,726
1,652
International Great Northern RR
week ended
May 11, 1940, loaded a total of 312,422 cars of revenue
freight on their own lines, compared with 310,049 cars in
the preceding week and 243,592 cars in the 7 days ended
May 13, 1939.
A comparative table follows:
Total Revenue
1940
1938
12,127
2,873
9,299
38,819
32,825
5.081
4,980
39,113
9,684
39,992
9,517
20,450
60,425
6,303
4,528
46,027
5,959
6,984
46,832
5,126
4,672
44,372
5,188
5.618
5,231
20.166
Ry
Pittsburgh A Lake Erie RR.....
539
1,274
2,140
6,773
1,502
241
253
11,007
2,013
9,891
2,217
19
27
50
1,406
5,220
8,799
1,291
1,285
2,010
5,950
10,836
4,715
8.739
7,783
7,058
2,006
7,036
6,341
286
Central Indiana*
531
1,473
7,035
1,934
20
Chicago Indianapolis A Loulsv
327
329
120
104
1,544
1,090
3,078
11,795
6,012
5,785
3,747
28,123
26,894
6,545
8,140
4,575
8,525
5,103
5,140
5,137
8,234
8,614
I
Wabash Ry
Total.
........
Delaware A Hudson
Delaware Lackawanna A West
Detroit A Mackinac
2,476
Detroit Toledo A Ironton
JgfJg
^
2,033
273
247
185
11,792
12,151
4,226
10,459
3,559
Detroit A Toledo Shore Line..
mm mom
4,830
Grand Trunk Western.......
-
54
1,443
9,818
5,247
1,627
7,892
1,818
1,348
6,894
2,875
337
284
2,664
10,044
32,723
9,535
1,871
4,839
1,539
7,149
2,277
2,867
1,214
30,638
8,613
385
430
5,987
5,984
4,123
4,923
~~3~ 474
Pittsburgh A Shawmut
Pittsburgh Shawmut A North.
856
29
325
203
375
235
131
Pittsburgh A West Virginia...
1,042
364
549
628
599
588
1,618
1,092
5,140
3,695
5,753
2,315
4,762
2,601
8,614
3,240
1,178
1,050
7,701
2,230
143,553
131,449
118,587
159,028
126,481
Youngstown*.
480
391
407
715
575
Baltimore A Ohio—........
30,612
2,508
21,869
1,033
22,431
1,202
16,526
12,593
1,755
824
—.
Monongahela
..
Montour
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western
Louis...
N. Y. Susquehanna A Western
Pittsburgh A Lake Erie......
N. Y. Chicago A St.
Pere Marquette
—
Rutland.......
2,348
288
8
.......
Wheeling A Lake Erie..
Total.
903
6,927
2,538
207
170
40
25
26,515
12,297
4,372
39,992
12,685
1,861
9,517
1,517
4,373
5,618
182
73
1,353
3,954
—
Wabash
....
Central RR. of New Jersey
Cornwall..
...
-
Cumberland A Pennsylvania...
Ligonier Valley
—
Long Island..
Penn-Reading Seashore Lines..
Pennsylvania System....
Reading
Co
..........
Union (Pittsburgh)
Western
Maryland
Illinois Central System
May 4, 1940
May 13,1939
22,950
22,335
29,408
28,344
26,054
12,462
11,967
11,560
63,261
59,949
'
Ry......
;
In the
-
following
we
compared with the
week last year.
Southern District—(.Concl.)
Mobile A Ohio
1939
4
Total Loads Received
Total Revenue
from Connections
Freight Loaded
1938
1940
1989
Piedmont Northern..........
Richmond Fred. A Potomac
Seaboard Air Line
Southern System
...
Tennessee Central
...
Winston-Salem Southbound...
Total..
A North Western
Great Western
Milw. St. P. A Pacific
St. P. Mlnn.A Omaha
Duluth Mlssabe A I. R
Elgin Jollet A Eastern
1,669
Lake Superior A Ishpemlng
Minneapolis A St. Louis.......
3,858
-
46
Minn. St. Paul A S. S. M
Pacific
Northern
Spokane
729
599
91,332
86,419
67,735
59,961
16,912
2.4P2
18,513
3.333
10,937
14,332
2,539
19,196
3,554
1,736
12,544
9,605
2,464
2,674
17,009
3,245
7,362
3,457
10,059
2,561
7,733
3,218
611
Total..
838
1,421
44,372
16,708
2,311
6,226
12,600
1,461
4,333
77,443
404
49
64
1,770
3,990
7,679
1,689
2,338
3,573
1,894
2,192
3,941
9,639
6,195
2,099
5,919
2,068
88
67
13,493
1,914
10,873
2,352
15,680
1,927
10,664
2,570
12,731
1,603
10,957
2,207
7,556
7,236
570
576
....
Colorado A Southern
666
818
576
2,205
2,390
....
.....
...
Northern
........
North Western Pacific..
....
Peoria A Pekln Union
Southern Pacific
...
353
208
12
35
1,041
1,908
1,026
977
880
1,762
1,416
1,127
1,348
429
354
1,507
991
1,139
129
168
694
788
651
392
420
11
18
44
0
0
4,796
1,181
8,471
4,225
1,143
8,492
474
1,009
1,528
'»
7,639
2,330
1,381
2,656
438
23,451
22,800
20,248
...
306
283
334
.....
12,714
13,850
11,457
177
323
171
8
3
...
1,553
1,569
1,328
1,238
1,944
96,873
102,488
90,093
51,402
49,215
(Pacific)
Union Paclfio System
Total........
1,943
8,185
2,632
1,309
2,991
761
Missouri-Illinois.......
Nevada
Western Pacific..
5,405
3,952
1,140
1,227
1,855
5,535
335
Fort Worth A Denver City....
Illinois Terminal
1,040
48,499
13,725
8,719
1,724
2,009
1,659
5,416
9,538
18,340
2,653
Denver A Salt Lake
1,206
574
359
Denver A Rio Grande Western.
34
173
3,146
651
20,103
3,027
34
3,089
1,522
29,680
211
3,077
477
504
43
16
431
8,806
581
18,029
2,652
System.
Bingham A Garfield.
50
2,857
511
11,501
42,216
33
55
498
41,876
128
614
402
4,420
65,952
556
14
497
4,745
81,446
25
650
171
325
4,408
96,061
...
536
78
167
485
6,678
Central Western District—
663
608
800
561
328
223
1,386
676
159
1,340
Chicago A Eastern Illinois
4,672
351
134
310
0
11,455
408
140
1,481
6
872
435
844
112
10,649
6,925
5,753
8,284
17,504
1,488
16
24,361
20,450
4,097
9,148
19,219
800
4,950
3,904
12,603
192
12,177
15,355
12,825
3,023
294
1,885
5,480
105,187
388
170
7,009
99,418
322
2,495
1,663
International
Spokane Portland A Seattle...
865
105,558
352
455
Green Bay A Western
251
12,342
4,615
2,671
478
15,661
Ft. Dodge Des Moines A South
Great Northern..
0
46,957
404
2,153
6.334
Duluth South Shore A Atlantio
324
60,425
13,806
14,190
3,307
2,071
2,708
1,000
1,091
4,738
4,692
14,464
2,697
1,151
Northwestern District—
Chicago
Chicago
Chicago
Chloago
1,255
6,953
4
1,807
1,893
2,859
1,063
99,596
.......
1,747
3,050
1,045
9,214
20,918
Nashville Chattanooga A St. L.
Norfolk Southern
Utah
Virginian
undertake to show also the loadings
same
Chicago Burlington A Qulney..
Chicago A Illinois Midland
Chloago Rock Island A Pacific.
136,622
Chesapeake A Ohio
j
for separate roads and systems for the week ended May 4,
1940.
During this period 62 roads showed increases when
1,924
Pocahontas District—
Norfolk A Western.......
CONNECTIONS
23,721
.
.......
St. Louis-San Francisco
Toledo Peoria A Wee tern
Total.
2,327
65,591
Chloago Rock Island A Paoifle Ry
308
....
Cambria A Indiana..
3,698
7,674
7,140
Weeks Ended—
Atch. Top. A Santa Fe
Bessemer A Lake Erie
3,775
May 11, 1940
Alton
Buffalo Creek A Gauley.
FROM
RECEIPTS
AND
7,719
1,822
Alleghany District—
Akron Canton A
7,527
30,233
1
316
Maine Central..
24,953
312,422 310,049 243,592 200,250 200,576 147,324
LOADINGS
...
2,056
8,181
2,498
4,576
1,866
38,819
9,113
1,255
5,081
Lehigh A Hudson River......
Lehigh A New England......
Lehigh Valley..............
1,389
1,873
2,615
8,650
859
882
—
Central Vermont
1,640
3,715
28,016
1940
606
...
1,184
2,792
39,464
...
1939
1,708
7,111
1,223
—
--
6,759
9,117
3,004
9,605
1,228
2,591
9,136
Railroads
Eastern District—
Ann Arbor
Bangor A Aroostook
Boston A Maine
7,362
2,099
...
Norfolk A Western Ry
Pennsylvania RR
from Connections
1939
6,916
7,089
9,300
1,836
3,723
12,410
Total Loads Received
1940
7,366
13,537
AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAY
Freight Loaded
Railroads
7,420
17,953
14,136
3,141
61.316
Missouri Pacific RR
major railroads to report for the
REVENUE FREIGHT LOADED
13,457
18,988
3,705
11,127
Missouri-Kansas-Texas RR
New York Central Lines..
N. Y. Chicago A St. Louis Ry
May 13
1939
18,052
24,667
13,136
Total
The first 18
1940
32,083
Chesapeake & Ohio Ry
Chloago Burlington A Qulney RR.
Chicago Mllw. St. Paul A Pac.Ry.
Chicago A North Western Ry
2,256,717
2,155,536
2,746,428
2,126,471
April
weeks of March
Four weeks of
1939
2,555,415
2,486,863
3,122,556
2,494,369
Four weeks of February.....
May 4
1940
1939
1938
1940
Five
1940
Atchison Topeka A Santa Fe Ry_
Baltimore & Ohio RR
Pere Marquette
May 13 May 11
May 4
1940
TOTAL
Four weeks of January
Weeks Ended—
Weeks Ended—
Southern Pacific Lines
\
All districts
1939
increase of 2,136 cars
increase of 2,762 cars above the corre¬
Received from Connections
Own Lines
Loaded on
1,580 cars
amounted to 11,493 cars, a decrease of
loading
decrease of 1,290
sponding week in 1939.
In the Western Districts
stock for the week of May 11, totaled 8,794 cars, a
below the preceding week, and a decrease of 1,043
the
below
CONNECTIONS
AND RECEIVED FROM
..........
Southwestern District—
13,550
31,203
17,513
10,497
156
92
156
Gulf Coast Lines
48,908
Total.
3", 141
1,640
3,214
1,860
3,156
2,060
Burlington-Rock Island.......
212
206
207
195
175
International-Great Northern..
Atl. A W. P.—W. RR. of Ala..
707
702
686
1,365
1,329
Kansas Oklahoma A Gull.....
Atlanta Birmingham A Coast..
676
604
567
873
821
8,975
3,926
9,259
3,960
8,396
Louisiana A Arkansas
....
Litchfield A Madison
....
438
366
5,255
3,209
1,289
4,324
2,765
427
1,519
1,330
1,065
2,270
1,036
1,263
Midland Valley
Missouri A Arkansas
253
361
293
291
322
139
Alabama Tennessee A Northern
Atlantio Coast Line
......
Central of Georgia
Charleston A Western Carolina
Clinchfleld
Columbus A Greenville
3,637
...
Missouri-Kansaa-Texas Lines..
Missouri Pacific
169
362
228
Florida East Coast
.......
1,681
1,462
1,466
902
797
Galnsvllle Midland
.....
25
33
37
108
78
St. Louis-San Francisco.......
1,035
1,035
922
1,629
1,413
St. Louis Southwestern.......
DpatiHJI
■
244
l",464
2,792
2,286
1,031
1,726
1,281
.....
Quanah Acme A Pacific...
269
220
246
495
452
1,582
20,553
13,609
1,511
988
1,042
8,723
Texas A Pacific
17,242
16,787
10,024
Louisville A Nashville........
1,449
18,869
21,907
6,427
5,197
Wetherford M. W. A N. W
M&eon Dublin A Savannah....
123
107
129
653
134
124
231
271
325
173
823
1,614
1,669
1,731
1,712
1,715
309
338
258
849
686
504
510
278
265
161
147
144
288
264
3,715
12,156
3,933
12,594
3,728
11,343
2,873
9,299
2,718
8,759
1,241
84
111
102
94
96
6,142
2,081
6,383
3,774
6,735
2,128
6,434
4,208
6,100
2,150
6,255
4,511
4,359
3,830
2,241
3,001
3,835
2,365
141
232
173
73
47
36
64
24
28
64
43,897
46,202
44,477
35,247
33,424
2,959
3,339
766
99
186
1,810
1,566
416
Kansas City Southern
147
Durham A Southern..........
230
1~228
94
Fort Smith A Western.*
Southern District—
Georgia A Florida
......
Gulf Mobile A Northern.......
Illinois Central System........
Mississippi Central
Note—Previous year's figures revised.
* Previous figures,
z
Texas A New Orleans
.....
Wichita Falls A Southern.....
Total
Discontinued Jan. 24. 1939.
The Commercial & Financial Chronicle
3120
There
also substantial net declines in cotton, hides and rubber,
and an advance in steel scrap.
The movement of the Index has been as follows:
were
Two weeks ago, May
10..*,
166.6
11 —
166.6
13
166.8
14
—
}§?■!
15
158.8
16
—.......161.3
17
157.2
May
Sat.
May
Mon.
May
Tues.
May
Wed.
May
Thurs. May
Fri.
May
Fri.
„
162.3
3
Month ago. Aprils 17.
pril 17..Year ago, May 17...
161.6
.....143.8
...172.8
138.4
166.8
157.2
1939 High-—Sept. 22
Low—Aug. 15
1940 High—May 13
Low—May 17
during the months of January through June.
There were
fractional declines during the month in only two of the
major groups, although each one of the groups recorded an
Under date of May 13, the an¬
advance above a year ago.
nouncement went on to say:
It may
decline of 3.9% below the 1937
May 13 that Germany's in¬
brought about an abrupt re¬
versal in the commodity markets last week.
The "Annalist"
index closed at 81.7 on May 11, a gain of three-tenths of a
announced
"Annalist"
The
of the Low Countries
point as compared with the previous week.
The index is
more than four points above a year ago.
It was further
As
prices
highest
level
reached
a new
market
prices
than
more
to
American
for
Rubber
a
a
new
low
the year as
for
diminish
fiber
blankets,
sheets,
include
with
year
saw
the export
Livestock
to the lowest levels in
weak in sympathy.
WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
;
hosiery,
and
aprons
house-
As compared with
ago,
well
as
It
in
sheets.
as
unlikely that there will be
is
the
few
next
months,
important changes in retail prices
any
according
to
A.
supervision the index is compiled.
whose
Zelomek,
W.
under
economist,
The possibility of
been eliminated.
has not
sagging
some
,
PUBLICATIONS RETAIL PRICE INDEX
JAN. 3,
1931=100
Copyright 1940 Fairchild News Sevice
to reach the
tin
war.
the spread of
Pork products were
month.
traders
women's
the greatest increases were recorded by silks, furs, furniture
and floor coverings.
A3 compared with the 1937 high, the greatest de¬
creases have been recorded by cotton piece goods, furs, and men's clothing,
a
more
weak, with hogs declining
generally
"ANNALIST"
almost 25%,
rose
low.
The only commodities showing
comparatively few during the month.
dresses, furs, men's clotting, and musical instruments.
May 1,
May 1,
Mar. 1,
1940
May 1,
1939
Feb. 1,
1940
Apr. 1,
1933
1940
1940
Composite index....
69.4
89.1
92.3
92.0
92.8
92.8,
Piece goods
65.1
84.1
85.5
85.9
86.0
86.0
Men's apparel....
Women's apparel........
70.7
88.4
88.8
88.8
88.9
88.9
71.8
88.8
91.4
91.8
91.9
Infant's wear......
76.4
96.0
96.6
96.6
96.9
96.9
Home
70.2
90.5
93.7
94.1
94.4
94.3
since last -September.
Copper prices were raised and
high for the year. Silk and wool advanced.
declined
were
up
failed
has
still 21.6% below the 1929 levels.
are
Corn soared about 3c. to new highs for the year, aided
loan requirements.
by favorable
Cotton
led last week's rise, with wheat
be expected, grains
bushel.
a
However, it continues to be 5.6%
to approximate the Jan. 3,
high.
index
analysis of the trend of individual commodities shows that changes
An
THE FAIRCHILD
to
was
2c.
The
low.
1931, base of 100, even though an increase of 33.8% above the 1933
Current
reported:
than
1936
the
above
changes
vasion
be noted that despite nine consecutive gains in retail prices the
below the 1937 high.
The latest index shows a
Fairchild index still was
were
Wholesale Commodity Prices
Advanced 0.3 Point During Week Ended May 11
of
Index
"Annalist"
year's low, which was
showed the same increase above last
Moody's Commodity Index Declines Sharply
Moody's Daily Commodity Index closed at 157.2 this
Friday, as compared with 166.6 a week ago. The outstanding
individual change was the decline in wheat prices.
May 18, 1940
furnishings
91.7
Piece goods:
(1926=100)
06.5
Silks
May 11,
1940
May 4. 1940
May 13.1939
Farm products
Food products
78.7
78.6
70.4
67.5
61.0
84.6
86.5
86.9
87.0
87.0
68.6
104.0
103.5
103.5
103.2
103.2
63.6
67.5
67.9
67.9
65.0
91.5
93.4
94.0
94.1
93.6
Blankets A comfortables
66.1
67.5
69.2
Sheets
71.8
70.4
Textile products.
57.4
Woolens
Cotton wash goods
Domestics:
72.9
102.5
107.9
109.8
110.8
111.2
Women's apparel:
73.8
76.6
77.0
76.5
75.5
97.4
95.4
96.9
Hosiery
Aprons A house dresses.
59.2
Metals
75.5
105.4
106.5
106.0
105.8
105.7
Building materials
72.9
72.9
70.9
Corsets and brassieres..
83.6
92.5
92.9
93.0
93.0
93.0
Chemicals...
86.7
86 7
Miscellaneous
84.8
82.3
Fuels...
86.2
-
All commodities...
.....
86.2
81.7
...
84.0
85.5
81.4
Furs
66.8
98.3
99.3
99.5
68.4
Underwear
69.2
84.4
86.6
87.3
87.6
87.6
77.6
*
Shoes
76.5
86.6
88.5
88.6
88.8
88.8
90.0
99.7
Men's apparel:
Hosiery...
Underwear...
Shirts and Neckwear
in
The
Index
"Annalist"
Clothing, incl. overallsShoes
April
Business
of
Activity
declined
slightly in April to 96.3% of normal, according to the May 16
It was still about 12% above the
level of the April, 1939, figure.
The more important ad¬
vances occurred in carloadings, cotton and silk consumption
and automobile production.
Electric power output, on
the other hand, showed the sharpest decline.
Much smaller
losses were registered by the indices of iron and steel output
and lumber and zinc production „
AJfD COMPONENT
87.6
87.6
87.6
87.6
69.6
91.5
92.0
92.0
86.2
92.0
86.4
92.0
74.3
86.4
86.4
86.4
69.7
82.5
82.5
82.6
82.6
82.5
70.1
89.5
90.6
91.0
91.3
91.5
76.3
93.1
93.6
93.6
93.6
93.6
74.0
100.4
102.0
87.6
Infants' wear:
Shoes
—
Furniture..
....
101.4
102.0
94.1
95.0
95.0
95.0
93.5
93.5
93.6
93.6
95.0
100.8
100.8
101.0
101.0
79.9
.....
93.5
69.4
Underwear—...
101.4
74.3
80.9
Socks
issue of the "Annalist."
THE "ANNALIST" INDEX OF BUSINESS ACTIVITY
64.9
Hats and caps.—.
"Annalist'1 Index of Business Activity Declined Slightly
124.0
95.0
Floor coverings
Musical instruments
114.0
122.8
123.0
124.0
50.6
55.5
55.4
54.8
54.7
64.5
Luggage.
60.1
73.9
76.1
76.1
76.1
76.1
Elec. household appliances
72.6
81.0
82.0
82.0
82.0
82.0
China.
81.5
94.1
94.0
94.0
94.0
Note—Composite Index Is a weighted
arithmetic averages of subgroups.
94.0
aggregate,
Indexes are
Major group
GROUPS
April, 1940
—
March, 1940
February, 1940
83.8
81.2
83.9
77.5
Freight car loadings
Miscellaneous..........
77.4
81.4
96.4
Other
*105.1
81.6
82.6
95.2
97.4
production
Pig iron production
Textiles.
104.5
*99.7
97.9
109.4
*112.2
*110.2
118.3
119.8
134.3
86.7
102.4
46.6
41.9
45.5
129.4
._
Cotton consumption
Wool consumption
*128.2
110.0
*
124.4
....
—
Silk consumption.....
Rayon consumption
73.1
93.1
91.9
92.9
102.5
93.6
*96.6
99.1
production.........
Combined Index
.
Subject to revision,
x
an
*96.3
Revised.
THE COMBINED INDEX SINCE JANUARY,
1934
increase in food prices,
according to the regular monthly
made by the Division of Industrial Economics of the
survey
Conference Board.
sundries
also
Slight rises in rents and in the cost of
contributed to
The Board
advance.
the
on
May 12 further explained:
Food
61.8
95.4
*
83.0
-
91.3
Zlno production
■
102.2
80.1
««.
living of wage earners in the United States
% of 1% between March and April, largely because of
rose
*125.7
99.9
78.2
production
production..
Cement production
Lumber
Lead
113.2
*112.3
Boot and shoe production
Automobile
Reports Living Costs Up Slightly in
April
The cost of
89.0
105.2
*96.6
Manufacturing.
Steel Ingot
88.9
*104.1
Electric power production
Conference Board
prices
rose
1.4%
March and
between
April,
making them
2.2%
higher than in April, 1939; 30.8% above the low point of March, 1933,
but
22.4% lower than in April, 1929.
Rents
0.1%
than in March, 0.6% higher than
38.3% higher than the January, 1934,
but 5.9% below the April, 1929, level.
Clothing prices remained unchanged in April; they were at 73.2% of the
1923 level,
1.4% higher than in April of last year, 20.6% above the
low point of 1933, but 25.9% below April, 1929, prices.
Coal prices declined 0.8% between March and April, making them 0.1%
lower
than
in
the same period last year and
7.4% lower than in
in
the
were
same
month
higher
of
last
in
April
year,
low point,
1940
1939
1938
1937
1936
1935
January........
February
105.3
91.8
79.5
104.3
92.3
87.2
79.6
99.1
89.4
78.5
105.7
89.0
86.7
83.2
higher than in the
March
*96.6
90.0
77.6
106.9
89.5
84.4
84.6
low
*96.6
86.9
74.3
107.1
94.1
82.8
85.9
1929,
...
86.8
74.1
109.0
95.9
81.8
86.4
...
92.1
74.6
107.8
97.6
82.0
83.8
...
93.1
79.6
108.9
102.4
82.7
78.0
with
...
95.0
84.1
111.2
102.5
84.9
75.1
and 100.0c.
-T —
100.7
84.7
106.6
86.1
71.4
...
107.0
87.8
98.5
102.9
103.3
89.1
74.6
__
108.0
94.5
87.8
107.1
92.0
76.0
110.0
94.4
81.3
110.5
96.7
82;4
April
May
........
June.....
July—.——
August...
September......
October..
November
_
December
*
.
1934
April, 1929.
The cost of sundries increased
same
0.1% during the month to
x
purchasing value of the
in
in
March,
dollar
117.6c.
in
was
April,
116.4c.
1939,
in
April
101.0c.
in
as
compared
April,
1929,
1923.
Indexes of
Relative
the Cost of % of Inc. (+)
Living 1923=100
Item
in Family
April,
March,
1940
Budget
1940
Retail Prices Remain Unchanged for First Time Since
Food.*
33
79.9
Housing
20
July 1, 1939, According to Fairchild Publications
Clothing
12
.
or
Dec.
(—)
from
March, 1940
to April,
78.8
+0.1
For the first time since
July 1, 1939, retail prices have
month, according to the Fairchild
publications retail price index. April was the first month
since last June in which quotations developed no changes
Prices have
been
moving
steadily upward since Aug. 1,1939. While they showed no
change during the month, they did show a gain of 4.2%
above the corresponding period a year ago.
They also
86.7
86.6
73.2
73.2
80.1
80.1
0.0
Women's
remained unchanged for a
1930
+ 1.4
Men's
Retail Price Index
0.3%
index.
117.0c.
Revised.
and did not show an advance.
level
point which occurred in June, 1933, and only 3.3% below the April,
The
Importance
Subject to revision,
a
month of the previous year, 7.5% higher than the
66.2
60.3
—0.2
85.8
—0.5
85.3
—0.8
Fuel and light.......
Coal
5
85.4
84.6
0.0
*
Gas and
86.9
electricity.*
Sundries
30
Weighted average of all items...
Purchasing value of dollar
—
100
86.9
0.0
97.0
96.9
+0.1
85.9
85.5
+0.5
116.4
117.0
—0.5
*
Based on food price indexes of the United States Bureau of Labor Statistics for
April 16,1940 and March 12, 1940.
x Based upon retail prices of 35 kilowatt hours of electricity, 1,000 cuble feet of.
natural gas, or 2,000 cubic feet of manufactrued gas.
Volume
The Commercial & Financial Chronicle
ISO
Bureau of
Labor Statistics'
Index
Com¬
Wholesale
of
modity Prices Declined 0.6% During Week Ended
May 11
Marked
declines
in
products and foods
Labor Statistics' index of wholesale
prices of farm
the Bureau of
caused
commodity prices to fall 0.6% during the week ended May 11,
Commissioner Lubin reported on May 16.
"The index
dipped to 78.4% of the 1926 average and offset the gain
recorded the latter part of April," Mr. Lubin said.
The
Commissioner added:
In addition to the declines of nearly
3% for farm products, and over
registered for the hides and leather
were
product, metals and metal product, building material and miscellaneous
vanced
Textile products and fuel and lighting materials ad¬
chemicals
while
and
allied
goods
housefurnishing
and
products
remained unchanged at last week's level.
The
indexes
for
the
Lower prices for agricultural
groups fell more than 1H% during the week.
raw
materials group
commodity
and semi-manufactured
material
raw
commodities, coffee, hides and
the
based
on the 1926*2$
average as 100.
Last week's decline
the index took it to the lowest point reached since the
in
first week of
April. The high point for the year was 78.5,
early in January.
The Association's announce¬
recorded
ment, under date of May 13, continued:
Lower prices for
week's
other
decline
farm products and foodstuffs were responsible
in
the
commodities
all-commodity
showing
small
a
index, with the average
increase.
The grain price
for last
all
for
average
was
moderately higher hut the effect of this in the farm product group
than offset by lower quotations for cotton and livestock.
The
price index, which has moved within a narrow range this year,
declined slightly last week.
The textile average declined to a new low
was
more
food
1% for foods, minor decreases
commodity groups.
3121
copra
largely accounted for the decline in
and weakening prices for raw sugar, coconut oil,
point for the
than
more
of
steel
with lower prices for cotton textiles, yarns,
year,
counterbalancing
a
prices to the level
small rise in silk quotations.
and wool
A restoration
which
prevailed prior to the receht cut was
primarily responsible for the upturn in the metal price index.
Other
changes last week included increases in the indexes representing the prices
of chemicals and
drugs and miscellaneous commodities and a decline in
the
fertilizer material price Index.
Thirty price series included in the index declined during the week and
21 advanced; in the
preceding week there were 30 declines and 13 ad¬
industrial fabrics, pig lead, and castings were responsible fQr the decreases
vances ;
in the
advances.
The large groups of manu¬
semi-manufactured commodities group.
factured products,
Labor
following to
second
say:
Latest
cattle, hogs, cotton, apples,
Each Group
Beau to the
brought the farm products group
Total Index
wheat,
index down 2.9% to the lowest level reached since mid-April.
higher for barley, oats, calves, wethers, hops and phanuts.
month ago and 7K% above a year ago.
dairy products and meats resulted in
Quotations
Notwith¬
Week
Group
index.
Prices
pork, veal, coffee,
were
lower for milk,
were
raw sugar,
26.3
and
24
(1926-28=100)
11,
Preced'g
Week
May 4,
Month
Year
Aao
Aao
Apr. 13, May 13
1940
1940
1939
72.3
72.8
69.4
51.5
51.9
51.6
64.3
65.7
65.4
63.5
65.1
65.7
64.5
63.0
Cotton
67.5
58.6
58.3
Grains..
76.6
76.2
75.2
57.3
Livestock
61.6
62.4
60.9
66.8
Fuels....
83.7
83.7
84.2
75.5
77.9
....
23.0
Farm products
oatmeal, flour, dried fruits, mutton,
17.3
Higher prices
10.8
50.3
50.5
meal, ham,
corn
Following
year,
of the 1926 average.
index
group
Raw silk and silk
yarns rose
sheeting, ticking and tire fabric declined.
62.2
91.7
89.0
Building materials..
85.9
85.9
86.2
Chemicals and drugs........
Fertilizer materials
95.0
94.5
94.5
91.9
72.9
73.0
72.4
71.3
Fertilizers
78.1
78.1
78.4
77.3
0.3
to 72.3%
1.1%
rose
71.6
90.1
0.3
period of steadily declining prices which began
a
the textile products
87.8
70.9
91.2
0.3
Shoes and leather prices advanced
88.5
70.6
1.3
Pronounced decreases in hides and skins accounted for the minor decline
in the hides and eather products group.
88.6
Textiles........
Metals
6.1
beans, lard and
cocoa
Miscellaneous commodities..
8.2
7.1
reported for butter, cheese,
early in the
declines
72.2
Foods
Cottonseed oil
cottonseed oil.
fractionally.
May
Fats and oils
Falling prices for
edible taUow and coconut oil.
27
1940
decline of 1.2% in the foods group
a
were
Complied by the National Fertilizer Association.
standing the decline the farm products group index is nearly 2% above
a
there
week
Percent
lemons, fresh milk, flaxseed and wool
the level of
preceding
the
Department's announcement also had
Sharp declines in prices for rye,
were
the
WEEKLY WHOLESALE COMMODITY PRICE INDEX
commodities other than farm products and foods" each decreased 0.1%.
The
in
"all commodities other than farm products" and "all
Farm
95.0
95.0
94.9
94.8
77.2
77.3
77.3
72.6
machinery...........
84.5
sharply and print cloth,
100.0
1
All groups combined
;
Higher prices for anthracite and kerosene caused the fuel and lighting
materials group to advance slightly.
The metals
Bituminous coal averaged lower.
and metal products group index dropped 0.5%
declines in castings, pig lead and lead pipe.
steel, steel sheets and strips
building materials fell 0.6%
and
timbers, linseed oil,
and pig
as a
sewer
Prices
tin.
April Chain Store Sales Hold Gains
because of
higher for
were
scrap
Trade in the chain stores in
result of lower prices for yellow pine lath
pipe, sand and gravel.
Quotations
were
higher for brick, cement, lumber, yellow pine flooring, chinawood oil, rosin
and turpentine.
The index for the revised group of chemicals and allied products
(formerly
chemicals and drugs) did not change from last week's level, 76.8% of the
same
the
Prices
lower
and boxboard
The
rose
also
commodities
for cylinder
group,
oils.
cattle
dropped
2.9%.
Crude rubber advanced 4.6%
following tables show (1) index numbers for the main groups of
13,
and the percentage changes from a week ago,
to
feed
fractionally.
modities for the past three weeks, for April
ago;
improvement set in previous months this
Total business last month
miscellaneous
were
rate of
1940 and May
month
a
ago,
com¬
13, 1939
and
a
year
and (2) important percentage changes in subgroup indexes from May 4,
year,
according to the current review by "Chain Store Age." I
The month's index of sales as compiled by that publi¬
cation, was 115 of the 1929-31 average for the month taken
as 100.
This was unchanged from the preceding month.
1926 average.
In
April continued along at the
Average wholesale prices of
less
was
than the volume in
March, but adjustment of the results for the Easter holiday
influence made the comparison with a year ago virtually
unchanged from March. The percentage gain in April over
the same month of 1939 was 4.55%, the same as in March.
The index figures by sales groups in April compare as
follows:
/
May 11, 1940.
April, 1940
March, 1940
Grocery...
108
108
101.3
Variety
Drug
119
119
114.3
140
142
(1926=100)
May
11
Commodity Groups
Apr.
May
1940
All commodities
78.4
78.9
Farm products...
Foods
69.2
71.3
71.6
72.5
Percentage Changes to
May 11, 1940 from—
May
Shoe
13
13
27
4
1940
Apr.
1940
1940
1939
79.0
78.0
76.4
—0.6
+0.5
68.0
64.4
—2.9
+ 1.8
72.8
70.8
68.5
—1.2
+ 1.1
92.1
—0.3
+0.1
+ 11.0
67.0
+ 1.1
+0.6
+7.9
Fuel and
lighting materials.
Metals and metal products.-
72.4 *72.3 *72.2 *72.5
74.8
+0.1
—O.l
—3.2
94.6
95.0
94.9
95.4
93.7
—0.5
—0.9
+0.9
Building materials
Chemicals & allied products
Housefurnishing goods
Miscellaneous commodities.
92.0
92.6
92.7
92.8
89.6
—0.6
—0.9
+2.7
128
129.2
122
+7.5
+4.5
Hides and leather products. 102.2 102.5 102.5 102.1
Textile products
71.5
72.3
71.5 71.9
138
|133
128
117.6
+2.6
71.6
April, 1030
May 4
1940
Apr. 13 May 13
1940
1939
Apparel
Sales
.
76.8 X76.8 X77.0 X76.6
0.0
+0.3
89.9 *89.9 *89.9 *89.9
86.8
0.0
0.0
a
a
+3.6
of
Store
Chain
28
Gain
Companies
During
April
2.54%
According to a compilation made by Merrill Lynch, E. A.
Pierce & Cassatt,
mail
order
28 chain store companies, including two
companies,
increase in sales of
Excluding the two
mail order companies, 26 other chain store companies re¬
ported a decrease in sales of 1.35%.
Sales for the 28 companies showed an increase of 8.38%
reported
an
2.54% for April, 1940, over April, 1939.
76.8
76.9
76.9
76.6
74.3
—0.1
+0.3
+3.4
Raw materials
72.5
73.7
73.9
72.0
69.4
—1.6
+0.7
+4.5
Semi-manufactured articles.
78.2
79.5
79.5
79.2
74.3
—1.6
—1.3
+ 5.2
Manufactured products
All commodities other than
81.5
81.6
81.7
81.2
80.4
—0.1
+0.4
+ 1.4
80.4
80.5
80.6
80.3
79.0
—0.1
+0.1
+ 1.8
Excluding the two mail order companies, 26
82.5
82.6
82.5
82.7
81.0
—0.1
—0.2
+ 1.9
reported an increase in sales of 6.53%.
for the four months of 1940 over the four months of 1939.
farm products
All
commodities other than
farm products and foods..
*
Correction,
x
IMPORTANT
Revised,
a
No comparable data.
PERCENTAGE
CHANGES
MAY 4 TO
FROM
other chains
IN
MAY
SUBGROUP
11-
Increases
Decreases
4 Months
Month of April
INDEXES
1940
1940
1939
$
1940
1939
$
%
%Inc.
$
%Inc.
(Concluded)
Crude rubber
4.6
Hides and skins
2.7
Silk.
5 Grocery
chains.
2.0
Lumber
1.8
Cement
0.3
Oils and fats..
1.7
Chemicals—
0.2
Iron and steel
1.2
4
1.2
2 Drug chains
11 5 & 10c. chains.
Apparel chains.
Leather
0.1
Shoes
0.1
Meats
1.1
3 Shoe chains
Anthracite
0.1
Other building materials
0.6
1 Auto sup. chain
0.1
Other miscellaneous
o.4
7.92 263,425,594 244,068,435
62,082.370
71,963,077 X8.93 253,440,755 241,364,793
28,188,318 X2.10 99,741,844 93,080.992
0.45
31,544,705 80,300,552
7,652,194
8,058,928 X15.25 22,607,189 22,531,639
13,405.000 10,911,000
3,460.000 24.6
7.93
5.00
7.16
4.11
0.5
Cotton goods
67,002,278
65,539,087
27,596,010
7,686,599
6.829 936
4,811,000
Paper and pulp
.
Decreases
.....
...
Other foods
.
products
Cattle feed....
0.2
4.4
3.3
Bituminous coal
Fertilizer materials..
o.l
Fruits
and vegetables
tilizer Association
May 11
preceding week, 77.3
was
a
was
a
price index compiled
by The National Fertilizer Association.
ended
xl.35 684,165,087 642,257,411
10.12 331,086,707 294,458,598
12.44
2.54 1015251794 936,716,009
8.38
6.53
Decrease.
April Department Store Sales Increased Slightly from
March Says Board of Governors of the Federal
Reserve
general level of wholesale commodity prices
little lower last week, according to the
week
28 Companies
x
2.9
Wholesale Commodity Prices Declined Slightly During
Week Ended May 11, According to National Fer¬
The
2 Mailorder cos..
178,964,910 181,404,887
102,227,994 92,831,082
281,192,904 274,235,969
26 Chains..
o.l
0.34
22.8
0.2
3.2
Dairy products
Livestock and poultry
Other farm
Grains.
This index in the
77.2 compared with 77.3 in the
month
ago,
and 72.6
a
year
ago,
System
The Board of Governors of the Federal Reserve
System
May 11 that department store sales increased
slightly from March to April and the Board's adjusted index
rose from 89 to 90.
The index is shown below for the last
three months and for April, 1939:
announced
,
Chronicle
The Commercial & Financial
3122
May IS, 1940
«
INDEX OF DEPARTMENT STORE SALES x
(THOUSANDS
WEEKS
RECENT
FOR
DATA
KILOWATT-HOURS)
OF
1923-25 Average=100
Change
1
'
r
1929
1932
1937
1940
1939
1940
Week Ended
Apr., 1939
Feb., 1940
1940 Mar., 1940
Apr.,
from
1939
90
89
89
88
86
Adjusted for seasonal variation
Without seasonal adjustment
86
71
88
Mar.
Monthly Indexes refer to dally average
figures estimated from weekly data.
x
sales In calendar months; April, 1940
;
May 4
Sales in the four weeks ended
4% larger than
were
corresponding period last year and the total for the
3% above a year ago, according to the
Board, which presented the following compilation:
in the
first 18 weeks was
Change from Corresponding
Period a Year Ago (Per Cent) z
mm
m
m
-
*
Apr.
6
Apr. 13
Apr. 20
Apr. 27
May
2,381,456
2.417.994
2,421,576
2,397.626
2,386,210
2,387,566
mm
mm
mm
4
mm
One Week Ending
+ 9.6
+ 11.4
+ 10.1
+ 9.8
+ 10.3
+ 10.0
2,700,496
1
wm
1,435,731
1,425,151
1,381,452
1,514,553
1,480.208
1,465,076
1.480,738
1,469,810
1,454,505
1,429,032
1,436,928
1,706,719
1,702,670
1,687,229
1.683.262
1,679,589
1,663.291
1,696.543
1,709,331
1,699,822
1,688,434
1,698,492
1,704,426
1,705,460
1,615,085
Year to
0
+1
—6
+2
+2
—3
+1
+ 11
+2
0
—3
+3
+7
+ 13
+ 16
+1
+ 1
+ 10
+1
Cleveland
+8
+3
0
—9
+ 10
+1
+1
+7
+6
Richmond
+ 12
+ 1
+ 14
—4
+6
+4
+5
+8
—1
r+5
r+10
+8
+5
+ 10
+6
+6
+ 11
+7
0
—1
+5
+4
—1
+5
—2
+8
Boston
New York
Philadelphia
.«
Atlanta
+3
+ 12
—1
+3
+ 13
+ 12
+8
+2
+7
—13
*
*
*
+6
—5
+6
+4
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Francisco.
+6
+ 1
+5
+6
—2
+8
+4
+ 17
+2
+5
+1
+5
—5
+1
0
+ 11
+ 15
+7
+6
+7
—1
+3
—10
+9
0
+ 1
+4
0
—2
—1
+7
+5
+4
+1
+3
+4
♦ Not shown separately, but Included In
Revised.
+9
+2
+1
+4
*
+4
Total
+3
Reserve
On May 16 the Board of Governors of the Federal Reserve
System issued its monthly business indexes of industrial pro¬
duction, factory employment, &c.
In another item in to¬
day's issue of the "Chronicle" we also give the customary
summary of business conditions in the United States issued
by the Board.
The indexes follow:
;
+3 <
BUSINESS INDEXES
(1923-1925 average=100)
United States totals,
During March and April changes from a year ago reflect In part the fact that
1939 It was on April 9. On this account it
is estimated that
and for a
Mar.,
Apr.,
whole.
of April as a
department stores in the Second (New York)
Federal Reserve District during April declined 1.6% below
Net sales of
it was announced May 15 by the Federal Re¬
Bank of New York.
The change in net sales from
Seasonal
Apr.,
1939
1940
101
92
pl03
105
94
76
102
84
107
108
p99
pl06
108
106
121
r94
pill
112
T87
62
67
p71
63
58
p71
60
68
74
p72
65
83
p98
p90
Non-durable
pl06
Minerals
pl23
Construction contracts, value—Total
p63
Residential
p61
57
p64
66
—
*
Factory employment—Total
93.8
100.4
-
*
96
76
94.1
100.8
103.3
96.4
84.8
105.0
103.0
98.2
85.5
97.5
79.5
*
83.9
104.8
*
*
95.9
*
-
Non-durable goods
♦
*
*
Durable goods
February to April was an increase of €.4% above the same
95
106
Durable
All other
1939
pl04
104
year ago,
Apr.,
92
pl02
Industrial production, total
Manufactures—Total.
Adjustment
Mar.,
1940
Apr.,
1940
1940
April Sales of Department Stores in New York Federal
Reserve District Declined 1.6% Below Year Ago
Without
Adjusted for
Seasonal Variation
should be made for an
corresponding reduction for the month
in comparisons with last year allowance
Increase In March of about 4%
Federal
of Board of Governors of
System for April
Indexes
Monthly
Easter was on March 24 this year while In
serve
+ 9.6
1,537,747
2,198,646
2,206,718
2,131,092
+ 10.3
1,519,679
1,538,452
2,211,052
2,200,143
2,146,959
2,176,368
2.173,223
2,188,124
2,193,779
2,176,363
2.194,620
+ 10.6
4 Mar30 Mar. 2 Jan.27 May 4
May 4 Apr.27 Apr.20 Apr.13 May
a
2,199,976
2,212,897
+ 10.1
2,204.858
2,113,887
May 25
Reserve
r
-
Mar. 30
2,463,999
2,460.317
2,424,350
2,422,287
•
-
June
Four Weeks Ending
Districts
z
*
May 11_
May 18
Federal
San
9
Mar. 16
+ 10.5
2,244,014
2.237,935
2,225.486
2,198,681
2,209,971
2,173,510
2,170,671
2.199,002
2,182.727
2,163,538
2,170,750
2,479,036
2
Mar.
Mar. 23
■
99.0
'
period last year.
Stocks of merchandise on hand in de¬
partment stores at the end of April were 2.3% above the
end of April, 1939.
District re¬
ported a 3.6% loss in net sales in April as compared with
a year ago.
Stock on hand at the end of April was 9.2%
The apparel stores in the New York Reserve
/
below last year.
The following
Factory payrolls—Total
mm
Durable goods.
mm
—
mm
Non-durable goods
mm
mm
m
70
69
60
67
67
68
74
77
70
76
74
72
p90
89
88
p86
86
88
*
70
67
*
71
69
Freight-car loadings—Total
Miscellaneous
Department store sales, value
Department store stocks, value
♦
Data not yet available,
p
Preliminary,
total index of manufactures figures, shown
durable by 0.463 and non-durable by
Construction contract indexes
centered at second month,
Stock
Net Sales
Locality
on
'
■
r
m
\
Revised.
92.2
;
To convert durable and non-durable manufactures indexes to points in
averages.
1940
Percentage Change from a Year Ago
Hand
in Federal Reserve Chart Book, multiply
0.537.
based
To convert indexes to value figures,
three-month moving averages,
on
Dodge data for 37 Eastern States.
of F. W.
shown in Federal Reserve Chart Book,
multiply total by $410,269,000, residential by $184,137,000, and all other
February
End of
April
'
■
Note—Production, carloadlngs and department store sales indexes based on dally
is the tabulation issued by the Bank:
DEPARTMENT STORE TRADE IN APRIL,
1
mm
to April
Month
—2.4
—0.5
+ 1.1
+ 2.3
+ 2.7
+0.7 *
+ 6.6
INDUSTRIAL PRODUCTION
+ 7.5
(1923-1925 average=100)
'
■
,
'1
by $226,132,000.
without seasonal adjustment
Employment index,
New York and Brooklyn
0.0
Buffalo
•
—1.2
Rochester
•
+7.0
+ 0.7
+ 5.1
Northern New Jersey
+0.6
+6.3
Bridgeport
+ 0.1
+ 7.2
—1.1
Elsewhere
and payrolls index
compiled by Bureau of Labor Statistics.
+ 4.2
Syracuse
—3.1
+ 4.2
Northern New York State
—1.0
—7.2
_____
Without
Adjusted for
■■■
+ 8.5
Southern New York State
■'
—0.3
Central New York State
—2.3
+ 3.4
Hudson River Valley District
—5.5
+ 2.6
Westchester and Stamford
—1.6
+ 16.7
All department stores
—1.6
Apparel stores
—3.6
+ 0.4
—3.1
Seasonal
Adjustment
+ 4.8
+ 6.2
Seasonal Variation
Niagara Falls
INDEXES
OF
DEPARTMENT
STORE
'
;
^
„
STOCKS,
SALES ADD
Mar.,
Apr.,
1940
1940
1939
92
r97
r80
102
90
91
66
95
96
92
97
r81
102
rllO
790
pl04
110
87
pl27
128
106
136
164
83
172
91
147
136
92
P8
10
2
p9
12
2
Mar.,
Manufactures
+ 2.3
—9.2
Durable Goods
Iron and steel
Pig Iron
Steel Ingots
April, 1939 (5 Saturdays).
Apr.,
1939
1940
26 Shopping days In April, 1940 (4 Saturdays).
25 Shopping days In
Apr.,
1940
Apr.,
SECOND
FEDERAL RESERVE DISTRICT
-
k
Automobiles
Plate glass
Tin deliveries
7109
149
'
Beehive coke
788
70
(1923-25 Average=100)
Non-durable Goods
p95
Feb.,
Mar.,
April,
1939
1940
1940
1940
83
86
69
82
_
89
86
89
90
...
78
76
80
80
77
81
79
78
Sales (average daily), unadjusted
Sales (average dally), seasonally adjusted.
Stocks, unadjusted
Stocks, seasonally adjusted
p98
101
100
105
121
122
113
66
88
64
63
103
99
90
92
94
81
96
Slaughtering and meat packing
Hogs
97
117
64
Cotton consumption..
Silk deliveries
98
,113
Textiles
April,
94
81
86
94
72
103
99
96
89
106
105
105
115
106
114
Sheep
144
139
135
135
126
127
The Edison Electric
94
95
100
87
87
109
P103
P112
113
Institute, in its current weekly re¬
♦
p98
91
p81
101
*
p72
91
♦
p96
105
*
P97
104
*
217
209
*
136
122
2,387,566,000 kwh.
The current
10.0% above the output of the correspond¬
ing week of 1939, when production totaled 2,170,750,000 kwh.
The output for the week ended May 4, 1940, was estimated
be
2,386,210,000
like week
a
year
kwh.,
an
increase
of 10.3%
over
the
ago.
Bituminous coal
May 11,1940
May 4, 1940
5.3
8.1
5.0
79
p92
4.7
6.0
15.8
17.1
14.4
12.9
Data not yet available,
8.6
Week Ended
Pacific Coast
Total United States.
x
Decrease.
p77
79
723
80
p56
55
83
174
p 190
192
174
115
115
91
120
122
94
*
98
101
*
106
102
p
Preliminary,
r
Revised.
April 27, 1940 April 20, 1940
6.9
...
r28
66
Week Ended
6.0
8.2
14.4
12.3
12.7
12.4
15.2
13.6
14.4
0.6
xl.4
1.3
0.7
10.0
10.3
9.8
10.1
a
Year
Debits to deposit accounts
7.5
14.3
Rocky Mountain.....
115
194
Bank Debits for Week Ended May 8,
West Central
143
139
p54
Petroleum, crude
8.2
4.5
Southern States
121
157
pl90
Anthracite.
Sliver
Week Ended
Central Industrial
265
132
PREVIOUS YEAR
Week Ended
New England
„
Middle Atlantic...
208
268
Minerals
♦
Major Geographic
Regions
217
*
Lubricating oil
*
♦
*
Gasoline
Zinc
PERCENTAGE INCREASE FROM
p92
♦
Petroleum refining
Fuel oil
to
94
91
♦
ended
was
♦
p93
p97
96
*
Calf and kip leathers
Goat and kid leathers.;
Kerosene
11, 1940,
91
94
116
Tanning
light and power industry of the United States for the week
May
88
74
pl09
*
Leather and products
Cattle hide leathers
port, estimated that production of electricity by the electric
week's output is
86
75
pl05
Sugar meltlDgs
11, 1940, 10.0%
•
87
*109
Calves
Cattle
Wheat flour
Electric Output for Week Ended May
Above a Year Ago
87
1940, 6.4%
Above
Ago
(except interbank accounts),
reported by banks in leading cities for the week ended
May 8, aggregated $7,823,000,000. Total debits during the
13 weeks ended May 8 amounted to $108,847,000,000, or
6% above the total reported for the corresponding period a
as
year ago.
Volume 150
These
The Commercial & Financial Chronicle
figures
are
reported
as
May 13, 1940, by the
Federal Reserve System.
Board of Governors of the
purchased at the low prices must be
taken by the buyers on or
before June 30.
SUMMARY BY FEDERAL RESERVE DISTRICTS
Government Security Market
(In Millions ol Dollars)
Prices
Week Ended
3123
and producers announced
that steel
on
of
United
States
Government securities declined sharply from
May 10 to May 14, accompanying the further spread of war in
Europe.
Prices of long,term
Treasury bonds on May 14 were
points below the
13 Weeks Ended
Federal Reserve District
May 8,
May 10,
May 8,
1939
1940
high point reached
May 10,
1940
1939
from
2.26%
on
*'
'
•'
on
April 2.
The yield on the 1960-65 2% % bonds rose
April 2 to 2.48%
on
May 14.
•.,
Boston
•;»
•
$398
$5,855
$5,594
Bank Credit
3,289
Philadelphia,
3,311
47,152
5,525
46,784
Total loans and investments at
reporting member banks in 101 leading
cities increased during the four weeks
ending May 8. Most of this increase
was at New York
City banks and reflected purchases of United States
419
378
Cleveland
508
435
Richmond
6,943
6,124
303
248
Atlanta
210
1,148
1,021
3,904
3,370
16,088
3,495
243
14,296
230
200
3,137
2,840
_
Chicago..
St. Louis..,..
5,238
3,011
Minneapolis..
193
154
Kansas City..
Dallas
2,151
232
171
3,346
2,702
3,126
201
591
596
8,673
8,129
$7,823
$7,354
2,930
$108,847
$102,965
2.995
43,250
43,019
4,146
3,830
56,730
51,815
681
593
8,867
8,131
Government obligations.
Deposits and
V'
,
of banks in leading cities
reserves
continued at record high levels.
1,853
247
San Francisco.
Total, 273 reporting centers
New York City *
140 Other leading centers*.._.
182 Other centers
•
Centers for which bank debit figures
2,476
available back to 1919.
are
Report of Lumber Movement Week Ended May 4, 1940
Lumber production during the week ended
May 4, 1940,
4% less than in the previous week; shipments were 5%
greater; new business, 2% less, according to reports to the
National Lupmber Manufacturers Association from
regional
associations covering the operations of
representative hard¬
was
wood and softwood mills.
Summary of Business Conditions
Board
of
Governors
Industrial
of
in
United States by
Reserve System—
Federal
System
steady during
activity was
April after three months of sharp decline, and in the first
half of May increases appeared in some
lines, particularly
steel.
This was reported in the Board's
summary of general
business and financial conditions in the United
States, based
upon statistics for April and the first half of
May.
It was
also pointed out that
prices of basic commodities showed
mixed changes toward the middle of
May, accompanying
Europe, while stock prices
The Board's summary continued:
sharply.
h;Y
'•
Production
'
■'
capacity
as compared with an average rate of
64% in March; in the first
half of May output rose sharply and
currently is scheduled at about 70%
of
capacity.
Automobile
March rate,
production
in
April
although ordinarily there is
May declined somewhat.
Retail sales of
production in April and dealers' stocks of both
at earlier
continued
new
about
the
this season,
increase at
an
shipments,
cars
approximated
and used cars remained
new
high levels.
Output of plate glass, used largely by the automobile
industry, declined considerably in April, and lumber production showed
somewhat
less than
craft
shipbuilding industries activity continued
and
other
recent
the
usual
seasonal
increase.
In
the
machinery, air¬
the
at
high
rate
of
months.
mills
activity remained at
maintained
at
a
high rate.
tinued in large volume.
duction
low level,
a
while rayon
production
Year-to-Date
Output at meat-packing establishments
There
in
April; in most other industries producing non-durable
goods
changes in output were largely seasonal in character.
Coal production,
4%
reportedf ;
Comparisons
of
-
YY
-
1940
to
date
10% above
was
corresponding weeks
and
of 1939 ; shipments were 7% above the shipments,
8% above the orders of the 1939 period.
For the 18
1940 to date, new business was 7% above
production, and ship¬
were 6% above production.
v:
orders
new
were
weeks of
ments
Supply and Demand Comparisons
The ratio of
compared with
ago;
unfilled
17%
a
orders
2%
were
stocks
gross
•'
21%
was
Unfilled orders
year ago.
stocks
gross
to
were
.
l
v
;
May 4, 1940,
on
21% heavier r.han
less.
a
^ Y;
Softwoods and Hardwoods
During the week ended May 4, 1940, 507 mills produced 226,857,000 feet
softwoods and hardwoods combined; shipped
255,722,000 feet; booked
orders of 235,877,000 feet.
Revised figures for the preceding week were:
■Mills, 515; production, 236,073,000 feet; shipments, 244,557,000 feet;
of
orders,
240,558,000 feet.
Lumber orders reported for the week ended
mills
totaled
mills.
12%
or
225,391,000
Shipments
from
above
109
production.
hardwood
above production.
feet,
feet,
mills
4%
above
the
the
same
week
Production
give
Shipments
as
business
new
Production
Identical Mill
Production
was
production
same
week
same
Reports
feet,
were
9,726,000
was
the
feet.
10,486,000
as
of
244,017,000 feet,
were
217,131,000
was
reported for the
20% above production.
or
May 4, 1940, by 417 softwood,
or
for
reported
as
8%
or
11,705,000
feet.
Comparisons
during week ended May
4,
1940,
214,018,000 feet, and a year ago it
of 394
identical
softwood
214,928,000 feet; ship¬
was
which usually declines sharply in April, showed
only
Output of crude petroleum, which had reached
feet,
and
orders,
8,989,000
feet
and
8,487,000
feet.
small decrease this year.
a
record
half
high levels in March,
of
stocks
largely maintained in April and the first
May, although stocks of crude oil were increasing and gasoline
unusually large.
!■';?,
f." '"•V'vU---''
V'
was
Weekly Statistics of Paperboard Industry
were
We give herewith latest figures received by
Value of construction contract awards increased further in
April, reflect¬
ing principally
in
somewhat
building
near
was
the
a
larger
volume
than
a
year
previous
peak
construction, however,
level
were
reached
in
Private
ago.
about one-third greater than at this
season
mid-1937.
Awards
for
of last
[■
consumers showed little
change in April
The Board's seasonally adjusted index of depart¬
ment store sales was 90% of the 1923-1925
average in April, about the
level that has prevailed since the first of the
year but below the peak of
same
volume
as
December, declined somewhat in April.
April
ments to northern
were
was
accounted
for by
at a
high level
A large part
the complete cessation
of
of
the
ship¬
European countries after outbreak of hostilities
there,
also reported in shipments to most other
countries.
Exports to Canada, the Union of South Africa, and France, however, inincreased.
:•••
and
copper
decreased
further
from
earlier
high
levels,
while
machinery and aircraft shipments continued in large volume.
During April, the monetary gold stock of the United States increased
by $337,000,000, the largest increase since August, 1939.
Acquisitions of
gold in the first two weeks of May totaled $169,000,000.
a
20
Jan.
were
particularly marked for imported materials, such
Grain
prices
rose
at first
were
mixed;
steel
196,174
65
120,791
187,002
74
115,419
121,696
183,699
72
75
71
72
71
Mar.
Cumulative
Mar.
114,463
115,189
145,706
70
142,554
137,631
69
71
112,865
114,958
113,555
107,853
Mar. 30
Apr.
6
Apr. 13
Apr. 20
111,431
-
115,988
71
May 11-.....-
71
138,446
69
71
132,455
70
71
130.871
70
70
129,466
105,929
117,388
67
70
123,255
147,254
68
70
66
70
72
122,194
175,162
193,411
204,612
77
122,868
210,488
70
75
125,823
130,202
4
71
69
146,057
139,841
136,203
27
;
,
71
114,156
113,710
105,140
129,869
Mar. 23
74
70
Production and shipments of
71
'
.
71
Canadian Newsprint Output and Shipments
Show Wide Gains Over Year Ago
for April
Canadian newsprint showed
April substantial gains over the preceding month and
according to figures issued by the News¬
of Canada.
Concerning these statistics,
the Montreal "Gazette" of May 13 reported the following:
a
year ago,
print Association
268,947
last
tons,
output
November,
267,134 tons shipments
heaviest
hand been reduced early in April, were restored to earlier levels
64.2%
May 1,
70
111,714
107,024
108,134
102,462
9
Mar. 16
May
69
176,308
167,240
159,216
101,097
108,784
104,466
2
At
advanced,
---
17
while cotton declined considerably. Prices of certain steel products, which
105,945
10
since
on
87,746
110,169
111,332
111,954
106,954
106,292
24
sharp declines.
scrap
Current
3:
Feb.
rubber, tin, and
as
but subsequently showed
changes for other commodities
declining after
Increases in this period
silk.
Tons
27
over
number of basic commodities, which had been
rise in April, advanced from May 10 to May 14.
Price
Percent of Activity
Orders
Tons
13
Jan.
for
Commodity Prices
Prices of
Jan.
Apr.
Shipments of commercial vehicles declined sharply, following a consider¬
able rise in March, and exports of iron and steel
products, which had
been increasing steadily since last summer, also showed a decline.
Exports
cotton
Unfilled
Production
6
Feb.
Exports of United States merchandise, which have been
declines
Jan.
Feb.
Foreign Trade
but
Orders
Received
Week Ended
Feb.
,
decrease in
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
in
Shipments of coal declined less than seasonally, while
loadings
of miscellaneous freight,
which include most manufactured
products,
showed less than the sharp rise that is
customary at this season.
In the
early part of May increases were reported in shipments of most classes of
last
,
a
Tons
March.
since
production, and
figure which indicates the activity of the mill based
on the time operated. .These figures are advanced to
equal
100%, so that they represent the total industry.
V
also
Y;';Y
Total freight-car loadings in April were in about the
freight.
week from each member of the orders and
public
and the first half of May.
of this Association represent 93% of the
industry, and its program includes a statement each
total
spring.
Distribution of commodities to
96 reached last December,
The members
non-residential
Distribution
.
to
last year and was
considerably below the level
us from the
Paperboard Association, Chicago, 111., in relation
activity in the paperboard industry.
;
National
rise in contracts for private building, according to figures
of the F. W. Dodge Corp.
Awards for private residential building were
of
business,
new
ments
were,
respectively, 240,796,000 feet and 200,369,000 feet, and
orders received, 221,906,000 feet and 213,025,000 feet.
In the case of
hardwoods, 89 identical mills reported production this year and a year ago,
7,799,000 feet and 6,500,000 feet; shipments, 9,585,000 feet and 8,814,000
con¬
further curtailment in shoe pro¬
was some
and
75% of average 1929 ship¬
Reported production for the 18 weeks
mills
was
greater,
average of 1929 production and
The Association further
In the textile industry activity at cotton and woolen
mills declined some¬
what further in April, following considerable
reductions in March.
At
silk
20%
ments.
and
at
pro¬
The industry stood at 67% of the seasonal weekly
year
■■
The Board's seasonally adjusted index of industrial
production for the
month of April was 102, compared with 104 for March
and 109 for February.
Steel ingot production was
steady during April at slightly over 60% of
in early
13% above
were
greater;
the extension of active warfare in
declined
Shipments
duction ; new orders, 4% above
production.
Compared with
the
corresponding week of 1939, production was 0.1%
greater.
Activity Was Steady in April
The Board of Governors of the Federal Reserve
announced May 17 that industrial
a
-i
$451
New York
since
in
last
March,
was
this
21.8%
production
exceeded
November
61.5%
a
a
and
year
over
a
year
involving
ago
73.4%
and
the heaviest
operations.
At
by 24.7%, were likewise the
represented 72.9% of capacity against
year
ago.
ago
Shipments
to
the
United
States
The Commercial &
3124
rose
11.1%
by 3.5%.
1939,
ever
164.7%, while domestic shipments fell
exceeded shipments by 1,813 tons, mill stocks
to Overseas
As production
increased accordingly.
■
April, United Statees production was up
while Newfoundland shipments rose by 70.5%
For
seas
11.4%, shipments 10.5%,
to 28,161 tons, the Over¬
portion at 20,621 tons being the heaviest since last September.
the four months ended April, Canadian production at 1,003,081
For
tons
showed
increase
an
of
18.0%,
shipments an
increase of
20%
at
indicating an excess of production of 45,048 tons.
Cumulative
figures for the three countries for the four-month period show output at
1,448,821 tons, up 17.6%, shipments at 1,395,471 tons, up 20%, the
958,033,
period's increase in mill
stocks being 53,350 tons.
Its Products—Industry Awaiting Su¬
Court Decision on East Texas Proration
Order, Fearful Adverse Opinion Will Double Out¬
put in Area—Crude Oil Output Up 146,400 Barrels
Daily in May 11 Week—World Output in March
Sets New Record—Sinclair Orders 10 Tankers at
Petroleum
and
preme
Cost of
$25,000,000
One intanblible
item stood out boldy in the petroleum
law, which the Attorney General has interpreted to mean
that no well in Texas may be cut below a daily allowable of
20 barrels-of oil.
In the event that the highest court ac¬
quiesces to the company's petition that the allowable for
the East Texas wells should include an acreage factor without
declaring the marginal well law invalid, trade opinion holds
that output in the field might be doubled.
The tribunal's decision is important, since there will be a
state-wide proration hearing on May 20 in Fort Worth for
the purpose of taking evidence on which to base the allowable
production for the State during June.
With the situation
the way it is, oil men in the Lone Star State are not opti¬
mistic that the prediction of a 15 cent a barrel boost in crude
oil—made recently by Col. Ernest O. Thompson, Texas
Railroad Commissioner—is in early prospect.
At the annual stockholders' meeting of the Consolidated
May 15, Harry F. Sinclair, chairman of the
made by the
company with the Mexican government for compensation
for the company's properties in Mexico.
He said that a
purchase agreement had also been made involving 20,000,000
barrels of oil to be taken over a five year period, the first
Oil Corp. on
executive committee, discussed the agreement
shipload of which is on its way from Mexico.
For the four companies in Mexico sold, Mr. Sinclair said
he did not consider that the amount involved is as much as
properties
them."
The
are
sum
we owned them or if we operated
of $8,500,000 is to be paid by the Mexican
worth "if
18, 1940
domesticTandfforeign crude petroleum at the
week ended May 4 aggregated 258,210,000
barrels, an increase of 1,540,000 barrels over the preceding
week, according to the Bureau of Mines.
Stocks of domestic
crude were up 1,593,000 barrels, while foreign holdings
dropped 53,000 barrels.
.Mf
Crude oil production in Texas since the latest proration
order of May 1 has averaged 1,416,561 barrels, according
to the Railroad Commission.
This is 4,815 barrels daily
under the Commission's calculation and 15,507 barrels daily
above the estimate of the Bureau ot Mines.
United States well completions last week numbered 569,
against 562 the preceding week and 469 a year ago, according
to the "Oil and Gas Journal."
Of these, 408 were oil wells,
29 gas wells, and 132 dry holes.
For the year to Mayjll
completions totaled 10,106, compared with 8,762 in the
Stocks of
close
of
the
similar 1939
period.
Prices of Typical
Crude pei Barrel at Wells
(All gravities where A. P. I. degrees are
$2.76
Bradford, Pa
industry • this week—the pending United States Supreme
Court decision on an attack of the East Texas proration
order.
In this action the State of Texas is appealing from a
Federal Court decision in a suit brought by the Rowan &
Nichols Oil Co. of Fort Worth.
Basis of the suit is an attack on the State's marginal well
the
May
Financial Chronicle
J-02
Corning, Pa.
.95-1.05
Western Kentucky
90
Mld-Cont't, Okla., 40 and above.. 1.03
Rodessa, Ark., 40 and above
1.25
Smackover, Ark.. 24 and over
.73
Illinois
REFINED
Darat Creek
$1.03
1.10
;
1.03
...
.76-1.03
.90
Huntington, Calif., 30 and over—. 1.15
Kettleman Hills. 39 and over
1.38
Michigan} rude
Sunburst, Mont
PRODUCTS—WAR SITUATION SEEN GIVING
TO EXPORT
500,000
not shown)
Eldoraro, Ark., 40
Rusk, Texas, 40 and over—
BOOST
TRADE—RUMORS PERSIST OF SHIPMENT OF
BARRELS
AGAIN RISE IN
OF GASOLINE—REFINERY
OPERATIONS
WEEIG—INTEREST SPURRED IN BUNKER C
OIL
disappointments of the petroleum in¬
failure of America to expand its ship¬
ments of petroleum products as a result of the war abroad.
As a matter of fact, shipments of gasoline during the first
quarter were reported to be running around 40% under the
comparative period a year ago.
Hopes rose this week that
there would be a reversal of the performance so far as a more
serious prosecution of the conflict developed.
Reports persisted, and remained undenied, that approxi¬
mately 500,000 barrels of gasoline were recently cleared from
New York for shipment to foreign powers.
In addition,
there were rumors that additional inquiries were made.
The
more intensive warfare abroad, together with the rerouting
or ships, is said to have created
an eager demand in the
United States for gasoline, aviation gasoline and fuel oil.
A threat to profits currently being earned by major oil
companies from tneir pipeline and barge line activities de¬
veloped this week when western railroads proposed a 25 to
55% cut in rates charged on petroleum products moving
from mid-continent fields to points in western trunk line
territory.
The carriers' proposal is for a flat reduction?of
15 cents per 100 pounds on gasoline, which is almost a one
cent a gallon reduction in the transportation cost.
The move represents an attempt by the railroads to
improve their position against inroads of pipelines and in¬
land waterway carriers.
The abrupt shift is indicated by the
fact that in the period from 1930 to 1937 interstate gasoline
pipelines built up their revenues from $700,696 to $24,500,of the geart
One
dustry has been the
government for the properties, he disclosed, of which $3,000,000 is to be paid this year.
Production of crude oil throughout the country for the week
ended May 11, according to the American Petroleum In¬
399.
A further increase took place in the last two years.
stitute, rose 146,400 barrels daily to a total of 3,825,450
Moreover, barge lines are becoming increasingly important
barrels.
This was an indicated excess of more than 220,000
in the situation, moving petroleum products up the rivers
barrels over estimated requirements forecast by the Bureau
of Mines.
Texas boosted output 89,600 barrels daily to a to marine terminals from which they are reshipped by truck
to consuming channels.
1,457,400 barrels, or approximately 111 ,000 barrels above the
Another thought on the matter is that a near parity on
Government bureau's recommendation.
The outurn in
rail shipments with pipeline rates is expected to improve the
California was 629,100 barrels, an increase of 34,000 barrels
in the week.
Oklahoma and Kansas were the ODly leading ■ competitive position of the independent refiners inAthe midcontinent field.
States to stay within the bureau's recommendation, and as a
On May 16 hearings were concluded before the House
matter of fact, were below it.
Merchant Marine and Fisheries sub-committee on recent
The Senate Mines and Mining Committee on May 16
increases in oil tanker rates from the Gulf Coast to the East.
reported favorably the resolution by Senator Gerald Nye
requesting the Attorney-General to institute legal proceed¬
ings of claiming title for the Federal Goverment to ail suomerged lands off the coasts of the United States.
It stipu¬
lates that no proceedings shall be brought under the right
of eminent domain, and leaves the disposition of oil or other
deposits to be determined after the Government's title has
been
tested.
The States
of California and
Texas
are
ex¬
pected to fight the measure if it ever reaches the Senate floor.
Crude oil output throughout the world in March advanced
to a new peak, according to figures compiled by "World
Petroleum" from governmental sources.
Production for
that mouth was placed at 188,531,832 barrels, an expansion
of 17,254,579 barrels over the preceding month and 15,372,675 barrels ahead of March a year ago.
The former peak
was 186,465,203 barrels in October, 1939.
United States flow hit a new peak of 120,075,000 barrels
in March, which was
11,000,000 above February and
approximately 14,000,000 greater than a year ago.
Soviet
Russia produced 18,454,796 barrels, or 1,200,000 above
February and Venezuela with 17,966,102 barrels had a
gain of 2,686,000 barrels over February.
Significantly,
Rumania lifted its March total to 3,870,350 barrels, the
highest of any month since last August, or just before the
outbreak of the European war.
The Sinclair Refining Co. this week awarded contracts for
10 high-speed tanker vessels aggregating more than 130,000
deadweight tons and costing approximately $25,000,000.
Harry F. Sinclair, chairman of the Consolidated Oil Corp.,
parent organization, stated that the company has in mind
not
only its coastwise requirements, but provision for
transporting Venezuelan, Mexican and other foreign oil.
Representative Edward Hart,
Democrat of New Jersey,
Chairman of the sub-committee, stated the group
will meet
shortly to consider future plans.
A report to the full
committee, he said, will be submitted in a week or 10 days.
possibilities of the international situation served to
of the sting out of the report of the American
Petroleum Institute for the week ended May 11.
This re¬
The
take
some
stills, on aJBureau of
crude oil daily, a^newfpeak
preceding week. Refinery
operations were at 85.8% up 2.2.
Withdrawals from gasoline inventories aggregated 746,000
barrels in the May 11 week, the heaviest since the opening
of the present season of heavy consumption.
However,
tne first six weeks of the season show a draft of only 53,000
barrels, against 719,000 barrels in the similar period a year
ago.
J
.■ •.
■
Production of gasoline in the period amounted to 11,401,000 barrels, an expansion of 31,000 barrels over the May 4
figure.
However, there was a drop of 746,000 barrels in
stocks of finished and unfinished gasoline and an increase of
743,000 barrels in gas oil and distillate stocks. Residual fuel
oil stocks rose 436,000 barrels.
On May 13 the Standard Oil Co. of New York, marketing
subsidiary of tne Socony Vacuum Oil Co., Inc., put into
effect the new schedule of domestic fuel oil prices, which were
2 points under those prevailing tne week before.
Based on reports from 50 representative cities to the
port revealed that the industry ran to
Mines' basis 3,620,000 ban els of
and 115,000 barrels above the
^
American Petroleum Institute the
retail price oi gasoline
on
May 1 averaged 12.91 ceots a gallon, the lowest figure since
Jan. 1, 1935.
This compared with 13.17 cents on April 1,
I
Volume
1940 and
The Commercial & Financial Chronicle
ISO
13.16 cents
on
May 1, 1939.
The price to the
consumer at the start of the
current month, including taxes,
averaged 18.33 cents, contrasted with 18.59 the month
before and 18.66 cents a year
ago.
A reduction of 1 cent a
gallon in
of
the
European war has increased the
shortage of tanker tonnage engaged in coastwise trade, ac¬
cording to expressions heard this week.
Consequently, the
possibility appears remote that tanker rates will be reduced
time in the
any
b
Oklahoma, Kansas, Nebraska, Mississippi, Indiana
figures
7 a. m.
18 the ne* basic allowable as of the first of May. Past experience Indicates
I
blncrease 83 new wells are completed and if any upward revisions are made. It
includes a
,
net figure of
approximately 378,387 for East Texas after deductions for 14
shutdown days,
namely, May 1, 4, 5, 8, 11, 12, 15, 18, 19, 22, 25, 26, 29 and 31.
For all other areas a
shutdown was ordered for May 1
only.
d
Recommendation of Central Committee of California Oil
Producers.
Vole—The figures indicated above do
might have been surreptitiously
RUNS
Gasoline, Service Station, Tax Included
z
Brooklyn
$.17
| Newark ___
I
17
zNot Including
$.17
17
2% city sales tax.
Socony-Vac. .06M-.07
.08K-.08J*
RlchOil(Cal) .08K-.08J*
Warner-Qu. .07J4-.08
Gulf
T. Wat. Oil
.-J .07 H-.08
Chicago
New
08K-.08 H
.07K-.08
Shell East'n
-.05
$.05
Orleans.
.0QM-.O7
.05H
MH-.05H
Gulf ports...
Tulsa
(Bayonne)
North Texas.
.061
—$
$.04
Los Angeles..
Fuel Oil, F.O.B.
N, Y. (Harbor)—
|
.03 >+.05
Refinery
$1.50
Diesel
Daily Refining
Capacity
or
Orleans.$.05J£-.05J4
Tulsa
.04
-.04
Terminal
New
$1.00-1.25
Bayonne)—
i
28.30 D
Percent
Rate
Reporting
East Coast
Daily
Average
American
Orleans C
crude
1.50
be the total
Tulsa
$.02Jf-.03
I
100.0
576
89.6
91.0
121
85.2
411
89.0
566
95.4
2,194
76.9
287
88.9
z999
420
oil-producing
Institute
estimates
280
59.6
126
75.4
620
85.3
857
93.8
2,585
164
97.6
116
72.5
293
North Louisiana & Arkansas
101
51.5
47
90.4
Rocky Mountain.......
119
55.5
43
California.
65.2
836
87.3
513
70.3
1,325
85.1
3,252
85.8
9,919
1,482
♦
for
*
4,456
3,620
4,424
3,505
11,401
11,370
x3,412
yl 1,205
U. S. B. of M. May 11, '39
Estimated Bureau of Mines' basis,
x
OF
on
May, 1939 daily average, y This is a week's
1939 dally average, z 12%
FINISHED
AND
UNFINISHED
States
during
imposed
by the various
May.
Imports of petroleum for domestic
United
a
States
daily
233,429
the
of
average
barrels
four
for
weeks
whether
There
in
for the week
208,857
or
May
for
barrels,
receipts in bond at principal
11 totaled
compared
with
a
May 4, and 212,000
These
11.
domestic
and
ended May
the week ended
ended
bonded
separation
Coast
ports
use
figures
but
use,
include
is
it
1,462,000 barrels,
daily
GASOLINE
all
daily for
oil
impossible
imported,
to
make
the
weekly statistics.
were
no
receipts
of
Finished &
Unfinished Gasoline
oil
at
either
Atlantic
Gulf
or
that the
GAS
AND
of 42 Gallons
Each)
Stocks of Gas Oil
and Distillates
Stocks of Residual
Pud Oil
District
Total
At Terms,
At Terms.
Total
Finished
At
in Transit
At
Finished
*'."V
and
Refineries
and in
Refineries
Unfin'd
East Coast
22,658
Appalachian
in Transit
Pipe Lines
23,429
2,335
and in
Pipelines
4,016
3,666
5,105
3,514
116
643
2,387
243
3,090
8,126
1,936
992
31
278
15,051
3,206
*436
4,819
"359
2,777
3,086
733
29
691
244
526
552
205
9
438
1,579
Texas Gulf
268
18,152
7,643
1,586
13,462
Inland Texas
4,084
17,419
Ind., 111., Ky
Okla., Kan., Mo
1,661
147
Louisiana Gulf
No. La. & Arkansas
Rocky Mountain.
.
~5l"
1,899
1,445
605
California
16,718
18,175
7,832
2,034
55,023
23",727
Reported
87,782
18,383
6,914
72,319
29,486
6,965
94,252
7,005
720
535
1,970
210
94,747
95,559
101,317
102,063
19,103
7,449
18,360
7,298
74,289
74,166
29,696
28,877
80,459
86,349
19,596
7,351
80,052
29,915
Estd. unreported..
*
Estd. total
U.S.:
May 11,1940....
May
U.
California
during the week ended May 11.
Reports received from refining companies owning 85.1% of the 4,456,000barrel estimated daily potential refining capacity of the United States
ports
indicate
Stocks of
AND
11, 1940
of
average
barrels
(Figures In thousands of Barrels
ended
four weeks ended
the
122
200 v
368
Estimated total U. S.:
May 11, 1940
May
4, 1940
the
that
Daily average produc¬
May 11, 1940, is estimated
at 3,802,100
barrels.
The daily average output for the
week ended May 13, 1939,
totaled 3,402,500 barrels.
Fur¬
ther details, as reported by the
Institute, follows:
tion
1,270
1,071
...
Louisiana Gulf
STOCKS
production for the week
of the restrictions
Blended
the U. S. Bureau of Mines May,
reporting capacity did not report gasoline production.
May 11, 1940, was 3,825,450 barrels.
This was a gain
146,400 barrels from the output of the previous week, and
the current week's figures were above the
3,601,000 barrels
calculated by the United States Department of the Interior
to
'
156
production based
of
\
Refineries
Inc. Natural
$1.00
Phila., Bunker C
i
....$.053
Petroleum
gross
Percent
Operated
643
Daily Average Crude Oil Production for Week Ended
May 11, 1940, Rises 146,400 Barrels
The
Production
666
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
FUEL OIL, WEEK ENDED MAY
daily average
WEEK
Gasoline
to Stills
at
■
«
>
;
Terminal
or
Chicago—
|
$.04
Refinery
Crude Runs
Potential
*
27 plus...
GASOLINE,
1940
District
2.10-2.20
Gas Oil, F.O.B.
N.
oil which
iNew
California, 24 plus D
Bunkder C
11,
OF
of barrels of 42 gallons
each)
Reported
Estimated unreported.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
i
PRODUCTION
ENDED MAY
Texas Gulf
Other Cities—
Texas
New York
AND
(Figures in thousands
Inland Texas..
New York
Std .Oil N .J .$ .06 H - .07
•
STILLS
Appalachian
$.1661 Buffalo
1851 Chicago
Boston
TsTpw Ynrk——
TO
future.
near
will be issued instead of the
present yearly commitments.
New York
not Include any estimate of any
produced.
CRUDE
Meanwhile, there was a growing opinion in certain quarters
that fuel oil prices will be
boosted, in some form or other.
Dealers said that possibly six-months contracts for
supply
z
for week ended
are
May 8.
4+
gasoline prices throughout
by the Gulf Reiining Co. was reported.
The new
retail price for premium
gasoline is now posted at 18 cents a
gallon, while regular grade gasoline is at 16 cents.
Third
grade gasoline remained unchanged at 14 cents.
Texas
Intensiiication
3125
templated withdrawals from crude oil
Inventories must be deducted from the Bureau's
estimated requirements to
determine the amount of new crude to be
produced.
4,1940....
S. B.
of
Mines
*May 11,1939.*
:
Estimated Bureau of Mines' basis.
•
1ft
industry as a whole ran to stills, on a Bureau of Mines
basis, 3,620,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
Crude Petroleum and Petroleum
pipe lines as of the end of the week,
1940, when the daily average production was 3,873,400
barrels, according to the Bureau of Mines, United States
unfinished
panies is
gasoline.
estimated
The
have been
to
101,317,000 barrels of finished and
total amount
of
gasoline produced
11,401,000
barrels
by
all
com¬
during the week.
Department of the Interior. This was 126,200 barrels above
in February and 429,300 barrels (12.5%) above
of March, 1939.
The Bureau's report further
DAILY AVERAGE CRUDE OIL PRODUCTION
the average
the average
V(Figures In Barrels)
disclosed:
a
B.
of M.
Four
Calcu¬
Week
lated
State
Require¬
Allow¬
ments
able
Ended
May 11
1940
Change
from
Weeks
Week
Ended
Ended
Previous
May 11.
May 13,
Week
1940
1939
(.May)
Oklahoma
408,100
Kansas
...
158,100
Products, March, 1940
All records for crude oil production were smashed in
March,
Virtually all of the gain in output in March
Texas and Illinois.
change,
but
the
IUinois reached
other
a new
408,100 b406,200
168,100 bl49,350
—3,150
+ 1,700
407,900
152,600
453,150
176,250
b
Panhandle Texas
districts
107,100
261,550
86,150
West Texas
East Central Texas..
East Texas
+ 650
+28,250
77,550
105,750
+ 4,500
33,700
West Central Texas..
Daily
these
were
crude
average
recorded
Oklahoma,
material
gains.
offset by
runs
a
to stills
Louisiana,
and
Production
+ 5,250
Southwest Texas
396,450
248,050
+33,950
Coastal Texas...
246,850
+ 17,200
—200
33,650
264,450
85,450
396,600
249,600
249,800
63,400
81,500
30,800
197,100
but this did not take
care
decrease in California.
increased from 3,509,000
accumulation for crude oil stocks
+89,600 1,462,850 1,269,000
North Louisiana.....
69,750
+ 250
69,500
76,150
Coastal Louisiana...
227,900
+3,400
222,500
193,460
again increased. A gain of about 6,700,000
251,120,000
on
March 31.
Refined Products
.
Although the peak demand for distillate fuel oil had passed, the yield of
42.2% in March.
At the
same
.....
Illinois
Indiana
293,080
297,650
+3,650
64,500
5,800
392,900
8,100
70,147
70,150
b7,400
439,150
bll,100
+ 17,600
+ 1,500
101,300
98,050
—2,350
98,650
63,200
72,900
17,400
3,500
Arkansas...
Mississippi.
264,500
62,200
—50
69,950
+3,550
62,200
68,700
292,000
69,800
64,150
—400
7,250
433,000
209", 900
9,950
and
Indiana)......
oil
showed
little change,
Montana
Colorado
New Mexico
103,900
Total east of Calif. 3,008,400
California
592,600
but nearly all
Total United States 3,601,000
figures for motor fuel for March
5% above a year ago.
17,500
3,650
3,600
106,850
+ 50
109.600
110,700
were
not
they were in
practically no change.
were up
runs
particularly
Exports (2,265,000 barrels) were barely
March,
1939,
hence
the
total
was
more than
demand
showed
Gasoline stocks continued to rise to record levels;
barrels, making the total 103,710,000 barrels
"—350
by excessive
encouraging, even though the domestic demand of 44,607,000 barrels
finished stocks
3,400
on
about 3,700,000 barrels, unfinished another 700,000
on
March 31.
The domestic demand for the various classes of fuel oil, including kerosene,
continued to
run
well ahead of last year—kerosene was up 21%, gas oil and
distillate fuel oil 18%, and residual fuel oil 9%.
3,196,350 + 112,400 3,195,650 2,782,100
d692,000
629,100
+34,000
606,450
620,400
3,825,450
146,400 3,802,100 3,402,500
According to the Bureau of Labor Statistics, the price index for petroleum
products in March, 1940
was
50.4, compared with 50.9 in February, 1940,
and 50.9 in March, 1939.
The crude oil capacity represented by the data in this report was 4,370,000
Bureau of Mines' calculations of the requirements of domestic crude
oil based upon oertain premises outlined In its detailed forecast for the month of
May.
barrels, hence the operating ratio was 81 %, compared with 81 % in February
As requirements may be supplied either from stocks, or from new
and 77% in March, 1939.
a
These
demand
the minor products gained.
brought
yields in prior months.
63,700
57,050
14.250
17,500
107.000
to stills and unbalanced
half what
100,750
of
materially (from 16.0% in February to 14.8% In March), that of residual
fuel
The
+ 1,050
Eastern (not incl. HI.
Michigan
Wyoming
269,600
average
time, the yield of light fuel oil decreased
These changes indicate the difficult situation
Total Louisiana...
in
barrels in crude oil stocks in March brought the total for refinable grades to
gasoline declined from 42.4% in February to the unusually low
Total Texas...... 1,344,200 cl419 563 1,457,400
barrels
up somewhat
of the large increment in production so the rate of
89,600
372,300
225,350
208,950
in
Kansas showed
February to 3,551,000 barrels in March and exports picked
77,550
North Texas
small gains, but
recorded in two States
peak of 438,100 barrels daily, 33,700 barrels above the
previous peak in February.
Nebraska
was
In Texas, the Panhandle and East Texas showed little
are
production,
con¬
•*
i
The Commercial &
3126
ESTIMATED UNITED
DEMAND OF ALL OILS
SUPPLY AND
Jan. to
March,
March
March
1940
1939
1940
1939
1940
120,075
108,668
106,768
341,883
302,733
Total, Including
3,873
Crude petroleum
3,747
3,444
3,757
3,364
12,243
237
231
192
740
113,078
3,899
111.192
355,562
315,523
3,587
3,907
3,506
226
286
2,343
1,404
6,902
1,553
2,731
119,705
4,128
1,570
4,682
10,797
121,997
2,895
For domestic use
1
cl,688
In bond
all oils
Dally average
—
stocks, all oils
—
659
7,462
115,051
3,711
374,894
4,120
12,600
el,696
19,073
116,747
355,821
3,766
3,910
3,935
3,668
3,327
4,966
11,575
5,765
10,849
20,074
26,678
.
44,607
6,273
}C&ros6ii6
distillate
fuels-.-—-
37,557
6,263
5,201
122,534
20,178
16,494
Motor fuel
Gas oil and
17,930
26,816
1,522
13,923
57,211
28,436
89,845
1,987
5,459
30,881
Residual fuel oils..
1,883
.......
42,520
114,882
17,082
45,653
82,468
5,249
69
—
61
73
255
629
646
788
1,269
1,917
3,007
1,781
3,163
1,398
Asphalt
111
68
228
311
681
6.083
5,392
5,376
16,997
15,086
123
35
187
398
952
1.086
6,060
171,300
977,000
110,368
3,560
98,013
100,932
324,172
20,500
Includes washery
2,200
648.900
239,000
2,171,300
3,417
26,400
4,400
total
United States
367
6,008
2,213
20,105
ESTIMATED WEEKLY
3,380
3,256
3,562
Adjusted to make comparable the number
demand.
Dally average—.
Stocks-
PRODUCTION OF COAL, BY STATES
weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from dis¬
trict and State sources or of final annual returns from the operators.)
.£
(In Thousands of Net Tons)
-vft'ftft'V;:; '■
Week. Ended—
April
State
244,417
13,408
Refined products
276,355
15,814
13,485
15,814
4,721
5,393
4,721
266,342
273,845
266,342
533,046
563.232
543,843
563,232
144
5,393
273,845
Natural gasoline
251,120
270,464
13,485
276,355
4,757
251,120
States.
Heavy In California.—
Refinable In United
1940
150
139
154
138
Days" supply
Economics Division,
b Imports of crude as reported to Bureau of
Mines; all other imports and exports from Bureau of Foreign and Domestic Com¬
merce. c Exclusive of 166,000 barrels imported Into non-contiguous territories from
outside United States,
d Exclusive of 20,000 barrels into territories,
e Decrease.
t Exolusive of 13,000 barrels exported from non-contlnguous territories, but In¬
clusive of 748,000 barrels shipped from United States to territories.
PRODUCTION OF CRUDE PETROLEUM
PRINCIPAL FIELDS
BY STATES AND
3
2
41
211
352
18
17
15
58
95
90
142
62
163
1
1
1
720
730
1,310
480
890
1,471
292
275
533
200
277
514
46
50
93
47
61
99
138
Oklahoma
Arkansas and
Colorado
Georgia and North
Carolina
1940
Iowa
86
162
765
82
452
799
620
128
132
30.3
90
230
188
23
25
2
21
45
52
5
Kentucky—Eastern
Western
Maryland
8
1
6
15
22
49
;
Michigan
51
21
21
45
20
50
59
35
29
19
18
fl8
fl6
378
390
56
273
416
766
1,991
1,595
19
1,155
2,737
3,531
112
114
48
65
88
121
14
15
15
15
17
32
64
70
249
44
Montana
Mexico.————————
North and South Dakota
New
West
Rest of State
——
2.4
2.1
159
198
462
66.1
67.2
1,520
6,035
4,293
2,125
68.5
69.3
1,679
6,233
bituminous
47.4
50.9
1,740
4,443
5,171
California—Kettleman Hills—
Long Beach.
1,373
4,106
4,422
Wilmington.--
2,560
82.6
81.6
2,639
7,524
13,268
428.0
430.9
13,401
39,202
7,578
38,806
18,672
602.3
608.4
19,284
55,275
38
284
263
60
184
234
25
20
33
19
45
35
1,781
1,716
29
1,070
1,796
1,256
574
Virginia—Southern.a
536
38
396
672
778
66
106
116
137
92
85
Wyoming
f4
#6
9,285
10,836
*
*
*
*
Other Western States.c
2.8
2.9
90
266
275
13,580
438.1
404.4
5,380
36,807
14,368
329
10.6
8.1
59
757
5,489
15,968
14,670
7,883
coal
5,017
3,319
7,330
877
878
1,554
645
1,816
1,974
8,760
175
176.1
Total bituminous
8,208
4,873
/ 5,662
11,101
12,810
55,977
88
Rest of State
Total California
Colorado
—1,—„i..;-
Illinois
Indiana
Kansas
5,565
.
Rodessa
44.3
179.6
45.0
1,504
435
14.0
14.6
437
1,240
1,337
6,628
Kentucky
Louisiana—Gulf coast
213.8
211.6
5,777
19,104
16,907
1,897
2,553
625
20.2
21.6
861
1,482
47.8
48.2
1,399
4,312
4,047
8,735
281.8
281.4
8,037
25,313
1,935
Total Louisiana
62.4
64.5
6.5
17.9
449
1,589
116.0
3,277
10,375
9,083
14.8
418
1,326
1,183
14.1
New York
438
246
7.9
8.1
274
687
762
3,277
105.7
106.6
3,500
9,577
3,781
6,580
10,115
10,808
21,070
41,993
4,033
Seminole
Pennsylvania
--
-
--
--
-
10 890
7,370
18,967
14,777
39,434
49.4
51.9
1,432
4,557
388.2
348.1
10,787
33,060
30,509
19,148
8,130
262.3
231.6
6,772
22,019
12,616
2,440
407.0
409.3
12,389
37,056
35,276
78.7
78.8
2,053
7,075
|6,751
653
East Texas
Panhandle
-
21.0
23.6
909
2,070
2,676
330.4
301.4
9,026
27,665
^ 25,653
1,487.6 1,392.8
41,936
128.945
119,013
Rodessa
10,243
Rest of State
Total Texas
—
46,116
.
285
West Virginia
9.2
10.4
820
312
1.873
439
14.1
14.2
514
1,297
1,389
1,586
51.2
48.3
1,161
4,579
3,136
2,025
65.3
62.5
1,675
5,876
4,525
7
.2
.2
6
21
341,883
Total Wyoming
;
a
Total United States
ing the Panhandle
Includes Missouri, Nebraska,
District and Grant, Mineral,
cite from
and Tucker counties, c Includes
for Pennsylvahia anthrar
Average weekly rate for
North Carolina, and South Dakota included with
entire month,
f Alaska, Georgia,
"Other Western
States."
* Less than 1,000 tons.
March Statistics on
Natural Gasoline
production of natural gasoline
The
increased in March,
prepared by the Bureau of Mines
Ickes, Secretary of the Interior.
The daily
1940, according to a report
for Harold L.
average
in March was
6,082,000 gallons, compared with
February, and 5,734,000 gallons in
March, 1939. The chief gains in March, 1940 occurred in the
Texas Gulf, East Texas and Arkansas districts.
Stocks of natural gasoline increased from 199,794,000
6,052,000 gallons in
gallons the first of the month to 226,506,000 gallons on
March 31.
This was 28,224,000 gallons more than was on
hand
a
year ago.
PRODUCTION AND STOCKS OF
(In Thousands of
Tennessee, and Utah.
NATURAL GASOLINE
Gallons)
Stocks
Production
Mar.
Weekly
Coal
Production
The Bituminous Coal Division,
Statistics
Jan.-
soft coal in
the pre¬
ceding week. Production in the week of May 6, 1939 (the
fifth week of the Appalachian suspension) amounted to
2,753,000 tons; in the corresponding week of 1938, 4,673,000
increase of 152,000 tons, or 1.9% over
tons.
Feb.
Mar.
Mar.
At
Plants
At
1940
1940
1939
Refin¬
& Ter¬
Refin¬
& Ter¬
eries
minals
eries
minals
Appalachian..—
111., Mich., Ky..
Oklahoma
Kansas
72,541
"exas
Louisiana
.
Arkansas
1,028,000 net tons, an increase of 151,000, or 17.2%, in¬
fluenced by the opening of the Lake season.
The tonnage
continues below the corresponding periods in 1939.
Pro¬
duction in the week of May 6 last year was 1,477,000.
Daily
Total
7,932
2,925
7,090
48,753
California
Total
7,874
2,139
33,883
5,401
21,271
42Q
9,291
252
3,689
6,397
96,971 110,480
17,057 15,147
201,166 159,727
2,436
626
2,646
554
3,822
21,003
2,310
17,386
126
1,256
126
628
8,610
93,347
6,594
82,268
20,596
588
1,193
210
929
6,467
6,174
20,357 20,824
46.052 144,328 156,005
462
317
630
1,134
1,394
1,512
830
74,172
3,033
67,494
3,455
8,106
1.998
31,741
5,619
64,970
8,839
1,702
6,491
25,046
25,942
188,538 175,518 543,438 514,206
5,651
5,972
6,052
6,082
aver.
(thousands
of barrels)
Dally
aver.
Plants
4,830
3,276
East coast
reported that the Pennsylvania
the week of May 4 was estimated to be
1940
At
At
1940
Rocky Mountain
The U. S. Bureau of Mines
anthracite output for
29,
1940 Feb.
Mar.
U. S. Department of the
stated that the total production of
the week ended May 4 is estimated at 8,035,000
31,
Jan.-
Interior in its coal report
net tons, an
G.*
of State, includ¬
Idaho, Nevada, and Oregon, d Data
published records of the Bureau of Mines,
e
Arizona, California,
302,733
.
Rest of State
Virginian; K. & M.; B. C. &
and Clay counties, b Rest
17
120,075 3,873.4 3,747.2 106,768
Wyoming—Salt Creek
a
3,907
436.4
West Texas
Other
120.1
209.7
440.0
12,034
Total Oklahoma--.
Texas—Gulf coast
122.0
212.3
13,638
1,530
Rest of State
the N. & W.; C. & O.;
in Kanawha, Mason,
541
Ohio
Oklahoma—Oklahoma City
Includes operations on
and on the B. & O.
1,270
114.6
-
Montana
New Mexico
Total, all coal
a
4,917
5,853
7.6
17.4
3,552
-
1,757
235
539
Michigan
Mississippi
Pennsylvania anthraclte.d
23,507
-
Rest of State
-
20
35
79
4,755
1,471
Total Arkansas
r
-
Northern .b
75
2,050
Arkansas—Rodessa
42
37
37
Washington..
1939
1940
100
88
Utah
1939
Daily
Daily
70
184
f
f
792
Virginia
Average Average
Total
*
412
81
Missouri.
Tennessee
Mar.,
'■
—
Indiana
Pennsylvania
January-March
Feb.,
f
1
283
16
Texas
March, 1940
f
1
Ohio
'
(Thousands of Barrels)
1923e
297
Alabama
Kansas and
From Coal
1929
1938
1939
1940
-
Illinois
543,843
Total all oils
Avge.
Apr. 27 Apr. 20 Apr. 29 Apr. 30 Apr. 27
Alaska
Crate petroleum:
o1
(The current
-
Total domestic
shipped
and dredge coal, and coal
operations, b Excludes colliery fuel, c
working days in the three years.
289,209
3,213
-—
..
23,861,000
833,000 1,403,000 16,414,000 18,472,000
Beehive Coke—
2,507
Still gas
Losses
877.000 1,477,000 17,276,000 19,444,000 25,712,000
243,700
184,300
163,800
246,200
146,200
1,028,000
prod't'n.b
a
1929c
1939c
1940
513
1,847
Road oil----————
a
1939
244
599
Wax
Coke
Miscellaneous.
—
Dally average..
Daily average..
Domestic demand:
Lubricants
May 6,
1940
Anthracite
fuel a.
14,253
#7,583
petroleum
4,046
Refined products
•
Calendar Year to Date
April 27,
May 4,
1940
3,626
Comin'l
Exports d:
.y.-V-VV;:
^ftv-Y'.'-?
Week Ended
Penn.
—
COKE
(In Net Tons)
Total, incl. colliery
Dally average
Crude
BEEHIVE
330,140
Demand—
Total demand
PENNSYLVANIA ANTHRACITE AND
PRODUCTION OF
e3,814
107,105
3,693
d3,410
For domestic use—————-
of historical comparison and statistical convenience the
Revised, c Sum of 18 full weeks ended May 4, 1940, and
of 1939 and 1929.
1,795
326,326
production of lignite, b
corresponding 18 weeks
ESTIMATED
In bond
Refined products:
1,339
3.912
Imports b:
Crude petroleum:
2,753 157,413 117,702 185,544
1,734
1,107
459
1,484
7,883
1,314
8,035
1,053
4,043
132,794
4,284
Dally average
a—
mine fuel
1929
1939
1940
Includes for purposes
a
547
124,801
4,026
Total production
Increase In
12,939
4,232
4,179
4,489
Natural gasoline
Benzola.
Calendar Year to Date c
May 4, Apr. 27 May 6,
1939
1940b
1940
Dally average
Daily average
Total new supply,
Coal
Bituminous
Domestic production:
>
ft:ft\':.V:;ft;-'.'ft.
ftft'"'ft-'
Supply—
New
Net Tons)
Week Ended
Jan. to
Feb.,
SOFT COAL
STATES PRODUCTION OF
(In Thousands of
(Thousands of Barrels)
March,
May 18, 1940
Financial Chronicle
4,489
4',J.79
12,939
12,243
145
144
144
136
95,046 131,460
2,263
3,130
6,818
322
86,604 113,190
2,062
2,695
i
Volume
The Commercial & Financial Chronicle
159
Anthracite
Shipments During April, 1940 Amount to
to 3,144,127 Net Tons
Shipments of anthracite for the month of April, 1940, as
reported to the Anthracite Institute, amounted to 3,144,127
net tons.
This is a decrease, as compared with shipments
during the preceding month of March, of 63,846 net tons,
and when compared with April, 1939, shows a decrease of
1,727,644 tons.
\ \
;
Shipments by originating carries (in net tons), were re¬
ported as follows:
>■;
April,
March,
April,
1940
1939
The
regarded
The
Central RR. of New Jersey
Del., Lackawanna & Western RR.
848,682
from
974,939
years,
year.
France
but
461,889
700,448
439,934
Delaware & Hudson RR. Corp
in
Pennsylvania RR
313,975
254,794
the
United
averaged
Netherlands
foreign
Belgium and
concentrate
might
lead
to
the
352,442
278,034
82,833
181,556
276.519
181,426
the
was
was
smelters
tons
a
during 1931,
Best opinion
that the crippling of the zinc
view
should
this
of
in
year
a
20,000
in recent years.
Netherlands
the
tons
about
Belgium's production
year
the
toward
200,000
for
the
augment
flow
of
country.
in
this
take
to
close
booked
the
invasion
the
Straits
were
As
calmer
price
tin
in
situation
spot
on
the
high
as
55c.
at
tin
for
Some
50c.,
and
August
99%,
52.750c.; May 11,
May 15, 50.750c.
Tons
was
Both
of capacity
with June
50.50c.;
at
50c.
at
nominally
63.750c.;
as
May
DAILY PRICES OF METAL
at
the
and
business
Saturday.
on
free
area,
outlook,
state.
May delivery settled at 51.00c.;
Chinese tin,
Indies
the
that
immediate
somewhat.
eased
as
nervous
a
of
East
interfere with
nothing changed in
view
Consumers
Netherlands
the
possibly
and
the Far East, ad¬
Netherlands.
the
"protect"
to
country.
a
of
Tin-plate operations in the United States increased to 66%
during the last week.
July
is now estimated
to
buyers and sellers
Below Last Year—
Exports of Countries Under International Agree¬
January
a
serious complications
tin
seemed
Straits
in
of
toward
3,231,929
First Quarter World Tin Production
basis,
Belgian production of zinc,
around
accounting
tons of
by Japan
move
market
151,369
170,973
4,841,771
following
to
movement
427,670
3,207,973
sharply
464,056
290,184
256,274
Louis
St.
Tin
261,952
314,215
3,144,127
production
the
States leans
of
a
82,307
Lehigh & New England RR
Western,
by Germany.
has
ore,
absorbed 30,000
that
159,983
N. Y., Ontario & Western Ry
tin
with
feared
468,665
501,403
320,721
Prime
dropped to around 15,000 tons
industries
640,822
424,834
321,937
World
imported
recent
611,644
289,859
527,910
319,629
Totaled 46,453
for
of
the invasion of those countries
chiefly
vanced
ment
smelters
The tin market, extremely sensitive to the situation in
696,703
636,461
738,758
Total
5.75c.
of
firm by most sellers.
Belgium and the Netherlands, already in a
trying position because of the Allied blockade, will suffer further injury
on
1939
Reading Co
Lehigh Valley RR
Erie RR
quotation
as
custom
March,
1940
tons.
3127
follows:
13,
May 9, 46.875c.; May 10,
May
53.250c;
14,
51.750c.;
("E. & M. J." QUOTATIONS)
14,900 tons, in February at 15,700 tons, while production in
March will have amounted to about 22,000 tons, making
the first quarter of 1940 a total of
with
72,500 tons in the preceding quarter.
as
signatory countries in the first quarter are estimated
the
at
for
compared
Exports from
52,600 tons,
This is learned from the April issue of the
46,453 tons.
"Statistical
Bulletin,"
office of the
recently
International Tin
published
Research
deliveries
of
the
The Hague
Development
first quarter of 1940 is estimated
Estimating
62,400 tons, against 53,000 tons in the last quarter of 1939.
the United States consumption
will
in March at 10,000 tons, the total apparent
quarter under review
in the United States of America in the
consumption
have amounted to 25,000
tons, leaving about 37,000 tons for all other
countries.
tons,
by 2,040
by 1,135 tons,
the period under review the visible supply decreased
During
the
and
(including
stocks
smelters'
the carryover)
making a decrease of 3,175 tons in the total stocks.
The average
£245
and
was
in
in
of
quarter
cash price for Standard Tin in London
first
quarter of the year,
The
the
1939.
average
cash
£252 in March
was
against
£236
for Straits Tin
price
in the fourth
New York
in
$0.47 both in March and in the first quarter of 1940, against $0.63
the fourth
quarter of
St. Louis
St. Louis
5.00
9
10.825
10.900
11.150
11.000
11.275
11.250
64.500
11.275
11.325
54.000
May 14
a
11.325
52.500
5.00
May 15
a
11.250
51.500
5.00
11.158
11.175
52.271
5.00
4.85
5.75
principal smelters amounted to 52,632 tons in the
World apparent tin consumption in the
a
-
Range for May
47.625
v
14, 11.150 + 11.275; May
15,
5.75
4.85
5.75
4.85
5.75
4.85
5.75
4.85
5.75
11.150+11.275.
Average prices for calendar week ended May 11 are:
Domestic copper f.o.b.
refinery, 10.975c;. export copper, f.o.b. refinery, 11.025c.; Straits tin, 49.646c.:
New York lead, 6.000c.; St. Louis lead, 4.850c.; St. Louis zinc, 5.750c.; 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
the basis of cash, New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.B. transactions, dollar basis.
Quotations, for the present, reflect
board.
change In method of doing business.
We deduct
(lighterage, &c.) to arrive at the f.o.b. refinery quotation.
,
.i
5.75
4.85
5.00
'
4.85
5.00
5.00
53.500
this
1939.
Zinc
New York
May 10
May 11
May 13
Average.
period under review, against 53,100 tons in the preceding quarter.
at
May
Lead
Tin
New York
Dom.,Refy. Exp., Refy.
derived:
Council, from which the following is also
The
by
and
Straits
Electrolytic Copper
.05c.
from
f.a.s.
basis
Due to the European war the usual table of daily London
Non-Ferrous Metals—Consumers Purchase
of Copper, Lead, and Zinc
nages
"Metal
Large Ton¬
War Spreads
as
that
stated:
domestic consumers during the
to
unsettlement occurred
because of
the
break
severe
Production
firm
as
remains
in
excess
of
current
requiremenst, but uncer¬
to whether intensified warfare in Europe will make additional
the domestic industry caused buyers and sellers to take a
of the situation.
Stocks of refined copper increased 9,325 tons
upon
view
Steel
May
Operations
♦
Holland
at 70%—Invasion of Belgium
Has Quick Reprecussions Here
The
May 16 issue of the "Iron Age" reported that the
war area to Belgium and Holland has already
caused wide repercussions affecting the steel and allied in¬
dustries of the United States.
The "Iron Age" further
reported:
•
upon
Britain, probably cut off from supplies of steel from
States to make up the deficiency.
being quoted on,
as
complications arising from very rigid specifications are straightened out.
Britain is expected to
hurry the placing of additional shell and other muni¬
tions contracts that have been under negotiation here.
Belgium was not only supplying England with about 200.000 tons of
steel
a
month, but was maintaining some export trade in other markets,
which probably will be
forced to come to the United States for supplies.
previously sold by
It is estimated that about 4,500,000 tons of steel a year
Belgium in world markets may be added to American sales,
in
tons in
March to 68,665 tons
However,
about in line with expectations.
April,
copper
from 64,376
exports of
fell from 7,517 tons in March to 2,974 tons in April.
duty-free
The trend in
exports of domestic copper has been downward since the first of the year.
Lead
v":'
■/
Demand for lead
'
.
.-l..v
five days of the last
week, but the market quieted down May 15.
Sales for the week totaled
21,407 tons, which compares with 4,980 tons in the previous comparable
period.
Owing to uncertainty over the position of foreign lead, producers
metal
domestic
offered
was
quite active during the first
rather
market continued at 5.00c.,
basis
of
the
American
Consumers
ments
their
and
now
are
have
freely
on
an
New York, which
unchanged price basis.
was
Smelting & Refining Co., and
fully covered
The
also the contract settling
at 4.85c.,
St.
Louis.
more
than
75%
of
June needs.
manner
in which they did
last fall when the war started, have increased
for nearly all products.
been
suspended.
Mediterranean countries have also bought here quite
liberally, but in view of the possible spread
States mills have recently been
are
of the war to that area United
selling only on a c.i.f. basis so that any risks
entirely for the account of the buyer.
No alarm is felt by steel
companies^that a shortage of tin will develop.
Nearly all makers of tin plate have supplies sufficient
and unless the Far East becomes a war zone
Zinc
Sheets and
specifications is being received for
rolling and shipment by June 30, have not been the sole beneficiaries of the
improved buying.
At Pittsburgh bookings so far in May are reported to
be 35 to 45% ahead of the volume in the same period of April.
An apparently direct effect of the more intensive warfare in Europe is a
rush of inquiries for reinforcing bars, a situation that may impart some
firmness to this product, which has been the weakest item in the steel list.
Holland had recently been a good buyer of American steel.
Some ship¬
ments on the ocean were turned back, while orders not yet processed have
strip, for which a growing volume of
against their estimated May require¬
purchased enough lead to provide for
which would
approximately double the volume of recent months.
Domestic consumers of steel, although not rushing into the market in
their orders in the past several days
increased
France is
inquiring for shell steel, of which a large quantity may be bought as soon
the
deliveries
Inquiries for about 100,000 tons are
and others are expected to follow shortly.
during April, and stocks of blister were up 3,780 tons, making a net gain
Domestic
Belgium,
which she depended to a considerable extent, will look to the United
of
13,105 tons.
and
extension of the
the Stock Exchange.
on
Owing to developments abroad, the April statistics of the Copper Insti¬
failed to influence sentiment in the copper market one way or the
tute
tainty
the only
;
Great
last week amounted
to 27,871 tons, indicating that the industry believes that business in copper
products will expand because of increased activity in the ammunition
plants.
On the first day of the week metal sold in fair volume at 11.05c.,
Valley, hut on the following day business was booked at prices that showed
a
range of almost
V2c.
Late on May 10 most sellers were up to the
11.50c., Valley, basis.
The top figure held until May 14, when some
copper
£253;
months,
£261*4
!
,yV\
Copper
demands
standard tin,
May 13, spot, £269%, three months, £2G7% ; May 14,
spot, £265*4, three months, £262%, and May 15, spot, £261%,
three months, £258%.
vy V
The publication further
other.
on
follows:
May 9, spot, £255,
10, spot, £263, three months,
as
three
.
of
Prices
domestic
Markets," in its issue of May 16,"
consumers of non-ferrous metals
responded to the news of the invasion of the Low Countries
by Germany by adding to their holdings at a fairly lively
rate.
Not until the stock market broke badly on May 13,
and again on May 14, did the buying enthusiasm wane.
Domestic copper moved up to the level maintained by the
large mine operators on May 10, but eased a little in the
last two days.
Lead and zinc remained unchanged all
week.
Tin was up sharply for a time on nervousness about
the situation in the Far East.
Quicksilver prices advanced.
Sales
available.
prices given, however, are
Mineral
and
reported
prices is not
for several months,
additional shipments will not
be stopped.
In the scrap
Buying of zinc improved early in the week and continued fairly active
until
May 14.
Sales of the common grades for the
May 11 totaled 8,824 tons.
period totaled 3,904 tons.
calendar week ended
Shipments of the common grades in the same
Undelivered contracts have increased to 48,371
markets conditions resemble the runaway
fall when the "Iron Age" scrap
a
ton
within
a
month.
situation of last
composite price advanced a total of $6.88
This week's rise in the scrap
83c., bringing it to $17.58, or within a few cents
composite price is
of the average at the bo-
The Commercial & Financial Chronicle
3128
At Pittsburgh there has been an advance of $1.50,
Cleveland and Youngs-
ginning of the year.
while Chicago
and Philadelphia prices are up 50c.
gained 3% points over last week to 70% of capacity
Steel operations have
and
still
next
production is expected
few weeks.
higher
by many producers within
acceleration of domestic buyihg
an
commitments if buyers exercise their options in full.
addition
June 30.
additions to foreign steel requirements, mills
probable
to
States
and
of industrial
number
sprung to
enlarged defense program for the
expediting of work now under way.
an
expansion
that
programs
Moreover,
dormant
a
have
For example, an oil refinery project that had been aban¬
life.
doned early last week was revived on Friday
(May 10) and the contract
The railroads also are expected to hurry
immediately let.
was
had been
1940 programs, if steel shortages or high prices seem likely.
their
up
Moreover,
automobile companies will purchase steel in June for their initial production
of 1941 models.
the
Sinclair
Refining
These boats will
Co. with two shipbuilders.
take 38,000 tons of steel.
-
THE "IRON AGE"
COMPOSITE PRICES
Finished
wire, rails, black pipe, sheets, and hot
rolled strips.
These products represent
2.201o.
2.211c.
2.236c.
...
One month ago
One year ago
85% of the United States output.
2.261c.
.
Jan.
2
2.211c.
2.286c.
„
Jan.
3
2.512c:
1938
1937
.
1936
1935
.
1933
1932
Dec. 28
Oct.
1
Apr. 24
Oct.
3
.
2.056c.
1.945c.
1.792c.
6
April 16
May 16
Oct.
8
2.236c.
2.211c.
2.249c.
2.016c.
1.870c.
Mar.
2.062c.
2.118c.
1.953c.
1.915c.
.
1934
May 17
2.512c.
2.249c.
1939
Sept.
9
Mar.
2
Mar. 16
Jan.
8
Jan. * 2
2
Mar. 15
May
Pig Iron
May 14,1940, $22.61 a Gross Ton
) Based on average for basic iron at Valley
$22.611
furnace and foundry iron at Chicago,
One week ago--One month ago
22.61}-
One year ago
20.61 j
1940
1939
-
1938
Philadelphia,
Buffalo,
Valley,
Southern iron at Cincinnati.
-
1937
1936
and
$22.61
2
20.61
Sept. 12
19.61
July
6
20.25
Feb.
16
18.73
Aug. 11
1935
18.84
Nov.
17.83
May 14
1934
17.90
May
1
16.90
Jan.
1933
16.90
Dec.
5
13.56
Jan.
3
14.81
Jan.
5
13.56
Dec.
6
1932
-
Steel
One year ago
No.
on
1
heavy
melting
steel
and Chicago.
$17.67
Jan.
1939
22.50
Oct.
1938
15.00
$16.04
Nov. 22
the
adverse
next
seven
in the third
factor
letdown
in
still
relatively active, the recent decline being more gradual
are
brought aggregate bookings to the highest level in many
included 7,500 tons for the Rainbow Bridge,
which
tons,
Outstanding orders
weeks.
for a Syracuse, N. Y., grade crossing; 1,750
1,400 tons for a hangar, LaGuardia field,
New York, and 1,135 tons for blast furnace rebuilding, Youngstown, Ohio.
Rumors
of increased buying of railroad equipment have yet to ma¬
terialize and backlogs of freight car builders and material suppliers con¬
tinue to decline.
April freight car orders involved 2,077 units, compared
with 3,014 in March and 3,095 a year ago.
Awards the first four months
totaled 6,688 cars, against 6,157 a year ago, 829 in the 1938 period, and
40,705 in 1937.
Finished steel prices generally are steadier.
Sheet and strip quotations,
including galvanized material, have moved back to levels originally an¬
nounced for this quarter.
Some shading continues in certain secondary
2
3
14.08
Falls;
for
a
6,000 tons
New York viaduct;
11.00
Except for a 6-point drop to 88%
Apr.
9
higher steelmaking rate last week.
Gains included 3% points to 61%%
at Pittsburgh, 6 points to 65%% at Chicago, 14 points to 58% at Buffalo,
12.91
Nov. 10
3
June
to
1934
13.00
1933
12.25
1932
8.50
Steel
10
9
Apr. 29
Mar. 13
9.50
Sept. 25
8
6.76
Jan.
3
12
6.43
July
points to 53% at Youngstown, 2% points to 45% at St. Louis, 1 point
71% at Cleveland, and 8 points to 61% at Cincinnati.
Unchanged were
eastern
Pennsylvania at 57%, New England at 53%, Birmingham at
Institute
on
May 13
an¬
operating rate of steel companies having 97%
capacity of the industry will be 70.0% of
capacity for the week beginning May 13, compared with
65.8% one week ago, 60.9% one month ago, and 45.4% one
that
steel
and
Detroit at
70%.
Steel ingot production for the week ended May 13, is
placed at 68% of capacity according to the "Wall Street
Journal" of May 16.
This compares with 64% in the pre¬
vious week and 613^% two weeks ago.
The "Journal"
further reported:
U.
S.
Steel is estimated at
week before and
approximately 67%, against 62 %% in the
with
1939, follow:
with the nearest corresponding week
This represents an
May
May
64.7%
52.1%
50.9%
48.0%
47.8%
47.0%
45.4%
48.5%
52.2%
54.2%
53.1%
55.0%
54.3%
38.5%
49.7%
1
8
May 15
May 22
May 29
July
July
July
Aug.
Aug.
Aug.
Aug.
17
24
31
7
14
21
28
4
11
18
56.4%
Oct.
60.6%
Nov.
59.3%
60.1%
Nov. 13
62.1%
.62.2%
63.0%
58.6%
70.2%
79.3%
83.8%
87.5%
88.6%
90.3%
90.2%
Nov. 27
30
6
Nov. 20
Dec.
4
Dec. 11
91.0%
92.5%
93.5%
93.9%
94.4%
92.8%
91.2%
90.0%
73.7%
68%%, compared with 65% in the preceding week and 63%% two
weeks ago.
The following table gives a
approximate changes,
1940—
1939—
Feb.
5
Feb.
12
71.7%
68.8%
Feb.
19
67.1%
Feb.
26
65.9%
64.6%
Mar.
4
Leading independents are credited
58% % two weeks ago.
increase of 4.2 points, or
6.4%, from the estimate for the week ended May 6, 1940.
Weekly indicated rates of steel operations since April 3,
Apr.
3
Apr. 10
Apr. 17
Apr. 24
comparison of the percentage of production
of previous years, together with the
tm
68
67
+4
Mar. 11
64.7%
1939
46%
1938
30%
—
62.4%
1937
92
61.7%
61.3%
60.9%
60.0%
61.8%
1936
1935
44
1934
59
May 13
70.0%
"Steel" of Cleveland, in its summary of the iron and steel
88%
69
June
5
June 12
Sept.
Sept. 25
Oct.
2
1940—
Jan.
1—...85.7%
—
+1
June 26
July
July
3
10
markets,
on
Oct.
9
Oct.
16
Oct.
23
Jan.
8
Jan.
15
Jan.
22
Jan.
29
86.1%
84.8%
82.2%
77.3%
65.8%
+1%
74
—1
47
+1
69
—1
+4%
45
+5
33
—2
46
—1
80
1929
96
—1%
82
—2%
1927
81%
-
+5%
43
—2
70
—2
—2
%
93
—2
86%
—2%
78
—2
89
+2
74
+1
100
+ 1%
—
Not available
Not available
Not available
%
—1
46
75
39%
1931
+
40
—1
%
93
%
—
—
44
1933
1930
1932
May 13 stated:
30%
%
62%
1928
June 19
+3%
49
—4
30
%
68%
+4%
42%
—1%
Mar. 18
60.7%
Dec. 18
Dec. 25
Independents
U. S. Steel
Industry
1940
Mar. 25
Sept.
preceding:
points, from the week immediately
in
Apr.
1
Apr.
8
Apr. 15
April 22
Apr. 29
May
6
Sept.
83%,
5
Aug.
Jan.
telegraphic reports which it had received indi¬
1939—
at Wheeling, most districts recorded
May 16
June
7
Dec.
1939—
but
72,375 units a year ago.
Building construction is more active, some districts noting a sharp upturn
in private work recently.
Most of such jobs are small, although last
week's structural shape awards included five large lots, totaling 17,785
with
compares
13.42
ago.
than was
Last week's output of 98,480 units was a decrease of 825,
expected.
1985
year
75c. last week to $16.83,
unless heavier demand for other products
weeks.
quarter outlook is the prospective
automotive needs during that period.
Motor car assemblies
forthcoming
Another
12.67
10.33
the
of
lessened activity next quarter,
is
Mar. 30
of
sales
in
a
highest since early February.
Attempts of mills to complete shipments by June 30 of all flat-rolled
steel business taken at cut prices are quickening production but will result
Dec. 21
cated
moderately,
other products furnish most of the impetus to the
Output last week was nearly 20 points above the
year ago, when operations were at practically the 1939 low, but
were
preparing to start a sustained advance which moved above 90%
during the war-inspired fourth quarter boom.
Scrap prices are rising more rapidly, although latest strengthening is
not attributable directly to war influences.
Higher quotations at Pitts¬
17.75
and
compared with 129,364 tons in all of 1939.
Imports
were only 1,473 tons the first three months of
upturn in steelmaking.
21.92
Iron
Firet quarter receipts
ingot production up
sonal,
1937
American
this year.
3 points to 66%% in the sharpest rise so far
this year.
A further increase is indicated for the coming week.
Since
buyers already have fairly large inventories and unchanged prices are in
immediate prospect, there is less occasion than prevailed last September
for future coverage in anticipation of effects of the European situation.
Nevertheless, it seems probable that stocks will not be permitted to
decline as far as might have occurred had the foreign stalemate continued.
Heavier demand for sheets and strip and small gains, principally sea¬
1930
The
United States
the
1940, while 88,909 tons was received in all of last year.
Business in
domestic steel markets continues to improve
Low
High
1940
nounced that
v
increased sharply their imports of
had
the Netherlands
from
markets.
14.08
-
-
27
quotations at Pittsburgh. Philadelphia,
$16.75
16 08
One month ago
5
Scrap
Based
May 14, 1940, $17.58 a Gross Ton
One week ago
will accentuate the Allies' require¬
those countries
from
tons
Jan.
will be
spreading of the war will not only cripple steel markets
totaled 62,755 tons,
Niagara
Low
High
$22.61
Jan.
2
22.61
Sept. 19
23.25
June 21
23.25
Mar. 9
19.73
Nov. 24
-
-
steel
and
here
in
Low
High
1940
Netherlands and Belgium
to the
exports
burgh and Chicago advanced the scrap composite
Steel
Based on steel bars, beams, tank plates,
May 14, 1940, 2.261c. a Lb.
One week ago
and
Belgium
iron
rate
Shipbuilding contracts have been added to by the placing of 10 tankers
by
in this country.
States
recently served by the latter but also
ments of material and equipment.
with
*
expect that Congress will authorize an
United
In view of the turn
mills are putting on additional pressure to insure completion
of these orders by
In
protective
A considerable
be specified against recent low-priced
volume of sheets and strip is yet to
in the situation,
a
as
against possible delays in mill deliveries later on.
measure
the
This is predicated on an anticipated increase in export
with
together
sales
United
While
affected adversely,
In expectation of a further rise, scrap dealers are reluctant to sell.
$1.
intensify foreign demand
European developments appear likely to
Latest
for" steel and munitions
prices are $1 a ton higher and advances at Detroit range from 50c. to
town
May 18, 1940
Current Events and Discussions
The
Week
with
the
Federal
Reserve
Banks
During the week ended May 15 member bank reserve
balances
increased
$217,000,000.
Additions to member
bank reserves arose from increases of $114,000,000 in gold
The statement in full for the week ended
found
pages
Increase
stock and $11,000,000 in Reserve bank credit, and decreases
of $86,000,000 in Treasury cash and $87,000,000 in Treasury
deposits with Federal Reserve banks, offset in part by in¬
of $9,000,000 in money in circulation and $74,000,000
in non-member deposits and other Federal Reserve accounts.
Excess reserves of member banks on May 15 were estimated
to be approximately $6,300,000,000, an increase of $170,000,creases
000 for
the week.
Holdings of United States Government bonds, direct and
guaranteed, increased $7,000,000 for the week.
May 15 will be
3156 and 3157.
Changes in member bank reserve balances and related
items during the week and the year ended May 15, 1940:
on
(+) or Decrease
(—)
Since
May 15, 1940
May 8, 1940
May 17, 1939
$
Bills discounted
-
-1,000,000
3,000,000
-
-1,000,000
Bills bought
U. S. Government securities, direct
2,474,000,000
and guaranteed
+7,000,000
—90,000,000
+3,000,000
+37,000,000
+11,000,000
—58,000,000
Industrial
advances (not including
$9,000,000 commitments—May 15)
Other
reserve
Total Reserve bank credit
Gold stock
Treasury currency--
....
—4,000,000
9,000,000
32,000,000
bank credit
2,518,000,000
18,949,000,000
3,004,000,000
+114,000,000 + 3,057,000,000
+147,000,000
Volume
The Commercial & Financial Chronicle
ISO
Increase
(+) or Decrease
3129
(—)
Increase
(+)
Since
S
$
Member bank
reserve
balances
May 17, 1939
$
May 8, 1940
May 15, 1940
+ 9,000,000
Treasury cash
2,223,000,000
Treasury deposits with F.R. banks._
425,000,000
Nonmember deposits and
other Fed-
eral Reserve accounts
Assets—
+ 217,000,000
7,598,000,000
of
Banks
Member
in
New
York
United States Government deposits
Inter-bank deposits:
and
City
Chicago—Brokers' Loans
^
Domestic banks
Foreign banks
Borrowings...
Below is the statement of the Board of Governors of the
Federal
Allied
May 8
1940
May 17
1939
J
1940
$
$
%
$
$
9,180
2,936
9,174
2,958
7,857
2,720
2,227
594
2,217
578
1,986
535
1,680
108
1,676
1,369
413
403
111
120
19
18
356
15
458
477
495
34
30
159
160
199
65
64
68
120
120
111
17
17
13
37
44
40
374
370
386
46
46
48
244
956
2,529
1 237
168
944
2,500
722
262
159
2,119
711
267
160
710
139
210
625
141
361
1,074
134
343
874
Assets—
Loans and investments—total..
Loans—total
Commercial,
industrial
agricultural loans...
Open market
and
paper
Loans to brokers and dealers..
carrying securities........
Real estate loans.
Loans to banks
Other loans......
Treasury bills
Treasury notes
United States bonds
Obligations
....
guaranteed
by
35
1
Other loans for purchasing or
•
were
+ 69,000,000
—27,000,000
+ 24,000,000
+1,884,000,000
—6,000,000
+72,000,000
—2,000,000
714,000,000
—1,000,000
....
.......
United States Government...
1,259
1,296
1,032
135
1,256
1,239
6,235
1,096
6,388
4,881
366
1,100
77
55
36
35
82
77
269
256
394
47
47
49
9,147
9,059
7,350
1,844
1,818
1,580
657
658
621
504
505
484
43
44
86
85
84
69
3,786
652
3,707
655
2,827
967
752
556
8
942
9
....
Liabilities—
....
•
.
Demand deposits—adjusted....
.
Time deposits
United States Govt, deposits...
Inter-bank deposits:
Domestic banks..
Foreign banks
Borrowings..................
77
294
Other liabilities
^
•
295
338
17
17
16
1,486
254
254
263
v'vv-
♦
Returns of Member Banks of the Federal
Reserve System for the Preceding Week
Complete
The condition statement of
the
any,
During recent weeks a number of governments, including Great Britain,
the
This
which
The
status
the
Minneapolis
in the Cleveland district.
The total increase at all reporting member banks
Time deposits increased $13,000,000.
After conferring
and
$24,000,000
at
all reporting member banks,
$17,000,000 in New York City.
and decreased
Deposits credited to foreign banks de¬
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended May 8, 1940, follows:
Increase
May 8, 1940
Assets—
$
v
23,576,000,000
8,654.000,000
investments—total
Loans—total
(+)
or Decrease
Since
May 1, 1940
$
May 10,
$
(—)
1939
+ 34,000.000 +1,857,000,000
—7,000,000
+ 569,000,000
Commercial, Industrial and agri¬
cultural loans..
...
Open market paper....
Loans to brokers and dealers in
—5,000,000
+ 552,000,000
331,000,000
+ 5,000,000
+ 36,000,000
tinuance of the status quo
Washington advices of May 16 said:
The Ambassador,
wants
as
for
purchasing
carrying securities
Real estate loans
Loans to banks..
Other loans
a
-
Treasury bills
Treasury notes
United States bonds
—8,000,000
—45,000,000
473,000,000
—1,000,000
—64,000,000
1,193,000,000
51,000,000
1,584,000,000
+ 6,000,000
—1,000,000
—3,000,000
+ 44,000,000
—9,000,000
646,000,000
1,900,000,000
6,486,000,000
+ 53,000,000
+29,000,000
—10,000,000
+ 216,000,000
—131.000,000
+613,000,000
or
+ 55,000,000
Japan
Indies and that, so
who spent forty minutes with Mr. Hull, said
continuation of normal trade with the East
trade continues, it was no concern of
of shipments
Japan if there was an increase
the Allies.
of war supplies from the Dutch possessions to
is maintained, he said. Asked
island empire would not send troops to the East Indies if
Japan will be satisfied if the status quo
if that meant the
Horinouchi's
call
said that was correct.
was
preceded by warnings in the authoritative
inseparably bound up with Japan's
subjected to legalistic or political in¬
"Japan Times" that the East Indies are
in China and can not be
program
terpretation.
Concerning assurances of the British and
Associated Press Tokyo advices of May 13
The
British Ambassador,
Minister Hachiro Arita that
Dutch to Japan,
said:
Foreign
with the
Sir Robert Leslie Craigie, informed
Britain did not intend to interfere
Netherlands Indies, since she believed the defence
of the islands.
of the Netherland Legation, assured the
Japanese Foreign Office that the status quo in the East Indies would be
maintained.
He explained that the troop landings in the Netherlands
West Indies were essential to prevent Germans from sabotaging the oil
present situation in the
forces there were
Otto
618,000,000
securities
loans
4,404,000,000
satisfied with the con¬
in the East Indies. United Press
dicated his Government would be
\
Mr.
A summary
be
with Secretary of State Hull, Japanese
other countries do not, he
creased $6,000,000.
Netherlands Indies or any
peaceful processes would
the United States Kensuki Horinouchi in¬
Ambassador to
long
Deposits credited to domestic banks increased $13,000,000 in the Chicago
declaration from his previous
v -v
and security not only in the
region of-the Netherlands Indies but in the entire Pacific area."
Holdings of "Other securities" decreased
in
the following
prejudicial to the cause of stability, peace
New York City and $7,000,000
$61,000,000
repeated
Hull
American Am¬
touch with the State Department today.
alteration of their status quo by other than
Cleveland district and $10,000,000 at all
increased
but remarked that "expressions
"Intervention in the domestic affairs of the
Holdings of United States Government
$23,000,000 in New York City and $18,000,000
maintain the
of intention to respect the
of the Netherlands Indies cannot be too often reiterated."
doubt appeared to exist in official quarters as to the Japanese in¬
quo,
statement in the matter:
Holdings of obligations guaranteed by the United
deposits-adjusted
about a press
Tokyo that Japan had renewed its pledge to
bassador to Japan, was in
$45,000,000 in New York City and $38,000,000 at all reporting member
and decreased
:
terpretation of the status quo, although Joseph O. Grew,
Holdings of
,
v
status quo
Treasury notes increased $27,000,000 in New York City and $29,000,000
' /'.■
commitments formally made in
This Government assumes that each of the governments
abide by these commit¬
■
Secretary
.
definite
harmony with
Secretary of State said that he had no full report
report from
Holdings of United States Treasury bills increased $52,000,000 in New
.
in
have made commitments will continue to
ments.
ing member banks.
$45,000,000.
was
writing in 1922.
loans to brokers and dealers in securities decreased $8,000,000 at all report¬
reporting member banks.
their
Netherlands Indies,
Secretary of State noted.
Some
States Government increased $18,000,000 in
Great Britain this week occupied Iceland as a
Japan and the United States, have made clear in official utterances
Commercial, industrial and agricultural loans decreased $5,000,000 and
bonds decreased $12,000,000 in the
Because of German
attitude of continued respect for the status quo of the
posits-adjusted.
reporting member banks.
Danish colony in
but officials refused to reveal what decisions, if
protective measure.
holdings of United States Treasury notes, and $45,000,000 in demand de¬
all reporting member banks.
revealed, has been in communication with
have been taken with regard to that huge island.
occupation of Denmark,
United States Treasury bills, $29,000,000 in
and $53,000,000 at all reporting member banks.
action would be taken to revise that
no
The State Department, it was
holdings of "Other securities" and increases
Demand
attempt to change the status quo there.
Assurances
given to Tokyo by the French, British and Dutch
the Western Hemisphere,
weekly reporting member banks in 101 leading
of $53,000,000 in holdings of
the
the Canadian Government about the status of Greenland,
following principal changes for the week ended May 8:
A decrease of $38,000,000 in
York City
/
from
resulting
added:
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for that week ended with the close
of business May 8:
cities shows
States'
signatories of the Nine Power Pact will continue to respect
their commitments to the status quo. The State Department,
however, made clear that it was not concerned over the
occupation by Allied troops of Dutch possessions in this
hemisphere, which it said did not infringe on the Monroe
Doctrine since no change of sovereignity was involved.
Washington advices of May 11 to the New York "Times"
12
1,503
i
1,502
Capital account
•'
•
Indies—United
East
and Japan indicated that she was satisfied with
that arrangement, at least for the present.
The United States has also indicated (see issue of April 20,
page 2500, for views of President Roosevelt and Secretary
Hull) that it would regard any enforced change in the
status of the islands in the East Indies as "prejudicial to
the cause of stability, peace and security ... in the entire
Pacific area." This stand was reiterated May 11 by Secretary
Hull and he said the American Government assumes that the
239
353
Other assets—net.....
Dutch
status quo,
28
87
349
Cash In vault
Balances with domestic banks..
of
Governments that
the
Reserve with Fed. Res. banks..
Other
+ 3,022,000,000
+ 13,000,000
those islands and has made it evident that she will resent
any
Other securities
Loans and
+45,000,000
+ 50,000,000
German invasion of
Holland were felt in the Dutch colonial possessions this
week when allied troops landed in the Netherlands West
Indies islands of Curacao and Aruba, and in Netherlands
Guiana in order to "prevent possible German attempts at
sabotage in the important oil refineries of these islands."
Ihe situation with respect to the Netherlands East Indies
differs from that in Holland's Western Hemisphere posses¬
sions, chiefly in that Japan feels she has a vital interest in
Chicago
May 17 May 15
1939
1940
May 8
1940
was
19,741,000,000
5,318,000,000
578,000,000
...
....
Repercussions
New York City
May 15
district
+ 618,000,000
Attitude
(In Millions of Dollars)
district,
+8,000,000
Troops Land in Dutch West Indies—Assurances
Japan That No Change Will Be Made in
Status
CENTRAL RESERVE CITIES
IN
banks.
+ 2.514,000,000
Given to
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
at all
+166,000,000
—8,000,000
+32,000,000
Reserve
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
at
—38,000,000
8,484,000,000
Balances with domestic banks
Liabilities—
+7,000,000
3,456,000,000
10,851,000,000
479,000,000
3,185,000,000
Demand deposits—adjusted
Time deposits
Returns
+424.OOO.O0O
2,434,000,000
Reserve with Fed. Res. banks
Cash in vault
+ 334,000,000
+ 74,000,000
5
States Government
Other securities
,
1,132,000,000
(—)
May 10, 1939
Obligations guaranteed by United
+3,089,000,000
+ 685,000,000
—86,000,000
—460,000,000
—87,000,000
—502,000,000
13,094,000,000
Money In circulation.
or Decrease
Since
May 1, 1940
May 8, 1940
sufficient to maintain the integrity
Reuchlin,
Secretary
fields.
The
Foreign Office was expected,
Britain, France and the
through its Ambassadors, to ask Great
Netherlands for the full facts of the East
situation.
I
Indies
The Commercial & Financial Chronicle
3130
The Japanese response was indicated in Tokyo advices of
May 14 to the United Press, as follows:
th4
The Government feels that for
assurances
that
present it has obtained satisfactory
change is intended in the political or economic situation
no
in the Netherlands Indies, persons close to
Foreign Minister Hachiro Arita
said today.
The
V/
;- - =■
■
Government will
continue, however, to watch the situation there
with the closest attention and "will not be caught unawares by untoward
events," the informants said.
Ruled
Monaco
Belligerent
by
State
Department
May 18, 1940
of the face amount of the
United States of America, of 14%
due May 1, 1938, amounting to $4.90 for each $35
coupon and $2.45 for each $17.50 coupon.
Pursuant to the
provisions of the Presidential Decree of the United States
of Brazil, such payment, if accepted by the holders of the
bonds and coupons, must be accepted in full payment of
such coupons and of the claims for interest represented
thereby.
No present provision, the notice states, has been made for
the coupons due Nov. 1, 1931 to Nov. 1, 1933 inclusive, but
they should be retained for future adjustment.
*
coupons
The
Department of State at Washington on May 15
added the principality of Monaco to its lists of warring
nations according to Associated Press advices from Wash¬
ington which also said:
Because of the actions it has taken since the war began
with
nation,
a
the infinitesima
population of 24,000 and an area of less than one square
mile, lying off the south of France on the Riviera, is ruled to be a belligerent.
The State
therefore
Department, after consultations with other departments, has
American shippers they may not send their ships to
advised
and Americans riiay not go there without
Monaco with passengers or cargo,
special authorization.
The
reason
is
that
although
Monaco,
an
independent principality for
800 years, nevertheless feels itself tied to the fortunes of
acted accordingly.
lent direct military
them
There is
aid to France.
force numbers only 200.
and turned
France, and has
Since the war began on Sept. 1 Monaco has not actually
over
no army
and the whole police
But she has arrested all Germans resident there
to
internment and
France for
has prevented any
German activities, commercial or otherwise, on her soil.
Britain
Restricts
Residents
Sales
of
of
Securities
by
""The Greek Government recently notified holders of bonds
5% loan of 1914 that an agreement has been reached
with the Council of Bondholders in London and the Loans
Committee of the League of Nations whereby the Govern¬
ment will pay 43% of interest due on these bonds from
April 1, 1940 until the end of the war.
Holders of these
bonds«are invited to present, when due, the coupons to
J. P. Morgan & Co., Inc., paying agent in New York. The
rate of such payment will be 43% of the sterling face amount
of each coupon.
In our advertising columns of today's issue,
we give the Government's announcement/
The
Sterling Area
non-residents of the sterling area were
permitted only under
Treasury.
R. P. Loree, Chairman of the Foreign Exchange Com¬
mittee announced May 11 receipt of the following cable
concerning the restrictions:
New regulation effective thirteenth May prohibits sale securities here by
Sterling
area
uniess license has been granted by
Treasury. Such license normally obtainable provided as heretofore
nonenemy interest since
Sept. 2, 1939 is shown but information required
will Include production evidence as to how and when security was acquired
and actual share certificate."
The Foreign Exchange Committee on May 13 announced
receipt of another cable amplifying the regulations which
said:
Restrictions
are
imposed upon acts of registrars trustees nomineos and
other persons responsible for registration of securities or
as
trustees or agents.
securities
interest
'nto
or
bearer
holding securities
Issue of bearer securities and conversion of registered
form
is
restricted.
dividends and of proceeds
Payments
nonresidents
to
of
of sale or redemption of securities
belonging to nonresidents become subject to permission and require approval
Trading
New York
April 27
New York Stock and
on
Curb Exchanges During Week Ended
Non-
license of the British
British
5% Loan
;•
Effective May 13 sales of securities in Great Britain by
persons resident outside
on
1914
of its
Member
Great
43% of Interest
Greek Government to Pay
of
Securities
yesterday
and
(May 17)
Exchange Commission made public
figures showing the volume of total
on the New York Stock Exchange and
Exchange for the account of all members
of these exchanges in the week ended April 27, continuing
a series
of current figures being published weekly by the
Commission.
Short sales are shown separately from other
sales in these figures.
; W
Trading on the Stock Exchange for the account of members
during the week ended April 27 (in round-lot transactions)
totaled 1,120,595 shares, which amount was 22.16% of total
transactions on the Exchange of 4,963,320 shares.
This
compares with member trading during the previous week
ended April 20 of 1,684,230 shares, or 22.04% of total trading
of 7,381,930 shares.
On the New York Curb Exchange
member trading during the week ended April 27 amounted
to 243,195 shares, or 19.81% of the total volume on that
Exchange of 1,165,240 shares; during the preceding week
trading for the account of Curb members of 374,920 shares
was 23.12% of total trading of 1,554,440 shares.
The Commission made available the following data for
the week ended Auril 27:
XX
round-lot stock sales
the New York Curb
.
of Form El.
in
For purpose this order residents are those persons resident
The data published are
Sterling Area."
based upon weekly reports filed with the New
York Stock Exchange and the New York Curb Exchange
tive members.
Payment
on
These reports are
classified
as
by their respec¬
follows:
City of Sao Paulo (Brazil) 8% Gold Bonds
New York
of 1922
New York
Stock
City Bank Farmers Trust Co., New York, special agent,
is ready to pay the coupon
Paulo
due May 1, 1938,
on
City of Sao
Total number of reports received
1. Reports showing transactions as specialists
<+•
V
/•■/
J. Henry Schroder Banking Corp., American fiscal agent
for the Kingdom of Bulgaria
V/i% stabilization loan, 1928,
dollar tranche, announces that the trustees of the loan have
received from the Bulgarian Government sufficient
sums
in
foreign exchange to provide for the payment of 40% of the
interest coupon due on May 15, 1940.
The fiscal agent will,
as directed by the
trustees, be prepared to pay to the hold¬
ers of the May 15, 1940, coupons of the dollar bonds on or
after that date $15 for each $37.50 coupon and $7.50 for
each $18.75 coupon, upon surrender of such coupons at its
♦
75,000,000
Over-
Subscribed
Argentina's new 75,000,000-peso internal loan, offered to
the public May 6 at 94.50, was oversubscribed in the first
few hours, according to the Argentine Information Bureau.
Subscriptions amounted to 188,000,000 pesos, which was
more than sufficient to cover an additional
75,000,000-peso
issue which the Government had
contemplated offering at a
later date, so that the present total issue amounts to
150,000,000 pesos.
The bonds, to mature in 25 years, bear
interest at the rate of 43^>% and will be used for
public
565
odd-lot transactions are handled solely
transactions
of specialists resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange, on the
by specialists in the stocks In which they are registered and the round-lot
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.
.
_
Til© number of reports in the various classifications may total more than
the number of reports received because a
in
more
than
one
single report may carry entries
classification.
TOTAL ROUND-LOT STOCK SALES ON
THE
NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF
MEMBERS*
(SHARES)
Week Ended April 27, 1940
Total for
Week
Per
Cent a
A. Total round-lot sales:
159,510
4,803,810
Short sales
Other sales.b
■;
Total sales
Pesos
499
4. Reports showing no transactions
Note—On the New York Curb Exchange,
73
118
off the
.
/'X'
of
275
265
floor
office.
Argentina^ Internal! Loan
840
108
1,062
196
3. Reports showing other transactions Initiated
floor
at the rate of
May 15 Coupon of Kingdom of Bulgaria 73^% Stabiliza¬
tion Loan 1928 to Be Paid at Rate of 40%
v
Exchange
2. Reports showing other transactions initiated on the
States of Brazil)
external 30-year 8%
secured sinking fund gold bonds of 1922, due March 1, 1952,
(United
13% of their face amount, or $5.20 per $40
coupon and $2.60 per $20 coupon.
Payment will be made at
the office of the bank, 22 William Street, New York.
Curb
Exchange
.
4,963,320
——
B. Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists In stocks in which they are
J.
registered—Total purchases—
Short sales
i»
Other sales.b
504,260
75,010
434,670
——
509,680
Total sales
2. Other transactions initiated
on
the floor—Totals purchase
Short sales
—
-
Other sales.b
25,800
403,280
429,080
Total sales
10,21
429,090
8.65
works construction.
3. Other transactions initiated off the floor-Total purchases
Payment
Rio
Short sales
to Be Made May 1, 1938 Coupons of State of
Grande do Sul (Brazil) 7% External Gold
Bonds of 1926
Ladenburg, Thalmann & Co., New York, as special agent,
is notifying holders of State of Rio Grande do Sul (United
States of Brazil) 40-year 7% sinking fund gold bonds, ex¬
ternal loan of 1926, that funds have been deposited with it
sufficient to make a payment in lawful currency of the
.
Other sales.b.
21,800
160,034
.....
—
.....
——
181,835
Total—Total purchases.................————
1,078,783
Total sales...
,
145,433
Short sales...........
Other sales
Total sales.b...
.
...
—
...
....—
3.30
122,610
997,985
1,120,595
22.16
Volume
TOTAL
The Commercial & Financial Chronicle
150
ROUND-LOT
CHANGE
BERS ♦
AND
STOCK
STOCK
SALES
ON
THE
TRANSACTIONS
NEW
FOR
CURB
YORK
ACCOUNT
EX¬
MEM¬
OF
(SHARES)
Week Ended April 27, 1940
; :
-
'
1
Total for
r\-
Per
■
Cent
Week
a
A. Total round-lot sales:
i946.
"
.
21,240
1.144,000
Other sales.b___.____
-
f. gold bonds 8% due Oct. 1, 1945.
sec. s.
sec. s. f. gold bonds 7% due Dec. 1, 1951.
Agricultural Mortgage Bank of Colombia—gtd. 20-yr. ext. s. f. gold
bonds, 7% due April 1, 1946; gtd. 20-yr. ext. s. f. gold bonds 7% due Jan.
15, 1947; gtd. 20-yr. ext. s.'f. gold bonds 6% due Aug. 1, 1947; gtd. 20-yr,
B. Round-lot transactions for the account of members:
1. Transactions of specialists in stocks In which they are
registered—Total purchases
ext. sec. s. f. gold bonds 6H% due
Dec. 1,1954; 25-yr. ext.
1,165,240
_
.
1, 1959.
City of Bogota—21-yr. ext.
Municipality of Medellin—26>£-yr.
Total sales
f. gold bonds 7M % due Jan. 1,
sec. s.
;;
Department of Cauca Valley—20-yr. ext. sec. s. f. gold bonds 7M% due
Oct. 1, 1946; 20-yr. ext. sec. s. f. gold bonds
7% due June 1, 1948.
Department of Cundinamarca—31M-yr. ext. sec. s. f. gold bonds 63^%
due Nov.
Short sales...
3131
Department of Caldas—20-yr. ext.
130,735
ext. s. f.
Short sales
gold bonds 6% due April 15, 1948.
Mortgage Bank of Bogota—20-yr. ext. sec.
17,020
145,090
Other sales, b.
f. gold bonds 7 % due May 1,
s.
1947; 20-yr. ext.
162,110
Total sales.
j
2. Other transactions Initiated
on
the floor-Total purchases
■;
12.57
48,845
Short sales
sec. s. f. gold bonds 7% due Oct. 1, 1947.
Mortgage Bank of Colombia—20-yr. ext. sec. s. f. gold bonds 7% due
Nov. 1, 1946; 20-yr. ext. sec. s. f. gold bonds 7% due Feb. 1, 1947; 20-yr.
ext.
1,700
42,775
Other sales.b
sec. s.
In
f. gold bonds
% due Oct. 1, 1947.
explaining its
for this action the Commission
reason
said:
Total sales—
4.00
44,475
3. Other transactions Initiated off the floor-Total purchases
The Committee registered its certificates of deposit on the
New York
Curb Exchange on or about July 1, 1938, by filing an application for
38,955
regis¬
tration with the exchange and with the Commission.
Short sales
650
Other sales.b.
Under Rules X-13A-1 and X-13A-2 adopted by the Commission
35,960
to Section
Total sales.
3.24
36,610
218,535
Short sales
extension of time
The Committee
26, 1939, that
19,370
Other sales.b.
223,825
been filed
•
Total
195
(a) of the Act, the registrant is required to file an annual
report on Form 14-K within 60 days after the close of each fiscal year, unless
an
4. Total—Total purchases
13
19.81
pursuant
as
no
*s
was
granted.
,
notified by letters dated Sept. 14, 1939, and Sept.
annual report for its fiscal year ended May 25, 1939, had
required by Section 13 of the Act.
On Dec. 29,1939, the Committee wrote to the
New York Curb Exchange
asking it to apply to this Commission to delist the certificates of deposit.
C. Odd-lot transactions for the account of specialists:
The
Customers' short sales.
35
Customers' other sales, c
Exchange replied that it would not be consistent with its policy to
;' V
grant this request.
88,179
On Jan.
11,
•'
Total purchases_-_-__-_-__-______________________
88,214
that it felt that it should not undertake the expense of
Total sales
59,428
* The
term
"members"
Includes
This
all
Exchange
membere,
partners, Including special partners.
►
a
Shares in members' transactions
t
as
per cent
firms and
their
the
>■■■.
of twice total round-lot volume.
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
volume includes only sales.
1
b Round-lot short sales which are exempted from restriction by the Commission
rules are included with "other sales."
Sales
marked
"short exempt" are
proceeding
was
instituted
hearing was held before
Included with "other sales."
TRANSACTIONS
FOR THE
ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW
1940.
The trial examiner filed an advisory report, finding that the
trant had failed to file
fiscal
year
an
Week Ended
OF
ODD-LOT
STOCK EXCHANGE
May 11, 1940
Total
for Week
Odd-lot sales by dealers (customers' purchases):
Number of orders
25,872
Number .of
711,384
MfeS
4
Dollar value
r
J***
28,142,232
Odd-iot purchases by dealers (customers' sales):
1939.
Customers'short sales
335
Customers'other sales, a
27,041
Customers' total sales.
27,376
with the evidence.
...
Customers' total sales..
Dollar value
The
Number of shares:
Short sales
0
Other sales.b.___.
158,130
Total sales.
158,130
Round-lot purchases by dealers:
Number of shares
157,440
"short exempt" are reported with "other sales."
odd-lot orders, and sales to liquidate
a
long position
which Is less than a round lot are reported with "other sales."
SEC Orders New York Curb
Exchange to Delist Deposit
page
The following is the list made available by the
2502.
Exchange
on
May 15:
Shares
Previously
Company and Class of Stock
Reported
6% preferred
Case (J. I.) Co., common
Celotex Corp. (The), common
Century Ribbon Mills, Inc., 7% preferred. .
Colgate-Palmolive-Peet Co., common
Consolidated Oil Corp., common..
Davega Stores Corp., common
5% cumulative convertible preferred
Detroit Edison Co. (The), common.
Edison Brothers Stores, Inc., common
Federated Dept. Stores, Inc., 4H% cv. pref.
Firestone Tire & Rubber Co., common
General Realty & Utilities Corp., $6 pref
General Shoe Corp., common
Gimbel Brothers, Inc., $6 cumul, pref.
Hecker Products Corp., common
11
505,843
19
619
2,510
14,900
347
2,396
10,734
None
a37,163
520,805
3,350
467,109
2,650
None
100
1,595
2,963
7,300
312,898
30,100
1,413
4,736
1,658
2,663
Republic of Colombia—33M-yr. ext. sec. s. f. gold bonds 6% due Jan. 1,
Department of Antioquia—20-yr. ext. sec. s. f. gold bonds, Series A, B,
C, & D, 7% due July 1, 1945; 30J4-yr. ext. sec. s. f. gold bonds, 1st, 2nd,
7% due Oct. 1, 1957.
m
** m-mf
mm m
~
5
10
21,400
163,456
6,300
5,038
3,057
33,100
163,458
c2,200
4,978
3,058
280
36,715
1,262
a3,082
11,767
16,307
6,961
3,853
48,000
2,481
None
m-mr
m — m
b5,800
312,948
30,500
1,353
4,936
160
Swift & Co., capital
Warner Bros. Pictures, Inc., S3.85 cv. pref..
Wheeling Steel Corp., 6% preferred._
capital.
White (S. S.) Dental Mfg.
11,567
16,336
6,974
1,820
46,500
2,331
1
2
11,275
501,780
1,500
79,160
2,850
11,276
517,950
1,600
79,139
3,090
29
131
5,041
5,770
~
a Initial
report,
b Giving effect to cancellation of 1,700 shares and
acquisition of 200 shares,
c Giving effect to the cancellation of 6,300
shares and acquisition of 2,200 shares.
Value of
Commercial Paper Outstanding as
by New York Federal Reserve
$238,600,000 April 30 Compares
Reported
Bank—Total of
with $233,100,000
March 30
and
1961; 33H-yr. ext. sec. s. f. gold bonds 6% due Oct. 1,1961.
•»
357
35,765
1,261
Safeway Stores"inc","5%Yumul. pref..
Shattuck (Frank G,), Co., common
Sheaffer (W. A.) Pen Co., common....
Standard Oil Co. (Indiana), capital---..
Tide Water Associated Oil Co., common..
Transamerica Corp., capital
U. S. Leather Co. (The), 7% prior pref
ordered the withdrawal of the
—
International Harvester Co., common
International Mining Corp., common
Jewel Tea Co., Inc., common
Kaufmann Dept. Stores, 5% cumul. pref.__
m
Latest
Report
10
Atlas Corp., common
OlciSS A.
Shares
per
471,341
Armour and Co., common
Republic of Colombia Dollar Bonds
Exchange Commission on May 15
registration on the New York
Curb Exchange of the certificates of deposit issued by the
Bondholders Committee for the Republic of
Colombia
dollar bonds, effective May 25.
The Bondholders Com¬
mittee for the Republic of Colombia Dollar Bonds is the
issuer of certificates of deposits for:
May 15 its
of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of April 20,
Certificates Issued by Bondholders Committee for
and 3rd Series,
New York Stock Exchange
Exchange issued on
Plymouth Oil Co., common
Revere Copper & Brass, Inc., common
24,528,521
——
Securities
on
Stock
York
New
Maytag Co. (The), $6 cumul. 1st pref..
National Dept. stores Corp., 6% pref
Outboard Marine & Mfg. Co., common
Paramount Pictures, Inc., 1st preferred
Round-lot sales by dealers:
b Sales to offset customers'
regis¬
required, for the
■
705,043
Customers' short sales.:
Customers' other sales.a
as
We adopt the trial examiner's finding as being in accord
report were filed.
9,392
695,651
Number of shares:
The
14-K,
No exceptions to the trial examiner's
Greyhound Corp. (The), 5M% conv. pref._
Number of orders:
Sales marked
a
annual report on Form
ended May 25,
monthly compilation
ACCOUNT
YORK
After appropriate
1940.
8,
trial examiner in New York on Feb. 26,
a
Exchange During
The Securities and Exchange Commission made public on
May 17 a summary for the week ended May 11 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 a series of current figures being published by the Com¬
mission.
Figures for the previous week ended May 4 were
reported in our issue of May 11, page 2967.
The figures are
based upon reports filed with the Commission by the oddlot'dealers and specialists.
a
listing
Changes in Amount of Their Own Stock Reacquired
r
8TOCK
a
notice,
by Companies Listed
Odd-Lot Trading on New York Stock
Week Ended May 11
Feb.
on
maintaining
York Curb Exchange, because for
.
In
c
.
all practical purposes there had been trading therein.
of its certificates of deposit on the New
f
.•
1940, counsel for the Committee advised the Commission
showing the total value of
April 30 was issued by
Federal Reserve Bank of New York on May 16:
The following announcement
commercial
the
paper
outstanding
Reports received by this
on
Bank from commercial paper dealers show a
market paper outstanding on April 30, 1940.
total of $238,600,000 of open
on
This figure compares with commercial paper outstanding
March 30 of $233,100,000 and with $191,900,000 on
April 30,1939.
Following we give
for
more
t
a
compilation of the monthly figures
than two years:
TheCommercial & Financial Chronicle
3132
1938—
1939—
194#—
Apr.
30..
30..,.. 1238,600,000 July
233,100,000 June
Feb. 29..... 226,400,000 May
Jan. 31
219,400,000 Apr.
31..
30-.
Dec. 30.....
209,900,000
214.400.000
Jan.
31
Sept. 30
205,300,000
209,300,000
Aug. 31.....
Aug. 31..
.
201.100,000 Nov. 30--
Oct.
•
July
186,900,000
206,300,000
.
.
The Banking
demand deposits by
maximum
time deposits.
Such regulation, combined with the voluntary
bankers in further reducing interest rates, resulted in a substantial
210,700,000
Act
225.300,000
member banks
251,200,000
271.400,000
rates
..
..
..
Feb.
28..
..
Jan.
31..
..
of 1933
on
action of
296,600,000
the earnings position of member banks,
deal of the decline in total earnings, has been a
paid on deposits.
the amount of interest
decrease in
bid
209,400,000
..
Mar. 31..
Dec. 31..
which has offset a great
..
Apr. 30..
1938—
213,100,000
212,300,000
..
May 31..
195,200.000
.
..
June 30..
195,800,000
.
31..
..
31..
191,900,000
191,200,000
.
Feb. 28..
Nov. 30
Sept. 30..
.
Mar.31..
193<>—
Oct.
180,700,000
.
important change in
Another
31..
194,200,000
.♦188,000,000
31..
Mar. 30
May IS, 1940
prohibited the payment of interest on
and it gave the Board of Governors power to set
decrease in interest costs.
292,600,000
299,300.000
factors tend to reduce net
of these
Some
Revised.
earnings, others to increase
result is a moderate decline.
of bank earnings is interest, the volume of total
them, but the net
Since the chief source
largely on the amount of loans and investments held by
received on such assets.
The current volume of
earnings depends
of Member Banks of the Federal Reserve
System—Net Profit in 1939 Largest Since 1936
banks and on the rates
Earnings
interest
investment
of
decline in
a
of investments
curities
on
been fully offset by larger investment
consist
more
1929
The following
other kinds of securities held
AND EXPENSES OF ALL MEMBER BANKS OF THE FEDERAL
1929
1928
1927
1930
1932
1931
from the May issue of the Federal
RESERVE SYSTEM—CALENDAR YEARS 1927-1939
(Amounts in Thousands of Dollars)
Item
considerable is
tabulation of member bank earnings for the
past 13 years is taken
Reserve "Bulletin."
charges.
compared with about 5*4% in the 1927-
This decline in the rates on loans, while
than the decline in open-market money rates.
period.
much less
largely of Federal and local government se¬
Banks have developed new sources of Income—most notably
EARNINGS
slightly more than 4%
averages
investment holdings are smaller,
which the yields are lower than on
by banks.
service
The interest income
not only because
the level of interest rates, but also because bank holdings
Yields on
holdings.
of Federal and local Governments. The rates pre¬
below those received by banks on their loans.
from loans received by member banks at present
vailing on investments are
holdings, on which banks typically earn high rates,
have declared and this decrease has not
shift of bank holdings from loans to investments,
larly in the securities
situation of member banks
Interest rates have declined
great deal in recent years.
Much of the decline, however,
particu¬
securities purchased by them.
has been due to a
Many of the factors underlying the earnings
Loan
t
of this decline has been due to decreases in the rates of
received by banks on their loans and in the yields obtained from
A large part
Mr. Robinson further said in part:
have changed a
1927-1929 the comparable average
annually, whereas in
3-2%
5.5%.
was
profits, he continued, of all member banks
amounted to $350,000,000 or 6.3% of total
capital accounts.
considerable.
their
on
around
Net
that year
in
received in the aggregate an interest income of 1.3%
earning assets, and in the 1935-1939 period this return averaged
1939 member banks
Robinson, writing in the May issue of the Federal Reserve
"Bulletin."
of a decade ago.
In
have declined substantially.
of interest received, however,
The rates
for the preceding five years, according to Roland I.
age
and investments is not much below that
member bank loans
profits in 1939 were slightly above the aver¬
Member bank
~
•
1934
1933
Earnings-
1939
1938
1937
1936
1935
1,254,289
on
1,374,130
1,562,759
1,349,364
1,072,927
851,007
604,297
540,014
498,419
513,399
552,563
543,705
560,460
458,401
498,420
472,868
472,351
480,296
457,712
426,391
473,791
467,217
487,101
480,810
448,136
444,145
41,127
32,352
52,971
44,662
22,913
61,299
26,209
77,589
38,389
25,727
75,041
27,943
22,531
64,822
24,487
21,791
59,658
20,574
27,810
17,975
70,994
27,618
28,825
12,282
77,703
35,634
31,397
12,165
88,297
39,415
32,451
11,829
96,302
45,023
78,456
83,274
30,441
10,076
89,631
50,553
83,976
31,999
11,784
65,956
50,328
25,011
80,280
investments
Collection charges, com
missions, fees, &c
Foreign department
Trust
department
Service chgs.
a
deposits
Rent received
Int.
balances
on
a
a
a
a
a
a
on
a
a
a
a
a
a
a
a
other banks
36,318
33,178
138,112
154,765
_
35,799
144,789
16,750
112,844
28,682
120,362
7,705
71,961
1,681
84,888
1,207
963
83,245
19,471
18,050
17,836
19,020
1,243,873
1,206,649
1,270,908
1,321,265
1,274,354
1,295,856
327,424
146,401
233,415
150,144
237,788
6,925
7,234
174,449
1,737
171,046
(c
7,538
159,094
2,194,024
2,398,993
2,157,922
1,841,424
1,553,618
463,847
451,776
412,531
356,557
2,425
1,236,864
440,000
2,013,570
Total current earnings
33,264
164,995
306,021
Expenses—
Salaries—officers
Salaries & wages—others
Fees paid to directors &
J 420,128
'•:K.b
b
commission members.
on
54,441
82,998
with
Other current earnings.
Interest
91,009
b
b
444,636
450,865
75,352
68,131
72,847
142,818
216,213
229,327
6,269
b
b
b
175,164
2,175
196,490
2,685
227,371
3,498
231,765
13,424
301,863
34,599
387,284
52,935
135,501
1
b
b
439,384
405,711
81,642
time deposits
Int.on Interbank depos's
Int. on dem. dep. (excl
334,468 /
,
4,641
c
d
d
225,685
234,926
246,493
225,280
140,691
97,862
42,802
12,494
9,298
7,137
24,514
interbank
Interest and discount
borrowed money
48,443
113,759
64,265
112,476
22,001
113,418
19,136
86,367
38,814
67,077
15,178
58,028
3,637
1,230
63,080
613
576
287
165
J
33,970
34,162
34,601
34,875
1
47,175
52,031
255,749
47,691
249,271
50,555
254,596
on
Real estate taxes
J 109,778
Other taxes
62,278
Other current expenses.
248,261
261,947
283,872
268,148
236,435
246,612
192,082
212,687
224,654
247,897
Total current expenses
1,515,704
1,613,811
1,683,720
1,604,335
1,335,379
1,143,384
859,300
849,389
832,515
872,114
902,415
890,036
894,755
497,866
580,213
715,273
553,587
506,045
410,234
377,564
394,484
374,134
398,794
418,850
384,318
401,101
26,010
10,830
106,707
14,289
26,502
23,402
12,334
70,852
11,641
28,000 ,
13,541 1
70,078 /
24,584
60,191
28,815
80,072
54,617
56,103
189,741
28,334
15,998
23,979
27,078
75,503
50,326
98,950
31,389
53,926
152,577
15,053
94,247
160,318
230,698
22,808
44,928
185,591
12,898
25,204
19,956
75,106
16,448
27,780
26,094
157,836
140,849
136,714
118,229
126,672
113,109
124,885
253,939
376,006
508,071
256,168
279,211
326,555
123,745
37,284
119,290
45,293
139,588
194,725
109,028
295,241
344,053
451,782
320,496
252,374
198,765
206,548
U31.406
104,788
147,958
121,903
181,982
108,137
204,170
403,272
304,961
425,442
95,465
27,172
20,492
31,832
36,601
24,960
29,061
31,984
21,370
48,627
35,758
53,026
39,422
61,244
33,586
53,537
38,721
64,873
36,868
48,844
42,097
37,983
20,779
33,171
27,240
52,083
54,403
208,693
217,194
295,473
365,314
620,456
778,230
858,279
872,944
538,262
441,548
338,458
398,065
380,179
447,009
503,868
556,514
306,502
12,261
—254,887
—355,830
—224,501
211,878
405,317
336,560
265,464
347,477
6298J44
£317,713
£387~393
£366", 953
£334~966
£245*.074
jf£l50,244
14,460
183,825
13,679
193,347
£298,744
£317,713
£387,393
£366,953
£334,966
£245,074
207,026
23,006,038 24,163,677 25,614,655 25,618,222 21,732,289
Investments
9,749,932 10,568,202 10,112,473 10,377,190 11,699,502
Total assets
42,800,432 45,596,198 47,533,082 47,164,240 43,991,171
Total deposits
35,160,877 37,658,814 37,294,926 37,093,978 34,722,287
Total capital accounts h
6,152,702 5,622,312 6,360,306 6,722,782 6,395,866
16,743,940
11,778,580
37,042,289
28,954,940
5,660,145
Net current earnings
Recoveries, Profits
Securities, &c.—
Recoveries
Recoveries
Profits
on
on
on
loans
investm'ts
securities sold
on
Other recoveries,
&c_._
11,475
89,974
71,901
277,027 J
44,389
1
Total recoveries, prof it
on
securities, &c_._
Losses & DepreciationOn loans
On investments
On banking house and
equipment
Other losses, &c
Total losses & deprec.
,
Net profits
Cash Divs. Declared—
On preferred stock.e...
On common stock
Total
Loans
Number of banks
9,034
8,522
8,837
7,246
8,052
15,124
25,444
27,243
17,937
I £157,535
161,366
171,420
183,064
£172,059
J
186,810
198,663
201,001
198,285
12,916,730 12,476,572 11,985,150
12,069,549 14,453,885 16,913,308
33,366,549 37,176,100 41,613,260
26,771,634 30,718,669 35,694,475
4,902,319
5,049,525 5,118,478
12,543,829
18,839,010
45,903,763
40,129,630
5,209,486
13,825,461
18,678,289
47,509,755
41,582,127
5,327,456
13,317,373
18,220,789
47,433,628
41,505,482
6,387
6,376
6,341
179,666
6,338
£150,804
6,011
6,816
6,442
13,365,668
19,391,237
52,128,958
46,134,525
5,384,940 5,487,945
6,362
Balance sheet figures (i. e., loans, investments, assets, deposits, and capital accounts) are
averages of the amounts reported for each call date in the calendar year and the final call date in the preceding year, except that in 1933 these figures are averages of only
June 30, Oct. 25 and Dec. 30.
Note—The number of banks shown is
a
as
Included in "other current earnings."
of the end of each calendar year.
b Included partly in "salaries and wages" and partly In "other current
deposits" and partly in "other current expenses."
d Included in "other current expenses."
e
expenses."
c
Included partly In "interest on time
f Not available separately.
Includes interest on capital notes and debentures,
preferred stock were only $558,000 In 1933, compared with $10,102,000 in 1934.
£ Revised to
declared by national banks; may include some stock dividends declared by State bank members, 1927-1933, inclusive,
h The aggregate book value
notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves.
For national member banks total dividends
Savings,
Building
$228,834,000
in
on
Associations
and
Loan
First
Quarter—22.2%
Loaned
Above
Last
Year
Getting off to
plans,
savings,
borrowed
families
building
and
loan
$228,834,000 from
associations
during
the
the
first
quarter, which is 22.2% more than -was borrowed during the
same
period last year, the United States Savings and Loan
League said
tive
on
May 11.
Vice-President
of
Morton Bodfisli, Chicago, Execu¬
League, said that 64% of the
the
volume
was
disbursed for the buying or building
remainder being used for repairing,
ernizing and refinancing.
new
homes,
Each
early start in their 1940 home ownership
an
American
dollar
exclude stock dividends
of capital stock, capital
of
the
institutions
any
an
of
first
into
three
home
months
owners'
gave
early
March
a
pick-up
larger
saw
hands
more
than
money
their
going out from
counterpart
of
mod¬
these
in
months
The $90,368,000 loaned in March represented
the past nine years.
unusually
and
the
from
loan
the seasonal slump of winter months
than any except three of the 1939
total
months.
Analysis of the March loans and the purpose for which they were made
follows:
-
The Commercial & Financial Chronicle
Volume 150
taxation,
Percent
Ebt'dL Loans Made
By All Associations
in the United States
29.6
32,168,000
16,769,000
10,063,000
11.1
..
Refinancing
Other purposes
except
estate
and
inheritance
is
(Attention
taxes.
invited
to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury bills
35.6
New construction
Repair and modernization
Home purchase
of
Total
$26,711,000
4,657.000
Purpose
3133
gift tax.)
shall
of
5.1
be
allowed
tax
any
as
now
or
a
deduction,
or
for the purpose
otherwise recognized,
the United States or any of its
hereafter imposed by
possessions.
Treasury
18.6
Department
No.
Circular
418,
and
amended,
as
notice
this
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
:• •
; "•
$90,368,000
Assets and Deposits of National Banks on
March 26 at
Figure—Comptroller of Currency Delano
Reports Total Assets at $35,736,657,000, Increase
of $417,400,000 Over Dec. 30,
1939—Deposits In¬
creased $383,276,000 in Quarter to $31,996,268,000
Record
Comptroller of the Currency Preston Delano announced
May 16 that the total assets of the 5,184 active national
banks in the continental United States, Alaska, Hawaii,
and the Virgin Islands of the United States on March 26,
1940, the date of the last call for condition reports, amounted
to $35,736,757,000.
This total, which is the highest amount
ever reported in the history of the national banking system,
represents an increase of $417,400,000 over the amount
reported by the 5,193 active banks on Dec. 30, 1939, the
date of the previous call, and an increase of $3,892,261,000
over
the amount reported by the 5,218 active banks on
March 29, 1939, the date of the corresponding call a year
ago.
In announcing the position of all National banks,
Comptroller Delano further said:
The deposits on March 26,
higher than
on
$3,827,017,000 the deposits
Market transactions in Government
date,
call
as
of Dec.
exceeding
tions
30,
1939,
and March
1939,
29,
Deposits
time deposits
and
$7,792,009,000,
respectively,
United
States
Government
$2,138,403,000, postal savings of 24,736,000, certified and cashier's checks,
of credit and travelers'
checks outstanding of $326,352,000,
and deposits of domestic and foreign banks of $6,031,089,000.
and
Loans
discounts,
including
increase of $16,660,000 since
000 since March, 1939.'
guaranteed,
overdrafts,
$9,060,292,000,
were
December, 1939 and
^
SI
■
an
increase of $591,812,-
an
United States Government obligations, direct and fully
Investments in
$8,971,266,000
aggregating
December, but $397,482,000
more
$102,669,000
were
than the amount held
and $1,891,697,000, respectively.
than
less
in
The
a year ago.
direct and indirect obligations held on March 26, 1940, were
$7,079,569,000
Other bonds, stocks, and securities held
totaling $3,816,172,000, which included obligations of States and political
subdivisions of $1,920,115,000, increased $78,531,000 since
December and
$34,660,000 in the year.
by
securities,
since March,
months,
J939
May
$4,899,250 sold
783,500 purchased
June
July
1,151,600 purchased
August
September
3,905,650 sold
38,481,000 purchased
1,044,000 purchased
360,000 purchased
6,469,750 purchased
October
November
December
...
$40,367,200
May
sold
1,114,100 purchased
3,000,000 purchased
3,295,750 purchased
71,904,950 purchased
June
July...
August
September.
November..
1,201,000 sold
2,844,350 sold
December
3,157,000
sold
9,475,000
20,801,000
sold
October
1940
1939—
January
February
1,648,000 purchased
72,500 purchased
March....
12,500,000 sold
April
January
February
sold
March
5,700,000 sold
April
'
37,064,700 sold
Tenders of $218,779,000
1,636,100
sold
of collection, of $5,359,942,000, and
with Federal Reserve
reserve
Received to Offering of $100,-
000,000
of
91-Day Treasury
Bills—$100,028,000
Accepted at Average Price of 0.016%
announced on
$100,000,000, or thereabouts, of 91-day Treasury bills totaled
$218,779,000, of which $100,028,000 was accepted at an
Secretary
of
Treasury
the
Morgenthau
May 13 that the tenders to the offering last week of
rate of 0.016%.
average
bills are dated May 15 and will mature on
Reference to the offering appeared in our
issue of May 11, page 2971.
The following regarding the accepted bids of the offering
is from Secretary Morgenthau's announcement of May 13:
The Treasury
Aug. 14, 1940.
.$218,779,000
100,028,000
Total applied for
Total accepted
Range of accepted bids:
nigh
100.
,?
r
99.994 equivalent rate approximately
0.024%
Average price
..
99.996 equivalent rate approximately
(73% of the amount bid for at the low price was accepted.
0.016%
Low
Cash of $627,748,000, balances with other banks, including cash items
in process
April,
1938—
the recent call date consisted of demand and
deposits of $547,517,000, deposits of States and political subdivisions of
cash letters
Government
in
1938:
of individuals, partnerships, and corporations of $15,136,-
162,000
in
accounts
$383,276,000 and
by
respectively.
on
securities for Treas¬
1940, resulted in net
sales
of
$1,636,100,
Secretary
Morgenthau
announced
May 15. This figure compares with net sales in March of
$5,700,000.
The following tabulation shows the Treasury's transac¬
investment
ury
1940, aggregated $31,996,268,000 and were
previous
any
$1,636,100 of Government Securities Sold by Treasury
During April
banks of $6,948,128,000, a total of $12,935,818,000, increased $432,205,000
and $2,921,052,000 in the three and twelve month
Bills
payable,
rediscounts,
other
and
liabilities
periods, respectively.
borrowed
for
money
President
and twelve month periods.
:
'■
The unimpaired capital stock on March 26,
1940,
was
$1,524,973,000,
comprising $200,824,000 of preferred stock and $1,324,149,000 of common
Surplus of $1,225,648,000 undivided profits of $475,013,000, and
stock.
reserves
of $211,857,000, a total of $1,912,518,000, increased $40,303,000
since December and $116,652,000 since March
The percentage
1940,
on
was
1939.
of loans and discounts to total deposits on March 26,
28.32, in comparison with 28.61 on
March 29, 1939.
Dec. 30, 1939, and 30.06
.
■
■
New
Offering of $100,000, or Thereabouts, of 91-Day
Treasury Bills—To Be Dated May 22, 1940
Secretary of the Treasury Morgenthau announced May 17
that tenders
are
invited to
a
new
offering of 91-day Treas¬
bills to tlie amount of $100,000,000, or thereabouts, to
be sold on a discount basis to the highest bidders.
Ten¬
ury
ders will be received at the Federal Reserve banks and the
branches thereof up to
(EST) May 20, but will not
Department, Washington. The
Treasury bills will be dated May 22, 1940, and will mature
on Aug. 21, 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 May 22, in
amount of $100,830,000.
In his announcement of the offer¬
ing Secretary Morgenthau also said:
2
of
$1,000,
$100,000,
$10,000,
(maturity value).
tender
No
for
-
amount
an
less
than
tender must be in multiples of $1,000.
on
and
Tenders
and
trust
will
be
...
$1,000
be considered.
will
Each
99.125.
used.
accepted without cash deposit from
incorporated
banks
Tenders
from
others
must
be
accompanied
by
a
expressed the hope that the Belgians would succeed in pre¬
serving their freedom.
Following are the message of King
Leopold and Mr. Roosevelt's reply.
King Leopold's mes¬
bank
are
or
accompanied by
an express
guaranty of payment by
an
entered into the most solemn
will defend herself with all of her strength
against the invader.
In these tragic hours which my country is under¬
going, I am addressing myself to Your Excellency, who so often has
demonstrated toward Belgium an affectionate interest, in the certainty
that you will support with all your moral authority the efforts which we
are now firmly decided to make in order to preserve our independence.
Brutally attacked by Germany, which had
engagement with her, Belgium
President Roosevelt's reply said:
tenders
on
May
20,
closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
the
following morning.
right
to
than
the
reject any
amount
Those
final.
The Secretary of the Treasury
or
all tenders
applied for,
or
parts of
and his action
in
expressly
tenders, and
any
reserves
to allot
the
less
such respect shall be
submitting tenders will be advised of the acceptance
or
rejec¬
thereof.
Payment at the price offered for Treasury bills allotted must
be made at the Federal Reserve banks in cash or other immediately avail¬
tion
able funds on May 22,
The
received
have
lics,
your
As I stated in an address
of the 21 American repub¬
telegram.
Majesty's
delivered last night to representatives
I
which
the
cruel
invasion
by force of arms of the independent nations
of
Belgium, Netherlands and Luxembourg lias shocked and angered the people
of
the United States and, I
feel sure, their neighbors in the Western
Hemisphere.
*
'-'.'v."1-...
I, that policies which seek
to dominate peaceful and independent peoples through force and military
aggression may be arrested, and that the Government and people of Belgium
may
preserve their integrity
and their freedom.
As an old personal
friend, I send you my warm personal regards.
'v-:1'.*.;The
people of the United States hope, as do
address to representatives
The
made by
issue.
of 21 American republics
President Roosevelt is given elsewhere in
""".V
.
-
V
President Roosevelt Sees Danger to
today's
-
1940.
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
Americas in Accept¬
of Principal of Agression Abroad—Addresses
Pan American Scientific Congress
ance
trust company.
Immediately after the closing hour for receipt of
to
I
incorporated
1940, all tenders received at the Federal Reserve banks or branches thereof
up
read:
sage
deposit
10% of the face amount of Treasury bills applied for, unless the ten¬
ders
of
Leopold
support in resisting the German inva¬
sion of Belgium, President Roosevelt cabled on May
11
that the German aggression against the Low Countries had
"shocked and angered the people of the United States."
He
The price offered must be expressed
g.,
King
companies and from responsible and recognized dealers in invest¬
securities.
ment
or
$1,000,000
the basis of 100, with not more than three decimal places, e.
Fractions must not be
of
$500,000,
to
Leopold III of Bel¬
Responding to a plea made by King
p. m.
(the bills) will be issued in bearer form only, and in amounts
They
Sympathy
Cables
gium for his moral
be received at the Treasury
denominations
Roosevelt
Belgium Account German Invasion—King
Had Asked for Moral Support
aggregating $1,794,000 decreased $1,088,000 and $4,186,000 in the three
the Pan-American Scien¬
deplored the invasion by Ger¬
many of the Low Countries of Europe.
He said "a con¬
tinuance of these prophecies of arms" challenges the con¬
tinuance of the kind of civilization to which the Americas
are
accustomed.
He declared the Western Hemisphere
President Roosevelt, addressing
tific
Congress,
on
May 10,
accepted the gifts of scientific achievement as instruments
creation and not destruction, but questioned whether
the nations of the Americas can continue constructively if
of
the rest of the world embraces a
said, while he is a pacifist,
different philosophy.
He
he would act by every means
The Commercial & Financial
3134
.
the
of
All
have
have
and
men
of this
women
Scientific
Pan-American
seen
event
This is not so in the world happenings
they are oft repeated.
if
today—and I am proud that it is not so.
I am glad that we are
shocked and angered by the tragic news from Belgium and the Netherlands
of
^V;.;i
and Luxembourg.
Roosevelt Designates May 19 as "I Am An
American Day"—Urges Recognition of All Who
Have Attained Status of Citizenship
issued a proclamation desig¬
(May 19) as "I Am An American Day,"
and urged that it be observed "as a public occasion in
recognition of our citizens who have attained their majority
or who have been naturalized within the past year."
The
text of the proclamation follows:
President Roosevelt recently
nating tomorrow
.'•■''r"'
:
We
so
on
have
occasions and in so many places during these later years.
many
to the reluctant conclusion that a continuance
presents a definite challenge to the continuation
of civilization to which all of us in the three Americas have
the type
of
these processes
of
accustomed.
been
I
:
World.
It
is
Congress
as
of
one
similar
many
accident that this meeting takes place in the New
no
fact, this hemisphere is now almost the only part of the earth
In
such
which
Scientific
Pan-American
this
use
illustrations.
in
arms
Elsewhere
gathering can take place.
a
war
politics has
or
compelled teachers and scholars to leave their great calling and to become
We, and most people in the world, believe in a civilization of construc¬
tion and not of destruction.
We, and most people in the world, believe
that
and
men
We call this by many synonymous terms—individual
beings.
fellow
their
liberty, civil liberty,
Until
now
democracy.
i'-V
•
teaching a little here and a little there to allow the normal
there, and
of truth to keep growing for the well-being of our fellow men.
search and in our teaching we are a part of a great adventure—an
processes
In
our
exciting adventure—which gives to us a larger satisfaction even than
the adventure of settling the Americas give to our Founding Fathers.
feel that
building human progress by conquering disease and poverty
we are
and by improving science and
and
discomfort,
one
the cruelty,
culture, removing
one
the crudity and the barbarism of less civilized eras.
by
4
:;
contrast, in other parts of the world, teachers and scholars are not
In
permitted to search for truth lest the truth, when made known, might not
suit the designs of
truth
the
they
as
Too often they are not allowed to teach
it, for truth might make them free.
They become
their masters.
see
objects of suspicion if they speak openly,
if they show an interest in new
truth, for their very tongues and minds are supposed to be mobilized for
other ends.
<■':V.'. ^
This has not happened in the New World.
God willing, it shall not
happen in the New World.
At
Pan-American
the
discussed
we
become
involved
so
the
that
destruction
Western
dim and unpleasant possibility.
a
might
nents
authorized
Americas
in
We feared that other conti¬
have
it
merely
was
inheritance which
world is,
for the moment, left largely in
Today
ican
be reborn
must
keeping; and it is
our
the ashes of
from
the
believed themselves
opportunities
and
responsibilities
our
the time or mode of
nature
of
similar
to
the contrary,
"Sec.
tion
or
of the
any
economi¬
and
impact of the attacks on civilization which
progress elsewhere.
Perhaps this mistaken idea was based on the
false teaching of geography—the thought that a distance of several thou¬
sand miles from a war-torn Europe gave to us some form of mystic im¬
munity which could never be violated.
Yet, speaking in terms of time-tables, in terms of the moving of men
and guns and planes and bombs, every acre—every hectare—of the Amer¬
the
from
icas
historic
Arctic
and
the
efforts
point of
Antarctic
the
of
attacks
the
dominate
to
view
to
scenes
of conquests,
roll
from
Europe
Caesar
to
five
or
Macedonia
from
Paris
from
to
by-gone centuries.
modern
Paris
or
is
such practices are hereby praised and encouraged.
the judge may
other time as
such
of
Tod&y
the
to
distance
it
continent
is
of
four
South
for the armies of Napoleon
form
it being the
citizenship,
of
or
someone
intent
and
of this section to enlist
purpose
judiciary, in cooperation with civil and educational authori¬
the aid of the
effort
organizations in a continuous
emphasize the significance of citizenship."
and
ties,
patriotic
to
dignify
and
Now, therefore, I, Franklin D. Roosevelt, President of the United States
of
America,
Sunday,
the
who
have
19,
designate
"I Am An American Day," and I urge that
public occasion in recognition of our citizens
their majority or who have been naturalized within
1940,
attained
witness
as
as
a
V::>'
past year.
In
the aforesaid public resolution, hereby
pursuant to
May
day be observed
whereof, I
■./
a-
■
the seal
have hereunto set my hand and caused
of the United States of America to be affixed.
the
Done
of
at
our
Lord
nineteen
States
of May, in the year
hundred and forty, and of the Independence of the
City of Washington
of
America
the
this third day
hundred and
one
sixty-fourth.
FRANKLIN
D.
ROOSEVELT.
[SEAL]
By the President:
SUMNER
'
..
WELLES,
Acting Secretary of State.
President Roosevelt Sends Note to Premier Mussolini-—
Said to Urge
It
was
would not reveal the contents of the message,
nor
would
they officially admit that any such message had been sent.
Press reports of May 16 from Rome said that it was offi¬
cially acknowledged there that a note from President Roose¬
velt had been received by Premier Mussolini but no mention
was
made of its contents.
President Roosevelt
Planned
r
be told that you are responsible because of
of invention for the annihilation of time and space, but I
responsible,
are
Italy to Remain at Peace
unofficially known in Washington on May 15 that
President Roosevelt had that day sent a message to Premier
Benito Mussolini of Italy, which was understood to urge that
Italy continue her neutrality.
State Department officials
to
Poland.
to
fix, the judge
him shall address the newly naturalized citizen upon the
and genius of our Government and the privileges and responsibilities
legions of
and
that it is not the scientists of the world who
you
in
the
center
shorter
a
Britain.
or
four or five weeks
Rome
case
From
the
from
for the ships
Africa
of
it
terms
was
Spain
continent
distance
modern
the
was
for the chariots of Alexander to
was
it
of
homes
than
scientists may
are
processes
assure
Rome
the
was
to
In
in
the
to
Europe
shorter
a
Francisco than
from
from
where it
You who
the
San
move
hours
America,
move
to
Persia.
to
closer
is
in
world
is
it
Europe to Santiago de Chile than it
altogether commendable observances
but
Either at the time of the rendition of the decree of naturaliza¬
2.
at
in
conquerors
many
being held from time to time, or periodically,
now
citizens of the Amer¬
many
safe—physically,
wholly
the United States
designated by
the
com¬
citizens of
as
in which they reside.
localities
States and
"Nothing herein shall be construed as changing, or attempting to change,
cally, and socially—from the
are
for the proper
instruction of future citizens in
day and for the full
this
present disaster.
know that until recent weeks too
we
republics
of
of the
and
pelling duty to guard and enrich that legacy, to preserve it for a world
which
is hereby
setting aside
be, and they are hereby, urged to make plans
towns
observance
United
had hoped to share with every nation in
we
proclamation
public occasion for the recognition of all who, by coming of
Today the fear has become a fact.
fear.
a
issue annually a
requested to
and
be
and
of
of
be
naturalization, have attained the status of citizenship, and the day
designated as 'I Am An American Day.'
"That the civil and educational authorities of StateB, counties, cities,
again at Lima,
brought on by the school
to become the guardian
wars
might
Aires, and
citizens of our Nation
sovereign
the
age or
,shall
the
>
culture, the protector of Christian civilization.
In these days
The
V;
;
Conference at Buenos
,
desirable that
is
it
Citizenship Day, and that the President of the United States
as
did
We
and
reach the age of 21 years;
year
prepared for the responsibilities and impressed with the significance of
,their status in our self-governing republic";
And whereas the said public resolution provides:
"That the third Sunday in May each year be, and hereby is, set aside
the truth
to teach
some
"Whereas
their
permit ourselves by common consent to search for truth,
as we see it—and by learning a little here and a little
we
each
inherent right to hew out the patterns of
have an
women
individual lives, just so long as they as individuals do not harm
own
"Whereas
that day as a
agents of destruction.
their
preamble to Public Resolution, Seventy-sixth Congress,
approved May 3, 1940, recites:
2,000,000 young men and women in the United States
the
Whereas,
Third Session,
therefore,
come,
of
PROCLAMATION
A
conquest and war and bloodshed—prays that the hand of neighbor shall
not be lifted against neighbor.
The whole world has seen attack follow
threat
United States of America
By the President of the
overwhelmingly greater part of the population of the world abhors
The
y
.
we
our
hopes for the peaceful development of modern civilization.
This very day
three more independent nations have been cruelly invaded by force of arms.
In some human affairs the mind of man grows accustomed to unusual
actions
and I, in the long
to protect and defend by
science, our culture, our freedom, and our civilization.
♦
'
;■
^''.'
;: '1
every means our
Congress
During the past few years
follow event, each and every one of them a shock to
here tonight with heavy hearts.
come
act together
will
be necessary,
it
President
the Americas:
Fellow Servants of
if
May 18, 1940
that by overwhelming majorities you
believe
and
run
republics would do the same.
The text of President Roosevelt's address to the eighth
American Scientific Congress follows:
ican
I
But
freedom, and believed the other Amer¬
to defend American
Chronicle
to
Cancel Tour of Country—Had
and West in June
to
Visit
South
President Roosevelt announced yesterday (May
17) that
his planned tour of the country in June would probably be
cancelled. Mr. Roosevelt said that European developments
and the National defense program
peaceful relations between all nations through the spirit of coopera¬
tion and the interchange of knowledge.
What has come about has been
would keep him close to
Washington.
The President had expected to leave for a
21-day tour about a week after Congress adjourned to visit
caused
the South and Far West.
because the objectives which
have had have looked toward closer and
you
more
of
solely by those who would
in
peace
use,
and
wholly different cause—those
a
are
who
using,
seek
inventions of
your
that aim
will,
we
in vast continental areas—those who, if successful in
must now admit, enlarge their wild dream to encompass
human being and
every
well
as
If
a
full
life
is
to
sought,
do.
If
science
death
can
do
is
the service of
Is
this
alone?
icas
solution—our
Can
face.
principle
Surely
seems
we
embrace
we
science
also.
live
each
do
can
Happily
for
for
us
solution—permanent
continue
is
time
for
our
preference
our
or
safe
if
it
is
solved
for
us
peaceful
or
by
construction
compulsion
if
a
all
wholly
the
other
different
republics
to
spread
that
problem
before
us
the cold light of day, to analyze it, to ask questions, to demand
answers,
to
use
and
I
are
knowledge,
every
science
we
possess,
to apply
common
sense,
especially to act with unanimity and singleness of purpose.
am
a
pacifist.
You, my fellow citizens of 21 American republics,
pacifists.
Roosevelt
reported in these columns of April
Asks
Defense
Productive
Congress for $1,182,000,000
Appropriation—Suggests
50,000 War Planes—Advocates
Capacity of 50,000
Message Delivered in Person
in
in
every
were
> Nation Should Have
that
and
of life?
it
trip
2649.
Additional
that.
other
to me, is the most immediate issue that the Amer¬
by
page
President
try to do the
men
Christian faith.
a
That, it
continents
desired,
that
question is solved—for in the New World
be used to destroy
can
create; they are only instruments by which
things they most want
27,
mile of the earth's surface.
every
The great achievements of science and even of art
as
Plans for the
hundreds
dominate
to
millions of people
Planes
a
Year—
delivered before a joint session of
national defense message in which he
asked for additional appropriations totaling $1,182,000,000
for the Army and Navy.
He said we should plan a program
that would provide the nation with 50,000 war planes aud
said he would like to see the country with capacity to produce
planes at the rate of 50,000 a year.
President
Roosevelt
Congress, May 16,
a
The President drew illustrations from the current conduct
of the
oq
European
war
vital American
and said "that the possibility of attack
ought to make it essential that we
zones
Volume
The Commercial & Financial Chronicle
ISO
have the physical, the ready ability to meet those attacks
and to prevent them from reaching their objectives."
The President divided the total amount of funds
into $896,000,000 as
requested
immediate appropriation and $286,000,000 for making future contract obligations.
In each
classification he asked for $100,000,000 to be spent at his
own discretion.
The President did not say whether addi¬
aD
tional taxes should be levied to meet the new appropriation
or if he
thought the national debt limit should be increased.
Four primary purposes
by Mr. Roosevelt,
First, to
for the appropriation were given
follows:
as
the essential equipment of all kinds for a large
procure
thoroughly rounded-out Army;
Second, to replace
with the latest type
all
old Army
and
and
Army and Navy for national defense.
We require the ability to turn put
;V;
Navy con¬
quickly infinitely greater supplies;
contracts to be awarded.
new
them
press
omitted to read the fourth
to
that
which
before, has Mr. Roosevelt received such an ovation as
ever
greeted his appearance before the joint session of Congress.
Without waiting
for the President to be presented formally by
This
It
and began applauding wildly in what
could only be interpreted as a
demonstration of national unity in a time of
international crisis.
defense message, delivered in a tone of seriousness and emphasiz¬
ing repeatedly the need for preparedness with all possible speed against the
directed at
was
"blank
raised immediately
The only semblance of criticism that was
obligations.
Republican members in the House termed a
what some
check,"
request for $200,000,000 for emergencies and contract
a
There
was
the
President's proposals before the end of next week.
In the Senate, leaders
planned to include the proposed military and naval items in the pending
Army and Navy Departments supply bills.
In the House, leaders promised
appropriate committee action on the items early next week, their chamber
having passed appropriation measures carrying $963,000,000 for the Navy
perfected plans for completing congressional action on
the day,
for
and $786,000,000 for
The President's message as
is
released by the White Hous
follows:
as
These
and shocking developments
neutral nation to look to its defenses in the light of new factors.
The brutal force of modern offensive war has been loosed in all its horror.
force every
incredibly swift and deadly, have been de¬
veloped; and those who wield them are ruthless and daring.
New
No
and
Let
defense
old
attack
no
is
is
or
us
The
without self-deception,
examine,
us
about national
protection.
Motorized armies
of 200 miles
now
sweep
are
through enemy territories at the rate
dropped from airplanes in large numbers behind
fields,
Troops are landed from planes in open
on
wide high¬
have
We
the treacherous
seen
use
of the "fifth
and munition
column" by which
per¬
Lightning attacks, capable of destroying airplane factories
works hundreds of miles behind the lines, are part of the new
of
elements
The
which has ever
surprise
become the more dangerous
been
Our
vital
own
an
important tactic in
hemisphere against invasion or control or domination
by non-American nations has the united support
of the 21 American repub¬
More than ever this protection calls for
lics, including the United States..
ready-at-hand weapons capable of great mobility because of the potential
speed of modern attack.
The Atlantic and Pacific
then
Even
hour.
an
reasonably adequate defensive bar¬
under sail could move at an average speed of five
when fleets
riers
by
a
miles
sudden foray it was possible for an opponent
actually to burn our National Capitol.
Later the oceans still gave strength
to our defense when fleets and convoys propelled by steam could sail the
15
at
oceans
the
But
element—air
new
Loose
Furthermore,
from which an
of
possible
it
is
four
hours by air
to
Newfoundland;
Scotia, New Brunswick and Quebec, and only six hours to
if
Azores
are
Bermuda
only
fell
2,000 males
into hostile
From
base
a
reached in
from parts of our Eastern seaboards,
it is a matter of less than three
hands
200
in
the
outer
West
Indies
the
Modern
seven
coast of
Florida
could
be
only 1,600 miles from Brazil.
planes starting from the Cape Verde Islands can be over Brazil in
and
a
two and
are
a
two and
a
quarter hours to Tampico, Mexico; and Tampico
quarter hours to St. Louis, Kansas City and Omaha.
that
overrun
by
A defense
to
destroy the lines
of
the part of
on
Army and Navy
some
give
may
not first-rate,
are
false
the
that
or
money
them.
recent
defensive
the
years
of
power
our
army,
The
is stronger today
navy
Today also
large
a
than
at any time
of new construction
program
marine
in the nation's history.
is well under way.
for ship, ours are equal to, or better than the vessels of
any
The army likewise is at its greatest peace-time strength.
in
and
navy
has been very greatly improved.
corps
Ship
foreign Power.
Its equipment
quality and quantity has been greatly increased and improved.
The
National
Guard
equipped
better
and
period.
that
has
the
strength
reserve
prepared
of
during
than
the
two
services
other
any
are
peace-time
the other side of
since
the
brought
I
and
better
,
cite
the picture we must visualize the outstanding fact
day of September, 1939, every week that has passed
lessons learned from actual combat on land and sea.
first
new
examples.
Where naval ships have operated without adequate
by defending aircraft, their vulnerability to air attack has in¬
protection
All
creased.
anti-aircraft
nations
hard
are
work
at
studying the need of
additional
protection.
Several months ago the use of a new type of magnetic mine made
many
weeks
doomed.
were
Within
a
few
successful defensive device against these mines was placed in opera¬
a
tion ;
and it is
mine
or
fact that the sinkings of merchant ships by torpedo,
a
by airplane
period in
definitely much
are
lower
than
during
by
the similar
1915.
Combat
conditions have changed even more rapidly in the air.
With
amazing progress in the design of planes and engines, the airplane of
year ago is out-of-date now.
It is too slow, it is improperly protected,
the
a
is too weak in gun
In
power.
types of planes,
not behind
are
we
the other nations
Many of the planes of the belligerent Powers
latest
models.
But
are
of
the world.
this moment not of
at
one
production capacity at the moment that is
far greater
than that of their
opponents.
From
the
point of view of
production capacity is
For
the
which
would
planes
in
foreign
to
the
own
defense,
therefore, great additional
the Congress not to take
I ask
hamper
which
nations
would be extremely
During
record,
way
That,
planes.
more
any
our
principal air requisite.
our
permanent
action
any
delay
the delivery of American-made
have ordered them, or seek to purchase
or
from the point of view of
our
own
national defense,
shortsighted.
past
American
production
capacity for war planes,
including engines, has risen from approximately 6,000 planes a year to
more than double that number, due in
greater part to the placing of foreign
year
orders.
1-
a
immediate
problem is
nation
geared
on
The
last
I
program
or
with 50,000 military and naval planes.
including anti-aircraft guns and full ammunition
these requirements over the next
It had been planned to spread
four years.
this time I
large
a
us
army require the immediate speeding up of
to procure equipment of all kinds, including motor
transport and artillery,
At
First,
sum
to
We should fill them at
Third,
army
and
navy
production
facilities
and navy for national defense.
mately
for
immediate
an
For
To
the navy
the
army
and
navy con¬
appropriation of $896,000,000, divided approxi¬
$546,000,000.
and Marine Corps, $250,000,000.
President
addition
to
to
provide for emergencies affecting the
national
$100,000,000.
security and defense,
navy
equipment with
everything needed for the
We require the ability to turn out
follows:
as
For the army,
2.
In
larger and
for
quickly infinitely greater supplies;
Fourth, to speed up to a 24-hour basis all existing
tracts, and all new contracts to be awarded.
ask
a
equipment;
increase
to
purposes;
the essential equipment of all kinds for
procure
the latest type of
once.
asking the immediate appropriation by the Congress
am
of money for four primary
thoroughly rounded-out army;
Second, to replace or modernize all old
I
production capacity
I should like to
ground forces of the
winter's
three
this
see this
to the ability to turn out at least 60,000 planes a year.
believe that this Nation should plan at this time a
up
that would provide
program
of
to superimpose
greatly increased additional production capacity.
the
above
sum,
;
I
ask
for authorization
for
the
and Marine Corps to make contract obligations in the further
army,
sum
of
$186,000,000.
the President
an
additional
authorization to
make contract obli¬
gations for $100,000,000.
The total of authorization
is
is, therefore,
$286,000,000.
that a large part of the requested appropriation of
$100,000,000, and the requested authorization of $100,000,000 to the Presi¬
my
will
be
belief
used
anti-aircrait guns
ons.
This
The
principally for the increase' of production of airplanes,
and the training of additional
would be
in the other items
Brazil, is but four flying hours to Caracas, Venezuela, but
half hours to Cuba and the Canal Zone; and Cuba and the
Para,
Canal Zone
again—nations
over
Nothing could be further from the truth.
dent
minutes.
hours.
And
and
effort
effective
no
thinking
on
It
shores.
The islands off the west coast of Africa are
makes
our own
And to
hours for modern bombers to reach our
is
speed
England.
The
two
the
hour.
of Greenland
five hours to Nova
and
up
it brings the new possibilities of the use of nearer bases
attack or attacks on the American continents could be made.
fiords
the
From
talking and
3.
navigation—steps
over
us
by its very nature requires the equipment to attack
his route before he can establish strong bases within the
on
1.
20 miles an hour.
or
attack to 200 to 300 miles an
New
aggressor
army
were
oceans
which
has been wasted
because of the amazing speed with
reach and attack the enemy's country.
interests are widespread.
More than ever the protection
which modern equipment can
of the whole American
defense
supplies.
technic of modern war.
warfare has
before
to consolidate his approach without hindrance will
enemy
impression that
supposed to be peaceful visitors were actually a part of an enemy unit
occupation.
an
Furthermore,
and at local civil airports.
ways,
sons
lesson
territory of American vital interests.
Our
troops
lines.
enemy
can
the
An effective defense
day.
a
Parachute
ot
that it requires^ no further strengthening
impossible that it may be ignored.
strong
so
unlikely
so
the dangers which confront us.
measure our strength and our defense without self-delusion.
,
;
clear fact is that the American people must recast their thinking
Let
facilities
were unable to get ready found themselves
So-called impregnable fortifications no longer exist.
A
and
lightning offensive against our American interest.
for production must be ready to turn out
equipment at top speed.
had
lose.
of destruction,
powers
their objectives.
paper—which are ready
on
belligerent Power not only has many more
planes than all their opponents combined, but also appears to have a weekly
United States:
days—days whose swift
ominous
are
prevent
supplies and communications of the enemy will lose.
the
To the Congress of the
implements—not
ready and
allows
it
the Army.
to
strategic advantages to attacking
enormous
unthinking people believe that all surface ships
Legislative leaders on both sides of the Capitol, before the close of business
South America
the west coast of
any
that
and
have
which
little doubt that the appropriations and authoriza¬
approved with the dispatch the President requested.
tions would be
military
meet
also
not
were
techniques of mechanized total war, was seemingly welcomed by the Senate
and House.
to
means
On
The grave
removed from
means
munitions
Speaker
Bankhead, the legislators, with party affiliations ignored, sprang to their
feet
far
becoming bases of
those attacks and to prevent them from reaching
available
In
Rarely, if
too
from
white population of
a
The islands of the Southern Pacific
Surely, the developments of the past few weeks have made it clear to all
our citizens that the
possibility of attack on vital American zones ought
make it essential that we have the physical, the ready ability to meet
of
the press.
Concerning the reception accorded Mr. Roosevelt when
he appeared in Congress, New York "Times" Washington
advices of May 16 said in part:
Alaska, with
five hours of flying distance to Van¬
or
forces.
an
advices Mr. Roosevelt "inadvertently"
primary purpose in delivering his
message before Congress, but the paragraph was not deleted
from copies of his speech releasea by the White House to
According to
not
are
Fourth, to speed up to a 24-hour basis all existing Army and
and all
the continent,
Seattle, Tacoma and Portland.
the enemy.
everything needed for the
of
3135
cnly 30,000 people, is within four
We
Navy equipment
of equipment;
Third, to increase production facilities for
tracts
the other side
couver,
■'
modernize
or
On
in
personnel for these
addition to the direct estimates
for these
weap¬
purposes
requested.
proposed details of the appropriations and authorizations asked
will be given to
for
the committees of the Congress.
I
duplicate any item now in the pend¬
These estimates do not, of course,
ing war and navy appropriation bills for the year 1941.
Nor do they include
•
The Commercial &
3136
supplemental
deficiency estimates which may become necessary by reason
or
pending legislation or shortage of funds under existing programs.
are some who say that democracy cannot cope with the new
of
There
democratic
our
way
tech¬
This I reject.
;:yand men know more about fighting and
of life.
I know that our trained officers
\
for fighting than any of us laymen,
and equipment needed
weapons
them.
have confidence in
and I
May 11, page 2974.
^
with present dangers we must be strong in heart
hand; strong in our faith; strong in faith in our way of living.
I know
and
I,
too,
that
to cope
for peace—that the ways of aggression and force may be
determined to face the fact realistically
pray
physical fiber.
Those
qualities, I am convinced, the American people hold to a high degree.
Our task to plain.
The road we must take is clearly indicated.
Our
defenses must be invulnerable, our security absolute.
But our defense as it
this
that
yesterday, or even
was
as
it is today, does not provide security against
potential developments and dangers of the future.
Defense cannot be static.
Defense must grow and change from
day to
Defense must be dynamic and flexible, an expression of the vital
of the nation and of its resolute will to meet whatever challenge the
day.
forces
that after
call
the Congress into special session if at any time the situation of the national
defense requires it.
The Congress and the Chief Executive constitute a
future
For these reasons, I need hardly assure you
hold.
may
adjournment of this session of the Congress I will not hesitate to
concerned.
where the defense of the land is
team
Our
our
objective is still peace—peace at home and peace abroad.
stand ready not only to spend millions for defense but to
liberties.
is not a matter of weapons alone.
The arm that wields
them must be strong, the eye that guides them clear, the will that directs
Our security
of
These are the characteristics
a
free people, a people devoted to the
they themselves have built, a people willing to
defend a way
precious to them all, a people who put their faith in God.
FRANKLIN
The
Commission and investment bank¬
submitted to the SEC and other
interested departments and agencies of the Government for
Securities and Exchange
and he asked that it be
examination.
White Home, May 16,
D.
ROOSEVELT.
The Securities and Exchange
certain changes which the Brown
bill proposes.
I. B. A. adopt the round-table procedure
the bill, and agreement is reached on major points of the
Granting that the SEC and the
measure,
it is not likely that Congress will
and, secondly, legislators are anxious for an
Charter
Brown bill for some
President Roosevelt
Signs
on
dispose of its old vessels for commercial operation.
Passage
of the bill by Congress was reported in these columns of
May 11, page 2974.
Bills Providing Funds for
Participation in New York and San Fran¬
Roosevelt
President
Federal
Signs
cisco Fairs
Roosevelt
President
on
May
15 signed resolutions au¬
thorizing funds to continue Federal participation this year
in the World's Fair at New York and the Golden Gate
International Exposition at San
Francisco.
authorized the appropriation of $250,000 for
the Golden Gate International Exposition.
One resolution
participation in
The other
au¬
thorized the appropriation of $275,000 for participation in
the New York World's Fair.
The House passed the measures
May 10 and the Senate concurred in this action on May 13.
♦
...
Senate Passed Bill for Promotion of Army Officers
on May 16 passed a bill revising the system
promoting Army officers and sent it back to the House,
which had previously passed it, for concurrence in Senate
amendments. Passage of the bill by the House was reported
in our April 27 issue, page 2651.
Regarding Senate action,
a Washington dispatch of May 16 to the New York "Times"
The Senate
of
said:
The major change in current
procedure would be to reduce in many cases
arbitrary age limit at which officers must retire.
The maximum age
is 64 years.
Under this bill all brigadier generals
who shall be 62 years old on June 30,
retired, except those
the promotion list for advance¬
carrying the rank of major general or of temorary general.
1942, and those of lesser rank who are 60 will be
brigadier generals whose names then are on
ment to posts
■;,V To the Secretary of War would be granted authority to exempt a limited
number of colonels.
The exempted brigadier generals necessarily must be
retired
become
at
the
age
of 64.
The exempted colonels may serve until they
""J;
62.
The bill carriers a
number of inducements for senior Army officers to
One provision would
permit officers with 28 years or more of service, who have failed to
reach
grade of colonel, to retire with pay computed on the grade of a colonel
with the same length of service.
It stipulates
at least the same length of continuous commissioned
service in the regular Army as any officer junior to
him
on
the promotion
list."
Senate
adopted the bill after agreeing to a series of amendments
designed to make its provisions more flexible.
Senator Johnson of Colorado
Senate
Votes
These were introduced by
and were approved without dissent.
Resolution Invalidating Re¬
Plan IV—Refuses to Sustain House
Against
organization
Action
President Roosevelts Reorganization Plan IV was saved
when the Senate voted 46 to 34 against
The House had approved the
resolution May 8 but it required Senate approval to become
effective; unless disapproved by Congress, plans proposed
from defeat May 14,
a
Votes
resolution invalidating it.
Approves Part of Glass Bill but
Opposed by Secretary Mor-
Sections
Down
Favored
and
genthau
Jesse
by
Committee Holds Hearings on
Jones
Jones—House
Steagall Bill—Jesse
Questions Value of Government Bonds
and currency subcommittee on May 14
approved provisions of the proposed Glass bill increasing
available Reconstruction Finance Corporation funds for
A Senate banking
by $150,000,000 and allowing the RFC to
purchase stock of the Federal Home Loan Banks, so as to
permit the Treasury to recapture $300,000,000 invested in
the banks.
Two provisions of the bill to which Secretary
of the Treasury Henry Morgenthau Jr. objected were voted
down by the subcommittee.
These parts of the bill were:
railroad loans
Federal Loan Administrator equal
disapproving purchases of pre¬
(2) extension of the maturity of national bank real
to 15 years, and amortization of the principal of loans
That section which would give the
(1)
with the Treasury in approving or
powers
bank stocks;
ferred
estate loans from ten
over a
longer period.
bill, counterpart in the House of the Glass
The Steagall
considered by the House Banking and Currency
Committee on May 15.
Treasury representatives appeared
before the Committee to explain the Departments objections'
to the bill.
Concerning the testimony Washington advices
bill,
was
May 15 to the New York "Herald Tribune" said:
of
When
the
Committee
resumed
Representative
hearings,
Henry
B.
Chairman of the Committee, called
on Edward H. Foley Jr., Treasury General Counsel to testify.
Mr. Foley read from a letter which Secretary Morgenthau had addressed
to Mr. Steagall, outlining his opposition to those provisions of the bill dealing
with the change in power over bank stocks, and liberalization of real estate
mortgage loans.
However, the Secretary is in accord with those sections
of the bill, which would turn over to the Treasury $300,000,000, and add
another $150,000,000 for railroad loans by the RFC.
The next witness, Comptroller of the Currency Preston Delano, said
Mr. Morgenthau as "the chief fiscal officer of the government" should have
the exclusive right to rule on RFC bank stock loans.
Mr. Foley declared
that although the change sought by Mr. Jones might not have a "material
effect," is would "remove the element of control the Secretary now enjoys."
Both witnesses criticized the proposed increase in Mr. Jones's authority
Steagall, Democrat, of Alabama, and
on
Comptroller "is the one officer of the government who
banks."
the grounds the
more
"The
about the condition of all
Comptroller controls the banks," Mr.
member of the Board of the Federal
now."
'
'
■
:■
_
Foley declared, "and he is a
Deposit Insurance Corp.
right to give the Treasury sole power over
If it was
RFC bank loans once, it is right
„
Representative Wright Patman,
Democrat, of Texas, asked
the original bill giving Mr.
Morgenthau sole authority over bank stock loans.
"It was written over at the Treasury," he replied with a smile.
Mr.
At
The
time.
Senate Subcommittee
At this point
that "each promotion list officer shall be assumed to have,
for retirement purposes,
the conventions.
knows
retire and make way for promotions of younger men.
the
early adjournment because of
The SEC has been studying proposals included in the
May 15 signed the resolution free¬
ing 116 Government-owned ships over 20 years old from the
Maritime Commission's laid-up fleet and permit their oper¬
ation in the intercoastal or foreign trade.
This measure
restores to the Maritime Commission during the European
war its discretionary authority to sell, charter or otherwise
now
find time to take up
the Defense bill is of paramount importance,
Securities Act revision now.
the
hearings which the
its side of the question. Al¬
there is no doubt that SEC may oppose
Measure Making Maritime
Commission's Laid-Up Fleet Available for Sale or
Roosevelt
President
\
the New York
Commission, which has not commented on
Banking Committee may schedule to present
Brown
on
to
likely to ask for considerable time, at
though official comment is lacking,
of discussion on
1940."
16,
Washington May
from
Advices
"Herald Tribune" added:
the Brown bill, is
them indomitable.
institutions
drafted by the Investment Bankers Assn., pro¬
posing amendments to the Federal Securities Act of 1933
and the National Bankruptcy Act, was introduced May 14
in the Senate by Senator Prentiss M. Brown and referred
two days later to the Senate Banking and Currency Com¬
mittee.
Since the Committee has before it several other
bills to consider, it is regarded as doubtful that it can dispose
of the Brown bill at the current session.
Mr. Brown said
the bill was designed to improve relations between the
lives for the maintenance of our American
give; bur service and even our
of life that is
Senator Brown
A bill,
ers
we
ideal,
Nevertheless,
ruptcy
requires a toughness of moral and
nation
Embodying Changes in Securities Act and* Bank¬
Act Advocated by I. B. A. Introduced by
Bill
from the earth—but I am
banished
the
the Reorganization Act of 1939, become effective
days after submission to Congress.
Plan number IV,
which was introduced May 11, met opposition from those
who saw in it's provision transferring the Civil Aeronautics
Authority to the Department of Commerce, the end of that
agencies independence.
House action on the plan was reported in our issue of
under
60
niques of government developed in recent years by a few countries—by a
few countries which deny the freedoms which we maintain are essential to
the
May 18, 1940
Financial Chronicle
Jones, who
one
was
a
spectator, who wrote
point in the hearing, Mr. Patman
"the Treasury is in favor
"I
of
a
asked the Comptroller whether
unified banking system."
the Treasury on that point," Mr. Delano
wouldn't like to commit
replied.
On May 13 Secretary Morgenthau sent a message
Committee describing his views, and Jesse
to the
Jones,
Federal Loan Administrator, who favors the provisions to
which Mr. Morgenthau objects, appeared personally before
the Committee.
Washington advices of May 13 to the New
House
York "Herald Tribune" said in part:
Toward the close of the hearing
Representative Jesse P. Wolcott, ranking
Republican on the Banking and Currency
Roosevelt
to
ask
Committee, challenged President
National debt limit, which is
Congress to increase the
The Commercial & Financial Chronicle
ISO
Volume
$45,000,000,000.
now
willing" to introduce
Mr.
a
Wolcott told Mr.
"We've got to do it," he said.
$50.000,000,000,1 think
you
"Why don't
will find
we
If you
be honest about it.
this session to raise the debt limit
surprising amount of Republican
a
Senator
During this testimony Mr. Jones asserted that the Comptroller
••domination"
was to
of the
He said that this
of national banks," he asserted,
"and
you
where the little banks should be helped.
Currency, Is in charge
(Congress) give it power to say
There are a great many
"Any attempt to repeal
people
modify the Act which bears my name will be
or
"Experience in the last war taught us that
money is needed
"This is exactly what a lot of decent citizens,
advocating."
are
He recalled
adviser to
"If
we want
to get
► 'Concerning the extension of the maturity of real estate loans, Mr. Jones
declared:
"The longer maturity makes a better loan from the standpoint
of both the bank and the borrower, because of the larger proportion of the
mandatory
business
rehabilitation of
latitude in finding profitable
business buildings, and gives
banks
a
little
more
investments for some of their unemployment
serve
better their communities.
of his mortgage mature
in too short
have proved that a loan
funds, and enables them to
a
Experiences in recent years
period.
regularly and properly amortized seldom gets in
large credits and loans to those already in it."
Norris, Independent of Nebraska, the only remaining member
of the Senate who voted against
Morgenthau reiterated that
In his letter to Chairman Steagall, Secretary
he had no objection to that portion
to the Treasury
of the measure whteh would turn over
$300,000,000 as part of the President's program to stay
However, with regard to the provision to change the
Finance Act, giving Mr. Jones power over the
Reconstruction
to talk about it."
even
why the set-up should be changed at this time and
recommends
Concerning the action of the Senate subcommittee and
testimony of Jesse Jones before the subcommittee, Wash¬
ington advices of May 14 to the New York "Journal of
Commerce" said:
A subcommittee of the Senate Banking Committee
which
considering the Class
were
strongly opposed
by the Treasury and the Comptroller of Currency in spite of
"They don't need
Montana,
in
startling testi¬
quoted daily at par and above par prices, he defied the
members to go out
large block of the securities to the general public.
Government had to redeem the bonds at this time, he said, it could
a
only do so by starting up the printing presses.
On the other hand, he added, a real estate mortgage is something more
default "you would at least have the
property."
The testimony of the
modofication of the law at this time."
he saw no objection to
a step
probably could not
He and his colleagues generally expressed
year.
opposed to
as
far-reaching modifications of the Neutrality
any
Group Reports $1,111,754,916
Relief Bill—$976,660,000 for
WPA May Be Spent in Eight
Months—-Report of Subcommittee Charges Waste
in Expenditure of Relief Funds
The House
Appropriations Committee, on May 15, re¬
ported favorably a SI,111,754,916 relief bill for the fiscal
year
1940-41 and recommended that the Works Project
Administration be permitted to spend its $975,650,000
allotment in
eight months if necessary.
House consideration of the measure was stated on
May 16.
reported by the Committee, Washing¬
advices of May 15 to the New York "Times" said:
Government official for some time, also was inter¬
as
The total in the new relief bill as reported to the House is
$543,075,084
less than the relief bill for the current fiscal year, while the
WPA appro¬
available for the
present fiscal year ending July 1. However, if the money should be spent
in eight months, as the Committee anticipates, WPA spending would be
priation is $501,350,000 below the sum which was made
at about the same rate as
reduced fund,
The
this year.
which is $14,300,084 under the budget estimate,
should provide work for
compared
said,
1,950,000 jobless for eight months, the Com¬
this year's monthly average of 2,000,000.
with
Practically all restrictions in the present relief act were
some new ones
Loan Administration, the most outspoken that has
been heard from any high
or
House
business for more than 40 years," Mr.
little something about it."
Jones declared, "and I know a
repeal
of
"I am
Law which might involve this Nation in the war.
mittee
"I have been in the real estate
any
election
an
ton
the market for Government bonds to be a
He told the Committee that while Government bonds are
He indicated that he regarded
tangible, because if it went into
Democrat,
Senator Wheeler,
Senator Minton, Democrat, of Indiana, said that
United States Government.
If the
money," said
our
candidate for the Democratic presidential nomination.
a
repealing the Johnson Act, but added that such
succeed
length of modi¬
'.'.''A"! /v.';'';/
Regarding the bill
sell
totalitarian doctrines, said
its full sympathy with the Allies,
The majority leader, Senator Barkley of Kentucky,
would not comment.
given by Mr. Jones broadly hinting that he would much prefer to
have real estate holdings in his possession at this time than bonds of the
and try to
should express
States
but did not know whether this expression should go to the
mony
fictitious one.
Senator
"There is no use
>
i
Senator King, Democrat, of Utah, a critic of
that the United
against the proposed change,"
bill eliminated the provisions from the measure
change," he said.
purchase of preferred bank
"The Treasury is aware of no compelling
stocks, the Secretary declared:
successful fight to repeal the
embargo of the Neutrality Act, agreed with
arms
"I don't see any reason to make any
themselves
of the $45,000,000,000 debt limit.
within the province
America's participation in the World War
Johnson.
unalterably opposed to
trouble."
reason
Senator
fying the Johnson Act.
,
be willing to have too large a percentage
"A prudent borrower may not
■.■
into this war," Mr. Johnson said, "the way to do it
but who supported the Administration in its
It makes possible the stimulation of
and others not so disin¬
:.'r V";. ^.
by Bernard Baruch, International financier, and
Democratic Presidents, that "our heart is where our money is."
statement
a
held by Mr. Morgenthau.
employment through financing the construction and
Then when
us.
into the struggle to protect our money.
is by making
and
precede
by the belligerents, we let them have it and then go
national system. I
don't agree," Mr. Jones emphasized that the section giving him some power
oyer loans was inserted in order to free the RFC from the veto power now
who feel we should have only one banking system, a
loan that will be amortized.
law and a
of the
author
the surest way to get into war is to let our money
terested,
the detriment of national banks.
"The Treasury, through the Comptroller of the
Republican, of California,
vigorously contested," he said.
more
support,"
Currency is dominated by the Secretary of the Treasury.
Johnson,
leading isolationist, vigorously rejected this contention.
resolution in the House to raise the debt limit.
will have the President send up a message
to
that he woiud "be
Jones
3137
sell
added.
retained and
Chief of these was a provision that where sponsors
completed WPA project to private persons, as has been done in some
a
the sponsor and purchaser shall be jointly liable to the
cases,
spersed with such statements as the following:
'
1. The banks of the country would be better off without the office of the
Comptroller of Currency.
in the
government
for the amount of Federal funds granted to it.
2.
The Comptroller's office instead of
encouraging credit restricts credit
by forcing banks to get rid of sound real estate investments.
3. The Treasury is opposed to the bill because some clerk in the
ment does not want to
give up the power he now has over the
A previous reference to the bill appeared in our issue
May 11, page 2973.'
of
Department of Agriculture's rural relief appropriation to a
$500,000
to
depart¬
banks.
provisions for persons who have been on
are
May 13 passed without a record vote the
bill of Representative John E. Bankin providing pensions
for all dependent widows, children and parents of World
War veterans, regardless of whether their deaths were
caused by service disabilities.
The bill now goes to the
Senate.
Associated Press advices of May 13 from Washing¬
gave some
of the provisions and estimates of the cost
the
the
same
either a dependent spouse,
dependent parents.
time that the relief bill was reported, the
appointed last year to investigate the
before Congress its report. Asserting that it
investigated relief conditions in thirteen States, the Sub¬
committee charged that the program has been made a
vehicle of Communism, waste, politics and private benefit.
Washington United Press advices of May 15 had the follow¬
Committee
WPA placed
ing to say:
Commissioner F. C. Harrington for making
report praised WPA
The
toward better management.
But it accused other officials in
headquarters here of spending excessive sums for travel and of ap¬
progress
of the bill as follows:
For
WPA rolls for 18 months those who
heads of families aged 45 or order who have
House
The House on
ton
the bill would exempt from the enforced layoff
A last-minute addition to
minor children or one or more
Pension Veterans' Families
Employees Compensation Commission.
struction Administration and the
At
House Passes Bill to
budget requests were an $8,000,000 cut
total of
from $1,055,000
and minor reductions in funds for the Puerto Rico Recon¬
Among reductions made in the
$115,000,000, a slash in the Office of Government Reports
WPA
dependents of all veterans who served 90 days or more during
would provide a pension of $12 a month for an
the World War, the bill
proving improper projects.
Failure of the committee to recommend steps for correction
orphan, $20 for a parent or childless widow,, and up to $56 for widows
and children.
The test of dependency would be that usually applied by
abuses
the
Veterans
month
Administration—-whether the applicant has less than $50 a
income.
4,700,000 men wore the Nation's uniform in the World War.
The Veterans Administration estimated that the bill, in its first year,
A total of
66,700 widows with children
23,500 orphans eligible for $39,914,000 compensation if all applied,
that the parents of 6ome 32,800 deceased veterans would be eligible
$8,472,000 of benefits.
The Administration had estimated further that
and
$60,000,000
members headed
cost
make
would
30,500
rise
to
childless
widows,
$51,000,000
the second year and to
and
for
the
'■u.■ FrA;'
Bill Relaxing
by Representative John Taber of New York.
inquiry had only scartched the surface the report
diversion of relief funds to private
existence of subversive
activities, political manipulation and conditions which may fairly be
characterized as scandalous in a number of States."
selling of jobs and promotions,
tion,
use,
ruinous
competition with private industry,
The President's relief message was
'
given in our issue of
1
^>dNfi
Provisions of Johnson Act Introduced—
Pennsylvania Fair Sales Act Declared
The State
Congress Indicates Opposition to War Loans
Representative Bui winkle (Dem.) oi: North Carolina intro¬
duced a bill May 13 to waive some of the terms of the
Johnson Act which bars loans to fpreign nations who are in
default on their debts to this country.
The bill would permit
loans to the Allies to finance purchase, of materials other
than th.036 used directly in warfare as defined in the
Neutrality Act.
A suggestion made by Representative May (Dem.) of
Kentucky make available funds to finance the Allies, met
with a storm of protest which was described in United Press
Washington advices of May 12 as follows:
de¬
plored "the decision not to recommend constructive action," and added:
"The investigation has also disclosed incompetency, graft and corrup¬
April 20, page 2502.
fifth year.
of alleged
three Republican
After charging the
the
would
assailed in a minority report filed by the
was
Unconstitutional
Supreme Court on May 13 ruled that
the Penn¬
sylvania Fair Sales Act of July 1, 1937, is unconstitutional,
according to the Philadelphia "Inquirer" of May 14, which
added:
In
of
its
an
opinion by Justice Horace Stern,
Section
2, violates
it held that the Act, because
the Fourteenth Amendment of the Federal
of Rights of the State Constitution.
Con¬
stitution and the Declaration
sale, or sale of any
merchandise at less than cost by retailer or wholesaler is prohibited."
In
reaching this decision, the Appellate Court affirmed the action of
the Quarter Sessions Court of Allegheny County, which quashed an indict¬
ment against B. P. Zasloff, accused of violating the Act, and the Superior
Section
Court.
2
provides that "advertisement, offering for
v";.v,:
■
A'r' 'S'./
-'"A
—•
v
>'
The Commercial & Financial Chronicle
3138
Justice Stern,
been
enacted
in his opinion, pointed out that statutes of this type had
about 20 States since the passage by Congress of the
Act in 1930.
,•
V
in
Robinson-Patman
"Except in
the
from
few instances, however," he pointed out, "they differ
Act of Pennsylvania in that, instead of a general
very
a
Sales
Fair
prohibition of sales below cost, they forbid such transactions only when
engaged in for the purpose of destroying competition, injuring competitors,
deceiving or misleading customers, or creating a monopoly.
"That
the
sell
will
within
it
right of
is
Previous
of property to fix the price at which he
owner
an
attribute
inherent
an
the protection
of
have established this
cases
the
itself,
property
of the Fourteenth Amendment.
as
.
and
such
as
."
.
"well-settled general principle,"
a
is
Advised
Americans
and
sacrosanct
of State advised Americans
The United States Department
previously advised Americans to leave that country,
revealed in Washington May 14.
Associated Press
Washington advices of May 16 said:
had
it
was
announcing this [warning to leave—ed.] today,
officials here "will consider the possibility of sending
of Ireland a vessel for use of those desiring to return to
added that government
to the west coast
United
the
governmental regulation.
Leave
to
May 15 to leave western and southern European countries
before further spread of the war and on May 16 issued a
warning to citizens to leave the British Isles and go to Ire¬
land.
United States Ambassador to Italy, William Phillips
The State Department,
in this day would attempt to maintain that this right
wholly immune under any and all circumstances from
one
no
Department
State
by
1940
Europe and the British Isles
he said.
"However,
May 18,
States."
Americans are in Great Britain and Northern Ireland,
More than 7,000
according to State Department figures.
Investment in United States of Low Coun¬
Switzerland Exceeds $2,500,000,000
Combined
and
tries
The United States
Department of Commerce
a
investments in those countries.
STATES INVESTMENTS
UNITED
ESTIMATED
NETHERLANDS,
BURG,
Following
AND
IN
the figures:
are
BELGIUM, LUXEM¬
(END OF 1939)
SWITZERLAND
announced yesterday for the concentration of Americans for embarka¬
Spain or Portugal.
tion at Bordeaux, France, or in
May 10
on
tabulation showing the investment position of the
Low Countries and Switzerland in the United States and our
issued
decision represented a change in the arrange¬
The State Department's
ments
It
by
necessitated
was
recommendation
a
of Ambassador
Joseph
P.
Kennedy in London based on what Mr. Kennedy called "increasing diffi¬
England to France."
culties in passenger services from
Ireland is in the ocean danger zone closed to American ships, but the
permit a ship to proceed through the area to remove
State Department can
refugee citizens.
In
In Millions of Dollars
its
making
the department
announcement,
declared that it
"has
repeatedly and during many months advised Americans in belligerent areas
Direct
to ret urn to
Portfolio
35
Country
30
Short-terma
Total
the United States."
"Every facility has been afforded them to do so," the announcement
'
Belgium
Luxemburg
-
8
■■■
#
-
said.
"Ships were sent to Europe to be available for their repatriation,
and funds
Netherlands
19
9
28
Netherlands East Indies
70
#
Netherlands West Indies & Surinam
20
*
20
8
17
loaned to those who were destitute or financially embar¬
were
70
Switzerland.—
*
No
9
data available,
At
a
Jan.
31,
rassed.
"In spite of these warnings many
1940.
IN THE UNITED STATES OF BELGIUM,
LUXEMBURG, NETHERLANDS, AND SWITZERLAND (END OF 1939)
T
•
/•
today faced with another emergency in helping them return to the
States."
;v
'
In Millions of Dollars
'
,
The text of the blanket warning
INVESTMENTS
ESTIMATED
Americans chose to stay and the depart¬
ment is
United
--
of the State Department
of that
issued May 15 was reported in Washington advices
date to the New York "Herald Tribune" as follows:
'
"Commencing some time before the outbreak of hostilities in Europe last
Common
Country
,
Direct
■
Bonds
45
5
10
480
1
65
-
-»
74
Switzerland
At Jan.
31,
September,
Total
-
296
i
*
14
8
-
205
1,076
*
25
411
1,115
1940.
Americans to
invited
"The duty
publics
to
Protest
in
Neutral to
Against
Join
Other
American
Re¬
German Invasion of
Change Status From
to
States
has
decided,
officials said tonight,
in
of the government toward its citizens in a war area is accom¬
obtaining
that although this Government was always disposed to give full considera¬
Americans to leave and to
France.
will
They
Extension
was
bound by the neutrality Act
not
provide for
non-belligerency.
protest of the invasion of the Low Countries,
sug-
that they
considered the violation of the neutrality or the
as unjustifiable in the conduct of
war, was sent to the United States by Narcisco Garay,
Secretary ot Foreign Relations of Panama.
The text of Senor Garay's message to Secretary Hull, sub¬
mitting the draft text to the United States, was as follows:
invasion of weaker nations
Excellency,
of Farm
transmit to your exceUency:
emotion
suffered by
of
the
on
sovereignty
and
Belgium, Holland and Luxemburg.
violation
of neutrality
The Government of the
Republic believes that respect for the rights of neutrality is an international
principle which should be firmly maintained, whatever the circumstances
may
be in which the belligerents find themselves.
voking Articles IV and V of the 9th
end
Resolution
that the other American governments
possibilities of
a
joint declaration
on
I take the liberty of in¬
approved at Panama to the
be
consulted
concerning the
this subject.
"I respectfully request your Excellency that on transmitting the contents
of this dispatch to the'other governments of America you be good enough
to inform
receive
a
Please
them that they, like the Government of your Excellency,
will
draft text which this chancellery will send."
be
good
enough,
products and
an
me
of your agreement
NARCISCO
of the
or nonagreement.
GARAY,
Secretary of Foreign Relations and Communications of Panama.
and
Belgium
United
States agricultural
important source of supply for the United
of
Department
the
Agriculture
announced
Office
States
of
Relations
Agricultural
Foreign
of
of
Netherlands and
Netherlands
these
the
Department of Agriculture show that both
Belgium have been among important
In 1939
export outlets for American agricultural products.
the
on
Figures compiled
invasion, it was explained.
the
the
for
market
The effect upon both countries depends upon the
extent of the
by
products
about
Belgium
and
$39,000,000 worth
approximately
bought
$27,000,000
worth.
Together they took about 10% of United States agricultural
exports to all countries.
tively,
fourth and sixth most
States agricultural exports.
on
outlets
for
The Agriculture
De¬
important
to state:
combined exports
the Netherlands are primarily to the United
from
Kingdom and Germany,
lands
In 1939 they constituted, respec¬
the
United
the United Kingdom taking 50%
of the Nether¬
and Germany
of dairy, hog, and poultry products,
about
22%.
In 1938 the Netherlands exported to the United Kingdom
78,000,000 pounds of butter, 22,000,000 pounds of cheese, 58,000,000 pounds
bacon, and 70,000,000 dozen of eggs.
This constitutes about 20% of
of
the
United Kingdom's total
imports of eggs and about 8%
of its imports
of butter and bacon.
Belgium does not export agricultural products in
tities.
However,
grains
and
like the
oilseed
feeds
Netherlands,
for
its
it requires
livestock
any
appreciable quan¬
substantial
imports
of
industry.
During 1939 the percentage of United States exports to the Netherlands
and Belgium was:
Wheat, 32; flue-cured tobacco, 9; Western fire-cured
tobacco, 18; fresh apples, 18; prunes, 17; raisins, 19; soy beans, 53;
oil
cake and
oilcake meal,
71,
and
corn,
25.
Since the outbreak of
war in Europe these countries have been relatively
important markets for some United States agricultural exports.
For example, from
September, 1939, through March, 1940, they have
taken 45% of United States exports of wheat,
41% of United States
even
Excellency, to consider the proposal
Uruguayan Government and advise
Netherlands
to
to the Netherlands and Belgium threat¬
war
important
an
Agricultural exports
"The Government of Uruguay has learned with
attack
by
Exports in 1939
partment went
The President of the Republic has received from the
Ministry of Foreign
Relations of Uruguay the following cablegram which I have the honor to
keen
War
Extension of
Cordell Hull, Secretary of State of the United States of
America,
Washington, D. C.
The department
areas.
Important Market for United States
Agricultural Products—Two Countries Took 10%
United
They contended also that international law does
also renewing their invitations to
are
making of arrangements for their evacuation
the
of
develop¬
The department's
Threatens
prospect of any change in the Act at this session of
fested in of the American Republics at Panamathe October
Ministers accordance with the declaration of
in Foreign
His
remain such
compel the return of its
also proceed to Spain or Portugal.
may
consider
then
Kingdom,
The
possibly assist-
to
proceed to the Bordeaux region in southwest
American vessels from those
May 11.
status of
chose
spread of hostilities, have invited citizens within
officers in Great Britain and France
subscribed to them.
a
those who
their respective districts to return to the United States.
tion to the ideas of friendly nations this did not mean that the Government
Congress.
and
There can be no insistence upon the depar¬
be possible.
as may
and the possible
ments
that it cannot
They made this statement after Secretary of State Cordell Hull had said
was no
transportation
himself must make.
ens
Officials said that the United States
com¬
"Exercising the discretionary authority referred to above, the depart¬
instead of neutrality.
and that there
Europe unless they have
citizens and the decision whether to remain or depart is one the individual
accept Argentina's proposal to adopt a Pan-American policy of non-belliger¬
ency
in
ment's officers in southern European countries, in view of recent
Department announced Mav 14
that this country will support a proposal of Uruguayan
Foreign Minister Alberto Guani, made the day before, that
the 21 American Republics join in a united protest against
the German invasion of the Low Countries of Europe.
A proposal made by Argentine Foreign Minister Jose
Maria Cantilo, also on May 13, that the Pan American
countries adopt an attitude of "non-belligerency" instead of
neutrality was rejected by the United States the same day.
Non-belligerency, it was explained, would mean a relationship
with the Allies such as Italy has with Germany.
Associated
Press advides of May 13 fiom Washington said:
United
areas
ture of our citizens since the government may not
Non-Belligerent
The United States State
The
war
them to leave, while affording those who chose to go every
Willing
Low Countries—Declines
leave
plished when it has advised them of the dangers of the situation and invited
protection
States
acting under the dis¬
have generally and continually so
pelling reason to remain.
2
tance
United
Europe,
the department's officials in
cretionary authority which they have or warning Americans of dangerous
167
1
540
8
205
Netherlands East Indies..
a
Short-
situations and inviting them to leave,
3
data available,
Other
term
178
Luxemburg
Netherlands
No
and Pref.
Stocks
71
Belgium
*
'■
more
exports
of
soy
of
Western
beans.
fire-cured
tobacco,
22%
of
raisins,
and
over
60%
Volume
The Commercial & Financial Chronicle
150
Committee
Formed
lands
in
New
Commercial
Main Office
York
Care
to
Nether¬
for
Interests—Dutch
Transfers
also
are
contributing large
"Motor vehicles,
F The Netherlands Chamber of Commerce in New York,
Inc., of which James C. Blaine is Chairman of the Board,
ship and
and of which Dr. A. E. D.
ment in the same
Heading
Saher is
von
the President, is
organization with several committees to take care
the Netherlands commercial interests, it was
disclosed in an announcement issued
May 17, which went on
of
an
of
some
to state:
equipment
Shipping Committee has been organized under the Chairmanship of
A. Gips of the Holland America Line.
represented
are
on
All the Netherlands steamship lines
this Committee, which will act under the direction of a
A special committee of
purpose
Shippers to the Netherlands East Indies has been
Similar action will be taken con¬
cerning the Netherlands West Indies.
'
,
,
States has been formed under
Chairmanship of Dr. A. E. D.
Saher.
von
purchases and other agreements in this country, his special committee has
to
well
American firms.
as
The task of this Committee is to accom¬
plish reasonable settlements.
was
hear
taxes
indirectly
of
the
taxation
general
their
and
functions
personal property.
or
through
the
the
of
use
owner¬
of
govern¬
Motor vehicle
services
of
filling stations, &c., similarly taxed.
Use of
says the report, "in business enterprises is varying subject
or net earnings, and capital stock and other like taxes.
vehicles,"
income,
is
gross
in
a
no
given taxing jurisdiction."
Belgian Relief Commission
be
to
Headed
by Herbert
Hoover
Charles Hallaert, Belgian Consul General in New
York,
May 15 announced that a new Belgian Relief Commission
had been formed and that former President Herbert Hoover
had
accepted the Chairmanship.
the intention of the Netherlands Government to pass a law
which
The New York "Herald
Tribune" of May 16 also had the following to say:
The decision to reestablish the C.
economic machines operating
R. B., which was one of the
during the World War,
afternoon at the Waldorf-Astoria at
The Netherlands Chamber of Commerce in New York has been informed
that it
methods
same
other real
as
reason
for assuming that the payments made in these ways
for the general functions of
government are not generally commensurate
with those made by other
property or enterprises subject to like taxation
been organized to take care of these problems in the interest of the Nether¬
as
also
the
by the exercise of
manner
on
Running Contracts of Netherlands firms in the United
As many firms in the Netherlands in Europe have a
great number of running
lands
benefit
of facilitating and furthering the export of American
goods to the Netherlands East Indies.
A Committee for
functions of
general
public garages, repair shops,
Netherlands Shipping Committee in London and in close cooperation with
Netherlands officials in this country.
organized for the
of
support
bus and truck terminals, and shops and their
garages,
subject to
are
use
operators
motor
There
A
the
to
sums
government.
Batavia
to
3139
the report of the Government experts shows that highway users
way costs,
a
largest
reached Tuesday
was
conference attended by Mr. Hoover,
Mr. Hallaert and representatives of the three largest Belgian organizations
in
this country:
the Belgian League of Honor, the Belgian Chamber of
would enable the Government to cancel the authority of officials of Nether¬
lands corporations in invaded areas.
Another law has
Commerce and the Belgian Benevolent Society.
Mr. Hallaert said that many generous offers of financial support for redef
for
in Belgium, which at present is largely an Allied-Nazi
battlefield, has been
already been effective
time that Netherlands corporations can transfer their seats from
some
the Kingdom in Europe to the possessions of the
Kingdom in America
Asia.
In this
case
authority to act
on
of these facts
received, and that all such offers would be handled from
Commission.
American firms to be
in Europe can prove to be of no value and without
authority.
Primary Banking Duty is to Fulfill Community Re¬
sponsibilities, Says H. W. Koeneke of A. B. A.
The
Transfer of the bead office of the Netherlands Trading
Society to Batavia was made known May 16 in the following
cablegram received by the Bank of Manhattan Co,, New
Trading
Society.
Arrangements
branches outside Holland of this important banking
to continue their business.
for
effective
are
the
and merchant house
The head office of the bank has been transferred
Batavia and the control of various branches is exercised from London
to
through
British
a
Netherlands
company,
Trading
Society,
East,
Ltd.,
which has been established for the purpose, with the managing director
the Netherlands
Trading Society in charge.
Friar, London, E. C. 2.
Dutch
East
Indies
intact
are
The offices
and
addition
in
to
which
the
in the
were
control has
Appeals for $10,000,000 War Relief
Roosevelt
Urges Support of
Drive
Red
Cross
has
started
a
On the
tion.
day President Roosevelt issued
same
state¬
a
ment
urging all /Americans with sympathy for the peoples
of those countries suffering "the horrors of invasion and
aerial
bombardment to respond
quickly and generously to
local
went
state:
to
on
obligations.
First,
we
and second,
we
bank
if
we
credit
Third,
in
hank
in
do
to
will
I
Bed
Cross
has
issued
appeal for
an
a
Americans who have
Fourth,
list
long
those who
of
bombardment
a
suffering the
are
horrors of
invasion
and
respond quickly and generously to this appeal.
The American Red Cross, our official national volunteer relief
is
efficiently organized to
the logical
for
the
we
will
through which
agency
innocent
fail
not
victims
such
answer
of
the
emergency
citizens
our
that
wars
the
Netherlands
of
the
have
we
for
is
I
am
Report
i,
of
Condemns Excessive
civilian
and
Highway Taxes
"public utilities" and that
highway users must be taxed to the point where profits are
returned is demolished in a report of a six-year study by
Federal Government experts, according to Edward D. Cray,
Secretary of the New York Petroleum Industries Committee.
"Federal
report,
Aids
to Transportation," issued by
Transportation, may be obtained
by any taxpayer from the United/ States Superintendent of
Documents, Washington, D. C.
Concerning the report the
the Federal Coordinator of
committee's
The
not
way
report
be
as
"the
and
congruous
and
fact
users
that
highway
appears
to result
in
to
on
a
a
substantially
tax
a
should
such
hypothetical investment.
improvements
make
have been
charge
form of
(on
It is
financed
investment)
double
a
hundreds
pointing out that highway
of
millions
of
dollars
users
over
and
a
assistance
above
their
fair
are
share
take
can
the business
of
the place
If
have
we
our
our
local
lost
the local
to retain
are
we
in
shall
We
we
shall
have
ourselves
to
the
change
of
national
are
not
we
and
must adapt and put
have
evolved
been
the
in
found
to
Bankers Association stands
be
ready
particular.
that
we
discharge
while
also have
banking system
a
as
responsibilities
our
pri¬
are
obligation to the Nation
an
whole.
In these modern
commodities—national
their
in
days,
flow
community obligations unless
and improve the entire banking system.
part to preserve
our
communities
our
The American
this
to the
credit
and
money
adapt
banking services that have been
into
local communities,
whole and
effect.
to
community institutions
as
new
fit
it should be pointed out
our
and
also
we
Federal Government Has 12,400,000 on Monthly Payroll
Amounting to $509,000,000, According to Study by
National Small Business Men's Association
According to a tabulation of Federal payroll items, made
public May 11 by the National Small Business Men's Asso¬
ciation,
of
the
month for
Federal
Government makes
checks
out
every
than
12,400,000 individuals throughout the
country.
This monthly payroll, including all forms of pen¬
sions and public assistance, amounted to $500,000,000 for
January, 1940, or at the rate of approximately $6,100,000,000
a year.
"The figures are taken from official reports and
include only the direct recipients of regular monthly pay¬
more
ments from the Federal
Government," said Donald Despain,
"They do not
include roundly 1,700,000 direct relief cases supported by
other public funds in the States and local communities.
Executive Vice-President of the Association.
This
expenditure, from non-Federal funds, amounted to an
$42,396,000 for January, 1940."
Mr. Despain
additional
continued:
after
two
or
correction
more
contributes
families.
1
"
Allowing for single
persons
for
those
sources,/we
still
in
»
the various
families
find
groups
receiving
that
the
means
in¬
that
every
third
Government checks
Washington
persons
family
the Federal rolls,
on
fabulous
directly to approximately 26,000,000
This
being supported
in
in
the
some
United
from
payroll
11,000,000
States
is
Treasury.
taxation—for
in the United States
places
the
as
years
by
provision of the facilities and for the privilege of using them."
After
lend
and
Mr. Cray explained, that highways
"public utilities" and should not be taxed in
to yield an enormous "profit"
that
taxpayers
the
says:
definitely states,
regarded
as
stated
announcement
as
recover
obligation
banking practice.
Fifth,
,
Wayne C. Taylor, head of the European
Red Cross, has been ordered to
plan of relief for Belgium.
The theory that highways are
The
few
confident
■
relief
knows
obligation to study their competition and meet it
an
agency,
$100,000 each to Belgium
immediate
it
therefore
their compassion
overseas.
unless
public demands more service from banks and is willing to
If we are to serve the increased demands for our communi¬
for it.
marily to
do
American
Brussels to map a
Federal
It
'
them.
military wounded.
mission
calls.
can express
rage
On May 11 the Red Cross cabled
and
aerial
to
obligations
No outside agency
have and
we
The
use
past
war-relief fund of
feeling of deep sympathy for the
peoples of those unfortunate countries who today have been added to the
all
urge
about
can
we
effectively.
through aggressive solicitation and adequate service rates which
profitable to the borrower as well as ourselves.
be
sound
$10,000,000.
them
so
times.
to
American
least
obligation to learn all
community
satisfactory service to the local community.
business
the
of
The
serve
its
an
way.
our
at
an
to
opportunities.
banks have
realistic
a
hold
r
have
are
and
production possibilities of its territory.
No bank can
discharge its obligations fully by waiting, for customers to come to the
The officers must get out into the trade to uncover credit need3
such
follows:
several specific
us
bank.
ties and
ment
upon
conditions
pay
The text of the President's state¬
communities imposes
must constantly improve the quality of our manage¬
fulfill
can
into
May 11, page 2972.
Bankers
American system
our
■
This responsibility to our
convention in
of
May 3 in
development, the first duty of any bank is to the
of its community," Mr, Koeneke declared.
He
this appeal."
The appeal was made under the authoriza¬
tion voted by the delegates of the Red Cross at their annual
Washington last week, noted in these columns
"Granting that
on
Oklahoma
the
interests
campaign for a
European war relief fund of $10,000,000, it was announced
May 10 by Norman H. Davis, Chairman of the organiza¬
of
government is founded upon local autonomy and local
development, and that the local banker is the center of this
and
The American
Association, asserted
meeting
a
of
communities
Fund-—President
before
address
No
American Red Cross
bank is to fulfill its community
any
Association at Tulsa.
ment,
adequate funds at its disposal.
duty of
of the American Bankers
18 Austin
are at
The main assets of the bank which
of
first
responsibilities, Henry W. Koeneke, Second Vice-President
an
York:
Netherlands
new
♦
instructions which might come from the Netherlands
as
by the
now on
•
behalf of the companies.
The Netherlands Chamber of Commerce advises
aware
and
the officials in the Kingdom of the Netherlands lose their
The
burden
of
outlay has been
paying
high¬
economy.
in
some
taxes
degree
and
debt
by
a
which
monthly
check
supports
every
working man's
before the pay envelope is opened.
pay
the
Federal
this tremendous Federal
holding back business recovery in
One-fourth of
from
every
field of national
is earmarked
for
taxes
The Commercial &
3140
throughout the United States would provide
business recovery
Genuine
millions now on the public assistance rolls.
That is the
bright goal toward which every patriotic American looks hopefully—the
solid restoration of robust private enterprise.
Then, and only then, may
real
jobs
the
country
for
in Washington's gigantic
spending
made every third family dependent on
curtailment
expect
bureaucracy, which already has
some
form of public assistance.
No
But
one
in
the proper social functions of government.
day opposes
our
American is alarmed by the current
Our national energies must be directed
every
ment.
There is
The
no
path
substitute
to
for
to the creation of honest
job!
a
the
is
recovery
trends in Federal manage¬
socialistic
today's
from
away
that
direction
lies
the salvation of the independent business man
America.
-
in
Albright—Secretary of State Savings Banks Asso¬
ciation Says Deposits in New York Are at Record
High
conviction that what the saving public wants is
security," stated Paul W. Albright, General Secretary of the
Savings Banks Association of the State of New York at a
luncheon meeting May 16 of the New York Financial Adver¬
tisers.
"Despite the limitations on new deposits and
despite the 2% maximum interest rate for savings banks
fixed by the Banking Board," Mr. Albright continued,
"savings banks' deposits in New York State have shown an
increase in each of the last 6 years and are now at an all"It is my
time high record of $5,675,000,000.
The deposits in
mutual savings banks in this state approximate 10% of
total bank
deposits of all kinds in the United States."
Albright went
134
the
Mr.
in offering security for the
They do not have to maintain a guaranteed divi¬
profit to take care of bond
savings of our people.
to direct full
Consequently savings
invested capital.
banks
are
earnings to the credit of their depositors.
splendid record of
savings banking is the caliber of the individuals who serve without com¬
I challenge anyone to show me a group of
to savings bank trustees either in standing in their com¬
pensation as their trustees.
munities, in business judgment, or in sound American principles.
