The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ommrena
DANA COMPANY, NEW
COPYKIOHTED IN 1940 Br WILLIAM B.
vni
Issued Weekly 40 Oents a Copy—
1 fin
lJU.
VUL.
YORK.
$18.00 Per Year
ENTERED AS SECOND-CLASS
MAY.&7
MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT o1
NEWYORK, MAY 25,1940
25
COMPANY
i
;
liv/
Spruce St., New York City
BANK
NATIONAL
,j
Oj\Ja •
•
CHASE
THE
BROOKLYN TRUST
QQ0Q
MA
William B. Dana Co., Publishers,
OF THE CITY OF NEW YORK
Chartered 1866
George V. McLaughlin
;
President
Maintaining effective cor¬
respondent bank service
BROOKLYN
NEW YORK
is
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
;
Broaden your customer
with
service
Chase
cor¬
respondent facilities.
Hallgarten& Co.
Member Federal
Deposit Insurance
Corporation
'VYtv';/.'1-'"
Established 1850
NEW
*
United States
YORK
Government
London
Chicago
Securities
City of
Philadelphia
PUBLIC UTILITY
Bonds
<The
INDUSTRIAL
FIRST BOSTON
RAILROAD
CORPORATION
MUNICIPAL
NEWYORK
BOSTON
f
CHICAGO
BONDS
SAN FRANCISCO
PHILADELPHIA
AND OTHER
Moncure Biddle & Co.
PHILADELPHIA
PRINCIPAL CITIES
ACALLYN""-COMPANY
INCORPORATED
'
CHICAGO
^
Boston
Philadelphia
Milwaukee
Omaha
New York
Detroit
PACIFIC NORTHWEST
SECURITIES
New York Trust
Company
(Drumhdbr, Ehrlicltman
Company
Capital Funds
.
$37,500,000
Seattle
Exchange Bldg.
OTIS & CO.
(Incorporated)
IOO
Established 1899
NewYork
CLEVELAND
BROADWAY
City of Philadelphia
Bonds
Chicago
Bought—Sold—Quoted
MADISON AVENUE
R. H. Johnson & Co.
AND 40TH
STREET
Members
We solicit your
Yarnall st Co.
Members New York Stock Exchange
New York Stock Exchange
New York
New York Curb Exchange
Telephone—Whitehall 4-4923
A. T. & T.
St.
64 Wall
NewYork
ONE EAST
PHILADELPHIA
BOSTON
inquiries
Teletype—Phla 22
1528 Walnut Street,
Philadelphia
57TH STREET
DeHaVen & Townsend
CarlM.Loeb,Rhoades&Co.
61
Established l87Jt
BROADWAY
'
Member
NEW YORK
London
Paris
Amsterdam
Geneva
of the
Federal Deposit
Insurance
Corporation
NEW YORK
80 Broad
St.
PHILADELPHIA
1518
Walnu
The Commercial &
II
Financial Chronicle
May 25,
1940
Foreign
The Government of the French
Republic
NATIONAL BANK
Twenty-Year External Gold Loan 7 K% Bonds
Payable June 1, 1941
of EGYPT
♦
and
Head Office
The Government of the French
.
Republic
£3,000,000
£3,000,000
='.■■■**
.
.
' ■-/>
v;:'j
LONDON AGENCY
of above-described Bonds:
6 and 7
The Government of the French Republic announces that coupons
(A)
Cairo
.
King William Street, E. C. 4
Branches in all the
maturing June 1,1940, of the above Loans will be payable either
-\v.'■
Cairo
.
.
■.
77;,'
.
,
,
RESERVE FUND.
7% Gold Bonds due December 1, 1949 7
'
.
FULLY PAID CAPITAL
External Loan of 1924 Twenty-five Year Sinking Fund
To holders
.
Commercial Register No. 1
V;;y
principal Towns in
presentation and surrender at the office of J. P. Morgan
Co. Incorporated, 23 Wall Street, New York City, in
upon
&
EGYPT and the SUDAN
United States dollars in the amounts specified below; or,
(B) at the option of the holder and until further notice, upon pre¬
sentation and surrender at the office of Messrs. Morgan & Cie,
14 Place Vendome, Paris, France, in the French franc equiva¬
lent of the dollar amounts specified below, calculated upon the
basis of Messrs. Morgan & Cie's buying rate for exchange on
New York at the time of presentation.
In order to
Dividends
@MERCIAL [NVESIMEOT^JST
comply with the decrees of the French Government
CORPORATION
dated July 16, 1935/and August 25, 1937, payment of coupons of
the above-described Loans maturing on June 1,1940, will be made
in the
following
Convertible Preference Stock,
manner:
$4. 25 Series of1935, Dividend
(A) Coupons which are stamped to indicate non-French beneficial
ownership will be paid at the face amount thereof.
A
regular quarterly dividend of $1.0634 on the
Convertible Preference Stock, $4.25 Series of
1935,
of .COMMERCIAL
INVESTMENT
'■
(B) Coupons which are stamped to indicate French ownership, and
unstamped coupons, will be subject to a deduction of 10% of
the face amount thereof, when in the ownership, French or
foreign, of others than individuals.
THE
GOVERNMENT OF THE FRENCH
TRUST
CORPORATION
payable
July
record
at
1,
1940,
close
the
of
has
been
declared
, to
stockholders of
business on June 10,
1940. The transfer books will not close. Checks
will be mailed.
Common Stock—Regular Dividend
REPUBLIC
A
By PAUL LEROY-BEAULIEU,
regular quarterly dividend of $1.00 per share
on the Common Stock
in cash has been declared
of
Financial Attache to the French Embassy.
COMMERCIAL
CORPORATION,
INVESTMENT
payable
July
1,
TRUST
1940,
to
stockholders of recofd at the close of business
New York
City, May 25, 1940.
10, 1940. The transfer
close. Checks will be mailed.
books
June
JOHN
will
not
I. SNYDER, Treasurer.
May 23, 1940.
Dividends
At
The
meeting of Directors held
May 21, 1940 at London it was
decided to pay on June 29th Interim
Monthly
a
Dividend of Ten Pence for each One
Pound of
Ordinary Stock.
ns-Manville
Coupon
IU
No. 182 must be used for Dividend.
Corporation
DIVIDEND
All transfers received in order at
London
Ad
indispensable record of care¬
fully compiled earnings statements,
revised and published monthly
on
before June 3rd will
or
be in time for payment of
to transferees.
The Board of
a
regular
share on the
Stock, payable
July 1, 1940 to holders of record on June 14,
1940, and a dividend of 75c. per share on the
Common Stock, payable June 24, 1940 to
holders of record on June 10, 1940.
quarterly dividend of $1.75
Cumulative 1% Preferred
dividend,
BRITISH-AMERICAN
TOBACCO COMPANY, LIMITED
PART
May 21, 1940
STEAM
Gives
::
monthly returns
Class I road obliged
every
file
RAILROADS
the
the
with
Interstate
of
to
••••v.;;
v
.
ments for
year
fixed
the current month and
to date, showing income,
charges,
dividends,
&c.#
C. H. ROBERTS, Treasurer
NATIONAL
op
POWER
COMPANY
board
of
Northern
Common stock
(Wisconsin), at a meeting held
May 21, 1940, declared a dividend of one and
per cent
(1)4%) per share on the
1940,
1,
to
have been declared payable July
holders of record June
5referred1940, to stockholders payable by of the
1,
stock of the company, record
check
une
or
of business May 21,
as
1940, for the quarter
ending May 31, 1940.
•r-s
Treasurer.
KENNECOTT COPPER CORPORATION
PART II
120
1940.
Treasurer
Msy 23, 1940
'
THE YALE & TOWNE MFG. CO.
23, 1940, a dividend No. 197 of fifteen
(15c.) per share was declared by the Board
payable July 1,
1940, to stockholders of record at the close of
business June 10, 1940.
On May
n. h. buckstaff,
.v.-',
and selected balance sheet items.
3,
A. A. STICKLER
one-quarter
close
the Preferred A
the
and Preferred B stocks and 20d per share on
States
Power Company
on
PRODUCTS
Dividends of $1.75 per share on
ILLINOIS
directors
of
DAIRY
CORPORATION
(WISCONSIN)
The
Commission, with com¬
parisons for two previous years.
Also gives supplementary state¬
office
STATES
per
'
.
CHICAGO
Com¬
merce
*
=
NORTHERN
Directors declared
cents
of Directors out of past earnings,
F.
Broadway, New York
DUNNING,
Secretary.
May 21, 1940
PUBLIC
A cash distribution of twenty-five cents
UTILITIES
(25c.)
special cash distribution of fifty cents
have today been declared by Kennecott
Copper Corporation, payable on June 29, 1940,
to stockholders of record at the close of business
and
-
INDUSTRIAL
MISCELLANEOUS
Gives latest
available monthly,
quarterly or semi-annual earn¬
ings statements, with compari¬
sons
for one or more previous
years.
Is a cumulative record,
figures for the latest available
period being repeated until the
next reports are
available.
SUBSCRIPTION PRICE
a
(50c.)
I
on
May 31,
R.
KLUGESCHEID, Secretary.
L I. ou Pont de Nemours
& Company
Wilmington, Delaware: May 20, 1940
The
Board of
Directors has declared this day
dividend of $1.12j4
a
share on the outstanding
payable July 25, 1940, to stock¬
of record at the close of business on July
a
Preferred Stock,
$8.SO PER YEAR
Foreign Pottage Extra Single Copies $1.00
WILLIAM B. DANA COMPANY
25 Spruce
Street
NEW YORK CITY
holders
10, 1940; also $1,75 a share, the second quarterly
"interim" dividend for 1940, on the outstanding
Common
on
payable
Stock,
stockholders
of
25
Broadway,
New York, N. Y., May 23, 1940.
DIVIDEND NO.
The board of Directors
1940.
C.
ANACONDA COPPER MINING CO.
record at
June
the
14,
close
1940,
to
of business
May 27, 1940.
W. F. RASKOB, Secretary
For other dividends
see
pages
iv.
128
of the Anaconda Copper
Mining Company has declared a dividend of
Fifty Cents (50c.) per share upon its Capital
Stock of the par value of $50. per share, payable
June 24. 1940, to holders of such shares of record
at the close of ousiness at 3 o'clock P. M., on
June 5, 1940.
JAMES DICKSON. Secretary.
■
Vol. 150
MAY 25, 1940
No. 3909
CONTENTS
Editorials
The Financial
Situation
National Defense and the New Deal
Let Us Have
a
.
New Council of National Defense
Comment and Review
.
The Business Man's Bookshelf..
Week on the European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
3252
.3257 & 3302
Course of the Bond Market
3264
Indications of Business Activity.
3266
........
Week
on
the New York Stock Exchange
Week
on
the New York Curb
Exchange
News
Current Events and Discussions..
BanK and Trust
Company Items
General Corporation
and Investment News..
Dry Goods Trade
-
State and Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
3309 & 3311
Bonds Called and Sinking Fund Notices..
Dividends Declared
Auction Sales
3303
3303
_-3299
New York Stock
Exchange—Stock Quotations
3312
♦New York Stock Exchange—Bond
Quotations.3312 & 3322
New York Curb Exchange—Stock
Quotations
3328
♦New York Curb Exchange—Bond
3332
Quotations
Other Exchanges—Stock and Bond
Quotations
3334
Canadian Markets—Stock and Bond
Quotations
3338
Over-the-Counter Securities—Stock & Bond Quotations.3341
Reports
Foreign Bank Statements
3256
Course of Bank Clearings
Federal Reserve Bank Statements
3299
3278 & 3309
General Corporation and Investment News.3345
Commodities
The Commercial Markets and the
Cotton.
.
Attention
i
is
directed
.3381
.3384
Breads tu ff s
*
Crops
—
to
the
3388
new
column
incorporated in our tables
on New York Stock
Exchange and New York Curb Exchange bond quotations pertaining to bank
eligibility and rating
;
Published Every Saturday Morning
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 Treasurer; William D.
Riggs, Business Manager.
Other offices: Chicago—In charge of Fred H.
Gray, Western Representative, 208 8outh La 8alle Street (Telephone State
0613).
London—
Edwards & Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post ofTlce at New
York, N. Y., under the Act of March 3,1879.
Subscriptions in United States and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada. $19.50
per year, $10.75 for 6 months.
South and Central America, Spain. Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain. Continental
Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates 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.
The Commercial &
1940
May 25,
Financial Chronicle
iv
Dividends
!5555555~*:3:t::""
XtT"'
HI ii=:::
53s
§§
Boston and Maine
.
535
of
To Holders
Railroad
A
dividend of
quarterly
|:!5
1 %% ($1.75 per share) on
the First Preferred Stock
5:3
E:3
this
of
1
Corporation was
payable July 15,
1940, to stockholders of
record June 30,1940.
:::::
mi:
declared
Unasserted Bonds
1
III
Hkl
I
A
quarterly dividend of
twenty-five cents (25c)
per share on the Common
Stock of this Corporation
was declared payable June
THERE remain the Plan of Exchange. Since wewhich met prac¬
yet assented to about $10,000,000 of bonds
have have not
tically
no
objection to the terms of the Plan, and since failure of the
decline in the market value of the bonds, we can
Plan would cause a
assume
only that most of these
lators who
15, 1940, to stockholders
of record May 31, 1940.
bonds are now in the hands of specu¬
special advantage by withholding
hope to obtain some
The Railroad has
repeatedly been asked what can or will be
iiiii
riili
Checks
assent.
will be mailed.
done
consummated without their
assent. The holders of some of these bonds apparently hope that the
Plan cannot be consummated without retiring their bonds.
about
Iff!
unassented bonds if the Plan is
treasurer
5:3!
Philadelphia, Pa.
May 24, 1940
MAKERS OF PHILLIES
Railroad
is under absolutely no compulsion, legal or
otherwise, to retire any of these bonds prior
to their maturity. No bonds will be purchas¬
ed in order to effectuate the Plan. If the Plan
is consummated without the assent of those
bondholders, their unmatured bonds will
We wish to
«
emphasize that the
7' .!. l-^; I, Ij.iin
First. Preferred, Series
COMPANY
Dividend No. 54
B.
May 16, 1940.
Kansas City, Missouri.
*
■::::
;
!(.
KANSAS CITY POWER & LIGHT
quarterly dividond of SI.50 per
Preferred, Series "B," Stock of
the Kansas City Power & Light Company has
been declared payable July
1, 1940, to stock¬
holders of record at the close of business June 14,
The
share
regular
the First
on
1940.
simply remain
outstanding.
All persons holding stock of the company are
requested to transfer on or before June 14, 1940,
such stock of the persons who are entitled to
receive the dividend.
cash distribu¬
tion under the Plan which is now expected to be $300 per $1,000
bond and will not participate in the sinking fund on the new bonds.
If the Plan is consummated, the Railroad will make application to
list all bonds issued under the Plan and to delist all unassented
Unassented bonds will lose
the right to share in the
bonds.
Further,
interest matures on any
as
road has the
unassented bonds the Rail¬
right, it is advised, to delay payment
we
declared
bondholders, it would,
do not feel that we Owe
justified, since we
consideration to speculators who seriously endanger successful
consummation of the Plan by attempting to obtain some special ad¬
themselves at the expense of the vast
holders who have
We
majority of bond¬
supported the Plan.
again urge all holders
>
the capital stock of this
on
AMERICAN POWER & LIGHT CO.
Two Rector
Street, New York, N. Y.
of S1.12M per share on the Pre¬
($6) and a dividend of $0.93
per
$5 Preferred Stock of American
Power
&
Light Company
were
declared on
May 22, 1940 for payment July 1, 1940, to stock¬
holders of record at the close of business June 6,
A
dividend
ferred
Stock
share
on
of unassented bonds to assent at
the
These
1940.
amounts
right to withdraw their assents.
BOSTON AND MAINE
RAILROAD
three-fourths of the
are
quarterly dividend rates of $1.50 per share on
Preferred Stock ($6) and $1.25 per share on
$5 Preferred Stock.
•'D. W.' JACK, Secretary
THE
the
the
and Treasurer«
STORAGE BATTERY CO.
f'ECTRIC
possible date and in any event
assented bondholders the
has been
Company,
1940, to stockholders of record
at the close of business on June 15, 1940.
The
stock transfer books of the Company will not
be closed.
■
^
H. J. OSBORN, Secretary
payable July 1,
v.
before June 9th,
since by that date the Railroad must decide whether to (1) abandon
the Plan and file a petition in Bankruptcy (2) declare the Plan oper¬
ative as of June 13th in the hope that sufficient additional assents
may be obtained to permit it to be consummated or (3) extend the
period in which the Plan can be declared operative and thereby give
the earliest
share
a
PREFERRED STOCK DIVIDENDS
any
vantage for
CENTS
York, N. Y.
THIRTY-SEVEN
dividend of
quarterly
ONE-HALF
without danger
would be disagreeable to
believe, be entirely
Fifth Avenue, New
475
A
and
of default under the mortgage.
While such action
DAVIS, Assistant Secretary.
H. C.
INTERNATIONAL SALT COMPANY
The Directors have
from
declared
Sur¬
Accumulated
the
plus of the Company a divi¬
dend of Fifty Cents
($.50)
share
per
Stock
and
the
on
Stock,
Preferred
the
Common
payable
1940, to stockholders of record of
both of these classes of stock at the close of
June
29,
business
oh June 8,
1940.
'
mailed.
H. C.
Checks will be
'
Allan-, Secretary and, Treasurer.
Philadelphia, May 17,1940.
By W. S. Trowbridge
The current
Vice-President
May 24,1940
quarterly dividend
$5 Dividend
Of $1.25 o share on
Preferred Stock and a
25 cents a
dividend of
*hare on Common
declared, pay29, 1940, to re¬
Stock have been
able
THE UNITED
I. W.
June
of record May 31,
spective holders
MORRIS, Treasurer
April 23, 1940
Consistent Advertising
is
or
an
economy
without sacrifice of
The CHRONICLE can carry your
most
making lower prices
seller's profits.
message to the World's
and cuts the cost of selling,
better services possible
influential class of people at a
moderate cost.
us
help
manner.
you
eolve
your
publicity problem* in a consistent
COMPANY
of International Harvester
Com¬
declared a quarterly dividend of forty cents
(40c ) per share on the common stock payable
July 15,1940 to all holders of record at the close of
business on June 20, 1940.
SANFORD B. WHITE, Secretary.
pany
SULPHUR COMPANY
has declared a dividend
of 50 cents per share and an additional dividend of
25 cents per share on the Company's capital stock,
payable June 15, 1940, to stockholders of record
TEXAS GULF
The
Let
Philadelphia, Pa.
INTERNATIONAL HARVESTER
The Directors
1940.
GAS IMPROVEMENT CO.
at the
Board of Directors
close of
H.
business June 1, 1940.
F. J. KNOBLOCH, Treasurer.
The Financial Situation
is before them in this
IT of horrible and inevitable that the recentEurope
WAS, of course, disastrous
course
in
events
should
have
serious
emotional
repercussions,
otherwise, here in the United States.
was
inevitable,
that
too,
fluence which have
factors
basis in
no
and
Perhaps it
in¬
by having
else
or
professional reformers
be
can
brought
wands with
wrave
'■;i}-J'<:'■.■■■■r
Appropriations
still clinging
are
of inexperienced dreamers
a group
vigor.
should
or reason
matter,
idea that industrial miracles
to pass
and
harmful
of
logic
to the
vs.
National
Defense
•
develop in
they
of
At least
are.
emotional
of
ences
when
of
their
One
history is replete with periods
our
when
strain
opinion
standing,
good
midst, human limitations being what
our
friendships
human
beings
country
thoroughly
labeled "mugwumps,"
heart
at
from
now
the
quite the contrary.
no
were
opposition
in
There
parties
to
"Trojan
movements"
the
for
same
a
and
Two in
The paramount
subject
horse
to
time at least it seemed
wise
vail.
whether
itable
or
not, such
almost
so
of
the
"average
and
in¬
no
ugly head.
This
atmosphere
distressingly
duties
our
face
Thus
world
armament,
which the
the real
and
a
more
must
defenses.
"
His
words
on
real needs for defensive
particularly
for that
the
come
to
was
degree
in
grips with
prepared to
purpose.
Each
now
suc¬
accumu¬
dishearteningly convincing case,
authorities in Washington either do not
the
better than
a
subject
a
sug¬
Congress
the voters,
present
or
or
both.
indications,
suckling child's
grasp
of what
attention
we
other
to
shall
for
be
sought by the
President for national de¬
dition, practically all those
which had been under
sideration for
con¬
sundry other
purposes—will
be
appro¬
priated (but not provided)
in
an
almost
incredibly
short period of time.
danger then will, of
we
we
a
have
se¬
hysterical state of
be that
journ and the
?'
feeling
The
course,
Congress will adthat
people,
their
safety
against foreign aggression,
or
fancied, has been
secured,
Administration had
that
From
real
problems of armament and.
make
that
agree
realize, al¬
feel certain that Mr. Sloan does,
is that the two are, in
very substantial part,
one and the same
problem.
though
ceeding day has furnished evidence,
to
maximum of
mind either in
face to face with the
necessity of recon¬
structing our economic policies.
What too many of us fail to
our
if it
shall
The haste exhib¬
a
among
as
outlay
or
boasting—strongly
gests
are
questions unanswered, including
take the step necessary
lated
of
assert, general agreement that we
genuine national defense problem.
prepared
the nature and extent of
own
we
ited—constantly
responsibilities in the
situation, but there is, we
was on
many
that
a
curity.
problem be¬
our
that
day left
made
obtain
and
Thoughtful realists also
in
national
their
really needed,
is
be
concerning
that
is
war¬
demoralizing influence
May 16 that the President delivered his dramatic,
to many almost
melodramatic, message to Congress
our
of living.
venture to
particularly during the
It
of
fense purposes—and in ad¬
existing
not
so
any
con¬
all the funds
ing
Washington,
past ten days.
way
There are, of course, at least two
opinions
intelligent and sincere men concern¬
almost everything that has
in
our
The instruments of
among
everywhere in the country,
occurred
clusions
to whether all this
Motors Corp., to the 24th annual
meeting of
The National Industrial Conference Board.
only in public discussions
is
reach
to
preservation.
two-fold:
Construction of national
defense and reconstruction of economic
pol¬
icies.—Alfred P. Sloan
Jr., Chairman General
decisions and action.
but
commit¬
Congress show
national confidence.
is, ob¬
evident
Washington,
appropriate
inclination
political
be done.
must
one
any¬
adequate to our needs.
It
should be the keynote of our national
policy.
National security has become essential to
conducive to statesmanlike
is
the
longer in a position to afford any degree
luxury.
This system of national de¬
fense
be raising its
this
security and
No
or
particularly concerned
tees of
of such
seems,
moreover, to
All
be
comes
simple,
an
their
the
with where all this
money
is to come from. Not even
is
essential.
of
for that matter, seems to
consideration.
There is a
Let us do it
intelligently.
Certainly after the past seven years of finan¬
cial dissipation, we should know that
we are
all,political partisanship,
viously, not
the
job to
fluence who appear to be
and
are
from
demanded
Capitol Hill,
where else in
is
essential program
of
as
for the most part
respon¬
sible and at fault.
Amidst
pure
for
unencumbered by the
positions
responsibility
us,
be directed by those
possessing the technical knowledge and ex¬
perience to assume such a great responsibility
be said that it is
much the
of
fare of today are the most
highly technical
products of industry.
We should start with
the recognition of that fact and demand
that
troops, and
various persons in
it
there
Both
detachment
a
all
demanded a policy of intelli¬
gent and aggressive preparedness in defense
with
us
man," whoever that is,
of
Hence
mo¬
startling sud¬
parachute
it must
a
of
democracy
the present struggle.
in
responsible
of American
upon
the
denness
not
inev¬
have
to
seems
descended
of
victorious
those
ment
minds
Any other result would be a catastrophe to
civilization.
Today both national and inter¬
national morality in respect to human
rights
is largely passing out of the
consciousness of
counsels to pre¬
But
issue of the day, and the
the
that the standard bearers of
us
emerge
impossible for cooler heads
and
in
aggression, the preservation of our American
way of life.
To in¬
sure this, it is clear that it is of
vital concern
of
more
first
voting
sums
by the President.
One
resistance to force and
sort, and when
the
to
on
or
At'»
.'.I-.
news
to be virtually
appears
Congress
enormous
mem¬
bers of "fifth columns"
daily
main problem, the key diffi¬
lay in obtaining huge appropriations froim
Congress for defense purposes. The fact is, obviously,
"bolsheviks," pro-this and
anti-that, and
the
culty,
long
of
with
suppose
Washington that the
perfectly sincere differ¬
endangered
rational
would
windy
<
will
turn
their
matters with the ultimate
result
no
whatever
better,
may
possibly much less,
come
than
we
were
before the Germans moved into the low countries.
What the
public must somehow be made to under¬
stand, and, understanding, to deal effectively with,
is the fact that
adequate national defense, no matter
by what standard its adequacy is measured, is not
merely
a
purpose.
wasting
but
matter of appropriating huge funds for the
Far from it.
our
For years past we have been
substance upon programs professedly
poorly designed to
ease
the lot of the so-called
underprivileged while certain other
powers
against
which
to defend ourconcentrating their attention and
feel obliged to prepare
we now
selves have been
much better management,
under
energies,
their
the production of instruments of death whereto destroy those thought to be blocking their
upon
with
May 25, 1940
this country, but the point is hardly worth arguing,
President Roosevelt from his first day in the White
House has shown an unfaltering determination to
The Commercial & Financial Chronicle
3248
paths to larger world influence and a larger share
of the world's goods.
While we have been develop-
of subsidizing non-production, of
output by the individual
working in industry and trade, of stimulating boondoggling at the taxpayers expense, of restricting,
punishing, harrying, and discouraging those whose
profession it is to enlarge output and increase efficiency, these other governments have been placing
the
greatest emphasis upon volume production,
goading men and women to their greatest efforts,
and demanding the utmost in tangible results from
all ranks and groups—with this wonderful and horrible machine pointed at military efficiency and
ing the technique
discouraging full, normal
serve as his own cabinet—with the aid of all manner
of highly unconventional advisers—using his regu-
larly constituted
official family largely as a group
of Charlie McCarthy's. There is not the slightest
reason to expect that any "opposition" representa-
tives entering that
family would be permitted more
important roles.
In any event the
questions here involved are not
questions of personnel per se (although that aspect
of the situation certainly needs the most serious attention) but of policy. The need for a complete reversal of policy and outlook, long present as a
matter of self-preservation, has been made doubly
urgent by the developments abroad and by our determination to arm ourselves effectively. If the
President, contrary to all appearances, has now seen
power. The years that we were devoting to maudlin
a light from the heavens, he will find himself obliged
sentimentalism they have given to ruthless effito make sweeping changes in the personnel of those
ciency.
surrounding him, although such changes need not be
England and France have been much inclined to
and really ought not to be of the sort now commonly
follow
example. They are paying the price tosuggested. If he is determined to continue his genday. Apparently they have now been shocked into
oral policies unchanged despite the needs of the
understanding of the realities of this hard world
hour, he will, of course, consider no really important
our
an
in which we all
Unless we are prepared to
live.
their
from
learn
experience,
shall pay
too
we
through the nose either in a military sense, should
we unfortunately become involved in this essentially
European conflict, or
in an economic sense in the
for world markets which
or both.
It is precisely this
of competition
severest
must follow the war,
central truth
lying at the very heart of our national
to be beyond the compre-
defense task which appears
liension of
hazardous
who must bear
Washington authorities
of
responsibility
the
world.
making us
secure
We have for seven
in this
long years,
vainly endeavored to buy prosperity to
of almost countless billions of dollars. In
and more,
the tune
much the same
national defense to slip
nothing to show for them,
fingers with almost
our
billions of
through
spirit we have permitted
dollars intended for
for that matter, another ten
in the same spirit and expended in the
Another billion, or,
billion used
nonchalant
same
manner
will not bring us the se-
curity we seek.
They Neither Learn nor
For
a
time
Forget
immediately after the President's de-
fense measure there
seemed to be some slight
hope that the force of public
for
ground
opinion might
oblige the Administration at least in some part to
take notice of these essential truths. It may still do
so,
but in candor It must be said
of the
past week all point in the
considerable
but
largely meaningless
lias arisen about what
net" to cope
defense.
that the indications
other direction. A
controversy
is termed a "coalition cabi-
with the problems involved in national
and confusing
There have been confused
reports that the President was
considering some
be-
strategy, and apparently futile conferences
such
tween
the President and his
opponent in 1936 are
currently said to have something to do
with the
Any action of this sort which the President
ever
shown the slightest inclination to take
plan.
has
would leave the essential
doubtful if in any case
problem untouched.
It is
such action patterned after
European practice^ under governmental systems of
a
radically different sort could be of great service in
alterations in the groups now advising him and
giving effect to his commands, and nothing of great
consequence would be accomplished by any other
sort of changes. It would, obviously, be absurd for
the President to bring into his circle of advisers and
lieutenants men who are strongly antagonistic to
policies he is determined to continue in effect, even
if, as is to be doubted, he could find men of ability
ready to undertake so thankless and probably fruitloss a task.
A Distressing Record
It is to Congress as the holder of the purse strings
of the nation that the people have a right to look for
the initiation of action which would right the existing situation which stands so directly in the path of
effective defense, military or economic. Everything
that has taken place on Capitol Hill during the past
week, however, strongly suggests that little is to be
expected from that quarter at least at the present
moment. Few, if any, among the members of Congress appear to think it politically wise to question
any of the proposed appropriations, or even to take
the time to inquire carefully into the purposes for
which they are to be expended or the policies which
will govern their disbursement. Everywhere the impression seems to prevail that the thing to do is to
break all records in the speed with which funds are
placed at the disposal of the Government—and to
hope for the best. Actual provision of the funds
will apparently be left for a more convenient season,
The obvious need of the most stringent economyA"in
outlays which are not essential to national defense
or to national welfare in general appears not to have
made any impression whatever upon Congress. Attest the action of the House in passing by an exceptionally large majority the so-called relief bill providing the WPA with $975,000,000 which may be
expended during the first eight months of the corn-
nothing had occurred
time ago
that this be done. Witness also the fact that various other appropriations, many of which could not
in any event be described as other than the most
ing fiscal year precisely as if
since the President's suggestion made some
Volume
wanton
The Commercial & Financial Chronicle
150
profligacy born of
appear to be
without
ment
even
when
with.
attracting special attention at this
national
Meanwhile
defense is
mo¬
conjure
previously
to ameliorate certain situa¬
tions which have grown
of extreme New Deal
word to
a
of the movements
none
less under way
more or
political expediency,
pure
moving smoothly to the statute book
almost intolerable by
legislation
seem
reason
to have gained
3249
again is the most noteworthy feature of the official
reports
available.
now
United States
now
Monetary gold stocks of the
increasing at
are
less than
banks, and this also tended
funds.
that
Indeed, it would
of
most
these
have
appear
been
at the moment
more
less
or
tracked for the sake of national defense!
side¬
pressu re to conform its
policies to the necessities of
the defense program as
outlined, it has given
The President is quoted as
the view that hours
of work
evi¬
no
expressing
throughout industry
should be continued short, and overtime avoided in
order
that
much
national
re-employment
he is described
of the
ment
as
same
single millionaire."
a
sort.
From the
that
there
amending burdensome labor
is
or
And
Treasury Depart¬
no
intention
tax laws in
an
of
en¬
deavor to spur the production essential to national
defense.
nance
The Chairman
of the Reconstruction Fi¬
Corporation is again in the
news
offering left-
handed loans to aircraft
under
the
old
influx,,
manufacturers, apparently
assumption that credit is what is
credit
member
do"
implication strong that the Government is
ready to step in and "do the job" should industry
fail to meet expectations.
The public is being told
that the New Deal will
run
its
own
national defense
high
The demand side of the
The
weekly reporting member banks in New
decrease^of business loans by
a
Loans by the
on
same
security collateral
dropped $55,000,000 to $403,000,000.
Open iqarket operations were conducted by the
Federal
Reserve
statement
banks
week.
on
Total
modest
a
scale, in the
holdings of United States
Treasury securities increased $3,050,000 to $2,477,120,000, with holdings of bonds
$1,130,125,000.
000
$2,150,000 to
up
$1,346,995,000 and holdings of notes
$900,000 to
up
The Treasury deposited $150,001,-
gold certificates with the regional banks, raising
Other cash
can
gold
advanced
statement week to another
City indicates
the old
accomplish almost anything. Meanwhile
word is again passed out that business is
banks
picture, however, reflects contraction.
statement of
York
of
$6,370,000,000.
their
being given "its chance to show what it
bank
entirely because of the
reserves
$70,000,000 in the
record of
needed to
with the
Almost
excess
banks to brokers and dealers
word
comes
provide
institutions.
$9,000,000 to $1,671,000,000.
At the
idle
just about offset
an increase of currency in circulation by $15,000,000 to $7,613,000,000 and by an increase of
determined that national defense
as
same
activities
possible.
was
by
time
not "make
programs
more
defense
as
advance
to
But the latter influence
$57,000,000 in non-member deposits with the regional
.
If, meanwhile, the Administration feels under any
dence of it.
more
from its general account with the 12 Federal Reserve
that
country.
even
$122,000,000, raising the total to $19,071,The Treasury disbursed large amounts
000,000.
momentum,
as they obviously should, from the shock
European developments have brought to this
an
rapid rate than has been customary of late.
In the
weekly period ended May 22, gold stocks advanced no
holdings of such instruments to $16,841,976,000.
was
off
slightly and total
12 banks advanced
of the
reserves
$144,412,000 to $17,224,087,000.
Federal Reserve notes in actual circulation increased
$15,876,000 to $4,984,611,000.
the
regional banks
were up
Total deposits with
$131,001,000 to $14,527,-
125,000, with the account variations consisting of
advice from industry is wanted,
although business men with their hearts in the right
increase of member bank reserve balances
place may be able to find positions, possibly at
a-dollar-a-year, in inconspicuous places in the regu¬
lar
to
an
ury
show, and that
no
departments of government under strictly New
Deal management.
Meanwhile manufacturers jour¬
828,000 to $13,222,502,000;
an
a
by $128,-
decrease of the Treas¬
general account by $54,626,000 to $370,008,000;
increase of foreign bank deposits by $48,924,000
$449,854,000, and
an
increase of other deposits by
$7,875,000 to $484,761,000.
The
ratio im¬
reserve
neying to Washington upon request to find out what
proved to 88.3% from 88.2%.
is wanted of them return without
regional banks receded $495,000 to $2,227,000.
It may
enlightenment.
be, of course, that the general tone will
presently change to
needs of the
day.
one
more
in keeping with the
It is most devoutly to be hoped
not, may Heaven help us.
that it will.
help of
commitments
to
In¬
$60,000 to $9,232,000, while
make
such
advances
down
were
$50,000 to $8,883,000.
If it does
We shall need
dustrial advances fell
Discounts by the
is
not
about
some
the slightest excuse for
raising questions
"preparedness millionaires."
Much greater
danger exists that
we
paredness paupers,"
shall all find ourselves "pre¬
or
The New York Stock Market
supernatural sort. There
merely the plain, ordinary,
For years the New Deal,
SHARP declines occurred obvious on thetoNew
market, in this week
the
York stock
unfortunate
response
of
news
The recessions
were
war
developments in Europe.
especially marked
on
such
occa¬
garden variety of pauper.
sions
despite warnings and protests, has insisted upon
trying to effect what it regards as reform and pro¬
while in other sessions mild and ineffectual rallies
mote recovery
panic proportions took place
tools.
same
either.
at the
It
time and largely with the
miserably failed to produce
same
has
A determined
the order of the
effort, such as is apparently
day in Washington, to throw the
national defense program
into the
same
pot,
can
end
only in something closely approaching disaster.
were
as
the
German
forces
France to
Channel.
a
to
on
Tuesday, when the
managed to cut through northern
point only 12 miles from the English
Hundreds of lows for the year then were
established, and
in
reverses,
Liquidation that almost assumed
attempted.
a
modest and spiritless recovery
subsequent dealings failed to lift levels greatly
above such
Federal Reserve Bank Statement
Anglo-French Allies suffered
quotations.
8 and 10
Declines for the week
range
points in prominent stocks, with avia¬
IONG of paramount importance in the
weekly bank-
tion and steel issues
I—i
American
specialties, that have little relation to
warfare in
Europe, fell with the rest.
ing statistics have been the rapid advances of
idle credit
resources
reflected in the
figures, and this
prominent in the drop.
Purely
Railroad and
The Commercial & Financial Chronicle
3250
stocks also lost ground.
utility
The decline, in
short, appeared to be outrunning any reasonably
predictable
Trading was heaviest
weakest, and almost reached
occurrences.
when the market was
4,000,000-share level on Tuesday. In other sesdealings ranged from around the 1,000,000-
the
sions the
share mark to somewhat more
weeks
on
than 2,000,000 shares,
of
decline
sensational
the
That
the
last
two
the New York market was largely psycho-
logical is evident from a glance at the market trend
near-panic
con-
prevailed in markets that actually appeared
danger of early invasion by German
ditions
at
such
No
Paris.
and
London
in
times in
Statistical averages of stocks in our mar-
forces.
reached this week not only
ket indicate that lows
far under those
were
prevalent before the
war
in
Europe began, last September, but also were under
1939 and much of
anything reported throughout
depression that prevailed possibly
The deep
1938.
might lose the
reflected fears thati the Allies
but the Anglo-French markets unquestionably
far more reasonable view of that problem
soon,
took
a
The only fortunate aspect of
than did our market.
closing
market affairs was that no
necessary or
States
and in
year.
were
bonds,
on
securities drifted, lower,
Treasury
instances broke through previous lows
some
this
media
also reflected the exag-
of the financial community,
gerated uncertainty
United
considered
was
advisable, as it was in 1914.
listed bond market
The
of
war
easy,
Best-rated corporate investment
but not decidedly so. Speculative
the other hand, fell with a speed that
rivaled the decline in equities.
In the foreign dollar
department German bonds advanced and some gains
also
Norwegian, Danish and other
in
noted
were
obligations of areas currently occupied by Germans,
and Canadian bonds receded
French, Australian
The commodity markets
swiftly and drastically.
remained in
state of wild
a
The De-
uncertainty.
partment of Agriculture last Saturday asked the
grain futures markets to peg prices at not less than
the
closing levels of that day, and this was done,
Actually, wheat and other staples closed yesterday
prevalent a week
considerably under the figures
earlier, for last Saturday was a day of sharp rein the
verses
Foreign exchange dealings Avere
pits.
sterling
close to the
On
the
touched
and
neAv
York
high
neAv
Stock
Call loans
inained
On
neAv
Saturday
Stock
York
On
on
shares;
on
the
NeAv
York
Saturday
Avere
286,960 shares;
shares;
on
on
on
Exchange the sales
on
on
Monday, 233,520
on
Wednesday,
Thursday, 280,460 shares, and
Friday, 138,385 shares.
Tlie stock market
off
Monday,
Thursday, 1,642,450
Tuesday, 659,550 shares;
366,295 shares;
on
on
on
Friday, 871,460 shares.
Curb
on
initial trades,
fractions to two
on
lied armies aside like a
leaf in the wind and once
again brought bewilderment to the market. Largescale liquidation ensued and prices broke through
to the lowest levels reached in nigh on to two years,
Officials both here and in Washington took a less
pessimistic slant at the day's performance and were
prone to let the market follow its natural bent without invoking any restrictions of its own. Another
unfavorable factor was the open admission of the
French Premier that the nation's High Command
had been guilty of incredible faults, resulting in
disaster and total disorganization of the French
army in its defense of the Meuse River.
Losses
during the session approximated three to ten points,
but the list came in for modest adjustment in the
final period, when the will of stronger interests prevailed. Reports on Wednesday telling of the breaking up of the German salient and inspired by assurances of men high in Allied ranks that a turning
point of the Avar in France and England's favor
Avould be realized, brought moderate recovery to
stock prices, notwithstanding the fact that an adjustment in margin accounts had a tendency of restricting this change for the better. The Securities
and Exchange Commission and officials of the
Stock Exchange also afforded traders the consolation that
no neAv
restrictions Avere to be placed upon
rather than on
The general tone
of the list was irregularly higher, Avhile some choice
issues under heavy pressure gave ground. Early in
the day prices improved on fair activity, but lieaviness in better-grade shares due to marginal adjustments induced some reaction.
Thereafter the list
proceeded to move forAvard once more, but in late
trading further pressure Avas encountered, and in
many sections an irregular closing obtained.
Taking its cue from the day before the market on Thursthe prospects of individual stocks
Wednesday, 2,132,630 shares;
shares, and
Curtiss-Wright dominated the scene on a turnover
of a point
from its previous level.
On Tuesday the German
war machine in its drive across France to within a
short distance of the Channel ports swept the Al-
of 42,500 shares, advancing one-quarter
pel the Avar from their minds and concentrate on
Tuesday, 3,939,610 shares;
on
respite came to the market on Monday after several
days of hectic and nerve-racking operations. Sales
turnover declined to a point substantially below the
volume reached at the short session on Saturday
last, and equity values on the whole presented a
mixed trend. The war fortunes of the Allies were
scrutinized carefully, and the market reacted accordingly. Gains of one to three points were
chalked up earlier in the day, but steel and aviation
issues developed weakness in a final hour onslaught,
which cut into previous gains by two to four points,
Stock Exchange re-
Exchange the ^sales
1,663,270
Avere
1,237,280 shares;
tent of the decline extended to four points. On the
heels of this report followed the estimated figures
on steel production, and steel stocks reversed their
trend, while the remainder of the list continued its
downward course to a firmer close. A much-needed
trading, nor Avere the country's exchanges to be
closed. Brokers, too, beseeched their clients to dis-
unchanged at 1%.
the NeAv
stock. Aircraft and steel shares suffered a revision
in prices, and as 11 o'clock drew near the break in
values widened as word reached the market that
wheat had broken through its 10c. limit. The ex-
high levels
neAv
Ioav levels.
the New York
on
stocks
levels for the year, while 962
Ioav levels.
On the N^w York
touched
stocks
1
Exchange two
Exchange 10 stocks touched
558
yesterday
closed
figure quoted a week earlier.
NeAv
stocks touched
Curb
but
widely,
fluctuated
Free
of official controls.
mostly at fixed rates
May 25, 1940
Saturday of last Aveek sold
and price changes ranged from
points, involving sizable blocks of
the general picture of the market.
day set out to carry
was
through its higher trend, but
arrested by the turn of events in
Europe which
Buying in-
induced further marginal adjustments.
Volume
centive
ISO
rather
was
of sales
ume
for
the
negligible and the lowered vol-
indicated that
present, ha<l been
Weakness
ground.
of the final
The Commercial & Financial Chronicle
;
was
war
Among
finish.
Sales
lowest
and mixed
narrow
a
few instances
ment
to
phase.
The range of prices was
fractionally higher.
on
ruled in the
Minor improve-
checked by midday weak-
was
by unfavorable
war news.
Steadi-
afternoon, with major issues show-
ing better levels than at their previous close.
A
the
aviation
Curtiss-Wright
group,
yesterday at 8% against 9%
the
throughout with opening sales in
followed, but
brought
ness
ness
yesterday dwindled
point since two weeks ago, when the war
reached its serious
In
present a mixed trend at the
volume
Copper
Friday of
on
Smelting & Refining at 34
against 38%, and Phelps Dodge at 26% against
30%.
period, and prices met sharp revision
and
Anaconda
last week; American
its height at the turn
only to react in the closing minutes to scale down
earlier declines
stocks,
copper
closed yesterday at 19% against 22%
hysteria, at least
relegated to the back-
at
the
3251
•
on
Friday
closed
of last
week; Boeing Airplane at 16 against 20%, and
Douglas Aircraft at 75% against 82%.
Trade and industrial reports provided
no
rant for the decline in the financial markets.
operations for the week ending today
war-
Steel
estimated
were
by American Iron and Steel Institute at 73.0% of
capacity against 70.0% last week, 60.0%
ago,
and 48.5% at this time last
of electric
power
year.
a
month
Production
for the week ended May 18
comparison of yesterday's closing prices with final
reported
quotations
was
212,000 kwh. against 2,387,566,000 kwh. in the
Friday
on
one
week ago continue to show
wide losses in many groups.
General Electric closed
30%
Co. of N. Y. at
Electric at
yesterday at 28% against
24% against 26%; Columbia Gas &
4% against 5; Public Service of N. J. at
33% against 34%; International Harvester at 42%
against 47%; Sears, Roebuck & Co. at 62% against
67%;
Montgomery
Ward
Edison
Electric
Institute
at
&
Co.
at
34%
against
week of 1939.
Car loadings of
the week to May 18
were
revenue
freight for
of American Railroads at 678,971 cars, a decline
from the previous week of 1,686 cars, but an increase over
the
same
As indicating the
week of last year of 66,083 cars,
of the commodity
course
yesterday at 83%c. against 84%c. the close
day of last week.
147% against 156%.
Western
139
at
Union closed yesterday at 15 against
Friday of last week; Allied Chemical & Dye
against 155; E. I. du Pont de Nemours at
150% ex-div. against 161; National Cash Register
at
10% against 11%; National Dairy Products at
mar-
kets, the July option for wheat in Chicago closed
Tel. & Tel. at
on
pre-
reported by the Association
39%; Woolworth at 32% against 34, and American
16%
2,422,-
ceding week and 2,170,496,000 kwh. in the similar
Friday of last week; Consolidated Edison
on
by
July
corn
62%c. against 61c. the close
on
on
Fri-
closed yesterday at
Friday of last week.
Chicago closed yesterday at 33%c.
July oats at
against 34c. the close
on
Friday of last week.
The spot price for cotton here in New York closed
yesterday at 10.37c. against 9.72c. ,the close
on
Fri-
12% against 14%; National Biscuit at 18% against
19%; Texas Gulf Sulphur at 27 against 29%; Loft,
day of last week.
Inc., at 17% against 21; Continental Can at 35%
Friday of last week.
against 36; Eastman Kodak at 129 against 139%;
day at ll%c., the close on Friday of last week.
Standard Brands at
London the price of bar silver closed yesterday at
Elec. &
5% against 5%; Westinghouse
Mfg. at 83 against 89%; Canada Dry at 13%
yesterday at 20.25c. against 22.75c. the close on
22 7/16
pence
against 15; Schenley Distillers at 8% against 9%,
ounce
the close
and National Distillers at 18
silver
in
In
the
closed
last
rubber group,
against 20%.
Goodyear Tire & Rubber
yesterday at 13% against 15%
on
Friday of
week; B. F. Goodrich at 10% against 12%, and
United States Rubber at
16% against 18%.
Pennsylvania RR. closed yesterday at 16% against
17%
on
on
against 23%
ounce
pence
In
per
Friday of last week, and spot
York
closed
yesterday
at
35%c.
In the matter of foreign exchanges, cable transfers
on
London closed yesterday at $3.19% against
transfers
on
Friday of last week, and cable
on
Paris closed yesterday at
1.81c. against
1.82%c. the close on Friday of last week.
Friday of last week; Atchison Topeka &
Santa Fe at
at
New
per
Domestic copper closed yester-
against 34%c. the close on Friday of last week,
$3.22 the close
Railroad shares show further declines this week,
The spot price for rubber closed
European Stock Markets
13% against 15%; New York Centra]
9% against 12%; Union Pacific at 71% against
TVTERVOUS and irregular movements developed
84; Southern Pacific at 7% against 8%; Southern
IN
Railway at 9% against 10%, and Northern Pacific
European financial centers, owing to the ebb and
at
flow
5% against 5%.
Steel
stocks
present week.
at
Steel
at
on
of battle in
stock exchanges in the leading
Belgium and
Northern
France.
the
The markets moved on the war developments, with
United States Steel closed yesterday
London and Paris depressed, while Berlin appeared
again
43% against 50%
ble
this week
on
suffered
broad
losses
Friday of last week; Cruci-
26% against 32;
optimistic.
Nazi advances over the Low Countries
Bethlehem Steel at
and Northern France naturally gave rise to some
67% against 77, and Youngstown Sheet & Tube at
unsettlement in the Allied centers, but it is note-
29% against 32%.
worthy that declines were restrained and far less
The
motor
stocks
sold
off
the
present ^eek in
keeping with the general trend of the market.
burn
Auto
closed
yesterday at % against 1%
Auon
Friday of last week; General Motors at 38% against
impetuous than the drop in New York. On the London Stock Exchange prices of gilt-edged stocks were
marked clown close to the
42%; Chrysler at 57% against 61%; Packard at
figures
2% against 2%, and Hupp Motors at % against %.
pended.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 32 against 35%
Shell Union Oil at 8
Friday of last week;
against 8%, and Atlantic Re-
fining at 19% against 21.
on
mipimum trading levels,
last Monday, and at times thereafter the minimum
were
reached
and
trading virtually
sus-
Industrial stocks held fairly well, although
breaks occurred when the German motorized units
pushed through to the English Channel.
emergency powers
Even the
voted the London Government on
Wednesday, which include an excess profits tax of
speculative issues greatly,
of extraordi-
100%, failed to affect
British funds improved on the grant
The Paris Bourse steadied early in
nary powers.
week, owing to the appointment of Gen. Maxime
the
Weygand
on
commander of the Allied forces
as supreme
Continent, and the apparent determination
the
of the British to
Berlin Boerse
fight
thereafter
general advance took place through¬
a
week, but
some
in best demand.
utmost confusion
is
There
which the outcome of the war in
Only two weeks after the
Europe well may hinge.
Reich forces
brutally invaded peaceful Luxemburg,
Holland and
Belgium, they held most of the Low
were
of France north
section
industrial
Doubts
River.
well established in the populous
to the
as
Germans have been
ion, for it is
dispelled in
most bitter fash¬
a
clear that Channel ports are the
now
real immediate
Somme
of the
strategic intentions of the
objectives, with an attack upon the
British Isles the ultimate aim.
In
total, the
sum
military operations comprised for the Anglo-French'
blackest week
Allies the
they have
far experi¬
so
enced in close to nine months of warfare.
Nor is it
possible to suggest that events in the next week or
two
will
provide
Aided
affairs.
fortunate turn in Allied
a more
by aerial superiority and by tactics
in mechanized warfare which took the Allies
by
sur¬
prise, the Germans established themselves in less
than two weeks upon
taining
an
aim which they were unable to achieve in
four years
of the first World War.
clear whether
Channel
with the
they will be able to cement
Germans, and
on
into
the
Low
developments.
antagonists
weekly review
a
progress
Countries
a
on
May 10 that
distorted picture of the
on
specific objectives,
hardly fail to note the vast
by the Allies.
for the Allies is
case
dent and admitted that
of
cause
a
This is not to
that
say
desperate, but it is evi¬
miracle is needed to
French
the
and
British.
save
Driving
through the Low Countries with their mechanized
forces, the Germans literally overwhelmed all
oppo-
sition until they reached the line of the Somme in
France.
northern
forces
rapidly
reached the
12 miles from the
more
the
fingers
on
continued
English Channel.
fighting and
their
vague
the
Nazi
mechanized
trapped in
Dutch and
to
Estimates
After
march
a
in numbers toward the new lines
Countries, and some French
troops were sent
established in the Low
divisions also were sent to the assistance of Bel¬
The sweep of the Germans
gium and Holland.
through the northern extension of the Maginot line
in northern France
changed the whole course of the
forces battling in
and isolated the great
battle,
Flanders
Cleverly alternat¬
against the Germans.
ing their attacks, the Reich forces left their real
intentions vague
time
that
Paris
of
toward the Channel ports.
or
German
the
until Tuesday, this wreek.
High Command
disclosed
of
men,
on
airplane
by
bombers,
relentlessly toward Abbeville at the mouth
moved
of
preceded
forces,
The decision
was
huge tank units of the
Tuesday, however, when
German
Until
they might easily have turned toward
The control of Abbeville was dis¬
Somme.
the
puted for a day or two, on paper if not in reality,
by Thursday it became clear that the Germans
but
actually held the town and were driving their mech¬
northward
units
anized
main Channel
ports
British port of
toward
Boulogne
and
bombing airplanes attacked the
German
Calais.
on
Wednesday, including the
Dover,- and in the German press a
jubilant chorus predicted attempts at an invasion
of
England itself.-
Within the United Kingdom
grim
are
the
British,
whose
Allied Retreat and Counter-Attack
■'-V.'-Vv'-*;v"u
v."•: V
;v'«
ALL indications
/"A
the
from
attack
upon
v•
.
t"
*
..■/ 7/
was
•.*■,-
':Vi'
'v.'."
German
viewpoint,
of
the
Nazi
the Low Countries and the Channel
ports of the northern French coast.
Cabinet
.
point to a remarkable timeliness,
The British
being reorganized by Prime Minister
the Germans
moved, and Premier Rey-
Churchill
as
naud
having comparable difficulties in France,
was
owing to the Allied defeat in Norway.
The famed
of timing said to be possessed by Chancellor
Hitler possibly sent the German hordes pouring over
sense
the borders into the Low Countries and northern
France at this juncture. The Germans also were
aided, however, by their vast superiority in the air
toward
vital for
favored the Nazi troops, who took every possible ad-
a
day
or
huge semi-circle
Belgian forces in that trap
1,000,000
Expeditionary
British
and by their unleashing of mechanized units which
the Allies apparently did not realize were in the
possession of the Germans. The elements of political uncertainty within both the Allied countries and
of surprise developments in military tactics thus
Holland-Belgian border to the mouth of
Somme.
500,000
of the
Tuesday they
claims, the Ger-
northerly Channel ports, which
the vast Allied forces
from
steel
extended and
estuary of the Somme at Abbeville, only
two of uncertain
mans
The
were
Countries.
Low
into the
France,
eventualities.
made by the Reich forces and the terrible
defeat suffered
moved
the Allied side virtual
daily
can
Nazis
northern
made.
The hopes and fears of the great
converge
heavy Allied forces in to a vast trap
hasty preparations were made for any such
on
were
daily reports provide only
the
hold
degree
Belgium and
To all present appearances the
France.
the
From
swiftly have events moved since the Germans
marched
the
a
being, but the initiative clearly rests
admissions of disaster
but
It is not yet
ports which all experts consider precarious
for the time
So
the English Channel, thus at¬
and it is
doubt, however, that the course of
no
Germans lured
Germany were locked this week in a titanic
Countries and
many areas,
the entire war will be determined to a large
when
struggle upon
prevails in
predict the outcome of the vast struggle.
idle to
northern
SURGING over armies and air forcesand the Allies
France, the the fields of Belgium of Northern
1940
ing to break through the German wedge to the sea
to isolate the advanced German detachments.
The
by the struggle now being waged in
Battle of Flanders
and
May 25,
hampered by refugee hordes on all roads. British
forces within that area appear to be driving toward
Channel ports in an endeavor to return and defend
England against invasion. French armies are try¬
profit-taking.
Germans shipping shares
reported.
was
On the
totalitarian war.
a
out the first half of the
were
Chronicle
The Commercial & Financial
3252
French,
range
movements
from
are
vantage of these factors.
seemed for
it
is
not
a
Every tactical incident
time to work to Reich
advantage, but
yet possible to say whether this was a
or of calculation on the part of the
matter of luck
Nazi Command.
Volume
The
The Commercial & Financial Chronicle
150
stances, under which General
Belgian forts of Liege and Namur did not
much of
prove
left
them
During the week
now
Reports of the fighting along the Somme between
ending most of the Liege forts
the French left flank and the German right flank
indicate little more than a temporary stalemate,
and
reported to have succumbed, but a few points
were
around Namur still held out.
movement
rendered
The
fortifications
of
minor
for
found
ment
inclined to regard that movement
reported
di-
tended to occupy the main French armies while the
rapidly into the heart of Belgium,
Germans mopped up the Belgian and northern
French areas still held by the Allies. General Wey-
it
Ostend.
Channel
were
the lines hold for
stand
a
the Germans
France,
northern
and
ports
But the British made
River
forces
Allied
The
the banks of the
on
concentrated
were
France.
in
Arras-Cambrai
the
Two
area
ment of the Allied
Scheldt and
the
Nazi
of
stubbornly
on
the Scheldt,
British
but
that
held
reported
were
Channel
the
questioned,
was
light
only
detachments
motorcycle
and
armored cars had penetrated to Abbeville and Bou-
forces, thereupon developed along
The
toward
move
were
The strength of the
however, with most observers inclined to the belief
great battles, which really
Somme Rivers.
marching toward Paris, and all
agreed that advance detachments of the Nazis
part of the single campaign for the disentangle-
are
a
Some dispatches stated
month.
a
were
in sight of the Eifel Tower.
Scheldt, and the French forces apparently
northern
as
gand, in reporting to his countrymen, declared on
Wednesday that the Allied cause can be saved if
late last week to move
necessary
the last week-end in full retreat to-
over
the
feint, in-
not
Brussels to
ward
destroyed by the French,
were
subduing Holland, and the Belgian Govern-
from
were
mechanized
German
moment.
a
visions pushed
after
the river
over
which suggests that the Germans were on the offensive south of the stream. But military experts were
importance,
however, for tanks and motorized divisions
detained
Bridges
warfare of
new
by vast mechanized forces clearly lias
such
taken
conquest.
reduction
future
to
was
Paris naturally has maintained silence,
forces, which simply swept around the fortifications
and
Giraud
have been reported variously from Berlin, while
obstacle to the advancing Reich
an
3253
logne.
The hope was expressed that
and ag-
a new
gressive pincer movement from Arras
on
south
and
Thursday to be retreating from the river, possibly
Amiens north would cripple the German drive and
in order to reach the Channel
perhaps isolate
ports and England,
some
Along the Somme the Germans pounded forward,
turn.
and all
French reports,
break
signs point to
effort by the French to
an
through the German pincers through
tack southward from the
Amiens.
The
however,
feel
to
appear
extended
were
toward Boulogne and Calais.
ing to British admissions,
for control of the
a
of
The German
view that
field
stimulate production of
hqve
been
Command
relatively
said
was
hold
to
won
British
no
minimize
French
the
authorities
disaster
to
the
Premier
same
complete
of the War
Weygand
for
of the
action
Within the Reich these bombings
But
nously,
attempt
troops
aide, General Henri
time M. Reynaud took
Ministry.
General
possessed by this doughty warrior
able
and
people
perceptibly.
011
were
He
a
brief
failure of General
Meuse
was
a
in
defeat, and
Corap to destroy bridges
his
mind.
;
The
arrest
of
over
made that his army had
ized."
It would seem,
sition in Flanders
was
even
raud,
on
divisional
commander,
The answer by Mr. Churchill,
various
obnoxious
the
regime were accused of "fifth
persons
in behalf of the enemy.
to
the
Churchill
column" activities
Among those arrested
on
such grounds were Captain Archibald Ramsay, Con-
servative, and Sir Oswald Mosley, the fiscist leader
Whether
not these arrests are
po-
in Great Britain.
un-
justified, the publicity attendant upon the detentions
General Henri Gi-
Army in Belgium.
Thursday, in a
of Commons,
House
of
Wednesday, and the virtual destruction of
the French Ninth
on
the
regimentation of the United Kingdom, and arrests
re-
tenable, for the Germans reported the capture of the
French
admitted
before
the
become "totally disorgan-
generally bad and
"battle for
however, seemed to consist merely of a totalitarian
were
however, that the Allied
a
and he also conceded the "serious implications" of
General
Corap followed, Thursday, and charges then
Churchill
statement
this Reich advance.
miracle could
indicated that
Prime Minister
that the German enemy was in or near Boulogne,
remark-
promised dire punishment for those
sponsible for the
Great
enrolled for defense against German parachute
Mr.
in-
But Premier
Tuesday, in
general disaster which only
avert.
that
made
troops.
speech which conceded "unbelievable faults"
a
were
island" impends, and amateur corps quickly
our
Reynaud laid the full implications of the situation
before the French
statements
and
Churchill declared last Sunday that
forces, and the reputation
creased the Allied morale
and
noted omi-
were
and other German centers.
over
over
called last Sunday to take
was
Allied
area,
made against civilians in Hamburg, Bremen, Han-
Petain, and at the
Maxime
made daily
Reynaud last Saturday
fields.
his Vice-Premier and
command
were
Britain would suffer fivefold for attacks allegedly
Flanders
control
Allied
aerial attack by the
an
in
named
as
made
prepare
German communications were bombed repeatedly.
by the
come.
materials and
objectives deep within the German
upon
grave
made to
British airplane attacks
Reich.
the
effort
was
every
war
the United Kingdom for
modest.
Germans, with the main battle still to
to
view of the situation, and
in this great
only the first trick has been
and
from either side,
ter Winston Churchill took an exceedingly
great battle developed
port.
Flanders
Im-
The British Government headed by Prime Minis-
At Boulogne, accord-
Official German claims of progress
battle
was reported
Thursday
on
prevailed,
destruction of tank, airplane and other units
mense
great confidence in their ability to hold the Somme
line, for steel fingers
confusion
utmost
and Reich forces deep within French lines.
trap and northward from
Germans,
the
with French troops fighting behind German lines,
at-
an
of the German detachments in
From Arras to the Somme, according to
The circum-
seems
or
highly unfortunate, for it gives the im-
pression of traitors in high places in Great Britain
»
and
can
populace
only increase the fears and anxieties of the
as a
whole.
Narvik
under which the British Gov
LENARY powers
Great Britain
that
resource
possesses
were
Front in
voted
R. Attlee, leader of the Labor
Privy Seal in the reorganized
regime headed by Prime Minister Winston Church¬
ill.
This unprecedented measure indicates,opiate as
well
position,
does the military
as
currently find
in which the Allies
^e^frhve plight
themselves. Al¬
implemented/with Nazi harsh¬
it is idle to deny that the\measure is equal
though it is not to be
ness,
power}
German dictatorial
the
to
the
ances
To all
Government
British
new
reached the conviction that fire must be
has
fought with
which the Nazi ruler£
The tremendous power
fire.
appear¬
rapidly
ff*inS Tforremains fd the
Na™k true, on
It
mines.
Narvik has much
Low Countries and northern France
of the German
necessary
is ready
people, and if a similar control is
in England to defeat the Nazis, England
Complete governmental
for the sacrifice.
both labor and capital is asserted in
which Parliament speedily accepted.
But
over
power
the bill
assurances
also
given that the rights thus sur¬
were
be kept
rendered will
alive and returned after the
conclusion of the titanic
Britain
now
is
which Great
upon
presented
on a
of several
explained by its sponsor as applicable to
for the sake of the
Swedish territory to
Nazis at Narvik.
community.
The "forced labor"
capital.
The actual intent of the meas¬
according to London dispatches, is to give pri¬
ority to the war and export industries.
lines, such
as
Some of
the aircraft industry,
probably will be. placed immediately under strict
Government control and
hour
asked to operate on a
Munitions production
daily basis.
will
24-
be
speeded, and coal mines will come into greater use.
"Though it is
say
an
exaggeration and
distortion to
it is true the bill means
everybody in the Kingdom now is
the national
forces," said
to put to
on
profits
a
a
London dispatch to the
productive tasks the 1,000,000 unemployed
the official rosters in Great Britain.
are
to be
taxed
100%.
The
gained by British labor in hours and
are
member of
Particular efforts will be made
New York "Times."
still
a
that henceforth Great Britain will be a totali-
tarian State like Germany,
that
liable to
noted.
were
the aid of the hard-pressed
however, for Swedish
of
"swarms
airplanes"
which
reports
not
only
dropped food and munitions, but also attacked Brit¬
ish
warships in the vicinity. Official German claims
were
made of
severe
several troop
damage to
a
British cruiser and
transports off Narvik.
Thus the strug¬
gle continues for the small port which appeared to
be
the
primary issue in the German invasion of
Norway early last month.
Occupied Areas
SOME scattered reports becamethe unfortunate
available this
week of the fate meted out to
peoples in the Low Countries who are falling under
also is
vital
demands
Help apparently reached the Ger¬
Thursday,
on
of
told
the
more
Reich
being made for the right to send troops from Lulea
only to the workers in mines, fields and factories,
the
that
Sweden
in
circulated
provisions of the bill will apply, he indicated, not
but also to
on
single sheet of
everybody and as superseding all private interests
ure,
The
Wednesday reported the recapture
small villages from the Germans. Rumors
Norwegians
fully embarked.
The brief measure,
paper, was
struggle
Norwegian
continually.
invaders
the
harassed
soldiers
of the Germans
heights around Narvik, and
the
from
plainly reflects
totalitarian control over all the vast energies
well as economic im¬
as
late last week to have blasted some
mans
the
symbolic
f f?™
the other hand, that
portance, and neither side seems likely to abandon
the conflict.
British naval batteries were reported
over
their push through the
have been able to exert in
their main
overmuch attention to the little groups
battle to pay
and Lord
party
Moreover, the chief antagonists
Europe.
probably are too much occupied with
by the London Parliament, last Wednesday, less
than three hours after the enabling legislation was
introduced by Clement
J
the Western
by the great struggle on
shadowed
have the right to utilize every
will
eminent
Reports of the fighting at
for the battle there is far over¬
sparse,
are
1940
May 25,
mines at Kiruna
iron
Mobilizing Britain
P
Chronicle
The Commercial & Financial
3254
be
changed at
a
Excess
yoke of Nazi
dinavians
pied.
A little information
conquerors.
being made known with respect to the Scan¬
who
their
found
lands
suddenly
occu¬
It would appear that every country absorbed
within the rule of the
Reich, permanently
Poland, of
viewpoint.
or
tem¬
own
merits, from the Nazi
course,
has suffered terribly.
porarily, is treated on its
The people of that overrun land who held property
within the area considered German by the Nazis
were
simply driven out on short notice and de-
posited pell-mell within the Warsaw district.
Pol-
ish labor has been conscripted for service within
Germany, and to all intents and purposes the Poles
for the time being are serfs of their German masters.
Czechs
are
said to be finding their fate only
slightly less harsh, although detailed reports of the
situation
treated
are
Austria
lacking.
and
Memel
are
by the Nazis as parts of the Reich, and Dan¬
concessions
zig falls within this classification.
wages now
region of Norway, which resister the German inva-
moment's notice, it
The populous
sion, apparently is being subjected to harsh military
Similarly, the rights and privileges of
rule.
Denmark, which failed to make any resist-
property are being given up in the national emer-
ance
worth mentioning, is said in a Copenhagen
was
gency.
found
These sobering effects of modern warfare
their
reflection
also
in
Government
indicated
late
on
dispatch of last Sunday to the New York "Times"
Canada, where the
to be carrying on with little apparent change and
Wednesday that
few
a
evidences
of
the
Nazi
military overlordship.
sweeping bill similar to that adopted in London is
German
under consideration.
ministration of Denmark have been observed scrupu¬
promises not to interfere with the civil ad¬
lously, it was indicated, but the economy of the
Northern Norway
occupied country naturally is more than ever sub¬
ISOLATED in or tenaciously to hold positions far
near Narvik, a small German
force continues
to the north in
trol of the
Norway which
Atlantic
outlet
are
vital for the
of the famous
con¬
Swedish
ject to German requirements.
The Low
Countries,
as
the latest victims of Nazi
aggression, are only beginning to orient themselves
in their
new
position and way of life.
Little Luxem-
Volume
The Commercial & Financial Chronicle
150
burg put up no resistance, since it had no defense
force, and presumably is now completely subject to
3255
Rome will
move
suddenly in the great war, presumably to the side of the Berlin partner in the axis.
German demands. Holland is
endeavoring to resume
Foreign Minister Count
ordinary activities, according to reports from The
Hague, and finds the task bitter and difficult. Am-
Milan, last Sunday, that Italy cannot remain aloof
sterdam, Utrecht, The Hague and other cities that
the world.
put up
military resistance
no
from
invaders, but Rotterdam,
where intense fighting
place, was subjected to terrible and destructive
took
airplane bombing of its business section.
accounts
ness
which
the
state that the central
the
River
Maas
estimates
But
was
available
that
now
German
section
the
number
has
given
Holland
passed
up
Italy
casualties.
the unequal
from
moves
recently, although it is hard to imagine where the
troops
asserted that the
to find peace and
In Paris it was stated on
Wednesday that
retreating Belgians destroyed 80% of their coal
succor.
by
flooding,
also
fired
before
their
the
Germans
of
stores
oil
and
took
such
war
currency
hood will
the time
was
Southern
and
in
Eastern
issued for the
diminished,
area
were
war-like pose,
more
that
might develop.
annual
an
production
capacity
of
Qualified
ex-
of
the
a mere
air
armadas.
such
totals
Military
of
asked
upon
Colonel Charles A.
an ever
cities in the Mississippi Valley,
Lindbergh, in
a
radio speech last
Sunday, scoffed at such fears and asserted that the
United States is in
any
no
danger of
a
foreign invasion
unless the American peoples bring it
were
they do not
any
Such
by
on
negotiators on Wednesday that
to conduct trade discussions on
care
basis that might interfere with Moscow-Berlin
Rumania this week attained a stage
complete military mobilization, in apparent de-
arrangements.
of
fense
against
gary
is too
German
any
near
or
Russian
moves.
Hun-
the Reich to do much about
precarious situation.
Yugoslavia and Greece
her
made
preparations for attacks, chiefly through the establishment.
of
somewhat
secret
easier
airports.
Thursday,
on
that both German
The Swiss breathed
and
French
when
it
appeared
military concentra-
tions had been withdrawn from the border for
presumed service in Flanders.
But
Italy remained
that is the
last
advantageous for the time being.
Belli-
reports of all sorts emanated from Rome.
virtual
war
budget
was
week, and this
A
presented in the Senate, late
was
followed by
of aviation has been underrated in the
the famous flyer.
cated, said
was
severely criticized in
Confusion
address.
to almost all
rumors
that
and
over-
Colonel Lindbergh
many quarters
for this
uncertainty prevailed
as
aspects of our defense arrangements,
and it is still to be made clear why they should be
after
inadequate
armaments
tration.
to
prodigious
and
The
tendency of the country, however,
was
speed defense regardless of cost, and Congress
began to vote immense additional
V
unprecedented
expenditures by the Roosevelt Adminis-
President
Roosevelt
remarked
this week,
sums
his
at
ference, Tuesday, that thousands of
press
war
being
machine-gunned
American
people
from
pursuing
warfare, he said,
behind
their
Few other official indications
are
are
airplanes,
uniting the
defense
were
con-
refugees
fleeing from Belgium through northern France
Such metohds of
enigma, probably because
position which Premier Benito Mussolini
finds most
cose
an
quar-
Although
past, there is now a danger that it will be
dispelled, however, when the Russians
British
informed
that the Reich is
well retaliate.
no
been voiced of Mr. Roosevelt's picturization of air-
plane attacks
no
Rumors circulated
now
for
airplanes, and much criticism has
the power
notions
*
such huge
man
spokesmen
other
very
a
|7,000,000,000, and that
airplane pilots must be trained to
war.
advantage of
would cost
program
reling and meddling with affairs abroad.
supplies to Germany,
week
The President's
occasionally that the Kremlin might cut off oil and
fully occupied and cannot
precau-
this
speecli of last week, in which he called for 50,000
while Russia watched the bor-
ders in obvious readiness to take
situation
States
the foreign policy pursued by President Roosevelt
noted
apprehensions
Italy continued to take
as
United
perts have rushed forward to explain that such
and Russian Governments with
respect to
whit
defense
necessary
the
and his Administration associates.
carefully and anxiously, for any indication they
might afford of the real intentions of the Italian
The Balkan countries found their
But others
fever has been stimulated to
50,000 more, electrified the country.
the vast
Europe
Some observers
designed to keep
measures
tended to overshadow entirely the grave question of
Italy, Russia and the Balkans
i*
within
airplanes and
week
war
regarding
tions
counties, and in all likeli-
this
de-
extent among young Italians as to make
an
T""\EBATE
being.
made
on
his
(
supersede the various national units for
moves
called
American Foreign Policy
.
A LL
increased
war
the Franco-Italian frontier.
on
ma-
Highly indicative was an integration of
Denmark, Norway, Holland and Belgium, early this
week, in the currency systems of the German Reich,
Special occupational
the
Italian participation almost inevitable,
terials.
German forces in those
as
and
over,
other
enter
the Anglo-French Allies apprehensive, to such a degree that France would have to keep vitally needed
long lines of Belgian refugees
the
to
The impression that
ities of Italians living in Morocco.
viewed these
Belgium have been told
are
Wednesday,
fense council into session and reports appeared in
the Italian press of "persecution" by French author-
Ravaged Belgium is still fighting
desperately against the Nazi forces, and pitiful
vast trek
about
was
Goering.
Thursday, when Premier Mussolini
"Times" states.
a
on
Minister,
struggle, the behavior of the occupation troops is
faultless," the correspondent of the New York
tales of
The tension mounted
General Hermann
reliable
no
of
at
when King Victor Emmanuel conferred
Italy's high¬
est military decoration on the German Air
city north of
devastated, with
of
stated
struggle which is shaping the destinies of
not" regimes.
Eye-wit-
censors
of the
Ciano
A Japanese
goodwill delegation was received in Rome, Monday, by a wild outburst of real
or stimulated enthusiasm for totalitarian
"have-
spared by the
were
a
Galeazzo
program,
given, however,
of official reactions to the stirring events on the
Western
Front.
Wednesday, for
Arrangements
a voyage
were
announced,
to Ireland by the Amer-
ican ship, President Roosevelt, for the purpose of
The Commercial & Financial Chronicle
3256
May 25,
1940
Bank of France Statement
repatriating Americans from England, and all bel¬
were warned not to molest the liner.
Inti¬
ligerents
mations
given from Allied sources
were
the
over
last week-end that London and Paris would like to
purchase American airplanes now in our air service,
but these feelers
The 21 American
a
not welcomed in
were
Washington.
republics last Sunday made public
joint declaration protesting strongly the German
invasion
of
Belgium
Holland,
The ruthless violation
and
Luxemburg.
by the Keich of the neurality
and
sovereignty of the Low Countries
ered
unjustifiable, in this resolution, and the Amer¬
ican
republics appealed for the reestablish men t of
law and
consid¬
was
justice in international relations.
At the
inauguration of "Foreign Trade Week," last Sun¬
day, President Roosevelt
Hull
issued
nomic
and Secretary
upholding the "liberal"
messages
embodied
policies
of State
in
the
Present
A large increase also appeared in
State, namely 1,550,000,000
francs, which brought the total up to 23,150,000,000
francs, compared with 20,576,820,960 francs a year
a
year ago.
temporary advances to
The items of balances abroad, French commer¬
discounted, advances against securities and
ago.
cial bills
creditor
current
francs;
rates
the
at
increases
499,000,000 francs,
126,000,000
2,233,000,000 francs, respectively.
gold holdings
it
a year ago
92,266,006,224 francs.
Below
a year ago.
with
items
various
comparisons
for
leading
BANK OF FRANCE'S
centers
Effect
Date
COMPARATIVE STATEMENT
for Week
Rate in
vious
Effective
Rate
Country
Pre¬
May 16, 1940
May 17, 1939
Francs
Francs
Date
vious
Effective
Effect
May 24
3H
Belgium
Bulgaria
Mar.
1 1936
2
Jan.
51940
Holland
3
...
4
VA
Hungary
6
Aug. 15 1935
7
India
3
Nov. 28 1935
Canada
2M
Mar. 11 1935
mmm
Italy
4H
May
ChUe
3
Dec.
16 1936
4
Japan
3.29
Apr.
18 1936
7 1936
Colombia..
4
July
18 1933
5
Java
3
Jan.
14 1937
Lithuania-
6
3
Jan.
July 15 1939
May 28 1935
...
Czechoslo¬
•
vakia
-
'■
1 1936
..
3^
hand to sight liab.
7
Jan.
21937
5
Norway
10 1939
4^
Poland
4H
4^
Sept. 22 1939
Dec. 17 1937
SH
Portugal...
4
Aug. 11 1937
4tf
England...
2
Oct.
3
Rumania
Estonia
France
*
May
5 1938
May 151933
Oct.
1 1935
5
South Africa
4
Dec.
3 1934
....
Jan.
4 1939
4^
2«
Spain
2
Sweden
3J*
Apr.
Switzerland
ltf
Nov. 26 1936
Jan.
6 1940
41937
4
6
7
Yugoslavia.
5
Feb.
Germany
Greece
3H
4H
...
Finland
__
....
3^
*4
Mar. 29 1939
3
Dec.
15 1939
1 1935
5
Includes bills purchased In
three entries
were
4H
5
>
non-interest-bearlfiig
decree of Nov. 13.,
^
49 mg.
was
the franc.
per
May 22 showed
a
with
a
£34,000 in
gain
a
of
slight
Notes in circulation
reserves.
total
£546,497,000, compared with the record
high, £554,615,983, Dec. 27, 1939, and £494,564,852
a
year ago.
Public deposits fell off £1,073,000 while
deposits
rose
£196,484.
The latter consists of
bankers' accounts, which decreased
£3,330,053, and
other
accounts, which gained £3,516,537.
The pro¬
portion of reserves to liabilities is now 19.3%, com¬
pared with 19.1% last week and 20.4% a year ago.
Government security holdings declined £1,215,000,
while other securities
gained
£318,835.
amount, £885,576 represented
pnd advances and £1,204,411
Below
we
gold 0.9 fine per franc) un
mg.
Of the latter
a
v-■
Bank of
an
increase in securities.
show the different items with
comparisons
Sept. 26, 1936, the value
mg.
of gold to
''vV'
''-V;.:■
v
Germany Statement
755,000 marks,
decline of 121,816,000 marks in the
a
quarter, compared with the record high, 12,479,837>000 marks
ago.
April 30, and 8,006,448,000 marks
a year
An increase of 111,000 marks appeared in gold
holdings, 72,063,000 marks in bills of exchange and
checks and
39,757,000 marks in other daily maturing
obligations.
The Bank's gold holdings
now
aggregate
77,367,000 marks, compared with 70,772,000 marks
a
year
The items of investments and other
ago.
assets contracted
48,252,000 marks and 596,874,000
marks, respectively.
circulation is
now
The proportion of gold to note
0.63%, compared with the record
low, 0.62% April 30, and 0.96%
we
show the
previous
different
a year ago.
with
items
Below
comparisons for
years:
REICHSBANK'S COMPARATIVE
OF
the
THE quarter-monthnotes in circulationBank dated
May 15 showed statement of the at 12,104,-
decrease in discounts
for previous
years:
BANK
ier
slight increase of £82,000 in
which, together
£115,797 in gold holdings, brought about
other
(at 27.5
franc, and before Sept. 26, 1936, there were 65.5
•VX
now
a new
The present value Is 23.34 mg. gold to the franc.
"HE statement of the Bank for the week ended
advance of
In
1938, was effected In the statement of Nov. 17, 1938; prior ot
fine per franc; previous to that time and subsequent to
Bank of England Statement
circulation,
c
1938, the
loans to the State.
Revaluation of the Bank's gold
2
M
under the decree of Nov. 13,
representing temporary advances to the State
wiped out and the unsatisfied balance of such loans was transferred to
entry of
2H
boots
the Bank's
on
that date and from June 30. 1937. valuation had been at the rate of 43 mg. gold 0.9
Not officially confirmed.
note
Francos' b Includes bills discounted abroad,
the process of revaluing the Bank'e gold
4^
46.84%
64.14%
Figures as of April 18, 1940.
a
3H
Oct.
4,7.47%
—1.20%
*
June 30 1932
—
9,069,000,000
792,000,000
Temp.advs.toState + 1,550,000,000 23,150,000,000 '20,576,820,960 40,133,974,773
4H
3
26 1939
7.280,695,622
741,984,740
Propor'n of gold on
4
4
Denmark-
20,484,176
+499,000,000 13,544.000,000
*67,594,864
bills discounted.,
c
5
3.65
Eire
Danzig
13,164,276
Adv. against secure.
+126,'boo", 000 3,614,000,000 3,395,891,215 3,514,687,963
Note circulation
+ 2,161,000,000 160931000,000 122131569,065 98,826,977,385
Credit current accts. +2,233,000,000 17,304,000.000 2>1,723,259,757 20,330,471,213
2
Aug. 29 1935
Morocco...
3M
Francs
36,000,000
+ 1,000,000
aFrench commercial
Rate
Aug. 29 1939
May 19, 1
+ 64,025 84,615,339,427 92,266,006,224 55,807,639,515
Credit bals. abroad.
b Billflbought abr'd.
Argentina..
show
previous
Changes
are
Gold holdings
Pre¬
May 24
we
years:
Francs
Country
The
the foreign central
shown in the table which follows:
Rate in
The
aggregate 84,615,339,427
now
was
of
proportion of gold to sight liabilities fell off to 47.47%,
the
changes during the week in
no
registered
accounts,
francs,
1,000,000
francs and
Bank's
Foreign Central Banks
the discount rates of any of
banks.
000,000 francs, two weeks ago, and 122,131,569,065
francs
trade
reciprocal
record high of 160,931,000,000
new
a
francs, compared with the previous high, 158,944,-
compared with 64.14%
Discount Rates of
1
2,161,000,000 francs, which raised the total out¬
standing to
eco¬
treaty program which Mr. Hull steadily has pushed.
HPHERE have been
THE statement of an expansion inthe week ended
May 16 showed the Bank for note circulation
of
STATEMENT
ENGLAND'S COMPARATIVE STATEMENT
Changes
May 22,
May 24,
May 25,
May 26,
May 27,
1939
1939
193S
1937
1936
Assets—
»
£
546,497,000 494,564, 852 480,200,077 475,219,629 426,061,963
Public deposits
32,783,000 25,486, 613 26,477,229 24,863,999 19,766,981
Other deposits
149,130,390 131,712, 783 127,351,801 128,851,927 115,008,569
Bankers' accounts- 103,051,155 95,347, 067 91,248,476
91,372,095 78,275,245
Other accounts
46,079,235 36,365, 716 36,103,325 37,479,832 36,733.324
Govt, securities
137,877,000 113,966, 164 95,671,164 99,472,035 91,758,310
Other securities26,688,281 28,811, 630 28,947,036 25,131,861 19,618,191
Disct. & advances.
2,990,864
7,096, 649
9,527,760
4,865,238
6,694,719
Securities.,
23,697,417 21,714, 981
19,419,276 20,266,623
12,923,472
Reserves notes & coin 35,115,000 32,199, 114 46,975,550
46,901,233 41,201,740
Coin and bullion....
1,611,728 226,763, 966 327,175,627 322,120,862 207,263.000
,
of reserve
to liabilities
Bank rate
Gold val. per fine
+ 111,000
Of which depos. abr'd.
Res. In for'n currency
.
Bills of exch. & checks.
Silver and other coin-
Advances
Investments.
Reichsmarks
May 15, 1939 May 14, 1938
Reichsmarks
Reichsmarks
70,772,000
70,773,000
10,572,000
77.367,000
a
20,333,000
6,027,000
5,502,000
+ 72,063,000 11,989,699,000 7,306,911.000 5,299,275,000
161,527,000
209,232,000
c512,339,000
34,995,000
c23,480,000
54,353,000
a
—48,252,000
—596,874,000
Other assets
May 15. 1940
170,174,000 1,130,981,000
843,766,000
2,087,599,000 1,582,566,000 1.244,316,000
Liabilities—
Notes in circulation...
Oth.daily matur.obllg.
Other liabilities
—121,816,000 12,104,755,000 8,006,448,000 5,803,654,000
1,925,306,000 1,058,970,000
955,024,000
+ 39,757,000
563,919,000
c502,680,000
234,097,000
Propor'n of gold &for'n
19.3%
2%
oz_
Reichsmarks
Gold and bullion
Circulation..
Proportion
for Week
168s.
20.4%
30.5%
30.5%
2%
2%
2%
148s.
5d.
84s.
llJ4d. 84s.
30.57%
2%
llHd. 84s
llHd.
curr. to note
a
clrcul'n
—0.02%
"Reserves in foreign currency" and
Coin and bullion."
c
Figures as
0.63%
0.96%
"Deposits abroad" are included
of May 7, 1940.
1.31%
in "Gold
Volume
The Commercial & Financial Chronicle
ISO
Foreign Money Rates
Allied
were
Money
call at London
on
prevented greater declines in values.
1%.
was
The volume of
trading is very small. In the Continental Europeans
only three currencies remain quotable-—the Swiss
Friday
on
Belgium and Northern France.
May 10 following the invasion of the
Lowlands, only the absence of speculative pressure
as
Friday of last week, and 1 1-32@1 1-16% for threemonths' bills, as against 1 1-32@1 1-16% on
Friday
on
of last week.
in
reverses
While quotations for the
pound have not touched the
lows reached on
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, against 1 short
on
3257
New York Money Market
franc, the Swedish krona,and the Italian lira, which
rVEALINGS in the New York money market were
LA on a small scale this
week, with some signs
continues pegged at 5.05 cents.
In the case of the
Swiss and Swedish units
quotations are often
of
nominal.
hardening in rates for short Government and
nicipal
along
formally unchanged rate base.
a
Treasury in Washington sold
issue
of
awards
§p.(X>,000,{MK) 91-day discount
at
were
0.032%
& done
in bankers'
'Call loans
Hardly
The
further
a
bills,
any
pared with
The
computed
average,
bank discount basis.
animal
Monday
on
an
for
range
York
datings.
New York
7
1
•
r
-
i
Jf
..
'
Money Ratesf
I
'
1
>
I
,t
-
f
r
,
'
(
and renewals.
continues
the
up
The
money
to 90 days and 1%% for four to six months'
turities
The
.
has shown
one-month
market
for prime
commercial
future
ma¬
It
paper
the
improvement this week. More highhas been available and the volume shows
moderate increase.
Ruling rates
all maturities.
Bankers'
1
and
tinued
quiet this week.
transactions
have
been
for bills up to
are scarce
Dealers'
officially
and including 90 days
are
asked; for bills running for four months,
%% asked; for five and six months,
^8% bid and 9-16% asked.
The bill-buying rate
%% for bills
run¬
seems
United
The
'•
are
Discount Rates of the Federal Reserve Banks
changes this week in the
rediscount rates of the Federal Reserve
recent advances on
in the footnote to
schedule of rates
of paper
banks;
Government obligations are shown
the table.
now
The
following is the
totals $19,071,000,000.
$18,000,000,000 level
$16,000,000,000
reached in the
is
on
was
reached early last
Oct.
on
war
causing
to be
seem
to
concern
Date
May 24
Established
1
Philadelphia..............
1X
IX
Cleveland
..........
Richmond................
IH
Atlanta——.——
•IX
•IX
•IX
IX
*1X
Chicago. .................
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
....
•IX
IX
Previous
>
Sept.
1, 1939
Aug. 27, 1937
Sept. 4,1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Rate
IX
IX
2
2
2
are
victorious.
take the view that
function
convertible
2
2, 1937
no
2
3, 1937
2
Aug. 31, 1937
Sept. 3, 1937
2
Sept.
2
Exchange
as
much
as
to
successfully in international trade
on a
news
better
emphasizes the gravity of
situation, hence
movement
of the
was
introduced in Parliament
nervous,
demoralization is
increased
by the
on
May 22 by
Major Clement Atlee, member of the Inner War
This bill gives the Government complete
Cabinet.
control
over
all Britain's human, financial and indus¬
trial resources,
meet the
men
to
THE foreignwith erratic price continues extremely
exchange market swings in the free
This is
single nation, however strong,
and
mobilizing all classes and
national emergency.
women
excess
100% and that "there must be
national
resources
to
All property and all
of every class are affected.
Mr. Atlee said that the
The
States
already warned
swift passage of the Emergency Powers Defense bill
which
2
Aug. 24, 1937
Sept.
•
market.
time when
gold standard.
No current
2
Advances on Government obligations bear a rate of 1%. effective Sept. 1. 1939
Chicago Sept. 16. 1939. Atlanta. Kansas City and Dallas; Sept. 21. 1939. St. Louis,
Course of Sterling
and
peak
pound in the foreign exchange market, than the
Effect on
New York......——.—
a
United
some
pointing to future unfavorable
Rate in
1
new
gold standard cannot operate if the totali¬
tarian States
can
1939,
running against the
the British financial and economic
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Boston
that the
20,
The
June 9, 1939.
Treasury's gold stock at
the fortunes of
in effect for the various classes
at the different Reserve banks:
Federal Reserve Bank
on
gold stock passed the $19,now
bankers and economists who have
no
quotations
no
almost incredible that the gold influx to
States should be accelerated at this
February, $17,000,000,000
Allies
ning from 1 to 90 days.
1
in
exchange for France, Switzerland, and Sweden.
000,000,000 mark and
%% bid
9-16 bid and
THERE have been
New
quoted
%% premium to parity and in Paris at
the total United States
rates
and 7-16%
of the New York Reserve Bank is
between
of between
May 15 that imports of gold had
by $100,561,483, compared with imports of
$78,483,398 between May 2 and May 8. On May 20,
reported by the Federal Reserve Bank of New York
as
a range
increased
acceptances con-
Prime bills
light.
been
the week ended
Acceptances
THE market for prime bankers'
has
juncture, when |o much of the Continental gold had
already reached this side before April 9.
United
States Department of Commerce figures show
during
%@1% for
are
delivery is
longer quoted and there
no
some
class paper
a
market for time
Rates continued nominal at 134%
quiet.
transfers
Exchange on Berlin,
Czechoslovakia, Poland, Denmark, Norway, Hol¬
land, and Belgium is no longer quoted in London.
Italy is unofficially quoted 62.50.
In New York,
exchange on the invaded countries is
on
Stock Exchange from day to day, 1% was the
ruling quotation all through the week for both new
loans
cable
parity for sellers and buyers.
V -
DEALING in detail with call loan rates
com¬
3.2150-3.2280; New Zealand, 3.2280-3.2442.
London at
-
sight,
of S3.12% and S3.31 last week.
exchange rates now quoted by the Bank
England are as follows:
New York, 4.02%4.03%; Paris checks, 17634*176% (2.2883 cents buy¬
ing); Canada, 4.43-4.47 (90.09c.-90.91c.); Australia,
Exchange held
1% for all transactions, while time loans again
were 1%% for maturities to 90
days, and 1%% for
1
range
of
bills and commercial paper.
at
four to six months'
a
Official
business
the New York Stock
on
largely
for sterling this week has been
$3.14% and S3.29, compared with
S3.13% and S3.3134 a week ago.
and
on
The range
between S3.14 and
$3.28% for bankers'
Otherwise the market merely idled
paper.
on
mu¬
profits tax is raised
no
profit out of the
emergency."
Some establishments will be
immediate
entirely subjected to
complete control and will
be in effect
The Commercial & Financial
3258
Other establishments
Wages and profits will be
under Government control.
/
It seems highly probable that London will take
working for the Government.
be controlled later.
may
steps
to eradicate
soon
Officials
adverse psychological effect of
than to obviate the
the double
a
It is argued in London that
quotations.
single pegged rate can have no serious adverse
reaction
to
the free sterling market.
urged to do so, if for no other reason
are
only
British exports since the free rate applies
on
minor part of the total British trade.
a
On Saturday
posed
ban
a
on
last the British Board of Trade im-
all exports of silver and on processed
under Government license.
No
except
tobacco,
explanation was given for this unexpected action, but
it was believed to have been caused by recent heavy
demand for the commodities
placed under interdict,
London, it is understood, had
Bullion traders in
notified the authorities that the rise in
silver last week was the
tinental European
that
exports of silver bullion
been
a
designed to
the price of
"mystifying" Con-
It is thought
buying movement.
of the
decision
the
result of
Board of Trade to make
subject to license may have
London stocks of the
preserve
metal in the event of
large withdrawals to America,
purchases by United States
It is assumed that the
interests have been
made with sterling acquired in the
free market at the rate of around S3.19 to the
pound.
These
purchases carried the price of silver up to
23Md.
per ounce
for London silver on May 18, an
nearly 2d. If the Board of Trade order
advance of
prevention of the export of
has been aimed at the
silver unless
of payment therefor
means
acquired at the official rate of $4.03
there will
price
presumably exist
some pence
With
the
a
have been
(mean rate),
smaller demand at
a
lower than current quotations.
market in Amsterdam,
closing of the
New York is
now
the only important
free market for
However, the further restrictions
foreign exchange.
imposed by the British authorities on assets held in
London
by non-residents have caused the New Ybrk
market for
able
foreign exchange to dwindle to inconsider-
Trading in foreign exchange is in
proportions.
effect
dealing in sterling, as business done in other
foreign currencies is comparatively small. With the
elimination of the currencies of The Netherlands,
Belgium, Denmark, and Norway from trading here,
only sterling, the Canadian dollar, the French franc,
the Swiss franc,
the Swedish krona, and the Japanese
the business done in the currencies of
America, the Balkans, and in other minor
left,
yen are
Latin
as
The
European and Far Eastern units is limited.
franc
French
and
the
dollar
yen
automatically with the pound
moves
is kept pegged to the
by the Japanese authorities.
Great Britain and Canada could
supply
of
market by
free
the
sterling and Canadian balances.
done and such
except
as a
a
are
A
easily dry
as
stated above,
advocating such
dispatches
up
the
"freezing" foreign
This has not been
would probably not be taken
last resort, though
London bankers
London
move
United States
of
some
May 20 stated that the
official unit of account for use of The Netherlands
the
The unit is to be known
as
"pukka guilder" (genuine guilder), backed by
of the Dutch gold now held abroad and
•stocks
believed to total between 16,000,000
and 17,000,000
May 25, 1940
The unit will be used in transactions
Britain, France, Belgium, and the Netherlands Government in London and would be distinct
from the new German-controlled Netherlands guilder,
Dr. Alexander Loudon, Minister of The Netherlands at Washington, announced on May 23 after a
conference with Under Secretary of State Sumner
Welles that his Government has joined the British
and French monetary agreement. Among the conditions of the agreement is that the Netherlands
Indies trade with the sterling bloc from now on will
be allowed only on sterling at the official cross rate
on the basis of 7.60 guilders to the pound.
The
United States dollar will be maintained at an average
of 1.875 guilders to the dollar.
The New York foreign exchange market is still
struggling over the problem of settlements of trade
contracts between the United States and The Netherlands Indies. Many of these contracts specified that
United States importers should pay for Netherlands
Indies products in terms of Netherlands guilders and
covered their guilder requirements accordingly. Now
fine ounces.
among
payment is demanded in Netherlands Indies guilders,
which are almost a novelty in New York. Whether
the United States will eventually become a party to
the "pukka guilder" arrangement is not yet known,
Under United States Treasury regulations no trading in Netherlands guilders is permitted in the
United States. Where it is necessary to compute a
price, the last quotation before the German invasion
of The Netherlands is used unofficially,
The tangle in outstanding future contracts for
Dutch exchange also arises in the case of Belgian
futures. At the request of the Bankers Foreign
Exchange Committee headed by It. F. Loree, VicePresident of the Guaranty Trust Co., banks are
reporting all their outstanding contracts to buy and
sell guilders and belgas for future delivery to the
Guaranty Trust Co. The committee is considering
various methods of settlement, but in order to effect
such a settlement may ultimately require the cooperation of German authorities who are now in
control of Holland and Belgium,
The Loree committee is endeavoring to cancel out
as far as possible inter-bank transactions in these
futures.
These
measures are
being taken
on a
day-
to-day basis until the matter is arranged equitably
for all parties concerned. Before the invasion of
Holland and Belgium these future contracts were
outstanding in considerable volume and reflected
normal foreign trade operations. For example, an
American importer of rubber from the East Indies
for
would buy guilders
future
delivery from an
American bank, which in turn might obtain the
exchange from a bank in Holland. The future exchange would be used to pay for the rubber. The
guilders purchased might be funds which were to be
received by a company exporting oil to Holland,
Now it is impossible to obtain or to make delivery of
guilders
or
London
a course.
Anglo-Dutch authorities (The Netherlands Government is now located in London) are planning a new
Government in London.
Chronicle
of belgas.
open
Over-night loans
market
are
money
rates continue easy.
plentiful with call
money
against
bills unchanged at %% to 1%.
Bill rates are unchanged, with two-months bills at 1 1-32%, threeand four-months
bills at 1%%.
bills at
1
1-16%, and six-months
;
Canadian exchange in the free market moved in
close sympathy with the free pound, but this market
is regarded
as
of little
or no
importance in Canadian
Volume
The Commercial & Financial Chronicle
150
On Monday Ottawa dispatches stated that
applications by residents of Canada for exchange to
cover
margins in United States markets are being
eyes.
low
was as
3 259
183 francs to the
as
German threat
pound.
to the Channel
Probably the
ports has interrupted
the
following basis.
the free working of the official rate
which, according
to the financial agreement concluded
by France and
Great Britain soon after the outbreak of
was
instituted last
is
handled by the
Foreign Exchange Control Board
If when the exchange control
September there was a failure to
disclose his exact
position, the
refused
exchange.
his
out
applicant
Canadian securities
For
larger
will be
acceptable to the broker.
bank acting
amounts
as
obtain
to
to
be
must
The
of
amounts
The
made
import
^
Exports
Shipment,—
W
-
I~~4I
ZIZZZZ
i',036,089
4
47,537
.
j
10,495,380
>
______
______
*
chiefly $165,080 Canada, $358,815 Chile, $424,409 Pern, $196,273
Venezuela, $269,246 Philippine Islands, $153,383
Australia, $212,695
British Oceania.
15
high of 160,931,000,000 francs.
high of
158,944,000,000 francs
May 2 statement.
..
an
in France
#485?688.^eserve
„
issue
was
recourse
,
of
,
bank
was *ncreasec*
Referring to day-to-day rates sterling exchange on
Saturday last was off from the previous day's close,
was
$3.18%@$3.24; cable transfers,
On Monday the range
was higher.
$3.22@$3.28; cable transfers,
$3.22%@$3.28%. On Tuesday sterling fell sharply.
The range was
$3.14@$3.28% for bankers'sight and
$3.14%@$3.29 for cable transfers. On Wednesday
Bankers'
sight
the range was
was
$3.19%@$3.24 for bankers' sight and
$3.20©$3.24% for cable transfers.
bankers' sight was
$3.18%({p3.25.
$3.22
for
On Thursday
$3.18%@$3.24%; cable traasfers
On Friday the range was 83.18%©
bankers'
sight and $3.18%@$3.22% for
Closing quotations on Friday were
$3.19% for demand and $3.19% for cable transfers.
cable transfers.
Commercial sight bills finished at
$3.15;
at
$3.14%;
documents for
60-day bills
(60 days) at
payment
$3.13%, and 7-day grain bills at $3.17%.
and grain for payment closed at $3.15.
4'- /f' -Z -'j
.
k
Cotton
•.!.'-'..ZZZ'■
Continental and Other Foreign
a
of
or
Wednesday and especially
on
Exchange
Thursday the
franc seemed to have gained in the New York free
market,
which
upon
of France.
to be
by agencies
in
New
York
At the official rate the franc is
supposed
freely convertible with the pound, but for
some
difficulty has been encountered in Paris
since
reason
last
support
known to have acted at times for the Bank
are
Tuesday in obtaining sterling in exchange for
exchange rate for the two cur-
francs at the official
rencies.
In
Wednesday's trading the market
is
foreigners living
issued by the French Treasury.
The
assets,
bank within French
territory by July 1.
ratio
The decree
is especially important because it embodies the
first
,f.
.
_
.
•
,
requisitioning foreign assets
t-»
^
France.
m
Gold
i
i
coin and bullion which French corporations hold
home must be surrendered
.
..
,
.
,.
,
,
by the
.
in
same
tV
France
or
whose principal field of activity is in France are also
subject to the decree. According to Paris opinion theGovernment is endeavoring to suppress the illicit
traffic in foreign bank notes. It is understood that
French authorities have detected an influx of forged
Canadian and American bank notes from Germany
and Russia.
The German mark situation is obscure because of
the absence of reliable data. There are no official
quotations for the free mark, though it is nominally
valued at 40 cents. Germany has raised a 3,000,000,000 mark credit to finance its armies in the latest
occupied territories. As in Poland, Norway, and
Denmark, the Reich introduces "occupation" notes
in the form of so-called Reich credit bank
notes in
Luxemburg, Belgium, Holland, and German-held
parts of France. According to latest advices the
exchange for credit bank notes has been fixed
on
the
basis of current quotations at 1 Dutch guilder for
1 mark 50 pfennigs. The Belgian and Luxemburg
francs have been fixed at 10
at the rate of
on
by
..
decree drastically affecting the dollar
THE French franc continues pegged to theinpound fixed the, Berlin forfrancs
and by French these
176.50-176.75 francs, but
trading
resources
,
notes, the situation
Foreign corporations established
sight
again
France, but this it is
or Canadian, must be
turned in to the Bank of France or deposited in a
,
$3.19%@$3.25.
a
differing in this respect from previous decrees affectneutral European and Argentine assets.
All
The latest monthly report of the
Department of Commerce showed that
abroad or at
$1,232,301,000 gold was held under earmark for foreign account as of
•,
april 30.
;:VZ'date.
Bankers'
was*
According to
entirely different in wartime.
measure
duringthe^we^ended^ay
an
dollar notes, either American
742,734
_____IIZIIIZZ
union of south Africa—
IIZZZZ
iti5i,3i3
r—___
Japan
____
new
decree applies only to American and Canadian
646
Brit^LindiaZZZZZZZZZZIZZZZZZZZZZIZZZZZZZZZZZ
New Zealand
the
May 16 shows
obtaining its
e
of
0n May 20
__—513,824
Hongkong
for
-——4 holdings of French nationals
5,874,710
chile
_
■■
$5,519,774
-
after
asserted does not
necessarily afford a basis for an
unfavorable conclusion, because if it is
right in peace^me
biame the State for
means
..$100,561,483
-
a
previous
_
98,487,895
italy
CanadaKin^dom
t
...*$2,073,588
______
Detail of Refined Bullion and Coin
statement
effect of obliging the Treasury to have
15, 1940.
Total...............
months
war.
to advances from the Bank of
gold exports and imports, may 9 to
is, inclusive
_
six
interpretation it is probable that the confusion
created by the battles now in
progress has had the
weekly statement of the
United States Department of Commerce and cover
the week ended
May
Refined bullion and coin
until
Paris
gold imports and exports which
Ore and base bullion
effect
2,161,000,000 francs, bringing the cir-
reached in the
taken from the
are
of
culation to
directly to the Board in Ottawa.
follow
The
mount.
increase
agent for the Board.
application
in
Note circulation of the Bank of France
continues
All
up
remain
termination of the
produce and export
can
those who made
proper disclosure may
any
now
hostilities,
to
He will therefore have to close
position unless he
82,000 from
on
as
pfennigs (1-10 of
a
mark)
at 5 pfennigs. in New York
The values
viewed
areas are
entirely arbitrary and the "occupation" notes
mere
printing
Swiss
as
press currency.
francs
are
tinental currency
practically the
only free
showing steadiness.
Con-
The unit has
hardly fluctuated from day to day in recent weeks,
Swiss futures are no longer quoted in New
York,
though Zurich 30-days is at a slight premium in
London.
Plans
%
of
The
;
Netherlands
located in London to introduce
Government,
a
new
now
official unit of
The Commercial & Financial Chronicle
3260
"pukka guilder" (genuine
"The Exchange Market in Rio de Janeiro during
outlined above in the resume of sterling
the month of April witnessed a diminished supply of
export bills and the general feeling of optimism which
was manifest since September last is gradually
dwindling.
"The extension of hostilities into the Scandinavian
countries who were substantial buyers of Brazilian
produce, and the anticipation that the Southern
European States may be drawn into the conflict at
account to be known as the
guilder)
are
According to London dispatches of May 18
exchange.
Belgian gold and foreign exchange re-
Dutch
and
serves,
estimated at £160,000,000 and £190,000,000
respectively,
believed to have been transferred
are
largely to the United States and Great Britain before
the invasion.
The United States Treasury
issued
May 21
Nether-
deposit boxes
lands, and Luxemburg access to safe
in this
on
Norway, Denmark, The
of
nationals
and
Department
general license permitting the governments
a
The license, which amounts to a
country.
general exception to the order of President Roosethe assets of the invaded countries held
velt freezing
which
only in the
of authorized representatives of the owners
conditions
contains
States,
United
the
in
require that the boxes may be opened
presence
that
and
observed,
be
formalities
other
certain
permits specified Belgian banks to
withdrawals from American bank accounts.
license
Another
make
May 25, 1940
any moment has created a feeling of uneasiness with
regard to our exports to Europe. Furthermore, the
action of the Bank of Brazil as regards the settlement of accumulated indebtedness of profits, divL
dends, &c. over a period of four years instead of a
few months as had been anticipated and hoped for,
caused marked disappointment in Bank and exchange
circles. During the whole month of April there was
decided scarcity of export bills and the majority:
of the banks were obliged to pay higher rates than
a
those quoted by the Bank of Brazil for export cover
was offered by the brokers.
We are of opinion
that
Counsul General for Norway
that the majority of banks, owing to the unfavorable
that vessels
impressions mentioned above, decided to cover up
Norwegian flag will continue in their
their oversold positions which they had taken up a
regular trade routes but will not call at Scandinavian
month or six weeks ago when the exchange situation
seemed more promising, and we presume that most
Rolf A. Christensen,
in New
York, announced
the
under
few days
a
ago
The Consul General said that he had made
statement on the advice of the Royal Norwegian
ports.
the
Trade Commission in London.
The Rumanian Government
May 18 empowered
on
the national bank to increase the value
stock
of its gold
On the basis of the latest reports the
by 50%.
present gold stock amounts to 21,028,000,000 lei at
the old rate and to
31,542,000,000 lei after revalua-
The exchange
tion.
York
New
Rumanian lei in
rate of the
around
is
action does not mean
.050
a new
The
nominal.
cents,
devaluation in terms of
foreign currencies because the real devaluation took
banks must by this time have covered their requirements. We should not be surprised therefore, to see
the tendency of milreis gradually improve, especially
now
that the cotton bills
are
coming
on
the market
and that the Bank of Brazil continues to sell for all
legitimate requirements at rates more favorable
than those quoted by other banks. The situation,
as we see it at present, does not indicate the probability of
future.
a
fall in the milreis in the immediate
same time, with the falling off of our
At the
exports to Europe, and since it does not appear to
place several weeks ago with the introduction of the
be the intention of the Government to take any
About 5,500,000,000
theoretical profit of 10,514,000,000 lei will
steps to restrict our imports, we should not look for
50% foreign
lei of the
currency
off all debts owed to the bank by
be used to write
the
State
and
premium.
the
will
rest
be
used
purchase
to
The gold coverage of bank
required by law to be at least 35%.
equipment for the army.
notes is
The London check rate
on
Paris closed
exchange
1.80% and cable transfers at 1.81,
on
Italian lire closed at 5.05
closed
Exchange
on
Berlin marks
are not
quoted
Poland, Czechoslovakia, Belgium,
Denmark,
Bucharest
at
0.50
Finland
against 0.63.
Checks
Brazilian milreis
quoted at 5.10, against 5.15.
Chilean exchange is
2.04
at
(nominal),
ainst
nominally quoted at 5.17, against 5.17.
Swiss francs closed at 22.40 for checks
against 22.40 and
nominally quoted at 9.25,
^
.
,
11
yen
continues pegged
EXCHANGE on the South American countries is to Closing quotations for of 23.46.
the dollar at the rate
steady and shows
important changes from
checks
no
under
date
yen
The First National Bank of Boston
day to. day.
of
May 9 received
a
report
from its
.
week. The Indian rupee moves with
the pound, while the Japanese
♦—
Peru is
EXCHANGE on the Far Eastern countries presents
^
features of importance though cur^entlythe Chinese units, the Hongkong dollar and
he ^hai yuan, are shghtly firmer in general
e
9 25
are
nominally quoted at 16.10, against 16%.
Sweden closed at 23.71
and at 22.40 for cable transfers,
are
the violent oscillations in the sterling rates."
Argentine unofficial or free market closed at 22.75
@22.85, against 22.88@23.00.
Exchange
(nominal) and cable transfers at 23.71, against 23.85
Spanish pesetas
affixed their buying and selling rates for sterling
exchange which they have suspended on account of
on
closed
on
market.
no
(nominal), against 0.50.
Norway.
and
against 2.04. Greek exchange closed at 0.63 (nominal)
22.40.
This
effect on the
On 20th inst. the Bank of Brazil again
previous quotations of Rs. 191810 to 19S790.
sight bills and at 5.05 for cable transfers,
and 23.85.,
exchange
small reduction had, practically
against 5.05 and 5.05.
Holland,
our
Friday
against 1.82 and 1.82%.
is
which, finally,
French
center finished at
nor
Friday
upon
In New York sight bills on the
of last week.
for bankers'
on
hostilities and
situation depends.
"On the 18th of April the Bank of Brazil made a
slight change in the basic dollar rate by reducing the
on
176.50-176.75, against 176.50-176.75
at
continued favorable trade balances such as witnessed
during the few months following the outbreak of
23.46, against 23.46
on
yesterday
Friday of last week.
were
Hong-
kong closed at 20%, against 20.00; Shanghai at 5%,
correspondent in Rio de Janeiro, the Banco Boavista,
against
regarding exchange conditions in Brazil during April.
Singapore at 47%, against 47%; Bombay at 30.25,
In substance the
against 30.25; and Calcuatta at 30.25, against 30.25.
report states:
5 9-16;
Manila
at
49.80,
against
49.80;
Volume
150
The Commercial & Financial Chronicle
V
;
Gold Bullion in
The
European Banks
policies of this Administration, designed to
break
THE following table indicates the amounts of gold
(converted into pounds sterling at the
bullion
British
in
llj^d.
statutory rate, 84s.
the
principal European banks
dates of most recent statements,
for the
fine ounce)
of respective
reported to
by
us
(Friday); comparisons
special cable yesterday
shown
per
as
are
corresponding dates in the previous
1939
1940
■■rVM
£
£
*815,051
242,450.820
England
France
Germany
Spain
Italy——
Netherlands
Nat. Beig
Switzerland
Sweden
Denmark
_
_
Norway
"
8,222,000
c63.667.000
al7.440.000
e97,714,000
el32,857,000
84,959,000
41,994,000
6,505,000
6,667,000
7,442,000
63,667,000
25,232,000
123,400,000
80,016.000
74,825,000
29,019,000
6,540,000
already j>revented
to
•
2,621,000
89,106,000
42,575,000
58,167,000
100,724,000
48,791,000
23,915,000
6,554,000
6,604,000
Notes Act, 1939, the Bank of England
statements for March l, 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
ounce) the Bank reported holdings of £1,611,728; equivalent, however, to only
about £815,051 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
holdings in the above in statutory pounds.
a Amount held Deo. 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,
e Prior to invasion.
The value of gold held by the Bank of France was revalued with the statement
of the Bank as of March 7, in accordance with the decree of Feb. 29, 1940, at the
rate of 23.34 mg. gold 0.9 fine equals one franc; prior to the latest revalorization
the value of the Bank's gold holdings was calculated, in accordance with the de¬
cree of Nov. 13, 1938, at 27.5 mg. gold 0.9 fine per franc; previously and subse¬
Pursuant to the Currency and Bank
quent to July 23, 1937, gold in the Bank was valued at 43 mg. gold 0.9 fine per
franc; before then and after Sept. 26, 1936, there were 49 mg. to the franc; prior
to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound
sterling at the English statutory rate (7.9881 gr. gold ll-12th fine equals £1 sterling).
the sterling equivalent of 349 francs gold In the Bank of France Is now Just about
£1; at 27.5 mg. gold to the franc the rate was about 296 francs to the £1; when there
were 43 mg. gold to the franc the rate was about 190 francs to the £1; when 49 mg.
about 165 francs per £1, when 65.5 mg., about 125 francs equaled £1.
-'V:
depression.
Washington correspondents, it is reported in
the
that
European
emergency
further
strengthens Mr. Roosevelt's third term possibilities.
"Important, if true."
business is
it also
means
that American
going to have "another four years," then
that
means
we
shall have
no
adequate defense
that the American people will stumble and
program,
muddle
If it
along at cross purposes,, in social, political,
and economic confusion for another four years,
that
terrible
a
Either this is
national emergency or
a
a
nounce
for
"limited
so
it is not.
far last September as to an¬
emergency," and
now
in calling
large additional defense program has commit¬
a
ted himself to the view that our national defense is
in actual
ministration
it
is
*■
war
Yet in the last fortnight the Ad¬
danger.
has
again given
clear evidence that
wholly incompetent to put this country
footing
class
or
on
a
to see it through a national emer¬
The Administration's preoccupation with
gency.
national interests and its total
rather than
failure to grasp
help of
a
the need of getting business at the
rearmament program, have again become
defense.
by
one
the democracies have had to abandon
the free-lunch and social
in order to prepare
of the Germans.
in about the
ation
as
reform theory of politics
themselves against the onslaught
The present
same
relation to
Administration stands
our
international situ¬
did the Blum left-wing coalition in France
before the
French
A
defense
Administration has
is
virtually
of
none
of
way
catalogue of the
a
major New Deal policies to date.
The dreadful
on¬
slaught of the tanks and Stukas in France has made
it
abundantly clear that
great industrial nation
no
today survive which does not make itself lean,
intent, and hard-working; the Administration's poli¬
cies have loaded this
country
with vested interests,
class-war cross-purposes, groups afflicted with the
political gimmies, and cynical theories corrosive of
economic
our
Let
be
us
self-respect.
specific.
The most immediate and obvi¬
block to re-armament is the
ous
It limits the hours of labor
to
forty
sense
on
Walsh-Healey Act.
government contracts
week, requires "prevailing wages" in
a
which, the Supreme Court rules,
can
a
be inter¬
preted to suit Madame Perkins' ideas without court
review, and sends Department of Labor inquisitors
into the offices of every
firm that bids
It has made
industry reluctant
a
on
unwilling to bid
or
govern¬
large part of Amer¬
on gov¬
Yet the President has blocked
an
effort in the Senate to write into the bill
permission
to lift the 40-hour
thorization.
requirement
British
multi-shift
operations;
in
week,
began and
limits
110
put
munition
the 40-hour
60-hour week when
a
except the endurance of the workers.
floor
a
under the
become the charter of
is
the
were on
working with practically
are now
The Fair Labor Standards
to
au¬
capacity of seven-day
belatedly lifted to
were
war
Presidential
France
plants, which under Leon Blum
the
on
suppliers of the national de¬
fense have gone on maximum
a
Act, originally written
wages
of
the weakest
sweat-shop conditions, has
government division which
extending the interpretation of the Act to the ut¬
most limits and
brance to
the
The
with
doctrinaire
American
board
costly
encum¬
the highest-skilled
years
tied
up
American
up
a
activities have entangled
whose
business, particularly smaller business, in
And
as
war
between
two
rival
labor
the national emergency is becoming
obvious, John Lewis
aircraft
as a
jurisdictional strikes and set
unprecedented
camps.
even
highest-paid employee.
Wagner Act has for
business
an
making it apply
employer of
worker and the
announces
he will organize the
industry. To judge by precedent that
means
nation realized its danger and
ups
embarrassing to the national rearmament
The
quintessence of embarrassing labor legislation
is to be found in the
vent the
worded
to expose
pre¬
It is
so
American industry to sabotage
and fifth-column work and to prevent
ures
the Rhine.
pending La Follette bill to
employment of "anti-labor spies."
as
weakening measures which stool in the
way of the
pro¬
gram.
engaged
the
catalogue of the policies standing in the
jettisoned Premier Blum and all the industrially
menace across
Yet
re¬
disastrous effect
picket lines, sympathetic strikes, and sporadic tie-
painfully evident.
One
of revival from the 1932
even more
workers and to shut out
in national humiliation.
•W:-
do with
can
national
national
and
price will ultimately have to be paid
Mr. Roosevelt went
and caused this nation
recovery
ernment business.
nationally circulated daily paper, are generally
convinced
i
they
covery
ican
National Defense and the New Deal
a
foster
to
What these policies have done to
ment contracts.
r
The
business and
industrial nations in speed
207,263,703
459,672,222
322,120,862
347,630,087
2,458,800
87,323,000
25,232,000
87,923,000
102,460,000
83,563,000
25,731,000
6,549,000
6,602,000
867,981,691 1,033,593,047 1,097,592,749 1,045,992,925
867,885.000 1,042,156,787 1,097,577,800 1,043,729,700
698,436,671
695,662,705
Prev. week.
of
lag in the last decade behind all the other leading
can
Total week.
morale
them in the face of the
emergency.
£
£
327,175,627
293,724,420
2,522,000
the
made it clear that it intends to abandon
1936
1937
1938
*129,806,497
311,709,194
3,010,000
63,667,000
23,400,000
100,750,000
88,220,000
98,865,000
33,777,000
6,555,000
b3.367.800
__
>
down
obsolescent economic groups in this country, have
to
Banks of—
3261
on peace or war
managements
orders from taking
meas¬
indispensable to the protection of their fac¬
tories.
.■
8'aV
./
:
-'
The Commercial & Financial Chronicle
3262
During the World War collaboration between industrial
in
competitors
and distribution facilities which have probably dis-
absolutely essential. Even
was
couraged more construction
peaceful rearmament program today, manufac-
a
turers will be reluctant to shift their
orders
war
tomers
Act has
over
inal,
direct
a
dis-
to receive another substantial hand-out of Federal
Yet the Sherman Anti-Trust
over.
been
so
credit.
broadly interpreted by the De-
virtually
peace-time government bu-
enormous
has been built up to bungle American bus-
iness and finance with its red tape and doctrinaire
As the New York Journal of Com-
requirements.
indi-
may
An
reaucracy
trade agreement is erim-
any
the preposterous reasoning that it
on
Authority,
couragement to private housing enterprise, is about
partment of Justice and the United States Supreme
Court that
pro-
cus-
is
now
Housing
States
United
to
than they have
The public charity housing program of the
vided.
from them and hold them after the
away
emergency
plants
solely lest competitors take their
May 25, 1940
merce
remarked last week, the "prize for silliness"
rectly affect prices; if it affects prices, it is "price-
should go to the Securities and Exchange Commis-
fixing": and, if it is "price-fixing," it is "in restraint
sion for its chasing of the will-o'-the-wisp of com-
of trade."
corporate tax laws of
the country have been re-written or
in
such
a
re-interpreted
liability
or
expanding plant. De-
preciation allowances have been
preted by the Treasury
strictly inter-
so
to
which may
sink
in plant for
money
vanish in
few
a
years
the current
naturally
are
saw
and leave the
firmly blocked business interests
smallest liberalization of the law
losses for tax purposes
and
as
as
of 1939.
to consolidated tax
the
budget has been abused
beyond anything in American history.
ter
on
rearmament program
a
tripled in 10
honesty
virtually
come
which
year,
We
now en-
so
staples
The President calls for
with
the
80,000-odd engines they will require will
$7,000,000,000, to say nothing of the cost
commensurate state of
boasted
the
at
beginning of the
spent 90 billion marks
adjustment
matched
for
here
over
on
lower
only by
$50,000,000,000
spent
or
German
an
war
that he had
wages
could
be
expenditure of perhaps
$17,000,000,000
some
Hitler
armament, which after
a
year
the leisurely period of three years.
in the face of the astronomical
ment
preparedness.
figures which
implies, Administration spokesmen
if
Yet
ries subversive of
been told in
still
talking about waiting to balance the budget until
the national
income gets up
$100,000,000,000
or
to $80,000,000,000
whatever total
seems
most
or
plaus-
ible at the moment!
As
a
budget
spree
of the Admin-
istration has been sold to the American
public
by
strategic method of first spending more, then
arguing that more money must be raised
through
taxes, then when budget balance
approached, by
arguing that it must 'be unbalanced again
through
the
"pump-priming" in order
to
achieve
substantial part of the
money has gone
gu
tlays calculated
live potential
or
recovery.
A
directly into
likely to cut down the produc-
of the American economic
dynamo,
The farmers have received billions to
curtail production.
More billions are
going into the construction
of unnecessary
hydro-electric projects, transmission
others have risen
on
-
our
takes
no
ac-
the Administra¬
national morale.
dramatic
as
a
form
We have
possible that the
as
through the Treasury by punitive taxes, that private
initiative has failed, that big business is a menace,
and that labor-saving machines
national dan-
are a
Perhaps here, the prize for silliness should go
to Senator O'Mahoney's bill to rearrange corporate
ger.
income taxes
the
use
so as
to penalize the
of employees paid
use
$3,000
over
of machines,
a year, or
the
charging of high depreciation rates,
As the danger of national unpreparedness began
to be evident to
a,
us
during the previous World War,
was set up in the
Council of National Defense
summer of
1916, nine months before
war, to speed our
arming.
It
was
"coordination of industries and
matter of fact the
the
of these
nation is economically "mature," that people save
too much and the savings should be channelled
rearma-
are
in danger, the prices
Now
some
a national emergency the
greatest is the encouragement it has given to theo-
of the
a
are
Perhaps of all the evidences of
cost around
to
etc.
tion's incompetency for
50,000 planes, which
plant to build them, and disregarding the virtually equal but not so popular need to build up the
tank service, the anti-aircraft
service, and the navy
chromium,
tive role.
a
steadily running, as about
budget-balancing that can be hoped
for.
antimony,
a
tin, rubber,
as
sharply—and still the Administration
we are now
te nearest to
for such things
emergency comes along, our sources on
distorted that the country has
to accept the $4,000,000,000 deficit
sum
a
by spending bil-
up
buy foreign silver at artificial prices and
manganese,
national debt
a
If the
leader he should lead, but he
supplies for years, tried to make
war
purely nominal
of peace and with national ideas
years
of fiscal
with
a
pork-barrel out of it, and ended
lions to
course
If he fore-
Congress has dallied with the question of
laying in
of
returns.
Meantime of
and the current danger.
war
paredness is the story of the Strategic Minerals Act
but the
on any
to carry-over
re-
con-'
One of the most crying examples of unpre-
did not.
cor-
poration to take the write-off. The Administration
has
negotiated
it, why didn't he do anything about it?
President is to be
orders
war
through
Much is said of the President's having foreseen
machine-tool and airplane in-
our
achieved
be
to
tracts.
to have already retarded
as
dustries, the managements of which
reluctant
of competitive bidding requirements for government
contracts, for the sake of the greater speed and
ventures
on new
expansion of
respect, that the armed services are trying to get rid
to discourage corporations from
way as
embarking
the
It is interesting to note, in this
petitive bidding.
On the financial side the
national security and welfare."
we
entered the
charged with the
for the
resources
Its advisory coun-
cil included Daniel Willard, Bernard M. Baruch,
Howard E. Coffin, Julius Rosenwald, Hollis Godfrey, Samuel Gompers, and Dr. Franklin Martin of
the American College of Surgeons. It framed practically every war measure which Congress subsequently enacted.
If in the last
war
such industrialists
more necessary
the coordination of
wras
necessary,
industry by
it is infinitely
in the present emergency.
war was a war of man-power,
this is
As that
a war
of
chines, developed to deadly precision and turned
ma-
out
in the unprecedented volume possible
only through
Volume
the
intimate
most
achieved
coordination
of
tempo
necessary
in
The Commercial & Financial Chronicle
ISO
only by the
of
American
industry.
'
The
can
industry
be
who have spent their lives
men
perfecting, running, and coordinating American
vade the territory of the United States. Nevertheless
-it is unmistakably
program
Yet the Administration indicates
willing to have
that, though it
few industrialists
a
down to
come
the cards that this country
upon
is about not only to
press
its previously adopted
of defensive preparations with
impulsive vigor but to
industry.
is
3263
a
new
and
additional burden
assume an
of expenditures for the same purpose. This means
at least a doubling of the contemplated military ex-
plus the Corcoran-
penditures of the current year, perhaps more. It
also means heavy incidental expenditures, especially
if the Administration is unchecked, the total of which
Cohen kitchen cabinet—and there's little to choose
is beyond present estimate and will probably exceed
between the two for
any aggregate that
Washington in
advisory capacity, the real co-
an
ordination is to be done by
That
means
industrial
tion with
the
government officials,
the nominal Cabinet
of
narrowness
ignorance,
vision, depth of
unbusinesslike preoccupa-
or
anything and everything except producing
^
goods.
might now be suggested. A hint
is found, however, in Secretary Wallace's prompt
demand for "from $900,000,000 to $1,400,000,000
more fully to check the impact of war dislocations
'
on
,
Let Us Have A New Council of
National Defense
The
ever-increasing horror
doubtedly demands
War,
sources
much
waged by those
as
of the German
across
of
the
the Atlantic
United
un-
States,
people, is in its
re-
every act an
atrocity plumbing the depths of human ferocity and
In
relentlessness.
sympathy for the victims of
ganized brutality; in
scorn
or-
for abnormal and gloating
cruelty in its hour of apparent, but surely temporary,
success;
the
in practical assistances to refugees and, when
time
in rehabilitation of the
comes,
areas
of
devastation; the people of America ought not to be
outdone, and will not be outdone.
ever,
they
are
many
Presently, how-
being told that they
threat involved in the
the
are not
beyond
aggrandizement of Ger-
and the weakening of France and Great Britain
and that imminence of the threat against themselves
calls upon
them to authorize and accept sacrifices of
another sort—an immense additional burden of
ment with its
and
common
interest of the
highest
intelligence and the utmost capacity illuminated by
experience in the direction of industry which the
Nation's citizenship affords. Because, as Mr. Wen-
dell L. Willkie, out of the abundance of his
own
experience and observation, truly declares, "this present Administration has proved itself incompetent to
defend
from ourselves, we dare not, therefore,
us from strangers." A Close legislative control, by Congress, of all programs and expenditures and strictly non-partisan direction and
us
trust it to defend
management, are plain necessities if America is to be
safeguarded against anything that actually threatens
from abroad and against waste, extravagance, and
futile sacrifice and effort in the domestic field.
country has but lately
seen
its
generous
This
appropria-
tions to relieve human misery diverted to the vicious
purposes
of election chicanery and its people
are un-
aram-
willing to risk repetition of such misfeasance while
heavy related and inescapable burdens
those who have confessed complicity in these inde-
of dislocation in
debt
v.-?;
plainest requirement of this situation is for
the enlistment in the
in control of the
now
domestic agricultural markets."
The
industry and augmentation of public
increases
in
Federal
We
taxation.
dis-
cencies remain the incumbents of high Federal offices,
Complete provision for the avoidance of such calamity
cussed this in the "Chronicle" of last week, recom-
is not incompatible with full acquiesence in all
mending strict inquiry and supervision by Congress
rantable demand for defensive preparations; indeed,
of all further defensive
such safeguards
but
expenditures and preparations,
developments in the
program
White House opposition to any
together with indications
upon
and intimations of
sharing of authority,
of the expedients relied
one
for avoidance of limitations seemingly essential,
suggest a recapitulation.
'
Since Mr. Roosevelt's accession to the
Federal
expenditures have amounted to
$60,000,000,000, of which
some
12%,
Presidency,
than
more
or
approxi-
mately $7,000,000,000, has been for military and
naval
equipment and
uses.
The latter
\
sum
consider-
pursuance
of
are
war-
essential to steady and effective
any program
which
may
be adopted.
The statute of Aug. 29, 1916, adopted under the
leadership of President Wilson, when Mr. Roosevelt
was a subordinate member of his Administration,
contains provisions quite sufficient, without further
legislation by Congress, to meet the indicated requirements.
This Act is not unfamiliar to the White
House, for it
was
under
a very
broad interpretation
of certain of its provisions that the drastic action
closing all the banks of the country
was
taken in 1933.
ably exceeds the expenditures of the Government for
This law enabled President Wilson to set
all purposes
Council of National Defense and to create, in
and
•
or
we
was
any
are
during the four
never
equalled in
that
ers
any
other government, yet loudly and categorically
now told that the inadequacy of
preparations
to resist attack is
these
of the Civil War
time of peace by this
years
are
complete and appalling.
accurate assertions.
against
a
unequalled magnitude.
right when,
over
distant adversary
never
resources
Colonel Lindbergh
two years
under
group,
the Chairmanship of Mr. Bernard M. Baruch, which
Wisely, Mr. Wilson selected the members of this
conquered in warfare and possessing latent
of
seven
members with its highly successful inner
is known to history as the War Industries Board,
determined against the assumption of
contest
nection therewith, an Advisory Commission of
However, it is likely
triumphant Hitler would find his supportexhausted by their efforts, weary of violence and
destruction,
the
con-
Perhaps
even a
another
up
ago,
was
he declared the
Advisory Council withour reference to politics, and
a roll of Iionor never to be for-
the list constitutes
gotten.
Besides Mr. Baruch, assigned to
rials, there
were
mate-
raw
Mr. Daniel Willard, for transporta-
tion; Mr. Howard E. Coffin, for portions of industry;
Mr. Julius Rosenwald, for certain supplies; Mr. Hollis
Godfrey, for engineering, and Dr. Franklin Martin,
of the German air forces; he may be right
today, when he declares that they are totally and
for
plainly insufficient to implement an attempt to in-
vision by Cabinet members, those representing the
supremacy
surgery,
medicine and sanitation.
nominally subject to
a
They
certain administrative
were
super-
The Commercial & Financial Chronicle
3264
Agriculture and Commerce
departments, but President Wilson and these Cabinet
officers were too wisely patriotic to intrude themselves
actually they functioned in
and
field
their
in
Interior,
Navy,
War,
an
atmosphere of rigid non-partisanship, with a high
and
degree
refreshing
doubtedly became the
of independence that un¬
condition of the National
existing law, set up a similar board, equally strong
It would be highly
independent in personnel.
and
do
fortunate if he could be induced to
clines,
or
does not act, he should be required to do
reluctant
enlist
to
position have in any way interposed between the
vaunted titular, and sometimes
White House and its
leadership of the party of the
highly effective,
President's affiliation.
childish intelligence could admit any sig¬
acceptance, at this juncture, of
a
nificance
in the
Cabinet
positions
any one
or
under President Roosevelt, by
political act, in the partisan sense, to re-constitute
the Council of National Defense, with its accessory
bodies and agencies.
But it would be highly con¬
advice and effective
competent
ducive to confidence
and to successful achievement
posed of Mr. Edward R. Stettinius, President of the
United States Steel Corporation; Dr. Carl C. Comp-
lent of failure and
than the maximum of
of Massachusetts Institute of Tech¬
of last year.
in October and November
Roosevelt received and
But Mr.
suppressed its reports, dis¬
missed it with scant and
perfunctory courtesy, and
nothing of its work has yet received the light of day.
It
is, indeed, amazing that under a Government of,
much that is important
to the people, and would serve to illuminate their
judgment, has to be suppressed. Probably, it was
to avoid the inevitable public demand for
such
by, and for the people,
so
illumination and for the reconstruction of the Council
of National Defense, its Advisory
its War Industries
amateurs
Board, that
conceived the idea of
of the political
House set last week
the White
among
Commission, and
some
again been the rule among all classes
Although Governments declined only
week.
ground.
1969, dropped 7 points to 75%.
New York Central 4%s,
Although
has been
a
tendency toward firmness among utility bonds
displayed the latter part of the week, net results
a
"Coalition" Cabinet.
coalition, in the sense that the term is familiar in
England and France and wherever the parliamentary
In such countries, the
type of government exists.
executive function is
in
of its
one
actually in the Parliament or
branches,
House of Commons, and is
or
group
and
in England it is in the
as
delegated to
a
committee
continuously responsible to the legislature
always subject to removal when it fails to com¬
mand
such
a
majority in the constituent body.
Under
conditions, it is comparatively simple, in some >
fered.
New
exigency,
to
political
portant
relatively
subordinate
considerations
and
to
unim¬
set
up
a
while lower
investment issues,
the prime
scheduled for the week were post¬
offerings
Declines again have
been the rule in the industrial section
the
with
the
list
this
among
the
speculative types.
of
week,
1945, for instance, lost 12%
largest losses
Childs Co. 5s,
points at 85.
1943, despite moderate strength toward the week-end. lost
Paramount Pictures 3% s, 1947, lost sev¬
8% points at 38.
eral
points, due primarily to a
sharp decline toward the
The same general
close of the week.
pattern was followed
by the Warner Brothers Prictures 6s, 1944, although
so
Pictures 3%s.
Losses have been relatively moderate among
gations, the
Among rubber company obli¬
obligations.
Firestone
Goodrich 4%s, 1956,
3%s,
1948, were steady,
were-off fractionally.
to
the
been down, but most
less;
principal Executive Departments by that
President who is in
they have
no
directly responsible to the
responsible to Congress;
joint responsibility and
insists
that
it
shall
members
ever
Texas
new
Corp.
debenture 2%s,
After
a
firmer
opening foreign bonds relapsed in later
Canadian
ticularly weak
and
and
Australian
declined
bonds have not been
and closed
lower.
bonds have been
the year's lowest
par¬
levels.
able to hold their early gains
a
rally of several points, German
upon
the announcement of the trans¬
After
issues met resistance
to
fer of Reich dollar balances to Swedish banks.
The strength
in
Belgian bonds has been quite surprising, but the balance
received, and official etiquette
of
the
never
Presidents have gone to
more
several
the
or
advice,
to follow it when it is
no
No President is
Offering of
sessions.
Italian
no sense
responsibilities to each other.
bound to seek their
name,
-
Oils have
declines have been held to a point or
1965, scheduled for May 22, was postponed.
designate the group composed by the heads of
but each of these heads is
or
Here, there is no
We have come.
sense.
steels
the
showed declines of but a few points,
ter
grades,
and
Among the bet¬
while several issues have been relatively steady.
"Cabinet," in the European
losses
great as in the case of the Paramount
have not been
ministry "of all the talents," constituted of leaders
legislature, and selected by them.
occurring
Studebaker conv. 6s,
The
trusted
by the several parties represented in the
grades'
Canadian utilities again suf¬
poned.
paper company
great
de¬
points in one day's trading have not been uncommon
dropped from 3 to 6 points.
a
the
Losses
been seen in all classes of securities.
clines have
in
of the week on rising volume and sharp
earlier days
Cabinet and, then, to
call it
prices ruled
Abruptly lower
adverse.
been
have
2013, at 40% were off 3; Delaware
4s, 1943, declined 5 points to 40.
& Hudson
Republicans to accept membership in the President's
polity of the United States does not admit of
Bonds
weakly-situated roads also ran into new low ground;
of
of two
The
1999,
Among medium-grade rail bonds, Louisi¬
among
one or
Pennsylvania 5s, 1968,
points to 101%; Hocking Valley 4% s,
off 2 at 117.
& Arkansas 5s,
ana
railroad
of
classes
all
Among the high-grade rails,
dropped 414
were
characterized
have
lows
New
bonds.
two prominent
luring
considerable
speculative issues, particularly rails, lost
more
Hancock, of Lehman Brothers; which reported
Market
and high grades showed moderate losses, the
fractionally
President of the Brookings Institution, and
M.
the instrument of disaster.
Heavy declines have
of bonds this
Professor Harold D. Moult on,
Mr. John
efficiency may be the equiva¬
The Course of the Bond
nology; Mr. John Lee Piatt, of General Motors;
General Robert E. Wood, President of Sears, Roe¬
which less
of transcendent importance, in
in fields
buck and Company;
Nor would it be a
two Republicans.
co-operation is not evident, but the fact is unmistak¬
able. He did create the War Resources Board, com¬
ton, President
members chosen from the op¬
None of the Cabinet
appears so
Just why he
by Congressional action.
so
If he de¬
so.
branch.
Executive
partisanship in the
mitigated
Only
immediately and under
President Roosevelt could,
coalition or avoided or even
this has never created a
in the war.
success
May 25, 1940
or
that of
be
any
of them,
volunteered.
Many
the minority party for
of their so-called
one
Cabinets, but
European list moved within narrow limits.
American
issues
continued
improvement in Argentine.
depressed,
except
for
late
Japanese bonds have been soft.
Moodys computed bond prices and bond yield
are
South
a
given in the following tables:
averages
Volume
The Commercial & Financial Chronicle
ISO
MOODY'S BOND PRICES
(Based
?
V. 8.
AU
Govt.
Domes¬
Bonds
''
'''
f
\
MOODY'S BOND
Average Yields)
(Based
120 Domestic
tic
1940
DeUy
on
120
120 Domestic Corporate *
YIELD
AVERAGES f
Individua Closing Prices)
Cor v.*
P.
U.
Baa
RR.
103.56
118.81
115.57
104.11
81.87
89.69
111.03
103.56
118.60
115.57
104.11
81.87
89.69
103.74
118.81
115.78
104.11
82.13
89.69
21.. 113.46
103.93
119.25
116.00
104.30
82.53
20.. 113.78
18.. 113.56
105.04
120.14
116.43
105.22
84.28
116.64
105.22
84.41
17.. 113.73
105.79
120.37
117.72
105.79
84.96
92.28
16.. 113.73
16.. 113.82
14.. 113.89
106.17
120.82
117.94
105.98
85.52
92.75
106.17
120.82
117.72
106.17
85.38
92.90
106.37
121.72
117.72
106.36
85.52
106.22
Aaa
Aa
120.14
:
A
AU 120
Groups*
;
Ind.
120 Domestic Corporate
1940
Domes¬
120 Domestic
by Ratings
Daily
Corporate by
by Ratings
May 24__ 113.06
23._ 113.36
'; 22.. 113.49
Averages
on
tic
Averages
112.25
111.23
112.05
111.03
112.66
89.99
111.43
91.35
Corp
May 24
Aaa
Aa
\
Corporate by Groups
RR.