SEC and Investment Trust Representatives Agree on
Regulation Measure
The Securities and
Exchange Commission and representa¬
trust industry have reached an
agreement in principle on a series of recommendations to be
made to the Senate Banking and Currency Subcommittee
on pending legislation for the regulation of the industry, it
was announced May 15 by Senator Wagner,
Chairman of
the Senate Banking and Currency Committee.
The text of
a statement issued by Senator Wagner follows:
of
the
investment
Following the close of hearings on the proposed Investment Trust
Bill
(S. 3580) before a subcommittee of the Senate Committee on Banking
and
by
representatives of the Securities and Exchange Commission and representa¬
open-end and closed-end manage¬
tives of the most substantial part of the
investment
companies
in
this
country,
with
aggregate
$1,000,000,000.
These
with respect to
have
held
were
with
a
view
of
of attempting to formulate,
the pending bill, a series of recommendations which would
have the approval
sentatives
assets
■
conferences
of both the industry and the Commission.
reported
that
they
are
now
in
complete
These repre¬
agreement
in
principle and that they expect to be in a position to submit to the sub¬
committee
in the near
future, for its consideration, their detailed recom¬
planned on the basis of
than are now available on eligible investments.
instances this presents a serious situation which calls for revision
In many
plans and programs.
of basic
♦
Congress Urged by Merchants' Association of
New
York to Increase Air Defense by Amount Recom-
The conclusion of
mentioned in
the Investment Trust Bill
issue of May 4, page 2809.
hearings
our
on
events in Europe, the Board of Directors
Merchants' Association of New York is calling upon
Congress to increase the
Agency Be Broadened to Assist in Land Assembly
for Redevelopment Companies
communication to members of Congress, the National
Association of Real Estate Boards on May 11 suggested that
In
a
the legislators make no
added allowance or appropriation for
Housing Authority at this time, but that
opportunity be given instead for study of a new plan which
would alter th9 direction of USHA activity and greatly
broaden its usefulness.
The Association suggests that
USHA be broadened out into an agency which would help
to attack tue great problem of blighted areas in our cities by
assisting in land assembly and by chartering redevelopment
companies to function by a limited dividend basis.
The
proposal is for a partnership with municipalities and with
private enterprise through which run-down areas can be
redeveloped and low-cost housing can be provided that
could reach far down into the income groups not now ade¬
quately served.
the United States
United States air defense by pro¬
funds to carry out the current airplane
construction program recommended by the Army Air Corps
and the Bureau of Aeronautics of the Navy, according to
an announcement made May 12 by John
Lowry, President
of the Merchants' Association.
Mr. Lowry said that the
action had been taken by the Association as a result of a
study made by its Committee on Aeronautics which is
headed by Colonel B. F. Castle and contains among its mem¬
bers other specialists on aviation.
The committee's report,
made public by Mr. Lowry after it had been approved unani¬
mously by the Board of Directors, holds that in view of
recent events the construction of the full number of 2,100
viding immediately
recently recommended by the
"with maximum speed."
airplanes
Merchants'
New
Association of New York Electa
Directors—Five
Others
Reelected
Goldenweiser Says
Capital May Have to Resign
Itself to Lower Return
Three
added to the directorate
York at the annual
meeting of the Association's members which took place
May 14. The Association's new directors are:
James S. Carson, Vice-President American and Foreign Power Co., Inc.
Three business executives were
of the
Merchants' Association of New
President Lord & Taylor.
Walter Hoving,
Webb, President Ethyl Gasoline
Earle W.
directors
Five
of
Corp.
Association
the
were
reelected
as
follows:
Becker, President Intertype Corp.
Dow
C.
William
Breed,
of
Breed,
Abbott & Morgan.
William Ieelin & Co.,
Cromwell, Chairman of Board,
Lincoln
Malcolm
Muir,
Presbrey, President Cecil &
Dominance of
of
Inc.
President Newsweek.
a
Presbrey, Inc.
Essential to Survival
Sense of Justice
Democracy Says
Chief Justice Hughes
Hughes, at the opening session of
of the American Law Institute at Wash¬
Chief Justice Charles E.
the annual meeting
ington on May 16 said that the "dominance of a sense of
justice" was essential to the survival of a democracy.
Washington Associated Press advices reported remarks of
Justice Hughes as follows:
If democratic constitutions are to survive, it will not be simply by main¬
taining majority rule and by swift adaptations to the demands of the
moment, but by the dominance of a sense of justice which will not long
survive if judicial processes
do not conserve it.
of a sense of justice as the
judge was "the symbol not so much
of power as of justice—of patience and fairness, of a weighing of evidence
in scales with which prejudice has not tampered, of reasoned conclusions
satisfying the sensitive conscience, of firmness in resisting both solicitation
Justice
Hughes, discussing the importance
keystone of
and
a
democracy, said that a
clamor."
He told the institute that
be working well.
ments
rules of procedure seemed to
recognized the power of Congress,
the new Federal
He said that while he
"we should endeavor to establish the
E. A.
Army Air Corps
should be pushed
Charles
National Real Estate Body Opposes Further Appropria¬
tion to USHA at This Time—Asks Instead That
Air Corps
mended by Army
Stirred by recent
Neal
mendations.
was
it has increased the difficulty
capital invested in the business.
of many of these institutions were
The operations
Currency, extensive conferences were held, pursuant to my suggestion,
ment
it has raised difficult
For the banks
of the
Perhaps the greatest sing.e factor contributing to the
tives
the same time
higher returns on money
able
attention to the safety of their investments and to return ah
1700 men superior
borrowing for business purposes.
problems for many classes of
of making sufficient
To meet this situation,
many banks have expanded their field of operation into bond investments,
other longer-term credit, personal loans, installment financing and in other
directions.
Bank expenses incurred in paying interest on deposits have
been greatly reduced and service charges have been generally imposed
Availability of United States Government obligations as a medium for
investment, both at long and at short term, and the consequent opportunity
for banks to place some of their funds in excess of current commercial de¬
mands in Government securities, has helped the banks to make reasonably
adequate returns on their capital, notwithstanding the small amounts of
commercial loans and the reduced rates of return that have prevailed
generally both on loans and on investments.
A study of bank profits in
recent years appears elsewhere in this issue of the Bulletin.
Other types of lenders for whom low money rates have created serious
problems are insurance companies, endowed institutions, trust funds and
others whose income is derived largely from fixed-interest rate obligations.
At
dend or interest rate, nor do they have to earn a
or
consequent easing of many debt burdens, especiaUy for farm
and certain corporate borrowers.
It has also reduced
and home owners
to say:
on
Savings banks have an outstanding advantage
indebtedness
two sides to
lender's.
earnings on the
Their Savings Says P. W.
People Want Security for
the problem of money rates: the bor¬
From the point of view of.the borrower the decline
enabled many debtors to refund long-term debt at lower interest
rower's and the
lenders.
'
,
;-;'vV
*
net
says:
There are, of course,
the cost of
bureaucracy.
In
Board,
rates, with a
"7.;v;
path
fundamental conditions, he continues, has far-reaching
implications, not only for investors but particularly for those
who are responsible for formulating policies to be pursued
by the Government and by private enterprise."
Concerning the problems raised by low interest rates,
Dr. Goldenweiser, who is research director of the Reserve
in
in rates has
encouragement of private enterprise.
self-sustaining jobs, through
May 18, 1940
Financial Chronicle
of amend¬
assistance of
tradition that the initiation
should remain with the court,
acting with the expert
judges and members of the bar."
.
Asserting that the United States has undergone a trans¬
formation from a debtor country with a shortage of capital
to a creditor country with an abundance of investment funds,
Dr. E. A. Goldenweiser, in an article on "cheap money"
in the May issue of the Federal Reserve Bulletin, says
"capital has lost much of its scarcity value and may have
to be content with more moderate returns."
"This change
Program to Aid United States Recovery Offered by
Henry H, Heimann—National Association of Credit
Men to Hold Annual Congress
A political platform, reflecting what he considers the
generally expressed viewpoints of the majority of American
business men as to stimulating national recovery, is presented
Volume
The Commercial & Financial Chronicle
ISO
for "the consideration of either
or both major United States
parties" by Henry H. Heimann, Executive Manager of the
National Associatiou of Credit Men, in the Association's
Monthly Business Review released May 17 as an advance
report to the Association's 45th annual Credit Congress
which opens May 2Q in the Royal York Hotel, Toronto, Can.
Coincidentally, this will be the First International Credit
Congress, being jointly sponsored by the United States
organization and the Canadian Credit Men's Trust Associa¬
tion, Ltd., and approximately 1,500 delegates from the
United States and Canada are expected to be in attendance.
In presenting this "business man's political platform,"
Mr. Heimann points out that "there would, of course, be
individual differences of opinion in regard to specific
some
items."
Main
points embodied in the credit executive's suggested
are American neutrality, aid in post-war
reconstruction,
western
hemisphere
trade
stimulation,
balanced governmental budgets, a scientific tax program,
recognition of labor rights, acceptance of the necessity of a
prosperous agriculture and a strong middle class, opposition
to the growing bureaucracy, respect of freedom of press and
religion, independence of the three branches of government,
opposition to inflationary money programs, attack on the
unemployment problem, and defense of the Constitution.
political platform
"for the coordination of all of the Association's Public Information activities
of every kind, including all written or
spoken statements made on
of the Association."
■
•/ '\
Adopts Public Information
Program-—President Connely to Serve Additional
Term to Carry Out Plan—Meeting of I.
B. A.
Governors Supports National Defense ProgramMessage to President Roosevelt
Emmett F. Connely, Detroit investment banker, President
of the Investment Bankers Association of America,
"which
May 13 adopted an ambitious program of public informa¬
tion, agreed May 15 to assume direct personal charge of
carrying out that program. He has consented to devote his
entire time to the undertaking as Chairman of the newly
created Public Information Committee, taking a leave of
absence from nis own business, the First of Michigan Cor¬
poration, of Detroit, of which tie is President.
This was announced by the I. B. A. following the third and
closing session on May 15 of the regular spring meeting of the
Board of Governors of the Association, held this year at
White
Sulphur Springs, West Virginia.
Approximately
on
350 members of the association attended the meeting.
At the same time, it was announced, Mr. Connely
behalf
...
Dispatches of May 13 to the New York "Heiald Tribune"
Sulphur Springs, said in part:
from White
At
a
meeting here unprecedented for attendance and enthuriasm, the
Board approved unanimously a series of recommendations submitted by
Bronson
Batchelor, Public Relations Adviser, who has just completed
two months' survey
a
that is to become the foundation for the first compre¬
hensive and aggressive effort of the I. B. A. to take its story to the public.
A decentralized program of activities in the various
of the Association
outlined by Mr.
was
role of investment
a
number of
integral part of the
v.vV.:
Among the first steps to be taken, it
of
as an
;;V-
;
geographical groups
Batchelor, who emphasized that the
banking should be portrayed
free enterprise system.
was
recommended, is the making
analyses of the industry itself, and other fact-finding studies
thich to base future association policy.
on
Emmett F. Connely, President of the Association, called attention to the
fact that
a 28-year precedent of
dignified silence is to be broken with the
inauguration of this plan of public information. He pointed to the record-
breaking attendance
behind the
at
this
meeting
as
evidence
of the united support
undertaking.
new
"It is due primarily to a sense of crisis that every member
feels," he said.
"It is
the unanimous sentiment that a §€and must be made once and for all
against over-stringent regulation of capital issues and bureaucratic inter¬
ference which has contributed to the throttling of new
A nation-wide committee appointed to sponsor the
was
announced
Paul H.
Investment Bankers Assn.
3141
as
enterprise."
information program
follows:
Davis, Chairman; Paul H, Davis & Co.; Chicago.
Augustus Knight, Yice-Chalrman; Knight,
1
Dickinson &
Kelly, Inc.,
Chicago.
P.
A.
Walters, Vice-Chairman; Stone & Webster and Blodget, Inc.,
Chicago.
California: Colis Mitchum, Mitchum, Tully & Co., Los
Jean
Angeles.
C. Witter, Daen Witter & Co., San Francisco.
Central States:
Eastern
Ralph Chapman Farwell, Chapman & Co., Chicago.
Alexander C. Yarnall, Yarnall &
Pennsylvania:
Go^» Phila¬
^
delphia.
Michigan: John W. Watling, Watling, Lerchen & Co., Detroit.
Minnesota:
Paul W. Loudon; Piper Jaffray &
Hopwood, Minneapolis,
Minn.
Julius W. Relnholdt Jr.; Reinholdt & Gardner St.
Mississippi Valley:
Louis.
New
England:. William A. Barron Jr., White, Weld & Co., Boston,
Mass.; William H. Y. Hackett; Tucker Anthony & Co., Boston.
New York:
Laurence M. Marks; Laurence M.
Northern Ohio;
Marks & Co., New York.
R. Verne Mitchell; McDonald-Coolidge
& Co., Cleve¬
land, Ohio.
Ohio Valley: Lowry Sweney; Lowry
Pacific Northwest:
Sweney, Inc., Columbus, Ohio,
Edgar N. Adams, E. M. Adams & Co., Portland,
^
Ore.
Rocky Mountains: John J. Sullivan; Sullivan & Co., Denver, Col.
has
consented to his nomination for reelection as President of the
Association. His election, to take place at the Annual Con¬
vention of the
Southeastern:
Southern:
C. Prevost Boyce; Stein Bros. & Boyee,
Baltimore, Md.
Equitable Securities Corp., Nashville,
Brownlee O. Currey,
Tenn.
J.
Fleming Settle, J.
H. Hilsman & Co., Atlanta, Ga.,
Charles W.
organization in December, is considered a
foregone conclusion in view of the unanimous suppoit of the
business for Mr. Connely's policies and administration of the
office.
It will be the first time in 24 years that an I. B. A.
president has served two term s.
The public information program, whose adoption was
ascribed to the "aggressive and militant policy" of Mr.
Connely as President of the I. B. A., was prepared by
Bronson Batchelor, New York, Public Relations Adviser,
and submitted to the meeting in the form of a resolution in¬
troduced by Edward H. Hilliard of J. J. B. Hilliard & Son,
A resolution adopted at the meeting May 14 supported
proposals of President Roosevelt and Congress to strengthen
the national defenses.
A telegram, embodying the resolu
tion, was sent to President Roosevelt by Mr. Connely. It
Louisville.
read
The resolution authorized and directed the fol¬
lowing procedure:
Warterfield, Cumberland Securities Corp., Nashville,
Southwestern:
Leonard Callender,
Calender Burke
MacDonald,
Kansas City, Kan.
Edgar C. Honnold, Edgar C. Honnold, Oklahoma City.
Texas: William C. Jackson Jr., Callihan & Jackson, Inc.; Dallas, Tex.
J. Ludwig Mosle, Mosle & Moreland,
Western
Pennsylvania:
an
indication of our support
(a)
tion
'
'
.
[the creation of
em¬
as
an
information
shall be
program
non-political and
non¬
partisan;
3.
The
public
information
shall
program
be financed
by voluntary
contributions;
4.
The President of the Association shall appoint a special committee
which shall have fuU authority to organize and carry out
our
another may
resolu¬
the regular spring
Board of Governors, as follows:
"The Board of Governors of the I. B. A.
portend
a
of America in meeting
assembled,
European nation after
safety of the United
threat to the future peace and
conviction that adequate national defense
States hereby expresses the
indispensable integral part of the American system of free enterprise:
public
subject that was adopted unanimously at
recognizing that the recent successive attacks on one
(c) To affirm and promote the function of investment banking
Such
the
meeting of
i
ployment by promoting the flow of piivate capital into industry:
2.
on
for your proposal to strengthen our
today's newspapers. I transmit a
National Defense forces, reported in
(b) To contribute to the general public welfare and
Leonard & Lynch,
follows:
as
1. A public information program shall be instituted:
prise:
Galveston, Tex.
Ernest O. Dorbitrz, Moore
Pittsburgh, Pa.
"As
To uphold and obtain support for the American system of free enter¬
&
is the
American people today, and
pledges the wholehearted support of this Association and its membership
to the President and Congress of the United States for ail sound measures
for speedy increase in the strength of our Army, Navy and air force so th
the United States may assure itself against similar attacks."
outstanding and paramount issue before the
the work of ob¬
taining such voluntary contributions;
5.
and
Full and complete authority and responsibility for the development
carrying out of the public information program shall be vested in
a
"Public Information Committee" consisting of the President of the Asso¬
ciation^ whb shall be the Chairman, and hot less than three hor
more than
Secretary Hull Sees THreat to Civilization in \Vorld
Conflicts—Tells American Society of International
Law We Cannot Exclude the Menace Through
Isolation
five other members to De appointed by the president.
6.
The "Public Information Committee" shall also be responsible for the
coordination
every
of
all
of
Association's
the
kind, including all written
or
public
information
activities
of
spoken statements made on behalf of
the Association and all recommendations and testimony to be submitted
to
public authorities on behalf of or by the Association.
Conflicts in
can
Jean
C.
Witter of
Dean
Witter
& Co.,
San Francisco,
past president of the I. B. A. and Chairman of the Nominat¬
ing Committee which induced Mr. Connely to accept re¬
election said:
assure
continuity of the vigorous administration of the program he has just in¬
He has
a
'mandate* from
us
and the whole investment banking
fraternity."
Five others who will
Committee
serve
under Mr.
Connely
on
the Public Information
are:
.
..
on
elsewhere in the
mere
eyes," he declared, "to what is going
World and delude ourselves with the
hope that somehow all this will pass us by."
made to realize "the immense
He said Americans must be
and means
translation
principles into firmly established international prac¬
significance of international law" and that ways
be sought to make "more effective the
should
Boston
of its
tice."
Starkweather & Co.
New York
Bacon, Whipple & Co.
Chicago
John S. Fleek
Hayden, Miller and Company
Cleveland
body has broad powers under the authorization granted
Board of Governors earlier in the present meeting.
'
The text
of
Secretary
to the Associated
Press:
by the
It is to have "full and
complete authority and responsibility for the development and carrying
out" of the new Public Information Program.
It will also be responsible
■
"We cannot close our
Louisville
John K. Starkweather
holding its annual meet¬
He said that the civilized existence of
mankind everywhere is threatened and that the menace
cannot be shut out "by attempting to isolate and insulate
Whiting, Weeks & Stubbs, Inc.
Jay N. Whipple
This
Society of International Law,
J. J. B. Hilliard & Son
Edward H. Hilliard
John O. Stubbs
threaten destruction "not
ing in Washington.
ourselves."
"The Board of Governors has drafted him for another year to
augurated.
the world today
only of life and property, but of religion, of morality, of the
very basis of civilized society," Secretary of State Corded
Hull said in an address delivered May 13 before the Ameri¬
Fellow members and guests
I
am
deeply appreciative
this society and
.
Hull's address follows, according
;
of the American Society of International Law:
of the privilege of
serving as President of
of opening its thirty-fourth annual meeting.
The Commercial &
3142
in this particu¬
fact that today
the subject of international law has an extraordinary significance.
It is no
exaggeration to say that never before, in the entire history of the human
race, has the problem of the preservation and development of order under
All of us,
as students or practitioners, are interested
jurisprudence, are profoundly conscious of the
who
lar branch of,
before has it
presented itself with such urgent acuteness.
Never
so fraught with import for the future of mankind.
law
been
nations rose and evolved
international anarchy. In
the ancient
the modern world, there
widely prevailed a concept that each nation was a law unto itself, the
sole arbiter of its international conduct,
fully entitled—if it possessed
sufficient strength—to engage in aggression and aggrandisement, to destroy
by armed force the ^dependence of other nations and. to subjugate other
peoples.
Force reigned supreme.
Human liberty, national independence,
confidence in safety and security on the part of nations and individuals
the structure of a law of
the ravages of
world and during the dark ages of
concept and
The
out of
spirit of protest against
a
jeopardy.
in constant
were
raised in protest against the nightmare of
in strength and influence, and ideas of
law-governed world emerged more and more.
Three
the genius of Hugo Grotius gathered these scattered
long centuries, voices
lawlessness grew
Over
international
how
achieve
to
hundred
powerful impetus to a new
ideas into a sharp focus and gave a
and
voices
a
ago
years
and more insistent demand that relations among nations
be based upon acceprance and application of well defined rules of inter¬
national conduct—upon a body of international law.
Since then, enormous advances
have been made in the character of
relations among nations.
There has been an ever-deepening and ever more
widespread recognition of the inescapable fact that an attitude of unbridled
license on the part of nations—in the same way that such an attitude on
^spirit, to
a
more
of individuals or groups within nations—is bound, sooner or
impair their own well-being and, in the end, lead them to
destruction.
There has been a wider and wider acceptance and application
the
part
later,
to
the
of
relations
their
in
possible only when
fact that true social progress is
with each other, as well
all-important
nations
individuals
as
and
within nations, are willing to practice self-restraint and to cooperate
groups
processes exist and
confidence without which indi¬
vidual liberty and a
free play of creative forces must necessarily be
precarious, and the onward march of man must be halting if not altogether
impossible.
.C'^v
;
V-"the
for
Only thus can orderly
of all.
good
greater
provide that social stability, security and
the
for
built
to
up
flowering
of
civilization
modern
our
and
effect
give
reality
order
to
They have been largely responsible
and among nations.
within
law
been
have
Institutions
under
of political
spheres
the
in
economic betterment.
has not been achieved without stupendous effort.
There
security, social justice, scientific progress and
This
progress
Frequently forces have arisen which
have challenged the very concept of order under law, especially in the
sphere of international relations, and have plunged nations into war, the
greatest of all deterrents to human progress.
That these challenges and the
conditions of international lawlessness
interruptions and setbacks.
have been
which
they
created
have
indomitable
lawlessness
to the light of
centuries
the
in
foundations
well
as
law
the
in
between
relations
these
Without
existence must crash
civilized
will
of
the ground.
to
be
under
each
other's
sider
Without confidence that
a
a
in
law
themselves
this respect, they must
in
secure
requires that nations respect
Unless all nations—large and small—can con¬
independence.
with
alternatives
tragic
National
resistance.
relations
international
confronted
being
armed
effort
defense.
abject
submission
be settled
by
of
individuals
refrain
shall
of
from
differences
settle their
the judicial process.
international
be
It is
by
revised
but
none
methods
of
self-help and the employment of
less necessary, if
force and
by
to have an orderly
are
we
society—a society capable of rendering
the greatest amount
good to the greatest number of people—that members of the family of
shall
nations
which
be
governed
to preserve its cherished institutions and to
citizens—is not secure against that menace.
by similar
as
efforts have been
for
instrument
an
Extensive
ments.
mediation
and
settling
for the settlement of their
processes
arbitration
made to
disputes
machinery
of
of
been
banish
and
judicial
has
the
treaties
revising
have full
up
this
for
recourse
armed
and
force
its
anarchy of
war
of
the world outside our borders
of international lawlessness.
We cannot close our eyes to what is going on elsewhere in the world
and delude ourselves with the mere hope that somehow—somehow—all this
is
on
trade
the
Such
national
the
and
other
economic
relationships
peaceful and orderly international relations.
Search for national eco¬
nomic self-sufficiency, discriminatory trade arrangements, failure to prac¬
tice the doctrine of equality of commercial treatment are among the most
instruments
have the effect of
mutually
such
of
warfare.
These
and
other
similar
beneficial
interchange
among
nations.
nations
of
useful
The resulting
goods
economic
In
an
of
each
and
nations.
recent years
vention
of
among
and
strain
and distress create social unrest within nations and lead to resentment
conflict
with
all
in
The world is today
of life and property,
countries.
destruction—not only
of
orgy
an
civilized society. The
law, justice and moral¬
nations, but also inevitably impairs, within nations, these essen¬
religion, of morality, of the very bases of
but of
spread of international anarchy not only undermines
ity among
existence.
foundations of civilized
tial
conditions, we have no choice but to expand our
the face of existing
In
provide fully
of armament construction to a degree necessary to
program
adequate means of defending this country's security and its rightful inter¬
ests.
But if mankind is to avoid a long-continuing period of chaos and
it
retrogression,
under
been
there
has
before
the firm establishment of order
through
be
only
can
Never
law.
need«for our people
greater
a
place the support of a wholly united public opinion behind our Nation's
efforts to exert the great weight of its moral influence in favor of a
to
of the basic principles or order under law,
revindication and revitalization
alone
which
and peace.
and appli¬
give lasting assurance of safety, security
can
Upon those of us who devote their lives to the improvement
cation of international law there devolves today a special duty.
task
to
help
It is
our
fellow citizens to a better realization of the crucial im¬
our
portance which preservation of international law and of order based on law
has for them and their country.
It is our task to make the immense
significance of international law a living reality in the mind
and heart of
American.
While doing
and
this
should constantly and persistently search for ways
international law and of mak¬
we
of strengthening the structure of
means
ing effective the translation of its principles into firmly
national
should
We
practice.
6pare
established inter¬
that the
demonstrate
to
effort
no
spirit which has made possible, over the centuries, immense forward strides
the
in
development of international law still lives.
by the cruel events which unfold all around them, millions of
have become a prey to doubt, hopelessness and despair.
Stunned
and
men
women
all the
It is
more
law
international
viction
and
I
am
who hold our
morality will triumph over the forces of lawlessness
they
as
who believe in the eternal vitality of
morality, to hold fast to the con¬
us,
international
risen to challenge the very concept of order
have again
law—just
lenges.
of
and
which
for
necessary
and
law
that
chaos
under
in the past, triumphed over similar chal¬
have,
certain of that triumph.
I am certain that we and others
beliefs will not falter in that faith or fail to do everything
possible to restore and extend the full 6way of effective international law
over
relations among nations.
Secretary
Aid
of
Hull
State
Deplores
Use
of
Science
Before
Force—Address
Brute
to
Secretary
as
American
13,
eighth
Cordell Hull, addressing the
State
of
American Scientific
Congress, meeting in Washington May
deplored "the fact that
blighting shadow of cultural
a
eclipse has temporarily fallen on so many countries" and
said the Americas are fortunate that here "thought is still
free and science is still untrammeled."
He told the 1,500
delegates from 21 American Republics that "a nation which
curbs freedom of thought or denies the dignity
soul dooms itself inevitably to decadence."
Press
advices
of
"In
social
flourish
cannot
where
freedom of
J
we
and
witness
anti-moral
made
a
use
and
of the achievements
possible
Mr.
Hull
however,
will
serve
in defense
by
said
great
that
constructive
thought
does
"Neither social
the
values
nor
greatest
which
the
science itself
exist,"
he
of anti¬
of science.
scientific
discoveries
or
.
,
.
are
in preparation for defense."
creating
rather
the fault
was
conditions
than
in
destructive
not
that of the scientists,
which scientific
social
and
moral
task for all mankind.
for
not
of the possibilities
some
declared that
declared
and
hand¬
a
nations in pursuit of policies of aggres¬
This compels other nations to create and wield
aggrandizement.
similar weapons
of
-
demonstration
stark
being created and wielded by
sion
Washington
from
follows:
brute force," he told the Congress.
added.
"Today
of the human
nations science has been reduced to the sorry estate
some
maiden of oppression and
"Science
13
May
further reported his remarks as
policies
disrupting the channels of trade, of reducing the volume
and of impoverishing all
most effective
system of government it is the
our
generations
future
of
lives
the
threatened
"Weapons
of
of
Under
policies.
safeguard for the maintenance and promotion of the national interest.
The world is today torn by conflicts, the outcome of which will affect
to the limbo of things forgotten.
among nations be conducted
principles of fair dealing and equal treatment.
Disregard of these
leads to economic warfare, which undermines the foundations
services,
us
pass
country of what
our
principles
powerful
by.
Never in our national history has there been a more
for a clear understanding by every responsible citizen of
is taking place in the world and of how it affects us.
understanding is essential to a wise charting and application of our
will
desperate need
Only by sincere
Finally, if order under law is to be stable and effective, it is essential
that
and security when a large part of
dominated by the forces
The
purpose.
It would suffice
to it.
determination to perfect it and to use it can mankind hope to relegate
international
We cannot shut it out
We cannot be certain of
isolate and insulate ourselves.
by attempting to
safety
agree¬
conciliation,
of
procedure,
built
of
use
efficacy of this machinery has been amply demonstrated.
if all nations would but resolve to
I am
promote the welfare of
peace,
Associated
centuries
anarchy
profoundly convinced that it menaces the civilized existence of mankind—
of every nation and of every individual.
Every nation and every indi¬
vidual should be actively on guard.
.
■- :;v
Our own Nation—powerful as it is and determined as it is to remain at
differences.
For
of a new descent into the conditions of international
characterized the dark ages looms on the horizon today.
The specter
that disputes among
and that treaties and agree¬
means,
by peaceful methods and, when necessary,
no
all nations
policies of many nations, causing immense material losses to
a marked lowering of the standards of living everywhere.
and
means
peaceful
adjustment.
It is necessary, as all right-thinking people agree, to the
peace and
tranquillity of the body politic of a well-ordered State that
shall
in its
Scientific Congress
but pacific
into,
entered
once
and treachery.
combined with the exercise of fraud
been subjected to new refinements of oppression
Economic warfare on an unprecedented scale and unparalleled
intensity has come to dominate the foreign trade and other economic
in
intensive creation
international relations requires
none
threat of force,
or
Conquered populations have
.
Order under law in
ments,
force
and cruelty.
or
half-hearted
be
either
fear
be increasingly diverted from activities
for the advancement of national welfare to the
nations
continually live in
of
then
must
the shadow of ever-present dread or
of
requires
the jungle.
of
Order
of
fabric
nations
among
nation will be kept and that an obligation assumed by a
honored, international relationships become reduced to the
promise made by
level
whole
the
and
It requires fulfillment of obliga¬
mutual trust and, in fact, of
scrupulous respect for the pledged word.
tions.
of
the face
the conditions which would prevail if they were destroyed.
as
under
Order
In
importance that every citizen visualize
international law and of order based on
features of
clearly the cardinal
relationships.
international
orderly
of
gestures and destructive action.
Powerful nations have
built up vast armaments for the avowed purpose of attaining their national
aims by force; and their action has compelled other nations—even those
most sincerely devoted to the cause of peace under a rule of law, including
our own—to increase to immense proportions their own armaments.
Peace¬
ful nations have been deprived of their independence by the use of armed
the
is
brushed aside with
have been
obligations
contractual
solemn
which
in
contemptuous
every
law.
challenge it is of the utmost
nation
the darkness of
rise from
to
powerful challenge
sort—a
law,
race
unhappy victim of another challenge of this
which threatens to wipe out the achievements
development of international law and to destroy the
mankind
Today
the human
of
determination
this
the
proof of
is
strength
behind the
very
setbacks
permanent
order under international law.
These facts attest the
of the spirit which has been the great driving force
world
of
concept
of
been
not
vitality and virility of the great principles underlying the whole
inherent
May 18, 1940
Financial Chronicle
,1
progress
ends is a
•"
organization directed toward securing the greatest good
he declared, "nor the cultural and spiritual
numbers,"
overwhelming majority of mankind prizes and cherishes,
can
be expected to
survive
a
too protracted and too wide¬
spread abuse of the achievements of science for anti-social
and
anti-moral
ends."
there have been truly terrifying developments in contra¬
of
orderly world.
these
essential
There has been
conditions
a
for
the
effective
The
functioning
staggering multiplication of instances
in
eighth
American
Scientific Congress which
opened
Washington May 10 concluded its scientific sessions yes-
volume
terday
The Commercial & Financial Chronicle
150
(May 17).
since the first
It
officially dedicated
the largest Congress of its kind
was
held in 1898 in Buenos Aires.
was
3143
to the ideals of "Peace and Freedom"
Governor Herbert H.
Represen¬
Lehman
of
New
by
York
tatives designated by governments of every North and South
American country attended. Advices of May 10 from Wash¬
who, in an
address before 20,000 persons in the Court of Peace, warned
of the need to
prepare ourselves against any possible foreign
ington to the New York 'Times," also said:
aggressor.
Invitations
several
months
Leading
the
to
21
behalf
on
the
to
ago
the
of
President
extended
were
of
governments
educational
institutions and
scientific
organizations throughout
republics have been invited by the organizing committee
American
participate.
./'■".v ••
..
"The
response to these invitations,"
Secretary Hull stated, "has been
encouraging and has indicated a genuine interest in the Congress on
most
the
part of the
governments
hemisphere.
"World
'
events
the desirability
endeavor.
tunity
It
few
the scientific
months
have
leaders
throughout the
projected
sharp
in
relief
of closer inter-American cooperation in all fields of human
is
believed
that
the
Congress
will
afford
notable
a
oppor¬
leaders in the learned professions throughout all of the 21
republics to reinforce their bonds of friendship and to experience
clearer
in
of
'
past
for
American
a
and
.
the
of
realization
of
the
practical
value
inter-American
of
collaboration
peacetime scientific endeavors/'
a
message
commodities "of which we have a surplus in this country
and of which there is a
great scarcity in other parts of the
world."
Following is the text of President Roosevelt's
message:
On the occasion of the
reopening of the New York World's Fair
congratulate you and your colleagues on your success in
undertaking that
President Roosevelt's address before the Congress May 10
separate item in today's issue.
a
15 centuries.
open when
of
State Hull to Open National Foreign
Week, May 19-25, With Radio Address
Trade
Secretary
State
of
National Foreign
Cordell
Hull
will
"1940
the
open
Trade Week," May 19-25, with
nation¬
a
wide radio broadcast tomorrow
evening, May 19, beginning
at 9:30 o'clock, Eastern Standard Time.
A message from
President
Roosevelt will
be
read by the Secretary in the
of his 15-minute radio address.
Other Government
officials who will make addresses at various celebrations
held throughout the
country include:
Raymond H. Geist,
Chief of the Division of Commercial Affairs of
the State
Department; Edward J. I Noble, Under-Secretary of Com¬
course
Rear Admiral! Emory S. Land, Chairman of the
merce, and
Maritime Commission.
At the New York World's Fair
pro¬
have been arranged at several foreign and industrial
buildings for observance of the week.
let
me
continuing
an
of such incalculable value last year.
was
of communications between
means
peoples for at least
They have often served to keep lines of communication
disorder,
war or misfortune closed other channels.
places where people,
Secretary
Luxembourg,
past six months.
wisliing the Fair every success, President
Roosevelt described the Fair as "a symbol of international
common sense."
Mayor La Guardia in a welcoming address
said that peace and
freedom, the theme of the Fair, are
In
Fairs have been
is reported in
the foreign nations who returned to
among
the Fair this year were
Finland, Norway, and
all victims of invasion in the
republics.
the other American
,
Noteworthy
by Secretary Hull
They
people, could exchange ideas, teach each
as
were
other,
learn from each other, trade
goods, make contacts and find new friendships.
an
They have always been of first importance in commerce. Lord Coke, in
ancient English treatise, took occasion to say that every fair was a
market, and
it has proved.
so
,
The custom of merchants, which
breakable
by
even
war, was
has led to international practices un¬
developed, at least partly, through the common
intercourse of businessmen at the international fairs.
sense
But these gatherings have made
They taught the Western World
common
all
to
reporting, and
human
even of
players, who set
their
No
The lively art
,
of international political
enriched by the art of the strolling
was
their
drama
and
their
half-humorous,
go
1
,
to an international
e
comers
half-jesting
the life of the time.
on
has ever yet
o .e
beings.
political satire
their booths and, often humbly, offered to all
up
entertainment,
comments
greater contribution to modern life.
a
to value elements of culture which were
fair without appreciating
the genius of other countries; and because of
that,
he is able to have
a
greater respect for the accomplishments of his own.
The World's Fair is
grams
a
to have every success.
symbol of international
It deserves
common sense.
>//'/■'v>.'...
'•
♦
Report
Foreign Trade of Latin America Issued by
on
Tariff Commission
.
United States exports to Latin America, in the six months'
period since the inception of the European war, September-
February,1939-40,
54%
were
greater
than
in
the
period 1938-39, and imports from Latin America
greater.
In the
countries
facts
same
32%
were
States exports to all
increased
only 33%, and imports 27%.
These
brought out in Part I of a report on the Foreign
Latin America released May 10 by the United
are
Trade
period United
same
of
States Tariff Commission,
and entitled "The Trade of
Latin America with the World and with the United States."
It is
doubtful, states the Commission, that the
of increase in exports to Latin
America
tained, unless Latin America obtains
of
United
for
payment
further said:
recent
fifth
of
the
exports
Latin
States
of
America
has
the
United
valued
were
United States imports
accounted
States.
at
In
1939
$569,000,000,
between
the
American
factures
For
closed
two
regions
foodstuffs and
and
the
Poland,
that area,
or
has
at
of
total
$518,000,000, or 22%
far the largest supplier of
Latin
American
country
is
also
duration
Latin
of
and
the
raw
the
war
Norway
taking 30% of the total
$1,800,000,000 in 1938.
Trade
chiefly of the exchange of Latin
materials
for
United States
of
probably
be
Germany,. Czechoslovakia,
largely, if not entirely,
American
be made available, because of war-time controls, for the
purchase
of products in third countries such as the United
States.
In addition, the
United Kingdom requires that certain British
goods sold abroad be paid
for, not in British currency or in the currency of the
buying country, but
may not
United
dollars
States
dollars
utilized,
are
other
or
this
specified currencies.
mandate
will
operate
to
To
the
deplete
extent
of
expansion,
Latin
United
American
the
United
When
Part
depend,
to
funds
which
in
finance
the
released,
will
deal
deals
with
policies
upon
upon
the
purchases
ability
from
the ability of
the
the
Latin
increasing their exports to others, including
Commission's
the
Latin
with
report
the
trade
American
of
trade
with
Latin
the
area,
a
America
Latin
three
as
a
whole;
contains
and
an
with
examination
the
United
analysis of special problems in the foreign trade of Latin
especially those arising out of the present European war.
1938."
The
a
Published
by
utilities, presented in
Earned
I—Balance
393 individual electric
on
sections
seven
Sheets.
follows:
as
II—Income
Section
and
Section III—Capital Stock and Bonds.
Section IV—Electric Operating Revenues, Customers and
Sales.
Section V—Electric Operating Expenses.
Section
VI—-Utility Plant.
Section VII—Physical Quantities.
P* The volume is sold only by the Federal Power Commission.
The charge is $2.00.
Surplus.
^
_
Young
Offered Summer Nautical
Training Ship
Men
The
for
Merchant
and
21
Training
Marine
be allowed to secure practical
will
years
ship
board a training ship of the Academy within
the period from June 1 to Oct. 1, 1940.
The announcement
experience
on
further said:
The young men may remain
any
Students who
instruction
board
only
in
those
become
career
officers
in the
The only
subjects
course
in
the
is:
month.
■
will receive
course
being taught while the
First,
Merchant
as a
student
is
on
foundation for those who wish
Marine
and
devote
service; secondly, for those boys and
following the
ships and the
There is
a
period less than the full
?
of the
not desirous of
of
enter for any
ship.
The purpose
to
board ship for the entire period, or for
on
shorter time they may wish, but not for less than
no
Bea,
their
young men
still wish to obtain
a
lives
to
a
who, though
general knowledge
life afloat.
charge for instruction
required
expense
is
for living quarters on board ship.
nor
for meals, which
are
49c.
Three meals
are
daily.
is
There
Academy;
no
and
tuition
no
naval service of any
charge for any of the courses offered by the
obligation for future merchant marine, military or
kind is incurred by the young men.
of
the
K.
H.
Olive
Reelected
States,
America^
Roosevelt
was
Head
of
Canadian
Commodity
Exchange Inc.
K. H. Olive of Olive & Dorion, Ltd., was elected President
Commodity Exchange, Inc., for the third
successive term at the annual general meeting held in Mon¬
treal on May 16.
John Freeman of Lovell & Christmas
(Canada)
season on
The Fair
National
Academy,
on
Officers, Washington, D. C.,
that boys and young men between the ages of
announces
11
Nautical
American
School
Course
a
Opens Second Season—Message
paid attendance of 192,800.
Utilities
Commission
500-page volume contains financial and related
of the Canadian
The New York World's Fair opened its second
May 11 with
Power
com¬
+
of President
Electric
of
information in considerable detail
•
countries',
American
Part I
parts
consideration of the
countries,
world
of
an
New York World's Fair
Chart
The Federal Power Commission has announced the pub¬
served
consist
export commodities.
of the Latin American
Latin America
of
will
individual
description of the Latin American
of
increased
credits, to maintain their exports to former
for such exports, or to cover losses
itself.
now
trade
large degree;
free exchange
markets by
States
completed,
II
short
total
to obtain
secure
Part III with
mercial
and
to
some
I,
Part
and
in
will
countries
This, in turn, will depend
countries
markets, and
sustained
however,
American
States.
Market
lication of "Statistics of Electric Utilities in the United States
that
might be used to purchase United States products.
Because of the pre¬
occupation of European countries with the war, the United States has
an
opportunity to expand its sales in Latin American markets.
The extent of
that
1938
Federal
manu¬
products.
Moreover, the credits obtained from
goods sold by Latin American countries to the United Kingdom and France
in
Silver
New
exports,
markets
will
Issue
over
consisted
industrial
18%
States
for
semi-manufactures.
Denmark
to
valued
United
one-
valued at
were
largest market for Latin American
about
for
Harman
Statistics
Section
usually
imports.
The United States is by
imports into Latin America, accounting for 34% of total
imports valued at nearly $1,500,000,000 in 1938.
This
the
matter
>
total
export trade of
the
■
America
foreign trade
Latin
to
adequate means
purchases than it now
-
years
exports, and
of
long be main¬
can
&
Handy & Harman, New York, dealers in precious metals,
have prepared a new and larger edition of the market chart
which they have published for many years, showing the
price history of silver.
The new chart, which is ready for
distribution, shows the price trend in New York from 1900
through the beginning of 1940; space is provided for carrying
the chart forward to 1950.
Outstanding price changes in
the period covered are explained on the face of the chart.
rate
more
The Commissions announcement in
possesses.
In
reeent
Handy
Ltd.,
was
reelect?d
Vice-President
McGillis of Alex. D. McGillis & Co.
surer.
Retiring Governors
were
was
and
returned
reelected.
as
A.
F.
Trea¬
Regarding Mr. Olive's report to members
an
of war the Canadian Commodity-
of the disturbing influences
substantial progress during the past year, Volume of
trading in butter and cheese was close to 25,000,000 pounds, and the turn¬
over in butter alone rose from over
13,000,000 to upwards of 21,000,000
Exchange enjoyed
Similarly, he said that due to
youth of the organization and in view of the conditions
prevailing, suggested their reelection for another year.
The Committee's statement follows:
Your committee recognizes that the Association is still young and that
there are a number of important undertakings now being actively conducted.
The successful accomplishment of these undertakings largely depends on
the experience, interest, enthusiasm and vision of the present officers.
Therefore, after deliberate consideration we nominate the present President,
Vice President and Treasurer for a second year.
Your committee has not
lost sight of the original intention to have our officers serve for one year
only.
It subscribes unanimously to that policy and urges that its action
should not establish a precedent for later years.
Ar,/..
now
the war no attempt had been made to intro¬
The financial condition of the Exchange
for trading.
duce new commodities
stated.
extremely sound, Mr. Olive
was
Reelected Chairman of Montreal Curb
Market—Raymond Allan Heads Montreal Stock
J. E. McKenna
Exchange
Mead, Yates & Osier, former
Stock Exchange, has been re¬
elected Chairman of the Montreal Curb Market for the
1940-41 term. All other members of the Board of Manage¬
ment have been returned to office.
When Col. McKenna formally took office at the annual
Lt.-Col. J. E. McKenna of
Chairman of the Montreal
were:
ror
Alfred E. Borneman,
the annual
R. R.
J.
John
American
has been with the Association since 1913, and
auditor of the organization from 1928 until he was
Stock Exchange,
Convention in
E.
Burd Grubb,
Three Years
Ernest
L.
Coggeshall & Hicks
i
587
592
632
_584
548
„«.»
& Hollister
Brooks & Co._
Sidney Rheinstein, at Stern, Lauer & Co
Jones,
Sylvester P.
MEMBERS
TWO
Allied
Members
politan
member
in
with
the
Gould
Paul
V.
Shields, Shields
or
in the
outside
of
the
general
or
metropolitan
limited partners
640
BOARD
Non-Members
area
in
of
OF GOVERNORS
of
the
Exchange
Gardner Jr.,
the City of New York, who are
their principal
member firms having
of Three Years
.
John
K.
TRUSTEES
,
Starkweather,
OF
THE
GRATUITY
646
__640
Pa
Reginald W.
and
Smith, A.I.B., President, who is Vice-President of the Bank
San Francisco, Cal.
The A.I.B.
is the educational section of the American Bankers Associa¬
Co
tion.
The program
648
of Three Years
645
Nearly 2,000 members of the
yesterday (May 17).
hear
addresses
N, C.; Frank M. Totton,
the Executive
were
This slate is to be voted
on at the Association's
annual meeting at the Hotel New
Yorker on June 3.
Three of the present officers were nomi¬
nated for re-election, namely, Albert C. Beeson of Francis I.
Du Pont & Co., President; Thomas B. Meek, Orvis Brothers
& Co., Vice-President and Kenneth I. Walton, J. S. Bache &
issued
May
16
Institute who are expected to attend the
prominent bankers.
These
by nationally
President of the American Bankers Asso¬
Trust Co., Winston Salem,
of the Chase National
Fred I. Kent, Director of the Bankers Trust
ciation, and President of the Wachovia Bank &
Customers' Brokers—Other Nominations
Brokers
will
include Robert M. Hanes, who is
A. C. Beeson Renamed to Head Association of
Committee of the Association of Customers'
announcement
The
385.
number
further said:
Pressprich, R. W. Pressprich & Co
Nominations for officers and members of
for the convention has been designed
special features in observance of the Institute's
40th year of educational service to bank employees in local
chapters and study groups throughout the country which
convention
announced
J-V'.'v'SH'*'•'
■■
present officers of the American Institute of
Banking will join with the Institute's membership in cele¬
brating its 40th anniversary at the annual convention to be
held June 3—7 in Boston, Mass., it is announced by Harry R.
now
For the Term
7
June 3
Past
to include
FUND
For the Term of Two Years
Starkweather &
Convention to Feature
Held at Boston
Institute's 40th Anniversary—To be
of America N. T. & S. A.,
Reinholdt & Gardner, St. Louis, Mo.
Edgar Scott, Montgomery, Scott & Co., Philadelphia,
TWO
American Institute of Banking
•
residing
involving direct contact with the public:
For the Term
Russell E.
A. Bell Jr.,
Thorpe,
Secretary of Banking of Pennsylvania; and Merle
"Nation's Business."
of Three Years
places of business outside of said metropolitan area and engaged in a
business
Mayo
are:
Square College, New York Uni¬
for the regular sessions of the
O. Shattuck, Esq., Professor of
editor of
THE
or
speakers
Other
Trusts, Northeastern University, Boston; John
539
OF
Members
Studies, Washington
convention
metro¬
who are general or limited
a
business involving direct
& Co
MEMBERS
Allied
fied
versity.
Remick, Evans, Stillman & Co.
TWO
Members
in
Montfort Jones, Professor of Finance, University of
Friedrich, Director Division of Uni¬
sity;
"
.
For the Term
J.
Exchange residing
New York,
engaged
firms
public:
the
of
City of
the
of
(May
when a
Pittsburgh; A. Anton
BOARD OF GOVERNORS
THE
OF
Non-Members
or
area
partners
contact
Kendall
Pyne,
Larkin, at J. H.
afternoon
headliner meeting will be addressed by Dr.
Paul Cadman only, is scheduled.
An effective panel dis- '
cussion on "Prerequisites for Recovery" will be staged the
evening of May 22 by the following public speakers:
William A. Irwin, Assistant Director the Graduate School
of Banking; Willard E. Atkins, Chairman Department of
Economics, Washington Square College, New York Univer¬
GOVERNORS
Cluett & Dana
Hotel Traymore, Atlantic
the
days, and on Wednesday
three convention
Members of the Exchange
For the Term of
be held at
will
City, N.*J., May 22, 23 and 24.
The business sessions of
the convention will be held in the forenoon of each of the
of these and the votes they received are
Burton,
of the Pennsylvania Bankers
The 46th annual convention
Association
22),
III,
appointed
Bankers Association to Hold Annual
Atlantic City, N. J*, May 22-24
Pennsylvania
our
follows:
FIVE MEMBERS OF THE BOARD OF
served as
his present post.
to
April 13
issue, page 2356, was elected without opposition.
Of the
658 votes cast of the members, with two defective, Mr.
Harding received 619.
The total vote cast last year was
669, and in 1938 it was 924.
There were also elected nine
Governors of the Exchange and two Trustees of the Gratuity
Mr. Roo¬
A. B. A. Executive Manager.
Dr. Harold Stonier,
May 13, Charles B. Harding, a partner of Smith, Bar¬
& Co., was elected Chairman of the Board of Governors
a term
of one year.
The entire official slate of the
Cluett
Association
been appointed Comptroller of the
Bankers Association, it was announced May 9 by
Rooney has
J.
ney
Nominating Committee, which was given in
13 the
Appointed Comptroller of American
Rooney
Bankers
Fund Also Chosen
At the annual election of the New York
Robert
Roosevelt sent to the Senate on May
Sayers, of Virginia, to be Director
of the Bureau of Mines of the Department of the Interior.
He will succeed John W. Finch, who resigned last January
at the request of Secretary of the Interior Ickes.
C. B. Harding Elected Chairman of Board of New York
Stock Exchange—Nine Governors and Two Trustees
names
Mines
of
Bureau
nomination of Royd R.
John
The
President Roosevelt as Director
Sayers Named by
President
a partner in Greenshields & Co.
H. C. Mac¬
Dougall of MacDougall and MacDougall, becomes ViceChairman, and H. MacD. Paterson succeeds Mr. Mac¬
Dougall as Secretary-Treasurer.
Fund.
Phillips;
of
Market and
as
.
'
f ,
. i
Nominating Committee are Armand E. Fontaine,
Henry W. Doyle, Arthur Shaffer, Martin
Lyle L. Shepard, H. Lloyd Lawrence and Anthony A. Smith.
meeting.
Spencer
Chairman,
Exchange, succeeding Grant Johnston for the year 1940-41.
Mr. Johnston, of Grant Johnston & Co., who has held the
chairmanship for the past two years has been elected a
trustee of the gratuity fund for a period of three years.
Mr. Allan is a former Chairman of the Montreal Curb
for
presented to the Secretary of the
composing the
Those
the session
by twenty
Association five days before
be made by a petition signed
Additional nominations may
members and
Gallagher,
ney
Committee were:
Friedlander of D. M.
Minton & Co.
Raymond Allan, Vice-Chairman of the Montreal Stock
Exchange, has been elected by acclamation Chairman of the
held
Granberry & Co., and Percy
Geoffrey C. Ettleson,
L. Ferguson,
Dillon & Co., and
Kidder, Peabody & Co., Alfred
Co., C. Edward Grafmuller, Eastman,
W. Ralph Rockhold, Jr., F. S. Moseley & Co.
The names presented for members of the Admissions
1937-38.
of Gratuity
Executive Committee for 4 years
nominated to serve on the
Jr., Estabrook &
elected to the position last October when D. S. Yuile resigned
from the office upon being called to the colors.
Following
his fust term as Curb chairman, Col. McKenna was elected
Exchange
Association's announcement:
is also from the
The following
Members
meeting yesterday (May 17) it was the third time he became
Chairman of the Montreal Curb Market.
He was first
elected Chairman of the Curb in May, 1936, and was again
Chairman of the Montreal Stock
was
the
More interest had been shown in egg trading, Mr. Olive said, but
conditions had mitigated against increased turnover in this commodity.
pounds.
war
Hill of Fenner &
nominated to replace Alfred L. Ferguson, of
Estabrook & Co. who was unable to serve for another year.
The Nominating Committee made it clear that it did not
favor continued succession of those in office but in view of
Beane
announcement said:
In spite
For Secretary, Edward H.
Co., Treasurer.
of the Exchange,
May 18, 1940
Chronicle
The Commercial & Financial
3144
Second Vice President
Bank of New York; and Dr.
Co., New York.
A national
an
public speaking contest,
election of A.I.B. officers for the
events have been
The
debating, departmental conferences,
ensuing year, and a number of social
arranged on the convention program.
convention
will
consist
of two
general sessions, one on Tuesday
morning, June 7, and a number of
special aspects of banking and A.I.B.
morning, June 4, and the other on Friday
departmental conferences devoted to
activities.
Volume
The Commercial & Financial Chronicle
ISO
Mr. Hanes and Mr. Totton will address the
opening general session on
Tuesday, June 4.
Mr. Kent, the first national president, will address the
closing general session Friday, June 7, at which the former presidents will
be honored,
7
/r
tional trips through the Boston area
The con¬
Friday afternoon, June 7.
vention will close with the annual A.I.B. ball
in
Friday evening, June 7.
outstanding.
Repatriated bonds of these 47 issues alone
$170,280,800, representing 24.3% of all 132 issues outstanding
$699,860,588.
the amount fo
Chilean
of
Condition
Settlements
The
Bank
of
5580
on Jan.
31, 1935, and through extraordinary amortization
$264,111,500 principal amount outstanding at the end of 1934 to
$176,278,000 on Dec. 31, 1939.
Thus $87,833,500 of face amount
of
bonds, or 33.2% of the amount outstanding, has been repurchased for
from
of
as
April
30
advices to the "Wall Street Journal" of May 16
(figures in
March
April 30,
31,
1939
1940
1940
Of
the
total
28.2
30.6
Cash
33.4
34.8
18.1
Sight funds at interest
16.8
16.3
31.0
states:
publicly
43.7
140.4
93.5
117.0
45.4
68.4
year, was
Far
17.4
29.5
of
actual
3.14%
Europe
36.5
44.9
35.6
85.8
65.2
82.8
Treasury bills
13.9
25.9
38.8
Sundry Investments
27.8
54.1
31.4
28.3
14.0
32.3
2.5
2.5
2.4
1.5
Over six months:
Sundry Investments
Other assets
Liabilities—
Capital paid up
125.0
125.0
125.0
25.0
25.1
24.3
229.6
229.6
255.1
Reserves
Long-term deposits
Short-term and sight deposits:
Central bank for their own account:
Sight
21.8
32.0
48.3
1.7
1.6
ments
made
1.1
Sight deposits, gold
Miscellaneous Items
12.5
payment.
12.9
9.6
42.5
43.4
May 3 that it will propose to the
general assembly of the bank's shareholders on May 27
that the regular dividend of 6% be paid as usual for the
year ending March 31.
The Bank has paid the same di¬
vidend since it was organized 10 years ago.
In an Associated Press dispatch from Basle, May 13,
it was reported that the bank is removing all records and
its business office to the village of Chateau d'Oex in the
Bernese Alps, due to the European war.
♦
■
Publicly Offered Foreign Dollar Bonds Were 38.12% in
Default as to Interest on Dec. 31, 1939, According
of
International
Finance—Latin
54.3% of Aggregate
the
$6,091,667,044 of publicly offered foreign dollar
on
Dec. 31,
1939, $3,745,501,598, or
61.49%, received debt service in full; $2,322,068,146, or
38.12%, were in default as to interest, and $24,097,300, or
outstanding
in default
were
bulletin
calculated
of
that
1939
made
on
191,519
total.
Analysis of Publicly
Foreign Dollar Bonds," published May 13 by Dean
Madden, Director of the Institute of International
of New York University.
"Latin America," the
Offered
of
defaulted
while German issues represented
of
instead
:
European bonds in default
Latin
as
to interest continued to offer
of
value
face
As
of
offered
The
in
amount
since
Dec.
percentage
of
the
of
bonds
date
of
coupons
outstanding at the end
default, and
has
funding bonds
or
to
coupons
on
been
paid
amounted
which
to
bonds,
58% of out¬
Pennsylvania
in
Factory
no
Employment
March—Delaware
payment
and
Payrolls
Factories
Amount in
P. C.
of Total
Outstanding
Default
Defaulted Bonds
54.3
Europe
1
2,167,700,000
$1,260,600,000
949,100,000
5,500,000
106,900,000
$6,091,700,000
$2,322,100,000
Of the
1939.
pean
discussing
of
dollar
having
these
over
2,400 establishments.
An estimated 904,000 workers
employed in March, representing a decline of about 5%
level reached at the end of 1939.
Employ¬
ment, however, was 8% above a year earlier and 10% higher
than the level prevailing in May of last year just before the
sharp expansion in industrial and trade activity set in.
Factory wage disbursements in the week ended March 15
were estimated at $21,800,000, a decline of 10% from the
December peak but an increase of 13% over March of last
year and of 19% over the low in May.
The Bank on April
were
from the peak
19 further said:
The
ary to
largest declines in employment and wage disbursements from Febru*
March were in the iron and steel and nonferrous metal industries,
some
increases
were
to
be seasonally
expected, and in the textile
At plants manufacturing stone, clay and glass products,
industry.
Of
in default
the case of transportation equipment,
and parts, locomotives and cars, and ships.
The sharp decline in The iron and steel industry
reflected reduced opera¬
tions at primary producing plants such as blast furnaces,
and hardware and tools also declined instead of showing the usual seasonal
gain.
Improvement was noted, however, in the case of iron and steel forg-
ings and
wide variety of finished products.
a
In the textile industry,
sharp declines were reported in woolens and worsteds, textile dyeing and
carpets
and
rugs,
and
hosiery.
Wage payments
with
outstanding
a
were
countries
had
Out
of
40.9
clothing and shirts and furnishings.
The sharpest
gains
were
industries and in transportation
in
the
iron and steel
nonferrous metal
equipment, chemicals, and stone, clay and
glass products.
.2
3.6
Institute's compilation
"The
states:
face
in
the
United
value
of
States.
The
case
further
default,
French
of Germany
on
has
$664,146,231,
23.5%
or
the
end
dollar
of
of
bonds,
the
out¬
held abroad."
$88,267,100
information
Dec. 31,
on
Institute
At
$2,831,523,836 of
reports:
France
bonds
and
Belgium
outstanding
lead in
on
$72,263,000, or 81.9%, and of $96,302,400 Belgian bonds,
61.8%, have been repatriated and domiciled.
In
Concerning conditions in Delaware factories,
Bank said:
100.0
in default
about 71 cents
worked per week increased
fractionally, average weekly earnings expanded by a few cents to $25.97.
to interest.
outstanding
in
not
as
at clothing
factories increased when there is customarily no change, reflecting gains in
in March, and as the average number of hours
bonds, 80.7%, and of the Euro¬
bulletin
the
the
were
steel works and
Payrolls at plants turning out structural steel
rolling mills, and foundaries.
,
At Delaware factories
.
the Reserve
.
employment increased about 1% and wage pay¬
2.5% from the middle of February to the middle of March.
The
transportation equipment,
stone, clay and glass products, and lumber products.
Compared with a
year ago, employment was 6% and payrolls about 11% larger.
ments
gains reflected substantial expansion in the case of
19
announcement
the
tion.
of
countries
standing amount
The
in
wage
and somewhat larger than
payments expanded sharply more than usual,
foreign dollar bonds repatriated or purchased by
countries out of a total of 39 countries still
on
bonds
bonds
which
contained
Latin American
were
issues
19
issues
repatriation,
information
foreigners
of
number of
issues, 72.3%,
In
obtained
1939
the 697
issues, i.e., 49.2% of the total,
In¬
Employment in Pennsylvania factories declined about 2%
disbursements were reduced 1% from the middle of
February to the middle of March, according to reports re¬
ceived by the Federal Reserve Bank of Philadelphia from
Average hourly earnings of factory workers continued at
analysis of
De¬
clothing and leather products, were substantially higher than in March,
1939
$1,713,600,000
An
Report
Payrolls in nearly all reporting lines, with the exception of textiles and
Latin America
reveals that 343
offered
and wage
1939.
Total
was
creases
the output of women's
GEOGRAPHICAL DISTRIBUTION OF BONDS IN DEFAULT AS TO
569,000,000
cash, while
17.9% of the
.
study:
Far East.
the payments
in
68.9%.
finishing,
North America
were
com¬
1939, only 13.2% of the matured $846,-
31,
defaulted
scrip
cash
were
1939.
compilation showing the total face value of
a
total
matured
standing European bonds were in default as to interest."
The following is from an announcement bearing on the
1,641,400,000
on
owing to high operating rates at plants producing auto and truck bodies
bulletin
Almost 74%
to interest.
Amount
of
,
Finance
American
of outstanding Latin American bonds and about
INTEREST, DEC, 31,
with
customary gains were reported in
68.1% of the total amount
as
accord
actual return
5.55%, while
the average 6.12% con¬
John T.
Brazil and Mexico accounted for 29% and
respectively,
27.7%,
in
an
of
rate
Partial interest payments were made in cash
the
on
have
them.
a
states, "accounted for 54.3% and Europe for 40.9% of total
defaulted bonds.
3.05%
largely
paid
bonds received
contractual
average
♦
where
to sinking fund according to
as
"Statistical
entitled
of
The bulletin also contains
coupons,
clined
0.39%
rate
an
pleted during the years 1938 and
on
America Accounts for
the
upon
3.6
43.3
The Bank announced
based
the nominal amount
at all were offered.
No part payments other than in
owing to the permanent readjustment settlements which
amounted
Sight...
Other depositors
Of
the
obligors
Latin American
against
1.5
1.1
1939,
17.45% of the total amount of bonds in default, while on $1,916,962,245
of bonds, constituting 82.55% of the total in default, no interest
pay¬
payment
Central bank for account of others:
bonds
American
V
of
in
coupons on
bonds
rate.
form
some
28.8
2.4
Between three and six months:
Institute
North
as
at
dollar
return
1939
for
outstanding at the end of the
compared with the average contractual rate of 5.29%."
as
and
paid
interest
Many of the foreign obligors in default
Maturing In three months:
to
foreign
requirements,
1.12%
tractual
Sundry bills and Investments:
of
rate
interest received
offered
Eastern
only
75.9
21.9
Treasury bills
of
amounts
for
"The
contractual
Treasury bills
Sundry investments
substantial
repatriated
of bonds in default as to interest, national govern¬
40.8%, corporate bonds for 35.9%, and States, prov¬
inces, and departments for 14.5%.
In
discussing interest payments due and made in 1939 the bulletin
of
Gold
Not exceeding three months
have
amount
account
amount of cash
Assets—
Treasury bills
Time funds at Interest:
years.
who
Hungary, Yugoslavia and Costa Rica.
analysis of outstanding issues by types of obligors shows that as of
the end of 1939,
37.4% of the national government issues, 38.7% of
municipal issues, 33.5% of State, provincial and departmental issues, and
41.2% of the issues of corporate borrowers were in default as to interest.
ments
francs):
Rediscountable bills and acceptances:
Commercial bills and bankers' acceptances..
obligors
are
An
monthly statement of condition of the Bank for In¬
April 30,
during the past five
defaulted
their debt
ternational Settlements as of April 30, compared as follows
with the previous month and a year ago, according to Basle
nearest millions of Swiss
Other
International
for
Government, municipal and Mortgage Bank dollar bonds
through purchases below par in the market under provisions
reduced
were
of Law No.
cancellation
Statement
3145
issues
The
picnic and boating trip Wednesday afternoon, June 5, and addi¬
a
132
aggregate
.
Entertainment features will include sightseeing tours all day Monday,
June 3,
of
repatriation
of
defaulted
bonds
the Institute has obtained data
on
is
Dec.
repatria¬
31,
1939,
$59,477,600,
or
ITEMS
At
not
complete.
out
the
annual
Institutions
BANKS,
TRUST
COMPANIES,
&c.
on
meeting
of the
Committee of Banking
Taxation of Metropolitan New York,
held
May 10, E. L. Brickhouse of the Guaranty Trust Co.,
elected Chairman; M. D. Thompson of the New York
Trust Co., Vice-Chairman and Donald K. Barnes of the
on
only 47 issues
ABOUT
Arrangements were completed May 16 for the sale of a
membership in The Chicago Stock Exchange at $1,500,
unchanged from the last previous sale.
was
The Commercial &
3146
Elected to the Executive
expiring 1943 were E. C. Geiger of
the Bank of New York; Stephen L. Jenkinson of the Chemical
Bank & Trust Co., and A. G. Quaremba, of the City Bank
Trust Co
Bankers
Secretary.
,
Committee lor the term
Co.
Farmers Trust
Department on May 9 au¬
Bank (Dominion, Colonial and Overseas)
of London, England, to establish an agency at the United
Kingdom Government Pavilion at the World's Fair Grounds.
♦
of New York announced on May 13
temporary branch offices in Havana,
National City Bank
June 10 to June 14.
Nacional and one in
convention headquarters.
Cuba, during the Rotarian convention,
One branch will be set up in the Hotel
Centro Gallego,
VC
At
♦
■.
;V:;
:Z
v.-
.
"
officers of Manufacturers Trust
dinner meeting of the
a
place in the Hotel New Yorker
President of the bank, presented
especially manufactured watch to Richard N. Cotter,
Assistant Secretary at the 23rd St. office of the bank, who
has completed 60 years of service with the same branch.
Co., New York, that took
May 16, Harvey D. Gibson,
an
entered the banking field oa May 16,
Mr. Cotter
1880
as a
the Fifth National Bank which had been
established 16 years earlier.
When that bank was merged
with Manufacturers Trust Co. in 1925, it became known as
the 23rd St. office of the latter institution, and throughout
this entire period Mr. Cotter has been affiliated with that
for
messenger
office.
same
v
■■U'.'V-V
"i
Personnel Department of
the
elected President of New
York Chapter, American Institute of Banking at the annual
meeting on May 14.
Mr. Schwer prior to his elevation to
the Chapter Presidency, has held successively, the offices
of Chief Consul, Second Vice-President, and Vice-President.
He became a member of the Chapter in 1921 and has been
active in its affairs for many years.
During this time he
served on numerous committee assignments and for the past
several years, has represented the Chapter at the Institute's
national convention.
Mr. Schwer has been associated with
Schwer, with the
Chase National Bank, was
W.
Clinton
that it will open two
York State Banking
The New
thorized Barclays
:CY'^
1
1940
May 18,
Financial Chronicle
National Bank for over 20 years.
elected to serve with Mr. Schwer were:
First Vice-President, Clarence V. Joerndt with the National City Bank.
Second Vice-President, William Gerken, Assistant Branch Manager, Manu¬
facturers Trust Co.
Treasurer, Lawrence L. Carter with the Irving Trust
Co.
Chief Consul, Walter II. Tietjen with the Bowery Savings Bank.
The following were elected members of the Board of
the Chase
Officers
Governors:
Bisset Jr. with the Bank of the Manhattan Co.;
Assistant Vice-President, Bowery Savings Bank; Leroy
Marine Midland Trust Co.; Edwin C. Egerton,
Vice-President, Seamen's Bank for Savings; Fred C. Eggerstedt,
George C.
Burgess,
«
Harry C.
S. Clark,
Assistant
Assistant
Cashier, the Chase National Bank; H. Miller Lawder, Assistant Secretary,
the Irving Trust Co.; John T. Sinkey, Assistant Treasurer, Central Hanover
Assistant Treasurer,
Members of
the
New York Stock Exchange will engage
Tournament
forty-fourth annual Golf and Tennis
in their
25, at the Glen Oaks Club, Great Neck, Long
Island, according to an announcement issued May 13 by
John Bell Huhn, Chairman of the Arrangements Committee.
About 300 members are expected to participate.
A buffet
June
on
dinner and entertainment will follow in the eve¬
ning.
Golf prizes will be awarded for low net, low gross,
runners-up, holes-in-one, most birdies, longest drives, &c.
Tennis prizes include those for finalists, runners-up and
consolation.
Non-golfers and non-tennis players will be
John J. Spillane, Assistant Treasurer, Lawyers
Co.;
Trust
&
Bank
William S. Vanek, Assistant Secretary, Manufacturers
Arthur C. Vogt, Assistant Treasurer, Guaranty Trust Co.
Co.;
g,,;:.;
Trust
Trust Co.;
•
supper,
eligible for various door prizes.
William McC. Martin Jr.,
President of the Exchange, and Charles B. Harding, Chair¬
man-elect of the Board of Governors, will be the principal
speakers at the dinner in the evening.
Donald J. Hardenbrook, a member of the Golf Committee, will be toastmaster
and will also award the usual numerous prizes to golfers
and tennis
players.
♦—~
urer
York.
«
$50,000, on May 13.
N. Y., held May 14,
been Cashier for the
past 19 years, was elected Vice-President and Trust Officer
to succeed the late John W. Itoeder.
At the same meeting
Charles Oldenbuttel was appointed Cashier and Wm. H.
Schmidt, Assistant Cashier was named Assistant Trust
Peoples National Bank of Brooklyn,
1940, Arthur W. Spolander, who has
♦
George Gor¬
don Paton, Statistician of the N. Y. Coffee and Sugar Ex¬
change, Inc.; A. B. Tatischeff, Statistician of the Commodity
Exchange, Inc., and Roger Wallace for the N. Y. Produce
Publicity Agent of the N. Y. Cocoa Exchange;
Exchange.
on
constantly
will
mine values at
officers
will be better prepared to supply and
and the investors
that the liaison
which, taken together,
given time.
any
Club
The
developments.
in order
"men of facts"
ZyZ'Z
♦
v-
in the ultimate deter¬
>
Malone is Vice-President,
is
life member of
a
and
has
served
Cashier and Director of the
of Connellsville, which he
Oct.
1,
the
of
$2,000,000
1930.
*
*
Connellsville
*
and
Reserve
Bank
of
Cleveland.
He is
an
He has been par¬
foreign trade circles.
Chamber of
the French
on
many
committees
Commerce of the
of
the
Chamber of
alumnus of the Graduate
Starting his
Pouch
Wall
&
Bankers Association.
Dehne has been elected to succeed
A
Mr. Malone at the
Street
members
Co.,
to
Vice-President
enter
of
the
of
the
New
importing
National
the
York
Stock
business.
Council
of
Savings Bank, at the
on
corner
Exchange.
Recently
American
Strangely, his office at 75 Varick Street is
of the Union Dime
Pa.
♦
of Paul, Ebert, Paul &
Kuswa, has been elected a Director of the Wisconsin State
Bank of Milwaukee, Wis., it is learned from the Milwaukee
"Sentinel" of May 12.
He succeeds
who died several years ago.
his father, John H. Paul,
he
left
elected
He
was
of the
at the
Importers, Inc.
the site of the first home
of Canal and Varick Streets.
company
of the Commercial National Bank & Trust Co. of
New York,
46
Wall
National
is operating complete safe deposit
Street
Bank
in
will
the
National
ters
safe
deposit
building in
occupy
announcement further
These
Safe Deposit Co., a subsidiary
vaults
new
which
offices
at
on
May 27.
The
said:
in
their
City Safe Deposit Co. due to the
relinquished
were
occupancy
by
the
of the banking quar¬
by The Commercial National Bank.
A complete renovation has been
the. safe deposit quarters in order that they will harmonize with
well-appointed offices which the bank will
regular meeting of the Board of Directors on
"Sentinel" of May 10, from which
Milwaukee
The
learned, in outlining Mr. Moore's career
occupy.
May 9.
this is
said:
and of the law school of that
Indianapolis, he served in the World
major of infantry at Camp Taylor, Louisville, Ky.
At the close of the war, Mr. Moore entered the employ of the Guaranty
Trust Co., New York City, and in 1922 was given the responsibility of
organizing the first complete trust unit in an uptown office of a New York
bank, the Fifth Avenue office of Guaranty Trust Co., where he served as
is
a
graduate of DePauw University
After
institution.
War
as
practicing law in
a
Trust Officer
entirety
made of
the
facilities
the Commercial
elected Trust Officer
Marine National Exchange Bank of Milwaukee, Wis.,
Thomas A. Moore of New York was
He
The Commercial National
Connellsville
graduate of Allegheny College,
'.jkv
in Wall Street, he rose to a partnership in the firm
career
School of
number of committees
Meadville, Pa., he was with the
Bank of Pittsburgh and the old First National Bank of Wilkinsburg, later
becoming receiver of that institution.
Recently he has been receiver of the
Bethlehem National Bank and Lehigh Valley National Bank at Bethlehem,
bank.
Commerce of the State of New York.
of
banking in Westmoreland
Examiner of the Federal »
Banking at Rutgers University and has served on a
J.
began
will remain a Vice-President and
which now has in excess of
He
institution,
deposits.
Mr. Malone started in
gained valuable experience as an
County
National Bank
aided in organizing and which
Harold H. Paul of the law firm
ticularly identified with Franco-American commercial activities for which
he was honored with the decoration of "Officer" of the French Legion of
He
Commerce" of May 11, that
an
-
ther said:
States,
♦
continued in part:
E.
■
Z,;'
■
The bank's announcement fur¬
by Joseph E. Emery.
United
Malone,
of the Pennsylvania
Montaigu M. Sterling, President of E. Fougera & Co., Inc.,
New York City, was elected a Trustee of the Union Dime
Savings Bank of New York at the regular meeting of the
trustees May 15.
He takes the place on the Board formerly
Sterling is well known in
''C:"
continues the title of the
officer of the National Bank & Trust
Co. of Connellsville, Pa., on May 15 became a Vice-President
of the Second National Bank of Uniontown, Pa.
The paper
Paul O.
Director
politico-economic
churning
from
hear
the trade
Hnoor.
v'v.
It is learned from "Money &
business
interpret the many factors
Mr.
May 6. The enlarged institution
Union Banking & Trust Co.
comprehended and weighed properly in rela¬
commodities be fully
held
♦
of the People's State Bank of Du Bois, Pa., with
the Union Banking & Trust Co. of that place was effected on
A merger
fundamental
days it is of the utmost importance that
to
between
Mower,
& Trust Co.
facts
National Bank & Trust
tution.
Mr.
Mr. Andrews said:
tion
Co. of Burlington,
April 25 of Edmund Cur¬
Vice-President and Trust Officer of the insti¬
The Howard
tis
Club of New York and their
guests, at a dinner meeting to be held Thursday evening,
May 23, at the Produce Exchange Luncheon Club, 2 Broad¬
way, will hear a discussion of the factual side of commodi¬
ties by representatives of the five Commodity Exchanges in
New York, Joseph Andrews, President of the Club an¬
nounced May 16.
The speakers will be: Alston H. Garside,
Economist of the N. Y. Cotton Exchange; Milton W. Jiler,
therefore
,
Vermont, announces the death on
Members of the Commodity
In these uncertain
meeting of the Board of Directors of the
At the regular
Officer.
Arrangements were made May 14 for the transfer of a
New York Stock Exchange membership at $50,000.
The pre¬
vious transaction was at
Seidl has been appointed an Assistant Treas¬
of the Central Hanover Bank & Trust Co. of New
Charles J.
for several years.
identified with J. G. White &
Vice-President in charge of financial
policies.
He is returning to the trust field to head the trust activities of
Marine National Exchange in a program announcing by its directors as con¬
templating a broadening of the service to be given in this field by the bank.
He left
Co.,
the
publicity
Guaranty in
utility
1930 to become
engineers,
as
Volume
At
The Commercial & Financial Chronicle
ISO
special meeting in San Francisco
a
May 13, stock¬
holders of Bank of America National Trust & Savings
Association adopted a recommendation of the Board of
Directors to provide for future growth of the bank through
an increase of
$30,000,000 in capital funds. The new capital
is to be obtained
by issuance of 600,000 shares of convertible
preferred stock to sell at $50 a share and yield an annual
on
dividend of $2.
Following the meeting, A. P. Giannini, founder and Chair¬
man
the
of the Board of the bank, stated that indications were
issue would be heavily oversubscribed.
"One of the
most
hopeful signs in our national business picture," he
said, "is this showing that an abundance of capital is so
readily available for sound private enterprise in America."
An announcement in the matter further said in
part:
Under the plan adopted, present stockholders acquire first rights to sub¬
scribe for the
new
preferred stock
shares of common stock owned.
forms
are
the basis of three shares for each 20
on
These rights expire May 27.
to be mailed to stockholders
In case all
of the stock is
Subscription
immediately.
subscribed for by present stockholders,
not
stock will be offered to the public through a nation-wide
banking syndicate
of more than
80 members headed by Otis & Co.; Ladenburg, Thalmann
& Co. and John J.
Bergen & Co., Ltd.
The underwriters have reported a heavy flow of
applications for the new
stock, but, in accordance with the desire of Chairman Giannini
ownership of the bank
writer
or
as
widely
as
dealer is to sell more than
to any one account without
to
spread
possible among individuals, no under¬
$50,000 issue price of the preferred stock
approval.
Beginning June 30, 1945, the preferred stock will be subject to retirement
by cail at a price of $50 per share, plus all accrued dividends, on 30 days'
notice, and
a
call for retirement must be
made whenever the retirement
fund provided for in the plan totals as much as $2,500,000.
Reference was made to the proposed issue in the "Chron¬
icle" of May 4 (page 2806) where a
complete list of under¬
writers may be found.
THE
Trading
CURB
MARKET
the New York Curb Exchange during the
early part of the week was dominated by a tumultuous de¬
cline started by Hitler's
sharp drive into the Low Countries
on
and broadened
by the apparent
the movement.
The transfers
shares and the declines
success
on
in the early stages of
Wednesday totaled 647,430
ranged from 2 to 15
or more points.
especially weak and on two suc¬
cessive days Aluminum Co. of America
dropped 15 points.
The aluminum issues
were
The losses extended to all parts of the
was a
the
list, and while there
moderate break in the downward swing on
Wednesday,
declines continued largely in excess of the advances.
Practically every group moved downward but the losses
sharpest among the industrial specialties and utilities.
were
up to 647,430 shares,
against 598,512 on Tuesday.
The aluminum stocks were
stronger, Aluminum Co. of America climbing back to 160%,
with a gain of 10 % points.
Some of the public utility issues
turned upward, Cities Service
pref. moving ahead 4% points
to 56%, while United Gas
pref. advanced 2% points to 94.
Aircraft shares
which showed
as
practically
every
recessions up to a point or more.
active
group
The transfers
down
to approximately 109,000 shares,
against 117,000 on the
preceding short session.
Aircraft issues were little changed
at the close as they fluctuated up and down within a narrow
range.
Industrials were off a point or more and most of
the active stocks among the preferred
group of the utilities
were down.
Shipbuilding shares were off and the paper and
cardboard issues were irregular.
Oil stocks were mixed
and mining and metal shares were generally quiet.
Curb stocks tumbled downward all along the line on Mon¬
day as more than 150 issues recorded declines ranging from
1 to 15 or more points.
The Nazi onslaught into the Low
Countries and the conflicting claims of the success of the
German drive brought an avalanche of nervous
selling
totaling 480,000 shares, the highest turnover since Sept.
12, 1939.
The aluminum stocks were especially weak,
Aluminum Co. of America leading the downward rush with
a loss of 15
points, to 165, while Aluminium, Ltd., declined
12 points to a new low for 1940 at 77.
Shipbuilding issues
were down and paper and cardboard shares were
off from
4 to 5
points.
In the aircraft section Bell was down
5% points and Brewster was off 3 points.
Smaller losses
were registered
by the rest of the group.
The decline broadened on Tuesday and the volume of
transfers climbed up to 598,512 shares, against
483,012 on
Monday.
There were 588 issues traded in of which only 18
advanced, 490 declined, and 80 were unchanged.
The
aluminum stocks were again the weak spot, Aluminum Co.
of America dropping another 15 points to 150.
Industrial
specialties were off and public utilities moved sharply down¬
ward.
Setbacks in the aircraft group ranged up to a
point
or more
and in the shipbuilding section Todd
Shipyards
lost 2% points to 63^, and Bath Iron Works declined
1 ]/2 points to 11%.
Noteworthy among the recessions were
American Cynamid B, 3 % points to 31; American Hard
Rubber, 3 points to 14; Axton-Fisher, 2% points to 42
Borne Scrymser, 43^ points to 38; Chicago Flexible
Shaft,
6}4 points to 64; Corroon & Reynolds pref., 6 points to 65K;
General Investment pref., 7 points to 55; Heyden
Chemical,
8 points to 80; Jones & Laughlin Steel, 7 points to 19; Mead
Johnson, 10 points to 156; Minnesota Min. & Metal, 8%
points to 58; Niles Bemenb Pond, 5 points to 60; Pittsburgh
Plate Glass, 5 points to 94; Sherwin-Williams Co.,
5K
points to 85; United Gas pref., 7% points to 91%; and
Virginia Public Service pref., 7 points to 71.
or more
fractional gain.
in other parts of the
group.
Following President Roosevelt's message to Congress
calling for 50,000 warplanes, the aircraft stocks moved
briskly forward Thursday and the entire group was higher at
the close, the gains
ranging from 1 to 4 or more points. The
aluminum shares continued their comeback with Aluminum
Co. of America
moving up to 170 at its top for the day and
closing at 168 with an advance of 7% points. Public utility
issues did not participate in the gain to any
great extent as
the declines
greatly exceeded the advances.
Industrial
stocks were stronger and registered a number of substantial
gains including among others Carnation Co., 3 points to 30;
Colts Patent Fire Arms, 834 points to 87%; Jones & Laughlin
Steel, 334 points to 23%; Niles Bement Pond, 2 points to
64%; Ohio Oil pref., 33^ points to 10334, and Cities Service
pref., 7 points to 63 34;
v ;
Declining prices again dominated the trading on Friday,
the unfavorable turn in the war news
being responsible for
the
new
h'st, but
recessions.
The losses extended to all sections of the
especially noticeable in the public utility group
along the line.
The recessions included
among others Aluminum Co. of America wuich dropped
back 15 points to 153; Arkansas Power & Light, 534
points
to 90; Babcock & Wilcox, 334 points to 21; Colts Patent
Fire Arms, 734 points to 80; Heyden Chemical, 6
points to
76; Midvale Steel, 8% points to 10734 and St. Regis Paper
pref., 6 points to 59. As compared with Friday of last week
prices were lower Aluminum Co. of America closing last
night at 153 against 182 on Friday a week ago; Aluminium
Ltd. at 7634 against 91; American Cyanamid B at 3134
against 37%; American Gas & Electric at 29 against 35;
Babcock & Wilcox at 21 against 27; Bell Aircraft at 22
against 26%; Creole Petroleum at 18 against 23%; Gulf Oil
Corp. at 3234 against 37; Humble Oil (new) at 49 against
58%; Lake Shore Mines at 1334 against 1634; Scoville Manu¬
facturing Co. at 28 against 32; Sherwin Williams Co., at 75
against 9334; Technicolor at 11 against 1634, and United
Shoe Machinery at 6234 against 72.
were
which declined all
DAILY TRANSACTIONS
THE
AT
NEW YORK
Stocks
EXCHANGE
CURB
Bonds (Par Value)
(Number
Week Ended
Foreion
of
Shares)
May 17. 1940
registered
were
down with the exception of Republic
were
a
Industrial specialties were
weak, Pittsburgh Plate Glass and Sherwin-Williams dipping
7 points each with numerous declines of 1 to 3 or more
points
Lower prices, due to the war situation, prevailed
during
the brief session on Saturday.
Declines were apparent all
along the line
3147
While there were a number of
spotty rallies on Wednesday
the market continued to show weak
spots throughout the
list.
The transfers for the day moved
Saturday
109,275
479,532
690,682
Foreion
Government
Domestic
Corporate
$730,000
1,952,000
2,656,000
2,400,000
1,500,000
1,805,000
$41,000
2,756,484 $11,043,000
$96,000
Monday
Tuesday
.
...
Wednesday. i ...i'Thursday
Friday
_
.
-
_
.
-
-
.
645,940
-
382,160
„
536,895
Total
Total
$779,000
1,981,000
$8,000
10,000
19,000
22,000
15,000
63,000
2,000
32,000
2,731,000
2,436,000
1,534,000
22,000
1,833,000
21,000
6,000
$155,000 $11,294,000
New York Curb
1940
1939
1940
Exchange
Stocks—No. of shares.
■
1939
■
2,756,484
447,567
21,371,838
16,502,461
$11,043,000
$0,641,000
$141,251,000
$181,347,000
2,027,000
2,598,000
Bonds
Domestic
96,000
35,000
976,000
155,000
39,000
2,975,000
$11,294,000
$6,715,000
Foreign government
Foreign corporate
Total
$145,202,000'
$185,972,000
NOTICES
CURRENT
—Henry S. Morgan, of Morgan Stanley & Co., Inc., has been nominated
for President of the Bond Club of New York for the ensuing year to
Francis T. Ward, of Clark, Dodge & Co.
the club's annual meeting to
J. Taylor Foster, of Spencer
office of
succeed
The election will take place at
be held on June 18.
Trask & Co., has been nominated for the
Vice-President, the post held by Mr. Morgan during the past year.
Herbert S. Hall, of W. E. Hutton & Co., has
been nominated for Secre¬
tary, and Gail H. R, Golliday, of Bonbright & Co., Inc., for Treasurer.
Nominations
years,
for
members
of
Board
the
of Governors,
to
serve
three
include A. Glen Acheson, of F. S. Moseley & Co., Richard de la
Chapelle, of Shields & Co., and Charles F. Hazelwood, of Estabrook & Co.
Continuing
as
Governors will be F. Malbone Blodget, of Spencer Trask
& Co., George J. Gillies, of Blair & Co.,
Stillman & Co., Percy M. Stewart, of
Inc., James McMillen of Evans,
Kuhn, Loeb & Co., Robert H. Van
Deusen, of Stone & Webster and Blodget, Inc. and A. M. White, Jr. of
White, Weld & Co.
Members of the nominating
man,
committee were Percy M. Stewart, Chair¬
Herbert F. Boynton, Austin Brown, W. Murray Lee and Robert H.
Van Deusen.
i
—Baker/Hughes & Treat, announce the organization of an
service department to aid bank officials in solving
present-day conditions.
as
institutional
portfolio problems under
A plan, which they have developed and describe
"The Portfolio Pilot," begins with an
analysis of the statement of con¬
dition and is aimed to tie in and synchronize investment
other banking functions and with the
capital account.
operations with
Jewett W. Fisher,
formerly Investment counsel for banks with Moody's Investors Service and
the Standard Statistics Co., heads the department.
are
Kenneth T. Wynne investment
Standard
Statistics
and Fitch,
also R. S. de Mitkiewicz
ciated with Merrill, Lynch & Co., W.
& Phenix National Bank.
Associated with him
analyst for many years with Moody's,
formerly asso¬
A. Harriman & Co., and the Chatham
The Commercial &
3148
ENGLISH
as
reported by cable, have been as
sot.,
Man.,
May 13
May 16
22 m.
31 3-16d.
Closed
Gold, p. fine oz. 168s.
Consols, 2 53%. Closed
British 35*%
Fri.,
May 17
Thurs.,
Wed.,
May 15
May 14
Silver, per oz_„
British
Pursuant to
22 1-16(1.
23 5*d.
23 J4d.
168s.
168s.
1688.
1688.,
168s.
£73 *4
£73
£71)4
£715*
£72
Closed
£99 H
£99
£98
£97)4
Closed
£110 X
£110
£109
give below a
of silver per ounce (in cents) in the United
same days have been:
34 ^
345*
345*
345*
345* i '
345*
Noon Buying Rote for Cable Transfers in
Value in Untied States Money
The price
States
on
We
passed:
BANK TO
£110
£109
record for the week just
buying rate for
the world.
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
TREASURY UNDER TARIFF ACT OF 1930
MAY 11, 1940, TO MAY 17, 1940, INCLUSIVE
FOREIGN
4%
of Section 522 of the Tariff
Bank is now certifying
daily to the Secretary of the Treasury the
cable transfers in the different countries of
£9754
1960-90
EXCHANGE RATES
the requirements
1930, the Federal Reserve
Act of
follows the past week:
Tues.,
May 11
War Loan—
FOREIGN
FINANCIAL MARKET—PER CABLE
closing quotations for securities, &c., at London,
The daily
May 18, 1940
Financial Chronicle
the
Country and Monetary
New York
Unit
May 14
May 13
$
$
$
S
$
$
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
(for.)
May 11
a
Bar N.Y.
a
a
a
U. S. Treasury
Europe—
71.10
71.10
71.10
71.10
71.10
(newly mined) 71.10
NATIONAL BANKS
4.035000
4.035000
4.035000
4.035000
4.035000
3.231875
3.200000
3.193437
3.244062
3.232500
3.239285
Free-
.019166
.019166
.019166
.109000
.019166
.019833
.018281
.018096
.018078
.018375
.018304
.018350
.400640*
from the office of the
.400540*
.400440*
.400440*
.400300*
.399533*
.006200*
.006237*
Department:
COMMON CAPITAL STOCK INCREASED
Amt.
.006362*
Hungary,
$50,000
From $107,000 to $157,000
.175830*
.175830*
.175830*
.175787*
.050428
.050428
.050428
.050450
.050433
a
a
a
a
a
a
Italy, lira
Netherlands, guilder.
.006125*
.175830*
.050428
pengo
.006128*
.006157*
.175830*
of Inc.
National Bank of Superior, Superior, Wis.
May 4—The Union
^
a
4.035000
Official.
following information regarding National banks is
Comptroller of the Currency, Treasury
The
-
a
a
8
a
a
a
a
.031333
.031866
.032100
'
STOCK "B"
PREFERRED
ISSUED
a
V*
May 4—ThelUnion National
Sold locally
Amount
,
■!?
;
a
a
Bank of Superior, Superior, Wis.
a
.032166
.032100
b
b
b
b
b
b
$25,000
.031666
.091304*
.091304*
.091300*
.237983*
.237385*
.237083*
.238050*
Switzerland, franc-
following shows the amount of National bank notes
afloat (all of which are secured by legal tender deposits)
at the beginning of April and May and the amount of
the decrease in notes afloat during vthe month of April
.222640
.222300
.220885
.214533
.213625
.211875
.022540*
.022440*
.022425*
.022440*
.022440*
.022440*
A»ia—
China—:-?'.. ,++?
a
a
a
•".+
:
21
.048162*
.046612*
a
a
a
a
a
a
.046587*
.053287*
.052275*
.05267511
1940
1939
$172,081,172 $195,543,437
1,211,110
2,403,675
Tender Notes—
Amount afloat April 1
Net decrease during April
...$170,870,062 $193,139,762
Amount of bank notes afloat May 1
a
a
a
a
.199875
1940 and 1939.
National Bank Notes—All Legal
.091304*
.238166*
Yugoslavia, dinar...
NOTES
The
for the years
.091304*
.238314*
IN NATIONAL BANK
CHANGES
.091304*
.198087
.196862
.200893
.199512
.301263
.301196
.300900
a
.201225
India (British) rupee.
.301346
.300929
.301346
Japan, yen
.234383
.234383
.234383
.234383
.234383
.234383
.471156
.471156
.471156
.471156
.471156
.471156
3.228000
,3.228000
3.228000
Australasia—
Australia, pound—
May
Reserve
Federal
3.228000
Official
3.228000
3.228000
2.575416
2.547083
2.545416
2.585833
2.575416
2.581041
Free
pound. 2.586041
2.557500
2.555833
2.596666
2.585833
2.591666
South Africa, pound. 3.980000
bank notes outstanding
secured by lawful money, against $2,218,619.50 on May 1,1939.
Note—$2,203,796.50
3.980000
3.980000
3.980000
3.980000
3.980000
1940,
1,
New Zealand,
Afrlca-r-
The
following securities
were
North America—
SALES
AUCTION
Canada, dollar—
Official..
.909090
.909090
.909090
.909090
.909090
.823125
.821339
.820234
.818203
.810000
.807968
.166525*
.166550*
.166525*
.166525*
.166575*
.166575*
.909090
.909090
.909090
.909090
.909090
.909090
.820937
.819218
.817656
.815(625
.807500
.805416
.297733*
.297733*
.297733*
.297733*
Mexico, peso
of the current week:
Newfoundl'd,
dollar.
Official
By R. L. Day & Co., Boston:
Free
$ per Share
10 Merchants National Bank, Leominster, par $100
83
20 Industrial Credit Corp. of New England 7% cum. conv. pref., par $50
20
20 Industrial Credit Corp. of Lynn 7% cum. pref., par $50
20
1 Travelers Insurance Co., par $100.
420
20 Delaware Lackawanna & Western RR., par $50
35*
159 Boston Elevated Ry. Co., par $100
44
125 Standard Brands, Inc., common.
6
Shares
.909090
Free
sold at auction on Wednesday
Stocks
195*
70
$50 lot
17 Northern RR. of New Hampshire, par $100
10 Randolph Associates
Bonds—
$150 The Sheraton, Inc., 2d mtge. 2-5 Aug., 1945, with 3 shares
stock
.297733*
.297733*
Official
.060575*
.060575*
.060425*
.060425*
.060425*
.060425*
Free
.050250*
.050250*
.050250*
.050250*
.050250*
.050075*
Official
.051680*
.051680*
.051680*
.051680*
.051680*
.051680*
Export.
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569850*
.569850*
.569850*
.569850*
.569850*
.569225*
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.387812*
.387750*
.387250*
.387250*
Argentina, peso.....
Brazil, milreis—
Chile, peso—
....
100 Pullman, Inc
—
South America—
Colombia, peso
Uruguay, peso—
-,''+■>. Percent
735* flat
.387812*
Non-controlled
•Nominal rate,
Cincinnati Stock
S
Controlled
Exchange
a
.387812*
No rates available,
b Temporarily
COURSE OF BANK
omitted.
CLEARINGS
May 11 to May 17, both inclusive, compiled from official sales lists
Bank clearings
Sales
Friday
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1940
Low
Shares
35
High
Feb
7
1134
Feb
*
8
9
American Laundry Mach20
16
17
124
18
Apr
Baldwin
8
8
8
100
7
Feb
1034
Apr
Burger Brewing
*
334
334
260
334
Jan
334
Jan
Aluminum Industries
Mar
47
50
43
Jan
47
Mar
*
22
22
100
22
May
30
Apr
100
105
105
15
102
Jan
105
47
50
Preferred
Champ Paper & Fiber
Preferred
Churngold
Cicinnati Ball Crank
534
*
__5
„
Cinci Gas & Elec pref.. 100
10634
50
2
Cincinnati Telephone
50
90
Clnci Union Stk Yards...*
*
Eagle-Picher
10
200
10834
610
107
May
134 May
10634
117
87
May
9
117
May
457
97
Jan
13
198
1234
Jan
11934
234
10034
1434
6
;
,.v
55
2
134 May
6
100
6
Mar
5
515
4
May
2
2
74
2
Mar
TVs
734
23
1034
23
465
10
Early & Daniel
*
Formica Insulation
*
1834
1834
75
Gibson Art
*
2534
2834
487
734 May
21
Mar
Jan
Hilton-Davis
1
18
18
9
18
Hobart A
*
39
39
*
1334
4034
1334
90
Kahn
75
1234
50
Lunkenheimer
*
2634
134
"i§~"
30J4
134
102
18
3,332
400
3
18
50
2.50
34
34
*
1034
1034
92
National Pumps
*
134
Preferred
8%
*
U S Playing Card
*
4
Boston
Kansas
20
Jan
Cleveland..
43
Mar
Jan
15
3434
Apr
134
Apr
Feb
18
Apr
34
22
Jan
Jan
134
Feb
1034
134
334
7134
Jan
Jan
Mar
10
224
May
230
Feb
21
122
18
Feb
23
Apr
6
200
6
May
36
35
34
May
5834 May
834
39
Apr
Feb
Apr
234
118
1034
1134
395
134 May
1034 May
234
1734
10
434
434
1,820
434 May
534
.10
834
11
227
834 May
13
Mar
934
934 May
May
17
Apr
2
Preferred
50
Western Bank
10 34
Baltimore
Eleven cities, five days..
Other cities, five days
Total all cities, five days...
All cities, one day—
Total all cities for week
Feb
Mar
Jan
Unlisted—
11
14
1234
1,602
*
Columbia Gas
*
434
534
1,697
434 May
734
10
534
4234
4034
Apr
For that week there was a
38 34
4034 May
3834 May
56 34
3834
5334
4 4 34
1,258
Timken Roller Bearing.__*
5134
Apr
of
General Motors
*
No par value.
178
-
$4,328,274,267
809,399,570
$3,795,014,592
+ 14.1
+ 11.9
+ 12.4
+ 12.9
+ 12.3
+ 12.8
+ 23.0
+35.9
+ 18.1
+ 19.8
756,677,150
+7.0
$5,137,673,837
1,027,534,767
$4,551,691,742
952,780,857
+ 12.9
$6,165,208,604
$5,504,472,599
+ 12.0
present further below, we are able to
for the week previous—the
11
City Ice
60
+ 10.8
+7.8
Complete and exact details ior the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
American Rolling Mill. .25
11
+29.6
324,000,000
171,503,586
79,474,361
77,300,000
116,422,000
91,563,396
76,451,377
81,510,738
57,828,732
Mar
30
34
.__*
254,329,525
Feb
1,825
1934
$2,464,630,877
329,658,719
359,000,000
192,707,475
89,733,207
86,800,000
131,276,000
112,652,522
103,911,162
96,232,773
69,273,994
10234 May
Feb
34
10
1939
Feb
Apr
2
Pittsburgh
May
134
_
Detroit..
6
*1934
City
1434 May
67
224
U S Printing...
Wurlitzer..
234
Jan
May
224
5854
100
Randall A
Rapid
234
10
Procter & Gamble
Chicago
Philadelphia
2634 May
80
1
New York
May
100
100
Manischewitz
Magnavox
Jan
Feb
634
Jan
6
102
Mar
Mar
434
134
18
San Francisco
19
27
1234
23
Cent
1940
$2,757,028,415
Week Ending May
Mar
St. Louis
50
*
734
234
Per
Clearings—Returns by Telegraph
Mar
Apr
5
*
Our comparative summary for
Feb
Mar
Apr
13
Little Miami gtd
Friday of 11.9 %.
the week follows:
1934
5
Leonard
week ended
2934
13
Kroger
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 12.0% above those
the corresponding week last year.
Our preliminary
total stands at $6,165,208,604, against $5,504,472,599 for the
same week in 1939.
At this center there is a gain for the
for
Jan
12
100
Hatfield prior pref
Partic pref
year ago.
2534 May
1334
compared with
Preliminary figures compiled by us based upon
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, May 18)
a
Jan
81
98
234
Jan
Feb
90
134
Feb
Apr
110
97
85
834
234
Mar
4
*
...
134
6
*
Crosley Corp
1H
534
1234
Cincinnati Street Ry
Cohen (Dan)
94
117
..100
Preferred
534
81
20
CNO&TP
Dow Drug
1534
this week show an increase
11
14
Jan
Apr
results
give final and complete
week ended May 11.
decrease of 5.3%, the aggregate
clearings for the^ whole country having amounted
$4,918,091,530, against $5,190,692,383 in the same week
to
in
Volume
1939.
The Commercial & Financial Chronicle
150
Outside of this city there was an increase of 4.8%,
clearings at this center having recorded a loss of
3149
the bank
13.4%.
We
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 show a loss of 12.7% and in the Boston
Reserve District of
0.1%, but in the Philadelphia Reserve
District the totals show a gain of 3.0%.
In the Cleveland
Reserve District the totals are larger by 8.2%, in the Rich¬
mond Reserve District by 8.1% and in the Atlanta Reserve
District by 10.8%.
In the Chicago Reserve District the
totals record an increase of 4.9%, in the St. Louis Reserve
District of 7.8% and in the Minneapolis Reserve District
of 10.8%.
The Kansas City Reserve District has to its
credit a gain of 4.6% and the Dallas Reserve District of
7.7%, but the San Francisco Reserve District suffers a
loss of 3.8%.
In the following
.
Wek
Ended
we
furnish
by Federal Reserve
a summary
Inc. or
1940
1939
Dec.
1938
$
$
%
$
1937
$
al Reserve D Istrict—Chic ago—
Mich.—Aim.
329 021
Ind.—Ft. W
Terre Haute.
_.
Wis.—M llwauke<8
la.—Ced. Rapldi
Des Moines._.
Sioux
76 447,529
2,409 601
1,048,502
1 118,884
+69.7
953 316
21,514 000
—8.4
1,601,608
5,764 889
20,620 731
-
+3.1
+ 13.0
19,715,000
e
87,411,611
2,751,058
1,436,400
1,898.459
Rapids.
387.145
1 914 636
Grand
—18.4
1.390 617
Detroit..,
Lansing
403 218
90,144.221
3,109,460
r
5.279.143
+ 19.5
+9.2
19,518,000
1,470 528
4 611,070
-20,845,968
—1.1
19,158 940
1,116.772
8.932.670
+2.9
—4.9
1,133,371
7,796 689
8.351,366
3,522 346
+0.5
2 995 528
3,218.371
364,265
+ 15.8
1 074,295
276,150,846
905,734
941,078
336,418,510
1,023,616
3 679 455
4,421 557
1.159,765
1,307,429
1 399,779
422.207.743
540,621,952
1,149 361
8 493 449
City
3.539,649
421,649
301,688,876
968,785
4,287 846
:
+ 6.6
+ 14.8
+9.6
+21.0
+7.1
3,911.414
1,288,831
1,514,252
1 064.714
468,239,532
446,524,453
Springfield
Total (18 cities)
—3.2
282,992,867
843,531
1,414,084
districts:
SUMMARY OF BANK CLEARINGS
11
May
Clearings at—
group
+4.9
:
364,429
126,066 961
3 276,535
1,421777
1,289,398
19,833,000
1 828,591
5.633,150
22,024.365
1,132,684
1,976,795
Inc.or
Week End. May 11, 1940
1940
1939
Dec.
1938
1937
Federal Reserve Diets.
*
$
%
S
%
1 Reserve Dls trlct—St. Lo uis—
Mo.—St. Louis..
1st
Boston
12 cities
81,400,000
32,766,996
75,900,000
+7.2
73,200,000
93 600 000
Ky.—Louisville..
31,934.555
38,436,061
15,990,342
+2.6
+20.0
29.703 906
19,186.497
15,351,280
18.213,140
240,747,667
240,980,354
—0.1
234,030,577
276,500,013
Tenn.—Memphis
111.—Jackson vlll<
2d
New York.. 13
"
2,591,103,028
2,966,452,720
—12.7
3,272,028,350
3,497,130,962
3d
PhUadelphlalO
"
381,097,305
370,109,900
4-3.0
369,107,194
403,532,112
4th
Cleveland
7
"
271,416,480
250,755,845
4-8.2
251,790,306
350,094,382
136,234,159
126,023,916
+8.1
4-10.8
4-4.9
120,543,440
141,007,282
138,270,522
163,584,447
422,207,743
,
540,621,952
5th
Richmond.. 6
"
6th
Atlanta,... 10
u
170,458,877
153,785,125
7th
Chicago
18
"
468,239,532
446,524,453
8th
St. Louis... 4
"
9th
X
Total (4
134,037,493
124,390,897
4-7.8
118,781,186
Minneapolis 7
"
114,434,560
103,295,864
"
128,114,046
122,497,532
139,096,165
66,914,114
62,137,756
59,434,073
68,705,698
12th San Fran.—10
215,294,269
223,738,021
—3.8
221,747,728
259,687,870
632,000
124,390,897
+7.8
118.781,186
160,881.207
Minneapolis...
"
526.000
Canada
105,100,411
add
now
442,341,709
362,777,913
.<
f+
5,415,570,286
6,095,942,501
2,262,987,977
2,728,971,002
Mont.—Billings
+21.9
>
333,722,754
+ 14 4
785,867
+7.0
738.762
716,586
687,453
3,087,880
—4.3
2,677,149
2.227,263
114,434,560
103,295,864
+10.8
92,332,386
105,100,411
Ended
Inc.
1940
New Bedford.
Springfield
204,508,789
May
Conn.—Hartford
New Haven
R.I.—Providence
11,718,800
1938
1937
654,990
+0.0
489,107
1,801,033
201,320,818
628,959
418,412
—0.8
+ 0.2
720,833
2,257,860
237,400,278
689,373
484,406
616,876
—20.2
+ 10.4
599.059
+6.0
3,205,783
+ 16.9
1,803 883
—15.7
10 438,650
—2.6
3,821,253
3,682,048
2,362,396
11,372,908
4,222,282
+ 7.5
9,097,600
12,162,000
443,432
504,932
530,841
—4.9
406,020
495,708
Total (12 cities)
240,747,067
240,980,354
—0.1
234,030,577
276,500,013
Omaha
Feder al Reserve D istrict—New
Bingham ton
7,986,801
932,911
Buffalo.......
32,700,000
4,850,175
939,845
29,500,000
+ 64.7
—0.7
+ 10.8
—21.1
Jamestown
—21.6
504,212
639,421
705,606
900,090
New York
2,481,409,570 2,865,136,389
Rochester.....
7,245,469
8,181,422
Syracuse., w.-7,778,688
4,368,328
—13.4
—11.4
+ 78.1
Westchester Co
4,338,363
Conn.—Stamford
5,189,119
4,319,240
+ 20.1
J.—Montclalr
448,687
+ 10.6
Newark.......
17,762,266
24,101,336
405,779
22,428,863
21,063,543
Northern N. J.
3,719.625
+ 16.6
—20.8
+ 14.4
19,843,030
1,118.973
33,100,000
549,054
755,720
,152,582,309
7,221,096
4,013,634
3,418,853
3,694,590
426,126
19,664,141
25,640,824
13,541,384
1,113,353
40,300,000
666,079
850,791
.366.971,499
8,490.460
4,202,778
3,309,711
4,501,711
406,330
19,730,867
33,045,999
2,591,103,028 2,966,452,720
—12.7 3,272,028,350 3,497,1
Third Federal Reserve Dist rict—Philad elphia
Pa.—Altoona
—1.2
492,745
498,753
Bethlehem
408,312
600,607
388,414
1.212,182
Chester
Lancaster
Philadelphia...
Reading......
611,968
291,637
—1.9
421,051
+33.2
1,109,991
+ 9.2
265,866
1,140,825
369,000,000
359,000,000
+ 2.8
459,'
812,37
312,703
1,303,913
389,000,000
1,499,784
2,519,747
1,323,718
1,581,366
2,310,071
1,478,311
2,160,163
+7.0
Wllkes-Barre.
1,230,198
866,976
+41.9
York
1,070,301
3,021,800
+20.8
N. J.—Trenton..
1,292,522
2,989,200
—1.1
357,000,000
1,330,143
2,348,018
834,309
1,596,970
3,761,700
Total (10 cities)
381,097,305
370,109,900
+3.0
369,107,194
403,532,112
+4.2
1,735,123
53,498,784
79,839,424
10,029,700
2,870,772
66,179,834
109,248.598
Scranton
Fourth
...
+6.9
Feder al Reserve D istrict—Ciev eland
Ohio—Canton
2,236.017
Cincinnati...
.
Cleveland
Columbus
Mansfield
Youngstown...
Pa.—Pittsburgh.
Total (7 cities)Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk..
55,367,388
90,497,873
9 363,200
1 616,599
2,307,346
110,028,057
271,416,480
2,146.494
52,870,280
+4.7
87,436,629
+ 12.5
10,755,500
—12.9
1,513,685
+6.8
2,341,387
—1.5
1.386,068
2,096,939
93,691,870
+ 17.4
103,204,208
+8.2
250,755,845
14,036.300
2,108,997
4,019,694
151,630,187
350,094.382
306,497
2,171,000
421,379
Fort Worth...
Galveston
Wichita Falls-
368,563
+46.7
2,691,000
+ 12.1
63,566,500
22,717,459
+ 13,7
Total (6cities).
136,234.159
126,023,916
+8.1
120,543,440
Nashville
Ga.—Atlanta
Augusta
Macon.
Fla.—Jacks'nvilie
Ala.—Blrm'ham.
Mobile
Miss.—Jackson..
—21.9
686,705
+0.1
122,497,532
+4 6
Reserve
Reserve Dist rict—Atlant
19,959,272
59,700,000
1,289,166
891,844
18,686,000
24,593,471
2,121,593
x
+5.3
—0.6
+7.5
2,825,000
37,895.297
1,316,677
71,626,936
26,921,993
141,007,282
3,524,522
+ 14.6
18,619,310
+7.2
53,200,000
+ 12.2
1,244,918
+3.6
906,836
16,755,000
—1.7
+ 11.5
21,364,933
+ 15.1
2,263,481
—6.3
x
x
3,777,721
17,674,760
48,500,000
935,776
869,389
15,315,000
17,447,472
1,477,556
3,890,697
19,131,119
58,100,000
1,362,168
1,121,062
16,393,000
23,023,624
Ore.—Portland..
754,281
72* ,427
115,296,781
139,096.165
—14.2
1,505,690
1,548 486
+7.7
44,752,179
49,973,448
+ 10.0
6.813 061
+7.1
2,384,000
896,250
8,483,382
3,479,000
940,683
—0.9
3,082.893
4,280,699
+7 7
69,434,073
68,705,698
+41.6
Utah—8. L. City
3,554,290
2,941,767
124,580,000
2,765,435
1,357,810
—17.5
132,736,000
—6.1
+ 16.4
+3.2
2,260,624
2,375,755
1,315,677
2,182,322
'215,294,269
223,738,021
—3.8
Santa Barbara.
Total (10 cities)
total
2,063,227
+46.1
+ 9.0
143,693
154,867
32,129,155
38,344,683
Total (10 cities)
170,458,877
153,785,125
+ 10.8
138,270,522
—4.2
—12.8
Francisco.
41,651,024
1,110,662
34,109,082
936,787
27,262,520
12,315,863
4,458,110
3,904,971
135,230,000
2,553,547
1,445,147
2,014,012
4 077,617
San Jose—....
Grand
+4.8
+ 14.5
3,667,298
Pasadena
San
—9.8
28,711,239
14,326,071
13,721,274
Calif.—L'g Beach
Francl sco—
33,465,428
980,614
32,884,999
+3.6
31,626,771
221,747,728
16,595,024
4,386,410
4/385,998
150,749,000
2,953,045
1,567,209
2,180,416
259,687,870
(113
cities)....—- 4,918,091,530 5,190,092,383
—5.3 5,415,670,286 6,095,942,501
Outside New York 2,436,681,960 2,325,555,994
+4.8 2,262,087,977 2,728,971,002
Week
Ended
May
9
Clearings at—
Inc.
1939
1940
or
1937
1938
Dec.
Canada-
Brandon..
358,954
Lethbridge...
507,419
100,611,254
96,885,604
36,005,685
16,116,542
69,867,302
5,200,519
2,481,330
4,120,228
3,979,181
1,808,978
1,750,920
2,208,854
3,839,192
3,820,860
351,216
430,866
1,555,000
1,212,380
102,220,685
106,805,163
56,375,852
14,758,190
Winnipeg..
Vancouver..
111,859,572
6,226,823
3,252,487
5,300,750
4,483,619
2,178,826
1,891,207
2,731,520
4,149,355
4,186,952
Ottawa.........
Quebec..—..—
Halifax.
Hamilton
Calgary..
Victoria
Reglna........
-
...
Saskatoon
-
+ 19.7
+ 31 1
+28.7
+ 12.7
+20.4
+8.0
+ 23.7
+8.1
+ 9.6
+2.2
+ 17.8
+28.3
565,479
—1.5
+ 24.8
569,331
713,067
650,172
245,490
Peterborough
601,140
1977 881
_.-
1,544,367
Kitchener...
2,810,008
356,578
....
'
Prince Albert....
;
,
791,819
*
245,779
555,079
860,330
1,176,920
2,880,733
329,249
652,706
35,913,294
14,785,466
47,995,499
5,242,265
2,032,403
4,685,949
4,550,495
5,401,583
1,781,737
1,482,253
2,239,128
4,762,816
1,810,873
1,606,360
2,246,525
3,412,127
3,908,398
4,211,467
304,766
381,989
1,413,765
631,504
1,028,076
v
3,681,506
207,407
293,638
1,242,189
531,368
729,357
974,519
578,367
660,014
605,370
181,356
—0.1
199,661
+ 8.3
+ 13.7
553,178
522,376
731,811
1,298,185
2,876,143
329,199
711,892
544,762
714,919
1,126,230
2,493,805
+ 31.2
—2.5
+8.3
+ 21 3
7-
294,840
710,485
436,490
*567,499
577,726
+29.8
500,522
964,998
445,086
+ 12.5
497,855
494,145
406,123
996,856
—3.2
1,261,967
877,783
442,341,709
362,777,913
+21.9
333,722,754
336,286,447
Kingston
736,942
Chatham
630,465
Sarnia
Sudbury
163,584,417
Total (32 cities)
♦Estimated.
104,586,624
90,355,203
5,139,822
2,380,837
+41.1
+ 9.7
803,220
Moncton
—8.4
+60.1
1,014,057
New Westminster
Windsor:
90,700,028
91,132,761
30,298,156
14,127,596
62,165,221
+ 56.6
557,210
Brantford
Sherbrooke.
+ 1.6
+ 10.2
1,265,628
Moose Jaw......
x
119,433
35,786,692
2 878 741
677,710
62,137,756
1,027,445
Medicine Hat...
39,004.183
174,458
31,879,087
1.872,902
2,800,435
95,127,555
7,067,336
1,658,000
928,511
3,235,146
2,128,520
30,200,625
Yakima
a-
La.—NewOrleans
Vlcksburg
102,039
136 883
2 822,815
47,120.243
Fort William
4,038,890
;
,
District—Da lias—
Twelfth Feder al Reserve D Istrict—San
Wash.—Seattle..
Edmonton-
-
Tenn.—Knoxville
75,626,194
2,380,198
685,954
—1.1
802 048
66,914,114
Total (6 cities).
London
-Richm ond-
540,727
1,261,256
Sixth Federal
+6.5
80,040,586
1,825,583
50,769,150
7,771,575
2,348,000
994,519
3,205,287
Dallas
4,199,000
251,790 306
68,310,506
25,824,351
8. C.—Charleston
Md.—Baltimore
2.794,048
2'924,101
Eleventh Fede ral
Texas—Austin..
St. John....
Reserve Dist rict
37,606,319
+9 5
+ 1.8
128,114,046
Total (10 cities)
Montreal
D.C.—Washing'n
Richmond
2,494,774
687,675
Toronto-...-*-,,.
32,728,960
1,042,198
62,191,412
22,103,373
.
—8.2
2,673,541
28,100.961
2,214,560
2,101.143
-
2,401,003
35,702,038
1,268,353
.
—0.1
2,890 483
'•
Stockton.*
Total (13 cities)
133 548
3,105,709
30,025,445
2,17-*,980
York-
Elmlra.....^.
N.
110,067
—6.6
+■ 626 629
St. Joseph...
La.—Shreveport.
N. Y.—Albany..
City
+30.8
684 895
3,209,729
1.802,320
12,289,215
.4,157,791
10,904,400
Kans as
95,668
147 516
3,102,963
30.570,256
1,997,393
2,731,623
85,244,156
_%
+23 2
681,303
2,106,341
10,361,626
4,048,476
Dec.
—
125,155
137,713
Lincoln
N.H,—Manches'r
Second
646,578
years:
11
or
455,896
1,828,447
204,045,443
655,244
386,794
3,400,772
Worcester
1939
Reserve Dist rict—Boston
561,660
1,812,930
Xowell........
19.9
336,286,447
Clearings at-
Fall River
69,017,781
25,312,241
4,058,808
1,927,849 +
Reserve Dls trict
Mass.—Boston..
22,396,490
2,107.210
669.358
.
Hastings
Portland
+ 11.3
detailed statement showing last week's
Week
First Federal
3,080,279
61,433,468
841 139
N. D.—Fargo...
S. D.—Aberdeen.
CO
figures for each city separately for the four
Me.—Bangor
2,332,729
+ 10 4
2,793,370
69,020,317
25,011,223
St. Paul
CO
5,190,692,383
2,325,555,994
our
+26.2
3,524,205
76,202,298
27,834,869
2,311,685
765,827
Total (7 cities).
We
/
Reserve Dls trict—Minne apolis-
2,954,537
4,918,091,530
2,436,681,960
...32 cities
150,881,207
1
X
+ 20.8
Minn.—Duluth..
"
+ 10.8
+4.6
+ 7.7
115,296,781
6
92,332,386
.
566,000
134 036,493
cities).
10th Kansas City 10
Total... ..,.113 cities
X
684,000
11th Dallas
Outside N. Y. City
X
X
xNo figures available.
+ 9.1
527,285
The Commercial
3150
Financial Chronicle
&
May 18, 1940
J
Company and Issue—,
Container Corp. of America 5%
Crane Co. 3% % debentures.
Watling, Lerchen Sl Co.
New
Frick-Reid
New York Curb Associate
Stock Exchange
York
Detroit Stock
Telephone: Randolph 6530
Detroit Stock
Exchange
compiled from official sales lists
Sales
Friday
Last
Sale
Par
Stocks—
Atlas Drop Forge com
1
5
Bower Roller Bearing
5%
18c
100
3,650
33
2154
31
5,160
10
1,374
75c
May
16% May
8X May
100
75c
Jan
2% May
4% Mar
26c May
5X May
451
31
Feb
Feb
75c May
7%
37
23%
12%
1.25
Apr
May
Mar
Jan
Jan
8
8
100
8
May
9%
Jan
70
Capital City Prod com.—*
Chrysler Corp com
6
Consumers Steel com
1
Continental Motors com—1
71
1,726
70
May
90%
Apr
1%
4%
Jan
Feb
2
Jan
70c
62c
67c
400
62c May
3%
2%
354
154
7,085
2X May
IX May
1X
*
Cunningham Drug com-2%
Delsel-Wemmer-Gil com-10
Det & Clev Nav com
10
Crowley M liner com
Detroit Edison com.__.100
25c
654
High
IX
2X
600
354
5A
8%
com_._12%c
Low
1,200
154
16
33
Brlggs Mfg com
Burroughs Add Mach.—*
Burry Biscuit
Week
Shares
High
25c
1
City Brew com
Baldwin Ruboer com
Range Since Jan. 1, 1940
for
of Prices
Low
1%
2%
1
5
Allen Electric com
Auto
Price
Weel's Range
15
15
15%
83c
107
600
100
15
May
1554
100
15 %
May
70c
Feb
93c
1,825
107
11854
331
107
May
78c
18%
19%
1%
125
Jan
Apr
Apr
Jan
Detroit Gray Iron com___5
1%
1
154
1,900
1
May
1%
Apr
Det-Mlchlgan Stove com.l
1%
IX
154
6,140
IX
May
2%
Mar
1,100
75c
Mar
1%
Apr
13% May
15%
Mar
Apr
Apr
Feb
75c
Eaton Mfg com.
Eureka Vacuum com
1354
100
1
5
1
300
1
Apr
27
1
4
Durham Mfg com
75c
13%
Detroit Paper Prod com__l
Detroit Steel Corp corn_._6
27
175
27
May
1%
35%
4%
354
354
117
2%
Apr
2,410
7,431
20%
Jan
3
,—*
32%
2654
3254
11
10 X
Federal Motor Truck com-*
2%
2X
1454
354
Frankenmuth Brew com..l
2%
2X
254
Ex-Cell-O Corp com
Federal Mogul com
Apr
10% May
15%
Mar
1,155
2X May
4%
Jan
4,888
2% May
2%
Jan
32%
6%
Apr
25
23
1
Fruehauf Trailer com
34
700
5
3,560
23
May
Jan
"l'x
4X
100
32
11
11
100
52
6,550
10%
43%
1
2%
4354
2X
3,065
2X May
85c
75c
85c
425
76c May
3%
1%
Apr
Graham-Paige com—...1
45c
50c
1,000
45c May
80c
Apr
1,325
5%
13%
1
2875
2875
2252
June
1
...June
1
2724
June
-
2098
.May 31
Co. 1st mtge. bonds
1
2879
May 31
3049
May 31
Interest scrip ctfs
DETROIT
May 11 to May 17, both inclusive,
1
4%% notes
(Edward) Hines Lumber
Chicago Stock Exchange
Exchange
Ford Building
—June
June
Supply Corp. 15 year debs
Garlock Packing Co.
Page
"Date
"
debentures
Elgin Joliet & Eastern Ry. 4%% bonds
Fairbanks. Morse & Co. 4% debentures
Members
.
:
Indianapolis Water Works Investment Co. 5% bonds
July 1
Inland Steel Co. 1st mtge. 3%s
June 20
Iowa Electric Co. 1st mtge. bonds
June
1
Kanawha Bridge & Terminal Co. bonds
—June 1
Kansas Gas & Electric Co. 1st mtge. bonds. _
May 25
Kansas Oklahoma & Gulf Ry. serial notes
..June 1
Kresge Foundation 10-year notes
...
June 1
Liquid Carbonic Corp. 10-year 4% debs
June 15
Louisville & Nashville RR., unified 50-year 4s..
..July
1
Marion-Reserve Power Co. 1st mtge. 5s
June
1
McCrory Stores Corp. 15-year debentures
June 3
Metropolitan Playhouses, Inc 5% debs..
May 23
Micromatic Hone Co. preferred stock
June 15
Missisquoi Corp. 7% pref. stock.
July
1
Mortbon Corp. of N. Y. series A bonds
June 1
♦National Battery Co. preferred stock
—July
1
National Oil Products Co. 4% debs
June
1
National Supply Co. 1st mtge. bonds
June 15
New Jersey Water Co. 1st mtge. 5sr___-----June 18
New Orleans Public Service, Inc., 4%% bonds
..June 14
Northern Oklahoma Gas Co. 1st mtge. bonds
June 15
♦Northern Pacific Ry. equipment trust certificates
July
1
May 18
May 23
Ogden Corp. 5-year debentures
♦Ogden Corp. 5% preferred stock
3049
2884
2729
2884
2730
2730
2730
2258
2731
843
2886
3053
2887
2584
3054
2261
3208
2890
3055
2586
3057
2891
3210
2590
3211
1
1289
2891
June
1
1
1
—June
1
June
..June
1st mtge. 5s
Ohio Electric Power Co. 1st mtge. 5s
Outlet Co. 7% pref. stock
Paris-Orleans RR. 6% bonds
Pennsylvania Glass Sand Corp. 1st mtge. 4%s
Phelps Dodge Corp., 3%% cfebs
♦Philadelphia Transportation Co. 3%-6% bonds
Ohio Electric Power Co.
Aug.
June 15
1
...July
Pittsburgh. Youngstown & Ashtabula Ry. 1st mtge. bds. -June
Portland General Electric Co. 5% bonds
June
Power Securities Corp. coll. trust bonds
—June
Public Service Co. or Colo. 4% debs
June
Richmond-Washington Co. 4% bonds—-—
June
Safeway Stores, Inc., preferred stock—
July
San Jose Water Works 1st mtge. 334s
June
Savannah Electric & Power Co. 1st mtge. 5s
May
♦Sherwin-Williams Co. 5% preferred stock
June
♦Southern Advance Bag & Paper Co. 1st mtge. 6s
June
Terminal RR. Assoc. of St. Louis, gen. mtge. bonds
June
Third Ave. RR. Co. 5% bonds
—,_May
Toledo Edison Co. 4% debentures
--May
♦United Merchants & Manufacturers, Inc., 6% bonds...June
U. S. Steel Corp. 334% debentures
June
♦United States Steel Corp 10-year 334% debs
.—.July
Virginia Public Service Co. 1st mtge. bonds..
— .June
West Indies Sugar Corp. 1st mtge. 6s
June
1
8
1
1
1
1
3060
2738
2892
2893
3213
2894
3061
2894
2894
1453
2592
1
2268
18
2896
1
1
3
20
23
15
1
15
3217
3217
1
7
2902
3066
3067
2747
Apr
Apr
Gar Wood Ind com—...3
*
B
General Motors com....10
Goebel Brewing com
Grand Valley Brew
com_.l
_._*
Hoover Ball & Bear com. 10
Hosklns Mfg com
2%
Houdallle-Hershey B
*
Hurd Lock & Mfg
1
Kresge (S S) com
10
Lakey Fdry & Mach com.l
2
Mahon (R C) A
4
McAleer Mfg
1
Michigan Silica com
22
10
Preferred
14% May
19
100
13
May
14%
May
May
15%
6%
9%
3
2,552
40c
1,600
33c May
52c
154
1,360
IX May
1%
Jan
46c
650
35c
60c
Mar
670
3
154
88c
2%
1,237
24
100
30c
Jan
75c
Apr
6,350
19c
Jan
27c
Apr
154
654
105
1% May
2%
Feb
554
300
5%
Jan
7
Feb
"~99c
87c
1.25
3,050
72c
Mar
454
854
454
954
.....
154
100
■
4
2.00
3,340
1154
1654
1,765
654
354
7,640
12,446
10
Parke Davis
*
com
.....
2%
37 %
10
13%
730
Jan
May
May
4% May
2X I ay
37
May
37
43
2,922
1054
Parker-Wolverine com—*
Peninsular Mtl Prd com_.l
1354
454
254
13
3,566
3,040
8X
Mar
1
Mar
810
6X
"iH
1
Pfeiffer Brewing com
*
8
154
854
Reo Motor com
5
""i%
154
154
1,225
Rlckel (H W) com
2
2%
254
254
154
154
2054
454
River Ralson Paper com..*
Scotten-Dillon
10
com
"20%
Sheller Mfg com
1
5
Std Tube B com
1
1%
Stearns (Fred'k) com
*
Timken-Det Axle com..10
Tivoli Brewing com
1
1
"22"
1
Universal Cooler A
..*
Universal Products com..*
Walker & Co B
Jan
Apr
2154
527
654
4,325
1,463
20% May
4%
Jan
7
May
1%
Apr
May
14%
Mar
20% May
Apr
Mar
4
2
3
Jan
26%
2%
3%
3% May
250
May
4%
Mar
7%
5%
Apr
540
654
2,490
354
200
3%
May
154
1754
154
900
1%
May
155
16%
IX
4
154
Apr
1
12
3,410
3,470
1754
Jan
400
1.50
11,875
154
2,700
3
Jan
Jan
2%
23%
4
May
90c May
1
Feb
1%
2%
Apr
Mar
Mar
Apr
May
Jan
Apr
Wolverine Brewing com__l
17c
18c
400
10c
Jan
25c
Apr
Wolverine Tube
5
554
450
5
May
Mar
954
954
390
9%
May
6%
13%
com
Young Spring & Wire
*
2
*
9%
Apr
CALLS AND
SINKING
a list of bonds, notes and preferred
corporation called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Company and Issue—
Date
♦Advance Bag and Paper Co., Inc.,
1st mtge. 5s
1st mtge. bonds
Alabama Power Co.
♦Allied Owners Corp. first lein bonds
A. P. W. Paper Co. 3%% notes
Balaban & Katy Corp. 7% pref. stock
Beauharnois Light Heat & Power Co. 5% notes
5% bonds
Pace
June
1
Sept.
1
June 14
Aug.
1
May 31
June
1
3191
2406
3191
2867
2248
2867
Bernards Water Co. 1st mtge. 6s
Bethlehem Steel Corp. consol. mtges. 4 He
Birmingham Gas Co. 4%% notes
Capital City Hotel Co., Inc. 1st mtge. bonds
June
1
June
1
June
1
May 20
July
1
May 31
June
7
2867
2248
3039
2869
2248
2869
(The) Catholic Archbishop of Chicago series D notes.
Chicago Daily News, Inc. 5% debentures
June 11
3041
May 25
2717
Cincinnati Gas & Electric Co. 1st mtge. 3%s
June
1
2718
Clear Spring Water Service Co. $6
1st mortgage 5s
May 27
May 27
May 21
July
1
2088
2088
2089
3044
1
2875
May 21
3044
Bedford Pulp & Paper Co., Inc. 1st mtge. 6%s_Beech Creek Coal & Coke Co. 5% bonds
preferred stock
Colgate-Palmolive-Peet Co. 6% preferred stock
Connecticut Railway & Lighting Co. 4%% bonds
Consolidated Oil Corp. 3%% debentures
Consolidation Coal Co. 5% bonds—
-
June
3041
May
May
May
May
May
15
8
20
15
15
June
June
14
July
June
June
June
82
June
May 13
June
June
4
American Hide & Leather Co. pref.
75c
June
June
4
American Laundry
Extra
20c
June
10c
June
50c
May
July
July
July
May 20
May 20
May
8
May 21
Export Lines
(quar.)
Machinery Co. (quar.)—..
American Oak Leather
Preferred
- -
(quar.)
$1%
81%
(quar.)
American Sugar Refining, pref. (quar.)
American Telephone & Telegraph (quar.)
5
17
Extra..
Associates Investment Co.
(quar.)
June
May 20
May 20
June
June
June
June
15
June
June
15
June
June 15
81X
t82%c
$1*A
%m
12 %c
8154
$1X
5% preferred (quar.)
Automotive Gear Works, Inc. conv. pref
Bangor Hydro-Electric 7% preferred (quar.)
6% preferred (quar.)
Beneficial Loan Society (Del.) (quar.)
Birmingham Electric 87 preferred.
86 preferred
25c
81
Bohn Aluminum & Brass
(quar.)
—
-
62%c
82
L
25c
,■»
June
1 May 20
1 May 20
June
July
July
July
40c
35c
5% preferred
x
•
Extra
Champion Paper & Fibre
Preferred
(quar.)
Chesebrough Mfg. (Consol.) (quar.)
Extra
Chestnut Hills RR. (quar.)
Chicago Flexible Shaft (quar.)
Extra
Cincinnati Gas & Electric preferred A (quar.)..
Cincinnati New Orleans & Texas Pacific—
Preferred (quar.)
Clayton & Lambert Mfg. Co
Cleary Mines
Cftast Counties Gas & Electric, 1st pref. (qu.)__
Colonial Finance (Lima), pref. (quar.).
1 May 20
1 June 14
31 July
31 July
15
15
15 May 29
June 29 June
1
June
June
J37Mc
preferred (quar.)
First preferred (partic.)
—
Convertible preferred (quar.)
Convertible preferred (partic)
Capital Wire Cloth & Mfg. Co. conv. pref
Central Cold Storage Co. (quar.)
Central Illinois Light pref. (quar.)
Central Patricia Gold Mines, Ltd. (quar.)
May 20
1 June 10
liJune 10
June
85
+25c
First
15
June
t7X
(quar.)
California Art Tile, pref. A
Canada & Dominion Sugar (quar.)
Canadian Canners
June
July
July
t$lY
«*»
Buchanan Realty Co. (liquidating)
Calamba Sugar Estates (quar.)
Canadian Bakeries
June
15c
15c
50c
Corp. Ltd. (s.-a.)
Asbestos Corp. (quar.)
Extra
Preferred
June
June
S2s1
50c
Andian National
Pref6rr©d.
Below will be found
Holders
25c
American Dock
Bright (T. G.) & Co., Ltd. common
stocks of
June
4c
Boston Wharf Co
FUND
NOTICES
When
Payable of Record
SIN
81X
—
Class B (quar.)
Borne-Scrymser Co
REDEMPTION
75c
81*4
preferred (quar.)..
pref. (quar.)
Co., pref. (quar.)
—
Bon Ami Co. class A
No par value.
25c
—
American Capital Corp. prior
American Cigarette & Cigar,
2%
354
90c
American Business Shares.:
3
25
Share
Company
Abbotts Dairies, Inc. (quar.)
Agricultural Insurance Co. (quar.)
Alabama Water Service Co., 86 pref. (quar.)
IX May
254
3
Wayne Screw Prod com..4
Feb
18%
Feb
8%
Mar
4%
Jan
44%
14% May
1% Mar
Per
Name of
300
454
1%
com
Apr
1,250
454
354
*
1
Warner Aircraft
Apr
American
3
"i %
2.60
16
Jan
354
4%
*
B
Mar
Feb
2354
*
com
United Specialties
The dividends announced this week are:
Apr
11%
Apr
310
are
bring
we
2
2054
2
Apr
grouped in two separate tables.
In the
together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
first
9%
154
1254
2
6
2423
DIVIDENDS
Dividends
1% May
2X May
12
Union Investment com...*
United Shirt Dist
Jan
1.25
Jan
7X
1%
6,260
1.50
5
Jan
55c
10
com
Jan
May
1%
22c
1.50
Packard Motor Car com..*
24
20c
10 %
Murray Corp com
May
Feb
Mar
55c
*
Motor Wheel
4%
1%
Jan
"22c
Mid-West Abrasive com50c
Motor Products com
26
May
88c May
1,940
1.00
May
1% May
100
24
24
22
1,400
22
22
3221
Feb
154
Feb
3221
2901
this weex.
Announcements
Apr
3
154
'~95c
♦
Jan
534
254
1
Micromatlc Hone com
415
1354
454
1%
..1
.*
Jan
1754
3
Mich Steel Tube com. .2%
Michigan Sugar com
Jan
Apr
45c
*
com
McClanahan Oil com
Jan
13%
56
13
954
33c
"l X
pref.....*
Masco Screw Prod com___l
Feb
33
1454
Klnsel Drug com..
LaSalle Wines com
Feb
Feb
May
13
10%
com—1
Kingston Products com__l
254
11
8
Hall Lamp com...
Hudson Motor Car com__*
33
33
*
Gemmer Mfg A
4X May
m
J12%c
J25c
J5c
J15c
J5c
37c
12 %c
81X
15 May 31»
15 May 31*
May 25 May 18
1 June 14
July
1 June 14
July
June
1 May 17
June
1 May 15
May 31 May 21
2 June 15
July
2 June 15
July
2 June 15
July
2 June 15
July
2 June 15
July
June
1 May 20
June
July
15 June
5
1 June 20
4c
June 28 June
15
4c
June 28 June
15
25c
$1%
81
50c
75c
8154
25c
8154
June
July
15 May 31
1 June 15
June
24 May 31
June 24 May 31
June
4 May 20
June 29 June
19
June 29 June
19
July
1 June
l7
June
1 May
5c
15
3
May 15 May
June
1 May 20
8154
81X
June 15 May 25
June
1 May 20
S1U
Volume
The Commercial & Financial Chronicle
ISO
Per
Name of
Company
Share
Colt's Patent Fire Arms Mfg. Co. (quar.)
Columbian Carbon Co. (quar.)
Connecticut Light & Power (quar.)
Holders
When
Payable of Record
June 29 June
June
July
14
lO May 24
1 June 15
Confederation Amusement, pref
June
Coniarum Mines, Ltd
Consolidated Film Industries, pref_
Consolidated Gas Electric Light & Power Co
June 25 June
July
1 June
4 May 20
5
15
4H% preferred (quar.)
Consolidated Rendering Co
July
1 June 15
July
1 June 15
May 20 May 14
Continental Oil of Delaware.
June 24 June
Continental SteeU-„—
Preferred (quar.)--*-«•-—X*........—»XXX
Cook Paint & Varnish (quar.)
. ..
June
Dayton Rubber Mfg_
Delaware & Bound Brook RR.
1 June 14
1 June 14
1 May 20
June
1 May 20
June
5 May 25
May 20 May 14
(quar.)
Delaware Fund, Inc
June
Dentist's
Supply Co. (N. Y.) (quar.)
Quarterly. „
„ .i,
......
.
.
.
.
.
_
3
July
July
Preferred (quar.)
15 June
1
Sept.
.
.. .
3 Aug. 20
Dec.
.. .
2 Nov. 26
Detroit Gray Iron Foundry (semi ann.)
June 20 June
10
Detroit Steel Corp
Devonian Oil Co. (quar.)
June 25 June
15
June 15 May 31
June
1 May 17
...........
Dictaphone Corp...........................
Preferred (quar.)
Dominion Foundries & Steel 6% preferred (qu.)_
June
Dominguez Oil Fields (monthly)
May 31 May
May 31 May
June
1 May
June
1 May
20
20
20
20
June
15 June
1
June
12 May 28
1 May 21
Duval Texas
Sulphur
Chemicals, Inc., 6% pfd. (qu.)
7% preferred (quar.)
Eastern Massachusetts State Ry. pref. A__
Electric Boat Co.........................
Durez Plastics &
Electrographic Corp. (quar.)
Preferred (quar.)
El Paso Natural Gas Co., 7% pref. (quar.)
Empire Power Corp., $6 cum. pref. (quar.)
Participating stock.._.....
Emporium Capwell Co. (quar.)
Equity Fund, Inc. (quar.).
Ever Ready Co. Ltd. ord. stock.
June
June
June
..
.
15 June
1
June
10 June
1
July
11 June 21
May 15 May
8
June
4
June
.....
Preference
1 May 21
1 May 16
June
—
Bonus
1 May 17
1 May 20
June
;
4
June
........... ...
4
Federal Mogul Corp
Fireman's Fund Indemnity (quar.)__
First Holding Corp. (Pasadena), 6% pref. (qu.)
Gallaher Drug Co., 7% pref. (quar.)
June
Gatineau Power Co. (quar.)
June 29 June
1
July
July
ljJune
1
1 June
1
5H% preferred (quar.)
5% preferred (quar.)....................
Gaylord Container Corp. (quar.)
Preferred (quar.)........
..........
General Cigar Co.
General Public Utilities, Inc., $5 pref. (quar.)__
General Shareholdings Corp.—
$6 cum. conv. preferred (quar.).......
Opt. div. payable in com. stk. at the rate of
June
44-1000th of
one
pref. share held,
sh. of
or
com.
for each
1 May 20
May 15 May
5
June
June
....
.........
(quar,).
Illinois Central RR. (leased lines) (s.-a.)
Imperial Oil Ltd. (s.-a.)„....................
Special..................................
Indianapolis Water Co. 5% pref. A (quar.)
International Business Machines (quar.).
International Cellucotton (quar.)
f25c
uli1?
International Safety Razor Corp. A (quar.)
60c
Investment Corp. (Phila.) (quar.)
Jaeger Machine Co..
Jamaica Public Service, Ltd. (quar.)
7% cumulative preferred B (quar.)
7% preferred A (quar.)
5% preferred C (quar
:.)...
Kansas Pipe Line & Gas
Kimberly-Clark Corp. (quar.)
1
1 May
1 May
June
Tune
15
15 June
1
July
June
1
15 June
5
1 Time 11
1 May 17
July
June
June
July
July
July
July
July
1
1
10
1
1
15
•
May 17
Tune
10
Tune 21
June 20
Tune 20
Tune 20
1
May 21
June
1 May 24
June 15 June
I
25c
June
1
17c
July
2 June 14
July
1 June 14
July
2 June 14
July
1 June 14
May 25 May 10
July
1 Tune 12
July
1 Tune 12
July
1 Tune 12
May 15 May 15
June
1 May 15
1H%
SIX
1 H%
....
10c
25c
Extra.'.^ii^.w.--.w*^w^..-._.............
Preferred (quar.)..^........^.........*.^;
Knudsen Creamery Co., 60c. pref. (quar.)
Kobacker Stores, Inc., preferred (quar.)
Leasing's, Inc
Lily Tulip Cup Corp. (quar.)
Lincoln Service Corp. (quar.)
.; Extra.
iiiX±X.-. XXXX
6% cum. partic. preferred (quar.)..
7% cum. prior preferred (quar.)
Lincoln Stores, Inc. (quar.)
25c
81H
15c
5c
30c
25c
25c
....... ...
—
1 H%
vii
Preferred (quar.)....
Liquid Carbonic Corp. (quar.)
Lorillard (P.) Co.
Preferred (quar.).
Magma Copper Co
Mallory & Co. .............
........
Masonite Corp. (quar.)#..........
June
May 20
10 June
3
June 15 June
1
June 12 May 31
June 12 May 31
June 12 May 31
June
12 May 31
June
1 May 24
June
1 May 24
July
July
July
1 June 14
30c
SIX
15 May 31
10 May 28
50c
June
20c
June
25c
*1#
50c
May Hosiery Mills, class A (quar.)
June
15
June
15
June
25c
(quar.).^.....
Co., class A
June 29 June
Oklahoma Gas & Electric
7% preferred (quar.)
6% preferred (quar.)
Paramount Pictures.
1st preferred
10 May 25
June 10 May 25
June
May 25
June
(quar.)
Monarch Machine Tool
Morrison Cafeterias Consol., Inc
Motor Wheel Corp. (quar.)
.
^
-
June
National-Standard Co. (quar.)
1 50c
July
June 14
25c
June
50c
June
May 20
May 31
National Transit Co
Nehi Corp..
Preferred (quar.)
**XXX^»XXXXX.
Bedford Cordage Co. (quar.)
(quar.)..
T.
Newberry (J. J.) Co. (quar.)
New England Public Service ?7 prior lien
New
...
Preferred
?6 prior lien
New Orleans Public Service $7 pref
Niagara Share Corp. (Md.) cl. A pref. (quar.)...
North Pennslyvania RR. (quar.)
Norwich Pharmacal Co
12Hc
July
S1.31M July
25c
June
SI X
June
June 15
June 15
Share
Acme Steel Co. (quar.)
Aetna Ball Bearing Mfg
Alaska Pacific Salmon Co. 5% pref. (s.-a.)
Alberta Wood Preserving Co. preferred (quar.).
50c
Allegheny Ludlum Steel, pref. (quar.)
m
July
June
June 15
June
1
June
June
M
25c
1
May 24
June
June
May
May 20
May 24
June
7
15
July
Tune
June
May 20
July
Tune 21
June
May 20
May 20
June
July
June
June
June
10
Tune
15
15 Tune
5
1 May 24
1 May 24
June
10 May 25
June
15 May 31
June
May 20
June
June
1
July
July
July
July
July
June
15
June
June
June
June
1
June
1
June 15
June
15
May 20
May 20
15 June
5
June 15 Tune
June 15 June
June 15 Tune
3
June
1
1
10 May 31
June
May 21
May 31 May 15
June
7
July
June
June
June
15 June
June
15 June
1
1
1
15 May 27
June 15 May 27
June 15 Tune
1
June
July
July
June
1
June
1
June
July
June 20
June 20 May
31
June 25 June
15
May 31 May 21
June
May 20
June 15
July
June 15 June
1
June 10 May 31
May 25
May 31 May 20
June
June
15June
1
—
43 He
25c
25c
(quar.)
American Arch Co
June 26
June
May 15
July
July
June
June 17
June
June
10*
1
June
June
May 31
May 20
May 15
June
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec.
15
June 30 June
15
Sept. 30 Sept. 15
Dec.
June
June
(quar.).
31 Dec.
15
1 May 20
1 May 18
June 15 June
4
15 June
15 June
June 15 June
4
June
June
1
June
1
1 May 25
$1X
Extra
Sept.
1 Aug. 25
+30c
June 15 May 25
June 15 May 25
—
91X
pref. A (quar.)
7% preferred A (quar.)
Inc., $6 pref_._
4M% cum. pref. (quar.)
+3 5c
12Hc
-
June
1 May 20
25c
40c
June
15 June
5
15 May 15
June
7
June
S1.18H July
75c
June
May 15
62 He
June
May 15
50c
June
May 15
20c
June
75c
June
May 14*
May 15
American General Corp., $3 conv. pf. (quar.)..
$2H conv. preferred (quar.)
$2 conv .preferred (quar.) 1
American Home Products Corp—
American Investment Co. (111.) (quar.)_Stock div. of 2 shs. of com. $1 par, for each
held
(quar.)
no-par common
62 He
July 26 July
June
July
May
June
May
June
May
25c
June
S1H
SIX
SIX
SIX
June
—
7% pref. (quar.).—
7% preferred (quar.).
,
Amer. Rad. & Standard Sanitary,
American Smelting & Refining
American Steel Foundries
8
June
(quar.)
American Envelope Co., 7%
8
June
American Chicle Co. (quar.)
(quar
I
15
May 21
June
...
American Box Board Co. 7% cum. pref.
American Chain & Cable——
7% preferred
June
June
June
15c
—...
Payable in U. S. funds.
Aluminum Mfg., Inc. (quar.)...——.........
Quarterly
.
—
Quarterly
*—
7% preferred (quar.)
—
7% preferred (quar.)
—
7% preferred (quar.)
5% preferred
May 22
Tune
t$lH
$1H
Alpha Portland Cement
Industries
Aluminium, Ltd
Aluminum
Preferred
June
July
Allied Stores Corp. 5% pref. (quar.)
Allis-Chalmers Mfg. Co
Preferred
When
Holders
Payable of Record
June
Allied Products (quar.)
Class A (quar.).-
American Meter Co., Inc
American Paper Goods Co.
60c
1
15 May 31
June 15 May 31
Tune 10
July
July
36c
American Metal Co., Ltd
Preferred (quar.)
75c
t$17.50 May
75c
,.
Agnew-Surpass Shoe Stores, pref. (quar.)
May 16
May 16
87 He
May 17
June
m
$7 preferred
American Forging & Socket Co
American Fork & Hoe Co
American Gas & Electric Co. (quar.)
May
7
May 25*
Tune
June
25c
of Company
American & Foreign Power Co.,
June 24
June 21
50c
25c
SIM
Per
Name
Apr. 30
July
15 May 31
15 May 24
11 May 25
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.
May 23
June
June
June
we
June
June
June
10c
Preferred (quar.)., ...4----------...
43Mc
Utility Equities Corp. $5H dividend priority—
SI
Utah Power & Light Co. $7 preferred
f$ 1.16 2-3
S6 preferred
+S1
50c
Victor-Monaghan Co..........................
7% preferred (quar.)
SIM
Virginia Electric & Power $6 preferred (quar.)__
SI x
62 He
Virginian Railway (quar.)
Waialua Agricultural Co., Ltd
30c
Western Auto Supply Co. (quar.)
50c
Weston (Geo.), Ltd. (quar,)...
20c
37 He
Weyenberg Shoe Mfg
....................
Wilson Products, Inc. (quar.)..
20c
....
Wolverine Tube Co., preferred (quar.)
SIM
Wurlitzer (Rudolph) Co
15c
25c
Youngstown Steel Door
;
July
50c
Extra.
30c
United States Tobacco Co
May
25c
June
15 May 31
15 May 31
$Y£
June
27 He
May 24
12Mc
SIM
.................
June
Insurance
National Malleable & Steel Castings Co
Accident
June
June
..
June
1
15
24
16
23
25c
......
15c
$2
May 20
May 24
July
20
20
25c
SIM
SIM
June
June
6% preferred (quar.)
37Mc
Shenango Valley Water 6% pref. (quar.)
SIM
Sonotone Corp., preferred (quar.)
15c
Sontag Chain Stores Co., Ltd
15c
43 *
C; 7% preferred (quar.)
XXXX
SIM
South Carolina Power Co. $6 1st pref. (quar.)
SIM
Sparks-Withington 6% preferred (quar.)
SIM
Spear & Co. 1st preferred (quar.)
SIM
2nd preferred (quar.)
SIM
Spencer, Kellogg & Sons, Inc. (quar.)
40c
Standard Oil Co. (Ky.) (quar.)
25c
Stix, Baer & Fuller Co
25c
Stonega Coke & Coal Co
50c
Strawbridge & Clothier 7% pref
si
Sunshine Mining Co. (quar.)
40c
Swift & Co. (quar.)
30c
Talcott (James) Inc__10c
XX
5H% partic. preference (quar.)
68Mc
Tampa Gas Co. 8% preferred (quar.)
$2
7% preferred (quar.)
SIM
Tappan Stove Co
25c
50c
Technicolor, Inc
Texas Gulf Sulphur (quar.)
50c
Extra-.
'i.
25c
Time, Inc. (interim)
S2
Texas New Mexico Utilities Co. 7% Pref. (qu.)._
SIM
United Amusement Co,, class A & B
40c
United Dyewood Corp., preferred (quar.)...
Unitod Gas & Electric Corp
Preferred (quar.)
x..........—-......
1M%
5% preferred (s. a.),
May 15
May 21
May 24
May 20
June
24
31
20
June
June
June
June
30c
5H% preferred (quar.)
May 28
July
May
May
May
May
May
May
May
May
June
Securities Acceptance Corp. (quar.)
June
June
June
75c
8
June
8
15 May 24
June 10
June
.
June
June
July
58 l-3c
Puget Sound Pulp & Timber Co
Preferred (quar.).
Pullman, Inc
Raybestos Manhattan, Inc
Reeves (Daniel), Inc. (quar.)
Preferred (quar.)
Reliance Insurance Co. (Phila.) (s. a.)
Reliance Steel
Rich's, Inc.,*6H% preferred (quar.)..—
Royalite Oil Co., Ltd. (s.-a.)
SchiffCo. (quar.)
4c
55c
June
SIX
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3c
Procter & Gamble Co. 5% preferred (quar.)
SIM
Public Electric Light Co.
6% preferred (quar.).
SIM
May 20
25c
June
$1
40c
Pneumatic Scale Corp
Public Finance Service,
Inc., $6 pref. (quar.)
Public Service Co. of Colorado
7% pref. (mo.)
June
40c
Muskogee Co.
xXX-ZXXXXXXi
National Battery Co., preferred (quar.)
National Container Corp. of Del
National Folding Box (quar.)
'.1
July
July
$2
June 20
June 20
1
14
May 31
25c
$1
75c
8% preferred (s. a.)
Missouri Utilities Co. 7% preferred (quar.)
Mission Dry Corp. (quar.)
Mobile & Birmingham RR. Co. preferred
(s. a.).
14
June
June
25c
15c
Mid West Oil Co.
June
July
Peoples Drug Stores
Special
Pittsburgh & Lake Erie RR
Pittsburgh Plate Glass
July
July
Preferred also partic. in this div.
Michigan Steel Tube Products
July
July
$3 H
June
10c
15 May 31
June 10
15c
May 22
May 22
$1H
...
com
15c
15 May 31 '
June
$1H
...
(quar.)..
2nd preferred (quar.)
Pennsylvania Salt Mfg. Co
Below
12
June
_ .
$1H
40c
;
National Life &
Ohio Water Service
SI
(quar.)
Merck & Co
.
17
17
1 May 10
June
75c
'
Corp.,
Tune 21
July
June
June
:
Preferred
15
50c
$2
40c
75c
Metal Textile
June 29 June
June
12Hc
.
1 June 15
July
June 21 May 21
June
1 May 24
Harvester (quar.)___
International Petroleum Co. (s.-a.)
Preferred
l'May 20
10c
75c
37 He
Extra
International
Preferred
11 June 20
June
*
.....
75c
$1H
usa
t$in
six.
75c
Home Fire & Marine Insurance
;
15 May 27
July
SIX
2c
Mining Co...
Heyden Chemical Corp......................
~
15 May 31
15 May 31
June
40c
Preferred (quar.)
Green Mountain Power, pref
Hammermill Paper pref. (quar.)___
Hazeltine Corp. (quar.)....__.
*
5
in cash.
Gorton Pew Fisheries (quar.)
Great Atlantic & Pacific Tea Co
""""
5
conv.
Glens Falls Insurance Co. (quar.)
Gold Belt Mines, (initial)
Hecla
15 June
15 June
June
......
3151
pref. (quar.).:
■'
Sept.
15
15
21
21
29
June
5
Sept.
5
Dec.
Dec.
5
June
50c
May
May 24
May
3
25c
June
June
15
The Commercial & Financial
3152
Per
Name of
Share
Company
S12X
(semi-ann.)_._— and com. B (qu.)
Anglo-Canadian Telephone class A (quar.)
American Thread Co. pref.
American Tobacco Co. com.
*m
35c
Archer-Daniels-Midland Co
Arkansas Power & Light
%1K
SIX
$7 pref. (quar.)__
July
June
June
June
July
July
(quar.)
Artloom Corp. 7% pref. (quar.).
Associated Breweries of Canada (quar.)_
Preferred
—
.
Consolidated Retail Stores 8%
15
June
15
June
15
June
May
6
S1
June
15 June
1
Creole Petroleum
SIX
June
Crown Cork & Seal
June
t$lX
—
Goods 1st pref. (quar.)
2nd preferred
Astor Finance, 1st pref.
37^c
(semi-annual)
Atlanta Gas Light, 6% pref. (quar.)
Atlantic Refining Co. (quar.)
SIX
May 10
May 10
June 25 June
5
June
14
July
25c
June
75c
6% preferred (quar.)_„
June 15 May 21
25c
Atlas Corp., common
June
75c
Atlas Powder Co
June
May 20
May 20
10 May 31
31
May 15
May 15
$1.17
May
5c
June
15c
June
60c
preferred (final)
Baltimore Radio Show (quar.)
Preferred (quar.)
Bank of America (quar- - - - - - - - - Bankers National Investing A & B (initial)
5% preferred (initial)..
Barber Asphalt Corp
Barber (W. H.) Co. (quar.)
Barlow & Sellig Mfg., class A (quar.).
Balaban & Katz
June 29 June 15
June
May 10
June
May 10
6Mc
6Xc
25c
7
Belden Mfg. Co.
20c
Bendix
50c
May 21 May
June 15 May
June
May
June
May
June
May
June
May
June
May
June
May
75c
June 29 June 29
25c
June 29 June 29
Barnsdall Oil Co
25c
30c
15c
—
10c
Beau Brummell Ties
t75c
Beaunit Mills, SIX preferred
(quar.)
Aviation Corp
Bensonhurst Nat'l Bank (Bklyn.,
Extra
N.Y.) (qu.)_.
Berkshire Fine Spinning Assoc., Inc.,
Bird & Son, Inc., pref.
...
niH
mx
SIX
SIX.
SIX
$1X
June
1 May 24
June
June
May 24
May 10
July
June
June
June
June
May 15
May 20
May 20
May
6
June
7
Extra
Corp
Preferred
Extra...
Brown Shoe Co
June 29 June 14
June
25c
50c
July
May 31 May 10
June
1 May 21
June
1 May
7
May 20 May 3
June
1 May 20
50c
June
15 June
15 May 24
$2
%1X
25c
SIX
....
Brunswick-Balke-Collender Co
;i
Buckeye Pipe Line Co
—
Bullock's, Inc. (quar.)
Bunker Hill & Sullivan Mining & Concentrating.
Burroughs Adding Machine Co
Butler Bros, preferred (quar.)
California-Western States Life Insurance (s.-a.)
Cambria Iron semi-annual
June
50c
June
25c
10c
June
37 Xc
50c
June
$1
50c
Canada Malting Co., Ltd. (quar.)
Canada Vinegars, Ltd. (quar.)
Canada Wire & Cable, class A
Class A (quar.).
June
SIX
u
Buffalo Insurance Co. (quar.)
Bulolo Gold Dredging (interim)
10c
$1
$1
(quar.)...
1 May 15
2 June 17
5
May 29 Mar. 22
June
10 May 18
1 May 11
1 May 15
5 Apr. 27
1 May
8
Sept. 15 Aug.
1 Sept.
15 May
June
1 May
June 15 May
Sept. 15 Aug.
Oct.
June
31
14
31
15
31
31
Detroit Gasket &
25c
Preferred (s.-a.)
Caterpillar Tractor Co. (quar.)
38c
50c
$3.50
SIX
7% 1st preferred
7% prior preferred (quar.)
June
7% preferred (quar.)
Preferred
Preferred
■•)■
(guar
Class A
(semi-annual)
Coca-Cola International
Class A
(semi-annual)
Colgate-Palmolive-Peet Co. pref. (initial)
Collins & Aikman Corp
Preferred (quar.)
Columbia Brewing (quar.)
Columbia Broadcasting System, Inc., A & B
Commodity Public Service Co. stock dividend..
(quar.)
preferred (quar.).
Finance Co. of America class A and B (quar.)..
Class A and B (extra)
10c
5c
S3X
56Xc
56Xc
56Xc
75c
25c
25c
June
July
June 20
50c
June
May 10
May 10
June
July
July
July
July
SIX
$5.80
$3
$1.2514 June
25c
June
SIX
June
30c
June
45c
June
30%
May
June
12
June 12
June
12
June
12
June
6
May
May
May
May
Apr.
21
21
15
24
27
Commoil Ltd
May
June
June
May 15
May 15
May 31
June
June
1
June
May
May
May
May
15
15
15
15
June
June
June
Consolidated Diversified Standard Securities—
June
Consolidated Paper Co
25c
15 May 31
June 15 May 10
June
1 May 21
Container Corp. of America
25c
May 20 May
6
May
May
Sept.
July
15c
7
-
_
July
1 June 15
Oct.
1
4-1-41
50c
3
1 Sept. 21
2-41 Dec. 21
June
May 15
25c
25c
3
21
15
15
_
1-2-41
lXc
8
21
1 June 22
Oct.
Sept. 15
Dec.
15
3-15-41
May 20 May 10
June
1 May 11
June
1 May 15
May 29 May 15
SIX
SIX
SIX
June 30 June
July
15
Sept. 30 Sept. 16
Fishman (M. H.) Co. (quar.)
Fitz Simons & Connell Dredge &
Class A and B (quar.)
40c
SIX
Dec.
18 Dec.
15 May 31
14
Oct.
1 June 10
1 Sept. 10
Jan.
2 Dec.
11
June 29 June 15
June 29 June 15
May 25 May 15
1 May 15
June
June 25 June
10
15c
June 29 June
19
10c
June 29 June 19
June 29 June 19
June
1 May 15
June 29 June 22
25c
June 10 June
June 10 June
15c
June
50c
B (s.-a.)
Florida Power Corp. 7% preferred
1
1
1 May 15
1 May 20
25c
June
25c
Dock
May 21
May 29
May 29
June
June
1 May
15 July
15 July
1 May
May
31 May
31 May
21 Sept.
25c
6Xc
SIX
1%
(quar.)
preferred
June
75c
SIX
SIX
50c
$3
$1
June 22 June
July
July
25c
General Box Co.
Compania Swift Internacional (quar.)..
Compressed Industrial Gases
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power preferred (quar.)..
Connecticut Power Co. (quar.)
Connecticut River Power (quar.)
Consolidated Cigar Corp. 7% pref. (quar.)
Federal Compress & Warehouse
Federal Light & Traction Co.,
Ferro Enamel Corp
June 15
June
May
\37Xc
June
75c
June
June
until June 3.
1st preferred (semi-annual)
Consolidated Edison (N. Y.) (quar.)
25c
25c
S3X
25c
Federal Bake Shops
Preferred (s.-a.)
Sept. 18
June
June 29 June 15
June
1 May 10
June
1 May 10
June
(quar.)
Oct.
June
N. Y. Curb Exch. rules stk. div. not "ex"
,
*
Packing Co. (quar.)
Quarterly
Quarterly
7%
15
15
15
15
1 June
5
July
1 June
5
July
May 25 May
6
June 15 May 15
June 15 May 25
June
1 May 15
June
1 May 15
Gannett Co., Inc., $6 pref. (quar.)
General America Corp. (quar.)—
June
S7%
SIX
SIX
six
six
S2X
S2X
%2X
(quar.).
June 19
June
Century Ribbon Mills preferred (quar.)
Chartered Investors, $5 pref. (quar.)
Chicago Corp. $3 preferred
Chicago Electric Mfg. class A
Chicago Yellow Cab Co
Chile Copper Co
Chrysler Corp
"
Cincinnati Union Terminal. 5% pref. (quar.)..
5% preferred (guar.)
City Ice & Fuel Co
Preferred (quar.)
Clark Equipment Co
Preferred (quar.)
Clearfield & Mahoning Ry. (s.-a.)
Cleveland & Pittsburgh RR. 4% gtd. (quar.)
7% guaranteed (quar.)
Coca-Cola Co
62 Xc
—
July
Central Ohio Light & Power, pref. (quar.)
...
Iffi
29
20
30c
June
June
6% preferred
Nov. 16
Co
May
May
May
May
May
May
May
May
May
May
May
June
...
15
20
20
18
20
1
15
11
20
10
15
Aug. 17
July 20 June
May 31 May
June
1 May
June
1 May
July
2 June
May 20 May
38c
Corp
First Securities Corp. A and
Class A and B (extra)
1 June 14
Sept.
Dec.
7c
June 30 June 14
Central Arkansas Public Service Corp.—
Central Illinois Public Service $6 pref
t
...
Firestone Tire & Rubber pref. (quar.)
First National Bank of J. C. (quar.).
July
1 May 18
June
50c
25c
(s.-a.)
1 May 15
1 June 24
July
May 22 May
6
May
May
6
May
May 21
May
May 21
May
May 15
Celanese Corp. of America—
July
2-10-41
1 May 20
1 June 10
June
Elgin National Watch.....i..w.**
Ely & Walker Dry Goods
1st preferred (semi-annual)
....
2d preferred (semi-annual)
Empire & Bay State Telep. Co. 4% gtd. (qu.) —
Empire Capital class A (quar.)
Class A (extra)
Emporium Capwell 7% pref. (s.-a.)
4X% preferred (quar.)—
4X% preferred (quar.
4X% preferred (quar..
Equity Corp., $3 conv. pref. (quar.).
Eversharp, Inc., new 5% pref. (quar.).
New 5% preferred (quar.).
New 5% preferred (quar.).
New 5% preferred (quar.).
Extension Oil, Ltd. (initial)
Fairbanks, Morse & Co. (quar.)
Fa jar do Sugar of Porto Rico
......
Falstaff Brewing Co. (quar.)
Fansteel Metallurgical Corp., preferred (quar.).
5X %
Aug. 12
3-1-41
30c
(quar.)
Eastman Kodak Co. (quar.)...
Preferred (quar.).
Eaton Mfg.
10
30c
Condenser
May
Catelli Food Products
2 Nov. 12
Doctor
$1
SIX
5% 2d pref. (s.-a.)
1 May 10
3 Aug. 12
SIX
62 Xc
Dixie-Vortex Co. class A (quar.)
25c
23 June 20
Sept.
Dec.
Canfield Oil Co
June
June
Sept.
SIX
t4%
June
1 May
75c
6X% preferred (quar.)
Canadian Marconi Co. (initial)
Canadian Wineries, Ltd. (interim)
$2
SIX
SIX
20
Jan.1'41 Dec. 20
75c
Electrolux
14
15
20
15
June
25c
(semi-ann.)
(semi-ann.)
Mfg. Co. 6% preferred (quar.)
Farallone
50c
1-2-41 Dec. 23
Preferred
Faimers & Traders Life Insurance
6% preferred (quar.)
2 June 21
July
May 28 May
June
1 May
June
1 May
June
1 May
July
5 June
Preferred
15 May 31
15 May 31
Carman & Co., Inc., class A (quar.)
June
1
15
25c
50c
—
Quarterly
Quarterly
15 Nov. 30
Carolina Telephone & Telegraph (quar.)
Catawissa Railroad Co. 5% 1st prer. (s.-a.)
May 15
May 20
$2
$2
Diamond Match Co. (quar.)
Dec.
June 29 June 20
June
1
20c
June
1
15
June
30c
(s.-a.)
Dexter Co
June
1 Apr.
28 May
May 31
June
75c
Mfg. Co. pref. (quar.)
Detroit-Hillsdale & Southwestern
Semi-annually
$1
June
June
July
35c
25c
Class A (quar.).
Class B.
June
Deere & Co., pref. (quar.)
Dentists' Supply (N.Y.) (quar.)...
$6 preferred
1
May 20
May 20
15c
Dunlop Tire & Rubber Goods,pref.
15 June
June
May
May
S2X
S2X
—
(semi-annual)
East Shore Public Service Co., $6X Pref. (quar.)
June
June
Decca Records, Inc. (quar.)
1
60c
,-...
June
SIX
SIX
1
50c
Brewers & Distillers of Vancouver
Brewing Corp. of Amer. (quar.)
Bridgeport Gas Light Co. (quar.)
Bristol-Myers Co. (quar.)
British American Oil (quar.)
Brooklyn Edison Co. (quar.)
Brooklyn Teleg. & Messenger Co. (quar.)..
Brooklyn Union Gas Co
Brown Oil Corp. preferred (quar.)
June
May 14
May
2
tsi
50c
Dayton Power & Light 4X % Pref. (quar.)
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)...—
Preferred
31*
July
25c
SIX
7
25c
50c
13
June
June
S2
30c
15 June
June
1 May 22
May 25 May 20
May 20 Apr. 27
May 20 Apr. 27
50c
June
56Xc
1
SIX
15 June
June 20 June
June 15
15c
•
June
10
31
31
pref. (quar.).--.Insurance Shares A & B
(quar.)----Cuneo Press, Inc. pref. (quar.)
Curtis Publishing Co.. preferred
Curtiss-Wright Corp. class A__Cushman's Sons, Inc., 7% pref. (quar.)
Dubilier
Boyd-Richardson Co., 8% 1st pref
Boyerstown Burial Casket (quar.)
Brewer (O.) & Co. (monthly)
1
25c
May
May
May
May
Preferred
June
$2
25c
June
Crum & Forster 8%
June
75c
June
Crum & Forster
18
July
May 25 May 13
May 20 Apr. 30
Bower Roller Bearing Co
June
June
June
XSIX
$3
Boston Woven Hose & Rubber Co
62Xc
SIX
87 Xc
—
50c
(quar.)
May 15
May 10
June
1
—
...
June
$2
Boss Manufacturing Co
June
May
June
SIX
16c
—
10
30c
....
30c
15
Sept. 14
June
20c
Co., Inc., S2X cum. pref...
Pepper Co. (quar.).
Quarterly
Quarterly
Dome Mines, Ltd
Dominguez Oil Fields (monthly)
Dominion & Anglo Investment Corp. (initial)
5% preferred (quar.)
Dominion Coal Co., Ltd. pref. (quar.)
1 May
1 June
Oct.
-
■
-
Crown Zeilerbach._—...——-—
Preferred..
Crow's Nest Pass Coal Co., Ltd
Di-Noc
15
July
July
25c
—
25c
(quar.)
Birmingham Gas Co. prior pref. (quar.)
Blue Ridge Corp. S3 pref. (quar.)
Optional div. 1-32 sh. of common or cash.
Borden Co. (interim).....
Borg-Warner Corp
Boston Fund
14
15
17
10
75c
—
7% preferred (quar.)
Bigelow-Sanford Carpet pref. (quar.)
20
87 Ac
7% pref..
$5 preferred
Bethlehem Steel Co
31
18
June
$2
$2
---
25c
June
June 29 June 15
June 15
July
May 16
Holders
Payable of Record
SIX
S4X pref. (quar.)
Continental Casualty Co. (Chicago, 111.) (quar.
Continental Diamond Fibre Co
—
Copperweld Steel Co—
Preferred (quar.)
--Crane Co., 5% cum. conv. pref. (quar.)
...
Creameries or America, Inc., preferred (quar.)..
8% preferred (quar.)
Continental Can Co., Inc.,
)S\X
Preferred (quar.)
pref. (quar.)
31
10
J25c
r
Share
Company
May
May
May
May
21
When
Per
Name of
SIX
-
May 18, 1940
Holders
Payable of Record
25c
$6 preferred (quar.)
Armstrong Cork Co. (interim)
Associated Dry
When
Chronicle
A (quar.)...
SIX
87 Xc
preferred (quar.)
June 15 May 25
Ford Motor Co. (Canada)
7X%
Eng.) Amer dep.
Fruehauf Trailer Co
5% preferred (initial)
Fyr-Fyter Co. class A
-—
(quar.)
Hale Bros. Stores (quar.)
Hamilton Watch
Preferred
Co
(quar.)
June
July
July
June
June
8
20
14
20
20
June 21
2c
15
$15*
May 15
July
June
10
June
May
May
May
July
May
May
July
16
15
16
8
30c
May
$1
June
SIX
Aug.
May
May
July
m
%2X
$15*
six
June
10
10
1
May 20
July
June 29
50c
June
25c
June
SIX
June
May 31
May 15
May 15
50c
June
June
25c
June
25c
June
May 15
May 17
1
$1
June
8
50c
June
1 May 20
34Xc
SIX
SIX
June
June
Six
June
25c
Habison-Walker Refractories
Preferred A
June
May
Aug.
May
May
May
«33
June
(semi-annual)
General Cigar Co. 7% pref. (quar.)
General Finance Corp. pref. (semi-ann.)
General Motors Corp
Preferred (quar.)
General Steel Wires Ltd. part. pref. (quar.)
Partic. preferred (partic. dividend)
Georgia Railroad & Banking Co. (quar.)
Globe-Democratic Publishers 7% pref. (quar.)..
Gold & Stock Telegraph (quar.)
Golden Cycle Corp
Goodyear Tire & Rubber Co.
$5 conv. preferred (quar.)
Gorham Mfg. Co
Gossard (H. W.)
Granby Consol. Mining, Smelting & Power
Subject to approval by Can. For. Exch.
Control Bd.
Payable in U. S. currency.
Grand Union Co., arrearage certificates
Great Northern Paper
Griesedieck-Western Brewery Co.—
5X% preferred (quar.)
-—
Griggs Cooper & Co. pref. (quar.)..
Gulf State Utilities $6 pref. (quar.)
$5X preferred (quar.)
(semi-ann.)
25c
35c
25c
Fort Wayne & Jackson RR., 5X % pref. (s.-a.)-Freeport Sulphur Co. (quar.)
Preferred (quar.)
Hackensack Water Co.
May
Sept.
79c
rec
June
75c
June
May
July
May
May
May
July
May
43 Xc
25c
June
June
June
25c
June
SIX
June
May 15
May 31
May 17
\X%
July
July
18
1
31
31
10
14
6
17
Volume
The Commercial & Financial Chronicle
ISO
Per
Name of Company
Share
Hall nor Mines, Ltd
June
50c
June
75c
June
SIX
...
.
Holders
When
June
1 May
15
15
15
1 May 15
1 May
1 May
Common
2c
Common
2c
Dec.
SIX
six
Aug.
50c
30c
June
Harris & Co., preferred (quar.)
Preferred (quar.)
Hart-Carter Co. (quar.)
Hat
Corp. of America class A and B
(quar.)
common..
Preferred
SIX
Hawaiian Agricultural Co. (monthly)
10c
Hawaiian
25c
Pineapple.„„.
Hazel-Atlas Glass Co
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly..
Hires (Cbas. E.) Co. (quar.).
Hobart Mfg. Co. class A (quar.).
Hollinger Consol. Gold Mines Ltd....
Holophane Co., Inc
Homestake Mining Co. (monthly)
Hooven & Allison, preferred (quar.)
Horn (A. C.) Co.—
7% non-cum. prior partlc. pref. (quar.)
6% non-cum. 2d partic. pref. (quar.)
Horn & Hardart (N. Y.) preferred
(quar.)
Hudson Bay Co. 5% preferred (s.-a.)
(Final)..
1
Hudson Bay Mining & Smelting Co
Huntington Water Corp. 7% pref. (quar.)
6% preferred (quar.)
Huston (Tom) Peanut Co. 7% pref. (s.-a.)
Idaho-Maryland Mines (monthly)
Imperial Chemical Industries—
American deposit receipts (final)
Ingersoll-Rand Co
Inglewood Gasoline Co
25
25
1 May 15
1 May 20
1 July 18
June
28 June
18
June
1 May
37Mc
June
1 May
May 20 May
June
1 May
May 25 May
June
1 May
15
17
6
15
20
15
15
5c
25c
37Xc
SIX
8Xc
June
1 May
45c
June
1 May 15
1 May 11
1 June 20
June
July
2Hm
six
six
S3X
5c
June
10 May 20
June
10 May
June
1 May
June
June
He
June
June
Six
June
10c
June
50c
June
SIX
10
11
1 May 11
1 June 20
July
May 21 May 10
July
International Nickel of Canada
8 Apr.
1 May
1
May
1 May
1 May
20 May
29 May
25
6
30
14
3
31
31
July
June 29
$1 1-3
25c
June
May 15
July
June
15
June
June
1
June
25c
...
Interstate Natural Gas
v.
1 July
1 Oct.
Aug.
May 20 May 10
May 27 May 17
1 June 14*
July
May 31 May 21
$1
Payable in U. S. funds.
International Ocean Telegraph Co. (quar.)
International Products Corp
International Telegraph Co. (Me.) (s.-a.)
Interstate Hosiery Mills
15
30c
International Harvester preferred (quar.)
International Mining
Common
June
30c
Sept.
May 31
May 10
Aug. 10
30c
Dec.
Nov.
SIX
sin
Mfg. common v. t. c. (quar.)—.
t. c. (quar.)
Common v. t. c. (quar.)
June
30c
June
9
Ironwood & Bessemer Railway & Light—
Preferred (quar.)
Jantzen Knitting Mills, 5% pref. (quar.)
Jewel Tea Co., Inc. (quar.)
Kansas Power & Light 7% preferred
60c
SIX
SIX
6% preferred,
atz Drug Co. (quar.)
Katz Dr
Preferred (quar.)
Kaufmann Dept. Stores, 5% pref.
(quar.).
Kemper-Thomas 7% special pref. (quar.)..
Special preferred (quar.)
six
Sept.
1 May
1 May
25c
8c
May
July
July
May
30c
June
50c
June
m
10
10
1
20 May
1 June 14
1 June 20
20 Apr. 30
13 May 31
May 10
June
July
Aug.
50c
June
SIX
SIX
SIX
June
!1S
June
June
June
„
17
July
May
May
May
May
20
15
15
15
15
15
Sept. 16
Libbey-0wens-Ford Glass
Life & Casualty Insurance Co. (Tenn.)
Life Savers Corp. (quar.)
June
Extra
Oct.
Sept. 20
Sept. 20
Quarterly
Extra
Jan.
Dec.
20
Jan,
Dec.
20
July
June 20
5X% cumulative preferred (quar.)_
5X% cumulative preferred (quar.)
5X% cumulative preferred (quar.)
Monroe Auto Equipment Co
Monroe Loan Society, 5X% pref. (quar.)
Monsanto Chemical Co. pref. A and B (s.-a.)
Montgomery Ward & Co
(quar.).
Quarterly
July
June
$1
30c
30c
June
June
1 May
July
1 June
May 31 May
June 10 May
Sept. 10 Aug.
12Xc
$1.10
$1.10
Aug.
Nov.
_
May
1
May 14
May 14
July 26
1 Oct.
26
10
New York Mutual Telephone
New York & Queens Electric
Preferred (quar.)
Dec.
Lunkenheimer Co. 6X% pref. (quar.).
61 |% preferred (quar.).
~
63 \% preferred (quar.).
Lynchburg & Abingdon Teleg. Co.
H.)
Macy (R. F ' & Co.
Madison Square Garden
Magnin (I.) & Co. preferred (quar.).
Preferred (quar.)
Manhattan Shirt Co
Marconi International Marine—
Amer. deposit receipts (final)
Maryland Fund, Inc.,.
May Department Stores (quar.)
Quarterly
Mclntyre Porcupine Mines (quar.)..
Quarterly
Mead Corp. $6 preferred A (quar.)..
S5X preferred B (quar.)
Mercantile Acceptance Corp.5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Metal Textile Corp. preferred (quar.)
$1
$2
1 May 10
1 May 10
May 31 May 21
June
June 29 June
July
25c
June
25c
_
Aug.
July
SIX
SIX
SIX
$2
SIX
SIX
SIX
$3
50c
35c
SIX
SIX
25c
5
July
18
June
Oct.
18
Sept. 18
May 17
May
4
June
June
July
19
June 21
15 June
June 21
1 Sept. 21
1-2-41 Dec. 23
_
Corp., class A (quar.)
—-—- —
—
pref. (quar.)
Northern Pipe Line Co—
..
—-—--
Northwestern Public Service 7 %
June
May
May
May
Aug.
May
Aug.
May
May
9
31
16
16
June
preferred
75c
Sept.
50c
June
Sent.
June
June
1
1
(s.-a.)... — ...
Land Co. (monthly)
Ogilvie Flour Mills preferred (quar.)
Telephone (quar.)
Oahu Railway &
-
-
-
(quar.)
pref. (qaur.) —
(quar.)
—
(quar.)
Quarterly
Quarterly
Owens-Illinois Glass pref. A
Park-Wilshire Co. common voting trust
1
10 May 20
June
17 May 31
June
1 June 29
July
June 14 May 24
June
1 May 10
June
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
25 May
15 Aug.
_
15 May 20
June
10 May 24
June
1 May 10
1 May 17
May 25 May 15
June
1 May 20
1
1 May 20
1 May 20
May 20
1 June
15
1 June
17
1 May
June 15 June
15
July
July
June
Parker Rustproof Co.
Extra
■
Preferred (semi-ann.)
Parker-Wolverine Co__.
ctfs
June 15 May 10
3
June 15 June
1 May
1 May
1 May
1 May
1 May
May
May 20 May
May 20 May
1 May
June
1 May
June
June
I
1
1 May 20
1 May
1 May 20
1 May
7 May
1 May
June
1 May
1 May
June
»
1 May
1 May
15 June
June
1 May
June
June
(s.-a.)
7
15
15
15
16
18
10
10
20
June 20 May 24
June 20 May 24
2 June 15
July
1 Sept.16
Oct.
June
June
(quar.)
Peerless Woolen Mills 6X% pref.
12
1 May 20
1 May 20
June
Parker Pen Co
1
1 May 20
June
June
1
5 Dec.
15
1 May 20
1 May 16
June
5 Dec.
June
1 May
15 May 31
June
June
5 Sept.
81 Xc
June
June
June
Oxford Paper Co., preferred
Sept.
1
17
Dec. 30 Dec. 16
1 May 15
June
1 May 15
(quar.)
Dec.
5 Sept.
1
1 May
June 15 May 31
June
1 Apr. 22
June
1 May 15
June
Common (quar.)..
Otis Elevator Co
25c
5 June
15 June
June
June
—
25c
Dec.
June
June
Ontario & Quebec Ry. (s.-a.)
Debenture stock (s.-a.)
5 June
Sept.
July 15 June 14
May 31 May 14
1 May 10
1 May 20
1 May 17
June 5
June
June
June
June
Package Machinery Co. (quar.)
30c
July
25c
June
(quar.)----Ohio Public Service 5% pref. (monthly)
6% preferred (monthly)
7% preferred (monthly)
Pamour Porcupine Mines, Ltd
Park Utah Consol. mines (special)
30c
55c
June
Ohio Power Co. 6% pref.
15
30c
June
June
Ohio Associated
15
1
1
June
July
15c
June
Norwalk Tire k Rubber Co.. prpferred (quar.).
Nova Scotia Light & Power preferred (quar.)
Preferred
50c
SIX
June
....
6% preferred (quar.)
Northwestern Telegraph
Ottawa Electric Ry.
21
1 May 15
1 May 20
1 June 24
June
7% preferred (quar.)
6% preferred
Oshkosh B'Gosh, Inc., $2 conv.
June
1
1 May
June
June
—
Bancorporation
Nov. 15 Nov.
10c
15 June
June
June 19 May 31
May 18 Apr. 30
Norfolk & Western Ry. Co.
Preferred (quar.)
10
May 21 May 10
Aug. 15 Aug.
5
5
June
Nov. 15 Nov.
(quar.)
Ltd. (interim)
(quar.)
Noranda Mines
Onomea Sugar (monthly)
5%
25c
...
1 May
75c
50c
series
Tobacco industry series
1 June 15
10
SIX
SIX
series
June
1 May
$2
$1
SIX
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
Aug.
series
Railroad equipment industry
Steel Industry series
July
June
18
15
15
15*
stocks)—
Okonite Co., pref. (quar.)
Old Dominion Co. (liquidating).
Oliver United Filters, class B
Oct.
1 Nov. 22
June 28 May 31
Insurance stock series
Preferred
Dec.
May 31 May
1 May
June 10 May
June 15 May
June
stock for each
Building supply industry series
Business equipment industry series..
Chemical industry series
Electrical equipment industry series
Food industry series
Ohio Oil Co
1 May 24
1 Aug. 23
50c
.
Northwest
June
May 15
_
Sept.
50c
Agricultural Industry series
24
10 Nov. 25
1
1-2-41 Dec. 31
June
I May 15
25c
North River Insurance
Sept. 10 Aug. 24
1 Oct.
14
SIX
SIX
Alcohol and dist. industry series
Automobile Industry series
Northeastern Water & Electric,
10 Nov. 25
10 May 24
30c
15c
(s.-a.)
Lt. & Power (qu.)_
New York Stocks, Inc. (special
Class A
15c
six
SIX
Newberry (J. J.) 5% preferred A (quar.)
New Jersey Zinc
Newmont Mining Corp
Stock div. of one share of cap.
share held
1900
Oct.
14
31
31
1
$1X
SIX
.
(quar.)_
.
15
9
10
10c
Neisner Bros., Inc. (quar.)
Nelman-Marcus Co., 7% preferred
Aviation industry series.
Bank stock series
20
40c
National Power & Light Co. (quar.)
Nebraska Power Co. 7% preferred (quar.)
preferred
lc
SIX
15
Dec.
25c
Lord & Taylor 1st pref. (quar.)
-
-
11
24
June
12II
Ludlow Mfg. Assoc
25c
(quar.) —
National Brush Co. (quar.)
National Gypsum Co., preferred (quar.)
National Lead Co., pref. A (quar.)
6%
Dec.
May 28 May
June
1 May
June
1 May
July 15 June
July
1 June
June 15 May
June 15 May
July
1 July
June
Mountain Producers Corp. (s.-a.)
Muncie Water Works Co., 8% pref. (quar.)
Murphy (G. C.) Co. (quar.)
Muskogee Co., pref. (quar.)
—
Muskegon Motor Specialties cl. A (quar.)
Nashua Gummed & Coated Paper pref. (quar.)
National Automotive Fibres, 6% pref. (quar.)..
National Battery Co. pref. (quar.)
National Bearing Metals Corp
National Biscuit Co
Preferred (quar.)
Sept. 20
Jan.
June
I!
Railroad
50c
.......
35c
(quar.)
15
50c
(quar.)
SIX
„„
Motor Finance Corp
Mt. Diablo Oil, Mining & Devel. Co.
Mountain Fuel Supply
14
50c
...
11
(quar.)
Quarterly
Quarterly
Moran Towing Corp., 7% cum. pref. (quar.)
Morris (Philip) & Co.. Ltd., Inc.—
5% conv cum. preferred (quar.)
Morris Plan Insurance Society (quar.).
1 May
$1.10
I
...
(quar.)..
$15*
$1
Moore (Wm. R.) Dry Goods Co.
Oil industry series
Public utility Industry
SIX
Original capital (quar.)
Original capital (quar.).
Special guaranteed (quar.
Special guaranteed (quar.
Special guaranteed (quar.
Loblaw Groceterias A & B (quar.).
Class A & B (extra)
Lock Joint Pipe (monthly)
Monthly
Preferred (quar.)
Longhorn Portland Cement
Loose-Wiles Biscuit Co. (quar.)
Preferred (quar.)
50c
-
Metals series
25c
Link-Belt Co. (quar.)
30c
Class A (quar.)
15
$1
Lionel Corp. (quarj..
Little Miami RR. Co., original capital
Oct.
XS1X
Montreal Cottons Ltd. (quar.)
Preferred (quar.)
10
June
June 20
Oct.
1 June
1 June
15 May 31
June 14
June 20
June 20
Quarterly
June 29 June
June
1 June 14
1 June 14
1 June 14
15 May 15*
10 May 25
10 May 25
May 20
May 20
Extra
Machinery industry series
Merchandising series
June
1 May
1
1 June 25
July
July
July
May 20 May 20
May 31 May 21
May 20 May 10
50c
June
Mississippi Valley Public Service, 7% pf. (qu.)._
6(70 preferred B (quar.)
Modern Containers, Ltd. (quar.)
15 May 29
15 May 29
15c
Quarterly
June
Preferred (quar.)
June
40c
Ldncom National Life Insurance Co. (quar.)
June
Extra.
June
25c
...
June
(semi-annual)
Minneapolis-Honey well Regulator (quar.).
25c
July
July
11
July
July
July
July
16
3c
13
15 June
June
June
8% preferred
Dec.
62 Xc
Liggett & Myers Tobacco (quar.)
Common class B (quar.)
...
Dec. 23 Dec.
SIX
50c
5c
1
20
Sept. 30 Sept. 20
Midland Steel Products
$2 dividend shares
Midwest Oil Co.
10 June
June
25c
Lansing Co. (quar.)i............
Lanston Monotype Machine (quar.)...
La Salle Wines & Champagne, Inc
Lava Cap Gold Mining
Leath & Co. preferred (quar.)
Lehigh Portland Cement pref. (quar.)
Le Tourneau (R. G.), Inc
Preferred
3 Aug. 20
2 Nov. 20
June
Preferred
Holders
When
Payable of Record
June 29 June
„
(quar.)
(quar.)
10c
to—
-
1 June 15
1
15 June
1 May 20
June
June
'
Preferred
May~3l"
15
June
-
Extra.
1
1
June
SIX
$1.38
Kentucky Utilities, prior pref. (quar.)
Keith-Albee-Orpheum 7 % preferred.
Klein (D. Emil) Co. (quar.)
Knickerbocker Fund (quar.)
Kresge (8. S.) Co. (quar.)
Kroger Grocery & Baking
6% preferred (quar.)
7% preferred (quar.)
Lake-of-the-Woods Milling
Preferred (quar.)
Lake Superior District Power, 7% pref. (quar.).
6% preferred (quar.)
Landis Machine preferred (quar.)__
Preferred (quar.).
Preferred (quar
•.).
Lane-Wells Co. (quar.)
"
July
July
Dec.
Special preferred (quar.)
Kendall Co. $6 part. pref. A (quar.)
$6 part. pref. A (partic.)
-
1 May 15
June
1 May 25
June 20 June
6
July
12 Xc
Metal & Thermit Corp
Preferred (quar.)
Pre!erred
„
15c
Inland Steel Co
Iron Fireman
Nov.
Share
Company
Micromatic Hone Corp. pref. (quar.)
Mid-Continent Petroleum
Midland Grocery 6% preferred (s.-a.)
July 15
Sept. 15
2c
_
Per
Name of
Payable of Record
J15c
Hancock Oil of Calif, cl. A & B (quar.)
Class A & B (extra)
Hanna (M. A.) Co. $5 cumul. pref. (quar.)
Manners Oil Co., common
3153
15
17
14
15
15
15
15
1
15
■
The Commercial & Financial Chronicle
3154
Per
Share
Name of Company
Parkers burg Rig &
Reel—
25c
—
UA
Preferred (quar.)
50c
Peninsular Telephone (quar.).
Quarterly
Quarterly
50c
——
..—
.........
When
May 20 May 10
June
1 May 20
July
1 June 15
Oct.
1 Sept. 14
50c
1-1-41 Dec.
14
35c
Aug. 15 Aug.
5
35c
Nov. 15 Nov.
4
Preferred A
35c
2-15-41
(quar.)
class B
Pender (D.) Grocery,
Glass A (quar.)
-
60c
-—
Pennsylvania State Water Corp., $7 pref. (qu.
Peoples Telephone Co., 6% pref. (quar.)....—
Peoples Water & Gas Co., 6% preferred.
*
Pfeiffer
2-4-41
June
1
87^c
81 %
UA
June
June
1 May 20
1 May 11
June
1
t83
June
1 May
—...
...
May 20
May 30
20
'
25c
10 May 20
June
June
10 May 24
3 May*20
UA
June
42c
Philippine Long Distance Telep. Co. (mo.)
Monthly
Phillips Petroleum Co. (quar.)
Phoenix Hosiery, 7% preferred
42c
50c
87 Ac
40c
Piilsbury FJour Mills Co. (quar.)
Piper Aircraft Corp., pref. (quar.)
Pltney-Bowes Postage Meter Co. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.).
6% pf. (s.-a.)
15c
10c
75c
81^
UH
UH
Pittsburgh Coke & Iron Co., $5 pref. (quar.)...
Pittsburgh Youngstown & Ashtabula, pref. (qu.)
Placer Development (interim)
...
Planters Nut & Chocolate Co. (quar.)
Pollock Paper & Box 7%
June
25c
%1A
?•)Brewing Co. (quar
Phelps Dodge Corp., common
Philadelphia, Germantown & Norristown (qu.).
Philadelphia Suburban Water Co., pref. (quar.)
60c
1 May 11
May 31 May*20
June 29 June 20
June
1 May 10
June
1
May 18
May 27 May 14
June
1 May 20
1
May 20 May
Oct.
1 Sept. 14
June
1 May 15
June
1 May 20*
June
1 May 20
June 10 May 18
July
l June 15
UH
81H
June
UH
preferred (quar.)
Dec.
due
81A
$1A
15 June
15
Sept. 1§ Sept. 15
15 Dec.
15
May 31 May 20
June
1 May 15
June
1 May 15
Powdrell & Alexander. Inc
10c
June
15 June
Prentice-Hall, Inc. (quar.)
70c
June
1 May
1 May
75c
(quar.)
25c
Pressed Metals of America
Prosperity Co., 5% preferred (quar.)
Co. (seml-ann.)
81H
...
9c
Public Investing
Payable on both orig. & cashable stock.
Public Service Co. (N. H.), $6 pref. (quar.)
$5 preferred (quar.)
Public Service of N. J., $5 pref. (quar.)
6% preferred (monthly)
7% preferred (quar.).
0/
8% preferred (quar.
Pure Oil Co. 5% pref. (quar.).
5H% preferred (quar.).
6% preferred (quar.).
ritj
Purity Bakeries Corp
Pyrene Mfg
Quaker Oats Co., preferred (quar.)
.
17
June
17
June
1 May 15
5
July 15 July
June 15 May 31
June
15 May 31
UH
UH.
June
15 May 31
15 May 15
June
50c
June
UH
June
82
June
1 H%
H%
1A%
July
July
July
25c
June
1
20c
UA
25c
SuakerCorp. of America— Corp__
adio
State Oil Refining
87 Ac
UH
$'6 A cum. conv. 1st pref. (quar.)
B preferred (quar.)
Rayonier, Inc., pref
Reading Co. 1st pref. (quar.)
Republic Insurance (Texas) (quar.)
Republic Investors Fund, pref. A & B (quar.)
Rheem Mfg. Co. (quar.)
Klsdon Mfg. 7% pref. (quar.)
Roberts' Public Markets (quar.)
Quarterly
50c
„
50c
30c
15c
15 May 15
15 May 15
15 May 15
1 June 10
1 June
1 June
10
10
1
May 15
15 May 24
1
May 31 May
June 15 May 31
June
1 June
1 June
7*
July
7*
July
May 27 May 17
June 13 May 23
May 25 May 10
Aug.
1 July 15
25c
June
UH
10c
July
July
10c
.
Oct.
15 June
1
1 June 21
1 June 20
10c
Quarterly
Rochester Button Co. pref.
(quar.)
Rochester Gas & Electric, 6% pref. C & D (qu.)
5% preferred E (quar.)
Holland Paper Co., Ltd. pref. (quar.)
Rolls-Royce, Ltd., Amer. dep. rec. (final)
Iioxy Theater, Inc., pref. (quar.)
„
.
Kuud Mfg. Co. quar.)
Sabin Robbins Paper Co__
Dec.
1 Sept. 20
15 Dec.
5
37 Ac
UA
UH
UA
5%
37 Ac
June
1 May 20
June
June
1 May
1 May
June
1 May
2 oC
82
7% preferred (quar.)
UH
Saco-Lowell Shops. Inc
25c
Safeway Stores, Inc., 7% pref. (final)
6% preferred (final)
St. Joseph Water Co., 6% pref. (quar.)
St. Louis Bridge Co. 1st preferred (s.-a.)
3% 2nd preferred (s.-a.)
Savage Arms Corp.
Savannah Electric & Power, 8% deb. A (quar.)
7A% debenture B (quar.)
7% debenture C (quar.)
6A% debenture D (quar.)
Seaboard Oil Co. (Del.), (quar.).
Sears Roebuck & Co. (quar.)
Secord (Laura) Candy Shops (quar.)
Servel, Inc
Shattuck-Denn Mining
Sheaffer (W. A.) Pen Co. (quar.)
Extra
UH
UA
81A
83
UA
25c
82
UA
UH
UA
(Can.), pref
Sherwin-Williams Co. pref. (quar.)
Simon (Wm.) Brewing Co. (quar.)
75c
June
10 May 10
1 May 15
20c
June
1
June
10c
50c
Simonds Saw & Steel Co
40c
Singer Mfg., Ltd., American deposit receipts
Sonotone Corp., cum. prior pref. (quar.)
5%
Sound view
50c
Standard Oil Co. (N. J.)
Extra
5
July
1 June 15
July
1 June 15
May 20 May 10
July
1 June 20
July
1 June 20
July
1 June 20
July
1 June 20
25c
2c
Standard Oil Co.
(Calif.)
Standard Oil (Indiana) (quar.)
15 June
15 June
UH
15c
...
June
J 10
May 20
July
1 June 20
May 20 May 13
July
1
July
1
June
1 May 11
June
U3A
Pulp Co
Preferred (quar.)
South Bend Lathe Works (quar.)
Southeastern Greyhound Lines, pref. (quar.)
Conv. preferred (quar.)
Southern California Edison Co., Ltd.—
0% preferred B (quar.)
Southern California Water Co., 6% pref. (qu.)__
Sovereign Investors (quar.)
Spiegel, Inc., $4^ pref. (quar.)
Standard Brands, Inc. $4A pref.(quar.)
Standard Cap & Seal Corp
Preferred (quar.)
I
Standard Dredging Corp., preferred (quar.)
10
10
15
June 21 May
2
June
1 May 18
25c
25c
Sherwin-Williams Co.
UA
50c
30c
30c
37Ac
37 Ac
lc
1 May 16
May 31 May 10
May 25 May 16
May 25 May 16
.1111"I"
15 May
May 23 May
July
1 June
June
1 May
May 25 May
June
1 May
June
1 May
June
1 May
June
25
2
21
15
15
15
15
15
15 May 20
June
1 May
15
May 20 Apr. 30
81A
June
15 June
11
UA
June
15 June
1
20c
June
1
40c
June
1
40c
June
1 May 20
June
June
15 May 15
15
June
15
June
25c
81H
Wks.~(qu.)
Stecher-Traung Litbograp 5% pref.
(quar.)__I
20c
May 25 Apr.
1
UH
UH
UH
June 30 June
15
Sept. 30 Sept. 14
IIIIIII
7%
pref.~(a~u
„
)
14
June
1 May
10c
Storkline Furniture Co. (quar.)
II
Strawbridge & Clothier, prior pref. A ("quar.) II"
Stromberg-Carlson Telephone Mfg., pref (qu )
Stuart (D. A.) Oil Co., Ltd., class A pref.
(quar.)
Sun Oil Co. (quar.)
Preferred (quar.)
-III.II
Superior Oil Co. of Calif., common.... I"
Swan-Finch Oil, preferred (quar.)
..III
Sylvania Industrial Corp. (quar.)
I
Dec. 31 Dec.
95c
Extra
Corp.,
15c
10c
Extra
Tilo Roofing Co
Stock dlv. of A »h. of com.
Timken Roller-Bearing Co
pref. (monthly)
50c
6% preferred (monthly)
5% preferred (monthly)
Trane Co. pref. (quar.)
412-3c
$1A
UH
UA
$1A
Troy & Greenbush RR. Assoc. (quar.)
Truax-Traer Coal Co., 6% pref. (quar.)
5A% preferred (guar.),
Underwood Elliott Fisher Co. (quar.)
ider
Union Gas Co. (Can.), Ltd. (quar.)
Holders
When
Payable of Record
1 June 21
1 June 21
1 May
8
June
1 May
8
June 15 May 28
July
July
June
June 15 June
"75c"
72c
581-3C
-
Toledo Edison Co., 7%
30c
t2c
(quar.)
To burn Gold Mines Ltd.
Extra
-----------
for each sh. held..
11
June
5 May 16
May 22 Apr. 22
May 22 Apr. 22
June
1 May 15
June
1 May 15
June
1 May 15
June
1 May 25
June 15 June
1
June
15 June
5
June
15 June
5
50c
20c
—
June
%1A
25c
America
United Bond & Share. Ltd. (quar.)
Quarterly
United Biscuit Co. of
15c
16c
t75c
United Chemicals, Inc
United Gas Corp. $7 preferred
United Gas Improvement
Preferred (quar.)
June 15 May 20
June 15 May 20
45c
Union Tank Car Co. (quar.)
United Aircraft Corp
June 29 June
20c
Extra
$2 A
25c
(quar.)
%IH
6c
United Gold Equities (Can.) (standardshs.)
United Light & Railways, 7% pref. (mo.)
1 May
12*
17
June 15 May 31
June
1 May 16
16 June 30
15 Sept. 36
1 May 10
June
1 May 10
June 29 May 31
June 29 May 31
July
Oct.
June
June 15 June
5
June
1 May
15
15
18
15
15
15
25
10
10
15
10
11
12 Ac
May 31 May
June
1 May
June
1 May
June
20c
1 May
June 15 May
25c
June
1 May
UA
25c
May 20 May
37 Ac
June
1 May
25c iMay 21 May
5c
June 29 May
June
UH
1 May 20
10c
June 15 May 17
10c
June
1 May 11
$1A
UA
58 l-3c
June
May 15
58 l-3c
53c
July
June
15
1 May
15
53c
July
50c
June
50c
r!5c
July
June
15 June
:5c
Dec.
16 Dec.
2
20
UH
10 June
June
1 May
July
1 June
July
1 June
2c
June 15 June
5
2c
Sept. 15 8ept.
6
Quftrt^rly
2c
Dec.
7% preferred (monthly)
6.36% preferred (monthly)...
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
United Merchants & Manufacturers, Inc
Semi-annual
—
United New Jersey RR. & Canal (quar.)
United States Casualty Co. cum. conv. pf.
United States Gypsum
Preferred (quar.)
(s.-a.)
...
United States Petroleum Co. (quar.)
»'«■
United States Pipe &
Quarterly
Quarterly.
Foundry Co.
("quar.)
50c
50c
...
50c
...
United States Playing Card Co
United States Plywood Corp. pref.
50c
37 Ac
(quar.)
25c
United States Potash Co
6%
$2 A
22 Ac
50c
Co. (quar.)
$1A
preferred (quar.)
United States Sugar
1st preferred (quar.)
Vapor Car Heating Co., inc., 7% pref. (quar.).
7% preferred (quar.)
7% preferred (quar.)..
7% preferred (quar.).
Vermont & Boston Telegraph (ann.)
Vick Chemical Co. (quar.)
17
15
15
5
June 20 May
31*
Sept. 20 Aug. 31*
Dec
July
20 Nov. 30*
1 June 15
June
1 May
June 29 June
June
15 June
17
15
1
'
Special year-end dividend
Virginia Coal & Iron
Virginian Ry. Co. 6% preferred (quar.)
Vogt Mfg. Corp
Vulcan Detinnlng (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Wahl Co., 7% preferred
Co. recapitalized and merged with its sub¬
sidiary Eversharp, Inc.; new company to be
known as the Eversharp, Inc.
Walgreen Co. (quar.)
Preferred (quar.)
June
15 July
1 May
5
15
June 28 June
14
81A
81A
$1A
July
July
Oct.
1 June 29
1 Sept. 28
Dec.
30
75c
June
1 May
June
%IH
UH
81H
81A
81A
June
1 May
1 May
18
15
15
10 June
1
1-1-41
June
Sept. 10 Aug. 31
Dec.
10 Nov. 30
3-9-41
3-1-41
July
1 June
50c
June
June
1 May
1 May
60c
June
50c
37 Ac
20c
June
82
$1A
81A
81H
%1H
$7
40c
81^
Aug.
June
15
16
16
1 May 16
1 May 21
1 July 20
1 May 15
June 20 June
10
Sept. 20 Sept.lO
July 20 July 10
Oct.
June
19 Oct.
10
1 May 20
June 20 May 20
June 15 May 15
June
25c
June
May 20
May 24
May 24
50c
June
May
75c
June
May
Walker & Co. class A_.
Walker (H.) Gooderham &
Preferred (quar.)
June
Worts (quar.)
Warren Foundry & Pipe
Warren (Northern) Corp., preferred
(quar.)..
Washington Railway & Electric Co
Corrected : previously reported as 10c
5% preferred (quar.)J
5% preferred (s.-a.)
...
Par tic. units, of beneficial ownership of com¬
810
May
15
15
May 16
$1H
82 A
June
May
June
May 15
25c
stock
West Jersey & Seashore spec. gtd.
West Michigan Steel Foundry—
(s.-a.)
81A
UA*
81A
$1H
81
37Ac
81A
May 31 May
June 15 May
July
1 June
May 31 May
Aug. 31 Aug.
.Tune
1 May
June
1 May
June
1 May
15
24
15
15
15
15
20
15
May 15
July
May
July
June
35c
25c
June
37 Ac
87 Ac
7 % preferred (s.-a.)
Westinghouse Air Brake
Westinghouse Electric & Mfg
Participating preferred
Westminster Paper Co.. Ltd. (s.-a.)
Wheeling Electric, preferred (quar.)
May
May
May 15
May
7
May
7
25c
SlA
81
Whitaker Paper Co
Preferred (quar.)
- —
Whitman (Wm.) Co., Inc., 7% pref. (quar.)
Will & Baumer Candle Co. pref. (quar.)
—
81A
81A
82
UA
Williamsport Water Co., $6 pref. (quar.)
25c
Wilsil Ltd. (quar.)
-
25c
Nov.
-
-
-
--
1921 (final)
-
4H% preferred (quar.)
Woolworth (F. W.) Co. (quar.)
Wrlght-Hargreaves Mines, Ltd. (quar.)
Extra (both payable in U. S. funds)
Wrigley (Wm.) Jr. (monthly)
Monthly
Monthly
Monthly
Monthly
°
Zion's Co-operative Mercantile Institution
Quarterly
Quarterly
Transfer books not closed for this
$
—
—
Oct.
15
May
7
June
15
15
June
May 11
June 15
July
Oct.
Aug.
Aug.
Nov.
50c
Nov.
June
81 A
June 29
June
%IA
i
15
Apr. 30
July
July
July
July
50c
81A
Winsted Hosiery Co. (quar.)
Extra
Extra
Wisconsin Electric Power, 6% pref.
Common (Initial quar.)
15
June
%1V<
81A
Conv. preferred (quar.)
West Virginia Water Service pref. (quar.)
Western Cartridge, 6% pref. (quar.)
;
7
3
10c
...
*
15 Dec.
1
50c
...—..
Quarterly
July
15
25c
Van Raalte Co
Western Pipe & Steel
15
15
May 20 May
*1*
(quar.)
(quar.)
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
—
6% preferred (quar.)
Vanadium-Alloys Steel
mon
June
1 May
1 June
40c
pref
Universal Insurance Co.
Universal Products
Extra
June
June 21 June
United States Rubber Co., 8% 1st non-cum. pref
United States Steel Corp., 7% pref. (quar.)
Quarterly
15 May 15
June 15 May 31
July 15 June 29
June 15
>
5
30c
5% preferred (quar.)
5% preferred (quar.)
Sterling Products, Inc. (quar.)
Producing Corp
$1A
(quar.)
June
50c
Texas Pacific Coal & Oil (quar.)
50c
Products
(quar.)
Preferred (quar.)
Wesson Oil & Snowdrift Co., Inc., pref. (quar.)
West Coast Telephone, pref. (quar.)
25c
Stand. Wholesale Phosphate & Acid
Extra
/r,
Terre Haute Water Works
Preferred
Tide Water Assoc. Oil Co.
Washington Water & Power preferred (quar.)..
Wayne Knitting Mills, 6% pref. (s.-a.)
—
Welch Grape Juice Co., preferred (quar.)
2 June 15
June
1 May 15
May 31 May 15
50c
Sylvanite Gold Mines (quar.)
Thompson
Share
of Company
July
25c
I
(s.-a.)
Standard Oil Co. (Ohio) (quarterly)
Preferred (quar.)
Texas Gulf
1
UA
.
.
Name
Quarterly
$2 A
7% preferred (quar.)
7% preferred (quar.)—....
Portland & Ogden Ry
Potomac Electric Power, 6% pref. (quar.)
5 A % preferred (quar.)
Preferred
Per
Holders
Payable of Record
Preferred A (quar.)
Preferred A (quar.)
...
May 18, 1940
June
June
15
June
15
Sept.14
July 15
July 15
Oct.
Oct.
15
15
May 15
May 15
May 15
10c
June
1.183*
June
60c
10c
5c
June
Apr. 22
July
July
May 22
25c
June
May 20
25c
July
Aug.
Sept.
June
May 22
26
50c
Sept.
July 20
Aug. 20
Sept. 26
May
5
Sept. 5
50c
Dec.
Dec.
25c
25c
25c
Oct.
50c
June
5
dividend
t On account of accumulated dividends.
X Payable In Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will be made.
deduction of
The Commercial & Financial Chronicle
Volume ISO
Condition of the Federal Reserve Bank of
New
The
Weekly Return of the New York City
Clearing House
York
following shows the condition of the Federal Reserve
The
Bank of New York at the close of business
May 15, 1940,
In comparison with the previous week and the corresponding
weekly statement issued by
Clearing House
STATEMENT
date last year:
OF
MEMBERS
$
NEW
YORK
City
CLEARING
16,
1940
Time
Undivided
Deposits,
Deposits;
Profits
*
Capital
v
HOUSE
Net Demand
Average
Average
Surplus and
Members
$
Total reserves..
Bills discounted:
8,407,887,000 8,245,813,000 6,409,969,000
U.
THE
»
8,296,724,000 8,134,966,000 6,316,723,000
1,863,000
1,253,000
1,253,000
91,383,000
109,910,000
109,594,000
by
York
hand and due
on
United States Treasury.!
Redemption fund—F. R. notes
Other cash t
...
Secured
OF
May 17, 1939
Clearing House
ilteto-
Gold certificates
the New
Friday afternoon is given in full below:
on
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, MAY
May 15, 1940 May 8, 1940
■"
3155
S.
Govt,
$
Bank of New York
Bank of Manhattan Co.
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
obllgatio:
direct and guaranteed
Other bills discounted
200,000
604,000
Total bills discounted...
804,000
Bills bought In open market.
Industrial advances....
2,028 000
748,000
310,000
567,000
877,000
400,969,000
338,532,000
256,538,000
Notes
338,786,000
Bills
331,160,000
Total bills and securities....
739,501,000
742,262,000
...
745,094,000
17,000
1,602,000
195,316,000
9,839,000
17,893,000
.....
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected Items
Bank premises
Other assets
742,406,000
17,000
1,631,000
139,926,000
9,823,000
17,343,000
518,887,000
931,357,000 14,185,108,000
500,000
25,000,000
6,000,000
5,000,000
12,500,000
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
134,259,000
Total U. 8. Government securities,
direct and guaranteed
4,000,000
100,270,000
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co..
an teed:
403,476,000
7,000,000
Continental Bk & Tr Co.
Chase National Bank
Fifth Avenue Bank
218,000
Bonds.....
21,000,000
15,000,000
10,000,000
50,000,000
Irving Trust Co
3,208,000
.
721,957,000
7,000,000
Totals
726,379,000
*
60,000
3,191,000
5,372,000
80,394,000
98,081,000
661 674,000
40,151,100
73,015,100 cl,085 844,000
289 800,000
19,663,500
108,555,000
692, 751,000
663 645,000
53,240,100
4,430,000
69, 326,000
136,486,900 (12,861, 025,000
52 264,000
4,244,300
81,598,600 el,121, 115,000
2,471,100
15, 887,000
131, 804,000
9,411,300
425, 952,000
27,984,400
8,570,600
113, 136,000
10,066,100
90, 284,000
First National Bank
996,000
2,028",666
if
19,925,000
39,846,000
173,380,000
750 ,079,000
57,040,300
185,154,500 62,173 977,000
90,000,000
42,117,000
Corn Exch Bank Tr Co.
248,000
$
200 ,813,000
13,924,100
530 ,027,000
26,615,500
68,734,200 a2,255 ,705,000
6,000,000
20,000,000
77,500,000
20,000,000
National City Bank
$
As per official reports:
56,502,000
28,295,000
647,000
4,623,000
1,154,000
39,166,000
3,410,000
33,889,000
2,135,000
2,959,000
31,452,000
2,046,000
51,741,000
675,017,000
National, March 30, 1940; State, March 30, 1940; Trust
companies, March 30, 1940.
172,194,000
Includes
8,975,000
deposits In
6 (May 14)
15,000,000
foreign branches
$74,412,000;
c
as
follows:
a
(April
$264,492,000 5
25)
(May 16) $3,020,000; d (April 30) $70,055,000; e (May 15)
$20,421,000.
'
Total assets.......................
9,377,648,000 9,156,959,000 7,335,768,000
IAaMUties—
F. R. notes in actual circulation
reserve aco't..
U. S. Treasurer—General account
Foreign bank
Other deposits
LONDON
THE
1,306,676,000 1,286,607,000 1,103,963,000
7,116,129,000 6,963,746,000 5,430,617,000
119,150,000
215,845,000
159,612,000
145,097,000
129,876,000
97,578,000
361,664,000
386,313,000
197,289,000
Deposits—Member bank
STOCK
EXCHANGE
Quotations of representative stocks
each
as
received by cable
day of the past week:
Sat.,
Total
deposits..................
Deferred availability items
Other liabilities, incl. accrued dividends.
180,616,000
1,423,000
131,997,000
1,273,000
169,831,000
..............
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts....
51,049,000
53,326,000
7,109,000
10,760,000
.....
to
reserve
Fri.,
May 16
May 17
38/-
37/4*4
98/1 >2
96/3
,
37/7*4
36/10*4
95/-
95/-
51,049,000
53,326,000
7,109,000
10,700,000
make
£51
£51
£51
Central Mln& Invest..
£12*4
£12 *4
£12*4
£12*4
43/9
36/0
£7*4
42/6
35/9
£6%
63/6
8/6
18/1*4
50,875,000
52,463,000
Distillers Co
7,457,000
Closed
Electric & Musical Ind
8,170,000
FordLtd
92.0%
91.0%
64/9
8/9
18/21/3
108/9
£19*4
71/10*4
HudsonsBayCo
Imp Tob of G B & I..
London Mid Ry
Metal Box
92.7%
industrial
£52
Courtaulds S & Co....
De Beers............
deposit and
F. R. note liabilities combined
to
Thurs.,
May 15
Cable & W ord...
Total liabilities and capital accounts..
9,377,648,000 9,156,959,000 7,335,768,000
Commitments
Wed.,
May 14
Boots Pure Drugs.
British Amer Tobacco.
1,680,000
9,255,404,000 9,034,775,000 7,216,803,000
Capital Accounts—
Capital paid in
of total
Tues.,
May 13
Cons Goldflelds of 8 A.
Total liabilities....
Ratio
Mon.,
May 11
7,766,689,000 7,614,898,000 5,941,329,000
C
21/106/3
£17*4
71/10*4
41/3
45/-
840,000
848.000
t "Other cash" does not Include Federal Reserve notes or
Reserve bank notes.
a
2,273,000
bank's
own
£7 *4
'
83/9
,
25/1*4
Vlckers
16/9
£22*4
£3*4
United Molasses
,
71/3
£7*4
£10*4
£3
83/9
83/9
£22*4
61/3
7/6
24/10*4
16/3
62/3
8/17/1*4
19/9
104/4*4
£15
£7*4
£10*4
83/1*4
83/9
£23
62/6
9/1*4
24/10*4
16/6
£24
65/7*4
9/-
60/7*4
5/24/6
16/1*4
£22*4
61/3
6/3
24/9
16/1*4
Wltwatersrand
West
profit by the Treasury
61/9
8/3
17/9
20/3
105/£15
71/3
£10*4
Royal Dutch Co
x These are certificates given
by the United States Treasury for the gold taken
the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 oents to 59.06 cents, these certificates being worth less to the extent of the
as
£7*4
£11
Shell Transport
Swedish Match B
over from
difference, the difference itself having been appropriated
£7*4
£11
Rolls Royce
Federal
34/£6
71/3
Rand Mines
RloTlnto
ad¬
vances
40/-
£6*4
62/9
8/6
17/9
20/105/£16
36/10*4
95/7*4
£50*4
£12*4
40/33/9
£6
n(i
£3*4
Areas
under the provisions of the Gold Reserve Act of 1934.
/
£2*4
£2*4
Weekly Return of the Member Banks of the Federal Reserve System
Following Is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the
These
resources
figures
are
and liabilities of the reporting member banks in 101 leading cities from which
always
a
week behind those for the Reserve banks themselves.
the Federal Reserve System upon the figures for the latest
immediately preceding which
week
an announcement
department of "Current Events and Discussions,'
our
were
made In the breakdown of loans as reported In this statement, which were
of the Federal Reserve Bank of New York of April 20.
1937,
as
The changes in the report form are confined to the classification of loans and discounts.
amounts of
follows:
This classification has been changed primarily to show the
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose
securities., The revised form also eliminates the distinction between
outside New York City.
obtained.
are
also give the figures of New York and Chicago reporting member banks for a week later.
we
Commencing with the statement of May 19,1937, various changes
described In
in
appear
weekly returns
The comments of the Board of Governors of
loans to brokers and dealers in securities located
of purchasing or carrying
In New York Olty and those located
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances
cial paper bought in open market" under the revised caption "open market
Subsequent to the above announcement, it
and commer¬
paper," Instead of in "all other loans," as formerly.*
"commercial, industrial and agricultural loans" and "other loans'!
was made known that the new items
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.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS
Federal
Reserve
Districts—
Total
ASSETS
kH
9
Commercial, Indus, and agricul. loans
23,576
8,654
4,404
1,191
299
$
10,021
3,303
1,791
68
Loans to brokers and dealers In secure.
Other loans for purchasing or carrying
securities
618
20
473
...
....
...
—
Other loans
.
5
'
$
San Fran.
Dallas
Minneap.
$
$
j
St. Louis
9
$
1,923
692
631
3,331
750
413
694
525
446
709
270
308
936
331
200
306
271
954
213
276
122
158
502
188
102
181
176
336
30
8
11
•••••4
38
11
4
24
2
13
482
25
20
3
.//- 5
1
;!■. 4
19
212
32
24
12
7
10
13
81
196
50
174
1
44
1
2
132
1,193
51
460
95
205
,■ -
•o'-fvv.
36
"
:
11
75
42
32
117
77
97
15
'
vv
I
29
23
~~58
51
11
12
43
384
1
<
......
60
108
5j
75
54
.V
'frfriii-
1
-
2,241
~"l66
18
25
1,900
38
980
"31
156
141
35
290
33
29
68
40
59
6,486
2,434
3,456
10,851
338
2,734
1,372
316
637
162
113
1,033
152
115
92
83
711
94
124
' 52
69
1,386
6,401
277
286
67
105
543
611
195
144
Treaury bills
16
Treasury notes
United States bonds
Obligations guar, by U. 8. Govt
Other securities
Reserve with Federal Reserve Bank..
Cash In vault
\r/iS
$
Chicago
Atlanta
1,164
620
1,584
.........
246
50
129
527
479
-
Balances with domestic banks.......
Other assets—net
Cleveland Richmond
PMla.
118
Open market paper
Real estate loans..
New York
331
Loans and investments—total.......
Loans—total..
Loans to banks
Boston
$
■v
ON MAY 8,1940 (In Millions of Dollars)
143
3,185
1,243
173
75
96
-
11
Vijrf
215
20
212
485
,
>■:
«
.
'
:
46
22
251
238
38
51
83
98
ft
5
22
70
47
189
47
140
59
323
1,395 v;174 ;■ V -117
196
137
411
276
V
7
16
12
24
180
94
304
302
307
81
22
'15
23
29
243
1,043
1,085
12
68
.
69
108
529
13
329
57
267
1
_
580
•<V
LIABILITIES
19,741
6,318
Demand deposits—adjusted.....
Time deposits
United States Government deposits.
_
1,222
9,725
1,018
1,348
515
419
2,678
471
293
532
477
236
1,036
263
748
202
191
967
191
117
145
137
578
14
68
34
44
135
17
2
24
31
108
8,484
349
3,806
314
316
1,247
357
168
424
267
318
20
656
:
54
47
451
467
5
1
lnter-bank deposits:
Domestio
banks....
Foreign banks...
.........
.....
714
•
''■■■/
1
10
1
19
37
12
22
6
6
3
'"I
"305
96
94
396
96
59
105
88
348
......
1
......
......
'
"
Borrowings
Other liabilities
Capital accounts
W
•
m m m
-
W
MMMMM
747
20
301
15
16
3,752
248
1,626
216
380
«*
M mm
The Commercial & Financial Chronicle
3156
May 18, 1940
of the Federal Reserve System
Weekly Return of the Board of Governors
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, May 16,
Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
The
following
was
showing the condition of the 12
Reserve agents
returns
Federal Reserve System upon the
The comments of the Board of Governors of the
department of "Current Events and Discussions "
and the Federal Reserve banks.
for the latest week appear in our
AND LIABILITIES OF THE FEDERAL RESERVE
COMBINED RESOURCES
.
MAY 15, 1940
BANKS AT THE CLOSE OF BUSINESS
May 15,
May 8,
May 1,
April 10.
April 3,
Mar. 20,
May 17,
1940
1940
1940
1940
1940
1940
1939
1940
Apr. 24,
1940
Apr. 17,
1940
S
Three Ciphers (000) Omitted
*
%
*
I
S
$
%
1
ASSETS
Gold etfc. on hand and due from
notes)....
Other cash •
16,288,976
Total reserves....—.———
16.691,975
16,496,977
9,089
9,087
366,076
16,442,978
9,640
379,962
16,378,477
9,140
378,611
389,625
9,275
387.927
17,079,675
U. 8. Treas.x.
Redemption fund (Federal Reserve
16,872.140
16,832,580
16,777.242
16,686,178
Mar.
21,
5
13,222,730
16,161,074
8,672
16,101.619
8,334
9,372
375,463
16,047.618
8,239
372,262
15,997,622
385,310
361,786
365,383
16,555,056
16.485,205
16,428,119
16,367,742
13,597,485
8,123
Bills discounted:
Secured
8. Government obligations,
guaranteed
by U.
680
742
621
443
632
366
334
1,668
2,053
2,047
1,929
1,831
1,727
1,076
1,675
478
2,142
1,612
1,632
1,946
2,822
2,795
2,668
2,372
2,463
2,093
2,751
2,090
1,966
3,614
"9,292
"~9~296
~9~ 333
"9",918
""9*852
~~9,875
"lb",138
10,483
i~0",498
12,796
1.344,845
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,342,045
1,133,225
1,342,045
1,133,225
2,474,070
2,466,720
2,466,720
2,466.720
2,466,720
2.466,720
2,466,720
2,475,270
2,475,270
2,564,015
2,478,721
2,479,010
2,479,035
2,478,688
2,479,609
2,487.734
2,580,987
direct and fully
Other bills discounted
Total bins discounted......—
......
562
Industrial advances....
.....
—
V
United States Government securities, direct and
guaranteed:
Bonds
.......
—
Notes
911,090
1,176,109
476,816
Bills
Total
direct and
Govt, securities,
8.
U.
guaranteed...
—
Other securities
,■
Foreign loans on gold
........
2,486,184
Total bills and securities
Gold held abroad
-
2,478,811
-
2,487.843
47
47
47
47
47
47
47
47
47
161
21,255
788,124
41,553
61,760
22,197
599,213
22,113
638,721
592,220
41,612
19,691
743,276
41,671
58,005
683,343
41,689
42,552
59,572
17,998
636,668
41,612
58,257
17,604
721,035
59,145
19,461
763,669
41,625
58,082
22,146
41,536
60,293
21,751
688,329
41,533
59,524
57,081
52,171
20,478,598
20,074,237
20,122,485
20,017,899
20,048,097
19,749,341
19,719,396
19,778,652
19,692,932
16,976,149
,
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
-
Bank premises
Other assets
Total assets
...
41,621
19,450
LIABILITIES
4,968,735
Total liabilities......
4,934,636
4,899,117
4,895,048
4,463,349
512,185
360,819
441,280
490,106
357,212
435,912
469,974
376,402
396,295
12,395,460
692,077
12,256,250
707,493
384,335
12,294,002
699,877
395,073
10,005,034
424,634
400,930
476,886
377,569
12,574,727
590,460
372,802
360,319
352,536
412,821
399,786
14,191,301
14,153,146
14,125,705
667,041
616,461
4,064
4,566
14,031,710
728,857
3,902
13,898,308
570,810
4,415
13,824,408
570,750
4,484
13,801,773
721,553
4,371
13,754,309
t688,636
1-3,334
20,125,564
19,721,318
19,769,751
19,665,235
19,695,584
19,396,958
19,367,153
136,117
151,720
136,113
136,125
151,720
26,839
38,062
151,720
26,839
38,243
26,839
37,980
136,132
151,720
26,839
37,822
136,127
151,720
26,839
37,697
136,145
151,720
26,839
37,539
20,074,237
20,122,485
20,017,899
20,048,097
19,749,341
88.2%
88.1%
88.0%
8,965
88.1%
9,225
88.1%
8,933
...............
4,923,425
12,757,391
512,521
20,478,598
Total deposits
Deferred availability Items
Other liabilities, incl. accrued dividends
4,931,115
12,883,034
26,839
38,367
Other deposits
4,918,503
12,869,916
136,108
151,720
United States Treasurer—General account-
Foreign banks
4,945,500
12,877,017
14,396,124
756,205
*4,500
Deposits—Member banks' reserve account
4,954,783
13,093,674
Federal Reserve notes In actual circulation
8,725
8,805
88.0%
8,790
384,229
604,541
3,568
926,636
272,959
269,917
390,780
:
11,474,546
688,655
5,285
,
19,426,814 tl9.341.327
16,631,835
136,132
151,720
26,839
37,147
136,107
151,720
26,839
135,003
136,939
149,152
27,264
32,895
19,719,396
19,778,652
19,692,932
16,976,149
87.9%
87.8%
87.8%
85.3%
8,350
8,224
9,080
11,688
600
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
1,801
969
927
858
523
645
412
2,364
16-30 days bills discounted
31-60 days bills discounted
250
1,137
1,059
51
105
233
773
21
125
263
197
190
224
1,198
1,139
928
1,130
140
161
283
61-90 days bills discounted
212
190
189
161
142
229
100
1,123
1,108
255
148
161
160
449
2,090
1,966
3,614
362
Over 90 days bills discounted
309
2,822
Total bills discounted
1-15 days bills bought In open market
..
269
2,795
2,668
707
255
2,372
219
*
2,463
180
2,093
2,751
242
...
16-30 days bills bought In open market.......
1-60 days bills bought In open market
""106
*
214
1-90 days bills bought in open market
Over 90 days bills bought In open market
562
Total bills bought in open market
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
"
-
1,572
"l",590
"l",437
"l",447
"l",426
"1,242
"V.247
"V.574
"V.592
79
86
77
84
61
227
196
121
130
742
737
244
286
916
916
646
629
5,983
5,967
6,929
7,472
........
...........
Over 90 days Industrial advances
Total Industrial advances
U. 8. Govt, securities, direct and guaranteed:
9,292
9,296
;
9,333
9,918
1,635
156
712
271
188
149
294
249
689
781
793
273
299
7,405
7,437
7,753
8,221
8,228
9,276
9,875
10,138
10,483
10,498
12,796
V
9,852
•
1,017
85,813
67,450
1-15 days
16-30 days
136,793
31-60 days
61-90 days
Over 90 days
145,910
...........
........
.1
2,474^070
2,466", 720
2,466", 720
2,466", 720
2,466",720
2,466,720
2,466,720
2,475,270
2,475*270
2,128,049
Total U. S. Government securities, direct
and guaranteed
2,474,070
2,466,720
2,466.720
2,466,720
2,466,720
2.466,720
2,466,720
2,475,270
2,475,270
2,564,015
5,296,011
327,276
5,275,419
5,246,984
301,484
5,245.738
327.235
5,239,294
5,237,827
308,179
5,251,464
328,039
5,251.335
320,636
316,699
338,710
5,227,268
332,220
4,750,545
287,196
4,968,735
4,954,783
4,945,500
4,918,503
4,931,115
4,923,425
4,934,636
4,899,117
4,895,048
4,463,349
5,420,500
1,171
5,375,500
1,170
5,374,500
1,059
5,375,500
5,375,500
5,368,500
5,363.500
5,343,500
5,333,500
719
794
471
540
671
493
4,872,500
3,491
5,421,671
5,376,670
5,375.559
5,376,219
5,376,294
6,368,971
5,364,040
5,344,171
5,333,993
4,875,991
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Treas—
By eligible paper
United States
Government securities
Total collateral
•"Other cash"
z
does not include Federal
Reserve
notes,
t Revised figures.
These are certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
Jan. 31. 1934, these certificates being worth less to the extent of the difference, the difference itself have been appropriated as profit by the Treasury
cents on
provisions of the Gold Reserve Act of
1934.
59.06
under
Volume
The Commercial & Financial Chronicle
ISO
3157
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Three Ciphers (000) Omitted
Federal Reserve Agent at—
OF
THE
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 15, 1940
Cleveland Richmond
Boston
AUanta
Chicago
St. Louis Minneap
Dallas
San Fran,
ASSETS
Gold
certificates
hand
on
from United States
and
due
Treasury
Redemption fund—Fed.
Res. notes..
Other cash *___
Total reserves
Bills discounted:
Secured by U. S. Govt,
obllgatloas,
direct and guaranteed
......
Other bills discounted
.........
Total bills discounted
Industrial advances
U. 8. Govt,
securities, direct &
guar.:
Bonds
Notes
IIIIIIIIII
Total
U.
S.
Govt,
securities,
direct and guaranteed
Total bills and securities..
Due from foreign banks
......
__I
banks.....I
Fed. Res. notes of other
Uncollected items.......
Bank premises
Other assets....
Z.IIIII
Total assets
1
LIABILITIES
F. R. notes In actual
circulation....
Deposits:
Member bank
reserve
account...
U. 8. Treasurer—General
Foreign banks..
account.
Other deposits
Total deposits
Deferred availability Items.
Other liabilities, lncl. accrued dlvs..
Total liabilities
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
.
...I
accounts............3
Other capital
Total liabilities and capital accounts
Commitments to make Indus, advs..
'Other cash" does not Include Federal Reserve notes,
a
Less than $500
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
Cleveland Richmond
Boston
Atlanta
Chicago
Dallas
St. Louis Minneap,
San Fran,
Federal Reserve notes:
issued
to F. R. Bank by F. R.
Agent
Held by Federal Reserve Bank....
In actual circulation
Collateral held by Agent
security
as
for notes Issued to banks:
Gold certificates on hand and due
from United States
Treasury....
Eligible paper
...
Total collateral
...
...
.....
United States
THE
Treasury Bills—Friday, May 17
Rates quoted are for discount at
purchase.
each
Asked
•
0.05%
May 29 1940
0.05%
^6 5 1940
■June J2 1940
0.05%
0.05%
July
—..
July
10 1940
17 1940
clay of the past week:
'-r
"
';:y:\fr::
received by cable
as
,
Frl.,
0.05%
Mon.,
Sat.,
Wed.,
Tues.,
Thurs.,
May 10 May 11 May 13 May 14 May 15 May 16
0.05%
July 24 1940
July 31 1940
.....
BOURSE
Quotations of representative stocks
Asked
May 22 1940
PARIS
Francs
0.05%
Francs
Francs
Francs
7,910
Francs
7,725,;
7,410
Francs
7,115
0.05%
Banque de France...
June 19 1940.
0.05%
Aug.
7 1940.
0.05%
Bank de Paris et
Des Pays Baa
961
945
890
974
iUP®
July
°-05%
Aug. 15 1940.......
0.05%
Banque del'UnlonParlslenne...
505
13,800
497
13,110
481
12,400
464
12,000
650
642
1,525
1,509
635
14,60
o
3 1940
0.05%
Canal de Suez cap............
Cle Dlstr d'EIectrtclte
Quotations for United States Treasury Notes—Friday,
May 17
Cle Genera! d'Electrlclte
Cle Generale Transantllque
Citroen B
62
660
581
695
650
720
710
----
262
.
Figures after decimal point represent
one or more
Z2ds of
point.
a
Comntoit Natlonale d'Escompte
Courrleres..
Credit Commercial de France...
Asked
Kuhlmann...................
900
101.23
103.26
101.23
Asked
June
Dec.
Maturity
15 1941.
10126
L'Air Llqulde...
Lyon (P L M)
NordRy
101.23
15 1940.
Mar. 15 1941.
101.26
99.30
Mar. 15 1942.
100.29
Sept. 15 1942.
99.25
100.1
101
99.28
the
daily closing
stocks and bonds listed
as
averages
of representative
Exchange
compiled by Dow, Jones & Co.:
*
Bonds
10
1,135
....
—-
37
Pechlney
1,960
Rentes, Perpetual 3%.........
73.00
4 H%
85.80
5%. 1920
113.40
Saint Gobam C & C
2,655
Schneider & Cle
1,722
35
1,912
72.60
84.85
111.80
«
35
1,880
70.25
83.25
110.75
71
67
1,275
1,226
71Q
2,510
1,650
65
1,155
710
432
435
424
39
36
37
2.655
Soclete Lyonnalse
...
—-
Soclete Marseillaise
Tublze Artificial Silk pref
925
35
1,845
69.20
81.55
109.10
2,455
1,585
64
1,085
700
72
Union d'Electrlclte
403
33
■
10
THE
30
20
15
Total
10
First
Second
10
Rail¬
Utili¬
66
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
BERLIN STOCK
EXCHANGE
Total
Indus¬
Date
840
....
1,050
—
..........
Wagon-Lits
Stocks
day
270
577
865
1,215
Soclete Generale Fondere
the New York Stock
on
day
....
Stock and Bond Averages
are
1,835
Holt-
Pathe Capital
.
523
1,690
295
518
630
892
1,797
*
Holi
Orleans Ry (6%)-....
101.5
Dec. 15 1941.
Below
.....
101.2
15 1940.
June
1,630
310
610
Credit Lyonnals
Maturity
555
1,695
560
Energle Electrique du Nord
Energle Electrique du Littoral..
603
1,415
58
555
660
220
499
1,490
Closing prices of representative stocks
each
May 17.
124.20
24.81
19.87
41.07
104.16
89.14
41.29
85.22
May
May
11
13
May 16.
130.43
26.20
20.98
43.20
104.41
89.63
42.43
106.59
85.76
May 15-
129.08
25.89
20.85
42.76
104.04
89.50
.42.14
106.54
85.55
May 14.
128.27
26.33
20.90
42.72
104.48
90.00
42.40
107.09
85.99
May 13.
137.63
27.83
22.52
45.73
105.31
91.40
44.22
107.89
87.20
May 11-
144.85
29.81
23.81
48.32
106.31
92.50
46.63
108.48
88.48
the
New
United
States
York Stock
Goverriment
Securities
Exchange-^See following
Transactions
at
the
New
York
page.
Stock
Daily, Weekly and Yearly—See page 3173.
on
received by cable
May
May
May
May
14
15
16
17
Per Cent of Par
148
Allegemelne Elektrlzltaeta-Gesellschaft(6%)
143
146
146
Berliner Kraft u. Llcht (8%)..............
Commerz und Privat-Bank A. G. (6%)*-..
182
183
184
184
117
118
118
119
124
124
Deutsche Bank (6%)
Holi-
-
Deutsche Relcbsbahn (German Rys. of
Dresdner Bank (6%)
Farbenlnduatrle I. G.
Exchange.
as
day of the past week:
106.30
124
124
130
130
130
117
117
117
189
(7%)
192
193
195
130
113
Relchsbank (new shares)
Siemens & Halske (8%)
Verelnlgte Stahlwerke (6%)
Ho Iday
118
7%)- day
»-
113
113
113
240
243
244
247
114
115
115
117
May 18, 1940
3158
New York Stock Exchange
Stock and Bond Sales
YEARLY
DAILY, WEEKLY AND
Occupying Altogether Sixteen Pages—Page
in the day's range, unless they are
NOTICE!—Caah and deferred delivery sales are disregarded
account is taken of such sales in computing the range for the year.
United States Government
Below
we
furnish
daily record of the
a
One
the only transactions of the day. No
—
Securities
the Neu) York Stock
on
week;
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point.
May 16 May 17
May 11 May 13 May 14 May 15
May 16 May 17
May 11 May 13 May 14 May 15
(High
{Low.
120
119.6
118.20
118.20
118.18
120.0
119.22
118.20
118.20
118.14
118.8
120.9
119.22
118.20
118.20
118.14
118.8
4
13
59
45
21
2
113.31
113.27
112.31
112.21
112.19
112.18
{Low.
113.28
113.9
112.27
(Close
113.28
113.9
Total sales in $1,000 units...
67
{Low.
4^8, 1947-52
(Close
Total tales in $1,000 units.
(High
4s. 1944-54
Total sales in $1,000 units..
(High
]Low.
3Hs. 1940-43
(ClOfH
..J Low.
(Clow
3Hs, 1941-43
23
113.22
112.18
112.12
112.30
112.10
112.12
112.30
112.10
112.12
11
2
100*20
100'.16
100.17
100.18
100.28
100.18
100.16
100.17
100.18
100.28
100.18
100.16
100.17
100.18
mm
m
100.28
2
5
4
102.31
102.22
102.23
102.25
103.2
102.28
102.22
102.23
102.25
103.2
102.28
102.22
102.23
102.25
2
2
7
5
■
z4
mm
107.23
107.24
107.23
107.24
mmm
13
103.25
103.23
103.26
106.10
107.2
106.21
rnmmm
106.10
107.2
106.21
rnmmm
106.10
rnmmm
5
104
103.25
103.23
103.25
108.1
107.30
103.28
103.23
103.24
103.16
103.23
103.19
104
103.28
103.23
103.19
43
39
8
104.20
103.14
103.30
103.26
103.14
103.25
rnmmm
103.28
103.14
103.30
rnmmm
182
26
26
108.28
108.16
108.2
107.26
107.27
(Close
108.28
108.16
107.27
13
74
10
109.27
109
108.30
108.30
109.20
109.15
108.30
108.28
108.24
109.16
108.30
108.28
108.30
108.31
{Low.
(Close
109.26
27
6
(High
{Low.
110
109.20
109.16
111.6
110.24
109.15
109.15
109.16
111.6
110.24
109.15
109.15
10.916
89
6
15
158
111.17
110.20
110.2
110.15
110.20
110.2
110.12
.{Low.
3Hs. 1949-52
110.20
110.2
110.15
105
1
49
4
110.12
109.19
{*'rnmmm
108.29
109.19
'rnmmm
108.29
110.4
109.19
mm mm
108.29
110T
109.26
109.21
108.24
108.15
110.4
109.17
108.20
108.16
108.15
102.28
102
101.30
101.31
102.28
101.29
102.10
101.30
101.31
6
120
22
5
6
107.20
106.24
106.16
100.24
106.20
{Low.
107.20
106.24
106.16
106.16
106.20
I Close
107.20
106.24
106.16
106.16
1
Low.
-
109.17
108.20
108.23
108.15
108.15
4
21
49
3
46
106.31
106.18
105.26
105.28
107.12
106.24
105.25
105.10
105.20
107.12
106.24
105.25
105.26
105.20
107.11
22
86
73
17
106.13
106
106.3
106.13
106.3
106.13
'
■
-i
V
4
106
—.-
108.22
107.16
107.12
107.8
103.23
—
....
103.16
103.16
107.12
107.4
107.8
107.12
107.12
107.8
77
78
20
106.30
106.28
106.16
106.18
106.16
106.18
106.16
6
30
4
'mm
m'm
105.27
106.24
106.16
105.28
105.24
106.24
105.30
105.22
105.24
105.23
106.24
105.30
105.25
105.24
105.23
2
25
11
6
8
103*30
103.22
103.15
103.9
rnmmm
103.12
{Low.
103.30
103.22
103.15
103.9
rnmmm
103.12
(Close
103.30
103.22
103.15
103.9
'rnmmm
103.12
3
>
28
1
-
-
-
-
'mm
100.16
mm
100.16
^'mmm'm
101.14
mm
'mm
100.16
rnmmm
1
101.14
...{Low.
4
10
5
"
(High
IMS, 1945-47
5
105.20
*1
rnmmm
'
106.18
1
rnmmm
103.11
....
'm
Total sales in $1,000 units...
106.18
106.30
103.11
m m
m
....
(High
{Low.
(Close
2Jis, 1942-44
106.18
106.30
107.19
rnmmm
....
1
(High
2
107.19
:
103.20
Total sales in $1,000 units...
107.10
3
rnmmm
103~Il
103*20
103.20
3s, series A, 1944-52
107.10
108.22
rnmmm
mm m
•
O
0
....
mm mm
1
103.16 v.:
103.23
mm rn
{Low.
Home Owners' Loan
107.15
108.20
*5
2
rnmmm
10*3.23
mm m
m
....
{Low.
■
Total sales in $1,000 units...
10
107.19
10*7*8*
106.3
m
107
12
106
106.30
....
1
mmmm
107.11
{Low.
106.20
3
1
107.4
I Close
105.20
1
rnmmm
:
(High
105.20
Total sales in $1,000 units...
(High
i07~.ii
2JiS, 1942-47
105.29
....
4
[Close
108.18
4
....
103.8
Total sales in $1,000 units...
105
107.12
Total sales in $1,000 units...
103.8
(High
108.15
110.4
41
101.29
3s. 1942-47
108.28
21
103.18
rnmmm
102.8
x
5
Total sales in $1,000 units...
103.18
(Close
1
3
103.30
Total sales in $1,000 units...
108.28
....
103.18
101.30
3s, 1944-49..
109.1
110.4
2
rnmmm
13
110.16
....
103.16
102.10
(High
110.16
111.16
103.30
Total sales in $1,000 units...
110.16
111.16
17
103.21
25
3tfs, 1944-64
6
2
111.28
111.28
(Higt
26
mm-mm
102.20
109.12
111.28
Total tales in $1,000Zuniis...
142
103.18
I
Federal Farm Mortgage
109.11
(Close
SH8. 1946-49..
32
103.30
104.14
103". 16
Ol066
109.12
8
15
101.27
75
104.14
Total tales in $1,000 units...
44
110.24
2
101.31
102.30
2s, 1948-50
111.6
Total tales in $1,000 units...
101.31
102.1
102.4
101.23
102
101.21
101.30
rnmmm
104.14
$1,000 units...
'High
108.29
3tfS, 1944-46
102.10
101.30
103.5
Close
108.31
(Higt
102.16
103.3
Low.
20
109.18
103.5
103.13
(High
2s. 1947
108.1
1
103.13
103.13
2
107.30
Total tales in $1,000 units...
27
2
Total sales in $1,000 units...
108.1
107.28
103.19
104
104.20
104.21
{Low.
1951-53
Total sales in
108.6
10
....
105
3
108.21
108.2
....
105.8
(Close
103.27
108*28
3J*8. 1943-45
....
105.8
105.8*
(High
2 Ms,
103.27
2
23
7
(Close
103.27
103.25
....
40
«•*»'.-«■
$1,000 units...
4
1
107.1
2
Total sales in
107.25
5
103.23
107.16
106.26
(High
107.25
107.23
1
....
11
107.25
107.23
103.25
107
..{Low.
-'rnmmm
mmmm
5
107.16
108
$1,000 units...
mm m
mrnmm
104
4
....
107.4
2H*, 1950-52..
mm
■mmm*
1
107.1
108
(High
rnmmm
■
107.16
{Low.
2Hs, 1949-53..
rnmmm
mm
108.2
Total tales in $1,060 units—
mm
104
(High
{Low.
10
46
(Cloee
108.13
rnmmm
216
19
(Close
2Hs, 1948
m
108.13
108.13
iClo
Total sales in $1,000 units..
104.5
53
Total sales in
3
103.2
2
104.5
104.7
{Low.
mm m
mm
104.16
104.7
104.13
(High
rnmmm
mm
104.12
103.28
104.13
(Close
rnmmm
m
104.20
104.13
105.8
$1,000 units...
mrn
m
m
6
(High
-{Low.
Total tales in $1,000 units...
......
Total sales in
rnmmm'
.
105
105.8
(High
{Low.
112.18
8
2MB, 1945
112.13
112.14
52
105.24
105.28
105.28
Total sales in $1,000 units...
"
Total tales in $1,000 units...
3Hs. 1943-47
112.14
112.12
22
....
Total sales in $1,000 units...
(Higl
112.11
112.27
51
(High
| Low.
(Close
3^8, 1946-56
25is, 1960-65..
106.3
(Close
Treasury
120.9
(High
Treasury
Exchange
Owners' Loan and Federal Farm Mortgage
transactions in Treasury, Home
101.14
(Close
1
Total sales in $1,000 units...
•
Odd lot sales,
f Deferred delivery sale,
105.18
106.19
105.14
105.8
105.14
105.14
106.19
105.14
105.20
105.18
105.14
6
43
39
19
13
105.1
104.19
104.26
104.25
1
104.10
104.18
104.25
2
Treasury 2Kb, 1955-60
104.24
104.19
104.18
f
mmmrn
%
mmmm
t Cash sale.
Treasury 4Ks, 1947-1952
104.24
•
105.22
107.7
107.7
••
5
104.25
106.31
10
106.13
rnmmm
106.13
106.13
........
106.10
21
16
105.16
104.15
104.13
104.4
104.16
105.8
104.7
104.1
104.4
104.6
104.7
104.13
104.4
2
105.8
l
Note—The
209
24
4|
2
above
sales of coupon
only
includes
table
Transactions in registered bonds were;
bonds.
118.14 to 118.14
105.13 to 105.24
-----
-
5
United States Treasury
Bills—See previous page.
&c.—See previous page.
United States Treasury Notes,
104.6
3
3
New York Stock Record
PRidES—PER
AND
SALE
HIGH
NOT PER CENT
SHARE,
$ per share
67
67
Wednesday
Thursday
Friday
May 14
May 15
May 16
May 17
$ ver share
65
6658
$ per share
63
64i2
$ per share
61
$ per share
$ per share
61
62
60
61
*125
62i4
141
*125
140
40
May 15
41*4
584
1,600
Acme Steel Co....
25
40
May 15
1914
20l8
2,200
40
40
*36's
40
*36i8
*48U
49
48
49
46
46
40
43
40
42
6
20l2
2358
1638
44U
*58
534
78
1134
2334
1612
45
34
57g
6i2
512
55s
6
20l4
15
15
15
1978
135s
20i4
15
43
4478
403g
41
4012
4212
21
*5s
5i2
78
12
6
678
2314
1638
34
9U
578
34
llSg
9
*10
11
*14l2
15i4
12
13
24l2
25l4
2158
24l4
8is
5g
5i4
21i4
34
5l2
58
812
73g
1018
8
m2
2278
"18
53s
*2
58
m4
20i2
»ij
5
177
1178
1478
758
7H2
32i2
14i4
*2
*1512
5434
17
69
*10
♦4658
*
1134
17734
1178
15
8
7U2
325g
14i4
2i4
1778
5434
17
7034
1012
48l2
9l2
lll4
168i2 177
1134
1134
1358
1434
612
734
*6612 70
313g 3258
1358
I4i4
178
1512
52l2
2
834
160
912
t,170i2
1034
1034
1278£1334
6
6612
29i4
12
114
658
6634
13
145s
1314
15
41l2
43
40V
43'4
V
19,800
5i4
15,600
20,400
1878
207s
20lS
2238
812
158
"9U
534
64
1214
534
III4
13
6V
64
64i2
13
6Is
64i2
63
29V
28
2812
12is
1258
2834
*1212
15s
li«
15s
13s
13s
13U
49V
15&s
59
»11V
8V
4778
13i4
4658
4712
16i4
5812
734
1612
6H2
47
47
Bid and asked prices; no sales on this day.
64i4
30i4
12i2
li2
IV
47V
46
5V
3034
1334
12
814
15&s
53l2
8
*46
12
$ In receivership,
Appliance..No par
Alaska Juneau Gold Mln—10
15
40'sMay 17
VMay 17
4,100
$30 war. 100
pi A without war. 100
7i2May 17
6
May 17
1,900
$2.50 prior conv prel.No par
50,800
Algtany Lud St! Corp__N# par
834May 17
18V Jan 15
72
Feb 19
7,200
1,000
1258
6i4
49
Air Way El
Allegheny Corp
Pi A with
23,200
*4*906
10
12
No par
l9'4May 17
13
May 16
No par
85s
10
14
10
Corp
Address-Multgr
Air Reduction Ino
5VMay 15
434May 17
VMay 15
161V
7lg
9
155
2934
1,400
Adams Express.......No par
Adams-Milllis
No par
Alleg&'.West Ry 6% gtd—100
10
4712
7ls
4712
223g
I8I4
160
14
10
10
10
87s
52l2
16i2
6314
6914
7l2
884
158
160
12
878
16
*67
*67
878
3,000
9
6
11
6i2
11
7V
7
8
11
13
5812
858
85g
938
7i2
lli4
814
6l2
48
1618
58i4
434
V
11
54
107s
V
58
h
15l2
1612
5g
*l2
5
58
*67
*m4
*20
11,200
May
7
100
No par
41l2
634
Abbott Laboratories...No par
4H % oonv pref..
Abraham A Straus
141
41l2
7
3,400
$ per share
60 May 17
""116
*125
43
141
Par
1
Allen Industries Ino
Allied Chemlcai A Dye.No par
.5
Allied Kid Co
13,100
Allied Mills Co Ido
No par
47.200
Allied Stores Corp
No par
7i2May 17
155
May 17
per
19
45V
78Mar 11
Jan
8
8
3
12i2 Jan
4
8
26i2May 10
73i2 Mar 21
1234 Apr 16
182
Apr 9
1714 Apr
14
Sept
I57j Sept
Hi Jan
148* Jan
878May 15
llVMay 17
5 VMay 17
Apr
61ft Aug
27l2 Apr
19V Jan
68i8 Jan
7
Apr
Apr
3 lift Mar
Jan
9
63
120
33ift
40V Apr
6212 Apr
Jan 2 s
Highest
Apr
«4 Jan
6V Dec
8ft July
634 Aug
7li2 Sept
1491ft Sept
49ift No*
Oct
Ills Sept
561ft
25
Mar
27ift
Jan
Sept
I 68
H4 Sept
10
Sept
201ft Sept
4i2 Sept
18
8
231ft 8ept
June
14
Apr
52
May
6'4
Apr
151ift Apr
10
Apr
1634 Apr 23
93s Jan 2
9ift Apr
6
Apr
28U
69
117ft
May 17
7378May
8
641ft Apr
71
28
May 17
417ft Jan
4
28
1,700
Alpha Portland Cem__No par
12
May 14
10
Jan
9
483ft
197ft
4,100
Amalgam Leather Co Ino.-.l
li8May 15
12 May 15
12'4 Apr
li4 June
6% conv preferred
500
50
15i8
15V
2,500
50V
50,300
75s
58V
8V
Amerada Corp
No par
Am Agrlc Chem (Dei)..No par
Am Airlines Inc........