Baa
A
P.
U.
Ind
3.35
3.80
3.04
3.19
3.77
5.20
4.64
3.41
23
3.80
3.05
3.19
3.77
5.20
4.64
3.40
22
3.79
3.04
3.18
3.77
5.18
4.64
3.41
3.33
112.66
21.—
3.78
3.02
3.17
3.76
5.15
4.62
3.39
3.33
112.45
113.68
20
3.72
2.98
3.15
3.71
5.02
4.53
3.34
3.28
112.45
113.48
18
3.71
2.98
3.14
3.71
5.01
4.51
3.34
3.29
112.66
114.72
17
3.68
2.97
3.09
3.68
4.97
4.47
3.33
3.23
112.86
115.14
16
3.66
2.95
3.08
3.67
4.93
4.44
3.32
3.21
112.66
114.93
15
3.66
2.95
3.09
3.66
4.94
4.43
3.33
3.22
93.21
112.86
115.14
14
3.65
2.91
3.09
3.65
4.93
4.41
3.32
3.21
91,66
3.36
5
13.. 114.87
107.49
122.40
118.60
107.11
86.78
94.17
113.89
116.21
13
3.59
2.88
3.05
3.61
4.84
4.35
3.27
3;i6
11-. 115.43
108.46
123.56
119.25
107.88
87.93
94.81
114.72
117.72
11
3.54
2.83
3.02
3.57
4.76
4.31
3.23
3.09
10- 116.61
108.46
123.33
119.25
107.88
88.36
94.97
114.72
117.72
10
3.54
2.84
3.02
3.57
4.73
4.30
3.23
3.09
9.. 116.42
109.44
124.02
120.37
89.25
95.62
115.78
3.49
2.81
2.97
3.51
4.67
4.26
3.18
3.02
109.44
124.02
120.59
109.05
89.25
95.62
116.00
119.25
119.03
9
116.34
7.. 116.30
8
3.49
2.81
2.96
3.51
4.67
4.26
3.17
3.03
109.44
124.02
120.59
108.85
89.25
95.46
115.78
118.81
7
3.49
2.81
2.96
3.52
4.67
4.27
3.18
3.04
6.. 116.29
109.24
124.02
120.37
108.66
89.10
95.46
115.57
118.81
6
3.50
2.81
2.97
3.53
4.68
4.27
3.19
3.04
116.30
109.24
123.79
120.59
108.66
89.10
95.46
115.57
118.81
4—
3.50
2.82
2.96
3.53
4.68
4.27
3.19
3.04
116.36
109.24
123.79
120.37
108.66
88.95
95.29
115.57
118.81
3
3.50
2.82
2.97
3.53
4.69
4.28
3.19
3.04
2__ 116.48
109.05
123.79
120.37
108.27
88.95
95.29
115.35
118.60
3.51
2.82
2.97
3.55
4.69
4.28
3.20
3.05
1«
108.85
123.79
119.92
108.27
88.65
95.13
115.14
118.60
3.52
2.82
2.99
3.55
4.71
4.29
3.21
3.05
3.52
2.82
•2.98
3.56
4.72
4.31
3.22
3.04
3.60
4.75
116.45
WeekXy—
Apr. 26— 116.18
109.05
1
Weekly—
Apr. 26
88.51
94.81
107.30
88.07
94.33
114.51
118.81
118.38
19
3.54
2.83
2.99
4.34
3.24
87.93
94.33
114.30
118.38
12
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
3.06
88.51
94.81
118.81
5
3.53
2.80
2.99
4.31
3.24
3.04
3.57
2.83
3.02
3.60
3.62
4.72
93.85
114.51
113.89
4.79
4.37
3.27
3.08
93.85
113.68
117.94
21
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.08
87.35
93.69
113.68
117.50
15
3.59
2.84
3.04
3.66
4.80
4.38
3.28
3.10
106.17
87.21
93.69
113.07
117.72
8
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
118.38
105.79
87.07
93.53
112.86
117.07
1
3.61
2.87
3.06
3.68
4.82
4.39
3.32
3.12
123.10
118.60
105.79
86.92
93.85
112.66
117.07
23
3.60
2.85
3.05
3.68
4.83
4.37
3.33
3.12
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.50
16
3.59
2.84
3.04
4.82
4.36
3.32
3.10
107.30
122.86
118.81
105.98
86.92
94.01
112.66
117.29
9
3.60
2.86
3.04
3.67
3.67
4.83
4.36
3.33
3.11
2.87
123.79
120.14
19— 116.94
108.46
123.56
119.92
12.
116.38
108.27
123.66
119.69
107.11
5— 117.10
124.25
119.92
107.30
Mar.29._ 116.87
108.66
107.88
123.56
119.25
106.92
87.49
21.. 116.36
107.69
123.56
119.03
106.36
87.49
116.74
107.49
123.33
118.81
107.17
8— 116.03
107.49
123.10
118.38
1^. 116.42
107.11
122.63
Feb. 23— 116.32
107.30
16- 116.48
116.44
2— 116.43
:2—......
108.08
108.85
_
...
i
114.93
118.38
Mar. 29——
Feb.
122.63
118.60
105.41
86.78
93.69
112.45
106.92
122.63
118.38
105.41
86.64
93.69
112.25
116.86
20— 116.65
106.54
122.40
117.94
105.41
86.21
93.21
112.25
2
13.. 116.96
3.62
3.05
3.70
4.84
4.88
3.84
3.13
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
6
Jan.
3.62
13
116.43
27
20
116.86
106.92
Jan. 27- 115.54
•
106.73
122.40
118.16
105.60
86.50
93.53
112.25
116.64
3.07
3.69
4.86
4.39
3.35
3.14
116.03
106.92
122.86
117.72
105.60
87.07
93.85
112.45
116.64
3 62
2.86
3.09
3.69
4.82
4.87
3.34
3.14
High 1940 117.18
109.44
124.25
120.59
109.05
89.25
95.62
116.00
119.25
High 1940
3.80
3.05
3.19
3.77
5.20
4.64
3.41
3.36
Low
1940 113.06
103.56
118.60
115.57
104.11
81.87
89.67
111.03
112.05
Low
3.49
2.80
2.96
3.51
4.67
4.26
3.17
3.02
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116 43
High 1939
4.00
3.34
3.55
4.10
5 26
4 76
3.76
3.64
Low 1939 108.77
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
1 Yr. Ago
May24'39 117.01
103.93
120.50
116.21
101.58
84.01
90.14
110.83
113.89
May 24. 1939—
3.78
2.96
3.16
3.91
5.04
4.61
3.42
3.27
94.97
115.14
108 27
94.97
71.04
78.20
101.76
109.24
May 24, 1938—
3.55
4.30
6.12
5.49
3.90
3.5
2
1
2
Yrs.Ago
May24'38 111.85
*
These prices are computed from average yields on the basis of one 'typical"
level or the average movement of actual price quotations.
They merely serve to
1940
Year Ago—
i
r.'-'"'1.■
Years Ago—
4.30
3.21
hood (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
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 published In the Issue of Jan. 13, 1940, page 179.
The Business Metis Bookshelf
The Modern Railway
Aviation
By Julius H. Parmelee.
Manufacturing—Transportation
By Donald Ross and David Weld—148
plus maps.
Published by White, Weld &
Co., New York, Investment Banking and
Brokerage Firm.
Price $3.
As its title
implies, this volume covers the two fields of
manufacturing and transportation.
It attempts
appraise the prospects of the first and reviews the progress
the latter.
Both are done on a thoroughgoing scale and
aviation,
to
of
in businesslike fashion.
The recent air
operations on the European war front, as
proposed air defense program in this country,
have contributed to make this survey an extremely timely
one.
It is particularly designed to answer the investor's questions, covering, as it does in considerable detail, the finances
and operations of the different individual companies. But its
interest transcends the boundaries of the investment field,
for it gives careful consideration to the air force, present and
prospective, of our army and navy, the ability of the industry
to meet their future requirements as well as foreign orders,
the problems involved in expanding productive capacity &c.
An interesting phase of aircraft productive capacity is
brought out in a discussion of the problem of engine production.
Obviously planes cannot be produced in excess of
the number of engines which can be turned out, but the
limitations on this score are, it appears, even more greatly
restricted, than would seem to be the case at first glance.
For, in addition to the fact that many airplanes are designed
for more than one engine, it seems that it is necessary to
have a large percentage of spare engines for proper operation,
Thus, Mr. Ross develops the fact that, whereas in 1939
there were produced 2,529 airplanes requiring high-powered
engines, 5,424 engines were needed, including about 1,808
spares.
Most of the high-powered engines produced last
year were manufactured by Pratt & Whitney and Wright
Aeronautical Corp., Mr. Ross brings out, and he estimates
that the combined capacities of these companies during the
year was about 5,362 engines.
By 1941, he believes, these
companies together with the Allison Engineering Division of
General Motors, will have built up a total capacity of 12,750
engines a year, or 5,235 less than estimated requirements for
well
as
the
that year.
This is an age when everyone is inclined, almost
to be air-minded and Mr. Ross and Mr. Weld, we
have furnished
a
obliged
believe,
volume which should permit everyone to
translate his interest into understanding.
It should appeal
statistics
to permit
evaluation of securities of virtually every manufacturing
or transport company in the United States, including do-
especially
to
investors;
it
contains
mestic transport companies operating abroad.
man's.
pages
730
pages.
Long-
$4.00
The author of this book and its
publishers deserve to be
the excellence of their accomplishment.
Mr. Parmelee has been for years Director of the Bureau of
congratulated
upon
Railway Economics maintained by the Association of AmeriRailroads.
So that we may rest assured that any information imparted by him rests upon a complete knowledge
of the facts, supported by an extraordinary wealth of sta¬
tistical material.
While one might presuppose that his long
connection with railway "interests" might make him lean
unduly towards the side of the railways in any polemical
matter submitted, one notes with satisfaction that his attitude at such times is entirely fair, both to the interests with
which he is identified and to their competitors in the field
of transportation.
The scope of this work is amazing.
One is astounded to
discover how many aspects there are to this business of the
railways.
One would not estimate as less than several hundred the various topics which are here brought to our attention.
Nothing is taken for granted. For instance, on
page 314 we are told that "Railways sell passenger travel by
means of tickets.
A ticket authorizes the buyer to utilize
the transportation service indicated on its face.
If the trip
is local to the railway, that is, if it originates and terminates
on that railway line, the ticket is usually a small card 2)j> by
inches which shows the origin and destination points,
printed or stamped on the ticket." Nineteen more lines of
print will make sure that you are told whatever else you
should know about a railway ticket.
From this you may
judge that in the course of this reading, if there is any thing
conceivable which you do not know about railways, it will
be conveyed to you with the most meticulous care and precision.
You will be amply astonished by, and repeatedly impressed
with the mass of information which you have failed to
acquire, or which you had better replace in the light of later
knowledge.
The author revels in the presentation of facts
and figures.
And in case, as to any topic, you might be so
audacious as to wonder whence they come, a footnote will
give you chapter and verse, page and date, of the supporting
testimony.
Whether the chapter deals with "Trains and
Yard Operation" or "Accounts and Statistics," or any other
of 37 chapters, it is immediately followed by an excellent
bibliography of the subject matter just discussed.
Seldom
do such references number less than a dozen works, which the
author has doubtless utilized to buttress his own knowledge,
or to lend added weight to his authority.
Add 63 statistical
tables and 14 graphic charts and you get a further idea of the
all-embracing quality of this work.
The engineer, the
can
TTze Commercial & Financial Chronicle
3266
interest are the chapters on Government
the economist, the banker, the investor, the
merchant, the lawyer, the legislator, these and many others,
down to the suburban commuter and the man who pushes
statistician,
"The
Railway Ownership
Abroad, and the reasons which have to be considered in case
such a subject were to come up for serious discussion here,
If partisanship had any share in the writing of these two
chapters, it must have been entirely sub-conscious or most
virtuously concealed.
One may expect that for many years this volume will be considered a most intelligent, scholarly and reliable presentation
barrow of California grapes
along the street, may turn to
Railway" and discover that some fact of
special interest to himself has been adequately presented.
As one who searched far and deeply to discover some subject, however relatively insignificant, which had not been
mentioned, this reviewer may sta,te merely as an illustration
of thoroughness that in 27 pages which treat of "Railway
Operating Efficiency," the only matter which does not appear
to have been statistically presented is the relative punctuality
of passenger trains through the last many years.
Of special
a
May 25, 1940
Modern
of
;
knowledge worth acquiring on the subject indicated
any
by the title.
Apart from its value as a source of information,
it has the merit of being written lucidly and smoothly, so
that reading it is a pleasure.
W. C. B.
Indications of Business Activity
TRADE—COMMERCIAL
OF
STATE
THE
EPITOME
Friday Niyht, May 24, 1940.
Business
loadings
recording
declined.
loadings
total
though
the
showed further gains
activity
merchandise
with
The steel
past week,
1940 top, al¬
new
a
operating rate
jumped to 74%, a gain of 4 points in a week.
Automotive
activity reached a new low level for the current year. The
war is overshadowing the markets of the world.
The securi¬
ties markets especially reflected cross currents of appre¬
hension and
Allied
the
hope linked to European devolopments.
Fur¬
of the markets is looked for should
demoralization
ther
fail
armies
extricate
to
themselves
from
the
they find themselves in at the
present stage of the great battle.
Should the Allies col¬
lapse, which is almost inconceivable, the world-wide effect
would be appalling.
Therefore the eyes of the world are
focused on the rapidly changing developments in what may
prove one of the greatest battles the world has ever known.
highly dangerous position
United
The
States
be faced
could
with
a
steel shortage
in
mid-year if the war continues, with attendant increases
in Allied and neutral purchases in this country and prompt
action
placed
national
the
on
in
warns
defense
issue.
its current
the
program,
At the
same
"Iron
Age"
time emphasis is
the serious obstacles in the path
of rearma¬
shortage of skilled workers
and an overburdened machine tool industry.
Steel sales
for May were estimated by the magazine at about double
those for April, with the chief factors in the rise being
heavier domestic buying, Allied purchases of nearly 500,000
tons, and good orders from other countries, particularly
upon
chief of which
ment, the
Italy.
Steel
ingot
are
production
meanwhile was calculated
capacity against 70% last
week and the highest level since January.
"Despite the
probability that a steel shortage could easily occur by
by
the
magazine
midsummer
had
if
the
74%
war
restraining effect
a
to build
up
in the event of
an
not anxious
some
review
observers.
connection
ments
not
at
for
with
sheets
heavy
as
as
This
of
continues, German
successes
have
good many buyers who are
inventories that would be burden¬
early termination of the war," the
on
a
note
of
hesitation
is
evident
in
specifications against low-priced commit¬
and strip which, though increasing, are
had been expected.
Another evidence is
be found
to
in the scrap market.
While prices are much
number of centers, the Pittsburgh market, which
the verge of boiling over last week, has quieted
higher in
was
on
down
a
somewhat.
Electric
power production in .the United States totaled
2,422,212,000 kwh. during the week ended May 18, a gain
of 11.6% from the total of the corresponding week a
year
ago, Edison Electric Institute
reports.
Production last
week represented a gain of 165,354,000 kwh. over the previ¬
ous week, which totaled 2,387,566,000 kwh.
United States
production in the week ended May 20, 1989, totaled 2,170,496,000 kwh., the Institute reported.
loadings of revenue freight for the week ended May 18th
totaled 678,971 cars, according to reports filed by the rail¬
roads with the Association of American Railroads and made
public today. This was a decrease of 1,686 cars from the
preceding week this year, 66,083 more than the correspond¬
ing week in 1939 and 133,182 over the same period two years
ago.
This total was 103.65 per cent of average loadings for
the
corresponding week of the ten preceding
corresponding period last year. The income included $2,258,000,000 from the sale of products and $357,000,000 from
Government benefit payments.
In the first 4 months of
1939, the income from marketings was $2,059,000,000 and
from benefit pavments $282,000,000.
Income in April was
reported at $625,000,000, compared witu $568,000,000 in
April a year ago. The department said the increase—greater
than normal—was due to larger returns from cattle, wheat,
truck crops, strawberries and. tobacco.
Bank clearings for
tne week ended May 25, show aD increase,
preliminary
figures from the chief cities of the country totaling $6,166,485,026 (estimated figure) as against $5,520,428,673 a week
ago.
that retail sales of
of 1939.
erratic, and on the whole, duller this week,
Inc., reported today.
Retailers tvere
inclined to display even greater wariness in future ordering,
and to restrict orders virtually to day to day needs.
War
news ruled business sentiment.
Damp, unseasonable weather
was a major depressing factor in the retail field.
The sharp
drop in agricultural prices tended to discourage rural buying,
offseting purchasing in some industrial centers resulting from
enlarged payrolls.
Most reporting retailers felt that war
developments had not yet become a significant factor in
consumers' calculations.
Although last week's gain over the
1939 level was 6 to 12%, retail volume this week was esti¬
Retail trade
Dun
new
passenger
Assn.
cars
reported today
and trucks in the
was
Bradstreet,
mated to have shown
an improvement over a year ago of no
7%. The reaction in country districts was
particularly sharp, and the margin of increase in the south and
southwest, recently the broadest in the country, receded to
between 3 and 8%.
The outstanding feature of the weather the past week was
the persistent coolness throughout the interior of the country,
with some light frost reported in central-northern districts,
but moderate warmth to abnormally high temperatures
prevailed in more eastern sections and quite generally from
the Rocky Mountains westward.
Except for temperatures
too low for favorable plant growth over a large interior area
during part of the week, and the persistence of droughty
conditions in much of the south, the weather of the week
just closed was generally favorable in the principal agricul¬
tural sections of the country, according to Government
reports. The widespread and substantial precipitation that
occurred in the Lake
region, the Mississippi and lower
Missouri Valleys, and much of the southern Great Plains
was
especially helpful.
Farm work made generally good
progress, except where rainfall was most frequent, such as
the Lake region.
Government advices state that the south
is rather badly in need of moisture, especially east of the
Mississippi River. In the New York City area the weather
has been generally unsettled, with exceptionally cool tem¬
peratures prevailing most of the week.
Todav was cool and cloudy with temperatures ranging
from 53 degrees to 63 degrees. Occasional rains accompanied
by cool aod fresh easterly winds are forecast for tonight and
Saturday.
Overcast skys and cool temperatures are ex¬
pected on Sunday.
Lowest thermometer readings tonigut
for both tha.eity and suburos are placed at 52 degrees.
Overnight at Boston it was 46 to 50 degrees; Baltimore,
56 to 70; Pittsburgh, 60 to 83; Portland, Me., 48 to 54;
Chicago, 48 to 68; Cincinnati, 54 to 63; Cleveland, 49 to 58;
Detroit, 51 to 68; Milwaukee, 45 to 64; Charleston, 73 to 79;
Savannah, 70 to 95; Dallas, 52 to 69; Kansas City, Mo., 56
to 76; Springfield, 111., 47 to 72; Oklahoma Citv, 54 to 70;
Salt Lake City, 47 to 8^, and Seattle, 50 to 78.
than 3 to
Railroads
Place
27,809 New Freight Cars
During First Four Months
in
Service
Class I railroads in the first four months of 1940 put in
service 27,809 new
in
freight
cars,
the largest number installed
corresponding period since 1930, the Association of
American Railroads announced on May 20.
The number
any
installed
in
the
first
months
four
this
year
was
an
in¬
of
20,992 compared with the same period in 1939,
and an increase of 22,507 compared with the corresponding
period in 1938. The Association further reported:
crease
New steam
27
totaled
same
first
the
same
Class
pared
day
in
four
New
1938.
months'
period iast
I
railroads
with
in
locomotives put in
compared with 9
period
the
6,391
on
year,
on
May 1 had 17,460 new freight cars on order, com¬
same day last year, and
4,867 on the same
.
1939, and
order
and 10 two
1939, and 94 in the
Diesel locomotives installed in
the
1938.
May 1,
motives
and
electric
totaled 88 compared with 70 in
and 49 in the same period two years ago.
year,
on
service in the first four months of 1940
in the same period in
period this year
New steam locomotives
on
Manufacturers^
&
more
years.
The Agriculture Department reported todav that American
farmers received cash income of $2,615,000,000
during the
first four months of this year, or 12% more thaD in the
The Automobile
United States in April totaled 410,921 units, compared with
398,658 in March and 311,480 in April a year ago.
Retail
sales for the four months ending April 30 were placed at
1,379,030, of which 1,167,485 were passenger cars and 211,545 were commercial vehicles.
These figures compared with
a total of
1,061,884, of which 888,913 were passenger cars
and 172,971 commercial units, during the first four months
on
61
on
order
on
May 1,
May 1
years ago.
this
May 1 totaled 54 compared with 61
on
New electric and Diesel loco¬
totaled 41, compared with 25 last
1938.
year
Volume
Freight
included
The Commercial & Financial Chronicle
ISO
locomotives
cars
and
the
above
in
leased
acquired
otherwise
or
3267
•ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
not
are
(1926=100)
figures.
May
Selected
Income
and
Balance
Sheet
I
Class
of
Items
Steam Railways for February
18,
Farm products
11, 1940 May 20,
1940 May
1939
74.7
Food products
Textile products
78.7
72.0
70.0
70.4
65.7
67.4
67.5
60.9
86.2
86.2
83.6
97.3
97.4
95.4
Building materials
72.9
72.9
70.9
totals of selected income and balance sheet items of class I
Chemicals.
86.7
86.7
85.5
Miscellaneous
82.6
84.8
68.4
steam
All commodities
80.4
81.7
77.3
The
Bureau
of
Statistics
Commission has issued
railways in
from
United
'
figures
132
the
statement
a
the
February.
These
of
for
States
.
of
month
the
companies.
TOTALS
137
The report is
compiled
were
The
railways.
steam
as
follows:
FOR THE UNITED STATES
Loading
(ALL REGIONS)
announced
For the Two Months
of Feb.
1940
of
9,959,551
$51,584,872
22,377,151
$42,381,739 $28,597,251
Total income
$99,466,386
Miscell. deductions from income
2,288,544
1,984,042
4,663,732
4,137,455
Inc. avail, for fixed charges..
40,093,195
26,613,209
94.802,654
69,824,568
Fixed charges:
Rent for leased roads A equip.
Interest deductions, a
10,515,640
131,231
180,480
21,561,530
76,695,666
262,903
20,774,244
38,241,769
10,057,371
38.524,933
$98,481,380
$98,519,999
18,795,445 f22,149,575
1,965,778
1,961,168
f3,717,345
*28,656,812
3,931,656
3,922,333
110,761.223 f24,110,743
Contingent charges
f $7,648,901
f$32,579,145
.......
Net income.b_
and
equipment)
16,824,870
2,483,241
33,693,696
16,724,006
1,601,409
a
of
14,558,937
13,395,159
4,425,635
11,922,481
2,631,147
2,631,224
3,586.919
at End
of February
1,472
the
and
cars
1939e
in
week
and grain products
1939.
the
Western
cars,
a
decrease
of
districts alone grain
loading for the week of May 18 totaled 17,604 cars,
decrease of 1,613 cars below the preceding week, and a decrease of 4,002
below the corresponding week in
Livestock
loading amounted
to
1939.
11,861
an
cars,
increase of 368 cars
preceding week, and an increase of 50 cars above the corre¬
for the week of
In the Western districts alone loading of livestock
May 18 totaled 8,981 cars, an increase of 187 cars above
preceding week, and
an
increase of 73 cars above the corresponding
week in 1939.-
'
V.
products loading totaled 34,777 cars, an increase of 1,426 cars
above the preceding week, and an increase
$623,457,945
$647,539,874
$525,714,913
18,990,174
26,870,165
$445,893,982
....
Special deposits
Traffic and car-service balances receivable
Net balance receivable from agents and conductors..
Interest and dividends receivable
Rents receivable
current
__
assets
1,280,686
56,632,034
46,654,440
117,728,966
323,582,672
18,877,752
1,194,268
3,316,380
64,535,206
45,016,058
122,757,281
356,971,737
17,062,788
1,053,916
4,574,292
Miscellaneous accounts receivable
Materials and supplies..
Other
15,311,338
19,811,874
53,476,744
98,743,353
2,392,163
Loans and bills receivable...
....
preceding week, but
of 4,692
above the corre¬
cars
decrease of 2,670
cars
below the
increase of 12,677 cars above the corresponding
an
Coke
loading amounted to 8,457 cars, an increase of 449 cars above the
preceding week,
and
increase of 3,995
an
week in 1939.
in
$1,284,682,046 SI,103,761,136
\7:
1939 and 1938.
compared with the corresponding weeks
\
v;;
1940
Four weeks of February
$193,486,362
5266,114,633
Loans and bills payable, d
$198,037,990
$211,211,794
73,345,358
225,428,497
66,336,283
Traffic and car-service balances payable
Audited accounts and wages payable
79,673,284
245,136,971
61,618,942
23,214,144
1,574,323
15,410,246
86,795,012
24,069,482
29,652,329
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid.
.....
Unmatured dividends declared...
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities.
26,446,590
1,545,158
13,703,690
88,610,912
25,076,189
28,530,186
Week of May 18
;;
$765,182,723
2,126,471
536,149
541,808
545,789
11,512,996
10,908,898
major railroads to report for the week ended
May 18, 1940, loaded a total of 311,963 cars of revenue
freight on their own lines, compared with 312,406 cars in the
The first 18
Sreceding1939. and 281,574 cars in the seven days ended
lay 20, week A comparative table follows:
FREIGHT LOADED
$760,234,557
$71,232,011
132,304,952
1938
2,256,717
2,155,636
2,746,428
572,025
554,644
612,888
12,684,341
Total..
REVENUE
Total current liabilities.
4___
Week of May 11
^
2,225,188
2,486,863
3,122,556
2,494,369
665,510
680,657
678,971
weeks of March...
Four weeks of April
1939
2,288,730
2,282,866
2,976,655
2,555,415
Four weeks of January
Week of May
Selected liability Items—
Funded debt maturing within 6 months _c
above the corresponding
cars
-
All districts reported increases
Five
Total current assets.
$51,914,567
139,707,913
AND RECEIVED FROM CONNECTIONS
(Number of Cars)
liability:
U. 8. Government taxes
Other than U. S. Government taxes
Represents accruals, including the amount in default.
receivership
trusteeship the net Income
or
deficit
or
was
Loaded
bFor 99 railways not
as follows: February,
1939, f$9,628,091; two months 1940, $11,321,982; two
17,781,079.
c Includes
payments of principal of long-term debt
(other than long-term debt in default) which will become due within six months
after close of month of report,
d Includes obligations which mature not more than
two years after date of issue.
e;1939 figures for certain liability items have been
1939,
revised, for comparative purposes, to conform with changes prescribed in the uni¬
form system of accounts by Commission's order of Dec. 6,
1940.
f Deficit or other reverse items.
1939, effective Jan. 1,
Atchison Topeka A Santa Fe Ry.
Baltimore A Ohio RR—
18,741
31,519
18,052
32,083
Chesapeake A Ohio Ry.........
Chicago Budington A Qulncy RR.
Chicago Milw. St. Paul A Pac.Ry.
Chicago A North Western Ry
23,657
13,153
18,771
14,245
24,667
13,136
18,351
14,355
2,596
1,632
3,903
2,726
Gulf Coast Lines
..
Mlssourl-Kanaas-Texas RR.
Commodity
Prices
Declined
1.3
Points
During
Week
Ended
May
18,
According to
"Annalist"
"Annalist"
The
announced
commodity prices beat
rushing German
with
compared
further
The
25c.,
under
in
with
than
Silk
pulp
on
May 18,
previous
N. Y. Chicago A St.
Louis Ry....
Norfolk A Western Ry
Pennsylvania RR
..........
Pere Marquette Ry..
Pittsburgh A Lake Erie RR.....
Southern Pacific Lines......
The
5,937
6,056
28,796
5,165
Wabash Ry
fire,
with
prices
gains.
an
erratic
Weeks Ended—,
7
5,231
20,166
61,316
5,959
6,012
28,016
5,103
19,291
28,450
20,165
13,324
18,417
13,434
3,028
1,707
3,878
11,409
33,443
4,810
15,522
54,034
5,375
4,185
25,882
5,220
5,560
16,823
11,226
7,224
6,825
9,038
1,222
2,136
2,620
8,856
40,349
9,676
4,560
43,448
4,890
6,284
8,249
8,072
5,521
16,916
11,535
7,420
7,089
5,096
12,376
6,381
7,062
6,478
9,300
1,184
2,099
8,846
2,591
9,136
39,186
9,684
4,528
46,027
5,188
6,545
8,140
8,234
1,240
1,885
2,510
8,495
29,084
7,658
4,092
34,418
4,039
4,230
7,647
7,560
France
311,963 312,406 281,574 197,058 200,323 159,097
-
The "An¬
drop of 1.3 points
period.
however,
items.
some
does
TOTAL
LOADINGS
AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
"Annalist"
not
fully
reflect
and
prices
lost
oats
falling
about
Cocoa
advanced
market.
barley were weak.
more
than 80 points.
advanced.
moderate
a
decline
Cotton
Wool
as
was
May 11, 1940
last
week.
Hogs, beef and lamb
quotations
advanced
mid-March.
%c.
a
Chicago Rock Island A Pacific Ry
-
23,090
29,202
12,258
23,721
29,408
Illinois Central System..
St. Louis-San Francisco
Ry
12,462
26,662
11,506
64,550
65,591
60,588
22,420
was
compared
sharply.
Hide
May 20, 1939
May 18. 1940
wide
Rye quotations
and
1%0.,
broke
the
Wheat prices, for example, crashed
prices rose to the highest level since
were
a
of the worst declines in history.
9c.,
Numerous commodities
in
had expected."
anyone
index,
one
dipped
corn
previous
higher
on-
Received from Connections
Weeks Ended—
the
bushel,
a
Rubber
lower.
the
12,326
39,470
5,337
18,417
62,242
Missouri Pacific RR
New York Central Lines........
1,652
3,723
12,410
39,448
reported:
decline
about 30c.
also
as
....
Total.
the
breaks that took place in
lost
"wholesale
fast retreat last week
a
nalist" index closed at 80.4
as
that
forces swept across Belgium and
far faster pace
a
20
May
on
Own Line*
May 18 May 11 May 20 May 18 May 11 May 20
1940
1940
1939
1940
1940
1939
International Great Northern RR
Wholesale
on
Weeks Ended—
1940, $427,435; February,
months
at
In
week in 1939.
Demand loans and deposits..
Time drafts and deposits
in
corresponding
below the preceding week, and a decrease of 3,415 cars below
Ore loading amounted to 48,902 cars, a
Cash
a
148,916
totaled
sponding week in 1939.
Selected Asset Items—
Investments in stocks, bonds, &c., other than those
of affiliated companies
Tax
totaled 30,754
products loading
grain
corresponding
Forest
1940
freight
below the preceding week, and a decrease of
cars
Coal loading amounted to 112,632 cars, a decrease of 5,750 cars below
the
Balance
pre¬
below the corresponding week in 1939.
sponding week in 1939.
11,656,678
On preferred stock
less-than-carload-lot
merchandise
decrease of 131
cars
above the
Dividend appropriations:
On common stock
freight for the week of May 18
revenue
week in 1939.
33,528,313
3,729,814
5,753,232
Railroads
increase of 66,083
an
the preceding week, but an increase of 22,915 cars above the
cars
Federal income taxes
Loading of
Loading
3,867
a
Depreciation (way & structures
was
above the preceding week, and an increase of 29,036 cars above the
Grain
Income after fixed charges.
This
corresponding week in 1939.
77,345,491
361,645
May 23.
a
cars,
$48,888,640 $48,762,784
freight for the week ended May 18
revenue
on
Ended
Miscellaneous freight loading totaled 282,672 cars, an increase of 6,094
cars
Total fixed charges
Week
in
decrease of 1,686 cars or 0.2 of 1% below the
ceding week.
The Association further reported:
$73,962,023
Other deductions
Freight Cars
May 18 Up 10.8%
10.8% above the corresponding week in 1939, and
or
was
$78,373,415
21,092,971
9,764,000
Revenue
increase of 133,182 cars or 24.4% above the same week
an
in 1938.
1939
1940
1939
•
$32,617,739 $18,637,700
of
Loading of
cars
For the Month
-
_
totaled 678,971 cars, the Association of American
Income Items
Net railway operating Income.
Other income
._
Metals
present statement excludes returns for class I switching and
terminal
...
Fuels
....
representing
reports
showing the aggregate
subject to revision and
are
Commerce
Interstate
were
pound.
Certain classes of
Total....
In the
.................
following
we
undertake to show also the loadings
for separate roads and systems for the week
1940.
During this period 82 roads showed
compared with the same week last year.
ended May 11,
increases when
The Commercial & Financial Chronicle
3268
REVENUE
FREIGHT
LOADED
AND RECEIVED
FROM
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1040
Eastern
|
1938
1940
562
530
531
1,154
911
Mobile A Ohio
...
1,713
1,456
7,182
1,525
1,973
6,726
1,532
313
246
Nashville Chattanooga A St. L.
3,001
10,582
2,087
9,716
1,648
25
17
27
49
47
1,418
4,755
9,247
1,298
6,169
10,973
1,259
5,333
8,130
2,192
7,647
6,684
1,883
6,833
5,783
282
371
354
125
129
2,322
2,057
1,446
1,176
229
172
2,727
1,239
9,016
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna A West.
Detroit <fc Mackinac
—
Detroit Toledo A Ironton
Detroit & Toledo Shore Line..
-
11,402
4,517
12,317
4,048
10,723
3,358
11,309
Lehigh A Hudson River
343
262
233
Lehigh A New England
1,972
2,504
8,269
2,445
4,608
1,968
39,448
9,078
1,090
5,231
9,654
2,393
1,273
7,852
1,776
1,317
6,682
2,599
32,823
9,411
1,864
4,980
Erie
—
Grand Trunk Western
Valley
Lehigh
Maine Central
Monongahela
Montour
New York Central Lines
N. Y. N. H. A Hartford
New York Onterlo A Western..
7,451
2,319
2,962
234
6
816
6,337
2,512
195
1,261
30,298
8,212
182
41
1,307
17
39,186
11,844
2,201
9,684
1,323
24,882
11,651
381
440
6,169
5,959
3,738
5,126
~3~ 461
Pere Marquette
4,471
5,188
1,874
7,527
1,841
2,336
3,698
779
63
223
98
39
N. Y.
Pittsburgh A Shawmut
3,991
1,713
2,668
1,058
2,034
2,188
2,746
1,104
2,560
1,057
Northern
395
430
346
Richmond Fred. A Potomac—
307
419
282
6,388
Southern
Norfolk
Piedmont
9,198
8,520
8,372
20,286
17,790
16,739
14,298
478
395
349
585
134
140
145
670
100,127
84,745
85,389
67,578
14 962
3,179
14,320
2,542
17,725
3,547
5,604
12,793
2,340
16,717
3,409
5,013
894
975
362
471
6,598
5,727
4,042
4,428
Seaboard Air Line
Southern System
Winston-Salem
:
Southbound...
Total
—
District—
Northwestern
17,627
2,421
Chicago A North Western
Chicago Great Western
Chicago Milw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
Duluth Mlssabe A Iron Range _
Duluth South Shore A Atlantic.
18,021
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South.
536
176
102
322
1,556
1,502
103,673
86,218
71,179
40,861
18,052
2,597
19,986
18,744
5,521
2,801
2,509
2,109
555
351
449
104
13,136
1,734
10,806
2,329
13,457
12,635
7,420
485
1,534
653
11,028
2,015
11,057
2,264
2,525
671
681
603
2,235
1,976
2,115
474
191
279
985
1,022
1,823
963
926
1,497
1,847
1.415
366
1,088
Wabash
5,103
3,847
5,137
2,518
4,758
2,411
7,140
2,083
143,762
130,545
118,191
156,181
119,865
471
410
400
779
515
32,083
21,002
21,603
Chicago Burlington A Quincy..
682
1,433
16,916
2,066
12,029
5,703
782
Chicago A Illinois Midland.
Chicago Rock Island A Paclflc.
Total
Atch. Top. A Santa
Fe System.
Bingham A Garfield
330
352
1,154
e,693
0
857
6
0
7,064
5,137
11,557
9,702
Cornwall
616
564
574
49
25
Denver A Rio Grande Western.
Cumberland A Pennsylvania..
214
32
133
48
34
Denver A Salt Lake
Llgonler Valley
Long Island
80
17
33
25
23
Fort Worth A Denver City
565
586
615
1,166
1,033
46,832
13,009
6,899
1,801
2,879
1,510
3,199
1,559
30,233
11,761
1,140
3,981
Cambria A Indiana
Central RR. of New Jersey.
Penn-Reading Seashore Lines.
Pennsylvania System
61,316
14,036
14,783
3,476
Reading Co
Union (Pittsburgh)
Western
Maryland
268
4
819
46,414
11,448
5
46,027
16,311
4,544
6,063
5,080
2,537
Chlcago A Eastern Illinois
Colorado A Southern
Terminal..
Illinois
Missouri-Illinois.
Nevada
142,686
100,283
97,382
108,784
74,988
24,667
20,166
4,049
Norfolk A Western
7,010
5,303
295
Virginian
16,142
13,644
3,525
11,535
4,528
1,226
48,882
12,608
33,311
449
1,533
1,052
116
879
828
393
12
36
0
23,664
22,292
20,864
4,470
288
262
305
1,131
12,460
Union Pacific System...
13,295
11,628
3
189
5
1,615
1,416
2,135
96,518
96,882
91,766
50,720
~~2,726
3,004
1,652
—
Total
3,775
1,836
3,103
1,960
850
District—
17,289
10,070
Burllngton-Rock Island
172
236
190
207
174
155
Atl. A W. P.—W. RR. of Ala..
716
658
669
1,342
Atlanta Birmingham A Coast..
1,141
674
615
508
869
789
Kansas City Southern
8,801
3,768
9,030
4,904
3,004
4.211
2.601
International-Great Northern
.
.
Kansas Oklahoma A Gulf
341
189
838
1,663
1,867
Louisiana A Arkansas
1,769
1,741
1,812
1,489
Litchfield A Madison
348
358
298
928
Midland Valley.
Missouri A Arkansas
468
496
447
255
191
172
119
318
3,723
12,442
3,705
11,156
3,518
11,281
2,591
3,950
471
384
501
1,331
902
1,367
864
2,187
Columbus A Greenville
1.212
288
304
212
270
330
Missouri-Kansas Texas
Durham A Southern
160
152
143
286
163
Missouri Pacific
1,822
928
961
1,000
Florida East Coast
Lines..
Quanah Acme A Pacific
117
150
114
91
24
34
93
78
St. Louis-San Francisco
858
900
1,609
1,319
6,729
2,202
6,231
2,072
6,189
2,058
6,097
3,834
6,235
3,766
6,842
4,306
2,363
2,871
4,267
3,758
165
199
229
51
22
74
19
33
45,009
43,363
44,590
34,430
Georgia A Florida
302
268
251
536
425
1,518
22,231
18,104
13,043
1,465
17,264
17,073
1,053
10,288
5,423
8.602
4,844
137
Gulf Mobile A Northern
98
104
646
299
268
Macon Dublin A Savannah
Mississippi Central
147
Note—Previous year's
Wholesale
St.
121
figures revised.
123
* Previous
figures,
x
880
Discontinued
Commodity Prices Advanced Slightly During
May 18, According to Bureau of Labor
Week Ended
Texas A New Orleans
Texas A Pacific
Weatherford M. W. A N. W
Total
Sharp increases in prices for imported commodities, such
coffee, raw sugar, silk, tin, and rubber, contributed largely
to the minor advance of
0.1% in the Bureau of Labor Sta¬
tistics' index of wholesale
commodity prices during the week
ended May 18, according to an announcement made
May 23
by Commissioner Lubin.
"The advance brought the allcommodity index to the level of a month ago, 78.5% of the
1926 average," Mr. Lubin said.
He added:
were
recorded for building materials, foods, hides and leather
textile products, metals
laneous commodities groups.
Largely
coal accounted for the fractional decline in the fuel and lighting materials
group
index.
metal
products,
and the miscel¬
The chemicals and allied products and house-
groups remained
unchanged at last week's level.
*
of
higher prices for
steel, quicksilver, solder, and pig tin.
scrap
increase in the index for building materials.
Prices were lower for yellow
pine flooring, china wood oil, linseed oil, rosin, and turpentine.
Falling prices for fats and oils did not affect the index for the chemicals
and allied products group.
It remained unchanged at 76.8% of the 1926
average.
In the miscellaneous commodities
group
and paper
commodities other
than
percentage changes from a week ago, a month ago, and a year ago; and (2)
important percentage changes in subgroup indexes from May 11 to May 18,
1940.
(1926=100)
farm
products and foods"
May
May
18,
Commodity Groups
each
11.
1940
May
4,
A-pr.
20,
1940
1940
1939 May 11
1940
.
*
(Chicago),
and sweet
potatoes
to 68.2%
caused
of the
1926
the
farm
average.
products
Quotations
group
were
index
foods group index up
pepper,
raw
sugar,
to
higher for
calves, steers, hogs, live poultry (New York),
peanuts, and wool.
Higher prices for butter, cheese, flour, canned and dried fruits,
and cured pork, coffee,
and edible tallow brought the
0.1% during the week.
Lower prices were reported
cocoa beans, glucose, lard, and cottonseed and
soybean oils.
Marked advances in prices for hides and skins caused
the hides and leather
group
to
advance
fractionally.
Shoe
prices
declined
slightly.
Continued advances in prices for raw silk and silk
yarns together with
prices for burlap caused the textile products
level reached since March.
tire
fabric, and
yarns
group
index to rise
Prices for industrial textiles such
declined sharply.
1940
1939
to the
as
78.5
78.4
78.9
78.5
75.9
+0.1
0.0
+3.4
Farm products
Foods
68.2
69.2
71.3
69.6
64.1
—1.4
—2.0
+6.4
71.7
71.6
72.5
Hides and leather products.
Textile products
_
higher
highest
print cloth,
Weakening prices for bituminous
71.9
67.4
+0.1
—0.3
+6.4
102.4 102.2 102.5 102.5
92.2
+0.2
—0.1
+ 11.1
71.6
67.0
+0.4
+ 1.4
+ 8.4
—2.8
72.6
Fuel and
72.3
71.5
lighting materials__
Metals and metal products
72.3
72.4 *72.3 *72.3
74.4
—0.1
0.0
94.7
94.5
95.0
95.3
93.5
+0.2
—0.6
+ 1.3
Building materials
92.7
92.0
92.6
92.8
89.3
+ 0.8
—0.1
+3.8
76.8
76.8 X76.8 X76-9
0.0
—0.1
Housefurnishing goods
89.9
89.9 *89.9 *89.9
86.9
0.0
0.0
+3.5
Miscellaneous
78.2
76.8
76.9
76.8
73.7
+ 1.8
+ 1.8
+ 6.1
72.2
72.5
73.7
__
fresh
for mutton,
products
Apr. 20 May 20
All commodities..
sharp decline in prices for grains together with lower prices for
sheep,
(Chicago), cotton, eggs, lemons, oranges, fresh milk
1.4%
Percentage Changes to
May 18, 1940, from—
the Department of Labor
live poultry
slump
May
20,
1940
'
The announcement issued
by
also had the
following to say:
flaxseed,
19%
slightly.
The following tables show
(1) index numbers for the main groups of com¬
modities for the past 3 weeks, for April 20, 1940, and May 20, 1939 and the
advanced 0.5%.
A
over
rose
index dropped to the lowest point since mid-April.
group
"all
crude rubber advanced
and pulp, soap, and automobile tires and tubes
Cattle feed prices declined 1.3%.
Average prices for semi-manufactured and manufactured commodities rose
about H to 1%.
The indexes for "all commodities other than farm prod¬
and
A marked
advance in prices for yellow pine timbers and lath largely accounted for the
result of weakening prices for agricultural commodities, the
as a
materials
and
Farm products declined 1.4% and fuel and
lighting materials fell 0.1 %.
furnishing goods
.....
Jan. 24, 1939.
The advance in the metals and metal products group index was a result
as
Increases
Southwestern
Wichita Falls A Southern
Statistics' Index
products,
Louis
630
1,558
19,762
Illinois Central System
Louisville A Nashville
ucts"
9,136
777
26
1,080
Gainsville Midland
Georgia
raw
2,099
219
1,379
Charleston A Western Carolina.
"l",184
1,791
2,111
8,496
3,510
Central of Georgia
307
152
80
Gulf Coast Lines
Clinchfield.
8,201
152
1,439
—
Fort Smith A Western.*
Atlantic Coast Line
16
5,445
Southern District—
Alabama Tennessee A Northern
1,450
2,957
8
(Pacific)
Southern Pacific
8,807
1,175
Peoria A Pekin Union
Southwestern
Total.
7,854
746
Western Pacific
Chesapeake A Ohio
9,760
1,825
2,269
3,299
825
Utah
Pocahontas District—
1,834
4,127
1,865
_
Northern
North Western Pacific
Toledo Peoria A Western
Total
1,019
1,684
5,264
Central Western District—
Alton
Buffalo Creek A Gauley
57
785
1,910
144
1,569
1,013
8,234
3,115
Bessemer A Lake Erie
613
161
232
707
545
Baltimore A Ohio
191
3,047
541
1,765
345
616
Allegheny District—
422
9,282
603
Spokane International
Spokane Portland A Seattle
212
392
Akron Canton A Youngstown.
483
14,237
3,054
1,728
5,639
9,455
645
Total
161
Lake Superior A Ishpemlng
Minneapolis A St. Louis—....
Minn. St. Paul A S. S. M
Northern Pacific
334
Wheeling A Lake Erie
3,592
481
Green Bay A Western
1,012
946
9,300
2,695
7,089
17,794
Great Northern
Rutland
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
980
1,143
5,162
4,678
Tennessee Central
4,999
1,468
Susquehanna A Western.
Pittsburgh A Lake Erie...
N. Y. Chicago A St. Louis
1940
834
303
Chicago Indianapolis A Loulsv
1938
(Concl.)
1,681
"7,241
1,326
....
Maine
from Connections
1939
1940
1939
Southern District—
Bangor A Aroostook
A
1939
Total Loads Received
Total Revenue
Freight Loaded
Railroads
District—
Arbor
Ann
Boston
May 25, 1940
CARS)—WEEK ENDED MAY 11
CONNECTIONS (NUMBER OF
Chemicals A allied products
Raw
.
commoditles.
materials
a
a
72.9
69.0
—0.4
—1.0
+4.6
Semi-manufactured articles.
78.6
78.2
79.5
79.5
74.0
+0.5
—1.1
+ 6.2
Manufactured commodities.
81.8
81.5
81.6
81.5
79.9
+0.4
+0.4
+ 2.4
80.8
80.4
80.5
80.5
78.5
+0.5
+0.4
+2.9
82.9
82.5
82.6
82.6
80.7
+0.5
+0.4
+ 2.7
All
commodities
farm products.
All commodities
other
than
—
.
other
-
than
farm products and foods,.
♦Correction,
x
Revised,
a
No comparable data.
Volume
The Commercial & Financial Chronicle
ISO
IMPORTANT
PERCENTAGE
FROM
CHANGES
MAY
1]
TO
18,
FOR
RECENT
Crude rubber._
19.4
*fc;.
Other farm products.
Lumber.*..
3.3
Fruits and vegetables
Cattle feed.
Hides and skins
1.7
Other foods
Other textile products
Meats
1.7
Paint and paint materials
1.5
Cotton goods
Non-ferrous metals
1.3
—.....
Paper and pulp.......
Dairy products..
Mar.
9
0.4
Oils and fats
Bituminous coal
0.2
0.2
Shoes
Motor vehicles
-----
0.1
—
0.1
Clothing
0.1
2,479,036
2,463,999
2,460,317
2,424,350
2,422,287
2,381,456
2,417,994
2.421.576
2,397,626
2,386,210
Mar. 16
Mar. 23
Mar. 30
Apr.
Apr.
Apr.
Apr.
May
May
6
13..
20
27
4...
11
Two weeks ago,
.158.2
18
20
—
—
May 10
Month ago, April 24
Year ago. May 24___1939 High—Sept. 22
Low—Aug. 15
1940 High—May 13.-
154.4
156.4
153.9
153.1
151.9
153.0
in
April,
138.4
166.8
151.9
National
Fer¬
tilizer Association
The
level
general
wholesale
of
commodity
prices
compiled by the National Fertilizer Association.
was
the
preceding week, 77.7
based
ago,
the 1926-28
on
dated
announcement,
Lower prices
decline
highest point
reached
and advances
certain
in
since
also
were
textiles,
scrap,
dropping to
materials,
and
and
caused
tin
an
the
with
low
point
the
and
26
in
the
struction
advances.
+9.6
2,176,368
2,173,223
2,188,124
+ 9.8
2,193,779
+ 10.3
2,182,727
2,163.538
2,170,750
2,170,496
2,204,858
2,113,887
2,176,363
2,194,620
+ 10.0
2,198,646
2,206,718
2,131,092
+ 11.6
One-third
Was
Building
Greater
than
1939
in
Gained
Valuations
Permit
20.2%
Permit
for
valuations
one-third greater in
residential
new
construction
were
1939 than in 1938, Secretary of Labor
Frances Perkins reported on April 20.
of
residential
construction
higher than for
cated
expenditures
creased by
and
"The dollar volume
which
for
permits were issued
"Indi¬
in¬
The value of additions, alterations
any
since 1929," she said.
year
for
non-residential
new
7% in 1939.
buildings
higher in 1939
repairs to existing structures was 9%
for
declines
of
All
week
there
'
■'
geographic divisions shared in the gains in
last
prices of
quotations
index.
in
steel
for
A
East North
Data
Labor
an
monthly reports received by the United States Bureau of
2,323 cities having a population of 1,000 or over,
on
from
population
aggregate
valuation
of
all
approximately
was
and South Atlantic.
Central,
based
Statistics
with
the
of
cent
per
the
total
non-residential
new
approximately
or
buildings for which permits
$2,139,000,000.
buildings totaled $1,169,000,000,
for
repairs to existing
The increase in
during 1939
issued
residential
new
55% of all permit valuations.
or
accounted
was
buildings and
for
16%
by indicated
by additions,
that
show
62,100,000,
were
Permit valuations for
Twenty-
expenditures
alterations, and
structures.
the aggregate
value of
new
residences for which permits
issued in 1939 was largely accounted for by the gain in expenditures
single-family dwellings.
Permit valuations for this type of dwelling
41% greater than in 1938.
Indicated expenditures for apartment
houses were 13% greater than during 1938.
; ••
were
for
were
Schools
libraries accounted
and
residential
building dollar than
for
larger percentage of the
a
other type of building.
any
new
non¬
Public office
buildings accounted
for the next largest, followed in order by stores and
public utility buildings.
warehouses and
marked
the index
the total permit valua¬
tions, the most pronounced increases occurring in the East South Central,,
farm
Declines
year.
rise in
Sharp
recessions
index
The following: is taken from the Labor Department's
repre¬
an¬
nouncement:
commodities.
.■■
WHOLESALE
a
the
to
average.
the
metal
a
during 1938. Total building permit valuations showed
gain of more than 20%."
Secretary Perkins added:
A
in the
second preceding
WEEKLY
it
index declined during the week
the preceding week there were 30 declines and 21
in
advanced;
advances;
group
in
Rising
the
in
upturn
price series included
commodities
Although
moderate
the
for
fertilizers.
in rubber was largely responsible
Thirty-six
all
taking
indexes representing the
group
miscellaneous
the
more
resulted
upturn
of
for
February.
drop in
a
senting
prices
for the
responsible
were
average
of
sheep,
new
registered by the
building
copper
+ 10.1
+ 9.6
Secretary of Labor Perkins Reports Residential Con¬
nine
evenly balanced, lower quotations for
in
and
a
foodstuffs
middle
combined
lambs,
cattle,
product prices
the
resulted
prices,
grain
milk,
The Association's
moderate increase,
a
food group were
important items
declines
cotton,
week
the
in
and
index;
registered
groups
100.
average as
May 20, further said:
all-commodity
two
The index was 77.2
April.
month ago, and 72.4 a year
a
farm products
for
the
:n
these
except
This index
May 18 dropped to 76.5, the lowest point
reached since the first week of
in
+ 11.4
1,706,719
1,702,670
1,687,229
1,683,262
1,679,589
1,663,291
1,696,543
1,709,831
1,699,822
1,688,434
1,698,492
1,704,426
1,705,460
1,615,085
1,519,679
1,538,452
1,537,747
1,614,553
1,480,208
1,465,076
1,480,738
1,469,810
1,454,605
1,429,032
1.436.928
1,435,731
1,425,151
1,381,452
than
lower last week, according to the commodity price average
in the iveek ended
+ 10.3
2,199,976
2.212,897
2,211,052
2,200,143
2,146,959
+ 10.1
.....
Low—May 23
According to
+ 10.6
2,199,002
2,422,212
—166.6
.163.9
144.9
172.8
Wholesale Commodity Prices Further Declined During
Week Ended May 18 Reaching Lowest Level Since
Week
+ 10.5
2,198,681
2,209,971
2,173,510
2,170,671
1
was
First
1929
1932
1937
2,225,486
May 25
June
1938—Total
17
1940
2,244,014
2,237,935
2,387.566
follows:
as
1939
May 18
Moody's Commodity Index Declines Sharply
Moody's Daily Commodity Index closed at 153.0 off 5.2
points from the level of 158.2 a week ago. Hides, hogs,
rubber and wool were especially weak.
Cotton recovered
the net loss made in the preceding week.
The movement of the Index has been
1940
2
Mar.
Other miscellaneous......--
0.1
....
KILOWATT-HOURS)
1939
0.8
1.1
...
OF
from
0.5
0.4
-
0.6
...
Cereal products
Week Ended
2.4
1.8
1.3
0.3
Livestock and Doultry
21
22
23
24
(THOUSANDS
Change
4.1
Grains
6.8
4.3
May
Sat.
May
Mon.
May
Tues.
May
Wed.
May
Thurs. May
Fri.
May
WEEKS
Decreases
Automobile tires and tubes
Fri.
3269
1940
Increases
Silk
INDEXES
SUBGROUP
IN
MAY
DATA
30
were
declines
and
13
which
permits
shown
is
"
comparison
of
number
the
issued
were
and
in 2,323
valuation
permit
identical
cities
of
buildings
for
during 1938 and 1939
below:
''"-Vv
".o.
COMMODITY
PRICE
Number of Buildings
INDEX
Permit Valuation
Class of
Compiled by the National Fertilizer Association.
(1926-28=100)
Construction
P. C.
1939
Latest
Each Group
Bears to the
Preced'g
Week
Percent
Week
May
Group
18, May
Month
Ago
Year
23.0
Cottonseed oil
72.2
72.8
68.6
51.5
53.6
49.4
63.5
Fats and oils
1939
49.6
Farm products.
1940
64.3
67.5
65.1
relation
In
66.1
62.6
57.5
58.4
52.3
66.9
76.6
78.0.
57.4
60.8
61.6
62.8
65.8
tures
83.8
83.7
84.2
76.4
$23.72
for
89.5
88.6
88.6
77.7
higher
per
Livestock
Miscellaneous commodities
.
_
8.2
Textiles
70.3
70.6
70.9
62.7
7.1
Metals
92.0
91.2
90.5
87.8
6.1
Building materials
85.7
85.9
86.2
84.5
to
population,
than
expenditure
expenditures
capita
per
all
95.0
95.0
94.5
72.9
72.7
71.3
78.1
78.1
77.2
Farm machinery
95.0
95.0
95.0
94.9
in
76.5
77.2
77.7
72.4
cities
of
The Edison Electric
May 18, 1940, 11.6%
Institute, in its current weekly
week's output
The current
is 11.6% above the output of the correspond¬
ing week of 1939, when production totaled 2,170,496,000
kwh.
The output for the week ended May 11, 1940, was
estimated to be 2,387,566,000 kwh., an increase of 10.0%
the like week
a
year
500,000
of
The lowest
of
per
between
dwelling units provided
than
1,00b
between
of
in
and
The
population.
between
in
As
volume
and
50,000
capita
Lowest
expendi¬
amounting
places
to
had
For cities having
a
a
and
over
showed
a
per
capita expenditure occurred
50,000
per
and
100,000,
10,000 population
the larger cities.
78
2,500,
rate
for all
100,000,
with
was
In towns having
dwelling
units
reporting
cities
dwelling
43
preceding years, New York
of
than
more
C.,
a
units
greater
popula¬
provided
were
was
a
51.
were
In
per
cities
provided
per
of
over
more
$71,000,000.
Week Ended
Week Ended
Week Ended
May 11,1940
Mag 4, 1940
April 27, 1940
7.0
5.3
8.1
other cities having
a
permit
Mich., with $63,000,000,
Building
27% Over February, Re¬
ports
Secretary of Labor Perkins—Total
Con¬
struction Was 21% Higher
Increased
Week Ended
May 18. 1940
The only
than $50,000,000 were Detroit,
Chicago, 111., with $52,000,000.
Construction
Regions
with permit valuations amounting to
Los Angeles showed expenditures of nearly $76,Permits issued in Washington,
during 1939.
March Permit Valuations for New Residential
PREVIOUS YEAR
Major Geographic
City accounted for the largest dollar
construction,
construction
totaled
valuation
and
building
$246,000,000.
for
000,000
D.
ago.
PERCENTAGE INCREASE FROM
higher
Per
States.
$59.53.
to
+ 8.6
a
10,000 population.
industry of the United States for the week
power
ended May 18, 1940, was 2,422,212,000 kwh.
showed
$30.99.
100,000
re¬
port, estimated that production of electricity by the electric
light and
+ 6.9
323,759,852
States
United
the
of
population
a
population
a
the smaller cities
of
Year ago
having
having
The number of
in
tion
a
Cities
capita.
rate
over
section
capita expenditure of $32.24.
0.3
Above
Coast
Pacific
capita expenditure than the larger cities.
72.9
Electric Output for Week Ended
351,603,945
population of between 1,000 and 2,500, the per capita expenditure in 1939
amounted to $47.31.
The total for all reporting cities was $34.45 per
77.4
91.9
+ 3.1
of
Fertilizer materials
All groups combined.
$877,282,233
577,880,815
shown in the New England States,
construction.
In general, smaller
were
types
Fertilizers
100.0
+33.3
Pacific Coast amounted
0.3
Chemicals and drugs
+20.2
+ 44.2 $1,169,363,313
+ 11.1
617,894,275
the
other
any
the
on
0.3
1.3
Change
+ 14.3 $2,138,861,533 $1,778,922,900
tions & repairs.. 408,171 395,720
53.0
Fuels
1938
Additions, altera¬
Cotton
17.3
775,489 678,240
New non-residential 134,285 120,891
Grains
10.8
P. C.
1939
Change
New residential... 233,033 161,629
63.0
62.0
Foods
1940
71.7
25.3
construction.
All
Ago
11, Apr. 20, May 20,
1940
Total Index
1938
5.0
New England
7.2
Middle Atlantic
4.5
6.9
West Central-
■
4.7
15.8
16.2
Central Industrial
An
for
17.1
14.4
6.9
6.0
8.2
-
6.0
Southern States
13.3
14.3
14.4
12.3
Rocky Mountain
13.7
12.4
15.2
13.6
5.8
0.6
xl.4
11.6
of
27%
residential
construction
over
February in permit valuations
construction featured March
building
reports,
Secretary
Pacific Coast
Total United States
of
Labor Frances Perkins
reported pn April 27.
tered for other
"Somewhat lower gains were regis¬
types of construction," she said.
"New non¬
1.3
10.0
increase
new
residential
construction
showed
gain
of 14%,
while the
increased by 9%.
21% higher than during
Slie went on to say:
a
value of additions, alterations and repairs
.
Decrease.
10.3
9.8
Total
building
construction
was
February," Miss Perkins stated.
■
The Commercial & Financial Chronicle
3270
residential buildings were
of 1939, there was a
5% in the total value of all types of buildings for which
permits were issued.
This decrease was brought about by a decline of
16% in permit valuations for new non-residential buildings and a de¬
crease of
14% in the value of additions, alterations and repairs to exist¬
March
Although
4%
higher
decrease
for
new
the corresponding
These data are based on
ing structures.
Labor
of
valuations
permit
during
than
month
of
Statistics
from
of
cities
2,068
in
May 25, 1940
Md., for the "Latrobe Homes" to cost over $2,200,000; in
for the "Logan Fontenelle Homes" to cost over $892,000;
in
New Orleans, La., for the "St. Bernard Avenue" housing project to
cost over $2,600,000; and in Butte, Mont., for the'"Silver Bow Homes"
Baltimore,
Omaha,
Neb.,
housing project to cost nearly $775,000.
CONSTRUCTION. TOGETHER WITH
IN NEW DWELLINGS.
IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, MARCH, 1940
PERMIT VALUATION OF BUILDING
reports received by the Bureau
the United States having an
THE NUMBER OF FAMILIES PROVIDED FOR
IN 2,008
aggregate population of 60,100,000.
During the first quarter of 1940 permits were issued in reporting cities
'
New Residential Buildings
buildings valued at $421,830,000, a decline of 10% as compared with
corresponding period of 1939.
Permits issued for residential buildings
during the first three months of 1940 amounted to $240,846,000, an
for
the
increase of
3%
The Labor
the corresponding period of the preceding
over
The
'
Percentage
Families
Change from—
Provided
Valuation,
Geographic
,.''V
No. of
Change from—
Permit
No.
year.
of
Division
CUies
Feb.,
1940
Mar.,
Mar.,
for
Feb.,
Mar.,
1940
Department's announcement also reported the
following:
"4
Percentage
1939
Mar., 40
1940
1939
'
changes occurring between February and March, 1940, in the permit
of
the various classes of building construction are indicated
+ 27.1
+ 4.4
27,763
+ 24.9
+ 7.2
+ 60.2
$4,553,050
—8.2
22,262,168
19,821,248 +8.62
+ 99.8
5,139,328
13,691,282
+ 25.3
—5.4
1,885,527
8,882,212 —11.3
3,311,970 + 146.0
+ 45.4
20,027,338
+43.5
993
+33.6
+ 58.4
5,511
—10.7
—21.0
2,068 $99,574,123
All divisions.......
valuations
the
in
following table
for
cities
2,068
having
' V,'-
population
a
of
1,000
or
146
New England.....
-v
•
'
•"
■
Change from Feb. to March, 1940
Class of Construction
All CUies
Exd. N. Y. City
New residential......
+ 27.1%
+
New non-residential.......................
+ 14.3%
+ 8.8%
539
448
194
South Atlantic
230
East South Central-
74
West South Central
125
93
Mountain
219
Pacific
+ 11.1%
+ 6.4%
+
Middle Atlantic-..
East North Central
West North Central
over:
+20.0%
Additions, alterations and repairs
40.7%
20.6%
issued
Permit®
during
March
provided
for
27,763
dwelling units.
in projects under the jurisdiction of the
were
United
Of
;/
*
The percentage change
in permit valuations from March, 1939,
•March, 1940, by class of construction, is given below for 2,068 cities:
Permit
Division
Exd. N. Y. City
Additions, alterations and repairs...........
—13.9%
—4.6%
-5.6%
Compared with March, 1939, there was
number of family-dwelling units provided.
tracts
awarded
were
during
March,
an
increase of 7% in
provided
units.
-
The
changes occurring
period of 1939
are
for
1,097
the first quarter of 1940 and
indicated below, by class of construction:
to First 3 Mos. of
lb
...
Total...
con¬
dwelling
the
like
The
information
contracts awarded
and
municipal
struction
construction.
and for March,
by
the
Bureau
by Federal and State
amounted
Permits
collected
1940
Exd. AT. Y. CUy
+ 7.0%
—33.0%
—17.4%
—9.6%
For
to
$18,828,000;
1939, to $8,821,000.
of
Labor
1,844,907
4,489,913
+33.5
—22.5
+ 81.8
—22.2
—28.3
+ 88.7
+ 47.1
1,945,111
1,189,268
7,933,060
for
1940,
Federal
February,
1940,
and
to
+ 39.3
—8.7
—5.1
+ 50.2
+ 39.7
+ 7.7
—56.3
12,323,475
5,177,810 + 106.1
—4.2
—10.8
31,731,802
—0.9
+35.6
4,967,389
1,976,180
3,282,436
1,182,311
5,322,469
Sections of United States
ann
ouncement added:
greatest increases
were
the gain.
The two sections
(which includes
the South Atlantic
Delaware, Maryland, District of Columbia, Virginia, West Virginia, North
Includes
State
The Bureau's
con¬
$22,947,000;
Carolina, South Carolina, Georgia and Florida) and the East North Central
(which includes Ohio, Indiana,
The
Illinois, Michigan and Wisconsin).
South Atlantic section gained 24% over
East North
the
same
month in 1939, and the
Central gained 20%.
All States except three showed an increase in April over one year ago.
increases
experienced in New Mexico with
buildings to cost
Since January of this year
in
the
Borough of Brooklyn,
for
one-
with
were
The total
I
sales of ordinary life
of 1940 are only 8% behind similar
nearly $1,300,000, and for school buildings to cost $750,000; in Phila¬
delphia, Pa., for one-family dwellings to cost over $1,850,000; in Chicago,
111., for one-family dwellings to cost over $1,300,000; in Dearborn, Mich.,
Despite
a
$2,100,000,000.
30% decrease in January, sales for the first four months
figures for 1939.
The volume of sales and the comparison with last year
for the month and
year-to-date periods are given below by sections. Sales represent total new
ordinary insurance
in
the
United
States,
exclusive of group insurance,
increases, revivals, and dividend additions.
one-family
dwellings to cost nearly $500,000; in Detroit, Mich., for
dwellings to cost nearly $4,300,000 and for stores and other
buildings to cost approximately $400,000; in Flint, Mich., for
factory buildings to cost $670,000; in Cincinnati, Ohio, for one-family
dwellings to cost more than $450,000 in Baltimore, Md., for a telephone
building to Cost $700,000; in Cleveland, Ohio, for one-family dwellings
to cost over $400,000; in Columbus, Ohio, for
one-family dwellings to
cost more than $400,000 fcjn St. Louis,
Mo., for one-family dwellings to.
cost over
$400,000; in Jacksonville, Fla., for one-family dwellings to
cost nearly $500,000;
in Miami, Fla., for one-family dwellings to cost
more than
$900,000; in Washington, D. C., for dne-family dwellings to
cost over $1,300,000 and for apartment houses to cost
nearly $800,000;
in Memphis, Tenn., for one-family
dwellings to cost nearly $500,000 and
for factory buildings to cost more than $300,000; in
Tulsa, Okla., for
one-family dwellings to cost over $400,000; in Houston, Tex., for onefamily dwellings to cost over $1,000,000; in Denver, Colo., for one-
1940 amounted to
monthly comparative sales ratios have climbed
steadily.
dwellings to cost over $1,000,000 and for apartment houses to
nearly $3,000,000; in the Borough of Manhattan, for factory build¬
to cost over $500,000; in the Borough of Queens, for
one-family
dwellings to cost approximately $2,400,000, for apartment houses to cost
:
insurance in April,
$574,000,000, and sales for the year to date-are slightly over
family
ings
76%, Nevada
46%, Georgia with 37%, Maine and Virginia with 36% each, and
Florida with 31%.
cost
for
—10.3
gain of 15% in the sale of ordinary life insurance was
made in the United States for April compared with April,
1939, according to figures released May 15 by the Life In¬
surance Sales Research Bureau of Haitford, Conn.
These
figures, based on the reports of 53 companies, represent an
estimated total for all companies operating in the United
Greatest
$2,500,000;
5,573,667
18,609,266
14,737,309
—31.9
4,449,773
—5.6
+0.3
+ 59.4
A
showing the
issued
over
+ 11.4
April Sales of Ordinary Life Insurance Increase in All
during March for the following important building
projects:
In Hartford, Conn., for an insurance office building to cost
$650,000; in West Hartford, Conn., for one-family dwellings to cost
approximately $360,000;
in New York City—in the Borough of the
Bronx, for apartment houses to cost nearly $3,500,000 and for school
were
4.6 60,100,800
+ 20.6
+ 77.0
—10.5
All sections of the country participated in
governments in addition to private
March,
of 1930)
1939
10,705,198
40,569,107
32,201,526
8,190,763
20,602,556
5,410,137
—67.1
—50.6
2,826,509 + 164.0
States.
-11.6%
Statistics
—1.5
So. Central
Pacific
+ 2.5%
—25.2%
—15.5%
New residential
Population
(Census
Mar.,
—16.3 166,912,434
+ 14.3
+ 26.9
—30.5
South Atlantic
All CUies
New non-residential.......................
Additions, alterations and repairs....
Feb.,
1940
4,030,566 +205.1
MiddleAtlantic 10,147,008
+2.9
+ 40.1
E. No. Central
7,170,561
E.
Change from First 3 Mos. of 1939
Class of Construction
Percentage
Change from—
1939
England.
■
between
+4.0
the total
USHA projects for which
1939,
+ 45.5
6,168
+ 7.8
$
divisions.. 41,576.909
New
Mountain
...
Mar.,
W. So. Central
+ 7.0%
-22.0%
—16.3%
Total.
Feb.,
1940
W. No.Central
+ 4.4%
+73.7
+ 34.1
+ 58.2
+ 55.8
Valuation,
Mar., 1940
Valuation,
$
Class of Construction
—16.3%
865
+ 2.5
—9.4
3,022
1,112 + 115.1
+59.8
+25.0
Permit
Change from—
Mar., 1940
All
.............. .........
+ 13.7
4,290
to
Change from Mar. 1939 to Mar. 1940
New non-residential
+43.1
+ 21.3
Percentage
Geographic
States
February permits in these cities provided for 22,228
units, of which 3,812 were in USHA-aided projects.
New residential^....
+ 5.1
1,505 + 112.6
•...
Housing Authority.
All CUies
4,297 + 101.4
Unduding Alterations
and Repairs)
Buildings
•/'
these, 3,059
+ 1.3
+ 27.4
+ 5.9
Total Building Construction
New Non-Residential
Total
—16.4
AprU
Year to Date
1940
one-family
family dwellings to cost more than $400,000; in Long Beach, Calif., for
one-family dwellings to cost nearly $450,000; in Oakland, Calif., for onefamily dwellings to cost over $650,000 and for apartment houses to cost
more than
$500,000; in Los Angeles, Calif., for one-family dwellings to
cost over $3,200,000, for apartment houses to cost more than $1,300,000,
and
for
stores
and mercantile buildings to cost more than $400,000; in
for one-family dwellings to cost over $600,000 and
building to cost $1,000,000; in San Diego, Calif., for onefamily dwellings to cost nearly $550,000; in San Francisco, Calif., for onefamily dwellings to cost nearly $1,200,000; in Portland, Ore., for onefamily dwellings to cost over $700,000; and in Seattle, Wash., for onefamily dwellings to cost nearly $600,000.
Sacramento,
for
an
Contracts
the
Calif.,
office
awarded by various Federal agencies during March for
buildings:
In Boston, Mass., for a shop building super¬
improvements to the Navy Yard to cost nearly $2,000,000;
were
following
structure
and
in
Chicago, 111., for a pumping station and a customs house to cost over
$1,300,000; in Lexington, Ky., for additional facilities for the Public
Health Service to cost nearly $1,000,000.
Contracts were awarded for the following USHA projects:
In Hartford,
Conn., for the "Dutch Point Colony" to cost over $800,000; in Gary, Ind.,
for the "Delaney Committee" housing project to cost over $1,000,000; in
Akron, Ohio, for "Elizabeth Park Homes" to cost over $800,000; in
Savannah, Ga., for the "Garden Homes Estate" to cost nearly $820,000;
1940 to
Volume
1940 to
Volume
in $1,000
mercantile
1939
in $1,000
1939
$168,081
506,994
90%
96%
94%
201,584
85%
206,296
96%
108%
78,207
86%
160,101
47,741
113%
117%
113%
55,741
175,083
88%
92%
86%
$574,453
115%
$2,166,159
92%
West North Central
54,293
South Atlantic
57,784
116%
113%
120%
110%
124%
East South Central
20,752
West South Central..
42,825
15,754
New England
Middle Atlantic
$43,976
158,874
East North Central
132,454
Mountain
„
......
.
Pacific
United States total
California
Year
Business
Ago,
Activity
According to
614,072
in April Far Ahead of
Wells Fargo Bank, San
Francisco
Business
activity in California during April was only
slightly under the March level and ran well ahead of a year
ago according to the current "Business Outlook" released by
the Wells Fargo Bank & Union Trust Co. of San Francisco.
The Wells Fargo index of California business stood in April
at an estimated 107.9% of the 1923-25 average, as against
a
revised March figure of 108.2% and against 97.7% in
April, 1939.
The April decline from March was due to
decreases in three of the index factors (bank debits, depart¬
ment store sales, and industrial production) offsetting a gain
in freight car loadings.
Bank Debits for Week Ended May 15,
a
Debits
as
to
Year
deposit accounts
1940, 3.1% Above
Ago
(except interbank accounts),
reported by banks in leading cities for the week ended
May 15, aggregated $8,416,000,000.
Total debits during the
Volume
The Commercial & Financial Chronicle
150
Wage
13
weeks ended May 15 amounted to $110,350,000,000, or
6% above the total reported for the corresponding period
a
year ago.
These
disbursements
declined
somewhat
increase
was
employment
from
expected,
March
the
in
to
reflecting
are
reported
as
20, 1940, by the
May
on
lumber
Wage
month,
13 Weeks Ended
k
Federal Reserve District
May 15,
May 17,
1940
;May 17,
1940
1939
1939
disbursements
although
$5,625
about
47,239
slightly,
1,263
1,136
8t. Louis..
249
240
Minneapolis
201
159
$5,927
47,814
5,579
7,021
3,940
3,389
16,346
3,182
2,227
Kansas City
Dallas
273
279
3,396
3,178
2,738
8,792
2,495
$110,350
43,863
57,510
8,977
$104,069
$452
$436
3,517
New York
3,604
Philadelphia
433
423
Cleveland
538
491
Richmond
300
291
Atlanta
262
237
Chicago
220
205
708
661
$8,416
$8,163
3,217
3,340
4,493
4,161
706
San Francisco
662
_
Total, 274 reporting centers
New York City *
140 Other leading centers *
__
133 Other centers
Centers for which bank debit figures
seasonal
in the
case
of cement
hourly
?iy2c.,
earnings
goods,
but
hours
average
workers
worked
per
that weekly earnings were reduced
60
slightly
only
and
the
in
Improvement
textile
contraction.
woolens
worsteds,
rugs.
factory
of
declined
substantial
a
cotton
fractionally to
week declined
13c. to $25.86.
increased
man
per
5,311
6,179
The
3,541
Reserve
Bank
the
had
following
to
regarding
say
Delaware factories:
3,011
14,502
In
2,877
Delaware
factories
employment increased
about 2%
from March to
the
April, and payrolls advanced nearly 5%, reflecting substantial gains in
1,900
of
case
and
lumber
printing.
equipment,
transportation
products,
chemicals and
paper
>
8,210
Unemployment Declined 1.2% in March, Reports
Conference Board—Total Placed at 9,304,000
43,518
52,316
8,235
United States
reversing the up¬
January and February, according to the pre¬
liminary estimate for March prepared by the Division of
The total number of jobless workers in the
available back to 1919.
are
of
case
mills
textile
at
there is usually
the
in
dyeing and finishing, and carpets and
Average
Boston
industr-y
products.
reported
was
May 15,
a
primary lines as blast furnaces and steel
Activity at plants fabricating various finished materials was generally
well sustained.
In the building materials industry wage payments ex¬
and
(In Millions of Dollars)
Week Ended
when
substantial reductions in
works and rolling mills.
panded about seasonally; sharp gains were reported
SUMMARY BY FEDERAL RESERVE DISTRICTS
steel
small
and
iron
April,
further
such
figures
Board of Governors of the Federal Reserve System.
*
further
be
to
3271
and
declined
by 113,000, or 1.2%, in March,
ward trend of
Far Western Business Continued Downward Trend in
April, Reports Bank of America
Although Far Western business
trend
Industrial Economics of the Conference Board.
downward
month" of such a
continued
in
April, the fourth consecutive
decline, it remained higher than a year
a
according to
by the Bank of
America. Off 1.4% from the March figure of 75.9, the bank's
index stood at 74.8 for April, an increase of 2% over a year
ago and 12% above the same month two years previous.
the
"Business
current
The
bank's
Each
three
These
ago,
released
determining the index showed gains
bank debits, up 7%, carloadings 5%
below the March level and 2%
a
lower than April, 1939.
a
were
gain of 1%
Total
combined to
over
value
the
of permits
secure a more accurate
period
same
for
March and
picture, which revealed
a year ago.
rose
to
its highest
10 years, the review points out.
in the previous month and in the same month
a
year ago.
Extension of European War Is Bound to Have Adverse
Effect
on
International
Trade, Says Bank of
Montreal
through the invasion of the Low
Countries by Germany, together with a menacing situation
in the Mediterranean and in the Balkan countries, is bound
to have an adverse effect upon international trade,
including
the general export trade of Canada, the Bank of Montreal
states in its current "Business Summary."
"On the other
hand," the Bank says, "there promises to be sharply in¬
creased activity in all war industries on the North American
continent as well as in Great Britain, and a rapid and sub¬
stantial expansion of industrial operations in the United
States is indicated iu the defense expenditures submitted to
the United States Congress by President Roosevelt.
These
developments are bound to have far-reaching effects in
stimulating activity in many channels of trade in Canada."
British newspaper interests plan to purchase 200,000 tons of newsprint
from Canada and 125,000 tons from Newfoundland during
the
of money
amount
involved
During the first quarter of the
newsprint imports.
year
These imports
being
approximately
There has been
$17
00,000.
,
and
New
Pacific
7%,
were
down 58,000
railway rolling stock are about to be placed by the
Railway
Co.
totaling $1,500,000.'
War-time construc¬
April Employment and Wages in Pennsylvania Factories
Declined—Delaware Reports Increases
Employment
the
and
of
the
in
Pennsylvania
from thp middle of March to
April, according to reports received by the
Bank of Philadelphia from over 2,400
establishments."
reductions
of the year.
which
These
usually
declines
at
about
889,900,
7%
or
approxi¬
this
in
occur
The number of factory wage
estimated
less
period
in April
earners
than at
the
high level in December, but 6% more than in April, 1939,
when
manufacturing activity was near that year's low
Weekly payrolls in the middle of April'were esti¬
approximately $21,500,000, or nearly 12% less
point.
mated
than
at
in
December.
however,
This
volume
of
wage
earners' income,
still 17%
larger than in April, 1939.
date of May 22 the Bank also said:
The
was
principal
declines
in
employment
and
payrolls
April occurred at plants turning out transportation
goods.
mobiles
ucts.
Reductions
and
The
trucks,
were
particularly
locomotives
production
of
and
clothing
large
cars,
also
at
declined
from
Under
The
■<_;
included
where there were
employment aggre¬
.
labor
emergency
which
force,
is
in
the unemployment
aggregated 2,579,000 in March as compared with 2,642,000 in
February.
The decrease resulted from declines of 38,000 and 27,000 in
Works Projects
Administration and Civilian Conservation Corps, respec¬
tively.
V
"7
■;
Unemployment totals and the distribution of employment by industries
for the first three months of 1940, as well as those for March,
1933,
totals,
and March, 1939, are shown in the
averages,
following table:
UNEMPLOYMENT AND EMPLOYMENT
'7i;'
(In Thousands)
1929
Avye.
March, March,
1933
Feb.*
Mar.*
1940
1940
45,581
10,838
10,462
10,625
10,939
196
203
203
205
15,589
16,374
16,160
16,030
10,539
9,961
267
136
19,097
10,966
47,925
Agriculture
Forestry and fishing
Total Industry
9,304
45,606
35,884
Employment total
Unemployment
Jan.,
1940
9,417
45,410
9,800
44,391
14,762
9,163
1,067
Trade, distribution
Service industries
Miscell. Industries and
1,852
1,549
1,781
1,912
1,882
1,870
865
922
937
937
938
6,407
7,420
7,364
7,422
7,711
7,268
9,591
10,194
10,125
10,046
1,012
services...
10,615
1,855
8,007
and finance..
755
10,725
1,994
1,167
—
760
10,771
2,094
9,003
Public utilities..
760
10,051
941
2,465
Construction
Transportation
741
6,966
3,340
J
Manufacturing—
645
11,059
Extraction of minerals
•
1939
*
429
703
909
952
943
939
Preliminary.
Illinois Industrial
to
and
producing
other
more
leather
than
was
auto¬
prod¬
to
be
Employment and Payrolls
Slightly from February
in March
Declined
was
a
further
small
decline in employment
and
payrolls in Illinois industry from February to March, 1940,
according to reports from 6,547 manufacturing and nonmanufacturing establishments to the Division of Statistics
and Research.
The March reports covering 620,030 wage
earners indicate declines of 0.4% in employment and of 1%
payrolls in reporting industries for the month.
from an announcement issued April 22
in
learned
Department of Labor, from
Illinois
This is
by the
which the following is
also taken:
Measured
rolls
the
the average percentage changes in employment and pay¬
the 17-year period (1923 through 1939),
changes represent a small contra-seasonal decline in
by
February to March for
from
current
month's
employment and a slightly greater
than seasonal decline in payrolls.
The
February to March percentage changes were an increase
0.2% in employment and a decrease of 0.7% in payrolls.
Declines in
employment from February to March were recorded for
eight of the previous 17 years, and declines in payrolls for 11 of the 17
years.
.'■■"'V: -v..''
• ■:
:V.
The contra-seasonal declines of 0.4% in employment and 1.3% in pay¬
17-year
average
of
■
rolls
for
the relatively large
industries
was
primary cause
rolls
March
equipment and leather
factories
shoes,
expected, especially in the case of men's apparel.
decline occurred in manufacturing,
workers; the increase in agricultural
314,000.
gated
Reserve
manufacturing
was
disbursements
declined about 2%
middle
Federal
mated
wage
The
increased slightly.
which
largest
fewer
additional 85,000 tons
an
tion work is progressing rapidly in all provinces.
factories
The
There
orders for
fishing,
and
mineral extraction was less than the normal sea¬
amount; transportation showed a greater-than-usual seasonal drop;
manufacturing and construction employment totals fell contra-season¬
employment in
ally.
kinds of pulp.
Canadian
and forestry
utilities
of
further rise in the price of kraft paper and some
a
seasonal in¬
Canada supplied 91% of United States
were up
being taken from Canada, while purchases from Europe
tons.
the forthcoming
1,190,000 over the number em¬
of
^
employment during March was due to the usual
war
The review goes on to state:
year,
fall
the 1929
The extension of the
gain
a
finance.
sonal
Permits
issued for nonresidential construction, however, were lower in April than
and
year.
agriculture and a greater-than-normal rise in trade, distribution
All other divisions showed declines in employment, except
in
crease
and
in March was 45,581,000, an increase of 117,000 over
February,
for
March of last
in
110,000
home construction
new
level of any month in the past
about 6%
were
But since Easter
March 24 this year as compared with April 9 a year ago,
on
April sales
figure
public
April department store sales, after seasonal adjustment,
fell
over
and electric
production 5%, the report states.
power
Total employment
the
Increased
factors
were
compared
9,417,000 in February, and with 9,800,000 jobless in
March, 1939.
The former figure represents 17% of the
Nation's total working force, as estimated by the Confer¬
ence Board.
Under date of May 2 the Board further said:
with
ployed
continued:
announcement
of the
year ago.
Review"
Total un¬
employment in March is placed at 9,304,000, as
indexes.
indicated
the
most
metals and machinery group of manufacturing
change during the month, and the
significant
for the declines in the all-industries employment and pay¬
Seven of the 18 industry groups reporting to the Division
increased
employment
of wage earners and
10 of the industry
reported increased total wage payments from February to March.
Comparison of the March, 1940, all-industry indexes with those for
previous years shows that employment and payrolls were 7.5% and 8.8%
higher, respectively, than in March, 1939, and were 7.3% and 13.7%
higher than in March, 1938, or than during the same month two years ago.
groups
The Commercial & Financial Chronicle
3272
Reports from 2,306 manufacturing establishments covering 423,582 wage
for March indicate declines of 0.6% in employment and 0.8% in
for
increase of 0.4% for employment and a decline of
only 0.2% for payrolls.
Reports from 4,181 non-manufacturing establishments covering 196,454
changes which are
ment and
not
decline of
a
favorable
as
decrease of only
indicate an increase of less than 0.1% in employ¬
1.4% in payrolls for these industries.
These changes
the average increase of 0.1% in employment and
as
0.5% in payrolls from February to March for the previous
10-year period.
5% greater than in the previous week; shipments
was
new
were
business, 2% less, according to reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of representative hard¬
wood
and
mills.
softwood
Shipments
3% above pro¬
Compared with
were
3% below production.
duction ; new orders,
the
corresponding week of 1939, production was 5% greater;
shipments, 14% greater, and mnv business, 3% greater.
at 71% of the seasonal weekly average
The industry stood
1929
of
production
76% of
and
average
1929
shipments.
Reported production
and
orders
new
weeks
19
of
shipments
for the
weeks of
corresponding
1940
to
6%
weeks of
19
shipments
;
1940
to date was 9% above
7% above the shipments,
were
date,
business
new
7%
was
production.
above
period.
For
above production,
^
the
and
'■
17%
compared with
a
year
ago;
a
year
stocks
gross
stocks
mental
Unfilled orders
2% less.
were
May 11,
on
1940,
feet
of
softwoods
hardwoods
and
booked orders of 233,274,000
Mills,
were:
613;
11,
feet.
1940,
lay-off of an additional 55,000 wage earners in manufacturing from
The
shipped
245,997,000
feet;
feet;
shipments,
256,808,000
Lumber orders reported for
the week ended May 11, 1940, by 417 soft¬
wood mills totaled 223,397,000 feet, or 3% below the production of the
same
mills.
Shipments as reported for the same week were 236,071,000
feet, or 2% above production.
Production was 230,754,000 feet.
Reports
from
104
hardwood
feet,
or
mills
give
Shipments
as
new
business
12% above production.
Production
9,877,000
as
reported for the
was
same
feet,
week
or
in
steel
was
ments
respectively,
a
year
ago
233,406,000
it
feet
was
and
identical
203,282,000
and
figures received by
us
from the
National Paperboard Association, Chicago, 111., in relation
members of this Association represent 93% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
figure which indicates the activity of the mill based
These figures are advanced to equal
100%, so that they represent the total industry.
a
the time operated.
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
1921.
seasonally active industries, such as millinery,
fertilizers, &c., gains were about average for the
usual, while in other
ice
cream,
season.
anthracite mines
in
accompanied by
their working forces slightly,
(0.9%) from February
18% in payrolls, reflecting a marked
mines increased
non-metal
and
Quarries
small employment gain
a
increase of
an
in production from the unusually low levels of
Easter
to
handle
general
there
and other
business.
spring
6
Tons
Tons
Mar.
2..
87,746
110,169
111,332
111,954
106,954
106,292
101.097
108,784
104,466
Mar.
9..
111,714
Jan.
13........
Jan.
20..
Jan.
27....
Feb.
3
Feb. 10
Feb. 17
Feb. 24
Mar. 16
107,024
Mar. 23........
Mar. 30...
108,134
102,462
Apr.
6-—
Apr. 13
Apr. 20
105,140
129,869
146,057
139.841
Apr. 27..
May
4
....
May 11
May 18....
136,203
130,202
157,023
105,945
120.791
115,419
121,596
115.988
114,463
115,189
114,156
113,710
112,855
114,958
113,555
107,853
111,431
105,929117,388
122,194
125,823
122,868
123,579
Railroads
changes
industry
for the
large
wholesale trade
most part followed the usual seasonal
in employment in public utilities.
Labor
Department's
announcement,
pattern,
Secre¬
quoting
Factory Employment in March
There
from
was
decline of
a
mid-February
0.7%,
or
mid-March,
to
55,000 workers, in factory employment
as
against an
seasonal
expected
gain
Weekly factory payrolls showed a gain of 0.2%, or $380,000,
which is considerably smaller than the expected increase of 1.7%.
The
Bureau of Labor Statsitics general
factory employment index for March
was
100.7 in comparison with 100 for the three-year period 1923-25, and
was 6.8% higher than a year ago.
The payroll index, at 97.9, was 11.8%
1.1%.
of
higher.
Of the 90 manufacturing industries surveyed, 41 showed increases
in employment and 58 in payrolls from February to March.
Employment in the durable goods group of industries was down 0.3%,
and in the non-durable goods industries, 0.9%.
Payrolls in the durable
advanced
0.6%,
while in
the
non-durable goods
goods
group,
they fell 0.2%,
The gains in factory employment and payrolls in
with last year were mainly in the durable goods industries,
however,
comparison
primarily because of increases during the latter months of 1939.
Employ¬
ment in the durable goods group in March, 1940, was 14.4% above the
March,
level,
1939,
durable
goods
and
the
group
payrolls.
The
Current
Cumulative
65
159,216
145,706
142,554
71
70
NON-DURABLE GOODS
Earners
71
137,631
138,446
69
71
69
71
72
70
75
71
and
0.5
Hardware
70
71
70
70
67
70
123,255
147,254
175,162
68
70
66
70
72
70
193,411
75
70
204,612
210,488
242,787
77
DURABLE
3.9
goods.
following:
GOODS
inc. in
Inc. in
Per¬
centage
No. of
centage
In¬
Wage
In¬
crease
Earners
Per¬
Industry—
Automobiles
(T.9
Shipbuilding...
4.8
...
Glass
3.7
...
Brick, tile, &c
3.9
...
Machine tools
2.8
...
Aircraft
2.6
Industry—
4,000 Fertilizers.
3,700 Women's Clothing
No. of
Wage
crease
Earners
40.4
....
8,200
2.8
2,700 Men's clothing.
2,100 Cigars and cigarettes...
1,600 Millinery
1,500
6,400
1.6
3,100
4.0
3,000
7.9
2,200
Non-Manufacturing Employment
71
76
rayon
NON-DURABLE
GOODS
71
74
3.8
Among the more important employment increases were the
71
132,455
130.871
129,466
1,500 Silk and
24,500
15,000
5,500
2,900
3.5
2,000 Hosiery
2.8
-
Earners
16.2
Cotton goods
machine
__
71
72
shops
No. of
Wage
crease
Industry—
24,000 Woolen & worsted goods
5.0
Foundries
69
De-
centage
No. of
Wage
crease
Industry—
Dec. in
Per-
Dec. in
centage
71
69
74
v-
■.
important February-March decreases in employment are listed
;;"vT-:'
"11;"
more
below:
Steel
196,174
187,002
183,699
176.308
167,240
the non¬
2.2% in
payrolls were 22.4% higher, while in
gains were 1.0% in employment and
De-
71
Export Quotas at 80% for Last Half of 1940
At its meeting in London on May 21, the International
Rubber Regulation Committee fixed the export
quotas for
the last six months of this year at
80% of the basic quotas,
the same as the quota for the current
quarter.
In addition, the Associated Press
reports, the committee
requested governments of rubber-producing areas to issue
possible export permits for the whole
covered by the announcement.
especially
only small variations
Percent of Activity
International Regulation Committee Continues Rubber
as
In
employment rose by about 3%, with
reported from all parts of the country.
Work on public
except PWA projects, also increased slightly.
reduced employment by 6,700 workers.
In other lines of
being
In retail
period
an
stores
pre-Easter activity was reflected in an employment gain
accompanied by a payroll increase of 3.3%, chiefly in stores
4.1%,
selling
soon
were
private building construction
In
gains
construction,
of
as
Gains
variety, and apparel stores.
merchandise,
little net change in employment.
was
Orders
Tons
Jan.
Production
early February.
employment decreased seasonally by 2.1%, while
metal mines and oil companies reported little change.
Retail stores added nearly 150,000 workers to their staffs in March
coal,
bituminous
In
Per-
Unfilled
Received
indirectly
Aircraft and machine tools reported
employment and shipbuilding was at the highest level since
Automobile plants and glass factories also took on more men in
In the clothing industries reported gains were somewhat smaller
high
DURABLE GOODS
Orders
Week Ended
mills
group
activity in the paperboard industry.
The
on
woolen
In
by governmental and war-time orders.
record
softwood
feet,
Weekly Statistics of Paperboard Industry
also
forces sharply.
packing and leather manufactures.
There were further gains in industries stimulated directly or
216,744,000 feet; ship¬
received, 220,480,000 feet and 212,828,000 feet.
In the case of
hardwoods, 86 identical mills reported production this year and a year
ago
6,821,000 feet and 6,933,000 feet; shipments, 8,011,000 feet and
7,571,000 feet, and orders, 7,789,000 feet and 7,724,000 feet.
to
mills.
tary Perkins as above, also had the following to report:
orders
We give herewith latest
industries reduced working
hosiery
with
8,854,000 feet.
during week ended May 11, 1940, of 394
228,199,000 feet, and
were,
textile
declines in employment in the durable goods industries were
where a further 5% reduction affected 24,000 men, and in
and machine shops and hardware manufacturing.
The textile
The
mills
and
mills,
foundries
12%
9,926,000
were
Identical Mill Comparisons
Production
steel
in
as
expansion
feet; orders, 237,042,000 feet.
above production.
operations
Principal
was
239,608,000
Revised figures for the preceding week
228,053,000
of
a whole were slightly higher (plus 0.2%), as a number of
operated on longer schedules in March than in early February.
facturing
industries
in
production,
curtailment
further
primarily
Ordinarily there is an increase of more than 1%, or nearly 90,000 wage
earners,
in March.
Although employment declined, payrolls for manu¬
and
505 mills produced
combined;
em¬
mid-February to mid-March is unusual for this time of year and reflected
18% heavier than
Softwoods and Hardwoods
During the week ended May
of
govern¬
"The principal
showed.
her report
agencies,
exclusive
at work,
projects financed by
adding:
than
21%
was
ago.
were
people
more
engaged in emergency
beverages,
to gross
1,000,000
nearly
March.
Supply and Demand Comparisons
unfilled orders
The ratio of
usual because of reductions in factory
than
since
8% above the orders of the 1939
were
were
1939
em¬
some¬
24,000 employees were laid off, bringing employment to the lowest level
the summer of 1938.
Seasonal declines were reported in meat¬
Year-to-Date Comparisons
;
was
ployment gain in March was in retail stores, which hired
additional workers for the Easter trade," Miss Perkins said,
and
The Association further reported:
this year
As compared with last year at this time, there
April 26.
on
those
4% less;
non-agricultural
total
March
employment, Secretary of Labor Frances Perkins reported
>
production during the week ended May 11, 1940,
in
February to
from
smaller
what
165,000
of
increase
The
ployment
were
Lumber
March—Smaller than Usual Because of
Factory Reductions—WPA Employment Decreased
'
Report of Lumber Movement,Week Ended May 11, 1940
Gain of 165,000
Labor Perkins Reports
to
ruary
an
in March
wage earners
are
1940
Total Non-Agricultural Employment from Feb¬
in
manufacturing industries.
These changes were both unfavor¬
able when compared with the previous 17-year average February to March
payrolls
of
Secretary
earners
May 25,
reflected
from
While retail employment in March customarily shows
February, the current gain was accentuated by the
of Easter.
This exceptional March activity was
in increases of 4.4% in employment and 5.4% in payrolls
1939.
In the more important retail lines, the percentage
apparel.
increase
over
early
unusually
also
March,
date
changes in employment from February to March were as follows:
% Change
% Change
Over the
i
Over the
Month
Month
Shoes..
+32.7
Women's ready-to-wear
+22.2
+12.2
Variety stores, limited price
Men's
and
boys'
furnishings
clothing
Department
Farmers' supplies
+9.9
and
mall+7.2
Groceries, meats and vegetables
+4.6
+1.7
+1.0
Fuel and ice.....
—3.3
Dru s
and
stores
order houses—
...
v..
Volume
An
The Commercial & Finahcial Chronicle
150
employment
wholesale trade and
payrolls rose 1%.
Since last March, employment and payrolls increased
3.3% and 4.2%, respectively.
Wholesale grocers and hardware dealers
reported little change in employment, and percentage changes in other
lines-
important
gain
were
0.1%
of
was
reported
in
follows:
as
'J
% Change
Over the
Over the
Month
Month
Lumber and building materials
gained
level of
of
Petroleum products
—0.4
Metals and minerals
•—1.3
Farm products..
—7.0
+0.7
_
mines
Electrical
+0.7
increased
—
accompanied by
was
curtailed
tries
years
prior to
are
1929
Year-round
in
hotels
mines
decreased
fell
Employment
Payrolls
Change from—
%
% Change from—
employment
and
payrolls
by
0.3%
(1923-25=100)
Manufacturing
Insurance
firms
took
0.2%
on
more
employees
Mar.,
Mar.,
Feb.,
Mar.,
1940
1939
1940a
1940
1939
+0.2
bl00.7
—0.7
+ 6.8
b97.9
55.3
—0.5
+ 4.2
d
Class I steam rallroads.c
d
+ 11.8
d
(1929=100)
Trade:
Wholesale
90.4
+0.1
+ 3.3
77.9
+ 1.0
e90.7
+ 4.1
+ 4.4
e81.9
+ 3.3
+ 5.4
104.0
+0.7
+ 3.4
94.6
+0.3
+3.8
e95.3
+8.3
e85.5
+ 5.8
90.5
+ 19.6
+7.0
+ 9.2
78.1
+ 12.7
+6.5
+6.3
76.6
+0.4
+ 0.9
66.6
+ 1.2
Automotive
82.3
+ 1.1
+ 5.2
77.6
+4.4
+2.8
+ 10.2
Lumber
70.3
+ 1.3
+ 1.7
65.9
+ 2.2
+4.6
Telephone and telegraph..
e75.5
—0.1
+ 1.9
e98.3
+ 1.5
+ 4.7
Electric light and power..
e89.4
+0.
+ 2.8
el02.5
+0.2
+4.4
Street railways and busses f
e68.1
—0.9
—1.2
e69.6
—2.7
+0.3
Anthracite
52.5
+0.9
+ 1.5
38.9
+ 18.4
+ 13.8
Bituminous-coal
__
Retail
Food
General
merchandising.
Apparel
_
Furniture
and
__
+4.2
Public utilities:
and
by 1.7%, while brokerage houses reduced personnel 1.7%
payrolls 2.4%.
Private Building Construction
Feb.,
1940a
The
increased payrolls
Index
Mar.,
(0.1%),
slightly
spring pick-up in dyeing and cleaning plants
was reflected by a 6.1% increase in workers and a 12.6% gain in payrolls.
Laundries also reported seasonal increases of 0.4%
in employment and
payrolls.
the Bureau's recorcfe.
from
for seasonal variation:
Index
metal
respectively.
in
available
is not
not adjusted
Industry
payroll decline of 9.6%, due to seasonally
a
and payrolls de¬
clined 1.9%, due in part to wage decreases following reduction in metal
prices, but employment and payrolls remained above the levels of March,
1939, by 8.6% and 17.4%, respectively.
Quarries increased their forces
more
than seasonally by 6.7% and payrolls gained 10.1%.
In oil fields,
employment and payrolls showed small recessions from February levels.
Power and light companies reported slight employment and payroll gains
of less than
1%.
Street railways and buses curtailed their forces by
0.9% and payrolls fell 2.7%, while virtually unchanged employment in
telephone and telegraph companies were accompanied by a payroll gain
of 1.5%, due in part to overtime repair of 6torm damages.
and
for
These indexes
their
operation.
Employment
1.2%
employment and payrolls for March, 1940, for all manufac¬
combined, Class I steam railroads, and selected nonmanufacturing industries, where available, and percentage changes from
February, 1940, and March, 1939, are shown below.
The three-year aver¬
working forces 0.9% and payrolls
18.4%, reflecting increased production over the unusually low
early February.
In bituminous coal mines an employment decrease
2.1%
0.5%,
of
industries
1923-25, is used as a base in computing the indexes for the manu¬
facturing industries and Class I steam railroads, and the 12-month average
for 1929 is used as a base in
computing the index numbers of the nonmanufacturing industries.
Information for the non-manufacturing indus¬
+0.3
—0.2
+ 1.0
allied
products
local governments.
Indexes
age,
+0.4
Automotive
__
Dry goods and apparel
Chemicals,
drugs
and
Anthracite
Food products,
+ 2.0
Machinery, equipment and sup¬
plies
and
turing
% Change
3273
Administration, the Public Works Administration, and the Reconstruction
Finance Corporation, or by regular
appropriations of the Federal, State,
Mining:
figures were not affected by unusual
conditions.
All of the nine geographical divisions and 34 States shared
in the improvement.
Increases ranged from a slight gain of 0.1% in the
in
those
in
years
West North Central and
March, 1940, was 1.8%
below the March, 1939, level, and weekly payrolls were 1.5% greater than
in the corresponding month of last year.
The reports on which the figures
are based do not cover construction projects financed by the Work Projects
—9.6
+ 1.1
63.0
—1.9
+ 17.4
+ 1.9
33.9
+ 10.1
+2.4
Crude-petroleum
63.0
—0.1
—4.9
58.6
—0.8
—4.5
91.9
—0.3
—0.9
£82.3
—0.5
+ 1.5
Laundries..
96.2
+0.4
+ 1.2
99.4
+6.1
—1.7
+ 3.5
+ 4.2
84.2
Dyeing and cleaning
72.5
+ 12.6
+ 7.2
produc'n
(year-round)
Brokerage
d
Insurance..
d
a
c
Preliminary,
series—adjusted
b Revised
Source: Interstate
Commerce
Commission.
+ 6.1
—3.1
d
—2.4
—4.7
+ 1.0
1.8
+0.2
+ 3.1
d
Building construction
New
INDEX NUMBERS
78.6
+ 8.6
+ 6.7
Hotels
which the
England area to 6.0% and 7.3% in the
Mountain States, respectively.
Employment in
+2.7
—0.1
40 8
Services:
1939
date
—2.1
66.2
Quarrying & non-metallic.
private
employment gain is somewhat less than the February-March increase
(plus 6.7%), but is larger than the March gains from 1932 to
rent
of
in
89.8
Metalliferous
building construction increased 3.1%
from
February to March, according to reports from 13,061 contractors employ¬
ing 110,381 workers.
Corresponding payrolls increased 6.3%.
The cur¬
Employment
d
+ 1.7
+2.5
d
+ 6.3
+ 1.5
—
to 1937 Census of Manufactures,
dNot available,
e Revised series
—Retail-trade Indexes adjusted to 1935 Census, public utility indexes to 1937 Census,
f Covers street railways and trolley and motor-bus operations of subsidiary, affiliated
and successor
cannot be
companies,
payments only; value of board, room and tips
g Cash
computed.
PAYROLLS IN MANUFACTURING INDUSTRIES—ADJUSTED TO 1937 CENSUS OF MANUFACTURES
OF EMPLOYMENT AND
(Three-Year Average 1923-25=100.0)
Employment
Payrolls
Employment
i
a
Feb.,
Mar.,
1940
Mar.,
1940
1939
1940
Feb.,
1939
Non-durable
101.0
117.4
95.6
101.8
110.2
114.3
97.1
118.6
125.8
74.7
75.6
71.9
59.2
67.6
58.9
4i\
105.5
104.8
89.2
91.3
91.3
95.5
93.1
78.3
84.2
80.5
82.2
78.7
67.2
70.6
66.9
92.1
95.5
87.7
82.8
87.4
81.2
84.8
84.2
75.5
75.2
79.6
128.7
130.1
127 3
108.8
109.2
110.7
86.4
91.5
88.9
68.1
84.4
70.1
144.1
150.8
169.6
Dyeing & finishing textiles..
103.9
91.5
91.0
90.9
139.7
145.3
155.8
Knitted outerwear
81.4
69.2
71.9
54.4
78.1
84.1
56.0
98.5
Hardware
101.3
87.4
103.0
100.7
84.7
81.8
81.9
75.0
70.9
70.7
63.1
Stamped and enameled ware..
and hot-water heating
162.3
161.4
150.3
164.9
161.6
152.7
apparatus and steam fittings
85.0
84.4
75.0
74.7
75.6
60.1
89.2
86.0
83.0
79.5
74.5
72.9
Plumbers' supplies
65.3
67.9
70.5
62.8
56.6
Knitted underwear
78.7
77.0
134.4
72.1
/
72.0
68.9
64.0
136.1
106.9
107.1
108.4
133.6
Knit cloth....
Structural & ornamental metal-
Clothing, men's..
Clothing, women's
...
109.3
88.1
85.7
88.8
141.0
134.1
147.4
119.3
118.1
116.8
124.4
120.9
112.4
120.1
61.2
55.9
93.0
94.0
Millinery
96.2
85.1
92.7
96.4
82.1
162.0
152.5
177.1
175.3
154.1
—
Leather and its manufactures
116.3
89.5
97.7
102.1
77.2
99.7
125.6
125.0
124.6
112.8
108.3
103.8
98.2
Men's furnishings
99.0
136.4
96.5
60.3
112.9
113.1
94.6
121.0
119.3
93.4
143.6
141.1
130.5
167.9
163.8
146.4
99.3
103.9
80.2
82.6
89.4
Boots and shoes
97.6
98.3
103.8
78.1
80.2
88.3
84.2
86.6
87.3
80.5
83.8
85.2
118.7
118.8
115.4
117.2
115.6
111.8
Food and kindred products
143.1
142.3
142.8
134.5
132.4
131.3
260.9
254.4
256.1
299.7
283.9
282.9
Butter
89.6
88.6
88.5
77.7
75.7
Canning and preserving.....
87.7
90.7
91.9
76.2
77.8
80.0
Confectionery
81.5
84.0
81.1
77.7
81.3
75.8
Flour.
79.5
79.3
77.6
73.3
73.7
71.6
Baking
127.9
128.2
131.1
133.9
130.5
121.3
101.6
85.9
113.4
111.6
90.1
131.2
133.0
93.2
171.3
171.6
109.0
97.1
97.6
81.6
95.4
94.2
74.2
Machine tools
210.5
204.8
135.7
281.0
270.7
146.0
Radios and phonographs
121.6
125.8
109.3
108.7
113.2
93.4
85.6
85.9
72.4
81.9
81.4
67.5
115.2
117.5
128.6
111.4
110.0
134.4
116.6
114.7
96.5
122.9
118.2
91.7
2095.0
2041.5
977.8
2025.2
1884.2
980.4
121.2
...
Beverages.
and windmills
Textile machinery and parts...
Typewriters and parts
Transportation equipment-
114.0
113.0
103.8
118.5
97.0
Cars, electric & Steam railroad-
61.1
59.0
36.3
58.4
54.3
30.5
Locomotives
28.4
28.9
15.9
26.0
27.2
13.8
149.5
142.7
112.4
467.1
149.9
118.8
...
—
Slaughtering and meat packing.
Sugar, beet
Sugar refining, cane
107.1
petroleum
93.8
104.8
103.4
86.2
171.3
142.9
196.3
194.8
155.5
137.0
136.4
102.7
Other than petroleum
Chemicals
91.2
83.6
96.0
94.5
81.9
92.4
91.0
89.3
75.3
69.2
73.4
85.5
81.8
74.4
70.8
64.3
70.3
88.0
70.8
69.0
60.1
59.4
63.6
86.7
87.0
77.0
84.8
85.9
72.1
...
Silverware and plated ware
Smelting and refining—Copper,
47.2
57.5
95.7
92.0
95.4
78.9
76.6
88.9
61.7
60.9
58.0
54.0
53.3
62.4
62.3
67.4
69.7
65.9
61.5
60.6
56.8
52.0
51.6
114.6
111.1
109.7
108.6
114.8
110.6
121.7
119.4
105.4
119.4
112.7
113.0
105.9
115.0
116.9
105.6
99.8
101.2
99.3
88.1
87.0
86.8
116.8
115.4
114.4
110.4
107.5
106.8
122.5
and
Petroleum refining
104.8
Lighting equipment
97.8
46.5
114.3
Newspapers and periodicals.
128-3
•
111.1
47.7
63.9
Boxes, paper.
Paper and pulp
Printing and publishing:
Book and Job
171.4
91.3
66.7
111.7
41.8
114.4
Cigars and cigarettes
Paper and printing
128.6
....
59.4
94.0
40.1
60.7
and snuff
Aluminum manufactures
time-
68.2
108.7
42.0
Chewing and smoking tobacco
Brass, bronze & copper products
107.1
66.6
107.6
63.7
Tobacco manufactures..
Chemical,
Non-ferrous metals & their prods.
74.7
69.7
Ice cream
Engines, turbines, water wh'ls
Foundry <fe machine-shop prods.
120.7
116.0
132.1
131.1
120.6
121.4
120.0
117.4
135.5
134.4
131.6
122.8
120.7
115.7
131.0
130.1
117.3
134.7
135.2
118.6
157.7
158.2
133.3
86.2
95.1
101.3
80.2
88.8
81.6
118.7
119.4
109.3
131.2
130.4
118.8
107.8
105.5
84.9
128.8
127.5
95.9
coal
products
—
refining
Cottonseed—Oil, cake & meal
Druggists' preparations
Explosives
Fertilizers
153.5
109.3
145.7
113.8
83.7
104.4
Paints and varnishes
...
66.5
Furniture
66.7
62.1
60.7
59.8
53.6
88.4
Lumber and allied products
89.0
83.4
76.9
76.0
69.8
123.5
123.2
119.7
130.1
129.3
122.7
Rayon and allied products..
309.0
313.3
303.8
316.0
321.3
286.9
82.5
84.4
80.6
99.2
100.3
96.2
87.4
88.0
82.8
88.3
88.1
83.2
56.3
56.8
60.4
55.6
52.8
56.9
79.0
137.8
80.4
74.1
135.2
127.8
Soap..
products...
Rubber
Rubber boots and shoes
Lumber:
Stone, clay, and glass products..
Brick, tile, and terra cotta
109.8
109.9
65.6
101.7
Sawmills
111.5
Leather
and supplies-.
Millwork
65.9
106.8
185.6
89.8
Electrical machinery, apparatus
lead and zinc
58.7
71.7
99.7
115.5
71.6
157.7
Wirework
Jewelry
54.2
56.9
106.3
176.3
92.7
94.4
Machinery, not including trans¬
portation equipment
Agricultural Implements (incl.
tractors)
Cash registers, adding machine*.
and calculating machines
and
52.3
81.4
127.0
115.9
Shirts and collars
files, & saws)
watches
76.6
84.9
123.6
181.3
70.2
and other tinware
(not Including edge tools,
recording devices
69.0
71.1
126.3
Woolen and worsted goods..
93.3
work
Clocks'and
66.3
Silk and rayon goods b
55.5
Corsets and allied garments
Stoves
.
—
Wearing apparel
Steam
Shipbuilding
75.8
.
Hosiery
;...
.
1939
90.6
b
Hats fur-felt..
102.8
Aircraft
Mar.,
1940
Cotton small wares
101.9
cutlery), and edge
machine tools,
102.8
Feb.,
1940
80.1
Fabrics
87.3
111.5
tools
cans
1939
Mar.,
Cotton goods
83.6
111.5
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery
(not Including silver
Tools
1940
a
Carpets and rugs
96.4
91.3
and
rolling mills.--
Tin
Mar.,
Goods
Textiles and their products b.__
106.7
103.4
not Including machinery
Forgings, iron and steel
Feb.,
a
Iron and steel and their products,
and plated
Mar.,
1940
Mar.,
1940
Mar.,
a
Durable Gpods
Blast furnaces, steel works,
Payrolls
Manufacturing Industries
Manufacturing Industries
*
78.1
54.9
55.6
47.2
42.7
Rubber tires and Inner tubes...
59.1
55.0
53.2
52.0
45.7
Rubber goods, other...
75.5
75.1
68.6
65.3
'
72.3
73.0
66.7
144.5
145.3
135.9
100.7
101.4
94.3
97.9
97.7
87.6
96.2
96.5
84.1
97.2
96.6
79.4
105.0
106.0
104.0
98.8
99.0
96.7
65.5
60.7
60.6
59.1
52.9
53.4
41.6
47.0
39.6
40.4
59.7
65.4
60.7
54.6
48.1
102.5
96.4
113.3
108.3
100.0
Marble, granite, slate & other
products
43.0
42.6
50.5
29.6
29.1
37.4
Pottery
93.7
92.9
87.2
85.6
84.3
80.7
Summary
54.4
106.3
Cement
Glass
n
March, 1940 Indexes are preliminary; subject to revision,
All Industries.
Durable goods
Non-durable goods
b Revised series—figures for earlier months available on request.
The Commercial & Financial Chronicle
3274
Employment
record at the hearing
Federal and Other Public Programs
on
Administration furnished
employment to 2,212,000 persons in March.
This figure represents a
decrease of 38,000 from February and one of 704,000 from March, 1939.
Because weather conditions did not cause so much lost time as in Febru¬
relief
Work
projects
Projects
$120,700,000 for March, in spite of decreased
preceding month.
payrolls of
ary,
Work
the
of
ment, were $9,225,000 more than in the
The number of workers employed on
Youth
National
the
of
Administration
March, while 11,000 students were
Out-of-School Work Program
unchanged from February to
added to the rolls of the Student Work
*
,
+
construction projects financed from
Program.
The seasonal
the
was
employ¬
increase of activity on
regular Federal appropriations resulted in the employment of 10,000 ad¬
ditional workers during the month ending March 15.
Wage payments to
working on these projects amounted to $22,412,000.
Preliminary figures indicate that employment on construction projects
financed by the Public Works Administration declined 6,000 during the
month ending March
15.
Payroll disbursements of $10,138,000 to the
the
214,000 men
workers
103,000
As
result
a
States
of
Housing
on
the
these projects were $676,000
seasonal
Authority
upturn
the
and
of
low-rent
beginning of
less than in February.
projects
work
projects, 4,000 additional building trades workers found
these projects, bringing the number at work to
34,000
of
on
the
United
several
new
employment on
for the
month
ending March 15. "
Approximately 130,000 men were employed on State-financed road proj¬
in March.
Payroll disbursements were $9,448,000. .
The end of an enlistment period caused employment in camps of the
Civilian Conservation Corps to drop from 337,000 in February to 306,000
ects
Payrolls for the month were $13,690,000.
Contractors on construction projects financed by the
placed orders
ministration
struction
projects
orders amounted
to
financed
for materials valued at
regular Federal
from
$41,198,000 and on
Public Works Ad¬
$17;887,000.
On con¬
appropriations material
Federal agency projects under the
Administration the total was $547,000. Orders for materials
valued at $5,300,000 were placed by contractors on low-rent projects of
the United States Housing Authority.
Work Projects
EMPLOYMENT AND PAYROLLS ON PROJECTS FINANCED WHOLLY
OR PARTIALLY FROM FEDERAL FUNDS AND ON ROADS FINANCED
FROM STATE FUNDS, MARCH, 1940
(Figures In Thousands)
V
Change from—
Change from—
Class
Feb.,
Mar.,
1940
1949a
1940a
Mar.,
1940
1939
Feb.,
1939
Construction Projects—
Financed by
103
—6
214
—119 *10,138
+ 10
34
PWA.b
+4
—8676 —86,239
Financed by regular Federal
appropriations _c
U. 8. Housing Authority.b._
+43
+30
22,412
3,500
—30
4,354
+ 494
+ 4,129
+ 719
+ 3,032
—77
+ 1,078
WPA Program—
Federal Agency
projects un¬
94
+2
2,212
5—38
der the WPA.b
Projects operated by WPA.d
—704 120,700
+9,225 —37,117
NY A Projects—
program.d...
467
+ 69
+ 712
Out-of-school work programd
336
+ 101
6,264
+ 120
+ 1,813
Civilian Conservation Corpse
306
—31
—9
13,690
—973
—615
State Roads A
130
6
+8
9,448
—151
+ 680
Student work
+ 11
+ 85
3,170
Preliminary,
b Employment figures are maximum number for the months
ended Feb. 15 and March 15.
c Employment figures, except for Federal-aid road
a
projects, are maximum number for the months ended Feb. 16 and March 16.
Em¬
ployment and payrolls on Federal-aid roads for the calendar month ended March 31
estimated,
d Figures are for the calendar months ended Feb. 29 and March 31.
are
e
Figures
month,
on
employment are for the last day of the month; payrolls for the entire
f Employment and payrolls for the month
changed
:■
.
ended March 31 are estimated.
Petroleum and Its Products—June Market Demand for
Crude Oil Put at
3,620,300 Barrels—Texas to Pare
Over Next Three Months to Meet Bureau
of
Mines
Estimate—Pennsylvania Oil Price Re¬
duced 25 Cents a Barrel, First Slash Since 1938—
Nation's Crude Oil Output Up 9,650 Barrels to
3,835,100 in May 18 Week.
Output
The Bureau of Mines reported
this week that daily average
supply of crude oil estimated to meet market demand during
June will total 3,620,300 barrels, an expansion of 19,300
barrels, or 1%, over the estimated demand for May.
How¬
ever, the total was 21,000 barrels less than the actual demand
for the corresponding month a year ago.
,
Daily average crude oil production and runs to stills during
the four weeks from April 7 to May 4 were 3,908,000 and
3,541,000 barrels, respectively, according to the Bureau.
During the period, domestic crude stocks increased an aver¬
age of 227,000 barrels daily, indicating a demand of 3,582,000
per day, contrasted with 3,550,000 estimated by the Govern¬
em¬
,,A;'"
,-vC
Conservation Commission moved this
.
week to curtail
production in the State, announcing
de¬
a
of 14,514 barrels daily in allowables for June as con¬
trasted with May.
This figure, a total of 278,566 barrels,
is still above the Bureau of Mines estimate fixed at 274,700
crease
barrels for May.
production quota for June was set
not to exceed 592,000 barrels dailv, the same as in effect
for the past several months by the Central Committee of
California Oil Producers.
In order to hold production to
this level the committee ordered a furthei reduction in
maximum well allotments from 74 barrels daily to 172 for
barrels for June and 264,500
California's crude oil
;C:v
June.
'■
Col. J. Frank Drake, President of the Gulf Oil
Corp., in
a
asserted that the United States will not be
able to sell much oil to
England during the
war
in Europe
is cut off.
her supply from Mediterranean sources
and France," he said, "are going to
"England
buy where thay
can
They will first draw on Iran and
Iraq sources, which can supply them indefinitely.
"This supply," he continued, "might be cut off by Italy
joining the war against the Allies and breaking England's
Mediterranean supply line.
I see little chance of Russia
going down and seizing these Asiatic oil fields, since there is
only one railroad from the Persian Gulf to the north to
pay
in pounds and francs.
it."
Production of crude oil during
the week ended May 18
daily to a total of 3,835,100 barrels,
according to the American Petroleum Institute.
The total
was 235,000 barrels daily in excess of requirements for May
as calculated by the Bureau of Mines.
All leading States
were overproducing the recommendations.
Texas was the
leader, its flow of 1,460,000 barrels being 116,000 barrels in
excess of estimates while Illinois with an output of 435,250
barrels was 43,000 barrels above the Government figure.
Stocks of domestic and foreign crude petroleum at the close
of the week ended May 11, according to the Institute,
totaled 257,079,000 barrels, a decrease of 1,131,000 barrels
from the preceding week.
Domestic stocks declined 1,251,000. but foreign stocks rose 120,000 barrels.
There were indications in petroleum circles that the Cali¬
fornia oil industry may alter its operating methods as a
consequence of the recent decision of the United States
Supreme Court affirming the convictions of 12 companies
9,650
barrels
and 5 individuals in the "Madison oil case."
Pacific Coast
oil company lawyers are studying
whether or not the present system
the decision to determine
of voluntary proration of
production in the State would come within the purview of the
price-fixing ruling, and it is understood that inquiries have
been made of Washington as to the Administration's attitude
toward the system there.
Records of the Texas Railroad Commission indicate that
at the rate new oil fields in the State
have been discovered
this year
the 1940 figure will be ahead of 1939 when 69 newpools were placed in production.
John E. Taylor, chief
supervisor of the division, pointed out that new fields, ex¬
tensions of existing producing areas and development of new
oil sands in older fields added 1,800,000,000 barrels to Texas'
crude oil
"It
last year.
reserves
is
apparent," Mr. Taylor said, "that Texas' most
pressing problem for some years wdll lie in the discovery of
markets rather than fields.
Since Jan. 1, 1937, Texas has
produced 1,462,710,000 barrels of oil; yet her reserves on
Jan. 1, 1940 were over 4,000,000,000 barrels greater than
at the beginning of 1937."
Prices of Typical Crude pei Barrel at
ment agency.
Meanwhile, Lon Smith, Chairman of the Texas Railroad
Commission, asserted that an order is being prepared to have
its forthcoming proration schedule cover the ensuing three
months, despite the fact that interests of the State opposed
the move at recent hearings. Adjustments of allowables, he
said, can be made from time to time as conditions require.
Authorized production of crude for June, July and August
will be pared more than 100,000 barrels daily to bring it
within the Bureau of Mines' estimate of market demand, the
Chairman pointed out.
The current State allowable is 1,426,558 barrels and the
bureau's estimate for June is 1,344,600 barrels.
The new
order will call for five shutdown days in June for all fields,
except East Texas which will continue on its present basis
of 14 shutdown days.
Independents at a hearing on May 20 opposed all shut¬
downs, with Charles E. Roeser, of Fort Worth, acting as
spokesman.
Mr. Roeser urged that the reductions should
be made in daily production and not by shutdowns.
He
declared that the Commission "has been playing poker with
the industry ," adding that its orders have been unsound from
the standpoint of physical waste and market demand.
By unanimois vote the Railroad Commission and more than
200 oil operators throughout the Lone Star State went on
complete
.
The Louisiana State
rose
Mar.,
Mar.,
a
September, 1938 was made this week when the Joseph Seep
Agency of the South Penn Oil Co. lowered the quotation
25c. a barrel, effective May 22.
The new prices are $2.50
for Bradford-Allegheny
$2.15 for Southwest Penn Pipe
Line and $2.09 for Eureka.
Corning grade remained un¬
transport
Payrolls
Employment
favoring the placing of
1940
bargo on the sale of Texas oil, gasoline or other oil products
to Germany or Italy.
The first slash in Pennsylvania grade crude oil since
recent statement
March.
in
May 25,
Wells '
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
*2.75
.
1.02
Corning. Pa
95-1.05
Illinois
Western Kentucky
Mld-Cont't, Okla., 40 and above._
Rodeesa, Ark., 40 and above
Smackover. Ark,. 24 and over
REFINED
.90
1.03
1.25
.73
FACILITIES
FOR
REFINING OPERATIONS
*1.03
1.10
1.03
Darst Creek
.76-1.03
.90
Huntington, Calif., 80 and over... 1.15
Michigan) rude.
Sunburst, Mont
Kettleman Hills. 39 and over..
PLANNING
HEATING
ROSE TO
1.38
ADDITIONAL
OILS—INDUSTRY'S
NEW HIGH RECORD
18 WEEK—BUNKER FUEL OIL CUT
TO STILLS UP 45,000
.....
Rusk, Texas, 40 and over..
PRODUCTS—COMPANIES
STORAGE
MAY
Eldoraro. Ark., 40
IN
15 CENTS—RUNS
BARRELS TO 3,665,000 BARRELS DAILY.
For the purposes of preventing a repetition of the 1939-1940
situation in heating oil, several large companies are planning
additional storage facilities in the east.
Several companies
sufficient tanks for all products and are rearranging
have
their facilities to store
is
a larger supply of fuel oil, while another
weighing the possibility of renting surplus capacity from
another company.
Meanwhile, it
was
disclosed that the demand for fuel oils
in the past winter soared to a new high record.
From Oct. 1,
to March 31 domestic demand for gas oil and distillate
(heating oils) amounted to 99,704,000 barrels, an expansion
period a year ago, while the demand
aggregated 228,592,000 barrels, an
of 20% over the same
for residual fuel oils
Volume
The Commercial & Financial Chronicle
ISO
increase of
12%. On a calendar year basis, 1939 demand also
hit a new top,
amounting to 138,817,000 barrels of gas oil
and distillate against
117,449,000 in 1939 and for residual
fuel oil 228,233,000 barrels
against 255,022,000.
Accumulation of inventories of these oils has been going
on
is
in the last 2 months.
capacity of the United
indicate that the industry as a whole ran to
stills, on a Bureau
Mines, basis, 3,665,000 barrels of crude oil daily
during the week, and
that all companies had in
storage at refineries, bulk terminals, in transit
and in pipe lines as of the end of
the week, 101,015,000 barrels of finished
States
The total for gas oil and distillate
27,345,000 barrels, about the
of
while for
same as a year ago
residual fuel oil the stock is 140,245,000
barrels, or 6,166,000
barrels under a year ago.
and
Exports of both light and heavy
oils for the first 3 months were
7,941,000 barrels, a decline
of more than 28% from the
11,081,000 figure
3275
Receipts of California oil at Atlantic Coast ports during the week ended
May 18 amounted to 65,000 barrels, a daily average of 9,286
barrels, all
of which was crude oil and was
received at Savannah, Qa.
i
Reports
received
from
refining
companies
owning
85.1%
of
the
4,483,000 barrel estimated daily potential
refining
unfinished
companies
CRUDE
a year ago.-
is
RUNS
The Standard Oil Co. of New
Jersey this week
it had adopted a split-rate on contract
announced
prices for domestic
heating oil. "Contract buyers of domestic heating oil," the
company announcement said, "will be protected in price
with a maximum of 7^ cents a
gallon up to Dec. 1 in New
York City and metropolitan New
Jersey.
For the six
months from Dec. 1 to May
31,1941, the contract maximum
will be 7.70 cents in New York
City and 7.75 cents in metro¬
politan New Jersey.
The maximums in Westchester and
Nassau counties will be two-tenths of a cent
higher.
For
New York City the new maximum for the first six months
is Yl cent higher than the 1939-1940 maximum and
approxi¬
mately 1 cent higher for the second six months. Maximum
prices for other points will vary according to distance from
gasoline.
estimated
TO
The
to
total
have
STILLS
amount
been
AND
ENDED
of
gasoline
11,523,000
PRODUCTION
MAY
18,
produced
barrels
OF
by
all
during the week.
GASOLINE.
WEEK
1940
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refining
Crude Runs to
Capacity
Stills
Gasoline
Production
District
at
Refineries
Potential
Percent
Daily
Percent
Inc. Natural
Rate
Reporting
Average
Operated
Blended
East Coast
643
100.0
590
91.8
Appalachian..
156
91.0
124
87.3
432
Indiana, Illinois, KentuckyOklahoma, Kansas, Missouri
693
89.5
587
94.7
2,253
420
76.9
293
90.7
Inland Texas
zl,057
280
59.6
118
70.7
531
1,071
85.3
845
92.5
2,530
164
97.6
124
77.5
272
Texas Gulf
Louisiana Gulf
1,333
North Louisiana & Arkansas
101
45
86.5
Rocky Mountain
California
119
55.5
48
72.7
222
836
87.3
520
71.2
1,286
85.1
3,294
86.3
10,025
61.5
109
the refineries.
At the
time
same
the company announced
Reported...
Estimated unreported
reduction,
May 24, in tank wagon price of domestic heating
oil Number 2, making the
price 6% cents per gallon in New
York City and metropolitan New
Jersey. Previously, prices
were 7.1 cents in New York and 7.4 cents in New
Jersey.
The third adjustmenti also
taking place May 24, was a
slash of 15 cents a barrel in bunker C fuel oil
prices along the
Atlantic Coast, making the New York price SI.35 a barrel.
The price of marine Diesel fuel was reduced in New York
a
effective
from S2.20 to $1.95
May 18, 1940
May 11, 1940...
*U.S.B. of M.May 18,1939
peak militated against a normal seasonal withdrawal from
gasoline inventories during the week ended May 18.
Daily
runs of crude oil
through refineries in the period were up
45,000 barrels to 3,665,000 barrels daily, according to the
American Petroleum Institute.
of finished
The result
that stocks
was
Inquiry for fuel oil for delivery in the 1940-1941
active
this
week.
It
week.
price structure of heavy fuel oil
some
District
Brooklyn
■
$.17
| Newark
I
.17
New
Std.Oil N J .$ .06 * - .07
York
At Terms,
At
In Transit
At
Refineries
and in
Refineries
East Coast.
23,005
23,847
3,416
Appalachian
Pipe Lines
2,531
Louisiana Gulf....
2,681
4,022
17,928
7,957
1,936
14,798
3,014
No. La. & Arkansas
511
539
211
Rocky Mountain..
1,545
1,627
134
Ind.,
17,202
7,449
111., Ky
Okla., Kan., Mo...
Inland Texas
1,625
Texas Gulf
13,073
4,067
3,765
4,987
266
111
654
236
"67
1,019
44
3,202
1,942
1,454
"435
284
790
I'.V;
4,993
"339
61
3,334
t
749
242
4
461
593
California
16,860
18,287
8,069
1~994
64,832
23",775
Reported
87,367
93,955
19,103
6,952
72,645
29,410
6,960
7,060
760
640
1,980
210
Est. unreported
♦Est. total U. S.:
18, 1940...
94,327
101,015
19,853
7,492
74,625
May 11, 1940...
94,747
101,317
19,103
7,449
74,289
29,620
29,696
79,718
85,597
19,847
7,404
80,668
29,743
May
S.
U.
B.
of
Mines
♦May 18,1939...
Estimated Bureau of Mines basis.
DAILY AVERAGE CRUDE OIL PRODUCTION
(figures In Barrels)
a
Four
Change
Weeks
Ended
from
Ended
Ended
Allow¬
May 18,
Previous
May 18,
May 20,
ments
.17
Week
State
Require¬
$.17
....
Chicago
$.07*-.08
.08*-.08*
.07*-.08
New
able
1940
Week
1940
1939
Week
Oklahoma..
$.05
Orleans-
•05*
■
.06*- .07
05*
04 *- .05*
Gulf ports...
Tulsa
RlchOll(Cal) .08*-.08*
Warner-Qu. ,07*-.08
408,100
408,100
b408,600
+ 2,400
408,050
463,250
Kansas
168,100
158,100
bl65,200
+ 15,850
153,700
175,650
blOO
+ 100
Nebraska
Panhandle Texas
71,650
—5,900
Nortn Texas
111,200
+4,100
West Central Texas.-
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
34,100
262,200
+400
76,250
106,950
70,900
31,250
197,400
91,800
82,800
.061 Los Angeles.. .03*-.05
(Harbor)—
New
California, 24 plus D
$1.00-1.25
$1.50
Orleans
C
$1.00
Phila., Bunker C._.
.
88,900
396,600
+ 60
Southwest Texas
Fuel OH, F.O.B. Refinery or Terminal
+2,750
East Texas
iNew Orleans.$.05J* .05*
I Tulsa
.04
-.04*
$.04
33,700
259,800
85,960
396,650
246,950
—1,100
244.350
372,350
226,600
Coastal Texas
248,600
+ 1,660
246,700
212,350
Total Texas
North Texas
i
$
and in
Pipe Lines
lated
Other Cities—
Shell East'n
New York
in Transit
2,465
B.ofM.
•
Texas
Gull
Diesel
of Residual
Fuel Oil
(May)
T. Wat. Oil
.08 *-.08*
AND
new
1851 Chicago
Socony-Vac. .06*-.07
Bunkder C_.
Stocks
At Terms.
Unfin'd
steadier
preceding
$.1661 Buffalo
Boston
New York—
N. Y.
Stocks of Gas Oil
and Distillates
and
Not including 2% city sales tax.
(Bayonne)
GAS
Finished
CalCUr
■
AND
1940
Total
Gasoline, Service Station, Tax Included
New York
18,
Finished
top
the remainder of the
prices for No. 6 fuel oil over
will be based on $1.35 a barrel.
■
GASOLINE
Total
was
trade circles that the
contract
year
UNFINISHED
WEEK ENDED MAY
of Finished &
Unfinished Gasoline
*
It is the belief in
a
average.
was
concessions were made at the close of the
some
AND
Stocks
.
The retail
after
yThis is
(Figures In Thousands of Barrels of 42 Gallons Each)
season
expected that more
refiners will shortly reveal their schedules for the coming
winter.
yl 1,206
unfinished
and
gasoline declined only 302,000
barrels, or only half that of the previous week. The May 18
inventory of 101,015,000 barrels was 15,418,000 barrels
higher than a year ago.
continued
x3,412
12% reporting capacity did not report gasoline production.
STOCKS OF FINISHED
"
new
11,401
"
dally
z
a gallon.
In Providence a major company
pared its quotation from 8 to 7% cents.
Upstate at Syracuse the tank wagon price of gasoline was
gallon.
11,523
1.'.
♦Estimated Bureau of Mines basis.
xMay, 1939 dally average,
week's production based on the U. 8. Bureau of
Mines, May, 1939
8.8 to 7.5 cents
a
3,620
..V
gasoline
Acceleration of the oil industry's refining operations to a
3,665
4,456
prices were adjusted downward at a number of points in
New England.
The price was lowered xrom 9.3 to 8.7 cents
a gallon at
Manchester, while at Hartford the slasti was from
lowered from 8.4 to 7.5 cents
1,498
4,483
FUEL OIL,
learned that tank wagon
was
371
Estimated total U. S.:
barrel.
a
Late last week it
*
1,344,200 C1419563 1,460,000
West Texas
—
East Central Texas..
+650
1.50
2.10-2.20
+ 2,600 1,450,250 1,285,350
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
27 plus.......
.Chicago—
I
$.04
.Tulsa
—$.02*-.03
|
.$.053
28.30 D
North Louisiana
Coastal
Total
Daily Average Crude Oil Production for Week Ended
May 18, 1940, Rises 9,650 Barrels
The
American
daily average
May
18,
Petroleum
Institute
estimates
crude production for the
gross
that
week
the
ended
3,835,100 barrels.
This was a gain
of the previous week, and
week's figures were above the 3,601,000 barrels
1940,
was
of 9,650 barrels from the output
the current
calculated by the United States
Department of the Interior
to be the total of the, restrictions imposed by the various
oil-producing States during May.
Daily average produc¬
tion for the four weeks ended May 18, 1940, is estimated
at 3,796,200 barrels.
The daily average output for the
ended
week
ther
May 20, 1939, totaled 3,438,400 barrels.
details,
as
a
daily
208,857
for
the
whether
States
average
in
229,280
the
or
for
weekly
barrels,
week
weeks ended
bonded
separation
of
for
ended
and receipts in bond at principal
May 18.
domestic
statistics.
18 totaled 1,605,000 barrels,
compared with a daily average of
May
11,
and
212,179
barrels
+ 1,050
69,900
+ 1,700
226,250
73,350
194,000
267,350
264,500
293,080
300,400
+2,750
296,160
64,500
70,147
+ 1,400
70,100
65,200
+ 1,500
—3,900
7,900
433,550
10,150
215",600
5,800
-
Mississippi
Illinois
Indiana..
.......
71,550
b8,900
392,900
8,100
435,250
bl0,400
101,300
63,200
72,900
17,400
3,600
103,900
96.800
—1,250
97,800
61,050
—1.150
61,850
63,900
72,200
+ 2,250
69,500
60,600
17,300
—200
17,450
3,450
+ 50
3,550
3,600
106,900
+ 50
108,400
110,650
—700
Eastern (not Including
Illinois & Indiana).
Michigan
Wyoming
Colorado
New Mexico
—
97,760
107.000
Total east of Calif- 3,008,400
California
i
592,600
Total United States 3,601,000
a
3,218,100
d592,000
617,000
3,835,100
14,700
+ 21,750 3,187,400 2,813,500
—12,100
608,800
624,900
+ 9,650 3,796,200 3,438,400
These are Bureau of Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined in its detailed forecast for the month of
ports for the week ended May
barrels
four
use
Arkansas
Fur¬
reported by the Institute, follow:
Imports of petroleum for domestic
United
Louisiana...
70,800
229,600
Louisiana—
daily
These figures include all «il imported,
use, but it
is impossible to make the
May.
As requirements may be supplied either from stocks, or from new production,
contemplated withdrawals from crude oil inventories must be deducted from the
Bureau's estimated requirements to determine the amount of new crude to be
produced.
b Oklahoma,
Kansas, Nebraska, Mississippi, Indiana figures
are
for week ended
7 a.m., May 15.
c
It
This Is the net basic allowable as of the first of May.
Past experience indicates
will increase as 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
The Commercial & Financial Chronicle
3276
for 14 shutdown days, namely, May 1, 4, 5, 8, 11, 12, 15, 18, 19, 22
and 31.
For all other areas a shutdown was ordered tor May 1 only,
,
d Recommendation of Central
Committee of California Oil
26, 26
,
29
Group
There
in
April
Estimates
units
*
Sales
at
(11 of the 22 passenger car manufacturers also making com¬
mercial cars, trucks, or road tractors).
It should be noted
that those making both passeDger cars and commercial cars,
trucks, or road tractors have been included in the number
shown as JLULdfJEVAAA^j^ passenger cars and in the number shown
making
Vw«-». v
«-i r~
447,400
OJULV W XJ
increase of 2% in motor vehicle shipments
an
as compared with March, according to the prelimi¬
estimate of the industry's operations contained in the
May, 1940, issue of "Automobile Facts," publication of the
April
Manufacurers
Association.