10
11,300
4678
120
Del. delivery,
n
New stock,
r
Cash sale,
t
Aug
Aug
Jan
Jan
33ft Sept
21
Sept
741ft 8ept
581ft Apr
5
60
15i8May 17
4184 Jan 12
21
Jan
4
18
Apr
75
Apr 15
26
June
47
Dec
984 Sept
46ift Deo
17*4
Jan
60
Jan
1234 Apr
9
Jan
3
60
50
6% preferred
12
Jan
Sept
Oct
47VMay 15
American Bank Note......10
46V
23g Jan 9
18
Apr 22
Apr
Sept
200ift Sept
147ft Sept
151ft Sept
113ft Jan
63
preferred
Jan
2
100
6%
Allis-Chalmers Mfg
3,400
a
share
70V Feb 14
147
Feb 8
$
$ per share $ per share
No var
900
24,500
49i8
47V
Lowest
Highest
40
42
6V
141
42
*130
100-571ar« Lots
Lowest
Shares
141
*130
473g
141
On Basis of
Week
*43
7
EXCHANGE
Tuesday
the
May 13
May 11
*138
STOCKS
NEW YORK STOCK
^Monday
Saturday
Range for Previous
Year 1939
Range Since Jan. 1
Sales
for
LOW
Ex-dlv.
y
Ex-rlght.
Apr
241ft Sept
? Called for redemption.
New York Stock
Volume 150
LOW
AND
HIGH
SALE PRICES—PER
Record—Continued—Page
Monday
May 13
May 11
$ per share
8i4
3934
*130
Tuesday
May 14
$ per share
8%
7%
367g
:•
3934
132
*130
115
110
*138*2 141
*9l2 11
7
7*2
*7
7*4
*13
13l2
*86
6*4
43l2
5%
2*2
61
61
27g
29i2
44
55
25
1914
16
54
*52
13*4
1134
2%
3
21l2
*108
118
253g
1934
*105
25%
3*4
3
50*2
51
45
44
4034
658
44
38
7
7*4
154
3*8
15434 *148
7
153
14*2
1434
127g
145s
64ig
11%
*9%
6418
1134
64
64
32
493g
11%
9
10
3234
50%
29*2
46*4
144
♦144*4 14634
*60
61
11%
9*8
31*2
50*2
144
60
27*2
1234
*1434
8712
8578
85
*82
16
150
14934 150*4
35g
43g
8134
84l2
8*8
3584
9%
7*8
*74
32
109
109l4
57g
684
58
97l2
95g
7*4
383g
578
6*8
*144
39*2
6*4
9*81
40*8
59
57*2
60
1,500
Preferred
100
American Snuff...........25
26*8
11*8
113s
12
12
16
1634
♦81
87*2
13*2
15778
7834
33g
778
6*8
30
30
*27
5
6
4
100
101
*90
6*4
100
538
3234
7
37g
*90
434
46
8*sl
4*2
*70
80
*61
77
*68
7134
*60
69
*61
68*2
61
40
*38
39
38
38
36*2
90*2
17*2
94*4
90*2
88
90
20
53
4934
50
155g
18*2
18*2
263g
14
1534
15*4
18*2
18*2
25l2
*1085s 109l2
834
87g
4734 48
7912 79*2
*119*2 120*2
'•'<
67g
7*2
*1*2
158
*3
3*2
*21*4 2512
7*8
73g
1834
195S
412
534
4%
14*4
*14
23
12*2
i8
13
17*2
26*4
22
13*2
108*2 1085s *107
834
47*2
9
8*4
48
46l2
77
80*2
12012 120*2
72
120*2
634
7
6
1*2
1*2
3*8
21*4
7*8
193g
1*4
2*4
19*4
45g
5*4
3*4
2*4
21*4
6
167g
334
45g
♦11
534
12*8
11
12
*43
44l2
40
43
147g
7
13
14*8
5
15*8
4
9l2
40
*61
12*2
1234
12%
1234
12%
13*4
12
13%
13%
1234
13*4
22%
23
2034
23
11%
5*4
27*4
27l2
11*8
10*8
11*8
85g
10*4
8*2
29
27
3312
29
27
32*4
*113*2 114*2 *112*2 114*2!*112*2 114*2 112
30*4 30*2
295g 30*2|
26%
27*2 28*2
*110
11178 *10412 11178 *104*2 1117g *10412
*10412 110
*104*4 110
*104*4 HO
*104%
*
*30
33
30
30
29l2 2912
*122*4 124
120
*122*4 124
122*4 *101
9
9
878
9
8
83g
834
9%
6
28*s
28
6*8
28
11
33
4%
*23
884
2,900
2,300
26,400
..100
Atlantto Coast Line RR—100
Atl G A WI SS Lines
5% preferred
Atlantic Refining
1
......100
25
5,400
71
2,400
Atlas Powder
410
2%
2%
18
4,600
18%
15*4
17% 164,700
3*2
4
I
46,200
4%'
16,200
8*4
9
I
28
9
115
8*2
8*8
Barns rial* Oil
Co...........5
Bayuk Cigars Ino
No par
1st preferred
100
25
Beatrice Creamery
15 preferred w w
*54
3312
875s
125
34*8
3034
34*4
21*2
20*2
21*8
55
54
54
33l2
311$
89*4
•,837s
125
123
33 »4
89*2
125
*23
24*2
2234
23
*18*4
934
1934
1634
18
97g
21
8*2
*20*4
*19
934
28»4
19*4
*5138
3034
76%
116
""166
50
200
8*4
3,300
65,000
317g
28
31%
29*4
32%
28
3334
20
18%
19
18%
19%
1834
19
6,100
53l2
51%
*49*2
50
50
50
300
297g
51%
30%
28*2
29
27
28*4
76*2
80%
84*2
80*4
11434 117
31*4
8434
120*8
114
116
3,700
84% 222,600
115% 118
18*2
15*4
22*4
17*2
20
18*2
19%
17
15
16
17
1634
19%
6%
8*8
15%
7*4
I
18%
1634
17
534
15
7%
15*4
137g
19*2
1378
*16*8
*137g
11
13*2
11
11
*66
69
60
66
*57
71%
*52
66
*
7434
Bid and asVed prices: no sale
on
this day.
17
16
11%
*52
734
19
6*2
16
8UI
16
Feb 23
Mar 13
27
May 17
15%May 15
110%May 17
10%May 16
2
May 16
29*4May 17
100
May 16
434May 17
May 14
46
68*2 Jan
4
_
101% Apr 15
12
32
68
Apr 20
May 17
4334 Apr
7
May 15
II
Apr
9% Jan
4
4
4
101% Apr 18
9
80
Jan 11
May
2,700
2,700
5,300
23,600
1,100
20
63
127*2 Sept
69% Apr
144
Nov
69
Oct
153
Aug
July
20*8 Aug
8*4 Apr
41
Jan
9
Apr
Apr
15*4
75% Mar
137$ Deo
8
Apr
Apr
Oot
Sept
73
75*4
Sept
97*4 Sept
18*2 Jan
171% Dec
87*2 Jan
89*4 Jan
153*4 May
4*$ Sept
8% Apr
78
Apr
3%
28%
4
Apr
Apr
Aug
12
24
Apr
48
2O84
Apr
40
35
Apr
547g
13%
Apr
27% Aug
884
1%
Apr
Apr
21
4
Deo
Apr
37
Sept
May
3% Aug
3384 Apr
106
Deo
21
97
50
31»4 Sept
7% Sept
5% Apr
58
Jan
13
Mar
73
6%
70
Jan
Apr
Jan
78»4
Oct
Dec
Jan
Jan
100
June
Sept
100% Mar
8
25*4 Jan
3
67*2 Apr 24
23% Jan 3
*4984 Deo
12
22% Apr 20
22% Apr 20
27i8May 7
684 Aug
9% Aug
18*$ Sept
104% Apr
7
Apr
May 15
12%May 15
20% Jan 16
106
May 16
7734May 17
x45*4May 17
5
14
Mar 16
234May 15
3*8May 15
8*4May 17
110
Jan 25
9% Mar 19
61
Feb 14
80%May 13
12484 Jan 10
8% Mar 4
2% Jan
4
5*2 Mar
32% Mar
4
4
Apr
43% Apr
2
May 15
10*4May 17
16% Apr
4*4 Apr
1*2 July
2
Apr
8
16
Nov
38-% Apr 17
115% Mar 12
35*4 Apr 16
112*8 Apr 22
21*2
Apr
13
Jan
Apr
33
Feb
11% Aug
15% Apr
109i2 Oct
17
Apr
98
Apr
27«4 8ept
104% Sept
7% Apr
Apr
Apr
par
50
May 17
5684 Jan 18
48%
Apr
No par
27
May 17
39
32
May 17
May 15
5*4May 15
15
May 15
1234l
80
Bloomtngdale Brothers. No par
11
May 14
20
Blumenthal A Co pref.—100
56*2 Jan
Ex-dlv.
v
4
Jan
9
2
9
3
89%May 10
125%May 10
34% Jan 5
22*2 Apr
11% Jan
23% Jan
16
Apr
80
Mar
Ex-rights.
Jan
Jan
19%
Jan
26% Nov
1J5% Nov
28
July
107% Nov
May
17%
May 15
Jan
Dec
16%
17
884
11% Sept
Jan
Aug
22% Mar 13
15
30*2 Jan
9% Nov
21% Sept
30*2
87*4
J8*8May 15
114
Jan
Sept
6% Sept
3% Jan
24*4
May 17
Black A Decker Mfg CoN> par
48% Aug
71
Sept
127
6
May 15
Bigelow-Sanf Corp Ino .No par
Oct
9% July
10%
26
70% Jan 22
Sept
49
112
May 15
6334 Feb 27
2484
Aug
9% Aug
3% Aug
484 Sept
11*2 Dec
Jan
26
110*2 June
June
3% Aug
8
Jan
Mar
30*a Jan
2684 Sept
50
1978May 10
63$ Jan
427s
71
116
8% Apr 15
>14% Jan
62*2 Jan
May 14
15
26% Jan 15
z
10%
21
May 17
5
Cash sale,
10*2
100
Jan
90
15
46%May 17
lligMay 15
Beneficial Indus Loan..No par
r
Sept
65
Oct
Oct
Jan 24
nNcwifoclt.
884 Sept
60
Mar
9% Apr
67*2 Apr
36% Apr
5
Sept
June
32
BHss A Laughlln Inc..
Jan
81
127
...No par
Sept
Sept
Sept
38
8
Blaw-Knox Co
Jan
Apr
120
100
Jan
Aug
15% S
t
6484 Sept
Apr
20
7% preferred
8%
14%
96
41
No par
(Del).No par
34
30
Beech-Nut Packing Co
Bethlehem Steel
14*2 July
18% Oct
Jan 16
7
Apr 11
Best A Co
Jan
46% Sept
Sept
Mar 26
105
pfdJ2.60d'v ser*38No
80*4 Sept
15% Mar
85
104%May 16
29%May 14
Pr
Jan
45
66
delivery.
Apr
Deo
Jan
Jan
2284
May 16
Preferred x-warrents.No par
Beech Creek RR
50
Bendlx Aviation
Nov
18%
36%May 16
87%May 17
61
109% Jan 10
Beidlng-Hemlnway
Feb
Sept
132
May
634 Apr
12% Jan
31
3%May 15
96*2 Jan 12
434May 15
7434 Apr 1
9
151
8*8 Apr 10
45*2 Apr 22
Apr 9
41*4 Apr 8
22% Mar 8
112%May 2
1584 Apr 12
4*4 Apr 10
35% Feb 27
110% Apr 30
7% Apr 22
64% Apr 22
May 16
10%
148
Apr 23
62% Apr 23
38
Jan
7
58% Nov
25*2 Aug
35*2 Apr
175% Mar 12
89% Apr 15
91»4 Apr
6%May 15
34*4May 17
*11
Def
14% Apr 12
17*4 Jan 5
18
*52
a
33% Jan
93
Jan 22
x26
140
23% Feb 23
11%
t In receivership.
Apr 15
Feb
2
66
|
70
162%May
No par
Belgian Nat Rys part pref
33*8
21*4
147
April
13% Jan
10
33
54
8%May 15
25%May 17
4,600
115
_
29% Mar
25,500
7,800
8*8
1284 Mar
11% Feb 23
37% Apr 15
15
15
95
30% Jan
79% Jan
1684 Jan
5% Sept
40*8 Jan
124% Mar
Apr
50
Jan
Jan
15
Oct
21% Sept
3% Apr
70
13*4May
149% May
75%May
77%May
14434 Mar
2%May
6%May
15
112
17*2 Jan
May 17
9
Deo
3% Aug
Aug
9
Sept
49
26
150
60
25
162
81
17
18
Aug
Aug
Apr
2*8 Apr
22% Dec
11
32
lligMay 17
15igMay 15
17
13
41
Apr
8% Sept
Sept
117» June
5H% preferred...——50
26
*100
8*8
15
37
17
128
17
68
16
148%May 17
2034May 15
11 May 13
7
8% Jan
Brothers
25% Nov
Sept
8
Sept
43*2 Sept
33
28
May 15
Barker
Apr
Apr
2% Mar
25% Apr
4I84 Apr
1% Jan
14*2 Jan
384 Sept
12
140
4
7,500
2,800
Apr
Apr
Jan
No par
320
5*4
3:8*2
25*2
.....100
4% preferred
Jan
Sept
3% Jan
30% Nov
984 Jan
Dec
10% Jan
163
Mar
38
11%
*
May
May
May
May
64
Mar 19
Mar
Conv 5% preferred.—100
Barber Asphalt Corp
10
38%
26
57%May 17
9%May 15
734May 15
4%May 15
Baltimore A Ohio..——100
3
4
Mar 20
Bangor A Aroostook.......50
4%
5
May 15
9%May 16
of Del (Tbe).3
Baldwin Loco Works vt c—13
25
2,500
38%
10*4
1034
15
No par
Aviation Corp.
147s Jan
3% Jan
5*4 Jan
63% Jan
May 16
34May 15
1% Feb 7
16 May 16
$5 prior A
410
7% 212,500
4
No par
3
Apr 24
15
Jan 15
Atlas Tack Corp
63
26
Mar 26
tAuburn Automobile..No par
Austin Nichols...—-No par
Feb
Sept
Sept
Sept
Apr 27
22s4 Jan
121
63
5,100
6% Jan 6
Apr 26
15
35%May 17
6*4May 15
23
Mar 29
20
117
3,400
5%
40
Apr
May
May
May
No par
234|
1*8
18
134May 15
15igMay 17
6% conv preferred----.100
5*2
1*8'
5*2
1%
33
*100
5% preferrred
119
24,400
2634
27*2
28*2
*11034 11434 *111
11434
26
2678
26*4
2634
26*2
1117s *104% 111% *104% 111%
110
104% 104% *104*4 110
33
Atch Topeka A Santa Fe.-lOO
70
28
115
100
119
300
112
*
.........
73
46%
8*2
10*2
17,100
5% preferred
119
8%
*39
14
10734
l734
8
Z4534 46
8*8
3%
3%
40,600
900
*106
7*4
17%
334
4*2
16*4
I
12
5*2
2*4
No par
....100
4% conv pref series A...100
Atlas Corp
...........5
6% preferred-.-—
50
8*8 '
5*4
Corp..
7% preferred
1,510
11*8
16
Artloom
Associated Dry Goods......1
89
16%
84
8,800
14,300
6% 1st preferred....... 100
7% 2d preferred
100
47
5
conv prior pref ...No par
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Assoc Investments Co.No par
15
71*2
5
16
400
46%
46*2
Armour A Co of Illinois
""360
47
119
3,400
78
64*4
87*2
106
Paper Co Inc........5
39
64
47
4
11*8
6%
*61
18
106
6,600
20
49
10*2
6*8
28*8
5*8
578
A P W
— .......
102
16*8
12*4
29
8*8
49
38
*63s
4,600
32%
*35
13
82,800
97*2
18
38
*14*2
584
48
5034
1334
40
*28*8
ArmourACo(Del)pf7% gtdlOO
88*4
16*2
12
1412
14
12*2
13l2
2312
22*8
2334
10734 *105
107%
8*2
8*8
8*8
46% 46*2
47
75l2
71*2
747g
120
120*2 119
6*2
5*4
512
1*8
%
84
2*2
2*4
2*2
18
20
20*4
6
4*8
57g
17*2
15*4
167g
334
234
3%
45g
3*8
414
10
8*2
8*2
May 17
10%May 17
4%May 15
Archer Daniels Mldl'd.No par
5
78
67
3
1
1%
12*4
Aug
Sept
45
May 15
May 15
22%May 17
104
778
4*2
36*2
88*2
1734
80
3%May 16
39*4May 17
50
Amer Zlno Lead A Smelt.... 1
Anaconda W A Cable..No par
Apr 22
66% Apr
3% Apr
35
24
$5 prior conv pref
25
Anaoonda Copper Mining._50
434
61
39
14
17
8
60%May 3
6% Apr 23
38
14
15
500
1,000
*
May
May
May
May
32,300
500
5
82
No par
700
57g
4U2
95*4
2034
30,100
10,500
*6 1st preferred
American Woolen.....No par
Preferred
100
2,300
31
102
5*2
6% preferred..........100
Am Type Founders Ino
10
Am Water Wks A Elec.No par
234
8*g
438
6
1,000
16,900
48,800
10%
46
3334
2
6%
*
97*2
*
105
Common class B........25
29*4
*101
47*2
7%
....
AnohorHockGlass Corp No par
$5 dlv pref.
—No par
Andes Copper Mining......20
5*2
47g
97*2 *
33341
3234
American Sugar Refining.. 100
Preferred
100
Am Sumatra Tobacco..No par
10%
100
48
No par
2*2
29*4
30
46
434
105
2
American Stove Co
10,900
2534 173,200
27
28
1,000
1584
157g
1,700
670
110*2 110*2
10*2
2*8
10*2
Amer Steel Foundries..No par
American Stores
..No par
22%
2978
30
100
Amer Telep A Tel eg Co... 100
American Tobacco....... 25
300
May 17
3'4May 15
3978
478
*32
16
111*2
1534
111
6% preferred
3,400
76
77*2
5*8
500
38,400
75*2
33
*48
1,000
159
78
*72
*50
13*2
13*2
154
42,900
4,100
1,300
9,100
7934
53g
80
26*4
11*2
12*4
17*2
86%
78*2
155g
17
15l2 1534
111
111*2 112
lllig
*11*4
1212 *10*4
12*2
2*8
2*2
2*8
2*8
2984
*28
29
307g
*100
104
103*4 108
88*2
163g
600
76
*40
94l2
20*8
58
22%
11*4
11*8
15*8
*80*2
13*2
155
133*2
148*2 148*2
2534
*60
American Safety Razor.. 18.60
American Seating Co..No par
Amer Ship Building Co.No par
58
128
27
144
135
*57
5
45
3,500
Feb
2% Sept
484 May
10
2
2,400
61
Oct
17*2
884
11%
18%
86*2
5%
6*4
5*2 Sept
6*4 Apr
8
Amer Power A Light—No par
16 preferred...
No par
734
64
Aug
4
23
100
116*2 Sept
July
40*4 Oct
179
Dec
5
24% Jan
116
oonv pref
132
9
28% Jan
7% Jan
100
4H%
109% Apr
12*4May 17
No par
58
150*2 151
23*4
8
preferred..
Apr 18
Mar 25
Mar 8
Apr 16
Jan
Aug
25*2 Oct
115% Mar
4
5
8*4 Jan
15%
91*4
3*4
6%
8
6784 Sept
140
Apr
Sept
16*4 Aug
30*4 Aug
13*2 Apr
100
May
Feb 23
934 Apr
4
83*4
8
12
conv
13
May 16
45
Amer Smelting A Refg.No par
38
514
1,000
2
15
17
15
Jan
2
Apr
150
2% Jan
par
American News Co
51*4 Jan
23*2 Jan 3
112% Apr 22
140%May 9
3% Aug
3184 Apr
125
May 15
15 May 17
234May 17
Preferred
..100
Amer Mich A Fdj Co.No par
Amer Mach A Metals..No par
Amer Metal Co Ltd—No par
24,700
38
8
50
42
2334
3234
6% conv pref
American Locomotive..No
37
12
478
Amer Internet Corp...No par
Amer Invest Co of 111..No par
42
11*2
*
100
2,340
24%
578
pref
15
3
Highest
3 per share 3 per share
3
3
Apr
116% Jan 29
176% Jan 16
33*4May 10
134May 15
51
non cum
9%May
4534 Jan
133
1
American Home Products... 1
American Ice
..No par
6%
Mar
5
30
32
784
38% Mar 16
16 May 15
119*4May
10*4 Mar
534May
4%May
10 May
Lowest
I per share
May 17
May 10
96%May 17
167 May 15
23 May 17
..50
26
40
50
preferred
8
32
2534
5
conv
share
5*4 Jan 13
80
Year 1939
Highest
33
106
Range for Precious
100-Share Lots
130
No par
$6 preferred
..No par
Amer Hawaiian SS Co.....10
American Hide A Leather... 1
135
59
4%
$7 2d preferred A
40
152*2
*35
6% 1st preferred
..100
American Encaustic Tiling... 1
Amer European Sees
No par
Amer A Fofn Power...No
par
J7 preferred
..No par
10*4
10
934
American Colortype Co
10
Am Comm'l Alcohol
Corp..20
American Crystal Sugar.... 10
25*2
25%
41
per
American Rolling Mill.....25
59
934
par
52,200
13V1
734
Preferred
100
Am Chain A Cable Inc.No
par
5% oonv preferred
.100
American Chicle
No
<5 preferred
No par
Am Rad A Stand San'y.No par
Preferred
100
10%
8
100
No par
420
1234
10
25
....
|
144
1034
23ig
35l2
93g
80
35*2
534
100
Preferred
6%
25*2
52,800
3
5,800
48*2
41
|
6,700
6*4 100,200
144
1134
6*2
7,500
600
2*2
148
100
4,700
11
278
67g
97*2
97*2
3334
7
45
28*s
46
6*8
47*4
25
31
*50
6*4
110
39
23*2
234
40
75
9
»2234
2%
5,700
118
25
40
56
3234
15*8
*105
*144
146
*1427g 146
3*8
35s
3*8
3*2
7
7*8
734
8*4
*897g 100
*91%
97
*9378 98
6%
8*8
7*2
8%
7%
9
35*8 377g
36*2 387g
34*4 40
85g
53
S
16*2
118
147
35g
*50
37
6
*102
31l2
16*2
*105
79
512
7%
305g / 2734 305g
36*8 / 34
35
*18*2 19*2/ 1834
1834
*112
11212 III84 112
12
*13*4
1412
12*2
*25s
3
25s
234
8,000
78
7*2
46
41
15
3*8
41
61*
11*4
2*2
16*2
148*2 *145
7*4
3684
41
103g
2*8
15lg
16
8112 81*2
13*4
14
140l2 156*2
763g
77
82
97
I
11
11
,
80
10
700
1034
2034
12*2
78*4
50
1,300
136
*58
60
152*2 *151
78V
98
295g
♦109*4 HO
6%
67g
135
160
148
9*4
*35
3334
38*2
87
14*4
154
9
44
95g
734
23
19*4
98
47
784
I
82%
80
4*4
4*2
9*4 :• 934
*987g 101
1012 11
7*2
16
17134
50
62
9*2
1
17
1,400
27,100
144
*59
12*2
164
150
38*2
5*4
144
2434
20*2
7,600
24*2
43g
39*4
16
118
pref
conv
American Car A Fdy
6%
8,900
2*4
24*2
334
39*4
46
41'4
46*2
14H4 144
11*2
12*8
53
2
300
51
234
834
59l2
52
17,300
1212
2
29
*151
35,800
434
34
45
23%
113g
8
25
35
334
52
50
23
63
21
167g
43
6012
105g
27
*27
51
17
*105
127g
1234
1434
1715g 172
83*2 86*2
8412 88
47
11
3,800
13
"
10*2
1'4
65g
27%
1334
1934
87*2
12
149
11
21
*16
151
584
148
5,200
50
43g
4114
50
*45
25
3
49*4
40*2
24
28
1234
15
21
60
151
*151
58
118
54
54
*60
17
*106
2334
212
4512
3*8
*33
50
2
6,500
3
15
1434
35g
*3914
51
27g
21
18
11*4
2*4
17*4
41
11*2
51
7,700
12,700
48
334
51
16*4
50*8
12
2*2
185g
1*4
234
35*2
43g
34
23g
25*2
378
*39*4
25
*3914
14
2*4
6*2
1*8
2%
25*2
4*4
41*2
50*8
1412
24
4
13
25*8
54
2%
2
170
15
5H%
Am Coal Co of Allegh Co NJ25
3,200
8,200
12*4
32*4
4
2,000
5,200
33g
*30*2
100
80
2
15
4*4
52l2
2*2
25
49
118
25
59
2
55
*41*8
54
13*4
32
7,500
19,800
11
*3*8
18%
3*8
15
14*2
..1
Am Brake Shoe A
Fdy.No par
American Can
700
45,700
10
2*4
6*2
138
18
37
60*2
234
61
4312
19
3
30
4
*43
16*2
30
32
167
80
10*2
80*2
134
♦3*8
1*8
65g
13g
17
3*4
14*4
3212
334
30
2914
434
44
53l2
18*2
134
1
4*8
5*2
*5312
*3i8
15
3834
434
36*2
4
80
3*4
434
5
10*8
82
2
14*4
*3112
Z5834
2*2
25l2
!
11
2*4
5
16
96*2 100
5,400
%
American Bosch Core
160
13,000
167
174
10
584
5lg
13s
183s
35
130
23
25«4 28
28%
42l2 45
4034 45
16
17*2
1878
17*8
18*2
112*2 *14)1% 112*2 *101*2 112*2
11914 *123*8 12434 *121
12378
11
*9*2 11
*9*2 11
6*8
534
6
6*4
63g
6
584
5*8
57g
478
*9*2
Par
15,800
33
100*2 103
*167
7%
2678
*7512
2
*3*2
1*8
On Basis of
Lowest
130
130
6*4
63g
1212
80*2
6
6*2
34
130
534
73g
3684
43
16
11
6
11
37
278
29l2
*4%
45l2
1834
*9*2
1734
24*4
41
112l2 *101
127*4 11914
80*2
15
578
*27g
21*4
167
1%
21*4
434
45
*58
105*4
167
125
6*2
367g
130
28*2
86
2*4
*4*2
1*2
173g
4*8
36l2
36
168*4 170*2
13
18
*36
Shares
7*2
130
85
1*2
2234
5*4
18
$ per share
37
67g
1334
25s
6*2
$ per share
55s
103
v
612
$ per share
3159
Ranoe Since Jan. I
Week
130
16*8
EXCHANGE
Friday
May 17
106
*101
13412 138%
*9*2
11
88
25s
*5%
1*2
*21*2
*434
110
NEW YORK STOCK
the
May 16
130
42
STOCKS
Thursday
103
25
Sales
May 15
7*2
36
37
132
106
111% 11134
111
*168*4 175*8 *168*4 175*8
30*8 3134
27*4
3034
*48*2 49%
43%
49
215g 2134
18*4
2H4
*110
584
NOT PER
Wednesday
3 per share
8%
CENT
for
Saturday
SHARE,
2
52
Nov
Sept
50% June
99%
157$
14
8*2
Apr
32
56
Deo
57% Mar
Sept
120% Sept
100
Apr
32«4
Apr
241$
Oct
Apr
1784
Jan
22
Dec
36*4
13%
Dec
Apr
57
35
Nov
128*2 Aug
9% Oct
73% Jan
3384 oct
22*2 Deo
Oct
Oct
23*8 Mar
Called for redemption.
Dec
New York Stock Record—Continued—Page 3
3160
STOCKS
Sales
SALE PRICES—PER SHARE, NOT PER CENT
LOW AND HIGH
NEW YORK
for
Saturday
Monday
gTuesday
May 11
May 13
May 14
$ per share
$ per share
21%
23%
3*4
2278
3%
2%
22%
27*4
27i4
116
120
66I4
65
66
25%
2278
20%
23%
120
120
*66
36%
6%
3378
13%
11
2434
2234
20%
I7g
36%
6%
13%
21
2134
19
21
38
38
35
35
2
24*4
2278
20i8
21%
18%
178
2
2
*3578
*6%
12*4
6%
*23*4
8%
110*4
4%
37%
5%
30%
26*4
18%
17%
3578
20%
20
357«
23%
8%
7
110
110%
4%
4
19%
1%
27%
5%
9%
6
1 l3g
10
32
38
4%
27%
25%
5%
32
26%
16%
18%
978
*34
36
48
48
48
2%
234
3
183S
1838
19
107% 107% *104
62
*59%
*59%
19%
16%
32%
19%
684
6%
1634
18
*34
36%
21%
7%
104
10734
3%
4
31
33%
4
4-%
25
2734
23% 2434
16
1634
104
3%
4
3
*10
11%
9
10
7
6
6%
21%
3%
21%
3%
6%
11
11
62
13%
*12%
*13
14
22%
*61%
22%
64
1%
1%
16%
18%
42
7%
234
7%
12%
15%
434
3534
5
*44
33
4%
49%
434
31
2734
29%
24%
3%
*66%
3%
67*4
278
64
3
66%
57
117% 117%
117
49%
31*4 3234
117% 117%
8%
9%
67
2378
117
2-%
2%
113
5
11
11
*4%
6%
36%
5%
28%
37%
534
28%
*20% 2178
*104% 105%
5
35%
28%
*20
21%
104l2 104%
25%
25%
28
4%
39%
3%
32%
4%
12%
15%
*
94
94
*
3%
32%
378
34
4%
25%
258
56
52
5,400
3,900
120
6
7
*6034
21%
1%
6178
114
11134 *110
45
49%
49
25% 28
2734
109% 110% 110% 112
6%
7%
6%
678
62.
62
*6034
627g
22
*20
28
113%
110
3%
3
3%
3%
94%
2334
4%
23%
20%
3%
32
21
19
20
19
19
104
104
105
106
4%
39%
4%
36%
3378
35%
93
91
91
90
90%
22%
16
16
4%
60
2,400
17,200
90
.3%
95
3234
3%
30
4%
28%
4
18%
10,200
21,500
22%
3,720
3234
19
19
*103
105
150
21%
15%
378
22
22
23%
157g
14
16%
378
3%
3334
35%
3234
8934
19%
92
3%
34%
4,200
1,800
12,700
26,300
90
700
2
*1
1,500
1%
2,400
2,300
138
10
1%
9%
%
%
9%
834
9%
,7%
7%
7%
%
3i«
*%
8i«
%
*8
%
%
%
%
«i»
3i«
31«
%
%
%
*31«
%
%
»18
3ie
3ie
%
%
%
3I6
%
%
%
%
%
%
%
818
».»
800
11%
8%
%
*38
834
%
*%
9%
28%
14,900
11%
11%
,
%
%
938
32%
45%
%
*%
%
'%
38
*61«
*8
S16
»i«
®16
*3278
34
47
47
*10
13%
5%
30%
80*8
*1278
96%
*45
*3
36
*
10*4
1334
*107
38%
*75
*1%
8
9%
34
*28
32
*30
31%
46
*41
48
*41
45
*%
».8
%
%
1,100
%«
7j8
3g
400
51«
*%
8%
*%
sl«
*%
£8%
%
%
8%
11%
4%
800
5,900
10,000
210
8%
11%
4
25
25
X66
73%
6534
69%
11%
91%
60
*45
24%
11%
30
35
110% 111
33
38
9334
2%
2%
65
12%
90
*
3%
10%
90
*45
60
2%
32%
2
2%
28
30
63
110
110
110
110
34
36
31
33
*77
*....
80
8%
1034
334
25
25
25
25%
66%
693s
11%
60
69% 119,100
11
9134
92%
80
2%
28
*--.
109
31%
63
*
....
467g
36%
35%
30
3334
28
31%
30%
37
3778
34
38
32
34
32
34
31%
31%
33%
140
140
*140
142
140
140
*47%
*140
125
142
125
14
62
14%
29%
30
*60%
*111%
2234
3%
*3%
*47%
109%
""'156
34%
4,900
80
114
114
60
*59
62
12%
22,500
24
26
111
24
2234 26%
24%
24% 2534
HOlo *110
110%
1103s 110% *110
16
18
18
20%
17%
21
*2
2%
*134
2%
184
2%
4,600
111
12%
27
1438
•
28
20
23
3
3
334
334
4
2%
234
3%
24
23%
20%
20%
8978
86%
88
82
78
78%
92
88%
91%
6
534
4% ■
5
*20
21%
19% 20
37
40
40%
40%
105%
10434 10434 *100
46
*100
13
1%
64%
31
*
4638
106
13%
1%
64%
31*8
2,800
114
60
2334
678
6
100
113
24
*78%
*91%
140
*138
121%
61%
1234 13%
2334
534
*88
32% .12,000
32% 18,300
*61
24
4%
140
2934
114
62
44
451;
*96
10634
11%
13%
1
1%
60
2938
64
31%
18
5
84%
*78
7734
4%
16%
34%
*99
42
*95
10
1
57
28%
1938
3
334
13
234
3%
3
19%
19%
20%
12%
234
*2%
19%
13%
3%
113% 116
60
*59
1134
20%
19%
19%
478
20%
5
19
53g
5
5%
851.
8234
83%
82%
82
78
78
78
83%
7734
4%
81
4%
16
80%
3%
2234
22
5%
3%
16%
15%
36 34
33
*16
44
10634
12%
1%
59
29%
California Packing....No par
Carpenter Steel Co
Carriers & General Corp
Case (J I)
Co
7% Jan
450
120
1934
19%
4,700
100
preferred. ..No par
cum dlv No par
JChic Rock Isl & Pacific..-100
100
100
Chlckasha Cotton Oil
No par
10
Chllds Co
No par
25
5
No par
No par
J In receivership,
16%
16,400
9%
1
5534
27%
a
10%
1
51
29
17,200
4,700
62,100
Def. delivery.
113% Aug
334 June
12% Sept
spot,
3% Apr
3%
Apr
6%
Oct
96
32
5278
Jan
13
Jan
Sept
98
Apr
17
Aug
106
9
Mar 19
3034 Apr 18
May 17
29% Mar 23
478 Apr 3
423g Jan 8
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
38 Jan 5
a4 Jan 5
% Jan 3
%May 13
%May 13
8%May 15
1% Jan
1434 Jan
3578
28%May 17
45%May 13
% Jan 8
«i«May
®i6May
Jan
Mar
Oct
Apr
27
8 534
Oct
95%June
l3g Sept
1% Aug
4
9% Apr
14
Sept
4% Sept
Oct
Apr
78 Sept
% June
1% Sept
1% Sept
%
% Dec
% Dec
Apr
3% Sept
2
44
10
20%
Jan
% June
84 Apr
3
Jan
3
% Aug
% Aug
7% Apr
9% Mar
%
16% Apr 15
6% Mar 25
33% Apr 3
91% Apr 8
14% Jan 26
May 17
l0%May 15
98
May 14
Jan 30
z60
Feb
6
Jan 30
Aug
10
Apr
4% Dec
25
Apr
79
15% Sept
13% Jan
41
Sept
Apr
94% Oct
1478 May
Jan
97% June
53% Apr
9
178 Jab
1% Sept
46% Sept
58
Mar
40% Apr 18
15
Apr
4%
34%
Oct
Oct
6
68
Feb
69
Feb
10678 Sept
115
4% Apr 26
15
26%May 17
May
65
6
May
Jan
21%
39% Sept
1034May 16
109
30
29% Sept
47%Bept
x3% Dec
% Mar 12
3%May 15
24%May 14
Mar
Apr
Dec
50% Nov
7« Sept
50
8
8
65
6%
Jan
105
30% Aug
11% Mar 28
2
5% Aug
5
8
8
8%May 16
€0
June
16
15
Mar
114% Jan 10
43% Mar 8
2%
Apr
Feb
Apr
39
Oct
80
Mar 28
69
Sept
78
Mar
46%May 16
28
May 15
48
Mar 26
42
Jan
Specialgtd 4% stock
Climax
60
Molybdenum..No par
38
Dec
Feb 14
125
Sept
135
Mar
113
May 15
131
Mar 30
105
Sept
133
No par
60
May 15
63
Feb 27
58
Jan
1134May 17
20
Feb 21
11% Apr
Collins & Aikman.
par
No par
preferred
100
Colo Fuel <fc Iron Corp.No par
Colorado & Southern
100
4% 1st preferred
4% 2d pref erred
100
100
Columb Br'd Sys Inc cl A.2.50
2.50
Class B
Columbia Gas & Elec. .No par
Columbian Carbon
conv
100
100
t c No par
conv
l8%May 17
19
May l£
478May 15
82%May 16
72
Mar 15
7734May 14
pf ser '35.No par
9%May 17
10
100
Commonw'lth & Sou_.No par
56 preferred series
No par
Commonwealth Edison Co..25
n
3%May 14
Solvents.-No par
% conv preferred
54.25
May 15
134May 15
May 17
2
New stock,
r Cash sale,
x
1
Mar
1
51
May
17
27%May 17
Ex-dlv.
y
Apr
18
37%
Dec
Oct
11% Apr
111% Dec
2478 Sept
4
234 Aug
8% Sept
534 Apr 4
4% Jan 12
26% Mar 12
378 Sept
934 Sept
3% Aug
8% Sept
25% Dec
25% Dec
434 Apr
.
20%
Jan
62% Dec
May 10
24
16
4%May 15
Comm'l Invest Trust..No par
Commercial
Feb 28
15%May 15
33
May 15
99
May 15
38%May 17
l0634May 15
Commercial Credit
35% Apr 8
112% Feb 10
2234May 17
110
No par
v t c
45% Apr
136
preferred.No par
Columbia Plct
52.75
v
34% June
21% Apr
142
Colgate-Palmolive-Peet No
conv
1
4
45% May
60% Jan
No par
Coca-Cola Co (The)
Class A
5%
41% Apr
20%
2934May 17
Feb 29
Cluett Peabody & Co..No par
Preferred
100
100
63,200
148,100
3034 Sept
5% Jan
238 Apr
103% Sept
May
300
38%
42%
*97% 10634
Apr
64% Sept
30% Dec
10978 Aug
19% Jan
72% Mar
May 16
800
36
Oct
18%
Sept
122% Mar
74
80
100
58
Sept
4
94% Mar
31
81%
5
16%
Apr
77g Aug
33
1
5% preferred
34
13% Apr
84
Sept
85% July
Clev & Pitts RR Co 7% gtd.50
Clev Graph Bronze Co (The).
6% preferred series A
100
38% Apr
x43
9
90
CCC & St Louis Ry 5% pf-100
Clev El Ilium 54.50 pf.No par
160
18
Apr
Sept
May
Jan
x60
5
900
5%
7
110
8
22% Sept
100
79
4%
Apr
Jan
41% Sept
47%
100
83
1,900
6,800
July
1378 Apr
2% July
63% Aug
Jan
June
6%
Sept
7%May 15
100
*80
82%
35
77
47
Sept
3%May 17
Chicago Pneumat Tool.No par
4,900
538 114,400
5
1
9
3
4
14
tChicago & North West'n.100
1,630
3%
20%
18
% Feb 28
% Feb 28
130
10,300
Apr
22
tCblc Mil St P & Pao.-No par
Equipment
6
3
4
8
78May 15
i%6May 14
Clark
Apr
9%
36% Dec
3% Sept
29% Sept
4% May
36% Feb 15
8934May 17
City Investing Co._
City Stores
3% Sept
21%May
100
City Ice & Fuel
6H% preferred
Jan
10% Sept
1734 Jan
12
3
100
JChic & East 111 Ry 6% pf.100
JChlc Great West 4% pf__100
Chicago Mail Order Co
5
Copper Co
Chrysler Corp
1778
Feb
%
II884 Jan 5
66% Jan 4
35% Apr 29
119
Apr 8
12% Feb 15
72 May
1
26% Apr 22
3% Jan 3
114% Mar 9
578 Apr 5
ll34May 10
3234May 17
Chile
16% Nov
8478 Nov
Apr 16
41% Jan 10
8% Feb 15
5
No par
Chesapeake & Ohio Ry
25
7% preferred
6% preferred
Chicago Yellow Cab
Jan
6% Sept
478 Aug
21
Cab Mfg
$ Chesapeake Corp
(52.50)
Sept
9%
2334 Mar
85% June
102
Checker
conv
734 Sept
20
July
6
Mar
Dec
1834 Jan
Sept
Apr
6
20%
53
May
Jan
Jan
34% Mar
30
Apr
Jan
30
48% Mar
6
3%
Jan
11% Aug
13% Apr
Apr 17
75
8
"55% Jan
6% Nov
18%May 17
18% Feb 13
Cham Pap & Fib Co 6% pf. 100
Common
No par
55 preferred
Ap»
Apr
Sept
13% Jan
106% Aug
28%May 17
3%May 14
1
Preferred
7
25%
fO
3%May 14
92% Jan 31
No par
Preferred series A
3
2% June
3234May
107% Jan 12
6
May 15
6l%May 14
20
May 17
l%May 15
107%May 17
3
May 15
634 Feb 1
100
6% prior preferred
Chain Belt Co
Apr
45
May 14
25
4
3
40% Jan
:
June
1
6% Mar
578 Apr
18% Apr
8% Feb 21
19% Apr 18
May 14
Apr
11
Jan
6% Mar
Apr
21% Apr
11% Apr
7
Jan
23% Apr
Apr
Apr
15% Aug
Jan
40
25% Nov
3
4
26% Feb 9
52% Mar 13
178 Feb 21
5
Apr
Apr
4
3
3
Apr
Jan
41
9434
Jan
23%
4%
1334
81%
15%
42%May 15
Cerro de Pasco Copper.No par
Certaln-teed Products
Dec
30% Auk
29%
12% Jan 3
5% Apr 22
13% Apr 22
2% Jan 24
4934May 17
110 May 15
100
Preferred
Dec
50
7
21% Jan 10
3%May 17
38% Jan 4
85% Mar 5
23
Jan 18
Ribbon MIlls.No par
5078
Apr
9%
33% Apr 29
2
Mar
32
^Central RRof New Jersey 100
Jan
Apr
31%
9
7
6% Jan 5
4434 Jan 5
6% Feb 17
3%May 15
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred..
100
Celotex Corp
No par
5% preferred
100
Central Agulrre Assoc. No par
Central Foundry Co
1
Central 111 Lt 4^% pref..100
Aug
2
1334 Dec
15% Dec
Nov
7%
37% Apr 30
29% Apr 6
12%May 15
145fiMay 17
100
Preferred
53
Apr
11
Apr
Jan
36
5
1
100
Aug
Nov
Mar
Jan
Jan
41
13%
33
Feb
784
1578
3178
Apr
41%
1%
5
478 Sept
Oct
3434
Apr
39
5%May 16
1
.10
31
27
1% Jan 23
No par
Jan
1% Apr
19% Apr
5% Sept
7% Aug
16% Apr
4
1
Cannon Mills
Aug
32
6
8
Calumet & Heel a Cons Cop. .5
Campbell W & C Fdy_.No par
Canada Dry Ginger Ale
5
Canada Sou Ry Co
...100
Canadian Pacific Ry
25
Dec
22
25% Jan
Jan 19
51
50
5% preferred
Callahan Zinc Lead
*75
35%
36
*101% 104
39
41%
40%
42
10634 10634 *103% 10634
10
10%
9%
10%
1
1
1%
1%
55%
56%
5634
57
28%
29%
28%
29%
this day.
pf.100
Butler Bros...
10
5% conv preferred..
30
Butte Copper & Zinc
5
ByersCo (A M)..
...No par
Participating preferred.. 100
Byron Jackson Co
..No par
24
Jan
107%May
63% Apr
14% May 17
8
May 14
2%May 17
7
May 14
4%May 15
19
May 14
2%May 15
7%May 15
53%May 17
9%May 15
17%May 17
Bush Term Bldg dep 7%
Jan
Apr
3
May 15
63% Dec
1834
15
10% Feb
111 May
121% Dec
12%
16%
Jan
22
---1
Bush Terminal
Jan
Jan
Jan
20
Burlington Mills Corp
1
Burroughs Add Mach..No par
78
99
104
Bulova Watch
8234
3578
99
4%
27g
200
3%
2
*2%
18%
Bid and asked prices; no sales on
12%
No par
No par
No par
Bullard Co
28%
May 17
15
15
15
15
3%May 15
No par
100
Budd Wheel
100
"29%
122% 123%
*3%
23%
22%
5%
*3%
140
70
*61
*111%
23
3%
4%
*47%
5,200
31
*
48
*36
31%
"Moo
109
33
74
3
63
109
74
980
....
*2%
26%
2%
2934
11%
3,300
9212
10%
92
*45
*77%
*47%
34%
80
100
11
4
3%
*45
*-__
63
8%
1034
preferred
Mfg
7% preferred—
Pr pf
%
11
7%
Jan
Sept
51
334 April
193g Apr 8
24% Apr 6
6%May
101% Jan
3%May
28 May
5
100
Budd (E G)
53
%
4%
27
Bruns-Balke-Collender.No par
Bucyrus-Erle Co
5334 Apr
share
per
3434
100% Sept
Maris
7
•
Aug
16
1334 Apr 29
2334 Apr 8
39% Feb 1
32%May 15
17%May 17
Co—-—No par
Brown Shoe
200
%
1134
Brooklyn Union Gas—No par
15
200
*%
0
48
28%
%
0
par
49
48
*41
%
4%
34%
11
3,100
2,700
3,700
%
11%
2%
S16
*38
*%
5%
30%
81
12%
96
*
%
%
*41
9%
12%
8
8
*28
13%
95%
36
J
45%
%
*45
3%
.*
32%
*29%
73%
60
80
9
4
96%
3878
8%
9%
81%
13
112
8%
11%
5%
30%
65
1"
>*
1% Jan
12% Jan
13% Jan
par
1,100
4
102
*93
43g
"
105
*90
45%May
Central Violeta Sugar Co
1%
9%
%
*%
1%
May
par
par
Century
1%
1%
1%
33
15
15
15
15
15
17
17
5
30
30
'
2
*1%
l5%May
Tr.No par
1,000
2,400
8%
600
19%
21%
1,260
18,900
2134
8
23%
104
24
14%
378
4%
60,600
1%
23«
107% 108%
■;
3
3%
8
34
35%
4%
32
3%
1%
1%
3
7%
102
*95
20
21
184
2%
*107% 111
2
14,000
4634
25%
49
May 15
May 15
l%May
27%May
5%May
9%May
Carolina Clinch & Ohio Ry 100
2.%
54
110
111
25%
16
Highest
share S
per
16%
15
10
1
3
20
25
27
3
2% Jan 4
37%May 8
18%May 17
60
3,200
2%
4934
2%
21
5
.100
Bower Roller Bearing Co
5
Brewing Corp of America
3
Bridgeport Brass Co
No par
Briggs Manufacturing.No par
Brlggs & Stratton
No par
Bristol-Myers Co
--5
Borg-Warner Corp
Boston & Maine RR
60
39%
90
5378
1
—15
Bond Stores Inc
Borden Co (The)
$
share
per
28% Apr
4% May
29%May
123% Jan
70% Mar
29% Apr
24% Mar
2578 Jan
May 17
57
Capital Admin class A__,
53 preferred A
27%
*
90
2%
3%
33%
4
39.100
1,600
1,000
26
27
*
90
50
39%
40
25
3%
1434
15%
33,400
12,100
30,300
37%
1234
14%
14%
16%
37%
40
43
2134
14%
4%
35%
4%
2,100
9,400
10%
19
54
*50
4%
21%
19
18
10%
17%
1034
18
310
55
3258
36
21%
4%
40
53%
37%
3%
93
28
20%
3%
834
7%
"
23^ 166
42%
98
34
37
534
5
23
234
3
8%
1%
110
4%
98
1,700
9,400
12,100
5
19%
63S
29,
3%
7,600
19%
1534
8%
1%
51
114% 116
6%
738
6134
6334
22% 2234
1%
2%
102
*98
102
*99
2238
2%
1434
8%
2%
7%
5%
111% 111% *108% 112% *108% 112
4
*4
4
3
4
4%
7
8
834
9%
9.%
10
113
*4
*4%
834
68%
2234
2%
870
23%
1%
44%
25
117%
7
2378
*43
32
7%
4%
30%
22
6%
2%
2%
62
114% 115
49%
28%
*6334
67
1
117
44%
49
334
334
2534
1%
23
26%
234
210
42,300
1,750
25,700
18,500
6,200
16,700
13,400
19,500
5%
*_...
86
*30
8%
,4
33
30
138
43
86
3%
103
5%
103
5%
13
16%
4
*43
89
88
200
7,300
21,200
3%
4%
3%
32
9,200
1%
38
5
100
per share
18%May 15
No par
Class B
$6 pref ctfs of dep—No
Bklyn-Manh Transit.-No
56 preferred series A.No
Ctfs of deposit
No
19%
734
,
No par
A
Bon Ami class
S
l%May 15
21% Jan 12
108 May 16
5
& Brass
Bonn Aluminum
2,700
52,400
700
%
5
Co—
Brooklyn & Queens
5%
12%
15%
14%
17
38
4%
35%
800
3258
16%
18%
16
500
Boeing Airplane
15,900
32
17%
54
*50
54
*30
378
55
10%
17%
19
*50
1%
7
42
1378
734
54
103s
9%
54
6
2%
7%
55
18
34,200
17
19%
7%
3
7%
54
34
30,.500
4538
234
15
5
3
19%
2%
•
33
19%
3%
8%
5
4%
19%
60
*50%
1%
7%
90
*89
19
54
1%
*38
*44
11
18
634
47g
3534
6%
4%
36*4
*5%
11
*50%
1%
7%
16%
1834
*38
20
55
22
60
19
60
9
62
5
21%
3%
10%
5%
2034
3%
11%
17%
4%
29
23%
16%
8 34
3%
8%
5%
2534
22%
15%
8%
9
7
15%
32
334
17
234
31,000
1,600
3,800
10,900
33
534
9%
105
3%
23
15%
3%
8%
5%
20%
3%
8%
3,600
20,900
1%
53g
3534
20%
31
4
27%
9
3
9%
1%
2934
8%
105
3%
3%
24%
19%
18%
16
17
8
31
22
22%
18%
3%
16%
*32%
19%
20
8%
104%
28
21
45%
3
18
18%
18%
18%
18% 20%
1978 21
*104
107% *104% 108
59%
59%
59%
59%
17%
32%
8
8
4%
978
4
20%
107%
61%
.260
36
3
I83g
I83g
2O84
19
110
59
477g
*45%
3
334 162,200
243g
7,700
108
10%
1734
16%
95,600
Lowest
Highest
Lowest
Par
Shares
23%
Range for Previous
Year 1939
100-Share Lots
EXCHANGE
the
57
I93g
18
1%
29%
5%
On Basis of
STOCK
Week
*105
59%
22
*33
36
*48
23
108
2134
18%
16%
1%
28%
5%
9%
6
19%
178
24%
59
10
17%
15%
18%
108
20
1734
1%
28
16
*34
51
48% 48%
3%
3%
3%
3%
18%
18%
*18%
19
20% 2234
22%
2234
*107% 112
*107% 112
*59
62%
61
61
20%
38%
24%
8%
110*4
4%
38%
5%
31*4
26
18%
10
21%
18
1%
31
Xl9%
16%
1%
29%
5%
16%
*49
20%
*3578
1%
3
2234
23% 24%
113% 115
*100%110
*.50
60
62 84
6234
21
22
23
22%
,
$ per share
23%
334
20%
2%
22%
2034
2%
24%
1834
May 17
% per share
$ per share
21%
19%
Friday
May 16
f
May 15
$ per share
23%
334
28%
Thursday
Wednesday
,
j
May is, mo
Range Since Jan. 1
26% Mar 12
7% Apr 8
93% Apr 8
79
Jan 26
9884 Apr 4
8% Mar 15
23% Jan 29
48
Jan
3
108% Feb 21
56
Apr 8
Mar
6
16% Apr
5
4
8
8
113
1% Apr
73% Jan
33
Apr
100
14
Apr
Apr
14
Apr
5% Apr
74% Jan
62%
Jan
73
Apr
6% Dec
15% Dec
3834 Apr
98% Oct
42
Apr
10334 Sept
8% Aug
1% Dec
4534
x25%
9
Feb
91
Mar
83
Feb
96
Oct
15% Jan
30% Mar
57
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
Jan
72% Aug
Apr
32%
Ex-rights, if Called for redemption.
Dec
Volume
New York Stock
150
LOW AND
HIGH
Saturday
May 11
Monday
May 13
SALE PRICES—PER
Record—Continued—Page
$ per share
JgMay 14
$ per share
4%
4%
*20%
*934
*8%
28%
115s
2H2
IOI4
1834
10
4
%
3%
20%
9%
18
9
984
8%
29
115g
8%
26%
934
90
9012
90
90
X8434
93
93
87%
90
85
29
8*4
85s
30i2 305s
♦10778 109
84
884
9
3%
7%
2%
2
9
4%
334
4%
*2
7
lOTg
11%
11%
1
1
8912
4312 4412
115% 1155s
734
8
39
39i4
3i2
35g
22% 23
23%
1078
1
*87
30
10
80
39
86%
43%
114% 114%
634
7%
36% 38
24
655s
50
56
*175
56
185
*175
6
;ck6»4
1%
1%
18l2 19%
*95
*28
*5
97%
28%
534
21%
24%
52%
168
6%
*3%
8
15%
95
25%
4
90
48%
51%
♦150
5%
,
16%
5%
6
5%
1
1%
1
1
15%
93
95
*91
25%
25%
25%
1734
^
*26
15%
94
95
434
4
37g
24%
28
27
*
40
26
43
*35
17
4
»....
40
*34%
43g
2234
27%
*
43
16%
83
85%
30%
36%
88
80
83
79
79%
79
83
75
80
3%
3%
6%
80%
12%
23%
2%
38%
83g
86
44
11%
2834
'.."■'8
24%
2
85
2
5
3%
7%
6%
80
80
18%
16%
37%
38%
38%
37%
7%
834
24%
257g
8%
24%
10%
28
36%
8%
24%
28%
36
41
934
26
*80
*1534
4%
3%
%
**xe
*118% 120%
*17% 1734
34
39
7%
18%
117% 118%
16%
17%
33
111
15
*36%
6%
17%
3
334
**ie
%
115
*105
15
15
14
11%
12%
3%
10%
3%
%
*6,„
3
*s,«
108
106% 10734
1284
14
16%
3234
37%
6%
1334
15
30
31
3634
434
37%
17
15
80
*71
3278
18%
36
30%
*37
5%
1534
5%
15%
107
7%
*71
16%
14%
18%
15%
17%
15
1434
16
13
8634
79
84
81%
90
81%
2
*434
5%
1153
154
*173
33
176
Jt
1%
4%
148
121
11534 11534
36
3784
1%
1%
3%
4%
2
434
144
176
30
15
30%
33%
15
15%
143g
*16
%
%
38
32
1634
14%
37%
1634
%
31%
1%
1%
25%
|
32
30
*35%
*44%
*106
1
1%
36%
25
28%
22%
28%
24
28%
31
29%
78
30
35%
31
3334
31
42
41
1%
*7514
80
92
*88
92
2
1%
1%
1%
*..
71?.
7%
16
101
22%
314
334
9
7a
6%
3
"16
42
27%
*84
109%
6%
%
1%
1%
1%
J
%
6%
2634
IJ16
*
3%
6%
2934
%
18
18
2%
27g
16
35%
15%
377«
18%
%
18%'
35%
23
88%
11%
31%
*14%
Bid and asked prices; no sales on this day.
134
%
18
39
15
May 15
Jan
9
93
May 17
95
62
2
May 15
z79
Jan 12
1034May 17
4%
Jan
27a Aug
3
Apr
91% Feb 24
17
Apr 22
29% Feb 24
48
Aug
9
Aug
26
Dec
4% Jan
51 May
3% Sept
38
11% Mar
32% Mar 14
Jan 12
92
Mar 29
53
Jan 12
60
May 10
14%May 15
3%May 15
16
Feb 26
2%
2%
%
r
3%
6%
100
6% partlc preferred
26
2
Co
No par
3684May
434May
May
Feb 27
No par
142
No par
1484 Jan 12
5% Feb 6
12%May 13
114 May 15
159 May 17
1
Duplan Silk
100
8%
No par
100
preferred
1,300
Du P de Nem (EI) & Co.—20
$4.50 preferred
No par
200
Duquesne Light 5% 1st pf.100
Eastern Airlines Inc
Rights
Eastern Rolling Mills
6
Eastman Kodak (N J).No par
90
1,700
1
22% Apr 30
5% Mar
17
Apr 27
6%
cum
Jan 15
Jan
119
2
May 15
II434 April
26% Jan 22
%May 17
3
May 15
139
May 17
12%
23
24% Apr 23
23?g Jan 10
9478May 10
171
Apr 9
30
Apr 24
Deo
2% July
38
110
10
Apr
20% Sept
55
Aug
101% Apr
Apr
41%
40%
Feb
94
96
7
10% Sept
11234 Deo
25% Oct
27% July
18%
28
1%
125%
126
4
Mar
II884 Jan 19
44%May
2%May
8
112
Sept
111% Sept
12%
Apr
3*4 July
138% Apr
155% Sept
15% Apr
6% Jan
16634 Jan
I84 Jan
4
20
May 17
8% Jan
36% JaD
3184 Jan
8
8
8
28% Jan 23
33%May
2
41
May 15
May 13
$5)4 preferred
1,500
No
par
$6 preferred
No par
Equitable Olflce Bldg..No par
100
100
..100
tErie Railroad
4% 1st preferred
4% 2d preferred
1,700
6%May 15
6
12,000
Evans Products Co
5
26,600
Ex-Cell-O Corp
3
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
12%
2,400
96%
18%
210
900
Federal Mln & Smelt Co
3%
10,000
%
2
Federal Motor Truck..No par
20% Mar
90
July
13% Nov
36% Jan
22% Jan
34
July
8784 Nov
144% Dec
14
124% Aug
118%
Feb
317g
Deo
8% Sept
186% Jan
183% Feb
3078 Oct
1978 July
83
8
Apr
35
28
Jan
32% Aug
*103% Mar
7
Bept
3% Sept
Apr
Apr
4284 Nov
55
Sept
111
Jan
1378 Aug
80% June
89
Aug
Apr
95
Aug
1
84 Aug
Aug
3
Jan
3gMay 15
7» Jan
%May 15
1'4 Jan
l%May 14
3% Jan
%May 15
1% Apr
"3"
May 15
6%May 15
20% Jan 15
%May 16
4%May 16
31%May 14
xl9%May 14
12%May 16
r96
Feb 16
17%May 17
2%May 15
%May 15
17%May 17
85% Jan 12
Federal Water Serv A. No par
12
1234
2,900
31
32%
4.400
Fidel Phen Fire Ins N Y.S2.60
31
20
Filene's (Wm) Sons Co.No par
18%May 13
ll%May 15
May 17
Ex-dlv.
y
5
Feb
1%
1
Apr
3% Sept
11% Apr 25
6
3434May 10
14%
1
Jan
178 Sept
Sept
6
Sept
Vs Sept
65% Sept
Federated Dept 8tores.No par
x
Feb
69
1,900
Cash sale,
38
Jan
1,000
1
Jan
Apr
Jan
2,000
Ferro Enamel oorp
Jan
41%
18*4
23%
%
89
4
18
...100
123s
20% Apr
97
Mar
86
r
Mar 19
12% Jan
Jan
84
17%
New stock,
112
1% Sept
6% Apr
38s
40% Oct
18% Nov
3% Mar
75%May 17
4
86
n
46
3
Apr 13
Apr
June
62% Apr
65% Apr
72% Mar
18
4% % preferred
I84 Jan 10
417g Jan
50
Eureka Vacuum Cleaner
Oct
32*8 Jan
34% July
447g July
10% Nov
188% Sept'
May 15
106
Oct
Jan
116% Nov
Apr
Corp....60
DcO
878 Sept
Aug
5% preferred
100
Engineers Public Service.._.l
$5 conv preferred
No par
June
17% Mar
Apr
8
1
Endicott Johnson
Nov
126%
Jan 17
189% Apr
18% Apr 20
May 14
Jan
8% Sept
Sept
93
Sept
19% Sept
28% Dec
7% Sept
63% Sept
13% Nov
32% Nov
13
108
120
12% Mar 16
34May 15
Deo
52% Sept
17% Deo
19% Jan
3
31
Jan
37% Mar
17% Deo
Apr
Apr
15% Sept
Elk Horn Coal Corp...No par
El Paso Natural Gas
3
Jan
13
Dec
22%
8%
$7 preferred
$6 preferred
Jan
32% Aug
Mar
May 17
Def. delivery,
Aug
5
6
34 May 16
540
67% Sept
6
3
600
61% Sept
177
10
23
"3" 700
Deo
5% Nov
31% Jan
32% Sept
Mar 30
10
No par
No par
Elec Storage Battery_.No par
7,400
Mar
4134 Apr 16
Elec & Mus Ind Am shares...
May
Jan
1384 Jan 18
Electric Power 4 Light-No par
5,100
10,700
30
3034May 15
12%
96%
a
Feb 29
38
17% Jan
1% Jan
133g
9734
18%
J In receivership.
6
9
37
7
23
8534 Apr
14% Apr
3684 Sept
5% Aug
1384 Sept
66
Sept
9*4 May
% Mar 28
Fairbanks Morse & Co.No par
*14%
8
1234May 17
Fajardo Bug Co of Pr Rico..20
Federal Light & Traction... 15
$6 preferred
...*
12
Apr
25% May 15
7,500
32%
Apr
Sept
11,300
400
Apr
18
Jan
10*8
4078
91
28
20
116
55% June
25
Sept
23% Jan 10
54,200
40
23
61% Sept
Jan
Apr
36% Apr 10
43% Feb 3
10% Feb 21
Electric Boat
700
Apr
22% Mar
Apr
3% Aug
14% Sept
4% Apr
103
Sept
1584 Apr
103
125% Jan
60,300
1,400
47,600
13%
;
4
2
14,500
00
23
Jan
Eltlngon Schlld
1,500
45
No par
Electric Auto-Lite (The)
5
Edison Bros Stores Inc
2234
31i2
*14%
Jan
4,600
26,500
87
*1x1-
Jan
Apr
Eaton Manufacturing Co
Apr
4% Aug
19%
73%
11% Apr
12% Aug
3% Sept
38 Dec
Apr
Jan
36%
1134
»
19%
23%
67g
84
178
1734
34%!
4
113% Apr 12
2378 Apr 9
28%May
.100
preferred
87
19%
8% Apr
168% Mar 26
33
%
May
Dow Chemical Co
Dunhlh International
21
%
30
Dresser Mfg Co
33
%
106%May
1234May
3
16
16
15
16
15
15
75
22%
3
% Apr
par
No par
438
36
17%
234
May 15
No
%
5%
434
3
Douglas Aircraft
Class A
Erie & Pitts RR Co.
3%
4%May 17
108%May 14
Apr
June
87gMay 10
82
Doehler Die Casting Co No par
Dome Mines Ltd
No par
15,600
Jan
Apr
Sept
3
Sept
% Sept
16
Sept
75
13,700
11,400
Apr
Apr
Apr
64,600
54,000
Jan
Mar
9
jj 14 May 17
i 10%May 15
100
Diamond T Motor Car Co
770
29,700
2
100
24%
9%May 15
327gMay 14
163g Jan 15
13 May 17
100
Apr
Dec
75
434May 17
Sept
1
547g
Apr 25
9
Sept
1017# Dec
17% Dec
11%
49
Feb 26
5% Sept
84
x87% Sept
32% Apr
*106
Sept
5
Apr
29% Apr
1% Apr
197g Aug
150
Jan
Feb
108% Aug
2% Jan
12% Mar
77s Mar
978 Sept
July
95%May
76
5,400
1
I84 Apr
8% Aug
88
Sept
9% June
43%May 10
5% pref with warrants..100
22,400
10,300
784 Sept
334 Dec
6% Aug
Apr
Dixie-Vortex
10,200
Jan
16%
25%May
70 May
61% Jan
65% Jan
179 May
7% Apr
1% Apr
24% Jan
105
Mar
Apr
Dec
Sept
"l~,366
80
6%
31%
28
34
9734
23
10
35
27
101*4
84
28
15
100
%
1%
7»
6%
30
20%
20
1%
*
3%
*18%
89%
1334
85
3%
5
2%
%
18%
1%
18
80
2:9734
%
85
1%
13
1934
89%
1334
32%
*%
%
14%
%
29
91
23%
13%
9734
21
Jan 26
Apr
Mar
484 Feb
Aug
Sept
33
Distil Corp-Seagr's Ltd.No par
42
36
89%
23
1%
80
""3"
500
6,600
42
20%
1234
%
Apr
Oct
11
43% Apr
21%May
12,100
44
33%
20
49%
116%
9%
407g
Jan
9*8
91
37% Jan 2
14
May 17
83
May 17
JDenv & R G West 6% pf.100
4,400
2578
1334
9734
89%
1478
2
10
Dlesel-Wemmer-Gllbert
Delaware Lack & Western..60
1
32%
3 684
91%
17
17
14
17%May 17
24%May 17
200
29
31%
22
May
51%May
May
4% Jan
7g Jan
14 May
No par
20
Preferred
30,800
31
*85
Deere & Co
Delaware & Hudson
1
119%
20%,
3%
20
%
1%
%
434
5
26%
%
%
1,700
32%
28%
44
23
%
*
334
7%
29%
34
3%
3134
1334
38
35
15%
%
4%
106% 106% *106% 10978
7
7%
634
8%
*73
73
7534
74%
77
80
75%
80
8
1
1
80
3%
5
25
21,900
4,700
3,300
%
4%
34%
22%
12%
97%
100
20%
►
634
33%
*84
6-%
39%
25%
14%
100
1%
%
1%
27%
7S
%
1
1%
17«
80
334
9%
"i6
Davega Stores Corp
Conv 5% preferred
Davison Chemical Co (The).l
Dayton Pow & Lt 4^ % pf. 100
2,600
1
84
32
10978 *106
70
23,300
31%
*39%
29
%
82
44
*
22
76
28%
*1534
38%
*18%
25
*88
44
90
22
94
2S
*21
26
1
84
33
3
28
83%
*34
*21
247g
15%
»14
4
26%
75
9%
32%
*100
13
*73
4
*14%
147S
1%
4%
28%
3134
13%
75%
*334
*684
33%
75%
80
172
32%
13%
34
3%
78
*67%
142%
32%
1434
8
1%
334
170
3034
4
4,100
1% 106r100
4%
7,400
139
176
34
7
*.*1%
4
142% 143
*170
*18
*106
*%
1%
%
25%
1234
9
78
*90
,1%
*18
106
»16
2
%
3%
13%
106
94
3638
31
108%
'it
*1%
33%
I
*ie
42
l*90
119
28
45
7%
119
115% 115%
30% 35%
14
*43
9%
80
84%'
fc
119% 119%
169
27%
1
7
115% 115%
116% *114
14
3
23
159
166
13%
1%
1934
1434
9034
157%
13
166%
170%
25%
%
45
9%
i.*78
84%
*10%
*14
4
1%
34%
12
19%
5%
25
5%
30%
27%
28
2784
31%
f
1%
176
152
%
133g
1%
484
27
*171
34%|
1734
2234
6%
*114
115% 11534
35% 3634
1%
1%
3
3%
140% 143
148
*171
12%
34%
157
*9%
114
1134
19
20%
6%
12
*9%
120
124%
*%
5%
12
155
159% 168%
119
120%
*15%
3134
152% 155%
20%
2334
5%
6%
177
28
5
33
161
176
31
1934
10%
33
114
33%
16%
37%
16%
*1%
33
115% 115%
151%
*172
9% ?■ 934
10%
151% 160%
20% 23%
6
684
116% 116%
37
39%
Cushman's Sons 7% pref.. 100
$8 preferred
No par
Cutler-Hammer Ino
No par
82
143g
*71
3%
%
108
16
81
123
46
168
7%May 15
38
6
15%
79
15%
13 i
15
23
405g
2%
19% Apr 24
Apr
May 17
15% Mar 16
52% Mar 19
24%May 15
38
6%
16
80%
11%
33%
93
39%
7
Jan
1
39
20%
14%
*116 1^1181
Feb
25
1
Class A
Devoe & Raynolds A ..No par
Diamond Match
No par
86
180% 185
104
33
Curtlss-Wright
Detroit Edison
3634
*10
May 15
6,210
53,300
1,400
36
*12%
*115% 117
184% 186
124% 12458
Jan
Apr 29
2
20%May 17
May 15
1,390
23%
.5%
92%
164% 167%
22%
26%
7%
8
12%
12%
*115% 117
9
3
18% Mar
21
36
2,500
12%
834
13
Feb 29
5%May 15
3l34May 17
May 17
15
12%
27
113
2
30
13%
3634
*8
35%May 17
Curtis Pub Co (The)...No par
Preferred
..No par
14
*12I2
3634
2234
168% 170
4
4
15% Jan 10
May 14
10,800
2,400
400
Apr
Apr
1% Apr
97% Jan 10
80
May 16
10,600
1,600
4%
8%
2%
4%
May 15
22
30
81%
82
30
30%
*75
*75
19
5%
1534
*737g
934
7%
18%
» 4%
,16%
17%
12%
338
%
15%
10%
16
39
*3%
*14
5%
32%
37%
534
33%
17
10% Apr
5
%May 16
5
?»
Jan
'
14
334
70
111
157g
**ie
90
*53
1534
17
5
5%
12
4%
*80
70
3%
334
*14% 16%
5%
4%
534
,*108% 113
*108% 113
*107% 111%
18%
17%
1834
17%
18
17%
17%
26%
25% 25%
2434
25%
24% 24%
17
1534
16
3%
*14%
90
*53
6%
111%
334
1034
*80
16%
|17%
100
Cuneo Press Ino
15%
3%
13%
Preferred
Cudahy Packing Co
1,700
14%
17
100
2,400
18
108%
17%
Cuba RR 6% preferred... 100
Cuban-American Sugar
10
12%
,1534
3%
226
100
22
2%
8
Apr 5
Mar 25
8
32*4 Nov
85
30%May 17
..5
Preferred
1034
72%
13
7
May 16
2%May 14
6%May 15
l%May 15
2%May 15
1134May 17
98%May 15
ll%May 15
37
No par
$5 conv preferred ...No par
Crucible Steel of America.. 100
22
20
4-%
20%
6
27
No
Crown Zellerbach Corp
13
2%
15
Feb
Apr
45
2334
234
17
73
share
8%
30*8 Jan
97a Dec
79% Apr
7% Nov
387g Apr
12
2%
Apr 5
Feb 21
97g
3278
110%
1%
2234May 17
99
27g
Apr
95
784 Jan
123g
2
92
15
16
Sept
484 Apr
15% Aug
6% Apr
378May 15
23%
55*
18
*70
80
43,000
9
Feb 10
May
5%May
26%May
103%May
%May
5
par
(The) .2
Pref ex-warrants
2,100
2%
6%
7934
8
Apr
per
Apr
Apr
26% Jan
67g Aug
20% Apr
12
55
Ofl
6%
Apr
5
19
3234 Feb
23%
70*
26%
2%
434
3
16
Highest
share $
per
Crown Cork & Seal....No par
$2.25 conv pref w w_.No par
40,000
170
9% Apr 4
31% Apr 15
79
93
100
6% Jan 3
24% Feb 17
13% Feb 29
i
25%May 14
13
*55
5
16%
preferred
conv
25
5%
I
*2%
5%
14
25
Crosley Corp (The)
23,600
18%
4%
16%
1
6%
...1
Co
Cream of Wheat Corp
860
35%
*80
97
Crane
100
85
5
Coty Internat Corp
270
15%
par
Year 1939
Lowest
82
2
.....
12,100
40
3234
112% *111
26%
27%
84
70
21
Copperweid Steel Co
3,000
43
*35
40
43g
1
5
conv. pref. 5% series
50
Corn Exch Bank Trust Co.20
Corn Products Refining
25
Preferred
.100
Coty Inc
l
400
4%
$2.50
ContlnentalJSteel Corp.No
500
26
par
100
Continental Oil of Del.
26,300
26
preferred
Continental Insurance
Continental Motors
15,600
6,400
*90
28
5% Jan 13
No par
Continental Can Ino
..20
f $4.50 preferred..... No par
Continental Diamond Fibre.5
'
43%
*16
15
17%
8%
300
16%
25%
4%
16%
7%
Class B
1,530
6,700
34
41%
9%
2034
90%
53%
175
85
70
18%
54%
169
1478
90
3334
*37%
7%
Continental Bak Co d A No
800
84%
27g
*58
.
13,400
25,200
1,000
31%
3
28%
16%
4%
1
14
17,400
1
6,500
90
3%
7%
*81%
44%
11%
29%
*17%
1
18
25
15%
27
5%
43%
26-%
3
97
27
5%
1,200
3734
15
*20%
55g
48%
53%
169
Jan 15
7% Jan 29
9%
46
8
23%May 17
J2 partlc pref
No par
Consol Laundries Corp
5
Consol Oil Corp
..No par
Consol RR of Cuba 6% pf.100
5,500
87
26
*111
47%
56
180
3,200
80,100
33%
16
4%
19%
*55
48%
54
*168
2,400
3,400
42
27%
1658
*6%
24%
May 15
May 17
1
6J$% prior pref
.100
Consol Coppermlnes Corp
5
Consol Edison of N Y..JV0 par
15 preferred
No par
Consol Film Industries
.1
61,000
82%
4%
20%
24%
20%
55%
95
•
*36%
15%
19%
91%
*15%
*26%
11
2%
20%
5534
230
59,100
37
*85
44%
223g
2%
21%
1
95%
8%
887g
3
2
^ 1
1%
19
40
91
3
25%
Consol Aircraft Corp..
170
900
80% 82
38
35%
383g 19,200
700
114
*110% 112
8,800
6%
5%
7
32%
6,900
3134 33%
384
169,600
2%
4
21%
20% 20% 25,300
21
26%
5,300
25
20%
18% 20% 22,500
57
1,900
52% 55
32
5%
31%
4334
91
33%
175
5
16%
z91%
37%
*110%
584
17
Consolidated Cigar....No par
7% preferred
100
8,900
84
32
48
40
84
39
55
26%
43%
19%
9334
42%
85
37%
2034
40*2
41%
*81
44,400
1334
34
%
$ per share
3
No par
8%
9
84
98
$ per share
Ranoe for Previou
Highest
JConn Ry & Ltg 4H % pref100
Consol Coal Co (Del) v 10..25
5% preferred v t c
100
Consumers P Co$4.50 pfNo par
Container Corp of America. 20
*96
13%
8%
1
140
1234
1284
100
133g
9%
7*
50
45
*92
8
55
*35
185g
11%
19
31%
*4334
3178
1234
54
28%
5
1%
99
4834
185
*26
1%
15
20%
23%
187g
5%
1%
18%
95%
1%
3%
2934
10%
26% 27%
1'3% 104%
%
»i«
7%
7%
2%
2%
6%
6%
13g
1%
284
3%
1134
13%
6%
9884
13%
60
*56
52%
5634
6%
15
51%
56%
20%
65
684
37
2%
28%
23%
*51%
27g
Congress Cigar
85%
7%
6
27%
9834
85%
41%
34
23
2534
77g
113% 113% *110% 113
6
6
634
5%
35g
22
7%
2%
6%
1%
2%
1,600
10
85
85
103% 103%
*%
%
7
7%
2%
2%
%
1
40
27
28
%
*
6%
6%
5,400
Conde Nast Pub Ino... No par
Congoleum-Nalrn Inc.-No par
10%
9
*6%
23%
884
85
6%
1,500
17%
17
984
8%
103% 10434
9%
1
86%
30
85
8%
83g
1
3
84
534
p&r
384
334
82
82
3%
7%
1%
334
3% :
15
15%
987g 100%
13i2
1478
18%
934
*6%
25%
82
634
1%
103
17%
9
27
Lowest
~
1734
7»4
2%
17%
18%
*100% 103%
17%
15%
17
103
Shares
6%
27%
8%
82%
10
8
$ per share
4
17%
10
9
30
*3%
3161
Ranye Since Jan. 1
On Basis of IW-Shart Lots
Week
82%
267g
85%
8634
73g
6%
29
27%
IO584 10534
%
%
30%
3%
7%
4%
83g
107% 108
%
8
25%
85g
9i4
3i2
712
3%
*17%
8
11%
7%
29
78
9
|
17%
8%
6%
24%
4
EXCHANGE
Friday
May 17
5 per share
$ per share
3
3%
3%
18%
938
NEW YORK STOCK
the
Thursday
May 16
May 15
5 Per share
4
SHARE, NOT PER CENT
Wednesday
STOCKS
for
Tuesday
Sales
8% Mar 11
Apr
13
Apr
25% Nov
2% Jan
87g Sept
Dec
3
234
3% Sept
65% Sept
538 Mar
Apr
Jan
49% Apr 8
31% Apr 18
24
Apr
20
3
11
Apr
Apr
Mar 27
81
Jan
98
3
29
Dec
31% Dec
638 Nov
187g Apr
102
28% Jan
478 Jan
1
Jan
2% Aug
84 May
25
Jan
18*4
95
Apr
20
Jan
82*4 Sept
17% Nov
27*4 Apr,
40% Feb 14
22% Jan 5
Ex-rlghts.
Apr
16% Sept
4378 Jan
38% Sept
18% Aug
Dec
'
1%
27%
89*4
Jan
Oct
Feb
23% Nov
40%
Dec
21%
Dec
H Called for redemption.
New York Stock Record—Continued—Page 5
3162
Saturday
Monday
May 13
May 14
106
42
16*4
34%
24
23S
26
*4U2
16
34%
♦2212
2U
25%
32*2
22*4
18
25*4
75
82
*76
*5l2
29
29
3434
3512
>
2
2
.
100
*
"3*8
27*2
29*2
30%
12
1012
*50
54
50
50
*3
3is
6*8
21
61s
*20*8
18*4
18
1834
*117
35*8
33
35*4
4712
48
45
47*2
35
3g
36*2
9234
9434
3g
7u
40
96
129
633s
126
56
9434
*12614
52%
12584
5612
6
812
8i2
*10834 10978
*%
*4
15l2
16
*98
10112
*12
®ie
*1758
19
30
30l4
143s
143s
29
29
*98
22
1U2
2012
I6I4
534
45l2
7l8
55%
I6I4
512
*44
7
5512
16
16U
*42
89
*123
125
87*4
8634
12434 125
4*2
8
6*2
42
7*4
7
634
7%
%
107g
11*2
11
1234
98
97
97
97
97
1,000
Gen Public Service
No par
%May 14
10,300
Gen Railway Signal
No par
210
78
12
*2
%
*2
h
17,300
18*8
30*4
17*4
227g
18
17
17
17
3,300
preferred
1
No par
2334
24
26*2
2278May 14
13
14
12
1234
1234
22
20
21*4
19l2
18*2
23
1234
24*2
19
185s
19*2
6,400
2,000
3,430
7,100
7,400
No par
14l4
29l2
27*2
12%
General Refractories
1418
26*4
16%
25%
12%
16%
2734
*2
17*4
247g
%
18*8
28
1,300
Gen Time Instru
llSg
1534
97
101*2
*98
912
18*4
5*8
43
57g
5ig
7*8
51
13*2
5234
14*2
44
1412
9
16
1634
1258
4l2
5
53g
45g
41
41
27g
50
12
13l2
40
50%
1234
23g
10
1678
16%
Gen
16
Gen Steel Cast 16 pref.. No par
Gen Theatre Eq Corp..No par
6%
►
49
2%
27g
12,000
200
2%
9,500
10,700
3*2
25g
2*2
2*4
2*2
2%
2%
83l2
8312
83
83
83
83
*77%
83*2
60
14
234
8512
1578
123g
137g
13
1134
1334
35,100
62
54
60
53l2
56
1278
53l2
125g
*60
1134
5234
5212
53
49
51*4
2,300
19
20
17
1958
3*16
155g
16I8
155g
17
15%
17%
44,500
88*4
86
86*2
3
2:81*4
212
*40*8
75
75
74
76
74*8
7478
1,300
*8612
3
3
*48
61
34
8U
234
45
%
8I4
13i2
1312
93g
938
*1312 ' 14*4
*36i8 3634
*23l2 24l2
147g
15i4
2584
2614
2714
275s
48
*2
»>«
6i8
7*4
12*2
8*4
13*4
*4
"l#
7*2
1234
8*4
13*4
12
93g
8
9
11%
3412
*23l2
14
13
36l8
24
15ig
223g
11%
32l2
*23l2
125g
26
22
33*2
24
13*2
2334
23
2512
25l2 27
140*8 140*8 *137*2 13934
140
140
*50
60
*50
60
33
14
32
32
1234
1334
29*4
11*2
3212
1334
44
*50
1»4
40*8
*2
5I2
12
7*2
10*2
31
*23l2
1238
Gold A Stock Telegraph
No par
5%
2
2%
2
2
2,500
40%
39
39
100
»i«
H
X5*4
*11*4
78
31,600
Graham-Paige Motors
6%
5%
6%
12,000
12*4
11%
1134
1,400
1,900
Granby Consol MS&P
5
Grand Union w dlv ctfs.No par
Without dlv ctfs
No par
4,200
5,800
Granite City Steel
Grant (W T) Co
6*4
12*2
8
*8
11*8
32*4
12
»i«
7%
8*4
11%
87g
13
13*2
13
2U2
24*4
23
23*2
60
29
30*4
28*2
31
23*2
1234
24
23%
*23%
12%
24
217g
2234|
23
23*2'
13%
18*4
2434
23
131% 131%
131*2 134*2
30*4
1278
26%
27*2
105g
1134
2734
1034
*50
27
29
11%
10%
1134
....10
10i2Mayl7
Great Western Sugar. .No par
11
11*8
11
11
1034
1034
10%
10%
2078
16
1934
18
23
18%
23*4
49,600
26
27
24
3
3
3
3
3
*1312
*337g
1412
34
13*2
*3378
*3414
3584
*34*4
1438
*16l2
16
17
3
2*8
2%
*
*212
2%
2%
3*2
12*2
11
11
34l4
3534
337g
32*8
32*8
*303g
31*2
*30%
31%
34
34*4
34
34
*32
36
*32
36
12
13
16*2
*15*4
1512
106
102
100
*10312 10412 100
10312 Z100
21
2034 22*2
2434
24i2
2412
150
*133
*133
150
135l2 135l2 *135*2 150
*13512 150
*135% 150
7
6
6%
X6I4
6*4
6*4
634
8
6*2
6*>8
*77g
8
97
97
*95
98
967g
967g 97
101*2
101% 10U2 10112 101*2
3
334
4
334
338
3*2
258
27g
3*8
3*8
4*8
4i8
100
100
105
105
102
101
100
96*2 100
107
107
105*2
,
*105l2 106l2
106*4 106*4
9
9*4
100*2 10334
*164
164
165
165
14
15
86*2
90
9%
166
17l2
1758
97i2 98
130ls 130*8
*64
93g
984
164
13*2
17%
88
97*8
12912 130
3158
*6
14*4
17
32
5158
13*8
111
111
*108
29l2
17
31*4
*24
6
6
13
14
103
*16*8
1478
48*2
51 Bg
35
35
1058
67*2
40
41
78
1
*43s
1812
1834
434
47a
®i«
9ie
1
43f
4
514
17*4
<
18*2
4*4
45{
®16
5j
10
8*2
*20
21
18*4
10
20
*40
41
40
41
47g
•
478
434
434
*58
110*8
106
*13
17
*13
28
*100*4
4738
45g
538
5*8
934
10*4
10*8
11
*100*4
10*4
49
47*2
3512
34
11%
66
66*8
110*2 110*f
4*8
36
47f
38
78
3*8
16
46
34*2
1058
65
*61
10934 no
*100
9*2
64
3B8
33
"1
4*4
33i2
11%
109*2
36
434
7g
78
3*2
17
16
16i2
4
3
*234
1578
35s
4
10
6%
3,100
16
Hazel-Atlas Glass Co...
.1
25
100
Preferred
Hercules Motors
6,800
Hercules Powder
J4 conv preferred
No par
Hinde A Dauch Paper Co.—10
400
Holland Furnace (Del)
Holly Sugar Corp
6%
11
x38%
180
10
11%
64
105
4%
%
*234
1578
Houdaille-Hershey cl A-No par
Class B
...No par
Household Finance... .No par
700
47g
25,600
2,600
Hudson & Manhattan
800
16
8,100
No par
13,500
1
40,400
Illinois Central RR Co
100
39
39
37*2
38*2
36
36
170
4
4
3*2
3*2
4
510
a
Hud Bay Mln A Sm LtdNo par
Hupp Motor Car Corp
4
84
734
100
preferred
Hudson Motor Car
39I2
4*4
5%
22,700
4
X In receivership,
-.5
100
Howe Sound Co
1,800
16
*3*2
100
preferred
7g
14
67g
5%
Houston Oil of Texas v t c..25
3*4
37
7*4
*16
12.50
Mining
Homestake
1,100
21,200
15%
37g
®1(
100
preferred
31,600
7*8
4*4
7%
10
5
No par
800
45*4
32%
105
Hollander & Sons (A)
No par
3,700
Def. delivery,
n
6% preferred series A... 100
Leased lines 4%
...100
RR Sec ctfs series A
1000
Nevr stock,
r
Cash sale.
99
38
678
Jan
41
Jan
15ia
16
Apr
Oct
4334 Sept
15
Apr
20i2 Nov
8is Sept
10i2 Aug
15i2
97i2 Nov
15*8 Apr
5*4 Apr
4358 Oct
6I4 Aug
99i2
58i8 Apr
43
Sept
6612 Mar
19>4 Jan
14
Sept
24i2
4458 Mar 26
34
May
47
13% Jan
106
May
9
Jan
41s Apr 22
3% Apr 11
88
Jan
8
2034 Apr 4
69i2Mar 7
247g Apr 4
9714 Feb 21
4% Feb 8
7112 Jan 9
114 Jan 30
9i2 Apr 10
1478 Jan
4
103sMay 3
1634 Apr 8
3084 Apr 8
24% Feb 21
183s Jan 8
2878 Apr 24
29ig Jan 2
142
55
Feb
6
Jan 29
2is
Jan
17s
Apr
70
Jan
1312 Apr
Feb
275g Mar
83g Jan
54
1378
278
86
24*4
109*4
2?8 June
67
Dec
80
Dec
Apr
24*4
227g
Jan
35
Aug
Jan
25
Aug
12i2 Apr
I6I4 Apr
22i2 Sept
33*4 Sept
3714 Sept
May
Jan
Apr
i2
3
53i2
Apr
11
Apr
29
May
37
32
Jan
20U Feb 19
8
Apr
8
15
Apr
106i2 Jan 12
99
Apr
105i2 Mar 30
28I4 Jan 4
138
Apr 12
96
May
115s Apr
8
Jan
8
110
166
103
15
17
14
17
15
15
May 13
z38%May 17
32%May 17
9i2May 15
64 May 15
105 May 17
3%May 15
32 May 17
34 Jan 3
Jan 11
157gMay 16
3
Feb
71
Jan
2
Apr
93
Apr
8% Apr
100
Sept
148
Oct
10
Apr
63
Apr
67U Apr 16
11514 Jan 9
18'4 Jan 4
4
778 Mar 4
16% Apr 18
35% Apr
110
Mar 30
6OI4 Jan 12
Apr 13
38
16U Apr 15
7Hjt Apr 25
llli4May 13
678 Jan 3
50% Feb 21
1% Feb 20
7i2 Feb 20
27
Jan
5
6i2 Feb 17
3%May 16
6i2 Jan
y
Sept
478
21l2 Apr 22
IOOI2 Apr 9
133% Jan 30
24i8 Jan
43i2 Apr
xEx-dlv.
Apr
123
Mar 20
May 15
i2May 14
6%Ma > 15
14 May 15
36 May 17
3
17
Jan
2
133s Jan
3
3
6
3
1
Ex-rights,
128% Apr
54
Jan
100
Sept
14*4
29%
5i8
85s
95
Apr
Sept
Nov
Aug
May
4734 Sept
27
Apr
834
60%
102
Apr
Oct
Sept
4% Sept
40
Apr
58 Dec
278 Sept
21*4 Sept
43s July
*4 Aug
9
Deo
35i2 July
21*4 Mar
12i2 June
Apr
Apr
8
Jan 12
Dec
14H2 July
42
9
8%May 15
98i2May 16
Dec
Sept
235s Aug
10
Apr
Nov
Sept
129i2 Sept
3
4i2 Apr 16
113% Jan 29
Jan
Mar
934
10
35s Apr 18
30i2 Apr 18
104
Jan
5% Sept
li2
1078
I5i8
1018
22i2
l2 Aug
45s Apr
14% Dec
12
5
9
Jan
Nov
87
2538 Apr 29
9% Apr
Jan
Nov
74i2 Mar
14i2 Apr
Jan
Jan
Mar
3*4 Mar
38*8
2414
17
Jan
Apr
5
9
Mar
Apr
4
Jan
Jan
Nov
53
35l2 Apr
17«4 Jan
Jan
18
2118
Apr
61
Jan
100 May
14%May
26 May
458May
934May
Jan
20%
19is Apr
1212 Aug
153s Jan 11
18
155
Feb
1078 Jan
llli2 Nov
1*4 Sept
Sept
14
18i2 Apr
3334 Jan
3414 Apr 22
96%May 17
July
12834 Dec
5684 Oct
I26I4 June
Jan
10
129%May 13
Herehey Chocolate
400
Aug
Apr
Jan
30*4 Jan
100
6% cum preferred
400
Jan
4778
1185s July
H4 Jan
65i2 July
92i2
1%
4
13%May 13
85%May 15
250
44%
28
Jan
...No par
No par
62%
15%
*2
25
Helme (G W)
*2
75f
153{
*2
100
1
..100
2
Hecker Products Corp
1,400
14
6*2
A
6
% preferred
Hayes Mfg Corp
270
38,900
18
8%
preferred
Hat Corp of Amer class
3*8
*2
7*2
1534
39*2
®i
15 pf.No par
3,200
9,600
32
37
34
314
34
10,400
8,600
*59
3
3*j
100
preferred
4,400
32%
64
438
6%
Hanna (M A) Co
Harbison-Walk Refrac.No par
1634
*100*4
35
103s
*
530
15
10
49*4
*33
110
27
*5*4
*100*4 111
49
10
No par
26
6
25
7% preferred class A
Hamilton Watch Co
*13%
27%
57g
25
Water
300
60
102
100
16
2678
»u Apr
4
May 17
5
34 May 14
113a May 17
15*4May 15
zl00%May 16
99 May 15
20 May 15
135%May 14
6 May 15
91
Jan 3
2%May 15
preferred
1337g
*54%
106
May 17
..100
6%
91
88
*130
62%
18
Hall Printing Co
8,200
1,100
14%
100
preferred
Hackensack
20,400
16%
88*4
88*2 93
132
13378 *130
63
Bid and asked prloes: no sales on this day.
15
1234
35
13
67*2
111*4
5%
407j.
1578
May 15
Mar 19
2i4May 17
►
200
9
884
*150*2 163
8%
16
2
.1
Gulf Mobile A Northern... 100
800
98*2 100
*150*2 163
9
99
27
16*8
26
11
36
13*8
1434
512
52*8
5
97g
*130
129*2 130
*60
5%
1
1414
85l2
66
111
41
163
*62
67V 6734
*111
1135g
512
163
858
98*2
878
102
64*2
113l2
64
7
*103
*35
85g
*98
103
66%
1123s 1123s *110
*1612
9%
9,400
60
11%
12%
12%
1234
12*8
1178
15
*12%
15*4
*13*2 15
15*4
*100%
101*2 101*2 Xl0012 101
99
99
99*2
99% 100
*97*2
21
21
20
23*4
2U2 24*2
No par
Aircraft Corp
Guantanamo Sugar
1,300
11*2
3378
11
Grumman
280
2*4
10
10
11
258
18
18
23
*18
13l2
*106
*106
238
20
14
13
15
2*8
20
*2
3
1
preferred
2,200
1738
100
Green (H L) Co lnc
3,900
62,300
1138
27g
.100
Preferred.
170
233g
3*4
27l2
20
preferred
5,100
20*8
234
2*2
No par
10
56,900
*11*8
15
May 17
Greyhound Corp (The).No par
5%
60
28
17
17
17
13012 Mar
12 June
12i2 Sept
85i2 Aug
9
%Mayl4
5%May 15
ll%May 17
7%May 15
10%May 15
28t2May 17
23i4May 1
12*4May 17
18i4May 17
23 May 14
13U2May 17
50
Mar 21
2634May 15
10i2May 17
Gt Nor Iron Ore Prop..No par
Great Northern pref
No par
13,000
11*4
33g
*4 June
lis Jan 11
19U Jan 4
99i2 Feb 21
2
39
1
Green Bay A West RR
60
*50
Preferred
100
13%
23%
233g
28
No par
100
40*8
23
3ig
No par
{5 conv preferred
Gotham Silk Hose
2
*lll4
*26
No par
preferred
Goodyear Tire A Rubb-No par
Apr
Apr
Feb
28
15
Sept
105
23i2 Apr 27
80% Feb
1134May
49 May
15%May
74 May
184May
Jan
3
3H2May 10
2434Mar
2%May 15
1
Co 100
Goodrich Co (B F)
Goebel Brewing Co
40*8
137*4 137*4
*50
60
2*4
Dec
Mar
1,400
14
Jan
7
4734
42
Apr
Jan 10
634Mar 6
5l7gMar 14
13
Jan
Oct
3U Sept
26,500
*36
1334
Jan
2514
28
714 Apr
5%
No par
No par
4J4 % conv preferred
50
Gobel (Adolf)
1
Jan
Dec
112
12718 Mar 23
585sMay
233s Jan
preferred
Glldden Co (The)
Jan
75
12
4%May 15
387gMay 17
45gMay 15
4714 Jan 13
12 May 15
38*2 Jan 2
2%May 16
{6
18
35
Apr
72i2 Jan
125i2 Dec
363s Apr
12%May 16
No par
Mar
39
Jan
Gillette Safety Razor..No par
Brothers
Mar
July
514 Sept
365$
General Tire A Rubber Co..-5
Glmbel
11
107*4 Sept
47%
5%
Sept
31
2
1,600
No par
Jan
65
106
9,500
$5 conv preferred
Jan
103i2 Mar
16
15
15
17
15
98
100
Jan
9
149
Apr
9
Apr
Jan
Jan
I734 Apr
17,400
25g
1678
84*4
25s
44
7%
1834
52
43
49% Apr 15
1185s Jan
% Jan
101
578 sept
1858 Oct
15i2 Sept
IO414 Dec
Dec
2i2
2912 Apr
87
Apr 24
1978 Apr 16
117% Mar 29
Jan
314 Sept
Sept
718
128
Jan
312 Jan
1178 Jan
5
85l2
2*8
Apr
14%
234
2*4
40
41
87i2
16
2*8
Corp-No par
preferred
3
12%
434
5
234
3l2
20
General Telephone Corp
Jan
12 May
19%May
17i2May
9 May
15*4 Feb
1
General Shoe Corp
105
*85i8
1578
314
100
Apr
96
387g
47g
1434
40*2
42
*36
3
2*2
40*2
5*8
48*2
19
9
*98
105
434
2478
17%
1612
16*2
12*8
13l8
41
22
9*2
*98
105
40
5334
16
5334
38
9*4
41
14*4
484
9
*98
106
43
44
5*2
9%
I284
5*4
43
20
*98
15
53g
2434
*16
106
13
38
20*2
18*4
93g
11*8
2OI4
20
,
preferred
Realty & Utilities
6%
Sept
Mar 20
110
978May 17
86% Jan 15
%May 15
le^May 17
14*4
4
May 16
106
Jan
36
3*4
3
10
97
97g
95%
*12
preferred
May
6%May 14
1
...No par
General Printing Ink
{6
4
43s Jan
55
Apr
41
97s Sept
Sept
x9% Sept
45i2 Aug
5i2 May
563s Apr
May 17
37% Jan 3
..No par
Common
9,400
4,800
Apr
I8I4 Apr
li2 Apr
8% Jan
121
No par
No par
15
Jan
li2
13012 Jan
13
**2
13
preferred
Gen Outdoor Adv A
3,600
1,100
Jan
90*4
94
240%May 15
10
General Motors Corp
Jan
2934
July
Apr 16
126
100
preferred
5%
110
106
No par
General Mills...
I08i2
July
712 Aug
145
112%May 14
%May 17
35 May 13
8612 Jan 16
No par
preferred
$6 conv pref series A .No par
208,900
47s
634
106
106
106
{4.50
Apr
9
67% Jan
30isMay 17
40'gMay 17
Gen Gas & Electric A..No par
3712 Sept
Aug
14
Apr 18
104
Jan
July
66I2 Aug
Apr 30
734 Apr
48*2 Feb 6
No par
16 May 17
...
100 xllO%May 15
Corp...No par
Apr
Apr
103%
Apr 4
Apr 29
14l2 Apr 24
100
Electric Co...No par
General Foods
30
45
4%
434
458
General
3,400
45
preferred
7%
30
121%,
44
45
44
478
40
121
42*4
46*2
5
45%
121*2 122*4
44*2
123
108*2 IO884 *10634 108
*2
*2
%
*8
IO884 10834
58
5g
*42
44
88
45
7% cum preferred
General Cigar lnc
55
62*2
617«
16
16*4
1634
3,800
16*4
180
112*4 1125g 112% 112%
33%
3378 106,700
32*4
30%
19,500
41*8 42*2
40% 4134
200
*111
115
*110*2 118
3,600
%
%
14
38
*22
6*8
8*4
Cable Corp..-No par
No par
Class A
600
40
4*2
578
General
2,000
125
122
45
19,100
*22
*4034
4734
45
*98
106
42*4
6*8
15
58
Sept
ll2
3li2
2
^May 15
4%May 15
13%May 15
5
Oct
5
21
1878Mar
May 17
126
No par
General
89
*123
128
Baking
$8 preferred
Bronze Corp
30
3,700
25
20
41 May 17
5%May 15
2%
5*4
14%
16
General
11,200
126
40
87*2
123*4 12512
52
*8
94
5%
4*2
14*4
62
*22
40
*125
5212
52
*59
62
90*2
1253g 126
434
618
*2U4
11%
2012
48
2*4
4*2
14*4
*27
129
129
2
112*2 116*2 *110*2 118
%
«8
%
38
*11612 117*4 *116*2 11734
hi
126
2
17%
1634
1734
17*2
116*2 1165s *110*2 114*4
33
3334
3184
31l8
41
40*2
4212
43*2
119
35
*3512
134
4*8
13i2
6
534
132
2
May
5% Apr 24
Apr 30
5
105% Mar 27
65s Apr 22
100%May 16
5
..5
38
27
5%May 16
No par
Gen Am Transportation
4,200
Apr
9
51
Aug
Sept
17
Jan
51
15
25
32% Jan 25
38% Apr 15
2% Jan 9
10%May 15
48*2 Apr 8
preferred
$6
500
45%
I05i2 June
4
9
10734
21%
83l2
6*2
101
Feb 13
4*8 Mar 19
5H % conv preferred
Gen Amer Investors...No par
100
2,400
5%
25i2 Sept
Jan
Apr
35
234 Mar 18
12% Mar 20
13
Jan 9
5
50
Gaylord Container Corp
Apr
3818
25i4 Apr
3% Jan
29 May 14
l%May 14
pref No par
3
1,000
53
41
Feb 8
11 May 15
70
Feb 5
3%May 15
26%May 17
Gar Wood Industries lnc
175s
99U
2
Jan
215s Apr 5
38*4 Mar 26
May 15
Gannet Co conv $6
30
*96% 101
6
534
840
10*2
*5
22
5,300
478
10%
*4414
*126
136
2*2
62
69
*11612 119
6
*126
5l8
17*4
16
20
69
I884
45*2
2*2
6
5
101
1,800
103
4%
5%
5*4
100*2 100*2
43*2 45
11,300
1534
14%
53
*44*4
3*4
1334
103
11
360
1%
1*2
1334
14
17
17
13
105
10
preferred....No par
Francisco Sugar Co
No par
F'k'nSlmon&Co lnc 7% pf-100
Freeport Sulphur Co
10
Gabriel Co (The) cl A ..No par
Galr Co lnc (Robert)
-1
$3 preferred
10
Gamewell Co (The)
No par
12,700
2,900
46
l%May 15
$7 conv
3,500
32
3
3*4
11
53g
4*2
234
234
15
5l2
6*2
136
*126
74
*73
6
6*2
16*2
14*2
53
43
48
44
136
*126
1384
3
10*8
101
102*2 102*2
61
63s
136
534
5*2
63s
49
658
658
10*8
*44*4
5%
11*4
52
*131
14
1*2
1334
15
13
*100*2 104
103*4 103*4 *100*8 104
4*2
434
4*8
4*2
4*8
4*4
10312 103l2 *10212 10312
52
3*4
1*2
1*2
3l2
13i8
1*2
278
134
1*2
26%
par
3
Jan 24
21*4 Jan
...100
4M% conv pref
Foster-Wheeler
10
4%
26*2
29%
27*2
31
2,400
40
334
4*2
27
12
6
*4
(The)
Highest
share { per share
{ per
share
per
106
t Follansbee Brothers..No par
Food Machinery Corp
10
11,200
84
*65
26*4
15
612
84
29
14
*638
*65
67
134
38 May
13 May
29%May
22%May
par
par
par
5,800
134
1^8
J84
29*2
*19
2384
2
Stores..-No
No
No
Florshelm Shoe class A .No
Flintkote Co
Florence Stove Co
1,100
15
*51
22
28*2
3
1412
5312
31*2
*19
29
14
*1212
*30*2
A—100
First National
1,300
15.000
30*2
434
334
4
14%
134
23
22
22
2334
233g
23%
*106*8 107
*106% 107
*106*8 107
11
13*2
12l2
1312
12*2. 14%
76
15
17
*1714
18%
16
16*4
16l2
16l2
*10314 104
*10314 104
5
5*4
514
514
4
40
13
35g
28*2
558
29
34l2
5*8
27*4
z32%
17g
3l2
6%
38*4
14%
135s
%
share
pet
15%May 17
95 May 16
Rubber—.10
6% preferred series
500
21%
1*2
24
*67
76
40
*39
3112
2134
30*2
2
23
25l2
15
*19
*106*8 107
*106*8 107
16
16
1312
17%
18%
39
Firestone Tire A
8,800
98%
%
Par
Lowest
Highest
Lowest
Shares
16
15%
*92
Year 1939
Lots
EXCHANGE
Week
{ per share
16
95
14*8
32
134
15*2
95
38*2
22
2*4
2
106
106
32
*19
3312
22*4
16
98
15*2
*95
May 17
Range for Previous
Range Since Jan. 1
On Basis of 100-Share
STOCK
NEW YORK
the
Friday
S per share
{ per share
16*2
15i2
1612
17*4
104% 104*8 *102% 102*2
38
39*2
403,j
42
14
14%
1334
16*8
1738
163.i
$ per share
$ per share
$ per share
*104
v
Wednesday
May 15
Tuesday
May 11
Thursday
May 16
STOCKS
Sales
SALE PRICES—PER SHARE, NOT PER CENT
HIGH
AND
LOW
1940
18,
May
Aug
16% Apr
38% Sept
434 Sept
t Called for redemption.
Volume
LOW
AND
New York Stock
ISO
H1QH
SALE PRICES—PER
Record—Continued—Page
$ per share
*7i4
24%
107
85s
2434
107
*15412 157
•
Monday
|
May 13
Tuesday
May 14
$ per share
$ per share
*6
6I4
6
3U
*234
314
3
3714
113
*4
4l2
1034
1078
*134
2
*3314
3478
172i2 173
54%
*158
55t2
162
33g
3l2
8512
I414
12I2
10ig
*5%
23g
*2i2
127g
57g
27g
3
28
29
6
27g
*234
26l2
111
78i2 * 83
314
3
35l2
111
3l2
6
27
10%
134
33%
170U
1%
31
155
52l2
6734
3ig
48 lg
*35%
3
34
25
100
3
3ig
3
3
7%
*85i2
712
712
88%
128'g 128%
16
I93g
59%
3
3
3
67g
714
85
85
*66U
68
40
44i2
66
62l2
6
6
19%
20
20
95
96
94
95
154l2 *140
156
151%
77
634
2034
82
77
78i4
9%
1078
10ig
1U2
55g
214
23g
55s
2i2
28
55g
23g
305g
2%
*2i2
30
30i2
Shares
76
9%
5%
2%
*2%
26%
105
3
I3g
154
154
*148
21
21
160
162%
47% 51%
148
148
2
23g
8
2l2
85g
2%
634
21g
7l2
2%
9%
6%
834
558
5
5U
5
5
5
5
26
128
17lg
62
3
45
98I4
214
2%
34%
33
20i8
9814
25g
2%
6
7
8OI4
7i8
8OI4
7i2
24
25
18
.
I27I4 12714
1034
1158
37
59
3912
62i2
2314 25
237g
25
12734 12734 *127
12812
1434 16i2
1514
16i8
58
57
5034
234
4584
60%
2%
44
45
45
44
32
32
33
*32
2934
30%
31l2
3012
16
17
18
*92
100
*94
2
134
178
514
797g
7
2i2
31
2i4
23g
5%
79?s
7is
*7978
612
23% 24
22i2
127% 127u *12714
1012 11
10%
•
32%
18
104
23g
23s
578
2i2
2i2
534
85
634
23
*94
104
2%
2%
5%
797g
6%
55
55lg
48i2
53i8
5014
13
1212
12i2
12i2
*117i2
12%
11%
*11712
8,800
69,300
Internat'l
Preferred..
5%
Island Creek Coal....
$6 preferred.........
Johns-Manville
41*
~3~500
13%
13%
700
1018
10
10
*94
96
96
*94
*90
95i8
*90
103
103
35
36
1312
7ig
100
15%
812
100
3334
36ig
934
99l2 100
11
I3i2
5l2
6
100
100
834
9518
9
*9914100
11
514
99
12
6
100
32l2
3378
31%. 32%
1312
13i2
13
13
IU4
w
43
40
42
37
1278
38i2
2ig
11
43
37
38
134
20t2
2H2
23
2214
2%
2;
2l4
23g
2
29
29
28
29
20
26
24lg
*3%
2412
2U2
2414
2H2
234
22l2
234
3:
27
27
25
25
3078
30
3
28
*27
29
3034
27
2914
3i2
*7
8
*14
18
7
7
13%
15%
I37g
1512
135s
1418
5U
43g
43g
24i2
22lg 24
*2l3g 2214
21ig 2H2
H37g 1137g *11214 H378
234
234
212
234
134
2%
234
2514
2614
2514
2712
15i2
*4I2
1
1*8
*3%
2234
*1314
2612
463g
734
4034
3l2
23
133s
2634
4734
734
1
*
7
13%
15
12
1'8
78
1
84
3U
3i2
3
2H2
I3i8
24l2
22l2
13U
267g
2i2
19U
11%
23l2
42l2
67S
46
38
218
2014
llU
22lg
3714
36
7l2
5l2
5
7g
212
2034
11%
23i2
38%
6
*37
179
178
178
17712
21
21
21
*10778 10812 I073g 10778
28%
21% 2978
3U8
4134 4134
4034
42
234
338
*3%
33g
1714
1778
1712 17%
*108
109U *108
I09i4
22
2312
23% 2358
155
155
*150i8 155
*19
1914
18i2
19
54
*55
56
55ig
3214
3234
*135lg 138
2414
2412
28ig
2812
32
32
13512 135I2
207g
24%
4ig
6i2
28
10l2
1078
3314
414
6i2
3314
27
I07g
/107g
32
34%
4i8
312
6
6
101%
963g 9934
*175
178
180i8
20
2018 *19
2112
19
2034
32
33
32l4
9
10
12ig
13
15i8
I4ig
30
34
35is
29
25
150
150
143
16
161^
1414
14i2
1414
1334
14l2
15
14
*114
1%
*114
43g
1*2
llg
4l2
4
H4
43g
4%
5
Ui4
131S
HI4
lll2
4478
40U
45
3614
13
4178
9
10%
1234
13
30
30%
29
30
27
29
30
27%
29%
25
27
165
165
3i2
3%
28
27
27
102
102
102
46
314
*110
•
4914
3i2
27
26l2
100% 10H2
I35g
I37g
1312
14
1378
14l2
1434
14U
1512
1534
111
*100
11H8 *110
22
21
2514
2534 2534
1434
15%
19
20
21
31
31%
10
11
13%
14
38%
27%
18%
31%
9%
13%
3134
383g
25
27%
32%
26%
141
142
102
3178
10%
15
103
I97g
16%
108
108
1834
*143
20%
155
2734
111
225g
145g
145g
13
1
4
384
27
3012
15
27
25
*9%
11
28
31
2%
5%
3%
5%
5,800
1,500
4,600
6,700
298,700
28,000
2,500
1,900
1,900
700
32
30
27
15%
15%
15ln
9,500
13%
1,900
*1
1%
4
4%
434
2,400
29,500
1,500
14,900
1
1
4
4%
4%
4
4
12
11%
1134
10%
II84
39
37%
4278
10%
26%
247g
34%
834
2534
4278 102,100
11% 38,000
27
3,800
2534
9,000
*150
s4l%
3
*2212
101
12
125g
*100
20%
9
9
26
25l2
25%
165
43
314
2534
101
1318
13%
108
2134
Lockheed Aircraft
Loews
23
*155
42%
165
43
24%
*155
165
4,800
4,600
3
3
*23
25
24
100% 101
*127g
13
12%
13
100
101
20%
3
3%
24
t6.50 preferred
100%
12%
12%
13
13%
110
100
21
20
21
5,700
t In receivership,
a
18%May 17
30%May 14
9
May 15
13 May 15
27% Mar 18
25 May 15
par
1
No par
102
May 17
18% Jan 2
32%May 17
2 May 15
l6%May 17
1
Corp No
par
Long Bell Lumber A ...No par
25
5%
preferred
..100
Lorillard (P) Co...
106
100
Nashville....100
Mac Andrews & Forbes
6%
10
preferred
100
M&ck Trucks Ino
3
16
Apr
145
Sept
171
142
Jan 23
7
Madison Sq Garden...No par
Magma Copper..
.....10
Manatl Sugar Co......
..1
...No par
4
35
Deo
Jan 11
123
Sept
21%May 3
73
Apr 29
5% Jan 24
56% Feb 6
37% Apr 12
36% Jan 5
6% Aug
25% Aug
3% Jan
Jan
19
84
Maracalbo Oil Exploration.. 1
Marine Midland Corp
..6
preferred
$3 preferred
$6 1st cum pref
McCall Corp
4
Def. delivery,
n
New stock,
77g Aug
18
Apr
119% Sept
1434
jan
87
June
IO84 Jan
3284 Sept
125
Mar
13
Sept
18
Oct
59
105
Jan
122
Sept
Aug
133
June
35
Apr
83
Sept
Apr
Mar 27
4
7
9i
Mar 15
7% Apr
20
4
Jan
6
15% Jan
8
97
Feb 23
15% Jan 8
109
Apr 18
17% Apr 23
97g Apr 23
103% Apr 16
387g
14%
46%
234
Jan
Feb
3
9
Apr 18
Jan 24
3134 Apr
8
26
Feb 16
4
Feb 26
29% Jan
34%
9%
1834
16%
3
Apr
117% Jan
5% Apr
11
8%
90
Apr
Sept
Apr
7% Apr
5
Aug
79
June
28
Apr
834
6% Apr 5
3534 Jan 4
23% Jan 10
38
Dec
4
Sept
30%
20
Apr
3»4 Dec
2384 Sept
Apr
Apr
12% Sept
12
Jan
3% Apr
Jan
5% July
37% Oct
17
Apr
25
Mar
Dec
118
Mar
2% Sept
1% Jan
% May
1% Apr
2434 Apr
20
14
Feb 19
29
Jan 11
9% Apr
23
Apr
36% Apr
4% Apr
9% Apr 20
Apr 15
Apr 15
109% Apr 5
180%May 9
29% Oct
13% Jan
23% Jan
18% Mar
112
Jan
3
Oct
26% Aug
5% Jan
2984 July
25
4
63% Jan
Sept
40% Sept
I67g sept
Apr
Jan
4% Jan
99
1«4
115
8
I684 Nov
997g Jan
18
July
100% Dec
1484 Mar
10% Mar
I27g
20
7
Jan 6
Jan 11
Sept
Apr
Apr
Apr
20%
Jan
jan
11% Jan
24
12% Apr
85
19% Jail
12184
Sept
6% Sept
3% Sept
884 Sept
2784 Jan
13% Nov
3284 Mar
5634 Mar
10
Sept
45
33
Sept
43% Aug
109
95
Sept
108% Aug
l0934 Aug
95% Sept
152
Sept
23% Apr
29% Jan
4
15
Apr
3
2034 Aug
40% sept
41
6
31% Apr
47
14% Apr 27
18% Mar 27
10
18% Sept
13% June
19
4l7g Apr 16
37% Mar 15
2984 Dec
30% Sept
54%
109%
39%
46%
4%
I884
Apr
Apr
Apr
8
8
2
Apr 10
Jan 11
Jan
101% Sept
0
2
3
2
105
May
3
138
21% Jan
4
Jan 25
Jan
Aug
10% Sept
162
35
Mar
38% Sept
l09%May
25% Apr
60
Aug
Jan
19% Apr
1584
180
May
19
Nov
Mar
Jan
3284 Dec
Jan
109% July
2I84 July
62
Jan
6% Sept
22% Mar
110
24%
June
Feb
Sept
159% June
jan
20% Mar
30% Apr
67
Sept
Aug
Nov
Jan
3
May 17
Mar 20
l0%May 15
34%May 17
734 Jan 15
23%May 15
23 May 17
161% Jan 6
a;41%May 15
3 May 15
12
Cash sale,
Sept
7% Nov
Dec
9% Jan
97g Feb
13
3
Jan
76
107
Aug
......No par
r
Sept
Sept
18
24
98
May 17
Jan 11
May 15
l2%May 17
1
6% conv preferred
100
McGraw Eleo Co..........
Jan
37g Sept
38
28*4 Jan 3
31
Apr 15
1284 jan 4
...No par
No par
McCrory Stores Corp
Apr
60% June
40»4 sept
33
Oct
35
May 14
334May 15
par
May Department Stores—.IO
Maytag Co......
No par
Jan
31% May
I4S4 Jan
67% Dec
6% May
135
4
1
100
Jan
29
Jan
May
Feb
1
Market St Ry 6% pr pref. 100
Marshall Field A Co...No par
7%
39%
Sept
5584
138
Apr
14%May 14
14%May 14
13 May 15
Ctfs of deposit..........
Manhattan Shirt......
25
No par
Apr
28
27
No
6%
387g Jan
Mar 13
Jan
10
3
133
8%
17% Sept
Jan
124
27
Martin-Parry Corp
Masonite Corp
Apr
2% Aug
3
guar. 100
Mathleson Alkali Wks.No par
Sept
Oct
136%May 10
Ctfs of deposit......
Modified 5% guar......100
Martin (Glenn L) Co..
3'4
Oct
41
19584 Mar
71% Sept
16684 Aug
18%May 15
24 May 17
934May 15
28 May 17
2%May 15
5 May 15
Macy (R H) Co Inc....No par
t Manhattan Ry 7%
457g sept
57g sept
37g
Jan 12
133
No par
Mandel Bros
7
141
Louisville Gas <fc El A ..No par
Louisville &
Mar
1834May 17
May 16
16% Feb 10
4434May 17
2734May 17
...10
7% preferred
630
3,400
8,300
*100
May 17
Loose-Wiles Biscuit
400
101
Mar 21
18
No par
Lone Star Cement
60
43
41%
Corp
Inc.
Loft Ino
900
153^
13
I03g
2312
2434
Liquid Carbonic Corp..No
30
15
171
par
Lion Oil Refining Co...No par
230
19,000
12,600
4,100
1,900
19,600
25
100
Lima Locomotive Wks.No par
Link Belt Co.........No par
250
36
8l2
Series B
Preferred..
30
10,700
7
Lily Tulip Cup Corp..No
900
27
1
May 17
l834May 17
ll%May 15
22 May 17
36%May 17
5 May 15
35 May 14
98%May 16
96%May 15
1
.....5
Liggett & Myers Tobacco..25
700
*27
15%
15%
13%
4%
24
34 Apr 17
2
Life Savers Corp
30%
15%
13%
414
13534
2278
3%May 16
May 14
18 May 15
108% Apr 13
l%May 15
No par
Libbey Owens Ford Gl.No par
900
15
17
17
15
18
.6
Libby McNeil & Llbby
16
15
13
15
Feb 27
26%May
4%May
10 May
12 May
Corp..
1,700
*27
15
1312
Bid and asked price ; no sales on this day.
27
20
25
pref erred..... ..50
9,800
2334 354,000
33
6,200
234
7,700
17
3,200
32%
2%
4534
2734
1414
102
18%
135
1514
*27
175
18
28
16l2
51%
3%
175
1834
conv
Lerner Stores
5,600
99%
175
1834
30
1612
*14l2
49lg
3i2
98% 100%
6%
2
Jan 15
l%May
20%May
21%May
2%May
..1
Lehman Corp (The)
Lehn & Fink Prod Corp
900
634
28
27
515s
98%
13512 13512 *l35ig 138
*135% 138
20
1934 2l5g
18% 20
22%
25
25% 2678
253g
247g
25%
10
10%
984
10
934
934
30
3H8
29ig 29%
2934 30%
27g
312
25g
3ig
2%
234
5
5
7
534
534
*5%
"
*27
51%
*95
1734
30
169
38
98%
17%
31
165
40
4434
*28 lg
...
15,800
17%
*28
*170
38
45%
30
16
*29%
2,600
2,000
17%
30%
12l2
10,600
45%
28%
30
9l2
20%
11%
23
I75g
16
6
1834
11%
48
28%
30
45g
9,400
22
35
1
Leblgh Portland Cement
26
4% conv pref erred.... ..100
JLehigh Valley RR..
50
Lehigh Valley Coal ....No par
9,700
278
17%
*30
634
"16
4634
17
v
84
2
No par
Lane Bryant.........No par
Lee Rubber & Tire
5
Jan
May 17
10%May 17
No par
Kroger Grocery & Bak.No par
Laclede Gas Lt Co St Louis 100
6% preferred
100
Lambert Co (The) ....No par
12,000
9
28
No par
Kreage Dept Stores....
90
2%
90
Kress (S H) & Co
400
178
19
32
14
113
50
32
*6
145
18
*111
18l2
*16
44
9834
175
19%
50
*30
458
26%
,
98%
4%
36%
5%
,38
104
I035g 10434 *103
*103
105
2l7g
24i8
2l5g 23l2
1934 23%
3834 40i2
35l2 37
3234 35%
2
2i2
234
2%
2%
2%
I67g
1714
1634 1678
16% 1634
108
108
*108
108
10914 108
20
22
1934 20
20% 20%
*30i2
4l2
3%
3%
19% 20i2
I8I4
18%
H2I4 H2I4
134
2
34
1
2l4
2%
19% 20
IH4
11%
6
21
26
200
3734
♦178
3234
12
6
38
33
350
3934
100
39
5
23
*35
I3i8
I534
257g
28
23
*96
13ig
16
39ig
5
Jan
1034 Jan 31
5%May 15
$5 prior preferred...No par
Kresge (S S) Co
...10
10,300
1,200
1,600
20,200
31*
95
1
Kimberly-Clark
Kinney (GR) Co
5,400
36
13ig
*1534
38ig
3134
25%
Feb 23
Kennecott Copper
930
25%
*2
38
191% Mar 12
62s4 Jan 4
121
Feb
May 16
Keystone Steel & W Co.No par
4,200
2,200
103
34i2
22%
1% Apr
77% Jan
8%May 17
100
107s Sept
2% Apr
7% Aug
5% Jan 5
14% Apr 20
3% Dec
46% Oct
109% Dec
5
Jan
Sept
57g Dec
9% Mar
Apr
Apr
4
62
10
cl A.l
Dec
6
17
97
Kendall Co $6 pt pf A..No
par
2.700
14%
98
35
2%
23%
22%
4%
2034
18%
35
35
*1%
2134
4
102
19l2
30i4
IOI4
1334
30ig
I84
22
22%
234
conv
90
Jan
28
1
Class B
5,200
1,900
13%
106
24
Kelsey Hayes Wh'l
71,500
1134
38
13%
105
19U
34i2
12i8
14l2
34%
2834
1%
2H4
2134
234
253g
26%
327g
105g
38
13%
Xl03
24i4
28
1112
38
11
*36
5
,
127g Jan
2% Apr
127%May 14
4 May 17
l3%May 17
5
Kelth-Albee-Orpheum pf
360
10
107
2414
32%
100
210
27
10712 xl03
20
3H4
100
8
Apr 10
8% Jan 9
100
5% conv preferred
Kayser (J) & Co
16,100
12,400
12
107
4012
99
12%
634
534
2734
534
107
4034
99
11
Kaufmann Dept Stores
1,300
"""706
12
6i4
5
*3is
434
21l2
19U 1934
18
18l2
1812
18U
H214 11214 *11214 113
134
2I4
1%
134
13
24
41i2
6i2
*9914 108
H3g
12
534
63
95%
8%
8%
*99% 108
135g
6%
12
18
2034
9
12
*3l2
15i2
2414
6I4
9
Jan
Mar 28
Apr
14
9
3
47% Mar 20
113
Apr
10
*94
6% Feb 28
Mar
14
10
21
Apr
Sept
16
15
96
9884 Sept
Apr
69
11
102
Apr
9%
130
15
Aug
4%
234
284
17%
ll%May
120
Sept
157
67
6% Feb 14
48%May
Preferred
Jan
131
167g Apr 11
100
11
*9
Apr 16
90% Apr 27
90
Jan
9% Sept
29%
Apr
147% May
158
Kalamazoo Stove Sc. Furn_..10
Kan City P & L pf ser B No
par
Kansas City Southern. No
par
4% preferred
....100
12
101
No par
80
Jones & Laughlln Sfl pref.iQO
15
*94
No par
4% Apr
I684 Apr
4
1,700
15
1034
10312
15%
16
834
834
123
3
Jan
2,100
1134
*10
1
Jan
434 jan
478 Jan
10% Jan
5%May
797gMay
6% May
22%May
1
(W B) Co
Jewel Tea Co. Inc
150
12
*102
l34May
l7sMay
1
Jar vis
....
4
100
1
29
118
102% Apr
May
97% Jan
Telep <te Teleg...No par
Foreign share ctfs...No par
Interstate' Dept Stores.No par
Preferred...
-.100
lntertype Corp
....No par
934 Apr
Highest
% per share I per share
28
16
50
7% preferred
10,100
1712
4i2
*
No par
No par
Lowest
l0%May
37
May
51%May
123% Jan
12
4%
100
Inter
50
17
5
22% May 17
May 17
1034 Mar 18
5034 Jan 18
2
May "
4334May
31%May
2934May
.100
International Sboe
International Silver....
May 15
127
15
preferred
International Salt
7,300
4,800
I734
1214
4%
...100
5% conv pref
Internat Rys of Cent Am
60
*12
5%
5
.1
Inter Paper & Power Co
300
6
1734
Mining Corp
Int Nickel of Canada.-No
par
500
6U
5
100
Int. Hydro-Elec Sys class A.25
Int Mercantile Marlne.No
par
2,300
1,600
12
*117%
par
Preferred....
20,500
85,200
634
12
par
Prior preferred
100
Int. Business Machines.No
par
Internat'l Harvester...No
200
797g
*127%
1034
11%
38% 40
51% 56
125% 125%
5134
51% 54
Agricultural..No
3
2%May 15
2%May 15
26%May 13
105 May 17
2%May 15
7%May 15
l%May 16
21
May 17
155 May 13
47%May 17
148 May 17
2
May 15
6%May 14
100
.
Jan
May 17
9%May 15
5%May 17
Intercont'l Rubber....No par
No par
Internat
10,000
24
76
Interlace Iron
88,400
5,400
—
125g
6% preferred
19,400
6
23
150
pat
...
250
f per share
100
Inspiration Cons Copper.. 20
100
2%
234
Year 1939
Highest
5% Jan 31
l9%May 17
91%May 17
No par
-Insuranahares Ctfs Ino
1
t Interboro Rap Transit... 100
Certificates of deposit
Interchemlcal Corp
No par
16% 177,300
5834 56,900
2%
2,100
290
45%
800
34%
33
1,500
18
1,800
11%
3758 3984
3934 40%
53
55
5934
5712
125
125
*123i2 127
64l2
*117
2%
1812
1278
125
247g
127
12%
63
62
125
22%
127
48,000
1,500
8,000
2,600
62,700
5,000
1,100
3,100
3%
*148
6,600
7,500
9%
10
.No'par
Ingersoll Rand__.
6% preferred
Inland Steel
130
31
105%
Range for Previous
9 per shecre
Par
,,
Indian Refining
Industrial Rayon
1,300
78%
1178
5%
234
1%
1314
6
20%
94
156
734
657g
...
19%
91%
*140
3
8is
Range Since Jan. 1
On Basis of 100-Share Lots
Lowest
1,900
11,600
634
9U
8%
1%
23U
1314
*118i2
*118
6
l3g
H4
H2
2314
23i2 24
*161
163
15514 164
50
5218
4934 51l2
23g
75s
657g
*6
3
*10514 I07i2
23g
2i2
27g
125
126
3
107
12512
*125
$ per share
234
14%
5612
214
4334
343g
31ig
353g
33%
2H4
33%
2U4
*98i2 104
234
3%
53l8
162
24
49
3412
27
157
128
3
49
712
*7%
77g
26
26
275g
*12714 130
*12714 130
*13
13i2
llU
13%
46
$ per share
65g
3163
EXCHANGE
Week
514
68
*26
45
$ per share
May 16
STOCKS
NEW YORK STOCK
the
CENT
Friday
May 17
23g
6I4
534
27'2
*2134
100
51
3%
534
2534
*33
1%
155
11%
197g
69
3%
48%
367g
234
9l2
1%
25l2
54
93g
129
19ig
234
8
158'g I58ig *153
12
2734
*128
)
May 15
107% 110% *103
4
93g
6
IH4
6'8
22i2 24l2
I95g 2214
96
99
IO314 105
*154i2 157
*15412 157
14
*35l2
534
6i4
z84
*111
I
NOT PER
Thursday
.
6%
8678
14%
8634
SHARE.
Wednesday
Sales
for
Saturday
May 11
6
101
38
8
18
11
5
28
16
9
Apr
30
Nov
27
Nov
29
Nov
6
17%May 9
17%May 9
16% Jan 17
l%May 9
6% Jan 5
8% Mar 29
15% Feb 21
47«4 Apr 16
1434 Apr 15
407g Jan 8
3284 Apr 15
170
Mar
2
53% Jan 4
4% Feb 23
30% Apr 3
105
Mar 29
16% Jan
177g Apr
111
29
y
Oct
43% Feb
19% Jan
Mar
May 17
Ex-div.
11% Sept
25% Apr
4% Apr
77gMar
35% Feb
32% Apr
20%May 15
x
25% Sept
3384
Ex-rights.
Apr
Apr
40
784
Oct
Apr
1584 Nov
128g
Oct
16
Nov
10
Apr
10
Oct
1
Apr
2% Sept
4% Apr
37g Aug
684 Sept
984
Apr
20% Aug
2
May
30
Sept
20«4 Aug
155
Nov
4084 Apr
3% Sept
2484 Dec
8%
1784
45%
8%
67%
37%
176
5384
93
Jan
105
107g
984
Apr
Jan
15%
17%
108%
25%
88
15%
Jan
Apr
Mar
Nov
Nov
Dec
Jan
Sept
July
Oct
6% Mar
36% Mar
8
3
Sept
6% Sept
8
Feb 24
Apr
1
June
Aug
Nov
Dec
Dee
1 Called for redemp tlo
New York Stock Record—Continued—Page 7
3164
Saturday
May 11
May 14
May 13
$ per share
$ vex share
*6%
8%
*7%
9%
5%
0%
26%
7%
6%
27%
25
7%
7
106% 106%
108
*105
$ per share
$ per share
5 per share
0 8
6%
6%
34%
5%
35%
8%
4%
22%
5%
24%
21%
0
7
6
100
104
6%
7
9%
36
4
6%
4%
22%
23
6%
98%
6%
*95
9934
9
10%
Shares
7
32%
7
5%
6%
4%
23%
6%
21%
6%
*95
98%
9
85
*82%
85
75
*69
75
28
29
28%
82%
*08%
26%
3%
85
*82%
91
85
x72
72
29
7
6%
3434
10
85
1,100
6,000
24,000
32,400
6,600
34%
7%
5%
23%
678
98%
10%
6.800
70
9,200
85
70
75
300
78
31
75
75
31%
*75
30%
3%
30%
3%
3
18%
19%
16
3%
16%
18
18
10
17
19
15
16%
17
17
14%
27
29
26
27
26
26%
25
8%
13%
9%
15%
7%
13%
14%
28%
31%
18%
26%
9%
1434
3234!
4%
4%
21
21
18
23
24
20
4%
29%
10%
16%
29%
11%
16%
29
9%
15%
20%
23%
29%
11%
10%
36
36%
32%
36
107%
107% *106
4
4
3%
378
*106
42
46
*42
10%
10
1078
1078
42
%
%
2%
2%
%
*3i«
*%
«u
14%
14%
115
115
117
*115
2%
%
%
%
12
14%
105l2 113
113% 113%
120% 121% *119% 120%
44
4578
45%
41
*26%
27%
13%
13%
*16%
26%
31
31
11%
12%
75
110%
6
10%
20%
5%
15
*10
*95
97%
20
20%
13%
11%
17%
13%
*10%
17
*110
16%
20%
14%
21%
11
20
4%
50
48%
4
4%
14
12%
15%
17%
12%
11
8%
167
*165
16
*17%
18%
17%
97%
17%
11%
12%
10%
11%
9%
10%
10
9
16
22%
11%
7%
14%
14%
108% 110
107% 107%
4
3%
6
0%
22
20%
11
IO84
7%
0%
85
14%
110
*80
110
109% 109%
4
4%
0%
20%
*11%
6%
*75
90
6%
20
19
169
170% *164
141
141
21
17
19
7%
58
19
1034
6%
56%
5%
6%
6%
42%
6%
*35%
43
4%
0
9
9%
*
56
570
13
6%
7%
1738
18%
6%
*30
6%
10%
38
*
1934
634
5834
078
10%
3178
17%
6%
54%
57g
10%
3178
7
♦
43
85%
*75
85
300
*41
42%
107%
900
17
88
80
"5"
5%
8%
*834
43
18%
80
43
""4%
5%
17", 100
884
9%
17
3,000
1,100
16%
107
59
56
•
10%
47
8%
15
12%
29%
16%
30%
12%
22%
31
31
29
14%
16%
6%
*5%
5%
*9
11
9
*110
112
110
117% *110
*52% 55% *50
9%
*%
*11
*»16
%
*%
23%
%
24%
119
*115
31%
31%
220
220
112
112
20%
21%
*67
r
58
56
56
2378
23%
*89%
90%
778
8%
110% 110%
*34
37
3%
*36%
3%
40%
•
117% *110
50
55%
%
%
%
*%
%
24
19%
113% 113%
25
30
213
219%
*112
112%
19% 20%
55% 57
55
55%
19%
24%
89% 89%
7
7%
110
*33%
3
*35%
8
7
16%
20
1278
1278
11
12%
110
5
*4%
15%
15%
140% 140%
10%
10%
108
*4
14%
141
6%
110
117%
110
*
117%
"49"
50
109
4%
15%
142%
10%
85g
4234
11
13
"48"
49
1034
13
19
2234
20%
10,700
3,400
4%
1,900
6%
%
%
%
%
%
*16
%
%
»16
U16
*%
%
*%
*%
20%
%
19
19
112
108
112
25
25
205
206
21%
112%
24%
24%
205% 210
112
112%
18%
19%
2134
111
*2534
%
22%
112
2634
*16
1,200
5,200
%
2234
65,500
%
*16
*%
18%
111
250
25
26
1.400
3,000
205
195
208
110
111% 112%
18
19%
207
111
109
110
18
48,$00
18%
53%
55
63
53
52
52
52%
54%
52
52
52
49
5
Nashv Chatt & St Louis... 100
National Acme Co
1
Nat Aviation Corp
5
National Biscuit Co
10
20%
*85%
89%
6
6%
15%
*87
4%
18
90%
6
5%
14%
10%
105
3
14
138
16%
14%
16%
11%
9%
1034
105
4
14%
103
234
13
140% *130
103
3%
13%
138
15
978
*99
3
13
*130
22%
18%
2,100
1,100
23% 206,900
90
*
86
87
6%
108
3134
2%
40%
678
16
10
103
3%
13%
138
Bid and asked prices; no sales on this day.
July
73
Nov
63
Nov
34% Mar
6% Jan
5
5
397g Aug
28% Deo
3
May 15
16
14
26
7
17
15
17
15
28%May
May
13l2Mar
25 May
7%May
12i2May
26%May
100
Nat Bond & Share Corp No par
Nat Cash
No par
Co...l
Nat Dairy Products—-No par
7% pref class A........100
7% pref class B
100
Nat Dept Stores
No par
6% preferred
10
Register
National Cylinder Gas
No par
Nat Distillers Prod
Nat Enam & Stamping No par
Nat Gypsum
Co
1
preferred-No par
....10
National Lead Co
100
100
7% preferred A
0% preferred B
% Jan
% Jan
»i«May 14
lli4May 17
May 17
113i2May 17
117i4May 14
38%May 15
37
May 14
25 May 15
9i2May 15
1338May 15
18 May 17
3
138
National Tea Co
No par
Natomas Co
No par
1
Nelsner Bros Inc
a
5% Feb 16
Feb 28
11
May 14
19i4May 15
Jan 24
Jan
16
4
92% Jan 17
1634May 17
10%May 15
9
May 15
14%May
108%May
107l2May
3%May
2
6
May 17
0i4May 15
May 6
17%May 17
1
No par
No par
N Y Chic & St Louis Co—100
6% preferred series A... 100
NYC Omnibus Corp.-No par
New York Dock
No par
114
43%
8%
10%
25%
4
91
52
50
Ohio Oil Co
No par
Oliver Farm Equip
No par
0
Omnibus Corp
(The)
8% preferred A
Oppenhelm Collins
100
No par
Otis Elevator
No par
100
0% preferred
Otis Steel
No par
Co
$5.50 conv 1st pref. .No par
Outboard Marine & Mfg
5
Outlet Co
No par
100
20,900
Pacific Amer Fisheries Inc
Co.12.50
10
Pacific Coast Co
2,530
1st preferred..
570
5
.Vo par
2d preferred.
No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Def. delivery,
27%
Jan
Jan
Mar
Apr
Apr
10%
18%
Apr
Apr
30
Apr
1% May
47b July
145
Jan
Feb
10
Aug
82
Sept
15%
Jan
20
Jan
59%
50%
5%
Jan
Apr
Oct
11% Feb
29% June
87% Aug
42
July
112% June
17% Sept
Sept
23% Sept
25% Sept
62
45% Sept
43% Feb
10% Sept
15% Sept
118% Mar
Nov
119
May
120
Mar
Feb 20
47
July
62
Mar
% Jan
Jan
4
% Jan 11
26% Apr 22
121
Apr 13
35% Apr
6
226%May 4
113% Mar 27
23s4 Jan 3
17
16
17
14
17
15
17
17
15
6
17
Dec
1% Sept
1% Dec
% May
5% Sept
1% Sept
17
Sept
94% Dec
33% Deo
%
3
2
4
59
Jan
58
Jan 10
20% Jan
8
3
90% Feb 20
9% Jan 3
8% June
70
Apr
31%
Dec
Jan
217
Nov
103% Sept
113
June
168
18%
12%
Jan
7
June
Sept
Sept
100
36
Apr 29
29
2%
Apr
32%
Apr
Aug
834May
234May 15
1234May 17
May 14
7i8May 15
24 May 16
25 May 15
53
May 13
117 May 9
51
May 17
5% Feb 29
2%May 17
9i2May 17
4%May 15
11
Jan 15
27
May 15
Apr
82
Mar 25
5% Jan 3
42% Jan 12
Apr
52% Sept
50% Sept
113
138
7
6
23% Apr
14% Mar
4
4
12
112
Mar 28
5% Apr
18% Jan
144
12% Jan
41
4
4
Feb 19
3
Jan 11
j.4% Sept
26%
Feb
69% Aug
59
Aug
29% Nov
89
14%
Nov
Jan
113
Dec
40
Oct
0% Nov
44% Aug
101% Sept
30
Jan
Sept
100% Sept
4% Aug
20% Mar
113% May
15% Sept
27% Jan
148% July
16
Sept
55% Sept
26% Dec
128
7%
33
Oct
Apr
July
8%
Jan
4
16%
55
Jan 22
54
Dec
Jan 17
40%
114%
Jan
120
Jan
120
Deo
6
50
Apr
70
Jan
10% Apr 26
0«4 Jan 6
2334 Feb 13
12% Jan 4
14
Apr 15
34% Apr 15
3
Aug
3234 Apr
64% Jan
Jan
3
10% Jan
4
50
117% May 17
139
Mar 12
149%May 14
3t2May 17
154
Jan 24
y
16%
106
66
14i8May 14
9%May 15
101 May 17
x Ex-dlv.
18%
100
12% Apr 22
115%Mar 11
111% Apr 30
100
0% preferred
100
Pacific Tin Consol'd Corp.,..!
Cash sale,
8%
3
10i4May 15
r
Apr
4
38i2May 16
n New stock,
73% Mar
32
105% Sept
11% Sept
No par
Pacific Telep & Teleg
190
6%May
Apr
27
No par
Pacific Ltg Corp
Pacific Mills
4,300
2%May
30 May
Deo
2%
8% Sept
18% Apr
3
9
8% Apr 22
Jan 30
4i2May
100 May
3012May
41
39
24%May 14
195 May 17
109 May 17
49
Apr
3
Jan
Feb
Jan
35% Sept
Jan
33% Mar
May 16
May
May
May
May
May
4
Oct
6%
28%
Apr
Apr
July
21% Jan
1314 Jan 15
50
50
....
14%
6%
187B Jan
60
% Apr 27
% Apr 12
17
6
75% Mar 9
14% Feb 20
1034May 17
19
May 17
25i2May 15
3i2 Jan 12
l4 Apr
Jan
Jan
Mar
8%
173% Aug
5% Aug
Apr 29
Jan
Sept
Sept
Oct
52
Apr
Apr
April
Mar 13
63% Apr
110
7%May 15
35%May 17
105gMay 15
10
Norwalk Tire & Rubber No par
Jan
8% Jan
May 15
92
16
117%
4% Apr
4% Jan
20% Sept
10% Sept
8% Sept
83
Sept
177b June
10
Conv preferred
Telegraph...50
18% Aug
33% July
JNYNH4 Hartford
;
26%
Jan
Sept
9
Jan
17% Nov
95% May
23% Sept
Sept
Jan 31
Nov
12%
14%May
48
North Amer Aviation
Apr
4334 Apr
N Y Lack & West Ry Co-100
0% preferred series
55*% pref series
17%
Jan
14% Dec
28% July
132
Apr 27
100
Sept
15
Dec
28% Mar
175
107
22% Apr
May 15
Jan
9
Adjust 4% preferred
87
9%
110
96
Jan
267b Nov
18% Sept
Aug
77s Aug
7% Sept
21% Sept
14778 Oct
10% Apr
934May 16
6
9%
14
152
110
70% Dec
111% Nov
52
148% Jan 29
110
North American Co
Sept
7% Jan
44% Mar
14% Sept
43% Sept
5% Sept
1733s Jan 31
50
100
100
{N Y Ontario & Western.. 100
N Y Shlpbldg Corp part stk._l
7% preferred
100
Noblitt-Sparks Indus Ino
5
Norfolk & Western Ry
100
9
8
50
non-cum pref
Apr
3178May 17
40i2 Feb 10
3i2 Jan 4
834May 15
16%May 17
No par
5% preferred
N Y & Harlem RR Co
Jan
30
9
56
57% Oct
47
Sept
37% Mai
Oct
37b Aug
Apr
10
122% May
8
Mar 14
Apr .4
Jan 0
Jan 3
Oct
May
Jan
Mar
80
21
121
3
7%
26%
15%
12%
Jan
114% Sept
Jan
114
Jan
Mar
2% Jan
9% Jan
1% Sept
2% Sept
6% Apr
15
15
15
88
165
140
14%
18% Apr 17
110% Jan 3
20%May 15
10
8
133s Mar 12
15
Jan
16% Jan
54
Jan
July
177g
Apr
165
6%
19
Aug
21% Apr 30
16% Apr 15
24% Jan 24
170% Mar 0
19
Apr 1
99% Apr 17
20% Jan 3
114
30
4
13% Jan 13
Dec
85%
Apr
8% Feb 16
53
Apr 8
73s Feb 15
22% Jan 3
May 15
lll2May 16
Sept
Apr
Sept
4
18
40
120% Nov
10
50
4%May 15
45
May 17
30% Dec
6% Jan
28% Jan
21% Sept
39% Jan
1678 Sept
16%
105
Jan 16
N Y Air Brake
Apr
Mar 14
1534Mar 20
May 17
May 17
New York Central
40%
31%
22%
9%
Apr
Sept
Sept
Apr
Aug
Sept
Apr
Mar 29
40
Newport Industries
112
Dec
83
107
Newmont Mining Corp
Sept
8% Aug
111
.100
5% pref series A
2% Sept
36
9i2May 14
67% Jan 23
May 17
45* % conv serial pref...100
Newberry Co (J J)
No par
Owens-Illinois Glass
210
30% Feb 1
16
Apr 18
18% Apr 4
26% Jan 9
9'4 Jan
"V, 900
3,600
4,400
2
5%May 15
25
National Supply (The) Pa..10
$2 conv preferred
40
5M % prior preferred
100
0% prior preferred
100
Preferred
11,100
3
Feb
27
300
400
Jan
45
73% Jan
110
3,410
56
15%May 15
7,100
9,900
20
Apr
Apr
110
121% Jan 30
6%May 15
54%May 17
National Steel Corp
37,000
700
Apr
101
85%
Jan
No par
National Pow & Lt
Preferred
35,300
1,100
118
106
11,400
3,200
11,100
Apr
18%
39
Northwestern
3%
Apr
6%
11%
May 15
22
130
1334
1234
Aug
25
%
10%
119
2%May 14
North States Pow $5 pf No par
101
July
11% Sept
% July
193s Jan
May
95
400
7
3
14
1
Aug
2% Aug
434 Jan
15
16%
Apr
1% Jan
Jan 26
86
10%
Apr 25
11
Nat Mall & St'l Cast Co No par
40%
6%
7
434 Apr 24
48
178May 15
*16
1
70
Feb 21
32% Apr 8
12% Apr 10
1738May 9
40% Apr 8
2i8May 15
May 16
834May 17
7i«May 16
278
14%
9%
{In receivership.
56
2
Northern Central Ry Co...50
Northern Pacific Ry
...100
106
*35
*130
6
May
82,700
6%
30%
2%
101
May
82
31%
5
106
100
7% cum pref
50
15
*50%
17%
9
9
8%
734
7%
7%
7%
9%
7%
34
*27
25
34
25
24
26
31%
25% 28%
25
27
25
*24
25
29%
27%
2534
28% 28% *27
*53
53
53
*52
55
55
*52
54
♦52
53
*52
54%
*114% 125
*114% 118
♦114% 117
*114% 125
*114% 118
*114% 118
55
54
51
56
66% 57%
5434
54%
53% 55
53%
54%
7
7
8»4
8%
6%
9%
7%
7i4
6%
6% /
/ 63s
6%
6
6
4
2%
*5%
2%
*5%
5%
3%
2%
278
4%
16
13
16
12
12
12
16%
9%
16%
15%
13%
13%
9
7
534
4%
*8%
4%
8%
7%
4%
5%
4%
4%
12
*10
11
*12%
13%
11%
1134
12%
12%
*934 11
*978
31
29
27
2934
31%
28%
29%
31%
31%
28% 29
28%
43
41
39
40
3934
43%
42%
3834 40
43% 43%
38%
♦13
11
11
13%
11%
10%
10%
10%
10%
11%
13%
10%
124
*116
126% 126% 123% 125
117% 117%
128% 128%
*128% 131
*150
150
150
151% 149% 150
149% 149% 149% 149%
149% 149%
4%
5%
4%
3%
4%
5%
4%
4%
4%
6%
*4%
6%
Myers (F & E) Bros...JVo par
Nash-Kelvlnator Corp
52%
52
*28%
•
Mo-Kan-Texas RR
310
17
17%
36
*34
100
111
85
Feb
36
10%
40
14% Sept
5
5314 Feb 6
26i2May 17
64
No par
...10
16.50 preferred
Mission Corp
117%
54
Aug
103% Sept
40
110
%
*16
%
7,100
6
May 15
Jan 20
1,100
4%
*48 ~
48
177,000
25%
6
7%
*6%
*10384 108% *104
*
*
117%
*105%
*105% 111
*105% 110
37
3134
32% 34
3234 3234
2%
2%
2%
3%
2%
2%
*35
*35
40%
40%
40% *35
7
7
8
,6%
6%
6%
1978
*109
0
6%
112
110
1978
778
6%
♦110
110
*110
7%
35%
Jan
3
9
110
60
4,300
28,500
5,000
88
14%May
107
98i2May 15
Apr 17
32",900
200
10% Oct
101% Nov
4
Apr 15
104
27,200
6,400
33,600
15,300
20,000
1,300
9% Jan
4% conv pref series B —100
Minn Mollne Power Impt-.-l
$4.50 conv
18%
6% Aug
1
1
32% Apr
14
44% Sept
83
*80%
18%
60
170
6,100
1,900
17,200
10% Jan
59% June
18% Sept
8
5% pref series A
37,100
834 Apr
5% Sept
Sept
8% Apr
39
Apr
Nat Bond <fe Invest Co. No par
4,600
9
64
100
1,300
12,300
12% Jan
May 17
700
10
10
7%
33,500
28,200
23,700
47% Jan
42
500
*78
17
*78
40
47
4%
1284
42
42
42% 42%
*107% 110
*107% 110
110
*108% 110
60
62
05
62
02
61%
62%
9
8
8%
7%
7%
10%
7%
41
45
44
42%
42%
48%
45%
12%
11%
14%
12%
10% 11%
11%
12
12%
13%
16%
13%
11%
12%
20
2034
22%
28%
23%
21% 24%
27
27
26%
27%
30%
25% 26%
5
4
4%
4%
4%
5%
3%
20
10%
49%
1,300
17
8%
85
63
45
12%
18%
15%
20%
2,800
106
434
5734
934
39
"4%
*17
67
*65
10%
6978
68
4%
460
27
10
13,600
4338
5%
934
17%
9%
*108%
3%
25
7,400
2,000
9% Apr 25
3
14
17
15
15
15
9
140
'
*108% 110
3
11,900
6i2May
32%May
5%May
4
May
21% May
0
May
Highest
$ per share $ per share
May
200
10
42%
19
141
7%
6734
19
88
18
170
17%
I684
6%
7%
61%
85
21%
580
141
38
*35%
5%
9%
6%
9%
25%
11%
15%
*161
10
43
25
$ per share
122
64,500
200
$ per share
Jan 25
4%
37
Lowest
Highest
111
8% cum 1st pref
100
Minn-Honeywell Regu.No par
Murray Corp of America.. 10
180
72,700
37
5%
48%
pref—No vox
1
6% conv preferred
100
Mead Corp
No par
$6 preferred series A. No par
15.50 pref ser B w w.No par
Melville Shoe Corp
1
Mengel Co (The)
-1
5% conv 1st pref
50
Merch & M'n Trans Co. No par
Mesta Machine Co
5
Miami Copper
6
Mid-Continent Petroleum..10
Midland Steel Prod
No par
$3 series conv
McLellan Stores Co
32,100
41
38%
106
Porcupine Mines..6
McKeesport Tin Plate
10
McKesson & Robblns, Inc...5
5%
46%
118% 118%
10%
Mclntyre
60
113% 113%
150
141
*31
10%
3,800
4,600
18,100
4,700
5,800
100
Zl4
McGraw-Hill Pub Co ..No par
400
169
11
6%
14,200
Par
Year 1939
Lots
Lowest
No par
7% preferred series A—100
{Missouri Pacific RR
100
5% conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chemical Co—..10
$4.50 preferred
No par
Preferred series B—No par
Montg Ward & Co. Inc. No par
Morrell (J) & Co
No par
Morris & Essex
50
Motor Products Cor p.. No par
Motor Wheel Corp
5
Mueller Brass Co
1
Mulllns Mfg Co class B
1
$7 preferred
No par
Munslngwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
12
11%
95
85
18%
38
*35%
200
141
*35
39
4,600
*160
39
12%
43%
11
6%
430
107% *104% 104%
3%
278
3%
37
*32
35%
9
9
834
»!6
%
*%
2
2%
2%
%
*ie
*316
%
%
%
16%
19%
11
15
1134
2034
19%
19%
*140
168
*145% 165%
*12
1578
15%
*12%
*91
*91
97%
96%
17%
1634
17%
17%
11%
11%
11%
12%
10
*9%
934
9%
14%
14%
1478
14%
*108% 111
*108% 111
*
108
108
1085s 109%
4
4
3%
334
6
6
6%
6%
21
20%
21%
20%
*9
6,900
173
8%
11%
40%
48%
6%
j
4,500
6,100
1,040
3,800
3,600
23,600
12,900
145
*
64
*40
*46
18%
19%
28%
3%
114
42
70
*79
62
6%
11%
113
109
4»4
48%
4%
11%
1634
85
141
7%
05
*85
20
108
*91
20
8%
17
1134
19%
21%
*69
*
13
*12
17
*3i6
5%
48%
4%
17
110
19%
778
21
109% 109%
5%
97
13%
10%
hi
70%
138
23%
6%
70
*170% 173
*22%
778
64%
2
*12
*80
20%
8%
*91
90
142
9%
»i«
2%
%
20
110
*170% 173
3
36
17%
*80
9%
*316
3
97%
12%
8%
12%
%
•70
*165
106
24
♦138
%
1%
734
12%
2934
3i«
%
%
%
13
13
13
11%
12%
12%
104
100
102
99
100% 106
*111
114
114
114
114% 114%
117% 117% *117% 120%
117% 117%
40
40
41%
38%
38%
43%
*31
39
37
37
*31% 39%
26
25
25%
25%
*25%
26%
11
9%
10%
10%
11%
10%
15
13%
14%
14%
13% 15%
19
20
20
18%
18%
18%
2%
2%
2%
2%
3%
2%
24
25
23
22
28
24%
10
10%
103s
10%
10%
9%
*48%
4%
12%
15%
5%
*6%
23%
*11%
8%
20
9%
%
*'i»
4%
108% 109%
5%
4%
6%
6%
22% 23%
12%
*11%
8%
7%
5%
6-%
10
9
31
2834
112% 113
43%
443.1
37
2%
37
2%
70
5
19%
12%
10%
16%
111
3%
39%
%
2
50
*94
*109% 110
9%
0
22%
170% 1166
1778 *14
*167
2%
*38%
28S4
3%
105% 105% *105
111% *109% 111%
5%
*48%
4%
16%
17%
11%
21%
50
19%
74
♦110
6%
5%
*16%
12
70
12
75
14%
3%
28
110
22
16%
22%
3
*22% *23%
378
3%
50
13%
11%
16
21
17
31
45%
40%
26%
*37
*39
106
%
%
2%
**U
48
105
3
7%
8%
13%
14%
29
26%
112% 113
44%
45%
119
45
49
48%
49%
49%
3%
16
115
120
119
122
121
28%
On Basis oj 100-Sharo
Week
$ per share
934
12%
STOCKS
EXCHANGE
Friday
May 17
*68%
10%
10
91
*85
J*2
34
7
5%
13%
13%
1
May 15
Thursday
May 10
35%
8%
9%
9%
6%
*26%
7%
8%
37
36
37
37
Wednesday
Tuesday
Monday
NEW YORK STOCK
the
SALE PRICES—PER SHARE, NOT PER CENT
AND H1QH
18,1940
Range for FreHous
Range Since Jan. 1
Sales
for
LOW
May
7% Jan
Ex-rights.
4
Apr
2% Apr
11%June
3% June
9% Apr
27% Apr
41
9%
114
Apr
Apr
Apr
128
Sept
0% Dec
7% Sept
7% Nov
25
Nov
15% Sept
12% Mar
34% Mar
52
Oct
21% Sept
132
June
156% July
7% Dec
T Called for redemption.
New York Stock
Volume 150
Record—Continued—Page
8
3165
AND
HIGH
SALE PRICES—PER
Monday
$ :per share
May 13
Wednesday
May 15
Thursday
May 16
$ per share
3 per share
$ per share
9 per share
8U
8'4
8
8
318
2U4
3
3is
1978
*8
163s
9
*78
7&s
1
*40
684
»805s
87i2
87S
18
♦17
21«
ux«
3914
10112
512
65g
*7978 83
8
834
*17
2l8
4314
2184
20
218
10
13s
10
884
95s
5834
93
3l2
*56l4
9214
*234
3l2
22
10
878
18
is4
3612
17U
37i2
17*2
37.
1714
3*4
3
*13l2
•
18
12i2
11
2*8
218
15s
2i4
14i8
2i2
I6I4
103s
2l4
15i2
103g
*121
175s
4314
*76
83
h
h
3414
3634
40
88
90
84
88
80
*136
146
*129
139
*123
135
*120
434i
*334
1058
28
*27&s
*
*45
|
*26i2
*32
4H2
*
109
6
2314
2312
8U
23
7934
*75
175U
7i8
175
*75
3634
32l4
36l8
312
52
912
934
27
27
*38
85S
7934
9
4112
4
*35
81
53"906
18
18ls
2,200
27
30
2,700
2
100
234
*25g
26l2
4U2
714
734
8,900
5,200
30
3412
30,400
41
800
75
200
4,000
81
80
*114
334
3412
358
5,800
124i2
378
334
*27
45
245
500
21
7
2784
34i2
3212
*35
24&s
*25
27
41i2
245g
9
*35
4,200
41l2
914
22
5l2
412
20
7
72
7
*93s
175
6I4
978
81*
*
634
93s
*29
32
17
17
17
17
36
36
36
13
10U
5l2
72
72
412
2U4
634
72
418
*19
.
*6i4
412
22
414
53s
25
*18
7»2
6
6i2
1212
30
33
8i2
1
*2012
72
169
170
103s
15
8l2
26
1078
15
103s
»I«
26
81s
534
13i2
2612
IOI4
6i2
7
7
25
8I4
25i8
13i2
28
2,700
678
8
514
714
2,900
200
14
15
430
28
29l2
190
1012
3,560
834
10
19,200
25
h
58
84
1834
197s
1734
*1284
I8I4
15
18
18
14
*1234
14
714
712
8i2
1
♦Us
114
Us
H8
H4
**1*
*ai«
U
*i8
14
14
8&S
113s
1278
1358
1138
1334
12 i2
*13U
13&s
1034
1034
12i2
*3912 40l2 *34
30
3612 *27l2
*6634
6678
65l2
66i2
59U
65
1143s
*11438 115i2
114U II414 114
40
345s
4018
3834
40
38U
*112
*1125s 115
11434 *1105s 114
211734 123
*1125s 115
*123l2 127
7
162
*115
2318
105s
*9314
963s
87
87
1314
8578
1178
*13l2
5bg
133g
*14
147g
6
6I4
*80
*6512
*8
1434
312
427S
1312
8
1214
858
*12
8l2
L*5078
15s
13l4
28U
*83
13s
1912
*75
7512
78
»I«
J8
984
78
918
*8
10&S
*2714
29l2
*9212
119
34
78
16,600
16i2
17U
27i2
1178
3,200
34,100
5,000
7,100
*2278
171*
22
29
1218
26i2
18
185s
500
2178
3014
1134
2612
*19l2
1978
3
3
3
3
3
*3512
4578
*3412
*7*8
13l2
467g
10
*351Z
*612
73a
7
7
♦7
1U2
734
10
48
48
48
H2
64
*5612
22*s
83
H4
16*8
13s
193s
7714
7184
9*8
7978
7312
107fi
10t2
10*4
734
85s
413s
3712
3978
57
5334
7
7
634
5334
7
6
5i8
5l2
34
36*4
*8
7n
Jl«
*41*
♦512
512
9
4434
*38
*4*2
*5*2
93
17
7
7
16
163s
34
58
*16
303s
*18
*3»
38
7l«
4
5
34
35i2
aI8
7I0
4
*5
38
40
100
104
39
22
Bid and asked prices; no
26i2
10
*9l2
800
47l2
*44
46
400
64
*56i2
64
10
612
71*
18,800
64
lU
*56i2
15
1678
17
15U
158 26,100
19i8 232,400
76
76
81
82
80
83
1,300
70
70
70
7278
71U
73
1,600
1
7«4
978
H8
914
158
1878
93
II4
10l2
81*
7h
37l2
*5334
6is
r5i8
5i2
16'4
*75
83
55
*75
26
92
934
*18
56
56
1012
1018
1158
10
1178
9712
*75
97l2
85s
97l2
8
*75
*75
83
100
56
7
3878
37l2
*5334
684
612
634
6%
5i8
5i2
16i2
61*
5i2
5i2
*6
16U
l2
12
3414
h
3434
*8
,xe
3s
3g
4
l4
*2i2
57
734
16i2
h
*x«
2414
sales on this day.
6i8
27
t lu receivership,
a
Jan 23
3i2May 16
30
Jan 10
32i4May 14
Jan 23
136
784 Apr
40
4
25
Apr
5
31i4
Apr
Aug
Mar 25
4134 Jan
i8 July
74
Sept
124
Sept
234 July
9
Jan
5
66
8
36
Jan
8
Jan
2
10S8May 9
2878 Apr 26
49i2 Jan 5
6
Aug
23
Apr
284May 15
67„ Feb
Feb
24i2May 15
38 May 10
107i2 Feb 10
110
Jan 17
4i8May 16
7
Mar 12
35U Mar
21* Apr
Apr
Mar
Apr
154
May
6
176
May 10
7%
100
guar preferred
Pitts Screw & Bolt
No par
Pittsburgh Steel Co
No par
7% pref class B
100
5% pref class A
100
5 k % 1st ser conv pr pf. 100
Pittsburgh & West Va
100
Pitts Y'n & Ash Ry 7% pf.100
Plttston Co (The)
No par
Plymouth Oil Co
5
Pond Creek Pocahontas No par
Poor & Co class B
No par
JPorto Rlo-Am Tob cl A No par
Class
No par
B
Pressed Steel Car Co Ino
1
5
50
5% conv 1st pref
5% conv 2d pref
Procter & Gamble
.No par
5% pf (ser of Feb 1 *29) .100
Pub Serv Corp of N J._No par
preferred
7 % i preferred
8% preferred
....
...
Pub Ser El & Gas pf
20
13t2May 16
24
Jan 18
8'sMay 15
100
100
95.No par
8«s Jan
11
Jan
h Feb
175sMay
1214 Jan
6i4May
78 Jan
i8 Apr
858 May
834May
32
14
17
13
17
12
23
14
15
May 16
58 May 16
11258 Feb 16
33i8May 15
16U Apr
8
114 Mar 12
2234 Feb 9
15
Jan
6
1284 Jan
4
214 Feb 27
58 Feb 27
1478 Jan 3
14s4 Jan 3
42i8May
Mar 29
129
165
118
Apr
Jan
May 17
2
2
97i2May
3
4
lOi2May 15
...
4
37i2May
24i2May 24
18 May 17
3
May 14
1
JReo Motors vtc
Republic Steel Corp...No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper A.Braas
5
Class A
....—10
178 Jan 29
23
27
50
10
Remington-Rand
1
Preferred with warrants..25
Rensselaer & Sara RR Co—100
May
155, Feb
151* Feb
714 Apr
90
Apr 15
69
Apr 8
297sMay
4% 1st preferred..
50
4% 2d preferred.......—50
Real Silk Hosiery
5
Preferred
100
Reliance Mfg Co
89
16i2May 17
15i2 Mar 16
Jan 13
Apr
17i2 Apr 8
265s Apr 10
3H8
Apr
Sept
Apr
Sept
147
111
Sept
x22i* Aug
6i8 Aug
70
Sept
6334 Aug
IO84 Jan
11
Aug
Aug
5
85i4 June
5314 Apr
1U Dec
16U
Apr
65* June
1214 June
10'4 Apr
3
8
2078 Sept
16
July
25* Dec
Mar
4
40
Dec
Jan 12
7
Apr
55
May 17
13
678 Apr 22
9i2May 16
6i2May 15
48 May 14
8
6
Mar
Jan
10
Mar
505* Apr
43g Feb
23
39i2May 13
64
Apr
145
May 15
55%May 16
i2May 15
Aug
6i4 Sept
18
112
May 14
Apr 15
l2 Aug
14 May
6
lOH* Sept
117UMay 13
90
Apr
7i2 Aug
Apr 20
136
Feb
61*
128
8
pref.. 100
Sept
Aug
is Apr
17^8 Sept
4312 Apr 8
116ia Jan 11
85
Reliable Stores Corp ...No par
June
6
112
100
100
Raybestos Manhattan.No par
Rayonler Ino
1
$2 preferred
25
18
9
7184 Apr 16
118i2 Jan 2
zl50
77's Feb 13
10%May 17
I4I4 Mar 11
478May 15
Apr
Apr
1212 Aug
32i4 Jan
lU2May
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
95 preferred B
No par
13.60 conv 1st pref..No par
tRadlo-Kelth-Orpheum No par
6i8
22
No par
Company
4
Sept
478 Aug
1934 Apr 8
37 May 10
May 15
Pure Oil (The)
6% preferred
5% conv preferred
Purity Bakeries
2
158
36i8 Apr 24
18
No par
Reading
80
142
No par 109i4May 17
100 zll734May 14
Pullman Inc
Jan
9
61*
Apr
9
Apr
95*
Dec
13i8 Feb
10i2 Jan
5734 Apr
50
69
Jan
60
2
Dec
Apr
1
May 15
Apr
7a July
15
May 15
237* Jan
1278 Apr
76
May 15
95
Apr
43
Apr
65
Jan 23
80
May
42
Apr
784May 15
18 May 17
95s
1484 Jan
Apr
30U Apr
211* July
92
63
Apr 17
Aug
7% preferred
100
5k % preferred
100
Reynolds Metals Co—No par
76«4 Feb 16
45^8 Feb 28
611* Apr 8
1578 Feb 20
375s July
100
1
Reynolds (R J) Tob class B. 10
8778 Mar 12
6i2 Jan 18
37i2May 14
9614 Apr
llUMay
78*4 Jan
5i8 Apr
35
Sept
10
523g Jan 29
52
No par
No par
6i8May 15
6334May 14
83g Jan 3
71* Jan 3
July
Apr
12
10
5H % conv preferred
Reynolds Spring.
Roan Antelope
Common
Copper Mines.
No par
Ruberold Co (The)
1,000
5,900
$ Rutland RR 7% pref
St Joseph Lead
1,000
2678
136
May 15
40i* Jan
4
....
22U
Jan
684 Sept
684 Apr
50
400
40i2
17
4
2,600
102
2
2
Apr
200
98
8
69i4 Feb 16
154 May 6
169 May 16
4i2May 15
5
May 15
25 May 16
1,700
36
Apr 25
9i8May
1018 Feb
95 conv preferred
No par
Pitts Ft Wayne & C Ry Co. 100
Ritter Dental Mfg
78
276g Sept
Apr
Apr
12
800
478
Mar
131* Sept
4
Richfield Oil Corp
*3g
24
21
4
47,000
*212
*434
55* Sept
Apr
May
75s
93g Apr
20
14
2
2738 Jan
7x«
7i6
Mar
Aug
May 15
36l4
*58
124
301*
4i2 Jan
1314 Apr
3934 Apr
2914 Apr
100
1
15
Deo
June
5l2May 14
18.100
478
*434
38i4 40
10178 10212
23
15",200
17
44
100
678
5i2
6i2
1612
31
36
100
12,900
33
2134May
38«4 Jan
100
Corp No
3812
57
*5334
...
37«4
4034
100l2 10234
2112
600
.55
734
38
18
39i8
57
3234
J8
*2*2
18
13,100
2434 Jan
Aug
100
25
preferred
Rels (Robt) & Co 1st
"l'lOO
*45
*434
44l2
10612 108
2634
30l2
20
7
73g
97l2
97i2
1312
7
9
*87l2
*80
4378
*684
734
1,700
7
*47
12*8
*35l2
44
10
3
91*
73s
52
10U
*634
3
200
48
6i2
♦46
H4
38
20i8
2293s
IH4
*2278
20
684
"4",400
58
78
171*
2178
3014
1212
26
13l2
*8
*38
*
66
56
57
34
56
3734
3034
555s
100
1714
*56
8I2
5078
*65
100
5l2 lWOO
478
78
91
83s
53s
1734
12U
17
295s
59
56
40
5
h
*75
♦5334
*13
11
14l2
17l2
20*8
28&8
1012
*2278
83
*7
108
58
*83
•
1412
*65
83
93s
4458
100
26
1714
108
*65
514
*17
6
*78
478
24
6U
17
*13
14
*16
*6
*7*8
*13
103s
414 Sept
47
Sept
21
Sept
25e Feb
13i8 July
II84 Mar
691* Deo
9484 Aug
4*4 Sept
Sept
par
6%
Pitts Coke & Iron
180
1112
Jan
Jan
Apr
100
Preferred
100
11
Jan
26
Aug
2
6
Pierce Oil 8% conv pref
200
*17
11
12
Hosiery
117
20
314
7
Phoenix
155
400
Jan
1358
Jan
137
3,100
8,800
Jan
Feb
14i8
1071*
21*
171*
1184
1201*
9
.155
91*
Apr
601*
104
'4
97i8May
*116
81
Apr
74
80
*130
89»4
48
Philip Morris & Co Ltd
10
5% conv pref series A
100
Phillips Jones Corp....No par
7% preferred
100
Phillips Petroleum....No par
138
8
1178 Apr
II4 Aug
584 Apr
25U Dec
8*4 Sept
2
Sept
Apr
117
79
Apr
1
158
8934
36
5g Mar
158
8H2
III4
Apr
Jan
Apr
*133
81
1181* Jan
15
11*
75
6%
34,400
82,000
Jan
5
Sept
Sept
6i8 Sept
72
Sept
7% Sept
1414 Sept
92
28i8
95 preferred
21l2
25
Apr
35
36
500
18l2
June
4
300
2H2
9
90l2
5
Jan 11
122
1914
8I4
*8934
Deo
15
Feb 17
165s Jan
40
Jan
1978
Jan
*116
813g
1012
11,600
4
15
16
May 17
May 17
May 17
May 17
434
85
100
260
22
12i8Mar 4
lOJsMay 13
621* Jan 6
96i2May 8
4i8 Jan 8
share
1178
47
600
10,800
22U Apr 16
23s Mar 12
per
Apr
978 Sept
Jan 20
400
68,100
7
6
Highest
Deo
3
74I4 Jan 26
14 Mar 20
123
*118
28
7
10
41l4
2412
80
400
7,300
2
Feb
23g Apr 12
44i2 Apr 9
,
7
$6 preferred
No par
Phlla & Reading C & I.No par
*116
119
7512
1312
9712
10*4
4134
57
7lg
*5334
11
2412
19*8
32
58
68i2
58l2
60
59l2
1125s 114
1127s 113
*11318 114
34
3558
33ig
36l2
35*8 3534
111
10912 10912 *109
10914 110
25
563s
14
22i2
3H2
1134
32
*18
884
10i8
*2714
834
11
91
1312
18
19i8
*56
13U
28i4
563g
18
30
5078
79
623s
1
78
19i2
3578
14l2
2558
20i2
3U
39i2
13l2
75g
8
86
v
1
100
263s
12
22
86
55g
60
712
15s
2114
*76
518
65
*8
52
64
*64
6*s
32l2
1U4
2558
20l2
314
39i2
2134
•
14l2
21
2612
*7l2
*1318
*75
18
2612
36
1434
*2558
*20l2
*314
*39l2
12
100
1
1
20i2
25i4
3534
zl0i2
64
66l2
1
20
1314
14l2
*80
100
83
80
87
*"!•<•
»16
160
117l2
24
1078
7«
14
11
10i8
2912
60
2,500
6I4
!8
85s
884
14312 *140
*160
8I4
WX6
136
145
Z138U 13814 136
151
154
153
16112 2150
117
*116
117
11714 11714 *115
18
20
lSVt 213s
20U
24
918
1034
8i2
914
8*8
9
92
92
*89
92
92l2 93
*140
1,500
4,600
1234
8is
5g
1734
13
8
58
175g
84
27
15
15
25
5
Pfelffer Brewing Co...No par
Phelps-Dodge Corp
Philadelphia Co 6% pref
2i4May
14i8May
103sMay
118i2 Jan
17i8May
18 May
share $
per
2
Jan
18
1
May 15
65sMay 17
534 Jan 13
50i2May 16
78 May 17
15sMay 16
50
No par
Corp of Amer
9
'16i8 May 17
2084May 16
7 May 17
6's Jan 11
30 May 17
Pirelli Co of Italy "Am shares"
25
84
IOI4
20
2034
15l2
*14
7g
205s
Petroleum
.Pittsburgh Coal of Pa
160
14
78
Pet Milk Co....
3,700
1,000
...
*78
100
100
Pill8bury Flour Mills
110
73
273
70
174l2 17412 *—. 175
434
57S
4i2
5l2
7
6
7
8I4
27
2912
25i8 26
14
15
*15i8
16
1284
3512
*152
30
5% prior preferred
5% preferred
600
*15312
175
conv
Pitt C C & St L RR Co
518
22
No par
Peoples G L & CC(Chic)..100
Peoria & Eastern Ry Co
100
Pere Marquette Ry Co
100
10
52
♦413s
93s
9
16,000
200
4
*3
"l'eoo
10
35
.No par
A Coke Corp....10
pref ser A...No par
Corp v t c No par
97 conv preferred
No par
Pennsylvania RR
60
Peoples Drug Stores Inc
5
970
sxi
6
97
1,810
75
35
3284
*20
1,300
40
129
3l2
52
2034
8U2
*27
95g
24l2
18i2
1718
109
5
23l2
234
*42l4
U
*116
32
6
712
132
32
*—
109
5
6
8U
IOI4
2734
*121
80
4
32l4
Penn G1 Sand
42
41
3l2
*42*4
4
52
93s
41l2
*
38i2
1,600
1,200
42
4
334
11
3338
*33
4!4
41
16l2
11
*75
i4
82i4
95
16
7is
814
3478
14
94
Penn-Dixie Cement
7i8
76i2
3g
9,800
8
42
Patlno Mines & Enterprises .10
2i2
71s
76i2
82
I4
12
*39
41
*76l2
No par
2U
8
35i2
*4212
85
75s
2l2
1612
1212
18U
33*4
4312
812
lSgMay 15
36l2May 15
17i4May 15
Penn Coa
28
21
7*8
75s
1
8
1
May 16
Jan
\
share
45l2 Apr
5
101i2 Jan 25
85s Apr 4
94
Apr 15
1018 Apr 6
7i8May 15
17
1,600
16i8
21
Parke Davis & Co
Parker Rust Proof Co
74
1
2
22
22
Park & Tllford Ino
Park Utah Consol Mines
2
2
1758
21
10
Penney (J C) Co
263s
18*4
21
100
Penlck & Ford........No par
25U
1714
2034
I8i2
6% 1st preferred
6% 2d preferred
12,000
27
30
17
1
per
8i2 Apr
»x«May 15
Paramount Pictures Ino
Year 1939
Lowest
8I4 Jan 4
4i8 Mar 11
2514 Apr 4
36i2May 14
99i2May 7
484May 15
.100
48,500
1,400
7l2
28ls
1
No par
conv preferred
83s
7
714
25ig
1634
*2084
7Js
75s
5
53
8
93s
Transp
81
*7i2
8
18
6
78
8
2978
2934
Airways Corp
2.50
Parmelee Transports'n.No par
Pathe Film Corp
__l
3,100
9
2i4May 15
15
May 17
684 Jan 16
21,900
lis
share
684May 14
8
65s
2
I884
30i2
234
Ids
3314
22l2
383s
53
18i2
M
8i4
234
I8I4
*918
32i4
18l2
37l2
*4212
*76i2
*334
3,200
3,900
*2
17U
*2
734
9
38
*10l4
38
"18
18
18l2
30
18
234
75s
*50
,3714
...
17i8
*2
8i2
36i4
*11
*121
30
37
37«4
18
6U
81
812
"lSJOO
2
per
10
Panhandle Prod & Ref
15,500
S
Range for Previous
Highest
No par
Parafflne Co Ino
300
734
*4978
8434
89",200
1&8
-
Pan Amer
4%
18
83s
53
80
19
39i8
7i8
5U2
51
87i2
234
4I4
57S
83i2
93g
5312
75s
200
74
*15
1
8412
11,600
178
2l5g
52
2012
87S
34
5
1
34
*33
7l2
18
71*
7i2
50i2
*2
534
718
*15
1834
1978
3012
205g
734
385s
714
Pan-Amer Petrol «fe
35
*70
Us
20U
41
534
74
8*8
*121
734
*412
5
74
100
10H2
1
234
834
*33
53s
*
Pacific Western Oil Corp
Packard Motor Car
*5s
*343s
34I2
10H2
15s
3878
1958
312
20l2
1H2
7xe
84
♦32i2
*
75s
73s
33
34U
23l2
2378
*22
8^
*658
13s
234
12
*9»2
34U
23l2
7i2
.
15
87s
21
*2
173s
7*2
34
Par
7i2
2&8
1534
*6*2
Lowest
2,000
7
3i8 131,800
1734 103,000
634
3*8
H4
35
*2034
*3412
*15
2
*2i2
18l2
678
23j
79
7»s
Shares
634
36
434
9 per share
634
100i2
79
8
1I8
312
*121
2078
*35
Week
25s
177s
•i«
"u
7978
1*8
318
20i2
1112
*121
8
18
*234
12
203s
797g
7i2
103s
563s
92i4
89
18l2
Ranoe Since Jan. 1
On Basis of 100-S/iar« Lots
EXCHANGE
Friday
May 17
i
8
55l2
3%
22l2
12
2H2
U2
634
214
165s
*514
3612
38
43
678
3i8
10034 »
5i2
5
2l4
9
15s
*li2
5s
36t2
*
♦15
18
41
22
*43
1612
♦73s
75s
78
*
678
*884
20
3914
42
*9934 10H2
684
234
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Tuesday
May 14
3is
Sales
for
LOW
Saturday
May 11
100
—10
JSt Louis-San Francisco—100
6% preferred
—100
jSt Louis Southwestern... 100
5% preferred
100
Safeway
10,320
preferred
Savage Anns Corp
11,400
Def. delivery.
Stores
» New stock,
5igMay 14
5i2May 15
15 May 17
i2May 15
303sMay 14
i8 Apr 19
UMay 16
2
4
Jan 30
Jan
9
..No par
15~ 900
5%
934May 15
36
May 17
100
98
May 17
No par
r Cash sale,
19U Jan 15
x Ex-div.
44
May
8
2
8
Feb 27
2218 Apr
13g Feb
4
9
42
3
Jan
8* Jan
2
78 Jan
3
5
May 10
45gMay
53
7
Mar 14
llli2Mar 28
31i4 Apr 26
y Ex-rlghts.
7i* June
65*
61* May
Sept
155s Sept
84 Apr
27U Apr
14 June
3s Aug
May
I84
33s
2734
821*
1034
May
Apr
Jan
Apr
J Called for redemption.
New York Stock Record—Continued—Page 9
3166
May 11
|
$ per share
[
|
May 13
$ per share
Tuesday
May 14
Wednesday
May 15
Thursday
May 16
$ per share
$ per share
$ per share
1212
12%
11
1284
10
1078
84
84
80
83
78
78
%
is
3^4
3%
%
3%
%
334
*41
42
41
*112
114
*112
%
17%
%
17%
%
15%
17
2%
82%
12%
13%
2
2
*1%
82%
83%
1214
76%
1178
14
*5634
434
55
14
60%
47s
55
3912
6%
39%
12
12
6%
*104% 106
5%
6%
10%
12%
*5434
4%
*54%
60%
434
56
%
14%
h
16%
134
76
10%
12
100
104%
47g
5
15
18%
2
25
23
23%
21%
22
19%
20%
18%
*105
110
*2
2%
2
110
110
105
»16
3%
110
110
103
50
103
3w
»u
170
"16
%
14%
13%
*1%
67%
70
49
60%
4
51%
5%
6
*37%
38
8
*46
48%
10
8%
9%
10%
*52%
334
15
134
20
18
18%
100
2
19%
17%
*90
700
42,700
20,400
0,300
10%
12
60%
100
11,700
<
800
46%
5%
9
46%
6
7,400
37
6
37
37
80
8%
2
11,500
99%
400
14
16
9%
99%
4%
*99% 103
4%
4
20
95
*5214
3%
71%
10%
10%
60%
378
9%
534
9
134
69
37
*99% 105
4
4%
14
16
105
3,200
2,200
6,400
15
2%
6%
22
18,100
1,500
5,800
4,000
1,500
36
%
39%
10%
47s
16%
2
22
19
»!•
3
3534
14%
69%
53
103
10%
73
%
3%
4
9%
73
15%
1%
71%
10
10%
4%
*96
Week
%
12
*38%
9%
105
%
16
1%
6,000
4%
23,600
2,400
1,000
3,800
1%
19%
1778
20
20
17
18%
97
85
90
100
112% 112%
*113% 11484 *113% 11434 *113% 11434 112% 113% *112% 113
*112l%21127s 112*7ja 112«7, all2«„ 11227, #112**82 112**1 *112««— *112**##
12
14
15
16
*16
11% 12%
1134
12%
12% 13%
I6I4
*0
q
7
7
7
8
8
*6%
7%
6%
6%
16
17
17
16
16%
17%
19%
19% 21%
16%
21% 21%
9
10
10
9%
10
978
9%
9%
10%
8%
9%
1014
2
2
1%
178
134
1%
2
178
134
134
1%
*14
15
13%
14%
13%
14
12%
1234
*12
,17«
13
*12
290
390
3,100
600
5,200
70,300
16,400
1,200
13
25
27
30
23% 24%
28%
24% 26
20% 24%
8,900
2984 30%
*125
*125
152
152
152
*125
152
*145% 152% *145% 152% *133
26
25
30
30
28%
25% 26%
25% 2578
2578 "MOO
28% 2984
8
8%
934
7%
9
858
9%
11
9%
9% 111,400
10%
11%
12
10
11%
1434
11% 12%
10% 11%
10%
12% 54,400
1434 15
24%
25%
*33%
2%
35
2%
*534
6%
*67
2234
43%
32%
65%
8%
*60%
37%
7
108
19%
33%
2%
5%
24%
33%
2%
5%
72
*68
72
2284
43%
32%
55%
8%
62
37%
*22%
23
437s
32
65%
8%
60%
3534
7%
108
1%
1%
4
4%
41%
2834
55%
7
60%
32
6%
7
107% 107%
1%
1%
384
4
14%
18
20%
38
*25
2
2%
5%
72
19
19
19
40
38%
25%
50%
55%
7%
48%
6%
26%
50
7%
49
42%
27
49%
59
60
54
5T
6%
54%
7
55
3134
33%
6
0%
IO684 107%
1%
1%
338
13
13
31
28
75
77
*69%
478
434
67s
8%
9%
65
123
7%
9%
65%
123
9%
934
*21%
1%
1034
*27%
21%
2
I684
28%
7%
63%
123
9%
20
9%
05%
123
0%
5%
5
6%
45
46
*384
3%
34%
734
5%
34
734
5%
*9%
10%'
*40
11%
10%
46
*314
*38
4%
41
4%
31
4%
31
6%
*514
36
*1%
*14%
11%
*9584
25%
47%
5%
18
0%
5
36
1*4
16%
H84
.
97
2684
47%
5%
18%
*6%
7%
2%
2%
*77
434
*8%
778
1984
*2
*23
10
80
4%
10
778
I984
2%
26
10%
*%
34%
10%
1678
7984
81
*115% 116%
15
15%
9084 91%
*82
29%
50
19%
16%
III84
58%
*17%
2%
36
•
4%
5%
6%
7%
10
*40
*3%
36%
378
30%
478
484
33%
20%
*278
21%
24%
6i
5
478
38
334
5
41
3%
29
30
20
26
42
584
434
478
23%
5%
4%
4%
21%
24
578
47g
47g
36
36
5%
5
42
*30
10%
44
378
36%
4%
31
0%
5%
36
5%
43
3%
4%
3934
478
41%
*9%
3
3%
28
2878
6%
*8
978
44
*40
3
5
10
*8
*38
278
3
97
96
94
2534
20
23
20%
2%
3384
3%
4%
434
4%
4%
31%
30
1
.1%
11%
12
10%
95%
2284
39%
10
47
37%
5%
15%
6%
2%
5%
17%
15
5%
6
5%
534
2%
2
2%
134
2
4%
*8
7
*18
*2
*23
8%
80
5
384
6%
078
19%
2%
*18%
1%
20%
2
25
10
35
16%
80%
115%
15%
90%
84
82
82
2978
51%
20%
10%
III84
58%
17%
2%
36%
28
48%
16%
29%
5I84
19%
16
16
111% 111%
56
56
16%
17%
2%
36
2
34%
77
4%
8%
784
3434
13%
78%
16%
77
8
4%
8
23
21
784
34
8%
%
343s
1234
14%
5ie
114%
14%
88%
'
%
73
77%
*37%
478
14%
*74
I584
77%
3%
8%
63
6%
18
1%
12%
10%
*91
21%
38%
14%
5%
134
*74
3%
•734
6%
18
17%
2
1%
1%
16%
19
18
7%
8
5n
%•
32%
1284
72%
33%
14%
74%
534
23
584
4%
*434
30%
334
4%
38%
2%
0%
5%
'
1,600
1,200
24,200
6,100
13,400
5,400
5%
400
80
29%
32
384
5%
41%
3%
31
5
6%
4%
684
484
8%'
8
8
978
40%
278
32
9
9
1,100
11,400
46,500
15,600
14,500
8,500
13,000
300
3%
3%
34
34
4%
4%
33%
1%
150
12
10%
10%
13,400
2,900
18,200
6,800
800
29,300
94
91
91
600
23%
40
5%
21%
24
40
32,700
12,900
26,500
38%
478
5%
15%
14%
16%
31,800
684
5%
684
2
134
2
4,100
16,800
77
100
77
*74
384
834
7
17%
2
20
3,300
3%
334
734
8
500
$4 preferred
No par
Seagrave Corp
Sears Roebuck A
Servel Inc
Co—No par
-1
—
7
No par
No par
Sharon Steel Corp
$5 conv preferred
Sharpe & Dobme——No
$3.50 conv pref ser A .No
Shattuck (Frank G)-..No
Sheaffer (W A) Pen Co.No
par
par
par
par
No par
Shell Union Oil
pref erred--.10
Silver King Coalition Mines.. 5
5H%
conv
Simmons Co
Petroleum
Slmms
.No par
.-10
Slmonds Saw & Steel...No par
Skelly Oil Co
15
Sloss Sheffield Steel A Iron. 100
$6 preferred
No par
Preferred called.........
Smith (A O) Corp—
10
Smith & Cor Typewr— No par
19
Greyhound Lines..5
Sugar.—No par
So Porto Rico
8% preferred
...
.100
Southern Calif Edison
25
Southern Pacific Co...No par
Southern Ry
......No par
Sparks With lug ton
No par
—1
Spear A Co
preferred
No
Spencer Kellogg A Sons No
Sperry Corp (The) v t CSploer Mfg Co
—No
$3 conv pref A
No
$5.50
par
par
1
par
par
2
Spiegel Inc
No par
Conv $4.50 pref
1
Square D Co
Standard Brands
No par
preferred
$4.60
.No
par
Standard Gas A El Co.No par
preferred
$4
No par
No par
No par
$6 cum prior pref
$7 cum prior pref
Standard Oil of Calif
No par
Standard Oil of Indiana....25
Standard Oil of New Jersey. 25
Starrett Co
(The) L 8.-No par
Sterling Products Inc
10
Stewart-Warner Corp.......5
Stokely Bros A Co Inc
1
Stone A Webster..
No par
Studebaker Corp (The)
1
No par
Sun Oil
preferred
Sunshine Mining Co.
Superheater Co (The)-.No
Superior Oil Corp
Superior Steel Corp
6%
33
13%
73%
30
32%
11%
14
74
68
a
Def. delivery,
5%May
36% Jan
8 May
99%May 17
4
May 14
14 May 15
l%May 15
19%May 16
17 May 17
85 May 17
111
Jan 29
1122^32 Apr 24
15
ll%May *"
6%May 16
May 16
May 15
l34May 15
12%May 15
20%May 17
14484 Jan 6
25
May 17
7%May 15
10 May 15
134May 15
25
Swift International Ltd
Without warrants
1
Talcott Inc (James)...
9
50
preferred
Telautograph Corp..
....6
Tennessee Corp—......6
Texas Corp (The)..
25
Texas Gulf Produe'g Co No par
Texas Gulf Sulphur..—No par
5X%
Jan 23
7%May 15
May 17
303gMay
3%May
4%May
38%May
2%May
28
Texas Pacific Land Trust——1
4%May
Texas A Pacific Ry Co
8
Mfg
pref
conv
No par
mNopar
No par
Preferred
100
Thermoid Co
..1
$3 dlv
preferred.... 10
Third Avenue Ry
—100
Thompson (J R)
25
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
$3,60 cum preferred-No par
Tide Water Associated Oil—10
conv
$4.60 conv pref—...No par
Tlmken Detroit Axle..——10
Tlmken Roller Bearing.No par
Transamerlca Corp
2
Transcont'l <fc West Air Inc..5
Transue A Williams St'l No par
Trl-Contlnental Corp. .No par
$6 preferred—......No par
Truax-Traer Corp
No par
Truscon Steel Co
10
7%
preferred—.
100
...1
Twin Coach Co...
JUlen A Co
No par
Under Elliott Fisher Co No par
Union Bag A Paper
No par
Union Carbide A Carb.No par
Union El Co of Mo$5 pf No par
Union Oil of California—...25
Union Pacific RR Co
100
4% preferred...
Union Tank Car..
100
No par
United Aircraft Corp.......5
Un Air Lines Transport..
5
United Biscuit Co...—No par
Preferred
100
United Carbon Co.....No par
Unlted-Carr Fast Corp.No par
United Corporation
No par
$3
preferred
n New stock,
No par
r
Cash sale,
z
May
17
15
14
17
17
15
15
17
17
9 May 15
May 9
278May 15
31%May 16
3 May 16
26 May 15
234 Feb 5
44
4
Jan
2
2778 Jan 15
1 May 15
ll%May 15
10
Feb 1
89% Mar
20
May
37%May
478May
12% Jan
5%May
l%May
May
3%May
7%May
6%May
77
17%May
l%May
l6%May
7%May
% Mar
30
May
ll%May
68
May
6
14
14
15
15
15
15
14
15
17
17
16
15
15
15
16
17
17
17
3
112% Feb
l3%May 15
82
May
80 May
2234 Jan
43% Jan
14% Jan
15
14
11
15
15
14%May 17
lll%May 16
50 May 15
l5%May 15
l%May 15
31 May 17
Ex-dlv.
v
10
61
Highest
share I per share
Aug
17% Mar
Sept
76% Aug
%
334
1
Apr
Jan
10% Jan
52% July
Apr
44% Sept
105
Sept
Jan
2
2
117% May
3
2%Mar 25
88
Apr 6
Jan 11
16%
16%
69%
534
Apr 9
Apr 12
Jan 11
Apr 5
66
7% Mar 13
40% Feb 13
13% Jan 4
108% Feb 7
6% Jan 10
"jV Aug ""l'sept
1
3% Sept
24% Sept
Apr
15%
1%
60%
11%
10%
Aug
Apr
3% Jan
85% Nov
18% Jan
21>4 Jan
Dec
72
June
Apr
Apr
51
3% May
43
Oct
H84 Feb
6% Dec
28
sept
7% Sept
64
June
Jan
38% Aug
17% Sept
9% Aug
98%
434
17%
2%
16%
15%
Aug
Apr
Apr
Dec
Apr
Aug
107% Nov
8% Sept
3234 Jan
8
70
Apr
127
6
Apr 24
Apr 5
Jan 4
Feb 9
Jan 2
2% Mar 11
16% Jan 3
101
24
Jan
3
2% Apr 29
25
Feb 19
23%May 10
120
Apr
114%May
1127g
1878
11%
2434
12%
3034May 10
152% Apr 23
30%May
15% Jan
20% Jan
3478 Jan
39
3
Jan
Jan
112
Deo
21
Sept
9
Dec
17% Mar
12% Apr
24
10% Aug
15% Sept
3% Sept
18% July
1% sept
13
Sept
14
Apr
Apr
127
5
434
Deo
29% Dec
21% Jan
23%
Jan
36% Nov
Mar
60
Sept
35% Sept
143
23% Jan
10% Apr
11% Apr
15% Apr
4384 sept
1% Aug
May
May 14
Oct
Jan
Sept
Apr
34
Jan
3% June
28%
29%
11%
33*
Jan
Apr
Sept
9% Sept
70% Nov
Feb
9
36
Apr
Apr
22% Deo
51% Sept
38'4 Apr
3
11
Apr
34% Dec
57%
11%
66%
40%
Apr
2
42
Jan
3
9
Apr 10
57% Dec
18% Apr
778
108%
2%
7%
18%
2234
26%
Apr
Apr
94
Oct
Jan
2
Dec
Jan
Jan
Jan
434
Apr
10% Jan
Apr
20% Oct
25% Oct
33% Sept
29
Apr
46%
34%
80>4
87g
Jan
2334 Apr 11
14%
47
17
15
14
17
26
17
16
19
15
19
19
17
15
17
14
17
15
15
15
6%May 15
56% Jan 23
May
6%May
100
1% Jan
20
May 14
10
Texas Pacific Coal A Oil
% Jan
19
l%May 15
10%May 17
22%May 17
534May 17
20 May 15
23 May 17
5%May 15
4%May 15
4%May 14
Swift A Co
4
per
Feb 27
109
7
15
Symington-Gould Corp w w.l
;
115% Jan 11
72
1
100
10
Sweets Co of Amer (The)...60
Jan
Jan 29
par
Sutherland Paper Co
49
4%May 16
*3634May
25%May
48%May
6%May
52%May
2934 Jan
534May
102 May
1% Jan
234May
10% Jan
13% Jan
1978May
24%May
35%May
28 May
67 May
4%May
4%May
6%May
Lowest
14«4 Mar 27
857gMay 9
% Jan 2
7«4 Feb 21
65
122
$1.50 preferred.. ..—No par
Twin City Rapid Tran.No par
32%
12%
54% Feb
3%May
46%May
17
15
17
15
15
26
15
17
15
11
15
100
10c
150
16,100
3,600
3,300
59,600
41,700
13%May
l%May
67%May
*9%May
8%May
l684May 15
20th Cen Fox; Film CorpNo par
516
%May 16
% Apr 22
33%May 13
500
8%
2%May 15
May 14
110 May 15
103 May 17:
34
100
2,300
%
3
Jan
% Apr 22
Mobile & Ohio stk tr ctfs 100
6% preferred
17,800
7%
9%May 17
72
9
2
«i«
9 per share
16
19
1%
$ per share
Socony Vacuum Oil Co Inc. 15
South Am Gold A Platinum..!
S'eaatern
Year 1939
100-Share Lots
Highest
Snider Packing Corp...No par
18
6%
18
8%
t In receivership,
preferred
$4.60
tSeaboard Air Line, — -No par
4-2% preferred
100
Seaboard Oil Co of Del-No pat
$3.60
350
No par
No par
No par
Scott Paper Co_
The Fair
14,400
12
12%
10%
100
-.1
8% preferred-.....—-100
preferred
tSchulte Retail Stores
5 >4%
Thatcher
3%
27%
Scheme? Distillers Corp...—6
1,600
27%
3%*
484
4%
4%
2934
34
1%
1%
3%
29
Par
"""500
40%
*36
7%
*%
72
4.000
130
113
*110
112
*110
112
112% 11384 *110
14
1484
5,400
13% 14
13% 14%
1334
14%
85
82
85
83
88%
7,100
8334 85%
8434
80
81%
80% 80% *80% 81%
1,100
80% 80%
26
26% 27
2684 *26
2578 26% 12,400
2684
45% 49%
43% 47%
45% 51%
45%
5178 128,900
16
10% 17%
17%
15% 17
14%
16% 109,200
15
15
15t2 16
*1478
15
1,700
14%
14%
160
*111% 111% *11138 111% 111% 11134 *111% 112%
50
50
*50
53
50
50
50% 50%
1,700
16
600
16%
15% 15% *14
15% *14
1534
134
2
1%
178
1%
1%
1%
1% 115,100
33
34
32
31
33
3384
3134 3234
6,500
Bid and asked prices; no sales on this day.
4%
*4%
3034
5
5
3%
*784
2%
31%
3%
*20
30
43
42%
5%
*8
44
26
13
11%
434
9
32
5
484
33
1%
5%
8%
1%
10%
22%
6%
*40
3%
36%
4
28
36%
3%
*27
3%
4%
397g
678
9
*7
3%
31%
7%
5%
4%
4%
30%
1%
12%
10%
9584
1134
4
478
478
*30%
17,300
6,100
15,600
8%
20%
23%
5%
2278
21%
180
18%
184
13
23
578
21%
24%
6
1%
*77
8
15
13
*24
4,700
18,000
10,500
50,600
123
23%
8
400
8% 110,700
3,100
59%
7
58
123
6
14%
22%
6%
8
13,800
24,800
38,100
53,000
5%
7%
11
2434
28%
1278
16%
2078
25%
38%
600
5
6684
8
17%
1%
10,200
21,900
6
22%
0%
1%
1%
3%
5%
24
6
6%
734
900
28%
08%
67
684
5%
7%
23
1%
1034
*26
26
/14%
*96
1%
278
12%
13%
197g
24%
35%
16
4%
40%
3%
29%
078
5%
978
6,200
74,300
8%
578
46%
378
33%
784
6%
978
5%
34
6%
16%
1%
12
5%
3%
32%
534
*99% 100
70
123
550
7%
4%
*7%
7
5634
123
54%
1534
1%
1178
484
32
714
60%
123
52%
9%
4%
43
6%
59
31,700
17%
178
14
8i#
34%
6
68%
5%
5%
678
740
7%
8%
2
*5%
*30
71%
50
53,600
5,100
6%
9%
578
27
*27
13
16
20%
25
3778
29%
700
22
43
29%
49
1%
24%
37%
100
37%
3%
30
5%
123
1%
20
1,200
25%
34
6%
102
3
*12%
14%
4%
638
23
70
32%
578
102
12%
1478
20%
25
38
6
7h
03%
123%
7
62
123
24
7
42
7278
*27
1%
3
7%
15
8
6
24%
36%
30
0%
19,000
5%
21%
6%
*4%
25%
26%
8
*30
x25
15
24%
28%
*0%
*5%
13%
20
26%
6%
24%
28%
*11%
16%
2084
*37
32%
106
1%
234
15
15%
1%
13%
134
578
105
*20%
8%
7
31%
,
2%
*17%
19
31
6%
8%
134
*67
3634
2534
6%
100
38
*4%
4%
2878
19%
2134
27%
42%
634
2
27,800
20%
*27
72
41%
14%
6%
584
1%
4%
72
22%
2O84
25%
40%
78
684
1
434
*72
17
18 34
38
19
19%
2I84
273s
4284
33%
77%
6%
434
1778
*27
38%
19%
21%
27%
*32
1834
38
2
20
16
42
5%
72
16
16
1634
*26%
134
On Basis of
Lowest
Shares
14i4
1%
5434
53
105
%
May 17
%
%
10
*2334
1914
105
5434
14%
1%
18%
111% *110% 114
3u
*9%
834
*5434
4
%
2%
35%
38
STOCKS
EXCHANGE
$ per share
10
75%
%
3
35%
105
%
134
71%
10%
978
*72
110
ht
6
6%
39%
11%
105
3
2!
2%
35
114
105
106
%
*%
10%
76%
%
%
3%
40
*112
114
106
IO6I4 106%
%
*4
%
234
34
41
9%
75
Friday
NEW YORK STOCK
the
SALE PRICES-PER SHARE, NOT PER CENT
HIGH
Monday
1940
18
Range for Previous
Range Since Jan. 1
Sales
for
LOW AND
Saturday
May
Apr
6
9
38
12% Jan
12% Feb 21
6578May 4
Feb 13
107g
277g
2%
17%
Jan 20
Jan
5
Jan
3
Apr 4
36% Feb 28
7% Mar 25
247g Apr 22
32% Jan 25
9% Jan 3
7%May 3
6
April
Mar
5
5% Mar
5
40
7
Mar 21
47% Apr 4
4% Apr 4
3534 Apr 11
8% Jan 8
6% Jan 4
12% Jan 8
18% Jan
8
53
Mar 21
4
Feb 16
42% Feb 16
634Mar 8
34
Mar
7
7% Apr 8
534 Apr 22
38% Apr 16
2% Jan 4
23
12
97
Jan 27
May
6
May 10
27% Apr 24
52
7
Jan
3
Mar 14
4
4
2*4 Jan 4
82% Mar 7
5% Apr 15
10% Apr 24
13% Jan 4
21% Apr
8% Apr
25% Jan 23
3% Apr 4
30
Apr 4
13% Mar 14
1% Jan11
45
34% Deo
7% Jan
108
Feb 19
18% Apr 22
4
116%May 2
17% Jan 8
98
Apr 8
88% Jan
30
7%
Apr
10
Apr
22%J3ept
5% Sept
17
Apr
Jan
7»4 Sept
17%
Jan
10
Oct
66
Jan
128% June
H84 July
38% Jan
3% Sept
22% Jan
30% Mar
10% Jan
25% Sept
37% Sept
12% Sept
9% Sept
7% Mar
July
43%
6%
9%
6034
5%
Apr
3% Aug
Sept
7
Dec
12%
32% Aug
20
Sept
80
24% June
4% Aug
3% Aug
4% Aug
33% Oct
3% Aug
4
Sept
36
Apr
65
Apr
6% Aug
3% Apr
8% Apr
19% Sept
184 Aug
Jan
53% Sept
Aug
20%
6% Apr
4534 Sept
118% Sept
June
5%
13% Apr
24% Sept
22% Aug
Jan
Dec
16% Mar
75% Mar
6% Dec
10
Apr 11
Jan 3
Feb 15
8% Apr 2
124
63
Apr
8% Aug
Aug
Mar
Sept
Sept
Jan
38i2 Sept
1138 Sept
534 Nov
9
Jan
8% Sept
22%
Jan
15% Dec
24
Dec
61
48
3% Dee
30
Sept
2% Apr
14
Apr
1% Jan
2314 Sept
17
Apr
1% July
7% Apr
9% Aug
83
Sept
10% Apr
34% Apr
5
Sept
6% Apr
5% Apr
2
Mar
Oct
Oct
Oct
534
41
Oct
6
Nov
33
Nov
3%
'
Oct
434 Nov
33% Nov
334
Jan
18% Dee
14% Mar
96
Feb
25
Dec
54%
Jan
8% Sept
12% Dee
10% Jan
4% Sept
74
Apr
88
3
Apr
7*4 Sept
14% Sept
26% Jan
6
Apr
11% Dec
19%
1%
17%
7%
Sept
Apr
Apr
Apr
% Dec
34% Sept
6
Aug
65%
108*4
15%
81%
Apr
Sept
Aug
Apr
Apr
Jan
34% Jan
3*4 Aug
35% Aug
12% Jan
4% Jan
66
Jan
13% Dec
94% Sept
118
July
19*4
Jan
105
Sept
90
July
89% Feb 10
78
29%May 11
63% Apr 16
2334 Apr 4
18
Apr 17
20% Mar
24% Sept
31
51
119
Feb 23
2
5
4
Feb 13
65%May
19% Apr
2% Apr
42
Ex-rights.
Aug
7% Apr
14% Sept
112% Mar
52
Apr
13% Apr
2
Apr
30%
Apr
Nov
10% Dec
18% July
119% June
69%
20
384
Oct
Mar
Feb
39% Aug
1 Called for redemption.
Volume
New York Stock Record—Concluded—Page 10
ISO
AND
May 13
$ per share
$ per share
$ per share
434
5'4
4%
5
2%
3%
2%
68
37g
33
32%
78
7534
76
12
12i8
1178
113
5i8
10l8
5*2
5i8 .V
9ig
4%
5
94
97
*8U
914
*9
8I4
8ig
76i2
93g
9
24%
6i2
31%
2112
512
34
2434
612
11
4
334
91%
9
6%
6
4%
434
"i»
26%
91
*55
26
31
19
31%
2434
22%
5%
5
IO84
71%
*66
32
8%
*26%
34
36
34
35
34
17%
80%
84
49
52
53%
*2
2l8
2%
7
7
7
1%
H2
6378
5584 *50
16% ',<• 1514
6412 *55
15712*150
93
93
88
%
46%
2
1%
678
1%
6%
1%
1%
15
63%
*56
1334
52%
8ie
1934
*1678
81%
1934
%
16%
33
423g I
40%
41% I
37%
32
*32
33
I *26
| 30
116% *113
*11514 116% *115
46
47
47
4634
47%
26
28
3
3
2%
100
700
56 conv preferred..-No par
Universal-Cyclops Steel Corp 1
600
Universal Leaf Tob
55
148
148
*140
J47
*77
80
76
76
30
2$
*110
41%
2
24%
134
2%
25%' 18%
26%
120
120
*117
117% *117
9%
9%
10%
10%
*10%
1078
42
44
*43
42i4
*4234 44
33
*32
31% 32%
*32% 33
95
86
*94
98
90%
92%
21
18%
1%
*»u
*7
1
1%
*78
1%
*»!•
678
7%
23
23
*97%
21%
97%
4%
98%
5
5
*26%
27%
26
1
*»»
1%
6%
20%
22%
97%
5%
26%
*13%
14%
*1%
1%
18%
18%
3
7
6%
1%
17%
2%
3%
*43
43
44
3%
17%
3
13s
1
6
2%
*39l2
78
5%
1%
6%
27
28%
18%
2%
18%
Virginia Ry Co
30
*29%
30
30
30
400
90
91
90
90
220
91
*128%
34
*»!•
1
1%
6%
"%
1
6
1%
6%
19%
20
96%
3%
23%
96%
378
4
434
578
1%
1
1
15
15
17
%
4%
1%
5%
2%
1
78
4%
25
24
4%
24%
13
4%
%
*36
39
37
334
23%
334
25
24
24
15%
16%
278
17%
17%
3
23%
15%
2384
15%
17
18
*334
4
3%
24%
*6778
68
108
108
108
20%
25%
18
23
,*103
106
*103
32
32%
32%
*334
4%
3%
7
6
|
334
*6
*%
%
*%
20%
23%
20%
18
*65
*90
20%
68%
105
109
109
107
108%
103% 104%
103
103
100
1Q3
100
%
20%
101
114% 11334 11334
114% 114% *113
19
16%
17
|
17% 18
18
*10078 105%
*10138 106% *1007g 106
27
28
27% 29%
29% 30 I
6
19%
20
67
107
109%
106
29
23%
20%
*65
107
110
110
I
IIH4 III84 110
103
103
103% 104
*116
117% *114% 117%'
*23
19
23
*82
*82
69
*66
69
3
3
5
5%
234
5%
%
%
234
4%
%
%
%
16%
*19
3
15%
3%
4%
•
17
1634
19
20%
20%
96
99
118
19
2O84
102%
118
3
5%
%
18%
21
96%
122
32
410
110
300
1784
1634
1007g 10078
26%
*25
3%
16%
19%
384
5%
34
18%
21%
89
96
5%
*%
108
102
126
34
31
33%
28
31%
35
36%
37
32%
33%
34%
37
*62
70
60
60
*50
70
*50
70
*50
97%
2984
95
95
*75
94
*76
92
*76
92
25
98%
20%
*96%
25%
99
3,600
WestPennPowCo 4)4% pf-100
West Va Pulp A Pap Co No par
100
7,000
Western Auto Supply Co... 10
5,300
1,100
1,100
32,000
29,000
37%
37%
70
*97%
30%
98
97%
25%
27%
30%
3284
3584
20%
258/.
*98
105
105
105
98
98
*65
67
*65
66
*55
67
*10
3084
*10
11%
12%
8%
12
10%
11
934
12
9
20%
*55
32%
3234
24%
96%
67
9%
734
434
934
10
29
9%
878
94%
118%
30%
31
32%
23%
98%
*57
4%
5
5%
4%
*46
49
*32%
*22
23%
2»4
2%
20
2184
*17
19
17
20
2%
2
*18%
2%
*2%
234
2%
2%
2
3
2%
178
2%
2%
4%
5%
3%
4
2%
6%
634
*63%
65%
59
63
378
434
54%
26%
37%
26%
25
38
23
23%
26%
37%
23%
23%
3478
18%
5%
334
5%
514
*62
66
*39
41
5284
5284
123
122
*88% 90%
23
2284
17
16%
*118% 120
11%
11%
42%
*93%
19«4
1384
37
19%
•
4%
5
334
458
55
54
5584
53%
2484
36%
23%
34%
18%
2334
35%
20%
23%
34%
18%
90
*
66
*
*36"
40
50
50
116
88
117%
88
484
5%
54
10
10%
6%
6
434
5%
*34
38
18%
10
.
*33%
44%
105
39
45%
115%
82%
86
*33%
4134
101
80
22%
20
21%
19
1334
17%
12
14%
11%
117
118
11%
42
96
93
93
20%
18%
12%
20
2%
1384
3%
115% 115% *104%
9
8%
10%
33
32%
3984
91% 91% *89
16%
18%
16%
11
934
11%
2%
278
2%
Bid and asked prices; no
25
35
203s
24,700
160
"
400
White Rock Mln Spr C0N0 pur
100
54 conv preferred—No pur
"2§"
34
16%
99
66
3984
42%
*33%
*42%
37%
47
*33%
37%
4334
19
13%
114
18
12%
*110
I884
14%
115
37%
35
9%
37%
91
89
89
17%
17
11
10%
1784
10%
2»4
9%
2%
sales on this day.
834
2%
4384
800
110
770
80
1,300
2,700
90,500
*79%
18%
19
12
115
14%
115
884
100
17
10
37%
93
18%
10
1134
14,800
3%
11,500
31
*867g
2%
t In receivership,
Prior
800
preferred
—..20
12,600
19,900
24,400
34%
207*
*60
106
White SewingiMaoh Corp..-.1
25
4%
54%
*50
81
1
6% conv preferred
10
Wilson A Co Inc
No par
56 preferred
No pur
Wisconsin El Pow 6% pref-100
Woodward Iron Co—-——10
Woolworth (F W) Co......10
Worthlngt'n PAM (Del) No par
7% preferred A.—.—-100
6% preferred B
100
Prior pref 4)4% series..100
Prior pf 4)4 % convserieslOO
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del)-No par
Yale A Towns Mlfc Co—25
Yellow Truck A Coach el B—1
Preferred
-—100
Young Spring A Wire—No par
Youngstown S A T
No par
6)4% preferred ser A—100
Youngst'n Steel Door—No par
Zenith Radio Corp....No par
Zonlte Products Corp...
1
66
116
SS).20
White Motor Co
30,600
11,100
17,200
31,400
46,300
2,100
90
8034
White Dental Mfg (The
5%
5%
54%
4%
*50
100
100
6% preferred
55 conv prior pref...No pur
100
Wilcox Oil A Gas Co..
—6
Willys-Overland Motors..... 1
*60
80%
5H % conv preferred....100
Wheeling Steel Corp—No par
290
4,300
56,600
66
110
—100
4% 2d preferred...
100
6% pref—100
Western Union Telegraph. 100
Westlnghouse Air BrakeNo par
Westlnghouse El A Mfg
50
1st preferred
50
Weston Elec Instrument. 12.50
Westvaoo Chlor Prod..No par
5% conv preferred.......30
Wheeling A L E Ry Co....100
Western Maryland
Western Pacific
18%
2%
2%
2%
2%
90
"
21%
43%
14
21
90
66
*63
n
10%
39%
3%
3
6%
2
6
5%
38
20
2%
2%
390
6,800
4,000
1,700
118
90
*62
5%
1%
5%
58
8%
*32%
6
5%
58
*884
49
5%
484
534
31
30%
30
9%
*32
734
30%
10%
46
6%
5
6%
34
884
46
5%
67
30
83s
54
8
3178
327g
19,100
115% 116
100
6% preferred
„
70
37%
*61
126
7% preferred..........100
6% preferred
.100
320
100
110
130
96
1
No par
West Penn El class A..No par
107
119
Wayne Pump Co....
160
130
33%
*36%
Waukesha Motor Co....—.6
100
23%
108%
129%
23%
JWarren Bros Co
No par
53 convertible pref..No par
Pipe....No par
Washington Gas Lt Co .No par
4,600
100
a
8,800
57,900
300
7,600
Def. delivery,
n
New stock,
5% Jan 23
40%May 17
30 May 17
86 May 14
134
May
9
78May 14
34May 15
78 Apr 27
5%May 16
*19%May 17
9378 Jan 31
3%May 15
23%May 16
May 15
67%
103% 104%
Mar 27
2
7% preferred.......
100
Wesson Oil A Snowdrift No par
54 conv preferred
No par
105
116
37
Warren Fdy &
Webster Eisenlohr
May 16
l34May 15
18%May 15
.5
20%
19
*60
*92
53.85 conv pref
23
No par
...100
7% preferred
Warner Bros Pictures..
...
41%May 15
5634 Jan 6
17
16
16
16
May 15
Ward Baking Co cl A ..No par
Class B
...No par
6,000
1,400
2,000
2,300
3,300
3,000
4,200
4
24
18
300
1
78
No par
..No par
Preferred
460
4
23%
15%
26"
2%
Walworth Co
1,100
5,100
1,000
72,600
45
24
16
*82
15
2%
25
15
*82
5
»«
15
23%
Walk(H) Good A W Ltd No par
12%
*36
19%
3%
234
24
%
39%
7g
17
278
4%
3%
24
15
2%
25%
33,000
2,800
"4",300
96
95
5
4%
500
2,400
1%
57g
.100
....
tWabash Railway Co.....100
5% preferred A_.
100
5% preferred B
100
Waldorf System
No par
Walgreen Co
..No par
4)4 % pref with warrants 100
4,600
78
1434
2%
""166
12%
5
—25
6% preferred........
25
Vulcan Detlnnlng Co.....100
Preferred
20%
96%
14%
2%
2
2%
42
*96
13
13
13
14
24
*34
%
*9lt
5%
1934
6
*128%
*7g
7g
1
1%
*9„
1%
534
6
18%
68
100
6% preferred......
700
24%
*82
6
No par
280
190
117
28% Jan 22
Mar 13
65% Mar 14
5% Jan 3
35
Jan
3
*857s Jan
3
15
Jan
6
117% Feb 24
1384 Mar 12
7% Apr 10
7% Jan 3
97
r Cash
sale.
1234May
4%May
%May
14%May
78May 14
3s4May 16
24
May 15
23%May 15
1434May 14
16
May 16
2%May 15
4% Aug
4% Deo
54% Deo
3% Apr
2584 Apr
62% Apr
11
Apr
110
Sept
6% Apr
384 Aug
534 Mar
89
Jan 25
182%May 14
6% Mar 9
3284 Mar 11
28
Apr 25
7% Apr 23
1234 Apr 23
74 May
88% Jan
5% Aug
65% Sept
14984 Sept
23
Apr
35% July
29% Sept
10% Sept
13% Apr
3% July
684 Aug
46
Oct
Mar
April
Jan
4
48
July
Jan 11
3
39
67
49
60
Jan
Apr
1% Jan
41% Jan
117
65
70%
68%
124%
39%
48%
284
7%
2%
Jan
Apr 23
Apr 5
Feb 20
Apr 24
Apr 24
Apr 11
61
Apr 12
17
May 10
70
Jan 15
159
Jan 22
Mar 27
112
6
Feb 29
41% Aug
98% May
30
Sept
39
19
4378May 10
397g Mar 15
117% Apr 9
49%May 9
59% Feb 28
31% Mar 14
4% Jan
31% Jan
118
Jan
35
May
101
6% Jan
3
35% Jan 11
Feb
16
Apr
40
Sept
40
Nov
25
Apr
Sept
347g Apr
54% Aug
65
Sept
18% Apr
2% Apr
109
17
22
34
101
Deo
Mar
June
85
Jan
4
Apr
3084 Sept
Oot
7
Dec
3
36
17g Jan
3
1% Nov
6% Apr
19% Apr
Marl6
1% Deo
21
Deo
3% Deo
Feb
31% Jan 6
2884 Feb 7
20% Apr 22
14% Apr
24
20
Jan
4
47g Feb 23
Jan
4
115
Apr
9
108
Jan
8
118% Apr 30
25%May 3
Deo
July
4
Mar
Jan 15
984May 15
2
Mar
* Ex-dlv.
1
Apr
July
Jan
July
37g Jan
13*4 May
35% Oct
80
Jan
Jan
Oct
Deo
28%
Jan
79
Jan
107% Deo
112%
Deo
106
Deo
115
Nov
19%
Deo
8
Jan
3
19% Jan
4
Apr 23
Apr 16
48% Jan 3
9378May 10
28% Jan 4
1784 Apr 8
4% Apr 22
y Ex-righta.
Mar
28% Deo
89% Deo
39% Deo
75
Oot
97
Oct
Oot
80
Jan
80
Jan
July
8% Deo
7
Apr
78
Oot
45
8% Sept
1>4 Aug
14
Apr
14
Sept
2% Aug
12% Mar
15% Oot
7
Jan
4% Nov
8484 Nov
20% Deo
June
4% Nov
3% Feb
2% June
27g Aug
32
Aug
6% Feb
77g Sept
60% Nov
1
15
Jan 25
145
88%
Apr
Sept
10% Apr
47% July
43
May
86
Apr 23
May
14
16%May 15
Mar
67g
58
6% Sept
11% Sept
2
Sept
37
Sept
37% Sept
121
Sept
105% Apr
54%May 9
129
Apr 9
93
Apr 26
8%May 15
31
May 17
86
6
2778 Apr
42% Apr
247gMay
124
44
36% Nov
74
684 Apr 13
7% Apr 22
May 17
20% July
147g Mar
27g Jan
Apr
15% Apr
42
3% Apr 22
25
*29
4
Jan 30
Mar
35% Apr 9
105
Apr 30
71
Apr 6
11% Apr 18
137g Apr 9
11% Apr 10
7%May 3
57% Mar 8
247gMay 2
3% Jan 11
42
Oot
Apr
167g Apr
18% Apr
82% Apr
126
May
10% Apr
15% Apr
121% Mar
ll%May 15
"20%
2884 Jan
28% Jan
69
115
15% Nov
Apr
1
May 16
88
105% Sept
Apr
71
18
95
Apr
Apr
Apr
% Dec
2
4184May 15
100 May 16
*79%May 17
85
2%
Apr 19
Sept
8
384
3%
May 10
Marl6
34
3
23% July
98% July
9% Jan
60% Jan
24%
32%
Jan
Jan
16%May 17
Sept
37g Sept
Sept
Jan
64
3
17g Apr
8% Apr
62
.
Apr 29
407g Apr
Mar
May 17
Sept
131
Jan
67
116
July
15
Apr
Feb 19
70
684 Sept
3384 Sept
118
Mar
50
Jan 10
Jan 10
Jan 10
30
4%May 15
Jan 5
116% July
44% Deo
56% Aug
65
Sept
29% Deo
Apr
14%
Feb
60
51 %
June
Sept
Sept
16%
9%
1%
25%
4%
Jan
Jan 15
163
21
1
37%May
88% Feb 13
39% Jan 3
3
Sept
July
Aug
5% Apr
15% Apr
Maris
138
May 15
178May 15
1% Jan 5
Deo
17
85
16
84 July
1% July
23%May
98
64
1
64%
l%Mar
7% Apr
1
4684 July
4
Sept
8% Mar
2% Oot
78
125
1% Jan
2% Jan
5
June
82*4 Sept
1207g Sept
37% June
Jan
Mar
135
105
*70
Jan
100
9
July
Mar
Jan
Nov
Sept
Jan
%
112% Sept
4% July
15% Apr
48
37%
6%
5284
11434
68%
Oot
I84 Deo
6% May
1% Apr
46
Apr
9
May
60% Sept
146
Sept
45% Apr
84 Apr
115%May 17
17
15% Sept
Apr
Jan
884 Mar 16
784May 15
4% Mar 23
4% Jan 2
38
Jan 4
Jan
Mar
778 July
Sept
Oct
Deo
Apr
Apr
118
May 17
May 2
94% Jan 29
20%May 15
96% May 15
58 May 17
113
180
Apr
32*4
31%
1%
31%
8684
May 14
May 17
30%May 17
Jan
4
16
Jan 20
7% Sept
11
17% Sept
14
Sept
55% Aug
26
Sept
Mar
75
89
Nov
14
5
29% Apr 16
*19
15
117% June
1034 Apr 11
10% Jan 3
110% Apr 12
15
14
15
15
Feb
8% Sept
35% Sept
95
Sept
87% Mar
May 15
Feb 15
2>4May
4%May
%May
15%May
Jan
8%
74
June
IO584 Jan 2
103%May 16
100 May 15
110 May 17
13% Mar 19
10078May 17
*25 May 17
19
share
7% Mar
75
80
68
per
May 11
100
Chem
7*4
18
3
Va-Carollna
41%
21
334
100
5% preferred..
40%
7%
17
26
—5
42
19%
*25%
Victor Chemical Works
10,400
4,000
17%Ma. 17
80%May 17
49 May 17
64% Feb 29
48%May 17
109%May 17
32 May 13
43% Jan 2
l%Mayl5
6%May 17
l%May 15
54
Jan 16
1384 Feb 20
52 May 17
148
Feb 13
67
Jan 19
% Jan 6
15 May 15
May 17
7
18%
*82
18,00
75
117
117
22
25%
Vick Chemical Co
*25%
234
2%
1834
19%
17
15
14
15
17
6 May 14
66%May 17
177
Feb 8
334May 16
26 May 15
17%May 17
4%May 15
May 14
89
27
*26
2
*18
27
2,600
23
23
*21%
*26
42
*
75
23
6
28
42
6%
1%
*15%
43
8%
28%
42
7% 1st preferred..
*29
2578
*11%
6%
1%
1%
30
9
98
24%
14
*6%
27%
500
42%
15
..100*113
28
115
42
*6%
1
*13%
*6%
Vanadium Corp of Am .No par
Van Raalte Co Inc..
5
28
42
21
*97
100
Preferred
Va El A Pow 56 pref..-No par
Va Iron Coal A Coke 5% pf100
*34
■r-ii-r
1
*
117
117
117
%
7
2%
19%
*128%
*133
*135%
....
68,000
230
VIcks Shreve A Pao Ry
25%
2378
100
8% preferred
Universal Pictures 1st pref. 100
Sales
No par
Vadsco
1,400
3834
32%
No par
*110
28%
115
42%
43%
25
117
*135%
*%
38
36
37%
113
15
15
15
15
50
260
8i«
15%
*%
%
%
%
75
22
*25%
*50%
61
I
No par
7% preferred...........25
United Stockyards Corp
—1
Cony pref (70c)
No par
United Stores class A
5
15
73
27%'
3
0U 8 Tobacco Co..
52
113
46%
100
......
50
*28
29%
No par
15
*43
82
33%
38«4
50
14%
150
15
113
Preferred
50
%
1678
..10
8% 1st preferred
..100
U 8 Smelting Ref A Mln
60
*1334
52
8i«
No par
U 8 Rubber Co
*43
♦
*27%
634
1%
1078May
112
Mar
7%May
3%May
334May
80
Jan
5%May
7%May 17
JU S Realty A Imp
U 8 Steel Corp
Preferred.
May 15
29%May 17
6 4%May 17
60 Mar 26
25%May 17
34
Jan 2
%May 3
20
10
1334
55
,*
75
75
6%
1%
79
150
80
3234
46
2
150
62
150
93
55%
32%
*44%
134
1%
684
1%
300
*6384
66
261,800
48%
56
7,900
109% 113%
3,100
3234
3278
50
44
44%
l
3,500
134
178
1,900
6%
6%
1%
1% 11,300
113
111
6,500
94,900
9,000
1,900
6
100
50
♦43
56
15
523s
53%
110% 113
32
32%
*45% 4684
34
157%
*1678
69
50
117
*50
16
8i«
53
634
1%
59%
%
53
*65
69
%
2278
7% Apr 11
May 15
Highest
$ per share S
4%May 15
cl A ..No par
conv
Prior preferred
U 8 Pipe A Foundry
U 8 Playing Card Co
7,700
1,700
8i«
58
2384
87%
2
7
*»u
21%
84%
54
57%
113%
32%
46%
3534
4634
2%
%
23%
87%
54%
*65
70
51
%
21%
84%
%
24
Partlo A
300
2612
35%
100
6
50
5H% conv
U 8 Industrial Alcohol-No par
U 8 Leather Co
No par
13,700
25%
No par
20
Corp
preferred
400
70
*55
Freight Co
U 8 Hoffman Maoh
8,400
9
7%
8%
70
27
Corp conv pref. 100
7% preferred
4,500
26%
53
32
7%
*60
4%
No par
U 8 Gypsum Co
3,200
21
5%
5
U 8
250
30
17%
66
53
*46l2
*26%
36%
36
118l2 119
29
5
.
Lowest
2%May 14
3
No par
56 first preferred ....No par
3,800
12,100
% per share
55
United Paperboard........10
U S Dlstrlb
% per share
6
U 8 A Foreign Secur
640
4%
4%
27%
87
5712
4%
900
66
%
*70
4
.
United Fruit Co
Year 1939
Highest
100
United Oaa Improv't.. No par
$5 preferred
.....No par
United Mer A Manu Inc v 101
700
177
177
21%
20
83s
6%
66%
7
71
178
384
*26%
29
5%
6%
Preferred
United Electrlo Coal Cos
United Eng A Fdy
9,700
8,700
3,600
26%
21%
84%
119»4 12014
*35i2 37
*4012
47
*151
734
9%
%
62l2
63s
68
21%
4% 1
4
Drug Ino
5
United Dyewood Corp.....10
80
9034
678
7
6984
3%
90%
Par
United
8,200
3,000
10,700
41,700
834
4%
4%
7%
Range for Previous
Lots
Lowest
18,900
3,800
112
2884
27%
91%
5634
70%
62%
70
1%
19%
4*2
64%
4
177
3%
31
67%
1134
3%
91
6
4%
55
73
28
37
88
4
91
74
22%
"14
3%
4
93%
7%
6%
181
3612
%
38
61
5534
6
77
28
91%
70
'*1514
7%
734
57
*3738
*91
93
8%
72
5%
9l2
8%
3%
334 ,'f
77s
74
297S
74
3214
32
112
180% 182% *178
4
4i2
4%
71
1H8
*71i2
112% 112%
8%
884
3%
3%
70%
11%
112% 112%
9%
95
80% 805s
80%
*18012 182
*18012 182
5
434
5%
5i8
*31l2
11
30%
H284 113
9
11%
30
12
5
11
32%
11%
5%
30%
69
1078
3%
70
10
30%
66%
298s
69%
3
30%
12%
11312 113%
5%
3%
56%
*5234
338
55
4
434
3
234
58
7434
3%
434
3%
5
3%
57
3%
58
58
58
78
*5
Shares
534
*32l2
97
$ per share
4%
4%
32I2
10
$ per share
Range Since Jan. 1
On Basis of 100-Share
Week
3%
4%
113
May 17
5%
4I4
62
4'4
May 16
$ per share
May 14
57„
EXCHANGE
Friday
May 15
Tuesday
414
*59i2
flTHPTTfl
NEW YORK STOCK
the
CENT
Thursday
Wednesday.
Monday
534
NOT PER
SHARE,
SALE PRICES—PER
HIGH
Sales
for
LOW
Saturday
May 11
3167
23% July
31% Apr
85
Apr
75
Mar
18% Sept
11%
Apr
98
Apr
9% Aug
30
Apr
74
May
17
Apr
12
Apr
2
Aug
115
Sept
81*4 Sept
50% Jan
23% Jan
74
69
Oct
Oct
38%
53is
124%
85%
33%
2l7a
Sept
Sept
127
Nov
Nov
Deo
Mar
Oot
21% Jan
56% Sept
92
Sept
34
Sept
22% Jan
37g Sept
? Called for redemption.
May 18, 1940
3168
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
\
sales are disregarded in the
w60k>™re ml^Th?rsr?tL o^traiu^tioM of thi ™kTMd when
outeide of the regular weekly range are ehown In a footnote
In the week in which they occur.
No account is taken of such sales in computing the range for the year..
The italic letters in the column headed "Interest Period" Indicate in each case the month when the bonds mature.
Prices are
■nthttpf
a
S-q
BONDS
N. Y. STOCK
b O
EXCHANNGE
Zt b
NO,
Week Ended May 17
1947-1952
4K»
...1944-1964
Treasury 3Ks
1946-1968
tTreasury 3Hs.
...1940-1943
Treasury 3Hs
1941-1943
Treasury 3Ks.
1943-1947
Treasury 3 lis
1941
Treasury 3 lis
1943-1945
Treasury 3 lis
.1944-1946
Treasury 3 lis
—1946-1949
Treasury 3 lis
1949-1952
Treasury 8s....—..... 1946-1948
Treasury 3s..
—1951-1955
Treasury 2 lis
1955-1960
Treasury 2 Jis__
...1945-1947
Treasury 2 lis
1948-1951
Treasury 4s
Treasury 2
lis
2lis—
2s
D
M S
J
D
Jlf S
J
F
D
A
A
O
A
O
Price
J
D
118.8
1 1942-1947
...Mar
1952
No.
Jan.
1
Low
120.9
118.8
112.18 112.11
144
High
118.80121.6
113.21
223
112.11115 6
mtmmmmm
112.10
113.22
19
112.10115.9
mmmmmm
100.16
100.28
16
100.16102.8
102.22
103.2
20
102.22104.24
108.13
43
107.23109.30
103.23105.17
mmmmmm
107.25 107.23
103.27 103.23
12
104
108.1
107.20
108.31 108.24
108.28
128
107.26110.1
109
102
108.24110.21
109.12 109.11
111.6
276
109.11112.13
110.16 110.2
111.28
162
110.2
110.12
134
113.10
108.28111.22
S
108.15 108.15
110.7
127
108.15111.30
Jlf S
105.20 105.10
107.12
209
105.10109.10
108.22
180
107.4
M
M
M
S
S
D
D
M
J
107.10 107.4
106.18 106.16
107.8
JlfN
J
D
46
107.19
105.14 105.8
130
109.26
106.16109.19
105.8
108.30
104.10
106.13
46
104.1
105.16
243
104.1
103.28
106.3
348
103.28108.1
108.2
53
107
35
100.15108.31
107
100.10
107.4
104.10108.12
108
109.13
♦Cologne (City) Germany 6
Colombia (Republic of)—
♦6s
of
Ks.1950
^
♦6s of 1927
6Ks—1947
♦Sinking fund 7s of 1926-—1946
♦Sinking fund 7s of 1927
1947
Copenhagen (City) 6s
1962
25-year gold 4Kb
1953
f ♦Cordoba (City) 7s stamped ..1967
Cordoba (Prov) Argentina 7s—1942
♦Colombia Mtge Bank
103.16
105.8
128
234
103.14 107.3
♦Costa Rica (Rep of) 7s
Cuba
1951
(Republic) 5s of 1904—1944
101.21
103.13
294
101.21104.23
104.14
80
103.16105.30
External 6s of 1914 ser A
1949
101.31 101.29
103.16
163
101.29104.24
External loan 4Kb ser C
107.20
7
106.16 108.24
Low
103.20105.2
42
105.22108.12
Denmark
50
103.9
24
106
103.23
11
103.16105.15
103.20
2
107.4
107.26
103.12 103.9
103.30
101.14
6
103.16
103.20
107.4
100.16
108.21
104.25
100.16102.12
City
91
90 %
90 %
89%
94 % 1513
94
826
90K
97 K
89K
96 K
Municipal
A
♦Gtd sink fund 6s
1948 A O
Akershus (King of Norway) 4s. 1968 Jlf S
22%
22%
mmmmmm
J
1946 J
J
mmmmmm
♦External • f 7s series C....1946 J
♦External« f 7s series D
1945 J
J
mmmmmm
♦External s f 7s 1st series... 1967 A
O
mmmmmm
♦External see • 17s 2d series. 1957 A
♦External sec s f 7s 3d series. 1967 A
O
mmmmmm
O
mmmmmm
Antwerp (City) external 5s
1958 J
Argentine (National Government)
D
J
mmmmmm
22K
28%
1
24
29
35
*
mmmmmm
f 7s series B
15
24
24
24
mmmmmm
J
♦Antloqula (Dept) coll 7s A... 1945
20-year extl 6s.—1942
External gold 5 Kb
—1955
12%
MN
13K
12K
S
13K
11K
•17H
10K
11%
19%
D
m
6%
6%
12 H
JlfN
M
M
J
mmmrn
40
66
10 K
15%
11K
9K
3
10
9%
8
10
9%
14
8
1
9K
5
16
15K
11
10K
9K
8
8
9K
2
10
10
:
mmmm
O
21
8
15K
14H
14K
21
20
16K
1*7 K
17%
65
65
1
70
80
29
70
15%
16%
99%
J
J
s
M
F
S
99%
A
*99
57 H
J
D
40
69%
87%
60
88
50
91
60
31
50
90K
47
47
54 K
32
47
84
7
7
7K
30
"~36K
"35""
"BE" "72
51
46
36% 100 K
56 %
50
35
mmmmmm
mmm
mm
■mmmmm
mmmmmm
mmmmm
mmmmm
15%
11%
U%
11%
15%
12 %
23 K
12 K
92
15K
10K
10K
12 %
97
10K
11
12%
80
11
55
18
48
54
5
48
78
46 K
50 K
13
6K
3
D
6K
*05
6K
87 %
6K
M S
"~52~"
51K
59%
F
A
59
O
52%
54%
52%
A
51%
JlfN
58%
58K
60%
61%
10%
"125
>.
"
"51% "65%
21
99% 102 K
99
101K
80 K
149
50
62
161
104
7
74
81K
J
J
F
A
27K
24%
A
O
23
13K
13K
*5
13%
13%
20
73
18K
17K
70%
70%
63K
24K
21K
17%
<
c
28 K
24%
23
70%
70%
75
70K
70K
70
75 K
S
70
70
70
75 %
70%
71K
75
75
13K
A
*70
O
A
O
J
55K
75K
0
*70
*
11K
14%
15
5
13%
40
40
5
40
63 K
48
48%
19K
4
40
80
87
40
99%
*
"87"
D
16
12K
"31
87
13K
105
92
U2%
1949
112%
*108%
115%
11%
"ri
92K
12%
110
118
106
——
109
German Govt International—
♦<Cons Agrlc Loan) 6Ks
♦Greek Governments f
♦7s part paid
ser
1958
7s.. 1964
1964
♦Sink fund secured 6s—
♦6s part paid
1968
J
(Republic)
1952
s
f g
1946
"15 H
12%
8
'im "i§K
15%
9
*
6%
11K
25
7
9
12K
15K
*7%
12
13
Fa
21%
21K
2
7%
9%
15
a
o
81
O
J
81
3
55
15
5%
1
6%
6%
7
*
♦Hungarian Land M Inst 7 Ks. 1961
JlfN
♦Sinking fund 7Ks ser B
1961
f A
Hungary 7Ks ext at 4Ks to
1979
38K
*41
5%
6K
10 H
9K
9
9
20
20
32%
76
50 K
232
65
"65
92
38%
49
87
*71
"33%
11
"22 K "75"
6K
7K
"26"
40 %
16%
90
7
8
*
M JV
s f 5s
1960
J
D
Italy (Kingdom of) extl 7s
1951
Italian Cred Consortium 7s ser B '47 M S
/
J
Italian Public Utility extl 7s
1952
F A
Japanese Govt 30-yr s f 6Ks
1954
JlfN
Extl sinking fund 5Ks
1965
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
21 %
7%
"id"
5%
5%
21
9
*5%
"55"
J
'W "20K
79
82%
*
FN
Irish Free State extl
15%
9
1968
s f 6s ser A
8%
5%
8
8
MJV
♦Hamburg (State 6s)
__.1946
J
J
♦Heidelberg (German) extl 7Ksl950
A o
Helsingfors (City) extl 6 Ks
1960
Hungarian Cons Municipal Loan—
J
J
♦7 Ks secured s f g
1945
♦7s secured
12K
D
A
Haiti
72
78%
54%
91%
40
81K
32 %
79
82 K
62
32%
77%
63%
57%
63%
94
57
30
31
52%
51%
56%
63%
66
65%
67%
17%
14
10%
11%
♦Leipzig (Germany) s f 7s
1947
♦Lower Austria (Province) 7Ks 1950
F
A
17
12%
J
D
15%
♦Medellln
52
J
D
8
8
8
8
14K
D
70
70
80
70
82 K
J
J
38
42
9
38
45K
J
J
10
10
4
10
14
Mendoza (Prov) 4sreadJ
15
Mexican Irrigation—
11%
11K
1
80%
90%
86%
80 K
90 %
89K
265
74
74
97 K
90K
81K
350
J
J
89
89
91
69K
68
74 K
75
Canada (Dom of) 30-yr 4s....I960 A O
5s1952 JlfN
10-year 2Kb...
Aug 15 1945 F A
1961 J
1944 J
J
1967 J
.........1968 MJV
J
S
mmmmmm
J
J
mmmmmm
mmmmmm
♦External sinking fund 6s...1960 A
O
♦6s assented
.1960 A
♦Extl sinking fund 68—Feb 1961 F
O
♦6s assented.....
♦Ry extl s f 6s
A
Feb 1961 F
...Jan 1961 J
A
J
♦6s assented..
J
...Jan 1961 J
♦Extl sinking fund 6s..Sept 1961 M S
♦6s assented
Sept 1961 M 8
♦External sinking fund 6s...1962 A O
♦6s assented....
...1962 A O
♦External sinking fund 6s...1963 JlfN
♦6s assented
1963 JlfN
69
*m
13K
*1——
15%
*----.
15
.....
....
A O
♦6s Apr. 1937 coupon on..l960
(Rep)—Extl 8 f 7s.....1942 MJY
♦7s assented
.........1942 M N
86K
mmmmmm
/
M
96
87
37
80K 101 %
90% 107
90 %
81%
74
93%
89
96%
121
68
24
69
mmmm
6
.88%
7
2
14
16%
16K
15
11
16 K
15K
"l3% "l7"
"I5K
13
14
14 K
12 %
14 K.
13%
11%
14K
6
13%
17
13K
14 %
"19
15
13K
14K
♦Assenting 4s of 1910
/
Milan (City. Italy) extl 6Ks
Mlnas Geraes (State)—
♦Sec extl
s
f 6 Ks..
♦Sec extl
b
f 6 Ks
♦Montevideo
.1958
.—.1959
(City) 7«
♦6a series A
External
1952
O
F
s f 5s
O
1943 F
mmmmmm
......
12
14K
1944 F A
External sink fund 4 Ks—_ 1956 Jlf S
17
External
13 K
94
12K
14K
4s a f extl loan
24
13K
17
Municipal Bank extl
13
15K
13%
14%
3
13
13%
23
*14 K
13
......
41
14K
5
13K
13K
7
13 K
13K
57
13K
16K
14K
13 %
""
"l3K
12
12
17
12%
13%
14K
12
14K
16K
14Ki—
i
"8%
K
2K
H
28%
53K
28 %
8K
8%
...1965
....1963
f 5e___ 1970
A
A
/
D
8K
8K
%
151
2
6
8
8%
44
40
75
22
48%
40%
54%
53
4
34%
"46K
36
12
48%
46%
29
12K
12K
71K
71K
90%
89
97 K
97K
90
34
4
25
28
34
24
25K
8
23
22%
25
18
21
80
23
80
33%
"2<T~
O
F
36
%
70
A
Apr 1958
13K
s
31
A
A
9
64
15
%
1%
....1952
M JV
.....1969
14K
14%
13%
mmmmmm
%
IK
IK
IK
1%
D
(State) extl 5s„1957
Norway 20-year extl 6s
20-year external 6s
S
J
IK
1
IK
*%
*1%
M 8
M
<
*1%
J
A
1
*1
.1945
|*Treas 6s of '13 assent—.1933
K
*H
♦4Kb stamped assented—.1943
♦Mexico (US) extl 6s of 1899 £.1945 Q J
♦Assenting 6s of 1899—.
1945 Q J
J D
♦Assenting 4s of 1904..
1954
New So Wales
mmmm
*14K
1954
J
1954
89
12K
mmmm
mmmm
11
"13%
11
(Colombia) 6Ks
M N
16
......
♦Chile
For footnotes see pave 3173.
::
80
18K
1SK
1
60 K
101
79
48
.1968 MJV
♦Carlsbad (City) 8s
.1954
♦Cent Agrhj Bank (Ger) 7s
1950
♦Farm Loan s f 6s...July 15 1960
♦6s Jan. 1937 coupon on..1960
♦Farm Loan s f 6s...Oct 15 1960
18K
18K
48
mmmmmm
1961 Jlf S
14
11 K
88
10 K
mmmmmm
46%
108
13
tmm+>m
17
■
s f 4H-4KS
1977
Refunding s f 4K-4K*
1976
External read) 4K-4Ks...._ 1976
External s f 4K-4Ks
1975
3% external s f 3 bonds
1984
Bulgaria (Kingdom of)—
♦Secured • f 7s...
1967
102 K
35
36%
35
O
D
14
35
D
O
10
36 K
J
I960 J
1962 J
External
6K
12K
/;
A
♦7s (Central Ry)
1952 J D
Brisbane (City) s f 5s
1957 Jlf S
Sinking fund gold 6s.......1958 F A
26-year3Ks—
7-year 2 Kb
30-year 3s.
30-year 3s
76%
50
50
A
J
1957 A
20-year s f 6s....
♦Budapest (City of) 6s
Buenos Aires (Prov of)
♦6s stamped
69%
50
50
7
16
15K
*5
German Prov A Communal Bks
70 K
9
100
79
95
90 K
87
18
102 H 103 K
56%
101
87%
184
14K
77
35
"14
*102%
75 K
f 6 Kb of 1927
♦Stabilization loan 7 Kb
"72"
M JV
68 %
♦Brazil (US of) external 8s.... 1941 J D
♦External s f 6Ks of 1926...1957 A O
♦External
17K
17K
A
104
8K
1
35
K
60
D
f
128
J
24%
26%
16%
/
JlfN
80
1949 M S
3
25K
A
87
1965
External 80-year s f 7s
1965
♦Berlin (Germany) s f 6Ka
1950
♦External sinking fund 6S...1958
24
*22 K
F
75 K
68%
F
20
2
24 K
70K
1945
33
20
M N
77 %
8%
35
20
25%
>
1941
..1949
13
24 %
24 K
J
...
7
24 K
—1948
J
1967
M 8
—1945
AfN
♦Frankfort (City of) s f 6 Ks—.1963
J D
French Republic 7 Ks stamped. 1941
7s unstamped
11%
20
20
J
♦El Salvador 8s otfB of dep
Estonia (Republic of) 7s
Finland (Republic) ext 6s
7 Ks unstamped
External 7s stamped
13
13
O
A
O
♦Bavaria (Free State) 8Kb
Belgium 25-yr extl 6Kt
External s 16s
12K
*12K
12 K
14K
M S
A
1957
s
*12K
S
1972 F
f 7s...
(Govt)
10
"l2%
..1948
1971 UN
J
13K
12%
O
94
J
14
A
A
♦Austrian
"13 K
12%
11%
O
87
8 f extl conv loan 4s Apr
1972
J
Australia 30-year 6s_.........1955 J
External 6s of 1927
1957 M S
External g 4Kb of 1928
1956 JlfN
11 %
A
88K
8 f extl eonv loan 4s Feb
12%
D
2d series sink fund 6Ks
1940
M
Customs Admin 5Ks 2d ser—1961
1969
Law
5
21
/
External g 4Kb
Apr 15 1962
Jlf S
Dominican Rep Cust Ad 5Ks—1942
A
O
1st ser 6Kb of 1926—.......1940
5Ks 1st series
No.
D
J D
♦5Ks of 1930 stamped.,
1965
♦5Ks unstamped
1965
♦5Ks stamp(Canadlan Holder) *65
♦German Repextl 7s stamped.. 1949 a "o
♦7s unstamped
1949
M JV
8 f external 4Kb
S f external 4Kb
12%
J
12%
5 Kb 2d series...
1969
M JV
♦Dresden (City) external 7s—.1945
1947 F
High
13K
D
A
♦Gtd sink fund 6s
13K*
12
D
4Kb external debt
1977
Sinking fund 6 Kb.—Jan 15 1953
♦Public wks 5Ks—June 30 1945
♦Czechoslovakia (Rep of) 8s—1951
♦Sinking fond 8s ser B
..1952
107.11
106.13 106
......
Since
Jan. 1
J
1949
106.20 106.10
mmmmmm
Range
Asked
A
103.16 107.2
104.20
Bid
/
,
°ct 1961
Jan 1961
1928
103.14
Agrlcultura IMtge Bank (Colombia)
s
...
103.16
S
3% corp stock (Plan B) w 1..1980 J D
/ D
3% corp stock (Plan I) w 1..1980
♦External
1960
I960
1951
♦Chinese (Hukuang Ry) 5s
108.28 108.28
Transit Unification Issue—
Govt. &
—1962
D
J
Foreign
Munlc. (Cont.)
1957
1957
1961
1961
♦Guar sink fund 6s—-—....1961
♦6s assented
—
1961
♦Guar sink fund 6s
1962
6Ks
assented
♦Sink fund 6fis of 1926
♦6Jis assented
♦6 Kb
♦6s assented
Week's
Friday's
Price
Foreign Govt, fit
♦Chile Mtge Bank
D
2Kb series G—......1942-1944
J
1Kb series M
.1945-1947
New York
High
<*)<$
STOCK EXCHANGE
Week Ended May 17
N. Y.
J
15 1942-1947 J
Home Owners' Loan Corp—
3s series A....May
1 1944
A
Asked
Since
Range or
Sale
BONDS
Range
J
Federal Farm Mortgage Corp—
M S
3 Kb
Mar 15 1944-1964
3s
May 16 1944-1949 JlfN
Jan
Bid
£
♦Chilean Cons Munlc 7s
♦7s assented
1948-1950 J
Treasury 2s
2 lis
Friday's
mmmmmm
2Kb
2Kb
2Kb
2Kb
3s
Range or
Sale
Last
Week's
Last
1951-1954
104.26
1956-1959 M S
J D 104.6
.1958-1963
104.5
...1960-1965 J D
J D
1946
M S
1948
103.19
1949-1953 J D
M 8
1950-1952
J D 101 27
1951-1953
1947 J D 103.18
Treasury 2 lis
Treasury
Treasury
Treasury
Treasury
Treasury
O
J
J
Treasury 2lis
Treasury 2 lis—
Treasury
A
Friday
Friday
Low
United States Government
Treasury
Cash and deferred delivery
"and interest"-—except for income and defaulted bonds.
"22 %
24
29K
23%
80 K
Volume
New York Bond Record—Continued—Page 2
ISO
BONDS
N.
Y. .STOCK
Oslo (City) sf 4 Ms
♦Panama (Rep) extl 5%s
s
t 5a
ser
54
53
A
O
J
20
D
25%
17
20
105%
3
103
21%
13%
65
68
25
105%
1960 J
f 6s 2d ser__
1961
♦4%s assented
1968 A
72%
82
Austin A N W 1st gu g 5s
54
74%
Baltimore & Ohio RR—
1st mtge gold 4s
July 1948 A
7%
9%
49
6
10%
8%
45
11
7%
9
8%
7%
7%
8%
7%
10%
8%
10%
16%
♦Prague (Greater City) 7%s
♦Prussia (Free State) extl
♦External s f 6s
6%s
6%
1
4%
2
4%
4
8%
....
12
4
""8
37
8
33%
29
29
31
7
29
41
34%
y
b
66 H
66 H
74
32
62%
75%
x
a
103 H
50
102 H
50
88 H
y c
*
2
43%
88H
90
7
82
71
90
133
61
70%
bb
O
y
bb
3
61
61
67 H
A O
z
bb
Stamped modified bonds—
1st mtge g (lnt at 4% to
Oct 1 1946) due.July 1948
to Dec
to Dec
60 %
60%
66
60%
69%
z
ccc4
19H
19
25H
152
19
28
D
z
ccc4
21H
20 H
26
173
20%
31%
1 1946) due..2000 M S
z
ccc4
19H
19 H
25
154
19%
27%
z
ccc4
19H
22 H
108
19%
28
z
cc
3
8%
19H
8%
12
733
8%
y
bb
3
49
52
12
49
59%
18
38
49%
18
47%
1 1946) due—1995
Ref & gen ser D
to Sept
J
(int at 1%
Ref & gen ser F
1
7%
11
11%
13
Pfg L E & W Va System—
12
13%
11%
11%
13%
to
Ref g 4s extended to..1951
MN
A
O
— -----
A
O
72%
72%
91
37
72% 103
1947) due—1950 J
J
b
4
1947 F
A
60
71
28
60
98
Toledo Cin Div ref 4s A„ 1959 J
J
bb
2
♦RblDe-Maln-Danube 7s A
...1950
S
15
15
1
15
21
Bangor A Aroostook 1st 5s. .1943 J
J
bbb3
1951 J
J
bb
..1951 J
J
13%
7%
6%
O
10
♦6s extl s f g
1968 J D
7
♦7s extl loan of 1926
1966
♦7s municipal loan
1967 J D
1952 A O
1959 F A
Rome (City) extl 6 Ha
♦Saarbruecken (City)
Santa Fe extl s f 4s
-
1964
8
6%
20
14
j 8%
7%
7%
11%
Bell Telep of Pa 5s series B..1948 J
7%
12
secured s f
San Paulo (State of)—
§♦88 extl loan of 1921......
1936 J
♦8s external
1950
/
12
Belvldere Del
1956
M
7%
*
3
"66"
♦6s extl dollar loan
1968 J
1940
f 7s
♦Saxon State Mtge Inst 7s
"80"
♦Sinking fund g 6 Ha
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962
25
1943 J J
J D
F A
1955 A O
♦Debenture 6s
Beth Steel 3 Ha conv debs..1952
A
1959 J
..1947 F
A
Sydney (City) s f 5 Ha
..1955
F
Tokyo City 5a loan of 1912...
External s f 5Ha guar....
1952
1961
—
12
8
13%
13
7
8%
26
7
12%
11%
37%
91
30
14
8%
8%
8%
....
31
9%
8%
*3%
*3%
------
55
10
8%
14%
5
5%
5
5%
15%
3
50
52%
15%
60
87
50%
63
J
D
F
A
/
J
A
O
1952 MN
...1958 F A
1958 F A
....1961 J D
♦Vienna
(City of) 6s
♦Warsaw (City) external 7s
♦4 Ha assented
Yokohoma (City) extl 6s
»
--
-
bbb3
—
Boston A Maine lat 5s A C.1967 M S
b
mm
16%
511
15%
103% 112
100
61
104H
H
100% 106%
181
26%
43%
43%
53
5
40
51
5
26%
51
10
8
MN
10
58%
43
46%
46
50
1st g 4 Hs series J J
42
47%
80
10%
75%
8
Stamped
A
O
O
42
2
aaa4
Bklyn Manhat Transit 4 Ha. 1966 MN
Certificates of deposit
bb
2
bb
Bklyn Queens Co A Sub RR—
1st con gtd 5s Btmp ctfs
1941
8%
1941
1960
ccc2
y
Ha aeries C.1967 J D
{Buffalo Rochester A Pgh Ry—
Stamped modified (interest
at 3% to 1946) due
1957 MN
{Burlington Cedar Rapid A Nor—
|»lst & coll 5s
.—1934 A O
aa
31
102%
42
86
-----
89%
325
45%
-----
*
b
2
♦Certificates of deposit
105
86%
111%
112%
112%
113%
55%
3
13
21
43
52%
57
43
40%
52%
56%
42
52%
8%
80%
106% 110%
83% 103
82
92%
38
48%
66
44%
88% 107
92
86%
111% 113%
111% 115%
97%
59
106%
36
102% 107%
110%
8
109% 112%
108% 108%
90
*109
.....
....
98%
90
33%
33%
37%
54
33%
3H
4%
24
3%
3%
66%
37%
3H
b
12%
62
110%
67
38
37 H
54 H
O y b
1960
O
Calif-Oregon Power 4s
—1966
Canada Sou cons gu 5s A—1962 A O
89
3
....
43
41%
102%
bb
y
107
cc
y
102%
102
3%
5
68%
43%
5
14
56
35
103%
51%
81
102
11
71
x
a
x
bbb3
71
71
80
aa
85 H
83 %
90%
101
aa
Canadian Nat gold 4 Ha.—1957 J
Week's
41%
3%
cc
z
—1952
—.1955
Bush Term BIdgs 5a gu..
z
45%
56%
107
4
z
1
108
106%
4
Buff Nlag Elec 3
85
108
102
107
2
aa
7%
69
F
1981 F A
Bush Terminal 1st 4a
4
65%
75%
-----
2
1st lien A ref 6s series A..1947 MN x bbb3
Debenture gold 5a
...1950 / D y bb 3
1st lien A ref 6s series B—1957 MN x bbb3
8%
109% 109%
97
99%
7
1961
43%
47%
A
Stamped
Consolidated 5s
2
4
4
55%
131
86%
51%
56%
35%
8
238
50
111%
1125%
91%
102%
46
51
97
5
48%
3
33
"97"
46%
a
55%
44
— — -
43
bbb3
63
51%
Friday
Bank
16%
15
43
S
x
63
....
-
11%
47%
M
x
65
51
— -
~\7~
12
1955 MN
Stamped
1st M 5s series II
Bklyn Un Gas lat cons g 5S..1945 MN
53
49
56%
135
362
41
53
*4%
"
128
50
62%
32%
1
47%
26%
117%
46
b
11
*39
------
72%
115
47
bbb3
19
1
—
45
116
108*
-
x
58%
50
2
—
y
57%
50%
—
72%
*109
—
A
33
50
------
--
3
a
1st 5s stmp ctfs
Bklyn Union El at g 5s
Certificates of deposit
17
44
1979 MN
72
37
103 H
105%
101H
aaa2
15%
3%-4-4%s (% bonds of '37)
external conversion
56
15%
cccl
3%s-4-4%s (J bonds of '37)
3%-4%-45i*s extl conv..
....1978
4-4%-4%s extl readj—........1978
3 Ha extl readjustment
1984
Venetian Prov Mtge Bank 7s
...1952
J
bb
62
44
bbb3
{♦Boston & N Y Air L 1st 4s. 1955 F A
....
MN
1979 MN
12
75
cccl
Big Sandy 1st mtge 4s
1944 / D
Blaw.Knox 1st mtge 3 Ha.-.1950 F A
Buffalo Gen Elec 4 Ha B
externa] readjustment
63H
15%
Bklyn City RR 1st 6s ctfs__1941
Bklyn Edison cons M 3Ha..1966 MN
60
55
70
16
11H
16
....
50%
32%
33
O
57
130
*.
b
15
5
53%
58%
S
A
14
*105%
aaa3
18
-----
50
-----
"
128
b
O
O
58
92% 101
b
21%
16%
8%
-----
50
J
M
1964
23
9
—
♦Uruguay (Republic) extl 8s
...1946 F A
♦External s,f 6s
...........I960 MN
♦External s.f 6s
13%
9%
....
A
1971 J
3
14
*
.......1958 / D
1958 / D
♦Slleslan Landowners Assn 6s
10%
-.
115
129%
1
12
7
25
D
MN
Taiwan Elec Pow s f 5 Ha
7%
4
7
7
1962 MN
♦78 series B sec extl
3
8
7
O
D
8%
8%
8%
J
A
1945 J
1946 J
assented
3 Ha
cons
♦Berlin Elec El & Undergr 6 Ha '56 A
— — — —
75
14
S
aaa3
♦Berlin City El Co deb 6H8.1951
♦Deb sinking fund 8Hs—1959
12%
9%
8
J
♦7s extl water loan
♦4 Ha
1960 A
61
8%
——
J
♦Silesia (Prov of) extl 7s
1st A ref 5s series C
J
O
*
-
H
40
*35
aaa3
8
2
59 %
2
53
92 %
63
58
3
bb
43
38
47 H
92 %
bbb4
7%
22
1957 MN
♦6 Ha extl
bb
Battle Cr & Stur 1st gu 3S..1989 J D
Beech Creek ext 1st g 3Ha..1951 A O
Cons mtge 3Ha ser F
...1952 MN
♦8s extl secured s f
s
4s stamped
38
*58"
3
13
Sao Paulo (City of, Brazil)—
♦Secured
Con ref 4s
33%
8%
"66"
66
1
40
-V-
8%
10%
to Jan
102
8%
43
—
*
J
5
8%
35%
------
M S
44
9
*9
— ——
1953 J
6s
8
6%
8%
35
11%
7%
10
9
MN
♦February 1937 coupon paid
13
6%
A
♦Roumanla (Kingdom of) 7s
8%
7%
...1946 A
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
O
15%
S'west Div 1st M (Int at 3 H %
1952
1946 A
1953 F
31
3
D
(int at 1%
1946) due..1995 J
1
...1941
♦Rio de Janeiro (City of) 8s
♦Extl sec 0%8
102% 107%
68
y
Queensland (State) extl if 7s
25-year external 6s
M
36
100 H
J
4
12
*
1941 J
(Int at 1%
Sept 1 1946) due
1996 M S
♦Conv due
Feb 1 1960 F A
3%
8%
12%
------
1"
4
9%
8%
12%
9%
7
5%
*8%
10%
4%
8
*7
1961 J D
1966 J J
1952 MN
1951 M S
65
....
"l2"
12
J
♦4%s assented
♦Porto Alegre (City of) 8s
♦Extl loan 7%s
High
33H
b
Ref & gen ser C (lnt at 11-5 %
114
9%
*5
—
J
1950
No. Low
b
y
Ref & gen ser A
O
J
__
♦External sink fund g 8s
High
Jan. 1
y
Atlantic Refining deb 3s
1963 M S
{ § ♦Auburn Auto conv deb 4 % s'39 J
J
2
O
1963 J
♦4%s assented
— -
Since
Adk
J
50
*7
— -
A
Low
72%
7%
...1947 A
f7s
Range
Friday's
Bid
J
J
62%
7%
O
Range or
Sale
Price
Railroad & Indus, Cos. (Cont.)
Atl A Dan 1st g 4s
—1948 J
Second mortgage 4s
1948 J
Atl Gulf & W I SS coll tr 58—1959 J
6
D
A
1940 A O
1958 A O
Last
Rating
See k
72%
8%
♦Nat Loan extl sf 6s 1st ser
Week's
Friday
Elig. &
St
54
— -
*
54%
♦Poland (Rep of) gold 6s
♦Stabilization loans
9%
55%
49%
51
1947 M S
;_1959 M S
.
♦Peru (Rep of) external 7s
s
HigTl
1
44
A)
♦Pernambuco (State of) 7s
♦Nat Load extl
Week Ended May 17
103
MN
1963 MN
♦Ctfs of deposit (series
N. Y. STOCK EXCHANGE
No. Low
High
9%
55%
49%
56 H
1963 MN
A
♦Stamped assented
BONDS
Since
9%
56%
A
MS
1953
1958
.1955
.....1953
Range
Jan. 1
Is
Friday's
A
Ask
Bid
Low
F
1952
Oriental Devel guar 6s
Extl deb 5%s
Bank
Range or
Sale
Price
(ConcT)
Foreign Govt. & Mun.
♦Nuremburg (City) extl 6s
♦Extl
Last
Inter st Period
EXCHANGE
Week Ended May 17
3169
Week's
Friday.
40%
7
6%
69%
47
61
106%
85
83%
87%
87%
89%
86%
103%
106%
107%
Week Ended May
RAILROAD
Last
Rating
Price
Range or
Sale
See k
17
Bonds Sold
Friday's
Bid
A
Ask
Range
Since
Jan. 1
and INDUSTRIAL
COMPANIES
tl^Abltlbi Pow A Pap 1st 53.1953 / D
Adams Express coll tr g 4s...1948 M 8
1947
Coll trust 4s of 1907
z
y
40
cc
bb
40
y
y
108%
bb
bb
40
3
104
104%
104%
1
101
104%
108%
5
107% 108%
45
80%
45
------
aa
45
104%
104%
108%
y bb
10-year deb 4%s stamped. 1946
Adriatic Elec Co extl 7s
1952
51%
104
------
------
*
82
103
2
debentures
.... 1961
3%s debentures
1966
Am Type Founders conv deb. 1950
Am Wat Wks A Elec 6s ser A. 1975
Anaconda Cop Mln deb 4 Ha. 1950
♦Anglo-Chilean Nitrate—
S f Income deb
......1967
......
*55
......
105
A
O y bbb2
99%
F
A y bbb2
a
3
M S y b
2
M S y b
2
x
bbb3
y
b
65%
34%
99%
95
95
107
106%
*
55
102%
1
72%
49
43%
190
-----
mm--
105%
100%
25
54%
102%
101%
109
110
107% 108%
65%
34%
75
59
47%
64%
105
107%
19
99% 101%
30
97%
108%
94%
99%
106% 111
17%
17%
170
31
......
-
-
61
--
-
217
54
11
104%
104%
54%
68%
102
105%
101% 105%
x
aaa3
106 »x«
1062,jj
1071*2
144
106*s,*109%
A
O
x
aaa3
105%
108%
258
105% 110%
J
D
x
aaa3
105%
105%
104%
108%
230
2
M N y bbb2
bbb3
104
105
103%
103%
102%
108%
37
103% 109
103%
21
102% 107%
103
37%
41
36
40%
19
36
50
98
98
98
2
97%
99%
2
98%
98
103
153
98
2
98
98
102%
32
98
J y bb
1
36
x
bbb4
x
aa
x
aa
2 *103
103
105
x
bbb3
x
bbb3
Conv
x
aa
1965
x
aa
Conv gold 4s of 1910
1960
1948
Rocky Mtn Div 1st 4s —.1965
x
aa
Conv deb 4Ha—
x
aa
x
aa
Trans-Con Short L 1st 4»—1958
x
aa
110
127
110%
Cal-Ariz 1st A ref 4H8 A—1962 M S
1946
Atl <fc Charl A L 1st 4Hs A—1944
1st 30-year 5s series B
1944
Atl Coast L 1st cons 4s.July 1952
General unified 4 Ha A
1964
10-year coll tr 5s..May 1 1945
L A N coll gold 4s—.Oct 1952
Atl Knox A Nor 1st g 5s
For footnotes see page
3173
2
87%
84
♦
......
93%
95%
102%
102
99%
29
84%
17
97%
89
93%
91%
97%
95
90
18
101% 105%
20
99% 100%
2
108% 110%
3
106% 109%
100
a
107%
108%
x
aa
*99
.....
J
J
x
bbb3
J
J
M
S
----
97
a
gold 4s...1981
F
b
A
85
"85"
87
17%
14
t
6%
2
2%
8
gold 4s..1949
Through Short L lat gu 4s.1954
Guaranteed g 5s
1960
Central RR A Bkg of Ga 6s2l942
Central Steel let g b 8a
1941
Certain-teed Prod 5 Ha A...1948
Champion Paper A Fibre—
8 f deb 4%s (1935 Issue)..1950
S f deb 4%s (1938 issue)..1950
Chesapeake A Ohio Ry—
F
A y
A
O y bb
A y b
2
M S
4
cc
bb
b
I
,
*43"
114
114
1992
Ref A imp mtge 3 Ha D..1996
Re A Impt M 3 Ha ser E..1996
Ref AlmptM 3 Ha ser F..1963
Craig Valley 1st 6s..May 1940
1946
4s...1989
2d consol gold 4s...... 1989
Warm Spring V let g 5S..1941
♦Chic A Alton RR ref g 3s.. 1949
Chio Burl A Q—111 Div 3 Ha. 1949
Ill'nols Division 4s
—.1949
Potts Creek Br 1st
4s
R A A Div 1st con g
44%
94% 100%
44
45%
85
8%
26%
4%
77
1
51
25
16%
52
15
12 H
•
3
106 %
195%
bb
2
2
3
MN y b
MN xbbb2
M S y b
3
64
64
•
15"
106%
68%
45%
*55%
109*
6
7
40
63
1091**
109»m
71%
71%
80%
106% 109
110
111%
54
44
13
20%
12% 18
105% 110
64
64
73%
61
ill
66
39
54
67
39
"9
54
3
62%
58
log1** 1121!*
71%
M S
x
bbb3
M S
x
bbb3
102 H
105%
102%
106%
104%
20
M 8
aaa4
122 %
122%
124%
29
122
MN
aaa2
97
97
99%
92
97
F
aaa2
97
96%
99%
105%
161
A
104H
103
J
aaa2
J
aaa2
J
aaa3
*90
J
aaa3
*106
M S
O
ccc3
J
J
aa
93 %
J
J
aa
99 H
a
85
82%
104% 106%
102%I104%
125%
100
96% 100
103
107%
aaa2
A
152
aaa2
J
I*
73
111%
12H
6%
7%
3%
75
107
13 H
2
30%
95%
111%
ccc3
2
4
107
ccc3
5%
90%
19%
93
2
46 H
13
44%
109%
93
aaa4
b
79
60
106
4
aaa3
O
84%
1
2%
8
cc
J
M S
98% 113%
69%
10
4
;
107
105%
82% 103%
10
c
2%
2%
D
General gold 4 Ha
*27
"~5%
2
M S
F
2
"T%
2
J
Cent Pac 1st ref gu
"18
65
c
cc
/
A
12
48
14
ccc3
44
100
t
3
4
2
108%
97
ccc2
A
45
45
1
4s..1951
.1946
Central Foundry mtge 6s...1941
Gen mortgage 5s
1941
Cent Hud G A E 1st A ref 3 Ha '65
Cent Illinois Light 3 Ha
1966
{♦Cent New Engl 1st gu 4s.. 1961
{♦Central of N J gen g 5a.—1987
♦General 4s
—1987
Central N Y Power 3%s
1962
♦Mobile Div 1st g 6s
60
106
b
{♦Cent of Ga 1st g 5s...Nov 1945
{♦Consol gold 6s—
1946 MN
♦Ref A gen 5H8 series B..1959 A O
♦Ref A gen 5s series C
1959 A O
♦Chatt Div pur mon g
00%
106"
bb
deb 4 Ha w w_. 1947 J D
♦Cent Branch U P 1st g 4s. .1948 J D
F
3
65%
J
*100
101% 101%
109
10
12%
66
93%
95%
99%
74
89
110
"id"" "16%
61
98
84%
117%
106
10
109
114
118%
67
92
97
95%
95%
99%
17
93%
99%
67
67
70
19
67
77
General 4s
47%
50
9
47%
1st A ref 4 Ha aeries B
F
A
bbb3
79 H
77
81
52
62
72
73%
7
69%
70
1st & ref 5s aeries
F
A
bbb3)
82 %
81%
88
46
64%
10
60
92%
98
70
D y bb
47%
MN y bb
......
MN y bb
87%
84
111
x
J
85%
95%
D
*93%
107%
103%
J
bbb3
104%
104%
92
----
97%
...
103
ccc3
Caro Clinch A Ohio 1st
67
107
34
Adjustment gold 4s..
Stamped 4s
Conv 4s of 1905
104
53
37%
1995 Nov
1995 MN
gold 4s of 1909.....1955 J D
9
40
2
aa
104% 110%
104
y cc
x
2
Oelotex Corp
2
.......—1995 A
a
Cart A Adlr 1st gu
2
O
General 4s
20
2
83
aa
1964 M S
Armour A Co (Del) 4s B—1955 F A
J
1st m b f 4sser C (Del)..—1957 /
Atchison Top A Santa Fe—
69%
2
87
bb
Ark A Mem Br A Term 5s..
108%
2
aa
a
75
x
1955 Q
{Ann Arbor 1st g 4s
99
26
a
J
77
y
Jan
89%
61
71%
1944
1 1954
1
34%
x
68
101%
S
J
—
68 equip trust ctfs
Coll trust gold 5a..Dec
110
66%
0
21
99
deb atk perpet..
..—1946 M
Coll trust 4 Ha—
81%
2
A
68
Can Pac Ry 4%
77
3
J y bb
48
75
y cc
J
144
77
-*>
Amer Telep A Teleg—
3%s
116
57%
71%
75
y b
20-year sinking fund 6 Ha. 1943 M N
102%
48
------
bb
Ha—1949 MN
1949 J J
150
98%
48
61
bbb3
Am InternatCorp conv 5 Ha.
82
99
52%
y
Amer IG Chem conv 5
84
aa
bbb2
S
J
2
x
x
97
aa
90%
81%
52%
1946
S
82 H
52%
Alleghany Corp coll trust 58.1944
Coll A conv 5s..—.....1949
M
85%
Collateral trust 4 Ha
1960 J
{♦Carolina Cent 1st guar 4s. 1949 /
6a A. 1952 J D
Carriers A Gen Corp 5s w w_. 1950 MN
52%
M S
69
aa
4%s__June 15 1956 J
1956 F
Guar gold 4 Ha
Sept 1951 M
Canadian Northern deb 6 Ha. 1946 J
60
b
1942
Allied Stores Corp deb 4 Ha.-1950
4Ha debentures
1951
Allis-Chalmers Mfg conv 4s. 1952
♦Alpine-Montan Steel 7s
1955
Am A Foreign Pow deb 5a—2030
92
50
y
Allegh Val gen guar g 4s
86 H
2
110%
------
Allegb A West 1st gu 4s
34
aa
87 H
20
b
..I960
1998
131
93%
51
aa
y
♦5s stamped
173
94%
89%
108
x
Alb A Susq 1st guar 3 Ha
94%
87%
5a..July 1969 J
Guaranteed gold 5a._.Oct 1969 A
Guaranteed gold 5a
1970 F
50
x
1st cons 4s series B
2
87%
90 H
89 %
Guaranteed gold
108
1943
...1943
Albany Perfor Wrap Pap 6s.,.1948
6a with warr assented
.1948
Ala Gt Sou 1st cons A 5s
45
57%
88 %
aa
Guar gold
Elig. A
Y. STOCK EXCHANGE
aa
Guaranteed gold 4Ha
BONDS
N.
60
Attention la directed to the
new
—1958 M S
1977
A—..—1971
column incorporated in this tabulation pertaining to
bank eligibility and rating of bonda.
97% 102%
93
77
84%
84%
81%
90
See k.
New York Bond Record—Continued—Page 3
3170
Eliff. &
BONDS
N.
Y.
BTOCK
EXCHANGE
I
Rating
See
Week Ended May 17
Railroad & Indus. Cos.
b
O
4S..1966
{Chic Milwaukee A St Paul-♦Gen 4s series A ...May 11989
«Geng3Ks ser B.May 1 1989
♦Gen 4kb series C.May 11989
♦Gen 4 Ks series E.May 1 1989
♦Gen 494s series F.May 1 1989
{Chlo Mllw St Paul A Pac RR—
Chic Ind A Sou 60-year
119 k
2
cccl
cccl
♦Certificates of deposit...—-
Chicago A Erie 1st gold 6s..1982
{♦Chicago Great West 1st 4S.1969
{♦Chic Ind A Loulsv ret 6s—1947
♦Refunding g 6s series B..1947
♦Refunding 4s series C...1947
♦1st A gen 6s series A.....1966
♦1st A gen 6s ser B..May 1966
12
12
16
86
100
348
22
30k
3
15
21
12k
12k
4k
20
13
97
22
29k
15
15
J
J
ccc3
J
J
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♦12k
J
J
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*15
17k
7k
7k
55
7
20
4k
J
J
cc
2
J
J
bb
2
4k
55
20
27
4k
10
55
18k
10k
10k
62
ccc3
22
59
22
24
39
21
23
"23"
25k
21
22
ccc3
26 k
63
23
z
J
28 K
,
ccc3
23
25k
10
23
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*22
28 k
z
J
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cc
3
4x
O
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c
2
IK
♦General g 3
Ks————1987
MN
ccc2
♦General 4s.
1987
MN
♦Stpd 4s n p Fed.lno tax. 1987
♦Gen4J4sstpdFedlnctax 1987
♦Gen 6s stpd Fed lnc tax—1987
♦4 Kb stamped ....... ...1987
(♦Secured 6Ks
vl9«S
♦1st ref g 6s
May 12037
♦ 1st A ret 4 Ks stpd-May 12037
♦1st A ret 4 Ha C-_May 1 2037
ccc2
MN
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12K
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7k
2k
15
12
18
14k
18
12
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*13K
19
14
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2
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2
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MN
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323
15
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436
29 k
29k
30k
12
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6K
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23k
27k
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MN
4k
ik
ccc2
MN
14 k
7k
7k
7k
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34
»»•-
9
18
9k
9k
9k
36
46
15
243
12k
13 k
16k
7k
7k
7k
ik
18k
18 k
19k
16
20k
uk
11k
11k
bb
AO
cc
1
ccc2
44
ccc2
1
m"N
c
"5H
MN
J D
5
bbb2
/
D
hbb2
J
39
4k
5k
5k
ik
5k
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c
8
15
*11k
4k
5K
cc
45
12
12
D
bb
bb
3
M S
b
'"58
58
*
2
5k
3
5k
IK
47 k
54
48
103
103
103
105 H
102 K
105
102 K
16
67
40
51k
63k
49
55
~48
75
7k
2K
80k
54
Guaranteed 48.——— 1944
O
x aa
1st mtge 394s series E— 1963
J
x
1951 M 8
3Ks guaranteed
....
J
Chic A West Indiana con 4s. 1952 3
aaa3
x aa
x
3
3
1952 MN
1966 F
z
103
107 k
108 k
33
105
109 k
104
29
102 k 106 k
89
89
94
44
89
90k
a
a
series D- 1962 M S
1943 A O y b
{♦Choctaw Ok A Gulf con 6s.
Cincinnati Gas A Elec 3Ks—
1st mtge 394s.....
Cln Leb A Nor 1st con gu 4s.
Cln Un Term 1st gu 394s D..
1st mtge gu 394s ser E—.
Clearfield A Mah 1st gu 6s..
1
90 H
93k
23
89 k
45k
61
46 k
i
cc
A x aaa4
106 k
22
11K
109k
"28
45k
12 k
95k
95k
1967 J D
x
aaa4
*110K
x
aaal
*103
1971 MN
x
aaa4
106 H
107
106 k 110k
1969 F A
x
aaa4
109 k
110k
109
1943 /
Cleve Cln Chic A St Louis Ry
General g 4s............ .1993 J D
.1993
General 6s series B
Ref A impt 4 94s series E. .1977
Cln Wab & M Dlv 1st 4s. .1991
St L Dlv 1st coll trg 4s.. .1990
1940
Spr A Col Dlv 1st g 4s
WW Val Dlv 1st g 4s... .1940
Cleve Elec Ilium 1st M 8948 .1965
Cleve A Pgh gen gu 4 94s B. .1942
.1942
Series B 394s guar
Series A 494s guar...— 1942
Series C 394s guar...... 1948
1950
Series D 394s guar..
Gen 494s series A—... 1977
Gen A ref 494s series B. .1981
Cleve Short Line 1st gu 4 94s .1961
Cleve Union Term gu 594s. 1972
J
*65
90
75
75
x
bbb3
64
64
63k
x
bbb3
66k
79k
54k
61k
D
J
J y b
2
J
J y bb
42
46
k
67 k
MN y bbb2
M S
3
x
bbb3
J y bb
J
O
x
x
108
x
aaa2
MN
x
x
42
2
46
66 k
1
67
100
100K
99
108k
11
109
aaa2
F A
108
*107k
♦105k
105k
aaa2
J
74
46 k
*99k
x aaa2
O
48 k
*100
2
aaa4
75
79 k
"42""
3
100
107 k 110k
108 k 108 k
aaa2
A x
/
x
aa
2
2
*
105k 106k
109 k 109 k
*100
aa
i05k
O Xbbb3
O xbbb3
75
106 k
75 k
11
74k
83k
90k
82 k
74k
75
75
8
75
70k
70
73 k
26
70
O xbbb3
-1977
1st s f 494s series G
D x aaa2
Coal River Ry 1st gu 4s... .1945
A x bbb3
Colo Fuel A Iron gen s f 5s. 1943
3
♦6s Income mtge....... -1970 A O y b
62
62
16
62
107
66 k
108
5
107
105
105
5
75
75
6
Colo A South 494s series A. .1980 MN
y
b
23k
23
26k
Columbia G A E deb fis.May 1952 FN
Debenture 6s—..Apr 15 1952 A O
Debenture 5s.....Jan 15 1961 J 3
x
bbb3
104 k
103
104
x
bbb3
103
103
x
bbb3
102 H
1973
O
x
bbb3
3
81
44
Columbus A H V 1st ext g 4s. 1948 A 0 X aaa3
Columbus A Tol 1st ext 4s..1955 F A x aaa4
Columbus Ry Pow A Lt 4s..1965 MN
Commonwealth Edison Co—
1st mtge 8Kb series I.....1968 / D
Conv debs 3kb---.......1958 J
x aa
114
20
108k
"l9
106 k
111
108k
125k
304
107 k
111k
a
156
*109 H
106
4
x aa
J x
105
114
114
103
102 k
Conn A Pasump Rlv 1st 4s..1943
x
bbb3
*65
Conn Ry A L 1st A ref 4Kb..1951
x
aa
3
*108
Stamped guar 4kb
.1951
Conn Rlv Pow s f 354" A—.1961
x a
1
x aa
3
26
*109 k
108 K 108 k
90
105k
105k
102 k 105 k
113k h4k
u0k 110k
106
109k
106k luk
111
130k
88 k
89
118k 119
109k 110
29
109
108k 110
Consol Edison of New York—
3Ks debentures..........1946
8Ks debentures..........1948
3 Kb debentures.......... 1956
8 Hb debentures
...1968
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 78.1956
Consol Oil conv deb 3K8.-1951
Called bonds (June 1 1940)
{♦Consol Ry non-conv deb 4s 1954
♦Debenture 4s...........1955
A O xaa
A
O
x aa
4
4
105 k
105 k 107 k
104 k 108 k
103k 107k
105 k 109k
104 k
106 k
97
A O
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4
103 k
103 k
105
36
x aa
4
105 k
105 k
107k
74
J
3 z cccl
J D xbbb2
103
102 k
121
105
102",1102»n
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z
cccl
"14 k
J
3
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cccl
14
♦Debenture 4s
1956 J
Consolidation Coal 815s....I960 3
Consumers Power Co—
3
z
cccl
J
z
ccc2
17k
14
14
♦
....
59k
17k
64
"IO
14
5
14k
14
15k
"l6
105 k
108 K
10
MN
105 k
106 k
106 k
107k
7
x aa
x aa
107 k
109
21
MN
x aa
i06K
106
107
30
MN
x aa
106 K
106 k
107 k
32
101k
11
loft".
100k
lodit
101*m
18
106 k
106
107k
103 k
293
103
105
105
?Container Corp 1st 6s
1946 J D x bbb4
H 15-year deb 5s..........1943 J D y bb 4
Continental Oil conv 2KS..1948 J D x aa 2
Crane Cos f deb 3Ks—...1951 F A
Crown Cork A Seal s f 4s
1950 MN
8 f 4kb debentures—...1948 J
J
x a
3
2
4
6K
UK
23
ddd2
2
IK
2
10
6K
IK
11K
z
z
ddd2
IK
IK
37
IK
2K
z
c
2
4K
6K
80
4K
8
z
cc
2
*3K
4K
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aa
3
x
J
ccc2
x
aa
3
x aa
3
d y b
D
3
z
a
107 K
'
108
109K
HOK
------
109K
110K
*
97
------
*105K
-
13
12
....
35
-———
2
x aaa3
45
*40
....
--
106 H 109 K
—
—
-
—
-
-
-
23
5
-----
-----
107K 110H
109 K 111K
110K 113
40K
40K
25
25K
17
98
107K
108K
3K
4
---
16
107 K
------
-
-
*49 K
------
ccc2
x
4K
104K 106
97
101
105K 107K
105 K 108 K
12
30 K
106K
106K
107 K
132
106 K 109 K
East Ry Minn Nor Dlv 1st 4sl948 A O x aa 2
EastT Va AGaDiv 1st 5s—1956 MN xbbb3
x aaa4
Ed El 111 (N Y) 1st cons g 5s. 1995 3
106K
106K
106K
11
106 K 107K
90 K
95
141
149 K
4
105 K
105K
15
17
32
24
92
------
16
94
149
106
74
55
.
149
104
...
55
20
Electric Auto Lite conv 4s—1952
X
bbb3
1965
y
bb
2
ybb
2
*51
x
aaa2
3
*100
El Paso A S W 1st 5s
5s stamped..
.1965
Erie A Pitts g gu 3Ks ser B..1940
Series C 3 Ks
1940
{♦Erie RR 1st cons g 4s prior 1996
♦1st consol gen lien g 4s...1996
x
z
cc
..1953
O
z
1953
O
z
------
ccc2
z
105
aaa2
3
3
♦Conv 4s series A
♦Series B
95 K
—
-
-
110
104
52 K
60
56
-
59
*100
17
55
59
53
63 K
22
22
26K
231
21K
28 K
cccl
16K
16K
17K
57
16 K
26
cccl
16K
16K
18
15
16 K
26
18
25K
2
♦
O
z
♦(Ref A imp 5s Of 1927
1967 MN
♦(Ref A impt 5s of 1930- ..1975 A O
J
♦Erie A Jersey 1st s f 6s.. 1955 3
z
c
2
9K
9
14
293
9
z
c
2
9
9
14
412
9
Z
b
2
conv
4s series D
.1953
♦Genessee River lsts 16s. .1957 3
cccl
24
z
b
2
bb
2
b
65
-----
z
3
61 K
(♦3d mtge 4Kb
1938
..1954 F A ybb
Ernesto Breda 7s
Fairbanks Morse deb 4s... .1956 / D
Federal Light A Trac 1st 5s__1942 M 8
5s International series..1942 M 8
1st lien
s
t 5s stamped....1942 MS
x a
x
65
1
x
bbb2
x
bbb2
1943 J 3 z ccc2
{FloridaEast Coast lst4K8.1959 J D y bb 2
♦1st A ret 5s series A
..1974 M 8 z cc 1
—
-
-
18
18
49 K
70
92
94
65
11
----
64
53 K
-
98
*85
65
4
f ♦Fla Cent A Pennln 5s..
♦Certificates of deposit
Fonda Johns A Glov 4kb...1952
*93K
2
70
——————
------
107K
106 K 108
101K 105
104
*102 K
102 K
102 K
102 K
100
100
103K
103
104K
102K
104K
48
—
—
-
-
-
7
102
102
102
104 H
102 K 104 K
5
100
104 X
140
103
107
46K
46K
48
24
50
55
5K
73
4K
5K
4K
4K
1
—
—
....
_
48
4K
—
103K
104K
*20
------
12
5
106K
103
bbb2
1st lien 6s stamped....... 1942 M 8 x bbb2
30-year deb 6s series B....1954 J D ybb 3
4
Firestone Tire A Rub 3K8—1948 A O x a
----
68 K
——————
z
M S
J
K
*54
♦N Y A Erie RR ext 1st 4s.l947 MN
11
4K
8K
8H
2K
z
cc
z
c
2
*2K
3
2K
z
c
2
*2K
2K
2K
a
3
Francisco Sugar coll trust 68.1956 MN yb
2
{ (♦Proof of claim filed by owner MN
(Amended) 1st cons 2-4S..1982
{(♦Proof of claim filed by owner MN
♦Certificates of deposit
Fort St U D Co 1st g 4 Ks. ..1941 J
Gas A El of Berg Co cons g 5s 1949
Gen Am Investors deb 5s A.1952
Gen Cable 1st a f 5 Ks A.
1947
♦Gen Elec (Germany) 7s....1945
♦Sinking fund deb 6Ks
1940
♦20-year s f deb 6s
..1948
Gen Motors Accept deb 3K8.1951
Gen Steel Cast 5Ks w w
1949
{♦Georgia A Ala Ry 5s .Oct 11945
z
J
19
18k
18k
55 k
65
k
Goodrich (B F) lst4Ks
x
*2 K
...
2K
....
101
101
1
50
62
2K
2K
2K
100»«101
23
50
x
a
x
bbb3
102k
102 k 104 k
x
bbb4
103k
39
Crucible Steel 4Ks debs
1948
Cuba Nor Ry 1st 5Ks.——1942
102 K
103
103
105
32
y
b
2
yb
2
1
General 4Kb series D
.1976
General 4KB series E
.1977
General mtge 4s series G_..1946
Gen mtge 4s series H
.1946
Gen mtge 8Kb series I
.1967
*112K
49
63
103 K
31
99K
105
45
104
103K
104
64
63K
-
D
z
MN
z
x
aaa3
3
y
b
z
c
2
z
cccl
z
100K
-
99K
3
3
-
-
J ybb 3
J z cccl
F
cccl
A
123K 124K
*
cccl
y
bb
b
15
4
a
bbb3
1
193
9
100 K
86
105 K
91K
85
104 K 104 K
*104K
■
*91
80
97
80 K
65K
80 K
1
80
64
-----
70K
8
107K
33
107K
107K
80
64
91
101
98
98
91K
91K
94 K
K
96 K
88
105 K 108 K
96
102K
62
bbb3
82
82
86
37
88 K
81
95K
x
3
x
bbb3
83 K
82
84 K
34
81
88
3
x
bbb3
98K
97 K
3
x
bbb3
91 K
91
95 K
3
xbbb3
73 K
73
75
xbbb3
y
bb
1
z
c
2
x
aaa2
O y bb
O ybb
*61K
5K
97K 105
117
88
96 K
71K
80
58
58
48
64
6
5K
17
.
.
—
—
4
80
80
84
7
71
71
73
6
1st A ref Term M 5s stpd...1952 J
y b
2
Gulf States Steel s f 4Ks
X bbb3
.1961 A
Gulf States Util 3Ks ser D_..1969 MN x a
3
102
J
3
3
z
J
x
aaa4
AO
z
bb
2
MN
z
b
*85 K
99K
108
2
cccl
Hudson A Manhat 1st fis A...1957 F
..
A y b
Feb 1957 A O
ser B..1970 A O
—
—
99K
6
90 K
90 K
96
103K
107K 11 IK
21
21K
119
4
43
100
87
97
51
26
30 K
41
40 K
46 K
ccc2
11
11
13
55 K
x
aaa4
111
20
37 K
127
40 K
65
50 K
11
130
108K
80
101
125
127
3
z
109K
123
72
12
74K
26
*126K
5K
8K
100K 100 K
80
87 K
71
83 K
50
74 K
43
99K
27K
73
119
119
Houston Oil 4kb debs
.1954 MN y bbb2
Hudson Coal 1st s f 6s ser A .1962 / D y ccc2
Hudson Co Gas 1st g 5s.....1949 MN x aaa3
40
102 K
109K
------
119
......
88
343
103
4
♦AdJ Income 5s
Illinois Bell Telp 8Kb
22 K
22
3
Gulf Mob A Nor 1st 5Ks B...1950 A
1st mtge 5s series C
.1960 A
Gulf A Ship Island RR—
.
15
18K
103
86
14
14
-
88
100K
86
26 K
29 K
103K 107
62 K
73
—
—
25
2
x
—
15
15
*
_
101K
55
89
71K
*
4
y
27 K
105
99K 105
24K
28 K
30
34 K
cccl
x
♦Green Bay A West deb ctfs A
Feb
♦Debentures ctfs B
Feb
Greenbrier Ry 1st gu 4s
:i940 MN
♦Harpen Mining 6s.........1949
Hocking Val 1st cons g 4Kb...1999
Hoe (R) A Co 1st mtge.......1944
{(♦Housatonlc Ry cons g fie..1937
100 K
16 K
108 K 112K
Illinois Central RR—
1st gold 4s
x bbb4
.1951 J
1st gold 3kb..
xbbb4
.1951 J
Extended 1st gold 3Kb.... .1961 A O xbbb4
1st gold 8s sterling.
.1951 M 8 X bbb4
86
86K
*85
86
86K
44 K
48K
*
40
......
.....
Gold 8Kb
1951
*
O ybb
2
MN ybb
J ybb
2
45
J
2
*35
MN ybb
MN ybb
2
A
F A
D
44 H
45
------
45
2
45
60
37
5
41
*
76
*60
65
50
41K
48
46K
56K
46H
52
34 K
34K
bbb4
....
43 K
48
3 xbbb3
....
40
37
37
2
y ccc2
x
91
90
*75
210
-
34K
73
78 K
62 K
65
62K
65K
......
.....
—.
....
J ybb
4
A ybb
2
*--.
50 K
J ybb
4
*
47
....
45
J y bb
4
♦
56
....
56
—
.
—
62 K
—
--
— ,
—
..
---
54
56
101k 105 k
24k 31
Cuba RR 1st 5s g
A ybb
Great Northerns kb ser A...1961 3
General 5Ks series B
.1952 J
General 5s series C__,
.1973 J
Omaha Dlv 1st gold 3s
1951
St Louis Dlv ATermg 3s.. 1951
102 k 105k
104 k 107 k
J
aaa3
Grand R AI ext 1st gu g 4 Ksl941 J
J x aaa2
Grays Point Term 1st gu 5s__1947 3 D ybb 3
Gt Cons El Pow (Japan) 7S..1944 F A y b
1
1st Agen sf 6Ks
J y b
1
1950 J
ioiks 102 k
110k
106
/
x
1956 3 D xbbb3
106K 110
100k 105 k
107 k 111k
105 k 109 k
F
J
Gotham Silk Hos deb 5s w w.1946 M 8
Gouv A Oswegatchle 1st 5s..1942 J D
Collateral trust gold 4s.... .1952
Refunding 4s............ .1955
Purchased lines 3kb
1952
Collateral trust gold 4s.... 1953
Refunding 6s—........ .1955
40-year 4Kb
...Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 8s.. 1951
Loulsv Dlv A Term g 8Kb. 1953
105 k 109k
106 k 110 k
J D
{ (♦Ga Caro A Nor 1st ext 6S.1934 3
♦Good Hope Steel A Ir sec 78.1945 A
.....
M N x aa
MN
14k
102 k 106k
14
3~~j
1st mtge 3 kb
.May 1 1965
1st mtge 8Kb.....
1967
1st mtge 8kb
1970
1st mtge 8J4s
.1960
1st mtge 3Ks_...
....1969
16
*
J
105
105k
177
9
....
ccc2
34k
103
23
5
8K
6K
-----
aaa4
...
104
109K
6K
7K
*104
x
108
23
118
109K
6K
cccl
-
z
•
k
3
cccl
z
«...
J
104 k 106k
67 k
75k
1st s f 6s series B guar
aa
z
......
111K
2
J y bb
High
109
108
3
J
13k
1942 MN
Low
3
aa
x aa
59
106 k 110k
109 k 111k
4
108
aa
a
8k
7k
8k
67
109
5
75
*45
48
5
4k
Chicago Union Station-
Childs Co deb 6s.
1951
Dul Miss A Ir Range Ry 3Ks 1962
{(♦Dul Sou Shore A Atl g 5a.l937
Duquesne Light 1st M 3 Ks.. 1965
NO
High
108
Since
Jan. 1
x
1965
F
Dow Chemical deb 3s..
18
34
67
3
3D
75
6k
5K
6k
5k
ik
Low
108
Range
•
Ask
A
x
♦Second gold 4s
1995 J d
Detroit Term A Tunnel 4K8-1961 MN
19k
12k
17
ser
Ss
Bid
x
Gen A ref mtge 3 Ks ser G.1966
Detroit A Mac 1st lien g 5s. .1995 J
49
12
Price
(Cont.)
4K8-.1971
1969
1969
{(♦Den A R G 1st cons g 4s.. 1936
(♦Consol gold 4kb
1936
{♦Denv A R G W gen Ss.Aug 1955
♦Assented (subj to plan)
♦Ref A Impt 5s ser B.Apr 1978
{♦Des M A Ft Dodge 4s ctfs.1935
{♦Dee Plains Val 1st gu 4 Ks. 1947
Detroit Edison 4kb ser D..1961
4
41k
Sale
See a
1940
2
Friday's
Rating
'it A ret 4KB
lit mortgage 4Kb..
♦Gen
Feb 1940 25% part pd—1927 F A
{♦Chic RIA Pac Ry gen 4s.. 1988 / J
♦Certificates of deposit
1st A ref M 4 J4»
Railroad & Indus. Cos.
Range or
Last
Elig. <fe
EXCHANGE
Del Power A Light 1st
Gen A ref M 4s
z
z
A
(♦Refunding gold 4s
1934
♦Certificates of deposit
(♦Secured 4Ha series A...1952
♦Certificates of deposit—..
♦Conv g 4 Ks-------——I960
Ch St LA New Orleans 63—1951
Gold 3 Ha
June 151951
Memphis Dlv 1st g 4s....1951
Chic T H A So'eastern 1st 68.1960
Income guar 6s....Dec 1 1960
13
120K
19k
19k
13
A
4^8 series A..——1949
{(♦Chicago Railways 1st 6s stpd
12
"22"
2
High
118
ccc3
cc
Low
6
bbb2
F
♦Conv
NO
101
M 8
-.1976
{Chicago A North Western Ry—
High
STOCK
Y.
Week Ended May 17
Jan. 1
120 k
FN
MN
N.
Since
Ask
15k
15k
99k
Jan 1 2000
♦Mtge g 6s series A
A
BONDS
Rang*
Friday'*
Bid
Low
A
adj 6s
a
Range or
Sale
(Cont.)
{(♦Chicago A East 111 1st 61.1934
MN
{♦Chic A E 111 Ry K6D 6a....1961
♦Conv
Last
Price
May 18,
Week'*
Friday
Bank
Week'*
Friday I
Bank
.1952
7Ks series A extended to 1946.
y ccc2
6s series B extended to 1946...
y ccc2
Del A Hudson 1st A ref 4s..1943 MN ybb 2
,
25
24 k
7
28k
18
35
Springfield Dlv 1st g 8Kb. 1951
Western Lines 1st g 4s
1951
3
A
x
bbb3
ybb
3
—
*
—
—
—
— —
.
—
—
.....
70
53
.
56
40
*34
38
""■io"
40
43
6
40
46
31
31
32 k
5
31
35
45
45
53k
161
45
63k
t
For footnotes
see page
3173.
Attention is directed to the
new
column incorporated in this tabulation pertaining to bank eligibility
and rating of bonds.
See a.
New York Bond
Volume 150
I*
Bank
Friday
Elio. &
Last
Range or
II
Rating
BONDS
N.
Y.
STOCK
EXCHANGE
Week Ended May 17
Record—Continued-Page
4
3171
Week's
See
Sale
Railroad & Indus. Cos. (Cent.)
Ill Cent and Chic St L & N O—
Ask
A
Low
High
Joint 1st ref 5s series A
1963 J
ybb
2
39
39
44)4
1st A ref 4 %s series C
♦Ilseder Steel Corp 6s
1963 J
ybb
2
37)4
37
41
N.
Jan. 1
No. Low
Y.
STOCK
EXCHANGE
Friday
Elig. A
Rating
BONDS
Since
Friday" t
Bid
Price
a
Bank
Range
Last
Week Ended May 17.
High
116
39
50)4
27
37
47
See
Railroad & Indus. Cos.
(Cont.)
McCrory St's Corp s f deb 5s 1951
t^McKesson A Robbins d 5 )4s '60
Maine Central RR 4s ser A. 1945
Gen mtge 4Mb series A
1960
Af N
x
2
86)4
J
2
75
D ybb
D y b
1948\F
z
cccl
*
41
21
bbb3
»
"
20)4
x
100
"56"
Manatl Sugar 4s
56
99 M
56
99)4
y bbb2
61
ccc2
♦7)4
13
12
17
t'Manhat Ry (N Y) cons 4s_1990 A O
♦Certificates of deposit
z
S
J
O
J
77
bb
72
z
cc
35
34
77 M
37
cc
30)4
30)4
31
71)4
101
"70)4
71)4
70 M
74)4
134
bb
O ybb 3
J z cccl
deb 4s..1947
o
72
bb
z
z
t*Int-Grt Nor 1st 6s ser A. .1952
♦Adjustment 6s ser A.July 1952
84)4
10)4
1
1)4
/
z
cccl
9
8
J
z
cccl
9%
o y b
4
o y ccc4
J ybb
Internat Paper 5s ser A A B.1947
3
Ref s f 6s series A
1955 Af S yb
3
Int Rys Cent Amer 1st 5s B .1972 M N y bbb2
1st lien A ref 6 Ms
1947 F A ybb 3
J y b
Int Telep A Teleg deb g 4 %sl952 J
2
.1955 F
A y b
^♦Iowa Cent Ry 1st A ref 4s. 1951 M S
2
James Frankl A Clear 1st 4a_1959 / D ybb
Jones A Laughlln Steel 4 %s A1961 M S ybb
4s 1990
1{*K C Ft S A M Ry ref g 4s 1936
145
Karstadt (Rudolph) Inc—
♦Ctfs w w Btmp (par $645)
♦Ctfs
w w
♦Ctfs with
60
119
102 %
128
31)4
34
94)4
94)4
"28)4
x
bbb3
90
1)4
1)4
48
1
x aaa4
39
103
1)4
1
3
70 X
96)4
bbb4
ybb
53
99)4
32
b
1950 A
Apr 1950 J
Kansas City Term 1st 4s..—I960 J
93
♦84
90)4
16)4
14)4
14)4
74)4
76)4
84
3
91
99
91
29
44 M
190
31)4
47)4
13
1)4
1)4
95
Q
Jack Lans A Sag 3 Mb
1st gold 3 Mb
60
107
J {♦MStPASS M
24
13)4
1961 J
4Mb unguaranteed
1954
1st A ref 6 Mb
1954
Koppers Co 4s series A
1951
^♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit—-1959
Kings Co Lighting 1st 5s
J
O
A
x
41
"92)4
bb
2
*158""
xbbb3
x
75
92)4
80
80
80
a
163)4 168
88)4 101
"87)4
103
105)4
73
103
3)4
bbbl
83
83
83 M
83
84
82
83
b
43)4
43 M
47
43)4
42)4
41
45)4
41
yb
40
40
40
40
44
y b
41
42
39
♦71)4
74
J y bb
f 4%s A—1954 J
Cons sink fund 4 Mb ser C.1954 J
*88
94
84
85
J y bb
J ybb
2
z
1954 F
A
1954
2
5%
63
4%
5% \ 31
1%
1%
4X
/
z
cc
1
2
4M
1M
1949 Af S z cc
J ybb
1978 J
2
5 Mb
J
cccl
z
3
4M
"56"
2
ybb
1%
1964
J——
4
50
11%
9X
55
66
23%
"24"
2
D ybb
14
22
60
ccc2
z
5
10
27%
95
14%
182
11
6
9
bb
2
J ybb
2
y
O
z
cccl
A
z
ccc2
13
41
13%
9%
11
21
5%
59
3%
1 Missouri Pacific RR Co—
♦
1965 F
1st A ref 5s series A
z
1975
Af'fl
z
cc
♦1st A ref 5s series F
1977 Af 8
z
ccc2
z
cccl
z
ccc2
z
c
z
ccc2
z
15%
cccl
z
15%
cccl
♦General 4s
cccl
♦Certificates of deposit
♦Certificates of deposit
1978 MN
♦1st A ref 6s series I
1949 Af N
1980 A O
2
19
66
*14%
2
¥
A
^{♦Mo Pac 3d 7s ext at 4% Jul '38 MN
z
ccc2
z
1981
♦Certificates of deposit
69)4
71)4
2
2
15
15
14%
15
2%
18%
18%
439
14%
15
18%
150
16%
18
"""%
%
z
b
15
15
♦14%
cccl
♦Montgomery Dlv 1st g 5s 1947 F
87
♦Ref A lmpt 4)4s
♦Certificates of deposit
{♦Secured 5% notes
38
34)4
52
48 M
B*
49)4
51
48
55)4
A
2
15
15
16%
78%
....
ccc2
z
*
93
81
36
2
-1964
-1974
...1974
extended to 1943
♦6s stamped
1943
Leh Val Harbor Term gu 5s..1954
♦5s stamped
♦Sec 6% notes
¥
A
z
♦Certificates of deposit
1977
M~8
cccl
20
ccc2
z
z
1%
198
24
18
5
117
16%
18%
16%
78%
b
b
z
b
z
24
b
z
126
7
1
cccl
cccl
23
1
30 M
26
17
26
"28
36
97
35%
27
50 X
50%
3
'l05%
105%
105%
1
34
b
♦21)4
24)4
24)4
24
24
*52)4
52)4
2
x
aa
4
x
a
108%
108M
109%
bb
107
104
110
99
99
90
Monongahela Ry 1st 4s ser A 1960 Af N
35
Monongahela W Penn Pub Ser
37)4
38
1965
y
27
35
Montana Power 1st A ref 3%s '66
x
a
26)4
22
Montreal Tram 1st A ref 58—1941
y
28
bbb2
b
26
24)4
20)4
24)4
20)4
33)4
29)4
29)4
29
29)4
70
50
50
53
49)4
65)4
39)4
39)4
48)4
Constr M 5s series A
1955 MN y b
Constr M 4Mb series B—1965 MN y b
Mountain States TAT 3XS-1968 J D x aaa2
24)4
24)4
A ybb
J
J ybb
2
*30
40
40
45
1940 J
J ybb
2
*30
39
39
47
39)4
b
87)4
11
28
29X
30%
y
32
8
20 M
26M
M_£
Moh'k A Malone 1st gu g 4s.1991
90
F
gif 4%s—1940
120
20M
26M
cccl
z
z
.1938 MS
♦Certificates of deposit
33 M
*40)4
♦24)4
24)4
b
z
j" j
z
z
¥"k
32)4
b
b
*80
b
z
z
1944
♦1st A ref s f 5s——
JLeh Val N Y 1st
4%a assented
4%
4%
IX
*x
1st mtge 4%s—— —1960
♦5s stamped
1st A ref s f 5s
"26
2
z c
cc
82
19
48)4
48)4
Lehigh A New Eng RR 4s A. 1965 A O x bbb3
Lehigh A N Y 1st gu g 4s
1945 M S y b
♦1st A ref s f 5s
3
6%
1M
2)4
•
tMobile A Ohio RR—
J xbbb3
8
♦5s stamped
2
73
45
1941 J
Lehigh Valley Coal Co—
♦5s stamped
39
3
...._
cccl
♦1st A ref g 5s series H
♦Certificates of deposit
y b
y
2
Lake Sh A Mich So g 3%s_—1997 / D x a
Lautaro Nitrate Co Ltd—
♦1st mtge income reg
1975 Dec y cccl
Lehigh C A Nav
172
48
*
z
1962 J
Prior Hen 4Mb series D
1978 J
♦Cum adjust 5s ser A..Jan 1967 A
90)4
85)4
61)4
49)4
ybb
to ——1947 J
5s extended at 3%
103)4
27 M
45
z
♦Certificates of deposit
♦Conv gold 5 Mb
Lake Erie A Western RR—
2d gold 5s
23)4
2
J
4)4
2)4
1942
Coll tr 6s series B
23 M
b
/
106
1942
Coll tr 6s series A
ccc2
z
F
40-year 4s series B
105)4 107)4
107
108)4
M S
y
z
loox
100 X
a
J
con
♦1st A ref 5s series G
{♦Laclede Gas Lt ref A ext 5s 1939
Ref A ext mtge 5s
1942
Coll A ref 5 Mb series C
1953
Coll A ref 6%s series D—1960
91
60
3
x
g 4s Int gu'38 J
QO
07
*107)4
3
91
3
85
166
*105
a
x
87 M
a
%
68
2
cons
♦1st A ref 5 Mb series B
60
75
*102
x
107)4
50
75
90
x aaa4
4
5s
1938 J
5s gu as to Int.. 1938 J
♦1st A ref 6s series A
1946 J
14)4
101)4 103)4
107
xbbb3
J
J
J J
MN
102)4
3
*
*%
cons
§♦ 1st
{♦1st
68)4
105)4 109
25
75
40
cccl
2
54)4
*80
1
8
'
38)4
69)4
28
bbb3
UlX
"*6~~
c
♦1st A ref gold 4a
♦Ref A ext 50-yr 5s ser A. 1962 Q
7
bbb3
111
z
95)4
14
x
10
2
86
22
xbbb3
65
10
39)4
66)4
J
J
Kings County El L A P 6s—1997 A
65
cc
86
46%
22
z
93)4
64)4
J
75
1934 MN
1949 Af 8
$*Mlnn A St Louts 5s ctfs
Mo Kan A Tex 1st gold 4s
1990 J
Missouri-Kansas-Texas RR—
Prior lien 6s ser A
1962 J
Kings County Elev 1st g 4s—1949 F
Certificates of deposit
65
ccc3
28)4
30
1961 J
74)4
z
"83
54)4
Stamped-...........--—1961 /
19)4
75X
74M
"66"
63
42%
"88)4
75
75%
12)4
(par $925) 1943
x
*16X
42%
18
12
^♦Mo-Ill RR 1st 5s series A. 1959 J
Plain
*31M
44
23 X
*10
Kentucky A Ind Term 4%s_1961 J
*42
23 X
95)4
60
102
84
ccc3
87 M
34
54)4
102
77%
ccc2
*10
3
83%
144
z
55
60
105)4
78%
z
48
28)4
106
46
88
t»Mll Spar A N W 1st gu 4s. 1947 Af S
t*MIlw A State Line 1st 3 )4s 1941 J J
12
55%
81X
81)4
52 X
79X
2
J ybb
20
81
?5
z
z
Michigan Consol Gas 4s
1963 M S
t§*Mid of N J 1st ext os
1940 A O
*5*M11 A No 1st ext 4)4s—.1939 J D
♦{Con ext 4Mb
1939 J D
74
47%
5
19
80
1
1951 M S y bb
—1952 Af N x a
Ref A lmpt 4)4s series C—1979 J
101
51
43)4
t85X
ccc3
86
44
1
b
High
104»ul07%
3
35
80
1
z
J
♦Mex Internat 1st 4s asstd—1977 M S
♦Mlag Mill Mach 1st s f 7s—1956 J D
Mich Cent Det A Bay City—
53
28)4
28)4
cccl
z
z
y
ser~A April740
Low
47)4
"35"
♦Certificates of deposit
y ccc2
Metrop Ed 1st 4Mb series D.1968 Af~S x aa 3
Metrop Wat Sew A D 5)48—1950 A O x bbb3
t j^Met W Side El (Chic) 4s. 1938 F A zddd2
♦25-year
1943
Keith (B F) Corp 1st 6s
1946 Af S y bb
Kentucky Central gold 4s—1987 J
J x a
♦
Stamped
{♦Market St Ry 7s
No
"97)4 T30
75
79%
cccl
z
^♦Man G B A N W 1st 3)48.1941 J J z ccc2
Marlon Steam Shovel s f 6s—1947 A O y b
3
stmp (par $925) 1943 M N
warr
2
Feb 1 1957 MN y ccc2
♦Second 4s
2013 7D z cc
♦Certificates of deposit
z
Manila Elec RR A Lt s f 58—1953 Af "s y aa
Manila RR (South Lines) 4s. 1959 Af N y a
99)4 103)4
96)4 103)4
11
91
b
Ref A lmpt 5s
57 M
31)4
z
♦Certificates of deposit
•
91
X
Kan City Sou 1st gold 3s
9
29
O
76)4
J
Ask
High
75
2
8
7
"29)4
O
76 %
1
83)4
9)4
32
85
A
36
M
71)4
70)4
9)4
85
A
39)4
30
85
10
60
61)4
100 %
96)4
z
Kanawha A Mich 1st gu g
53
3
3
80
72
30
8
67
9
53
cccl
z
80
8
11)4
1
1966
Internat Hydro El deb 6s—1944
Int Merc Marine s f 6s
1941
293
1)4
9)4
1956
cc
73)4
86
84
♦1st 5s series B
z
100)4
A
"86""
—
♦1st g 5s series C
Debenture 5s
32
z
7% notes..1932 M S
conv
"74)4
z
♦Certificates of deposit—
Interlake Iron
106
bb
O
1932 A
6s
conv
105)4
98
104
102)4
z
♦Certificates of deposit
{♦10-year
104
101
5
104
102)4
y bb
♦Certificates of deposit
{♦10-year
1
39
98 M
74
aaa2
bbb2
105)4
98
X
x
f
or
Friday's
Bid
bbb2
Af S y b
{♦Ind Bloom A W 1st ext 4a-1940 A
s
Range
Sale
Price
k
Low
Ind 111 & Iowa 1st g 4s
1950 J
$*Ind A Louisville 1st gu 4s. 1956 J
Ind Union Ry 3%s series B.1986 Af
Industrial Rayon 4 Mb
1948 J
Inspiration Cons Copper 4s. 1952 A
t*Interboro Rap Tran 1st 5sl966 /
Week's
6s
debentures
Gen A ref
s
f 5s series A
1955
y
Gen A ref
s
f 5s series B—1955
y
Gen A ref
s
f 4 Mb series C. 1956
y
Gen A ref
s
f 5s series D—1955
y
bb
y
bb
101%
73%
31
202
1
56
bb
b
Morris A Essex 1st gu 3)48—2000
73 %
79
*
56
*
34
x
a
x
ybb
4
rb
2
35%
32%
55
9
101%
2
yb
"66
107%
101%
27 M
K
bbb3
Nash Chatt A St L 4s ser A—1978
42
107
"27%
2
Mutual Fuel Gas 1st gu g 5s. 1947 MN
Mut Un Tel gtd 6s ext at 5 % 1941 AfN
32
70%
*38"
38
118
3
....
JLehigh Valley RR—
—2003 AfN
-
♦4s assented
z
ccc2
10)4
2003 Af N
♦Gen cons g 4s.
z
cccl
10
Af N
z
ccc2
10
2003
2003
♦General cons 4%s_.
Af N
z
cccl
♦General cons 5s—-..-.-2003 Af N
z
ccc2
2003 Af N
z
cccl
9)4
9)4
10
♦4 Mb
assented
♦5s assented
{Leh Val Term Ry 1st gu g 5s 1941 A
1941
5s assented
O
x
a
McNeil A Llbby 4s.. 1955
Liggett A Myers Tobacco 78.1944
J
x
bbb4
O
x
10
O ybb
Lion Oil Ref conv deb 4)48-1952
D
Liquid Carbonic 4s conv debs 1947
Little Miami gen 4s series A. 1962 MN
Loews Inc 8 f deb 3 Mb
1946 F A
Lombard Elec 7s series A——1952 J
Lone Star Gas 3%s debs— .1953 F
2
x
*35
100)4
a
aaa3
D y b
A x a
♦Long Dock Co 3)48 ext to—1950 A O
y
M 8
1
3
bb
31
105)4
106
13
103
"47
1944 A
O
—.1951 F
A
x
aa
J
x
bbb3
Louisville Gas A Elec 3 Mb—1966 M 8
Lou A Jeff Bridge Co gu 4s_. 1945 Af 8
x
aa
1
x aa
96
101
105
110
104)4 104)4
100)4 105
91M
2003
O
1st A ref 4)48 series C
2003
O
1st A ref 4s series D—.—2003
O
122
O
bbb3
A
bbb2
E
2003
Paducab A Mem Div 4s.-1946 F
bbb3
216
105
*%
z
....
z
....
O
z
....
J
z
♦Ass't warr A rets No 5 on '77 A
*%
2
33
108)4
108)4
100
34
122
126)4
126)4 129)4
82 M
86)4
8
108
9
108)4 1H)4
110
49
97
102)4
91M
85)4
81
88
94)4
12
85
Nat RR of Mex prior Hen
*%
....
O
%
—
*%
O
z
....
*%
O
z
....
*%
%
x
aa
2
101
100M
x
a
4
103
102
103%
104%
—1954
3%s
Af N zb
3
81
45
77
83)4
J
D
103)4
103)4
~82~~
D
x
/
z
J
z
cccl
1952 J
D
x
*123%
cccl
1945 J
aaa2
^♦New England RR guar 5s.
4s
New Eng Tel A Tel 5s A
♦Consol
guar
1961 Af N x aaa2
1st g 4 )4s series B
N J Junction RR guar 1st 4s. 1986 F A y bbb2
N J Pow A Light 1st 4)4s—. 1960 A O x aa 2
*75
80
5
102)4 104)4
79
82)4
112
112)4
73)4
83
105)4 107
15)4
15)4
New Orl Great Nor 5s A.—. 1983 J
N O A N E 1st ref A\
mpl )4s A'52
New Orl Pub Ser 1st 5s ser A .1952
42
35
42
5
35
41%
13
122
126%
126%
26
123M
123%
*
107%
27
70
*32
/ ybb
3
73%
107%
73%
ybb
3
50 X
50 X
55
xbbb3
103M
103%
104%
32
104
103%
104
34
1955
x
bbb3
New Orleans Term 1st gu 4s. 1953
y
106%
bbb2
^{♦N O Tex A Mex n-c inc 5s 1935
z
ccc2
z
b
1st A ref
£s series B
♦Certificates of deposit
-—1956
♦1st 4 Mb series D
z
1956
"34"
ccc2
b
z
ccc2
«
1
z
♦Certificates of deposit.
65M
*26
b
♦Certificates of deposit.
tot he new column!
1
34
z
ccc2
1
"36%
36
38
"33"
36%
31M
1954
3
35
"36"
1
♦Certificates of deposit
♦1st 5 Mb series A
'65%
1
1
z
1954
♦1st 5s series B
1st 5s series C
59
*69
aaa3
Newark Consol Gas cons 5s. 1948 J
1945 J
♦Certificates of deposit.
Attention is directed
123
88
77
106)4
3173.
%
*%
*%
*%
95)4
"79""
For footnotes see page
87
*1
♦4s April 1914 coupon on. 1977 A O
♦4s April 1914 coupon off—1977 A O
87)4
3
cccl
105%
101X
*%
42
106)4
A
104
101
....
93)4
3
♦Lower Aust Hydro El 6)4s.l944 F
4
105"
2
z
Natl Supply
a
a
102%
3
a
J
National Steel 1st mtge 3s.—1965 A O
bbb2
3
102%
a
....
95)4
Atl Knox A Cine Div 4s—1955 Af N
a
bbb2
....
94)4
3s—1980 Af S
Mob A Montg 1st g 4)48—1945 M S\
J
South Ry Joint Monon 4s.1952 J
St Louis Dlv 2d gold
x
x
....
89
85
88
5
x
z
♦Ass't warr A rets No 4 on '51 A
85
~77~
104
z
87)4
124
97
11
54
z
J
44
127
108)4
97)4
88)4
68
106
50%
J
"93)4
122
82 M
108
65
106
J
♦4)48 Jan 1914 coupon on. 1957 J
•4Mb July 1914 coupon on 1957 J
♦4Mb July 1914 coupon off 1957 J
♦Ass't warr A rets No 4 on '67 J
67
73)4
65
"50%
National Rys of Mexico—•
63)4
106
127
"82)4
bbb3
1st A ref 3 Mb series
Nat Acme 4Mb extended to.1946 J D
Nat Dairy Prod deb 3 X 8 w w 1951 Af N
Nat Distillers Prod 3Mb
1949 Af 8
{♦Naugatuck RR 1st g 4s... 1954
3
bbb3
stpd——1951
Certificates of deposit
110
66
38
Louisville A Nashville RR—
1st A ref 5s series B.
Nassau Elec gu g 4s
4%s—
{♦Ass't warr A rets No 4 on '26 J
♦4s April 1914 coupon on—1951 A
♦4s April 1914 coupon off.. 1951 A
64
70
91
3
aaa3
65)4
107)4
100)4 104
122)4 127)4
123
131)4
*92"
"92"
3
x
56
106
54
118
2
100 %
1949 Af S xbbb3
Louisiana A Ark 1st 5s ser A. 1969 J
Lorlllard <P) Co deb 7s
5s debenture—
129)4
105)4
3
a
2
Long Island unified 4s
1949
Guar ref gold 4s.——.1949 Af S xbbb3
stamped——
120
101)4
56
19
50
123
106)4
16)4
19)4
51)4
115
21
97
17
10
47
48)4
117)4
102)4
16)4
16)4
13)4
12)4
49)4
9
125
97
x
4s
28
100)4
122 M
123
9)4
9)4
15
22
aaa3
x
14
*35
3
x
12)4
13)4
¥
3
A x aaa4
1951
5s debenture
4
13)4
aaa4
Llbby
21
64
11
12)4
10
"12H
O y bbb3
O y bbb3
Lex A East 1st 50-yr 5s gu—.1965
10)4
12
35
31%
34
37
33
35%
ncorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See
s.
May
5
New York Bond Record-Continued-Page
Bank
N.
Y. STOCK
Week
Range or
Range
Sale
Price
Friday't
Bid
A
Asked
Since
See k
Ended May 17
Week's
Last
Rating
EXCHANGE
Friday
Elio. &
BONDS
High
No
Low
Co**A<Za?o'L
Railroad & lndu«.
1
Jan.
High
111
U1M
62 M
gu4 ^8.1945
4s series A
1998
80 M
34
74 M
81
f-^—1940
51M
379
42M
66 M
Newp & C Bdge gen
N Y Cent RR
55 M
10-year 3Ms sec s
Ref & lmpt 4 Ms series
A--2013
Ref A lmpt 5s series C
2013
Conv secured 3Ms.------ 19o2
N Y Cent A Hud River 3 Ms. 1997
y
{♦N Y A Greenwood Lake
N Y A Harlem gold 3 Ms
x
aaa4
aaa4
68 M
59 M
77M
81M
32
3
13
29
20
32
60 M
109 M
62
106
110
107M
12
107
110M
aaa4
115%
H7M
z
cc
2
x
aa
y
15
14
2
bbb2
bbb2
122M 126M
115M 118M
ref g 48—1992
60
64
80
65
67
72 M
15
19M
15
19M
5
15M
6
cccl
16
20M
20 M
7
14 M
20
199
14M
cccl
17
27 M
24 M
36 M
1
25
2M
6M
86
14 M
23 M
28
60
72
cccl
cccl
cccl
cccl
cc
cccl
b
3
4M
M Sz
4M
2M
5M
2M
85
85
*35
97
7
1
108M
"l4
106 M
3
105M
105M
6
103 H
106
77
'""9M
53
10M
2
10 M
21
55
13
9M
53
*75
85
109 M
6
85
104 M 106 M
103 % 107 M
9
30
14
39 M
109
62 M
127
108 M
42
108
103 M
1
92
z
aaa4
104
79
11
18M
38
10
17 M
Pressed Steel Car deb 5s
54 M
79
{♦Providence Sec
73
125
117
a
4
103 M
102 M
104 M
86
a
4
103 H
20
101M 106 M
1st A ref mtge 5s
4
101M
103 M
104 M
a
105 M
70
103 M 108 M
114
114
1st A ref mtge 8s
Pub Serv of Nor 111 3 Ms
107 M 108 M
.1948
1st 4s. .1943
Ohlo Edison 1st mtge 4s— .1965
2
aa
2
108M
O
z
ccc2
z
ccc2
40 M
40M
xbbb2
63 m
70
ybb
37M
y
41
bb
y
2
bb
y
y
bb
aa
bbb3
1st mtge 3 Ms
Oklahoma Gas A Elec 3Ms. .1966
.1946
4s debentures
Ontario Power N F let g 5s. .1943
Ontario Transmission 1st 5s .1945
4M
4M
45
105
4
107
8M
108 m
109 m
108
106M
107M
109
105"
105
108M
86
105
107M
107 M
108M
15
107 M 110m
107
103
104
103
104
99 M
10128jj
*100M
110M
32
40
117M
110M
99 M
99
M 110
110
M 108 m
104 M 105m
15
110M him
115M u8m
115M
116M
6
117
117
117M
12
117
Ore-Wash RR A Nav 4s
.1961
105M
67
104 M 107
69M
104 M
69
106M
1st mtge A 4 Ms. .1962
73
36
69
m
77
55
112M
110M
71
110
108M
75
108 M 112m
107
108M
44
107
110M
110
H—1961
I...1966
109 M
107M
{♦Pac RR of Mo 1st ext g 4s. 1938
{♦2d ext gold 5s
1938
Pacific Tel A Tel 3Ms ser B..1966
series C
1966
Paducah A HI 1st tfg4Ms-1955
Panhandle East Pipe L 4s—1952
Ref mtge 3Ms
80
75
80
75
1
1
75
107 %
107M
102 M
109 M
15
102 M
4
J
J
aa
2
J
D
aa
104 M
104 M
2
103 m 105
48M
48M
7
86
86
86 M
Pat A Passaic G A E cone 5s. 1949
"I
1942
Penn Co gu 3Ms coll tr ser B.1941
Guar 3 Ms trust ctfs C
1942
Guar 3 Ms trust ctfs D
1944
70
70
3
7s
D
M S
/
100 M
93
~~2
6
105 M
106
105M
E trust ctfs...1952
105M
106 M
105 M
7
104 M 106 M
100 M
104 M
67
93
106 M
Penn Glass Sand 1st M
"99 M
99 M
95
106M
x
aa
F
A
x
aa
aa
101
18
96 m 101m
97 M
99
105M
98 M
301
98m
100 m
18
64
10 M
15
72
2M
4
21
5
8M
105MH2M
aa
106 M
106 m
♦108m
hom
110M
104 M
104m
106 M
108 M
108
108 M
liOM
109
112
104 m
10
104 M
108
108
*108 m
*103
105 M
105 m
*92 m
*92 m
103M
"95 M
109 MHO
105 m
116
105M 109 M
y
bbbl
115M 118
103
106M
103
103 m
95
106 m
103 M 107 H
95
100M
99
44
42
42
42
42 M
41
53
62
49 M
49
40H
53
*110 M
117
110M HOM
*98 M
*100
-
»
-
101
71
66
67 M
*72
-
•
*106 H
67
66
104.
107 M
166
59
86
85M
25M
73 M
67
78
115
58M
cccl
18
16M
22 M
192
16M
x
aaa4
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ybb
2
80 M
cc
1
4M
Ill M
150
S
z
b
3
J
aaa4
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x
4
x
A
aa
x
D
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102
106 M
102
MN
F
"49
150
226
106 M
110M
102
105
50
51
50
50
65
57M
64M
54
57
20
54
60M
66 M
65
68 M
70
65
75 M
66 %
66M
5
66
75
98 M
98 M
101M
55
100 M
40
*50
bbb3
x
x
bbb3
x
*90
bbb2
A xbbb3
97 M
90 M
94
108
106
48
92 M
98
113
x
bbb4
102 M
101
103
48
♦Rhine-Ruhr Water Serv 6s. 1953 /
1946
z
....
COM
98 M
104 M 109
98 M
92
99 M 103 M
30
26
....
z
98M 102
98 M 100M
100M
104 H
♦3Ms assented
143 M
222
108 M
104
54
z
Af S xbbb3
M S
39
5
63 H
63 M
110M 113
z
O y bbb2
J x bbb3
J
3M
6
*200
D
D
108M HOM
79
84 M
81
*2M
*68M
x
81M
107M
78 M
cccl
x
53
'106M 106M
z
M
108M
24
48
42
bbb2
cccl
118M
116
115
44
3
x
101
98
101«3i103
*101»u
3
x
J
z
J
X
Z-
16M
17
19M
15
15
17
15M
16
12M
17
13
16M
14M
z
♦Rhine-Westphalia El Pr 7s. 1950 MAT
♦Direct mtge 6s
1952 M N
♦Cons mtge 6s of 1928
1953 F A
A O
♦Cons mtge 6s of 1930
1955
Richfield Oil Corp—
M S
48 s f conv debentures
1952
17
16
....
....
13
13
z
z
X
bbb3
104
103 M
*104 M
aa
2
A
b
{{♦Rio Gr June 1st gu 5s.-.1939
{{♦RlO Gr West 1st g 4s—1939
ccc2
A coll trust 4s A—1949
O
cc
M S
Roch Gas A El 4 Ms ser D
1977
Gen mtge 3Ms series H...1967 M S
M S
Gen
aa
107 M
M S
cc
7M
22
103 M 109
103M 105
9
10M
106
aa
M S
107 M
1
D
J
Rlchm Term Ry 1st gen 5s..
1952
1955 F
con
1967
3Ms series J
1969
{{♦R I Ark A Louis 1st 4 Ms. 1934
Jz ccc2
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s
1948 A
f 6s
O
I
z
c
gold 6s
J
2
aaa2
2
bb
J
/ y b
J z cccl
z
♦Certificates of deposit
♦Certificates of deposit—
/
1978 M~ S
♦Con M 4 Ms series A
stamped
{♦St L S W 1st 4s bond ctfs. 1989
♦Ctfs of deposit
♦2d 4s lnc bond ctfs..Nov
1989
24
85
11
....
♦111M
12M
~9M
9M
10
6
19
22 M
36
59
63 M
27
59
66 M
37
19
59
100
53 %
37
2
37
62 M
208
9
14 M
9M
14M
9
11M
9H
11
10
9
9
9
9
ccc2
cccl
55
12M
120
UM
UM
27
52M
52 M
18M
10
9M
15M
14M
9
35
56
67
27 M
38
21M
13 M
32
15
18M
27
15
10
33
8
8
16
102
32
15
26 M
9
10M
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*
65
420
60
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J
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52 M
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9
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53
9M
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40
21
6
4M
59
9H
A—1990
107M HOM
6M
9M
70
♦71
cccl
cccl
«,
♦
cccl
{♦1st term A unifying 5s.. 1952
♦Gen A ref g 5s series
"3
z
z
34M
9M
21
'
6
z
1950 J
♦Prior lien 5s series B
cccl
8
77 M
2
J\ z ccc2
4
6
3
bb
Af N
40
25
108M 111
107 M
8
4M
4M
2
b
♦Certificates of deposit
St L Rocky Mt A P 5s
.....
2
bb
J
8
2
cc
1996
1996
♦{Rlv A G Dlv 1st g 4s—.1933
13
10M
110
cccl
A*
Saguenay Pow Ltd 1st M 4Ms '66
St Jos A Grand Island 1st 4s. 1947
2d
28M
9M
*108
a
{♦Rut-Canadian 4s stmp—1949
{♦Rutland RR 4Msstmp
1941 J
35
37
25
25
2
aa
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Gen mtge
8M
*33"
aa
J
107
105 h
8m
108 M
5
3
D
stpd..1955
{♦St L-San Fr pr lien 4s A...1950
105
6m
107 m
106
3
Af S y b
2
108 M 111M
*4M
{♦St L Peor A N W 1st gu 5s 1948
98
105
11m
2M
St L Pub Serv 1st mtge 5s... 1959
93
109%
13m
3h
5
106
100 M 105
108 %
103 M 106M
3
107 m
22
110
106
11M
1
D
109 M 110M
115
114
107
cccl
1
62
15
10sm
cc
60
90
108 M
bbb3
17
119
106
cc
71
107M 111M
105 M 105*11
♦109m
M S
101M 102 M
102M
110
aaa4
St Louis Iron Mtn A Southern—
106 M
109 m
10
107
52 M
50
11
2
n
70
65M
58
23
1055ji
103 m
2
"is
65 %
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M
4M
132
bbb4
J
87
106 M
59
109 %
J
J
99M
62 M
104M
94 M
47
♦101M
105M
5
bbb3
126
72
*13
bbb2
124
67 m
12
7
91
99 M
M
110% 116
114M 117M
x
St Lawr A Adlr 1st g 5a
84 m
8
113 %
116m
65 m
110M
79 M
x
42
6
46 M
159
1954 MAT
61m
90m
48 m
86
54 %
2
J
102 m 102 m
125
74
106 M 110M
107 M 112
124
1981
85
34
*30
4Mb 1960
Pa Ohio A Det 1st A ref 4 Ms A '77
74 m
107 M
Parmelee Trans deb 6s
Penn-Dlxle Cement 1st 6s A. 1941
110M
106 M
1st M s f g 3s loan ctfs
—.1963
113m
106 M
Paramount Broadway Corp—
1955
3Ms deb '47
1944
60 M
14
92
Gen mtge 4 Ms series C—1956 Af N
J
Revere Cop A Br 1st M 4Ms 1956 J
J
♦Rhelnelbe Union g f 7s
1946 /
/
J
♦1st
58 M
55
1946
Pacific Gas A El 4s series G.1964
Pacific Coast Co 1st g 5s
80
107 m
105 m
2
♦Rlma Steel lets f 7s
119
%
4 Ms series B
aa
Gen A ref 4Ms series A.-.1997 /
Gen A ref 4Ms series B...1997 J
Pur mon 1st M conv 5 Ms.
95
.1946
^
aaa3
4Ms without warrants
99
52 m
50
107 %
aa
93
50
52 M
A
S
85
109 m
105 M
J
106
*107 m
58
a
J
52
m
65M
F
1956
Rensselaer A Saratoga 6s gu.1941
Republic Steel Corp 4 Ms ser B '61
Guar Btpd cons 5s—
ser
x
104
189
98
4m
4M
MAT
Remington Rand deb 4 M 3 w w '56
105
106M
aa
92
120 %
140
90
62 m
Reading Co Jersey Cent coll 4s '51
60 M
4M
4M
♦108M
Oregon RR A Nav con g 4s. .1946
Ore Short Line 1st cons g 5s .1946
Guar 4s
a
b
49
95
.1967
28-year 4s...
x
1968
54 M
44M
55M
106M HOM
4
x
x
110M
z
2037
2037
45
Oblo Connecting Ry
.1972
43M
99
79 m
S
Public Service El A Gas 3 Ms 1968 J
51
bb
79 M
O
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk(65%pd) J
J
{♦Debenture gold 6s
1941
J
{♦Deb 6s stamped
...1941
61
45
60
Oz ccc3
192
92 m
A
Purity Bakeries a f deb 5s...1948
aa
x
92 M
x
1951
x
x
3
M
deb 4s 1957
{♦Providence Term 1st 4s... 19 56
117
*
110M
114m
guar
x
x
86 M
93
{♦Porto Rico Am Tob conv 6s '42
♦6s stamped
1942
121M 126M
102 M 107 M
5s
1974
series A
1974
{Northern Ohio Ry—
A
♦1st gtdg 5s
1945
♦1st mtge g 5s (stamped can¬
A
cellation of guarantee). 1945
♦Certificates of deposit
North Pacific prior lien 4a—1997
Gen Hen ry A Id g 3s Jan—2047
Ref A lmpt 4 Ms series A.—2047
Ref A lmpt 6s series B
2047
Ref A lmpt 5s series C
2047
Ref A lmpt 58 series D
2047
Northern States Power 3 Ms. 1967
Northwestern Teleg 4 Ma ext 1944
♦Paullsta Ry 1st s f
O
A
1950 J
1st 5s extended to
14M
70
93
86 M
115
85M
33
110
106
3
bbb4
1974
J D
1977
M 8
1960
15
122
106
108M 109 M
103
a
J {♦Postal Tel A Cable coll 5s 1953
Potomac El Pow 1st M 3Ms. 1966
122
3
105 M 110M
103M 109 M
120
99
a
1962
107 M 112
107 M 109
101
51
2
ccc2
x
Gen A ref 4 Ms
Paramount Pictures
a
1st gen 5s series C——
Port Gen Elec 1st 4 Ms.
6M
3
bbb4
1st gen 5s series B
1959
1st A ref mtge 3 Ms ser
a
85 m
119
119M
99M
aaa2
1948
1st 4 Ms series D
90
4M
"85 M
J
Pitts Y A Ash 1st 4s ser A
111M
114
A O X aaa2
Pitts C C C A St L 4Ms A....1940
.1942 A O x aaa2
Series B 4 Ms guar
.1942 MAT x aaa2
Series C 4 Ms guar
.1945 FN x aaa2
Series D 4s guar
F A x aaa2
Series E 3Ms guar gold....1949
.1953 J D x aaa2
Series F 4s guar gold
.1957 M N x aaa2
Series G 4s guar
F A x aaa2
.1960
Series H cons guar 4s
.1963 F A x aaa2
Series I cons 4 Ms
.1964 Af N x aaa2
Series J cons guar 4 Ms
1970 J D x aa 2
Gen mtge 5s series A
1975 A O x aa 2
Gen mtge 5s series B
J x aa 2
1977 J
Gen 4 Ms series C
UN x aaa2
Pitts Va A Char 1st 4s guar. 1943
3
1958 J D y b
Pitts A W Va 1st 4 Ms ser A.
3
1959 A O y b
1st mtge 4 Ms series B
A
0 y b
3
1960
1st mtge 4 Ms series C
1954
1st A ref mtge 3 Ms ser
54
Phillips Petrol conv 3s
Af S
Pitts Coke A Iron conv 4 Ms A'52
11
North Cent gen A ref
Otis Steel
90 m
.1948 M
11
deposit
1st mtge 4s
3
12
85
"~6
5M
101
1st 4 Ms 1946
3 Ms—-1966
1st 5s A. 1955
Niagara Share (Mo) deb 5 Ms 1950
{{♦Norf South 1st A ref 58—1961
107 M 110M
106 M 108 M
85M
90 M
4M
107M
108
4M
62
5M
25 M
109
85
6M
37
21M
10 M
23
8M
4M
43
106 M
103 M
4M
2M
85
48
107 M
Nlag Lock A O Pow
4s.
a
O
A
J {♦Philippine Ry 1st s f 4a. .1937
♦Certificates of deposit—
20
16
cccl
{{♦N Y West A Bost
{♦Og A L Cham 1st gu g
113
{♦Pblla A Read C A I ref 58.1973
♦Conv deb 6s
.1949
1987
1946
1946
Debenture 4s
12
3 Ms. 1967
71
ref 58.1937
Debenture 3Ms
113M 115
114m
General 5s series B
3
cccl
{{♦Norfolk A South 1st g 58.1941
Norf A W Ry 1st cons g 4s—1996
North Amer Co deb 3 Ms
1949
31
113
Phlla Bait A Wash 1st g
14
4
Niagara Falls Power
♦Certificates of
115
2
M S y bb
2
{♦2d gold 4 Ms
1937
♦General gold 5s
1940
♦Terminal 1st gold 58——1943
6s stamped
114
aa
4mb series C
-1980
J D
Phelps Dodge conv 3 Ms deb. 1952
Called bonds (June 151940)...
b
El Lt A Pow 3 Ms '65
prior lien 6s stamp. 1958
N Y A Rlchm Gas 1st 6s A—1951
N Y Steam Corp 1st 3 Ms.—1963
N Y
aaa2
—1947
Phlla Electric 1st A ref
N Y Rys
B
Trap Rock 1st 6s
M N
JfN
68—1943
80
3
N Y Queens
N Y Telep 3Ms ser
4
J {♦Peoria A East 1st cons 4sl940
z b
♦Certificates of deposit
♦Income 4s
Apr 1990 Apr z cc
F A x a
Peoria A Pekln Un 1st 5Ms—1974
J
J y bb
Pere Marquette 1st ser A 5s. 1956
J
J ybb
1st 4s series B
1956
60
{♦N Y Prov A Boston 4s
1942
N Y A Putnam 1st con gu 4s. 1993
{{♦N Y Susq A W 1st
48
109M
4a..1943
1974
General g 4 Ms series C
1977
General 4 Ms series D
1981
Phlla Co sec 5s series A
1967
11M
99 M 100
1955
♦General 4s
Peoples Gas LAC cons
Refunding gold 5s
51%
3
—
{♦N Y Ont A West
172
106 H
C___1970
4mb—I960
General 4Ms series A——-1965
General 5s series B—-—1968
Debenture g 4 Ms
-1970
General 4Ms series D
1981
Gen mtge 4Ms series E
1984
Conv deb 3 Ms
1952
bb
{ *N Y A N E
107m
109
1st g
x
bb
56 %
57 M
47
122 M
b
87 M
86
73
104 M 107 M
108 M
105
2
55 •
aaa4
y
105m
103 m
aaa2
a
86 M
125
(Boat Term) 4s 39
{♦N Y N Hav A Hart RR—
♦Non conv deb 4s.
-----1947
♦Non-conv debenture 3 M8 1947
♦Non-conv deb 3 Ms
1954
♦Non-conv debenture 48—1955
♦Non-conv debenture 48—1956
♦Conv debenture 3Ms——1956
♦Conv debenture 6s
1948
{♦Collateral trust 6s
1940
♦Debenture 4s
------1957
♦
1st A ref 4 Ms ser of 1927-1967
{♦Harlem R A Pt Ch 1st 4s 1954
1
62
45
x
West 4s ser
4Ms series B
♦NYLE&W Coal A RR 5 Me[42
♦n y L E A W Dk A lmpt 5s 1943
N Y A Long Branch gen 48.-1941
60
56 H
106 M
x
5sl946
62 M
65
108 M
105
51M
b
95
56
5
77 M
106M
3
ccc2
y
2000
A—1973
N Y Lack A
3
y
gold 48—19*9
Purchase money
aa
86
39
273
86
3
4
bbb4
Consol sinking fund
53 M
2
aa
x
5s series B
1953
Y Dock 1st gold 4s
1951
Conv 5% notes-—1947
Y Edison 3Ms ser D——1965
1st lien A ref 3Ms ser E-—1966
Y A Erie—See Erie RR
Y Gas El Lt H A Pow g 58.1948
b
x
79 M
High
A
A
F
Gen mtge 3Ms series
89
84
bbb3
y
stpd dollar May 1 '48
63M
62 M
3
x
1st guar
N
bb
ybb 3
y bbb2
3-year 6% notes.--------1941
N Y Connect 1st gu4Ms A—1953
N
%
55
4s sterl
62 M
71
46
93
}974
N
37
60
1948
Consol gold 4s
No. Low
High
M N
F
debentures
1974
Pennsylvania RR cons g 48—1943
4 Ms
49M
69
75
3M8-J998
Pow
Penna
1
Jan.
Asked
A
Low
(Cont.)
A Lt 3 Ms——1969
Since
Friday's
Bid
See k
Railroad & Indus. Cos.
49M
55 M
4s
------194*
coll gold
Mich Cent coll gold 3MS-1998
N Y Chic A St Louis
Ref 5 Ms series A
Ref 4 Ms series C1978
4s collateral trust-—.----1946
1st mtge 3 Ms extended to. 1947
N
60
230
58
Debenture
Lake Shore
59
Y. STOCK EXCHANGE
Week Ended May 17
Range
Range or
Elig. <k
Rating
BONDS
N.
18, 1940
Week's
Bank
5
13M
Volume
New York Bond
ISO
Record-Concluded-Page~6
3173
'
Bank
BONDS
N.
Y.
STOCK
1 fe-S
EXCHANGE
Railroad & Indus. Cos.
Week's
Elig. &
Last
Range or
1
Week Ended May 17
St Paul «fc Dul 1st
Friday
Rating
Sale
See a
Price
(Com.)
z
F
A
z
a
-MM-
5X
4X
5X
15
6X
5X
82
82
8
St Paul Minn & Man—
)J
IJ
8 A & At Pass 1st gu g 4s
IJ
San Antonio Pub Serv 4s
J
1 A
x
aaa2
J ybb
O y a
♦98
2
>MN
x
x
iJ
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29
54
107 X
110
15
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♦Stamped...
63 X
—
cccl
J
...
♦Guar
s
5
J
)
1946 A
C
0
z
....
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1989
B
x
— —
—
1
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—
— — -
27
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— —
cccl
30
8
27
z
A
f 6 Xs series
♦Stamped
Scioto V & N E 1st gu 4s
-
30
18
46
— MM
42
15
♦39X
"46"
39X
*
:
121X
?
mx
109 x
109X in
33
21
33x
28 X
47
29 X
47
118
123X
18X
O
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cccl
$♦48 g stamped
) A
O
z
cccl
F
A
z
c
A
O
z
cccl
Oct
♦Adjustment 5s
{♦Refunding 4s
♦Certificates of deposit.
♦1st
cons
.....
1945 M 8
6s series A
♦Certificates of deposit
----
193: !M
t{*Atl & Birm 1st gu 4s
z
cccl
z
cc
7X
cc
F
A
193.
F
A
1
IX
4
3X
2
4X
MM~M
2
b
♦IX
1
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2X
1
8X
7X
3X
1
12
51
2
12
12
2
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IX
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5X
4X
53
2
c
15X
3 X
317
3X
3X
15
3
5X
c
aa
21
3X
4X
cccl
z
11X
7X
IX
4X
MMMMMto
z
x
138
IX
MM vmm.m
2
z
8X
11
3
2
z
t*Seaboard All Fla 6s A ctfs.193,
♦6s Series B certificates
*8
7 X
2X
15X
4
Shlnyetsu El Pow 1st 6 Ha—195: U D
M S
♦Siemens & Halske deb 6X8-195
93 X
94 X
IX
A
68X
F
A y cccl
195!
A
O xbbb2
Skelly Oil 3s debs
195<
Socony-Vacuum Oil 3s debs. 196'
South & Nor Ala RR gu 5s. .196!
F
A
x
bbb3
J
J
x
aaa4
A
O
x
a
South Bell Tel & Tel 3X8—196!
A
O
x
aaa3
Sileslan-Am Corp coll tr 7s
Simmons Co deb 4s
197!
Southern
M
4s
67
26
33 X
15 X
2
20
30 X
98
102X
20
98
-pM
100X
60
100X
56
104X
71
103 X
105 X
105X
108X
7
aaa3
102 H
101X
104 X
107 X
108 X
3
104
*
M
119
MMMMM
J
x
M S
x
aa
3
107 X
F
x
aaa2
108 X
A
57
1
.
99 X
MMMMM'M
196!
Calif Gas 4 Ha
1st mtge & ref
J
2
20
196
3s debentures
58 X
26
z
Southern Colo Power 6s A..194!
J
J
x
bbb3
105 X
Southern Kraft Corp 4X8—194!
J
D
x
bbb3
100
-
99X 100X
103X 106 X
41 X
75
16
27
26
3
1941
z
b
2
50
50
2
41
61
1939
z
cc
2
12
12
1
12
z
cc
2
iox
4
9
z
b
2
z
cc
*Joled° & Chic Div
Convertible
A
195(
San Fran Term 1st 4s
O
x
J
J ybb
2
Westchester Ltg 5s stpd gtd_1950 J
x
bbb3
O ybb
2
A
O ybb
2
A
O ybb
2
/
J y bbb2
J
D
x
50 X
50 X
43X
261
36
50 X
51X
99
46
75
12
70
x
J
x
aaa3
x
a
O
x
bbb3
1977 J
J
West N Y & Pa
gen gold 4s_.l943 A O
*♦ Western Pac 1st 5s ser A.. 1946 M S
♦5s assented
1946 M S
x
bbb3
x
aa
z
z
cccl
x
a
x
55 X
191
50
63
67
108 X
109X
46
105X
28
105
65
J
x
aa
A
x
bbb3
x
x
3s debentures
Texas & Pacific 1st gold
97 X
105
aaa3
aaa3
1959 A
Texas & N O con gold 5s
4
J
J D
O
J ybb
1943 J
5s_.2000 J D x a
220
171
Gen & ref 5s series C.
Gen & ref 5s series D
24
126
114X
14
114X 115X
107 X 111X
87 X
92
103X 108
102X 106 X
nox
90 X
58
103 X
102 X
1036i«
72
105X
153
108 X
MMMMMM
87 X-
MM — MM
103X
103X
*62 X
100
--i'u
106 X
12
106
69 X
■:>- 7
bbb3
60 X
60
bbb3
60
60
D xbbb3
a
2
2361 J
2
1960 / J y b
Jan 1960 A O y cccl
{♦Third Ave RR 1st g 5s_..1937 J J ybb 3
J
x
a
60
1953 / D
b
1
Tol & Ohio Cent ref & Imp 3 Xs '60 /
D x bbb3
5
90
97 X
49 X
62 X
90
58 X
215
15X
22 X
1010
99
Tol St Louis & West 1st 4S..1950 A
O ybb
1946
1949
deb A. 1953
♦Tyrol Hydro-El Pow 7Xa—1955
S
r
Toronto Ham & Buff 1st g 4a_
j
Trenton G & El 1st g 5s
M 8
Tri-Cont Corp 5s conv
J
A
3
aaa2
33
95
a
aaa3
z
z
b
1
1
1st mtge s f 4s
105
No. sales.
1940 MN
of
52
91
35
88 X
92 X
10
107 X
108X
41
14X
15X
14X
80 X
86
18X
13
13
15X
40
13
18X
62
63
77
62
64
64
60
b
iBVi
MM
64
67 X
72
33
63 X
i
"41H
43
55
66 X
60
*
>«•---
60
70
MM
14
15X
29
41 X
52 X
40
46 X
40 X
20
40
47
114
114
x
aa
116X
14
x
bbb2
x
bbb2
99 X
99 X
101
*101
-MM
101X 103
.
12
34
HX
13X
106 X
44
106X
101X
20
103 X
97
6
110
112
287
16
z
cc
2
11X
J
x
bbb3
105 X
105
1947 A
O
y
bb
99X
99
x
aaa2
111
z
ccc2
16
16
21X
z
cccl
16X
17
z
cccl
6 X
3
z
cc
aa
a
c
a
x
ex
108 X
109 X
*9
20
....
103
106
273
103
109X
104
4
1961 MN
18
25X
23
16 X
106
104
106
93
104
106X
-
-
-
-
*6
2
x
12
102
103 X
4
z
112
110X
-----
..1948 MS
;
7%
8X
108X
3
x
11X
108 X
1
x
113 X 116X
96 X 101X
118
-----
D
deposit
108X 112
99 X 102
62
b
z
19
83 X
88 X
108
33
108
80 X
SOX
-----
108
2
110
10X
7
9
45
106
110
13
-M
108X 110X
9X
14
M
-
ser
C
bbb4
85
55 X
66X
86
24
84
11
64X
{ Negotiability Impaired by maturity,
t The price represented Is the dollar quota¬
per 200-pound unit of bonds.
Accrued Interest payable at exchange rate of
54.8484.
—— —
-----
cccl
....
124
106 X
/
....
16
*.....
3
10
58
*57
------
yy\--.. ■;vi
list of the New York Stock Exchange bond Issues which have
Treasury 3Xs, 1940-1943, June 15 at 100.
Container Corp 6s 1946, June 15 at 101X.
Container Corp. 5s 1943, June 1 at 101.
"'
t Companies reported as being In bankruptcy, receivership,
Section 77 of the Bankruptcy Act, or securities assumed by such
♦
Friday's bid and asked price.
♦
Deferred
....
"98"" ~99X
124
125
105X 108
14X
14 X
13 X
/■
or reorganized under
companies.
Bonds selling flat.
▼
No sales transacted during current week.
delivery sales transacted during the current week and not included In
the yearly range:
■>
Nosales.
....
99
124"
105X
—
v ^
a
been called In their entirety:
67 X
65
:;
*
'
'
only
tion
a
— ——M—
week and not included In the yearly range:
.;-V:
h*?
:>-v
89 X
.....
------
V;
Cash sale; only transaction during current week,
a Deferred delivery sale;
transaction during current week,
n Odd lot sale, not included
in year's range.
r
107 X
57
65
----MM
—
y
Cash sales transacted
during the current
e
100X
156
84
1
4
x
x
J ybb
MN
1952 F
♦Guar sec s f 7.
x
.
.
25 X
13X
100X
106X
X
105
65 X
84
Tol W V & Ohio 4s series C—1942 M
128X
106X 110X
116X 120
101X
1956 J
Conv deb 4s
72
/;>
57
y
14
Youngstown Sheet & Tube—
72
60
67X
49 X
15X
100 x
105X
110X
72 X
60 X
2
Tokyo Elec Light Co Ltd—
1st 6s dollar series
....
gu 5s_1942 J
Wisconsin Elec Power 3Xs—1968 A ~o
Wisconsin Public Service
4p..1961 J D
t*Wor & Conn East 1st 4 Xs 1943 J
J
If The following is
29
;
50
2
X 109 X
126
-
15
117
108 X
99 X
100
4
J y bb
Winston-Salem S B 1st 4s
1960 J
J
^♦Wls Cent 50-yr 1st gen 4s.. 1949 J
J
♦Certificates of deposit
{♦Su <fc Du div & ter 1st 4s. 1936 MN
67
66 X
.90
......
4s
X
60
60
♦AdJ income 5s
Tide Water Asso Oil 3Xs—1952 /
128X
55
106
x
x
14
106 X
MM—MM
x
Tex Pac Mo Pac Ter 5Xs A.1964 M S
Third Ave Ry 1st ref
1950 M S
Wilson & Co 1st M 4s A
Conv deb 3X8.....
104X 106 X
11
O
1980 J
1952 A
Registered
101X 106 X
97
113X
105X
126X
1979 A O
Gen & ref 5s series B.....1977 A
109
23 X
104
3
4
MM-
106 X
70
107X 109X
MM
101X 106 X
114X
F
126 X
5
—
108X
16 X
146
aaa4
1951
9
104X
104H
aaa3
1953
-----
78
101 x
97
102 X
102 X
x
3X8
36X
37
103 X 107X
104 X
126
Gen refund s f g 4s
4
1
4
Texarkana & Ft S gu 5Xs A.
—— -
103X
103 X
101 x
2
x
-
18
16X
M MM-M m
M M M M M M
aa
A
X
70
108 X 112
105
M
aaa4
Term Assn St L 1st cons 5s.. 1944 F
35
72
70
79 X
65
bb
J
23
4
79 X
90X
84 X
73 X
64 X
67
x
J
25
X
79 X
z
5s.1951
J
z cccl
Western Union Teleg
g 4X8.1950 Af N y bb 2
25-year gold 5s
1951 J D yb
61X
62
x
Tenn Coal Iron & RR gen
1
73 X
77 X
J
J
1953
2%s debenture
—
50
J
Studebaker Corp conv deb 6s 1945 J
MN
Swift & Co lstM3Xs
Texas Corp deb
Western Maryland 1st 4s
1st & ref 5 Xs series A
"85X "six
105
M
70
63
84
108 X
106 X
116 X
ccc2
1966 J
Pulp & Paper 3s...1954
♦Certificates
65 X
-
90
109 X
aaa4
3
56
-----
68
58
5
97
70
*108
116X
109 X
101X 106X
21
35
*125
D
58
80 X
:
MMM'M'M
aaa4
J
J
t*Spokane Internat 1st g 5s.
F A
Staley (A E) Mfg 1st M 4s...
Standard Oil N J deb 3s
1961 J D
127
X
85 X
*67
aaa4
J
1st & ref 3s series C
38
36
46 X
/ y bbb2
J
So'western Bell Tel 3Xs B_.
77
293
60X
23 X
35
-
107 X
aaa3
White Sew Mach deb 6s
43 X
56
-
3
aa
102 X
40
67
J
-
.---MM
x
106
97 X
136
63
aaa3
105
63
A
76
87 X
30 X
66
9X
9X
9X
y: 9X
5
51
24
84
aaa3
59
48 X
53
86 X
50
x
x
x
1st mtge 3Xs series 1
o
:
*
x
-M-M
105 X
-----
122
37
MM'MMMM
J
5
63X
aaa4
D
Gen mtge
3Xs
1967 J D
West Penn Power 1st 5s
E..1963 M S
Wheeling &LERR 4s
..1949 M S
Wheeling Steel 4X8 series...1966 F A
107X
56 X
J y bbbl
J
1st 48 stamped
Southern Ry 1st cons g
4X
23X
b
101X
36
5
78
101X
-
y
108X HI
46 X
21
6X
58
A y b
109X
105X
45
6
4X
42
4X
2
Washington Cent 1st gold 4s.l948 Q M
Wash Term 1st
gu 3Xs
1945 F A
1st 40-year
guar 4s
1945 F A
107 X 108 X
\
79
84 ;
6
38
6X
5X
cc
z
13
4X
63 X
11
70
J
4s—195!
195!
5s_.199'
Devel & gen 4s series A
195<
Devel & gen 6s
—195(
Devel & gen 6Xs
195(
Mem Div 1st g 6s
199(
St Louis Div 1st g 4s
1951
So Pac RR 1st ref guar
S
13X
39 X
-----
102 X
J y bb
104
46 X
S y b
West Shore 1st 4s
guar. .....2361 J
7
bbb2
O y b
101X 105 X
36
36X
O y bb
96
42 X
36
cc
1955 A
1941 M
28
5
D xbbb2
Xa.2000 F
20
4X
cc
O
1948 M
debentures..
Warner Bros Plct 6s debs
*♦ Warren Bros Co deb 6s
Warren RR 1st ref gu g 3
48
13
25X
4X
1945 J
4Xa
9
cc
z
9
85X
••--MM
1955 A
deb
30-year 5s
105X
:
z
z
.---MM
1980 A
J
40
39 X
36 X
35X
35 X
13
High
106 X 109X
114
13
♦Westphalia Un El Power 6s.1953 /
37
40 X
107 X
26
I09X
105X
104
"37"
No. Low
High
106 X
1
t{♦Wilkes-Bar & East
4 Xs
195: A O x bbb4
So Pac coll 4s (Cent Pac coll) .194! J D ybb 2
1st 4Xs (Oregon Lines) A. 197: M 8 ybb 2
Gold 4 Ms
2
1961 IM Syb
Gold 4X3
2
196! MN y b
Gold 4 Xs
2
198: MN y b
J ybb 2
10-year secured 3Xb
1941 J
Jan. 1
b
Walworth Co 1st M 4s
—— -
Southern Natural Gas—
1st mtge pipe line
107
Since
Ask
Low
107X
105X
99 X
&
97 X
26
M M M M
F
&,ndu*« Cos.{Concl.)
♦Ref & gen 5s series D
Walker (Hiram) G & W—
3X
93 X
14 X
z
194!
194:
♦Silesia Elec Corp 6Xs
319
95
Range
Is
Friday's
Bid
z
West Va
Shell Union Oil 2Xs debs... 195' IJ
Price
1954
6s
) A
Range or
Sale
See a
g 4s_.1941 M S
t* Wabash Ry ref & gen 5 Xs A '75 M S
♦Ref & gen 5s series B
1976 F A
♦Ref & gen 4 Xs series
C... 1978 A O
.
t Seaboard Air Line Ry—
{♦1st g 4s plain
Rating
♦Omaha Div 1st g 3X8—.1941
68X
106 X 108 X
Week's
Last
Elig. &
EXCHANGE
♦1st Hen g term 4s
♦Det & Chic Ext 1st 5s
{♦Des M Div 1st g 4s
118
.
STOCK
Friday
Virginian Ry 3X8 series A...1966 M S x aaa2
J Wabash RR Co.—
{♦1st gold 5s
1939 MN zb
2
{♦2d gold 5s
1939 F A z ccc2
98X
114
60
aaa2
I M
"52
114X
,
2
Santa Fe Pres & Phen 1st 5s.
97 X
115X
60 X
3
San Diego Consol G <fe E 4a
98 X
106 X
110
"115"
Y.
Week Ended May 17
High
Low
2
5
cccl
x
No
78X
.....
N.
Jan. 1
High
♦
cccl
BONDS
Since
Ask
&
Low
7J
Range
Friday's
Bid
4s_.196iI J D xbbb2
con g
Bank
s
■•///.,-v;'
r:
Bank Eligibility and Rating Column—x
Zy'
-v
Indicates those bonds which we believe
eligible for bank investment.
»y Indicates those bonds we believe are not bank eligible due either to rating status
some provision in the bond tending to make lt speculative.
or
z
in process of reorganization^"
Indicates Issues In default, in bankruptcy, or
14 X
based on the ratings assigned to each bond
by the four rating agencies—Moody, Standard, Fitch, and Poor's.
The letters Indicate
the quality and the numeral Immediately following shows the number of agencies so
rating the bonds.
In all cases the symbols will represent the rating given by the majority,
for example, a bond rated Aa by Moody, A1 by Standard, AAA by Fitch, and A by
Poor's, would be represented by symbol aa2 showing the majority rating.
Where all
four agencies rate a bond differently, then the highest single rating is shown.
The rating symbols in this column are
y
b
1
x
aa
3
"ioTx"
106 X
107X
39
t{♦Union ElevRy (Chic) 5s.1945 A
UDion Oil of Calif 6s series A. 1942 F
O
z
cccl
8X
8X
2
A
x
aaa4
110X 112 X
A
x
aa
liox
102 X
4
F
8X
110X
100 x
200
100 X 104 X
1947 J
J
x
June 2008 M 8
June 2008 M 8
X
x
aaa3
aa
aa
UJigawa Elec Power s f 7s
1945 M 8
J
Union Electric (Mo) 3Xs—1962 J
3s debentures
;
85
3
"161"
aaa3
113X
aaa3
108X
85
6
83
95
106 X 109
8X
9
Union Pac RR—
1st & land grant
4s
1st lien & ref 4s
1st lien & ref 5s
34-year 3Xs deb
A
O
x
35-year 3Xs debenture
MN
x
—1970
1971
1952
United Drug Co (Del) 5s
1953
U N J RR & Canal gen 4s... 1944
U S Steel Corp 3Xs debs...1948
A
United Cigar-Whelan Sts 5s.
♦Un Steel Wks Corp 6 Xs A.
♦3X8 assented A
♦Sec s f 6Xs series C
♦3Xs assented C
.
O y b
M 8 ybb
aaa4
D
x
a
1951 J D
z
/
D
z
/
D
z
J
D
z
♦Sink fund deb 6 Xs ser A. 1947 J
/
z
2
....
....
b
1
....
cccl
♦3Xs assented A
1947 J
United Stockyds 4Xb w w..1951 A
Utah Lt & Trac 1st & ref 5s. 1944 A
J
z
O
x
bbb3
O
x
bbb2
Utah Power & Light 1st 5s—1944 F
A x bbb3
J{*Util Pow & Light 5XB—1947 J D
♦5Xs stamped
1947 J D
z
2
z
b
1
F
A
z
cc
F
A
z
b
x
aa
16
•
------
—
— —
—
—
100 x
—
—
—
M
—
—
-
♦9X
MM —— M
{♦Debenture 5s........
♦5s stamped...
Cons s f 4s series B
1959
1959
'
91
——————
-----
x
aa
—
—MM-
—
92
-
/
z
c
1
J
/
x
aa
2
25
20
Railroad <fc
United
Total
Miscell.
Municivai
Slates
Bond
Bonds
For'n Bonds
Bonds
,
Saturday
Monday
Tuesday...
3,680,520
3,768,310
2,354,380
3,074,940
16,109,110
$45,115,000
8
90
93
100
104
85
99 X 104 X
Wednesday
88
15
85
Thursday
M
—
85
—
—
X
97
100X 115
10
83
100
State
Friday
Sales
$639,000
1,013,000
1,103,000
1,332,000
891,000
289,000
1,222,000
439,000
$3,486,000
9,588,000
12,498,000
12,372,000
7,467,000
9,698,000
$6,200,000
$3,794,000
$55,109,000
$2,712,000
8,126,000
10,316,000
9,637,000
6,287,000
8,037,000
52
-MM--
Exchange,
Stock
Number of
Shares
671,970
2,558,990
103X
....
$135,000
449,000
1,079,000
1,403,000
96
116X
Total
'
..
z
M S
May 17, 1940
23 X
20
..."
;
Sales at
I——
Week Ended May
Jan. 1 to May
17
17
New York Stoc
Vera Cruz & Pacific RR—
{♦4Xs July coupon off..
1934
{♦4Xs assented
1934
Va Elec & Pow 3Xb ser B... 1968
Va Iron Coal & Coke 1st g 5S.1949
Va & Southwest 1st gu 5s
2003
1st cons 5s
.1958
Week Ended
104
"
York
New
the
at
Daily, Weekly and Yearly
Stocks,
----
----
W
25
2
J
83
18
Transactions
— — —
-----
100
——————
61 X
77
"24X "24X
99 X
85
100
103»„106X
4
21
.
"*9X
——————
------
67
103 X
18
18
♦
——————
All issues
of the Issues bearing symbols ccc or lower are in default.
99 X
94
2
110
103 I'M
103
——————
A great majority
bearing ddd or lower are in default.
l08«3ill6X
93X 99X
77X
89X
109X 110X
120
2
1957 MN
80
70 X
86 X
1
A
8
96 X
79X
109X
------
2
Vandalia cons g 4s series A..1955 F
96 X
64
81X
M—————
cc
93 X
94
•
4
x
/
106X 109
9
94 X
4
M 8
1951
1951
1951
112X 115
66
94
3
133
108173i 108 X
3
114
112X
108 X 108>»32
M 8 y ccc3
J
A
J y bbb2
O ybb
2
......
"108X
——————
MM——MM
Exchange
♦X
♦X
107 X
♦45 X
*75
59
109" ""68
49
— —
83
—
—
— — MM
59 '
8
"""x ~"x
107X 111
40
I
1939
16,109,110
2,467,870
96,112,628
91,468,085
$3,794,000
6,200,000
45,115,000
$1,552,000
3,306,000
19,770,000
$19,034,000
94,663,000
558,079,000
$36,045,000
$24,628,000
$671,776,000
$664,073,000
Bonds
51^
75
76 X
Government
59
62 X
State and foreign
Total.
Attention is directed to the new column incorporated in this tabulation pertaining to
1940
1939
$55,109,000
Stocks—No. of shares..
Railroad'and industrial.
t
1940
bank eligibility and rating of bonds.
See note a above.
104,903,000
523,125,000
New York Curb Exchange—Weekly and
3174
delivery sales are disregarded In the week's range
weekly range are shown In a footnote In the week In which they occur.
NOTICE—Cash and deferred
of the regular
Yearly Record
unless they are the only
May is, 1940
transactions of the week and when selling outside
such sales In computing the range for the year
No account Is taken of
Sales
,
Sales
Friday
Week
Last
Price
Par
Class A
15
21
100
.
Class B
5X
AX
-
Alnsworth Mfg common..6
Air Associates Inc com—1
UX
2X
{Air Investors common.
Conv preferred
*
AX
ex
AX
ex
\AX
17,500
1,700
2,800
2X
8,100
12
2X
26
X
X
"96 X
Alabama Power
Jan
2,700
*ii
Mar
75
17*
May
86
May
700
2
Feb
250
lV,800
450
500
8H
700
89 X
6
x7AX
4,350
103
107
200
1
1
Jan
112X May
118X
17
Jan
6
May
UX
Feb
uox
Mar
18
AX
80
3,300
6
109 X
May
Mar
IX
Jan
A9X
AX May
7X
Apr
Apr
Apr
Jan
2X
Apr
Jan
*16
Jan
Mar
205*
X
41
72
Feb
72 X
50
X
2,500
31
A
33 X
250
31
28X
X
30 X
000
28 X
Jan
80
Mar
li6 May
X
~~30X "37 X
35"606
30 X
13,100
11H
18
iih
UX
*18
*18
500
X
10^
28X
ux
450
10 X
28X
3X
13,000
1,700
30 X
400
29
35
3
3
"12 X
13X
17 X
800
Z15X
13 H
17X
900
15 X
9,400
Apr
Apr
May
16X
29 X
Jan
25J*
16 X
May
25 X
Apr
73
10
Feb
68
X May
2,800
73
Jan
May
Jan
»»16
400
25
95
94
Jan
X
Jan
500
105
25
X
25
6X
6X
85 H
Jan
Apr
Feb
109 X
10 X
May
Jan
OX
Mar
5X
5X
8X
8X
3
*
56 X
3
.....
X
X
X
56 X
Corp com *
1st $0 preferred
*
$0 series preferred
*
American Thread 6% pf..5
Am Superpower
14,500
9
IX
500
17,700
May
10 X
3X
IX
10X
Apex Elec Mfg Co com...*
Appalachian Eleo Power—
$7 preferred
*
{Arcturus Radio Tube...l
Arkansas Nat Gas com...*
8X May
17
May
3X
Feb
IX May
X May
10 X May
IX
Mar
13X
1,100
30
16
16
IX
Common cl A non-vot..*
6X
10
2X
7X
3,800
95 X
ex
87
90
Arkansas P A L $7 pref...*
3
112 X
150
i
Apr
Jan
Jaa
2
Feb
15
Apr
115
Jan
6
AX
AX
Ashland Oil A Ref Co
1
AX
AX
5X
1,500
6,700
X
2,400
1,800
2X
"37"
8X
AX May
AX May
ox
Mar
6X
Jan
8X
Feb
X
1
*
*
1
Castle (A M) common.
Atlas Drop Forge com...6
Atlas Plywood Corp
23 X
0
Jan
7% 1st partic pref...100
Apr
Feb
Celluloid Corp common. 15
X
Feb
2X
Mar
$7 dlv. preferred
500
2X
May
A
Mar
1st
13X
Jan
Jan
X
Jan
IX
OH
Jan
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
5
5
AX
25
25
18X
5X
18X
17
17
700
100
75
1
Aviation A Trans Corp
Axton-Flsher
1
IX
700
2X
Warrants
AX
50,500
6
May
AX May
19 X May
Feb
7 H Mar
Jan
16
1AX
1
20
Mar
Jan
May
17
Apr
2X May
IX
Feb
AX
Apr
Tobacco—
AOX
3X
Babcock A Wilcox Co
•
21
45
20
Ayrshire Patoka Collieries 1
28
3X
150
200
40 X
3
May
Jan
13,700
19X
Jan
8X
44,900
5X
Mar
26 X
750
21X
Apr
53
Jan
3X
30 X
Apr
Apr
7%
preferred.
.30
22 X
22
5X
5
6X
400
8X May
27 X May
$1.20
conv
9
5
A com
1
5X
UX
11
10
6
1AX
100
300
26,300
Beaunit Mills Ino com..10
$1.50 conv pref
Beech Aircraft Corp
20
1
3X
XAX
500
AX
AX
Apr
5X
Apr
16 X
AX
200
3X
6
26,300
300
4,700
2
25
X
Apr
Chicago Rivet A Mach
Mar
H
Jan
Chief Consol Mining
Chllds Co preferred
Cities Service
4
May
22
7,200
6
May
ux
Apr
900
IX
May
2X
Jan
X
11,900
225
100
Apr
Jan
$6
preferred
*
10 X
Apr
00c preferred B
*
*
3X May
0
Jan
Feb
15
AX
3X May
5X
8X
Jan
Apr
Mar
Feb
common..
$6 preferred BB
Cities Serv P A L $7 pref.*
$6 preferred
*
City Auto Stamping
City A Suburban Homes 10
1
ex
300
38 X
2,100
16,200
*16
X
240
108
97
ex
9X
Jan
X May
IX
25
Feb
102^
10 x
230
15,700
Feb
5X
Clayton A Lambert Mfg..*
Cleveland Elec Ilium....*
com
*
Cllnchfleld Coal Corp.. 100
For footnotes see page 3179
I
Jan
May
27
X
Jan
40 X
X
Apr
100H
92 X
Jan
OX May
Jan
7X May
Apr
Jan
May
109
104X May
15X
Jan
7X
Apr
300
7
May
6
9%
1,400
6
May
12
Feb
17X May
20
Jan
~~2~X
2X
2X
6,900
UOX
3
108X 125 X
3
3X
1,425
300
2X May
105
Jan
3
May
3X
Jan
May
127
5X
Feb
20 X
10
83
83
1AX
15M
1,400
100X
""240
Jan
34 X
Feb
09 X
Jan
87 X
May
14
Jan
17 X
Feb
100*
96 X
7X
95
7X
8
Jan
Jan
109
May
105X
Apr
7H
108 X
May
10 X
Apr
4,200
X
Feb
X
Jan
1,800
1,500
X
Jan
X
Jan
»i6 May
2X
Jan
May
8X
Jan
500
108X 113X
X
X
*16
X
*16
IX
175
95
3
May
115X May
5
725
IX
275
X
May
2X
Jan
X
125
*i6 May
2X
Jan
3
AX
400
AX
6
3
X
»16
108 X
64
400
7X
108X 115
63H 76H
7X
8X
3
May
AX May
UX Mar
5X
5X
7X
Mar
13
Jan
""250
108 X
May
117
1,750
63 X
May
83
Apr
Apr
10
Mar
300
7X May
14
May
X
29X
24,000
25,700
4
Jan
6X
6AX
AX
49
62
AX May
875
49
May
64H
May
May
6X
3,100
6X
May
25
14
14
AX
ex
AX
Jan
May
Apr
Mar
May
60
85 H
85 X
91 X
70
5X
5X
ex
2,200
6
6
MMk
«.
—.
X
A
39 X
AX
May
Jan
115H
Mar
82
Jan
110
Mar
5X May
7X
Feb
Apr
7
100
6
May
100
14
14
14
45
89
170
60
45
60
X
Claude Neon Lights Inc.
Cleveland Tractor
OX May
5,400
7H
10
11X
7X
9X
Mar
X May
X
May
5X May
9
Mar
IX
27
101
...6
10
Mar
Jan
13
Cherry-Burrell common..6
Chesebrough Mfg
Jan
9X
Conv pref opt ser
Chamberlln Metal Weather
Strip Co
14
Jan
108
50
15
100
'29.100
Clark Controller Co
2X
3X
May
12 X
AX
Feb
Apr
100
Chicago Flexible Shaft Co 5
Baumann—See "Ludwlg"
Beau Brummell Ties Inc.. 1
IX
preferred
Apr
Barlow A Seellg Mfg—
Bath Iron Works Corp
Mar
7%
X
3,200
X
Basic Dolomite Ino com__l
Apr
18X
100
7X
5
Distill Ino
Barium Stainless Steel...1
3X
May
preferred...
X
Baldwin Rubber Co com.l
Bardstown
5X
6
Jan
Apr
0%
Charts Corp common
Baldwin Locomotive—
Purch warrants for com
"a
1
X
X
Conv preferred
Class A common..... 10
Jan
Apr
1
com
Jan
IX
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 50c
Cent States Elec
22 X
Jan
Jan
•
com
Jan
Feb
IX
700
Cent Maine Pow 7% pf 100
x*i6 May
1,200
2,100
2,300
AX
11X
A3
X May
*
Avery (B F) A Sons com. 6
0% preferred x-w
Jan
*
xi6
Automatic Voting Mach__»
6% preferred w w
.10
1
AX
IX
May
IX May
"7X
220
18
38
Feb
Feb
2X May
38
May
7
1,300
12,000
"n
May
IX
Feb
2X
ex
»16
1
13
Apr
97
5X
15X
*
(Austin Sliver Mines
Automatic Products.....5
May
5X
18 X
14H
X
17X
3
Feb
36
May
32
»16
2X
22
May
IX May
May
102
AX
2X
Feb
Mar
IX
20
May
Celanese Corp of America
partic pref
Cent Hud G A E
Feb
20
May
ex
*
Carnegie Metals com
Carolina P A L $7 pref
May
20X
9X
*
Carnation Co common
Jan
Apr
15
Apr
Mar
28
*
Assoc Tel A Tel class A...*
16
Apr
25
Carter (J W) Co common. 1
Casco Products
..*
"»18
Jan
17
18 X
X
Carrier Corp common
1
19X
300
ex
X
Apr
Atlas Corp warrants
Apr
Mar
97 X
1
Apr
Atlantic Rayon Corp
Feb
1AX
50
*
25c
Jan
Apr
38
34
4,400
IX
Jan
AX
IX May
2,800
•
*
X
Feb
May
19X
6
Feb
2X
Feb
May
Jan
4
97 X
12 X
1
Catalln Corp of Amer
12 X
30
Jan
49
9X
13
*16
68
Apr
X
Apr
24H May
Apr
3X
18X
IX
ox
May
IX
39 X
35
14
X
65
Mar
30
3X
Jan
Feb
Atlanta Birmingham A
7X
Jan
Apr
IX May
29
May
97 X
25
preferred
10
Feb
5X
7% partic preferred
$0
Apr
Apr
7
200
Can Colonial Airways
Class B
8X
n>6
May
X
1
3X May
3X May
300
X
*16
Atlantic Coast Line Co..60
8
4,500
Camden Fire Insur Assn..5
Marconi
Feb
IX
2X
4,200
300
100
2%
60o
Carib Syndicate
Feb
IX
9X
5X% pref shs £1
Calamba Sugar Estate..20
Callite Tungsten Corp
1
Formerly Elsler Elec
Class B non-voting
8X
18X
Apr
3X
IX
38
1%
Am dep
Class A voting...
Apr
X May
5
97 X
Feb
2X
100
7
Apr
2X
1,200
13
IX
IX
*16
Atlantic Coast Fisheries..*
1,950
2 X
IX
38
38
X
pref...100
0% pref 100
500
31X
13
IX
Coast RR Co
IX
Canadian Indus Alcohol—
2X
99
X
IX
Jan
20X May
*
Atlanta Gas Lt
20
2,000
3
2X
20
21
Jan
May
Assoc Laundries of Amer *
V t c common
a!"
2,900
Canada Cement Co Ltd..*
100
*16
X
X
IX
IX
Cables A Wireless Ltd—
Carman A Co class A
1
14,400
75,700
dep rets
Capital City Products
1
3,400
6X
Canadian Car A Fdy Ltd—
6X May
OX
17 X
Jan
87
48X
700
15X
Burry Biscuit Corp..12Ho
Cable Elec Prod com
50c
Canadian
._*
5X
Jan
18 X
*
Brown Forman Distillery. 1
$0 preferred
..*
Brown Rubber Co com
1
Bruce (EL) Co common.. 5
Buckeye Pipe Line
60
Buff Niagara A East Pow—
$1.60 preferred
26
$5 1st preferred
»
Bunker Hill A Sullivan 2.50
Vot trust ctfs
Apr
1AX May
15 X May
Apr
Apr
Apr
(Associated Gas A Eleo—
preferred
Option warrants
'30"
X
Associated Eleo Industries
$5
3X
3X
10
29
35
2X
Assoc Breweries of Can...*
£1
IX
Class A preferred
Burma Corp Am
46
AX May
36
Feb
ii
6X May
Art Metal Works com
5
Class A
5
1H May
1 % May
400
2,400
18,900
2X
*16
100
1,000
IX
IX
Mar
Jan
2,000
2,700
IX
X
10 x
X
56 X
Jan
75
113X U3X
Angostura-Wupperman ..1
6X
AH
30
Mar
350
61
X
ord reg._10s
11X
Jan
xl5X May
12 X May
73
*
50
6
50
19 X
Service.*
Common
AX
(Brown Co 6% pref
100
Brown Fence A Wire com.l
300
*16
28 X
600
British Col Power cl A...*
250
33
600
6
300
Mar
26
X
Apr
Apr
44
35X
200
Mar
20
X
Jan
32
31X
16X
12X
Jan
Mar
30
3AX
25X
Jan
1X
31X
24
27 X
13
Jan
16 H
6
May
110
24
28
Feb
26
Jan
OX
22X May
Mar
X
26
18X
Jan
8X
11H
A
Am dep rets
2X May
2X
British Celanese Ltd—
Apr
May
AX
12 X
Apr
Mar
Mar
13
Jan
A
Feb
14 X
AO
Feb
IX
2AX
39 X
Apr
UX May
38
AX May
X
Jan
19 X
Apr
Apr
*16
*16
300
2AX
Apr
Apr
AOX
Mar
900
*
*16
May
Jan
1,200
100
B
1AX
36
Mar
43 X
2
2X
Apr
39 X
125
ex
42
X
*
British Amer Oil coupon. _*
Registered
*
British Amer Tobacco—
Am dep rets ord bearer £1
Am dep rets ord reg...£l
IX
Jan
Apr
May
42 X May
X Mar
37H
IX
6
Brill Corp class A
Class
136
AH
38
4,800
AX
Brillo Mfg Co common...*
May
51,100
1
36 X
1
Aeronautlcal__.l
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Preferred
100
Mar
3
100
425
A
24
Brewster
preferred
May
2
1
7% 1st preferred
100
2d preferred
*
Brazilian Tr Lt A Pow—*
31
26 X
27
AX
22 X
Feb
May
AX
38
Bowman-Blltmore com..
33X
Jan
AX
2X
15X
X
275
Apr
8X
3
103
X May
35
May
May
Mar
May
May
38 X
32 X
X May
38
May
Bourjols Inc
May
X May
3,100
~iix
Chemical.*
deposit rets
17X
1
*
Co....*
Bohack (H C) Co com...*
7% 1st preferred
100
Borne Scrymser Co
25
May
IX
3,600
38
38
$3 opt conv pref
Blumenthal (S) A
7%
25
*16
'i'lk "lAX ""850
Blue Ridge Corp com
Jan
Apr
42 H
X
.1
X
31
"31
Republics.... 10
Amer Seal-Kap common..2
Amer
A2X
Blckfords Inc
Class
28 X
100
100
1
preferred—
Apr
Apr
Apr
Apr
x7AX May
103
May
ht
26
Anchor Post Fence
21
Jan
xu
Bliss (E W) common
Mar
192 X
72 X
American
0%
May
138 X
50
37 X
Furniture
Feb
2X
IX
ux
.
High
Low
17H
114
common...*
$2.60 preferred
Birdsboro Steel Foundry
A Machine Co com....*
Blauner's common
*
Mar
111
30,100
15.200
50
37 X
Purchase warrants
Jan
98
ex
103
*
preferred
Berkey A Gay
Shares
27X
3
5
Benson A Hedges com..
Conv
High
19X
22
com—1
Bellanca Aircraft com
1
Bell Tel of Canada
100
Bell Tel of Pa 0 X% pf-100
Bell Aircraft Corp
Breeze Corp common
com...*
American Gas A Elec—10
Amer General Corp com 10c
$2 conv preferred......1
$2.60 conv preferred... 1
Amer Hard Rubber Co..50
Amer Laundry Mach...20
Amer Lt A Trac com....26
Amer Potash A
6X Mar
1AX May
3X
Apr
30 X
Apr
"16
Apr
78 H
Apr
108 X
Apr
17 X
43 X
Pow warr—
Amer Meter Co
9X May
May
X
4X
Amer Fork & Hoe
Amer Pneumatic
Jan
500
41
25
Class A with warrants.26
Class B
1
Amer Cyanamld class A. 10
Class B n-v..
10
Amer Export Lines com__l
Amer Maracalbo Co
Mar
7
IX
103
Class A
Preferred
Jan
72 X
95
U2X 115
17
17X
preferred
$5.60 prior pref
Amer Centrifugal Corp_..l
Am Cities Power & Lt—
Amer Mfg Co common.
May
Jan
10X
10c
10c
*
preferred
AX
IX
17 X
American Capital
0%
Jan
19 X
7X
Amer Foreign
AH
10
182X
9%
76h
$3
Mar
2X
149"
153
common.*
0% preferred
100
American Beverage com._l
American Book Co
100
Amer Box Board Co com.l
B
22X
1
Industries com *
Common class
Jan
Apr
230
'
2
Aluminium Ltd
Class A common
May
440
102
95
86
80
21
High
Week
Low
Par
22 X
91H
76 X
7 AX
Southern..60
Co S7 pf.*
J0 preferred
*
Alles & Fisher Inc com...*
Alliance Investment
*
Allied Products (Mich)..10
Class A conv com
25
Aluminum Co common—*
6% preferred
100
Aluminum Goods Mfg—*
Alabama Gt
Low
15
100
20
'"x
Warrants
Aluminum
19H
520
for
of Prices
(Continued)
Shares
Range Since Jan. 1,1940
Week's Range
STOCKS
Range Since Jan. 1, 1940
for
Week
21
10
Co common, 10
Supply Mfg—
Acme Wire
Aero
Range
of Prices
Low
High
Sals
STOCKS
s
14
May
16 X
Jan
Jan
X
Mar
300
X
3X
Mar
39 X
X
1,300
AX
5
Jan
A1X
300
May
48 X
Feb
A
ex
4,400
4
May
7X
Feb
2X
2X
100
2
Jan
2X
Apr
39X
Volume
New York Curb
150
Friday
STOCKS
Last
(Continued)
Sale
Par
Club Alum UteMil Co
Price
*
6
X
for
Range Since Jan. 1,1940
3X
4
Shares
3,100
ex
7X
warr.
4%
80
4X
77 X
7X
88
100
64
64
1%
Feb
8X
Jan
1
2X
4X
IX
68H
IX
May
71X
11,700
hi
May
4X
Apr
4 X May
6,500
*16
1
6
OX May
4,200
Columbia Gas A Eleo—
6% preferred
Columbia Oil A Gas
3X
2,000
16,000
575
64
Mar
Commonw Distribution. .1
IX
May
118
Jan
Florida P & L $7 pref
Ford Motor Co Ltd—
X
56%
92%
92
70X
Feb
2X
Jan
Jan
1H
Jan
May
May
X
IX
Jan
Mar
50 X May
Froedtert Grain & Malt—
Common
1
Conv partlo pref
15
Fruehauf Trailer Co
1
ix
500
37
47 X
1,125
37
27
33
250
27
hi
hi
100
hi
Feb
13%
12X
14X
700
12 X
May
18
Feb
42 X
May
45
Feb
X
May
IX
Apr
May
3X
83 X
Feb
38 X
Apr
1
X
Apr
Conn Gas A Coke Secur—
S3 preferred
'
Conn Telep A Eleo Corp..:
Consol Biscuit Co
1
1
2%
Consol GELP Bait com.*
4%% series B pref
100
Consol Gas Utilities
X
IX
74
74
114
114
IX
700
2%
81%
1,000
1,500
74
May
60
114
May
115
.1
IX
IX
IX
Consol Min A Smelt Ltd..5
22%
21X
22%
Consol Retail Stores..—1
2%
2%
8%
100
preferred
Consol Royalty Oil
95
10
IX
Consol Steel Corp com—*
Cont G A E 7% prior pf 100
3X
87
3X
3,000
97
500
Jan
IX
21X May
1,100
3
2% May
20
IX
5%
93
87
IX
IX
8,100
200
X
Cont Roll A Steel Fdy—
Cook Paint A Varnish
*
6
7%
*
25
Copper Range Co
*
Cornucopia Gold Mines 5c
Corroon A Reynolds
1
S6 preferred A
Cosden Petroleum
IX
50
Courtaulds Ltd
7
9
8%
9X
250
7
May
6,400
7
400
24
May
May
25
3X
X
IX
e5X
IX
6,600
12
8
5X
%
IX
55x
2
1,100
5
Crocker Wheeler Eleo
*
3%
Croft Brewing Co
1
he
h«
2%
IX
2%
6%
18
Crown Cent Petrol (Md)_5
Crown Cork Internat A..*
6%
25o
1
7% conv preferred
25
Crystal Oil Ref com——*
1
6
6
7%
7X
IX
»
com
3%
18X
10
6
36 preferred
Cuban Atlantic Sugar
Cuneo Press 6
%% pref. 100
6
Darby Petroleum com—5
l4"900
47/8
X
6,100
3,800
IX
100
3X
IX
20
1,900
6
108
75
50
9%
IX
110K
7,400
200
40
'"600
Jan
8% May
Jan
10X
11% May
30
Apr
1%
Jan
5% May
1
Feb
18
.
Jan
Feb
Gen Water G & E
7X
Jan
4
8X
IX
S3
.100
Gilchrist Co
SX
Feb
May
10X
Apr
Gorham Inc class A
Jan
Feb
7
Feb
4X
Jan
Gray Mfg Co
Feb
19
19 X
Jan
Feb
4X
3%
X
19X
xe
3,000
4X May
3% May
8
3%
x
22X
400
IX
IX
300
IX
7X
10 X
900
7X May
15X
X
IX
%
17X
IX
IX
%
300
15>* May
May
Feb
IX
H Mar
16
May
22
Jan
Jan
28
Apr
10
Apr
Harvard Brewing Co
10
Apr
23
May
28
IX
Detroit Paper Prod
1X
1
Detroit Steel Prod new. 10
'lex
3,700
400
500
16
17 X
1,300
26X
De Vllblss Co common. .10
25%
20
7%
preferred...
10
Diamond Shoe Corp com.
Distilled Liauors Corp
Distillers Co Ltd—
23
23
5
IX
50
IX
200
Am dep rets ord reg—£1
com..
ex
ex
ex
4
6
2,400
'ex
67 X
71
26 X
Duval Texas Sulphur....•
IX
70
27 X
90
200
"ix "lX ."31300
58%
77 X
275
X
X
IX
1,600
.....
1
Z6%
10
7X
.
5X
7X
10 X
7
Apr
ex May
100
Dubiller Condenser Corp.l
100
Apr
Mar
Mar
67X May
26 X May
107 X Mar
IX
Jan
68% May
400
2,100
12,900
2
....
1%
2X
3,600
Apr
Jan
Apr
13 X
Jan
9%
Apr
7X Apr
25X May
12 X
Jan
5% Mar
Apr
2X Apr
79X May
Jan
1% May
825
42
3,450
15
8X
50
4
May
55 X
May
8X May
X Mar
24 X
10 X
Mar
Mar
Mar
Apr
Apr
15
22
525
15
May
28
Apr
15
15
22
900
15
Mar
28
4
1,600
14
50
*
2%
1
400
500
1
1H
*
10
6%
conv
preferred
160
Hecla Mining Co
Heller Co common......2
w w
ex-warr
*
Horn A Hardart
Jan
Jan
Jan
Jan
6X
8%
25%
18,600
4%
ex
ex
400
8
400
40
l»
15X
27X
6%
4X
Apr
Apr
17X
Jan
Hummel-Ross Fibre Corp
2%
Apr
25
4X
25
4%
1,800
75
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
6% preferred.......100
6%% preferred
100
7% preferred
..100
8% preferred
100
3X
14
Jan
Jan
60
5% May
79
Feb
67
90
60
68
1,000
63
63
69
1,125
63
May
May
May
May
72
Mar
25
25
Jan
26
Jan
11
Jan
68 X
9X
X
22X
X
25
25
10
8X
Fairchild Eng A Airplane. 1
5X
5X
Falstaff Brewing
7%
7%
is
24 X
4
25%
12
""206
Fanny Farmer Candy
Fansteel Metallurgical
1
20
20
24
*
10 X
10X
13X
Fedders Mfg Co
5
5%
5%
For footnotes see page 3179
8
Apr
May
BX
Apr
ex
Apr
9% May
32%
Apr
Apr
11%
105
Apr
hi
25
Feb
Feb
IX
Apr
17
Apr
28%
Apr
Apr
125% 130
47
7%
9%
450
800
2,200
1%
%
31X
X
8,600
Jan
114%
Apr
125% May
40
400
8
135
Jan
Jan
49%
Apr
7% May
1% May
10 x
Apr
200
37 X
nx
May
2X
Jan
Mar
X
Jan
31% May
Jan
May
39%
111%
Jan
Apr
114%
Mar
hi
108
112
20
108
370
7%
26%
U
35
900
BX
Feb
950
26%
May
66
7X
26%
113J*
66
50
66
May
X
IX
1%
10
"ix "i%
'2I666
111%
X May
14
Apr
40X
70%
Jan
1%
X
Jan
X
1%
2
xe
BX
21X
1%
14 X
4%
8%
7X
26
20
IX
14
4%
8
2%
15%
6
600
BX May
1,100
1,400
20
500
14
11,200
10X
10%
1,100
8%
400
May
1% May
May
4X May
May
Apr
Jan
Feb
Mar
8X
8%
8
8
26
26
850
50
3X
21%
7X
4%
Jan
8X May
8
May
26
May
27 X
27
—.c?
8
76
10%
300
400
67
May
Feb
Jan
14
Apr
12 X
11
Apr
Mar
Jan
Mar
— -
8
82
76
Apr
Jan
29
2B% May
9%
May
■
Jan
19 %
May
13
Apr
92
May
"ex "9"
MOO
6X
May
8%
13
900
7X
May
12
Jan
600
11% May
14
Jan
14 X
Feb
14%
32%
3%
100
29%
3
Jan
Aim:
36 X
400
Feb
Apr
Apr
120
"7%
22 X
10
Jan
33%
1,100
7%
7X
11%
11%
32%
3
30
29%
29% May
110
Feb
Humble OH A Ref
♦
49
6^8
1
Common
6% conv {referred—.50
17%
47%
6%
X
18
69
8%
X
X
5
7
100
14,100
8,000
14
4%
100
300
Jan
47 X May
3%
120
Apr
Jan
Jan
36 X
Apr
112 X
May
X
5
Jan
May
Jan
X
10%
10 x
2%
May
3%
24
24
Dlv arrear ctfs.........
5%
5%
*
5%
5
Jan
2
IX
35%
3%
Apr
2%
43%
4%
30X
8
3,400
2%
9,500
6,100
22%
4%
6%
600
1,600
850
1% May
29
6
25%
Mar
BX
Apr
Apr
8X May
4% Mar
12 X
31
May
BX May
10% Apr
20
28
10 X
15X
Apr
Mar
8X May
8%
Britain A
Ireland
Indiana Pipe Line
Indiana Service
7%
10
6% pf-100
preferred....—100
May
Mar
Mar
May
300
8X May
8% May
10%
900
ex
7
17%
15
19
1,200
90
120
Jan
5%
3,600
15
Feb
Mar
9%
9%
Apr
33%
9% May
7% Mar
63% Mar
6
Jan
12 X
Jan
Jan
9% May
12X
13 X
Apr
24 X
Feb
7%
Mar
19%
ex
Feb
Apr
8%
8%
£1
3
Jan
Feb
47 X
9%
Imperial Tobacco of Can.5
Imperial Tobacco of Great
68
Jan
Jan
Imperial OH (Can) coup..*
Registered
♦
Apr
1
9X
8X
35%
19 X
Feb
Jan
May
3X May
23%
Jan
May
May
6% May
49
May
BX
Feb
500
Feb
Mar
7X
93
60%
•ii
600
91
May
*
Feb
Jan
Apr
Mar
101 %
5%
Illuminating Shares A
X
3,300
May
Imperial Chemical Indus—
Am dep rets regis
£1
22 X
7%
Apr
14
22% May
Mar
8,400
1,100
4,200
6% 105,700
400
9X
IX
175
600
500
10%
41
Jan
Feb
Mar
Mar
50
May
h.
70
71% Mar
8X
9,000
5
99% May
70
600
7
X
22 X
3X
25X
Jan
60
9X
1
20
63
3X
...
Mar
Jan
Apr
Apr
68
25X
Eureka Pipe line com. .50
Fairchild Aviation.
1
300
May
22
200
1,050
241 %
Illinois Zinc Co
66
60
Feb
Jan
{Huylers of Del Inc—
8%
64 X
73
64
Emsco Derrick A Equip. .5
Esquire Inc
4X May
77
64
Empire Power part stock.*
Equity Corp common.. 10c
33 conv preferred......1
23
Apr
1%
Hussmann-Llgonler Co...
Illinois Iowa Power Co—*
4
IX
111
108
'112%
preferred
...100
Hubbell (Harvey) Inc
5
Apr
Elgin Nat Watch Co....15
1
May
BX
5%
29 %
1
106
Jan
May
May
87 X
Horn A Hardart Baking..*
Jan
warrants
103^ May
10
1%
32%
Hewitt Rubber common. .5
Heyden Chemical......10
Hires (Chas E) Co
1
Hoe (R) & Co class A...10
Holllnger Consol G M....6
Holophane Co common..*
Holt (H)—See Henry
Border's, Inc
Hormel (Geo A) A Co com*
Horn (AC) Co common—1
2,900
950
Apr
700
Henry Holt & Co—
Participating class A...*
5X
17
81
40%
93
25
Jan
10 J*
% May
May
70
9%
25
IX
10 X
93
.
X May
•
Apr
Apr
1
8
*
Class A
500
Elec P A L 2d pref A
48
40
5%
26c
Helena Rubensteln
400
5,000
31% May
X May
100
5
Mar
Mar
94
6%
Apr
hi
90
4%
14
50
X
1,700
68
X
65
Jan
75
49
22%
1
B non-vot common
13 X
58 X
61
Feb
hi
Hat Corp of America—
X
52
61
14
41
Jan
37
"ix "ix
Haverty Furniture conv pf*
Hazeltine Corp
*
Hearn Dept Stores com..5
10 X
"ex 1231666
54
*
Apr
Apr
Apr
Feb
•ii
'"166
*88
48
1
1
~~4~
*
preferred
16H
12
25
1
..1
4X
35 preferred
36
Jan
Mar
~39X
he
5
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities *
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Eleo Bond A Share com..5
14
1%
15%
1,300
99% 104
1
2% May
May
IX
Feb
4
May
52X May
61
May
10 X May
1
May
10 X May
Economy Grocery Stores-*
Eisner Electric Corp
Mar
May
May
98X
94
22
5
10
Preferred
15
Emerson Elec Mfg
22
25
Preferred
Jan
Apr
53 X
1
4%
25
Hartford Eleo Light
Hartford Rayon v t o
Jan
36 preferred series B_.
Electrographlc Corp
100
%
103^ 105 Hs
5X
25c
Hammermlll Paper
Apr
2%
8X
22 X
__
Hall Lamp Co
Mar
110
com
preferred
78
»
37 preferred series A...*
Electrol Inv v t c com
40
.
70
88
8%
Guardian Investors
32X
12X
15
Eastern States Corp
1%
Jan
42
8X
%
Jan
Mar
IX
15
Eastern Malleable Iron..25
Easy Washing Mach B
94
Gulf States Utll S5.50 pf.*
Mar
43
Jan
Gypsum Lime 4 Alabast.*
IX
2%
67
Jan
Jan
75
70
103%
xU'%
Jan
17% May
IX
41
78
60
%
*
Apr
May
5X May
7
May
<%
1
East Gas A Fuel Assoo—
4%% prior pref.....100
6% preferred
100
2
U X
Jan
Feb
Apr
10
X
25
Gulf Oil Corp
400
8%
100
Durham Hosiery cl B com »
Duro-Test Corp common. 1
Apr
Mar
5%
67
..._.*
-.10
98
"woo
Dominion Bridge Co Ltd
Dominion Steel A Coal B 25
Grocery Sts Prod
Feb
Jan
19
27%
87
725
31X
7% 1st preferred....100
Feb
Feb
16
IX
Apr
Apr
Apr
Feb
84
%
*
Gt Northern Paper
Greenfield Tap & Die
IX
27 X
OX May
4
May
25X May
Dominion TarA Chemical*
Jan
Apr
Non-vot com stock
Feb
13
Dobeckmun Co common. 1
Duke Power Co
14
5
Jan
1%
17X May
32%
May
May
34
500
Hartman Tobacco Co....*
26%
15%
200
May
84X
20
Det Mich Stove Co com__l
Common
600
x
10
32
X
Apr
*11%
20%
Great Atl & Pac Tea—
3X May
Jan
17
Jan
16
Feb
17%
May
13%
63
X
.*
112
Jan
May
20
Detroit Gray Iron Fdy—1
Eagle Picher Lead
1,000
13X
31%
S3 preferred
*
Gorham Mfg common.. 10
Grand Rapids Varnish...1
May
Jan
May
100
9% May
17%
84
$7
11
4%
Jan
22
55
ex
21
w w
preferred
65
Godchaux Sugars class A.*
Class B
*
200
1
Mar
25
Glen Alden Coal
'i"250
50
Driver Harris Co
IX
Gladding McBean & Co..
22
8% debenture
—100
Derby Oil A Ref Corp com*
A conv preferred
•
Detroit Gasket A Mfg—1
5% % preferred
Draper Corp...
75
x
"48
21
~13X
May
May
3X
13
*
"ii
1
Dlvco-Twin Truck
34%
12
*
11
common..
S6 prior pref..
"~25
Mar
Feb
Ap
69
Georgia Power 16 pref...*
May
17 X
900
800
4,600
"ie"
34
"37"
7X
2%
9%
1
com
6
IX May
12%
IX
preferred
.*
Goldfleld Consol Mines.. 1
Goodman Mfg Co—.60
108
300
113
Mar
85%
»
Feb
16%
10%
19%
preferred
$5 preferred
Gilbert (A C) common
Preferred
22X May
12%
25
$6 conv preferred
...*
General Tire & Rubber—
Jan
Feb
50
17 X
...1
21
Stores..
Option
Common...
Apr
Apr
Apr
10 %
Feb
hi
Mar
2X
Apr
May
2,000
70
1% May
Warrants
13 X
X
12%
13%
22
34%
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref
*
Gen Rayon Co A stock...*
General ShareholdlngsCorp
6% preferred A
IX
4,700
ie~
General Investment com.l
$6 preferred
*
Feb
ex
9X
Amer dep rets ord reg.£l
Gen Flreproofing com
*
Gen Gas & El 6% pref B.*
Feb
Jan
X
92
2%
17%
5% preferred
...100
General Alloys Co
..*
Gen Electric Co Ltd—
IX
77 X
24X May
825
1%
12
May
May
56 %
36 X
Jan
Mar
X
150
22
4% conv preferred—.100
Gamewell Co $6 conv pf._*
Gatlneau Power Co com..*
BX
X
Feb
1,600
1
1
Dennlson Mfg ol A com..5
7%
Jan
98
IX May
6X
~~3~X ~~3%
Jan
Jan
3X
Feb
97 X
2X May
ex Apr
hs
67%
105%
1
»
35
conv
6% preferred
May
3X May
1,200
Davenport Hosiery Mills.*
Dayton Rubber Mfg
Delay
Feb
18
600
7X
Curtis Mfg Co (Mo)
Decca Records
X May
IX May
65X May
Jan
IX
8
May
10
23^
18
Crowley, Milner A Co..
Class A
3X May
500
7
Creole Petroleum
Cuban Tobacco
1,900
1,600
£1
Crown Drug Co com
Mar
2X May
39 X
Jan
5X
3,300
10 X
7
24
4
1
com
5% conv preferred
5X
x7%
com—*
S3 prior preference
Feb
3X May
87
May
Continental Oil of Mex—1
Cooper-Bessemer
Mar
95
2,000
Apr
Feb
120
Fuller (Geo A) Co com
S3 conv stock
11
High
May
14%
Amer dep rets
100 frcs
Fox (Peter) Brewing Co..5
37
Low
33
10%
1%
Class B voting!
.*
Ford Motor of France—
hi
10
12X
*
Jan
33
Range Since Jan. 1, 1940
Share
9%
Am dep rets ord
ref...£l
Ford Motor of Canada—
Class A non-vot
•
IX May
27 X
1946
33
for
Wee
High
56%
Community Pub Service 25
Community Water Serv—1
c ext to
oj Prices
Fire Association
(Phila) 100
IX May
May
Compo Shoe Mach—
Week's Range
Low
Jan
Community P A L J6 pref *
V t
Price
Sale
Fed Compress & W'h'se
25
Flat Amer dep rets
Fldelio Brewery
1
88
Commonwealth A Southern
Warrants
Sale
Par
2% May
800
IX
Last
High
4
50
£1
Patent Fire Arms .25
STOCKS
(Continued)
Low
3175
Friday
Week
High
1
conv preferred
Colorado Fuel A Iron
Colt'
of Prices
4
4
Colon Development ord
6%
Week's Range
Low
2%
Cockshutt Plow Co com__*
Cohn A Roeenberger Inc.*
Exchange—Continued—Page 2
Sales
BX
Feb
Jan
10
Mar
22
Apr
10K
Mar
21%
Apr
Par
B
for
0J Prices
Low
High
Week
Price
10754
% pf—100
Indpls P & L 6
Indian Ter Ilium OllNon-votlng class A
Week's Range
Sale
Shares
710
107X MX
V t c common
Jan
Tx«
200
1054
X
iox
13 H
6054
60 X
69
21
2154
500
4,800
2,800
*
7i
275
1,650
50
654
6 X
954
Industries Inc—-1
lnternat Metal Indus A._*
lnternat Paper & Pow warr
International Petroleum
IX
IX
2X
6
6
100
2%
5
100,700
lnternat
"*3
113
Jan
1
Feb
Midland Steel Products—
1
Feb
Jan
1654
Apr
Apr
6054 May
73 54
Apr
21
2354
Apr
Feb
X
6
May
154
Mar
1554
Jan
254
Apr
1254
Jan
554 May
1554
7,000
3X
4X
"2,500
H
*
Products...*
X
300
13
~~3~X
B.*
13
May
1954
Feb
14
1354
Coupon sliares
International
654 May
154
Feb
Apr
1934
554
Feb
May
154
Apr
354 May
54
Jan
Class B
$1.75 preferred
654
654
*
1
*
Class A
100
X
100
12
12
$3.50 prior pref..
-*
Warrants series of 1910.
654 May
54
Apr
954
Mar
4,400
4,100
10 X
'ix
500
4
454
975
15
15
1654
1354
13x
......
X
lax
X
1,000
5,800
Jan
1054
13 54
354
Mar
554
Jan
Mar
54
May
1354 May
54
Apr
1754
Jan
Mar
1754
Feb
*i«
Jan
15
Apr
Mar
70
101
Mar
13,800
May
May
2654 May
11654 May
109
30
19
36
Jan
2754
12054
554
6
1,100
4
554
4
50
554 May
Mar
354
754
654
10
111
64
10
85
66
Jan
Tx» May
1,000
85
140
85
64
May
May
May
12X
200
12
10
200
9
lht
12""
12
9
7X
4%
200
600
Jan
"10 May
Nat Mfg A Stores com.
»xi
95
National Steel Car Ltd.
854
190
75
May
10
65
Feb
9054 May
40
40
40
10
13/4
13 X
16
4
5,200
5,600
100
307
~4~X '
3
2X
95
7% pref.. 100
Lane Wells Co common..1
Lane Bryant
"12"
■
11X
5X
12X
T,906
700
40
May
1354 May
254 May
*71
Jan
954
Jan
Apr
1254
Apr
*654
Apr
43 54
Mar
2654
Jan
454
Mar
100
May
1254 May
1554
654
54
*
1
*
100
5
IX
IX
Lehigh Coal A Nav
*
Leonard Oil Develop—.25
Le Tourneau (R G) Ino-.l
5
2%
3i»
'it
*i#
8X
Mar
654
Jan
54
3554
1254
1654
2254
Feb
1,000
21
May
550
8
54 May
1054
1854
25
IX
*
600
1
Jan
Jan
1154
12
*
854
8H
13X
1054
1,800
11,500
1154 May
854 May
Mar
1054 May
1
1
154
8,200
1
Feb
154
Jan
30
30
37 X
350
30
May
4854
44 54
Jan
Mar
Apr
Apr
34X
975
2854 May
Jan
\x
554
103
Jan
254
6 54
106 54
1
1
100
1
Mar
2
Apr
25
25
80
21
Jan
25
Jan
20
Jan
25
Jan
24
May
2954
Apr
300
454
Ludwlg Bauman A Co com*
100
14,000
Conv 7 % 1st pf v t c. 100
Lynch Corp common
§ Majestic Radio A Tel
1
X
X
Manatl Sugar opt warr
IX
Mangel Stores
$5 conv preferred
Jan
454 May
100
preferred
5954
.*
122 "
4X
1154
New Process Co
1
.*
554% preferred
100
New York Transit Co
5
N Y Water Serv
6% pf.100
954 May
1254
Jan
Feb
11754
Apr
1454
Mar
*
100
1,800
"2X "~2X
"760
38X
2,050
1454
2X
2X
1454
May
254 May
254
Mass Utll Assoc v t o._.
"2%
Massey Harris common.
Master Electric Co
1
30X
31%
Jan
254 May
2154
Jan
17
454
Apr
Feb
6
Nineteen Hundred Corp B1
254
Jan
5
Jan
42
Apr
Jan
554
Mar
7
Apr
X
Jan
1
Jan
Jan
May
154
Apr
Apr
1154
67
2 3 54
25
11
Apr
600
2,300
2,150
1154 May
64
May
25
60
7
1 3 54
59 X
May
2354 May
122
May
4X May
1,125
1
33
Feb
400
2
20 54
660
854
500
1854 May
744
preferred
*
'
554
IX
454
ix
500
654
4,000
._*
145
145
166 X
500
5
4
4
4X
2,100
com
Merchants A Mfg cl A...1
Participating preferred.*
Merrltt Chapman A Scott *
14 X
14
14
Mercantile Stores com..
3X
3X
27 X
"~2X
Warrants.
2X
54
100
3X
27 X
334
1,300
54
154
454
3,100
60 34
100
•u
54
May
4
May
14
May
354
Apr
25o
254
254
300
Mar
25
254 May
X
58
4,800
58
54
Feb
May
254
Feb
954
17054
Jan
Apr
Apr
554 May
Apr
1854
4
Novadel-Agene Corp
Jan
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
Mar
54
Mar
67
*
104
Feb
Jan
X
105J4 10554
54
54
554
Michigan Steel Tube..2.50
"i#
*
10
Jan
Ohio P 8 7 % 1st pref
Feb
6% 1st preferred
Ollstocks Ltd common
654
£8
10854
150
1
4,500
354
2,400
54 May
654 Mar
54 Mar
8
Jan
Jan
Apr
154
Apr
prior pref..
Oldetyme Distillers
*
Oliver United Filters B...*
Feb
654
Apr
Omar Inc
354 May
454
Jan
54
For footnotes Bee page
3 X
•15
•n
54
600
554
554
754
6,600
3179.
54
Mar
554 May
"u
954
Jan
Jan
1
Securities"II"
Jan
9954 10654
654
7
170
9954
May
108
200
554
2054
20
130
Jan
May
29
2254
354
28,400
5
20
3X
Feb
2354 Apr
May
754
Apr
Jan
•
May
6J4
8754
550
Jan
80
May
92
Mar
*73
80
Jan
87
Apr
.—"706
454
54
hs
Jan
300
X
Apr
454
9354
9354
60
68
454
2,400
10
454 May
9354 May
3,600
~"~X "~X T,600
354
454
2,100
8,000
1,125
6754
Jan
854
"6154
»I«
»X0
7354
7354
89
2054
Jan
300
Feb
Feb
554
Feb
9954
Feb
7154 May
954 Mar
154
Jan
554
Jan
•ii
Mar
7354
Jan
154
10154
Jan
Mar
2654
Apr
16
18
500
1554 May
16
May
6054
140
4954
600
200
54
1554
*»»
1
Mar
354 May
X
49 54
"16"
Jan
Mar
2654
Jan
62
Feb
254
254
3
254
*n
Jan
Jan
354
Mar
Feb
5
6ie
*xt
Feb
166"
100
107
""216
100
Jan
106
106
11454
70
106
May
8*4
854
100
854
1454
1254
1854
4,000
Jan
854 May
800
1454 May
~~8X
1454
654
3654
900
21
21
24
650
103
103
107
250
103
10354
100
105
350
11254
11254 114
220
9854
Jan
11254 May
3054
3054
11054
Mar
107
754 May
854
5,400
16
May
2154
42
49
550
42
May
60
Mar
11354
100
109
May
117
Mar
16,800
100
654 May
854
Feb
300
254 May
354
Feb
109
754
"ix
354
454
654
654
254
654
254
--i-
Jan
May
Apr
Jan
Apr
3854 May
2454 May
1554
21
19
106 54
754
42
1954
May
954
16
11554
103
16
3054 May
110
11754 May
Apr
Feb
Mar
Apr
Apr
Apr
115
conv
Overseas
3X
.1
Middle West Corp com.,
$554
Mar
Jan
5
Oklahoma Nat Gas com.15
$3 preferred
50
Jan
954
1254
100
Jan
2854
11854
2,800
100
354
4254
Middle States Petroleum—
1
_
454
105 X
Michigan Bumper Corp.
t c new
Ohio Oil 6 % preferred
100
Ohio Power 6% pref...100
.
Metropolitan Edison—
preferred
*
Apr
Apr
21
60
Northern Pipe Line
10
Northern Sts Pow cl A..25
Northwest Engineering..*
15
Jan
Apr
17
Utility Securities *
Nor Ind Pub Ser 6%
pf.100
7% preferred
100
354
17
54
Jan
3054
454
Mar
254 May
38
16
May
May
145
200
25
1
654% A preferred... 100
Mesabl Iron Co
6% prior preferred
No Am
36
109
354
*
Apr
154
May
.
Class B common....
Apr
Jan
99
~"~X
North Amer Rayon cl A—*
1554
67
Jan
Apr
854 May
110
5
preferred..."I""*
Jan
Feb
Apr
1354
7654
2554
13654
Feb
200
36
700
3054
103
_>
Nor Central Texas Oil...5
Nor European Oil com.. 1
May Hosiery Mills Ino—
McCord Rad A Mfg B
•
Mc Will lams Dredging...*
$6
Jan
99
100
14 X
3
1454
Feb
100
Niagara Share—
Common
Apr
200
54
Nipls8lng Mines
Noma Electric
Feb
1254
154
54
Nor Amer Lt A Power-
Margay Oil Corp
Marlon Steam Shovel
Mar
Vs
354
Class A opt warrants
Class B opt warrants
Class A preferred
Communlca'ns ord reg £1
Jan
1154
854
Jan
May
80
NIles-Bement-Pond
Feb
5454
654
'
100
common
Jan
108
100
5% 1st preferred
5% 2d preferred
Jan
29
Feb
120
4
Apr
Jan
654
115
..10
Common
Apr
Jan
Apr
6
Niagara Hudson Power—
in
10
Jan
9754
354
May
154
1854
754
Shipbuilding Corp—
Founders shares
1
New York State El A Gas—
154
Jan
Feb
108
*
;
154
Mar
Jan
354
May
Warrants
Feb
39
13X
44
4
67
3
May
2554
1154
34
•x»
Mapes Consol Mfg Co
Marconi lnternat Marine
454
*54
l
154
Feb
1754 Apr
4754 Apr
1454 May
854
23 54
122
122
1
900
Manischewltz(TneB) Co.*
1154
5954
*55
1
1,700
3,200
35
Apr
Apr
54 May
15
New Mex A Ariz Land
X
IX
IX
10
1154
preferred
Class B
Jan
1154
54
154
*
Pow Assoc
Jan
1154
500
11,200
3% cum 4%non-cum_ 100
550
54 May
Jan
8154
Apr
25
Nestle Le Mur Co cl A...*
Nevada Calif Elec com. 100
26X
24
24
5
154
Mar
454
12
4
N Y A Honduras Rosario 10
N Y Merchandise
10
*
28 X
May
X
preferred
Mar
10
*
Mar
100
100
2854
Jan
154
IX
X
1054
854
10
*
6
N Y Auction Co com
Long Island Lighting
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P A L $6 pref..*
854
11
115
N Y Pr A Lt 7% pref..100
5
2,100
3,400
1,200
1,300
10
554
N Y
May
554
N Y City Omnibus—
Apr
7
100
»
6%
354 May
30
May
3,700
954
*
(Herman) Corp
Neptune Meter class A
New Engl
254 May
3654 May
85
May
254
Jan
754
com
1st preferred
Mar
954
.1
Nelson
$6
Locke Steel Chain
50
30
X
Jan
Class B
Lone Star Gas Corp
2,600
Feb
954
1154 May
7
154
Apr
Mar
Loblaw Groceterias cl A..»
13 54
454
54
New Idea Inc common...*
New Jersey Zinc
..25
Apr
154
Jan
*x»
'iox
Feb
Mar
354
Apr
May
1354
1754
Jan
7
New England Tel A Tel 100
New Haven Clock Co
*
54
3
2,125
700
200
3
30
"754
Feb
Mar
654
9X
Llpton (Thos J) class A..1
1654
Apr
May
IX May
5
2954
21
2454
5
10,600
3,400
Apr
9354
100
2154
142
Feb
43
8,600
7,600
»
Nebraska Pow 7 % pref. 100
$2
Langendorf Utd Bakeries—
Class A
*
Feb
X
654 May
U54
200
46
85
154
Nehi Corp new common
Jan
454 May
75
Jan
4
31
Feb
May
4354
1054
*
Navarro Oil Co
Jan
14
1154
*
National Tea 5 54% pref. 10
National Transit
12.50
Corp
May
150
3654
"354"
National Sugar Refining.*
Jan
454 May
89
54 May
4 J4
954
Jan
1254 May
7
May
76
May
954 May
654 May
54 May
1954 May
"i,bob
"3654
*
Jan
200
17
1954
3
2
Apr
Jan
Jan
"1654
"14"
1354
12
254
42
85
254
154
Nat Union Radio
X
254
*
Nat Tunnel A Mines
65
454
300
9,900
4,700
1254
1154
Mar
Jan
650
954
54
*
*
Jan
Apr
200
17
10 54
"1054
4
7354 Mar
*i«
454
Jan
254 May
554 May
10
National P A L $6 pref
Mar
554
1954
National Refining com
Nat Rubber Mach
15
H54
Lakey Foundry A Mach__l
new
Jan
654
1454
Jan
1054
75
Lake Shore Mines Ltd.—l
Class B v t o
Jan
30
15
754
National Candy Co
May
May
65
78
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
4% conv 1st pref
v
26
Jan
7
National Breweries com..*
Mar
Kresge Dept Stores—
Preferred...
May
954
National Container (Del)_l
National Fuel Gas
*
*
Michigan Sugar Co
20
26
6,«
Mar
Mar
11254
Jan
171
100
7
1
com
§Nebei (Oscar) Co
Koppers Co 6% pref... 100
I
Nat Bellas Hess
National Oil Products
11214 112 J*
h»
X
May
100
4,100
1254
*
National City Lines com.l
$3 conv preferred
50
Apr
158
2754
654
104
20
Jan
Apr
Mar
2054
""954 "li" "l",266
*
Muskegon Piston Ring. 2 54
Muskogee Co common
*
May
11654 116X
1
254
754
154 May
""150
654
Murray Ohio Mfg Co
102
19
100
138
Jan
101
5,400
41
165"
17
95
1
......
Apr
Apr
"~2% "4"
*
New common
110
254
Metal TextUe Corp
Partlc pref erred
Jan
954
100
Mountain Sts Tel A Tel 100
Nat Automotive Fibres..1
..1
Memphis Nat Gas
1154
23,366
6% preferred
.100
Nachman-Sprlngfllled
*
4,400
Mead Johnson A Co
May
554 May
2454
Jan
54 May
Feb
Apr
Mountain States Power—
Apr
6,600
Conv 7% 1st pref
7
300
54
554
Feb
IX
Common
1,200
24,800
X
3
9554
6,700
1,600
2X
lht
7% pref class A
6% pref class B
11754
554
20
Mtge Bank of Col Am shs_.
Mountain City Cop com.6c
Mountain Producers
10
1
preferred....
May
26
Moody Investors part pf_*
May
2X
Lit Brothers common
Mar
454
54
154
158"
Montgomery Ward A
*
Montreal Lt Ht A Pow..*
4 54
Jan
May
7
Jan
Feb
Jan
Feb
7054 May
90
May
800
54
3
754
1054
May
May
1
Mar
54
Apr
854
11654
8 54
38
154
10
Montana Dakota Utll
2 54
11
754
7
Monogram Pictures com.l
A
1
Jan
154
Line Material Co
1,900
12054 May
60
554
3554
6
3554
Jan
2%
Conv preferred
954
Jan
May
May
554
454
7
$2.50
Common
Molybdenum Corp
.1
Monarch Machine Tool..*
May
95
20 J*
com..*
Klelnert(I B)Rubber Co. 10
Knott Corp common
1
Class A
454
87
101
Kelln (D Emll) Co
$6
Missouri Pub Serv com..*
54
100
1
Class B
6854
11654 117
116*4
175
95
Kirkl'd Lake G M Co Ltd.l
$4
100
preferred
154
654
90
54
54
354 May
94%
100X
1
Lefcourt Realty com
10
Mississippi River Power—
6%
Jan
1,300
3,500
200
254
54
254
87
Kings Co Ltg 7% pf B.100
6%
& Sup—*
Mining Corp of Canada. *
Minnesota Mln A Mfg
MinnesotaP A L7% pf 100
Midwest Piping
May
IX
Key Co common
*
Kimberly-Clark 6% pf.100
Kobacher Stores Inc
10
854
Midwest Oil Co
Jan
Apr
105
10754 12054
1
2X
1
87
7% pref. 100
E)7% 1st pf 100
Kennedy's Inc
5
Ken-Rad Tube A Lamp A *
Klrby Petroleum
210
6
19
4X
*
654
154
654
954
Mar
May
16
10754
154
154 May
IX
154
100
Kokenge com..*
6% preferred D
300
550
50c
...—*
Mid-West Abrasive
18 54
37
54
9 54
11X
7X
8
Kansas G A E
Kingston Products
16
16
May
May
12
Keith (Geo
Breweries
6
18
554
*
dlv shares. *
JMoore (Tom) Diet Stmp 1
354
3X
354
Vitamin...1
Interstate Home Equip.. 1
Interstate Hosiery Mills..*
Interstate Power $7 pref.*
Investors Royalty
—1
Iron Fireman Mfg v t o—*
Irving Air Chute
1
Italian Superpower A....*
Jacobs (F L) Co
-.1
Jeannette Glass Co
*
Jersey Central Pow & Lt—
654% preferred
100
6% preferred
100
7% preferred
100
Jones A Laughlin Steel. 100
Kingsbury
non cum
30
X
'12
International
Julian A
$2
Monroe Loan Soc
International Utility—
600
High
Low
Shares
Midland Oil Corp—
Jan
9
Price
Mock Jud Voehringer—
Registered shares
lnternat Safety Razor
Week
Par
lnternat Hydro Elec—
Pref S3.50 series
for
of Prices
Low
High
Mldvale Co...
of No Am. 10
International Cigar Mach
Mar
X
100
Insurance Co
Week's Range
SaU
$2 conv preferred
54
1
preferred
Last
Hihg
107 X May
1
—1
Industrial Finance—
7%
Low
1940
Range Since Jan. 1,1940
STOCKS
(Continued)
Range Since Jan. 1, 1940
Last
18,
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Class
May
New York Curb Exchange—Continued—Page 3
3176
60
150
500
112 54
103
154
Feb
May
Feb
11654
11654
10854
454 May
Volume
New York Curb
149
Friday
STOCKS
(Continues)
Price
Pacific Can Co common..*
Pacific G & E 6% 1st pf-25
53*%
Pacific Lighting $5 pref..*
Pacific PAL 7% pref_-100
Pacific Public Service
*
1st preferred
Low
30 X
27 3*
1st preferred—25
$1.30
Week's Ranee
of Prices
Sale
Par
High
295*
323*
273*
for
Range Since Jan. 1,1940
Low
500
103
50
77
78
20
4
4
200
*
20
Pantepec Oil of Venezuelar33*
33*
*
400
75*
22
42
xll
20
1X
135*
19
14,900
65
65
25
1
*
*
PennPr ALt $7 pref
1
*
106
*
102
50
1
1743*
61
61
693*
633*
100
1
4 5*
May
112
Feb
Jan
185
May
275
4
1
30
10
5*
x
200
83*
33*
*
83*
3*
85*
1,500
2,950
793*
Feb
39 H
Feb
68
68
79
173*
173*
20
20
243*
283*
*
10
110
100
110
1183*
1483* 154
6
85*
*
34
85*
83*
360
70
225
*
13*
*
173*
13*
163*
43*
103*
660
39
34
360
43*
Reeves (Daniel) common.*
Reiter-Foster Oil
50c
Reliance Elec A Eng'g
6
JI6
113*
43*
«
-
-
—
m *•
15
100
5
9
—.6
Savoy Oil Co
Schlff Co common
Scovlll
Mfg
Scranton Elec $6 pref
323*
Jan
29
Mar
83* May
May
5*
Jan
13* May
163* May
45* May
34
3*
Jan
113* May
43* May
»i«
4
Jan
May
May
13*
Feb
3*
Jan
1003* May
100
May
Feb
123*
Jan
125
Feb
103*
3*
14
403*
1
"23*
2
55*
"X
103*
25*
1,700
6
3*
*
48
48
,
23*
25*
1
103*
93*
*
443*
443*
*
13*
5*
3
9
5
100
23*
59
1
55*
»
53*
23*
13*
200
1,000
900
7,000
100
1,200
15*
16 3*
183*
1
Standard Products Co
Standard Silver Lead
1
28
28
23*
Mar
Jan
1,300
573*
3,800
45*
Apr
100
3*
Mar
7,100
28
Jan
23*
Mar
Jan
1,500
May
May
May
Mar
Jan
Apr
Jan
50
2
Feb
43*
Jan
153*
Apr
45*
Apr
813* May
95* May
13*
Jan
$3.30 A part
Class B common
9
2,100
85
800
4,000
200
6
-.1
*
5*
1,500
May
2«3* Feb
413* May
Jan
1103* May
Mar
3*
3*
Jan
273*
Jan
103*
Apr
Jan
Mar
Apr
50
12
Jan
3
100
3
*i«
Jan
Feb
21
Feb
33
Jan
13*
7
8
100
65*
3,100
5X
15
Apr
Feb
13*
13*
2
1?*
23*
1,000
1,700
4
43*
825
"760
45*
38
Apr
934 May
93* Apr
Jan
4
13*
2
2
Jan
33*
43*
Feb
Jan
May
35*
Apr
*n
Jan
Feb
Apr
8
Jan
02
May
25
Jan
403*
13*
3* May
6
Jan
83*
11
"i'x
13*
103*
125*
15*
37
28
"28k
40
34 X
800
300
6,100
400
1,100
Mar
3*
Jan
85* May
83* May
103*
Jan
13* May
335*
Feb
103*
13J*
Apr
Apr
Apr
403*
Apr
28
May
36
Jan
13
9
6
28
6
3 3*
35*
43*
27
100
283*
Jan
13
Jan
6
May
15
2
Jan
2,800
1,100
-
-
m
5*
*,
11
110
2
2
5*
14
112 5*
180
Jan
11
May
May
2
May
143* May
9
May
110
1,900
555*
55X
200
43*
53*
1,700
555* May
43* May
663*
1,126
58
100
H063*
1003* 112
130
X
43*
Jan
103*
106 k
58
50
Mar
X
593*
13*
Apr
16 X
Feb
Mar
114
23*
243*
15
13*
59
Apr
Jan
53* May
Apr
May
100
May
1003* May
Jan
Apr
Apr
103*
X
70
Jan
Apr
Apr
109
Mar
115
Jan
'u
'16
Apr
**•
»n
Jan
H
13*
800
23*
3*
May
May
33*
2,900
Jan
z83*
Jan
May
May
May
May
May
May
May
103*
393*
33*
Jan
300
6
5
*
Jan
3,400
13*
23*
716
2,800
73*
30
6,400
*
*
3*
3*
800
11,200
Apr
2,250
1
*
Jan
Jan
2 %
23*
3*
1
Jan
363*
193*
13*
...1
93*
6
Mar
135*
2X
»i.
1
27
9
143*
103*
10
1
33* May
3*
...1
Trunz Pork Stores Inc
80c conv preferred
Udyllte Corp—
fUlen A Co ser A pref
Series B pref
34
100
Tubize Chatlllon Corp
Class A
Tung-Sol Lamp Works
Mar
12
36.
£1
Tri-Continental warrants
Jan
Mar
*
Trans western Oil Co
Jan
Mar
11
Mar
1
1
3
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
Jan
Feb
14
23
*
Def registered
5s
Todd Shipyards Corp
*
Toledo Edison 0% pref 100
1
23*
Jan
Mar
21
Tlshman Realty A Constr *,
Tobacco A Allied Stocks..*
14
May
73* May
3*
Jan
May
X
3*
15
Taggart Corp com
1
Tampa Electric Co com..*
Tasty east Inc class A
1
Taylor Distilling Co
1
Trans Lux Corp
Mar
Mar
ht
20
5
Drug Co..
preferred
Jan
103*
24
May
May
"85* "Ik
(Hugo) Corp
Swan Finch Oil Corp
7%
13*
123*
85*
183*
285*
1083*
Jan
3*
83* May
173* May
700
57
Ordinary reg
23*
Apr
2
36 %
23
»16
Tobacco Prod Exports
155*
Jan
Jan
Mar
Tobacco Secur Tr—
50
Jan
13*
200
1
Jan
Jan
Jan
Jan
200
Ordinary shares
Sunray Oil
1
53*% conv pref
50
Superior Oil Co (Calif)-.25
Superior Port Cement
Mar
Mar
63*
10
3,100
Steel Co of Canada-
Feb
Mar
Apr
1703*
ht
•«
3*
"25"
1
5
72
Feb
May
13* May
4,500
8,300
73*
1
Feb
9
34
20
73*
Standard Steel Spring
5
Standard Tube clB
1
Standard Wholesale Phos¬
phate & Acid Wks Inc. 20
Starrett (The) Corp vto.l
Sun Ray
05
Jan
ht
*ii
May
25* May
93* May
2
500
203*
395*
not*
5*
20
Jan
Feb
Jan
Mar
Mar
12
220
203*
3*
Preferred
Mar
48
5*
103*
183*
33
110
*
Jan
Mar
303*
303*
143*
Jan
53* May
2
May
225
200
33
Stroock (8) Co
1043*
Feb
1053* May
116 3*
Feb
46 3*
Jan
115* Apr
43* May
20
May
73*
Apr
23* Mar
1,100
""566
110
Sullivan Machinery..
Jan
23*
Mar
43*
43*
23*
900
13*
100
Jan
Apr
IX
1,700
13*
com 25
Jan
Mar
26
500
103*
193*
13*
33*
33*
7 3*
May
55* May
3*
Apr
29
May
May
May
""sk "ok
Common
Jan
3
20
29
83*
173*
15
700
100
44
1,000
1,300
15*
13*
9
Tilo Roofing Inc
13* May
5* May
800
13*
173*
Jan
50
5*
Jan
Feb
13*
12 3*
36,100
29
44
35
3*
13*
$1.60 conv preferred-.20
Standard Invest $53* pref
Standard Oil (Ky)
10
Standard Pow & Lt
Common class B
Apr
Jan
>i«
Stetson (J B) Co com....*
Apr
Apr
25*
133*
12
Jan
5
22
500
6
2
May
4
103*
153*
55*
55*
Mar
Mar
95*
33a
185*
3
Feb
Apr
33?* May
60
8
3*
13*
23*
,.
1,500
167
3
Jan
23* May
1053* Mar
33* May
13* Mar
44
303*
293*
13*
Standard Brewing Co...
$5 preferred
Apr
May
3*
Feb
X May
13*
Jan
Apr
Mar
155
20
44
Standard Cap A Seal com.l
Conv preferred
10
Standard Dredging Corp—
Feb
63*
3*
195*
z53*
25*
2
50
29
13*
Feb
Mar
1173* May
700
2
26
*
13*
23*
3*
135*
Mar
1X May
13*
95*
..100
5% 1st preferred
Stlnnes
113*
Apr
400
4
293*
11
100
753*
73*
383*
12
Feb
Jan
Apr
Apr
100
25
36
Feb
Apr
153*
3,000
15*
26
Technicolor Ino common.»
Texas P A L 7% pref.. 100
Texon Oil A Land Co....2
2
43
15*
35*
15*
335*
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Feb
Jan
100
1143*
223*
43*
13*
93*
900
23*
25
Spanish & Gen Corp—
Am dep rets ord reg._£l
Spencer Shoe Corp
Stahl-Meyer Ino
*
(Ohio)
185*
Jan
900
Jan
May
May
5*
103*
For footnotes see page 3179
7% preferred
Standard Oil
Apr
Jan
102
14
9
9
23*
29
*
33*
123*
463*
3
59
5
25
55
5*
....*
900
200
3*
*
23*
9
2,100
23*
23*
*
23*
6% preferred B
25
53*% pref series C...25
Southern Colo Pow cl A.25
265*
6
100
""230
Stein (A) & Co common..*
SterchI Bros Stores
*
Mar
May
75
May
108
May
73* May
120
•
Feb
43* May
18,700
Feb
153 3*
13
Apr
Apr
7
11
1173* 1283*
1173*
Thew Shovel Co com
9
Corp com.l
Sanford Mills
Jan
73*
1163*
St Lawrence Corp Ltd
*
Class A $2 conv pref..50
Salt Dome Oil Co
80
53* May
110
May
1483* May
115* Apr
6
May
3*
Feb
15
50
1093* Feb
1133* May
May
Apr
300
"123* "133* """260
pref......20
Samson United
100
1003* May
593* May
10 5*
400
150
Apr
Mar
Feb
83*
3,800
400
Jan
1065*
1133*
May
173* May
115*
Jan
1,200
1003* 1033*
100
May
93* Feb
93* Apr
1023* May
£1
com
preferred
2
5* May
53*
Jan
68
200
*16
Ryerson A Haynes com_.l
7%
116
*16
Roeser A Pendleton Inc..*
St Regis Paper com
'l6
13*
1
900
163*
43*
4
*•
13*
1,100
1,200
650
123*
ox 102,000
'is
Rice Stix Dry Goods
*
Richmond Radiator
1
Rio Grande Valley Gas Co-
$2.60 conv pref
Ryan Consol Petrol
5
*16
113*
53*
1
13*
215*
101
1093*
1,000
2,075
14,300
"~5X """5k "53* ""eoo
Red Bank OH Co.
Reed Roller Bit Co
Russeks Fifth Ave
Rustless Iron A Steel
Feb
3,700
60c
Royallte Oil Co Ltd
Royal Typewriter
10
40 xl043* May
1103*
Jan
220
Jan
Mar
953*
108
Apr
42
57
101
Jan
Jan
Jan
83*
65*
300
43*
13*
335*
Feb
20
1105* 1105*
•
IX
25
85*
815*
243*
Jan
Mar
6,225
1,000
2,550
83*
4
15*
Spalding (A G) & Bros...l
82
104
73*
43*
Southwest Pa Pipe Line. 10
Southern Calif Edison—
6% original preferred.25
Jan
Jan
973*
Mar
Apr
14
1
Apr
May
13*
2 3*
Jan
19
1
com
South Coast Corp com
South Penn Oil
15*
42
com
Rossla International
6
50
1113*
15*
35*
IX
13*
43*
May
Jan
South New Engl Tel...100
May
7
3 3*
Feb
*i«
13* May
200
1
Apr
13*
•u
2,800
75
"73*
Southern Phosphate Co. 10
Southern Pipe Line..... 10
Southern Union Ga*.
*
Jan
Jan
Jan
Jan
X
108
1
Apr
Jan
5*
63*
Feb
*
Apr
May
May
813*
Jan
193* May
5* May
100
Mfg
X May
May
523*
15*
73*
55*
123*
933*
75
Preferred A
25
Southland Royalty Co...6
82
Ry A Light Secur com
•
Railway A Utll Invest A.l
Raymond Concrete Pile—
Common
._*
Corp
15*
Jan
5*
5*
600
1125*
pref
Solar Mfg Co
Sonotone Corp
Boss
Jan
Jan
59 3*
60
*
Mar
104
3
Mar
52 3*
Simmons-Boardman Pub—
Jan
Feb
42
Puget Sound Pulp A Tim *
Pyle-National Co com
6
Roosevelt Field Inc
Root Petroleum Co
Apr
15
3
2,400
100
112
100
Rochester GAE10 % pf C100
0% preferred D
100
Rochester Tel 03*% prf 100
133*
613*
133*
Jan
Apr
Feb
11
'"606
H043* 10?
100
Voting trust ctfs
85*
45
Jan
200
Q
63*
100
*
Rheem Mfg Co
Jan
May
1,800
Q
65*
100
Republic Aviation
{Reynolds Investing
2
8
600
7
7% 1st preferred
100
Public Service of Indiana—
$7 prior preferred
Rolls Royce Ltd—
Am dep rets ord reg
15*
1,000
3,000
3*
33*
*
preferred
185* May
5*
Feb
39
383*
$6 preferred
Public Service of Colorado
0% preferred
Quebec Power Co
Jan
Feb
7
1
Pyrene Manufacturing.. 10
Quaker Oats common
Apr
5*
500
225*
X
193*
X
*
$5 prior preferred
$0 preferred
47 5*
93*
6,100
1,000
1,400
14,600
3*
35*
3
»
7% prior lien pref
Puget Sound P A L—
93*
""•"it ~"~H
3*
Tx
1
$6 preferred
Public Service of Okla—
Mar
Feb
13
Producers Corp of Nev. .20
0% prior lien pref
56
8
*
Providence Gas
Prudential Investors
155*
May
30
100
Pressed Metals of Am
Jan
63*
25
9
12?*
853* 1013*
13*
13*
5
Prosperity Co class B
Feb
63* May
May
83* May
50
May
9
May
853* May
50
863*
25c
com
313*
63*
13*
83*
11
350
59
43*
113*
Amer dep rets ord reg.£l
Sioux City G & E
7% pf 100
Skinner Organ.....
5
5,100
75*
39
125*
43*
113*
Simplicity Pattern com__l
Simpson's Ltd B stock.._*
Singer Mfg Co
...100
Jan
Jan
450
H
Simmons H'ware & Paint. *
120
X
4
May
85* May
25
Mar
Jan
Apr
18,000
13*
5
SIlex Co common..
conv
Jan
40
1,600
7
Sherwin-Williams of Can.*
Shreveport El Dorado Pipe
$3
Feb
373* May
100
ri«
Shawlnlgan Wat & Pow..*
bherwln-Williams com..25
5% cum pref ser AAA 100
Apr
93*
Apr
10,000
43*
583*
3
523*
523*
*
Jan
,
13* May
63*
3*
Mar
1
850
X
Mar
53
1
X
5,600
Selfrldge Prov Stores—
Amer dep rets
reg
£1
Sentry Safety Control
1
Serrlck Corp
1
83*
Jan
~9~366
83*
65*
103*
3*
Singer Mfg Co Ltd—
"i%
39
83*
53J*
5*
85*
293*
Mar
500
4
16
5
Seton Leather common
Shattuck Denn Mining
1
85*
25
Jan
13*
39
Convertible stock
$5.50 prior stock
High
Jan
453*
Jan
53* May
X May
2,400
3,900
37 3*
li16
Allotment certificates
Line stamped
Low
45*
*
SH
4,350
1,500
10
6% 1st preferred
Pratt A Lambert Co
Premier Gold Mining
68,300
X
1
*
com
834
"h
373*
Selected Industries Inc—
Common
l
Jan
383*
173*
0%
50
Powdrell A Alexander
6
Power Corp. of Canada..*
6% 1st preferred
11
5*
Mar
123*
*
Prentice-Hall Inc
7
53*
*
725*
6
2,100
53*
Seeman Bros Inc
*
Segal Lock & Hardware..1
903*
283*
1143* May
30
May
33* May
300
53*
Warrants
Securities Corp general
Selberllng Rubber
Selby Shoe Co
Range Since Jan. 1, 1940
Week
24
com...
Feb
"
Pittsburgh Forgings
1
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc com
.7.60
Pneumatic Scale com
Polaris Mining Co
Potero Sugar common
303*
33*
13*
Pltney-Bowes Postage
Meter
2,900
Shares
*
43* May
30
3*
Mar
163*
25*
May
633* May
300
30
Pines Winterfront Co
1
Pioneer Gold Mines Ltd-.l
Pitts Bess ALE RR
Feb
Mar
61
600
7
8
Conv $3 pref series A. 10
Pierce Governor common.*
conv
1663*
1,050
6
♦
Common
Jan
1135*
102
63*
30
2
May
1043* May
1143* 115
Phoenix Securities—
$1.20
1
385* May
170
43*
common.*
Phillips Packing Co
Rome Cable
Mar
26
Phila Eleo Co $5 pref
*
Pnila Elec Pow 8% pref.25
conv
Jan
425
77
$3
Apr
65
25*
633*
Raytheon Mfg
225*
Apr
12
Pepperell Mfg Co
Philadelphia Co
Jan
23*
Penn Water & Power Co.*
Perfect Circle Co
Pilaris Tire & Rubber
Mar
23*
200
1043* 112
1083*
1743* 184
102
s,ugar com 20
Penn Traffic Co
3
64
Pennsylvania Gas & Elec—
$0 preferred
Penn Salt Mfg Co
5* May
15* May
113*
Jan
*
Class A common
Mar
Mar
for
of Prices
Low
High
Price
Water Service $6
pref..»
Scuiin Steel Co
Feb
37
14
Pennsylvania Edison Co—
$5 series pref
$2.80 series pref
32*200
2
Apr
36 3* May
323*
Apr
3*
2 5*
Scranton Lace common
Scranton Spring Brook
Jan
May
May
May
May
31
200
2 3*
Cent Airlines com.l
Pennsylvania
Jan
30
"""ik
x
Feb
103*
353*
493*
163*
100
31
53*
Jan
300
%
30
Jan
Feb
42
X
Feb
Feb
35*
ill
"so"
953*
65*
20
12 3*
70
25
Jan
Jan
600
34
Feb
May
75* May
22
May
133*
31
315*
1083*
33* May
453*
ill
May
Apr
8
1,400
24
50c
Penn-Mex Fuel——
Penn Traffic Co
Pennroad Corp com
Penn
57,300
Week's Range
Sale
Par
153*
345*
Feb
35*
Peninsular Telephone com*
$1.40 preferred
4%
103*
9
8
Parkereburg Rig & Reel__l
75*
Patchogue-Ply mouthMills *
Pender (D) Grocery A_.
"x43~~
Class B
3177
Sales
Last
(Continued)
High
133* Feb
295* May
273* May
103
May
77
May
4
May
2,000
103
Paramount Motors Corp.l
Parker Pen Co
10
4
Friday
STOCKS
Week
Shares
28
"78~~
American shares
Exchange—Continued—Page
Sales
Last
1
Jan
83*
253*
23*
73*
35*
243*
23*
63*
.
33*
25*
73*
53*
500
1,600
1,400
13,700
6
243*
23*
63*
33*
X
3*
*i«
Apr
Jan
Apr
Feb
Jan
Feb
Jan
8
Jan
03*
Apr
13*
Jan
1
Jan
New York Curb
Friday
STOCKS
Last
Week's Range
for
CConcluded)
Sale
of Prices
Low
High
Week
Price
Exchange—Continued—Page 5
Friday
Sales
Shares
Range Since Jan. 1,1940
BONDS
(Continued)
Last
Sal*
Pries
1,1940
Range Since Jan.
Week's Range
of Prices
High
Low
Co.....10
Union Gas of Canada
*
Union Investment com—*
Union Premier Foods Sta.l
Un 8tk Yds of Omaha.. 100
United Aircraft Prod
1
United Chemicals com...*
S3 cum A Dart pref
•
Unexcelled Mfg
Un
Cigar-Whelan Sts-.lOo
warrants....
*
United Corp
United Elastic Corp
1
United Gas Corp com
pref. non-voting.*
1st S7
Option warrants
United G A E
7% pref. 100
A—*
*
preferred
*
United Milk Products...*
53 partlo pref
•
United Molasses Co—
Am dep rots 3rd reg
United N J RR & Canal 100
United Lt A Pow com
Common class B
50 1st
United ProOt
9barlng~26c
—10
com.25
10% preferred
United Shoe Mach
25
Specialties com—1
1
Preferred
United
U 8 Foil Co class B
U S
6
Graphite com..
Securities. .*
warr—*
U 8 Lines pref
*
U 8 Plywood
—1
51 34 conv pref
...20
U 8 Radiator com
1
U 8 Rubber Reclaiming..*
U 8 Stores common
60c
1st S7 conv pref
*
United Stores common.50c
United Wall Paper
2
Universal Consol Oil
10
Universal Cooler class A..*
U 8 and Int'l
S5 1st pref with
—*
Class B
1
Universal Insurance.....8
Universal Pictures com—1
.
Friday
.
Last
.
Conv
10634 10734
10334 10434
.
.
7
Vogt Manufacturing
Waco Aircraft Co
.
*
7% preferred.......100
Watt A Bond class A
*
*
Class B
4434
1234
1234
1 334
1234
30
1234
1434
1534
1234
1234
6234
1234
15
10
10
10
2634
2834
2834
1634
13
1534
13
3434
65
7C
65
75
107
107
.
.
.
.
.
1234
10634 10734
10334 110
.
10334 107
.
9534 105
.1
Walker Mining Co
129
10434 108
5134
.
...»
Wahl Co common
126
4434
*
Wagner Baking v t c
10634 11134
10334 108
97
7% pref..100
*
Va Pub Serv
10134
10234
94
.
priority stock....1
preferred...
10534
10334 10634
10034 10334
94
10534
97
10334
.
Utility A Ind Corp com..6
{Utll Pow A Lt 7% pf.100
Valspar Corp oom
1
54 conv preferred.....5
Van Norman Mach Tool.5
Venezuelan Petroleum...1
104
12734 12734
10434 10534
6
Utility Equities oom...10c
S5.60
10534 109
10434 10734
107
10634
10534
10434
10034 10334
10534
10434
10434
10334
.
Utah Pow A Lt S7 pref...*
1
Jan. 1
High
.
Universal Products Co—*
Utah-Idaho Sugar
Since
of Prices
Low
Universal Corp v t o
Utah Radio Products
Range
Weeks' Range
Sale
Price
.
9234
Wayne Knitting Mills...5
Wellington Oil Co
1.
Wentworth Mfg
1.25
West Texas Util $6 pref..*
West Va Coal A Coke....*
9834
.
10634 12834 743,000
10134 106»4 305,000
101
10534 117,000
..
.
Western Air
Express.....1
Western Maryland Ry—
100
.
1
_
Wichita River Oil Corp_.lu
1
Wilson Products Ino
Wilson-Jones
Co
70
15,000
70
35,000
12,000
65,000
3534 132,000
7734
56.000
9934
94
9934
10334
7434 10034
68
8334
10334 10734
9634 10134
3134
31
41
4134
70
83
.
104
9,000
39 J4
45
48,000
104
.
1,000
83
76
27,000
6834
76
643,000
69
81
7434 149,000
7434
62,000
88
246,000
82
Petroleum..... 1.
Ltd—
6s
92
73
Woolworth (F W)
83
*87
Wolverine Tube oom....2
Amer dep rets....
7734
3134
Wolverine Portl Cement. 10
Woodley
97
12,000
12,000
95
.
*
Winnipeg Electric B com.*
Wisconsin P & L 7% pf 100
152
10334 104
9634 100
3234
3534
Westmoreland Inc new
Williams (R C) A Co
*
Williams Oll-O-Mat Ht..»
117
141
7434
*
Westmoreland Qoal new. 20
Weyenberg Shoe Mfg
101
20,000
32,000
62,000
68
Western Tablet & Statlon'y
Common
10134 116
14634 15034
95
9834
94
9734
97
10034
Western Grocer com....20
7% 1st preferred
10334 13034
8834
6934
.
Wright Hargreaves Ltd..*
8734
96
13534 13534
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Sales
BONDS
73,000
53,000
1.000
Week
for
12534 12634
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦7s otfs of dep.Apr '46
♦20-year 7s
Jan 1947
♦7s otfs of dep. Jan *47
♦6s ctfs of dep...Aug *47
♦6s ctfs of dep...Apr '48
Antioqula (Dept of) Co¬
8234. 88
8634
57
96
9834
10534 10534
5
34
7534
♦7 ser B otfs of dep. 1945
♦7s ser D ctfs of dep. 1945
8,000
77,000
191,000
1,000
47,000
26,000
18,000
634
16,000
54
24,000
8234 249,000
7534
8534
10834 112
72
8434
1,000
11734 120
103
104
5,000
103
106
102
104
35,000
102
10534
32
32
1,000
32
4734
9,000
109
10954
65,000
96
10134
11734 11734
♦7s 1st ser ctfs of dep *57
♦78 2d ser ctfs of dep *57
♦7s 3d ser ctfs of dep '57
1951
♦Bogota (City) 8s ctfs 1945
109
Bogota (see Mtge Bank of)
♦Caldas 734s ctfs of dep '46
♦Cauca Valley 7s
1948
♦7s ctfs of deposit.. 1948
97
10934
10034
*35
43
10034 10334
74,000
10034 10434 218.000
♦734s ctfs of dep
1946
Cent Bk of German State A
♦Prov Banks 6s B..1951
9834 100
7534
..1952
68
*99
3,000
10834 11034
31,000
72
8034 142,000
♦7 ser C ctfs of dep. 1945
For footnotes see page
634
434
♦7s ser A ctfs of dep. 1945
♦6 series A...
92
57
lombia—
♦Baden 7s
10934 10934
10834
:107
3179.
Attention is directed to the new column in this tabulation pertaining to bank eligibility
2234
57
9834 10434
10034 105
32,000
77.000
100
and rating of bonds.
9834 102
68
87 34
81
100»,i
See a.
Volume
New York Curb Exchange—Concluded—Page 6
149
Sales
3179
Sales
Bank
Friday
Bank
Friday
Elio. <Sc
Last
Week's Range
for
Range
Elig. &
Last
Week's Range
for
BONDS
Rating
Sale
of Prices
Week
Since
BONDS
Rating
Sale
of Prices
Week
Since
(Continued)
See a
Price
%
Jan. 1
(Concluded)
See a
Price
%
Jan. 1
General Pub Serv 6s
1953
Gen Pub Util 654s A
1956 ybb
♦General Rayon 6s
1948
A
b
y
*90
2
92
4
"92"
x
a
1
10554
y
b
4
z
b
1
Gen Wat Wks A El 5s
1943 ybb
Georgia Power ref 5a
♦Gesfruel 6s
1967
1978
1953
Glen Alden Coal 4a
1965 ybb
Gobel (Adolf) 454s
Grand Trunk West 4s
1941
y
ccc4
1950
x
a
3
1950
354s.—1963
x
a
2
x
aa
2
1945
y
b
2
Georgia Pow & Lt 5s
Gr Nor Pow 5s stpd
Green Mount Pow
Grocery Store Prod 6s
3
68
100
89
99
*67
1
ccc2
z
High
Low
75
•9854
92
55,000
14"666
104M 10654 155,000
5,000
67>4 70
*7
"T72 54
75
203"666
86
4,000
72
*65
10754 10754
100
104
100
*6154
*48
Guantanamo A West 6s—1958 y ccc2
"36"
100
b
1
*7
10154
13
24,000
z
14
14
bb
2
82
82
8854
11,000
82
94
101
z
b
2
78
78
86
6,000
78
90
x
a
4
108
10854
32,000
108
10954
x
a
4
10954 10954
7,000
109
y
ccc2
11054
6354
10454 10754
6654
75
"76" "7554
4,000
70
78
.
100
6054
30
4s series A
53
4254
30
32
1
*7
cccl
t?
35
1
1938
deb 654s
Houston Lt A Pr 354s
♦Hungarian Ital Bk 7 54s.- .1963
c
1
b
2
y
b
2
x
aa
3
1954
x
bbb3
..—1956
x
bbb3
101H
111 Pr A Lt 1st 6s ser A
bbb3
68
70
68
68
1st A ref. 5s ser C
8fdeb554s—May
5e
"Tooo
2,000
♦Indianapolis Gas 5e A ..—1952
Indpls Pow A Lt 354s
1968
International Power Seo—
x
79
98 54
6354
14,000
6154
6254
105
10554
57,000
y
b
60
y
ccc2
bbb4
bbb4
37
Hydro Elec 7s..—1952
y
3
23
22
5954
37
107
43
3154
3554
46
46
46
a
4
1961
x a
4
1966
x
aa
2
10254 103
104 54
104>4 10454
*100
110
2022
Lake Sup Dlst Pow 3 54s—. 1966
♦Leonard Tleta 7 Hi
1946
Long Island Ltg 6s...
1945
Louisiana Pow A Lt 5s
1957
x
a
2
122
2,000
25
*7
35
*7
40
x
aa
109
109
x
aaa2
1937
z
cccl
1951
z
cc
57
2
74
8154
a
2
75
82
1947 y b
2
2025 ybb
127
1970
10954
3
2
10754
x
bbb3
40
10454
22^666
26,000
105
4
104
106 54
106
14,000
50
60
3
60
71
143,000
49
62
71
zdd
1952
1947
1971
Mengel Co conv 454s
Metropolitan Ed 4a E
1965
4s series G
1
X7
3
1951 y b
3
6054
6054
71
188,000
48
Dec 1 1966 y b
3
61
60
71
158,000
48
6454
61
48
7454
60
60
7154 201,000
7054 242,000
49
7454
16
16
1654
24,000
16
2454
3254
3254
1,000
29
4654
22
23
7,000
22
30
28
34
8,000
28
46
1957 y b
1957 y b
1950
z
1940
1946
z
y
ccc2
z
1953
3
3
b
1
97,000
xbbb4
*10554
10454 10554
47,000
2
10554
10454 10654
30,000
x
a
y
bbb2
113
ybb
108
4
70
Twin City Rap Tr 554s.
50
70
xbbb2
y
b
2
x
aa
2
x
aa
2
1945 ybb 2
1943 ybb 2
1967 x bbb2
1978 x bbb3
1955 x bbb3
1955 x bbb2
Middle States Pet 654s
Midland Valley RR 5s
Mllw Gas Light 4>4s
Minn PAL 4>4s
1st A ret 5s
Mississippi Power 5s.
...1957 x bbb3
1951 x aa 3
1960 ybb 4
1945 ybb 2
2026 y bbb2
2030 y bbb2
Nassau A Suffolk Ltg 5s...
Nat Pow A Lt 6s A
Deb 5s series B
1,000
67
3
"92*54
b
4
60
y
71>4
z
90 >4
108
108 >4
95
61
ss
1981
x
aaa2
2022
x
aa
108
109
108>4 109>4
95
9854
61
66
13,000
9954 IOI54
9054
95
11,000
107
3,000
113
4954
10454 106 54
10454 10854
113
11954
9154 10354
9154
9554
21,000
60
6454
89,000
60
8
108
95
61
10054
954
17,000
18,000
8
69
70
10054 10454
17,000
10054 10354
10354 107
10154
10154 103
23,000
10154 10454
6s series A
10354
103
50,000
103
Deb 6s series A
109 >4
10854 10954
17.000
99
10954
9554
18,000
9854 9954
10954 11154
10654 10654
9,000
13,000
2154
3,000
11154
15,000
92
2154
111
3,000
92
2054
125
126
12,000
109
13,000
106
1948 yb
1950 yb
5s
Conv deb 5s
Debenture 5>4s...
7354
7754
36,000
4,000
117
60
60
4
6054
6054
6254
14,000
4
59
58 54
67
70,000
1961 x aaa3
1948 ybb
1954 ybb
354s
5s
New Eng Pow Assn
74
117
12154
61
10954 10954
"94 54
96 54
9454
96
98
9954
36,000
3,000
68,000
73,000
7354
20
1754
1954
85
86,000
75
8954
107
84
95
x
91
HO
118
23,000
115
119
79
bbb3
x
7754
116
84
10,000
74
89
2
98
2
9454
93
101
3
10154
9954
1946 y b
3
9954
1,000
18,000
101
3
98
99
•
10254
103
98
10054
93
10154
82,000
41,000
98
bb
1946 ybb
1960 ybb
2022
Deb s f 6s
101
10354
98
10354
9954 10054
25,000
754
9754 10154
64,000
Waldorf-Astoria Hotel—
1954
z
cc
1951
x
aa
2030
x
bbb3
5s...1960
x
aa
2
Un 6s... 1944 ybb
83
West Penn Traction
12254
7154
6054
7154
5854 7154
10854 110
9454
9954
10,000
107
1054
10954
10554
16,000
105
108
9,000
38,000
11354 11654
554
2
♦5s Income debt
60
107
105
4
West Penn Elec 5s
107
2
Wash Ry A Eleo 4s
110
117
96
116
b
21
25
82
87
16,000
24,000
10854 109
84
9154 124,000
82
109
y
4554
78
84
..1973
Deb 6s series A
26
108
Nelsner Bros Realty 6s
2
1952 xbbb3
Va Pub Service 654 A
1st ref 5s series B...
10754
2
6s series A
111
x
2654
30
78
3
Utah Power A Light Co—
1st Hen A gen 4540......1944
98
9854 10054
10954 11254
106
1959
Un Lt A Rys (Del) 554s... 1952 ybb
United Lt A Rys (Me)—
1254
11754 11854
*7
bbb3
1974 yb,
Debenture 654s
1st lien A cons 554s
36,000
18,000
32
"
*15
2
49,000
92
2654
1
10254 10454
1948 xbbb3
Nevada-Calif Elec 5s
1956 ybb 3
New Amsterdam Gas 5s—1948 x aaa2
4
N E Gas A El Assn 5s
1947 yb
Nebraska Power 4>4s
b
117 54 11854
27
cccl
z
10054 10354
10354 10654
10454
10854 11054
"117*54
1
z
10154
10454
aaa4
United Light A Pow Co—
Debenture 6s
1975 y b
111
4,000
11,000
....
1956 ybb
♦United Industrial 654s...1941
♦1st s f 6s
.1945
10954
29.000
United El Service 7s
103
"21*54
ctfs—1978
*99 >4 103
90 >4
94
10854 11154
124
12854
New Eng Power
10854
7454
7454
7454
7454
x
1948 yb
-
5*Nat Pub Serv 6s
9454 10554
8Ulen A Co—
Deb 4 54s
Miss River Pow 1st 5s
12,000
9454 10054
106
106 54
9454
4
6054
6454
Memphis Comml Appeal—
Missouri Pub Serv 5s
53
10654
16,000
bbb3
Tletz (L) see Leonard—
...—1941
Miss Power A Lt 5s
40
105
55
104" 106"
10654 10754
x a
27,000
10654
53
7s 2d stamped 4a
10654
10554 10754
122
12754
10554 108
*7
105
o5054
x
Ternl Hydro EI 654s
104
106
"I65"
16,000
22,000
50
2
Stinnes (Hugo) Corp—
7s 2d stamped 4s
10254 105
4
10654 11054
104
10554
40
<m
b
6s gold debs
Standard Pow A Lt 6s
♦Starrett Corp Ino 5s
5354
cccl
m,tm *■ tmm
9,000
bbb4
Debenture 6s
a
106 % 11054
33,000
z
1961
Debentures 6s
z
97,000
10654 109
10654 10854
104
10554
4
...1951 ybb
9554
9854 103
107
11254
x
42
x
107M
aa
aa
91
1989
52
13*666
106 54
x
9754
6,000
9154
9,000
10054 10254
107
112J4 181,000
109 %
3
x
1968
98 54
75
1945
39
62,000
4
7254
74
4,000
Standard Gas A Electric—
6s (stamped)
1948 y b
Conv 6s (stamped)
1948 y b
31
7,000
aa
31
104
20,000
91
1957 y bbb2
x
17
23
100 54
57
2022 ybb
4,000
45
106,000
66
a
x
33,000
5,000
5,000
39,000
28
10054
15
10754 10954
13254 136
12
35
2854
10054 10254
2
1943 xbbb2
-.1951 y b
2
----
100
Spalding (A G) 5s
10354 106 J4
10354 10654
107
*131
*7
11,000
x
McCord Rad A Mfg—
6s stamped.
Joaquin L A P 6s B...1952
109
3
8954 10054
S'western Assoc Tel 6s
So'west Pow A Lt 6s
S'west Pub Serv 6s
Mansfeld Min A Smelt—
♦7s mtgesf
1
cccl
Sou Counties Gas 454s
Sou Indiana Ry 4s
51
65 J4 135,000
17,000
4354
10354 10454 20,000
6,000
10354 10354
x
Kansas Gas A E ec 6s
b
z
10954
37
43
31H
105
5954
1947
Kansas Eleo Pow 354s
2054
z
1958
354s...—May 1 1960
Ref M 354s B__
July 1 '60
Jersey Central Pow A Lt—
4 J4s series C
99
1854
1454
1953
Ref M
—
6s series B
86
Southeast PAL 6s
Sou Calif Edison Ltd—
4354
4954
4754
7154
2954
107
b
3
12,000
7854
13,000
b
93
Sheridan Wyo Coal 6s.
Sou Carolina Pow 5s
7354
7354
6,000
32
z
86
1st 454s series D
100
17,000
32
1942
86
♦Saxon Pub Wks 6s
♦Schulte Real Est 6s
9854 105
94
10154
7254
22
5s stamped
4
Safe Harbor Water 454s...1979
81
67
6954
25
Jacksonville Gas
6654
6954
25 H
1963
ybb
♦Ruhr Gas Corp 654s
♦Ruhr Housing 654s
10354 105
100
10354
10654 11154
63
23
y cc
97
554s series A...........
Shawlnlgan WAP 454s... 1967
23 H
x aa
88 54
Scullln Steel Ino 3s
b
Isarco
70,000
107
b
Italian Superpower 6s
9154
10754
y
y
8854
100
y
y
8654
102
1957
78 series F
1952
Interstate Power 5s
1957
Debenture 6s
.....1952
Iowa-Neb LAP 5s
1957
5s series B
1961
Iowa Pow A Lt 454s—...1958
7s series E
2
76,000
1955 yb
C—
89
ybb
10654
13,000
11,000
6 54s series
45,000
100
"l05M
10654 108
95
16
65
a
8,000
10654 10754
9754 164,000
102
65
a
89
103
bb
158
8954
104 H
65
b
z
15
143
90
Scripp (E W) Co 554s
65
b
y
53,000
"89*54
10654 10954
2
y
1963
143
2
C
18,000
99 M
1950
4
152
9154
14
2
ser
106 >4 10754
95
1st lien & ref 5s
143
6654
1950 ybb
1st A ref 5s
10654
59,000
106>4
9854 10454 181,000
101
94
14,000
98 >4
9954
19,000
Indiana Service 5s
x
16
San
6,000
1957 ybb 3
1958 y bbbl
1st & ref 654s ser B
Indiana Hydro Elec
x
5,000
70
y
1949
1949
6s series B
Idaho Power 354s
14,000
106 >4 10654
35
*7
1967
1953
Hygrade Food 6s A
*
z
1554
103 H 10354
100
10254
1943 xbbb3
1943 ybb 3
1966 x aa 3
Houston Gulf Gas 6s
conv
z
1966
Puget Sound PAL 554s...1949 ybb
♦Hamburg El Underground
A St Ry 554s
3
5,000
7254
*7
1
y aa
6654
67
2
b
1st A ref 454s ser D
Queens Boro Gas A Eleo—
4,000
40
Guardian Investors 5s——1948 y c
♦Hamburg Eleo 7s
1935 zdd
a
z
50
5354
Pub Serv of Oklahoma—
6354
49
iyo
—
6% perpetual certificates___
10554
65
jcicutnu 08——
*42
10254
Public Service of N J—
10754 10854
50 >4
.uooiou
100
2
x
91
70
"3*660
Range
y
ybb
50
71 >4
81
92
High
75
9854 102
89
10054
7434
Low
West Newspaper
554
10554
11354 117
......
46
5354
1941
x
aaa2
Wise Pow A Light 4s...—1966
Yadkin River Power 5s...1941
x
bbb3
x
a
2
*100
105 54
10554 106
10354 10454
10354
1937
z
bb
1
95
96
3,000
1947 ybb
2
9654
98
16,000
Wheeling Elec Co 5s
J♦York Rys Co 5s
♦Stamped 5s
100 J4
M
"105*54
-
-
-
19,000
18,000
554
6054
46
10354 105
10554 10754
10354 105
94
98
95 54
9 8 54
New Orleans Pub Serv—
5s stamped
1942
y
1949
y
10054 10254
10354
10054 10054
bb
♦Income 6s series A
bb
New
102
11,000
102
25,000
102
28,000
19,000
81
9554
10254 10554
10554 109
10254
York Penn A Ohio—
♦Ext 4 Ms
stamped
N Y State E A G 4>4s
1st mtge 3 Ms
N Y A WestchT Ltg 4a
Debenture 5s
Nippon El Pow 6>4s
No Amer Lt A Power—
1950 ybbb2
4
1980 x a
4
1964 x a
2004 x aaa3
1954 x aa 3
1953
y
114
54
9,00 0U°2
3,000
8,000
t
*
10654
52
No par value,
a Deferred delivery sales
n Under the rule sales not Included
Interest.
11354 11454
cluded In year's range.
65
x
1942
x
1955
y
bbbl
Park Lexington 3s
1964
1977
z
x
1971
1962
aa
6s series A
1950
y
1959
y
1947
1954
x
x
aa
11,000
10454 10654
23,000
10554
10854 11154
10554 10854
11654 10854
10554 10754
102 H
10254 10254
13,000
10754 10854
11,000
40 54
106 H
92 54
bb
Deb 5Ms series B
10554 10554
bbb2
x
105 >4
ccc2
1979
10454 105
aaa4
Pacific Pow A Ltg 5s
xbbb2
9254
*107
"93 %
10254
4154
9454
23,000
4,000
7,000
96
4254
104 54 106
40 %
4954
77,000
60,000
106 >4
23,000
17,000
9054
4154
100
10554
4,000
104
32,000
v
108
1,000
Deferred delivery sales transacted
during the current week
Abbreviations
10754 10754
108
bb
105
ll2
aa
10754
10654
10754 10754
10654 10654
and not Included in
•
of deposit; "cons." consolidated
convertible; "M," mortgage; "n-v," non-voting stock*
Used Above—"cod," certificates
"cum," cumulative; "conv,"
certificates; "w 1," when Issued; "w
10754 10954
34,000
107%
Included In
No sales.
10554
10654 10854
107
current week and not
weekly or yearly range:
103
34,000
Under-the-rule sales transacted during the
y
weekly or yearly range:
No sales.
10754
103
106
lnoluded In weekly or
No Sales.
9754
10354 127.000
100
current week and not
yearly range:
10754 11054
9254 9754
10954 112
105
Io054
None.
Cash sales transacted during the
e
10954
4354
10454
7,000
during current week
T Called for redemption:
10554 109
10254 105
241*666
No sales being transacted
Bonds being traded flat.
| Reported In receivership.
108 54 11154
10 55410954
11154
93
4154
2
x aa
♦
10154 103
102
not Included In year's range, d Exr Cash sales not In¬
In year's range,
Ex-dlvldend.
I Friday's bid and asked price.
Pacific Ltg A Pow 5s
5s series H
114
23,000
105
B—1955 x bbb3
Okla Power A Water 5s...1948 x bb 4
Pacific Gas A Elec Co—
1st 6s series B
1941 x aaa2
1
Pacific Invest 5s ser A
1948 yb
Penn Electric 4s F
10654 10754
,
10554
102
52
Okla Nat Gas 354s
1st 5s
95
102
Nor Cont'l Util 5>4s——. 1948 y b
N'western Pub Serv 5s
1957 X bbb4
Ogden Gas 1st 6s
—.1945 ybb 2
Ohio Pow 1st mtge 3>4a..—1968 x aa 4
3
Ohio Public Serv 4s
1962 x a
Penn Cent LAP 4>4s
94
10354 10354
b
1956 yb
Ltg Prop 3548—1947 x aa
6>4s8erie8 A
No Bost
94
106 %
v
t c " voting trust
w," with wnTanw;
without warrants
Penn Ohio Edison—
Penn Pub Serv 6s C
5s series D
3,000
1.L00
102
a
10754
...
1981 xbbb2
bbb2
1961
x
1972
x
aa
y
bb
2
4s series D
Phlla Elec Pow 5>4s
Phlla Rapid Transit 6s
y
b
1
y
bb
3
93
9854
96
*99* *
28
96
99
112
3
1962
Piedm't Hydro El 6>4s.—1960
Pittsburgh Coal 6s
...1949
93
114
10054 102 %
26
43
10554 10554
93
57,000
9854
96
10054
11054 115
96
10254
26
4854
1,000
10454 10654
55,000
96,000
32,000
23,000
Eligibility and Rating Column—x
bank investment.
Indicates those bonds which we
Indicates those bonds we believe are not bank eligible due either
status or some provision1, n the bond tending to make it speculative.
y
Peoples Gas L A Coke—
4s series B
Bank
believe eligible for
10754 10854
10654 10854
z
Indicates Issues In default, In
The
bankruptcy, or In process of reorganization.
based on the ratings assigned to each
rating symbols in this column are
by the four rating agencies—Moody, Standard, Fitch, and Poor's.
The
letters Indicate the quality, and the numeral Immediately following shows the number
bond
rating the bond.
In all cases the symbols will represent the rating
given by the majority; for example, a bond rated Aa by Moody, A1 by Standard,
AAA by Fitch, and A by Poor's, would be represented by symbol aa2, showing
tne majority rating.
Where all four agencies rate a bond differently, then the
of agencies so
I
'
; highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or
'
Issues bearing ddd or lower are In default.
Attention is directed to the new column in
to rating
this tabulation pertaining to bank eligibility and
rating of bonds."
lower are In default.
See note a above.
All
The Commercial & Financial Chronicle
3180
May 18, 1940
Other Stock Exchanges
Baltimore Stock
Exchange
Bales
Friday
Last
Sale
Par
Stocks—
•
Arundel Corp
Price
14 %
Week's Range
Listed and Unlisted
for
Range Since Jan. 1,1940
Week
of Prices
Low
High
14%
16%
17
Shares
17
Low
2.531
High
20
21%
20%
Apr
55e
Jan
"""36c
35c
35c
205
30c
100
1.50
1.45
1.75
393
1.46 May
76
May
Consol Gas EL& Pow—*
SM% pref B
Eastrn Sgre Assn com v
100
t cl
76
76
113%
8%
—1
Pref vtc
Fidelity A Deposit
20
Fidelity & Gur Fire CorplO
Finance Co of Am A com.6
1.11
1.11
pref..-.--100
Mar Tex Oil
1
Common class A.—»t
16%
30%
9%
16%
45c
Houston Oil
7% pfd26
Mt Vern WWodb MillsPreferred-,-.100
Monon W Pa P S
Mar
113% May
8% May
2,001
184!
May
426
1.25
26
111
May
370
31
30% May
9% Mar
16% May
73
45c
9%
18%
60c
2,700
46c
220
234
6
2.60
Apr
83%
119%
14
31%
130
44
45
13%
16%
2,694
1.10
14%
1.05
1.05
Northern Central Ry—60
86%
86%
Owings Mills Distillery—>1
28
Penna Water & Pow com.*
61
Feb
19%
Apr
70c
Jan
55c
Jan
264
27
Apr
May
29%
92
44
May
12%
Jan
975
1.05 May
181
86% May
28
260
61
67
152
61
112
2
112
13
13
13
17%
17%
20
34%
34%
23c
55
Feb
May
May
May
13
48
Jan
17%
Apr
1.45
90
Week's Range
Last
Sale
Apr
16
Mar
23%
37
Jan
84
$500
28
28
33
31%
31%
38
77,600
47,000
20,000
103
103
103
84
May
Jan
Mar
87
Mar
26%
Jan
31
Jan
85%
40%
103
May
103%
60%
m m
3
Auburn Auto Auto Co com*
Jan
Jan
May
33%
3
84
Boston Stock
Jan
9%
Aetna Ball Brng Mfg com
m m m m
m m
mm—mm mm
mm~mm
mm
86
157%
5
13%
'
1%
Week's Range
Sale
of Prices
Price
Low
.
Shares
40c
pref—-60
50
non-cum
15%
-.100
165%
1st preferred—
Amer Tel & Tel
Blgelow-Sanford Carpet—
Preferred
——-100
Bird & Son
*
45C
300
30c
Apt
1%
1%
15%
16
149% 172%
200
1%
13%
Apr
Feb
77
12,702
149% May
93%
1
60c
Jan
Jan
Apr
175%
Mar
Jan
103
12%
Apr
86
Feb
42
47.
082
42
18%
20
253
18%
74%
73%
82%
132% 149
408
1,405
132% May
May
Jan
Mar
149%
50%
20%
Jan
Mar
Apr
Boston <fe Maine—
(stpd)——-100
preferred—--100
6%
std—100
CIA 1st pref-.100
C1B 1st pref std
100
Cl D 1st pref std——.100
Boston Per Prop Trusts—*
Boston & Providence—100
1%
Class A 1st pref
1%
6%
1%
2%
1%
3
14%
5
5%
14%
15%
1%
16
1% May
745
8
2%
2%
2%
3%
15%
15%
7
334
1%
1%
100
175
Mar
Feb
Feb
1% May
2% Mar
12%
Feb
15% May
175
930
26
Copper Range
25
East Gas A Fuel Assn—
5%
"4%
913
45c
5%
8%
10%
Mar
Jan
3
May
2% May
3% May
4
May
16
Apr
19%
Jan
8%
Feb
Mar
50c
Mar
May
5%
Feb
5% May
50
4
1,260
2
Common—
4%% prior pref100
6% preferred-.--—-100
7%
45c
25
Cliff Mining Co
26c
4
166
2
44
43%
62%
541
42
Jan
16
16
21
271
16
May
2%
May
3%
65%
24%
———100
-.100
1st preferred
—-.100
East Steamship Lines com*
Employers Group—..—*
60c
120
66
11%
185
4%
19%
23%
25%
"~4%
76C
59%
11
59%
Preferred B
Brach & Sons (E J)
Corp.—*
*
*
Gillette Safety Razor
"31%
9%
26%
5
4%
56
60c
Feb
59%
Feb
66
10%
Apr
3%
Apr
1.00
-
1
Common
Class A pref
—*
879
19% May
70
25% May
4%
Feb
4% May
30%
5%
6%
36
42
/
4%
168
*5%
40
449
10
Jan
2%
......
5
Burd Piston Ring Co com .1
2%
5
10
Butler Brothers
_
$7 preferred
Chain Belt
mm
Jan
61%
Apr
Cities Service Co
Apr
Club Alum Utensil com..*
10
com
Feb
5
2%
mm
mm—mm--
Mar
Capital.....
25
Compressed Ind Gases caps
May
Consolidated Biscuit com.l
Feb
18
78
6
Mar
147
17
May
2%
15
340
2% May
12% May
5%
6%
119% 130%
1,860
1,060
10
Apr
Continental Steel
Feb
Crane Co
Feb
Mar
com
27%
12%
6
17
17
Mass Utilities Assoc v t c.l
2%
Mergenthaler Linotype
12%
220
8%
25
2%
17
Apr
20
_
.
-
_
m —
"
120
63
10
65
4%
Jan
119% May
63
May
hi
Apr
6%
137
May
Apr
May
63
100
5ie
SX6
Bl«
111
%
Feb
60c
50c
80c
6,345
45e
Feb
92c
May
100
dep)
27c
27c
30c
152
26c
Jan
00c
Apr
12c
12c
22
He
Jan
16c
Feb
19c
Jan
25
50c
10%
17%
25
343
20%
1.478
1%
1%
10%
8%
250
2,332
75c
500
i%
Shawmut Assn T C
*
Stone A Webster..
...*
9%
6%
Suburban Elec Sees com..*
75c
9%
760
13%
17%
1
Reece Folding Machine.10
52c
10%
30
365
TorringtonCo (The)——.*
25%
25%
31%
Union Twist Drill Co
6
United Shoe Mach Corp.25
27
27
30
135
62%
43%
62%
43%
73
1,300
45c
45c
55c
2
44
961
10% May
17%
May
1
May
1%
Apr
9% May
6% May
57c
Jan
25%
May
25%
Jan
"T
Apr
Mar
Apr
Jan
41%
Jan
100
175%
7%
Mar
45%
Mar
Apr
17
May
1%
Apr
7
Jan
2%
1%
%
Feb
Jan
Apr
4%
Apr
Apr
7%
11%
Apr
8%
3% May
27%
Jan
3,950
2,850
9
May
3% May
Feb
Jan
18%
12
May
5%
Apr
Apr
36%
11%
Feb
4
200
20
1,400
16
May
23%
Jan
16%
20%
4,100
16% May
20
25%
22%
Apr
19
270
May
4% May
Jan
page 3183.
1,650
%
54%
100
V
6
19%
11%
1%
36
91
Mar
Apr
Apr
2
Mar
7%
Mar
3%
Apr
Jan
%
111
8%
61%
4%
2%
34%
9
Jan
%
Jan
Feb
6%
May
100
18%
Feb
200
9% May
22,950
1%
30
420
69%
10
77
2,733
1,800
3,250
31%
31,850
Jan
21
Apr
13
Jan
Jan
1%
Jan
May
37
84
Jan
Feb
Apr
Jan
%
75% May
Jan
116
8% Feb
61% May
91
109
450
81%
6%
3%
34%
27%
12%
4
Apr
Mar
11%
Jan
Feb
6%
May
2% May
34% May
10
15
3%
Mar
27% May
12% May
800
2%
550
6%
7%
3,745
3%
230
1
11%
23%
17
25%
110
1
11% May
23% May
108% Apr
190
10
"ii%
10%
28
28
17%
10%
4%
4%
20%
10%
480
4h
20
9%
.10%
12%
12%
16%
4%
Curtis Lighting Inc corn..*
May
6% May
3
May
413
38
Apr
16
May
33
Apr
Mar
16%
Jan
3%
8
Jan
4%
Feb
19%
Apr
Apr
33
Mar
110%
24%
Jan
'
50
250
May
14% May
1% Mar
10% May
72
May
19
Feb
2
Jan
19%
Jan
28
30
Feb
55
Decker & Cohn—
Preferred
100
Deere & Co com
*
De Mets Inc pref.
*
Dexter Co (The) com
5
Diamond T Mop Car com.2
;
"4%
7
20
10
May
17% May
23%
Jan
10
11%
5%
Apr
Apr
Mar
250
4% May
4% May
10%
Feb
372
9% May
14%
Mar
May
Dixie-Vortex Co—
Common
Dodge Mfg Co
_*
com
11%
11%
*
15
"~3%
3%
Feb
17%
Apr
3
Jan
4%
May
22% Feb
32% May
29%
4
28
650
43%
345
4%
16%
4%
500
4
15%
3%
16%
400
165
10%
11%
General Finance Corp coml
General Foods com
._*
Gen Motors Corp com
10
1%
"40 "
— —
—
—
2
m —
4%
9%
16%
40
47%
41%
42
800
2,000
17
50%
*
14
15
24
42%
Common
10% May
200
32%
24%
Gen Amer Trans Corp cm .6
General Candy cl A
6
General Outdoor Adv com *
Gillette Safety Razor—
700
4,550
53
500
1,000
1,046
3,750
4%
4%
100
5%
10%
19%
11%
235
24%
9%
93%
Jan
101%
Great Lakes D & D com..*
Hall Printing Co com
10
19%
2,000
Apr
Mar
4%
9%
15%
9%
19%
12
12
15
925
$1,050
101%
Mar
106%
Apr
Hamilton Mfg cl A pt pref 10
8
8
400
98
Apr
120%
400
16%
60o
May
19%
20
88% May
Apr
8%
Jan
45
100
17%
1%
13%
Fox (Peter) Brewing com.5
44%
91
Jan
Apr
4%
750
1,390
14%
1%
Fuller Mfg Co com
1
Gardner Denvcom (new).*
Apr
$1,000
7%
23%
Mar
May
May
1,400
75
Mar
%
Gossard Co (H W) com__»
91
101% 101%
103% 106
6% May
%
Jan
40
105
5%
Feb
May
May
1,900
14%
Goodyear T & Rub com—*
1948
%
%
CunninghamDrugStores2 %
Goldblatt Bros Inc Com..*
1948
500
130
Jan
Bonds—
Eastern Mass St Ry—
Series A4%8——1948
16
77
72
75c May
Mar
% May
350
1,380
55
12%
41c
1% Mar
5% May
537
17
85
7%
Feb
11%
4%
19% May
12% May
16
6%
20
May
2% May
4% May
77
55
4%
15%
42%
195
6%
1,150
Cudahy Pckg 7% pfd-100
Four-Wheel Drive Auto. 10
140
100
6%
21%
16%
Feb
5%
May
13
940
Fairbanks Morse & Co cm*
1,200
525
3%
18%
12%
350
2,400
1,450
6,850
19%
Feb
Jan
1%
9
16
Feb
Apr
7%
2% May
1,200
14%
6%
2%
110
„
12
33%
3
2%
13
"16%
Jan
31
2
"13%
Eddy Paper Cerp(The)cm*
Elec Household Utll cap. .6
Elgin Natl Watch Co—15
Jan
84%
5%
6%
16%
24%
1%
1%
62% May
%
.
-
52c May
m —
*
25
com
Dayton Rubber Mfg com.l
5%
—2.50
33%
10%
3
•
100
Preferred
see
11
21
Commonwealth Edison—
Apr
7%
21%
——100
For footnotes
400
400
4
111
*8%
Chrysler Corp common..5
Maine Central—
Series D 6s
9
9
May
14% May
8%
Jan
300
750
72
72
Convertible pref
*
Chicago Yellow Cab com.*
Container Corp com
Series B 5s
29%
30
30
Jan
Apr
Venezuela Holding Corp. 1
Waldorf System—
_.*
8%
3%
9%
%
1
*
2
Warren Bros
Feb
20%
% May
Jan
25
10
60% May
1%
13%
preferred
180
700
125
cum
7,150
9,350
444
1%
14%
6%
%
Apr
4% May
2% May
4% May
%
1%
14%
Utah Metal A Tunnel Co
80
16%
10%
14%
19
'
Consolidated Oil Corp
*
Consumer Co pref v t C..50
Quincy Mining Co
Feb
75%
Feb
—*
1
x
Apr
Pennsylvania RR—- _-.50
100
60%
50c
Pacific Mills Co
Apr
%
4%
Old Colny RR(ctfs of
Old Dominion Co..
May
1%
64%
Jan
Old Colony RR—
4
150
5
Feb
-
«
250
Chicago TowelCommon capital
25c
-
Mar
Jan
May
Chi Flexible Shaft com
2%
North Butte.
13%
%
35
Chic & N West Ry com 100
150
N YNHAHRR-
4% May
Mar
100
New England Tel A Tel 100
New River 6%cum preflOO
13,250
3,750
2,450
Mar
45c
1%
mm
*
com
3%
*
Racing Assn
1
%
7%
3%
4%
45
45
"5%
Cherry Burrell Corp com-5
Chicago Corp common
1
Convertible preferred- .*
45c
—
%
4%
2%
4%
%
*
*
Prior lien pref
3%
Inc.
149% May
x
50c
*
Narragansett
3,480
4%
1%
1
1
Common
Central & S W—
Common new
*
—100
May
300
4%
30c
19%
Camp Wy & Can Fdy cap*
Castle (AM) com (new)
10 "W
x77
Cent HI Pub Ser $6 pref—*
Central 111 Secur conv pref*
6%
Cumul conv pref
Class B
5% cum pref
May
86
Jan
Feb
19
16%
Bruce Co (E L) com
Class A--.-
Common
28%
200
May
Jan
4
13%
16
May
17%
7%
20%
1,020
6
5
40
Hathaway Bakeries pref -*
Isle Royal Copper Co.--16
Loews Theatres (Boston) 25
8% May
17
325
40
3%
cap—*
Coleman Lp & Stove com.*
General Capital
Gilchrist Co
100
400
Mar
Eastern Mass St Ry—
Common.
350
10%
19%
28% 32%
86
92%
149% 172%
4%
6%
13% 16
%
1%
9
--5
Common
Central States Pr & Lt pf d *
Calumet A Hecla
17
8%
17
Apr
4
Borg Warner Corp—
2
16
92
18%
Common
6%
Berghoff Brewing Corp—1
Binks Mfg Co capital
1
Bliss & Laughlln Ino com.5
10%
Jan
73% May
42
Prior
3
14%
8%
100
11
Boston Herald Traveler—*
Boston Elevated
400
1
Bastlan-Blessing Co com.*
Belden Mfg Co com
10
Belmont Radio Corp
*
Bendlx Aviation com
6
138
96
11
132%
Boston Edison Co
1,850
Jan
70%
61%
Brown Fence & Wire—
100
100
-100
Boston & Albany
High
60% May
40% May
2% May
2% May
9% May
15
May
185
'
4%
American Pneumatic Ser—
*
3%
12
1%
High
Low
771
250
4
3
Week
High
67
48%
2%
4
Aviation & Transport cap. 1
Range Since Jan. 1, 1940
for
60%
35
Backstay Welt Co com—*
Barlow & Seelig Mfg Acom5
Sales
Last
6%
Low
Shares
40%
2%
2%
9%
35
Automatic Products com.5
Aviation Corp (Del)
Exchange
Friday
Common...
Week
High
15
*
Common.—.
Acme Steel Co com
25
Adams Oil & Gas Co com.*
Advance Alum Cstgs com .5
Apr
40c
72%
May 11 to May 17, both inclusive, compiled from official sales lists
Par
Range Since Jan. 1, 1940
for
of Prices
Low
Price
Par
Stocks—
Automatic Washer com—3
Stocks—
Sales
Friday
1
Allied Laboratories com—*
Allied Products com——10
Class A
25
Allls-Chalmers Mfg. Co.. *
Amer Pub Serv Co pref. 100
Amer Tel & Tel Co cap. 100
Armour & Co common
5
Aro Equipment Co com—1
Asbestos Mfg Co com
1
Associates Invest Co com_*
Athey Truss Wheel Co cap4
112
17% May
7,660
Jan
Mar
Bonds-
Certificates of Indebt 6%
4%-1947
official sales lists
May 11 to May 17, both inclusive, compiled from
Mar
Atlantic Coast L (Conn)—
Flnan Co of Amer
St., CHICAGO
Chicago Stock Exchange
Feb
10
89%
28
.
1975
La Salle
10 S.
Jan
32%
Jan
112
Preferred--..
A 5s flat
Municipal Dept. OGO. 521
405-406
Abbott Laboratories-
New Amsterdam Casuaity6
North Amer Oil Co com
1
Bait Transit 4s flat—1975
Principal Exchange*
Bell System Teletype
Apr
13% Mar
27% May
60
Member*
Trading Dept. OOO.
Feb
Apr
Apr
Apr
25c
258
1,655
Jan
Apr
36c
262% 262%
17
17%
27% 28%
Merch A Miners Trans p..*
—*
Seaboard Comml com-- >10
U 8 Fidelity & Guar
2
Western National Bank 20
82
40c
Mercantile Trust Co.—>60
> >
342
80
113% 117%
8%
13%
26
30%
Vml PL Davi s 6c
14% May
17
May
Atlantic Coast L (Conn) >60
Bait Transit Co com vtc*
1st pre! ▼ t c
SECURITIES
CHICAGO
May 11 to May 17, both inclusive, compiled from official sales lists
1,050
1,191
1,100
4.450
4
Jan
12% Feb
3% May
15%
Jan
42% May
10% May
1% May
40
May
41% May
4%
Jan
4%
9%
15%
9%
May
May
May
May
19% May
12
May
7
Jan
Apr
Apr
49%
4% May
17% May
5
Apr
18
Feb
57%
12%
2%
49%
Jan
Apr
Jan
Apr
56%
7%
Apr
Apr
6%
12%
Feb
25
Apr
12%
Feb
27%
20%
Feb
Apr
Jan
9% May
'
Volume
The Commercial & Financial Chronicle
150
i
Sales
Friday
Last
(Concludes)
Week's Range
for
Sale
Stocks
of Prices
Low
High
10
1
5
5
834
834
Heln-Werner Motor Parts 3
8
7%
Haraischfeger Corp
com.
Helleman Brewing cap
*
"13"
Houdaille-Hershey cl B__*
13
14
10)4
934
294
17%
34
2%
Indep Pneumatic Tool vtc *
"22"
15 X
Apr
May
16%
Apr
Jan
19 X
Apr
9%
14
X
250
-
1
Apr
2% May
6% May
21%
Feb
Mar
5%
Jan
13 %
Jan
Apr
28
250
IX
Jan
3X
767
May
90X
727
77 X
50
May
62 X
15% May
17
Feb
17
Jan
50
10%
May
Mar
Jan
1834
29%
1,600
1,300
18 X
May
23 %
45%
5%
150
45 %
May
50
4%
May
6X
Feb
7X
950
6
May
8%
220
100
Jan
400
4
Mar
6
101
100
"Ix
4
4%
42
Kentucky Utll jr cum pf.50
6% pref
100
Kerlyn Oil Co cl A com..5
X
900
IX
550
3%
V*.
Leath & Co com
1,450
27
27
*
100
101
May
103 X
Feb
100
49 X
Jan
42
Stocks—
3%
X
Mar
IX
Jan
Airway Elec pref
Mar
Akron Brass Mfg
Mar
c
May
9
10
534
May
3X
Apr
40
20%
Mar
Loudon Packing com
24
6%
15%
2
24H
28
5
com
Mapes Consol Mfg cap
Marshall
10 %
14%
1%
24
*
*
Field
com
"1634
McCord Rad & Mfg A...*
5
5
:
215
900
100
50
5,350
80
6
38
McQuay-Norrls Mfg com.*
500
28
*
Lynch Corp
5X
13X
50
38
f
6X
Jan
Jan
334
...1
$2 cumul part pref
26
*
3X
26
3 34
Mlckelberry's Food com.l
Middle West Corp cap...5
3%
534
5%
9
Minneapolis Brewing com 1
Common
2%
"5X
5%
21%
Modlne Mfg Co com.
pf.*
*
2134
200
3,050
12,000
100
2,200
5%
V:
26
4%
Jan
7X
Mar
2%
2834
Apr
26
Jan
30 X
Apr
10% May
5
May
15%
Feb
7%
36
39
Jan
Apr
■'
Jan
Apr
5X
25
4
Apr
3%
Jan
5% May
9
May
IX Mar
ht
50
*u
3X
800
19
c
Apr
c
Jan
24
Jan
Apr
Apr
c
Common
IX
35%
46
23
3 834
.*
com
Muskegon Net Spec cl A__*
23
8X
Lachman Sprlngfilled com *
Natl Rep Inv Trust con pf *
com.
10
x24
Noblitt-Sparks Ind
com.
.5
26
North Illinois Finance cm-*
Northern Paper Mills com *
Northwest Bancorp com..*
Northwest Eng Go cap
North West Utll—
"it
Prior lien pref
24
1,050
24 X
n%
300
11
1134
Perfect Circle (The) Co...*
Pictorial Paper Pkge com.5
Pines Wlnterfront com
Potter Co
1734
'26
.100
Sangamo Elec com (new).*
Schwitzer Cummins cap__l
1%
50
20%
1,008
26
27%
4%
ht
9%
%
2,450
c
Feb
15 X
Mar
May
May
2%
24%
38 X
Jan
Reliance Electric
Feb
c
May
29
5%
Jan
Jan
Mar
8% May
c
Feb
U pson-Walton
Jan
Van Dorn Iron Works
Feb
123%
154
55%
IX
734
%
250
X
May
X
300
X
Jan
uX
430
3%
9 34
37X
X
9%
26%
400
7%
69%
1%
83%
1%
29
30
14
15%
14%
150
13 X
Mar
50
Apr
15
29%
1%
1,650
13X
22%
Jan
30
8X
845
6%
May
20
75X
Feb
80
14
Mar
2%
28%
12
Jan
14
9
Feb
6X
76
"2434
76
160
5%
6%
28%
28%
24%
43%
5%
21
23 A
23
2034
20%
"lx
39%
4%
12%
25
12%
2
%
72 X
Union Carb & Carbon cap *
14%
81%
15
20
"56"
.....
Utah Radio Products com 1
20%
71%
United Air Lines Tr cap..5
100
1,200
1,622
13
6%
'23%
450
100
500
4%
Sunstrand Mach T'l com.5
■V
1%
27%
■
Swift International cap. .15
150
1,432
11%
24%
12
■
8%
23 %
25
com .10
80%
50
62
1,400
200
7%
Feb
4%
May
30%
10%
Feb
May
69% May
Jan
X
88
28
Apr
Convertible
pref
7
134
*
Walgreen Co common
*
z
19%
Wayne Pump Co cap
1
Western Un Telegcom.100
*
534
5%
X
Williams OIl-O-Matic com *
Wisconsin Bankshrs com.*
"4 34
3%
Yates-Amer Mach cap—5
'~334
3%
79%
2X
Zenith Radio Corp com..*
10 A
9%
Woodall Indust Inc cap..2
Wrigley (Wm Jr) cap
4
*
For footnotes see page
3183.
17%
Feb
15
Apr
4
234
Jan
Jan
100
11
Feb
1334
Mar
130
3534
Jan
4634
Apr
35
Apr
50
May
May
1734
Jan
194
Apr
4034
Apr
41
Apr
Jan
13
Apr
Jan
2134
Apr
27
Jan
3634
41
Apr
1%
1834
Jan
38
25
1
934 :
150
Jan
X May
856
1034 May
39
578
1934
Jan
634 May
954
7
14
1454
23
a7X
1,120
300
14
734 May
1334
Feb
Mar
12
Feb
1434
2,191
15
May
2334
Jan
1,551
34
May
4034
Mar
654
290
4
May
3354
700
2734
834
3834
Apr
125
30
Jan
734 May
a5054 a62
454
554
1,016
6%
354
954
954
a854 al254
a3154 a40J4
578
a3754 a43
354
..i
1434
20
170
9X
Jan
Apr
2434
834 May
Jan
1234
allJ4 al2
15
2154
34
3854
390
*
485
150
50
Jan
52
534
1334
Jan
Feb
Mar
Jan
6834
S34
Jan
Apr
May
434
1034
1334
3234 May
4834
Jan
434 May
334
Jan
934 May
734
500
575
May
Apr
Jan
Apr
IX May
2 X
4,450
20%
May
686
39%
May
Jan
Apr
Ay>
Jan
MEMBERS
Nmt* York Stock
May
1,258
1.599
72%
May
88
627
4
Jan
14%
Jan
7134 May
50
May
11034 May
1
May
Los
X
50
1%
IX
23%
21%
20
1.600
2,750
■•675
6%
350
1
200
4%
4%
88%
3%
14%
400
15
991
2,350
650
498
500
3,650
X
Jan
IX May
1% May
19 % May
21*4 May
15% May
95
May
5% May
X May
3% May
3X May
79 X May
2% May
9% May
Los Angeles
both inclusive, compiled from
Jan
Apr
1%
Last
Jan
Sale
%
Feb
12034 $24,000
118
May
High
Low
3,675
2%
May
Co...l
25c
25c
25c
200
25c
Apr
6c
6C
6c
200
1%
B common
Broadway Dept Store
Feb
Apr
6c May
3
Feb
1%
1%
IX
4,102
2
2,350
1%
154
May
Jan
75c
75c
75c
100
50c
Feb
1.00
*
4%
4%
5%
480
4% May
5%
100
Chapman's Ice Cream
*
Chrysler Corp
—5
Consolidated Oil Corp—*
Consolidated Steel Corp. .*
6%
93%
3%
Apr
Apr
17%
Apr
*
Creameries of Amer v t c.l
Apr
Electrical Prods Corp....4
]
Jan
45c
IX
Central Investment
Jan
6c May
4%
10
10
Byron Jackson Co
*
Calif Packing Corp com..*
Jan
131
Shares
3X
Bolsa Chica Oil A com..
Jan
Apr
High
2%
Blue Diamond Corp
23% May
Jan
24%
Jan
28%
7X
1%
5%
Range Since Jan. 1, 1940
Week
of Prices
Low
for
2%
Warrants
Apr
117%
Price
Week's Range
Bandlni Petroleum Co—1
Jan
2%
2
Par
Stocks—
Jan
official sales lists
Sales
Friday
Apr
87%
68%
124%
Teletype L.A. 290
Angeles Stock Exchange
Jan
23X
Exchange
San Francisco Stock
Exchange
523 W. 6th St.
May 11 to May 17,
Chicago Board of Trade
Exchange
Lob Angeles Stock
Apr
12%
1,690
3150.
Mar
450
332
page
Apr
17% May
Feb
7%
29% May
Feb
32%
25% Mar
47%
Apr
5% Apr
16%
Apr
1,450
Exchange—See
Detroit Stock
Preferred
Douglas Aircraft Co
118
3 34sl958
Jan
13
Mar
Bonds—
Commonw Edison
16
31
Jan
5X May
1514
Jan
23% May
107%
X
IX
IX
19%
21%
15%
95
Westh'se El & Mfg com.50
Wieboldt Stores com.
Feb
50
412
Jan
Apr
2X
Berkey & Gay Furn
5
Common
Apr
Apr
8,650
1,700
2,800
110% 120%
1
IX
IX
24
Utility & Ind Corp—
Wahl Co common
Jan
44
Mar
Jan
Feb
1231
3634
Mar
24% May
365
354
1
May
Apr
29
Feb
9% May
1% May
4234
1534 May
354
Youngstown Sheet & Tube*
Jan
1,600
Common (new)
"534
12
3%
IX
*
May
24
14
'24%
ox May
1
60
Jan
a754 al054
United States Steel com. *
... —
Feb
1934 May
734 May
mj#'m'mm
Weinberger Drug Stores.. *
White Motor
50
Feb
50
41
3734 May
334 May
mmmm*m
m
Jan
2434
110
mmmmmm
1
Jan
Apr
Apr
1334
1
...
1134 May
1534 May
50
454
Timken Roller Bear com*
c
1934
2034
May
485
'
3454
Feb
Apr
37%
%
*
Jan
12
50
205
35
X
10X
2154
a654
1654
*
Troxel Mfg.
Twin Coach com
Feb
2334
al034
38
mmmmmm
14%
Jan
1234 May
1554 2 0 34
al654 al854
_
c
Jan
3134 May
65
mm mm mm
Seiberling Rubber.
*
Thompson Products Inc.. *
Feb
X
■
•J m mm'mm
*
Republic Steel com
2134
41
134 May
2634 May
24 X
Jan
'mm mm* m
Rlchman Bros
Jan
1534 May
1%
X
*
Apr
Apr
50
Feb
15
mmmmmm
5
Apr
:
45
30
mmmmm
—*
com
Apr
117
*
37
235
35
Apr
k
2534 May
600
clO
mmmm
.*
Otis Steel
Mar
12%
;.i
Ohio Oil
Feb
620
*
Patterson-Sargent,
Jan
50
Standard Oil of Ind
.100
Jan
11434
16
mmmm
*
-
Jan
m
8
a28% a.36%.
mmmmmm
*
New York Central
12 X
May
"24
National Tile
Jan
70
Mar i
May
Feb
X
Refining (new)
c
3% May
X May
7% May
50
13%
9%
1%
United States Steel com..*
360
94
x9%
25
1,900
894
20
1
Thompson (J R) common25
350
26
Natl
Jan
Ohio Brass B
33
"~6X
Texas
90
61%
7X
14%
1%
17%
29%
Natl Malleable Steel...*
Jan
110
St Louis Natl Stkyds cap.*
Swift & Co
;
14%
22%
149
14
...5
f
May
688
"29"
Spiegel Inc common.....2
350
32
May
1134
320
South Colo Pow A com..25
pref
100
14 X
10
119
_.*
Slvyer Steel Castings com.*
8ou Bend Lathe Wks cap.5
cum
10
100
12 X
153
1
SIgnode Steel Strap pref .30
7%
300
11% May
149
6994
Sears Roebuck & Co cap..*
U S Gypsum Co com
50
110
10
Rollins Hsry Mis (new) cm-4
Trane Co (The) com
Apr
20%
13
35
154
mmmmmrn
110
5
Corp capital
mm
Murray Ohio Mfg.......*
National Acme
15034
10
Storkllne Furniture
Monarch Machine Tool--*
Jan
10
7%
Raytheon Mfg Co com.50c
Stein Co (A) com...