The
Association
estimated the industry's
April volume at 447,400 units. On
the basis of this estimate the industry's operations in April
were 26% higher than the corresponding month of last
year.
Sales for the first four months of 1940
were 24% above the
with factory sales of auto¬
1,758,445 in the first four
comparable period of
a year ago,
mobiles
totaling
trucks
and
of
months
this
The following figures (number of
taken from the Association's report:
year.
units) of output
are
Apr. 1940.
447,400
Mar. 1940
439,911
Four months, 1940
Feb.
421,820
Four months, 1939..
1940
Apr.
1939.
£VO
-.-it m r w v+r w
»f
making commercial cars, trucks, or road tractors respectively.
The figures for passenger cars include those for
taxicabs.
The figures for commercial cars, trucks and road
tractors include those for ambulances, funeral cars, fire
a8
nary
Automobile
making commercial cars, trucks, or road tractors
and 61
cars
.
was
1940 are based on data received from 72
the United States, 22 making passenger
Statistics for
1Vote—The figures Indicated above do not Include any estimate of any oil which
:v,,;:v, *
1940
25,
manufacturers in
Producers.
might have been surreptitiously produced.
Car-Makers
May
apparatus, street sweepers, station wagons and buses, but
the number of such special purpose vehicles is very small
hence
a
negligible factor in any analysis for which the figures
Canadian production figures are supplied by
be used.
may
the Dominion Bureau of Statistics.
Figures of automobile production in March, 1940, 1939
appeared in the April 27 issue of the "Chronicle,"
page 2642.
and 1938
(INCLUDING CHASSIS)
NUMBER OF VEHICLES
354,266
1,758,445
1,414,776
Canada (.Production)
United States (Factory Sales)
Year and
Automobile
Pas¬
Toted
Month
Passenger
Trucks,
Cart
(AU
Vehicles)
Financing in March
Ac.
Comm'l
Cars
senger
Total
Cart
A
Trucks
The dollar volume of retail
financing for March, 1940 for
the 400 organizations amounted to $143,482,765, an increase
of 30.0% as compared with February, 1940; an increase of
18.7% as compared with March, 1939; and an increase of
48.9% as compared with March, 1938.
The volume of
wholesale financing for March, 1940 amounted to $212,330,544, an increase of 13.3% compared with February, 1940;
an increase of
34.0% as compared with March, 1939; and an
increase of 132.7% as compared with March, 1938.
1940—
January.a..
432,279
362,897
February, a.
404,032
March
423,620
337,756
352,922
432,746
362,139
1,692,677
1,415,714
Total 4
end. Apr
mos.
March, 1940, as reported by the 214 organiza¬
tions, amounted to $918,645,709.
These 214 organizations
accounted for 94.7% of the total volume of retail
financing,
$143,482,765 reported for that month by the 400 organiza¬
tions."
AUTOMOBILE FINANCING
20,835
342,168
303,220
60,703
60,220
11,404
3,390
243,000
14,300
10,914
299,703
72,243
17,549
12,689
3,386
4,860
273,409
63,966
16,891
12,791
4,100
1,354,709
1,097,577
257,132
63,534
47,798
15,736
209,328
186,531
155,505
53,823
17,624
13,385
February.
139,380
47,151
16,066
March
221,645
174,065
47,580
16,802
11,753
12,276
219,110
176,078
43,032
18,819
14,033
4,526
4,786
836,614
645,028
191,586
69,311
■/ 51,447
17,864
April
Total 4
mos.
end. Apr
Year
Total 4 mos. end.
Month
in
New Cars
Volume
Unclassified
Volume
Cart
Volume
Thousand
Number
in
Number
in
Number
in
Dollars
of
Thou¬
of
Thou¬
of
Thou¬
sand
Cars
sand
Cars
Cars
Dollars
sand
Dollars
Dollars
Dutch
Indies
189,184
246,240
264.028
187,466
212,330 b 337,337
March
105,276
110,371
143,482
89,313 a59,160
92,024 60,395
127,667 83,053
209,670
359,130
309,004 202,609
538,601 156,521
a
from
847,605
that production
ended
138,899
128,377
206,239
209,512
299,439
158,512
81,751
81,914
120,906
67,312
715,190
156,927
46,116
49,975
60,429
172,004
66,364
42,573
42,157
138,927
143,148
39,757
105,894
284,573
67,200
193,545
39,178
81,069
73,135
175,292
180,953
256,579
68,669
69,592
96,381
declined slightly in the week
of soft coal
The total output is estimated at 7,950,000
decrease of 85,000 tons, or 1.1%.
Production in
corresponding week of 1939—the sixth and final week
period—was estimated at 1,076,000 tons.
The United States Bureau of Mines,
that
the
in its report, stated
estimated
production of Pennsylvania anthracite
week ending May 11 "was 909,000 tons.
This was a
decrease from that of the preceding week
of 119,000 tons, or
11.6%, and of 554,000 tons when compared with the
output in the corresponding week of 1939.
ESTIMATED
UNITED
PRODUCTION
STATES
SOFT
OF
February
March
91,230
34,141
34,224
46,999
475,620 132,643
121,476
127,237
180,867
34,528
35,368
245,436
612,824
b Of this number
234,643
37,8%
183,244 115,364
May 4
1940
1939
c
May 13
1940
Bituminous Coal
ended Mar.
Calendar Year to Date
May 11
1940
1939
1929
49,383
mos.
Revised,
WITH
(In Thousands of Net Tons)
Week Ended
53,816
53,716
75,712
COAL,
COMPARABLE DATE ON PRODUCTION OF CRUDE PETROLEUM
1938—
January
Re¬
tons, a
53,706
239,570 151,930
Tin
May 11.
:>
425,788
International
the
the
mos.
ended Mar.
of
net
about
March
Office
Development Council, The Hague, Holland.
weekly coal report of the Bituminous Coal
Division, United States Department of the Interior, showed
1939—
January
February
April Total 2,215 Tons
in
total
a
Statistical
the
in the
588,981
Exports
of 2,215 long tons of tin was ex¬
ported from Netherlands East Indies, according to a cable¬
gram received by the American Iron and
Steel Institute
mos.
ended Mar.
4,313
February and March, 1940, have been revised.
Tin
During April
of the strike
1940—
January
February
Apr.
Data for January,
a
4,239
Weekly Coal Production Statistics
Volume
Total
14,794
The current
Used and
ing
and
281,465
1938—
January..
Retail Financing
a
50,870
371,946
337,375
search and
Financ¬
3
71,705
5,414
January..
February.
Wholesale
Total
13,487
4,634
March
Summary for 400 Organizations
3
19,687
4,587
6,200
1939—
■
The following tabulations on automobile
financing for 400
organizations, and on retail automobile receivables for 214
organizations for March, 1940 are as reported by the Bureau
of the Cenus, Department of Commerce.
Figures for Jan¬
uary and February, 1940 and for months of 1938 and 1939 are
included for comparative purposes.
Figures of automobile financing for the month of February,
1940, were published in the April 20, 1940, issue of the
"Chronicle," page 2493.
Total
12,779
12,025
April
The volume of retail automobile receivables
outstanding
3
12,579
18,193
276,963
April......
at the end of
Total
17,213
16,612
69,382
66,276
70,698
70,607
_a
429,580 119,279
a—
Total, including mine fuel
Daily average
7,950
1.325
8,035
1,339
1,076 165,363 118,778 194,854
179
1,475
1,058
1,724
6,128
5,893
5,638 113,888 102,961
Crude Petroleum b—
were new cars,
0.4% unclassified.
61.7%
were used cars, and
Coal equivalent of weekly output.
80,673
_
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING
END OF MONTH
AS REPORTED BY 214 IDENTICAL
ORGANIZATIONS *
1940
1939
$
1940
$
January
February...
887 096 773
March
918,645,709
876,699,079
$
July
August
September
April
696,959,547
691,191,242
709,667,390
739,798,724
May
779,381,455
November..
June
817,788,623
December
$
Includes for purposes of historical comparison and statistical convenience the
production of lignite,
b Total barrels produced during the week converted to equiva¬
lent coal assuming 6,000,000 B. t. u . per barrel of oil
Note that most of the supply of petroleum
of coal.
petitive with coal.
_
*
and 13,100 B. t. u. per pound
products Is not directly com¬
c Sum of 19 full weeks
weeks of 1939 and 1929.
(Minerals Year Book 1938, page 702.)
840,491,007
854,629,839
October
.
1939
a
ended May 11, 1940, and corresponding 19
848,528,973
849,831,661
859,989,858
875,078,033
ESTIMATED
PRODUCTION
OF
PENNSYLVANIA
BEEHIVE
Of the 224 organizations
formerly included in retail automobile receivables,
10 have been taken over by
reporting companies prior to January, 1940.
were
passenger cars,
road
tractors,
and 70,607
as
commercial cars, trucks,
with 423,620 vehicles in
were
compared
March, 1940, 337,375 vehicles in April, 1939, and 219,110
vehicles in April, 1938.
These statistics, comprising data
for
the
entire
William L.
Commerce.
industry, were released today by Director
Austin, Bureau of the Census, Department of
Penn.
May 4,
May 13,
1940
Automobile Output in April
or
AND
Calendar Year to Date
Week Ended
May 11,
Factory sales of automobiles mahufactured in the United
States (including foreign assemblies from
parts made in the
United States and reported as complete units or
vehicles) for
April, 1940, consisted of 432,746 vehicles, of which 362,139
ANTHRACITE
COKE
(In Net Tons)
1940
1939
1940
1939c
1929c
Anthracite
Total, lncl. colliery
fuel
Daily
a.
average._
Com'l product'n b.
909,000 1,028,000 1,463,000 18,185,000 20,907,000 26,919,000
241,400
163,100
187,500
243,800
171,300
151,500
864,000
977,000 1,390,000 17,278,000 19,862,000 24,981,000
Beehive Coke—
United States total
Daily average
a
__
20,800
26,100
2,300
669.400
241,300
3,467
4,350
383
5,872
2,117
2,305,600
20,225
coal shipped by truck from authorized
Adjusted to make comparable the number of
Includes waahery and dredge coal, and
operations,
b Excludes colliery fuel,
working days in the three years.
c
ESTIMATED WEEKLY PRODUCTION OF COAL. BY STATES
(The current weekly estimates are based on railroad
ments and
are
-
trict and State
carloadlngs and river ship¬
from dis¬
subject to revision on receipt of monthly tonnage reports
sources or
of final annual returns from the operators.)
Volume
The Commercial & Financial Chronicle
ISO
(In Thousands of Net Tons)
Week Ended
Slats
May
Mag 4
>■
■
Apr. 27
May 6
May 7
May 4
Avge.
1940
1940
1939
1938
1929
1923e
f
f
":.i,
Alaska
1
1
2
3
282
297
45
172
348
Arkansas and Oklahoma
16
16
16
10
59
66
Colorado
93
95
115
57
142
168
Alabama
Georgia and North Carolina
*
Illinois
:r
;
398
f
f
v\. i
733
Tnrt1nj}ft
„
720
1,044
421
867
1,292
260
.
292
418
174
270
394
Iowa
43
46
64
37
59
Kansas and Missouri
80
88
130
63
98
131
794
792
76
473
799
679
183
Kentucky—Eastern
Western
3277
Average prices for calendar week ended May 18 are: Domestic
copper f.o.b
refinery, 11.223c.; export copper, f.o.b. refinery,
11.308c.; Straits tin, 53.000c.;
New York lead,
5.000c.; St. Louis, lead, 4.850c.; St. Louis zinc, 5.760c.; and silver,
34.750c.
119
128
224
95
215
22
23
3
18
41
4
5
4
14
Copper, lead
38
44
61
35
53
20
21
35
21
48
57
23
35
17
19
f 19
f 14
and zlno quotations are based
deliveries; tin quotations
are
on
sales for both prompt and future
for prompt delivery only.
In the trade, domestic
copper prices are quoted on a delivered basis; that
livered at consumers'
plants.
As delivery charges vary with the
Is, de¬
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
the Atlantic
on
sea¬
board.
On foreign
business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect
this change In method
of doing business.
We deduct .05c. from f.a.s, basis
(lighterage, &c.) to arrive at the f.o.b. refinery quotation.
42
New
are
sales
on
12
Montana
,
"M. & M. M.'s" appraisal of the major United States
reported by producers and agencies. They are reduced
to the basis of
cash, New York or St. Louis, as noted. All prices are In cents per pound.
89
Maryland
Michigan
>
,
"Die above quotations
markets, based
Mexico
North and South Dakota
Ohio
47
445
bituminous
378
48
235
354
860
2,050
1,991
72
1,136
2,626
3,578
118
Pennsylvania
112
50
73
91
121
'
Tennessee
Texas
15
22
20
14
15
33
35
60
33
63
74
304
284
47
190
226
250
23
25
20
18
38
44
1,863
1,781
102
955
1,731
574
37
344
650
85
62
71
108
110
1
f3
f5
4,673
8,942
10,878
859
1,573
1,932
5,532
10,515
12,810
Washington
Northern, b
Wyoming
Other Western States.c
*
Total bituminous coal
*
>
8,035
*
7,883
1,028
877
9,063
Total, all coal
15
2,753
1,477
8,760
4,230
Pennsylvania anthracite.d
are as follows:
May 16, spot, £265*4,
three months, £263;
May 17, spot, £269*/£, three months,
£2661/j;
May 20,
spot,
£269^,
three months,
£267*4;
May 21, spot, £270*4, three months, £268, and May 22, spot,
£270*4, three months, £268.
862
90
Virginia
Virginia—Southern.a
prices given, however,
1,380
566
„
Utah
West
Due to the European war the usual table of
daily London
is not available.
Prices on standard tin, the only
prices
a Includes operations on the N. &
W.; C. & O.; Virginian; K. & M.; B. C. & G.;
and on the B. & O. in Kanawha,
Mason, and Clay counties, b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral and Tucker counties, c Includes
Arizona, California,
Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rale
for entire month,
f Alaska, Georgia, North
Carolina, and South Dakota included
with "other Western States."
* Less than 1,000 tons.
Steel Production Rises
steel users
of
Non-Ferrous
Metals
Moderates—Domestic
with Allied purchases
Mineral
and
Markets," in
its
of
May 23,
disturbing
news from Europe, coupled with a severe decline
securities, caused buying interest to slacken.
Domestic
copper lost a little ground pricewise.
Zinc continued in fair
in
and
closed
firmer.
Lead
though the April statistics showed
in stocks
on
hand.
Tin was firm
spot and near-by metal.
unchanged,
was
substantial
a
Steel
four
even
Quicksilver quotations advanced.
The publication further stated:
in of
Sales
of
period.
on
Valley.
On
But
offerings
the
of
May
during the last week amounted to
27,871 tons in the preceding seven-day
the ideas of sellers appeared to be somewhat
seller
Consumption
creasing.
The
Producers
11.375c.
sold
for
both
for
down
and
f.a.s.
and
during
and
the
on
May
on
same
22
more
basis.
products.
copper
the
near-by
New
last
for
copper
In
fact,
some
week.
export
at
11.35c.
to
York.
On futures, however, the export
of July forward at 11.25c. found no
clouded and offerings
was
11 %c.,
to
business
copper
export
prompt
pound,
per
situation
drive,
of copper in this country for armament purposes is in¬
industry believes that the Allies can be counted upon to
booked
was
sold
rearmament
us was at ll%c.,
Thursday, reflecting nervousness
Europe, and prices turned easier.
after
from
news
ready to book
was
orders
large
business
increased
unfavorable
domestic copper
21
one
place
account
with
based on developments in connection with the
Thursday, May 16, all business reported to
because
than
which compares
As the week opened
firmer,
and
for domestic
copper
tons,
buyers.
Sales
of
for
previous
lead
week
the
week.
not
were
so
amounted
Prices
to
4,960
remained
during
against
tons,
unchanged
the
21,407
5.00c.,
at
New
last
tons
week.
in
York,
the
which
was also the contract settling basis of the American
Smelting & Befining
Co., and at 4.85c., St. Louis.
The refined
stocks
in
high
of
level,
trade
11,229
to
46,563
not
favorable, showing a reduction
during the month remained at a
were
Shipments
temporary
was
for April
tons.
totaling
attributed
The
lead statistics
There
tons.
curtailment
greatly concerned
was
in
sharp
a
operations
about
decline
at
the lower
in
sources,
for
zinc
with
quite
firm.
Louis,
for
the
result
However,
Prime
good,
was
on
that
the
rate
of
output,
both
tone
from
all
in
continued
directions
on
the
and
of
to
5.75c.,
be*
St.
Sales of the common grades for the week ended May 18 amounted to
10,375 tons, against 8,824 tons in the week previous.
Shipments of com¬
mon zinc for the week amounted to
4,213 tons.
The undelivered contracts
tons.
Another
much
Demand
for
metal
tin
fair
was
light,
the
most
price
of
the
situation
week,
and
remained
with
offerings
Supplies
not anxious
are
the
of
event
a
occur
build up inventories that
to
early termination
an
by mid¬
restraining effect
of
the
war.
to be found in the scrap market.
While prices are
number of centers, the Pittsburgh market, which was on
over last week, has quieted down somewhat, the price
a
boiling
No.
of
1 heavy
melting steel there being unchanged.
However, advances
Chicago and Philadelphia have raised the "Iron Age" steel scrap com¬
posite price to $17.92,
a
gain of 34c. and topping the previous 1940 high
by 25c.
Allied
in
steel
purchases total about half
million
a
tons, part of which
is
the form of ingots and semi-finished steel and the remainder is finished
steel,
which includes
large tonnage of ship plates and moderate quanti¬
ties of shell steel for France.
Steel companies expect that Allied pur¬
chases, direct and indirect, may run as much as 500,000 tons a month for
the duration of the
a
A part
war.
of this would be for shell contracts, a num¬
with American companies.
Bids are being
90 mm. shells and by the British on 4-in., 6in.,
ber of which may be placed soon
taken
by the French
on
8-in.,10-in., 12-in. and 18-in.
The
defense
already
to
manufacture
builders
to
duction
being
are
several,
Despite
hastened.
not
are
chief of
the
In
of
catching
up
armor
be required.
Government
instances this
of
can
the
is
out"
The automobile
and
far
were
machine
shortage of machine tools
considerable
deliveries,
on
which
beyond, and they
in
are
work,
machine
instances
many
hampered in
in¬
Many machine companies
are
stepping
up
the acute shortage of mechanics, an ex¬
airplane engine plant has need of 5,000
an
work
will, of
would
as
expense
priority, but in
of the Allies,
whose
heavy.
very
raise
work,
war
obtain
course,
the
level
of
buying in
industries
for example the railroads, some of
soon if traffic seems to warrant.
in equipment programs
industry is making initial purchases of steel for 1941 models
are expected in the next few weeks, although the effect
orders
this industry
of the
war
and
our
defense preparations is yet to be
own
Stimulation of fabricated structural steel and
determined.
expected to result from the Government
of
of
new
program,
reinforcing bars
which will require the
manufacturing buildings and other projects.
THE "IRON
are
expected to be larger in June.
Tin-plate mills have increased operations
basis of about 70% of capacity.
the
of
only be done at the
war
only indirectly related to
which may engage
and further
proceeded
which it has been unable to get.
States
Continuation
on
yet
steeel
shortage of skilled workers, particularly precision
industry there is not sufficient capacity for the pro¬
plate and electric furnace steel in the quantities in which
ample of which is the fact that
men
the
a
apprentice training to cope with
United
not
the steel
these products will
trained
has
However,
which
"farming
the end of the year and
creasing output, by
workers.
States
upon them.
rapid consummation of plans for airplane and armament
a
are
motors.
extend
United
appraising the possible effects
are
Obstacles
the
factor in steel trade, except that some items which
a
scheduled
industries
of
program
enough to become
construction
firm.
in
have had
evidence is
higher in
the verge of
is
Tin
prompt
buyers, who
burdensome
successes
evidently in connection with specifications against
low-priced commitments for sheets and strip, which, though increasing, are
not as heavy as had been
expected.
domestic
appeared
basis
by the blowing
This note of hesitation is
orders for machine tools have been
foreign
accompanied
steel shortage could easily
a
continues, German
war
many
be
would
production.
Western.
expanded to 54,533
good
a
many
coming
quotations
if the
summer
refineries.
some
Zinc
Inquiry
January, being estimated at 74% for the current week, or
week.
Nearly all producing districts have gained,
Higher steel production has been
tool
supplies
for
eager
and
number of blast furnaces.
a
and
Lead
Buyers
tons
above last
Despite the probability that
at
Copper
11,946
million
a
ingot production, again rising sharply, is at the highest level since
points
elsewhere.
reduction
moderate offerings of
on
half
up six points, Chicago three and a half points, Youngstown
three, Buffalo 12, St. Louis 12 % and southern Ohio three, with lesser rises
issue
reported that President Roosevelt's billion-dollar defense pro¬
gram, announced early in the week, made a favorable im¬
pression on traders in non-ferrous metals, but subsequent
demand
of close to
generally good orders from other countries, Italy in particu¬
lar, will bring total steel sales in May to about double those
of April.
The "Iron Age" further stated:
Pittsburgh being
Copper Unsettled—Zinc Firmer
"Metal
74%—Allied Purchases Heavy
not being stampeded, as they were last fall,
substantially heavier domestic buying, which
are
there has been
the last week of
Buying
to
The "Iron Age" in its issue of
May 23 reported that while
AGE" COMPOSITE PRICES
Finished
Steel
to the
Straits
tin
for
late
May
arrival
settled
at
53.50c.; with June
51.750c.; July at 51.25c.; August at 51c., and September at 50.50c.
at
Chinese tin,
99%, was nominally as follows:
May, 16, 51.750c.;
May 17, 52.750c.; May 18, 53.250c.; May 20, 53.250c.; May 21, 53.125c.;
May 22, 53.125c.
DAILY PRICES
OF METAL
Based on steel bars, beams, tank
May 21. 1940. 2.261c. a Lb.
One week ago
2.261c.
One month ago........
2.211c.
2.236c.
One year ago
High
Straits
Tin
Lead
Zinc
1936
New York
St. Louis
11.325
52.500
5.00
4.85
5.75
One week ago
11.325
53.500
5.00
4.85
5.75
One month ago
One year ago
St. Louis
May 21, 1940, 322 61 a
11.275
May 17
11.150
May 20
May 21
...
May 22
...
11.300
54.000
5.00
4.85
5.75
11.150
May 18
11.300
54.000
5.00
4.85
11.275
53.875
5.00
4.85
5.75
11.025
11.250
53.875
5.00
4.85
5.75
*
a
11.140
11.296
53.625
Range for May 17, 11.150 to 11.275.
5.00
4.85
5.75
Jan.
3
2.236c.
April 16
May 16
May 17
2.211c.
Oct.
8
2
9
2.249c.
Mar.
Dec. 28
Mar.
2.016c.
Mar. 16
.
Based
on average
furnace and
Philadelphia,
for basic iron at Valley
foundry iron at Chicago.
Buffalo,
Valley,
and
Southern iron at Cincinnati.
High
1040
1939
!938
Average...
2.211c.
Gross Ton
322.61
22.61
20.611
5.75
11.025
2
Pig Iron
New York
Dom.,Refy. Exp., Refy.
May 16
Low
Jan.
2.286(3.
2.512c.
2.512c.
—2.249c
1938
1937
Electrolytic Copper
85% of the United States output.
2.261c.
1940.
1939
("E. & M. J." QUOTATIONS)
plates,
wire, rails, black pipe, sheets, and hot
rolled strips.
These products represent
1937
1936———
-
322.61
22.61
23.25
23.25
19.73
Low
2
322.61
Sept. 19
June 21
20.61
Sept. 12
19.61
July
Mar. 9
Nov. 24
20.25
Feb.
18.73
Aug. 11
Jan.
Jan.
2
6
16
I
The Commercial
3278
Steel
Scrap
May 21, 1940,117.92 a Gross Ton
One week ago......
.........$17.58
Financial Chronicle
A
Based
One month ago
on
No.
1
heavy melting steel
quotations at Pittsburgh. Philadelphia,
and Chicago.
16.13
....
One year ago.......
the
High
1940
$17.92
1939
American
The
9
Iron
and
14.08
May 16
15.00
Nov. 22
11.00
June
Mar. 30
12.91
Nov. 10
17.75
-
-
Dec. 21
12.67
June
Steel
Institute
May 20
on
7
9
an¬
nounced that telegraphic reports which it had received indi¬
cated
of
that
the
operating rate of steel companies
steel
capacity
capacity for the
70.0%
week
one
industry
the
will
beginning May 2D,
week
60.0%
ago,
This
ago.
year
of
increase
an
73.0%
compared
3.0
of
of
with
and 4$.5%
one month ago,
represents
97%
having
he
one
points,
or
4.3%, from the estimate for the week ended May 13, 1940.
Weekly indicated rates of steql operations since May 1,
1939, follow:
1Q1Q_
1939—
May 22
May 29
June
5
June 12
June 19
3
54.3%
38.5%
July
10
49.7%
July
17
July 24
56.4% Oct. 30
60.6% Nov. 6
July 31
Aug. 7
59.3%
60.1%
July
91.0%
Feb.
94.4%'Mar. 4
92.8% Mar. 11
91.2% Mar. 18
Feb.
Nov. 13
Feb.
64.7%
90.0%
Apr.
Apr.
8
15
62.4%
60.7%
61.7%
61.3%
6 t.9%
April 22
60 0%
84.8%
Apr. 29
61.8%
82.2%
77.3%
71.7%
19
1
86.1%
93.9%. Feb. 26
Mar. 25
Apr.
85.7%
12
Nov. 20
64.6%
73.7%
5
92.5%
93.6%
1940—
|
Aug. 14
Aug. 21
55.0%
June 26_.
1939—
62.1% Nov. 27
4
62.2% Deo.
Aug. 28___._63.0% Dec. 11
Sept. 4
68.6% Dec. 18
Sept. 11
70.2% Dec. 25
1940—
Sept. 18
79.3%
1
Sept. 25
83.8% Jan.
Oct.
2
8
87.5% Jan.
Oct.
9
88.6% Jan. 15
Oct. 16
90.3% Jan. 22
Oct. 23
90.2% Jan. 29
47.8%
47.0%
45.4%
48.6%
52.2%
54.2%
53.1%
May
1
May
8
May 15
May 20..
May
6
.65.8%
70.0%
May 13
73.0%
68.8%
67.1%
65.9%
A' sharp
the
latter
week
increase
European
is
in
to
70%,
demand,
export
overshadows
war,
increasing
headed
appears
accompanying the changed
domestic
rapidly.
more
Ingot
steel
buying,
production,
for materially
status
although
3%
up
points
the
last
higher levels.
Business has been given considerable momentum by the
foreign situa¬
tion, not only in the form of orders and inquiries from abroad, but also
through encouraging domestic buyers to specify more liberally in anticipat¬
ing forward needs.
fy ■'
Steel
of
markets
much
are
orderly than last fall, when the outbreak
more
brought a buying stampede.
Inventories are higher than at that
time, the automobile industry is approaching a period of reduced opera¬
tions, and the railroads are relatively inactive in equipment buying.
war
Possibility is
quirements
mill
the
for
deliveries,
rather
defense
but
for
conservatively
Finished
there is
tensive
steel
forward
Steel orders
500,000 tons
chases
of
be
may
most
present
have
and
increased
instrumental
domestic
users
in
steel
re¬
the Allies
stiffened
under
the
schedules in June.
Tin-plate output
being estimated last week at 68%,
Activity in railroad equipment markets is
inquiries and orders for freight cars.
One
1,000 box cars by the Great Northern.
heavy
demand,
last
have
week
been
apparently
placed.
construction continues
Building
awards is
Outstanding in recent
of
more
than
$1.50
composite
far short of the
were
However,
so
far
rose
this
79c.
month
several
large
last
and
week
the
to
pur¬
$17.62,
highest since
The Week with the Federal Reserve Banks
During the week ended May 22 member bank
balances
bank
increased
reserves
arose
sales.
work
Die
$129,000,000.
Additions to member
from increases of $122,000,000 in gold
deposits with Federal Reserve banks and $19,000,000
in
Treasury cash, offset in part by increases of $15,000,000
money in circulation and
$57,000,000 in non-member
deposits and other Federal Reserve accounts.
Excess
reserves of member banks on
May 22 were estimated to be
approximately $6,370,000,000, an increase of $70,000,000
in
Movement
principal change in holdings of bills and securities was
of $3,000,000 in United States Government
securities, direct and guaranteed: Holdings of bonds increased
$2,000,000 and of notes $1,000,000.
increase
hc-avier
will
be
that
than
the
of
a
iron
1940
May 22 will be
3310 and 3311.
Changes in member bank reserve balances and related
items during the week and the year ended
May 22, 1940:
pages
Increase
(+)
or Decrease
(- -)
Sine
$
Bills discounted....
Bills bought
2,000,000
May 15,1940
S
—1,000,000
May 24, 1939
$
—2,000,000
—1,000,000
U. 8. Government securities, direct
and guaranteed
Industrial advances
this
reserve
Treasury
bank credit
reserve
balances
2,520,000,000
19,071,000,000
3,007,000,000
13,223,000,000
Money in circulation
7,613,000,000
Treasury cash
2,204,000,000
Treasury deposits with F.R. banks..
370,000,000
Nonmember deposits and
—87,000,000
—4,000,000
+ 37,000,000
+ 2 000,000
+ 122 000,000
+ 3,144,000,000
+ 3 00C.000
+ 148,000,000
+ 129 000,000
+ 15 000,000
+ 3,126,000,000
—19 ,000,000
—442,000,000
—55 000,000
—545,000,000
—56,000,000
+ 720,000,000
other Fed¬
eral Reserve accounts..
Superior
district
armament
markedly
is
be among the largest in
history.
Increases included 3 % points to 65 at
Pittsburgh, 4% points to 70 at Chicago, 3 points to 60 in eastern Penn¬
sylvania, 3 points to 56 in New England, 1 point to 72 at Cleveland,
1 point to 54 at Youngstown, 10 points to 80 at Detroit, and 2% points
to 47 % at St. Louis.
Buffalo declined 4% points to 53%.
Unchanged
were Wheeling
at 88, Cincinnati at 61, and Birmingham at 83.
Steel
production for
ingot
ended May 20,
the week
is
placed at about 73% of capacity, according to the "Wall
Street Journal" of May 23.
This compares with 68% in the
previous week and 64% two weeks ago.
reported:
ther
The "Journal" fur¬
■■■::
U. S. Steel is estimated at 72%%, against 67%
The following
with
the
nearest
Leading independents
in the week before and
credited with nearly 73%*
compared with 68%% in the preceding week and 65% two weeks ago.
62%% two weeks
ago.
are
table gives a comparison of the percentage of production
corresponding week of previous
together with the
years,
approximate changes, in points, from the week immediately preceding:
U. S. Steel
Industry
73
+5
1939
46
1938
42
30 H
Yi
—
1937————
—
32
92 H
Independents
+5^
72^
73
J*
H
89
+
H
63
+
J*
39
—1
68
43
—1
1934
57>4
—1H
+2 H
42
-
+1
+2
—
—1
67
35
72tf
46
—2
48
Not Available
Not Available
—2
94
46
1932
—
28 H
H
1936
1935.......
+4H
H
48^
+2
1H
+3
Not Available
1931........
43
1930
73 J*
1929—
95
—1
99H
—
1928—
79
—3
82 J*
—4
76
—2
—m
87^
—1J+
73
—1
of
—1
44^
.
Member
Banks
in
42
—1
—1
-79
:
—1H
— 1%
69
—1
New
x
92J*
York
City
J*
—
and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
banks and also for the
Chicago member banks for the cur¬
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
rent
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York
May 22
Assets—
City
Chicago
May 15 May 24 May 22 May 15 May 24
1940
1939
1940
1940
1939
$
$
$
$
$
$
Loans and investments—total
9,165
9,180
7,940
2,225
2,227
1,985
Loans—total
2,869
2,936
2,795
590
594
535
1,671
1,680
1,372
411
413
352
Commercial,
Industrial
agricultural loans
paper
and
......
Loans to brokers and dealers
107
108
403
458
Other loans for purchasing or
carrying securities..
Real estate loans
Loans to banks
-
...
......
.....
Other loans
Treasury bills...
Treasury notes
United States bonds
123
19
19
18
565
■
33
34
36
68
——.
159
120
37
199
37
371
374
160
120
258
244
64
65
111
17
17
13
42
..._
383
46
46
48
165
261
guaranteed by the
United States Government
Cash In vault
128
956
727
159
159
212
2,529
2,121
714
711
624
1,268
1,261
6,499
1,259
1,256
1,030
1,102
135
366
366
341
6,388
4,982
1,119
1,100
899
Obligations
Other securities
262
962
2,547
—,
1,189,000,000
+ 57,000,000
+ 377.000,000
77
145
57
37
36
28
87
87
78
282
269
259
362
349
389
47
47
49
9,332
9,147
7,533
1,893
1,844
1,641
657
657
624
504
504
484
44
43
76
84
85
66
3,725
3,786
2,824
952
967
736
Foreign banks
Borrowings
636
652
558
7
8
14
298
294
345
16
17
16
1,502
1,502
1,486
254
254
263
Balances with domestic banks..
Other assets—net
81
135
Other liabilities
9,000,000
32,000,000
currency
Member bank
+ 3,000,000
Including
Total Reserve bank credit
Gold stock....
Lake
in most districts last week, with several areas sched¬
Reserve with Fed. Res. banks..
2,477,000,000
(not
$9,000,000commitments—May 22)
Other
the
Previous estimates that about 50,000,000 tons
season now appear low, with some prospects seen
total will
rose
from
ore
ago.
year
shipped
Steelmaking
Open market
The statement in full for the week ended
May 22, 1940
-
armor plate and alloy products for
connection with previous Government orders.
in
1940
The
on
;
models is well advanced.
1941
for
for the week.
found
Brooklyn grade crossing, involving 7,000
shell steel,
of
backlogs
manufacture
Returns
stock, $3,000,000 in Treasury currency, and $2,000,000 in
an
a
Proposed enlargement of United States defenses will be reflected in steel
reserve
Reserve bank credit, and decreases of $55,000,000 in Trea¬
sury
is
needs, although such business will require time for development, and it is
difficult to determine its probable extent.
Mills already have fairly large
80
increase
an
The
directions, but
some
expanding 550 units to 99,030.
1940
countries
steelworks.
improve in
to
last week
production
1927
from
orders
recent
reversed slightly the previous trend,
However, the long-term tendency is down¬
ward, and another five to six weeks will see assemblies of 1940 models
completed to a large extent, barring an unexpected revival in retail
Automobile
demand
neutral
other
and 2,000 tons of bars.
of shapes
tons
1933.
from
Several
lagging in others, notably heavy engineering projects.
Private industrial
work, mostly small units, is active and is furnishing numerous orders for
moderate tonnages of structural
shapes and concrete reinforcing bars.
material are pending, and
inquiries
formerly served in whole or in part
by invaded Belgium and Luxembourg.
Scrap prices continue to advance rapidly despite absence of heavy
heavier
are
also is rising on gains in
three-point rise.
confined principally to small
exception is the placing of
a
185 cars.
involve
proceeding
improved
semi-finished
and
improvement m business which strengthens producers' stand on
shipments of low-price orders for flat-rolled steel only to
Sheet mill operations
have increased moderately, but face
30.
lengthening
are
demand, but
higher levels soon—another factor retarding ex¬
by consumers at this time.
of
reported to
finished
demand
June
buying.
in
coverage
from
foreign
program
the
prices
indication
no
heavier
that
seen
large
a
uling still higher rates this week.
"Steel" of Cleveland, in its summary of the iron and steel
markets, pn May 20 stated:
of
1940
25,
business includes
scrap
extending
Apr.
21.92
-
-
1936
$16.04
22.50
-
1938
1937
Low
May 21
Oct.
3
Export
tonnage placed by Italy for delivery the next several months.
Sheet and strip releases have increased further, partly the result of the
general
14.08,
........
May
of last December.
week
third
Liabilities—
Demand deposits—adjusted....
Time deposits
United States Govt, deposits
Inter-bank deposits:
Domestic banks
Capital account
-
Volume
The Commercial & Financial Chronicle
ISO
Complete
Returns of Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the
Chicago member banks
given out
are
New York and
Thursday, simul¬
on
taneously with the figures of the Reserve banks themselves
and
covering the
week, instead of being held until the
same
following Monday, before which time the statistics covering
the
entire
cannot be
In the
body
of
101 cities
reporting member banks in
compiled,
-;-V
i
■
This drastic action,
Major Clement Attlee, Laborite member of Winston
Churchill's inn
of Governors of the Federal
Reserve
returns of the entire body of
Federal Reserve System for that week ended with the close
of business May 15:
1
The
condition
leading
May
cities
15:
in
shows
bonds,
by
weekly
following
principal
$43,000,000
in
banks in 101
for the week ended
member
reporting
changes
balances
deposits—adjusted
States
with
and
Government,
Federal
and
Reserve
$130,000,000
$187,000,000
banks,
in
deposits
guar¬
$199,000,000
of
increases
Gov¬
States
of United
holdings
decrease of $47,000,000 in holdings of obligations
a
United
the
reserve
the
increase of
An
ernment
anteed
of
statement
credited
demand
in
domestic
to
banks.
Commercial,
the
Chicago
Loans
industrial
district
brokers
to
and agricultural
and
and
$10,000,000
dealers
in
loans
all
at
securities
$12,000,000
increased
banks.
member
reporting
decreased
in
New
City and $16,000,000 at all reporting member banks.
Holdings of United States Government bonds increased $29,000,000 in
$19,000,000
in
York
all
at
the
City,
United
and
Government
States
$47,000,000
securities"
all
$8,000,000 in the Philadelphia district, and $43,000,000
member banks.
Holdings of obligations guaranteed by
reporting
at
increased
all
decreased
reporting
$17,000,000
$37,000,000
member
in
New
banks.
York
York
New
in
Holdings
City
and
City
"other
of
$24,000,000
at
repoiding member banks.
Demand
deposits—adjusted
$32,000,000
in
the
increased
Chicago
district,
$88,000,000
$28,000,000
$17,000,000 in the Cleveland district,
district,
in
New
the
in
York
$12,000,000 in
City,
Francisco
San
the
Kansas
$187,000,000 at all reporting member banks.
Deposits credited to domestic banks increased $79,000,000 in New York
City district, and
City, $27,000,000 in the Chicago district, and $130,000,000 at all
ing member banks.
;■■
Major Attlee told
,
May 15, 1940
.
Assets—
May
+1,983,000,000
—11,000,000
+ 597.000.000
4,414,000,000
328,000,000
+ 10,000,000
—3,000,000
+ 569,000,000
+ 27,000,000
602,000,000
—16,000,000
—37,000,000
Real estate loans
1,191,000,000
43,000,000
Other loans.................. 1,592,000,000
—2,000,000
Loans to banks...............
—8,000,000
+41,000,000
—10,000,000
+8,000,000
+73,000,000
650,000,000
1,903,000,000
6,529,000,000
+ 4,000,000
+ 238,000,000
+3,000,000
+43,000,000
—127,000,000
+ 667,000,000
Commercial, industrial and agri¬
cultural loans
Open market paper
Loans to brokers and dealers In
securities
Other
...
loans
for
purchasing
carrying securities
Treasury bills
Treasury notes
or
473,000,000
......
United States bonds....
—66,000,000
Obligations guaranteed by United
States Government
2,387,000,000
...
Reserve with Fed. Res. banks
Cash in vault
—47,000,000
3,480,000,000
—
Other securities
+ 24,000,0.0
+ 199,000, 00
11,050,000,000
472,000,000
3,284,000,000
Balances with domestic banks
+ 356,000,000
deposits—adjusted
+ 252,000,000
+ 2.698,000,000
The measure
The
lone
indorsed immediately by the major parties in Commons.
was
dissenter
—5,000,000
+76,000,000
Borrowings....................
1,000,000
+1,000,000
to
Drastic Bill
Giving Govern¬
ment Power to Conscript Persons and
Property—
Excess Profits Taxed 100%—Cabinet Will Control
Wages—King Approves Measure, Making It Law
thing In the crisis is that
Parliament, with virtually no debate, passed
on May 22 a bill giving the Government the
right to con¬
script every person and all property and money in the
country.
The measure was described as one that virtually
suspends for the duration of the war the former British
personal liberties.
Excess profits, under the bill, will be
taxed 100%, and hence "war profiteers" will be eliminated.
An Order in Council gave immediate effect to the
law,
setting up controls under the ministries covering labor,
banking, agriculture, transport, mining, war industries and
export trade industries.
United Press London advices of
May 22 summarized the provisions of the measure as follows:
toward
a
emergency powers
bill was rushed through both houses of Parliament in
the Royal Commission sitting in the House of Lords.
well
as
signified by
It affects Northern
Britain.
King George VI held a privy council at Buckingham Palace at 10 p.
m.
the Act.
As the bill went into effect, home
swarms
forces
were
gearing to meet the German
of British airplanes were patrolling the home skies
on
lookout for German bombers.
Republics
over
to dictate production,
2.
close down factories
or
even
destroy
Invasion
of
Low
.
Justice
The
21
,:v
American
republics
made
public
.
May 18 a
joint declaration protesting Germany's invasion of Belgium,
Holland and Luxembourg.
The document said that the
republics "consider unjustifiable the ruthless violation by
on
Germany of the neutrality and sovereignty" of these coun¬
tries; it also proposed an appeal for "the reestablishment
of law and justice in the relations between
countries."
The declaration, proposed by
Uruguay, was agreed to by
the last of the republics on May 17 but will not be
sent
to
the German Government.
The intention of the United
States to support the proposal was noted in these
columns
May 18,
3138.
page
The American
law
and
conferences,
the
The text of the declaration follows:
republics,
in accord with the principles of international
application of the resolutions adopted in their inter-American
consider unjustifiable the ruthless violation by
Germany of
in
neutrality and sovereignty of Belgium, Holland and Luxembourg.
paragraphs four and five of the Ninth Resolution of the meeting
In
of
the
of
International Activities
Foreign Ministers, held at Panama in 1939, entitled
as
American
law and
The
in
that
a
in
of
relations
with
neutrality
conduct
therefore,
and
between
or
the
this
"Maintenance
Morality,"
invasion of
of
success
resolve
Belgium,
appeal
an
Christian
war
infraction
it
was
weaker
warrants
of
the
international
of justice.
republics,
directed against
making
the
protesting against
the requirements
time
Accordance
the
in
measure
American
in
violation
republics
attacks
the
the
for the
to
protest
Holland
and
against
the
Luxembourg,
reestablishment
of
law
countries.
mili¬
at
and
the
justice
V
Rumania Revalues Gold—State to Use
Paper Profit
to
Pay Debt and for Army
The
following is taken from a telephone message to the
Bucharest, May 18:
New York "Times" from
By royal decree, the National Bank has been empowered
to increase the
On the basis of latest reports the present
gold stocks amounts to 21,028,000,000 lei at the old rate and 31,542,000,000
value of its gold stock
by 50%.
after the revaluation.
The action
does
not
mean
a
new
devaluation
in
terms
of
foreign
cur¬
rencies, it is noted, because the real devaluation took place with the intro¬
duction of the 50%
foreign-currency premium.
About 5,500,000,000 of the theoretical profit of 10,514,000,000 lei will
be used to write off all debts owed to the bank
by the State and the
rest
will be used for purchasing equipment for the army.
The gold coverage of bank notes was required by law to be at least
35%.
Netherlands Joins Anglo-French
MonetaryAgreement.
3.
Complete powers
to
draft labor, diverting it and employing
for the national defense.
Control over national
Loudon, Minister of the Netherlands, an¬
nounced in Washington on May 23, after a conference with
Sumner Welles, Under-Secretary of State, that his govern¬
ment had joined the British-French monetary agreement.
The following is the minister's statement in the matter:
The Netherlands
Government has joined the British-French
monetary
agreement subject to the following conditions:
banking facilities.
now
will be
(to the pound).
(2) The United States dollar will be maintained at
an average
of
guilders (to the dollar).
A 100% tax on excess profits.
4.
German
Unjustifiable—Adopt Joint Declaration
Protesting
Action—Urge
Return
to
Law
and
aUowed only on sterling at the official cross-rate on the basis of 7.60 guilders
all industry and commerce with abso¬
property where and if necessary.
necessary
Call
Countries
(1) Netherlands Indies' trade with the sterling bloc from
law, most drastic in Britain's long history, provides:
Full Government control
lute powers
\
Dr. Alexander
The bill became law at 6:09 p. m., when royal assent was
new
'
.
far-reaching
record time.
1.
The
now.
should continue at his job until
the
Channel ports for
The
everyone
Government.
The British
threat and
Other establishments
He said that the Ministry of Labor is
establishing a production council
be headed by Arthur
Greenwood, Laborite member of the Churchill
same
on
who
.
,
ordered to do otherwise."
tary
as
.
member,
the part of the ruling
on
doing
essential
—1,000,000
Ireland
Communist
be controlled later."
nations
a
Gallacher,
deliberate effort
a
He told Commons not to
"jump at the conclusion that anyone is going
to be ordered to do
something different from what he is
—9,000,000
France
William
was
Wages and profits will be under Government control.
may
+2,000,000
and
may
Major Attlee said that "some establishments will be controlled entirely
They will, in effect, be working on the Government account.
580,000,000
driving through Belgium
We cannot know
the British people in the past met and overcame
right away.
established
"knockout" blow at the British Isles,
"we must mobilize the
days will bring forth, but whatever
or even
class to conquer the
working class."
+ 68,000,000
+1,924,000,000
Germans
as
charged that it "represented
+ 3,247,000,000
+ 130,000,000
the
said, when
Every private interest must give way to
Under provisions of the law the Minister of Labor has the
powers to
direct any person in Britain to
perform any services which may be required
for the national defense.
—3,000,000
8,614,000,000
709,000,000
With
delay, to meet the critical German threat.
Major Attlee
country.
their dangers."
+ 187,000,000
British Parliament Passes
moment's
weight into the struggle.
+ 53,000,000
.......
Foreign banks..
a
shall meet it
+613,000,000
Domestic banks...........
particular class of the
some
had to be placed at the disposition of the Govern¬
resources
what the next few weeks
come we
+ 99,000,000
United States Government deposits
Inter-bank deposits:
of
some persons
property."
the urgent needs of the
community.
"We must throw all our
—7,000,000
Liabilities—
Demand
Time deposits
grave and troubled Parliament that the Government
all persons rich or poor, employer or worker, man or
The time has come,
whole resources of the
19,928,000,000
5,315,000,000
....
throw
to
and to meet the
He declared that all of Britain's
manpower and all her vast industrial
and financial
ment without
(—)
$
+ 16,000,000
a
just "over
over
and over all
woman
American
May 17, 1939
$
23,592,000,000
8,643,000,000
Loans—total
or Decrease
Since
8, 1940
$
Loans and investments—total
not
community but
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended May 15, 1940, follows:
'
necessary
effort
employers."
A summary
(+)
is
war
report¬
j.':.
Increase
Parliament,
told
Britain behind the
a radio broadcast to the
nation and said the "Government will do its utmost to
avoid injustices to
individuals and will work in close
cooperation with organized labor and
York
New
Cabinet,
war
"grave peril in which the nation stands today."
Major Attlee described the drastic measures in
reporting member banks of the
System respecting the
r
the entire power of Great
sought control
following will be found the comments of the Board
3279
5. All persons and all
property in the British Isles to be at the full service
and direction of the
Government.
(3) Preparatory
it
as
to countries not
maintained, and
currency
measures are
taken to
assure
direct and Indirect exports
participating in the British-French agreement will be fullyare payable only in United States dollars or other foreign
allowed by the Java bank.
The Commercial & Financial Chronicle
3280
All necessary arrangements are well advanced and will be working in the
near
I
future.
Pending definite arrangements, the satisfactory exchange positions of the
Netherlands Indian banks enables the Netherland East Indies to deal with
This souble arrangement can be maintained because
all current business.
the entire exchange business is
centralized in the Deviezlen Institute and the
entire export business is exclusively allowed in.foreign currency.
Dr. B. Wohlthat Named Director of All Banks in Holland
United Press Berlin advices of May 28
reported the fol¬
lowing:
ing of 4,963,320 shares.
On the New York Curb Exchange
member trading during the week ended May 4 amounted
to 236,525 shares, or 19.85% of the total volume on that
Exchange of 1,096,125 shares; during the preceding week
trading for the account of Curb members of 243,195 shares
was 19.81% of total trading of 1,165,240 shares,
The Commission made available the following data for
the week ended May 4:
'
'
The data published are based upon weekly reports
These reports are classified
Commander-in-Chief of the German
s-;.vr-
"v:
■
"•>
-
■
follows:
as
Dr.
Wohlthat,
Stock
Total number of reports received
-
1. Reports showing transactions as
Rumania.
__
specialists
Reports showing other transactions Initiated
2.
and
Exports of Silver
Tobacco
Raw
The
following advices were contained in
London account May 18:
The British Board of Trade imposed a
Banned
259
78
118
520
.....
..
576
initiated off the
4. Reports showing no transactions
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists in the stocks in which they are registered and the round-lot transactions
ban today on all exports of silver
and unprocessed tobacco, except under government license.
No explanation
given, but the move was believed to have been caused by a recent heavy
was
837
107
the
on
floor
United Press
a
Exchange
1,066
195
254
floor..-
3. Reports showing other transactions
British
Curb
Exchange
announced today.
Economics Ministry, was formerly a
expert in the
an
German trade negotiator in
New York
New York
.
Army, has appointed Dr. Belmuth Wohlthat Commissar for the Netherlands
Bank and for all other banks in Holland, it was
filed with the New
York Stock Exchange and the New York Curb Exchange by their respec¬
tive members.
'
Col .-Gen. Walther von Brauchitsch,
May 25, 1940
resulting from such odd-lot transactions are not segregated from the
of specialists
On the New York Stock Exchange, on the
specialists' other round-lot trades.
other hand,
all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business.
foreign demand for those things.
Bullion traders here are understood to have notified the authorities that
the two-pence rise in silver prices over the last week was the result of a
"mystifying" Continental buying movement. At the same time, April trade
figures showed that British exports of tobacco, both raw and processed,
As a result, the round-lot transactions of
specialists in stocks in which they are registered are not directly comparable on the
two exchanges.
number
The
than
the various classifications may total more
of reports in
the number
of reports received
because
a
single report may carry
entries in more than one classification.
reached the abnormally high level of £198,000 ($1,992,000).
ROUND-LOT
TOTAL
STOCK SALES
ON THE
NEW YORK
STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
Egypt Bars Removal of Wealth
The
Egyptian Government
on
of wealth from the country, it is
Press dispatch from Alexandria,
..."\v"'"-V-;.
say:
moment to
May 21 banned the removal
learned from an Associated
May 21, which went on to
;><■
Week Ended May 4,1940
Total for
Week
Now they find their exit
exchange rates).
132,380
4,151,230
Short sales..
leave.
4,283,610
Total sales.
B. Round-lot transactions for account of members, except
with this wealth barred by
a
for
the odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists in stocks In which they are
restriction that
423,770
.
Short sales...
55,180
351,140
Other sales, b.
Mexico
a
Mussolini, might decide at any
take away only 20 Egyptian pounds (about $65 at current
any person may
Per
Cent
A. Total round-lot sales:
join Germany against the Allies, had converted their property
into cash in their anxiety to
(SHARES)
;.V"■.>
v
fearing that Premier
Italians,
Many
MEMBERS *
OF
Pays $1,000,000 to Sinclair Oil Interests
Settlement of Expropriated Properties
of $1,000,000 of
The first instalment
Part
as
$8,500,000 agreed upon as compensation of the Sinclair oil
for their expropriated properties in Mexico was
turned over in Washington on May 18 by Francisco C.
on
the floor—Total purchases
Short sales—
interests
9.69
406,320
Total sales.
2. Other transactions Initiated
total payment of
a
312,240
26,234
287,730
Other sales, b.
V:-'V-''
7.31
313,964
Total sales.
Majera, the Mexican Ambassador, to officials of the Con¬
solidated
Oil
interests.
In
to
New
the
Corp.,
parent
noting this, Washington
"Times" said:
Ambassador
The
ment
represented
Mexico
by
instalments
of
series
A
Three million
16.
by
Sinclair
3. Other transactions initiated off the floor-Total purchases
oil
of May
18
Short sales...
Oil
the
claims
40%
about
oil
of
year
and
on
the rest in
disposed of
as
No
far
spokesman here
properties represented only
Oil is
claims
by the $8,500,000
that
formal
claims
cash
as
about
10%
a
made
have
settlement
asserted several
said to have set
be
may
settle¬
Other sales.
of
103,324
786,670
made
889,994
concerned.
the
that
ago
TOTAL
of the American oil hold¬
value
$150,000,000
on
ROUND-LOT
CHANGE
its
BERS *
AND
The
ON
THE
TRANSACTIONS
NEW
FOR
YORK
23.45
CURB
ACCOUNT
OF
EX¬
MEM-
Week Ended May 4, 1940
Ambassador
the
SALES
STOCK
STOCK
^
(SHARES)
properties.
with
862,203
Short sales.
against
been
is
weeks
3.45
169,710
Total sales....
>
.
a
4. Total—Total purchases.
the
interests.
companies
Co.
$1,000,000 would be made
126,193
21,910
147,800
Other sales, b.
ending in 1942.
American
Standard
ings.
advices
dollars will be paid this
eaid
American
other
Standard
Sinclair
York
The Ambassador said the next payment of
Aug.
of the
company
rest
of
he
said
the
17
had
nothing
oil companies
to
announce
whose properties
The signing of this agreement
was
about
were
noted in
issue, page 2964.
Total for
Week
negotiations
expropriated.
Short sales.-............———■ 18,750
Other sales, b
1,077,375
.
our
May 11
.
a
V;
•
+
1,096,125
Total sales.....
June 1
Coupons of French Republic 20-Year External
Gold Loan 7^% Bonds and External Loan of 1924
25-Year 7% Gold Bonds to be Paid
Round-lot transactions for the account of members:
B.
1. Transactions of specialists in stocks in which they are
112,035
registered—Total purchases
13,350
145,190
Short sales
The Government of the French
Republic announces that
maturing June 1, 1940 of the 20-year external gold
loan 7^5% bonds payable June 1, 1941 and of the external
loan of 1924 25-year sinking fund 7 % gold bonds will be
paid
in United States dollars upon presentation at the New York
office of J. P. Morgan & Co., Inc.; or at the
option of the
holder, at the office of Morgan & Cie., Paris, France, in the
French franc equivalent of the dollar
amounts, calculated
upon the basis of the buying rate for exchange on New York
at the time of presentation.
This announcement refers also
Other sales, b.
coupons
to certain decrees
Per
Cent
•
A. Total round-lot sales:
of the French Government
ductions applicable in certain cases; these
noted in
on
the floor-Total purchases
Short sales
Short sales
42,425
2,175
24,860
Other sales.b.
Total sales
4.34
50,9.50
Total sales.
3. Other transactions initiated off the floor-Total purchases
....
3.17
27,035
4. Total—Total purchases.
198,635
our
advertising columns of today's issue.
12.34
44,175
1,600
49,350
Other sales.b.
imposing de¬
are
158,540
Total sales.
2. Other transactions initiated
^
Short sales
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended
May 4
The
and Exchange Commission made
public
(May 24) figures showing the volume of total
round-lot stock sales
the New York Curb
of
a
these
series
on
the New York Stock
Exchange for the
Exchange and
Customers' other sales.c
sales in these
are
shown
separately from other
figures.
Trading on the Stock Exchange for the account of members
during the week ended May 4 (in round-lot transactions)
totaled 889,994 shares, which amount was
20.45% of total
transactions on the Exchange of 4,283,610 shares.
This
compares with member trading during the previous week
ended April 27 of 1,120,595 shares, or
22.16% of total trad¬
19.85
15
82,581
account of all members
Total purchases-
exchanges in the week ended May 4, continuing
current figures being published
weekly by the
Short sales
236,525
C. Odd-lot transactions for the account of specialists:
Customers' short sales
of
Commission.
219,400
Total sales.
Securities
yesterday
17,125
Other sales.b.
82,596
Total sales.....
•
The
term
"members"
50,653
Includes
all
Exchange
members,
their firms and
the
partners. Including special partners.
a
Shares in members' transactions as per cent of twice total round-lot volume.
In calculating these percentages, the total of members' 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.
b Round-lot short sales which are
rules
c
are
Sales
exempted from restriction by the Commission
included with "other sales."
marked
"short exempt"
are
Included with "other sales."
Volume
The Commercial & Financial Chronicle
150
Odd-Lot Trading on New York Stock
Week Ended
Exchange During
TRANSACTIONS
FOR
THE
York
ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW
Week Ended May
Stock
3281
Exchange
Gqlf Association
Give
to
Ambulance Unit to French Government
May 18
The Securities and Exchange Commission made public on
May 24 a summary for the week ended May 18 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 11 were
reported in our issue of May 18, page 3131.
The figures are
based upon reports filed with the Commission by the oddot dealers and specialists.
:
; ^
STOCK
New
OF ODD-LOT
ACCOUNT
YORK STOCK EXCHANGE
Members of the New York Stock Exchange, through the
New York Stock Exchange Golf Association, will present a
completely-equipped ambulance unit, including the driver's
maintenance and uniform, to the American Volunteer Am¬
bulance Corps at the annual gold and tennis tournament of
the Exchange on June 25, at the Glen Oaks Club, Great
Neck, L. I. The ambulance will immediately be presented
by the Corps to the French government for active service
abroad. The Exchange's announcement of May 22 further
said:
The numerous prizes, many
donated by member firms of the Exchange,
which have featured past tournaments, will not this year be accepted.
The
New York Stock Exchange Golf Association is, instead, urging firms and
18,1940
Total
for Weet
Odd-lot sales by dealers (customers' purchases):
Number of orders
89,439
members to donate money
toward the purchase of at least one completely
equipped ambulance unit for the American Volunteer Ambulance Corps.
Modest bronze medals will be awarded players turning in low net, low gross,
birdies and the like.
Number of shares
Dollar value
2,402,462
......
-
;
68,868,529
;
.
The arrangements Committee
Odd-lot purchases by dealers (customers' sales):
has also adopted a Resolution directing
the Association in excess of actual expenses of
the tourmanent, if insufficient for a second ambulance unit,
Number of orders:
968
Customers' short sales
a
79,446
Customers' total sales.
80,414
Customers' other sales,
of the Golf Association, headed by John
Bell Huhn and Benjamin Jacobson,
that all moneys received by
the American
Red
The ambulance unit which
Cross.
ordered will be appropriately
designated
be presented to
has already been
the New York Stock Exchange
as
Golf Association Unit, and will leave for service in France on July 1.
Schuyler A. Orvis Jr.,
sailed
Number of shares:
Customers' short sales
32,112
2,353,782
....
Customers' other sales.a.
Customers' total sales.*....................................
2,385,894
son
French
American
Short sales
.L..
Other sales.b
....
in
Corps is
Sales marked
"short exempt" are reported
Toronto and
liquidate
a
Montreal
Exchanges Ban Short Selling
The Montreal Stock Exchange and the
disclosed, likewise have prohibited
This action was taken, it is
said, in an effort to stem the decline of prices that has resulted
from the European war developments.
May 22.
Curb, it
was
i
25%
Pay
Bonds
1921
of
—♦—
v-v
■
■
June 1 Coupons of 8% Gold
and 7% Gold Bonds of 1922
on
The United States of Brazil has remitted to Dillon, Read
& Co. funds for the payment of the June 1, 1938 coupons
appertaining to Brazil's 20-year external gold loan 8%
bonds (of 1921) and 30-year 7% gold bonds (of 1922) at
the rate of 25% of the face amount.
Payment at this rate
accordingly will be made by Dillon, Read & Co., special
agent of the United States of Brazil, upon presentation of
the coupons accompanied by a letter of transmittal wherein
the holder agrees to accept such payment in full satisfaction
and discharge of the coupons.
of
The market value of total sales on all
registered securities
exchanges in April, 1940 amounted to $1,270,123,034, an
72.8% over the market value of total sales in
March, and an increase of 26.9% over April, 1939, the
Securities and Exchange Commission announced on May 24.
Stock sales, excluding rights and warrants, had a market
value of $1,133,310,078, an increase of 79.4% over March.
Bond sales were valued at $135,783,816, an increase of $32.0%
over March.
Sales of rights and warrants in April totaled
$1,029,140. The Commission further stated:
increase of
The volume
of stock
sales,
excluding rights and warrants,
was
50,802,-
total. Total principal amount
increase of 29.2% over March.
182 shares, an increase of 78.6% over March's
of bonds sold
$210,815,750,
was
an
The two leading New York exchanges
accounted for 94-7% of the market
94.1% of the market value of stock sales and 99-7% of
value of all sales,
the market value of bond sales on all registered securities exchanges.
Total market value of sales on exempt securities exchanges in April, 1940
was
$703,773,
an
Requested
increase of 4.5% over March.
ing
to
request
at the
taken
business
Secretary Wallace asked the Nation's
May 18.
on
halt the
week as a
result of European war developments.
Mr. Wallace's action
came a day after the Winnipeg
(Canada) Grain Exchange
pegged wheat futures prices at the May 18 closing quota¬
grain futures markets on May 18 to peg prices to
sharp break in wheat prices which occurred last
tions.
This
minion
Government.
was
move
made
May 21 that effective June 1, 1940, a fee of $100 will be
charged for the consideration by the Committee on Admis¬
sions of an application for approval of a new general or
limited partner of a member firm, other than an Exchange
member.
No charge will be made, the Exchange said, for
consideration of an application of a partner changing from
one firm to another or an individual who has been a member
partner of a member firm within three
months of the date of the application.
The fee will be
the
on
or a
time an
application is presented
Admissions for posting.
the
request
of
the Do¬
Secretary Wallace sent to the exchanges to prevent further
As
of
current
further
price disturbances
developments it is requested that the Governing Board
war
May 20, prohibit trading in grain
below closing prices on Saturday,
effective Monday,
Exchange,
your
against
protective measure
temporary
a
from
futures, until further notice, at prices
18.
May
The following
concerning the action of the Chicago Board
the Chicago "Journal of Commerce" of
is from
Trade
of
May 20:
effect
the grains in
the
limitations
daily price
been
have
ihere
on
establishing
in
of
varying amounts in
this country for some years past, yesterday's action
floor has been brought into play only once before during
a
Back in July, 1933, following the collapse of the
prices at Chicago broke from about $1.20 to 90c. a
inside of four days.
On July 31 of that year the directors of the
10
last
years.
inflation scare, wheat
bushel
price of 92%c. for the
in effect until the close of busi¬
Trade established a minimum
Board of
Chicago
September future and which "peg"
on Aug.
15 of that year.
was
ness
Following
limitation
the expiration of that 15-day period, the 5c, daily price
into play on wheat, and upon the removal of the "pegs,"
came
prices for the leading cereal broke another dime in two steps of
with trade extremely light during those two sessions due to the
nance
selling orders.
of
further
Until
following
notice,
minimum
stressed, however,
decided
misnomer;
and beginning
Chicago.
effect in
will be in
prices
predomi¬
It should be
which would prevent
of course, to the same
and rye, 8c. a bushel on
permitted, and there is nothing at present
will not be
moving into higher ground, subject,
daily price limitations of 10c. a bushel on wheat
corn
and eoybeans, and 6c. a bushel on oats.
prices
5c. each,
; <
at the opening this morning, the
j
in this connection that the term "pegged" prices is a
these are minimum prices only below which trading
from
FUTURE
July
September
December
.79
.78)*
.5914
.37)*
Corn
Members of the New York Stock Exchange were advised
Committee
at
The following is the telegram which
price declines:'
Charge Fee of $100 for
on
payable at
of Secretary of Agriculture
'
New Non-Member Partner of Firms
Exchange
Chicago Board of Trade,
Wallace, prohibits trading in grain futures at price levels
below the average at which sales were made at the close of
.59
.78)4
.58)*
.79)4
.57)4
May
New York Stock Exchange
of the
After
Wallace
Secretary
by
Decline
Board of Directors of the
While
Value
April Sales on National Securities
Exchanges Increased 72.8% Over March and 26.9%
Over April, 1939, SEC Reports
Market
Other
special meeting on May 19, passed an emergency rul¬
fixing minimum prices on all grain futures.
This
action,
short selling on the Toronto Stock Exchange was
to
The
Futures by Chicago
Leading Exchanges—
Grain
on
and
Trade
of
Week's
long position
short sales until further notice.
Brazil
American
Americans residing abroad.
and from
Set
Prices
Action
with "other sales."
of Stocks
Montreal
prominent
by
round lot are reported with "other sales."
a
The
announced
September
last
seeking funds in this country.
Board
at a
on
Paris
an
needed for wounded civilians and soldiers
financed at that time by means of donations re¬
States
United
the
now
Minimum
395,230
b Sales to offset customers' odd-lot orders, and sales to
which Is less than
A ban
in
organized
was
ceived
ambulance
behind the
Corps,
Ambulance
416,480
Total sales.
Round-lot purchases by dealers:
Number of shares
a
190
416,290
auxiliary
volunteers serving the French Army
Volunteer
wherever they may be
or
residents in France, and
Number of shares:
yV
lines
alike,
Round-lot sales by dealers:
15 other volunteers, for service as
the Belgian and
fronts.
The
service of the American
67,636,278
Dollar value
of Schuyler A. Orvis, a member of the Exchange
Saturday last, together with
on
drivers with the American Volunteer Ambulance Corps on
to the
.43)*
-
-
Soy beans
Directors
similar
to
minimum
of
all
that of
.46)*
.91 )4
Oats
Rye.
.31
.33)4
.44)*
.89)*
.77
other
grain
exchanges
in
Chicago in establishing the
tne
country
toox
action
closings of May 18 as the
permissible levels during this emergency
period.
Remain Closed on
and August
Pursuant to the following resolution, which was unani¬
mously adopted by the New York Clearing House Associa¬
tion yesterday (May 24), the New York Clearing House
New
York
Clearing
House
to
Saturdays During July
The Commercial & Financial Chronicle
3282
will
remain
closed
each
on
Saturday
during
July
and
shall be allowed
the
General
Construction
Chapter 368 of the Laws of 1940
by resolution of its Directors
each
Law
has
year
otherwise recognized, for the purpor
or
or
t
of its
any
Circular No. 418,
amended,
as
and
this notice
issue.
"
.
follows, have advised the Clearing
House Committee of their decision to remain closed
during the
deduction,
Department
Treasury
Saturday from June 30 to Labor Day; and
as
hereafter imposed by the United States
prescribe the terms of the Treasury bills and govern the conditions of their
to observe a
Whereas, all the member banks,
a
or
now
1940
possessions.
been so
amended. bypermit each bank and trust company
holiday and to remain closed on
as to
as
of any tax
August, 1940:
Whereas,
May 25,
on
such
President
Saturdays
Roosevelt
Congratulates Cuba
pendence Anniversary
1940:
Inde¬
on
,
Bank of New York
Irving Trust Co.
Bank of the Manhattan Co.
Continental Bank & Trust Co.
National City Bank
Chase National Bank
President Roosevelt
Frederico Laredo Bru
pendence in
a message
May 20 congratulated President
the anniversary of Cuban inde¬
which read as follows:
on
on
Chemical Bank & Trust Co.
Fifth Avenue Bank
Guaranty Trust Co.
Bankers Trust Co.
Manufacturers Trust Co.
Title Guarantee and Trust Co.
Central Hanover Bank & Trust Co.
Marine Midland Trust Co.
countrymen and to extend my sincere wishes for the happiness and welfare
Corn Exchange Bank & Trust Co.
New York Trust Co.
of the
First National Bank
Commercial National Bank & Trust
Public National Bank & Trust Co.
4
Upon this anniversary of the independence of Cuba it is
Co.
to
*
people of
our
President Roosevelt announced yesterday (May 24) plans
the Clearing House Committee may consider
necessary, due
notice of which will be given by the
Manager.
as
Federal
Intermediate
Credit
Banks
Sell
to train 50,000 civilian pilots during the new fiscal
year,
starting July 1.
In reporting his remarks United Press Washington advices
of May 24 said:
$30,600,000
z/i% Debentures
Civilians
The Federal Intermediate Credit
banks,
through Charles
New York, fiscal agent, offered $27,700,000 %%
debentures dated June 1, publicly, on May
17, to mature
in 360 days, on June 2,
1941, and at the same time sold
within the system
$30,600,000
a
to man the ultimate fleet of
The President said at
same date,
Of the total of
The,,broadened
main
debentures, $24,700,000 was issued to refund
of like amount June 1, and the balance of
new
maturity
new
indebtedness.
The
debentures
2.
3
Of
this
amount
bids to the
offering is from the Secretary's
Total applied for, 8169,840,000.
High,
Low,
Average price,
At
announcement:
The
Total accepted, $100,105,000.
his
amount bid for at the low
remarks,
price
was
accepted.)
or
Thereabouts, of
Bills—To Be Dated May 29, 1940
in
91-
payable without interest.
There
They (the bills) will be issued in bearer form
only, and in
denominations of $1,000,
$10,000, $100,000, $500,000, and
(maturity value).
tender
pressed
must
be
an
in
amount
multiples
less
of
than
$1,000 will be
$1,000.
The
price
is
offered
Nation
the
cannot
afford
to
Further reporting
Press advices of May 17
United
set
that
and
aside
were
that
the
would
*::y■?■■■$.
$975,000,000
the
money
House.
for
Work
be
may
Passage is
prefer to put
more
persons
Congress
are
cuts
Ad¬
in
eight
next
week.
spent
expected
on
relief rolls
of
that the associated general contractors
WPA
other
or
funds
be
for
centers,
projects.
employment would
while the head
Manchester,
down
the
of
Ga., would reap
scale
present
will begin
construction
continued,
going to lose their jobs and their
relief
of
of
means
boom
hungry
a
he
steel
in
but it will not
said,
great
a
in
family
benefit.
no
aid,
if
Projects
100% of the needy families of the Nation.
earmarking funds probably would lead to fewer jobs.
done,
various
in
care
natural
was
-'.V.'':■'
provide
The defense program
undoubtedly will provide new jobs,
take up the slack of families in need of WPA
adding that
people
many
support.
On May 21 President Roosevelt asked the House to remove
the provision in the relief bill
prohibiting use of Work Projects
Administration funds for certain heavy construction
a
projects
costing more than $50,000 and against allocation of more
than $50,000 for any such work.
In a letter to
Representative Cannon of Missouri, in charge
of the measure, the President contended that the
present
limitation would have "a disastrous effect"
upon the WPA
construction program, would deprive manv needy of work and
would have "a
particularly harmful effect" on attempts
ex¬
the basis of 100, with not more
than three decimal
places, e. g.,
Fractions must not be used.
Tenders will be accepted
without cash deposit from
incorporated banks
trust companies and from
responsible and recognized dealers in in¬
vestment securities.
Tenders from others must be
accompanied by a de¬
posit of 10% of the face amount of
Treasury bills applied for, unless the
tenders are accompanied
by an express guaranty of payment
by an in¬
corporated bank or trust
it
that
Watertown, N. Y.,
Each
be
to
provisions
attempt to take
towns
$1,000,0 0
must
itself,
under debate
he warned
If
amounts or
considered.
was
He said
on
99.125.
bill
with
drive to
a
Washington
Roosevelt said he
an
But
maturity of a similar issue of Treasury bills on
May 29, in
amount of $100,454,000.
In his announcement of the offer¬
ing Secretary Morgenthau also said:
tender for
that
V-
relief
months,
(EST) May 27, but will not
Department, Washington. The
Treasury bills will be dated May 29, 1940, and will mature
on Aug.
28, 1940, and on the maturity date the face amount
be
warned
■■
The
branches thereof up to 2
p. m.
be received at the
Treasury
will
Limit
press
ministration
ury bills to the amount of $100,000,000, or
thereabouts, to
be sold on a discount basis to the
highest bidders. Tenders
will be received at the Federal
Reserve banks and the
bills
Relief
to
for
President
said:
equivalent rate approximately 0 079%.
Offering of $100,000,000
the
on
conference, May 17, President Roosevelt
prompt enactment of the $1,111,060,000 relief
appropriation bill and applied the term "pork barrel" to
proposals that the funds be earmarked for specific projects.
Secretary of the Treasury Morgenthau announced May 24
are invited to a new
offering of 91-day Treas¬
No
liis
called
that tenders
of
\\...
'
99.992; equivalent rate approximately
0.032%.
Day Treasury
$4,000,000 appropriation last year.
a
Roosevelt Urges Prompt Action
Appropriation Bill—Opposes Proposal
Grants to $50,000
Mr.
New
pilots with
$3,000,000,000 defense appropriations
drop additional people from relief rolls.
99.980
(Three percent of the
appropriations which will
President
100.00.
/
total
Corps.
$100,-
Range of accepted bids:
;
the
Air
up to 2 p. m. (EST)
Reference to the offering appeared in our issue of
page 3133.
The following regarding the accepted
May 20.
May 18,
the
But he recalled that the CAA launched its
now being rushed through
Funds for aviation training carried in those bills, said the Presi¬
dent, will be utilized for advanced training courses by the Army and Navy-
The tenders to the
offering were
Reserve banks and the branches thereof
>
enrolled in any school or college but are
are not
Congress.
rate of 0.032%.
received at the Federal
an average
trained
were
Funds for this primary training the President said, will be
supplemental
Bills—$100,105,000
accepted at
from three
men
10,000 civilians
A large group of citizens who have private licenses of various sorts but
Men of 18 to 25 who
.
program to train 10,000
to
Average Rate of 0.032%
A total of $169,840,000 was tendered
to the offering last
week of $100,000,000 or thereabouts of
91-day Treasury
bills dated May 22 and
maturing Aug. 21, 1940, Secretary
was
the
1
willing to undertake such training.
Mr. Roosevelt would not estimate
at
105,000
Roosevelt said, will draw
and colleges at which
be necessary for such work.
Morgenthau announced May 20.
an ex¬
for personal reasons have ceased to fly.
Tenders of $169,840,000 Received to
Offering of $100,000,000
of
91-Day
Treasury
Accepted
program, Mr.
The schools
this year.
total of $210,300,000 debentures.
a
conference that the plan represents
,
sold
standing
50,000 airplanes contemplated by the President.
press
sources:
1.
at a price slightly above
par, and the offering
is said to have met with the usual broad demand.
At the close of business June 1 the banks will have
out¬
were
a
pansion of the Civil Aeronautics Authority training program which gave
primary training to 10,000 civilians in the current year.
$2,900,000 %% debentures of
$5,900,000 represented
receiving the primary aviation training will be incorporated
into various army, navy and marine reserves to form the personnel nucleus
R. Dunn,
maturing in five months, on Nov. 1, 1940.
sister republic.
50,000 Pilots in Coming Year
remain
each Saturday from June 30 to Labor
Day 1940, subject to such
on
regulations
great pleasure
President Roosevelt Announces Government Will Train
Therefore, Be It Resolved, that the New York Clearing House
closed
a
behalf of my fellow
on
4,
■■•'j
v
greet Your Excellency in my own name and
being made to
defense.
use
the WPA program to further national
The latter follows:
and
company.
-
Immediately after
the
1940, all tenders received
up to the
closing hour for receipt of tenders
at the Federal Reserve Banks
or
closing hour will be opened and public
ceptable prices will follow
following morning.
right to reject any
as
soon
on
May 27,
branches thereof
announcement of the ac¬
possible thereafter, probably on the
The Secretary of the
Treasury expressly reserves the
as
or all tenders or part of
tenders, and to allot less than
the amount applied
for, and his action in any such respect shall be
final.
Those
submitting tenders will be advised of the acceptance or
rejection
thereof.
Payment at the price offered for
Treasury bills allotted must be
made at the Federal
Reserve Banks in cash or other
immediately available
funds on May 29,
1940.
The Treasury bills will be
exempt, as to principal and interest, and
any
gain from the sale or other
disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not
exempt from the
No loss from the sale or other disposition of the
Treasury bills
gift tax).
My Dear Mr. Cannon:
M attention has been called to section 11 of the House Joint
Resolution
544,
now
under consideration in the House of Representatives, which
provides funds for the Works Projects Administration for the fiscal year
1941.
Section 11 in general prohibits the expenditure of these funds on
any
project for the construction of any building, bridge, viaduct, stadium,
underpass, tunnel
of
a
cost
or
other structure, if the total estimated cost in the
Federal project exceeds $50,000,
or
payable from Federal funds in the
case
if the portion of the total estimated
case
of
a
non-Federal project exceeds
$50,000.
'
The report of the Committee
merely states:
.
on
Appropriations concerning this section
•.
It is believed that this is
sound limitation, for the joint resolution is
designed to give work relief and it has been demonstrated that the larger
the structure the lower the
proportion of relief labor used on it. *
,
a
The Commissioner of Works Projects informs
me
that the proportion of
relief labor
on large construction projects is in many cases greater than on
small projects, and,
furthermore, that the over-all proportion of relief labor
on all construction
projects now in
operation is between 96 and 97%
The limitation
upon
contained in section
11
would
the construction program of the WPA,
have
a
disastrous
.
•
effect
It would prevent the employ-
Volume
of many
ment
The Commercial & Financial Chronicle
ISO
needy employable
3283
The bill carries, in addition to the W.P.A.
regular occupations; it
at their
persons
would force the operation of numerous small projects of doubtful value—
with resulting complications in operation and administration; and would
fund, $115,000,n00 for rural
rehabilitation, $3,500,000 for the Puerto Rico Reconstruction Administra¬
tion, $1,700,000 for the Indian Service, $500,000 for the Office of Govern¬
prevent the execution of much work that is greatly needed and
ment
which would
produce results of great public value and benefit.
The limitation would have
which is
tion
year
being made to
the program of the Works
That
The
Projects Administra¬
value from the National defense standpoint, and the prohibition
In view of the
which is
President
reasons set
forth above, it is my
Very truly
opinion that the limitation
V
up relief projects
FRANKLIN
there
was
ROOSEVELT.
D.
a
part of our political vocabulary.
people who insist
j ustification, be charged with
desire to return to boondoggling.
a
was
noted in
would
F
.
D. R.
3137.
New
States
United
Citizens
noted
Will Continue to Be Land of Opportunity—Says
They Must Share Duties and Responsibilities
President Roosevelt
declared
in
letter
a
read
veto
I
have
letter, which was read
Labor Perkins, also said that those who
status of
citizenship, either by coming of
tion,
must be
duties which
Americans."
prepared
to
those
are
The text
all
patriotic
follows:
as
It
gives
ican
of
status
of
all
vfe
Great
has been
citizenship.
bilities
born
of allegiance
duties
in
naturalization,
other
the
to
lands
United
are
those
all
of
for
the recog¬
States.
Now
partiotic
and
will
America
they must
and
their
was
the
at
same
to
time
insure
will,
for
may
harbors and other waterways.
149 additional
purposes
projects for the
It also directs the
There is
projects.
$109,985,450.
bill
an
amount
of
$25,006,000 for
This
in
the
work
construction
leaves
balance of
a
amount
of
$132,-
.
backlog of author¬
projects, of the amount that, within annual fiscal limitations,
be appropriately devoted to such
Regardless of
the need
to
to
the
the
in welcoming the more than 2,000,000
boys and girls reaching the age of 21 this year, and also
of foreign-born becoming citizens by adoption.
In
with its
the
all
American
rights
the
duty of
and
of
years
responsibilities
their
supporting
lives,
their
of
citizenship
the
perform
Government
principles, traditions and ideals
as
a
am
high
all
at
I
now
With
under
was
by all as
a
be
would
seems
glad
to
This is
consideration
a
to
by
that the
me
the
non-
at this
time
way
need, not
apparent at
so
Congress,
that
must
matter demanding priority of attention.
respect to the few items
I
it
the War Department should give
military preparedness.
bill
purpose.
other consideration,
every
be recognized
value,
.
for
the
time
in the bill that
approve
separate
are
of national defense
legislation
projects.
covering
these
v;•
,
Am An American
patriotic
times
in
and
keeping
democracy.
Day"
was
designating May 19 as "I
given in our issue of May 18,
3134.
page
♦
House
Approves $1,111,754,916 Relief Bill—$975,650,000
May Be Spent in Eight Months—Limit or
Project Costs Eliminated—
I
for WPA
By
vote of 354 to 21 the House
on May 23 passed and
$1,111,754,916 relief bill for the next
fiscal year.
The President's recommendation for a $975,650,000 Works Project Administration fund with permission
to spend it in eight months was included in the bill.
The
a
sent to the
Senate
a
House also indorsed Mr. Roosevelt's request that the pro¬
posed limiting Federal contribution to any WPA project at
$50,000 be eliminated.
In another item in today's issue of
"Chronicle"
the
we
refer to the
President's views
on
this
matter.
Concerning House adoption of the bill Washington Asso¬
ciated Press advices of May 23 said:
of reports of the effectiveness of "fifth
Mindful
members
accepted
without
debate
Francis E. Walter, Democrat, of
against
Bund
an
columns" abroad,
amendment
by
the
include Communists and members
of
groups.
Representative Robert F. Rich, Republican, of Pennsyl¬
vania, successfully sponsored an amendment to include in the restrictions
person
who advocated the overthrow of the government.
At the last minute the
House brushed aside
on
a
voice vote
a
demand
by Representative John Taber, Republican, of New York, that the adminis¬
tration of relief be turned over to states,
that the government
Also buried
Ross A.
counties
and
municipalities and
by the Democratic majority were proposals by Representa¬
Collins, Democrat, of Mississippi, to authorize
a
new
$60,-
000,000 public building program by Representative Jerry Voorhis, Demo¬
Public Works Administration
construction
$500,000,000 appropriation, and by Representative Edwin A. Hall,
Republican, of New York, to appropriate $1,000,000 for an investigation
of relief needs by a
non-partisan commission.
New
Roosevelt—Proposal
Asked
Embodied in
Reorgnization Plan
President Roosevelt asked Congress on May 22 to approve
the transfer of the Immigration and Naturalization Service
from the
In
a
Department of Labor to the Department of Justice.
message
transmitting Reorganization Plan No. 5, the
President said that "it will enable the Government to deal
quickly with those aliens who conduct themselves in a manner
that conflicts with the public interest."
Stating that the
proposal is "designed to afford more effective control over
aliens," Mr. Roosevelt explained that it does not deprive
them of their civil liberties or impair their legal status.
The
President said that in view of the urgency of the matter he
hoped Congress would take action to permit the plan to go
into effect.
A reorganization plan ordinarily becomes opera¬
tive within 60 days after its submission to Congress, provided
Congress has been in session during that period and the
Senate and House have not turned the proposal down.
When President Roosevelt submitted Reorgnization Plan
No. 4 to Congress (noted in these columns of April 13, page
2345) he said that it was the final one for the current session
of Congress.
However, he explains in this message, the
"startling sequence of international events" has necessitated
a "review of the measures required for the nation's safety."
The text of the President's message to Congress this week
follows:
To the Congress
of the United States.
,
submitted to Congress, I did
not contemplate the transmittal of any additional plans during the current
session.
However, the startling sequence of international events which
has occurred since then has necessitated a review of the measures required
for the nation's safety.
This has revealed a pressing need for the transfer
of the immigration and naturalization functions from the Department of
Labor to the Department of Justice.
I had considered such an interde¬
When' reorganization plan No.
IV
was
partmental transfer for some time, but did not
include it in the previous
for the retention of these
functions in the Dpeartment of Labor during normal times.
I am con¬
vinced, however, that under existing conditions the immigration and natur¬
alization activities can best contribute to the national weU-being only if they
are closely integrated with the activities of the Department of Justice.
I am, therefore, transmitting herewith reorganization plan No. V which
I have prepared in accordance with .the provisions of Section 4 of the
reorganization plans since much can be said
make grants-in-aid to them.
of California, to revive
President
by
Representative
Pennsylvania, to broaden the prohibition
employment of aliens to
A little later,
a
Transfer of Alien Control to Justice Department
they
sure
President's proclamation
The
with
1
151
to me that this balance supplies a sufficient
seems
thousands
for
return
crat,
rivers
on
V
purposes.
make surveys of
to
authorizing the
works
join with citizens everywhere
additional
tive
6264,
public
ours.
American-born
any
R.
existing project authorizations.
authorizations for active projects
construction
responsibility and their duty always to think first of
created
H.
certain
authorizes the prosecution of
appropriated for these
military activities of
be
democracy of
I
It
home-loving
think in terms of humanity.
This
things that unite and to eliminate the
things that divide.
It will continue to be a land of opportunity for
native-born and foreign-born citizens.
It will continue to Offer them the
hope, liberty and justice which have always prevailed in this great
Nation
other
of
for appropriation purposes, without the necessity or desirability
adding thereto the large additional amount proposed in the present bill.
Moreover, to increase unduly the authorizations for river and harbor
projects is likely to produce the undesirable result of throwing out of
balance the distribution, as between the different classes of all Federal
citizens,
new
as
approval,
of
reaching their
are
who,
thus com¬
President's
izations
attaining the
are
my
preservation
of
outstanding
973,750.
;w'
Americans.
It
be
appropriation
account
on
millions of their fellow-citizens in the responsi¬
which
for
War
to
the
of
the
tions
was
.
to share with
and
public occasion
a
or
and
and
adopts and
of
The text
was
The Senate and
:Tv
without
repair
.
those born here who
upon
those
upon
taking the oath
be prepared
as
age,
May 4, page 2808.
Agreement
committee
existing authorizations for river and harbor projects totaling
$207,720,140, there are so-called inactive projects in the amount of $49,746,390.
There is also carried in the pending War Department civil func¬
-
.
responsibility rests
majority and also
are
aside
set
by coming of
who,
Of
home-loving
real pleasure to join in the observance of "I Am An Amer¬
me
Day," which
nition
and
of President Roosevelt's letter
measure
follows:
herewith,
bill
authorized
naturaliza¬
age or
issue of
our
harbors
Secretary
of
attaining the
are
This
151
congressional conference
a
improvement of rivers,
"the responsibilities and
share
of
Secretary
by
by
message
The
hope, liberty and justice which
in this great democracy of ours."
President's
in
return
and
the
always prevailed
The
hill
construction,
tunity for native-born and foreign-born citizens, and "will
offer them
military preparedness."
authorized
pleting congressional action.
Am An American Day" celebration in Washington, May 19,
that the United States will continue to be a land of oppor¬
continue to
and
Rivers
House adopted the conference report on May 6,
"I
the
at
$109,985,450
separate items which might aid defense.
this
on
Tells
have
prove
♦
Roosevelt
Vetoes
projects for the improvement
of rivers, harbors and other
waterways, and would have
directed the Secretary of War to make surveys of 149 other
projects.
The President, however, said that he would ap¬
issue of May 18,
our
Roosevelt
time to the need for
the limitation in section 11 may, with some
on
House committee action
President
Appropriations Committee's action on this
reported in these columns of May 18, page 3137.
activities of the War Department should give way at this
certain
proportion of projects which did not have any particular permanent value.
page
$15,000,000 for
said lie believed the projects already authorized sup¬
plied "a sufficient backlog" and that "regardless of every
other consideration, it seems to me that the non-military
It is true that in those days, when the
emergency of relief was great and the machinery new, there was a
I think that
than
more
dent
in which the Government set
good deal o£ fun poked at raking leaves,
year
parks, &c., and at that time the word "boondoggling" became
up
office and
President Roosevelt on May 21 vetoed a bill authorizing
appropriations of $109,985,450 for river and harbor improve¬
ments and surveys.
In a message to the House the Presi¬
1
yours,
P. S.—I am reminded that in the first
cleaning
President's
Harbors Bill-—Holds Such Work Must Give Way to
Defense Program
bulk of such projects.
contained in section 11 should be removed from House Joint Resolution 544.
f
the
House
measure was
during the next
Administration
contained in section 11 would operate to prevent the approval and opera¬
tion of the great
in
give preference and priority to projects which have a
to
proposes
use
National defense.
further
to
Reports
administrative expenses of agencies which handle relief.
particularly harmful effect upon the attempt
a
t?pnrcranization
Act
of
1939
(Public No.
19. 76th Congress.
1st Session)
The Commercial & Financial Chronicle
3284
approved April 3, 1939; and I declare that I have found that such reorgani¬
zation is necessary to accomplish one or more of the purposes of Section
1 (A)
Passes
Senate
To increase efficiency.
To consolidate agencies according to major purposes;
To reduce the number of agencies by consolidating
To reduce expenditures.
The Senate
those
having
similar functions and by abolishing such as may not be
necessary, and
5. To eliminate overlapping and duplication of effort.
This plan provides for transferring the Immigration and
is
designed to afford
does not
reflect
effective control
more
While
over
aliens, this proposal
intention to deprive them of their civil liberties or
any
Naval
President's
Supply
Bilb-By
Defense
Increases
May 23, by a vote of 78 to 0, passed a
Navy Department appropriation bill and
on
$1,473,756,728
sent the measure back to the House for concurrence in
This bill
the
recalled from conference (laving
previously passed both branches of Congress), in order to
make additions which the President requested in his defense
added totals.
Naturalization
Service from the Department of Labor to the Department of Justice.
it
Action
Approved
are
1.
2.
3.
4.
$1,473,756,728
Unanimous
of the Act:
May 25, 1940
was
of last week (noted in these columns of May 18,
3135).
message
otherwise to impair their legal status.
page
Government to deal
The bill represents cash appropriations of $1,302,265,038
and contract authorizations of $171,491,690.
Concerning
a manner
This reorganization will enable the
quickly with those aliens who conduct themselves in
that conflicts with the public interest.
anticipated.
No monetary savings are
-
I realize that the Congress may adjourn before the termination
of the
6(Miay period provided under the Reorganization Act, but in that
and in view of the urgency of this
action
I
matter
hope that it will
take
event
such
will permit this plan to go into effect.
as
FRANKLIN
The White House, May 22,
D.
the bill's passage, Washington advices
York "Herald-Tribune" stated;
ROOSEVELT.
1940.
The
both
Navy billiwas brought back from conference after it had passed
Houses, because of additions which Congress wished to make after
the President's message.
to the
carried
addition
Departments
Appropriation
Bill Signed by President Roosevelt
The
bill
and
Departments appropriation
signed by President Roosevelt May 14.
The bill,
committee; previously the Senate
May 2 had approved
the report of the conference committee.
(Noted in May 4
issue, page 2809.) On May 6, the House also approved the
conference
committee's
report
on
well
as
as
the
two
$88,467,560 for
President received
the
contract authorization of
as
emergency
"blank check"
a
of
$34,000,000 to spend
it passed the
In
purposes.
$34,000,000 in cash
he
as
saw
fit for navaj
The emergency appropriations include $43,850,000 cash and $100,000,000
of contract authorizations to
buy 2,535 training planes in addition to 471
fighters and bombers provided for in the regular budget appropriations.
.
.
,
Under the terms of the emergency section of the naval supply bill there
funds for additional ships for the Navy, but $100,000,000 was set
were no
aside for the
speeding
of present naval building.
up
The main bill carries
funds for the construction of 110 naval vessels of all categories.
This in¬
cludes the laying down this year of two 45,000-ton battleships, one aircraft
carrier, two cruisers, eight destroyers and six submarines.
The emergency part
afore¬
stations
mentioned amendments.
additional
an
purposes.
State-Commerce-Justice
was
which is said to appropriate a total of
$107,149,000, received
final congressional approval May 7, when the Senate
agreed
to two House amendments not settled
upon by the conference
a
The President roughtly allocated $250,000,000
Navy, but the bill, as it came from committee and
Senate,
State-Commerce-Justice
of May 23 to the New
and
of the bill also carries $53,325,000 for adding naval
depots, major alterations to the
supply
of
armaments
the
battleships Texas, New York and Arkansas, and $31,527,200 for ordnance
and ordnance stores.
Congress
Asked
Additional
Loans
ment
Provide
to
Funds
on
FSCC
with
A major part
$500,000,000
Price-Supporting
Govern¬
Commodities
Legislation intended
funds for the Federal
for
to
provide $500,000,000 additional
Surplus Commodities Corporation for
price-supporting
government loans on cotton, corn, wheat
and other major
crops was introduced in the Senate on May
20 by Senator Byrnes of South Carolina. The
measure would
increase the credit resources of the
corporation from $900,-
Senate
Committee
Undertakes
Study
of
National
Banking Policy—Sends Questionnaire to Govern¬
ment Agencies and Other Groups—To Be Basis of
Inquiry
In reporting this Washington
Associated Press advices of May 20 added:
Mr.
Byrnes said, would
"provide
a
further'cushion
to
The
protect farmers from adverse effects of the
Legislation to boost
the funds by
war now
raging in Europe."
$100,000,000 had been offered earlier.
Senator Bilbo of
Mississippi and Representative Harrington of Iowa intro¬
duced identical resolutions in the Senate
and the House in behalf of
leading
agricultural organizations and the conference of southern
commissioners of
These agencies urged
passage of such legislation at a meeting
here yesterday.
Agriculture.
The resolution would direct the FSCC
to buy $10,000,000 of lard and
oil immediately.
Secretary Wallace requested Congress today to increase
by $500,000,000
the amount of
obligations that may be issued by the Commodity Credit
cottonseed
Corporation.
a
The present limitation of
letter to Representative
to meet the
$900,000,000, Mr. Wallace said in
Bankhead, Speaker of the House, is inadequate
corporation's requirements.
Appropriation
Bill
of
by
Army appropriation bill calling for
$1,823,252,624 in the fiscal year begin¬
passed by the Senate on May 22 by a roli-
oi
was
74 to 0.
Th8
back to the House
foi action on the additions which the
Senate inserted at the
request of President Roosevelt.
The War Department bill
measure was sent
passed by the House on April 4 provided
$784,999,094; this
was reported in our issue of
April 6, page 2189.
Under
the terms of the bill
passed this week, President Roosevelt
is given "blank check" authorizations
to spend
action
$132,000,000
as he sees fit in
strengthening the country's military defenses.
In reporting the action on the
bill, Washington advices of
May 22 to the New York "Herald Tribune" said:
in
The Senate wound
up its second day of considering the
army supply bill
a
flurry of debate
the 4 'blank-check" powers of the
President.
Under
the terms of the
bill, the President would be given the power to
spend the
sum of
$66,000,"00 in cash and make contract authorizations of
$66,000,(TO
in any way he saw fit for the
national defense.
It plainly showed that it
was in a
hurry and brooked no changes, suggested by
Republicans for the
most part, from the floor.
Even
when
sought to get
Senator
a
voted
John
A.
Danaher,
Republican,
of
Connecticut,
provision in the bill insuring that the United States
would
get no less than
was
over
one
out of three
down, 59 to 15.
Senator
Vanderberg
was shouted down when he proposed an
amendment
and would have sat in continuous
session.
.
The bill just passed by the
Senate, which
.
conference with
House, after having added approximately $712,7l5,r00 to
the House
bill, would have provided for the outfitting of an army of
1,000,000 men,
raising the Army to its full peace time strength of 280,000
men,
increasing
the National Guard to 320,000,
providing for 2,566 additional
airplanes,
bringing the grand total to 8, 66, making greatly increased
appropriations
for the military establishment, as a whole, and
providing for additional
anti-aircraft
terns of
equipment,
on
motorization
of
various
sections
of
the
current contracts, procurements of critical
equipment and the giving of educational orders.
Currency
and
made public May 15 by Senator Wag¬
was
York, Chairman of the Committee.
The ques¬
stated:
Social
Wagner indicated that
a
Security
Treasury
directed
the
of
answers
to the questionnaire would furnish
thorough inquiry at hearings to be held later.
more
questionnaire
silver
to
and
the
Treasury called for
policies, the effect
gold
comprehensive
a
additions
of
on
monetary and banking conditions, and
exchange stability of Latin American countries.
reserves
foreign
promote
the
"
,
Senator
asked also if it could suggest "any criteria for
(or surplus)."
was
to
steps
The
determining
appropriate size of the deficit
The Board of Governors of the Federal Reserve System
was
asked,
among
other
in
questions, whether the Treasury's authority to issue $3,000,000,000
greenbacks should be continued permanently or temporarily.
The Department of Commerce was asked about movements of
foreign
capital and American
State
banking offices
Members
Reserve
for
in
interest
near
American
were
rates
in
month
in
and
ago
■
W
"Are
V;r-v>v;
there
...
too
v--
banks
or
Association
of
many
Bankers
Association
the
and
asked what factors have been mainly responsible
recent
whether
prices
enormous
abroad.
asked;
were
State?"
your
future,
decline
"resulting in
A
in
the
of
City Bankers
low
the
serious
investments
banking supervisors
of
years;/'what
there
bonds
losses
to
and
the
was
is
any
necessity
banks
and
likely
to
be
tlie
course
considerable chance
for
bank
banks to
of
a
sell bonds,
failures."
it was indicated in Washington advices to
tlie New York "Journal of Commerce" that the
scope of the
then proposed inquiry appeared to be so broad that it was
doubtful that few,
if any, replies would be received by the
committee
during the present session.
Previous reference to the investigation appeared in these
columns March
2, page 1358.
Bill to Permit
Allies to
United States Army
Shelved—Anglo-French
Board Reveals Allies Have Spent More Than $1,000,000,000 Here Since Start of War
and
Navy
Purchase
Airplanes
is
A proposal to permit the President to sell the whole or any
part of the United States air force to the Allies or to countries
invaded by Germany was tabled by a
.
now comes to
the
posts,
and
monetary
The proposal of Senator Warren
joint Congressional committee to "police"
operations under the
"blank-check" provision.
The committee would have been
composed of
members of the Senate and House
Military and Naval Affairs Committees
Army, speeding up production
Senate Banking
warplanes produced in this country, he
R. Austin,
Republican, of Vermont, who has gone along with the
President's foreign
policy throughout, to re-establish the Council for
National Defense, fared
little better, failing by 48 to 22.
to create a
of the
investigation of national
agencies, State banking supervisors and bankers.
Concern¬
ing the study, Washington Associated Press advices, May 15,
to
A recent peace-time
its
tionnaire, to be used as the basis of the inquiry ordered
by the Senate at the last session of Congress, is of con¬
siderable length and has been submitted to governmental
explanation
Voted
the expenditure of
cali vote
of New
ner
The
$1,823,252,624
in
banking policies,
the basis for
Senate
ning July 1
questionnaire
Committee,
+,
Army
the naval estab¬
Passage of the smaller Navy supply bill by the Senate
April 18, was mentioned in our issue of April 20, page 2505;
House approval on Feb. 16 was referred to in these columns
Feb. 17, page 1070.
000,000 to $1,400,000,000.
The increase,
of the whole bill is for the maintenance of
lishment, salaries, subsistence, travel and items of administration.
vote of 12 to 1 on
May 22 by the Senate Foreign Relations Committee.
The
only vote in favor of the resolution was cast by its sponsor,
Senator Pepper of Florida.
Meanwhile the Anglo-French
Purchasing Board revealed that the Allies have already
ordered more than $1,000,000,000 of war supplies in this
country, while Sir Louis Beale, member of the Purchasing
Board, said that the Allies are prepared to spend $16,000,000,000 for armaments in the United
protracted.
States if the
war
is
Volume
The Commercial & Financial Chronicle
150
American sales of airplanes to Great Britain and France
referred to in the "Chronicle" of April 13, page 2349.
were
In
describing the measure introduced by Senator Pepper,
Washington dispatch of May 21 to the New York "Herald
a
Tribune" said:
if
not taken
"startling proposal," it
a
was
lightly in Senate circles, where it is regarded
the reaction
is
May 14 Representative Patman of Texas urged the
Store Bill with the con¬
tention that opponents had based most of their testimony
"on the false premise that this bill involves the entire chain
trial balloon;
as a
system."
reporting his remarks Washington Associated
advices of May 14 said:
In
favorable, it would not be surprising if Congressional
leaders got behind it and attempted to pass it.
New
On
Committee* to approve his Chain
store
Although Senator Pepper admitted this
was
Dealer, seldom
Senator Pepper, as a leading
His
without approval of the White House.
moves
resolution has been referred to the Senate Foreign Relations
Committee,
"It would not touch
reasonable tax.
seven
mentioning the Anglo-French announcement of war
purchases totaling more than $1,000,000,000, the "Herald
Tribune" of May 18 said:
In addition, the new Allied aircraft program recently
further expenditure of $600,000,000, the Board
pointed out, however, that the orders
were
It was
munitions,'which totaled
clothing, metals and boats.
Delivery by Air Suggested
While most of the purchases were made through the British
and French
purchasing commissions, the billion-dollar figure includes some orders made
direct by the governments of Great Britain and France,
well as a few
as
purchases placed prior to the formation of the Allied purchasing missions in
the United States.
.
,
said that "a substantial number" of aircraft purchased
was
under the
had already been delivered and that delivery of the balance
However, Arthur H.
Ballantine, Secretary of the Commission, said in
Washington yesterday that American plants
warplanes
as
fast
could be flown
desired.
as
across
were
unable to deliver the
He suggested that some of the big bombers
the Atlantic to speed their arrival at
the front.
Confirming earlier reports by Army officials to Congress, the Board said
that American aircraft which
already had reached the front was proving
"highly satisfactory" in actual combat when "amended to meet European
requirements"—presumably by the addition of
heavier guns and
armor,
confidently anticipated that the latest models will prove increas¬
indicated that the contemplated
was
Anglo-French
additional expenditure of $600,-
orders for another 4,000 planes.
mean
Purchasing
Board
Warns
Against
Im-
-1
postors
That
are
represent the Allied Purchasing Commissions in the
United States, was revealed on May 23 in a letter sent by the
Anglo-French Purchasing Board to various trade groups and
On behalf of the Board
said:
-v,"/:'
While considerable activity
by such
persons
was
It
was
emphasized
that all representatives of either the British Purchasing Commission or the
French Purchasing Commission are supplied with credentials, which they
produce.
In the event of
any
question arising
regarding the authenticity of the credentials presented by persons claiming
to represent
either of the AUied Purchasing Commissions, manufacturers,
who had been approached, were urged to communicate immediately with
the Anglo-French Purchasing
Hearings
Board in New York.
Patman
on
Stores
Bill
to
Ended—Commerce
Tax Interstate
Chain
Department Lists Ob¬
jections
Hearings on the Patman Chain Store Tax Bill before a
House Ways and Means Subcommittee were concluded on
May 16 after more than a month's testimony, which for the
most part voiced opposition to the measure.
The group did
indicate
not
consider the
ated
tax
on
when
it
measure.
would
meet
in
executive
session
to
The Bill, which would place a gradu¬
tems, was criticized by farm labor industrial and consumer
Among Government officials who have opposed
enactment of the Bill were Secretary of Agriculture Wallace
(his objections noted in our April 6 issue, page 2193) and
Acting Secretary of Commerce Noble.
Opposition of the Commerce Department, Mr. Noble
stated in a letter to Chairman Doughton of the House
Committee, is based on the following specific objections to
groups.
the Bill:
incentive, not
as a
regulator, but to prohibit
interstate business.
It would add
2.
character.
.
a
most vicious barrier to interstate trade of a
legitimate
.'
3. It would raise the cost and thereby lower the standard of living of
the
consumers
4.
reference
with lowest incomes.
to
their
having engaged
It is fallaciously
and
in any unfair or
oppressive practice.
supposed to increase employment, whereas at best
apparently less efficient
tinuity and
6.
mass
7.
type, resulting probably in
less
an
con¬
distribution
opens
on
the
a
penalizing all
interstate
when intrastate sellers desire freedom from competition.
an
amendment by Representative John W.
of Iowa, which would make officers, directors or
Gwynne, Republican,
managing heads of any corporation, association or
of the
organization personally
violation
prosecution if they knowingly or willfully participated in
provision prohibiting donations of more than $5,000 to any
political
.'•••'•
also
committee
adopted
•
an
amendment
..
by Representative Sam
violation
^o demand a jury trial, and to direct the Civil Service Commission to be
especially careful in weighing the evidence in such cases.
.
Representative Celler told reporters he proposed that the committee
Hobbs, Democrat, of Alabama, to permit persons charged with a
resume
consideration of the bill tomorrow in an effort to
said the motion was blocked on a
dispose of it, but
technicality.
The Committee's decision to reconsider
was
noted in these columns
Bituminous
May 11,
page
Coal Act Is Upheld by
Is
Court—Decision
McReynolds Dissenting
preme
8
its tabling motion
2975.
United States Su¬
to
with Justice
1,
8-1
the Bituminous Coal
Act, passed in 1937 to stabilize the soft coal industry
through marketing and minimum price-fixing regulations.
Justice McReynolds cast the dissenting vote.
Justice Doug¬
las, who handed down the majority opinion, said that the
regularity provisions are "clearly within the powers of Con¬
gress under the commerce clause of the Constitution," but
Justice McReynolds declared that the law is "beyond any
pcnver granted to Congress."
The controversy over the law
was
referred to in our issue of March 30, page 2017.
A
Washington dispatch of May 20 to the New York "Times"
outlined the Supreme Court decision as follows:
The finding, announced four years after the death of the Guffey law,
The United States Supreme Court on May 20, by an
decision, upheld the constitutionality of
was
the first act are now on
of the points formerly found objec¬
Only three Justices who opposed
anticipated.
high bench, and in addition some
the
tionable have been eliminated.
decision
the
Through
shine Anthracite Co. of
The
try
was
court affirmed
Court
rejecting an
the verdict of the Eastern
attack made by the Sun¬
Johnson County, Ark., against the act.
Stabilization was Bill's Aim
present coal law was aimed at
stabilization of the bituminous indus¬
through fixing minimum prices and regulating marketing.
Provision
made for a tax of 1% on sale or disposal of soft coal produced in the
United States and an
do
the
District
Federal
Arkansas
coal sold by producers who
added tax of 19y2% on
the Bituminous Coal Code.
Sunshine, asserting that it produced
not sign
had
not
signed
the code,
anthracite, not soft coal, said it
opposed efforts to collect a
$15,488 tax and
unconstitutional. The statute was, said the coal
unwax'ranted delegation of legislative power and an invasion,
argued that the law was
concern,
of State
an
rights.
of
most
the
interesting
features of Justice Douglas s opinion was
Oil case which he announced
he asserted, that, whereas
Congress could fix prices, the coal industry would "have run afoul of the
Sherman law," had it attempted to do so.
"The regulartory provisions are applicable only to sales or transactions
in, or directly or intimately affecting interstate commerce," Mr. Douglas
the finding in the Madison
the contrast with
two
weeks
Citing that former opininon,
ago.
„
.
-
Commerce
Clause Cited
"Fixing of prices, the proscription of unfair trade
of marketing rules respecting such sales of
practices, the estab¬
bituminous coal con¬
regulations within the competence of Congress under the commerce
lishment
stitute
clause.
"There
"Nor
of the
national scale.
door for legislation
May 1,
be
can
no
question but that the provisions of
this act are an
paramount Federal power over interstate commerce.
does the act violate the Fifth Amendment.
Price control
exertion of the
lower standards of employment.
It prevents mass production from yielding its greatest benefit through
It
on
Acting Chairman Emanuel Celler, Democrat, of New York, announced
the committee had adopted
stated.
it would merely shift employment from one class of establishment to
older
the bill
tabled
Committee
The
May 7 voted to reconsider this action.
It is
expected that final consideration of the measure will take
place next week.
Regarding the amendments Washington
Associated Press advices of May 23 had the following to say:
on
It is designed to destroy the business and the livelihood of investors
and their employes who have promoted short cuts in distribution, without
5.
amendments.
One
It proposes the most extreme use yet suggested for the taxing power,
1.
Measure to House Floor
individual units of interstate chain store sys¬
not to raise revenue, not as an
described in these
were
Attempts to table the Hatch "Clean State Politics" bill
and to report it to the floor of the House for a vote were both
voted down by the House Judiciary Committee on May 23,
The bill, which would extend to State employees paid from
Federal funds the present law's ban on political activities
by Federal employees, has been before the Committee for
consideration since the beginning of April, but the only
action thus far taken has been the adoption of several minor
V
Detroit area, the Purchasing Board's statement indicated that complaints
both willing and able to
hearings on the measure
April 20, page 2510.
House Judiciary Committee Defeats Motion to Table
Hatch "Clean
Politics"
Bill—Fails
to
Report
statement
a
said to center in the
had been received from many sections of the country.
are
Other
pretending
to
industrial associations.
the farmer" and "des¬
,v';MVv,- ■;■■■
number of unauthorized individuals
a
tendency toward centralization of wealth
columns of
The
May Ask 4,000 More Planes
It
a
troyed local privilege and opportunity."
party.
ingly superior," the statement added.
000,000 would
large chains accelerated
and power in the economic system, "ganged up on
liable for
self-sealing fuel tanks.
"It is
pay a
years."
and then
"proceeding entirely according to schedule."
was
said
Other items
than $200,000,000.
more
machine
ranged from tanks to horses and mules, and included electrical equipment,
It
would
of them would be seriously affected after
dependent on the capacity of
industry to produce planes for the Allies over previous
Next to planes, the largest items on the purchasing list were
old program
of the chain store companies," he asserted.
One-third of 1%
liquidate, he indicated, after the bill became fuUy effective. Mr. Patman
expected to in¬
announced.
commitments.
tools and
to
formulated following
the release by Washington of a number of latest models, is
the American aircraft
Press
About twenty of the largest interstate chains probably would be forced
In
a
95%
"Four and two-thirds per cent of the chain store companies
which will meet tomorrow.
volve
3285
business
means
available to the States and to the Congress in
domains for the
protection and promotion of the welfare of
Referring to the background of the
is one
their respective
the economy."
first coal act, Justice Douglas said
,
The Commercial & Financial Chronicle
3286
that
the
the price-fixing features of
^
\'■*
Supreme Court did not then pass op
the
Guffey law.
Justice Cardozo in separate minority opin¬
Justice and Mr.
Chief
"The
the view that the price-fixing features of the earlier act
constitutional," he added.
"We rest on their conclusions for sustain¬
ions
expressed
were
ing the present aet."
the
was
and
"financial ruin, low wages, poor working conditions, strikes
disruption of the channels of trade which followed" demoralized price
to
the coal industry.
structures in
been "degraded into anarchy."
Overproduction and savage competitive warfare had
•
distress
wasted the indus¬
operators and acute poverty
among
"Finan¬
miners prevailed
among
"There
markets
the
afoul of
run
the
If
/:-
State
price-fixing agreements,
through
"It may
aet it can
do
various
on
"Congress,
there
is
It
a
the
under
forbidden
has
Congress
"And
the
it is
respects it.
as
clause
is
not
impotent
deal
to
with
It is not
interstate
in
choice
its
between
unrestrained
clause
on the other.
it to undertake
self-regulation
fnd rigid prohibitions
commerce
empowers
industry through
a
That
stabilization
of
an
The
problems of
differentiated
Commerce
fixing prices
and
the
Packers
the
for
legally from the task
Act
time, the department instructed the legation in Ireland to
Americans there to return to this country.
Roosevelt's
of
and
bituminous
fixing
of
industry
cannot
the
under
rates
Stockyards Act,
Makers
Plane
President
Discuss
Defense
Program with SecretaryJJVforgenthau and Army and Navy Officers—Loans^By
RFC Proposed
•;A-■■ ■@v,i/:--
Leading representatives of the couo try's aviation in¬
dustry met in Washington, at the request of President
Roosevelt, on May 20, with army aad navy officials and
Secretary of the Tieasury Morgenthau, to work out plans
expanding the industry's capacity in accordance with
President's new defense program.
Mr. Morgenthau
was pleased with the results of the meeting, Held primarily
to "g3t together and exchange views," said the New York
"Times" Wasnington advices May 21, which added:
>
for
the
Mr.
but
Morgenthau complimented the industry for its "co-operative spirit,"
of the more than 100 industry representatives declared
some
that the
conference had been purposeless and had produced no tangible results.
the choice which Congress made here."
was
American diplomatic
around the Mediter¬
.
increase pressure on the 2,000
of price-fixing which safeguards the
process
public interest by placing price control in the hands of its administrative
representative.
The official warning was sent out on May 16 to all
ranean
by
single out for separate treatment, as it has
particular industry and thereby remove the
a
commerce
limited
not
hand
one
"The
for home as soon as
and consular officers in the threatened areas which lie
:/•
cut-throat competition.
on
in 11 Balkan
Only a few hours earlier it was revealed that Americans
the
in mitigation of what in its judgment are abuses
powerless to take steps
eastward and
molestation by the air, naval
and Near East countries have been advised to leave
Representatives
between
consider to be direct consequences of laissez-faire.
may
or
' :,vY.''a A
land
man's
no
what
Certainly
may
occasions,
without interruption
have
Upheld
modify.
penalties of the Sherman act
what it
would
by placing the machinery of price-fixing in the hands
so,
public agencies.
done
it
-'W
that
mean
domains.
Federal
and
the Sherman
of
not
involved that "the Gov¬
military forces of any belligerent."
At the same
the States to act as respects these
on its own had endeavored
Power of Congress
does
westward, and that on the west¬
industry acting
the Sherman act.
that
"But
instructed to say that the vessel
American citizens and their families.
United States expects this vessel to make its
its westward voyages
legislation, Justice Douglas went on:
the powers of
on
industries.
stabilize
to
limits
are
•
He told the envoys to inform the governments
as
.
vious chaotic conditions justify
interstate
v^. "h
The ambassadors and ministers were
would carry no cargoes either eastward or
possible, because of the spreading war fever in that area.
industry is written in blood
bituminous coal
history of the
in ink."
as
Asserting that the strategic character of the coal industry and the pre¬
of
said:
or
•
during periods of general prosperity.
"This
well
:
i;' Reporting this matter the Washington "Post" of May 23
ernment of the
try, the decision said.
"Labor and capital alike were the victims," Mr. Douglas stated.
even
<
Secretary of State Huil telegraphed the American envoys
London, Paris, Berlin, Brussels, The Hague and Oslo to
iaform the countries to which they are accredited of the un¬
at
that free com¬
petition had
cial
scheduled to sailjyesterday (May 24)Ifrom
ward voyage would carry only
Justice Cardozo as saying in the Carter case
He quoted
was
New York to Gal way.
prevent
and
ship
1940
dertaking.
"Savage Competition" Opposed
judgment of Congress, the Justice went on, that price-fixing
elimination of unfair competitive practices were appropriate methods
It
Tne
May 25,
be
Interstate
Justice Douglas
The
re¬
plane and engine manufacturers crowded into a small conference
at the
room
Treasury. Brief addresses
Louis Johnson, Assistant
made by Secretary Morgenthau,
were
Secretary of War; Robert H. Hinckley, Chairman
of the Civil Aeronautics
From "Associated
Press," Washington advices May 20,
The
act,
an
excise tax
measure due to expire next April 25, imposes
19^% of the sale price of the coal at the mine on pro¬
ducers who do not subscribe to
Administration
of
the
Division of the Interior
recommendations made
Congress passed
stitutional
the
a
code regulating marketing.
legislation
is
Department.
It
under
now
was
the
law after
Guffey act
the
ground that
it
an
in¬
Co.
started
the
by the court,
on
that
of
the old
litigation
in
an
effort to escape
1935,
of
business, whereas the
act of
is that under
new
the regulation
was
with
the
cooperation
regulation could be by compulsion under
Congress.
an
States
The United States Supreme Court on
May 20 sustained
of the Interstate Commerce Commission
suspending
tariffs filed by 41 motor carriers
providing lower rates to
forwarders of freight than to other
shippers. We quote
from Washington advices of
May 20 to the New York
Journal of Commerce":
In a unanimous opinion, prepared
by Justice Black, the Court ruled
that the rates In question, had they been allowed to
go Into effect, would
have ted to unlawful discriminations and defeat
the power of the Commis¬
to
protect and maintain
particular
shippers."
a
transportation system free from partiality
'
:
'■
■
vy:
Black Issues Ruling
a,-
Black said that " a special aUowance to a forwarder as an
in¬
ducement to ship goods by a particular carrier would be an
illegal rebate,
shippers protected by the Interstate Commerce
are
Act from discrimination by carriers.
As shippers, forwarders do business
subject to the paramount principle that
Congress intended our national
transportation system to operate without favoritism.
a national scale, the
unjust rate discriminations by carriers against
other shippers and in favor of forwarders.
The particular problem here
involved is but a segment of the
large complicated national problem of
rates with which the Commission must
deal."
can
prevent
Effect of the decision
was
some
Government
the
in¬
"had
was
completely satisfied with the co-operative
people is excellent," he stressed.
that the Government
was
"going into the aviation
"the first move is
determined
how
without Government aid
we
far
the
up
to the
industry
can
go
with
this pro¬
will find out whether it desires or needs
He
added
that
there
appeared to be
the companies having orders.
no
shortage of working capital
In this connection Jesse H. Jones,
Federal Loan Administrator, announced tonight that the
Finance
credit
Corporation
to
meet
prepared
was
increased
demands
to
assist
them
upon
companies
as
a
Reconstruction
needed
which
consequence
of the
national defense program.
much
as
75%
of such loans when
necessary.
a
bank
definite "take-out agreement" for the 75% of the loan, he
a
bank wished to carry the
Department
of
entire loan the RFC
Agriculture Announces
Averaging 64 Cents
Loan Program
would give the
declared.
Wheat
Bushel
1940
a
A wheat loan program with average loan values to pro¬
ducers at about 64 cents a bushel was announced on May 20
for the 1940 crop by the Department of Agriculture.
The
loan, which was recommended by Secretary Wallace and
approved by the President, is almost identical with the 1939
program.
The announcement of the loan follows a week of
sharp decline in wheat prices. Department officials pointed
out that announcement of the loan at an average rate of
a
bushel
means
that with 1940 conservation and
parity payments of 19 cents a bushel added, wheat farmers
cooperating in the Agricultural Adjustment Administration
program are assured, on the average, of a return of at least
83 cents a bushel at the farm, regardless of market prices.
The Department's announcement went on to say in part:
A
slight increase in the loan values
on
wheat in the soft red winter wheat
region is the only important change in the new program.
made
on
as
as
last
year.
The average loan value of 64 cents is about 57%
on
was
compared with normal market relationship.
The protein premium schedule is the same
which
This increase
the basis of experience which indicated that previous loan values
in that area were too low
to reverse a
ruling of the District Court for
the Northern District of Illinois which has
ruled against the Commission
and held its orders to be invalid.
as
Where
"Pursuant to its duty to apply that principle
Upon
Commission
that
assistance," he asserted.
64 cents
v.
Justic
Similarly forwarders
procurement
He stated, however, that loans would be made only in co-operation with
orders
to
rumors
banks, the RFC taking
Supreme Court Sustains ICC Ruling
Suspending Tariffs of Motor Carriers Providing
Lower Freight Rites to Forwarders
sion
any
,
♦
United
afterward
Mr. Morgenthau declared that
"After we've
among
now
the NRA
asserted
Morgenthau said he
business,"
paying
permissible regulation and price-fixing
NRA, which the high court unanimously invalidated
in
aircraft
including
dissent at the meeting, but
no
industry."
In advices from its Washington bureau May
20, the "Wall
and
Mr.
gram
the
officials,
been
attitude of the industry and had so reported to the President at luncheon.
Regarding
passed
Street Journal" said:
difference between
A
Behind closed doors the industry executives
Government
representatives
dustry
v-
not
were
$14,748 for taxes assessed.
The
the
"The attitude of these
although four Justices approved them.
Sunshine
asked to leave.
with
There appeared to have
uncon¬
constituted
regulation of wages and hours of labor.
These provisions are not in the new act.
The
%
representative of each plane and engine com¬
one
not laid its cards on the table."
Court had declared
valid
Price-fixing provisions of the old act
talked
Coal
authorized to fix prices after
the Supreme
on
pany were
all except
experts of the army and navy.
Bituminous
by district boards.
the
1935
Navy.
After these speeches, which some of the aviation men called "pep talks,"
the prtss and
emergency
of
>:V
we
take the following:
an
Authority, and Lewis Compton, Acting Secretary
of the
marked.
April 15, was $1.13.
of the parity price,
The 1939 loan values averaged 63 cents.
In many areas, loan values at country points will be identical with those
for 1939, and any adjustments due to changes in terminal market values or
United
States
freight rates wUl be available at county AAA offices as soon
Sending
Ships to Ireland
Americans Home
to
Bring
As in previous years
The Stat© Department at Washington on Mav 22 ordered
the liner President Roosevelt to Ireland to
American refugees, and at the
ligerents not to molest
or
bring home
same
time called
been calculated.
on
iaten-upt tne vessel in
the bel¬
any way-
Corporation and will be avaUable to wheat producers who
pliance with their wheat acreage aUotments under the
program.
as
they have
'v.'
the loans will be made by the Commodity Credit
are
in com¬
1940 AAA farm
AAA committees will certify producers who are eligible for loans
and wUl be responsible for other phases of the loan program administration.'
as
in 1939.
The Commercial & Financial Chronicle
Volume 150
Loans
wheat stored
on
respective dates,
loans
on wheat stored in
approved warehouses will run
for 8 months, but not later than
April 30,1941.
are
contemplated.
3287
More extensive support was urged on all Pan-American countries for
public health work and studies of nutritional problems.
Similar coopera¬
tion was proposed in educational problems.
The delegates of all countries
today pledged their support, by resolu¬
tion, for a movement to bring about a greater mutual understanding
the farm will mature 10 months from their
on
No plans for loan extensions
J
The 1940 loan is the third offered on wheat under the AAA of 1938 as
part of the program designed to provide an orderly , adequate, and balanced
flow of wheat.
By enabling them to store their wheat at harvest time, the
among the American nations
wheat loans give farmers a greater freedom in marketing,
i Under the 1939 program, the CCC and other lending
Travel in the Americas
agencies made
237,000
Of this
loans
about
on
33,000,000 bushels
loan
168,000,000
stored
were
April 30 and
was
bushels
farms.
on
of wheat.
about
The expiration date of the
liquidated with the exception of
resealed.
-y^-'.V;AVy''\y: ' W.,'-
templated under the Ever-Normal Granary.
1939
; v.
Finland
•/
This additional
of
Needs
means.
Assistance
for
Program,
Rehabilitation
and
Says
with Soviet Russia and of
heavy strain upon the economic
life of Finland but the country is confident of its possibili¬
ties for reorganization, Hjalmar J. Procope, Finnish Min¬
the peace
have placed
ister to the United
a
States, said in
address before the
on May 17.
an
Bond Club of New York at the Bankers Club
Mr.
Procope said it is calculated that the total value of
forests, industrial enterprises, railways, community
properties and buildings in the cities amounted to about
$350,000,000. The greatest items in "the reconstruction pro¬
gram, Mr. Procope said, will be Finnish labor, Finnish soil,
and Finnish raw materials.
Regarding the country's eco¬
lost
Under-Secretary of State Sumner Welles, addressing the
session
a
The consequences of the war
and
for the coming year.
Save Culture
the
eighth Pan-American
in Washington, on
gress,
as
H. J. Procope-—Minister to United States Says War Placed Heavy
Strain on Economic Life of People
Under-Secretary of State Welles Sees Possible Return
of
Europe to Dark Ages—Addressing Scientific
Congress in Washington Says Americas May Have
final
the
urged
Reconstruction
carryover
and will insure adequate supplies of wheat for all domestic requirements
to
by urging that each nation further in every
languages used in the other countries.
of
was
3133 and 3142.
pages
will offset the effect of dry weather in some of the wheat-producing regions
reserves
study
farm-stored wheat which is being
some
It is estimated that the carryover on July 1, 1940 will be about 274,000,000 bushels, not including the 15,000,000 bushels held by the Crop
Insurance Corporation.
The carryover is in excess of the reserve con¬
adequate
the
Addresses by President Roosevelt and Secretary of State
Hull at the congress were noted in our issue of May 18,
that date practically all these loans had been
on
possible
way
Scientific Con¬
17, said that the Western
May
Hemisphere is better prepared to face the repercussions of
nomic
the present war than
First
people, taking care of
half million homeless. We
need badly foodstuffs, clothing and other commodities, not the least of
which are trucks and gasoline, in order to organize communications and
it
of
War in 1914, but its task may now include the preservation
therefore,
that confront
only
are
position
with
the
far better position
a
were
able to
we
of
any
safeguard
but
world,
intention to defend
the
And
Finland's
remedy in great part the ills of
longer
mind
is
possible,
knows
our
of
our
same
other and
capacity
our
and
and
there
spirit
for
declared
will
not
future generations
that
all
evil
is
truth,
and
where
declared
be
to
of the
the
State
and
pure
simple,
is
represented
The
World
dence
weakened
War
the
complete
initiative
the characteristics
In
the
denial
Mr.
of
pioneer
days
the
State
of
which,
the
day will
when the
oome
were
of
better
a
lished
world—a
think, to speak,
made
world
for all mankind and
sure."
which
in
the right
freedom
of
to know the truth,
every
from
fear
estab-
:: ■"'"J.:'-'/r
day may not come in our time, but it will come.
Then will be
presented to the scientists of the world, to you and your colleagues, that
greatest
For you
that
will
have the capacity and
been
have
presented
in
have the training to
you
see
scientific
American
Western
and
governmental
nations
of the congress,
of
according to
an account
of
all
by the congress to be
this end
for
of world
Conservation
and
resources
world
was
But we
and
which
permanent
would
a
Social
States
an
To
peace.
an
advance
the
mankind
Research
directed
was
and
of
which
called
in
several other resolutions.
A
for
will
in
a
study
problems
Institute
affecting
Economic
of
millions
of
saved
of
the city of Eskil-
worth
dollars
of
property
in
agricultural
and
railways and public buildings and private houses.
one thing; I repeat that—we saved our independence.
Fin¬
accept any foreign guardianship and there are no Russian
not
that however small
all
the
resources
new
American
we
are,
be
country on a non-competitive basis.
ing Inter-American
Statistical
statistical
the
and
book.
and activity was outlined for the exist¬
Institute, including the standardization of
publication of an Inter-American Statistical year¬
•
'
the most serious
peace,
and better
taken separately,
we
represent
together
force,
loss
for all
justice and stability.
order in
the world
humanity.
They form an ele¬
And when once, as we all hope, a
will
be created
on
the basis
of inter¬
their voices, the voices of the small nations, must
heard and their right to live and to have their own natural living
national
resolution adopted unanimously.
of each
without
ment of
and
broader scope of cooperation
data
$50,000,000.
only they
out
National Institute of Economic and
Pan-American
a
Institute of Agriculture was recommended for study
agricultural problem of the entire hemisphere, particularly for the
development of
and
They represent more than one4hird of Europe's share in international
And I daresay that their importance in the past
and in modern civilization is still far greater.
They couldn't be wiped
space
•
*
property
trade and in shipping.
inter-American
An
of
damaged
in
....
Research,
was
2,000 and
of war as amounting
could overcome the inherent wish they have to be hanged
separately.
■';
v.
The population of Europe, leaving Russia aside,
amounted to about
890,000,000, and its area to nearly 2,500,000 square miles.
Of this area
more than two-thirds belong to the smaller States, and their total popula¬
tion is almost 40% of the total in Eurpoe.
knowledge
promote mutual access to them, in the interest of
Establishment in each republic of a
Social
amounted to between
considerable cultural and economic force, and why not a political
if
cooperating organizations to work for the parallel
development of all the Pan-American republics for their benefit and the
welfare of
World War.
in our country
garrisons in the nine-tenths of our country which are left.
As you see,
Finland is still a big country.
.
.
As far as the so-called small nations are concerned, it has been empha¬
other
of
casualties
$40,000,000
did
land
declared
resolution calling for the formation of
Commission
permanent peace.
Formation
the
our
industrial enterprises in
from Washington,
by John J.
the welfare of all nations and
welfare
national
the congress adopted a
Liter-American
of
resources
necessity for
a
indispensable condition
the
to
and
A rough estimation gives the direct costs
hundred million dollars and the losses
hundreds
Pan-
sized
nations
republic,
and defend
democratic
protect
stuna, and the district of Uppsala in the North, and other territory, all
land since time immemorial, inhabited by Finns.
We also lost
O'Neill, which said
access
to
Finnish
May 17, to the New York "Herald Tribune"
Free
and
willing,
Through the peace we lost the Province of Karelia,
development
of
the
advocated at the final session
were
independent
God
several
v between
among
21
the
and
is,
through the bombing of open and unfortified places behind the front were
coordinated
for
Hemsiphere
agencies
free
We
civilian
3,000.
to
objectively.
Proposals toward bringing about closer cooperation
the
"Finland
that
those figures, our figures, converting into American equivalent,
correspond to about 700,000 dead and 1,606,000 wounded.
All this
and a half months.
I have been informed that this is about
The
centuries.
many
address
to say, in part:
a
eight times more than the losses in the
;
":.;y;
opportunity
his
in
noting
three
in
to worship God, to
for the truth will bd
"That
past
became too great.
strength
would
person
and to search
the
the loans
Finnish,
foundations
be
during
cent on
a
40 to 1, and finally
The peace was hard and heavy.
In the
heart of every Finn there is sorrow nowadays, but not despair.
In the war, 17,000 to 20,000 young Finns lost their lives, 40,000 more
were wounded, and all this in the space of three and a half months, taking
into consideration that the American nation is 40 times bigger than the
"I believe
will
but
Finland had to fight alone against odds of
stances,
looked to
to civilization will pass and that the
destructive forces of evil which men them¬
selves have created will be vanquished," Mr. Welles continued.
that mankind again will be afforded opportunity to lay the
abroad;
dollars
of
repaid, and nobody lost
provocation and through no fault of her own, our country
had to fight for the very existence of our nation, for
individual freedom, for home and for religion, for all those ideals which
make life worth
living.
Our army was never defeated, nor was the
morale behind the front lines ever broken, but owing to different circum¬
menace
now
in
on
still
is
attacked.
was
Europe for their culture, philosophy, literature, art and sciences.
Now it
may be their duty to preserve this heritage for war-tom Europe, he said.
"I believe—as firmly as I believe that the sun will rise once more
tomorrow—that the present
and quickly
.
Without any
self-
he said,
development the Americas
was
determination
firm
the
American
this
out successfully
carry
and reconstruction, we will come to need
the World War Finland bor¬
the years after
freedom.
civilization, Mr. Welles said, citing as evi¬
civil liberties and the subordination of
of
In
millions
of
Procope,
Finland
our
nations.
some
abroad.
from
peace," went
of
dictation
the
to
order to
in
fought her war and was finally forced to sign a compulsory
e
defense ?"
individual
that
doubt
of rehabilitation
hundreds
rowed
but
as
as
refugees.
no
made to Finland.
fiat has
the truth;
glaring distortions of
where falsehood is paraded
is
program
decade the bulk of
by
believe
good;
aggression,
We cannot
to
assistance
world
countries where
in
must
persons
where
We
have
most
There
this
where free inquiry is no
be, at least in so far as things of the
a return to the Dark Ages.
What hope
concerned,
are
assistance
this occasion, extend to you and through you, to all
helped us during this difficult and tragic time,
deep-felt thanks and gratitude.
who
settle the
to
our
institutions."
present civilization.
our
those parts
there
all
and
replace the losses
Discussing a possible return to the Dark Ages in the cultural life
abroad, he said:
"The suppression in some parts of the world today of
the right of free inquiry and the endeavor to control the
thoughts of
men
is of intimate concern not only to all scientists but likewise to all
persons
who believe that science has within its grasp the capacity to
in
help
we have to repair all the direct damages caused by the war;
mend our industrial and agricultural equipment in order to
inflicted upon our country by the peace; and, at the
time, and perhaps as the most important task, we have permanently
thirdly,
"Today not
live at peace with each
world
New World and
our
speculate whether,
All
I, at
may
Americans
days
rights and to obtain respect for
our
entire
difficult
face the
to
25 years ago," he said.
us
neutral nations desiring to
as
our
a
Secondly,
in
than
us
fourfold task in the economic field.
commodities..
different
of
a
for the living of
the orphans and
suffering and starvation, is most gratefully accepted.
"Herald Tribune":
are,
against
up
and the sick,
get in this respect, in order to saVe our population from still greater
can
darity of intent to protect and promote American interests.
Regarding Mr. Welles's remarks, we quote the following
from Washington advices of May 17 to the New York
"We
now
have to provide
we
distribution
soli¬
a
all,
the wounded
of European culture for the nations at war.
Stating that
Europe might be facing a return to the Dark Ages in those
countries where free inquiry was no longer possible, Mr.
Welles said that the American nations had attained
outlook, the Minister said:
Finland is
the outbreak of .the World
was at
cooperation,
must be respected.
.
.
;
.
trade has in
has been a
strong supporter of freer international cooperation also in this field, and
that Finland has most wholeheartedly hailed the principles which the
United States has gone in for.
In 1934 we made a general treaty of
Taking
Finland's
into consideration
economic
the
importance
that
foreign
life, it is only natural that our country
The Commercial & Financial Chronicle
3288
friendship
and
reciprocal
trade
agreement,
increasing
trade
in
the United
with
commerce
both
and early in
States,
considerably
which
directions—more
so
1936
as
to an
sales from this
Finns certainly do not com¬
plain, as we have gotten good and necessary commodities.
...
Finland's net foreign indebtedness—the balance between our debts and
assets abroad—reached its peak, about $225,000,000, at the end of 1931.
country
concerned,
are
which
fact of
a
we
materially that at the out¬
country's total indebtedness
to other countries, including government loans, borrowing by municipali¬
ties, corporations and individuals, and also including the short-term pay¬
ment position, was balanced by assets and deposits abroad.
It
is
calculated
that
during the period of 1932 to 1937 Finland
redeemed foreign bonds—bonds only—to an amount exceeding $155,000,000,
and* to this is to be added the short-term loans which we paid off.
There
Subsequently,
break
is
of
need
no
balance
this
the
European
for
to
me
reduced
was
so
last autumn,
war,
our
that the biggest part of what we paid
say
bonds
that
amounted
to
about $14,000,000
A
only
$21,000,000,
nation's
faith
troubled
months
her
in
that
our
$6
about
or
per
Of
capita.
in the Congress of the United 8tates are eager to get
men
future
own
is
also
that
during
even
the
recent
has remained relatively unshaken, and
currency
there has
been
no
tlxat
Finland's
transfer of
private
wealth
par¬
abroad
for
Business, in turn, is cooperating
it be given the
and will continue to cooperate, asking only in return that
opportunity to function without restraint so long as its operations are in the
public interest.''
of this Republic should not be
The government
"thou must" govern¬
a
of action except for those few
should have complete freedom
poration
The individual and the cor¬
not" government.
ment, but a "thou must
of life and property
"must nots" which are necessary to the preservation
and
orderly government.
an
America has achieved its present world position
known
resourcefulness of
hesitancy to go ahead,
a
through the initiative,
Always, it has been
citizens.
our
But in recent years, there has been
the "Land of Opportunity."
as
which has slowed
up
normal progress and
our
brought with it unnecessary unemployment.
before us as a people and
The supreme test
reinvigorate and release American
economic life and of the Finnish
the viewpoint
and are grateful for any information they can get that
will enable them to act wisely and well.
this,
in this country.
was
the stability of Finland's
proof of
ticularly
on
Business recognizes that
be helpful to government.
of all of our citizens,
the energy and the
the 30th of September, last year,
Finland's State
debt—the debt of the Finnish Treasury—amounted to only about $85,000,000, or $22 per capita.
This debt was mostly internal.
The foreign
I adl
emphasis to the
being given to government aid to business, and more
desire of business to
the
Less emphasis
subjects that vitally affect the nation.
its opinions on the
is
to
come
.this country.
May
Increasingly, business is making known to its representatives in Congress
a
contributed
have
far
as
May 25, 1940
as a
nation is to revive and
This
resourcefulness and ingenuity.
to their rightful
only can be done by restoring initiative and enterprise
place in our national economy and by unleashing the energy which has been
be in the future the one effective motivating power
in the past and can
that will
national progress.
assure our
safe-keeping.
it
Thus
be
may
said
rather satisfactory.
was
position
economic
in
However, the economic policy which
peace-time
our
country
Shelby Carter Finds High-Grade Bonds Unattractive
Investments at Prevailing Prices—Believes Oppor¬
C.
following forced us to avoid all unnecessary expenditure and made it
impossible for Finland to accumulate considerable balances abroad.
was
beginning of the European war in September last we faced
since that they have been growing all the time.
foreign trade was at once restricted.
It is now reduced to almost a
Our
.
.
that
damages
is
still
about
were
the
front
10,000
20,000 and 30,000
so
were
orphans.
war
great
a
lot of
a
permanently
persons
the
Out of
country.
our
was
bombed, 60,000 homes
were
damaged, and
or
All of
the
these
time
last
Relief
are
mainly
Fund.
Then
total of
were
injured
by
material
38 cities,
32
lost, 60 hospitals
enterprises.
wounds
There
between
and
One hundred and fifty thousand children
preliminary figures based
Red
consequences of
peace.
Finland lost
Finland
now
in
information which I got
Cross and the Hoover
upon
the
war.
ceded
10% of culti¬
vated land, about 11% of forest land, 16% of her
railways, and a lot of
industrial enterprises
corresponding to about 10% of the total industrial
output of the country.
.
.
We
thus in
are
400,000
a
heavy strain
very
confident
wu
are
We
have
.
faced with
still
the problem of settling
the economic life of
upon
know
we
have
we
plenty of land for
our
the
the
at
problem, is the most difficult problem of all.
May I in this connection mention that the
ceded
to
Russia
during the time of
However,
reorganization.
Province
independence
of
we
time,
same
as
is
a
modern
a
area
of
Karelia
cleared
cultivated land
corresponds
that
agricultural
far
will
it
be
production
as
possible
are
for
compensate
through the lose
forests
our
to
concerned,
of
in
the
the ceded
again
it
may
deficit
caused
in
purchasing power that would be suffered by investors in
should there occur a period of severe infla¬
such securities,
and
Business
Seeks
Policy of Continued Peace—
James S. Kemper, President of U. S. Chamber of
Commerce, Argues Against Involvement in War,
but Advocates Program of National
Defense
The principal concern of United States business at
the
present time is to keep this country our of any foreign war,
James S. Kemper, President of the Chamber of Commerce
of the United States, said in the
"Washington
Review,"
published by the Chamber May 20.
Mr. Kemper declared
that business does not want war
profits and "definitely is
opposed to sending American boys and young men to fight
on foreign soil."
Nevertheless, he continued, business men
believe
that every provision should be
defense
adequate for
any
continued:
consideration
made for national
Up
But
so
far
as
we must be
Entirely aside from the unnecessary loss of
adding tremendously to
Every business
soon.
man
our present
ihounting
debt.
recognizes that Federal spending must be curtailed
Participation by
us
in the present
war
would make that
curtailment impossible.
Entirely beyond the financial and economic question is the
very vital
one of the preservation
of our liberty.
A major contributing cause to
European dictatorships was the bankruptcy of the central
government.
Just
as
a
business institution in financial
difficulty must accept one-man
control through a receivership, so does
the door for
one-man
control.
bankruptcy of
In other words,
a government
dictatorships
are,
open
in many
respects, nothing more or less than receiverships.
A breakdown of the credit of
our own
government would open the same
door here that has made possible the appearance on the
European scene of
the totalitarian state, and with it the loss of representative
government.
And so the business men of America, as business men and as
are
is
good citizens,
vitally interested in preserving American neutrality, unless the
country
endangered by the aggression of foreign
time,
may
Mr. Carter also said:
lost."
has
recently
abnormal
of
been
has
demand
the
occurred
conditions.
extraordinary
an
by
for
frightened
a
Due
unusual
moet
upswing
in
In
and
revival
a
of
confidence, with
long-term capital.
abroad
our
abnormal
of
their
In
preserving his
prevailing
investment
a
following
suffered
by
occur
rate
of business
activity at
in this abnormal
not
supply of
money
persist.
but
in
because
so
of
doing,
safety.
other
sacrificing
However,
is
attractive
this
procedure
desired results?
rates
and business
20-year
3% bond if
best-grade securities, if long-
prices of
should
return
to
rates
extent
it
level
the
were
activity
table would show the
a
prevailing
of
paralyzing lending
when these conditions prevail, the investor seeks
period, when long-term
years
normal
a
could
comparison of averages of
long period of
the
a
prices,
interest-bearing
1926-28
causes
men.
capital by purchasing best-grade long-term bonds
opportunities
likely to produce the
In
principal
been
has
lack of private
a
demand for commercial credit
restoration of the normal political conditions
conditions
As is usually the case
at
which
with
there
steady rise in
a
decided contraction could
a
these
and
deposits
political situation almost completely
there should result
home,
confidence
coupled
the
are
business
of
bank
of
capital
home
at
lack
to
expansion
foreign
here
capital
conditions with
at about
was
at
of
the
a
prevailing
during
the average of
a
relatively high level,
decline that would
declined from current prices
to
be
the
yield basis prevailing in 1926-28:
Average Yield
Average
Yield
% Decline
20-Year
Points
Approximate Price
Approximate Price
3% Bond
Decline
2.39%—109.75
3.22%— 96.70
2.49%—107.90
4.7?%^S.07
4.52%—80.66
4.64%—79.30
28.3%
16.5%
26.0%
28.60
2.56%—107.00
*4.10%—85.09
20.0%
21.91
April, 1940 with
A-l + Industrials
A-1 +Rails
A-l + Utilities
Municipals
1926-1928 with
31.68
16.04
(highest
grade)
♦Average for December,
1928.
Source—Yield figures In above tabulation from Standard Statistics Co.
and Auditing Methods of
Companies Listed on Stock Exchange Should Be
Consolidated, John Haskell Says—Vice-President
of New York Stock Exchange at Ohio State Uni¬
versity Views Reports of Railroad Companies to
powers.
ICC
realistic
our young
that would follow American participation in the
present war, we cannot
overlook the fact that, if we did become involved in
the war, we could
and that
or
very
accelerated
the
men
not avoid
to
result
That is why business
keep free from foreign entanglements,
and not emotional.
invest¬
facts careful
history in high-grade long-term bonds which, like all great upswings, is the
adequate defense is the best insurance against
to
change,
to
diminished
foreign entanglements.
are
considering
or
as conditions, when they do
adjust themselves so rapidly that
opportunities for profit that exist today in industrial, bank
and insurance common stock equities may be considerably
national defense is concerned, business is
willing to assume its full share of
the cost.
It believes that
we
this
at
stocks,
should give these
Recent Gains in Accounting
today is entirely too high.
properly protests the resulting high rates of taxation.
If
preferred
he declares,
His article in part
emergency.
f.
The cost of government
of cash,
begin
term
S.
holding either best-grade bonds, non-call¬
callable
and
ment
the
U.
"Investors
tion.
means
even
territory ceded to Russia, Finland will remain richer
in
forestry, generally, than any other country in
Europe, leaving Russia aside.
land
stantial loss of principal; he points also to the possible loss
in
territories.
be noted that,
after the loss of the
forest
purchase of the highest grade fixed-income
securities at present levels may ultimately result in sub¬
that
what
to
cultivation
for
opportunities,
that
by investors and borrowing by business
able to
evident
As
the
for
eight
and also I should like ot emphasize that in the last generation we
increase the yield by 30% to 60% per hectare.
Thus it is
years;
were
in
our
country.
our
possibilities
investment
current
President of First New England Corp.,
Shelby' Carter,
warns
between
settlers, although this problem
problem of organizing and financing, and
was
areas
and 500,000 refugees and to find new homes for them.
obvious that the consequences of the war and of the
peace consti¬
It is
tute
i
of
review
recent
a
able
enormous.
through the American
They represent the
the
came
war
industrial
ill, and the mortality rate among them is
are
disturbed,
economy
during
Furthermore,
case.
inflicted upon
were
cities behind
destroyed
the
In
C.
U—
.
Inevitably, production shrunk and the national
and
Stocks
difficulties, and
minimum.
in
tunities Exist for Profitable Purchases of Common
the
From
serious
as
Archaic
The time has
to consolidate the many gains of
in reporting, accounting and auditing
techniques, John Haskell, Vice-President of the New York
Stock Exchange, said on May 18 in an address at Columbus,
Ohio, before the Institute on Accounting of the College of
Commerce and Administration, Ohio State University. Mr.
Haskell said that a lairge majority of listed companies have
agreed with the principle that independent public accountants
should be selected by representatives of the stockholders,
independent of the operating management. He said there is
also general agreement concerning the authority and re¬
sponsibility of a company's chief accounting officer.
He
said, in part:
the
past few
now come
years
Many companies have recently taken steps at Board meetings or annual
stockholders'
meetings
to
define
more
clearly the responsibilities of the
Controller, either by resolution or by by-law amendment.
which advised the Exchange of their policy in this
Of 130 companies
connection, 105 stated
that the responsibilities of this officer were now defined by
the Board
or
in
Volume
The Commercial
ISO
the by-laws; only 15 by the
President
& Financial Chronicle
other executive officer; and the
or
A
the controller himself sign the financial statements
that
suggestion
contained in the report for stockholders, even in annual reports
statements
accompanied
are
the
by
opinion
where the
independent public
of the
recommendation
Seventy-seven companies
accountant, has not had the same general acceptance as the
for
his
defining
and responsibilities.
powers
the future sign
indicated that the chief accounting officer signed or would in
financial statements; 29 indicated that the statements would be signed by
officer;
other executive
some
From a check of 1939 reports published in the
practice.
it appears that the financial statements of only 12% are
last few months,
largely of sym¬
The controller's signature on the financial statements is
It does not relieve the president and directors of their
raising the issue of the necessity for a responsible and independent con¬
troller,
and
with regard to the controller is to obtain integrity
recommendation
final
The
fiscal
For many
year.
with the calendar year.
of the report
companies,
was
In those
engaged as its
period which more truly corresponds to the annual flow of the
fiscal
now occurs
a
coincides
year
where it does not, it is obvious that
cases
Adoption of
should tend to spread out the huge peak of audit work which
in the early part of each calendar year and in many ways
and
efficient
more
many years
economical
audit.
There
is
nothing
new
permit
in
this
It has been sponsored by the accounting profession for
recommendation.
and by the New York Stock Exchange since
as
far back as 1936.
Many companies are engaged in several businesses with different natural
and others feel that the calendar year is their natural fiscal period.
years
Nevertheless
see
we
business year by
indications that the trend toward the natural
many
industry is growing
among companies
listed in the New
large majority of listed companies have indicated general
agreement with the principle that independent public accountants
be selected by
the board of directors
of
independent
stockholders
the
or
should
by other representatives of the
operating
With
management.
only
slightly less unanimity, it appears that the authority and responsibilities
of the controller or chief accounting officer are being recognized and defined.
And widening
consideration is being given to the adoption of the natural
In the field of accounting
to
it
appears
that the profession is
its responsibilities to the public,
more
than ever
but there remains much to be
accomplished in the way of educating security holders to the limitations of
In the field of
reporting we
are
seeing
a vast
improvement in the form and
To conclude, I
would like to leave this thought with
you. •
Many changes
place in the last few years in auditing, accounting and reporting
techniques and in business and financial policies.
for consolidating
these advances for the test that
social order, faces today.
Even if
Now should be the time
our
economic, no less than
perfect, the
our tools are far from
5 French, 4
and 2 New
belief
expressed by Mr. Haskel
practicing accountants and students of account¬
ancy who have had occasion to examine reports .of railroad
companies, prepared under the rigid, detailed requirements of
the Interstate Commerce Commission, will agree that they
are archaic in form and not based on accounting principles
which in all respects are today considered most sound and
generally accepted." He went on to say:
was
that "most
When
the
Exchange,
in
1933,
adopted the requirement that financial
in listing applications and reports to stockholders
by independent public accountants, it made
regulation by the ICC.
Commission
we
also
exempt
be audited
special exception for railroad
a
companies, which pleaded that their reports
extensive
were
already subject to most
Rules of the Securities and Exchange
railroads from this requirement.
As a
result,
have today available a clear example of the difference in reports resulting
from
two
are
Michigan,
3 fraternals.
British, 12 Canadian,
Swiss, 3 Chinese, 3 Japanese, 2 Danish, 2 Swedish, 2 Austarlian
2fealand, India, Norway, Spain, Holland and Italy have
These foreign branches write approximately 12 H % of
business, 2M% of the life and casualty and
fraternal business in this country.
London which does
a
each.
one
the fire and marine
little less than 43^% of the
The figures do not include Lloyds of
large reinsurance business
a
As
to
an
weU
as
as some
direct and
note
New
indication of the tragedy which has swept the world it is interesting
that
all of the 82
companies which entered the country through
York, with the exception of only
embroiled in the world conflict.
and Switzerland and
seven, come
These
from countries directly
located in Sweden, Italy
seven are
these countries
even
seriously threatened with
are now
involvement.
The
answer
safe?" is,
the
same
to the
question
often asked, "Are these alien companies
now so
"Yes, they are."
These alien companies are required to meet
general requirements for capital, surplus and reserves as our own
companies.
These funds
are
deposited in this country with State super¬
visors and trustees and the United States Branches entered through this
State
are
subject to the
same
supervision as are our domestic companies.
None of the trust funds belonging to the alien companies can be withdrawn
without the consent of the
servative in
Department and
are
we
permitting withdrawals in times such
as
naturally
more con¬
these.
country due not only to their stability but to the wise laws which have been
enacted and the supervision of
opposed philosophies,
as
Those who deal
the State departments.
with the alien companies thus have the primary protection
the branch located here which is required to
of the assets of
have substantially all of the
financial safeguards which we demand of our own companies.
there
are
under the law
there
are
they
may
which
remit to the home office abroad but under a ruling
Then
of the Superintendent is required.
the general assets of the company located largely in the country
of the domicile which
business.
In addition,
certain free funds in the hands of United States Managers
are
responsible for debts wherever the company does
The assets here
are
available only to our own creditors.
1849 alien companies
were
required to make a deposit in this
country to be held in trust for the benefit of policyholders here and from
which has been proved to be a sound
that deposits in this country must be sufficient to take care of all
one,
American obligations.
The record of financial solvency of these alien branches has been a note¬
There have been very few losses to our policyholders at any
worthy one.
time and certainly none
for at least a quarter of a century.
who have any doubt of the ability of
his address the
statements
are
in New York 65
those
The experience during the last World War should be encouraging to
signs of the times tell us to sharpen them and get to work.
In
are
the
All but
supervised here.
domiciled
are
There
fire and marine companies, 10 casualty and surety, 4 life and
those early days it was the theory,
readability of corporate reports to stockholders.
our
Other States in which United States branches
As early as
financial statements.
have taken
14 of the alien companies entered through this State and are
Massachusetts, Connecticut and California.
com"
the alien
92 alien companies in
are
United States and 82 of these operate in the State of New York.
of the Department the consent
fiscal year.
alive
There
In
The alien companies of all nations have had a remarkable record in this
York Stock Exchange.
To summarize, a
competitive
is over."
war
Because New York is the largest insurance center most of
panies made their home office here.
adoption of the
for the
the natural business
company's business would make for better annual reports.
this practice
they will be ironed out after the
part he also said:
is not authorized in New York and most of the States.
efficiency in the system of internal accounting and control.
natural business year of the industry in which a company is
a
these
The fundamental purpose of all
should help progress.
it
methods of procedure
and
companies'are financially sound.
They
of American
honorable place in the annals
if there be any disputes of a
nature
To the extent that this recommendation results in
responsibilities.
own
an
3289
Forty-three of the companies entered in this State
signed by the controller or some other officer or director.
bolic significance.
insurance
have the controller sign; and 219 companies did
that they did not plan to
not state their
nine indicated
followed other practices;
13
branches of the alien
have earned
remaining 10 in some other manner.
*
applied to accountancy: the industrial
these alien companies to pay today.
In 1914 we had 8 Russian and 14 German companies doing
country and admitted through the State of New
York.
business in this
Because of the
proclama¬
financial set-up which I have described President Wilson issued a
permitting the German insurance companies to continue in business
tion
here in accordance with the law in this State "in the same manner
the
same
extent as
though
a
and to
While the German
state of war did not exist."
and never
policyholders.
companies were later taken over by the Alien Property Custodian
resumed business in this country not a dollar was lost to our
There were ample funds to meet all claims.
This is also true of the Russian companies.
When the Bolshevik government came
Their history is a strange one.
into power it nationalized insurance
companies like everything else and attempted to take over the assets.
and did not belong to the
The companies have been
sufficient trust assets to pay all legitimate claims
Russian
the
Russian government.
Liquidation Bureau for a great many years.
in the hands of our
were
Our
properly held that these assets were here for the benefit of claimants
courts
There
and for many years
and more
contending for the
Government, representatives of the stockholders
companies' accounting methods reflecting, with few exceptions, the ever
recently even the United States Government have been
higher standards developed with the aid of
surplus assets.
and ability
tegrity
to reflect
a
conditions of
a
profession jealous of its in¬
changing
world
with free
ment
initiative; and the outmoded principles underlying the detailed static form
for
of most railroads.
are
Decades ago,
when railroad reports
were
first set
up to
us
The tragedy of the Russian companies is that after the pay¬
of all claims to policyholders there remain funds which it is not possible
to distribute to
categories established by the rules of the ICC, they were probably considered
models of disclosure based on accounting principles then generally
But the shackles of these rules,
as
obsolete
that
ways
as
the old style day coach.
that in most
There
are
cases
and
means
National
are
to improve the usefulness of these reports.
but I do not believe that the
now
Enterprise"—Speakers Urge Less Govern¬
More Flexible Con¬
trol of Securities Markets—United States Warned
to Stay Out of War—Remarks of C. B. Harding,
Alfred P. Sloan, Jr., Allen M. Pope, &c.
ment
exploring
It may have
average
railroad
accounting principles on which it is based with the independently-
audited report of a listed industrial concern.
Louis
H.
Pink
Explains Status
Companies
an
address
on
of
Alien
Insurance
May 22 before the Life Under¬
writers Association of the City of New York and members of
the Bar of the Metropolitan New York area at the Met¬
ropolitan Life Auditorium in New York City, gave a brief
history of the establishment of alien insurance companies in
the United States as well a summary of the requirements of
these companies.
.
Superintendent Pink in observing that "at times there has
been considerable criticism of the large volume of business
done in this country by the alien companies and by other
companies owned by foreign capital," went on to state that
"it is to the credit of American insurance companies that for
the most part they have not taken advantage of the present
situation in a competitive spirit."
He added that "it is
recognized in insurance circles that the United States
Restriction of Business,
Organized securities markets are of greater importance to
general public than has been realized in recent years,
Charles B. Harding, Chairman of the Board of Governors of
the New York Stock Exchange, said on May 22 at the annual
meeting of the National Industrial Conference Board in
New York City.
The subject of the conference was "A
Reconstruction Program for American Enterprise."
Mr.
Harding, who spoke on "Stimulation of Investment," em¬
phasized the index to national conditions furnished by such
markets as the New York Stock Exchange.
He said in part:
the
Louis H. Pink, Superintendent of Insurance of the State
of New York in
Conference Board, at Annual
Considers "Reconstruction Program for
American
the reports are
report can now compare either as to informativeness or as to the soundness
of the
We do not even know who they
Industrial
Meeting,
seem to
hopeful signs, however,
accounting officials of the railroads and the ICC
valuable other purposes,
accepted.
designed with the best of intentions,
have thwarted improvement for so long
the equitable owners.
and have no means of finding out.
reflect the detailed
There is another value
of organized markets like
the New York Stock
Exchange.
The
...
decisions to individuals
vestments, whether
filling station, a
and institutions with respect to their in¬
they intend to buy or sell a
filling station, a high grade
high grade bond, or a parcel of real
estate, should be based
sort of judgment of economic and business conditions.
Each of us has his own problems and must do the best he can with
upon some
them.
of securities on the New York Stock Exchange provide
formation of value to people who do not own any listed securities or,
The prices
in¬
for
who own an in¬
terest in many vaied corporations think about the outlook for those com¬
panies or for business in general.
They indicate how people feel about
that matter
any
securities.
buying and selling.
They indicate what people
The Commercial & Financial Chronicle
3290
I appreciate
that prices sometimes fly in the face of what later
be the facts—but I think they supply valuable information to
I think they are a more valuable index than
people.
pilation for several
reasons—they
widely known; they indicate
not
a
they
statistical
a
great many
practical public willingness to buy
determination of what people ought to
quickly available and deal with today
are
a
statistical
any
com¬
and I think always will be,
are
or
of social and economic invention."
I
think,
He added:
more
or
Undoubtedly
sell,
to
be willing to do;
carry
hammering out
we are now
The development of
for the future.
on
a social
obviously is the job of business statesmanship.
yesterday not last month
economic philosophy
business philosophy
a
Those devoid of actual
experience in business can not develop a philosophy consistent with business
last quarter; they are of national rather than local significance.
or
May 25, 1940
addition, he continued, there is need for a definite for¬
mulation of policy to "carry forward aggressively the novelty
prove to
needs
to summarize, that organized securities markets like the New
satisfactory
construct
or
operating
policies
for its
conduct.
We
already that those with little experience wholly unqualified
as to
York Stock Exchange, are far more important to the nation, to business
have
to
the technical necessities of business, such as politicians and
investment, to the government and to people generally than they have
I think in making them less effectual
seen
are
the management and operation of the enterprise system
through regulatory and actual control procedures.
The result establishes
been given credit for in recent years.
making inroads
to the creation of new
damage has been done to the entire capital distribution system and hence
jobs.
I think the sound course, in the national and
the fact.
public interest, is to encourage organized markets, not to discourage them.
If I have said more than I needed to say with regard to the
Exchange it is
ahead of the
because
the
much emphasis has been placed on the activities of speculators
so
economy.
^
\
in relation
the industrial corporations of this
substantially
more than
Conditions
half
country are ineligible for bank invest¬
their investment
meet
banks to buy inferior securities.
requirements.
Nevertheless it is
No
problem which
a
rants the most careful and serious consideration of our
because it is having at the present time
an
enormous
on
the
want expansion
we
Securities
Acts
have
elements
many
of good.
I
in my opinion,
developed
number
a
seriously considered by Congress and which
Securities
effect
Exchange
Commission.
of features
are not
Perhaps the
which
were
the fault of the
serious
most
in
its
the ability and willingness of business to finance has been the
on
called
and
"20-day waiting period," which must elapse between the date of
The corporation, therefore, is in the
position when it considers
an issue of being required to
supply voluminous
data in printed form to the Commission; to
supply certified statements from
engineers and auditors at considerable expense; to employ expert
lawyers to
be
sure that all of the requirements are
complied with, and when all this
time, money and effort has been expended to be still uncertain of
raising
its funds.
The cost of preparing and filing a
registration statement is by
no
For instance,
negligible.
means
actual sale during 1937
for
an
the average costs preliminary
issue of $600,000
were
3.716%
or
to the
$22,296.
Virgil Jordan, President of the Conference Board, spoke
on
"Economic Reconstruction for National Defense."
He
urged the end of "political aggression and economic delusion,"
but said that the main resource of the American
people at
the present time "is the spirit and
capacity of the pro¬
fessional management and
leadership of American enter-•
prise."
Mr. Jordan added:
We must remember that
won
or
money,
or
lost
by
wars
are
made by governments,
and management, not
men
but they
by appropriating
or
making speeches,
resources
armies into
or passing laws.
Government has no capacity
save those of its people.
The triumphal march of Ceasar's
ultimate oblivion is the most monotonous
story in the world.
The State is always static; only
people and their enterprise progress.
governments are
this, victory
as
are
printing
destroyed by
or
war.
only
men endure.
In such
survi\al will lie with those nations who
can
a
All
struggle
command
to the uttermost the ultimate resources of
individual character and capacity.
If we believe at all in the superior
power of institutions based
upon the
creative energies of the human spirit, it woud be
suicide to abandon, neglect
or cripple that resource in
any struggle to defend and preserve them.
In
this conflict we shall require all the
energy, intelligence, knowledge, in¬
genuity, endurace, resourcefulness,- fortitude and
capacity for leadership
and
cooperation
creative task is
that
prise alone.
It is
upon
a
in
responsibility which any wise and honest
We in the Western
we
summon
it, and which it
comprehensible fact of
of the world
can
every American citizen.
This
the power of the
management of American enter¬
within
must
impose
we
must
government
and will
be prepared to accept.
Hemisphere must understand that we face the in¬
a
fundamental revolution in the
spirit and structure
live in.
We must grasp the
imminent possibility that the
and France, which have served all
humanity since the beginnings of the modern world, as the
integrating
vast
planetary
empires
and creative force in the
we
live,
may now be
their resources
of England
liberty and security of the civilization by which
destroyed.
We
must
contemplate the possibility that
will be pillaged" and exploited
by the masters of an immense
slave society stretching from the
Atlantic to the Pacific, and
embracing
three-fourths of the world's
population, who will have surrendered their
humanity to the machines and the governments which
they have created
and upon which they have
permitted themselves to become dependent for
support and protection.
Surely we should see that in America as free men
unless
we can summon some
resource
we cannot
—on
any
immensely
more powerful than
hope to defend ourselves against, to compete with
imaginable
theirs,
or even to
live
terms comparable with the past—with
this vast horde
of dehumanized mankind, mobilized
by the gunmen of ganster governments
into streamlined, steel-plated
serf-States, supported by mechanized ter¬
rorism, murder and pillage.
We may comfort ourselves with the com¬
placent confidence that these governmental Molochs will
ultimately devour
each other, but if we are either to
resist, defeat, or readjust ourselves to
this new world order in our
time, it will be imperative that we mobilize in
America, both in business management and
government, a creative capacity
and sense of responsibility
immensely greater than anything we have known
in the past.
Alfred
„
P.
Sloan
Jr., Chairman of the General Motors
Corp., said that business leaders must immediately become
absorbed in the details of administrative
management.
In
to
pected.
as¬
re¬
a program
Upon its
system.
ac¬
The
manifold
The present period is
of great
one
The enterprise
It must keep in touch with the changing
and
demonstrated
stagnation of the economy.
benefits
of
the
free
en¬
the importance of security,
on
We have
that
seen
must contemplate the element of risk.
if
given an
opportunity to
assert
a
progressive
Set-backs must
However, the underlying forces and influcences will
doctrines
be
overcome
themselves.
The
ex¬
false
enterprise
must go forward.
The standard of living of the future depends
the intelligence with which each generation manages its affairs.
system
upon
"The
Relationship of Government and Business"
dis¬
was
cussed by W. L. Batt, President of S. K. F.
and Chairman of the Business
Advisory
Industries, Inc.,
Council of the
United States Department of Commerce, who
urged business
men to "demonstrate to the American
people that private
enterprise still offers a standard of public service second to
none."
He said, in part:
so-
filing and the effective date for sale.
more
It may be
of great potential danger.
one
be progressive.
must
economy
It must
theory which underlies them, of full disclosure and greater protection for
investors, is thoroughly sound.
In their practical application, however,
never
leads
ability
the
or some¬
free society or democracy
as
economic
philosophy together with too much emphasis
war¬
think
free enterprise
and influences change.
environment.
and investment in business.
very
Just
integral
an
terprise system demand that those involved with its responsibilities fight
utmost proposals based upon the
philosophy of scarity.
Such a
banking authorities
effect
industry (particularly small, local industry), to finance itself.
they have,
partnership
becomes
to the
the
wants
one
of our
rapid transition and
system
Department has rated these bonds unfavorably,
because certain privately owned stailsilcal organizations,
operating
The
assume a
The enterprise system
ceptance depends the perpetuation of that system.
themselves for profit, find it unprofitable to undergo the enormous
expense
involved in rating all industries and because in their opinion certain in¬
of
Thus enlightened self-interest and the
whole, properly coordinated,
effort.
of the essential elements, perhaps the keystone of
as one
of reconstruction
Comptroller's
be faced if
problems.
own
common
industrial statesmanship assumes this obligation.
as
garded
ment, not because the Government has formally made any rules, not be¬
not
becomes
now
is dependent upon successful enterprise its perpetuation becomes
sured
and
I believe it is no exaggeration to say that
dustries do
its
to
a
thing apart from the general economy.
He continued:
the future."
but
It
part of the whole community and not in any sense an abstraction
Starkweather, Chairman of the Federal Legisla¬
tion Committee of the Investment Bankers Association, told
the meeting that "the average investor has all he can attend
to in watching his investment from a business
angle without
attempting at the same time to forecast what a changing
Administration in Washington will do to his
company in
the
demand for its goods and services.
needs of the society as a
John K.
cause
the responsibility of industrial management to keep
consumer
responsibility of industrial statesmanship to recognize the social trend
relation in
-7-
•
on
It has always been
operating on the exchanges in the 20's that many people have completely
overlooked our markets' vital place in the functioning of the nation's
*
reformers,
The fact is,
old
as
our
volume
or
of
in
that regulation of business
course,
the limitations
Some of it has
come as
poaced upon
gradually that
with the impact of a piledriver.
us, or
arrives riding
the belief that
strictures
we
by government is
as
The amount of that regulation, whether measured in
country.
a
we
business,
some
increasing.
has arrived
regulation steals
new
thunderhead, there is little in
are
has been
scarcely notice it;
But whether
our
upon
history to warrant
going to get rid of regulation or, broadly, that its
become less severe.
are to
%
Is there, then, no
tion?
With
rare
opportunity to repeal
a
bad piece of regulatory legisla¬
exceptions, that is just the
gressional history and find little
experience
or no
You may search Con¬
case.
on which to base the
hope
regulatory legislation of importance wiU be repealed.
The most that
be expected is that some particularly objectionable or
impractical
feature of the legislation
may be amended; but the main burden of the Acts
that
may
remains.
.::VV''?/
One of the interesting aspects of
regulation—which is not always clearly
recognized—is the fact that the attitude and capacity of the
administering
body is frequently much more important than the exact
language of the
legislation.
Since the viewpoints of Commissioners are subject to
change as a
consequence of new appointments,
new
regulatory legislation
in such
a manner as
it becomes increasingly important that
amendments to existing legislation be drawn
or
to make the standards of
performance
clear
as
as
pos¬
sible.
Business has the right and the
duty to insist that this be done.
After all, looked at
objectively, government regulation of one form or
another is merely one of the conditions of
doing business—a matter which
be taken into account
by management just as it takes into account
labor questions, capital
requirements, competition, and all the other ele¬
ments which must be
given consideration if business is to be
must
successful.
Since it
seems
clear that much regulation has come about
complaints of business
against suppliers
or
business, to prevent
is
in
order
as
to
man
one
group
more
a
of competitors against the
drastic regulation—must first
treatment
of its
customers
competitors.
Allan
as
result of the
against business man—that is, either customers
and
other—clearly
see
that its house
to relations
as
with
its
^
M. Pope, President of the First Boston
Corp.,
against arguments that the United States should
warned
the European war on the side of the Allies.
Such a
step, he said, would not only be harmful to this
country,
but would be
definitely injurious to the Allied cause. He
said, in part:
enter
From
a
practical point of view, if we entered the
war
today
bellig¬
as a
erent, we would not have sufficient land forces
properly trained and properly
equipped to enter the combat for at least a year and
probably longer.
Further, from
even
a
practical standpoint, we could not send troops to Europe
when trained until
without
subjecting
existed in the last
From
our
we
and the Allies had actual
further practical standpoint:
a
superiority in the air
troop transports to losses the like of which
If the
war
material we
to manufacture is cut off from the
Allies in order to
extreme
never
war.
deficiency
as a nation at war,
it might
so
are
able
build up our present
cripple the Allies that
defeat of their forces might take
place, in which case we
as
a
a
declared ally
would be called to the
peace conference and would either accept the German
terms, which well might include indemnities to be
paid by
territory,
our
From
a
or we must
firing
a
a
we
on
alone.
our own
war can we
dare, under such
without augmentation?
in this
new
us
and loss of
This situation could happen without
guns.
further practical standpoint:
declaration of
Will
fight
single shot from
new
If
we
became
a
belligerent through
status, send our Navy to Europe?
conditions, to leave
our
Pacific Fleet
as
it is
Will we, if we declare war, dare send what
may re¬
main of our Atlantic Fleet to
Europe instead of guarding our own waters ?
Will we, even if
possible, send a fleet to Europe without greatly augmenting
air craft and anti-air craft material ?
our
Further
secure
as
a
practical matter:
democracy for the world by
lutely that
we
lose
our own
Is it
a
common
sense
declaration of
war
to rush
when
we
headlong to
know abso¬
democratic form of government by that
very act
Volume
The Commercial
150
without any question whatsoever.
Not only would we lose it for the war
the best opinion seems to indicate the great
-a,S'
all time.
We know from all that the present war
claration of
takes
probability that we lose it
war a
radio and free press.
:
3291
real danger
a
that the accumulation of large idle
funds may have a tendency to reduce the vigor with which
the FDIC will pursue its
policies in the future, observed
Mr. Emerson. He added:
>
; 5;
■■
and banking in this country
suppression of free
necessary
There is
but
for
v-,:'-'V:
plans indicate that upon a de¬
central control of all industry
place together with the
& Financial Chronicle
The FDIC must have every support and Incentive
speech, free
toward alertness and
It must hvve
aggressiveness in the prosecution of its proper functions.
■
adequate funds
to carry on
But we should never cease to fight
its job.
against the congenital tendency of most men when they find themselves
more
E.JT. Weir Criticizes New Deal for Failure to Make
Adequate
Preparation
for
National
Defense—
Speaks at Meeting of Iron and Steel Institute—
W.
S. Tower Elected
Criticism
of
the
for
willing to stand
"Bankers
cooperation
Sheet &
Hughes,
reelected Trea¬
If
take the following from
position in its history," he declared.
lavish domestic spending.
of
It
burden of taxation and
breaking
a
"Likewise
industrial system must try to accept the
our
upon
been and
imposed
monumental job
American people such
among
as
never
existed before."
"Large scale defense preparation," Mr. Weir warned,
infinite
"will require an
take two
years
before industry
function effectively.
can
It
confidently that these forecasts are entirely too pessimistic.
ment will decide on a
the
can
regard it as a permanent or temporary agency?
be said
If the Govern¬
definite defense policy, industry will do its share of
these
New
California
Bankers'
to
1-16 of
1%, or $625 per $1,000,000 of deposits, was
Guy Emerson, Vice-President of Bankers Trust
Company of New York, in an address before the Annual
advocated by
May 22.
rate
would
be
adequate to meet all demands
objectives, Mr. Emerson suggested the
committee, either by the American Bankers
Association of The Reserve City Bankers Association, to
make a study of the past experience and the future policies
To achieve these
At
FDIC, Mr. Emerson cited the
<
,
end of last year, the corporation
the
millions.
of the FDIC.
had total capital funds of
balance was subscribed by Federal Reserve Banks.
since the inception
Tells
by which assessments paid by the banks, plus in¬
of the FDIC.
The corporation has collected in
for Power"
Commenting on "the purposes and
assess¬
insured banks a total of $165 millions; in addition it earned
The
and insurance
insurance losses
expenses
are
estimated by the
FDIC at $37 millions and administrative expenses aggregated $19 millions,
leaving a surplus of $163 millions.
Two
the
fact that
years
the largest insurance payments were due to situations of many
standing which the FDIC desired to clean up; (2) investment income,
excluding assessments, came within $2 millions of covering all losses and
Of the $165 millions collected in
all expenses of the corporation.
ments; $163 millions have been
carried to surplus.
corporation could have met all its losses and expenses, except for $2 mil¬
lions, out of its investment income alone.
Had the assessment rate been set at
and members of Congress
1-16, a rate which many bankers
advocated when the present law
what would the situation be today?
about $125 millions in assessments
was
enacted,
The corporation would have collected
(instead of $165 millions).
Nevertheless,
by
Benjamin M. Anderson Jr.,
we
or
less degree
take
itself
over
'these facts suggest strongly to
me
financial functions, and which is
to interfere in minute details of
Mr. Anderson thus expressed his
California Bankers Association at Del
greedy for power
financial transactions."
views
before
the
Monte, Calif., in an address on
in
Financial
.
Needed
I
that an assessment rate or 1-16 of 1 %
to
'The Securities Market and
Preparedness for the Eventuality of
which he said, in part:
Our
funds would have been almost $400 millions,
would be adequate on the basis of a fair appraisal of the experience to date.
which is not sympathetic
of the securities market, which
does not believe in the desirability or the need for liquidity
and marketability and active functioning, which doubts the
desirability of a great deal of private financing, which in¬
clines to the view that the Government should in greater
the normal functioning
by the end of 1939 it would have accumulated a surplus of about $110
mi lions and its total capital
Professor of
of California, at Los Angeles,
have here an institution
to
assess¬
In other words, the
23
Economics of the University
"that
significant observations can be made on the basis of these figures:
amounts collected in assessments have been four and one-half
times the total of all insurance losses and insurance expenses despite the
(1)
May
on
policies of the Securi¬
Commission," the belief was expressed
ties and Exchange
$54 million in the form of interest income and profits on the sale of securi¬
ties.
as
of Securities
The surplus balance
vestment earnings, have exceeded deposit insurance losses and all expenses
ments upon
Unsympathetic to Normal Functioning
Markets—Benjamin M. Anderson Jr.
California Bankers Commission Is "Greedy
Regarded
SEC
The Treasury holds $150 millions of capital stock; the
reflected the amount
a
.
$452 millions represented by $289 millions of capital stock and a surplus
of $163
He suggested con¬
appointment of
reduction in assessments would not
the financial condition of the
end that the losses
objective.
impair the effectiveness of deposit insurance by weakening
following record:
operation of the
and fact finding as a significant contribution
which the bankers could make to the attainment of this
the Federal Deposit Insurance Corporation upon the
basis of a fair appraisal of its experience to date. In support
a
actuarial basis?
tinuous study
upon
of his contention that
approaching an
quality of the bank management to the
According to Mr. Emerson the reduced
on
assessment
something
of the insured banks will be minimized.
California Bankers Association in Del
Monte
on
ceiling of $500 millions, or some other
FDIC, Mr. Emerson stated, is to reduce the losses which
the corporation will have to carry in the future so that the
annual assessments may be stopped altogether.
This can
be achieved, he said, only by constantly improving the
deposit insurance assessment
of 1%, or $833 per $1,000,000 of deposits,
Convention of the
a
problem of paramount importance to
A
Convention
A reduction in the Federal
rate from 1-12
measured
fixed amount, be placed
upon the accumulation of funds by the FDIC?
Or, should the limit be
related to insured deposits or to total deposits of insured banks?
< y
in Federal Deposit Insurance Rates Advo¬
by Guy Emerson of Bankers Trust Co. of
York at
be
risks
Should
cated
which bankers should rightfully be ex¬
secured
banks? Should
an advisory council
be established in the FDIC similar to that in the
Federal Reserve System?
Should assessments continue to be levied upon
the present basis of treating all banks alike or should rate sbe adjusted to
the relative degree of risk assumed by the FDIC in insuring deposits? Can
job."
Reduction
upon
deposits, or upon reserves carried with the Federal Reserve
The staggering size of the job has evoked forecasts that it will
system.
questions
duplicate assessments on inter-bank deposits, or assessments upon
of planning and readjustment throughout the industrial
amount
economic importance to
the FDIO in its work? Do
Are there forces work¬
ing to weaken chartering policies n the individual States?
Should the
deposit coverage be increased from $5,000 to $10,000?
Should changes
be made in the assessment base, such, for example, as eliminating the
Perhaps more serious, the Administration is directly to blame for a
ference.
disunity
second to none in
cause
so to
What suggestions can bankers make to assit
we
it by governmental restrictions and inter¬
upon
cause—a
improve our banking operations that bank fail¬
in the United States will be in the future a vanishing phenomenon.
As
it by defense preparations under the handicaps that have
are now
common
pected to formulate an opinion, Mr Emerson proposed the
following: *
$45,000,000,000 limit.
imposed
Whether the duration of the FDIO is to be for five years
public—namely,
ures
already back-
Federal debt that has shattered the
a
and help the FDIO to help
fifty, the fact remains that the corporation and the bankers are working
in
the
stopped pouring billions down rat holes
never
If we conclude that the FDIO is here to stay
integral part of the banking system, paid for by the
an
banking system.
or
"Despite awareness
needed we should
conclude that deposit imurance Is no longer
we
because it is
us
the Administration continued its
do face the need for huge new expenditures with an
we
'
•
are
should be prepared to take off our coats
we
political waste, social experimentation and so-called Government planning.
Now
against this tendency is a tribute to his statesmanlike
up
have the courage to say so.
It has placed the Nation in the
of the dangerous international situation,
bureau often
regard his particular job as the
The fact that Mr. Crowley has been
conclusions and recommendations with reference to its opera¬
tions.
Continuing he said:
country's "weakened ability to meet an emergency in other ways than by
worst financial
It is merely a statement of
charged, individually and collectively, with
responsibility for formulating intelligent judgements with
reference to the many problems encountered in the operation
of our banking system," Mr. Emerson told the California
bankers.
Speaking of the proposal to unify the Federal
financial and banking agencies, Mr. Emerson raised the
question as to "whether in a situation so all powerful and
so vital to the
economy of the United States as supervision
of the financial structure, any central authority could be
wise enough and impartial enough, to be entrusted with sole
responsibility for the determination of policies."
Mr Emerson suggested that bankers should acquire first¬
hand information regarding the FDIC and arrive at definite
Weir charged that the Administration also is responsible for the
Mr.
public servants.
and businesslike viewpoint.
the New York "Herald Tribune" of May 24:
neglect of direct military preparedness.
our
primary function of the government.
surer.
we
It should be recalled that, ex¬
This general observation is not a
public funds.
no
loses his sense of proportion and tends to
and Frank Puraell, President of the Youngs town
Tube Co., were reelected Vice-Presidents.
H. L.
Regarding Mr. Weir's address,
rather than reduce the drain of their par¬
age-old fact, that the vigorous head of a governmental
an
with the Government in the huge National defense program."
B. F. Fairless, President of the United States Steel Corp.,
Vice-President of United States Steel, was
has obtained
criticism of the ethics of
in effecting
adequate National defense was voiced by Ernest T. Weir,
retiring President of the American Iron and Steel Institute,
at the organization's 49th annual meeting in New York on
May 23. Mr. Weir, who is Chairman of the National Steel
Corporation, declared that to achieve a proper national
defense it was necessary to have an administration that
would promote national unity of aim and effort.
Walter S. Tower, since 1933 Executive Secretary of the
Institute, was elected President, director and chief executive
officer of the organization.
In naming Mr. Tower the
Institute adopted a policy of having a salaried president.
Introducing the new president to the Institute membership,
Mr. Weir said the directors had taken this action as a first
step in "gearing the steel industry for the fullest
Washington bureau to accumulate all the
can and to increase
cept for the $150 millions of capital stock purchased by the Treasury, the
FDIC
its laxity
less permanently in a
they
ticular operation upon the public purse.
President
Government
or
money
think
the
that
the
Revision
investment
War,"
^
of Securities Act
bankers are making very
Congress from the standpoint of what is
modest proposals
good for the country, and
MS'
The Commercial &
3292
the
from
for
of
modification
a
securities
seasoned
the
the
the
grounds
which suits
and
alleged,
omissions
or
in
by security purchasers
of
facts
in
may be based
statements are
registration
of recovery on suits to damages definitely
thoroughly justified in asking for the
limitation
for
that copies of prospectuses be sent with
of the requirement
sale
the
law
be
can
and
statements
and
prospectuses,
detail
the
securities."
in
registration
in
statements
be greatly reduced without sacrificing the principle
prospectuses may
"truth
every
during the first year after registration.
I am sure that
so
modified that the expense of preparing registration
of securities
of
on
where
\I-
y';/\
Exchange Commission and the Investment Bankers
The Securities and
that I sympathize thoroughly with the
bankers against the efforts of the Securities
Exchange Commission to require competitive bidding through sealed
or
in
other ways on
new public utilities security issues.
It is
let
Parenthetically,
of
protests
and
bids
say
me
investment
the
this field that the SEC has a semblance of legal
such a requirement, as it bases its claim to this
authority on an "arm's length bargaining" provision of the Public Utili¬
ties Holding Company Act of 1935 rather than on the Securities Act of
1933 or the Securities Exchange Act of 1934.
apparently
suggest
to
believe fully
I
While
between
and
lender
should
this
whether
enduring relations between banker and customer,
commercial banking field or in the investment banking
the
in
arm's
have
bargaining
length
long
so
the parties to the
as
interests that they represent,
they are doing business with one another for the first time or
they have been enjoying mutually satisfactory business relations
bargain
each considering primarily the
are
whether
whether
for
in arm's length bargaining between borrower and
underwriter, there is no reason at all why
issuer and
preclude
You
field.
in
only
authority
...
Comptroller
Banking Capital May Need Supplementing for Either
to
today
War
or
Bank management, and proper supervision, are the answer
the problem of obtaining "good banking," Cyril B.
of
that
of
capital
investment
our
situation
or
field
if
profits
we
doubt
no
sufficiently.
grew
refunding
large
not
sure
additional capital would come into the
And I believe that it is desirable in
in the past,
bad
in
maturities
banks should be allowed again
the crises
am
surely have enough investment banking capital to meet
may
for
need
the
I
banking capital is adequate to finance either a war
revival which called for a great lot of new
though
underwriting,
order that
banking field.
the investment
in
in
business
real
a
times
that
commercial
to do what they have many times done in
namely, join with investment banks in underwriting
the refunding of prime bonds.
Under
laid
the
down
bonds
of
to
to
which
the
meet
believe
that
kind
The examiner should be friendly and
phantic.
develop
I
see no excuse ever
shouldn't be bitter
but
In
underwriting
on
the
Currency has
I believe that
by
commercial
sponsored
banks
commercial
now
institutions,
they
ought
be
to
include
to
for bank investments.
allowed
to
underwrite
I
the
allowed to buy—a change in the law which
are
they are exempted from the heavy under¬
by the Securities Act of 1933, as amended.
liabilities imposed
discussing Government control of securities markets,
think
I
for
the
the
the
that
Congress
Congress
sees
bankers,
houses,
security
committees of the
SEC
been
has
which
the
doing
SEC
has
reasonable
The
and
a
mood
to
give additional
bodies.
are
think
I
needed it is
to
banks,
Congress to tell th^m plainly and clearly what the
to tell the Congress plainly the extent to
interfering with normal functioning, and to ask
write into the law those rules of the SEC which
withdraw
with
which
from
the
SEC
the power
are
to do the unreason¬
can
of
be
and
arbitrarily
individual
States
is for definite and certain
confidence,
In connection with
United
commercial
exchanges,
which it has too often done.
act
multitude
stock
and others affected by the SEC to go before
to them,
greatest need of all
can
power
in
administrative
to
been
the Congress itself to
able things
men
longer
no
powers
clearly that where restraints
very
corporations seeking proxies,
the
is
law-making
or
Congress to provide them; and I believe that the time is ripe for
investment
for
the
exercised
by
of
administrative
under which
discretionary
bodies
in
a
cases.
the SEC, I have in particular
should
laws,
elimination
be
involved
in
war
again,
a
standpoint, of whether the particular industry seeking them is an essential
industry which should have capital in war-time.
I do not want the SEC
that
be
last war,
Reserve
let
Let it be, rather, as it was in the
appointed by the Board of Governors of the Federal
committee
System,
be
it
Capital Issue Committee.
a
consisting of
committee
a
who
men
appointed by
know
the
the
business
Reconstruction
situation ;
or
Finance
Corpora¬
present-day counterpart of the War Finance Cor¬
poration of 1918, again a body that has contact with and a realistic
understanding of established business and financial practices.
tion
I
day
war
of
we
the
that
would
well
am
the
of
which
be
that
aware
private
can
the
there
finance
let the
is
is
a
over,
school
and
Government do it.
Government
of
thought which holds
which
would
say
that
in
that
time
But I call attention to the fact
finance
today is already overstrained, and I call
attention to the fact that the Government has been
planning to withdraw
from the RFC and from other Government
corporations part of the capital
which it had previously put in their hands to
supplement private invest¬
ment, because the Government now needs those funds in order not to
exceed
I
and
its
think
that
taking off
There
go
on.
normal
debt
was
limit
during the next
fiscal
year.
that
it is
correction.
a
Of
course
if
he
does,
Government finance has
already been pressed unduly far
tremendously important for us to revive private finance by
great
many
need
for
But
syco¬
the
the banker in his turn
with the examiner, either,
should
examiner
remain
courteous
We welcome the current active interest of the American Bankers Asso¬
ciation under President Robert M. Hanes in the betterment of bank super¬
vision by
State and national supervisors, and keeping it free of politics.
May I say in tribute to the much abused politician that I have been amazed
in the last year
and
half at the
a
very
very,
the Comptroller's Office as an agency that
few politicians who look to
they
can
and want to interfere
I have found almost universal agreement with and respect for our
with.
position that bank supervision should be handled
While
saying
kind word for the politicians,
a
non-political basis.
on a
may
I add
I
that
in that class,
have
been
or
associated
do
for that
one
I suppose we and our
you
with
call
the
us
worse
national
ex¬
In the time
names?
bank
examining force,
I
testify that I have found them uniformly conscientious, devoted
duty, and honestly animated by
a
desire to help rather than
harass
the bankers under examination.
Mr
the
of the shackles
reform
legislation.
that
There
have
been
were
placed
abuses
upon
that
it.
needed
all-important thing is that normal functioning should
And ,we can. in fact, stop most of the abuses without
destroying
functioning.
Upham also had the following to
of his remarks:
I believe that
have
ever
been.
national
banks
today
Most of
folios and the number is small
course
are
our
in
as
sound condition
they
as
banks have good securities port¬
in which net
bond
depreciation is of any
The capital position is, generally speaking, entirely adequate.
improving and losses are smaller.
Dividends on the whole
consequence.
Earnings
in the
The percentage of classified and criticised loans is small
in relation to total volume.
are
say
.
are
And most encouraging of all is the very evident
disposi¬
not excessive.
tion and desire of bank managers to operate sound institutions in accord¬
ance
with the requirements of law and of good banking.
bank
management
a
This, I believe,
being placed by bankers associations
profession.
That
movement
is
on
making
getting results.
Members of
Commodity Club of New York Addressed
N. Gardise and Other Representatives of
A.
by
New
York
Commodities Exchanges
Garside, Economist of the New York Cotton
Exchange, said on May 23 that "the realization that the
Government is required by law to suppoit the
market)by
lending operations has operated to halt the decline in the
(cotton) market" in a talk delivered before the members of
the Commodity Club of New York and their guests at* a
dinner Held at the Produce Exchange Luncheon Club.
Alexis Tatiseheff, Statistician of the
Commodity Exchange,
stressed the importance of rubber and tin to the United
States while J. Roger Wallace, speaking for the Produce
Exchange, described how the market might be used in hedg¬
ing cotton oil and other oils that play an important part in
our domestic life.
George Gordon Paton, Statistician of the
New York Coffee & Sugar Exchange, made a plea for a better
informed trade and a better informed public,
citing the
statistical pitfalls which are open to the layman and
claiming
Alston H.
that with
an
increased
program
of education would
come
better informed
summary
trading and improved public relations.
of Mr. Garside's talk follows:
The
The effects of the European war on the cotton trade
up to this time, and
If the
great fear.
one
there will be need for
Capital Issue Committee; there will be need, as there was in the last war,
for a committee to pass upon the merits of
proposed new capital issues,
not from the standpoint of their soundness as
investments, but from the
to
helpful, but not familiar and
examiner scolding or having bitterness
and calm.
other bonds
be inadequate unless
policy-making
on
ought
we
banks,
Mr. Anderson said, in part:
that
an
personal in his contact
or
and
when
even
for
for dealing in personalities.
or
strict order governing the types
a
Comptroller's requirements
bonds which
would still
writers'
the Comptroller of
buy for investments.
may
restrictions
governmentally
will
of
1935
State, municipal and Federal Government bonds, and the bonds
certain
of
banks
the
meeting
Kan.,
Mr. Upham pointed to experience in the District
of Columbia as evidence of what bank management coupled
with proper supervision can do, despite the absence of a
banking code for the District. Supervisors, he said, "repre¬
sent the public interest, and have a distinct duty of insisting
upon corrective measures in banks and even disciplining
those bankers who may not be animated by high motives
of public service," He continued:
is because of the emphasis
Act of
definite requirements of
which
modify
limited
Banking
very
a
Wichita,
at
May 10.
result of the disasters in the years following 1929, and
a
as
volume
Association
however,
partly as a result of Government policy since 1933, a great shrinkage
the
Bankers
Kansas
the
want to
real competition in the investment banking field.
why there is not more is that there has
very
reasons,
been, partly
Addresses Kansas
Upham
B.
Upham, Deputy Comptroller of the Currency, told
to
is
the
of
Cyril
,,
Strong Business Revival
There
Proper Supervision
Banking—Deputy
Bankers Association
aminers fall
One
with
Prime Needs of American
as
other much maligned class—the Bureaucrats.
40 years.
Investment
May 25, 1940
Coupled
Management
Seen
of prohibition
And I think that they are
incurred.
omission
and
effective;
its abolition
removal
a
Good
do not become binding until
asking for a narrowing of
orders, provided sales
becomes
misstatements
asking for
market, in asking
and
waiting period
in
registration
legal
when
21-day
involved;
are
against solicitation of
after
for the securities
standpoint of what is good
financial Chronicle
the possible future effects of it,
are
suggested by the fact that, excluding
Russian cotton, which is almost entirely consumed in
Russia, the Continent
of Europe normally consumes about 25% of all of the cotton
consumed in
the world and it imports practically aU of the cotton that it uses.
Further¬
more,
the United States normally exports
produces,
and
over
40% of all the cotton that it
of the exports of the staple from this country
normally go to the Continent. As these figures imply, the war has drasti¬
cally reduced the big export market for American cotton.
The situation
over
40%
has been alleviated to
some extent
by the fact that domestic consumption
has been running at an unusually high rate, but the
sumption
outlets.
major
over
excess
of domestic
con¬
normal has not been sufficient to offset the loss of
foreign
The crippling of the big European market for cotton has been the
reason
for the recent decline in prices of the staple.
In this situation, the cotton price-supporting policies of the U. 8. Govern¬
ment, through its lending operations have assumed greater importance than
ever before.
Federal law requires the
Commodity Credit Corporation, the
lending
agency
of the Government, to make loans
fall below certain levels.
on
cotton
when prices
Prices of
new crop deliveries in the cotton futures
markets have recently fallen below those levels at
which, unless there is some
development
now
mandatory.
This is simply another way of
some
now
development not
in prospect, a loan on the
now
crop
that,
would become
unless
foreseeable, between this time and
growers will not sell cotton from the crop now
for
new
saying
there
next
is
fall,
growing at prevailing prices
new
crop future deliveries, but, instead, they will put their cotton into
the Government loan stock and
thereby obtain higher prices in the form of
loans.
If this should happen, the Government
might be called upon to take
over several million bales, to be added to the
huge loan stock which is it now
carrying.
borrowing
However, the CCC has recently asked Congress for
an
additional
power of $500,000,000 to finance big loan programs on forth¬
coming crops of cotton and other commodities.
The realization that the
Volume
The Commercial & Financial Chronicle
ISO
Government is required by law to support the market by
that
lending operations
indebtedness
into
of
Bank
Land
System
to
'be
made
by the Federal
Farm
work
it out
with
the
Federal
his indebtedness rather than to
Bank.
Eventually, therefore,
large portion of the Federal Land Bank loans which drift into trouble
a
will
be
flow
transferred
will
be
the
to
Federal
accelerated
capital and with
with
Land
Farm
Mortgage Corporation, and the
farm crisis.
With no
depression
every
mortgages, there will be a little reason for the Land
banks longer to exist.
;
-.V..
' .<
I object to these sections because of the effect which
they will have
Farmers
Cliarles H. Mylander, member of the
loans
new
difficulty with his loan will refinance
tfy to
Urged by
Charles H. Mylander—American Bankers Associa¬
tion Official, Before Senate Subcommittee, Opposes
Bill to Revise System of Government
Loans to
Federal
through
Mortgage Corporations.
These sections again strike a death blow at the
Federal Land Bank System, since it is
apparent that any farmer who gets
Just indicated has operated to halt the decline in the market.
as
Retention
3293
Committee on Fed¬
the
on
entire
no
field
of
farm
Legislation of the American Bankers Association, ap¬
pearing before a Senate subcommittee of the Banking and
Currency Committee, on May 17 indicated the attitude of
the Association toward a bill sponsored by Senators Bankhead, Wheeler and LaFollette to revise the system of Gov¬
ernment loans to fanners, in order "to hold up the rates of
interest on farm mortgages."
Mr. Mylander said that the
Association opposes the bill because it "desires that this
country shall continue to have publicly chartered and Gov¬
mortgage credit.
If enacted they inevitably
practically all of the farm mortgage borrowing
Corporation.
The country bank, the
insurance company, the individual who now is
lending money upon the
security of farm mortgages will be forced out of that business.
Some
of you gentlemen doubtless will
say that that would 'be a consummation
devoutly to be hoped, but I submit that when anyone, be he a farmer, a
privately-owned, local banking in¬
stitutions, and not that our people shall be compelled to
apply to a system of Government-owned, political-controlled
institutions whenever they need or desire credit."
In part,
Mr. Mylander, who is Vice-President of the Huntington Na¬
tional Bank of Columbus, Columbus, Ohio, and a director
of the Federal Land Bank at Louisville, Ky., which serves
the
Fourth Farm Credit District, which embraces the
States of Ohio, Indiana, Kentucky and Tennessee, said, in
part:
I believe if you will keep the Federal Land Bank system and the
the
eral
ernment-regulated,
will decide, as
you
have, that the Congress, instead of destroying the Land bank system—
we
bill
the
as
take
under
now
consideration
Federal Land bank system
make
to
it
this committee would
by
do—should
situations where they exist and continue the
the emergency
of
care
with only such refinements as may be needed,
better.
operate
Turning now to the bill itself, Section 2(a) provides that the rate of
payable on any Federal Land bank loan now outstanding or made
prior to June 30, 1946, shall be fixed at 3% for the entire life of the
loan, and that the interest rate on loans made after June 30, 1946, shall
be at rates to be fixed by the Governor of the Farm Credit Administration,
interest
which
shall
be
high
enough
reimburse the
to
for the cost of
bank
its
plus 1%.
money,
enactment of the first part of this section
the American Bankers Association again will be charged with self-interest
realize
I
with
and
that
in
to
is
not
Federal Treasury
worth
000,000
reduced
banks
to
in
1946.
No
those
loans
Section
tion
and
cost
in
cost
that
of
excess
40 years.
Federal
unknown
some
...
provides that the Federal Farm Mortgage Corpora¬
banks shall, immediately upon the enactment
Land
loan bonds which
they hold which bear interest higher than the average rate being paid
by the Government for money and exchange them for guaranteed bonds
bearing interest at that rate.
The Federal Farm Mortgage Corporation
holds approximately $800,000,000 of consolidated Federal Land Bank bonds,
most of them 4%.
The surrender of these in exchange for 2*4% guaran¬
of
this
bonds
teed
surrender
Act,
reduction
a
means
Governor
the
to
all the
farm
income to the Federal Farm
in
Mortgage
$800,000,000, or approximately $14,000,000 per
year.
I do not have the figures at hand to determine how seriously such a
reduction in gross income would cripple the operations of that Corpora¬
tion or its ability to absorb the losses which everyone agrees it will take,
but I suggest to the committee that it request the Farm' Credit Adminis¬
tration to furnish this information.
I believe these figures when furnished
Corporation
indicate that
will
of
1%%
of
covered
time
Farm
Federal
a
on
loss of
much
that
by the life of
income
over
considerable period
a
these bonds probably
Mortgage Corporation's capital being
will result in the
impaired with subse¬
quent loss to the Federal Treasury which in effect owns all of its stock.
Subsection (b) of Section 4, as I read it, hands to the present holders
of Federal Farm Loan bonds a nice juicy plum in the form of about a
holdings.
the value of their
six-point increase in
108 26/32.
Federal Land Bank 3's of 1946-56, the
call date, are selling at 102%.
If the Federal Land Bank 3's become
selling
same
and
for
expect to
can
six
at
fully-guaranteed Government 3's of the same maturity
see the Federal Farm Loan bonds jump in price about
points, which represents a gift to their holders if they desire to sell
take their profit of approximately $51,000,000.
exchangeable
we
Sections
and
5
have known
we
both
as
the Federal Land Bank
The
System
as
Under their provisions all of the capital
the National
cooperative character of
Farm Loan Associa¬
both the associations
why if
maintain
seems
to
Section
be
will
loans
made
direct
from
the
Department
8
directs
Farm
who
Loan
Governor
System
members
are
to
the
administration
and place more responsibility
National
the
of
decentralize
the Farm
Subsection
(b)
National
of
the
in
that
rower
Credit Act of
be
has
has
to
pay
Loan
pay
no
second Section
provides
for
Associations,
fee for
such fee
of the Association shall
The
a
upon
Farm Loan Associations.
scaling down
Even
if
this
by
by
a
tenant
.
approach
should
of
the
.
.
bill with extreme caution and
hasty action upon it.
It ought to call before it many
active in the management of the Federal Land banks.
It
now
ought to call in
Loan
of
considering
this
take
not
those
task
the
of
some
Associations—some
from
Secretaryl-Treasurers
the
ought to call before it
field that
farming districts as well as
by both drought and low" prices.
It
after taking
If,
abolished,
this testimony,
is
to
indirection contained
In
repeal
in
humble opinion,
my
the committee and the Congress then
Land Bank System ought to
the laws which established it—openly,
It ought not to accomplish the same thing by
the Federal
here when
it ought
bravely, and confidently.
the
the farm mortgage lending
competitive with the Federal Land banks.
are
feels that the time
be
the experts in
of
some
the National Farm
of
fortunate
from those which have been afflicted
bill.
this
as
city banker, it will be
a
farmer when the Federal Land Bank
sad
a
a
Are Subject to Wages and Hours Law and
Should Conform to Its Provisions, Says C. E. John¬
Banks
son
of First National Bank of
Act
at
Chicago—Discusses
Ohio Bankers Convention
While the courts have not yet determined whether banks
actually subject to the Wages and Hours Law, it is gen¬
erally conceded that banks do come under the Act and should
conform strictly to its provisions, said C. Edgar Johnson,
are
Assistant
Vice-President
Chicago,
on
May 22, in
of
the
First
National
new
convention of the Ohio Bankers Association at Columbus.
In meeting the law's provisions, Mr. Johnson suggests that
banks consider adjusting their banking hours in line with the
requirements of its customers and the business hours of their
particular community. The following concerning his speech
is from a summary of the discussion:
According to
a
survey
of 80 banks with deposits under $10,000,000,
43 changed their banking hours without receiving any serious complaints
These banks reported that their employees accomplished
from customers.
the
same
amount of work in the shorter time because the flow of work
was
more even.
As a means of
meeting the hours problem, try to look at your routine
work from new viewpoints, and thus improve your operating technique.
Do not assume, because routine work has been done in
years,
that
Ihere
new
peak periods.
methods and procedures.
.
.
Tooi often
we
are
certain way
a
Search and study for
is no better way.
the variation of your
ways to
for
control
reluctant to try
.
Consider especially methods that will bring greater
flexibility into
em¬
Many banks have devised such plans.
Some start
4 p. m. on "Wednesday or Thursday, rather than at the
ployee timekeeping.
their workweek at
Friday, Saturday and Monday as a
the middle of the week usually is relatively
opening of business Monday morning.
rule are their busiest days, while
When the workweek and the calendar week coincided, there
light.
always danger of unavoidable overtime.
An adjustment of hours
day and Saturday, with their peak business,
But when the workweek starts in
ments can be
be avoided.
on
made
on
was
Fri¬
on
is almost an impossibility.
the middle of the calendar week, adjust¬
the lighter days, and overtime payment can thus
If, for example, your bank starts its workweek at 4 o'clock
Thursday, and an employee at the close of business on Wednesday has
worked 36 hours, he could
and any time after
work six hours
on Thursday prior to 4 o'clock,
that hour could be included in the next workweek.
Overtime—The regular rate of pay determines how a bank should calcu¬
late its overtime.
The three accepted methods banks use in remunerating
employees are as follows:
A.
An agreed hourly rate.
B.
Salaried
basis.
Regular number of hours determined by agreement
custom.
Irregular
fluctuating number of hours.
No
worked
borrower
B.
an
or
(provided no given number of hours are guaranteed).
1 Yt times this rate
or customary
number of hours per week.
is on a basis of one-and-one-half times
C.
of
He received
for all hours worked over 42 in one week.
Under this plan, the worker is paid a guaranteed weekly wage for
agreed
Dividing the weekly
All overtime
this rate.
:
,
Under this plan, with a guaranteed weekly wage but no regular num¬
ber of hours worked, the regular hourly rate
of pay is found by dividing the
weekly salary by the specific number of hours worked in each separate work¬
week.
bill, together with Sections 9, 10 and 11,
the refinancing
of
Under this plan, an employee is paid only for the number of hours
though all of his investment in stock
mortgage indebtedness and
Bank
address before the 15th annual
an
A.
continuation of the fiction
but penalizes the
day for the
System is discarded.
the
be returned to him.
8 of the
abide
Salaried basis.
his membership while the present bor¬
even
and
salary by this number of hours gives the regular rate of pay.
for
of credit
C.
...
8 provides
of Section
Farm
to
1933.
source
of
legislation is needed to accomplish this purpose.
In the Louisville district
we began such a program of decentralization five years ago, or immediately
upon cessation of the emergency refinancing which followed the adoption
of
one
every rule and regulation that may be
'bureau chief in the Department of Agrifaithfully carries out this program for five
years and buys back his farm, Section 12 keeps him in bondage for the
40 years which it will take him to
pay off the mortgage which he gives
in part payment.
Why, gentlemen, the bill even prohibits this fanner,
if he defaults in any particular from
carrying out his engagement with
the Corporation, from taking advantage of the provisions of the FrazierLemke Farm Bankruptcy Act.
,
To sum up, therefore, it seems to me that this committee
ought to
or
the
to
promulgated
or
culture.
of
...
Federal
farmers
the
me
Agriculture.
the
conform
banks, maintained by the requirement that the borrower buy stock
prerequisite to obtaining a loan, is abandoned.
Frankly, I cannot
these two sections are enacted it will be necessary longer to
the fiction that there is a Federal Land Bank System, since it
a
see
23 years.
retired.
be
will
tions
and the
bill abolish
the
6 of
it for
Federal Land banks and of
of the
to
adopted
"
individual, has only
or
at the mercy of the lender, and that is not a
a
United
country.
The section provides
holder of Federal Farm Loan bonds may exchange those bonds
for
fully-guaranteed bonds having the same maturity and bearing the
same
rate of interest.
United States Treasury 3's of 1946-48 are cur¬
that any
rently
man,
democracy such as ours.
12, if enacted and carried out, should within five years make
States Government the largest owner of farm land in, the
The tenants who operate that land will be compelled willy-nilly
Section
figure until at
will be paying
Mortgage
business
a
healthy condition in
predict now what the money still invested in
that date.
Thus we are sure of only one
Treasury
Farm
to which he may go, he is
after
of the Act
4
will
Federal
But our
farmers.
to
but to the continuing drain on the
would entail.
If the nearly $2,000,Land bank loans now outstanding should be
of Z%, we know the money which the Land
rate,
United States
the next
the
interest rates
transfer of
a
manufacturer,
measure
loans
can
one
the
for
rate
those
will
amount
Federal
interest
an
invested
least
thing—that
the low
which this
of
high
maintain
to
seeking
opposition
opposing
the
to
but
financing separate in your thinking,
farm
emergency
will result in
This is the method used by most banks
whose employees
have
a
starting time but no regular quitting time, that is, where they stay on the
job until the day's work is completed.
is to defend the entire
'be co-ordinated with
fethod B—If a salaried employee, by agreement or custom,
hourly rate is of course 50 cents.If he
in one week,
4- 75c----—.
'
7
C—If, however,
or
The
week earns this same weekly salary of
Dividing his workweek into 42 hours
+ 42c
—
consistent
v7'7v"".y7777'
.
42 hours
$17.64.
of
:>.v-v3
.
777'7- ;••• 7 "7, v 7'4 7.
5.04
8 hours + 63c
■'• :■
$22.68
If he is already receiving $21, an
overtime
••
'5'
,
Collapse of the campaign to amend the Act brings assurance
'
that In all
its present status until the next session of Con¬
The Administrator of the Wage and Hour Division realizes that the
gress.
be
Act should
more
flexible and has indicated his willingness to make it
In this connection the
workable by definitions and interpretations.
Legal Division of the American Bankers Association
recently completed a
number of banks, both large and small, to determine the duties
and functions on various types of jobs.
As soon as this material has been
survey
of
a
digested and analyzed, they will get together with Col. Fleming and repre¬
sentatives of the Wage and
Hour Division on the question of redefining the
definition and Interpretation of an
of the
some
flexibility and assist us in clarifying
interpretations,7;—'\77,:
In many instances it is more
Hour Law than to have the merit rating of the bank affected
1
a
7777"'
three-year period.
In considering changes, all
in
no
way
and
under the State
Tax rates established under this merit
rating plan are based largely on the turnover experience a company
over
has
details should be scrutinized to make sure they
affect the morale of your employees or your relationships with
7 aircraft.
:;77r;77,7,v:' 7-;
of
the
air.
Time,
Strike Second
Dispute
Drivers
77:7777;7-
in
Wage
Normal milk
supply of Chicago, 111., and suburban area
was reduced 8U% on May 19, when the Milk Wagon Drivers
Union halted deliveries for the second time in three weeks,
in
dispute between dealers and drivers.
The 4,700 members of the Milk Wagon Drivers' Union
(American Federation of Labor) began the strike May 19,
after the Associated Milk Dealers posted a notice of a wage
reduction approximating $12 a week.
The new scale would
cut drivers' pay from $48 and commissions to $30 and com¬
missions a week.
The drivers originally struck May 1 when
a
wage
dealers declined to
renew
That strike
scale.
was
their contract with the old wage
ended May 3 by a truce
pending
negotiations which failed.
>
Approximately 2,000 inside plant workers, members of
the Dairy Workers' Union (A. F. of L.) joined the wagon
drivers in the strike as a sympathy gesture, also May 19.
Appeals to Federal, State and local authorities to settle
the strike were made by Arthur H. Lauterbach, general
manager of the Pure Milk Association, an organization of
dairy farmers, after scattered violence on May 20.
Advices of May 20 from Chicago to the New York "Times"
summarized the situation in part as follows:
The only
who
union drivers working
have
signed
are
These drivers number
1,000 of the total union membership of 4,500.
•.>_
a
certain amount of milk and retail customers
permitted to buy there on
a
cash-and-carry basis.
sumer
This supply and that
probably will be exhausted by noon tomorrow and the real con¬
in stores
pinch will come Tuesday.
supplied from two central plants and are in no danger of shortages.
Some
16,000
a
farmers
supplying
the
market
are
losing an
estimated
milk^
ap¬
do
not now
Not
Fear Invasion,
But
no
Col.
Charles
fear of invasion by the
forces of another nation, Colonel Charles A. Lindbergh de¬
clared on May 19, in a radio address which criticized the
defense
and
foreign
policies
of
the
Administration.
He
asserted that the United States must stop "this hysterical
chatter of calamity and invasion that has been running
rife these last few
days," and said that the only way this
country need be involved in a war is if "the American people
bring it on through their own quarreling and meddling with
affairs abroad."
He warned that
a
decision
on
national
7-":--/-7
\
'.
'
■
1'
still have two great oceans between
we
decided
what
depend
must
be adequate
not
mere
for
our
strong policy of defense we will not
The speed and range of
the bases available for their use.
upon
then
our
If
must construct numerous
we
Canadian borders.
the Mexican and
along
the
definite policy of defense,
aircraft will
a
defend the United States alone,
bases
national
our
planes to build.
of
types
planes
of
fact, without
In
a
upon
numbers
large
safety.
to
It adds to
Aviation is for us an asset.
have
we
of
know
are
air
Such
wo"ld
plan
a
require large numbers of small bombers and pursuit planes, and eventually
it would leave us as vulnerable to air attack as the nations of Europe are
today.
On the other hand, if we are to defend the entire Western Hemi¬
sphere,
we
thousand
need long-range bombers capable of attacking a hostile fleet a
or more at sea.
But these is little use discussing types
miles
numbers until
and
This
brings
defense
a
policy is established.
to an issue which must sooner or later be faced.
us
An
adequate air defense of the Western Hemisphere necessitates the coopera¬
tion of the other nations of this hemisphere,
have
Let
The
air
the
true
within
lie
defense
affairs
faced.
are
of
hemisphere free from foreign
on foreign
Powers.
this
if
war
war
by this talk of invasion by European aircraft.
America
of
facts
Our military aircraft must
foreign policy must have some relation¬
declare
it
confused
be
not
us
Their
We cannot hold
which
nations
bases.
their
to
access
ship to ours.
is
simple
as
We
attack
the
as
is
difficult when
in
danger of war today not because
European people have attempted to interfere with the internal affairs of
America, but because American people have attempted to interfer with the
internal
is
It
the
cross
are
Europe.
that
true
•
,
■
bombing planes can be built with sufficient range to
and return.
They can be built either in America or
Atlantic
engineers have known this for many years.
But
high, the target large, and the military effectiveness small.
Europe.
Aeronautical
the
is
cost
Such
not
planes do not exist today in any air force.
conquer
by
us
accompanied
were
thousands
of
dropping
bombs
by an invading
bombers
small
and
huge transatlantic aircraft.
in
it
Such
is
not
through division and
there
Our
together,
work
will
to
be
long
as
approach
as
we
is
peoples
the
we
horizon
within
for
draw
can
and
What
of
the
forms
with
As long
in
only
future,
American
as
reasonable defense forces,
no foreign navy will
coasts.
our
danger.
We
it
on
need
fear
not
through
their
a
own
Our eyes should not search
lie at
cannot
be
our
feet.
achieved
The
by
greatest
limiting
the
777777777777 7 7J 7^ 77f7
strength of others.
New
significance
contend
Europe today is that national strength must be
nation -itself
a
which
problems
from
requires
And
bring
quarreling and meddling with affairs abroad.
to
predictable
maintain
internal
an
American
have
peoples.
bombing range of
America
unless
any
by foreign aircraft.
within
in
invasion
we
in
own
our
This has great
that
come,
among
invasion
no
danger
foreign
war
can
army
it would have little use
be transported by air today and
can
element
an
danger
a
invading
an
;77777j 77 ;7777 .''7
77777'-j7"7':7
for great armies must still cross oceans
few hundred miles at most.
a
but
Europe,
America.
And
army.
7/
Only relatively small forces
distances of
A foreign Power could
unless the bombing
this country
in
pursuit planes;
'
No, the advantage lies with us,
by ship.
unforeseen
developments
of science?
Rocket
propulsion?
of
energy?
New methods of destruction?
No generation can
entirely safeguard the future for those that follow.
They must meet their
problems
own
as
on
to
cur
confront
us
in
pass
American
is
free
reasonable
a
time—a
own
our
character
The greatest inheritance we can
arise.
problems
those
children
the
from
strong
solution
Nation,
a
of
entanglements
problems
that
lack of debt, a
the Old World.
solid
of
the
Let
They
country from Europe with a handful of Revolutionary soldiers.
We certainly can hold it now with a population of 130,000,000 people.
If we cannot, we are unworthy to have it.
7;7.7
"
But the course
we
have been
following in recent months leads to
us
guard America today
neither
strength
and
side
will
To
be successful
Europe.
our
that
is
cessfully.
chaos
of
at
modern
the tide of battle
the other,
enemies;
its
'7'. '777''
7/ 7
in
It will leave us hated by victor
which way
of
aided
we
warfare
a
nation
that
turns.
We
did
7-7 77''7777;'7 }7/
must prepare many years
If anyone doubts that, let him turn his eyes
fighting starts.
of foreign wars.
We based
We must not waver now that the
Years ago we decided to stay out
military policy
crisis
nor peace.
regardless
alike,
claim
help enough.
before the
to
forefathers guarded it in the past.
our
friendship
nor
vanquished
One
not
as
this
won
"a definite
policy of defense" should be formulated before the increase
in air, land and sea arms could be made effective in safe¬
guarding the security of the United States.
The address was made on the eve of the anniversary of
the start of Col. Lindbergh's flight from New York to Paris
7.
'
firm and clear-cut policy, we can build an air defense
will stand above these shifting sands of war.
a
that
until
beyond
A. Lindbergh Asserts in Radio Address—Decries
"Hysterical
Chatter
of
Calamity"—Urges
Co¬
ordinated
Defense
Program—Says Country Will
Not
Enter War Unless
People Bring it on by
"Meddling"
The United States need have
*
armies of Europe and Asia.
In fact, there is hardly a
to air strength and impregnability that we
possess.
construction
built
Need
:v; v7
contributing
With
America
for
lesson
States
,7;"
f.
J
safety.
dare
day by the stoppage and in general have no outlet for their
.'..A previous reference to the Chicago, 111. milk strike
peared in our issue of May 11, 1940, page 2983,
United
7'7 ,;777"■ 77
-
standpoint of defense
element
nations
By agreement of the union and dealers, hospitals and nurseries are being
$60,000
7'7:
*
and the warring
us
natural
over
Dairy plants have on hand
are
'
.
the
From
those employed by some fifty small
temporary agreements.
n-;'7. 7 - ,7 '
■.
aeronautical standards, we in the United States are in a
singularly fortunate position.
Our people have natural ability} in the
design, construction and operation of aircraft.
Our highly organised industry, our widely separated centers of population, our elimination of formali¬
ties in interstate travel, all contribute to the development of American
for
dealers
'[
by
Judged
even
Milk
:777'7,'7'
•,
reexamine the position of America in
us
fighting
;77'
party
the air.
New discoveries
and developments affect nations in
different ways.
In Europe aviation
has affected England adversely and Germany advantageously.
One nation
may have a psychology and topography which
promotes the development
of aviation, while another finds itself entirely unadjusted to the tempo
V Let
we
Chicago
of
selfishness
blind
The conservative who scoffed at aviation yesterday has become
who says that tomorrow we will be invaded by European
radical
the
77/77'-V77.
<'
your customers.
77777;
the
and
propaganda,
of
counter-claims
poiitics.
:V"'7 7 aviation.
will find it far more economical to pay overtime under the Wage
Unemployment Compensation Law.
111
Even here in America it is difficult to think clearly amidst the conflict
of facts and headlines, the contradictory advice of columnists, the claims
economical to pay overtime than to engage
If an upturn in business proves only temporary,
the payroll tax program.
policies
0
Careful thought should be given to the situation created by
help.
extra
It is hoped that the re¬
"executive."
sults of this meeting will give us greater
Now,
depends more upon the establishment of intelligent and
tlian upon the sudden construction of huge numbers
airplanes.
and
,
additional $1.68 will cover the cost of
against $6 under the previous method.
as
respects the law stands in
more
„■
and it is about
in the excitement of reac¬
careful not to overrate this power
be
Air strength
tion.
upon
greatly underrated in the past.
of aviation has been
power
must
we
of time and 8 hours of overtime, he
earn:
■
the air
of pay would be one-fiftieth of $21 or 42 cents.
$21, his regular hourly rate
the elements
of
Aviation has now become one of these elements,
defense of America that I speak to you tonight,
pends.
'7:7. ,7 "7 77
for our people to have a
which our national safety de¬
and confusion it is essential
war
understanding
clear
'
/ ./:
salaried employee working an irregular
a
fluctuating number of hours per
then
6.00
$27.00
•
times of
In
$21.00
•+- 50c
8 hours
7,
would
then works eight hours' overtime
he should earn:
42 hours
fethod
is working
number of hours (42 hours per week) and earns $21 per week,
the regular
you
May 20, 1927.
on
adopted in calculating the regular hourly rate of
pay.
i
May 25, 1940
The Colonel said that if the United States
Western Hemisphere, the policy must
the foreign and defense policies of other
nations in North and South America, and American air¬
planes must be provided with adequate basing facilities in
those countries.
Col. Lindbergh's speech follows:
example will illustrate why It is essential to determine
The following
which method should be
his
Chronicle
The Commercial & Financial
3294
hand.
The
on
that decision.
There
result
of
Europe today.
is
no
longer time for
vacillating
7
policies lies
us
to enter this war
clearly before
us
suc¬
in the
<
Volume
Let
turn
us
guarding
and
a
with
American
But,
invasion
all,
has
inadequate
clear-cut
a
let
it
is
facing
better
a
no
desire
attack
new
a
But
era.
aside from
reason,
take
and
only
is
discussed with the President at the
luncheon, except only the seriousness of
the military situation in
Europe.
Let
us
policy
of
years.
definite
hysterical chatter of
these last few days.
is beyond question.
era
regardless
our
of
which
seize every
is
in
is
one
that
much
in
are
powerful
so.
of
elements in
No
war.
;
war,
continuation
of
If
Europe.
one
wishes to
...
involved in this
becoming
America
who
desire
us
the
closer to
us
underlying
character
the
this
country
rise
to
planes,
our
and
takes
and
cannot
lo
eyes
placed
and
our
our
own
strength.
the
reins
in
battleships
own
is
Nation.
country in
hand
of
We
once
secondary
cannot
the production
more,
aid
importance.
others
until
of air¬
Let
us
turn
have
we
first
position of spiritual and material leadership
a
-
:_
Roosevelt
Give
to
Radio
Talk
Defense
on
Tomorrow
Night
President Rooseveit will broadcast a "fireside chat" to the
Nation Sunday night (May 26), the White House announced
May 23, describing the talk as "a general discussion of the
defense situation and the defense needs."
This will be the
first address of its kind since the outbreak of the
European
war on
Sept. 3. In making this announcement Stephen T.
Early, White House Press Secretary, said:
It
will
be
all-embracing
materials for
It will be
It will be
far ahead
as
as
and
all-inclusive,
relating
commodities—
to
agricultural products—prices and wages.
report by the President to the country and
usually called a
"fireside" talk.
future
well
war as
a
as
he
review of the situation and will
project into the
a
can see
Mr. Landon
^
clearly and plainly at the
present time.
Landon, After White House Conference With
Roosevelt, Urges Renunciation of Third-
President
Term
Ambitions
Incident to Coalition Program—
Says Politics Should Give Way to Unity in Matters
v;,:,
M.
Landon,
leaders in
a
Administration's
Earner
this
coalition program that would further the
$3,000,000,000
week it had
might be invited to take
National
been rumored
defense
that
Mr.
plans.
Landon
position in the Cabinet, but the
the possibility
by any Republican leader. He did, however,
support the Administration in its defense program.
a
former Kansas Governor himself minimized
of such action
After
his
conference
with
the
President
May 22,
Landon
Mr.
(who had come to Washington from his home at
Topeka, Kan.) said that the European war had "serious
implications" for this country and that Republicans would
be glad to serve on a National defense
council, provided it
did not make them partisans to a third-term movement
for
the President.
In reply to this
statement, the White House
issued the following brief announcement:
"The President
regrets that he has no time, just now, to give to the prepara¬
tion of
political statements. He is too busily engaged with
problems of far greater National importance." It was said,
however, ^that the President was "very grateful" for Mr.
Landon's suggestions. The text of Mr. Landon's statement follows in
part:
National defense organized and carried
necessary,
for the
on
with
reason
Trade Week
ers
a
further
means
State
European situation has serious* Im¬
are
not
merely
Administration satellites, is desirable to head the defense
program.
But, unfortunately for the country, the leadership is in the hands of
who has not eliminated
himself
as
a
candidate for
President, who at the moment has pledged to him
President's
a man
more
as
than enough dele¬
The speech prepared by Secretary Hull said that if the
doctrines of "totalitarian
autarchy" become widely pre¬
valent in international trade relations, the world will be
plunged into "a period of chaos and impoverishment, and,
inevitably, into moral and spirtual decay."
President
Roosevelt's
It
Republican leader who takes
any
gives
"As
most cordial
of
impox-tant
significance
our
Nation.
It
world
\ ''
.;.V-
"Today
hanging
It is to be noted that
participate.
and
Liberal parties
had been
The
a
*
■
in England refused to enter the
House
issued
and
wili
the midst of actual war, the Labor
substantial agreement on policies.
White
May 22:
even in
can
the
Cabinet until there
They
following statement
just
now, to
frictions,
for
essential
are
our
economic
of
well-being of
for
the
of
maintenance
enduring
<
all profoundly conscious of the black cloud of
war over¬
The devastating and widespread
conflicts
and
wars
international relations if in the
nations
among
be
to
are
also to emphasize the inescapable fact that
averted.
Nation cannot
our
exportable
our
and
surpluses
unless
our
markets
imports
necessary
are
unhampered by adverse developments at home and abroad.
"The
be
to
promotion of liberal
vital
a
economic policies has been and will continue
part and a dominant purpose of the foreign policy of the
In this way, and in this way alone, can the United States
United States.
contribute to the economic reconstruction of the world when the destruction
going
now
shall have ceased.
on
1
'
•
-
"FRANKLIN D. ROOSEVELT."
Secretary Hull's address follows:
M
(
The observance of Foreign Trade Week occurs this year at a time when
;
the
international
two continents
situation
is
extraordinarily
Large
grave.
They will have
this Nation
future of
The
important
of
ways upon
of every nation.
disruption
the normal
of
life
of
processes
globe have already produced serious
the
of
areas
The
corners
profound influence in innumerable
a
and
and
disorganization
of
portions
being ravaged by violent and destructive warfare.
are
repercussions of these titanic struggles extend to the uttermost
in
effects upon
foreign trade and upon our shipping, and through them upon many
other
from
phases of our economic life.
the
are
American
20
principal customers
them
the
current trade, both exports and imports are involved.
other
the
republics,
ceased their purchases from
have
war-time
of
exigencies
Apart
all of the foreign countries which
for our products
affected by
are
almost altogether because of
us
Others have
controls.
Some
war.
had
subject
to
their
foreign trade to stringent regulation, which has had the effect of changing
substantially the composition of our exports.
this
all
of
result
production
while
is that
some
experiencing temporarily an
are
others
subjected to
are
of
exporting branches of
our
intensified
demand for their
slackening of foreign demand.
Our
a
to£al exports have increased substantially during the war months.
$2,607,000,000 during the period
to
from
September,
They
1939, to
April, 1940, compared with $1,952,000,000 during the corresponding period
of
1938-39.
-
;v
Obviously the increases have far outweighed the decreases.
decline
of
in
most
hardships
involved.
difficulties
Nevertheless
important export products
foreign demand for some of our
created
naturally
industries
On the
on
life.
give to the prepara¬
He is too busily engaged with problems of far
In
which
We
becoihe
may
earnest
efforts
must
for
to
The
reduce
agricultural
the
frankly
greater.
face
the
these
and
manufacturing
possibility
Government
is
difficulties
from
important side, too, the effects of war are
eome
cases
domestic
imports.
disordered
industries
conditions
face
the
Where this is the case,
abroad
impact
as
that
constantly
much
and
He is, however, very grateful to the ex-Governor of
Kansas, who was his
luncheon guest today, for his suggestions contained in the statement the
secure
Governor has written for the press.
for
entirely
War-time
different,
ways
in
which
of
felt in
as
these
engaged
possible
the
war
our
economic
to
situations
give rise
additional
the Government, of
appropriate measures to deal with the situation.
greater National importance.
trade for the
in
appreciation
our
vigorous and mutually beneficial trade
much of the world's surface.
serve
exist
in
The President regrets that he has no time,
that
traditional
renewing
through negotiations and conversations with foreign governments.
:
•
tion of political statements.
foreign
becoming
for
enjoy sustained and satisfactory prosperity unless adequate foreign
the
;'7 '•
candidate. Republicans
is
occasion
-
we are
so
my
participating in the observance
now
future
has
/;.7V V-'V
a
nations
happy to extend again
am
are
mental need for liberal economic policies in
party.
as
of
reminder
a
the Presi¬
being waged have far-reaching economic and spiritual effects.
Some of these effects fall heavily upon our own country. /;
"The tragic events now transpiring bear eloquent testimony to the funda¬
wars
Instead of weakening his position, this action would
strengthen it.
The
President would become the leader of the Nation instead of the
head of a
If he does eliminate himself
is
among
amounted
>.-V>r';:
equally interested in unselfish service, he should
publicly and forthwith eliminate himself as a third-term candidate.
past, I
peace.
indefinite term
If President Roosevelt is
the following message of
observance
valuable
a
Secretary
r
annual
is
essential
products,
move.
It
•
■
the
relations
the
in
greetings to all those who
life.
national
in
,
«
occasions
Foreign Trade Week.
embodied
was
'
pleasure to read
great
me
similar
on
position in the present set-up from the stand¬
point of unselfish national service is making himself a party to this third or
a
which
message,
address, follows:
dent of the United States:
The
Unfortunately,
|
.
message
averted."
gates to take the Democratic nomination if he wants it.
Political implications consequently are
inescapable.
*
-
said that the war in Europe
"bears eloquent testimony to the fundamental need for
liberal economic policies in international relations if in the
future frictions, conflicts and wars among nations are to be
of
indefinite term
an
The
his
Secretary of
As regards
and experts in their own fields, the members of which
Foreign Trade Week.
Breckenridge Long.
The
and calmness is
of defense, a National council—a small
group of lead¬
with
was, however, prevented from broadcasting
remarks and his speech was read by Assistant
our
It cannot be denied that the present
;yv7,W7:
Secretary
plications, even for this country.
As
y
..
President Roosevelt, in a statement on May 19, declared
that hopes of future world
peace depend upon the general
international adoption of "liberal" economic policies. ' The
President's message was included in an address
prepared by
Secretary of State Cordell Hull, which was to have been
the
same reason that fire extinguishers are
necessary even in a
^V'
Policies as Hope of Future World Peace—
Messages Are Read in Broadcast Opening Foreign
the earth.
fireproof building.
:.;;c;//1
Trade
"This
Republican candidate for President in
1936, conferred with President Roosevelt at a luncheon meet¬
ing in the White House on May 22, and later issued a state¬
ment in which he urged Mr. Roosevelt to renounce
any
plans for a third term if he actually hoped to enlist Republi¬
can
*
President Roosevelt and Secretary Hull Stress Liberal
of National Defense
Alf
May 23 conferred with Secretary of State
on
Hull, and later said that he was personally willing that the
United States participate in the economic reconstruction of
the post-war world. 77;
v.-:y i
Hull's
Alf M.
glad to receive Mr. Landon.
very
on
broadcast in connection
♦
President
was
Landon
May 17 announced his support of tne
President's "efforts to strengthen the Nation
against attack,"
although he said the Administration was "tragically late"
in its defense
policies.
and
itself, to strike down these elements of personal profit and foreign
This underlying character of America is our true defense.
Until
awakes
Mr.
edge.
of
interest.
it
The President
to
minority of the American people, but
the machinery of influence and propaganda.
They
of
for
to do
danger
a
small
a
opportunity to push
time
for
this
wins
the countries
asking
position
a
we
are
Our mission is
side
actions, to prevent
own
only stop
They represent
they control
assert
no
reason
because there
part.
It
need
we
peace,
us,
The
war
and
this
stop
us
building and
greater army,
a
many
3295
None of the subjects mentioned
by Mr. Landon in his statement were
of
force,
for
been
peaceful relationships between America and
we
air
greater
a
nations
above
that
role—that
running rife
befitting to the people who built this Nation.
the world is
make
there
We need
they have been
neighboring
our
defense.
and
is not
That
of
dastiny.
own
our
calamity
to
again to America's traditional
greater navy;
form
It
The Commercial & Financial Chronicle
ISO
competition
course,
But there also
is affecting
are
our
takes
other,
imports.
exigencies have made it more difficult for our manufacturers to
of the raw materials which they must bring in from abroad
some
their
operations.
War has
made it
more
difficult for
our
consumers
obtain
to
benefits to all groups
produced abroad to the use of which
of the commodities
some
'future.
of National
pursuing
trade-agreements program offer the only
of the world can be successfully
Only if these principles prevail
in economic relations among nations will it be possible to create a firm
foundation for stable peace and for satisfactory economic progress.
If the
opposite tendencies—those of totalitarian autarchy and all that it means—
so
ominously spreading today, should come to be widely dominant, man¬
kind will be plunged into a period of chaos and impoverishment, and,
inevitably, into moral and spiritual decay.
possible basis on which the economic life
when the present wars are over.
rebuilt
safeguarding our highest national
merchant marine, which
compelled temporarily to abandon some of its most valuable trade
to
view
the
with
adopted
measure,
has obviously imposed handicaps on our
interest,
:
course
a
has been
routes.
adjust itself to the new emer¬
Some new routes have been mapped out and arrange¬
for new ports of call.
Government effort and
shipping industry has sought to
our
gency
conditions.
necessary
again busily employed in passenger and freight traffic.
formerly used for transatlantic sailings now plies in
Hemisphere.
This is a consequence of the fact
American flag is
Some of the tonnage
the waters of the Western
and the other American republics, trade has,
that, as between our country
in
trade,
the
private
enterprise
function
can
severity of
of
time
In
Government's tasks
the
war
in
their
in
field
trade
when
their capacity in this direction.
I have equal
to resume vigorous progress in the foreign
is restored—if our Government and other govern¬
create sound conditions
will have the "wisdom to
ments
under
law—our
profit, and he extended his views as to war
on
farmers,
democratic institutions and on individual freedom
our workmen and our business men
have been
believe
advantages not available to workers in general.
He
that he would not countenance any weak¬
wage
,
indicated
also
tration.
soundly without the other.
ernment contracts and the Fair Labor
the
for
economic
vast
expansion
happened in the last few months has brought out strikingly—
What has
before—the effects of foreign trade
upon our national well-being.
For the present the difficulties experienced
by those of our surplus-producing branches of agriculture and industry
which are being affected by the sudden war-time curtailment of foreign
markets are being relieved to some extent by the general economic improve¬
ment in the country, resulting in part from the expansion of other exports.
But it must be increasingly clear—to everyone who would but open his
eyes to what is going on today—that permanent and stable prosperity for
our
surplus-producing branches of both agriculture and industry—and
therefore for the country as a whole—is possible only in a world which is
at peace and in which expanding economic activity in all countries makes
possible increasing employment and consumption, and hence rising stand¬
perhaps
ards
of
The
the
which
difficulties
securing
in
experience
now
we
imports provide
some
added and unanswerable refutation
an
of
our
to those
indulge in reckless assertions that our country can isolate itself from
world
and
of
which
and
various
products
all
or
else produce in insufficient quantities;
specialties
and
enjoyment.
factories stand
That
is
a
curtailed
There is
our
of
Loss
standards of comfort
occasion for rejoicing when our imports of
no
a
sure
sign that some of our
has been
That is a sure
purchasing power of our people
that the
sign
That is
decline.
therefore, need smaller amounts of raw materials.
lower wages or lower prices.
markets
for
domestic
market
and
material
foreign
portance
of
trade
as
to
Reduced
its
to
national
simplest
terms,
velt
of the situation was discussed by Mr. Roose¬
May 17 when he said that the Government was
on
willing
aid
to
expansion required
financing plant
in
to
his program for expanding the national de¬
fenses; he hoped, he said, that most of the funds needed
accomplish
would be
supplied by private capital.
Part of such capital
the President, would be supplied by
Finance Corporation loans to industries,
according to
needs,
Reconstruction
such
the
as
machine tool, munitions and engine
he said, the Government would
aviation,
In
industries.
some
build plants itself,
cases,
but they would be operated by private
He expressed the view that new airplane fac¬
tories should be located somewhere between the Allegheny
enterprise.
and Rocky Mountains
rather than in the vicinity of either
coast.
as
we
were
our
economic well-being. may
be
by
means
of embargo policies every dollar's worth
dollar's worth of imports of manufac¬
tured goods—and thereby shut in our own agricultural exports and our
own
exports of factory products—we would put into cultivation about
10,000,000 acres and take out of cultivation over 40,000,000 acres, apd
wo
would take out of employment at least two or three times as many>.
men
as
might conceivably be employed to make the goods now imported.
These results would inexorably follow if our country were to enter upon
imports and
every
embargo policy as regards tariffs, quotas,
trade-destroying devices.
national
as
well
trade
as
by
relations
controlled exchanges or other
by foreign
For the embargo game can be played
And there is nothing more certain
us.
than
retaliation, once any country
a
vicious
cycle
of
retaliation
and
in inter¬
counter-
is short-sighted enough to start the process.
World War bears witness
experience under the
tariff.
Six years ago our country resolutely turned its back upon this type of
economic suicide.
By enacting the Trade Agreements Act, the Congress
created an instrument with which it became possible to meet and over¬
come
some of
the pressing and extraordinary difficulties in the field of
The bitter
experience of the period following the
this, and—much nearer home—our own disastrous
embargo
On May 23 the Business Advisory Council of the Depart¬
of Commerce presented
to President Roosevelt a
ment
resolution
pledging its "full" aid in carrying out the defense
the industrial and commercial fronts.
The
"Times" in reporting this from Washington continued in
program
policy of the Hawley-Smoot
which our Nation was faced.
During the period of its
operation, to date, the trade-agreements program has amply demonstrated
Its effectiveness for this purpose.
As was proved conclusively in recent
foreign trade with
hearings before appropriate
on
part:
White House by Secretary
congressional committees, it has brought marked
Hopkins, who, in effect, has been put in charge
of industrial mobilization to the extent that it may
The
nor
be
to shut out
agricultural
countries
Council of Department of Commerce
Pledges Aid to President in Defense Program
Business Advisory
the im¬
follows:
to
Gov¬
An¬
Representatives of the Council numbering 38 were accompanied to the
exportable surpluses disorganizes and
well, causing disastrous unemployment of
our
resources.
stated
an
Standards Act.
other aspect
exports, too, must decline.
foreign
our
reduces
human
sure
idle and,
by unemployment,
sign that
If
reference to the Walsh-Healy Act governing wages on
which differ markedly from our
of marketing, &c., and without
people cannot maintain their accustomed
our
these essential commodities
of
Adminis¬
His comments were regarded as having particular
The commodities which we bring in
raw materials and foodstuffs which
prosper.
do not produce at
production in quality, price, season
own
ening of the social legislation enacted during his
abroad consist overwhelmingly of
either
and
the
of
rest
from
we
ever
living everywhere.
essential
who
than
strikingly
more
and defense
labor as well as capital, and said he did not
that labor in'the war industries would seek special
profits to
which has characterized so
vividly the history of our Nation.
Our further national economic growth
requires the greatest practicable development both of our domestic economy
and
of our foreign
commerce.
Neither can function satisfactorily or
responsible
the
spending; he said everyone is entiled to a reasonable
fense
for the functioning
have enumerated—energy, ingenuity, initiative, enterprise
traditionally American.
By possessing them and by using them—in a
political system based
of the Administration's attitude toward
expenditures of the Allies or from United States de¬
war
The qualities I
—are
to
opposed to anyone realizing excessive profits from
he was
trade.
international
of
Opposed
possible economic effects and consequences in this country
of the European war and the domestic defense program
have recently emerged from President
Roosevelt's press
conferences.
On May 21 Mr. Roosvelt told reporters that
ability
peace
Fortunes Accruing
Will Aid|fIndustrial
Expansion to Carry Out Defense Program
Plant
have already shown
confidence
provided by the trade-agreements program.
Indications
and ingenuity of those actually engaged in the
process of trade, upon their initiative and enterprise.
From this point of view I have every confidence in the ability of our
business men to make the adjustments necessitated by the war emergency.
They
permit—the proven and tested
welfare, free enterprise,
for economic
War—Says Government
from
the vigor
upon
action
Roosevelt
President
this respect
multiply with the multiplication of restraints on trade.
But, beyond that,
whether in war or in peace, the prosperity of our foreign commerce must
depend
when circumstances
most
which they impose to the detriment of
restrictions
the
trade.
use
constructive
and stable peace
It alone is capable of inducing other governments to moderate
effectively.
American
which
in
conditions
create
must
the difficulties to
shipping,
in
as
of
instrument
which wars abroad have
given rise cannot be adjusted by government alone or by business alone.
The Government, through the various avenues of action open to it, can and
In
readiness—for
in
months, substantially increased.
recent
essential stake in the establishment and
conditions of stable peace and of orderly international
ourselves to make every appropriate contribu¬
tion toward that end.
Our paramount task today is twofold, and I cannot
emphasize too strongly the vital importance of both of its phases.
We
must
increase our national
strength, redouble our national vigor and
courage, create for ourselves adequate means of defending this country's
safety and security against any armed challenge.
And we must hold ever
of
It is our duty to
relations.
enterprise have worked, each in its own sphere, to bring about
adjustments.
Today most of the merchant fleet flying the
private
the
has an obvious and
Our Nation
preservation
made
been
have
ments
to observe the energy and initiative with
immensely gratifying
is
It
which
principles underlying the
The
of policy designed to reduce the risks of our
possible involvement in war, it haB been deemed wise to forbid our mer¬
chant vessels from entering certain designated
zones of danger.
This
In
of the Trade Agreements
an immensely important step
and the long-range interests
immediate
coincides with the observance, on May 22>
Foreign Trade Week traditionally
Maritime Day.
sections of the country,
of our population and to all
Act for another period of three
from the viewpoint of both the
of our country.
As things are
today and as they are likely to be for some time to come, we need to
have this and every other appropriate means of safeguarding our trade
and of our whole economic life and of maintaining and improving the
economic health and strength of our country.
At the same time we must
be
everlastingly concerned with the broad and basic problems of the
continued inflow of imports
a
was
years
essential to the functioning of our
economic life, to our national defense, and to the comfort of our people.
In part, the difficulties experienced in both our export and our import
trade are due to dislocations of shipping caused by the war.
In this
connection I should like to say a word about our own shipping problem,
a
reference to which is particularly appropriate at this time, because
to
renewal
The
eliminate or reduce some of the war-created obstruc¬
most, earnest efforts to
1940
inflicting injury on anyone.
without
Here, too, the Government is making
accustomed.
they have long become
tions
May 25,
The Commercial A Financial Chronicle
3296
President
outlined
the
to
callers
labor should make undue profits
ideas
his
be necessary.
that neither industry
from rearming and that prices should
kept down.
The resolution
Mr.
presented to the President by William L. Batt of
Batt termed the meeting a
the Government
said
was
head of the Council.
Philadelphia,
that
the
and business would understand
President
down prices
after the
fine
had
"keel"
...
"general get-together in the hope that
been
each other better."
agreed that business had
war
He
co-operated in keeping
started and expressed appreciation that such a
maintained.
Supreme Court Pays Tribute to Late Justice Butler
paid to the late Supreme Court Justice Pierce
May 20 in the Court's chamber by Chief Justice
Hughes and, by Attorney General Jackson.
After receiving from the Attorney General resolutions
adopted by members of the Supreme Court bar, following
Justice Butler's death last November, the Chief Justice re¬
Tribute
Butler
was
on
ferred to his late colleague as "an eminent advocate and
judge."
Washington Associated Press advices May 20 stated:
.
Mr.
flicting
Jackson praised Justice
views
on
Administration.
much
.
Butler after calling attention to their con¬
of the legislation
enacted during the Roosevelt
Volume
Justice
thority
The Commercial & Financial Chronicle
150
Hughes said that Justice Butler, "cherishing the ideals of au¬
and
demanded
certainty,
what he considered to be
"He
was
an
he believed to be secured
clause.
and
undue
adherence
to
precedent
and deplored
flexibility in constitutional interpretation.
strong defender of the conception of property rights
a
which
holding
as
a
better promise of social progress than governmental plans
far
consistent with good order and the equal rights
as
it unfettered,
he sought to keep
of others, and to
The
was
sions,
of
D.
the United
was
Canada—President
Success in
F
field.
Chairman;
Froelick,
Ernest
and
United States Minister to
and also to tell
Hull
and
with
you
and the honor
me,
you
L.
the personnel of the State
JAMES
Edgar
Scott.
H.
Member
on
Howard
Joseph
;
Cluett
conferred upon
III,
on
B.
and
Members—Paul
Vice-Chairman;
Robert
Alternates—Russell
Firms—Regular
P.
Gardner
E.
Shields,
V.
Howard
Boylan,
Members—Gayer
Dean,
J.
Vice-Chairman;
Gould
Remick.
Stock
Jr.
and
Robert
J.
G.
E.
Dominick,
Hamershlag,
Alternates—Sylvester P.
List—Regular Members—John
Klingenstein,
George R.
Moore and
Department with whom I
At
was
H\
a
R.
CROMWELL.
Austin
Vice-Chairman;
Larkin
Kantzler,
and H.
M.
Allen
Hancock,
Chair¬
K.
William
Beckers,
Robert
Wardle.
Alternates—Harry
Brown.
meeting
a
of
the
Board of
Directors
reply read
director to succeed Edward E. Bartlett
B. Dean was elected a director to succeed
of the
Stock
Jr., and Howard
Harry K. Smith,
follows:
as
My dear Jim:
Special Libraries Association to Hold Annual
In accepting your resignation as Minister to Canada, I wish you the best
Convention
in the larger field of activity upon which you are entering.
success
are
The
serious days in the history of the world and require the intelli¬
be prepared to resist any challenge to the continuance of
of government or to
the prosecution of
our
our
The convention
form
political ideals.
June 4
Realizing that you believe in our political objectives and that you will
new
field which
theme is
will hold its thirtyIndianapolis, Ind., June 3 to 6.
"Utilization
of
Resources."
On
special session for business executives will be held
which such subjects will be considered as the special
at
continue to strive for their attainment, I can only add that I hope you will
successful in the
Special Libraries Association
second annual convention at
gent and loyal cooperation of all of our citizens in order that our country
be highly
Relations—Regular
Hancock,
Clearing Corp.. on May 21, Charles B. Harding was elected
The President's
may
Stott,
Klingen¬
how greatly I enjoyed my work under Secretary
Respectfully yours,
These
Joseph
Beckers and Sidney Rheinstein.
Public
M.
Jones,
Committee
deep
express my
associated.
of
Robert L.
Dominick,
v,".;
Edgar Scott.
man
May I take this opportunity, dear Mr. President, to
me,
K.
on
and
Committee
Canada to become effective at your discretion.
appreciation for your confidence in
Chairman;
G.
K.
John
Chairman;
present post as
Harding,
Gayer
Burd Grubb.
^
my
B.
Coleman,
Admission*—Regular Members—Robert P. Boylan, Chair¬
on
William
;
Committee
Having been nominated, on May 21st by the Democratic party of the
State of New Jersey for the office of United States Senator, I feel it in¬
hereby to resign
A.
;
Alternates—Wm.
new
The
cumbent
John
on
Floor Procedure—Regular
Members—Robert L. Stott,
John A. Coleman, Vice-Chairman; Robert P. Boylan, B. Burd
Grubb, Robert J. Hamershlag, Sylvester P. Larkin, and John Rutherfurd.
Mr. Cromwell's intention to resign was mentioned in
Dear Mr. President:
18,
May
Committee
April 27 issue, page 2662.
following is Mr, Cromwell's letter:
our
of
Chairman ;
Jersey.
accepting the resignation the President said that
letter
columns
Beckers, Vice-Chairman; John A. Coleman, E. Burd
Grubb, George R. Kantzler, Sidney Rheinstein, John Rutherfurd, Robert L.
Stott, and H. Allen Wardle.
Alternates— Robert Cluett III, Robert J.
Ilamershlag, Ernest L. Jones, Joseph Klingenstein, Sylvester P. Larkin,
and Harry H. Moore.
Campaign for Senate from New Jersey
wished Mr. Cromwell the "best of success" in his
these
Committee—Regular Members—George R. Kantzler, Chair¬
David W. Smyth, Vioe-Chairman; Thomas R. Cox, Ernest L. Jones
Sydney Rheinstein.
Alternates—Robert Cluett III, E. Burd Grubb,
Gould Rernick, and John Rutherfurd.
J.
cratic candidate for United States Senator from New
a
who
and
resignation of James H. R. Cromwell, as United States
Minister to Canada was accepted by President Roosevelt on
May 22. Mr. Cromwell has been nominated as the Demo¬
In
Vice-Chair¬
Harding,
Arbitration
man
The
he
as
B.
The committees follow:
Vice-Chairman;
Him
Wishes
in
^
stein* and Paul V. Shields.
United States Minister
Roosevelt
reported
Committee—Charles
Committee
to
Boylan
Charles
The Executive Committee, Committee on Admis¬
the Arbitration Committee were appointed by
Executive
man
as
succeed
The election of Mr. Harding and other
and
stitution.
interested in."
Resigns
to
P.
by Mr. Martin, in accordance with Article VI of the Con¬
States
Naval
James H. R. Cromwell
Board
^
services,
Robert
Mr. Harding, in accordance with Article IV of the Con¬
stitution, while the Committees on Floor Procedure, Mem¬
ber Firms, Public Relations and Stock List were
appointed
Leahy, of Puerto Rico, retired
Navy and former Chief of
Operations, arrived in New York May 21 from
Puerto Rico, on his way to Washington to see President
Roosevelt.
'.y,;■
Governor Leahy said he would be in the United States
"perhaps a month" and that he had come on Puerto Rican
business "and anything else that the President might be
Admiral
the
May 20.
See President Roosevelt
to
William
conscientious
appointment of standing committees was also ap¬
by the Board of Governors at its mieeting on
proved
mentioned in these columns
Governor Leahy of Puerto Rico Arrive® in Washington
Governor
and
3144.
page
achievement which he himself had trod."
The death of Jastice Butler
of Nov. 18, 1940, page 3203.
of
man
able
Governors
traditional path to individual
open the
his
Governors elected
becomes Chairman.
maintain and hold the material rewards of honest endeavor.
"In short,
resolved, That the Board record the Exchange's gratitude to Mr.
for
The
:"A'1''.■■■
"He believed in the right to choose one's calling, to pursue
so
Martin
effort
involving restriction of individual initiative.
it
Be
by the accepted construction of the due process
He believed in that conception as an essential stimulus to
3297
ning June 1,1940. The action of the Board was unanimous.
In announcing the action of the Board the
Exchange made
public a resolution which reads:
a
library in a research department, and the business library
you have chosen.
and its relation to management.
Faithfully yours,
for
FRANKLIN D. ROOSEVELT.
June 5
At a symposium scheduled
"cooperation in business library service" will
be discussed.
T.
S.
Nominated
Pike
by President Roosevelt
Member of
to
Be
A. B. A. Trust Division Mid-Winter Conference Set for
SEC
Feb.
President Roosevelt sent to the Senate
on
May 22 the
The 22nd
nomination of Sumner T. Pike, of Maine, as a member of
the Securities and Exchange Commission, to suceed George
had
a
College in 1913& Webster,
was
utility engineering firm, and
joined the United States Army in
service two years later.
was
held at the Waldorf-Astoria.
graduated from Bowdoin
was
affiliated with
After the
war
1917 and
was
a
number of
I. Casey Elected President
Chapter of American Institute
Joseph
mustered out of
he rejoined Stone & Webster and
appointed purchasing agent and assistant to the manager of Eastern
Texas Electric Co., at Beaumont, Tex.
In
1920 he became associated with the oil industry, while from 1924 to
1928 he
was
in charge of the investment department of the American Fore
Group of Fire
carriers.
Insurance Companies, one of the large fleets of insurance
';v>;yr'lv1.';'
From 1928 to 1939 he was Vice-President of Case,
was
Pomeroy & Co., and
engaged in exploration for production of oil in the United States and
exploration for oil in Persia, Afghanistan, Venezuela and Santo Domingo.
He resigned
this post on Jan. 4, 1939, and then
adviser to Secretary of Commerce
The resignation of Mr.
of March 30, page 2026.
was
appointed business
Harry L. Hopkins.
Mathews
was
;■
McC.
Martin
our
issue
George S. Allen Elected President of Chicago Chapiter
Jr.
The Board of Governors of the New York Stock
Exchange,
organization meeting on May 20, reappointed William
McC. Martin Jr. as President for the one-year term begin¬
Philadelphia
Banking
President.
reported in
Reappointed President of
New York Stock Exchange for One-Year Term—
R. P. Boylan Made Vice-Chairman of Board—Stand¬
ing Committees Named
at its
of
of
Joseph I. Casey of the Philadelphia National Bank,
Philadelphia, Pa., was elected on May 20 as President of
the Philadelphia Chapter of the American Institute of
Banking, at the reorganization meeting of the directors at
the Philadelphia Country Club.
Mr. Casey succeeds J.
Albert Cairns of the Fidelity-Philadelphia Trust Co., whose
term had expired.
At the same meeting R. Donald White
of the Central Penn National Bank, was chosen FirstVice-President and Harold S. O'Brien of the Tradesmens
National Bank & Trust Co., was named Second Vice-
of American Institute of
William
of the
Following his graduation he became affiliated with Stone
the electric utility companies operated by the firm.
He
York
1941, it is announced
by Roland E. Clark, President of the A. B. A. Trust Di¬
vision, who is Vice-President of the National Bank of Com¬
merce of Portland, Portland, Me.
The annual banquet,
which will bring the conference to a close, will be held on the
evening of Feb. 6.
Both conference and banquet will be
wide experience In the oil and investment business.
1891 and
New
held in New York City on Feb. 4-6,
resigned recently. Mr. Pike, who is a
Republican, has been serving since mid-February as the
Commerce Department member of the Temporary National
Economic Committee.
Regarding his career, Washington
advices of May 22 to the New York "Herald Tribune" said:
Mr. Pike has
in
Trust Division of the American Bankers Association will be
C. Matthews, who
He was born in Lubec, Me., in
4-6
annual Mid-Winter Trust Conference
Elected
Banking—Other Officers
I*
v
George S. Allen of the Harris Trust & Savings Bank,
Chicago was elected President of the Chicago Chapter,
American Institute of Banking at the annual meeting of
members held last week.
E. E. Dobbeck, Uptown National
Bank, was elected Vice-President and W. Leland Foster,
Federal Reserve Bank, Treasurer.
Six new Directors were
The Commercial & Financial Chronicle
3298
elected
follows: Harry
A. Meyer, American National Bank
Heinsen, Harris Trust & Savings Bank;
Joseph P. Riva, The Northern Trust Co.; D. D. Scanlon,
Continental Illinois National Bank & Trust Co.; James E.
Thompson, Sears Community State Bank, and Alfred M.
Wittman, First National Bank of Chicago.
Mr. Allen
has been connected with the Harris Trust for 20 years, and
during that period has been an active member of Chicago
Chapter.
He was Vice-President last year and prior to
as
& Trust Co.; Ralph
that
served
ITEMS
and
Treasurer
as
ABOUT
BANKS,
director for
as
TRUST
two
years.
COMPANIES,
&c.
Arrangements have been completed May 18 for the sale
of a membership in The Chicago Stock Exchange at
$1,500,
unchanged from the last previous sale.
The National
City Bank announced May 21 the appoint¬
Granville S. Carrel
establishment
its
the removal of its
Trust
on
May 27
from 56 Wall Street to 46 Wall Street, New York
City.
In
our issue of
May 18, page 3146, we reported that the bank
will operate complete safe deposit facilities in its
nouncement said:
Mr.
Winthrop
1940, the Union Bank of Commerce increased its deposits
.$23,976,958 to $36,023,084; increased its loans from
$7,296,093 to $12,093,847, and increased its gross income
from
$602,733 to $667,468.
Net earnings from current
operations were $126,203 as compared with $34,216 for the
preceding
the
year
year, and expenses decreased from $568,517 in
ended May 15, 1939, to $541,265 in the year just
As the issue of 10,000 preferred shares was
on
May 2, 1940, the bank's carrying
charge of $30,000 a year has been eliminated.
completed.
retired
and
of Winthrop, Mitchell & Co.
Express Co.,
Loews Inc., L.
I.
R.
He is
R.
Director of
a
Co.,
Metropolitan
Opera Association, Inc., United States and Foreign Securities Corp., United
May
14,
National
the
Bank of
Commerce
of
Superior, Wise., was placed in
institution, which was
voluntary liquidation.
The
capitalized at $150,000, was absorbed
by the Union National Bank of Superior.
♦
of
The election
Willard
Fabian
M.
america
H.
Livingston
Executive
as
Co., San Francisco,
on
President and
as
Vice-President
May 20
was
of
Bank-
announced
as
the executives assumed their posts as
ing heads of the organization,
investment
of
securities
in
one
the
directing and operat¬
of the largest distributors
West.
Mr.
been in the investment banking business
born in Newport, R. I., graduated A.B. from Yale
was
collateral
Commerce
from
Mr.
of
Livingston has
number of years
East, as well as on the Pacific Coast.
in the
a partner
American
of
Progress made by the Union Bank of Commerce of Cleve¬
Louis
Henry C. Brunie, President of the Empire Trust Co.,
New York City, announced that at the meeting of the Board
of Directors of that institution, held
May 21, Henry Rogers
Winthrop and Charles Stedman Garland were elected Direc¬
tors of the company.
Regarding the new Directors the an¬
1898, and is
Bank
land, Ohio, in its second year of operation, was reported
May 22 by President Oscar L. Cox at the bank's annual
meeting of shareholders:
During the year ended May 15,
office.
new
•
the
Union
the
♦—
Co. of New
banking office
of
manager
1938.
Assistant Cashier.
as an
The Commercial National Bank and
announces
in
on
Effective
York
credit
been
has
He
loans.
called
ment of
of the latter, specializing in commercial and
liquidating staff
since
May 25, 1940
Fabian
has been
the largest
in
the
a
securities
business with
and oldest investment banking firms
Pacific Coast for the past 15 years.
one
the
on
-
States and International Corp., Wabash Railway Co.
Charles Stedman Garland
in 1920.
After
an
he opened an office for
was
admitted
such
as
Brown
as
until
a
was
born in
&
Co., New York, in 1928.
Brown
Brothers &
Co.
in
York,
In May 1929, he
Chicago.
In
1933, he
partner of Brown Brothers Harriman & Co., and served
1934 when he
Harriman & Co.,
elected
was
Inc.
Vice
President
and
In January 1939, he became
Alex. Brown & Sons, Baltimore.
He is
a
Director
a
of
partner of
Director of American Investment
Co. of IUinois, Director and Member Executive
Committee Sharp & Dohme,
Inc.
■'
At the regular annual
meeting of the Kings County Bank¬
Association held on May 21 at the Crescent
Club, Brook¬
ers
lyn, Harold W. Osterhout, Assistant Vice-President of the
National City Bank of New York was elected President.
At the
time
same
Henry M. Feist, Vice-President of Citizens
Brooklyn was elected First Vice-President, Ansel P.
Verity, Vice-President, Bank of Manhattan Co. was elected
Bank of
Second
Vice-President
and
Three
Pittsburgh, took his A.B. at Yale
association with Hickman, Williams & Co. in New
he joined Brown Brothers
Harold
F.
and
Stockholders of the Land Title Bank & Trust Co. of Phila¬
special meeting on May 20 approved a
proposed readjustment of the bank's capital structure and,
at the same time, elected two new
directors, Walter Justin,
President of Philadelphia Dairy Products
Co., and Charles
I. Thompson, of Ballard,
Spahr, Andrews & Ingersoll.
In
its account
of
a
the
meeting the Philadelphia
"Inquirer" of
May 21 further said:
Holders
80%
of
all
the
of
the
common
high percentage
President
of
of
management
stock,
bank,
that
it
to
than
more
voted approval .of
favor of the plan
remark
should
be
that
it
beneficial
600,000
or
the
recapitalization.
led
Percy
confirmed
to
shares,
both
the
C.
the
over
This
Madeira Jr.,
belief
of
stockholders
the
and
Madeira
reported
at
earnings
from
operations
exceeded
those
for
the
the
for
meeting that the Land
the
first
period of
same
January sales had been
made
of
more
four
months
1939.
than
Also
of
that
Title
the
Bank's
current
since
the
net
year
first
of
$1,000,000 of bank-owned real
estate.
•
He
called attention to the
liquid position of the bank, stating that its
cash, negotiable securities, and loans and discounts, as defined in a letter
to
the
shareholders,
totaled
$32,000,000,
deposits.
He stated
United
18
also
or
approximately
94%
that
a
by Integrity Trust Oo. were being awarded to Land
trustee; and that there were no substantial claims
standing against the company.
urged
Madeira
that
shares
be
the
large number of valuable trust estates formerly admin¬
istered
Title
successor
Mr.
of
that
approximately $10,000,000 of the bank's holdings of
Government, State and municipal securities matured within
States
months;
said
upon
made
the
of
out¬
be available about June
1,
the exchange of the old for the
possible after the effective date.
new
or
would
notice
promptly
as
Bank,
suits
stock
new
receipt
as
and
4
Charles
H.
Miller
May 20 was elected an Assistant
Treasurer of the Pennsylvania Co. for
Insurances on Lives
& Granting
Annuities, of Philadelphia, Pa.
on
4
"Money and Commerce"
Mr.
land
command
of
May 18, which added:
Cordrey has been engaged in banking since 1909, with the Cleve¬
Trust Co., the First National
Bank, the Union Trust Co., and the
of
the
Oakland
now
America's
California-Montgomery
moves
of
J.
an
main
office.
Mr.
executive
post in Bank of
branch in San Francisco,
Magor, President of the National Steel Car Corp.,
was
elected to the Board of Directors of Barclays Bank
(Canada), at
The
occupying
to Oakland June 1.
a
meeting in Montreal
Provincial
Bank of
on
May 21.
Canada
(head office Montreal)
branch at 68 King Street
West, Toronto, under the management of J. J. Olscamp.
The bank
opening of
a
maintains 320 offices in
Ontario, Quebec, New
Brunswick and Prince Edward Island.
THE
CURB
MARKET
Curb stocks followed the downward path
during most of
the present week.
There have been some
spotty advances
times, but the market has been weak and some very
substantial declines have been recorded among the
public
utility and industrial specialty issues.
Aluminum shares
have been irregular and aircraft stocks have
registered both
gains and losses.
Oil issues have been comparatively quiet
the
chemical
shares
have
steadily declined.
The
trading has been very heavy, the turnover on
Wednesday reaching its highest peak since Sept. 11, 1939.
Declining prices over a broad list characterized the move¬
ments on the curb exchange
during the brief period of trad¬
ing on Saturday.
The recessions ranged from 1 to 10 or
more points, and while the downward
swing extended to all
sections of the market, the extreme declines appeared in the
chemical stocks, American Potash & Chemical dropping 10
points to a new 1940 low at 85, Hey den Chemical, 6 points
to 70; United Chemical $3
participating pref., 5 points to
59 %; and American
Cyanamid B, 1% points to 29 %.
Aluminum shares were irregular, Aluminum Co. of America
advancing 3 points to 156, while Aluminum Co. of America
pref. dropped 2% points to 110.
Aircraft issues were
generally higher but the changes on the side of the advance
were
largely fractional.
Industrial specialties were down
and public utilities were off from 5 to 6 points.
While there were occasional strong spots scattered through
the list, price movements on Monday were irregular and the
volume of
volume of sales
was
the smallest in
a
week.
Public utilities
down, the shipbuilding shares were off, mining and
were quiet and oil issues moved within a narrow
range.
United Shoe Machinery was one of the strong issues
and climbed up 4% points to 61%.
Included among the
stocks closing on the side of the decline were Alabama Great
Southern, 4% points to 70; Electric Bond & Share $5 pref.;
5 points to 45; General Electric, Ltd., 7 points to 6; Colts'
were
Laurence A. Cordrey, credit
manager of the Union Bank
of Commerce
of
Cleveland, Ohio, was recently elected
Assistant Cashier by the Board of
Directors, it is learned
from
in
Mazzera,
and
depositors.
Mr.
Bank
at
preferred and
of votes in
the
the
Manager of the Oakland main office, while he, in turn,
by Vice-President Lloyd L. Mazzera as
second
has announced the
delphia, Pa., at
of
is to be succeeded
R.
—
staff
as Executive Vice-President and ViceChairman of the bank's general finance
committee; P. D.
Richardson will succeed Mr. Ferroggiaro as Vice-President
Ltd.,
Kings County.
official
office in San Francisco
Assistant
organizations of the New York State Bankers Association
and its membership
comprises banks and trust companies in
the
Savings Association (head office
San Francisco, Calif.) were announced on
May 16 by L. M.
Giannini, President of the Institution, it is learned from the
San Francisco "Chronicle" of May 17.
Fred A. Ferroggiaro
of Oakland, Executive Vice-President and
Advisory Officer
for all East Bay branches, will move
Aug. 1 to the head
Secretary, Brooklyn Trust Co. was elected Secretary. The
Kings County Bankers Association is one of the county
Klein,
promotions in
America National Trust &
metal stocks
Volmmt
The Commercial & Financial Chronicle
ISO
Patent Fire Arms, 2 points to
77^; Ohio Oil pref., 2 points
to 100; Mountain States
Power, 4F6 points to 12}^; and Ford
Motors of Canada B, 2% points to
9^.
The curb market tumbled
following unfavorable
sharply downward
on
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
^
cable transfers in the different countries of the world.
give below
FOREIGN
the trend continued to point downward during the greater
part of the session.
In the industrial specialties group
Mead Johnson was the weak spot and dropped 12 points to
YORK
CURB
-4
r « 7"
a
a
a
a
a
May 24
$
■' v
a
a
a
a
a
a
a
a
a
■
X
a
a
a
a
a
a
a
a' "<.
a
,,
:
.
4.035000
4.035000
4.035000
4.035000
4.035000
3.203125
3.265312
3.177187
3.227187
3.210714
3.215000
.019750
.019750
.019750
.019166
.019166
.019166
.018165
.018493
.017959
.017856
.018096
.399616*
.399833*
.399833*
.399600*
.399583*
.399583*
Greece, drachma
.006200*
.006162*
.006137*
.006125*
.006125*
.006087*
Hungary,
.175787*
.175787*
.175787*
".175787*
.175787*
.175787*
.050425
.050400
.050400
.050357
.050433
a
a
a
a
a
a
a:'1
a
a
a
a
a
a
a
.032233
.032100
.032633
b
b
...
pengo
Italy, lira
Netherlands, guilder.
Norway, krone..
Poland, zloty
Portugal, escudo
...
Rumania, leu*
Spain, peseta
Sweden, krona
...
:
v
.050433
:
!■''
.018146
a
a
a
.032500
a
.032666
b
b
.
32500
b
.091300*
.091300*
.091300*
.091304*
.091300*
.238175*
.237883*
.237550*
.237814*
.237728*
.237742*
.223860
Switzerland, franc...
Yugoslavia, dinar...
.224075
.223575
.223850
.223940
.223928
.022440*
.022425*
.022440*
.022440*
.022440*
.022440*
Aelti—
.091304*
'
China—
'4
■
■
,
Chefoo (yuan) dol'r
Hankow (yuan) dol "v
a
a
:i'V
X
a
a
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar.
India (British) rupee.
Japan, yen
.054162*
Straits Settlem'ts, dol
X
a
a
a
a
a
a
a-,
•
.056556*
.054225*
a
a-
.199012
.201606
.197787
.200643
.199675
.199518
.301114
.300716
.300716
.300800
.300800
.300716
.234383
.234387
.234383
.234383
.234383
.234383
.471156
.471156
.471156
.471156
.471156
.471156
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
Free
2.549791
New Zealand, pound. 2.560000
Africa—
2.601250
2.529583
2.572083
2.558333
2.661041
2.611666
2.540000
2.581666
2.568750
2.571666
South Africa, pound. 3.980000
North America—
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
.909090
.909090
.909090
.909090
.788958
.797265
.786250
.784375
.785546
.781875
.166460*
.166450*
.166575*
.166425*
.166425*
.166425*
Official
.909090
.909090
.909090
.909090
.909090
,909090
Free
.787500
.794843
.783750
.781875
.783437
.779375
.297733*
.297733*
.297733*
.297773*
.297733*
.297735*
.060425*
.060425*
.060425*
.060425*
.060425*
.060425*
.050075*
.050075*
.050075*
.050000*
.050000*
.050000*
.051680*
.051680*
.051680*
.051680*
a
.055262*
.054156*
a
a
.054
50*
Australasia—
•r".'■'
Australia, pound—
Official
Canada, dollar—
Official..........
Free
Mexico, peso
Newfoundl'd,
.909090
dollar.
South America—
Argentina,
peso.....
Brazil, milreis—
Official
Free
"
Chile,
.
.051680*
.051680*
.040000*
Colombia, peso..
Uruguay, peso—
Controlled
.040000*
.040000*
.040000*
.040000*
.040000*
.569225*
Export
,
*'
peso-
Official
EXCHANGE
May 23
$
Germany, relchsmark
Mixed price changes and
comparatively light
the outstanding features of the curb market
NEW
May 22
3
France, franc
61South Penn Oil 1 point to 29, and Ohio Public Service
(7) pref. A 2 points to 107.
THE
May 21
;4 *
4.035000
Free
group, which registered a number
few advances.
In the aircraft stocks
AT
May 20
4'-':
a
Finland, markka
were
TRANSACTIONS
RESERVE
1930
'
*
Official
light, most of the changes being in minor
fractions.
Industrial specialties were off, Sherwin-Williams
dipping 4 points to 66 and Mead Johnson slipped back 43^
points to 125. The advances included among others Dayton
Rubber A 2H points to 24,
Hey den Chemical 2 H points to
DAILY
FEDERAL
,
CzechoBlov'ia, koruna
Denmark, krone
Engl'd, pound sterl'g
Thursday.
trading were
dealings on
Friday.
The first hour showed modest gains but prices
weakened as the day progressed and while there were occa¬
sional strong
spots scattered through the list there was a
noticeable leaning toward lower levels.
Notewortny among
the stocks closing on the down side were Standard Oil of Ohio
pref. (5) 7 points to 103, American Manufacturing 8 points
to 65 and Aluminium Ltd. 5
points to 47. As compared with
Friday of last week prices were lower all along the line,
Aluminum Co. of America
closing last night at 150 against
153 on Friday a week ago, Aluminium Ltd. at 47
against 76 24>
Bell Aircraft at 20 lA
against 22, Creole Petroleum at 1534
against 18, Gulf Oil Corp. at 2734 against 3234> International
Petroleum at 1024 against 1324> Seoville
Mfg. Co. at 24M
against 28, Sherwin Williams Co. at 6634 against 75, and
United Shoe Machinery at 5934
against 6234-
BY
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Europe—
Belgium, belga
Bulgaria, lev
particularly the preferred
as a
CERTIFIED
MAY 18, 1940, TO MAY 24, 1940, INCLUSIVE
May 18
In the early trading stocks were inclined to move
upward
but following Winston Churchill's statement
regarding the
progress of the war, stocks declined with recessions ranging
up to 5 or more points.
Public utility shares were irregular,
well
We
just passed:
Unix
Puget Sound Power & Light $5 pref., 10 points to 58.
Aircraft shares turned sharply downward, Bell leading the
decline with a loss of 3 points to 183^, followed by Waco,
Bellanca and Beech with smaller losses.
Shipbuilding stocks
were
down, oil shares were quiet and Aluminum Co. of
America was 8% points lower at 147.
J
Moderately higher prices were in evidence during the
early dealings on Wednesday, especially in the industrial
group where a good sprinkling of advances gave the list an
appearance of strength.
The volume of transfers declined
to 367,545 shares, against 662,095 on the
previous day with
the losses in excess of the gains at the close.
Public utilities
did not participate in the advances,
many of the trading
favorites among the preferred issues showing substantial
losses.
Outstanding in this group were Cities Service Power
& Light $6 pref., which
dipped 10 K points to 75; Central
Power & Light $7 pref., 8% points to 92; and North American
Light & Power pref., 8 points to 65.
On the side of the ad¬
vance
Niles-Bement-Pond moved ahead 5 points to 55;
Mead Johnson,
points to 1293^; Aluminum Co. of
America, 3 points to 150; and American Cyanamid B, 3K
points to 29^4. :
as
RATES
Country and Monetary
and
the losses
record for the week
EXCHANGE
4
off 10 K points to 164.
Public utilities were generally weak;
North American Light & Power
declining 15 & points to 57;
Public Service of Indiana $7 pref. receding 13 points to 67;
of setbacks
a
BANK TO TREASURY UNDER TARIFF ACT OF
126; American Potash & Chemical sagged 15 points to 70;
Niles-Bement-Pond dipped 11 points to 50; and Pa. Salt was
on
RATES
Pursuant to the requirements of Section 522 of the Tariff
from the Western front.
The
volume of sales totaled 662,095 shares and reached the highest
peak since Sept. 11, 1939, when the turnover was approxi¬
mately 775,000 shares.
There was some spotty rallies but
irregularly downward
EXCHANGE
Act of
Tuesday
news
The market moved
3299
FOREIGN
.571400*
.571400*
.571675*
.571675*
.571675*
.658300*
♦Nominal rate,
a
.658300+
.658300*
.658300*
.658300*
.658300*
.387250*
Non-controlled
.387187*
.387250*
.387500*
.387250*
.387250*
No ratea available,
b Temporarily omitted.
COURSE OF BANK CLEARINGS
Bank clearmgs tVs week show* an increase compared with
year ago.
Preliminary figures compiled oy us based upon
telegraphic advices from the chief C'ties of the country
indicate that for the week ended today (Saturday, May 25)
clearings from all cit;es of the United States for which it is
possible to obtain weeklv clearings will be 11.7% above those
for the corresponding week last year.
Our preliminary
total stands at $6,166,485,026, against $5,520,428,673 tor the
same week in 1939.
At this center there is a gain for the
week ended Friday ot 11.8 %.
Our comparative summary for
a
the week follows:
Stocks
Week Ended
May 24, 1940
Bonds (.Par Value)
CNumber
of
Shares)
Foreign
.
Saturday...
Monday
Domestic
286,960
233,520
....
$8,000
$21,000
3,000
4,000
1,000
34,000
3,215,000
Wednesday
Thursday
Friday
366,295
280,460
1,777,000
1,470,000
138,385
1,031,000
Total
1,965,170 $10,023,000
X Sales at
Total
1,412,000
659,550
Week Ended
-
Foreign
Corporate
Government
$1,118,000
Tuesday
<
>
22,p00
23,000
2,000
$1,147,000
1,449,000
3,241,000
1,801,000
26,000
$18,000
1,498,000
4,000
1,035,000
$130,000 $10,171,000
Jan. 1 to May 24
Exchange
1940
Stocks—No. of shares.
1939
1,965,170
1940
23,337,008
$10,023,000
$9,294,000
$151,274,000
+ 11.8
256.824,423
+ 13.9
285,000,000
+ 24.9
B oston......
187,381,487
83,776,794
80,700,000
159,548,385
72,112,498
70,500,000
+ 16.2
120,904,000
100,580,000
+ 20.2
121,556,341
90,031,596
82.429,689
+47.5
70,511,753
+27.7
92,683,162
61,481,343
71,216,777
49,884,050
+ 23.2
$4,342,708,337
796,029,185
$3,772,562,920
+ 15.1
681,362,055
+ 16.8
$5,138,737,522
$4,453,924,975
+ 15.4
1,027,747.504
1,066,503,698
—3.6
$6,166,485,026
$5,520,428,673
+ 11.7
Kansas
City
-
St. Louis
.......—
San Francisco
-
...
Pittsburgh
-
Detroit
+
....
—
.....
........
—+.
.
Total all cite, five days..
18,000
54,000
994,000
$190,641,000
2,081,000
71,000
3,105,000
2,669,000
$10,171,000
$9,419,000
$155,373,000
+ 17.4
+ 14.5
+30.1
...
$195,391,000
following securities
were
sold at auction
of the current week:
on
Wednesday
Stocks
$ per Share
1 Ludlow Mfg. Associate
225 Stanley Engineering, Inc
6 Collateral Loan Co., par SI00
87
:
5 Greenfield Tap & Die Corp., $6 preferred
5 Greenfield Tap <fc Die Corp., $1.50 preferred
4 Salem Hotel Corp., preferred, par $100 and 2 common
1 Boston Athenaeum, par $300
All cities, one day
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
By R. L. Day & Co., Boston:
Shares
$2,553,955,345
292,551,822
356,000,000
—
Eleven cities, five days—.—-—
AUCTION SALES
The
Cent
17,052,001
130,000
Foreign government...
Foreign corporate
Total
1939
$2,855,641,792
Chicago
Other cite, five days
549,540
Bonds
Domestic
New York...
VV'X
Philadelphia.............—
Baltimore
1939
1940
.
Cleveland
May 24
New York Curb
Per
Clearings—Returns by Telegraph
Week Ending May 25
__S1 lot
.....
93
50H
.
14
$10 lot
—
200
cases
has to be estimated.
In the elaborate detailed
statement, however, which
we
present further below, we are able to give final and complete
results
for
the
week
previous—the week ended May 18.
increase of 14.6%, the aggregate
of clearings for the whole country having amounted to
$6,307,916,505, against $5,504,472,599 in the same week in
For that week there
was an
Outside of this city there was an increase
1939.
Chronicle
The Commercial <& Financial
3300
of 19.1%,
clearings at this center having recorded a gain of
10.9%.
We group the cities according to the Federal Re¬
serve district in which they are located, and from this it
the bank
that in the New York Reserve District (including
city) the totals are larger by 11.5%, in the Boston
Reserve District by 12.9% and in the Philadelphia Reserve
District by 12.5%.
In the Cleveland Reserve District the
totals record an expansion of 23.2%, in the Richmond
Reserve District of 20.5% and in the Atlanta Reserve Dis¬
trict of 13.3%.
The Chicago Reserve District registers an
improvement of 30.8%, the St. Louis Reserve District of
13.6% and the Minneapolis Reserve District of 22.1%.
In
the Kansas City Reserve District the gain is 12.6%, in the
Dallas Reserve District 17.6% and in the San Francisco
Reserve District 13.8%.
appears
this
Week Ended May
following
we
furnish
a summary
by Federal Reserve
Inc. or
SUMMARY OF BANK CLEARINGS
1939
%
Seventh Feder al Reserve D istrict—Chic ago—
+38.2
358,949
496,053
Lansing
...
Wayne
Ind.—Ft.
Indianapolis—
Bend..
South
Terre Haute...
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
City...