X May
12
20
17%
29%
.
9
1
Quaker Oats Co common.*
Stewart Warner
15
250
Feb
634 May
Jan
1831
11
15
mmmm m m
mm
13% May
30
mrnmrnmm
..1
122
150
350
3
1054
a36% a4l%
15
Metro Paving Brick.
*
Midland Steel Products-.*
5% May
1354
1054
mmmmmm
*
5,206
1654
13
"Vox
Jan
62
3%
X
1
Stand Dredge—
Preferred (new)
Feb
May
Jan
Jan
150
39
3
com.—l
*
Medusa Port Cement
Mar
36
J,
1634
1354
May
15% May
10
*
Common
Jan
Apr
43%
1034 May
10
42
39
*
7%
15 >■
1
Poor <fc Co class B
Serrick Corp cl B com
Mar
36
m'mm
8 X
1X
50
Peoples G Lt&Coke cap 100
Reliance Mfg com
1%
28%
Martin (Glen L)
McKee (A G) B
c
m
Feb
14 X
Penn Elec Switch conv A 10
m
"39"
*
...
May
1734
58
42
160
11%
7%
Penn RR capital
6% pref
Leland Electric
Apr
31
609
116
al954 a24%
a8
a9%
*
Lamson & Sessions
Mar
11%
—
1H34
580
3 2 54
89
4954 -V
130
al754
625
a3554
150
al3J4
454
al654
569
al5
776
al954
58
58
12
11%
62
al554
Kelley IslandLlme & Tran*
28
May
May
mm m m mm
Jan
18
1134
Penn Gas & Elec A com..*
Rath Packing com
Jaeger Machine..
Jan
al2J4
1,100
10%
10
"12
100
Preferred
3
Jan
m m mm
rnrn
10 X
14
8X
Parker Pen Co com.....10
(The) com
Pressed Steel Car com
1,650
Apr
mmm
rnmmmmm.
Interlake Steamship .....*
c
6
...100
7% preferred.
1,000
'4
.*
com
IX
Jan
31%
4%
Jnterlake Iron
a3054
al254
al254
m m m —
m'mm
mm
May
345
all5
al6
mmmmmm
*
55 %
8% May
X
Jan
28
1534
Numm-Bush Shoe com.2 34
Omnibus Corp com
110
1%
21
24%
9
*
80
200
Glldden Co com
109
6
*
met mmm'
m'm
25
Apr
51
4554
m
*
com
42 X
1% May
May
38% May
35
24
3X
11x
Nor Amer Car Corp com 20
10
1,457
9%
1%
National Standard
100
lX
35%
38 X
*
Preferred. .......... .*
10
6334
247
48
Goodyear Tire & Rubber. *
Great Lakes Towing
100
Halle Bros pref....
100
c Industrial Rayon com..*
Monroe Chemical Co—
Montgomery Ward
General Electric
com..
Jan
Feb
14
6354
al0754 all2
a21
a3654
2634
32
14
1354
1754
1154
12
1134
654
654
6X
.*
Mar
May
225
53
27 54
Apr
f.; 7
,
14%
16 X
1354
/.
Apr
Apr
'
685
"27%
*
Firestone T & R
835 V
654
all5
Goodrich (BF).
X May
8%
2934
"2654
1
General T & R
Apr
4% May
Jan
.
c
11X
Jan
740
9%
6634
May
5% May
mm <* *>m
5
Eaton Mfg
Elect Con toller
Jan
'4%
15
May
415
13
15
m'mm
Commercial Bookbinding *
Dow Chemical pref
100
Jan
30
Mar
May
*
1
Apr
11
53
Colonial Finance..
Feb
434
51
14
100
1934
1034
May
21
*
Cl Graphite Bronze com 1
Mar
434 May
70
1
mm
Jan
8X
49
654
1054
c
13
a25
11
a21
5%
10x
Cleve Railway
Cliffs Corp com..
/
«5134 a60
mm* «#«*•*.
1
Cl Elect Hi $4.50....
Apr
18 X
4%
1234
Cl Cliffs Iron pref
Apr
13% May
1X
Jan
24
May
Bond Stores com..
m
Amer Home Prod com_.l
40
200
510
10
4%
Clark Controller
Jan
14 X
9% May
7%
24
he
*
cnv
3,350
9
"2%
Midland United conv pf A*
Miller & Hart Inc
.
8%
26X
4X
7%
—
High
Low
Shares
a 1654
9
mm*immm
*
Brewing Corp of Amer...3
City Ice & Fuel
*
Merch & Mfrs Sec—
Class A com...
High
al5%
100
c
Apr
IX
6
Lindsay Lgt 4 Chem—
Common
Low
Addressogr-Mul com..10
c
5
210
Week
Price
Apex Electric Mfg.......*
4%
30
1,050
12 X
Range Since Jan. 1, 1940
for
of Prices
Jan
Jan
3,510
26
Par
Week's Range
Sale
1% May
3
May
25 X
Jan
2%
X
7%
2%
934
Sales
Last
Feb
450
26
Exchange
Friday
Jan
6%
5
*
Cleveland Stock
Apr
A-
6
534
234
Liquid Carbonic Corp com*
A. T. & T. CLEV. 565 & 566
May 11 to May 17, both inclusive, compiled from official sales lists
Feb
6%
in
6
LibbyMcNelll&Llbby com7
Lincoln Printing Co com.*
i
$3.50 pref
*
800
2%
X
5
20
102
2%
Kingsbury Brewing cap__l
70
45
100
10
Union Commerce Building, Cleveland
Apr
434
6%
100
•
-
Apr
2,000
'
-: r -1
Telephone: CHerry 5050
Apr
45%
"4%
Ken-Rad Tube&Lp comA*
GILUSM RUSSELLco.
Jan
200
12
'isx
Members Cleveland Stock Exchange
Feb
234
10 %
1
Kellogg Switchboard com.*
Lion Oil Refg Co cap
Jan
1,100
1,070
934
1534
"5034
Katz Drug Co com
Cumulative pref
13
200
2534
Ohio Listed and Unlisted Securities
Apr
42
150
84%
5534
1634
Joslyn Mfg & Supply com-6
Le Roi Co common
Feb
Apr
234
Jefferson Electric Co com.*
3148.
page
Apr
10 %
38
1,150
X
2%
*
La Salle Ext Univ com
6
10
5
50
*
Preferred
Mar
8% May
7% May
77%
International Harvest com*
Exchange—See
High
Low
70
16
6%
*
Iron Fireman Mfg vtc
Jarvis (W B) CoCommon
550
1134
22
Indiana Steel Prod com__l
Inland Steel Co cap
200
2,300
9%
9
3934
Hupp Motor Car com
1
Illinois Brick Co cap
10
Illinois Central RR com 100
Hubbell Harvey Inc com.5
Range Since Jan.
Shares
5
39
HIbbard 8pen Bart com.25
Horders Inc com
Cincinnati Stock
1,1940
Week
Price
Par
3181
11
a
18
11
11
a!7% a2l%
152
2,000
11
May
23% Mar
834 May
9
8%
9
120
1
1
1
200
1
Jan
76
76
76
845
76
May
7
7
730
7
May
7
4
3%
8%
8
5%
4%
0.78%
9X
a82%
10
5%
10
5%
a 92
10%
1,155
3% May
1,010
2%
Mar
Apr
May
14%
Jan
26
Jan
12
Mar
1
90%
8
6%
8
May
11
600
434
May
6
346
87 54
Apr
88%
2,238
9%
Mar
1054
Jan
Jan
Jan
Apr
Apr
Apr
Apr
Mar
=11
The Commercial & Financial Chronicle
3182
May 18,
«
Friday
Sales
Last
(Concluded)
Par
Emsco Derrick <fc Equip..5
Exeter Oil Co A
Week's Range
for
Sale
Stocks
of Prices
Week
Price
Low
10
High
9%
33
com
400
400
10
43
41
General Motors com
4%
Globe Grain ic MUling..25
Goodyear Tire & Rubber.*
Hancock Oil Co A com...*
7%
15%
33 %
52%
Philadelphia Stock Exchange
Low
1,005
High
8%
Mar
33c May
2,600
11
May 11 to May 17, both inclusive, compiled from official sales lists
Jan
43c
Last
Week's Range
for
383
Jan
405
Apr
Last
of Prices
Week
3,809
41
May
May
56
Apr
5
430
8%
300
17%
35
860
'
518
4%
6%
Mar
Par
American Stores
*
100
24%
Feb
American Tel & Tel
40
Apr
Bankers Sec Corp pref. .50
80c
Jan
Barber Co
Holly Development Co..l
05c
65c
65c
600
a3%
a2%
a3%
150
5%
Apr
6%
Mar
1
a75c
a75c
a75c
60
75c
Feb
87 %c
Apr
10c
10c
10c
1,000
1,000
10c
Mar
12c
Feb
2c
May
3c
Mar
13%
105
9%
Jan
15c
18,100
0,303
7c
Jan
16c
Mar
27%
Mar
41%
Apr
Elec Storage
405
3%
May
4%
Jan
General Motors
Hupp Motor Car Corp
Inter Coast Petroleum...
....10c
1
Lane-Wells Co
2c
al2
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp._l
Los Angeles Investment. 10
Mascot Oil Co
33%
3%
2c
2c
al2
12c
a
12c
38%
29%
3%
4
.1
55c
55c
60
1
Mt Diablo OH Mng & D..1
Nordon Corp Ltd
...1
3%
2%
4%
47c
47c
4c
3c
Menasco Mfg Co
Occidental Petroleum.... 1
al8
al8
62o
Mar
12% May
Horn&Hardart (PhU) com*
Horn&Hardart (NY) com *
4c
4,000
300
50c
Jan
6c
Jan
30c
Feb
Pennroad Corp vtc
Pennsylvania RR...
50
Phlla Elec of Pa $5 pref..*
Phila Elec Pow pref
25
30c
33c
1,100
30c May
47c
Feb
3%
4%
600
3%
May
Pacific Distillers Inc
4%
Apr
1
8c
8c
May
10c
Jan
11%
1,700
1,588
1,180
8c
9%
9%
May
May
13%
34%
34%
31%
Apr
25
25
29%
30%
625
27
27
27
170
a36
a36
a36
50
40%
Pacific Public Serv com.*.*
4%
Puget Sound Pulp & Tlmb*
Republic Petroleum 00m. 1
23%
5%% pref
50
Rice Ranch Oil Co....
39
2
36
10C
Richfield Oil Corp com..-*
Warrants
62 %c
Roberts Public Markets..2
8%
Ryan Aeronautical Co...l
5%
5%
39
*
30%
alO%
Sierra Trading Corp...25c
Signal Oil A Gas Co A
*
...
Solar Aircraft Co
20
4
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
6% preferred B......25
5%% preferred C
25
So Calif Gas
6% pref A..25
Southern Pacific Co
*
796
1,200
2,320
12
20
30
37
16c
17c
6%
101
31
8%
Jan
Jan
8%
9%
10
3% May
7
Apr
37% 44%
30% 33
al0% alO%
2c
2c
26
26
201
319
4%
25%
26%
29%
30%
28%
31
268
11
5,492
4,055
28%
7%
6,279
1,340
4,466
2,518
1,428
4%
13%
13%
15%
0,274
Universal Consol Oil
10
10
10%
530
21%
1%
1%
34
8%
4%
8%
8%
9
7
2
2
Feb
6%
7%
37%
30%
May
May
17c May
Jan
52%
100
670
26
May
2%
5%
4%
May
26% May
May
7%
May
Apr
Apr
30% May
Jan
30%
Jan
29%
34% May
Jan
15%
31
Jan
7
Mar
8%
12%
1%
100
17,15 J
225
Jan
13% May
17%
Jan
10
15%
Jan
9%
Mar
May
8% May
4%
Jan
14
2
Mar
100
2
May
3
170
5%
May
6%
8%c
500
6%
a40
6%
380
a47
202
al49% al72
23%
23%
25
6%
17%
6%
16%
5%
17%
22
22
22
5
1,298
1,801
376
3%
Apr
Jan
Mar
8c
Apr
May
14 %c
Jan
1% May
2%
Jan
May
5
May
3%
100
185
Bendlx Aviation Corp....5
Bethlehem Steel Corp
*
a31%
a77%
a!7%
a28% o34%
a77% a89%
al0% al9%
a44%
a52%
5%
a44%
5%
Commercial Solvents Corp*
Commonw A Sou Corp...*
a9 %
a9%
Continental Motors Corp. 1
3%
20%
Columbia Gas A Elec
Continental Oil Co (Del).5
Curtlss-Wrlght Corp
1
Class A
1
9
1
26%
Electric Bond A Sh Co...5
Elec Pow A Light Corp.
*
5%
a3%
General Electric Co
1
.
•
Intl Tel A Tel Corp
24 %
*
Kennecott Copper Corp..*
Loew's Inc
*
a26
Montgomery Ward A Co. *
New York Central RR...*
Nor American Aviation. 10
a38%
12%
21%
North American Co._..._*
Ohio Oil Co
*
al7%
Packard Motor Car Co..*
Paramount Pictures Inc
1
2%
33%
a7%
2%
60
5%
al7%
*
.
a8%
.
Pennsylvania RR
Pure Oil Co
Radio Corp of Amer.....*
Radlo-Kelth-Orpheum
4%
*
a7 it
*
Seaboard Oil Co of Del...*
Sears Roebuck A Co
*
16%
al4%
Socony-Vacuum Oil Co..15
a8 %
14
Republic Steel Corp
Southern Ry Co
*
Standard Brands Inc....*
Standard Oil Co (N J)...25
Stone A Webster Inc
_.*
Studebaker Corp....
Swift A Co
1
25
Texas Corp (The)
25
Tide Water Assoc Oil...10
Union Carbide A Carbon.*
United Air Lines Transp_5
United Aircraft Corp
5
United Corp (The) (Del).*
U S Rubber Co
10
U S Steel Corp
*
Warner Bros Pictures Inc.5
Westlnghouse ElecA Mfg50
Willys-Overland Motors. .1
a69
a6
a35%
a7%
7
a21%
Preferred
630
2
9,260
111
114% May
1,130
31,850
30%
5,781
30
May
Feb
6
Jan
41
May
Feb
6%
90%
Jan
4%
33%
55%
Apr
Apr
Jan
Jan
125%
35% May
2%
Mar
3%
Feb
8%
2%
Apr
24%
Jan
120%
31%
Jan
35
41% May
48%
2,300
770
Jan
Jan
2%
5,262
26,781
1% May
31% May
10% May
241
111% May
8% May
% May
36
10%
10%
Jan
125%
49
%
M
68
12%
111% 113
112
Feb
15%
424
ht
10%
Jan
15
5% May
34% May
%
1%
31%
31%
10%
*
Westmoreland Coal.
a.3%
a52%
a47%
5%
al2
*
10%
12%
50
May
Apr
Jan
Jan
2%
41%
Feb
Jan
15%
117%
Jan
12%
Feb
12
Apr
9%
7%
Mar
% May
1
Apr
10%
3% May
15
Jan
Mar
865
11%
31%
73%
339
85
290
23
10
Jan
47%
Jan
174%
31%
7%
Mar
Apr
Apr
24% Apr
22
May
8%
Apr
4%
Apr
19%
May
Pittsburgh Stock Exchange
May 11 to May 17, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks—
Par
Week's Range
for
of Prices
Low
High
Week
Price
Allegheny Ludl Steel com.*
20%
1%
May
12%
34%
Apr
Feb
Feb
84
23%
Feb
24%
Feb
31%
-.100
Preferred..;
6% pref series A
Copperweld Steel
10
138
31% May
1,086
7%
6
7%
11%
405
10c
15c
34,415
6
100
'19%
.....
Duquesne Brewing Co
5
Follansbee Bros pref
100
Fort Pitt Brewing
10%
1%
1
Jeannette Glass pref
6
1,610
4%
82%
19%
5%
82%
23%
3,460
14%
16%
398
11
6%
5
—10
Devonian Oil Co
13%
17%
1,729
1%
1,955
10%
1%
50
145
340
6
May
7% May
25% May
2%
Apr
8%
Apr
53%
Apr
11%
13%
Feb
Apr
40c
Jan
5%
Jan
6%
Apr
4% May
82% May
7%
82%
Apr
15%
Jan
14% May
25
11
14
Mar
20
Jan
1%
Jan
1%
29
100
29
May
32
170
78% May
10
*
75c
1.25
*
8%
Pittsburgh Brewing com.. *
1%
...»
7%
Jan
2%
Jan
36%
7
100
1%
1%
760
1% May
36%
4%
755
30
May
0%
May
Jan
May
6%
1%
1%
75
1%
Feb
99%
323
86%
May
1%
104%
Apr
6
735
4% May
8%
Jan
30c
30c
100
30c May
45c
Mar
"T%
6%
6%
1%
25
5%
Jan
1% May
9%
Mar
1
4
4%
1%
6% pref
100
Vanadium-Alloys Steel...*
100
3,450
4
00
60
21
60
30
32
175
29
15c
1
Waverly OU Works cl A..*
.
1.50
May
4% May
75c May
6% 4Jan
86%
"4%
Pittsburgh Screw A Bolt.. *
Victor Brewing Co
8%
1,600
86%
6%
5
.25
Ruud Mfg Co
5
Shamrock Oil A Gas com.l
3,628
Apr
Apr
100
Renner Co
0
30
Mar
May
10% May
5,909
10%
7
National Radiator Corp. 10
Westlnghouse Air Brake.
Apr
91
Fireproofing Corp
.
Jan
Jan
10% May
89%
Lone Star Gas Co com
Pittsburgh Coal com
Pittsburgh OU A Gas
May
Apr
17%
78%
8%
4%
'78%
Supply Co
Jan
10c
29
*
100
Hoppers Co pref
Pittsburgh Plate Glass
3,400
8*
.....
High
1%
*
...
By era (AM) Co com
Low
18%
Jan
1% May
6%
Feb
7%
33%
9%
*
Preferred
527
25 '
*
Armstrong Cork Co
Blaw-Knox Co
Range Since Jan. 1,1940
Shares
15c
3%
500
100
20
18%
3%
23
1,402
93%
*
93% 105%
49
Feb
Jan
2%
May
65
Jan
Apr
15c May
34
May
25c
Jan
Apr
3%
Apr
18% May
93% May
28%
Jan
117%
Jan
3%
Apr
Apr
3%
18%
1%
7%
"31%
Arkansas Natl Gas com..*
6
Apr
Westlnghouse E. A Mfg.50
Apr
ST. LOUIS, MO.
5
205
51
Apr
51%
Jan
245
5% May
13%
Jan
7%
16%
Apr
Apr
185
2%
20%
3%
20%
1,030
7%
24%
5%
g3%
11%
27%
5,536
6%
100
160
410
1
Mar
2% May
20%
May
7%
May
28%' Apr
5%
May
Gatch Bros., Jordan & McKinney
Inc.
Jan
1%
Feb
4%
20% May
11% Mar
29% Feb
8%
ST
a4%
80
Mar
8
32
May
40
Jan
47%
20%
418
Jan
841
LOUIS
STOCK EXCHANGE ISSUES
(MEMBER)
ST. LOUIS BANK STOCKS
Jan
32%
ACTIVE IN:
*
OLIVE ST.
A. T. & T. Tel.
Feb
45
5%
915
al2
al3%
24%
26%
41
May
259
16%
245
24%
May
May
2%
Garfield 3450
St. L. 494
Apr
38%
Jan
2%
400
May
4%
Jan
33%
33%
a25% a32%
a38% a45%
■11%
12%
17%
22%
al7% a21%
a6%
a7%
415
33% May
36%
Jan
175
35%
Jan
35%
Feb
592
45%
May
1,670
3,245
11%
17%
20%
May
18%
Jan
Last
Week's Range
for
May
26%
23%
Feb
Sale
of Prices
Low
High
Week
2%
2%
323
5%
5%
al2% a20%
a8% alO
4%
5%
7
2% May
Jan
8%
24%
Apr
Jan
Jan
9
Jan
130
1,538
7
4% May
1%
Feb
16
May
Jan
371
85
503
10%
May
14
May
260
Apr
Par
Price
American Inv com
*
Burkhart
40
..50
50
50
271
50
May
56%
100
35
35
30
35
May
36%
21
27%
295
16%
Jan
29
May
32%
5% pref
Brown Shoe com
39% May
32%
180
32
Jan
32%
May
Mfg_com
1
21
Apr
Lprefl—10
1%
Jan
Chic A SouSAlr
23%
Apr
Coca-Cola Bottling com..l
Columbia Brewicom
5
Apr
Dr Pepper com
Apr
15%
15%
18%
745
12
Jan
20
30
30
31%
222
30
May
34
16
17%
460
14%
20
370
*18%
Elder Mfg com
*
Ely A Walker D G 2d pf 100
*
87%
12%
17%
7%
43%
Jan
Falstaff Brew?com
Feb
Jan
18
9
100
9
102%
9
18
May
6
9
May
93
Feb
655
1
7%
271
40%
10
Mar
12
Jan
Griesedieck-West]Brw cm-*
Hussmann-Ligonier com'
10%
1,118
7
May
12%
Feb
Huttig S A G pref
Jan
Mar
Feb
23%
47%
Feb
Apr
Hydraulic Prsd Brk pfd-100
International (Shoe com
*
31%
30%
33
*
14%
14%
14%
7
7
*
7%
7%
8%
100
6
6
17
9
Jan
alO% all%
11
Jan
Johnson-S-SiShoe
a72
c80
Feb
82%
Feb
15
15
440
15
May
23%
Key Co'com
Knapp Monarch
46%
46%
1%
46%
538
1%
51%
2%
Jan
Laclede Gas Light com. 100
23
23
24%
625
23
May
38%
Feb
50
50
55
1,786
50
May
65
2%
2%
2%
a89% a89% al07%
2%
287
200
45%
10%
395
78%
500
com
com
.
2% May
4%
Apr
Apr
LempjBrew
McQuay-Norris com
Meyer Blanke com
1%
3%
Apr
Midwest Piping A Sply cm*
Mo Portland Cement cm-25
245
420
_
Mar
Jan
27
10
Apr
Apr
Apr
Apr
Mar
Jan
Mar
102%
May
10%
Apr
45
Apr
44
306
40
10%
11%
440
10% May
12%
95
Laclede-Christy Cl Prd cm*
205
46% May
1% May
Apr
Apr
22%
7%
19%
Apr
40
100
15
400
7%
Feb
16
347
Apr
High
697
%
6
Low
42%
a.72
2
Range Since Jan. 1, 1940
Shares
39%
39%
Prpfpyppii
120
255
a7
7%
Stocks—
a8%
g35 % a41
a6%
9
Sales
Apr
7%
30
a5%
Apr
Mar
21%
4,243
14
7%
4
307
a7it
14
Jan
Exchange
Friday
47% May
445
16
21%
al4% al7%
a69
a82%
a8%
a8%
o7n
Mar
152
160
3
St. Louis Stock
May 11 to May 17, both inclusive, compiled from official sales lists
alO%
2%
7%
30
Westmoreland Inc......*
a20% o23%
a39% a47
1%
Feb
1% May
1% May
6% May
1% Mar
17
May
%
*
a40%
For footnotes see page 3183.
1,070
1,300
41 %
al2
18
1%
32%
.
General Foods Corp
*
Goodrich (B F) Co.__...*
Intl Nickel Co of Can
*
Mar
16% May
a8% alO%
Caterpillar Tractor Co...*
6%
22
16 %
a.3%
23% May
867
a8%
a3%
a52%
Mar
330
5
100
172
1,949
10.
Canadian Pacific Ry Co.25
6% May
47% May
7%
3%
16%
Case J 1
May
34
17
20%
114% 116
%
1%
United Gas Improv com..*
Natl
6,000
,1%
5
5
114
1%
mmmmmm
Columbia Gas A Elec Co.*
10
50
Borg-Warner Corp
50
210
1,348
6%
17%
*
Jan
Unlisted—
v
Jan
28%
42% May
34%
2%
2%
45
Preferred
May
122%
44%
Apr
36
8c
Barnsdall Oil Co
844
44%
1%
Jan
8c
Baldwin Locomo Wks
44
1
20%
May
Black Mammoth Cons. 10c
Cons Chollar GAS Min..l
3%
1,402
Tacony-Palmyra Bridge..*
Mt Fuel
1
32
41%
May
May
5%
Aviation A Trans Co
2
_.*
1% May
20
8%
5%
6%
68
311
1%
1%
114%
Carnegie Metals Co..
1
Clark ( DL) Candy Co...*
4%
5%
Atchsn Topk A S Fe RylOO
Atlantic Refining Co
25
Aviation Corp (The) (Del)3
54
3%
34
6%
1%
Mar
7
25% May
28% May
31
31
May
Jan
Mining—
Anaconda Copper..
3% May
May
69%
Sale
3c
220
Alaska Juneau Gold Min 10
Armour A Co (HI)
1,710
May
114
mm mm
1%
1%
33% May
2c May
14,968
¥*
6%
32
190
Apr
5%
2
*
40
Apr
175%
Jan
8%
.
2
Amer Rad A Std Sanl
269
2,378
28%
"114"
'mm
20
220
6
14c
2,000
2%
5%
20
Amer Smelting A Refining.
a40
Amer Tel A Tel Co.
100 al50
180
6%
Apr
6%
1,075
18,049
Jan
4
31
1%
High
14%
8%
1.50
Transamerlca Corp......2
Union Oil of Calif
..25
Yosemlte Por Cement pf 10
2%
40%
May
31
10
May
May
62 %c May
20
VandeKamp'sH DBakers.*
Vega Airplane Co.
1 %
Wellington Oil Co of Del..l
2
85
5%
34%
United Corp com
May
518
6%
35%
Jan
28
1
Low
10% May
155% May
12% May
10% May
Apr
113%
3
May
1,618
42%
1
Tonopah Mining
Jan
13
10%
155% 173%
12%
13%
14
10%
2
— — mm
29%
Transit Invest Corp pref..
6
Jan
Salt Dome OU Corp
Scott Paper
Jan
307
Sunray Oil Corp
1
Superior OU Co (The)...25
Taylor Milling Corp
*
8%
May
May
Apr
7%
Standard Oil Co of Calif..*
1%
4%
Range Since Jan. 1, 1940
Shares
68
1
Apr
62 %c 87 %c
31
5%
25%
28%
26%
39
39%
49%
Mar
6,520
3,220
2c
Shell Union Oil Corp
29% May
27
May
35%
Jan
28%
2%
21
36
28
40%
4%
4%
2
1
Fafeway Stores Inc
.*
Security Co units ben Int.
31
29%
"~3%
mm
Lehigh Coal & Navigation *
Lehigh Valley
50
Natl Power & Light
*
al8
High
115% 116%
3
4%
32
32%
5
3%
3%
10
60c May
3c May
25c
Feb
mm mm
116
Battery—100
48c
28
mm
5
__*
com
4% May
30c
6% 1st pref
5%% 1st pref
Curtis Pub Co
Jan
3%
Pacific Indemnity Co... 10
Pacific Lighting Corp com *
*
Chrysler Corp...
Jan
Apr
1
28
Budd Wheel Co
40c
*
8c
-mmmrnm
mmmmmm
100
Preferred
1%
40c
Low
11%
BeUTel of Pa pref.....100
Budd (E G) Mfg Co
*
400
Pacific Clay Products
10
10
96,485
1,000
Oceanic Oil Co.
Pacific Finance Corp com 10
Pacific Gas A Elec com..25
Price
Apr
8%
7% May
15% May
33% May
Stocks—
Hudson Motor Car Co...*
Jade OH Co
Sales
Friday
Jan
35
405
4%
7%
15%
33%
Range Since Jan. 1,1940
Shares
10
37c
33c
Farmers & Merchs NatllOO
Gladding McBean «fe Co.
1940
95
95
May
97
Jan
1% May
2
May
1%
16%
16%
3
5
*
1%
3%
25
165
398
30
May
May
36%
Jan
75
14% May
15%
Mar
100
5%
Jan
7% May
8
9%
Feb
85
5
Feb
6%
Apr
157
17
May
3
May
4%
Feb
Feb
Feb
39%
15%
May
May
11%
Jan
12
Apr
1,060
37%
39
37
15%
10
Apr
15%
70
10
10%
725
10
10%
11%
525
10% May
37%
14%
20
Apr
Apr
Apr
Voldme
The Commercial & Financial Chronicle
150
Natl Candy com
Week'8 Range
of Prices
Week
Price
Low
9
4
4X
109X 109X
4
3X
5
St Louis Bk Bldg Eqpt cm*
275
1.25
1.00
7
5
100
95 X
7
Warrants
_
_—_
36
36
75c
101
101
75
6
8
23
27
1,930
Price
Low
Preferred...
10
99
May
200
50
Mar
1.05
100
1.00
20
28 X
11,566
12 X
Jan
12X
14 X
26 X
90
May
8,525
12 X
16
35X
1,414
26
2.00
770
96
Apr
Rayonler Inc
9
Apr
96c
Apr
1.05
20 X
R E «fc R Co Ltd pref.-.100
36X fMar
101
May
Jan
9
Apr
30
Apr
com
"l8X
..1
Preferred
25
Preferred A
27
2.00
1.80
..1
Richfield Oil Corp com...*
36
13 X
Rheem Mfg Co
36
13 X
15X
5X
3X
39X
1.50
39 X
1.50
515
"*i~50
5X
5X
5X
1,620
8X
9X
854
1959
55
55
62 X
$7,800
65
May
66 X
Jan
Safe Stores Inc com
1904
9
9
9X
12,000
9
May
12 X
Jan
Schleslnger Co (B F) com.*
7%
*
preferred...
25
Shell Union Oil com..
125
A Trust Co
First National Bank
39
41
Mississippi Valley Tr Co..
28
30
5X%
Bk
Commerce
Mercantile
34 X
31X
Boatmen's National Bank.
St Louis Union Trust Co..
*
,
Ask
Bid
Ask
Bid
128
51
54
solicited
Coast
Pacific
on
Stock
25 X
15,650
25 X
May
99 X
64
98 X
May
30 X
20
30 X
May
8X
5X
8X
11X
16,625
5X
5X
177
20
21X
8,555
25
29
*
Standard Oil Co of Calif._*
20
Members New
45c
45c
200
45c
10 X
11X
1,742
10 X
4X
5X
32,179
'11"
13 X
7%
7X
16X
13c
Waialua
Angeles
"16"
6X
3X
3X
10 X
1X
Agricultural...20
Western Pipe A Steel Co. 10
Yellow Checker Cab serl 50
Series 2
12c May
525
13c
13 X
2,959
1,955
1,111
1,610
4,546
15
9X
17 X
10 x
12
Apr
May
4X May
May
7X May
14 X
Jan
10
May
4H
Jan
3X
600
3
Jan
lix
8
25
860
8
May
50
25
May
27
50
286 X
17
18X
21X
415
15 X
17
17
18
180
17
May
17
17
25
17
May
1.90
2.10
Wells Fargo Bk A U Tr.100
Exchange
10
9
1
...5
Preferred...
Francisco Stock
May
10c May
2,500
4%
Vega Airplane Co
Victor Equip Co com
Cortlandt 7-4150
San
25
757
15c
10 x
United Air Lines Corp....5
Universal Consol Oil
10
York Stock Exchange
May 11 to May 17, both inclusive, compiled from
8X May
5X Mar
20
May
com 10
Transamerlca Corp
...2
Tread well-Yukon Corp
1
Broadway, New York
Private Wire to own offices In San Francisco and Los
10c
Tide Water Ass'd Oil
are
Saturdays)
Schwabacher & Co.
111
38 X
99 X
30 X
Union OU Co of Calif...25
Union Sugar com.......25
which
Exchanges,
5X May
8X May
May
99
30
X
99
Texas Consolidated OII...I
Thomas Allec Corp A
*
until 5:30 P. M. Eastern Standard Time (2 P. M.
567
99
Jan
May
3X May
39 X May
1.50 May
25,122
30 X
26
So Cal Gas Co pref ser A.25
Southern Pacific Co
*
Super Mold Corp cap... 10
Orders
6X
99
preferred
100
Soundvlew Pulp Co com.5
Preferred
100
Spring Valley Co Ltd
103
103
May
103
103"
Income conv
St. Louis Bank and Trust Companies
6X
16
46
100
Preferred series A
Jan
May
165
16X
16X
Mar
13 X May
2,050
3,021
7
6X
6X
1
Apr
1.80 May
36
10
36
50
Roos Bros com
18
27
Republic Petroleum com.l
St L Pub Serv 5s
on
May
99
50 X
Ryan Aeronautical Co...l
Quotations
34 X
913
99
Bonds—
open
39 X
34 X
Low
Shares
50
Apr
May
High
100
May
5X
Week
*
com
10
Jan
23
for
of Prices
Jan
1.37
75c May
101
Week's Range
Philippine Lg DistTel P100
Pig'n Whistle pref
*
Puget Sound P & T com..*
May
m May
May
7
932
23X
1
Wagner Electric com—15
—
Paraffine Co's
Par
Jan
34X
100
6X
-100
Preferred
Sterling Alum com—
Jan
(Concluded)
Jan
87H
210
7
*
—
Securities Inv com,
ex
in
Jan
6
115
75c
*
Scullin Steel com
Feb
1.00 May
5
95X
Mar
May
1085*
2X
10
7
7
12X
May
4
48
1.00
St Louis Pub Srv cm cl A. 1
8
200
1,335
Stocks
High
Low
Shares
8
8
*
Rlce-Stlx Dry Goods com. ♦
1st pref
100
Scruggs-V-B Inc com
1st pref
High
Range Since Jan. 1, 1940
Last
Sale
for
Sale
Par
1, 1940
Range Since Jan.
Last
Stocks (Concluded)
Sales
Friday
Sales
Friday
3183
286 X 290
50
1.95
Yosemlte Ptld Cem pref. 10
1 90
886
May
Jan
May
official sales lists
Unlisted—
Sales
Friday
Range Since Jan. 1, 1940
Last
Par
Stocks-
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Shares
Low
High
*
AlaskarJuneau Gold
5
534
634
4*
Anglo Calif Natl Bank..20
Associated Ins Fund Inc. 10
634
7
1,337
634
1,665
115"
-—1
1.55
Byron Jackson Co
*
Calamba Sugar com....20
Preferred
20
"l4"
Bishop Oil Co
1.55
1.50
Jan
193
10 X
May
15 X
14
May
19
Mar
150
::
19 %
37
Mar
30
834
20
65c
V-r:'.. 25
Jan
21X
Feb
40
Apr
9
Mar
65c
65c
Apr
17
May
May
40 X
Mar
26 X
Feb
May
May
52 X
Jan
9
40
40
2034
1,913
17 X
5134
2534
196
50 %
100
25
16c
700
I60 May
45
May
1,528
106 X
2134
5
285
14
1934
83
83
93
*
2.05
Di Giorgio Fruit com.... 10
5
*
..
9%
Electrical Products Corp_4
May
4X
Mar
May
87 X
57
Apr
May
106
Jan
470
21X May
4X May
Feb
26 X
May
6
Apr
285
May
300
Apr
14
May
21
I May
83
May
95
May
2.50
300
634
850
934
200
3.50
8X
Jan
9% May
10 X
5
Mar
May
20 X
May
Apr
May
8 X Mar
44 X
Feb
19
1,740
16
38
43
431
38
10
490
36 X
11
Jan
Jan
45 X
89
98
169
89
May
Food Mach Corp com...10
2054
2334
642
20 %
May
99 X
33 X
May
Apr
Feb
Foster & Kleiser com...2 X
1.60
2.00
515
1.50
May
2.20
Mar
634
4134
434
634
770
5,073
6X
41X
May
5234
534
4%
May
30
31
44
Fireman's Fund Indem..lO
90
Fireman's Fund Ins Co. .25
2X
ex
10
General Paint Corp com..*
42 x
General Metals cap
Genl Mtrs Corp com
4%
30
*
Preferred
4434
130
603
595
434
534
625
734
1334
934
10,496
14
335
Hawaiian Pine Co Ltd...*
1834
1834
358
Holly Development
..1
Home F & M Ins Co cap. 10
60c
65c
300
4034
1234
100
4X
Gladding McBean & Co..*
Golden State Co Ltd
*
Hale Bros Stores Inc
8
13X
*
Honolulu Oil Com cap—*
Hudson Motor Car Co
*
4034
12 X
1234
4
"
4
285
600
10
2~50
2.50
3.50
2,065
Langendorf Utd Bak A_._*
11X
1134
1434
673
*
5X
534
980
—.10
39 X
3934
4134
LeTourneau (R G) Inc._.l
23
21
2634
Lockheed Aircraft Corp..l
32
2934
39
Hunt Brothers pref
ClasB
Leslie Salt Co
A
5
2X
Magnln & Co (I) com
*
75c
7% May
13 X
Jan
18 X May
60c May
40 X May
12 X
4
2
May
May
Jan
25c
155
2,376
690
Apr
Apr
48,105
1.76
Jan
6
734
834
934
334
2,450
1,998
234
Occidental Petroleum
1
*~9X
Plant—15
*
Pacific Coast Aggregates .5
Pac G & E Co com
25
6% 1st preferred
25
5X% 1st preferred...25
Pac Light Corp com
$5 dividend
Pacific Pub Serv com
1st preferred
*
*
Preferred
10
1,363
9X May
Mar
4
Jan
28
28 X
11
Jan
Jan
415
9X
Apr
10X May
15X
May
Feb
1.00
May
1.50
Jan
28
May
May
34 X
34 X
Apr
29 X
39
4X
120
4
8,400
4,575
42
101
261
2,624
2834
10034 10734
5
434
2,198
2,604
274
1,317
26 X
39
100 X
May
4X
140
5X
730
29 X
12 X
4X
X
X
Bridge
Apr
Feb
Feb
8
110
5
Mar
28
500
28
May
6X
*
8X
7X
26
28X
6X
370
11%
12,961
286
31
6X May
7 X May
26
May
25c
100
25c
Apr
6X
al05 alOSX
34X
35X
allX al3X
585
5X
Mar
25C
10
Elec Bond A Share Co
Jan
May
May
28
Curtlss-Wright Corp
1
Domlnguez Oil Fields Co.*
Dumbarton
1
8
Cons Edison Co of N Y_.*
6
5
Fibre Brd Prod pr pref. 100
General Electric Co.....*
Goodrich (B F) Co com..*
10
1,335
100
34 X May
17
Apr
20
5X
5X
71
5X
Apr
Idaho Mary Mines Corp__l
Int Nickel Co of Can.....*
5X
6X
5,193
5X
May
a25X
2X
2X
40
Honokaa Sugar Co
Intl Tel A Tel Co
a25
*
com
1
12c
1.10
Kenn
Copper Corp com..*
a28X
a28X a33%
384
25
Matson Navigation Co...*
McBryde Sugar Co
4
5
4
May
a5X
202
8c
5,100
60 May
7X
7X
39 X
200
7X May
39 X
a20
Aviation.. 1
19X
al7X
20
Oahu Sugar Co Ltd cap. .20
39 X
Apr
May
2X May
5X
530
a21X
23 X
2,676
4X May
24 X May
14 X May
al7X al8X
180
a20
14 X
20
5X
20
698
6X
7,240
2X
4X
North American Co com.10
Olaa Sugar Co
4
20
Jan
May
6c
Nash-Kelvlnator Corp...5
American
23
a4X
Monollty Por Cem 8%«pfl0
Montgomery Ward A Co.*
Mountain City Copper...5
No
1,031
32 X
4
Mar
6c
1
National Distillers Prod..*
10c
OOc May
35 X
a4X
McKesson&Robbins com.5
M J & M & M Cons.
23
May
2X May
1,416
2,648
1.00
Preferred....
29
517
10c
90c
Italo Pet Corp of Am com 1
4
205
5X
20 X
Mar
10
20
May
10
20
5
Mar
Packard Motor Co com..*
3
3
295
3
May
Pennsylvania RR Co...-50
18
18
620
18
May
Pioneer Mill Co
9X
20
4X
Radio Corp of America.__*
Riverside Cement Co A..*
Schumach Wall Bd com..*
Shasta Water Co com
26 X
So Cal Gas C9 6% pref. .25
6% pref.100
*
1
25
United Aircraft Corp cap.5
United Corp of Del
,.*
Texas Corp common
4
Jan
410
3
X May
101
,v
24
20
May
8X May
250
9X
2,690
25 X
May
621
28 X
May
938
26 X
May
31
May
25 X
28 X
29
30
26 X
31
29 X
20c
35
6X
580
7
9
30
31
20c May
6
Jan
United States Steel com..*
49 X
75c
44
810
46
7
733
a38X a43X
46
75c
1,285
46
May
210
7X
a38X
1
U S Petroleum Co
4X May
255
6
28 X
Studebaker Corp com
9X May
1,968
20c
25 X
6% preferred........25
5X% pref
25
Standard Brands Inc
40
5%
4X
3X
8X
*
So Calif Edison com....25
S P Gold Gate
9X
4X
4X
3X
20
*
Preferred
2
May
Mar
75c May
3,000
91c
May
X
49 X
IX
ix
600
IX
May
Jan
5
"2
2
2
710
2
May
West Coast Life Insurances
8
8
9X
380
4
Jan
Utah-Idaho Sugar com...5
Warner Bros Pictures
*
No par
value,
a
d
Ex-dividend,
49 X
2,611
60
dividend, c Admitted to unlisted
Deferred delivery, r Cash sale—Not Included In range for
y Ex-rlghta.
»Listed, tin default.
Odd lot sales. 6 Ex-stock
CURRENT
Apr
of the
was
Insurance
May
108 X
Jan
offices
5X
Feb
Jan
Mar
129
184
117
May
120
148
May
154
Jan
has
been
Minnesota representative
appointed
Since September, 1936,
&
of the First Service
Bank Stock Corp.
Prior to
of the Minnesota Mutual Life
of Minnesota. His
be in the First National Bank Building in St. Paul.
John
Co., established in 1898, is one of the oldest municipal bond
Co.
will
Nuveen
in the investment department
for
Mr. Davis has been in charge
municipal branch of the research department
Jan
150
Davis
NOTICE
Corporation, operating affiliate of the First
that he
Jan
4X May
17X May
S.
—Robert
John Nuveen & Co.
50
117
1,136
x
31X
148
18
Jan
X May
2X May
347
May
May
21X
138 X
1734
31
8X
4
297
Feb
1.25
39
900
500
5X May
5X
Feb
200
27X
3X
a3X
13
5X
H
May
3X May
434
3234
2, 66
12X
4X
%
18
Mar
31
*95
7X
May
~4X
year,
6
1.00
a8X
29 X
Claude Neon Lights com.l
Columbia River Packers..*
trading privileges,
May
2934
2634
18
2X
a3X
1
350
a7X
4X
"a7%
18
Apr
5
28
18
3
Consolidated Oil Corp
Feb
1.75 May
Bunker Hill A Sulllvan.2 X
Cities Service Co com.. 10
5X
23 X
180
1.00
May
8X
600
4,853
Apr
440
28 X
24
1,031
2.50
1.25
5
26
1,175
30
1,550
10X
1.75
1.00
10
May
434
7 34
May
1.05
Feb
24
534
13
30 X
9
8
155 X May
62o
Feb
Bendlx Aviation Corp...5
Blair A Co Inc cap
1
Feb
5
734
2,127
32,801
24
Bait & Ohio RR com...100
28c
3,150
4
Aviation Corp. of Del
Aviation & Trans Corp
91c
80c
2.00
5
Atchison T & S F Ry.__100
Atlas Corp common..
5
Jan
67
15c
1034
"~9
Argonaut Mining Co
385
a5X
a7X
155X 155X
Anaconda Copper Mln..60
Anglo Nat Corp A com
*
10c
2434
10c
2034
4
a6
May
334
17 X
23
10 X
5
*
100
90
18
*
Pacific Tel & Tel com..100
25
May
May
4.50 May
11
Apr
3X
*
Pacific Clay Prod cap
20
Jan
5
Pacific Amer Fishleries cm5
Pacific Can Co com
200
934
May
8X May
2% May
26
5
*
*
Class B
Paauhau Sugar
6
20
24
"lOc
O'Connor Moffatt Cl AA *
Oliver Utd Filters A
14
23
Occidental Insurance Co 10
Feb
Mar
9X
19X
12 X
8X May
434
20
4
Feb
3%
10
6X
Apr
com—1
Natl Auto Fibres com—1
-.100
...100
No American Oil Consol. 10
Jan
30c
May
May
....
17 X
1.30
10 X
6% preferred
5X% pref
Feb
25c May
Jan
oOc
540
No Amer Invest com
44
Apr
18
445
Feb
41X
1134
6%
Jan
76o
Mar
27 X
1034
234
*
Apr
20 X
Jan
14
Natomas Co
Apr
Mar
35
May
11"
Menasco Mfg Co
6X
11X
15X
44
10 X
3,634
Mar
Feb
Apr
Machine..5
Calcul
Feb
34
8X
Meier & Frank Co Inc—10
March
7X
Jan
Apr
Feb
21
7,445
7X
56
16 X
665
81c
834
May
4X May
714
60c
834
30
11X May
5
May
39 X May
25c
Lyons-Magnus B
Magnavox Co Ltd
May
Sanitary*
"~88o
Jan
May
1.95
16
9%
109
5
■
16%
Emsco Derrick & Equip..5
Feb
24,737
1,199
40
Emporium Capwell Corp.*
Preferred
50
Jan
2%
902
5
4X
"14 X
Jan
35
2534
285
Crocker First Natl Bk.100
May
32c
68 X
1,936
106 X 10634
21%
26
55
49
13,257
6934
49
2X
Apr
150
334
68 X
49
3X
Apr
May
980
212
49
Jan
8X May
13
45
2.25 May
900
40
16c
45
Creameries of Am com—1
El Dorado Oil Works
100
12
25
"l6c
*
Preferred—.......
Jan
17X
50X
5
Crown Zellerbach com...5
May
40
17X
50 %
10
Cons Chem Ind A
May
3
125
1534
2134
9
Caterpillar Tractor com..*
Central Eureka Mincom.l
Coast Cos G & E 1st prflOO
6X
May
65c
Calif Water Service preflOO
Clorox Chemical Co
Jan
May
8X
Calif Packing Corp com..*
Preferred
50
Chrysler Corp com
Jan
3
2134
California Ink Co cap....*
1
7X
4
40
Calif Cotton Mills com. 100
Carson Hill Gold cap
Jan
115
10 X
—*
Class B
Feb
95
14
21X
6X
1.55
115
Calaveras Cement pref. 100
Calif Art Tile A
*
6X
May
100
3
3
Bank of California N A. .80
5
11834
4
1
Bandinl Petroleum
365
5
10
Amer Rad A Std
American Tel A Tel Co. 100
Amer Toll Bridge (Del)._l
He is
houses in the country.
a
graduate of the University
The Commercial & Financial Chronicle
3184
May 18, 1940
Montreal Stock Exchange
Service
Stocks
507 Place
Montreal Curb Market
(Concluded)
Week's Rangt
for
Sale
of Prices
Low
High
Week
Price
Par
1
9%
8%
English Electric B
—*
Foundation Co. of Canada*
Gatlneau Power—
*
"""8%
7%
..100
m+fmmmm
100
98%
Electrolux Corp.
Greenshields & Co
Members
d'Armes, Montreal
68R
Preferred....
5%% preferred
11%
Municipal Issues
Ash
Bid
Jan
Bid
4%s
Oct
39
1 1948
1 1950
41
5s
97
July
4%s
Oct
4
6%
4
4
,3%
6%
11%
11%
12
16
15
20%
90
90
97
99
Hudson Bay Mining.....*
24
24
20
80
89
Imperial Oil Ltd
12%
11%
74
77
Imperial Tobacco of Can.5
14
14
70
74
4%s
15 1905
80
83
Industrial 'Acceptance...*
Intl Bronze Powders
75
80
65
70
Intl Nickel of Can..
70
Intl Paper A Power
Province of Quebec—
2 1959
75
2 1950
1 1958
Mar
.Feb
4%s
1 1901
May
65
74
80
5s
65
15 1900
15 1901
75
5 Ms......Nov
Province of Nova Scotia—
June 16 1943
4Mb
4%s.«—Sept 15 1962
70
75
60
62
1 1951
mmmm
64
75
11960
50
15 1946
Oct
25
15
80
.
22
19
21%
mm •»
..100
m
3
420
3
m
mmmmmm
Bid
Ask
Bid
Canadian Pacific Ry—
4 Ms
Sept
1 1946
Jan
1,290
24
May
34
7,191
11% May
14% May
15%
Jan
16%
Feb
27
29
Feb
Feb
3,206
237
19% May
23
46%
Jan
295
Apr
23%
Apr
4,250
19%
24
Feb
6
Jan
94
Feb
14%
Feb
215
3
May
May
68
85
May
25
25
1,010
110
35
7%
1,455
25
152
Dominion Government Guaranteed
Bonds
Closing bid and asked quotations, Friday, May 17
Bid
Bid
84%
85M
4%S-. ....June 15 1955
4 %8.
.
•
80 M
84 M
86
85 %
86
1 1909
88 M
90
0%8
July
11946
99
100
88M
1 1960
11957
...Feb
4%s... ...July
6s
....July
Ask
Canadian Northern Ry—
4s
6s
....Oct
1 1909
90
....Feb
1 1970
89%
1 1962
80
Jan
1 1902
70
90M
5s
..Jan
3s..
91
mmmmmm
*
9%
Sales
Last
Week's Range
Sale
Stocks—
Par
Acme Glove Works Ltd..*
Preferred
Asbestos
11M
9
9
Apr
4
Apr
55
Fen
57
May
preferred....
11%
12
Mar
Tooke Brothers
3
Mar
Tuckett Tobacco pref.. 100
United Steel Corp
*
2,276
10
92
Jan
7
May
20 M
3,109
17
18%
13M
390
15
10
158
150
6
6
26
15
M
26
mmmmmm
*
6
2M
4M
42
770
1,040
M
158
8%
26
2M
5M
50
518
9,159
620
105
3,540
Building Products A (new)*
13 M
15
970
Bulolo
19M
3%
19 M
275
5
4,485
86
86
90
420
15
15
15
25
20
20
5
72
72
12 M
3%
13 M
6
13%
17 M
5
Canada Cement Co......*
Preferred.
100
......
4%
...
Can Forgings cl A.......*
Class B
*
Can Iron Foundries preflOO
Can North Power
-
-
-
5% preferred
....
Preferred.
Canadian
........
Preferred 7%
#.
13 M
mm+mmm
mrnmmmt*
7M
..25
Celanese
«.
4
50
CanWire A Cable cl B._..»
Canadian Bronze
*
Canadian Car A Foundry.*
-
12 M
Corp..*
Canada Steamship (new).*
26 M
....100
Rights.
...»
Canadian Converters..100
Canadian Cottons..... 100
Canadian Cottons pref.100
22
22
125
39
40 M
230
6M
16
18
*
U
21
26 M
33
124
126
mmmmmm
-
-
•
-
18
8%
21%
27
5,936
2,547
.25
25%
19 M
30
20
1,303
.100
......
117
25
8M
......
4M
17M
117
8M
12%
4
4
4
4%
17,413
......
5M
4
4
82
10
88
826
5
155
8M
May
May
8% May
70
80 M
155
May
17 X
4,085
82
80 M
25
May
X May
85% May
80% May
5
148
Apr
3,717
5
May
3
Feb
153% May
160
Mar
2
35
10
2
4
125
56
5
3%
2%
51%
3,625
May
Feb
Jan
30
28%
Jan
60
60
70
55
Feo
19%
22
160
27
27
1.15
1.60
1.20
1,385
1,000
19% May
1.15 May
1.10
May
Jan
Jan
6%
4%
Apr
60
Apr
37
Mar
60
May
24%
Apr
Jan
2%
Jan
2%
"Io%
7
7
195
7
May
12
Apr
60
7
60
5
58
Jan
70
Mar
Jan
13
Apr
Jan
164
10%
.12%
750
162
160
101
9%
160
Apr
169
173
149
168
Jan
176%
Mar
200
203
154
200
Feb
212
Mar
300
300
300
40
300
Mar
164
171
130
171
May
May
311
164
190
Mar
100
"200 "
Montreal Curb Market
May 11 to May 17, both inclusive, compiled from official sales lists
19%
9
Stocks—
Par
Feb
Abltlbl Pow A Paper Co..*
6%
7%
cum pref
100
cum pref
1.35
Aluminium Ltd.
7%
*
114%
May
May
Bathurst P & P Co B_—*
2%
Jan
Brewers & Dlsts of Vane.5
Brit Amer Oil Co Ltd
*
Mar
_
__
Beauharnols Power Corp.*
High
Apr
Cndn Breweries Ltd
7% pref... 100
*
40%
Jan
22
Feb
Cndn General Invests
125
Jan
Cndn Industries Ltd B_._*
Jan
Preferred
4
Jan
Jan
114
134
936
114
May
145
Apr
May
5
Jan
1%
3%
100
109
8
m-m mmmm
1.65
Cndn Marconi Co..
Jan
Cndn Power & Paper Inv.*
7%
5%
cum pref
cum pref...
*
No par value,
4%
3,064
4%
50
20%
17%
32%
3,060
109
■
8
107% 107%
1.40
2%
24
208
215
160
160
16
16
9%
..100
1
__*
90c
26
9%
90c
1.10
1.00
1.00
4
Jan
Jan
1,780
100
109
8
3%
215
Cndn Light & Power...100
Apr
Mar
17%
32
24
8%
Jan
May
May
4%
*
15%
5%
Apr
7
15%
29%
CanWlre&Cab6%cm pf 100
2H
18
15%
Canada Vinegars Ltd..—*
11%
Low
1.20 May
43
32
Can Starch
26,490
11,510
British Columbia Packers'*
Jan
2.00
18
7
Canada & Dom Sugar Co. *
Can Nor P 7% cum preflOO
Jan
155
Range Since Jan. 1, 1940
Shares
12%
1.20
18
Apr
90%
High
18%
32
89
Low
18
100
48%
27%
Price
Sales
Jan
Feb
Jan
117
Jan
83
for
Jan
22% May
86%
May
May
30
Jan
3%
3%
8%
Jan
May
70
1,313
16%
28%
87%
1.65 May
1.75 May
6
Jan
65
75
70
Mar
Week
Apr
28 %
15
of Prices
14%
29
103%
Week's Range
101
50
9
Mar
May
11
Sale
120
240
Mar
103%
Last
Jan
4,535
8%
2
235
1.10
1.50
mm'
100
Jan
Jan
Mar
Apr
30
m
Jan
10
13
Friday
Feb
39
Mar
Jan
112 M
101
6
Mar
126
Apr
100
29
—
15
Jan
Apr
120
30
—
m
Jan
May
45
Jan
32
27"
m mm
mmmmmm
Apr
11
4
*
Jan
52%
24%
116
56
3%
"
Apr
30
45
8%
8%
100, 100
153% 153%
4%
3%
21
170
22
101
25
72
10
22 M
•
Jan
May
May
13 M May
18 M
Feb
39
May
6% May
16
May
26 M May
......
—
m
Jan
May
65
mm
Jan
Mar
16
70
mmmmm
Jan
102
107%
5%
Mar
25
23
Dryden Paper
100
72
May
May
May
*
5,660
May
2% May
13% May
25
May
38
May
Banks—
100
22
4%
Zellers
13,012
12
100
Royal..
110
18,699
Woods Mfg pref
Nova Scotia
115
6%
7M
100
Jan
110
4M
Preferred
Jan
103
Jan
Feb
6
Feb
May
5%
♦
;
Feb
15
4,105
1,450
B
23
150
2
Winnipeg Electrio A.....*
99
Jan
10
♦
100
17%
100
*
Montreal
15
330
.*
Jan
Mar
12M
2M
Wabasao Cotton. ■_
Western Grocers Ltd.
Wilsils Ltd.....
Feb
100
-
100
101
105
120
m
Feb
100
11
p.
Jan
19%
120
m
24
Mar
120
m
Jan
13% May
16
20%
*
Preferred
17%
23%
8%
115
•
Viau Biscuit..
Canadlenne—...
Commerce.......
May
1%
Preferred
100
Dominion Textile.......*
Preferred
100
Feb
22
1.65
Dominion Steel A Coal B 25
Mar
7
128
2
Dominion Stores Ltd....*
*
Mar
3
Jan
2
Dom Tar A Chem...
Apr
Mar
Class B..........„...*
Dominion Coal pref
Mar
30
20
12 M
3 %
Jan
Apr
20
Cndn Industrial Alcohol.*
Dominion Glass
10%
Jan
124
12%
*
169
Jan
Mar
5
12
Bridge....
6M May
26
May
2M
Jan
4M May
13M May
19 M May
3% May
90
May
15
May
1.75
45
Feb
Feb
152
100
Dominion
4,617
150
Apr
Feb
May
Apr
21%
Canadian Fairbanks prf 100
Crown Cork A Seal Co...*
Distillers Seagrams.
*
11,628
1,260
16c
25 M
8%
20%
19%
15%
21%
Cndn Foreign Invest...100
Canadian Paclflo Ry...25
Cockshutt Plow.,..
*
Consol Mining A SmeltlngS
40
335
9,584
4,241
May
May
8M May
16%
100
*
Jan
11%
10
16
2
Jan
Feb
102%
17%
17
70
Mar
80%
80
11
Mar
11%
16
May
May
1,645
5,521
mmmmmm
13%
May
25
m'mmmmm'
12
4
45
70
11
May
14
35
,*
•1% May
11
May
115
70
25
25
255
May
115
195
35
Steel Co of Canada
Preferred—...
Apr
535
mrnmmmm
12
450
70
42
*
100
Jan
12
370
16
11%
Jan
33%
Mar
15
4%
18%
Jan
10%
75%
2%
45
Jan
14
3
Feb
Apr
70
98%
31%
32%
78%
13,685
106
Feb
May
27% May
20
98%
Jan
120
09
Jan
61
12
101
Jan
9%
May
26%
10
98%
Jan
6%
47
1,650
101
Jan
5%
Jan
66%
38%, Jan
41% Mar
8
4%
13
Feb
98
5
40
Feb
May
May
May
7
16
100
2.25
14M
8M
Preferred
200
12
4
50
St Lawrence Flour Mills..*
St Lawrence Paper pref.100
12
7
10
Bell Telephone.......100
Brazilian Tr Lt & Power.*
Brack Silk Mills...
4
12
92
42 M
100
British Col Power Corp A *
B
*
15
57
15
*
12%
10%
Southern Canada Power.. *
17
15%
9M
Paper A.*
Bawlf (N) Grain.......,*
51
mmmmmm
100
Simon (H) <fe Sons.
Preferred
High
7
17
*
Bathurst Pow A
..........
Low
92
mmm-mm
Corp..........*
Associated Breweries
Preferred
1.52
mmmmmm
Shares
3
57
11M
.
100
Amalgamated Eleo Corp.. *
High
3
......
AcmeGloveWks6 %%pf 100
Agnew-Surpass Shoe.....*
Alberta Pacific Grain A..*
Algoma Steel Corp......*
Week
of Prices
Low
Price
115
98
Sher Williams of Canada.*
Range Since Jan. 1, 1940
for
115
Jan
16%
40
14
.
Shawinlgan W A Power..*
Friday
45
Jan
27
48
70
.*
*
.
A
Exchange
344
11
m mm*, mm
Regent Knitting .;
Holland Paper v t„
Preferred
Montreal Stock
28
135
29%
37%
7%
12%
Saguenay Power pref... 100
St Lawrence Corp
*
May 11 to May 17, both inclusive, compiled from official sales lists
1,729
9%
10%
May
May
9% May
7%
Feb
May
98
May
7
May
98
5% preferred.
.100
Quebec Power..........*
.
63
12
Ottawa L H & P pref... 100
Power Corp of Canada...*
Price Bros & Co Ltd
'
125
11
mmmmm
Ottawa L H A Power... 100
._ .
Grand Trunk Paclflo Ry—
...
m
*
Ottawa Electric Rys.
Ask
Canadian National Ry—
1 1961
4%s...
Sept
Ontario Steel Products...*
Preferred
100
1,356
27%
59
41
59
30
59
45
38
45
mmmmmm
Ogllvie Flour Mills._..__*
Ottawa Car Aircraft
(American Dollar Prices)
125
28
26
Preferred..
National Steel Car Corp.*
3%
5%
May
2,405
Niagara Wire Weaving.. .*
Noranda Mines Ltd..
*
12% May
2% Mar
27
50
69
Jan
7,142
31
63
May
Jan
29%
37%
60 M
17%
15
107
48
66
13% Mar
131% May
25
115
42
1 1960
Feb
28%
30
1 1954
Jan
Apr
48
July
Apr
May
42
Deo
Ms
Apr
30%
19%
40
6s.
Jan
8%
25
Montreal Tramways...100
National Breweries.;
*
4
May
50
Montreal Telegraph
97%
4
45
9,891
68
65
Feb
106
Ask
70
Mar
May
5%
42
Mar
10%
5%
99
27
....
v"
65M
65%
70
27%
49
Jan
Feb
Feb
Apr
mmmmmm
68
perpetual debentures.
0s
.—Sept 15 1942
4%s
Deo 15 1944
6s...
July
1 1944
6
10%
96
15
Montreal Cottons pref.100
47
4s
Feb
23%
Montreal LH4P Cons..*
Canadian Paclflo By—
Feb
May
4,745
30%
Jan
90%
105
15
3
116
Feb
16%
11% May
4%
*
Feb
1,475
2,485
3
3%
Feb
5%
15%
2% May
3%
mmmmmm
May
98% May
3% May
5% May
89%
Jan
65% Mar
6
May
12
1,570
4,928
85
13%
13%
131% 131%
17% 24
15%
15%
12
11%
17%
—
*
*
McCoIl-Frontenac Oil
+
m
13%
131%
—*
Lindsay (CW)
Massey-Harris
3
85
3
100
Preferred
Preferred
(American Dollar Prices)
20
*
International Power
Lang & Sons (JohnA)—*
Laura Secord
3
Closing bid and asked quotations, Friday, May 17
36%
19
*
205
25
30%
mmmmmm
Jamaica Pub Serv Ltd...*
Lake of the Woods
Railway Bonds
25
31
28
———
*
International Petroleum.
Prov of Saskatchewan—
Prov of New Brunswick—
19%
13%
15%
28%
19%
mmm
Preferred.
153
5,010
100
11962
Jan
2,090
52%
6
2%
1 1969
69
Mar
8
15 1943
4s
5s
3%
92%
Sept
4%s
Apr
5%
92%
62%
...May
75
Apr
90
20
4s...... ..June
92
4%s
153
6s
69
5s
90
99
76
1 1941
Dec
90
mrnmmmm
*
3
98%
3%
40
5s........June 15 1954
5s.....
95
255
Hihg
May
May
900
6s
12 1949
1 1953
Aug
1 1942
8%
705
13%
10
37
Province of Manitoba—
4%s
Ask
Low
Shares
7% May
10
May
10
70
Prov of British Columbia—
5s
Oct
52%
Goodyear T pref inc '27.50
*
Gypsum Lime A Alabas..*
Hamilton Bridge
*
Hollinger Gold
——6
Howard Smith Paper..—*
Preferred
—100
Province of Ontario—
5s.
......
Gurd (Charles).....
(American Dollar Prices)
province of Alberta—
6
*
Preferred.
Closing bid and asked quotations, Friday, May 17
9%
4%
3
Rights..
General Steel Wares
Provincial and
Range Since Jan. 1, 1940
Last
Securities.
Montreal Stock Exchange
Sales
Friday
all Canadian
on
r Canadian market.
4
1,327
955
56
13
10
90
4,790
700
1%
3% May
4%
Jan
6%
Jan
5%
Feb
Jan
May
23%
19%
May
35
Jan
May
111
Feb
109
May
109
May
11
May
18
May
16
29%
100
15
JaD
Jan
Mar
107%
Apr
1.40 May
2%
Apr
107%
Jan
31%
Anr
15
9
May
2
224
Apr
9%
238
Mar
5
160
May
160
22
16
May
16
4,725
30
250
24%
90c May
1.00
4
Feb
May
1.40
1.50
5
Feb
May
May
Apr
Apr
Apr
Volam§
The Commercial &
ISO
3185
Financial Chronicle
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Last
Week's Range
Sale
Stocks
(Concluded)
Price
Par
Inquiries
Sales
Friday
1, 1940
Range Since Jan.
for
Canadian Mining
Week
of Prices
High
Shares
Low
High
Low
3
8*
10 *
12 H
300
12
Apr
May
33
Jan
48
48
48
25
48
May
48
May
Catelll Fobd Prods Ltd...*
13
13
15
310
13
May
18
Feb
7%
3
100
cum pref
Cndn Westinghouse Co
City Gas & Elec Corp
*
Alcohols
3H
■
1,555
10c
Too
15c
300
2H
4,335
20c
1.95 May
Commercial Alcohol pref.5
5H
6
225
6*
9
9
25
9
May
4
pref..2.50
Consolidated Paper Corp.
4*
Cub Aircraft Corp Ltd..*
1.00
90c
1.80
34,819
6,350
2*
2H
3H
335
B
Dom Engineering Works.*
4
7H
30
25
"I'h
*
B
4*
4
*
3H
190
8
12,564
May
8H
Apr
May
May
3*
3*
Mar
May
44
10
Jan
6
1,670
4
5
7
311
5
270
5
8*
May
5
4*
6,660
Fleet Aircraft Ltd..
*
5
4H
6*
8,136
Ford Motor of Can A
*
17
16*
18*
460
9H
11H
655
3*
*
2*
9*
Voting trust
*
International Utilities B..1
11
Lake St John P & P
17
10
25c
*
17 H
25c
925
25c
1.50
"§0c
145
20
16
*
*
13,193
1.60
315
30c
250
30c
7
Apr
May
Jan
6H
2*
May
4
May
10
May.
22
Feb
*
Feb
20
Jan
21*
Jan
Base Metals......
60c
Jan
28
16
May
1.50 May
2.00
55c
Feb
30c
Jan
Jan
Apr
13
12 H
14
587
18
May
22
Jan
32
45
485
32
May
59
Jan
97
97
99 H
80
96
Jan
101H May
1.00
4*
7
75
1.50
Feb
1.65
Apr
3*
Mar
7
May
May
6*
2,740
15H
Jan
3H
8
1,419
11
1.00
1.50
5*
Page-Hersey Tubes Ltd..*
100
100
30
100
May
115
115
20
115
May
115
44
44
5
43
Jan
2,105
4
Jan
111H
Paton Mfg
Co7%cm prflOO
PowerCorp6%n c pt2d pf50
44
Provincial Transport Co. _*
;4*
Quebec Tel & Power A
Sangamo Co Ltd
Standard Clay Prods
101
pf.100
47 H
4H
100
1.80
20
5H
!
6
May
1.80 May
Feb
Mar
May
3.00
Jan
Feb
36
5* May
May
112
30
65
35
Apr
7H
Jan
6
41
102
3
100 H 102
25
25
100
25
Apr
5H May
Feb
25
May
May
1.25
Apr
*
1st pref
100
100
50
75c
25
Thrift Stores Ltd
cum
4*
25
5H
*
cum
6*%
10
6
34 H
*
Sarnia Bridge Co A
6%
4*
6
Rogers-Majestic A
Sou Can Pr
5*
4*
1.80
May
May
4
*
Reliance Grain Co Ltd...*
10
10
25
6
Jan
4
Feb
5*
Jan
85c May
1.20
Apr
43 *
Feb
20 H
Feb
United Securities Ltd..100
Walkerville Brewery
4H
38
1.00
930
36 H
Walker-Good &Worts(H) *
4H
75c
75c
*
39 *
270
19
$1 cum pref
*
121
19*
Bank of Nova Scotia... 100
Bank of Toronto
.100
May
Apr
36*
Apr
May
19* May
12
.
Apr
12c
18c
23c
6,450
16c May
35c
Jan
Arntfleid Gold
1
6Hc
6 He
500
6 He May
Beaufor Gold Mines
1
8c
8c
1,300
16 He
13c
Jan
18c
8c
7c
Apr
1
9c
9c
Bouscaldllac Gold
1
3*c
3Hc
500
3*c May
Cndn Malartlc Gold
*
56c
56c
400
59c May
Big Missouri Mines
Consol
1
Feb
87c
Jan
12c
11,500
9c May
20c
Mar
1.98
200
1.83 May
2.40
Feb
10c
1
10c
20 *
770
l*c
im
*
18 H
l*c
4,500
2.90
Chlbougamau
Duparquet Mining
East Malartlc M Ltd
11c
3*c May
9C
,
1
Dome Mines Ltd
Jan
1.83
Cent Cadillac G M Ltd..l
Central Patricia Gold
500
Apr
3.40
3,100
10c
19
1*0
May
16c
Jan
May
Feb
29*
2*0
Jan
Jan
May
4.10
1
51c
58c
5,800
4,000
2 90
Eldorado Gold
51c
Jan
*
2.95
3.00
745
2.95
May
May
1.25
Falconbrldge Nickel
5 05
Apr
Francoeur Gold
*
J-M Consol Gold
36c
8,400
35c May
68o
Jan
1HC
l*c
2,000
l*c May
3HC
4*c
8,800
3*c
Feb
4Ho
8*0
Mar
5C
7c
1,500
4c
Feb
29c
1
Jollet-Quebec Mines
KIrkland Gold Rand
1
3*c
1
Kirkland Lake Gold
1
Lebel-Oro Mines
1
Mac ass a Mines Ltd...
"95c
1
Lake Shore Mines Ltd
1
21
95c
600
1.00
21
21
325
1.00 May
l*c
Jan
3.00 May
2Hc
2Hc
3.00
3.15
1,000
1,865
83c
1.07
16,200
83*
100
48c
Gold
Pandora-Cadillac Gold
45c
1
"82c
45c
78c
1.00
2Hc
3c
2.25
Jan
31*
92c
*
1
Feb
7c May
Jan
1.45
Mar
22*
3.05
"
Malartlc Gold Fields
Nor metal Mining
Jan
88c
5c
Apr
4 80
Feb
May
1.45
Mar
Jan
54c
Apr
May
1.82
Jan
2*c May
2.00 May
10 He
Jan
2.40
4,830
1,000
1,475
1.45
1.55
1,325
1.50
May
2 11
Jan
1
2.80
2.99
750
2.80
May
4.15
Jan
Preston-East Dome Mines 1
1.75
1.95
1,300
1.75
May
2.40
Jan
Quebec Gold...
__1
25c
30c
400
Red Crest Gold
*
4c
4c
1,000
Shaw key Gold
1
2 He
2Hc
1,000
2 He
Apr
1.00
1.00
100
1.00
May
67c
80c
23,490
O'Brien
Pato Cons Gold Dredging. 1
1.45
1
Perron Gold
Pickle-Crow
Gold
Sheep Creek Gold
Sherrltt-Gordon Mines
50c
25c May
3c
Jan
Slscoe Gold
1
72c
75c
8,325
68c May
72c May
Sladen-Malartlc Mines
1
32*c
41c
3,200
32He May
67c
1
Sullivan Consol
30c May
Feb
8Ho
5*c
Jan
1.00 May
1.15
95o
Apr
61e
Jan
Jan
77c
6,300
64c May
1.00
Jan
2.65
100
Jan
3.44
125
2.65 May
3.45 May
3.35
3.44
1
1
64c
2.65
68c
1
Sylvanlte Gold
Teck Hughes Gold
2.55 May
4.15
Jan
Ventures Ltd..
*
2.25
2.75
300
2.25
May
4.25
Jan
Walte-Amulet Mines
1
4.25
4.25
4.50
300
4.50
May
6.00
Jan
Wood-Cad lilac Mines
1
12c
10 He
16c
27,200
Jan
6.20
125
10 He May
6.10 May
3io
6.20
8.20
Jan
63c
63c
2,900
63c
1.03
Jan
2.35
Jan
45c
Jan
Wright-Hargreaves
*
1.53
1.53
100
1.53
Calmont Oil Ltd
_1
24c
25c
3,000
24c
Canadian Oil Cos
"_*
Calgary & Edmonton
Dalhousle Oil Co Ltd
Home Oil Co Ltd
16
10
16
1.45
...»
35c
3,700
30c
Okalta Oils Ltd.
1.30
2.22
22,440
1.30
Royalite Oil Co Ltd
1
3c
3c
75c
80c
300
20 H
26 H
600
"21 *
*
16
May
40c
Mar
3.10
3c May
500
...»
Homestead Oil & Gas
16
30c
*
May
May
May
May
May
May
Jan
7c
Jan
May
1.34
Apr
20Hc May
36c
Jan
1.06
Toronto Stock
Last
Sale
Par
Stocks—
Price
Week's Range
Week
of Prices
High
High
6%
1.90
12*
4c
4c
...1
Afton..
He
14Hc
He
...1
AjaxO<fcG_
Alberta Pacific Consol ...1
Alberta Pacific Grain.
-
mm
-
mm m
«.
mm.
26
17c
26
16c
8,215
8,710
1.10 May
7
May
4c
95c
1.02
7,805
95c May
5
5
3*
5
3,225
Bralorne
-.-*
13,200
8.50
8.30
9.75
»
Brazilian Traction
Brewers & Distillers.. Ills
British American Oil..
*
Brit Columbia Power A. .*
6
6
mmmmmm
18*
*
B
British Dominion Oil..
mmrnmmm
mmrnmmm
3H
*
Malting
*
Canada Steamships...
Preferred
1150
4H
14
B
Canadian
18
Breweries..
»
*
Preferred.-
Cndn Bk of Commerce 1100
Canadian
1.70
23*
Can Car & Foundry..
*
Celanese
Preferred
Canadian
7*
Cndn General Electrlo
IIso
mmrnmmm
mmmmmm
1.85
47c
Canadian Wallpaper A
*
9H
Wineries
Canadian Wirebound.
Cariboo
.100
Castle-Trethewey
...1
.
Mines
1
...1
Chemical Research
...1
22
Feb
May
14
Feb
6,075
6*
15*
May
May
16*
29
Jan
20
May
37*
Feb
11
265
2,115
122* May
15
20
May
32
Jan
10
225
Apr
240
Feb
2.25
1.65 May
Jan
1* May
100
3.02
2*
Mar
47c
2,385
1*
1.65
47C
60c
17*
4H
9H
7 '
13,000
850
Jan
25
55
13
May
16c
May
118*
Apr
4* May
9* Mar
40
17,612
4*
4
640
24
May
123
May
8*
1
Bakeries
*
Jan
2.55
Jan
5*0 May
14o
Jan
2,600
22,321
20c May
54c
Jan
63c
50o May
1.05
Jan
38c
3,550
35c May
680
Jan
40c May
78c
Jan
5
May
9*
Jan
15c May
33c
Apr
20c May
30c
Apr
Consumers
Cub Aircraft Corp
835
10c
3,000
33
1.00
21c
*
1100
Dominion Coal
..25
♦
May
49
Jan
160
May
178
Feb
25
29
100
25
31*
Apr
105
105*
Apr
22
105
May
May
34 H
22
27
Jan
1.85
1,540
18c 25Hc
38,800
1.10
400
33
1.00
22 H
5c
5c
27*
21*
10,224
18*
200
mmrnmmm
24H
18H
...1
6,775
May
20
May
24*
May
24
H
30*
1.30
100
10
50c
May
1.25
28
Apr
Jan
210
Mar
22*
36*
1.50
Apr
15*
Jan
May
May
May
5*
5
550
3*
May
8*
86*
2 He
2 *c
15
Feb
80
Jan
Apr
31
8
3*
11,058
Feb
May
109
1,588
12*
Jan
Apr
Mar
89
Jan
3*o
Feb
May
9*
Feb
4o
1,000
2 He May
4c May
10*0
Jan
5c
9,700
4*o May
80
Apr
3.30
62,980
4.10
Jan
lc
51
7*
480
2*0
3c
2,600
4c
2.80
4
106
29
5
28
28
1,955
15
109
245
8H
11
3
3 H
27*
65
27 H
9H
Jan
May
200
4*c
...
8c
27*
5c
5
4c
......
Apr
22* May
18* May
37
86
♦
Apr
20
3H
...
Apr
205
*
2.85
35o
1.35
20
1.30
1
Jan
18c May
1.10 May
May
200
106
mmrnmmm
.
34* May
3*
1 00
1,700
22*
3H
3*
Eldorado
No par value
30
128
8
Easy Washing Machine..*
Jan
6,600
4
Economic Investment. ..25
Jan
37
170
8H
Jan
16c
30
*
...
May
9*c May
160
mmm+mm
"ioo
Jan
Eastern Steel
9Hc
1.10
*
Dome Mines
4
105
31*
25
...1
Feb
17 H
""l
...
19
15
...*
Distillers Seagrams...
Jan
15,
16*
100
Preferred
Feb
1.98
Feb
160
Crows Nest Coal..... .100
Jan
1.65
3*
1.55
14,922
*
Cosmos..
4H
Jan
1.05 May
20
100
1.47
100
Gas
*
1.60
mmrnmmm
Apr
Mar
117
7,500
1.00
4
Apr
Apr
2.67
17,015
1.05
mmrnmmm
Mar
13* May
75o
1.15
mmemmmm
*
Consol Chlbougamau. nil
...5
Cons Smelters.....
•
62c May
1.82 May
2,700
1,000
Consolidated
Mar
129
25
235
20c
—5
Jan
122* 126
20
20*
26c
*
May
235
15c
17c
May
Mar
9*
20c
3.00
1.10
19*
20c
*
.
Commonwealth Petroleum*
....
Feb
7*
130
1,260
East Malartlc
Jan
10*
115
750
9
12,600
Coniaurura..
Apr
Apr
Feb
11*
60c
Jan
Apr
2 75
31*
178
21*
7*
6*0
7c
Jan
May
9*
6*
40c
Feb
2.68
23*
103
20*
5
16*
4Hc
77
40c
May
Apr
1,107
5H
Duquesne Mining.... ...1
*
East Crest-.......-.
Apr
1.25 May
3,723
20c
Jan
2c
2.25
29 H
173 H
1.25
23*
50c
35,900
4c
Apr
Mar
35c
23c
1.10
52
20c
54c
2Hc
1,250
39,692
Apr
24
8c
—.1
3,000
65
Jan
Apr
2.05
Dorval-Slscoe
4*c
Feb
17
45
65
65
Cockshutt Plow......
Coniagas
Apr
80
Cochenour-Wllllama Gold 1
*
Jan
21*
385
1.82
*
Gnmmntl
Apr
8* May
22
57 H
5*c
mmrnmmm
Chesterville-Larder Lake.l
fUirnmlnm
Apr
47
7c
...1
Porcelain
Jan
3 He
1.72
13* May
20
mmrnmmm
4e
3* May
3,230
1,193
3,300
25
3c
5*
17*
66c
Dom Scottish Inv pref -.50
1.10
3H
62c
mmrnmmm
Dominion Steel B
3 He
1
Ashley
160
116H 115H
mmrnmmm
Central Patricia
Preferred
Jan
39*
104*
May
1.90
Carnation pref
Jan
1.03
May
140
22
55
5Hc May
90
19
May
5*
360
234
2.00 May
114
Jan
II20
12,700
115
95
143
14* May
Preferred
49,585
35
140
32* May
Jan
Feb
Mar
145
Dominion Tar pref... IIoo
8c
8*
99
106
4,200
Dominion Woolens
80c
Feb
2.45
Jan
2.25
May
Jan
Jan
68
16*
Jan
55c
3*
92
May
104* May
13
155
4
Apr
2.20
3,400
93
92
May
2.00
21c
5Hc
56c
6
3H
47
45
14*
4
2H
2.20
48
47
2.16
Apr
6Hc
*
100* 103 H
5*
105
16*
May
1
Anglo-Can Hold Dev.
Anglo-Huron
Arntfleid Gold
May
100* May
75
III*
"II*
2*
Apr
55c May
2.20 May
Jan
4
100
4
4
1
Canadian
13 He
2c
47c
12
5
6,500
May
16
1,200
3 *c
22o
119H H9H
He
2*c
23,500
1*
5*
16c
2*c
Jan
22c 30*c
'
C P R
Dominion Tar
1
Jan
2.39
20*
1100
Preferred
Mar
*
Gold Mines
14
May
33
*
Canadian Oil
1 He
11
May
1 25
15*
*
Canadian Malartlc
He May
14Hc May
495
10
17,750
26
*
Dominion Stores
14*
330
1.78
17*
Cndn Industrial Alcohol A*
B
Jan
14*
12
26
mmmmmm
_*
Dredge
Feb
17*
14
7*
10
*
1125
Preferred
Canadian
Jan
4*c
May
275
163
163
20*
*
B
8.00
2c May
3,720
8,020
56
*
Can
A
3.50 May
2*c
18
50
Canadian Bakeries pref. 100
Mar
11
4.95
2c
47
*
*
Canada Wire A
6c
11
3.50
14
13*
Apr
38c
Jan
32*
mmrnmmm
Jan
Apr
Jan
90
35
90
1100
3*
Jan
60
104H 105
mmrnmmm
Can Cycle & Motor preflOO
Apr
Mar
18c
23c
Canada Cement Co... ,._*
Can Permanent Mtge.
30
69o
1.25
Canada Packers
23*
19*0
-
10
Preferred.
5*
May
May
9c May
1.35
50
Feb
18
26
30c May
10
1100
Apr
2,200
•
B
May
10*
14,700
2C
rnmmmmrn
Jan
11.00
69,850
4.00
*
Canada Bread
Apr
Apr
11*0
8c
IIIi
Calmont
9*
13c
9c
*
Calgary & Edmonton.
Jan
Apr
Mar
12
42
75
6c
mmrnmmm
62*0
110
2*
30o
9c
Building Products (new).*
...*
Burlington Steel...
4
Apr
Mar
109
45c
*
—.1
Buffalo-Ankerlte
May
5*
6*
Mar
2*
Apr
6 He May
310
Buffalo-Canadian
6
1.19
6,476
26
*
Brown Oil
3,890
9*o May
4H
2H
Broulan-Porcuplne
Jan
Jan
5
20*
4*
18
20
26
Feb
5o May
8.30 May
10,463
8
Feb
8
36 H
195
7c
Jan
10
60
39*
May
12o
65
8
37 H
5c
2.60
36
10 H
8
~T*c
Bobjo
Central
158 H
34c 355,825
20c
10
*
..50
Jan
3* May
150
786
150
*
Preferred.
May
May
16o May
4
480
4
2,500
1,000
2,500
26
Jan
5
Blue Ribbon
Apr
Jan
*
Blltmore
Feb
15*
6c May
22c
Feb
28
9* May
3* May
11,200
17H
22 He
12
#
1
315
268
33o
Beauharnols
Bldgood Kirkland
Jan
Jan
Mar
l3o May
3H
156
280
211
9.450
Beatty A..
Bell Telephone Co
10*0
1,355
18c
95c
Beattie Gold..
Canada
May
6*c
2*
28 H
13 He 13
2*
,
*
Steel
Astoria Que
Aunor Gold
m
*
Aldermac Copper
mmmmm.m
mm
*
,100
Preferred
Algoma
1.10
7
7
*
Acme Gas
Amm
1.30
preferred
28
5
6c
Dominion Scottish Inv ...l
*
Abltlbl
50
Apr
300
May
260* May
5c
Dominion Foundry
Low
Shares
Low
42
12c May
200
100
Bear Exploration
Dominion Bank
Range Since Jan. 1, 1940
for
304
9H
3H
*
Den Is on
Sales
Friday
302
.250 H 257
28
28
9H
5c May
4,700
16,566
98
13c
B
Delnite
Exchange
16c
High
Low
Shares
201
Ill*
Bathurts Power A
7Hc
12c
17c
Davies Petroleum
May 11 to May 17, both inclusive, compiled from official sales lists
5o
...»
Conduits
Oil-
Anglo-Canadian Oil Co
"30§"
met «•«■»»»
28
,\
A
Mines—
Aldermac Copp Corp Ltd.*
High
200
.100
v
Range Since Jan. 1,1940
for
Week
of Prices
Low
7c
1
Cons
Bank of Montreal
May
32
*
Bankfleld
11
25c
Price
1
Barkers pref
MacLarenPow & Paper..*
Mitchell (Robt) Co Ltd..*
Par
Bagamac
18 *
10
Massey-Harris 5% cmpflOO
McCoU-Fr Oil0%cm prflOO
Melchers Distilleries pf__10
Stocks (Continued)
Week's Range
Jan
8*
Jan
6H
Falrchlld Aircraft Ltd
Sale
Feb
May
May
Last
nrr
Sales
Friday
Jan
4*
25
6
KootenayPw7%cm pflOO
Melchers Distilleries
TORONTO
11 Jordan Street
Jan
90 c
EastcrnDarles7%cm pf 100
Lake Sulphite Pulp Co
Mackenzie Air Service
J The Toronto Stock Exchange
(Winnipeg Grain Exchange
k
Members
Feb
10
2*
E
Fraser Cos Ltd
and Industrial Securities
"
*
Donnacona Paper A
«»
Mar
6H
May
Consol Div Sec
listed and unlisted
Jan
3.50
10c May
1.95
*
Commercial
3
an
F. J. CRAWFORD & CO.
Jan
10*
*
Cndn Vickers Ltd
invited
50c
65c
29,000
25
4
2 80
May
Jan
8*
May
18*
Jan
3
May
4*
Mar
27* May
29*
Jan
1.23
Jan
50c
May
The Commercial & Financial Chronicle
3186
May 18, 1940
Canadian Markets—Listed and Unlisted
Sales
Friday
Exchange
Sale
Par
Price
Week's Range
of Prices
High
Low
5
25
for
Range Since Jan. 1, 1940
Week
*
Orange Crush
3.40
26 X
7,310
5,180
3c
4c
Low
High
5Hc
Falcon bridge
—*
3.00
3.00
20
3 He
22
1
1
25c
*
Fleury-Blssell pref.
5
100
Fleet Aircraft
25
16 X
16
4H
Perron...
10 H
Jan
Photo Engraving
9
May
27
Jan
May
Gatlneau Power
*
11H
11H
13 X
510
90
90
15
3H
4
150
6H
7H
970
4Hc
Jan
Power
16 H
Jan
Prairie
97
Feb
5c
2 He
3,500
35c
15c
25,500
31,875
30o May
13o May
10c 14 He
20,800
11c
6,400
10c May
9c May
32c
........1
1
14c
13c
11c
1
10c
9c
21,000
Goodyear Tire & Rubber.*
Preferred
60
79
78 X
80
35
May
80
78 X
63
53 H
53H
54
1
2c
2c
2Hc
2,200
2c
6
10Hc
2 He
Apr
Jan
Jan
Roche
Mar
5Hc
Mar
3c
4Hc
2,500
*
4
6H
241
4
May
Voting trust pref
*
*
21
27
21
May
27 X
Jan
2H
24H
2H
Feb
3X
Mar
*
Great West Saddlery
Preferred
60
Greening Wire
30
Gypsum
»
3X
Halcrow-Swaiey...
1
33
125
25
12H
"~39c
13 H
255
12H
35c
46c
18,700
3
4H
1,780
11,200
lc
Halliwell
1
lc
2c
1
Hallnor
Hamilton Bridge
*
Hamilton Cottons pref..30
Hamilton Theatres
"I X
35
100
5.60
1.00
60
60
Hargal Oils
lHc
2Hc
6,000
6H
4,800
37 H
6.50
140
1.00
"70c
335
66c
87c
40,580
17c
*
17c
1,000
4c
4Hc
4,500
4c
lie
Holllnger Consolidated
Home Oil Co
6
11H
*
1.48
1.30
Homestead Oil
1
3c
2Hc
*
1
22
28Hc
24
11H
22
13
4,990
2.25 120,426
3c
24
25c
13,900
130
5H
34c
21,685
27 H
24
2,565
30
8
Feb
May
35c May
3
May
lc May
2c May
5.60
Mar
3X May
May
11H
Jan
16c
16c
1,500
16c May
22c
Feb
1.00
1.01
2,225
8
Apr
35
Mar
1.00
Royal Bank
*
Royallte Oil
Russell Ind Ltd (new). ..10
UK)
Preferred
21H
15
—
15
mm*-mm
...1
4
*
5H
5H
Sllverwoods
Preferred
Feb
Simpsons A
Feb
B
4H
Jan
Preferred
18
1.48
Jan
Slscoe Gold..
15
35
100 H
80c
20,795
72c
30c
44c
4Hc
11,500
3c
5,500
Jan
Standard Paving
»
4HC
75c
25c May
3.10
Jan
7 Ho
Feb
25
Mar
40Ho
Jan
May
34
Jan
5H May
11
Mar
24
50c
*
825
4
4
25
4
48
48
48
135
39
Steel of Canada...
»
68
64 X
70H
..25
70
64
75
Preferred-
105
*
1.53
1.45
2.48
154,162
Straw Lake Beach
*
4c
3Hc
4Hc
24,700
1
*
31
Jan
Feb
63c
80c
5,050
63c
Mar
1.02
Jan
2 50
May
May
3.45
Feb
Jan
Sylvanite Gold
1
2.50
2.50
2.75
Mar
Tamblyn common
Teck Hughes
*
10
10
11
Apr
1
3.40
3.30
3.65
13,965
15 H
Jan
Texas-Canadian
1.50
2.25
Apr
Apr
Tip Top Tailors pref.. .100
1
Toburn
Toronto Elevator
International Petroleum..*
19
104 X
125
18,632
37
101
May
113 H
29H
*
May
47
Jan
24
Feb
Toronto Elevator pref. ..50
Jan
8,759
1
25c
25c
200
18 H May
25c May
1
17c
18c
1,600
17c May
27c
Apr
Towagmac
Jacola..............
1
2Hc
3c
6,000
2Mc May
5o
Jan
Uchl Gold
Jelllcoe
1
6c
7Hc
6,733
6c May
19c
Jan
Union
lHc
lHc
5,500
lHc May
7 H May
4Ho
9H
Feb
United Fuel A
1.96
May
2.75
Jan
United Steel
15c May
90c May
32c
Feb
Upper Canada
1.54
Jan
Ventures
Jan
Vermllata Oils
Jan
Waite Amulet
Jan
Walkers
2Hc
"lHc
*
1
8
2.06
40
8
1.96
2.32 114,023
15c
21
15c
1,700
90c
1.08
55,690
■19X'
"90c
23 H
3,419
19 X
May
IX
400
IX
May
May
Lake Sulphite
Lake of the Woods.
*
*
18
18
23
Lamaque
*
6.25
6.00
6.35
62
52
IX
Landed Bank & Loan. .100
*
1
3
IX
40
15H
35
15 X
8c 11 He
19,450
11H
2c
18
6.00 May
50
Jan
15H
8c
1
60
12 X
8,252
795
54c
*
2.05
Apr
8c May
12 X
Mar
lHc
Jan
lXe
3c
6H
25
...l
6H
25
54c
65c
17,550
1.90
2.40
17,090
946
25
1,483
24
....*
26
25
26 H
*
24
24
26
11,500
65c
32
2H
27
7.60
55
Apr
Mar
108
1.45
13
Apr
Mar
88o
Jan
May
3.40
Jan
May
28 H
Jan
26 X
Jan
4.75
2.25
May
106 H
48 X
80
50c
14
16
35
35
39
Jan
49
Apr
90
Feb
40c
315
3H
4H
10,425
72c
66c
92c
77,805
59o
2.10
3.15
18,042
2.10
May
...1
17 He
»
4.30
5,310
16,143
*
36
34
39 H
2,411
18 H
18H
20 H
1,313
18 H
11,200
8o
10c
10c
14H
90
90
m
m
Jan
20 H
16o
Feb
May
5
Jan
37
Jan
47
Apr
12
Feb
15
Apr
90
99
Apr
3Hc
Jan
2
270
*
20
2c
2,500
May
lHc May
1.10
mmmmmm
95 H
lHc
mmmmmm
*
1.75
675
1.10 May
2.62
1.25
225
1.00 May
2.38
75
75
Apr
5
12
mm
Jan
43 H
1.00
100
...1
B.
6.05
1,065
3
40
2
%
Winnipeg Electric A..
13c
2
40
12X
*
Jan
17 He May
Jan
100
Westons
4.35
May
4.05
Jan
97c May
4.05 May
34
May
1
Wood (Alex) pref
Wood Cadillac
Feb
6H
15c May
5.40
15c 17 He
*
Preferred
Preferred
Mar
10
Feb
2.25
Feb
'42
May
35
May
5H May
3H May
180
6H
Jan
Jan
17
14
*
Wiltsey-Coghlan
1.12
May
5H
3H
...1
Preferred
35c
12c May
13,450
2,043
Jan
Jan
Mar
8Q
4,400
40c
1.90
32
May
47 X
6
17c
110
May
23
85
12c
May
Feb
1.45 May
600
300
14 H
•
Wendigo
Jan
1.20
1.50
80
*
Western Canada Flour
Jan
Jan
2,600
25
B
Feb
4.15
12c
•
Gas
12
15
48 H
„
10
3.30 May
50c
Feb
17
22H0
_
,
9,950
1,295
108
23
24
mm** mmm
1
Jan
5Xo
9X
6H May
54c May
1 90
mm m
Toronto Genera) Trusts 100
21X
Intl Utilities B
Jack Waite
Mar
2.05
41c
29X
18 H
20Hc
8Hc
15 H
101
100
Apr
Apr
Jan
16 H
114
Jan
3 10
8Hc
Feb
11?* May
100
83
1.45 May
3 He
Feb
May
14 H May
30o
Jan
166
May
Jan
Jan
1.10
500
-
May
86 H
Jan
May
4Hc
1,885
m
6H
48
11 He
12,650
105
2.00
1,000
8,406
13 X
100
Jan
Jan
4,505
64c
...1
Jan
7Hc
1.50
15H
May
May
Feb
Apr
4Hc
13c 16 He
14 H
8
Feb
Mar
1.10
1.15
mmmm
11X
730
Feb
4Hc
14c
*
30 He 30 He
100
64 X
64
1,005
Steep Rock Iron Mines
...1
10K
610
Jan
7Hc
Jan
Sullivan
8
95c
May
*
Preferred
Jan
8H
105
2Hc May
3c May
50c May
Standard Steel pref
220
H
12 H
Jan
May
72c May
30c May
29,700
2Hc
21H
May
5H
97
16
4c
May
.1
15
65
11
97
-
30c
205
B
20
9
-
3Hc
103
Little Long Lao
Loblaw A
May
—
1
210
Lebel-Oro
5X
*
205
Legare pref
Leltch...
200
72c
...1
(new)...
5H
...1
Sturgeon River
Lang & Sons
May
Feb
Sladen Malartic
Sudbury Contact
Laura Secord
Jan
4H
6H
7H
South End Petroleum.
Sudbury Basin
Lapa-Cadillao
8.75
Slave Lake
Jan
O
1.18
May
4
Jan
Feb
.....1
May
5 90
400
Jan
Apr
Lake Shore
68c
4,277
Apr
12
1
78,071
18c
1 30 May
2He May
17 H
Jan
Jan
92c
lOo
15
1.24
6.95
19Hc
4o
Jan
68c
May
17c May
Jan
5Hc
May
1 00 May
5.90
10c May
11
May
10
Klrkland Lake
4,000
9
1
74H
Klrkland-Hudson
1.03
Jan
24
2c
1,500
1.00
*
May
1
3c
Jan
6.10
♦
May
May
1
55
19
2c
100
8
Kerr-Addison
57C
12c May
3H May
May
29,800
68c
10
Kelvlnator
17c May
18
May
4
57
J M Consolidated
Jan
12,600
1
10
Preferred A
15c
30c
»
50
International Nickel
3,000
17c
Sherritt-Gordon
53
100
Jan
8Hc
23c
Sigma
8
Preferred...
2.50
6c
May
6c May
Feb
11
*
1.72
Feb
65
Intl Metals A.....
31,570
7.75
8
12
2.08
1.00
10
....
1.72
1
57
Inspiration
Feb
Apr
Mar
*
205
210
5H
20H
5H
3Ho
3Hc
72 H
Jan
Apr
15 X
*
May
Jan
17H May
10
Jan
3X May
66c May
190
20
Jan
400
_
1
Apr
Feb
100
36H
Mar
3H
64c
Jan
155
19
Jan
15H
Apr
Phawinlgan
6HC
15
1,994
12c 15 He
14 X
Shawkey
Sheep Creek
28
190
163
Jan
May
1.75
1
Sand River
57c
3H
12c
3H
Senator-Rouyn
42c
30
May
May
May
May
140
170
Jan
15H
1
San Antonio
18,500
26 H
17 H
170
50
A
4c
175
19
*
St Anthony..
St Lawrence Corp
100
20%
163
Feb
2.38
May
25
May
33*0 May
25
25
3Hc
3Hc
163
Jan
12 H
22c
6,725
25c
25
mmmmmm
30
8
30
22c
*
500
28c
30
7
Jan
1.42
May
May
1.62 May
28c May
85,750
2.12
28c
28c
1 00
555
10
1.62
1
preferred
100
Imperial Bank of Can.. 100
Imperial Oil
*
Imperial Tobacco
6
B
Huron <t Erie
7
7 H
1.75
1
Mar
1.00 May
2.18
May
100
8H
60
May
7?*
mmmmmm
L L
38 H
2.50
35
3,000
10c 13 He
1
*
....
6
3 X
Highwood
Hudson Bay Mln & Sm__*
Hunts A
*
100
60
Harker
Honey Dew
Howey Gold
2,176
3X
*
1
3X
35
1
Preferred
Harding Carpets
Hard Rook..
IX
30
*
...1
Gunnar...
540
3c May
Feb
90c
175
1
...
Riverside Silk...
Jan
Jan
Great Lakes vot trust
Grandoro
2 05
21,100
8
—
22e
3Hc
Apr
4,525
1.11
1
Quebec Mining
26o
Apr
2.35
2.25
90c
*
Reno Gold
Feb
Jan
7H
Real Estate Loan
69o
57 H
Jan
4.25
2.55 May
2.09
25c
Pressed Metals
Mar
Jan
Feb
98c
Preston E Dome
Jan
2.12
24
7M
1
Feb
87
Jan
18,980
53c
May
May
18 H
1
Feb
23o
Apr
♦
10 X
Jan
24o
1.41
131
3.05
Premier
90
May
May
Jan
10c
3Hc May
10,750
2.12
Jan
Apr
*
41,350
2.55
Mar
6
May
32c
1
Royalties
11H
4
2.35
May
1.58
2.63
Corp
1.10
24,000
...1
Powell Rou
Jan
30c
*
Graham-Bousquet
Jan
lie
70o
4Hc
1
Gold Eagle
22 H
Feb
111
May
20 H
1.41
19
......
6Hc
Jan
98
200
5Hc
9X
13H
May
May
3c May
15,665
4H
24c
24c
1.41
1
Mar
8o
1.20
3Hc
*
7
265
105
1.10
4c
1
Cons.
25c May
16 *
3H May
5H May
4Hc May
1H c
Jan
God's Lake
Paymaster
Pickle-Crow
Pioneer Gold
lHc
6
Glenora
Golden Gate
25
98
1.10
1
Partanen-Malartic
4H May
4,325
Goldale..
3o
3,695
1,700
22,500
1
22
Jan
36c
Rights
High
4X May
Jan
11
11,500
4Hc
4
Apr
19 X
Lake
30
Apr
Mar
8He
8Hc
Gillies
5.00
6 He
8c
General Steel Wares..—*
May
May
3.00
11
3c
102
*
Porcupine^.
Feb
25c
100
Paraour
5Hc May
28c
Preferred
Feb
700
*
Petroleum„25c
Page-Hersey
26o
*
25
25
*
A
Foundation
Jan
Jan
17c May
50
100
8H
11
4c
3
1,215
4X
8H
......
......
*
6
Francoeur
Ford
Low
Shares
High
4X
4X
*
Ottawa Car
6
4H
14,500
5Hc
17c
_
20
5
6,100
—*
Firestone Petroleum
Low
*
Preferred
Shares
17c 21 He
Extension Oil
Fanny Farmer
Federal-Klrkland
Week
Price
Par
Pacalta Oils
Equitable Lite
for
of Prices
Sales
Friday
Stocks (Continued)
Week's Range
Sale
Stocks (Concluded)
Last
Range Since Jan. 1, 1940
Last
Toronto Stock
75
5
75
12c 17 He
1
2.90
2.90
3.50
25,855
Feb
Wright Hargreaves... ...»
5.80
5.80
6.65
22,405
1
1.50
1.35
1.73
31,071
1.35 May
2.55
Jan
Ymlr Yankee
r*
5c
4c
5c
9,000
Madsen Red Lake.......1
28c
26c
40c
31,300
26o May
62o
Jan
York
7H
515
83c
83c
1.09 100,400
500
lc
83c May
1.45
Apr
Jan
Jan
Mar
Jan
Mar
lHc
30c
12c May
7,500
May
2.90 May
85
May
Macassa
Mines
MacLeod Cockshutt..
Malartic
Gold
1
Manitoba & Eastern
*
Maple Leaf Gardens.....*
Maple Leaf Milling
»
Preferred
*
Maralgo
lc
*
Preferred
Preferred
56
6H
4
3H
5H
4,675
1,200
3X
2Hc
2,700
4%
9,665
2c
3%
3H
34
32
»
6
6
:...100
Mclntyre
97 H
43
7H
2H May
May
2c May
4H May
McKenzle
l
1.02
McWatters Gold
*
29c
Mercury Mills
Mining Corp
*
May
May
Feb
101
60c
96
46
1.17
21,095
May
0.99 May
37c
12,750
25o May
86c
7,400
60c
May
1.33
20c
2,000
30c
95
May
Monarch Knitting pref.100
Monarch Oils
25c
60
60
5
60
May
Morrls-Klrkland
40 H
1
Murphy.
*
National Grocers pref
National Petroleum
National Sewer A
20
3 Hc
Nay bob
1
40 H
3 He
4Hc
lXc
7H
1,205
520
21c
1.01
1.15
*
57
57
63
1
4 He
4Hc
4Hc
4Hc
1
Preferred
May
5
Apr
Alberta Pac Grain 6s.. 1946
63
65
Gt Lakes Pap Co
Algoma Steel 5s
70
Int Pr & Pap of
1st 5s '55
Nfld 5s '68
60
Apr
Jan
Beauharnols Power 5s_ 1978
80
2Hc
Apr
80,050
13,700
1,100
5,262
500
lc
Jan
6H May
25
Jan
5He May
May
Canadian Canners 48.1951
65
Canadian Inter Pap 6s 1949
Canadian Vickere Co 6s '47
81
37He
Jan
4Hc
Apr
May
1.40
Jan
May
Apr
78 H
7c
6Hc
Jan
1,500
4Hc May
35c May
60c
Jan
50
60c
Feb
1.30
Apr
300
3H
4X
Apr
Apr
90c
16,975
75
May
May
1.81
Jan
1.02
23,300
65c
May
1.35
___1
18c
16c
24c
25,231
34o
Apr
Jan
35
16c May
10
Mar
5,200
30c May
44c
66
53
55
Feb
6,630
30c
64
N Scotia Stl & Coal 3 Hs *63
72
61
65c
31c
McColl-Front Oil 4Mb 1949
70
75c
*
84
Canada Cement 4HS-1951
Canada SS Lines 5s...1957
Jan
Jan
84c
Plata
67
29
Jan
10 H
69
1
Oro
60
27
21 He
46c
11
58
Minn & Ont Pap 6s—1945
76
1.05
11
49
63
73
2c May
4c
60
58
39
Calgary Power Co 5s_.1960
14o May
57
65
1961
65
37
Mar
May
1 01
65
65
Maple Leaf Milling—
2Hs to '38-5 Hs to '49_.
Maasey-H arris 4Hs—1954
British Col Pow 4HS-1960
Brown Co 1st 5 Hs
1946
63
Mar
*
*
rnmmm
8H
Okalta Oils
Ontario Steel Car::
1948
26 X
O'Brien
Omega
Ask
Lake St John Pr & Pap Co
8o
3Hc May
4 He
3H
Bid
Ask
48
Jan
35c
3H
Bid
282
267
1.05
35c
(American Dollar Prices)
63
8
2Hc
■
Gen Steel Wares 4H8.1952
45
2c
Closing bid and asked quotations, Friday, May 17
38
500
*
3190
36
1,525
3,500
14c
*
page
1953
8
6Hc
1.05
Normetal
Exchange—Curb Section
Abltibl P & P ctfs 5s
59
14 He
2c
Norgold
100H
Jan
8
*
North Star
99H May
Jan
45
6
Mines
85
16,200
9c
45
Newbec
Nor don Oil
5
24,866
1,000
Nipisslng
Noranda
$3,500
93He
25
5HC
Feb
Apr
85 H
99 H 100H
6c May
25H
6H
97
May
85
99 X
55o May
40 H May
,000
24,745
1,377
270
lXo
6?
*
*
67c
20c May
25
25c
Steel Car
6Hc
55c
270
1
National Grocers
National
6c
*
Jan
7H May
Mar
6
100
Jan
Apr
11
Industrial and Public Utility Bonds
Jan
99 H
65
95
Corp....
Corp B
mm'
See
Jan
95
Moore
mm
Toronto Stock
Apr
*
Moore
War Loan 1948-1952..
Jan
12 H
1
66c
8.15
5Hc
85
Uchl
Jan
58c
Jan
Modern Containers Co
1
1.47
6H
Model Oils
Moneta
7H
Mar
140
10
20c
Knifting
May
4c May
5.80
Jan
115
1,487
60c
*
Apr
58
12c
Bonds—
Jan
Jan
Jan
Jan
6
48 H
99c
Jan
365
99
25c
May
9X
4 He
6H
59 H
9H
32
97
9
9
5H
1,520
46
5
*
Jan
8H
2H
9
2%
100
McColl Frontenac
Apr
4X
8H
1
Massey-H arris..
Xo
...1
11
61c
5X9....
40
Consol Paper Corp—
1961
40
43
4Hs '59
65
69
Price Brothers 1st 5s..1957
5Hs ex-stock
64
66
Power Corp of Can
Dom Gas & Elec 6 Hs_1945
Dom Steel & Coal 6Hs 1955
65
68
Quebec Power 4s
69
71
67
69
1956
50
53
4-5s series A
Players 4Hs.. 1951
65
67
4-5a series B
64 H
66H
1962
62
64
1966
70
75
.1965
1965
44
47
31
33
Saguenay Power—
Dom Tar & Chem 4 Hs 1951
Donnacona Paper Co—
4s
Famous
Federal Grain 6s
1949
4 Ha
8eries B
Winnipeg Electric—
May
Feb
52
♦No par
value.
/Flat
price,
n
Nominal.
Volume ISO
The Commercial & Financial Chronicle
Quotations
Bid
a3s
15 1969
1
Jan
City Bonds
Ask
Bid
91*
93*
93*
1977.
95*
95*
a3«
Feb
1
1979.
a3*s
a3*s
a3*s
a3*e
a3*s
July
1
1975.
May
Nov
1 1954.
1
1954.
m
103* 105*
Mar
1
1960.
m
102* 104*
15
Jan
a4s
May
o4a
a4s
a4s
048
93*
•
98
100
103* 105*
1976
102
104
1
1957.
108* no*
Nov
1
1958.
May
1
1959.
May
1
1977.
109* 111*
109* 111*
no* 112*
Oct
1
1980.
111
a4*s Sept
a4*a Mar
1
a4*s
a4*s
a4*s
a4*8
a4*s
a4*s
a4*8
a4*s
a4*s
a4*s
o4*s
Mar
1
1964
«» m
Apr
1
1966
m
—
Apr
15
1972
m
—
1
June
1974
15
1976
1
1977
15
Feb
1978
Jan
Nov
Mar
1
1
1
1957
«»
im
1963
1965....
a4 *8 July
1
15
1971
o4*s Dec
1
1979
-
•
-
1967
o4*s Dec
«•
•
1
112* 114*
1962.
115
117
116
—
1
113
114* 116*
115* 117*
a4 *s June
Mar
Bid
116
115* 117*
1957
Nov
114
'
1981
May
Federal Intermediate Credit Bank Debentures
Ask
113* 115*
115
113
1960.
1
Over-the-Coiinter Securities—Friday May 17
on
New York
<z2*s July
118
—
—
due
Aug
116 * 118*
119
121
Pat
A Trust
121* 123*
Bid
52.40
3s 1981
52.45
...
52.50
---
Canal A Highway—
5e Jan A Mar 1964 to '71
Highway Imp 4*s Sept '63
Canal Imp 4*8 Jan 1964..
Can A High Imp 4*s 1965
4s Mar A Sept 1958 to '67
128
Barge C T 4*8 Jan 1 1945.
23...
Ask
101
3 *s '76
ser
ser
3s 1976
1977
Dec
6.50
3s serial
...
107
rev
2*8 serial
.—
1980
1953-1976..
rev 1945-1952
Call May 16 '40 at
68*
555
SAN
71*
195
Bid
210
96
97*
61.00
94*
62.00 2.50%
Ask
.
Home Owners'
U S Panama 3s June 11961
Ask
Loan Corp
*s
..May 15 1941 100.8
Reconstruction Finance
*%
*%
notes
*%
1%
100.12
July 20 1941 100.16 100.20
Nov
1 1941 100.16 100.20
Jan
15 1942 100.16 100.20
July
1 1942 100.21 100.25
U 8 Housing Authority—
100.16 101
New York Bank Stocks
Par
Bank of Manhattan Co. 10
Bank of Yorktown._66 2-3
Bensonhurst National..
Bid
Ask
14*
-
~
«.
Par
50
75
13.55
29
169
177
Fifth Avenue
690
m,
Bid
Ask
National Bronx Bank...50
42*
46*
National City..
12*
National Safety Bank. 12*
15*
42
23
24*
11
13
Penn Exchange-
10
45
50
50
27
28*
26
28
740
_
100
30*
Peoples National
Public National
103
36*
Bid
101.16
Commercial National. .100
Bid
34*
102*
95*
96*
98* 100*
Ask
120
.100
First National of NY
104
101
FRANCISCO—
Bkof AmerNT ASA 12*
1*% notes Feb 11944.. 101.18 101.24
Chase
Ask
101
100
Corp—
100* 101
Call July 3 '40 at 102
United States Insular Bonds
>...
Ask
300
533
1 1940 100.26 100.30
...
Triborough Bridge—
3*s s f revenue
Philippine Government—
4*s Oct
1969
4*s July 1952
1-3
100
Commodity Credit Corp—
*%
Aug
1 1941 100.5
100.8
1%
...Nov 15 1941 100.26 100.30
106
Gen A ref 3*s
...
107*
MAS
33
Bid
280
l*s Jan 3 1944—
Gen A ref 4s Mar 1 1975.
Gen A ref 4th
6.25
MAS
Par
Northern Trust Co
2s May 16 1943—
Bid
105* 107
lit. li t lift
Harris Trust A Savings. 100
213
2s
Apr
1 1943 102.20 102.28
Federal Natl Mtge Assn—
Ask
Inland Terminal 4*8 ser D
1942-1960
---
112*
Gen A ref 3d
1941
2 1941 6.35%
Ask
■'
h
201
Bid
128
Port of New York—
MAS
2 1940 6 .30%
Jan
Obligations of Governmental Agencies
Authority Bonds
Bid
Holland Tunnel 4*8 ser E
1941
MAS
Dec
Federal Home Loan Banks
136*
California Toll Bridge—
San Fran-Oakland 4s '76
1942-1960
Ask
136*
Public
Bid
;
100
51.40
Canal Imp 4s JAJ *60 to *67
136*
* % due
Continental Illinois Natl
World War Bonus—
4*8 April 1940 to 1949.
Highway Improvement—
3 1940 6 .30%
1 1940 6.30%
*% due
—
Sept
Oct
Chicago & San Francisco Banks
American National Bank
First National
Ask
Ask
Bid
*% due
*% due
1 1940 6.25%
Bank A Trust
Bid
Ask
due.....May 1 1940 6.20%
A 1% due June 1 1940 6.20%
A1% due July 1 1940 6.25%
117* 119*
118* 120*
118* 120*
m
*%
*%
*%
*%
116 * 118*
118
116
New York State Bonds
3s 1974
3187
Merchants Bank
100 1750
.100
1790
110
17*
Sterling Nat Bank A Tr 25
120
Govt of Puerto Rico—
68
Apr
99
101
4*8 July 1952
112
116
5s
Feb
1952
101
104
5s
107
110
6*8 Aug
1941
103
104*
1955...
July 1948 opt 1943.
U 8 conversion 3s 1946
Hawaii 4*8 Oct 1956
114
116
New York Trust
109
Conversion 3s 1947
Par
109
—
Bank of New York
100
Bankers.
Federal Land Bank Bonds
10
Bronx County new
35
Brooklyn..........
Bid
Ask
Bid
JA J
103
103*
3*8 1955 opt 1945..MAN
104
104*
103
103*
4s 1946 opt 1944
109
109*
103
103*
Central Hanover
20
Companies
Ask
Par
380
Fulton
—100
Bid
19
22
Irving
70*1
75*
Kings County
Lawyers
..100 1590
...25
28
31
Manufacturers
—.20
32*
51*
95*
2*
34*
11
13
80
90
87
10
Atlanta l*s, 2s
99
Atlantic *8, 1*b
Burlington
Lafayette *s, 2s
15
Chicago
17
r3
Denver 2s, 3s
Carolina—
Lincoln 5*s
85
North Carolina *s, l*s.
1*8, 2s
99
r45
Pacific Coast Portland 5s.
Pennsylvania l*s, l*s_.
Phoenix
5s
Phoenix
4*s
Potomac 1*8
First New Orleans—
Is, 2s
First Texas 2s, 2 *s
First Trust Chicago—
45*
47
Underwriters
-.100
Empire
10
9*
10*
United States
..100 1645
—
98*
3*
1695
85"
88"
47*
99*
r22
San Antonio *s, 2s.
*s, 3*s
Fremont 4*8, 6*8
99
63
Illinois Midwest 4*8, 5e_.
99*
Southwest (Ark) 5s
Union Detroit 2 *s
100
rl3*
83
14"
86
99
Virginian Is, l*s
Virginia Carolina Is
Iowa 4*s, 4*s
24
99
Southern Minnesota
Indianapolis 5s
20
-
104
100
Fletcher
13
53*
103
...
St. Louis
4*8, 4*8
11*
Title Guarantee A Tr ...12
Trade Bank A Trust.
10
99
99
.....
12
100
99
99
3s, 3*s
10
20
99
Oregon-Washington
First Montgomery—
25
Preferred
82
New York 5s
3*
99*
...
First
New York
1640
78
81
40
99
Lincoln 4*s_.
Lincoln 5s
99
•
Ask
45
30
Corn Exch Bk A Tr
Bid
43
50
Continental Bank A Tr.10
Ask
Chemical Bank A Trust .10
Colonial Trust
Bid
10*
9*
Clinton Trust
Joint Stock Land Bank Bonds
Ask
220
267
50*
84
Guaranty
195
262
48*
Ask
JAJ
3a 1956 opt 1946.. ..MAN
JA/
100
Bid
260
99
100
Joint Stock Land Bank Stocks
Par
Atlanta
Bid
Ask
Par
Bid
Ask
..100
80
90
New York
100
3
6
Atlantic
-.100
47
62
North Carolina.......100
95
105
Dallas
..100
145
155
Pennsylvania
100
30
34
100
100
110
100
100
...
Denver...
—
..100
50
55
Potomac-
-.100
Dee Moines
First Carolines.....
55
65
San Antonio..
100
14
18
Virginia
—
Fremont
..100
2*
5
Lincoln
..100
4*
...
5
2*
'
105
3
7
Virginia-Carolina
100
105
115
Telephone and Telegraph Stocks
Par
Am Dlst
Teleg (N J) com.*
Preferred
—
—100
Bid
Ask
95
101*
110* 114*
Par
New York Mutual Tel__25
Pac A
Bell
Telep of Canada- —100
100
pref.
Cuban Teleph 6% pref. 100
Bell Telep of Pa
—
100
108
113
116
Atl
Bid
Ask
Bid
17
Telegraph
25
14
Peninsular Telep com
Preferred A
•
30
16*
32*
25
29
32
100
45
Franklin Telegraph.. -.100
Int Ocean Telegraph. —100
Telephone—
—
Mtn States Tel A Tel -100
16.50 1st pref
100
112
25
15
142
Sou New Eng Telep... 100
153
So A Atl
Telegraph
18*
158
Asked
101* 102*
101* 102*
102
103*
101* 102*
102
103*
Illinois 4*s
—-
Berland Shoe Stores
B
Bid
*
4
/G Foods Inc common..*
Ask
102
2
Bohack (H C) common...*
6*
2*
1*
100
—100
Miller (I) Sons common..5
1
pref... 100
•No par value,
/Flat price.
maturities
7i
to i
a
8
9*
12
12*
Interchangeable,
12
Reeves (Daniel) pref. ..100
u nlted Cigar-wneian stores
99
j
Virginia 4*s
West Virginia 4*s
101* 102*
101
102
*% to *% must be deducted from Interest rate.
d Coupon,
17*
19*
Circular
on
request
Pbone Atlantic 1170
on
v;«
STORMS AND CO.
Commonwealth Building
6% was paid
;
"Hedge?* security for Banks and Insurance Co's.
e Ex
coupon.
r In recelvorship.
Quotation shown Is for all
w-s With stock,
z Ex-dividend,
y Ex-rights.
J Quotation based on f89.50 of principal amount.
Sept. 25
SPECIALIZING
The best
*
$5 preferred
6 Basis price,
Now selling on New York Curb Exchange.
Quotation not furnished by sponsor or Issuer.
101
102*
102* 103*
4*s
F.H.A. INSURED MORTGAGES
tNow listed on New York Stock Exchange,
•
Texas 4*8
Insured Farm Mtges 4 *s
17
preferred
Nominal Quotation,
When Issued
103
3
—50
8*
Kress (S H) 6%
103
101* 102*
102* 103*
102
103*
101* 102*
101* 103
101* 103
101
102*
65
108*
7% preferred
102
A servicing fee from
Kobacker Stores—
7% preferred
103*
Minnesota
102
102
2*
27
23*
Diamond Shoe pref
100
Flshman (M H) Co Inc.. *
Ask
102
Massachusetts 4*s....
Bid
101* 102*
Maryland 4*8
Par
101
New York State 4*8
North Carolina 4*8—
Pennsylvania 4*s
Rhode Island 4*8...
Michigan 4*s
Par
101* 102*
101* 102*
...
South Carolina 4*8—...
Tennessee 4*s
101
Indiana 4*s
Asked
4*8...
New Mexioo 4*8
N Y (Metrop area) 4*8..
101* 102*
Louisiana 4*s.........—
Chain Store Stocks
Bid
New Jersey
101
102*
101* 102*
Georgia 4*a
70"
136"
4*s—
5a
Florida 4*s
22
Emp A Bay State Tel
Arkansas
Delaware 4*8
District of Columbia 4*8.
50
Rochester
Alabama 4* s
July 2 and
PITTSBURGH, PA.
Quotations on Over-the-Counter Securities—Friday
Guaranteed Railroad Stocks
SPECIALIZING IN
Tel. RE ctor
2-6600
STOCKS
Guaranteed Railroad Stocks
Insurance
(Guarantor In Parentheses)
Bid
in Dollars
6.00
(Illinois Central)
...100
Albany 4 Susquehanna (Delaware 4 Hudson)...—100
Allegheny 4 Western (Buff Roch 4 Pitts)
100
Beech Creek (New York Central) — ...........—50
Boston 4 Albany (New York Central)
100
Alabama A Vlcksburg
1223*
65
70
273*
30
8.76
73
773*
(New Haven)..............100
Canada Southern (New York Central)...
—100
Carolina Cllnchfleld 4 Ohio com (L 4 N-A C L)-.-100
Cleve Cln Chicago 4 St Louts pref (N Y Central)..100
Cleveland 4 Pittsburgh (Pennsylvania)
60
8.50
14
18
5.00
58
633*
3.50
753*
783*
—50
2.00
46
25
2.00
pref (N Y Central)
....100
Georgia RR 4 Banking (L 4 N-A C L)
100
Lackawanna RR of N J (Del Lack 4 Western).... 100
Michigan Central (New York Central)..
100
6.60
53
9.00
159
Delaware (Pennsylvania)
6.00
Fort Wayne 4 Jackson
3.875
403*
800
26
243*
6.00
483*
513*
87
89 3*
4.60
333*
373*
1.60
38
42
3.00
50
pref
100
Pittsburgh Youngstown 4 Ashtabula pref (Penna)..100
Rensselaer 4 Saratoga (Delaware 4 Hudson) ——.100
St Louis Bridge 1st pref (Terminal RR)
...100
Second preferred
...100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR 4 Canal (Pennsylvania)—.100
Uttca Chenango 4 Susquehanna (DL4 W)
100
Valley (Delaware Lackawanna 4 Western)
100
Vlcksburg Shreveport 4 Pacific (Illinois Central)..100
Preferred
80
7.00
1743*
1703*
7.00
59
6.00
133
64
1373*
65
3.00
130
137
238
2433*
453*
5.00
60
58
61
6.00
61
65 3*
3.50
203*
24 3*
3.00
54
57 3*
Bid
Ask
203*
Jersey Insurance of N Y.20
Knickerbocker
..._6
36
393*
193*
113*
Lincoln Fire
5
2
11
123*
1
Mass Bonding 4 Ins.. 123*
383*
403*
Merch Fire Assur com
Maryland Casualty
8
63*
343*
62.50
1.75
1.75
Nash Chat 4 St Louis 2 34s
62.25
1.75
1.50
Nat Steel Car Lines 5s
62.50
1.25
Atlantic Coast Line 43*8—
61.35
Baltimore 4 Ohio 4 3*s
62.50
Bessemer 4 Lake Erie 23*s
61.65
Boston 4 Maine 6s
63.00
2.25
Canadian National 43*s-5s
66.50
4.25
62.25
65.50
4.25
N Y Chic 4 St Louis 4s...
63.00
Central RR of N J 43*8—.
1.50
N Y N H 4 Hartford 3s...
63.00
64.50
3.50
North Amer Car 4X8-5X8
64.50
Chesapeake 4 Ohio 43*8—
61.50
1.00
Northern Pacific 23*8-23*8
62.10
63*
73*
141
136
173*
193*
New Amsterdam Cas.
133*
16
26
27?*
New Brunswick
10
30
32
193*
21
New Hampshire Fire
10
44
47
1$3*
New York Fire
5
133*
265*
Northeastern
5
23*
333*
23*
Northern
12,50
943*
99
2 50
23
243*
National.25
117
8
7
243*
313*
2
North River
10
Fidelity 4 Dep of Md...20
Fire Assn of Phila
10
108
113
573*
613*
Fireman's Fd of San Fr.25
89
94
Reinsurance Corp (N
5
73*
Franklin Fire
6
253*
Northwestern
52
33*
124
1173* 123
74
78
5
13
153*
Providence-Washington. 10
31
Preferred Accident
Revere (Paul) Fire
273*
33
243*
83*
253*
223*
243*
—5
Republic (Texas)
9
7
Y) .2
10
10
23*
Rhode Island
375*
25
27
St Paul Fire 4 Marine..25
4
393*
Gibraltar Fire 4 Marine. 10
223*
243*
Seaboard Fire 4 Marine..5
5
363*
383*
Seaboard Surety
83*
93*
10
10
Security New Haven
225
232
63*
73*
333*
353*
303*
i??*
13
16
673*
Springfield Fire 4 Mar..25
5
106
633*
Stuyvesant
3
4
6
22
233*
Sun Life Assurance.... 100
260
310
1
9
11
Travelers
100
395
405
16
Great Amer Indemnity
Fidelity 4 Guar Co..2
17
183*
4
44
46
623*
293*
313*
12
14
U 8
Hanover
10
223*
10
743*
243*
763*
U 8 Fire
Hartford Fire
55
58
2.00
Central of Georgia 4s
543*
2
20
National Union Fire
2.25
62.50
523*
10
National Liberty
96
595
25
1.75
Canadian Pacific 4 Ha
73*
Pacific Fire
Republic
6
Fire—15
46
283*
Phoenix
Globe 4
42
63*
11
Glens Falls Fire
59
253*
National Fire...
73*
63*
92
580
93*
10
23*
563*
10
National Casualty..
47
Georgia Home
83*
23*
13*
453*
323*
73*
Merch 4 Mfrs Fire N Y..5
183*
173*
433*
5
44
Halifax
Missouri Pacific 4X8
1.00
183*
173*
50
2d preferred
Great American
Ask
64
10
10
Globe 4 Rutgers
Equipment Bonds
Bid
193*
60
—
5.00
(Penn-Reading)
173*
Ins Co of North Amer—10
13*
General Reinsurance Corp 5
-
50
4 Western)
23*
Homestead Fire
Eagle Fire
23*
Employers Re-Insurance 10
Exoess
6
50
-
13*
74
Firemen's of Newark
6 00
10.00
6.00
Home...----10
Newark—23*
American Re-Insurance .10
American Reserve
10
American Surety
25
Automobile
10
Baltimore American—23*
Bankers 4 Shippers
25
Boston
100
Camden Fire
5
Carolina
10
City of New York
10
City Title—
5
Connecticut Gen Life... 10
Continental Casualty
5
American
Federal
*150
6.64
Ask
28 X
27
273*
----
100
60
Preferred
Railroad
573*
4.00
Pittsburgh Fort Wayne 4 Chicago (Penna)
West Jersey 4 Seashore
463*
166
363*
Equitable
6
Co com 5
Amer Fidel 4 Cas
American of
873*
600
Bid
10
—10
American Alliance
American
39
44
4.00
—60
New York Lackawanna 4 Destern (D L 4 W)
100
Northern Central (Pennsylvania)
60
Oswego 4 Syracuse (Del Lack 4 Western).60
Pittsburgh Bessemer 4 Lake Erie (U S Steel)
50
Warren RR of N J (Del Lack
833*
60.00
Western)...
Morris 4 Essex (Del Lack 4
35
Home Fire Security.....10
263*
2.00
3.00
5
473*
69
6.00
Boston 4 Providence
Par
Home...
112
453*
76
713*
1173*
10.60
108
Asked
Companies
Ask
Bid
Par
Dividend
Betterment stock
Teletype N. Y. 1-894
HAno»er-2-7fi«1
Since1855.
CITY
BROAD ST., N. Y.
30
GUARANTEED
NEW YORK
STOCKS
INSURANCE
Excksag*
^Dulcnia
120 Broadway
May 17—Continued
Vermilye Brothers
3o$epb(Ualker$$om
Mtmkm T^rw T*rk Sink
18, 1940
May
Chronicle
The Commercial & Financial
3188
New York Central 4X8—
23*s
61.70
1.25
Chic Mllw 4 St Paul 6s...
65.00
4.00
Pennsylvania 4X8 series D
Chic 4 N orthwestern 43*8-
62.50
1.50
Cllnchfleld 23*s
Del Lack 4 Western 4s
62.50
1.75
63.25
2.50
63.00
62.50
.
4s series E
Great Northern Ry 2s_
Illinois Central 3s.i
163*
61.00
0.50'
1.75
6% conv pref 1st ser..10
113*
113*
123*
23*s-23*s and 43*s
1.50
1.50
American Enka Corp
1.40
American
2.00
Amer
American Mfg 5%
1.20
St Louis S'western 4 3*8—
62.25
1.50
4.25
♦
Hard ware....25
62.00
Malse Products
*
pref 100
100
2
23*
Petroleum Heat 4 Power.*
23*
Exploration
1
Manufacturing...*
13*
23*
23*
123*
143*
Pilgrim
723*
78
Pollak
Postal Telegraph System—
3.50
Arlington Mills
Armstrong Rubber A
183*
223*
1.50
*
45
50
1.25
Art Metal Construction. 10
12
14
Texas 4 Pacific
61.75
1.25
Autocar Co
61.75
1.25
Bankers Indus Service A. *
61.00
0.50
Botany Worsted Mills cl A5
61.90
1.50
10
33*
63.00
2.25
Buckeye Steel Castings..*
163*
43*8-43*8.
61.50
1.00
BrowH 4
Wheeling 4 Lake Erie 23*s
6.175
1.25
Cessna Aircraft
63.00
2.00
63.00
2.00
62.75
2!00
Western Pacific 5s..
West Fruit Exp
Despatch
1.25
63.00
234s, 4Xs 4 6s........
91.25 preferred
Sharpe Mfg
1
Chic Burl 4 Quincy
Chilton Co common
Railroad Bonds
60
100
63*
Coca Cola Bottling (N Y) •
4% preferred
60
Remington Arms com....*
73*
3*
1
2
43*
18
1523* 1573*
23*
13*
35
3
10
City 4 Suburban Homes 10
Asked
Bid
6
713*
1945
1945
1944
6s
Baltimore 4 Ohio 4s secured notes
43*8
-
Cleveland Terminal 4 Valley 4s
Connecting Railway of Philadelphia 4s
Cuba RR improvement and equipment
5s
Elgin Joliet 4 Eastern 3 3* s ser A
Florida Southern 4s
Hoboken Ferry 6s
Illinois Central—Louisville Div 4 Terminal 33*8.
Indiana Illinois 4 Iowa 4s
Kansas Oklahoma 4 Gulf 5s
.........
New London Northern 4s
33*8
New York Philadelphia 4 Norfolk
4s
New Orleans Great Northern Income 58..
New York 4 Hoboken Ferry 5s—
Norwich 4 Worcester 43*s
Pennsylvania 4 New York Canal 5s extended to
Philadelphia 4 Reading Terminal 5s
Pittsburgh Bessemer 4 Lake Erie 5s
Portland Terminal 4s
Providence 4 Worcester 4s
Tennessee Alabama 4 Georgia 4s
Terre Haute 4 Peoria 5s
—
Toledo Peoria 4 Western 4s
Toledo Terminal 43*8
Toronto Hamilton 4 Buffalo 4s
Union Pacific ref mt?e 33* ser A
United New Jersey Railroad 4 Canal
Vermont Valley 43*s
33*s
.......—
Vlcksburgh Bridge 1st 4-6s
Washington County Ry 33*8
West Virginia 4 Pittsburgh 4s
...
—.20
36
403*
423*
Stanley Works Inc
—25
•
*
.1
Taylor Wharton Iron 4
403*
7
Stromberg-Carlson
Sylvama Indus Corp
Tarn pax Inc com
33*
43*
183*
195*
33*
43*
*
53*
99
*
20
223*
5
113*
13
Trioo Products Corp
»
31M
333*
x59
62
Triumph Explosives
2
33*
78
Dentists Supply com
10
Devoe 4 Raynolds B com *
15
17
United Artists Theat com. *
3*
43*
13*
303*
353*
233*
263*
United Piece Dye
Preferred
3*
"99"
Dictaphone Corp..._...*
Dixon (Jos) Crucible. ..100
65
Domestic Finance cum pf_*
273*
303*
Veeder-Root Inc
Draper Corp
66
70
53
102
52
109
"573*
72
983*
112
36
33
93 conv pref
Crowell-Colller
Pub..
9
Steel common
11
*
47
Farnsworth Telev 4 Rad.l
23*
83*
78
Foundation Co—
63
58
•
60
93
96
101
102
1023*
104
114
2032
1946
1947
1949
1941
1947
1961
1947
1957
1942
1967
1957
1946
1980
1951
1940
1968
1954
1990
/II 3*
90
I62"
96
101
973*
99
30
American shares
27
100
47
52
373*
403*
1965
Brown Co 63*s ser A—1946
Carrier Corp 43*8
1948
Chic Daily News 33*8.1950
Comml Mackay 4s w 1.1969
Deep Rock Oil 7s
1937
83*
33*s
44
103*
13*
13*
*
223*
253*
73*
83*
243*
263*
13
15
Lawrence Portl Cement 100
72
Long Bell Lumber
90
Z40 /
5
preferred
166"
109
96
102
105
preferred
103*
Mead Corp 4 3*s
543*
Minn 4 Ont Pap
*
103*
123*
45
52
T NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
60
63
Muskegon Piston Ring.23*
"87"
"74"
76
40
60
National Casket
123*
*
253*
513*
533*
983*
983*
3187.
1003* 101
/413*
433*
89
6s
83
1023* 1023*
393*
102
413*
573*
1023*
993* 1003*
1023* 1023*
1033* 1035*
/293*
323*
26
29
343*
36
1945
Superior Oil 33*8
1950
133*
U nlted Biscuit 3 3*s
1955
104
1043*
17
Woodward Iron Co—
2d conv Income 5S..1962
107
1103*
-
99
Preferred
For footnotes see page
9
33*
Scovill Mfg 63*8
118
46
56
1955
1945
93*
100
53*
23
/545*
1961
Krefige Foundation 3s. 1950
McCrory Stores 33*8—1955
503*
Marlin Rockwell Corp
1
Merck Co Inc common.. 1
preferred
Stamped
Inland Steel 3s
*
100
Mallory (P R) <fe Co
96
..I960
Beth Steel 3s
Interstate Bakeries com..*
95
6s__1961
6
King Seeley Corp com
1
Landers Frary 4 Clark..25
95
100
preferred
53*
92
1013*
7%
4
Harrisburg Steel Corp
23*
32
Bonds—
Amer Writ Paper
»
67
98
25*
20
89
107
*
253*
33*
Preferred
27
433*
18
Great Northern Paper..25
1073*
.*
1083*
13*
100
Gen Machinery Corp com *
Glddlngs 4 Lewis
Machine Tool
2
Great Lakes SS Co com..*
86
213*
York Ice Machinery
13
55
193*
23*
100
43*
73*
123*
98
103
3
59
Wlckwlre Spencer Steel..*
Wilcox 4 Gibbs com
50
11
1
3*
2
56
Worcester Salt
Good Humor Corp
Graton 4 Knight com
25*
*
93 cum preferred
23*
73*
146
—100
com
46
36
50
Works.*
44
30
1133*
Common
Garlock Packings com
*
Gen Fire Extinguisher.—*
92
101
13*
13*
142
Tokhelm Oil Tank 4 Pump
West Dairies Inc com vt c 1
23
*
*
7% preferred
10
»
*
Welch Grape Juice com
3
Federal Bake Shops
Preferred
1003*
Tennessee Products
Time Inc
243*
49
993*
763*
1959
1940
2000
1948
4s
Memphis Union Station 5s.
...
Exch
4
76
99
55
1960
Louisville 4 Nashville 33*8
23*
63*
653*
50
55
122
13*
43*
613*
69
1945
1946
1953
..1950
1978
1950
See Los Angelos
117
.*
67
—.1951
1960
1970
....
Singer Manufacturing.. 100
Singer Mfg Ltd
£1
Skenandoa Rayon Corp..*
Solar Aircraft.
1
223*
733*
1995
Chicago St Louis 4 New Orleans 5s
Chicago Stock Yards 5s
Chicago Union Station 33* ser F
30
*
72
1950
1951
1961
..1963
283*
53*
91 cum preferred..,
Consolidated Aircraft—
"56"
48
1955
Cambria 4 Clearfield 4s
Chicago Indiana 4 Southern 4s
53*
493*
973*
1944
Boston 4 Maine 5s
43*
453*
94.25 preferred
*
Columbia Baking com...*
1943
1940
Boston 4 Albany 43*s
New York 4 Harlem
47
/43
/43
43*
Safety Car Htg 4 Ltg...60
Scovill Manufacturing..25
Standard Screw
40
Colgate-Palmolive-Peet—
Akron Canton 4 Youngstown 63*8.....
30
23
64.50
Long Island 43*s
10
213*
61.75
1.25
Con version.. .1
19
62.00
1.00
243
20
Southern Ry 4s
62.00
153*
218
Petroleum
Shippers Car Line 5s.....
Southern Pacific 43*8
10
123*
*
Co..
Peosl-Cola
44
1.25
com
Pharmacal
41
1.75
61.50
New Britain Machine
Norwich
series
62.75
Lehigh 4 New Engl 43*s—
1
50
Ohio Match Co
123*
62.00
Kansas City Southern 3s..
Merchants
143*
133*
61.65
35*s
153*
113*
17
*
•
65.25
Maine Central 6s
23*
Pan Amer Match Corp..25
Amer Bern berg
Amer Distilling Co 5% pflO
4s-43*s—
Union Pacific 23*8
Virginian Ry 43*8
...
Western Maryland 2s.
Louisiana 4 Ark
363*
2.00
5%
62.50
.
—
343*
36
61.70
Grand Trunk Western 5s.
5
28
*
1323*
2d
Ask
4
Type com
preferred
2
*
A oom
American Cyanamld—
B d
25
Nat Paper 4
13*
American Arch
St Louis-San Fran 4s-4 3*s.
4s. 4%b and 43*s_,
Par
Ask
*
1.50
Reading Co 43*8
Express
Bid
Pa
3.50
62.00
23*8 series G 4 H
1.50
Industrial Stocks and Bonds
Alabama Mills Inc
Pere Marquette—
2.25
Erle 43*s
.
67
1.50
62.25
Chic Burl 4 Quincy 23*s„
Fruit Growers
<
63.00
No W Refr Line 3 3*s-4s_
Denv 4 Rio Gr West 43*s_
61.85
Hartford Steam Boiler. .10
10
U S Guarantee
1045* 1053*
963*
98
Volume
The Commercial & Financial Chronicle
ISO
Quotations
Public
on
Over-tfie-Counter
Securities—Friday May 17—Continued
investing Companies
Utility Preferred Stocks'
Bought
Sold
•
•
3189
Par
Bid
Par
Ask
Admlnls'd Fund Inc
*
Aeronautical Securities.!.
Affiliated Fund Inc
IX
Quoted
9.73
10.35
8.89
9.66
2.34
2.57
&
8.97
25.59
27.95
18.47
20.25
12.42
13.63
1294
1494
Amer Business Shares
Amer Foreign Invest Inc..
2.61
2.88
Series B-2—...........
Series B-3—..........
6.35
7.00
Series B-4
Amer Gen Equities Inc 25c
Curtis
.25
.28
Series K-l
394
394
494
Series K-2
Am Insurance Stock
ESTABLISHED 1879
Principal Stock and Commodity Exchanges
New York City
115 Broadway
Tel.
BArelay 7-1600
Broad St Invest Co Inc. .5
Bullock Fund Ltd.......1
Bid
Alabama Power S7 pref.
Amer Cable A Radio w i__5
AmerO&E4X% pref.100
Amer Util Serv 6% pref.25
Arkansas Pr A Lt 7% pf.
Bid
Ask
2694
2994
494
25
8994
X
12294
Birmingham Elec 37 pref.*
Birmingham Gas—
53.50 prior preferred..50
8094
s43>4
Carolina Power A light—
57 preferred
*
7% preferred
83
New Orleans Pub Service.*
45
37 preferred
*
New York Power A Light—
56 cum preferred
*
10194 10394
75
7794
9294
100
preferred
9594
100
10294
88
9094
Derby Gas & El 57 pref..*
49
52
Federal Water Serv Corp—
56 cum preferred
..*
63
»
*
(Del) 7% pref
(Minn) 5% pref
3294
35
56.50 cum preferred...*
33
94
3694
9794
*
Penna Edison 55 pref
*
Penn Pow A Lt 57 pref...*
65
67
Indlanap Pow & Lt com..*
20
21
Interstate Natural Gas...*
23
25
Jamaica Water Supply...*
Jer Cent P A L 7% pf__100
30
102
97
98
81
57 prior Uen pref
...»
Queens Borough G A E—
6% preferred
100
Republic Natural Gas....2
84
7%
preferred
6% preferred D
*
com
..100
Southern Nat Gas com.7 94
S'western G A E
2194
2394
5% pf.100
Texas Pow A Lt 7% pf.100
3094
3294
United Pub UtiUties Corp
52.75 pref
—-*
80
83
.....*
90
9294
Mississippi P A L 56 pref.*
79
8194
52
preferred
._....*
Mass Utilities Associates—
5% conv partlo pref..50
Mississippi Power 56 pref.*
57 preferred
394
494
Mountain States Power...
2794
1494
*
3994
2894
1694
4294
Monongabela West Penn
Pub Serv
7% pref....15
5% preferred
Bid
Amer Gas A Elec 294s 1950
103
1960
1970
107
3H8Sf debs..
3Xs s f debs
108
Amer Gas A Pow 3-58.1953
4894 51
7994 •8294
61
54
5694
7994
101
104
111
11494
34
3194
62
6494
10494 10794
1694 1894
7094
7394
8494
8794
2494
2694
594
494
10294
1894 2194
97
9994
1594 1794
10194 10394
108
11094
Bid
Kansas Power Co 4s.. 1964
Kan Pow A Lt 394s—.1969
Kentucky Util 4s
4 >4s
1970
—1955
/24
29
/52
55
Montana-Dakota
6194
394s
1968
1st mtge 3X8
1968
Cent Ohio Lt A Pow 4s 1964
Centra] Pow A Lt 3 Hb 1969
Central Public Utility—
394s 1964
/194
7294
294
7494
Cons Cities Lt Pow A Trao
1962
86
Consol E A G6sA..—1962
8894
6s.........
—.
_
1950
Debenture 4s......1949
Pub Serv of Indiana 4s 1969
5% deb series A........
Representative Tr Shs.. 10
Republic Invest Fund——
First Mutual Trust Fund..
Fiscal Fund Ino—
5.52
Bank stock series... 10c
2.17
2.43
Insurance stk series. 10c
Fixed Trust Shares A
10
2.85
3.20
Foundation Trust Shs A.l
Fundamental Invest Inc. 2
3.50
4.00
14.10
4.34
Dayton Pow A Lt 3S..1970
Federated Util 5Ks
1957
10194 10294
8394 8594
7894
Inland Gas Corp—
75394 57
10394 10494
mmmrn
8.28
Fundament'! Tr Shares A 2
B
-
-
.35
12.93
6.00
6.95
100
103
8.60
9.10
2.95
3.34
Clark Fund Inc........
75.39
76.91
Selected Amer Shares—294
7.47
....
Selected Income Shares.. 1
3.70
.54
.60
15.33
Sovereign Investors...lOo
Spencer Trask Fund——.*
12.97
13.76
5.08
Standard Utilities Ino.50o
.21
.31
5894
3,08
6194
mm
♦State St Invest
3.94
Corp...*
Super Corp of Amer ol A.2
General Capital Corp....*
*
.32
12.09
(Geo) Fund
26.51
4.28
4.70
4.31
1
2
2.19
Supervised Shares....... 1
24.65
Group SecuritiesAgricultural shares.....
8.18
AA
B
3.23
mmrnm
mmmm
mmmmm
rnm
_
-
8.89
Automobile shares.....
Aviation shares........
3.43
4.70
3.74
8.23
.8.95
1
2.14
2.24
Building shares........
4.65
5.07
♦Series D_—.........1
2.08
2.18
Chemical shares.......
Electrical Equipment...
6.05
6.58
Trustee Stand Oil Shs—
♦Series A
1
4.88
....
B—._........1
4.30
mmmrn
,—26o
.52
.57
.70
1394
7.20
7.83
Trustee Stand Invest Shs1♦Series
C—
3.74
4.08
Investing shares...,
2.64
2.89
Merchandise
shares....
4.34
4.73
Mining shares.........
4.75
5.15
Trusteed Industry Shs 25o
shares......
3.68
3.06
4.02
3.34
U S El Lt A Pr Shares A...
B
4.58
4.99
Wellington
4.66
5.08
1
.10
.30
Investors—5
12.86
1.88
13.83
♦Series
Trusteed Amer Bank Shs—
Class B
Fund
1
1.80
12.04
.78
m
+
rn
m
13.26
Investment Banking
♦Blair A Co—......—-
1
2
♦Central Nat Corp cl A..*
25
28
♦Class B
.91
1.01
Insurance Group shares.
1.C9
1.21
Investm't Co of Amer.. 10
15.27
16.61
Group shares..
.—..—*
♦First Boston
Corp.....10
♦Schoellkopf Hutton A
Pomeroy Inc com... 10c
1
2
12K
X
Bid
101
10294
10194
1941
5s
3494
104
Penna State Water—
1st coll trust 4948—1966
Peoria Water Works Co—
105
105
Bid
Ait
105
1st A ref 5s
....1950
102
101
1st consol 4s
7894
10494
1st 5s series C.
1948
101
1st consol 6s....
1948
100
Prior Uen 5s
107
105
Community Water Servloe
594s series B.......1946
79
84
6s series A—.....1946
82
87
104
106
101
Pittsburgh Sub Wat 5s '58
Plainfield Union Wat 6s '61
101
1948
Phlla Suburb Wat 4s.. 1966
Pinellas Water Co 6>4s.'59
101
1957
Huntington
102
107
105
Richmond W W Co 5s 1957
Roch A L Ont Wat 5S.1938
101
St Joseph Wat 4s ser
Water—
106
/1694 19
10394 10494
10394 10494
101
Scranton Gas A Water Co
1954
103
6s
.1962
105
494s
-1958
Scran ton-Spring Brook
Indianapolis Water—
1st mtge 394s—1966
Water Service 5s. 1961
106
108
1958
S'western Gas A El 394s '70
S'western Lt A Pow 394s'66
Tel Bond A Share 5s.. 1958
Texas Public Serv 58—1961
s
103
10394 10494
4494 47
10294 10394
104
10594
72
7494
97
9994
102
105
Springfield City Water—
105
Monmouth Consol W 5s *56
99
5s
1960
10494
9794
9794
1957
Wash Wat Pow 3948—1964
West Penn Power 38—1970
West Texas UtU 3948.1969
Western PubUc Servloe—
1960
Wisoonsln G A E 3 >4 s. 1966
Wis Mich Pow 894s..1961
105
105
w Va Water Serv 4s.. 1961
Muncie Water Works 5s '65
105
Western N Y Water Co—
93
98
1st mtge 58—1951
1st mtge 594s
1950
100
Westmoreland Water5s'S2
1951
New York Wat Serv 5s '51
92
97
99
102
10494 10594
Ohio Cities Water 5>4s '53
Ohio Valley Water 5s. 1955
109
104
Ohio Water Servloe 4s. 1964
10594 10794
9994
594s
106
,
For footnotes see page
96
3187.
100"
98
10294
103
Wichita Wateris series B
Ore-Wash Wat Serv 6s 1957
9894 9994
10594 10694
1950
1951
New Rochelle Water—
12794 12994
107
102
102
5s series B
99
105
105
Union Water Serv 594s '51
102
Monongahela Valley Water
694s.—.
1960
Morgantown Water 5s 1965
95
105
102
4s A
107
104
75
1956
Texarkana Wat 1st 58.1958
102
5s series B
106
93
94
102
1958
5s
5s
.......1947
101
1967
JopIIn W W Co 5s
1957
Kankakee Water 4948.1939
Indianapolis W W Secure—
St Joseph Ry Lt Ht A Pow
4X8
1st A ref 5s A
Shenango Val 4s ser B.1961
South Bay Cons Water—
Kokomo W W Co 5s.. 1958
7194
Sioux City G A E
Sou Cities Utn 5s A
A1966
6s series B——.1954
6s
10494
68
6Xa
1952
mmmm
Scudder, Stevens and
Butler Water Co 5s... 1957
Utlca Gas A Electric Co—
694s stamped.
..
77
86
f debs 3Xb
I960
United Pub Util 6s A. 1960
7594
5.15
6.19
mm*m~
6.13
Calif Water Service 4s 1961
76
84
6194
10894 10994
m'rnmm
16.46
Ashtabula Wat Wks 5s '58
1948
5894
Dallas Pow A Lt 3948.1967
Dallas By A Term 68.1951
2.16
25.50
2294
Alabama Wat Serv 5s. 1957
107
Collateral 5s.......1951
Pub Util Cons 5X8
Toledo Edison 394s._.1968
1st mtge 3>48...... 1970
108
mmmm
.1
Series 1958——.
Plymouth Fund Ino... 10c
60
102
52
106
2.38
9094
101
52
Ctnnberl'd Co PAL 3>4s'66
2.44
1
Water Bonds
67>4
88 X
102
51
Orescent Public Service—
CoU Ine 6s (w-e)
1954
2.01
—1
Series 1956
15.29
102 X 104>4
1st Uen 3-6a
.1961
Portland Electric Power—
50
...1962
-
104 J4 105
4s.11966
Income 694s with stk '52
Cities Service deb 5s.. 1963
Iowa Pub 8erv 394s..1969
---
RepubUo Service—
10294 10394
10394 10494
10294 10394
5.71
4394
23.80
10494
Pub Servof Colo 3 Hal 1964
101
—
9994 10094
3>4s..
1970
Peoples Light A Power—
00© ©
2.41
—
Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
Fidelity Fund Inc
10794 10894
Penn Wat A Pow
Cent 111 El A Gas 3 Ho. 1964
6.61
2.22
4.75
No Amer Tr Shares 1953.*
15.65
City of New Castle Water
12
Central Illinois Pub Serv-
6.10
Railroad...
No Amer Bond Trust ctfa.
—
Quarterly Ino Shares..lOo
City Water (Chattanooga)
5s series B——1954
no
8794
8994
9.23
Railroad equipment....
Steel....
Oils
mm
_
Putnam
10294 10394
Parr Shoals Power 58.1952
00
6.23
10.35
10494 10594
12
99
7.20
5.74
17.03
N Y State Elec A Gas Corp
4s
1965
Northern Indiana—
no
97
6.65
......
9.64
Atlantic County Wat 5s '58
12
1st lien coll trust 6s. 1946
6s series B
103
60
no
109
8*53
......
Metals.....
99)4 ICO 94
New Eng G A E Assn 5s '62
NY PA NJ Utilities 5s 1956
Nor States Power (Wise)
394s..
1964
Old Dominion Pow 58.1951
Cent Ark Pub Serv 5 s. 1948
.....
Ask
10794 10894
105
12
Central Gas A Elec—
1st Uen coll tr 5948—1946
5s
101
1954
/9
/10
107
6.73
15.85
F
...
Util—
4Hs
—
A Electric
5.05
6.21
1.08
Public Service 3 94s. 1969
Blaekstone Valley Gas
8294
Institutional Securities Ltd
Conv deb 594s.
1973
8s without warrants 1940
Sflnc4Hs-5Hs
1986
Sink fund Ine 5-6S..1986
29
Petroleum
2394
2594
7.86
8.53
Food shares
21
7.26
7.88
supplies
Series 1955
—
100
11.66
4.66
Building
.98
Series
1594
12
......
4.28
10.79
Electrical equipment...
Insurance stock........
m
5.65
ment Fund series A-l
78
7594
6.57
3.95
........
4.90
114
112
6.06
Corporations
27
1958
...........
2.50
Independence Trust Shs.*
/24
Cons ref deb 4Mb
Agriculture
Chemical
..mm
—
2.50
3.15
D.
1
..
N Y Stocks Ino—
Bank stock...
m
m
.
1.30
C
♦Huron Holding Corp
1973
Sink fund Ine 494s—1983
Sink fund ine 5s
1983
New England Fund.
..
Machinery..
Tobacco shares
25
Assoc Gas A Elec Co—
894
14.48
9894
Lexington Water Pow 5s'68
25
3.25
117
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
24
/1494
/20
/22
Conv deb 494s
Conv deb 5a
10.91
10.15
794
*30
9594
1973
Conv deb 4s.......1973
10.12
9.38
2.99
26
23
*
West Texas Util 56 pref—*
Marlon Res Pow 3 94s. 1960
Income deb 4s.....1978
Income deb 494s... 1978
5.52
RR Equipment shares..
Steel shares.....
1594
1394
1494
1978
1978
1.14
5.18
2.43
1994
/13
/13
/1494
Corp—
1.01
2.43
1794
Lehigh Valley Tran 5s 1960
Income deb 394s
Income deb 3 lis
(Colo) ser B shares....*
(Md) voting shares..25c
National Investors Corp.l
2.08
2394
5894
53
Assoc Gas A Elec
3.20
23.77
1
7694
3.32
2.45
1
Delaware Fund
108
Nation .Wide Securities—
22.11
♦Crum A Forster com.. 10
Bank
Associated Electric 5s. 1961
1294
.1
*
Utah Pow A Lt 57 pref...*
Washington Ry A Ltg CoParticipating units
53 pref
Ask
Amer Utility Serv 6s..l964
9.56
1094
Aviation
2294
Utility Bonds
10394
10794
10894
18.46
8.75
.28
21.28
Automobile
Series ACO mod
Incorporated
Public
17.17
13.71
.13
19.68
2.14
West Penn Power com
Missouri Kan Pipe Line..5
Mass Investors Trust....1
Mutual Invest Fund... 10
12.76
General Investors Trust
100
4.8% preferred
3294
Mass Pow A Lt Associates
4.60
♦7% preferred
—100 zll2
Cumulative Trust Shares.
4.16
Southern Indiana G A E—
30
100
3.50
10294
Rochester Gas A Elec—
Sierra Pacific Pow
Long Island Lighting-*
Maryland Fund Ino—.10o
100
Pub Serv Co of Indiana—
494 % 100
Kings Co Ltg 7% pref.100
6.50
Eaton A Howard Manage¬
6% preferred
...100
7% preferred
100
Okla G A E 7% pref—.100
Paclflo Pr A Lt 7% pf—100
Panhandle Eastern Pipe
Hartford Electric Light.25
Kansas Pow ALt
5.88
10994 11294
Ohio PubUc Service—
Peoples Lt A Pr 53 pref .25
Philadelphia Co—
55 cum preferred
*
3294
10494
Manhattan Bond Fund Ino
Dividend Shares......25c
Line Co
Florida Pr & Lt 57 pref—*
5.99
494
♦8% preferred
100
♦Crum A Forster Insurance
♦Common B shares
10
104
3.26
5.45
Diversified Trustee Shares
100
*
8.01
7.23
1
1194
2494
11894
1994
—
Knlckbocker Fund
116
994
100
preferred..
6094
994
2294
Northern States Power—
10294 105
794
62
6494
11.83
2.89
2.08
Accumulative series
60
63
Northeastern El Wat A El
103
Continental Gas A Elec—
7%
preferred
100
N Y Water Serv 6% pf.100
cum
54 preferred
...100
100
Cent Pr & Lt 7% pref.. 100
Consol EleC A Gas 56 pref.1
Consumers Power 55 pref.1
56
194
7%
Cent Indian Pow 7% pf 100
Central Maine Power—
Series AA
Series AA mod
37 prior lien pref
..*
$6 prior Uen pref...
*
$6 cum preferred..._..*
10.72
__l
28
New Eng Pub Serv Co—
92
Associated Gas A Electric
56.50 preferred
*
Atlantic City El 6% pref,
394
............
Series S-2.
794
3.21
Corporate Trust Shares.. 1
New Eng G A E
594% Pf-*
New Eng Pr Assn 6%pf 100
8.31
894
Commonwealth Invest... 1
♦Continental Shares pf 100
Par
9894
194
294
10594 10794
594
794
Canadian Inv Fund Ltd—1
Century Shares Trust
*
Chemical Fund—.......1
Nassau A Suf Ltg 7%pf 100
National Gas A El Corp. 10
Ask
96
14.33
7.54
394
Basic Industry Shares*. 10
Boston Fund Inc
British Type Invest A...1
Utility Stocks
6.44
13.07
....
—
♦5% preferred
Teletype N. Y. 1-1600
Public
4
Bankers Nat Investing—
♦Class A...............
5.85
Series 8-3.............
Series S-4
Corp*
Assoc Stand Oil Shares.—2
Members
ASk
Series B-l
....1
♦Amerex Holding Corp..*
Jackson
Bid
8.40
Investors Fund O—
Keystone Custodian Funds
..1956
101
101
series C—....... 1960
105
6s series A.........1949
102
os
W'm8port Water 5s... 1952
10394
1494
1
The Commercial & Financial Chronicle
3190
May
1940
18,
Quotations on Over-the-Counter Securities—Friday May 17—Concluded
Real Estate Bonds and Title Co. Mortgage Certificates
If You Don't Find the Securities Quoted Here
in
which you have interest,
monthly Bank and
our
Beacon Hotel inc
4s—1958
B'way Barclay lnc
cation quotations are
you will probably find them In
Quotation Record.
In this publi¬
2S..1956
A9M
Domestic (New York
68
2s
1955
17
19
N Y
Majestic Corp—
stmp..l956
5
22
N Y Athletic Club—
33
1948
63
66
....—1957
JO
13
N Y Title 4 Mtge
4s '45
Cheseborough Bldg 1st 6s '48
38
40
5Mb series C-2
45
48
21
25
3M-5s 1944
4s with stock
3s
Public Utility Bonds
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
Stocks
ties
34
Mining Stocks
12
38
33
'
man
4s '49
1958
1939
53 M
56
64
68
1956
9
11
JO
10
1947
33
37
1950
2
1957
24
36
d(\
1st leasehold 3s. Jan
40 Wall St Corp 6s...
42 Bway 1st 6s
65
1950
00 Park Place (Newark)—
14
1 '52
6Ms (stamped 4s).. 1949
Film Center Bldg 1st
1961
5Ms stamped
Realty Assoc Sec Corp¬
se Income
1943
Roxy Theatre—
62d 4 Madison Off Bldg—
The Bank and
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
2<j"
36
20
17
1946
1st income 3s
600 Fifth Avenue—
Quotation Record is published monthly and
$12.50 per year.
Your subscription should be sent to
b
Prudence Secur Co—
U. S. Government Securities
U. S. Territorial Bonds
f ctfs 4Mb (w^) '58
35
Sec
60 Broadway Bldg—
Mill Stocks
18
105 Broadway Building—
36
32
3
/2
52
2M
1M
Eqult Off Bldg deb 5s 1952
Deb 5s 1952 legended...
44
2d mtge 6s
1951
103 E 57th St 1st 6s_ ..1941
27
24
23
Hotel units
Deposit
37M
57 M
45 M
55 M
Ollcrom Corp v tc__
1 Park Avenue—
Eastern Ambassador
Title Guarantee and Safe
52
36 M
6Ms series Q...
1948
Court* 4 Remsen St Off Bid
1st 3Mb
1950
Dorset 1st 4 fixed 2s—1957
ist 4s (w-s)
Stocks
Securi¬
50
...
5Ms series F-l
Colonade Construction¬
Public Utility Stocks
Investing Company Securities
Co—
5Ms series BK
Chanln Bldg 1st mtge
Canadian
Canadian
6M
Brooklyn Fox Corp—
Federal Land Bank Bonds
sells for
65
Domestic
and
Out-of-Town)
Joint Stock Land Bank
1945
8 1 deb 5s
30
1st leasehold
Municipal Bonds—
Companies—
Ask
Metropo! Playhouses Ino—
—
-
6M
Broadway Motors Bldg—
4-6s
Banks and Trust
»
B'way 4 41st Street—
carried for all active over-the-counter
The classes of securities covered are:
stocks and bonds.
1st mtge 3s. 1957
Bid
Ask
Bid
/35
/5
Aid en Apt
1st mtge
16"
14
Savoy Plaza Corp—
3s with stock..
/27
Sherneth Corp—
1st 5m b(w-s)
1400 Broadway Bldg—
1948
Fuller Bldg debt 08—1944
1st 2M-4s (w-s)
1949
Graybar Bldg 1st Ishld 5s '46
1st 4s stamped
1957
4s
37
~
mi
20 M
23"
35
37
78
80
1st 3Ms
61 Broadway Bldg—
1951
0s* 42
A6
18
45
47
Hotel St George 4a...1950
28
30
Harriman Bldg 1st 6s.
Foreign Stocks, Bonds and Coupons
Hearst Brisbane Prop
3Ms with stocks
1948
72
1958
27
29
1939
Park Ave Bldg 1st 4-5s'46
/29
/4i
45
Textile Bldg—
1st 3-5e
1948
53
Lewis Morris Apt Bldg—
1st 4s
1951
47
Lexington Hotel units
38
40
60
65
Walbridge Bldg (Buffalo)—
34
36
Wall 4 Beaver St Corp—
1st lease 4-6Ms
& CO., INC.
Tel. HAnover 2-5422
Y.
70
1955
49
Lef court State Bldg—
52 William St., N.
(Syracuse)
1st 3s
Lef court Manhattan Bldg
1st 4-58
BRAUNL
with stock
3s
Syracuse Hotel
Inactive Exchanges
3
616 Madison Ave—
...
Trinity Bldgs Corp—
1st 5Ms
"
2
31
Lincoln Building—
5Ms w-s—1963
Income
Due to the European
situation some of the quotations shown below are
nominal.
1946
Anhalt 7s to
Antloqula 8s
1946
Bank of Colombia 7 % _ 1947
1948
7s
Barranqullla 8s'35~40-46-48
1945
Bavaria 6Ms to
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Ms '32
Hungarian Discount 4 Ex¬
/20
/20
/30
/II
38
/3
change Bank 7s
1930
Jugoslavia 5s funding. 1956
1945
Cities 7s to
Bogota (Colombia) 0Ms *47
8s
1945
(Republic)
8s. 1947,
1958
1969
1940
7s
7s
6s
/7
12
17
12
Bid
Bonds
1943
Ask
Land M Bk Warsaw 8s *41
/3
16M
Leipzig O'land Pr 0Ms '40
Leipzig Trade Fair 7s. 1953
Luneberg Power Light 4
no
no
Haytian Corp 4s
1948
no
27
J25
3 Ms
Mannheim 4 Palat 78.1941
22"
35
78.1935
/12
Munich 7s to
1945
/10
Munlo Bk Hessen 7s to *45
/48
Savannah
21
JO
7Ms
1902
scrip
2M
3M
7
5
West Indies Sugar Corp-.l
/25
Toronto Stock
/3
Brown Coal Ind Corp—
1953
/12
7M
/45
(A 4 B) 4s... 1940-1947
(C 4 D) 4s... 1948-1949
Nat Central Savings Bk of
J65
J60
Caldas (Colombia) 7Ms '46
Call (Colombia) 7s... 1947
/9
1962
Exchange—Curb Section
May 11 to May 17, both inclusive, compiled from official sales lists
Nat Bank Panama—
Buenos Aires scrip
Burmelster 4 Wain 6s. 1940
J3
0Ms
7Ms—1944
1940
1947
Cauca Valley 7Ms
Ceara (Brazil) 8s
20
/26
/5
10
Hungary 7Ms
6~
11
/I
3
Mtge 7s
1948
1947
Beath A
/3
1945
JO
Panama
/50
/26
Madgeburg 6s
1934
1908
City Savings Bank
Budapest 7s
1953
1946
.74
/48
Cordoba 7s stamped.. 1937
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7M« '49
5s
1949
6M8-.1959
/II
/15
/12
/8
78
City 0Mb
Panama 5% scrip
1952
Poland 3s
/3
Colombia 4s
62M
1950
/3
Porto Alegre 7s
1908
18
15
9
many) 7s
1946
1941
6s
31
■„
Duesseldorf 7s to.....1945
Duisburg 7% to
1945
East Prussian Pow 6s. 1963
Electric Pr (Ger'y) 6Ms
'50
6Ms
1953
European Mortgage 4 In¬
vestment 7Ms
1960
7Ms Income
1966
Rio de Janeiro 6%
1933
Rom Cath Church 6Ms *46
R C Church Welfare 7s '46
/10
/II
/II
/10
/IIM
/IIM
French Nat Mail S3 6s '52
100
German Atl Cable 7s.
/15
7s Income
1987
_
1945
German Building 4 Landbank 8Mb
1948
1938
Funding 3s
1946
Gra* (Austria) 8s
1954
Haiti 6s
1953
Hamburg Electric3* ..1938
Housing 4 Real 1 mp'i
4f
Feb
♦
5
225
4
Jan
6
Apr
7
May
7
7
*
140
8
10
3Mc
3Mc
3Mc
25
1
90c
85c
1.10
6,650
Coast Copper
Consolidated Paper
5
1.05
1.00
1.05
350
♦
4M
4M
7 M
31,695
Consolidated Press A
*
8M
8M
25
Consolidated Sand pref.100
55
60
57
58
65
100
Langley's pref
*
Apr
25
1
28 M
9Mc
30
~Tl5
~2M
*
2M
32 M
30
75c
75c
Walkvill Brw
Jan
150
Apr
Mar
27
Jan
31M
Feb
75
100
May
1M
2,000
5c
30
Jan
1.05
13 Mc
1.10 May
25
5c
1
40
May
Mar
126
675
IX
Apr
May
Mar
9c
18,975
10
Jan
17
92
27 M May
7c May
500
32 M
•
18
500
126
55c
May
9o
1,090
1.88
1.10
126
-
Feb
Mar
40c May
7,500
2,000
7c
7c
100
6,050
25
20
27 M
1
72
Jan
68
438
65c
9Mc
*
Thayers 1st pref
/16
65
Jan
86
20
100
Temlskaming Mining
/68
May
40
20
30
Apr
Apr
55
.
25
9c 12 Mc
Feb
8M
10
♦
11
40c
1.40
2.20
Apr
6
92
1
Jan
15M
3Mc May
May
30c May
11
May
34c
30c
25
25
*
50c
Klrkland-Townslte.
Supertest ordinary
J7
4M
92
30c
*
Rodgers Majestic A
9
Mar
85c May
1.00 May
11
...
Rob Simpson pref
/2
2Mc
25
Corrugated Box pref._.100
Pend-Oreille
1947
32
May
Mar
5c May
30
May
75c May
10c
2.36
130
Jan
Jan
Feb
3M
34
Feb
Mar
8Mo
36
Jan
Jan
1.25
Apr
18
J6X
*
No par value.
7M
/10
1951
200
/II
8tate Mtge Bk Jugoslavia
5s
1956
NOTICES
CURRENT
JO
/II *
6Ms
/22
/2
no
24
Stettin Pub Utll 7s... 1946
17
75"
Mr.
Romney was formerly associated with
Inc., and later with Bond &
Merrill, Lynch
Goodwin. Mr. Williams was with
and subsequently was with Lewis,
T. E. Joiner & Co. for a number of years
..1955
73
77
1947
A5
17
Britain 4 Ireland 4s. 1990
61
65
R. W. Pressprich & Co.,
3M% War Loan
Uruguay conversion scrip..
50
55
as
Toho Electric 7s
43
Co.,
Dempsey-Detmer & Co. announces
Romney and Stuart P. Williams with their
Chicago investment firm of
organization.
&
2M
/7
72
17
AO
United
/12
/13H
—The
the association of Milton A.
J12
J12
Tolima 78
38
no
1956
2d series 5s
Hanover Harx Water Wks
1957
0M
Montreal Power
A3
Saxon State Mtge 6s.. 1947
Slem 4 Halske deb 6s.2930
See United Kingdom
6s
Feb
Oslsko Lake
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7S..1945
Great Britain 4 Ireland-
...1948
5
Mandy
Santa Fe 4s stamped. 1942
German Conversion Office
German scrip.
7M
A5
8%
German Central Bank
Agricultural 6s
50
Foothills
/7m
1948
8,500
Dominion Bridge
AO
8s ctfs of deposit. 1948
Santa Catharina (Brazil)—
8s
Jan
lc
5M
5M
Preferred
/8M
7s ctfs of deposit.. 1957
Apr
lMc
lc
5M
lc
DeHavllland
AO
4s scrip
Farmers Natl Mtgc 7s. '63
Frankfurt 7s to
.1946
1967
/6M
AO
7s 1957
4
May
lc Apr
1
Dalhousie
Salvador
/18
/3
/18
/3
/3
/II
7s
§"
AO
AO
AO
JO
Saarbruecken M Bk 6s.'47
Dortmund MunUtil6HB'48
3
170
*
Canada Machinery.
J7
Prov Bk Westphalia 8s '33
6s 1936
3M
High
Low
Shares
Canadian Marconi...
Protestant Church (Ger¬
14"
High
3
*
Canada Vinegars
/II
59 M
Low
Price
Can Bud Brew
AO
Chilean Nitrate 6s
Week
Bruck Silk
Oldenburg-Free State—
Oberpfals Eleo 7s.... .1940
for
of Prices
Brett Treth
20
Central German Power
7s to
Par
Week's Ranoe
Sale
North German Lloyd—
4s
Range Since Jan. 1,1940
Last
National Hungarian 4 Ind
/9
Sales
t'riday
Stocks—
Central Agrlc Bank—
see German Central Bk
Guatemala 8s
11
33
Vertientes-Camaguey
Corp. »
Refg—1
Sugar
For footnotes see page 3187.
/9
Nassau Landbank 6Ms '38
Hungarian Bank—
Cundlnamarca
2M
9
30
Punta Alegre Sugar
51
A1
Municipal Gas 4 Eleo Corp
Recklinghausen 7s..1947
Montevideo
Kingdom
British
(Peru)
29
1M
39
/45
A1
1940
Callao
10
26
no
Meridlonale Elec 7s. .1957
64
Sugar Co
1940-1942
9
♦
/62
/18
1989
5s
4M
/35
/21
Water 7s
1954
Ask
Bid
1
1
Haytian Corp com
1947
6s
Par
Preferred
New Niquero Sugar—
4
58
Slocks
Baraqua Sugar Estates—
17M
4%
56
Eastern Sugar Assoc com.
1951
6s
no
/15
/4M
/3M
/3M
/3M
funding scrip
6s
British see United
1st mtge 4s
-
-
Sugar Securities
/16
/10
Brazil
-
17
Koholyt 8Mb
4
1948
Westlnghouse Bldg—
—
66
Antilla Sugar Estates—
Brandenburg Eleo 6s. 1953
Brazil funding 6s. ,1931-61
Bremen (Germany)
46
/3
Jugoslavia 2d series 5s. 1956
/II
/62
1947
1951
21
/3
Bavarian Palatinate Cons
Bollva
1st 5s (Bklyn)
1st 5s (L I)
13
18
Ask
Bid
Ask
11
1951
1st 4Ms w-s
Ludwlg Baumann—
■
Bid
1952
1st 4 gen 3-4s
1960
3s
London Terrace Apts—
Foreign Unlisted Dollar Bonds
Williams & Co.
—Lee H.
Kingdom of Great
Unterelbe Electric 6s.. 1953
/45
Vesten Elec Ry 7s
1947
A1
Al
Wurtembersr 7s to
1945
A1
manager
Ostrander, for the last seven years with
the Chicago office of
has become associated with Lazard Freres
of their Chicago office.
the Chicago Bond Club, has
& Co.
Mr. Ostrander, who is a member of
been in the bond business in
Chicago since
1925, his first association having been with White, Weld & Co.
Volume
The Commercial & Financial Chronicle
150
3191
General Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For mechanical
reasons
However, they
FILING OF
UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
it is
are
not always possible to arrange
companies in exact alphabetical order.
always as near alphabetical position as possible.
REGISTRATION STATEMENTS
UNDER
Allied Mills, Inc.
(& Subs .)—Earnings—
SECURITIES ACT
.
x
The
following additional registration statements (Nos. 4402
to 4405, inclusive,) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is
approximately $9,500,000.
12 Mos .End.Mar .31—
Net profits
After
has filed
registration statement covering 110,000 shares of no par
stock.
60,000 shares will first be offered to common stock¬
i
•
persons at $7 and $8 per share and if offered publicly the terms will be stated
by amendment (see registration statement 2-4403).
Proceeds of the issue
will be used for retirement of the $10
par 7% cumulative convertible pre¬
ferred stock, for equipment, bank loans and
working capital.
Carleton
Putnam is President of the company. Stern, Wampler &
Co., Inc. and I. M.
Simon & Co. have been named underwriters.
Filed
May 13, 1940.
Chicago
& Southern Air Lines, Inc. (2-4403, Form F-l), voting
trustees, of Robertson, Mo. have filed a registration statement covering
300,000 voting trust certificates for the no par value common stock (see
registration statement 2-4402). C. Putnam is voting trustee. Filed May 13,
Mastic Asphalt
Corp. (2-4404, Form A-2) of South Bend, Ind. has filed
100,000 shares of $1 par common stock.
The stock will be offered for the account of certain stockholders. Charles L.
MUlhouse is President of the company. F. Eberstadt &
Co., Inc. has been
named underwriter.
Filed May 14, 1940.
Narragansctt Electric Co. (2-4405, Form A-2) of Providence, R. I., has
filed
a registration statement
covering 180,000 shares ($50 par) cumulative
preferred stock.
Filed May 16, 1940 (see subsequent page for further
details).
our
946,000
depreciation,
'
,
1938
$1.17
Federal
'
•
.
previous list
issue of May 11,
registration statements
page 3035.
or
was
given
1937
$2,398,446
886,888
$2.70
$1.03
and
taxes
'
other
■
.
deductions—
...
Corp. (Mich.)—Earnings—
1940
tion and taxes,
1939
x$37,800
1938
loss$12,771
1937
loss$44,211
$47,851
x
Equal to 14 cents per share on 75,050 shares common stock (par $10).—
V. 150, p. 1923.
Aluminum
Industries, Inc.—Earnings—
3 Months Ended March 31—
Net profit after charges and Federal taxes
Earnings per share on common stock
—V.
150,
p.
1940
1939
$50,581
$0.51
$51,892
$0.52
3035.
American Bemberg Corp.—Stock
Offered—
offering 35,000 shares of
common stock (no par) and
(no par) to holders of common
stock and common stock, Class B„of record on
May 6 on the basis of one
share for each four shares of the same class of stock held by such holders
35,000 shares of
common
stock
Class B
such date.
The offer is subject to performance by Algemeene Kunstzijde
Unie N. V., Holland, of its obligation to take up and pay for the stock to
be purchased by it in accordance with a certain contract.
Warrants are
exercisable on or before July 8, 1940 and the purchase price of the shares
is $19 each.
on
"Having in mind the possibilities raised by the current
The last
in
■,
The company is
a
$970,756
946.000
3 Mos. End. Mar. 31—
Net profit after deprecia¬
1940.
registration statement covering
1939
$1,105,313
812,220
$1.73
Allied Products
a
value common
holders and the unsubscribed portion will go to the underwriters who will
exchange such stock for voting trust certificates and then offer the voting
trust certificates to the public; 50,000 shares are to be
optioned to certain
interest,
V. 150, p.1269.
Chicago & Southern Air Lines, Inc. (2-4402, Form A-2) of Robertson,
Mo.
1940
$1,410,125
Shares capital stock
Earnings per share
war, the corpora¬
tion will cancel all subscriptions and reimburse in New York funds all sub¬
scribers to the stock registered hereby for their subscriptions if the under¬
writer fails to take up and pay for the stock to be purchased by it in accord¬
with its obligations under the contract.
No stockholder will, however,
be reimbursed for any subscription if the purchase price of the stock sub¬
Bank of the Manhattan Co. in New York
ance
scribed for is not received at
Abbott
x
funds,
Laboratories—Earnings—
12 Mos. End. Mar. 31—
1940
Net profit—.
$2,119,150
Shs.cap.stk.out.(no par)
Earnings per share
1939
1938
$1,770,831
$1,590,407
672,094
$2.50
640,090
$2.44
640,090
$2.36
After depreciation and normal Federal income
taxes, &c.
Net sales for 12 months ended March 31, 1940 were
$12,008,829, against
$10,196,365 in like period of 1939.—V. *50,
Abitibi Power & Paper Co.,
Period End. Mar. 31—
p.
2075.
Ltd.—Earnings—
1940—Month—1939
Earnings.
$383,152
1940—3 Mos.—1939
$150,400
$1,220,522
$438,253
Prior to audit and charges for depreciation and bond interest.—Y.
150,
x
2405.
p.
Advance Bag &
Paper Co., Inc."—Bonds Called—
All of the outstanding first mortgage series A
6% s.f. gold bonds, due
June 1, 1952 have been called for redemption on June 1 at 103 and accrued
interest.
Payment will be made at the Pennsylvania Co. for Insurances
on Lines & Granting
Annuities, Philadelphia, Pa.—V. 149,
p.
3107.
V. 148,
3523.
p.
their equivalent at the time of receipt."
Bank of the Manhattan Co., transfer agent
$1,510,379
754,368
$2.71
x
x
or
1937
City Bank Farmers Trust Co., registrar
History and Business—The corporation
1925.
Tenn.
was
incorp. in Delaware, July 14,
Corporation is and has been engaged at its plant in Carter County,
Elizabethton, in the business of manufacturing rayon yarns
according to the cuprommonium process and selling such rayon yarns
under its registered trademark "Bemberg" to the textile trade in most of
the manufacturing states of the United States.
Corporation manufactures
a highly specialized and, therefore,
comparatively costly product.
The
process employed by the corporation was developed from the original cuprammonium process which has been considerably modified and improved
in various ways, in particular through the use of a so-called streteh-spinning
device.
Corporation is constantly seeking to make further developments
and improvements of its manufacturing methods.
The chief raw materials
used are cotton linters, copper and ammonia.
Under the process employed,
the corporation is able to produce rayon yarns of particularly fine size, with
practically any number of filaments desired.
Corporation owns over 100 patents and patent applications under many
of which it operates.
Such patents and patent applications are either the
result of the corporation's own research work and developments or have
been acquired from J. P. Bemberg A.G. by virtue of a patent exchange
near
agreement.
Aero
Corporation also operates under a non-exclusive license obtained from
Tubize Chatillon Corp., covering the production of so-called dull lustre
Supply Mfg. Co.—Earnings—
Earnings for 3 Months Ended March 31, 1940
Net
sales
$677,306
Net profit after deprec., Fed. income taxes, &c
Earns, per sh. on 412,461 shs. class B common stock
—V.
149, p. 3543.
Aircraft Precision
150,
p.
$0 26
1940
1939
$12,450
,
loss$8,379
Air-Way Electric Appliance Corp. (& Subs.)—Earnings
12
Weeks Ended-*-
xMar. 23 '40
Net profit--
x
Mar. 25 '39
Mar. 26 '38
Mar. 27 '37
After expenses and
y$9,594
$261
loss$26,516
$9,234
depreciation and Federal taxes,
y Equal to 58
cents a share on 16,489 shares of 7% cumulative
preferred stock,
z Ex¬
cluding British subsidiary.—V. 150, p. 1923.
Alaska Juneau Gold Mining Co
.—Earnings—
Period End.
Apr. 30—
-
Gross earnings.-.
Profit—
x
x
Includes other income
ment
—V.
1940—Month—1939
$384,000
$322,500
126,250
63,300
and
is
after operating
1940—4 Mos.—1939
$1,500,000
$1,405,000
325,000
459,600
expenses
and
develop¬
charges, but before depreciation, depletion and Federal income taxes
150, p. 2561.
Alberene Stone
/
Capitalization
1940
$6,629
Aldred Investment
1940
Net loss gfter all charges
-
1939
x$2,219
$679
Exclusive of $1,362 profit on securities sold.
as of March 31, 1940 shows securities of
$8,624,973 cost
had market value of $4,147,407, compared with securities of
x
Balance sheet
$8,640,069
1939, which had
► Liquidating value March 31,
a
1940
market value of $4,083,456.
was $700.72 for each $1,000 of out¬
standing debentures.
On Dec. 31, 1939. liquidating value
per $1,000 of debentures.—V. 149, p. 1315, 403.
was
$687 78
Guar. End. Mar. 31—
al940
Net profit
al939
al938
c$542,369
925,344
137,691
$1,184,457
$67,621 loss$520,665
1937
$167,864
941,647
74,946
$969,820
947,328
27,069
loss$4,577
a Includes
wholly owned subsidiary, Terminal Shares, Inc.
b After
deducting interest accruals charged off on $11,152,000 Missouri Pacific
RR. 20-year 5K % convertible gold bonds, series A, and on notes owned by
Terminal Shares, Inc.
c After deducting interest accruals on United States
Government securities pledged to secure purchase money debt (assumed),
impounded by trustee as received.—V. 150, p. 3035.
Allied Owners Corp.—Bonds Called—
bonds due July 1, 1958
been called for redemption on June 14 at par and accrued Interest
Payment will be made at the New York and Chicago offices of Halsey
Stuart & Co., Inc.—V. 150, p. 2245.
A total of $104,000 first lien cumulative income
has
par)
35,000 shs.
140,000 shs.
140,000 shs.
Outstanding
35,000 shs.
140,000 shs.
140,000 shs.
x The authorized number of shares of common stock and common stock.
Class B has been increased by stockholders' action to 175,000 shares each.
Underwriting—Algemeene Kunstzijde Unie N.V. of Arnhem,
Holland,
the sole underwriter, has entered into a contract with the corporation to
purchase all shares of the stock registered, not subscribed for by the stock¬
holders, at $19 per share for common stock and for common stock. Class B.
Corporation's contract with the underwriter provides for the sale of such
unsubscribed stock to such underwriter upon five days' notice from the
corporation.
It is a condition of the underwriters' obligation that delivery
be made on or before Sept. 1, 1940.
Alleghany Corp.—Earnings—
b Dividends & interest--c$l, 144,663
Interest apid
942,360
General expenses, &c—
134,681
of December 30, 1939
xAuthorized
Preferred Stock (7% Cumul., $100
Common stock (no par)
Common stock, CI. B (no par)
Trust—Earnings—
3 Months Ended March 31—
as
1939
loss$4 994
—V. 149, p. 3251.
Dec. 31,
corporation's plant.
Corporation is informed that North American Rayon Corp. is controlled
by Algemeene Kunstzijde Unie N.V. through the ownership of more than a
majority of its common stock, Class A, which stock is the only class of stock
of North American Rayon Corp. having general voting rights (Class B
only having the right to elect two directors).
Of the corporation's 14
directors, 12 are directors of North American Rayon Corp. and the corpo¬
ration's American directors and North American Rayon's American direc¬
tors are identical.
All of the officers of the corporation occuply similar
positions with North American Rayon Corp.
North American Rayon
Corp., however, produces only rayon yarns according to the viscose process
so that to some extent the yarns produced by the corporation and by North
American Rayon Corp. appeal to different markets,
only having the right to elect two directors).
Of the corporation's Ameri¬
can directors and North American Rayon's American directors are identical.
All of the o'cers of the corporation occupy similar positions with North
American Rayon Corp.
North American Rayon Corp., however, pro¬
duces only rayon yarns according to the viscose process so that to some
extent the yarns produced by the corporation and by North American Rayon
Corp. appeal to different markets.
Corp. of Virginia—Earnings—
3 Months Ended March 31—
Net profit before Federal taxes
cost on
exclusive licenses from other manufacturers of rayon yarns in the United
States.
Corporation's subsidiary. River View Realty Co. (owned 33 1-3% by the
2865.
x
pigment yarns, and pays Tubize Chatillon Corp. certain royalties for such
rights.
In addition, the corporation has obtained certain royalty-free non¬
corporation and 66 23% by North American Rayon Corp.) is engaged solely
in holding and administering certain land and real estate adjacent to the
Products, Inc.—Earnings—
3 Months Ended March 31—
Net income after ali charges
—V.
115*235
Purpose—The net proceeds after deducting expenses, estimated at
$31,lo3, in connection with the sale of the stock will be $1,298,837.
Alge¬
meene Kunstzijde Unie N.V. will receive no commission.
$1,200,000 of the net proceeds of the stock is to be paid to Algemeene
Kunstzijde Unie N.V. or Arnhem, Holland, in settlement of its claim for
dividend advances, aggregating with interest to March 1, 1940, approxi¬
mately $1,300,000.
The balance will be paid into the treasury of the
corporation.
However, the corporation has agreed with Algemeene Kunst¬
zijde Unie N.V. to purchase or redeem within 60 days after the closing
7,700 shares of its preferred stock, which is the preferred stock sinking fund
requirement accumulated to July 1, 1940.
Such purchase or redemption
will require a maximum of $847,000, plus accrued dividends, which amount
is to be
paid out of the treasury of the corporation.
The above dividend advances were made pursuant to an agreement of the
corporation with J. P. Bemberg A.G. and Vereinigte Glanzstoff Fabriken
A.G., dated July 16, 1925, in the years 1925 to 1929.
Algemeene Kunstzije Unie N.V. purchased this claim in the latter part of 1939 from Vereinigte
Glanzstoff Fabriken A.G. for $750,000.
Algemeene Kunstzijde Unie NY.
owns 99.1% of the common stock of Vereinigte Glanzstoff Fabriken A.G.
and also has a large claim against it for advances made in prior years.
Chronicle
The Commercial & Financial
3192
52,500
$1,518,073
15,908
$792,464
Dr.5,695
$1,261,769
16,292
$1,533,981
298,500
6,500
—
Other income (net).,
Total income
$786,769
$1,278,061
194,600
34,400
Provision for Federal income taxes
Provision for excess-profits taxes
143,000
—
406,574
545,932
10,000
—
—
...—
Net income
$1,228,981
;
$643,769
612,500
367,500
$10.50
Preferred dividends
Divs. per share
$17.50
—V. 150, p.
$1,039,061
980,000
$28.00
Notes receivable (net)
Inventories
Investments..—....
Fixed assets (net)
oSatingr"venues
Earned surplus
taxes
$7,832,659
to be paid under an
of dividend guarantee
1940, in settlement
agreement dated March 22,
agreement of $1,200,000.
Other
Interest to public
other deductions
American Bosch
Net
profit after taxes,
depreciation
and other charges....
x$170,751
Equal to 24 cents (9 cents in 1939)
x
p.
per
64,811
lossl34,501
share on capital stock.—V. 150,
Alcohol
Commercial
Corp.
(&
Profits (incl. other income)
Exps., discount, doubtful accts., &c__
Interest, &c
Depreciation
...
$547,438
$682,946
590,908
381,844
76,655
81,458
740,382
465,250
77,645
81,879
19,264
-
70
11,746
$54,445
21,900
Federal income taxes
$39,205
10,100
...
equity
$4,459,701
17,829
$3,498,319 $14,327,195 $12,692,039
75,076
19,857
96.741
$4,477,530
$3,518,176 $14,423,936 $12,767,115
Net
Total
deductions.
Adjustment of reserve.
Addition to
$96,344
37",200
reserve
Net profit
*.
Subsidiary preferred dividends
$51,475
$24,390
$33,106
$0.19
$0.09
$2,687,434 $11,076,067
solidatedearnedsur. $3,621,124
$9,433,935
Light Co. in income of subsidiaries.
Note—Operating revenues for the 3 months and 12 months ended Jan.
31, 1939 reflect an adjustment by one of the subsidiaries in December, 1938,
following settlement of a rate case, removing from revenues $582,309
applicable to the first 11 months of 1938.—V, 150, p. 2866. r
Of American Power &
a
Rolling Mill Co. (& Subs.)—Earnings♦
per
$793,479 loss$197,310 x$2,320,816
$1,005,194
interest and taxes
Earns,
1937
1938
1939
1940
Quar. End. Mar. 31—
Net profit after deprec.,
sh. on com.
Before surtax on undistributed p
American Steel Foundries
ts.—V. 150, p. 2710.
Earnings—
1940
$8,192,522
3 Months Ended Mar. 31—
Sales
Operating profit after depreciation—
Total income, incl. other income
Federal income taxes, &c
Minority interest
1,538,154
1,553,238
289,461
2,817
-
—
Earns, per sh. on
stock
$0.80
Nil
$0.10
$0.1
stock (par $25)
1938
1939
$3,804,758
loss85,468
loss63,538
38,000
2,669
$3,519,382
loss392,694
loss343,183
33,000
2,241
$1,260,960 loss$104,207 loss$378,424
1,187,496 shs. com.
Nil
Nil
$1.06
-
150, p. 2247.
—V.
American Stores Co.—Sales—
Period End.
1940—17 Weeks—1939
1940—4 Weeks—1939
$8,334,642 $40,916,471 $36,210,651
April 27—
$9,886,624
Sales
Surplus
426,567
2,906,613
461,013
Balance carried to con-
$59,144
26,038
$49,305
24,915
24,870
2,886,856
106,425
724,317
149,222
707,184
Expenses, incl. taxes
Int. & other
Net profit
Profit
63,907
Amer. Pow. & Lt. Co.—
1938
$521,786
571,849
379,137
56,697
81,500
Operating income
1939
61,221
Other income
Net equity
Subsidiaries—
a
Subs.)—
1940
20,461
16,056
$3,498,319 $14,327,195 $12,692,039
x
American
Cr373,211
7,171,707
Crl4.761
$4,459,701
a
2076.
3 Months Ended March 31—
7,171,738
i
minority interests
American
1938
$957,470
1939
$1,105,163
CY2.292
1,792,933
CV4,768
1,792,935
Portion applicable to
Corp.—Earnings—•
1940
9.644,939
10,086,552
$9,327,596 $37,316,371 $35,435,624
33,004
143,642
147.859
$10,225,991 $ 9,360,600 $37,460,013 $35,583,483
and
16,029,041
4,051,179
15,914,620
3,962,067
Int. charged to constr—
tion's cumulative 7%
3 Months Ended March 31—
Net sales
2,550,506
2,615,539
revenues...$10,161,317
income (net)
64,674
Net oper.
Pref. divs. to public
Under a dividend guarantee agreement the dividends upon the corpora¬
preferred stock for the period from July 1, 1925 to
July 1, 1929 were guaranteed by other companies which advanced $796,250
for this purpose.
The guarantors or their assignees are entitled to repay¬
ment of these advances with interest at 5% out of profits after provision
has been made for the then current dividends on the preferred stock.
The
repayment of these advances (which, with interest, now aggregate slightly
less than $1,300,000) was subject at Dec. 30, 1939, among other things,
to the effect of certain charges to capital surplus in prior years, in the light
of the provisions of the agreement, upon the calculation of profits out of
which repayment may be made.
Pursuant to an agreement dated March 22, 1940 with the assignee of the
guarantors under the above-mentioned dividend guarantee agreement the
corporation proposes to pay to the assignee out or the proc eeds of the pro
posed sale of additional common stock, and common stock. Class B, th
sum of $1,200,000 in cash against surrender of the assignee's contingen
claim for repayment of dividend advances and accrued interest thereon
Provision for this proposed payment has been made on the above balanc
heet.—V. 150. p. 3037.
direct
1940—3 Mos.—1939
PrdepiretyrS'veTpeprop^-
Gross income
1..
Total
$7,832,659
After deducting provision for amount proposed
a
$18,476
no
$27,070,987 $25,0S0,966$lO2,045,693 $97,098,238
10,428,739
9,907,829 39,944,877 38,194,719
3,865,392
3,295,035
14,697.893- 13,822,956
Operating expenses.
280,000
2,129,702
a85,286
Ended March 23, 1940
Light Co. (& Subs.)—Earnings—
1940—12 Mos.—1939
American Power &
Capital surplus
Total
& Metals, Inc.—Earnings—
Interim statements will be issued on a 12 week
basis, and no change is contemp.ated in present practice of issuing annual
report on calendar year basis.
In quarter ended March 31, 1939, company reported net loss of $66,077.
For period April 1, 1939 to March 23, last, net loss was $86,890.
In 12
months ended March 31, 1939 net loss was $269,491.
Company states loss for 12 weeks ended March 23, last, was due to low
volume of shipments during first four weeks in January.
Unfilled orders
on April 22, last, were larger than
that at the year-end.—Y. 150, p. 2408.
Period End. Jan. 31—
Com.&com.cl.Bstks
14,820
Prepaid & deferred charges_.
2246.
comparison is available.
.
Other current assets
1937
$210,574
Earnings for 12 Weeks
Liabilities—
$151,943
$3,008,161 Accounts payable
437,514
15,750 Accrued liabilities
43,613
764,890 Other current liabilities
4,600
695,704 Mortgage payable
^
3,500,000
5,854 7% cum. pref.stock
67,306 Pref. stock dividend guarantee
agreement
1,200,000
3,260,173
Accounts receivable (net)
1938
$233,639
Net loss after taxes, depreciation, depletion, interest, &c.
Note—Due to change in corporation's accounting procedure
Balance Sheet Dec. 30, 1939
Cash in banks and on hand..
1939
$206,602
31—
American Machine
34,000
Provision for surtax on undistributed
profits
3 Mos. End. Mar.
$6,094,023
3,845,748
1940
$207,620
Jan. 1, *38
$5,918,429
4,055,895
425.803
611,983
32,282
4,577,027
421,756
660,708
goods sold
Depreciation of fixed assets...
Selling, adm'tive & general exp
Provision for doubtful accounts
Cost of
Gross income
Dec. 31, '38
Dec. 30, *39
$7,230,066
Ending—
1940
18,
(& Subs.)—Earnings-
American Ice Co.
Comparative Income Account—Years Ended
For the Year
Gross sales, less discounts—
May
$0.12
—V. 150, p. 2562.
,
Earns, per sh. on 260,935 shs. com¬
stock (par
mon
$20)
American Stove
—V. 150, p. 2562.
Co.—Earnings—
1940
$2,880,156
Net
1939
1938
$3,200,228
$2,130,717
111,188
3 Months Ended Mar. 31—
Net sales.
>.—Earning s-
102,230
lossl91,827
$0.21
$0.19
profit after operating expenses,
Federal taxes and other charges
1939
1938
1937
1936
$701,181
33,386
$768,873
81.180
$686,918
34,387
$555,666
21,069
$667,795
357,130
260,335
$687,694
$652,531
370,671
$534,596
380,038
391,612
400,804
Period End. Mar. 31—
Balance, deficit
prof$50,331
Prof, on reacq'd securs..
$46,533
$109,751
$246,247
517,427
Uncollect, oper. revenue
__$10,210,193
50,065
$9,766,522 $30,023,409 $27,623,874
140,933
153,434
49,454
loss$46,533 loss$109,751
$271,180
Operating revenues—$10,160,128
Operating expenses
6,732,752
$9,717,068 $29,882,476 $27,470,440
6,964,715 20,496,454 20,179,010
Calendar Years—
Gross
revenues
Operating
expenses
Gross income
Unconditional interest..
Conditional interest
346,057
388,169
539,990 shares (no
par) of common stock
—V. 150, p. 2077.
Earns, per share on
American
Operating
Net
income
Balance Sheet Dec. 31
1939
$
13,396,060 Acer. int.
receiv.
.096,758
Other investment.
1,186
742,920
2,096,758
2,436
Special depos. with
accr.
int. thereon 2,071,421
189,637
346
par)
Capital surplus
189,637
346
1,004,049
1,002,592
13,013
Earned surplus...
466,290
151,146
ex¬
300
...
Total
15,716,083 16,251,835
—V. 148, p. 3252.
American Hair & Felt Co.
3 Mos. End. March 31—
Net income after all
—V.
150,
p.
$57,953
American Hide & Leather
Period End. Mar. 31—
Net profit....
Shares common stock...
...
Earnings per share
x
-Earnings—
1939
1938
$49,595 loss$148,481
3 Mos. End. Mar. 31—
1940
Net profit
$1,234,116
Shs. cap. stk. outst'g...
x805,772
Earnings per share
$1.53
y
$0.21
$398,692
$513,163
586,700
$0.54
584,950
$0.35
$3,947,809
39,724,362
3037.
(& Subs.)— -Earnings
„
Corp. (& Subs.)—Earnings—•
1939
$1,073,610
1938
804,851
$741,554
741,060
$1.33
$1.00
.
$3,402,131
1,692,851
£ £2,669
351,351
Operation
Maintenance
Taxes
1939
1940
Subsidiary Companies—
Gross earnings
(including Federal taxes)
394,134
$3,749,963
2,007,688
339,591
351,620
391,610
»
21,161
$659,455
15,854
$672,287
$675,309
55,419
84,895
36,412
5,648
24,279
24,015
$574,808
10,707
$542,120
$585,515
$542,120
$651,126
Net earnings
Other income
and expense
(less interest charged to construe.)
Equity of minority stockholders in net income of
subsidiary companies
Miscellaneous charges (net)
on
funded debt
Balance of net income
Interest and dividends received
Total
-
Exp. & taxes of American Utilities
American Utilities Service Corp.
Charges—
Appropriated to reserve for investments
55,819
315,000
24,521
.
Serial notes interest
c
56,565
315,000
15,403
Service Corp__
Collateral trust bonds interest
—
„
26,000
1937
* $860,512
741,060
$1.16
x Average shares of capital stock outstanding
during the period,
depreciation, interest, Federal income tax, &c.—V. 150, p. 1750.
46,076,476
12 Months Ended March 31—
a
1940—9 Mos.—1939
After charges and Federal income taxes.—Y. 150, p. 425.
American Home Products
$5,401,186
38,711,424
American Utilities Service Corp.
Co.—Earnings—
1940—3 Mos—1939
$52,846
$188,495
584,950
586,700
$0.61
$1,562,999
$2,028,449
Interest and amortization of discount
269.
x
$7,291,430
3,343,621
Net income before charges
(& Subs.)
1940
charges
$9,386,022
3,984,836
$2,752,353
1,189,354
Provision for retirements
300
15,716,083 16,251,835
~$3,427,376
44,254,954
Net operating income.
—V. 150, p.
1940—3 Mos.—1939
1940— Month—1939
1,398,927
Net oper. revenues—
3,364,318
40,000
26,713
275,000
3,345
3,071
14,982
issues..
revenues
Operating taxes
&
Com. stk. ($1
Cash in bank
Total
1,045,428
Notes payable
Accounts payable.
Telephone & Telegraph Co.—Earnings—
Net income
1,271,270
Accr. liabilities._.
trustee under de¬
penses
debs.
Ctls. of lndebt.
346,600
cos.
Sundry prepaid
on
In hands ol pub.
from subs
benture
$
Long-term debt... 10
>,432,000 10,432,000
alfil. companies.13,255,910
Notes & accr'd int.
thereon
1938
$
Liabilities—
Invest, in sub. and
Invest, in affil.
1939
1938
$
Assets—
Nil
y
After
Consolidated net income
a
Of subsidiary
companies applicable to American
$172,547
$146,780
Utilities Service Corp.
subsidiary
considered
American Utilities Service Corp. from non-consolidated
companies,
c Dividend received from a subsidiary company,
as resulting from sale of property.—V. 150, p. 2409.
b By
Volume
The Commercial & Financial Chronicle
150
American
Water Works & Electric
Co.,
Inc.—Weekly
Output—
1939
Assets—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended
May 11, 1940, totaled 51,331,000
kwh., an increase of 31.1% over the output of 39,154,000 kwh. for the
corresponding week of 1939.
Comparative table of weekly output of electric
years follows:
Week Ended—
1940
1939
Apr. 20
50,887,000
Apr. 27.51,473,000
May
4
51,054,000
May 11
51,331,000
—V. 150, p. 3038.
for the last five
_
x
Notes,
1936
50,000.000
45,251,000
45,791,000
44,433,000
44,766,000
50,513,000
50,876,000
51,191,000
Federal taxes.__
$18,778,251
501,419
prop.
293,817
4,636,272
$8,358,762
Dxsct.&prems. on bonds
xDeprec.,obsol.&depl_
Minority interest
598,968
578,535
1,484,286
33,810
1,953,767
22,485
31,590
2,711,248
86,269
Net inc. (before deple'n
of metal mines)
$10,517,636
Shs. of cap. stock (par
$6,922,248 $13,672,343
703,962
801,069
145,233
606,705
1,173,970
1,716,310
71,301
43,921
1,938,841
2,417,854
41,953
10,856
$3,686,911
$2,385,516
$8,537,100
8,674,338
8,674.388
per share
$1.21
$0.42
$0.76
8,674,388
$0.98
Includes depletion of timber, coal and phosphate lands.
The company's share of the estimated combined net
profit of subsidiaries
not consolidated, and therefore not included in the consolidated income
account, amounted to $225,885.—V. 150, p. 3038.
Anchor Hocking Glass
The
New
York
Stock
Corp.—Listing, &c.—
Exchange
has authorized the issuance of 1,000
in exchange for 200 shares of the
Mfg. Co.
Corporation intends to change, as of May 21, 1940, its shares of com¬
mon
stock without par
value into a like amount of shares of common
stock of a par value of $12.50 per share.
At the annual meeting of stockholders, to be held
May 20, action is
proposed to be taken with respect to the following proposals:
(1) To decrease the capital represented by 715,550 shares of common
stock (no par) now outstanding from $13,555,768 ($18.9445 per share)
to
$8,944,375 ($12.50 per share) by transferring the amount of such
reduction, viz., $4,611,393, from capital to capital surplus.
(2) To change the authorized common stock consisting of 1,500,000
shares
(no par) of which 715,550 shares are outstanding, into a like
number of shares of common stock (par $12.50).
Pursuant to resolutions adopted by the directors, April 16, 1940, the
asset
account appearing
on
the books of the corporation entitled "good
will" in the amount of $3,538,896 will be entirely eliminated
by charging
the amount thereof to capital surplus, leaving the total net increase in
capital surplus account, as a result of all of such transactions, $1,072,497.—
V. 150, p. 3038.
shares
of
common
$5
dividend
stock
of
preferred
Standard
stock
Glass
Andes Copper Mining
3 Months Ended March 31—
Property
Total
1940
1939
1938
$1,051,456
114,519
51,146
70,848
$3,224,209
$1,102,602
$1,087,014
17,342
893,100
507,774
267,700
297,334
176,400
288,342
$1,823,335
$537,568
stock
$0.51
on
3,582,379 shs.
appreciation
150,
p.
$0.15
$0.17
a
that the indictment be dismissied.
move
The four defendants are accused by Government of
having employed the
mails and conspired to defraud Associated Gas & Electric Co. and various
affiliates of more than $20,000,000.
Committee Study Charges Transfer of $300,000,000 in Assets
A protective committee for the fixed interest securities of the company of
which Irvin McD. Garfield is chairman, issued May 11 the first of a series
of reports on the progress of the reorganization of the Associated system.
The report charged that $300,000,000 of assets of the company were trans¬
ferred by the former management into certificates of stock in Associated
Gas & Electric Corp., a subsidiary, "virtually
knowledge of only the inside management."
paid
Dec. 4 and on June 1, 1939. A capital distribution of $6 in
addition to the regular dividend of $1 was paid on Dec. 1, 1938, and extra
dividends of $1 per share were paid in each of the seven preceding dividend
periods.—V. 149, p. 3253.
Anglo-Canadian Telephone Co.- -Balance Sheet Dec. 31,
1939—
Associated Gas & Electric Corp. obligations, to say nothing of
of securities senior to the Associated corporation.
account
Cash
on
owed
from
by the Associated
a
debt into
Gas & Electric
Dividends
long-term
5H%
$11,239,226
532,603
40,332
(net)
receivable
pref. stock
cum.
$4,130,000
4,871,000
Class A stock
Deferred stock
Accounts
2,000,000
9,943
payable
interest
6,677
Accrued
Accts. recelv., sundry cos
9,560
Dividends
taxes
accrued
Employees' ben. fund res've.
Surplus reserved
20,643
37,858
5,359
75,000
Surplus
Earnings for the calendar
May 4, page 2867.—Y. 150,
Arundel
in
1933," the report said.
protective committee said that actual earnings available for security
The
holders may prove to be far greater than was anticipated before the change
in
management.
Weekly Output—
of the Associated Gas and Electric group was
Associates Investment
x
$84,351
After depreciation
150,
p.
1939 appeared in the
2867.
year
p.
1940
Net profit
V.
"Chronicle"
of
New
issuance
Stock
York
shares
for
the
Co.—Listing—
of
Exchange
common
purpose
Rayon Corp.—Earnings-
Period End. Mar. Zl—
Cost of yarn sold
1940—3 Mos.—1939
and charges
1939
Net prof, from oper__
1940—12 Mos.—1939
$7,566,903
$6,724,726
1,621,112
249,939
6,211,202
5,638,928
45,054
981,090
185,050
813,828
166,078
$54,341
$32,537
$189,561
$105,892
Other income-Cr
35,121
33,526
133,880
111,892
Other expense.
Prov. for Fed. inc. tax..
39,267
37,394
142,314
132,994
8,800
4,750
32,050
4,750
$41,396
$32,601
'$23,919
$149,077
$93,438
$80,040
$67,603
Net profit
—
Incl. depreciation...
x
$18,626
Balance Sheet March 31, 1940
Assets—Demand deposits and cash on hand, $63,889; accounts receivable,
pledged—see
for bad debts and reserve for sales discounts, $72,772),
contra,
$23,317;
1937
$219,314
$204,894
$201,086
but before Federal income taxes.—
cash—segregated for dividends
payable,
$3,210; investment, $5,000; fixed assets (net), $1,256,677; other assets,
$48,267; total, $3,113,139.
Liabilities—Notes payable, banks, unsecured, $300,000; accounts pay¬
able, trade, $526,124; accounts payable, other. $2,218; accrued liabilities,
$85,155; dividends payable, $3,210; instalments on mortgage note, due
within 12 months, $96,000; mortgage note due in monthly Instalments to
Dec, 20, 1944, $268,177; $2.50 cumulative prior preference (par value
$49.50), $256,707; common (par $1), $221,620; earned surplus, $517,409;
capital surplus, $836,517; total, $3,113,139.—V. 150, p. 1926.
Atlas
Corp.—Proposed Merger with Curtiss-Wright Corp.
Terminated—Corporation'Reports Receipt of $14,211,000 Cash
Result of
was
Reorganizations—
,
between Atlas Corp. and Curtlss-Wright Corp.
terminated May 10.
Floyd B. Odium, President of
May 10 further states;
Atlas Corp. in
a
letter to stockholders
opposition that developed on the part of certain Curtiss-Wright
stockholders would have caused a long delay in the successful consummation
of the proposal even if the necessary approving vote of Curtiss-Wright
stockholders could have been secured.
That delay would have interfered
with the best supervision of your company's portfolio during the interim.
Dividends of 75c. per share of preferred stock and 25c. per share of
common stock have been declared by your company for payment on June
1 and June 5, respectively, to stockholders of record May 20.
The reorganizations of both the Utilities Power & Light Corp. and
Radio-Keith-Orpheum Corp. have been completed. Sinc6 your last report
to shareholders, the reorganized Utilities Power & Light Corp., now known
as Ogden Corp., has called for redemption all its new bonds and approxi¬
mately 50% of its new preferred stock. As a result Atlas Corp. has received
during the recent period a total of $14,241,806 in cash.
The
Associated Dry Goods
Anheuser-Busch,
Corp.—Sales—
Inc.—Earnings—
Earnings for
Year Ended Dec. 31, 1939
(incl. $252,181 net income of wholly-
subsidiaries)
Other income
Gross income
Income charges
Prov. for Fed. & State income taxes & Fed. capital stock tax__
Net
Selling & admin, exp.-
The merger agreement
1938
Sales reported by subsidiary store companies for the thirteen week
period ended May 4, 1940 were $13,575,507, compared with sales of$13,149,289, in the thirteen week period ended April 29, 1939—an increase
of 3.2%.—V. 150. p.2710.
owned
Manufacturing expense
$1,948,642
1,652,300
290,869
49,119
as
2410.
Profit from operations
May 10,
91,176,-
has authorized the listing of 38,500
stock
(no par), upon official notice of
of converting the outstanding shares of the
capital stock of the Morris Finance Co. into common stock of Associates
Investment Co. pursuant to the terms of an agreement of merger, making
the total applied for 456,747 shares.—Y. 150, p. 3038.
The
$11,828,398
Corp.—Earnings—
3 Mos. End. Mar. 31—
x
678,595
Total
$11,828,398 I
Total
Corp. was suddenly transferred
certificate of stock.
a
"The restoration of your rights involves correction of inequities in the
so-called 'Re-Cap Plan' forced through by the former management starting
$1,083,510; inventories, $629,269; cash surrender value of life insurance,
Liabilities—
hand and in banks
Accrued
$643,561,409
"The protective provisions in the indentures securing your bonds," the
committee continued, "will be nullified unless we succeed in reversing the
transaction whereby your company's chief asset, a $300,000,000 obligation
trade (less reserve
Assets—
and
night and with the
Corp.—Extra Dividend—
on
Investments
over
"The nine issues of Associated Gas & Electric Co. obligations represented
by this committee aggregate approximately $59,000,000, the report states.
"The securities have assertedly been made junior to some $146,425,900 of
i
x
Directors have declared an extra dividend of 50 cents per share in addi¬
tion to the regular semi-annual dividend of $1 per share on the common
stock, both payable June 1 to holders of record May 20.
Like amounts
were
38,195,966
y After reserve
of plant property as of
each and Sept. 3 was set for trial of the defendants.
The defendants will
have until June 3 to file any motions in
regard to the indictment, such as
Net sales & commissions $2,046,630
cap.
2410.
Andian National
42.476
Hopson, Frederick S. Burroughs, Charles M. Travis, and
x
—V.
16,573,474 12,665,476
Total
Guilty—
Howard C.
Atlantic
.
stock tax (est.). 1,738,730
1,375,871
Capital stock (par
$20)
18,000,000 18,000,000
z Surplus
4,815,163
4,777,663
Garrett A. Brownsback on May 13 pleaded not
guilty of a special Federal
Grand Jury indictment of 18 mail fraud and one
conspiracy charges before
District Judge Henry W. Goddard.
They were released on bail of $5,000
Consol. net inc. without deduct, for
-------
inc.
State
Associated Gas & Electric Co.—Former Officials Plead
Not
$604,930
Interest on loans
United States and Chilean inc. taxes,
depletion
Earns, per sh.
&
After reserves of $323,522 in 1939 and $355,143 in 1938.
additional
estimated
260,355
294,938
28,615,440 27,534,249
366,453
357,046
depreciation,
z
Arising from
Jan. 1, 1919.—V. 150, p. 1588.
$1,016,166
Prov. fer deprec. and obsolescence
Fed.
..42,476,203 38.195,966
..
22,043
con¬
taxes & Fed. cap.
for
and
Total income
27,884
return'le
382 units (kwh). This is an increase of 10,539,775 units of 13.1% above
production of 80,636,607 units a year ago.—V. 150, p. 3038.
$3,109,690
inc.—Inc. from railroad
miscellaneous income
on
tainers
net electric output
[Including Potrerillos Ry. Co.]
Other
405,262
525,058
Amount refundable
The Utility Management Corp. reports that for the week ended
Co.—Earnings—
,Operating income
rec'ies
411,806
oblig,
Earned surplus
8,674,338
x
411,774
sub. & affil. cos.
$6,576,113 $13,205,863
346,135
466.480
$50) outstanding
Earnings
1,846,076
4,380,467
792,353
for equip. & con¬
Inv.in & advs. to
x
Interest, &c
Exps. of non-oper.
2,174,418
1937
1938
313,406
Contractual
Sundry invest, and
non-curr.
946,643
...
struction
(& Subs.)—Earnings—
1939
$8,045,356
326,958
Total income
60,500
201,416
5,497,895
Deferred charges..
.$18,451,293
Other income.
60,500
302,006
.
$
$
Accts. pay. &accr.
expenses
Inventories
y
1940
Liabilities—
3,116,012
&
accts.
1938
1939
$
4,787,362
Market, securities,
at book values
Revenue stamps..
31
Dec.
1938
$
Cash
other receivables
1937
38,148.000
38,313,000
38,666,000
39,542,000
40,939,000
39,179,000
39,367,000
39,154,000
3 Mos. End. Mar. 31—
Operating income
energy
1938
Anaconda Copper Mining Co.
^
3193
Condensed Balance Sheet
income.
$8,684,213
235,578
$8,919,791
252,046
1,654,495
Surplus credit—adjustments applic. to prior years—net
$7,013,251
44,748
Gross surplus for the year
Dividends on capital stock
$7,057,999
3,150,000
Surplus for the year
Earned surplus, Jan. 1, 1939
Earned surplus, Dec. 31, 1939
Earnings per share on 900,000 shares capital stock
$3,907,999
12,665,476
$16,573,474
$7.79
Odium Indicates Other Uses for
On
May 6 Mr.
Investment Trust Money—
Odium presented to the Curtiss-Wright Board a letter
in which he suggested that it might be possible to meet many of the general
objections to the terms of the merger by mutually acceptable amendments,
that failing this the merger agreement might better be cancelled.
10 reported to the Curtiss-Wright board of directors
that in his opinion certain of the objections could not be met in any way that
seemed feasible to him.
The termination of the agreement resulted.
In a letter to Atlas the Curtiss-Wright management expressed appreciation
of the cooperative attitude displayed by the Atlas management throughout
the negotiations and subsequent period when criticisms on the part of some
Curtiss-Wright stockholders were being considered.
Mr. Odium stated that so long as the merger agreement remained in
force Atlas management would necessarily be restricted in the supervision
of its portfolio operations.
He said that as a result of the redemption by the
but
Mr. Odium on May
Bangor Gas Light
reorganized Utilities Power & Light Co. of its bonds Atlas has over $15000.000 of cash on hand for which attractive opportunities for investment
He therefore believed it desirable from the Atlas standpoint
not to leave the commitment to merge outstanding any longer in an in¬
definite state. He added that there is no plan to redeem the Atlas preferred
presented.
are
stock
6, Mr. Odium expressed regret that the Securities
Commission has no jurisdiction over the merger, and stated
further his belief that it would find the terms fair.
He quoted from his
testimony in 1937 before the Commission as follows:
"X would welcome some public body or arbiter who could pass on the
equities as between divergent interests in such cases as mergers, reorganiza¬
In his letter of May
and Exchange
exchanges of securities."
He also pointed out in the letter that many of the criticisms of the merger
from the standpoint of Curtiss-Wright stockholders were on points that
Atlas itself would be delighted to have changed in the interests of its own
stockholders, rather than the Curtiss-Wright stockholders.
|s»The May 6 letter from Atlas also expressed high regard for the CurtissWright management and stated that Atlas understands the reasons why
"Curtiss-Wright has not answered the publicized objections by CurtissWright stockholders to the merger, but added:
"The issues raised between certain of your stockholders and you also
ndirectly affect Atlas Corp. and in our own interests we therefore wish any
possible general misunderstandings corrected."
It was confirmed that Mr. Odium resigned as a Curtiss-Wright director
during the negotiations to avoid any possible conflict of interests.—V. 150.
p. 3039.
tions and
Automotive Gear Works,
Inc.—Accumulated Dividend—
82 M cents per share on account of
pref. stock, payable June 1 to holders
of record May 20.
Like amount was paid on March 1 and on Dec. 1, last,
and a dividend of 41 l/i cents was paid on Sept. 1, 1939.—V. 150. p. ll28.
Directors have declared a dividend of
accumulations on the cumul.
$196,447
depreciation, taxes, &c
$426,280
$4,131,000 against $3,507,000 on Nov. 30, 1939.
Above statement is exclusive of operations of Vultee Aircraft, Inc., an
affiliate which showed a net loss of $180,984 for the quarter ended Feb. 29
last.
Unfilled orders of Vultee Aircraft, Inc., were $14,878,000. against;
Unfilled orders
$136,092
107,610
$44,421
$42,187
1,144
570
$28,482
1,197
$45,565
17,099
8,807
$42,757
17,097
7,769
$29,679
7,050
7,050
7,050
$12,609
Gross income
Interest deductions
& replacements. _
Gas & Power Co.
$10,841
$17
Interest to American
payable
notes
on
Net income.
Balance Sheet Dec. 31, 1939
were
"
$2,013; total, $1,231,314.
Liabilities—Long-term debt,
*300,000; notes payable to parent company,
$29,500; accounts payable, $26,736; taxes
long-term debt accrued, $3,750; other accruals.
$1,755; due to affiliated companies, $3,997; matured bond interest (contra),
$300; consumers' deposits, $1,727; reserves, $24,508; capital stock ($100
par), $600,000; earned surplus, $100,559; total, $1,231,314.—V. 149,
$137,492; note payable, bank.
accrued, $991; interest on
p.
3253.
Isidor Friedman, Leo Schloss, Samuel Lipman, Sue Golding,
Arnold H. Golding, Bernard Freeman, Jacob Frank and Anthony Schilp.
The complaint alleged that corporation in 1932 acquired a leasehold from
Broadway & 38th Street Corp, on premises located at 1385 Broadway,
N. Y. City, and assumed the latter corporation's rights, liabilities, obliga¬
tions and duties with respect to the lease, trust indenture, bonds and mort¬
gage, and with respect to a second mortgage on the leasehold in the amount
of $214,062.36.
The complaint further charged that during the period from about Sept. 1,
1932, until on or about Nov. 26, 1934, Bagold borrowed a net amount of
$244,251 from Ramgold Textile Building Corp., a closely affiliated com¬
pany, for the primary purpose of liquidating the second mortgage.
It was charged that from Sept. 1, 1932 until about June 1, 1938, Bagold
made the amortization payments to the corporate trustees as required by
the trust indenture and that the bond issue was reduced from $1,340,000 to
are
(& Subs.)—Earnings—
1940
1939
,1938
$273,568
$166 894
Bausch & Lomb Optical Co.
3 Mos. End. Mar. 31—
Net
$420,668
$0.87
profit
Earnings per share on common
x
Federal
interest,
depreciation,
After
and
$0.51
$0.23
Canadian income taxes,
minority interest, &c.
—V.
150,
I
2411.
p.
Sheet
$654
$295
Note pay
Accounts
Cash held under tr.
2,430
2,430
with litigation..
34,500
580,393
Class B particip.
preferred stock.
499,000
1,000
y
$768,435
$754,331
Total
Total
330,313
$754,331
Common stock--
Deficit
499,000
339,704
preferred stock-
58
less depreclat'n.
3,500
Class A particip.
730,793
fixtures,
$768,435
1,000
Represented by 30,547 no par shares,
y Represented by 25,000 no
par shares.
The income statement for 3 months ended March 31 was published in
V. 150, p. 3039.
x
„
Ry.—Earnings—
Berkshire Street
profit
Average fare per
—V. 150, p.
1938
1939
1Q40
3 Months Ended March 31—
$11,183
1,529,995
7.11 eta.
$14,017
$18,857
carried-1,699,255
passenger
7.04 cts.
Revenue fare passengers
to approximately 100; that in all cases except one, Bagold had
paid these affiliates par for the bonds it purchased and that such purchases
8,663
580,393
x
y
2,700
748,906
filiated company
Securities
Net
Street Corp. bonds
2,266
Federal taxes—
tender
corporate trustee of Broadway & 38th
$3,000
3,192
Res. for State and
Notes rec. from af¬
$680,000; that of this $660,000 reduction $614,500 was effected by Bagold's
Kurchased from Ramgold closely affiliated companies, at prices ranging
lanagement Corp., both Textile Building Corp. and Mid-Manhattan
$5,000
3,036
3,340
to bankpayable-
Res. for conting..
writ. In connect,
&
.
1939
1940
Liabilities—
1939
1940
Cash in bank
Furn.
March 31—
Participations, Inc.—Balance Sheet
Beacon
Assets—
Bagold Corp., N. Y. City—Complaint Filed—
the
6,529
$1,155,839; investments. $441;
Assets—Property, plant and equipment,
Balance
*l,The Securities and Exchange Commission announced May 13 that it had
filed a complaint in the U. 8. District Court for the Southern District of
New York seeking to enjoin the corporation, its officers, directors, agents
and representatives, and the Sterling National Bank & Trust Co., from
further selling certificates of deposit in violation of the fraud provisions of
the Securities Act of 1933.
The individual defendants named in the com¬
to
16,083
cash, $2,737; deposit for matured bond interest (contra), $300; accounts
receivable, $42,399; due from affiliated company, $1,742; merchandise,
materials and supplies, $25,399 insurance deposits, $444; deferred charges,
$5,810,000 on Nov. 30, 1939.—V. 150, p. 2080.
plaint
1937
$144,015
101,828
^
Net operating income.
Non-operating income..
Prov. for retirem'ts
1938
102,532
1939
$14o,9oJ
Operating revenues
Operating expenses.
x
Feb. 29, *40 Feb. 28, '39
3 Months Ended—
Net loss after
Co.—Earnings-
Calendar Years—
conv.
Corp. (& Subs.)—Earnings—
Aviation
May 18, 1940
Chronicle
The Commercial & Financial
31 94
1,600,135
7.08 cts.
2080.
from 32H
profit to these affiliates of approximately $170,000.
alleged that on or about Sept. 6, 1938, Bagold proposed
the holders of its bonds a plan of readjustment and modification of the
resulted in
to
Corp.—New Vice-President—
Bethlehem Steel
a net
It further
was
Srovisions of complaint set forth that the plan proposed thewhich theyof the
sued.
The the bonds and of the trust indenture under
extension were
maturity date of the bonds for a period of five years, a reduction in the
annual amortization payments from $110,000 to $50,000, and a reduction
in the rate of interest on the bonds from 7% to 4% per annum.
It was
by the
of the
the unsecured loan from its
charged that the plan did not provide that any concessions be made
stockholders of Bagold nor did it provide that there be a reduction
accrued interest
or
the
6%
interest rate on
Authur
elected Vice-President
been
has
Homer
B.
150, p. 2713.
ration.—V.
B/G Foods, Inc.—Earnings—
Weeks Ended—
16
Net sales (incl. sales
Cost of sales
-
Apr. 19 *40 Apr. 21,'39 Apr. 22, '38 Apr. 23, '37
$1,033,995
$1,067,667
$998,534
tax) $1,017,977
429,778
429,100
396,791
420,519
affiliate,
The
Ramgold.
complaint alleged that since Sept. 6, 1938, the defendants had been
soliciting the holders of the bonds to consent to the plan of readjustment
and modification, to deposit their bonds with the Sterling National Bank
& Trusii Co. and to accept for such bonds "certificates of deposit" issued by
It
was
Gross profit from sales
Operating expense
Net profit from oper__
$42,846
Prov.—State
building.
defendant
by virtue of its capacity as agent of Bagold and depositary of the bonds
transmitted by bondholders in support of the plan, and the complaint also
demands that it be restrained, together with the other defendants, from
voting or in any way using or causing to be used in support of the plan any
assent procured by the solicitation of assents to the plan.
Net profit.
Baldwin Locomotive Works (&
„
12 Mos. End. Mar. 31—
Cost and expenses.
Depreciation-.
—.
1940
Subs.)—Earnings—
1939
1937
1938
$43,884
8,850
8,800
13,950
$35,158
$35,084
$54,741
$37,030,781 $28,256,889 $38,084,665 $25,561,619
30,728,733
26,092,210
34,193,436
22,573,138
1,849,086
1,850,365
1,850,529
1,847,296
Operating profit
$4,452,962
239,490
Other income
$314,314
132,561
$2,040,700
142,760
$1,141,185
584,081
$446,875
834,068
565,063
513,524
$2,183,460
931,805
7628,050
438,509
$1,725,266
1,752,869
y607,200
Liabilities—
Apr.19, '40 Apr.21, '39
Notes payable (due
$115,695
$1,500
108,409
Res. for conting.-
6,165
64,887
28,217
5,474
80,770
39,945
pfd. stock—
456,100
In 1 year)
Accts.
payable
700
Meal coupons out¬
21,663
7,968
84,488
20,735
6,795
Acer, taxes & exp_
431,342
454,310
Preferred stock
293
1,621
Common Stock
1
1
Capital surplus
Earned surplus
$832,705
$844,368
3,078
95,740
Inventories
Prep'd ins. & rents
-
Goodwill,
holds, &c
standing
Prior
(net
assets
values)
Deferred charges.
-
lease¬
150,
p.
2081.
Total.
21,019
23,516
Z>r33,734
502,800
107,981
30,591
def7,096
Dr26,007
$832,705
$844,368
46,700
114,138
Treas. stk., at cost
Total
—V.
Profit
$4,692,452
Int. & misc. deductions1,098,099
Federal taxes
l ,432,365
7
Sheet
Balance
(net of
reserve)
Fixed
$68,691
$44,008
Condensed
rec.
$66,113
2,578
$44,597
Apr. 19 '40 Apr.21, '39
Cash In banks and
on hand
$275,719
$272,621
Other assets.
Sales
.r,
.
,
Federal
&
income taxes
Acct.
$41,286
2.599
3,800
Total income
Assets—
The Sterling National Bank & Trust Co. is joined as a party
$69,192
3,079
$40,797
the earnings or income of Bagold available
and the rent roll of this
3,761
$41,753
2,255
Other income.
for ground rent or taxes or inter¬
the number of percentage of the holders of
bonds consenting to Bagold's proposed plan of readjustment and modifi¬
cation, the risk of loss of principal of or interest on the bonds, the proba¬
bility of foreclosure by the trustee, the danger of forfeiture of the building
on the leasehold premises because of non-payment of taxes or ground rent,
$45,047
2,544
$42,054
Profit
statements
est or amortization payments,
$604,217
535,025
$42,934
1,181
792
alleged that the defendants were selling these certificates of de¬
posit and in making such sales had been making untrue and misleading
concerning, among other things, borrowings of moneys from out¬
side sources to meet the substantial deficiency in earnings to enable the
payment of Interest on the bonds and the required amortization payments,
$638,567
593,520
$601,743,,
558,808
$597,459
554,613
Other charges
this bank.
of the Bethlehem
Steel Co., shipbuilding division, to succeed the late Samuel Wiley Wakeman,
it was announced on May 13 by Eugene G. Grace, President of the corpo¬
'
747,699
Net profit
-a$ 1,414,289 x$l,465,780
562,898
-Earnings-
Birmingham Gas Co.
1Q3Q
1938
1937
1936
$2,286,606
1,240,072
$2,070,314
1,120,975
$2,lo5,904
1,248,445
74,604
$1,988,679
1,208,012
69,355
$185,096 x$l,197,701
x Loss,
y Includes Federal and Pennsylvania income taxes of subsidiary
companies; also Federal surtax on undistributed profits of $14,700 for year
1936.
Calendar Years—
Gross oper. revenues.
Mid vale minority int
The above statement includes provision for normal income and
excess profits taxes of companies having a taxable net income.
It also
includes provision for the Federal surtax on undistributed profits in the
89,194
79,855
240,803
213,201
205,452
191,808
$716,537
5,656,283
$657,403
Maintenance.
Taxes
x
14,059
9,236
15.042
$519,502
11,121
$730,596
321,273
$665,520
361,231
$672,444
381,647
$530,623
388,137
157,318
3,635
183,858
5,597
220,897
6,703
199,007
7,632
$248,369
Net oper. income.
$114,834
$63,197
def$64,153
$248,369
$114,834
$63,197
def$60,709
Non-oper. income—
amount of such
provision for the full calendar year 1937, but does not in¬
clude any accrual for the first quarter of 1938, the amount of such tax, if
any, not being determinable at this time,
a Equal to $1.25 per share on
1,028,338 shares common stock.—V. 150, p. 2565.
Barnsdall Oil
Net profit.
Earns,
x
per
After
interest,
income taxes, &c.
1940
$357,737
$0.15
share
1939
$565,417
$0.25
Interest deductions
Prov.
1938
$923,798
$0.41
depreciation, intangible development costs.
On capital stock.—V. 150, p. 3039.
1937
$591,155
$0.26
Balance
Discount
before Fed. income tax
—V. 150, p. 1129.
$151,000
$133,315
1938
$75,406
on
reacquired
3,443
securities (net)
Int.
1939
&
replacements
Balance
Beiding Heminway Co.—Earnings
1940
retirements
Federal
y
3 Mos. End. Mar. 31
Profit after charges, but
for
Amort, of disc. & exp
Co,—Earnings—
3 Mos. End. Mar. 31—
x
y
Gross income
1937
$191,157
on
-
indebt. of Amer.
Gas & Pow. Co. (accr.
but not received
Net income
$3.50 cum. pref. divs_-.
-
-
^
^
-
$248,369
65,204
65,205
65,229
$180,038
$128,402
$4,519
Volume
The Commercial & Financial Chronicle
ISO
Balance Sheet Dec. 31
1939
Assets—
1938
$
Mdse., materials &
supplies
...
93,776
4,247
1,239,059
5,915,000
186,720
Long-term dt. mat.
$6,026,000
Consumers' dep..
199,171
Notes payable lor
eqpt. (non-cur.)
Notes payable....
50,000
Accounts payable.
289,684
59,259
101,245 Accrued interest.
69,169
4,404 Accrued taxes....
Long-term debt
12,149
7,125
285,853
66,891
46,817
.
count & expense
64,826
67,655
8,675
69,928
pref. stock.
97.464 Other, curr. llabs.
cum.
stk.
454,588
400,000
a57,442 b6,300,000
238,754
833,298
221,300
129,299
-10,974,680 17,603,165
Total—
Arising from reduction in value of first preferred stock $6 series. b Aris¬
ing from reduction in value of preferred and common stock.—V. 150,
P. 2869.
a
Birmingham Electric Co.—Accumulated Dividends—
Mfg. Co. (& Subs.)- -Earnings—
1940—6 Mos.—1939
$3,113,111
$2,486,586
375,002
192,317
$0.99
$0.52
1940—3 Mos.—1939
sslcs
X
Net profit.—————
$13*7,425
$194,325
Earns, per sh. on com
$0.51
Borne
$0.37
(E. W.) Bliss Co .—Forms English Unit—
a
$0.91
Boston Elevated
200,000
$0.87
British manufacturing company
Boeing Airplane Co .—Listing—Offering—
The New York
Stock Exchange has authorized the listing of 360,979
additional shares of capital stock (par $5) on official notice of issuance and
sale for cash, making the total amount of capital stock applied, for 1,082,937 shares.
The shares are initially offered for subscription, at $16 per share and in
$107,926
1,608,442
134,220
3,761
....
Excess of cost of service
-V. 150, p. 2082.
over
236,057
. . — .
....
receipts.
Boston Wharf Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 29 to holders of record June 1.
This compares with
75 cents paid on Dec. 22, last; 25 cents paid on June 30, 1939; 50 cents paid
on Dec. 22, 1938 and
previously regular semi-annual dividends of $1 per
share were distributed.—V. 150, p. 987.
Bower Roller Bearing
3 Mos. End. Mar. 31—
Co.—Earnings—
1939
$219,954
$0.73
1940
Net profit
Earnings per share....
$368,519
$1.22
1937
1938
$383,730
$1.28
$81,213
$0.27
x After depreciation and Federal income taxes, but before undistributed
profits taxes,
y On 300,000 shares capital stock.—V. 150, p. 2413.
Brewing Corp. of America—Earnings—
1939
1940
6 Mos. Ended March 31—
Net profit after deprec., Federal income taxes.
$265,079
$0.36
$267,607
&c.
$0.37
Earns, per share on 725,000 shs. capital stock
—V. 150, p. 682.
•
Briggs Mfg. Co. (& Subs.)-—Earnings—
—
x
150,
p.
$958,046
$0.49
-
After depreciation, taxes, &c.
—V.
1756.
y
1938
1939
3 Mos. End. Mar. 31—
1940
Net profit— .
$2,395,202
Earns, per share on com.
$1.21
x
one share for each two shares held, to stockholders of record
May 10, and to holders of certificates for shares of common stock of United
Aircraft & Transport Corp. who become stockholders of the company after
the record date and before the expiration of the warrants of subscription
to be offered to holders of certificates for shares of common stock of United
Aircraft & Transport Corp. who exchange their certificates after said record
date and before the warrants of subscription expire.
The underwriters have represented to the company that they may sell
$2,382,158
1,663,399
144,754
3,761
236,240
329,374
99,497
13,058
$11,707
.
Rent for leased roads.
the ratio of
by exchanging their certificates as provided in the plan of reorganization of
United Aircraft & Transport Corp.
Rights to subscribe will be evidenced
by transferable warrants of subscription which will become void at 3 p. m.,
Eastern Daylight Saving Time, on May 24.
No subscription for a fraction
of a share will be accepted.
The underwriters have agreed to purchase, at $16 per share, the shares
offered to stockholders which are not subscribed for by such stockholders
or their assigns, but no commitment has been made to purchase the shares
1939
1940
$2,406,053
329,374
99,497
6,408
..
Subway, tunnel and rapid transit line rentals.
Interest on bonds
DividendsMiscellaneous items
with capital of about $750,000.
Company's policy in setting up this new
property, construction of whose facilities already are underway, is one of
long-term participation in the world market rather than for immediate
return^ from British business. The new plant will be capable of producing
a variety of machinery and
products for war use.
With the depreciation
of the pound sterling, it was deemed advisable by the
management to
secure a manufacturing source in Great Britian for competitive purposes.
—V. 150, P. 1927.
Ry.—Earnings—
Month of March—
Total receipts
Total operating expenses
......
Federal, State and municipal tax accruals..
x
After charges, depreciation and taxes, &c.—V. 149, p. 832.
Company has recently incorporated
200,000
$0.92
Scrymser Co.—To Pay $2 Dividend—
y
x
200,000
$317,309
92,647
$1.54
$337,309
94,573
$1.62
200,000
$0.92
94,573
$1.60
per
Directors have declared a dividend of $2 per share on the common
stock, payable June 15 to holders of record May 29. This compares with
$2.50 paid on Dec. 15, last; $1 paid on June 15, 1939; 50 cents paid on
April 15, 1938, and 75 cents paid on Oct. 15, 1937.—Y. 149, p. 3254.
•
Directors have declared a dividend of $1.75 per share on the $7 cumulative
preferred stock and a dividend of $1.50 per share on the $6 cumulative
preferred stock, both payable June 1 to holders of record May 20.
Simjlar
amounts were paid on April 1 and on March 1, last, and in preceding
quarters.
Dividends are in arrears on both issues.
See also V. 150, p. 1130
—V. 150, p. 3039,
•
Black & Decker
$1.63
share.....
CI. B shs. outstanding
Earnings per share
—V. 150. p. 2081.
297,849
6,382
Capital surplus
Cap. surp'. paid-in
Earned surplus
Period End. Mar. 31—
$332,985
1937
$616,780
387,488
19,094
51/>85
1938
$643,328
408,150
15,925
54,916
411,989
14,317
64,687
(par
$10)..
Com. (par $2) stk.
10,974,680 17,503.165
_
Net profit
CI. A shs. outstanding..
1939
$655,425
$340,046
94,583
Depreciation
Earnings
-Earnings—
1940
$670,670
427,217
11,639
• 75,532
...
Fed. & Canadian taxes.
136,901
1,596,897
(& Subs.)
Operating profit
49,305
16,247
Deferred credits..
109,755
Reserves....
1,724,854
$3.50 cum. prior
pf. stk. (par $50) 1.443,397
$6 ser.
1st
pref.
3195
Quar. End. Mar. 3l—
Gross profit on sales
$
Acer, dlvs.on $3.50
Other def. charges
Total..
1938
1939
$
Liabilities—
Prop.,
plant
&
equipment,.
10 289,422 15,556,643
Investment—-.—.
6,920
1,333,410
Cash
28,273
37,615
Special deposit
4,255
Accts, & notes rec.
419,560
298,201
Insur. deposits
Unamort. debt dis¬
Bon Ami Co.
1937^
$2,474,899
$1.25
undistributed profits.
y$317,007
$0.16
After surtax on
•
(The) Brill Corp .—Earnings—
[Incl. J. G. Brill Co., A. O. F. Motors Co. and Hall Scott Motor Car
Quarter Ended March 31—
Total orders booked
Net income
*940
•
^
207,207
.........
.......
Co.]
__
$3,180,000
def206,626
$6,490,000
—
unfilled orders at March 31, 1940 was approximately
compared to $2,480,000 at March 31, 1939.—V. 147, p. 414.
The backlog of
$8,500,000
as
Brown Fence & Wire Co.-— Sales—
Period End. April 30—Sales..
—
1940—10 Mos.—1939
$3,478,198
1940—Month—1939
$540,846
$643,273
—V. 150, p. 2413.
$3,105,839
»
....
Buckerfield's, Ltd. (Canada)—Bonds Offered—An addi¬
5% 1st mtge. bonds, series C, was
all of the unsubscribed stock at any time or from time to time on the
New York Stock Exchange or at private sale, at such price or prices as may
tional issue of $150,000
be obtainable not in excess of the market price of the capital stock of the
recently offered by Royal Securities Corp., Ltd., at 100 and
any or
company
prevailing on the New York Stock Exchange at the time of such
sale.
Capitalizationr—The authorized number of shares has been increased from
800,000 to 1,250,000 shares by amendment of the certificate of incorpora¬
tion filed Jan. 15, 1940, shares outstanding 721,958 (par $5).
Unfilled Orders—The unfilled orders of the company and its subsidiaries
as of various dates, together with their net sales for the indicated
periods
ended on such dates, are shown below:
>
Unfilled Orders
Net Sales
Dec. 31, 1934 (4 months)
...
$774,242
$1,116,627
Dec. 31, 1935 (year) —
6,141,203
1,236,518
Dec. 31, 1936 (year)
.......
8,921,797
2,292,772
Dec. 31, 1937 (year
14,112,298
5,545,439
Dec. 31, 1938 (year).................
14,894,918
2,006,345
Dec. 31, 1939 (year
a23,002,575
11,846,893
April 17, 1940 (3 months and 17 days)
a26,005,715
b5,411,498
———
...
.
———
.
Including as of Dec. 31, 1939, and as of April 17, 1940, $872,950 and
$375,500, respectively, Canadian dollars at par.
b Includes $705,072
Canadian dollars at par.
Underwriters—The names of the several underwriters and the percentages
of unsubscribed stock to be purchased by them, respectively , are as follows:
a
Harriman Ripley & Co., Inc —.25%
IHayden Stone & Co
G. M.-P. Murphy & Co
25% (Dean Witter & Co...
Blyth & Co. Inc
15% [Ferris & Hardgrove
Lehman Bros...
15% I
--7M%
7£s%
5%
—
.....
Use of Proceeds—So far as is presently determinable, the net proceeds to
be raised by the sale of the stock will be paid or advanced to the Boeing
Aircraft Co. to the extent necessary for the repayment of the loan of the
Boeing Aircraft Co. represented by its note, upon which note $4,740,000
was
outstanding on April 10, 1940.
The balance, if any, of the proceeds
will be used for working capital and for additions to the plant and equipment
of the company and the Boeing Aircraft Co.
Secured Bank Loan—On Feb. 9, 1940, the Boeing Aircraft Co. delivered
to Pacific National Bank,
Seattle, Wash., its note dated Jan. 30, 1940 in
the principal sum of $5,506,000.
(Pacific National Bank has sold participa¬
tions in the indebtedness to 6 other banks and the Reconstruction Finance
Corporation has agreed, under certain conditions, to purchase a participa¬
tion in the indebtedness to the extent of 60% of such indebtedness.)
The
note provides for the payment of interest on the unpaid principal computed
from the date of each advance thereunder at the rate of
payable monthly beginning in one month
note provides for payment thereof in installments,
commencing 7 months
from the date of the note, and the balance remaining unpaid upon the
expiration of 5 years from the date of the note is payable at that time. The
note further provides that the Boeing Aircraft Co. will also, on or before
Feb. 28,1941, and annually thereafter, pay such amount as 50% of its net
earnings for the preceding fiscal year shall exceed the aggregate amounts
paid on account of principal during such preceding year. The note contains
various provisions, including provisions as to the rights of the holder thereof
prior to maturity, as to rights of the holder in event
liability of the maker for expenses
156, p. 3039.
incurred by the holder in connection therewith.—V.
Quar. End. Mar. 31—
1940
1939
$378,268
352,418
$1.07
$243,064
352,418
$0.69
;
"'-i
,
.
•
_
as
A
.
.
.
nrty
Company—Company carries on a general feed business in all its branches,
well as exporting and importing grain, and the manufacture of grain
products.
It fa the largest organization of its kind in British Columbia,
and was incorp. on Sept. 26, 1928, to acquire the business commenced by
Vernon & Buckerfield. a partnership, in 1919.
The company's properties consist of a manufacturing plant with a capacity
of approximately 10,000 tons of feed per month and: a storage elevator,
capacity 500,000 bushes, situated on the waterfront in Vancouver.
Company also has or controls through subsidiaries 25 distributing ware¬
houses. located throughout the Fraser Valley and on Vancouver Island.
In addition to its feed business, it also operates seed and fertilizer depart¬
ments, and conducts a substantial export trade.
Purpose—Proceeds will, as to approximately $40,000, be applied towards
expenses already incurred and to be incurred in the installation of addi¬
tional plant, and the balance will be applied towards providing additional
working capital.
_
Consolidated Statement of Net Income Before Bond Interest, &c.
Years Ended June 30-——*—6Mos. End—
1939
1938
1937^Dec. 31, '39
Operatingprofit——
$140,067
§94,484
$240,391
Income from investments
766
772
896
610
$140,833
$95,256
$241,288
$96,034
38,453
35,677
49,602
a
Total income
Prov. for depreciation..
$95,424
Subs.)—Earnings—
1938
1937
20,316
.
$59,579
$191,686
$75,717
a Before charging depreciation, bond interest, bond discount and Domhr
ion and Provincial income taxes,
b Before bond interest, bond discount
and Dominion and Provincial income taxes.—V. 128, p. 2095.
bNet income....
$102,379
Bush Terminal Buildings Co.—Earnings—
of maturity or default, and as to the
Bohn Aluminum & Brass Corp. (&
"
1940; maturing Feb. 1, 1960.
Prin. and Int. (F & A),
Canada at the principal office of the company's
av vup
vmw xjm. uhv
»
Vi/itAnio
VotiPAiitrai* ond Winniruior
PmiTiAn hnfldfl
bankers in the cities of Victoria, Vancouver and Winnipeg.
Coupon bonds
in the denom. of $1,000, with provilege of registration as to principal.
Red. at option of company at any time prior to maturity, as a whole or
in part, on 60 days' notice, at 104 on or before Feb. 1, 1945; at 103 there¬
after on or before Feb. 1, 1950; at 102 thereafter on or before Feb. 1, 1953;
at 101 thereafter on or before Feb. 1,1956, and at 100 thereafter to maturity
Trustee;
Montreal Trust Co.
'
Capitalization—
Authorized
Outstanding
First mortgage bonds.
—------——. $500,000
1
1A4H
f
$129,000
Series A 6 %, due Feb. 1,1949. ........ f
87,000
Series B 6%, due Aug. 1,1955..—-.—- i
150,000
Series C 5 %, due Feb. 1,1960(tbis issue) [
270,000
7% cumul.pref.shs. ($100par)—
....
500,000
10,002 shs.
Common shares (nopar)..........
35,000 shs.
Dated Feb. 1,
5% per
annum,
from the date of said note. The
to mature the same
interest.
pay a cm? in lawful money of
in lawiui muuoy ui
[Excluding Bush House, Ltd., Wholly-Owned
taxes
depreciation and ordinary
but before Federal income taxes... j..-..
—V. 150, P. 2083.
Subsidiary]
1939
1940
3 Mos. Ended March 31—
Net loss after interest,
_
„
$12,791 prof$16,741
;
Net profit after all chgs.
and taxes.
...
8bs.com. stk. outst'g...
Earnings
x
per
share
Before surtax
on
loss$70,873
352,418
Nil
undistributed earnings.—V. 150, p. 2565.
*992,288
352,418
$2.81
Butler Bros.—Earnings—
3 Months
Ended March 31—
Net loss after depreciation and taxes.
—V. 150. P. 2249.
.
—
1940
$152,425
1939
$192,029
Net loss after exps., &c.,
but before deple
1938
$5,375
$6,049 prof$29,193
1937
Earns, per sh. on
600,000
capital stock
Gross revenues
Nil
Nil
Canadian Pacific Ry.—Earnings—
Earnings for the Week Ended May 7 *
(A. M.) Byers Co. (& Subs.)—Earnings—
1940—3 Mos.—1939
y
x
Indicates loss.
—V. 150, p.
$766,914
$0.09
$1.39
Nil
x$54,980
Nil
2249.
California Art Tile
Corp.—Accumulated Dividend—
25 cents per share on account of
stock, no par value, payable
Like amount was paid on March 1 and
on Dec. 1, last; a dividend of 40 cents was paid on June 1, 1939 dividends of
25 cents were paid in each of the five preceding quarters; a dividend of $1.50
was paid on Sept. 1,1937; one of 50 cents was paid on June 1, 1937, and one
of 25 cents was paid on March 1,1937.—V. 150, p. 1130.
Directors have declared a dividend of
accumulations on the $1.75 cum. conv. class A
June 1 to holders of record May
17.
1940
$4,716,417
1,039,153
*
269,976
273,200
480,000
345,000
7,270
6.50,754
152,748
7,270
644,127
92,977
$2,342,990
......238,261
$2,314,690
238,210
$2,104,729
$2,076,480
Dr39,887
.
Appropriation for retirement reserve
Amortization of limited-term investment
Taxes.
Provision for Federal income taxes
$2,502,000
$638,000
Mttia
Period End. Mar. 31— 1940—Month—1939
1940—12 Mos—1939
Operating revenues
$1,108,552
$905,307 $12,532,407 $11,941,914
Operating expenses.....
390,851
326,792
4,662,536
4,113,436
Direct takes...
208,324
145,854
1,995,191
1,919,888
Prop, retire, res. approps
90,000
90,000
1,080,000
1,080,000
$419,377
855
$342,661
734
$4,794,680
21,258
$4,828,590
22,634
$420,232
191,667
18,148
$343,395
191,667
8,460
$4,815,938
2,300,000
80,950
$4,851,224
$210,417
$143,268
stocks for the period
$3,434,988
1,255,237
$2,477,473
1,255,237
$1,179,751
$1,222,236
Net operating revenues
Other income (net)
Gross income
bonds
Int. on mtge.
Int.
1939
$5,067,146
1,163,409
Operating revenues
Operation
Maintenance and repairs
3041.
Other int .& deducts
California-Oregon Power Co.—Earnings—
Years Ended March 31—
—V. 150, p.
1939
$3,140,000
Traffic earnings
Carolina'Power & Light Co.—Earnings—
After depreciation, taxes, patent amortization, &c.
y
Increase
1940
1940—12 Mos.—1939
$122,998
$65,307
Net profit
Earns, per sh. on 264,635
shares common stock.
$1,052,578
$0.05
—V. 150, p. 2083.
Period End. Mar. 31—
1939
$3,516,170
3041.
—V. 150, p.
11-
_
Nil
1940
Increase1
1940
$4,568,748
*
$5,926
18,
Week Ended May 7
Earnings of the System for the
1939
1940
May
Canadian National Ry.—Earnings—
& Zinc Co.—Earnings-
Butte Copper
3 Mos. End. Mar. 31—
shs.
Chronicle
The Commercial dt Financial
3196
charged to construct
Net income.
Divs. apllic. to pref.