Sioux
HI.—Bloomington
394,522,431
1,454,134
608,032,138
4,446,457
1,521,930
Total (18 cities)
1,167,570
4,048,136
18,072,359
1,024,306
7,383,744
3,158,727
+ 53.9
+21.6
+31.8
—2.3
+ 14.4
+5.5
17,822,000
1,574,698
4,048,715
21,203,277
1,108,479
8,210,678
3,093,942
+20.6
570,188
423,972
+30.9
277,961,850
320,108,669
+ 10.5
464 731 080
1,134 271
Rockford
1,112,606
16,421,000
1,966,830
1,056,186
1,376,653
+ 75.5
+31.6
301,384,747
1,026,922
3.829,287
1,172,642
1,238,419
Decatur
3,039,637
+32.2
4,002,642
351,040
423,256
Chicago...—
119,365,587
2,234,848
+33.8
+33.7
91,398,493
2,755.945
1,491,089
1,207,357
17,110,000
1,831,469
4,875,269
20,488,532
1,349,943
8,798,335
122,315,900
3,683,909
1,971,845
2,118.536
22,520,000
2,818,202
5,926,966
27,007,560
1,318,711
10,065,446
4,286.531
Grand Rapids.
322,539
278,752
73,562,948
Mich.—AnnArbor
Detroit
1937
1938
Dec.
5
1940
Springfield
districts:
18
Clearings at—
Peoria
In the
May 25, 1940
958,813
3,438,105
+ 16.1
860,532
2,472,926
1,626,038
+ 17.4
1,221,329
1,289,022
+30.8
415,280,956
509,682,771
+29.8
1,378,066
Inc.or
1940
1938
%
3d
PhlladelphlalO
"
450,455,391
400,276,158
4th
Cleveland..
7
344,525,629
279,587,044
6th
Richmond.. 6
161,652,778
134,200,541
0th
Atlanta
191,570,745
169,046,319
608,032,138
464,731,080
166,330,609
146,370,564
127,729,293
104,613,848
154,367,353
137,127,705
Reserve Dlsts.
276,517,723
2d
7th
Chicago
10
18
St. Louis... 4
"
9th
Minneapolis
7
3,112,343,389
"
"
"
"
8th
244.876,211
3,469,64t,718
Boston....12cities
New York.. 13
"
1st
"
*'
°
"
10th Kansas City 10
0
11th Dallas
12thSan Fran...10
%
Eighth Federa
%
+12.9
+11.5
+ 12.5
+23.2
+20.5
+13.3
+30.8
+ 13.6
Federal
1937
I
Dec.
1939
%
1940
Week End. May 18,
218,241,979
279,462,171
3,326,209,235
Tenn.—Memphis
111.—Jacksonville
331,836,729
383,009,812
279,160,536
337,931,656
120,436,633
22,339,602
163,736,903
90,509,741
126,728,857
148,606.076
Ninth Federal
65,514,119
69,155,689
Minn.—Duluth..
223,404,790
258,960,959
Minneapolis...
now
add
4,905,568,817
5,879,293,144
158,203,493
3,282,198
87,643,127
29,825,732
2,430,774
879,581
895,581
2,249,005,893
2,677,593,850
S. D.—Aberdeen.
436,368,359
403,913,553
+ 8.0
316,834,991
389,977,181
.
Helena
+ 2.9
104,613,848
2,670,789
3,570,560
+27.9
3,188,598
68,525,496
26,124,623
2,304,364
127,729,293
N. D.—Fargo...
+ 19.1
our
129,112,866
Reserve Dis trict—Minne apolis-
Total (7cities).
We
+ 13.6
2,772,300
+ 14.6
32 cities
641,000
146,370,564
106,200,157
+ 12.6
481,000
158,203,493
+22.1
+30.5
509,682,771
129,112,866
Mont—Billings
Canada...
18,132,229
469,000
166.330,609
Total (4 cities).
148,193,143
415,280,956
.
5,504,472.599
.
37,030,264
x
138,134,222
2,494,779.521
6,307,916,505
102,400,000
30,645,075
15,886,191
612,000
2,970,389,667
113 cities
Total.
82,100.000
+7.6
V
St. Paul
Outside N. Y. City
+ 14.4
+ 21.7
'
Quincy...
+ 17.6
238,665,959 + 13.8
271,678,825
90,200,000
37,346,466
18,355,098
103,200,000
40,179,007
Ky.—Louisville..
2,757,148,468
72,633,781
85,407,303
1 Reserve Dis trict—St. Lo uis—
Mo.—St. Louis..
68,906,990
985,109
—10.7
685,665
+30.6
58,808,874
23,548,312
1,994,366
743,890
654,748
2,799,993
—1.0
2,088,762
844,324
714,781
2.752,007
+22.1
90,509,741
106,200,157
2,925,969
+ 14.2
+5.5
27,270,882
2.140,007
detailed statement showing last week's
figures for each city separately for the four years:
Reserve Dis trict
Tenth Federal
Week
May
18
Dec.
%
S
569,906
398,679
1,960,609
236,593,223
1938
1937
$
603,729
+42.9
+3.3
507,471
1,640,249
1,915,959
+ 12.9
+5.4
186,960.427
239,859,660
593,099
747,370
—6.9
431,041
3,051,161
2,246,141
13,556,309
4,429,543
11,310,100
518,359
583,123
New Bedford..
855,033
N.H.—Manches'r
3,358,532
2,417,694
11,467,583
4,551,870
12,885,000
609,447
3,145,799
1,741,055
11,601,450
4,175,229
9,751,100
587,769
+3.7
437,902
733,847
2,745,039
1,582,551
9,918,026
3,350,919
9,323,700
448,689
Total (12 cities)
276,517,723
244,876,211
+ 12.9
218,241,979
279.462,171
Feder al Reserve D istrict—New
York-
6,441,623
5,842,521 + 119.1
1,100,993
+ 9.8
1,469,271
32,800,000
+ 14.1
33,300,000
589,768
+25.1
556,686
588,368
+ 53.4
718,854
+ 10.9 2,656,562,924
3,009,693,078
6,596,576
+29.7
7,604,026
3,639,616
+ 37.1
3,878,548
7,489,630
Fall
.
River
665,803
Springfield
Worcester
onn.
—
Hartford
New Haven...
R. I.—Providence
Second
N. Y.—Albany..
Blnghamton
12,880,663
1,613,393
Buffalo..
38,000,000
Elmlra
696,334
1,102,545
Jamestown
New York
3,337,526,838
9,860,250
Rochester
Syracuse
5,318,435
Westchester Co
4,337,994
6,030,486
Conn.—Stamford
N.
J.—Montclair
690,056
21,371,131
31,300,593
Newark
Northern N. J
4,054,724
4,410,117
651,022
16,814,601
23,349,941
+ 13.4
+0.8
+38.9
—1.2
+9.0
+32.1
+7.0
+ 14.1
+0.0
+27.1
+34.0
3,469.648,718 3,112,343,389
Third Federal
3,723,687
4,707,770
608,797
17,420,750
22,367,596
1,336,537
40,200,000
762,768
725,603
,201,699,294
7,644,445
4,861,093
3,199,062
4,777,475
428,400
19,722,926
33,362,022
Reserve Dist rlct—Phllad elphia
Pa.—Altoona
533,516
Lancaster
+ 52.4
439,480
301,405
+ 10.5
1,158,713
387,000,000
1,465,081
2,743,003
937,632
1,133,392
4,747,300
+ 26.3
3,198,800
450,455,391
Chester
350,152
485,447
Bethlehem
400,276,158
409,170
1,464,022
.....
Pnlladelphla...
436,000,000
Reading
1,874,886
Scranton
Wilkes-Barre..
3,869,863
1,116,661
York
1,503,026
N. J.—Trenton
Total (10 cities)
2,876,742
30,637,840
+ 16.8
1,901,752
2,730,914
+ 15.4
85,771
117,608
2,223,489
28,114,777
1,721,770
+ 12.1
3,140,488
3,112,608
+ 15.0
593,637
581,385
+2.1
648,518
580,511
+ 11.7
87.574,051
2,600,969
531,863
618,071
104,606,559
3,218,782
94,255,416
3,341,919
154,367,353
137,127,705
+ 12.6
126,728,857
148,606,076
Omaha
351,804
432,766
St. Joseph.!..
Colo.—Col.
Pueblo
.
.
Total (10 cities)
611,790
512,981
426,187
381,150
1,187,704
319,000,000
—32.6
1,288,754
2,572,246
1,051,064
1,401,241
4,170,000
1,453,818
2,430,633
1,056,238
1,673,275
2,332,300
+ 12.5
331,836,729
383,009,812
+ 12.7
+28.0
+ 41.1
+ 19.1
+32.6
2,249,787
72,293,953
117,508,545
1,965,081
58,104,514
96,702,013
+ 14.5
Cleveland
Columbus
12,174,800
9,901,600
+23.0
+ 1.3
Cincinnati...
.
Mansfield
Young8town___
1,861,159
2,797,029
1,837,929
2,427,423
Pa.—Pittsburgh.
135,640,356
108,648,484
Dallas
344,525,629
279,587,044
Fort Worth
7,267,080
Galveston
Reserve Dist rict
W.Va.—Hunt'ton
Va.—Norfolk
597,007
2,914,000
Richmond
1,512,590
2,376,000
1,480,229
1,180,956
50,004,177
52,389,203
—0.4
6,633,776
—13.1
8,413,669
2,279,000
Wichita Falls..
1,215,181
900,533
+ 34.9
3,909,234
3,300,506
+ 18.4
2,966,000
1,100,495
3,329,442
85,407,303
72,633,781
+ 17.6
65,514,119
Total (6 cities)
_
Franci
Twelfth Feder al Reserve D istrict—San
31,340,189
877,138
26,180,863
41,523,300
—5.9
13,494,888
17,269,130
38,092,649
157,098,000
31,581,111
18,527,573
4,339,195
3,503,262
138.496,000
Santa Barbara.
2,618,079
1,403,488
2,536,227
1,443,301
Stockton
2,654,490
2,310,601
+ 14.9
2,483,609
1,212,750
2,117,238
271,678,825
238,665,959
+ 13.8
223,404,790
Ore.—Portland
17,439,611
4,161,321
3,480,472
Utah—S. L. City
Calif.—L'g Beach
Pasadena
San
Francisco.
San Jose
Total (10
Grand
cities)
total
69,155,689
+20.6
34,951,705
976,984
Yakima
1,013,550
3,879,311
SCO
+ 24.4
43,475,103
1,255,613
Wash.—Seattle..
+ 28.5
927,635
34,379,948
'
—4.1
4,499,660
4,187,799
—0.7
3,407,316
3,968,794
+ 13.4
+3.2
138,103,000
149,985,000
—2.8
2,582,436
1,375,049
.
2,450,007
258,960,959
(113
6,307,916,505 5,504,472,599
+ 14.6 4,905,568,717 5,879,293,144
Outside New York 2,970,389,067 2.494,779,521
+ 19.1 2,249,005,893 2,677,593,850
cities)
i..
Week Ended May 16
Clearings atInc. or
1940
+ 24.4
+21.5
+ 15.2
+24.8
1,503,711
55,435,497
109,465,750
9,453,300
1,570,692
2,026,551
99,705,035
3,041,775
68,761,139
102,373,003
11,375,900
2,564,755
2,928,012
146,887,072
1939
Dec.
1938
$
Canada—
S
%
$
+23.2
279,160,536
337,931,656
100,893,997
109,013,214
15,439,170
36,137,514
5,235,769
3,098,745
6,602,924
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
2,313,858
1,754.582
Victoria
344,007
459,642
2,385,000
+ 17.1
33,821,115
2,972,000
37,660.131
+26.2
1,115,142
61,168,011
21,603,358
+ 58.1
2,874,878
4,196,445
4,221,210
288,267
Regina
Brandon
—27.0
—8.1
40,478,255 + 169.3
17,204,193 —10.3
+ 71.3
21,095,186
+60.1
3,270,190
+ 16.2
2,667,709
+ 14.5
4,893,876
+ 18.3
4,482,069
+ 5.2
2,198,526
+ 1.1
1,736,204
—7.3
3,101,178
+ 1.6
4,129,121
+ 21.0
3,489,885
5,300,786
Edmonton
+ 13.0
171,421,780
109,758,517
125,169,237
....
Montreal
-Richm ond-
377,700
2,578,000
37,408,994
1,173,356
+ 19.4
La.—Shreveport.
London.
Fifth Federal
2,718,722
603,905
711,424
+ 21.0
1,577,281
56,827,109
7,294,352
2,734,000
1,882,808
68,757,000
....
St. John...
Total (7 cities).
2,130,372
District—Da lias—
Eleventh Fede ral Reserve
Texas—Austin...
Toronto
Ohio—Canton
—3.7
31,562,265
371,000,000
+35.8
Feder al Reserve D istrict—Clev eland-
Fourth
+ 6.5
126,230
786,799
+ 11.5 2,757,148,468 3,326,209,235
Total (13 cities)
3,359,821
32,637,840
2,194,184
3,062,601
108,415,835
Mo.—Kan. City
Lowell
Mass.—Boston.
108,022
+4.1
Wichita
1,897,491
209,565,894
631,601
626,531
753,713
Portland
City
+ 10.7
131,905
Lincoln
Reserve Dlst rlct—Boston
First Federal
Me.—Bangor
as
89,321
137,259
Hastings
Inc. or
1939
Kans
98,876
1..
Kan.—Topeka..
Ended
Clearings at—
1940
—
Neb.—Fremont..
'
1937
$
110,791,201
95,696,503
31,720,229
14,257,881
19,606,783
4,996,814
2,440,290
129,304,996
4,925.464
4,524,243
1,955,612
1,591,325
2,579,008
4,055,999
5,768,936
5,878,429
3,227,520
4,529,101
114,807,365
51,611,288
19,970,373
21,848,860
5,771,949
2,795,140
2,108,240
1,775,650
3,182,871
4,454,703
313,686
—8.1
358,244
353,795
431,219
+5.1
415,010
1,291,034
+ 9.8
1,259,840
Md.—Baltimore.
D.C.—Washing'n
83,860,357
28,986,705
69,115,892
+21.3
23,540,599
+23.1
720,012
—20.0
575,908
483,705
1,630,438
743,424
907,909
+0.6
890,387
1,020,884
623,639
598,041
+4.3
797,192
849,613
New Westminster
698,589
582,627
+ 19.9
595,921
700,806
Medicine Hat
S. C.—Charleston
43,814,117
1,480,592
220,474
+8.5
197,682
264,881
—2.1
607,641
+ 53.2
+7.4
748,627
795,777
1,257,621
1,311,585
453,237
1,417,575
575,945
913,609
Lethbridge
1,268,265
Saskatoon.
69,144,373
26,629,811
Moose Jaw
Brantford..
Fort William
Total (6 cities).
Sixth Federal
161,652,778
134,200,541
+20.5
+8.0
3,°64,82ti
17,837,881
4,174,660
18,091,683
+ 15.3
51,600,000
59,800,000
+37.6
873,045
1,099,291
+ 32.4
912,020
+ 1.6
727,862
16,537,000
18,169,000
+ 13.2
20,225,971
22,080,125
+ 16.5
1,714,877
1,839,375
4,825,011
3,905,538
+ 23.5
20,790,688
73,800,000
19,243,077
64,000,000
1,010,521
839,912
Fla.—Jacks'nville
1,398,365
1,111,633
19,258,000
Ala.—Btrm'ham
24,211,793
18,954,000
21,386,018
2,398,795
2,058,654
Nashville.
Ga.—Atlanta
Augusta
Macon
.
...
Miss.—Jackson..
Vicksburg
La.—New Orleans
Total
138,134,222
Reserve Dist rict—Atlant
Tenn.—Knoxville
Mobile
120,436,633
(10cities)I
Peterborough
585,162
203,217
597,456
Sherbrooke
977,350
638,098
1,275,935
3,131,015
1,187,541
Kitchener
114,123
+40.0
120,185
129,986
43,616,666
37,528,476
+ 16.2
34,591,497
37,440,763
191,570,745
169,046,319
+13.3
148,193,143
2,887,823
+8.4
318,877
+ 20.6
3,096,187
308,661
3,376,222
384,471
743,805
725,346
+2.5
722,960
862,936
Kingston
593,006
+ 13.3
624,123
512,884
543,970
493,086
+8.8
516,306
681,999
Sarnia..
671,986
592,054
432,113
—12.4
457,516
556,316
Sudbury
1,130,804
953,916
+ 18.5
1,036,293
904,767
436,368,359
403,913,553
+8.0
316,834,991
389,977,181
Prince Albert
Chatham
163,736,903
697,648
Moncton
Windsor.
x
159,794
/
Total (32
cities)
♦Estimated.
xNo figures
available.
368,600
Volnme
The Commercial & Financial Chronicle
150
prices
sequently,
Watling, Lerchen Sl Co.
York Stock
Detroit Stock
21 %d,
the
were
Exchange
20
From
this
movements
DETROIT
%d.
and
prices
21d.
inclined
Cash
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Sales
Friday
Week's Range
Last
Sale
Stocks—
Par
Allen Electric
Price
of Prices
High
Low
1
com
Atlas Drop Forge com
IX
2X
5
Auto City Brew com
Baldwin Rubber com
1
22c
55*
270
60c
60c
300
8X
2,308
75c
75c
220
75c May
1.25
59 X
1,835
905*
15*
45*
Feb
2
Jan
Det & Clev Nav
Detroit Edison
14
14
160
76
79
200
70
98
107
516
985* May
1
May
15* May
65c
100
com
Detroit Gray Iron com
5
Frankenmuth Brew
com
Hall Lamp com
50c
*
Kinsel Drug
Tues,,
May 21
Wed.,
May 22
225*d.
168s.
229-16d.
168s.
21 3-16d.
168s.
2113-16d. 22 7-16d.
£71X
£72
£715*
£74
Apr
Apr
Mar
65*
Apr
25*
Jan
56
The
Apr
Jan
80c
States
Apr
BarN.Y. (for.)
Apr
U.
28
107
28
28
4,436
9
3X
1,407
3
40c
900
May
May
33c May
IX
300
1
May
35
Feb
60
Mar
195* May
15* May
26
Feb
9
155*
65*
LaSalle Wines com
2
Masco Screw Prod com...1
IX
IX
100
80c
90c
200
Jan
38c
200
80c May
30c
Jan
15*
38c
75c
Apr
18c
21c
1,100
18c May
27c
Apr
*
18c
5
5
75c
Motor Products
Motor Wheel
_.
_
"4%
*
2H
_
2X
37
232
IX
2X
IX
2X
IX
1,250
IX
4X
5
1,170
"~2X
"~4X
com
...
Tivoll Brewing com
1
IX
10
19 X
575
200
100
1
2
2,775
55c
185*
150
55c
1,980
Add
Apr
or
Feb
45*
445*
Mar
7
Jan
26c
Apr
55c
Apr
Jan
200
2
May
200
3
May
800
4
Jan
U S Graphite com
10
4
4
100
4
IX
IX
IX
Walker & Co A...__.____*
B__._
23
com
Wayne Screw Prod
Wolverine Tube
_____
com.
1
440
23
3
May
May
3
IX
IX
4X
IX
700
4X
425
4 5*
.4
Mar
Apr
Mar
Feb
Apr
Mar
27
Feb
4
90c May
1
Feb
7,100
May
Jan
15*
25*
65*
May
Apr
Mar
Mo par value.
THE
We
ENGLISH
GOLD
SILVER
AND
reprint the following from
the
MARKETS
monthly circular of
Samuel Montagu & Co. of London, written under date of
May 1, 1940:
GOLD
The
of
amount
gold
held
in
the
Issue
England during the month of April, 1940,
The
168s.
Bank
fine
per
The
of
ounce,
Transvaal
gold output
another high
one
The
for
output
March,
1939,
fine
month
in
the
with
1940,
next
1,147,382
fine
ounces
1,103,323
was
fine
and
ounces,
for
ounces.
Ilhodesian gold output
for February, 1940,
ounces
66,599 fine
was
in January, 1940, and 58,944
February, 1939.
a
opened
little
with
working day.
9 there was
in
sympathy
doubtless
Norway; there
a
20
with
a
by
however,
7/16d.
for
both
reselling in the market and
for prices to sag.
was
rise of
influenced
Total.....
sharp
the
%d.
to
upward
news
of
was
an
deliveries,
absence
On April 5,
maintained
movement
in
INTEREST-BEARING DEBT OUTSTANDING
Interest Feb. 29, 1940
Payable
Title of Loan—
on
April 8,
Bombay,
of
of
49,800,000
Q-J
28,894,500
Special:—4s Adjusted Service Ctf. Fund—Ser. 1941
12,300,000
1946-1947
Certificates of indebtedness:
3s convertible bonds of
—
2}*s Unemployment Trust Fund—Series 1940.. 1,640,000,000
4}*s Treasury bonds of 1947 1952
A-O
768,945,800
4s Treasury bonds of 194+1954
J-D 1,036,692,900
3J*s Treasury bonds of 194+1956..
...—__M-8
489,080,100
35*s Treasury bonds of 1943-1947....
J-D
454,135,200
35*s Treasury bonds of 1940-1943.............J-D
352,993,450
3Treasury bonds of 1941-1943
.....
M-S
3Xs Treasury bonds of 1946-1949......
J-D
3s Treasury bonds of 1951-1955
——..M-S
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
3J*s Treasury bonds of 1941
...F-A
4)*8-3}*8 Treasury bonds of 1943-1945.......-A-O
35*s Treasury bonds of 1944-1946
A-O
3s Treasury bonds of 1946-1948.
...
J-D
3l*s Treasury bonds of 1949-1962............. J-D
25*8 Treasury bonds of 1955-1960—.......
M-S
25*8 Treasury bonds of 1945-1947.............M-S
25*s Treasury bonds of 1948-1951..
M-S
25*s Treasury bonds of 1951-1954. ............ J-D
25*8 Treasury bonds of 1956-1959
—..M-S
25*s Treasury bonds of 1949-1953
.....J-D
25*8 Treasury bonds of 1945 ................J-D
25*s Treasury bonds of 1948
M-S
25*8 Treasury bonds of 1958-1963.............J-D
2}*s Treasury bonds of 1950-1952.
M-S
25*s Treasury bonds of 1960-1965..--—.......J-D
2s Treasury bonds of 1947.
J-D
2s Treasury bonds of 1948-50
—
—J-D
25*s Treasury bonds of 1951-53
J-D
U. S. Savings bonds, series A, 1935.........—...
U. B. Savings bonds, series B, 1936
U. S. Savings bonds, series C, 1937...............
U. S. Savings bonds, series C, 1938
—_
U. S. Savings bonds, series D, 1939..—
......
U. S. Savings bonds, series D, 1940.
...
cl75,139,628
c320,920,478
c419,147,543
c505,972,680
c838,725,283
c89,489,813
c270,678.056
Adjusted Service bonds of 1945—
4}*s Adj. Service bds.(Govt. Life Ins. Fund ser. 1946)
25*s Postal Savings bonds..
—J-J
Treasury notes
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,140,650
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,385,100
701,074,900
571,431,150
1,107,357,100
......
Treasury bills
.....
.....
Feb. 28, 1939
$
'
49,800,000
28,894,500
22,000,000
1,185,000,000
758,945,800
1,036,692,960
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,140,650
540,843,550
450,978,400
918,780,600
866,397,200
591,089,500
701,074,900
178,281,723
328,424,340
431,165,264
523,507,414
33,129,000
153,523~948
292,987,650
269,334,568
500,167,966
500,157,956
117,776,160
117,586,760
8,405,874,900 10,171,001,250
1,310,365,000
1,308,271,000
Bearing no interest..
Matured, interest ceased
which
Denmark
Aggregate of interest-bearing debt..—..........41,849,409,965 39,330,596,755
—
......
393,702,219
132,172,220
420,949,862
112,175,380
was
and
was,
some bare covering and offerings were rather
This scarcity of offerings was mainly responsible for the advance
15/16d. and 20%d. for cash and two months' delivery, respectively,
seen
on
April 10, a little Indian demand finding the market poorly sup¬
plied.
The next day, on some Indian reselling, most of the advance was
lost, but with buyers hesitating there was a recovery on April 12, when
20
$
Q-M
3s of 1961..
—.•42,375,284,404 39,863,721,997
Total debt
Deduct Treasury surplus or add Treasury
Net debt
...
scarce.
to
$721,966,821
....+$2,056,184,409+2,613,638,868
20 %d.
20 %d., and this advance
the invasion
3,479,650
5,971,279
$293,032,579
I
38
at
45,815,397
666,700,495
1,625,634
rant checks
Unclassified sales.
quotations
speculative
April
largely
of
Previously the largest quantity pro¬
fine ounces in January, 1940.
quoted for both deliveries, and this price
On
was
March,
1940,
fine
buying interest, the tendency
was
of
/y^silver
month
The
Bank
1,135,482
compared with 67,686 fine
as
ounces
•/vy-v
but
for
record.
was
February,
1,075,807
The Southern
ounces
the
£236,758.
price for gold remained unchanged at
at which figure the above amount was calculated.
duced
any
of
unaltered at
England's buying
established yet
in
Department
was
wa
Balance, deficit (—) or surplus (+)
Apr
75*
75*
25*
25*
May
26
3
2,200
1.25
1.25
1
2
com
100
on
Apr
35*
45*
May
15* May
100
23
___*
Warner Aircraft
*
1
IX
Settlement
Mar
25*
185* May
2
May
3X
4%
;. *
53,103,292
234,889,248
3,414,405
,
Apr
15*
15*
265*
May
May
2X
_
—7,819,245
Jan
3
_.
—549,342
obligations:
Disbursing officers' checks
Discount accrued on War Savings certificates.
Apr
2
Universal Cooler B.
or
Matured interest obligations
Apr
3
Deduct—Excess
Deduct outstanding
Jan
25*
deficiency of receipts over
under disbursements on belated Items...
or
$2,849,216,988 $3,335,605,689
145* May
15* Mar
Feb
95*
May
4
U S Radiator com_______l
Feb. 28, 1939
$2,349,766,330 $3,343,424,934
of month by dally statements
Feb
2
*
*
Feb. 29, 1940
Balance em
Jan
..1
com
com
71.11
CASH AVAILABLE TO PAY MATURING OBLI GATIONS
Apr
2
United Specialties
United Shirt Dist
Mar
May
May
1
35)*
71.11
following statement of the public debt and contingent
Treasury's
surplus position, all as of Feb. 29, 1940, has been extracted
from
the
Treasury's official report.
Comparative debt
figures of a year earlier are also shown:
Feb
May
1
IX
21X
2X
35X
71.11
The
85*
May
35
71.11
liabilities of the United States, showing also the
185*
Mar
35
71.11
COMPLETE PUBLIC DEBT OF THE UNITED STATES
•
16
Mar
500
1
1
...
Tom Moore Dist com
Union Investment
1
l
_.
com
£985*
£110X
35
345*
Apr
115*
25*
May
85*
65*
15*
15*
25*
15*
4}*
IX
5
com.
33
785
IX
..2
£99
£1105*
S. Treasury
Apr
6
125* May
4}* May
2}* May
1
ex
;
Jan
650
IX
ex
1
Rickel (H W) com
Timken-Det Axle
11
9X
IX
River Raison Paper com.. *
Sheller Mfg com
1
Std Tube B
253
.*
Pfeiffer Brewing com
Prudential Invest com
Simplicity Pattern
5,215
2,274
3,862
1,736
2
0%
Jan
15*
Jan
95* May
905
5
33
__*
Parker-Wolverine com...*
Peninsular Mtl Prod com..
Reo Motor com
10
4X
7
1.25
Mar
75*
3,997
2,750
IX
Jan
IX
May
72c
4
100
12 X
10
com
com
9X
9X
5
Packard Motor Car
Parke Davis
16
com
com
com...
5
2,660
95c
4
8X
IX
"s'x
1
Mid-West Abrasive com50c
Murray Corp
100
5
75c
4
10
com
£109
Jan
Jan
410
Mlcromatic Hone
£97
£109}*
(newly mined) 71.11
Feb
IX
2,197
*
£97 X
£108X
Apr
52c
43c
.2 5*
£73X
May
May
105*
3X
21X
com.
168s.
•
price of silver per ounce (in cents) in the United
the same days have been:
Apr
42c
com
168s.
on
19
Feb
195*
Preferred
£96 X
Closed
135*
55*
.1
Mich Steel Tube
Closed
14}* May
38c
1
Frt.,
May 24
4%
1960-90
Apr
35*
15*
10
Michigan Sugar
British
Thurs.,
May 23
3X%
War Loan
Jan
1
McAleer Mfg com
McClanahan Oil com
•
Jan
British
915
com
com
Silver, per oz._ Closed
Gold, p. fine oz.
168s.
Consols, 2}*%- Closed
865
1
Kresge (S S) com
follows the past week:
Mon.,
May 20
155*
45*
25*
100
as
Sat.,
Mar
34
75c May
45c May
CABLE
May 18
7
3X
Hurd Lock & Mfg com
205*d.
20Xd.
20Xd.
205*d.
2015-16d.
21d.
Apr
16
10 X
Kingston Products
1,950
: 100
50c
Mar
MARKET—PER
FINANCIAL
reported by cable, have been
as
28
*
B
2013-16d.
215*d.
Jan
15*
25*
15*
:
May
May
15* May
385* May
2
May
645
75c
Apr
8
Hudson Motor Car com..*
20Xd.
20 13-16d.
20 13-16d.
daily closing quotations for securities, &c., at London,
15
7
*
Houdaille-Hershey A
965
The
Apr
15*
2
4,841
75c
10
com.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
2 Mos.
16
20 Xd.
17
20 15-16d.
18
20Xd.
19.... 20 Xd.
22.___215*d.
23—.20 15-16d.
24
21d.
25....20 15-16d.
26
20 13-16d.
29—_21d.
30
21 l-16d.
Cash delivery, 20.7130d.; two months' delivery, 20.6506d.
(per ounce .999 fine):
United States Treasury price, 35
ENGLISH
Jan
4
2.485
43X
2X
2
2H
Graham-Paige com
1
Grand-Valley Brew com..1
Jan
125
205*
Jan
105* May
25* May
600
4X
IX
4
38 X
l
20}*d.
205*d.
20Xd.
205*d.
20Xd.
205*d.
20 11-16d.
Apr.
Apr.
Apr.
In New York
Feb
Q95*
Feb
75c
1,382
2,559
2X
2X
2
10
.
105
90c
IX
Goebel Brewing com.
Hoover Ball & Bear
900
115*
com
General Motors
IX
31
~~4%
3
General Finance
500
90c
1
_
IX
10X
2X
com *
.
IX
27 X
"ion
_.*
com
125
IX
"ix
Detroit Paper Prod com__l
Ex-Cell-O Corp com
3
Gar Wood Ind com
4,825
IX
Det-Michigan Stove com.l
Federal Mogul com
Federal Motor Truck
4
IX
100
200
75c
3
3X
10
20 3-16d.
20 9-16d.
and
l/16d.
cents; market price, 34X cents.
The official dollar rates fixed by the Bank of England during April were
as follows:
Buying, $4.03X\ selling, $4.02X-
Mar
235*
15*
125*
555* May
62o May
25* May
15* May
14
May
1
com.. 1
com
3,847
16 X
135*
Crowley Milner com
*
Deisel-Wemmer-GU com 10
203-16d.
20%d.
15—_205id.
quiet
21
Cash
207-16d.
20 3-16d.
20 5-16d.
20 15-16d.
were
were
delivery.
205*d.
20}*d.
20Xd.
5
8
9
10
11
12
30
In London (bar silver per ounce standard):
205*d.
20 Xd.
3
4
April
on
2 Mos.
20 7-16d.
Average:
Apr
60c
5
Sub¬
Indian
when
the two months'
Jan
555*
1
Burroughs Add Machine.*
Burry Biscuit com
12 He
com
Jan
25* May
45* Mar
26c May
Apr
75*
37
May
45* May
275* May
135* May
60c May
75* May
14X
Brown McLaren com
Consumers Steel
Feb
7X
*
Continental Motors
18c
2,822
27 X
Feb
150
4X
27 X
High
15*
25*
100
X
4
BriggsMfgcom
com
600
27 X
_1
Bower Rolling Bearing...5
Chrysler Corp
Low
Shares
IX
2X
22c
Range Since Jan. 1,1940
for
Week
1
2
quotations
narrower;
Quotations during April 2:
Exchange
22,
in
respectively, but on the following day
to
sell,
and quotations receded to
for two months'
Telephone: Randolph 5530
May 18 to May 24, borh inclusive, compiled from official sales lists
April
point until the end of the month conditions
in
for cash and
Detroit Stock
until
unimportant
in the cash and 5/16d.
21 %d.,
more
for the respective deliveries.
15/16d. and 20%d.
Chicago Stock Exchange
Building
Bazaars
were
rise of
a
quotation, to
New York Curb Associate
Exchange
Ford
fluctuations
buying caused
Members
New
3301
fixed at 20%d. and 20%d.
were
deficit...+2,056,184,409 +2,613,638,868
b40,319,099,995 37,250,083,129
Feb. 29,1940, on the basis of dally Treasury statements, was
$42,365,353,180.07, and tbe net amount of public debt redemption and receipts In
transit, Ac., was $9,931,223.85.
b No reduction is made on account of obligations
of foreign goveranents or other investments,
c Amount Issued and retired includes
accrued discount; amounts outstanding are stated at current redemption values.
a
Total gross debt
The Commercial & Financial Chronicle
3302
CONTINGENT LIABILITIES OF THE UNITED
Amount of
preliminary
STATES FEB. 29, 1940
Treasury
Compiled from Latest Reports Received by the
united
Contingent Liability
The
Detail
Commodity Credit Corp.:
H% notes, ser;D, 1941.
1% notes, series E, 1941.
*
|
%
S
;
of the public debt of the
made up on the basis of
as
Bonds—
$49,800,000.00
15,761,000.00
13,133,500.00
117,586,760.00
3% Panama Canal loan of 1961......
3% Conversion bonds of 1946
3% Conversion bonds of 1947. —
2*4% Postal savings bonds (19th to 49th ser.)
3,214 202,556,214
204,241,000
3,214
406,794,000
preliminary statement
April 30, 1940,
daily Treasury statement, is as follows:
the
202,553,000
204,241,000
april 30, 1940
Total
a
$
Guaranteed by U. S.
Unmatured Obligations—
debt statement of the
states,
United States
Matured
Interest
Principal
May 25, 1940
$196,281,260.00
406,797,214
Treasury bonds:
561,646 835,647,240
110,915 94,789,515
339,992 236,816,192
16,637 103,164,037
835,085,600
94,678,600
3% bonds ot 1944-49—.
3#% bonds Of 1944-64..
3% bonds of 1942-47—.
236.476,200
103,147.500
1 1,029,091
1,269,387,900
1,270,416,991
Federal Housing Admin.:
2,499,970
2,499,898
3% debentures, series A
2&% debs., series B—
1,105,750
101
3,605,648
Uncalled...
173
.
778,579,250
879,038,625
127,867,400
190,837,900
754,904,125
}
t
*
,
14% notes, series P....
H % notes, series R—.
1% notes, series S
3,605,821
3*4% bonds of 1949-52
750,801 779,336,051
209,989 879,248,014
176 127,867,576
'
481 190,838,381
20,340 754,924,405
987,790
f2,731,227,300
Reconstruction Flu. Corp.
14% notes, series N—.
1,105,851
2*4% bonds of 1955-60
.
2,732,215,090
-
3,736 211,403,736
298,739,000
310,093,194
3,796 275,871.796
211,460,000
298,739,000
310,090,000
275,868,000
"3,194
1,096,157,000
10,727
1,096,167,727
kl14,157,000
.
13,848
114,170,848
.
$758,945,800.00
1,036,692,400.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818,627,000.00
755.432,000.00
834,453,200.00
1,400,628,250.00
1,518,737,650.00
1,035.873,400.00
491,375,100.00
2,611,092,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
981,826,550.00
4*4% bonds of 1947-52
4% bonds of 1944-54
3*4% bonds of 1946-56
3H% bonds of 1943-47
354% bonds of 1940-13a
354% bonds of 1941-43
3*4% bonds of 1946-49
3% bonds of 1951-55..
3*4% bonds of 1941
3*4% bonds Of 1943-45
3*4% bonds of 1944-46
3% bonds of 1946-48
254% bonds of 1945-47
254% bonds of 1948-51
254% bonds of 1951-54
254% bonds of 1956-59
2*4% bonds of 1949-53
2*4% bonds of 1945
2*4% bonds of 1948
254% bonds of 1958-63
2*4% bonds of 1950-52
254% bonds of 1960-65
_
2% bonds of 1947
2% bonds of 1948-50
2*4% bonds of 1951-53
1,786,134,150.00
540,843,550.00
450,978,400.00
918,780,600.00
1,185,841,700.00
1,485,385,100.00
701,074.400.00
571,431,150.00
1,118,051,100.00
_
26,907.794,900.00
U. 6. Housing Authority:
U. S. Savings bonds (current redemp. value):
$174,953,056.50
319,826,582.75
417,267,172.50
503,602.581.00
835,845,208.50
413,646,993.75
152,808,376.38
Series A 1935
Series B-1936
Total unmatured securities.
5,621,328,848
2,044,844
5,623,373,693
Series C-1937
Series C-1938
Matured Obligations—
Series D-1939...
Commodity Credit Corp.:
H% notes, ser. C, 1939.
Federal Farm Mtge. Corp.
1*4% bonds of 1939—.
Federal Housing Admin.:
2 % % debentures, ser. B-
Series D
1,000
3
1,003
409,000
1,322
410,322
I
13,200
181
9
~61,285" 375
16,044
758,290
5
5,000
37
8
86,000
6,270
9
175,925
1,130
151,552,300
781,773
a51,975,500
783,280
5,673,304,348
2,828,125
5,676,132,473
1,278,864,552
35,773,097
dl,314,637,649
.....
S
.
Savings
52,043,665
5,037
92,270
177,055
766,810,774.90
52,334,073
52,758,780
......
68,300,000
8,300,000
series B-1940, maturing June
series C-1940, maturing Dec.
A-1941, maturing Mar.
B-l 941, maturing June
C-1941, maturing Dec.
A-1942, maturing Mar.
B-1942, maturing Sept.
series C-1942, maturing Deo,
series A-1943, maturing June
series B-l 943, maturing Dee.
series A-1944, maturing June
series B-1944, maturing Mar.
1%
series C-l944, maturing Sept
*4% series A-1945, maturing Mar.
114%
1*4%
1 *4%
1H%
1*4%
154%
2%
154%
1*4%
1*4%
H%
1%
series
series
series
series
series
...
15.1940..
15,1941..
15,1941..
15,1941..
15,1942..
Other Obligations
\
*;'■'-
-
.
'
-
35,773,097
1,322,937,649
of
415,519,500.00
515,210,900.00
283,006,000.00
718,024.200.00
15.1944..
15,1945..
Federal old-age and survivors Insurance trust
fund notes:
3% old-age reserve account series, maturing
V
Fed. Res. notes (face amt.).
a
342,143,300.00
232,375.200.00
629,116,400.00
420,972,500.00
15,1942..
15.1942.,
15,1943..
15,1943..
15,1944..
15.1944..
$6,125,293,800.00
1,287,164,552
.
$20,404,200.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
15.1940..
e;.:United States
28
Treasury Notes—
*
3
500,157,956.40
Total bonds..— ......--$30,688,836.906
16,044
System:
_
$266,652,818.50
.
13,381
Secretary of Agriculture..
Postal
2,817,949,971.38
Adjusted service bonds of 1945
Adjusted service bonds:
(Government life insurance fund series)...
Secon l called.
Home Owners' Loan Corp.
On Credit of U. S.
—
1940
Unclassified sales
e4,862,073,419
outstanding matured principal and Interest obligations guaranteed by the United
States.
1.424,200.000.00
June 30, 1941 to 1944
2*6% Federal old-age and survivors insur¬
ance trust fund series, maturing June 30
Funds have been deposited with the Treasurer of the United States for payment
1944
i
77,200,000.00
turing June 30, 1942 to 1944
d
141,000,000.00
3% Railroad retirement account series, ma¬
Figures shown are as of Dec. 31,1939; figures as of Feb. 29, 1940 are not avail¬
Offset by cash in designated depository banks amounting to $53,219,080.13,
which Is secured by the pledge of collateral as provided in the
Regulations of the
Postal Savings System, having a face value of $52,566,113.29, cash In possession of
System amounting to $67,145,262.88, Government and Government-guaranteed
securities with a face value of SI, 184,947,230, and other assets.
4% Civil service retirement fund, series 1940
e ln actual
circulation, exclusive of $9,573,710.27 redemption fund deposited in
the Treasury and $309,096,665 of their own Federal Reserve notes held
by the Issuing
banks.
The collateral security for Federal Reserve notes Issued consists of $5,313,-
4%
able.
532,600,000.00
to 1944..
Foreign Service retirement fund, series
4%
3,776,000.00
1940 to 1944
4% Canal Zone retirement fund, series 1940
to
4,155,000.00
1944
Alaska Railroad retirement fund series,
738,000.00
maturing June 30, 1941 to 1944
2%
Postal
June 30,
500,000 In gold certificates and In credits with the Treasurer of the United States
payable in gold certificates, and $915,000 face amount of commercial paper.
2%
11ncludes $200 face amount of bonds held by the Home Owners' Loan Corporation
as • Treasury" bonds
pending cancellation.
Savings System series,
1942 to 1944.
maturing
86,500,000.00
2%
Government
life Insurance fund series,
3,259,000 00
maturing June 30, 1943 and 1944
Federal Deposit Insurance Corporation
series, maturing Dec. 1,1943 & 1944.
71.000,000.00
8,469,721,800.00
gHeld by the Reconstruction Finance Corporation.
i Does not Include
on Feb.
29,1940.
$1,638,200 face amount of bonds In transit for redemption
i
j Bonds In the face amount of $272,500 issued under Section 15a and an Interim
certificate In the face amount of $50,000,000 Issued under Section 15c of the Ten¬
nessee
Valley Authority Act of 1933,
as
amended,
held by the Treasury and
are
eflected In the public debt.
Certificates of Indebtedness—
4% Adjusted service certificate fund series,
maturing Jan. 1, 1941
2*4% Unemployment trust fund series, ma¬
1,651,800,000.00
1,306,375,000.00
:
k Does not Include $18,000,000 face amount of notes series C held
by the Treasury
and reflected in the public debt.
Treasury bills (maturity value)
>.
Total Interest-bearing debt outstanding.....
Matured Debt
national
banks
on
542,116,733,706.28
Which Interest Has Ceased—
:
Old debt matured—issued prior to April
The
following information regarding N ational banks is
from the office of the Comptroller of the Currency, Treasury
■Department: .■
;
v.- .'v
'
$11,800,000.00
1,640,000,000.00
turing June 30, 1940
BRANCHES AUTHORIZED
1,
1917 (excluding Postal Savings bonds)
2*4% Postal Savings bonds..
3*4%. 4%, and 4*4% First Liberty Loan
bonds of 1932-47..
4%
,
'
_
Ohio. Location of branch: 7512 Hamilton Ave., in the Village of
Mount Healthy, Hamilton County, Ohio. Certificate No. 1464A.
11,443,150.00
...
and 4*4% Second Liberty Loan bonds
of 1927-42............
May 11—The Idaho First National Bank of Boise, Boise, Idaho.
Location of branch: 235 Sixth St., Potlatch, Idaho.
Certificate;
; No. 1463A.
■
y"■,;;;;■
May 15—The Second National Bank of Cincinnati, Cincinnati,
$3,880,700.26
35,440.00
.L...-.—
4*4% Third Liberty Loan bonds of 1928.....
4*4% Fourth Liberty Loan bonds of 1933-38.
3%% and 4*4% Victory notes of 1922-23...
Treasury notes, at various rates of interest..
Ctfs. of indebtedness, at various Interest rates
Treasury bills
—
Treasury savings certificates...
1,193,850.00
1,904,900.00
15,420,100.00
582,100.00
38,057,750.00
3,921.200.00
73,683,000.00
209,100.00
150,331,290.2
COMMON CAPITAL STOCK REDUCED
■
,,
'
Debt Bearing No
May 17—The First National Bank of Westville, Westville, N. J.
From $50,000 to $25,000..$25,000
V
Interest—
Amt. of Red.
„
$346,681,016.00
156,039,430.93
United States notes.
Less gold reserve...
COMMON CAPITAL STOCK INCREASED
■'
$190,641,585.07
Amt. of Inc.
May 17—The T^rsfc National Bank of Westville, Westville, N. J.
; From$25,000to$50,000_..__—
...
...........
$25,000
194,260,508.50
Old demand notes and fractional currency...
2,029,340.83
Thrift and Treasury savings stamps,
VOLUNTARY LIQUIDATION
Amount
May 17-—The National Bank of Commerce of Superior, Wis
..$150,000
Effective, May 14.1940. Liquidating agent, P. G. Stratton, care
of the liquidating bank.
Absorbed by, ' The Union National
Bank of Superior," Wis., Charter No. 14109.
Deposits for retirement of National bank and
Federal Reserve bank notes..
unclassi¬
fied sales, &C— ......
3,775,106.25
390,706,540.65
Total gross debt.......:
a
Called for redemption June 15,1940
......$42,657,771,537.19
Volum*
The Commercial & Financial Chronicle
150
REDEMPTION
CALLS
AND
NOTICES
Below will be found a list of bonds, notes and preferred
stocks of corporation called for
redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the
page number gives the
location in which the details were given in the "Chronicle":
Company and Issue—
Date
Advance Bag and PaDer Co., Inc., 1st mtge. bonds
1
.June
July 22
July 31
Aug.
1
May 31
July
1
June
1
Balaban & Katy Corp 7% pref. stock
♦Beatrice Creamery Co. $5 cum. pref. stock
Beauharnois Light Heat & Power Co. 5% notes
5% bonds
Bedford Pulp & Paper Co., Inc. 1st mtge.
6Ms_Beech Creek Coal & Coke Co.
14
2867
Per
Name of
Bangor & Aroostook RR. pref. (quar.)
Bayuk Cigars, Inc. (quar.)..
7% 1st preferred (guar.)
Extra
of Record
SIM
25c
>$1M
J4c
$3)4
Beattie Gold Mines Ltd.
(interim)
Beatty Bros., 2nd pref. (semi-annual)
Beech Creek RR.
(quar.)
Beech-Nut Packing Co. (quar.)
Holders
Share
Company
50c
I
$1
25c
ill"
,
Bell Telephone of Canada
(quar.)
Belmont Radio Corp.
(quar.)
Birmingham Waterworks Co. 6% pref. (qu.).II
Blue Top Brewing,
6% class A (semi-annual).
Bond Stores, Inc. (quar.).
$2
15c
July
May 31
June 30
June
June
July
July
July
July
July
June
15
June
14
June
5s.
June
1
June
June
1
30c
June
40c
June
June 15
June
3
$2)4
June
May 31
50c
75c
June
June 20
June
1
50c
Boston &
June
June
lOd.
June
June
14
3
SIM
SIM
I
Albany RR
Brewer & Co. (monthly)..
Briggs & Stratton Corp. (quar.)
Bridgeport Gas Light (quar.)
III."
June
June
15
_
June
2869
3041
3041
Burgess Battery Co. (quar.)
Burlington Steel, Ltd. (quar.)
2718
2088
2088
3044
Butler Water Co. 7% preferred
(quar.)
California Ink Co..
SIM
June
62Mc
June
June
Canada Cement Co. 6)4 % preferred
Canadian Breweries, Ltd., S3 preferred
June
May 31
15
June
14
SIM
J2c
July
July
July
June
Canadian Cotton, Ltd. (quar.)
Preferred (quar.)
Canadian Malartic Gold Mining.
tSIM
t75c
June
14
June
June
10
JS1M
June
3 May
15
|4c
t2c
$1M
July
July
July
2 June
2 June
4
25c
June
1 May
SIM
SIM
June
May 31
June
75c
June
May 31
June 10
2218
3039
2248
1
June
1
2875
June
1
2875
June
June
15
50c
June
June
13
15c
I_
June
June
5
June 15
June
1
15c
31
...
July
June 15
3353
June
1
2875
Canadian Western Nat. Gas, Lt., Heat & Pow.,
June
1
2252
July
1
1
1
3357
2724
2879
6% preferred (quar.)
Cariboo Gold Quartz Mining Co. (quar.)
June
June
Garlock Packing Co.
May 31
July
1
June 20
2098
May 31
May 31
3049
3049
Co. 5% bonds. ..July
1
June 20
2884
....June
1
2884
Central Steel & Wire Co., 6% preferred (quar.).
Chesapeake & Ohio Ry. Co. (quar.)
4% preferred A (quar.).
June
1
2730
rist'
Christiana Securities
May 25
2730
Preferred (quar.)..
July
June
Chicago Rivet & Machine
June
City of New Castle Water Co. 6% pref. (quar,).
Cleveland Theatre, preferred (semi-annual)
June
June
Cluett, Pea body & Co., Inc. (interim)
Preferred (quar.)
July
Columbus Auto Parts Co., $2 cum. preferred
June
Commercial Investment Trust Corp. (quar.)
July
31
$4Mi series of 1935, conv. preference (quar.). S1.06M July
Commonwealth Utilities Corp., 6% pref. B (qu.)
July
SIM
6)4 % preferred C (quar.).
Sept.
>lid
June
Consolidated Investment Trust (quar.)
3Cc
4 34% notes
Georgia-Carolina Power Co. 1st mtge. 5s
Hartford Times, Inc. 15-year debentures
(Edward) Hines Lumber Co. 1st mtge. bonds.
Interest scrip ctls
*
*
3360
3360
2729
...
Kanawha Bridge & Terminal Co. bonds
Kansas Gas & Electric Co. 1st mtge. bonds
Kansas Oklahoma & Gulf Ry. serial notes
June
1
Kresge Foundation 10-year notes
Liquid Carbonic Corp. 10-year 4% debs
Louisville & Nashville jRR„ unified 50-year 4s
*
Manila Gas Corp. 1st mtge. 6s
June
1
2730
2258
June 15
2731
July
July
1
Marion-Reserve Power Co. 1st mtge. 5s
June
June
1
3
June
McCrory Stores Corp. 15-year deoentures
Hone
Co.
preferred stock
843
3363
1
2886
3053
15
2584
...July
1
3054
June
1
2261
June
June
1
2890
15
June
Missisquoi Corp. 7% pref. stock
Mortbon Corp. of N
Y. series A bonds
National Oil Products Co. 4% debs
National Supply Co. 1st mtge. bonds
New Jersey Water Co. 1st mtge. 5s
New Orleans Public Service, Inc.,
4)4% bonds
18
3055
2586
June 14
June
15
3057
2891
July
1
3210
June
1
12x9
June
__Aug.
1
1
3060
June
1
2738
Pennsylvania Glass Sand Corp. 1st mtge. 4)4s
June
Phelps Dodge Corp,, 3)4% debs
June
Philadelphia Transportation Co. 3%-6% bonds
..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. 3 24s
June
Sherwin-Williams Co. 5% preferred stock........
...June
*
(L. S.) Starrett Co. 6% preferred stock...
June
Southern Advance. Bag & Paper Co. 1st mtge. 6s
June
Terminal RR. Assoc. of St. Louis, gen. mtge. bonds
June
*
Union Pacific RR. Co. 1st mtge. bonds
.....Sept.
United Merchants & Manufacturers, Inc., 6% bonds
June
U. S. Steel Corp. 314% debentures
June
United States Steel Corp 10-year 3 H% debs
July
Virginia Public Service Co. 1st mtge. bonds.
June
West Indies Sugar Corp. 1st mtge. 6s
June
;
♦ Announcements this week.
1
15
2892
2893
1
1
3213
2894
Northern Oklahoma Gas Co. 1st mtge. bonds
Northern Pacific Ry. equipment trust certificates
Ohio Electric Power Co. 1st mtge. 5s
Ohio Electric Power Co. 1st mtge. 5s
Outlet Co. 7% pref. stock
Paris-Orleans RR. 6% bonds
2891
8
3( 61
we
show
the
we
dividends
follow with
News
a
1
2592
2268
3217
30
3374
1
3
3217
1
15
3376
3221
3'>66
1
2901
15
3221
2902
1
7
2423
previously announced, but which
in our "General Corporation and Investment
Department" in the week when declared.
name
are:
Name of Company
Share
Aero
Supply Mfg. Co., class A (quar.)
Laboratories (quar.).
._.4i.4___„__
Preferred (quar.)..
Acme Gas & Oil Co., Ltd
Acme Glove, 1st preferred
Air Associates, Inc. (quar.)
Abbott
Extra
.
_
_
...
.........
1st preferred (quar.)
Alabama Power Co. $7 preferred (quar.)
$6 preferred (quar.)
$5 preferred (quar.)..
Albany & Susquehanna RR. (s.-a.)
...
Allied Mills, Inc
Aluminum Co. of America
37)4c
40c
10c
nvs
lc
t$3 }4
12)^c
nu
SIM
Sl)4
SIM
$4)4
Payable of Record
July
1 June
15
June 29 June
June 29 June
12
July
July
July
July
Aug.
July
75c
$1
10c
June
American Bakeries Co. class B
'Class A (quar.
50c
(participating)...
;
7% preferred (quar.......________
American Bank Note, preferred (quar.)
American Home Products Corp.
American Maize-Products
(quar.).
American Power &
Light Co. $6 preferred
35 preferred
American Public Service 7% pref. (quar.)
American Radiator & Standard Sanitary—
•
Preferred
(quar.)
...
Anaconda
Andes
Surety Co
Copper Mining Co
Copper Mining Co
July
July
July
1
May 31
1 June
14
1 June
14
1
19
July
1 June
15
15 May 28
11
May 31
1 June
15
1 June
14
1 June
14
75c
July
July
July
1 June
11
20c
July
1 June
14*
June 28 June
17
June 28 June
1 June
July
17
SIM
SIM
tSlH
t93Mc
SIM
SIM
.
American States Insurance (quar.)
American Sumatra Tobacco Co. (quar.)
American
1
26c
...
Preferred
25c
July
10 May 31
1 June 18
July
June 25 June 14
Amalgamated Sugar (initial)
SI
15
12
June
June
Class A
Holders
...
Art Metal Works, Inc..
Atlanta
Birmingham & Coast RR. pref. (s.-a.)_.
Atlanta Gas Light Co. 6% cum; pref. (quar.)
1 June
14
14
6
July
6
June 20 May 31
1 June
Sept.
30c
July
25c
June
SIM
1
1 June
1 Aug. 27
1 June 15
15 June
1
June 20
May 25
May 20
May 24
June
14
June 20
May 24
June
10
.June
10
June
15
Aug. 15
June
1
1
June
t$lM
25c
June
June
5(c
June
June
Darling (L. A.) Co
15c
Dayton & Michigan RR. (quar.)
SI
Demrster Mill Mfg. Co. 5% preferred (quar.)..
SIM
Distillers Corp. Seagrams (quar.)
'
J55Mc
May
July
May 20
June
May 24
Divco-Tivin Truck Co..
Dominion Textile Ltd. (quar.)
Preferred
(quar.)
June
June
June
5
July
July
July
June
15
40c
—
7% preferred (quar.)..
5
15
SIM
SIM
SIM
...
Driver-Harris Co. 7% preferred (quar.)
Dunean Mills (quar.)..
June
3
June
June
25c
_
SIM
....
1
June 29
June 20
July
June
May 31
SIM
SIM
SIM
SIM
July
June 30
June
May 27
July 10
SIM
July
SIM
SIM
1 May 17
1 May 17
15 May 31
June 15 May 31
July
1 June 18
50c
Preferred (quar.)
Duquesne Light 5% 1st pref. (quar.)
Eastern Gas & Fuel Association, 4)4%
preferred (quar.)
July
July
June
15
prior
1 June 15
East St. Louis & Interurban Water Co.—
7% preferred (quar.).
'.)•
6% preferred (quar
Edison Bros. Stores, Inc. (quar.)
25c
—
5% cumul. preferred (quar.)
62 Mc
75c
__
Electric Auto-Lite
Electric Storage Battery Co. (quar.)
..........
....
_
.i
.
...
50c
—
Preferred (quar.).
El Paso Electric 7% prefeiyed (quar.)
50c
—-.
SIM
SIM
SIM
—
SIM
36 dividend cumul.
35)4 dividend
preferred (quar.)
—
cumul. preferred (quar.)..____
35 dividend cumul. preferred (quar.)
62 Mc
87 Mc
English Electric Co. (Canada) $3 class A (quar.)
Erie & Pittsburgh RR. (quar.)
Eversharp, Inc., new 5% preferred
Special initial div., which was a part of the
recapitalization plan; payable on presentation
of ctfs. of old 7% 3100 par pref. of Wahl Co,
Fanny Farmer Candy Shops (quar.)
Farallone Packing Co. (quar.).
Quarterly
r--%—
31.16*
— ...
37Mc
5c
_
,
•
„
^
!>
+ m
*»
5c
5c
<•*»«» —
25c
Federal Mining & Smelting Co
Fernie Brewing Co
160c
il5c
—
Extra
Fifth Ave. Coach Co
Financial Security Fund,
50c
-
•5% participating class B (quar.)
7% preferred (quar.)
—
Foote Bros. Gear & Machine Corp. 5% pref
Foote-Burt Co
Foreign Light & Power, preferred (quar.)
Frankenmuth Brewing Co. (quar.)
Preferred
June
June 29 June
8
June 29 June
8
July 15 June 28
July
July
15 June 28
15 June 28
July
July
July
June
14
June
14
July
1 June
1 June 14
June 15 May 31
June 10 May 31
June
1 May 20
16 Nov. 30
Mar. 15 Feb. 28
3
June 20 June
Dec.
2 June 15
2 June 15
June 26 June 14
July
July
15 May 31
June 29 June 19
June
June
15c
June
17 Mc
June
1 May 20
t50c
July
1 June
15
35c
June
15 June
5
July
1 June 20
5
15 June
SIM
2Mc
....
5c
June
June
75c
Garfinckel (Julius) & Co. (quar.)
Preferred (quar.).
General Railway Signal Co., preferred (quar.)..
General Refractories Co
June
SIM
17Mc
37Mc
—
—
June
—
31
Goodrich (B. F.) Co., preferred
Great Western Sugar
—
56 Mc
15c
SI M
25c
....
SIM
75c
June
15 June
$2)4
SIM
July
July
-1 June
10
12
7% preferred (quar.)
Guysboro Mines Ltd. (initial)
Hall (W. F.) Printing (quar.)
1 June
14
Hamilton United Theatres, Ltd., 7% pref.
1 May 20
15 June
15 June
15 June
15 June
June 29 June
1 June
July
S3
6
5
5
5
15
10
3
15
1 June
1 June
15
1 June
18
June 29 June
3
July
July
July
Aug.
1 July
18
1
June
15 May 27
1 June 20
July
7
June 17 June
7
June 19 June
June 28 June
2 June
July
10
25c
15c
July
,2 June
15
350
...
_—
(quar.)
.
30c
—
...—
Extra
June
1 May 20
June 28 June
1 June
July
...
Georgia Power Co., 36 pref. (quar.).
35 Preferred (quar.)
Glidden Co. (interim)
Preferred (quar.)
Gillette Safety Razor
Preferred (quar.)
Girdler Corp. (quar.)
Globe-Wernicke Co. 7% preferred (quar.)
Greene Cananea Copper Co
Greene Railroad (semi-annual)
Group No. 1 Oil
Goderich Elevator & Transit Co. (s.-a.)
15
Sept. 16 Aug. 31
15c
Extra
Gamewell Co
June
June
2Mc
SIM
Inc. (quar.)
First State Pawners Society (Chicago)
Fitzsimmons Stores, Ltd.. 5% cum. part. A (qu.)
15c
7
June
May 22
25c
8
4
June
May 27
June
.....
1 June
July
June 24 June
June 14 June
50c
7
7
July
July
June
...
wUtirfccrly
When
25
10c
Special
Consol. Sand & Gravel Ltd. 7% cum. conv. pfd.
Cutler-Hammer, Inc
Daniels & Fisher Stores Co. (quar.)
1453
1
4
1 June 12
June 20 June
5
...
1
second table in which
Per
62Mc
$6 preferred (quar.)
Du Pont (E. I.) de Nemours (interim)
1
10
June
;
6% preferred (quar.)
36 preferred (quar.)
Engineers Public Service Co.—
The dividends announced this week
.
$7 prior lien preferred
36 prior lien preferred..
Dun & Broadstreet, Inc. (quar.)
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
15c
2894
are
grouped in two separate tables.
In the
bring together all the dividends announced the
Then
Case, Pomeroy & Co
Central Ohio Steel Products
Central & South West Utilities Co.—
2894
Dividends
current week.
Case (J. I.) Co., p eferred (quar.)
1
DIVIDENDS
we
Extra
1
.
first
10
10
June 22
SIM
_
Elgin Joliet & Eastern Ry. 4)4% bonds
*
Emporium Capwell Co. 4% bonds
Fairoanks. Morse & Co. 4% debentures
Frick-Reid Supply Corp. 15 year debs
Micromatic
June
June
7
11
July
Container Corp. of America 5% debentures
*
Container Corp. of America 6% bonds
Crane Co. 3)4% debentures
Inland Steel Co. 1st mtge. 3%s
Iowa Electric Co. 1st mtge. bonds
1
June
1
May 27
May 27
Connecticut Railway & Lighting Co. 4 )4% bonds
Consolidated Oil Corp. 3M% debentures
Indianapolis Water Works Investment
5
June
June
July
British-American Tobacco Co. (interim)
Budd Wheel Co. preferred
(quar.)
Preferred (participating div.)
Bullard Co
...June
June
Spring Water Service Co. $6 preferred stock
mortgage
1
June
1
June
1
July
1
May 31
-
5% bonds
1st
3191
2406
3191
3345
3345
2867
2248
3346
2867
1
June
Bethlehem Steel Corp. consol. mtges. 4)48
Birmingham Gas Co. 4notes
Capital City Hotel Co., Inc. 1st mtge. bonds
(The) Catholic Archbishop of Chicago series D notes
Cincinnati Gas & Electric Co. 1st mtge. 3Hs__
Clear
Pace
June
...Sept
Alabama Power Co. 1st mtge. 5s__
Allied Owners Corp. first lein bonds
*
American Bakeries Co. 7% preferred stock
*
American Seating Co. 6% notes
A. P. W. Paper Co. 3H% notes
3303
FUND
SINKING
SIM
—
50c
;
15
2Mc
2 June
July
June 29 June
25c
June 20 June
5
tSIM
June 29 May
31
; siM
...
15
June 29 June 21
2 June 15
July
19
The Commercial & Financial
3304
Per
Name
Share
of Company
14 June
Aug. 15
June
May 20
May 20
June
20
16
May
May
May
July
June
18
June
(quar.)
Haverty Furniture Co., Inc. (quar.)_
Preferred (quar.)
-Hawaiian Agricultural (monthly)
Heiieman (G.) Brewing (quar.)
Henkel Clauss, pref. (quar.)
Preferred (quar.)
Hewitt Rubber Corp
Hooker Electrochemical
Houdaille-Hershey, class B (interim)-- —
Class A (quar.)
:
Howey Gold Mines, Ltd
Humble Oil & Refining (quar.)
Hathaway Mfg. Co.
Extra
June
June
June
June
Sept. 20
June
—
15 June
1
July
July
July
—
1
1 June
1 May 25
June 21 June 11
(quar.)--
Illinois Bell Telephone
June
29 June
June 29 June
1 June
July
Preferred
—
June
1 June
10
1 June
1 June
15*
1 June
12
6
July
10
1 June
June 25 June
June 15 June
14
$15*
35c
-
(quar.)
75c
July
1
1
June
15 June
1
July
1 June
14
23
$3
—
June
1 May
$3
25c
June
1 May 23
June
t$15*
preferred-
June
15 May 31
1 May 20
25c
Copper
Special
Kings County Lighting Co.—
Series B 7% cumul. preferred (quar.)
Series C 6% cumul. preferred (quar.)
i—
Series D 5% cumul. preferred (quar.)
Kingston Products Corp., 7% pref. (quar.)
Kresge Dept. Stores 4% preferred (quar.)
5Cc
July
July
July
$1
50c
July
Lake Shore Mines
Lehn & Fink Products
25c
June
Corp
Lexington Water Co., 7% pref. (quar.)
Liggett & Myers Tobacco, pref. (quar.)Lone Star Cement Corp.
Lord & Taylor (quar.)
Louisiana Land & Exploration Co
Louisville Gas & Electric Co. (Del.)—
Class A common (quar.)
June
June
July
July
1 June
15 June
11
17
1*
June
-
-
Meyer (H. H.) Packing 6 4* % preferred (quar.)_
Mickelberry's Food Products Co., pref. (cp.) —
Middlesex
Water Co. (quar.)
Mid vale Co
-
■;
Mid-West Rubber Reclaiming Co., $4 pf. (qu.)_
15 May 31
5
June 20 June
June 29 June
June 29 June
5
June
28 June
17
June
1
50c
July
15 June
1 June
$15*
June
60 c
July
75c
June
HX
$1
July
June
June
$15*
Minneapolis Gas Light,-6% pref. (quar.)
June
54* % preferred (quar.)
$1,275* June
$5.10 preferred (quar.)
—
June
$15*
5% preferred (quar.)
July
Mock, Judson, Voehringer Co., Inc., pf. (quar.)
_
Monarch Mills
..
Mohawk Carpet Mills
(quar.)
Monsanto Chemical Co. (quar.)
Preferred A & B (semi-ann.)
Motor Finance Corp., pref. (quar.)_.
Motor Products Corp
Narragansett Racing Assoc
National Battery Co. $2.20 conv. pref. (quar.)
National Breweries, Ltd. (quar.)
Preferred (quar.)
Monroe Chemical Co. pref.
—
National
S1ii
25c
875*c
50c
— _
National Cash Register Co
National Casualty Co. (Det.)
$25*
$15*
17
1 May 20
1 June 20
1 May 24
1 June 15
1 May 20
—
1 June 15
29 June 20
1
June 15 June
June
1 June 15
15 May 28
9
Dec.
2 Nov.
June 29 June 15
July
June
10 June
June
10 May 29
1 May 20
2 Jime 15
25c
July
July
July
July
June
25c
375*c
July
Aug.
Aug.
July
July
July
25c
June
25c
June
75c
50c
$1 class A (quar.)__
—National Diary Products Corp. (quar.)Class A & B preferred (quar.)
-
20c
$15*
(quar.)
National Oil Products Co. (interim)
National Steel Car Corp. (quar.)
2 June
1
15
15 June 29
15 May 31
Sunset Oils
Tide Water Assoc. Oil
—
25c
40c
$11*
m
$15*
$15*
5% prior preference
6% preferred
Omnibus Corp
Preferred
30c
$2
(quar.)
Oneida, Ltd. (quar.)
7% participating preferred (quar.)
Otter Tail Power Co. (Minn.) $45* div. ser.
(qu.)
$55* preferred (quar.)
40c
Pacific Indemnity C o. (quar.).
acific
10c
Extra
Pacific Spruce Timber
Pacolet Mfg. Co
$3
$3
(liquidating)
$35*
7% preferred A & B (s.-a.)
Tunnel Railroad St. Louis
3
1 June
15
3
1 May 21
28 June 20
15 June 29
1 June 20
1 June 20
1 June 20
1 June 17
20
21
27
10
10
10
14
14
15 May 20
June 15 May 20
1 May 31
July
June
1 May 31
1 June 15
1 June 15
14 May 13
June 30 June 20
June 30 June 20
June 27 June
July
15 July
June 20 June
1
July
1 June 24
1 May 23
3
15 June
$15*
25c
pref. (qu.)
Pennsylvania Power & Light $7 pref. (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
Pennsylvania Railroad
June
75c
Patterson-Sargent Co
Penick & Fora, Ltd
June
30c
June
$15*
$15*
$15*
50c
July
July
July
July
June
—
_ — -
Tune
3
15
Tune
15
June 29 June
June 29 June
1 June
Aug.
15
15c
June 28 June
July
$14*
124*c
$14*
$15*
$3
June
1 June
July
May 31 May
July 15 July
July 15 June
1 June
July
1 June
July
June 15 June
July
:
June 24 June,
1
1
15 June
1 June 15
1 June 15
1 June 15
June 26 June
1
$14*
Inc., pref. (quar.)
(monthly)
Valley Mould & Iron
Prior preferred (quar.)
Viking Pump Co. (special)
50c
$15*
1
15 June
June 15 June
1
June
1 May 25
May 27 May 10
June
1 May 20
June
1 May 20
15 June
1
June
15 June
1
$34*
July
3 June 20
40c
June
14 May 23
8
1 June
5%
24*c
Exploration Co. (quar.)
June 20 June
50c
June
15
10 May 27
June
10c
1 May 20
June 20 June 10
1 June 10
July
10c
June
35c
$3 preferred
June
75c
July
1 May 23
1 May 23
1 June 17
$15*
$14*
June
15 May 31
June
15 May 31
25c
July
20c
July
t$34*
7% preferred (quar.)
Wieboldt Stores, 6% preferred (quar.)
Wisconsin Power & Light, 7% preferred
6% preferred
Wiser Oil Co. (quar.)
1
June
Extra
1 June
1 June
11
11
7% preferred (quar.).
-----
pref. (s.-a.)__
15
June 28 June
17
$15*
3%
15c
:
preferred
3
June 29 June
50c
Woodward & Lothrop
15 June
10c
Steel 7% preferred
Woodley Petroleum Co. (quar.)
Wood (Alan)
Woolworth (F. W.), Am. dep. rec.
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. Co.,
July
t374*c
t75c
preferred A
West Virginia Pulp & Paper
Winters & Hirsch, Inc
$15*
give the dividends announced
June
28 June 17
June
7 May 23
1 June 10
July
July
1 June
14
in previous weeks
The list does not include dividends an¬
week, these being given in the preceding table.
paid.
nounced this
Per
■
5
June 20 May 31
1 June 20
July
15c
Co
Western Public Service, $14*
we
3
June
Western Electric Instrument (quar.)
not yet
15
14
14
50c
Waldorf System, Inc. (quar.).
Below
29
60c
40c
(quar.)
Wagner Electric Corp
and
5
1
1
June
5c
3
21
5
15 June
June
$14*
15
18
75c
15c
10*
June 28 June
685*c
—— —
$24* dividend preferred
Dairies,
1 June
15 June
June
15c
$3 dividend preferred
Universal Commodity Corp.
1 June
15 June
30c
—
15
17
1 June 14
July
May 30 May 15
May 30 May 15
10c
124*c
$14*
(quar.)
United States Graphite Co
United Wall Paper Factories,
Weston
5
Tune
-
United-Carr Fastener
Western
15 June
May 25 May 18
June 20 May 31
25c
Union Pacific RR
Preferred
1 Jxme 20
June 29 June 12
2 Tune 15
July
15
10c
Udylite Corp
10
$1
75c
Park & Tilforas 6% preferred (quar.)
Pathe Film Corp., preferred (quar.)
Penn Electric Switch Co.. $1.20 cl. A
1 May 15
1 June 14
June 29 June
1 June
July
May
July
United Public Utilities Corp.
July
May 27 May
June
1 May
June
1 May
1 June
July
1 June
July
1 June
July
July
July
July
1 May 22
1 June 20
June 20 June 10
June 20 Tune 10
June
June
$15*
———
(semi-annual)
15
1 June
1 June
15 May 31
June 29 June 15
June 29
624*c
^preferred (quar.)
1 July
50c
Paraffine Cos., Inc.Preferred (quar.)
184*c
435*c
$15*
$15*
June
June 29
$1)*
-
40c
June 21 June 10
15 June 29
July
50c
(semi-ann.)
Ohio Finance Co
*3c
14*c
,24*c
1 May 27
1
June 15 June
June 21 June 10
25c
Corp. (St. Louis) (quar.)
Towle Mfg. Co. (quar.)——— —
Tuckett Tobacco Ltd., pref. (quar.)___ —
preferred
15
1 May 21
$1
Title Insurance
5%
14
10
1 June
$1
5
10c
1*
20*
20*
June
3c
-
15 June
35c
1 July
1 July
1 June
June
30c
-—
June
$15*
$15*
1 May 21
7
July
75c
— ------
75c
pref. (quar.)
Northwestern Utilities, Ltd., $6 cum. pref. (qu.)
Aug.
Aug.
July
$14*
$14*
-----
(quar.)
Texon Oil & Land Co
Thatcher Mfg. Co. (quar.)_
Thermoid Co., $3 preferred
Welch Grape Juice
Stock dividend
inc. (interim)
June 15 June
10c
Preferred
Ware River Railroad
Northern Oklahoma Gas (s.-a.)
Northern States Power (Wise.),
June 20 June
374*c
Tex-O-Kan Flour Mills Co
14
North Central Texas Oil Co.,
July
June
25c
14
July
July
July
$3
50c
1 June
26 June
20c
5
t$l
(quar.)
—
Taggart Corp., preferred (quar.)
June
25c
12
6 May 31
4
15 June
20c
(quar.)
July
July
875*c
1 June
June
June
13 May 29
1 May 29
1 June 22
Extra.
75c
North American Finance Corp., 7% pref. (quar.)
Cumulative prior preferred (quar.)
OldiSs A* (quar )
15 May 31
1 June 12
15 June
Extra
$25*
$25*
(semi-ann.).
(semi-ann.)_.
June
July
July
50c
—-----—- —
-
New York & Harlem RR.
Preferred
15
June
124*c
Superior Tool & Die Co. (quar.)
Supervised Shares, Inc. (quar.)
Sutherland Paper Co
Tacony-Palmyra Bridge (quar.)
$15*
New York City Omnibus (quar.)__.
Niles-Bement-Pond Co
15
1 June
June
15c
15
June
June
1
1 June
July
July
$1
25c
$14* preferred
Southwest Consolidated Corp
Staley (A. E.) Mfg. Co
$5 cumul. preferred (quar.)_
7% preferred (semi-annual)
Starrett (L. S.) Co
Sullivan Consolidated Mines
1 July
1 May 20
7
June 29 June
1 June 15
July
$2
15 June
June
$14*
United Elastic Corp
United Pacific Insurance (quar.)
July
50c
1
June
15c
30c
Phosphate
England Telep. & Teleg
(semi-annual)
Newport Electric Corp..
New
1
Aug. 31 Aug.
624*c
'.
15
50c
New Haven Water Co.
32c
25c
(quar.)__
1 June
25c
___
Naval Stores Investment Co. (quar.)
$14*
$14*
Preferred
25c
-
(quar.)
t$15*
June 25 June
25c
South Shore Utilities,
Class A
June
44c
Southern
1 May 20
1 May 20
55c
50c
10c
85*c
1 July
June 29 May 31
June 29 May 31
40c
Pulp & Paper
Co. (quar.)
1 May 20
1 May 20
50c
(quar.)..
National Grocers, Ltd., pref.
National Oats Co. (quar.)
5
50c
—
City Lines-.
National City Lines $3 pref.
15 May 31
t3c
Mesta Machine Co
(quar.)
Quaker Oats Co
——
—
—----Preferred (quar.)
Quebec Gold Mining Corp
—
Reed Drug Co. (quar.)
CIess A (quar.)
Reliance Grain Co., Ltd., 64*% preferred
Republic Steel 6% Prior pref. A (quar.).6% preferred
- - - Roan Antelope Copper Mines (Amer. shs.)
Robertson (H. H.)
Roper (Geo. D.) Corp. (initial)
Rustless Iron & Steel Corp
Preferred (quar.)
St. Croix Paper Co., preferred (s.-a.)
1
1
1 July
July
July
10c
11
25c
$14*
$15*
$14*
$14*J2c
10c
8c
McCrory Stores Corp. (quar.)
McKenzie Red Lake Gold Mines (quar.)__
$14*
Seeman Bros., Inc
Selby Shoe Co
Shattuck (Frank G.) (quar.)
Sheller Mfg. (quar.)
Shepard-Niles Crane & Hoist Co
Simmons-Boardmon Publishing, preferred
Siscoe Gold Mines, Ltd. (quar.)
Sloss-Sheffield Steel & Iron-,
Preferred (quar.)
Smith Howard Paper Mills, preferred (quar.)
Southern Colorado Power, 7% pref
1 May 20
1 June 20
1
15 June
14 May 31
11
60c
$15*
-
Tune 15 May 31
June
5 May 25
1
June 21 June
1 June
June 28 June
375*c
$15*
1
June 29 May 31
July 15 June 14
June 29 June
June
-
15 June
June
60c
75c
10c
(quar.)
1 May 20
25c
25c
Preferred (quar.)
Corp.—
(semi-ann.)
J.) (quar.)
1 May 20
June
Scranton Lace Co
$^c
Master Electric Co
1
15 June
June
10c
15
(quar.)
Mathieson Alkali Works
June
20c
15
$25*
Macassa Mines Ltd
1
1 June 29
7
July
June 28 June
15
Magnin (I.) & Co. (quar.)
common
35c
20c
■
50c
St. Joseph Lead
Scott Paper Co.
June 25 May 31
June 25 May 31
Class B
$24*
/
15 June
1 June
1 May
375*c
1
June
1
2 May 31
1 June
1 June
June
June
5
1 June
July
July
$44* cumulative preferred (quar.)
$4 cumulative preferred (quar.)_
Scovill Mfg. Co
$15*
10c
3
June 20 June
July
1 June
50c.
St. Helens
June 29 May 31
June 29 May 31
$15*
$15*
$15*
$15*
June 15 June
$1
—
$15*
$15*
-
3
15c
—
15 May 31
1 June 20
June 24 June
1
June 15 June
6% cumul. preferred (monthly)
Public Service Co. (Oklahoma)—
7% prior lien stock (quar.)
6% prior lien stock (quar.)
Public Service Elec. & Gas $5 pref.
7% preferred (quar.)
5
1 June
1 June 28
25c
Series B & C 6% non-cum. preferred
Keystone Steel & Wire
Key West Electric Co., 7% cum. pref
Kennecott
July
July
July
July
1
1 June 10
July
$14*
SI J*
noc
-
—
Class A common
5
75c
Kansas City Power & Light, pref. B (quar.)
Kansas Oklahoma & Gulf Ry. Co.—
Series A 6% cumul.
"8
"I!
10c
Ingersoll-Rand Co., pref. (semi-ann.)
International Salt Co. (quar.)
International Silver Co., preferred
Investors Distribution Shares (quar.)
Irving Air Chute Co. (quar.)
Johns-Manville Corp
Preferred (quar.)
Joseph & Feiss Co
—
Joslyn Mfg. & Supply
June 21 June
15c
—-
'
June 21 June
Public Service Corp. (N.
7
July
July
July
10 May 24
1 June 12
4c
Prudential Personal Finance
18
Imperial Tobacco (Canada) ord. (interim)
Indian Motocycle (initial)
Preferred (s.-a.)
Indiana Pipe Line (old)
Reducing par value from $10 to $7 4*.
Indianapolis Water, 5% pref. (quar.)
June
25c
■--■—.
Extra
June
1 June 15
May 20
July
June
25c
Pittsburgh Brewing preferred
Pittsfiela & North Adams RR. (s.-a.)
Plymouth Oil Co. (quar.)
Preferred Accident Insurance
Progress Laundry Co. (quar.)—
15 June, 5
1 June 20
1
2 June
Payable of Record
lc
Pharis Tire & Rubber Co
Philadelphia Co. $6 pref. (quar.)—
$5 preferred (quar.)
Pioneer Gold Mines of B. C. (quar.)
May 31 May 16
June
50c
■
Extra
21
Oct.
25c
$5
(quar.)
Petroleum Exploration, Inc. (quar.)
10
5
July
624*c
Pet Milk Co.
18
June
Share
of Company
Holders
When
Per
Name
Pennsylvania Telephone Corp. $2)* pref. (qu.)_
Peoples Gas & Fuel Corp
Pepsi-Cola Co---------———— ——-----Perfect Circle Co. (quar.)__
Perron Gold Mines
8
Sept.
July
July
May 25, 1940
Holders
Payable of Record
June
(M. A.) Co.$5 cumulative preferred (quar.)
Hanely (James) Co. (quar.)
7 % preferred (quaiO._ _
HarrisburgGas Co. 7% preferred (quar.).
Hanna
Hydraulic Press Mfg. Co. 6% pref.
Idaho-Maryland Mines (monthly)
When
Chronicle
Name of Company
Share
When
Holders
Payable of Record
Abbotts Dairies, Inc. (quar.)
25c
June
1 May 15
Acme Steel Co.
75c
June
36c
June
12 May 22
1
15 June
(quar.)
Aetna Ball Bearing Mfg__
Volume
The Commercial & Financial Chronicle
150
Company
Allied Stores Corp.
June
$1*4
$1*4
July
June
June
May 15
25c
July
July
July
June
8
June
8
June
17
25c
25c
June
June
10*
June
June
1
15c
June
t$l*4
81)4
June
June
May 31
May 20
May 15
50c
50c
June
June
50c
<
Aluminium, Ltd
_
(quar.)
Payable in U. S. funds.
Aluminum Mfg., Inc. (quar.)
Quarterly..
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)........
...
Sept.
Dec.
Sept.
June
June
June
June
4
81)4
June
June
4
81
June
June
1
81)4
June
$1$1
American Chicle Co. (quar.)
Extra
American Cigarette & Cigar, pref.
American Dock Co., pref. (quar.)
81)4
15 June
June 28 June
1
14
June
June
June
(quar.)..
(quar.)
81)4
8154
Sept.
June
June
June
7%
5%
preferred (quar.)
American Laundry Machinery Co. (quar.)—
75c
June
1 May 20
June
HP
75c
81)4
7% preferred (quar.)...................
7% preferred (quar.)................—i.
Sanitary, pref. (quar.)._
American Smelting & Refining
July
81)4
American Oak Leather pref. (quar.)
American Paper Goods Co. 7% pref. (quar.)
June
15 June
Sept. 16 Sept.
Dec.
81)4
Amer. Bad. & Standard
American Steel Foundries
American Sugar Refining, pref. (quar.)
American Telephoned Telegraph (quar.)
Extra.
Anglo-Canadian Telephone class A (quar.)—
35c
Light 87 pref. (quar.)
81)4
81)4
25c
86 preferred (quar.)
Armstrong Cork Co. (interim)
Preferred (quar.)
Artloom Corp. 7% pref. (quar.)
Asbestos Corp. (quar,).........—
Extra—
81
3.
15c
(quar.)
Preferred (quar:.)__.
Associated Dry Goods 1st pref. (quar.)
t25c
181)4
81)4
181)4
.....
2nd preferred....
Associates Investment Co. (quar.)
50c
5% preferred (quar.)
Finance, 1st pref. (semi-annual)
Atlanta Gas Light, 6% pref. (quar.)
Atlantic Refining Co. (quar.)........
......
Atlas Corp., common—
6% preferred (quar.)-i...—.............
Astor
.........
Atlas Powder Co
...
Automotive Gear Works, Inc. conv.
pref
June
June
June
June
June
June 29 June
June 29iJune
15
June
25c
June
75c
75c
June
10 May 31
June
1 May 20
May" 15
1
June
July
July
1 May 15
1 June 10
60c
1 June
June 29 June
15
10
10
31
18
20
14
15
17
10
20
June
1 May
1 May
15 May
25c
Beau Brummell Ties
June
June
1 May
15c
June
8 May
1 May
10c
Beaunit Mills, 81H preferred
June
f75c
(quar.)—.............
Bendix Aviation Corp........
Beneficial Loan Society (Del.) (quar.)
Bensonhurst Nat'l Bank (Bklyn., N.Y.) (qu.).
.....
...
.......
.
Spinning Assoc., Inc., 7% pref__
$5 preferred
Bethlehem Steel Co
7% preferred (quar.)
Bigelow-Sanford Carpet pref. (quar.)_
Bird & Son, Inc., pref. (quar.)
Birmingham Electric 87 preferred
86 preferred..^
Birmingham Gas Co. prior pref. (quar.)
Blue Ridge Corp. 83 pref. (quar.)
Optional div. 1-32 sh. of common or cash,
June
1
20c
June
50c
12 He
June
1 May
1 May
June
1 May
75c
25c
tSl *4
t$lM
81)4
81)4
81)4
May
June
June
July
June
June
June
81)4
87)4c
June
75c
June
June
25c
81
62 He
30c
(quar.)
Class B (quar.)
(interim)..
25c
...
82
82
...
1 June
July
July 31 July
July 31 July
June
1 May
1 June
July
June 15 May
May 25 May
Boston Wharf Co
25c
June 29 June
Boston Woven Hose & Rubber Co
Preferred
50c
June
83
75c
June
Bower Roller Bearing Co
......
Boyd-Richardson Co., 8% 1st pref
82
25c
Boyerstown Burial Casket (quar.)
Brewer (C.) & Co. (monthly)
Brewing Corp. of Amer. (quar.)
Bridgeport Gas Light Co. (quar.).
Bright (T. G.) & Co., Ltd. common....
Bristol-Myers Co.
*■—.
.
.
.
.i-.S
1
15 June
1
15 June
June 20 June
June 15
1
June
7
1
(quar.)
May 22
May 25 May 20
June
50c
i.
Brooklyn Edison Co. (quar.)
Brooklyn Teleg. & Messenger Co. (quar.)......
Brooklyn Union Gas Co
29
13
15c
British American Oil (quar.)
Brown Shoe Co
15
18
60c
■
Preferred ——
14
15
15
June 29 June 14
June 15 May 31*
June 15 May 31*
17)4
181)4
60c
25c
82
81)4
25c
50c
15 June
June
1 May
2 June
July
May 31 May
June
1 May
June
1 May
June
1 May
1
15
17
10
21
7
20
July
May
May
May
June 20
June 24
May 21
May 21
May 15
June 30 June
July
1 June
June
June
14
14
May 15
June
5
June 20
June
ISMay 20
June
June
May 20
May 18
June
15
June
June
15
June
25c
June
8154
8154
July
May 20
May 31
June 15
81
June
50c
.....
June
4c
8154
June
75c
June
June
50c
June
1
31
31
20
15
11
June
19
25c
June
June
19
25c
June
50c
May
8154
June
May 20
May 10
May 15
8154
July
June 17
June
May 15
July
June
8154
ill
30c
June
19
Oct.
Sept. 18
June
June
15
8154
June
llMay 21
75c
June
17|May 29
June
17 May 29
June
l;May 20
11 June 20
8154
50c
87*m
75c
...
May
May
May
May
May
May
June
t75c
(semi-annual)——i——*,.
Preferred
8154
85.80
July
June
June
June
July
July
1 May
10
1 May 10
15 May 25
l'June 12
l'June 12
15
31
20
15 June
June 25 June
1 June
July
15
June
June
(quar.).....
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Diversified Standard Securities—
June
June
1st
■
preferred (semi-annual)
Consolidated Edison (N. Y.) (quar.)
Consolidated Film Industries, pref...
Consolidated Gas Electric Light & Power Co._.
4 H % preferred (quar.)
Consolidated Paper Co
Consolidated Retail Stores 8% pref. (quar.)
8% preferred (quar.)
Continental Can Co., Inc., $4*4 pref. (quar.)--Continental Casualty Co. (Chicago, 111.) (quar.)
...
15
May 29 May
June
1 May
June 15 May
June
4 May
June
t37tt?
1 May
1 May
1
5
15
15
1 May 15
1 May 15
June
15 May
June
15 May
31
10
1 June
15
1 June
15
$154
July
July
July
1 June
15
25c
June
1 May 21
1 June 15
25c
90c
82
July
82
Oct.
$154
July
1 Sept.14
1 June 10
30c
June
1 May
Continental Oil of Delaware.
25c
Continental Steel
25c
June 24 June
1 June
July
14
1 June
14
Preferred
Bohn Aluminum & Brass
June
May 20
May 15
Connecticut Power Co. (quar.)
Connecticut River Power (quar.)
1
May 24
1 May 24
1 May 10
1 June
7
1 May 15
1 May 20
1 May 20
1 May 20
1 May 20
1 May
6
June 20
June
Compania Swift Internacional (quar.)
Compressed Industrial Gases
Confederation Amusement, pref
Congoleum-Nairn, Inc. (quar.)
Comarum Mines, Ltd—...
Connecticut Light & Power (quar.)...—......
June 29 June 29
June 29 June 29
June
June
N.Y. Curb Exch. rules stk. div. not "ex"
until June 3.
Commoil Ltd..-.--——
10
June
June
.........
May 31
June
Apr.
1
May 15
1 June 12
July
1 June 12
83
July
5
81.2514 June 30 June
June
Collins & Aikman Corp...———.........
1 May 21
25c
June
Preferred (quar.).;.——.——...
1 May 21
$154
Colonial Finance (Lima),
1 May 20
$154 June
pref. (quar.)
June 29 June 14
Colt's Patent Fire Arms Mfg. Co. (quar.)
50c
Columbia Brewing (quar.)
1 May 15
30c June
Columbia Broadcasting System, Inc., A & B
7 May 24
45c
June
June 10 May 24
Columbian Carbon Co. (quar.)
Commodity Public Service Co. stock dividend._
30% May 31 Apr. 27
15 May 21
5 May 20
1 May 20
June
15
Class A (semi-annual)
Colgate-Palmolive-Peet Co. pref. (initial)
25'June
5
llJune 14
July
30c
Belden Mfg. Co.
Class A
15
June
4c
Coca-Cola International
June
6)4c
6Mc
(quar.)
Coca-Cola Co
15
15
June
May
.
May 10
May 10
June
15
June
8154
8154
8154
......
15
15
June
July
5% preferred (quar.)
City Ice & Fuel Co—...............
Preferred (quar.)——-----—..
Clark Equipment Co..—.——....—.—.
Preferred (quar.)
Cleary Mines. .—
^
Clearfield & Mahoning Ry. (s.-a.)
Cleveland & Pittsburgh RR. 4% gtd. (quar.)
7% guaranteed (quar.)
Coast Counties Gas & Electric, 1st pref. (qu.)._
15
June
June
June
$154
12*4c
(quar.)
Cincinnati New Orleans & Texas Pacific—
Preferred (quar.)
Cincinnati Union Terminal, 6% pref. (quar.)-.
15
July
May
July
July
July
July
July
May 31
May 31
May 21
83.50
8154
'Extra.-—
Chicago Yellow Cab Co————........
Chile Copper Co
Chrysler Corp...
Cincinnati Gas & Electric preferred A (quar.)
15
15c
preferred (initial)
Borg-Warner Corp
Borne-Scrymser Co
Boss Manufacturing Co
June
81)4
81)4
...
Bank of America (quar.).....—....—
Bankers National Investing A & B (initial)
Borden Co.
-
5c
...
Bon Ami Co. class A
25c
81.17
Preferred (quar.)........
Bangor Hydro-Electric 7% preferred (quar.).
6% preferred (quar.)
Berkshire Fine
81)4
37)4c
81)4
t82)4c
Bala ban & Katz preferred (final)
Baltimore Radio Show (quar.)
Barber (W.H.)Co. (quar.)
Barlow & Sellig Mfg., class A
Barnsdall Oil Co
6
May 24
May
May
3
June 29 June 15
2'June
5*
July
July 15 June 17
July
May 31
June
May 10
June
May 20
June
May 20
June
May 15
June
May 21
June 15
July
June 15
July
June
May
6
June
June
1
June
May 15
June
...........
Associated Breweries of Canada
Extra
m
15c
Archer-Daniels-Midland Co
5%
81 *4
82)4
812)4
60c
Arkansas Power &
'■
50c
25c
American Thread Co. pref. (semi ann.)
American Tobacco Co. com. and com. B (qu.)_
Andian National Corp. Ltd. (s.-a.)
5
Dec.
June
June
50c
Extra
.•
Chestnut Hills RR. (quar.)
Chicago Corp. 83 preferred...:
Chicago Electric Mfg. class A
Chicago Flexible Shaft (quar.)
5
Nov. 30
June
June
82
...
ljMay 21
June
25c
38c
Century Ribbon Mills preferred (quar.)
Champion Paper & Fibre.
Preferred (quar.)..
Chartered Investors, 85 pref. (quar.)
Chesebrough Mfg. (Consol.) (quar.).
1 May 21
June
1 May 21
June 15 May 29
June
50c
6% preferred
Central Ohio Light & Power, pref. (quar.).
Central Patricia Gold Mines, Ltd. (quar.).
Extra
May 20
June
25c
American Metal Co., Ltd..................
Preferred (quar.)....;-———...
American Meter Co.. Inc
June
10c
Oct.
June
37c
Central Illinois Public Service 86 pref
15
Sept.
25c
Central Cold Storage Co. (quar.)
Central Illinois Light pref. (quar.)
15
June
20c
Extra
:
July
July
July
62)4c
preferred
50c
81
81
$1*4
7% 1st preferred
7% prior preferred (quar.)
Central Arkansas Public Service Corp.—
May 14*
May 15
14
May 17
Aug.31
Sept. 14
May 15
May 31
May 15
May 31
Aug.31
June
:4%
Preferred (s.-a.)
Caterpillar Tractor Co. (quar.)
Celanese Corp. of America—
June
14
June
tl5c
Catelli Food Products
June
20c
June
June
t25c
15c
June
...
American Home Products Corp
American Investment Co. (111.) (quar.).Stock div. of 2 shs. of com. $1 par, for each
no-par common held
July
July
t5c
I
6% preferred (quar.)
Capital Wire Cloth & Mfg. Co. conv. pref
Carman & Co., Inc., class A
(quar.)
Carolina Telephone & Telegraph
(quar.)
—
June
40c
m
tl2Hc
J25c
.....
Canadian Wineries, Ltd.
(interim)
Canfield Oil Co
May 25
May 20
American Fork & Hoe Co
June 15 June
5
25c
American Gas & Electric Co. (quar.)
June 15 May 15
40c
4% % cum. pref. (quar.)
June
7
81.18 54 July
American General Corp., $3 conv. pf. (quar.)..
June
75c
May 15
$2H conv. preferred (quar.)
May 15
62)4c June
82 conv. preferred (quar J
June
50c
May 15
American Hide & Leather Co. pref. (quar.)
June
June
4
75c
37*4c
18
11
15
27
8
Dec.
Convertible preferred (quar.)
Convertible preferred (partic)...
Canadian Marconi Co
(initial)
15 May 25
June
81H
First preferred (quar.)
First preferred (partic.)
4
25c
10c
May
May
May
Apr.
May
Sept.
Canadian Canners
1 May
Mar. 22
June
25c
6)4% preferred (quar.)
Canadian Bakeries 5% preferred
13
May 25
Aug. 25
t30c
t35c
12)4c
7% preferred A (quar.)
American Export Lines
American & Foreign Power Co., Inc., 86 pref
$7 preferred
American Forging & Socket Co
June
25c
American Envelope Co., 7% pr*f. A (quar.)
May
June
50c
81
Class A (quar
Class B
May 20
May 18
May 15
May 15
25c
83
$1*4
50c
10c
(quar.)
15
15 June
5
May 25 May 18
May 24
June
:37Hc
Canada Wire & Cable, class A
(quar.)
Class A (quar.).
Sept. 15
Dec.
40c
American Business Shares
American Capital Corp. prior preferred
American Chain & Cable
Preferred (quar.)
Sugar (quar.)...
15
Dec.
American Arch Co
American Box Board Co. 7% cum. pref. (quar.).
Cambria Iron semi-annual
Canada & Dominion
Holders
When
Payable.of Record
June
35c
Canada Malting Co., Ltd.
(quar.)
Canada Vinegars, Ltd.
15
June
...
California Art Tile, pref. A
California-Western States life Insurance (s.-a.)
Sept. 15
Dec.
June
50c
_
...
Calamba Sugar Estates
(quar.).
Preferred (quar.)
15
50c
—
Co
....
26
81)4
...
Brunswick-Balke-Collender
Share
Buchanan Realty Co.
(liquidating)
Buckeye Pipe Line Co
Buffalo Insurance Co.
(quar.)
Bulolo Gold
Dredging (interim)
Bullocks, Inc. (quar.)
Bunker Hill & Sullivan
Mining & ConcentratingBurroughs Adding Machine Co
Butler Bros, preferred
(quar.)
May
8
May 20
May 21
June
4354 c
$1*4
$% pref. (quar.)
Name of Company
15
June
July
75c
81)4
.
Allis-Chalmers Mfg. Co
Alpha Portland Cement
Aluminum Industries
Preferred
July
$154
__
Allied Products (quar.)
Class A (quar.)..
Per
Payable of Record
Share
Agnew-Surpass Shoe Stores, pref. (quar.)
Agricultural Insurance Co. (quar.)
Alabama Water Service Co., $6 pref. (quar.)
Alaska Pacific Salmon Co. 5%
pref. (s.-a.)
Alberta Wood Preserving Co. preferred (quar.).
Aliegheny Ludlum Steel, pref. (quar.)
Holders
When
Per
Name of
3305
(quar.)
i
Copperweld Steel Co..
Preferred (quar.)
Crane Co., 5% cum. conv. pref. (quar.)__
Creameries of America, Inc., preferred (quar.)..
Corp
.....
....—
June
20c
June
6254c
$154
8754c
June
25c
25c
Extra
Crown Cork & Seal Co., Inc., 82K cum. pref—
Crown Zellerbach
5654c
25c
$154
Preferred
Crow's Nest Pass Coal Co., Ltd...
Crum & Forster 8% pref. (quar.)
Crum & Forster Insurance Shares A&B
........
Preferred
(quar.)
Cuneo Press, Inc. pref.
June
$1
Cook Paint & Varnish (quar.)
Preferred (quar.)
Creole Petroleum
July
(quar.)
Curtis Publishing Co., preferred
Curtiss-Wright Corp. class A..-(quar.)
Dayton Power & Light 4*4% pref. (quar.)
Dayton Rubber Mfg.:
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
Preferred (semi-annual)
Cushman's Sons, Inc., 7% pref.
J2
30c
$154
$154
+81
50c
$15
$1
25c
$254
$2 54
June
June
3
1 May 20
1 May 20
1 ;
10 June
10 June
15 June
1
May
June 15 May
June 15 May
June 15 May
1 June
July
June
1 May
June
1 May
June
15
19 June
1
1
10
31
31
31*
13
14
2
1
May 31 May 20
May 31 May 20
15 June
1
1 May
31
June 29 June
15
June
July
June
15
1 May
June
1 May 20
June
5 May 25
July
2 June 21
1-2-41 Dec.
23
The Commercial & Financial
3306
Chronicle
May 25, 1940
Holders
Holders
Name
Deere & Co.,
May 28 May 14
June
1 May 15
15c
June 15 June
75c
Sept.
3 Aug. 20
75c
Dec.
2 Nov. 26
75c
June
30c
2c
June
1 May 20
1 May 15
(quar.)—
June 20 June 10
July
5 June 20
Jan.1'41 Dec. 20
June 25 June 15
25c
Semi-annually—
June
15 May 31
20c
(semi-ann.)
(seml-ann.)
Dictaphone Corp
Preferred (quar.)
Di-Noc Mfg. Co. 6% preferred (quar.)
Dixie-Vortex Co. class A (quar.)
Doctor Pepper Co. (quar.)
Preferred
Preferred
5% preferred
Aug. 12
June
$1H
June
jC
2-10-41
1 May 17
1 May 17
1 May 20
1 June 10
July
June
1 May
Sept.
30c
Dec.
3 Aug. 17
2 Nov 16
July 20 June 29
May 31 May 20
June
1 May 15
2.5c
(initial)—
(quar )._.._
& Steel 6% preferred (qu.)_
7% preferred (quar.)
Duval Texas Sulphur.
East Shore Public Service Co., $6K pref.
$6 preferred (quar.)
12
30c
tttl
%%\M
Ltd. pref
3-1-41
June
$2
(quar.)
(qu.)
-
(quar.)
..........
- --
38c
$13*
62 Kc
Ry. pref. A
Eastman Kodak Co. (quar.).....—.......
Preferred (quar.)
Eastern Massachusetts State
Co
Sept.
50c
Dunlop Tire & Rubber Goods.pref. (s.-a.)
Durez Plastics & Chemicals, Inc., 6% Pfd.
Eaton Mfg.
Nov
50c
Quarterly
Quarterly
Dome Mines, Ltd
Dominguez Oil Fields (monthly)
Dominion & Anglo Investment Corp.
Dominion Foundries
Dec.
75c
V
Dominion Coal Co.,
May 10
May 10
Aug. 12
7.5c
—
Sept.
25c
Quarterly
Quarterly
June
50c
(quar.)
Diamond Match Co.
June
25c
Dexter Co
37 Kc
*15*
25c
*15*
%\K
%\K
IK
IK
75c
.....
40c
Electric Boat Co
25c
Electrographic Corp. (quar.)_
Preferred (quar,)*
Electrolux Corp
Elgin National Watch
El Paso Natural Gas Co., 7% pref. (quar.).
*15*
30c
25c
$15*
25c
Ely & Walker Dry Goods
preferred (semi-annual)
.....
2d preferred (semi-annual).
Empire & Bay State Telep. Co. 4% gtd. (qu.)._.
Emplre Capital class A (quar.)..—...
Class A (extra)-..i---ii.-.ii--.--------.
Empire Power Corp., $6 cum. pref. (quar.)...
Participating stock
Emporium Capwell 7% pref. (s.-a.)
(Quarterly)
4K% preferred (quar.)
4K% preferred (quar.
4K% preferred (quar.)
Equity Coi
Corp., $3 conv. pref. (quar.)
Ever Ready Co. Ltd. ord. stock
1st
$3K
18
June
1 May
July
2 June 15
1 May 20
June
15
June 29 June 15
June
1 May 20
June
1 May 20
May 31 May 20
June
June
1 May
1 May
June
15 June
I
July
ljJune
1'June
July
May 25 May
June 12 May
June
1 May
June
1 May
June 15 May
10
10
1
5
5
6
28
21
21
15
Tune 22 June
8
1 May 16
1 May 21
June
June
July
15 July
3
15 July
3
1 May 21
May 31 May 15
May 3LMay 15
July
June
June
15 June
1
10 June
1
Sept.21 Sept
7
June
1 June 21
1 June 22
Sept. 21
July
July
Oct.
-
"
/.
1
$2
$2
25c
Detroit Steel Corp—
Devonian Oil Co.
■
15c
35c
(quar.)—
pref. (quar.)
Delaware Fund, Inc.
Dentist's Supply Co. (N. Y.) (quar.)...
Quarterly... —
(Quarterly)
Detroit Casket & Mfg. Co. pref. (quar.)
Detroit Gray Iron Foundry (semi ann.)..
Detrolt-Hlllsdale & Southwestern (s.-a.)
Decca Records, Inc.
2-41 Dec. 21
June
May 15
June
June
July
New 5%
1-2-41
June
Fa jar do Sugar of Porto Rico
Falstaff Brewing Co. (quar.)
June
—
Dec.
June
July
Oct.
Jan.
-..-..—
Federal Bake Shops
& Warehouse (quar.)
—
5
10
June 29 June 19
June 29 June 19
...
...—
June 29 June 19
...
June
June
June
pref. (qu.)
5
1 May 15
1 May 20
June 10 June
June 10 June
B (s.-a.)
...._.
1
1
June
1 May 15
1 May 20
June
15 May 25
June
June
1 May 15
1 May 15
June
15 May 25
June
Co. (quar.)
Class A and B (quar.)
Florida Power Corp. 7% preferred A
15 June
June 29 June 22
Fitz Simons & Connell Dredge & Dock
(quar.)
preferred (quar.).
Ford Motor Co. (Canada).
>rd
May
Sept.
(Eng.) Amer dep. rec
Fort Wayne & Jackson RR.,
5K% pref. (s.-a.)..
Freeport Sulphur Co. (quar.)
...
June
June
-
preferred (Initial)
Fyr-Fyter Co. class A
Gannett Co., Inc., $6 pref. (quar.)
Gatineau Power Co. (quar.)
5K% preferred (quar.)
5% preferred (quar.)
Gay lord Container Corp. (quar.)
May
Aug.
May
May
May
8
20
14
20
20
60c
75c
-
Common...-—--.---.—---------------Common..-.----—
Harris & Co.,
preferred (quar....
(quar.)..
Hat Corp. of America class A and B common..
Preferred (quar.)...-...—
Hawaiian Pineapple..
Hazel-Atlas Glass Co
Hazeltine Corp. (quar.)
—
II eel a Mining Co
Heyden Chemical Corp
Hibbard. Spencer, Bartlett & Co. (mo.)
Monthly..... ...
...................
Hires (Chas. E.) Co. (quar.)
Hobart Mfg. Co. class A (quar.)
Holophane Co., Inc
—
Home Fire & Marine Insurance (quar.).
Homestake Mining Co. (monthly)
Hooven & Allison, preferred (quar.)
Horn (A. O.) Co.—
May 27
June
May 16
May
May 15
May 16
July
8
....
7% pref (quar.)
General Finance Corp. pref. (semi-ann-.)
General Motors Corp
June
Aug.
July
(quar.)
(quar.)..
preferred (quar.)
Opt. div. payable in com. stk. at the rate of
44-1000th of one sh. of com. for each conv.
pref. share held, or in cash.
Georgia Railroad & Banking Co. (quar.)
Glens Falls Insurance Co. (quar.)
Globe-Democratic Publishers 7% pref. (quar.)._
Gold Belt Mines, (initial)
Gold & Stock Telegraph (quar.)
Golden Cycle Corp
Goodyear Tire & Rubber Co
$5 conv. preferred (quar.)
Gorham Mfg. Co
Gorton Pew Fisheries (quar.)
Gossard (H. W.)
Gran by Consol. Mining, Smelting & Power
Subject to approval by Can. For. Exch.
Control Bd.
Payable in U. S. currency.
Grand Union Co., arrearage certificates
Great Atlantic & Pacific Tea Co
Preferred (quar.)
10
June 20
$2K
40c
June
July
July
1 May 20
July
1
June 15
*15*
June
June
June
UK
July
June 29
May 20
15
50c
25c
June
*15*
June
May 31
May 15
May 15
50c
June
June
June
1
75c
July
June 21
25c
June
May 15
25c
June
May 17
June
June
June
8
1 May 17
1 May 17
2c
2c
2c
50c
30c
$15*
25c
$15*
15c
15
1 July
1 Oct.
Aug.
May 27 May 17
1 June 14*
July
18
1 May
25c
June
1 May
1 May
15 June
15
17
15
50c
375*c
*15*
40c
$15*
June
May 15
15
11
June
1
June
June
1 May
1 May
July
1 June 20
10 May 20
10 May 10
June
1 May 11
June
June
1 May 11
1 June 20
June
July
July
1 June 11
Apr, 25
July
8
June
1 May 17
1 May 17
1 June 10
June
July
6
May 30
1 May
June
June
1
June
1 May 14
10 June 21
July
July
July
July
June
1 June 20
1 June 20
15 June 20
1
May
3
31
May 31
10c
June 20 May
50 c
June 29
July
1 June 29
June
1 May 21
June
June
1 May 15
1 May 24
1 June 15
$1 1-3
July
25c
*1
(quar.)
Common v. t-c. (quar.)—...............
June
1 May
Sept.
10
10
Dec.
2 Aug.
2 Nov.
June
(quar.)
1
15 May
15 June
31
June
30c
common v. t. c.
15 June
June
30c
(Phila.) (quar.)—
June
75c
1 May
30c
Ironwood & Bessemer Railway & Light—
Preferred (quar.)-.
9
15
June
May 20
17c
July
July
July
July
June 14
1%%
tin
15*%
$15*
60c
10c
$1?*
$15*
125*c
$15*
June
14
June 14
June 14
May 25
June
6
May 25 May 10
1
July
i
m
July
June
May 31
June
June
__
_
July
June
15
$13*
June
June
1
$15*
$15*
$15*
June
May 20
Aug. 20
Nov. 20
$15*
$1.38
June
t$15*
July
July
July
July
July
25c
25c
Extra
Preferred (quar.)
Klein (D. Emil) Co. (quar.)
—
$15*
25c
Sept.
Dec.
June
$15*
preferred (quar.)
June
July
Aug.
50c
(quar.)_
June
50c
$15*
$15*
—
June
30c
preferred (quar.)
Preferred (quar.)
Preferred (quar.)_.
1
25c
Jaeger Machine Co......Jamaica Public Service, Ltd. (quar.)
7% cumulative preferred B (quar.)
7% preferred A (quar.).
5% preferred C (quar.).
Jantzen Knitting Mills, 5% pref. (quar.)__
Jewel Tea Co., Inc. (quar.)
Kansas Pipe Line & Gas
Kansas Power & Light 7% preferred
6% preferred
...
......
Katz Drug Co. (quar.)
Preferred (quar.)
Kaufmann Dept. Stores, 5% pref. (quar.)
Kemper-Thomas 7% special pref. (quar.)
Special preferred (quar.)
Special preferred (quar.)
Kendall Co. .56 part, pref A (quar.)
56 part. pref. A (partic.)
Keith-Albee-Orpheum 7 % preferred
Kimberly-Clark Corp. (quar.)
June
$15*
$15*
$15*
June
W'i
*
June
June
May 10
May 10
June
14
June
12
June
12
June 12
June 20
May 15
May 31
May 10
June
17
July
May
May
May
May
20
16
15
15
15
June
Sept.
*15*
—
Lanston Monotype Machine
Lava Cap Gold Mining
(quar.)
—._
preferred (quar.)
Lessing's, Inc
Le Tourneau (R. G.), Inc..
Libbey-Owens-Ford Glass
Life & Casualty Insurance Co. (Tenn.)
Life Savers Corp. (quar.)
Liggett & Myers Tobacco (quar.)
Common class B (quar.)
Lily Tulip Cup Corp. (quar.)
Lincoln National Life Insurance Co. (quar.)
June
10c
June
50c
3c
May
May 29May 29
May 21
June
June
10
July
July
June
15
June
14
June
June
3
25c
June
50c
-
June
May 15May 31
625*c
1c
14
15c
July
June
40c
June
$1
$1
-—
June
May
1
May 14
May 14
June
30c
June
Aug.
July
26
30c
Nov.
Oct.
26
25c
1
June
30c
Lincoln Service Corp. (quar.)
Extra
partic. preferred (quar.)
cum. prior preferred (quar.)
Lincoln Stores, Inc. (quar.)
Preferred (quar.)
link-Belt Co. (quar.)
Preferred (quar.)
Lionel Corp. (quar.)
Liquid Carbonic Corp. (quar.)
Longhorn Portland Cement
Dec.
25c
Lane-Wells Co. (quar.)
Extra
6%
7%
5
May 25 May 20
1 May 15
June
60c
Telegraph Co. (Me.) (s.-a.)
Hosiery Mills
Quarterly
1
15 June
25c
Interstate Natural Gas
Leath & Co.
25
75c
International
Kobacker Stores, Inc.,
25
1 May 15
1 May 20
1 July 18
June
June
June 28 June
*15*
International Products Corp
International Safety Razor Corp. A (quar.)
t. c.
Dec.
15
15
15
15
June
Payable in U. S. funds.
International Petroleum Co. (s.-a.)
v.
May
June 15 May
June
1 May
1 May
June
1 June
July
June
1 May
June
1 May
June
1 May
July 15
Sept. 15
June
*15*
International Ocean Telegraph Co. (quar.)
Common
15
31
17
15
1
375*c
15c
125*c
Mfg.
14
June
30c
37 K c
International Harvester (quar.)...
Preferred (quar.
International Mining..-..—i—.....—......
International Nickel of Canada
17
June 30 June
June 21 May 21
June
1 May 24
May 31 May 21
$1
International Cellucotton (quar.)
10
6
June
M
Inland Steel Co.
......——-—.
International Business Machines (quar.)
Iron Fireman
1 May
20 July
1 May
10c
75c
5% preferred (s.-a.)
25*%
(Final)..—
tit
Mining & Smelting Co
$15*
Huntington Water Corp. 7% pref. (quar.)
*15*
6% preferred (quar.)
$35*
Huston (Tom) Peanut Co. 7% pref. (s.-a.)
*2
Illinois Central RR. (leased lines) (s.-a.)
Imperial Chemical Industries—
5%
American deposit receipts (final)
J25c
Imperial Oil Ltd,
tl25*c
Special....—
$15*
Indianapolis Water Co. 5% pref. A (quar.)—...
*1
Ingersoll-Rand Co
.........
...........
5*c
Inglewood Gasoline Co.....—.............a.
Hudson Bay Co.
Investment Corp.
June
75c
Hudson Bay
Interstate
June
Aug.
45c
Lehigh Portland Cement pref. (quar.)—
%IK
*15*
85*c
pref. (quar.)
6% non-cum 2d partic. pref. (quar.).
Horn & Hardart (N. Y.) preferred (quar.)
Landis Machine
May 15
June
June
25c
May 18
July
1
15 May 31
15 May 31
Nov.
Hart-Carter Co.
7% non-cum. prior partic.
June
July
25c
May 20
May 10
July
June
June
—
Preferred (quar.).'i;-—
May 31
May 31
June
July
B (quar.)
Class A & B (extra)........—............
Hanna (M A.) Co $5 cumul. pref. (quar.)
Banners Oil Co., common——...
Hancock Oil of Calif, cl. A &
1
June
cum. conv.
$15*
tl5c
$15*
1
General America Corp. (quar.)
$6
Preferred (quar.).........................
Hallnor Mines, Ltd-—---—..—».
.....
Hammermill Paper pref. (quar.)
June
1
General Box Co. (semi-annual)..
General Cigar Co
Preferred
435*c
June
15
June
25c
Habison-Walker Refractories
Preferred (quar.)
Hackensack Water Co. (semi-ann.)
Preferred A (quar.)......-,.ii...i—*..—-.
Hale Bros. Stores (quar.)
Hamilton Watch Co
June
...
June
June
June
June
345*c
$15*
$15*
%m
July
July
June 21
July
July
(quar.)
General Public Utilities, Inc., $5 pref.
General Shareholdings Corp.—
Green Mountain
Kresge (S. 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.
6% preferred (quar.)
June
j
5%
Preferred
15
June 25 June
....
B (quar.)._
First Holding Corp. (Pasadena), 6%
First National Bank of J. C. (quar.)
Fruenauf Trailer Co
1 Sept. 10
2 Dec. 11
15 June
June
Fireman's Fund Indemnity (quar.)
Firestone Tire & Rubber pref. (quar.).
First Securities Corp. A and
Class A and B (extra)
15 May 31
1 June 10
15
May 25 May 15
June
1 May 15
preferred (quar.)_
Ferro Enamel Corp—
Finance Co. of America class A and
(extra)
5K% preferred (quar.).
14
June 29 June
^
Class A and B
18 Dec.
June 29 June
—.—
Federal Light & Traction Co.,
Federal Mogul Corp
Fishman (M. H.)
15
Sept. 30 Sept. 16
Farallone Packing Co. (quar.)
Farmers & Traders Life Insurance (quar.)
Federal Compress
15
3-15-41
June 30 June
(quar.).
Preferred (quar.).
Preferred (quar .
Preferred C® "ft )
Dec.
1 May 11
1 May 15
May 29 May 15
Fansteel Metallurgical Corp., preferred
7%
Sept. 15
4-1-41
preferred (quar.).................
Fairbanks, Morse & Co. (quar.)
Quarterly
Quarterly
June 15
Oct.
Eversharp, Inc., new 5% pref. (quar.)
New 5% preferred (quar.)
New 5% preferred (quar.)..
50c
nm
Paper-....—
Power, pref
Griesedieck-Western Brewery Co.—
5K% preferred (quar.)
Griggs Cooper & Co. pref. (quar.)
Gulf State Utilities $6 pref. (quar.)
*55* preferred (quar.).
Great Northern
Extra.
June
Bonus........-...-.---.----------.—.
of Record
Name of Company
of Record
of Company
June
May
May
May
May
May
May
May
31
31
31
31
24
24
10
15
25c
Juno
25c
June
$15*
*—
June
15*%
15*%
cum.
June
June
25c
June
$15*
July
May
July
June
125*c
25c
25c
June
June
1
JVlay 11
June
14
5>
Volume
The Commer cial & Financial Chronicle
150
3307
•
Per
Name of
Company '
Share
Little Miami RR. Co.. original
capital (quar.)—
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Loblaw Groceterias A & B (quar.)
Holders
Per
Payable of Record
June
Newmont Mining
Corp
Stock div. of one
share of cap. stock for each
share held
New York Mutual
Telephone (s.-a.)
New York & Queens
Electric Lt. & Power (qu.)
Preferred (quar.)
New York Stocks, Inc.
(special stocks)—
Agricultural industry series
Alcohol and dlst.
Industry series
Automobile Industry series
Aviation industry
series.--
June
10 Nov. 25
10 May 24
Sept. 10 Aug. 24
—-—
Dec.
10 Nov. 25
(June
—
1 May 10
1 May 10
May 31 May 21
lJune
—
Lock Joint Pipe (monthly)
■.Monthly. .......-........—-
Oct.
Lorillard (P.) Co......—.—.
July
July
——
18
18
June
June
21
Oct.
Lunkenheimer Co. 6H% pref. (quar.)
6H% preferred (quar.)..
6H% preferred (quar
Lynchburg & Abingdon Teleg. Co
Macy (R. H.) & Co
Madison Square Garden
Magma Copper Co.
Magnin (1.) & Co. preferred (quar.)
Sept. 21
Insurance stock series.
—
-—
Maryland Fund, inc.,
Masonite Corp. (quar.)
Extra—;
5
.May 28
1 |May 10
6IMay
15 May
10 May
June
June
June
10 May
1 May
June
May
Aug.
May
May
Sept.
June
June
Mclntyre Porcupine Mines (quar.)
June
Quarterly.-i——i——...«.*—
Sent.
—
^
May
Aug.
May
9
31
25
25
25
16
16
22
22
1
1
15
Mead Corp. $6 preferred A
(quar.)
June
1
S5H preferred B (quar.)
Mercantile Acceptance Corp.—
June
June
Sept.
.
North
Dec.
......
(quar.)
(quar.)—.........
June
.........—
$1*4
$1*4
$1*4
Dec.
23 Dec.
June
June
——
.......... ....... -
May
May
May
May
May
10
1
2
1
1
1
1 June
June 20
June 20
July
Oct.
Oct.
Jan.
Jan.
Quarterly
Sept. 20
1 Sept. 20
July
Sept. 20
Jan.
Monarch Machine Tool
Dec. 20
Dec. 20
June 20
Oct.
——.v—
5H% cumulative preferred (quar.)
5H% cumulative preferred (quar.)
5H% cumulative preferred (quar.)
Dec. 20
June
Monroe Auto Equipment Co
Monroe Loan Society,
5H% pref. (quar.)
Monsanto Chemical Co. pref. A and B
(s.-a.)—
Montgomery Ward & Co
Class A (quar.)
Montreal Cottons Ltd. (quar.)
Preferred (quar.)
Moore (Wm. R.) Dry Goods Co.
(quar.)
$1*4
*1H
SI H
Quarterly
Moran Towing Corp., 7% cum. pref.
(quar.)
Morris (Philip) & Co., Ltd.. inc.—
5% conv cum. preferred (quar.)—
Morris Plan Insurance Society (quar.)
,
91H
$14
June
$1
June
$1
$1
Sept.
May 15
May 24
Aug. 23
Dec.
Nov. 22
25c
40c
—
Mountain Producers Corp.
(s.-a.)
Muncie Water Works Co.,
8% pref. (quar.)
Murphy (G. C.) Co. (quar.)
Muskogee Co
Preferred (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
lc
1
May 1
May 31 May
June 10 May
June
llMay
June lOiMay
18
20
15
15
15c
30c
$2
$1
June
June
25c
June
*1H
June
50c
June
May 15
May 20
$1*4
July
June 24
May 10
May 20
May 17
June
15|May 15*
15 June
1
1
May 21
15!June
1
15c
June
55c
July
25c
June
July
May
May 14
$1*4
10c
14
June
June
May 24
50c
National Container Corp. of Del.
National Folding Box (quar.)
National Gypsum Co., preferred (quar.)
National Lead Co., pref. A (quar.)
National Life & Accident Insurance
National Malleable & Steel Castings Co..
National Power & Light Co. (quar.)
Nebraska Power Co. 7% preferred
June
July
June "24
$14
$1*4
2734c
June
June
May 17
May 31
May
7
25c
—
—
25c
June
June
15c
June
$1*4
$1H
June
June
1
May 25*
50c
(quar.)
6% preferred (quar.)
National-Standard Co. (quar.)
———w**
National Transit Co
July
Apr. 22
May 15
May 15
June 14
25c
June
June
May 20
May 31
50c
Nehi Corp——* **•■**
*
*
Preferred (quar.)——*—————————*
Neisner Bros., Inc. (quar.)
Nelman-Marcus Co., 7% preferred
*
-
-.*
Newberry (J. J.) Co. (quar.)
5% preferred A (quar.)
(quar.)
—
12 He
July
*1.314 July
25c
60c
June
June
July
$14
—
-
New England Public Service $7 prior lien
New Jersey Zinc
i
New Orleans Public Service $7 pref
June
June
25c
June
June
June
15
June 15
ljMay 16
l'May 16
June
1 May 16
June 15 June
1
75c
June 15 June
1
50c
June 10 May 20
t$17.50 May 31 May 24
$1*4
87 He
15
17
May 20
May 20
June 15 May 10
_
15 June
June
June
June
3
May
7
May 15
May 15
May 15
June
12
15 May 31
15 May 31
——————————-
30c
30c
30c
Dec.
30 Dec.
16
June
May
May
May
May
15
20
15
*2H
50c
10c
20c
$1
t*l._
50c
6c
15c
—
$1H
15c
(special)
June
.June
June
June
June
June
June
25c
June
June
June
15 June
$1H
$1*4
June
May 15
June
1 May 20
1 June lo
1 Sept. 14
June
June
50c
(quar.)—*——
—
—
July
50c
—;
Oct.
50c
35c
35c
——————
—.
(quar*)—..———**————
(quar.)
35c
Pender (D.) Grocery, class B
Class A
.
—-
—
—
Pressed Metals of America
-
—
Procter & Gamble Co. 5% preferred (quar.)
(May
11
July
July
June
June
8
June
May 30
May 20
10 jMay 20
10 May 24
3 May 20
1 |May 11
31 May 20
June
25c
June
25c
$14
Uune
$14
June
42c
May
42c
—
June
Colorado 7% pref. (mo.)
5% preferred (monthly)
Public Service Co. (N. H.), $6 pref. (quar.)
$5 preferred (guar.)
-
40c
15c
75c
1%
$2
$1
$1*4
June
June
S2H
July
40c
June
$1*4
$1*4
$1*4
June
oOc
$1H
$1*4
1
May 20
10 jMay 18
1 June 15
1
May 24
15 June
Dec.
15 Dec.
:
15
15
May 31 May 20
1 May 15
June
1 May 15
June
10c
June
June
June
June
June
July
15 June
1
1 May 17
1
[May 17
1 |May 15
15 ;May 24
5
15 .July
June
|May 16
June
1 May 31
9c
June
15 May 31
58 l-3c
June
June
May
May
May
May
May
June
June
$14
$14
$14
June
50c
Public Service of N.
J., *5 pref. (quar.)
6% preferred (monthly)
7% preferred (quar.)
8% preferred (guar.)
|May 18
Sept. 15 Sept.15
70c
75c
25c
$14
$14
$14
1
May 27 May 14
June
1 May 20
Oct,
1 Sept. 14
June
1 May 15
June
1 .May 20'
June 15
[May 24
July
1 June 10
60c
.
50c
41 2-3c
—
8
June
lJune
& cashable stock.
6% preferred (monthly)
1 May 20
1 May 20
June 29 June 20
1 May 10
50c
87Hc
$14
Prosperity Co., 5% preferred (quar.)
Public Electric Light Co. 6% preferred
(quar.)
Public Finance Service, Inc., $6 pref.
(quar.)
Public Investing Co. (semi-ann.)
ong.
15 .May 31
June
S1H
t$3
& Iron
Prentice-Hall, Inc. (quar.)
Preferred (quar.).
June
June
25c
—
*
14
Aug. 15 Aug.
5
Nov. 15 Nov. 4
2-15-41
2-4-41
June
25c
Special.-.—..————.
Co., $5 pref. (quar.)—„
Pittsburgh & Lake Erie RR—
Pittsburgh Plate Glass
Pittsburgh Youngstown & Ashtabula, pref. (qu.)
Placer Development (interim)
Planters Nut & Chocolate Co. (quar.)
Pneumatic Scale Corp
Pollock Paper & Box 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Portland & Ogden Ry
Potomac Electric Power, 6% pref. (quar.)
5H% preferred (quar.)
Powdrell & Alexander. Inc.-—
1
$34
$1*4
Pennsylvania Salt Mfg. Co
Pennsylvania State Water Corp., $7 pref. (qu.)
Peoples Drug Stores
Peoples Telephone Co., 6% pref. (quar.)
Peoples Water & Gas Co.,
6% preferred
Pfeiffer Brewing Co. (quar.)—
Phelps Dodge Corp., common
Philadelphia, Germantown & Norristown (qu.)
Philadelphia Suburban Water Co., pref. (quar.)
Philippine Long Distance Telep. Co. (mo.)
Monthly
Phillips Petroleum Co. (quar.)
Phoenix Hosiery, 7% preferred
Pillsbury Flour Mills Co. (quar.)
Piper Aircraft Corp., pref.. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
1-1-4 ID ec.
17
14
15
15
15
15
50c
87 He
(quar.)——*.—————*.
Public Service Co. of
16
7 be
Peerless Woolen Mills 6 H % Pref.
(s.-a.)
Parkersburg Rig & Reel pref. (quar.)
Peninsular Telephone (quar.)
both
16
May
May
May
May
May
May
25c
Preferred (semi-ann.)
6% pf. (s.-a.).
Pittsburgh Coke
15
3H%
Extra
Preferred A
1
1
20
20
24
24
June 10
June 14
June 14
10c
Parker-Wolverine Co
Preferred A
Preferred A
16
18
July
July
July
$14
25c
Park-Wilshire Co. common
voting trust ctfs
Parker Pen Co_
Parker Rustproof Co. (quar.)
on
17
15
20
20
20
20
$1H
2 nd preferred (quar.)
Park Utah Consol. mines
Payable
June
20
24
10
Co—.**•.*•.*-.*****»»—..**.
(quar.)————————
$3
—.
—
15
May 31
May 20
6
7
May
May
May
June
May
June
May
June
May
June 20 May
June 20 May
July
June
Oct.
Sept.
40c
—
Package Machinery Co. (quar.)—————
:
40c
National Biscuit Co
Preferred (quar.)
National Brush Co. (quar.).
1 Oct.
1
1-2-41 Dec. 3
June
15
_
Pamour Porcupine Mines, Ltd
Paramount Pictures
1st preferred (quar.)-.*—
Quarterly
Quarterly
6
6
12
$1*4
$14
$14
—
———
New Bedford Cordage Co.
Preferred (quar.)
Oct.
35c
.—...-—-———
Motor Finance Corp
(quar.)
Motor Wheel Corp. (quar.)
Mt. Diablo Oil, Mining & Devel. Co.
(quar.)
Mountain Fuel Supply—
Extra-.
May 23
May 28 May 15
June
1 May
9
June
1 May 10
July 15 June 14
July
1 June 14
June 15 May 31
June 15 May 31
July
1 July
1
6
6
6
_
.
58 1-3 c June
75c
June 29
—
Owens-Illinois Glass pref. A
(quar.)
Oxford Paper Co., preferred
May 21
6
1
lug.
Nov.
1
15 May 20
rune 19 May 31
June
Quarterly
1 Jtine 20
July
July
_
Quarterly
6
6
6
6
June
June
Ottawa Electric Ry.
(quar.)
25
25
20
24
20
June
Quarterly.
-
14
10
July
Extra
Preferred
15 May 15*
June
.......
Extra
-
14
June
June
—
—
14
June
June
June
Mississippi Valley Public Service, 7% pf. (qu.)
6% preferred B (quar.)
Missouri Utilities Co. 7% preferred
(quar.)
Mobile & Birmingham RR. Co. preferred
(s. a.)
Modern Containers, Ltd.
(quar.)
Extra.-*
June
6
6
If
41 2-3c June
50c
June
Debenture stock (s.-a.)
Oshkosh B'Gosh, Inc., $2 conv.
pref. (qaur.)
Common (quar.)
Otis Elevator
1
June
Preferred
$6 prior lien
May
6
June
$14
20c
(s.-a.)
June 25
June
....—.....
Minneapolis Honeywell Regulator (quar.)
Extra.....
———————
Quarterly
Quarterly.**
June
July
July
July
July
....—
(guar.)
Mission Dry Corp. (quar.)
13
6
6
lug. 16
Nov.
June
Okonite Co., pref. (quar.)
Old Dominion Co.
(liquidating)
Ontario & Quebec Ry.
10 May 28
15 June 11
June
6
June
25c
6% preferred (quar.)
Sept. 30 Sept. 20
19
6
6
10c
m*4
$1*4
tSlH
S1H
$14
87 He
-
Oklahoma Gas & Electric 7
% preferred (quar.)
June 29 June 20
15c
Midland Steel Products
$2 dividend shares....*..
1
25
26
25
25
25
25
25
25
25
25
26
26
25
25
25
25
.6
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
$1*4
10c
.
Preferred (quar.)
Ohio Power Co. 6% pref.
(quar.)
Ohio Public Service
5% pref. (monthly)
6% preferred (monthly)
7 % preferred (monthly)
Ohio Water Service Co., class A
1 May 20
10 June
29
24
15
40c
—
(quar.).
Ohio Oil Co
June
May 24
May 10
May 25 May
June 10 May
June
May
June
May
May 25 May
June
May
June
May
Tune
May
June
May
June
July
(une
July
Judo 1( May
June
May
$1
—
Oahu Railway & Land Co.
(monthly)
Ogilvie Flour Mills preferred (quar.)
Ohio Associated Telephone
8 He
40c
.........
Michigan Steel Tube Products
Micromatic Hone Corp. pref.
(quar.)
Mid-Continent Petroleum.._
Midland Grocery 6% preferred (s.-a.)
(semi-annual)
$2H
$1
25c
---
1 June 20
1 May 20
June
....—.....
Preferred also partic. in this div.
Metal & Thermit Corp
Preferred (quar.)
.....
$1
Norwich Pharmacal Co
Nova Scotia
Light & Power preferred (quar.)--.
l June 20
June
50c
Norwalk Tire & Rubber
Co., preferred (quar.)
5 Sept.
5 Dec.
Dec.
6c
Pennslyvania RR. (quar.)
Bancorporation
3c
50c
Northwestern Public Service 7
% preferred
preferred (quar.)————
r0 preferred
6% preferred (quar.)—..————————
Northwestern Telegraph (s.-a.)
5 June
July
July
———■
■
8 % preferred
Midwest Oil Co.
4c
r
(quar.)
Northwest
5 Dec.
Sept.
....
-
18c
25c
13c
15c
North River Insurance
Northeastern Water & Electric,
pref. (quar.)
Northern Pipe Line Co
5 June
5 Sept.
June
Metal Textile Corp. preferred
(quar.)
Common
Preferred
Preferred
15c
...
..........
—
20c
20c
Noranda Mines Ltd. (interim)
Norfolk & Western Ry Co
(quar.)
ljMay 15
5% preferred (quar.)—
r.j.*—
5% preferred (quar.)
5% preferred (quar
6% preferred (quar
6% preferred (quar.)
6% preferred (quar.)
Merck & Co
Preferred (quar.)
15c
20c
Steel industry series
Tobacco industry series
Niagara Share Corp. (Md.) cl. A
pref. (quar.)-.
1900 Corp.. class A
(quar.)
10
June
Quarterly
June
16c
Railroad series
Railroad equipment
industry series—
Class A
May Hosiery Mills, class A (quar.).
Preferred (quar.)..—.....—.......
S1H
10c
Oil industry series
Public utility
industry series
June
-
25
26
25
25
30c
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
May
22c
10
10
31
5
(June
Preferred (quar.)
May Department Stores (quar.)—_
5c
15c
15c
15c
15
June
Manhattan Shirt Co
Marconi International Marine—
Amer. deposit receipts (final)
1
_—*—*—.***—
1 June
June
1 May
May 21 May
June 15 May
Aug. 15 Aug.
—
]
14
series
Nov. 15 Nov.
Preferred (quar.)
Mallory & Co
June
Metals series
July
July
June
Merchandising
23
May 31
May 31
$2
Machinery industry series--
1-2-41 Dec.
—
75c
17
$14
Building supply industry series
Business equipment
industry series
Chemical industry series
Electrical equipment
industry series
Food industry series
4
June
June
June 2b
Bank stock series
15
May
July
.---.--
50c
—
Sept.18
.May 17
lJune 15
June
...—
Preferred (quar.).....-.----.-.
Ludlow Mfg. Assoc
July
June
>J Record
*
June 21
July
Aug.
July
Holders
Payabh
—
jJune 29 June 19
Preferred (quar.)
Loose-Wiles Biscuit Co. (quar.)...
Preferred
(quar.)**.**.*—•*——-—
Preferred (quar.)..—
Lord & Taylor 1st pref. (quar.)
When
Share
Name of Company
10 May 24
Sept. 10 Aug. 24
Dec.
—
_
Class A & B (extra)
When
June
15
June
15 May
15 May
*l&
June
June
l5)May
May
20
20
20
31
31
15
15
15
15
»:
The Commercial & Financial
3308
Per
Name
Pu
lget Sound Pulp &
Preferred (quar.)
Share
of Company
Timber Co.
May 24
United Aircraft Corp.
United Amusement Co., class
June
United Biscuit Co. of
June
Reliance Steel
—
Republic Insurance (Texas) (quar.)
Republic Investors Fund, pref. A & B (quar.)—
Rheem Mfg. Co. (quar.)
Rich's, Inc., 634% preferred (quar.)
Risdon Mfg. 7% pref. (quar.)
Roberts' Public Markets (quar.)
Quarterly
Quarterly
Rochester Button Co. pref. (quar.)
Rochester Gas & Electric, 6% pref. C & D (qu.)
5% preferred E (quar.)
Rolland Paper Co., Ltd. pref. (quar.)
Rolls-Royce, Ltd., Amer. dep. rec. (final)
Roxy Theater, Inc., pref. (quar.)
Royalite Oil Co., Ltd. (s.-a.)
—
Ruud Mfg. Co. (quar.)
--------Sabin Robbins Paper Co. 7% pref (quar.)
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.)
Savannah Electric & Power, 8% deb. A (quar.)
734% debenture B (quar.)
—
May 25 May
Aug.
1 July
10
15
25c
June 15 June
June 29 June
1
1234c
30c
$134
$134
July
July
July
July
10c
Oct.
10c
Dec.
3734c
$134
June
1 May
$134
$134
5%
3734c
1 May
May 10
May 10
June
1 May 15
June 21 May
2
50c
June
25c
June
July
July
July
$3
$134
$154
$154
July
July
July
July
July
July
25c
June
25c
June
75c
June
June
July
July
Servel, Inc
25c
June
Shattuck-Denn Mining
Sheaffer (W. A.) Pen Co.
10c
—
50c
(quar.)
25c
-
$134
t$334
$134
Shenango Valley Water 6% pref. (quar.)
Sherwin-Williams Co. (Can.), pref
Sherwin-Williams Co. pref. (quar.)
2c
(Wm.) Brewing Co. (quar.)
40c
15c
-
15c
—
Sontag Chain Stores Co., Ltd
7% preferred (quar.)
Soundview Pulp Co
Preferred (quar.)
South Bend Lathe Works (quar.)
South Carolina Power Co. $6 1st pref. (quar.)
Southeastern Greyhound Lines, pref. (quar.)
Conv. preferred (quar.)
Southern California Edison Co., Ltd.—
15c
$154
50c
-
-
50c
30c
—
May 31 May
15 May 25
June
Standard Oil Co. (Ohio) (quarterly)
Preferred (quar.)
15
15
15 June
24
June
1 May 24
June 10 May 25
15 June
June
15 June
June
5% preferred (quar.)
5% preferred (quar.)
Sterlin Products, Inc. (quar.)
June
June
June
June
July
15
1 May 15
1 May 20
15 May 15
15 May 15
15 May 31
15 May 15
15 May 15
15 May 31
15 June 29
5
15 June
20c
June
30c
May 25 Apr.
June 30 June
95c
■
Stix, Baer & Fuller Co
Stonega Coke & Coal Co
Storkline Furniture Co. (quar.)
Straw bridge & Clothier 7% pref
Prior pref. A (quar.)
Stromberg-Carlson Telephone Mfg., pref (qu.)__
Stuart (D. A.) Oil Co., Ltd., class A pref. (quar.)
Sun Oil Co. (quar.)
Preferred (quar.)
Sunshine Mining Co. (quar.)
Swan-Finch Oil, preferred (quar.)
Swift & Co. (quar.)
Sylvanite Gold Mines (quar.)
Talcott (James) Inc
534% partic. preference (quar.)
Tampa Gas Co. 8% preferred (quar.)
7% preferred (quar.)
Tappan Stove Co
Technicolor, Inc
Terre Haute Water Works Corp., 7% pref. (qu.)
Texas Gulf Producing Corp
Texas Gulf Sulphur (quar.)
1
1
1 May
$134
$1 34
$134
_____
Stecher-Traung Lithograp 5% pref. (quar.)
5
1 May
June
$134
Stand. Wholesale Phosphate & Acid Wks. (qu.)
Extra
*
15 May 20
1 May 15
50c
25c
Extra
Dec. 31 Dec.
June
1 May
June
50c
June
1234c
$1
$134
$154
1
15
Sept. 30 Sept.14
10c
25c
June
1 May
14
15
15
1 May 20
1
12 June
May 31 May 18
1 June 15
July
1 May 15
June
June
20c
June
25c
June
$134
June
1 May
15
1 May 15
15 May 25
1 May 10
40c
July
1 June
1
3734c
June
1 May
15
July
30c
5c
10c
Texas New Mexico Utilities Co. 7% pref. (qu.)__
Texas Pacific Coal & Oil (quar.)
1 May 20
June
1 May 20
5
15 June
3
15 June
25c
June
50c
June
$154
June
10c
June
15 May
17
1 May 20
6% preferred (monthly)
5% preferred (monthly)
Trane Co. pref. (quar.)_
Troy & Greenbush RR. Assoc. (quar.)
Truar-Traer Coal Co., 6% pref. (quar.)
—
534% preferred (quar.)
Underwood Elliott Fisher Co.
(quar.)
Union Gas Co. (Can.), Ltd. (quar.)
Extra
25c
40C
Walker & Co. class A
Walker (H.) Gooderham & Worts
Preferred (quar.)
—
June
10 May 31
June
June
$134
June
$154
$134
$154
June
50c
June
20c
June
20c
June
11
5 May
16
1 May 15
1 May 15
1 May 15
1 May 25
1
15 June
June
15 June
5
June
15 June
29 June
12*
1
June
1
1
May 18
1 May 15
1 May 15
10 June
1
Sept.10 Aug. 31
10 Nov. 30
Dec.
3-1-41
1 June 15
3-9-41
July
May 16
May 16
May 16
June
June
June
June
July
June 20
June
May 21
$134
$134
$134
"if
June 20 May 31
15
15
1 May
June 20 June
Sept. 20 Sept. 10
20 July
10
Oct.
19 Oct.
10
1 May 20
June
$10
May
May
May
May
May
May
May
May
1 May
31 May
$134
$234
June
1 May
June
1
May
June
June
June
June
50c
75c
June
$1
3734c
$134
10
July
30c
$134
$134
$134
20
June
40c
$134
Washington Water & Power preferred (quar.)__
Wayne Knitting Mills, 6% pref. (s.-a.)
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
Wesson Oil & Snowdrift Co., Inc., pref. (quar.)
West Coast Telephone, pref. (quar.)
West Jersey & Seashore spec. gtd. (s.-a.)
West Michigan Steel Foundry—
Conv. preferred (quar.)
West Virginia Water Service pref. (quar.)
Western Auto Supply Co. (quar.)
Western Pipe & Steel 7% preferred (s.-a.)
—
Westinghouse Air Brake
Westinghouse Electric & Mfg
Participating preferred
Westminster Paper Co., Ltd. (s.-a.)
Weston (Geo.), Ltd. (quar.)
Weyenberg Shoe Mfg
Wheeling Electric, preferred (quar.)
—
Whitaker Paper Co
1 July
Aug.
June 25 June
$134
25c
June
21
20
15
20
24
24
15
15
15
15
May 15
May 31 May
June 15 May
1 June
July
May 31 May
Aug. 31 Aug.
June
1 May
June
1 May
June
1 May
$134
$134
June
1
July
1 June
50c
June
1
15
24
15
15
15
15
20
15
May 15
15
May 20
15 June 29
35c
July
25c
June 15 May 15
7
May 29 May
7
May 29 May
8734c
8734c
1 Oct.
1 June
15
25c
20c
Nov.
3734c
$134
June
15 June
June
1 May
7
July
July
July
July
1 June
1 June
15
1 June
15
$2
1 June
15
$134
—
-
June
11
15
$1
$134
$134
(quar.)—-
(quar.)
Williamsport Water Co., $6 pref. (quar.)
Wilsil Ltd. (quar.)
Quarterly
:
Wilson Products, Inc. (quar.)
Winsted Hosiery Co. (quar.)
July
15
1
16
25c
July
1 May
1 June
25c
Oct.
1 Sept. 14
10 May 31
15
15
1 Oct.
15
Nov.
June
1 Oct.
15
1
10c
1921 (final)
1 July
Nov.
50c
Extra
Aug.
Aug.
$134
—
Quarterly
June
50c
$134
Extra
20c
$134
Wolverine Tube Co., preferred (quar.)
Woolworth (F. W.) Co. (quar.)..
15 June
Dec. 30
June
1
June
25c
stock
1 May 11
1 June 21
1 June 21
June
June
June
(quar.)
Washington Railway & Electric Co
Corrected ; previously reported as 10c
5% preferred (quar.)
5% preferred (s.-a.)
Partic. units, of beneficial ownership of com¬
1 May 21
8
June
8
June 15 May 28
Sept. 28
15 June
June
June
20c
Warren Foundry & Pipe
Warren (Northern) Corp., preferred
June
June
1 May 15
June 28 June 14
July
1 June 29
June
$134
37 34c
6234c
(quar.)
$154
50c
June
50c
—
Wisconsin Electric Power, 6% pref.
Common (initial quar.)
1 May
1 May
1
$134
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.
Waialua Agricultural Co., Ltd
Walgreen Co. (quar.)
Preferred (quar.)
1
412-3c
7
6
15 July
June 15 May 27
June 15 May 27
60c
50c
Quarterly
1
June
5
June 21 June
$134
$134
$134
$134
$134
.
15 June
June
5
5
17
15
10c
15 June
July
July
15
1 May
29 June
15 June
June
$2
June
10c
15
20 Nov. 30*
1 June 15
June
$134
2%
50c
June
June
Dec
4334c
(quar.).
50c
75c
58 l-3c
Toledo Edison Co., 7% pref. (monthly)
15 Dec.
June
50c
15
1 June
""§2"
Time, Inc. (interim)
Roller-Bearing Co
Timken
15 June
31*
Sept. 20 Aug. 31*
$1
75c
Special year-end dividend
Victor-Monaghan Co
7% preferred (quar.)
Virginia Coal & Iron
Virginia Electric & Power $6 preferred (quar.)
Virginian Ry. Co. 6% preferred (quar.)
(Quarterly)
Vogt Mfg. Corp
Vulcan Detinning (quar.)
mon
1
June 20 May
July
3734c
15
May 17
Dec.
50c
Will & Baumer Candle Co. pref.
July
_
1 June
1 June
Sept. 15 Sept.
50c
—
Preferred (quar.)
Whitman (Wm.) Co., Inc., 7% pref.
June
30c
-
1
July
July
25c
(quar.)
1
$2
10c
_______
Tilo Roofing Co
Stock div. of 34 sh. of com. for each sh. held
June
June
32c
15
15c
Tide Water Assoc. Oil Co. (quar.)
Extra
10 June 20
2c
—
11
50c
(quar.)
2
July
5
July
1 June
$134
Products
Dec.
15 June
16 Dec.
2c
Co., 8% 1st non-cum. pref
25c
Extra
June
2c
(quar.)
June 29 May
1 June
July
6854c
$154
15
5oc
Extra
15
June
June
June
$134
—
(quar.)
7% preferred
15
15
15
June
50c
15
July
25c
Vermont & Boston Telegraph (ann.)
20
20
25c
(Ky.) (quar.)
May
$234
2234c
Vick Chemical Co. (quar.)
21
May
May
June
May
May 25 May
June
1 May
July
1 June
June
1 May
June
1 May
June
June
25c
(Indiana) (quar.)
15
June
June
35c
z% preferred (quar.).
7% preferred (quar.)-,
June 21
20c
Standard Oil Co. (N. J.) (s.-a.)
May
July
50c
1st preferred (quar.)
Vtmor Car Heating Co., Inc., 7% pref. (quar.)_
June
25c
June
50c
15
15
15
June
15
53c
Vanadium-Alloys Steel-.
15
June
June
53c
10
1 May
June
15
July
6c
Utility Equities Corp. $534 dividend priority
10
2 June
40c
June 15 June
June
May
58 l-3c
Van Raalte Co
June
40c
Extra
1 May
June
1 June
1 May
11%
(quar.)
$134
1
May 31
June 29 May 31
58 l-3c
$134
15lJune
1
10 May 10
June
40c
1
June 29
Upper Michigan Power & Light Co. 6% pf. (qu.)
1
"$134 Oct.
6% preferred (quar.)
1-1-41
$134
6% preferred (quar.)
1.16 2-3 July
1
Utah Power & Light Co. $7 preferred
—1$
1
t$l July
3734c
3734c
$154
—
15 June
15 June
June 20
June 20
July
July
July
1
June
25c
Universal Products
20
7
10
June
Universal Insurance Co.
June
30
10
June
15
June 20
June
16
May 31 May 10
May 25 May 16
May 25 May 16
June
1 May 20
June
Preferred (quar.)
Standard Dredging Corp., preferred
Standard Oil Co. (Calif.)
Preferred
30c
1
1
1
1
1
Preferred
15
15
16
30
June
50c
(quar.)
17
31
134%
234 %
United States Sugar pref. (quar
United States Tobacco Co
11
$134
-
Southern California Water Co., 6% pref. (qu.)
Sparks-Withington 6% preferred (quar.)
Spear & Co. 1st preferred (quar.)
2nd preferred (quar.)
Spencer, Kellogg & Sons, Inc. (quar.)
Spiegel, Inc., $434 pref. (quar.)"
Standard Brands
ids, inc. $434 pref.(quar.).
Standard Cap & Seal Corp
Thompson
$134
.■$134
___
6% preferred
15 May 31
1 May
1 June
1 May
15 May
May 31 May
June
May
June
July
Oct.
8ept.
June
May
June
July
June
May
June
—
United States Rubber
1
1
June
75c
United States Potash Co
15 May 31
June
$1s1
June
20c
6% preferred B (quar.)
1 May
5
15 June
1 June 20
Holders
When
Payable of Record
50c
Juarterly
United States Playing Card Co
United States Plywood Corp. pref.
18
17
$154
$154
$134
$134
25c
Sonotone Corp., preferred (quar.)
Cum. prior pref. (quar.)
20
1
3734c
Simonds Saw & Steel Co
15
1
June
$134
$234
& Canal (quar.)
United States Casualty Co. cum. conv. pf. (s.-a.)
United States Gypsum Co. (quar.)
Preferred (quar.)
—
United States Petroleum Co. (quar.)
Quarterly
Quarterly
United States Pipe & Foundry Co. (quar.)
1 Sept. 20
5
15 Dec.
June
16c
t75c
—
Dyewood Corp., preferred (quar.)_ —
United Gas Corp. $7 preferred
Unitod Gas & Electric Corp.,
Preferred (quar.)
5% preferred (s. a.)
United Gas Improvement (quar.)
Preferred (quar.)
—
United Gold Equities (Can.) (standard shs.)
United Light & Railways, 7% pref. (mo.)
7% preferred (monthly)
6.36% preferred (monthly)—
6.36% preferred (monthly)
-6% preferred (monthly)
6 % preferred (monthly)
United Merchants & Manufacturers, Inc
Semi-annual
1 June 20
June
15c
United New Jersey RR.
1 June 21
10c
25c
Quarterly
10c
50c
50c
40c
United
30c
15c
25c
$134
- -
A & B
United Chemicals, Inc
7*
1 June
7*
1 June
June 15 May 31
May 27 May 17
June 13 May 23
June 15 May 31
June 15 May 31
June 15 May 24
June 12 May 25
87'Ac
$134
$154
7% debenture C (quar.)
634% debenture D (quar.)
Schiff Co. (quar.)
534% preferred (quar.)
Seaboard Oil Co. (Del.), (quar.)-Sears Roebuck & Co. (quar.)
Secord (Laura) Candy Shops (quar.)
Securities Acceptance Corp. (quar.)
6% preferred (quar.)
Extra
10
10
May 15
May 24
May
1
May 31
May
-
America
United Bond & Share. Ltd. (quar.)
10
June
June
$334 cum. conv. 1st pref. (quar.)
—
B preferred (quar.)
Rayoestos Manhattan, Inc— — ————--— —
Rayonier, Inc., pref
Reading Co. 1st pref. (quar.)-—.
—Reeves (Daniel), Inc. (quar.)
Preferred (quar.)
Reliance Insurance Co. (Phila.) (s. a.)
15
June
June
——
45c
Co. (quar.)—
May 23
June
July
July
July
adio
8uakerCorp. of America— Corp
State Oil Refining
Standard Oil Co.
Union Tank Car
Share
of Company
June
pref. (quar.).
534% preferred (quar.)
6% preferred (quar.).
ritj
Purity Bakeries Corp
Pyrene Mfg
— --Quaker Oats Co., preferred (quar.)
Standard Oil
Per
Name
July
Pullman, Inc.
May 25, 1940
Holders
When
Payable of Record
June
Pure Oil Co. 5%
Simon
Chronicle
June
May
1 May
1 May
1 May
15
15
15
25
1
Apr. 22
May 22
1 July
*
1.1834
$134
60c
Wright-liar greaves Mines, Ltd. (quar.)
Extra (both payable in U. S. funds)
Wrigley (Wm.) Jr. (monthly)
Monthly
Monthly
Monthly
*
Monthly
Wurlitzer (Rudolph) Co
Youngstown Steel Door
Zion's Co-operative Mercantile Institution
Quarterly
June
10c
July
2
5c
July
2 May 22
25c
25c
$
454% preferred (quar.)
June
June
1 May 20
1 June 20
June
25c
July
Aug.
Sept.
2
25c
Oct.
1 Sept. 20
-—
25c
15c
1
July 20
Aug. 20
May 31 May 20
25c
June
50c
15 June
June
50c
50c
Quarterly
15 May
Sept. 15; Sept.
Dec.
15! Dec.
1
5
5
5
5
15 May 20
15 May 20
*
Transfer books not closed for this
t On account of accumulated
dividend,
dividends.
t Payable in Canadian funds, and in the case
a tax of 5% of the amount of such
deduction of
of non-residents of Canada
dividend will be made
Volume
The Commercial <£ Financial Chronicle
ISO
Condition of the Federal Reserve Bank of
New
The
Federal Reserve
business
in comparison with the previous week and the
'
/
.
May 22,1940
The
May 22, 1940,
weekly
Clearing House
corresponding
x'',
'
'
issued by the New York City
Friday afternoon is given in full below:
on
STATEMENT OF MEMBERS OF
hand and
*
Secured
by
^
944,000
111,986,000
200,000
604,000
1,048,000
204,000
280,000
Corn Exch Bank Tr Co.
First National Bank
804,000
1,328,000
218,000
3.208,000
Irving Trust Co....
50,000,000
,
.
.
.
.
i
^
2,028,000
403,476,000
339,160,000
»i.
338,786,000
Bills
Total U. S. Government securities,
direct and guaranteed
Marine Midland Tr Co..
743,407,000
742,262,000
securities—..........
Due from foreign banks
Federal Reserve notes of other banks...
745,094,000
12,500,000
7,000,000
518,887,000
Uncollected items.
..........
Bank premises.......................
Other assets
.
.
.
.
....
_
6,711.000
80,376,000
96,418,000
56,195,000
931,357,000 14,365,397,000
25,000,000
726,711,000
17,000
1,602,000
195,316,000
22,177,000
39,851,000
173,185,000
61,000
500,000
6,000,000
7,000,000
28,214,000
;
654,000
4,314,000
1,201,000
38.948,000
3,268,000
33,907,000
2,120,000
2,968,000
32,674.000
2,046,000
51,621,000
721,957,000
745,874,000
17,000
1,612,000
161,663,000
9,839,000
18,037,000
5,000,000
New York Trust Co
Comm'l Nat Bk & Tr Co
Fifth Avenue Bank.
Bankers Trust Co
Title Guar & Trust Co..
256,538,000
331,160,000
134,259,000
4,000,000
100,270,000
Totals
Total bills and
Average
Public Nat Bk dc Tr Co-
2~,028",000
404,247,000
.
Deposits,
Average
73,015,100 cl,094 ,325,000
290 ,478,000
19,663,500
730 ,308,000
108,555,000
677 ,217,000
53,240,100
70 ,777,000
4,430,300
136,486.900 d2,922 ,250,000
52 ,121,000
4,244,300
81,598,600 el,127 ,108,000
13 ,588,000
2,471,100
130 ,306,000
9,411,300
423 ,467,000
27,984,400
115 ,762,000
8,570,600
90 ,825,000
10,066,100
Continental Bk & Tr Co.
Chase National Bank
anteed:
Bonds
_
Deposits,
756 ,738,000
57,040,300
185,154,500 52,186 ,007,000
666 ,975,000
40,151,100
21,000,000
15,000,000
10,000,000
439,000
U. S. Govt, securities, direc
N otes
Time
204 ,735,000
13,924,100
538 ,294,000
26,615,500
68,734,200 a2,274 ,116,000
42,117,000
Cent Hanover Bk&Tr Co
235,000
discounted..
Bills bought in open market.
Industrial advances
x
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
Chem Bank & Trust Co.
■
.
bills
Bank of New York
Bank of Manhattan Co.
National City Bank
1,863,000
99,890,000
8,524,347,000 8,407,887,000 6,517.302,000
..
1940
Net Demand
%
S.
direct and guaranteed.
Other bills discounted—_
Total
1,253,000
109,910,000
HOUSE
Undivided
Capital
Guaranty Trust Co
.. .....
\'X
U.
CLEARING
Profits
*
Members
$
Manufacturers Trust Co
reserves ... .. .
Bills discounted:
YORK
Surplus and
8,411,417,000 8,296,724,000 6,415,549,000
Other cash t
Total
$
NEW
c
United States Treasury.*
Redemption fund—F. R. notes.
'■
THE
ASSOCIATION AT CLOSE OF BUSINESS
THURSDAY, MAY 23,
<
May 15,1940 May 24, 1939
*
on
City
statement
Clearing House
Assets—
Gold certificates
York
of the New
Clearing House
'■
following shows the condition of the
date last year:
^Weekly Return
York
Bank of New York at the close of
3309
9,839,000
trust
3,412,000
148,137,000
8,975,000
17,893,000
•As
15,338,000
per official reports:
National, March 30,
Includes deposits in foreign branches as
b (May
e
676,838,000
1940; State, March 30, 1940;
companies, March 30, 1940.
14),
$74,412,000;
«(May
22),
follows:
(April 25),
a
$2,979,000;
d (April
$264,492,000*
$70,055.000:
30),
(May 15), $20,421,000.
Total assets.......................
9,461,389,000 9,377,648,000 7,419,936,000
UaMlUle*—
F. R. notes In actual circulation
reserve acc't—
U. S. Treasurer—General account
Foreign bank
156,592,000
........
Other deposits.
...
Total liabilities and capital accounts
F.
R.
to
reserve
make
51,049,000
53,326,000
7,109,000
10,760,000
8,234,000
92.7%
839,000
These
or
a
own
£12)4
£12)4
Closed
60/6
8/17/4)4
19/3
103/9
£14
70/£7)4
£10
Rolls Royce
82/6
£22)4
Shell Transport
£5)4
60/9
7/9
17/3
19/102/6
£15)4
70/£7)4
£10)4
82/6
£14)4
70/£7)4
£10
82/6
£12)4
38/9
38/9
30/7)4
30/£4)4
SAM
61/60/6
7/3
7/3
17/3
17/3
18/9
19/6
100/98/9
£15)4
£14)4
70/70/£7)4
£7)4
£10)4
£10)4
81/10)4
80/-
£23
£23)4
40/32/6
38/1)4
31/6
£5
60/7/6
17/3
19/99/4)4
United Molasses
60/6/3
23/10)4
Vickers
15/3
62/6
6/3
24/3
15/7)4
£2)4
£2)4
Swedish Match B
are
West
£48
£23)4 '
£5)4
—....
Royal Dutch Co
Federal
37/9
95/-
£12H
38/1)4
32/6
Rand Mines..........
Rio Tinto
certificates given by the United States
Treasury for the gold taken
over from the Reserve banks when the dollar
was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates
being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
*
37/9
95/7 H
£12)4
London Mid Ry
Metal Box...........
2,263,000
bank's
Fri..
May 2 4
£49
Imp TobofGB&I..
91.1%
840,000
notes
37/93/9
£49
Hudsons Bay Co—.
■
reserve
37/95/£49
Ford Ltd
ad-
vances.-.—....i.—i.........—..—
37/94/4)$
£49
Distillers Co.........
Electric & Musical Ind
7,457,000
9,461,389,000 9,377,648,000 7,419,936,000
t "Other cash" does not Include Federal
Reserve bank notes.
May 23
De Beers
52,463,000
7,109,000
10,822,000
92.7%
Thurs.,
May 22
Central Min& Invest—
Cons Goldfields of S A.
50,856,000
...
industrial
Wed.,
May 21
Cable&Word
deposit and
note liabilities combined
to
__
Tues.,
May 20
Courtaulds S & Co
51,045,000
53,326,000
Surplus (Section 7)
Surplus (Section 13-b)................
Other capital accounts
Mon.,
May 18
Boots Pure Drugs
British Amer Tobacco.
9,339,087,000 9,255,404,000 7.300,926,000
....
Capital Accounts—
Capital paid in..—...............i...
Commitments
received by cable
as
each day of the past week:
100,422,000
200,640,000
7,878,004,000 7,766,689,000 6,054,829,000
145,871,000
180,616,000
146,532,000
1,403,000
1,423,000
1,771,000
...........
Total liabilities....
total
Quotations of representative stocks
Sat.,
Total deposits
of
145,097,000
386,313,000
389,749,000
Deferred availability items
Other liabilities, incl. accrued dividends.
Ratio
THE LONDON STOCK EXCHANGE
1,313,809,000 1,306,676,000 1,097,794,000
7,213,805,000 7,116,129,000 5,517,012,000
117,858,000
119,150,000
236,755,000
Deposits—Member bank
60/7)4
6/3
23/10)4
14/6
£2)4
£23)4
62/6
61/10)4
6/3
23/10)4
14/10)4
£2)4
6/3
22/10)4
14/7)4
Witwatersrand
Areas..............
£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 resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained
These figures are always a week behind those for the
Reserve banks themselves.
The comments of the Board of Governors of
.
the Federal Reserve System
the figures for the latest week
wpon
immediately preceding which
we
appear
in
our
department of "Current Events and Discussions "
also give the figures of New York and Chicago reporting member banks/or a week later.
Commencing with the statement of May 19, 1937, various changes were made In the breakdown of loans as reported In this statement, which
described In
an announcement 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 (1) commercial, industrial and
were
follows:
This classification has been changed
primarily to show the
agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between loans
to brokers and dealers in securities located in New York City and those located
securities.
outside New York City.
Provision has been made also to include "acceptances of
own
bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption
"open market
paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new Items
"commercial, industrial and agricultural loans" and "other loans,"
would each be segregated as■''on securities" and "otherwise secured and
unsecured."
A
more
detailed explanation of the revisions
was
published In the May 29,1937, Issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS IN 101 LEADING CITIES BY DISTRICTS ON MAY 15, 1940 (In Millions of
Federal Reserve Districts—
Total
ASSETS
S
Loans and investments—total
Boston
New York
PhUa.
Cleveland Richmond
$
$
Atlanta
Chicago
St.Louis
$
$
$
Minneap. Kan. City
$
:
$
$
:
Dollars)
Dallas
San Fran
$
$
.
23,592
8,643
1,194
10,033
1,920
691
626
3,339
750
407
692
622
622
3,282
445
709
269
307
953
330
195
304
267
960
4,414
298
■210
275
122
158
674
189
97
180
176
341
Open market paper
328
70
1,794
115
30
11
4
39
10
4
22
2
13
Loans to brokers and dealers In secure.
8
602
21
463
26
20
3
5
39
5
1
4
2
13
Other loans for purchasing or carrying
securities
473
19
212
32
25
14
10
75
13
7
10
13
43
1,191
80
196
50
Loans—total
Commercial, Indus, and agricul. loans
Real estate loans
Treasury bills
175
1
37
1
133
465
96
205
77
650
„
118
32
42
43
1,592
Loans to banks..^....*.te^..^....
Other loans
11
29
22
75
53
'
W-w:
69
51
1
1
1
97
•
108
59
2,249
383
'
167
Obligations guar, by U. S. Govt
Other securities
Reserve with Federal Reserve Bank..
252
38
986
31
156
142
6,529
United States bonds
16
1,903
Treasury notes
Cash in vault.
1,169
340
2,767
324
638
163
2,387
3,480
11,050
1,334
92
124
271
68
46
194
129
1,412
277
282
65
104
532
108
47
144
58
322
533
6,549
536
625
198
145
1,422
185
105
198
135
419
49
262
59
17
27
288
33
29
69
40
56
1,033
152
114
89
84
712
1
11
52
35 U >
113
66
69 WV
22
5
472
143
95
20
45
21
11
7
15
11
22
3,284
172
221
215
341
251
13
241
69
Balances with domestic banks
602
176
109
317
314
325
Other assets—net—...
1,251
73
487
83
98
39
51
81
22
16
24
29
248
19,928
5,315
1,220
9,822
1,026
1,365
514
413
2,710
471
293
544
479
236
1,034
262
747
202
192
967
191
117
146
136
1,071
1,085
580
14
68
53
47
34
47
135
17
3
24
31
107
8.614
358
3,883
446
473
317
316
1,274
363
164
424
272
324
__
^
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
709
653
5
1
—
______
______
21
300
15
16
36
12
22
7
7
3
4
309
3,750
246
1,625
216
380
97
95
396
95
59
105
88
348
1
Other liabilities
Capital accounts
19
752
Borrowings
——
V-
1
1
>
1
1
9
19
■
m.
m.
~
m
•
The Commercial & Financial
3310
Weekly Return of the Board of Governors of
Chronicle
May 25,
1940
the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, May 23,
showing the condition of the 12 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
Reserve agents
returns
was
The comments of the Board o} 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
BANKS AT THE CLOSE OF BUSINESS MAY 22, 1940
May 15,
May 8,
May 1,
1940
1940
1940
%
$
s
11940
S
Gold etfij.
on
%
$
%
1939
3
s
3'3
16,161,074
16,101,619
16,047,618
13,282,718
9,275
387,927
8,672
389,625
385,310
8,123
375,463
8,239
372,262
382,078
16,777,242
16,686,178
16,555,056
16,485,205
16,428,119
13,674,168
632
366
1,076
478
2,207
1,831
1,727
1,675
1,612
1,848
2,463
2,093
2,751
2,090
4,055
12,825
9,087
366,076
16,378,477
9,140
16,872.140
16,832,580
378,611
17.224,087
17,079,675
1,093
1,234
Total reserves...
1940
16.288,976
16,442,978
9,640
379,962
16,691,975
9,089
374,374
hand and due from U. S. Treas.x.
Redemptlon fund (Federal Reserve notee)
Other cash *
——
....
1940
%
16,841,976
7,737
680
742
621
443
2,142
2,053
2,047
1,929
16,496,977
April 3,
1940
■1940
ASSETS
May 24,
27,
Afar.
April 10,
Apr. 17,
Apr. 24,
1940
$
May 22,
Three Ciphers (000) Omitted
Federal Reserve System upon the
9,372
Bills discounted:
Secured
U. 8. Government obligations,
by
direct and fully guaranteed
Other Dills discounted
2,327
2,822
2,795
2,668
*9* 232
"V,292
*9*296
"*9*,333
*9*,918
*9*852
"9*875
1*0*,138
1*0*483
1,346,995
1,130,125
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
2,477,120
2,474,070
2,466,720
2,466,720
2,466,720
2,466,720
2,466,720
2,466,720
2,475,270
2,564,015
2,488,679
Total bins discounted.
2,372
2,486,184
2,478,811
2,478,721
2,479,010
2,479,035
2,478,688
2,479,609
2,487,843
2,581,456
561
Bills bought In open
market-
Industrial advances
United States Government securities, direct
and
guaranteed:
Bonds
......
Notes
BUlS..
911,090
1,176,109
476,816
........................
Total
S.
U.
direct and
Govt, securities,
guaranteed
Other securities
Foreign loans on gold.
Total bills and securities
......
Gold held abroad
Due from foreign banks
.......
Federal Reserve notes of other banks
Uncollected items
—
.....
Bank premises
Other assets—.....
Total assets...
............
.....
"""*47
47
*47
21,377
664,147
41,595
62,465
21,255
788,124
41,553
61,760
22,197
21,751
22,113
19,461
19,691
19,807
688.329
763,669
41,625
58,082
636,668
41,612
58,257
743,276
41,671
58,005
593,886
59,524
638,721
41,621
59,145
22,146
592,220
41,612
69,572
17,998
599.213
41,536
60,293
20,502,397
20,478,598
20,074,237
20,122,485
20,017,899
20,048,097
19,749,341
19.719,396
19.778,652
16,965,093
"*""*47
47
47
41,533
47
47
LIABILITIES
161
42,523
53,092
Federal Reserve notes In actual circulation....
4,984,611
4,968,735
4,954,783
4,945,500
4.918,503
4,931,115
4,923,425
4,934,636
4,899,117
4,446,379
Deposits—Member banks' reserve account...
United States Treasurer—General acoount..
13,222,502
13,093,674
424,634
12,877,017
12,869,916
10,096,622
360,819
441,280
490,106
357,212
435,912
396,295
12,574,727
590,460
372.802
360,319
12,395,460
692,077
400,930
476,886
12,757,391
612,521
384,229
377,569
12,294,002
512,185
12,883,034
469,974
14,527,125
14,396,124
14,191,301
632,653
756,205
4,500
570,750
4,484
14,125,705
616,461
4,566
14,031,710
728,857
3,902
13,898,308
570,810
4,415
13,824,408
604,541
Foreign banks..........
Other deposits......
....
..............
Total deposits
....
Deferred availability Items
Other liabilities, lncl. accrued
dividends.....
370,008
449,854
484,761
4,728
14,153,146
667,041
4,064
376,402
1
384,335
352,536
699,877
395,073
412,821
13,801,773
721,553
4,371
11,569,775
3,568
16.620,359
4,961
20,125,564
19,721,318
19,769,751
19,665,235
19,695,584
19,396,958
19,367,153
19,426,814
136,127
151,720
26,839
38,594
136,108
151,720
26,839
38,367
136,117
161,720
26,839
38,243
136,113
151,720
-136,125
151,720
26,839
37,980
136,132
26,839
37,822
136,127
151,720
26,839
37,697
136,145
151,720
26,839
37,539
136,132
151,720
26,839
37,147
134,948
26,839
38,062
20,602,397
20,478,598
20,074,237
20,122,485
20,017,899
20,048,097
19,749,341
19,719,396
19,778,652
16,965,093
88.3%
88.2%
88.1%
88.0%
88.0%
87.9%
87.8%
85.4%
8,933
88.1%
8,965
88.1%
8,883
9,225
8,725
8,805
8,790
8,350
8,224
11,635
600
CAPITAL ACCOUNTS
.......
599,244
20,149,117
Total liabilities....................
Capital paid In
915,385
281,541
276,227
...
Surplus (Section 7)
Surplus (Section 13-b)
....
Other capital accounts
......
Total liabilities and capital accounts
Ratio of total reserves to deposits and
151,720
Federal
Reserve note liabilities combined
Commitments to make Industrial advances
149,152
27,264
33,370
•
Maturity Distribution of Bills and
Short-Term Securities—
1,386
1,801
969
927
858
523
645
2,732
16-30 days bills discounted....
167
250
1,137
1,059
51
105
233
773
21
321
31-60 days bills discounted
196
197
190
224
1,198
1,139
928
1,130
140
61-90 days bills discounted
171
212
190
189
161
142
229
100
1,123
159
407
362
309
269
255
219
180
148
161
483
2,327
2,822
2,795
2,668
2,372
2,463
2,093
2,751
2,090
4,055
1-15 days bills discounted
Over 90 days bills discounted......
■
Total bills discounted..
707
360
70
1-15 days bills bought In open market
16-30 days bills bought in open market
190
1-60 days bills bought In open market
301
1-90 days bills bought In open market...
........
Over 90 days bills bought In open market.....
561
Total bills bought In open market
1-15 days industrial advances
16-30 days Industrial advances
*
....
.........
........
142
"
l",572
"i",609
:
■
1
"*1*596
l",437
*V,447
*1*426
*1,242
*1*247
"l",574
79
86
77
84
61
227
196
121
147
1,629
31-60 days Industrial advances....
622
742
737
244
286
271
188
149
294
743
61-90 days Industrial advances
897
916
916
646
629
689
781
793
273
985
5,962
5,983
5,967
6,929
7,472
7,405
7,437
7,753
8,221
9,321
9,232
9,292
9,296
9,333
9.918
9,852
9,875
10,138
10,483
12,825
Over 90 days
Industrial advances
.......
Total industrial advances
U. 8. Govt, securities, direct and guaranteed:
1-15 days
16-30 days
31-60 days
75,673
69,520
......
138,060
61-90 days
Over 90 days
....
150,623
...
2,477,120
2,474,676
2,466*726
2,4*6*6",720
2,466", 720
2,466,720
2,466*720
2,466*720
2,475*270
2.130,139
2,477,120
2,474,070
2,466,720
2,466,720
2,466,720
2,466,720
2,466,720
2,466,720
2,475,270
2,564,015
5,318,607
333,996
5,296.011
327,276
5,275,419
5,246,984
5,251,464
5,251,335
5.237,827
4,746,943
301,484
5,245,738
327,235
5,239,294
320,636
308,179
328,039
316.699
338,710
300,564
4,984,611
Total U. 8. Government securities, direct
and guaranteed
4,968,735
4,954,783
4,945,500
4,918,503
4,931,115
4,923,425
4,934,636
4,899,117
4,446,379
5,430,500
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
4,872,500
719
794
471
540
671
3,941
5,376,219
5.376,294
5,368,971
5.304,040
5,344.171
4,876,441
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held.by Federal Reserve Bank
InTactual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United
States
......
Total collateral
•
x
1,657
Government securities
"Other cash" does not lnolude Federal
"•
5,437,157
5,421,671
5,376,670
•••-**••
5,375,559
Reserve notes.
dollar was devalued from 190 oents to 59.06
appropriated as profit by the Treasury under
These are certificates given by the United States Treasury for the gold taken over from the Reserve banks when the
31. 1934, these certificates being worth less to the extent of the difference, the dlfferenoe Itself have been
previsions of the Gold Reserve Act of 1934.
cents on Jan.
Volume
ISO
The Commercial & Financial
Chronicle
3311
Weekly Return of the
WEEKLY STATEMENT OF
RESOURCES
Three Ciphers
(000) Omitted
Federal Reserve Agent at—
Board of Governors of the Federal
Reserve System
AND LIABILITIES OF EACH OF
THE
Total
ASSETS
Boston
New York
PhUa.
%
I
S
Cleveland Richmond
Atlanta
Chicago
s
S
16,841,976
7,737
374,374
notes..
Total reserves
Bills discounted:
911,717 8,411,417
17,224.087
Redemption fund—Fed. Res.
944,541 8,524,347
32,523
%
929,668 1,056,283
044
301
*
St. Louis Minneap. Kan. City
414,313
; %
325,725 2,634,384
$
1,093
369,379
250,672
24,659
514
522
21,104
594
245
18,411
736
49,546
18,146
7,928
18,138
15,026
955,637
1,426
29,545
344,616 2,684,444
388,047
259,194
371,173
245,753
986,608
500
so
957,786 1.081,355
235
ei
436,223
23
16
204
29
439
90
60
1,346,995
1,130,125
...
Govt,
1,168
98,199
2,657
404,247
339,160
82,387
:
67
'"v."
-
120
35
620
145
912
279
338
60
174
34
23
250
65
87
15
305
71
'
137,752
90,279
35
,
100
363
107,604
20
115,574
68,663
57,610
265
.
.
339
94
;104
476
673
110,197
92,455
56,851
147,369
61,672
40,510
62,096
47,699
51,835
123,644
51,742
33,987
52,098
43,490
securities,
direct and guaranteed
2,477,120
180,586
743,407
197,883
253,326
126,273
104,550
271,013
113,414
74,497
114,194
95,325
202,652
2,488,679
181,807
745,874
200,630
253,749
127,285
47
3
18
104,916
5
4
271,386
2
114,094
74,816
114,563
2
96,140
852
1,612
161,663
884
6
203,419
4,530
1,546
76,799
5,485
2,019
4,951
6,955
3,082
55,438
2,519
3,613
2,209
52,973
2,741
92,949
3,367
2,576
20,502,397 1,197,628 9,461,389 1,221,759 1,425,893
628,162
Total bills and securities
Due from foreign
banks
Res. notes of other
banks.
21,377
664,147
Uncollected Items
41,595
Other assets
......
63,313
2,871
62,465
Bank premises
Total assets
2,028
'
30 r':-'
70
37
53
9,232
Bonds
Notes
S
229,991
480
27,362
111,986
37
352,790
806
2,327
........
Industrial advances
Fed
San Fran.
$
413
1,234
Total bills discounted
8.
Dallas
$
756
Secured by U. S. Govt,
obligations
U.
BUSINESS MAY 22, 1940
'
%
Other cash ♦
Total
{Concluded)
12 FEDERAL
RESERVE BANKS AT CLOSE OF
4,241
9,839
18,036
1 See
1
a
1
4
1,282
17,483
1,386
1,929
2,405
585
27,658
3,181
2,769
22,832
2,204
36,473
6,524
1,975
30,086
2,325
2,731
482,818 3,061,417
539,259
356,090
521,750
26,480
1,153
2,647
2,920
5,493
369,111 1,237,121
LIABILITIES
F. R. notes In actual
circulation
4,984,611
Member bank reserve
account..
U.S.
Treasurer—General
Foreign banks
Other
407,516 1,313,809
347,693
455,052
216,032
160,936 1,095,845
192,162
142,357
182,373
78,576
392,260
13,222,502
Deposits:
647,487 7,213,805
16,929
117,858
32,519
156,592
7,201
389,749
700,067
25,481
44,580
792,972
21,894
302,378
16,369
19,560
266,689
156,254
17,921
10,008
264,638
214,657
705,337
23,912
4,605
231,565 1,726,653
25,632
36,588
15,921
54,587
10,718
7,897
13,192
24,334
13,647
5,232
434
3,340
23,669
33,296
23,151
283,836 1,825,725
account
370,008
449,854
.....
deposits...*..
484.761
Total deposits...
14,527,125
865,322
342,912
305,662
189,415
302,176
255,978
785,463
52,238
71,812
53,713
25,010
94,317
462
485
30,342
14,944
160
26,503
190
23,111
542
33,732
133
186
253
175
299
612,817
469,972 3,016,429
528.299
346.902
511,305
2,956
3,152
1,001
4,378
4,119
3,613
3,974
1,266
1,912
632,653
4,728
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
440
136,127
*■nauunira ouu tapiLttl ttUUUUULH
to make Indus, advs..
145,871
1,403
9,332
10,405
2,874
51,045
53,326
7,109
10,822
11,918
13,997
14,198
14,323
4,393
1,007
2,351
3,895
5,276
5,247
3,246
1,576
20,502,397 1,197,628 9,461,389 1,221,759 1,425,893
628,162
151,720
26,839
38,594
........
Other capital
accounts
•
61.060
accrued diva.,
Total liabilities
_
1,865
8,883
322
839
"Other cash" does not
Include Federal Reserve notes.
a
1,1451
1,173
Total
Federal Reserve notes:
In actual circulation
Collateral held by Agent as
security
for notes Issued to
banks:
1,776
7,106
1,582
2,079
1,142
1,312
482,818 3,061,417
539,259
356,090
521,750
369,111 1,237,121
175
57
167
3,775
516
538
18
10,714
10,224
2,121
2,318
J
STATEMENT
Cleveland Richmond
S
364,662
16,969
'
Atlanta
Chicago
$
$
$
482,048
26,996
233,222
17,190
St. Louis
p
Minneap. Kan. City
s
$
Dallas
S
San Fran.
$
174,313 1,138,343
13,377
42,498
204,098
147,499
194,935
11,936
5,142
12,562
$
86,207
:
447,536
7,631
55,276
347,693
455,052
216,032
160,936 1,095,845
192,162
142,357
182,373
78,576
392,260
5,435,500
1,657
440,000 1,445,000
375,000
484,000
209,000
90
250,000
100
180,000 1,150.000
439
148,500
200,000
90,000
464,000
565
145
265
440,053 1.445.439
375.090
484.000
250.100
180,000 1,150,000
209,665
148,645
200,265
90,000
464,000
Treasury
United States
May 29 1940
Asked
Bid
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
5 1940..
June 12 1940
June 19 1940
June 20 1940
3 1940
10 1940
53
Treasury Bills—-Friday, May 24
Bid
July 17 1940.
July 24 1940.
July 31 1940.
Aug.
THE PARIS
Asked
7 1940.
Aug. 15 1940.
Aug. 21 1940.
BOURSE
Quotations of representative stocks
each day of the past week:
Frl.,
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
Sat.,
received by cable
as
Mon.,
Tiies.,
May 17 May 18 May 20 May 21
Francs
Francs
Francs
Wed.,
Thurs.,
May 22 May 23
Francs
Francs
Francs
Banquo de France............
7,580
Bank de Parte et Des Pays Baa
7,795
7,895
7,870
880
898
912
915
452
458
459
448
446
12,475
13,800
13,850
14,300
14,950
Banquedel'UnlonParlslenne...
Canal de Suez cap
Cie Dlstr d'Electrldte
Cle General d'Electrlclte
7,940
930
May 24
Figures after decimal point represent
one
or
more
Z2ds of
650
619
632
612
615
1,485
Transantlique....
,1,422
1,438
1,435
1,460
56
55
58
Citroen B
Quotations for United States
Treasury Notes—Friday,
58
620
610
643
562
ComDtoit Natlonale d'Eecompte
590
672
659
670
662
667
Cle Generate
Courrleres
338
55
320
Credit Commercial de France...
Credit Lyonnals...
320
205
196
201
194
201
518
525
538
535
Energle Electrlque du Nord....
Energle Electrlque du Littoral
point.
a
4,709
407,516 1,313,809
paper
Total collateral
July
22,824
1,429
hand and due
on
from United States
July
PMla.
$
424,228 1,421,516
16,712
107,707
4,984,611
4,131
713
5,437,157
Gold certificates
June
New York
$
5,318,607
333,996
13,629
5,725
Less than $500.
Boston
$
Issued to F. R. Bank
by F. R. Agent
Held by Federal Reserve
Bank....
357,840 1,211,744
4,632
696
FEDERAL RESERVE NOTE
Three Ciphers
(000) Omitted
Federal Reserve Bank
of—
Eligible
13,647
5,905
20,149,117 1,173,152 9,339,087 1,188,899 1,392,671
liabilities, lncl.
Commitments
704,136 7,878,004
19,421
788,506
Deferred availability items..
Other
42,305
8,151
18'378
550
1,535
1,512
1,580
1,530
1,555
230
220
230
....
....
Int.
Maturity
Int.
Rate
June 15 1940
Bid
Asked
Maturity
Rate
15 1940...
Mar. 15 1941...
1 X%
1H%
1X%
101.11
June 15 1941...
Dec. 15 1941...
1H%
101.12
101.14
1
H%
101.24
101.27
1 H%
2%
102.23
102.26
Sept. 15 1944...
103.30
104.1
Mar. 15 1945...
Dec.
100.1
Dec.
"10T3"
101.1
101.13
Asked
Kuhlmann
583
................
Closed
596
604
600
598
L'Alr Llqulde.
June
Mar. 15 1942...
Sept. 15 1942...
Bid
15 1942...
June
15 1943...
Dec.
15 1943...
101.14
Mar .15 1944...
15 1944...
100 21
lh%
1H%
101.13
101.14
831
789
103.20
782
775
779
Lyon(PLM)
1,155
101.17
101.17
100.24
1,132
Nord Ry
Orleans Ry (6%)
1,150
1,206
1,288
880
830
99.20
99 23
100.16
100 20
99.12
1%
%%
99.15
Pathe Capital
970
870
862
35
38
33
-
Pechlney
Rentes, Perpetual 3%
43^%
6%. 1920
35
1,920
1,955
1,995
1,962
1,975
69.30
71.25
71.75
71.20
71.50
Below
are
stocks and
as
the
daily closing
bonds listed
averages
of representative
the New York Stock
Jones & Co.:
compiled by Dow,
on
Exchange
83.60
82.40
82.70
108.50
109.00
108.50
108.50
2,560
2,450
Schneider A Cie
Averages
82.50
Saint Gobain C A C
Stock and Bond
82.00
108.80
2,390
2,350
2,435
1,560
1,560
1,640
1,640
60
59
60
58
59
1,140
1,158
1,210
1,180
1,190
699
690
690
430
390
408
400
411
33
35
35
36
36
Soclete Generale Fonclere
Soclete Lyonnatee
.....
Soclete Marseillaise
Tublze Artificial Silk pref
Union d'Electrlclte
Bonds
10
Date
10
10
First
Second
10
Indus¬
Total
Grade
Grade
Utili¬
40
Rails
ties
Bonds
30
20
15
Total
Indus¬
Rail¬
Utili¬
65
trials
May
May
May
May
May
roads
ties
Stocks
trials
Rails
THE
113.94
22.45
18.25
23.
114.71
22.58
18.42
22.
114.75
22.21
18.51
37,76
103.19
87.01
114.13
37.50
21.
105.44
22.14
18.34
37.55
87.20
36.55
105.84
19.49
40,32
83.21
103.87
88.47
40.01
106.32
19.20
84.67
40;15
103.88
88.80
40.24
106.43
84.84
May 18.
122.43
122.43
United
23.98
23.65
States
York Stock
37.85
103.26
103.03
Government
87.15
87.14
at
the
New
York
105.44
on
the
83.25
Stock
>
New
Exchange.
«
Allegemelne
jvfay
May
18
83.10
page.
Daily, Weekly and Yearly—See page 3327.
105.33
36.80
Securities
Exchange—Sefe following
Transactions
37.25
STOCK EXCHANGE
as
received by cable
day of the past week:
83.28
103.24
37.59
BERLIN
Closing prices of representative stocks
each
24.
20.
680
53
Wagon-Llta
Stocks
1,680
20
\
Elektrlzltaets-Geseltechaft(6%) 153
Berliner Kraft U.Llcht (8%)
Commerz und Prlvat-Bank A. G.
Deutsche Bank (6%)
May
May
May
21
22
23
153
154
24
1 54
152
152
190
190
190
191
192
193
(6%)....119
119
119
122
123
122
125
125
127
128
129
129
130
130
130
130
130
119
120
121
122
120
Deutsche Relchsbahn (German Rys. of
7%). 130
Dresdner Bank (6%)
119
Farbenlndustrle I. G. (7%)
197
Relchsbank (new shares)...
113
113
113
113
Siemens A Halske (8%)
249
249
250
251
...
120
120
122
125
123
Verelnlgte Stahlwerke (6%)
May
Per Cent of Par
-
197
198
198
195
113
194
113
250
124
May 25, 1940
3312
New York Stock Exchange
Stock and Bond Sales
YEARLY
DAILY, WEEKLY AND
Occupying Altogether Sixteen
NOTICE
account Is taken
Cash and deferred delivery sales are disregarded
of such sales In computing the range for the year.
United States Government Securities on
Below
furnish
we
the New York Stock Exchange
Owners' Loan and Federal Farm Mor gage
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 18 May 20 May 21 May 22 May 23 May 24
May 18 May 20 May 21 May 22 May 23 May 24
118.9
118.12
118.10
118.2
117.28
117.16
-Low.
118.9
118.12
118
117.26
117.22
I Close
4Kb, 1947-62.—
118.9
118.12
118
117.26
117.22
117.16
10
2
26
(High
| Low.
112.11
112.16
112.11
112.1
112.2
112.11
112.14
112.11
111.30
111.28
111.25
I Close
112.11
112.16
112.11
112.1
111.28
111.27
5
28
14
25
11
(High
112.12
4S. 1944-64
(Low.
8Kb, 1946-66
112.17
I Close
112.12
112.17
112.10
10
13
[High
JLow.
100.22
l Close
100.22
81.000jmtis...
*5
3H*. 1940-48
Total gales in
mmmm
102.26
102.31
1
102.24
102.26
102.26
I
Low.
102.26
102.31
1
1
10
107.22
mmmm
107.22
mmmm
103~.28
(Close
103.25
103.25
103.26
103.25
103.26
Total
103.2
103.19
103.20
103.17
103.13
103.10
103.2
103.19
103.20
103.17
103.13
103.14
81,000 units...
6
2
10
7
5
103.23
103.17
103.21
....
_.( Low.
103.23
103.17
103.12
(dose
103.23
103.17
103.21
81,000 units...
3
5
6
101.24
101.15
101.17
101.20
101.15
101.13
101.7
101.22
101.15
101.15
101.7
49
3
25
2MB, 1950-52
107".31
mTmm
(Low.
107.31
108
[Close
sales'Jn 81,000jinits...
107.31
108.5
27
101.24
101.24
Total sales in 81,000 units...
10
(High
103.18
103.20
103.2
103.18
103.2
103.2
107.23
107.24
107.21
107.24
107.24
107.22
6
16
3
(High
(Low.
(Close
108.27
108.30
108.26
108.20
108.20
108.29
108.22
108.18
108,20
108.27
108.30
108.22
108.19
108.20
108.12
5
4
6
14
1
109.16
109.17
109.14
109.7
109.16
109.8
109.4
108.30
109.16
109.8
109.4
108.30
qzfl*
-
(High
«•
8Mb. 1946-49
(Low.
(close
w
s3
(High
(Low.
1Mb. 1949-52
,
110.7
110.11
110.4
110.11
(Close
'
110.7
110.11
22
Totaljales'injl,000 units...
10
....
(High
101.18
101.25
101.27
101.17
101.14
101.16
(Close
101.25
102.4
101.17
101.14
101.16
Total sales in 81,000 units...
6
5
21
6
17
(High
106.20
(Low.
....
105.30
....
105.30
(Low.
.mmmm
mmmm
mmmm
108.23
3
1
3
103.24
103.31
103.28
103.24
103.28
103.26
(cios#
103.24
103.31
103.28
Total sales in 81,000 units...
1
12
mmmm
(High
108.21
mmmm
108.15
(Low.
38, 1942-47
-.7.' 1
108.22
108.22
108.24
108.22
108.12
108.22
108.15
108.4
108.6
107.25
108.10
108.18
108.6
108.4
108.6
107.25
108.12
108.22
108.6
108.4
108.6
2
^Total'jaleslinlll,000jinits ...
(High
3
22
13
5
1
105.20
105.31
105.18
105.13
105.11
(Low.
105.15
105.25
105.10
105.9
105.7
105.15
105.31
105.10
105.11
8
15
41
11
2Mb, 1955-60
Toiallsales'in 81.000 units..
2
"""/I
105.7
107.4
107
106.30
107.4
107
106.30
107.4
107
106.30
1
25
12
106.2
106.3
(High
106.7
106.18
(Low.
(Close
2Mb. 1948-51
106.7
106.18
106.2
106.3
106.18
106.2
106.3
105.24
TotaTsales i«I81.000 units...
28
3
2
3
26
105.7
105.23
105.11
105.8
Low
105.10
105.19
105.6
105.8
105.10
105.23
105.6
105.8
104.28
TotalzsalesUn 81.000 units...
1
7
r',
^
V
105.10
105.16
105.9
105.6
105.25
105.16
105.9
105.6
10
25
6
mmmm
104.9
103.30
103.24
IHlgh
104.7
103.30
103.24
Close
104.13
81,000 units...
2
(High
104
(LOW
104
104
(Close
Total sales in
103.30
103.29
103.29
103.29
104.1
•
Odd lot sales,
....
....
-mmmm
100.8
mmmm
100.8
mmmm
....
100.20
•V1' '
100.8
mmmm
4
2
mmm'm
—
f Deferred delivery sale.
Note—The
J Cash sale.
includes
table
above
bonds.
Transactions in
2
Treasury
1
Treasury
only
sales
3s, 1951-1955
2Mb, 1955-1960
2s, 1948-50
5 Treasury
103.17
mmmm
United States
103.17
mmmm
103.17
mmmm
76
2
....
-
'
/
of
coupon
registered bonds were:
to 108
1° IYXIa
101.14 to 101.14
1
104.4
103.29
51,000 units..
103.24
1
30
mmmm
mmmm
'
—
....
mmmm
104.4
104.9
10
....
100.20
(Close
'.mmmm'
104.4
1
103.9
'
(Low.
7
....
'm+mi-
■
mmmm
104.4
mmmm
100~20
(High
mmmm.
mmmm
mmmm
103.9
105.5
105.5
8
103.9
3
Total sales in 81.000 units...
104.13
m'mmm
103.14
105.5
,
/
mmmm
104.13
2MB, 1958-63
(Close
mmmm
Low
Total sales in
..(Low.
mmmm
mmmm
103.14 V'-'
103.14
•
6
'mmmm
9
2
4
4
105.11
'
104.28
ICI066
(High
2Mb, 1951-54
103.9
105.23
2
105.24
106.7
—
105.22
mmmm
...
....
105.22
(High
1Mb. 194547
106
103.9
( Low.
Total sales in 81,000 units...
106.26
3
....
....
fl"
'
(High
106.26
107.6
103.9
Total sales in 81,000 units...
106.26
107.6
5
....
....
....
105.10
2Mb. 1942-44
103.20
....
....
105.16
24
107.6
Total sales in 81.000 units..
103.20
(Close
104.29
5
(dose
*
....
105.25
3s, series A, 1944-52
(High
(Low.
s.1945-47
103.20
105.22
104.28
(Close
(Close
105
10
....
Total sales in 81,000 units.
Home Owners' Loan
105.21
....
....
16
(Low
2Mb, 194247
mmmm
105.20
....
mmmm
107.25
| Low
—
9
30
20
'
5
....
105.21
m m
^
(High
108.15 j
....
....
mmmm
BTola [sales'JnJl1,000 units...
(High
3s, 1951-55
3
5
108.23
mmmm
105.25
1
106.2
6
(Low.
....
....
105.25
105.24
106.2
105.28
I ClO80
jfci
105.24
105.28
(Close
Total sales in 81,000 units...
3s, 1944-49...
mmmm
....
....
105.25
106.3
....
2
....
105.24
106.2
(High
108.24
;
106.18
109.14
mmmm
mmmm
106.18
106.18
....
105.30
106.18
106.18
106.20
3MB, 1944-64
109.14
mmmm
mmmm
mmmm
106.18
106.20
(Close
Federal Farm Mortgage
109.14
mmmm
■'
....
2
101.17
29
1
Total sales in 81,000 units...
36
mmmm
mmmm
....
....
103.2
....
....
2
mmmm
108.28
108.23
ISfr*. .T-Z'...
45
42
8
39
Totaljales 4n.81.000 units..
109.3
109.8
13
....
101.28
2b, 1948-50
7
'V
24
101.8
102.4
mmmm
*
103.4
....
..
mmmm
109.16
3MB. 1944-46
IcM
7
101.26
81,000 units.
108.12
Total*tales.in'11,000 units...
103.18
(Close
Total sales in
108.12
108.27
....
"
103.2
103.5
103.4
103.2
103.20
mmmm
103.2
103.18
.(Low.
2s, 1947
4
50
9
101.24
(High
(Low.
2Mb, 1951-63
107.22
4
107.24
107.27
108.5
—
Total sales in
103.20
107*24
5
107.27
(High
8MB, 194845
103.14
(High
103.20
107.27
12
Total gales in 81,000 units...
15
2
103.14
(Close
103.20
mmmm
105.14
mmmm
mmmm
m
(Close
103.26
103.26
mmmm
103.17
m
**
105.13
105.26
mmmm
mmmm
mmmm
..(Low.
Total sales in
—
J
105.14
mmmm
103.20
n
107.22
29
....
103.19
mmmm
mm
5
105.28
105.26
mmmm
mm
3
....
1948.——-— ..(Low.
2Mb, 1949-53
2
....
1
I
106.20
102.23
5
1
....
106.20
107.4
1
(High
102.23
102.24
17
103.28
(High
107
(High
2 Ms.
*
8Mb. 1941
—
102.23
....
•
„.( Low.
106.20
Total sales in 81,000 units.
1
.mimmm
I
106.23
100.20
mmmm
102P.24
....
3
106.20
106.20
100.20
mmmm
102.27
I Close
Total galee in 81,000 units...
20
107.4
mmmm
4
102.26
(High
1 Low.
16
20
2
2
107.4
100.20
100.22
_____
103.22
Total sales in 81.000 units...
102"27
(Close
103.22
103.26
107
mmmm
100.22
100.22
3
....
Total galee in 81,000 unit
Ms, 1948-47
100.22
103.26
104.3
107
4
100.22
m+mm
100.22
103.29
104
I
111.31
104
mmmm
'
(High
| Low.
MS, 1941-48
100.22
104.6
104
104.13
(dose
112.4
mmmm
104
104.13
(dose
2Mb. 1945
111.31
103.22
104.13
(High
111.31
112.4
mmmm
112.10
35
,
3
17
112.18
112.17
112.8
19
112.10
Total gale* in 81.000 unit«...
8
81,000
units
111.27
Total sales in 11.000 anils...
(Close
Total sales in
6
8
Total »ale» in SI,000 units...
..(Low,
2Mb. 1960-65
104
104.1
104.1
104.1
(High
Treasury
117.16
(High
Treasury
Ns
of the day.
unless they are the only transactions
the transactions in Treasury, Home
daily record of
a
Pages—Page One
In the day's range,
Treasury Bills—See previous page.
Notes, &c.—See previous page.
United States Treasury
1
'mmmm
New York Stock Record
LOW
Sales
for
AND
Saturday
47%
*40
42%
558
57«
May 22
May 23
May 24
$ per share
$ per share
$ per share
Shares
50
54
110
110
110
*111
36
36
30
32
*30
39
35%
36%
4%
53«
478
17%
17%
♦17%
13%
13%
39%
%
82%
4%
13%
z37%
5
534
19
19
19
19
17
1338
14%
14%
39%
1434
14%
5%
187«
14%
3634
39
39&»
%
41%
%
40%
hi
71«
%
60
4%
fi
®i«
7%
558
8%
5
%
734
534
834
4%
*%
4
®i«
38%
%
60
478
%
®u
%6
*55
4
%
50%
5012
50%
51%
47%
38%
30%
35
35
30%
35
35
14
♦13%
1,300
12,300
1,400
»i«
7
17,600
9,700
15,900
8%
6
7%
7
6%
7%
6%
6%
4%
534
5%
534
4%
534
5
5%
1J4
f 11%
i 47%
i 14%
May 21
13
May 16
9
7
9
8
884
7%
8%
8
8%
4,300
20%
15%] 18%
16
17%
16
16%
18%
10
Allegheny Corp...
5M % pt A with 830
17%
24,600
5M% pf A without
No par
war. 100
war.
100
82.60 prior oonv prof. No par
Algbny Lud Stl Corp..No par
Alleg&'West Ryt6% gtd-.lOO
12
1%
11%
47%
14%
50%
56
7%
44%
45
♦
17
Address-Multgr Corp
4,900
9
*734
I
Adams Express.......No par
Adams-Mllllis .........No par
Alabama & Vicksburg Ry .100
Alaska Juneau Gold Mln
10
6%
8
7%
151% 155
11%
*9%
12%
i 12
5%
5%
61% 62%
287b
128
12
35
May 22
May 23
10
*65
4
May 22
30
14,900
2,500
438
7%
878
150% 156
*10
11«4
12
12%
5%
5%
7%
140
9%
8
143
10
9
10%
11%
4%
m
5%
8
7%
150
145%
9%,
10%
4%
11
47«
141
7%
145%
*9
*7%
138% 141
2,400
Allen Industries Inc..
7,900
*9
10
700
Allied Chemlcai A Dye.No par
Allied Kid Co
5
11%
11%
7,600
5%
57% .57%
31,500
1,600
24%
20,800
8
9%
7%
11
478
12
5
5%
1
_
Allied Mills Co loo
Allied Stores Corp
No par
No par
61
61
60
60%
59
60
28
2934
24%
27
23«4
12
12
12
12%
2134
11%
1%
934
1%
1%
*9%
11%
500
40
40%
*9%
39%
11
40
40
4,100
Amerada Corp.
14
14
14
13
14
2,200
52%
Am Agrle Cham (Del)..No par
Am A rtlnea Ino......
10
1%
*11
45
14%
54
7%
44%
1%
14
46%
14%
57%
7%
44%
1%
1%
10
11
40%
44
13%
14%
39%
12%
49
52%
7%
46%
51%
6%
44%
634
*44%
Bid and asked prices; no sales on this day.
11%
1%
9%
7
44%
58
58%
23%
♦11%
24%
1%
50
6%
♦44%
12
23%
*11%
53
7
45%
X In receivership,
12
1%
700
2,700
53%
23,500
6%
634
5,800
44%
44%
6% preferred....
100
AUls-Chalmera Mfg
No par
Alpha Portland Cem..No par
Amalgam Leather Co Ino
1
6% conv preferred..
-50
190
51%
a
Def. delivery,
8 per share
50 May 21
110
oonv pre!
n
New stock,
_
r
.
36'4May 21
%May 23
May 21
4
May 21
60
46i| Apr
5212 Apr
9
Jan
3
27% Apr 8
19i* Jan 4
68ts Jan 2
78 Mar 11
77
Mar 26
7
12% Jan
17i4 Apr
7i2May 17
138%May 24
STgMay 15
lO^May 21
4i2May 21
57i2May 24
21'4May 22
lli2May 22
lisMay 15
O^May 22
Ex-dlv.
y
Highest
share 8 per share
53
Apr
71M Sept
120
Apr 149M Sept
4912 No*
83lt Apr
3 Hi Mar
56M Oct
per
6ii Aug
Ills Sept
25
Mar
157S Sept
27i2
45M
94
Apr
68
Jan
Sept
Jan
Feb
68
19
68
Sept
6*4 Dec
*8 July
634 Aug
Jan
4%May 21
7 May 21
15%May 21
72
Feb 19
44%May 18
x
70i4 Feb 14
Feb 8
6
9
147
1% Jan
14% Jan
10
Cash sale,
I
8 per share
%May 15
6
May 21
.......50
American Bank Note....
Deferred
4i2May 22
39i2May22
12i8May22
4194 Jan 12
6%May23
...No par
Lowest
Highest
100
4M%
Year 1939
100-Share Lou
Abraham A Straus....No par
Acme Steel Co....
25
%
4%
%
%
Abbott Laboratories...No par
82%
*50
4%
%
Par
Air Reduction Ino
No par
Air Way El Appliance..No par
♦3«
%
82%
80
1,100
39%
38%
39
4%
•ie
17%
17%
133«
%
*50
5
4%
5%
19
3,200
734
19%
On Basis of
Lowest
40
141
♦111
116
6
19%
18%
5
53
51%
Range for Previous
Range Since Jan. 1
EXCHANGE
$ per share
*103
41
5%
the
CENT
Week
473«
41
Thursday
STOCKS
NEW YORK STOCK
Friday
NOT PER
SHARE,
Wednesday
May 21
135
*
PRICES—PER
Tuesday
$ per share
54
57%
*
141
*
SALE
May 20
May 18 '
$ per share
58
58
♦
HIGH
Monday
4i8 Sept
114 Sept
Feb
10
Jan
2
Sept
20*2 Sept
18
Sept
8
June
23it Sept
26%May 10
14
2814
73i8 Mar 21
1294 Apr 16
182
Apr 9
52
Apr
May
J4
_
Jan 25
I6»4 Apr 23
98a Jan 2
6»4
Apr
15Hi Apr
10
Apr
9% Apr
6
Apr
69
Jan
Sept
life Oct
200% Sept
147S Sept
151b Sept
11>8 Jan
7878May
417| Jan
8
4
541|
Apr
71
28
Apr
16
JaD
9
12%
2% Jan
9
48% Jan
197b Jan
3% Sept
Apr
1U June
Aug
Apr 22
12
Aug
21
581* Apr
5
60
Apr
21
Jan
4
16
74% Sept
24% Sept
75
Apr 15
26
Apr
June
18
129| Apr
9
Jan
3
50
Ex-rlght.
99« Sept
46i«
Doe
Sept
47
Dec
17»4
Jan
60
Jan
t Called for redemption
Volume
LOW
New York Stock
ISO
AND
HIGH
Saturday
SALE PRICES—PER
Monday
May 20
May 18
SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
NEW YORK STOCK
for
Tuesday
May 21
Wednesday
Thursday
May 23
May 22
Friday
the
May 24
Week
2
3313
Ranye Since Jan. 1
On Basis of 100-Stare Lots
EXCHANGE
Lowest
$ per share
6*
$ per share
7
32*
612
$ per share
714
55g
} per share
6I4
6i4
3084
$ per share
7
6
$ per share
6
6i2
33
33
35
28
30
*130
135
130
130
130
130
130
.93
130
95
*128
92
87
92
90
93
91
93
165
165
*161
165
167
167
9514
167
23*
24*
40
167
165
41
25
26»4
121
*9l2
5l2
13
4*
121
5
10
10
*79
80*
178
1*
*3
234
1214
27l2
3i2
27
3*
27
51
*314
1*
15
61
12i2
1234
2712
3*
*2534
507g
334
2
*37l2
49
49
12
1314
45
4312
IOI4
212
10
*48
IOI4
25s
214
15
15
II6I4
24
2434
23s
*90
39*
33i2
6i2
41
353g
103s
58i2
26l4
3614
28l2
37
128
3ig
15
15*
80
15l2
81ig
13
125g
153
15412
75l2
77*
77
144
2534
3ig
2734
36
48
127g
10
45
40
10
17g
13l2
30*
*43
17g
1434
93
*90
23
2l2
40
33
47g
11
60*
52
95g
7ig
9
23
140
5l2
23l2
31*
122*
517g
143*
207g
9*
30*
36*
127
533g
34*
514
3978
6
2214
25
110
110
10ig
934
2
2
27*
27*
101
101
4*
42*
x28
40
97i2 *—31
31
714
4*
*714
45g
*95
f
30
7*
4*
*
105
47g
*61
78
*50
57
*50
110
*100U
8
*8i2
214
24
2
28
24
*
534
*
512
78
412
*61
75
60
*40
60
30
700
47
300
11
12
27,700
40
3934
10U
40
3,000
7,300
13*
31
4
37
38
37l2
2634
25
7
6*
4
105
434
434
65
*3018
*31
40
*30
*80
84
82
15
1312
14
42
42
44
44
39l2
39l2
40
40
11*
1034
lll2
195g
12
11
57g
15l2
3*
37g
8*
38*8
97g
4*
*22i2
8*
25*
18
*16
63g
63g
I6I4
3*
4
8*
38*
10*
5
157g
3I4
26
8*
26
4
*8*
*38*
10ig
17
67g
167S
334
4*
9
39l2
107g
5
5
22*
2212
95g
97g
IOI4
18*
10
53g
125s
3
3l8
4
812
4
20
97g
4U
22i2
85s
500
300
230
2,000
2,800
2034
1934
105
1412
3ig
334
3
3i2
*75s
*36*
9*
*414
2034
912
4l2
20
400
7
33,900
4,700
4414
4412
*56
59
60
•
800
*112i2 115
414
414
34
u„
2i2
12i2
55g
r
1434
314
334
13
3
35g
9
8
40
,
2i4|
13l2(
*36l2
42
9i2
10
45g
21
4i8
734
28i2
1812
*50
115
*100
114
W iSi
8
8
8
3034
30ig
183g
3214
185s
2514
175g
52
185s
5312
*50
27
2634
2714
74*
77
76
80
115* 117
1612
16i2
175s
17*
7
11534 1173g
7i2
33
102
29
2612
6l2
*
77g
102
*
107
734
7i2
75s
28's
2834
183g
2634
173g
50
50
50
50
22i2
655g
26
74
11314 11534
17
17
14
167g
17i8
7*
16i2
15
16i2
1734
2314
25i2
6634
70i4
10912 112
15*
16i2
16
16
6
7
15l2
1312
1534
*14
11
11
*11
12
11
11
*11
6i2
15i4
15i2
65*
*50
71
*45
60
♦40
60
on
this day,
*
'/106
7i2
1512
*50
33
26l2
1714
17i8
634
1612
*
Bid and asked prices; no sale
618
*50
25
21
1 600
51
59
6i4
7
612
*15
11
*11
*40
60
*40
t In receivership,
a
100
Am Sumatra Tobacco..No
par
Amer Telep A Teleg Co.—100
American Tobacco
Common class B
25
...
18
American Woolen
Preferred....
Amer Zinc Lead A Smelt...
55 prior conv pref
25
Anaconda Copper Mlnlng._50
Anaconda W A Cable.-No par
AncborHock Glass Corp. 12.50
55 dlv pref
..No par
Andes Copper Mining......20
A P W Paper
Co%nc
7% preferred
100
Armstrong Cork Co
wNe par
Arnold Constable Corp
5
...No par
..100
Associated Dry Goods
1
6% 1st preferred
7% 2d preferred
..100
100
Assoc Investments Co.No par
5% preferred
100
Atch Topeka A Santa Fe.,100
.....
6% preferrred
100
Atlantic Coast Line RR...100
Ati G A W I SS Lines
1
5% preferred..........100
Atlantic Refining
25
4% conv pref series A... 100
Atlas Corp
.........—6
6% preferred......
60
Atlas Powder
No par
160
8,700
2,100
Conv 5% preferred..... 100
Barber Asphalt Corp
Barker
.-10
Brothers
No par
5H% preferred.........60
BarnsdaH OU Co
5
Bayuk Cigars I no
1st preferred
Beatrice Creamery
No par
100
25
—
55 preferred w w
No par
Preferred x-warrents.No par
Beech Creek RR
—50
600
Beech-Nut Packing Co
2,500
Belding-Heminway
Bendtx Aviation
par
...5
Beneflda. Indus Loan..No par
6,300
Pr
pfd52.60d
Best A Co
v ser'38No par
-No par
Bethlehem Steel (Del).No par
7% preferred
100
Blgelow-Sanf Corp Ino.No par
Biaek A Decker Mtg CoN> par
Blaw-Knox Co
No par
Bliss A Laughlln lac
—5
12,100
700
180
Pet, delivery.
20
No
Belgian Nat Ry* part pref
47,700
67g
May
May
May
24 May
9934May
4
May
35 May
58i2 Jan
8
21
4
2258May 21
6i8May 22
3&8May 22
96i2 Jan 12
43gMay
7434 Apr
49i2May
33 May
82 May
13 May
39i2May
95gMay
8i2May
10 May
18i4May
104 May
7 May
44 May
57
May
115 May
4 May
84May
I7g Feb
22
1
22
20
23
Bloomlngdale Brothers-No par
Blumenthal A Co pref
—100
n
New stock.
r
Cash sale.
*
Apr
Dec
Sept
25* Aug
10*
9
Apr 11
35* Apr
127* Sept
59* Apr
Apr 16
Feb
1714 Jan
140
'
233g Feb 23
93
Feb 23
18
Mar 13
175U Mar 12
89i2 Apr 16
9134 Apr
151
73
75*
May
132
534 Apr
12«8 Jan
78
4
Apr
1* Apr
21
Apr
97
May
3* Aug
Apr 22
3334
60
4
4
73
Jan 11
May
Apr
Mar
31* Sept
7* Sept
5* Apr
10l7g Apr 18
80
Apr
8«4
4
9
Apr
13*
Apr 20
Apr
Apr
Apr
35
Apr 30
Apr 22
9i2 Jan
Aug
24
414 Apr 10
Feb 27
11
Apr
Apr
20*
112»8May 2
1534 Apr 12
68
Apr
3*
28*
8ig Apr 10
45i2 Apr 22
32
Apr 9
41i4 Apr 8
2258 Mar 8
4334 Apr
Apr
Oct
Sept
4* Sept
8* Apr
4
101i2 Apr 16
12
Apr 23
62i2 Apr 23
35i2
llOig
75g
64i4
Oct
20* Aug
8* Apr
9
Apr
15* Apr
75* Mar
137, Dec
148
Apr
Jan
6*
70
8
Apr
Jan
85
Jan 16
41
Apr
45
Mar 26
30
Apr
8
90
Jan
21
25U Jan
3
21
Sept
21
5712 Apr 24
23i2 Jan 3
*4934 Dec
223g Apr 20
22i2 Apr 20
27igMay 7
5*
9*
18*
104*
22
21
23
21
24
23
21
23
22
21
15
7
10
8
7i2May 23
20UMay 21
112 May 15
18i2May 21
I093g Jan 10
l043gMay 16
29i2May 14
102 May 22
7i2May 21
6334 Feb 27
25i4May 21
l7i4May 22
50 May 17
22i2May 21
63i2May 23
109i2May 22
14 May 21
15 May 15
534May 15
l3i2May 21
11
May 14
Ex-dlv.
50
162i2May
333$ Jan
145s Apr 12
,
Oct
10012 Mar
234May 15
3i8May 15
May 21
34 May 21
8i2May 21
4 May 15
20 May 21
"5766
16is1
153g
60
j
22
16
21
21
21
18
21
16
21
21
21
21
2
Archer Daniels Mldl'd.No par
Artloom Corp
21
21
22
21
12i2May
64
21
25gMay
5i4May
May
6 May
25i2May
Jan
70
22
May 22
May 21
May 22
110
21* Sept
3* Apr
32
Apr
28
Apr
8* Sept
140
Sept
11* June
Jan
147
22
18
22
23
lll4May 21
146 May 22
18
112
1284 Mar
118g Feb 23
375g Apr 16
__
9i4May
11 May
14 May
77 May
38
Mar 19
17i2 Jan
4i4May
May
May
20 May
100
11
Mar
70
30i4May 21
22
22
90
Aug
Aug
Apr
2* Apr
22* Deo
41
8
Mar 20
64
l22i4May
5178May
l43i2May
l9i2May
70
18
Apr 24
105s Jan
163
Mar
48i4May
141
No par
Apr 27
514 Jan
6314 Jan
Baltimore A Ohio—.....100
400
j
May
3434May
28i4May
434May
140 May
9i2May
69
3
Mar 29
Apr 26
25
2
23
27« Mar
65| Jan
26
25
Am Type Founders Inc
10
Am Water Wks A Elec.No
par
16 1st preferred
No par
6614 Apr
37, Apr
35
121
100
6% preferred
12
25* Apr
41* Apr
1* Jan
14* Jan
8* Sept
Apr 22
147, Jan
3sg Jan
4% preferred
100
Bangor A Aroostook——.60
1....
500
25
25V
3,300
6612
6834 146,600
111
11234
2,800
1512
15l2|
1,400
15!2
1512
2,100
15
Preferred
50t2May
65g Apr 23
63
May 21
4i8May 15
l23gMay 23
50
11
—
Apr
Apr
22S4 Jan
55 prior A
No par
Aviation Corp. ol Del (Thai.3
Baldwin Loco Works v 10—13
6,100
2734
15
....100
Apr
57
1,630
98,800
86,700
26,200
29.800
10412 104l2
7i2
712
2634
173g
26
6% preferred
5% conv preferred..—100
33
1734
6312 70i4
1115g 1115g
1512
15i2
1512
16
Refg. No par
Preferred
...100
American Snuff...........25
Feb
2* Sept
4* May
1* Dec
5
Apr
5
61
12* Apr
45
May
May
May
Dec
Aug
5* Sept
6* Apr
10
2H4May
9
9
5
38
184May
13igMay
116
American Seating Co..No par
Amer Ship Building Co.No
par
Amer Smelting A
Atlas Tack Corp
No par
t Auburn Automobile-.No par
Austin Nichols........No par
8
33
25
4M % conv pref
100
American Safety Raeor..l8.50
2,200
9,600
1,100
I
4i8
8*
75g
8is
7*
8
7i2
8I4
7i2
8
25* 25*
2014
25
2H2 23
235g
26
2412
2412
*111* 11434 *11U2 11434 *llll2 11434 *llll2 11434
*11H2 11434
24
24
18l2
24
21
1934
23
21*
21
2134
*105i4 1117g *10514 11134 *10414 111
*10214 111
*10214 111
*10214 111
*10414110
*104U 110
*10414 111
*10214 111
*10214 111
*10214 111
*
*
33
100
10
Feb 23
2414 Jan
May
May
May
May
May
10,400
57g
1334
3i4
35g
8i8
10
*20i2
Preferred
American Rolling Mil!
190
414
841
2i4
1412
23,300
104
7
*44
414
34
2i4
1212
5*
12*
2OI4
104
714
*11 Hz 11434
25
25
*100
17.700
IOI4
10
57
8
4
65
38
82
10
*112i2 115
40
20
10^900
7212
*9
105
2ig
1414
57g
8
2,500
4,200
10
4
*36
39
~8~0Q0
1,100
"16
3*
8
34
1,500
19*
61
3
1,200
10
115
218
1H2
5l2
13is
6I4
1514
3i2
110
600
4134
103g
7
7s
3,100
3934
97g
44
4
1,100
41
714
61
24,700
138",400
32,200
4414
115
15
20,000
11,300
1414
912
16 preferred
No par
Am Rad A Stand
8an'y.No par
600
41
105
718
1,000
33,500
3,600
7,400
135g
1034
par
700
82
912
Amer Power A Light ...No
par
16 preferred........No
Amer Steel Foundries_.No par
82i2
1434
10
6% conv preferred..... 100
American News Co ....No
par
American Stores
...No par
American Stove Co
No par
American Sugar Refining.. 100
133g
1014
978
IOI4
1934
39
Amer Maoh A Fdj Co -No
par
Amer Mach A Metale_.No
par
Amer Metal Co Ltd...No
par
7% preferred
5
*53
40
40
10
100
3.500
434
*60
*52
par
Preferred
43
3,800
6,500
30
50
Armour<feCo(Del)pf7% gtdlOO
4
50
1
Apr
Sept
16* Aug
30* Aug
18* Apr
100
May
109* Apr
23g Jan
28i4 Jan
714 Jan
21
21
21
24
21
21
18 May "
3'4May
par
5% conv pref.......
American Locomotive..No
May 15
9®sMay
May
3igMay
23 May
45i2May
DgMay
6% non cum pre!
100
Amer Internat Corp...No
par
Amer Invest Co of 111..No
par
83*
8U Jan
4
Apr
150
15U Apr 18
0H4 Mar 25
3i4Mar
esj Apr 16
2UMay 21
preferred.......50
22,700
105
5
conv
Armour A Co of Illinois
5
56 conv prior pref
No par
4
74*
6%
3i2 Aug
31* Apr
125
934 Apr
23
American Hide A Leather... 1
American Home Products
American Ice
No
13
21
22
Jan
I
I
U2i2 Apr 22
140i2May
18
18
110
Jan 25
16
978 Mar 19
51
7
Feb 14
80i2May 13
124«4 Jan 10
858 Mar 4
27s Jan
43* Apr
Aug
116
June
4* Apr
1* July
2
Apr
4
4
83g Apr 15
Apr
Aug
Aug
Sept
Apr
Apr
60
4
6i2 Mar
3218 Mar
16
4
Nov
1478 Jan
3* Aug
9* Aug
37, Aug
4«i Sept
111, Deo
52i2 Jan
49
Dec
165g Apr
10*
Aug
Apr
Apr
1978May 10
63s Jan
8
2
Jan
88g Jan
6
29^8 Mar
24*
133g Jan
3634 Apr 17
115L Mar 12
3534 Apr 16
112ig Apr 22
105
32
May 7
Apr 11
127
Jan 24
97g Apr
6712 Apr
363g Apr
9
2
9
11* Aug
15* Apr
109* Oct
17
Apr
98
Apr
"27*
Sept
1047, Sept
7* Apr
52
22i2Mar 13
56*4 Jan 18
16*
177,
48*
39
32
Jan
3
8934May 10
125'2May 10
34i2 Jan
fi
Nov
Apr
Apr
Apr
Sept
50* June
99* Apr
157, Apr
14
22i2 Apr
115s Jan
23U Jan
22
Dec
16
Apr
13*
Deo
80
Mar
35
Apr
v Ex-rlghta.
Highest
f per share t per share
Apr !
116i2 Jan 29
176is Jan 16
33i4May 10
5114 Jan
23is Jan
l034May 21
10
10
900
1
17 preferred
...No par
17 2d preferred A
No par
16 preferred.
Na par
Amer Hawaiian SS Co
300
*80
*60
86
500
5
share
per
93gMay
4634 Jan
lUMay 22
.
53,300
247g
634
6I4
43g
105
800
95
~24*
7
4
*80
American
Encauetlo Tiling.
1
Amer European Sees
...AT# par
Amer 4 For*n Power
No par
37*
36i2
95
25
.100
4i8
4
*
97l2 *____
13
2*
67g
28
2ig
24ig
24ig
*99* 101
43g
19,400
400
2
24
2414
*9912 102
86
17
2is
4,000
1,790
9,000
51,100
5
4l2
5
412
434
*30
40
3714 *30
j
1958
1812 197g
187g
19341
*22
25
26
2214
2234
13*
13*
14*
1312
1312
110
*10014 110
*10014 110
*7
10i8
10i8
*838
10l2
2i8
1,600
3,900
90
26U
*31
1
3i8
6I4
6
*85i4
29t2
1534
45g :
3
2684
33
11534 11534
4
434
78
»u
2l8
2%
7334
74
*138l2 14H2
6*
87
*11534 119
5
4l2
434
Us
78
1
23g
2*4
25g
117g
72
7*
15
*11534 119
117g
6t2
36,900
7858
72
90
3,700
7,900
74,000
150
103g
6*
86
65
538
14718 148i2
3
*85
33
60
7414
141
27g
57g
15
70
25,100
140
*75
115g
14614 14934
71*
7212
35
*66
23s
39
32
10
77
4,900
"""376
518
11
8712
44
13l2
22
3114
*135
10
2,200
116
*3734
140
13*
67
138g
33l2
55g
514
2
21U
2U
23g
39
3714
35
105
10i2
*90
23
2l4
87
*66
14*
116
75
49i2
1214
97g
11
11
1034
1112
8i2
10
12
12
1112
1012 1H8
213g z20
207s
I8I4
20
*106
10734 *106
10734 al06ig 10618
75g
734
75g
7*
714
75g
45* 4534
44
45* 45*
4514
10*
2184
6*
43s
*60
2,700
6.200
30
141
25
8,800
*40
73
*9914 102
4
4l8
105
200
2,000
4
2
2
4212
37
97* ♦-.i-9712 *....
31
23
22* 2912
8
634
7
6ig
4i2
37g
4
3&g
5*
*61
1234
9934100
4
4%
35
37
5
105
5*
*2H2
8
28
434
18
35s
43
18*
2
*100i2 105
47g
4212
*
*100
18
17g
2014
37g
10U
6l2
28*
4i4
147g'
212
23
49i2
134
12*
3*
26
1212
10
*2l8
72
141
90
*35
33g
23
4812
134
*135
70
6
25
3i8
26
48*
1,600
16,400
17,900
32
149*
55g
20
27
.
69
I
26
53
53
54*
54
54
9ig
9*
984
93g
912
612
684
7*
6*
7
25
27
25*
2484
2434
33
3334
347g
33i2 34I4
124
124
124*
126
126
517g *51
53lg
517g
517g
143l2 *14312 145
*14312 145
22*
2012
23
20* 2112
10*
10
958
10
10*
11
11
11
*1034
11
15
15
15
15
15l8
90
35
2*
11
5i2May
4igMay
8 May
77l2May
Lowest
133
May 24
87 May 21
16478May 24
1834May 23
34 May 21
14 May 23
100 May 21
115 May 22
9 May 23
Sugar.... 10
.
M00
4,700
3,000
12
25g
3*
6,600
"
43
146
21*!
15g
6t2
H8
1
514 Jan 13
May 21
28
par
6% let preferred
5
128
Preferred
100
Am Chain 4 Cable
Ine.AT# par
5% cony preferred
.100
American Chicle
No par
Am Coal Co of
Allegh Co NJ25
American Colortype Co....10
Am Comm'l Alcohol
Corp..20
American Crystal
180
39
103g
284
18
5,500
15g
*3i8
115s
5*1
*25
23l2
26l4
1534
*15
*
110
10
43g
40
23
26
1512
25l2
9*
7612
*9
2814
77
7*
31
5.800
10i2
13
141
50
434
43
79
70*
1,700
2.130
30
*767g
91
3514
*32
21*
14
200
534
*9l2
134
*12
1437g 144
25g
31g
5*
67g
5i2
26
11
76
91
5
15*
70
8
32i2
434
11
1412
15
797g
81
11*
12l2
148* 152*
70
747g
94
7l2
3234
*32
11
11*
11,700
45g
25g
*90
140
97g
26
126
33g
73g
*91
30
55g
5
147
7*
3612
140
77
900
28,200
4.600
1
Am
Year 1939
Highest
5 per share
Brake Shee & Fdy.JVe
"par
5 H% conv
pre!
100
American Can
25
Preferred
100
American Car A Fdy__iV®
330
534
11
3l2
23*
23g
37
3U2
514
214
75
I27g
18
116
*2234
48*
9*
76
93
7
13*
116
10
154
314
67g
10
140
16
747g
3*
2
2234
2*
3434
28*
434
47*
17g
197g
33g
33
4778
11*
40l2
1034
17g
1414
15g
*1834
10ig
*90
81iS
125g
76
314
7*
25
47
145g
534
5
9
77i2
1®4
6i2
Us
1018
255g
3*
*237g
48*
33g
*22
11*
40*
*144
145
3*
634
234
103g
35
12
1234
75
2l2
26
15s
6
*11
12*
25ig
334
45l2
58
80
152
11*
10
57l2
*143l2 14912 *14312 149i2 *143l2 148*
223g
237fi
235g 253g
19l2 2234
11
11
1034
11
934
1034
12
1
11
*23
140
58
11
1*
*3lg
3ig
55s
4i2
8i2
7712
1*
*3ig
H8
Xl 15g
25g
478
8t2
78
1*
6l2
li8
8
14*
Q
9i2
5«4
77*
I84
6*
1*
23
36
*127
60
10*
79
48
6OI4
934
712
27
38
137&S
128
4*
1034
2i4
43
4,000
9
9*
5*
43g
6
1
12
*56
*7
13
18*
314
6OI4
93g
714
2684
3634
712
Q
American Bosch Cort>
8,800
117
36
Par
7,500
100
117
95g
III4
10
7
100
118
5034
2*
2312
334
5l2
5812
93g
110
117
1*
♦3*
284
140
11
*100
115
8
■
147
110
115
79
24
35
578
*140
*100
120
*9*
534
414
116
*2234
212
4134
2*
102
116
J07g
2l2
1584
*15
*90
14
48l2
1412
46i2
13
42
1534
3712
16i2
4
37
38l2
15
13
2
35S
16
100
3H4
37g
32
507g
2ig
23l2
23l2
334
312
23
15
38
2
2414
24
1834
35
80*
178
6*
1*
16*
3*
1«4
29
223g
37
10
*80
6*
1*
1414
2*
1*
1414
20*
35
5
10
16478
2OI4
24
6l2
45g
90
403g
13
*6
30is
128
1984
121
*9l2
6
33
12912
34
4112 42
I6I4
17
1634
17ig
*10214 H2i2 *10214 112l2
121
16514
29
30«4
Sfiares
614
31
129iz
917g
1647g
21*
3634
1512
Range for Previous
8*
Apr
Apr
Called for redemption.
8
Jan
57* Sept
140
Aug
116* Sept
179
July
40*
Oct
64
Oct
25* Oct
115* Mar
182
17*
8*
11*
18*
86*
5*
Aug
Sept
Feb
Sept
Sept
Sept
Jan
6* Sept
3* Jan
30* Nov
9* Jan
25* Nov
88
Sept
8
Sept
43* Sept
60
Dec
3* Aug
Aug
9
Sept
25
New York Stock Record—Continued—Page 3
3314
AND
Wednesday
Thursday
Friday
May 23
May 24
% per share
$ per share
Shares
May 18
May 20
May 21
$ per share
$ per share
3 per share
I per share
21%
2
20%
23g
3%
22
22
106
106
57
22%
*106
56%
68%
23
107
105
106
67
53
57
21
21
18%
16%
16'4
1%
5%
9%
5%
9%
5%
10
16
15%
*30
*43
10
45
43
Boeing Airplane Co
99
99
99
56«4
52
52%
19
4,600
240
100
20
1834
19
19
19%
19%
1734
18%
18%
18
188u
16%
1%
13%
1434
17%
13%
*1%
1478
1%
14
15
*1
29%
26
27%
27%
1%
27«4
8
2734
' 5
9%
1478
13%
1%
5%
9%
4®4
8
1%
27
4%
4%
5%
8
8%
17%
32%
13%
15%
13%
14%
1378
28
31
27
28
29
40
39
39%
38
8%
29
39
434
39
*28
2,100
15,200
25,900
1,000
2,200
8,400
21,700
4%
884
14%
33,600
30
38%
700
38%
284
18%
18%
1,300
10,500
2,300
46,300
2%
2%
2%
2%
278
2%
2%
2%
2%
2%
*1734
17%
1734
1778
18
17%
17%
17%
18
17%
16%
1784
17%
17%
19%
18
15%
18%
18%
19%
18%
*100
*100
112
109
111
108% *100
*104% 108
*104% 108% *100
*58%
59
58%
58%
57%
58
58
56% 57
58%
57%
58%
2h
17%
*29%
17%
30
30
16%
7%
17
8
102%
100
7%
100
3%
3%
29%
3%
27
3%
16%
16
157«
14%
26%
4
4
26%
21
22
14%
15
21%
14%
478
19
8%
2%
*7%
5
*18%
2%
7%
2%
7%
2%
7%
*46
53
51
1434
3%
378
28%
*50
14%
14%
37%
3%
*
3%
34
*32%
*3%
*39%
84%
26%
2%
*3
40
84%
27
2%
49%
32
39%
2%
7%
2%
6
6
7
434
4%
484
4%
4%
18
18%
2%
7
41%
934
15%
53%
1%
*47
1
4%
*
23s
6%
40%
10
15
*47
1
5
12%
12'4
123g
37% *—
2%
2«4
32
31%
3%
4%
2%
31
*3%
'
45%
80
28
23s
49%
39
39
*
80
27
2%
49%
2%
*110
112
49
23%
25%
110% 110%
6
5%
110
43
24
*—-
*—
63
19%
25%
110% 112
6%
6%
20
1%
19%
2
178
107
6
*94
4
3
102
19
23
*13
33
;
*1
32%
*82
87%
87%
18
.33%
1634
*15
18
334
32%
30%
3%
31%
87
85
85
11%
5
31%
*84
33
*78
1%
*%
1
*%
*%
*684
4%May 21
...30
Butte Copper & Zinc
6
Byers Co (A M)
No par
Participating preferred. .100
5% conv preferred
Byron Jackson Co
No par
California Packing....No par
5% preferred
60
....1
Campbell W & C Fdy_.No par
Canada Dry Ginger Ale
6
100
25
Canada Sou Ry Co
Canadian Paclflo Ry.
Preferred
100
..100
6% prior preferred...
100
700
Chain Belt Co
100
Cham Pap & Fib Co 6% pf_100
Common
No par
1,100
Checker Cab Mfg
25,500
J Chesapeake Corp
Chesapeake & Ohio Ry
1%
1,600
7
2,400
6
No par
25
3i«
%
%
%
*%
3i«
700
*%
sie
%
3i«
*i#
*3i#
%
*%
%
%
s4
2,300
5,800
9%
9%
8,300
Chicago Pneumat Tool. No par
900
23%
47
*25%
26
*41
48
3i«
41
%
*38
%
9%
27%
*25
27%
48
*41
*%
%
*%
%
*%6
%
*%«
%
S18
e18
*618
47
*%;
*%
*8%
10%
3%
*25%
61%
3g
%
9%
10%
3%
30
64%
7%
10%
%
11%
10%
92%
8%
10%
3%
30
62%
10%
92%
292
45
45
*45
8%
3%
*2514
59%
2%
26
*
2%
26%
63
*109
115
29
74
*
45
24
*—.
115
32
45
32
108
26
*
80
"26%
29
31
140
135
135
109% 111
109
111
*135
*68%
1138
60
12
58%
11%
91%
2%
109
24
*131
63
*108
108
91%
*
22
22% 221% 23
110% 110% 2109% 110
1678 17%
17%
18%
47
100
103
101
102
58
*57
58
57%
57%
56
57
10%
11%
11%
11
11%
11%
11%
23,600
16%
21
109%
18%
18%
8,700
109
.
12%
16
1034
17%
109
20
109
13%
14%
2
2
2%
2
10134 105
I8S4
108
21
10884
13%
*134
14%
2%
2%
2%
2
2
2
13%
4,700
3*100
75,100
Columbia Gas & Elec. .No par
Xl6%
17%
16%
17
17
17%
4%
17%
5
16
17%
478
16
16%
*16
16%
16
80
80
76
78
*72
78
81%
7034
7284
77%
*55
4%
15%
33%
3%
4%
*15%
31%
100
4%
17
33%
100
38% 38%
*97% 106%
8%
9%
%
1
50
50%
27
27%
*
1 iv
4%
15
32
100
38
100
15
28
100
38%
33
*97% 106%
8%
9%
97
»16
60
27%
8
13i«
1
51%
28%
4%
15
30%
100
36%
98%
884
«u
42
47
26
27
3%
*1434
28%
100
—
30%
100
3
*2
4%
76%
70
7384
4
15
30
15
31%
100
36
37
*94
98»4
50
73
1,400
4%
5,000
1434
31
500
13,200
600
100
9,600
2.50
6% preferred series A...100
5% preferred
Columbian Carbon
v t c
100
No par
Columbia Pict v t c
No par
52.75 conv preferred.No par
Commercial Credit
....10
4H% conv preferred.
100
Comm'l Invest Trust—No par
$4.25 conv pf ser '35.No par
361*
99%
99%
800
834
8%
8%
ui#
45%
27%
59,400
Commercial Solvents..No
71,200
4 700
Commonw'lth & Sou—No par
$6 preferred series...No par
64,200
Commonwealth Edison Co—25
834
6884
8%
%
%
46%
27%
l,u
%
45%
26%
47
2784
t In receivership,
-
700
70
72
3%
1484
29%
Class B
35%
99%
8%
4584
26%
4%
73
73
*90
100
36%
4%
*55
*55
x71%
3%
35
Bid and asked prices; no sales on this day.
—
378
16%
100
17
16%
18
76%
No par
5% conv preferred
Colo Fuel A Iron Corp. No par
Colorado A Southern
100
4% 1st preferred..
100
4% 2d preferred
..100
Columb Br'd Sys Inc cl A.2.50
16
73
par
140
17
72
Collins Sc. Aikman
600
7,200
14
No par
Colgate-Palmolive-Peet No
150
16
73
Class A
800
720
18
*79%
duett Peabody <fe Co..No par
Preferred
100
Coca-Cola Co (The).—No par
3%
17
4%
—
23s
2%
*2%
434
75«4
70%
5
No par
9
134
2%
3%
18%
4%
Chrysler Corp
9
2%
2%
*2%
4%
25
2%
*1%
134
23g
3%
6,900
108% 109%
3%
18%
*72%
100
57
2%
79%
78
18,500
132
2
79
11*566
131
2%
79
10
26% 26%
26
28
293s
3034
137%
137% *131
2
5
2,400
80
*2%
4%
*77%
*72%
""120
28%
99% 108
58%
12%
Chile Copper Co
6*j% preferred
100
City Investing Co
100
City Stores
5
Clark Equipment
No par
CCC & St Louis Ry 5% pf .100
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1
Clev A Pitts RR Co 7% gtd-60
Special gtd 4% stock
50
Climax Molybdenum..No par
130
136
*131
.—100
1,580
1,900
3,000
2%
112
*
6% preferred
Chicago Yellow Cab...No par
Chlckasha Cotton Oil
10
Childs Co
No par
City Ice & Fuel
63
2734
—100
3,100
25
25
*
47
25*4
27%
82,000
92
*2%
31
80
160
60%
10%
*108
108
29
2684
29%
27
10%
*
63
*72%
47
25%
600
30
578s
26%
30
*
2734
28
25%
9%
3%
2%
80
*
47
5,000
11,800
9
*8
7% preferred
300
*45%
*—
109
30
29%
9%
3%
*%
3g
1111
%
44
26»4
a
-
Def. delivery.
21
21
20
22
May 21
11
3% May 22
6%May
% Feb
% Feb
%May
%May
8%.Aay
23%May
tChlc Rock Isl & Pacific.—100
200
45
2
2%
25%
*--__
63
100
700
%
%
92
*45
23s
26%
80
25%
25%
29%
30
28%
10%
..100
%
*24
2%
*24%
56%
10%
59%
10%
92%
2%
%
45
59%
11
92%
56%
10%
92%
,
Preferred
S3 conv preferred...No par
Pr pf (S2.50) cum dlv No par
884
9%
3%
29
59%
10%
92%
9%
25
*—
~27% 29*"
3
25
54
>
*%
*8%
%
8
2%
3%
*%
9%
25%
25%
2%
26%
63
*
38
77g
9%
10
2%
92%
*109
30%
74
2%
26%
%
8%
9
tChicago & North West'n.100
700
*%
%
10%
Chicago Mall Order Co
6
tChlc Mil St P & Pac..No par
15 preferred
..100
*%
25%
*41
41
%
15%May
16%May
100%May
17%May
78May 15»i«May 14
3u
%
May 22
30%May 21
85 May 22
3i«
*41
58%May 23
100
Preferred series A
3i«
%
105%May 22
5
May 21
ICblc & East 111 Ry 6% pf. 100
tChlc Great West 4% pf..l00
200
600
No par
*%
26
May 21
20
n
New stock,
■—
.
1
r
Cash sale.
par
*
21
28
28
13
21
15
21
Jan
53
Aug
2
Jan
11
13% Dec
15% Dec
Nov
7% Apr
27
Apr
39
Nov
50
13% Apr
31% Jan
9% Apr
41
7
Apr
94%
Apr
4
Apr
29% Apr
3
Apr
50%
Dec
Dec
30% Aug
Sept
25% Nov
13% Jan
106% Aug
8
Jan
55%
Jan
6% Nov
30
Jan
34% Mar
20% Dec
18% Jan
7% Sept
20
Sept
6% Mar
578 Apr
I87g Apr
23% Mar
2% June
6% Sept
7
Ap»
9%
Jan
16% Nov
84% Nov
25%
11%
13%
48%
%
Feb
3% Sept
478 Aug
1058 Sept
17% Jan
20% Jan
9%
12
Apr
Aug
17%
Apr
30
Sept
Mar
53
July
Apr
Apr
36% Dec
47
Jan
June
6%
Jan
Apr
5
77
3284May
9
33
Sept
4
Sept
94% Mar
Apr
45
May
PO
Apr
3
1378 Apr
2% July
Jan
4
63% Aug
118»4 Jan
5
3% Jan
75
66% Jan 4
35% Apr 29
119
Apr
8
12% Feb 15
72
May
1
26% Apr 22
3
9
5
1184May 10
93% Jan 31
22%May 24
3%May 22
Preferred
Cerro de Pasco Copper.No par
Certaln-teed Products
1
%
%
45
42%May 15
Jan
4
1
6
6
%
%
May 22
109
Feb
3% Sept
2912 Sept
4% May
35
July
6
3
100
3i#
26
May 24
2
3
Apr 17
May 21
par
%
*41
40
5
3
Century Ribbon Mllls.No
*3l«
9
23% Apr
Mar
May 21
6%
%
1134May 21
36
4
6%
9%
28
May 21
7%
15%
31%
41% Apr
1% Apr
178 Feb 21
8% Feb 21
19% Apr 18
1
Central Vloleta Sugar Co
678
»i»
May 21
4%May 21
11
578 Apr
6%
%
8%
2
3% Jan
114% Mar
7%
%
Jan
l%May 15
May 18
6%
3ie
May 21
39%May 23
7%
10
14
51
100
7%
3i6
May 21
22%May 21
10
Carolina Clinch & Ohio Ry 100
77«
%
%
8%
May 22
9
6
1
No par
1
%
58
39
6% Mar
40% Jan
1
11%
26%
2%May 24
6%May 22
7% Jan 4
23% Apr 3
4% Jan 3
1334 Jan 3
81% Jan 3
15% Jan 4
26% Feb 9
52% Mar 13
2%May 22
31
May 22
3%May 23
38%May 22
79 May 24
1
%
%
May 21
18
3
5% Apr 22
13% Apr 22
4% Sept
Oct
34%
Aug
Apr
10
....
7
63% Dec
41
31
June
May 21
5%May 21
Mar
2%May 18
1
Apr
Apr
1
2
107
10,600
7% Aug
16%
11
Jan 19
7 % pf-100
2,000
1438
3%
3334
Jan
1% Apr
19% Apr
5% Sept
12% Jan
1
Bush Terminal
Bush Term Bldg dep
Butler Bros
1
9%
26%
6% Feb 17
33% Apr 29
32
33
1
%
6
Dec
Aug
Apr
21% Jan 10
1
31«
5
24
22
12%May 22
7%May 22
1
9%
6% Jan
4434 Jan
Jan
Jan
17%May 21
1
31«
3%May 22
7
Jan
No par
1%
*%
May 21
May
Jan
28% Jan
121% Dec
12%
16%
1834
Burlington Mills Corp
1
Burroughs Add Mach..No par
1%
7%
%
9
21
111
f Central RR of New Jersey 100
87
*82
87
1
%
14»4May 21
6%May 23
98%May 23
3
May 23
34%
51
Bulova Watch..
3,610
18
*312
31%
May 21
Central 111 Lt4^% pref.. 100
12,200
20
*12
13%May 21
27
18
13,700
100% 100%
33s
63% Apr
100% Sept
16% Aug
21% Apr
11% Apr
10
94
*19
107%May
Central Agulrre Absoc. No par
Central Foundry Co
1
300
23%
4%
17%
*15
3
Jan 15
6,500
4
94
17
25% Jan 4
37% Apr 30
29% Apr 8
10% Feb 9
334 Apr
19% Apr
24% Apr
110
2%
5%
22%
4%
6
11
8
6
6
8
1,600
1%
108
*2%
11
33s
1%
f08
18
11
12
3%
18%
5334 Apr
Jan
20
880
12,400
1
49
Caterpillar Tractor....No par
Celanese Corp of Amer.No par
7 % prior preferred
100
Celotex Corp
No par
5% preferred
..100
12,700
37,000
39% Feb
48
1,700
8,900
44
5
Mar 15
7
1334 Apr 29
2334 Apr 8
Sept
20
50
*3%
*14
12
*81
92
109
1% Jan
8
16
No par
Carpenter Steel Co
Carriers & General Corp
Case (J I) Co
*105
May 23
38
37%May
16% Aug
No par
1
70
May 21
8
29%May 1
123% Jan 3
70% Mar 20
29% Apr 25
24% Mar 27
2578 Jan 3
234 Jan 4
Bullard Co.
Capital Admin class A
$3 preferred A
180
4%May 23
13%May 22
27 May 22
28% Apr 15
4% May 10
Budd Wheel
Cannon Mills..
2
100% 100% *100% 102
19
19
17%
19
18%
100
No par
100
700
43
18
16
4
334
5
Bucyrus-Erie Co
7% preferred
17%May 23
12%May 21
1
May 18
26 May 22
13% Jan 30
Brooklyn Union Gas...No par
Brown Shoe Co
No par
Bruns-Balke-Collendet.No par
7% preferred
May 22
12% Jan 30
S6 preferred series A .No par
Ctfs of deposit
No par
Budd (E G) Mfg
19
par
300
2
25
4%
19
par
51%May22
par
Bklyn-Manh Transit. .No
31
4%
*41
102
2334
5
33"900
2,500
2,900
4,200
4
par
2%
79
5%
*94
24%
*3%
30%
4
*1 ,r,' " 2
1%
5
*3%
11
14
*3%
5%
3%
13%
37%
2%
*30%
*3%
*38%
-
par
par
Calumet Sc Hecla Cong Cop..6
25%
178
112%
2%
3
Brewing Corp of America
Bridgeport Brass Co ...No
Brlggs Manufacturing.No
Brlggs & Stratton
No
Bristol-Myers Co.
Brooklyn «fc Queens Tr.No
$6 pref ctfs of dep..-No
Callahan Zinc Lead
79
23
16%
18%
*101
102
100% 102
*22
1%
Bower Roller Bearing Co
13",600
45%
22%
23%
109% 112
107% 107%
53s
6
6%
5%
*
58%
68%
58%
2%
Boston <fc Maine RR
25,200
7,400
19,400
25%
22
15%
12%
*
18
6
100
5
5%
12
25%
2%
43
20
18%
3%
5,300
21%
*107
102
15%
15
,
1%
1
4%
3%
38%
2,100
52
1134
32
780
10
15%
45%
4%
*94
7,500
10
21
134
4%
7
41%
5%
2634
4
24
*18%
4
32
102
*94
28%
4%
20%
44
2%
*3
2%
7
2%
12%
1334
109
18
108
2%
3%
4
19%
18%
103
22
14
18%
100%
21%
*12%
*3%
4
4%
27
4
17%
107
2%
6%
2%
18
1%
2
6%
28%
59%
109
2%
*94
102
27
134
*
5%
18
*3%
3%
5
18
3%
6%
39%
4484
2078
23%
105% 106
*
63
*17
19%
109
3
3
6%
3%
*
62
43%
43%
111%
5%
5
2%
*
107
2%
109
23%
1,700
8,900
82
*79
109% *105
109
44%
23%
20
38%
82
23%
2%
22%
2%
40%
47%
110
47
112
46%
38%
*79
.
25%
2%
40
46%
*110
38%
82
"22%
6,700
18
*47
37%
3
740
41%
2%
7%
4384
10%
15%
1%
4%
11
12
*
18
18%
52
11
334
5,400
8,100
11,400
12,800
7
9%
32
334
7%
238
6%
3%
2%
34
4%
39%
4%
1134
8
2%
1%
*
13%
7%
2%
6
14
5%
13%
14
37%
11
19%
13
2%
39
53%
1,680
14,400
9,700
334
4%
15
25,500
26%
19
(The)
Borg-Warner Corp....
220
3%
23
7%
10
4%
2434
8,200
12,900
100
3%
22%
3%
25%
24
384
2784
20%
13%
8%
5%
234
1
1%
6%
700
1
Borden Co
3*900
7,800
No par
No par
Class B_
Bond Stores Inc
"
1484
27%
I684
6%
2%
7%
48
14
5%
14%
*32
18
9
54
1%
3%
18%
*47
5%
13%
15
13
46
1%
37%
19
13%
2%
6%
3
8
50
5%
13%
3
1878
12%
4%
1%
14%
18
18
5%
12%
*
20
14%
8%
2%
7%
4%
5%
17%
54
2584
16
100
99
3%
3
22%
*3%
4
13
10%
*50
98%
3%
17%
19
16
99
3%
26
3%
8
17
7
23
2
17
17
23%
3%
27%
9
10%
143g
27%
21%
3%
3%
8%
10%
1534
2778
1784
7
99
3%
26
21
27%
21%
14%
10
14%
2778
15%
6%
6%
99
99
100
15%
28
15
16%
734
6%
5
8%
27«
7%
5
19%
7%
18
8%
4%
25%. 26%
8%
2%
35
14%
28
15
29%
13%
27
1984May 22
99
May 23
"ieMay 21
Bon Ami class A
350
May 24
16
Hioheet
$ per thare % per share
S per thare
% per mare
6
-
Bights
Lowest
Hioheet
5
Bonn Aluminum <fc Brass
20%
*52%
43
15%
*31%
33
16% 106,500
217,100
19
19%
17%
13*
29%
5%
1%
29%
29%
51«4
r%i
Year 1939
100-Share Lou
w
Par
213g
203s
100%
52%
1934
100
16
18%
1
21
7%
12%
1%
19%
16%
;
16%
18%
1%
21
27
21
18%
1
»ie
22
18%
15%
17%
1%
»!•
20
21
29
19%
16%
22%
2%
19%
On Baste of
Week
May 22
.
EXCHANGE
Tuesday
Monday
Ranye for Previous
Ranye Since Jan. 1
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SALE PRICES-PER SHARE,
HIGH
Sales
for
LOW
Saturday
Mar
7
Apr 16
41% Jan 10
8% Feb 15
36% Feb 15
21%May 8
110
Apr
38% Apr
13% Apr
84
Apr
778 Aug
68
Oct
18%
2%
103%
3%
Apr
June
3%
Apr
3%
Apr
Sept
*43
Sept
85% July
122%
64%
30%
10978
19%
72%
Mar
Sept
Dec
Aug
Jan
Mar
30% Sept
5% Jan
113% Aug
12% Sept
14% Sept
6%
Oct
85% June
Sept
;
32
527§
Jan
:
13
Jan
47%
Jan
June
5% Aug
22
Sept
18
9
Sept
22% Sept
Apr
98
17
May
8
96
30% Apr 18
29% Mar 23
478 Apr 3
423s Jan 8
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
% Jan 5
*4 Jan 5
% Jan 3
1% Jan 5
1434 Jan 8
3578 Jan 8
106
Apr
Sept
41% Sept
,
6%
105
Dec
Aug
30
Jan
Apr
21% Oct
29% Sept
x3% Dec
27
Apr
85% Oct
1% Sept
1% Aug
47%i|Sept
95%June
4
Sept
4% Sept
14
Oct
9%
Apr
%
Apr
78 Sept
% June
1% Sept
1% Sept
%
Dec
30% Aug
3% Sept
20% Jan
39% Sept
44
60% Nov
10
% Dec
Apr
Mar
2
% Jan
9
% June
78 sept
8
«4 Apr
%May 21
7%May21
% Jan
3
3
28
15
25
% Aug
% Aug
1% Jan
1% Sept
958 Mar
15% Sept
13% Jan
May 22
41
50
%May 20
»isMay
9
May 21
2%May 21
24%May 14
54
May 21
10%May 21
11% Mar
16% Apr
6% Mar
33% Apr 3
91% Apr 8
14% Jan 26
May 14
98
45
May 18
z60
2
May 15
May 21
90
24
65
108
Mar
6
May 21
Feb
6
Jan 80
4% Apr 26
40% Apr 18
65
Mar
6
114% Jan 10
43% Mar 8
Aug
7% Apr
10
Apr
4% Dec
25
Apr
9
Apr
Sept
94% Oct
1478 May
79
Jan
97% June
Apr
Oct
Oct
68
Feb
69
Feb
1067S sept
115
20%
May 21
May 16
80
Mar 28
69
Apr
Sept
46%May 16
25%May 22
25%May 21
131 May 22
99%May 21
48
Mar 26
42
Jan
1
4
34% June
21% Apr
Dec
Mar
133
Mar 30
105
Sept
Feb 27
58
Jan
Feb 21
11% Apr
May 17
May 22
16
May 21
16
May 21
4%May 22
73 May 21
70'4May 21
x71%May 23
3%May 21
1434May 24
28 May 21
99
May 15
33
May 21
97%May 21
8 May 21
34May 22
42 May 21
26 May 21
Ex-dlv.
y
Jan
38
135
20
2
60%
Sept
63
2
45% May
125
131
16%May 21
May 23
l2%May 21
184May 15
Oct
Mar
Feb 14
May 24
108
Feb
39
78
142
10%May 21
66
Mar
4%
34%
74
45% Apr
58
46% Sept
2% Apr
15
Apr
26
41% Apr
41
63%
35% Apr 8
112% Feb 10
24
May 10
484 Apr
534 Apr
5
Apr
4
4
4
26% Mar 12
26% Mar 12
7% Apr 8
93% Apr 8
Jan 26
79
98% Apr 4
8% Mar 15
23% Jan 29
48
3
20%
100
11%
2%
3%
3%
Apr
Apr
Apr
14
Aug
Sept
Aug
Apr
14
Apr
5%
74%
62%
73
6%
91
'
Mar
83
Feb
96
Oct
Dec
15% Jan
30% Mar
15% Dec
38%
98%
4
8
8
45% Jan
x25% Apr
Ex-rights.
9% sept
8% Sept
25% Dec
25% Dec
Jan
5
Apr
8% Sept
Apr
6
73% Jan
Oct
111% Dec
247s Sept
Feb
Mar
33
37%
Dec
9
16% Apr
l% Apr
113
18
Apr
Jan
Apr
Oct
Apr
103% Sept
8% Aug
Jan
108% Feb 21
66
Apr 8
Jan
62% Dec
42
1% Dec
57
Jan
109% Aug
60
Jan
110% June
16
Sept
2% Feb
72% Aug
32% Dec
5 Called for redemption.
'»
Volume
LOW
New York Stock
150
AND
HIGH
SALE PRICES—PER
SHARE,
Record—Continued—Page
4
3315
Monday
Wednesday
May 20
$ per share
Tuesday
May 21
$ per share
3
3%
14
16i4
*9
9i2
*6i2
2484
*3
15%
*6%
20
8%
25%
8l2
*75
*82
85
584
*75
84
82X2
6U
*6X2
19%
82X2
03s
1034
13
8
15%
15X2
11
6%
22
8%
82
82
4%
1%
2%
2ig
11%
9018
12%
lix4
96%
13%
8*s
834
a4
82
73
80
80
*%
5%
6
6
2%
6
1%
2's
•24%
2%
1%
2%
12
10X8
11%
101g
7i8
%
*74I2
33%
7X2
80
.35%
110
110%
4%
5%
28i2 30%
278
95
*95
*<
80
35
34
110
*100
76
*101
5X8
5
30
278
16%
19
18%
16%
21
18%
17i8
18%
17%
28
3
3,400
2%
578
*1%
2%
6I4
1%
2%
12
7%
7%
1J16
8
1!16
%
35
35%
36
109
*101
5l2
28l2
3%
19%
5X4
28%
3
53%
47
52i2
49
49
51
48%
45
46
42%
44
42X2
43
42X2
60X4
43%
44X2
45
49
48l4
45
48
45X4
46%
45
169x8 *155
169I8 *159
169i8
5%
4X8
4%
414
4%
*159
*150
484
1
15%
89%
25l2
4%
2412
2512
4
23
*
*87
4
14%
80
8212
31%
7234
2i8
514
2912
7234
2%
4i2
70
1034
%
17
14
80
85
85
*80
87
26%
378
*25%
26%
4%
2278
19%
*
40
12
14%
20%
*
40
*28
37
12%
13%
21
22
*29%
*77
12%
80
75
75
78
80
80
27%
25
28%
25%
27
19.300
68
68
64
68
68
68
1.500
68
70
11%
2
3%
60
*1%
2
3%
67
*1%
41g
4%
60
60
11%
10
11
10
21
22
20%
21
2%
37X2
2
61
10
24X2
97g
2
1%
1%
484!
4%
4X2
10
10
10
21
*20
22
600
72
26
9%
2478
8%
21%
23%
90
*80
90
80
80
*75
80
*50
70
*50
70
*50
70
*50
70
*50
67%
9I2
I8I4
33
10-%
2
2%
34
8
21%
2%
33
2%
10l8
11
3%
*">•
12
10334 107
13
1314
3012
14
12%
13X2
28
2978
36
32
35
34
6%
14%
12%
13%
6
6
1434
14%
.
114
64
*978
.11%
34
18
17%
18%
14
12%
13
12%
83
87
11%
71%
152% 155
19%
*9%
141
*101% 170
20%
28
12
118% 118%
115% 115%
30%
32X2
%
%
3%
4
13£
139
*16ix2 169X2
28
20
28%
2884
13
*u
*80
314
0%
31
%
%
13%
1812
21
15%
19
2812
28l2
26
31%
43
39%
106
4,500
12
74
79
11%
73%
*9X2
18
177g
5i8
5%
10%
*9x2
22,900
2,600
29%
7X15#
129
130
3,800
8,800
160
140
3%
11
12%
26%
11%
23X2
*11%
%
%«
? 27
1134
12
314
19X2
%
3%
21%
19%
17%
26
27%
%
28
28%
24X2
12%
10,500
1,500
%#
28
2,600
19,200
45,500
2,000
35,400
12%
*18
3i2
20X2
18%
27%
17
18
25%
26
%
*%
♦8g
35
3%
34
*67
*73
90
*74
90
1
1%
*%
»
1%
1%
%
80
3%
3I2
6%
6%
32%
30
f: 34
478
32
20i2
20
1178
12
*16
4X2
32X2
35
20%
12%
94X2
95
*17
♦16%
17%
234
%
17
17
17
*82
87
*82
87
94X2
20
2%
3
%
*11%
29X2
14%
"3"
5
1
1%
80"
*%
11%
92
92
17
30%
17i2
%
2%
%
%
16%
*82
10
27%
*10i8
72
*75
*34
1
*1
1%
3
3
4
4%
32
18
11%
31X2
18%
%
4i8
33
%•
15%
10X2
27i2
*10%
11
90
90
18
84%
*14
2%
17i2
278
%
h
lk
1,
No par
3,400
4,200
preferred
54.60
preferred
%
3
"2,600
17,600
%
400
18Xg
11%
>
378
32
19
11%
90
*15%
*2%
*l2
No par
Rights—
Eastern Rolling Mills
5
Eastman Kodak (N J).N# par
0% cum preferred
Eaton Manufacturing Co
Eltlngon Schlld
Electric Auto-Lite (The)
Electric Boat
Electric Power A Light. No par
57
preferred
No par
56 preferred....
No par
Elec Storage Battery..No par
Elk Horn Coal Corp...No par
El Paso Natural Gas
...3
%
16%
*82
86
10
28%'
29
23
23
28%
*1018
107g
28%
23
Corp
55 conv preferred
60
100
1
No par
...No par
5534 preferred
56 preferred
Equitable Olflce BIdg
No par
No par
{Erie Railroad
100
4% 1st preferred...—.100
4% 2d preferred....... 100
5 per share
2%May 22
May 18
Eureka Vacuum Cleaner....6
Evans Products Co.——5
Ex-Cell-O Corp
3
Exchange Buffet Corp. No par
Fairbanks Co 8% pref
100
Fajardo Bug Co of Pr Rico..20
56
preferred
Federal Mln A Smelt Co.
2
Jan 15
578 Jan 13
r
Cash sale,
x
Jan
92
73
Apr
85
Feb
79i2 Apr
7ig Nov
91
11
Aug
Sept
35
Mar
7%May 21
%May 16
73 May 21
33 May 21
110 May 21
4%May 21
28 May 23
2
May 15
l6%May 21
l8X2May 21
15% Mar 16
47 May 21
42i2May 22
44%May 21
168 May 14
4
May 21
78 Jan 10
l3%May 21
80 May 22
25%May 21
3%May 22
l8X2May 21
37
Apr
3278 Apr 5
110% Mar 25
5
10i2 Apr
4
4% Apr
4
8% Apr
9
3
012 Aug
4i2 Apr 29
18x2 Mar 2
1% Apr
8I4 Aug
88
Sept
9i8 June
2%
Jan
104
Feb
15% Jan 10
4914
116%
914
4078
4%
25
Apr 9
Jan 26
Apr 9
Mar
Feb
64
22
21
21
21
33
21
21
23
22
l%May
3%May
60 May
978May
20%May
2
May 17
3l%May 24
7%May 15
21l4May 21
80
May 22
Jan 12
53
14%May 15
3
May 21
l3%May 22
3%May 22
107% May 23
l3%May 22
22
May 22
H78May 22
8%May 21
2i2May 21
14 Apr
98l2May 22
12l2May 21
2578May 22
32 May 21
4%May 15
12i2May 21
56% May 24
9%May 15
30i2May 22
14 May 21
ll%May 22
71%May 21
140 May 22
14% Jan 12
Apr
2
Jan
100
Mar
Sept
197g Aug
10% Apr
31i2 Jan
32% Sept
1%
49
65ig Jan
Jan
647g
Apr
Sept
3
Sept
% Sept
16
Sept
150
May
7i2 Apr
ix2 Apr
2414 Jan
Jan
93
Apr
26% Jan
67g Aug
20% Apr
32% Feb
7% Jan
38 78 Apr
Feb 20
33
Sept
28
Apr
9
4
4
Apr
75
Apr
43%May 10
24X2
95
02
Apr 25
4X4 Jan
Apr
June
48
Apr
Aug
9
Aug
26
Dec
29% Feb 24
4X2 Jan 4
61
38
3i2 Sept
4
11% Mar
32% Mar 14
Mar 29
60
May 10
22% Apr 30
5% Mar
17
Apr 27
8% Apr 4
113% Apr 12
2378 Apr 9
„
Apr
414 Aug
1914 Apr
7314 Apr
45
Jan
13%
3I2
14x4
4%
103
Apr
Aug
Sept
Apr
Sept
15*4 Apr
Sept
93
Sept
Sept
19i2
28%
7'8
03i2
13%
Deo
Sept
Sept
Nov
32i2 Nov
91
Nov
55x2 June
25
Sept
7
June
17i2 Mar
10% Sept
112% Deo
25l2 Oct
18i2 Deo
Jan
12518 Jan
23x4 Jan 10
36% Apr 10
43% Feb 3
lOig Feb 21
20
Jan
8
85% Apr
14% Apr
5
9
II3 Jan
125i2 Oct
32% Jan
34i2 July
Apr
Sept
Apr
30% Sept
5% Aug
13% Sept
60
Sept
18
28
9*4 May
30
24% Apr 23
237g Man 10
10
20>4 Sept
9478May 10
55
171
Mar
Apr
Aug
10
Apr
Apr
Apr
114
120
4
Apr
9
13% Jan 18
Jan 17
Mar
118%
Jan 19
26% Jan 22
44i2May
22
15
21
23
22
21
28
21
lO%May 21
x2May 22
2
8
112
Sept
111% Sept
1214
Oct
87g Sept
Feb 29
38
27i2 July
Dec
108
y
Jan
8i2 Sept
13
Sept
120%
Ex-dlv.
Dec
52% Sept
28
Apr
8
21
15
20
22
21
21
23
23
94
96
Apr
18914 Apr
5 May
20i2 Jan
•i«May
378May
30%May
17i2May
11 May
90 May
17i2May
2%May
7uMay
37X2 Mar
17% Deo
Aug
120
"3" "May 15
41i2
40%
Apr
Jan
Feb
12%
3%
%
103
l2l2May 13
May 15
148X2May 22
l%May 14
%May 15
13
11 <4
Apr
4
Jan
32X2 Aug
Jan
Jan
Dec
Mar
Jan
110
23
Mar
38May 15
58May 15
38
Apr
6
84
Deo
2ig July
19%
23%
578
%
6
24%May24
%May 22
26 May 21
35 May 22
102 May 22
5%May 21
68
May 23
68 May 23
! Aug
5
28i8May
101i2
3 May 15
l8i2May 21
15%May 21
6ix2 Sept
07i2 Sept
177
27g Aug
3
878May 10
91% Feb 24
17
Apr 22
Apr 24
%jMay
3 May
125 May
159 May
22
May
11
May
% Mar
25 May
May
10% Jan
4078 Deo
5i2 Nov
Mar 30
May 22
110
Apr
10
112i2May 22
51% Sept
Apr
Apr
30
114
22ig Mar
5
May 21
5
Sept
Sept
29ig
179
92
9
1017g Deo
17% Dec
Dec
1100
70 May
6ix2 Jan
May
5% Sept
34
1
Jan
45
July
lix2
Apr
25%May
105
108X2 Aug
2ig Jan
12i8 Mar
778 Mar
978 Sept
x87i2 Sept
32i2 Apr
33
4314 Apr
21%May
95%May
May
May
May
May
7
1% Apr 4
97x2 Jan 10
2
12
1
19i2 Apr 24
9
75
27
Apr
101% Jan
% Dec
7% Sept
3% Dec
li8 Jan
Jan
25
8
Apr 9
Apr 5
978 Feb 21
37X2 Jan
27X2May 21
14% May 20
New stock,
8
Feb
95
May 21
4%May 21
23 May 21
97%May 21
%May 17
5%May 22
2i4May 23
5i2May 22
l%May 15
2%May21
8%May 22
93% May 22
97gMay 21
Ferro Enamel oorp
Fidel Phen Fire Ins N Y.52.50
n
32% Nov
9% Oct
8%
80
Filene's (Wm) Sons Co. No par
Def. delivery,
Sept
30% Jan
97s Deo
16
20
1,500
Apr
4% Apr
15i2 Aug
5% Apr
4
Apr
5
31% Apr 15
4,000
4)4% preferred...
share
per
5
19
7% Jan 29
77 May 24
100
1
Federal Water Serv A .No par
Federated Dept Stores .No par
100
9i2 Apr
Highest
share I
per
l9%May 21
17
15
22
l5%May 22
84i4May 22
10 May 21
Federal Motor Truck—Ns par
!
6x4 Jan 3
2438 Feb 17
13% Feb 29
14
8
Lowest
Apr
4478 July
10i2 Nov
20i2 Mar
90
July
13x2 Nov
35X4 Jan
22x4 Jan
34
July
87% Nov
144% Dec
17% Deo
19x4 Jan
14
June
110% Nov
188i2 Sept
124% Aug
118i2 Feb
317g Dec
tgMay
6% Jan
166% Jan
178
37
3% July
Apr
8% Sept
138ig Apr
155X* Sept
Jan
186>g Jan
183x2 Feb
307g Oct
1514
Apr
17Xg Jan
114 Jan
15i2 Sept
41%
18%
1*4
8x4
36%
31%
2214 Apr
8i2 Apr
lig Sept
6I4 Apr
20i2 Apr
18% Apr
23i2 Apr
% Apr
1
Apr 10
Apr 20
Jan 4
Jan 8
JaD
Jan
8
8
33%May
2
1% Jan 10
417g Jan
3
46
Apr 13
112
Mar 19
12% Jan
83
8
Jan
Aug
28
Jan
32X4 Aug
xl03ig Mar
7
Apr
Apr
Apr
Apr
89
Jan
62i£
65%
97
Jan
69
7a Jan
% Aug
1% Apr
Feb
1
11% Apr 25
34%May 10
1
Jan
3
8% Mar 11
49x4 Apr 8
3H2 Apr 18
187g Apr 3
102
3% Mar
12% Jan
41i2 Jan
38
Feb
35
Sept
3i2 Sept
42% Nov
55
Sept
111
Jan
137g Aug
80% June
89
Aug
95
Aug
Aug
17g Sept
1% Apr
0514 Sept
3% Jan
5
1978 July
3% Jan
40% Oct
18% Nov
17g Sept
3
Sept
66X4 Sept
1
1% Jan
60
Federal Light A Traction...15
100
*15%
3
Eleo & Mua Ind Am shares...
1,500
6,000
1,400
1,200
16
5
Fairbanks Morse A Co. No par
3
11
4
No par
7,600
6,000
17
80
a
850
100
2
Edison Bros Stores Inc
50
11
J In receivership,
9,600
100
20
Duquesne Light 6% 1st pf.100
Eastern Airlines Ino
...1
Erie A Pitts RR Co
5%
28X2
16
28
' *10%
8%
Du P de Nem (E I) & Co
200
"2,500
300
*82
16%
84%
IOJI4
No par
..1
300
5%
27X2
*x2
37g
31%
19X2
11%
2I2
x2
21,400
3
93
2%
900
80
29%
17%
11%
*15
1%
*34
1
5i8
27%
*%
31%
*
*%
80
%
6,500
3,000
87
3
Bid and aaked prices; no sales on this day.
-=
*68
%«
5%
29
v
5
26%
*%
378
17
10%
29
73
85
80
87
23
1
*%
%
4X4
33
20
11%
4
2%
11%
30
14%
Hg
30%
68
*75
%
%
1% mi
1%
lk
1
3%
6%
26X2
*15
*16
4%
17%
1134
78
Dunhlh International
5% preferred
Engineers Public Service
90
1%
No par
Dresser Mfg Co
EndlcottJohnson
75
par
Dow Chemical Co
180
*80
1
Douglas Aircraft—No
300
73
%
%
No par
2,900
*70
3
Dome Mines Ltd
29
73
H
Class A—.—..—No par
Doehler Die Casting Co No par
38
75
•
25
29
*62
5%
6% partlc preferred
*34
*67
6%
100
Devoe & Raynolds A..No par
Diamond Match
No par
29
7X2
7H2
5%
Detroit Edison
39
102
*35
9,100
5 per share
Year 1939
Highest
JDenv & R G West 6% pf.100
Xjjs 136,500
*102i2 1097g *102X2 10978
6%
578
0i4 >-;• 578
73
68
*60
67
i; 68
6%
*67%
210
30X2f 38,800
159
159
28
35
112%|
159
23X2
11%
%
26%
102
39%
106
112%
3%
378
129X2 133%
%
%
Delaware A Hudson..
100
Delaware Lack & Western..60
^""120
i*114
10
Duplan Silk
8,800
115
114
150% 155
3%
27
5%
10
14,300
41,100
7,200
8,900
Z150X2 155
114% 114% 116% 117
114
%
28
18
Dlesel-Wemmer-Gllbert
6% pref with warrants.. 100
Dixie-Vortex Co
No par
15%
5
..20
2,300
15
I6I4
No par
Preferred
Distil Corp-Seagr's Ltd.No par
100
142X2 147
Deere & Co
Diamond T Motor Car Co.—2
910
76%
142
Conv 5% preferred
Davison Chemical Co (The).l
Dayton Pow & Lt 43$ % pf.100
700
11%
140
5
25
2.000
31%
3%
21
18
78
59
Davega Stores Corp
10,500
*97g
19%
16l2
29
5%
1278
31
%
28
x*i6
26
37
11%
12%
3
1,700
14l2
12ig
%
11%
%
3%
22
2,060
*35%
5%
12%
56%
60
3
27
31%
17
13
27
%
*si#
3
*9%
3%
%
400
700
3,500
20
20,000
3,000
31
132
3
95
*
3%
128
IOI4
*%•
23
378
137
4
24X2
4%
30
58
165
161% 161% *150
23
22
26%
2478
11
11%
11%
11%
25
1O0X2
578
13%
117
78
31%
*39%
1%
7g
30
114
30
106
35
60X2
8,900
27
*111% 115
*111% 115
28%
30%
28%
30%
*11
rhts
X8
1ie
24
1
♦His
3%
125
*i«
«
80
*11%
115
27% 30
he
*ie
20
90
%
115
99l2
5X8
1278
114
25
r%
3%
70
234
♦912
114
%
3
Curtlss-Wrlght..
Class A.———.1
20
13%
13%! 1,200
9% 10
2,500
2%
2%
23,500
*%
%
400
2,400
99X2 100
10X2
99%
148% 151
31X2
14%
84
29%
13%
78
31!2
20i8
117S
12
114
2%
*72%
70
*74
15i«
28i2
13
78
78
3084
31
*39%
42
*106% 10978
0%
678
*8
6
149% 157
117
11778
*4
3%
23%
19%
9%
114
13%
®8
3%
22%
61
161%
he
31%
13
18
5
116%
12%
I4
29%
13
15
14
35
16
160
32
*U
3-%
6
17
4%
14%
*%
11%
*114
115%
*2
3%
20X2
6
16%
*3ig
*13%
9%
2%
31
16%
12%
77%
145%
17
6%
11
80
4X2
0ig
13%
*9%
151
17%
X3
60
145
70
8%
22X2
26%
30%
11%
75%
141X2
16%
*50
13
61
11
30
_.5
70
31%
9%
26%
33%
100
Cuneo Press Inc
Cushman's Sons 7% pref—100
58 preferred
No par
Cutler-Hammer Ino
No par
2%
24%
34
5%
18
114
30%
0
5%
63
1507g 159%
118i2 11812
3X4
104
33%
1234
1314
79% 8478
15U2 155
19%
20
5%
0
*912 13
29%
100
11
18
78
%
12%
60%
*9%
31
71
11
1%
6%
15%
*%#
35%
71
*
*ie
103%
Preferred
Cudahy Packing Co
80
13%
31
102
6V
14%
139
10%
3
12
36
3X4
*n
37
*33%
1178
8%
2i2
10
*75
2%
33
13%
13%
4X4
4X2
4%
4X2
107X2 107i2 *107% 111%
14%
15%
14%
15%
22X2
23%
22i2
22i2
9%
278
%
*16
98X2 100
12X2
13X2
2578
26I2
37
115
13
*30
3
*29%
12i8
12%
8%
2i2
Sugar
Curtis Pub Co (The)—No par
Preferred
No par
8Xg
22%
16
16
18%
17%
16%
3
*3%
4X4
3%
*3X8
4X2
1434
1434
14%
14!2
13%
13%
4
4%
4l2
434
434
4l2
3%
414
108
108
*106% 111% *106% llix8 *107% 11H8
10i8
17
1038
1078
13%
16%) 13% 15%
23
23
2334
23% 24
237s
22
23
14
Cuban-American
16%
878
17%
13%
10%
3ig
No par
5,900
32
1,900
8% 301,100
23
27,500
32
412
13
w w._No par
*3%
34
15
13
68
pref
Cuba RR 6% preferred... 100
260
31,300
580
3,400
25
2%
*35%
21
No par
conv
Crown Zellerbach Corp
5
55 conv preferred
No par
Crucible Steel of America.. 100
Preferred
100
320
29%
71%
2%
478
25ig
64
3
5%
No par
Crown Cork & Seal
22,800
75
25
75
*80
17%
13%
81
90
*338
15
Crosley Corp (The)
Pref ex-warrants
33
5
100
Corp (The) .2
52.25
80
*2%
conv preferred
37
73%
*80
0
5%
Cream of Wheat
40
37
14%
*22
24*8
21%
*
40
♦28%
12%
6
conv. prer. 5% series
60
Corn Exch Bank Trust Co. 20
Corn Products Refining
25
3,100
9,200
378
—1
Continental Steel Corp. No par
Copperweld Steel Co
900
40
*35
Continental Diamond Fibre. 5
Continental Insurance.—52.50
Continental Motors.
Continental Oil of Del
400
25
*4
No par
Coty Internat Corp
1
Crane Co-.——*..—25
25%
3%
21%
3%
preferred
4,500
15,100
80
4
20
Preferred———*.—100
Coty Ino———l
31%
11%
34
14x4
100
12" 100
25%
25%
2H2
2k
35l2
95s
25l2
2
4%
1
%
14
15
54.50
169%
4%
78
15%
No par
8% preferred
Continental Can Ino
8,200
5%
6.800
28%
3% 100,000
18% 22,900
3,600
21%
13,500
17%
48%
3,200
1,570
43X2
13,500
46%
78
378
18%
15%
1678
18%
*19%
20%
18%
78
14
25%
40
14%
70
*20
*70
42
*35
137s
1
15
25X2
25
24
40
7«
13%
4%
*
42
*35
4
15u
10
88l2
25X2
*159
478
lsi«
16
89%
175
4%
Class B
600
109
5U2
175
Continental Bak Co cl A No par
10,200
40
4*2
7S
1412
8,800
5,300
800
50
*159
13,500
80
45
53
5% preferred v 10
100
Consumers P Co$4.50 pfNo par
Container Corp of America.20
400
*75X2
1
$2 parti c pref._
No par
Consol Laundries
Corp
5
Consol Oil Corp
No par
Consol RR of Cuba
0% pf.100
Consol Coal Co (Del) v 10—25
1,200
6,000
1,100
76
3%
18%
19%
17%
49%
18l2
19%
93%
10X2
par
Consol Film Industries
4,400
1%
93%
10%
Consol Edison of N Y..No
par
55 preferred-No
3,200
77,300
6
2%
55,700
500
2%
*10
10I2
96%
11%
%
5*4
29
3!
45,200
24X2
>*16
7i8
9
884
250
5%
25%
99% 100
*%
%
5%
5%
25%
100i2
95
33
5
.6%
1%
2%
11%
96%
8i8
78
8%
6%
2%
578
1%
2I2
10X2
2%
5X2
120
82
5
100
Congress Cigar—
No par
JConn Ry & Ltg 4« % prellOO
Consol Aircraft Corp
-.1
Consolidated Cigar
No par
7% preferred
100
634% prior pref..
100
Consol Coppermlnes
Corp
5
20
%
7i8
2i2
%
978
21
Par
Conde Nast Pub Inc..-No
par
Congoleum-Nairn Inc.-No par
19,900
4,000
*%
7i8
84
*80X2
9
*94
6x2
9
5%
2478
98%
23X2
1514
10%
6%
22%
IOI4
77
97%
25%
14%
Range for Preciou
Lowest
1,300
4,500
3,200
79%
80
6
•
3%
77
20X2
8%
*75
5x2
35X2 36
110% 110%
5%
534
3034 31%
3%
378
19X8
20i8
21%
2284
1834
19%
*6X2
80
%
1%
8OI4
8OI4
35U 30t2
110X2 11012
512
5l2
31
31%
3%
3l2
1978
20I8
2078
21
18l2 1834
5234 5234
6X2
23%
9%
3%
3%
16
11%
10
24i2
878
9%
80
5%
8%
34
34
14
10
97% 103
34
Shares
8i
2X2
97
12
103
7
1%
2%
1034
97
4%
84
$ per share
3%
81
23
6%
1%
2l2
103
$ per share
2%
84
80
2578
25%
Week
2%
24
8i8
*65
578
2614
103i8 103i2
84
34
678
7%
*212
234
25
Friday
May 24
$ per share
15%
9%
9
9 ;.v
27%
10%
9%
84
Thursday
May 23
3
14
16%
1034
10
10
10
2%
On Basis of 10O-Share Lots
EXCHANGE
May 22
5 per share
4
Ranoe Since Jan. 1
NEW YORK STOCK
the
CENT
NOT PER
STOCKS
for
Saturday
May 18
Sales
3% Sept
0
Apr
1414 Apr
% Dec
2*4 Apr
24
Apr
6
Sept
3i2 Sept
6% Mar
13
Jan
25x4 Nov
2i4 Jan
87g Sept
437g Jan
20
Apr
11
Apr
38i2 Sept
18X2 Aug
Mar 27
81
Jan
98
3
29
Dec
31% Dec
218
%
18%
82%
17%
27%
16%
Aug
0% Nov
28x2 Jan
478
1
Jan
Jan
25
Jan
95
Apr
20
Jan
40% Feb 14
22l2< Jan
Ex-rlghts.