,
Balance
2,300,000
76,185
GY2,434
Hearing May 24—
hearing has been set for May 24 in the SEC's Washington office? on
application (File 70-52) of companv regarding the proposed issuance
private sale of $46,000,000 first mortgage 3%% bonds, due 1965.
The company proposes to sell the bonds at 103
to 11 insurance com¬
A
Net operating revenues
Rent for lease of electric plant
Net operating income..
Drl5.591
Other income
$2,089,138
Gross income
Interest
on
85,567
22,250
$935,767
funded debt
$2,036,593
842,500
203,223
3,117
Cr3,052
88,944
17,157
$884,703
842,500
203,223
2,904
—
Amortization of debt discount and expense
Other interest
Interest charged to construction
Cr3,073
Amortization of prelim, costs of projects
abandon.
Miscellaneous deductions
Net income
—V. 150. p. 2870.
the
and
panies.—V.
150, p.
Month of
3041.
-
Corp.—Earnings—
Celotex
J939
1940
March—
$26,555
$35,492
Net income after all charges
—V. 150, p. 2567.
Central Eureka Mining
Co.—Earnings—
Quarter Ended March 31—
Operating income before depreciation,
depletion and taxes
—V. 150, p. 2086.
1940
1939
19381.
$145,255
$132,375
$125,184
Canada Iron Foundries, Ltd.—New Directors—
Aurthur Cross, and A. D. McCall, were elected directors of this company
filling vacancies at the recent annual meeting of stockholders.—V. 150,
1594.
p.
Canadian Breweries,
Ltd.—Debentures Offered—An issue
$500,000 5% serial debentures, series B, was recentlyoffered in Canada at 100 and int. by Burns Bros. & Denton,
Ltd., Toronto.
of
Dated April 1, 1940; to mature serially, $100,000 on April 1 in each year
Central Maine Power Co.—Earnings—
1940—Month—1939
Period End. April 30—
$580,561
203,750
Operating revenues
Operating expenses
State & municipal taxes.
Sar, in each caseCo., Ltd.
rational Trust
with accrued interest to the date of redemption.
In the opinion of
Trustee;
counsel these debentures will be a legal investment for
the Canadian and British
funds of insurance companies registered under
Insurance Companies Act, 1932, as amended.
Social security taxes
65,597
3,985
(incl. inc. tax) taxes
36,827
26,660
Net oper. income....
Non-oper. income (net).
$270,402
2,908
$259,412
3,746
$3,593,928
37,126
$3,303,295
46,674
$273,310
113,458
$263,158
109,291
$3,631,054
1,332,611
$3,349,969
1,317,808
Cr855
Cr5,923
Cr22,659
168
Capitalization.—
*
Outstanding
$2,500,000
3H%, 4% & 4M% serial debs., series B
5% seriai debs., series B (this issue)
Cumul.sink.fund conv.pref.shs.(no par)
Common shares (no par)
f$l,200,000
a
163,186 shs
675,723 shs.
first specific piedge of
an
operating subsidiaries of the company and of certain shares of a partiy-owned
operating subsidiary, by a first floating charge on the other assets and the
undertakings of the company and by unconditional guarantees and first
mortgages on the brewery properties of certain whoiiy-owned operating
subsidiaries.
Company—Incorp. in March, 1930 to acquire control of oid established
brewing companies located in the Province of Ontario.
Between the
years 1930 and 1939, the company acquired ownership or control of 17 such
brewing concerns.
In accordance with a preconceived pian to reduce
surplus brewing capacity In Ontario, the company has consolidated pro¬
duction into seven weu-equippped and strategically located plants owned
by subsidiaries.
operated
(net)
Other
deductions
15,062
14,712
180,152
181,467
Net
income—
$145,645
108,099
$145,078
$2,140,950
$1,850,526
108.099
1,297,182
1,297,182
Pref. div. requirements—V. 150, p. 2567.
Central Paper Co.,
Inc.—Initial Dividends—
Directors have declared an initial dividend of $1.80 per
share on the con¬
preferred and the preferred stocks both payable June 1 to
of record May 20.—V. 149, p. 2227.
The principal
wholly
owned
operating
subsidiaries
are:
Brading Breweries, Ltd., Ottawa; British American
Brewing Co., ltd., Windsor; Carling-Kuntz Breweries, Ltd., Waterloo;
Cosgrave's Dominion Brewery, Ltd., Toronto; O'Keefe's Brewing Co.,
Ltd., Toronto.
Company also controls Canada Bud Breweries, Ltd.,
holders
Ltd.—Extra Dividend—-
Directors have declared an extra dividend, of four cents per
500,000
the issued shares (less directors' qualifying shares) of certain wholly-owned
and
Other interest
Central Patricia Gold Mines,
500,000
I
250,000 shs.
1,500,000 shs.
Security—These debentures will be secured by
Gross income
Bondinterest—
3,917
vertible
Authorized
5 H % series A sinking fund debs
1940—12 Mos.—1939
$7,603,680 $6,905,707
2,704,660
2,413,453
759,110
718,319
48,356
48,079
497,626
422,561
Fed.
1947 to
1951, incl.
Prin. and int. (A & O) and redemption premium, if
any, payable in lawful money of Canada at principal office of company's
bankers in Toronto or Montreal, at holder's option.
Coupon debentures in
denoms. of $1,000 registerable as to principal only and fully registered deben¬
tures indenoms. of $1,000 and multiples. Red. in whole or in part at the
option of company at any time prior to maturity on 6 days' notice at 102
up to and incl. April 1, 1941, and thereafter at prices decreasing H of I %
per annum up to and incl. April 1, 1944, and thereafter prior to maturity at
$551,870
199,809
62.072
share in addi¬
quarterly dividend of four cents per share on the common stock,
both payable June 28 to holders of record June 15.
Similar amounts were
tion to
a
J aid on March 29 and 1939, 2and extras of two cents were paid on Sept. 30,
last; extras of one cent were paid on Jan. 3,
30 and April 1, Jan.
une
1939 and Sept. 30, 1938.—V. 150, p.
Central RR. Co. of New
1273.
^
Jersey—Committee to Intervene—
An order authorizing the protective committee for holders of 4 and 5%
general mortgage bonds to intervene in the reorganization proceedings of the
company was issued in U. S. District Court at Newark, May 13. This com¬
mittee, the third to intervene in the case, represents approximately 5% of
the bondholders.
Counsel for the com¬
McLain Watters, Philadelphia, Chairman;
Co., Jersey City; Herbert
Bank & Trust Co., Phila¬
delphia: James J. Minot Jr., Boston: Percy C. Madeira Jr., President of
Land Title Bank & Trust Co., Philadelphia; Carl K. Withers, former New
Jersey Commissioner of Banking and Insurance, and Elisba Sniffen of New
York City, Secretary.—V. 150, p. 3041.
M.
Edwin
Slote of New York City appeared as
which
mittee,
consists
of E.
William J. Field, President of Commercial Trust
W. Goodall, President of Tradesman's National
Toronto.
In addition
a
a
wholly owned subsidiary of the
company owns and operates
beer storage and bottling plant in the City of Montreal.
Another wholly owned subsidiary, O'Keefe's Beverages, Ltd., carries on
an extensive
business in the manufacture of non-alcoholic beverages in
leased premises in Toronto.
Purpose—To strengthen the working capital position of the
company.
Central Vermont Public Service Corp.—Earnings—
Period End. Apri. 30—
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes
Fed. (incl. inc. tax) taxes
_
Earnings Years Ended Oct. 31
1939
Profit from operations.
Miscell. income (net)
_
—-
Total income
Prov. for depreciation.
Bank & other interest
_
1938
1937
1936
$1,203,154 ,$1,122,656
94,291
94,252
$869,445
92,005
$531,016
48,003
Net oper. income
Non-oper. income (net).
$1,297,446
449,682
25,734
$961,450
305,518
25,083
$579,020
368,658
26,846
Bondinterest
$1,216,908
468,546
31,449
$716,911
$630,849
to
Net
75,701
minority interests
82,449
40,709
$634,461
$590,139
Pref. div. requirements.
$183,515
—V. 149, p. 1424,833.
Canadian
stock and
a
participating dividend of five cents in addition to a regular
quarterly dividend of 15 cents per share on the second preferred stock, all
payable July 2 to holders of record June 15.
Directors also declared a dividend of 12 H cents per share on the common
stock, payable July 2 to holders of record June 15. Similar common dividend
was paid on April 1, last, this latter being the first dividend paid on the
common shares since April 1,1932 when five cents per share was distributed.
—V. 150, p. 1424.
International
Investment
Trust,
Ltd.-
Accumulated Dividend—
Directors have declared
dividend of 50 cents per share on account of
accumulations on the 5% cum. pref. stock, par $100, payable June 1 to
holders of record May 16. Similar payments were made in previous quarters.
—V. 150, p. 1130.
a
$674,176
4,146
$57,595
20,417
$633,013
245,000
$678,322
1,106
15,337
1,878
28,501
52,392
$17,504
18,928
$34,194
$344,175
$367,647
18,928
227,136
227,136
245,000
2716.
Central Vermont
Period End. April 30—
Canners, Ltd.—Dividends—
Directors have declared a participating dividend of 50 cents per share
in addition to a regular quarterly dividend of 25 cents on the first preferred
Canadian
$628,348
4,665
1,875
income
—V. 150, p.
4
$746,327
$57,554
41
$183,515
Net profits applicable
Profits available for deb.
int. and income taxes.
$40,822
178
1,204
(net)
Other deductions
$822,028
1940—12 Mos—1939
$2,373,860 $2,211,503
1,437,754
1,241,630
170,560
164,225
18,482
16,269
118,716
115,203
$41,000
20,417
Gross income
Other interest
1940—Month—1939
$173,056
$168,898
109,223
85,799
14,668
14,679
1,556
1,423
6,787
9,443
Railway
Railway
Net
oper. revenues.
oper.
revenue
expenses.
oper.
income-
Net ry. oper. income.
Other income (net)
fixed
available
$93,258
27,379
$466,779
96,804
$212,580
107,786
$113,308
39,572
$65,879
36,948
$369,975
148,898
$104,794
134,265
$73,735
Dr259
$28,931
Dr2,022
$221,077
Dr7,168
x$29,471
Dr6,324
$73,476
103,419
$26,909
104,824
*$213,908
414,253
x$35,795
419,288
$29,943
$77,916
$200,344
$455,083
for
charges
Total fixed charges
Net deficit
x
.„„„
$138,184
24,876
Hire of equip., rents, &c.
Income
1940—4 Mos.—1939
$2,275,678 $1,851,637
1,808,899
1,639,057
from rail-
way operations
Railway tax accruals
Railway
Ry.—Earnings—
1940—Month—1939
$607,104
$496,507
468,920
403,249
Loss—Y. 150, p. 2567.
,—«»
_
Volume
The Commercial & Financial Chronicle
ISO
Chatham
Malleable
&
Steel
Products, Ltd.—Bonds
Offered—K. G. MacDuffee & Co., Toronto, recently offered
at 100 and int. $125,000
5% 1st mtge. (closed) sinking fund
bonds.
/-»Pa.te<i March 15, 1940; to
Principal and int.
mature March 15, 1955.
(M.'& S.) payable in lawful
Canadian
money of Canada at the main offices of the
Bank of Commerce in
Montreal, Toronto, Chatham, Ottawa,
St. John, Halifax, Winnipeg,
Regina, Calgary, Vancouver, and Victoria.
Coupon bonds in denom. of SI,000 and $500 registerable as to principal.
Red. in whole or in part at the
option of the company at any time on 30
days' notice at 103 up to and incl. March 15, 1944, at 102 thereafter up to
a£d incl. March 15, 1948, at 101 thereafter up to and incl. March 15,
1952, and at par thereafter to maturity; in each case with accrued interest
to date of redemption.
Trustee, Crown Trust Co., Toronto, Ont.
The trust deed provides for a fixed annual
sinking fund to commence
March 15, 1941, of a sum equal to
2% of the bonds issued. Company will
have the right to purchase bonds at not
exceeding the cail price and to tender
same at the par value thereof or
cost, if greater, to the company in satis¬
faction of the whole or part of such
payment.
In the opinion of counsel, these bonds will be
of Insurance
ance
Companies registered under
Companies Act, 1932.
legislate
without providing
guide the application of this
any standard of "reasonable certainty" to
power.
In addition, the integration require¬
deprive the company of property without due process of law
olati°n of the Fifth Amendment to the
Constitution, and also it ex¬
ceeds the power of
Congress to regulate interstate commerce," the com¬
pany argued.—V. 150. p. 3043.
ment would
City Auto Stamping Co.—Earnings—
Z Mos. End. Mar. Z\—
Net loss
Earns, per sh.
Authorized
Outstanding
$125,000
$125,000
22,000 sh.
12,000 sh.
80.000 sh.
20,000 sh.
Company—Tncorp. under the laws of the Province
of Ontario on March 13,
1940, to acquired as a going concern the assets and undertaking of Chatham
Maheable & Steel Manufacturing Co.,
Ltd., which was incorp. under the
laws of the Province of Ontario, on Sept.
10, 1913.
Company is one of
the principal manufacturers of
pressed steel and sheet steel
products in
Canada, is located in Chatham, Ont., and has with its predecessors occupied
an important position in the steel
industry for more than a quarter of a
Their trade name "Chatco" is well known
among users of steel filing
cabinets, steel shelving, steel chairs, &c., and the company's soft drink
coolers are in general use
throughout Canada by the nationally known
$0.03
of the company,
specializes in
Earnings Years Ended Oct. 31
1938
1937
$36,205
$49,160
23,037
Checker Cab
$13,748
1,868
Earnings
$122,242
$0.85
share
per
After
x
deducting cost of goods sold, including materials, labor
manufacturing expenses.—V. 149, p. 3869.
Cliffs
3 Mos. End. Mar. 31—
loss after deprec.,
1940
int., taxes, &c., chgs.
$109,254
1939
share
per
stock
►
$75,319
Coca-Cola Co.-
$0.06
1939
1938
1937
'
$11,030,988 $10,053,287
$8,606,962
4,239,475
4,351,252
3,767,204
3,194,451
$8,015,576
382,910
1,637,000
$6,679,736
$5,412,511
155,072
1,256,900
$6,286,083
340,088
1,081,800
$5,995,666
450,000
$5,267,764
450,000
$4,864,195
450,000
$4,253,289
450,000
$4,817,764
$4,414,195
$3,803,289
$1.39
Class A dividends
$1.20
$1.10
$0.95
991,900 shs. commo
stock (no par)
_.
$110,626
a
& taxes
19,476,559
Prov. for retire. & deple.
3,906,938
exps.
877,000
(& Subs.)—Earnings
Period End. Mar. 31—
1940—3 Mos.—1939
Gross revenues
$33,905,948 $29,383,143
Oper.
282,222
•
Columbia Gas & Electric Corp.
Federal
Judge John P. Barnes at Chicago, May 13, allowed the re¬
organization managers another two weeks in which to file their report to
show why the reorganization was being delayed. The
report was due May 13,
but attorneys said they needed more time to complete it.
The reorganiza¬
tion plan was approved by Judge Barnes on Jan. 10.—V. 150,
p. 3042.
.
-V. 150, p. 3043.
Plan—
on
$0.15
-Earnings—
—
—V. 150, p. 2415.
Chicago & Eastern Illinois RR.—More Time
1939
$45,528
1929.
3 Mos. End. Mar. 311940
Gross earningB_:;..".::_$12,255,051
.
$80,982
$118,873
...
—V. 150, p.
1937
1938
1940
_
805,734 shares of capital
on
$5,545,666
$8,053
'
and
Corp.—Earnings—
3 Months Ended March 31—
Net profit after charges and Federal income taxes.
Mfg. Corp. (& Subs.)—Earnings—
Net
...
.
919
$24,567
...
Net profit
Net income
$11,880
$188,494
11,017
34,205
21,030
.....
Provision for depreciation.,
Federal income taxes
$8,972
$26,123
1,555
$180,928
7,566
.
Profit
Interest charges
for
...
$271,041
90,113
expenses
Profit
Interest earned and other income, net
Operating profit.
(before provision
for income taxes)
$0.12
After deprecia¬
Earnings for the Quarter Ended March 31, 1940
Manufacturing profit
Selling and administrative
$31,534
22,561
22,456
income
y
Selling, general & admin.
1939
Net
Nil
Cleveland Worsted Mills Co.—Earnings—
the manu¬
stampings for the principal motor car manufacturers.
Proceeds of Issue—Inasmuch as these 5% first mortgage bonds are issued
and outstanding, none of the proceeds derived from the sale thereof will
accrue to the benefit of the
company.
depreciation.
Nil
xi
Earnings
facture of automobile
Provision for
1937
$4,185 prof$44,242
* AXter Provision for surtax on undistributed profits,
tion, lederal taxes and other charges.—V. 150, p. 1427.
century.
Gross profits...,.
Sell., adm., &c. expenses
1938
$33,412
$12,453
375,000
shs.com. stk. (no par)
on
the Canadian and British Insur¬
Capita li:ation—
5% 1st mtge. bonds due March 15,1955 (closed)
Class A shares (no par)...
Common shares (no par)
manufacturers of soft drinks.
Another important division
1939
1940
y
x
legal investment for funds
a
3197
T ,e company also said that the integration requirement of the Utility
A£t is unconstitutional because it delegates to the SEC "the power to
*
17,701,651
3,137,706
1940—12 Mos.—1939
$104457,480 $94,329,964
66,485,291
61,724,109
11,966,991
10,302,317
$10,522,450
57,618
Other income.
$8,543,786 $26,005,198 $22,303,538
$10,580,068
Chicago & Southern Air Lines, Inc.—Registers with SEC
$8,606,110 :$26,250,299 $22,671,359
62,323
245,101
367,821
See list given on first page of this department.—V. 150, p. 3043.
Chile
Copper Co. (& Subs.)—Earnings—
3 Months Ended March 31—
$8,668,416
Other income—int. & misc. income..
40,005
Total income
Interest
on
serial notes
U. S. & Chilean inc. taxes—estimated
Prov. for deprec. and obsolesence
$8,708,421
73,750
2,604,400
848,474
Consol. net income, without deduction for depletion
$5,181,797
Earnings per share on 4,415,503 shs.
capital stock
$1.17
—V. 150, p. 2719.
Cincinnati Gas & Electric
Period End. Mar. 31—
Gross
$5,375,918
91,129
$3,835,833
141,250
1,051,200
539,658
$5,467,047
168,758
915,500
Prov. for retirements
Taxes..
Net oper. revenue..
Other income
WGross corp. income.
Int.^c amort, charges.
income.
dividends
$3,614,631
$0.48
$0.82
'
$1,745,550
2,913
$5,232,960
13,905
$5,661,990
37,954
$1,686,951
404,537
$1,748,463
391,347
$5,246,865
1,650,893
$5,699,944
1,452,625
$1,357,116
500,000
$3,595,972
2,000,000
$4,247,319
2,000,000
$857,116
$1,595,972
1940—Month—1939
$14,641
$6,657
$0.03
$0.01
1940—4 Mos.—1939
$35,640
$17,302
y$0.07
$0.04
committee
for
the
Cincinnati
&
y
On 475,239
RR.
1,356,070
Jones and George H. Stuart 3rd.
Copies of the plan are
office of the committee's depositary, Girard Trust Co.,
Philadelphia.—V. 147, p. 2526.
$7,674,941
&
Light Co.—Attacks SEC Inte¬
onlMay 13 joined the list of utility holding companies
which have challenged the constitutionality of the integration requirement
in the Public Utility Act of 1935.
The company indicated, however, that it was prepared to defend its
existing properties within the meaning of the integration section, declaring
that it reserved the right "to submit full information with respect to all
the various relationships" within its holding company syBtem.
In filing its answer to the integration order issued against it by the
Securities and Exchange Commission, the company said that the order was
defective because it did not tell the company what the SEC expected it to
do.
The company argued that the Utility Act required the SEC to dis¬
close how it wanted the company's properties integrated.
company
$4,813,961
$0.39
$0.63
It is the
general practice of the corporation and its subsidiaries, when a
rate is being contested, to include as gross revenues only such portion of the
total amount billed as is represented by the lower of the disputed rates,
b On common shares outstanding at end of respective periods.
Note—The consolidated income statement does not include American
Fuel & Power Co. or its subsidiaries.
The corporate charter of American
Fuel & Power Co. has been repealed and its former assets are held by a
trustee under the Federal Bankruptcy Act.
Trustees in bankruptcy have
also been appointed for its subsidiaries except Kentucky Drilling Co.,
whose assets are of little value.—V. 150, p. 2874.
a
Columbian Carbon Co.
(& Subs.)—Earnings—
1940
1939
1938
$1,511,911
$1,335,644
$1,130,593
675,615
3,036
468,252
37,514
415,065
10,293
$833,260
185,379
$829,878
$705,235
1,920
$1,018,639
6,074,407
$829,878
6,317,518
$707,155
5,970,141
$7,093,046
537,406
$7,147,396
537,406
Cr643
charges & taxes._
Depreciation and depletion—...
Minority interest in earnings
Profit
on
$6,677,296
537,134
12,395
$6,610,634
$1.54
$6,127,767
$1.32
sale of securities.
Dividends paid
Surplus adjustments—Net-
$6,555,640
$1.90
Profit per share.
•
Consolidated Balance Sheet March 31
1940^
the
Cities Service Power
5,288,842
$5,532,675 $14,134,606 $11,273,626
6,459,665
6,459,6o5
Balance
Livingston E.
gration Procedure—
5,465,210
b Earnings per share
is
notifying holders of certificates of deposit of Cincinnati Hamilton & Dayton
Ry. 1st & refunding mtge. gold bonds and Hamilton City division 1st mtge.
6% gold bonds and Dayton Traction Co. 1st mtge. 6% gold bonds, that the
committee has adopted and approved a plan of reorganization.
The plan
has been filed in the U. S. District Court for Southern District of Ohio and
the Court hasjfixed June 4 as date for hearing on plan.
The committee consists of John H. Mason, Chairman; Wm. E. Elkins,
The
$7,584,059
Preferred dividends paid
Approves Plan
Lake. Erie
46,670
-
Net oper. inc. after
—Earnings—
Dr365,178
$6,888,745 $19,599,816 $16,562,467
3 Months Ended March 31—
Cincinnati & Lake Erie RR.—Committee
at
Drl94,192
earns,
Corp
$2,247,319
x After Federal income taxes, depreciation, interest, &c.
shares capital stock, $50 par.—V. 150, p. 2569.
file
$7,082,937 $19,964,994 $16,515,797
Dr27,174
appl.
to fixed charges of
r
C. G. & E. Corp... $8,948,915
Int. charges, &c., of
C. G. & E. Corp
1,364.856
Co.—Earnings—
$1,684,500
2,451
Period End. Apr .30—
xjNet income...
y Earnings per share
on
!
Balance applic. to cap.
stocks of C. G. & E.
1940—12 Mos.—1939
$6,870,792 $25,520,062 $24,537,402
3,048,847
12,040,533
11,338,575
393,999
1,833,398
1,643,683
830,692
3,323,464
2,991,072
851,704
3,089,707
2,902,082
Cincinnati Street Ry
bondholders'
3,704.805
2,450,757
E.
Corp
—V. 150, p. 2718.
The
3,827,887
2,457,418
Balance applic. to Col.
Gas & El. Corp
! $8,976,089
Combined
$2,103,725
905,584
617,588
and
L
Net rev. of C. G. &
1940—3 Mos.—1939
fBalance...
of subs,
minority interests
768,158
$782,414
Maintenance
Net
$3,722,068
113,765
Pref. divs.
$1,282,414
500,000
Operation
985,976
618,002
.
1938
$7,376,532
3,390,505
442,850
949,624
909,052
revenues
Preferred
Int. of subs, to public &
other fixed charges
1939
1940
Operating income
x
j
*
3,439.880
2,158,511
2,319,688
1,687,514
1,007,594
2,023,035
1,027,848
1,693,741
Notes & accts. rec.
Marketable sees.
at
cost
Inventories
-
other
4,054,600
127,739
cos..
Other assets
Treas. stk. at cost
-
See
S
Capital stock...21,849,354 21,849,354
Accts. pay. & accr.
accounts
780,416
574,964
Federal Inc. taxes.
708,883
320,887
a
Minority
Interest-
1,071,867
Federal tax reserve
b
Invest, in assoc. &
1939
$
Liabilities—
^
< ■
19,083,212
Cash
z
1940
1939
Jjjj
1
Fixed assets—.18,061,808
Surplus
—
987,423
c255,000
y410,000
6,571,882
6,626,876
4,412,643
126,661
See
a
a
Goodwill, trade¬
marks,
1
Ac
Deferred charges—
41-8,294
31,237,402 30,769,503
Total
x
1
364,234
After reserve for depreciation of
in 1939.
y
Includes $300,000
reserve
Total
31,237,402 30,769,503
$22,757,751 in 1940 and $20,956,904
for Federal income taxes, prior years
The Commercial & Financial
3195
in 1939). « Represented
shares held in treasury,
earned surplus and $16,242 capital
for Federal Income taxes, prior years.
(in dispute),
z Market value $960,101 ($947,952
by 537,406 no par shares after deducting 1,014
$6,555,640 ($6,610,634 in 1939)
surplus,
c Includes $60,000 reserve
—V. 150, p. 1930.
b
(& Subs.)—Earnings—
Columbia Pictures Corp.
&c.
Expenses and depreciation
$11,045,802 $10,379,858 $10,250,157
7,417,467
6,875,239
6,465,095
3,337,841
3,420,587
3,318,289
$290,494
102,101
__
$84,032
$466,773
31.788
$392,595
$101,159
34,687
31,875
$498,561
47,500
$34,597
103,130
$451,061
103,130
174,734
.
Other income (net).
Total income
.•
—
17,127
50,450
Interest
26,563
100,000
_
Amortization of inventory.
Net profit
.
Preferred di vidends....
Common dividends
— .....
x$215,582
77,349
(cash)
Coppermines Corp., to be held June 18, 1940, and request you to send out
notice in the attached form.'
"The attached form purported to state purposes were (A) to amend by¬
laws so that they should provide for 19 directors, instead of 15 (B) to elect
four additional directors, (C) to review, consider and vote upon qualificar
tions and desirability of further retaining certain members of the operating
staff at Kimberly.
.
,
•
"On May 8, the board of directors adopted preambles and resolutions
directing the secretary not to send to stockholders the notice of special
meeting, and recorded its decision against the calling of such meeting.
"The secretary requested an opinion from the corporation's general
counsel, and he was advised that he is under no duty to send out such notice.
"Your board of directors believes that there has been no valid call of a
special meeting to be held on June 18, or any other date."
The letter said that the by-laws of the corporation provide that special
meetings of stockholders may be held whenever and wherever called in
writing "by vote of a majority of the board of directors, or by the president,
or by the holders of at least one-fourth in amount of the issued shares of the
capital stock of the corporation."
The letter also states that the board of
directors is invested with complete and unrestricted authority in the manage¬
ment of all the affairs of the corporation, and that the president is subject
always to the control of the board of directors.—V. 150, p. 3044.
a
26 Wks. End. 27 Wks.End. 6 Mos. End.
Dec. 30, "39
Dec. 31, '38 Dec. 25. *37
Gross income
*
Amortization of production costs,
May 18, 1940
Chronicle
Consolidated Edison Co. of New
Output—
def$68,533
$138,233
Surplus
$173,197
stock.
Equal to 31 cents a share on 366,268 no par shares of common
—V. 150, p. 2419
x
Consolidated Edison Co.
Consol. net income...
a
1938
$2,863,458
1937
$3,312,008
b$0.86
c$1.48
c$1.72
share applic.
Earns, per
b$1.01
to common stock
After all charges and reserve for
a
1939.
$1,716,704
1940
$1,990,654
b On 1,842,007 shares
March 31, 1939.
c Earnings
stock in 1938, 1,841,567 in 1937 and
Federal taxes,
including scrip, of common stock outstanding
share on 1,841,993 shares common
1,166,932 in 1936.—V. 150, p. 1428.
per
Consolidated Rendering
1939
$3,783,407
$1.04
_
$3,545,964
$0.98
Commonwealth Edison Co.-*—Weekly Output—
Commonwealth Edison Co. group (inter¬
May 11, 1940 was 140,911,000
the corresponding period last
The electricity output of the
company sales deducted) for the week ended
kwh. compared with 129,701,000 kwh. in
year, an
increase of 8.6%.
and percentage comparisons for the
four weeks and the corresponding periods last year:
Per Cent
Kilowatt Hour OutputIncrease
Week Ended—
1940
1939
8.6,
May 11
140,911,000
129.701,000
9.6
May
4
142,621,000
130,112.000
7.1
April 27
142,220,000
132,799,000
3.4
Apr. 20
•
143,912.000
139,120,000
—V. 150, p. 3044.
The following are the output
Co.—Dividend—
declared a dividend of $1 per share on the common
stock of no par value, payable May 20 to holders of record May 14.
Pre¬
vious distributions were as follows: $1.50 on Dec. 18 last; $2 on Nov. 20 last;
75 cents on Oct. 15, 1939, 30 cents on Aug. 21, $1.50 on June 16, 75 cents
on May 15, 1939; 50 cents on March 30,
1939; $1 on Nov. 14, 1938; 30
cents on Sept. 26, 1938; 70 cents on Aug. 22, 1638; $1 on Nov. 1, Oct. 4
and Sept. 7, 1937, and 50 cents paid on June 7 and March 1, 1937.—V. 149,
p. 4026.
Consolidated Steel Corp., Ltd.—Earnings—
1940
profit after all charges..
Earnings per share on common
—V. 150, p.2419.
last
Commonwealth & Southern Corp.—Weekly Output—
electrical energy of subsidiaries of
adjusted to show general business
conditions of territory served, for the week ended May 9, 1940 amounted
to 149,814,794 as compared with 130,937,991 for the corresponding week
in 1939, an increase of 18,876,803 or 14.42%.
The 1939 figure does not
include the output of The Tennessee Electric Power Co., the electric
properties of which were sold on Aug. 15, 1939 to the Tennessee Valley
Authority and other governmental agencies.—V. 150. p. 3044.
Mar. 31—
prof, after deprec.. Fed. tax,
sh. on common stock
—V. 150, p. 1930.
1940
3 Months Ended
Net
Nil
have been denied
Wilmington, Del., suit brought by a preferred stockholder, and have
been withdrawn by a protesting common stockholder in Federal District
Court for the Southern District of New York.
Hence the plan, first to be
formulated under Section 11(e) of the Public Utility Holding Company
Act of 1935 and presented to Federal Court by the Securities and Exchange
Commission for approval, is expected to be speedily
consummated.—
Objections to the recapitalization plan of the company
a
V. 150, P.
3044.
Community Water Service Co. (&
Subs.)—Earnings—
[Exclusive of New Rochelle Water Co.]
1940
$5,871,211
2,849,913
mi2 Months Ended March 31—
Gross earnings
Operating expenses, maintenance and taxes
_
1939
$5,712,465
2,740,671
326,971
323,368
$2,694,326
Consolidated Textile Co., Inc.—Earnings—
Feb. 24, '40 Feb. 25, *39
Net profit after deprec., accrued int., flood exps.,
taxes, &c
:
Consolidation Coal Co., Inc.
3 Months Ended
1,602,696
1,684,153
522,598
523,069
12,843
368,608
10,667
368,189
$187,581
income
$62,347
Int., amort, of discount, &c., of subs
Preferred dividends of subsidiaries
Minority interest
Int., amort, of disct., &c., of Com. Water Serv.
Co.
Net income
-V.
150,
p.
2419.
Confederation Amusement Ltd.—$3 Preferred Dividend
share on the preferred stock,
148, p. 2892.
Directors have declared a dividend of $3 per
payable June 4 to holders of record May 20.—V.
Consolidated Aircraft Corp.—Backlog at
Officials
of
this
corporation
announced
on
$70,000,000—
14 that they have,
orders from the French
other orders, including
May
within the past week, accepted large additional
and British Governments .which, together with
(& Subs.)—Earnings—
$8,411,271
591,472
1$8,638,540
216,445
$8,271,642
606,210
226,825
129,661
287,726
29,504
137,110
284,631
205,544
141,613
income
Interest
Federal income taxes.
gives the company a
backlog of approximately $70,000,000.
The officials pointed out that Consolidated in recent years has played
the leading part in the development and production of the United States
Navy's long range patrol flying boats.
These patrol flying boats are
stationed at various points in the Pacific, in the Caribbean, at the Panama
Canal, In Alaska, and on the Atlantic Seaboard.
Consolidated has recently acquired additional factory site, under its
long term lease from the city of San Diego, giving it a total of approxi¬
mately seventy acres of level land on Lindbergh Field.
New plant, now
under construction, will double existing capacity.—V. 150, p. 1760.
current undelivered
3 Mos. End. Mar. 31—
Net
(& Subs.)—Earnings—
1940
1939
1938
$124,228
$124,465
$136,732
1937
$126,422
—V. 150, p. 2092.
Continental Aviation & Engineering Corp.—Organized
with an authorized capitalization of $1,000,000, received
May 13, from the Virginia Corporation Commission at Rich¬
charter
with principal offices in Richmond, Va., was
designing, manufacturing, buying and selling
of motor vehicles and engines. The maximum
number of shares of stock was fixed at 1,000,000 with a par value of $1 each,
and land holdings were limited by the charter to 100,000 acres.
Officers were listed as Clarence Reese, Pres.; Lewis P. Kalb, Executive
Vice-President, Grosse Pointe, Mich.;
Arthur W. Wild and James W.
Kinnucan, Detroit, and Carl F. Bachle, Grosse Pointe, Vice-Presidents;
Harold K. Young, Treas., New York; Eppa Hunton 4th., Sec., Richmond,
and H. Melvin Parker, Asst. Sec.-Asst. Treas., Muskegon, Mich.
The
new
corporation,
authorized to engage in the
of aircraft and all other types
Continental Motors Corp.—Forms Airplane Subsidiary—
corporation, announced the incorporation
May 14 in Virginia of a subsidiary company under the name of
Continental Aviation A Engineering Corp.
This subsidiary will concentrate
on the development and production of airplane engines of 500 horsepower
C.J. Reese. President of this
on
over.
,
airplane engine now being
Largest
is
produced by the parent company
250 horsepower.
The
new
company
has an authorized
capitalization of $1,000,000, con¬
of $1 par value common stock.
President of Continental Motors Corp.,
President; Lewis P. Kalb, Executive Vice-President; Arthur W. Wild,
James W. Kinnucan and Carl F. Bachle, Vice-Presidents: Eppa Hunton,
4th, Secretary, and H. Melvin Parker, Assistant Secretary and Treasurer.
Directors are David Van Alstyne, Leslie L. Vivian, Benjamin F. Tobin,
Jr., James H. Ferry and Messrs. Reese, Kalb and Wild.—V. 150, p. 2251.
sisting of 1,000,000 shares
Officers are:
Clarence Reese,
Continental Oil Co. (&
Costs and expenses
Fed. & State inc. tax,
Subs.)—Earnings—
1938
1937,_
$17,887,732 $18,542,717
12,561,682 11,344,983
699,774
c814,973
1940
1939
$19,496,958 $17,100,338
13.128,239
12,848,057
&c.
891,797
707,269
Quar. End. Mar. 31—
Gross oper. income
A
Coppermines
special letter has been sent to stockholders, by order of the board of
reviewing controversal
brought up at the recent annual meeting pertaining to a report of
special investigating committee. This committee was appointed to look
into charges brought by Boudinot Atterbury and Philip L. Carret, who
were then president and vice-president, respectively, of the corporation,
relative to conditions at the mines located at Kimberly, Nev.
A printed
copy of the reports of the special committee also was sent to shareholders.
With respect to the special stockholders meeting called for June 18 by
Mr. Atterbury, the latter says:
*
"On May 6, 1940, while the meeting of the board of directors at which
Mr. Atterbury was relieved of his powers and duties as president was in
session, and during a short recess in such meeting, Mr. Atterbury, without
the knowledge of the board of directors, handed to the Secretary, E. J.
MacDonald, a communication as follows:
'In accordance with the by¬
laws, I hereby call a special meeting of the stockholders of Consolidated
directors and signed by John A. Payne, President,
^
$5,476,922
$3,545,012
$4,626,276
483,453
324,394
$6,382,761
521,064
Operating income
Total income
Intang. devel. costs
Surrendered leaseholds.
$4,028,465
1,660,519
$4,950,670
1,813,691
142,294
$6,787,026
1,903,641
130,255
•
78,360
1,112,135
1,023,544
$5,997,986
2,711,736
404,265
235,111
77,054
244,548
75,019
1,282,842
1,215,058
183,303
3,131
159,406
Cr986
""535
691
$1,504,809
eDr124,375
$674,901
$1,803,655
$3,644,381
a46,522
bj ,542
d46,812
$1,380,434
$721,423
$1,805,197
$3,691,193
4,682,572
$0.29
4,682,579
$0.15
4,682,582
$0.38
4,682,600
$0.79
Depletion
Depreciation
Interest
Minority interest
Special credits
Net income.
Shs. of cap.
^
„
^
Other income
Earnings
Corp.—Directors Say Call
for Meeting Invalid—Special Letter Sent to Stockholders Ex¬
presses Opinion Concerning Action by Former President—
Consolidated
291,409
10,479
16,582
The corporation,
a
Profit
profit after all chgs.
and taxes
195,216
$159,319 loss$211,498 loss$237,957
Nil
Nil
$0.25
Earnings per share on common
—V. 149, p. 3044.
those received from the United States Government,
Consolidated Cigar Corp.
1938
1939
1940
Mar. 31—
Profit after expenses.
Total
$15,606 loss$134,736
$0.05
Nil
__
Earnings per share
—V. 149, p. 3257.
and
Gross
1938
$68,021
$0.02
1939
26 Weeks Ended—
$2,648,425
Reserved for retirements
•
mond, Va.
Denied—
Community Power & Light Co.—Protests
,,
$141,483
'
$0.33
$47,987
&c_
Earns, per
The weekly kilowatt hour output of
the Commonwealth & Southern Corp.,
in
of the elec¬
have
Directors
Commercial Investment Trust Corp.—Earnings—
3 Months Ended March 31—
Net
,
of New York announced production
of its system for the week ending May 12, amounting to 133,000,000 kilowatt hours, compared with 134,500,000 kilowatt hours fop
the corresponding week of 1939, a decrease of 1.1%.—V. 150, p. 3044—
tric plants
Commercial Credit Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
York, Inc.— Weekly
'
stk. outst'g.
share
per
84,514
disposal of fixed assets, net. b Increase in equity in
Kettleman North Dome Association resulting from readjustment of owner¬
ship.
c No provision made for Federal surtax,
d Profit on sale of certain
properties,
e Loss on sale of assets.—V. 150, p. 2420.
a
Profit
on
sale and
Continental
Roll
& Steel Foundry
Co.—Further De¬
matters
posits Urged—
a
Up to May 4 approximately $2,200,000 of bonds has been deposited or
promised for deposit—being 61% of the issue under the recapitalization
plan.
If the plan is to be consummated on a voluntary basis, as distin¬
guished from a court proceeding, a minimum of $800,000 of additional bonds
must be deposited or pledged for deposit by June 1, 1940.
This plan has been before the security holders since Nov. 1, 1939. So far
as stockholders' authorization is concerned, sufficient proxies are in hand to
warrant consummation of the plan on a voluntary basis—93% of the pre¬
ferred stock and 70% of the common stock having assented.
Bondholders are urged to assent to the plan and deposit their bonds at
once, either at Continental Illinois National Bank & Trust Co. of Chicago
or The Chase National Bank of New York.—V. 150, p. 2721.
*
Volume
The Commercial & Financial Chronicle
150
Creameries of America, Inc.March 31—
Assets—
Cash
1940
banks
Accta.,
1939
Liabilities—
hand & 111
on
$342,984
$397,999
and
notes
701.989
804,146
Inventories.
Marketable securs.
Accrued
25,111
—
33.811
current.
224,527
115,338
Invests, (fixed)
157,858
189,519 Debs,
115,437
80,000
26.000
1,120,000
1,100,000
annual sink,
fund
2,795,372
61,249
2,716,043 3H%
payment
debs,
due
68,185
Sept. 1,1954...
1
1
123,977
93,541
112,004
72,378
payable...
Minority
Interest
120,093
833,380
Total-
.$4,988,235 $4,799,558'
Total.........$4,988,235 $4,799,558
The income statement, for the 3 months ended March 31 was published
in Y. 150, p. 3045/
.
Crosley Corp, (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1940
Netsaies.
$3,507,567
1939
1938
1937
$4,014,476
$3,144,269
$3,973,336
3,278,710
148,711
37,339
3,731,069
6,999
67,492
3,122.841
33,293
13,909
3,711,265
$42,807
$208,916
x$25,774
$218,441
250,000
$42,807
$0.08
$208,916
x$25,774
x$31.559
------
Costs, royalties, deprec.,
------
-
Other deductions
Federal income taxes...
Profit.
.
_
.
Provision for flood losses
Net profit.......... /
Earns, per sh. on com.
Indicates loss.—V.
x
150,
Cuba Northern
$0.38
Nil
Nil
2252.
1940—3 Mos.—1939
$577,563
$575,525
637,954
608,559
revenue-...
Expenses
Net loss
$60,391
$33,035
Cumberland County Power & Light
$1,505,006
1,906,202
$1,485,177
1,831,494
$346,317
$401,197
31,635
3,601
28,183
395,049
47,000
318,805
378,151
45,493
305,352
$112,406
8,228
$1,298,974
$1,343,583
118,600
88,499
$137,216
32,488
$120,634
32,745
$1,417,574
391,846
$1,432,082
392,961
177
Gross income
Bond interest
Other interest (net)
Other deductions......
131
88
190,292
$848,741
349,970
16,793
15,908
2,052
198,820
$87,758
29,164
Net income
Pref. div. requirements.
—V. 150. p. 2721.
$71,850
29,164
$824,856
349,974
1940
$344,407
$1.75
1939
$324,271
$1.64
1938
Balance..
....
112,503
$988,579
112,503
$3,192,131
450,012
$2,751,077
450,012
$992,000
$876,076
$2,742,119
$2,301,065
—
Reopening of Case Opposed—
The Securities and
Exchange Commission has been notified by Morgan
Stanley & Co., Inc. and Dayton Power & Light Co. that they do not desire
reopened in the pending arms-length bargaining case to
to have the record
permit introduction of more evidence.
The case originated from an order issued by the Securities and
Exchange
Commission Jan. 15 directing the company and underwriter to show cause
why it should not rule there was such a relationship between them that there
is liable to be or to have been an
absence of
arms-length bargaining with
respect to a $25,000,000 bond issue.
Decision of the two respondents to let the record stand apparently has
removed the last possible barrier to a commission decision on the question.
Counsel for Morgan Stanley & Co,, Inc. wrote that "after consultation
with parties in interest we have decided not to apply for a reopening of the
record for presentation of further evidence but to let the issues raised by the
order to show cause be determined
upon the basis of the record as it stands."
—V. 150, p. 2876.
Dictaphone Corp.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, no par value, payable June 1 to holders of record May 17.
This
compares with 75 cents paid on March 1, last; $1 paid on Dec
1, last divi¬
dends of 75 cents paid on Sept. 1 and on June 1,1939, and previously
regular
quarterly dividends of 25 cents per share were distributed.—V. 150, p. 1134.
x
Period End. Mar. 31—
Net Income
y
Earns,
per
share..
After all charges,
2252.
$1.64
Direct taxes.
Prop, retire,
res. approp.
Net operating revs...
Other income
Gross income
Int.
on
mortgage bonds.
Other int. & deductions.
1940—12 Mos.—1939
$7,002,167
$6,711,073
2,576,098
2,544,016
1,202,627
1,126,915
519,540
396,882
$227,676
$2,703,902
Net income.
$2,643,620
21
305
$227,676
46,667
a46,604
$222,484
46,667
a42,412
$2,703,923
560,000
b536,801
$2,648,565
560,000
b481,450
$134,405
$133,405
$1,607,122
507,386
$1,602,115
507,386
$1,099,736
$1,094,729
Dividends applic. to pref. stock for the period....
Balance
a
.......
Includes for both periods amount required to amortize preferred stock
commission and expense over the life of the charter plus an additional
amortization of $44,000 in 1940; also includes in March, 1939, amount
required to amortize debt discount and expense over the' life of the out¬
standing debt plus an additional amortization of $37,000.
b Includes for both periods amount required to amortize preferred stock
commission and expense over the life of the charter, plus an additional
amortization of $230,528 in 1940; also includes amount required to amortize
debt discount and expense over the life of the outstanding debt, plus an
additional amortization of $254,472 and $415,500 for the 12-month periods
ended March31.1940 andMarch31,1939, respectively.—V, 150, p. 2722.
Dayton Rubber Mfg. Co.—25~Cent Dividend—
a dividend of 25 cents per share on the $2 cumul.
5 to holders of record May 25.
Like amount
paid on Jan, 25. last and on Oct. 25, 1939, dividend of 50 cents was
paid on Aug. 1, 1939 and a regular semi-annual dividend of $1 per share was
paid on May 1, 1939.—V. 150, p. 686.
Directors have declared
class A shares payable June
was
Deisel-Wemmer-Gi lbert
3 Mos. End. Mar. 31—
x Net profit
Shs. com. stk. (par $10)
Earnings per share
x
Total income
Corp.—Earnings—
1940
1939
$99,146
190,781
$0.52
$64,410
196,142
$0.26
1938
$42,066
196,142 '
$0.14
After depreciation. Federal taxes, &c.—V. 150, p. 1761.
1938
1939
$6,408,020
$6,651,907
6,159,568
4,984,813
$492,339
35,454
$2,994,286
57,886
$1,423,207
$3,052,172
42,674
$1,517,419
587,907
$527,793
775,000
6,583
726
423",038
157,264
11,253
24,907
84,862
$1,804,877
—
$771,522
$1.35
-
94,212
.
on
Net profit——.———
Earns,
per
share
on common
stock—_
$3.00
Reserved by surplus appropriation at Nov, 30, 1939.—V.
1937
$88,078
196,942
$0.36
$406,771
$0.71
150,
1597.
p.
Manufacturing Co, (& Subs.)- -Earnings—
1939
1940
profit after depreciation, Federal and State
$350,875
$1.17
income taxes and other charges
Earnings per share on common
—V. 149, p.
—
Driver-Harris
Co.—Earnings—■
1939
1940
profit after charges and Federal income taxes
per
Ioss$20,026
Nil
1432, 3407.
$143,036
$34,649
share on 89,170 shs. common stock
(par$10)
-
$0.20
$1.41
—V. 150, P. 1932.
,,,
Dunlop Rubber Co., Ltd.—Final Dividend—
Company paid a final dividend of 29 1-10 cents per share on the American
Depository Receipts for ordinary stock on May 14.—V. 150, p. 2421.
Eastern Air Lines,
Earnings-
1940—Month—1939
$548,257
$513,470
211,618
201,883
96,182
87,183
12,781
1,920
$222,484
1940
—$12,920,904
9,926,618
Experimental cost writen-off
a Special
provision for est. loss
two unidentified contracts...
Earnings
....
con¬
'
3 Months Ended March 31—
2876.
.
'
Operating profit-—
Net
Directors have declared a dividend of 50 cents per share on the class A
stock, payable June 29 to holders of record June 15.
Like amount was
paid on March 30 last and compares with $1 paid on Dec. 15 last; 50 cents
paid on Oct. 15 and July 15, 1939; $1 paid on Dec. 15, 1938; 50 cents paid
on Dec. 15, 1937, and an initial dividend of 50 cents paid on Dec. 15, 1936.
..
p.
(including subsidiaries) as of
will be found in the advertising pages of
Other income
Termi¬
Class A Dividend—
Operating revenues..
Operating expenses
150,
Corp.—Financial Statement—A
3 Months Ended March 31—
Curtiss-Wright Corp.—Merger with Atlas Corp.
Corp. above.
Dallas Power & Light Co.
Finance
Cost and expenses..
Net
1,513,740
Curtis stock owned by company and subsidiaries.
Period End. Mar. 31—
$1.08
Douglas Aircraft Co., Inc. (& Sub.)—Earnings—
Dresser
nated—See Atlsis
P.
$123,784
$0.55
$242,075
On 225,000 shares common stock.*—V.
3 Months Ended Feb. 29—
Netsaies—..—..
1937
—V. 150, p. 3045.
150,
1940—12 Mos.—1939
issue of May 11, page 3045.
Publishing Co.—Earnings—
...
—V.
Subs.)—Earnings—
1940—3 Mos.—1939
$71,011
$31,542
$0.32
$0.14
The comparative income account and balance sheet was published in our
$326,202
Quar. End. Mar. 31—
1940
1939
1938
Gross oper. income
$11,607,060 $10,870,792 $10,366,068
y Net earns, after deprec.
and all taxes.
665,329
382,088
246,289
on
y
March 31, 1940,
this issue.
a
yExcluding dividends
$3,567,754
816,677
1937
$263,302
$1.32
—V. 148, p. 3714.
Curtis
846,746
Other deductions...
Interest
Federal income taxes..
Cunningham Drug Stores, Inc.—Earnings—
6 Mos. End. Mar. 31—
Net profit after all ch'ges
Earns, persh.oncom.stk
$4,038,877
densed statement of condition
$127,733
9,483
Net oper. income.
Non-oper. income (net).
$1,184,954
196,376
—
Preferred dividends
Domestic
Co.—Earnings-
32,848
3,919
29,606
Fed. (incl. inc. tax) taxes
$3,553,277
14,476
Divco-Twin Truck Co. (&
1940—9 Mos.—1939
[Including Cumberland Securities Corp.]
Period End. April 30—
1940—Month—1939
1940—12 Mos.—1939
Operating revenues.....
$405,116
$370,505
$4,882,014
$4,659,932
Operating expenses
211,010
194,680
2,822,186
2,587.353
State & munic. taxes
Social security taxes
$4,030,469
8,408
$1,104,503
Net Income...
x
-V. 150, P. 1276,
$1,182,545
2,409
$1,371,605
267,102
Gross corp. income.
Int. & amort,
charges.
Rys.—Earnings—
Period End. Mar. 31—
Gross
p.
43,630
$1,369,640
1,964
_
.......
■
51,000
303,953
1,077,222
382,275
437,823
in subsidiaries..
154.056
346,130
569,951
Prov. for retirements..
Taxes
Net oper. revenue.
1940—12 Mos.—1939
$3,893,880 $14,334,928 $12,982,899
1,707,191
6,468.417
6,036,594
177,728
664,512
732,247
314,807
1,156.812
1,035,537
511,609
2,014,717
1,625,244
$4,399,379
1,959,601
—
Maintenance
Mtges. A contracts
28,367
Preferred stock... 1,077,908
Common stock...
382,275
Paid in surplus...
435,272
Earned surplus
1,049,487
.
Debt expense
Operation
Other income.
due Nov. 30 1940
Cost of trade routes
Prepaid expenses.
146,628
county,
taxes..........
Plant A equipment
(depreciated)
1,600
7,062
State A Federal
Becelvs. other than
Dairy herd
$421,384
53,212
3,786
650.221
pay. (others)
443,960 Accrd. Int. payable
1940—3 Mos.—1939
-
..... —
$466,207
25,000
3199
Dayton Power & Light Co.—Earnings—
'
Period End. Mar. 31
Gross revenues.
1939
1940
Accounts payable.
Notes pay. (banks)
Notes A contracts
contracts receiv.
(at cost)
Consolidated Balance Shed
Inc.—Listing—Offering, &c.—
The New York Stock Exchange has
authorized the listing of 110,909
stock (par $1) on official notice of issuance, pursuant to
offer to stockholders or sale to underwriters, 5,000 shares on official notice
shares of common
option contained in the contract between the corpo¬
between the corporation and E. V. Rickenbacker,
of issuance, pursuant to
ration in the contract
President, dated April 14, 1938, and 4,005 shares of common stock on
official notice of issuance, pursuant to the Eastern Air Lines stock purchase
plan, making the total amount applied for 601,580 shares.
Additional Shares Under Options—Under an employment contract dated
April 14, 1938, the corporation granted to E. V. Rickenbacker, President,
option to purchase 20,000 shares of the then authorized but unissued
stock at $10 per share.
Under such option, he is permitted to
subscribe for such shares at any time within five years from May 1, 1938,
provided that in the period of one year from May 1, 1938 he may subscribe
only for one-fifth of the total number of shares originally covered by the
option and that in each succeeding period of one year he may subscribe
only for one-fifth of such total number, plus such shares as might have been
subscribed for in any previous year and were not subscribed for.
The
option further provides that if the corporation grants to the holders of its
common stock rights to subscribe for additional shares thereof, there shall
be added to the number of shares under option to Rickenbacker, the num¬
ber of shares to which Rickenbacker as a stockholder, would have the right
to subscribe, if. at the record date for the determination of stockholders
entitled to subscribe for such additional shares Rickenbacker had been the
holder of record of the number of shares of common stock then under option
but not theretofore purchased and issued under the option; the price at which
Rickenbacker is to nave the right to purchase such additional shares to be
the same as the subscription price payable by stockholders.
No part of
such option has as yet been exercised.
By reason of the offering to stock¬
holders of the corporation of the shares of common stock there will be added
to the number of shares under option to Rickenbacker a total of 5,000 shares
and the price at which Rickenbacker will have the right to purchase such
shares will be the same as the price at which shares of common stock are to
be offered to stockholders.
•
Stock Purchase Plan—Under the provisions of the Eastern Air Lines
stock purchase plan adopted April 13, 1938, 20,000 shares of the then
authorized but unissued shares of^common stock were reserved for issuance
at $10 per share under options to such officers and employees as the Presi¬
dent might recommend and the directors approve.
Pursuant to this plan,
options in respect of an aggregate of 19,975 shares of common stock nave
been granted to a total of 38 executives and heads of departments.
As of
April 13, 1940 of the 19,975 shares covered by options theretofore granted,
there remained unissued a total of 16.020 shares, the holders of such options
an
common
.
The Commercial & Financial
3200
of the
having waived their rights to exercise the same during the period April 15,
1940 to May 15, 1940.
The provisions of the options are in general similar
to those of the option granted to E. V. Rickenbacker, above referred to,
including those provisions as to the term of the option and the number of
shares that may be subscribed for thereunder during each year and as to the
a
power among
Power & Light Co.,
PoWfT QQ
i nf;
share.
The subscription warrants will expire at 3:00 p. m. New York
(DSL) on May 24.
Underwriting—The names of the several underwriters and the percentages
of them, respectively, are
of unsubscribed stock to be purchased by each
have
follows:
Lehman Brothers
Co_——10^9Wo
5.45%
5.45%
10-91%
,
-2 Mos. End.—
Years Ended Dec. 31-
Feb. 29,
1939
1938
1937
$5,615,834
$3,935,067
1,513,856
$1,365,293
$1,733,492
'40
Operating revenues:
37,545
44,997
$3,213,866
1,368 375
134,188
31,998
$7,599,647
$5,655,628
$4,748,427
6,472,969
5,183,011
4,498,456
$1,126,678
Drl2,854
$472,617
Dr25,335
$249 971
1,733,540
212,728
Express and freight
Miscellaneous (net)-.
161,708
311,537
50.739
5,923
Oper.
exps.
incl.
pro¬
visions for deprec
Other income (net)
1,351,579
$381,913
«
19,511
provision
before
for
taxes
$1,113,824
$447,282
$269,482
$386,169
230,000
96,000
72,500
88,000
$883,824
$351,282
$196,982
$298,169
income
on
Net income
Net Proceeds—The net proceeds to be received by the company from the
sale of the common stock offered will be in cash and are estimated to be not
less than $3,285,291 nor more than $3,402,962.
No specific allocation of the net proceeds can be made at this time,
the company intends to add such net proceeds to the general funds of
but
the
company.
Company is particularly desirous of increasing its general funds
because of its commitmenst for the purchase of additional airplanes from
Douglas Aircraft Co., Inc., and additional engines from Wright Aeronautical
Corp.
Short-term notes
$2,068,935
8,725
888,289
29,174
W88 087
1
Comparative Income Account Period Ended Mar. 31
1940—3 Mos.—1939
1940—12 Mos—1939
$2,701,848
$2,500,170 $11,738,140 $11,187,701
Taxes
380,754
355,737
1,511,648
1,497,160
All other expenses
85,063
69,994
355,826
360,359
Property and equipment
Spare parts & supplies
115,834
Ill,680
Deferred charges
$446,398
318,000
Prov. for Federal income taxes
Accrued liabilities
common
on
436,197
subscriptions to
stock
22,926
Reserve for overhaul of flying
96,971
2,166,355
560,588
1,406,639
equipment
Common stock (par $1)
Capital surplus
Earned
Total
a
$5,637,225
Quar. End, Mare 31—
Total
Earnings
per
$937,878
share
a
1939
$9,330,182
8,433,930
$127,548
def$34,044
$1,436,736
$896,252
balance 12 months ended
9,870,666
-
of during the 12
March 31, 1940
senting par value of common stk.
scrip which became void on Jan.
1, 1940 in accordance with terms
x$836,779
83,945
2,710
of its issuance
Miscellaneous credits
common stock
$1.33
Nil
$1.03
.$71,149,274 $314,256,290 $385,405,564
8,433,930
8.433,930
569
569
Total.
Div. approp. of earned,surplus
Miscellaneous debits
Inc.—Weekly Output—
For the week ended
May
operating companies which
9, 1940 the kilowatt-hour system input of the
are 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:
* 1939
Amount
Comparative Balance Sheet March 31
Percent
8,376,000
7.5
6,935,000
12.5
Nat Power & Light Co
3,187,000
4.1
I he above figures do not include the
system inputs of any companies
not appearing in both
periods.—V. 150, p. 3046.
Notes and account receivable from:
a
Northern
a
Co.
6%
July 1. 1953--
—
mScktd i Shire C?.th re8PeCt tQ the h°ldlng compan>' 8>stem of
Section 11 (b) (2) is the provision of the
Holding Company Act which,
generally speaking, calls for corporate simplification of holding company
systems.
That Section makes it the duty of the Commission to
require
noiaing companies to take steps to-simplify their corporate structures and
to bring about the fair and
equitable distribution of voting power
among
The present proceeding is the first instituted
solely under
this provision of the statute.
Stock of wholly owned subsidiary
Cash in banks—on demand
2,600,000
11,673,012
-
11,620,112
1,269,454
Accrued interest receivable
Other current assets
100
Other deferred charges
Total
.558,548,495 555,716,130
1940
Liabilities—
has
reasonable
grounds to believe that:
The
w_
structure
of the
holding company system of Electric Bond &
m\G S°"!ls unduly and unnecessarily complicated.
r
"Oiaeraof the
•
.certain
which
power is unfairly and inequitably distributed among security
holding company system of said Electric Bond & Share Co.
69tr.1?. Bond & Share Co. is
a holding company with respect to
subsidiary companies which themselves have subsidiary companies
holding companies.
are
The order futher states that the
purpose of the hearing is to determine
2 whether the above and other allegations
is
whether
are
true and acurate; (2)
or modify the cor-
it necessary to discontinue the existence
of,
I??ra£? structure of, or redistribute the voting
power among security holders
of, Electric Bond & Share Co., or any of the other respondents in the
proceedings; (3) what further action, if any, is necessary in order that each
1939
$
Reserves (appropriated from capital surplus)
Capital surplus
Earned surplus
to consolidate the two
proceedings.
issued May 10 states that the Commission
•
30,000,000
30,000,000
115,565,500 115,565,500
26,335,734
26,251,788
33,843
1,367,019
$5 pref. stock (300,000 no par shares)
$6 pref. stock (1,155,655 no par shares)
Common stock ($5 par)
order
100
43,653
22,775
23,343
...
.The Commission
The
2,600,000
11,518,218
7,377,887
1,239,557
61,182
Prepayments
Accounts payable.
Dividends declared
Accrued taxes
on Feb. 29, 1940, instituted proceedings with respect
to the Electric Bond & Share Co. under
Section 11 (b) (1) which concerns
the geographical limitation of
holding company systems.
The proceedings
under Section 11 (b) (2) are
being brought with the thought that certain
issues may
thereby be more expeditiously resolved prior to the completion
*n the
Proceedings under Section 11 (b) (1).
Utlimately it may
25,000,000
due
-
-
Cuban Elec. Co. 6% debs., due May 1, 1948 20,000,000
20,000,000
f Stocks and option warrants
408,809,052 408,809,052
e
The hearing will be held at the offices of the Commission in Washington,
notice
°r ^ suc^ ^a^er date as the Commission may fix by supplementary
t
890,000
5,037,120
3,952,767
25,000,000
—
Temporary cash investments
/The Securities and Exchange Commission
May 10"issued an~order^calling
public hearing under Section 11 (b) (2) of the Public
Utility Holding
be possible
770,000
5,037,120
3,760,120
1st mtge.,
(entire issue)
Simplification of Capital Structure—
security holders.
Texas Utilities
Texas Power & Light Co. 4H% 1st mtge
c Miscellaneous companies
d United Gas P. S. Co. 6% debentures
dividend of 40 cents per share on the common
Electric Bond & Share Co.—SEC Issues Order
for Public
on
28,925,000
-
Bonds:
Electric Boat Co.—40-Cent Dividend—
stock, par $3, payable June 12 to holders of record May 28.
Dividend of
30 cents was
paid on Dec. 8 and on June 21, 1939 and dividends of 60 cents
were paid on Dec. 8,
1938; Dec. 8, 1937 and on Dec. 5, 1936, this last being
the initial distribution.—-V.
149, p. 3870.
$
5,300,000
35,000,000
28,925,000
4,000,000
35,000,000
American & Foreign Power Co., Inc
b American & Foreign Power Co., Inc
United Gas Corp
a
-
1939
1940
$
Investment securities and advances:
111,001,000
55.390,000
81,579,000
78,392,000
Directors have declared
.$62,714,775 $314,256,290 $376,971,065
Balance, March 31, 1940
Assets—
Xtictccisc
Operating Subs, of—
1940
Amer. Power & Light Co—.119,377,000
Elec. Power & Light Corp.. 62,325,000
83,945
2,710
$1.20
Before Federal surtax.—V. 150, p. 1433.
Hearing
19,672
ended
months
Transfer from capital stock repre¬
on
Ebasco Services
9,870.666
19,672
March 31, 1940
Excess of amt. realized over ledger
value of invest, securities dispos.
1937
1938
$9,870,666
8,433.930
Applicable to periods, whether declared or undelcared.
Net inc.
$5,637,225
$725,999loss$199,042
$2,074,439
2,108,483
Summary of Surplus for the 12 Months Ended March 31,1940
Earned
Capital
Total
Surplus
Surplus
Surplus
Balance, April 1, 1939
$61,258,935 $314,169,634 $375,428,569
Subs.)—Earnings—
1940
Net profit.
x
surplus
After deducting depreciation of $2,313,366.—Y. 150, p. 3046.
Eaton Mfg. Co. (&
x
-
2,108,483
Preferred stock divs—
Balance—
183,150
.
Prepaid transportation
Collections
"$2,236,031
Net income
a
Trade accounts payable
t
,
Gross income.
Liabilities—
Accounts receivable from opera
Investments.
States,
Foreign Power Co., Inc.
holdings comprise 18.89% of the common stock of that company out¬
standing.
It is stated in the notice that an application by American Gas &
Electric Co. is pending, pursuant to Section 2 (a) (8) of the Act, for an order
declaring that neither American Gas & Electric Co. nor any of its sub¬
sidiaries are subsidiary companies of Electric Bond & Share Co.
American
Gas & Electric Co. is not made a respondent in the proceedings.
Ba ance Sheet as at Feb. 29, 1940
Assets—
Cash
properties in 12 States and through American &
.
Fed.
Federal
for
Share system has electric properties in 26
The Electric Bond &
operates in 13 foreign countries.
The order states that Electric Bond & Share Co. has substantial holdings
in American Gas & Electric Co., also a registered holding company; these
t
taxes
Prov.
^
named.
4,256
gas
income
subsidiaries.
Of the 42 companies which are
direct sub-holding companies of Electric Bond &
(excluding subsidiaries of American & Foreign Power Co., Inc.),
12 companies have direct subsidiaries, which aggregate 31 in number.
Several of these companies in turn have subsidiaries of their own.'
Thus, there are mentioned m the notice of a total of 85 subsidiary com¬
panies of Electric Bond & Share Co., not including the 112 subsidiaries of
American & Foreign Power Co., Inc
-o
In connection with the allegation that voting power in the Electric Bond
& Share system is unfairly and inequitably distributed, the Commission s
order points to substantial arrearages in dividends on various preferred
stocks.
It is stated that cumulative dividends in arrears on preferred stock
of various of such companies were, as of Dec. 31, 1938 as follows:
American Power & Light Co
$30,167,306
Pacific Power & Light Co
191,033
Electric Power & Light Corp
35,434,389
Utah Power & Light Co
6,961,107
American & Foreign Power Co., Inc
189,851,03b
In addition to the preferred dividend arrearages on preferred stocks of
the sub-holding companies named, the notice sets forth various arrearages
on preferred stocks of subsidiary companies of the sub-holding companies
Earnings for Stated Periods
Net
other
addition,
in
Share Co.
9-10%
Emanuel & Co
Carl M. Loeb, Rhoades & Co.
has in turn various direct and
of 'these subsidiaries
direct subsidiaries of the
Murphy &
Janney&Co
Foreign
National Power & Light Co. and American &
indirect sub¬
sidiaries; American Power & Light Co. has 17 direct subsidiaries, Electric
Power & Light Corp. has 11 direct subsidiaries and National Power & Light
Co
has 14 direct subsidiaries.
American & Foreign Power Co. i stated
to have 112 subsidiaries.
In addition to showing direct subsidiaries of the
sub-holding companies named, it is shown that several of these companies
Each
per
G. M.-P.
holding company system of Electric
security holders, of the
the allegation that the structure of the Electric Bond &
Share system is undly and unnecessarily complicated, the Commission s
order states that Electric Bond & Share Co. has six subsidiaries which
themselves are registered holding companies, namely, American Power &
Light Co
Pacific Power & Light Co., Electric Power & Light Corp , Utah
additional shares of its common stock, at the rate of oneshare for each one share of common stock held at $32.00
Kuhn, Loeb & Co
18-18%
Smith, Barney & Co——,
18-18%
Blyth & Co., Inc
10-91%
Harriman Ripley & Co., Inc. 10-91%
holding company shall cease to be
suosidiary companies which
to each of its
i0WUh rSpectCto
to subscribe to
as
respondents which Is a registered
holding company with respect
1940
subsidiary company which is a holding company; and (4) what
further action, if any, is necessary to ensure that the corporate structure
or continued existence of any of the respondents does not undly or unneces¬
sarily complicate the structure, or unfarily or inequitably distribute voting
options theretofore granted pursuant to the Eastern Air Lines stock purchase
plan a total of 4,005 shares, and the price at which the holders of the options
will have the right to purchase such shares will be the same as the price
at which shares of common stock are to be offered to stockholders.
Offering to Stockholders—Company is offering pro rata to the holders of
outstanding shares of common stock of record May lO.yights to subscribe
one
May 18,
itself has a
right of the holder of the option to purchase additional shares in the event
or the granting by the company to the holders of its common stock of
rights to subscribe for additional shares thereof.
By reason of the offering
to stockholders there will be added to the number of shares under the
fourth of
Chronicle
2,108,482
1,350,019
4,893,982
314,256,290 314,169,634
61,258,935
62,714,775
2,108,582
1,390,658
Total
4,893,982
.558,548,495 555,716,130
—V. 150, p. 3046.
Electric Ferries Inc.—Transfer
Effective
May
8,
1940,
the
transfer
Lawyers
Agent—
Trust Company was appointed
the 8% preferred and the
agent of the 6%
Prior Preference;
common stocks.—V. 150, p.
1932.
Empire Power Corp.—Accumulated Dividend—
The directors have declared
a
dividend of 50 cents per share on the $2.25
cumulative participating stock, no par value, payable June 10 to holders
of record June 1.
Like amount was paid on March 11, and Dec. 11 last;
dividend of 25 cents was paid on Nov. 11, last; dividends of 50 cents were
paid
Sept. 11, June 10 and March 10, 1939; 25 cents on Dec. 10 and
10, 1938; 50 cents on Sept. 10, June 10 and March 10, 1938; 75 cents
Dec. 15 and Nov. 10, 1937, and 50 cents paid on Sept. 15,June 15
and March 15, 1937—V. 150, p. 1434.
on
Nov.
paid
on
Volume
The Commercial & Financial Chronicle
150
El
Paso Natural Gas
Co.,
March 31—
1940
1939
5
(Del.) (& Subs.)—Bal. Sheet
$
Assets—
accounts
Special
stk.
217,047
1,456,170
deposits-6,581
Notes receivable..
Accts. receivable..
7%
a
Premium
rendered
+uT1^n°n^terest ^ring debentures
the
3,497,212
9,480,000
Deferred debits...
487,699
3,497,212
Long-term debt...c9,820,000
133,452
Serial notes paybl.
secure.
153,638
bank,
within
660,000
520,000
b Accts. payable.-
478,843
746,635
80,703
386,240
173,743
3,136,676
2,523,529
75,844
construction
8,317
2,548,511
8,317
Earned surplus... 3,564,775
TJtal-:
ar v
j
25,663,881 22,614,8401
w
* n
1940, obtained a bank loan of
5125,000 due Feb. 15,
S
i oi/w68 a
1944
^n'«1Cr,9ompany in March,
^
$875,000 is included
1947
is included in current
in long-term debt. This bank loan carries
_Y°l§0npn30146tUreSSenii"anilUally fr°m Feb' 15, 1941 tQ Aug" 15'
Empire Telephone Co. (&
Subs.)—Earnings—
12 Months Ended March
31-
Taxes (including Federal
Provision for retirements
40,213
56,801
$86,490
2,562
$65,898
2,118
$89,052
10,142
$68,016
i0,439
92
544
C7-717
tax~€«)IIIIIIIIIII"I"II"
(depreciation) 111
Net operating income
Non-operating
$379,039
146,616
69,511
45,378
58,434
I "Till 11
1939
$410,986
150,979
69,704
________
upe
Operation
Maintenance..
_
11 IT II
;___
revenue
;_
1111111
...
Net income before
charges
Funded debt interest
II11 TIT
Current and other debt interest
Interest charged to construction
.IITI.IIIIII
fruity of minority stockholders
in net income of
affiliated company
Fed. & State taxes on bond
int., & trustee's fees..
Amortization of discount &
expense on funded debt
2,127
812
149,
p.
®77
Emsco Derrick &
1940
deductions...
on
common
x
&c.
per
z
on
I
1939
1938
$27,086
$68,213 prf.x$59,320
Nil
$0.25
Nil
undistributed profits,
Net profit.....
$132,377
$0.35
Nil
Co.-^-Earnings—
Nil
y
•
1937
After taxes, depreciation,
1764.
1940
1938
1937
loss$24,394 $lossl81,410
p. 2423.
Ex-Cell-O
$149,771
394,750
$0.38
$1.45
W
1938
1937
$132,063
393,345
$0.33
386,848
$0.28
share...
1939
1938
$56,254
$0.62
$38,432
$0.11
$0.16
1937
$1,642
$0.04
on
undis¬
150, p. 3047.
Falconbridge Nickel Mines, Ltd.—Earnings—
3 Mos. End. Mar. 31—
Net profit
at
Baltimore—Dividends—
—
An extra dividend of
(2%) 10 cents per share on classes A and B common
stock, par value $5 was also declared.
All of the above dividends are
payable on June 29, 1940, to stockholders
of record June 19, 1940.—V.
150, p. 839.
Follansbee Brothers Co.—Final Consummation of Plan—
Judge Robert M. Gibson in the U. S. District Court at Pittsburgh,
May 10, signed an order in the reorganization proceedings which directed
final consummation and provided for
procedure in carrying out the com¬
pany's plan of reorganization.
The order gave effect to tho company plan approved by the Court on
Jan. 6, 1940 (V. 150, p. 994), and directed the trustees to transfer all assets
of Follansbee Brothers Co. to Follansbee Steel
Corp., the successor com¬
pany.
The First National Bank. Pittsburgh, and the City Bank Farmers
Trust Co., New York, are approved by the order as exchange agents to
distribute the new securities to the holders of the present outstanding bonds
Under the plan the corporation has raised about $2,500,000 of new money,
by (1) a loan of $2,100,000 from the Union National Bank, Pitts¬
burgh, the First National Bank, Pittsburgh, and National City Bank,
New York (with deferred participation or guarantee up to $1,850,000 by
secured
Reconstruction Finance Corporation), and (2) private sale of common stock
of Follansbee Steel Corp. at $15 per share.
Unsecured creditors have been allowed four choices of settlement ranging
from 50% in cash plus 50% in stock to 100% in preferred stock combined
an additional allowance of common: the latter choice parallels the
provision for bondholders.
Bondholders of the former company, for each
$1,000 bond, will receive 10 shares of new preferred stock (par $100 a share)
and 13 1-3 shares of common stock (par $10 a share).
2Yi shares of new
common stock will be issued In exchange for each share of the old preferred and K share of new common will be issued for each share of old common.
Follansbee Steel Corp., after writing off approximately $3,000,000 for
obsolescence, will have assets of about $10,000,000, including a 93.6% stock
ownership of Sheet Metal Specialty Co., located at Follansbee, W. Va.
The new company is authorized to issue up to 650,000 shares of common
stock and 35,000 shares of preferred.
There will be no funded debt other
than the $2,100,000 mortgage loan and a purchase money obligation against
the company's Detroit warehouse.
Application is being made, as provided
in the plan, to list both preferred and common stocks on the New York
Stock Exchange.
The company will spend about $1,270,000 for new equipment at its Fol¬
lansbee, W. Va., plant, where modern cold-reducing mills and necessary
auxiliary equipment will be installed.
This plant modernization, a vital
part of the reorganization, will place the company in a comeptitive position
on
modern cold reduced products.
It will also enhance the comrany's
specialties.
The company will continue to operate the open hearth fur¬
naces at its Toronto, Ohio, plant, and has made long-term contracts to
assure supply of the principal raw materials.
with
Follansbee Brothers Co. has earned a
reputation for quality and service
and, prior to the development of continuous strip mills, was one of the most
It was one of the early
profitable units in the steel and tin plate industry.
{woducers of tin plate in roofing tin plate forand still is building industry.
argest manufacturers of the United States,
use in the ore of the country's
that the
equipment
Dew
black sheets and metal roofing.
The
Sheet Metal
principal subsidiary,
Specialty Co., manufactures a
wide range of fabricated steel and tinned products, principal among
which
nested stove pipe, equipment for handling dairy products, including
milk cans and pails, and various stampings used in many industries.
are
tin roofing in long rolls and Improved
advanced stages of development,
milk
Among these are seamless
Other Dew products are
cans.
of
Officers
the
new
Follansbee
'
Steel
Corp.
Chairman: W. T. Brownscombe, President, and
cine] Treasurer,
■
„
„
include John Follansbee,
Edgar Masters, Secretary;
1940
1939
$461,001
$434,229
includes:
1938
$264,864
1937
Alpaca Co.—Liquidating Dividend—
that company would pay an initial liquidating dividend of
about $4 per share. The official notice to stockholders, dated
May 2, states
that the distribution will be $3.50 per share and it will be made on and after
May 14 upon presentation and stamping of stock certificates. Stockholders
who have demanded payment for their stock under General
Laws,
Brooks.
Brownscombe, the board of
President First National Bank,
1940
$115,519
Net income.
1939
$45,683
$0.70
3 Mos. End. Mar. 31—
x
y
W It is reported
F.
•Formica Insulation Co.—Earnings—
$334,248
After taxes, depreciation, &c. but exclusive of
non-operating revenue.
—V. 150, p. 1933.
Frank
Pittsburgh; David L. Frawley, tax authority and director of various large
industrial corporations: Marcus A. Follansbee, sales manager of the com¬
pany; George T. Ladd, President of United Engineering & Foundry Co
William B. Paul, attorney; Lloyd W. Smith, President Union National
Bank, Pittsburgh; Lauson Stone, Assistant to the President of Jones &
Laughlin Steel Corp.; and John H. McCoy, President of City National
Bank & Trust Co., Columbus, Ohio, who will represent the RFC on the
board.—V. 150, p. 2423.
x
Farr
3074.
In addition to Chairman Follansbee and Mr.
After charges and Federal income taxes, but before surtax
tributed profits,
y On 337,032 shares of capital stock.—V.
x
of
Water
The
directors
x
per
amount
Federal
Board of Directors at their regular
meeting held May 9 declared the
following dividends on the securities of this company:
5 H % preferred stock
(1%%)
6 % cents
Common stock, classes A and B
par value $5 (3%)
15
cents
$108,837
Corp.—Earnings—
3 Mos. End. Mar. 31—
1940
Net profit.$209,012
Earnings
stock
p.
bv
of
in
Fairchild Aviation
y
150,
principal
donation
and sale of which is substantially increasing.
1939
$577,495
397,306
Earnings per share
—V. 150, p. 1764.
*
Federal
a
During the past two years the company and its fabricating subsidiary
have developed several new produdts, each of which is proving very popular
Corp.—Earnings—
\ 1940
to
preferred
as
consideration
the surrender of
5% debenture, Alabama Water Service
Water Service Corp.
3,643 shares of its 6%
(no par), and having a stated value of $100
Finance Co. of America
$122,552
After depreciation, interest,. Federal income taxes, &c.
•^S,Slual to 5 cents per share on 244,190 shares of capital stock.- -V. 150,
x
Quar. End. Mar. 31—
Net prof, after deprec.,
int., Fed taxes, &c_.
Shs. cap. stk. (par $3)..
issue
will
share.—V.
In
$52.94
and
surrendered
John Follansbee, Chairman of the Board, states
1939
y$12,421
be
to
will be ready for operation by early fall and that the principal products of
Follansbee Steel Corp. will continue to be tin plate, electrical steel sheets,
Co.—Earnings—
3 Mos. End. Mar, 31—
x
loss$50,548
1940
On capital stock.—V.
150, p.
Evans Products
1938
$32,147
share...
Before surtax
$54,838
1939
$80,489
$0.21
stock..
Eureka Vacuum Cleaner
Quar End. Mar. 31—
Net loss
_•___
turnings
ooR
Equipment Co.— Earnings-
3 Months Ended March 31—
profit after deprec., estimated
Federal Income
taxes, and other
Net
y
698
$".d26
4028.
-Earnings.
87
681
Net income
-V.
$0.25
Earnings per share..__
l??7-.™
]??8
,
$41,178
loss$ll,965
^_Nil
.
$0.23
TAfter""iepreciation and Federal income taxes, "y On capital stock.
-V.
150, p. 1933.
Fraser Companies,
Chapter
3 Mos. End. Mar. 31-'-
156, Section 46, may not participate in this distribution unless such demand
Stock certificates should be forwarded to Farr Alpaca Co., Box
751, Holyoke, Mass. If certificates are in the hands of the company before
May 14, they will on that date be stamped and returned to stockholders
with their checks.
It is anticipated that some further and final distribution
will be made when all remaining liabilities have been
finally determined and
discharged as provided for.—V. 150, p. 2724.
Ltd. (& Subs.)~ -Earnings—
Earnings per share
—V. 149, p. 2971.
Federal
1940
$46,478
$6.40
Mogul Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
Net income after all charges
1940
$145,982
$0.52
Earnings per share
150, P. 1933.
—V.
1939
$109,299
$0.39
3 Mos. End. Mar. 31—
Net profit after dep., &c.
1939
y$31.475
1938
loss$14,004 loss$x57,012
1937
$27,965
x No provision was made
for interest which may accrue in connection
with the deposited 6H% gold notes of the company,
y Equal to 19 cents
a share on 161,465 shares common stock.—V.
149, p. 3712.
W
Federal Water Service
The
SEC
May
10
announced
Corp.—Hearing May 28—
that
public
hearing had been set for
May 28, in the Commission's Washington offices, on the declaration and
applications (File 70-30) filed under the Holding Company Act by Federal
a
Gabriel
$142,929
$167,841
Co.—Earnings—
Quar. End. Mar. 31
—
1937
1938
1939
1940
$13,249
$6,772
$16,280__a$10,182
■"""a Profit, before Federal income taxes and Federal surtax,
interest, depreciation, &c.—V. 149, p. 2687.
General American Transportation
b After taxes,
Corp. (& Subs.)—
1938
1937
$845,372 «.120,000
1,022,095
1,017,603
Earnings per share
$i.20
$0.82
$1.10
b After depreciation, interest and Federal income taxes.—V. 150, p. 1765.
Quar. End. Mar. 31—
b Net profit!.
I—.Shs. of cap. stk. outst'g.
1939
1940
$1.241,662
1,032,315
General Finance Corp.
(& Subs.)—Earnings—
1940
$96,896 loss$263,003
150, p. 1933.
_-
i
Federal Screw Works
v
1939
$60,204
$0.53
on common
Dominion income tax.
—V.
b Net loss
Shops, Inc.—Earnings—
3 Months Ended March 31—
Net profit after charges and Federal taxes
for
providing
before
1940
1937
1938
1939
Income after charges but
is waived.
Federal Bake
-
without
and stocks.
1940
revenues—
1927,
16,
25,663,881 22,614,840
Total
excess upon reclassification of no par value common stock
ue common stock as of Sept. 4, 1936, plus excess of amounts
fn vaIu,e of shares issued since that date, b Accounts payable
1940, include approximately $290,000 incurred in connection
nn^
riv9?9-
June
retired.
are
$364,300
per
dated
-
ciation
Contribs. in aid of
La:?fpresent,s
be
Co.
295,626
Deferred credits..
Reserve for depre¬
to
r?' .*°
subsidiary.
principal amount of the
207,577
year
25,967
are
debenture
cumulative
Taxes accrued.
Interest accrued..
Reacquired
5%
on com.
stock
to
application, the securities to be surrendered consist
1,479,700
9,514
18,457
e
a 5% debenture in the principal amount of $364,352,
1931, without fixed maturity.
The debentures to be sur¬
31,
1,804,782
578,943
140,530
22,493
171,311
25,967
Materials & supls.
Dec.
1,804,782
12,979
Prepayments
.
subsidiary,
™atuntv, and
1,479.700
cum. pref. stk.
(par $100)
9,187
regarding a proposal to surrender to its
Water Service Co., certain of the latter's securities.
$o00,000 non-interest bearing debentures,
dated
Par)
2,134,929
433,672
$
3201
Corp.
i-S?" *°
'h
of
1939
($3
Service
Alabama
j
Common
Investment & fund
Cash
1940
$
,
Liabilities—
Plant, props., Ac.22,136,476
20,103,708
Water
(& Subs/—Earnings—
4 Months Ended March 31—
Volume of receivables
Net earnings after all charges.
Earns, per share on common.
—V-. 150, p.
$535,546
1,032,315
$0.52
_,
1940
i?39
..$14,356,815 $10,712,283
115,059
$0.11
92,451
$0.07
2424.
General Motors Acceptance
Corp.—Sells Notes—
The corporation has reported to the Securities and Exchange Commission
the sale at par of $7,500,000 (Canadian dollars) three-year 2K % promissory
notes due
April 1, 1943, to two insurance companies in Canada, comprising
$2,500,000.—V. 150, p. 2424.
three notes of
The Commercial & Financial
3202
Net
profit after deprec.,
loss$71,867
$708
$37,829
$0.25
Nil
Nil
$0.01
Earns, per share on com¬
mon stock
—V. 150, p.
1937
$115,882
taxes, &c
995,
a
stock of the corporation at
1 to stock-
the rate of 44-1.000ths of one
share of $6 cumulative convertible preferred
stock (optional stock dividend series) so held; or
At the option of the holder, in cash at the rate of $1.50 for each share of
$6 cumulative convertible preferred stock (optional stock dividend series)
so held.—V. 150, p. 2577.
share of common stock for each
General Shoe Corp .—Earnings—
Period End.
Net sales
$8,182,327
$7,540,113
241,817
240,836
456,863
share
$10.37
$0.37
$0.69
Earnings for 12 Months Ending April 30
Earned per
379,777
$0.57
...
Net sales
Net
1940—6 Mos.—1939
April 30— 1940—-3 Mos.--1939
$4,455,947
$4,444,089
profit.:...:
Net
1939
........$17,223,751 $14,939,575
—....
821,841
$1.25
1.004,280
profit
$1.53
Earned per share
—V. 150, P. 3048.
Gimbel Brothers, Inc.
$5,381,683
271,909
$7,963,975
Drl,838
$8,580,994
Dr55,404
$6,745,412
1,718,208
$.5,653,592
1,777,511
x977,l49
Total income
Depreciation
xl ,007.367
$7,962,136
1,712,683
xl ,016,893
$8,525,590
1,632,083
xl,032,322
Interest
93,798
World Fair debs. writ, off
2,216,184
2,208,851
215,000
745,000
y
goods sold and Federal income taxes unchanged. z Certain figures revised
ut net sales and net profit remained on income,
Surplus
1940
$2,816,080
1939
$3,560,848
1938
$2,148,489
1937
$3,614,677
1,402,295
Earned
437,531
2,278,709
67,679
392,356
on
$3,998,379
$4,610,732.
1,181,850
Total
Divs. on $6 pref
Divs.
$6,908,488
1,205,126
$4,754,378
1,193,530
1,182,299
481,190
7% pref
al ,609,000
Trans, to stated value..
$2,816,080
Balance at end of year $3,428,882
Paid-in Surplus—
of $6 pref.
$2,148,488
$3,560,848
$13,612,458 $13,558,815 $12,120,654
Balance beginning of yr.$13,668,779
Excess of stated val. over
cost
56,321
48
repurch
53,643
c2,413,500
1,464,685
..
$13,668,827 $13,668,779 $13,612,458 $15,998,839
Balance
Subsequent
trans,
to
stated value
d2,413,500
26,524
...
Exp.inexch.ofpref
Balance at end of year $13,668,827
Property Surplus—
Balance beginning of yr.
$13,668,779 $13,612,458 $13,558,815
'
$7,789,560
$7,970,471
$8,152,472
180,911
180,911
182,001
$8,461,532
Deprec. & amortiz. of in¬
creased
result¬
values
ing from prop, apprias.
Appreciation applic. to
property sold
Balance at end of year
Total surplus
$7,789,560
24,274.419
$7,608,649
24,706,357
166,556
$8,152,472
23,859,775
$7,970,471
25,143,776
pref. stock of further amount (in addition to transfer from paid-in surplus)
b Transfer to paidrequired to increase its stated value to $100 per share,
surplus of credit arising in prior years from repurchase of pref. stock at
less than par.
c Transfer of paid-in surplus of provision for premium on
redemption of old 7% cum. pref. stock not required as a result of exchange
of pref. stocks,
d Subsequent transfer to stated value of new no par $6
pref. stock of provision for redemption of old 7% pref. not required and
result of exchange of pref. stocks.
e $275,502 is excess of reserve for possible
assessment of taxes provided to Jan. 31,1934, not required.
in
Note—The earned surplus is before an appropriation of $397,562 in 1940
$397,461 at Jan. 31, 1939 and $353,507 at Jan. 31, 1938 being the cost of
preferred stock and stated value of common stock repurchased.
$76,990 loss$414,685 loss$206.610
Assets—
1939
2,604,239
Liabilities—
2,748,744
Accts. receivable:
a
b
—Week Ended
Sundry
Mdse.
debtors..
on
8,103.364
Land &
mdse. in transit.
426,597
425,776
656,697
436,593
3,805,769 4,388,503
bldgs ...44,203,900 44,220,677
f Store fixtures
3,123,401
2,939,795
244,306
249,648
Delivery equip..
Prepaid expenses,
41,852
29,402
ins.,taxes, &c._
1,055,070
642,883
88,540
100,483
174,850
163,087
g Leaseholds
%
1,888,620
656,697
414,644
436,593
382,462
rent & other exp.
1,882,797
1,451,656
Mtge. & notes pay.
(current)
803,765
763,874
Granby Consolidated Mining, Smelting & Power Co.,
Ltd.—Earnings—
charges,
Mtge.
pay.
(not
24,366,262 26,003,900
current)
Serial notes
1,040,000
28,250
750,000
i Deferred income.
256,351
254,235
Res.
for
assess
mtge.exp.,<fcc_.
Inventory of supp.
Leaseh'ld improve¬
546,431
Goodwill
67,250
possible
of
taxes
for prior years.
$6 pref. stock
.
17,285
262,346
19,698.425 19,698,575
Common stock... 4,886,500
ments
4,886,500
Surplus
24,706,357 24,274,419
Total
93,798
Total
80,804,388 81,120,4271
After
of
$415,373 in 1939 and $432,282 in 1940.
b After
in 1939 and $388,511 in 1940.
©After deprec. of
$14,398,623 in 1939 and $12,856,929 in 1940.
f After deprec. of $5,396,115
in 1939 and $3,456,253 in 1940.
g After amortization of $108,602 in i939
a
reserves
reserves
of $379,717
and$l 13^943 in 1940.
h After deprec. of $13,864 in 1939 and $17,091 in
1940.
i Represented by 977,300 (no par) shares,
j Balance of payment
received from tenant upon lease cancellation.—V. 150, p. 1600.
General Telephone
The
New
York
Stock
additional shares of
Corp.—Listing—
Exchange
common
stock
$204,848
$102,748
$42,244
$0.45
depletion, Federal income taxes, &c.
Earns..per sh. on 450,260 shs. capital
stock (par $5)
—V. 150, p. 690.
$0.23
$0.09
Granby Elastic Web of Canada, Ltd.—Stock Offered—
of 53^% cumulative redeemable
An issue of 10,000 shares
($50 par) was recently offered by W. C.
Montreal.
Price, $50 per share and
accrued div.
Each share of preferred stock will carry a
bonus of H share of*common stock.
preferred stock
The 5M% cumulative redeemable preferred stock Is preferred as to
capital and dividends; is entitled to cumulative preferential dividends in
priority to the common stock at fixed rate of 5&% per annum, payable
Q-F and no dividends shall be paid on the common stock unless all accumu¬
lated and the current quarterly dividends on the preferred stock have been
paid or provided for.
Subject to redemption by purchase for cancellation
at any time at or under the redemption price and redeemable by call as a
whole or in part at the option of the company on any dividend rate on 30
days' notice at $52.50 per share, plus all accumulated and accrued dividends
to the date fixed for redemption.
Entitled to $55 per share in the event of
voluntary liquidation and $50 per share in the event of involuntary liquida¬
tion, plus, in either case, all accumulated and accrued dividends.
Entitled
to one vote per share.
Transfer agent for preferred and common shares;
Royal Trust Co., Montreal, Que.
has authorized the listing of 137,700
(par $20) on official notice of issuance
Outstanding
Authorized
Capitalization—
cum. redeemable pref. stock ($50 par)
$750,000
5M %
$500,000
•
35,000 shs.
30,000 shs.
Company manufactures Lastex, Evertex thread and all widths of elastic
web products for numerous trades, including manufacturers of corsets,
underwear, bathing suits, hosiery, suspenders, garters, shoes, clothing
Common shares (no par)
It also manufactures elastic and
and automobiles.
Lastex, which is sold
department stores.
In addition to operating weaving, knitting
braiding departments, the company also operates a aye house.
Products of the company are sold to manufacturers and jobbers through¬
out the Dominion and in recent years the company has also developed an
important export trade to members of the British Commonwealth, includ¬
ing England, Australia, New Zealand and South Africa.
Company owns and occupies a four-story brick factory building with a
total floor space of approximately 87.000 square feet.
in chain and
and
Earnings for Period
Profit
Depreciation
Inc. taxes (present rates)
y
Profit
Before
Dec.
31
'36
12 Months
Ended
Jan. 31 '39
$68,769
25,454
$78,754
28,804
8,991
11 Months
Ended
Dec. 31*39
$90,731
28,289
7,797
11,240
Dec. 31
x
Ended
13 Months
Ended
Jan. 31 *38
12 Months
$109,082
26,964
-
14,781
$51,202
$67,337
deducting depreciation and income taxes, y Available for divi¬
$35,518
$40,959
dends
on 5K% preferred stock.
Company—Incorporated in Michigan Jan. 9, 1932.
Its plant and prin¬
cipal offices are located in Charlotte, Mich.
It has no subsidiaries.
Com¬
pany is engaged in the manufacture of wireless record players, recording
phonographs, combination radio and recording phonographs, recording
discs for use on recording phonograph units and a general line of radios.
The recording phonographs and combination radio and recording phono¬
graphs are manufactured under the trade name of "Recordio."
The
Recordio was developed by the company during 1939, was introduced at
the radio show in June and shipments in substantial quantities began during
the month of August.
The Recordio phonograph permits the inexpensive recording on a disc
record of anything spoken, sung or played in front of its microphone, and
with the Recordio radio-phonograph combination, recordings may also be
made of radio programs while listening.
Records can be played back
immediately. Both types of Recordios also embody a public address system.
Earnings—The following is a tabulation of gross sales and earnings before
80,804,388 81,120,427
1
N.Y. World's Fair
debs
1938
1939
1940
3 Months Ended March SI—
Net inc. after deb. int., depreciation,
x
Res. for Insurance.
h
Deferred
-
2,047,052
Sundry creditors..
Acer,
int., taxes,
Other assets
e
$
Trade creditors...
3,257,282
hand... 11,699,620 12,867,758
Mdse. in transit..
$351,788
$374,314
$17,375
$18,850
Operating revenues (est.)
—Jan. 1 to May 7
1940
1939
May 7
1939
1940
1939
Trade creditors for
Reg. ret. terms 8,460,964
Def.pay.terms 4,124,782
—
Georgia & Florida RR.—Earnings—
Ended
1940
$
$
Cash
loss$36,148
5,577
114,411
...
Comparative Consolidated Balance Sheet Jan. 31
1940
$198,059
234,207
plants
profit
-V. 150, p. 1136.
142,504
Transfer to the stated value of 201,125 shares of new no par $6 cum.
a
$27,597
234,207
Pitfield & Co., Ltd.,
stock
Trans. to paid-in sur
Trans, to earned surp
Net
bl,464,685
.y.
Trans, to paid-in surp—
loss$66,067
234,207
sale & demolition
of Chester, Pa.,
3,226,132
©327,181
above)
Miscellaneous credit
$23,523
4,075
$192,482
1,796
.
—V. 150, p. 3048.
Comparative Consolidated Surplus Jan. 31
Balance beginning of yr..
Net profits for year (as
on
loss$67,863
$311,197
234,207
Interest & amortization.
Loss
1937
$485,094
292,612
300,028
$306,359
4,838
—,
Profit
850,000
Includes mortgage expense,
x
Profit
Other income
$437,531
$2,278,709 $3,226,132
Other than taxes included in cost of
$1,402,295
296,198
Depreciation
$323,552
232,565
300,428
$602,557
Profit after expenses
1,785,052
340,000
Net profit
Telephone
1938
1939
1940
3 Mos. End. Mar. 31—
— -
2,213,961
Taxes
Federal tax
General Telephone Tri Corp.,
outstanding common stocks of Interstate
-Earnings-
$6,681,400
64,012
Operating profit
Other income (net)
y
subject to the liabilities, of
shares), Michigan Associated Telephone Co. (20,184 shares),
and
Southwestern
Associated Telephone Co.
(42,000 shares), and cash
($59,675 as of May 6, 1940) for a consideration of 137,700 shares of
common
stock of General Telephone Corp.
If this contract and the plan of reorganization are approved by the
holders of two-thirds of the common stock of General Telephone Tri Corp.,
and is effectuated, the entire assets of General Telephone Tri Corp. will
consist of 137,700 shares of common stock of General Telephone Corp.,
equivalent to 2*4 shares of such common stock for each share of common
stock of General Telephone Tri Corp. outstanding.
It is then proposed
that General Telephone Tri Corp. adopt a plan for liquidation under which
the General Telephone
Tri Corp. would dissolve and liquidate and dis¬
tribute the 137,700 shares of common stock of General Telephone Corp.
pro rata to
its stockholders at the rate of 2U shares of such stock for
each share of common stock of General Telephone Tri Corp.
Upon com¬
pletion of the liquidation, General Telephone Corp., as the holder of
44 223
shares
(exclusive of certain shares currently being acquired in
exchange for General Telephone Corp. coirmion stock on the basis of 2%
shares of such common stock for each 6hare of common stock of General
Telephone Tri Corp) of common stock of General Telephone Tri Corp.,
will receive back 99.501 shares of common stock.—V. 150, p. 3048.
(23.000
Co.
(& Subs.)—Annual Report—
Years Ended Jan. 31
1940
1939
1938
zl937
$92,231,120 $87,963,346 $100080,575 $95,683,562
85,549,720
82,581,663 92,116,600 87,102,568
Net sales
stock.
137,700 shares of
authorized the issuance of
stock, and authorized the management to enter into a contract
between General Telephone Corp. and General Telephone Tn Corp. whereby
General Telephone Corp., pursuant to a plan of reorganization, will acquire
Consolidated Income Account for
Expenses and costs
the assets, subject to the liabili¬
controlled subsidiary, making a
date. 1,365,989 shares of common
common
consisting of the entire
dividend on the $6 cumulative convertible
Ereferred stock (optional stock business May 20 as follows:
olders of record at the close of dividend series; payable June
common
with the acquisition of all
Telephone Tri Corp., a
General
amount applied for to
Directors
Mav 1, 1940,
total
all of the assets,
Corp.—Dividends—
General Shareholdings
Directors have declared
In
of
ties
1938
1939
1940
in connection
-Earnings-
Signal Co.
General Railway
Quar. End. Mar. 31—
May 18, 1940
Chronicle
Gross Sales
Jan. 1 to July 31,1939.
Aug. 1 to Dec. 3i, 1939
a
—-
$131,740
646,714
a
Earnings
def$21,649
86,367
Before Federal income and excess profits taxes.
Sales of the company's products are effected through approximately
100 distributors, each selling in defined territories.* For the year 1939 the
company's largest customer took 8.3% of the company's gross sales.
All
but 4% of the company's sales during the calendar year 1939 were made
territories.
within the United States and its
Capitalization—At their meeting Feb. 7, 1940, the stockholders voted to
change the company's capital structure by calling in and canceling the 2,500
of the company's common stock ($10 par) and to author-
shares outstanding
The Commercial &
Volume 150
Financial Chronicle
ize the issuance of 200,000 shares of common stock ($1
par), ofwhich 112,500
shares were voted to be issued in
exchange for the 2,500 shares outstanding.
It was also voted to issue 1,530 shares of the common stock C$1 par) to
Emil E. Mayer, New York, a director, in consideration for bis surrendering
all rights under a prior option granted by the company April 29, 1937, and
to issue and sell 5,000 shares to Warren
3203
Harvard Brewing Co. (Del.; (& Subs.)
6 Months Ended March 31—
■
$842,973
441,455
236,343
68,536
Cost of goods sold
Selling & delivery
Hasemeier, Charlotte, Mich., sales
expenses
General & administrative expenses. .
manager, in fulfillment of an antecedent agreement between the employee
and the company, at a price of $2
per share.
It was further voted to issue
and sell 35,970 shares of company s common stock ($1
par) to Van Grant
& Co.
In addition, it was further voted that 30,000 shares of stock will
be held unissued but subject to
.
Profit from operations
Other income credits..
shares to be so issued or held subject to issuance.
The capitalization after completion of the proposed
Net income
changes will be as
Div. paid on 5% cum. conv. pref,
Dividend paid on common stock.
follows:
,
Outstanding
♦155,000 shs.
Authorized
Common stock C$1 par),
200,000 shs.
....
*
Assets—
Cash
Purpose—The fund received will be used to provide additional working
^Directors—Chester M. Wilcox, Paul Stead Gay, Frank E. Lamer and
on
x
on
1940
rev.
ers
Investments
1
Great Western
containers
46,537
52,276
21,327
6,513
1,116,168
'
*
;
3049.
1,782
-
34,766
20,465
19.201
6,647
13,294
167,500
10,000
187,500
3,337 Res. for contgs—.
Preferred stock...
Com. stk. ($1 par)
550,000
current
...
Mtges. payable...
9,095
1
1
67,025
74,841
'
Total
Accruals
1.090,328
con¬
patents
Sugar Co.—Directorate Reduced—
on
34,215
Notes payable, not
.....
Deferred charges. .
A resolution to reduce the board of directors from eleven members to
nine was approved at the recent annual stockholders' meeting.—V. 150,
P.
27,500
Dep.
Trademarks and
director of this railraod.
a
3,770
10,779
receivable,
y Property
Uncompleted
1601.
Great Northern Ry.-—New Director—
W. L. McKnight of St. Paul has been elected
18,342
13,043
45
strue. Job orders
—V. 150, p. 3048.
$35,286
not current
on Dec. 1, Sept. 1, June 1
and Feb. 16, 1938, and on Dec. 1, 1937, and with a quarterly dividend of
$1.50 per share and an extra dividend of 25 cents per share paid each
1939
5,150
68,958
returnable..
Notes
June11,1939, $3 paid on Feb. 16,1939: $1 paid
p.
7,461
285,917
...
a dividend of $1.50 per share on the common
value, payable June 1 to holders-of record May 17.
This
compares with $3.50 paid on Feb. 16, last; 81.50 paid on Dec. 1, Sept. 1 and
no par
.
stamps
hand-.
Inventories
Vendors' contain¬
The directors have declared
1940
Notes payable$111,973 Accounts payable.
Eq. notes & trade
accepts, payable
193,330
Beverage tax pay.
4,475 Fed. inc. tax with¬
held at source231.791
Fed. & State taxes
225.519
on
150.
......
$24,792 loss$114,296
2,500
——
Corn. stk. dlv. pay.
$211,767
Accts. and notes
Fed.
Great Atlantic & Pacific Tea Co.—$1.50 Dividend—
quarter from Sept. 1,1931 to and including Sept. 1,1937—V.
$1,110
115,407
$65,553
32,213
8,547 '
-
Liabilities—
1939
deposit &
hand
receivable
Emil E. Mayer.
stock,
loss$5,382
6,492
$60,831
4,722
...
$64,554
2,185
27,500
stk.
225,904
70,077
Consolidated Balance Sheet March 31
Of these shares, 30,000 will be reserved for the exercise of the options
granted to Van Grant & Co., Chester M. Wilcox and Paul Stead Gay.
^
398,202
218,364
62,577
$102,877
22,319
16,003
Income charges
Provision for income taxes
1938
$668,825
378,226
$739,974
$96,639
6,238
option until Dec. 19, 1941, to Van Grant
& Co. at $3 per share for 15,000 shares and subject to option until Dec. 19,
1941, to Chester M. Wilcox and Paul Stead Gay at $3 per share for 15,000
shares.
The stockholders have waived their preemptive rights as to 185,000
Earnings—
1939
1940
Net Sales-.
—.$1,922,953 $1,715,635
Total
100*660
75.000.
Paid-in surplus
Earned surplus.-.
544.900
257,000
454,470
257,000
601,891.
.—SI,922,953 $1,715,635
x After reserve for doubtful accounts and notes receivable of $41,662 in
1940 and $43,876 in 1939.
y After reserve for depreciation of $443,883 in
1940 and $370,081 in 1939.
,,
«.•>
—V. 150, p. 2256.
..
-
Green Mountain Power
Corp.—Accumulated Dividend—
The directors have declared a dividend of $1.50 per share on account of
accumulations on the $6 cumulative preferred stock, no par value, payable
June 1 to holders of record May 10. A like payment was made in
the 16 preceding quarters.—V. 150, p. 1601.
Greenwich Water System,
12 Months Ended March 31—
Gross earnings...,
1940
Operating
exps., maintenance and taxes....
Reserved for retirements
:
Net oper. revenues...
635,731
....—.
$585,955
120,018
12,778
Net income.....
Gross income.
$6,389
2,917
$706,667
96,814
—
—
Other deductions.-
^
Earn's per sh.
stock..
1940
$11,085,495 $10,165,580 $56,909,680
9,107,325
8,483,303
39,191,159
1,271,503
1,128,606
5,011,082
——
—
12 Months
1939
Net income———
Net income applicable to stocks of
subsidiaries consol., held by public-
$281,538
112,755
$249,770
$168,784
1938
1939
$124,024
$6,440
$177,696
$0.60
on
$0.40
$0.02
$0.57
com.
p.
2256.
(& Subs.)- -Earnings
1940
$3,078,655
208,223
152,575
$0.30
.
$0.45
Co., Inc.—Earnings—
(R.) Hoe
[New York Company Only]
After taxes,
x
1939
$3,451,174
1768.
1940—3 Mos.—1939
$814,628
$600,160
profS,652
77,172
Period End. Mar. 31—
Net sales........—
x Net sales..
$6,665,391
1937
1940
Net profit after int., deprec., Fed. income taxes, &c
Earnings per share on common stock
.....—
3,229,128
$39,982
39.312
•
39,312
$187,753
depreciation, taxes, &c.—V. 150,
—V. 150, p.
$58,928
Corp.—Earnings—
Hinde & Dauch Paper Co.
$9,894,519
169,525
$678
>
3 Months Ended March 31Sales
$613,943 $13,444,522
59,666
269,475
113,586
462,731
145,182
2,703,201
13,971
114,596
$419,295
After
x
$553,671 $12,707,439
60,272
737,083
$803,481
53,196
116,559
195,775
18,656
560
-
>
Hercules Motors
3 Months—
Total income-—.Interest.——
Amortization of intangible property..
Income taxes.
$3,430
3 Mos. End. Mar. 31—
Net profit-
x
Net operating revenue
$41,216
1,234
58
....
Consolidated Income Statement
Other income-.——
$76,216
35,000
$59,488
$736
43
...—
Net income. ..—...
Dividends declared—V. 150, p. 2579.
$168,565
Corp.—Earnings—
1940
76
$94,488
35,000
$3,653
2,917
$3,472
_
Interest charges.
$218,874
—
$76,140
285,975
—V. 149, p. 3262.
Period Ended March 31—
$552,920
360,341
29,614
86,825
61
Balance.-.
Retire, res. accruals.—.
;
.......
Operating revenues.....
Operating expenses
Depreciation
$94,427
Non-oper. inc. (net).
$604,509
139,356
10,613
234,285
....
Int., amort, of discount, &c., of subsidiaries
Minority interest-..
Int., amort, of discount, &c., of Greenwich Water
System, Inc......
Greyhound
$3,653
•
67,721
69,480
.
Gross income
$561,445
359,519
29,326
78,173
$6,389
Taxes.
$1,307,961
/
.
1940—12 Mos.—1939
$42,779
29,721
2,274
7,131
1939
$1,308,413
652,978
"
.
Co.—Earnings— V
1940—1939
$44,677
29,406
2,372
6,510
Maintenance
Inc. (& Subs.)—Earnings—
......
Haverhill Gas Light
Period End. April 30—
Operating revenues.
Operation
each of
•
1940—6 Mos.—1939
$1,551,389
$1,111,535
35,632
207,049
depreciation, interest, &c.—V. 150, p. 129.
Net income
applicable to stock of
the Greyhound Corp.»—
Capital stock, average number of shs.
outstanding:
5}4% preference, convertible par
value $10 per share
without par value..
earned per share of common
Common,
Amount
Holland Furnace
Co.—Earnings—
1940—3 Mos.—1939
Period End. Mar. 31Net loss after deprecia¬
tion, taxes, &c
327,253
327,253
327,253
2,693,409
2,687,923
2,693,409
stock based upon the average num¬
ber of shares outstanding during the
$0.08
—
1940—12 Mos.—im
$l,492,588pf$l,271,150
$158,644
outstand'g
450,442
Earnings per share—..
—V. 150, p. 2100.
$3.24
Shs.
com.
stk.
$0.05
$2.41
v
$2.62
Sales..—--
lossl6,648
Net
loss932,515
x
1940—5 Mos.—1939
$478,675
$412,264
14,969
lossl3,746
1940—Month—1939
$102,798
$87,404
Period End. Mar. 31—
v
.
x
7,045
-----
-
[Canadian Currency]
♦Includes
equity in net income of
Pennsylvania
Greyhound
Lines,
Inc., 50% of the voting stock of
which is owned by the Greyhound
:
Corp
$7,045
—V. 150. p. 2728.
450.442
Honey Dew, Ltd.—Earnings—
/
period
$119,241
„
4,329
profit
loss454
Before taxes.—V. 150, p. 1437,
Houdaille-Hershey Corp.-—EarningsGulf Mobile & Northern RR
Loan—
3 Mos. End,. Mar. Zl—
x Net profit
Earns, per share.......
The Interstate Commerce Commission on May 9 found the company, on
the basis of its present and prospective earnings, reasonably to be expected
to meet its fixed charges without a reduction thereof through Judicial reor¬
ganization, and approved
a
x
p.
loan of not to exceed $7,500,000 by the Recon¬
struction Finance Corporation.—V. 150, p. 3049.
Hackensack Water Co.
^
1939
$980,110
513,381
180,847
Depreciation....
78,536
77,227
74,841
Federal tax...
45,000
1,375
29,065
x$262,316
x$253,932
$223,726
$244,700
x
—.
Equivalent to $0.77 cents per share
on
1938
$954,405
502,970
175,338
x
1937
$966,352
527,505
180,750
73,431
28,625
Net Income
Hamilton Watch
Other deductions
Fed. & State inc. tax
Net profit.
Earns, per sh. on com.
—V. 150, P. 2578.
Hat Corp. of
"
taxes...
a
Co.—Earnings—
1939
On class A stock.- -V. 150,
1940-—Month-—1939
$19,275
$10,055
1940—3 Mos.—1939
$27,047
$30,403
(& Subs.)-—Earnings—
1938
1939
1940
1937
^
$854,254
.........
Before provisions for surtax on
Period End. Mar. 31—
1938
$573,690
565,729
Cr7,389
3,100
$520,580
471,607
13,786
7,100
$78,031
$12,250
$28,087
$153,167
$0.07
Nil
Nil
Sales.....
Net loss—
1937
$974,427
772,549
12,311
36,400
$0.26
Directors have declared a dividend of 30 cents per share on the class A
and class R common stocks payable June 1 to holders of record May 20.
90 cents paid on Oct. 26, last; and 20 cents paid on
This compares with
May 1, 1939, this latter being the first dividend paid since Feb. 1, 1938
regular quarterly distribution of 20 cents was made.—V. 150, p. 1437.
1937
$627,114
y$0.66
charges.—V. 149, p. 1477.
Hudson Motor Car Co.
x
x
——
—
$874,784
$1,530,481 profa$7,234
undistributed profits.—V. 150,
p.
2426.
1940—Month—1939
$271,789
3,036
$342,984
prof.4,060
1940—3 Mos.—1939
$856,225
$759,563
15,410
40.285
amortization, other deductions
expenses.—V. 150, p. 2426.
After operating expenses, depreciation,
and 77B administration
Illinois Terminal RR.—Purchase Authorized—
Commission on April 30 authorized the pur¬
entire railroad properties and assets pf the St.
The Interstate Commerce
chase by the company of the
Louis & Alton By. and the O'Fallon Freight
Line of the St. Louis & Belle¬
ville Electric Ry.
The road of tne St. Louis & Alton Ry., including Its maun line, extends
America—To Pay ZO-Cent Dividend—
when a
z
"1.17
Huylers of Delaware, Inc.—Earnings—
922,241
Cr9,624
21,600
Costs, exps., & deprec.
After all
3 Mos. End. Mar. 31—
Net loss after all chges.,
IncL deprec. & Federal
307,500 shares of common stock
1938
$29,329
.
Material Co., Inc,—Earnings-
Net Income
x
In 1940 and $0.74 per share in 1939.
—V. 150, p. 2578.
3 Mos. End. Mar. 31—
1940
Sales
$1,012,248
On class B stock,
Period End. Mar. 31—
$1,008,509
618,328
132,476
—
y
1939
$407,140
y$0.38
1768.
Houston Oil Field
(& Subs.)—Earnings—
1940
Quar. End. Mar. 31—
Total Income
Net inc. after exp., &c..
Interest charges (net)-.-
After all charges,
1940^
$761,656
y$0.83
•
northerly from Madison through Granite City to Wood River, approxi¬
mately 14.62 miles; and the line of road known as the O'Fallon Freight Line,
owned by the St. Louis & Belleville Electric Ry.f extends westerly from
O'Fallon to its terminus approximately 3.64 miles.^all in Madison and St.
Clair counties. 111.
The Commercial & Financial Chronicle
3204
By the terms of a proposed agreement with St. Louis A Alton, the latter
to sell its entire railroad properties and assets for $175,000 cash,
Belleville company agrees to sell its O'Fallon Freight Line for
■$25,000 cash, both transactions to become effective as of Oct. 1, 1939.—
V. 150, p. 2728.
Co.-
PeriodEnd. Mar. 31—
Operating revenues
Operating expenses.
Direct taxes
.——
Prop, retire, res. approp.
Net oper. revenues...
$167,315
$149,543
3,877
$2,310,234
$153,420
56,250
8,720
$2,315,657
675,000
111,467
Crl,303
$1,530,493
414,342
$1,688,037
414,342
$1,116,151
$1,273,695
$168,418
Gross income
mortgage bonds.
56,250
8,533
Int.
on
5,423
.
Crl2
charged to constr'n.
Net income
$103,647
$88,450
Dividends applicable to pref. stocks for period...
Balance.
-V. 150, p. 2728.
-
Net profit
Earns, per
$2,462,669
13,125
from ry. oper.
Railway tax accruals.
Equip. A jt. facility rentsi
Net ry. oper. income.
Other income
$129,589
2,363
2,091,383
$302,200
$0.25
$169,134
International Nickel Co. of Canada, Inc. (&
Subs.)—
Earnings per share on common stock..
—V. 150, P. 1769.
$343,646
7,621
Total income....
Misc. deduct, from inc..
Total fixed charges
,
$131,952
3,227
43,389
$150,950
2,956
36,945
$351,267
9,669
117,637
$111,049
$223,961
416,819
3,632,002
Prov. for deprec., deple¬
reserves..—2I295,422
$81,113,331 $81,807,196 $81,064,427 $71,611,100
483,475
483,475
483,475
483,475
7,289,084
7,289,084
7,289,085
7,289.085
Total surplus—
Preferred dividends
Common dividends
Exch.
adjust, in consol.
in suspense
/>r2,478,864
Trans, to retire, sys. res.
Cr268,427
1,500,000
Surplus end of period_$70,861,908 $74,303,084 $73,291,868
8hs.com.stk.out. (no par) 14,584,025
14,584.025
14,584,025
Earnings per share after
preferred diviends
$0.64
$0.62
$0.66
$282,732
110,837
1,913,075
2,195,990
2,292,956
$9,547,300 $10,113,765 $11,714,957
72,259,896
70.950,662 59,896,144
Netprofit
$9,820,114
Surplus begin, of period. 71,293,217
$402,559
8,990
$85,336
$14,528,036 $14,831,534 $16,944,696
427,738
430,190
418,990
2,260,041
2,091,590
2,897,674
Total income..—.—$16,164,357
$396,279
6,280
$150,243
707
1939
1938
1937
$14,429,466 $14,706,209 $16,837,868
93,968
98,570
125,325
106,828
Admin. A gen, expense
Provision for taxes
$868,472
238,789
233,404
81.26A
$0.14
Quar. End. Mar. 31——
1940
Earnings..
$16,070,389
1,773,911
$887,961
241,503
302,812
1939
1940
obsolescence, Fed.
State income taxes, Ac., but before depletion. _
A
1940—3 Mos.—1939
$2,979,344
$2,642,383
$315,306
83,799
Co.—Earnings—
3 Months Ended March 31—
Net income after int., deprec.,
RR.—Earnings—
$290,161
81,158
79,414
rev.
$0.01
Inspiration Consolidated Copper
675,000
113,354
Cr597
tion, Ac.,
Net
$468,004
$0-71
1938.
p.
capital stock, both payable June 1 to holders of record May 17.
Similar
amount was paid on Dec. 1 last and previously extra dividends of 3714
cents per share were distributed.—V. 150, p. 1938.
Railway oper. revenues.
Railway oper. expenses.
$10,595 los8$118,938
$536,547
-
------
Other income
1940—Month—1939
$954,818
$934,845
664,657
639,539
64,186
86,900
,
161,048
Nil
$0.63
x Includes other income of $89,484 in 1940, $35,284 In 1939, $54,563 in
1938, and $67,757 in 1937. y Less over-provision for prior year.—V. 150,
Imperial Oil, Ltd.—Extra Dividend—
Period End. Mar. 31—
53,101
8,000
share on cap.
stock-----
The directors have declared an extra dividend of 12^ cents per share in
addition to the regular semi-annual dividend of 25 cents per share on the
Indiana Harbor Belt
79,875
87,653
yl,656
1939
$321,765
———
$2,475,794
1.103
Other int. & deductions.
Int.
<
1940—12 Mos.—1939
$6,209,847
$5,796,073
1,883,770
1,736,937
1,522,043
1,146,467
493,800
450,000
Other income (net)
1938
$80,492
138,330
1937
$780,138
141,986
1940
Ousting profit.— $1,082,281
Depredation, Ac
307,199
Interest.79,875
Other deductions..
38,660
Federal taxes.
120,000
3 Mos. End. Mar. 31—
x
-Earnings1940—Month- -1939
$484,657
$446,294
153,542
159,251
120,000
100,000
43,800
37,500
Subs.)—Earnings—
Industrial Rayon Corp. (&
agrees
and the
Idaho Power
May 18, 1940
$62,338,541
14,584,025
$0.77
Consolidated Balance Sheet
Net inc. after fix. chgs.
—V. 150, P. 2426.
(Stated for Convenience in terms of United States Currency)
,
Indianapolis Power & Light Co.—Underwriters Named
Company has filed an amendment with the Securities and Exchange
Commission naming 67 underwriters for its $32,000,000 offering of 3H%
first mortgage bonds and its offering of 140,591 shares of 5% % cumulative
preferred stock.
The principal underwriters, the amount of bonds each will underwrite
and the maximum number of shares of preferred stock each will take
are as
Max. No.
Max No.
Bonds
Pfd.Shs.
Blyth A Co., Inc...... $970,000
4,400 Kiser, Cohn A
Bonds
Harrlman Ripley A Co.,
$35,000
150
180,000
1,100,000
800
Inc..
Webster
A
Shumaker, Inc
970,000
970,000
Lazard Freres & Co
Stone
4,400 Knight, Dickinson A
4,400
Kelly, Inc..
and
Blodget, Inc.
—
A. C. Allyn & CO., Inc.
Bacon, Whipple A Co..
Bear, Stearns A Co
A. O. Becker A Co.,Inc.
Blair, Bonner & Co
Blair A Co., Inc
Bonbrlght & Co., Inc..
Bosworth, Chanute,
Loughridge & Co.—.
Kuhn, Loeb A Co..
4,400 Lee Hlgginson Corp
2,800 Lehman Bros....
1,000 W. L. Lyons A Co
970,000
620,000
225,000
100,000
480,000
180,000
620,000
620,000
420
Laurence
100,000
Marks
&
Inc
480,000
2,200
Wm. Cavalier & Co
420
100,000
Central Republic Co
590,000
2,600
150
City Securities Corp
35,000
Paul H. Davis A Co
300,000
1,350
Dillon, Read & Co—.1,100,000
5,000
420
.Farwell, Chapman A Co. 100,000'
Field, Richards &
800
Shepard, Inc
180,000
First Boston Corp.....2,625,000 12,410
Francis, Bro. & Co
180,000
800
Goldman, Sachs A Co-.2,625,000 12,411
Graham, Parsons A Co. 300,000
1,350
Hallgarten & Co.
620,000
2,800
Halsey, Stuart A Co.,
Inc
——.1,100,000
5,000
Harris, HaU & Co.,Inc. 345,000
1,550
Hayden, Stone A Co
225,000
1,000
Hemphill, Noyes A Co. 620,000
2,800
W. E. Hutton & Co.—.
225,000
1,000
-
The Illinois Co. of
Chicago
Indianapolis Bond &
M.
F. S.
Moseley A Co
2,800 G. M.-P. Murphy A Co.
2,800 Otis & Co
Paine, Webber A Co
420 Gavin L. Payne A Co.,
800
Inc.....—
225,000
1,000
200,000
225,000
620,000
1,000
1,000
2,800
Piper,
Jaffray
&
&
Kidder, Peabody A Co.
150
Rollins
35,000
225,000
1,000
800
Sons,
wood
H.
1,000
1,350
1,350
1,000
1,000
Hop-
Riter A Co
E.
225,000
300,000
300,000
225,000
225,000
100,000
180,000
Arthur Perry & Co. ,Ino.
Inc
L. F. Rothschild A Co..
—
—
Schwabacher & Co
Shields A Co
420
1,000
1,000
—
Government securities
Time deposits and treasury
Cash
Total
Liabilities—
......
I. M. Simon & Co
Smith, Barney A Co...
Stein Bros. A Boyce
Stern Brothers A Co...
Provision for taxes—
Insurance, contingent and other reserves
Reserve for expenditures in Finland
Capital surplus
Earned surplus
z Exchange adjust, in consol. in suspense
Investments
b Fixed assets.
Patents,
843,424
41,261
5,945.945
1,502,780
2,622,008
4,819,850
874,435
45,900
5,957,068
goodwill,
Inc
portion
...
formulae,patents
and goodwill
115,692
36,928
Develop, ixpense
subsidiary
Prepaid exp., Ac..
...
After reserves for
depreciation and depletion of $65,332,432 in 1940
shares,
United
States currency, in accordance with the usual accounting practice of the
company employed in the last annual report.
Items ana transactions in
x
260,673
343,920
converted at the month-end control
are
rates.
The net result of all exchange adjustments for the quarter was a
credit of $2,215, which applied against the debit balance of $2,481,079 at
surplus.—V. 150, p. 3050.
2,000
3,000
420
1,000
an
as
offset against consolidated
International Paper & Power Co.
800
180,000
700,000
100,000
225,000
300,000
earned
(& Subs.)—Earnings
3 Months Ended March 31—
1940
Gross sales, less returns, allowances A discounts--$33,304,051
Other income—net—
358,040
1,350
1,350
180,000
800
Total
1939
$26,204,615
309,250
$33,662,091 $26,513,866
—...-
Cost and expenses
Interest on funded debt..
Interest on other debt
r—
300,000
1,350
G. H. Walker & Co
1,000
1,000
1,550
Depreciation
Depletion....
Wertheim A Co.
.1.
White, Weld & Co
225,000
345,000
450,000
2,000
.
1940
Liabilities—
Common
stock.
$
1939
currently paid
preferred stocks of subsidiaries
$
2,903,200
2,896,180
6,517,400
815,533
Customers' depos.
60,147
y
816,658
149,346
Accrued llabli. and
commissions...
310,462
6,854
269,637
213,888
396,636
263,864
c2,300,000
s. f. debs— _e2,350,000
Notes A contr. ob¬
ligations payable
1st mtge. 6% cum.
Inc. bds. of sub.
Reserves
Capital surplus
Earned surplus...
1939
$117,440
After depreciation,
1938
193V
i
$163,728
x$121,866
interest~and Federal
taxes.—V.
Del.—Paying Agent—
Manufacturers Trust Company is paying agent for $10,000,000 first
mortgage 4% bonds due May 1, 1970.—Y. 150, p. 3051.
mJ
Island Creek Coal Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
y
Netprofit...—
Earnings per share
x
Before surtax
Federal taxes, Ac.
on
1940
$544,434
$0.85
1939
$299,443
$0.44
undistributed profits,
y
1938
x$327,219
$0.49
1937
x$401,829
$0.61
After depreciation, depletion,
On 593,865 shares common stock (par $1).—V. 150, p.
z
2428.
90,000
20,000
153,526
939,659
500,000
180,123
961,627
2,015,188
1,263,101
1
,
,
z
Ac., taxes......
10-yr. s. f. debs
17,697
$12,428
(&Subs.)—Earnings—
1940
$92,975
low* Southern Utilities Co. of
212,975
49,530
220,071
97,982
y
16,576
$2,960,573
-..-.-
6,532,100
a
Preferred stock...
Accounts payable.
on
Net profit
—V. 150, p. 1770.
K x Indicates loss,
150, P. 1770.
278
93,439
1,167,301
169,094
75,139
87,938
...
3 Mos. End. Mar. 31—
Estimated net profit—
24,107,638
870,853
1,186,743
196,206
643,645
Provision for income taxes
Divs. accrued but not being
7
27,787,949
781,T415
1,046
Amortization of debt discount and expense.
225,000
3)4%
373,321
313,393
Dr2,481,079
and $63,496,855 in 1939.
y Represented by
14,584,025 no par
z The results of operations for the quarter
are again expressed in
Tucker, Anthony A Co.
Union Securities Corp..
Divs. declared pay
Res.
for Federal,
of recent pur. of
2,922,808
6,723,908
60,606,500
71,293,217
..$265,469,485 $261,156,321
—
statement of assets and liabilities
300,000
...
Inc
AocruedInt. pay..
Other curr. liabil
&C——....
Unamort.
—
800
Stifel, NIcolaus & Co.,
$
1,557,450
14,692,877
483,475
14,892,370
2,953,108
6,723,908
60,606,500
73,340,772
Dr2,478,864
Stern, Wampler & Co.,
1939
Notes A accts. reo. 2,549.298
Mdse. inventories 5,302,346
Due from officers.
5,860,743
Preferred dividend payable May 1, 1940
Retirement system reserve
Total...
27,627,825
60,766,771
6,117,901
12,608,028
483,474
14,486,968
27,627,825
60,766,771
International Silver Co.
%
......
$265,469,485 $261,156,321
-
420
Corp.—Consol. Balance Sheet Mar. 31—
1940
9,295,281
540,916
4,869,000
40,327,624
475,377
Preferred, 7% cumulative
y Common stock
Accounts payable and payrolls
—Y. 150, p. 2883.
Misc.
-
Insurance and other prepaid items
180,000
Offering of $32,000,000 3H% bonds and 140,591 shares of preferred
stock, which had been scheduled for May 20, has been temporarily deferred.
Assets—
bills
100,000
450,000
Offering Temporarily Deferred—
Interchemical
14,465,655
30,696,145
9,052,116
2,095,583
7,065,469
41,592,076
442,234
Accounts and notes receivable
Canadian and British currencies
225,000
225,000
880,821
14,843,529
30,610,808
...
,
Dec. 31, 1939, leaves the net debit balance of $2,478,864 shown in the above
Schoellkopf, Hutton A
Pomeroy, Inc
Wells-Dickey Co
Corp.
Jackson A Curtis.—
Cash
921,807
Secur. held against retire, system reserve
Inventories
Pfd.Shs.
5,000
620,000
2,800
2,625,000 12,411
100,000
420
Co..
2,200
H. M. Byllesby & Co.,
Share
*-
Property—
Investments
-
follows:
Mar. 31 '40
Dec. 31 *39
$158,845,863 $159,605,502
Assets—
,
x
(Byron) Jackson Co.—Earnings—
3 Mos. End. Mar. 31—
Net profit
Shares capital stock
x
Earnings
per
....
share
1940
$147,133
378,680
$0.39
1939
$119,071
378,680
$0,31
1938
$227,966
378,680
$0.60
yl937
$303,746
378,680
$0.80
After taxes, depreciation and interest, Ac.
y Consolidated figures.
Current assets as of March 31, 1940, including $329,816 cash, amounted
x
Total.—.
17,042,131 16,463,564
Total
17,042,131 16,463,564
Represented by 290,320 (289,618 in 1939) no par shares,
b Land,
buildings, machinery and equipment, after deducting reserve for deprecia¬
tion of $4,096,724 in 1940 and $3,800,511 in 1939.
c Includes $200,000
a
amount due within one year,
a Development expenses of subsidiary en¬
gaged in the manufacture of machinery to be amortized against future
operations,
e Includes $200,000 sinking fund requirement m respect of
3H % glnMnS fund debenture.
The income statement for the 3 and
published in V. 150, P. 3050.
12 months ended March 31
was
to
$2,440,826 and current liabilities were $481,784.
These compare with
of $476,577, current assets of 2,096,103 and current liabilities of
on March 31, 1939.—V. 150, p. 2101.
cash
$275,990
Jaeger Machine Co.—To Pay25-Cent Dividend—
Directors have declared
a dividend of 25 cents per share on the capital
payable June 1 to holders of record May 20.
Like
March 1, last, and compares with 62hZ cents paid on
Nov. 22, last; 25 cents paid on Sept. 1 and on June 1,1939, and 50 cents paid
stock,
no par value,
amount was paid on
Volume
Nov.
The Commercial & Financial Chronicle
ISO
23,
1938, this latter being the first common dividend paid since
Nov. 24, 1S37, when $1.25 per share was distributed.—V. 150, p. 1281.
on
Jacksonville Gas
Kansas City Southern Ry.—New Director—
Paul V. Shields, was elected a director of this
Railway at the annual
meeting of stockholders.
Mr Shields succeeds John H. Wiles.—V. 150,
p. 3052.
Co.—Earnings-—
Calendar Years—
1939
$229,662
4,580
$234,146
$234,241
$242,237
197,290
43,890
206,945
46,819
Cr3,177
Non-operating income-
1937
190,926
45,389
.
$587,920
353,774
Cr3,177
Cr3,177
$3,765
expenses
$582,273
$228,599
8,305
revenues
1938
$599,633
371,034
$236,904
Operating
Operating
x$3,763
x$8,351
Interest deductions
Prov. for retirements A replacements,
a Interest receivable
Net income.
From American Gas & Power Co.
crued but not received),
x Loss.
a
352,611
Kimberly-Clark Corp.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share In addi¬
tion to the regular quarterly dividend of like amount on the common stock
both payable July 1 to holders of record June 12.—V. 150, p. 2582.
8,091
Koppers Co. (& Subs.)—Earnings—
12 Months Ended March 31—
Net
New
Operating
$86,177
$1,005,023
439,018
93,913
$970,065
427,683
88,031
5,638
77,441
$31,101
78
$394,651
Drl ,293
$387,908
7',"
753
$38,652
7,500
$31,179
7,500
$393,358
90,000
90,000
$31,152
8,990
accruals
Gross income.,,
Int. & amort., &c_
Kresge
The
time Myron T. Herreid was elected Vice-President in charge
New
Foundation—Listing—
York
Stock Exchange has authorized the listing of $8,500,000
10-year 3% collateral trust notes, due March 15, 1950.—V. 150, p. 2429.
Stockholders at their recent annual meeting approved an amendment
to the certificate of Incorporation placing the number of directors at not
more than 11 and not less than seven. O. H. Owen, a director, who
pre¬
$387,155
403
a651
Non-oper. Income (net)_
Retirement
same
67,196
8,996
.
1938
$3,022,016
(S. H.) Kress & Co .—Directorate—
$80,836
35,486
8,612
38,280
Net oper. revenues
1939
$1,078,745
*.
temporarily withdrawn from active management of the Minnesota plant.
R. G. McKinney, of the Pittsburgh office has been elected Assistant
Secretary and Assistant Treasurer, of the Bartlett Hayward division,
Baltimore.
He succeeds George E. Probest, Jr., and H. H. Vordemberg
who have retired.—V. 150, p. 2885.
Mos—1939
$38,249
revenues
Operation
Maintenance
Taxes
Balance
1 940—12
1940
interest,
of the Minnesota division, which operates coke ovens, processes tar and
sells gas and coke at St. Paul, Minn.
He succeeds E. L. Smith who has
(& Subs.)—Earnings—
1940—Month—1939
deprec.,
Treasury, Etc.—
At the
Balance Sheet Dec. 31,1939
Jamaica Public Service Ltd.
after
Directors have elected E. A. Berry as Treasurer to succeed S. T. Brown
who recently retired due to illness.
Mr. Berry has been an Assistant
Treasurer.
certificates of indebtedness (ac¬
on
income
amortization, Fed. inc. taxes, &c_. $2,239,001
Assets—Property,
plant
and
equipment,
$6,444,288;
investments,
$78,602; cash, $10,892; accounts receivable, $200,639; merchandise, ma¬
terials and supplies, $78,021; deposits, $2,857; deferred charges, $6,471;
total, $6,821,772.
Liabilities—Long-term debt, $5,265,306; cumulative conditional Interest
accrued on
1st mtge. bonds, $363,599; notes payable (bank), $50,000;
accounts payable, $116,068; taxes accrued, $18,206; unconditional interest
on funded debt accrued, $9,247; interest on consumers' deposits, $34,611;
Interest on notes payable, $104; insurance accruals, $1,580; transfer agents
and trustees' fees accrued, $635; due to affiliated company, $238; consumers'
deposits, $60,487; reserves, $383,653; capital stock, $50,196; capital sur¬
plus, $526,286; deficit, $58,444; total. $6,821,772.—V. 149, p. 3265.
Period End. Mar. 31—
3205
$23,679
$303,358
106,678
sided
the
meeting, stated that the company plans to open one new
remodel 10 old ones.—V. 150, p. 3052.
Lane-Wells Co.—Earnings—
3 Months Ended March 31—
1940
Net profit after depreciation and
Fed. inc. taxes._
Earns, per share on 360,000 shares of capital stock
—V. 150, p. 3052.
$297,908
100,127
8,446
at
store this year and
La Salle Wines &
Directors have declared
1939
$170,000
$0.47
$72,700
$0.20
Champagne, Inc.—Five-Cent Div.—
dividend of five cents per share on the common
a
par $1, payable May 20 to holders of record May 10. Extra dividend
of two cents in addition to a semi-annual dividend of three cents per share
stock,
Net income...
$22,162
$15,233
$196,680
$197,781
29,633
21,991
31,330
21,992
Dividends declared:
Preference C
81" 562
90,450
Includes adjustment for overaccrued Jamaican income taxes applying
to January and
February, 1940.
on
Feb. 20, last.—V. 144, p. 3506; V. 139, p. 120.
Lefcourt Realty Corp. (&
7,541
J. P. S., Ltd.—capital
a
paid
was
J. P. S. Co., Ltd.—Preference
Preference B
3 Mos. End. Mar. 31—
Subs.)—Earnings—
1940
1939
1938
1937
$68,241
$37,656
$17,152
Net loss after taxes, int.,
$141,725
depreciation, &c
—V. 150, p. 842.
companies figures included in this report have been
sterling at the rate of $4.86 2-3 to the £1.—Y. 150, p. 2580.
Note—The operating
coverted from £
Jamaica Water
Total
$1,775,006
19,263
245,791
31,679
98,864
operating revenues
Source of supply and purification expenses
Power and pumping
Distribution expenses
charged to con¬
164,363
struction) expenses
Provision for uncollectible accounts
16,000
99,357
;
Maintenance and repairs
Provision for depreciation
Net inc. of parent co
Gross corporate income
$685,722
long-term debt.
Other interest charges
Federal capital stock. New
215,437
14,342
on
York excess dividends
Provision for Federal income taxes
whose stock is either owned or controlled, after interest, taxes, depreciation,
depletion and reserves,
z On
1,930,065 shares capital stock (no par).
—Y, 150, p. 2103, 1940, 1772.
Leitch Gold Mines,
1939x
$124,485
Nil
Nil
1940
Libby, McNeill & Libby—New Chairman—
Edward G. McDougall, President of this company was on
May 16 elected
He was succeeded to the Presidency by Daniel W.
Creeden, who has been Executive Vice-President.—V. 150, p. 1604.
Life Savers Corp.
1937
1938
$80,267
Earnings per share
v
Nil
After
x
x Includes subsidiary from
date of acquisition Jan. 16, 1939.
y After
depreciation, interest and taxes, &c. z Indicates profit.—V. 150, p. 1771.
Kansas Pipe
10 cents
per
share
on
$5 payable May 25 to holders of record May 10.
15 cents per share were paid on Feb. 29, last, and on Nov.
148, p. 3070.
share
on
189,539
-Consold. Bal. Sheet Dec. 31—
1939
Liabilities—
Utility plant, Ac..53,075,822 52,612,482
Pref. stk. commis¬
935,291
Cash
A
1,180,569
receivable
Bond
deposit
discount
expense
cess
In
351,807
132,658
&
pro¬
of amortiz..
Other
1,943,437
deferred
Prepayments
6,940
678,283
Invest. A advs
281,038
charges
7,601,100
5,409,800
5,409,800
3,603,110
pref. stock
x
Common stock..
3,603,110
Lexington Util. Co.
accts.
Mat'l and supplies
Special
3,309,220
$
6% pref. stock
7,601,100
7% Junior cumul.
122,936
sions A expense.
1938
$
1938
S
$6.50
643,470
Misc.
liabll
1,033,736
58,046
60,938
Accrued liabilities.
1,719,836
4,649,107
1,768,213
4,856,392
curr.
Contrib.
in aid
of
construction...
Earned surplus
1.58,585,844 61,234,7121
$3.49
[Excluding Pepsi-Cola Co.]
Quar. End. Mar. 31—
1940
1939
Sales
x
-
$282,749
Net loss
x
After depreciation,
$1,811,029
393,734
Total
April 27, page 2730 —V. 150, p.
1,140,730
224,583
1,344,310
58,585,844 61,234,712
1939, appeared in the "Chronicle'
2730.
1938
1937
$1,966,287
195.545
amortization, and setting up
reserves
o
$2,571,828
143,719
for taxes and
charges.—V. 150, p. 2582.
other
(Del.) (& Subs.)—Earns.
Year Ended Feb. 29—
i^O
1 CrtQ
$11,488,294 $10,910,496
3,412,963
3,530,871
Operating revenues
Operation
-
648,299
596,914
Appropriation for retirement reserve
Amortization of limited-term investments,
1.300,000
L428
Taxes
1,136,216
666,549
1,216,667
1,426
1,154,659
611,624
$4,204,931
220,433
$3,916,243
215,555
$4,425,364
1,030,450
160,227
35,114
250,000
37,000
Cr6,096
24,601
$4,131,798
1,030,450
$2,894,068
$2,545,650
Maintenance
State income taxes
Net operating income.
income
Other
Gross
income
Interest on funded debt
Amortization of debt discount and expense
Other interest
—
Amortization of flood and rehabilitation expense.
Amortization of contractual capital expenditures.
Interest
charged to construction
Miscellaneous deductions,
227,625
Represented by 102,946 shares (no par) stated at $35 per share.
Note—Earnings for the calendar year
of
189,539
deducted $206,028 for hurricane loss,
Balance
Dividends on pref. stock of Louisv.
x
$480,334
189,539
$1.62
$1.57
$2.53
b After depre¬
deductions, but before provision for excess
surtax.—V. 149, p. 3412.
There has been
Provision for Federal and
Reserves
Total
$297,818
189,539
,
„
pref.
1,082,030
597,875
341,136
34,218 Long-term debt—33,376,926 35,041,709
Accounts payable.
337,613
284,061
Deferred liabilities
33,143
41,734
2,051,451 Pref. stock divs.
payable
114,016
114,016
314,791
286,870
4,032 Customers' depos.
cum.
1937
1938
a$306,175
Louisville Gas & Electric Co.
<5
ap¬
Loft, Inc. (& Subs.)—Earnings—
2258.
Notes
com.
profit tax or
$1.05
Canadian subsidiary.
Because the present report covers operations of parent company only
whereas, report for the like quarter of 1939 was a consolidated report of
parent and subsidiary companies exact comparison with last year is im¬
possible.
Consolidated report for the first quarter of 1939 showed net
profit of $324,718 or 59 cents a share on combined A and B shares.
V. 150,
1939
of
x$578,108
Includes dividend of $72,468 from
A. sscts
exchange loss
1939
1940
$661,677
a
and interest but before Fed. taxes
combined 296,285 shs. class A and
Kentucky Utilities Co.-
y
Include
not
revaluation of Canadian net assets Into
stock outst'g.
Shs.
257,982 sbs. class B
P.
do
12 Mos. End. Mar. 31b Net profit
Earnings per share.
Earnings for 3 Months Ended March 31, 1940.
per
taxes, Ac.
quarter
ciation, Federal taxes and other
Net profit after depreciation
x
1940
1938
1937
$194,558
x$234,647
$0.55
$0.67
On 350,140 shares capital
Lily-Tulip Cup Corp. (& Subs.)—Earnings—
the common
Dividends of
20, 1939.—V.
Kelsey-Hayes Wheel Co.—Earnings—-
Earnings
for
proximately $44,800 as a result of
U. S. dollars.—V. 149, p. 4033.
Line & Gas Co.—-10-Cent Dividend—
Directors have declared a dividend of
stock par
$0.63
depreciation, Federal
Note—Results
$0.15
1939
$220,706
$0.63
y
*$47,241
(& Subs.)—Earnings—
1940
$223,673
Quar. End. Mar. 31—
Net profit
Earns, per sh. on 300,000
shs.cap.stk. ($10 par)
1939
$54,191
$0 02
Chairman of the Board.
x
Co.—Earnings—
$109,203
1940
$82,448
$0.03
...
$403,464
—
Quar. End. Mar. 31—
Net loss
Ltd.—Earnings—
[Canadian Currency]
3 Months Ended March 31—
Net income after all charges
Earnings per share
—V. 150, p. 1770.
y
z$0.13
1,491.326
z$0.77
Company's proportion of undistributed earnings and losses of subsidiaries
9,570
Cr2,081
Cr7,754
52,744
Kalamazoo Stove & Furnace
share
and mis¬
cellaneous taxes
Interest charged to plant account
Amortization of net premium on bonds
Net income
1937
$259,354
Accruing from direct operation and from railroad, rentals, divs., Ac.,
x On 1,929,127 shares of capital stock (no par),
a
y
305,294
Interest
per
1938
after taxes and charges,
108,673
Taxes
a
Earnings
1939
1940
$313,640 loss$24,112 loss$141,495
$0.16
Nil
Nil
997,255
920,082
1,101,565
x$0.52
x$0.47
z$0.57
yConsol.net prof it
Earnings per share
Earnings for the 12 Months Ended April 30, 1940
Customer's accounting and collecting expenses
Administration and general (excl. of $49,564
Lehigh Coal & Navigation Co —Earnings—
12 Mos. End. Mar. 31—
Supply Co.—Earnings—
(Ky.) held by public
Net income,
—V.
150, p. 2583.
160,227
91,784
250,000
37,000
CV7.972
24,659
Gas A El. Co.
1.354,920
1,354,920
$1,539,148
$1,190,730
The Commercial & Financial
3206
Lone Star Gas Corp. (&
profit after
an d charges
Income Account
1940—12 Mos.—1939
$4,565,658
$6,980,929
$2,987,600
$6,007,321
5,518,347
outstanding
common
5,522,047
5,518,347
1938
1937
1936
$L778,025
52,759
$1,797,814
$1,721,275
66,893
$1,910,039
$1,830,783
other income
$0.54
$0.83
18,627
■
$1.26
$1.03
—V. 150, p. 2582.
31,3/0
y2,o«30
168,997
201,550
------
4,0/2
6,039
109,040
Taxes...-------------
Int. & amort,
$1,739,902
b29,500
$1,811,474
70,009
125,128
Total income
stock
13,659
5,522,047
of
share
per
1940
Associates—Annual Report—
Dividends.....-Interest and
18,
for Calendar Years (Company Only)
1939
taxes
Shares of common stock
Earnings
May
Massachusetts Utilities
Subs.)—Earnings—
1940—3 Mos.—1939
Period End. Mar. 31—
Net
Chronicle
103,781
130,275
8,095
83,830
of debt (lis-
count and expense
-
198,346
■
Loose-Wiles Biscuit Co. (&
1940
3 Mos. End. Mar. 31—
Net profit
Shares com.
1939
,
1938
premium
reacquired
,
1937
$285,482
stock
$220,114
$139,686
520,000
$0.32
520,000
$0.17
521,500
General expense.-
$1,644,501
$1,461,102
$1,403,600
$1,420,130
1,447,660
1,447,649
1,447,638
1,447,631
Balance for surplus—
$196,841
$13,453
$44,038
a$27,501
Net income
$0.45
After Federal taxes, depreciation, and interest, &c.—V. 150, p. 2430.
1939
Calendar Years—
1938
Operating expenses
1937
$744,717
583,594
$757,460
560,702
$196,758
11,256
_
$161,124
7,139
1939
$747,769
605,556
$137,574
13,189
$208,014
48,846
$168,263
50,959
45,062
600
$142,212
10,266
$150,763
46,493
Interest deductions
38,461
$152,479
56,224
5Q.597
Prov. for retirements and
replacements
600
>.
31,976
1,177
600
a
1938
$
Assets—
$
1939
New Engl. Pow.
105,706
105,706
investments 7,376,792
7,375,792
345,734
468,227
64,749
Association
Other
Cash
receivable—
Int.
on
$71,642
$112,075
$61,105
$63,100
(non-current)
1,522
1,530
$62,627
121,624
$64,631
361,916
Accounts payable.
Accrued expenses.
43,000
Provision for taxes
$71,642
30.481
$112,075
60,962
„
Total--
1,161,235
Surplus
1,397,189
46,221,982 46,021,255
1939
—
Total
1,161,235
1940
$762,522
562,079
$749,112
571,615
$745,608
600,178
Net operating income.
Non-operating income..
1,415,251
$200,443
1,643
$177,497
17,251
$145,430
12,710
$202,086
42,750
8,209
$194,748
42,750
11,303
$158,140
42,750
9,582
$142,035
42,750
11,243
47,094
45,585
42,136
30,355
600
600
Crl,145
Crl,526
1938
1937
1939
1938
1937
1936
$8,132,188
1,908,369
143,853
$7,398,415
2,090,699
109,790
$7,538,501
2,087,750
$8,167,338
120,545
2,196,016
92,931
3,992
434,279
Gas
$748,323
615,353
Miscellaneous
5,584
410,824
25,906
530,671
22,362
465,635
Non-operating revenue-
$132,970
,
Other
-
9,064
Total oper. revenue..$10,622,681
Gross Income
-
Interest
on
long-term dt-
Interest
on
other debt__
for retirements
&
$10,015,312 $10,303,373 $10,944,283
2,615,045
3,484,140
565,765
706,565
1,365,832
2,585,012
3,094,693
463,108
782,316
1,312,578
2,731,331
3,153,819
577,893
729,316
1,349,272
2,719,128
3,512,271
631,424
811,011
1,322,796
$1,885,334
$1,777,605
125,128
"19,321
161,276
26,587
5,572
16,272
$1,761,742
192,071
35,219
6,543
47,916
$1,947,653
202,362
28,725
8,916
236,909
$1,713,565
$1,567,896
$1,479,993
$1,470,741
Assoc. paid or declared.. 1,447,660
1,447,649
1,447,638
1,447,631
$120,247
$32,355
$23,109
Operating expenses
Purchased power & gas.
Maintenance
—
Depreciation.
replacements
46,221,982 46,021,255
Consolidated Statement of Earnings Years Ended Dec. 31
Interest
Taxes
-
Amort, of debt discount
and expense
Int. of indebt. of Amer.
600'
600
Net earns, before int.
and dividends
Utilities Associates
Int. & amort .of bds.disc.
Other interest
Net income
$103,433
60,962
stock-
$94,510
30,481
%
$64,217
121,924
$58,613
Balance Sheet March 31, 1940
Assets—Property, plant and equipment, $3,626,247; investment in
capital stock of affiliated company, $2,440; long-term appliance contracts,
$29,188; cash, $12,735; accounts receivable (net), $140,891; merchandise,
McKesson & Robbing,
Net sales
month
Earnings
per
share
on
Consolidated Balance Sheet Dec. 31
in progress
were
390,323
Investment secure.
a
6%
7,382,678
pref. shs. of
105,706
1,379,981
Depos.
in
savings
accounts
Accounts
81,129
rec.
$24,685
Nil
Conv. 5%
$
cum. &
partic. pref. stk.28,954,500 28,954,500
53,037 Com. stk. ($1 par) 1,780,249
1,780,249
7,384,528 Pref. & com. shs.,
held by public.186,041
186,771
Long-term debt
4,000,000
4,000,000
105,706 Accounts payable545,531
512,184
1,513,194 Accrued taxes
571,174
353,418
Accruals
89,529
52,525
80,152 Consumers' depos.
459,331
457,141
Dlv. decl. on Mass.
Materials & suppls
550,090
Util.
1,456,038
61,858
372,519
Associates
preferred
Divs.
insurance
361,916
361,913
34
shares
declared
34
on
minority shs. of
and other exps_.
40,649
219,584
45,146
243,323
1,161,235
1,161,235
Dlsct.
capital stock
1938
$
Liabilities—
42,911,434
from
custom's & others 1,428,548
Declared divs. rec.
62,358
Prepaid
1939
$
^
Plants & properties42,990,356
Construction work
on
Mass.
Util. Assoc. pref.
1939
shares
prof$4,635
$0.02
Total...
As of March 31. 1940, current assets amounted to $1,335,883 and current
liabilities
V)l
\A.88€tS"~~~~
1938
Unadjusted debits
1940
&C—
$265,905
1939
Cash
Co.—Earnings—
3 Months Ended March 31—
Net loss after deprec., int, taxes,
,
Bal. for consol. surpl.
v
of
McWilliams Dredging
,
Net consol. earnings__
Pref. divs. of Mass. Util.
New Engl. Pow.
Association
Inc.—Sales—
for
April were $11,747,337 compared to $11,069,279 in the
1939, an increase of 6.13%, according to preliminary
figures released on May 14 by William J. Wardall, trustee.
Sales in the
drugs and sundries department were up 9.16% for the month over April
1939, being $8,666,072 against $7,938,881, according to the preliminary
figures.
Liquor sales were off 1.57%, from $3,130,398 in April 1939 to
$3,081,264 last month. Total sales for the first four months of 1940 showed
an increase of 5,23% of the comparable 1939
period.—V. 150, p. 2731.
same
27,320
Other charges
Minority pref. divs., &c.
supplies, $99,716; insurance deposits, $1,964; deferred charges,
$21,660; total, $3,934,840.
Liabilities—Long term debt, $950,000; consumers' meter and extension
deposits, $45,853; notes payable (bank), $60,000; accounts payable,
$40,370; accrued interest on long term debt, $3,562, accrued interest on
other debt, $1,215; accrued taxes. $47,927; other current and accrued
liabilities, $3,419; unadjusted credits, $5,662; reserves, $775,796; capital
stock ($25 par), $1,524,050; earned surplus, $476,986; total, $3,934,840.—
Y. 149, p. 2694.
.
107,769
1,000 shares.
>
Gross operating revenues
Operating expenses
materials and
j.
9,416,271
pref'd
Gross oper. revenue—
Electric...
Earnings for the 12 Months Ended March 31
on common
2,047
109,467
Investments res've 9,555,551
shares.---.----
a
Net income
Common dividends
Divs.
1,780,249
4,000,000
361,913
3,364
but
accr.
not received
Prov.
.
243,323
219,584
count & expense
indebt. of Amer.
Util. Assoc.
_
Pref. div. declared
Unamort. debt dis¬
Discount on
1,780,249
4,000,000
par)
Notes pay. to bank
5,915
65,249
6,253
Divs. receivable—
Int.
$
cum. &
partic. pref. stk .28,954,500 28,954,500
Common stock ($1
pref. shs. of
6%
1938
$
Liabilities—
Conv. 5%
in subs—36,942,428 36,596,308
-
Balance
a
Balance Sheet Dec. 31 (Company Only)
1936
$742,640
605.066
Invest,
Net oper. income
-
b Including surtax of $2,600.
Deficit,
a
Lowell Gas Light Co.—Earnings—
Gross oper. revenues—.
*■
Pref. divs. of Mass. Util.
Assoc. paid or declared
out¬
standing, (par $25)
Earnings per share—-.
Non-operating income.
deb6.
on
$288,309
520,000
$0.45
x
x
Net
Subs.)- -Earnings—
$168,344
a
as compared with current assets of $1,392,710 and
$371,700 on March 31, 1939.
The volume of uncompleted work at March 31, 1940, amounted to
ap¬
proximately $3,212,000 as compared with approximately $1,369,000 at
March 31, 1939.—V. 149, p. 3412.
subsidiaries
Res.&susp. cred. 16,791,347 16,648,244
Cap. surp. of subs.
105,906
105,906
Consol.
earn.
Total
55,792,639 55.388,172
1,947,079
surp.
1,975,286
55,792,639 55,388,172
$1,000 shares.—Y. 148, p. 3228.
current liabilities of
Marion Steam Shovel
1940
x$62,392
After provision for Federal income taxes.—V.
Earnings per share
($1 par)
1938
loss$32,685 loss$106,ll5
150, p. 2260.
150, p. 3053.
Corp.—Extra Dividend—
Directors
on May 14 declared an extra dividend of 25
cents per share in
quarterly dividend of 25 cents per share on the
stock, both payable June 10 to holders of record May 25.
Similar
were paid on March
10, last.—V. 150, p. 2106.
.addition to the regular
common
amounts
Massachusetts Investors
Trust—Earnings—
(Not including in net income realized and
securities, which
are
shown in
unrealized
statement
of
Gross income—
Expenses
.
t
gains
losses
on
-
common
stock
n q50 272
"stock
,
x
Net assets
Shares outstanding
Net assets per share
x
Based
on
market quotations.—V.
121,808^221
5,805,378
$20.98
150, p. 2106.
Bookings of the company and subsidiaries increased 38% in April over
year ago, it was officially announced on May 13.
April's bookings of
$823,000 compared with $597,000 in April, 1939.
For the first four months of this
year, bookings totaled $3,517,000,
increase of 27% over the $2,763,000 total for the same period of 1939.
Mengal's billings for April amounted to $850,000, compared with $650,000
in the same 1939 month, or an increase of 31%.
Billings for the first four
months of 1940 were $3,274,000, or 27% higher than the billings of $2,579,000 in the corresponding four months of last year.
At the close of April, 1940, Mengel had unfilled orders on its books
amounting to $2,208,000, compared with 1,524,000 at the end of April,
1939, or a gain of 45%.—V. 150, p. 2584.
an
Merchants
Fire
Assurance
Corp.
of
New
York—
Liabilities—
Bonds, stocks, &c
Bond and mortgage loans
Real estate._J
Premiums receivable, &c
Interest accrued
Cash
Stock
$1,102,275
Dec. 31, '39 Mar. 31.'40
S
Net assets per books on the basis of carrying securi¬
ties at cost—-—--—
123,464,766
Unrealized depreciation of securities
1,656,545
x
Mengel Co.—Orders Rise 38% in April—
Total
Comparative Summary of Net Assets
-
$0.66
stock
$13,598,410 Unearned premiums
512,744 Losses payable
1,183,090 Taxes, &c
604,535 Voluntary reserve
24,342
1,581,857
Capital
Net
surplus
$4,131,181
447,917
409,536
1,000,000
2,500,000
9,016,344
'
which, under the Declara¬
tion of Trust, have been included in the amount which
measures
the required distributions to shareholders
<
com.
$199,670
$1.22
300,000 shs. of
Assets*"**
or
principal)
$1,175,717
125,445
PNet income for the period
Net income, as above, plus proceeds from sale of certain
dividends received in
1938
$367,858
on
Financial Statement Dec. 31, 1939—
Earnings for 3 Months Ended Mar. 31, 1940
■,
department.
Earnings for Calendar Years
a
Railway Co.—Listing—
The New York Stock Exchange has authorized the
listing of $4,618,000
first mortgage 7% sinking fund gold bonds, series A, due
April 1, 1940, as
modified and extended under a plan for extension of
maturity, reduction
of interest and change of sinking fund provisions.—V.
Masonite
<
Net profit
1939
and
other deductions
Market Street
Corp.—Registers with SEC-
1939
Co.—Earnings—
3 Months Ended March 31—
Net profit after taxes, deprec.
x
Mastic Asphalt
See list given on first page of this
ft
122,220,803
2,465,388
119,755,415
5,776 901
$20.73
-
S17,504.978
Total.
$17,504,978
Offered—Mackubin, Legg & Co., Baltimore, recently sold a.block
The offering did not
of 6,000 snares of common stock of the corporation,
constitute new financing.—V. 150, p. 696.
Metal Textile
Corp.—Participating Dividend—
Directors have declared
a participating dividend of 10 cents per share in
81 fi cents per share on the
participating preferred stock, both payable June 1 to holders of record
May 20.—V. 149, p. 3877.
addition to the regular quarterly dividend of
Metropolitan Personal Loan Corp.—Stop Order—
The Securities and Exchange Commission on May 8 issued a stop order
suspending the effectiveness of the registration statement (2-4002) filed by
the corporation.—V. 150, p. 2128.
Volume
The Commercial & Financial Chronicle
ISO
Michigan Gas & Electric Co.—Earnings—
Period End. Mar. 31—
1940—3 Mos.—1939
Operating revenues
Oper.exps.& taxes
$362,786
270,345
Net oper. income
Other income (net)
$92,441
117
Gross income
$125,146
64,180
$96,138
64,078
256,099
$28,378
$32,060
$169,016
Net
—V.
income...
150, p.
26
2
Cash
,456,593 25,912,772
011,150
1,974,114
136,848
rec.
Mdse.,
$141,155
Int. & other deductions.
199,649
519,319
(net)..
429.081
for
red.
Utility plant, &c
.$8,218,143
247,531
Cash
Accts. & notes receiv.
(net)..
7%
6%
107,904
80,218
.
Materials and supplies
Prepayments
Corp
deposits
taxes
Accrued
interest
Contributions In aid of constr.
Total....
..$8,850,672
Total
1939
3053.
Mid-Continent Airlines,
the
70,683
23,515
28,515
7,152
10,613
60.611
12,512
9,460
1st pf. stk. $6 ser.
depos. (contra).
Unadjusted credits
1st
630
2,613,270
5,800
pref.
stock,
($100 par)
cum.
45,362
315
2,200
2,818,563
Reserves
leaseh'd
Other def. charges
2,256,700
2,256,900
1,595,755
2,200,000
261,865
62,271
$5 Inc. partic. units 1,561,137
a Common stock._
2,200,000
Earned surplus
b Excess of
388,768
51,701
llquid'n
Liq. val. of partic.
units outst'g.Dr. 1,882,594Dr2003,465
Capital surplus
10,308,667 10,308,667
Total
3,995
a
30,749,674 30,225.351'
Total
Represented by 44,000 no par shares,
reacquired.—V. 149, p. 3268.
30,749,674 30,225,351
b Over cost value of participa¬
tion units
Mission Corp.—Director
Edward
"Chronicle" of
Croth
has
resigned
as
Resigns—
a
director
Monarch Machine Tool Co.—To
Inc.—Earnings—
revenue
Net income after all charges
—V. 150, P. 1774.
Directors
1939
1940
Operating
of this
company.—V.
149,
$364,440
loss54,313
$518,671
23,492
have
declared
a
dividend
of
Pay $1 Dividend—
$1
share
per
on
the
common
stock, payable June 1 to holders of record May 23.
This compares with
50 cents paid on March 1, last; an extra of 25 cents and a regular dividend
of 30 cents paid on Dec. 1, last; 30 cents paid on
Sept. 1, last; 20 cents on
June 1, 1939 and a dividend of 35 cents paid on March
1, 1939.—V. 150,
p. 2432.
Corp.—Gets Time to Answer SEC Order—
Monongahela West Penn Public Service Co. (& Subs.)
—Earnings—
The Securities and Exchange Commission announced
May 9 that it had
extended until May 20 the time for
filing of answers by the corporation and
its subsidiaries in the "death-sentence"
proceedings instituted by the
Commission under the
Holding-Company Act of 1935.—V. 150,
Midvale Co. (&
Period End. Mar. 31—
2887.
1940—3 Mos.—1939
Net income
a
Subs.)—Earnings—
After
$403,295
reserve
1940—12 Mos.—1939
$372,018
for renewals, retirements and
$1,427,567
$1,089,669
depletion, interest, Federal
income taxes, amortization, &c.—V. 150, p. 2431.
1940
1939
$1,939,098
$9.70
200,000 capital shares
on
p.
a
12 Months Ended March 31—
Net income after all charges
Earnings per share
—V. 150, P. 1443.
10,584
68,724
p.3414.
9 Months Ended March 31—
Middle West
59,667
$8,850,672
appeared in
year
p.
92,329
improvements..
435,601
419,077
surplus
Surplus
Earnings for the calendar
Apr. 27. page 2732.—V. 150,
116,842
58,244
624,551
Reserves
Capital
98,633
77,965
Accrued
.i.
liablls.
curr.
call for red., not
620,132
31,071
23,535
...
payable
Customers'
988,177
Rate litigation exp.
Due to Inland Power & Light
Accounts
901,621
84,415
Unamort.
15,393
745,048
Sals. & wages accr.
con v.
expense..
exch.
3,987,500
Long-term debt
180,279
„
cum. pref. stock
$6 cum. Junior pref. stock.
8,851
Deferred charges
cum. pref. stock
630
Pref. stk. selling &
$1,700,000
130,800
601,300
136,900
shares)
7,746
taxes
stocks
expense
Common stock (85,000 no par
.
Special deposits
gas
39,240
Other
315
count & expense
Natural
39,240
17,333
788,297
debt
Acer. dlvs. on pref.
(contra)
Liabilities—
long-
term debt
Accrued
Unamort. debt dis¬
Michigan Public Service Co.—iSal. Sheet Dec. 31, 1939—
Acer. Int. on
370,248
depos. for
1st pref. stk.
called
$
11,772,000
77,673
193,619
Acer. int. on other
Special
$6
1938
$
Long-term debt...11,772,000
Consum's' deposits
84,839
Accts.
payable
250,687
447,393
materials
and supplies
2261.
Assets—
1939
Liabilities—
and
Investments
Accts.
397,738
256,582
1938
$
Prop., plant
eauipment
$394,346
3,391
$419,504
5,642
184
Assets—
$1,395,453
1,001,107
$1,479,042
1,059,538
$95,954
$92,558
...
1939
1940—12 Mos.—1939
$337,745
241,791
3207
Balance Sheet Dec. 31
$1,336,967
$6.69
Montgomery Ward & Co., Inc.—Listing—
The
New
York Stock Exchange has authorized the listing of 772,910
common stock (no par)
upon official notice if issuance,
the terms of an offering to stockholders, and (or) to officers,
employees or others, making the total amount applied for 5,990,057 shares.
The shares of stock will be offered to holders of common stock of record
Hay 24, at $40 per share, in the proportion of one additional share of
stock
for
each
6% shares then held. -* Such offering will amount to
772,910 shares.
Transferable stock subscription warrants will be issued by the company
on or about
May 31, evidencing such right of subscription.
Such warrants
will expire and become wholly void unless the subscription privilege is
exercised at or before 3 o'clock p. m. Eastern Standard Time,
July 10.
Subscriptions will be exercisable only at the office of J. P. Morgan &
Co., Inc., 23 Wall Street, N. Y. City, as subscription agent, accompanied
by payment of 50% of the full subscription price (or all of the subscrip¬
tion price, at the election of the subscriber) in cash or by certified check
or bank draft
(New York funds).
In the case of any subscription that is
accompanied by payment of less than the full subscription price,
the
unpaid balance will be due and payable in two equal installments as fol¬
lows: 50% of the balance at or before 3 o'clock p. m. Eastern Standard
Time, Oct. 10, and the remainder at or before 3 o'clock p. m. Eastern
Standard Time, Jan. 10, 1941.
The gross proceeds derived from the issue of the additional 772,910
shares of common stock, assuming that the total issue is sold, will be
$30,916,400.
The issue will not be underwritten and there will be no
discounts or commissions.
The total purchase price received by the com¬
pany for the shares sold will be credited to the "capital
stock account."
It is anticipated that the
proceeds of such sale will be used, to the
extent of approximately $6,000,000,
if the company's present rate of
growth continues, for gross additions to capital assets during each of the
next two years.
The remainder of syph proceeds will be added to the
company's working capital, and it is believed will be used to a large
degree during the coming two years, in the event of an increasing sales
volume, for increased merchandise inventories and
instalment accounts
additional shares of
Milwaukee Electric
Ry. & Transport Co.
(& Subs.)—
pursuant to
Consolidated Income Statement for Calendar Year 1939
Total operating revenues
Operating
$9,291,859
8,575,508
and taxes
expenses
Net operating revenues
$716,350
4,828
Non-operating revenues
Gross income
Interest
on
.
$721,179
399,999
funded debt
Amortization of bond expense
Other interest charges
775
.____
1,612
Net income.
$318,792
Consolidated Balance Sheet Dec. 31, 1939
^
Assets—
Liabilities—
Property and plant
$49, 157,494
Investment in Motor Trans¬
port Co
Contract
_.;
for
sale
of
85,032
certain
properties
200,000
8, 677
Funds approp. for modernlz'n
of transportation properties
600,000
Cash
534,269
8,049
Special deposits
receivable, trade (net)
44,057
35,905
19,729
557,334
21,811
Other accounts receivable
Due from affiliated
cos
Materials and supplies
Unamortized bond expense..
Prepaid insurance and taxes.
Organization expense
■
Capital stock expense
Advance
$25,000,000
10,000,000
223,029
200,116
Accounts payable
Payrolls accrued
Sundry investments
Accts.
Capital stock ($100 par)_
Funded debt
99,676
25,010
Taxes accrued
42,663
Accrual of int. payable to Wis¬
consin Elec. Power Co
Amount payable to employees
under gain sharing plans.
100,000
v
47,062
Due to Wisconsin Elec. Power
Co. (on current account)-.
Due to other affiliated com
75,710
662
on current account.
Other
current
and
accrued
liabilities
Reserves.......
._.....
Surplus
112,618
15,251,252
416,416
receivable.
50,000
contribution
It is planned that the additional shares of common stock offered for
subscription which are not purchased may be offered by the company to
its officers (who may be directors), its employees, or to others, not under¬
writers, at $40 per share.—V. 150, p. 3055.'
under
State Unemployment Com¬
pensation Act
21,801
Other deferred charges
685
Total:
.$51,469,530
Total
Morris Finance Co.—Consolidated Balance Sheet-
$51,469,530
-V. 149, p. 3877.
Cash
Mobile & Ohio
on
Coll. tr. notes pay_$2,567,500
hand and
demand deposits
RR.—App raisers Appointed—
Ford, Bacon & Davis, Inc. of New York have been appointed by the
Federal Court at Mobile, Ala., to make an appraisal of the company's
properties as a necessary step to foreclose the mortgages.
It is expected
that a foreclosure decree ordering the sale of the properties will be entered
in£the near future.
This is part of the necessary procedure to bring about
the consolidation of the M. <fc O. with the Gulf Mobile & Northern RJR.
More than 60% of the Mobile & Ohio outstanding bonds have been de¬
posited with the reorganization committee, it is said.—V. 150, p. 2733.
$710,574
Notes receivable._
3,618,903
$559,382
3,928,270
due
on
lated notes rec__
Accts. rec.,
sundry
Prepaid Int. on col¬
1939
1938
1937
2,048
1,706
$5,018,563
2,432,365
227,258
734,023
$4,737,992
2,339,443
178,691
$4,455,681
2,260,425
197,944
546,506
$1,685,280
$1,624,919
17,409
$1,544,308
675,548
24.756
$1,710,036
26,596
$1,450,804
14,098
$1,642,327
475,776
$1,570,905
469,237
$1,464,903
472,452
256,649
94,395
247,878
94,470
93.595
243,087
77,931
$871,552
Interest deductions
$815 507
$760,195
$671,430
476,233
Provision for retirement
and
replacements
*
Amort, of disc. & exp
Balance
Int.
on
Am.
indebtedness
of
G. & P. Co.
(ac¬
crued but not receiv.)
Net
income
on
pref. stocks
31,316
93,948
93,948
95,514
$902,868
127,137
_
Divs.
267,781
$909,455
129,003
$854,143
137,988
$766,944
172,359
$4,344,502 $4,502,204
Total
78,869
Balance
87,872
96,302
$696,862
ticipation units
81,753
$698,699
$628,283
$498,282
Partic. units surrend'd to
s.
f. depos. for retire
Net
income
for
._
'107,140
93,814
87,182
71,972
stock and surplus..
$589,722
$604,885
$541,101
$426,310
38,689
Income.
85,413
276,000
125,638
93,657
Class B stock
110,000
250,000
100,000
68,735
906,031
68,735
796,138
$4,344,502 $4,502,204
Total
Represented by 11,000 (10,000 in 1939) no par shares.
The income statement for the three months ended Mar. 31 was
in
V.
150,
P.
published
3055.
Corp.—Earnings—
1940
3 Months Ended March 31—
$573,981
Profit from sales
1939
$196,604
1938
$169,654
194,223
86,770
222,347
86,298
600
Depreciation
50,264
50,488
Federal income tax, &c
50,000
18,000
50.857
9,500
$399,880
$66,961
$37,862
$1.02
$0.17
$0.09
586,914
Total income
Expenses
-
Interest
Net profit
Earns, per
stock
96,004
share on 391,254 shs. com.
—
—V. 150, P. 2261.
Mullins Mfg.
Corp.—Earnings—
3 Months Ended March 31—
Profit after expenses
Total income
Depreciation and amortization..
Inventory adjustments, &c
Federal income tax.
Net profit
com.
ceiv. & repos'ns.
Cl. A stk.(par $50)
x
Profit from sales
Income payable on par¬
124,206
Capital surplus
Earned surplus
10,797
x
Motor Products
Non-oper. income.
95,928
146,726
>
Res. for loss on re¬
Unearned
9,225
lateral tr. notes.
1936
$5,355,723
2,643,284
Maintenance
264,032
Taxes (incl. inc. taxes)__
763,127
Operations
withheld
146,408
from dealers
2,939
2,861
$2,847,900
payable and
accrued taxes
re¬
Minneapolis Gas Light Co.—Earnings—
Calendar Years—
Gross operating revenues
Accts.
Funds
Repos'ns valued at
bals.
Mar. 31 *40 Dec. 31 '39
Liabilities—
Mar. 31 '40 Dec. 31 '39
Assets—
-Y, 150, P. 1775.
i940
1939
1938
„
$358,693
139,219
147,255
70,981
15,823
7,500
$52,951
$360,627
$172,878
178,584
186,374
63.216
14,516
loss54,962
loss49,559
66,406
19,121
13,802
$94,840
lossl35,086
Electric Co.—Plans Competitive Bids for
Preferred—
/
Narragansett
Company on May
a
16 filed with the Securities and Exchange Commission
2-4405, Form A-2) under the Securities Act
registration statement (No.
180,000 shares of $50 par value cumulative preferred stock.
The dividend rate is to be furnished by amendment.
The company also filed an application (File 70-63) under the Holding
Company Act regarding the sale of the stock.
The company, it is stated, proposes to invite competitive bids for the
issue.
Bids will be received at the office of the president of the company
up to 10 a. m., (E.D.S.T.) June 17, 1940, at which time they will be
opened.
The company stated that it will file by amendment the name of
the successful bidder, whether or not the stock will be offered publicly,
the price to be received by the company and other required Information.
The proceeds from the sale of the stock, according to the registration
statement, will be applied as follows:
The payment of presently outstanding bank loans, amounting to $3,183,712.50 represented by notes which mature on July 23, 1940 as follows:
The Chase National Bank, New York
$900,000
900,000
725,000
140,000
275,000
165,000
78,712
Boston
Industrial Trust Co
& Trust Co
Hospital National Bank
Providence National Bank
National Bank of Commerce
Rhode Island
Phenix National Bank
_
payment of open account indebtedness representing the
cash advance made to the company on May 1, 1939 by United
The
May 18,
& Light Co. In income of subsidiaries.
Consolidated Earned Surplus for 12 Months Ended Dec. 31, 1939
Consolidated earned surplus Jan. 1,1939
$32,582,209
Adjustment of taxes applicable to prior years, incl. int. (net)...
907,509
46,159
Adjustment of interest accrued on customers' deposits, prior yrs.
12,026
Net adjustment of minority interest in surplus of subsidiaries
7,782
Profit on sale of miscellaneous investments....
4,510
Miscellaneous adjustments—
$33,560,195
Total
Reduction in consolidated net
worth of Lehigh Power Securities
Corp. and subs, upon liquidation of that company and
acquisition of its assets and assumption of its liabilities
National Power & Light Co
Dissolution expenses
Loss on sale of electric, transportation and other properties
Tennessee Valley Authority and others and in liquidation
subsidiaries
$9,000,000
The redemption price
&
Gross sales
Consol. net income after deducting
minority ints...
Provision for income taxes
Consolidated net income after prov. for inc. taxes
paid on preferred stock
Dividends
.
1940
$1,817,112
57,547
9,793
1939
$1,794,838
40,476
6,230
$47,753
$34,245
3,465
3 Months Ended March 31—
a
(& Subs.)—
Coated Paper Co.
3,470
$30,775
$44,288
Net income available for common stock
Of debt discount and
1,972,753
Total
Dec. 31,1939
3,273,670
Including $5,368,162 of National Power &
$15,007,659
Consolidated earned surplus, Dec. 31, 1939
Light Co. surplus restricted
dividends.
Comparative Statement of Income (Company Only)
Period End. Dec. 31—
Income—From
subs.consolidated
1939—3 Mos.—1938
$1,830,965
34,961
1939—12 Mos.—1938
$1,397,611
$6,645,320
39.975
$6,344,987
91,142
$1,865,926
105,493
$1,437,586
$6,436,129
82,755
389.663
$6,736,274
323,552
$1,760,433
income
Int. & other deductions
from income....
253,745
$1,354,831
$6,046,466
$6,412,722
320,686
1,040,973
1,338,237
$1,506,688
$1,034,145
$5,005,493
$5,074,485
Other
Total income
Exps., incl. taxes
Net oper.
Net
income
National Battery Co.—To
1939
Pay 55-Cent Common Div.—
Cash
-
Temporary cash investments
Special cash deposits...
Accounts receivable
1939
Other current assets....
-
Unamortized discount and expense
x
charges
152,141,622 152,901,051
....125,839,095 125,839,095
8,775,000
9,118,000
.
8,959,000
12,685,000
374,500
216,442
52,156
Capital stock
6% gold debentures, series A
5% gold debentures, series B
...
Co. bonds
Accrued accounts
419,574
318,922
20,400
281,378
3,863,207
281,378
Reserve
6,662,838
Surplus
152,141,622 152,901,051
Total
$10,857
Earns.per sh.on com.stk.
Nil
x After depreciation, allowance for Federal taxes, &c.—V. 150, p. 1775.
$153,653
$0.62
478,355
419,574
438,759
Preferred dividend payable
Liquidation account of Tenn. Public Service Co
Reserve for retiring minority int. in sub. liquidated
1937
1938
$134,854
$0.52
179,407
1,613
1,706,541
13,296
Dividends receivable—subsidiary
Deferred
4,762
179,406
1,666
2,227,686
9,375
13,646
Accrued interest reserve
(& Sub.)—Earnings—
1940
$91,866
$0.30
130,208,807 135,536,563
10,927,205
3,461,338
250,000
16,249,552
1,238
3.764",388
306,185
-
Lancaster County Ry. & Light
Accounts payable
Directors have declared a dividend of 55 cents per share on the common
x
_
Liabilities—
stock, payable July 1 to holders of record May 20.
Like amount was paid
on April 1, last, and dividend of 75 cents was paid
on Oct. 31 last, this latter
being the first payment made on the common shares since Dec. 14, 1935,
when 25 cents per share was distributed.—V. 150, p. 1775.
National Candy Co.
1938
T
Investments
Call Preferred Stock—
redemption.
3 Mos. End. Mar. 31—•
Net profit
sscts
Total
Company has advised the Chicago Stock Exchange that all of its out¬
standing preferred stock will be called for redemption on July 1, 1940,
at $35 a share.
Stockholders of record May 20 will receive notice of the
To
90,954
BalanceSheet Dec. 31 (Company Only)
Consolidated Balance Sheet March 31, 1940
receivable (cus¬
tomers), $722,549; other accounts receivable, $4,656; notes receivable,
$8,296; merchandise inventories, $1,381,969; real estate, machinery, furni¬
ture and motor vehicles (less depreciation reserves of $877,190), $1,048,119;
deferred charges and other assets, $167,032; total, $3,709,606.
Liabilities—Accounts payable (vendors), $238,366; other accounts pay¬
able, $27,510; dividends payable, $3,465; accrued expenses, $127,506;
income taxes (1939), $66,798; provision for 1940 income taxes, $10,234;
minority interest in Canadian subsidiary, $23,949; first preferred, 1,9»0
shs. (par $100), $198,000; common, 46,058 shs. (no par), $808,930; earned
surplus, $2,204,848; total, $3,709,606.—V. 150, p. 1941.
pref. stock (value in liquidation $100 a share)
stock, 5,456,117 shares.
,
Represented by: $6
x
79,716 shs.;
common
Consolidated Balance Sheet Dec.
31
1939-
National Container
Corp.—25-Cent Dividend—
sscts
directors have declared a dividend of 25 cents per share on the
stock, payable June 15 to holders of record May 24.
This com¬
with 20 cents paid on March 15, last; 17 A cents paid on Dec. 15,
last; dividends of 7 A cents paid in each of the four preceding quarters:
five cents paid on Sept. 1, 1938; 12)4 cents paid on June 1, 1938, and
dividends of 25 cents per share previously distributed each three months,
the Sept. 1, 1937, dividend being the initial distribution.—V. 150, p. 1942.
The
common
pares
Nehi
Corp.—123[<4-Cent Dividend—
Directors have declared
a
dividend of 12 A cents per share on the common
stock, payable July 1 to holders of record June 15.
Stock dividend of four shares for each share held was paid on April 22,
last, and
p.
a
cash dividend of 50 cents was paid
on
April 1, last.—V. 150,
2889.
'
National Power &
Subsidiaries—
Operating
Light Co. (& Subs.)—Earnings—
1939—3 Mos—1938
1939—12 Mos.—1938
*
revenues
Oper. exps., incl. taxes._
Prop, retire, res. approp.
$19,440,003 $21,641,080 $77,966,926 $84,686,340
11,072,131
12,543,139
45,036,233
49,212,260
1,274,760
1,809,424
6,576,653
7,402,960
1938
<jj)
}
Plant, properties, franchises, &c
465,865,699 507,849,916
Investments (securities, long-term advances, &c.f
ledger value)
1,140,264
4,216,224
Special funds
132,655
471,146
Cash in banks, on demand
17,059,317
29,193,324
Cash in banks, time deposits
807,106
1,365,095
Working funds
292,364
U. S. Government securities
16,128.150
2,212,346
Short-term notes
1,120,373
1,493,573
Notes
receivable
34,237
52,067
Accounts receivable
6,675,470
10,978,524
4,727,253
Materials and supplies
203,074
Prepayments
5,055,105
366,475
308,780
2,720,218
1,363,753
1,039,671
3,875
26,714,938
243,608
Reacquired securities
Special deposits
Notes and accts. receivable, not current
Deferred charges
Contingent assets (contra)..
Total
..
54,044
12,682
Miscellaneous current assets
Reserve funds
Period End. Dec. 31—
22,909
1,678,296
,
a
as to
49,634
..$19,959,626
-
$6 preferred stock dividends
417,557
$12,154,259
7,805,367
Common stock dividends
of common stock (46,058 sbs.)__
Assets—Cash in bank and on hand, $373,995; accounts
412,525
expense
Balance
$0.96
$0.67
a Sales figures
for both quarters include sales of Canadian subsidiary
companies at par of exchange.
Earned per share
^
5,998,550
2,906,041
Adjustment of unamortized debt discount and expense on longterm debt reacquired (less net profit applic. thereto, $86,986).
Surplus of subsidiary in liquidation (as adjusted in consolidation)
applied as a reduction of its abandoned property account
Miscellaneous adjustments
of the preferred stock is also to be furnished by
statement.—V. 150, p. 282.
Gummed
135,168
and properties and in
liquidation of subsidiaries
on sales and write-down of investment in securities of Mem¬
phis Street Ry. Co
Adjustment for amortization
applicable to prior years
amendment to the registration
Nashua
-M
2,392,075
Loss
2,684,730
__
-
---
to
of
involved
Net loss on other sales of investments
a
tion work now in progress
Total
7,098,724
debs, of Lehigh
liquidation
of Lehigh Power Securities Corp.
Bal. of consol. income for 12 months ended
2,631,558
the
by
Call premium and expense on redemption of 6%
Power Securities Corp. in connection with its
500,000
associate
To reimburse the company's treasury for capital expenditures
made to July 31, 1940 from current funds—
To be applied toward capital expenditures made and to be made
after March 31,1940, estimated at $3,755,080.43 for construc¬
Electric Railways, an
1940
Summary of
of 1933 covering
The First National Bank,
Of National Power
a
America—Registrar—
Murray Corp. of
Corporation has notified the New York Stock Exchange of the appoint¬
ment of Manufacturers Trust Company as Registrar of its Common Stock,
in lieu of the Irving Trust Company, effective July 12, 1940.—V. 150,
p. 2889.
Issue of
Chronicle
The Commercial & Financial
3208
1,404,192
1,358,517
6,684
13,073,107
244,718
543,618,534 582,370,010
..
Ijlfd 2? % Z% I%
$7,093,112
$7,288,517 $26,354,040 $28,071,120
1,772
(net)
Other
income
deduc'ns_
Capital stock
Subsidiaries'
Rent from lease of plants
Other income
x
$7,094,884
30,640
17,120
Drl,654
7,298
Dr6,059
$7,286,863 £26,361,338 $28,065,061
59,979
212,789
273,742
74,594
143,693
311,796
Long-term
-.125,839,095 125,839,095
.
88,906,451
stock
1,745,832
860,750
Gross income
to
public
$7,108,404
&
Int. chgd. to constr'n__
Pref. divs. to public
Portion applicable to
Net
$28,027,007
2,731,570
2,873,307
11,479,136
11.765,660
02,506
1,405,801
0816
011,221
07,895
1,515,415
5,817,128
6,061,662
12
255
530
882
-—
equity....
$2,973,527
$2,884,087
$9,144,861
$2,884,087
39,975
$9,144,861 $10,206,698
91,142
90.954
$2,924,062
$9,236,003
253,745
82,755
320,686
1,040.973
$10,297,652
323,552
1,338,237
$2,649,250
$2,520,621
$7,805,367
$8,635,863
$10,206,698
NationalPow. &Lt. Co.—
a
Net
equity
Other income
Miscellaneous current
Expenses, incl. taxes
Int. & other deductions.
$2,973,527
34,961
$3,008,488
105,493
389,663
Balance carried to con¬
solidated earned sur.
liabilities
Reserves
3,118,922
50,051,279
498,284
.
Contingent liabilities (contra)
Undeclared cum. divs. on pref. stocks of subsidiaries held by public
Earned surplus, less amount accruing to min. ints.
Total
-
13,803,117
598,793
318,922
33,275
Liquidation account, Tenn. Public Service Co—.
debt and matured interest
Matured long-term
Deferred credits
243,608
101,403
128,506
50,015,909
476,947
244,719
•
344,021
15,007,659
340,911
32,582,209
543,618,534 582,370,010
Represented by National Power & Light Co. (no par value): $7 pref.
(entitled upon liquidation to $100 a share); pari passu with $6 pref.;
authorized, 9,063 shares; outstanding, none.
$6 pref. cum. (entitled upon
liquidation to $100 a share); pari passu with $7 pref.; authorized, 500,000
shares; issued and outstanding, 279,716 shares.
Common authorized,
7,500,000 shares; outstanding (less 12,810 shares held in treasury), 5,456,117
shares.—V. 149, p. 4181.
x
Total
-
15,050
1,701,715
9,276,196
365,924
Customers'deposits
Contributions in aid of construction
minority interests
a
$7,272,248 $26,430,434
other
deductions
1,745,836
1,486,048
Notes payable
Accrued accounts
Int.
95,060,634
242,884,104 257,082,426
2,638,165 * 2,632,741
debt
Accounts payable
Dividends declared
cum.
Volume
The Commercial & Financial Chronicle
ISO
National Standard Co.—Extra Dividend—
New
Directors have declared an extra dividend
of 25 cents per share in addi¬
tion to the
regular quarterly dividend of 50 cents per share on the common
stock, both payable June 5 to holders of record
May 20 —V. 150, p. 133.
Nevada-California Electric Corp.—To Exchange
ferred Shares—Par Value of Common Reduced—
-The Federal Power Commission
Pre¬
has authorized the corporation to issue
$100 par value 3%
cumulative, plus 4% non cumulative preferred dividend
shares in exchange for
7% cumulative preferred dividend shares,
issue $10 par value shares of
common stock in
outstanding $100
and to
exchange, share for share for
par value
$858,830, crediting the difference
New
to
thereby from $8,588,300
capital surplus.—Y. 150, p. 2889.
to
England Gas and Electric Association—System
For the week ended
May 10, New England Gas and Electric System
reports electric output of 7,737,503 kwh.
This is an increase of 386,920
kwh, or 5.26% above production of 7,350,583 kwh for the
corresponding
a
ft.,
week
a
is
reported at
94,336,000
ft.,
cu.
6.09% above production of 88,924,000
or
increase of 5,412,000
ft. in the corresponding
1939
Gross oper. revenue
Other income
Operating
1938
expenses
Purchased elec. energy..
Maintenance
Depreciation
Taxes.
3,451,936
3,727,859
3,617,734
5,173,549
10,135,358
4,761,385
9,327,409
4,788,590
y9,036,909
6,913,858
93,593
1,125,786
3,848,946
Other charges
Min. int. in earn, of subs.
Pref. <fc cl. A div. of subs.
Net consol.
earns
3,818,670
4,680,722
x7,949,774
$16,256,036 $17,881,225 $18,678,607
7,016,558
7,141,653
7,723,195
49,426
143,142
425,498
1,012,131
1,016.935
974,544
3,849,824
3,850,907
3,851,148
$5,728,587
2,651,699
3,977,518
3,314,619
$1,449,677
$1,676,397
$1,751,069
$2,389,603
$1.19
Balance, surplus-....
Earns.per sh.of com.stk.
$4,328,097
3,646,063
land Power Assn
$0.37
$1.87
$1.85
number outst.
$5,704,222
Certain of the subsidiaries were liable for total
surtaxes of $2,605
undistributed profits and provision for this amount was made in the
consolidated income account.
No provision had been made
x
on
for surtaxes
undistributed profits of the other subsidiaries
or
of the Association.
No provision was made for surtaxes on undistributed
profits of the
Association or its subsidiaries as these
companies, in the opinion of their
officials, were not liable for any surtax with respect to income for the
year 1937.
y
Consolidated Balance Sheet
1939
Assets—
.
orders
progress
Liabilities—
terest
x
5,901,153
7,298,125
10,566
Mat'ls & suppl's
4,085,306
737,651
784,485
15,218,604
14,790,437
56,478
53,668
7,124,349
7,704,168
receivable (not
64,132,561
debt...147,958,700 149,381,000
3,668,712
2,750,000
accrued
7,566,064
5,980,965
899,256
851,362
payable..
270,567
364,453
52,841,489
1,111,152
51,198,734
1,654,820
657,383
128,593
1,500,000
17,255,143
deposits
Dlvs.
Total
reserves..
bonds
on
of
1,623,950
Net oper. revenues—.
611,761
126,654
1,500,000
17,583,026
...415,681,484 412,735,4751
par
Total
shares.
1939
1938
1937
1936
$6,262,457
$7,036,490
$7,569,457
$7,051,397
incl. in consol. finan¬
cial
statements
983,011
85,825
and
other
982,302
84,626
981,285
87,292
950,900
86.322
$5,297,057
1,996,389
$1,116,055
728,957
$3,466,014
2,232,981
$3,300,668
2,074,801
Net income
—V. 150, p. 2586.
261,688
247,183
exps._
$7,645,818
261,644
$8,335,802
236,636
116.593
$8,380,964
181,722
86,000
$8,899,722
295,616
Prov. for Fed. inc. tax..
_
Total
Taxes refunded to
ity holders
or
source
funded debtdiscount
119,746
11,820
2,551,637
95,568
17,191
2,551,637
136,622
interest
124,058
110.257
616
2,561.943
136,622
30,652
7,500
136,622
61,187
86,229
136.622
92,750
18,092
$4,440,255
$5,281,572
$5,643,755
$3,610,513
35,550
$2,625,828
25,871
$3,938,742
38,776
$3,291,295
44,756
$3,646,063
$2,651,699
$3,977,518
$3,336,051
$5,178,587
Dividends (in cash):
Total
Less divs.
on
Assn.
*
pref. shs. of
held by a
Securities Corp., and George M. Hopfenbeck, Treasurer.
Union Securities
Corp. acted as intermediary for the purchasing group in the deal.
The Huntington representatives were G. Forrest Butterworth
Jr., New
York attorney representing Archer M.
Huntington, B. H. Grigsby, VicePresident of Security-First National Bank of Ivos Angeles, trustee for the
Estate of the late H. E.
various charitable and educational institutions to
which the Huntingtons had donated Newport News
Shipbuilding shares.
The amount involved in the transaction was not
disclosed, but the deal
is understood to oe one of the largest in about 15
years in which investment
banking interests have acquired ownership of a private family enterprise
a prelude to
public participation.
Union Securities Corp. is the invest¬
banking subsidiary of Tri-Continental Corp. and Selected Industries,
as
Inc.
It is expected that within the next few weeks a registration statement
be filed with the Securities and Exchange Commission in
connection
with the plan to offer to the public about two-thirds of the stock
acquired
will
by the investment interests.
be retained
21,432
$3,646,063
$2,651,699
$3,977,518
$3,314,619
1939
1938
S
1939
689,815
39,561
86,758
Accts.
204.475
35,003
Other cur. assets
$
pay. to a
subsidiary
receivable
1938
3
Liabilities—
$
501,661
Accts. rec. from
subsidiaries._
split into a larger number prior to the public offering.
Among the associates of Tri-Continental Corp. in the purchase are
Selected Industries, Inc., General Shareholdings Corp., both members of
the Tri-Continental group. United
States & Foreign Securities Corp.,
United
10,104
&
International
Securities Corp., Stone and Webster &
Co., Inc., Dividend Shares, Inc., Massa¬
Trust, Chicago Corp., Harriman Ripley & Co., Inc.,
Ladenburg, Thalman & Co., Adams Express Co., First York Corp.,
American International Corp. and others.—V. 150, p. 3057,
A.
Inc.,
C. Allyn &
Period End.
Railway
Railway
oper.
oper.
5
623,337
24,058,000
24,522,500
202,556
Reserves
1,734,583
1,871,205
1,623,950
5%
1,623,950
Disc.on 6% cum.
from ry.opers
Railway tax accruals
Equip. & jt. facil. rents.
$5,8<T,877
2,604,469
1,058,101
$5,966,578 $20,360,767 $17,098,810
2,990,100
8,783,750
8,924,811
1,154.412
3,578,772
3,643,277
$2,199,307
$1,822,066
1,156,965
rev.
Otherincome
1,168,661
$3,367,968
$134,971
Misc. deducts, from inc.
3,942,055
charges
$7,998,245
3,754,071
$4,530,722
3,587,382
$2,979,031 $11,752,316
123,952
456,293
4,044,549
11,823,639
$8,118,104
$1,189,470
$4,304,673
383,014
12,039,763
Net deficit after fixed
—V.
15,0.
P.
$709,058
$527,616
3056.
New York
Chicago & St. Louis RR.—EarningsGeneral Statistics for Calendar Years
1938
1937
1936
202,052
42,345,775
Pass, carried one mile—
211,657
44,342,195
252,446
51,762,543
248,104
50,189,644
1.99 cts.
Revenue freight (tons)—
21,159,802
debentures.
24,058.000
debs
24,522,500
stock
Passenger
Mail and express
Miscellaneous
875,589
928,192
$41,712,951
MSffSrstral.
of equipment—
Transportation expenses
MisceU. operations.—
General expenses
Represented by 932,604
no par
4,318,096
6,554,383
1,454,6,51
14,832,575
41,605
1,361,566
3,301
Total ry. oper. exps— $28,559,575
Net
rev.
14,615,828
2,742,020
from ry oper—
Railway oper. income.$l 1,873,808
Equip. rentsCnet deb.)2,981,681
deb.)
454,848
Jt. facil. rents (net
Net ry. oper.
income- $8,437,279
income2,111.118
Total non-oper.
620,416
50,614,346
1,500,000
Total deductions
50,614.346
1,500,000
9,358,901
Total
824,605
973,318
65,645,700
Common stock
Earned surplus.
176,441,286
1.93 cts.
20,854.468
4415843049
Total ry. oper. rev-.$43,175,402 $36,381,232 $41,612,266
620,416
Paid'ln surplus-
x
1.86 cts.
21,796,83,3
1939
1938
1937
1936
$40,977,145 $34,229,564 $39,209,271 $39,332,694
841,332
879,774
963,007
969,176
481,336
447,289
466,670
482,889
— .
65,645^700
6% cum. pf.stk.
1.98 cts.
17,178,720
3902754012 4703924519
Income Account for Calendar Years
Operating Income—
Freight.
$2 cum. div. pfd.
177,224,643
RR.—Earnings—
Mar. 31— 1940—Month—1939
1940—3 Mos.—1939
revenues.$28,274,730 $27,777,349 $88,012,076 $80,108,165
expenses. 22,412,853
21,810,771
67,651,309
63,009,355
3,682,275
5,720,042
1,428,951
13,713,714
32,804
1,454,725
6,652
4,579,338
6,474,184
1,424,229
14,397,012
10,076
1,517,745
7,102
4,119.980
5,930,637
1,382,599
13,598,522
21,201
1,596.395
12,161
$26,025,859 $28,395,482 $26,637,173
10,355,373
13,216,784
15,075,778
2,263,117
2,364,229
2,599,763
9,126
894,676
...
accruals
Unamort.dt.dis.
pref. shares..
States
Blodget,
chusetts Investors
Railway tax accruals—
Accts. payable &
668
16,552
Investments —173,221,578 172,016,170
and expenses.
Approximately one-third of the stock will
portfolio investments by the investment companies involved
The present 100,000 shares ($100 par) will
undoubtedly be
Transp. for invest.—Cr-
Balance Sheet Dec. 31
Assets—
as
in the deal.
Traffic expenses
div. income above
Balance
Huntington, and Elmo H. Conley, Los Angeles
attorney representing
Maint
sub. co. and excl. from
Cash in banks—
Consummated—.
Transfer of ownership of the company, from the
Huntington family and
which held an interest in the company through
Huntington
gifts, to Tri-Continental Corp. and a group of investment
companies and
investment banking firms was consummated
May 10 at the offices of
J. P. Morgan & Co. Inc.
Certificates for the entire outstanding issues of the
company's stock,
consisting of 100,000 shares ($100 par), were turned over by representative
of the Huntington interests to Francis F.
Randolph, President of Union
Rate per pass, per mile—
2,551,637
„
__
Accumulated
institutions
Rev. fr't (tons) 1 mile—4522731944
funded debt
6% preferred shares
$2 div. pref. shares
Co.—Clears
Newport News Shipbuilding & Dry Dock Co.— Transfer
to New Owners
Passengers carried
on
Other chgs. against inc.
Service
1939
paid at
taxes
of
Public
secur¬
.—
on
Orleans
charges
277,546
Corporate & legal
810,458
Directors have declared a dividend of $17.50
per share on account of
accumulations on the $7 cumulative preferred
stock, payable May 31 to
holders of record May 24.
This payment clears arrears through April 1.
See also V. 150, p. 1776 for detailed
record of previous dividend payments.
—V. 150, p. 3057.
income
314,525
x
$5,673,485
2,207,471
Total fixed
On other shares
from sub. companies.
Total
$1,791,927
675,872
Total income
On pref. & ci. A shs. of
such subsidiaries
Divs.
$1,952,781
751,459
operating income $1,201,322
Net
Net ry. oper. income-
415,681,484 412,735,475
Earnings of New England Power Assn. Only for Calendar Years
this
$6,360,320 $19,298,984 $18,665,720
4,568,399
13,625,499
13,368,663
1,623,950
Income from ca shdivs.:
On com. shs. of subs.,
Other
1940—Month—1939
1940—3 Mos.—1939
$6,491,601
$6,380,981 $19,341,723 $18,719,787
15,631
20,655
42,739
54,067
New York Central
subs, (less exp.)
Surplus paid In.
Surplus earned-
Represented by 932,604 no
Interest
rev._
Operating taxes
Net
Other
Telephone & Telegraph Co.—Earnings—
.
Unamort. prems.
Suspense credits
6%
cum. pref.shs.
of New Eng.
on
Power Assn..
50,614,346
Consumers', &c.f
bond
disct. & exps_
50,614,346
64,663,640
Accts. payable &
Other
currently due)
Discount
public
Res. for deprec.
654,605
Accts. and notes
Unamort
Common stock
Funded
3,487,488
745,907
Prepaid charges-
620,416
Notes payable..
10,954
Restricted dep..
Securs. owned..
1
$
65.645,700
620,416
Shs.ofsubs. held
by
7,109,181
1938
65,645,700
2,469,424
accrued
Amort.
the prior lien preferred stock,
ment
$
Pref. stock
$2 pref. stock...
2,251,744
6,217,912
rec. (less res.)
Dividends & In¬
Dec. 31
1939
$
In
Cash
as at
1938
$
assets..370,499,450 367,957,406
Accta. and notes
Int.
_
Operating revenues.. $6,475,970
Operating expenses
4,523,189
New
$5,095,741
Pref. divs. of New Eng¬
x
revenues.
on
Dividends—
1936
$56,885,460 $52,898,653 $55,026,817 $54,171,677
18,416,302
17,060,386
17,894,250
17,008,935
~~~
2,630,392
1,765,578
1,808,108
2,034,968
Net before int. & divs.
$17,077,924
Int. pd. & amort, of disc,"
on aver,
1937
$55,436,338 $51,5u7,619 $53,371,075 $52,5"6,578
1,449,122
1,391,033
1,655,741
1,595,099
Total income
Work
Operating
England Power Association—Annual Report—
Consolidated Income Account (Incl. Sub. Cos.)
for Calendar Years
Capital
New England
Period End. Mar. 31—
an
cu.
year ago.—V. 150. 3056.
New
on
series, and 87H cents per share
$7 dividend series.—Y. 150. p. 2263.
year ago.
Gas output
cu.
biviclend
Uncollectible oper.
Output—
week
Directors, meeting May 14, 1940, declared a dividend on the
prior lien,
preferred stocks of this
company equal to one half of a full quarterly div.
payable on June 15, 1940, to stockholders of record of
June 1, 1940.
This
dividend is applicable to the
quarter ended Sept. 15, 1932, being the first
quarter for which dividends are in
arrears.
Checks for the dividend will be
mailed June
14, 1940, to stockholders of record of June 1, 1940, on the
following basis:
75 cents per share on the prior lien preferred
stock, $6
shares.
In connection with the
exchange of shares of common stock the company
reduce the amount of its
capital stock
3209
England Public Service Co.—Dividend—
8,645,305
177,224,643 176,441.286
shares.—V. 150, p. 2109.
Gross income
$10,548,367
7,177,795
451,400
449,505
485,376
$5,058,132
1,147,526
$7,660,564
2,436,019
$9,137,723
5,818,516
$6,205,658 $10,096,583 $14,956,239
7,265,162
7,441,022
7,575,757
$3,371,202def$1059,504
Net income
Inc. applied to
$8,092,256 $10,852,555 $12,476,015
2,582,724
2,742,486
2,852,916
sink, fund
Balance, surplus
98,565
$2,655,561
98,449
$3,272,637def$1157,953
$2,556,999
$7,380,482
98,562
$7,380,482
The Commercial &
3210
thatTthese programs can be carried through in two or
that the executives of the North American
gages.
It is believed
three years, on the assumption
General Balance Sheet Dec. 31
1939
Investment in road and
equipment
50,207
5,394,109
„5,151
727,026
711,676
1,383,140
590,853
1,706,489
Cash in transit....
& misc. deposits..
receivable
from agents & cond'rs
Traffic & car service bals.
Net bal. receiv.
Misceli. accounts
...—
receivable
Material and supplies
Interest and dividends receivable
4,141
1,527,591
210,591
5,268
689,504
3,244
Other current assets
Deferred assets
paid in advance
debits
Itents & ins. prems.
Other unadjusted
1,677,243
8,858,063
29,076,115
5,059,910
394,032
_.
- —
Cash in treasury
Cash deposit to pay mt. & divs.,
Loans and bills receivable
29,118,695
2,615,120
294,475
514,486
4,738
568,031
669,260
742,257
1,675,034
affiliated companies
Investments in
73,886
57,471
1,730,659
8,768,508
73,951
Misceli. physical property
116,533
5,651
703,334
292,849,740 289,646,862
Total
Liabilities—
Common stock
33,742,734
33,742,734
6% cum. pref. stock, series A
Stock liability for conversions
Prem. on 6% cum. pref. stock, ser. A
Governmental grants in aid of constr'n
36,055,271
36,054,676
Funded debt
31,200
200,724
1,071,474
...
Traffic & car service balances pay
payable
payable..
Audited accounts and wages
Miscellaneous accounts
unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Interest matured
Accrued tax liability
Other current liabilities..
Deferred liabilities
22,934,579
261,970
Unadjusted credits
Profit and loss..
—
869,235
1,478,615
33,021,885
22,392,747
261,646
1,380,050
30.416,840
292,849,740 289,646,862
Total
a
32,800
200,724
155,206,000 156,343,000
2,165,416
1,934,405
2,066,145 j 1,429,550
...
76,611
178,915
365,345
398,418
12,991
13,423
54,250
a225,250
—
1,993,280
2,006,879
1,913,258
1,595,136
152,833
116,512
45,149
53,922
Additions to prop, through inc. & surplus
Fund. dt. retired through inc. & surp
3-year 6% notes due Oct. 1,
6% notes due Oct. 1,1935, and $7,000
due Oct. 1, 1932.
$179,500 principal amount of
Includes
1938; $750 principal amount of 3-year
principal amount of 3-year 6% notes,
—V. 150, p. 2890.
North American Co.—Submits Program to
pliance with Utility Act—To Dispose of
Two Well-Rounded Systems—
SEC for Com-
Third of Assets—Plans
May 16 filed its answer to the order recently issued by
Exchange Commission for hearings under Section 11
Holding Company Act.
The answer, signed by Edward L. Shea, President, who sent a copy to
each of the company's 74,000 stockholders, said the programs "are in line
with what the company believes to be the views of the Commission as to
the operation of Section 11 (b) (1)."
In a letter to stockholders accompanying the answer Mr. Shea said: "The
answer has been prepared in accordance with these principles which we
outlined at the recent annual meeting of our stockholders:
"1. The interests of our security holders in the long run must and do
coincide with public policy and the general welfare.
"2. We will comply fairly and in good spirit with the law of the land,
at the same time reserving all rights to protect the interests of our security
holders under that same law of the land.
"3. The primary function of the company is to supply needed capital for
the operation and development of American industry.
"We believe that a constructive interpretation or evolution of the Holding
Company Act should provide continued opportunity for profitable employ¬
ment of the company's resources."
The programs as outlined in the company's answer to the Commission
propose, subject to corporate action, the following:
"(A) To dispose of or otherwise liquidate the investment of the North
American Co. in North American Utility Securities Corp., an investment
The company on
the
Securities
and
of the Public Utility
company.
.
.
.
summating a number
of fundamental corporate adjustments
.
.
.
temporaneously therewith."
The answer also contains a full reservation of the company's
The company proposes to proceed with the program
by
American Co.'s history, the answer pointed out the
company was incorporated in 1890 "by a group which believed that the
economic development and general welfare of this country would be pro¬
moted by the creation of a large capital fund which would be available to
finance industry in various parts or the United States, particularly in the
electrical field, and that this capital fund would itself be protected by
policies of prudent and careful investment, coupled with diversification.
The North American Co. has now had a continuous corporate existence of
Tracing the North
without reorganization.
Throughout such 50-year period the
has adhered to the basic conceptions which gave it birth and
have been sound and to be of continuing validity."
Today, according to the answer, North American securities are owned
by more than 2,800 debenture holders, more than 15,000 preferred stock
holders and more than 58,000 common stockholders. The aggregate market
value of the company's outstanding securities was described as approxi¬
mately $330,000,000 on May 10. 1940.
"Throughout the company's existence," the answer went on, "there has
never been a default on any security issujed by it, and the holders of securities
issued by its subsidiaries have constantly benefited by the sound investment
policies which it has maintained and fostered. The North American Co. has
a record of outstanding achievement in the development of the electrical
industry, and its subsidiaries have long been among the acknowledged
leaders in the field.
Consumers have benefited through a long history of
rate reductions while service has constantly improved.
"Under the law the responsibility for the management of the business
and for the protection of the investments of the North American Co. and
the interests of its security holders is vested in the Board of Directors," the
answer said.
"These directors believe, and it has long been their guiding
principle, that the interests of their security holders must and do coincide
with public policy and the general welfare.
The directors have carefully
examined the Holding Company Act to ascertain whether it embodies any
new and valid rule of Federal public policy, which should change their
policies for the North American Co., but find that such is not the case,
assuming that the Act is to be reasonably interpreted and applied. Section 1
(b) of the Act enumerates certain specific abuses and Section 1 (c) states
that the provisions of the Act are to be interpreted with a view to the
elimination of such abuses.
Such abuses have never been present in the
holding company system under respondent's control and the future avoid¬
ance of such abuses is already assured by the controls and regulation estab¬
lished by Federal and State statutes.
As to Section 11 (b) (1) of the Act,
respondent's directors are unable to find any proper basis for its application
to the North American Co., and its provisions are so vague and uncertain
in their scope that they do not, in law or in fact, provide a clear and practical
guide to corporate action.
"In the course of performance of their legal duty to manage the affairs
of the North American Co. in accordance with their best judgment and
their own long established policies, its directors have taken or caused to be
taken important steps designed to simplify the corporate structure of the
holding company system and to dispose of certain assets
..." The
answer summarized some of these steps during recent years.—V. 150, p.
50
years,
company
which it believes to
3058.
Trap Rock Corp.—Merger—
1940, the Hudson River Shipyards
merged with the New York Trap
New York
Corporation reports that as of May 1,
Corp., a wholly owned subsidiary, was
Rock
Corp.—V. 150, p. 2263.
Northern Pacific
Ry.—Certificates Called—
Company has elected to redeem on July 1, 1940 all outstanding equip¬
issued under its agreement dated July 1, 1934 with
Northwestern Improvement Co., vendor, and the First National Bank of
ment trust certificates
City of New York, trustee.
The certificates will be payable at their
principal amount with accrued dividends on the redemption date upon
surrender to the paying agents, J. P. Morgan & Co., Inc.—V. 150, p. 3058.
the
Electric & Gas Corp. —Earnings—
New York State
1937
1936
1939
1938
$25,709,631 $24,285,394 $23 ,347,004 $14,633,251
8,291,424
12,634,137
13,514,813 13 ,245.318
Calendar Years—
Operating revenues
Operating expenses
1,338,994
1,243,921
,594,435
1,068,304
2,001,403
600,517
2,639,973
1,580,638
369,742
2,423,882
,403,244
85,832
,062,502
631,054
189,047
999,446
$6,494,608
$5,152,397
$4,955,671
$3,453,975
126,793
277,596
292,849
284.398
$6,621,402
2,474,207
272,407
$5,429,994
2,431,410
437,837
$5,248,520
2,583,398
574,314
$3 ,738,373
1 ,730.680
302,367
121,051
66,138
142,851
65,563
158,890
96,563
12,221
114,845
73,016
13",235
Maintenance
27.909
_.
for retirem'ts,
and replace¬
Provision
renewals
capital
ments of fixed
_
Federal income tax
Other
taxes
Operating income
Other income
Gross income
Int.
on
Other
long-term debt
interest
Amort, of debt discount
and expense
Amort, of misc. suspense
sacrifice of intrinsic values.
Misceli. deductions
"(F) To dispose of its investment in North
American Light & Power
sacrifice of intrinsic values. It may be
advantageous to defer this pending simplification and improvement of the
capital structure of the North American Light & Power system. Further¬
more, certain of the properties controlled by North American Light & Power
Co. are now in part, and should, in the opinion of the North American
Co., be further integrated with the properties of Union Electric Co. of
Missouri by adding them to the system centering on St. Louis.
.
.
."
The answer said that, "the foregoing programs are in line with what
the North American Co. believes to be the views of the Commission as to
the operation of Section 11 (b) (1).
If these programs can be carried «ut as
now envisaged they will involve the disposal through sale,
exchange or
other means of perhaps one-third of the present assets of the North American
Co. The disposal of these particular assets would result in the divestment of
the North American Co.'s control over electric and gas utility companies
with assets having a carrying value on the books of the respective companies
of approximately $450,000,000 and over other companies (including traction
companies) with assets having a carrying value of approximately $200,000,000.
This would, in substance, leave the North American Co., in respect
of integrated systems, with (i) a system already substantially integrated,
based on St. Louis and conducting operations within the adjoining States of
Missouri, Illinois and Iowa, and (ii) one additional integrated system based
Co. when conditions permit without
on
Prov. for loss of sub. co_
Interest
charged to con¬
8,641
57,760
45,859
5,456
$3,683,005
$2,382,184
$1,868,993
$1,522,921
168,913
41,000
struction—Cr
Net
income
Divs.
on 5% cum.
stock......
Divs.
on
$1.25
cum.
pref.
84,490
pref.
/
Divs.
5^4%
pref. stock
Divs.
on
on
copimon
foregoing programs do not contemplate any present change in
the company's investments in the Detroit Edison Co. and Pacific Gas &
Electric Co., which investments do not constitute control.
Id"Upon completion of the foregoing programs, the company will have
retained the major investments referred to in the foregoing paragraph, and
will also have the proceeds received upon disposal of certain assets referred
to above.
Such proceeds will be available as capital resources for the ac¬
quisition of other properties which can be advantageously integrated with
the systems based on St. Louis and Cleveland, or for improvements and
additions to those systems, or for other investment in accordance with the
sound principles which have characterized the North American Co.'s past
activities, and with the benefit of 50 years of practical experience.
The
company believes that a constructive interpretation or evolution of the
Act will provide continued opportunity for the employment of its resources
both in the public interest and in the interest of its stockholders.
"The programs set forth above will involve great procedural difficulties
in view of the provisions of many applicable Federal and State laws, the
rules of the Commission and of local or State regulatory commissions and
authorities, and the provisions of corporate charters, indentures and mort¬
■
^
4,765
694
2,725,000
1,850,000
1,200,000
1,175,000
$707,438
$358,506
$627,299
$347,921
2.863
stock...
cum.
163,214
stock.
Balance* surplus
Note—The above statement
includes results of operations
of merged com¬
panies for the year 1937.
Operations for 1936, however, include only one
month's operations of Elmira Light Heat & Power Corp., which was merged
as of Nov. 30. 1937.
The operations of New York Central Electric Corp.
and Empire Gas & Electric Co. are not included for the year 1936, since
these companies were merged during 1937 as of Dec. 31, 1936.
Earnings for 12 Months
Ended March 31
1940
Cleveland.
"The
constitutional
rights.
the three Wisconsin companies as soon as conditions permit without
gublic or other distribution of the major portion of its holdings of stock
l
designed to
give it greater flexibility of action.
"In the opinion of the North American Co. it would be impracticable and
would serve no useful purpose, nor would it be realistic, at the present
time to consider further adjustments which, in view of the magnitude and
complexity of the plans set forth above, could not in fact be realized con¬
...
"(B) To dispose of the interest of the North American Co. in West
Kentucky Coal Co. if and as soon as a satisfactory sale can be made.
.
.
.
"(C) To dispose of its investment in the St. Louis County Gas Co.,
preferably, in effect, through an exchange for the electrical property in
St. Louis now owned by the Laclede Gas Light Co. and Laclede Power &
Light Co., thereby achieving a further separation of electric and of gas
properties, and further integration of each or these two types of service.
.
.
"(D) To reduce or modify the form of the investment of the North
American Co. in Washington Ry. & Electric Co. to such extent that the
North American Co. does not have effective control over Washington Ry. &
Electric. Co.
The North American Co. is
.
.
.
prepared to
dispose of its controlling interest in Washington Ry. & Electric Co. through
public distribution provided there is a reasonable public market.
...
"(E) To reduce or modify the form of the investments of the North
American Co. in Wisconsin Electric Power Co., in Wisconsin Gas & Elect
Co. and in Wisconsin Michigan Power Co. to such extent that the North
American Co. does not have effective control over any of those com¬
panies.
devote thereto their active and virtually continuous attention.
Even this time forecast would have been impossible had not the North
American Co. been actively engaged during the past several years in con¬
Co. are able to
230,23.5,376 240,454,783
.
Improvements on leased ry. property
Deposits m lieu of mtgd. prop. sold....
Other investments-.
1938
S
$
lAss&tS"'*""
May 18, 1940
Financial Chronicle
income
Other income
income
259,060
$5,722,287
$5,174,598
2,402,002
2,442,197
debt
200,402
110,495
65,213
Amort, of debt discount & expense—
Amort, of miscellaneous suspense
Provision for loss of sub. company
.
charged to construction Cr
Balance of income
$4,915,538
263,671
$6,637,312
Other taxes
Interest
2,492,882
$5,458,616
92,280
Federal income taxes
Gross
13,481,929
$6,545,032
Provision for retirements
Interest on long-term
Other interest
1938
$23,703,817
1,488,908
1,422,126
194,635
2,200,682
1,365,019
2,093,055
725,609
2,650,479
Maintenance
Operating
1939
$26,149,521 $24,673,393
12,770,327 13,381,828
Operating revenues
Operating expenses
...
8,007
$3,827,011
1,264,096
1,674,683
401,287
2.442,473
414,243
143,121
65,707
1,280
28.261
$2,683,722
532,711
143,085
88,813
71,305
$2,079,292
The Commercial & Financial Chronicle
Volume, ISO
Balance Sheet
Dec.
31
T
,
1939
1938
W*
.
|
jjj
Plant, property, &c
1,942,703
732,735
125,414,405
714,107
115,651
90,627
145,315
757,880
15,453
1,963,464
536,514
4.838,364
5,039,484
106,141,216
Special
deposits
95,643,157
714,199
140,398
369,925
1,087,457
670,978
Cash
Notes receivable
1,300
Accounts receivable
Materials and supplies
Applicable to accounts receivable sold (contra)
850,493
Deferred debit items
_
Liabilities—
5H% cum. preferred stock (par $100).
$5 cum. preferred stock ($100 par)
$1.25 cum. preferred stock ($25 par)
Common
stock
Long-term
23,771,668
54,720,193
debt
Accounts payable
Taxes accrued
Interest accrued
Miscellaneous accruals
Consolidated service and line deposits
Employees' pension fund accrual
Liab. for redemption of pref. stocks of merged cos.
Miscellaneous current liabilities.
Guar, of appliance accts. receivable sold
(contra)..
Reserves and miscell. unadjusted credits
369,925
683,778
1,421.700
769,537
121,972
1,195,484
24,965
140,824
Total
Represented by 46,484
Noranda Mines,
no par
8,055,995
1,104,420
7,216.078
544,678
I
850,493
7,951,872
1,043,362
33,884,164
589,796
106,141,216
Contributions for extensions (non-refundable)
Capital surplus
Earned surplus
135,643,395
shares.—V. 150. p. 1943.
Ltd.—Earnings—
Calendar Years—
Metal recoveries
1939
Total income..
$23,722,086
of metal products,
1937
$22,560,924 $19,881,751
Cost
incl. min'g, treatm't &
& deliv. & custom ore.
1936
Municipal, corporate
sundry taxes.
$18,664,688
9,622,720
222,209
10,145,305
205,435
7,878,008
217,830
6,729,584
228,969
163,257
1,855,040
100,127
1,848,223
96,012
1,771,802
Common stock (par $0.50) 493,730 shares.
Common stock, class B (par
$0.50) 254,968 shares
Surplus—
88,247
60,232
62,299
64,100
12,218
551,745
527,511
517,063
558,100
contrib. to empls
Res. for deprec. of bldgs.,
Per books the common
stock, class B and surplus of Southeastern are
stated at $630,486.
If, however, the participating class A would be stated
at its liquidating value of $15
per
common and class B
$9,585,843
8,959,088
$9,274,636
7,279,259
$9,268,037
6,719,316
$2,202,172
2,239,772
$626,755
2,239,772
$1,995,377
2,239,772
$4.98
Shs.com.stk.out.(nopar)
Earnings per share
$4.28
The consolidated balance sheet of Southeastern includes under fixed
an item
designated "excess of book value of fixed assets of South¬
eastern Gas Co. over estimated
tangible value thereof" in the amount of
$1,087,456.
If this item would be eliminated from the consolidated fixed
Southeastern, the above-mentioned deficit of $2,231,537 would be
increased to $3,318,993.
assets of
Another calculation to determine the lack of value for the common stocks
Consolidated gross income of Southeastern Gas &
Water Co., after deducting interest and other charges of subsidiary com¬
panies for the year ended Jan. 31, 1940, was $140,628.
If such amount
were capitalized at a rate of
6%, 8% and 10%, capitalized earnings applic¬
of Southeastern follows.
able
to
the
$4.14
Southeastern
1938
1937
$4,494,213
1,736,760
530,000
22,673,356
$5,833,738
2,610,457
565,000
23,750,391
$5,623,080
2,357,059
535,000
17,110,065
$4,883,702
1,713,765
510,000
$2,227,453
399,157
$2,658,281
331,531
$2,731,022
172,273
$2,659,937
83,994
$2,626,610
for deprec'n
136,000
$2,989,812
135,000
$2,903,295
132,000
$2,743,931
120,000
$2,854,812
$2,771,295
$1.27
$1.24
...
share
no
value for the common stocks of South¬
"virtually valueless."
The mangement
of North American having conceded the worthlessness
43,754 42-46ths shares
254,968 shares class B
common
Total carrying value
...$109,545
have the effect of increasing the presently existing
of North American from $156,932 to $266,477.
as
more
fully
herein
„
1939
Capital expend'8..15,420,010
Cash
5,139,829
76,129
Call loans
Accounts,
bills <fe
Int. receivable..
Dec.
North West Utilities Co.- —Consol. Bal.
Utility
Investments
in
x
&
b Common Stock..
95,705
1,786,173
282,587
1,198,442
629,331
61,699
1,314,288
232,560
Mat'ls & supplies.
111,998
Market, securities. 4,617,647
Invest, other cos..12,227,870
5,544,764
Advs. to other
ments
356,661
9,733,478
cos.
722,762
1,273,284
Prospect. & explor.
123,988
587,265
729,110
outst'g..
unclaimed..
Reserve
for taxes.
34,714
Mat'l & supplies
670,774
65,648
434,711
653,225
x
Total
222,756
208,900
43,352,746 43,746,245
33,625
67,498
Current liabilities. 2,066,920
1,855,530
Reserves
8,743,221
9,704,533
Less
reserve
North
American
Gas
&
Electric
Co.—Cancellation of
Southeastern Gas & Water Co. Stock Owned by North American
The
Securities
application
and
of North
Exchange Commission on May 13 approved the
American Gas & Electric Co. for disposition by
common
eastern
stock and 254,968 shares of class B
Water Co.
common
stock of South¬
Gas &
The class B common stock is presently not entitled to vote, but the
charter provides that such class B stock will have equal voting power,
vote.
share for share, with the presently outstanding voting stock of Southeastern
on and after Nov. 1, 1940.
The class B stock proposed to be surrendered
would then
(if not surrendered) and assuming
no
change in capitalization,
constitute 27.52% of the outstanding stock then entitled to vote.
There
is now pending a proceeding instituted by the Commission for the purpose
of determining whether Southeastern should be declared to be a subsidiary
of North American, pursuant to Section 2 (a) (8) (B), and the proposed
disposition is one of the steps which Southeastern and North American
propose to take in an effort to remove any basis for control or exercise of a
controlling influence by North American over Southeastern.
[The original application and first amendment asked for approval of a
sale at public auction of the 43,754 42-46ths shares of common stock and
approval of a private sale to Charles J. Gregory (president and director of
Southeastern) of the 254,968 shares of class B common stock for $76.]
Southeastern was incorporated in Delaware on April 30, 1931, as a
successor to Inland Utilities, Inc.
Southeastern is a holding and operating
company engaged in the production, transmission and distribution
of
natural gas and also controls, through 100% stock ownership, a natural
gas producing company, an ice and cold storage company and six water
works companies, which variously operate in the States of West Virginia,
Kentucky, Maryland and Pennsylvania.
Since its organization, Southeastern has been handicapped by a topheavy debt structure far too large for its earning capacity, and by declining
gross revenues due principally to its inability to expend sufficient funds
for well drilling to maintain the producing capacity of the natural gas
properties owned by it and its principal gas producing subsidiary.
412,108
1,025
87,656,888 86,190,328
Total
of $148,938 in 1939 and $145,975 in 1938.
b Par value $1,
earnings for the calendar year 1939 appeared in the "Chroni¬
27, page 2736.—V. 150, p. 2736.
Northern States Power Co.
(Del.)—Weekly Output—
Co. system for the week
1940, totaled 27,330,296 kilowatt-hours, an increase of
6.4% compared with the corresponding week last year.—V. 150, p. 3059.
Electric output of the Northern States Power
May
11,
Year Ended Feb. 29
(Minn.) (& Subs.)
«qq
$38,147,531 $35,935,129
Operating revenues
Operation
1^900.501
-
I'r07
Taxes
4,831,577
1,755,501
-
Federal
and State income taxes
-
Gross income
funded debt
bank loans
Amortization of debt discount and expense
Interest
on
Interest
on
OthfiT intprest
Interest charged to
3,505,450
143,575
691,347
—
—
•
Amortization of sundry
fixed
3,176,490
4,836,845
1,293,083
S18 798 648
3,728,648
103,206
662,548
44yo»oY"
41,843
assets
Cr27,654
construction.
41,843
Cr 106,100
129,616
Preferred dividends of Northern States Power
$6,653,696
27,134
-
—
-
135,191
$7,952,274
Miscellaneous deductions
Balance
13,589,169
1,764,165
$12,376,131 $11,275,376
105,252
37,535
Net operating income
Other income
aqo
3,597,432
Approps. for retire, reserve and depreciation
Prov. for
Earns.
'
Maintenance
The finds and opinion
of the Commission states:
The shares of common stock proposed to be surrendered constitute
7.55%
of the outstanding shares of stock of Southeastern
presently entitled to
6,174
C°Note^The
cle" of Apr.
surrender for cancellation without consideration, of 43,754 42-46ths shares
of
455,339
...
Capital surplus..
outstanding 260.531 shares, stated at amount originally assigned to no par
value shares,
c
Arising from preferred stock reacquired by subsidiary
45,251,984 43,176,542
Represented by 2,239,772 no par shares.—V. 150, p. 2735.
21,114,400
com.
surplus
of subsidiaries..
87,656,888 86,190,328
Total
ended
45,251,984 43,176,5421
in
&
Funded debt
Northern States Power Co.
Total
int.
...
a
428,492
691,657
181,250
771,236
1,880,000
1,900,000
Res. for deprec...11,561,569 11,115,632
Other reserves
2,449,637
2,295,882
Surplus
16,944,507 14,742,334
Dlvs.
held by public-21,094,200
stock
Contribs. In aid of
$
503,390
6,075,500
6,075,500
2,010,000
2,010,000
13,694,825 13,694,825
15,459,730 16,138,924
Deferred liabilities
wages
payable, &c
6,588,743
Deficit
Mln.
Accts. and notes
receivable
4,400,000
Pref. stks. of subs.
1938
$
Custom ore settle¬
outstanding, Ac. 5,374,814
pref
preferred.
3,566,203
79,845
2,960,761
283,256
Cash
Special deposits...
Capital stock...11,303,140 11,303,140
Accounts
117,129
4,400,000
cum.
cum.
$
$
prior lien
3,264,387
c
1939
14,839,183
3,845,313
cum.
preferred
$6
of
process
7%
7%
Bond disct. & exp.
amortization
1938
1939
Liabilities—
75,155,209 75,777,066
4,023,959
2,631,882
plant
Sheet Dec, 31—
1938
1939
construction
Liabilities—
$
Refinery settlem'ts
Def. charges, &c_.
have no value.
The proposed
reasonable method of disposing
already described,
31
1938
j
$
will
earned surplus deficit
itself of any statutory control.
Since applicant already admits that such stocks are valueless, no harm,
Which applicant has not already anticipated, will result by approving the
Prepayments
$2,490,610
$1.11
Balance Sheet
V
$21,439
88,106
stock
common
Including mining, customs, retreatment and delivery administration
general expenses.
Assets—
the
of two blocks of stock in question will therefore be obliged to "write-off"
the carrying value of such stocks.
As of Jan. 31, 1940, the stocks were
carreid in amounts as follows:
a
per
in
Mr. Leo Loeb, Vice-President of North American, testified that in his
opinion the comon stock of both classes proposed to be surrendered was
Other def. charges
Operating income....
Miscellaneous income—
x
valuations
eastern.
$2,623,931
$1.17
produc'n
Reserved for taxes.
and
indicate
would
$
1939
Pounds of anodes prod..
Total recovery
earns,
of
securities
amounts
of approximately $2,350,000, $1,760,000 and $1,410,000, re¬
spectively, to support the capitalization of Southeastern.
A comparison
of these capitalized earnings with the amount of long term debt and the
liquidating value of the class A stock of Southeastern Gas & Water Co.
$2,548,721
2,239,772
$4.13
1940
Estimated net profit..
no
assets
Earnings for 3 Months Ended March 31
Total income
of $1 per
value for the
par value
indicating
application.—V. 150, p. 2110.
Balance, surplus.....
Est.
a deficit of $2,231,537
stocks.
action by applicant appears to be the only
of such stock for the purpose of divesting
Balance, transferred to
surplus account
$11,161,260
Provision for dividends.
8,959,088
reserve
share instead of its
share, there would result
From the record before us, we find that the two blocks of common stock,
plant & equip., &c
Est.
$4,101,377
The proposed surrender of the aforedescribed stock to Southeastern
ins. & pension plan
Outside explor. writ. off.
xCost of metal
$630,486
-m
Total capitalization and surplus
&
Reserve for taxes
441,614
85,477
Earned deficit
81,742
1,786,038
115,320
30,533
Admin. & gen. expenses.
s
$3,293,200
share,
177,691
246.865
127.484
per
177.691 shares
„
makes it obvious that there is
1938
$21,813,605 $21,761,698 $19,399,911 $18,315,356
Miscellaneous income.1,908,481
799,226
481,840
349,332
Co.
Total
Participating class A (par $1) liquidating value $15
Common stock, class B, and surplus
3,379,600
96,950
23,771,668
53,736,500
5,602,850
90,627
640,134
1,109,217
850,823
151,618
1,373,185
443,515
77,020
on
$325,700
1,115,500
112,500
1,739,500
Sept. 15, 1951
General lien 6% gold bonds due June
1, 1944—public
6,000,000
Notes and accounts payable to affiliated
companies
Matured bonds and bond interest (contra)
a
Subsidiary companies
First lien sinking fund
6% gold bonds due June 1,1941
First lien gold bonds due
Capital surplus
Total
a
Water Co.
Long term debt—
135,643.395
Investments
Notes & accts. receivable from sub. & affiliated
cos.
Deposits for matured bonds & bond int. (contra)..
3211
The capitalization and
surplus of Southeastern Gas &
consolidated basis as of Jan. 31,1940 was as follows:
36,180
189,945
Co.
(Wis.) held by public:
Applicable to current period
Applicable to prior peroid. .
'—
...
- - - - - - -
Common dividends on stock of Chippewa &
beau Improvement Co
—
Minority interest in undistributed net
Flam¬
29,070
.
subsidiary company
income of
—
$7,896,070
Net income
—V.
29,070
Cr6,449
$6,404,950
150, p. 3059
Ogden Corp.—To Negotiate Loan for
The board of directors
Called Securities—■
of this company, the successor to Utilities Power
Corp. pursuant to the plan of reorganization recently effected,
has authorized the making of an application to the Securities and Ex¬
change Commission for authority to effect a loan from Manufacturers
&
Light
Trust Co. in the amount of $4,400,000.
The proceeds of the loan, it was
together with company cash, will be used to redeena all of the re¬
maining or $4,820,736 par value of the 5% preferred stock of Ogden Corp.
stated
The Commercial & Financial Chronicle
3212
issuable
and
issued
to the plan of reorganization of Utilities
On April 23, 1940, $4,804,600 par value of the 5%
Jreferred stock was called for debentures issued and issuableand all the
ive-year 4JA% sinking fund redemption on May 23, 1940,
under the
plan were called on April 18, 1940 for redemption on May 18, 1940.
The loan from Manufacturers Trust Company will, ir authorized by
the Commission, bear interest at the rate of 2*A% per annum and will
mature in one year with the privilege of a two years' renewal.—V. 150,
p. 2590.
V
''- /
Corp. (& Subs.)—Earnings—
31—
' <'
'
1940
1939
Ohio Cities Water
12 Months Ended March
$307,694
165,429
12,533
....
Gross income
$302,187
154,962
12,478
$129,731
$134,747
994
31,115
31,481
91,588
_
Interest, amortization of discount, &c., of subs...
Preferred dividends of a subsidiary
91,294
_
Cities Water Corp
—
$6,034
Net income....
-V. 149, p. 3271.
$11,000
•
Ohio Public Service Co,—Balance Sheet Dec. 31
1939
$
Assets—
$
$
equipment.....51 ,323,542 50,616,836
pref.
stock. _________■/. 332,294
Invest, in sees, of
Discount
on
Miscell.
invest'ts.
Mat'ls & supplies.
Serial
Mdse. accts. rec
due
note
241,579
160,000
129,062
& other accts...
1,657,416
1,370,750
payable
(non-current)
47,940
20,908
23,890
505,891
446,655
105,114
92,760
34,136
38,139
3,918,812
/
..
Customers'
254,819
136,580
Current acct. with
line
&
3,308
142,949
5,560
Wages & salaries..
91,938
Current acct. with
,240,653
1,113,456
13,960
3,462
18,377
11,250
affil. company..
Prepayments
Cash
aff 11.
interest, &c.___
8,438
12,100
bonds
173,655
pref. stk.
Contributions
96,376
1,374,370
484,118
1,247,543
303,399
for
extensions..
Earned surplus...
3,822,423
33,135
,660,209
Other def. charges
on
99,721
damages
cei v.—personnel
59,696,807)
Benjamin
W.
"Chronicle"
Guernsey has been elected President of this company
Executive Vice-President.—V. 150, p. 441.
a liquidating dividend of 40 cents per share on
payable June 5 to holders of record May 18.—V. 147,
2542.
Pacific Gas & Electric Co* (& Subs.)—Earnings1940
1937
1938
1939
operatingrevenue.108,003,936
Maint.,
102,286,023
100,864,803
97,080,257
140
b2,500,000 c2,450,000
27,042
156,080
135,415
Prem. on cap. stk.
693,349
Long-term debt...
3,789,000
4,000,000
Accounts payable.
170,122
Accrued liabilities.
159,578
233,805
125,312
267,270
295,729
Defd. credit items.
17.892
18,841
Prepayments.
Def. debit items..
160,393
353,198
48,621
4,303
32.576
Res .for storms, &c
12,757
Res. for
68,395
3,669,425
3,452,462
257,801
244,822
296,587
309,394
Receivables (less
reserve)
-
Mat'ls & supplies.
deprec
Donations
34,253
128,241
396,139
35,393
-
_
36,000
Surplus reserved..
disct. & expenses
13,635,051 13,651,781
Total.....
445,341
Surplus unapprop.
13,635,051 13,651,781
Total
a 133,988 shares
(no par),
b $25 par class A.
c $100 par.
Note—Earnings for the calendar year 1939 appeared in the "Chronicle"
of May 4, page 2892.—V. 150, p. 2892.
,
„
Pennsylvania Glass Sand Corp.—Registers with SEC—
Corporation May 16 filed with the Securities and Exchange Commission
Washington a registration statement covering an issue of $3,700,000 first
due June 1, 1960.
Proceeds of the issue,
together with the proceeds of the sale of $800,000 unsecured serial notes,
which the corporation proposes to place privately, will be applied to the
redemption not later than Aug. 23, 1940, of all the corporation's out¬
standing first mortgage AlA% sinking fund bonds.
•
Harriman Ripley & Co., Inc. and Smith, Barney & Co. are named as
the principal underwriters.
The coupon rate and other details are to be
supplied by later amendment.
Corporation is engaged in mining, preparing and marketing silica and
silica sand, the larger part of the total tonnage of silica produced by the
corporation and its subsidiaries being sold to manufacturers of glass and
ceramic products.
Net income after depreciation, depletion and income
taxes but before interest charges, as shown in the registration statement,
amounted to $776,098 in 1939 and $661,432 in 1938.
at
mortgage sinking fund bonds,
To
Vote
Securities—
New
on
special meeting on May 27 will consider the creation,
time prior to Dec. 31, 1941, of new securities for the
purpose of refunding the presently outstanding first mortgage \lA% sink¬
ing fund bonds.—V. 150, p. 2892.
Stockholders at
a
Pennsylvania-Reading Seashore Lines—Earnings—
Net
rev.
1939
1938
1937
1936
$5,830,236
5,654,991
$5,341,630
5,459,681
$6,304,813
5,858,947
$6,488,041
5,538,809
$175,245 def$l 18,050
931,440
1,082,289
$445,866
1,011,062
$949,232
1,025,927
fr. ry. oper..
Railway oper/ deficit.
(debit)_..
(debit)
$756,195
795,393
260,441
$1,200,339
681,225
251,653
$565,196
920,175
247,992
$76,695
914,942
240,840
Net ry. oper. deficit..
Non-oper. income
$1,812,029
177,857
!, 133,217
176,826
$1,733,362
$1,232,478
161,992
171,814
deficit
$1,634,172
1,069,645
$1,956,361
1,074,067
$1,571,371
1,079,979
$1,060,663
1,092,031
$2,703,817
$3,030,458
$2,651,350
$2,152,695
Hire of equip,
Gross
Other
& admin,
oper.
S
2,716,080
47",500
Cash.....
Joint facil. rents
12 Mos. End. Mar. ZlGross
Common stock..
699,511
Marketable securs.
Railway tax accruals
Co.—Liquidating Dividend—
Directors have declared
P.
a
y
(scrip)
Pref. stock
Operating income.
Railway oper. expenses.
of which he formerly was
the common stock,
Com. stock
173,026
Years End. Dec. 31—
Trust Associates—New President—
Old Dominion
11,428,511
$
140
2,716,080
Liabilities—
$
Telephone plant..11,702,014
65,123
Invest., advs., &c_
Sinking fund
1938
1939
-1938
%
'
3060.
Total.........60,663,215 59,696,807
Note—Earnings for the calendar year 1939 appeared in the
of April 27, page 2737—V. 150, p. 2737.
Old Colony
1939
A SSCtS
p.
-Balance Sheet Dec. 31-
issue and sale, at any
312.453
..60,663,215
Total
.
Res. for
re-
Special cash depos.
Prem.
companies
Replacements res. 4,925,380
injuries &
Cash on deposit for
on
10,000
Accounts
1,159,313
Notes & accts. rec.
Discount
1,704,700
currently
payable.
Accr'd int., taxes
999,175
(not current)...
14.—V. 150,
Peninsular Telephone Co
.....
Accounts
accts.
receivable......
Notes & accts.
1,600,000
extension depos.
32,523
1 ,027,144
1 ,239,844
receiv'Ie.
counts
Customers'
6,264,800
5,800,200
6,139,000
6,139,000
.30,180,000 30,180,000
Funded debt-
668,738
par)
& ac¬
Other notes
William F. Kemble has retired as Treasurer and Director of this company
it was announced on May
Common stk.($100
138,040
67,596
116,040
62,433
834,145
affiliates
Inc.—
Consolidated,
Enterprises
S
6,264,800
5,800,200
1,600,000
1,704,700
TAabllilles—
7% preferred stock
6% preferred stock
5H% pref.stock..
332,294 5% preferred stock
plant &
Property,
&
Unamortized debt,
1938
1939
1938
Mines
Patino
New Treasurer—
Capital stock exp.
972
of discount, &c., of Ohio
amortization
Interest,
May 15 declared a dividend of 15 cents per share on the
stock, par $1, payable July 1 to holders of record June 10,
Initial
dividend of like amount was paid on July 15, 1939.—V. 150, p. 3060.
Directors on
common
,
Gross earnings
Operating expenses, maintenance and taxes-..
Reserved for retirements
...........
Pictures, Inc.—Common Dividend—
Paramount
pursuant
Power & Light Corp.
18, 1940
May
taxes
(except
Federal income tax) &
deductions
exps.,
prov. for
Net deficit..
....
insur., casu¬
49,497,256
Prov. for depreciation.. 15,204,546
alties & uncoil, accts..
46,487,845
14,003,195
47,562,591
14,521,165
General Balance Sheet Dec. 31
42,356,771
13,216,312
1939
Assets—
$43,604,700 $40,458,831 $40,595,060 $41,799,337
Gross income
mtgd. prop, sold
Misc. phys. prop,
lnv. in affil. cos..
Bond & other int., disct.
& other inc. deducts..
Prov. for Fed. income tax
12,655,255
4,917,285
12,217,497
3,620,809
12,238,232
4,464,396
14,468,237
1,912,065
equipment-13 292,977
Deposits in lieu of
Other
Net income to surplus_$26,032,160
$23,756,203 $24,756,754 $25,419,035
217,000
stocks
&
held
in
Traf. &car service
1,082
balances payable
Audited accts. and
wages
rec.
56,774
51,806
from
220,138
171,400
682,284
536,472
136,940
129,796
agts. and cond'rs
247,149
142,654
246,419
651
.
124
Remainder—applic. to
Pac. Gas & Elec. Co$26,030,560 $23,613,549 $24,509,605 $24,955,616
Divs. on pref. stock
7,708,478
7,708,491
7,909,821
7,758^827
Divs. on common stock. 12,522,541
10,957,328
12,522,539
12.522,540
com.
Earnings
per
stk. oustdg".
share
$5,598,198
6,261,271
$2.89
"$4,278,575
6,261,270
6,271,270
$2.53
$6,289,810
6,262,260
$2.68
$3,332,182
$2.76
18,849
133
265
22,071
Funded
144,621
126,714
14,095,654
1,909,481
698,041
39,520
tured
16 ,913,624
18,132
'
6,247
1,085,530
895,971
Misc. accts. pay..
39,060
Int. matured unpd.
curr.
debt
ma¬
520
Other curr. liabils.
43,594
520
25,218
23,887
Other def. liabils..
Total
1,200
22,993
22,993
Unmat. rents, accr
Profit and loss
unpaid
Unmat. int. accr'd
Unadjust.
Balance
Shs. of
taxes,
RR. construc'n.
18,602
616,422
625,124
employees
Unempl. ins. taxes
W. Jersey & Seash.
assets.
600,794
675,844
payable..
retire,
RR.
Other def. assets..
Other
1,600
period
18,489,713 15,613,7.13
cos...
185,328
serv.
Int. & divs. recelv.
for the
affiliated
150
bals. receivable.
4,498,800
Non-negot. debt to
Oth. unadj. debits
tributed
1,400
4,498,800
Funded debt
1,056
Mat'l & supplies..
undis¬
earns,
192,000
Misc. accts. rec
$23,756,203 $24,756,754 $25,202,035
by public
int.
min.
10,715
404,135
.
stock— 2,623,600
247,968
investments
Net bal.
Balance before djivs—$26,032,160
Divs. of subs, on cap.
Common
1,000,000
2,623,600
1,400
1,000,000
Stock liability
10,715
Loans & bills rec..
Traffic & car
dispute
13,197,942
397,586
233,000
Cash..
Prov. for gas revenue in
$
Liabilities—
Preferred stock
Investment In road
and
1938
1939
1938
S
$40,373,763 $41,507,174
221,297
292,163
Net oper. revenue....$43,302,134 $40,202,267
Miscellaneous income.302,566
256,564
credits. 2,307,218
6,555
1,447,988
.....32,352,103 29,130,624
Total
.32,352,103 29,130,624
/:V:
-V. 150, p. 2892.
—V. 150, p. 2738.
Pan
American
Airways Corp.—Stock Increase
Voted-—
New Director—
Stockholders at a meeting held May 16 approved an increase in authorized
capital stock from 2,000,000 shares of $5 par value to 3,000,000 shares.
The amount of outstanding capital was reduced by $250,000 through the
retirement of 50,000 capital shares owned by the corporation, and a like
amount was credited to capital surplus.
A by-law was adopted recognizing
the corporate instead of the personal liability of directors and officers with
respect to claims and liabilities to which they might be subject as company
representatives.
Ernest W. Greene of Honolulu was elected
a
director of this company.
—V. 150. p. 2738, 2434.
Panhandle
Producing
Pennsylvania Salt Mfg. Co.—To Pay
The directors have declared a dividend of
Pennsylvania Sugar Co.—New Director—
Henry R. Hallowell has been elected a director of this company at the
meeting. He succeeds Frank O. Roberts.—V. 150, p. 1291*
recent annual
&
Refining
Co.—Management
Directorate Defeated—
The
Pennsylvania State Water Corp.
12 Months Ended March 31—
management of this company was unsuccessful in carrying into
office its slate of director nominees at the adjourned annual meeting held
Gross earnings.
May 7.
Reserved for retirements--
Three
of its
four nominees, Melvin A. Chambers, Raymond
C. Stanford and Scott McLanahan, were not reelected.
Grier Bartol was
reelected.
bank in Boston.
Opposition to the management's slate developed some time ago when
L. S. Carter & Co., of New York City, solicited proxies for two of the elected
directors—Mr. Davis and Mr Arthur Hobson.
The Davis group has substantial oil interests in Texas, where Panhandle
Producing & Refining Co. has its properties, and it is probable that its
policy will be to concentrate on the development of production rather
than refining. Panhandle at present is interested in refining and marketing,
in addition to production.
W. R. Davis & Co. does an extensive export
150,
p.
3060.
(& Subs.)—Earnings
oqq0^
otiPcon
$1.293,324
623,221
Operating expenses, maintenance and taxes
$599,823
2,323
342,109
342,374
$261,027
$255,072
subsidiaries
&c., of Penn.
Net income
—V.
70,405
$604,854
*'652
65
- - -
Interest and other deductions of
Minority interest
Int., amortiz. of discount,
Water Corp.
$1,256,820
586,591
—65,248
Gross income
The new directors are W. R. Davis, who, personally or through affilia¬
tions, owns approximately 22% of Panhandle's stock; Arthur L. Hobson,
Jr., an attorney for Mr. Davis, and Richard Bennett, representing a
business.—V.
$3.25 Dividend—
$3.25 per share on the common
stock, par $50, payable June 15 to holders of record May 31. Dividend of
$2 was paid on March 15, and on Dec. 15, last; dividend of $1.25 was paid
on Sept. 15, last; $1.75 was paid on June 15, 1939; one of $1 was paid on
March 15, 1939; $1.25 was paid on Dec. 15, 1938; dividends of $1 were paid
on Sept. 15, and on June 15, 1938; $1.25 paid on March 15, 1938; $3 paid on
Dec. 15. 1937; $2 paid on Sept. 15, 1937; $2.50 paid on June 15, 1937, and a
dividend of $1.25 paid on March 15, 1937.—V. 150, p. 1451.
.
State
54
149, p. 3273.
Peoples Drug Stores,
Inc.—Special Dividend—
dividend of 25 cents per share in addi¬
quarterly dividend of 25 cents per share on the common
stock, both payable July 1 to holders of record June 8.
See also V. 150,
p. 1144.—V. 150, p. 3061.
Directors have declared a special
tion to the regular
V ylume
The Commercial & Financial Chronicle
150
Pennsylvania Telephone Corp.
1939
1938
$
$
Assets—
Telephone
Miscell.
1939
$2.50 cum.pfd.stk.
&c_13,679,194 13,547,948
invest'ts.
49,900
Accts. rec.
39,249
402,730
Cash
Special cash dep..
Working funds...
216,277
6,970
197,973
1,744,600
a
166,579
Premium
1,350,000
96,261
69,871
24,999
192,124
23,977
215,211
Accrued
70,416
taxes
Accr'd int.
on
52,000
long-
term debt
Misc.
llabils.
63,913
49,087
reserve._
2,051,003
2,144,502
curr.
Deprec'n
i
1939
S
Liabilities—
82,649,335
16,308,000
Time drafts and
deposits
Traffic bals. rec.
3,063,000
452,847
2,849
1,461
632,947
1,008,566
plant
Earned surplus
Total
a
,
—.14,715,574 14,359,2761
Less expenses
Total.
...14,715,574 14,359,276
Misc. accounts.
1,024,733
1.278.842
Calendar Years—
'
Accrd. deprec.—
miscell. phys.
5,676
127
140,627
Ins. & cas'lty res
158,475
149,014
Unadjusted accts
974,561
157,252
809,467
2,902,949
38,172,020
2,895,854
37,689,862
...120,902,049
118,044,529
Mat'l & supplies
2,262,560
Non-operating income.
:-V
payable
120,902,049
Additions
13,111
$5,364
$5,312
80
168
...
$7,408
1,553
$5,444
1,405
$5,480
1,112
6,270
6,270
6,270
Net loss.
$415
Balance Sheet Dec. 31,
$1,902
$2,230
1939
Assets—Property, plant and equipment, $104,063; investment
stock of affiliated
company, $70; cash,
total, $111,129.
Net
31—
expenses.
Philadelphia Transportation Co.—Tenders—
ortSPIders of consolidated mortgage 3%-6% bonds series A, due
$39,600
154,566
252,287
$52,900
175,226
$558,598
521,159
729,134
$234,861
410,788
595,665
$137,321
$98,108
$766,573
11,714
60,084
$419,738
43,030
$155,932
Cr5,193
3,374
$109,822
$826,657
37,441
3,372
108,694
10,329
$462,768
95,960
10,513
$157,751
$69,009
$707,634
$356,295
from ry. opers
oper. income.
_
Total income
Misc. deducts, from inc.
Total fixed charges
130,018
Net inc.after fixed chgsi
$2 Dividend—
Directors have declared
a
dividend of $2 per share on the capital stock,
$50, payable June 15 to holders of record May 24.