5
May
Apr
Sept
Nov
Apr,
Sept
1%
Dec
Jan
27i2 Oct
89% Feb
23% Nov
40'4 Dec
21i2 Dec
1 Called for redemption.
New York Stock Record—Continued—Page 5
3316
LOW
AND
SALE PRICES—PER
HIGH
NEW YORK
for
Tuesday
.
May 20
May 21
|
3 per share
$ per share
Monday
Saturday
'
May 18
|
3 per share
16
*87
15
15%
*85
94
347s
12%
29
34l2
12*8
36
12%
29
20%
*1%
*2012
*106
11*4
*65
3*8
*25
19
20%
15s
22
H2
29%
1%
2*4
*12%
14*4
*101%
4I4
10%
11*4'
25%'
11*8
12
20i8
IH4
25i2
*16i2
26
*16l2
26
20
H2
H2
28i2
♦25
19
*17i2
12*8
2812
2OI4
1%
1*8
15s
61
75
3
3l2
61
2*4
278
1012
12
11
15
15*4
12
14*4
100
101%
9812
4%
5
13%
14
*58
5I4
278
11
11
11
13
14
1312
14
98
98
99
99
4
4i8
9*4
9*4
2
37
4i8
3812
5%
412
13
14
*13
65
52
58
578
126
1*4
518
412
378
*96I8 100
126
126
2
55
*36
55
312
412
*9618 103
361Z 38
5l2
6
H2
2*4
60
2
5
13*4
50
4
4
I6I4
126
85
86
84
85
123
124
125
42*8
42*4
42
I
77*4
123
4414
122
120%, *121
40%
4014
*20
44
40
81
80
83
124*4
38% 42ig
119l2 12114
35i2 40
120
122*8
3914
40i4
119
116
35*4
38
4*81
3*4
3*4
418
4%f
3*4
418
5l2
5i2
6I4
6%,
512
6I4
678
*10412 105*4 *104*8 105*4 104i2 104*8 *103% 106
12
*12
7g
%
%
h
10
11
10
1012
10i8
11
IH4
13
65s
1*4
4*4
12
*50
*20
*8
8*4
7,
7il
14
8*4
105
*98
12%
4*8
12*4
4*4
1218
37
37
4t2
48*4
5
48*4
12*8
4*4
■i
13
5
37
412
4%
4612
12*4
*34*8
2l4
2i2
2*8
2l8
2i4
82i2
2%
*76i2
11*8
214
82i2
m
4514
47*4
15*4
76*4
2*4
11*8
12
4512
74U
49
1518
7414
2
2
*2
35
30
30
15
75
378
6
IH4
95
105&
10%
18*4
13l2
o
46
43
11
1212
11
30
30
*31
2*8
2
10
214
82
1U2
45
45*4
12*8
72l2
15
75
*7712
9
9
30
21*4
24
13%
20*8
22%
*2312
11*8
1514
18*8
132*4 132*4 *—
*48
60
*48
27
28
25
*48
60
27l2
10*4
11
912
934
103s
IOI4
938
19i8
2U
2112
2%
I6I4
178
18*4
2i8
17*2
134
14%
1478
11
16l2
3
3
*2
3
10
10
8
*3014
*13
33%
30%
11%
14l2
8%
30
30
30
30
9*8
11
12
♦133
9i2
•u
6*8
89
12812
133
6*4
3l2
100
100
100
*13l2
24
5
*6i4
10
10
*
14*4
2418
*31
978
*6014
*100
33
105
33*4
78
*2*4
3*8
33*4
7g
3%
1512
37g
*J6
84
7*8
13
14
13*4
14U
3612
36
86
36
3
•
3
31«
5*8
5l2
*90
95
3i8
2l2
63
9478
*5414
*10
14
*11
19
24
19
5I4
9
35
30l8
1012
63
1
7
1734
*126
133
3l8
884
40
28
31
9*8
59
59
105
33
*78
2*8
13*4
314
12
5%
9
54%
4l8
33
1
284
15
3*4
I
7
5l8
8I4
36%
♦98
312
*95
*80
**—. 108
4012
33
15
*97
8
414
2*4
1514
378
%
7
60
*48
45s
*10
*612
10*8
2658
30
"is
434
1012
8l2
10i2
27
I
IOI4
934
10
19
1714
2
I84
95s
1312
3
*2
8l2
*8l2
33%
31
IOI4
11
18
19ig
218
1414
15l2
2
400
1012
*30
*30
33
*31l2
1038
36
11
*31i2
1034
117g
*lll4
36
1034
13
135
5%
95
3
103
101
101
*97
98
97
97
18
1634
17*2
*126
*126
132
6
6
*90
95
25s
534
90
2*4
3
534
278
92
*99
21
5*s
8I4
108
39
28
9*8
54l2
104
3214
*78
337s
1
2l2
14
2i2
13*2
3i8
>2
578
12
*30
35
*32%
3iS
Bid and naked prioes; no sales on this day,
1434
3*4
13
4
100
33s
12
*31«
59
*5414
*96
*5414
57
*96
105
*11
22
*518
8l2
*80
5l2
9
28
912
55
39U
28
1012
56
*98l8 105
384
4%
32
34
63g
12%
35
3is
78
7s
*2*4
12*4
3*8
278
1312
334
12
3i2
•%
618
634
12*4
*3212
3%
1434
22*8
*5
85s
*80
108
37*4
105
*11
22
1484
21
57
12*4
37
3%
t In reoelverahlp.
38
*25
6
9
30
10
103s
6512 55l2
*97
105
3*4
37s
30
3178
*78
278
12
33s
»U
618
12*4
3212
3'8
a
1
5% preferred
Co 100
No par
No par
Goodyear Tire A Rubb.No par
Gotham Silk Hose
Preferred-
No par
No par
100
Graham-Paige Motors
1
Granby Consol MSA P....6
Grand Union
w
div ctfs.No par
No par
Without dlv ctfs
Granite City Steel
Grant
5%
(W T) Co
No par
10
20
preferred
Gt Nor Iron Ore Prop.-No par
Great Northern pref—No par
Great Western Sugar..No par
Preferred
...100
Grumman
Aircraft Corp
Guantanamo Sugar
8%
10
preferred-
1
No par
100
preferred
Gulf Mobile A Northern... 100
May 24
May 21
li2May 14
2i2May 22
10i2May 21
12
May 21
98
May 22
4
May 21
9*4May 22
4812 Apr 8
312May 21:
l00i2May 16'
36i2May 21
5%May 22
126
May 17
l*4May 15
4i8May 15
1134May 24
48i2 Feb 6
12*4May 23
102 May 21
26%May 21
36
May 22
llligMay 22
i4May 17
35
May 13
77*4May3l
120 May 22
377sMay 23
116
May 22:
35l2May 2H
334May 21
SigMay
102i2May
i2May
978May
86% Jan
*sMay
15 May
20
May
lli4May
14
May
17
May
734May
l4*4May
98
6% preferred
—.100
20
1,900
100
Hat
Corp of Amer class A.... 1
6K% preferred
—.100
800
Hayes Mfg Corp...—..—2
Hazel-Atlas Glass Co
25
11,500
Hecker Products Corp——1
21,500
400
Helme (G W)
Preferred
25
...
...100
_
9*sMay
l0%May
xl00%May
96
May
16%May
133 May
5%May
90
21
22
16
21
23
21
21
May 24
2i2May 21
May 21
77s May 22
97
May 18
155
Jan 12
90
12i2May 23
128%May 20
Jan 15
Hershey Chocolate—No par
61
9478May 21
"4*766
34 conv preferred—No par
Hlnde A Dauch Paper Co... 10
Holland Furnace (Del)..... 10
1,700
3,800
Hollander A 80ns (A).......5
Holly Sugar Corp
No par
300
7%
29,700
700
16,200
500
preferred
100
Mining
12.50
Houdallle-Hershey cl A .No par
Homestake
Class B
No par
Household Finance..
No par
5% preferred..........100
20.706
2,100
1
200
Hudson A Manhattan..... 100
278
700
65s
13
5,900
10,700
8,200
24,900
2,300
32%
3i8
350
120
Def. delivery,
5% preferred
100
Hud Bay Min A 8m LtdNo par
Hudson Motor Car....No par
1
Hupp Motor Car Corp..
Illinois Central RR Co.—100
4
103% Apr
21U Apr 29
83i2 Apr 30
66% Aug
6i2 Apr 18
2i2 Jan
7*4 Apr
104
4
Apr
108%
55
Apr
36
7% Aug
July
Apr
14%May 14
19 May 21
4%May 15
8
May 21
103 May 13
35 May 21
28 May 22
8*4May 21
64i2May 22
105 May 17
3%May 22
30 May 24
34 Jan 3
2i2May 22
12 May 24
3
May 15
i2May 14
5%May 21
5% Sept
18% Oct
15% Sept
104% Dec
Apr
7%
z9% Sept
18«4
45% Aug
5% May
52
9
96
Jan
Apr
65
Dec
Sept
11
Mar
149
July
7%
128
Jan
Jan
2%
103% Mar
5% Sept
Apr
Mar
18
Jan
17*4
Jan
Apr 24
1978 Apr 16
43
Apr
Apr
35
87
75
Jan
16
Dec
25%
Jan
117i2Mar29
106
Oct
31
Apr
41
Jan
9
2
49*s Apr 15
1185s Jan 6
fig Jan
44
36% Jan
107% Sept
% Dec
39
Jan
101
Apr
130*1 Jan
56*8 Apr
127i« Mar 23
_
5858May
4
714 Apr
8
Jan
72% Jan
125% Dec
36%
112
Apr
Sept
Apr
28
7
Mar
3
105
Apr
Jan
lis Jan 11
19U Jan 4
99i2 Feb 21
»*ii Apr
18i2 Apr
2
5
130% Mar
44% Jan
47% Aug
118% July
1% Jan
65% July
99
128*4
56*4
*4 June
12% Sept
85% Aug
% June
14
Sept
33*4 Jan 4
15*8 Jan 11
19%
31i2May 10
24*4 Mar 7
16
38
15
6%
13*8 Jan
4
23i2 Apr 27
May
1
233s Jan
4
634Mar 6
5l78Mar 14
Jan
Apr
41
9
15%
8% Sept
10% Aug
Apr
534 Apr
43% Oct
6% Aug
43
Sept
Jan
3
58ia Apr
2
19*4 Jan
4
14
Sept
4458Mar 28
4i8 Apr 22
34
May
3i8 Apr 11
88
Jan
8
20*4 Apr 4
69l2Mar 7
2478 Apr 4
9714 Feb 21
4i8 Feb 8
71i2 Jan 9
114 Jan 30
9i2 Apr 10
1478 Jan 4
10*8May
1034 Apr
3is4 Apr
3
8
8
24*8 Feb 21
183a Jan 8
287s Apr 24
29i| Jan 2
142
Feb
6
Jan 29
55
2%
Jan
1%
Apr
70
Jan
13%
Apr
53
Apr
21%
87
Apr
Nov
27a June
67
Dec
% Aug
4% Apr
14% Dec
9*4 Dec
10
Apr
2434 Jan
227a Jan
12% Apr
10% Apr
23% Aug
129% Sept
42
May
35l2 Apr
17*4 Jan
5
4
24%
Jan
14%
Jan
3
10
Apr
Apr
12
4
Jan
4
18
Apr
Ex-dlv.
v
Apr
Apr
8
11
34U Apr 22
29
Apr
May
9
32
Jan
37
Jan
20% Feb 19
17
Jan
8
106% Jan 12
105% Mar 30
28% Jan 4
138
Apr 12
9% Apr 5
104
Apr 9
4% Apr 16
113% Jan 29
115s Apr 8
Jan
110
8
Mar 20
166
21% Apr 22
100% Apr 9
133% Jan 30
67%
115%
18%
35%
77s
16%
110
Apr 16
Jan 9
Jan 4
Apr 4
Mar 4
Apr 20
Mar 30
60% Jan 12
38
Apr 13
16% Apr 15
71% Apr 25
lll%May 13
6% Jan 3
60*s Feb 21
1% Feb 20
7% Feb 20
27
Jan
5
6% Feb 17
Jan
3
3
6
3
8
Apr
Apr
99
Apr
90
May
17
Apr
123
Sept
47« Feb
15
71
Jan
2
Apr
93
Apr
8% Apr
100
Sept
148
1
Ex-rights,
Oct
10
Apr
Apr
128% Apr
63
54
Jan
100
Sept
14% Apr
29% Sept
5% Nov
8% Aug
95
May
47% Sept
27
Apr
8% Apr
60% Oct
102
Sept
4% Sept
40
Apr
%
Dec
27a Sept
21% Sept
4% July
2
13% Jan
43% Apr
6% Jan
,0
%
9
Jan
92%
1%
20%
97% Nov
15%
Oct
Feb
28
Apr
Apr
Dec
107S Jan
111% Nov
1% sept
Apr
12% Aug
July
126% June
3% Sept
Jan 10
32%May 24
Mav
Sept
117« Jan
29i2 Apr
Leased lines 4%........100
RR See ctfs series A... 1000
a
Jan
Sept
3% Sept
Apr
July
9
3*4
Jan
29*4 Jan
90% Jan
9% Sept
40
Mar 20
57U Jan
8U Jan
145
Sept
Sept
18%
1%
94
65s Apr 22
14i2 Apr 24
51 May 3
24% Jan
%
1%
27
10514 Mar 27
May 21
Cash sale.
Aug
2
12
r
14
5'4 Apr 24
Apr 30
1878 Mar 5
20
6% preferred series A... 100
n New stock,
9
Oct
5
37% Sept
Apr
May 21
May 21
May 20
76%May 23
preferred......100
10734 Apr
Apr
Aug
Jan
July
25
1% Apr
3
Hercules Motors......No par
cum
21
9
Hercules Powder......No par
6%
17
9
25% Apr 29
4,200
160
4
9
Jan
106
"3", 500
-4~.
38
3% Apr 18
30% Apr 18
30
Harbison-Walk Refrao. No par
6% preferred
.100
31%
Apr
May
25U Apr
3i2 Jan
9
May 15
l34May 22
May 21
2
May 18
7% preferred class A.....25
Hanna (M A) Co 35 pf.No par
Sept
35
321* Jan 25
3834 Apr 15
51
15
25
11
Hall Printing Co
10
Hamilton Watch C0...N0 par
130
Apr
16
10
210
105% June
38%
3
215s Apr 5
38U Mar 26
10
-
25% Sept
Jan
2
Jan
110
_
0,700
1,600
8.300
46
23
14
17
15
15
22
21
23
21
21
23
22
2
May 21
80% Feb 28
10
May 21
45
May 21
12i2May 22
72i8May 22
l34May 15
25 May 22
%May 14
4%May 22
l0%May 22
634May 23
10
May 18
26
May 21
22i2May 23
H*sMay22
l5i4May 21
18*8 May 22
13H2May 17
50
Mar 21
23 May 22
93gMay 22
9i4May 22
8
400
Feb
175s
99%
Apr
Jan 24
21*4 Jan
106
21
lOigMay 22
4i8May 22
3378May 21
4%May 21
43
May 22
11
May 21
30
May 21
2
May 22
30
preferred
Houston Oil of Texas v t c._25
Howe Sound Co
5
1212
312
2*4May 22
20
..100
6%
Hackensack
8
25
Water...—..25
108
3834
1
Goodrich Co (B F)
5H%
1,000
132
90
50
preferred
100
Co Ino
1
Greyhound Corp (The).No par
450
*8%
No par
Green (H L)
19,300
5,000
2
..No par
preferred
Green Bay A West RR
4,000
46,500
2,400
18U
1*4
♦13
11
33%
16i2
10
17i2
134
10
*101
103
6,900
984
10i8
3
1112
41,800
60
25l2
No par
Gimbel Brothers..
35 conv preferred
26
1012
9*4
26
10*4
2514
12%
*48
60
26l2
*101
514
6
10
111
88*4
212
9*8
*54%
9478
4i8
4lfi
%
90
90
93
90
90U
90l2 *8712
95
7%
8is
77s
8
7%
8
8*4
81g
8*4
*90
95
*93
96
97i2 *95l2 9712 *95% 98
♦150l2 160
*150i2 160
*150% 160
163
*15012 160
13
13
13
14
1318
13*4
1212
14
15
90
77% 7712
78is 80
70%
81
78l2
82%
128l2 12812 12812 *121
128l2 *121i2 12812 *12112 128l2
62
14*4
25
618
95
95
*65
64
**4
8*8
97l2
*15012
*1414
150
64
108
2*4
1514
3l2
*93i2
8*4
*99
32
3i8
3i8
*59
4
5*4
95
8i2
IOI4
21*8
6
1H2
*29*8
30>8
1H8
97
97
914
*2
16*4
32
23
1018
*1014
06
41
8212
10
*2612
»1«
24
*101
111
26i2
23
23i2
»2H2 22%
22l2 2212
12l2
1138
117S
12%i
12
1178
13
17
18%
16*8
19
17
18
1914
20
183S
19
20%
20i2 21
21*8
129l2 *123
12912
131i2 *123
131i2 *123
•
21*4
3972
25
28
98
*
2,200
80
13,900
9,400
1,700
700
6,400
2,800
700
10,300
27
101
47S
1,900
2
27
21
10
13*4
75
2
27
97
2412
13
75
2
2612
26
101
♦13
1378
75
29%
10*4
28*8
100
100
12%
74
178
No par
35 conv preferred
Gold & Stock Telegraph
26,100
2,000
37,500
1012
Gillette Safety Razor..No par
Goebel Brewing Co
4,800
——
46
2812
*2312
12l2
19i8
7
20i2 21
*133
150
*6414
10
46
10i8
lli8
*150l2 163
14i8
15
87
88I4
129l2 130
Ills
46
10l8
30
97
10
%
25
2l8j
General Tire & Rubber Co—5
4H % conv
Gobel (Adolf)
100
82
100
preferred
Feb
9i2May 21
May 22
61
General Telephone Corp
20
Gen Theatre Eq Corp.-No par
Glidden Co (The)
8,500
2U
46
10i8
12
1412
8*8
2i8
*7712
1018
32
97
218
82
11*4
812
95
2
*7712
*2l8
1
36 preferred
No par
General Refractories...No par
General Shoe Corp
1
Gen Steel Cast 36 pref..No par
36
900
9,700
35
23s
11
30*8
95
*33
35
2is
438
11*4
105
f per share % per share
f per share
share
12i4May 21
May 21
32i2May 22
10%May 22
25i2May 23
19
May 20
li2May 15
19
May 21
Gen Time Instru Corp .No par
9,600
16,700
1,500
18,100
45
1H8
53g
IH4
14l2
27«
*44
11*4
Gen
6%
412
100
preferred
.
Realty & Utilities
6%
900
11
No par
Gen Railway Signal.—No par
103
39
414
45S
47
1012
634
11
9
6
418
438
*36
4*4
13*2
95
IOI4
45s
1018
634
2*8
—
10
*4518
12l2
72i8
178
*98
8
32
*98
*33
218
82
1034
47
1314
75
2
18
1
No par
36 preferred
Gen Public Service
2,830
1,800
7,300
8I4
16l2
11
35
2
*1714
734
*1378
36
11
18
Year 1939
Lowest
Highest
84
No par
Common
General Printing Ink
3,800
5,200
5,400
2,300
11*8
812
15%
10i8
*44
2l2
IH4
*16
18
414
3514
35 preferred
No par
Gen Outdoor Adv A...No par
60
15
10
General Motors Corp
1,100
7,600
20%
100
preferred
5%
80
7i«
15
20
103
*98
438
4312
1134
2
*77l2
7*4
518
812
30*8
*101
4i8
♦1714
*1378
IOI4
20
2
44
16
4*8
27*4
101s
IOI4
1034
412
36
1212
478
367s
4*4
IH4
36 conv pref series A. No par
......No par
General Mills
770
95
7i«
he
16i8
21%
11*4
18*4
1018
11
60
10i8
418
35
1012
412
337s
418
214
103
*8
1512
20
*634
10
26
*98
1734
8%
1434
*90
%
No par
preferred
Gen Gas & Electric A..No par
7,000
2,500
678
578
103i2 10312
*12
7s
10i8
1012
%
34.50
39*4 168.100
2,900
36
1,300
4
4
4%
6
11
714
5i2
*lli4
*714
*48
17l2
8ls
1434
36
Electric Co—No par
General Foods Corp...No par
116*8 118
10212 102%
10
General
2,300
120%'
38*s
403s
1012
678
IH4
7*8
132
8*s
1518
103
81
81
100
preferred
7%
60
40
120
40
*90
2,600
2912 101,200
38<4
38*4 15,600
lllis 112 I
400
«1«
*8
6,700
116*2 118
*35
7% cum preferred..
100
General Cigar lnc
No par
283s
82
No par
Class A
500
104
*20
6%
12*4
9*8
34
*
4*4
12
53
15
»1«
512
*8
12
4*4
11*4
*50
*1314
*8
438
l*i#
187S
2214
1712
8
15
*23
30
"U
5i2
10*4
7*8
28l2
24
121s
2014
23
18
*98
46*4
13
42
2*4
281s
*2312
16
17
9
16*2
105
37
15
20
12i2
*98
*76i2
11*4
he
I6I4
22
1134
22
19
*15
40
3s
16i8
20l2
1134
12U
15
*34*8
71#
21*8
18
12i2
22
17*8
878
95
17i8
22*4
12
20
2412
*90
90
*8
I6I4
7i»
17i8
25
17
I6I4
23l4
15
12
47s
3,100
8,400
1,600
12014 12014
377s
preferred
No par
Transportation
5
General Baking
5
38 preferred
No par
General Bronze Corp
5
General Cable Corp—No par
Gen Am
30
2
40
*79
5Ji % conv
50
Gen Amer Investors..-No par
3,600
7,700
126
104
5
36
3712
5*8
1*4
*115
2
66*8
_
90
95
*90
93
I6I4
23i8
12i8
2012
1712
5*8
3
Corp
preferred
Gay lord Container
2,500
12*4
*112
Gar Wood Industries lnc
800
3*4
No par
Gannet Co conv 36 pref No par
60
4,200
101
36i2
38
578
1,500
10i8
10
33 preferred
Gamewell Co (The)
500
55
3*4
*97
15*4
*20
40
Galr Co lnc (Robert)-——1
*40
4
102
*20
5,000
H2
2%
10i8
100
37U
5i2
2,400
2%
12%
13lg
14
*99JS IO2I4
4i8
414
10
*97
ll2
Freeport sulphur Co
10
Gabriel Co (The) cl A ..No par
.
55
*40
Francisco Sugar Co
No par
F'k'nSlmon&Co lnc 7% pf-100
150
8,400
*11
4i8
*9*4
No par
37 conv preferred
4,200
20
26l2
3 per
10
Foster-Wheeler
160
3
3
314
—100
pref
conv
100
9,700
75
25*4
*21
t Follansbee Brothers..No par
Food Machinery Corp
10
1,400
10*4
20
1414
123
093
*50
137s 14
12*4
13*4
15*4
102
102
10912 *102
107
111% *10912 111
28l4 29*8
28l2 297s
26ls 2912
29*8 3012
30i8
36
39
40
41
36*4
40
3714
3934
41
*111
117
11112 11H2 *11H2 112
118
*11H2 118
*1#
14
i4
*8
%
%
*8
*8
15*4
40
4
21
10*4
75
*50
600
200
3,100
105
11
27*4
lh
2*8
126
130
2i4
478
57l2
16%
6%
21
*100
105
Robber—10
6% preferred series A—IOO
First National Stores—No par
Fllntkote Co (The)
No par
Florence Stove Co
No par
Florsheim Shoe class A. No par
100
1*8
29
10
*40
42
1*8
4lg
4
55
*40
1*8;
20*4'
25*4
*ll2
2i2
3
10
412
4l2
*96i8 103
478
20
2012
98%
H2
2*4
1212
4I4
*2
39i2
22
14
*126
41*8
1201b
26
105
*100
105t2 *100
10
9l2
10*4
12
*
312
H2
19
20
9l2
1212
26
*16
29
10
Firestone Tire A
1,800
15,300
26*4
2
%
3512
21
130
*21
3412
2514
H2
212
2
*111
3514!
3212
IH4
23
*126
*109%
287B
40%
35
3212
10i8
2918
H2
6
16
3314
25
6
55
33
21
41
4*4
35
12%
24
40
13%
14i2
84
3014
2
3
*H2
278
65
67s
14
*797g
9,100
94
14%
84 I
19
*10
*96i8 103
39
1314
*7978
24
10
4%
14
84
29*8
30
1%
278
1312
Id
104
4%
*40
13
*78
105
3l2
36s
10
15
84
24
24
:r'CPar
Shares
84
22
*
84
$ per share
Range for Previous
\QO-Share Lots
Lowest
Week
I May 24
23
$ per share
12U
106
11%
| May
$ per share
Friday
.
84
106
1212
May 22
Thursday
On Basis $f
STOCK
EXCHANGE
the
15i2
*20
107
Wednesday.
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
May 25, 1940
*4 Aug
Aug
16% Apr
38% Sept
4*4 Sept
f Called tor redemption
Volume
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
Monday
May 18
,
Tuesday
j
May 20
[
$ per share
May 21
$ per share
5%
19
3 per share
63s
5i8
i
Friday
the
May 23
|
May 24
Week
$ per share
534
1834
91
90
90
82
85
79
156
*140
156
*140
156
73
74
67
72
19
75
9i8
193s
934
934
5%
♦53s
214 ,>
214
3
*2l2
*2%
28
28
*103
105
3
3
7*2
8iS
1%
1%
27i2
103
*140
95S
53s
2i4
5
2i8
*2i4
334
834
13s
8
13s
20
20
155
*154
26i8
103
103
17%
17%
4,600
Industrial
73
73
2,100
Ingersoll Rami
156
66%
25l2
103
151% 151%
67% 68
8%
8%
*5
5%
*23g
2%
3
*2%
6734
8
878
5
5
2%
212
2%
2%
245g
26
97% 103
158
3,500
97
560
212
212
*2%
314
234
234
1,800
8
j 6%
714
634
7%
634
7%
13s
2012
1
lis
1%
1%
1812
1814
1834
!%
*17%
1%
18%
39,800
3,600
1,700
181s
150
1812
155
147
147
150
149
140
145
5%l
5
5
225s'
22
23
20
t*11934 125
12
131s
1234
5284
50i2
5334
44
44
43
30
3418
31%
1334
17
100
*3184
*90
214
2%
5%
*7978
5i2
213s
*12714
10i8
2
40
31
30
30
*28
30
29i2
2978
28i2
29
28
28i4
15
13l2
15
1434
16
97
218
2I4
514
'
*7978
5i2
*22
178
*86
23s
214
5l2
85
5i2
37
1H2
*11712
4i8
4i8
10i2
10
94
*9914 108
11
5l2
98
*87
2714
105s
28i2
1058
28
10%
35
33
4
12
814
9914
98i2
8i2
257s
*87
99
24l8
27
4is
»334
19
17
111
158
34
218
17i2
*16%
110
178
1
78
1%
18i2
20i8
1812
2134
18i2
19-is
18l2
20
2
2
2
2514
23l2
26%
24
4
4
8%
8%
12%
12%
338
1634
*3%
16%
15%
17
1534
16%'
21%
36
5l2
35i2
5
5
35l2
1584
1914
3534
■
512
9712
*172
33%
5:
5
5%
34%
5%
33%
33%
89
35
35
35
33%
93l2
93i2
87
87
89
90
89
89
9512
*170l2 175
87
89
89
90
8934
16%
16
16%
16
2714
9%
27
27
27%
27%
10
10
91
170
170
*16878 173
*l687g 176
16 '»:■ 16l2
16%
16% *16%
1934
17i2
16
15
2934
30l4
93s
133s
345s
3014
27
31
27
33
30'4
10
13l2
3578.
24%]
2418
25
93s
12i8
323s
233s
9%
1234
10312 10312 102% 102%
21
22 34
2014
213s
32
3214
31%
32i2
2i8
2U
2%
2%
16U
I6I4
16i8
16%
*108
109i2 *108
10912
1914
1934
1978
2014
146
146
*14312 150
16%
17i8
40
38
*27
27l2
135
135
16l2
42
16 34
43%
2734
2734
*134
1
9
10l8
28i8
9.nu
20%
9l2
1234
32%
o±<>„
245g
99% 102
153g 20
30
2
157g
108
1834
143
15ig
38l4
26U
134
31
2i4
16%
108
20
145%
16i2
42
2784
134
9
9%
12
12
28%
22
31
156,200
22%
14,900
97
97
*98
100%
187g
*99
I6I4
18
29i2 305s
2ig
2ig
15l2 157g
10512 107
16%
29%
2
132
2114
175g
195g
18%
20%
23
2012
95s
9%
28
28
134
1914
22
*130
27i8
2i2
27i8
24%
25S
25s
234
2
234
2
2%
2%
5
5
5
5
4
5
4%
4%
*4%
*25%
25%
*147g
1434
11%
9%
2H2
9i2
*27
32
*27
29
24
25
24
25
*26
28
*26
29%
25
26
24
24
15
15
*1412
14U
14%
15l8
13
15
15
14%
13%
1434
15
1434
1414
12l2
*12%
14
12ig
12%
12
1434
12U
1
1
1
1
35g
4
4
37g
4
10i8
3734
934
25
23l2
978
37%
165
4112
27g
9
25%
23%
*155
4014
2%
*21
25
*21
*100
102
*100
1212
12%
110
19
20%
*
121s
113g
4
4%
11
3978
IOI4
27
23%
6%
22
334
10
36
87g
25
,1,1
3l2
1
334
3%
35g
3
87g
93g
9%
33
35%
67g
22
77g
22
3
31%
7
z2284
22%
133
20
100
100
100
100
100
*130
6,100
2,900
180
6,400
330
1,700
1,800
500
par
Kaufmann Dept Stores
6% conv preferred
Kay ser (J) A Co
1
!Ioo
6
_
Keith-Aibee-Orpiieum pf.,100
Kelsey Hayes Wh'l
conv cl
A.l
Class B
i
Kendall Co 36 pt pf A ..No
par
Kennecott Copper
No
pur
Keystone Steel A W Co.No
par
No par
1
<5 prior preferred
...No par
Kresge (P R) Co
10
Kresge Dept Stores.........»
15%
15%
15
12%
12
1
37g
3%
934
3534
83g
23
15%
15%
12%
15
**4
3%
1%
37g
3%
9%
3
9%
32%
7%
*22%
22%
34
8
23
22%
2,800
19,800
1,690
10,600
80,600
30,300
3,000
4,200
162
10
40
41
3,600
2,000
2%
*18%
2%
21
99%
12
99%
12
11%
*11%
1034
93
93
18%
2,400
162
100
99%
700
10,000
11%
*95
102%
17%
17%
t In reoelverahlp.
a
100
70
2,600
9,500
100
3,100
Def. delivery.
9
May
3484 May
46%May
122% May
48%May
Lee Rubber A Tire
113
6
4
2%
7% Aug
6
1% Apr
38
3
16
Apr
191% Mar 12
6234 Jan 4
145
Sept
171
142
Jan
Jan 23
5% Jan
7
5
56% Feb
87% Apr 12
36% Jan
Dec
8ept
,
Jan
Sept
6684
138
Jan
May
29
Jan
31% May
38
Sept
40% Sept
1434
Jan
19
Apr
33
Oct
102% Apr
434 Jan
84
Jan
107
Dec
3% Sept
4
4% Jan
10% Jan
90
8%
28
76
Jan
Sept
7% Nov
Mar 13
127%May 14
May 24
Sept
778 Aug
Apr 10
18
Apr
119% Sept
13
Sept
69
122
Feb
Jan
June
10%
Jan
32% Sept
125
Mar
18
Oct
Aug
Apr
13
14%
87
Jan
Sept
36
Jan
9%
97g
Apr
Mar 27
77% Jan
Jan 15
121
or
Maris
7% Apr
20
117% Jan
6% Apr
11
Jan
15% Jan
97
15% Jan
Apr 18
17% Apr 23
9% Apr 23
109
103%
387g
14%
46%
2«4
Apr
8%
Feb 23
90
Apr
Sept
12% Apr
85
Apr
7% Apr
5
Aug
Apr 16
79
June
Jan
3
28
Feb
9
Apr 18
Jan 24
31% Apr
8
26
Feb 16
4
Feb 26
Apr
884
20
Apr
Apr
184 Apr
1278 Apr
20
3%May 16
l6%May 21
6% Apr
3534 Jan
60
2
25
par
par
No par
Lion Oil
Refining Co
No par
Liquid Carbonic Corp. .No par
Lockheed Aircraft Corp
l
Loews Inc
No par
No par
l
Lone Star Cement
Corp No par
Long Bell Lumber A
No par
Loose-Wiles Biscuit........25
5% preferred
100
Lorillard (P) Co
......10
7% preferred
100
Louisville Gas A El A ..No par
Louisville A Nashville....100
MacAndrews A Forbes
10
6% preferred.....
100
Mack Trucks Inc......No par
Macy (R H) Co Inc
No
Madison Sq Garden...No
Magma Copper..
Manatl Sugar Co.....
par
par
10
1
.No par
Ctfa of deposit
Modified 5% guar
100
Ctfs of deposit..........
Manhattan Shirt
25
Exploration..1
Marine Midland Corp
6
Market St Ry 6% pr pref. 100
Marshall Field A Co
No par
Martin (Glenn L) Co
1
Martin-Parry Corp
No
Masonlte Corp
No par
par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores...10
Maytag Co...........No par
....No par
No per
...No par
McCrory Stores Corp
conv
1
preferred..
100
McGraw Eleo Co...........
rCaahsale.
May 21
l5%May 22
108% Apr 13
l%May 23
No par
.100
16,50 preferred
8%
7
Apr
12% Sept
Preferred
Loft Inc
Oct
67% Dec
6% May
60% June
20%
Lily Tulip Cup Corp..No
Lima Locomotive Wks.No
Link Belt Co
Oct
41
195% Mar
71% Sept
I6684 Aug
Jan
A
24%May 21
10
May 21
2784May 21
l%May 22
l7%May 20
l9%May 23
378
6% Aug
25% Aug
3% Jan
39% Jan
Apr 29
5% Jan 24
Apr
2
57g Sept
167g Sept
10
35
73
16
Jan
109% Dec
17% Sept
123
Jan 11
28
9% Mar
3% Dec
Oct
46%
5% Apr
21%May
•
Apr
98% Sept
21
Sept
5% Dec
2% Aug
387g Jan
133
Sept
3%
Jan
69
9
457g Sept
14% Apr 20
132
Jan
90
Apr
Apr
Apr
Jan
15
8%May 21
484May 22
90
Mar 28
5
Dec
12% Jan
2% Apr
17
21
23
23
21
21
95
8
Jan
5
Series B
nNewetook.
3
9
Libbey Owens Ford Gl.No par
Llbby McNeil A Llbby
7
Life Ravers Corp
5
Liggett A Myers Tobacco!.25
6%
6% Feb 28
47% Mar 20
9% Jan
60
Lehman Corp (The)
...1
Lehn A Fink Prod
Corp
6
Lerner Stores
Corp
No par
13 preferred
Apr
Sept
Jan
Sept
Aug
Apr
384 Dec
23% Sept
Lehigh Portland Cement...25
4% conv preferred
100
fLehlgb Valley RR
Lehigh Valley Coal
6% conv preferred.
$6 1st cum pref.
McCall Corp
Apr
62
3%May
U
May
9
May
92
May
7%May
Apr
9%
4%
2%
2%
17%
21
8
67
6% Feb 14
22
24
22
Feb
131
157
1578 Apr 11
share
9% Sept
Apr
No par
5
Co (The)
Lane Bryant.
Maracalbo Oil
Jan 13
86
per
29%
147% May
Apr 16
90% Apr 27
3
Kroger Grocery A Bak.No par
Laclede Gas Lt Co 8t Louis 100
5% preferred
100
Lambert
21
23
21
23
4
158
29% Jan
34% Apr
t Manhattan Ry 7% guar. 100
40
4%May
May
5%May
20%May
Jan
4% Apr
16% Apr
3
2478May 24
23%May 22
4
May 21
8%May 23
12
May 15i
No par
200
35
l34May 15
l78May 15
1
Jan
,
Highest
share 9
per
No par
Kress (S H) A Co
2934
*25%
97% Jan 15
120
Mandel Bros
*25
May 21
May 23
10% May 21
40%May 21
l34May 18
38
May 21
30
May 21
25 May 23
l3%May 21
par
600
2934
25%
20
116
9
984 Apr
29
118
3%May 23
City P A L pf ser B No
Kansas City Southern. No
6
6
9%
May 22
38
May 22
148 May 17
184May 22
5%May 22
10
...100
3
l8%May 21
10
4% preferred
Jan
140
A Furn..
2
2%
*4%
11
Kalamazoo Stove
24%
•
11
Bid and aaked price : no ealee on thla day
Preferred
...100
Jones A Laughlln St'l
pref. 100
May 23
77
Year 1930
Lowest
share
per
May 23
66%May 22
7%May 22
May 23
2%May 21
2%May 15
24
May 24
97%May 23
2%May 15
6%May 21
1
May 21
123
1
23
9%
24%
23g
11
17%
!
B) Co
110
11
1834
1
10,700
14,800
2,100
2,100
10,800
10i2
17%
1
~
18
IOI4
19%
par
21%
12
171S
n0
Island Creek Coal
S6 preferred
Jar vis (W
133
1H2
*95
lntertype Corp
150
par
Interstate Dept 8tores.No
par
Preferred
100
9
l6s8May 21
73
par
17
10
109
Inter
2034
9%
11U
*95
ioo
19
2112 23U
21% 22%
22%
*145
*13034 165
164
*13034 165
38%
4034
36%
38l2
38% 39
2%
212
2l2
214
2%
*2%
23g
25
*20
♦18
22
20
24%
20
1212
12
2
*
22
40%
102
2
2%
165
*92% 1015s
20
27g
884
2934
31
20
17%
21%
9%
23%
4
800
100%
18% 208,300
29% 29%
5,100
17
I53g
I53g
15% 15%
105% 105%
105% 105%
19
19% 20
19%
140
143l2 *140
1427g *140
146
16
16
16%
17
17
16%
39
42
42
39i2
41
4134
2534 2534
*25% 26%
26% 26%
19i8
2334
4
6,900
1,500
3,200
8,300
13
3l5g
23%
95s
378
100
900
22%
20
Us
800
5,500
11%
28%
12
9%
*1
9,200
1,000
21
2334
15
6,600
3,600
15,200
2,100
2,100
10,400
3H2
2034
27
30
14,000
2212
95s
2312
200
11%
295g
1934
9%
978
16
220
211*
23
*92
5%
95
1314
12*8
34
97
165s
113s
*19
95
18
25s
10%
197g
5
18
41
4,800
2,200
34
16l2
*155
4
16 34
16
20
*17i2
3434
884
3,600
*3%
16%
I57g
96
| *17018 175
370
15
12%
32%
18%
2414
2212
600
1,100
16,300
20
17i2
630
27g
18%
Am...
No par
Kinney (OR) Co
4
joo
International Hboe... .No
par
Internationa] Sliver ........60
7% preferred
"I'ioo
1,200
9918
175
72,100
3,100
247g
25%
4
par
100
Telep <* Teleg_..No
Foreign share ctfa ...No
5
Range for PreHous
Highest
share
per
1
Col.1.15
5% preferred
International Salt
10,200
34%
17
5% conv pref
Internat Rys of Cent
1%
18%
2034
1812
*18
Preferred...
Inter Paper A Power
Kimberly-Clark..
32l2
*33%
Internat'l Mining
Corp
IntNlckel of Canada .JVo'
2,200
108i2 108l2 *100
108
*100
108
*100
108
134
2
1%
134
I3g
15g
1%
1%
34
78
34
"i«
7«
7g
o34
„7«
214
212
2l4
23g
2%
2%
*2%
2%
1514
17i2
1578
17%
16% 18
16% 1634
934
10i8
*10
934
97g
1034 *10
18is
3214
200
1,300
*8%
12%
4
100
2934
97
*95
978
234
38g
163s
15i8
35
37
25
2434
9
36
37
25
25
4U
19
20%
12
16
10
25l2
234
1%
9
17
27%
10
29%
1%
18%
20%
27g
247g
4
21
534
26
2878
12
35
512
2534
4i2
20
10l2
2714
10i8
1234
110
1,400
60
1%
434
500
99
1%
18%!
"4~606
*87
4
1818
11
21l2
9l2
25i8
^r
claM A.25
Mercantile Marine. No par
Kan
400
10%
*33s
900
9,900
6,800
30
1638
3,000
5
99
par
No par
97g
*87
joo
.
No par
107%
99
preferred..
par
Jewel Tea Co. Inc
5
12
8
78
234
1714
934
278
18
*87
No par
..No par
Agricultural..No
Jobns-Manvllle
160
934
734
20
1,800
*98
5
734
No par
8,700
5%
958
538
10
19%
4.200
107%
10%
10
10
4%
180
1,400
1,400
*98
914
434
29%
1%
18%
19%
*2%
4%
18%
17
111
9
100
13
12%
*4
434
9
*82
13%
4%
*10
4,400
7,500
8%
10
26
19'8
0
100
29
25l8
4i8
Q
10
25
53] 500
8
2734
24
1134
*82
11
27
10
1134
400
3,700
2,200
8
2984
25%
1312
934
92i4
11
10
26
13
11
12
500
20
9%
*36% 40
50
46% 48 34
127% *123
127%
*50
50%
52%
2734
1%
V
20%
9%
lOO
JBKJ?ydro-Elec 8ys
15,500
55,200
108
*98
55s
22%
2%
10
48
9%
40
10
10
10%
10%
*117% 121
*117% 121
334
334
378
*3%
4
7l2
10
478
26
*25
9ig
*82
6
2%
234
5%
78
5%
11
3i8
*10l2
10
92
7l2
21%
*2%
25%
234
36
61%
*117i2
2%
18%
2134
22>8
3434
48
9%
*36%
*1014
*1%
17%
*2
9%
12214 122l2 *123
50
4912 50%
27
2H2
0
5
78
2034
20%
127% 127% *126
lli8
934
*23g
5%
*76%
5%
20%
77
52
92
33
15S
21
2%
234
234
*5%
3i8
29%
2%
2%
47g
5
3734
12
11
33
95
30
!!_
Preferred
95
*86
6
53
ll's
*117l2
99
*86
1534
78
10
49
8%
8%
*99% 102
10%
10%
6%
578
1534
15
514
2014
36
94
8l2
27%
15
43s
48
10
95i8
2534
7712
123l2 12412
15
*27
27
2l8
2is
2112
127U 12714 *12714
4%
30
25
53s
21
lli2
*27
jvo var
Int. Business
Machines!No
Internafl Harvester....No
800
119%
1134 127,000
4534
40,100
*178
3%
1,200
40
Rayon'...ZZ.Nopar
Inauranshares Ctfa Inc
!_i
♦ Interboro
Rap Transit
100
Certificates of deposit-.
Interchemical Corp
No par
6% preferred
100
Int
t
in
_
Inspiration Cons
Copper.
Prior
1~3~306
1078
I7g
__
6% preferred
Inland Steel Co
Internat
49,400
42
467g
Refining
Intercont'l Rubber
Interlake Iron
4,000
15,300
*116
40
5i2
9
2034
4
21
40
7978
514
55
*12
12
2
*334
12%
I7g
95
2
2U
78
10l2
3734
54
4
23g
2%
4%
*12714
10l2
*86
2
23
IOI4
95
4%
21%
120
10%
42%
3
53
1%
1812
116
43
1134
97
46
*2
51%
9
42
43
53s
6l8
22%
5
H812 119i8
1118
12
*88
85
8i2
20%
2
50
10%
21
42
III4
*11712
*90
20i8
38
6Ua 52
5312
*127i2 127i2 *123l2 12712
12
3'2
4334
3184
38
36
5
15
214
2i4
2%
•
2
47g
22i8|
11934 11934
10i8
12U
40i2 4712
1434
50%
I84
5 '
Indian
-
25
278
5
*11934 125
400
24
*95
45%
46%
38
46% 47%
4614
4214
45l2
41%
45
41% 4234
*141% 153
*145
154
*145
152
*142
150
*140% 150
*140% 149
2%
2%
2
2i8
2i4
2
218
134
218
2%
2%
2%
6%
7
7%
8%
514
7
6
578
6&S
7%
534
63g
22
10
4,100
30,400
1,900
4,100
612
1
PQT
79
5%
23s
20
154
3
2414
103
3,100
5i2
18
*150
87S
5i8
23s
3
214
*2i4
2412
Shares
1712
68
778
5U
*5
3317
Range Since Jan. 1
On Basis
of 10O-Share Lots
EXCHANGE
73
156
7l2
27i2
5
6
Lowest
8 per share
$ per share
1714
6612
55s
103
,
514
80
2%
3
*3U
■
163s
10&8
19
5
stocks
NEW YORK
STOCK
Thursday
89
5*2
214
Sales
May 22
*140
73
Record-Continued-Page
CENT
Wednesday
j
5U
165s
1834
NOT PER
for
Saturday
5*2
New York Stock
150
34 Apr 17
2
May 17
15%May 21
9%May 18
18%May 21
32%May 21
5
May 15
33%May 23
87
May 22
87 May 22
170 May 22
16
May 22
13% May 21
27 May 21
9
May 15
l0%May 21
273g Mar 18
20%May 21
97
May 22
15%May 21
29% May 23
2
May 15
15%May 24
105% May 23
1834May 17
140 May 22
15%May 21
38
May 18
2534May 22
132 May 22
17
May 24
20%May 21
9%May 22
21%May 22
2
May 21
4
May 21
24
May 21
24
May 22
14%May 21
l3%May 21
U%May 23
1
Mar 20
3%May
278May
834May
2934May
6%May
22
21
21
21
21
22
May 21
21%May 21
161% Jan 6
36%May 22
2%May 22
20
May 23
98
Jan 11
10%May 22
10
May 21
I884 Jan 5
16% Jan 11
Jan
4
Jan
Feb 19
Jan 11
53% Jan 3
9% Apr 20
45
Apr 15
Apr 16
109% Apr
180%May
Jan
3%
25
Apr
Jan
17
Apr
112
Dec
20
14
109
12
2% Sept
% May
1% Apr
29
5
9
Sept
9%
Apr
Apr
36% Apr
23
4%
Apr
33
Sept
96
Sept
95% Sept
152
Sept
15
Apr
23% Apr 4
29% Jan 3
20«4 Aug
41
31% Apr
Apr
6
14% Apr 27
10
18% Mar 27
4178 Apr 16
37% Mar 16
13% June
2984 Dec
109%
39%
46%
4%
18%
30% Sept
101% Sept
8
Jan 2
Apr 10
38% Sept
Apr
Jan 11
May
3
2
3
21% Jan
4
162
Aug
8
Apr
l09%May
25% Apr
6
2
Mar
Aug
16% Sept
105
19%
138
Jan
Apr
Sept
lfl84
36%
Apr
3
28
Apr
136%May 10
124
Feb
18
Aug
60
Jan 25
35
Jan
2834 Jan
3
31
Apr 16
1234 Jan 4
38
Mar
8
4% Apr
77g Mar
35% Feb
32% Apr
17%May
17%May
16% Jan
18
l%May
6% Jan
8% Mar
1-5% Feb
47% Apr
1434 Apr
407g Jan
32% Apr
170
Mar
105
29
Ex-rlghte.
11% Sept
25% Apr
1
Apr
5
9
Apr
Apr
27
Nov
5
12%
Apr
Oct
10
Apr
1
Apr
9
9
17
9
5
29
21
16
15
8
16
2
8
8
Feb 24
Apr
25% Sept
11
Mar 29
16% Jan
177g Apr
jan
28
16
53% Jan 4
4% Feb 23
30% Apr 3
111
y
8
1% Jan
488 Jan
2484 Apr
May 21
* Ex-dir.
4
23% Jan 10
115
!7%May 21
93
5
Apr
3
4% Apr
378 Aug
934
Apr
26% Aug
2
May
30
Sept
20*4 Aug
155
Nov
40% Apr
3% Sept
24% Dec
93
Jan
107#
9«4
Apr
88
Jan
Jan
15% Apr
1 Called for redemption.
STOCKS
for
NEW YORK STOCK
EXCHANGE
Friday
the
Saturday
Monday
Tuesday
Wednesday
Thursday
May 18...
May 20
May 21
May 22
May 23
May 24
$ per share
$ per share
6i4
6%
32
634
45s
21
76i2
683s
67g
4^4
2112
6I4
97%
8«4
76i2
68%
26
26
6i2
412
2034
6%
♦95
8%
21t2
5
1278
28
29%
8
114
114
42%
40
41
*103
178
%
14
14
11"
13
26
110
113%
33% 39
24%
26%
978
13%
17:
27S
25%
10
"18
95
ai6
600
a16
%
10%
8934
10%
2,100
4,700
90
6.900
114
360
150
23%
9
10%
13%
*17%
12
13%
12
15
17%
15%
2%
15%
234
20
20
66
105
4
5
434
43g
15
4%
4
16
16
*10
14
*10
93%
19
11%
*83
93%
*83
1634
*1634
934
♦8%
9
9
6
8%
14
13%
13%
14%
*108% 111
10738 109%
11
10
3%
384
378
378
6
6
6
20%
19%
10
18
20%
10
10
80
1638
17%
9
*71
80
*71
*161
170
*161
140
138
138
1678
1678
1778
54
54
6%
5434
56
34%
4338
*3178
16%
*75
112
54%
54
36
36
11
1178
18%
37%
11%
11
19%
23
243S
4
4
54%
54%
7%
6
~
35
1034
10%
♦40
6%
6% I
3%
*%
%
18
19
110
111
*25
27
25
185
185
183% 189
*109
110
109
16%
1634
17%
51%
51%
50%
48
49
50%
2038
106
*100
30%
2%
*34
6%
3034
2%
40%
638
A 14%
9%
9%
102
*98
,
86%
5%
5%
478
14
20%
88
1878
*86
278
12%
3
13
137
137
784
8%
*100
*3034
2%
32
6%
109
17%
50%
50%
2178
86%
578
106
32
234
~
34
6%
14
14%
934
101%
278
278
12%
13%
9
*98
*130
8
138
8%
4%
934
534
934
2734
27
38
38
10
10%
116
116
109
14%
♦
38
38
*84
51
19%
8534
5%
102% 102%
4%
30
2%
*25
534
10%
7%
100
2%
11%
130
7
2%
40%
6%
27
2%
*24
534
108
*105
%
107
16%
4778
4834
*49
51
47%
48%
*48
10
147% 148
3%
4
Bid and aaked prices; no
No par
N Y Chic & St Louis Co
1878
17%
*84%
1678
8 534
*84%
27
27
2%
2%
*25
32
6
578
101
*26%
32
*25
10%
11%
1134
8%
95
9%
98%
2%
11%
234
7
*22
20%
*
2%
12%
130
7%
25
20%
49
zll%
*
8%
116
*136
338
1.700
130
40,100
1,100
7
21%
20
*—.
8'
116
148
3%
sales on this day.
834
116
148
*3%
101
29
2%
Apr
111
Mar 14
105
Sept
8% Feb 16
53
Apr 8
7% Feb 15
22% Jan 3
4
Aug
21%
16%
24%
170%
19
11%
2%
11%
*
2%
1134
130
20%
*20%
9%
148
37g
Oliver h arm Equip
Omnibus Corp
130
"7%
116
8,100
10,500
*22
47
7%
25
2134
47
115% 115%
45
47
5%
5%
2%
2%
3,100
12,600
No par
Otis Elevator
No par
$5.50
*978
10%
26%
3534
1,200
15,400
26%
35%
*137
6,800
150
148
3%
3%
$ In receivership.
3.300
8<
116
8%
*115
a
30
Apr
% Jan
3
Jan
4
2
% Dec
1% Dec
121
% May
32
8
59
Jan
58
Jan 10
8% June
70
Apr
31%
Dec
168
Jan
103% Sept
18% Apr
52% Sept
50% Sept
12%
Apr
3
90% Feb 20
9% Jan 3
82
Jan
7
June
26'4 Jan
113
Mar 2-1
100
Sept
May 22
36
Apr 29
29
Sept
5% Jan 3
42% Jan 12
May 20
2«4
Apr
32%
Apr
6
Aug
834May
10%May 21
7%May 21
May 23
7
23% Apr
14% Mar
5%May 21
4
4
j.4% Sept
Mar 28
100% Sept
4«4 Aug
112
95
57g Apr
2%May 22
4
18% Jan 4
Feb 19
ll%May 21
May 21
144
May 21
12% Jan
41
3
Jan 11
12
Sept
15% Sept
128
7%
33
Oct
Apr
July
May 21
20
May 23
4
16%
May 24
55
Jan 22
120
Jan 17
40%
114%
Jan
ll5%May 24
45
May 24
50
Apr
3
Aug
..
3234 Apr
6
10% Apr 26
634 Jan 6
2334 Feb 13
12% Jan 4
14
Apr 15
34% Apr 15
64% Jan
5% Feb 29
10
2
May 22
8
May 22
No par
Pacific Finance Corp (Cal).lO
3%May 22
9%May 21
25
25%May 22
1st preferred
2d preferred
Pacific Gas & Electric
3
4
Jan
2% Apr
11% June
334 June
934 Apr
27% Apr
41
Apr
33
May 22
8
May 21
100
100
116
May 18
139
Mar 12
114
Apr
147%May 21
154
Jan 24
128
Sept
No par
6% preferred
Pacific Tin Consol'd Corp...
stock,
Jan
16% Jan
50
Apr
No par
Pacific Ltg Corp
Pacific Mills...
Pacific Telep & Tel eg
n New
9
May 24
No par
Pacific Coast Co
Def. delivery,
3
21
Pacific Amer Fisheries Inc...5
140
2,400
Jan
47
Preferred
3,140
39
Apr
5
1st pref..No par
100
Owens-Illinois Glass Co. 12.50
4%
4
11% Sept
10% Apr
18% Apr
No par
conv
10
37g
27
3
56
2%May 15
7
Outboard Marine <fc Mfg
1.450
3
33% Mar
-
130
Outlet Co
9
*8
Apr
8%
Jan
21% Jan
1458May21
47%May 22
47% May 22
15 May 14
86
May 17
4% May 15
100
60
9,200
13,300
4,340
Apr
105% Sept
187g Jan
50
267g Apr 22
Apr 13
3578 Apr 6
226%May 4
113% Mar 27
23s4 Jan 3
No par
6% preferred
Otis Steel Co
1,200
600
6
100
Oppenheim Collins
20
22,200
9
14% Feb 20
May 21
No par
(The)
8% preferred A
4
13% Jan 15
27
9
Jan
75% Mar
% Jan 11
108
No par
Apr
73% Mar
32
6
4
% Apr
50
Ohio Oil Co
Apr
8% Sept
18%
53% Apr
May 22
50
2%
8% Apr 2
10% Apr 11
110
Apr
Deo
41
25% Mar 13
91
Apr 29
May 23
Norwalk Tire & Rubber No par
33% July
% Apr 27
Northwestern
36,800
4334 Apr
43% Apr
% Apr 12
20
50
100
5% Aug
10
Nov
175
1
July
52
934 Jan
143gMay
July
100
50
..50
Oct
Apr
Apr
May
100
5
6% preferred series
5M % pref series
Sept
14%
634
47
North States Pow $5 pf No par
6
9
119
100
Preferred
8% Sept
Sept
177b June
83
Jan 31
73«4 Jan
Jan 30
North Amer Aviation
40
10% Sept
12% Jan
106
92
10
Apr
Feb 20
300
32
4%
115% Mar 11
111% Apr 30
100
100
JN Y Ontario & Western. .100
N Y Shlpbldg Corp part stk..l
Telegraph
Sept
4% Jan
20% Sept
1578 Jan
22% Apr
Jan
Sept
May 21
200
4,800
12%
107
6% Apr
7% Mar 14
96
Apr
110
Jan
2678 Apr
Apr 27
Northern Pacific Ry
14% Dec
z8% July
114
May 16
Northern Central Ry Co
Sept
17%
3
8
13% Mar 12
18% Apr 17
116% Jan "
134 May
48
Adjust 4% preferred
87
16% Jan
47g July
110
North American Co
Apr
12% Apr 22
104
preferred
Apr 15
Jan 24
Mar "
4%May 22'
50
7%
Aug
77g Aug
7% Sept
21% Sept
1477g Oct
10% Apr
8% Apr 22
50
Noblitt-Sparks Indus Inc
Norfolk & Western Ry
14
Apr 30
99% Apr 17
22
24
24
24
30% May 21
9%May 21
87gMay 21
15" May 21
20%May 21
3%May 21
N Y & Harlem RR Co
JNYNH4 Hartford
Conv preferred
43% Sept
5% Sept
20% Jan
May
100%May
47
May
6%May
101
99.
7%
22
50
30
42,700
9
2%
No par
5% preferred
170
1,400
*96
12%
130
5%
578
6%
117g
89
2%
2%
100
No par
75
10% non-cum pref
1,100
18% 106,400
5
28
100
6% preferred series A
49
98
*
16%
16%
,
116
15%
17%
107
47%
*115% 118
*115% 125
*115% 118
47
48
4634
48%
46%
50
5%
5%
5%
6%
5%
57g
2
2
2%
2%
3
2%
:
8
834
10
8%
9
8%
338
3%
5
334
9%
9%
93
978
25%
26%
2534
27%
26%
26%
33
34
38
35%
3478
36
8
*104
47%
10%
8%
8
116
*%
98
27g
12%
130
Sept
May 21
May 22
N Y Lack & West Ry Co.. 100
54
*45
54
*45
19%
89
434
47g
5%
5%
104%
*99% 104% *100
13%
9%
10
4
54
*84
100
116
149
10
47%
1778
3034
New York Central
117%
15%
47%
48
10
148
108%
117% *100
*105
1634
50%
47%
16%
116
4
*149% 152%
3%
27
6%
5%
108% *104
*100
36,200
50
12%
5%
1134
28%
5%
108% *104
117%
1
No par
1.200
5
10
Newmont Mining Corp
N Y Air Brake
1,600
*5
5
100
4%
17%
1534
17%
17%
19%
114
*105
112
103% 110 ,*100% 103% *100
24
20
*20i4
23%
22%
22%
22%
23
180
180
175
176
182
180% 182
175%
108
Apr
9
50
36
New York Dock
100
15
30
Mar 29
7%May 21
serial pref
100
No par
Newport Industries
Apr
IP4 Mar 20
5%May 22
May 21
14
5% pref series A
10
16% Apr
378 Aug
83
13%May 21
1
NYC Omnibus Corp..No par
*3%
4%
No par
4,800
22%
3,100
5,000
22
6%
3%
12%
5%
*934
16
:.'i 22
4%
4
%
157g
24%
6%
97b
1734
24
%
20%
3%
9%
*9%
3,700
10% 139,400
5,900
978
14,600
17%
aifl
50
12
9% "
17,600
33%
#16
%
21
678
9%
2,400
7
6%
♦32
*%
16%
*%
54
234
35%
47
47
48%
7%
35%
10%
4734
6%
4 %% conv
No par
-
Newberry Co (J J)
120
%
25
10
100% 100%
a16
26
52
102
%
26
50%
102
'16
*22
52
1,100
%
%
*50
51
100
40
15%
*45
54
7i«
24
*114% 125
80
*36
434
52
*114% 117
*70
40
9%
! *104
52
25
80
*36
4
*22
24
*70
23
*45
112
Neisner Bros Inc
17
54
24%
Natomas Co
1,000
22%
117% *100
*110
National Tea Co
7,000
17
15
104
20%
7"900
8%
20%
*80
%
%
434
77g
*1514
10%
9
"
"4%
16%
40
9%
300
8
16%
N# par
25
Pa__10
$2 conv preferred
40
5H % prior preferred
100
6 % prior preferred
100
5
4%
1538
33
43%
433s
734
104
19%
»u
*
5
14
6
6%
26%
28
Nat Mail & St'l Cast Co No par
2,600
8%
26%
;
Apr
31% Aug
22% Sept
9% Apr
5% Feb 16
39
Feb 28
458May 24
8
May 23'
26%May 24
40% Feb 10
3% Jan 4
8.
40%
1
16
Apr 18
18% Apr 4
267b Jan 9
48
4338
117%
%
%
*%
%
%
National Steel Corp
7%
103% 109
*45
%
National Pow & Lt
:"V
2
152
National Supply (The)
8
3
132
9,300
16,500
434
Jan
Feb
307g Feb
148% Jan 29
27
Jan 4
87s Jan
20.400
4%
*80
54
,
15
56
45
173% Jan 31
6
434
*100% 106%
106% 107
50
49%
51%
52%
6%
63
6%
7%
20%
Apr
Sept
Sept
Jan
8
Apr
50
4878
5
*14%
% Dec
10% Apr
8534
137%May 21
165
100
100
7% preferred A
6% preferred B
57g
534
6%
50
75
11%
1
% July
112
22
5%May 23
l7%May 22
8%May 23
5%May 21
80
May 18
14% May 22
48%
zl4%
1534
36
24%
No par
$4.50 conv preferred-2Vo par
National Lead Co..#....—10
Aug
2% Aug
110
4
4.600
75
20%
14,900
Nat Enam & Stamping
1
2
3
8
3
4
2
8
18
21
22
21
21
15
23
"""130
36
19%
15%
No par
Co
Jan
May
l6%May
984May
6
May
12%May
l08%May
107 May
3%May
91
36
8
121% Jan 30
118
21
13
21
21
23
16
41
9%
87S
14%
Nat Distillers Prod
Nat Gypsum
7$ Jan
19% Jan
May
119
May 21
169
*28
35
1034
10%
17%
23
3%
200
10
preferred
% Jan
138
85%
30%
79%
*71
6%
434 Jan
*
30
:
400
17,700
No par
Nat Dept Stores
2.000
Apr
1% Jan
*150
*2538
8%
3,700
100
100
7% pref class A
7% pref class B
530
17,800
Co—1
Nat Dairy Products.—No par
160
578
5%
No par
National Cylinder Gas
22,900
8%
*7
79%
1534
153s
8%
11
169
*75
11
*103% 110
*
117%
*71
13
Apr
Apr
2% Sept
Sept
S34 Aug
434 Apr 24
Apr 25
48
137%
16%
6
51
5%
15%
2334
'4
6%
8
1234
Apr
101
103% Sept
16
100
Nat Bond & Share Corp No par
5.200
10%
*108% 10934
107% 108
3%
3%
534
57g
177g
1834
5
10
Register
Apr
18%
Jan 20
ll%May
13% Jan
9%May
18%May
155%May
cum pref
100
Nat Bond & Invest Co.No par
Nat Cash
Apr
6%
11%
110
3%May 21
7%
9,400
25
24
15
21
21
42%May 21
National Acme Co
5% pref series A
11% Sept
7
44% Sept
4
Louis—100
National Biscuit Co
Aug
8
14
21
22
23
23
21
21
21
22
21
15 May 21
2%May 14
20 May 21
8%May 22
57%May 24
97%May 22
B
Nat Aviation Corp
July
Apr
aieMay
9%May
89%May
110
May
H5%May
31%May
33% May
22%May
87gMay
12
May
Corp of America.. 10
15,900
12,500
Dec
3
14
54
aie Jan 26
Myers (F & E) Bros—No par
Nash-Kelvlnator Corp
5
Nashv Chatt & St
28%
9
%May 18
l%May 22
Corp ..No par
6
19,900
100
10%
8%
6
5%
8%
434
230
397g Aug
May
99%May
2%May
May
7%May
-1
1
$7 preferred
No par
Munslngwear Inc
No par
Murphy Co (G C)__—No par
5% preferred
100
Murray
Aug
July
122
*
14
38
41
*107
107
4%
7%
300
40,700
28%May
Jan
6
56
327B APT 8
12% Apr 10
17%May 9
40% Apr 8
*145
434
40
40
40%
40%
107
*25
8;
16%
85%
16,700
45
6% Aug
88
3
6
2
5
5
Feb 21
26
137%
48
31
5
*8%
*15%
85
15%
*25%
83S
8%
1538
5%
>
5%
87g
43
4%
884
*75
638
54
434
3178
♦
478
4%
77S
6
48
18%
1178
57g
137g
1638
6%
978
9%
3178
.V9%
*3178
6%
534
578
5%
13%
290
6% Jan
169
137% 137% *120
16%
638
3%
5%
1778
79%
*150
169
*150
170
*110
3%
15%
*15
14
108%
3%
5%
18%
8%
*71
•
37g -■"A
15
*10%
17
16%
10%
10%
9
8
127s
107
16%
4%
4%
1034
10%
684
79
15%
17
16%
400
1,800
16%
1073s 108
5%
>
700
110
17%
*8%
27g
22
800
8
1338
3%
6,800
Mulllns Mfg Co class
34% Mar
21
26
Motor Wheel Corp
""106
16%
110
9%
6%
5%
6%
6%
6%
80%
578
May
Mueller Brass Co
*40
10834 109
334
578
19%
534
*9
v.-
13%
3%
6
1978
7%
12%
8%
12%
10834 10834
10738 1073s
108% 108%
107% 10738
Motor Products
1534
18
19
11
11
Morris & Essex
11
19
18%
1884
19%
166
155% 155% *155
14
*10%
*13%
14
97:
*83
*83
97%
95%
*1634
270
5,900
1.100
97g
11%
18
16%
97g
13
*87%
19
'•
11%
11
-
*12
16%
82
Inc.No par
No par
—50
7,500
*9
4
11%
11%
17%
10%
11%
1534
Montg Ward & Co.
Morrell (J) & Co
13
21
49
334
100
10
4%
4%
*40
44
334
91
*16%
101
4%
4%
47,400
57%
57%
108
♦101
62
101
11%
12%
12% *11%
14%
17
17%
183s
173g
934
984 11*4
12%
13%
12%
1834
1934
183s 20
19% 20
19%
19%
*155% 166
*150
165% *155% 166
165% *157
91
9%
61
3,900
1,900
7,400
23
*14%
*234
3%
25
9%
400
9%
5
/
2%1
97%
I6I4
1134
6
24
22
22
21
22
21
21
Minn Mollne Power
1234
8V
97*
12% 13
5
8.400
42
23
24%
24%
60
61
44
*31
42
*22%
97%
434
45
4%
42%
334
47
*45
112
112
*31
8%
8%
9%
61% 65
100
104%
*%
118%
115% 116% *111
34
35%
34%
36%
9%
1234
27g
«1»
'11
89%
35%
42
2334
87S
%
17g
110
112
*116% 118
23
May
Preferred series B—No par
8
3
91
89%
8%
85
B—100
%
10%
z66
4% conv pref series
290
10%
93%
23
104
3,700
99% 100
2%
2%
35
*27%
778
734
%
%
1»4
1%
5
18% Sept
24
33%May 21
al«
32%
23%
2%
37%
36%
14%May
59% June
Apr
8«4
8
1
1
4
Apr 15
107
53% Feb
24%May
2%May
ll%May
12 May
24 May
6%May
ll%May
23%May
103 May
10%
112
117
20
280
21
21
15
21
Feb
64
%
*18
3234
10%
104%
No par
$6 preferred series A. No par
95.50 pref ser B w w.No par
Melville Shoe Corp
1
Mengel Co (The)
-1
5% conv 1st pref
—50
Merch & M'n Trans C0.N0 par
Mesta Machine Co
6
Miami Copper
5
Mld-Contlnent Pfetroleum__10
Midland Steel Prod
No par
8% cum 1st pref
-100
Minn-Honeywell Regu.No par
Mead Corp
10%
33%
23%
25
4,900
100
preferred
al«
J
35%
*9%
103
234
35
7%
%
1%
33%
2234
25
25%
800
3,000
16,300
10,500
May
5 May
98%May
7%May
934
%
1S4
11
113% 114
11%
14%
19%
27g > 3
11%
101
734
*al«
12i2
*11%
7%
12%
2534
%
3134
4h
•
67g
610
13
13
6%
11%
12%
25%
26%
104% 104%
z35% 36
101
41%
50
4
2434
7%
•%
117
*24%
*273g
1%
92
*12%
13%
24%
7
18
Impt_._l
$6.50 preferred
No par
Mission Corp
10
Mo-Kan-Texas RR
No par
7% preferred series A—100
J Missouri Pacific RR—L-100
5% conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
$4.50 preferred
No par
>178
JU
1,700
6,900
A
15
13
13%
2%
*273s
1%
9%
300
12
24
2%
35
*%
*iu
234
2%
101
2%
3834
478
<■434
35%
33%
101
27g
7%
120%
106
♦45
109
37
67%
07%
♦
7
*3478
3834
41
2312
1034
14
1784
278
26l2
10
23%
27«
12%
26
*117
118
37i2
2%
6%
1118
9434 97
95
113
♦10734 113l2 *110
Ills
9414
*33i4
26%
1134
%
2%
%
%
11%
h
2
118
60
734
107
20
85%
*62%
24%
6%
24
2978
7%
%
8
8%
%
11%
*13
"7.306
83g
60
15%
8%
*32%
3412
2%
103
6% conv
72
14%
25
2%
8
9
85%
6,200
5,000
534
1278 Jan
834 Apr
32% Apr
9% Jan
5%May 15
4 May 15
Sept
39
47%
May 21
27
$ per share $ per share
1034 Jan
5% Sept
9% Apr 25
Jan 3
5%May 23
Porcupine Mines..6
McKeesport Tin Plate
10
McKesson & Robblns, Inc.-.5
$3 series conv pref-_-No par
McLellan Stores Co
...1
Mclntyre
95
*92
Highest
$ per share
McGraw-Hill Pub Co..No par
19%
5%
5%
95
27
12
102
434
26
12%
3
38
4%
19
*60
27
2%
12%
14%
2434
2434
105
234
3
16%
11%
23%
4%
19%
*62%
*50
2634
*15%
15%
24%
6
85%
*62%
60
3
5%
75
85%
60
2534
2%
6
•.
734
8
7%
7%
I *62%
6%
*92
95
28
5%
5%
5%
*90
74
104
au
6
95
26%
3%
17%
15%
2534
8%
13%
40
*».«
19
18
2014
85%
103
1%
4%
*60
114
8%
18
6i8
■v
*62%
15
6%
5%
4%
9%
1412
25
8%
1314
2834
32
4
98% *
3
15
25s
7iS
1,800
28
Highest
Lowest
Lowest
$ per share
Par
2,600
8,500
24.900
5%
534
30%
5%
2934
534
4%
18%
.5%
31
26%
1412
2478
7l2
12i2
27%
114
5%
5
6i8
3
3
7
♦95
Biz
28
29
27
32
32
5 per share
% per share
5i2
6i4
$ per share
6i2
612
31
■
On Basis of
Week
Shares
$ per share
Range for Previous
Year 1939
1
100-Share Lots
Ranoe Since Jan.
Sales
CENT
SALE PRICES—PER SHARE, NOT PER
HIGH
AND
LOW
May 25, 1940
New York Stock Record—Continued—Page 7
3318
r
Cash sale.
3%May 18
xEx-dlv.
v
7% Jan
Ex-rights.
4
9%
6%
Apr
Dec
1 Called for redemption.
Volume
LOW
New York Stock
ISO
AND
HIGH
SALE
PRICES—PES,
SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
STOCKS
Monday
May 18
May 20
$ per share
$ per share
6%
2%
14l4
634
2%
16
7
5g
5g
6i2
278
15
5
101%
5%
*66
7334
7
134
37%
17%
1%
35%
*16
1
1
7
1%
6%
6%
6%
6%
65
6%
1
1634
17l4
16%
18
15
17
16
253g
27
27%
16%
27%
178
*1
1
7
23
7
2012
22%
1534
2012
7%
15l2
*20
7
6l«
2834
39
14
16
20
20
7
7%
31%
39
*3834
40%
80
*61
75
•w
*78%
*110
*i«
125
3%
*27
*%
31%
32%
*2%
3
*4038
1
15
1434
I
1
1
6
*1
■:
6%
2,900
6%
6
17,200
46
76%
45
45
*43%
7434
76
75
700
12%
24
27
*1
23
*1
178
7
5%
12%
*11
12
16%
16%
15%
25%
25
2534
2
*1
2
*1
20%
7%
20%
6
4,700
12%
20%
13%
20
14
12%
12%
13
1,100
1,940
2,780
20
18
15
18
16%
17%
*16%
20
1,600
6%
6%
27%
6%
*6%
6%
226%
38
38
*37%
3834
*6%
6%
26%
*37%
40
*60
75
*62
80
*62
76%
22
11%
*18
6%
6%
17%
7
6%
6%
6%
26
26%
29%
3834
38%
*60
75
%
75%
115
3%
%
68%
*106
3%
*27
3%
35
*27
#16
•it
70
71
120
*3%
♦27
29%
*2%
*40%
*2%
234
*2%
50
50
4038
40%
8
40%
7%
*24%
2%
40%
8%
*35
25
24%
41%
35
35
*i«
28
*2%
38
8%
24
No par
~2~2o6
35
22^60
4%
4
21
*16
5%
6934
*16%
6
5%
70
68
7
5%
7%
5%
7%
♦20
24
*20
*1234
13%
28
*25
9%
9
*24%
8%
*11
18
1234
4
*16
14
3%
16%
534
6434
19
5%
57g
69
65
68
*163
168
6%
8%
4%
168
5%
17
14%
10
19
25
10%
17
18
*12
15
20
7
%
8%
"»f«
15%
14
6%
6%
6%
5%
%
78
%
%
978
9%
«4
%
6%
6%
%
%
8%
8%
*27
31
58%
*113
33
59
113%
•:
34
111
*106
9
9%
*27
58%
113
33%
*106
117% 118% *115
132% 133% *129
30
59%
113
80
10
10%
13
13
4%
*79
10%
*13
4%
*65
100
64
55
478
*65
*53
65
*166
24
8%
16%
17%
6
7%
5
No par
Hosiery.......
24
15%
1634
*10
17%
634
5
5%
6%
*11
15
24
140
8
8%
%
83s
734
25%
*%
7%
*7%
*"*900
55
56
Xll3
113
145%
151
143
143
1145
145
115
11538
1834
115
115
*112
114% *112
81
10%
14%
5%
100
7
86%
74
9%
13
*75
86%
*75
83
79
*74
76
10%
13
958
*11
5
4%
*65
7
8
2:173s
*65
7
7%
83
7434
9%
934
13
4%
100
18%
10%
11
4%
11
4%
4%
100
*65
100
26,800
Pullman Inc
53,600
Pure Oil (The)
83
100
74
900
10
6,900
11
300
978
*10%
4%
100
50
51
"37700
16
16
17%
1734
15
16
14%
1634
26%
27
28
25
25%
26
263s
11%
11%
10%
10%
10%
24%
10%
24
*20%
25%
10%
*20%
26%
1178
23%
*20%
23%
18
*18
*20%
17%
17%
17%
2
11%
*234
3
2%
24%
2134
278
*35%
*634
44
*35%
40%
634
634
9%
8%
*9%
6%
*44
13%
634
10
634'
4534
59
59
6%
*44
57
10%
*20%
18
11
24
35
2
8%
6%
7
34%
6%
6%
6%
6%
10%
*834
*41
6%
4334
56
70%
78
60
1%
14
10
1534
7%
*15%
1%
8«4
1%
14%
1%
15%
72%
65%
65%
7%
:
8%
74
1%
14%
19
19
*15%
19%
73
73
*60
92
*65
*51%
51%
10%
43
43
*39
45
96
7%
6%
36%
5334
7%
96
*70
8
96
*70
7
6%
35
36
35
*52
57
52
52
37%
36
*52
6%
6
6%
6
*5
6%
6%
*5
6%
*4
6%
13%
5
5
5
14%
5%
14%
*%
31%
32%
1
434
14
15%
*%
33
%
%
J*
♦2%
*3%
37%
57
7i«
4%
434
%
33
1234
*%
30
«!•
*%
'u
*434
*%
*2%
*4%
*%
*2%
478
6%
5%
434
*4
13%
%
32
%
30
%
v:
%
4%
6%
434
42
200
Preferred with warrants..25
52%
100
Rensselaer-A Sara RR Co.. 100
1%
1%
9
14,100
14%
15,200
15% 173,200
71
5,700
*17
22
*65
92
10
6%
35%
*76
7
36%
57
6
634
35%
*52
6%
Republic Steel Corp._.No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper <fc Brass..—5
Class A
—
10
Aug
6%
Apr
7% Aug
% Aug
% May
6
Aug
6% Sept
18
'
166
June
15% Feb
15% Feb
IO84
11
5
7% Apr
90
69
Apr 15
Apr 8
1% Jan 29
23
Jan
Aug
Aug
85% June
63% Apr
1% Dec
4
3
4
8
16% Apr
26% Apr 10
6% June
12% June
10% Apr
Richfield Oil Corp.__._lV0 par
Mlnes.
Ruberold Co (The)
No par
£ Rutland RR 7% pref
100
St Joseph Lead
.....10
ISt Louis-San Francisco... 100
6% preferred
..100
ISt Louis Southwestern... 100
5% preferred
100
Safeway Stores
No par
5% preferred
100
Savage Arms Corp
No par
13
*%
29
13
2,200
1
500
29%
9,000
%
*3s
%
7i«
*%
%
*%
%
300
*%
7i«
700
*2%
,4%
%
*2%
4%
3g
4%
4%
4%
50
8,300
35%
3534
37
35%
35
36
36%
3734
99
98
37"%
3634
97
99
96
98
96
96%
96%
99
96%
96%
24
3,230
23%
24%
2434
17
23
19
1934
18%
20%
19
19%
7,300
J In receivership,
a Def, delivery-
No par
27
54
Jan 12
7
Apr
16%
Jan
6%
Apr
10
9
Apr
14% Sept
17% Jan
9
10% Jan
9% Dec
60
Dec
69
Jan
60
Apr
2
Apr
23%
Jan
% July
12% Apr
n New stock,
r
Cash sale,
75
Nov
63
Aug
84
Sept
61% Apr 8
15% Feb 20
37% July
7% June
56
Sept
1484
Jan
87
Dec
Apr
Apr
9%
Apr 17
,
May
7%»Jan
12
3
Feb 27
42
3
% Apr 19
%May 16
Jan
% Jan
2
% Jan
Apr
Jan
11%
Jan
35
Apr
Sept
45
Jan
52
July
58
Jan
10%
Jan
6%
Apr
6% May
10
Sept
15% Sept
«4 Apr
27% Apr
Oct
17% Sept
34
Jan
2% Nov
49% Sept
% Sept
% June
3
3s Aug
2
May 10
134 May
6
434May 18
3% May
2784 Apr
82% Jan
1034 Apr
5
53
Mar 14
96
May 21
111% Mar 28
17
May 21
31% Apr 26
y
75% Mar
21% July
43
42
29
x Ex-dlv.
Oct
92
Apr
May
1484 Jan
4
9
May 21
Mar
Nov
30% Apr
95
89
22% Apr
1% Feb
34
Sept
5% Sept
284 Nov
28% Sept
9534 Dec
8934 Oct
20% Jan
40% Jan
l234May 21
%May 15
9
Dec
Dec
6734 Apr
5%May 22
434May 22
5 May 18
Jan
19
40
13% Feb
May 21
May 22
4
23% Sept
2884 Dec
2234 Sept
2834 Oct
4
8
May 24
Jan 30
Nov
Mar
13
May 22
2
16
8% Jan
85% June
67% Jan
2% Jan
20% Sept
16
July
2% Dec
55
52%May 24
1
May 15
14 May 21
70%May 21
60
May 21
7%May 21
18 May 17
73 May 21
43
May 21
8%May 21
May 23
90% Mar
81% Jan
18% July
8
8
Roan Antelope Copper
Dec
Feb
Aug
3
44
Ritter Dental Mfg
Sept
Jan
5334May 14
8% Jan 3
200
49
66
11984
4I84
11438
128%
4% Feb
May 22
l34May 21
24%May 23
6%May 23
6%May 21
8%May 21
35
200
Apr
Apr
Mar
70
Sept
63'4 Aug
89
Reynolds (R J) Tob class B_ 10
Common
10
33,300
Jan
117% Dec
41% Sept
1184 Sept
2
2
5%
Jan
16% Sept
1684 Sept
Aug
Aug
Aug
ll%May
5
2%
84
143
23
Apr
2978May
37%May
17% Apr
52
Sept
16% Sept
Sept
6%May 21
130
17
129
77655
17,000
Sept
112
78'4
6%
57
Dec
2% Sept
24
Apr 20
ll%May
97%May
May
2
6
149
Mar 29
32%
May 21
42
48% Oct
26% Oct
40% Sept
20% Sept
128
17
-
.11% Sept
16% Sept
31% Apr
101% Sept
50%
112
8
V 7
35%
Apr
17% Sept
96% Apr
6%
*4%
Sept
%
87% Mar 12
~
*334
H
6
5H % conv preferred.... 100
Reynolds Spring
1
93
6%
*4%
3134
June
20
6%
%
Apr
18
9,700
7%
5
29
3
Apr
12% Aug
9
34%
1
*4%
14
Aug
6%
preferred
100
5k % preferred
100
Reynolds Metals Co—No par
*2%
*4%
Bid and asked prices; no sales on thla day.
...
10
1
JReo Motors vtc
;
""'40
34
•
Mfg Co
Remington-Rand
*4%
13
Sept
55
834
93
Reliance
Jan
22
21
24
21
24%May 24
Reliable Stores Corp—No par
700
400
8%
95
175
145
15%May
13%May
24%May
10%May
pref__100
52%
55
%
31
Rels (Robt) & Co 1st
42
1%
1534
Apr
Sept
4% Aug
42%May 9
7134 Apr 16
118% Jan 2
43% Apr 8
115% Jan 11
9%May 21
11
May 23
4%May 23
90
Apr 15
48%May 21
%May 15
100
Preferred
40
56
6%
14% Sept
Sept
6
Hosiery
700
92
*52
5%
13%
Real Silk
10%
/
21
*76
7%
35%
1,100
1484
Sept
32% Sept
147
4% 1st preferred..
50
4% 2d preferred.........50
""800
40%
'
8%
96
6%
5334
6
*;■
*70
22
Company..
*8%
6%
71
92
♦75
Reading
*62
*17
9
4,400
150
71
*73
8%
10%
15
12
Apr
111
1
25
50
1,500
6%
67
76
10%
2,500
Rayonler Inc
92 preferred
Mar
Mar
x22% Aug
6% Aug
Raybestos Manhattan.JVo par
26%
*534
71
23
8%
15
*32
*62
55
51%
10%
*15%
13%
934
6%
,
76
10%
16
6%
10
6%
8%
*16
934
2,100
18,700
*%
43%
*50
60
*16
6%
6%
*40
*50
70
8%
34%
56
18
81%
9
2
44
16%
81
35
2
56
15%
71
2
44
1%
8%
6
634
17
57
1%
70
*9
j
45%
1%
*77%
6%
6%
9
1%
16%
*78%
*6734
*25
7%
634
6%
9%
1%
35%
*6%
7
17
18%
1«4
®4
2% Apr
Jan
JRadlo-Kelth-Orpheum No par
2
25%
52
154
12
Jan
15 preferred B
No par
93.50 conv 1st pref ..No par
5,800
50
Apr
Apr
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—No par
4% 139,600
*65
23
35% Mar
165
No par
Purity Bakeries
Aug
3% Sept
45% Mar
9% Oct
31% Sept
51
Sept
Jan
Aug
118
Feb
91
1% Sept
103% Mar
Aug
6
22
37
May 22
May 21
l6%May 21
7
May 21
74
Oct
584 Sept
1934 Sept
45
Sept
40
Sept
25
Sept
10% Sept
8% Mar
47% Sept
48% Aug
Jan
142
85
45
46% Sept
115
100
100
6% preferred
5% conv preferred
Mar
27% Sept
Apr
143
No par
7%
74
Deo
124
July
Apr
Sept
No par
1534
18
634
250
500
18%
73g
50%
%
®8
6% preferred.......... 100
7%lpreferred..........l00
8% preferred..........100
Pub Ser El & Gas pf 95. No par
Mar
17
7
34% Apr 25
1934 Apr 8
May 10
May 21
May 21
May 21
112%May 22
32%May 21
100 May 21
110%May 22
128 May 21
%
600
114%
17%
15%
16%
*20
400
5% Sept
33
50
% Feb 27
14% Jan 3
No par
Jan
4% Sept
Sept
21
Sept
2% Feb
13% July
1184 Mar
59% Deo
9484 Aug
484 Sept
47
35
158
23
21
21
21
22
5% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N 3..No par
$5 preferred
No par
26
Jan
6
Class B
No par
Pressed Steel Car Co Inc____l
Procter & Gamble
Jan
Apr
May 10
8% Jan 2
11
Jan 4
6
400
*145% 150
16%
#i«
Apr
May
176
4
8,700
52%
48%
80
154
22
15
15
""
.5
50
Jan
107%
13%
4
4
93s Apr
Jan
80
15%
13%
%
Mar 12
27% Jan
2% Feb 27
14,900
48%
%
16%
24
24
22
1284 Jan
34
16% J
19%
%
16%'
7
22
34May 18
5% conv 1st pref
6% conv 2d pref
Jan
Feb
14%
Jan 17
12% Jan 13
5%May 21
56
54%
*4
16%
110
tPorto Rlc-Am Tob cl A No par
*75
7434
May 23
% Apr
6%May
6%May
21 May
53% May
Sept
25
36
Pond Creek Pocahontas No par
Poor & Co class B
No par
1,400
100
101% 101%
110% 111% *112% 118
*112% 113%
128
*121
129% *121% 129%
18%
7%
Feb
9
113
33%
Sept
124
Sept
234 July
~
10%May
28% Apr 26
49% Jan 5
2234 Feb
8,800
*120
17%
6% Feb
66
l5%May 23
51,500
2
60%
104
2
41'4 Jan
5
Plymouth Oil Co
11% Jan
484 Jan
19% Dec
884 Sept
31%
Mar 25
8
25
5434
113
115
16%
734 Apr
74
12
8
129
100
9
Jan 23
40
Jan
% July
16% Apr
8
*22
128
106
Apr
75
400
(
7%
114
3358
103
*100
Apr
36
Jan
~"l%Mar
17%
6%
100
35
28%
Jan 11
% Feb 14
6,000
Jan
Apr
~8~3~66
16
*10
120%
3334
7
7% pf.100
Apr
6»4 Sept
No par
Pitts Y'n & Ash Ry
Pittston Co (The)
Apr
534
136
l6%May 22
10
19
May
13% Sept
Apr 25
3,300
15%
133
32%
No par
5% pref class A...
100
5H % 1st ser conv pr pf.100
Pittsburgh & West Va
100
1,760
%
Jan 23
Jan 10
3%May
May
5%May
6434May
154 May
168 May
4%May
5
May
2
7%
%Mar
97%May
May 21
16
100
7% pref class B........100
470
*22%
100
Pittsburgh Steel Co
30% Apr
47
35 May 21
107% Feb 10
guar preferred...
100
Pitts Screw <fc Bolt.___.lVo par
2,500
590
Jan
40% Jan
7%May 22
24
Aug
85
2%May 24
May 24
7%
13,000
6
15
8% Apr
10% Feb
38
Pitts Coke & Iron Corp No par
$5 conv preferred
No par
Pitts Ft Wayne & C Ry Co. 100
480
%
21
53%
54%
112% 112%
33
3334
600
3 8'4
27%May 22
100
Apr
share
per
2l34May
3%May 18
30
5
Pittsburgh Coal of Pa
6% preferred
4,500
1734
136
25
Pirelli Co of Italy "Am shares"
100
*16
68
Pillsbury Flour Mills.
5%
65
24'4 Jan
% Mar 20
par
Preferred
100
Pierce Oil 8% conv pref... 100
16%
5%
H
534
%
7%
7%
7%
16
May 22
May 18
May 22
May 18
17
Phoenix
2,100
3%
*
%
%
58%
11%
*22%
53s
634
1834
1134
25
9
"xe
21
3%
121
21
1,000
*166
6%
17
7
113
3%
1734
534
34
109%
154
154
153% 153%
*115
117
*115% 117
19
18%
19%
19%
8
7%
8%
8%
8934 *86% 89
*86%
78
168
•u
22%
55
113
*
4%
534
8%
21
1734
6%
534
6%
17%
1034
*10
7
H % 13i«
*%
%
: ■ : 9%
6%
17
65
5%
*%
15%
17
*10
3%
4%
11%
30
4
6%
16%
10%
*22%
734
7
25
"~*»ie*"ie
*%
17%
6%
4
173
*
5%
4%
20
16% Jan
24
120
20
Jan
4% Jan
No par
25
Reading C & I.No
25
Apr
2% Aug
17% Aug
1184 Sept
120% June
13% Apr
3934 Apr
29% Apr
No par
preferred
Feb 17
5%May 21
l7%May 22
ll%May 21
15 May 22
6%May 22
6%May 18
26
May 21
38
May 22
74% Jan 26
Pitt C C & St L RR Co
4
23
4
Apr
«4
100
100
41%
62% Jan
l%May 18
5,200
23
24
11% Apr
1% Aug
534 Apr
x5% Deo
100
Philip Morris & Co Ltd
10
5% conv pref series A...100
Phillips Jones Corp
No par
7% preferred
100
Phillips Petroleum
No par
"I7ido
8%
15
prior preferred..... 100
preferred
100
Phlla &
6,700
2%
15
Phelps-Dodge Corp
Philadelphia Co 6% pref...50
$6
38
*7%
243s
35
preferred
22,400
28%
•"
23s
39
8%
v t c No par
Petroleum Corp of Amer
35
2734
2%
39
8
24%
41%
Corp
Pfelffer Brewing Co
4%
*3%
2934
conv
27%
*27
12% Mar 4
10%May 13
l%May 22
1134May 21
10%May 15
118% Jan 5
5%
5%
500
Apr
74
Pet Milk Co
*107% 120
4%
35
36
48
7,800
ht
Sept
6% Sept
72
Sept
7% Sept
14% Sept
1% Apr
8
3,000
74
6
Highest
Apr
Sept
92
6
6%
74
Feb
2% Apr 12
44% Apr
9
22% Apr 16
2% Mar 12
June
%
8
6%
*%
73
*107% 120
3%
35
27%
8%
25
7
29
5
35
4% Jan
Peoria & Eastern Ry Co
Pere Marquette Ry Co
100
6%
2134
13%
45% Apr
5
101% Jan 25
8% Apr
4
94
Apr 15
10% Apr 6
18
978 Sept
2
96%May
Pennsylvania RR
50
Peoples Drug Stores Inc
5
Peoples G L & CC(Chlc)..100
3,200
2
*6
6%
Jan
May 23
May 22
$7
54,900
26
26%
V
6
Apr
l38May 22
& Coke Corp
Penn G1 Sand
400
17%
15%
73
1
Deo
10
Penn Coa
40
17%
45
No par
1
7
3
Penn-Dlxie Cement
No par
$7 conv pref ser A ...No par
1,800
13%
11
No par
10
4
1
99%May
4% May
64 May
6%May
15 May
par
20,200
9,700
1%'
%May 22
32 May 23
Parke Davis & Co
No par
Parker Rust Proof Co
2.50
Parmelee Transporta'n.lVo
3,000
1%
6%
5%
74%
31%
25
6%
47
1%
27%
*35
1
6%
534
8% Jan
May 21
634 Jan 16
Penney (J C) Co
6,300
6%
6%
2d preferred
F per share
4% Mar 11
25% Apr 4
8% Apr 8
12
100
Park & Tllford Inc
Park Utah Consol Mines
15,500
'
6
May 21
2%May 15
Penick & Ford
6%
600
1®4
3334
1434
3
2434
18
1%
3234
33
41%
2434
*35
*15 -t
1%
33%
10
Lowest
9 per share
share
7
21
23
21
21
l38May 21
3234May 23
l3%May 22
1
May 15
538May 21
534 Jan 13
6% 1st preferred
5,900
6%
per
Year 1939
Highest
Pathe Film Corp
1
Patino Mines & Enterprises. 10
300
1%
31%
8%
6%
6%
15
15
9
9
6%
434
70
2%
*100
3%
4%
*64
2
%
35
434
64
53~500
2%
125
3%
64
30%
101%
1%
2
2% J
1%
2%
1134 13 I
12%
13
13%
*10% 11 I
10%
10%
10%
118% 11834 *
118% *110%
15
15%
1678
16%
16%
15
15
15%
15%
15%
*105
*27
*91
9
Panhandle Prod & Ref
1
Parafflne Co Inc
No par
4% conv preferred
.100
Paramount Pictures Inc
1
11,200
1,000
68
318
*28%
134
78
35
4%
5,300
700
134
77
79l2
32
101%
Par
Packard Motor Car
No par
Pan Amer Airways
Corp
5
Pan-Amer Petrol &
Transp__6
500
8i6
3234
14%
6%
634
,
734
8ie
178
7
30
32
*91
*634
v:V;
...
Pacific Western Oil Corp
6,700
38,300
178
7
7
30
*60
Lowest
66,000
2%
14
1%
13%
1%; ; 134
7
22
178
*6
7'4
%
18
73
*10% 12
*11834 121
*634
6
234
33%
14 j
*45
2%
1234
33
33
79
16
6
2%
14
1%
1%
36
16
1%
6%
5%
6%
6
%
*15
50
2%
16
634
15
1%
H 2
2i4
65
74
80
2
121
Shares
2%
12%
101%
4%
4%
*57% 64
6%
6%
46
79
121
$ per share
6%
32%
*
7
51%
*50
*10%
May 24
|
May 23
Range for Previous
EXCHANGE
6
%
*32% 34
*90% 101%
4%
5
7%
78
1534
12i2
%
33%
14%
49
2
the
Week
l
6%
234
14
1234
6%
8i«
1%
36%
17%
1%
78
2%
6%
2%
634
634
15
49
1534
NEW YORK STOCK
Friday
$ per share
Thursday
$ per share
14
18
65s
*2
|
6%
3
2%
12
7%
*15
15s
17
6
714
%
35
*
18
3634
i
May 22
|
$ per share
6%
3
15%
*634
*16
*34
*34%
45
*_— 101%
434
5%
6612
66%
Wednesday
,
May 21
_
6*2
*15
Tuesday
I
3319
Range Since Jan. 1
On Basis of 100-Skar« Lots
.
for
Saturday
8
Ex-rlghts.
Jan
Sept
6% Sept
5134 Nov
109
Aug
23
Sept
f Called for redemption.
New York Stock Record—Continued—Page 9
3320
LOW AND
Monday
May 18
|
*110
%
*%
1312
13%
38
2
♦1*4
9
934
6OI4
3%
*46
52
3%
8*2
4%
100
734
...
17
8%
1«4
1%
10%
12%
1634
*135
16
10
634
8%
14%
100
*65
33
39
34%
27%
19
25
23
48%
47
47%
46
5
6%
32%
5%
*9934
1%
*10%
13%
11%
14
19%
20
24%
•••'
484
46
5
19%
22
6
438
434
35
3%
4%
38%
534
434
4%
28%
3%
438
37%
6%
2%
29%
6%
234
28%
6%
43a
4%
438
28%
*5%
8%
*6
8
8%
*2
3%
32
32
3
3%
*26
30%
1
3834
434
434
31%
11%
10%
10%
88%
20%
38%
4%
13%
5%
88%
2034
1%
1%
*74
3%
7%
14%
5%
3%
9
6%
17%
7%
%
57%
59
;
,•
434
4%
5
1%
1%
9%
20
7%
13%
1%
10%
1%
9%
5
20
484
584
434
4
434
334
7
4%
32%
3%
5
37
2%
29
28
5%
*16
is4
4%
*28%
3
4%
5%
6%
4
4%
5%
5%
8
8%
g
*34
3884
'
3%
4%
438
33
1%
11%
3
3
31%
31
3
4%
28%
23
30%
27%
1
1%
9
4%
1
10%
85
86%
85
85
18
2034
18%
19
40
38%
484
13
35%
4%
5%
1%
4%
19%
37%
438
12%
4%
1%
10%
984
5
74
3%
*50
77
3%
3%
8%
584
9%
638
*6%
1734
14%
1634
184
1%
1%
18
5
14
17
11%
1%
%
10834 IO884
13% 13%
83% 84%
63
67
64%
10834 IO884 *103%
12
12
13%
75
82
71%
*71
*06
26
26%
25
26
24%
4834
46%
4534
42%
15
14
50%
15%
41
14
12
14
76
12%
4434
13%
14
14
14
14
14%
14%
1334
*111
112
*111
112
112
111% *111
45
49
44% 45
49% 49%
49%
♦14
14
14
*14
14
15
15%
1534
1%
1%
1%
1%
1%
1S4
1%
I84
31
32
27%
28%
27% 2834
3084 3134
14
*46
Bid and asked prices; no sales on
2%
35%
4%
12
434
1%
3%
*6
6,300
4%
29%
1%
27%
*1
28%
1%
*9
11
9
this
9%
85
84
84
20
19
20%
76
y.
—1
Talcott lnc (James)
9
50
6
6
25
5M% preferred.
Telautograph Corp..
Tennessee Corp..
Texas Corp (The)
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal Ac Oil
10
Texas Pacific Land Trust
Texas Ac Pacific Ry Co
2
Dec
5%
Jan
434 Apr
Id
Apr
13% Apr
7% Jan
18% Jan
10%
20%
Jan
Oct
24% Sept
25% Oct
33% Sept
Apr
4
2234 Aug
30
46% Jan
5
88
Aug
53% Sept
20%
Apr
36
Sept
65
Apr
80.
Dec
2234 Jan
26% Jan
29
34%
8034
8%
8%
12%
Apr 11
Jan 3
Feb 15
Apr
Jan
12% Feb 21
05%May
124
Feb 13
10% Jan 20
2778
2%
17%
35%
Jan
10
Apr
37% Sept
4% Aug
3% Aug
478 Aug
33% Oct
3% Aug
12% Sept
7%
Apr
10
5% Sept
6
5
7
Mar 21
47% Apr
4% Apr
4
4
3534 Apr 11
8% Jan 8
6% Jan 4
12% Jan 8
18% Jan
8
42% Feb 16
6% Mar 8
34
Mar
7
7% Apr 8
534 Apr 22
38% Apr 16
Jan
2434 June
118% Sept
22 34 Sept
Mar
Oct
60
12812 June
H84 July
38% Jan
3% Sept
22% Jan
30% Mar
10% Jan
25% Sept
Feb 28
5% Mar
2
17% Jan
6% Apr
4534 Sept
Apr
40
Jan
7% Sept
19% Sept
134 Aug
Jan
Sept
12%
6% Aug
3% Apr
8% Apr
7% Mar 26
247# Apr 22
32% Jan 25
9% Jan
7%May
6
Apr 11
May 15
27%May 22
1
May 18
34% Dec
7% Jan
108
June
Oct
Apr
17
4
9% Sept
7%
43%
6%
9%
Apr
26
Sept
7
Aug
5% Nov
8% Sept
Mar
July
Mar
Sept
5 >34 Sept
32% Aug
3% Aug
,
684 Jan
38% Sept
11% Sept
y 9
Jan
22% Jan
15% Dec
24
Oct
48
81
Oct
Dec
Oct
534
3% Dec
30
Sept
41
Oct
2% Apr
6
Nov
33
Nov
14
Apr
1% Jan
2% Sept
17
Apr
378
Oct
434 Nov
33% Nov
334
84
May 23
97
60
18
May 21
27% Apr 24
10%
Jan
25
900
16,300
900
440
II,600
3,200
3,100
32,100
29,600
100
9.400
5,700
1,200
$4 50
conv
pref
.No par
Transcont'l & West Air Inc..6
Transue Ac Williams St'l No par
Tri-Continental Corp_.No par
$0 preferred
—..No par
Truax-Traer Corp
No par
Truscon Steel Co
10
20th Ceo Fox Film CorpNo par
$1.50 preferred
No par
Twin City Rapid Tran.No par
7%
preferred..
100
1
Twin Coach Co...
tUlen Ac Co
60
12
12
600
75,000
8,100
Def. delivery,
74
May
3% May
6%May
5 May
14
% Mar 16
May 21
63
Union El Co of Mo$5 pf
No par
4%
25
100
preferred
100
.No par
United Aircraft Corp
__5
Transport
5
United Biscuit Co.....No par
Preferred
United Carbon Co
100
No par
Unlted-Carr Fast Corp .No par
United Corporation
No par
$3
preferred
n New stook.
...No par
r Cash sale,
May 22
6%May 23
Union Bag & Paper
No par
Union Carbide & Carb.No par
Union Oil of California
Union Pacific RR Co
21
21
22
22
20
21
22
21
l%May 22
l3%May 22
26
Un Air Lines
1,500
4% May
10%May
4%May
l%May
No par
Union Tank Car
1,000
__
35%May 21
Under Elliott Fisher Co No par
10,500
47
par
Tlmken Detroit Axle..
10
Timken Roller Bearing. No par
Transamerlca Corp.....
2
86,600
55,800
*43
a
A pr
5% Dec
Dec
94
2%May 22
May 21
Jan
63
18 %
7% Apr
108% Apr
2% Jan
Deo
10% Mar
75% Mar
1% July
7% Apr
1,800
2,300
t In receivership,
Apr
8% Aug
57% Dee
9% Aug
83
Sept
20,900
28%
42
57% Apr
6
May 10
5%
1%
25
Apr
Feb 16
4
par
11
Jan 27
14%
1%
30
Thompson (J R)
Thompson Prods Inc..No
Thompson Starrett Co.No
3
2
Nov
Sept
34% Dec
Apr
11% Jan
66% Apr
40% Apr 10
20%May 21
234 Feb 5
preferred....10
conv
36
3834 Apr
31
Third Avenue Ry_.......100
Apr
9
Sept
9%
70%
22%
517g
Sept
Feb
47
Mar 21
3
4334 Sept
33g Jan
-
Apr
14%
4
1
23% Jan
36% Nov
Mar
60
May 14
63
100
Jan
1% Aug
434
9
May
Dec
21%
12
3,400
1%
$3 dlv
Jan
2334 April
May 21
44
...No par
Preferred
Thermold Co
May
Dee
29%
Apr
34
Jan
3
72
8
No par
.No par
pref
35% Sept
143
Jan
23
75%
3%
7%
5%
100
Apr
May 22
100
*14
Mfg
conv
1
Apr
May 21
11,200
7%
29
Without warrants
Sept
14
9
134
41% 43%
1278 1378
14%
1334
13% *13
*111% 112
*111% 112
1%
Symington-Gould Corp w w. 1
13
127
Sept
15% Sept
3% Sept
18% July
8
5
*3%
14
Swift International Ltd.—
17% Mar
24
$3.60 cum preferred.No par
1%
*50
—25
Swift & Co.
Dec
12% Apr
10% Aug
1% Sept
Tide Water Associated OH..10
5
45
*12
...100
Sutherland Paper Co....—10
Sweets Co of Amer (The)...50
9
"~2l""sept
500
1234
*5
43%
Superior Oil Corp
Superior Steel Corp
Apr
54,600
6,000
14,300
27,800
3,900
4%
3%
42%
2,600
II,900
4,300
4%
1384
36
36
4%
1»4
40%
12%
13%
28
130
230
13
preferred
$3.60
7,700
38
4%
...100
10c
Superheater Co (The)—No par
6%
Dec
11%
11% Apr
15% Apr
39
47
Sunshine Mining Co
Sept
112
20% Jan
3478 Jan
Jan 29
534May 21
May 24
119%May 22
7%May 15
12%May 21
l%May 21
9%May 22
20 May 21
3 May 22
18 May 21
18 May 21
434May 21
334May 22
4%May 21
28%May 20
3 May 22
4%May 14
3334May 21
2%May 21
26%May 23
5%May 22
4 May 21
5 May 22
1
..No par
Oil
2% ""360
31
25
No par
The Fair
1%
1%
1%
*13
16
14
15
15
678
678
6%
6%
634
81«
51«
81»
*16
%
28
27% 27%
28%
30
978
10%
9%
10%
10%
64
65
64
66%
66
*103
107
*102% 107
107
12
12%
12%
1234
12%
73
75
71% 72
75%
76
76
76
7578 7578
24% 24%
24%
2484
25
111
*
'
Sun
Thatcher
40%
31
9%
9
Stokely Bros Ac Co lnc
700
*36
6%
13%
8384
80%
25%
45%
77
5%
3%
4%
1438
1%
9%
80
2%
2,200
10,800
46,100
10,300
II,000
11,000
9,400
1,600
25%
5%
13%
6%
35
100
3%
4%
1438
1%
1%
3%
4%
6
5%
2734
80%
26
#3%
4%
32
6
14%
10%
70
4%
*28i2
4
5
%
27%
9%
5,000
1,100
27
14
7%
26
3%
7%
3%
6%
.
*50
77
*50
%
29%
12%
9%
.
6%
68
>•
84
22%
*16
13%
8434
1
10
90%
784
110
'
8,300
10
4%
9
16,100
10,900
5
4
2734
10
*8
700
4
2%
27%
578
4%
33
28
3%
3%
4%
28%
1%
5.400
14,500
6,100
1,100
4
34
32
3%
*23%
3%
21%
5
18%
19
140
11,500
5
.
234
*2%
*31
25
3%
1%
9%
21%
9%
40%
*8%
*36
2%
3
26
38s
4%
8
g
32
3%
20%
2«4
13
778
1334
1%
9%
6
4%
6
5%
2%
*31
6ie
11%
5%
'
734
28%
5%
4
3834
738
28
6
*35
%
1238
68%
28%
,:
Studebaker Corp (The)
4%
35%
234
4%
3334
2%
26%
4%
5
73,800
2,000
49
3
234
V'r 4
6%
6
47
3
4%
2%
27%
5%
Stone Ac Webster
*4%
*28%
434
4
35
34
7%
29
5
4%
4%
33
3%
7,000
31,200
18%
18 84
14,000
5
5%
*3%
18%
*3%
18%
Starrett Co (The) L
Sterling Products lnc
Stewart-Warner Corp
4%
1938
538
4%
5
32
3%
18%
19%
S—No par
10
1,700
5,300
5%
5%
18%
3
18
25
Standard Oil of Indiana
4%
21
21
18
3%
8%
27
9%
10
21
No par
478
1%
10%
1%
cum
$7 cum prior pref
4%
15
13
19
4%
138
3%
8
14%
1%
26
58%
*118% 120
*118% 120
7%
8
2134
''4%.
3%
32
x49
119% 120
8%
6%
50%
578
6%
50
18
*28%
3%
4%
3334
2%
6%
4%
7%
;
534
18
4%
3
29%
4%
Bit
50
15
22
5%
134
18
18
12%
4%
5%
57
5%
4%
£78
4%
4%
5%
6%
434
*23%
26
59
2334
4%
5%
434
6
684
14%
11%
67%
24
6234
*5%
1%
29
110
58%
26
56
13%
*7%
6
18
Standard Oil of New Jersey_25
35%
4%
10%
74
77
17
1%
3%
334
438
31%
1%
*9%
1038
*86%
21%
3884
3%
4%
1%
11%
*3%
31%
26
27
3%
Standard Oil of Calif—.No par
55,800
40%
8%
*32
41
*32
21,500
36,700
8,400
127
Jan
23%
10%
7
zl7%May 23
33 May 21
19 May 21
46 May 22
434May 22
46 May 22
26%May 23
-5 May 21
99%May 22
1 May 18
2%May 22
10 May 21
12%May 21
17%May 22
21 May 22
30 May 21
23 May 21
56 May 21
4%May 15
4%May 20
6 May 21
Apr
30%May
15% Jan
May 21
.
prior pref....No par
33%
30%
3%
$0
-
No par
preferred..,,
32
3%
5
38%
$4
21%
7%
5
7,300
13,900
1,400
34
123
20
217b
5%
434
1%
3
1934
22%
120
*4%
1
2%
..No par
No par
Standard Gas Ac El Co.No par
preferred
$4.60
32
125
19%
*98%
234
1
Square D Co
Standard Brands
18%
2134
53
21
99%
600
13%
20
22%
53
1138
5,100
54,200
10%
56
23%
2734
5%
2
No par
Conv $4.50 pref
13%
19%
23
4%
11
27
No par
Spiegel lnc
10%
32%
2434
5%
23%
480
1
No par
14
33%
17
1%
37,000
4.9
Sperry Corp (The) v t e
Spicer Mfg Co
$3 conv pref A
11
30
35%
27%
66%
:V8'
4,100
13
1834
8
32,400
70
6
4
9
Feb
Feb
101
3034May 10
152% Apr 23
65
No par
Spencer Kellogg Ac Sons No par
15% Aug
Oct
11%
Jan
434
Jan 2
2% Mar 11
16% Jan 3
4
1
11
22
734
300
No par
13
55
11
22%
5%
20%
22%
1%
2%
5:
Spear At Co
$5.50 preferred
49
5%
Edison—-25
Southern Pacific Co—N# par
Southern Ry
..—No par
5% preferred
100
Mobile & Ohio stk tr ctfs 100
Sparks Withlngton
480
578
preferred....—.100
8%
10
17%
6%
46
5%
Platinum..1
S'eastern Greyhound Lines.-6
So Porto Rico Sugar—No par
South Am Gold &
10
31
6%
46
5%
49%
2834
5%
99%
1%
Typewr—No par
Corp—No par
Socony Vacuum Oil Co Inc. 15
y
Feb 19
Apr
Jan
64
June
6% Dec
28
Sept
77g Sept
3% May
23%May 10
Apr 8
114%May 6
112% Apr 24
18%
11%
2434
12%
Dec
43
120
10%May 22
5 May 21
15%May 18
7%May 21
l%May 22
10 May 22
1634May 21
130 May 23
23%May 22
634May 21
8
May 21
l3%May 21
33%May 13
l%May 21
10
Jan
25
May 22
May'24
No par 105 May 22
112m3» Apr 24
67
12%
21
6%
47
38%
Smith & Cor
24
13
Skelly Oil Co
15
SIobb Sheffield Steel & Iron. 100
13%
19
4%
3234 jan
3% June
28% Oct
29% jan
8
10
23%
5%
87S Sept
2% Dec
16% Apr
"7,900
■:
Jan
Jan
2% Apr 29
11,600
68,100
39,100
25,700
""200
72
10778 NOV
par
10
17%
1%
4.%
1
2%
2I84
16%
3734
2%
9934
1%
234
99%
1%
3%
14
1%
5%
438
100
1
2%
19%
24%
8%
15%
4%
*30%
■4 3%
100
*122
123
8
5%
35%
23%
17%
36%
24
18%
21%
51
Apr
'
par
Southern Calif
—
*16
23
5%
49%
26%
5%
*98%
28«4
5
12%
34%
27%
0334
7%
15%
1%
10%
:> 22%
28
19
57%
123
52%
32
5
1578
38
*02%
*46
5%
48
13%
6%
,
6%
55%
434
46
5%
47%
29%
33
5%
10234
1%
3%
1234
24
5%
5
22%
46
6%
53
2%
*11%
5
17%
24%
53
68
*62%
*17%
35%
-
*17
4734
6%
27%
4%
4
41
1%
66%
4%
*3%
4
40
2%
*25%
; 1%
4
27
35%
14%
*28%
1%
4
17%
37%
1
3334
134
16
38
*67
234
24
7%
9%
1%
*17%
38%
25%
534
100
7%
8%
13%
18
5%
7%
9%
*2734
18
32
7%
8%
134
19
6%
54%
32%
24%
35%
*18
6%
62%
23%
1%
*27
*07
49
24%
9%
15%
*68
22
39%
20%
49%
23%
24%
7%
5%
*4%
5%
*414
23%
16%
% 20
10% Apr
17% Apr
par
Snider Packing
5,600
6
3
2,400
1858
8 57g Nov
Jan 11
12%May 23
l34May 15
'24
l7%May
6%
134
Apr
16%
15%
59%
534
No par
Simms Petroleum
10
almonds Saw & Steel--.No par
par
Simmons Co
16 34
18
88
97« Aug
par
Smith (A O) Corp
10%
2%Mar 25
3% Sept
24% Sept
Sit Jan
60% Apr
11% Apr
3
Jan
"T'sept
''MI
Apr
15% Aug
1% June
2
20
98% Aug
2,500
I,000
*128
1% Jan
"jV Aug
2
108% Feb 7
6% Jan 10
Preferred called
8% 105,200
1% 14,700
1,500
1034
% Jan
May 15
160
1078
Sept
Feb 27
109
'23
96%May
3%May■22
par
No par
$0 preferred
—
105
115% Jan 11
Jan
10% Jan
52% July
117% May
5M%
conv
preferred—10
Silver King Coalition Mines. .6
Shell Union Oil
510
600
6,900
1
Apr
38% Aug
17% Sept
109
7,500
%
4
Jan
share
177t Mar
76% Aug
per
Apr 9
Apr 12
Jan 11
56
Apr
6
7% Mar 13
40% Feb 13
13% Jan 4
No
$5 conv
No
Sharpe Ac Dohme
No
S3.50 conv prefser A .No
Shattuck (Frank G)_—No
Sheaffer (W A) Pen Co.No
Corp
preferred
250
*3
25%
7%
38
Co—-No par
—1
Sharon Steel
70
20
130
I84
*26
Serve! Lnc
13
130
17%
18%
135
1%
13%
1734
35
1%
1*4
16,000
Sears Roebuck Sc.
49
Aug
Sept
I
334 Apr
44% Sept
7% Feb 21
2%May 21
May 14
110 May 15
102 May 21
%May 16
%May 18
11 May 21
l%May 15
61%May 21
834May 22
8%May 21
52%May 20
3 May 21
46
May 22
434May 21
34%May 22
No par
10
01
share
per
14% Mar 27
85%May 9
% Jan 2
May 22
% Apr 22
34
Ne par
—No par
Seagrave Corp
67
10%
10%
10%
17
7,600
$4 preferred
13
134
18
13%
12%
134
17%
72%
1%
17
*27
38
1%
10
800
3%
•
1%
8,600
98
3%
134
18%
14%
xl8%
10
8
10%
7%
135
145
24%
684
25%
5%
16
834
1%
11
1934
7%
2034
145
26%
10%
17%
6
17
220
8.%
8
6,000
34%
34%
,
10%
5
10
6%
200
5%
10934 109«4
U2*%J 1122732 U2"u *112"31
*10%
10%
11
10%
6
6
*534
6%
18
16
*15%
16%
8
•:
8
884
8
1%
1%
1%
1%
1I2«M
12
11
12
__
8,700
3%
48
*94
96%
3%
1334
105
105
110
*112«%2
8%
9%
110
11134
3%
5%
13
13%
82
19%
100
*45
70
18
13
19
4,700
52
preferred
$4.60
65
JPeaboard Air Line
No par
4-2% preferred
100
Seaboard Oil Co of Del-No pat
109
18
20
*20
134
75
*136
,2512
25
134
1334
139
*135
1%
80
20
19
1284
334
13%
3%
13%
11%
1234
*12
4%
13%
80
8%
1%
1®4
1%
334
12%
16%
*6%
I684
8%
8
96%
3%
12%
134
29,100
12,800
9
*37
34%
8%
34%
97
97
98
134
11%
UJ2
6%
1534
6%
16%
8%
8%
«1*
8%
«lo
98
63%
9%
,
9
5
•:
80
12%
9
48
5
60
4,600
I,200
5,300
%
*16
62%
$ per share
7%May 21
5
534% preferred
100
JSchuIte Retail Stores
1
8% preferred-...,.——100
Scott Paper Co
No par
Schenley Distillers Corp
200
65%
9%
9
60%
3%
3%
5%
35%
8%
34%
36%
35%
I
*%
12%
/
.
*45
46
95
112«M 11227a» *112l7aj
11%
5%
434
1
%
884
*35
3%
3
4%
2
21
111
112
112
46
*81
17%
*80
48%
9
60%
1%
*19%
16%
20
17
3
4%
1484
14
2l4
*1%
*19i4
8%
*40
*47%
9
%
13
2
*1%
93s
9%
884
60%
3%
3634|
4
14
13
8%
101
*98
64
5%
36%
834
9%
98%
4U
98
62%
384
5%
37
37
*1%
♦40
48
102
02%
2
65
9%
10%
21,900
1,100
4,100
2,600
I,400
108
102
*%
12%
8%
11
52%
48
5l2
6%
%
11%
2
.
3734
*102
%
%
13
61%
10
10%
62%
10i2
10
*5214
3%
37%
102
%
%
12%
2
*n
234
108
%
2%
06%
*134
36
%•
11
70
*i«
*2%
3784
Highest
f per share
Shares
834
*65
%
110% *102
102
102
110
102
8%
Highest
Lowest
Lowest
Week
8 per share
284
*16
%
14
65
07%
9%
05
2%
»H
%
*16
%•
%
2*4
4-%
2%
.2%
35% 36
%
2%
234
35%
36
36%
110% 110% *110% 114
102
102
*99
104
108
13
05
70
%
2%
36%
114
*99
66
't*
h
2i2
38
%
2i2
*30%
73
♦69
70
68
8%
65%
784
834
7%
100-Share Lots
EXCHANGE
the
Friday
May 24
1
$ per share
8%
9
*65
68
2 per share
$ per share
9%
834
9%
8%
May 21
f per share
$ -per share
Thursday
May 23
Wednesday
May 22
Tuesday
May 20
Saturday
On Bans #/
STOCK
NEW YORK
for
1940
Range for Previous
Year 1939
Ranoe Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
HIOH SALE PRICES—PER
May 25,
9%May 21
May 21
10834May 20
12
May 21
7l%May 22
75%May 24
2234 Jan 21
40%May 23
12
May 21
l3%May 23
May 18
111
i
2% Jan
52
7
Jan
5
•
54%
Feb
Dec
Jan
Sept
8% Sept
6% Apr
I27g Dec
5% Apr
107g
Jan
2
Mar
74
Apr
3
Apr
7»4 Sept
10% Apr 24
13% Jan 4
6
Apr
14% Sept
26% Jan
234 Jan
3% Apr
30
Apr
19% Sept
1% Apr
4
17% Apr
13% Mar 14
1% Jan 11
45
Feb 19
18% Apr 22
4
116%May 2
17% Jan 8
88% Jan
98
Apr
11% Dec
4
25% Jan 23
8
7%
Apr
84 Dec
34% Sept
4% Sept
88
34%
Jan
Jan
334 Aug
35% Aug
12%
434
66
Jan
Jan
Jan
6
Aug
13% Dec
65%
108*4
15%
81%
Apr
Sept
94% Sept
Aug
Apr
Apr
118
1934
July
Jan
105
Sept
90
July
89% Feb 10
78
2978May 11
53% Apr 10
2384 Apr 4
18
Apr 17
20% Mar
24% Sept
31
61
119
Feb 23
2 7% May
42
y
4
4
4
7
Apr
34% Apr
18% Dec
14% Mar
82% Mar
6% Apr 15
65%May
19% Apr
27g Apr
x Ex-div.
3
Mar 14
21% Apr
8% Apr
42%May 23
12 May 24
l%May 15
21
4
May
2
5
4
Feb 13
Ex-rights.
Ang
7h Apr
14% Sept
112% Mar
Nov
16% Dec
18% July
119% June
52
Apr
69%
13%
Oct
Mar
Apr
20
2
Apr
30%
Apr
3% Feb
397g Aug
T Called for redemption.
Volume
LOW
AND
New York Stock
150
SALE PRICES—PER
HIGH
Record—Concluded—Page
Sales
NOT PER CENT
SHARE,
STOCKS
|
NEW YORK STOCK
for
Saturday
Monday
May 18
May 2d
$ per share
$ per share
4%
434
4i2
Tuesday
(
|
4
3
3
54
45
48i2
3lg
2958
314
29%
3
3%
29
29
63
!
63
62
11
11*8
♦1108s 1148g
7*8
7%
3%
3%
334
334
8712 87i2
5
5i2
5*2
6
66
67l4
11
112
714
3l2
312
2%
27$
26
64
60
1U8
7
3
37$
4
4
89
*5U
578
64i2
57^
65l2
60%
175
175
338
*201$
16%
378
29
17%
♦2618
412
4%
43s
683
7
7
17%
27g
25%
171
2«4
261$
177$
45$
14
61
27$
25%
634
3
378
4
82
84
514
5%
5%
534
234
*23%
3
29
3
•23
16
15
8,000
5,200
1,700
334
84
5
5
210
*534
16
360
165
3%
37$
3%
4%
27$
*23%
1534
37g
7
6%
7
6%
7%
6%
3%
3,900
5,100
6%
58%
56%
105
165
Lowest
Par
3
30
1584
4
3,600
6%
100
10,000
5,900
Year 1939
United Drug Ino
Highest
9 per share
8 per share
United Paperboard
USA Foreign Secur
—10
No par
80 first preferred——No
par
U 8 Dlstrlb Corp conv pref.100
U S Freight Co
No par
U S Gypsum Co———20
w>7% preferred—
100
U[S Hoffman Mach Corp
5
5 H% conv preferred——50
U S Industrial Alcohol-No par
U S Leather Co.—
.No par
10%May 22
108%May 22
634May 22
3 May 21
3%May 21
80' Jan 15
5 May 18
5%May 22
55%May23
165 May 23
234May 21
26 May 15
14 May 21
3%May 21
6
35
Mar 13
54% Deo
74
3% Apr
25% Apr
62% Apr
8% Sept
35% Sept
95
Sept
Jan
8
857$ Jan
3
15
6
11
117% Feb 24
13% Mar 12
7% Apr 10
7% Jan 8
110
97
Jan
Highest
9 per share f per share
41$ Aug
7% Mar
4% Deo
8<4 Jan
65% Mar 14
6% Jan 3
40
.
85 preferred
--—No par
United Mer & Manu Inc v 101
7% Apr 11
May 22
2%May 21
25%May 22
60 May 21
10
Preferred100
United Electric Coal Cos-—5
United Eng & Fdy
5
United Fruit Co
No par
United Gas Improv't—No par
Lowest
4 May 21
2%May22
5
United Dyewood Corp
300
4
3l2
500
33s
3%
30
15
314
26i8
1634
105
36,600
7%
38$
6%
587$
170
1,700
7,900
84
5%
57$
55%
60
170
7,700
114
7
85
*5
150
27
62
10»4
61%
10%
4
*82
5%
6
58%
64l2
3%
*3%
82
,
*109
7%
3%
684
1,800
Range for Previous
Lots
EXCHANGE
12,300
*26%
10«4
110
43s
2»4
41%
il;'< 3
3
62
10%
110
67$
3%
37$
4%
*2%
3
20%
61
10%
10%
108% 108%
171
3%
2918
3%
26
60
11
110l2
71$
31$
35s
*8U2
5U
5U
6I4
3l8
2812
Range Since Jan. 1
Shares
41
43
3321
On Basis of 10O-Share
Week
$ per share
284
*40
the
May 24
,
45$
4%
2%
2l2
42
Friday
.
share
per
4%
2%
40
62
IOI4
110
73g
4
4i2
3
May 23
I $
$ per share
45
42
112
*83
176
175
3
|
May 22
$ per share
4S4
3
*45
}
May 21
Thursday
Wednesday
,
10
Apr
Sept
6% Apr
334 Aug
5% Mar
Feb
15
Nov
117% June
14
Sept
7% Sept
11
Jan
May 11
75
June
87% Mar
10% Apr 11
5
Mar
17% Sept
14
Sept
10% Jan
89
3
Jan 25
182%May 14
6% Mar 9
32% Mar 11
28
6% Aug
65% Sept
1493$ Sept
4
Apr
23
Apr
13% Apr
3% July
Apr 25
7% Apr 23
113
Jan
180
Mar
77$ July
35% July
29% Sept
10% Sept
'
*50
55
60
247$
2534
341$
*33
! 6
712
55
24l2
*33l2
50
50
55
*47
2514
345s
22
24
22%
24
23
*33
34
32%
33
*32
*47
%
178s
9t«
18
19i8
15
17% ;
15%
17%
15%
75
77
76
68%
73
72
75
48
49
4518
*03i4
49i2
70i8
4234
45
40
42
%
657$ 67%
48% 50%
10984 HI
34i2 34i2
*42% 46
16$
158
534
0%
1
1%
*40
%
110
33
46
184
6I4
6I4
H4
1'8
*42
.
16
16
5018
5012
143
143
70
143
67
60
%
*i«
1712
*14
32%
41
*14
32%
%
167$
300
75
*.III
2
1634
18
11684 11634
5
5
7
—
*78
*78
;
*«!•
*684
2534
300
Universal-Cyclops Steel Corp 1
400
Universal Leaf Tob—No par
8% preferred—
100
Universal Pictures 1st pref. 100
78
:*#1.
2
7g
1%
618
34
*»u
34
1%
6
19
19
11
11
5
1484
214
36
36
36
1
78
*33s
3i8
1H2
*4
143$
2is
-v-iv:
4
2
414
l5i«
384
78
14i2
i.
145$
2%
2
32
35
1
77
*2
24
24
23
*11%
334
;
*4
♦14%
.30
23
24
20
23
153s
1534
15%
15%
16%
278
10%
28$
1512
16%
2«4
13%
10%
14
16
478
*82
*82
18
104% 104%
*95% 99
*105
113
15
*96
104
66
*55
63
*60
102
100
'100
*90
*95l2
*105
1584
*96
*3
♦85
*34
26l4
♦86
*55
60
*834
8%
518
47g
76
110
884
55
934
9i2
5
90
55
*8i2
4
7i2
47g
378
27%
*28
15
22
14%
15
2%
17%
60%
95
95
100
100
*96
i1(
147$
17%
81%
111%
27%
85
5%
37$
*5%
37$
45
*28
14«4
4
37$
49
*42
118
13%
*43
*101
118
21
60
9%
8%
5
6
4%
5%
4%
384
2%
23,700
37$
4
11,900
28,700
0% conv preferred....
18
Wilson A Co Ino—.No par
46
700
80 preferred——No par
Wisconsin El Pow 0% pref.100
"97266
Woodward Iron Co—......10
Woolworth (F W) Co—10
4%
49
*40
*108
*.
05
*
05
60
*
60
*
18%
32%
1534
33%
*25
32
30%
*26
30%
*20
40
41
*33
40
♦32
39
*30
40
*32
30%
41%
101
107l2
7812
17%
1212
95
100
99
102
101
101
100
100%
74
74
16%
10%
16%
11%
76
73%
18
*16%
934
12
12U 1314
*1001$ 11312 *1001$ 112
8
*81$
8I2
32i4 3334
335$ 3634
♦87
91
♦863s 93
15%
1634
17
16%
10
934
101$
IOI4
2%
212
25$
25$
*
*90
634
75
1734
12%
111
8
100
67g
2934
28%
32%
86
87
12%
8%
2%
15%
12'4
10%
8%
2%
*80
23$
100
7%
31%
85%
15
9%
2%
Bid and asked prices; no sales on this day.
4.000
Wilcox Oil A Gas Co
60
173s
318$
16%
3312
10712
"27660
—
60
17
32%
1034
44
17
73
*15
1078
73%
14
93$
2%
73
17
74
15%
12
11%
100% 101
684
7%
2834 32
*80
14%May 22
17$May 15
1% Jan ~
384
37$
4
3012
105
Prior preferred—
Willys-Overland Motors..... 1
14
30%
38
147$
2
86
15%
10
23$
99
634
29%
14%
93$
9%
2%
2%
a
3
Prior
410
1,500
440
5,000
48,800
par
100
86
par
12%May 21
8%May 21
30
200
6,500
8,400
4,700
pf 4H % convserieslOO
Wright Aeronautical—.No par
Wrigley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co.—25
Yellow Truck A Coach cl B..1
Preferred
—.—100
Young Spring A Wlre_.No
Youngstown S A T
No
5H% preferred ser A
Youngst'n Steel Door—No
Zenith Radio Corp.—No
Zonlte Products Corp
Del. delivery,
n
New stock,
r
Jan 15
15%May 21
May 18
l3%May 21
60 May 22
64 May 10
30%May 22
40 May 20
95 May 21
73 May 23
16%May 24
9%May 21
99 May 21
6%May 21
28%May 21
""206
300
Jan
3%May 21
46 May 21
116
Jan 2
6% preferred B
—100
Prior pref 4fcS% series—100
500
86
14
6
Worthlngt'n PAM(Del)Ne par
7% preferred A mm mmm
100
73,400
7%
303*
20
10
1134
♦80
{ In receivership,
27,100
15,400
15%
101
4
84 conv preferred—No par
*14%
17$
2%
60
*.
16%
31%
14%
7%May 21
4% Mar 23
3%May 22
White Rock Mln Spr C0N0 par
15%
17$
2%
*38
*75
6% preferred—
.100
85 conv prior pref—No par
Mfg(The 68).20
White Dental
54
*3312
74l2
1712
18,900
*28
17
31®4
1534
16%
30%
08
63
27%May 21
287gMay 21
60 May 2
85 May 24
l8%May 21
90%May 15
65 May 21
8% Mar 16
5% conv preferred——30
Wheeling A L E Ry Co
100
5 H % conv preferred—100
Wheeling Steel Corp—-No par
54
*108
20%
31%
10%
*
40
Westvaco Chlor Prod—No par
White Sewing^ Mach Corp—1
l"
51
*
"
26
5,400
9,200
3%
*28
17%
68
28%
3034
Jan 20
Weston Elec Instrument-12.50
White Motor Co——-1
3%
19
6,700
3,800
2,200
19,800
5
60
29%'
8
734
4
-
330
77$
8%
35$
378
17
2%May 15
4%May 18
%May 15
UigMay 22
l5%May 21
76 May 21
110 May 21
Maryland-
100
4%
4%
*58
100
4% 2d preferred
——100
Western Pacific 6% pref—100
Western Union Telegraph-100
Westlnghouse Air BrakeNo par
Weetinghouse El A Mfg.
60
1st preferred—
—50
100
100
100
334
*—
20,200
22
23
23
22
23
23
0% preferred
100
Supply Co—10
Western
5»4 Aug
Apr
Sept
Oct
Dec
Apr
Apr
48
July
49
Mar
37%
0%
5234
II484
68%
July
Mar
Jan
Nov
Sept
70% Jan 11
60
$70
June
68% Jan
41% Aug
98% May
30
Sept
65
124%
39%
48%
234
7%
2%
61
Jan
4
3
Apr 23
Apr 5
Feb 20
17
Apr 12
May 10
Jan 15
159
Jan 22
112
Mar 27
par
par
2
1
Cash sals.
07
Jan
39
4084 July
4
Sept
8% Mar
2% Oct
40
Apr
9
May
601$ Sept
146
Sept
45% Apr
$
Jan 15
Mar
Ex-dlv.
"
y
64
Deo
17
Sept
85
July
163
June
78
Feb
Jan
1
16
Aug
21
Sept
Sept
16
Apr
Apr
Sept
Apr
Aug
Sept
Apr
Apr
40
Sept
40
Nov
%
4378May 10
397$ Mar 15
117% Apr 9
109
25
347$
54%
49%May
9
59% Feb 28
65
31% Mar 14
4% Jan
31% Jan
18%
2%
17
Apr
Jan
112% Sept
16% Apr
4% July
48
8284 Sept
1207$ Sept
37% June
Oct
34 Apr 6
19
Feb 29
118
Oct
1% Deo
6% May
1% Apr
Apr 24
Apr 24
Apr 11
70
15% Sept
46
323$
31%
1%
31%
863$
74 May 4
38% Jan 4
39
Apr 1
1% Jan 5
41% Jan 3
117
April
116% July
44% Deo
56% Aug
65
Sept
293$ Deo
5s4 Sept
3334 Sept
118
July
15
Sept
Jan
35
Jan
100
Mar
135
May
1% Jan
2% Jan
l%Mar
7% Apr
23%May
101
101
Deo
Mar
131
Mar
2
3
*4 July
1% July
3
0
5
9
5% Apr
15% Apr
64% Apr
8
125
1
June
85
Mar 15
Jan
Sept
37$ Sept
3
Sept
8
Oct
23% July
98% July
9% Jan
0% Jan 3
35% Jan 11
4
Apr
30>4 Sept
16% Feb 1
9% Jan 10
1% Jan 10
25% Jan 10
14%
Oct
20% July
7
Dec
147$ Mar
1%
50
2
Jan 3
MarlO
9
Marl6
31% Jan 5
28% Feb 7
20% Apr 22
24
Jan
4
47$ Feb 23
Deo
Deo
21
3% Deo
4% Feb 19
30
;
Feb
1% Nov
6% Apr
19% Apr
Apr
Sept
17$ Apr
1434
20
80
"l5%May
Western Auto
7% preferred—
6% preferred—
WestPennPowCo 4>$ % pf-100
West Va Pulp A Pap Co No par
9
47$
47$
17l2
700
21
13%May 21
14 May 21
2%May 21
60%May
95 May
96%May
94 May
108i8May
11 May 21
10078May 17
22 May 21
84 conv preferred
-No par
West Penn El class A—No par
a
60
412
412
06
2784
3o84
900
20,200
14,400
22
21
16
23
12% Apr 23
Dec
29% Apr 10
10
July
75
55% Aug
—100
Wesson Oil A Snowdrift No par
9
484
65
*28
3,700
May
%May
3%May
22 May
20 May
No par
*47
*8%
4%
10u
"5*1666
30
1
—
*47
414
*
Wayne Pump Co
Webster Elsenlohr
*96% 105
60
*8%
43s
*
Washington Gas Lt Co .No par
Waukesha Motor Co—-.5
*47
17$
1534
No par
83 convertible pref—No par
Warren Fdy A Pipe
No par
18% 19%
*96% 105
2
30
3,700
6
83.86 conv pref——No par
80
500
l4%May 16
2 May 15
—100
{Warren Bros Co
May 21
3%May 21
%May 16
.No par
7% preferred
440
112
85
2%
*
112
90
183$
2
321$
iu
157$
18%
85
112
30
28%
30%
*85
15
2212
23
284
4%
4%
♦•it
%
15
15%
17% 18
83
85%
*4%
—No par
Warner Bros Pictures—
105
90
178
2%
118
60
11
Co oljA—No par
18»4 2034
*90% 105
1434
2O84
3012
100
234
*75
2%
*
22%
3
70
2
22
3384
*96
25%
*36
2
118
"41500
62
70
28%
30%
2
2H2
17
*36
25$
30
1634
*57
70
2
*
Preferred.—
Ward Baking
Class B
7% preferred-
*8512 100
99% 99%
105
175s
46
2,600
94
94
95% *85
*108
111
108% 109
14
15
13% 14%
23g
51
100
2,000
2,000
2,200
2,700
'
.
Corp of Am_No par
25 May 23
5
23 May 22
7% 1st preferred——100 $113 May 14
Vlck Chemical Co
—.5
36%May 23
Vlcks Shreve A Pao Ry—100 - 56% Jan 6
5% preferred
100
Victor Chemical Works
19 May 24
5
Va-Carolina Chem
No par
l%May 15
14 May 22
0% preferred
—100
Va El A Pow 86 pref—No par
109 May 23
Va Iron Coal A Coke 5% pflOO
5 May 18
37 May 21
Virginia Ry Co
25
30 May 17
6% preferred
25
Vulcan Detlnnlng Co
71 May 23
-100
Preferred
134 May 9
100
{Wabash Railway Co——100
"ieMay 22
6% preferred A
100
34May 15
5% preferred B
100
% Apr 27
Waldorf System——No par
5%May 21
Walgreen Co—
-No par
l6%May 22
4M % pref with warrants 100
92%May24
Walworth Co———No par
3 May 22
Walk (H) Good A W Ltd No par
l8%May 22
710
0,400
—100
Van Raalte Co Ino
700
39,000
No par
Vanadium
♦60
16%
60%
*>a
Sales.—
Preferred
500
1,100
1,800
21
13%
1584
2%
2
51
5,100
22
175s
51
500
7$
5
29%
28
4,100
30
20%
13%
15%
2%
2i2
51
11%
4%
7$
17
2%
7$
*3%
4
181$
2U
2
23,100
22
2u
1712
30
338
18%
36
434
48
2%
"3I660
30%
28%
303$
8«4
5
48
si#
16
17%
81
83%
110% 110%
78
*1434
2%
1,600
7$
20%
14%
15%
2%
4%
5i«
*4
"""566
5%
17%
92%
22
14%
16%
934
6
*34
48
19%
85*4
1151$
2912
29
297$
55
181$ 21U
*9614 105
60
*8l2
10
918
6
5
*4%
100
1%
,
20%
2«4
4%
hi
*10%
1
23%
105
3%
37
3
4*2
18%
7$
24
90
*55
338
19%
1
234
16
92%
18
2234
2784
2878
*32U
22% 23U
*90U 105
*96
,500
150
7$
*%
17
7$
3
•it
74
*1434
2%
*28%
23
14%
15%
; 377$
30
11
105
278
4l2
90
91
13%
320
'">%
22
70
2014
2h2
*90l4 105
109
12
15%
*50
60
94%
94%
109
410
7
74
4
*96
3%
; '
60
96% 100
99
112
11
251$
5
5
41$
41$
i4
12
M*%
»4
16
15l2 161$
16»4
188$
1912
19% 20%
853s 90
88i2 895s
♦1151s 125
*11518 117
29ls 30l2
3U4 33
2914 2984
29i2 31
2984 297$
3H4 3184
10314
9512
112
1584
105
241$
3
10414
99
113
111
7
95
$18%
99
98
110
*30
*60
15%
14%
14%
17%
*92%
3%
10
63%
104
23
22%
17I4
*60
16
.v"' 3 :;4:
*60
15l4
18
6,200
4,900
7$
1% *.