This compares
with $3 paid on Dec. 15, last: 50 centg paid on June 15, 1939; $1.25 paid on
Dec. 15, 1938; 50 cents paid on June 15, 1938; $2.50 paid on Dec. 15, 1937;
par
$2 paid
Jan. 1,
being notified that the Fidelity-Philadelphia Trust Co., Phila¬
delphia, Pa., will until July 1, next receive bids for the sale to it of these
are
a
on June 15, 1937; $2.25 on Feb. 1, 1937; $1.50 on Dec. 23, 1936 and
regular semi-annual dividend of $1.25 paid on Aug. 1, 1936.—V. 150,
P. 2894.
at prices not exceeding face amount.
!\'v
Philippine
Long
Philip W. Pillsbury, grandson of one of the founders, was on May 7
elected President of this company at a
meeting of the board of directors.
He had been Treasurer of the
company, and succeeds Clark Hempstead,
who was elected Co-Chairman with John
S. Pillsbury and made general
counsel.
Alfred E. Malion,
Vice-President, was named also to hold the
post of Treasurer.—V. 149, p. 1035,
Assets—
$5,634,432
Investments
105,715
Cash (incl. work, funds)
Accts. rec. (less reserve)
512,376
86,276
332,740
5,172
165,955
Materials and supplies
Deferred charges
Pittsburgh & Lake Erie RR.-—Earnings—
Common stock
$3,528,550
1,468,500
29,698
Taxes accrued
82,542
Interest accrued on fund, debt
44,146
Other current & accr. liabilities
8,313
Deferred credits
7,007
Reserves
1,297,344
Earned surplus
376,566
1st mortgage 6s
Accounts payable
....
Operating Statistics for Calendar Years
Miles operated
233
Tons
(rev.) freight
Company's freight
1937
233
1936
234
234
25,835,334
532,780
18,579,199
31,991,596
29,661,627
394,262
826,336
759,757
Rev. tons 1 mile
1,566,228,679 1,188.785,110 1,888,597,467 1,780,680,258
Company freight 1 mile..
27,033,321
18,543,890
38,017,533
35,666,742
Bituminous coal (tons)..
10,563,538
9,288,322
12,728,039
12,800,017
Coke (tons)
1,083,646
672,954
1,552,968
1,080,076
Iron ore (tons)
3,847,628
1,697,224
4,769,274
3,513,506
Stone, sand, &c. (tons)..
291,808
199,271
352.808
374,699
Passengers carried
1,084,275
1,242,987
1,773,886
1,960,541
Passengers 1 mile
33,727,968
30,324,362,
45,618,730
49,720,681
Earns, per ton per mile..
Gross earnings per mile..
1.16 Cts,
1.10 cts.
1.15 cts.
1.17 cts.
$82,636
$60,865
$98,660
$94,960
Total oper.
1939
1937
1936
revenue__$19,250,994 $14,179,067 $23,069,704 $22,204,490
-
Gen. & misc. expenses..
1,801,034
6,790,214
327,695
5,925,047
928,374
1,340,370
4,810,735
328,450
5,360,239
959,924
2,123,911
8,439,308
333,288
7,333,334
1,051,526
2,058,959
7,101,610
318,302
6,728,203
998,884
42
expenses..
Transportation expenses
66
284
$15,772,323 $12,799,652 $19,281,083 $17,205,609
(81.93)
(90.27)
(83.58)
(77.49)
3,478,671
1,379,415
3,788,621
4,998,882
Railway tax accruals...
2,042,681
1,570,568
1,918,097
2,127,418
Railway oper. income $1,435,990
Equip, rents, net credit.
2,332,935
Jt. facil. rents net credit
37,791
y$191,153
1,971,268
23,051
$1,870,524
2,262,979
4,327
$2,871,464
1,990,759
33,003
$3,806,716
$1,803,166
$4,137,830
$4,895,227
1,599
44,347
1,566
48,843
1,326
46,750
1,326
47,539
4,868
422,322
17,869
1,769
148,900
22,641
345
68
360,518
45,644
426,427
\ 18,541
13,577
23,021
26,029
35,643
4,412
Net ry. oper. income.
4,372
4,000
$534,527
5,429,754
Other Income—
Inc. from lease of road..
Miscell. rent income....
Miscell. non-oper. phys.
property
Dividend income
Inc. from fund,
securs._
Inc. from unfund.
and accounts
from
reserve
Miscellaneous
691
403
4,000
1,286
$509,685
4,316,402
$251,516
2,054,682
$485,899
4,623,728
982
Deductions—
Rents for leased roads
Int.
on
__
38,907
40,879
46,427
799
"T.867
655,694
30,830
287,162
26,252
4,646
3,036
503.063
funded debt
on unfunded debt..
Inc. transf. to other cos.
Other miscell. charges..
deductions
Per cent
Shares
y
123,800
15,796
3,092
669,019
26,798
27,026
Mos.—1939
$5,079,404
361,841
558,530
316,311
3,978,740
149,754
$5,043,039
303,603
479,074
314,268
3,807,274
144,882
126,942
104,600
73,930
x$412,714
15,000
266,740
x$l10,662
15,000
226,102
$29,868
2,278
$69,454
5,185
$351,764
7,780
$204,279
15,562
$27,590
246,724
$689,269
278,700
$343,984
744,592
$219,841
$274,314
$967,969
$1,088,576
Net teleg.& cable oper.
89,080
_
$205,934
1,655
Operating loss.
Nonoperating income
Loss
...
Deductions
.......
Deficit
Loss.—V. 150, p
$49,062
5,000 ;
*$111,854
5,000
revenues
Uncoil, oper. revenues
Taxes assign, to opers.
.
2894.
Public Service Co. of New
Period End. Apr. 30—
Operating revenues
Operating expenses
Extraordinary exp. due
Hampshire—Earnings—
1940—Afonf/i—1939
1940—12 Mos.—1939
$6,596,850
$6,135,147
3,317,703
2,911,159
$521,283
255,675
$500,273
238,919
77,401
5,356
18,994
78,340
4,856
23,085
905,791
65,134
277,413
$163,857
Dr72
$155,073
1,496
$2,030,809
Dr2,753
$163,785
58,361
564
8,953
$156,569
58,361
431
8,775
$2,028,056
700,337
865
113,007,
$95,907
$89,002
55,816
„
275,000
914,593
to 1938 storm
State and municipaltaxes
Social security taxes
Fed. (incl. inc. tax) taxes
Net oper. income
Non-oper. income (net).
Bond interest
Other interest (net)
Other deductions
Net income
Pref. div. requirements.
—V. 150, p. 2592.
55,816
62,975
274,468
,
$1,213,847
669,797
$1,696,952
23,232
$1,720,184
697,994
Crl9,492
117,949
$923,733
640,672
Puget Sound Pulp & Timber Co .—Common Dividend—
Directors have declared a
was
dividend of 75
paid'on April 1, last and previous
cents per share on the common
Oct. 11, 1937
common
$726,153
3,590,249
3.022,775
(7)
$356,161
1,698,521
1,511.387
(3 y2)
$584,198
4,039,530
5,829,637
(13 y2)
$838,505
4,591,249
2,375,037
(5 M)
863,650
$4.15
863,650
$1.96
863,650
$4.68
863,650
$5.32
Earnings for 4 Months Ended April 30, 1940
Net earnings after allowance for preferred dividends and after
1939
were
charged to
Earnings per share on common stock
The company's net profits have shown
accumu¬
$393.437
$1.35
substantial increases each month
this year, April revenue being equivalent to 45 cents a share on the common
stock.
Earnings by months follow: January, $77,115; February, $84,166;
March,
Deficit.
Note—Dividends from 1935 to and incl.
lated surplus.
Dividends of 50 cents
distribution was made on
and amounted to 25 cents per share.
all charges
of
capital stock
outstanding (par $50)
Earns, per sh. on cap.stk
'
1940—3
stock, payable June 1 to holders of record May 23.
Info
Total
Telegraph Inc. (& Subs.)—Earnings—
Gross income.
•
and
funds
income..
Total other income..
.—$6,842,665
appeared in the "Chronicle"
End.
...
secure.
sink,
Total
year 1939
150, P. 2893.
Mar. 31— 1940—Month—1939
Teleg. & cable oper. revs. : hi,756,730
$1,827,301
127,730
Repairs
106,589
199,273
159,691
Deprec. and amortizat'n
All other maintenance..
89,489
103,061
1,356,580
1,323,363
Conducting operations.
Relief depts. & pensions.
50,094
50,162
All other general & mis¬
cellaneous expenses—
35,373
45,418
x
Total expenses.
other
Postal
Period
350
investment
Per cent. exps. to earns.
Net railway revenue
Income
$6,842,665
Note—Earnings for the calendar
_
Expenses—
Transp. for
(credit)
1938
$18,146,583 $13,111,013 $21,648,673 $20,883,721
480,827
517,859
723,967
687,362
369,551
304,721
371,956
334,856
254,033
245,474
361,713
261,945
Maint. of way & struct.
Maint. of equipment
Traffic
Total
of May 4, page 2893.—V.
_
Income Account for Calendar Years
Earnings—
Freight
Passenger
Mail, express, &c
Incidental, &c_.__
Co,—Balance
Liabilities—
Fixed assets
Other assets.......—.......
1938
Telephone
Distance
Sheet Dec. 31,1939—
Pillsbury Flour Mills Co .—-New President, Etc.—
1939
Mos.—1939
$5,137,887
$3,926,738
4,579,289
3,691,877
$1,441,794
1,388,894
in capital
total, $111,129
1940—3
$1,587,493
1,547,893
18,611
oper.
rev.
to Date
1940—Month—1939
Other income
$360; accounts receivable, $6,636;
^tock (2 000 no par shares), $20,000; deficit, $34,892;
V ,14:9, p. o27o.
Mar.
Railway tax accruals-Dr
Equip.& jt.facil.rents-Cr
Liabilities—Notes payable to
parent
company,
$116,647; accounts
payable, $58; accrued taxes, $22; accrued auditing expense, $176; consumers'
deposits, $205; due to affiliated companies, $1,769; reserves, $7,144; capital
lSO^p^SM116 SUni
End.
oper. revenues.
Netry.
_
Total
118,044,529
5,993,692
thru
oss__
Earnings for March and Year
Period
'
—V
properties
income &sur p.
Railway
Railway
161
5,937,346
Profit and
1937
$7,247
_
Gross income
Prov. for retirements & replacements.
Int. to Amer. Gas & Power Co. on
2039
& Y.RR
2.531.843
$18,423
23,129,381
1,667
484,958
268,685
1938
14,982
Non-operating income.
notes
Deprec. (equip.) 24,229,895
deprec.
equip. P.McK.
Accrued
8,592
210,042
366,971
303,385
$21,141
15,777
1939
$22,230
expenses
25
475,966
72,192
22,882
1,667
Corp.—Earnings—
revenues
25
663,314
._
Def. credit items
8,743
180,386
curr. assets
Total
61,680
477 052
1,933,308
Interest matured
Miscellaneous
Deferred assets.
UnadJ. debits..
Special deposits-
outstanding.
Note—Earnings for the calendar year 1939 appeared in the "Chronicle"
of May 4, page 2892.—V. 150,
p. 2892.
Penobscot Valley Gas
61,675
866,992
2,692,489
Taxes accrued..
on long-term debt in process of amortization over the
life of the bonds
Operating
Operating
to affil. cos
63,000
552,218
Oth.
285
1,165,885
Traffic bals. pay
12,793
1,644,840
3,749,967
interest,
dividends, &c
285
Non-negot. debt
1,720,779
4,396.719
Accrd
43,182,500
1,030,965
Accts. & wages.
Agents & condrs
Contrib'ns oftelep.
stk .sold
300,000
...
$
43,182,500
8,076,777
Advances.
15,670,661
Other Investm'ts
12,793
Cash
on
1938
$
Capital stock
Prem.
8,076,677
300,000
Notes
'
1938
$
Misc. phys. prop
Telephone Corp.
Accounts payable
Adv. billing & pay.
.
deferred charges
5,200,000
Ad vs. from Gen.
Prepaid accts. and
Assets—•
Road & equipm't
82,673,455
Inv.in affil. cos.:
Stocks
2,500,000
2,650,000
5,200,000
12,866
Long-term debt
128,938
238,389
250,745
cum. pref. stk.
($100 par)
Com. stk.($50 par)
6,970
14,925
15,550
112,511
(net)..
Mat'ls & supplies.
6%
1939
$
3,718,195
3213
General Balance
1938
$
Liabilities—
plant,
equipment,
-Balance Sheet Dec. 31-
$105,004, and April, $127,151.
Previous earnings are not comparable due to the fact that the new Bellingmill was not completed and in operation until late in 1938.
The
ham
Bellingham mill, whicn represents about 76% of the company's productive
capacity, is proving to be one of the lowest cost pulp-producers in the
United States—Y. 150, p. 2741.
The Commercial & Financial
3214
Operation
_
$20.588,114
1,731,642
847,959
..
5,833,372
1.151,147
2,257,609
675,824
2,114,917
-
.
Maintenance
Provision for depreciation
Federal income taxes
— -
Other taxes
.$5,975,643
Dr232,716
Net operating income
Other income.
——--—.
Gross income
$5,742,927
2,528,408
592.927
78,726
— —
Interest on long-term debt..
Amortization of debt discount
and expense
Miscellaneous deductions
-
.
$2,542,867
944,979
.
$1,597,887
...
requirements
b Remainder—applicable to common
Earnings per share of common
stock—
$1.55
stock
proposed new preferred stock to be outstanding after consummation
of consolidation plan (377,991 16-20 shares at $2.50 per share),
b 1,030,873
On
a
6-10 shares.
Utility plant
Construction fund
a
4,877,468
$2,009,445
788,703
$1,579,527
Total income--------— $2,798,150
1.935,621
Interest and discount
400,000
Settlement of lease obligation
60,359
Provision for contingencies
71,299
$2,640,915
Common stock
Long-term debt
504,894
Liability for retirement of
Terminal
Realty
Corp.
preferred stock
Customers' deposits
Mlscell. deferred liabilities.-
695,145
17,746
Accounts payable
820,547
discount
and expense
properties
ry.
29,643
—abandoned
charges
and
prepaid
342,581
accounts (less reserves)—
Gross income—.
Other income
not
capital assets. - — ._
of affiliated and foreign
1,061,388
2,008,405
30,353
investments and
on
Provision for losses
sub.
Participation of officers and employees in profits.
Trustee's administrative expenses
Sundry other charges
Provision for income and excess-profits taxes
26,643
53,585
consolidated
_
47,782
177,247
49,874
282,006
211",186
18,540
276,169
$228,608 prof$18,604
Net loss for year
Accrued
from
cash
than
»
other
T
April 1, 1940 to Sept. 30,
r
1940
97,646
534,213
companies.
1,916,820
taxes
Federal income taxes & ac¬
574,261
(net)
5,951,593
2,255,846
-
-
Due to affiliated
Accounts receivable
17,865
Due from affiliated cos
1,520,576
Material and suplles
570,526
crued interest thereon
137,975
Mlscell. current liabilities—
5,238,330
Depreciation reserve
reserve
Contingency
Federal Income taxes
215,953
Miscellaneous reserves
1,200,711
Capital surplus
$123,110,5921
Total
$123,110,592
Total
Represented by 1,030,873 6-10 shares of no par value.
on March 31,1940 balance sheets of constituent
Note—Based
adjusted to give effect to certain
period from April 1, 1940 to Sept.
corporations
transactions contemplated during
30, 1940.V. 150, p. 3062.
$583,296
$2,384,056
$2,273,502
$185,671
147,220
$175,348
141,024
$599,997
457,977
$556,863
$119,752
Net revenue
$38,450
—
Total net revenue..
Taxes accrued
Operating income
—V. 150, p. 2436.
437,112
•
$34,324
$142,020
$803,902
395,147
$617,620
349,149
$2,526,077
1.206,323
$2,393,254
1,210,793
$408,755
$268,471
$1,319,754
Mortgage instalments
not
3,255,488
released..
Period End.
April 30—
$183,460
Remittances from foreign subs,
at cost
4,132,597
150,040
Deferred accts. payable
584,245
228,039
Funded debt of sub. cos
21,272,017
held in abeyance
-
Accessories and supplies
322,811
produced
Investments in affiliated
and
2,921,783
companies
other
459,654
1,097,626
Other assets
Deferred charges
$70,959,513
$70,959,513
Total
giving effect as at Jan. 1,1940 to the carry¬
ing out of the plan of reorganization of the predecessor company, RadioKeith-Orpheum Corp. (Md.), confirmed by the court on April 11, 1939,
together with various agreements incidental to the terms of the plan; the
valuation by the board of directors of the assets acquired from the prede¬
cessor company pursuant to the plan and the segregation of $5,000,000 from
initial capital surplus as a general reserve; the collection of net proceeds of
$1,392,682 for 500,000 shares of common stock of Radio-Keith-Orpheum
Corp. (Del.), issued for cash in accordance with the plan; the payment of
$50,083 in liquidation of secured 6% gold notes of the predecessor company
together with accrued interest thereon and the payment of $16,049 in
settlement of various minor obligations of the predecessor company, which
notes and other obligations were assumed under the plan.
—V. 150, p. 1004.
Reinhardt Brewing Co.—Pays Liquidating Dividend—
of $2 per share to its stockholders
Company paid a liquidating dividend
May 1, last.—V. 150, p. 443.
1940—4 Mos.—1939
$755,382
$728,039
Mar.
End.
Inc.—Earnings—
1940—Month—1939
$599,813
$527,904
113,627
164,917
31-
Total oper. revenues
Net oper. revenues.....
income transferred
to earned surplus
1940—3 Mos.—1939
$1,810,143
$1,414,472
479,745
244,271
363,951
132,114
(Del.)—Listing
of 6%
has authorized the listing of (1) 128,170
(par $100) (convertible into shares of common
1947 unless sooner retired), which are issued
and outstanding, (2) 2,753,053 shares of its common stock (par $1), which
are issued
and outstanding, (3) 1,025,360 shares of common stock on
official notice of issuance, on the conversion of the shares of its 6% preferred
stock, (4) 2,559,573 shares of common stock, on official notice of issuance,
on the exercise of its option warrants to purchase common stock, and (5),
147 shares common stock on official notice of issuance, now reserved for
issuance, making a total of 128,170 shares of such 6% preferred stock and
6,338,133 shares of common stock applied for.
The original certificate of incorporation of the corporation was filed in
Delaware July 24, 1939 and amended Dec. 21, 1939 (which certificate
supersedes the original certificate of incorporation in accordance with
Delaware law).
Corporation was formed to take over the assets and to
assume certain liabilities of its predecessor corporation of the same name,
pursuant to the plan of reorganization confirmed by the U. S. District
Court for the Southern District of New York on April 11, 1939. Pursuant
to an order of the court dated Jan. 18, 1940, but entered Jan. 20, 1940,
substantially all the assets of its predecessor having value were transferred
to the corporation free and clear of all claims of creditors and stockholders
predecessor except as provided in the plan of
reorganization and the
liens in favor of persons to whom the court shall make
proceedings), and the corporation assumed
contemplated by the plan of re¬
organization.
Such transfer and assumption occurred on Jan. 26, 1940 (but
effective as of Jan. 1, 1940), and since then the corporation has been con¬
ducting the business heretofore conducted by and on behalf of its predecessor.
The general effect of the plan of reorganization is to enable a continuance
of the business of the predecessor, relieved from most of the indebtedness
and liabilities of the predecessor and furnished with certain cash for its
requirements.
The plan of reorganization accomplishes such effect by
converting the secured indebtedness (not assumed) into 6% preferred stock
and common stock; converting the unsecured indebtedness into common
stock; providing for the liquidation of contingent claims either in cash or
in common stock; issuing to the stockholders of the predecessor common
stock and option warrants; and selling for cash certain shares of common
stock through an offering thereof to nolders of certain claims against the
predecessor, which offering was "underwritten" by Atlas Corp.
Shortly before the transfer of the assets and assumption of liabilities,
500,000 shares of the common stock were sold under the offering and
"underwriting" at $3 per share (less certain commissions under the "under¬
writing" agreement), the net cash proceeds to the corporation of which
offering and "underwriting" was $1,392,682. Forthwith after such transfer
and assumption, the securities of the corporation deliverable upon surrender
of securities of and claims against the predecessor were made available to
the holders thereof at the office of Bankers Trust Co., the distribution
agent of the corporation.
All the 6% preferred stock, common stock and
option warrants issued and outstanding immediately after the acquisition
by the corporation of the assets of its predecessor are the securities of the
corporation delivered or deliverable to stockholders and creditors of the
predecessor or (in the case of common stock) sold for cash.
order (but subject to
allowances in the reorganization
certain liabilities of the predecessor as
•
*
Reliance Steel Co.—Common Dividend—
dividend of 10 cents per share on the common
Directors have declared a
The New York Stock Exchange
shares of 6% preferred stock
stock on or before April 11,
68,462
124,080
—V. 150, p. 2436.
Preferred and Common Stock—
Reserves
22,421,855 Capital stocks of subs. In
A
hands of public and cumul.
Buildings, equip. & improv.. 14,598,481
5,008,973
divs. in arrears on pref. stk.
Leasehold improvements and
12,817,000
equipment..
4,465,358 6% preferred stock
2,745,622
Common stock (par $1)
Leaseholds, goodwill and con¬
15,898,367
tracts, less amortization..
4,028,244 Capital surplus
Land
Net
Corp.
129,194
5,958,808
Deferred income
Scenarios and continuities not
on
—Y. 150, p. 2436.
Radio-Keith-Orpheum
561,940
472,012
'<*
3,307,709
Productions In progress, &c.
Period
$177,803
238,588
403,557
payable
within year
Deposits
less amortization
$1,182,461
1940—Month—1939
-
Other accrued expenses
Released productions, at cost
Co.—Sales—
Sales.
213,308
1,059,112
Accrued Interest
R. C. A. Communications,
Reed Drug
-A
not
Accrued taxes
717,207
Note—Above figures are after
$765,452
Auxiliary operations—
Total expenses
pro¬
productions,
Completed
and Auxiliary Operations]
31— 1940—Month—1939
1940—3 Afo5.—1939
Sleeping car operations—
$5,043,428 $15,705,896 $15,343,224
Total revenues
$5,208,756
4,460,132
13.321,839
13,069,722
Total expenses
4,443,305
Total revenues
outside
ducers, less reserve
the
Mar.
—
to
to subs,
pay.
consolidated
employees..—18,908
Advances
payable
Accounts,
officers &
Total
[Revenues and Expenses of Car
Net revenue
673,009
—
$250,749
3,117,979
Notes and trade accept, pay.
Accounts
less
Notes and accounts rec.,
Pullman Co.;—Earnings—
End.
$8,398,845
Cash
for
316,410
Liabilities—
.
Accounts rec. from
1940
Subsidiary Cos •1
Consolidated Balance Sheet, Jan. 1,
A £<iPjR——
reserve.—------
283,650
Accrued interest
Estimated increase in assets
of the
—
Radio-Keith-Orpheum Corp. (Del.) and
$18,899,590
25,771,840
66,393,487
6,124,289
debt
Unamortized
Period
4,464,070
15,452,185
1,602,165
Pro Forma
5% preferred stock (par $50)
$100,911,574
Investments
a
8,386,881
4,261,847
5,146,015
—
15,202,549
assets— 1,538,005
Sheet as of Sept. 30, 1940
(Dresser
Power Corp.)
Cash
——-
and expenses
Royalties and participations
Film selling and general expenses
Other operating and generalexpensesDepreciation and amortization of capital
Liabilities—
Defd.
-$51,406,261 $56,275,419
6,243,277
6,350,648
16,802,898 18,642,166
Total
Film service.-
Amortization of film costs
,
Pro Forma Balance
Inter urban
1938
$22,951,936
30,467,583
2,855,899
Income—Theatre admissions
$23,001,079
Film rentals and sales
-—25,605,669
Rents and other operating income
2,799,514
Loss
Net income
Annual dividend
a
Subsidiaries]
1939
Giving effect to consummation of proposed consolidation plan of Public
Service Co. of Indiana. Central Indiana Power Co. and Terre Haute
Electric Co., Inc., as outlined in V. 150, p. 2894J
Operating revenues
Power purchased,
Gas purchased
Calendar Years
[Radio-Keith-Orpheum Corp. (Md.) and
1940
of Income for Year Ended March 31,
Pro Forma Statement
Consolidated Income Account for
Indiana. Inc.—Earnings—
Public Service Co. of
May 18, 1940
Chronicle
stock, payable June 12 to holders of record May
tribution amounted to 20 cents per share and was
—V. 150, p.
Republic Petroleum Co.-
-Earnings—
$104,270
48,732
Profit.
Profit
from
on
subsidiaries
$85,690
1,787
45,424
13,551
Taxes
-
-
$114,207
7,789
54,970
9,087
$24,929
y$0.05
Total profit
Other expense, net of other income
Provision for depletion and depreciation.
Net profit
Earnings per share.
$86,731
27,475
140
capital assets.
sale of
$141,435
54,703
$.55,539
30,012
Operating revenue
;
Operating and general expenses
Profit
1939
1940
3 Months Ended March 31—
x
25. Last previous dis¬
made on Oct. 15, 1937.
852.
$42,361
y$0.11
by inclusion of oil inventories not previously taken into
account,
y After
dividends on 5cumulative convertible preferred
stock series A.—V. 150, p. 1948.
"•
x
Increased $5,840
Reynolds Spring Co.-
$868,813
817,191
$1,652,729
1,456,480
$204,424
x88,529
32,110
$51,622
y81,811
27,868
$196,249
y97,934
23,241
46,274
11,734
70,738
12",085
11,720
property
Interest
Prov. for Fed. inc. taxes!
Inventory adjustment.
Net
"
z4"O,666
2 ,466
9,731
•
_
profit
Shs. cap. stk. ($1 par)_Earnings per share
x
1937
1938
$1,332,925
1,128,501
$579,818
107,434
21,390
profit
Sell., adm. & gen. exps
Depreciation
Real & pers'l
taxes, &c
1939
$2,499,593
1,919,773
Cost of sales
Gross
Earnings—
1940
Quar. End. Mar. 31—
Sales
$322,251
290,000
$1.11
$71,700 loss$109,777
290,000
290,000
$0.24
Nil
$62,876
290,000
$0.21
($12,707 in 1939) for idle plant expense, and other ex¬
Includes $6,191 $2,742 in 1937) for idle plant expense, less
Includes $9,780
penses (net).
other income
y
(net),
z Balance of excess costs incurred in connection with
starting production for 1938 models, &c., not absorbed in regular costs of
sales to March 31, 1938.
Prior practice has been to write off such excess
costs over regular production, but due to subnormal conditions now pre¬
vailing in the industry, the management felt it advisable to eliminate all
such items from the inventories at March 31, 1938.
Volume
The Commercial & Financial Chronicle
150
Balance Sheet March 31
Assets—
1940
Cash..
Advs. to
<fcc_
1939
$201,514
Due from bond.
x
28,413
1939
1940
sur.
$1,578,189 $1,674,941
& accr'd interest
Loan rec., officers.
Inventories
5,742
5,743
7,988
439,155
13,821
10,624
2,396,567
300,000
122,696
73,117
of life ins
1,667,878
Patents,
goodwill
& development.
l
48,758
304,000
taxes
57,736
Res.
for
718
7,321
6,250
$558,411; contributions in aid of
construction, $33,018; capital and paid-in
..
Operating
Operating
Represented by 290,000 shares,
year.—V. 150, p. 1786.
Total
par
SI.
$3,358,413 $3,588,768
.....
y
Includes $60,000 due within
Dec.
Federal gasoline
State &
and oil taxes
31
Year End.
'39 Dec.
31
to
'38
Dec.
31
'37
Total
i
Selling,
general
and
$28,769
375
$27,620
$30,153
$29,144
$28,422
802
279
450
665
4,152
payable
4,052
4,050
5,520
5,553 '.<*■
5,520
$20,202
4,344
Z_.1I
Remainder of net income
Common dividends
$19,089
4,344
$18,187
$15,858
10,000
Preferred dividends...
$33,622,142
1,380,350
$44,071,936 $40,575,735 $35,002,493
24,195,114
23,169,470
21,017,630
administrative
expense
9,617,952
5,692,427
1,189,720
Balance
8,867,436
5,167,631
894.216
8,330,508
3,526,306
300,782
$3,376,722
Deprec., deplet. and amortization
Dry hole losses and abandonments
$2,476,982
87,771
$1,827,267
23,874
$2,564,753
357.217
$14,745
$13,635
10,000
4.552
10,000
Balance Sheet Dec. 31, 1939
65,946
Total..
$3,442,668
Interest on debentures
376,748
Amort, of deb. discount, less discount
on debentures
reacquired
63,993
Other interest
61,422
....
Provision for Federal income taxes..
Net profit.
Dividends paid
Includes $806 surtax
on
80,023
43,348
x86,540
3,159
100,000
400",600
$2,601,926
2,003,509
Earned surplus additions at Dec. 31
$2,042,955
2,002,341
$598,417
$1,406,456
996,660
$40,615
$409,796
undistributed profits of subsidiaries.
1940
1939
Sales, excl. State and Federal gasoline
$10,474,376
608,416
and oil taxes.....
Other operating revenue
Selling,
general
and
$9,849,656
247,568
$10,066,904
545,447
$11,082,792 $10,097,224
6,006,128
5,610,314
expenses.
$10,612,350
6,303,398
2,233,984
1,429,511
295,638
2,201,925
1,139,497
266,010
$671,353
$701,520
Cr 15,580
Interest on debentures
Amortiz. of debenture discount
Est. prov. for Federal income taxes.
2,115
94,198
15,998
40,000
6,437
74,755
93,931
31,630
•60,000
$947,550
12,543
60,000
$519,043
$547,784
1939
J
Cash
$j£
12,532,639
Accts. and notes
receivable
3,958,156
3,220,410
products
Liabilities—
Other
14,546,741 15,341,423
1,783,749
961,953
230,924
389,658
Cash in deb. sink.
1938
Sinking fund
Cash
.
liab_.
.
.
Res. for
Rutland
Period End.
oper.
oper.
,184,720
Merchandise accts. receivable
Other accts. receivable
303,882
26,643
Accr. int.
108,424
19,288
4,115
287,125
Accrued payroll
Preferred dividends
919,889
Other liabilities
Accr.
Other assets
Unamort. debt disc. & exp__
Losses
on
abandonment of
railway properties.
int.,
67,598
22,968
23,250
132,110
73,981
payable.
1,449,826
Earned surplus
....$15,756,044
867,964
...
Total
$15,756,044
Note—Earnings for the year ended Dec. 31, 1939,
••Chronicle" of May 4, page 2895.—V. 150, p. 2895.
San Diego Consolidated Gas & Electric
Year Ended March 31—
appeared
.....
Operation
....
...
1,618,702
292,403
9,514,304
Other
in
the
Co.—Earnings
1940
revenues
conting.
162,229
251,365
y Capital stock.., .74,670,874 74,670,874
Earned surplus..
1,048,827
450,410
.
Net operating income..
$8,698,514
3,084,613
725,518
2
1,379,851
1939
$8,597,459
3,103,613
627,421
1,355,000
429
460
1,185,680
236,725
1,046,680
....
.
$2,085,691
$2,195,480
income
268,804
Gross
Interest
2,191
income
on
........
funded debt
—
Amortization of debt discount and expense
Other interest
......
Interest charged to construction
Miscellaneous deductions
Total
..90,589,586 89,127,442
Net income
$2,195,973
$1,409,495
2,308,655
117,749
$1,505,640
13,331
.
.....
$3,571,524
440,475
802,600
19,793
$2,308,655
60,347
....
Preferred stock dividends
1940—3 Mos.—1939
$818,287
$777,465
736,647
785,703
440,475
,
2,005,536
years
Miscellaneous (net) charges—
1940—Month—1939
$285,760
$282,194
247,701
272,951
61,954
9,657
CY8.948
7,670
$2,579,494
Adjustment of taxes applicable to prior
Common stock dividends
620.000
$3,835,900
...
Total
493
$2,087,888
620,000
61,954
8,042
CY19.952
Earned surplus, beginning of period—
Insurance refund applicable to prior years
RR.—Earnings—
expenses.
other
Reserves
48,020
Mar.
revenues.
31,375
and
taxes
charges
.
accr.
z After reserve of $254,154 in 1939 and $204,436 in 1938.
of $49,214 in 1939 and $49,481 in 1938.—V.
150, p. 1145.
31—
21,705
Provision for Federal Inc. tax
_
deferred charges and
miscellaneous unadj. debits
Total
1,961
funded debt and
on
unpresented coupons
Consumers' deposits
Prepaid, Ins., taxes and other
expenses
7,566,000
52,472
84,834
equip..
Advisers, Inc
260
street
on
Current account with Electric
5,197
cos.
2,329,383
for depreciation and depletion of $14,209,793 in 1939 and
$8,614,876 in 1938.
y Represented by 4,007,049 (4,006,609 in 1938) no
par shares, excluding 2,951 (3,391 in 1938) shs. held for
exchange for out¬
reserve
debt
Notes payable due
Accounts payable
Taxes (other than income taxes)
Provision for Federal income taxes
reserve
standing scrip,
Funded and other long term
48,714
13,012
Amortization of limited-term investments
33,000
x Capital
assets...53,064,191 54,631,115
Deferred charges.. 2,013,945
2,050,243
90,589,586 89,127,4421
Co.-
Common stock
37,041
....
deposit to pay int...
Consumers' accounts receiv..
on
$
fund
Total
assets
Cash
2,704,900
2,128,771
361,071
9,512,915
.
Power
5% cumulative pref. stock.. $1,860,000
($100 par)..
3,500,000
32,962
$
Accounts payable
Accrued taxes
Long-term debt..
Crude oil & refined
Mat'ls & supplies.
a Misc. inv. & adv.
1939
&
LtabilUies—
Investments
Depreciation
1938
J
..14,958,881
Heat
Light,
Maintenance and repairs
Consolidated Balance Sheet Dec. 31
•
'■
Railway,
Property, plant & equlpment.$13,716,850
Operating
Net profit
After
Joseph
AsseZs—
Other
2,141,183
1,400,181
274,192
$1,117,531
Non-operating charges (net)
St.
Balance Sheet Dec. 31, 1939.—
Merchandise held for resale..
Materials and supplies
1938
administrative
Deprec., deplet. and amortization..
Dry hole losses and abandonments._
Liabilities—Notes payable to parent company, $92,460; accounts
pay¬
able, $5,154; taxes accrued, $3,271; interest on consumers'
deposits, $1,925;
on preferred
stock, $1,086; insurance accruals, $93; due to affil¬
iated company,
$16; consumers' deposits, $4,940; reserve for property
retirements and replacements,
$54,438; 8% cum. pref. stock, $54,300;
common stock ($100
par), $250,000; earned surplus, $61,827; total, $529,510.
—V. 149, p. 3276.
dividends
Current accts. with affll.
Earnings for 3 Months Ended March 31
Total operating income
Cost of sales and services
and equipment, $493,453; investment in capital
affiliated company,
$270; cash. $2,360; accounts receivable,
$20,679; merchandise, materials and supplies, $10,876; insurance
deposit,
$214; deferred charges, $1,657; total, $529,510.
$1,851,140
234,773
Non-oper. income, less charges
Railway
Railway
$82,238
54,618
Assets—Property, plant
Cost of sales and services
After
1937
$81,495
52,725
$29,425
728
...
income
Interest deductions..
Provision for retirem'ts & replaeem'tsi
Interest to American Gas & Power Co.
notes
1938
$81,872
52,446
Net income
$42,910,106 $39,242,273
1,161,830
1,333,462
Other operating revenue
a
1939
:
expenses
Net operating income
(& Subs.)—Earninqs—
Year End.
Period—
Sales, excl.
x
V
revenues
Non-operating
.........$3,358,413 $3,588,7681
total, $5,522,613.—V. 150.
Augustine Gas Co.—Earnings—
Calendar Years—
5,000
Mar. 13 '37
z
S1,777,893: earned surplus, $860,967;
3063
p
workm's'
compensation
Richfield Oil Corp.
!>
parent company, $195,599; accounts payable, $6,496;
a
on
x
no par shares), $50,000; funded debt,
Gross income..
Total
x
©1
40,841
702
9,119
Res. for contings..
3215
8tock (2,000
J®;.0 Parent company (current account), $364; customers' deposits,
accrue(l liabilities, $72,955; provision for Federal income tax,
Icto
unearned revenue, $198; deferred liabilities, $23,313; reserves,
92,233
Taxes payable
Unclaimed diva
74,764
one
f**927,000; due to
St.
1
Deferred charges..
&c_
400,000
Prov. for Fed. inc.
Cash surrender val.
Fixed assets
184,157
100,000
7,988
482,938
782,830
Other notes pay..
2,001
498,854
892,331
Bank notes pay
Accr'd wages,
2,248
927,525
rec.
y315,000
Notes & accts. pay
_
notes
Com. stk. &
Mortgage payable.
salesmen,
Accts. receivable..
Sundry
Liabilities—
$124,658
co.
ei^o-1A^esTCommon
802.600
—
Earned surplus, end of period
—V., 150, p. 2742.
Net
revenue
from
ry.
operations
$38,059
20,050
Net ry. oper. income-
$9,243
17,460
CY5
Railway tax accruals
Equip. & jt. facil. rents.
1,391
x$9,608
4,035
$16,788
12,212
x$76,717
12,508
$23,460
x$5,573
$29,000
deducts,
2.096
1,018
102,657
from
334
34,888
$11,279
charges
$40,795
—V.
v
101,006
on
^
;
.
Includes interest accrued
Co.—Earnings—
1939
$74,102
Net operating income
Non-operating income
x
Deficit,
150, p. 2742.
income
Interest deductions
—
Other deductions.
Preferred dividends.
Remainder of net income
Common dividends
Calendar Years—
1939
Operating revenues
Oper. expenses, depreciation & taxes.
$220,995
$201,662-
4,400
8,546
$239,638
42,647
45,226
$225,395
43,841
40,196
$210,208
44,669
40,734
$141,358
28,283
$124,805
28,283
$113,075
119,000
$96,521
70,000
302,676
r
1938
Assets—Property,
1937
$506,528
316,462
$496,703
309,251
$206,037
$190,066
*187,452
86
92
168
funded debt
$206,122
96,973
$190,158
100,098
5,124
$187,620
197
166
163
Amort, of debt extension expense
Taxes assumed on interest—
Other Interest
97
Interest charged to construction
Miscellaneous deductions
Prov. for Fed. inc. & cap. stock taxest
Net income.
$93,780
Balance Sheet Dec. 31,
105,631
26,698
373
6,142
1,052
CY158
1,107
2,023
$78,519
$50,894
CY4
5,013
10,065
Cr55
'
■
m'*
•»
1939
Assets— Property, plant and equipment, $5,345,179; special cash deposits
and miscellaneous investments, $87; cash, $59,529; accounts receivable
(net), $60,915; accrued unbilled revenue, $20,974; materials and supplies,
$27,796; prepaid taxes, insurance and other prepayments, $6,291; deferred
charges, $1,841; total, $5,522,613.
~
133,000
Balance Sheet Dec. 31, 1939
Corp.—
$531,898
325,861
Other income.
on
$504,337
$123,653
.i
Net Income
v
$167,884
outstanding bonds but unpaid,
Rochester & Lake Ontario Water Service
Interest
1937
$512,422
291,427
$230,794
8,844
... —
1938
$523,344
292,550
$151,765
28,111
Operating revenues...
Operating expenses
Gross
1,073
33,666
charges—
Net deficit after fixed
a
Savannah Gas
Calendar Years—
x$64,209
income..
Total fixed
65,715
2,764
5,446
Total income
Miscell.
x$8.238
$18,014
Other income
a
$81,640
63,596
1,256
,
plant
and
equipment,
$3,177,972;
investment
in
caoital stock of affiliated company, $1,680; cash, $6,479; accounts receiv¬
able, $113,672; merchandise, materials and supplies, $36,588; insurance
deposits. $941; deferred charges, $44,982; total, $3,382,315.
Liabilities—Long-term
debt,
$888,000;
accounts
payable,
$37,224;
interest accrued. $9,400; dividends accrued, $2,340;
other accruals, $1,876; due to affiliated company, $698; consumers' de¬
posits, $13,765; deferred credits, $310; reserves, $521,853; 7% cum. pref.
stock ($25 par), $401,100; common stock (par $25), $1,400,000; earned
surplus, $73,863; total, $3,382,315.—V. 149, p. 3277.
taxes accrued, $31,886;
Schiff Co.—Sales—
Sales
sales
for
for
the
April,
of April, 1940 were $999,306
1939 of $1,156,556.
This was a loss
month
as
compared with
of 13.60%.
Sales for the fourth months period this year were $3,613,627 as compared
with last year of $3,565,750.
This was a gain of 1.34%.—V. 150, p. 2439.
School Sisters of Notre Dame, Milwaukee, Wis.—Bonds
Offered—The Wisconsin Co., Braun, Monroe & Co. and
Paine, Webber & Co., Milwaukee, Wis., on May 3 offered
$1,475,000 1st mtge. serial bonds at prices ranging from
100.75 and int. to 103H and int., to yield from 0.75% to
'
1
The Commercial & Financial Chronicle
3216
May 18,
such Section 210 loans during the
1940
period from August 15, 1931 to Feb. 1.
1935.
certificates outstanding at the close of the
year, $21,270,900 were issued in exchange for equipment trust obligations
of the Seaboard Air Line Ry. outstanding prior to receivership or in exchange
for receivers' certificates maturing Feb. 1, 1935, which had been theretofore
issued in exchange for prior to receivership equipment trust obligations,
and $477,000 were issued for the purpose of acquiring the equipment form¬
erly subject to Georgia, Florida & Alabama Ry. equipment trust, Series
"A".
The $21,747,900 of receivers' certificates does not represent any
debt created since the beginning of the Seaboard receivership.
The receivers' certificates carry interest rates substantially lower than
Of the $21,747,900 receivers'
Scranton-Spring Brook Water Service Co.
Series "A" Due 1967
5s
1st & Ref.
,
TRADING DEPARTMENT
Eastman, Dillon 8 Co.
MEMBERS NEW YORK
will be dated
May
15,
4^% to 6%.
semi-annually
mature
Nov. 15, 1940 to May 15, 1955, inclusive.
Interest payable May 15 and
Nov 15 at offices of the Marshall & Ilsley Bank, Milwaukee, Wis., trustee.
Coupon form in denom. of $1,000 in all maturities, and denom. of $500 in
the May 15, 1955 maturity.
History—The Order of School Sisters of Notre Dame, connected with the
Roman Catholic Church, was established in the United States in 1847.
The Sisters of the Order teach in primary and secondary schools, and in
colleges connected with the Roman Catholic Church.
The School Sisters
of Notre Dame established their American Motherhouse in Milwaukee in
1850.
The growth of the Order, however, has necessitated the division of
its activities from time to time so that there are now five Provinces, with a
total of 5,693 Sisters. 112 Novices, 259 Candidates and 130 Aspirants.
The Sisters of the Order teach in 420 schools having 139,173 pupils.
The
Sisters of the Western Province alone teach in 129 schools having 49,380
pupils.
There are 2,176 Sisters in the Western Province.
School Sisters of Notre Dame is a Wisconsin corporation organized in
1869
„i.': y* • '■'%"?
, • •'. J?**'
:, Y
h,;V-C
r
Purpose—The proceeds of this issue, together with other funds, will be
used to retire $1,550,000 first mortgage refunding serial bonds which is the
remaining portion of an issue of $1,800,000 dated as of June 1, 1936.
Security—Upon completion of this financing these bonds will be secured
by a closed first mortgage on properties, all in Wisconsin, owned by the
School Sisters of Notre Dame appraised at $3,566,815.
^
Scranton-Spring
Brook Water Service
Co.—Consoli¬
1939
1938
1939
Liabilities—
$
$
Assets—
Defer,
i
Spring
rec.
Special
Fed.
loan
Water Ser.
1,446,502
50,000
1,446,502
275,000
Brook Division.
218,039
443,816
Accounts payable.
54,628
sumers
56,288
165,729
211,581
Notes & accts. rec.
1,133,905
849,733
Acer, unbilled rev.
Mat'ls and supplies
Prepaid insur., &c.
Deferred charges..
Other
Totaloper. revenues-$44,163,420 $40,009,744 $42,790,878 $38,346,055
Operating Expenses—
6,663,292
6,127,495
5,960,010
5,560,554
8,887,440
8,189,832
8,665,811
7,982,739
Traffic
2,043,262
2,015,152
1,942,287
1,851,994
Transportation.
16,571.357
15,625,399
15,815,284
14,279,589
Miscell. operations
741,195
569,285
653,811
560,865
General
1,663,117
1,728,458
1,800,574
1,691,650
Transp. for invest.—Cr._
76,495
72,094
100,267
106,782
Maint. of way & struc-Maint. of equipment---
Total oper. expenses-.$36,493,168
Net operating revenues-
Operating income
accr.Int. thereon
249,660
Accrued Items
6,171
380,339
Deferred liabilities
Reserves
.....
$5 cum. pref. stock
$6 cum. pref. stock
a
Common stock
Capital surplus
Earned surplus
Total.........69,750,922 59,917,163
.
.
38,905
1,044,929
5,726
5,414,583
52,758
1,207,500
5,862,500
5,000,000
447,061
3,114,289
56,371
1,049,024
230,650
5,184,803
46,544
1,207,500
5,862,500
6,000,000
445,725
2,621,942
59,750,922 59,917,163
Total
Represented by 100,000 no par shares.
Note—Earnings for the calendar year 1939 appeared in the "Chronicle"
of May 4, page 2896.—V. 150, p. 2896.
a
Seaboard Air Line
(in part) for
Funded Debt—During the period Jan. 1, 1939 to Dec. 31, 1939, receivers'
equipment trust certificates in an aggregate principal amount of $654,000
matured and were paid as follows:
Series "EE", 4K% $212,000 (incl.
$170,000 of Class "A" certificates and $42,000 of Class "B" certificates);
Series "FF", 3>S% $250,000 and Series "GG", Class "A' 4%, $192,000.
Also during the same period Electro-Motice Corp. deferred payment (under
Conditional Sale Contract dated Feb. 28, 1939
3.8% of $5,187 matured
and were paid.
As provided in the plan of May 14, 1935, one-half year's interest due
Jan. 1, 1934, aggregating 286,660 was paid as of July 1, 1939 on five of
the underlying bond issues, namely, Seaboard & Roanoke R.R. first mort¬
gage extended 5's 1931, Raleigh & Augusta Air Line R.R. first mortgage
extended 5's 1931, Carolina Central R.R. first consolidated mortgage 4's
1949, Raleigh & Gaston R.R. first mortgage 5's 1947, and Florida Central
& Peninsular R.R. first consol. mortgage 5's 1943.
No other interest was
paid during the year on any of the underlying bonds.
Except as above
stated and except for payments on the same issues amounting to $286,660
each as of July 1, 1935, July 1, 1936, July 1, 1937 and July 1, 1938, no
interest has been paid on any of the ten underlying bond issues since certain
interest due in 1931 was paid.
Interest was not paid in 1939, and has not been paid since the date of the
receivership on Dec. 23, 1930, on the company's general mortgage bonds
or its 3-year secured
notes or its indebtedness to the Secretary of the
Treasury of the United States for loans under Section 210 of the Transpor¬
tation Act.
Equipment trust lease and agreement, Series "HH", Philadelphia plan,
dated as of Jan. 1, 1939, was entered into with Girard Trust Co., Phila¬
delphia, as trustee, under which there annual installments of $64,000 each
Jan. 1, 1940 to Jan. 1, 1949.
These certificates were sold to Reconstruc¬
tion Finance Corporation at par and accrued dividends.
Equipment trust lease and agreement, Series "II", Philadelphia plan,
dated Nov. 1, 1939, was entered into with Girard Trust Co., Philadelphia,
as trustee,
under which there had been issued at the close of the year
$1,425,000, and since then $3,135,000, 3% equipment trust certificates,
payable in fifteen equal annual installments beginning Nov. 1, 1940 and
ending Nov. 1, 1954.
These certificates were sold to Reconstruction Fi¬
nance Corporation at par and accrued dividends.
,
,
The receivers have entered into
a
conditional sale contract with the Elec¬
tro-Motive
Corp. covering the purchase of one six hundred horsepower
Diesel-electric switching locomotive,
mnder said agreement the receivers
agree to pay $62,250 in 96 consecutive monthly installments of $648.44
each, beginning May 1,1939 and ending April 1,1947, together with interest
on the unpaid balances at the rate of
3.8% per annum.
Plan
for the Exchange
year, under the receivers* May 14, 1935 plan, $409,000 of new
certificates were issued, in exchange for an equal principal amount
of equipment trust
obligations and $16,000 of
new
receivers'
certificates
were issued in
exchange for an equal principal amount of old receivers'
certificates maturing Feb. 1, 1935, making a total of $425,000 of new re¬
ceivers' certificates issued in exchange during 1939.
Of the $27,859,000 of receivers' certificates authorized to be issued under
the 1935 plan, $26,217,900 principal amount had been issued up to Dec. 31,
1939.
Of this amount, $4,470,000 Series BX <the entire series) were re¬
deemed for cash ($3,000,000 in 1937 and $1,470,000 in 1939), leaving
outstanding.
As
of
leased
184,728
175,543
140,286
9,354,885
9,359,622
9,374,213
$5,556,555
$7,590,161
$4,630,279
$6,097,462
roads,
interest, &c
Net deficit
—-
Exclusive of Interest on adjustment mortgage (income) bonds.
Balance Sheet Dec. 31
1938
1939
Assets—
$259,066,882 $253,907,108
82,302
85,840
3,582,848
3,660,765
9,645,167
9,669,667
10,924,047
10,936,144
4,612,349
4,612,472
3,531,080
3,545,211
1,868,192
1,769,764
3,637,330
3,390,045
6.50,000
300,000
97,938
362,970
Invested in road and equipment.
Deposits in lieu of mortgaged property sold
Miscellaneous physical property.
Invest, in affil.
companies—Stocks, pledged
Bonds, pledged
Noyes, pledged
Advances.
Other investments
.
Cash
Time drafts and deposits
Special deposits
-
33,269
28,114
1,182,273
1,099,302
252.806
Loans and bills receivable
Traffic and
car
service balances receivable
Net balance receivable from agents
266,361
& conductors
Miscellaneous accounts receivable—
720,643
384,813
16,101
3,491,453
142,718
887,492
432,902
21,620
4,008.193
6,300
Other companies for claims
Materials and supplies
Interest and dividends receivable.
-..143
Working fund advances
Other deferred assets
Insurance premiums prepaid.
Claims in suspense.
.
Other unadjusted debits
——...
.$306,427,223 $300,533,399
Liabilities—
Com. stock (2,600,321 shares, no par value)—
Preferred 4,2% stock
Preferred 6% capital stock.'
Governmental grants
...
Equipment obligations
Mortgage bonds proprietary companies.1
Seaboard Air Line bonds
78.961
50,601
652,063
82,317
47,397
1,046,029
1,272,487
-
Total
146
132,082
52,547
494,321
94,226
44,818
Rents receivable
Other current assets
Union Switch & Signal Construe. Co. def'd pay't
Receivers' certificates
Non negotiable debt to affiliated companies
1938
1939
$61,179,262
23,894,100
37,300
13,889
7,326,958
16,690,000
96,615,500
930,338
—
21,747,900
520,98*
1,059,082
2,610,085
1,586,160
69,067,388
Traffic and car service balance payable
Audited accounts and wages payable
$61,179,262
23,894,100
'
37,300
13,889
6,192.544
16.690.000
96,615,500
930,338
22.792,900
520,299
919,800
'
39,552,002
2,044,782
1,459,537
61,536,927
39.628.001
Other deferred liabilities
141,000
2,366,783
44,878
100,526
910,560
2,392,399
27,923
102,531
864,163
Tax accruals
1,520,158
1,592,508
Accrued depreciation on equipment
26,418,082
Reserve for outstanding stock of proprietary cos.-—- 19,026
Other unadjusted credits
8,536,623
Additions to property through income & surplus
938,841
24,554,801
19,026
7,150,645
910,941
4,205
71,608,926
Mscellaneous accounts
payable
Interest matured unpaid
Funded debt matured unpaid
Receivers ctfs. matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Funded debt retired
-—
through income & surplus—
Profit and loss, deficit
4,205
77,404,411
68,000
.$306,427,223 $300,533,399
Total
-V. 150, P. 2896.
Shawmut Association—Earnings—
1937
$90,475
22,943
8,200
$55,749
39,130
$55,400
$59,332
39,243
39,993
$16,619
$16,157
$19,339
$28,823
Net earnings
Dividends declared
Surplus
x
1938
$68,633
10,983
2,250
$68,094
9,652
x2,693
$67,818
38,995
__
1939
10,324
xl,980
Expenses
Fed. capital stock tax
1940
$80,122
Total income
"
Includes Federal income tax.
Surplus Account March 31
1940
1939
Jan.
1, 1940, $1,641,400 of receivers'
certificates were authorized but not issued, being issuable as follows—(1)
$72,100 in exchange for an equal principal amount of prior to receivership
equipment trust obligations of various series, (2) $52,000 in exchange for an
equal principal amount of receivers' certificates due Feb. 1, 1935, (3)
$1,256,000 either in payment of or as substituted collateral security for
Section 210 loans to The Seaboard-Bay Line Co. (all of the issued and out¬
standing capital stock of which is owned by Seaboard Air Line Railway)
and (4) not in excess of $261,000 in payment of unpaid interest accrued on
924,245
190,606
v
3 Mas. End. Mar. 31—
During the
$4,341,282
976,907
880,046
Individuals and companies
United States Government.-
Ry.—Annual Report—
L. R. Powell, Jr., and Henry W. Anderson, receives report
the year ended Dec. 31, 1939:
$5,881,794
$2,829,497
1,037,165
,
'
equip.—Dr. bal.
Joint facility rents.
y
$3,985,114
356,168
$2,514,260
315,237
9,488,269
Deduct—
for
$5,501,438
380,355
$4,822,141
337,343
Hire of
Rents
$34,183,527 $34,737,510 $31,820,609
5,826,216
8,053,368
6,525,446
3,311,956
2,551,929
2,540.331
$5,159,485
—
/
Consumers' dep. &
66,094
66,133
244,324
3,008
357,659
7,670,252
2,848,110
Taxes
y
of Spring
Contrib. for exten.
$21,747,900
Express
Accts. pay. to con¬
Brook
Division
Cash
receivers
Mail----.
53,285
Notes pay. to bank
1937
1938
1939
$33,665,636 $31,004,975 $33,030,230 $29,927,284
6,312,965
4,948,880
5,532,973
4,626,017
1,211,938
1,195,535
1,005,770
987,465
1,108,867
1,103,983
1,374,621
1,252,081
1,864,013
1,756,370
1.847,284
1,553,209
-
Gross income—
$
from
Corp
of
(net)
1938
$
Long-term debt...35,793,500 35,993,500
consumers'
accounts
Income Account Calendar Years
Operating Revenues—
Freight
Passenger
Other income
dated Balance Bheet Dec. 31—
Plant, prop, rghts.,
franchises, &C-.57,699,467 57,555,791
Invest, and funds.
319,019
303,184
Traffic Statistics for Calendar Years
1936
1939
1938
1937
4,308
4,317
4,318
4,309
13,155,558
Revenue tons carried— 15,589,384
14,672,400
15,570,446
1.20 cts.
Rev. per ton per mile
1.13 cts.
1.15 cts.
1.13 cts.
1,885,770
Passengers carried
1,411,888
1,248,216
1,879,612
Pass, carried 1 mile
356.989,717 240,720,799 307,909,533 262,368,305
Rev. per pass, per mile.
1.77 cts.
2.06 cts.
1.80 cts.
1.76 cts.
Average miles operated-
_
will
1940, and
trust
receivers'
Bonds be£tr 2H, 3, 3^ and
3.45%, according to maturity.
3%% interest coupons.
Bonds
ment
Bell System Teletype N. Y. 1-752
9-3100
rates of the equipment trust obligations and old receivers'
exchangeable for the new receivers' certificates.
The equip¬
obligations and old receivers' certificates for which the new
certificates were exchanged bore interest at varying rates from
interest
certificates
New York
15 Broad Street
Tel. Bowling Green
the
STOCK EXCHANGE
Capital surplus, Dec. 31 $2,117,885
Adjust, of prior periods.
Profit on securities sold.
47,013
Net prof, for period after
dividends (as above)-.
1938
1937
$2,133,877
Cr3,221
$2,783,005
,
$2,193,721
loss62,124
101,221
*6,619
16,157
19,339
4,435
28,823
Cost of treas. shares
Capital surp.. Mar. 31
$2,126,556
16,365
$2,138,740
$2,074,766
$2,903,565
Volume
The Commercial & Financial
Chronicle
150
Balance Sheet March 31
Assets—
1940
1939
Liabilities—
Invest, at market *$4,746,285
$4,171,708
y
Inv.ln stm. of affh.
1,586,971
Notes &
accr.
1,599,217
int.
Capital surplus.-Reserve for taxes.
receivable
Cash
39,003
39,014
665,017
762,844
-
Unreal,
sec.
deprec.
x
$5,000,000
31,173
2,138,740
8,772
other
$7,135,103 $6,474,956
Cost $4,833,309.
y
shares.—V. 150, p. 1295.
2,193,721
28,406
_
of
Hiia
1
V
Payment will be made
°D
3065
p
3217
Bag &.Paper Co. Inc.—Bonds Called
^standing first (closed) mortgage 6%
1947 have been called for redemption
Tn2ii^Lmterest.
Southern
Dr703,729
Dr87,024
s.f. 20
on
gold bonds
year
June 1 at
102 and
Pennsylvania
Co.
for
68 & Grantin& Annuities, Philadelphia, Pa.—V. 150,
Ry.—Earnings-—
—First Week
Total
the
at
■
than
bank stocks
Total
1939
1940
Common stock. .$5,000,000
Accounts payable.
banks
fi?1#*!?®'11 Advance
$7,135,103 $6,474,956
Represented by 390,000 (390,910 in 1939)
no par
nr.Me,
Sherwin-Williams Co.—Preferred Stock Catted—
A total of 4,950 shares of
5% cumulative preferred stock series AAA,
$100, has been drawn for redemption on June 1, 1940, at $105
plus accrued dividend.—Y. 149, p. 3883.
V
of Mag—
1940
v
—vfllo^p'3065
Sherrltt Gordon Mines, Ltd.—Initial Dividend—•
Directors have declared an initial dividend of five
cents per share on the
stock, payable July 8 to holders of record June 8.—V. 149, p. 3420.
common
,
„
—%fan. 1 to May 7—
1939
1940
1939
:
S2.490.786 $2,259,297 $47,072,526 $43,853,326
Springfield Street Ry.—Earnings—
3 Months Ended
March 31—
Net profit
Revenue fare
passengers carried
Average fare
x
par value
1940
5,941,215
1939
x$4,940
5,533,162
7.33 cts.
7.57 cts.
$1,036
per passenger
Loss.—V. 149,
1938
x$6,677
,
5,388,833
7.55 cts.
p. 3572.
per share
Silver King Coalition Mines
Co.—Earnings—
3 Mos. End. Mar. 31—
Net profit after taxes and
19364587
»
1940
depr., but beforedeple.
Earnings
*
On
market
1939
$148,405
per share
z$65,280
def$0.05
$0.12
1,220,467 shs., par $5, com. stk.
standing share.
y
Add $25,271,
or
March 100,000 shares class B
y$66,401
x$429,834
S0.35
$0.05
tons of zinc concentrates pro¬
representing 4.8 cents per out¬
2.1 cents per share, representing dif¬
ference between cost and market value of
912 tons
Produced in 1937 and unsold Dec. 31,
ores
and concentrates
1937, or total profit for quarter of
$91,671, equal to 7.5 cents per share,
z Loss, owing to suspension of
production on April 30, 1938.
For the year ended March 31,
1940, which Includes 10K months of oper¬
ating time, the books show a net profit of $601,609, or 49.3 cents
per out¬
standing share.—V. 150, p. 2269.
Simplex Paper
Corp.
(Mich.)—-Stock Offered—Kobbe,
Gearhart & Parsly, Inc., New
York, recently offered 21,917
shares of common stock (SI
par) at $2.87^ per share.
This
offering does not represent corporate financing, but consti¬
tutes
a
secondary distribution by certain stockholders.
Business—Corporation
incorp. In Michigan
was
1919.
on
automotive
industry.
1,
For the automotive industry the company
manu¬
factures products used in connection with the
interior finish of passenger
automobiles, chief among which is the product known to the trade as
"Kemkote Board."
The products of the
companv are used by the principal
manufacturers of automobiles in the United
States.
The company also manufactures a
variety of other products common to
the paper
industry—corrugated boxes, building paper, AIR-O-CEL insulat¬
board, cake boaras, basket liners, basket
caps, single and double-face
corrugated paper, waterproofed paper, reinforced
paper, creped waterproof
paper, Kraft waterproofed saturated
paper, &c.
These products are used
by a widely diversified list of customers in a number of
industries.
ing
Plants located at Palmyra and
Adrean, Mich.
Capitalization—
Authorized
7% cumulative preferred stock ($100 par)
Common stock ($1 par)
-
Outstanding
1,000 shs.
_
500 shs.
400,000 shs. 290.000 shs,
Sales and Net Earnings for the Calendar Years
Net Avail,
Gross
Sales
for
Com. Stk.
$678,244
878,356
1,420,903
—....
At Dec.
31, 1939 net
assets to current
on
24,401
Common
.11
.07
.23
.
68,310
110,715
21,008
134,758
1,409,575
Dividend
Stock
$33,500
1,676,926
928,718
1939.
Earned per
Sh. of Com.
.05
.37
.07
.45
.45
.15
.05
current assets were
liabilities
was
$232,834 and the ratlc of current
Book value of the common stock
2.2 to 1.
at the same date was $1.86 per share.
Directors and officers: Fred P. Wood (Pres.), Arthur H. Wood
(Vice-Pres.)
Charles G. Wood (Sec.-Treas.), Percy J. Wood and Fred
G.
Westgage.
(L. C.) Smith & Corona Typewriters. Inc. (& Subs.)-—-
x
ZMos. End. Mar. 31—
Net profit
Shares
common
Earnings
x
per
1940
$123,169
1939
$117,664
276,237
$0.38
276,237
$0.35
1938
$118,957
276,237
$0.36
Standard Gas & Electric Co.—Weekly
Output—
Electric output of the public utility
operating companies in the Standard
last year.—V. 150, p. 3066.
Standard Light & Power Corp.—Answers SEC Order—
The dissolution of the corporation, an intermediate
holding company in the
Standard Gas & Electric Co. system, is contemplated in the
reply which the
corporation has filed with the Securities and Exchange Commission in
response to the show-cause order on integration.
Pointing out that its own affairs could not be closed until a plan of
Integration had been formulated for its parent, the Standard Gas & Electric
Co. and other subsidiaries, the intermediate
company said it was planning
to wind up its own affairs, but that its
dissolution, liquidation or merger
should be held in abeyance until a
plan for the parent company had been
determined.—V. 150, p. 2595.
Staten Island Edison Corp.—To Reduce Rates—
This corporation has been authorized by the New York
Public Service
Commission to make certain readjustments in its electric rates
effective
on June 1, whereby, it is
calculated, its customers will save $298,500 a
year.
The reduction also will reduce present charges for service to the
City of New York by about $50,000 annually.
In granting this company permission to make
these rate reductions,
the commission noted that the reduction would not conclude the
hearings
has instituted regarding the company's service
charges, but that the
investigate the matter more fully to ascertain whether
further reductions should be ordered.
Under the new schedule of charges for electric service, Staten Island
Edison customers will pay 90 cents instead of 95 cents for the
first 10
kwh. of residential service, 4H cents per kwh. for the next 35
kwh., in¬
stead of 5 cents per kwh. for the next 35 kwh.; and 3 cents
per kwh.
instead of 4 cents per kwh., for the next 55 kwh.
>
It
State board would
Commercial and industrial consumers likewise will he
given substantial
in rates.—V. 149, p. 1038.
reductions
Southern Canada Power Co.,
Ltd.
-Earnings—
End.
April 30— 1940—Month—1939
^
$225,191
$202,506
Operating expenses
99,478
83,592
Gross earnings_
tnat
7, 1935, by the Department of Insurance of
Indiana to transact in
state the
business of life insurance, and
continuously since that time
engaged in such business.
has Been
Company is authorized by
its charter to insure the lives of persons and
appertaining thereto or connected therewith,
physical disability result¬
ing from accident or
disease, or against accidental death combined with a
policy for life insurance; to
grant, purchase or dispose of annuities: and to
insure against
bodily injury or death by accident and against disablement
resulting from sickness and to make every insurance
appertaining thereto.
Company's policies written heretofore include ordinary life, endowment,
limited payment, and term
insurance.
Company writes non-participating
and
participating policies with annual dividends after the fifth policy year.
Company does not write industrial insurance or group insurance.
,
to
make
every
including
insurance
insurance against permanent mental or
..
The
following table indicates
the
total insurance in
force
on
the dates
stated, during the respective periods:
Dec. 31,
Dec. 31,
Dec. 31.
Dec. 31,
Oct. 31,
1935
1936
193/
1938
1939
Ins'ce in force_$l,181,500
$3,269,000 $6,138,000 $10,261,000 $13,988,500
of class A common stock
(par $5), all of which are now outstanding, and
100,000 shares of class B common stock (par $5).
The shares of class B
common stock are offered to the
public at $20 per share and, upon issuance,
will be fully
paid and non-assessable.
Underwriting—James J. Latendresse, Frank J. Latendresse and George
F. Flagg. 815
Guaranty Bldg., Indianapolis, Ind., are underwriters of the
company's class B common stock.
Salesmen or agents will be employed
by, and will be under the supervision and control of, one or more of said
underwriters, and
are
unknown to the company.
By the principal underwriting agreement, dated April 19, 1939, between
the company and James J.
Latendresse, the company employed Mr. Laten¬
dresse as director of sales of 100,000 shares of class B common stock
$5), and
(par
as
to
the company's general agent to sell its "special coupon policies,"
expire five full years after the company shall have in force $65,000,000
of such policies.
Mr. Latendresse is required to sell the stock for such
amount or amounts as are
approved by the directors and by the Securities
Commission of Indiana, from which he is to receive a commission of
15%
thereof, payable immediately if the shares are fully paid for in cash, and
from the first two instalments received by the
company from shares sold
on the instalment
basis.
As Mr. Latendresse is merely a selling agent,
none of the shares will be sold to him or to
any other underwriter.
His
employment and supervision of stock and insurance salesmen is contem¬
plated by said agreement, and he shall save the company harmless from
any loss or liability for acts of such salesmen.
The agreement may be
canceled by the company upon failure of Mr. Latensdresse to sell more than
$3,000,000 of insurance during any calendar year.
His compensation as
general agent is to be 85% of the first full annual premiums on whole life
or 20-payment life, 60% of such
premiums on 20-year endowment insurance;
also 7M% on all renewal premiums sold
by him for nine years (second to
tenth annual premiums, inclusive), and 2)4% on each of the 11th to 15th
annual renewal premiums, inclusive; also a bonus of $2 for each $1,000 of
issued policies sold by him, payable on receipt of the first full annual
premium, which bonus payments shall not be made while the company's
admitted surplus shall be less than $25,000.
The underwriters may organize selling groups, appoint sub-underwriters,
or otherwise arrange for assistance in the
marketing of the shares.
Sart of shares toshares forwill be the notesby promissoryIn payment. colbe sold which paid for will be given notes si cured
iterally by the
Gas & Electric Co. system for the week ended
May 11, 1940, totaled 121,365,538 kwh., an increase of 12% compared with the
corresponding week
Period
offered
L. C. Smith typewriters at the end of March were
March 31, last year, the company reported.—V.
150,
orders for
on
was
Proceeds—The estimated net proceeds to be raised by sale of this issue are
$1,700,000, after deduction of selling agents' commissions, aggregating
$300,000, hut before deduction of the company's expenses in connection
with this issue, estimated at $12,700.
Company expects that the greater
share
After charges and Federal Income taxes.
Unfilled
(par $5)
1937
$352,338
178,066
$1.75
stock.__
56% above those
P. 1614.
stock
Capitalization—The authorized capital stock consists of 100,000 shares
Nov.
The type of business in which the
company is engaged permits it
qualify under a two-group classification—tne
paper industry and the
to
common
share by James J.
Latendresse, Frank J. Latendresse and George
Flagg, of 815 Guaranty Building,
Indianapolis, Ind.
at
0^?railTAora^incorp. July 3, 1934, in Indiana. It was licensed on
march
F.
This includes $58,196 additional
x
profit realized from sales of 1,722
duced and valued at cost
during year 1935,
Standard Life Insurance Co. of
Indiana—Stock Offered
*n
at $20 per
1937
1938
_
Net earnings
Int., deprec., amort, and
v
•
Mos.—1939
$1,546,151
$1,395,196
707,597
602,287
$118,914
$838,554
$792,909
112,503
109,948
789,519
773,851
$8,966
$49,035
$19,058
W Surplus
$13,210'
—V. 150, p. 2593.
.
^
& Co. (and others) recently offered 60,000 shares (no par)
capital stock at $ 1.25 per share.
Capitalization—-
Authorized
Shares (no par value)--—
Transfer agent and registrar; Eastern Trust Co.
2988.
250,000
--
Issued
92,505
Company was incorp. as a public company on Jan.
3, 1940, for the
purpose of acquiring as a going concern the assets and continuing the manu¬
facturing and selling operations of Sutton-Horsley Co., Ltd., a company
formed in 1938 for the purpose of designing, manufacturing and selling
electrical equipment, appliances and x-ray apparatus.
The predecessor company initally manufactured portable x-ray units
and subsequently designed and manufactured highly specialized precision
equipment such as aeronautical instruments and electrical control devices
of various kinds for aircraft companies.
Company is developing this
business and orders have already been received from Fleet, Fairchild,
Canadian Vickers, Associated Aircraft Co. and other companies.
In addition to the designing and manufacturing of highly specialized
precision equipment for aircraft companies, the company has developed
and is manufacturing high quality x-ray apparatus ard is presently develop¬
ing portable, mobile, dental and fluoroscopic units.
A contract has oeen entered into on a royalty basis to manufacture and
market these x-ray products in the United States.
Negotiations are in
progress for their distribution in England, Australia and New Zealand,
and in the course of time it is anticipated that other outlets will be developed.
The period which has elapsed since the incorporatioxi of the predecessor
company in 1938 has been occupied in the development of a personnel
capable of manufacturing x-ray and precision electrical equipment and must
necessarily be regarded as a period of pioneering. The consideraole expense
thus incurred has been borne by a small group who had faith in the practica¬
bility of developing efficient engineering and manufacturing facilities for
the production of x-ray apparatus and also precision electrical equipment
aircraft.
'
The officers of the company are: C. B. Horsley, President;
for
^
..
Erie B, Savage,
Vice-President; and George Scott, C.A., Secretary-Treasurer.
Directors are: O. B. Horsley, Erie B. Savage, George Scott, C. A., G. M.
Willoughby, K.C. and C. H. Lane.
Standard
W.
C.
Oil
Teagle,
state in part:
Southeastern Gas & Water Co.—SEC Permits Cancella¬
tion of Stocks Owned by North American Gas & Electric Co.—
See latter company above.—V. 149, p.
Sutton-Horsley Co., Ltd. (Canada)—Stock Offered—
Milner, Ross & Co., C. A. Gentles & Co., E. H. Pooler
„
1940—7
$125,713
dividends
The funds realized from the sale of stock and from the promissory notes
given in payment therefor will be used in the oridnary operation of the com¬
pany's business and will be invested from time to time in a portfolio of
securities constituting legal investments.—V. 149. p. 4186.
Co. (N. J.)—Annual Report for 1939—
Chairman, and W. S. Farish, President,
v
Through the first eight months of last year our business in foreign coun¬
alon^under fairly well established, if not altogether satisfactory,
conditions.
It is true that all of the nationalistic and warlike tendencies
which were in growing evidence in 1938, involving recurring political crises,
tries moved
,
The Commercial &
3218
controls, were intensified
deliveries of products to all
Some of this business,
difficulties. Restric¬
Roumania and
Italy* they were in force also in otner European and South American
countries in varying degrees of severity.
While payment for goods delivered
was obtained from all countries, we were unable in some places to get
exchange remittances to cover dividends declared.
With the declaration of war between the Allies and Germany, conditions
governing our European business rapidly became abnormal in neutral as
well as in the belligerent countries.
Strict government regulation became
the order of the day.
Financial control went hand in hand with other
increased military
expenditures and government
during this period.
But we were making
countries in which we have marketing connections.
as in the past several years, was subject to exchange
tions of this character were notably operative in Germany,
Shases of regimentation.
iritain, France and most
Exchange restrictions were imposed in Great
other European countries.
there was a decrease in the demand for gasoline in Europe,
restrictions on the use of private automobiles, but a gain in sales
of aviation gasoline, fuel oil and lubricants, so that the total volume was not
greatly changed.
Operation of the convoy system, imposition of hampering
government regulations, and the sinking of tankers made shipping at once
an acute problem.
Contact with certain of our European subsidiaries and
reports from them became increasingly difficult to maintain.
In the United States the unsatisfactory trend in retail gasoline prices,
which was a factor in reducing earnings in 1938, continued through the first
half of 1939, but the markets were firmer after the middle of the year.
There was a substantial gain in demand for all products, particularly fuel
oils.
An unusually severe winter made for a greatly increased demand for
domestic heating oil
and natural gas.
Refinery programs, altered to
supply the demand for heating oil, resulted in the accumulation of excessive
stocks of gasoline.
These were still rising at the end of the year.
The
industry was slow to effect changes in manufacturing processes to get an
increased yield of heating oil which, if adopted earlier, would have prevented
such heavy accumulations of motor fuel.
The production of crude oil was kept below current refinery consumption
by conservation authorities despite a rapid increase in the Illinois fields,
where no conservation law has been adopted.
Increased consumption of all
For the year
due to the
products and better price levels in the latter part of the
generally improved earnings over 1938 for the industry.
Earnings
The consolidated net income
year resulted in
for the year 1939 amounted to
$89,128,756
equivalent to $3.26 per share of Standard Oil Co. (N. J.) capital stock and
scrip outstanding at the close of the year.
In 1938 the comparable figures
were $76,053,170 and $2.86.
^
As a result of war conditions in Europe, subsidiaries in Great Britain,
^
_
France, Germany, Algeria and Finland were not able to close their books
and report the result of their operations for inclusion in the consolidated
statements.
Estimates indicate that the operating profits of this group
were about $4,000,000.
^
In
comparing the balance sheet
of the parent company on Dec. 31, 1939,
sheet of the same date, it should be borne in
mind that the former sets forth the financial position of the parent company
only, whereas the latter sets forth the financial position of the company and
its subsidiaries.
It will be noted that the earned surplus of the consolidated
companies is $381,209,305 greater than the earned surplus of the parent
company.
The difference represents undistributed earnings of subsidiary
companies not paid to the parent company as cash dividends.
To a large
extent these undistributed earnings have been invested in the properties of
subsidiary companies.
with the consolidated balance
Taxes
The direct taxes paid by the company
and its domestic affiliates for the
1939 in the United States amounted to $58,952,301.
The amount
of the consumer or sales taxes collected during the year and remitted to local
year
governments is $61,687,885.
The sum of these items, $120,640,186, represents the total taxes borne by our American business in 1939.
Over the last eight years we have presented in this report a comparative
statistical study of the tax burden carried by our business.
This study
reveals graphically the disproportionate increase in the item of taxes levied
upon or business through the years; for example, the direct taxes paid by
the company to Federal and State governments in 1939 were 136% more
than the taxes for the year 1931.
In the years 1925 and 1926, the total tax
bill, both foreign and domestic, as shown by the annual reports for those
years, was equivalent to about 25% of the current net income, whereas, in
1939 the direct taxes paid by the company in the United States alone were
equivalent to 67% of the net income, after tax.
These figures reveal beyond question that the petroleum industry in the
United States is paying depressing taxes.
The current financial reports of
American oil companies uniformly confirm our conclusion on this point and
emphasize the multitude of over-lapping tax laws with which these com¬
panies are required to comply.
In addition to the direct cost of larger tax
bills, the increased staff and effort required for the preparation of the
numerous returns,
with the necessary supporting schedules, underlying
records, audit conferences, proofs, protests, and appeals, puts an almost
intolerable extra load on the accounting departments of oil companies.
Surely an aroused public opinion will eventually demand a reduction in the
taxes at present too largely laid upon the automobile owner.
and State
'
Investigations
Economic Committee was created by Congress
study the Nation's economic structure.
It wa£ instructed to examine
the workings of the price system and to discover obstacles to the employ¬
ment of men and capital.
The examination of the petroluem industry was
planned by the Committee with the American Petroleum Institute.
Your
company made painstaking preparations including a thorough re-examina¬
tion of its policies and practices.
Your President was the concluding and
summarizing witness for the industry.
The hearings over a period of five weeks were so broad in scope as to
permit problems of the industry to be seen in perspective.
The testimony
should contribute to a better understanding of conservation; of the advan¬
tages of coordinated production, transportation, refining and marketing;
and of the opportunities open to small enterprises to prosper beside the
larger companies.
The achievements of the industry in improving products,
in making them everywhere available at lower prices, in paying good wages,
in maintaining continuous employment and in offering opportunities for
investment were not challenged.
While the expense and labor to which
your company was put were large, it is hoped that the record made and the
report to be brought in will justify out efforts.
Hearings were also held before the Cole Committee on the merits of a
The Temporary National
to
proposed measure providing greater Federal control of oil production.
Principal producing States ana operators presented a vigorous defense of
State control.
This is now beginning to work successfully with the accumu¬
possible to formulate sound
programs.
Such data enable the State Control boards to prevent waste.
The practice of the industry has been changed from one of rapid, wasteful
exploitation to one of orderly development with more efficient and lower
cost recovery.
Because of flexibility in State control, the difference of
opinion within each State and between States has been subjected to an
automatic system of checks and balances which would not be possible under
federal control.
The workings of the present system will be further im¬
proved when all producing States join the Interstate Compact.
A third hearing was that on the Harrington Bill to require divorcement
of marketing from other branches of the industry.
Other measures pending
in Congress proposed to divorce pipeline operations and the ownership of
oil tankers.
Your President testified in opposition to the Harrington Bill
and put into the record a statement of the advantages of integration, a
relationship natural to the petroleum industry because of the high degree
of mutual interdependence of its several branches.
It was emphasized that
intergration had contributed largely to the industry's success in lowering
lation of scientific information which makes it
costs
to
the consumer.
Confiscation
Mexico and Bolivia continue in possession of your
company's properties
which
they seized.
Private negotiations with Mexico broke down.
More
recently, the U. S. Department of State requested arbitration under terms
protecting the interests of both the companies and the Mexican Government.
In previous reports you were advised of efforts to recover our Bolivian
properties.
The State Department is continuing to develop the matter
with
the
reached
Bolivian
Government.
We are hopeful that a solution may be
through arbitration.
Company Production
Gross production of domestic and foreign subsidiary and affiliated com¬
panies totaled 242,320,477 barrels, an average of 663,890 barrels daily.
This figure includes total production of the companies in which there is a
minority interest (except in Iraq where only the company's share of pro¬
duction is included), and one-half of the oil produced by the Standard-
May
Financial Chronicle
18,
1940
Oil Co. in the Netherlands East Indies.
It excludes crude
produced for partners.
As compared with 1938, gross production!
Vacuum
oi
ncreased
^Domestic
subsidiary and affiliated companies accounted for 79,323,543
total gross production, an average of 217,325 barrels daily.
of 10.7% over 1938.
Foreign production amounted to
162,996,934 barrels, an average of 446,565 barrels daily.
This was 9.8%
barrels of the
This was an increase
abThe
percentage of
production obtained by natural
flow and by gas lift
in 1939.
Of the production, 66% was obtained by natural
by gas lift, and 26% by pumping.
At the close of the year
were lo,801 producing wells, an increase of 853 over 1938; of the total,
11,668 were in the United States.
The company again increased its proved oil reserves, both domestic and
increased slightly
there
flow, 8%
*°^ulwidiarie8 throughout the world held total stocks of crude oil of 40,546,000 barrels at
the end of
at
the end of 1939.
1908.
Tanker rates were
These were 2,903,000 barrels
lower than
Marine
at a low level during
the early part of 1939 and then
result of the marine strike. During the summer,
terminated, rates receded to those prevailing early
in the year.
The outbreak of war stimulated chartering and all serviceable
tankers were again placed in operation.
Market rates immediately started
upwards and were still rising at the end of the year.
Rates are made in a
free market by the relationship of tonnage to demand.
Two factors were
responsible for the shortage of tankers and the consequent higher rates, one,
the much longer time required for European voyages due to the convoy
increased sharply as a
the strike having been
system and the
Allies; the other, the heavy
controls established by the
movement coastwise of heating oil due to the severe winter.
At the close of the year the company's American flag fleet,
together with
vessels of its subsidiaries, consisted of 205 tankers totaling
We had planned to scrap certain of the older and less
efficient ships, some of which were laid up, but facing a shortage of tonnage,
this program was postponed and the boats were reconditioned, transferred
to foreign registry and placed in operation.
In 1939 the company took
delivery of four new tankers, two of them embodying national defense
features.
Five additional tankers of this class will be delivered this year.
Last fall orders were placed with American yards for five more tankers,
three of them of 13,000 dwt. and 13 knots speed, and two of 18,000 dwt.
and 16 knots speed, all for delivery in 1940.
To date, submarines or mines have destroyed four tankers of foreign
affiliates, all of which were insured.
Manufacturing
' ■;
'
the foreign flag
2,186,530 dwt.
,
of the domestic refineries was increased to meet an improved
demand for all products, especially lubricating oils and specialties.
An
advance in prices during the second half of the year righted the unfavorable
showing that bad resulted from the disparity between the cost of crude and
finished product prices that carried over into the first six months.
The
The output
company benefited from improvements made
ward the reduction in manufacturing costs.
during the previous year to¬
Capital expenditures made possible improvement of products and a re¬
duction in operating costs.
High octane aviation gasoline facilities were
increased.
Modern lubricating oil manufacturing facilities were completed
in the Gulf area.
These facilities also produce new and superior quality
aviation lubes.
At Arubia, N. W. I., the major additions were two units for the reduction
of heavy crude bottoms to pitch; a 12,000 b/d solvent treating plant for
improvement of refined oils; a 9,000 b/d gas oil cracking unit for the pro¬
duction of high octane motor gasolines; and an alkylation plant with a
capacity for producing 500 b/d of aviation blending agents.
The new
refinery at Caripito in eastern
Venezuela, with a capacity of 27,000
b/d, was
completed and commenced operations about Nov. 1.
At Calgary, Canada, a 7,500 b/d combination unit was installed for pro¬
cessing indigenous crudes.
Our domestic refineries ran 141,101,300 barrels of crude, a daily average
of 386,579 barrels.
The foreign refineries ran 159,933,200 barrels, a daily
average of 438,173 barrels.
The combined domestic and foreign crude refined totaled 301,034,500
barrels, a daily average of 824,752 barrels, this being an increase of 3.88%
over the previous year.
The foreign figures include half of the total crude
runs of the Standard-Vacuum refinery in the Far East.
Domestic Marketing
Two
premium grade ESSO EXTRA and regular
introduced in December, 1939, received immediate public
improved gasolines,
grade ESSO,
acceptance and contributed to the sales gains made during the year.
increase in 1939 gasoline sales by the company's marketing units was
The
at a
higher rate than the 6% increase in consumption in the area they serve.
Sales of other products have likewise shown gratifying increases.
Construction of new bulk distributing facilities to consolidate scattered
operations at central points and installation of modern transporation
equipment to handle larger unit deliveries to the retail trade, continued the
effort to lower marketing expense, and resulted in a suostantial reduction
in handling costs.
Improved service to the public through conveniently located and well
planned stations was accomplished by the selection of a reasonable number of
new outlets, and through the enlargement or rebuilding of many of the
older existing stations.
Based on the principle of refinery billing prices at the going market rate,
the marketing units showed a satisfactory overall marketing profit.
Natural Gas Companies
The total sales of the group of
wholly owned gas
subsidiaries operating
Ohio, Pennsylvania and West Virginia were 85,804,566,000 cu. ft. as
against 80,686,264,000 in 1938, a gain of 6.34%.
The number of domestic
and commercial consumers reached a new record of 710,784; in addition
there were 914 industrial customers and 2,399 institutional or other classi¬
in
fications.
As of Dec.
31. 1939, the Reserve
Natural Gas Co.,
with the Hope
Gas Co. was merged
which had previously
acquired all of the Reserve common
operated in contiguous territories in West
Virginia.
The merger, made with the consent of the Public Service Com¬
mission, will result in better operation through more efficient use of the
stock.
These companies had
fsbcilitios
v
Natural gas
sales were larger for all of
the producing and transporting
companies in which our company has an interest, with the exception of the
Lycoming United Gas Corp. group.
Sales by these distributors were
curtailed by failure of the gas supply in northern Pennsylvania and southern
New York.
The reduction was from 20,899,056,000 cu. ft. sold in 1938 to
16,012,059,000 cu. ft. in 1939.
The Interstate Natural Gas Co., Inc., operating
,
,
in Louisiana and Missis¬
of 10% and a new
sippi, handled 76,074,242,000 cu. ft. of natural gas, a gain
high record.
Colorado Interstate Natural Gas Co., operating in New
rado, likewise made a new
high by handling
Mexico and Colo¬
41,456,161,000 cu. ft. of natural
increase of 11%.
.
Mississippi River Fuel Corp., operating in Louisiana, Arkansas, Missouri
and Illinois, marketed 32,926,210,000 cu. ft. of natural gas, an increase
gas. an
of
18%.
J
J
Natural Gas Pipeline Co. of America reached a new record output of
74,981,944,000 cu. ft., an increase of 9%.
We own 81.7% of Lycoming common stock; 53.9% of Interstate common;
42.5% of Colorado Interstate Natural Gas; 22.39% of Mississippi
Fuel; and 13.31% of Natural Gas Pipeline Co. of America.
Conclusion
River
While your
company's plans continue to
be formulated on the basis of a
Such
and
long look ahead, they are now subject to almost daily revision.
a
complete dislocation of international relations never before existed,
many of the uncertainties of war must vitally influence this business.
It is certaint hat the world will continue to depend upon a regular supply of
petroleum products.
The Standard Oil Co. (N. J.) is part of an industry
^woven into the very fabric of civilization.
Your company is at once vulner¬
able and strongly fortified by reason of the wide distribution of its invest¬
ments
to provide this essential service.
A liability of an international
business is that it must be prepared to assume risks arising out of war or
arbitrary, illegal acts of government.
An experience of 70 years in foreign
trade has taught us not to minimize the risks involved beyond those in¬
herent in a domestic operation.
On other occasions we have had problems,
not as serious as those now pressing upon us, it is true, but threatening
losses of a serious nature.
With one or two exceptions, these troublesome
situations have worked out with no impairment of capital .
The strength
of diversification is that a disaster experienced in one place is quite likely
to be offset by a fortunate experience in some other part of the world.
We
are
low cost operators
and intend to continue
such so as to be able to meet
Volume
The Commercial & Financial Chronicle
ISO
indispensable service, which is supported by
adequate reserves of raw material, widely placed manufacturing plants
and long established agencies of distribution, we are well prepared for
contingencies.
,
Such considerations encourage us to take a confident view of our ability
to continue functioning usefully
and efficiently in the changing world
economy.
Your company is strong because of a personnel that has proved
itself resourceful, able and loyal, in peace or war.
The management is
deeply appreciative of the fine support it has had not only from its em¬
ployees, but from its shareholders and customers.
competition.
Rendering
an
.
Consolidated Income Account for Calendar Years
xl939
.
v
(Incl. Sub. Cos.)
1936
1937
1938
Gross oper. income
933,766,173al ,173,729821al,308,900351al,162,121244
Inc. from other sources.. 21,072,830
25,478,226
23,995,446
24,959,033
Total income
954,839,003 1,199,208047 1,332,895797 1,187,080277
Cost, oper. & gen. exp..655,175,022 893,205,512 934,268,905 863,768,280
Taxes
©61,753,982 ©72,413,286 d80,750,672 d65,714,312
b Depreciation, &c
98,716,992 111,467,598 110,763,088 113,747,132
Int. & discount
&
fund.
on
3,911,195
5,217,083
2,689,634
5,701,665
2,792,886
7,053,003
216" 679
345,489
40,698,087
9,685,110
2,468,922
28.570,512
5,190,646
89,128,756
76,053,170 147,993,147
.151,827,080 g50,145,455
65,549,615
97,774,583
52,421,683
5,192,401
long-term debt
Other interest
4,490,110
Unrealized loss (net)
hl4,617,355
Divs. on pf. stks. of subs
Profitapplic. to min. int. 24,601,907
c
Miscell. deductions
1,162,478
32,382,443
4,341,081
3219
for
reserves
depreciation, depletion and amortization, $1,266,135,127; balance as
above, $1,096,861,390.
b Stocks of corporations not consolidated herein (at cost),
c After reserves for
amortization of $17,549,224 in 1939. $16,097,320 in 1938, $14,163,630 in 1937 and $12,803,593 in 1936.
d Funded and other
long-term Indebtedness—Standard OH Co. (N. J.): 25-year
3% debs, (due June 1, 1961), $85,000,000; 15-year 2%% debs, (due July 1, 1953),
$50,000,000; serial notes, due $7,000,000 each July 1 from 1943 to 1947 incl. (l%%
series due 1943, 2% series due 1944,
2H% series due 1945, 2%% series due 1946
and 2H% series due
1947), $35,000,000; Lycoming United Gas Corp.: 5-year 6%
notes series B 1937 extended to June 15, 1942 (less $2,690,267 in treasury), $209,733;
Standard Alcohol Co.:
10-year 5% notes (due Aripl 1,1946) (held by sub., $910,000),
$490,000; 7H-year 5% notes (due April 1, 1946) (held by subs., $520,000), $280,000;
Carter Oil Co.: 3% serial notes (due March 1, 1941 to March 1,1959), $2,981,100;
Humble Oil & Refining Co.: Notes payable to banks (due Dec. 27,1943), $5,000,000;
purchase obligations (payable 1941-1951), $1,673,304; International Petroleum Co.,
Ltd.:
Non-interest-bearing purchase obligation (balance of amount payable on or
15,1945), $9,206,588; miscellaneous, $797,454; total, per balance sheet,
$190,638,179.
before Dec.
e Includes
loans payable,
f Includes 35,281 shares capital stock certificates,
exchangeable into capital stock,
g Includes cash of subsidiary companies In Brazil,
Italy and Roumania affected by restrictions on the payment of dividends, $9,613,666.
h As
result of
a
war
conditions, the financial statements for 1939 of subsidiary com¬
panies located In Great Britain, France, Germany , Algeria and Finland have not yet
been received and the results of their operations are, therefore, not Included in the
consolidated income account.
For the purpose of the consolidated balance sheet,
these companies are carried at $124,184,855 representing the amount of their net
assets
as at Dec. 31,
1938, adjusted In respect of remittances and the estimated
equivalent of the net current assets of
British, French and Algerian companies during the year.
When considering
the accompanying consolidated financial statements for the year 1939 with those for
the year 1938, It should be borne in mind that the respective Items of assets, liabilities,
income and expense are not comparable to the extent of the figures pertaining to the
subsidiary companies in the five countries mentioned above.
amount of decline In the United States dollar
Netincome.
Common dividends
Surplus
37,301,676
25,907,715
Shs.com.outst.(par $25) 27,285,919 f26,618,065
Earns, per sh. on com
$3.26
82,443,532
26,224,767
$5.64
$2.86
45,352,900
26,224,767
$3.73
x Does not include local sales and
operating costs of subsidiary companies
located in Great Britain, France, Germany, Algeria and Finland, but does
the
A
as
geographical
were
•
included in gross operating income and operating charges in previous
Interdepartmental and intercompany transactions, except with
these companies, have been excluded,
a Interdepartment and intercom¬
pany transactions have been excluded; intercompany profits included in
inventories have not been eliminated,
b Includes depletion, depreciation,
retirements and amortization.
©Undistributed earnings included above
of certain foreign subsidiary companies affected by restrictions on the pay¬
ment of dividends carried to contingent reserve,
d Includes Government
income taxes and $1,227,617 ($1,406,296 in 1936) Federal surtax on un¬
distributed
profits.
© Includes
Government income taxes,
f Includes
capital stock scrip certificates, exchangeable into capital stock on or before
noon
Dec. 30, 1939—equivalent to 26,504 shares,
g Includes dividends
paid in Standard Oil Co. (N. J.) capital stock 3 shares for each 200 shares
amounting to $10,815,686.
h Unrealized loss (net) arising from the con¬
version of the accounts of foreign subsidiary companies into United States
dollars,
i Includes dividends paid in Standard Oil Co. (N. J.) capital stock
5 shares for each 200 shares amounting to $18,365,991.
years.
Statement of
Consolidated Surplus for the Year 1939
Cap.Surp. Earn. Surp.
Balances at Dec. 31,1938—
80,600,761 482,262,264
Amt. representing
statutory reserves (previously
incl. in appropriated surplus) of German, Italian
and Roumanian sub. companies, carried to con¬
tingent reserve
Crl41,756
299,519,996
41,227,088
125,860,114
466,607,198
Current liabilities
Net current assets
Net assets of subs, located
in Great Britain,France
Germany,
Algeria
*
and
Finland
124.184,855
.
Stocks and bonds of corps.
and other securities
124,184,855
7,223,340
695,472,615
45,704,075
50,192,045
7,155,366
375,396,716 1,121,061,376
75,350,243
22,490,802
1,075,136.410
229,982,694
600,759,783 1,905,878,887
reserves
Other assets
Deduct:
Long-term
indebted¬
273,739,741
97,444,637
371,184,378
64,977,831
703,952,032
165,004,863
ness, other res., &c„.
Income Account for
630,404,025
386,036,927
406,517,967 1,275,474,862
Year Ended Dec. 31, 1939
[Standard Oil Co. (New Jersey) Only]
$.50,426,384
20,142,568
1,951,805
474,105
•-
Interest from marketable and other investments
Other income
r
$72,994,862
—-—
....
and amortization of securities
on
Taxes
4,596,399
(including income taxes)
4,944,051
Interest
funded debt.
on
loans from trustee of
annuity trust, &c
-
3,925,277
.......
Net profit,
carried to earned surplus
0923,642
Statement of
$53,577,293
— —
Surplus for Year 1939
Capital
Earned
Surplus
Surplus
195,247
—
33,461,089
.
on
Interest
Dividends paid by Standard Oil Co. (N. J.):
In cash—$ 1.25 per s hare.
*
In Standard Oil Co. (N. J.) capital stock—5 shs.
3,895,370
1,204,682
609,229
242,561
—
Miscellaneous
79,887,975 476,137,239
Dec. 31,193989,128,756
Balances at Dec. 31
♦
1938,
—
Reduction of amount reserved in 1938 for inc. tax.
Excess
over
par
-
66,557,447 130,369,409
109,988
of the value of $27.50 per share
assigned to 667,854.20 shares of capital stock of
Standard Oil Co. (N. J.) issuable as dividends
(the amount of $27.50 per
in stock in 1939—net
share represents the par value per share plus
amount of the capital surplus of Standard
the
Oil
(N.J.) applicable to each share outstanding
the dates the dividends were paid)
Co.
for each 200 shares
18,365,991
at
—
79,887,975 513,438,915
Consolidated Balance Sheet Dec. 31 (Incl. Subs.
1936
assets...al,096,861,390 1,146,062,045 1,163,900,375 1,009,423,565
83,184,610
75,951,506
81,035,568
88,247,056
Marketable sec. (at cost).
3,273,777
5,502,511
6,540,265
282,706,901
130,003,466
163,597
173,018,215
317,706,790
141,642,632
245,528
124,897,502
252,580,699
125,521,698
393,332
28,441,266
Net assets of foreign subs.hl24,184,855
b Other investments
118,675,215
Sink. & special trust funds
26,990,579
c Pats., copyr't, Iran., &c
24,199,986
Prepaid & deferred chges.
19,918,398
36,876,232
33,778,408
33,085,762
123,201,590
21,663,143
26,189,910
23,296,141
125,941,845
19,297,807
29,634,429
16,194,388
125,475,638
Total...
ended Dec, 31,1939-
53,577,293
— -
68,227,082
....
Dividends paid: In
In Standard Oil
cash—$1.25
33,461,089
share
capital stock—5
per
Co. (N. J.)
shares for each 200 shares
1847056,690
-—..
18,365,991
9,578,234
243,754,400
102,421,234
120,585
£162,963,190
1,669,63.5
08,227,082 130,479,397
Net profit for the year
Cos.)
1937
1938
244,367,098
194,241,816
24,359,165
Total net assets..
71,678,520
122,563,296
40,618,666
Minority interests
Total income
79,887,975 565,265,995
1939
118,675,215
77,012,151
34,439,724
Fixed (capital) assets, less
Losses
—
Fixed (capital)
595,717,796
129,110,598
General and admin, expenses
Balance of claim receivable written off—
—
Balances at Dec. 31,1939
159,626,405
33,766,291
-
2,619,754
the divs. were paid)——
Crl,669,635
Proportions of surplus adjusts, above applicable
t to min. interests in sub. companies
0237,333
Proportions of surplus adjusts, above applicable
to
sub.
cos.
in Brazil,
Italy and Roumania
affected by restrictions on the payment of divi¬
dends, carried to contingent reserve
.
$
66,758,894
25,531,806
From other investments
-..
applicable to each sh. outstanding at the dates
.
Total
$
$
•'
■
369,332,497
69,812,501
Dividends: From investments in sub. companies
ments
Consol. Bet profit for the year ended
•"
-y '
2,794,069
income taxes, less additional
income tax assess¬
paid (net)
Adjustments (net) arising from changes of owner¬
ship in various sub. cos., from the merger of
certain subsidiary companies, &c
Excess over par of the value of $27.50 per share
assigned to 667,854.20 shs. of capital stock of
Standard Oil Co. (N. J.) issuable as divs. in stock
in 1939—net (the amount of $27.50 per sh. repre¬
sents the par value per sh. plus the amount of
the capital surplus of Standard Oil Co. (N. J.)
of the consolidated net assets
follows:
E"-' .•!v:i. 'i'Eurove and, 'v;-'.
United Stales North Africa
Other Foreign
'-r'"'V'
Current assets
4,201,107
Amounts transferred to annuity reserves and anW nuity payments made in respect of prior years
Reduction of amounts reserved in prior years for
summary
at Dec. 31, 1939,
include intercompany sales amounting to $85,420,635 and cost of such
sales to these companies.
Local sales and operating costs of these companies
Acceptances & notesrec._
of
Inventory
(at
mdse.
cost or less)
Accounts receivable
Loans to employees..
Cash
..
Long-term
notes,
134,942,646
mtges.
& defd. accts. receiv
Total assets
15,185,837
31,997,610
2,034,989,485 2,044,635,257 2,060,815,536 1,841,849,697
1682,147,972
665.451,617
655,619,175
655,619,175
192,850,838
139,268,807
73,225,891
91,783,371
84,573,564
82,644,370
30,697,601
13,710,479
60,028,087
59,999,566
55,160,804
Accounts payable
Accepts. & notes pay
Purch. oblig. due (curr.)_
71,763,248
10,790,767
1,890,125
Accrued liabilities
44,666,458
e
26,999,434
4M20J34
18,076,327
3,278,705
16,585,138
4,440,538
12,874,318
3.732.715
80,031,778
25,765,279
21,716,584
83,231,147
82,703.646
81,540,937
28,294,515
32,066,505
31,318,572
27,345,215
23,114,262
19,979,870
6,673,761
4,663,607
4,435.483
2.193.716
2,387,775
12,866,627
16,167,723
Owing to Stand .-Vacuum
19,562,984
P Oil Co
Deferred credits
Loans
from
3,985,984
...
Reserve for annuities
Miscellaneous reserves
.
_
.
Res. for foreign exch. fluct
Conting. res. representing
,
undistributed earns, of
37,662,378
244,367,098
35,781,411
38,172,973
242,749,017
251,833,470
79,887,975
80,600,761
6,844,887
80,249,685
5,964,461
475,417,377
476,355,535
14,503,057
249,326,787
80,786,008
5,296,229
405,011,118
2,034,989,485 2,044,635,257 2,060,815,536
certain foreign subs
Cap. <fc surp. of min. int
Capital surplus
Appropriated surplus
Unappropriated surplus..
1,841,849.697
513,438,915
$585,879
2,859,200
(approx. aggreg. quoted
market val.$37,800,000)
Other accrued liabilities..
2,170,063
Miscell. accounts receiv..
Invests,
sub.
in
cost or
cos.
37,752,627
585,370
132,904
Notes receivable
(at
Foreign
from
companies
Capital stock
3,705,953
317,225
$1,134,267,087
a
Fixed capital
construction,
assets.
plant equipment, incomplete
property, 52,362,996,517; less
Lands, leases, easements,
marine equipment
and miscellaneous
Total....
Includes 4,921 shares of Standard
$1,134,267,087
Oil Co. (N. J.) stock,
b Includes
U.S. Government bonds having an approximate aggregate quoted market
value of $19,600,000 pledged with the trustee of the company's annuity
trust, and cash amounting to $3,800,000 deposited in a special account to
facilitate the discharge by purchase of annuities or by other means,
annuity and related obligations.—V. 150, p. 3066.
Spiegel, Inc.—Sales—
Period End. Apr. 30—
1940—Month—1939
$4,802,101
Sales
1940—4 Mos.—1939
$4,335,127 $16,882,665 $14,812,417
—V. 150, p. 3065.
Sterchi Bros. Stores,
Totalllabilities.
68,227,082
132,229,610
dis¬
count and expense
Total
682,147,972
....
Capital surplus
Earned surplus
10,123,750
b23,290,336
...
debt
-75,359,814
170,000,000
687,467
sub.
Spec. deps. and funds
a
trustee under
Deferred credit
a20,327,819
56,175,623
less): Domestic
Foreign...
receiv.
from
declaration of trust with
respect to annuities
Funded debt
530,090,304
Other investments (at cost
Accts.
Loans
355,706,988
less): Domestic
Miscellaneous
of
trustees
annuity trusts
Insurance reserve
Reserved tor Income taxes.
sees.—at
Unamortized
68,356,860
Liabilities—
cost
$96,058,188 Accounts payable
Market,
or
Funded & long-term debt dl90,638,179
1939 (Company Only)
,
:-r:}
'
68,227,082 132,229,610
-
Balance Sheet Dec. 31
A ssets—
Cash
15,417,720
Liabilities—
Capital stock.
Balances at Dec. 31,1939
Inc.—Sales—
$555,402 as compared with
This is an increase of $86,411 or 18.42% over
Net sales for the month of April, 1940 were
$468,991 for April,
April last year.
1939.
The Commercial & Financial Chronicle
3220
months ended April 30, this year were SI .743,327
as
compared with SI,582,182 for the same four months of 1939.
This
reflects an increase of $161,145 or 10.18% over the 1939 figure.—V. 150,
p. 2595,
Net sales for the four
Sterling Products (Inc.)—Earnings—\
3 Mos. End. Mar. 31—
1940
Net earns, after all cbgs. $3,270,469
Earnings per share on
x
$1.70
$1.87
stock..,
capital
1939
1938
1937
$2,927,884 x$2,635,126 x$2,746,767
Before provision for surtax on
$1.54
$1.60
undistributed profits.—V. 150,
p. 3066.
Stonega Coke & Coal Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable June 12 to holders of record June 1.
Last previous dis¬
tribution was the $1.25 dividend paid on Dec. 14, 1937.—V. 145, p. 3983.
Taber Mills
Corp.—Files Bankruptcy Schedules—
corporation
This
has
bankruptcy
filed
schedules in federal court at
$341,617.—V. 150, p. 1617.
Boston listing liabilities at $513,409 and assets
Technicolor, Inc.—50 Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
payable June 15 to holders of record June 3.
This compares with
25 cents paid on Oct. 18, last; 35 cents on
July 17, 1939, 15 cents paid on Dec. 28, 1938; 35 cents paid on Nov. 1,
1938; 50 cents on June 15, 1938: 25 cents paid on Dec. 23, 1937; 50 cents
on Sept. 1, 1937, and an initial dividend of 50 cents paid on Dec. 26, 1936.
—V. 149, p. 4042.
stock
40 cents paid on Dec. 28, last;
An amendment to
registration statement covering the issuance of $60,-
000,000 debentures has been filed with the Securities and Exchange Com¬
mission setting the coupon rate at
2^%.—V. 150, p. 2898,
3 Months
Months-
12
1940
1940
468,228
$494,941
66,325
114,296
1,776,632
Period Ended March 31—
Operating expenses, maint. & repairs.
Depreciation and depletion
Taxes (other than Federal taxes).—
—
$1.848,772
27,697
4,454
Commission on oil sales
General and administrative expenses.
Uncollectible accounts
63,770
250,716
422,211
113,634
18,242
222,149
541
Loss
on
leaseholds
$841,234
33,007
$849,782
$874,241
1,304
.
28,502
$223,412
Other income
$821,280
155,144
1,591
5,865
94,102
6,520
10,707
& other property
abandoned
463
Dry hole contributions
Property investigation expenses
Refinancing costs
Amortization of refinancing costs
Interest on long-term debt
410
12,992
•'
•-
''■m
•»«»#»»»
■*'
19,159
4,625
30,000
Interest
Provision for
contingencies
Loss from revaluation of equipment.
Provision for Federal taxes fas est.J.¬
20,806
7,754
■
•
_<*.
■■
95
95
3,750
Cr5,250
13,000
$182,765
88,815
$660,185
177,629
$721,352
222,035
_
Net income
Cash dividends paid
Balance Sheet March 31
1940
Assets—
Cash
Working
Accts. receivable..
Inventories
Ins. & other deps.
officers
from
1,621
Properties, plant
and
:
1939
$
payable.
Note pay. to Nat.
City Bk. of N.Y.
Dividend payable.
Accrued liabilities.
92,607
375,000
88,815
$
107,755
'•
'
»
»
88,813
45,759
56,843
prof, tax.
39,942
55,548
42,819
231,484
633,855
1,460
Prov. for Fed. Inc.
&
1,490
and directors...
x
Accounts
Contingent Income
Accr'd Int. receiv.
Due
5,580
280,867
18,116
2,416
74,494
194,623
18,115
3,506
58,552
1,505
Notes receivable..
Liabilities—
$
77,156
440,941
6,481
funds...
1940 :
1939
.
$
Res.
y
for conting..
Common stock..
9,104.252
Dividend credits..
60,650
equipment. 9,432,465
exps..
60,650
25,394
220,495
633,851
Surp. arising from
Organiza'n
Deferred charges..
exc.
7,463
3,189
84,626
7,025
10,315,960
9,719,508
3,229,610
5,534,609
1,464
3,477,291
5,052,054
67,730
21,950
appraisal
Earned surplus
Accts. receiv. from
production.....
Other assets
1937
522,412
667,376
$1.2241
bbl.
$1.0438
Income from operations.
$503,586
$688,248
$852,991
122,094
117,777
155,169
168,722
3,485
44,058
5,550
4,246
50,315
4,750
8,245
73,470
9,846
73,211
3,000
Ave. market val. per
\445,416
Production taxes, over¬
riding & other royaltiesi
General & admin, exps—
$328,397
8,117
633.434
Other charges
Net
loss
before
3,750
$598,213
$447,615
13,492
458,156
$288,957
2,977
361,133 -
$296,920
income-
Other income
$218,399
5,013
1938
$1.2383
1939
1940
427,190
$1.0174
$466,045
Net operating
1939
1,643,195
$1,796,247
239,416
371,422
107,528
18,064
218,584
-Earnings—
Transwestern Oil Co,
3 Mos. End. Mar. 31—
Crude oil product'n(bbls)I
Prov. for ad valorem tax.
Texas Gulf Producing Co.- —Earnings—
Total net barrels produced
Gross operating income
A substantial amount of these stocks is to
Oper. exps. & product'n
taxes, work'g interest-
Corp.—Amends Registration Statement—
Texas
May 18, 1940
be issued to the owners o*
the merging companies.
Applications for approval of the acquisitions were
filed with the Interstate Commerce Commission May 16.
Mr. Seymour is President of the Terminal System, Inc., and the Yellow
Products Corp., both formerly controlled by the General Motors Corp.,
now independent.
Mark W. Potter, former member of the ICC, has been
temporary President of the Transport Co.
Charles E. Cotterill is General
Counsel and Coverdale & Colpitts are its consulting engineers.
Among the operating companies to be included in the new organization
are the Horton Motor Lines of Charlotte, N. C.; Consolidated Motor Lines,
Inc. of Conn.; Barnwell Brothers, Burlington, N. C.; Arrow Carrier Corp.,
Paterson, N. J.; Brooks Transportation Co., Inc., Richmond, Va.; York
Motor Express, York, Pa.; Motor Haulage Co., Inc., New York; Super
Service Co., Nashville, Tenn.; Kirby & Kirby, Trenton, N. J.; Mundy
Motor Lines, Roanoke, Va.; Branch Transportation Co., New York, and
Transportation, Inc., Atlanta, Ga.
.
The Phoenix Securities Corp. holds 34% control of the Consolidated
Motor Lines and is selling these holdings to the Transport Co.
Truck
renting companies in New York and the Central West are to be included in
the merger.
More than 20 companies are to be merged.
They operate
about 14,000 trucks and employ 30,000 persons.
Several owners among the
merged companies are to become directors of the Transport Co.
Mr. Seymour added that "certain important private investing interests
will be large stockholders and active in the management" of the company.
Co.
$69,199
Dr686
483,973
pro¬
vision for income &
profits tax
—V. 149, p. 3279.
prof$2,952prof $113,554
Triumph Explosives, Inc.—-Stock Sold—The distribution
of common stock (par $2) has been com¬
pleted, MacBride, Miller & Co., Inc., New York and
Gr'ubbs, Scott &• Co., Pittsburgh, underwriters, announced
May 10.
The stock was formally offered Nov. 14 last at
$4.25 per share.
of 140,000 shares
of the leading manu¬
Products now regularly
the bulk of its present
business, are Aviation Signals, both land and marine types, military signals
and marine and commercial signals.
i
Company owns approximately 193 acres of land near the town of Elkton,
Md., on which its plant having a total of 78 buildings is situated.
The
plant is modern, highly developed and particularly well located for this
business.
Through the purchase of the controlling stock of Central Railway
Signal Co., Inc., Triumph Explosives will also have the facilities of plants
producing railroad fusees and torpedoes at Needham Heights, Mass. near
Boston, at Hammond, Ind., near Chicago, at Versailles, Pa., near Pitts¬
burgh as well as such a plant at Los Gatos, Calif., near San Francisco,
belonging to Pacific Railway Signal Co., Inc., a subsidiary of Central
Company which commenced business in 1933 is one
facturers of military and commercial pyrotechnics.
manufactured by Triumph and which constitute
Railway Signal Co., Inc.
Sales—Despite the fact that a factory had to be built and personnel se¬
organized, the company's sales for the first year it was in business
approximately $250,000.
The second year sales increased to
approximately $450,000, and the third year to approximately $800,000,
resulting in a substantial profit.
In each of the fourth and fifth years, the
company's sales amounted to approximately $1,000,000 and again sub¬
stantial profits were realized.
Net sales for the fiscal year ending July 31,
1939, dropped to approximately $648,000, and resulted in an operating
deficit of approximately $18,000, and a total deficit for the year of slightly
over $54,000.
<
According to the statement for the first six months' period of the comcured and
amounted to
ut before income taxes, ended Jan. 31, 1940, net
Sany's current fiscal year amounted to $71,512, onprofit, after all charges
net sales of $617,651,
equivalent to earnings of approximately 25c. per share on the then out¬
standing stock.
As of March 1, shipments and unfilled orders for the second half of the
fiscal year amounted to approximately $1,100,000, with anticipated earnings
proportionately higher than for the first six months.
The foregoing earnings of $71,512 do not include those of Central Railway
Signal Co. or its subsidiary, Pacific Railway Signal Co., substantially all
of the outstanding common stock of which is being acquired by Triumph
and which companies on their respective fiscal periods show total net
earnings of $41,177, after all charges but before preferred dividend require¬
ments of approximately $9,500 and income taxes.
Accordingly, combined
earnings of Triumph, together with Central Railway Signal Co., Inc.
and its subsidiary, would aggregate in excess of $100,000, or approximately
35c. per share on the outstanding stock of Triumph as of Jan. 31, 1940.
.
Total
Total
10,315,960
9,719,508
x After reserve for depredation and depletion of $4,585,744 in
1940 and
$3,927,359 in 1939.
y Represented by 888,146 no par shares in 1940 and
888,142 in 1939.—V. 150, p. 2117.
Texas Gulf Sulphur
Co.—Extra Dividend—
Directors on May 17 declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 50 cents on the common stock,
both payable June 15 to holders of record June 1.—V. 150, p. 2746.
Tilo Roofing Co.,
Inc.—Earnings—
16 Weeks Ended—
Apr. 20, '40 Apr. 22, '39 Apr. 22 ,'38
Consolidated net sales
$758,330'
$657,777
$777,029
Consol. net prof, after charges & taxes
5,863
loss36,311
27,070
Sales for the 16-week period ending April 20, 1940,
including gross income
on operations of subsidiary finance company, amounted
$758,330, an Increase of 15% over the previous year's comparable figure
—V. 150, p. 2899.
from service fees
to
Dividends—Company paid dividends of 20c. a share in 1937, 8c. in
20c. in 1939.
Dividends paid for the quarter ended Jan. 31,
and
1938,
1940
totaled 7^c. per share.
Capitalization—As of Jan. 31,1940, the company had outstanding 285,413
sale of the balance of the current
offering of 140,000 shares, there will be outstanding a total of 401,830
shares of common stock out of a total authorized capitalization of 600,000
shares of capital stock and, following the
shares.
Income Statement Six Months Ended Jan.
Ticonderoga Electric Light & Power Co.—Purchased—
A Rhode Island investment trust
May 16, acquired control of the com¬
small utility, operating properties at the head of Lake George in
pany, a
New York
State.
T. Dwight Boole, representing Investors Corp., owners of a majority of
the $250,000 of Colonial Utilities Corp. 6% secured notes, extended from
1934 to March 1, 1940, bid $150,000, the upset price, for 2,325 shares of
Ticonderoga
Electric Light stock, collateral supporting the notes, at an
The other 4% of this issue is owned by New York Power & Light
Co.
Investors Corp. is to be liquidated by its present management.
Invest¬
ment Trust Co. of Providence owns 80% of 11,332 shares or Investors Corp.
$6 first preferred stock and 90% of the combined 3,714 shares of $6 con¬
vertible preferred, 2,864 shares of $6 second preferred, and the 96,716 shares
of
common.
products._
amortiz.)..
Selling, general and administrative expense
Gross income
Other income
dividend of $2 per share on the common stock,
payable June 10 to holders of record May 31.
paid
March 11, last;
Merge—
Formation of this company, a Delaware corporation, to merge trucking
companies operating from Maine to Georgia, in Tennessee and as far west
Pittsburgh, was announced May 16 by B. M. Seymour, President.
The
company will be capitalized at about $25,000,000.
Its subsidiaries had
gross earnings of about $40,000,000 and a net of $3.00C,000 after taxes in
as
is to sell about $12,000,000 of common and $100 par
convertible preferred stock through a syndicate heade
by Kuhn, Loeb &
new company
12,150
Net profit
Prov. for deprec. of fixed assets & amort,
Amortization of organization expense
$88,545
....
of patentsi
Registrar and transfer agents' fees
Promotional expense incurred for advancement
10.292
2,536
1,348
loss$54,843
10,425
2,467
1,614
and
2,857
of pyrotechnic industry
$71,512
Net profit.
an extra
Transport Co. (Del.)—Trucking Companies to
Kuhn, Loeb & Co. to Finance Transaction—
The
1,286
loss$47,366
7,477
loss$69,348
This compares with $1.75
dividend of $1,25 per share in addition
to a dividend of $1.50 per share paid on Dec. 20, last; and extras of 50 cents
in addition to regular dividends of $1 paid on Sept. 30 and June
30, 1939
On March 31, 1939 an extra of 25 cents in addition to a quarterly dividend
of $1 per share was distributed.—V. 150, p. 1617.
on
1O6S$48,652
3,081
Other deductions.
education
a
1939
$229,288
214,015
63,924
$100,695
Time, Inc.—Common Dividend—
Directors have declared
-:Y-'
$617,652
422,705
97,333
$97,614
Net sales—manufactured and jobbing
Cost of goods sold (excl. of deprec. and
auction held in the rotunda of New York County Supreme Court House.
The stock purchased by Investors Corp. represents 96% of the issue out¬
standing.
31
1940
on
3
Balance Sheet
Liabilities—
Assets—
Cash—demand deposits, &c..
Notes,
trade
acceptances
accts. receivable
$143,983 Notes payable, to banks
Notes & accts. payable,
and
269,305
(net)
Inventories
381,102
Notes and accounts receivable
(officers and employees)
Other investments
Fixed assets, at cost (net)
Intangible assets, at cost..
Deferred charges
I
Other assets
Total
—V. 150, p. 2596.
Accrued liablls., incl.
other.
$195,000
297,958
payroll,
import duties, sundry exps.
and miscellaneous taxes
5,117 Dividends payable
118,504 Capital stock ($2 par)...
207,428 Surplus...
51,727
42,514
37,006
21,311
570,826
98,879
1,301
:.. $1,220,980
Total
$1,220,980
Volume
The Commercial & Financial Chronicle
150
Truscon Steel
Grover J. Meyer, has resigned
of sales, effective at once.—V.
as
150,
Vice-President and General Manager
p. 2596.
'
Twin State Gas & Electric
Period End. April 30—
Operating
Operating
State
expenses
municip. taxes
ana
Co.—Earnings—
Social security taxes.
Federal
1,708,497
1,746,380
191,212
18,333
187,456
18,214
9,103
10,354
117,048
115.072
$48,785
■■
;
41
$525,110
3,739
$521,562
Non-oper. income (net).
$43,130
137
Gross income
Bond interest
Other interest (net)
$43,267
11,161
5,998
$48,826
11,161
7,235
$523,632
133,936
87,734
49,796
come
tax) taxes
Net operating income.
:
2,070
and its
subsidiary companies, has been postponed until May 20.
dismissing the Bristol Traction Co.
lhe Commission has issued an order
t»s uiPVPYi*!0 IJ16 Proceedings instituted under Section 11 (b) (1) of the
Rublic Utility Holding
Company Act with regard to United Gas Improve¬
ment Co.
and its subsidiary companies.
Weekly Output—
The electric output for the U. G. I. system
companies for the week just
closed
ended
^and the figures for the
same week last year are as follows:
Week
May 11,1940,99,165,370 kwh.; same week last year, 92,311,881kwh.,
of 6,853,489 kwh. or 7.4%.—V. 150, p. 3068.
an increase
United
3,173
$528,849
133,936
85,989
41,438
$22,910
$27,257
$267,486
$252,166
20,790
20,790
249,475
249,475
Other deductions
3,198
Net income
Preferred
i
dividend
,
Merchants
outstanding collateral trust 6% sinking fund bonds, due Dec. 15,
i
1945 have been called for
redemption
at
Utah
1939
1940 '
Net loss
passenger
$21,995
2,831,850
$28,285
2,809,091
6.54 cts.
Revenue fare passengers carried
»
6.50 cts.
—V. 150, p. 1299.
ment sold—Cr.
10,929
145,933
Taxes...
Federal income taxes...
Net loss from oper'ns.
JDr7,847
loss....
1940—Month—1939
$97,594
$100,757
80,314
82,870
6,959
7,183
611,477
10,717
$622,842
619,202
7,562
$321
$326
$3,875
$3,922
161,060,359
5524,367266
1859,799946
18,610,633
$13,002,933
8,892,653
1,405,262
1,627,162
113,157,769
4914,948907
1547,425157
15,857,810
$10,244,023
7,787,277
1,501,978
yl,469,231
72,999
569,468
131,000
182,977
478,772
22,938
$810,257
61.622
$419,085prof$452,632
$748,636
America—Listing—
The New York Stock Exchange has authorized the" listing of $7,000,000
3M% debentures, due April 1, 1955, all of which are issued and outstand¬
ing.—V. 150, p. 2596.
Co.—Earnings—
1939
1938
1937
Oper. profit after deduct,
mfg., sell., gen., and
admin, expenses
$875,182
383,245
Cr3,246
$796,713
Cr 12,554
$726,421
356,516
Cr68,459
$1,188,783
365,274
101,141
$495,184
298,414
$459,202
298,414
x$438,365
397,885
x$722,368
397,885
397,885
$1.25
Deprec. and depletion..
Minority interest
397,885
$1.15
397,885
$1.10
397,885
$1.81
Net profit
Dividends
stock
out-
► standing (no par)
Earnings per share
x
350,065
Before Federal surtax
on
undistributed profits.
1939
$
Assets—
Cash.
$
Other assets.
Perm't assets
Trademarks,
► tracts, &c
1939
$
$
IAdbililies—
1,882,437
1,701,467 Accts. pay., accr'd
325,674
408,449
taxes, royalties,
1,314,497
952,972
&c., & Fed. tax.
706,453
658,651
968,923 Dlvs. payable
298,414
2,021,560
2,061,263 Res. for deprec. &
25,970,428 24,573417
depletion
15,638,962
conRes. for possible
1
182,780
255,700
182,780
Cap. stk. of Carb.
x
300,100
14,178,219
no-par
...
441,243
188,000
Deferred income..
32,611,729 31,149,3711
Represented by 397,885
United
290,985
668,276
298,414
197,000
36,585
38,449
Minority interest.
183,026 u
211,594
x Common stock..11,952,538
11,952,538
Surplus
3,316,766
3,163,639
expenses
Total
32,611,728 31,149,372
shares.—V. 150, p. 1458,
1940
Gross
oper. earnings of subs,
inter-company transfers)
1939
(after eliminating
$93,658,606 $88,081,004
43,310,561
40,918,455
4,726,818
4,735,945
9,571,248
9,421,095
12,217,456
10,688,677
General operating expenses
Maintenance
Provision for depreciation
General taxes & est. Federal income taxes
Net earns, from operations of subsidiaries.
Non-operating income of subsidiaries
Total income of subsidiaries
Int..[amort. & pref. divs. of subsidiaries....
.$23,832,522 $22,316,832
1,979,290
1,409,011
.
.$25,811,812 $23,725,843
15,695,783
15,872.309
.
Balance
.$10,116,029
Proportion of earns, attrib. to minority com. stock
2,160,817
$7,853,533
1,963,188
Equity of U. L. & P. Co. in earnings of subs.... $7,955,212
$5,890,345
Income of U. L. & P. Co. (excl. of income received
from
subsidiaries)....
20,797
Balance :
_
$5,604,929
2.396,269
——
$5,912,073
307,144
$7,504,153
Total.....
Expenses & taxes of U. L. & P. Co
21,727
$7,976,009
471,856
....
_
2,404,365
Int.
on long-term debt, bond discount & expense,
&c., of holding company
iw
_____
Balance transferred to consolidated surplus
$5,107,884
$3,200,563
1940
$4,948,103
1939
Earnings of Company Only
121Months Ended March 31—
Gross
income
Expenses and taxes
Int.t& amort, of debt discount and expense
Other deductions—
.
k
P
jwag
Net income...
—V.
150,
p.
3068, 2900.
States
Steel
was
Corp.—$75,000,000
Debentures
made May 15 of $75,000,000 serial
debentures at 100 and int. for all maturities.
The deben¬
dated May 1, 1940 and due semi-annually
on Nov. 1, 1940 to
May 1, 1955, bear interest coupons rang¬
ing from 0.375 to 2.65 %.
The underwriting group is headed
by Morgan, Stanley & Co., Inc., and includes a nation-wide
group of 112 investment houses and banks.
It is under¬
stood that three large New York insurance companies were
buyers, along with other life companies outside New York
City.
193258-
are
Dated May 1, 1940; due $2,500,000 semi-annually, Nov. 1, 1940 to
May 1, 1955.
Principal and interest (M-N) payable at office of J. P.
Morgan & Co., Inc.
Coupon debentures in denom. of $1,000, registerable
as to principal.
Redeemable at any time at the option of the corporation
as a whole, or any one or more series as a whole, on
any interest date on
30 days' notice, or on any other date on 60 days' notice, at the principal
amount and accrued interest, plus 8-100% of the principal amount for each
six months or fraction thereof from the date fixed for redemption to the
interest payment date next preceding the date of maturity.
The interest rates on the debentures, which are due semi-annually in
amounts of $2,500,000, follow:
Maturities
Nov. 1,
May 1,
Nov. 1,
May 1,
Nov. 1,
May 1,
Nov. 1,
May 1,
Nov. 1,
May 1,
Maturities
Int. Rates
1940— .375%
1941— .50
1941— .625
1942— .75
1942— .875
1943—1.00
1943—1.125
1944—1.25
1944—1.375
1945—1.50
Maturities Int. Rates
Int. Rates
Nov. 1, 1950—2.20%
Nov. 1. 1945-.1.625%
May 1, 1946—1.75
Nov. 1, 1946—1.80
May 1, 1947—1.85
Nov. 1,1947—1.90
May 1, 1948—1.95
Nov. 1, 1948—2.00
May 1, 1949—2.05
Nov. 1, 1949—2.10
May 1, 1950—2.15
May
1,
Nov. 1,
May 1,
Nov. 1,
May 1,
Nov. 1,
May 1,
Nov. 1,
May 1,
1951—2.25
1951—2.30
1952—2.35
1952—2.40
1953—2.45
1953
2.50
1954—2.55
1954—2.60
1955—2.65
—
of the information contained in the
pro-
Corporation—Incorp. in New Jersey in 1901.
Is a holding company
a controlling stock interest in various subsidiaries which principally
operations for the production and sale in competitive
owning
variety of finished and semi-finished steel products.
Collectively the subsidiaries constitute the largest domestic producer of
Operations include the production of most of the coal, substantiaUy all of the iron ore, limestone and coke, and part of certain other raw
materials used by the subsidiaries.
Steel products (other than rails)
and cement are generally quoted for delivery at place of destination.
The Federal Trade Commission has severely criticized the delivered price
method of selling steel products, recommending that it be supplanted by
sales f.o.b. manufacturer's miU, and has attacked the delivered price metohd
of sale of cement in a pending legal proceeding.
The corporation and certain subsidiaries own all of the capital stock of
15 common carrier railroads which operate approximately 1,266 miles of
road.
These railroads are important by reason of the transportation facili¬
ties made available to the subsidiaries and the dividends received from the
steel.
large investments therein.
The
Light & Power Co. (& Subs.)—Earnings—
WMonths Ended March 31—
United
Offered—Offering
conduct integrated
markets of a wide
Res. for taxes and
Black Exp., Inc.
Deferred charges..
Total
losses & conting.
1
Note—No provision has been made in the above statement for unpaid
on the 6% income demand note,
payable if, as and when earned,
amounting to $1,963,199 for the period from Jan. 1, 1934 to Dec. 31,1939.
—V. 150, p. 2901.
spectus follows:
1940
Notes receivable..
Accts. receivable..
Inventories
Balance, deficit
•
interest
A brief summary
Consolidated Balance Sheet Mar. 31
1940
on
tures, which
2,244
1940
$618,319
$25,588
597,254
608
1, 1940, the depreciation rates for certain airplanes, engines
equipment were revised in accordance with a reappraisal of the
as outlined in the annual report to the
As a result of such revision, depreciation
expense for the first quarter of 1940 is $64,825 less than it would nave been
had the previously used rates been in effect.
y Depreciation expense for
the 12 months ended March 31,1939, includes a credit of $22,815, applicable
to a prior period.—-V, 150, p. 3067,
United Carbon
$51,708
51,426
v
961
On Jan.
3 Mos.End. Mar. 31—
Gross income
$1,481
616.838
$51,403
50,763
and other
United Biscuit Co. of
$10,704
41,004
$10,321
41,082
i
rt5VCXlUtS2
X^ DU
Kent from lease of plant.
1940—12 Mos.—1939
$1,108,965
$1,109,041
1,020,609
995,898
86,875
87,555
mortgage bonds.
$442,023prof$450,388
$288,575
Operating revenues—
Operating expenses
Direct taxes...........
Int.
useful lives of such properties
stockholders for the year 1939.
com.
and accrued interest.
Co., Boston, Mass.—-
par
Trust
Other int. &Adeductions_
...
$280,728
Shares
15 at
(& Subs.)—Earns
16,776
117,004
......
Income from misc. prop¬
erty, int., &c. (net)..
x
on June
Street
State
1940—12 Mos.—1939
United Air Lines Transport Corp,
Period End. Mar. 31—
1940—3 Mos.—1939
Revenue passenger-miles 32,549,797
20,443,726
Mail pound-miles
.1303,194800 1180,738358
Express pound-miles
437,627,928 366,953,245
Revenue plane-miles
4,467,949
3,494,384
Totaloper. revenues
$2,896,016
$2,180,456
Operations.
2,312,798
1,847,598
Maintenance.:
373,917
313,945
Depreciation
x355,025
360,706
Net salvage on
equip-
Net
the
Light & Traction Co.—Earnings—
.
Months Ended March 31-^-
Average fare per
Inc.—Bonds
Manufacturers.
Payment will be made
V. 150, p. 2443.
Period End. Mar 31—
Union Street Ry.—Earnings—
*8
&
Called—
re-
quirements.——
—V. 150, p. 2596.
,
Postponed—
The Securities and
Exchange Commission announced May 13 that the
mBaring in the proceedings under Section 11 (b) (1) of the Public Utility
Holding Company Act of 1935 with regard to the United Gas Improvement
Co*
1940—12 Mos.—1939
$2,598,083
$2,550,801
1940—Month—1939
$200,044
$203,404
130,276
126,694
16,246
16,316
1,289
1,255
revenues
3221
United Gas Improvement
Co.—Hearing
Co.—Official Resigns—
471,856
2,357,729
38,540
$3,348,161
307,144
2,366,021
38,344
$2,079,977
$636,652
properties of the subsidiaries consist principally of iron and steel
manufacturing properties, coke plants, rail and water transportation properties, and owned and leased iron ore and coal properties.
The plants and
facilities vary in age and operating efficiency.
Substantial expenditures
may be required during the next few years to replace or rebuild various
plants and facilities.
Capitalization (Corporation and Subsidiaries Consolidated) Outstanding as of
Dec. 31, 1939
I
$97,581,500
Ten-year 314% debentures, due June 1, 1948
273,000
al48,207,088
5,285,119
Preferred stock, 7% cum. (par $100) (3,602,811 shares)
360,281,100
Common stock (no par), stated capital $75 (8,703,252 shares) 652,743,900
t
a
Includes $60,186,698 guaranteed by the corporation, less $114,000
Other funded debt
Funded and long-term debt of subs., consolidated
Subsidiaries' stocks not held by corporation
—
in treasury.
Year—]
■.■■■';:.z
Earnings for Calendar Years
b Special v, Deprec. A
a
Income
Income
Depletion
c
Interest
Net
Income
$
5,640,097 104,421,571
58,550,120
5,469,624
13,038,141
47,317,894
5,313,461 <171,175,705
40,319,794
5,164,453 <136,501,123
43,584,499
5,051,052 d21,667,780
44,579,309
4,959,780
1,146,708
47,801,389
4,918,43 1
50,583,357
55,466,762
744,729
59,589,159
5,141,088
94,944,358
48,532,841
8,262,327 d7,717,454
60,659,917
9,312,931
41,119,934
a After
taxes and before special income, depreciation, depletion and
interest,
b Includes also net adjustments of various accounts,
c Includes
also amortization of debt discount,
d Loss.
During the quarter ended March 31, 1940 the consolidated net Income
was $17,113,995 after providing $15,293,594 for depreciation and depletion.
Purpose—Net proceeds from the sale of these debentures (estimated at
$73,812,500 after deducting expenses) are to be used, in conjunction with
approximately $24,559,617 of the cash funds of the corporation, to redeem
or retire on or before July 15, 1940, at 103 (and interest accrued to July 15,
1940), $95,140,000 10-year 3 H% debenture, due June 1
1948.
The
aggregate amount required for such purpose will be $98,372,117.
The re¬
mainder of the 10-year 3 H% debentures outstanding in the principal
1930-—157,710,232
1931-46,484,000
—d25,666,466
10,912,418
1934
27,870,467
53,907,877
1936-- —110,968,550
1937
158,929,876
49,077,714
1939--——111,092,782
—
-
—
10,901,556
19,341,659
124,016
1,335,411
92,114
-
-
—
...
,
The Commercial & Financial Chronicle
3222
$2,441,500 will have been called for redemption on or prior to
amount of
Sarticipating employees in the plan will contribute 3% of their companies.
Imployees participating and the payments of their employing earnings in
funds therefor being on deposit in the sinking fund.
Debentures—The debentures are unsecured and are to be issued under an
Indenture dated as of May 1, 1940 between the corporation and First Na¬
tional Bank, New York, as trustee.
No additional debentures may be
issued under the indenture.
Other indebtedness may be incurred by the
June 1, 1940,
excess
or
:
Underwritten
Bacon, Whipple 6c Co
Baker, Watts & Co
BancOhlo Securities Co
180,000
hazard Freres A Co
Lee Higginson
Biddle, Whelen & Co
240,000
Blair 6c Co., Inc.-
450,000
120,000
A. G. Becker 6c Co., Inc—.
390,000
180,000
Blair, Bonner 6c Co.
2,400,000
Blyth & Co., Inc
Boettcher 6c Co...
120,000
Bonbrlght 6c Co., Inc
Chanute, Lough-
Bos worth,
ridge 6c Co
Alex. Brown 6c Sons
-
120,000
120,OCX)
150,000
Co
Co_.
1,704,761
$1,447,879
1,704,761
$244,364
$256,882
Riter & Co...
deficit
—
Dividends accumulated and unpaid to March
-
Dividends on these stocks are cumulative.
1,1940.
270,000
Accumulated Dividend—
Directors
have declared
a
en the $7
dividend of $1 per share on the $6 cumula¬
dividend of $1,16 2-3 per share,
E. H. Rollins & Sons, Inc
450,000
cumulative preferred stock, and a
3.300,000
L. F. Rothschild & Co
420,000
Salomon Bros. & Hutzler
600,000
preferred stock, both payable on account of accumulations on July 1
to holders of record June 1. Like amounts were paid in preceding quarters.
—V. 150, p. 2901.
'
,
roy,
510,000
Inc
360,000
Inc..
Schroder Rockefeller & Co.,
Equitable Securities Corp...
210,000
Schwabacher & Co
Estabrook & Co
600,000
Scott & Stringfellow
First Boston Corp
First of Michigan Corp
Robert Garrett & Sons
610,000
300,000
—
Green, Ellis & Anderson
Hallgarten 6c Co
Harrlman Ripley & Co., Inc.
Harris, Hall & Co. (Inc.)
Hawley, Huller <fcCo
Hayden, Miller <fc Go
Hay den, Stone 6c Co
Hemphill, Noyes & Co..
Securities Corp
Union
Hornblower & Weeks
180,000
720,000
W. E. Hutton 6c Co
900,000
180,000
450,000
120,000
Weeden & Co...
Jackson & Curtis..
Kalman 6c Co
Kean, Taylor 6c Co
Kidder, Peabody & Co
Kuhn, Loeb 6c Co
Ladenburg, Thalmann & Co.
Laird, Bissell & Meeds
300,000
1,920,000
3,900,000
720,000
300,000
120,000
W. W. Lanahan&Co...
W. C. Laugley & Co...
G. H. Walker & Co
—
$697,088
539,059
$774,870
712,637
$888,558
749,978
$902,484
Other income...
$158,030
64,497
$62,233
14,009
$138,580
Dr4,383
$110,420
35,315
$222,527
107,423
$76,242
31,340
$134,197
90,064
$145,734
35,266
Cr 15,373
120,000
CV53.987
$130,477
$98,890
80,645
$44,132
$110,468
180,000
180,000
600,000
180,000
Taxes, &c—
Applic. of price equaliz'n
420,000
510,000
420,000
Net
,
150,000
300,000
Wisconsin Co
813,385
360,000
180,000
x
Co.'s
own
y
222,665
27,700
999,297
Plant &equipm't
tangible
assets,
2,544,677
paid expenses._
2,544,677
619
5,672
underwriters,
Co.,
Inc.,
is authorized in agreements
or
Total
the
pur.
commitm'ts
for tin
40,000
____
170,353
112,360
170,353
1,522,300
stock
Pref.
1,522,300
3,225,800
107,925
3,225,800
107,925
851,505
res..
66,600
($100
Com .stk. (par$ 100)
967,089
x
$6,734,630 $6,381,635
1,865 shares,
y
$6,734,630 $6,381,635
Total.-r
After depreciation and obsolescence—July 1, 1929, to
1940 and $2,137,682 in 1939.—
March 31, 1940 amounting to $2,535,682 in
during the term of said agreements, (1) to buy and to sell
debentures (in addition to the debentures sold to dealers) in the open
charges.
Res. agst. forward
an¬
Vs %•
among
109.925
govern¬
Capital surplus
Earned surplus
to the respective principal amounts of debentures which they have
severally agreed to purchase from the corporation, and, in effect, that when
such division results in the sale of debentures from one underwriter to
178,572
6c other
par)
tion
other underwriter, the sale shall be at the public offering price less
150,775
Res. for Inc. taxes
general.
Price equiz'n
incl. goodwill
Def'd chgs. & pre¬
The underwriters have agreed among themselves that any debentures not
retained by the underwriters for direct sale or sold to dealers and paid for
shall be divided among the underwriters as nearly as practicable in propor¬
$176,452
166,904
in
processes
following:
$243,327
Dividends payable
Res. for conting. &
licenses,
& in¬
Patents,
1939
1940
Liabilities—
Accts. pay. & accr.
mental
pref.
stock—at cost..
Other investments
underwriting agreement contain the
906 989
222,665
30,515
825,124
Inventories
600,000
Dean Witter & Co
$699,025
606,001
369,608
$709,804
Marketable secure 1,220,055
Accts. receivable..
367,785
720,000
Yarnall 6c Co..
1939
1940
AssetsCash
Whiting, Weeks & Stubbs,
Inc
792,065
Condensed Balance Sheet March 31
180,000
240,000
......
profits
Common dividends
150,000
Werthelm & Co
1937
1938
Expenses, deprec., &o__
210,000
360,000
the
1939
1940
Quar. End. Mar. 31-
150,000
240,000
....
Wells-Dickey Co
White, Weld & Co
Co.—Earnings-
Vulcan Detinning
120,000
720,000
Watling Lerchen & Co
Illinois Co. of Chicago...—
J. J. B. Hilliard & Son
dividend of $1 per share on
a
dividend, will be $11.50.—V. 150, p. 3068.
3,300,000
480,000 William R. Staats Co
1,200,000 Starkweather & Co
390,000 Stein Bros. & Boyce
210,000 Stern Brothers &Co
420,000 Stern, Wampler & Co., Inc..
3,300,000 Stone & Webster and Blodget,
Inc..540,000
150,000 Stroud & Co., Inc
390,000 Swiss American Corp
720,000 Spencer Trask & Co
600,000 Tucker, Anthony & Co
15 declared
the $5.50 dividend priority stock, payable June 15 to stockholders of record
June 1.
The amount per share in arrears at June 1, after deducting the
150,000
....
....
Glore, Forgan & Co....
Goldman, Sachs & Co
Graham, Parsons 6c Co
Utility Equities Corp.—Accumulated Dividend—
The board of directors on May
150,000
150,000 Shields 6c Co
3,300,000 Singer, Deane 6c Scrlbner—_
240,000 Smith, Barney 6c Co
120,000 Smith, Moore & Co
Ferris & Hardgrove
tive
Schoellkopf, Hutton & Pome-
150,000
Stanley &
31, 1940, amounted to
$7,671,425, after giving effect to dividends of $1.162a a share on $7 preferred
a share on $6 preferred stock, declared for payment on April
120,000
Emanuel & Co..
Morgan
300,000
stock and $1
450,000
& Co., Inc
Pressprlch & Co
Reinholdt & Gardner
390,000
180.000
Eastman, Dillon & Co
of
$1,460,397
o
1,200,000
1,800,000
-
Drexel & Co
terms
196,376
$179,926
$129,725
Divs. applicable to pref. stocks for the period..
a
210,OCX)
R. W.
300,000
Dillon, Read & Co
Dominlck 6c Dominlck.
The
188,063
Balance,
510,000
Arthur Perry
270,000
Dick <& Merle-Smith
Elkins, Morris & Co
a
150,000
510,000
120,000
—
15,671
Net income
300,000
840,000
Paine, Webber 6c Co
R. L. Day &
300,000
510,000
300,000
360,000
1,200,000
$4,229,508
2,281,048
25,000
on
210,000
Newton, Abbe & Co
Clark, Dodge & Co
Coffin & Burr, Inc
Paul H. Davis & Co...
$4,270,743
2,326,488
158
$362,705
192,309
deb. bonds
Other int. & deductions.
300,000
W. H. Newbold's 8on &
1,092,750
$4,266,159
4,584
170
Interest on mtge. bonds.
G. M.-P. Murphy 6c Co
120,000
1,092,000
$409,690
189,028
25,000
15,736
Int.
—
390,000
91,000
$362,547
$4,225,089
4,419
Gross income.
:
E. A. Pierce &
Cavalier & Co
91,000
$409,520
Net operating revs...
Other income (net)
3,300,000
Mellon Securities Corp
Central Republic Co
E. W.Clark & Co
Wm.
200,334
Earnings—
.
360,000
1,200,000 Merrill, Turben 6c Co
Mitchum, Tully & Co
120,000 Moore, Leonard & Lynch
300,000 F. S. Moseley & Co
120,000
Burr, Gannett 6c Co
120,000
W. L.
Merrill Lynch,
Cassatt
$1,168,743
467,889
retirement re¬
appropriations..
serve
,
150,000
McDonald-Coolidge & Co—
210,000
Subs.)
Property
1,200,000
,
.
1940—\2Mos.—1939
.
$1,074,480 $13,796,715 $12,738,886
449,574
6,271,859
5,399,953
171,359
2,207,767
1,980,024
_
Direct taxes
Adolph Lewlsohn & Sons
Lyons 6c Co.......-vMackubin, Lcgg & Co
Laurence M. Marks & Co...
...
a
31—.—1940—Month—1939
Operating revenues
Operating expenses
1,800,000
Corp
which it is expected will be
participating employees, as
Plan will be trusteed with the
York.—V. 150, p. 2901.
^
Utah Power & Light Co. (&
Period End.March
1,800,000
Brothers
Lehman
Guaranty Trust Co. of New
Principal Amt.
Underwritten
Principal Ami.
$3,600 as the case may be, and the employing
of the Contributory Pension
The funds
any
Morgan Stanley & Co., Inc.. $8,400,000
120,000
Almstedt Brothers...
of $3,000 per year, or
companies will provide such varying amounts,
substantially in excess of the contributions of
may be required to cover the cost of the plan.
subsidiary.
With certain exceptions the indenture
provisions may be modified with the consent of holders of not less than
66 2-3% of outstanding debentures.
Underwriters—The names of the several underwriters and the several
amounts underwritten by them respectively are as follows:
corporation
May 18, 1940
market
V. 150, p. 1954.
otherwise, for either long or short account, on such terms and at such
as Morgan Stanley & Co. Inc. shall deem desirable, and (2) in arrang¬
ing for sales to dealers to over-allot, it being understood that such purchases
and sales and over-allotments shall be made for the accpunts of the several
underwriters as nearly as practicable in proportion to the respective prin¬
cipal amounts of debentures which they have severally agreed to purchase
from the corporation; provided, however, that at no time shall the net commitment pursuant to such purchases and sales and over-allotments, for
either long or short account, exceed 10% of the aggregate principal amount
of debentures which each underwriter has agreed to purchase from the
corporation.
The purpose of this provision is to facilitate the distribution of the deben¬
tures by attempting to stabilize the market prices thereof.
The existence
of this provision is no assurance that any such transactions will be effected,
or, if effected, that they will not be discontinued at any time.
The agreements among the underwriters provide that, during the term
thereof, no underwriter may buy or sell debentures for the purpose of stabil¬
ising the price without the consent of Morgan Stanley & Co., Inc.
Waialua
prices
Debentures Called—
^
■
•
Corporation has called for redemption on July 15, 1940 all of its out¬
standing ten year 3H% debentures, due 1948 (other than debentures
heretofore called for redemption under the sinking fund provisions of the
indenture) at 103 and accrued interest.
Payment will be made on and
after July 15 at the New York office of J. P. Morgan & Co. Incorporated.
Establishes New
Pension
System—
B. F.
Fairless, President of the corporation, announced on May 16 the
establishment of the United States Steel Contributory Pension Plan, pro¬
vision for which was made when the pension rules of the Corporation
Pension Plan
were
revised last December.
The Corporation Pension Plan has provided retirement pensions to
employees since 1911. When the pension rules were revised last December,
in anticipation of the commencement of payments under the Social Security
Act in January, 1940, provision was made to continue pension credits for
service prior to 1940.
In addition, the rules as then revised continue to
make provision with respect to special retirement conditions and to em¬
ployees retiring after 1939 until they qualify for Federal or State old age
retirement benefits.
These provisions are not affected by the United States
Steel Contributory Pension Plan.
The new contributory plan makes provision for retirement pensions with
respect to service after 1939 for those employees whose earnings are in
excess of $3,000 per year, or $3,600 per year in the case of railroad
employees.
Earnings under these limits are not covered by the contributory plan for the
reason that the
Federal Pension laws—the Social Security Act and the
Railroad Retirement Acts—provide pensions with respect to such earnings
Thus, by means of the United States Steel Contributory Pension Plan and
the public pension plans, pension coverage with respect to all
employee
earnings is now available to all employees.
The contributory plan is intended to provide an annual pension for
life,
upon retirement at age 65, of 1% of the aggregate eligible compensation
(amount in excess of earnings taxable under the Federal Pension laws)
received by an employee during participation in the plan.
Approximately
11,000 employees are eligible to participate in the plan.
As in the case of Federal pension plans, where the cost of public pensions
is provided by the joint payments of employees and employing companies
through the medium of taxation, the cost of the pensions under the United
States Steel Contributory Pension Plan will be met by the contributions of
Agricultural Co., Ltd.—30 Cent Dividend—
Directors have declared
a
dividend of 30 cents per share on the capital
stock, payable May 31 to holders of record May
paid
cents
21.
Dividend of $1 was
of 20
Nov. 30, last, and previously regular quarterly dividends
per share were distributed.—V. 149, p. 3280.
on
•
Walnut Electric & Gas Corp.— To
Sell Subsidiary—
The Securities and Exchange Commission May
13 announced that
corporation and its subsidiary, South Carolina Utilities Co. filed an applica¬
tion (File 70-57) under the Holding Company Act regarding the proposed
sale of properties of the subsidiary located in Horry County, S. C., to A. E,
Peirce of Warren ton, Va.
According to an agreement accompanying the
application, the properties are to oe sold for $750,000, of which $125,000
will be evidenced by a three-year note and the balance will be in cash.
The application stated that $475,000 of the cash proceeds will be paid to
General Water, Gas & Electric Co. in satisfaction of the note of Walnut
Electric & Gas Corp. due on or before May 1, 1940, having an unpaid
balance of $475,000.
Any additional cash proceeds available will be applied
to the redemption of another note in the principal amount of $485,000 of
Walnut Electric & Gas Corp. held by General Water, Gas & Electric Co.
The transaction will result in a further step toward the liquidation of
Walnut Electric & Gas Corp., it is stated.—V. 150, p.
Washington Gas
Period End. Mar. 31—
Gross operating revenues
Operating
& Electric
3069.
Co.—Earnings—
1940—3 Mo&—1939
1940—12 Mos.—1939
$1,563,243
$1,679,952
Depreciation
General taxes
Federal income taxes
172,335
26,491
680,313
112,490
26,647
40,578
100,186
162,471
$166,292
23,962
$146,053
24,858
$624,271
98,602
_
$535,978
96,047
Gross income
Int.
on
1st mtge. bonds.
Int.
on
1st lien &
$190,254
91,129
$170,911
91,536
$722,873
364,713
$632,025
366,968
47,400
1,242
47,474
1,536
189,600
5,697
191,470
7,293
7,063
7,103
28,265
28.617
676,370
104,832
100,813
145,250
221
221
Net operating income.
Non-operating income.
$412,104
26,859
26,468
42,524
Maintenance
$440,905
178,541
expenses
general
mtge. bonds
Other interest
Amortiz. of debt discount
and expense
Engineering
ment exp.
& develop¬
paid in prior
/
years written off
13,078
Exps. in connection with
condemnation proceed¬
41,107
14,322
ings
Net income
$29,098
$23,262
$93,492
$24,599
—V. 149, p. 2991.
Washington & Suburban Cos.—To Cease
Company—SEC Approves Deals—
The Securities and
actions
as
Holding
Exchange Commission approved on May 14 trans¬
by which the company will cease to be a holding concern.
The
Volume
The Commercial & Financial Chronicle
ISO
Securities and Exchange Commission said in its opinion that when the trans¬
actions had been completed and so reported to the Commission it would
Issue its order declaring Washington and Subsurban Cos. to be no longer a
holding company.
Authority to carry out most of the transactions involved in the applica¬
tion had been obtained previously and the order of May 14 merely authorizes
company to transfer to the Sycamore'Co. 535 shares of preferred stock of
the New York & Richmond Gas Co.
Previously Washington & Suburban
Cos.
had
obtained
authority to transfer to the holders of its shares of
a liquidating dividend,
66,499 shares of common
Light Co. and all capital stocks of the "three"
beneficial interest,
as
stock of the Washington Gas
companies.—V.
149,
4046.
p.
'/
3223
Work will start within a month on the
expansion program, which will
increase the Mansfield
plant's capacity in production of household refriger¬
ator by
one-third, Mr. Osborne said.
Cost of the program, including
buildings and equipment, wUl be somewhat in excess of $500,000.
T/iV"ici?alJ£0lec1'ls to he construction of a new metal stamping building*
70 feeti by 370 feet and three stories
high. This will be located beside the
present vitreous enameling plant of the Mansfield
Works, and will fabricate
metal parts for refrigerators.
These parts will be porcelain enameled in the vitreous
plant and carried
12 ?eS'hhly Unes in the main Mansfield plant building by
toe
conveyor in
1,200-foot overhead bridge which will be completed shortly.
,utoer principal building project in the
new program will be addition of
fourth stories on one of the present buildings of the plan.
This
addition, which will be 80 by 80 feet, will increase the present wire goods
department, and will produce wire shelves for refrigerators.—Y. 150, P»
toird and
Washington Water Power Co. (& Subs.)—Earnings—
Period
Feb.
End.
Operating
Operating
29—
expenses.....
Direct taxes
Prop, retire,
res. approps
Net operating revenues
Other income (net)
Gross income
Int.
1940—Month—1939
1940—12 Mos.—1939
$866,916 $10,923,569 $10,202,274
315,860
4,047,138
3,726,680
160,673
al,686,908
1,761,403
92,497
1,112,825
1,113,981
$938,687
revenues
340,002
178,917
92,410
$327,358
1,990
$329,348
mortgage bonds.
6,194
on
$3,630,106
995,550
68,468
Cr2,383
$4,106,661
864,256
$299,240
82,963
3,765
64,167
Other int. & deductions.
Int. charged to construct
$3,600,210
29,896
$4,076,698
29,963
$297,986
1,254
117,451
Crl>506
...
2751.
;.J.-;'rv;
West Penn Electric Co.
Period End. Mar. 31—
1940—3 Mos.—1939
Total operating revenues$l1,108,320
Non-operating income..
Total earnings
Operating expenses
Maintenance
Federal income taxes
....
$258,987
$212,512
$2,568,471
622,518
$3,126,460
622,518
Dividends applicable to pref. stock for the period.
Balance..
such
of
approximately $581,000 would have been required except for
for
renewals,
retirements & deplet'n
Amort, of elec. plant adjustments
1,041,830
1939
Miles of rd. oper. (avge.)
No. pass, carried
1936
882.92
202,609
5,943,548
181,373
5,442,046
14,904
$97,198
13.646
$95,763
1 mile
11,625
Total passenger revenue
$83,030
Av.rev. rec.fr.each pass. 52.893 cts.
Av. rev. per pass.per m.
1.817 cts.
No. tons car'd of freight
P earnings revenue
15,402,678
No. of tons car'd 1 mile_ 1922540820
1
47.973
51.598 cts.
cts.
Amort, of debt discount,
prem. (net) & exps
Preferred dividends
1.760 cts.
12,779,954
15,772,869
17,371,993
1585376335 2105937,896 1865724,718
mile
Income Account for
Calendar Years
Total oper. revenues_$16,518,180 $13,625,664
Maint. of way & struc..
Maint. of equipment...
$1,943,318
3,447,776
Traffic.
469,276
Transportation
4,415,987
Miscellaneous operations
56,782
General
555,968
Transp, for invest. (Cr.)
38,738
expenses.$10,850,369
$17,626,269 $16,298,270
$1,554,099
2,931,026
442,071
3,876,090
53,115
483,608
$2,316,881
3,708,120
473,203
4.473,709
64,343
555,007
12,843
67,387
$2,151,631
3,292,741
440,427
3,972,511
58,672
556,928
8,865
$9,272,622 $11,578,422 $10,464,047
13,703
26,156
233,954
102,325
13,703
110,779
$1,806,522
$1,377,565
$5,515,450
$4,409,687
65,300
63,143
257,206
254,430
1,657
12,933
1,657
11,093
6,630
23,581
6,630
22,296
$1,726,632
566,962
103,470
$1,301,672
566,962
103,470
$5,228,033
2,267,847
413.882
$4,126,331
2,267,847
413,882
$1,056,200
Balance
$631,240
$2,546,302
$1,444,602
Deducts, of West Penn.
Electric Co.—
Interest
•
expense
Miscell. deductions
Net income
7% & 6% pref. divs...
_
Class A dividends
.*
Represents the equity of American Water Works & Electric Co., Inc.*
parent company, in the earnings of Monongahela West Penn Public Servce
Co., a subsidiary.—V. 150, p. 2278.
V,
a
West Penn Rys.
(& Subs.)—Earnings—
Period End. Mar. 31—
Operating revenue
Non-operating income.
1940—3 Mos—1939
Tax accruals....
$721,695
1,188,997
$493,358
152,547
42,354
1,500
8.079
$2,107,864
576,987
137,934
20,780
$1,910,692
616,597
177,333
6,541
23,956
11,440
42,160
44,218
$343,672
$277,438
62,112
Federal income taxes
Other taxes
$681,829
1,426,035
10,900
expenses
$177,904
315,454
$551,212
152,340
33,448
4,280
6,572
Total earnings.
Operating
62,112
$1,322,771
248,450
1,868
$4,353,042
842,569
$6,047,848
1,120,946
retirements
Gross income
467
467
6,986
6,987
28,005
$1,042,047
248,450
1,868
25,181
$274,107
$207,872
$1,044,448
$766,548
Interest on funded debt.
Amortization of discount
Miscell. deductions.*
Net income
$5,834,224
$3,510,472
$4,926,901
$4,635,795
119,828
132,970
100,345
148,421
1,198,428
Net rental of eqpt. and
joint facUities (fir.)..
Net railway oper. inc.
Non-oper. income......
Gross income.....
Fixed charges
...
...
"Net income...
Div. on 1st pref. stock..
Bal,
trans,
to
$4,775,969
104,236
$4,880,205
3,318,103
$3,643,433
128,453
$5,027,246
110,954
$3,771,887
3,316,426
$1,562,101
$455,461
......
$5,138,201
3,335,063
—...
$1,803,137
1.241,947
$4,784,216
Western New York Water
1940
$455,461
$561,190
<
1939
1938
$807,727
462,550
$739,283
431,860
$763,769
Net earnings
Other income
$345,177
$307,423
$324,821
483
90
119
Gross corporate income
Interest on mortgage bonds
$345,660
$307,513
204,887
42,140
10,541
5,679
$324,940
204,887
44,463
10,573
5,873
1,384
$4,866,487
3,156,373
$1,710,113
1,241,947
Interest
on
204,887
debenture bonds
38,952
Amortiz. of debt discount & expense.
Taxes assumed on interest
_
438,947
$468,166
10,471
5,607
■
.
Prov. for Fed. inc. & capital
stk. tax..
350
497
Crl25
450
6,898
300
~~8~,786
$77,607
Other interest charges
Interest charged to construction
Miscellaneous deductions
$1,562,101
Co.—Earnings—
Operating revenues
Operating expenses
82,270
profit
and loss
7,232
Reserved for renewals &
12 Months Ended March 31—
Operating income
1940—12 Mos.—1939
$177,802
373,410
.
—V. 150, p. 2444.
$5,667,811
1,011,670
$4,656,141
revenue...
632,897
2,804,235
70,330
24,986
Maintenance
oper.
4,743,539
.
1939
1938
1937
1936
Oper. revs.—Freight_..$15,940,384 $13,072,166 $17,069,347 $15,794,011
Passenger
83,030
103,628
95,763
97,198
Mail
80,102
81,420
82.002
82,211
Express*.—.........
20,409
14,991
20,068
18.647
Milk
888
1,848
3,548
1,863
Miscellaneous
393.366
351,611
305,984
353,897
Net
4,744,320
158,052
632,290
701,059 t 2,414,615
Minority int. held by
Balance
...
Total oper.
1,188,107
158,065
557.937
52.799 cts.
1.635 cts.
1.740 cts.
mile of road
2,211,037
1,803,326
2,390,531
2,113,130
Total freight revenue...$15,940,384 $13,072,165 $17,069,347 $15,794,012
Av. rev. per ton per mile
$.00829
$.00825
$.00811
$.00847
per
$3,464,642 $13,642,954 $12,714,840
1,187,960
Amort, of debt disc't &
mile of road
tons carried
1937
880.95
4,129,263
942,700
$3,805,800
parent company
14,931
$103,627
156,977
4,568,530
3.907,395
237,250
Miscell. deductions
1938
879.14
200,838
5,954,231
869.52
No. pass, car'd earn .rev.
No. pass, car'd 1 mile
Gross income
1,067,943
,
Deducts, ofSubs.—
Interest
1
a
Western Maryland Ry.—Annual ReportTraffic Statistics for Calendar Years
No.
50,608
$1,945,953
$2,503,942
extraordinary deductions.,V. 150, p. 2751.
per
.
.
_
H
1940—12 Mos.—1939
$9,978,526 $41,451,129 $37,758,882
52,073
232,235
219,889
$11,158,928 $10,030,599 $41,683,364 $37,978,771
3,545,971
3,335,277
13.932,232
13,373,969
845,248
808,678
3,293,237
3,196,647
604,225
382,260
1,903,782
1,111,260
l ,078,604
971.799
3,452,792
4,061,064
...
a In connection with
refinancing by the company in 1939, extraordinary
deductions for income tax purposes of debt discount and expense,
call
premiums on bonds retired, and other related items, reduced taxable income
for the year 1939.
The above statement includes provisions for Federal
and State income taxes in the approximate amount of $331,000.
Pro¬
visions
_
Other taxes
Reserved
Net Income
(& Subs.)—Earnings—
$43,242
$49,465
1,001
Cr 114
(7/490
General Balance Sheet Dee* 31
1939
1938
;?.vAJ ■: >'J '■)'^
ASSCtS
1939
Liabilities—
Balance Sheet March 31,1940
Property invest .173,797,782 171,751,757
Cash
2,222,898
2,179,877
53,286,898
ist pref. stock..
Time drafts and
2d pref. stock...
17,742,050
6,138,200
-
25,000
deposits
Special deposits.
Traffic
serv.
and
533,825
25,000
91,379
car
balances,
receivable
268,906
Mat'Is
<fc
suppl.
Int. & divs.rec.
Oth. curr. assets
Working fd. adv.
140,921
10,820
8,681
331,676
debt..
340,953
Divs. payable..
Fund, debt mat.
unpaid
Unmat. int. accr.
1,359,235
424,028
61,340,865
1,026,767
Unmat'd
230,000
1,524,000
262,602
1,198,660
108,255
369.938
Other def. llab..
Tax
56
1,000
538,447
1,000
500,801
13,592
237,432
20,785
596,081
93,104
13,682
211,854
43,645
506,268
83,029
Telegraph Co., Inc.—-jEarnings—
$8,168,ff03
revenues
telegh.
180,877.877 177,653,249
Total
387,879
295,707
22,699,149
1,332,451
13,792,509
557,913
199,616
517,190
544,862
Uncollectible optg. revs
Taxes assignable to operations
$1,253,630
33,119
$1,078,520
$3,145,481
93,962
$2,135,213
87,655
31,503
v
485,057
496,168
1,460,426
1,461,781
,$735,454
192,715
$550,849
190,357
$1,591,093
395,573
$585,777
381,349
$928,169
Operating income
Nonoperating income...
$741,206
$1,986,666
$967,126
590,431
594,265
1,776,194
1,785,608
$337,738
$146,941
$210,472
*$818,482
.180,877,877 177,653,249
-V. 150, p. 2751.
Westingrouse Electric & Mfg. Co.—Expansion Program
Plans for a half million dollar expansion program at company's Mansfield
plant were announced on May 17 by L. E. Osborne, Manager of Manufac¬
turing and Engineering of the Westinghouse Merchandising Division.
1,391,871
14,218,858
552,960
cable
.
Total
463,964
4,750,634
187,973
171,254
&
oper. revenues
1,188,690
Prof. & loss bal. 22,766,287
1940— 3 Mos.—1939
$7,882,747 $23,379,338 $21,920,657
1,494,057
1,503,712
517,321
684,719
2,058,921
2,053,997
4,901,509
184,813
.
Conducting operations
Relief depts. & pensions
All other genl & misc.
Net
1,210,840
Other unadjust.
credits..
505,452
686,268
465,677
Repairs
^
Deprec. & amortization*
All other maintenance.
expenses
&
P.Ry
1940—Month—1939
Telegh. & cable operat-
9,869,813
property,
C.
Western Union
Period EndedMarch 31—
_
Va.
Assets—Property, plant and equipment, $8,686,626; miscellaneous in¬
and special deposit, $1,278; cash in banks and working funds*
$112,541; accounts and notes receivable (less reserve of $6,516), $53,690;
accrued unbilled revenue, $16,350; materials and supplies, $27,565; debt
discount and expense in process of amortization, $117,144; prepaid accounts,
deferred charges and unadjusted debits, $16,797; total, $9,031,989.
Liabilities—Funded debt, $4,523,600; accounts payable, $11,009; due to
affiliated companies, $558; consumers' deposits and interest accrued thereon*
$11,221; Federal, State and local taxes accrued, $33,346; interest on funded
debt accrued, $95,167; miscellaneous accruals, $3,248; unearned revenue,
$11,932; deferred liability, $120,772; reserve for depreciation, $1,133,950;
contributions in aid of construction, $212,919; $5 non-cum. partic. pref.
stock, $206,133; common stock (50,000 no par shares), $1,000,000; capital
surplus, $792,525; earned surplus, $875,609; total, $9,031,989.—V. 149*
p. 2992.
vestment
382,221
56
liability
Operating res've
Acer, deprecia¬
tion (equip.)
10,330,162
Deprec. & deple.
W.
254,867
833,729
82,793
rents
accrued
Other curr. llab.
of
230,000
car
wages payable
31,473
2,010 Misc. accts. pay.
funded
Other unadjust.
debits
and
Int. mat. unpaid
pd. in advance
on
Traffic
cos_
serv.
balance
256,288
1,662,152
payable
2,063 Audited accts. &
Rent & ins. prem.
Disc,
Grants in aid of
construction..
425,742
Funded debt... 61,338,866
Equip, tr. obiig.
3,581,000
affiliated
325,750
300,698
1,660,212
2,016
36,750
2,310
53,286,898
17,742,050
6,138,200
133,925 Non-neg. debt to
Net bal. ree. fr.
agts.&conduc
Misc. accts. rec.
Net income
1938
$
Common stock¬
Gross income..
Deductions
from
income
Net income..
x
gross
Deficit—V. 150, p. 2444.
The Commercial & Financial
3224
Western Auto
I-
Sales
Oper.
Wheeling & Lake Erie Ry.—Annual Report—
/
Traffic and Transportation Statistics for Calendar Years
298,247
——218,39o
Express
Miscellaneous „
.
1938
1937
1936
1,515,767 $11,417,377 $11,157,705
328,459
399,449
402,990
214,578
222,661
224,146
149,746
175,745
174,142
427,189
503,996
483,126
revs.—Freight---$11,593,366
Passenger—
Mail---
1940
18,
Ry.—Earnings1939
Calendar Years—
1940—Month—1939
1940—I Mos.—1939
$4,311,000 $3,460,000 $13,405,000 $10,911,000
3070.
—V. 150, P.
May
Wisconsin Central
Supply Co.—Sales—
Period End. Apr. 30—
Chronicle
153,057
555,084
—
„ „. ---
~
carried—
miles
net tons p. tr. mile-
850
833
1.019 cts.
1.019 cts.
$27,905
$20,485
11,865
580,467
0.975 cts.
$29,531
24,117
1,270,494
1.045 cts.
$28,648
18,920
1.037,722
1.97 cts.
1.95 cts.
$163
$9,360
$2.39
$151
$9,134
mile
mile of rdmile of rd
per tr. mile.
Pass. rev. per
$5,668
$9,420
$2.99
Net op. rev. p.
Income Account
$2.06
$2.51
$14,919,230
Operating Expenses—
—
Transportation
General
-
1,995,498
3,328,132
422,187
5,062,643
378,754
14,921
1,063,999
2,357,238
419,501
3,887,273
360,072
234
4,085
invest.—Cr-
'
Total
Net
2,007,996
3,555,271
391,166
4,509,369
434,127
5,580
$2,766,293
29,307
22,575
2,366
$2,770,628
$2,867,747
145,133
$871,655
23,909
12,649
1,165
120,594
25,656
2,958
2,961
102,724
44,290
5,957
3,564
87,761
$2,965,675
$1,029,974
$2,904,928
$3,009,319
414,391
7,264
67,087
2,648
490,445
383,046
587,324
6,359
69,415
2,851
35,951
42,075
638,289
3,868
617,031
719,447
41,059
22,116
4,427
612,262
income.. $1,983,840
def$69,987
38,065
$1,618,678
27,230
$1,610,008
35,159
$2,018,999
def$31,922
$1,645,908
$1,631,237
81,368
117,493
205,285
418,959
827
496
17,187
1,674,965
686,192
10,352
513
12,622
1,675,396
496,744
11,124
.
locomotives
.
_.
Joint facil. rent income
.
.
Total ry. oper. income
Hire of freight cars—Dr.
balance
Rent for locomotives
—
.-train care
Rent for work equipment
Rent for pass
Joint facility rents
Total non-oper. income.
Gross income
exp„-$10,136,644
oper—
4,782,586
accruals-- .
1,578,060
Total ry. oper.
Net rev. from ry.
Railway tax
$8,087,849 $11,172,293 $10,892,350
2,893,881
4,798,546
4,681,851
1,297,207
1,751,899
1,562,034
$1,596,674
$3,046,647
$3,119,817
65,941
105,633
17,737
100,268
37,547
99,236
17,421
103,586
79,610
86,471
16,233
116,340
72,536
46,491
19,173
100,674
curities and accounts-
718
652
24,411
24,506
931
1,846
Int. on funded debt
1,666,537
Int. on unfunded debt.301,222
Misc. income charges.3,426
524,058
$3,377,080
$3,882,751
0534,033 01,114,112
27,310
22,757
77,308
60,172
877
7,217
634,345
622,028
2,665
2,169
2,774
7,291
v;
4,602
3,937
0621,975
29,487
79,699
6,324
607,069
2,286
31,739
3,840
income -
Norv-Oper. Income
equipment.. .
income
Miscell. rent income
Inc. from funded secure.
Rent from
Joint facility rent
unfunded se¬
from
Inc.
$3,519,234
Gross income..
Deductions—
freight cars
Rent for equipment
Joint facility rents
Miscellaneous rents
Interest on funded debtMiscell. tax accruals
Int. on unfunded debt—
Misc. income charges—
Hire of
$1,879,622
$3,735,467
$3,744,279
2,057
153,087
147,293
141,813
$3,576,226
$1,540,841 $3,588,174
2,377,032
1,026,140
2,714,755
train service discontinued July 17, 1938.
Balance
Dividends
Passenger
Impts. on
mtged.
95,741,417
leased
22,990
1,025
property—
Sinking funds—
Deps. In lieu of
ry.
6,575
I
7,118
82,869
11,609,300
stock
10,213,958
33,772,300
1,447,267
3,915,765
cos.—at cost.
12,614,634
3,409,227
16,932,402
16,028,000
1,089,609
155,922
12,828,022
3,198,985
16,457,952
108,268,184
195,132
debt
6,755
-
6,715
Unadj. credits—
4,766,518
40,111
324,129
Profit and loss—
39,402
Deferred assets.
366,484
Unadjust. debits
Approp. surplus
—V. 150, p.
108,268,184 106,802,894
Total
White Rock
be voted at the annual meeting of the stock¬
holders to be held on June 5, at Waukesha, Wis., is indicated in the an¬
nouncement by Cecil P. Stewart and Hamilton Pell that they are soliciting
proxies in opposition to the management slate. They stated that they sought
the election of three out of the corporation's 11 directors and that they are
seeking an amendment to the charter and by-laws to permit cumulative
voting of all classes of stock.
Messrs. Pell and Stewart state that the voting rights of the common stock
holders holding 250,000 shares are one-fifth of a vote per share, and that
this results in giving the approximately 12,000 shares of preferred stock
outstanding 20% of the aggregate voting power.
Under such a situation
Messrs. Pell and Stewart state, "there is grave danger of common stock
having no independent representation on the board,
and they therefore
urge stockholders to vote for an amendment providing for cumulative
voting so that common stock "may be assured of independent representa¬
tion on the board in the future."
Messrs. Pell and Stewart state that they did not invite this proxy fight
as all they wanted to see was life in the management.
They therefore
sought to obtain representation on the board from the existing management
advising it that holders of 30,000 shares of common stock were in favor
of seeing them as members of the board.
However, they state tthat their
request was refused and that they are now seeking a minoirty of the board
as it is not their "desire to bring about any upheaval in the Company,"
but that they believe that the continuity of the business should be main¬
tained while new interests can look into the situation in order to determine
why the business has been falling off and what can be done about it.
Messrs. Pell and Stewart state that they are convinced that the sales and
earnings have been drastically declining for a number of years because the
management has not shaped company policies to respond to new develop¬
ments in the market and new public taste by taking on new products or
changing methods of distribution.
They complain that the management
is not doing anything about this situation even now.
Therefore, they say,
the company which was one of the leaders in its field for a long time has
let this lead slip away from it.
They point to drastic declines in the company's earnings and sales during
the last five years when the greatest opportunities for development existed
in the field of carbonated beverages, and state that although the earnings
of companies like Coca Cola and Pepsi Cola have "increased fantastically"
in that period. White Rock, which has in their opinion "the best name
available to the whole cargonated beverage field," has made no "determined
efforts to develop a cola or other carbonated beverage attractive to present
public taste."—V. 149, p. 4046.
Special deposits
Period Ended .March 31—
Gross earnings
Oper. exps. & taxes
Net earnings
-Y. 150, p.
2279.
1940—Month—1939
$637,253
$618,849
356,666
347,542
1,870
149,790
3,704
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Other unadjusted debits-..3,091
Total
$280,587
$271,307
$81,536,643 $79,771,383
-
Liabilities—
stock--..-.—$16,126,300 $16,126,300
Receivers'certificates
7,630,763
788
13,376,548
7,500,000
Other current liabilities
$867,367
$834,866
192,348
3,392
9,713
190,633
2,914
6,914
Unmatured interest accrued
-
-
Tax liability-
246,686
206,823
3,998,914
44,724
224,924
682,742
-
Accrued
depreciation—equipment
Other unadjusted credits
Add'ns to prop. through income & surplus
Funded debt retired through income & surplus
3,711,985
71,073
224,547
682,742
19,421,359
19,694,440
Debit balance
$81,536,643 $79,771,383
-
items.—V.
receiver's and corporate
Note—Balance sheet includes both
2902.
Wisconsin
Electric
Co.—Balance Sheet
Power
Dec. 31,
1939—
Liabilities—
Assets—
$113,433,091
Property and plant
35,309,222
1,388,908
2,527,699
Investments and advances..
Cash
U. 8. Govt, securities
and
notes
52,761
2,111,296
—
Other accounts receivable.
cum.
Common stock
26,673
100,000
_
Accrued interest receivable.
Due from sub.cos.not consol.
75,710
175,246
Due from other affil. cos
($20 par)—
debt
Prom, notes due
currently--
accrued
Payrolls
Customers' surety deposits.
payable to employees
gain sharing plans
200,344
accrued
Interest
accrued
-
Dividends declared
Amt.
5,663,985
147,533
Other curr. & accrued liabils.
under
Unamortized debt disct. and
expense
Prepaid Insurance and taxes
Commissions and selling ex¬
292,146
59,020
5,809
penses on pref. cap. stock
Organization expenses
Other deferred charges
Total
28,209,800
21,000,000
67,000,000
1,250,000
1,048,480
600,735
489,909
197,007
Taxes
2,442,660
Materials and supplies
$4,500,000
382,378
188,659
payable
Accounts
receiv¬
able, trade (net)
pref. stock
pref. stock, issue
cum.
of 1921
Funded
Deposits for payment of ma¬
tured int. & other deposits
Accounts
6%
6%
Contributions by customers
for construc'n of property
Reserves
Prem. on
-
pref. capital stock.
Surplus.--—-
------
90,035
280,762
34,318,835
94,159
3,960,656
.$163,811,760
Total..
$163,811,760
Note—Earnings for the calendar year 1939 appeared in
of May 11, page 3071.
the
"Chronicle'*
,
CURRENT
NOTICES
Exchange, announce the
Street, New York City under
management of C. Rockwell McPherson, formerly with Goodbody
—Reynolds & Co., members New York Stock
opening of
the
&
a
branch office at 100 East 42nd
Y
Co.
—Keeler,
Baker
&
Co.,
Inc.,
■'
74 Trinity Place,
prepared for distribution analyses of the high
a
new
American industry,
—George F. Ryan & Co., Boatmen's
their
former
—Manufacturers
(Maryland)
Bank Building, St. Louis, have
floor and are now occupying
space.
Trust
Co.
is
Paying
Agent
for City
a
of Frostburg
Water Improvement Bonds of 1939.
—Amott, Baker & Co., Inc., 150 Broadway, New
pleted
New York City has
speed diesel motor industry,
in the industry.
and of Lanova Corp. ,a unit
1940—SMos.—1939
$1,861,044
1.026.178
11,265,900
100,260
36,259,000
3,627,320
7,630,395
1,002
11,540,076
7,500,000
11,265,900
118,252
36,259,000
3,594,944
:
Non-negotiable debt to affiliated companies
Auditing vouches
Interest matured, unpaid
Funded debt matured, unpaid-....
---------
p.
1 QQC
1939
,
Funded debt unmatured
double
$1,941,901
1,074,534
247,474
191,162
2,472
140,796
4,385
2,684
185,604
-
recently moved to larger quarters on the same
Winnipeg Electric Co.—Earnings—
96
16,814
855,455
741,930
73,710
489,389
1,896,794
428,527
Due from Soo Line
Mineral Springs Co.—Contest for Proxies—
A contest for proxies to
122,297
770,895
739,267
63,888
Cash.
150,
2902.
1938
125,383
96
20,101
.
Total
Total-
$948,568
$984,122
reciever's account.
$77,147,633 $76,882,718
_
Other investments
106,802,894
16,688,000
1,385,964
519,696
_
Other deferred liabilities
3,919,384 Def'd liabilities.
6,558,267
Other investm'ts
10,213,958
33,772,300
1,448,796
1,471,231 Total long-term
Current liabils—
500,356
Misc.pbys.prop.
Invests. In affll.
$
11,609,300
5J4% cum. pref.
Govt, grants.—
sold-
-
cum.
prior
lien stock
4%
Common stock-
prop.
Current assets
8
Liabilities—
$
96,774,271
21,229
1939
-
Preferred stock
1938
848,467
Comparative General Balance Sheet Dec. 31
Grants in aid of construction
1939
1938
$
Assets—
Investments
$2,557,255
Investments—Road and equipment
Improvements on leased road property
Sinking funds
Deposit in lieu of mortgaged property sold
Miscellaneous physical property
Investment in affiliated companies.
Common
General Balance Sheet Dec. 31
1939
730,120
2,588
$36,332
Net deficit
$3,602,465
5,247,227
to sink.
funds..
11,701
1,662,602
Assets—
$1,693,928
and other res.
'
Note—The statement includes both corporate and
$3,578,282
Net income
Income applied
x
0801,325
26,957
66,707
1,248
619,748
2,353
6,689
18,574
—
rents
Miscell. tax accruals—_
1
Miscellaneous income—
5,048
26,731
Railway oper.
994,495
Deductions—
Rent for leased roads
Miscellaneous
$3,204,526
$8,725,897
3.716,214
$8,769,592
1,866,150
.
Rent fr. pass .-train cars.
Rent from work equip't.
Net ry. oper.
$9,287,143
3,432,085
661,457
$9,103,397
3,714,751
948,458
ry. per. exps..
from ry. oper-.
rev.
Railway tax accruals.
Rent from
1936
$10,981,730 $15,970,839 $15,574,200
1,725,009
3,067,467
4o0,577
4,492,149
405,527
& struc._
equipment---
Maint. of way
Transp. for
.
Railway oper. income.
1937
1938
$14,168*164 $10,459,614 $15,139,856 $14,684,283
Passenger
x34
xll,438
24,806
22,946
Mail and express
158
10,862
21,572
23,472
Other transportation.-446,621
311,787
428,552
520,476
Incidental-304,253
188,029
356,053
323,024
Traffic
.
,
for Calendar Years
1939
Operating Revenue—
Freight-..-
Maint. of
equipment--.
Maint. of
2.21 cts.
$75
Maint. of way & struc..
.
ton mile..
mile of rd_
Passengers carried
Pass, carried one mile—
Total-
.$12,818,148 $10,635,742 $12,719,228 $12,442,111
1,409,347
1,501,818
1,388,885
1,526.498
1,737,393
1,981,717
1,838.987
1,916,400
293,950
313,388
330,089
341,291
Traffic
4,690,530
4,975,573
4,749,152
4,897,163
Transportation
3,954
978
1,235
11,881
MLscell. operations
600,630
525,566
474,529
420,584
General
9,908
13,287
11,898
10.420
Trans, for in v.—Credit.
Total
512.57
794
Aver. rev. per
Net op. rev.
1936
902
Aver. rev. per
Av. rev. p. pass, per
512.68
13,688,719
10,354,859 15,967,849 14,716.530
1390260256 1026204,350 1552970,127 1405667,856
Revenue ton
Av.
510.61
507.72
operated..
Revenue tons
1937
1938
1939
Avge. of road
Statistical report on Electrolux Corp.
York City have com
Volume 150
The Commercial & Financial Chronicle
3225
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Santos coffee prices closed
Coffee—On
the 11th inst. futures closed 4 to 5 points net
5.53
July—
September--
Friday Night, May 17, 1940.
5.64
Rio contracts
point
lower.
on
The
Brazilian
Minister of Finance
ment
and
the
emergency
the
face
on
the
of
July at 3.90c.
Brazil to Establish
press
informed
was
the
to
Coffee
Department
studying
are
Brazil's coffee interests in
protect
international
situation.
stability of the price structure found
no
Reassurance
particular
of
response
here.
On the 13th
inst. futures closed 3 to 4
points net higher
for the Santos contract, with sales totaled
only 8 lots. Bra¬
zil's statement that a
price collapse will be evaded by with¬
drawal of surpluses,
time possible loss of
ing
ardor.
discouraged selling, but at the
same
European markets dampened the buy¬
While
Brazilian coffees held
generally un¬
changed, mild coffees, especially Colombians, were at new
lows.
Spot sales in Santos last week were reported at
175,000 for the United States against 102,000 the
previous
week and 36,000 for
Europe against 10,000 the week before.
American roasters
still
were
holding to
cautious
a
buying
policy.
On the 14th inst. futures closed 9 to 4
points net lower.
Transactions totaled 21 lots.
2 to 5 points
the
first
Santos
coffee
three
hours
3,250 bags.
were
Very little
Actuals
Stocks of mild coffees in the United States
at very near a half a million
the market
carefully, but
further has
been heard
for the next crop.
received
on
a
bags.
Brazil
fortnightly basis for
According to
passing.
were
watching
buyers.
several
now
years,
but the
two weeks
over¬
report the Brazilian National Coffee
Department has decided against releasing further data on
one
coffee burned.
On the loth inst. futures closed 12
points net lower to
unchanged.
Transactions totaled 54 lots.
The circulation
a
22 transferable notices
against May
break of 15 points in the
spot month to
represented
a
all-time
new
early afternoon May
months
were
in actuals.
down
was
2
to
low
contracts
brought
5.46c., which also
Santos contracts/
for
In
off 13 points at 5.48c„ while other
3
points.
There
was
little
Prices appeared to be holding, but
buyers
new
were
not active.
On the 16th inst. futures closed 3 point3
up to 1 point off
for the Santos contract, with sales
totaling 34 lots. There
were three contracts traded in the Bio
contract, which showed
a heavy drop at the
close, amounting to 17 to 18
points.
Santos coffee futures
to be trade
were
off 4 to 6
selling principally.
points
July
15 to 19 points, with July
was
little
new
what appeared
selling at 5.57c.,
Rio contracts were off
selling at 3.75c., off 15 points.
in the market.
holding steady, roasters
were
on
was
otf 6 points to a new seasonal low.
There
were
1,523,000 bags, about 75,000 bags under the normal
figure
in crop regulations for the current season.
fixed
futures closed alter
that
3
was
on
tne
5.74c.,
up
Today
showing only
was
September contract, which closed
Santos coffee futures were dull and
the
opening at
entirely neglected
spot price on No. 7 coffee
2 points, and the market
In Rio de Janeiro the
off 200 reis
actuals
sale lor the day, and
one
September contracts sold
after that.
tity
found necessary.
as
for
at
not less
cable to
May 10 to estab¬
on
25% of the coffee
the
than 50
New
of Sao Paulo of
It
also
was
accordance
York
coffee
resolved
with
the
that
Coffee
other
general
to
12.6 milreis per
on
was
10 kilos.
Business in
extremely slow, although a ship cleared Santos
for New York yesterday with 40,000
bag3 aboard.
was
Rio coffee prices closed
May
July.
September
as
follows:
3.701 December
3.72 March
3.721
3 82
a
quan¬
and
trend
of
con¬
,
be
measures
The
bag.
per
Sugar Exchange,
at
factors
market
taken
to
a
later
date
in
Brazil's
protect
interests
by amplifying, restricting, or modifying the present plan.
During the last two seasons Brazilian planters have been forced to give
30% of their crop for destruction (only 15% on "fine" grades) at a
price of but two milreis per bag.
Based on a new crop of 20,000,000 bags
(no official estimate has yet been
released) the 25% quota would amount to
5,000,000 bags, leaving 15,000,000 bags for export.
However, it lias been
up
said
that
the
produces
If
special supplementary quota for
about
this
is
75%
true,
11,500,000
of
Brazil's
further
a
whole
3,500,000
bags for export
plus
Sao Paulo,
total,
bags
whatever
will
would
also
be
carryover
which annually
amount
to
withdrawn,
is
hand
on
25%.
leaving
from
old
'jjf.v'.'
crops.
Brazil
in
the
year ending June
against 15,093,000 bags the previous
markets
as
ending June
1940-41
result
a
30,
the
1940,
with
year,
of
30,
than
continuing, it
is
exported
16,840,000
hold
exports
16,000,000
possible
countries
for
bags,
that
a
the
and
loss
bags in her markets will result.
Germany and the Scandinavian
bags
The contraction of European
probably
less
to
1939,
season.
will
war
down
war
year
for
of
the
two
to
S.7.
consume
about
5,000,000 bags
annually,
of which more than half comes from Brazil.
Holland imports
1,100,000 bags annually, while Belgium takes nearly 900,000
bags.
Cessation of purchases by these two countries would mean
that
about
7,000,000 bags of the 12,000,000 bags consumed yearly by Europe
nearly
were
in
jeopardy.
Cocoa—On the 11th inst. futures closed 1 to 4 points net
Further hedge selling against purchases
through
lower.
the
British control, and from
Bahia, caused prices to rule
lower
during most of the short session.
Bahia
cocoa
sitions.
was
Spot
centered
cocoas
largely
in
Hedging against
the
September
Local closing:
po¬
quiet at the close of the week,
were
prices moving about 3 points lower for the
common
grades.
May, 6.01; July, 6.07; Oct., 6.17; Dec., 6.22;
Jan., 6.26; March, 6.32.
On the 13th inst. futures closed 4 to 6
points net lower.
Transactions totaled 218 lots.
Cocoa futures followed the
general trend of markets, selling 5 to 7 points lower under
Wall Street liquidation, precipitated
by the weakness of the
stock market.
130 lots..
Transactions to early afternoon totaled
only
Members of the trade
pending developments.
It
was
were
disposed to stand by
reported that the steamship
Buarque had cleared from Bahia, Brazil, with a cargo of
30,400 bags of cocoa, destined for New York.
Warehouse
stocks decreased 600 bags over
the week-end.
They
1,031,962 bags, compared with 1,388,581 bags a
total
So far this month arrivals of
ago.
cocoa
now
year
here have reached
only 33,309 bags, compared with 182,654 bags in the com¬
parable period last year.
Local closing: May, 5.99; July,
6.03;
Sept., 6.08;
Oct., 6.11;
Dec.,
6.18;
Jan.,
6.21;
March, 6.28.
On the 14th inst. futures closed 38 to 44
points net lower.
Transactions
on
totaled
market
cocoa
an
even
was
an
keel.
639
lots.
During
uneventful
However,
the
forenoon
the
affair, with prices down
when
other
markets
broke
after
midday,
orders
which broke prices from 19 to 24
points, these de¬
being considerably extended it the close.
The trad-
clines
ing
was
Wall Street
active,
the
unleased
turnover
to
a
barrage
of
early afternoon
selling
totaling
325 lots.
The open May position still is 356
lots, with May
24 the last trading day.
Warehouse stocks increased
6,200
bags.
a
They
year ago.
total 1,038,153 bags against 1,388,581 bags
Local closing: May, 5.60; July, 5.64; Oct., 5.73;
now
Dec., 5.76; Jan., 5.79; March, 5.84.
On the 15th inst. futures closed 12 to 6
points net lower.
Transactions totaled 697 lots.
decline under heavy
JJJJ
on
a
This latter quota would be paid
milreis, about $2.50
taining this information, also said:
Santos
points net higher.
featureless.
of
10c., and, in addition, decided
While Brazilian
prices
:
waiting. Receipts from
the interior at the port of Santos
yesterday were 12,000 bags,
but clearances brought the stock in
port down to a new low
of
destruction"
.
,
of
"for
quota
supplementary quota for the State
Nothing
regarding the plans
Coffee destruction statistics have been
figures for the first half of April are
due.
gen¬
estimated
were
Roasters
were not active
from
were
was
Crop
crop
which will start to market next
month, to be paid for at two
milreis per bag, about
Sales during
business
new
were
a
three million
higher during early afternoon.
erally unchanged.
futures
5.98
Quota "For Destruction" of: 25%
of Coffee
lish
by
5.92
Brazil's Consultative Council resolved
1
were
Saturday that the Federal Govern¬
National
measures
of
sale
one
5.83
December
March '41
5.75 May '41
higher for the Santos contracts, with sales totaling only 8
lots.
follows:
as
May
uted
to
the
willingness
selling,
a
Cocoa futures continued
portion of which
Dutch, but trade interests showed
to
buy than they did
on
to
was attrib¬
a
greater
yesterday's decline,
The
Dur¬
prices were somewhat steadier.
with the result that
Oct.,
5.61;
Sept.,
March, 5.78.
uncuauged to 4 points off.
The cocoa futures market
futures closed
On the 16th insfc.
Transactions totaled 225 lota.
quieted down, both volume and
smaller bounds than yesterday.
points lower on near positions, but unchanged on deferred
deliveries, with July selling at 5.51c., off 1 point; to that
Warehouse stocks decreased 240
1,037,887 bags against 1,387,596
bags a year ago.
Arrivals this year have totaled only
1,306,830 bags against 2,327,641 a year ago, a decrease of
over a million, indicating that manufacturers are drawing
on
invisibles.
Only 73,000 bags are afloat to America
time
no
May had traded.
Tbey now total
bags.
Local closing: July 5.52;
against nearly 90,000 a year ago.
5.75
Today futures closed
52 to 50 points net lower.
Transactions totaled 846 lots.
Cocoa futures broke wide open in sympathy witn other
markets.
This axterhoon prices were oif 25 to 32 points,
with July selling at 5.22c., off 30.
Tender of 43 lots on May
contracts was a secondary factor as heavy liquidation ex¬
tended through the list.
Scale-down buying by manufac¬
turers furnished about the sole support.
Trade was active,
totalling 430 lots to early afternoon.
The open May posi¬
tion still totals 236 lots with May 24th the last notice day.
Warehouse stocks decreased 1,200 bags.
Tbey now total
1,036,640 bags compared with 1,387,093 bags a year ago.
Local closing: May 4.95; July 5.00; Sept. 5.05; Oct. 5.08;
Sept. 5.57; Dec. 5.66; March
with sales totaling 349
contract closed 1 to 4 points net
sugar
The European situa¬
be the chief influence, with the possibility
higher, with sales totaling
tion seemed to
of
futures closed 2 to 4 points
the domestic contract,
The world
lots.
217 lots.
curtailed European beet crops, and
result of the broadening of
war area, causing prices to hold firm during most of
session.
Trading was renewed today in the raw mar¬
shipping difficulties,
damage to sugar factories as a
the
the
established Friday, which repre¬
from Thursday's basis.
On the 13th inst. futures closed 1 to 3 points net higher
for the domestic contract, with sales totaling 371 lots.
The
ket
2.90c.,
at
the price
sented an advance of 10 points
to 3 points net
Ignoring weakness in
other commodities, sugar futures forged further ahead along
with the outside raw sugar market.
All of the 1941 po¬
sitions sold at new high prices for the season, while the
1940 deliveries were at the best levels since February. Raw
world
closed unchanged
contract
sugar
higher, with sales totaling 286 lots.
sugar was up
about
since last
purchased
has definitely
5 points to 2.95, a rise of 15 points
In the last two days refiners have
Thursday.
Demand for refined sugar
World sugar contracts continued to rise, also
23,000 tons.
broadened.
urgent short covering in the
under
July position.
New
advance.
tarily.
war
In the
points higher.
early afternoon the market was 2% to
Intensification of the
is the moving force back of the
buying by the Allies is
expected momen¬
Moreover, the status of the Dutch East Indies
is
with sales totaling 556 lots.
for the domestic contract,
sales
totaling 465
today.
The sugar markets were nervous
prices cracked when other com¬
sugar
prices
fell,
The
closed 8 to 5% points net lower, with
lots.
The world
modities
closed 4 to 5 points net lower
futures
world sugar contract
during
early
afternoon
standing 4l/£
It was
reported that a sale of Cuban raws at 1.60c. f.o.b. basis was
made yesterday, but that was not confirmed.
In the domes¬
tic market prices stood up better.
The No. 3 contract this
points net lower under
afternoon
ness
was
top prices were
15th
The firm¬
reported with operators paying 3c. for July-
half May Puerto
the
barrage of liquidation.
sympathy with the raw market, when
August Philippines and
On
a
1 point lower to 1 point higher.
of prices was in
a
refiner giving 2.95c. for second-
world
sugar
sales
inst. futures closed 5 to 1 point net lower
contract
closed 6%
totaling 376
domestic contract, with sales totaling 379 lots.
The world sugar
contract closed 2 points lower to unchanged,
215 lots. Sugar markets showed signs of
with sales totaling
The greater measure of activity
regaining their equilibrium.
appeared to be in the world market.
Futures were very
active as a result of further liquidation by commission houses
It
and outside sources.
was
said that new buying had been
Tuesday's abrupt declines.
attracted into the market by
The threat to the beet
France
was
fields and factories of northeastern
the important market
factor. Some of the recent
liquidation is said to have been for Dutch account.
domestic market similar irregularity was witnessed.
In the
Late
2.83c. a pound for Puerto
Rico sugars in port.
That price represents a 12-point fall
in the spot price from the high level established last Monday.
Today futures closed 1 to 6 points net lower for the domestic
yesterday refined syrups paid only
with sales totaling 592 lots.
contract,
The world sugar
12% to 18 points net lower, with sales
closed
contract
totaling 515 lots.
News indicating allied disaster in Belgium
with July selling down to
The turnover was extremely
points during early afternoon,
Sept. to 1.23c.
1.21c. and
The belief was expressed that sales of raw sugar to
heavy.
jeopardy by the turn of
halted unless the war situa¬
tion improves for the allies. A boat was reported chartered
from Queensland to Montreal at $21 a ton or $1 under the
last fixture, indicating an easier freight situation.
In the
domestic sugar market prices also declined, but more moder¬
ately, losses this afternoon being limited to 3 or 4 points.
No further sales of raw sugar were reported, but that was
Europe by Cuba were placed in
Europe and might be
events in
hardly surpirisng in view of the estimate that sales since
Saturday through Wednesday had aggregated 100,000 tons.
Prices closed
May-_ vJuly
September.
November
-
-
-
follows:
as
_-_..1.89
-——- -
_ _ .
_ _ _
January '41
1.96
......... .
1.90 March '41
1.96 May '41
..2.01
.
-2.00
—.....2.04
* ..... _ .....
Lard—On the 11th inst. futures closed unchanged to 2
points lower. The report that Belgium purchased 1,000,000
pounds of American lard appeared to have little influence
in the local lard market.
Hog prices at Chicago and other
packing centers totaled 11,400 head against 10,700
day last year.
Hog prices at Chicago
Western
head for the same
nominally steady at the same levels of the
were
previous
close.
On the 13th inst. futures closed
10 to 15 points net lower.
prevailing in most commodity
markets affected the lard futures market, and the under¬
tone was weak during most of the session, prices closing
at about the lows of the day.
Export shipments of lard
The intensely bearish feeling
only 6,000 pounds, destined for Europe.
Hog
closed 15 to 20c. over Friday's finals.
were
prices
Chicago
at
Sales ranged from $5.75 to $6.25.
Hog receipts at Chicago
totaled only 14,000 head, and receipts for the Western run
against 73,000 head for the same day
totaled 73,100 head,
last year.
On the 14th inst. futures closed 80 to
The market
ruled
only 5 to 7 points off.
late in
and
the
session
resulted
uncovered
in
on
a
the
tlie
lows of the day, or
87 points net lower.
barely steady at the outset, with prices
However, when grains weakened
of selling hit the lard market
wave
severe
scale
break.
down,
and
Stop loss orders were
prices finished at the
80 to 87 points decline.
Hog marketings
marketings for
Chicago today totaled 20,500 head, and
the Western run amounted to 87,600 head,
at
against 65,000
head for the same
day last year.
On the 15th inst. futures closed 7 to 12 points net lower.
again in evidence in lard
The panicky feeling in grains
markets influenced heavy selling for speculative
Continued heavy liquidation was
futures at the outset today.
Ricos.
for the domestic contract, with sales totaling 641 lots.
with
futures closed 1 point up to 1 point net
On the 16th inst.
lower for the
today
uncertain.
On the 14th inst.
for
export.
heavy liquidation in the world sugar market,
which found support so thin that prices tumbled 18 to 21
lltli inst.
Sugar—On the
net higher for
previous sale of American refined sugar
than the last
•
That was 12 points higher
shipside.
market at 2.11c. free at
provoked
March 5.25.
Dec. 5.15;
trading,
points before it rallied about 4 points. Greece was reported
to have bought 3,000 tons of refined sugar in the American
fluctuations being within
The turnover- to early
At that time prices were 2
lots.
afternoon was only 175
received support in heavy
domestic contract
1940
early afternoon being 1 point lower to 1
point higher. The steadiness of the market reflected active
buying of raw sugars by refiners.
They paid 2.90c. for
sugar in spot position, or 5 points under the highest price
of the year.
Other sugars were held mostly at 2.95c. The
refined sugar market also was definitely firmer.
In con •
trast with the domestic futures market the world market
was weak.
Subjected to heavy selling, it broke 8 to 9y3
Local closing: May, 5.49; July,
5.61; Dec., 5.69; Jan., 5.73;
1,338,581 bags a year ago.
18,
prices during
the market was 4 to 7 points lower.
The turnover was unusually large at 697 lots.
Warehouse
stocks decreased 108 bags, totaling 1,038,044 bags against
ing the early afternoon
5.52;
May
Chronicle
The Commercial & Financial
3226
lots.
The
to 10 points net lower,
Sugar market
were
mixed.
and
other
account,
which resulted in a break of 12 to 20 points on
On Tuesday futures declined 80 to 87
the active deliveries.
points, and for the two days values averaged close to
points decline.
100
Chicago hog prices were easier today fol-
Volume
The Commercial
ISO
futures
lowing the decline in the other market, and early prices
nominally 25c. below Tuesday's finals.
Marketings
pore was
Chicago and other Western cities were moderately heavy
and
day
a year
May,
69,200 head against 48,900 head for the same
totaled
were
disclosed
heavy liquidation in
The
here.
a
appeared to have
run
its
course,
strong technical position, prices
Sat.
Mon.
-
6.37
6.57
6.80
6.27
6.42
6.62
-
May
July
September
6.90
7.05
6.72
6.90
mess,
$21.75
October
December-.-
Pork—(Export),
FUTURES IN CHICAGO
OP LARD
CLOSING PRICES
DAILY
Thurs.
Wed.
Tues.
Fri.
\.5.80
5.32
5.50
5.70
5.50
5.72
5.90
5.52
5.70
5.90
\5.87
6.10
5.80
6.00
6.00
6.15
5.97
6.15
„
5.40
5.57
(8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200 pound barrel).
Beef:
(export), steady.
Family (export), unquoted. Cut
Meats: firmer.
Pickled Hams: Picnic, Loose, c.a.f.—4 to
6lbs., 10Mc.;6 to8 lbs., 10He.; 8 to 10lbs., 10He. Skinned,
Loose, c.a.f.—14to 16lbs., 16c.; 18 to20lbs., 14He. Bellies:
Clear, f.o.b. New York—6 to 8 lbs., 11 He.; 8 to 10 lbs.,
10He.; 12 to 14 lbs., 9He.
Bellies: Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 7Hc.; 18 to 20 lbs., 7Hc.; 20 to
25 lbs., 7He.; 25 to 30 lbs., 7Hc.
Butter: Creamery, Firsts
to Higher than Extra and Premium Marks: 27 H to 28He.
Cheese: State, Held '38, 21 to 22c.; Held, '39, 20 to 21c.
Eggs: Mixed Colors, Checks to Special Packs: 15H to 19e.
Oils—Linseed oil crushers reduced linseed oil prices two
points to a 9.88c. basis as a result of continuing lower flaxseed
quotations in American markets. Chinawood: Tanks, spot
25He.; Tanks, July shipment—not quoted; drums
24 to26He. Coconut: Crude: Tanks, May—August—.03 H
bid; September, forward—.03 H hid; Pacific Coast—.02 H
bid nominal.
Corn: Crude, West, tanks, nearby—.06H
bid nominal. Olive: Denatured, drums, spot, afloat—$1.25
bid nominal.
Soy Bean: Tanks, West, June-July—.04H
—23 to
New York, l.c.l. raw—.073 bid.
Edible: Coconut:
degrees—.08H to .08 H- Lard: Prime ex. winter—8.H
offer; strained—8H offer. Cod: Crude—not quoted. Tur¬
pentine: 34 to 36c. Rosins: $5.10 to $7.50.
bid;
76
Cottonseed Oil sales,
con
tracts.
June
yesterday, including switches, 134
Prices closed as follows:
Crude, S. E., val. 5 H~H •
6.45(5)
;
July
August
September
-
n
6.49(556.50
6.54(a>
n
6.57©
6.55(5) 6.58
6.55(5) n
October
November
December
January'41
6.62(5) 6.64
6.62@ 6.69
Rubber—On the 11th inst. futures closed 21 to 88 points
net lower.
Prices at the opening call ruled
79 points higher
points lower, with the exception of the May position,
which was unchanged.
Profit-taking, commission house
to 9
liquidation and hedge selling were the factors responsible
today's sharp declines.
Certificated rubber in licensed
warehouses decreased 20 tons today.
The outside market
for
today was quiet. Spot Standard No. 1 ribbed smoked sheets
declined 23He. per pound.
The Singapore market was
but will be opened on Monday, May 13.
closed today,
closing:
May, 23.20; July, 21.87;
Local
Sept., 21.10; Oct., 20.53;
Dec., 20.42; Jan. 20.29; March, 20.05.
On the 13th inst. futures closed 10 to 49 points net lower.
totaled 351
Transactions
was
active and
Trading in rubber futures
lots.
the market was nervous.
prices broke 20 to 32 points,
Towards the close, however,
In the forenoon
only to recover all that loss.
fresh
selling
developed and
prices dropped sharply and closed at the lows of the day.
The early decline was attributed to Dutch selling as well
this side, but on the break speculative
Dealers were reported operating on both
kides of the market.
The chief factor was uneasiness
over
the situation in the Dutch East Indies, where the
attitude of the Japanese Government was disturbing.
Sales
to early
afternoon totaled 259 lots.
Twenty tons were
tendered on May contracts.
Certificated stocks increased
as
liquidation
buying
by
their
on
set in.
50 tons
to a total of 770 tons.
London closed H to
5/16d. lower.
Closing: May, 23.10; July, 21.55; Dec.,
19.95; Jan., 19.85; March, 19.66.
On the 14th inst. futures closed 85 to 55 points net higher.
Transactions totaled 540 lots.
During the forenoon rubber
buoyant under dealer and speculative buying,
futures were
prices rising as much as lc. a pound.
During early after¬
noon July was selling at 22.55c., up 100 points.
Other de¬
liveries also were strong.
However, prices broke on heavy
profit-taking, losing much of the early gains. Towards the
close there was another spurt forward, and prices closed
with substantial net gains.
It was reported that factories
at last were
having
following the advance and buying rubber after
stood
aloof
during the
previous
rise.
Sales
of
The London
July,
22.40;
Sept.,
21.25;
Dec.,
,
Jan.,
431
totaled
lots.
Rubber
points net lower.
futures
reversed
strong trend, with a sharp break on the opening of
recent
with
20.50;
March, 20.24.
much
as
a
45
points when longs liquidated following the
of
as
rise
about
3c.
turnover of 279
a
lots
pound.
to
Trading
was
early afternoon.
active,
Prices at
that time had not recovered much, although the decline
been halted.
Certificated stocks increased 70 tons to
had
840
total.
Foreign markets were relatively steady.
London
closed 1/16 to %d. lower.
Singapore was firm, closing 3/16
to ll/32d. higher.
Importers of rubber said they were ex¬
periencing
mary
no
difficulty
markets,
but
that
in
it
receiving shipments from pri¬
was difficult
to book ocean
freight space.
Local closing: May,
Sept., 20.80; Dec., 20.05; Jan., 19.97.
23.00;
On the 16th inst. futures closed 15 to 95
from Europe.
news
274 lots.
1/16(1. higher to %d. lower.
Singa¬
firm, unchanged to l/16d. higher.
Local closing:
Transactions
lard
and with the market
moved forward rather
easily.
Western hog receipts were not very heavy and
totaled 54,100 head against 56,400 head for the same day
last year.
Hog quotations at Chicago were mostly 25 to 40c.
over Wednesday's finals.
Today futures closed unchanged
to 3 points lower.
Tae relative firmness of the lard market
was surprising, especially in view of tue wide open break in
the grains and the stock market and the highly pessimistic
futures
in
totaled
afternoon
On the 15th inst. futures closed 12 to 47
points net higher.
Reports received from the Midwest stated that a barter deal
was
wording between the United States and the United
Kingdom in exchange ior tin and rubber.
However no
confirmation regarding the complete details of the transac¬
tion
early
23.45;
20.44:
ago.
On the 16th inst. futures closed 15 to 22
to
market closed steady,
were
at
3227
& Financial Chronicle
Transactions totaled 346 lots.
vanced when other commodities
July,
22.28;
points net lower.
Rubber futures,
which ad¬
crumbling, broke today
when other markets showed steadiness.
During the early
trading prices broke a cent a pound, but the market recovered
a
portion of its losses. The break was ascribed to liquidation,
some of it for
foreign account, and to hedge pressure. During
early afternoon July stood at 21.65c., off 65 points, and
Sept. at 20.20, off 62 points. Sales to that time totaled
265 lots.
The London market closed easy, l-16d. higher to
Hd. lower, but Singapore steady, H to 5-32d lower. Local
closing: May, 22.85; July, 21.65; Sept., 19.90; Dec., 19.10;
Jan., 19.10. Today futures closed 95 to 60 points net lower.
Transactions totaled 438 lots.
A general break in rubber
futures carried prices off 60 to 94 points, with July selling
down to 20.90, off 75 points.
Trading to early afternoon
totaled 218 lots.
The break was due to liquidation by Wall
Street owing to the war situation.
The London market had
previously closed steady, unchanged to l-16d. higher. The
Singapore market also closed steady, 1-32 to 3-32d. lower.
Difficulty is being experienced in effecting deliveries of
rubber from the Dutch East Indies owing to inability to get
a bank quotation on Dutch guilders.
Local closing: May,
22.15; July, 20.70; Sept., 10,00; Dec., 18.50; Jan., 18.30;
Mar., 18.10.
were
11th inst. futures closed 12 to 15 points
higher.
Heavy buying apparently influenced by war
developments on the Continent during the past two days
sent the list up from 7 to 21 points at the opening, the market
holding most of the gains to the close despite some rather
heavy profit-taking.
Transactions totaled 7,840,000 pounds
for the short day's session.
The tone of the domestic spot
hide market was firm.
Local closing: June, 14.06; Sept.,
14.35; Dec., 14.68; Mar., 14.91.
On the 13th inst. futures
closed 41 to 48 points net lower.
The opening range was
4 to 8 points off from previous finals.
Selling pressure in¬
creased steadily as the day progressed.
Liquidation spurred
by the break in the stock market on the war news contributed
largely to the sharp recession in hide futures values.
Trans¬
actions totaled 15,000,000 pounds, of which 200,000 pounds
were exchanged for physical.
Certificated stocks of hides
in warehouses licensed by the Exchange increased by 3,683
hides to 958,102 hides.
Local closing: June, 13.62; Sept.,
13.94; Dec., 14.20; Mar., 14.47.
On the 14th inst. futures
closed 14 to 23 points net lower.
While trading was active,
the undertone of the market was weak during most of the
session.
News of a firmer tone in the domestic spot hide
market failed to rally the futures list and prices closed at
about the lows of the day.
Transactions totaled 16,640,000
pounds.
The domestic spot hide market was more active
and somewhat firmer today.
Buyers apparently are more
inclined to purchase and sales were reported during the day
of 30,000 native steers at 13c. a pound, an advance of He. a
pound.
Local closing: June, 13.40; Sept., 13.71; Dec.,
14.01; Mar., 14.25.
On the 15th inst. futures closed 29 to
34 points net lower.
Transactions totaled 562 lots.
Raw
hide futures opened 33 to 15 points lower.
Selling dried up
on the decline.
Prices firmed during the morning.
Trans¬
actions in June were at 13.45, off 3; Sept., 13.70, off 9; Dec.,
13.93, ofr 8.
Sales totaled 9,640,000 pounds to early after¬
noon.
In the domestic spot markets sales totaled 50,000
hides including May light native cows at 13 He. and Apr.May native steers at 13c.
Certificated stocks increased by
664 hides to 958,766 hides.
Local closing: June, 13.11;
Hides—On the
net
Sept., 13.41; Dec., 13.67; Mar., 13.95.
On the 16th inst. futures closed 6 to 11 points net lower.
Transactions totaled 527 lots. Raw hide futures opened with
point lower and other months 1 to 10 points higher.
the opening. June sold at 12.95, off
16; September at 13.33, off 12, and December at 13.63, off 4.
The market was influenced more or less by the stock market's
course.
Transactions amounted
to
12,240,000 pounds
June 1
Prices receded following
through the early afternoon, of which 1,000,000 pounds were
exchanged for physical.
Certificated stocks increased by
3,645 hides to 962,411 hides.
Local closing: June, 13.05;
Sept., 13.30; Dec., 13.60; Mar., 13.85.
Today futures
closed 190 to 200 points net lower.
Transactions totaled
770 lots.
Raw hide futures opened 10 points higher to
points lower. After the opening further declines developed.
Heavy liquidation continued in the market and losses have
5
The Commercial & Financial Chronicle
3228
over 100 points.
Stop ioss orders were un¬
Early this afternoon June was selling at 11.85,
off 120; September at 12.10, off 120; and December at
12.75,
been extended to
covered.
off 85.
Transactions amounted to 223 lots up to early after¬
Certificated stocks increased by 1,671 hides to
964,082 hides.
Today's market was governed by the movements
noon.
in the stock markets.
Local
closing:
June,
11.10; Sept.,
11.40; Dec., 11.70; Mar., 11.95.
^
.
Ocean
Freights—The effect of the change in the shipping
Belgium within the past few days
has had a demoralizing influence upon
charterers, and no
situation in Holland and
doubt from
the bulk of trans-AtlaDtic business will
now on
be restricted to safe
destinations, observers state. Charters
included: Grain: New York to Antwerp (berth), May, 75c.
Australia to North Atlantic, $17 per ton. Plate to North
Atlantic $9 per ton (heavy grain), basis Buenos Aires. Plate
to West Coast United Kingdom, May, 90s per ton.
Time:
Three months West Indies trading, May, $5.25
per ton.
Trip up, delivery West Indies, redelivery north of Hatteras,
May, $5.25 per ton. Round trip West Indies trade, May,
$5 per ton.
Trip down to West Indies and a round trip,
May, $5 per ton. West Indies or Canadian trade, $5.25
per ton.
Sugar: Philippines to U. S. Atlantic, $12 per ton.
Brazil to Antwerp, $23.50 to $24.00 per ton. San
Domingo
to Marseilles, $20 per ton.
San Domingo to Marseilles, $20
per ton.
San Domingo to Casablanca $10 per ton; Cuba to
Bordeaux, $21 per ton. San Domingo to Nantes, $20 per
ton. Queensland to Montreal, $22 per ton. Cuba to
Nantes,
May, June, $21 per ton.
Coal—Effective on the 15th inst., the wholesale anthracite
quotations on both the line and tideWater deliveries are 10c.
per ton higher, operators here announce.
This is the first
of four monthly 10c. per ton increases which will
ultimately
bring the wholesale schedules to their winter levels on
Sept. 15, anthracite producers here point out. On the line,
egg, stove and chestnut coal will be $5.85 per ton; pea $4.35
per ton.
At tidewater deliveries egg, stove and nut at $5.70
per ton and pea coal at $4.20.
The other sizes remain un¬
changed.
It is reported that the demand for wholesale
anthracite coal is fairly good at both delivery points.
Since
last Thursday the mines have not been
taking additional
orders.
Producers
state
that
they
are
oversold
on
egg,
stove and
chestnut, and principally pea sizes. Production,
although running over.the 1,000,000 ton mark for the week
ended May 4, is still far behind the orders
already on the
books. According to coal operators here, dealers are
reported
buying only for their immediate requirements.
Wool
Tops—On the 11th inst. futures closed 22 points
higher for the May delivery and 6 to 8 points net higher
for the balance of the list.
Transactions totaled approxi¬
mately 150 lots or 750,000 pounds.
There was good trade
support, with contracts supplied largely by commission
house and other profit taking.
Spot tops advanced 15 points
or 134c. a pound to $1.03.
Local closing: May, 99.0; July,
98.0; Oct., 97.9; Dec. 98.0; Mar., 98.0.
On the 13th inst.
futures closed unchanged to 4 points lower.
The opening
range was 2 points lower to 1 point higher.
The market
advanced 5 to 10 points on active trade
buying and rather
limited offerings.
Later, as a result of commission house
liquidation and selling by spot interests, prices fell off 8 to
10 points from the top levels of the day.
Transactions
totaled about 200,000 pounds.
Spot tops were unchanged
at $1.03 a pound.
Local closing: May, ,99.0; July, 97.6;
Oct., 97*.6; Dec., 97.8; Mar. 97.8. * On the 14th inst. futures
closed 29 to 32 points net lower.
Sales were estimated at
about 1,375,000 pounds for the day.
Commission house
liquidation and selling by spot houses, together with offer¬
ings, influenced by easiness of outside markets, forced prices
down, with contracts absorbed by the trade on scale limits.
Boston reported dealers active in the west, but New
England
net
mills
were
out of
the market for
raw
materials except for
small amounts for immediate
requirements.
Local closing:
May, 96.1; July, 94.6; Oct., 94.5; Dec., 94.6; Mar., 94.8.
On the 15th inst. futures closed 6 to 12 points net lower. The
opening range was 8 to 16 points down with fresh liquidation
meeting trade buying.
Values recovered somewhat there¬
after, and dealings quieted down. Sales for the day were
estimated around the ring at about 285 contracts or
1,425
pounds.. Spot tops were unchanged at $1.02 a pound. Local
closing: May, 95.0; July, 94.0; Oct., 93.5; Dec., 93.6;
Mar., 93.6.
their previous closing levels.
Local closing:
July 94.4; Oct. 93.8; Dec. 93.8; March 93.8.
were
estimated in the trade at
of
approximately 500,000 pounds
tops.
Local closing: May 96.5; July 95.5; Oct. 95.5;
95.5; March 95.4.
Today futures closed 11 to 17
points net lower.
After opening somewhat stronger, prices
of wool top future turned downward on rather
general selling,
Dec.
which
was
markets.
attributed to the weakness in
security and outside
Total sales on the New York
exchange to mid¬
day was estimated at approximately 650,000 pounds of tops.
the]best levels of the morning prices showed advances of
4 to 5 points over last night's close, while at the
lows, which
were reached around noon, prices were 7 to 10
points below
At
1940
May
95.4;
broke
silk futures
under liquidation,
of it at¬
some
tributed to Japanese interests.
Tfie war situation was the
chief disturbing factor.
Sales to early afternoon totaled 11
lots, the small volume indicating that lack of buyers rather
than selling pressure caused the break.
Crack double extra
silk in tne New York spot market advanced 4c. to $2.94 a
pound.
Yokohama closed 74 to 75 yen higher, while grade
D silk advanced 105 yen to 1,615 yen a bale.
Local closing:
No. 1 Contracts: May, 2.81; July, 2.77; Aug., 2.75; Sept.,
2.693/o; Oct., 2.69; Dec., 2.66.
On the 14th inst. futures
closed"2c. down to 2c. net higher.
Transactions totaled 94
lots.
Trade and Japanese buying were reported in tne raw
silk futures market.
Prices were firm, showing gains during
early afternoon of 134 to 234c. a pound.
Transactions to
that time totaled 52 lots.
In the uptown spot silk market
crack double extra silk declined 434c. to $2.8934 a pound.
Certiricated stocks increased 20 bales to a total of 1,460
bales.
Local closing: No. 1 Contracts: June, 2.79; July,
2.77; Aug., 2.73; Sept., 2.7134; Oct., 2.71; Dec., 2.66^.
On the 15th inst. futures closed 9 to 12 34c. net lower.
Trans¬
actions totaled 113 lots, all in the No. 1 contract.
Light
commission house
much
as
prices
as
were
liquidation sufficed to break silk futures
the opening.
During early afternoon
off 534 to 634c., with July selling at $2.70.
15c.
on
The turnover to that time
was 39 lots, all in tne No. 1 con¬
double extra silk in the New York
spot market dropped 5c. to $2.84 kfc a pound.
Forty bales
were tendered for delivery on the
May contract.
The Yoko¬
hama Bourse closed 36 to 61 yen lower.
Spot grade D silk
was
173^ yen lower at 1,555 yen a bale.
Local closing:
No. 1 Contracts: May, 2.70; July, 2.65;
Aug., 2.63; Sept.,
2.60; Oct., 2.59; Nov., 2.5734; Bee., 2.57,
On the 16th inst. futures closed 5 to 8%c. net
higher.
Transactions totaled 58 lots.
Dealer and importer buying
held silk futures firm, pricea during early afternoon
showing
gains of 3 to 4c., with June at $2.74 and Oct. at $2.63.
Buying was attributed to news that the silk cocoon egg hatch
is about 2.1% smaller than that of the
previous season in
Japan. The turnover was small, only 30 lots to early after¬
noon, all in the No. 1 contract.
The price of crack double
extra silk in the New York spot market advanced
34c. to
$2.85 a pound.
Thirty bales were tendered on contract,
bringing the total this month to 580 bales. The Yokohama
Bourse closed 18 to 32 yen higher. Spot
grade D silk was 5
yen lower at 1,550 yen a bale. Local closing: No. 1 contracts:
May, 2.76; July, 2.7234; Aug., 2.68; Sept., 2.66; Oct., 2.65;
Dec., 2.6534-Today futures closed 7 to 1034c. net lower.
With all commodity markets declining ana the stock market
breaking badly on the war news from abroad,"holders of silk
commitments were not slow in releasing th3ir
holdings, aod
tnis liquidation caused silk futures to break
badly, prices
closing at about the lows of tne day. Local closing: No. 1
contract: June, 2.6834; July, 2.63; Aug., 2.59;
Sept., 2.56;
Oct., 2.55; Dec., 2.55.
The price of crack
tract.
cot'ton
Friday Night, May 17, 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 39,262
bales, against 41,104 bales last week and 35,572 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,853,452 bales, against 3,287,101 bales for the same period
of 1938-39, showing an increase since
Aug. 1, 1939, of
3,566,351 bales.
Receipts at—
Sat.
Galveston
Mon.
931
Tues.
2.057
Wed.
892
697
2,298
4,059
1,209
1,301
4,926
57
Houston
New Orleans._
15
Mobile
Savannah.
1
_
Wilmington
Thurs.
1,159
343
842
1,697
1,407
11,100
2,186
6.526
15,175
16,573
56
39
543
376
1
2
4
96
37
6,966
7,489
3,592
178
235
235
14,211
39,262
—-
4,148
30
28
17
...
Totals this week.
Total
619
Baltimore
The
Fri.
551
26
_
Norfolk
2.856
following table shows the week's total receipts, the
Aug. 1, 1939, and the stocks tonight, compared
total since
with last year:
193839
1939-40
Receipts to
May 17
After opening about 4 points above last
night's close, the
market moved upward on general
buying in the face of rela¬
Later offerings came into the mar¬
ket in better volume and prices backed and filled
around the
best levels of the morning.
Total transactions to noon
18,
Silk—On the 13th inst. futures closed 9 to 12c. net, lower.
Raw
On the 16th inst. futures closed 15 to 20
points net higher.
Wool top futures sold at stronger prices in a fair turnover.
tively limited offerings.
May
This
Week
Galveston
Brownsville
Houston
__
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola & G'p't
Jacksonville
Savannah
Charleston
Lake
Charles
Wilmington
Norfolk
Since
Aug
1 1939
6,526 1,719,264
41,153
15,175 2,039,557
179,210
67,475
16,573 2,385,729
543
164,973
54,593
1,882
63,682
38,470
45,970
30
9,249
178
21,747
This
Week
1 1938
4,983
Totals
x
1940
1939
947,074
653,348
489,201
692",087
583*642
39,408
225
1,008,752
292,364
16,678
803,612
63,724
12,279
1,892
34,678
16,096
38,771
12,805
14,943
45,931
31,792
457.770
48,113
*3,897
1,450
146,645
30,828
5,464
11,821
27,795
291
23,433
1*811
496
7.086
747
167
109
11
6
New York
Boston
Baltimore
Stock
Since Aug
92.105
656,613
71,863
60,574
1,416
114,607
28,719
4,221
8,723
25,304
500
235
20,498
39,262 6,853,452
100
1,133
1,225
2,009
1,250
15,932 3,287,101 2,451,846 1,887,708
Receipts included in Corpus Christi.
z
Gulfport not included.
The Commercial &
Financial Chronicle
comparison may be made with other years,
give below the totals at leading ports for six seasons:
liberal buyers of the
Volume
150
In order that
we
1939-40
Receipts at—
Galveston
6.526
15,175
16.573
1,085
1,595
"""652
"""«85
"""913
"""874
747
2
5,179
1,531
4,919
3,836
5,614
1,167
2,201
Savannah
14,078
167
"'"159
Orleans.
Mobile
2,302
2,669
7,778
1,297
""""30
«
trade shorts
market,
the
press
more
were
months in order to even up their
near
this coming Thursday.
Southern spot markets were 10 to
20
middling
6
points higher,
with
quotations
from
ranging
9.65 to 10.71c.
947
Brunswick
Charleston
to
position prior to cessation of trading in this month at noon
1934-35
1935-36
1936-37
14,425
10,316
14,130
1,783
2,537
4,983
1,811
7,086
543
Houston
New
1937-38
1938-39
disposition
3229
On
the 13th
inst.
prices closed 3 to 6 points net higher.
The opening range was 2 to 3 points net higher.
The mar¬
17
68
7
178
225
478
755
246
159
ket proved erratic during the morning session, due to con¬
All others
"""235
"""798
"""466
"2,137
1,125
"l",i05
flicting war-time influences, and prices fell for losses of
Total this wk.
39,262
15,932
17,042
28,231
45,482
18,627
Wilmington..
Norfolk
Newport News
"
11 to
Since Aug. 1__ 6,853,452 3,287,101 6,944,405 6,116,047 6,465,873 3,917,829
the week ending this evening reach a total
of 25,202 bales, of which 14,414 were to Great Bratain, 4,643
to Italy, 3,201 to Japan, 888 to China, and 2,056 to other
destinations.
In the corresponding week last year total
exports were 26,246 bales.
For the season to date aggregate
exports have been 5,663,899 bales, against 3,057,379 bales
in the same period of the previous season.
Below are the
exports for the week:
The exports for
"free"
to
May
17,
Ger¬
Great
France
Italy
many
2,000
11*928
2,000
15
16,586
4,643
386
Savannah
386
....
"888
"41
2,100
4,130
888
2,056
25,202
2,100
Norfolk
3",201
Los Angeles
14,414
Total
better
pound
a
rally.
due on
than
difficult
but foreign prices were
sterling exchange,
After gains were registered in the local market, increasing
foreign liquidation
noted, especially in July and Octo¬
was
ber, and prices immediately showed a severe drop of 11 to
15
points,
closed,
thousand
largely
due
brokers
but
bales.
6 points
to
with
Southern
Bombay
market.
thin
a
sold
connections
foreign
unchanged
markets were
spot
was
several
Spot sales totaled 4,5SS bales, against
higher.
On the 14th inst. prices closed
Total
Other
China
Japan
Galveston
New Orleans
*4c.
came
2,463 bales Saturday and 7,601 bales last year.
1940
Britain
cables
interpret because of gyrations in foreign exchange rates.
to
Exports from—
15 points, from which levels there was a slight
Liverpool
4,643
....
49 to 51 points net lower.
The opening range was 8 to 12 points lower, and
opening
there
and
There were feeble rallies during the morn¬
foreign selling.
Fears that war
ing, but gradually the market gave way.
3,201
from the
liquidation
scale-down
persistent
was
developments in Europe might cause a break-down of for¬
'•
1938
2,096
4,793
1939.....
Total
751
4,633
Total
1,605
9,147
577
8,360
26,246
2,364
3,710
12,006
8.689
800
10,178
43,463
eign credits, and the backing up of supplies of cotton in
primary markets, continued hedging of outside growths, and
From
Exported to—
Aug. 1,1939*0
May 17, 1940
Exports from—
Britain
Galveston
365,060 141,176
286 145,232
Houston
466,667 149,351
71,308 27,424
8,496
6,861
8,257 190,798
10,242 18.329
Corpus Chrlstl
Brownsville.
.
Southern
Ger¬
Great
France
Italy
many
Total
Other
China
Japan
Census
51,360 410,074 1316,274
234,388 197,310 364,566 1611,337
37,586
10,390 25,452 200,731
203,086
3,922
4,309
4,334
selling
favorable weather,
on
the factors
were
The
primarily responsible for the heavy break in values.
27,922
185
585
April
estimated
Bureau
623,893
at
bales,
domestic
the
with
compared
March and 543,187 bales
consumption
626,331
for
bales
in
Mill stocks
in April a year ago.
'
'
400
Beaumont
New
m
697,676 406,089
Orleans.
16,290
Lake Charles.
69,674
Mobile
mm m
mm
8,169 210,044
m0mmm
m
+ m
71,342 218,580 1696,599
31,419
9,324
1,936 129.723
10,510
84,699
4,179
5,231
■'
mm
mm
491
1,135
22,878
19,494
"
mmmm
'
Jacksonville..
550
Pensacola, &c.
6,182
75
42,700
10,281
1,575
Savannah
26,235
Charleston
Wilmington
6,773
.
.
211
Gulf port
486
50
11,170
811
196
11,267
100
mm
2,708
8,837
'
mmmm
mm mm
.
.
mmmm
mm mm
75,278
mmmm
+mm
mmmm
■'mrn'rnm
199
'■■mm-mm
J,
100
mm
27,810
m
6,773
mmmm
7,388
23,719
mmmm
1,050
...
■"
200
mm
'■''mmm
mmmm
'mmmm
mm mm
■.
mm
...
■
50
mm
m
1
mm
1,271
17,182
Boston
m
2,106
mm
1,704
mmmm
mmmm
11,507
New York—
mm
1,825
13,235
Norfolk
'mm
;
mmmm
284
11,791
' 'mmmm
9,839
28,270
8,686
-
m
San
_
l'\
mmm
m
8,336
mmmm
1
1
61,971
1,336
mmmrn
„
60,568
10,986
20,158
340,476
114,415
12
200
7,821
21,367
Francisco
„
27,961
12
-mum
54,237
188,072
■'mm
'
Los Angeles..
'■'mmmm
214
'■
•
•'
Baltimore
m
mmmm
m
mm
mm
Seattle.
33,456 573,778
1895,589 776,591
Total
850,707 391,404 1142374 5663,899
totaling 1,469,617 bales,
larger than last year,
were
ket
closed
was
to
undue speculation
prevent
40
were
50
to
Average
lower.
points
in cotton.
Southern spot
Bombay prices turned lower at their close.
markets
com¬
The Alexandria mar¬
pared with 1,292,565 bales last year.
price of
middling at the ten designated spot markets ranged
9.19
10.24c.
to
Sales
totaled 4,588 bales on
at
from
spot markets
Monday and 7,165 bales
On the 15th inst. prices closed
The
Southern
leading
a year ago.
24 to 26 points net lower.
extremely pessimistic news from abroad had a most
Prices fluctuated fever¬
depressing effect on cotton values.
ishly over a range of about $1.50 to $2 a bale, and closed
439,682 380,837
427,347 286,303
818,024
Total 1937-38 1555,949 736,792
824,743 486,982
598,788
Total 1938-39
88,758 616,428 3057,379
89,641 952,565 5245,460
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
24 to 26 points net
under
Shipboard, Not Cleared for—
Leavino
Ger¬
Other
Coast¬
many
Foreign
wise
Great
Britain France
1,895
Houston
New
5,600
15,783
800
Galveston
17"980
6,340
Orleans..
Stock
2.000
1,775
Total
8,400
17,678
26,095
the
Savannah
Charleston
2",065
2",065
Mobile
Norfolk
Other ports
11,100
3,988
17,980
4.654
3",987
23,158
24,748
Total 1938
5,593
2,521
6.463
17,876
Total 1940--
2,000
5,139
5,411
which had taken place, was
114,607
28,719
69,798
25,304
209,305
the technical position, and
54,238 2,397,608
42,516 1,845,192
37.864 2,544,297
Prices broke badly during the early part
from Europe.
of the week, the market during
Wednesday's session show¬
ing losses of 82 to 91 points from the closing level of Mon¬
This
day.
downward,
plunge
natural the
market
It was the consensus in some quar¬
On the 11th inst. prices
developments.
closed 9 to 14 points net higher.
opening range was unchanged to 3 points lower as the
market
was
called
This
cotton.
was
upon
to
believed
absorb almost 20,000 bales of
to
represent chiefly additional
hedge
selling.
the chief buyers.
failed
to materialize,
the market quickly responded to the
buying.
Near months were relatively firmer than the dis¬
positions.
With holders of May contracts showing no
The action
10c.
of
feeling of extreme uncertainty,
the
in
wheat
market
Southern
confidence.
served
spot
mar¬
25 points lower.
The
price of middling ranged from 8.95 to 10.15c.
the 16th inst. prices closed
On
1 to 5 points net higher.
Liquidation in cotton was less persistent, with
the
that
regained
its
points higher to 3 points
market
The
afternoon.
Prices
market
futures
standing 4
were
prices
lower during
irregular
was
the result
equilibrium,
on
3 points lower to 4 points higher.
early
opening.
the
Immediately
after the call the market advanced 4 to 6 points in active
trading, but later prices lost 7 to 11 points net under re¬
newed
the
It
was
emanating mostly from
said
countries
foreign liquidation
Further
selling.
ring,
that
streamed
Liverpool and
into
Bombay.
the selling orders
originated in
neutral and that it was
done because
some
recently
margin calls had
of
A certain amount of
been unavailing.
Southern hedge selling was done, adding to the volume of
interests.
The bulk of the selling pressure seemed
a
undermine
to
The
offerings.
the opening and when other offerings
developed
reflected
kets today were 5 points higher to
South American and do¬
on
to have
another
seriously
after the early selling had run
break
the market
of
Trade and local professionals were
Bombay selling, as well as some
mestic
tant
strength¬
present price levels have discounted many of the
bearish features resulting from latest war
The
greatly
should have some rebound during the
latter half of the week.
ters that
however,
of the market, and it was only
ened the technical position
liquidation
believed to have strengthened
prices showed a tendency to rally.
its course,
active the past week as a result of the startling war
more
This sharp down¬
combined with the heavy
630,518
Speculation in cotton for future delivery was decidedly
news
Prices were down 82 to 91
points from the closing level of Monday.
while
Total 1939
by the unfavorable view
and feeling of nervousness over
foreign situation
readjustment,
combined
domestic liquidation,
and
possible future developments.
ward
644,948
674,409
The market broke 32 to 40 points
scattered selling influenced
with
of
On
May 17 at—
foreign
heavy
Trading operations were active
lower.
during the first hour.
continued
selling
was
for
demand
October
by important, spot interests.
noon
absorbed
by trade
and
local
The feature of the trading after the opening was
and
December
contracts
Trading in May stopped at
today.
Today prices closed 8
futures
were
sympathy
50c.
with
or
the
to 23 points net
more
a
decline
bale
in
lower.
Cotton
lower this afternoon in
markets
generally,
prices
points under last night's close.
12 to 18
standing
further decline in
Liverpool.
points higher, with Wall
12
Initial quotations
May
1940
18,
Futures—The highest, lowest and closing prices at New
The
market was steady on the opening, ignoring for the moment
a
Chronicle
The Commercial & Financial
3230
week have been as follows:
York for the past
8 to
were
Street and Liverpool buying
May 11
hedge selling.
Trading was
less active than yesterday.
Spot firms were buyers of July,
while Bombay was credited with purchasing December and
Closing.
Friday
May 17
May(1940)
After the first hour the market became unsettled.
May 15
May 14
Thursday
May 16
Wednesday
Tuesday
Monday
May 13
Saturday
absorbing local, Southern and
March.
{old)
9.80-10.31
9.48-
9.88
—
Range..
10.62-10.62 10.46-10.60 10.62-10.54
9.82- 9.88
Closing.
10.53M
10.59m
10.08m
9.82M
10.18m
10.22m
9.71n
9.46m
10.34M
10.39m
(.new)
Liverpool continued weak and broke the daily
English points, taken in connection with a sink¬
May
ing spell in the stock market and weakness in wheat,
brought increased selling into cotton.
Locals and New
Orleans were active on the down side.
As an outcome,
June
The fact that
limit of 25
Mon.
Sat.
Tues.
9.98
10.18
10.48
10.68
10.45
.10,65
Wed. Thurs.
9.75
9.95
..
Closing.
9.49m
9.35n
June (new)
Range
—
9.89M
9.64M
9.64M
9.56M
9.86-10.11
9.35- 9.99
9.17- 9.58
9.22- 9.39
9.15- 9.44
10.04-10.06
9.54- 9.55
9.30
9.34
9.20
Range-
10.03-10.03 10.10-10.22
9.67-10.11
9.37-9.49
9.41- 9.62
Closing.
10.16m
10.20-10.22
9.70
9.30-9.56
9.47
9.49
9.41
10.06m
10.11m
9.60m
9.37m
9.39M
9.31m
Closing.
(old)
July
9.87-10.05
Range-
Closing
Fri.
9.86
10.06
9.72- 9.88
(old)
Range
prices broke, showing net losses of 11 to 17 points.
The official quotation for middling upland cotton in the
New York market each day for the last week has been:
May 11 to May 17—
Middling upland
(nominal)
Middling upland 15-16 (uom'l)
10.21-10.40 10.22-10.43
10.39-10.40
10,35
9.90
9.48- 9.68
9.62- 9.63
Range.-
9.72
9.92
10.01
.
—
(new)
July
—r-
Aug.—
Premiums and Discounts
for Grade and Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the base grade.
Premiums and discounts
grades and staples are the average <piotatiohe of 10
designated by the Secretary of Agriculture.
Old Contract—Basis Middling %-inch, established for de¬
liveries on contract on
and staple premiums
represent 60% of the average premiums over %-inch cotton
at the 10 markets on May 16.
New Contract—Basis Middling 15-16 inch, established for
deliveries on contract on
and staple premiums
and discounts represent full discount for J^-inch and 29-32inch staple and 75% of the average premiums over 15-16-inch
cotton at the 10 markets on May 16.
for
-
Range-
Closing.
Sept.—
Range9.88m
9.92m
9.42M
9.18M
9.21m
9.05n
Range..
9.57- 9.76
9.56- 9 81
9.10- 9.67
8.85- 9.19
8.91- 9.08
8.77- 9.14
Closing.
9.70
9.73- 9.74
9.24- 9.26
8.99- 9.00
9.03
8.80- 8.81
9.64m
9.67M
9.18M
8.93M
8.97m
8.75M
9.47- 9.63
9.44-9.68
9.00-9.54
8.75- 9.13
8.78-8.96
8.66-9.04
Closing.
Oct.—
markets
Nov.—
Range
,
—
Closing.
Dec.—
Range—
9.58-9.59
9.61- 9.63
9.11- 9.13
8.87
8.92
8.70- 8.71
Range..
9.41- 9.61
9.40- 9.56
9.00- 9.48
8.74- 9.00
8.85- 8.85
8.60-8.98
Closing.
9.51
9.56m
9.06M
8.81
8.86M
8.64M
Closing.
Jan. (1941)
-
Feb.—
Range9.51M
9.00M
8.76M
8.80M
8.58m
9.31- 9.47
9.28- 9.51
8.85- 9.37
8.61-8.95
8.60- 8.78
8.51-8.85
Closing.
9.43
9.46m
8.95
8.71
8.74
8.53
Closing
New Contract
Old Contract
9.47m
Range-
.
Mar.—
—
April—
%
Inch
1 In.
15-16
Inch
and
Range-
h
15-16
31-32
1 In.
Inch
Up
29-32
Inch
Inch
Inch
and Up
8 46M
Closing.
955- 9.87
960- 9.61
White—
Mid
Good
.74
on
.36
on
.45
on
.54
on
.60
on
.59 on
.69
on
.31
on
.39
on
.49 on
.55
on
.61
.53
.63
on
.25
on
.33
on
.43
on
.49 on
.55
.40 on
.51
on
.12
on
.20
on
.30
on
.21
8.40M
on
.30
937m
on
.43 on
.64
Fair
Mid.
8t. Good Mld__.
8.40-8.62
on
.49
on
.65
on
on
.66 on
.37
on
.44
on
Baals
.11
on
.18 off
.10 off
Basis
.06
on
.14
on
Low Mid
.50 off
.39 off
.29 off
.66 off
.59 off
.50 off
.45 off
.38 off
Low Mid...
1.04 off
.94 off
.87 off
.21 off
.14 off 1.05 off
.00 off
.95 off
Good Ord__ 1.62 off 1.44 off
2.09 off 1.99 off
Ord
.38 off
.69 off
.65 off 1.55 off
.53 off
.21 off
.18 off 2.10 off
.08 off
.05 off
.25
on
.33
on
.49
on
.55
on
.20
on
.44 on
Nominal.
.49 off
.95 off
n
Mid........
St.
Mid
St
♦St.
on
on
•Good
Range for future prices at New York for the week
ended
May 17,1940, and since trading began on each option:
Range Since Beginning of Option
Range for Week
Option for—
Extra White—
.43
on|
St. Mid
.30
on
Mid
Even
St. Low Mid....
.49 off
.39 off
1.04 off
.94 off
Good Mid
Low Mid
.53
on
.63
on
.40
on
.51
on
.12
.37
on
.11
on
.21
on
.18 off
.10 off
Even
.06
on
.29 off
.66 off
.59 off
.50 off
.45 off
.38 off
.87 off 1.21 off 1.14 off 1.05 off 1.00 off
1940—
.95 off
.43
on
.30
on
on
.14
New
June old—.......
-
July old-___
.08 on
.18
on
.27
on
.11 off
.02 off
.07 off
.03 on
.13
on
.25 off
.16 off
Mid
.60 off
.49 off
.41 off a.77 off a.69 off
.06
.12
on
.19
on
.60 off a.55 off
on
New..... 9.30 May
a
11939 10.60 Jan.
3 1940
1 1939 10.82 Jan.
3 1940
Dec.
7 1939
11939 10.29 Apr.
17 1940
9.54
8.08 Aug. 31 1939
:
September
8.77 May
.06 on
.01 off
.07 off
a
7.63 Sept.
7.90 Sept.
9.15 May 16 10.11 May 13
15 10.22 May 13
August
Spotted—
Good Mid
......
New....
•St. Good Ord.. 1.52 off 1.44 off 1.38 off 1.69 off 1.65 off 1.55 off 1.53 off 1.49 off
2.09 off 1.99 off 1.95 off 2.21 off 2.18 off 2.10 off 2.08 off 2.05 off
•Good Ord
St. Mid
7.64 May 17 X939 10.95 Feb. 26 1940
8.06 Sept. 1 1939 11.07 Jan.
3 1940
old— 9.48 May 15 10.43 May 13
9.72 May 16 10.62 May 11
May
on
October
.49 off
November.
—
.
8.25 Nov.
9.81 May 13
17
—. — .
December..
Tinged—
Good Mid
January
8.60 May 17
9.61 May 11
8.60 May 17 1940 10.14 Apr.
17 1940
.49 off
.41 off
.34 off *.67 off ♦.62 off *.54 off ♦.60 off *.44 off
February....
St. Mid
'.69 off
.62 off
.55 off *.87 off *.83 off •.75 off ♦.72 off *.66 off
March.....
— .i—
8.51 May 17
9.51 May 13
8.51 May 17 1940 10.08 Apr.
17 1940
1.26 off 1.22 off 1.19 off 1.42 off 1.41 off 1.37 off 1.36 off 1.33 off
•Mid
♦St. Low Mid... 1.83 off 1.81 off 1.80 off 1.99 off 1.98 off 1.96 off 1.95 off 1.94 off
2.32 off 2.31 off 2.31 off 2.49 off 2.49 off 2.49 off 2.48 off 2.47 Off
•Low Mid
8.66 May
"6368 May* 13 *8366 "May" 17*1946 I63l*8 "Apr." *17*1946
•St. Low Mid... 1.22 off 1.14 off 1.08 off 1.39 off 1.35 off 1.26 off 1.24 off 1.18 off
1.87 off 1.82 off 1.79 off 2.05 off 2.03 off 1.97 off 1.95 off 1.92 off
•Low Mid
17
1941—
April............
8.62
8.40 May 17
May
May
8.62
8.40 May 17 1940
17
May 17 1940
—
Yellow Stained-
1.01 off
•St. Mid
1.36 off 1.35 off 1.33 off 1.54 off 1.53 off 1.52 off 1.61 off 1.49 off
1.86 off 1.85 off 1.85 off 2.03 off 2.03 off 2.03 off 2.02 off 2.01 off
♦Mid
Volume of Sales for Future
.86 off ♦1.18off *1.15off *1.06off *1.03 off ♦.96 off
.94 off
Good Mid
Agriculture makes public each day the volume of sales
of
GrayGood Mid
.60 Off
.52 off
.43 off ♦.77 off •.73 off *.65 off.*.60 off *.52 off
St. Mid.
.74 off
.66 off
.57 off
.92 off
.88 off
.79 off.
.74 off
.67 off
1.25 off 1.18 off 1.14 off 1.43 off 1.39 off 1.32 off 11.29 off 1.25 off
♦Mid
spotted shall be tenderable
a Middling
♦Not deliverable on future contract,
only when and If the Secretary of
Agriculture establishes
New York Quotations
a type
for such grade.
for 32 Years
quotations for middling upland at New York
May 1 7 for each of the past 32 years have been as follows:
1940
-
-
..
1938;-1937
-
1936]
1935
9.72c.
9.68c. 1931
8.58c. 1930
—13.36c. 1929
11.72c. 1928
12.40c. 1927
—
19341—
1933j—
5.85c.
1924
31.65c.
1923
27.00c.
21.45c.
1914
1921
12.45c.
12 00c.
43.00c.
1913
1912
11, 50c.
.16.20c.
30.90c.
1911 —16 15c.
--11.65c.
1926
.18.75c.
1918
26.55c.
1910 —__15. 20c.
8.50c.
1925
-23.40c.
1917
21.10c.
1909
—
—
....
contracts on the New York
we
given in bales of 500 lb. gross weight.
are
Open
May 10 May 11 May 13 May 14 May 15 May 16
11 ,65c.
Contracts
May 16
13 50c.
-19.85c.
.21.60c.
—
open
and the New Orleans* Cotton Exchange,
have compiled the following table.
The
1916—-13, 30c.
1915
9 60c.
1922
.
1920
1919
—
which
from
New York
9.10c.
.
..
delivery and
Cotton Exchange
on
_16.30c.
1932
—
1939
for future
figures
The
Delivery—The Commodity
Exchange Administration of the United States Department
1949—
May—Old.
... .
.
27,400
*7,000
200
700
1,100
1,900
115,000
New............
July—Old
15,800
100
42,100
55,000
66,900
74,300
1,400
63,200
y1,300
397,200
35,100
........
-
. ...
17,300
14,400
27,000
3,600
2,300
1,200
6,000
4,400
2,500
36,600
58~, ioo
30,700
39,700
63,400
70,700
74*366
287*466
34~700
20l400
21,200
33,600
46",300
39" 900
282",000
1,500
300
200
10,000
8,600
5,700
2,200
13,800
4,000
17,100
New............
22,600
21,600
140,900
October—Old
New
December—Old
Market and Sales at New York
New
the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
The total sales of cotton
market for spot
on
and futures closed
on
the
same
days:
1941—
January
March
.
Inactive months—
200
August. 1940.......
Spot -;W
Old
Total
Contract
New
Old
New
Old
Total all futures....
New
Open
May
New Orleans
Saturday
Monday
Tuesday
Wednesday
300
200
300
300
600
1,400
2,000
"300
...
*400
600
200
360
Thursday
Friday
t111
'11 11t 1»1 11
1
1
1
1,860
Total week
200
'mm'mm
m
1111
400
360
1
t
1
1
1
1
»
100,316
May 14
t
»
t
1
1
1
1
1
1
1940
1
t
tii
t
July—Old
1,600
3,150
3,200
1,500
2,650
6,700
8,350
5",300
3",600
17", 600
'8", 400
9",450
25*450
62",700
6,150
2,150
8,300
3i~,I66
10,700
23,750
26,850
7l",500
1,750
8,050
4,050
5,800
5,000
28,400
1,000
May—Old...
350
200
4,000
1,400
1,100
2,750
700
50
50
300
1,550
22,950
2,950
65,650
26,100
42,800
68,050
202,000
New
.....
3,960
—
76,900
2,200 177,216
2,200
Spot Market Closed
October—Old
December
1941—
January
Old
New
March
...
500
May
Nominal.
Nominal.
Nominal.
Nominal.
Nominal.
Nominal.
3,600
1,000
New
2,100
Steady
Very steady
Steady
Very steady
Barely steady- Barely steady
Steady
Steady
Steady
Steady
Barely steady.
Barely steady
-
_
Contracts
1
«
Futures Market Closed
Saturday—
Monday
Tuesday
Wednesday.
Thursday--.
Friday.
May 10 May 11 May 13 May 14
8 May 9
1
New
Since Aug. 1
263,700 120,200 141,100 214,000 249,000 230,500 1,162,600
Total all futures
x
16,050
17,000
Includes 7,000 bales against which
contracts, none,
y
Includes
notices have been issued, leaving net open
1,300 bales against which notices have been Issued,
leaving net open contracts, none.
<5,4
Volume
The Commercial & Financial Chronicle
ISO
The Visible
Supply of Cotton—Due to
cotton statistics
We
visible
not
are
therefore
are
permitted to be sent from abroad.
obliged to omit
supply of cotton and
May 17—
give only the stock at
Liverpool.
1940
Stock in Alexandria,
Egypt
Middling upland, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
of the
usual table
our
can
Alexandria and the spot prices at
1939
1937
1938 ^
;
298,000
7.42d.
11.18d.
347,000
396,000
5.54d.
4.68d.
200,000
7.29d.
6.54d.
4.32d.
3.98d.
5.39d.
5.78d.
4.4 Id.
4.05d.
6.04d.
Week—
[
years:
Since Aug. 1—
Bales
104,203 1937.
136,471 1936-..
138,003 1935
1938—May 22
1937—May 21
1936—May 20
Bales
14,292,632
13,671,951
12,722,634
.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
8.84d.
6.54d.
3231
Movement into sight in previous
6.14d.
7.97d.
—
-
conditions,
war
week:
Closing Quotations for Middling Cotton
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
Week Ended
Saturday
Monday
i
K
15-16
A
In.
15-16,
In.
in.
In.
A
| In.
Tuesday
Wednesday
on-
Thursday
Friday
May 17
At
Interior
the
Towns,
the
that is, the
movement,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Galveston..
9.93 10.13
New Orleans
9.35
10.10 10.30 10.10 10.30
Mobile
9.91 10.01
9.94
10.20 10.35 10.26
May 17,
1940
Movement to May
1939
19.
9.90 10.00
Towns
Season
Stocks
May
Week
17
Stocks
May
Week
9.95 10.05
10.00 10.20 10.05 10.25
50,605
71,159
50
18,033
8,261
51
16,393
—
8,635
65,772
534
74,991
"52
86,152
2,337
57,804
66
29,021
301
53,240
130,944
173
44,699
305
74,147
376
Montgom'y
21
131,746
339
Ark., Blythev.
1,112
864
12,881
mmm
for
1,600
32,280
498
68,787
41,031
908
56
357
9,274
110,981
35,940
37,307
33,062
25,724
1,679
126,124
49
104,691
909
127,542
1
38,659
100
24,756
8
40,187
101
39,838
350
135,711
1,221
113,698
40,733
July old
25
48,611
13,389
31,704
13,809
October
8
Jonesboro..
Rock
Newport
9.25
9.45
9.46
9.66
10.20;9
9.80 10.00
9.85
10.05; 9
9.70
9.90!
9.24
9.34
9.10
9.20
9.65
9.54
9.69
9.46
9.61
9.80
9.65
9.80
9.60
9.75
9.31
9.51
9.35
9.55
9.40
9.60
9.36
9.56
9.10
9.30
9.15
9.35
9.29
9.40
8.95
9
9.151 9.04
9.24
9.99 10.00
closing quotations
595
Bluff.
175
138,231
622
4
741
Ga., Albany..
53
62,712
14,943
281
108,293
756
710
163,585
1,487
302
830
146
34,150
7,258
27,615
465
34
48,119
272
1,352
2,494
287
420
39,996
148,955
3,275
153,503
2,400
200
14,700
600
106
_
37,640
800
Rome
16,637
La., Shrevep't
Miss., Clarksd
_
Greenwood
61
50,026
60,249
443
51,355
mmmm
38,930
426
46,651
19,324
mmm
33,225
257
21,506
238,303
7
Macon
38,998
mmmm
72,113
34,651
11,677
38,903
104,075
121,070
29,400
29,004
37,072
57,593
43,427
Athens
cotton market for
follows:
as
'
Walnut Rge
Columbus.
9.59
9.30
leading contracts in the New Orleans
170,671
30
Augusta
9.95 10.15 10.00
the past week have been
17
Hope
Columbus.
In.
9.39
115-16
9.62
New Orleans Contract Market—The
32,233
'
228
City
Helena
Atlanta
9
9.65
9.85
In.
158,118
:mmmm
Selma
Forest
....
Little Rock..
Dallas
In.
9.20
9.30 9.30
9.40 9.20
9.30
10.15 10.30 10.19 10.3410.30 10145
9.60
9.80 9.65
9.85 9.59
9.70
10.71 10.80 10.75 10.9010
19
Season
524
Eufaula
Pine
Ship¬
ments
Receipts
Week
1,014
Ala., Birm'am
Little
Ship¬
ments
Receipts
Week
In.
9.65
Memphis
Houston
%
9.42
10.25 10.40 10.25 10.40
Montgomery.
to
15-16
9.20
10.4l!
Augusta
Movement
9.55
''A
9.50
10.04j
Savannah
15-16
In.
In.
9.96 10.16
Norfolk
.
A
15-16
In.
14
1,271
1,256
34,544
mmmm
'"'■■mm
m
m
504
6201
33,727
117,467
2,631
86,543
122,056
4,495
132,889
200
11,600
200
34,000
25
28,181
613
28,369
32,726
16,843
•
mmmm
6
m
mm
m
157
Saturday
May 11
Monday
May 13
New
New
10.415-.43a
10.555
10.495
...
..
December.
9.41-
9.745
9.545
9.27- 9.28
9.05-
9.15-9.16
8.93
10.23
9.72-
9.64-9.65
9.61
9.585
9.555
9.085
9.445
8.99n
January
March
..
9.485-9.50a
..
May
Steady
New fut'es
Steady
199,962
3,105
32,678
478
455
2
45,488
465
3,149 .169,363
9.31- 9.32
9.51- 9.52
9.06
8.85
8.95
8.74
8.885
8.79
8.675
8.775-8.79a
8.55- 8.56
8.435-8.45a
Quiet
Steady
Steady
Steady
Steady
Barely stdy
Quiet
Steady
Steady.
Barely stdy
Barely stdy
Steady
Steady.
Barely stdy
Quiet.
Dull.
35,974
24
7,887
29,074
9.46
9.595
Tone—
Spot
Old futures
64
:
9.06
8.655-8.66a
42,047
35
9.42
8.865
9.355
77,143
717
9.73
1941—
1,223
15,365
Friday
May 17
9.705-9.73O 9.745-9.75a
9.785
9.865
9.76
2,978
59,019
9.96
10.045
10.225
28,063
92
May 16
9.61
86,069
133,920
365
Thursday
May 15
10.10-10.11 10.10-10.11
..
147
1,544
Wednesday
1940—
May old.. 10.45
910
35,751
73,964
Tuesday
May 14
'
Jackson
Natchez
8,866
344,780
8,916
13,849
15,474
32,194
5,100
14
4,702
429
1,281
794
332,946
1,000 114,960
30,238 3295,574
4,585
2,000
Vlcksburg..
Yazoo City.
Mo., St. Louis
N.C., Gr'boro
65
15 towns *_
Tenn., Mem's
Texas, Abilene
3,157
91
5,611
130
1,656
184,094
100
338,784
1,442
266,740
70,330
1,394
90,938
16,435 1934,242
2,933
62,295
28,161
653,026
21,982
3
12,527
49,955
635,538
26,950
110
9,598
mmmm
16
7,422
121
1,586
mmmm
7
40
585
15,721
51,893
317
105
76,076
802
1,295
34,026
23,804
6,518
3
574
233
1,189
23,206
'
„
,
Austin
Brenham
_
Paris
.
_
Dallas
,
„
...
Robstown..
Marcos
Texarkana
4,128
77
37,099
120
56,644
.
Waco
Total, 56 towns
*
15,469
4,662
50,564 6285,233
The
above
totals
that
same
a
statement
reports Friday night.
'
42,284
695
2,250
farmers have sold their cotton and speculators are said to have stepped in
and are buying up large quantities of spot cotton at low prices for sale in
the futures market.
Their object was said to be to force the Govern¬
ment to purchase this cotton at the minimum price for
futures, which
is higher than the present price.
The Government considered that its aim was this being defeated.
It
28,327
54,966
27,862 4540,890
36,234
mmm
307
22,075
61,547 2692,155
Oklahoma.
up
stocks
movement
from telegraphic
-1938-39Since
Week
Aug. 1
342,015
243,100
98
11,711
8,495
159,478
712,847
13,644
169,675
167,821
3,210
8,293
157,656
585,551
Total gross overland..........23,749 1,477,646
24,279
1,092.206
291
23,744
Via Louisville
Via Virginia points
3,235
7,050
Via other routes, &c.
3,157
3,425
196
225
3,632
.
Two New Members of New York Wool Top
Exchange—
meeting of the Board of Governors of the New York
held May 15, the following were elected
to membership in the Exchange: John F. McGraw of Pitts¬
burgh, Pa., Vice-President of the P. McGraw Wool Co. of
that city, and Chester C. Wilcox of Boston, Mass., a partner
in the firm of Wilcox & Co., of that city.
At
a
Wool Top Exchange
Census
Report on Cotton Consumed and on Hand,
April—Under date of May 14, 1940, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of April, 1940
aDd 1939.
Cotton consumed amounted to 623,893 bales of
lint and 90,839 bales of linters, as compared with 626,331
bales of lint and 87,875 bales of linters in March, 1940, and
543,187 bales of lint and 70,874 bales' of linters in April,
&c.
1939.
in
It will be
235
173
8,631
6,940
20,520
8,179
312,818
6,851
373,067
7,339
341,517
7,315
405.442
1,410
1,136,129
16,964
Total to be deducted
Leaving total net overland *
that there is
an
year.
The following is the statement:
APRIL REPORT OF COTTON
CONSUMED, ON HAND, IMPORTED AND
EXPORTED, AND ACTIVE COTTON SPINDLES
(Cotton In running bales, counting round as half bales, except foreign, which Is In
500-pound bales)
Cotton Consumed
*
Including movement by rail to Canada.
During—
aggregate net overland exhibits
an
increase
over a year
Week
Takings
Receipts at ports to May 17Net overland to May 17
39,262
Aug. 1
Week
Ended
Interior stocks in
Excess
over
excess
135,000
15,932
16,964
110,000
3,287,101
686,764
5,033,000
13,896.581
*94,937
142,896
*33,685
9,006,865
739,262
of Southern mill takings
consumption to May 1
Cotton-growing States..
New England States...
North, spinn's* takings to May 17.
9,845,079
24,244
1,190,297
Decrease.
•••
(Bales)
April
(Number)
1940 533,634 5,069,910 1,198,981 10,673,718 17,016,604
1939 459,573 4,361,965 1,087,858 12,928,159 16,816,878
1940
72,525
216,795
714,754
62,170 4,685,278
1939 67,899
650,311
162,920
43,650 4,701,746
1940
17,734
170,064
53,841
7,114
699,336
15,715
140,271
41,787
4,623
604,278
1940
4,160
41,572
4,233
41,660
15,361
3,819
1940
5,985
6,347
57,849
49,502
23,457
27,624
22,471
24,695
5,693
27,198
6,018
1940
1,226
16,815
10,929
1939
Amer.-Egyptian cotton.
2,160
12,584
11,286
4,646
1940
90,839
70,874
804,949
421,466
338,023
118,134
Not Included Above—
Linters
♦
(Bales)
Active
During
1940 623,893 5,954,728 1,469,617 10,743,002 22,301,218
1939
109,211
1,450,179
(Bales)
1939
98,952
14 422,132
21,365
Com¬
presses
Spindles
1939
Egyptian cotton
620,488
151,336
at
ments
Included Above—
Other foreign cotton
Came into sight during week
Total in sight May 17
Establish¬ <k
Apr. 30
(Bales
All other States........
Total marketed
Storage
1939 543,187 5,152,547 1,292,565 12.976,432 22,122,902
Aug. 1
190,672
*39,336
South'n consumption to May 17
In Public
suming
Since
6,853,452
1,136,129
5,907,000
16,410
In Con¬
April
1938-39
Since
Hand
Nine
United States.
1939-40In Sight and Spinners'
on
April 30—
Months
Year
ago
449,365 bales.
Cotton
Cotton
The foregoing shows the week's net overland movement
this year has been 16,410 bales, against 16,964 bales for
the week last year, and that for the season to date the
of
increase of 80,706 bales
686,764
164
...
seen
of lint and 19,965 bales of linters when compared with the
previous
Deduct Shipments—
Overland to N. Y.f Boston, &c
Between interior towns.
Inland, &c., from South
intends to carry out an immediate investigation of the illegal speculation.
Meanwhile the Government has ordered the liquidation of all futures
have
follows:
Aug. 1
the market for cotton futures
contracts.
interior
8,916
4,450
Via Mounds, &c
Via Rock
Island
official circles that when the Government entered
as a buyer and fixed a minimum
price its
prices of futures in order to help farmers.
Now. however,
3
Since
...
said in Egyptian
39
282
Week
Via St. Louis
was
24
m
798
-
Shipped—
It
13,306
m
made
years are as
which also said:
63,233
6,479
mmmm
■mm
1939-40
May 17—
dispatch from Alexandria May 14 to the New York "Times,"
''mmmm
The results for the week and since
Aug. 1 in the last two
check illegal speculation which it was said had been
apparent
within the last few days.
This is learned from a wireless
aim was to bolster
the
as
cotton
effort to
40,110
showing the overland
Aug. 1,
an
443
Overland Movement for the Week and Since Aug. 1—
for the week and since
Alexandria until further notice in
45,702
week last year.
We give below
Cotton
the
2,869
decreased during the week 000,000 bales and are tonight
39,336 bales less than at the same period last year.
The
receipts of all the towns have been 27*702 bales more than
in the
closed
"20
''
15 towns in
show
Alexandria
208
89,900 2321,071
Includes the combined totals of
Closes
Government
14,769
12,957
....
Egyptian
5
'
San
Government
Market—The
market in
Oklahoma—
S. C., Gr'ville
Egyptian
16,073
18,649
44,792
2,952
1939
628,6911
108,263
The Commercial &
3232
(500-pound Bales)
9 Mos. End. April 30
1940
1939
1940
1939
in Oklahoma is
5,485
4,048
51,570
50
854
*1*937
565
11*662
25,585
18,626
3,616
7,498
57,573
27,966
17
196
1,535
1,823
11,096
British India
12,692
123,194
108,125
335
.....
Rain
;
339
Peru.............................
China............................
Mexico..........—...—
good.
33,786
41
Egypt——
by
evening indicate that cotton
April
Country of Production
Telegraph—Telegraphic advices to us this
planting is well under way in
Texas, especially in the Panhandle.
In the southern portion
of the State, however, plants are rather stunted. .Progress
Returns
Import* of ForeUm Cotton
All other.————
Days
Texas—Galveston-
^
Llntera Imported
March 31,1940, amounted to 42,174
during eight months ended
equivalent 500-pound bales.
Cotton—Excluding IAnters
(Running Bales—See Note for Llntera)
Exports of Domestic
dry
dry
dry
dry
El Paso
Houston
—
KerrviUe.————
9 Mos. End. April 30
0.04
Country to Which
France
47,494
............. .........
20,698
370,880
702,000
489,914
326,444
242,655
271,239
18,992
257,909
200
10,612
15,570
79,725
563,705
776,933
76,748
166,417
199,580
565,083
11,137
3,795
27,879
56,530
16,730
29.247
13,553
15,406
4,813
390,425
322,451
196,256
344,609
178,225
5,694,962
Uplghim
11,030
Other Europe————————
54,314
Japan............................
China..........
Canada.
...
Ail other
Total
1,748,378
20,022
6,787
13,534
15,382
33,016
803,974
73,882
2,964,098
world production
estimated
The
llnters, grown in 1939 as compiled from various sources was 7,987,000
bales, counting American In running bales and foreign in bales of 478
pounds lint, while the consumption of cotton (exclusive of linters in the
United States) for the year ended July 31,1939, was 27,748,000 bales. The
total number of spinning cotton spindles, both active and idle, is about
145,000,000.
Oil Production—On
May 11 the Bureau of the Census issued the following state¬
ment showing cottonseed received, crushed, and on hand,
and cottonseed products manufactured, shipped out, on
hand, and exported for the nine months ended with April,
Report
Census
87
Mississippi—Meridian
1
of Cottonseed
0.06
2
Birmingham..........
Montgomery
.....
Miami.......—........
0.82
1
2
1
2
Alabama—Mobile...
0.02
0.35
0.20
0.81
2
87
51
70
69
84
42
88
90
45
52
63
86
49
68
67
65
0.15
0.01
0.30
0.28
0.45
2
2
1
0.08
0.18
1
1
1
67
71
53
44
47
81
86
86
0.18
68
59
50
34
86
84
dry
72
70
53
87
0.02
0.02
The following statement
68
54
1
1
Chattanooga
Nashville
67
50
2
Wilmington.............
Tennessee—Memphis........
71
75
59
Macon
Raleigh
49
56
64
85
Augusta.......
Charlotte
72
66
70
70
65
85
2
Carolina—Charleston..
67
66
/ 73
85
Atlanta
Carolina—Asheville
70
70
0.06
dry
dry
Tampa
Georgia—Savannah...—.....
74
72
57
82 .
86
86
85
85
83
dry
75
66
r
46
58
57
44
86
85
dry
78
69
47
85
0.02
.......
72
72
72
72
68
70
58
0.02
Vicksburg
74
63
49
1
of
of commercial cotton, exclusive
85
1
Little Rock
68
74
70
50
87
0.57
0.08
Louisiana—New Orleans.....
Shreveport.............
South
North
STATISTICS
WORLD
92
90
dry
2
1
Pensacola
18,152 bales during April In
nine months ended April 30, 1940,
and 165,878 bales in 1939. The distribution for April, 1940 follows: United Kingdom,
9,779: France, 4,783; Spain, 387; Canada, 671; Panama, 15; Panama Canal Zone»
not Included above were
1939; 268,403 bales for
20; Japan, 2,497.
Taylor
Weatherford
Oklahoma—Oklahoma City...
Arkansas—Fort Smith
,
88
82
92
0.17
0.06
1
1
.........
Florida—Jacksonville.
-
Note—Llntera exported,
............
....
San Antonio
9139
1940
1939
111,655
United Kingdom......
1940 and 14,290 bales in
dry
dry
Paris
Exported
1940
Italy.....
Germany—
Spain
dry
Palestine
71
92
100
86
dry
1
Mean
40
56
50
59
59
54
53
53
48
48
56
72
61
50
56
52
90
88
0.24
2
Lampasas........—....
Luling
............
Nacogdoches............
April
89
92
90
88
84
90
91
dry
Christ!
:
81
0.19
dry
dry
^Dallas
Low
60
High
dry
Abilene
Brenham
Corpus
Thermometer
Rainfall
Inches
Amarillo—2
Brownsville......—.....
Total
18, 1940
May
Financial Chronicle
67
has also been received by tele¬
the points named at
graph, showing the height of rivers at
8 a. m. of the dates given:
May 17,1940
May 19,1939
Feet
Feet
13.2
15.1
15.5
14.6
13.3
30.5
.Above zero of gauge.
Above zero of gauge.
Nashville...
....Above zero of gauge.
Shreveport. _____...Above zero of gauge.
Vicksburg
.....
Above zero of gauge.
OrleansMemphis
....
New
7.2
28.6
9.3
10.1
_
1940 and 1939:
Plantations—The following table
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:
Receipts from the
CRUSHED, AND ON HAND (TONS)
COTTON SEED RECEIVED,
indicates the actual movement
On Hand at Milts
Received at Mills*
Crushed
Apr. 1 to Apr. 30
Aug. 1 to Apr. 30
Apr. 30
State
Arkansas
164,244
Georgia
376,812
Louisiana
215,620
614,691
166,311
153,254
232,027
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas..............
All other States
767
37,429
7,565
423,199
152,132
32,543
32,264
377,594
315,575
16,985
13,409
15,878
39,625
Week
215,385
183,105
782
2,013
End.
599,709
599,201
36,775
159,955
145,855
180,756
7,605
143,647
177,989
173,014
352,798
334,279
897,968 1,004,801
99,314
107,556
3,557
273,603
1939
1940
1938
1939
1940
1938
1939
1938
3,830
404
903
3,114
9,992
30,985
18,721
61,681
5,445
8,844
Feb.
16. 177.019
23. 122,734
337.004
1. 138,982
15. 115,052
21.
seed destroyed at mills but not 120,626 and 337,118
65,351 reshlpped for 1940 and 1939, respectively.
Includes none and 4,508 tons
25,681 101.785 2897,286 3174,825 2570.224 117.323
21,337 86,337 2845.482 3138,203 2543,310 70,930
Nil
82,658 2795,204 3096,651 2500,609
92.663 2737,778 3051,323 2479,799
57,994 2705,278 3012,260 2460,874
47,032 2666.756 2986,570 2431,771
44,595 2617,890 2951,233 2397,991
88,704
49,955
82,552
36,348
NO
38,925
Nil
Nil
Mar.
8. 107,381
171,646
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
1940
85,995
„
31,539
164,574
229,813
334,413
305,676
934,315 1,125,193
96,018
102,789
4,003,054 4,102,573 3,952,034 4,098,179
United States
♦
76,214
440,486
163,176
141,890
451,687
California
1939
1940
1939
91,134
206,686
299,071
81,288
i
89,277
Arizona............
.
452,528
157,340
339,906
179,236
643,398
199,328
Alabama
1940
1939
1940
29.
74,870
87.760
25,736
27,264
32,436
21,973
19,979
Apr.
Nil
Nil
Nil
96.794
59,413
39,957
71,853
49,069
17,929
10,815
hand Aug. 1 nor 31,351 and
COTTONSEED PRODUCTS
MANUFACTURED, SHIPPED OUT, AND ON
HAND
5.
72,250
11,788
51,480 2570,714 2907,928 2362,621
25,074
Nil
16,110
12.
54,785
46,094
21,385
13,296
26,976 2527,094 2870,759 2338,818
30,687 2480,117 2831,695 2322,171
50,671
12,397
45,944 2454,769 2795,440 2289,937
11,165
13,145
25,323
Nil
19.
26.
on
3,173
14,040
13,710
24,610 2411,420 2757,237 2263,791
16,918 2360,407 2725.840 2237,238
17,042 2321,071 2692,155 2216,336
May
Produced
Crude oil, lbs-
1938-39
Refined oil, lbs.
1939-40
and meal,
*72,066,763
33,833,717
a560,035,317
487,927,952
1939-40
1938-39
Cake
119,718
i 214,611
1938-39
1939-40 .77,087
133,153
1938-39
1939-40
479,316
1938-39
457,464
24,931
1939-40
30,534
1938-39
tons
Hulls, tons.
Llnters, running
bales........
Hull
500-
fiber,
1b.
bales
3.
35,572
16,498
Aug. 1 to
On Hand
10.
41,104
10,724
Apr. 30
Aug. 1
1939-40
Shipped Out
Aug. 1 to
On Hand
Season
Item
Apr. 30
Apr. 30
17.
39,262
15,932
1,254.388,459 1,248,251,693
1,283,941,287 1,182,974,452
&1108183,934
1,093,923,642
1,788,119
1,750,069
1,889,609
1,011,585
1,074,503
1,189,099
891,573
46,802
34,718
1,850,452
1,001,806
1,065,097
;
1,016,659
1,017,518
27,391
31,952
*147,607,275
155,524,095
0636,514,659
658,956,062
157,768
175,454
67,308
123,747
305,876
<
583,409
5,520
27,768
Grabbots, motes,
■
bales
*
Includes
1939-40
30,642
45,675
1938-39
Ac., 500-lb.
36,592
51,786
:;
22,270
40,298
53,947
48,080
5,986,685 and 66,362,551 pounds held by refining and manufacturing
and 13,594,470 and 22,622,350 pounds in transit to refiners and
a
Aug. 1, 1939 and April
Includes
30, 1940, respectively.
13,471,938 and 12,403,362 pounds held by
refiners, brokers, agents
other than refineries and manufacturing establishments
and 3,292,550 and 6,980,190 pounds In transit to manufacturers of shortening,
oleomargarine, soap, Ac., Aug. 1,1939 and April 30, 1940, respectively.
6 Produced from
AND
S;
1,174,210,324 pounds of crude oil.
IMPORTS OF COTTONSEED
PRODUCTS FOR EIGHT
Nil
Nil
Nil
Nil
Nil
Nil
6,834,683 bales;
and in 1937-38 were
8,410,924 bales.
(2) That, although the receipts at the
outports the past week were 39,262 bales, the actual move¬
ment from plantations was nil bales, stock at interior towns
having decreased 39,336 bales during the week.
Alexandria
and Shipments—The
Receipts
following
shipments for the past week and for the
corresponding week of the previous two years, as received
the receipts and
by cable:
1939-40
(Receipts Cantars)—
This week
1938-39
1937-38
66,000
8,320,935
Alexandria. Egypt.
May 17
Since Aug. 1
MONTHS ENDED MARCH 31
Nil
Nil
they were 4,392,943 bales,
and warehousemen at places
EXPORTS
Nil
Nil
(I) That the total receipts
plantations since Aug. 1,1939, are
in 1938-39
are
establishments
consumers
The above statement shows:
from the
Nil
170,000
7,579,094
200,000
9,696,361
This
Items
■
■
Exports—Oil, crude, pounds.
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Llnters, running hale«
Imports—Oil, crude,* oounds..
Oil, refined, * pounds
Cake and meal, tons of 2,000 pounds
Llnters, bales of 500 pounds
*
Amounts for
•withdrawn
1940
-V
4,632,924
10,818.117
6,543
,
117,740
2,766,758
250,251
151,588
714,800
49,539,225
3,641
28,820
None
9,833,834
5,222
42,174
14,361
April not included above are none "entered for consumption," or
warehouse for consumption," but 1,384,240 pounds refined,
from
•entered for warehouse."
Since
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
5.000
3,100
6,100
166,523
n",665
201.257
148,134
551,689
43,463
155,918
...
&c—
To Continent & India.
10*866
160,833
583,216
24,948
6*206
150
152,967
632,232
25,044
924,915 12,450
976,766
1939
Exports (bales)—
To Liverpool..
To Manchester,
2.000
To America
Total exports
18,000
200
944,543 14,100
Egyptian bales weigh about 750 lbs.
statement shows that the receipts for the week ended May
cantars and the foreign shipments 18,000 bales.
Note—A cantar is 99 lbs.
This
66.000
15 were
Volume
The Commercial & Financial Chronicle
ISO
Manchester
Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is
steady.
Demand for home trade is improving.
give prices today below and leave those for previous weeks
of this and last year for
comparison:
We
1940
;%':v
1939
8 X Lbs. Shirt¬
32s Cop
■
Cotton
ings, Common
1
Middl'g
Upl'ds
32s Cop
Twist
d.
d.
Twist
to Finest
d.
d.
s.
d.
8.
Cotton
ings, Common
Middl'g
Upl'ds
to Finest
d.
s.
Feb.
Unquoted
Unquoted
23..
12
1K@12
12
1K@12
4K
4K
8.12
SH@ 9H
8H@ 9H
8.04
Mar.
1—
14.54
12
1K@12
4K
7.99
8..
14.54
12
1K&12
*K
8.03
s.
d.
consisting of mills in Kentucky, Tennessee, Virginia and
Georgia.
The northwestern increase over the
previous
31,830 barrels.
The southeastern gain, 6,760
was hardly considerable.
Southwestern and Buffalo mills showed decreases—the
former 128,290 barrels, the latter
107,305 barrels.
8H® OH
8K@ 9H
9
@
9
5.15
8
9
@9
5.15
8
9
@
9
8
9
9
@
12
@12
3
7.68
9
12
@12
3
7.55
8H
@
9H
8 10
K@
8H
@
OH
8
@
9
14.40
12
@12
3
7.70
@12
6
7.84
@12
9
@10
Apr., 1940 Mar., 1940
5.16
Northwest
4.95
1H
Southwest
Buffalo
5..
12..
14.55
12
3
19
14.75
12
26..
14.78
12
4K@12
4K@12
8H@
OH
8
9
6
8.12
8K@
8.09
7 k
8.07
8H@
8K@
OH
OH
OH
8
7K
7H@ 8 10H
9
@ 9
7K@ 9 10 K
May
3__
14.85
12
4K@12
7H
8.18
10..
14.74
12
4K@12
8H@
8H@
14.08
11 10K@12
7H
IK
8.14
19..
7.42
9
8
8
4.92
9
@
4.93
5.00
OH
OH
8 10K@
IK
5.33
9
News—As shown on a previous page, the
of cotton from the United States the past week
have reached 25,202 bales.
The shipments in detail, as
made up from mail and
telegraphic reports, are as follows:
Bales
Bales
GALVESTON—
LOS ANGELES—
To Spain
NEW ORLEANS—
2,000
-.-
To Great Britain
ToJapanv-,..-.^*.3,201
To China
To Chile
11,928
To Italy
To South Africa-
4,643
16
SAVANNAH—
888
41
NORFOLK—
To Great Britain
2,100
-V
To Great Britain.
386
Total
25,202
Cotton
York
Freij fhts—Current rates for cotton from New
no Ions er
quoted, as all quotations are open rates.
are
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
are therefore obliged to omit the
following tables:
World's Supply ana Takings of Cotton.
We
India Cotton Movement from All Ports.
Liverpool Imports, Stocks, &c.
Totals
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
and futures each
Spot
Saturday
Monday
Tuesday
Quiet
Quiet
.
8.03d.
Futures
8.03d.
7.61d.
7.36d.
Steady at
7.42d.
Market,
at
Steady at
Steady at
3 to 4 pts.
25 points
advance
decline
pts. dec.
f
advance
Nominal,
Sellers at
Nominal,
dec.
Quiet
V
11
P.M.
st'y, Barely st'y
15
to
pts.
Prices of futures at
12
dec.
14
25 pts.
dec.
pts.
19
decline
to
25
to
decline,
25
pts. dec.
Liverpool for each day
are
Steady at
4 to 8 pts.
25 pts.
decline
given below:
Sat.
Close Noon Close Noon Close Noon Close Noon Close
Noon Close
Tues.
New Contract
Wed.
d.
Thur*.
Frl.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
♦
7.88
7.85
7.88
7.71
7.46
7.46
7.21
7.21
*
7.27
6.96
7.92
7.88
7.91
7.75
7.50
7.50
7.25
7.25
•
7.30
October
7.00
7.76
7.74
7.76
7.61
7.36
7.36
7.11
7.11
7.17
December.
*
6.86
January,
*
6.99
7.06
6.74
6.94
7.01
••
7.63
*
March
7.63
----
1941..
7.58
-----
-
7.61
7.56
May
•
7.51
July
«
-
-
7.51
-
7.64
7.59
7.46
7.49
7.44
7.39
_
-
-
—
7.24
7.19
----
7.34
7.26
—
7.24
7.19
7.14
—
-
-
6.99
6.94
-
7.01
6.76
-
-
6.69
6.89
6.64
6.84
-
7.09
6.59
Closed
BREADSTUFFS
Friday Night, May 17, 1940.
Flour—The
severe
decline in wheat values the
past sev¬
eral
days influenced heavy flour buying in many sections
of the country.
Estimates on the volume of business booked
close
politan
to
the
million-barrel
mark, and in the metro¬
area sales were reported to
There
was
a
be around 250,000 bar¬
good deal of covering by the small
sumers, and as a result of the latter
the entire
consuming trade
was
now
buying
con¬
many felt that
covered by
to around the end of the current crop year.
contracts
As previ¬
ously reported, large chain bakers in the States
bordering
on
the Gulf
were
Wednesday.
vanced 15c.
credited
Quotations
a
with
on
all
heavy contracting late
grades
of
flour
barrel following the higher action
were
of
on
ad¬
wheat
futures.
Flour
Output Takes Noticeable Dip in April
production took a rather noticeable dip
during
April, mills representing 64% of the national output reported
to "The Northwestern Miller."
Production for the month
just ended was 5,202,615 barrels, compared with 5,480,598
barrels in*March and 5,485,519 barrels in
April, 1939. Two
Flour
5,485,519
5,113,253
actions, due to profit-taking and selling based on the more
optimistic Government forecast of crop prospects, but later
recovered all of the loss.
Some buying on the rallv was
credited to mills, while private
reports of black rust infection
in Texas wheat, and Buenos Aires
gains of almost 2c. at¬
tracted attention.
The Government crop report
raising the
official estimate of winter wheat
production 33,000,000
bushels as a result of
improved conditions in April con¬
trasted with an increase of
only 13,000,000 bushels in the
of six Chicago crop experts.
The Government's
a 459,691,000 bushel
crop was almost 19,000,000
larger than the average of the private estimates.
A. W.
average
forecast of
Erickson, a crop expert, reported black rust was found in all
fields he examined in the Fort Worth area
^nd he said late
winter wheat is exceptionally vulnerable.
On the 13th inst.
prices closed 2% to 3c. net lower.
The depressing war news
from abroad caused considerable
pessimism among grain
traders and this resulted in a wave of
selling that brought
Practically all of the
gains which were scored following the German westward
invasion Friday have now been
wiped out.
Extreme weak¬
ness of securities
prices and talk of improving domestic crop
heavy break in wheat values.
a
of accounts added to
selling.
Many traders were noticeably
distressed after reading war bulletins
posted near tne pits,
and a number expressed
unwillingness to assume definite
market positions in view of the
great uncertainty.
On
the 14th inst. prices closed at 10c. under
previous
finals,
which
was
the
permissible
limit.
German
successes
in
Europe, which led some of the traders to entertain thoughts
of an early peace and which added to nervousness that has
been mounting since the westward drive started
Friday,
were the direct cause of
liquidation such as has not been seen
The break on the Board of Trade was the sharpest
years—since July 20, 1933, when the market col¬
lapsed 15 to 18c.
There were no limits on fluctuations then.
Wheat here fell to the lowest level since Feb. this
year and
in
May. 1940
July
697,025
5,480,598
in years.
May 11
May 17
Mon.
5,202,615
stop loss orders, and mill buying diminished while evening up
12
to
658,184
272,245
284,915
328,775
413,119
Quiet
9
pts.
5,406,836
135,044
Quiet
Quiet
Quiet
_
opened
306,353
251,106
270,213
471,187
443,169
230,591
136,589
1,030,681
2,255,981
821,315
prospects, with weather conditions favorable and rains
forecast for most of the grain
belt, contributed to the wheat
market's bearishness.
Profit-taking went hand in hand with
CLOSED
Market
272,077
1,073,037
1,946,623
794,539
Friday
P.M.
Mid. upl'ds
826,964
Thursday
Wednesday
Market,
12:15
531,120
1,966,226
Apr., 1938 Apr., 1937
Wheat—On the 11th inst. prices closed Y%c. lower to
higher.
Wheat sagged as much as % to 1 ^c. in
early trans¬
about
up
_
1,186,500
5.54
Shipping
rels.
479,481
263,592
143,350
637,329
__
Western Division.
Southeast
1,138,424
1,925,054
819,150
5.28
8 10K@ 9
IK
9
@93
exports
were
...
Central West:
Eastern Division.
4.99
1,170,255
1,796,763
711,845
Pacific Coast
@10
Apr., 1939
5.27
@93
9
States.'
5.40
9
12
3
MONTHLY FLOUR PRODUCTION)
Output reported to "The Northwestern Miller" In
barrels, by mills representing
64% of the total flour production of the United
5.29
14.20
14.18
,
Apr.
•
was
barrels,
d.
8
14.31
15
21
29__
4
5,406,836 barrels.
two producing sections that registered an in¬
during the month were the Northwest and Southeast,
The only
crease
TOTAL
17..
in
three years ago,
respectively, the monthly production
stood at 5,113,253 and
month
8H Lbs. Shirt¬
3233
and
seven
under the dollar mark for the first time since the middle of
Mar.
July contracts tumbled too and closed at 95
%c.,
compared with a season high of $1.1134 Apr. 22.
Since
Germany invaded the lowlands wheat has lo3t around 15c.
All wheat contracts at Kansas
10c. limit losses, while
City and Minneapolis closed
Winnipeg finished 434 to f>34c.
lower.
On the 15th inst. prices closed 9% to 10c. net lower.
The worst collapse of wheat prices since 1933 was extended
today as values plunged 10c. a bushel.
War-frightened
traders dumped millions of bushels of futures contracts,
at
lit
was
were
the second consecutive session in which
quotations
marked down
far
as
trading rules permit in one day.
8%c. in first dealings of the turbulent
session, but then recovered as much as 7c. from early lows
as
Wheat tumbled 534 to
and fluctuated nervduslv at anywhere from 1 to 4c. net loss
for the next two hours.
In the final hour, however, selling
was renewed with
vigor and prices gave way with the pre¬
scribed lows
being established just before the bell. Wheat
yesterday at the lowest levels
May contracts at 8594 to 86c. and July
at 8594 to 85 Kc. showed losses of 23c. since
Saturday and
were 25 to 27c. below the
three-year peaks established Apr.
closed 9to 10c. lower than
since late last Nov.
22.
On the 16th inst. prices closed 3 to 434c. net
higher.
After three consecutive sessions of
sharply lower prices, the
wheat market today righted itself on the strength of
buy¬
ing from consuming interests, exporters and investors, and
developed strong recovery power.
Extremely rapid and
wide price fluctuations continued to characterize
trading,
with quotations more than 2c.
net lower at times, but the
strong with net gains ranging up to 3c. to
more than 4c.
At early lows wheat values showed losses
of 25c. a bushel siifce the start of
trading on Monday.
Closing figures, however, were more than 6c. above these
market
lows.
closed
Efforts
to
bolster prices
announced
by officials at
The Commercial &
3234
Washington,
lower. Helping to check the decline in
shipping sales in some time. Dealers
sold 301,000 bushels of corn.
And because of lower prices,
handlers booked only 40,000 bushels of corn to arrive.
On the 16th inst. prices closed 3% to 434c. net higher.
Corn shot up as much as 5c. a bushel in early dealings and
never fell below previous closing levels, although much of
the advance was wiped out at times.
Traders said this
strength reflected, in part, heavy shipping sales out of
Chicago recently, although this business today amounted
to only 75,000 bushels.
Today prices closed 1% to 2y2c. net
lower.
In the early trading this market was holding well,
2%c. to 3Kc. net
for new loans on crop sur¬
by continued liquidation.
Selling of
including plans
were offset
accounts on which
pluses,
margin was no longer sufficient ac¬
the liquidation.
Today prices closed Sy2 to 5c. net lower.
A fresh wave
of selling swept over the turbulent wheat pit today, driving
prices down more than 5c. from yesterday's close and put¬
ting the market near the lows reached yesterday when the
week's sensational collapse of values was halted.
Pessi¬
mistic news from the Allied front in France and Belgium
overshadowed all other market factors and brought a re¬
newal of the same type of distressed liquidation which has
characterized trading in previous sessions this week.
Pit
brokers expressed
belief trade fears regarding the outcome of fighting in Europe was causing many dealers to
unload wheat holdings against the possibility of a short
duration of hostilities.
At least this was deterring buyers
from giving the necessary support to absorb the selling that
appears, they said.
Earlier the market showed more sta¬
bility than had been witnessed in any previous session this
but later,
No. 2 red
-
— — -
September
Tues.
—
Mon.
1082* 1052*
10834 1052*
.»—1082* 1063*
Tues.
Sat.
yellow
No. 2
—
DAILY CLOSING
—
952*
952*
96
852*
852*
86
I
Season's Low and
Apr. 22, 1940JMay
632*
Apr. 22, 1940 [July
773*
Apr. 18, 19401September ... 83
113
—1113*
September
1113*
.
—
DAILY CLOSING
—
J
-
-
2—
Wheat
World
893*
902*
933*
— —
States
902*
8934
8934
Mon.
H
O
L
Tues.
842*
852*
862*
842*
85
When Made
July 24, 1939
Oct. 9,1939
May 16,1940
883*
Thurs.
Wed.
742*
752*
7834
742*
763*
7824
Trade Above Last Season, But
Share Less Than a Year Ago
Fri.
702*
712*
732*
United
including flour, from principal surplus
(excluding Russia) during the ninemonth July-March period just past were nearly 432,000,000
bushels, according to preliminary trade figures, as compared
with official figures of 395,000,000 bushels for the same
Exports of wheat,
regions of the world
Office of Foreign Agricultural
Agriculture
said on May 11 in its weekly publication, "Foreign Crops
and Markets."
But the United States share of this trade
was only 10% as compared with 21% a year ago.
Argen.;
tina's percentage went from about 15 a year ago to 28 this
year; Canada's from 31 to 35, and Australia's from 17 to 11.
The Danube basin accounted for about 15% in both periods.
period of a year ago, the
Relations
of the United
The announcement goes
States Department of
on
68,000,000
American
a
year
shipments
ago.
for
seem
to be about 46%
as
last season, but with Argentina's increase, southern
for the nine months went from 32% last year to
almost 39% this year.
Danube basin trade exceeded that of July-March,
1938-39, but was about the same percentage of the total for both seasons.
Of wheat exports reported for July-March this season by Canada, 46.5%
went to the British isles, compared with 56% for the same period last
and
shipments
78%
in
1937-38.
The
quantity actually shipped this season
however, larger, about 73,000,000 bushels, compared
and more than 61,000,000 in 1937-38.
with 64,000,000
season
Corn—On the 11th inst.
Corn
was
When Made
May 10. 1940 May
692*
70
May 10, 1940
May 10, 1940
—
off almost
a
prices closed unchanged to 34c.
cent at one stage, due largely to
Shipping sales fell to 14,000 bushels and
bushels to arrive. On the 13th inst.
prices closed l}4c. to lJ4c. net lower. The depressing war
news also caused a bearish attitude towards the corn market
and traders were not slow in letting go of their commitments
in corn.
There was very little real support, and prices of
corn
futures yielded rather readily.
Weather and crop
reports also had a bearish influence. On the 14th inst. prices
closed 4%c. to 534c. net lower.
Corn prices, steady during
much of the earlier trade, slumped with wheat to within a
cent of its 8c. limit, but recovered part at the close.
Some
corn buying was credited to cash interests and against sales
of wheat on the theory that the technical position of the corn
market was better than that of wheat.
Corn shipping sales
totaled 45,000 bushels and only 18,000 bushels were booked
to arrive from the country.
On the 15th inst. prices closed
profit taking.
handlers booked 71,000
592*
592*
592*
42
52 2*
552*
July
September
July 26, 1939
Oct. 23, 1939
Feb.
1, 1940
Oatg—On the 11th inst.
prices closed 34c. to 24c. net
Shippers sold 30,000 bushels of oats, but this seemed
have little or no effect on futures, the market ruling dull
lower.
to
On the 13th inst. prices closed 24
Normal eastern demand for oats at this
time of year was understood to have been met by offering
from Canada as well as Minneapolis.
Trade reports said
Canadian 42 to 44 pound oats were offered into the Phila¬
delphia territory at 1024c. over Chicago May as compared
with 1234c. over for domestic 38 pound No. 2 white from
Chicago and 924c. over for Minneapolis 36 pound No. 2
white.
However, it was reported that shippers sold 28,000
bushels from Chicago. On the 14th inst. prices closed 3 to 4c.
net lower.
This grain was relatively steady, though show¬
ing a heavy break in the early afternoon and closing only
slightly above the lows of the day. On the 15th inst. prices
closed 24c. off to 24c. up.
This market was relatively quiet
and firm, attention of the trade apparently being focused on
wheat and rye markets.
Helping to check the decline in oats
were the largest shipping sales in some time.
Dealers sold
with
heavy undertone.
a
to lc. net
lower.
85,000 bushels of oats.
On
16th
the
inst.
-
prices closed 1% to
234c. net higher.
showing pronounced strength, it
was only natural that
oats should soar to higher levels,
and close at the highs of the day.
Today prices closed %
to l%c. net lower.
This market was relatively quiet and
steady, attention seemingly focused on the other grains.
the other grains
With all
CLOSING
PRICES, OF OATS FUTURES IN
Sat.
May
—
July
Season's
382*
36
September
DAILY
372*
Apr.
Apr.
35M
Thurs.
362*
332*
312*
19, 19401 July
302*
19, 19401 September— 30
CLOSING PRICES OF
OATS FUTURES IN
Mon.
Sat.
May
402*
412*
372*
CHICAGO
Wed.
Fri.
382*
39
35
372* 332*
34
342* 312*
322* 312*
High and \ When Made
I
Season's Low and When Made
432*
Apr. 18, 19401 May
272* July 24,1939
September----————
May
July
Tues.
Mon.
*
H A 322*
Oi t312*
382*
—
372*
July
October
IL
352*
—
"""Rye—On the 11th inst. prices
The Government estimate
Tues.
Oct.
9,1939
May 15,1940
WINNIPEG
Wed.
312*
302s
30^_r292*_
Thurs.
342*
322*
312*
Fri.
322*
31
292*
closecf74 to 24°. net lower.
of 36,476,000 bushels rye
produc¬
4,000,000 to 6,000,000 above recent private fore¬
casts, and this had a bearish influence on values.
However,
there was no attempt to aggressively sell the market, as at¬
tention seems focused largely on the tremendous happenings
tion
was
in the
European war, and traders are inclined to be cautious
operations.
On the 13th inst. prices closed 334 to
in their
the period
compared with 53%
hemisphere
September
Fri.
632* 612*
682*
632* 61
692*
632* 602*
• I
Season's Low and When Made
612*
612*
622*
662*
672*
672*
69
-
DAILY
to say:
July-March, 1939-40, only 7%
went to the British isles, about 16% to the Netherlands, and
13% to
Belgium—a total of 36%, compared with more than 60% a year ago and
56% in 1937-38.
With all Europe accounting for only 51% of United
States exports so far this season, as compared with 70% in July-March
of a year ago, the percentage to Latin American countries and the Orient
increased considerably.
Shipments to these countries were mostly flour.
The prospect for a less than average wheat crop in the United States in
1940 has contributed to the reduction in United States wheat exports.
Indications are that
Canadian exports of wheat (and flour) for the
July-March just ended were about 140,000,000 bushels, as compared with
123,000,000 of a year ago.
Argentine exports—nearly 127,000,000 as com¬
pared with about 59,000,000 a year ago—show the greatest increase, about
116%.
These two countries thus accounted for more than half the wheat
exported in the nine months ending with March.
For this period the Danube basin shipped almpst 70,000,000 bushels
a3
compared with 60,000,000 a year ago, and the United States over
46,000,000 as compared with more than 85,000,000.
As far as can be
determined
from
incomplete trade returns, Australia has been able to
ship only about 50,000,000 bushels for the nine months, compared with
than
May
July
Thurs.
Wed.
Tues.
Mon.
68
by the United States in
Of wheat exported
North
-
High and
Fri.
832*
Fri.
FUTURES IN WINNIPEG
PRICES OF WHEAT
Sat.
May--.July
October——
CHICAGO
Thurs.
Season's
Thurs.
Wed.
Tues.
782* 752* 792* 782*
PRICES OF CORN FUTURES IN CHICAGO
Sat.
•
CORN IN NEW YORK
Mon.
852*
May
September
Fri.
slightly above the lows of
CLOSING PRICES OF
DAILY
1092* 1052*
Wed.
Season's High and When Made
May
July
Thurs.
Wed.
OF WHEAT FUTURES IN
PRICES
Sat.
May.—,-July
Mon.
1275* 1242* 1142* 105
—
CLOSING
DAILY
off.
wheat, and closed
the day.
WHEAT IN NEW YORK
Sat.
last
same
July-.
CLOSING PRICES OF
DAILY
was,
as
received, prices slumped
when the war news was
the
week.
year
the largest
were
corn
counted for much of
more
May 18, 1940
Financial Chronicle
The slump in the rye futures market was,
course,* influenced by the heavy break in wheat and de¬
pressing war news from abroad which latter seems to indicate
a
disruption of export business for an indefinite period.
There was no aggressive support outside of short covering,
and prices yielded rather easily and closed at about the lows
of the day.
On the 14th inst. prices closed at a maximum
net loss of 10c.
Liquidation orders met very little support.
Extremely pessimistic sentiment prevailed as a result of
latest war news, and unless there is some appreciable check
to the German drive into France, repercussions will be world
wide.
On the 15th inst. prices closed 8Y%to 9J4c. net lower.
All deliveries except May sold at new lows for the season.
May rye, closing at 46c., was the lowest since before the war
started last Sept. and was 32c. below the season's peak
established just after Christmas.
Heavy liquidation of
3%c. net .lower.
of
accounts
on
which margins had been
impaired by yesterday's
price break started the selling.
Brokers
selling orders "at market" scrambled to
with fists full of
execute these in¬
structions.
On the 16th inst.
the
bulge
these
there
offerings
stronger
prices closed
was
were
3% td 4c. net higher.
On
heavy profit-taking, but eventually
absorbed and the market became
in the later trading
and closed at about the top
The rye futures market responded fully
to the pronounced strength in wheat.
Today prices closed
2% to 3%c. net lower.
Liquidation was heavy, and there
levels of the day.
Volume
The Commercial & Financial Chronicle
ISO
little disposition
appeared
support the market.
With
declining and the news from abroad concerning
being of such a grave nature, it was only natural
that the rye futures market should be materially affected.
all markets
the Allies
DAILY CLOSING PRICES OP
RYE
Sat.
May
July.....
September.
i
FUTURES
Mon.
68#
70#
71#
__
65#
66#
68#
IN
Wed.
Tues.
55#
56#
58#
DAILY CLOSING PRICES OP
RYE
Sat.
71#
71#
October..
70#
OF
H
O
L
WINNIPEG
Thurs. Fri.
54#
56#
55
51#
55#
54#
50#
62#
61#
BARLEY FUTURES
Sat.
Mon.
WINNIPEG
Fri.
IN
Thurs.
Wed.
Tues.
.....
Orleans
Fort Worth
Wichita
Hutchinson
„
St. Joseph.
Kansas City
Omaha..
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
"
May
July
October
48#
48#
48#
.......
H
O
42#
41#
37#
42#
42#
L
38#
~
38#
38#
41#
38#
38#
41#
afloat.
follows:
were as
55;66O
...
5.80
Rye flour patents
4.50@4.70
Seminola, bbl., bulkbasis_5.90@
Oats good
2.95
5.65
5.15
Cornflour
2.20
Barley goods—
_
Prices Withdrawn
Coarse
Fancy pearl (new) Nos.
5.45 @6.75
1.2-0.3-0.2
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
Manitoba No. l.f.o.b. N. Y.
_
■
...
.Oats, New York" No. 2 white
105#
84#
....
Rye, United States,c.i.f._
Barley, New York—
40 lbs. feeding
Chicago, cast
I
,
Corn. New York—
No. 2 yellow, all rail
,
78#
—
51#
63#
....
...
afloat
On Canal
Total May 11,
Total May
Total May
1940..
vears:
Wheat
Flour
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
212,000
502,000
23:666
...
3,222,000
2,643,000
:
2,000
Minneapolis
Duluth
Milwaukee.
Toledo
Total May
156,000
327,000
447,000
42,000
25,000
959,000
256,000
152,000
58,000
113,000
36,000
562,000
66,000
352,000
2,000
46,000
29,000
Joseph-
Wichita
28,000
46,000
45",666
17~.666
423,000
394,000
368,000
Same wk '39
Same wk '38
30,000
1,000
1,000
741,000
1,230,000
349,000
4,248,000
6,302,000
9,129,000
1,992,000
2,766,000
908,000
1,453,000
1,672,000
1,303,000
293,000
265,000
1,662,000
1938
1937
15,680,000 256,446.000 262,799,000
96.227.000 24.332.000 87,765.000
receipts of flour and grain at the seaboard ports for
Saturday, May 11, 1940, follow:
the week ended
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
176,000
198,000
34",666
447,000
104,000
New
Baltimore..
12,000
19,000
32,000
30,000
Galveston..
Montreal
__
Barley
s.ooo
6:606
8,000
1,000
11,000
244,000
"
719,000
4:6O6
258,000
4,007,000
158,000
51,000
6,000
1,000
4,655,000
43,175,000
13,079,000
2,068,000
1,461,000
1,124,000
......
Tot. wk. '40
Week 1939.
368,000
2,648,000
704,000
67,000
19,000
5,640,000
23,413,000
9,361,000
1,249,000
372,000
50,000
Since Jan. 1
1939
*
on
665,000
.
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
from the several seaboard ports for the week
Saturday, May 11 and since July 1, are shown in the
ended
annexed statement:
Wheat,
Exports from—
Corn,
Flour,
Oats,
Rye,
Barley,
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York
121,000
Portland, Me
Philadelphia
Baltimore
Houston
.L.__
New Orleans
Galveston
Montreal..
St. John, West..
Quebec
Fallfa*
44,775
•
t
1
I
I
I
t
»
"7:666
I
I
70,000
628,000
I
1
I
I
I
t
"3:660
I
1
"2:666
1,000
I
t
«
1
I I lit
t
a
i-
'
— —
1
1
1
I
1
1
I
1
1
II II
1
I
I
I
—
...
"4:660
4,594,000
11,000
a46,775
3,000
1 1939 127,019,000 26,018,000 3,680,971 4,195,000
3,554,666 10,284,666
Total week 1939.
Since
616,000
174,430
3,202,000
9,000
July 1 1938 116,414,000 68,209,000 4,927,575 3,521,000
50,000
1,838:666
Complete flour export data not available from Canadian ports.
Rye
Barley
Bushels
Bushels
307,000
1,133,000
1,653,000
722,000
2,171,000
5,036,000
9,208,000
9,986,000
7,989,000
3,093,000
3,336,000
2,191,000
7,929,000
7,942,000
6,430,000
5,998,000
9,208,000
9,722,000
3,093,000
8,789,000
7,929,000
shipments of wheat and corn, as furnished by
Exchange for the week
May 10 and since July 1, 1939, and July, 1938, are
shown in the following:
Corn
Week
Argentina.
.
India
Week
Since
Since
July 1,
July 1,
May 10,
July 1,
July 1,
1939
1938
1940
1939
1938
Bushels
No. Amer.
Since
1940
Black Sea-
Since
May 10,
Bushels
Bushels
Bushels
Bushels
Bushels
3,548,000 179,162,000 208,046,000
992,000 37,372,000 83,383,000
2,744,000 145,361,000 81,711,000
11,293,000 88,420,000
7,344,000
7,000 26,113,000 70,678,000
4,313,000 16.508,000
129,000
3,902,000 101,709,000 119,071,000
Other
countries
.
312,000
21,048,000
30,976,000
7,596,000 394,236,000 499,880,000
925,000
41,785,000
39,509,000
4,963,000 173,920,000 245,766,000
Agricultural Department Report on Winter Wheat,
Rye, &c.—The Department of Agriculture at Washington
May 10 issued its
on
crop
report as of May 1, 1940.
This
report shows the abandonment of winter wheat at 24.3%,
of winter wheat acreage was 15.7%.
year's production of winter wheat is now estimated at
459,691,000 bushels, which compares with a harvest of
563,431,000 bushels last year and an average 10-year
(1929-38) production of 571,067,000 bushels. Below is the
the
abandonment
markedly during April and early May as a
where badly needed.
Prospects for crops,
up to average for this season of the
year.
The shortage of subsoil moisture in the southern portion of the
Great Plains area means increased dependence on summer rains, and the
light snow pack in western mountains tends to limit the supply of water
for some irrigated areas, but the moisture situation in the country as a
whole appears much better
than at this season in most recent years.
Conditions appear particularly favorable from eastern Montana and central
Colorado westward.
Crop prospects appear poorest in the southwestern
winter wheat area where the drought last fall caused heavy losses.
Present
indications are that nearly 11,000,000 of the 45,000,000 acres seeded to
winter wheat last fall will be abandoned and winter wheat production is
expected to be about 460,000,000 bushels compared with last year's nearaverage
crop of
563,000,000.
Of the 11,000,000 acres expected to be
abandoned, about 10,000,000 acres are in six States, Nebraska, Kansas,
Oklahoma, Texas, New Mexico and Colorado.
Production in these States
is expected to be about 153,000,000 bushels, or nearly 100,000,000 bushels
Crop
16,578,000
prospects
improved
result of good rains in some areas
pastures and ranges now appear well
their
production
last
year.
.
The rye crop and the production of winter oats in the South are
be about average.
While cool weather has delayed the growth
expected
of grass,
widespread rains of April have materially improved prospects for hay
and forage crops.
Hay production seems likely to be about as large as in
the most favorable seasons of the last dozen years.
The stocks of hay on
farms on May 1 were a little under 11.000,000 tons, slightly more than the
average of
May holdings during the last 20 years.
In comparison with
the record holdings of a year ago, they show a reduction of about onethird.
Even though a rather good crop of hay is secured, the total of
production and carryover may not be materially larger than it was last
year.
It is too early in the season for definite figures, but, allowing for
some
further increase in the number of cattle, for some increase in the
acreage of wild hay that can be cut, and for the planting of an unusually
large acreage of sorghum for forage, the national supply of hay and rough¬
age per unit of livestock on hand next fall seems likely to be fully ample
and probably about as large as it was last year.
May 1 reports from growers on fruit prospects indicate that the 1940
crops of apples,
pears, grapes, cherries, and plums and prunes are not
to
1,228,000
355,000
719,000
.
Total week 1940.
Since July
296,000
27,000
Oats
Bushels
ended
below
447,000
601,000
101,000
Albany
8,789,000
9,346,000
5,306,000
report:
Since Jan. 1
1940
9,722,000
9,689,000
6,878,000
5,898,000
5,635,000
8,172,000
This
4,000
355,000
Quebec....
Halifax....
815,000
280,000
877,000
'
628,000
1,228,000
17,666
.
650,000
leaving the acreage remaining for harvest at 34,076,000 as
compared with 37,802,000 acres harvested in 1939. Last year
20,000
3,000
St. John W.
Boston.
Rye
bush 56 lbs bush 48 lbs
~
19,000
21,000
82,000
51,000
New Orl'ns*
1,838,000
4,329,000
The world's
Total..
Portl'd, Me
Philadelphia
924:666
2,755,000
3,416,000
1,000
Broomhall to the New York Produce
Australia
82,669,000 24,957,000 99,579,000
89,883,000 22,391,000 85,628,000
Receipts at—
38:666
462,000
15,106,000 12,815,000 16,718,000
367,076,000 33,119,000 15,621,000 13,025,000 17,288,000
183,983,000 34,228,000 16,161,000
9,069,000 11,736,000
4, 1940
13, 1939
66,000
12,503,000
9,967,000
4,740,000
17,675,000 315,512,000 192,319,000
18,391,000 283,179,000 222,073,000
Total
9,000
Total May 11, 1940.-364,428,000 31,309,000
Total May
Total May
10,000
Since Aug. 1
1939
17:660
86,000
687"666
4,000
857,000
Wheat
4,006,000
Tot. wk. '40
10,000
172,000
1,246,000
1,052,000
98,773,000 31,309,000
265,655,000
Exports
52,000
Buffalo
17,000
474,000
197,000
34,000
3,000
208,000
34,000
76,000
240,000
Sioux City.
100,000
Summary—
16,000
18,000
2,000
Omaha
St.
48,000
4,000
110,000
31,000
City
13,000
1,621,000
1,739,000
5,848,000
1940.-265,655,000
4, 1940....267,869,000
13, 1939
121,833,000
274,000
6,000
232,000
178,000
5,000
4,000
116,000
225,000
385,000
132:666
Louis..
9,000
291,000
246,000
147,000
137,000
1,000
1,108,000
Bushels
Total May 11,
Total May
Barley
Rye
bush 56 lbs bush 48 lbs
286,000
47,000
283,000
Peoria
Kansas
1,221,000
252,000
365,000
117,000
Indianapolis
St.
116,000
Corn
Bushels
Canadian—
Lake, bay, river & seab'd 43,878,000
Ft. W.lllam & Pt. Arthur 70,930,000
Other Can. & other elev. 150,847,000
American
bbls 196 lbs
98,773,000 31,309,000
99,207,000 33,119,000
62,150,000 34,228,000
4, 1940
13, 1939
Canadian.
Chicago
4,000
3,000
330,000
-
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Receipts at—
8,000
13,000
2,000
16,000
Vote—Bonded grain not Included above:
Oats—Buffalo, 225,000 bushels; Buffalo
afloat, 436,000; total, 661,000 bushels, against 717,000 bushels In 1939.
Barley—
New York, 217,000 bushels; Buffalo, 849,000; Baltimore, 156,000; total, 1,222,000
bushels, against 849,000 bushels in 1939.
Wheat—New York, 554,000 bushels;
Boston, 661,000; Philadelphia, 1,681,000; Baltimore, 1,228,000; Portland, 3,000;
Buffalo, 5,450,000; Buffalo afloat, 223,000; Duluth, 2,732,000; Erie, 2,054,000;
Albany, 4,297,000; on Canal, 50,000; In transit, rail (U. S.), 2,795,000; total,
21,728,000 bushels, against 7,289,000 bushels In 1939.
!
' !
60#
.53-64N
All the statements below
of the last three
23,000
...
5.65
5.65
5.80
Nominal
Hard winter patents
Hard winter clears
16,833,000
25,235,000
120,000
2,996,000
738,000
_
Detroit
Spring pat. high protein..5.65
Spring patents
5.45
Clears, first spring
4.95
Hard winter straights
5.45
378,000
449,000
3,954,000
3,624,000
2,000
1,542,000
485,000
65,000
159,000
Buffalo
"
Barley
Bushels
129,000
4,000
199,000
Milwaukee
Duluth
FLOUR
Rye
Bushels
18,000
_
On Lakes
Minneapolis.
Closing quotations
Oats
Bushels
99,000
184,000
92,000
199,000
224,000
137,000
350,000
730,000
1,762,000
107,000
5,664,000
2,074,000
5,084,000
1,691,000
519,000
22,260,000
1,293,000
5,480,000
2,207,000
863,000
449,000
2,418,000
1,277,000
417,000
557,000
417,000
260,000
3,899.000 12,734,000
Philadelphia........
New
Corn
Bushels
Bushels
Galveston..
Wed.
Tues.
comprising the stocks in
and
STOCKS
GRAIN
Wheat
United States—
Baltimore
Aug. 12. 1939
May 15, 1940
May 15,1940
of grain,
supply
at principal points of accumulation at lake
seaboard ports Saturday, May 11, were as follows:
50#
51#
53#
3235
granary
New York
IN
FUTURES
Mon.
visible
46#
48#
50
When Made
...
May
July
CHICAGO
Thurs.
Fri.
46
47#
49#
Season's High and When Made
I
Season's Low and
May
77#
Dec. 26. 1939(May
43#
July
76
Dec.
18, 19391 July
47#
September... 76#
Apr. 22,1940)September
49#
DAILY CLOSING PRICES
The
to
the
The Commercial &
3236
expected to be materially different from average, although with the
in bloom in many States it is too early for definite figures.
pects for peaches and California apricots appear to be definitely
not yet
'
average.
WINTER WHEAT
trees
Pros¬
below
Freezing temperatures during the winter and early spring months caused
widespread damage to peaches in some of the Central States, notably Ohio.
Missouri and Tennessee, and in most of the early Southern
peach States.
The peach crop is expected be a near failure in many parts
of the Central States, where damage was most severe, and production in the
South is expected to be about a fourth below average.
Supplies of oranges
and grapefruit available for marketing during the late spring and early
summer months will be considerably smaller than last year,
due to exten¬
sive freeze damage to these crops in Florida.
Prospects for these fruits
during the
1940-41 season ; are relatively favorable in California and
Florida, but less favorable in Texas, where the condition of groves is
considerably below average due to unseasonably cool spring weather and
lack of sufficient rainfall, and in Alabama
and Mississippi, where the
West
trees were severely damaged by freezes.
the Rockies the mild winter has been followed
orange
of
by
an
early
spring, but in practically the whole area east of the Plains the spring has
been late.
As yet the lateness does not appear serious, although in some
sections farmers are so far behind with spring work that further delays
from wet weather may cause local reductions in the acreage planted.
The
cold weather and the late start of grass have lengthened the feeding period,
and in some areas where roughage supplies were short, farmers have had
piece
to
shipped-in supplies.
with
out
Because of
the late season the
farm pastures on May 1 was reported only about average, but
with moisture conditions generally favorable the prospect is for better than
condition of
early June.
very good in most States west of the Rockies and
in Montana, but only fair to good farther east, with western Nebraska,
western Kansas and Colorado reporting conditions below average.
The late
spring also delayed the seasonal upswing in milk and egg production.
Milk
production increased less than usual during April, and May 1 production
per cow was reported about 1% lower than on that date last year.
Egg
production per 100 hens was about 5% below last year on April 1, but by
May 1 it was close to the seasonal peak, and only about 1% lower than on
pastures
average
Western
ranges
bv
are
date last year.
that
1 at 459,691,000 bushels.
This production is 8% higher than the
April 1 forecast of 426,215,000 bushels, but it is substantially lower than
the 1939 crops of 563,431,000 bushels and the 10-year (1929-38) average
May
571,067,000 bushels.
of
estimate of acreage
The
remaining for harvest is 34,076,000 acres, com¬
pared with 37,802,000 acres harvested last year, and the average of
39,453,000 harvested acres.
The May 1 reports from crop correspondents
indicate that 24.3% of the acreage seeded last fall will not be harvested.
This is an improvement since April 1, when 29% abandonment was indi¬
cated.
Reports from the southern Great Plains area, where it was ex¬
tremely dry at seeding time, were considerably more optimistic on May 1
than a month earlier as to how much of last fall's seeded acreage would
come through to harvest.
But on a large acreage in this section the winter
and spring emerged plants are in a weakened and delayed stage of develop¬
ment, and doubt still exists concerning their capacity to produce grain
and to overcome the competition with weeds and other hazards.
The indicated yield per harvested acre is 13.5 bushels, compared with
14.9 bushels last year and the average of 14.3 bushels per acre.
Improve¬
ment in yield prospects during April occurred in all but a few States.
Good
rains fell during April over much of the winter area east of the Rockies
and were of material benefit, while a marked improvement resulted, sub¬
soil moisture shortages still existed in the Great Plains area.
Prospective
yields in this area are materially below average.
Considerably above aver¬
age yields are in prospect
for Montana and the West Coast States.
In
the soft winter wheat States east of the Mississippi River May 1 indicated
yields are lower than last year by 0.5 to 3.5 bushels per acre, but are
expected to be nearly equal to or slightly above average.
Because of the greatest loss of acreage and the low indicated yield in
the southern Great Plains area, the greater part of the decline in pro¬
duction this year will be in hard red winter wheat.
The indicated pro¬
duction of that class is 28% lower than last year and 31% below average.
Spring wheat seedings have been delayed somewhat in Idaho, Montana,
North Dakota and northern Minnesota.
In other important spring wheat
areas
seedings are about completed except in the higher elevations.
Pre¬
cipitation for March and April was well above normal in much of the
spring wheat area, and surface moisture conditions are generally very
favorable.
In parts of the northern plains area there is still a deficiency
of subsoil moisture, but at present it appears that the crop is starting
under conditions which, in many areas, are regarded as the most favorable
in any recent year.
Temperatures during early May have averaged slightly
above normal.
It is expected that farmers will be able to carry out
their seeding intentions as expressed in March, when a seeded acreage of
19,425,000 acres was indicated.
Rye—The 1940 production of rye is indicated as of May 1 at 36,476,000
bushels, compared with 39,249,000 bushels produced in 1939, and the
10-year (1929-38) average of 38,095,000 bushels.
The acreage of rye remaining for
harvest as grain is estimated at
3,214,000 acres, or about 1% less than the 10-year average of 3,250,000
acres.
In 1939 the harvested acreage was 3,811,000.
The 16% decrease
in the acreage for harvest in 1940 compared with
1939 resulted from a
21.5% reduction in rye seedings.
The acreage seeded for all purposes this
season is estimated to have been 5,640,000 acres.
About 57% of the sown
acreage will be harvested for grain, the remainder being pastured, turned
under, used for other purposes, or abandoned.
The 11.3 bushel yield per acre indicated on May 1 is 1.0 bushel above
the yield obtained in 1939, but slightly below the 10-year average of 11.4
bushels.
States in which prospective yields are above both those obtained
in 1939 and average are North Dakota, South Dakota, Wisconsin, Michigan,
Montana, Idaho, Washington, Oregon, California, Utah and Kentucky.
Left
for
Aver.
Aver.
Har¬
1929-
1929-
vest
Abandoned
State
1939
1940
Per
Per
Cent
Cent
Cent
Indi¬
Indi.
Aver.
cated
1929-
1940
1939
1938
Per
1938
1940
Tlx ous'd Thous'd Thous'd Thous'd
Bush. Bush. Bush.
Acres
285
21.0
23.5
56
22.0
Bush.
Bush.
6,274
5,985
1,170
19,236
37,070
1,232
17,556
36,537
3.7
1.8
3.0
5.6
25.7
22.0
22.0
22.5
Pennsylvania-
2.4
3.0
3.0
924
19.4
21 0
19.0
1,226
19,033
Ohio
3.8
6.5
2.5
1,923
20.1
19.5
19.0
40,042
Illinois.
5.7
3.0
1,506
17.4
18.0
17.5
30,138
27,450
26,355
5.1
4.5
3.5
1,755
17.4
21.0
17.5
30,712
3.5
1.5
764
20.4
21.0
20.5
35,180
16,460
38,409
2.3
15,120
15,662
4.2
Indiana.
....
Michigan....
...
Minnesota..
-
Iowa
9.1
7.0
4.0
43
17.7
15.0
18.0
633
600
774
12.5
8.3
7.0
149
18.4
17.5
19.0
3,247
14.0
6.0
325
18.0
17.0
17.5
7,009
2,520
5,950
2,831
7.8
Wisconsin
*
Bush.
6,317
21.0
New Jersey..
New York..
cated
1939
1940
1938
16.5
14.0
25,'57
9,205
23,044
5,688
5.5
6.0
1,646
13.7
39.3
54.7
15.0
153
11.4
9.5
13.5
1,381
912
Nebraska
18.0
19.4
30.0
2,222
14.0
11.5
10.0
42,867
35,432
22,220
Kansas
22.0
30.1
44.0
7,231
11.9
11.5
9.0 135,801 111,619
65,079
2.9
4.0
3.0
74
17.6
18.0
1,568
1,296
2.6
4.8
3.0
392
19.1
19.5
19.0
8,518
7,352
2.2
4.4
4.0
531
14.2
14.5
14.0
3.0
7,511
2,102
5,100
Missouri
South Dakota
Delaware
Maryland
...
So.
6.0
18.0
2,066
1,332 1
7,448
7,434
1,918
Carolina.
Georgia
Kentucky
...
Tennessee
..
7.6
10.0
137
14.9
14.5
14.0
8,735
2,080
2.9
4.1
5.0
421
10.7
12.0
11.0
4,661
4.7
2.8
4.0
216
9.8
11.5
9.5
9.7
12.0
190
9.0
10.0
9.0
1,175
1,134
2,415
6.2
Virginia
West Virginia
No. Carolina
7.1
23.7
15.0
375
14.1
11.5
13.0
5,366
4,071
2,052
1,710
4,875
4,241
4,117
3,652
4 631
1,770
3.8
7.7
7.0
332
11.0
11.5
11.0
5.4
14.3
15.0
6
10.2
12.0
10.5
54
72
Arkansas
13.7
16.3
19.0
34
9.1
9.5
9.0
534
390
306
Oklahoma..
17.0
11.0
28.0
3,668
11.4
14.0
8.5
46,763
60,438
9.0
27,650
31,178
26,172
21,474
16,425
1,628
5,984
2,480
Alabama
...
30.9
29.4
30.0
2,908
10.0
10.0
26.7
9.2
12.0
1,193
13.6
20.0
18.0
9.6
9.0
7.0
657
20.4
24.0
25.0
Wyoming
39.0
24.9
35.0
155
10.6
9.5
10.5
32,958
9,669
13,166
1,313
Colorado
46.4
34.9
40.0
748
11.6
11.0
8.0
9,003
New Mexico.
42.0
2,565
63
21,980
14,280
1,720
9,922
2,740
Texas
....
Montana
Wheat—The production of winter wheat in 1940 is indicated on
Winter
Production
Yield per Acre
Acreage
•
Indiana, Illinois,
satsuma
18, 1940
May
Financial Chronicle
Idaho
.....
Utah
19.9
34.0
248
9.4
10.0
10.0
1.0
0.0
3.0
37
22.4
23.0
22.0
841
805
814
6.6
Arizona
17.9
1.5
221
16.4
14.0
20.0
3,059
2,240
4,420
0.0
5
25.6
29.0
26.0
70
87
130
30,218
13,640
10,548
•"*
29,406
Nevada.....
0.0
0.0
Washington..
19.2
3.4
3.0
1,131
23.8
25.5
26.0
24,342
Oregon
16.8
5.1
2.0
640
19.4
22.0
22.0
12,974
775
18.1
18.0
18.5
12,489
S co
14.3
14.9
13.5 571,067 563,431 459,691
California
...
States
United
13.7
17.0
7.0
17.5
18.5
24.3
.
eo
14,080
14,338
RYE
Production—Bushels
Yield per Acre—Bushels
Acreage
Left for
Indi¬
Harvest
Average
for Grain, 1929-38
State
1939
Indicated
Average
cated
1929-38
1940
1939
1940
1940
New York
20,000
15.7
15.5
15.5
341,000
310,000
New Jersey..
23,000
17.3
17.0
17.0
416,000
391,000
Pennsylvania.
74,000
13.9
14.5
14.0
1,504,000
1,058,000
391,000
1,036,000
1,232,000
1,608,000
1,100,000
1,512,000
2,380,000
7,350,000
348,000
82,000
Michigan
14.5
14.0
903,000
12.0
12.0
12.0
12.5
12.0
88,000
Illinois
11.7
53,000
Indiana
13.8
134,000
Ohio
11.9
12.5
13.0
1,424,000
1,048,000
1,850,000
2,768,000
6,533,000
1,234,000
Wisconsin
268,000
11.1 ~
10.0
11.5
Minnesota
389,000
15.2
14.0
14.0
Iowa
14.6
14.5
9.1
10.0
9.0
281,000
420,000
North Dakota
42,000
33,000
650,000
9.3
8.5
10.5
7,865,000
South
Dakota
478,000
10.8
9.0
13.0
Nebraska....
326,000
54.000
9.3
8.0
10.6
10.0
9.0
4,555,000
3,008,000
407,000
7,106,000
4,752,000
3,668,000
10,000
12.6
13.0
12.5
83.000
Maryland
19,000
13.0
12.5
12.5
248,000
Virginia
52,000
11.4
12.0
11.0
601,000
1,608,000
636,000
1,144,000
3,082,000
250,000
576.000
11.0
1,148,000
458,000
Missouri
Kansas
Delaware
14.0
7.5
1,044,000
5,446,000
588,000
297,000
6,825,000
6,214,000
2,445,000
650,000
117,000
74,000
Virginia
8,000
11.6
10.5
No. Carolina.
62,000
7.6
7.5
7.0
133,000
486,000
So. Carolina..
12,000
21,000
19,000
38,000
39,000
7,000
31,000
8.4
9.5
9.0
76,000
95,000
West
Georgia
Kentucky
Tennessee
Oklahoma
...
Texas
Montana
Idaho
8,000
6.0
6.5
6.0
104,000
136,000
10.9
9.0
11.5
216,000
126,000
294,000
6.9
7.0
7.0
199,000
8.0
8.5
6.5
168,000
8.5
10.0
30,000
60,000
70,000
9.0
12.0
13.5
353,000
420,000
10.7
11.0
12.0
60,000
55,000
418,000
96,000
189,000
385,000
34,000
231,000
870,000
98,000
6.6
8.0
7.0
168,000
200,000
7.3
6.5
7.0
322,000
429,000
4,000
7.6
8.0
8.5
20,000
32,000
21,000
60,000
8.0
10.0
11.0
156,000
260,000
12.6
12.5
14.5
431,000
7,000
12.6
11.0
14.0
562,000
66,000
States 3,214,000
11.4
10.3
11.3
"
Washington..
Oregon
California
United
527,000
55,000
...
Colorado
125,000
238,000
572,000
88,000
434,000
108,000
126,000
218,000
266,000
254,000
10.5
27,000
Wyoming.
Utah
486,000
97,000
38,095,000 39,249,000 36,476,000
-
(Southern States)—Prospects for oats in the Southern States are
The May 1 condition of 69% is the same as the 10-year
(1929-38) average, but 2 points above the May 1, 1939, condition.
The
May 1, 1940, condition in Texas, Arkansas, Alabama and
Georgia is
slightly below the 10-year average, but equal to or better than average
in the other Southern States.
In Texas and Oklahoma early growth was
Oats
about
Bene¬
weeks
April resulted in improved prospects.
The acreage in Texas and Okla¬
homa combined comprises nearly two-thirds of the total acreage in the
of
Southern
States.
in the Southern States indicate that this year's oats acreage
52% fall or winter sown oats and 48% spring sown.
The
proportion of winter sown oats is about the same as reported for 1939, but
materially more than the 10-year average.
Reporters
be about
Early Potatoes—Condition of the early potato crop in the 10 Southern
and California averaged 75% on May 1.
This condition is two
States
points lower than on the same date a year ago, and one point below the
10-year ((1929-38) average of 76%.
In
North
Carolina
early potatoes have excellent prospects, but are
somewhat later than normal.
In South Carolina the commercial crop, in
of the State, is in good to excellent condition, but the
been retarded by unseasonably cool weather.
Potatoes in
were set back by the cold of mid-April, but in central
Florida are in excellent condition, with good yields and high quality in
prospect.
The Mississippi potato ctod is later than usual because of low
temperatures in mid-April which froze the plants back.
Shipments are not
expected before the first week in June.
The Louisianna crop was damaged
by cold weather and excessive moisture, but growing conditions are now
relatively favorable.
In Texas, harvest is well advanced in the Lower Valley.
In areas out¬
side the Valley the season is later than usual.
Moisture supplies are
ample, however, and the crop is expected to develop rapidly during May.
In north Texas the crop is recovering from the mid-April cold wave.
The May 1 condition of early potatoes in California is well above
average.
Rail shipments are increasing rapidly from Kern County, where
harvest has been in progress for several weeks.
the
southern
farm
Weather Report for
crop
northwest
part
has
Florida
the Week Ended May 16—-The
^
average.
retarded by lack of moisture, low temperatures and freezes in April.
ficial rains and more favorable growing conditions the last three
will
;
general summary of the weather bulletin issued by
Department of Agriculture, indicating the influence of
weather for the week ended May 15, follows:
the
the
General
The weather of the week was
Summary
•
characterized by a rapid succession
of high
with a consequent rapid fluctuation in tempera¬
showery weather.
Precipitation was largely of the shower type
and the amounts were mostly moderate, with very few reports of excessive
cjctily falls
The table on page 3 shows that the week was quite warmer than normal
west of the Mississippi River, except in the west Gulf area, with the de¬
partures ranging from 6 degrees to as many as 10 degrees from the centralnorthern Great Plain westward.
Cool weather for the season prevailed
in the interior of the Northeast and the eastern Lake region, as well as on
the south Atlantic and Gulf coasts; the departures ranged from 6 degrees
and low-pressure areas,
tures and
to 8 degrees below normal in northern New York and New England.
Minima
for the week were mostly below 50 degrees from the central Gulf States
northward, but sub-freezing weather was confined to portions of the North¬
east and more elevated regions elsewhere.
The lowest temperature for the
week reported by a first-order station was 24 degrees at Greenville, Me.,
on
the 11.
Early in the week maximum temperatures were above 90
degrees in the Southeast, while toward the close they were also In excess
of 90 degrees in the Missouri Valley.
Chart I shows that the weekly rainfall was light to moderate in much of
the Great Plains and adjacent areas, with only limited regions reporting
weekly totals of over 1 inch.
The week was quite dry in the east-central
Gulf States and many sections of the Ohio Valley, the Northeast, and rather
generally from the Rocky Mountains westward.
Warmth
Needed
in
East
Throughout most of the country from the Great Plains eastward warmer
generally, with many reports that the spring grow¬
ing season is still unfavorably late.
Some areas also need rain to condition
the topsoil, principally in the eastern Ohio Valley and the Southeast, but
in general, the moisture situation is fairly satisfactory and warm, sunny
weather is now pressing need throughout this area.
In part of the central
Great Plains moisture Is beginning to be needed as strong winds seriously
depleted the topsoil moisture.
Beneficial showers occurred in numerous
sections, principally in southern Kansas, most of Oklahoma, and in large
areas of Texas.
However, the subsoil continues dry in many localities,
with continued soaking rains needed for replenishment.
weather is needed quite
/
/•
Volume
The Commercial & Financial Chronicle
ISO
Outdoor work advanced rapidly during the week, with seasonal seeding ol
staple crops advancing in practically all parts of the country.
Gardens
are now
being planted northward to the Canadian border, although in
portions of the Northeast this work only made only slow progress, due to
the
cool weather.
Weather conditions were quite favorable west of the
Great Plains, with spring crops making good advance in most sections.
Precipitation would be helpful in portions of the Great Basin and some
Rocky Mountain
areas,
especially to refill stock reservois.
Small Grains—Winter wheat is making good progress in eastern por¬
tions of the belt and poor to good advance in western areas.
In the Ohio
Valley winter wheat is making good progress quite generally and is showing
decided improvement in most areas.
Condition ranges from fair to fairly
good, with the crop ranging from 2 to 18 inches in height in the western
part.
Progress and condition varied from fair to good in Missouri, while
rapid growth was noted in Arkansas.
The crop was generally jointing and in fairly good condition in Texas,
except in scattered dry areas, while fair to good advance was made in
Oklahoma; in the latter State some died or is suffering due to a poor root
structure and condition varies from poor to only fairly good.
Wheat made fair to good progress in Kansas w th much in boot n the
southeast, while in the western half it was quite weedy.
In the north¬
western portion of the belt the crop was still showing the effects of the serious
fall drought, buthe surviving wheat is making good advance.
In Montana
and the Pacific Northwest good to excellent growth was made with only
minor reports of poor condition.
Early sown spring wheat is up to good stands in much of the Dakotas,
with planting being rushed in more northern portions.
Good progress in
seeding was made in Montana and is nearing completion generally, except
in local areas where previously delayed by cold, wet weather; even germina¬
tion
noted.
was
Oats
doing well northward to Missouri, and they are in fair to good
condition in the Ohio Valley, except in Kentucky where the crop is poor
and backward.
Oats are in fair condition in Texas and Oklahoma, although
some
are
are
heading short in the former State.
in Arkansas and excellent advance
was
Rice planting is progressing
made in Louisiana and Texas.
Corn—Corn planting advanced favorably in most portions during the
week under generally satisfactory weather conditions.
In the Ohio Valley
corn planting is generally under way, with the weather conditions during
the week quite favorable for this work.
In Illinois corn is about 20%
planted, with the ground in good condition for this operation. Good progress
was made in Missouri, with some of the earliest up, while in Kansas planting
is nearing completion in the eastern half where it is coming up to good
stands.
'
In Oklahoma
made
good progress, with cultivation started and the
General improvement is noted in Texas, with
rapid growth in most portions and the condition fairly good.
Fair progress
was made plating corn in Nebraska, while
plowing is well under way in more
northern portions and planting has begun in all sections from Wisconsin
corn
condtion is generally good.
westward to Montana.
In Iowa the heavy rains at the close of last week delayed corn planting
in
localities,
some
with
the
only 32% complete, which is 7%
In the drier portions of the State this work
average
below normal and 2 days late.
is three-fourths
done, particularly in the north-central and northeastern
counties, but little or none has been planted in the wetter south-central
localites.
The earliest is germinating and up and some is tall enough to
cultivate in Fremont County.
Cotton—Except locally in the central portion of the belt, conditions
favored cotton planting quite generally and this work made good progress.
In Texas planting cotton is well under way in the southern portion of the
Panhandle and is making rapid advance in other sections*"where* early
planted is up to fair to good stands.
In the dry southern portion of this
State plants are rather stunted, but elsewhere chopping made good advance
and is commencing in north-central and extreme western localities.
In
Oklahoma cotton planting made good progress and has begun to[the north¬
ern limits of the area, with the early up to good stands.
In Louisiana and Arkansas planting made very! good progressTgenerally,
with much up to good stands and local choppingfin the former'State.
In
Mississippi and Alabama progress and conditionfwere poor, with replant¬
ing continuing in the former State.
Good to rapid advance'was made in
planting in Georgia, with this work nearing completion*to the central
part, and good stands in many southern localities.
Nightsjwere too cold
for best germination and growth in South Carolina, but planting was
fairly active in North Carolina.
Chopping madejfair advance in Georgia
and South Caolina.
The weather bulletin furnished the following resume of
conditions in different States:
Virginia—Richmond: Near normal warmth; moderate rains.
Warm,
dry weather needed.
Pastures rapid advance.
Corn mostly planted;
little up.
Cotton planting well along in southeast.
Some potatoes up to
good stands.
Other early truck fair to good progress.
Some peanuts
planted.
Plowing and preparing for late planting general.
Tobacco fair
to good.
North
Carolina—Raleigh; I/ett.uco
southeast.
and strawberry harvest favored in
to
good progress.
Slight blue mold damage
Germination and growth of most crops in central
Pastures
to tobacco.
fair
Cloudy.
and east hindered to cold
Rain ample for most crops.
Soil
moisture generally ample, except drying too rapidly for truck and gardens.
Progress and condition of winter wheat fairly good.
Cotton planting fairly
active.
on
•
■
-
Carolina—Columbia,:
South
10 12th.
Favorable
warmth
first
half, but nights
too cold last half, especially for cotton; germination, growth, and stands
irregular in places; chopping fair advance in south.
Rains helpful, but
more needed.
Corn, tobacco, truck, gardens, and pastures fairly good
progress; much improvement.
Harvesting oats in south.
Sweet potato
transplanting general.
Georgia—Atlanta; Mostly favorable warmth, especially for corn, winter
wheat, oats, potatoes, pastures, and tobacco, although some cold nights.
Cotton planting good to rapid progress generally; about done in middle
and south; good stands up in many places, but soil too dry for germination
in parts of noth; fair advance in south.
Lack of rain felt by corn, winter
wheat, potatoes, truck, and hilltop pastures.
Florida—Jacksonville: Nights too cold; little tain; soil drying rapidlv.
Progress and condition of cotton rather poor and of corn fair.
Potatoes
good; being dug.
Setting out sweet potatoes.
Truck season about over.
Citrus groves dry; some young fruit dropping.
Alabama—Montgomery: Too
cold, but dryness was favorable.
Prog
of cotton,
but planting made good advance; about
Oats, vetch, and clover fair to good, except poor in north.
Planting peanuts, sweet potatoes, and cane.
Potatoes good; other vegetable
fair to good.
Pastures poor in north and cattle fair, but elsewhere fair to
good and cattle mostly good.
Corn mostly poor.
*
ress
and
condition
done to middle.
Misspssippi—Vicksburg: Nights mostly too cold; warmth urgentlv
dry.
Warm rains needed for germination and to help plants
break through soil packed by heavy rains of previous weeks.
Progress of
needed;
germination, growth, and stands of cotton mostly rather poor; replant
ing continues.
Progress of germination and growth, and color of corn
mostly poor.
Gardens and truck poor to fair progress.
Pastures fair to
good.
Louisiana—New Orleans: Began favorably warm; latter half cool. Cotton
planting mostly done; stands generally good; chopping slow advance.
Progress of corn good; condition fair to good; cultivating.
Excellent
progress planting rice; condition of early planted good.
Truck, gardens,
and potatoes doing well; digging potatoes.
Transplanting sweet potatoes.
Harvesting oats locally.
Cane improving; condition poor to fairly good.
Texas—Houston:
Nights too cold for best plant growth; mostlv good
lack felt locally in south central, north, and west.
Winter
jointing generally; condition fairly good, except in scattered dry
sections where poor to rather poor.
Oats fair condition, but some head
ing short in central.
Oat harvest under way in south central.
Corn
improved; growing rapidly most sections; condition fairly good.
Cotton
planting well under way in south Panhandle: rapid advance elsewhere,
with early planted stands fair to good, except in dry south areas where
plants rather stunted; chopping good advance in east and begun in north
central and extreme west.
Truck favorable progress: condition fair to
rains,
but
wheat
good.
Rain improved
extreme south
ranges;
condition fair to good, except dry areas in
where poor.
Livestock improved; con¬
and extreme west
dition fair to good.
rather
spotted;
flooding
Fruit trees fair to good, except in north-central where
condition very poor to good.
Rice good progress, but some
necessary
for proper germination.
Oklahoma—Oklahoma
City: Favorable warmth: rain mostly ample for
present needs, but subsoil still dry, except in southeast and south-central.
Oats
of
3237
fair progress:
corn
condition very spotted: heading generally.
Progress
good; cultivation begun; condition generally good.
Cotton planting
good progress; started to northern limits; early up to good stands.
Progress
of winter wheat fair to
good, except some has died or suffering due to
poor root structure; condition still poor to only fairly good.
First alfalfa
cutting about done.
Livestock improving.
Gardens and minor crops
mostly satisfactory advance.
Arkansas—Little Rock: Condition and progress of planting and cul¬
tivation greatly improved.
Germination and growth satisfactory despite
cold nights.
Cotton planting very good progress; nearly over in many
areas; late
plantings up to good stands.
Large percentage of corn planted;
replanting necessary; stands uneven; some cutworm damage in west.
and oats grew rapidly; oats heading.
Planting rice.
Pastures
good.
Light rain helped strawberries; harvest general.
Tomato setting
about over.
Setting sweet potatoes.
Truck crops doing well.
some
Wheat
Tennessee—Nashville: Rapid progress planting cotton; some coming
Corn planting well along; condition early planted fairly good; im¬
proving.
Progress of winter wheat excellent; condition good, but many
ragged stands.
Setting tobacco and sweet potatoes.
Garden truck late,
but improving.
Pastures good to excellent.
Cutting alfalfa.
Straw¬
berries ripening.
-,.:;Vr V
\
up.
.
THE DRY GOODS TRADE
New
York, Friday Night, May 17, 1940.
The favorable effect of
improved weather conditions
on
the volume of retail trade during the past week was
partlyneutralized by the grave turn of events in Europe and the
resulting break in security and commodity markets.
Initial
deterring effects of these developments were chiefly felt
in luxury goods, although it was predicted that no
lasting
damage will be inflicted on business if the present upheaval
in the security and commodity markets proves only tem¬
porary and if the proposed huge armament orders should
bring another revival in industrial activities.
Department
store sales the country over for -the week ended May 4,
according to the Federal Reserve Board, were 4% above the
corresponding figure of last year.
In New York and Brook¬
lyn stores the gain was limited to 0.9%, while in Newark
establishments it reached 8.2%.
Trading in the wholesale dry goods markets assumed a
somewhat erratic character as war developments abroad
added to the prevailing uncertainty on the part of whole¬
salers as well as retailers concerning the problem of covering
future requirements.
Generally, merchants retained their
waiting attitude although it was predicted in some quarters
that the first signs of a serious shortage in goods heretofore
supplied by the newly-invaded countries may easily be
productive of a rush of buying orders.
Prices of finished
goods generally ruled steady, and orders, while individually
small, showed a numerical increase, with more interest being
shown in typical summer merchandise such as chiffons,
sheers and novelty wash cloths.
Business in finished silks
remained inactive as the reaction in raw silk prices induced
increased caution on the part of buyers.
A moderate call
existed for sheer fabrics.
Trading in rayon yarns showed
further expansion and reports were current that the output
for the month of May as well as that for June is virtually
booked up, and inroads are being made into existing modest
surplus yarn stocks.
Moreover, it was freely predicted that
the shutting off of Dutch and Belgium yarn exports as well
as the growing scarcity of wood pulp, will
have the ultimate
effect of further strengthening the favorable statistical
position of the industry.
Domestic
Cotton
Goods—Trading in the gray cloths
as the sharp decline in raw cotton
prices as well as in other commodity and the security markets
caused extreme caution among prospective buyers.
Prices
ruled easier, partly due to somewhat increased second-hand
offerings.
While purchases by industrial users expanded
moderately, converting interests displayed extreme caution,
preferring to await a clearer aspect of European war devel¬
opments and their influence on the movement of finished
goods in distributive channels.
During the latter part of the
week sentiment improved somewhat, following the rally in
the stock market and the prospect of huge armament pro¬
gram.
Business in fine goods remained dull although a
growing number of small orders came into the market.
Lawns were in slightly better demand and a fairly active
call existed for challis.
Closing prices in print cloths were
as follows: 39-inch 80's, 6^ to 6%c.; 39-inch 72-76's,
6p£c.;
39-inch 68-72's, 5^ to 5^c.; 38^-inch 64-60's, 4^ to 4%c.;
383^-inch 60-48's, 4pg to 43^c.
markets continued inactive
Woolen Goods—Trading in men's wear fabrics improved
moderately with the enhancement in raw wool prices pro¬
viding a stimulus to the market.
Generally, however,
orders were restricted to nearby needs as users desired to
await a clarification in the European war situation before
adding to their forward commitments.
Mill operations
showed a further slight gain, based in the main on existing
order backlogs, and on prospects of an increased demand on
the part of foreign countries heretofore supplied by European
mills.
Reports from retail clothing centers bore a spotty
character as the stimulating effect of improved weather
conditions was partly offset by the upheaval in the security
and commodity markets as a result of the ominous European
war
situation.
tailment of
Business
in
women's
wear
materials
eon-
foreign supplies due to war events, caused re¬
newed misgivings for the future.
Business in burlap ex¬
panded sharply during the early part of the week and prices
scored considerable advances as a result of war develop¬
ments and reports of large buying by South American inter¬
ests.
Late in the week a mild reaction ensued, chiefly due
to profit-taking.
Domestically lightweights were quoted
at 6.25c., heavies at 8.20c.
The Commercial & Financial
3238
StifeLNicolaus & Coptic.
Founded 1890
314 N. Broadway
DIRECT
WIRE
ST.
LOUIS
City
tax
of 6c. per barrel on all oil produced in
Its authors declare that at the current rate
barrels a day—the tax would Rive the State
One would levy a severance tax
President of the Council and a member of the Board
a speech in which he said that
the question of the fare.
"The whole unification negotiations." he said, "were gone through on
the basis of the sustainability of the 5c. fare.
There has been no question
of raising the fare.
Not one member of the Board of Estimate has ever
suggested raising the fare.
There is no mystery about it.
It is as clear
as daylight."
Mr.
Morris suggested a political truce on the .issue of the fare until
time shows how profitable or unprofitable operation of the unified system
of
proves
of the
Authority—More Note Issues
headed by Chemical Bank & Trust Co.
which purchased the majority of local housing notes at
previous offerings was successful bidder for the largest portion
of the notes offered on May 14.
This group purchased $47,865,000 out of a total of $60,865,000 offered on that date.
The price was 0.55%, plus a nominal premium in each case.
This compares with 0.435% net cost offered by the group
at the previous sale in the preceding week.
came to an end on May 13, witnessed the approval
compromise biennial budget of $42,114,000 compared
$44,000,000 asked by Gov. Paul JB. Johnson.
included
accomplishments
enactment of free school book law,
provide an average of $12.50
addition of $1,500,000 to old-age pensions to
compared to $7.50 paid at present, and addition of $250,000 to charity
The legislature refused to reorganize the State
hospitalization program.
Tax Commission to place two members on equal footing with Chairman
Alf H. Stone and declined to increase ad valorem levy from six to eight
to $15
'Issues purchased in their entirety on the 14th by the Chemical Bank
syndicate
were
$1,000,000
Akron,
Ohio ;
$400,000 Anniston,
Ala.;
$3,500,000 Birmingham, Ala.; $530,000 Butte, Mont. ; $900,000 Charles¬
ton, S. C.; $2,100,000 Cincinnati, Ohio; $1,050,000 Denver, Colo,; $230,000
Frederick, Md.; $425,000 Great Falls, Mont.; $180,000 Helena, Mont.;
$1,500,000 Mobile, Ala.; $800,000 New Bedford, Mass.; $800,000 Phenix
City,
Ala.;
$13,300,000
Pittsburgh,
Pa.;
$700,000 Savannah, Ga.;
$1,000,000 West Palm Beach, Fla.
■
,
In addition,
the Chemical group purchased: $11,450,000 of the $13,950,000 Baltimore, Md.; $7,000,000 of the $7,500,000 Newark, N. J., and
$1,000,000 of the $11,000,000 Philadelphia.
Salomon
Bros. & Hutzler bought $500,000 of the Baltimore loan at
mills as asked by Gov. Johnson.
Common school appropriation was left
at $11,900,000 despite efforts to secure an increase of $1,000,000.
Hos¬
pitalization appropriation includes $150,000 for per capita fund, $10,000
additional for each of five charity hospitals and $50,000 additional for
repair and improvement of hospital buildings.
Municipal Forum to Hold Luncheon Meeting—The
a series of discourses on basic municipal bond opera¬
tions will be given at the next luncheon meeting of the Mu¬
nicipal Forum of New York on May 20 at Alice Foote
third in
MacDougalPs Maiden
.
L. Walter Dempsey, Vice-
Lane.
and manager of the municipal trading depart¬
ment of B.J. Van Ingen & Co., Inc., will discuss operations
of
a municipal trading department. Jerome C. L. Tripp of
Tripp & Co. will act as chairman of the meeting.
Tax
Jersey—Cities
Win
Supreme
Court
Case
on
Jersey won in the State
May 16 a fight to invalidate two 1940
apportioning among municipalities millions of dollars
in gross receipts and franchise taxes paid by public utility
companies, according to an Associated Press dispatch from
on
that date♦
The winners were
as
part of a program designed to correct
■;&
unconstitutional
Appeals in two 1938 Acts which
permitted Martin to apportion the taxes under his own authority.
Prior to enactment of the 1938 laws, apportionment was made on the
basis of municipal tax assessors' figures, and under the new system several
large municipalities would lose heavily while hundreds of smaller localities
flaws cited by the State Court of Errors and
would receive greater shares.
"These statutes reveal nothing approaching a legislatively fixed or pro¬
nounced standard for the measurement of value," the Supreme Court said.
New
York, N. YComptroller Asserts City's Debt Held
of the expenditure by the
city of $650,000,000 in its own and Federal funds on "the
greatest construction program in the city's historv" since
Jan. 1, 1934, the increase in New York's debt for non-selfsustaining projects has been limited to $20,423,705, Joseph
D. McGoldrick, Comptroller, disclosed on May 14.
Within Reasonable Limits—In spite
Mr.
McGoldrick's
situation,
Bond
and
gave
Board
with
were
Club
of
advance
Estimate
transit
to several phases of the city bond
luncheon meeting of the Municipal
Club of America, 120 Broadway,
of his report soon to be submitted to the
the city's financial operations in connection
figures, relating
included in a talk at
of New York
at
glimpses
covering
the
Nearly 73% of the cities over 5,000 population own their waterworks.
of municipally-owned sewage disposal plants increased 3%
Nine other utilities, including buses and street railways, electric and gas
plants, and public markets, are commonly owned by municipalities.
Ap¬
proximately 200 cities—11% of the total—own no utilities.
.
Bond
Proposals and Negotiations
ALABAMA
COUNTY (P. O. Clanton), Ala.—WARRANTS PUB¬
LICLY OFFERED—An $88,000 issue of 2M % semi-ann. Board of Educa¬
tion capital outlay warrants is being offered by Marx & Co. of Birmingham,
for public subscription.
Dated Feb. 1, 1940.
Denom. $1,000. Due
Feb. 1, as follows: $4,000 in 1941 to 1949, $5,000 in 1950 to 1957, and $6,000
in 1958 and 1959.
Prin. and int. payable at the First National Bank,
Birmingham.
The warrants are issued for capital outlay building purposes
and are secured by a prior lien on the 3-mill county-wide school tax subject
to $65,000 outstanding warrants maturing from 1941 to 1958.
The 3-mill
tax, under the present assessed valuation, if collected 100%, would produce
approximately $34,613, which is better than 3M times the average debt
service requirements on the entire indebtedness of the Board.
Legality
to be approved by Storey, Thorndike, Palmer & Dodge of Boston.
CHILTON
ARIZONA
a
Bankers
unification.
Mr. McGoldrick told the Bond Club that while $396,441,000 in city bonds
had been issued in six and one-half years, the total reduction of debt from
Jan.
1, 1934, to June 30 of this year would amount to $376,017,295, an
annual increase of a little more than $3,000,000.
By Nov. 1, 1940, Mr. McGoldrick forecast, enough additional bonds will
have been retired "to wipe out every penny of debt increase for other than
self-sustaining projects."
The remainder of the new debt incurred since
the beginning of 1934 will be self-supporting, he added.
"The City of New York will therefore have passed through the most
difficult financial period in recent history with its public facilities newer
and more extensive than ever before and its credit position the envy of
average
municipalities throughout the Nation," he held.
Describing the eix-and-one-half-year $650,000,000 building program, Mr.
McGoldrick listed as its principal benefits:
Fifty-nine new schools, 28
Owned
last year.
Newark, Jersey City and Hoboken, which contended
.
They were passed
Commonly
Most
The number
-•
the statutes were unconstitutional.
The challenged laws adopted utility valuations fixed by State Tax Com¬
missioner J. H. Thayer Martin as the basis of apportionment for 1938 and
1939.
Utilities
public utilities in cities of the United States, aocordihg to
a survey in the 1940 Year Book of the International City
Managers* Association.
on
laws
Trenton
States—Five
United
by Cities—Waterworks, sewage disposal plants, cemeteries,
airports and auditoriums are the^ most commonly owned
New
cities in New
Laws—Three
Supreme Court
_
0.53%, plus $1, and Girard Trust Ck>. purchased $2,000,000 at 0.42%,
plus $5.
R. W. Pressprich & Co. bought $500;000 of the Newark loan at
0.42%, plus $7.
Girard Trust Co. purchased $10,000,000 of the Phila¬
delphia loan at 0.42%.
President
New
When Mr. Morris was unable to give a detailed account
in which the city was going to find jobs for elevated
United States Housing
a
Chief
manner
A warded—Syndicate
sion which
to
to be.
employees who will be thrown out of work by demolition of the lines,
Mr. Cohen charged that an "underhanded deal" was in the making, con¬
cealed even from one of the highest elective officials of the city.
Mississippi—Legislature A djourns—The legislative ses¬
of
Estimate, opened a sharp debate by
had been much misapprehension on
there
The second would place a $365 annual license fee on the operation of
pinball machines and coin slot phonograph machines.
It is estimated the
measure would produce
between $6,000,000 and $8,000,000 a year.
Both bills would earmark the money exclusively for the State's old age
assistance fund.
The fund already is being spent at such a rate that it
will have an estimated
$10,500,000 deficit by the end of the biennium,
June 30, 1941.
If the Legislature votes to remove the $30 a month
maximum on pension awards, as is expected, the deficit will approach
$13,500,000, finance officials estimate.
Fate of the bills when the Legislature reconvenes May 21 is doubtful,
because of a movement under way by both Democrats and Republicans to
divert certain State funds to the old age assistance fund and avoid levying
new taxes at this time.
>
City
Five-Cent Fare—The
Retain
Newbold Morris,
1.
production—420,000
about $7,000,000 a year.
oil
to
June 1 the Board will have
The Board is not bound by
Tne resolution,introduced
by Councilman Louis Cohen, Bronx Democrat, was adopted
by a vote of 17 to 1, with Councilman Joseph Clark Baldwin,
Manhattan Republican, in opposition.
special session of the State General Assembly.
the State after next July
Council Acts
system after unification.
After
the power to change the fare.
the action taken by the Council.
Bills Introduced in Legislature—Two
bills which would net the State of Illinois around $14,Tax
000,000 annually in new revenue are pending before the
of
-
Council adopted a resolution on May 14 asking the Board of
Estimate to reject any proposal for a higher fare on the transit
News Items
Illinois—New
hospital colony on Welfare
hospitals, many baby health
piers, three sewage disposal
plants, an airport and seaplane base, extensions to the Independent Subway
System, and many parks.
Extensions to the water supply system since Jan. 1, 1934, have caused
the issuance of $81,137,000 in bonds, he explained, but this amount has
been reduced by $44,272,053, leaving a net increase of $36,864,947.
This
indebtedness, according to Mr. McGoldrick, is "entirely self-sustaining, as
the city's revenue from the water system is at least sufficient to pay the
interest and amortization costs upon the bonds issued."
'
He attributed the city's favorable bonded debt position to two actions
taken by the Board of Estimate on his recommendation ; the first, in 1938,
limiting authorizations from capital funds to an annual average of $40,000,000. and the second, in 1939, restoring the borrowing margin to an
intended $100,000,000 by 1945.
Illinois & Missouri Bonds
CHICAGO
May 18, 1940
additions to school buildings, "a vast new
Island," and numerous additions to existing
stations and public markets, four 1,000-foot
Specialists in
105 W. Adams St.
Chronicle
GILA COUNTY SCHOOL
DISTRICT NO. 1 IP. O. Globe) Aril.—
held on May 4—V. 150, p. 2917-—
BONDS DEFEATED— At the election
the voteres
defeated the proposal to
issue $33,000 in
gymnasium bonds.
Ariz.—BONDS EXCHANGED—It is stated by W. CMcConnell, Town Clerk, that the $35,000 4^% water refunding bonds
authorized by the Town Council recently, as noted here—V. 150, p. 2917
were exchanged with the original holders on May 1.
Denominations #1.000
and $500.
Dated May 1, 1940.
Due serially, optional on May 1, 1945.
Prin. and int. (M-N) payable in Gilbert.
Legality approved by Pershing,
Nye, Bosworth & Dick of Denver.
GILBERT,
ARKANSAS
EUDORA, Ark.—PURCHASERS—It
:
ippppl
is stated by the Town
Recorder
bonds sold recently at vmim notedhere—V. 150, p. 3085—were purchased by the Simmons National Bank of Pine
Bluff, as 5s.
Due $2,000 on Dec. 1 in 1941 to 1944 incl.
that the $8,000 water revenue
Volume
The Commercial & Financial Chronicle
150
MONTICELLO
SCHOOL
DISTRICT
BOND OFFERING—It is stated
of School Directors, that he will receive sealed bids
at the office of the
Union Bank & Trust Co. of Monticello, until
May 30, at 10 a. m., for the
purchase of $15,000 4% coupon semi-ann.
building bonds.
ruLPTying,a Premium of $150, equal to 101.00
COLORADO
Due $3,000 July 1, 1948 to 1952.
The bonds are to be issued for the purpose
providing a portion of the funds required for the construction and equip¬
high school gymnasium, auditorium and class room building and
making certain repairs on the district's present school buildings, and will
be secured by a Deed of Trust on all of the real
property of the district,
subject to an existing Deed of Trust securing present outstanding bond
ESTES
ment of a
^
a
nJE£J&r<:9UNTY SCHOOL
DISTRICTS (P. O. Aspen), Colo.—
CONNECTICUT
CONNECTICUT (State of)—NOTE SALE—Richard E. Talbot, State
Treasurer, reports that the National City Bank of New York purchased
on May
2 an issue of $450,000 University of Connecticut dormitories
certified check for $5,000.
notes at
0.0007% discount.
Due in
one
year.
NEW HAVEN, Conn .—PLANS BOND ISSUE— City
.
bulkhead
California
Colo.—BONDS SOLD—It is reported that $45,000
plant bonds approved recently by the voters, have been sold.
Ja INFORMATION—In connection with the sale of the
$33,000 (not $36,000) 3M% semi-ann. County Union High School District
and County School District
No. 1 bonds to Brown, Schlessman, Owen &
Co. or Denver, subject to
elections, as noted here on March 30, it is now
A t each issue is for $16,500, and mature as follows: $1,000 in
1941 to 1952, and $1,500 in 1953 to 1955.
only $17,500 principal remains unpaid, constituting the
only existing bonded indebtedness of the district.
Provision will be made
for the acceleration of
maturity, at the option of the holders of the majority
of the outstanding bonds of this issue, in the event of default of
payment
on any part of
principal or interest.
The district will furnish an approving
opinion of its attorney only, as to validity of the bonds.
Bids will be
accepted on the basis of the district furnishing standard printed bonds with
lithographed signatures on coupons; also on basis of the buyer defraying
the cost of bond stock and
printing.
The district will reserve the right to
deliver bonds when and as funds are
needed, over a period of six months.
Enclose
PARK,
sewage disposal
which
on
a basis of about 3.20%.
Due $2,500 on June 1 in 1941 to 1946 incl.
Dated June 1, 1940.
Denom. $1,000.
of
issue
3239
V. 150. p. 2917—were awarded to the First
National Bank of Orosi, as
(P. O. Monticello),
Ark.—
by J. A. Baxter, Secretary of the Board
construction
may
issue $75,000
bonds.
Municipals
FLORIDA
DADE
BANKAMERICA COMPANY
COUNTY (P.
TION—The Deputy
to the effect that
O. Miami), Fla.—CONFIRMATION OF ELEC¬
County Clerk confirms the report given here on May 4
election will be held on
May 28 to have the voters
the issuance of $2,000,000 4% semi-annual public park acquisition
improvement bonds.
an
pass on
San Francisco
and
Los Angeles
DAYTON
New York Representative
52 Wall St.
Telephone WHitehall 3-3470
in the amount of
CALIFORNIA
BERKELEY, Calif.—BONDS VOTED—At
the
voters
are
said to
have approved
an election held on May 7
the issuance of the $125,000 civic
center bonds.
of May 11 carried the following report from Sacramento:
California State Toll Bridge Authority has offered to buy
Carquinez and
Bridge Co. for $6,480,000.
Frank W.¬
Clark, State Director of public works and member of the Authority, said
he "had every reason to believe" the offer would be accepted.
He predicted that under State ownership and operation the automobile
toll on Carquinez Bridge would be cut to a flat 25 cents from the present
Antiock bridges from American Toll
45 cents for autos and 5 cents each for driver and passenger.
Funds for State purchase of the two bridges would come from sale of toll
bridge Authority revenue bonds authorized by the 1937 Legislature.
Mr.
Clark recommended that $6,850,000 of revenue bonds be sold to cover the
purchase price and supply working cash.
State toll bridge Authority bonds
are now outstanding on the San Francisco-Oakland Bay
Bridge.
CARMICHAEL
IRRIGATION
DISTRICT
(P.
O.
Sacramento),
Calif.—BONDS SOLD TO RFC—It is stated by the Secretary-Treasurer of
the Board of Directors that
$33,500 4% semi-annual pipe line bonds ap¬
proved by the voters on April 20. have been purchased at par by the RFC.
FRESNO COUNTY SCHOOL
BOND OFFERING—We
DISTRICTS (P. O.
informed
Fresno), Calif.—
by E.
Dusenberry, County Clerk,
on May 24, for the purchase
semi-ann. bonds aggregating $858,000:
$518,000 Fresno City High School District bonds.
Dated April 1, 1940.
Due April 1, as follows: $30,000 in 1949 to 1954, $50,000 in 1955 to 1958,
$65,000 in 1959, and $73,000 in 1960.
Prin. and int. (A-O) payable in
lawful money at the County Treasurer's office.
Split bids will be accept¬
able.
These are the balance of an issue of $638,000, authorized at an election
held on Sept. 27, 1938.
A reasonable time, not to exceed 10 days, will
be allowed the buyer for the purpose of determining the legality of the pro¬
are
will receive sealed
bids until 10
a.
m.
of the following not to exceed 5%
ceedings had in connnection with the issuance of the bonds, the expense of
which shall be borne by the buyer.
Enclose a certified check for $10,000,
payable to the Board of Supervisors.
215,000 Fresno City High School District bonds.
Dated Dec. 3, 1925.
Due Dec. 3, as follows: $15,000 in 1954, and $40,000 in 1955 to 1959.
Interest payable June and December 3.
By reason of the law in force at
the time the oonds were voted, the order of the Board of Supervisors made
Dec. 3, 1925. prescribing the form of bond, provided for a fixed rate of
interest at 5% and also that principal and interest should be payable in
gold coin.
An order amending the order of Dec. 3. 1925, was adopted
by the Board of Supervisors on May 3, 1940, by virtue of which amending
order the bonds will be issued and sold bearing such rate of interest as might
be fixed by the purchaser at the time of sale, not to exceed 5% per annum,
prin. and int. payable in gold coin of the United States, and will contain
a clause calling attention to Public Resolution No. 10 of the 73rd
Congress
of the United States providing in part that obligations of this character
shall be discharged upon payment, dollar for dollar, in any coin or currency
which at the time of payment is legal tender for public and private debts.
Split bids will be acceptable.
Any expense incurred in determining the
legality of the bonds shall be borne by the bidder.
Enclose a certified
check for $5,000, payable to the Board of Supervisors.
125,000 Reedley Joint Union High School District bonds.
Dated May 1,
1940.
Due May 1, as follows: $5,000 in 1944 to 1949, $10,000 in 1950,
$5,000 in 1951, $10,000 in 1952 to 1955, and $20,000 in 1956 and 1957.
Prin. and int. (M-N) payable in lawful money at the County Treasurer's
office.
A reasonable time, not to exceed 10 days, will be allowed the ouyer
for the purpose of determining the legality of the proceedings had in con¬
nection with the issuance of the bonds the expense of which shad oe <x>rne
by the buyer.
Enclose a certified check for $5,000, payable to the Board
of Supervisors.
LONG
BEACH, Calif.—BONDS DEFEATED—It is stated by Frank
Beggs, City Clerk, that at the primary election on May 7 the voters
$350,000: $250,000
airplane manufacturing plant, and $100,000 airport administration build¬
ing bonds.
v
J.
LOS
ANGELES
COUNTY
(P.
O.
Los
Angeles),
Calif .—SCHOOL
BOND OFFERING—It is stated by L. E. Lampton, County Clerk, that he
will receive sealed bids until 10
May 28, for the purchase of $5,000
Potrero Heights School District bonds.
Interest rate is not to exceed
5%, payable F-A.
Dated Aug. 1, 1939.
Denom. $1,000.
Due Aug. 1,
as follows: $1,000
in 1952, and $2,000 in 1953 and 1954.
Prin. and int.
payable in lawful money at the County Treasury*
Each bid must state
that the bidder offers par and accrued interest to the date of delivery,
and state separately the premium, if any, and the rate of interest offered
for the bonds
bonds.
In
bid for.
the
event
a.
be received for all or any portion of the
bidder submits a proposal to purchase a
the
portion of the bonds, the bid shall designate specifically the bonds bid for.
All bonds sold to a bidder bidding for a portion of the bonds shall bear the
same rate of interest, and bids for varying rates of interest for the same block
or portion of the bonds will be rejected.
Enclose a certified check for not
less than 3% of the amount of the bonds bid for, payable to the Chairman
Board of Supervisors.
SANTA
CRUZ
COUNTY
(P.
O.
Santa
Cruz),
Calif.—SCHOOL
BOND OFFERING—It is stated
by H. E. Miller, County Clerk, that he
m. on June 7, for the purchase of a
$20,000 issue of Scotts Valley Union Elementary School District bonds,
bearing interest at 3%, payable J J.
Dated July 2, 1940.
Denom. $1,000.
Due $1,000 July 2, 1941 to 1960.
Prin. and int. payable in lawful money
at the County Treasury's office.
These bonds were authorized at an elec¬
tion held on Jan. 16, by a vote of 86 to 13, and in conformity with the laws
of the State, and In the form prescribed by resolution and order of the
Board of Supervisors adopted May 8, to which reference is made for further
particulars
Bids must be for not less than the par value of bonds and
accrued interest to date of delivery.
The purchaser will be furnished;
without charge, the legal opinion of Kirkbride & Wilson supporting the
legality of the bonds.
will receive sealed
bids until 2:30 p.
TULARE COUNTY (P.
The $15,000
O. Visalia), Calif .—SCHOOL BOND SALE—
Ducor Union School District bonds offered for sale
(EST),
B, O and D,
on June 20.
any or
all tenders,
portions of tenders.
or
FLORIDA (State of)—BOND TENDERS INVITED—'The State Board
refunding road and bridge or highway bonds, time warrants, certificates
of indebtedness and (or) negotiable notes of the Florida counties and special
road and bridge districts therein, as follows:
Brevard, Broward, Charlotte, Desoto County Special R. & B. Districts
Nos. 4, 5 and 6, Punta Gorda Special R. & B. District only. Glades,
Indian River District No 1 and Quay Bridge District only; Jensen R. & B.
District,
Levy
District
No
Sarasota
7,
Monroe
Okeechobee,
Osceola,
St.
Lucie.
and Sumter.
All offerings submitted must be firm for 10 days subsequent to the date
,
of opening, i.e., through
June 10, and must state full name, description
bonds, interest rate, date of issue, date of maturity
The offer must specifically state exactly what coupons
will be delivered with the bonds for the price asked.
in default of interest must be offered at a flat price, which
and serial numbers of
and price asked.
are attached and
Bonds that
are
price shall be understood to be the price asked for such bonds with all
maturities of past due defaulted or unpaid coupons attached, and notice is
hereby given that if any such coupons have been detached prior to delivery
of any of the bonds accepted and (or) purchased hereunder, the face value
of such missing coupons will be deducted from purchase price, and offerings
must be submitted on this basis.
Sealed envelope containing offerings of bonds shall plainly state on its
face that it is a proposal for sale of road and bridge bonds.
Separate
tenders shall be submitted covering the bonds of each county, but any
number of such sealed offering may be enclosed in one mailing envelope.
The
right is reserved to reject
and all offerings or portions of offerings.
any
MIAMI HOUSING AUTHORITY (P. O. Miami),
Fla.—PURCHASERS
reported that Pohl & Co., Nelson, Browning & Co., Seasongood
Mayer, and Widmann & Holzman, all of Cincinnati, were associated
with Magnus & Co. of Cincinnati, in the purchase of the $388,000 Housing
Authority (first issue), series A debentures, as 3s and 3Ms, as noted in
detail in our issue of May 11—V. 150, p. 3086.
Due on Nov. 1 in 1940 to
1954, inclusive.
—It is
now
&
PUTNAM COUNTY (P. O.
an election held
is stated that at
Palatka), Fla.—BONDS DEFEATED—It
May 7 the voters rejected the proposal to
on
issue $35,000 in hospital bonds,
SARASOTA
COUNTY
(P.
O.
Sarasota),
Fla.—BOND
TENDERS
ACCEPTED—It is stated in connection with the call for tenders on bonds
of the above county,
that the county purchased $65,000 road and bridge
refunding bonds at 97.50, and $13,000 courthouse refunding bonds at 92.00.
WINTER
PARK,
Fla.—BOND OFFERING—It is stated by W.
H.
Schultz, City Clerk, that he will receive sealed bids until 1:30 p. m. (EST),
May 27, for the purchase of the following coupon bonds aggregating
on
$303 000*
$125!000
■
3K% refunding bonds.
130,000 3M%
refunding bonds.
1947 to
Due $25,000 on July 1 in 1942 to 1946,
Due
on
July 1 as follows:
1950. and $30,000 in 1951.
„
$25,000 in
_
48,000 4% refunding bonds. Due on July 1 as follows: $30,000 in 1952,
and 18,000 in 1953.
Denom. $1,000.
Dated July 1, 1940.
Prin. and int. (J-J) payable at
the Chase National Bank in New York, or at the Florida Bank in Winter
Haven.
A certified check for 2% of the par value of the bonds bid for,
_
„
payable to the city, is required.
GEORGIA
MONROE SCHOOL DISTRICT (P. O. Monroe), Ga.—BOND SALE
—The $28,000
2Vi% semi-annual building bonds offered for sale on May 9
awarded to J. H. Ililsman & Co. of Atlanta.
—V. 150, p. 3086—were
ILLINOIS
ALEXANDER COUNTY ROAD
DISTRICT NO. 4 (P. O. Cairo),
111.—BONDS DEFEATED—An issue of $10,000 road equipment bonds was
defeated by the voters at an election on May 4.
-
m. on
Bids will
that
a. m.
of Administration will receive until 10 a. m. on May 31 at the Governor's
office in Tallahassee, sealed offerings of matured of unmatured original or
defeated the issuance of the following bonds aggregating
■
approximately $20,000, until 10
All tenders shall state the series, number and
maturity date of the bonds
offered and shall remain firm until noon, June 21.
In consideration of tenders at the same price, preference will be given
to bonds of earlier maturities, and the Commission reserves the right to
reject
CALIFORNIA TOLL BRIDGE AUTHORITY (P. O. San Francisco),
Calif.—BRIDGE PURCHASE OFFERS MADE—The "Wall Street Journal"
that he
BEACH, Fla.—BOND TENDERS INVITED—It is stated
by W. B. Baggett, Chairman of the Debt Service Commission, that he will
receive sealed tenders of city refunding bonds, issue of 1936, series A, B. C
and D, and city interest refunding bonds, issue of 1936, series A,
on
May 14
CENTRALIA, 111.—MAY ISSUE BONDS— The city may issue $65,000
tower revenue bonds.
water
CHICAGO,
111.—DEADLINE SET ON JUDGMENT PURCHASE—
A. S, Huyck & Co. and Morris Mather & Co.,
as the deadline for acceptance by the city of
both of Chicago, fixed May 9
their offer to pay par for the
$3,136,914 the city holds against Cook County.
Alderman J. M. Arvey,
Chairman of Council Finance Committee, stated that efforts would be
made to assure a quorum at the council meeting in order to act on the
offer.
It was emphasized by Mr. Arvey that the recent ruling of Judge
Edmund K. Jarecki in the county court, holding a large portion of the city s
tax levy illegal, makes favorable action on the proposal for sale of the
judgment all the more desirable.
"The county is trying to stop passage of the order to sell the judgment.
he said, "because it figures that the city won't demand the interest.
The
two firms are anxious to purchase the judgment for individulas who wish
to
make
long-term investments."
..
x
Although judgments under the law bear interest at 5% from the time
they are rendered by the courts until paid, the city has not attempted to
collect interest from another municipality, he added.
banks purchased
of 1940 at 1%, bringing
$10,000,000.
Rate of
on the $6,400,000 previously sold to
City Comptroller Robert B. Lpham.
CHICAGO, 111.—WARRANT SALE—A group of local
the past week $3,600,000 tax anticipation warrants
the total outstanding against that year's levy to
interest
is
the banks
the same as that carried
on
May 3, according to
CHICAGO SANITARY DISTRICT,
111.—NO BONDS TENDERED—
request for tenders
No offerings were received in response to the district's
of series A and B refunding bonds of 1935.—V. 150, p.
3086.
______
HARRISBURG, 111.—BOND SALE—The $40,000 sewer revenue bonds
Mav 7—V. 150. d. 2918-—were awarded to Stifel, Nicolaus & Co.
nffPTPd
The Commercial & Financial
3240
of St. Louis, as 3Ms, at a price of 94.97, a basis of about 4%. Due Jan.l
as follows: $1,000 from 1943 to 1947 incl.; $2.000,1948 to 1952 incl.; $3,000,
1953 to 1959 incl. and $4,000 in 1960.
Chronicle
May 18,
1940
2% first mortgage revenue refunding bonds.
Due $8,000 on Dec.
1, 1941 to 1944.
TV
eon™
first mortgage revenue refunding bonds.
Due $8,000 on
Dec. 1, 1945 to 1949.
t,
1
Due on Dec. 1 as
95 000 2 M % first mortgage revenue refunding bonds.
follows: $8,000, 1950 to 1956; $9,000, 1957; and $10,000 in 1958
$32,000
,
40 000 2 M%
'
INDIANA
to
Ind.—BOND OFFERING—Myrtle Hollingsworth, City
receive sealed bids until 11 a. m. on May 27 for the
purchase of $7,500 not to exceed 4% interest school aid bonds of 1940.
Dated May 15 1950.
Denom. $500. Due as follows:: $1,000 July 1 1951
$1,000 Jan. 1 and July 1 in 1952 and 1953: $1,000 Jan. 1 and $1,500
July 1, 1954.
Bidder to nam' a single rate of interest, expressed in a
multiple oi K of 1%.
Interest J-J. Bonds are unlimited tax obligations
of the city and the approving legal opinion of Matson, Ross, McCord &
Ice of Indianapolis will be furnished the successful bidder.
BICKNELL,
Clerk Treasurer, will
C. Roberts, Town Clerk-
CORYDON, Ind.—BOND OFFERING—Julia
Treasurer
will recoivc sealed bids until 7:30 p. m. on May 27 for the
purchase of $3,000 not to exceed 5% interest sanitary sewer system bonds.
Dated March 15. 1940.
Derom. $500.
Due $500 on Jan. 1 from 1945 to
1950 incl.
Bidder to name a single rate of interest, expressed in a multiple
of M of 1% and payable J-J.
The bond" are unlimited tax obligations
of the town and the approving legal opinion of Matson, Ross, McCord &
Ice of Indianapolis will be furnished the successful bidder.
A certified
check for $100, payable to order of the town, must accompany each
proposal.
OFFERING—Albert P. Lesniak, City
Comptroller, will receive sealed bids until 2 p. m. on May 29 for the pur¬
chase of $21,000 not to exceed 3M% interest series B refunding bonds of
1940.
Dated June 1, 1940.
Denom. $1,000.
Due July 1 as follows:
$3,000 from 1944 to 1946, incl. and $4,000 from 1947 to 1949, incl.
Bidder
to name a single rate of interest, expressed in a multiple of M of 1 %. Bonds
to be refunded mature June 1 and June 15, 1940.
Bonds are direct obliga¬
tions of the city, payable from unlimited ad valorem taxes.
A certified
check for $500, payable to order of the city, must accompany each pro¬
posal. Legal opinion of Matson, Ross, McCord & Ice of Indianapolis will
be furnished the successful bidder.
Purchaser shall accept delivery and
make payment for the bonds prior to 10 a. m. on June 3, at the City Treas¬
urer's office, or at such bank in the city designated in the bid.
EAST CHICAGO, Ind.—BOND
ELWOOD, Ind.—BOND OFFERING—Calvin
Treasurer, will receive sealed bids until 4 p. m. on
D. Slzelove, City ClerkMay 27 for the purchase
4interest improvement bonds.
Dated May
15, 1940.
Denom. $1,000. Due $500 on Jan. 1 and July 1 from 1948 to
1957, incl. Bidder to name a single rate of interest, expressed in a multiple
of M of 1 %.
Interest J-J. Bonds are unlimited tax obligations of the city
and the approving legal opinion of Matson, Ross, McCord & Ice of Indian¬
apolis will be furnished the successful bidder.
A certified check for $500,
payable to order of the city, must accompany each proposal.
of $10,000 not to exceed
PULASKI
follows:
Dated May 1, 1940.
Denom. $1,000.
less than par and accrued interest, and are issued to reimburse
improvement funds in anticipation of the collection of assessments
for not
against real estate for established ditch projects, pursuant to resolutions
or the Board of County Commissioners duly entered of record on May 6.
ROCKVILLE, Ind.—BOND OFFERING—Thomas K. Hayes, Town
Clerk-Treasurer, will receive sealed bids until 4 p. m. on May 24 for the
purchase of $29,000 not to exceed 5% interest school aid bonds of 1940.
Dated May 15, 1940.
Denom. $1,000.
Due as follows: $1,000," July 15,
1941; and $1,000, Jan. 15 and July 15, from 1942 to 1955, incl.
Bidder to
name a single rate of interest, expressed in a multiple of M of 1 %.
Interest
J-J.
The bonds are direct obligations of the town, payable from unlimited
ad valorem taxes on all of its taxable property.
A certified check for $1,000,
payable to order of the town, must accompany each proposal.
Legal
approving opinion of Matson, Ross, McCord & Ice of Indianapolis will be
furnished the successful bidder.
ROCKVILLE
Branson,
SCHOOL
TOWN,
Ind.-—BOND
Secretary of the Board of School
OFFERING—Curtis
Trustees, will receive sealed
bids until 3 p. m. on May 24 for the purchase of $29,000 not to exceed 5%
interest school improvement bonds of 1940.
Dated May 15,1940. Denom.
$1,000.
Due $1,000, July 15, 1941; and $1,000, Jan. 15 and July 15 from
Bidder to name a single rate of interest, expressed in a
multiple of M of 1% and payable J-J.
The bonds are direct obligations
of the school town, payable from unlimited ad valorem taxes on all of its
taxable property.
A certified check for $1,000, payable to order of the
school town, is required.
Legal opinion of Matson, Ross, McCord & Ice
of Indianapolis will be furnished the successful bidder.
1942 to 1955, incl.
interest plus a premium
or fraction thereof over
the stated
to
of M of 1% of such principal amount for each year
the number of full years from the redemption date
maturity, such redemption brice in no event, however, to
of the par value.
Hazelwood Sanatorium's gross
exceed 105%
The State Board of Health covenants from
income to pay at quarterly intervals up to
Jan. 1, 1948, a sum equal to 3-10 of the next maturity prin¬
cipal instalment; and thereafter while any of these bonds are outstanding
a sum equal to 3-12 of the next maturity principal, and the mortgage for
the refunding bonds provides that the trustees shall apply such fund solely
to the payment of maturing principal.
The gross operating appropriation
of the Hazelwood Sanatorium has been pledged to pay principal of this
issue of bonds.
In 1939 the gross operating revenue amounted to $113,545.
The Legislature has appropriated $88,000 yearly for the next two years, as
against a regular appropriation in the past two years of $44,000 yearly, and
we have been informed that the institution is eligible to have these ap¬
and including
propriations matched by Federal
payment obligation
Government funds.
CRESCO, Iowa—BOND SALE—The $11,000
coupon
semi-annual
sewer
bonds offered for sale on May 9—V. 150, p. 3086—-were awarded to the
Cresco Union Savings Bank of Cresco, as 1ms, paying a premium of $75,
equal to 100.681, a basis of about 1.64%.
Dated April 15, 1940.
Due
$1,000 on Nov. 1 in 1941 to 1951, inclusive.
DAVENPORT, Iowa—BONDS SOLD—It is stated by the Clerk of the
Board of Education that $65,000 issue of general obligation corporate bonds
was offered for sale on May 14 and was awarded at public auction to Halsey,
Stuart & Co., Inc. of Chicago, as 2s, paying a premium of
$126, equal to
basis of about 1.98%.
Dated June 1, 1940.
Due on June 1 as
1952; and $18,000 in 1953. VPrin. and int.
(J-D) payable at the City Treasurer's office.
a
follows: $27,000, 1951; $20,000,
GOWRIE, Iowa—BONDS SOLD—It is reported that $4,000 playground
bonds approved by the voters on March 25, have been sold as 2s, at a price
of 100.30, a basis of about 1.94%.
Due $500 on May 1 in 1942 to 1949, incl.
HUMESTON INDEPENDENT SCHOOL DISTRICT (P.O. Humeston), Iowa—BONDS SOLD-^-It is reported that $5,000 building bonds ap¬
proved by the voters on March 11, were purchased by the Carleton I). Beh
Co. of Des Moines, as 3s, paying a price of 100.30.
IOWA CITY,
Iowa—BONDS DEFEATED— It is stated by E. B.
Raymond, City Treasurer, that at the election held on May 7f—V. 150,
2612—the voters turned down the proposal to issue $750,000 in water
p.
revenue
The yearly interest
itself as
for which the Commonwealth has pledged
long as any of these bonds are outstanding, is in addition to the above
appropriation.
Prin. and int payable at the Lincoln Bank & Trust Co.,
Louisville, trustee.
Legality approved by Chapman & Cutler, of Chicago,
and Seligman,
Goldsmith, Everhart & Greenebaum of Louisville.
LOUISIANA
LEVEE DISTRICT (P. O. Tallulah), La.—
BOND OFFERING—It is stated by B. R. Pinkston, Secretary of the Board
of Commissioners, that he will receive sealed bids until 10 a.m. on June 12,
for the purchase of an issue of $150,000 not to exceed 5% semi-annual re¬
funding bonds.
Denom. $1,000.
Dated July 1, 1940.
Due $15,000 on
July 1 in 1941 to 1950, incl.
The bonds will be awarded on the basis of
the lowest interest cost to the district without the consideration of premium.
Not more than two rates shall be specified.
Prin. and int. payable at the
State Treasurer's office.
Delivery will be made at the State Treasurer's
office on July 1.
The district will supply the approving opinion of Chap¬
man & Cutler, of Chicago, and all bids must be so conditioned.
Enclose a
certified check for $3,000, payable to the Board of Commissioners of the
FIFTH
LOUISIANA
district.
MAINE
LIMESTONE, Me.—BOND SALE—F. W. Home & Co., Inc., of Hart¬
ford recently purchased an issue of $50,000 3% funding bonds, due $5,000
MARYLAND
BALTIMORE, Md.—PLANS RESUBMISSION OF BOND ISSUES—
The city may resubmit to the voters at the November election the proposed
$5,000,000 sewer and paving bond issues that failed to carry at the May,
1939, primary election.
>
^
FROSTBURG, Md.—PAYING AGENT— The Manufacturers Trust
for city water improvement bonds of 1939.
bonds.
MASSACHUSETTS
COHASSET, Mass.—NOTE SALE—Tyler & Co. of Boston were awarded
on May 16 an issue of $40,000 revenue notes at 0.15%
discount. Due
Oct. 15, 1940.
FALL RIVER,
Mass.—NOTE SALE—Leavitt & Co. of New York were
on May 15 an issue of $500,000 notes at 0.48% discount.
Due
11, 1941.
Legality approved by Ropes, Gray, Boyden & Perkins of
Boston.
Other bids:
awarded
Feb.
Discount Rate
Bidder—
National Shawmut Bank
Bank of Boston and B.
of Boston, Merchants National
Durfee Trust Co. of Fall
M. C.
0.160%
River, jointly.
0.61%
0.64%
First National Bank of Boston
Fall River National Bank
FITCHBURG, Mass.—BOND SALE—The $150,000 coupon municipal
150, p. 3086—were awarded to the Harris
Bank of New York, as 1 %&, at a price of 100.279, a basis
Dated May 1, 1940 and due $15,000 on May 1 from 1941
relief bonds offered May 14—V.
Trust & Savings
of about 1.70%.
to
1950, incl.
Other bids:
Int. Rate
the
$28,000 refunding water works bonds offered for sale on May 10—
V. 150, p. 3086—were awarded to the Monroe State Bank of Monroe, as
2s, paying a price of 100.21, and they mature serially in 12 years.
CITY, Iowa—LIST OF BIDS—In connection with the award
the $105,000 coupon semi-ann. flood protection bonds to the First
National Bank of Chicago, as lj^s, at 100.5009. a basis of about 1.46%, as
of
on
May 11—V. 150,
p.
3086—the following list of other bids is
furnished by the City Treasurer:
For
iy% Bonds—
R. W. Pressprich & Co
ioo 50
Paine, Webber & Co
100.404
Harris Trust & Savings Bank, Chicago; Iowa-Des Moines National
Bank & Trust Co., Des Moines; and White-Phillips Corp.,
jointly. 100.261
For 1.60%—
Harriman Ripley & Co., Inc
100 249
For 1 %% Bonds—
First National Bank, Chicago
102.928
Harris Trust & Savings Bank, Chicago, and associates
102.904
Paine, Webber & Co
R. W. Pressprich & Co
Halsey, Stuart & Co
102 88
102.85
IOI.4O4
KENTUCKY
KENTUCKY STATE BOARD OF HEALTH (P. O. Louisville), Ky.
—BONDS SOLD—The following Hazelwood Sanatorium bonds aggregating
$167,000, have been purchased by a group composed of Stein Bros. &
Boyce, Almstedt Bros., and the Bankers Bond Co., all of Louisville:
Halsey, Stuart & Co., Inc
Chace, Whiteside & Symonds
Second National Bank of Boston
—
Rate Bid
2%
2%
2%
100.39
HOLYOKE, Mass.—NOTE SALE— The issue of $350,000 notes offered
May 16 was awarded to the National Shawmut Bank of Boston, at 0.23%
discount.
Dated May 16, 1940 and due Dec. 12, 1940.
Other bids:
Leavitt & Co., 0.2675%; Second National Bank of Boston, 0.375%.
NEWTON, Mass.—NOTE SALE—'The issue of $500,000 revenue
notes
May 15 was awarded to National Shawmut Bank of Boston, at
0.18% discount, plus a premium of $2.
Due Dec. 6, 1940.
Other bids:
Boston Safe Deposit &
Trust Co.. 0.187%; Day Trust Co., 0.215%;
Leavitt & Co., 0.269%.
offered
$125,000 revenue antici¬
150, p. 3087—were awarded to the Mer¬
at 0.125% discount.
Dated May 15,
Other bids: Jackson & Curtis of Boston, 0.14%;
NORTHAMPTON, Mass.—NOTE SALE—The
pation notes offered May 13—V.
Bank of Boston,
chants National
1940 and due Dec. 6, 1940.
Second National Bank of Boston,
0.186%.
QUINCY, Mass .—NOTE SALE—The issue of $500,000 notes offered
May 16 was awarded to the National Shawmut Bank and the Merchants
/National Bank, both of Boston, jointly, at 0.24% discount.
Dated May 21,
1940 and due $250,000 Feb. 27 and $250,000 March 27, 1941.
Other bids:
Second National Bank of Boston, 0.25%; Leavitt & Co., 0.337%,
SOMERVILLE, Mass.—NOTE SALE— The $500,000 revenue anticipa¬
150, p. 3087—were awarded to the Second
0.35% discount.
Dated May 15, 1940 and
due Jan. 22, 1941.
Other bids: Leavitt & Co. of New York, 0.46% for
delivery and payment in New York City, or 0.49% on Boston basis; Na¬
tional Shawmut Bank of Boston and Merchants National Bank, jointly,
0.52%.
'
Matf
tion notes offered May 15—v.
MONROE, Iowa—BONDS SOLD—It is stated by the Town Clerk that
noted here
Co.*
New York, is paying agent
Bidder—
IOWA
100.193,
These
annually.
$2,437.08 ditch bonds. Due as follows: $277.08 July 1, 1940; $240 Jan. 1
and July 1 from 1941 to 1944 incl. and $240 Jan. 1, 1945.
3,520.40 ditch bonds.
Due as follows: $370.40 July 1, 1940; $350 Jan. 1
and July 1 from 1941 to 1944 incl. and $350 Jan. 1, 1945.
All of the bonds will be dated June 1, 1940.
The bonds will be sold
ditch
1960.
payable J-D.
Winamac), Ind.—BOND OFFERING—
COUNTY (P. O.
Day, County Treasurer, will receive sealed bids until 10 a. m.
June 3 for the purchase of $5,957.48 5% coupon bonds, divided as
Walter
on
Interest
bonds are subject to redemption upon 30 days' notice on any interest date,
as a whole or in part, in the inverse order of maturities, at 100 and accrued
National Bank of Boston, at
TAUNTON,
Mass.—NOTE SALE—The
issue
of
$300,000 revenue
anticipation notes offered May 14 was awarded to the Merchants National
Bank of Boston, at 0.29% discount.
Due $200,000 Nov. 15 and $100,000
Nov. 22, 1940.
Other bids: Bristol County Trust Co., 0.296%; Jackson &
Curtis, 0.31%; First National Bank of Boston, 0.34%.
WALTHAM, Mass.—NOTE SALE—The $200,000 revenue anticipation
May 14—V. 150, p. 3087— were awarded to the Merchants
0.31% discount. Dated May 14, 1940 and
due $100,000 each on Dec. 6 and Dec. 20, 1940.
Other bids: Waltham
National Bank, 0.32%; First National Bank of Boston, 0.36%; Leavitt
&.Co., 0.415%; Second National Bank of Boston, 0.468%.
M
notes offered
National Bank of Boston, at
WARE, Mass.—NOTE OFFERING—Bids will be received until 11 a. m.
May 28 for the purchase at discount of $100,000 notes, dated June 5,
on
1940 and payable Dec. 5, 1940.
P WESTFIELD,
Mass.—BOND
SALE— The $25,000 coupon municipal
R. L. Day & Co. of Boston,
relief bonds offered May 10 were awarded to
as 1
at a price of 100.73, a basis of about
1.10%.
Dated May 1, 1940.
$3,000 from 1941 to 1945, incl.
Principal and interest (M-N) payable
at the First National Bank of Boston.
The bonds are unlimited tax obliga¬
tions of the city and were approved as to legality by Ely, Bradford, Thomp¬
son & Brown of Boston.
Second high bid of 100.67 for lMs was made by
Denom.
$1,000.
Due May 1 as follows:
and $2,000 from 1946 to
1950, incl.
Estabrook & Co. of Boston.
Volume
The
ISO
Commercial & Financial Chronicle
ZEELAND,
DETAILS—The $24,000 coupon
sewage disposal system bonds awarded to Crouse & Co. of Detroit, as
2Ms—-V. 150, p. 3087—were sold at a price of 101.113, a basis of about
WINTHROP, Mass.—NOTE SALE—The issue^of $200,000 revenue
anticipation notes offered May 14 was awarded to the Merchants Nationa.1
Bank of Boston, at 0.16% discount.
Due $100,000 each on Nov. 15 and
Dec. 10, 1940.
Other bids:
Jackson & Curtis, 0.18%; Second National
Bank of Boston, 0.186%; National Shawmut Bank of Boston, 0.23%.
WOBURN, Mass.—BOND SALE—The $50,000
coupon
^•10%
Bidder-—
100.09,100.188
100.06
1^%
IH%
1 H%
MICHIGAN
CLINTON, Mich.—BONDS VOTED—.At
an
election held May
proposal to issue $40,000 sewage system and plant bonds
of 217 to 50.
:-.;r
7 the
carried by a vote
DETROIT, Mich.—NOTE .SALE—Local banks purchased $5,500,000
record low rate
mark of 0.75%.
TENDERS WANTED—City Controller Donald Slutz in his capacity
as Secretary of Board of Trustees of
City Retirement Fund, will receive
sealed offerings until 10 a.m. (EST) on May 21, to be firm until 1 p.m.
the following day, for non-callable bonds in the amount of about $100,000,
under the following conditions: Offerings shall show the purpose, rate of
interest, date of maturity, the dollar value and the yield.
Board of Trustees
for the city and comparing with the previous best
May 28,
Trust Co. of Chicago,
that the bonds would not be re-
HANCOCK, Mich.—BOND OFFERING—Fred J. Richards, City Clerk,
(EST) on May 29 for the purchase
will receive sealed bids until 7:30 p. m.
exceed 6% interest coupon special assessment fourth
Dated May 1, 1940.
Denoms. $1,000 and $500. Due
May 1 from 1942 to 1951 incl.
Rate or rates of interest to be
expressed in multiples of M of 1 %. Principal and interest (M-N) payable
at the Superior National Bank of Hancock.
These bonds will be issued
in anticipation of the collection of the special assessments In special assess¬
ment roll No. 1, for the purpose of constructing a sewer in the Fourth
Ward of the City. The full faith and credit of the City will be pledged for
the payment of the principal and interest when due.
Bids shall be con¬
ditioned upon the legal'opinion of Claude H. Stevens, of Berry & Stevens,
of Detroit, and cost of the legal opinion and the printing of the bonds
will be paid by the City.
Enclose a certified check for 2% of the par
value or the bonds, payable to the City Treasurer.
on
FRACTIONAL
SCHOOL
$2,000 from 1941 to 1943 incl. and $3,000 in 1944 and 1945.
1, 1937, all due Nov.
1, 1945, until 8
p.
m.
(EST)
Prin. and int.
sale on May 14—V. 150,
offering was postponed, due to unsettled conditions.)
a
purchased at par.
local bank as 2s, as noted here—V. 150, p. 3087—
Due
on
July 1 in 1942 to 1960, incl.
stated by the City
Wells-Dickey Co. of
SCHOOL
RURAL SEPARATE SCHOOL DISTRICT
(P. O.
Miss.—BOND OFFERING—It is stated by N, L. Gill, Super¬
Schools, that sealed bids will be received at the office of the
or
to
FLORA, Miss.—BONDS SOLD—It Is stated by the Town Clerk that
purchased by
Data! July 1, 1939.
Due in 1950.
MIDLAND, Mich.—BOND OFFERING—Anna. E. Coons, City Clerk,
p.m. (EST) on May 28 for the purchase of
$5,000 4% semi-annual street improvement bonds nave been
the Bank of Flora, at 102.
HANCOCK COUNTY (P. O. Bay St. Louis), Miss —BONDS SOLD—
It is reported that the following bonds aggregating $275,999, have been
purchased by Wolking, Iliggins & Crowell of Orlando: $75,999 5% road
from
1942 to 1944 incl. and $6,096 in 1945.
Principal and interest (J-D)
payable at the City Treasurer's office.
The bonds are general obligations
of the city and are supported by special assessments.
The State Public
onds at par.
Erotection, at a price of 102,467, and $200,000 4%% road and seawall
-
Debt Commission has been requested to approve sale of the issue.
Legal
opinion of Miller, Canfield, Paddock & Stone of Detroit will be furnished
the successful bidder.
A certified check for 2% must accompany each
proposal.
.
4
OAKLAND COUNTY (P. O. Pontiac), Mich.—BOND SALE—In
connection with the offering on May 15 of $519,000 highway improvement
refunding bonds issued on behalf of various townships and cities—v. 150,
p. 2919—we are informed by S.
the County Road Commission,
J. Filkins, Assessment District Auditor of
that only $386,000 bonds were awarded,
having been taken by a group composed of H. V. Sattley & Co.,
Inc., Gray, McPawn & Petter, both of Detroit; Siler, Roose & Co. of Toledo;
Peninsular State Co. of Detroit; Donovan, Gilbert & Co., Lansing; Ryan,
Sutherland & Co. of Toledo; Walter, Woody & Heimerdinger, Fox, Einhorn
& Co., Inc., and P. E. Kline, Inc., all of Cincinnati.
This account paid
par plus a premium of $768.14, equal to 100.199, for the bonds to bear 3 M %
interest to May 1, 1945 and 4% thereafter to May 1, 1958.
This was the
only firm offer received. An optional tender was made by Braun, Bosworth
& Co., First of Michigan Corp., Stranahan, Harris & Co. and Crouse & Co.
this block
.
HUMPHREYS COUNTY (P. O.
,
Belzoni), Miss.—BOND OFFERING
by J. C. Higdon, Clerk of the Board of Supervisors, that he
will receive sealed bids until 10 a.m. on June 3 .for the purchase of a $592,000
issue of 3^ % semi-annual refunding bonds.
Dated April 1,1940.
Denom.
$1,000.
Due April 1, as follows: $21,000 in 1941 and 1942, $23,000 in
1943 and 1944, $24,000 In 1945, $25,000 in 1946, $26,000 in 1947, $27,000
in 1948, $28,000 in 1949, $29,000 in 1950, $30,000 in 1951, $31,000 in 1952,
$32,000 in 1953, $33,000 in 1954, $34,000 in 1955, $35,000 in 1956, $36,000
in 1957, $38,000 in 1958, $39,000 in 1959, and $37,000 in 1960.
Full
information relative to the issue is to be found in Minute Book 10, pages
175 to 189 inclusive, of the minutes of the Board of Supervisors.
Enclose
a certified check for 1% of the bonds bid for.
(This notice supersedes the offering report given In our issue of May 11
—Y. 150, p. 3088.)
—It is stated
LAWRENCE
COUNTY
SEPARATE
Monticello), Miss.—BONDS SOLD—It is
ROAD DISTRICTS (P. O.
reported that a total of $168,000
4% refunding road bonds of various Separate Road Districts
have been sold to the Leland Speed Co. of Jackson.
Dated
May
1, 1958 and are optional May 1 as follows:
$38,000in 1941; $33,000, 1942; $32,000, 1943; $30,000, 1944; $33,000. 1945;
$30,000, 1946; $29,000, 1947; $34,000, 1948; $27,000 in 1949 and 1950
$26,000 in 1951 and $47,000 in 1952.
in the county
Feb. 1, 1940.
SUNFLOWER, Miss.—PRICE PAID—It is stated by the Town Clerk
paving bonds sold to J. G. Hickman, Inc.
of Vicksburg, as noted here—V. 150, p. 3088—were purchased at par.
Due
$1,000 in 1941 to 1950, incl.
that the $10,000 4% semi-ann.
OAKLAND TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. R. F.
No. 2, Rochester), Mich.—TENDERS WANTED—Director Milton
Everett will receive sealed tenders of refunding bonds, Nos. 1 to 37,
and certificates of indebtedness, Nos. 1 to 18, until 8 p. m. (EST) on
TUNICA COUNTY (P. O. Tunica), Miss.—NOTES SOLD—It is re¬
ported that the Union Planters National Bank & Trust Co. of Memphis
purchased $35,000 1H% semi-ann. school building notes on May 8 at a
price of 100.20.
Due in 1941 to 1945.
D.
C.
Tenders accepted will be redeemed June 16.
rate of interest.
Chancery Clerk in Magnolia, until 1 p.m. on May 20, for the purchase of
$12,000 not to exceed 6% semi-ann. building bonds.
Due $500 in 1941
1944, and $1,000 in 1945 to 1954.
These bonds were approved by the
voters at an election hold on April 26.
I
on
$25,096 not to exceed 4% interest coupon first combined street improvement
special assessment district bonds.
Dated June 1, 1940.
One bond for
$1,096, others $1,000 each.
Due June 1 as follows: $4,000 in 1941; $5,000
June 3.
name
trust company designated by the purchaser.
FERNWOOD
yhl receive sealed bids until 5
mature
or
Fern wood).
certificates is $8,136.28.
bonds
Bidder to
intendent
June 6.
Offerings should fully describe the certificates thus offered for
sale and remain firm for five days.
Amount of hand for purchase of the
The
May 1 in 1941 to 1951.
DISTRICT (P. O. Biloxi), Miss.—BONDS TO
BE VOTED—It is reported that a special election has been called for May
23 in order to vote on the proposed issuance of $175,000 In construction
bonds.
»
•
LINCOLN PARK SCHOOL DISTRICT, Mich.—TENDERS WANTED
—George R. Hamilton, District Secretary, will receive sealed tenders of
certificates of indebtedness, dated Nov. 1, 1935, and second series certifi¬
dated May
on
Tomhave, Clerk of the School Board, that he will receive sealed and oral
bids until May 28, at 4 p.m., for the purchase of a $250,000 issue of build¬
ing bonds.
Dated June 15, 1940.
Denom. $1,000.
Due Dec. 15, as
follows: $6,000 in 1941, $7,000 in 1942 to 1951, $12,000 in 1952 to 1959, and
BILOXI
school bonds offered May 14—v. 150, p. 3087—was sold as 3 Ms, at a price
of 100.55, a basis of about 3.09%.
Dated May 1, 1940 and due Oct. 1 as
cates
Due
MISSISSIPPI
DISTRICT
No. 7 (P. O. Honor), Mich.—BOND SALE—The issue of $12,000 coupon
follows:
3087—
SCOTT
COUNTY INDEPENDENT
SCHOOL DISTRICT NO. 24
(P. O. Jordan), Minn.—BOND OFFERING—It is stated by Howard A.
Juni, Clerk of the School Board, that he will receive sealed bids until
1 p. m. on May 24, for the purchase of a $50,000 issue of refunding bonds.
Denom. $1,000.
Dated June 1, 1940.
Due June 1, as follows: $3,000
in 1942 to 1952, $5,000 in 1953 and 1954, and $7,000 in 1955, all bonds
maturing in 1951 and thereafter to be subject to redemption and prior
payment at par and accrued interest on June 1, 1950, and any interest
payment date thereafter.
Bidder to designate rate of interest.
Prin. and
int. (J-D) payable at any suitable bank or trust company designated by
the purchaser.
The district will furnish the printed bonds and the ap¬
proving legal opinion of Fletcher, Dorsey, Barker, Colman & Barber,
of Minneapolis, both without cost to the purchaser.
Bids must be sub¬
mitted on forms which may be obtained by writing to the Clerk School
Board.
Enclose a certified check for at least $1,000, payable to the district.
of $15,000 not to
ward sewer bonds.
TOWNSHIP
150, p.
Minneapolis, as 2s, at 101.50, as noted here—V. 150, p. 3087—are due on
May 15 as follows: $2,000 in 1941 and 1942; $3,000, 1943 to 1945; $4,000.
1946 to 1948, and $5,000, 1949 to 1952, giving a basis of about 1.78%.
offered for general investment.
HOMESTEAD
May 10—V.
LAKE CRYSTAL, Minn.—MATURITY—It is
Clerk that the $45,000 refunding bonds sold to the
■>.N '-'y--A V;-•••
$1,500
on
CHIPPEWA COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P. O. Montevideo), Minn.—BOND OFFERING—11 is stated by John B.
were
NO RE-OFFERING OF BONDS—'The Northern
account, stated
May 1, 1940.
building bonds sold to
$7,497,000 3Ms and $500,000 3Ms, for a net interest cost of about 3.46%.
tender came from a group composed of the First National Bank
York, National City Bank of New York, Chase National Bank
of New York, Halsey, Stuart & Co., Inc., First of Michigan Corp., Braun,
Bosworth & Co., Otis & Co., Field, Richards & Co. and Mullaney, Ross
This
own
funding bonds offered for sale
purchased by the Allison-Williams Co. of Minneapolis, and MarlsShaughnessy & Co. of St. Paul, jointly, as
at par.
No other bid was
received, according to the County Superintendent of Schools.
Dated
COTTONWOOD
COUNTY
CONSOLIDATED
INDEPENDENT
SCHOOL DISTRICT NO. 9 (P. O. Mountain Lake), Minn.—PRICE
PAID—It is stated by the Clerk of the School Board that the $100,000
of New
its
'
for $5,000, payable to the district, is required.
(These bonds had originally been scheduled for
as follows:
$500,000 from 1941 to 1949 incl.; $497,000 in 1950 and
$250,000 in 1951 and 1952. The only other bid was an offer of 100.0013 for
for
V
The district will furnish the executed bonds and the
legal opinion of Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis,
without cost to the purchaser.
A certified check for at least $500, payable
to the district, is
required.
•
CASS COUNTY (P. O. Walker), Minn.—BOND SALE—The $41,000
p. 2920—but the
June 1
bid
V
'
at the option of the purchaser, and such delivery will be made either in
Montevideo or St. Paul, as requested by the purchaser.
A certified check
DETROIT, Mich.—BOND SALE—The $7,997,000 series F non-callable
refunding bonds offered May 14—V. 150, p. 3087— were awarded to the
Northern Trust Co. of Chicago, as 3Ms, at par plus a premium of $225,
equal to 100.0028, a basis of about 3.249%.
Dated June 1, 1940 and due
Co.
■
The district will furnish the printed and executed bonds and the approving
legal opinion of Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis.
These bonds were authorized at the election held on April 9, by a vote of
624 to 370.
The bonds will be delivered on or before June 20, or thereafter,
covering non-callable city bonds in the amount of about $100,000.
Offer¬
ings to be made firm until 10 a. m. on May 24, and show the rate of in¬
terest, date of maturity, the dollar value and th.e. yield on each offering
&
:
will be considered.
payable at any suitable bank
given in—V. 150, p. 3087.)
TENDERS WANTED—Edward M. Lane. Secretary of Teachers' Re¬
tirement Fund Board, will receive sealed offerings until noon on May 23
which
,
MINNESOTA
$13,000 in 1960 to 1965.
the right on bonds purchased, which are delivered subsequent to
1940 to pay accrued interest up to that date only.(This report
corrects that
'
,«
were
notes, due on or before Aug. 10, 1940, at 0.25% interest, a
reserves
'
ANOKA COUNTY SCHOOL DISTRICT NO. 5 (P. O. Centerville).
Minn.—BOND OFFERING—Sealed and oral bids will be received until
May 24, at 8 p.m., by Fred J. La Londe, Clerk of the Board of Education,
for the purchase of $22,000 not to exceed
3% semi-annual refunding bonds.
Denom. $1,000.
Dated July 1, 1940.
Due $1,000 Jan. 1, 1941 to 1962,
optional on any interest payment date after the tenth year from date of
issue.
Principal and interest payable at any suitable bank or trust company
designated by the purchaser.
No bid for less than par and accrued interest
semi-ann.
•
•
,
-
Bate Bid
Int. Bate
*
SALE
•
municipal relief
bonds offered May 14—V. 150, p. 3087—were awarded to R. K. Webster &
Co. of Boston, as l}is, at a price of 100.389, a basis of about 1.12%.
Dated May 1, 1940 and due $10,000 on May 1 from 1941 to 1945 incl.
Other bids;
; t
Tyler & Co
Halsey, Stuart & Co., Inc
Lyons & Shafto,
3241
Mich.—BOND
Obligations offered
f
—
for sale must be fully described.
REDFORD UNION SCHOOL DISTRICT NO. 1 (P. O. Detroit).
.
Mich.—TENDERS RECEIVED—Milton V. Doty, District Secretary, states
that tenders were received of series C refunding bonds at 59.45, and certifi¬
cates of indebtedness at prices from 53.50 to 64.68.
ROYAL
OAK
MISSOURI
TOWNSHIP
SCHOOL DISTRICT NO.
8
(P. O.
Royal Oak), Mich.—TENDERS WANTED—
Ralph Valom, District Secretary, will receive sealed tenders of 1936 re¬
funding bonds, series A and B, dated April 1, 1936, until 7 p. m. (EST)
Hazel
on
Park
June 8.
BONDS
& Town Issues
Markets In all State, County
Station,
Amounts
on
hand for retirement of bonds
are as
follows:
series
WARREN TOWNSHIP SCHOOL DISTRICT NO.
5
(P. O. Van
Dyke), Mich.—TENDERS WANTED—William G. MiUer, District Secre¬
tary, wiil-^eceive sealed tenders of 1937 refunding bonds series A and B,
dated Oct. 1, 1937, and refunding bonds series C dated Jan. 3, 1938, until
8 p. m. on May 24.
the various bonds.
A total of about $10,000 is available for purchase of
COMPANY
RICHTER
SCHERCK,
A $4,559.05; series B $1,922.91.
Offerings should be firm for 3 days and
fully describe the securities tendered for sale.
LANDRETH
BUILDING, ST. LOUIS, MO.
~
MISSOURI
MARTHASVILLE
SCHOOL
DISTRICT
(P. O. Marthasville), Mo.
of the Board of Education
—MA TURI TV—It is stated by the Secretary
No bids were submitted at the offering on May 14 of $75,000 not to exceed
that the $15,000 building bonds sold to the Mississippi Valley Trust Co. of
St. Louis, as 3s, at 102.166, as noted here—V. 150, p. 2920—are due on
March 1 as follows: $500 In 1941 to 1950, and $1,000 in 1951 to 1960.
4% interest military hangar and addition revenue bonds.—V. 150,
giving a basis of about 2.78%.
r
WAYNE
COUNTY
(P.
O.
Detroit),
Mich.—BONDS NOT SOLD—
p.
3087.
The Commercial & Financial
3242
Chronicle
May 18,
1940
LEE, N. J.—INTEREST PAYMENT ANNOUNCED—J. M.
Hewitt, 111 Broadway, New York, N. Y., treasurer of the Board of
Liquidation for the above Borough, announced last week that a 1% in¬
terest payment will be paid on June 1 to holders of interest funding warrants
of the Borough of Fort Lee.
Payment will be made to holders of record
June 1.
These interest funding warrants bear interest at the rate of 2%
FORT
MONTANA
SCHOOL DISTRICT NO. 4 (P. O.
Mont.—BOND OFFERING—Sealed bids will be received
May 31, by Carl M. Gunderson, District Clerk, for the
purchase of $28,000 not to exceed 6% semi-annual building bonds.
In¬
terest rate is not to exceed 6%, payable J-J.
Dated July 1, 1940. Amorti¬
zation bonds will be the first choice and serial bonds will be the second
choice of the school board.
If amortization bonds are sold and issued,
the entire issue may be put into one single bond or divided into several
bonds, as the Board of Trustees may determine upon at the time of sale,
both principal and interest to be payable in semi-annual instalments during
a period of 20 years from the date of issue.
The bonds, whether amortiza¬
tion or serial bonds, will be redeemable in full on any interest payment
date from and after 10 years from the date of issue.
The bonds will be
sold for not less than their par value with accrued interest, and all bidders
must state the lowest rate of interest at which they will purchase the bonds
at par.
Enclose a certified check for $280 payable to the above Clerk,
(These are the bonds that were originally scheduled for sale on May 14
—V. 150 p. 2767.)
'■
CHOUTEAU COUNTY HIGH
Highwood),
until
8 p.m. on
,
COLUMBIA FALLS HIGH
SCHOOL DISTRICT (P. O. Columbia
Falls), Mont.—BOND SALE—The $100,000 issue of high school building
bonds offered for sale on May 13—V. 150, p. 2614—was awarded to the
State Land Board as2Ks according to the Clerk of the Board of Trustees.
Bozeman),
Mont.—BOND SALE—
$138,000 issue of refunding bonds offered
for sale on May 15—V.
National Bank of Denver,
100.507, according to the
COUNTY
GALLATIN
The
O.
(P.
150, p. 2614—was awarded to the United States
as
lMs, paying a premium of $700, equal to
County Treasurer.
HARDIN,
street
Improvement
14—V. 150, p. 2920—were purchased by a
at par, according to
LEWIS AND CLARK
$27,764
SALE—The
Mont.—BOND
bonds offered for sale on May
local investor, as
the City Clerk.
COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Helena), Mont.—BOND OFFERING—Sealed bids will be received until
June 10, by J. F. McBride, District Clerk, for the purchase of
a $60,000 issue of not to exceed
6% semi-ann. building bonds.
Dated
8 p. m. on
July 1, 1940.
Amortization bonds will be the first choice and serial bonds
choice of the School Board.
If amortization bonds are
entire issue may be put into one single bond or divided
into several bonds, as the Board of Trustees may determine upon at the
time of sale, both principal and interest to be payable in semi-annual in¬
stallments during a period of 10 years from the date of issue.
If serial bonds
are issued and sold they will be in the amount of $1,000 each; the sum of
will be the second
sold and issued, the
$6,000 of the serial bonds will become payable on July 1, 1941; and the sum
of $6,000 will become payable on the same day each year thereafter until
all of such bonds are paid.
The bonds, whether amortization or serial
bonds, will be redeemable in full on any interest payment date from and
after five years from the date of issue.
The bonds will be sold for not less
than their par value with accrued interest, and all bidders must state the
lowest rate of interest at which they will purchase the bonds at par.
En¬
close a certified check for $3,000, payable to the District Clerk.
MEDICINE
LAKE,
Mont.—BOND SALE—The $6,000 srmi-ann.
system bonds offered for sale on May 13—V. 150, p. 2767—were
purchased by the State Board of Land Commissioners, as 4s, at par.
No
other bid was received, reports the Town Clerk.
sewer
ROSEBUD COUNTY SCHOOL DISTRICT NO. 31 (P. O. Sumatra),
OFFERING—Sealed bids will be received until 4 p. m.
Mont.—BOND
Kinkade, District Clerk, for the purchase of $27,500
1940,
Amor¬
be the second
choice of the School Board.
If amortization bonds are sold and issued, the
entire issue may be put into one single bond or divided into several bonds,
as the Board of Trustees may determine upon at the time of sale, the in¬
terest thereon to be payable in semi annual installments during a period
of 10 years from the date of issue.
If serial bonds are issued and sold they
will be in the amount of $500, the sum of $500 will become payable on Jan. 1,
1941, and the sum of $3,000 will be come payable on the same day each
year thereafter until all of such bonds are paid.
The bonds, whether
amortization or serial bonds, will be redeemable in full on any interest pay¬
on
June 8, by Mary
not to exceed 4% semi ann. refunding bonds.
Dated July 1,
tization bonds will be the first choice and serial bonds will
ment date from
and after four years from the date of issue.
1939, the final decree in
dated June 1,
were
STILLWATER COUNTY SCHOOL DISTRICT
NO. 32
(P. O.
Rapelje), Mont.—BOND OFFERING—Sealed bids will be received until
12, by L. G. Braddock, District Clerk, for the purchase of
$26,686.76 not to exceed 4% semi-ann. refunding bonds.
Dated March
1, 1940.
A certified check for $500, payable to the Chairman of the Board
HIGHTSTOWN,
Borough Clerk, will
N.
J.—BOND OFFERING— George P. Dennis,
receive sealed bids until 8 p.m. (DST) on May 21 for
of $60,000 not to exceed 6% interest coupon or registered
improvement bonds.
Dated May 1, 1940. Denom. $1,000. Due May 1
as follows: $5,000 from 1941 to 1945, incl. and $7,000 from 1946 to 1950,
the purchase
multiple of
payable at the First National
obtained at sale of the bonds
is $60 000
The bonds are unlimited tax obligations of the borough and
approving legal opinion of Hawkins. Delafield & Longfellow of New York
City will be furnished the successful bidder.
A certified check for 2% of
the bonds offered, payable to order of the Borough, must accompany each
Bidder to name a
incl
single rate of interest, expressed in a
M of 1%.
Principal and interest (M-N)
Bank, Hightstown.
The sum required to be
proposal.
HOBOKEN, N.J.—PROPOSED
the bid.
NEBRASKA
ISLAND, Neb.—BOND SALE DETAILS—It is now reported
by the City Clerk that the $91,000 refunding bonds sold jointly to Shields
& Co. of New York, and the Kirkpatrick-Pettis Co. of Omaha, as noted
here—V. 150, p. 3088—were purchased as follows: $46,000 as one, due as
follows: $10,000 in 1941, and $9,000 in 1942 to 1945; the remaining $45,000
GRAND
lMs. due $9,000 in 1946 to 1950.
LIVINGSTON TOWNSHIP (P. O. Livingston), N. J .—BOND SALE
$55,000 coupon or registered sewer assessment bonds offered
—The issue of
May 9—V. 150, p. 2921—was awarded to H.B. Boland & Co. of New York,
as 2 Ms, at a price of 100.31, a basis of about 2.19%.
Dated May 1, 1940
and due May 1 as follows: $10,000 in 1942 and $5,000 from 1943 to 1951,
incl.
Other bids:
Int. Rate
3%
3%
3%
Co
Itippel, Inc
H.L. Allen & Co
J. S.
Rippel & Co. and C. A. Preim &
LINCOLN SCHOOL DISTRICT (P. O.
Lincoln), Neb.—BOND SALE
of school bonds offered for sale on May 10—V. 150,
2920—was awarded jointly to Halsey, Stuart & Co., Inc., the Illinois
Co., and Mullaney, Ross & Co., all of Chicago, as 2Ms, at par.
Dated
July 1, 1940.
Due July 1, as follows: $10,000 in 1941 to 1947, $15,000 in
1948 to 1969 and $20,000 in 1970 to 1975.
Bonds maturing July 1, 1952 to
1975, are optional in inverse order at par after July 1, 1951.
Legality to
be approved by Chapman & Cutter of Chicago.
p.
subscriptions were
1941 to 1975, those due 1952
and subsequently being optional at par in inverse numerical order on and
after July 1, 1951.
The prices at which the various maturities are offered
yield 0.20% to 2.25% to the first optional date, 1951, after which they
yield the coupon rate of 2M% until redeemed.
BONDS
FOR
OFFERED
INVESTMENT—Public
The bonds mature serially July 1,
McCOOK, Neb.—PRE-ELECTION CONTRACT—It is stated by Charles
Skalla, City Clerk, that the city has entered into a contract with the First
$425,000 3M% semi-ann. Light and Co,
purchase revenue bonds authorized by the City Council on April 22.
This
contract is subject to the outcome of an election to be held in the near
future.
Dated on or about July 1, 1940.
Due as follows: $25,000 in 1945,
and $40,000 in 1946 to 1955; bonds maturing on and after 1951, being
callable on and after five years from date of issue.
Trust Co. of Lincoln, to purchase
NEBRASKA
Neb.—BOND
PURCHASE
CONTRACT—IX,
is
reported by Stifel, Nicolaus & Co. of Chicago, that they have a preliminary
contract with the above city to purchase bridge revenue bonds.
The
city is said to be undertaking negotiations with the owners of the bridge
for its purchase.
NEW
NEW
HAMPSHIRE
NEWARK, N. J .—BOND SALE—The $1,350,000 coupon or registered
bonds offered May 15—V. 150, p. 3088—were awarded to a syndicate com¬
posed of Colyer, Robinson & Co., Inc., Adams & Mueller, and Julius A.
Rippel, Inc., all of Newark, as 3s, at 100.073, a basis of about 2.98%.
Sale consisted of:
$200,000 series A street improvement
from 1941 to 1945 inclusive.
bonds.
200,000 series B street improvement
from 1941 to 1945, inclusive.
bonds.
200,000 series A water bonds.
LATER OFFERS REJECTED—All bids submitted May 16 at
the imita¬
tion of State Treasurer F. Gordon Kimball were also rejected.
NEW
SCHOOL
Due $40,000 on May 15
_
_
1941 to 1960,
bonds.
Due $90,000 on May 15
150,000 series B water bonds.
Due May 15 as follows: $6,000 from
to 1950, incl., and $9,000 from 1951 to 1960, incl.
150,000 series A sewer bonds.
Due May 15 as follows: $9,000 from
to 1950, inclusive, and $6,000 from 1951 to 1960, inclusive.
1941
1941
Banking group announced sale
of the first five maturities and priced the remaining bonds to yield from
2.10% to 3.20%, according to maturity.
Other bids were as follows:
15, 1940.
No.
'■■■•
Bonds
Int.
Rate
For
Rate
Bid
1,342
3H%
100.598
1,344
3H%
100.48
1,345
3H%
100.40
1,346
3H%
100.303
Bidder—
First National Bank of New
'
'
Bid
York; Halsey, Stuart
Inc.; Stranahan, Harris & Co. Inc.; and
A. C. Allyn & Co. Inc
—
B. J. Van Ingen & Co., Inc.; Blair & Co., Inc.:
Estabrook & Co.; and Eldredge & Co
Phelps, Fenn & Co., Inc.; J. S. Rippel & Co.,
Hemphill, Noyes & Co.; Campbell Phelps & Co.,
Inc.; First of Michigan Corp.; Charles Clark &
Co.; R. D. White & Co.; J. M. Dain & Co.; Van
Deventer Bros.; and P. E. Kline. Inc
Blyth & Co.; Harriman Ripley & Co., Inc.; George
Roosevelt & Weigold, Inc.;
Bacon, Stevenson & Co.; Dougherty, Corkran &
Co.; MacBride, Miller & Co.; F. W. Reichard &
Co.; and John B. Carroll & Co
B.
Gibbons
& Co.;
RIVER,
N. J.—BOND OFFERING—George A.
Bowen,
Borough Clerk, will receive sealed bids until 8 p. m. (DST) on May 27 for
the purchase of $20,000 not to exceed 6% interest coupon or registered poor
relief bonds.
Dated April 1, 1940.
Denom. $1,000. Due $4,000 on
April 1 from 1941 to 1945, incl.
Bidder to name a single rate of interest,
expressed in a multiple of M of 1 %.
Principal and interest (A-O), payable
at the First National Bank, South River.
A certified check for 2% of the
bonds bid for, payable to order of the borough, must accompany each
SOUTH
Sroposal. Legal successful bidder.
furnished the opinion of Caldwell &
JERSEY
N. J.—BOND OFFERING
sealed bids until 8 p. m.
(DST) on May 24 for the purchase of $372,000 3.3M,3H,3^,4,4M,or
4^% coupon or registered school bonds.
Dated April 1, 1940.
Denom.
$1,000.
Due April 1, as follows: $15,000 from 1942 to 1947, incl.: $21,000
from 1948 to 1951, incl., and $22,000 from 1952 to 1960, incl.
Bidder to
name a single rate of interest on all of the bonds.
Principal and interest
(A-O) payable at the Bergenfield National Bank & Trust Co., Bergenfield.
The sum required to be obtained at sale of the bonds is $372,000.
The
bonds will be valid and legally binding obligations of the Board of Educa¬
tion, payable from ad valorem taxes which may be levied on all of the
district's taxable property.
A certified check for 2% of the bonds offered,
payable to order of the Board of Education, must accompany each pro¬
posal.
Legal opinion of Hawkins, Delafield & Longfellow of New York
City will be furnished the successful bidder.
Raymond of New York City will
(P. O. Elizabeth), N. J .—BOND SALE— The
$95,000 hospital building bonds offered May 17—V. 150, p. 3089—were
awarded to the Union County Trust Co. of Elizabeth, as 2s, at par plus a
UNION
COUNTY
Sremium of $152, equal $5,000 from 1941 to of about 1.979%.National
Dated
lay 15, 1940 and due to 100.16%, a basis 1959 incl.
The
second high bidder, named a rate
of 2.10% and
premium of $165.
CITY,
N. J .—BOND SALE—The $2,389,000 coupon or
registered refunding bonds offered May 13—V. 150, p. 3089—were pur¬
chased as 4s, at par, by B. J. Van Ingen & Co., Inc., of New York, the
only bidder.
Dated June 1, 1940. and due Dec. 1, as follows: $6o,000 in
1941 and 1942: $70,000,1943; $85,000,1944; $90,000,1945; $109,000,1946;
$115,000, 1947; $120,000, 1948; $125,000, 1949; $130,000, 1950; $135,000,
1951; $140,000, 1952; $145,000, 1953; $150,000 from 1954 to 1958, incl.;
$140,000 in 1959, and $105,000 in 1960.
m
VENTNOR
DISTRICT,
NEW
—Thomas C. Browne, District Clerk, will receive
Due $40,000 on May 15
_
Due $10,000 on May 15 from
450,000 series C street improvement
from 1941 to 1945, inclusive.
State Bank of Elizabeth,
HAMPSHIRE, State of—BONDS NOT SOLD—The $6,599,000
3088—-were not
Kimball, State
bonds offered May 14 and fully described in—V. 150, p.
sold as the bids were rejected, according to F. Gordon
Treasurer.
The bids, all for 2% bonds, were as follows:
BERGENFIELD
100.29
Co
100.53
100.32
100.19
MAYWOOD, N. J .—BOND OFFERING— S. C. Ogden, Borough Clerk,
will receive sealed bids until 8:15 p. m. (DST) on May 28, for the purchase
of $25,000 not to exceed 6% interest coupon or registered street assessment
bonds.
Dated May 15, 1940.
Denom. $1,000.
Due May 15 as follows:
$4,000 in 1941 and 1942; $3,000, 1943 and 1944; $2,000 from 1945 to 1949,
incl. and $1,000 in 1950.
Bidder to name a single rate of interest, expressed
in a multiple of H or l/10th of 1%.
The price for which the bonds may be
sold cannot exceed $20,000. Principal and interest (M-N) payable at the City
National Bank & Trust Co., Hackensack.
The bonds are unlimited tax
obligations of the borough and the approving legal opinion of Reed, Hoyt,
Washburn & Clay of New York City will be furnished the successful bidder
A certified check for $500, payable to order of the borough, is required.
e
CITY,
Rate Bid
3H%
Bidder—
M. M. Freeman &
Julius A.
& Co.,
—The $520,000 issue
invited.
REFUNDING ISSUES—The State Fund*
ing Commission on May 7 took under consideration the city's proposal to
issue $1,202,000 not to exceed 5% interest refunding bonds, divided as
follows:
$568,000 series I bonds. Due July 1 as follows: $25,000 in 1950,
$85,000 in 1951, $75,000 in 1952, $65,000 in 1953, $54,000 in 1954, $70,000
in 1955, $130,000 in 1956, and $64,000 in 1957.
634,000 series II bonds.
Due July 1 as follows:
$200,000 in 1957, $234,000 in 1958, and $200,000
in 1959, callable at any time before May 1, 1956.
All of the bonds would
be dated May 1, 1940.
All of the bonds are dated May
as
the Fort Lee composition
by the court until Oct. 16, 1939, and the
under the refunding plan did not actually
start functioning until almost the close of the calendar year 1939.
The
interest payment to be made on June 1 is the first payment declared by
the board on interest funding warrants and may be considered as covering
the six months' period ending June 1, 1940.
proceedings was not rendered
Board of Liquidation created
inclusive.
2 p. m. on June
of Trustees, must accompany
terest for
six months' period. Although
g.r annum, aif earned. The payment to bethe interestJune 1 represents
made on funding warrants
MEXICO
FE, N. Mex.—BOND CONTRACT AWARDED—It is stated
by R. L. Thornton, City Clerk, that Brown, Schlessman, Owen & Co. of
Denver, have been awarded a contract to purchase water and light plant
revenue bonds, the exact amount of which has not been determined as yet.
SANTA
NEW
YORK
N. Y.—BOND SALE— The $260,000 coupon or registered
bonds offered May 10—V. 150, p. 2921—were awarded to the First National
Bank of Chicago, as l-10s, at a price of 100.355, a basis of about 1.03%.
AUBURN,
Sale consisted of:
The Commercial & Financial Chronicle
Volume ISO
.
3243
Mr. McGoldrick said that while $396,441,000 in city bonds has been
since Jan. 1, 1934, the total reduction of debt between that date at
issued
Municipal Bonds
-
June 30 of this year would amount to
Government Bonds
Mr.
NEW YORK,
N. Y.
to
1950, incl,
Due April 15 as follows: $15,000 from 1941
to 1945, incl. and $3,000 from 1946 to 1950, incl.
Other bids: #
■Bidder—
Int. Rate
1.40%
O. Whitehall),
N. Y.—BOND OFFERING— Guer¬
&
Traders
Co.
Trust
and
Trust
Co.,
bids until 11 a. m. (DST) on
May 28 for the purchase of $53,600 not to exceed 6% interest coupon or
registered general bonds of 1940, divided as follows:
1.40%
100.109
J0!T,700
1.50%
100.283
Adams,
....
&
100.169
series I (home relief) bonds.
One bond for $700, others $1,000
Due April 1, as follows: $2,700 in 1941; $2,000 from 1942
1947, incl., and $3,000 from 1948 to 1950, incl.
29,900 series II (public impt., work relief project) bonds.
One bond for
$900, others $1,000 each.
Due April 1, as follows: $2,900 in 1941
and $3,000 from 1942 to 1950, incl.
of
First
each.
-
to
All of the bonds will be dated April
1, 1940.
Bidder to name a single
interest, expressed in a multiple of
or l/10th of 1%.
Principal
(A O) payable at the Merchants National Bank, Whitehall.
The bonds are unlimited tax obligations of the town and the approving
legal opinion of Hawkins, Delafield & Longfellow of New York City will
be furnished the successful bidder.
A certified check for $1,072, payable
rate of
and interest
multiple of % or l-10th of 1 %.
Principal and interest (J-D)
payable at the City Comptroller's office or at the Central Hanover Bank
& Trust Co.
New York City, at option of the holder.
Coupon bonds,
registerable as to principal and interest, will be issued in the denomination
of $1,000, and may be exchanged for bonds in the denomination of $1,000,
or multiples thereof, registered as to principal and interest, at the option
of the holder.
A certified check for $50,000, payable to order of the City
Comptroller must accompany the bid. Favorable legal opinion of Caldwell,
& Raymond of New York City will be furnished the successful bidder on
delivery of the bonds. Such delivery will be made at the City Comptroller's
office or at the Central Hanover Bank & Trust Co., 70 Broadway, New
York City, (preferred place of delivery to be specified in the bid) on June
1, 1940 or as soon thereafter as possible upon payment of the principal
balance due plus accrued interest.
a
to order of the town, must accompany
NORTH
DUNKIRK, N. Y.—BOND SALE—The $80,000 public works bonds
Bank of Dunkirk, as 1.95s, at par.
Dated June 1,1940, and due as follows:
$9,000 in 1941 and 1942, $8,000 in 1943, and $9,000 from 1944 to 1949,
Other bids:
Bidder-—
'--y ,:'j:'-■-fJRafe
Roosevelt &Weigold, Inc., and Bacon, Stevenson & Co.
Manufacturers & Traders Trust Co
4%
4%
D. S. Wright of Dunkirk-.
5%
ESSEX COUNTY (P. O.
"Bf
10..32
100.199
Par
Elirabethport), N. Y.~COURT DIRECTS
PAYMENT OF BONDS FROM HIGHWAY FUNDS— Supreme Court Jus¬
tice O.
Bryon Brewster of Elizabethtown, following a special hearing con¬
at Sarasota on April 27, issued a mandamus order directing the
highway bonds and interest
due May 1 in the approximate amount of $25,000, it is reported.
The
proceedings were instituted by the County Board of Supervisors through
William Walker, Chairman, for the purpose of securing an interpretation
of Sec. 114 of the Highway Law in regard to the use of highway moneys
received from the State for the payment of highway bonds.
Recently the department of audit and control of the New York State
Comptroller's office had questioned the use of highway moneys for the
payment of bonds and a judicial construction of Sec. 114 of the Highway
ducted
payment from the highway fund of county,
sought.
FRANKLIN COUNTY (P. O. Mai one), N. Y.—BOND OPFERING—
William H. Moore, County Treasurer, will receive sealed bids until 2 p. m.
(EST) on May 28 for the purchase of $197,000 not to exceed 4% interest
coupon or registered funding bonds.
Dated May 15, 1940. Denom. $1,000.
Due Dec. 15 as follows: $17,000 in 1940 and $20,000 from 1941 to 1949 incl.
Principal and.interest (J-D 15) payable at the People's Trust Co., Malone,
with New York exchange.
Bonds are general obligations of the county,
payable from unlimited taxes.
A certified check for $3,940, payable to
order of the county, must accompany each proposal.
Legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder.
MALVERNE.
N.
Y.—BOND OFFERING—Albert
Clerk, will receive sealed bids until 4 p.m.
(DST)
on
J.
Brown, Village
May 20 for the
pur¬
chase of $6,100 not to exceed 5% interest coupon or registered tax revenue
bonds.
Dated June 1, 1940.
One bond for $100, others $1,000 each.
Due June 1 as follows: $2,100 in 1941; $2,000 in 1942, and $1,000 in 1943
and 1944.
Bidder to name a single rate of interest, expressed in a multiple
%,
Principal and interest (J-D) payable at the Bank of
Malverne, with New York exchange.
The bonds are general obligations
of the village, payable from unlimited taxes.
A certified check for $150,
payable to order of the village, must accompany each proposal.
Legal
approving opinion of Dillon, Vandewater & Moore of New York City will
be furnished the successful bidder.
of M of 1-10 of 1
COUNTY
(P.
N. Y.—BOND SALE—
offered May 15—V. 150, p. 3089
Inc., of Rochester, as 1.75s, at
100.013, a basis of about 1.74%.
Sale consisted of:
$160,000 home relief bonds.
Due June 1, as follows: $15,000 from 1941
to 1948, incl., and $20,000 in 1949 and 1950.
400,000 improvement bonds.
Due June 1, as follows: $50,000 in 1941
and 1942: $60,000, 1943; $65,000 in 1944; and $35,000 from 1945
O.
Rochester),
The $560,000 coupon or registered bonds
awarded to Sage, Rutty & Co.,
—were
to 1949, incl.
All of the bonds will be dated June 1, 1940.
Bidder—
Harris
Trust
&
Savings Bank of Chicago
Other bids:
Int. Rate
Rate Bid
and
City Bank of New York
1.90%
1.90%
Central Trust Co. of Rochester.,—;
Halsey, Stuart & Co., Inc., and First of Michigan
Corp
L
——2%
Harriman Ripley & Co., Inc
' 2.20%
George B. Gibbons & Co.; Roosevelt & Weigold,
l
Inc.;
Bacon,
Stevenson <fc
Co.; and Adams,
Mc Entee & Co., Inc
2.20%
Salomon Bros. & Hutzler
2%%
100.189
Par
100.209
I0u.209
"
„
100.187
100.25
Manufacturers & Traders Trust Co., and Stranahan,
Harris & Co__
2.40%
:
Blair & Co., Inc., and B. J. Van Iugen
& Co., Tnc__
Blyth & Co., Inc., and Marine Trust Co. of Buffalo
100.169
2.40%
2.70%
100.05
Par
MONTGOMERY, N. Y.—BOND SALE— The Warwick Savings Bank of
awarded
on
May 15 an issue of $3,000 street equipment bonds
2s, at a price of 100.033, a basis of about 1.98%.
Dated May 15, 1940.
Denom. $1,000.
Due $1,000 on July 1 from 1941 to 1943, incl.
Principal
and interest (J J) payable at the Village Treasurer's office.
The bonds are
as
obligations of the village.
Second high bid of 100.333 for
3 hs was made by Mary H. Taft of Montgomery.
r NEW YORK, N. Y.—SELLS $40,800,000 NOTES—City Comptroller
Joseph D. McGoldrick announced May 15 the sale of $40,800,000 notes to
the usual group of 26 banks and trust companies in the city.
Financing
consisted of $30,000,000 0.25%
bond anticipation notes for water supply
dated May 15, 1940, and due Oct. 15, 1940, and $10,800,000
0.35% tax anticipation notes, dated May 15, 1940, and due May 15, 1941.
purposes,
DEBT RISE SINCE 1934 PLACED AT $20,423,705—New York City's
projects has been limited to an increase of only
$20,423,705 since 1934 although $650,000,000 of city and Federal funds have
been spent in the "greatest construction program in the city's history,"
Comptroller Joseph D. McGoldrick declared May 14 at a luncheon of the
Municipal Bond Club.
.,.
f
debt for non-self-sustaining
each proposal.
CAROLINA
FOREST CITY, N. C.—BOND OFFERING—Sealed bids will be re¬
until
11
a. m.
(EST),
on
May 21,
by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of $110,000 general refunding bonds, dated June 1, 1940,
maturing on Dec. 1 of each year, without option of prior payment, as
follows: $4,000, 1940 to 1942, incl.; $5,000, 1944 to 1946, incl.; $5,000,
1951; $12,000, 1953; $12,000, 1954; $13,000, 1955; $13,000, 1956; $14,000,
1957, and $14,000, 1958.
There will be no auction.
Denom. $1,000;
coupon bonds registerable as to principal alone; principal and interest (J-D),
payable in legal tender in New York City; general obligations; unlimited
tax; delivery on or about June 10, at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of H 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 accrued interest will be entertained.
Bids are required on forms to be furnished with additional information
and each bid must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $2,200.
The approving opinion of Masslich & Mitchell,
New York City, will be furnished the purchaser.
ceived
offered May 14—V. 150, p. 2768—were awarded to the Merchants National
tax
$250,000 0.80% certificates of indebtedness, dated May 10, 1940
.'-v
;.-jv
vv•
don Hardy, Town Clerk, will receive sealed
BUFFALO, N. Y.—BOND OFFERING—Frank M. Davis. City Comp¬
unlimited
issue ol
WHITEHALL (P.
100.184
troller, will receive sealed bids until 10 a. m. (EST) on May 21 for the
purchase of $2,500,000 not to exceed 6% interest refunding bonds.
Dated
June 1, 1940.
Due June 1 as follows: $50,000 from 1941 to 1945, incl. and
$450,000 from 1946 to 1950, incl. Bidder to name a single rate of interest,
was
since
naming an interest rate of 0.25% and premium of $15.
Rate Bid
&
Rollins
Michigan Corp. and R. D. White & Co
Warwick
incurred
1.40%
McEntee & Co., Inc
Mercantile-Commerce Bank
National
debt
of prior payment.
The National City Bank of New York and the Bank
of the Manhattan Co., both of New York, submitted the next best bid,
All of the bonds will be dated April 15, 1940.
MONROE
new
local improvement (Ord. 40-66) notes offered May 16 was awarded to the
Chase National Bank of New York, at 0.23% interest, at par plus a pre¬
mium of $16.
Dated May 20, 1940.
Due Sept. 20, 1940, without option
,
90,000 public works bonds.
Law was then
the
f ROCHESTER, N. Y.—NOTE SALE— The issue of $900,000 special
Due April 15 as follows: $13,000 from 1941
1943, incl.; $18,000 in 1944 and 1945; and $19,000 from 1946
to
incl.
of
and due in six months.
YORK
$170,000 home relief bonds.
expressed in
remainder
ONONDAGA COUNTY (P. O. Syracuse), N. Y.—CERTIFICATE
SALE—The Lincoln National Bank & Trust Co. of Syracuse purchased
an
Sons, Inc..
Manufacturers
The
City of New York will therefore have passed through the most
difficult financial period in recent history with its public facilities newer
and more extensive than ever before, and its credit position the envy of
municipalities throughout the Nation," Mr. McGoldrick asserted.
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
Halsey, Stuart & Co., Inc
Harris Trust & Savings Bank and E. H.
said.
The
Bell
.
McGoldrick
fc"? beginning of 1934 wil1 be entirely self-supporting, the Comptroller said.
Tilney & Company
NEW
The average annual
Enough additional bonds will have been retired by Nov. 1 "to wipe out
every penny of debt increase for other than self-sustaining projects,"
Housing Authority Bonds
76 BEAVER STREET
$376,017,295.
uu^ease was thus slightly more than $3,000,000, he said.
■
_______
LEXINGTON, N. C.—BOND OFFERING—sealed bids will be received
11 a. m. (EST) on May 21, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
of
bonds aggregating $349,000, dated June I, 1940, maturing on June 1
of each year as follows, without option of prior payment:
until
$138,000 refunding water and light bonds, maturing annually
1948 to 1953, incl., $18,000, 1954, $30,000, 1955. and
$10,000,
$30,000,
181,000 refunding street and sidewalk bonds, maturing annually, $5,000,
1946, $15,000, 1947 to 1950, incl., $30,000, 1951, $30,000, 1952,
$35,000, 1953, and $21,000, 1954.
in,_
a
15,000 refunding bonds, maturing $5,000, 1946 and $10,000, 1947.
15,000 refunding school bonds, maturing $10,000, 1949 and $5,000, 1950.
""Denom. $l70000fprincipal and interest (J-D) payable in N.Y. City in legal
tender; general obligations; unlimited tax; coupon bonds registerable as to
principal alone; delivery on or about June 7, at place of purchaser's choice.
There will be no auction.
.
A separate bid for each issue
(not less than par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of M of 1%; each bid may name one rate for
part of the bonds of any issue (having the earliest maturities) and another
another rate for the balance, but no bid may name more than two rates
for any
issue, and each bidder must specify in his bid the amount of the
The bonds will be awarded to the bidder offering to
bonds of each rate.
purchase the bonds at the lowest interest cost
determined by deducting the total amount of
interest upon all of the
aggregate amount of
mBidstmust
to the city, such cost to be
the premium bid from the
bonds until their respective
on a form to be furnished with additional information and
by a certified check upon an incorporated bank or
payable unconditionally to the order of the State Treasurer
for $6,980.
The right to reject all bids is reserved.
The approving opinion of Masslich & Mitchell, New York City, will be
furnished the purchaser.
must
be
be accompanied
trust company,
OHIO
DATE— Because of the necessity
ALLIANCE, Ohio—NEW OFFERING
of amending tAe original ordinance, date
of sale of the $50.0001 2 J4 % de¬
bonds, originally scheduled for May 18—V 150,
p
3090—was changed to June 7.
Sealed oids will be received until noon
on that date by F.
H. Greneisen, City Auditor.
Bonds will be dated
June 1, 1940.
Denom. $1,000.
Due Sept. 1, as follows: $6,000 from 1941
to 1945, incl., and $5,000 from 1946 to 1949, incl.
Bidder may name a
different rate of interest, provided that fractional rates are expressed in a
multiple of H of 1%.
Said bonds shall be subject to call in whole or in
part on Sept. 1, 194^, or on any other interest paying date thereafter upon
the passage of a resolution by the Council of the City bf£9ia"ce.Ohio,
and by publishing in a newspaper of general circulation in the said City of
Alliance, a notice of such call once a week for four consecutive weeks at least
30 days prior to such date of call.
In the event that less than an entire
issue is called at any time the bonds shall be called in inverse order of their
linquent tax poor relief
nUA*certifIod
each
check for $500, payable to order
proposal.«
BELPRE
BOND SALE
of the city, must accompany
EXEMPTED ViLLAGE SCHOOL
DETAILS—'The $13,000 3% school
DISTRICT, Ohio—
construction bonds re¬
ported sold in—V. 150, p. 2922—were purchased by the
Retirement System and mature $650 on June 15 and Dec.
1950. incl.
m
41
State Teachers
15 from 1941 to
***
CRESTLINE, Ohio—BOND OFFERING—Marie 8chill, Village Clerk,
until noon on June 1 for the purchase of $11,000 3%
waterworks improvement bonds.
Dated April 1. 1940. Denom.
$500.
Due $500 on Oct. 1 from 1941 to 1962 incl.
Callable at village s
option.
Bidder may name a different rate of interest provided.that frac¬
tional rates are expressed in a multiple of J4 of 1%.
Intrest A-O. A
certified check for $200, payable to order of the village, must accompany
each proposal.
will receive sealed bids
coupon
CROOKSVILLE,
Ohio—BOND OFFERING—John F. Reed,
bids until May 25 for the purchase of
park ..bonds.
>
Clerk, will receive sealed
swimming pool and public
,
Village
$25,000
v
The Commercial & Financial Chronicle
3244
r
CUYAHOGA COUNTY (P. O.
Cleveland), Ohio—BONDS VOTED—
George H. Stahler, Clerk or the Board of County Commissioners, states
that the proposal to issue $4,500,000 highway bonds carried by a vote of
159,834 to 82,004 at the May 14 primary election.
Ohio—BOND
DAYTON.
OFFERING—E.
E.
Hagerman,
Director
1965 incl.
Bidder may name a single rate of interest, provided that frac¬
tional rates are expressed in a multiple of )4 of 1%.
Prin. and int. (A-O)
payable at fiscal agent of the City in New York City.
Bonds are payable
from ample taxes levied within tax limitations.
Purchaser will be furnished
upon request and without expense with the approving legal opinion of
Peck, Shaffer, Williams & Gorman of Cincinnati.
Bonds to be delivered
at the City Treasurer's office or at a Dayton bank designated by the pur¬
chaser, on June 18.
A certified check for 3% of the bonds bid for, payable
to order of the City Accountant, must accompany each proposal*
MAHONING COUNTY (P. O.
ING—Earl F.
Peitz,
Youngstown), Ohio—NOTE OFFER¬
Clerk of the Board of County Commissioners, will
a. m. (EST) on June 5 for the purchase of $200,-
receive sealed bids until 11
000 4% poor relief notes.
Dated June 1, 1940.
Denom. $1,000.
Due
$50,000 Nov. 1, 1940; $50,000 May 1 and $25,000 Nov. 1 1941; $25,000
May 1 and Nov. 1, 1942, and $25,000 May 1, 1943.
Bidder may name a
different rate of interest provided that fractional rates are expressed in a
multiple of M of 1%.
Notes are payable only from delinquent taxes and
an approving opinion of Squire, Sanders & Dempsey of Cleveland, will be
furnished the successful bidder's expense.
Purchaser must be prepared to
take the notes not later than June 15.
A certified check for $2,000, pay¬
able to order of Frank E. Cailor, County Treasurer, must accompany each
proposal.
(An issue of $100,000 poor relief notes was offered May 10, for which all
bids were withdrawn prior to the sale.)
'
COUNTY
MAHONING
(P.
O. Youngstown),
Ohio—BIDS WITH¬
DRAWN—Earl F. Pietz, Clerk of the Board of County Commissioners,
states that all bids submitted for the $100,000 4% poor relief notes scheduled
be
to
sold
2922—were withdrawn due to market
he added, have made no definite plans
for re-offering.
Dated May 1, 1940 and due as follows: $25,000, Nov. 1,
1940; $25,000, May 1 and Nov. 1, 1941, and $25,000, May 1, 1942.
May
conditions.
10—V.
150,
p.
The Commissioners,
OHIO STATE
BRIDGE COMMISSION
MA Y REFUND BONDS—It is
to reduce
the
now
debt costs
on
(P. O. Columbus), Ohioreported that the commission is planning
three toll bridges in the near future by refunding
Steubenville-Weirton, Liverpool-Chester and Pomeroy-Mason bonds
bearing 3H% interest.
OSBORN, Ohio—BOND SALE—The $20,000 series A sanitary
sewer
bonds offered May 11—V. 150, p. 2769—were awarded to J. A.
& Co. of Cincinnati, the second high bidder being the Weil, Both &
White
Irving
Co. of Cincinnati.
Details of the bids not presently available.
Bonds
are dated May 1, 1940, and mature $1,000 on May 1 from 1942 to 1961,
incl.
All or any of the bonds maturing on or after May 1,1952, are callable
May 1, 1951, or on any subsequent interest date, at par and accrued
interest.
'
PEEBLES,
Ohio—BOND SALE—The issue of $50,000
sewer
bonds
offered May 13—V. 150, p. 3090—was awarded to the Weil, Roth & Irving
Co. of Cincinnati, as 3Ma, at par plus a premium of $67, equal to 100.134,
a
basis of about
3.235%.
Dated May 1, 1940, and due Nov. 1, as follows:
$2,000 from 1941 to 1962, incl., and $3,000 in 1963 and 1964.
Other bids:
Bidder—
Premium
Int. Rate
Stranahan, Harris & Co
Fox, Einhorn & Co., Inc
Katz & O'Brien
3%%
-
n
$292.50
3%%
4H%
172.00
53.25
PORTSMOUTH, Ohio—BOND SALE—The $168,000 general refunding
bonds offered
May 10—V. 150,
p.
2769—were awarded to Ryan, Suther¬
18,
1940
Bank, and the Central
PONTOTOC
o
Finance, will receive sealed bids until noon (EST) on June 4 for the pur¬
chase of $300,000 2)4% coupon municipal office building bonds.
Dated
June 15, 1940.
Denom. $1,000.
Due $12,000 on Oct. 1 from 1941 to
May
National Bank, both of Okmulgee, as
2 54s. at par, according to the Treasurer of the Board of Education.
Denom.
$1,000.
Dated June 1, 1940.
Due $4,000 in 1945 to 1950 incl.
Int.
payable June and Nov.
National
(P. O. Roff)
COUNTY SCHOOL DISTRICT NO. 27
Okla.—BOND OFFERING—Sealed bids will be received until 2 p. m. on
May 20, by E. L. Young, District Clerk, for the purchase of $10,000 building
bonds. Due $1,000 in 1943 to 1952 incl. Bonds will not be sold for less than
par and accrued interest.
A certified check for 2% of the amount of the
bid is required.
Okla.—BONDS
Education that $7,000
July, have been purchased
SCHLEGEL SCHOOL DISTRICT (P. O. Cushing),
SOLD—It is stated by the Clerk of the Board of
construction bonds approved by the voters last
by Calvert & Canfield of
Oklahoma City.
Okla.—BOND SALE DETAILS—It, is stated by the
the $11,000 sanitary sewer improvement bonds sold
jointly to the J. E. Piersol Bond Co. of Oklahoma City, and Francis Bro. &
Co. of Tulsa, as noted here—V. 150, P. 2923—were sold at a price of 100.04,
a net interest cost of about 3.68%, on the bonds divided as follows:
$6,000
as 4s, due $1,000 in 1943 to 1948; the remaining $5,000 as 354s, due $1,000
SHATTUCK,
Town
Clerk
that
in 1949 to 1953.
OREGON
ENTERPRISE, Ore.—BOND OFFERING—Sealed bids will be received
until May 24, by L. E. Jordan, City Recorder, for the purchase of $34,000
not to exceed 354% semi-ann. refunding bonds.
Due as follows: $2,000 in
941 to 1948, and $3,000 in 1949 to 1954.
LAKEVIEW, Ore.—BOND SALE—The $4,536.64 3% semi-annual
series A bonds offered for sale on May 13—V. 150 p. 2923
awarded to the Bernard Daly Educational Fund, according to the
Town Recorder.
Due on Feb. 1, in 1941 to 1949; optional after three years
improvement
—were
from date of issue.
SALEM,
8 p. m. on
Ore.—BOND OFFERING—Sealed bids will be received until
May 27, by A. Warren Jones, City Recorder, for the purchase
of the following bonds totaling $98,000:
$58,801.67 general obligation refunding, series of 1940 bonds.
Due
$5,801.67 in 1941, $5,500 in 1942 and 1943, and $6,000 in 1944
to 1950.
Issuedjpursuant to Chapter 156, Oregon Laws, 1933,
as amended by Chapter 208, Oregon Laws,
1935, as amended
by Chapter 511, Oregon Laws, 1939, and Ordinance No. 3456
of the city.
22,880.60 street improvement, Lssue 1940 G bonds.
Due $2,380.60 in
1941, $2,500 in 1942 to 1946, and $2,000 in 1947 to 1950.
Issued pursuant to Chapter XX, Title XYI, Oregon Laws,
1930, as amended, and Ordinance No. 3455 of the city.
16,317.73 improvement bonds.
Due June 15, as follows: $1,817.73 in
1941, $1,500 in 1942 to 1948, and $2,000 in 1949 and 1950.
Issued pursuant to Section 56-2012, Chapter XX, Title LVI,
Oregon Code 1935 Supplement, as amended by Laws of Oregon.
1937, Chapter 464, as amended by Laws of Oregon, 1939,
Chapter 509; Section 56-2308, Oregon Code 1935 Supplement,
as amended by Laws of Oregon,
1937, Chapter 31; and Ordin¬
ance No. 2993; and Ordinance No. 3454 of the city.
Dated June 15, 1940.
Denominations not to exceed $500.
Provided,
however, that the city shall have the option to redeem the bonds, in nu¬
merical order, upon the payment of the face value thereof with accrued
interest
on any interest paying date at or after five years from the date
of issue of the bonds.
Prin. and int. payable at the City Treasurer's office.
The bidder will be required to add to his bid a statement of the net cost to
the city if his bid is accepted.
None of the bonds will be sold for less than
Bidder to name rate of interest which each issue
prior legal approving opinion of Teal, Winfree,
McCulloch, Shuler & Kelley of Portland, will be furnished the purchaser.
par and accrued interest.
of bonds is to bear.
The
land & Co.,
all of
a
Stranahan Harris & Co., Inc. and Braun, Bosworth & Co.,
as 2J^s, at par plus a premium of $1,125.60, equal to 100.669,
about 2.43%.
Dated April 1, 1940 and due Oct. 1 as follows:
basis of
$18,000 from 1946 to 1948, incl. and $19,000 from 1949 to 1954, incl.
Second high bid of 100.059 for
2%s came from Paine, Webber & Co.,
Seasongood & Mayer, and Pohl & Co., Inc., in joint account.
ADDITIONAL AWARD—The $115,000 other bonds offered the same
day
PENNSYLVANIA
Toledo,
were
purchased by the BancOhio
Securities Co.
of Columbus, and
National Bank of Portsmouth, jointly, as 2s as follows:
$65,000 delinquent tax (poor relief) bonds at par plus a premium of $300,
equal to 100.461, a basis of about 1.91%.
Dated Apr. 1, 1940, due
Oct. 1 as follows: $7,000 from 1941 to 1947, incl. and $8,000 in
1948 and
1949.
50,000 city improvement bonds at par plus a premium of $12, equal to
100.024, a basis of about 1.995%.
Dated April 1, 1940 and due
$5,000 on Oct. 1 from 1941 to 1950, incl.
SANDUSKY, Ohio—BOND SALE—The $160,000 coupon sewer bonds
13—V. 150, p. 2617—were awarded to the Harris Trust &
Savings Bank of Chicago, as 2)4s, at a price of 101.88, a basis of about
2.33%.
Dated May 1, 1940 and due Nov. 1 as follows: $6,000 from 1941
offered May
to 1955 incl. and $7,000 from 1956 to 1965 incl.
Other bids:
Bidder—
Int. Rate
Merrill, Turben & Co
Ryan, Sutherland & Co
Halsey .Stuart & Co., Inc
Paine, Webber & Co
First Cleveland Corp
BancOhio Securities Co
Stranahan, Harris &Co_
VanLahr, Doll & Isphording_
Prudden & Co__
SILVER
Rate Bid
101.50
100.68
100.086
101.55
101.53
1^0.38
100.335
100.33
100.64
2^%
2)4%
2)4%
2H%
2 H%
2%%
2% %
254%
3%
—
LAKE, Ohio—BOND CALL—It is reported that J. R. Somers,
Village Clerk, called for payment on June 1,4% refunding bonds, series
1938-1, numbers 1 to 110, incl., aggregating $110,000.
Dated March 1,
1938, and due on Dec. 1 from 1949 to 1953, incl. Interest ceases to accrue on
June 1.
STEUBENVILLE, Ohio—NOTE SALE—Ryan, Sutherland & Co. of
Toledo purchased an issue of $50,000 1)4% street improvement notes.
Dated June 1, 1940 and due June 1, 1941.
Prin. and int. payble at the
City Treasurer's office.
Legality approved by Squire, Sanders & Dempsey
of Cleveland.
TIFFIN
CITY
SCHOOL
DISTRICT,
Ohio—BOND
OFFERING—
Earl Kern, Clerk of the Board of Education, will receive sealed bids until
8 p. m. (EST) on June 3 for the purchase of $10,000 254% athletic field
development bonds.
Dated June 1, 1940.
Denom. $1,000.
A certified
check for 1% of the issue niust accompany each proposal.
TOLEDO, Ohio—BOND SALE—The $24,500 coupon judgment bonds
offered May 16—V. 150, p. 2923—were awarded to Stranahan, Harris &
Co., Inc. and Ryan, Sutherland & Co., both of Toledo, jointly, as 254s, at
par plus a premium of $92.50, equal to 100.377, a basis of about 2.65%.
Dated May 1, 194u and due May 1 as follows: $4,500 in 1942 and
$5,000
from 1943 to 1946 incl. Second high bid of 100.306 for
254s was made by
the Provident Savings Bank & Trust Co. and Siler, Roose & Co.
YOUNGSTOWN, Ohio—TO REFUND BONDS—City Council has
authorized Walter M. Mitchell, Director of Finance, to refund part of the
$275,000 bonds maturing next Oct. 1.
%
OKLAHOMA
ANADARKO,
Okla.—BOND SALE—It
is
stated
that
the
$45,000
coupon water works system bonds were awarded on May 10 to the J. E.
Piersol Bond Co. of Oklahoma City, and Francis Bro. and Co. of St.
Louis,
jointly, paying
a net
interest cost of about 2.23%.
LINCOLN COUNTY CONSOLIDATED
SCHOOL DISTRICT NO.
3
(P. O. Meeker), Okla.—BONDS SOLD—It is reported by Roy Brewer,
District Clerk, that the $8,000 building bonds offered for sale on March
4, as noted here, were purchased by the First National Bank & Trust Co.
of Oklahoma City, as follows: $7,000 as 2 54s, due $1,000 in 1943 to
1949;
the remaining $1,000 as 254s, due in 1950.
OKMULGEE SCHOOL DISTRICT (P. O. Okmulgee), Okla.—BOND
SALE—The $24,000 coupon semi ann. equipment and repair bonds offered
or sale on May 14—V. 150, p. 3091—were awarded jointly to the Citizens
DISTRICT (P. O. Kylertown),
Stewart, Secretary of the Board of
sealed bids until 3 p. m. on May 28 for the
purchaseof $4,5004% coupon school bonds.
Dated Jan. 1.1940.
Denom.
$500.
Due $500 on Jan. 1 from 1943 to 1951, incl.
Interest J J.
COOPER
Pa.—BOND
SCHOOL
TOWNSHIP
OFFERING—Walter
School Directors, will receive
CRESCENT TOWNSHIP SCHOOL DISTRICT (P. O. Glenwlllard),
Pa.—BOND SALE DETAILS—The $12,000 coupon school bonds awarded
in
February to Philip J. Davidson of Patterson
—V. 150, p. 1477—were sold as 2)4*, at par.
Heights
(Beaver Falls)
ERIE, Pa.—BOND OFFERING—Michael J. Henry, City Clerk, will
a.m.
(EST) on June 7 for the purchase of
$130,000 1, 11)4, 1 ht 2, 2*4, 2)4, 2H or 3% coupon funding bonds.
Dated June 1, 1940.
Denom. $1,000.
Due June 1 as follows: $10,000
from 1942 to 1945 incl. and $15,000 from 1946 to 1951 incl.
Bidder to
name a single rate of interest, payable J-D.
Bonds are registerable as to
principal only and will be issued subject to favorable legal opinio 3 of
Townsend, Elliott & Munson of Philadelphia.
A certified check for 2%
of the bonds bid for, payable to order of the City Treasurer, must accom¬
pany each proposal.
v
receive sealed bids until 10.30
NEVILLE
Neville
TOWNSHIP
Island
Branch,
SCHOOL
Pittsburgh),
DISTRICT
(P.O.
Third
St.,
Pa.—BOND OFFERING—Ardel
W. Christie, District Secretary,
will receive sealed bids until 7 p. m. on
June 6 for the purchase of $25,000 coupon school bonds.
Dated June 1,
1940.
Denom. $1,000.
Due June 1, as follows: $2,000 from 1942 to 1953,
incl., and $1,000 in 1954.
Bidder to name a single rate of interest, ex¬
pressed in a multiple of )4 of 1 %.
Bonds may be registered as to principal
only and will be issued subject to approval of proceedings by the Penn¬
sylvania Department of Internal Affairs.
A certified check for $200,
payable to order of the District Treasurer, is required.
Successful bidder
will be furnished with the approving legal opinion of Burgwin. Scully &
Churchill of Pittsburgh.
PATTON TOWNSHIP
(P.
O.
R. D. 2, Pitcairn),
Pa.—BOND OF¬
FERING—Edith Amalong, Township Secretary, will receive sealed bids
at the office of John C. McGinnis, Esq., Law and Finance Bldg., Pitts¬
burgh, until 11 a. m. (EST) on May 29 for the purchase of $45,000 town¬
ship bonds.
Dated June 1, 1940.
Due $5,000 on June 1 in 1945, 1950,
1954, 1958, 1961, 1964, 1966, 1968, and 1970.
Bidder to name a single
rate of interest, expressed in a multiple of 14 of 1%.
Sale of bonds is sub¬
ject to approval of proceedings by the Pennsylvania Department of In¬
ternal Affairs, and the township will furnish and pay for bonds and approv¬
ing legal opinion of Burgwin. Scully & Churchill of Pittsburgh.
A certi¬
fied check for $1,000, payable to order of the Township Treasurer, must
accompany each proposal.
PHILADELPHIA, Pa.—MAY APPEAL ADVERSE RULING
IN
City> legal authorities are
considering the advisability of appealing the decision of Common Pleas
Court Judge Gordon, of May 8, in which the City was enjoined from
refunding with 10-year bonds, the $1,500,000capital mandamuses—V. 150,
p. 3091.
The City was at the same time, however, empowered by the
Court to issue short-term obligations up to 3 years to refund the mandamuses
which carry a 6% interest rate.
•
The decision to take an appeal will be influenced by the prospects of
obtaining a hearing on the case before the State Supreme Court recesses for
the summer.
The next hearing date for the Supreme Court is May 20.
It was pointed out that if a hearing cannot be obtained at that time, a
final decision could not be made by the court until late this year.
HEARING ON $18,000,000 WATER LOAN—Judges Gerald Flood and
Curtis Bok, in Common Pleas Court, heard argument the past week in the
friendly taxpayer's suit to obtain a ruling on the legality or the city's pend¬
ing issue of an $18,000,000 self-liquidating loan against the municipal
water works.
The legal question before the Court is whether the bonds in
question can be issued by the city against a self-liquidating project even
though the city's legal borrowing capacity as fixed by the constitution is
exceeded.
The city's contention is that the debt limitation in the con¬
stitution does not apply to self-liquidating loans but only to general obliga¬
tions.
The friendly taxpayer takes the position that the city may deduct
in its debt accounting system such items as are self-liquidating, reducing
the general debt below the legal limits and thereby make other self-liquidat¬
ing loans possible.
4
TO FLOAT EMERGENCY LOAN—The city will float a $1,750,000
emergency loan this fall to pay off mandamuses and to make up for loss of
second instalment of State gasoline tax money, Mayor Lamberton said.
MANDAMUS CASE— It is reported that the
Volume
Decision
the
TheCommercial & Financial Chronicle
150
to invoke emergency
loan
came as
result of court ruling
prohibiting
city from issuing bonds to
refund capital mandamuses—V. 150, P.
$1,200,000 In mandamuses outstanding,
bearing 6% interest.
These will be retired shortly out of current funds,
since the city has ample cash on hand.
In the fall, Mayor Lamberton said,
when the city needs cash, emergency loan will be floated to make up for
mandamus payments and for $550,000 in gas tax money.
The city will
lose latter for this year as result of transfer of funds by State legislature
3091.
There
are
still
about
for relief.
ingtbonds
though
even
the constitutional debt limit had
already
TOWNSHIP
been
(P. O.
McKees
Rocks),
Pa.—BOND OFFER¬
ING—Edward T. Irwin, Borough Secretary, will receive sealed bids until
7 p. m. (EST) on May 27 for the purchase of $66,000 coupon bonds, divided
follows:
All of the bonds will
will be sold subject
be dated
to approval
partment of Internal Affairs.
June 1, 1940.
Denom. $1,000.
Bonds
of proceedings by the Pennsylvania De¬
Purchaser will he furnished without charge
approving legal opinion of Burgwin, Scully & Churchill of Pittsburgh.
A certified check for $1,000, payable to order of the township, must accom¬
proposal.
DEER
TOWNSHIP
SCHOOL
DISTRICT (P.
O. Russell-
ton), Pa.—BOND OFFERING—Stanley R. Cushman, District Secretary,
will receive sealed bids until 7 p.m. (EST) on May 21 for the purchase of
$50,000 coupon bonds, divided as follows:
$10,000 general improvement bonds.
40,000 operating revenue bonds.
Due $5,000
Due $5,000
on
on
June 1 in 1945 and
June
1 from
1943 to
1950 incl.
All of the bonds will be dated June 1, 1940.
Denom. $1,000.
Bidder
single rate of interest, expressed in a multiple of
of 1 %.
Bonds
are registerable as to principal only and will be sold subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs.
Legal
approving opinion of Burgwin, Scully & Churchill of Pittsburgh will he
furnished the successful bidder.
A certified check for $1,000, payable to
order of the District Treasurer, must accompany each proposal.
to name
*
a
ZELIENOPLE SCHOOL
DISTRICT, Pa.—BOND OFFERING—Esther
Luntz, Secretary of the Board of School Directors, will receive sealed bids
(EST) on May 27 for the purchase of $24,000 not to exceed
4% interest coupon school bonds.
Dated June 1, 1940.
Denom. $1,000.
Due June 1 as follows:
$1,000 in 1942 and 1943; $2,000, 1944 and 1945;
$1,000, 1946 to 1949 incl.; $2,000, 1950; $1,000, 1951 and 1952; $2,000 in
1953 and 1954 and $3,000 in 1955 and 1956. Bidder to name a single rate of
interest, expressed in a multiple of
of 1%. Bonds will be sold subject to
approval of proceedings by the Pennsylvania Department of Internal
Affairs. District will furnish the bonds.
A certified check for $1,000, pay¬
able to order of the Union National Bank of Zelienople, Treasurer of the
District, must accompany each proposal.
until 7 p. m.
SOUTH
CHARLESTON
COUNTY
CAROLINA
DISTRICT NO.
20
(P. O.
Charleston), S. C.—BOND OFFERING—We are informed by George O.
Rogers, District Clerk, that he will receive sealed bids until noon on May 24,
for the purchase of $200,000 school bonds of the above district, sometimes
called Charleston School District.
Dated June 1, 1940.
Denom. $1,000.
Due $8,000, June 1, 1941 to 1965.
Bidders are invited to name the rate
of Interest which the bonds are to bear and they will be awarded to the
bidder offering to take them at the lowest rate of interest at a price not less
than par and accrued interest to the date of delivery.
As between bidders
naming the same rate of interest, the amount of premium will determine
the award.
Prin. and int. (J. & D.) payable at the Central Hanover
Bank & Trust Co., New York, or the Citizens and Southern National Bank
of South Carolina, Charleston.
The purchasers are to pay for the printing
of the bonds and will be furnished with the opinion of H. L. Erckman of
Charleston, attorney for the district, that the bonds are valid obligations
of the district, the bidder, however, to have the right to obtain at his own
expense the opinion of some other recognized bond counsel.
These bonds
SCHOOL
authorized at the election held
were
AVOCA INDEPENDENT SCHOOL DISTRICT
(P. O. Avoca), Texa.
—BONDS SOLD—It is reported that $11,000 3H% semi-ann. refunding
bonds were purchased recently by
Dated April 1,
$36,000 operating revenue bonds, issue of 1940.
Due June 1, as follows:
$6,000 in 1943 and $5,000 from 1944 to 1949, incl.
Any or all of
the bonds due on or after June 1, 1948, are callable in inverse nu¬
merical order on June 1, 1942, or on any subsequent interest date,
at par and accrued interest.
30,000 funding bonds, issue of 1940.
Due $5,000 on June 1 from 1950
to 1955, incl.
Any or all of the bonds due on or after June 1,1954,
are callable in inverse numerical order on June 1, 1942, or on any
subsequent interest date, at par and accrued interest.
WEST
is stated by I. H. Dale'
City Recorder, that $140,000 4% semi-ann. electric power line revenue
bonds authorized by the City Council on May
1, have been purchased at
par by the Reconstruction Finance Corporation.
TEXAS
STOWE
pany each
1959; callable on
to 1959.
exceeded.
with
1
OBION COUNTY (P. O. Union City), Tenn.—BOND OFFERING—
It is stated that bids will be received until
May 24, at 1 p.m., by J. A.
Hevley, County Judge, for the purchase of a $28,000 issue of 2%% semirefuflding bonds.
Dated Jan. 1, 1940.
Due on July 1 in 1941
™FA£1S' Tenn.—BONDS SOLD TO RFC—It
BOND VALIDITY SUIT DISMISSED—The suit brought to restrain
the city from issuing the water bonds was dismissed in Common Pleas
Court. Suit was filed to determine the right of the city to issue self-liquidat-
as
3245
purchased at par by a local investor.
Due on April
any interest payment date after April 1, 1944.
on
May 7.
The bonds, when executed,
shall be delivered to the purchaser at Charleston upon payment of purchase
Enclose
price of same.
a
certified check for $1,000, payable to the district.
Moss, Moore & Cecil, Inc. of Dallas.
Due in 1950.
1940.
BROWNFIELD, Texas—BOND OFFERING—It is stated by Roy M.
Herod, City Secretary, that he will receive sealed bids until 10 a. m. on
May 24, for the purchase of a $90,000 issue of electric light system im¬
provement
bonds..
Interest rate is not to exceed 3%, payable
The date of the bonds and the month of maturity will
revenue
semi-annually.
not
be
until after the sale.
Denom. $1,000.
Due $15,000 in 1941
The bonds were authorized at the election held on April 29, for
set
1946.
to
the purpose of improving the electric light system of the city, and the City
Council is authorized to encumber the revenues of the system for the purpose
of securing the payment of principal of and interest on the bonds, the en¬
cumbrance to be
exclusive first lien
an
on
and pledge of the revenues, after
deducting reasonable
expenses of operating and maintaining the system.
Legal opinion supplied by W. P. Dumas of Dallas.
Enclose a certified
check for 2% of the par value of the bonds, payable to Clyde C. Coleman,
Mayor.
CAMP
stated
COUNTY (P. O. Pittsburg), Texas—BONDS SOLD—It Is
by the County Judge that the State has purchased $22,000 2H%
semi-ann. road refunding, series B bonds.
He also reports that an addi¬
tional issue of $64,000 road refunding, series B bonds is being handled
through the Rittenoure Investment Co. of Wichita.
Legality approved by W. P. Dumas of Dallas.
EDINBURG
TRICT (P. O.
CONSOLIDATED
Dated Jan. 15, 1940.
INDEPENDENT
DIS¬
SCHOOL
Edinburg), Texas—BOND TENDERS ACCEPTED—In
connection with the call for tenders of
1938 series refunding bonds, It is
reported by R. C. Broaddus, Secretary of the Board of Trustees, that the
District purchased
145 bonds at 30.
GAINESVILLE,
Texas—BONDS
that $10,000 swimming pool revenue
in March, have been sold locally.
SOLD—The City Secretary states
bonds authorized by the City Council
GRAFORD, Texas—BONDS NOT SOLD—We
are
informed by O. S.
Penick, City Secretary, that the $10,000 4semi-ann. sanitary system
bonds offered recently, as noted here—V. 150, p. 3091—have not
as yet been sold.
Dated May 1, 1940.
Due $250 on May and Nov. 1 in
1940 to 1959, incl.
revenue
LAREDO, Texas—BONDS PUBLICLY OFFERED—A total of $219,000
refunding street improvement and school bonds, bearing interest rates
ranging from 3% to 4%, according to issue, are being offered by R. K.
Dunbar & Co. of Austin, for general investment.
MONTGOMERY COUNTY PRECINCT NO. 2 (P. O. Conroe), Texas
—BOND OFFERING—Sealed bids will be received until 10 a.m. on May 20,
by A. E. Hickerson, County Auditor, for the purchase of an issue of $1,500,000 unlimited tax road bonds.
Dated June 1, 1940.
Denom. $1,000.
Due April 1, as follows: $155,000 in 1941, $185,000 In 1942, $190,000
in 1943, $195,000 in 1944, $205,000 in 1945, $210,000 in 1946, $215,000
in 1947, and $145,000 in 1948.
Bidders may name the rate or rates of
interest which the bonds are to bear in multiples of
of 1 %, and if split
proposed, not more than two rates shall be named for any one
the First
No bid
date of
issue to date of delivery, and award will be made on the basis of the lowest
net interest cost to the county after deducting premium.
These bonds are
part of the $2,000,000 issue, authorized at the election held on Dec. 16,
1939, of which $500,000 have been sold.
The county will deliver the
bonds through any national bank at the expense of the purchaser.
No
bids will be received and considered unless same are for the total number
of bonds offered.
Each bidder shall furnish his own bid form, stating
thereon that his proposal is in accordance with the provisions and condi¬
tions of the notice of sale.
The purchaser will be furnished printed bonds
without charge and legal opinion of Dillon, Vandewater & Moore of New
York.
Enclose a certified check for 1% of the amount of bonds bid for.
payable to the County Judge.
rates are
issue.
Prin. and int. (A. & O.) payable at the State Treasury, at
National Bank, Conroe, or at the City National Bank, Houston.
will be considered at a price less than par and accrued interest from
(P. O. Odessa),
of
construction bonds which were
sold, as noted here—V. 150, p. 3092—were purchased by McClung &
Knickerbocker of Houston, at par, divided as follows: $10,000 as 1%b, due
in 1941; the remaining $115,000 as 2s, due as follows: $15,000 in 1942 and
1943; $12,000, 1944 and 1945; $11,000, 1946; $12,000 in 1947 and 1948; and
$13,000 in 1949 and 1950.
ODESSA
INDEPENDENT
SCHOOL
DISTRICT
Texas—BOND SALE DETAILS— It is stated by the Business Manager
the Board of Education that the $125,000
TENNESSEE
BRADLEY COUNTY (P. O. Cleveland) Tenn.—BONDS SOLD—It is
reported that the following bonds aggregating $133,000, were sold on May 13
at a price of 100.546:
$75,000 3% refunding, and $58,000 2M % refunding
'
bonds.
CHESTER COUNTY (P. O.
t
Henderson), Tenn.—PRICE PAID—
ft is reported that the $30,000 3 M % semi-annual
refunding bonds sold to
C. H. Little & Co. of Jackson, as noted here—V. 150, p. 3091—were pur¬
chased at par.
Due $3,000
on
April 1 in 1944 to 1953 incl.
JELLICO, Tenn.—BONDS VOTED—It is stated by the City RecorderTreasurer than the voters approved the issuance of $104,000 in municipal
lighting system bonds at an election held on March 30.
KNOXVILLE,
Tenn .—BOND OFFERING—Sealed bids will be re¬
ceived until 10 a.m. on May 27
by W. W. Mynatt City Manager for
the purchase of an issue of $3,300,000 (all or less than all), coupon 1940
refunding bonds.
Dated July 1, 1940.
Denom. $1,000.
Due Feb. 1,
1942, $60,000 in 1943, $50,000 in 1944, $90,000 in
1945, $105,000 in 1951, $360,000 in 1952, $380,000 in 1953, $400,000 in
1954, $410,000 in 1955, $455,000 in 1956, $475,000 in 1957, and $485,000
in|1958.
Bidders shall name a rate or rates of interest in multiples of
of
as
follows: $30,000 in
1 %.
The named rate may be uniform for the entire series
or may be split,
than one rate, but there shall be no more than one
maturity.
No bids will be accepted for less than par
and accrued interest.
Any award of all the bonds offered for sale will be
so
to
as
rate
for
name
any
more
one
on the basis of the lowest interest cost to the city.
For the purpose
making such an award, comparison of bids will be made by taking the
aggregate of interest at the rate or rates named and deducting therefrom
the premium bid to determine the net interest cost to the city.
Any bid
for the purchase of less than all of the bonds offered for sale shall be based
upon the purchase of the longest maturities of such bonds.'
Principal
and interest will be payable in
lawful money at the Chase National
Bank, New York.
The proceeds of these bonds will be used for the
purpose of refunding outstanding 25-year refunding bonds of the city,
dated Jan. 1, 1933, and matiring Jan. 1, 1958, which bonds are now callable
at 104.
The bonds will be full and unlimited ad valorem tax obligations
of the city.
The bonds and the approving opinion of Thomson,.Wood &
Hoffman, of New York, will be furnished to the purchaser without cost.
Only bids on forms furnished by the city will be accepted.
Delivery of
the bonds and payment of the purchase price will be made at the Chase
National Bank, New York, on July 1, 1940.
Enclose a certified check for
$50,000 payable to the City Treasurer,
made
of
REPORT ON PROGRESS OF REFUNDING PROGRAM—Viz
were
ad¬
vised by the
Cumberland Securities Corp. of Knoxville on May 15 that, as
$3,014,000 of the $3,500,000 bonds included in the refunding program which they are handling for the
city. They also state that their contract for this refunding runs until Aug.
31,1940.
of that date, they had completed the refunding of
W
LAKE CITY, Tenn.—BONDS AUTHORIZED—The Town Council is
said to have adopted an ordinance authorizing the issuance of the following
bonds aggregating $116,000:
$20,000 funding, and $96,000 refunding
bonds,
r
■
Tenn.—BONDS SOLD—It is stated by the' Town
$5,000 5% semi-ann. street surfacing bonds have been
LIVINGSTON,
Recorder
that
SILSBEE, Texas—BONDS OFFERED—Sealed bids were received
until
May 16, at 4 p.m., by David Read, City Secretary for the purchase of the
following bonds aggregating $117,000:
$50,000 general obligation tax bonds.
Due June 1 as follows: $1,000 in
1943 to 1951, $3,000 in 1952 to 1958 and $4,000 in 1959 to 1963.
These are the bonds offered on April 30, the sale of which was
.
..
postponed pending attorney's opinion on a
technical question.
.
67.000 water and sewer revenue bonds.
Due June 1 as follows: $2,000
in 1942 to 1944, $3,000 in 1945 to 1959 and $4,000 in 1960 to 1963.
Issued under authority of Articles 1111 to 1118.
Revised Civil
as amended, and are to be secured by a first
pledge of, the revenues of the water works and sewer
deducting the reasonable expense of mainte¬
nance and operation.
Dated June 1, 1940.
Denom. $1,000.
The bonds are optional June 1,
1952, or on any interest paying date thereafter on 30 days' published notice
at par and accrued interest in inverse order of maturity and number.
Statutes of Texas,
lien on, and
system of the city after
.
INDEPENDENT SCHOOL DISTRICT (P. O.
Goldwaithe),
Texas—BONDS SOLD—It is stated by the Superintendent
of Schools that
STAR
building addition and remodeling bonds have been
by the State Board of Education.
$20,000
par
purchased at
TEXARKANA, Texas—BONDS DEFEATED—It is stated by
build a municipal gas
Garrett, City Secretary, that the proposal y>
been dropped as the voters defeated the
has
system revenue
G. D.
system
issuance of $l,200,00u in gas
bonds.
VIRGINIA
ORANGE, Va.—BONDS SOLD—It is stated by Reginald L. Blankenship. Town Treasurer, that $110,000 refunding water and sewer bonds were
sold on May 10 to R. M. Armistead of Staunton, and Ashby V. Walton of
Richmond, jointly, as 2J^s, paying a premium of $1,144, equal to 101.04,
Dated June 1,
1940.
It is stated that the bonds are
divided as follows:
$55,000 refunding water bonds.
Due June 1, as follows: $2,000 in 1941
to 1945, $4,000 in 1946 to 1950, and $5,000 inl951 to 1955.
55,000 refunding sewer bonds.
Due June 1, as follows: $3,000 in 1941 to
1954, and $13,000 in 1955.
■
Denom. $1,000.
Prin. and int. payable at the Town Treasurer s office,
the Citizens National Bank of Orange, or the National Bank of Orange.
m
WASHINGTON
OF CAMAS-WASHOUGAL (P. O. Camas), Wash.—BOND
SALE—The $45,000 semi ann. port bonds offered for sale on May 13—
V. 150, P. 2924—were awarded to a group composed of the Chas. N.
Tripp Co., Inc., the Baker, Fordyce, Tucker Co., and Atkinson-Jon«? &
Co., all of Portland, as 2s, paying a price of 100.27, according to the Clerk
of the Board of Commissioners.
PORT
-
The Commercial & Financial
3246
DISTRICT No. 49 (P. O. Yakima),
bids will be received until 10 a. m. on
May 25, by C. D. Stephens, County Treasurer, for the purchase of a $15,000
issue of coupon building bonds.
Interest rate is not to exceed 6%, payable
J-J.
Dated July 1, 1940.
Denom. $100 each or any multiple thereof and
no bond to exceed the amount of $500.
The bonds to run for a period of
10 years, being, as nearly as practicable, the estimated life of the improve¬
ments, payable serially, in their numerical order, lowest numbers first, the
various annual maturities of the bonds to commence with the second year
after the date of the issuance of the bonds, to be in such amounts (as nearly
as practicable), as will, together with the interest on the outstanding bonds,
be met by an equal annual tax levy for the payment of the bonds and interest.
Prin. and int. payable at the County Treasurer's office.
Bids must specify:
(1) The lowest rate of interest and premium, if any, above par, at which
such bidder will purchase the bonds; or (2) The lowest rate of interest at
which the bidder will purchase the bonds at par; (3) Option, If any, of the
district to redeem.
Enclose a certified check for 5%.
COUNTY SCHOOL
YAKIMA
Wash.—BOND OFFERING—Sealed
WEST
VIRGINIA
WHEELING, W. Va.—BONDS VOTED—It is stated by Howard C.
Lane, City Clerk, that at the primary election held on May 14, the following
bonds aggregating $1,200,000, were approved by the voters: Bridge repair
and rights-of-way, $500,000; Street and boulevards, $120,000; Sewers,
$180,000 Colored recreation center. $50,o00; City-county building, $250,000
Fire stations, $50,000: Work shops and garages, $20,000; Municipal dept.
equipment, $30,000.
(P. O. Ashland), Wis.—BOND OFFERING—
that sealed and auction bids will be received until May 21,
by E. H. Quistorff, County Clerk, for the purchase of a $70,000 issue of 3%
semi-annual highway bonds.
.
(P. O. Barron), Wis.—BOND OFFERING—
Sealed and oral bids will be received by T. 1. Hazelberg, County Clerk,
until 1 p. m. (C8T), on May 25, for the purchase of an issue of $150,000 1
semi-ann. refunding bonds.
Dated June 1. 1940.
Denom. $5,000.
Due $50,000 June 1, 1941 to 1943, bonds due on or after June 1, 1942,
being optional in inverse numerical order at par on or after June 1, 1941.
Prin. and int. payable at the Bank of Barron.
The bonds will be sold at
not iesi than par and accrued interest and no bids will be received for less
less than the total amount of the bonds.
The bonds are being issued to
retire a Lke par amount of valid outstanding corporate purpose notes of the
county, due Aug. 30, 1940 (not optional), and the bonds shall be delivered t
only upon simultaneous payment and cancellation of a like par principal
amount of the original indebtedness authorized
to be retired thereby. The bonds are to be issued subject to the favorable opinion of Chapman &
Cutler of Chicago, the cost of such opinion to be borne by the purchaser.
The bonds will be furnished by the county.
A certified check for 2% of
the par value of the bonds, payable to the County Treasurer, is required.
/
COUNTY
CHILTON, Wis.—BONDS NOT SOLD—The $65,000 sewerage system
May 14—V. 150, p. 3092—were not sold as all
were rejected,
according to the City Clerk.
Dated June 1, 1940.
Due June 1, as follows:
$1,500 in 1941 to 1944, $2,000 in 1945 to 1952,
$2,500 in 1953 to 1960. $3,000 in 1961 to 1963, and $3,500 in 1964 to 1967.
On June 1, 1945, or any interest payment date thereafter, bonds maturing
June 1, 1960, or thereafter, may be called in whole or in part.
If called
in part they shall be called in the inverse order of maturity.
If called prior
to June 1, 1950, the city agrees to pay a premium of 2% of par.
If called
on or after June 1, 1950, and before June 1, 1955, the city agrees to pay a
premium of 1 % of par.
On June 1,1955, and thereafter, call may be made
mortgage bonds offered on
bids
at
par.
.
■
.:
■
.
Although convceived for a
the Commission "believes its recommendations to be
appropriate to meet the new strains and emergencies of war conditions."
The primary aims of its proposals were listed as follows:
(1) Alloting
functions and revenues to those best fitted to handle them; (2) providing
for revenues sufficient to meet responsibilities, and (3) erecting a
frame
work to provide for future and probably different needs.
Annual subsidies
now paid by the Dominion would
be replaced bv "national adjustment
erants" calculated on each province's needs to enable it to give its citizens
governmental services up to the average Canadian standard and to provide
for necessary development works.
The report also suggests that the pro¬
vinces follow the Dominion's example and assume municipal debts on a
basts comparable to that on which their obligations would be assumed by
the national government.
The commission also submitted an alternative
plan clearly described as merely a palliative, the principal feature of which
calls'for assumption by the Dominion of the entire unemployment relief
load throughout the country.
The Montreal "Gazette" of May 16 com¬
mented in part as follows on that part of the commission report advocating
the taking over by the Dominion of the provincial debts:
The report does not enter at any great length into a discussion of the
technique of transferring debts on the scale recommended.
It suggests
Dec 31
1939, as an appropriate date for the transfer.
Provincial debt in¬
curred after the date fixed for the transfer, would be handled so that the
Dominion would assume it but the province would pay interest on it directly
Canada
peace,
at
t0In'Q^ebec^the'province's
DOUGLAS COUNTY
'
(P. O. Superior),
net debt service in 1937 was only 23% of the
municipal debt service. This compares with an average
in the other provinces.
To compensate for this special factor, the
commission recommends that the Dominion assume 40% of the combined
COUNTY
Wis.—BONDS SOLD—It is
bonds have been pur¬
reported $200,000 3% semi-ann, corporate purpose
chased by T. J. Grace of Chicago, and associates.
Due $20,000 on May 1 in 1941 to 1950 incl.
Ontario and Manitoba, would
such as electric power development in
paid over to the national government.
be
of 58%
It is reported
BARRON
May 18, 1940
assets
combined provincial
WISCONSIN
ASHLAND
Chronicle
Dated May 1, 1940.
EASTMAN (P. O. Eastman), Wis.—PRICE PAID—It is stated by the
Town Clerk that the $35,000 refunding bonds sold to the Milwaukee Co.
provincial municipal debt in
The commission does not
Quebec.
recommend any specific sinking fund provisions
its present debt. It
the debt to be assumed by the Dominion, nor on
considers that concentration of deficit financing and
on
special public works
in periods of depression, with debt retirement in prosperous
periods, under control of Parliament, would permit a long range programme.
A central agencv would be set up to handle and a administer the transfer
of debt, as well as look after the debts after the transfer was completed.
programmes
This could
J>e combined with the technical management for
the Dominion's
PrReis
suggested that this agency would offer new Dominion bonds in
exchange for outstanding provincial bonds.
Two possible methods of
doing this are suggested.
1. Provincial bonds might be replaced by Dominion bonds of like interest
.
maturities; or,
2
Provincial bonds might be made callable and refunded by the Dominion
whenever a good opportunity arrived.
The call price would be either par
or the best selling price between specified dates—the Commission suggests
between Jan. 1, 1939, and Dec. 31, 1939—whichever was the higher.
By adopting this proposal, total net provincial and Dominion debt
amounting to about $5,000,000 would eventually become solely the obliga¬
tion of the Dominion,
In place of debentures issued by nine provinces and
the Dominion, to say nothing of the numerous subsidiary bodies which issue
debentures carrying the guarantee of the provinces, there would be only
rates and
.
Dominion bonds.
favored by the Commission is the first alternative cited. They
oonds callable might be an unnecessary inter¬
bondholders who purchased their securities under
entirely different contract terms.
The Commission favors carrying out the
letter of the contracts which the provinces made when the bonds were
originally sold.
This means, for example, that calculations in regard to
Alberta make allowance for full payment of interest, at the contractual rate.
The plan would mean that "if provincial bonds are replaced by Dominion
bonds of like terms and interest rates, fortuitous profits will accrue to some
holders."
To offset the chances of this happening, it is suggested that a
special capital gains tax, or a transfer tax on the first sale, be imposed.
Details of how this might work are not discussed.
The plan
feel that making provincial
ference with the rights of
CHAMBLY-BASSIN, Que.—CORRECTION—An issue of $80,000 3 ^ %
refunding bonds was erroneously reported in—V. 150, p.
been awarded to L.
G. Beaubien & Co. of Montreal.
originally sold last December to A. E. Ames &
2924—as having
This issue was
Co. of Montreal.
of
Milwaukee, as noted here—V. 150, p. 3092—were purchased for a pre¬
mium of $100, equal to 100.285, a basis of about 1.70%*
Due on April 15
in 1941 to 1951 incl.
ELLSWORTH, Wis.—BONDS OFFERED—Sealed bids were received
until 7:30 p. m. on May 16, by C. M. Lewis, Village Clerk, for the purchase
of $10,000 3% coupon well bonds.
Due $1,000 on May 16 in 1941 to 1950
incl.
GREEN BAY, Wis.—BOND OFFERING—It is stated by H. A. Draeger,
City Clerk, that he will receive sealed bids until 11 a.m. (CST), on June 3,
$45,000 issue of not to exceed 214 % coupon semi-ann.
bridge bonds.
Dated June 15, 1940.
Denom. $1,000.
Due June 15, as
follows: $5,000 in 1941 and 1942, $10,000 in 1943, $15,000 in 1944 and
$10,000 in 1945.
Rate of interest to be in multiples of M or 1-10 of 1%
The bonds will be sold to the highest responsible bidder at not less than
par accrued interest.
Bidders shall furnish the bonds at their own expense.
The approving opinion of Chapman & Cutler, of Chicago, will be furnished
by the city, and all bids must be unconditional.
Enclose a certified check
for 2% of the par value of the bonds to be sold, payable to the City
for the purchase of a
Treasurer.
bonds.
Dated June 1, 1940.
Denom. $1,000.
Due June 1, as follows'
$3,000 in 1941 to 1948, and $2,000 in 1949 to 1952.
Rate of interest to
be in multiples of % of 1 %.
The basis of determination of the best bid
will be the lowest interest rate bid and or interest cost to the city.
The
bonds will be sold at not less than par and accrued interest.
Prin. and int.
payable at the City Treasurer's office.
The bonds are being issued for
the purpose of paying the State in advance of maturity the entire balance
remaining unpaid of money heretofore loaned to the city from State Trust
Funds under Chapter 25 of the Statutes.
The bonds are to be issued
subject to the favorable opinion of Fletcher, Dorsey, Barker, Colman &
Barber of Minneapolis, and subject to the acceptance of the proceeds by
the State.
The expense of the opinion of the attorneys and the blank
bonds shall be paid by the purchaser.
A certified check for not less than
2 % of
th^ par value of the bonds, payable to the City Treasurer, is required.
WISCONSIN
RAPIDS,
Wi a.—BOND OFFERING—Both
sealed
and f
auction bids will be received by Nels M. Justeson, City Clerk, until May 22,
at 2 p.m., for the purchase of an issue of $160,000 not to exceed 214 % semiann.
general
FARNHAM.
obligation
coupon
storm sewer bonds.
Denom. $1,000.
Due $80,000 on June 1 in 1950 and 1951.
Rate of
multiple of M of 1 %.
Executed bonds will be furnished
by the city; legal opinion if desired to be furnished by the purchaser.
A
certified check for $2,000, payable to the city, is required.
Dated June 1, 1940.
interest to be in
a
WYOMING
FREMONT COUNTY SCHOOL DISTRICT No. 25 (P. O.
Riverton),
Wyo.—BOND SALE—Of the $70,000 school bonds offered for sale on
May 13—V. 150, p. 2618—a total of $64,000 bonds was purchased by
Peters, Writer & Christensen of Denver, as 3^s, paying a price of 100.291,
a basis of about 3.10%.
Due on June 1 as follows: $1,000 in 1941, and
$3,000 in 1942 to 1962 incl.
CANADA
CANADA
(Dominion of)—TREASURY BILLS SOLD—An issue of
$40,000,000 Treasury bills was sold at an average cost of 0.738%.
Due
Aug. 15, 1940.
PrIR9,TJL^E^lRT FAV0RS DOMINION ASSUMPTION OF
PROVINCIAL DEBT—The report of the Rowell Sirois Commission on
Dominion Provincial
Relations, recently submitted
to
the Government at
Ottawa, recommends assumption by the Dominion Government of all of
the outstanding direct and guaranteed funded indebtedness of the various
Provinces and the entire cost of unemployment relief to employables
throughout the Nation.
Special consideration is given to the situation in
Quebec, in which municipal debt substantially exceeds provincial obliga¬
tions.
The provinces, in turn, would cease to levy personal income taxes
corporation taxes and succession duties and would surrender all existing
ubsidies.
All income derived by the provinces from revenue producing
Que.—BOND
Town
OFFERING—The
will
Treasurer
May 20 for the purchase of $60,600
improvement bonds, due serially in 25 years.
receive sealed bids until 5 p. m. on
4%
MONTREAL, Que.—PROVINCE TO ACT IN FINANCIAL CRISISAdelard Godbout announced in the
BOND DEFAULT BY CITY—Premier
Quebec Legislative Assembly on May 15 that the Provincial Government
has "assumed its duties" regarding the financial troubles of Montreal and
that the city's creditors "may rest easy."
A delegation of city officials
headed by Mayor Camillien Houde previously had conferred with the
Premier on the city's financial difficulties, which included inability to mpet
an aggregate of more than $6,000,000 in bank loans and bond issues which
matured May 15.
•
DEFAULTS ON BOND MATURITY—The city met the interest
charges,
was obliged to forego payment of the $3,949,500 bonds which matured
May 15. A $3,000,000 bank loan also due on that date went unpaid. A
bill has been introduced in the Provincial Legislature to provide for control
but
on
by the Government of the city's financial affairs.
Referring to the city's failure to meet the bond
bout stated
PORTAGE, Wis.—BOND OFFERING—It is stated that sealed and oral
bids will be received by Frances Wright, City Clerk, until May 24, at
2 p. m., for the purchase of $32,000 not to exceed 2% semi-ann. refunding
.
"We
are
maturity, Premier God-
follows:
as
informed that loans due today by the city
have not been met.
Montreal is the greatest city of the Province and the metropolis of Canada,
and it is the duty of the Government to cooperate fully in solving its pro¬
blems.
willing to help
patriotism, and I tell them that only the best
activating us in
our desire to help the metropolis.
"I can assure holders of Montreal bonds that they would be essentially
wrong in allowing panic to seize them, because the Province of Quebec,
through this Government, understands its duty.
"These bondholders may have clear minds.
We (the Government)
will do our duty ."
"I
am
assured that all members of this Legislature are
Montreal in
a
true spirit of
interests of the citizens of Montreal and the Province are
NOVA SCOTIA (Province of)—BOND FINANCING DETAILS—The
public offering of $3,298,000 3}4% bonds at a price of 98.21 to yield
3.70%—V. 150, p. 3092—represented a delayed refunding operation by the
Province as the purpose of the issue was to fund Treasury bills sold last
October to provide for a debenture maturity at that time.
The next pro¬
vincial maturity comprises $3,012,000 2H% debentures due Nov. 15, 1940.
according to Canadian press sources.
The issue recently offered was placed
on the market by a syndicate headed by Wood, Gundy & Co. and the Bank
of Montreal.
Bonds mature May 15, 1951.
recent
Other members of the underwriting group were as
follows: Royal Bank of
Canada, Montreal; Canadian Bank of Commerce; Dominion Securities
Corp.; A. E. Ames & Co., all of Toronto; Eastern Securities Co.; T. M.
Bell & Co., both of St. John; Bank of Nova Scotia, Halifax; Dominion
Bank, of Toronto; Royal Securities Corp., Montreal; McLeod, Young, Weir
& Co.; McTaggart, Hannaford, Birks & Gordon; Bell, Gouinlock & Co.;
Harrison & Co.; Mead & Co., all of Toronto; Hanson Bros, Montreal;
Mills, Spence & Co., Toronto, and F. J. Brennan & Co., St. John.
of)—FINANCING
IN
operations
Provincial
Legislature by Premier and Secretary-Treasurer Thane A.
Campbell,
providing for the issue of up to $3,000,000 in debentures for the purpose of
retiring the bank overdraft, refunding outstanding debentures and financing
the cost of public works expenditures.
At the end of 1939 the bank over¬
draft was close to $2,000,000, on which 3%% interest is being paid, but the
extra borrowing power was requested so that the Province could take ad¬
vantage of favorable financial opportunities.
The amount might not be
funded in one issue if better terms could be obtained by splitting the amount
and watching the fluctuations in the market.
PRINCE
EDWARD
ISLAND
(Province
PROSPECT—The Province is expected to carry out some funding
in the near future.
On April 29 a bill was introduced in the
SUDBURY,
were
awarded
98.35,
a
Ont —BOND SALE—J.
an
bids;
Bidder—
L.
Graham & Co. of Toronto
improvement bonds at a price of
Due serially from 1941 to 1950 incl.^Other
■
«
Rate Bid
98.27
issue of $116,878 3%
basis of about 3.33%.
*
Wood, Gundy & Co
H.D. Bellinger & Co
Harrison*& Co_^-.>
Dyment, Anderson & Co
98.07
——______
—
_______
97.54
97.06
■
@FedFRASER