5%
5%
1634
15%
2%
2%
1,000
2
*28%
211
100
68%
107
*92
25$
*60
171$
*63
2%
%
5%
4
23%
22
1384
75"
20
2
*128%
♦
7$
"moo
19
1
1
*%
32
%
*3%
23%
20%
1334
15%
♦II"
77
*128%
4%
7$
15%
2%
37%
*36%
30
a:,
600
115
38%
71
h
13
2
2314
24
—
44,300
Vadsco
60
28%
24%
26
7
*6%
16%
*22%
2
«4
%
**1«
1%
5%
5%
16% I684
*92% 95
3
3%
18% 20
4
24
24
278
19%
2%
14%
hat
109
112%
2,400
rit.
*100
19%
78%
"it
1
%
22l2
*3i2
75
380
63
%
*12%
37
*—
21
*128%
378
23i«
7fi
75
178
7B
22
5
*
36%
*36
23%
36
37
110
140
61
237$
115
*28%
9312
3%
21%
2U
37
237$
42
78
*
2884
25
*100
30
93
15
i
*29
94
*34
i
23
115
*36
94
2*8
29%
23
*95
82l2
♦12812
1U2
*12%
39
?8
125s
5%
167$
30
94%
15
*12%
%
16%
45
*37
63
37
8012
94l2
*5
140
*7i#
*27
1914
35s
45
63
14
15
141$
*109
112l2 116
112%
*61$
634 : *6%
7
19
3%
1
*120
7i#
*18%
19
23%
1
65
7u
21$
I6I4
5i4
I684
*12
6
140
62%
26%
07$
101$
534
*
31
*
415g
7g
1%
1%
12%
45
21
*12812
1
12%
45
6612
38
1334
12i2
89
l2%May 24
45 May 24
143 May 18
60 May 21
%May 21
12%May 21
100
13
48
140
%
30
l%May 22
534May 18
1 May 18
43 May 22
48
75"
30
—.—25
*12
20
*84
*39l2
7% preferred
*37
*5%
May 21
50 May 21
22 May 21
32%May 24
%May 3
15 May 21
68%May 22
39%May 23
60 May 22
42 May 21
103%May 21
32 May 13
43% Jan 2
6
United Stockyards Corp——1
14
IIII
89
Preferred.
—100
U S Tobacco Co.—-No par
50
75
31
—No par
43
37
40
.50
—
43
24
40
Preferred
U S Steel Corp.
*4478
115l2
3912
*83I2
*12812
10
8% 1st preferred
—100
U S Smelting Ref A Mln
50
800
427$ 45% 196,800
8,300
108% 109
2,800
*33% 34%
*42% 46
1%
1% "31200
6
6
1,100
1
1%
9,800
par
US Rubber Co
*12
24
*30
,
60
.
{U S Realty A Imp——No
13
60
7
60
5,000
66,300
4,000
4,100
Prior preferred——
100
U S Pipe A Foundry
—20
U S Playing Card Co——10
50i4
*
2234 23
2U
23s
10i2
17
11612 11634
24t2
21$
,
40
7334
40%
cl A—No par
43
H$
13
12
1678
60
32% 32%
*42% 46
1%
1%
684
6%
11%
%
16
conv
Conv pref (70o)—No par
United Stores class A——6
86 conv preferred—No par
40
40
41%
♦IIII
_
5,100
*72
39%
40%
60% 60%
42%
457g
107% 108%
32%
33
*42% 40
1%
1%
45%
107%
106
103l2 110l2
32l2 3234
*42% 46
15$
178
61$
6%
*4512
67
34
3314 3534
27i2 *24
27i2
11512 *108
115i2
26
*108
*21
143
%
60
433s
*3978
16
55
63
481$
1
43
♦131s
®18
61
33
I84
1
42
111
*43
50
l2
46%
67
5278
*50i2
>
23%
32%
1738
81
200
55
23%
%
1914
78
.
♦47
55
24%
32%
Partlo &
5,700
Jan
4
110% Apr 12
85
Apr
115
Apr
9
95
108
Jan
8
Apr
Apr
118% Apr 30
25%May 3
105
Apr 29
407$ Apr
6
Jan
Jan
98
24%
3284
384
Jan
Jan
80
Dee
28%
Jan
79
Jan
Oct
107% Deo
112% Deo
106
Deo
115
Nov
19% Deo
Apr
"30%
Apr
Deo
684 Sept
11% Sept
2
Sept
37
Sept
37% Sept
121
Sept
126
Mar 4
Jan 30
9
105
Apr 30
71
Apr 5
11% Apr 18
137$ Apr 9
11% Apr 10
7%May 3
57% Mar 8
247$May 2
3% Jan 11
3% Apr 22
35% Apr
63$ Apr 13
7% Apr 22
70
Jan
July
37$ Jan
1384 May
3534 Oct
Apr
%
37%May
38% Feb 13
39% Jan 3
67
58
Jan
Mar
20%
167$ Apr
18% Apr
82% Apr
28% Jan
138
67$
3%
Jan
28% Jan
118
27$
44
Jan
23$
4
Jan
8% Apr
1
88
105% Sept
15% Nov
60%
Mar
0
121% Mar
277$ Apr
42% Apr
247$May
1
9
5
8
71
Jan 25
69
Apr 23
May 8
May
10% Apr
15% Apr
$29
Apr
42
July
74
Apr
15% Apr
145
Nov
Mar
28% Deo
39% Deo
39% Dee
75
Oct
97
Oct
387$
Oct
80
Jan
80
Jan
45
July
78
Oet
8% Deo
7
Apr
3% Sept
1*4 Aug
14
Apr
14
Sept
2% Aug
1
June
2% June
27$ Aug
32
Aug
105% Apr
15
Apr
36
Sept
10% Apr
47% July
43
May
12% Mar
15% Oet
7
Jan
4% Nov
3484 Nov
20% Deo
4% Nov
3% Feb
0%
Feb
77$ Sept
60% Nov
115
Sept
31>4 Sept
6038 Jan
23% Jan
74
69
Oct
Oct
Sept
Sept
18*4 Sept
11% Apr
38%
53%
124%
85%
33%
217$
Apr 23
98
127
Nov
14
Apr 10
48% Jan 3
30
42
64%May
93
9
Apr 9
Apr 26
25
Jan
3
19% Jan
4
129
124
937$May 10
4
17% Apr 8
4% Apr 22
28% Jan
Ex-rights,
23% July
31% Apr
85
Apr
75
Mar
Apr
Nov
Deo
Mar
Oct
17
Apr
Jan
56% Sept
92
Sept
34
Sept
12
Apr
Aug
22% Jan
37$ Sept
9% Aug
Apr
74
May
2
21%
t Called for redemption.
May 25, 1940
3322
Exchange
Bond Record—New York Stock
FRIDAY, WEEKLY AND YEARLY
interest"—except for income and defaulted bonds.
Cash and deferred deli very sales
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are
In the week in which they occur.
No account is taken of such sales In computing the range for the year.
.
_
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
NOTICE—Prices are "and
Friday
Friday
United State*
1947-1962
\ Treasury 35*s
Treasury 35*s
Treasury 35*s_Treasury 3 5*8
-
Treasury 3 Ms
Treasury 35*s_.
Treasury 35*s
—
Treasury 35*8-Treasury 3a..
Treasury 3s
A
O
1944-1964 J D
1946-1966 M 8
J D
1940 -1943
1941-1943 M S
1943-1947 J D
1941
1943-1946
1941-1946
1946-1949
1949-1962
--.1946-1948
M S
1961-1966
M 8
1956-1960
M S
1946 1947
M S
1948-1951
J D
1961-1954
Treasury 3 5*8
.
Treasury 2J4s
Treasury 25*s
Treasury 25*8
Treasury 25*8
1956-1959
1968-1963
1960-1966
1945
1948
..1949-1963
1960-1952
1951-1953
Treasury 25*8
Treasury 25*b
Treasury 25*b..
Treasury 2 34s
Friday's
Bid
& Asked
Since
High
117.16 117.16
Week Ended May
No.
71
Low
111.27 111.25
112.16
90
112.18
166
100.20 100.20
13
102.31
35
107.22
3
.
Treasury 2 Ms
Treasury 2 Ms
Treasury 2Mb
*
103.28
103.16
107.22 107.21
108.5
108.12 108.12
25
Treasury 2s
111
Mar
15 1944-1964
May
16 1944-1949
3s
Jan
15 1942-1947
25*8
Mar
.
1 1942-1947
108.30
37
109.17
170
1 1944 1952
May
....1942-1944
1946-1947
2Mb series O
1 Ms series M
11
13 5*
D
12
13M
7
12
16
D
115*
12
3
115*
135*
O
12M
16
A
O
110.11
33
109 14113.10
108.15
108.28
64
108.15111.22
108.22
46
107 25111.30
104.29 104.28
105.31
106.26 106.26
104
43
62
105.23
23
35
105*
175*
125*
18
17M
10M
10 M
*3
105*
J
♦Cologne (City) Germany 6
(Republic of)—
104.4
J
D
103.22 103.22
104.13
63
D
106.20
107.4
38
108.2 >109.13
17
103.2
103.2
103.20
37
103.2
S
103.4
103.4
103.23
38
103 4
105.28
D
101.7
101.7
301.24
100
1017
103.2
103.20
34
103.2
101.14
102.4
55
J
105.30
D
D
225*
3 % corp stock
101.14104.24
M
1
10M
6M
13
14
78
65*
155*
34M
155*
34
245*
2
225*
25M
—
-
265*
225*
275*
26 M
-
—
26 M
52 M
18M
A
J
215*
34
16
18
—
20 M
37
15M
49
61
1
60
72
72
17
69M
85
1SH
21
155*
T995*
a97M
*1025*
-
13
995*
155*
8
A
20
995* 102M
1025* 103 M
w
98
100
10
57
88
52
02
100
98
16
100
104
14
70
101M
105.30
8
106.20
9
J/N
105.21 105.20
106.3
25
103.20 103.20
103.31
34
103.9
103.9
105.5
105.25
103.9
8
M
103.14
100.8
100.20
103.9
A
105.2
62
105 5
108.12
13
103 9
104.25
6
100.8
102.12
4
J/N
J
D
105.5
J
J
"loo's"
D
O
*5
13M
135*
A
103.10 105.15
J
/
♦Public wks 5 Ms.
105.20108.21
J
J
D
J
105 30 108.24
A
J
M
F
O
*5
135*
135*
20
73
_
^
m
53 M
52
100.
735*
70
73 M
J
32
F
A
29
245*
30
A
O
24 M
21
265*
70
69
70
D
90 M
89
90% 1266
D
89M
88 M
89%
913
89
885*
O
67
69
75
*70
75
S
68
72
A
O
68
70 M
A
O
70
100
70
O
M
97 M
96 M
63 M
55 M
25
8
A
/
70
72
81 M
18M
17 M
52
M
J
132
32 M
28M
>J
City
(Plan I) w i.,1980
17M
69M
w
20M
UN
Transit Unification Issue—
3% corp stock (Plan B) w 1..1980
14
80
—
A
New York
1
61
;
—
107.2
)F
m
*22
A
F
{♦Cordoba (City) 7s stamped.
104.23
D
105.14 105.13
135*
20
155*
*22
J/N
107.3
J
S
165*
F
105 13108.31
D
J
16
105*
20
165*
165*
J
O
UN
♦Sinking fund 7s of 1920.
103.22 108 1
J
M
O
A
J
103.17 103.17
M
D
J
A
<
1928
of
14
11M
125*
5
Colombia
♦6s
16M
13
) M S
103.17 108
D
-
1 M
103 24 108.12
80
2
Ry) 5b.
♦Chinese (Hukuang
104.28 108.30
104.13
17
— ~
..
115*
High
125*
2
125*
13M
105 21109.19
104.28
13M
13M
100 28 109.26
106.18
13M
115*
) M
104 28 109 16
107.6
105.24
12
2
7. J/N
108.12110.21
107.25 107.25
Low
7, J/N
108 30112 13
109.14
Home Owners' Loan Corp—
3s series A
13
1 A
107 21110.1
108.30
109.14
Federal Farm Mortgage Corp—
3 Ms
13M
125*
J
103 16 105.17
J
1947
J
1948-1960
Treasury 2s
No.
11
107 22 109.30
lb3"20
Low
High
13M
D
/
102 22 104.24
107.22
Since
Jan. 1
D
100 16 102.8
102.23 102.23
Bonds Sold
Price
7 J
111 31 115.9
100.22
Friday's
Bid
&
Asked
7 J
111.25115 6
111.31 111.31
Range
Range or
Sale
>
High
117.16121.6
S 103.24 103.24
M
24
Week's
■\
Last
Inter st Period
EXCHANGE
N. Y. STOCK
J
Treasury 2 Ms
38
BONDS
Jan. 1
118.12
Low
Government
Treasury 4s
Range
Price
Week Ended May 24
treasury 45*b
Range or
Sale
EXCHANNGE
N. Y. STOCK
Week's
Last
BONDS
shown in a footnote
3
67
75
70
76 M
16
68
75 M
9
68
75
24
_
Govt.
&
♦Gtd sink fund 6s
1947
♦Gtd sink fund 6s
,...1948
Akershus (King of Norway) 4s. 1968
♦Antloquia (Dept) coll 7s A...1945
F
A
A
22
O
J
J
115*
13M
J
*
14
13M
16
J
J
40
45
3
40
53 M
M
8M
1945
7 5*
♦External s f 7s 1st series... 1957
♦External
eeo s
sec s
8
4
75*
5
8
2
7M
7M
f 7s 2d series. 1957
♦External
9
7%
75*
1945
8M
8
1945
f 7s 3d series. 1967
Antwerp (City) external 5s
11
7%
f 7s series B
♦External s f 7s series C
f 7s series D
24
30
.....
75*
75*
75*
40
40
1958
28J*
5
5
4
29
40
27
*22
8
♦External
s
225*
225*
H
¥
M 8
7
s
HM
8
50
50
1
40
80
*9M
19M
75
86
Municipal
Agricultura JMtge Bank (Colombia)
♦External
75
*
J
Foreign
70
M N
66
8
7%
75*
7 5*
8
7M
75*
35
J/N
J
155*
D
87 H
M N
F
A
8 f extl conv loan 4s Apr....1972 A
O
-
S f external 4 Ms
1971
S f extl conv loan 4s Feb
1972
J
Australia 30-year 5s
External 5* of 1927-.
1956
1957
External
f
s
1949
6s,
.1955
1958
20-year s f 6s
1950
♦Budapest (City of) 6s
Buenos Aires (Prov of)
♦6s stamped
External s f 4M-4Ms
Refunding
1962
......1961
1977
f 4M-4Ma
External read) 45*-45*s
External s f 4M-45*s
3% external s f $ bonds
1976
1976
s
1975
42
45
51
175
145*
145*
German Govt International¬
es Ms of 1930 stamped
♦6Ms
D
J
D
1055*
105
112
30
105
118
107
1085*
10
100
109
13
19M
9
10M
16
105*
unstamped
*
9
84
505*
84
46 M
67
37
85*
15
M
S
39M
50
39
50
46
38
46
O
26
*_
D
13M
13 M
O
9M
O
D
F
A
J
D
F
A
A
O
J/N
■
A
vAw
♦Stabilization loan 7 Ms
1968
U7J0....1WI
5s-
1960
-
10-year 2 Ms
O
Aug 15 1945
J
J
40
3
38
45
16
38
78
Irish Free State extl
45
46 M
4
45
65*
10
0
875*
105*
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
"OH
6
80
*60
48 H
48
52 M
48
65 M
48
48
52 M
48
835*
48 M
51
48 M
60
52 M
48M
53
57
52M
67M
38
38
10
14
6M
9M
77
77
85*
9M
9M
815*
175
272
89M
89M
915*
82 M
82 M
88
69
69
735*
112
885*
90
695*
92
84
84
66
65
66
M
66'
*
69M
57
43
77
15
89 M 107
82M
965*
69
84
935*
965*
65 M
66
♦Sinking fund 7 Mb
B
ser
Hungary 7 Ms ext at 4Ms to... 1979
s
f 5s
♦Lower Austria
(Colombia) 6 Ms
Mendoza (Prov) 4s read]
Mexican Irrigation—
13 H
13M
145*
12
13 M
17
O
12M
64
115*
A
13M
115*
135*
135*
♦Extl sinking fund 6s..Feb 1961
145*
7
135*
145*
17
14M
3327.
Minas
Geraes
J
*13M
J
12
S
135*
21
14
135*
145*
135*
O
145*
2
135*
17
135*
135*
135*
4
12
"is*
12
135*
12
135*
135*
12
13M
"66
12
S
J/N
F
*65*
*
A
6%
8
—
«•«.
-
71
92
38M
72
43M
78 M
355*
75
32 M
78
81
57
77M
91M
61M
63
129
57
65 M
8
1
8
175*
47
/
J
32M
32 M
F
A
78
61 M
J/N
A
F
A
J
D
42
O
8
8
■
11
9
19
J
*
■
17
12M
D
12
13M
12
13 M
12
17
145*
75*
s
♦Montevideo
f 0Ma
_
O
295*
1958 M 8
65*
1959 M
M
External
s
5*
16
5*
25
31M
F
O
1943 F
..1944 F A
External sink fund 4 Ma
External s I 4M«
4s a f extl loan
a
1956
79
8
18
7M
-
-
-
-
1M
28 5*
53 M
6M
55*
12J*
125*
44
71M
40
71M
45
46 M
6
45
90M
46
9
41
37
37 M
2
29
33
41
355*
36
5
29
75
89
97 M
M
97 M
90
27 M
31
23 M
255*
23 M
25 M
34
23
25
235*
25
9
21
80
23
80
255*
M 8
1965 A O
1963 F A
f 5s... 1970 J D
1M
41
A
...Apr 1958
Norway 20-year extl 6s
20-year external 6s
1M
1M
1M
H
65*
70
*
A
A
(State) extl 5s.. 1957
f 5s
Municipal Bank extl
55*
*
14M
1
M
5*
M
25*
65*
S
1959 UN
♦6s series A__
14
825*
1
28M
J
1952 J D
(City) 7a.
75*
66
6
*15*
J
*_
165*
14 M
1
5*
17
14M
12
1
*M
16M
145*
13H
9
75*
66
66
1943 UN
assent."."! 1933
54 M
15M
—
D
J
9
325*
7
2
72
44 M
435*
UN
D
9
6M
91
71
40
M 8
J
105*
9M
20
18
(State)—
16 M
O
For footnotes see paee
6
6M
6M
A
{♦Treaa 6a of '13
11
♦External sinking fund 6s... 1960 A
♦6s assented
1960
]Af N
75
M
20
17
14M
1963
10
22 M
D
15
135*
115*
♦6s assented
10
2
1954 J
♦Assenting 5s of 1899
♦Assenting 4s of 1904..
12M
3
68...19631 J/N
1
61
1
♦Sec extl
32
♦External sinking fund
10
61
*1
New So Wales
12
1954
1954
♦Sec extlsf 6 Ms
13 5*
♦External sinking fund 6s... 1962
♦68 assented
1962 A
_
10
J
16
*7
11
9
-
16M
90
79
J
J
15M
145*
O
*55*
O
1945 Q
16M
14M
A
10
O
(US) extl 5s of 1899 £.1945 Q
14
12
♦Extl sinking fund 6s.-Sept 1961 M
M
♦6s assented
Sept 1961
♦Mexico
15M
12M
Jan 1961
,_Jan 1961 J
1951
B '47
(Province) 7 Ms 1950
15
A
I960
ser
Italian Public Utility extl 7a._.1952
Japanese Govt 30-yr s f 6 Ms...1954
Extl sinking fund 5 Ms
1905
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
155*
O
1901
885*
7
215*
75*
A
89
6
7
1015*
♦6s Apr. 1937 coupon on..1960
♦Chile (Rep)—Extl s f 7s
1942 M N
♦7s assented
.1942 UN
f 6s
80
79
O
45M
;
38
J
s
6
79
38
J
♦6s assented
8
7
38
1967 /
♦Ry extl
*105*
A
55*
6M
10M
10M
15 M
20 M
8
38
1944 /
Feb 1961
.
7
38
7-year 2Mb—
30-year 3s
♦68 assented
m
*65*
95*
1961
♦Farm Loan s f 6s...Oct 15 1960 A
12
*6M
72
52
10
12
21
2
J
11
25-year 3Ma_._
30-year 3s...
1968 M N
J
♦Carlsbad (City) 8s
1954 J
M S
♦Cent Agrlc Bank (Ger) 7s
1950
J
♦Farm Loan s f 6s... July 15 1960
♦6s Jan. 1937 coupon on..1960
10
*15
J
1946
%
10M
J
1952 J/N
F A
10
10
J
♦7s secured s f g
9
M N
A
D
♦Hungarian Land M Inst 7 Ms. 1961 J/N
95*
♦4Ms stamped assented
Canada (Dom of) 30-yr 4s
11M
Hungarian Cons Municipal LoanJ
♦7 Ms secured s fg___„_
194„
♦Medellln
1967 J
f 7s
20 M
m
J
"
218
J
1984
A
11
115*
•
10 M
79
75*
9H
Bulgaria (Kingdom of)—
♦Secured
F
13M
10
»
188
HM
*7
202
M 8
M 8
125*
23 M
18M
18M
18M
•
20 M
10
■
/
15
D
J
11 M
12
D
-
155*
UN
102M
36 M 100M
108
13
14
10 M
»
-
German Prov & Communal Bks
14
35
19 M
85*
5M
25
-»**
18M
10
35
50
50
J
D
J
65*
12M
A
O
90 M
7
265
~
10 M
A
96 M
95
875*
875*
91
37
92 M
107
J
77
75M
685*
69M
43M
39
1952
M 8
1957
Sinking fund gold 6s..
199
74
J
J
♦7s (Central Ry)
81
73
70 M
45
J
f 6 Ms of 1927...1957
Brisbane (City) s f 5s
80
69 H
71M
J/N
♦Brazil (U Sof) external 8s.... 1941
♦External s f 6 Ms of 1926...1957
s
76
71
87
44
External 30-year s f 7s
1955
♦Berlin (Germany) s f 6 Ms
1950
♦External sinking fund 6s...1958
♦External
76 H
189
S
♦Bavaria (Free .State) 0Ms. ..1945 F
Belgium 25-yfextl 6 Ms
90
43 H
44
1955
M
1957
External g 4Mb of 1928
♦Austrian (Govt) s f 7s
J
87 M
105
145*
_
Argentine (National Government)—
M N
8 f external 4 Ms
1948
13M
12M
75
5
92
16
15 M
15M
1
27
80 M
Volume
ISO
New York Bond
Friday
BONDS
N.
Y.
STOCK
EXCHANGE
Foreign Govt. & Mun. (Concl)
♦Nuremburg (City) extl 6s
Oriental Devel guar 6a
Extl deb 5%8
1955 A
47
55
65
53%
25
49%
58
20
20
2
20
102
103
7
102
20
*
75
54
1947
74%
1958
72
5
4%
*7%
1966
7
1951
1952
V'
2
1959
8%
1952
55..
59%
35
55
69%
15%
19%
211
15%
28
D
z
Ccc4
19%
18
20%
130
18
31%
Sept 1 1946) due..2000 M S
%
Ccc4
18
15%
66
15%
27%
to Sept 1 1946) due—1996 M 8Z ccc4
♦Conv due
Feb 1 1960 F A z cc 3
Pfg L E A W Va System— -
18
15%
19%
121
15%
28
7%
9
525
7%
15%
45%
50
11
45%
59%
32%
49%
to
.
13
13%
Ref g 4s extended to. .1951
S'west Dlv 1st M(lnt at 3 % %
MJVybb 3
2
8
9
8
12
Belvldere Del
♦Berlin City El Co deb 6%s_1951 J
♦Deb sinking fund 6%s—1959 F
♦Debenture 6s
...1955 A
1
8
7%
1
11%
12%
9%
-'m'm
11
10
6
6
51
25
8
7%
7
7%
7%
18
87
1971
51%
53%
8
50%
63
26
33
3
26
41
63
56
57
53
62%
53
65
6s
1960
52
63
f 6s
...1964
60
63
3%s-4-4%a ($ bonds of *37)
39%
3%-4-4 %s ($ bonds of '37)
45
72%
1
128%
1979
3%-4%-45i«s extl conv..
4-4%-4%s extl read J
3%s extl readjustment
40
40
40%
1958
-
m
55%
40
1952
27
54
26%
51
8
♦
1961
8%
40
*
....—.1958
Yokoboma (City) extl 6s
56%
40
5
51%
40%
14
53
43%
m:*~
33
1952
♦Warsaw (City) external 7s
28
11
43
.
1978
Venetian Prov Mtge Bank 7s..
♦Vienna (City of) 6s
47%
54
27
...1984
44
40%
52
...1978
5%
55%
mm
57%
55%
—
4
—
26
55%
7%
69
Week's
Friday
Elig. &
N. Y. STOCK EXCHANGE
Rating
Sale
See k
Price
Ended May 24
Last
Range or
Range
Since
Friday's
Bid
&
Ask
Jan. 1
and INDUSTRIAL
COMPANIES
14%
Coll trust 4s of 1907
1947 /
A 5s
y
y
37
4
35
57%
104
104
^1
104
104%
102
102
101
104%
100
102%
108%
8
100%
bb
1952
Adriatic Elec Co extl 7s
35
104
D y bb
10-year deb 4%s stamped. 1946
/xa
100
3
100
97%
46%
"43"
36%
43
46%
43
46%
55
43
37%
43
1st g
4%b series JJ
Stamped
99
b
2
45
43
45%
31
Oyb
2
42%
37%
52
1961 A
A
O
y
|
t^Boston&N Y Air List 4s. 1955 F
1st con gtd 5s stmp ctfs
1st 5s stmp ctfs
Bklyn Union El at g 5s
1941
1941
y
105
106%
32
102%
85%
83%
103%
85%
281
b
1st lien A ref 6s series A.. 1947 MN
Debenture gold 5s
1st lien A ref 5b series B
.1950 / D
1957 MN
x
bbb3
y
bb
x
bbb3
Buffalo Gen Elec 4%s B
1981 F A x aa
Buff Nlag Elec 3%s series C.1967 / D x aa
*51
2
3
4
WW
— mm
Stamped modified (Interest
at3% to 1946) due
1957 MNzb
JBurllngton Cedar Rapid A Nor—
f♦lst & coll 58
1934 A O z cc
♦Certificates of deposit
z cc
Bush Terminal lst 4a
1952 A O y bb
Consolidated 5s
1955 /
Jyb
Bush Term Bldgs 6s gu—
1960 A Oyb
Calif-Oregon Power 4s
1966 A O x a
cons gu
6s A...1962 A
56%
w — — — —
109%
111
111
m
•
•
—
—
—
W
84
-
3
—
41%
37%
57
40%
56%
52%
86"
"43
69
111%
112%
38
91
22
103%
102
103%
29
109%
109%
25
32%
48
*105
4
52%
12%
80%
105
110%
83% 103%
82
92%
37%
8%
38
48%
44%
mm -
WW — w
109%
29
100
108%
80%
bb
50
♦34
45
2
26%
25%
2
;
56
88% 107
83%
92
109% 113%
111
115%
84
98%
102
107%
109% 112%
108% 108%
"33"
33
37%
50%
20
102%
78
47%
66%
85%
88
aa
90
80
84
83%
89%
89%
72
12
47
81
aa
aa
98%
98%
99%
129
38
38
48
160
a
60
60
66
15
aa
92
91
92%
38
91
61
66
17
61
61%
43
1954
1960
D
a
78%
78%
a
..1948
y
b
♦50
1
52%
62%
61
x
bbb3
70
70
72
Alleghany Corp coll trust 6s. 1944
Carriers & Gen Corp 5s w w.. 1950 MN
Cart A Adlr 1st gu gold 4s...1981 F A
b
1946
72
71
75 ;
50
71
83
Oelotex Corp deb 4%s w w_.
61 %
61
63%
29
61
75
♦Cent Branch U P 1st g 4s__
32%
173
1950
y cc
1998
y
bb
1942 M S
♦5s stamped
Allegh A West 1st gu 4s
Allegh Val gen guar g 4s
bb
b
x
aa
Allied Stores Corp deb 4%s._1950 A
4%s debentures
1951 F
Allls-Chalmers Mfg conv 4a. 1952 M
2
27
*55
S
3
2
x
S y b
5 %s_. .1949 M N
Ha. 1949 /
104%
"94%
99%
94%
99%
94%
13
106%
107%
139
O y bbb2
A y bbb2
a
Am & Foreign Pow deb 5s...2030 M
x
106%
*
1
"50%
102
100%
93%
93%
5
31
....—
2
bbb3
J y b
105"" "_7
104%
1955 M S y b
♦Alplne-Montan Steel 7s
26%
55
282
102%
99%
143
10
Amer Telep A Teleg—
20-year sinking fund 5%s.l943 M
3%s debentures
....1961 A
3%s debentures
1966 J
Am Type Founders conv deb. 1950 J
70
10
87
26% 47%
59
64%
104% 107%
99% 101%
94%
99%
106% 111
17%
17%
50%
68%
100% 105%
93% 105%
N
x
aaa3
106%
106%
107
222
O
106% 109%
x
aaa3
104%
104
105%
132
104
D
x
aaa3
105%
152
110%
104%
103%
/ y bb 2
Am Wat Wka & Elec 6s ser A. 1975 MN y bbb2
102
102
104
33
102
100
10
96
109
Anaconda Cop Mln deb 4%s_1950 A
102%
103
127
J
Cent Hud G &
Cent Illinois
6s—1941
1941
E 1st A ref 3 %s '65
Light 3%s
108%
84%
97
55%
79
45
104
2
109%
94% 100%
48
44
45%
80
85
80
ccc2
*8%
17%
8%
26%
90%
19%
*33%
ccc3
65
5%
2%
cc
c
2
c
cc
S
bb
M
8
b
M S
*2%
I"'
;v.-
*45""
aaa3
106
aaa4
1966 A O
4
2%
2
7
38
ccc3
12
ccc3
11%
106%
11%
106
59%
59%
30%
7%
3%
2
6%
lH
5
4
4%
90
93
95%
75
73
77
106
109
110
111%
107
*110
b
...1987
k
7
cc
J
M
^♦Cent New Engl 1st gu 4s—1981
^♦Central of N J gen g 5s
1987
♦General 4s
106
97
89%
V
44%
45
104
98% 113%
38
69%
60
bb
^♦Cent of Ga 1st g 5s
Nov 1945 F A
{♦Consol gold 5s
-.1945 MN
♦Ref A gen 5%s series B—1959 A O
♦Ref A gen 5s series C
1959 A O
♦Cbatt Dlv pur mon g 4s.. 1951 J D
♦Mobile Dlv 1st g 6s ._—1946 /
105
85%
*20
l"04
b
1947 J D
1948 J D
Central Foundry mtge
Gen mortgage 5s
"55%
ccc3
56
"44"
23
38
13%
11%
15
11%
2
54
20%
18
11%
105% 110
107
96
107
105%
78% 103%
78% 103
bbb2
a
y
85
79% 103%
84% 106%
83% 107%
Can Pac Ry 4% deb stk perpet.. J
Coll trust 4 %s
...1946 M S
68 equip trust ctfs
1944 J
J
J
y
66
Canadian Northern deb 6 %s.l946 J
1
61
106%
81
"81
aa
D
1949
47
85
87%
85%
85
aa
Collateral trust 4 %s
^♦Carolina Cent 1st guar 4a. 1949
5s...
33
47%
100
66
Caro Clinch A Ohio 1st 6s A. 1952
Alb A Susq 1st guar 3 Ha
9
79%
84%
60
110
6%
69%
79%
84%
50
109
107% 108%
2%
66%
78%
79%
Coll trust gold 5s.-Deo
7
2%
100
aa
-Sept 1951 M 8
40%
66%
166"
aa
54
'
110%
*105% *108
^
3
aa
1957 J
1969 J
Guaranteed gold 5b...Oct 1989 A
Guaranteed gold 6s
1970 F A
Guar gold 4%a.-June 15 1955 J D
Guaranteed gold 4%s
1956 F A
,
*
aa
25%
3
3
2%
2
4
2
Ox bbb3
Canadian Nat gold 4%a
Guaranteed gold 5«—July
♦50
conv
109% 109%
97
99%
57
41%
52%
36%
'
*103
83%
109%
.•
27
44
42%
ccc2
y
Ax bbb3
Certificates of deposit
x bbb3
Bklyn Un Gas 1st cona g 5s..1945 MN x a
3
.1950 F
aa
Am Internat Corp conv 6
15%
103% 112 100
106%
62
103%
-
b
Amer IG Chem
234
43
y
conv
208
2
x
Coll A
48
2
y
x
assented
79
2
S
1943
warr
16%
566
106%
101%
104%
*105
aaa2
..1943
6s with
16%
15
15%
105%
Albany Perfor Wrap Pap 6a.._1948
cons
11%
16
..Viiv*.—...
cccl
Ox bbb3
*
135
"15% 'it"
b
M
Stamped
Guar gold 4%s
X KAbltlbi Pow A Pap 1st 58.1953 J D z cc
Adams Express coll tr g 4a
1948 M S y bb
4s serlea B
128
1955 M N y b
MN y b
Stamped
Canada Sou
Bank
BONDS
cons
130
128%
*105%
72%
112% 117%
^Buffalo Rochester A Pgh Ry—
external conversion
1st
113%
112%
Bklyn Queens Co & Sub RR—
15%
50
65
72
37
5%
15%
1
44%
55
5%
15%
50
39%
15
75
73%
50
40%
58
40
*6%
1955
1946
55
*35
*
73%
1947
WW —
z
70
Az cccl
14%
5
rnrnmm
O
55
Bklyn City RR 1st 5s ctfs.. 1941
y bb 2
Bklyn Edison cons M 3%s._1966 MN x aaa4
Bklyn Manhat Transit 4%s. 1966 MNybb 2
Certificates of deposit
y bb 2
16
Sydney (City)
•
Ozb
2
42%
9%
♦SIleBlan Landowners Assn 6s
mm
Ox aaa3
92% 101
55
3
aaa3
,
58
47%
...
92%
55
3
J x aaa3
Dib
1
A z b
1
.1944 / D
1st M 5s series II
11%
37%
5
6
x
32
50
"92%
Oybb 2
Ox bbb4
J
38
32%
*
Blaw.Knox 1st mtge 3%s
1950 F Ax bbb3
Boston A Maine 1st 5s A C.1967 M <S y b
2
23
13%
15
4
Big Sandy 1st mtga 4s
12%
■■
20%
16%
20
......
10%
7
'
1943 J
J y bb
/ y bb
35%
12
13%
38
3%s
cons
♦Berlin Elec EI &Undergr6%s'56 A
Beth Steel 3%s conv debs.. 1952 A
Cods mtge 3%s aer F
1959 J
80
63
7
6%
7%
—1979 MN
A
12
77%
54
J
61
*
1961
J
7%
14
1952
J
33%
8
*
1958
1951
4s stamped
1951
Battle Cr «k Stur 1st gu 3s—1989
Beech Creek ext 1st g 3%s„1951
2
12
www*.w
1958
13
6%
6%
15
20%
♦Silesia (Provof) extl 7s.
Con ref 4s
10%
46
6
♦Sinking fund g 8 %s—
1948
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962
♦7s series B sec extl
.1962
11%
6%
5%
Bell Telep of Pa 5s series B..1948 J
1st A ref 5s series C
1960 A
6
20%
8%
4
7%
*
external readjustment
58
bb
'
♦Uruguay (Republic) extl 88
70%
b
8%
1945
f 5%s guar
56%
bbb3
8
7%
—1940
Tokyo City 6s loan of 1912
60%
z
63
*13%
1968
f 5%s„
Taiwan Elec Pow s f 5 %s
56%
57%
3
18
7%
...
s
90
x
6%
*5%
*6%
§♦88 extl loan of 1921..........1936
♦8s external
1950
♦7s extl water loan
1958
♦4Kb assented
82
103%
3
37%
8%
12%
63
1957
♦Saxon State Mtge Inst 7s
86
y
22
San Paulo (State of)—
f 7s
71
86
J
6%
*
......1964
♦6s extl dollar loan
43%
3
J
9
*8
1953
f...
2
J
27
34%
62%
75%
102% 107%
50
to Jan 1 1947) due...1950 J
Toledo Cln Dlv ref 4s A—1959 J
43
18
65%
50
Bangor A Aroostook 1st 6s—1943 /
7%
7%
33%
8%
34
62%
103
98
6%
6%
1952
Sao Paulo (City of. Brazil)—
♦8s extl secured 8 f
Ala Gt Sou 1st
64
3
21
ft
♦February 1937 coupon paid
RAILROAD
3
57%
6%
8
..1967
♦Saarbruecken (City) 6s
Santa Fe extl s f 4s
Week
Jyb
13
5%
...1966
♦7s municipal loan
-
25
12
6%
6%
1968
.......
6
High
41
28
28
15
1946
Rome (City) extl 6%s„
♦Roumanta (Kingdom of) 7s
♦4%s assented—
9
25
72%
66%
57%
—.1946
s
33%
25
60
.
1947
f g
♦7s extl loan of 1929
♦External
28
3
13%
11%
66 % 103
1950
s
8 f
28
b
y
Ref A gen ser F (lnt at 1%
11
11%
I
12
■
—1941
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
♦External
3
J
to Dec 1 1946) due—.1995 J
Ref A gen ser D (lnt at 1%
11%
12
12
*■
No. Low
High
J yb
ccc4
9%
7
1
11%
12
,
.—1953
s
Low
Jan. 1
bb
7%
2
Since
Adk
z
7
6%
A
z
10%
4
Range
Friday's
Bid
D
16%
4%
12
7%
11%
'
5
7
7
,
1952
♦Rio de Janeiro (City of) 8s
♦Extl sec 6%s
External
Price
J
Ref & gen ser A (lnt at 1%
to Dec 1
1946) due..1995
Ref & gen ser C(lnt at 11-5%
8%
-
Range or
Sale
See k
A O
10%
I
6%
1st mtge g (lnt at 4% to
Oct 1 1946) due. July 1948
10%
Last
Rating
July 1948 A Oybb
Stamped modified bonds—
10%
11
12
8
WW
-
4
1961
5%
5%
8%
-
m+mm,
*4%
4
—
1
*8
1950
1963
Queensland (State) extl 8 f 7s
25-year external 6s
♦Rhlne-Maln-Danube 78 A
7%
5
:■
.
1968
f 6s
.7%
9%
5
—1947
.
5%
35
172
*
1940
.
12
8%
7%
5%
6%
6
Week's
Friday
Elig. &
Atlantic Refining deb 3s
1953 M S x a
15 ♦Auburn Autoconvdeb4%s'39 J
7yc
Austin A N W 1st gu g 5s.„ 1941 J
J y bb
Baltimore A Ohio RR—
82
5%
6
1961
♦Prague (Greater City) 7%a
♦Prussia (Free State) extl 6 Ha
s
72%
95
5%
7%
1960
♦External sink fund g 8s.-
♦Secured
75
105%
52%
m—
-
56
52%
SI
Railroad & Indus. Cos. (Cont.)
Atl A Dan 1st g 4s
1948 J
Second mortgage 4s
1948 J
Atl Gulf & WI8S coll tr6s—1959 /
13%
56%
__1959
♦4%s assented
♦Porto Alegre (City of) 8s
♦Extl loan 7%s
s
High
9%
-
55
D
3323
Bank
1st mtge gold 4s
.
♦6%s extl secured
No. Low
mmm
1
51
1963
♦Poland (Rep of) gold 6s
♦4%s assented
♦Stabilization loan a f7s
♦6s extl
15
—
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 24
Since
Jan
High
*
-1963
^Hs assented
*13
Range
Ask
A
—
55%
O
1953 J
♦Nat Loan extl sf 6s IstBer
♦Nat LoaD extl s f 6s 2d ser
s
'
'
N
1958
.
♦Stamped assented
♦Ctfs of deposit (series A)
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
♦External
Friday's
Low
1952 F A
1953 MS
Oslo (City) sf 4 Ms
♦Panama (Rep) extl 5%a
♦Extl a f 5s aer A
u
Range or
Bid
Price
2
CO
■S
Sale
Week Ended May 24
Record-Continued-Page
Week's
.
Last
♦Anglo-Chilean Nitrate—
8 f Income deb
.1967
J Ann Arbor 1st g 4s
O X bbb3
99%
102%
Jan
1955 Q
J
y
cc
2
34
36
173
34
41
y
bb
1
32
37
15
32
50
*98
100
S
x
bbb4
A
x
aa
2
95%
J
x
aa
2
95%
95%
95%
98%
1957 J
1995 A
O
x
aa
2
101%
101%
102%
Adjustment gold 4s
1995 Nov
Stamped 4s
—.1995 MN
Conv gold 4s of 1909.....1955
x
bbb3
x
bbb3
x
aa
Conv 4s of 1905
1955
x
aa
Conv gold 48 of 1910.....I960
x
aa
1st
m a
4s B...1955 F
f 4s ser C (Del)
102% 107%
97%
99%
95% 104%
95% 104%
"l2l"
98
61
Atchison Top A Santa Fe—
General 4s
Conv deb 4Mb
1948
2
*
92%
92%
92%
"95%
95%
"~7
83
89
92%
92%
V'
92
93%
95%
102%
99%
x
aa
aa
100%
99%
100
x
x
aa
108
108
108
x
a
105
105
106%
x
aa
1946 J
D
Atl A Charl A L lst 4%s A—1944 J
/
x
bbb3
/
x
bbb3
1st 30-year 5s series B
Atl Coast L 1st
cona
1944 J
4s. July 1952 M
General unified 4 Ha A
1964 /
S
For footnotes see page 3327
x
y
y
bb
bb
91%
97%
20
95
96
87
2
2
2
100
99
105%
100%
1
108
110%
32
105
109%
114
114
39
"97"
*
*93%
1962
4s.. 1949
Through Short L 1st gu 4s .1954
a
F
A
A y bb
O y bb
*
"34%
1960 F A yb
Central RR A Bkg of Ga 5sJ1942 MN y b
1941
Certaln-teed Prod 5%s A—.1948
Champion Paper A Fibre—
S f deb 4%s (1935 Issue)..1950
S f deb 4%s (1938 Issue).. 1950
Chesapeake A Ohio Ry—
General gold 4%s
.1992
Ref A Imp mtge 3%s D..1996
Re AlmptM 3%sserE—1996
Ref A lmpt M 3%s ser F—1963
Craig Valley 1st 5s.-May 1940
Central Steel 1st g 8 8s
Potts Creek Br
1st 4s
92
97
93%
99%
Il'liols Division 4a
32
59%
73%
61
66
"65
38%
32%
54
55
1
55
62%
109
109
2
109
112^
26
65
82%
65
71%
M
8
x
bbb3
105%
8
8
x
bbb3
104%
102%
104%
M
102
102%
15
102
104%
M S
aaa4
119
119
122%
42
119
125%
MN
aaa2
94%
95%
103%
aaa2
aaa2
1946
1949 J
94
103%
102
94
100
34
94
100
104%
67
103
aaa2
/
104% 106%
96%
94
*100
aaa2
48—1989
1989
Warm Spring V 1st g 58—1941 M S
♦Chic A Alton RR ref g 3S..1949 A O
J
Chic Burl A Q—III Dlv 3%a.l949 J
19
109
M 8 y b
4a
95
40
64
55
MN xbbb2
R A A Dlv 1st con g
2d consol gold
52
106%
67
"32%
107%
101% 101%
109
aaa3
*111%
aaa3
109
114
117%
106
118
*106
110
aaa2
ccc3
aa
2
a
111
10
7%
16%
92
2
aa
7%
97%
94
36
92
97%
98%
31
97% 102%
46
83
93
77
84%
75%
90
64%
64%
66%
64%
77
General 4s
2
83
42
42
46
6
42
62
1st A ref 4 %s series B
1977 F
A
bbb3
*70
61%
68
8
61%
76
1st A ref 5s series A
1971 F
A
bbb3
60
98
70
*50
Attention is directed to the
5
15
*99
bbb3
D y bb
10-year coll tr 5s..May 1 1945 MN
L A N coll gold 4a—.Oct 1952 MN
99
101% 107%
85% 87%
83
Rocky Mtn Dlv 1st 4s —.1965
Cal-Arlz 1st <fc ref 4 %s A..1962 M 8
188
85
"83"
Trans-Con Short L 1st 4s..1958
Atl Knox A Nor 1st g 5s
Central N Y Power 3%s
Cent Pac 1st ref gu gold
Guaranteed g 5s
Ark A Mem Br A Term 5s..1964 M
Armour & Co (Del)
103% 110%
60
new
column
.1958 M S
75%
85%
77%
81%
M
m
\
5
Incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See k.
New York Bond Record
3324
Elig. A
BONOS
N. Y.
Last
Rating
I
Price
24
cccl
10
J
/
ccc3
B..1947
J
J
ccc3
♦Refunding 4a scries C... 1947 J
J
ccc3
8
M N
5s serine A...
1968
♦1st A gen 68 ser B..May 1966 J
Chic Ind 4 Sou 50-year 4a.. 1956 /
♦lat Agei
cc
2
J
cc
bb
1914
1214
ccc3
...
ZH
ccc3
61H
..June 15 1951 J
Gold 3)4s
55
62
2014
26
15)4
28)4
1614
10
16 H
27)4
2214
25
18)4
29)4
18
13
17
29)4
25
15)4
30)4
4.;# i
298
323
10
10
1014
1214
10
ccc2
10
ccc2
*914
19
12
18 H
Electric Auto Lite
1314
18)4
19 H
16
ccc2
*9
cc
2
614
cc
2
6
12)4
1414
1214
614
ccc2
17
1014
12
ccc2
1214
714
22
714
13
6
,
21
....
cc
2
6
514
33
c
2
1H
114
143
bb
z
1
3614
9)4
z
cc
cc
Sz
"AH
354
c
NjX
D,y
bbb2
Dy bbb2
3
b
2
1944 A
aa
3
1st mtge 3*is series E
1963 J
aaa3
3)4s guaranteed
1951
D
Dec 1 1960 M 8
12)4
6)4
6
3
36)4
20 H
11H
11)4
49
11
4
1
2*4
75
67
80 H
67
9)4
19)4
18
3)4
8)4
7H
H
8H
3)4
47)4
51)4
48
63)4
40
45
40
54
103
103
104 H
104
102
102
b
38
9514
9514
3614
4554
1114
19
106"
10714
14
106
107
11
10614
iioM
109
*11014
3614
1214
59
1354
11014
10914 1u14
*103
aaa4
10614
*10814
2
1993
D
x
bbb3
1993
General g 4s
....
General 5s series B
"90*
*65
D
x
bbb3
Ref 4 Impt 414s series E..1977
J y b
■/ y bb
MN y bbb2
4s... 199
1940
M
...1940 J
8
x
x
Cleve 4 Pgh gen gu 414s B..1942
Series B 3 Vis guar....... 1942
Series A 4 Vis guar..
1942
108
aaa2
"3
62
79 h
46
5414
5114
57
67
100
99
*9914
10714
*10714
"34
108
109
100 >4
100
10714 11054
10814 10814
*10514
10914 10914
aaa2
2
x
bbb3
x
*10514
2
10654
6914
*
bbb3
73
73
Ojx bbb3
65
1946
D x aaa2
f 5s.. 1943
A<x bbb3
"
64
1st* f 68series B guar
f 414 s series C
Coal River Ry 1st gu 4s
O x bbb3
5614
7414
76
13
73
6914
58
64
26
62
5614
*102
10414
"21
65
7014
14
3
2114
2014
2314
36
Columbia G 4 E deb Ss.May 1952 A/N xbbb3
Debenture 6s
Apr 15 1952 A O x bbb3
10014
9914
10314
214
y
b
3
y
b
10414
10414
5614
107
10914
65
O
1970
Colo 4 South 414s series A.. 1980 AfN
mtge
8314
9014
8214
7454
108
10414 10614
65
7514
2014 3414
'V".
:■
Jan
16 1961 J
J x bbb3
100
9814
Columbus 4 H V 1st ext g 4s. 1948 A O x aaa3
Columbus 4 Tol 1st ext 4s..1955 FAX aaa4
Columbus Ry Pow 4 Lt
99
103
9714
25
10214
176
*112
9914 10554
99
10514
9714 10514
11314 u414
11014 11054
4s..l9651MNjx aa 4
107
27
10714
106
10954
Commonwealth Edison Co—
1968'/ D
1st mtge 3)4* series 1
Conv debs 3Hs
....1958 J
Conn 4 Pasump Rlv 1st 4S..1943 A
Conn Ry A L 1st A ref 4)4s_.1951 /
Stamped guar 4V4s
Conn Rlv Pow
s
f
x aa
J x
a
4
107
107
108
3
11214
10914,
11214
OjX bbb3
J x aa
98
486
89
11814 119
*108
1951
x
a
10814
10814
2
1961
3*is A
10654 11114
10914 13054
8814
8814
3
x
aa
107
10814
41
10814 110
107
110
Consol Edison of New York—
3)48 debentures....
1946
3V4s debentures....
x
aa
1948
x
aa
314 s debentures.
1956
814 s debentures
1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s. 1956
Consol OH conv deb 314s.. 1951
x
aa
x
aa
104
z
x
bbb2
deb 4s 1954
z
z
39
103
106
16
10554 10914
1956
z
cccl
1960
z
ccc2
14
5s
1965|il/N
mtge 314«
1967'MN
x
...1970 MN
x
aa
1966 MN
x
aa
1969 MN
.1946 J D
1943 J D
x
bbb4
y
bb
D
^Container Corp 1st 6s
•j 15-year deb 5s
Continental Oil
conv
2)48..1948 J
104
4
x
aa
A
x
x
B t 414s debentures
1948 J
x
bbb3
Crucible Steel 414s debs
Cuba Nor Ry 1st 614s
1948 F
x
bbb4
1942 /
1952 J
y
b
page
3327.
10414
105
10
105
11014
107
30
106
11114
10614
21
10214 10914
10614
10054
9
10414 110
10054 10554
101 bi 10214
5
10414
106
10214
19
10414
21
101H
10114
65
10514 10914
101 be
9914
1814
5514
12
106
9954
7
62
10414 11054
10214 10654
104
10754
9914 10454
54
103
r
10214
25
17
22
45
55
57
45
18
21)4
100
18
14
14
16)4
45
14
15)4
18
15)4
15)4
9
61)4
♦Genessee River lstsf 6s.. 1957 J
J
b
57
92)4
92)4
284
57
9
9
bb
b
26
26
25H
18
24)4
9)4
63)4
28)4
J
18
9
18
9
338
49 H
53)4
....
1
64
70
92
94
*85
1
60
60
98
4
106
106)4
26
106
108
x
bbb2
100
101)4
7
100
105
*98
104)4
102
102
100)4
102)4
100
101
10014
103)4
Ernesto Breda 7s.*...1954 F A ybb
Fairbanks Morse deb 4s..
1956 J D x a
_
Federal Light A Trac 1st 5s.. 1942 M 8
5s International series.. 1942 M 8
1st Hen
f 5s stamped.... 1942 M
1st Hen 6s stamped
1942 M
s
1943 J
♦1st A ref 5s series A
x
x
bbb2
8
x
bbb2
100)4
bbb2
8
D ybb
O x a
J
100
3
4
mn
2
♦Certificates of deposit
Fonda Johns A Glov 414s... 1952
104 H
103
107
46)4
5
4H
46)4
48
55
265
2
*2H
c
100
135
4)4
3)4
z
1
103)4
""5
1
z
100)4
48
I
MN
100
48
"is"
cc
{(♦Proof of claim filed by owner MN
♦Certificates of deposit.....
Fort St U D Co 1st g 414s. ..1941 j" J
Francisco Sugar coll trust 6s. 1956 MN
100)4 104 H
104)4
20
50
cc
z
"~5
*20
ccc2
D y bb
1974 M 8
"100)4
2
60
5
c
4)4
3)4
17
8)4
8)4
{(♦Proof of claim filed by
(Amended) 1st
cons
owner
2)4
3)4
a
2-4s..l982
z
214
2
1)4
..
x
a
b
49
x
aaa3
A ybb
1
/ y bb
121
121
101
-
99 H
D
z
z
cccl
x
aaa3
y
b
3
{♦Georgia A Ala Ry 5s.Oct 1 1945
{(♦Ga Caro A Nor 1st ext 6s 1934
♦Good Hope Steel A Ir sec 7s. 1945
z
c
2
x
cccl
z
cccl
Goodrich
x
bbb3
♦Slnk.'ng fund deb 614s..
.
(B F) 1st 414s
1956
/:
49
121
1
121
101)4
36
100
24
cccl
"27)4
2)4
2)4
1H
i00'T«ini
"l§
40
cccl
♦20-year s f deb 6s.
1948 M N
Gen Motors Accept deb 3 lis. 1951 F A
Gen Steel Cast 514s w w.,.1949
6
50
101
3
2)4
102)4
*101
y
2
4
63
124)4
100)4 105
99)4 105
28 H
24)4
30
34)4
2614
29)4
103)4 107
103)4
104)4
37
55 H
64)4
81
*5
15
14
15
104
15
15
22)4
25
18)4
22
55 h
1
101H
Gotham 811k Hob deb 5s w w. 1946 M 8 y bb 4
Gouv A Oswegatchie 1st 5s .1942 / D y b
2
Grand R A I ext 1st gu g 414sl94l J
/ x aaa2
ioo H
80
101H
129
2
85
55)4
73
14
10014 105)4
80
91)4
*29
104)4
104)4 104H
104)4
D ybb
3
80
80
A y b
1
82
82
82
3
80)4
96K
1
66
66
67
6
64
88
/ y b
Great Northern 4Kb ser A..1961 J
General 514s series B
1952 /
■
x a
x
*91
106 X
4
bbb3
94)4
95)4
97
63
105*4 108 H
86
46
107)4
97)4
94)4 102)4
87
95)4
31
77
1973 /
x
bbb3
88
87
91
1976 J
x
bbb3
77
77
1977 J
General mtge 4s series G..1946 J
Gen mtge 4s series H
1946 J
Gen mtge 3*4s series I ...1967 J
x
bbb3
77
76
81)4
81)4
78
76
88
bbb3
95)4
95
99
355
95
105
bbb3
89
89
91)4
149
88
96 H
70)4
80
68
58
General 6s series C
General 414s series D
General 414s series E
70)4
bb
1
c
64
2
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5 lis B
1st mtge 5s series C
Gulf A Ship Island RR—
32
72
*61)4
bbb3
♦Green Bay A West deb ctfs A... Feb
Feb
♦Debentures ctfs B
aaa2
..
2)4
1940 MN
1950 A O
bb
4
*75"
O
*55
2)4
76)4
1950 A
bb
4
b
2
♦Harpen Mining 6s
1949
Hocking Val 1st cons g 414s
1999
Hoe (R) A Co 1st mtge
1944
{(♦Housatonlo Ry cons g 6s. 1937
.
a
3
/
J
96 H
J
aaa4
107
107
102)4
108)4
A
O
bb
2
b
MN
117"
96
103 H
107
111)4
21)4
123
117*" 119" "~7
117
Hudson A Manhat 1st 5s A.. 1957 F
♦Adj income 5e
.Feb 1957 A
Illinois BeU Telp 3)4s ser B.1970 A
aaa4
96)4 101
26
71
22
4
60
116
108)4
109
46
*108)4
127
38
11
55)4
37)4
124
41
9H
"39)4
38
ccc2
O
43
32
124
aaa3
3
70
13
99)4
22
25
1
44 H
96 H
"96)4
70
43
70
ccc2
b
80
70
2
bbb2
A
90)4
17
21
Houston Oil 4J4s debs......1954 M N
Hudson Coal 1st s f 5s ser A.. 1962 / D
Hudson Co Gas 1st g 5s
1949 MN
O
83)4
it
20
cccl
J
71
90
♦85)4
bbb3
....
8)4
100)4 100)4
80
87)4
si"
1st A ref Term M 5s stpd.. 1952 J
J
Gulf 8tates Steel s f 414s
1961 A O
Gulf States Utll 3Hi ser D.. 1969 M N
.
m "44
88
126)4
50 H
9H
16 H
108 H 112)4
minois Central RR—
1st gold 4s
1951
1st gold 314s
...1951
90
J
x
bbb4
J
x
bbb4
85
Oxbbb4
*83
Extended 1st gold 314s
1st gold 3s sterling.
1951 A
Collateral trust gold 4s
Refunding 4s
Purchased lines 314s
Collateral trust gold 4s
1952 A O y bb
1955 MNybb
2
/ y bb
2
1953 MNybb
2
Refunding 5s
40-year 4*is
1951 M 8
1952 J
x
2
<
1955 MNybb 2
Aug 1 1966 F Ay ccc2
Cairo Bridge gold 4s .....1950
Litchfield Dlv 1st gold 3s..1951
Loulsv Dlv A Term g 314s.1953
Omaha Dlv 1st gold 3s
1951
8t Louis Dlv A Term g 3S..1951
Gold 3>4s-1951
D
x
x
32)4
2
34
38)4
19
*33)4
"32)4
32)4
48H
"30
35)4
42)4
40
48
16
31)4
28 H
33
247
3(
50
41)4
40
32)4
45
32)4
46)4
40
56)4
46)4
78)4
28)4
76
bbb4
J
32)4
38
86 H
86 H
"46"
«
bbb4
bbb3
91
85
86
85
73
58 H
62)4
65
65)4
47
45
54
55 H
56
56
53
56
4
58 H
62)4
A ybb
2
50)4
/ ybb
4
bb
4
70
/ y bb
68 H
34
5
24
5
40
30
31
ybb
3
*
35
3914
xbbb3
46
*20
y
40
40
Springfield Dlv 1st g 314b 1951
Western Lines 1st g 4s
1951
31
24
40
40
60
59
10114 10514
334
22
"27"
y ccc2
6s series B extended to 1946... J D y ccc2
Del A.EPudson 1st 4 ref 4s..1943 M N y bb
27
10514
102j4
10414
10054
1814
1554
1714
6214
104
b
y
Forf ootootesQ)
14
56
10214
a
J
14
101'it
a
1950 MN
714s series A extended to 1946
102»it 102"u
12
19
105
10614
1951 F
Cuba RR 1st 6s g
3
10514
Crane Co s f deb 314s
Crown Cork 4 Seal s f 4s
J
10214 10654
1
13
103
*8
aa
x
1st mtge 3 lis
1st mtge 3lis..
117
10217jj
10214
*8
6214
aa
1st mtge 314s
1st
1454
12
10214
x aa
May 1
10714
10217 n
Consumers Power Co—
1st mtge 314s
75
10354
105 54
cccl
♦Debenture 4s
s f
10554
103
cccl
♦Debenture 4s
Consolidation Coal
10414
103
cccl
1955
non-oonv
10314 10714
10414 10814
10414
Called bonds (June 1 1940)
{♦Consol Ry
37
104
10314
10554
4
51
*100
*45
M 8
110
18)4
c
(♦3d mtge 4)4a__.__._.1938
90)4
45
b
♦N Y A Erie RR ext 1st 4s. 1947 \f N
95
149)4
104
56
95)4
J
Grays Point Term 1st gu 5s.. 1947 J
GtCona El Pow (Japan) 7b.. 1944 F
1st A gen «f 6148....
i960 J
♦loo""
1973
1977
Cleve Union Term gu 514s.. 1972
1
51
51
"26
*100
O
...
1940 J
*5
37
*108
aa
105)4
105
106)4 107)4
141
1975 A
( Ref A Impt 5s of 1930
"54
48
aaa2
aa
1
92
147
♦Erie A Jersey 1st s f 6s.. 1955 J
♦
z
x
x
21
17
13
20
10)4
10)4
2
c
J
10554 10654
x
Debenture 5s
1967 ■If N
♦(Ref A imp 6s of 1927
•Gen Elec (Germany) 7s....1945 /
aaa2
x
106)4
cccl
6614
aaa2
1977
106)4
cccl
.1953
4s series D
52
x
Gen 4 ref 414s series B..1981
Cleve Short Line 1st gu 414s. 1961
-.♦f*.
conv
D
x
..1948 MN
1950 F A
Gen 4 J4a series A
_
....1953
♦Soles B
♦Gen
Gas A El of Berg Co cons g 5s 1949 /
Gen Am Investors deb 6s A. 1952 F
Gen Cable 1st s f 514s A
1947 J
*100
2
aaa4
x
hH
♦Conv 4s series A........1953
cccl
5
41
?
"57"
57
bbb3
J y bb
Cleve Elec Ilium 1st M 3*4s.l965
I
2
cc
75
75
37
3
81
*
aaa2
4s prior 1996
75
60
*65
2
Cln Wab 4 M Dlv 1st 4s.. 1991 J
52
52
106)4
105)4
108)4 113
40)4
40)4
25
25)4
88)4 101
105)4 107 H
105)4 108)4
12
30)4
10 'i)4 109)4
11154
i
Cleve Cln Chic 4 St Louis Ry—
gen s
ccc2
cons g
♦1st consol gen tlen g 4s... 1996
102
1943 A O
Chllda Co deb 5s
{♦Choctaw Ok 4 Gulf con 5s. 1952 M N
Cincinnati Gas 4 Elec 3)is.. 1966 F A
income
{♦Erie RR 1st
19
88
bb
106)4
105)4
2
10214
26
J
8814
107 H
2
{Florida East Coast 1st 414s. 1959 J
8914
Clearfield 4 Mab 1st gu 6s.. 1943 J
88)4
*105)4
105)4
15)4
aaa2
10954
10614
88
10614
aa
bb
104
88
aaal
35
""88)4
4
bb
53
a
aaa4
aa
4
45
*
aaa3
1965
10514
S
aaa4
2
a
1965
5s stamped
{♦Fla Cent A Pennln 5s
88
D
109 J4
ccc2
Erie A Pitts g gu 314s ser B..1940
Series C 314s
1940
10714
41
1967 J
108)4
*40
bbb3
103
89
Istmtge3)4s
28
108)4
3
3
aa
1952
4s
1
88
Cln Leb 4 Nor 1st con gu 4a. 1942 MN
110
3
aa
107 H 110)4
101 K 111K
7)4
88 H
Cln Un Term 1st gu 3 )4s D.. 1971 A/N
1969 F A
1st mtge gu 3)48 ser E
33
92
55
cc
108"
3
b
O
5
107 H
109 H
aa
*136)4
4
a
♦5s
A
8
4
*50
ccc2
106)4
83
/
Colo Fuel 4 Iron
F
4
4)4
2
A3
Chic 4 West Indiana con 4s. 1952 J
1st 4 ref M 4 )4 s series D.. 1962 M
s
8
1)4
4)4
*1)4
aaa4
1)4
aa
1st
M
2
bbb3
11)4
8
Series D 314s guar..
cc
/
50
aaa4
1)4
i)4
4
2
East Ry Minn Nor Dlv 1st 4sl948 A O
East T Va A Ga Dlv 1st 5s... 1956 MN
5)4
M
Series C 314s guar
c
30-year deb 6s series B
1954 J
Firestone Tire A Rub 314s.. 1948 A
Chicago Union StationGuaranteed 4s
Spr 4 Col Dlv 1st g 4s
W W Val Dlv 1st g 4s
ddd2
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No
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Fridays
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See k
Range
Range or
Last
Rating
Week Ended May 24
Week's
Friday
Elig. A
EXCHANGE
STOCK
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132
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Range or
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See a
EXCHANGE
BTOC'K
Week Ended May
Page 3
Continued
-
Week's
Friday
Bank
6314
3914
Attention Is directed to the
46
new
"l03
column Incorporated in this tabulation pertaining to
bank eligibility and rating
of bonds.
See k.
Volume
New York Bond Record - Continued
150
BONDS
N.
Y.
STOCK
Railroad &
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Last
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Rating
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EXCHANGE
Week Ended May 24
3325
Page 4
-
Week't
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x
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854
x
bbb3
x
bbb3
76
x
bbb2
x
a
3
a
f
cccl
1034
80
*75
79
77
77
-
*1064
79
41
82 4
112
*106
3
J y bbb2
Af N
A
1034
3
1st g 4 4s series B
67
120
120
*30
34
36
"314
314
1244
434
314
122 4
35
123 4
122
123
123
123
1124
734
83
105 4 107
154
164
A y bbb2
*.....
434
1284
1284
70
O
aa
2
1064
107
J ybb
3
NO ANE 1st ref Almpl 4s A'52
y bb
3
New Orl Pub Ser 1st 5s ser A. 1952
X
bbb3
1034
1034
104
1955
X
bbb3
1034
103
104
1st A ref 5s series B
x
*
45
y bbb2
*55
{{♦N O Tex A Mex n-c Inc 5s 1935
z
ccc2
21
z
b
z
ccc2
24 4
z
b
24
♦Certificates of deposit...
1954 A O
♦1st 6e series B
1966
♦Certificates of deposit...
♦1st 4 4s series
D
1950
♦Certificates of deposit...
♦1st 54s series A
1954
♦Certificates of deposit...
i054 169"
70
New Orleans Term 1st gu 4s. 1953
♦Certificates of deposit...
09 4
78 4
494
45
69
594
1024 1054
103
1004
654 714
1
A z ccc2
1
Z b
"234
24
24
24
40
30
"234
394
gg
38
*
27
*174
32«
37
30 4
23 4
29
364
40
*
...
A z ccc2
b
1
33
30
234
*24
...
Ft ccc2
1
z b
"24 4
21
25
20
1
32
27
40
35
33
384
Attention Is directed to the new column 1 ncorporated in this tabulation pertaining to bank eligibility and rating of bonds.
71
70
120
1st 4 4s... 1960 A
1983 J
New Orl Great Nor 5a A
N J Pow A Light
1st 5s series C
3327.
100 4 105 4
102
105 4
*60
126"
N J Junction RR guar 1st 4s. 1986 F
Nashville RR—
4S..1955
14
4
88
x
1st 4 ref 5s series B
S
4
954
bbb3
8
4
4
4
4
Nat RR of Mex prior Hen 4 4a—
65
a
x
Paducah 4 Mem Dlv 4S..1946
1
1
—~
*4
*4
1914 coupon on. 1977
1914 coupon off.. 1977
2
x
8
1204
648.1944
102
*1
♦Ass't warr A rets No 4 on *57
3
Af 8
J
654
31
♦448 July 1914 coupon off 1957
O
3
4s. 1952
704
614
102 4
♦44s Jan 1914 coupon on. 1967
♦44s July 1914 coupon on 1957
O
3s—1980 Af
44S--1945 m
05
424
49
102
National Rys of Mexico—
*30
674
514
bbb2
Nat Dairy
1044 1094
1174 120
2
x
extended to. 1948
Prod deb 34a w w 1951 MS
Distillers Prod 34a
1949 M S
56
bbb3
M N
Nash Chatt A St L 4s ser A.. 1978 r
■'
79
27
164
164
mmm
954 1044
35
D y bb
a
'
mfmrnrn
y b
cccl
aa
For footnotes see page
754
*
*
X
118
98 4
*
B...1955 M N
Mountain States T A T 3 4s. 1988 J D
Mutual Fuel Gas 1st gu g 5s. 1947 MAT
O y bbb3
8t Louis Dlv 2d gold
55
734
734
y b
O ybbb3
aaa3
Atl Knox 4 Cine Dlv
604
954
Oy bb
1955 M N
Constr M 6s series A
94
84
104
"904
..
Gen A ref
84
84
11
106
3
4
*66 J Dx a
/ly bbb2
Montreal Tram 1st A ref 5s.. 1941 J
2
Gen A ref s f 5s series A.
1955 A Oy b
Montana Power 1st A ref 34®
Mut Un Tel
84
cccl
x
♦Lower Aust Hydro El
63
Monongahela W Penn Pub Ser
x
Mob 4 Montg 1st g
1124
35
O
South Ry Joint Monon
1104
103
32
A
E
106
*334
F
1st 4 ref 34s series
15
29
2
A
1st 4 ref 4s series D
1.07
b
1944
Louisville 4
105
y
..1951
Louisiana 4 Ark 1st 5s ser A. 1909
Louisville Gas 4 Elec 34s.-I960
Lou 4 Jeff Bridge Co gu 4s__1945
Lorillard (P) Co deb 7s
5s debenture
"ll
25
1991 M "S
z
A
21
"25"
cccl
Mob'k A Malone 1st gu g 4s
ccc2
Af
25
15
cccl
654
90
z
874
D x a
..1949
1949
25
29
57
48
844
334
z
Liquid Carbonic 4s conv debs 1947
Little Miami gen 4s series A. 1962 M N
Loews Inc s t deb 3 4a.
1940 F A
Lombard Elec 7s series A....1952 J D
Lone Star Gas 34s debs.... 1953 F A
Long Island unified 4s
Guar ref gold 4s
284
24
42
444
J ybb
......2003 M N
♦Long Dock Co 34s ext to.. 1950
25
344
83 4
414
404
484
/ ybb
{Lehigh Valley RR—
♦Gen cons g 4s...........2003 JfN
A
20
2
Constr M 4 4s series
{Leh Val Term Ry lstgu g 5s 1941
5s assented
1941
Lex 4 East 1st 50-yr 5s gu—1905
Llbby McNeil 4 Libby 4s.. 1955
Liggett 4 Myers Tobacco 7s. 1944
5s debenture...
1951
Lion Oil Ref conv deb 4 4s_. 1952
0
2
....
-.2003
♦4 4s assented—......2003
♦General cons 5s
2003
♦5s assented
—2003
204
20
bbb3
..—..1954
1904 FA z b
z b
♦5s stamped
1964
♦1st 4 ref s f 5s
.1974 FA z b
z b
♦5s stamped
1974
♦Sec 0% notes extended to 1943 7~i z b
z b
♦08 stamped..
1943
Leh Val Harbor Term gu 5s. .1954 F A ybb
♦5s stamped...
♦General cons 44s
20 4
20
bb
♦1st 4 ref s f 5a.
♦4s assented
204
43
20
x
z
{Leh Val N Y 1st gu 44s—1940
44s assented
1940 J
23 4
20
20
y
O
Lehigh 4 New Eng RR 4s A. 1965
Lehigh 4 N Y 1st gu g 4s
1945 M 8 yb
Lehigh Valley Coal Co—
z b
♦6s stamped
—1944
♦1st 4 ref sf 5s
1954 r a z b
J
194
ccc2
cccl
*124
ccc2
ybb
Lehigh C 4 Nav s f 4 4s A.. 1954 J
Cons sink fund 4 4s ser C. 1954 J
A
29
M~5
z
z
1977
%
z
5s 1947 F A
♦Certificates of deposit
♦Ref A lmpt 4 4s
Ltd—
♦1st mtge Income reg
{Mobile A Ohio RR—
♦Montgomery Dlv 1st
324
See A.
New York Bond Record-Continued-Page 5
3326
BONDS
N. Y.
Last
Elig. &
STOCK EXCHANGE
Rating
Price
Range or
Friday's
Sale
See i
Week Ended May 24
Bid
A
>48.1945
■ Railroad & Indus. Cos. (Cont.)
J
J
1998 F A
1946 A
Ref A Impt 434s series A.-2013 A
Ref A impt 6s series C
2013 A
Conv secured 3^8
1952 MN
N Y Cept A Hud River 3 34s. 1997 J
Debenture 4s
—1942 J
F A
Lake Shore coll gold 3348.1998
Mich Cent coll gold 3348-1998 F A
10-year 35*s sec s I
♦111
aaa2
X
111
11134
6234
43
4434
75%
43
74
81
416
38
6634
209
43
6234
6334
bb
46
44%
7
bb
75
74
y
b
40 %
43
y
b
44%
43
49
y
bb
44
42 M
49%
x
a
69 M
69
0
y
bb
88 M
y
bbb2
y
bbb2
38
~54%
High
54%
*
1
87
4234
1974
1978
A—
4 34s series C
Ref 6 >4s series
Ref
1946
extended to. 1947
3-year 6% notes
1941
Y Connect 1st gu 4Mb A—1953
1st guar 5s series B
1953
Y Dock 1st gold 4s
1951
Conv 5% notes
-—.-1947
Y Edison 33*8 ser D
1965
1st lien A ref 3>*s ser E.—1966
4s collateral trust
M
F
47
45 M
S y bb
41
38%
A
y
N
y
N
N
b
x
aa
x
aa
RR
Y Gas El Lt H A Pow g 5s. 1948 J D
F A
Purchase money gold 4s—1949
aaa4
General 6s series B
1968
x
a
Debenture g 4 34s
bbb4
x
a
6834
x
a
3
55
45
18/
5934
"17
5
48
106%
13
115%
115%.
10134 10734
105
10834
47
5654
46
6734
10454 110
10654 11034
12234
11634
29
12134 12634
10
11554 11854
1134
1134
97
97
97
49%
49%
11H
3
493*
*75
b
z
J
5s 1943 J
Branch gen 4s—1941 M S
62
y
y
bb
b
4
J{*N Y A N E (Bost Term) 4s '39
t*N Y N Hav A Hart RR—
♦Non oonv deb 4s
1947 M S
♦Non-conv debenture 3 Mb 1947 M S
♦Non-conv deb 3 Mb
1954 A O
60
♦.I'¬
80
65
67
71
7234
'
99%
11
cccl
*9
13
15
1934
cccl
*10
12%
15
195*
cccl
*9
15%
1534
11
12
11
203*
203*
MS
cccl
J
;.v
4s.-1955
♦Non-conv debenture 4S--1956
♦Conv debenture 3 >48——1956
♦Codv debenture 6s
1948
J
cccl
11
20
J
J
cccl
12%
12%
15%
142
125*
{♦Collateral trust 6s.——1940
♦Debenture 4s
1957
♦1st A ref 4Mb ser of 1927.1967
A
O
cccl
22
20 M
25%
13
2034
2434
365*
^♦Harlem R A Pt Ch 1st 4s 1954
J
MI
cc
J
11
cccl
D
MI
b
3
1
4
2
11
11
11
334
2%
35
234
634
12
3
15
117
12
2334
61
125*
M S
z
cc
68
40
60
72
A
c
El Lt A Pow 3 >4s '65
N Y Rys prior lien 6s stamp. 1958
N Y A Richm Gas 1st 6s A—1951
N Y Steam Corp 1st 3>4s_ —1963
t#*N Y Susq A W 1st ref 58.1937
N Y Queens
2
2
Oyb
%
J
x
x
x
aa
J,z
cc
101
1937
F
A
Z
c
2
F
A
z
cc
z
bb
1
x
y
bb
2
y
bb
c
2
x
aaa3
J {♦Norfolk A South 1st g 5s. 1941 Af N
a
4
y
b
1
z
c
2
z
♦Certificates of deposit—
x
c
1065*
/
24
101
2134
2
9
*534
834
834
1
52 34
52 34
106 34
6
106
*7534
>
434
160
10834
10734
10134
1034
32
10734
2
99
99
8
834
ccc2
x
aaa4
a
4
1195*
10354
F
A
1959 F
a
4
102
x
a
4
10234
x
aa
2
Gen A ref 4 >4s series A....1974 M S
x
aa
2
z
ccc3
35*8
1974
jNorthern Ohio Ry—
♦
lstgtd g 5s
1945 A
♦ 1st
mtge g 6s (stamped can¬
cellation of guarantee). 1945 A
—
O
O
North Pacific prior Hen 4s__.1997 Q
Gen lien ry A Id g 3s Jan.. .2047 Q
"j
z
bbb2
106
F ybb
2
14
11134
90
92
354
654
10734 112
10734 109
136
8
1834
754
1754
25
1
27
50
5454
79
11954 12634
10234 10754
10334
33
10134 10654
10434
65
102% 108%
114
107
2
107
50
50
1
45
114
10834
49
»—
40%
63?4
34%
31 %
37
41
70
3134
4354
72
60"~
60
80
60%
4034
3334
104
J
J y bb
36%
3334
Ref A Impt 6s series B
J
J y bb
46%
45
51
45
6034
J
J y bb
40>4
46
24
4034
64%
J
J y bb
A x aa
41%
41%
40
4634
36
40
5534
10/54
99
J
J
^♦Og A L Cham 1st gu g 4s.. 1948 J
Obio Connecting Ry 1st 4s_. 1943 M S
1965 M N
Ohio Edison 1st mtge 4s
1st mtge
354
a
4
a
a
4
35*s.. 1966
D
a
D
Ontario Power N F 1st g 5s.. 1943 F A
Ontario Transmission 1st 5s. 1945 AfN
Oregon RR A Nav con g 4s.. 1946
Ore Short Line 1st cons g 5s. 1946
4
aa
4
aa
D
10634 11034
95
4%
14
354
108
95
854
10834
10934
34
102
10734
22
10734 11034
104
11
103
9734
10034
9934
12
9754 10834
10034
6
10054 10554
108
"97%
4
105
10334
aaa2
6
10734
107 34
68
105>4
102
10234
10634
10434
bbb4
4s debentures
M
S
x
a
111
111
11434
A
O
z
b
b
z
cc
x
a
Apr
1974 F
1977 J
1967 J
108
5
108
Pitts C C C A St L 4348
Series B 4 34s guar
Series I
Series J
cons guar
4 Mb
cons
cons guar
MS
aaa2
10834
108
D
x
aaa2
10534
10534
10734
A
z
bb
2
3
105
10454 110
110
107
11154
11554 11834
77
83
108
38
10554 11054
85
7334
4
77
*60
x
aa
2
x
a
4
74
104%
*10
8
107
10434
"l8
75
10334 11034
10434 112
10234 102 34
10334 105
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955 F A y b
2
Paramount Pictures 33*s deb *47 M S x bbb3
Parmelee Trans deb 6s
1944 A O y ccc3
Pat A Passaic G A E
45
7
45
6154
85
14
77
9034
40
44
5
40
47
121
121"
46
77
77
121
8
121
126
58.1949 M S
x
aaa3
1942 M S
Penn Co gu 3Mb coll tr ser B.1941 F A
z
b
x
aa
•ioiM
x
aa
*105
x
aa
x
aa
cons
♦Paulista Ry 1st s f 7s
Guar 3Mb trust ctfs C
1942 J D
Guar 3 34s trust ctfs D
1944 J D
Guar 4s ser E trust ctfS...1952 MS
28-year 4s
....1963 F
A
x
6734
2
"9934
Penn-Dixle Cement 1st 6s A. 1941 M S y b
89
Penn Glass Sand 1st M 4Mb 1960 J
D
x
bbb2
Pa Ohio A Det 1st A ref 4 Mb A '77 A
O
x
a
3
1981 J
J
x a
"
10034
*10234
93
3
4.434s series B
96
43*
54
1053*
345
105
2
96
61
z
96
1013*
10634
aaa2
x
aaa2
1013*
4
10634
2
10834
11234
101
1013* 103
10634 108
1083* 10834
112
108
108
4 34s
Gen mtge 5s series A
1053* 10934
F
Ax aaa2
*9234
1153*
*9234
9934
114
1033*
15
9934 108 34
1003*
933*
102 34
95
29
1003* 107.34
15
933* 10034
x
Gen mtge 5s series B
1975 a o;x aa 2
j
aa
2
Gen 434s series C
1977 j
aaa2
Pitts Va A Char 1st 4s guar. 1943 M N
Pitts A W Va 1st 4>4s ser A. 1958 J D
1st mtge 4%b series B....1959 A O
1st mtge 4>4s series C
1960
A
b
933*
116
1165*
11534 118
40
"42
23
40
53
413*
10
40
53
40
413*
3
3
4134
40
3
b
Oy b
Pitts Y A Ash 1st 4s
A—.1948 / D
x
4234
21
40
53
aa
—1962 F
A
x
aa
1974 J
D
x
aa
3
1977 J
ser
D
x aa
3
1st gen 5s series B
1st gen 5s series C
103
1103*
1103*
10634 10634
1103*
1103* 1103*
*9834
*98
1st 4Mb series D
Port Gen Elec 1st 4>4s
1960
193
66
1st 5s extended to
1950
J
x
bbb2
1063*
12
104
6s '42
J
z
cccl
80%
70
803*
60
59
86
8534
^♦Porto Rico Am Tob
conv
M
S y bbbl
-
-
-
•
„
70
66
675*
*10634
813*
10734
1942
J
z
cccl
80
70
803*
120
5834
t {♦Postal Tel A Cable coll 5s 1953
J
z
cccl
1634
1434
183*
251
1434
Potomac El Pow 1st M 33*8.1966
Pressed Steel Car deb 5s
1951 J
J
x
aaa4
♦6s stamped
J ybb
-----
*105
1063*
*134
79
43*
^♦Providence Sec guar deb 4s 1957 M N
^♦Providence Term 1st 4s...1956 Af S
cc
1
b
3
*65
-----
aaa4
108
11134
1st A ref mtge 5s
3>*s 1968 J
2037 J
2037 J
1st A ref mtge 8s
Pub Serv of Nor III 334s
Purity Bakeries
s
J
f deb 5s... 1948
*140
aa
4
bbb3
J
8434
334
6334
108
143
*200
aaa4
aaa4
1968 A
2534
1083* 1105*
79
2
Public Service El A Gas
for deb 6s A com
217
6
6334
113
14334 160
222
226
1063*
10034
107
48
1063* 1103*
100
10634
101
28
100
105
stk(65%pd) J
72
♦
Gen A ref 4%a series A—.1997
Gen A ref 4 >4s series B—_
w w
50
65
50
1
50
64 34
52
50
54
13
50
bbb3
J
63
6034
66
84
6034
6034
7534
*6034
65
66
75
102
bbb3
1997(/
Remington Rand deb 4>*s
43*8 without warrants
'56 M 8
x
bbb3
1956 M S x bbb3
Rensselaer A Saratoga 6s gu_1941 M N x bbb2
Republic Steel Corp 4 >4s ser B '61 F A xbbb3
Pur
mon
1st M
5 34s. 1954
conv
MN
x
bbb2
9834
92
92
92 3*
923*
*90
"93%
9034
93
108
92
9834
135
923* 1003*
10034
94
58
9834
1045*
103
10334
Gen mtge 4Mb series C__.1956 IN xbbb3
Revere Cop A Br 1st M 4>*s 1956 J
J x bbb4
♦Rheinelbe Union s f 7s.....1946 J
J z
:
10034
64
103
9434
50
92
10234
28
9934 10334
♦33*8assented
1946 J
♦Rhine-Ruhr Water Serv 68.1953 /
J
J
♦Rhine-Westphalia El Pr 78.1950 MAT
♦Direct mtge 6s
1952 Af N
♦Cons mtge 6s of 1928
1953 F A
♦Cons mtge 6s of 1930
1955 A O
Richfield Oil Corp—
4s 8 f conv debentures
1952 M S
Richm Term Ry 1st gen 5S-.1952
s
J
1955 F
f 7s
Roch Gas A El
434sser D„.1977 M
Gen mtge 35*s series H...1967 M
Gen mtge 334s series 1—1967 M
Gen mtge 33*s series J
1969 Af
15*R I Ark A Louis 1st 4 >4s_ 1934 M
1634
17
1934
15
15
*
17
155*
1234
17
13
1634
1434
17
..
z
z
X
30
16
*
z
z
985*
*
z
z
109
26
..
*11
—
..
bbb3
10334
10334
J
x
aa
2
*10434
A
z
b
1
*
D
J
O
S
S
S
8
S
O
J
J
z
ccc2
z
ccc2
z
cc
x
2
*
103 34 109
33
103 34 105
9
"2
9
1034
33
*84
40
25
25
534
63*
39
8
33
aa
10334
106
16
3434
534
1234
aa
x
*1073*
*1053*
108
10634
12
7
20
10834 111
105
1103*
5
934
x
aa
x
aa
106
105
z
cc
5
5
z
cccl
21
21
z
c
2
7
6
9
z
cc
2
434
4
934
Saguenay Pow Ltd 1st M 4>*s '66
x
a
2
St Jos A Grand Island 1st 4s_1947
St Lawr A Adir 1st g 5s
1996
x
aaa2
y
bb
♦Ruhr Chemical
s f 6s
1948 A
^Rut-Canadian 4s stmp
1949 J
^♦Rutland RR 4 348 stmp...1941 J
2d
gold
6s
7034
7034
11134
77
11134
"
7034 983*
11034 112
70
*
2
yb
1996
59
St Louis Iron Mtn A Southern—
♦{Riv A G Div 1st g 4s... 1933 MN
♦Certificates of deposit
52
z
bb
z
z
ccc2
52
bb
t*St L Peor A N W 1st
St L Pub Serv 1st mtge 5s...1959 M S yb
St L Rocky Mt A P 5s stpd.. 1955 J
J yb
10734
10454 10634
81
35
9934
49
50
bbb2
{♦Debenture gold 6s
1941 J
{♦Deb 6s stamped
1941 J
Reading Co Jersey Cent coll 4s *51 A
102
10434
QQ
33*
10554 106
10454
99
1
5534
17
52
66
6234
61
65
10134 10254
10434
*
a
6734
10234
%
102
102
cc
109 34 110
11254
1st A ref mtge 35*s ser H..1961
1st A ref mtge 3 Mb ser I... 1966
{♦Pac RR of Mo 1st ext g 4s. 1938
ef g 4 34s. .1955 J
J
Panhandle East Pipe L 4s...1952 M S
70
z
*105
6034
Paducah A 111 1st
234
*103
11334
10434
*101 %
103%
23*
aaa2
55
103 %
1
Ax aaa2
110
aaa4
cc
F
92
61
aaa4
43
z
AfNx aaa2
1970 J D x aa 2
4s
68
b
277
1093*
1134
10*34 10434
24
69
x
1045*
1083*
93*
109
bb
x
102
10834
cccl
*10434
*10834
J
z
102
aaa4
A
t§*Rlo Gr June 1st gu 5s...1939 J
f {♦Rio Gr West 1st g 4s.—1939 J
J
1085*
102
1063*
1083* 11134
93*
15
23*
4
35*
834
bbb4
Dx aaa2
-
♦Rlma Steel 1st
O
115
106 34 110
105
x
F
119
D
6
z
J
10734
1966
105
10934 11034
114
""25
1949
1953
1957
1960
1963
1964
Series F 4s guar gold
Series G 4s guar
104
1938
x
11034
105
2
22
115
10634
10634
Series E 334s guar gold
115
D
{♦2d ext gold 5s
2
10834
80
11054
109 34
Ref mtge 33*8 series C
1093*
►
2
*11034
"80
Pacific Tel A Tel 3><8 Ber B..1966
aa
aa
aaa2
11434
73 >4
10934
aaa3
x
10734 111 %
10534 105'i.
1945 INx aaa2
104%
x
153
Series D 4s guar
Series C 4 >4s guar
11634
110
62
108
aaa2
115
110
60
10734
Ox
A...1940
O x
1942
1942 MiVx
104
3
71
48
96
*99 %
aaa2
53
49
105
115
x
"~4
2
96
104%
D
10734
16
105
aaa2
D y b
x
x
J
D
70
6534
10
33*
1063* 107
51
2
aaa2
1946
50
55
aa
aaa2
Pacific Gas A El 4s series G.1964
"~4
49
1073*
a
aa
11734
56
48
"48
x
x
111
53
bbb3
♦1st con A coll trust 4s a—1949 A
Pacific Coast Co 1st g 5s
19
49
x
J
68
*1063*
"~53
x
J
69
"33*
35*
A
^{♦Philippine Ry 1st s f 4s..l937
♦Certificates of deposit
Phillips Petrol conv 3s
1948 M~5
Pitts Coke A Iron conv 4 34s A '52 M 8
J
3
1103* 110
6534
J y bb
1949 M S
J
J
1961
1st mtge A 4Mb.. 1962 J
86
59
56
J y bb
8 y bb
Phila Electric 1st A ref 3 34s. 1967 M 8
^♦Phila A Read C A I ref 6s_1973 J J
1946
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
A
1981 J D
49
105
105
4
J
338
♦10834
1946
Oklahoma Gas A Elec
Otis Steel
2
c
1972 J
354s
>4
95
♦,
aaa3
1967 M S
1st mtge 4s
10634
10634
J xbbb3
8734
1103*
t*Radlo-Kelth-Orph pt pd ctfs
Ref A impt 4 >4s
F
7634
7634
78
334s called 1952
61
Ref A impt 5s series C
series A...2047
2047
2047
Ref A impt 5s series D
2047
Northern States Power 3348.1967
Northwestern Teleg 4%b ext 1944
9934
98
12
62 34
10434
105
-
30
80
107
ccc2
x
634
3934
10734
ccc2
z
♦Certificates of deposit
•
1023*
*
10034 10634
99
60
102
x
A
M S
Debenture
5
104
1195*
10334
62
11034
10834
163
122
60
z
x
Debenture 4s
1034
734
854
4%
85
8534
2
85
1075*
A
North Cent gen A ref 5s
9
334
-----
105
634
9034
80
35*
A
1949
1954
14
«<w •*
F
3>4s
2
5234
,
Norf A W Ry 1st cons g 4s...1996 O
North Amer Co deb
107
10034
10334
2
z
43
...
107
2134
aaa4
1967 J J
N Y Trap Rock 1st 6s
1946 J D
6s stamped
1946
J
t{*N Y West A Bost lst4>4s 1946 j
Niagara Falls Power 3>4s...1966 M S
Nlag Lock A O Pow 1st 5s A. 1955 A O
Niagara Share (Mo) deb 5>4s 1950 MS
${»Norf South 1st A ref 5s..l961 F A
N YTelep 33*sser B
134
105
1
1943 MS
♦Terminal 1st gold 5s
3
10034
2
—.1940
{♦2d gold 4 >4s
♦General gold 5s
10134
4
J
48""
*3334
bbb3
J
29
85
10?
bbb3
MS
155
*
r\
tl O
m «»m m
107"
aaa4
J
434
234
13*
134
m
2
MN
J
3
33*
2
z
O y b
J»N Y Ont A West ref g 4s..l992
♦General 4s
—1955 J D
99 34
1103*
4 34s series C
1980
Phelps Dodge conv 3349 deb. 1952 J D
Series H
t»N Y Prov A Boston 4s
1942
N Y A Putnam 1st con gu 4s. 1993 A
91
8934
89
1105*
Peoria A Pekin Un 1st 5 34s.. 1974 F
Pere Marquette 1st ser A 5s. 1956 J
1st 4s series B
1956 J
M
1st
♦Conv deb 6s
11
ll
cccl
80
56
32
aa
Apr 1990
4s
General 4Mb series D
Phlla Co sec 5s series A
64
J
♦Non-conv debenture
♦Income
General g 4 >4s series C
80
3
z
129
89
""9034
8634
92 34
bbb4
♦Certificates of deposit
General 5s series B
60
75
bb
N Y A Long
92
1203*
943* 1043*
10034 11034
8934
x
Phila Bait A Wash 1st g 4s.. 1943 M N
14
100
"89
♦58
♦N Y L E A W Dk A Impt
115
81
117
80
x
Refunding gold 5s
1947
J{♦Peoria A East 1st cons 4sl940
*35
4Mb series B
1973
♦N Y L E A W Coal A RR 5 %a'42 MS
113
48
184
O
86
27
33
y
18
"46
9934
10534
z
Conv deb 334s
69
4
72
10534
106 34
2
118
9234
785*
A
bbb2
MS ybbb2
O
•
114
1043* 11034
10934
10834 10934
11334 115
100
5
11434
8534
1173*
943*
10034
3
4534
3834
1970
1981
1984
1952
x
General 4>4s series D
Gen mtge 4 34s series E
107
2
3
9534
1015*
8034
60
Peoples Gas LAC cons 6s.. 1943
aaa4
cc
3
6234
8734
121M
aa
a
81
81
1
High
8634
121 M
z
1175*
65
73
aaa4
x
aaa2
54 34
8154
x
IN
3
44
10
x
{♦N Y A Greenwood Lake 5sl946
2000 MS
NY Lack A West 4s ser A—1973 MS
2
58
104%
ioe 54
11334
♦11234
aa
a
x
g
N Y A Harlem gold 3 Mb
A
aaa2
38
46
aaa4
33
x
95
51
105
180
1033*
109
x
C—1970
Consol sinking fund 4 >48—1960
General 434s series A——.1965
86
47
ccc2
1063*
x
O
A
Gen mtge 354s series
74
N Y A Erie—See Erie
N
x
104%
100
10834
4
Since
Jan.
No. Low
105
aaa2
90%
52
High
Range
00
fiQea
10034
bbb4
X
7934
108
47
b
x
a
x
78%
69
y
x
A
83
101 %
x
A
F
4>4s debentures
1974
MS
Pennsylvania RR cons g 4s.. 1943
Consol gold 4s
..1948 MS
48 sterl stpd dollar May 1 '48 MS
69
♦105
y
F
1969
Lt 334s
Penna Pow A
73
bbb3
Bid
Low
82
73
bbb2
x
1st mtge 3 Mb
Price
46
65
O y bb
Friday's
A
Asked
Sale
See a
na.
Railroad & Indus. Cos. (Cont.)
N Y Chic & St Louis—
A
Rating
24
Range or
Last
Elig. &
STOCK EXCHANGE
Week Ended May
"50%
y
—
N. Y.
Since
Jan. 1
No. Low
S3
BONDS
Range
Asked
High
Low
Newp AC Bdgegen gu 4
N Y Cent RR 4s series A
May 25, 1940
Week's
Friday 1
Bank
Week's
Friday
Bank
99
105
gu
5s 1948 J
t*St L-San Fr pr lien 4s A
1950 J
♦Certificates of deposit.
J
J
2
2
z
183*
2
56
58
5
*30
37
183*
57
.....
834
cccl
934
103*
834
20
834
49
934
"36
16
1
9
1534
8
98
z
cccl
107
♦Prior Hen 5s series B
J
z
cccl
834
934
10134
♦Certificates of deposit
♦Con M 4>4s series A
1978 MB
z
cccl
9
9
z
cccl
8
934
295
z
cccl
83*
34
6034
8
96
9754
99
♦Ctfs of deposit stamped
ctfs. 1989 MI ybb
♦2d 4s inc bond ctfs..Nov 1989 J
J z b
J*St L S W 1st 4s bond
{♦1st term A unifying 5s..1952 J
♦Gen A ref g 5s series A...1990 J
83*
734
2
60
1
9
J
z
cccl
13
ccc2
z
734
734
145*
1434
143*
734
1334
*15"" "l8
834
16
56
67
2734
*25
J
66 34
6234
173
89
834
2634
56
37
105
1950 J
183*
38
13
2134
13 34
734
A
I
For footnotes see page 3327.
Attention is directed to the
new
column incorporated In this tabulation pertaining to bank eligibility
and rating of bonds.
See a.
Volume
New York Bond Record—Concluded—Page 6
150
BONDS
N.
Y.
Railroad & Indus. Cos.
St Paul <fc Dul 1st
Last
Elig. &
|
Rating
Price
24
{Cora.)
4s.>1968 J D
z
A
z
x
a
J
x
aaa2
4H
cccl
J
*2H
5H
23
•
STOCK EXCHANGE
Week Ended May 24
Rating
{♦1st gold 5s
8
S A & Ar Pass 1st gu g 4a— 1943 J
1963 A
San Antonio Pub Serv 4a
San Diego Conaol
J
bb
a
O
G & E 4s_ 1965 IN
3
112
111H
1942 M
S
1946 J
J
J
2
105
U0H
*24
33H
cccl
J
105
♦Stamped
♦Guar
a
.1946 A
O
A
t 6 Ha series B
23 H
23 H
O
♦Stamped
36H
1989 UN
Scioto V & N E lat gu 4a
*36
cccl
*
aaa3
33 H
47
29 H
118
1950 A
O
ccc2
1950 A
O
cccl
♦Adjustment 5s
1949 F
A
c
1959 A
O
cccl
Oct
{♦Refunding 4s
♦Certificates of deposit.
.1945 M
cons 6s series A
♦1st
*1
2
cc
cc
.
Shell Union Oil 2Hs debs—. .1954
Shlnyetsu El Pow 1st 6 Ha-- .1952
6H
2
z
c
J
x
2
z
b
gen
z
cc
z
z
z
5 Hs A '75 M 8
"16
8H
60
149
2H
1H
*1H
1
43
3
7H
11
3
2
11
15H
2
60
3H
1%
IK
2H
4
3K
93 H
94H
57 H
58
16
9
*21
„
z
33 H
15H
12H
98
67
26
137
93H
30 H
SUeslan-Am Corp coll tr 7s>. .1941
.1952
Simmons Co deb 4a
A
y
cccl
O
x
bbb2
95
95
98 H
52
95
102H
.1950
A
x
bbb3
99H
99H
99H
78
99 H
100H
Socony-Vacuum Oil 3s debs. .1964
South A Nor Ala RR gu 5s,. .1963
J
x
aaa4
103H
102H
103H
O
x
a
Skelly Oil 3s debs
South Bell Tel & Tel 3Ha—. .1962
.1979
3s debentures
12H
¥
3
O
x
J
x
aaa3
.1961 M S
x
aa
.1965 F A
1st mtge & ref 4s
J
Southern Colo Power 6s A>, .1947 J
Southern Kraft Corp 4Hs—. .1946 J D
x
aaa2
x
bbb3
x
x
bbb4
I07H
1st 40-year guar 4s
1945 F
4 Hs
Pac coll) .1949
4 Ha (Oregon Lines) A .1977
1st mtge pipe line
D y bb
So Pac coll 4s(Cent
104H
108
21
107H 108K
107H 111
105M
41
101
100H
39
104H
52
104
48
30
176
30H
36
9H
cc
4H
5
17
4H
4H
9H
102 H
58
25
56
64
65H
8
80
80
84
109
17
16
24
95
16
3«H
35
37
60
70
2
S y b
cc
z
102
102 H
bbb2
A
x
Westchester Ltg 5s stpd gtd.1950 J
D
x
x
aa
8
x
x
x
a
90 H
2
125
22
125
128 H
107 H
27
106 H
110H
116
116
14
116
120
108K
109H
31
107K 112
99 H
'l08H
9
125
122 H
3
107 H
108H
106K
aaa3
D
79 H
80
108K
aaa3
J
70
63 H
106H
aaa4
D
56
'"5
60
9H
101H 106 H
11
30 H
60
aaa3
Gen mtge 3Hs
1967 J
West Penn Power 1st 5s E..1963 M
1st mtge 3Hs series 1
1966 J
West Va Pulp A Paper 3s...1954 J
*25
57
99 H
78 H
33
73 H
4
Western Maryland 1st 4s
1st A ref 5 Hs series A
1952 A
1977
West N Y A Pa gen gold 4s_. 1943
{♦Western Pac 1st 6s ser A—1946
♦5s assented
1946
73 H
86
O xbbb3
J
x
bbb3
O
x
aa
M 8
z
ccc2
8
z
cccl
J
A
106H 109H
108 H 109 H
M
102 H
106
97H 102H
Registered
Wheeling & L E RR 4s
1949 M S
Wheeling Steel 4Hs series...1966 F A
White Sew Mach deb 6s
48 H
1947 A
18H
12
15
10H
18K
59
22
50
67 H
66 H
51
61
29
56 K
72
59 H
37
51
70
11H
2
11
15H
38
"38"
43H
35K
16
38
62 H
6
32
47
~99K
126
32
*112
aa
bbb2
bbb2
z
108K
11
x
x
J
10H
10H
54
x
1955 J
107 H
11
50
2
x
5s_1942 J D
gu
Wilson A Co 1st M 4s A
Conv deb 3Hs..
107H
K
1940 M N
92 H
86
3
14
10H
b
z
1
86
108
108
108
2
J y bb
17
32
9H
4K
2361 J
107 H
104
13
42
49
Warren RR 1st ref gu g 3 Hs.2000 F A yb
Washington Cent 1st gold 4s. 1948 Q M y b
Wash Term 1st gu 3Hs
1945 F A x aaa3
{{♦Wilkes-Bar A East
O
x
13H
39 K
46
4K
J y bb
101K 105 H
109 H
Southern Natural Gas—
.1951
*25
4H
2361 J
58
98H
9
4H
West Shore 1st 4s guar
103H
101
12
4H
J
102
107H
51
12
cc
104"
106H
"22
bbb3
Southern Calif Gas 4Hs
3
41
cc
♦Westphalia Un El Power 6s. 1953 J
119
107H
102 H
28
44H
*8
Western Union Teleg g 4H8.1950 M N ybb
25-year gold 5s
1951 J D yb
30-year 5s
i960 M 8 y b
104"
aaa3
20
25H
4H
102H 106K
87
48
12
97 H
67
14H
94 H
aa
31
27
44H
O y bb
O y b
6H
5H
4 V8
68
13
60
D
1955 A
1941 M 8
2%
35H
~~5H
1955 A
{♦Warren Bros Co deb 6s
2H
2%
1
4H
4K
1945 J
15H
1H
2%
11
~i%
D y b
z
1H
109h
28
cc
6H
IK
"80
2H
1
c
8H
High
102
12
cc
1948 U
2%
3H
cccl
♦Siemens A Halske deb 6Hs .1951 M S
.1946 F A
♦Silesia Elec Corp 6Hs
"99 H
"lOH
2
cc
98 H
102
*101
9 H
13K
105 H
3
O ybb
101H 103
"34
11
9H
47
101
99 H
40
97
102
110
101
101
bbb3
113H 116H
101H
112
97 H
♦110H
106 H
Gold 4 Ha
.
38H
35
40 H
35
53
Winston-Salem S B 1st 4s...1960 J
J
x
aaa2
.1968 M S y b
Gold 4 Ha
33 %
32
37
166
32
50 H
{♦Wis Cent 50-yr 1st
J
z
ccc2
.1969 INyb
33 H
31 H
36
258
31K
50 H
z
cccl
309
31H
50 H
♦Certificates of deposit
{♦Su A Du div A ter 1st 4s. 1936 in
z
cccl
♦Certificates of deposit
Wisconsin Elec Power 3 Hs—1968 a "o
Wisconsin Public Service 4s_. 1961 J D
z
cc
1
*4K
8H
x
aa
3
107%
x
a
4
106 H
108
108H
{♦ Wor A Conn East 1st 4 Hs .1943 J
J
101H
101H
103H
322
101H 109K
102
101
104
103
101
M S y bb
Gold 4 Ha
.1981
10-year secured 3Ha
San Fran Term 1st 4s
.1946 J
/ y bb
_
.1950 A O.x bbb2
y
y
1945
1950
Tenn Coal Iron A RR gen 5s. 1951
Term Assn St L 1st cons 58—1944
Gen refund s f g 4s
1953
46
71
42 H
68
70
70
70 H
10
70
80H
*43 H
y
aaa4
x
z
cccl
x
a
X
aaa4
x
a
337
42
61%
1st mtge s f 4s ser C
1961 M N
x
62
43
53
92
57
73H
63
79 H
66
"78
19
102
105
31
102
15
iolk"
15
103H
101H
100H
15
2
103H
4
89
101K 106H
100 H 106 K
82 H 113H
142
97
204
25
aaa3
aaa4
125
*114H
4
x
107
bbb3
aaa3
/ y bb
102H
125
2
115
108H
"17
*70 H
86 %
103 %
"95
103H
105
*62 H
100
loo"
105 H
106 H
"61
105 H 110H
«
a
x
bbb3
55
O
x
bbb3
56
58
17
54
56
27
55
57
3
x a
2
*75
86
J yb
2
J
J ybb
3Ha>—1952
J
J
O y cccl
45
11K
99 H
10
95
25 H
100H
105
53
57 H
80
55 H
83
3
82H
89 H
bb
64H
64 H
x
U. S. Steel 3Ks 1948, July 15 at
{ Companies reported
*
"99"
"98"
*112H
105H
125 H
124
*
a
x
aaa3
y
bb
1
z
b
1
z
Friday's bid and asked price.
cccl
105 H
10
"16"
♦
Deferred
a
14 H
{{♦Union ElevRy (Chic) 58.1945
UDlon Oil of Calif 6s series A. 1942
3s debentures..
1959
y
b
,x aa
*80
1
3
A
O
z
F
A
x
aaa4
F
A
x
aa
J
105H
cccl
105 H
*8H
109H
83
83
y
6
109 H 112H
105H 109
101
100H
120
100H 104H
112H
112H
113H
164
112H 115
aaa3
1087i«
1087i« 108"«
74
106 K 109
aaa3
1082»i2
108 H
13
aaa3
June 2008 M S
1st lien A ref 5s
June 2008 M S
34-year 3 Ha deb
1970
35-year 3Hs debenture—1971
United Clgar-Whelan Sts 58.1952
United Drug Co (Del) 5s
1953
U N J RR & Canal gen 4s...1944
10823«
O
aa
3
93
92 H
93 H
33
UN
aa
3
92 H
94H
62
33
80
109 H
70
1
103»3» 1037u
45
A great
4
M S
bb
4
75 H
M S
aaa4
A
O
a
75 H
2
b
fU S Steel Corp 3Hs debs.. 1948 J D
♦Un Steel WksCorp6Hs A—1951
61H
109 %
1
7
*9H
1951
1951
♦3H a assented C
1951
♦Sink fund deb 6 Ha aer A. 1947
♦3Ha assented A
1947
United Stockyds 4Hs w w__1951
Utah Lt A Trac 1st A ret 58.1944
Utah Power A Light 1st 56—1944
{{♦Utll Pow A Light 6Ha—1947
♦5 Ha stamped
1947
{♦Debenture 5s
1959
♦5s stamped
...1959
92 H
92 H
61 H
77 H
89H
Transactions
C
1957
*9H
bbb3
90
bbb2
97
96
100 H
bbb3
97
96
100
cc
2
90
104 K
85
1
A
x
x
83H
83
96
115H
100
..
871,460
Friday
11,486,700
Total
aa
1
Sales at
J
z
J
z
x
c
Exchange
1
*%
....
2
Va Elec A Pow 3 Ha ser B
M S
Va Iron Coal A Coke 1st g
J
107 H
107H
45 H
M S y ccc3
Va A Southwest lat gu
A
aa
75
J y bbb2
O ybb
2
*
1H
$5,201,000
5,402,000
11,568,000
6,874,000
7,128,000
4,174,000
$241,000
240,000
$6,170,000
1,627.000
1,364,000
443,000
13,638,000
337,000
8,575,000
978,000
381,000
161,000
8,487,000
828,000
$40,347,000
$6,232,000
$1,803,000
$48,382,000
Week Ended May
108H
45 H
75
60
46
107H 111
6,349,000
5,163,000
Jan. 1 to May
24
1940
1939
24
1939
11,486,700
3,681,670
107,599,328
95,149,755
$1,803,000
6,232,000
40,347,000
$2,881,000
4,422,000
25,431,000
$20,837,000
100,895,000
598,426.000
$38,926,000
109,325,000
548,556,000
$48,382,000
Stocks—No. of shares
$32,734,000
$720,158,000
$696,807,000
Bonds.
2
40
51H
1
75
76 H
Government
59
62 H
State and foreign
Railroad and industrial
Total
Attention is directed,to the new
1940
K
H
Sales
$728,000
707,000
New York Stock
off....1934
1934
1968
5s. 1949
5s...2003
.1958
Wednesday.
Thursday
Vera Cruz A Pacific RR—
{♦4 Ha July coupon
{♦4 Ha assented
Tuesday—
97
Bond
aa
UN
Monday—
104
96
1,663,270
1,237,280
3,939,610
2,132,630
1,642,450
Saturday-
93 H
96
100K 115
2
b
20
37
85
*
Bonds
Total
Stales
Bonds
Miscell.
Shares
United
Railroad &
Number of
Week Ended
May 24, 1940
105
1
cc
24H
25
20
Vandalla cons g 4s series A..1955 F
Cons s f 4s series B
24H
! State
Municipal
For'n Bonds
Stocks, <
*9H
cccl
b
York Stock Exchange,
New
the
at
Daily, Weekly and Yearly
♦3Ha assented A
♦Sec s f 6 Ha series
All Issues
symbols ccc or lower are In default.
bearing ddd or lower are
99H
99H
75K
ratings assigned to each bond
Standard, Fitch, and Poor's. The letters Indicate
this column are based on the
majority of the issues bearing
In default.
103 H 106 %
18
25
b
93H
61H
either to rating status
In process of reorganization.
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, At 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.
109K 110H
A
■
the
108«3»116H
3
/
1947
Indicates those bonds we believe are not bank eligible due
provision in the bond tending to make it speculative.
by the four rating agencies—Moody,
109H
101
grant 4s
1st lien & ref 4s
:
Indicates those bonds which we believe
Indicates Issues In default, in bankruptcy, or
The rating symbols In
28
Union Pac RR—
1st & land
6H.
Bank Eligibility and Rating Column—-x
or some
95
106 H
Included lu
V.'/;
97%.
eligible for bank Investment.
z
UJIgawa Elec Power s f 7s
1945 M S
J
Union Electric (Mo) 3Hu.—1962 J
during the current week and not
/. ■ /
delivery sales transacted
Cuba 5s 1944, May 24 at
99H
105H 108
14H
14H
under
Bonds selling flat.
v
the yearly range:
125
13 H
bankruptcy, receivership, or reorganized
assumed by such companies.
No sales transacted during current week.
Serbs-Croats 7s 1962, May 20 at
4
x
103.
being In
as
Section 77 of the Bankruptcy Act, or securities
aaa2
*55
bond issues which have
Container Corp 6s 1946, June 15 at 101H.
Container Corp 5s 1943. June 1 at 101.
Texas Corp3Hs 1951, June 24 at 103.
67H
3
200-pound unit of bonds.
Treasury 3Hs, 1940-1943, June 15 at 100.
66 H
82 H
per
T The following Is a list of the New York Stock Exchange
107H
105 H
56
a Deferred delivery sale; only
Included In year's range.
t The price represented is the dollar quota¬
Accrued interest payable at exchange rate of
been called In their entirety:
62 H
134
bbb3
y
106H
$4.8484.
97 H
745
56 H
'60
4s—1950 A O
Tol W V A Ohio 4s series C—1942 M S
Toronto Ham & Buff 1st g 4s. 1946 J I
Trenton G & El 1st g 5s.;—1949 M S
J
Tri-Cont Corp 5s conv deb A. 1953 J
♦Tyrol Hydro-El Pow 7Hs—1955 M N
F A
♦Guar sec s I 7
—1952
tion
72
105 H
105 H
Tol St Louis & West 1st
14
9H
§ Negotiability impaired by maturity,
72
99 H
1
x
54
55
90
16
3
2
D
20
week and not Included in the yearly range:
Cash sales transacted during the current
Cash sale; only transaction during current week,
transaction during current week,
n Odd lot sale, not
r
72 H
49 H
13H
a
J
54K
11H
45H .■•tf'45!.£r
Tokyo Elec Light Co Ltd—
1st 6s dollar series..
1953 J D y b
x
67
55
54 H
D xbbb3
J
110H
No. sales.
103 H 108
102
106 H
x
A
128H
114H 115H
107
111H
87 H
92
102
O
1960
♦AdJ Income 5s
Jan 1960
{♦Third Ave RR 1st g 5s_—1937
125
e
106H
103 H
103
D
M S
104 H
102 H
4
3
108
103 H 107H
102H
105
x
12
23 H
"is"
82 H
O X aaa3
110
108 H
104H
A
106
108H 112
104H
D
9
"54
72
109H
"85"
aa
63
109
2
x
10M
7
78
*60
109
4
x
23
5
84 H
aa
x
25H
"25
79 H
65 H
aaa4
J
J
6
*
bbb4
49H
57
bb
A
J
108H
4
x
1951
Tol A Ohio Cent ref A imp 3 Ha
S
5
13K
16 H
22
.
2
1948 M
z
1959
Texas & N O con gold 5s
1943
Texas A Pacific 1st gold 5s—2000
Gen A ref 5s series B
1977
Gen A ref 5s series C
1979
4s
c
Conv deb 4s
"l7" "29
13K
*14
Youngstown Sheet A Tube—
53
3
1950
Third Ave Ry 1st ref
z
91H
x
MN
3s debentures
1980
1964
65H
85
42
aaa4
Texarkana & Ft S gu 5 Hs A.
Gen A ref 5s series D
64
61 H
bbb2
x
4s..1949 J
79
86
bbb2
y
gen
'l"44
85
56
2
•[Texas Corp deb 3 Ha
Tex Pac Mo Pac Ter 5Ha A.
56 H
44
"85"
43H
bb
ybb
54
54 H
bb
y
1953
_
bbb3
31H
42 H
35H
43 H
bbbl
x
Studebaker Corp conv deb 6s
Swift A Co 1st M 3Ha
bb
y
4s—1955
1955
5a„ 1994
Devel & gen 4s series A—1956
Devel & gen 6s
1956
Devel A gen 6 Ha
1956
Mem Dlv lat g 5s
1996
St Louis Div 1st g 4s
1951
So'western Bell Tel 3 Ha B—1964
1st & ref 3s series C
1968
{♦Spokane Internat 1st g 5s.1955
Staley (A E) Mfg 1st M 4s-1946
Standard Oil N J deb 3s
1961
1st 4a stamped
Southern Ry 1st cons g
2Ha debenture
33H
MiVjy b
So Pac RR 1st ref guar
1st cons 5s
z
Warner Bros Plct 6s debs
2H
cccl
S
1933 M S
{{*Atl & Blrm lat gu 4s
.1935 F A
{♦Seaboard All Fla 6s A ctfa.
.1935 F A
♦6s Series B certificates
Tide Water Asso Oil
1939
15
11H
*8
No. Low
*15
b
6s debentures
{♦1st g 4s plain
{♦4a g stamped
lat
z
Walworth Co 1st M 4b
{ Seaboard Air Line Ry—
♦Certificates of deposit
1941
Convertible deb 4Hs
47
123H
Jan. 1
14
b
♦Ref A gen 5s series B
1976 F A
♦Ref & gen 4 Hs series C—. 1978 A O
♦Ref A gen 5s series D
1980 A O
Walker (Hiram) G & W—
18H
Since
o
cqtq
44
107
31
32
2
ccc2
z
109 H 111
33
21
"~9
b
z
{♦Wabash Ry ref A
28H
39
119H
A
1954
109 H 111H
14
9
26
46
1939 F
♦Omaha Div 1st g 3Hs—.1941
♦Toledo A Chic Dlv g 4s..1941 M S
68 H
108 H
54
aaa2
{♦Schulco Co guar 6H8
77
110
aaa2
60
z
High
102
aaa2
J.1939 M N
{♦2d gold 5s
♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
98 H
111K 118
H4H
54 H
105
57
3
Santa Fe Pres & Phen lat 58
97 H
98H
x
Range
g
O
Ask
A
Low
M 8
{♦Des M Div 1st g 4s
*98
2
Bid
{Wabash RR Co.—
8t Paul Minn & Man—
tPaclflc ext gu 4s (large)—1940 J
St Paul Un Dep 6s guar
1972 J
Price
Railroad & Indus.
Cos.{Concl.)
yirsfnlan Ry 3Hs series A—.1966
5H
4H
4H
Range or
Friday's
Sale
See a
82
82
6K
Last
Elig. &
Y.
High
No. Low
79
cccl
{♦St P A K C Sh L gu 4 Ha—1941 F
High
*
bbb2
J
N.
Since
Jan. 1
Ask
Low
x
{♦St Paul E Gr Trk lat 4 Hs. 1947 J
con g
A
BONDS
Range
Friday's
Bid
Week's
Friday
Bank
Range or
Sale
See a
EXCHANGE
STOCK
Week Ended May
3327
Week's
Friday
Bank
column incorporated in this tabulation pertaining to bank
eligibility and rating of bonds.
See note A above.
New York Curb
3328
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery ealee are disregarded In the week's range unless they are
nf th« Miliar weekly ranee are
I
shown In a footnote In the week In which they
Par
Week's Range
of Prices
Low
High
Week
Price
15%
5%
4%
5
Shares
Low
430
Par
A
10%
Alnsworth Mfg common..6
Air Associates Ino com_._l
^
4%
11%
Warrants
63 %
Gt Southern..60
00 %
Alabama Power Co 17 pf. *
preferred
82 A
*
;
A
62 A
90%
82%
5,700
'it
800
70
175
93%
180
70
85
2%
2%
%
3%
4
100
8
9
850
pref
Allied Products (Mich)..10
Class A conv
25
com
Aluminum Co common...*
100
preferred
Aluminum Goods Mfg
150
141
160
7~950
108
108
110%
1,400
47
Ltd common
6%
preferred
100
American Beverage com__l
American Book Co
%
39
100
17
16%
5%
42%
*
Aluminum Industries com *
Aluminium
7%
76
38
1
4%
3
May
Mar
Bell Tel of Canada.... 100
103
May
136
Jan
BeU Tel of Pa 0%% pf.100
114
Apr
37% May
42% May
125
Mar
4
7
10
May
6% Mar
14% May
3%
Apr
30% Apr
May
Jan
1% May
17%
Jan
% May
62% May
90% May
82% May
2
"11
78%
108%
98
Apr
Apr
Apr
Mar
800
650
60
%
41%
100
42% May
96% May
% Mar
210
38
May
4
May
3,800
1%
1%
100
1%
10c
11% Feb
110% Mar
109% May
1%
Apr
49% Apr
7%
Apr
Jan
2%
Apr
Jan
*u
Jan
Mar
Feb
20%
Jan
hi May
%
72
$5.50 prior pref
800
hi
25
25%
28%
Class A with warrants.25
Class B
1
28%
200
%
2,200
%
%
75
28
10
2m
OA
20
32
8%
11%
34,600
8,600
%
hi
600
Amer Foreign Pow warr
Amer Fork & Hoe com
9%
11
26 %
25%
2%
29
24%
24
27
26%
28
*
American Gas & Elec
10
Amer General Corp com lOo
1
preferred
preferred—1
20
Amer Lt & Trac com....25
2%
1,150
18,900
13%
14
11%
11%
15%
12%
preferred
25
Amer Mfg Co common. 100
Preferred
100
Amer Maracalbo Co
80
Mar
Jan
*
Republics
10
700
150
8,300
4%
5%
13%
5,600
37,400
1%
9
Preferred
4,900
Class B
7%
%
24%
6%
85
5
62
4,800
300
10,000
54
6
200
8%
1,300
25% May
13% May
05
May
% May
23
May
%
Jan
70
May
5
May
3% May
% Mar
52
May
6
700
May
2% May
1
100
1
Angostura-Wupperman ..1
1
200
Apex Elec Mfg Co
8%
% May
8% May
2A
*
com
1%
Apr
May
39% Apr
36
preferred
*
10
600
113
170
*
com
preferred
1A
1%
6%
10
Arkansas P & L $7 pref
Art Metal Works com
May
100
"l% ~~I% "3",900
1%
1%
11,000
6%
6%
3,500
4%
4%
1,800
3,800
*
5
4%
»
24
300
12%
500
British Amer OH coupon.
Registered
10
*
10
100
Am dep rets ord bearer £1
Apr
Jan
4
14%
39%
Apr
4
Jan
Apr
25%
73
Mar
Apr
May
>hi
30
Jan
Jan
%
Jan
109% Apr
10% May
Am dep rets ord reg
{Brown Co 6% pref
50
Jan
Feb
1%
Mar
1%
1%
35
35
1,300
20
1%
1%
-
6
6
-
233
35%
10
16
18
94
95
9%
9
1,800
%
%
Burry Biscuit Corp_.12%c
60c
*
1%
1%
1%
700
%
Am dep
%
"M
11
4
May
May
99
Jan
4
1%
17%
5,700
%
%
1
Jan
Feb
May
65
{Austin Silver Mines
Products
300
11%
13%
500
he
hi
5
"it
»ie
100
Automatio Voting Mach..*
3%
5%
1,400
Avery (B F) & Sons com.6
3%
4
w w
200
25
x-w
25
Ayrshire Patoka ColUerles 1
Babcock & WUcox Co
*
2
May
11% May
hi
Class A voting.
Class B non-voting
6%
14%
2%
2%
"20%
18%
35
3%
40
3%
32,100
260
3%
22
600
8,000
5%
7% preferred
30
Baldwin Rubber Co com.l
"~4%
Bardstown DlstUl Ino
4%
18
4%
6%
22%
5
19,300
1,350
1,100
1
Barium Stainless Steel...l
Barlow A Seelig Mfg—
6
com
Basic Dolomite Inc com_.l
Bath Iron Works Corp
1
Baumann—See "Ludwig"
%
%
8%
8
4
3%
9%
10%
Beau Brummell Ties Ino..l
4%
»ii
1,100
8%
5
1,900
12
4%
300
15,500
400
Beaunlt Mills Ino com.. 10
20
Beech Aircraft Corp
1
4%
5%
14,300
Feb
Apr
Mar
19%
Jan
17
Apr
20%
Feb
20
1%
Feb
Mar
38
May
1% May
May
Jan
Feb
5%
Feb
18%
2% May
4%
11%
May
Jan
Jan
43
Feb
22%
Jan
108
14%
2%
1%
1%
1
Jan
Jan
Apr
3%
Apr
18%
Mar
2%
Apr
17% May
22
Jan
Apr
5%
Apr
1%
400
1% May
2%
Jan
%
15,600
1%
Feb
1%
*
%
6%
*
Feb
■■■•"' *11
Jan
Carnegie Metals
%
5%
Jan
Carolina P A L $7 pref
$6 preferred
*
99
101
340
*
86
87
60
1
6%
5%
7%
Carter (J W) Co common. 1
Casco Products
*
5%
5%
6
200
6%
6
7
1,400
Canadian
Marconi
Jan
68
Apr
104% May
4%
Apr
23%
6
Jan
Feb
2%
Mar
4
Mar
19% May
%
Jan
1%
Jan
6%
Feb
7% Mar
Jan
20
Mar
Jan
17
Apr
1
May
2% May
1%
Feb
4%
Apr
35
May
3
Jan
3%
18% May
30%
53
Jan
Apr
Apr
4% May
18
May
4% May
% Mar
% Mar
8
May
3% May
9% May
3% May
4%
Jan
12%
Feb
3% May
8% May
27% May
7%
Apr
%
%
Apr
11%
Apr
7%
Jan
16%
Apr
6
5%
15
8%
Jan
Jan
Apr
Mar
Feb
%
1
*
25c
*
19^
*
*
31
%
19%
5%
29
Castle (A M) common..10
Catalin Corp of Amer
1
31
%
1
com
7
%
19%
5%
"2%
"V
350
100
100
6,600
7,800
"2% "3*600
7% 1st partic pref...100
CeUulold Corp common. 15
$7 div. preferred...
*
1st partic pref
*
Cent Hud G A E com
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow <fe Lt 7% pfd 100
Cent A South West UtH 50c
Cent States Elec com
1
6% preferred
7% preferred
May
27
May
%
Apr
100%
Jan
92%
Jan
6% May
6
May
0
May
17% May
2
May
98
May
3
Conv preferred
98
98
110
900
25
25
25
"l4"
92%
"97%
91%
6%
97
hi
%
%
100
"14%
95
8
98%
%
%
1
1,400
""260
800
May
20%
69%
Jan
14
Jan
900
400
hi May
125
1,600
3
.100
Conv pref optser '29.100
Chamberlin Metal Weather
Strip
Co
3%
Chief Consol Mining
1
Chllds Co preferred
100
Cities Service common.. 10
$6 preferred
*
60c preferred B
Clark Controller Co
Claude Neon Lights Inc
100
96
96
60
69
15
13
62%
96
650
59
4%
300
6
675
13
May
5%
15,800
21,500
4
Jan
7
4%
61
63
68
Jan
9%
1%
25
Jan
Jan
Feb
7% May
40%
Apr
%
Jan
109
May
104% May
Jan
15%
7%
12
Apr
Feb
20
Jan
3%
Jan
85
10
30
75
5%
3,100
12
12
hi
100
12
hi
%
1,700
30
"4%
4
1
39
5%
1%
May
4% May
6
May
12
May
% May
3% Mar
Feb
Jan
105%
10%
Apr
Apr
115% May
%
%
2%
8%
2%
2%
4%
7%
Jan
Jan
Jan
Jan
Jan
Jan
May
Mar
13
Jan
117
Apr
83
Apr
10
Mar
%
29%
Mar
Apr
6% May
62
75
4%
17%
109
68
75
500
520
May
Feb
5%
Feb
34%
87% May
49
85
5%
62
127
45
May
4% May
May
85
May
5%
59
*
100
May
May
May
15%
10
*
May
4% May
Mar
%
»
1
3
"466
104
0
*
1
May
% May
hi May
11%
$6 preferred BB
*
Cities Serv P A L $7 pref.*
$0 preferred
*
City Auto Stamping
City A Suburban Homes
400
5
5
Charis Corp common
10
Cherry-Burrell common
6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet & Mach...4
Jan
100%
Jan
91% May
6% May
97
May
hi May
%
Jan
100
Cleveland Elec Blum
/
%
19% May
5% May
Celanese Corp of America
Cleveland Tractor com
CUnchfleld Coal Corp
For footnotes Bee page 3333
May
6% May
3,800
1,300
%
%
!
Mar i
1%
Feb
17% May
5%
Apr
May
■
Jan
Jan
11%
Clayton <fe Lambert Mfg..*
14%
5% May
7
00
Baldwin Locomotive—
Purch warrants for com.
38
34
10,100
5%,
Carlb Syndicate
Carman A Co class A
Class B
Jan
l5n May
3% May
3% May
16
Warrants
Aviation A Trans Corp
1
Axton-Fteher Tobacco—
Class A common
10
May
104% May
1% May
13
May
4% Apr
%
Feb
3,000
1
Automatic
1,900
8,800
May
1% May
13
50
Capital City Products
Apr
%
2%
Jan
Jan
4
35
3%
Apr
11% May
Jan
2%
%
49
Mar
Apr'
Feb
% May
6%
Apr
2
3%
May
100
Mar
1%
T"
36
Apr
Apr
36
300
6%
*
Atlas Corp warrants
Feb
Feb
22
1,400
1%
17%
Can Colonial Airways
1
Canadian Indus Alcohol—
Apr
Atlas Drop Forge com
6
Atlas Plywood Corp.....*
Feb
1%
8%
7%
17%
20% May
15
May
1% May
13
May
1% May
May
May
May
% May
% May
"n
Jan
1%
Apr
Apr
Apr
Feb
210
Apr
Apr
8%
Jan
Apr
9
400
2%
%
4,200
Mar
16
12%
2%
8%
hi
2%
May
% May
3
May
3% May
9
May
36
Apr
1% May
29
May
1%
Apr
%
Apr
20% May
10% May
30
May
14% May
15
May
94
11%
1% May
1% May
6% May
87
May
Apr
Atlantic Coast Line Co..60
Atlantic Rayon Corp
1
%
4
100
7% partic preferred...25
Feb
10
Mar
5,600
12%
Formerly Elsler Elec
Camden Fire Insur Assn..5
Canada Cement Co Ltd..*
%
104% 104%
1%
2%
13
13%
4%
5%
31%
48%
6%
3,300
5%% pref shs £1
Feb
hi
100
Jan
16% May
28%
Jan
4% May
% May
28
Calamba Sugar Estate..20
Callite Tungsten Corp
1
Apr
*
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
Apr
Mar
Cables A Wireless Ltd—
2
warrants
Assoo Tel A Tel class A
45
Canadian Car & Fdy Ltd—
Assoc Laundries of Amer *
V t c common...i.
Jan
2%
200
%
»ll
50c
com
Jan
3,700
preferred
Jan
6
8%
250
%
%
Jan
500
%
May
6%
22% May
1%
Jan
4% May
1% May
6
10%
Burma Corp Am dep rets..
Carnation Co common
%
36
100
94
15
115
700
25
$1.60 preferred
Vot trust ctfs
3%
1,450
2%
$5 1st preferred
*
Bunker Hill A Sullivan 2.50
Cable Elec Prod
17
21%
2%
1
com
%
6% May
%
% May
Mar
Buff Niagara A East Pow—
Jan
Jan
15
*
Buckeye Pipe Line
Mar
75
16%
100
Class A preferred
hi
{Associated Gas & Eleo—
...1
Jan
1%
£1
Brown Fence <fe Wire com.l
6%
Associated Eleo Industries
.....1
4% May
2% May
12%
17%
18%
Am dep rets ord reg._ 10s
British Col Power cl A
*
Assoc Breweries of Can
£1
40
Feb
British Celanese Ltd—
Carrier Corp common
Ashland OH & Ref Co____l
38
British Amer Tobacco—
Feb
hi
Common cl A non-vot—*
20%
10%
30
1,700
A
hi
May
110
1
Arkansas Nat Gas
110
110
10%
2%
„*■
19%
Appalachian Elec Power—
{Arcturus Radio Tube
2%
Bruce (EL) Co common..5
160
7
Mar
30
"2%
preferred
Class
1%
30
100
Brill Corp class A
Jan
20
%
33%
1%
*
1%
2%
pref
Bridgeport Machine
1%
May
11% May
*
Anchor Post Fence
conv
4%
10
Brown Rubber Co
73
70
$0 series preferred
*
American Thread 5% pf..5
$1.50
4%
common..,.1
Aeronautical...1
Jan
1,400
A
Brewster
16%
29%
5,900
4,600
conv
Breeze Corp
3
Brown Forman DistlUery.l
$6 preferred
*
hi
$1.20
500
%
4%
4
Brazilian Tr Lt A Pow...*
Apr
4%
0% preferred
6% preferred
360
500
5
4
100
Apr
300
23
May
8% May
% Mar
9% May
Apr
Apr
900
preferred
Mar
%
Atlanta Birmingham A
Coast RR Co pref
7% 1st preferred
2d
19%
3%
Option
35
%
18%
Amer Seal-Kap common..2
A
29
4%
14
1,250
1,300
Am Superpower Corp com *
1st $6 preferred
*
$5
"31%
*
31%
34%
17
A
Amer Potash & Chemical.*
Common
25
com
May
26% May
11
May
65
65
Jan
26
35
Feb
14 %
1,200
1%
22
Bourjols Inc
25% May
2% May
Amer Pneumatic Service.*
Class
Borne Scrymser Co
Bowman-Blltmore
24
13%
1
Amer Meter Co
Amer deposit rets.
000
5
16%
975
6%
0%
100
600
125
11
14
Amer Hard Rubber Co..50
Mack
25% May
28% May
% May
21
A. 10
Amer Export Lines com._l
$7
7% 1st preferred
Brillo Mfg Co common
Class A
American
37
Apr
11% May
1,200
1
1%
Bohack (H C) Co com..
18
28,900
3%
"4%
Blumenthal (8) & Co—
Apr
Apr
Apr
Apr
%
Amer Centrifugal Corp—1
conv
36
...»
Mar
Am Cities Power A Lt—
$2.60
$3 opt conv pref
11%
21
17%
preferred
Amer Laundry
1
Apr
hi
800
6
17%
Bridgeport Gas Light Co
Common class B
Amer Cyanamld class
Class B n-v
4%
13%
%
46%
Mar
*
14%
%
Jan
hi
150
*
43%
Mar
38
1
Feb
%
38
common
Apr
8%
J»i
$2.50 preferred
*
Birds boro Steel Foundry
& Machine Co com
32%
1,600
12
Blauner's
118%
%
1
11%
Bliss (E W) common
Blue Ridge Corp com
May
100
%
Blckfords Inc common...*
Jan
16% May
5% May
%
16
16,500
6,600
200
Feb
192%
5%
in
1%
May
4%
Purchase warrants
2%
4
23
Conv preferred
Berkey A Gay Furniture .1
Feb
3% May
8
May
19% May
138%
Jan
108
May
16
Benson A Hedges com.
% May
90%
4
Class A common.... 10c
conv
High
22%
Jan
1,000
96%
%
Amer Box Board Co com.l
$2
Low
Apr
4%
American Capital-
$3
Range Since Jan. 1,1940
Shares
17%
Allied Intl Investing—
6%
High
Bell Aircraft Corp com... 1
300
Investment
conv
Low
Jan
100
%
Alles & Fisher Inc com—♦
S3
Price
22%
800
2A
Conv preferred
Alliance
Week
May
8,600
2,500
6
4
10%
1%
§Alr Investors common..*
$6
for
of Prices
13
Bellanca Aircraft com
.
Class B
Alabama
Week's Range
Sale
High
Supply Mfg—
Class
Sales
Last
STOCKS
(Continued)
21
Acme Wire Co common. 10
Aero
13
Range Since Jan. 1,1940
and when selling outside
sales In computing the range for the year
Friday
for
Sale
May 2s, 1940
the only transactions of the week
No account is taken of such
Sales
Friday
Last
STOCKS
nncur.
May
6% May
May
115%
Mar
110
Mar
7%
7
Feb
Apr
16%
Jan
%
Mar
5
Jan
350
30
4
May
May
48%
7%
Feb
3,000
300
1
May
2%
Apr
Feb
Volume
Salet
Friday
Last
Week's Range
for
Sale
of Price*
Week
Par
High
Low
Price
2
"<534 "ex
1
IX
434
5X
4
Patent Fire Arms.25
6
Feb
8X
Jan
3,800
334
£1
6% conv preferred
May
1,600
334
334
Colon Development ord—
Colorado Fuel & Iron warr.
3X May
"loo
Cockshutt Plow Co com..*
Cohn & Rosenberger Inc.*
May
4
3,300
Jan
Jan
IX May
May
2X
May
3X May
434
1
334
800
80
68
7134
6X May
May
88
May
68
1,800
Columbia Gas & Elec—
59
100
5% preferred
1
Columbia OU A Gas
IX
IX
May
7,900
Feb
Jan
10X
IX May
2X
59
250
63
59
134
hi
_1
Jan
32
37
""150
32
25
Community P A L $0 pref *
Community Pub Service 25
29
900
25
May
May
Apr
X
Feb
«i»
Community Water Serv_.l
Compo Shoe Mach—
Vtcextto 1946
X
Jan
IX Mar
50 X May
38 X
Apr
Jan
IX
600
*11
Warrants
Feb
1234 May
600
13X
18
42 X
12 X
1
45
S3 preferred
*
Corp__l
IX
Apr
Feb
May
3X
83 X
May
1
Consol Mln & Smelt Ltd..5
Consol Retail Stores
1
Consol Royalty
Oil
19X May
IX May
39X
3X
May
97 X
Feb
80
75
63*
,
2" 700
4
73*
200
7
700
25
334
334
34
X
,
23
May
IX
6X
IX
8X
153*
"llli "18"
3X
»i«
Hoo
*
pref .100
5
X
X
X
Jan
IX May
100
IX
"ix "T~
IX
IX
Cuban Tobacco com
"Tx
'"T
Tlx "iix
21X
434
500
"3166
""150
12
May
27 X
Feb
May
41
Jan
2X
Jan
69
Apr
78
Jan
5%
100
*
preferred
General Alloys Co
Amer dep rets ord reg- £1
Gen Flreprooflng com
*
10X
$6
Warrants
Gen Rayon Co A
300
Common
IX
IX
IX
IX
IX
4,200
X
300
300
Diamond Shoe Corp com.*
2034
DlstUled Llauors Corp...5
IX
2134
IX
15
Gilbert (A C) common
Preferred
17
ex
preferred.
Goldfleld Consol
Goodman Mfg
*
Mines..1
2,700
7
13 preferred
94 x
Gray Mfg Co
Great Atl A Pac Tea—
*
Non-vot com stock
7% 1st preferred
100
Jan
Gt Northern Paper
4%
1,100
Dominion Tar A Chemical*
preferred.....100
preferred
DubUler Condenser Corp.l
IX
Eagle Plcher Lead
10
East Gas A Fuel Assoc—
434% Prior pref
6% preferred
*
..100
100
Eastern Malleable
30
05
IX
700
Apr
May
IX
2X
Jan
Mar
Hamroermlli Paper
IX
Apr
Hartford Rayon v t 0
22
Jan
Hartman Tobacco Co
Jan
Hartford Elec Light
28
Apr
Harvard Brewing Co
10
Apr
Jan
1
pf*
*
Hearn Dept Stores com..5
6% conv preferred
50
Hecla Mining Co
25c
Helena Rubensteln
»
6X
$6 preferred series B
5X
6X
2
IX
12X
7X
Option warrants
Electrographic Corp
32X
Apr
110
Apr
Apr
2X
79X May
123 X
4
6X May
12X
Jan
3X
Mar
X
X
10 X
1
iox
X
Tx
21X
3X
21X
4X
7X
X
10X
65 X
Mar
Hormel (Geo A) A
24 X
Horn (A
8X May
X Mar
13
May
10 X
Mar
Apr
Apr
28
Apr
14
28
Apr
May
2X May
13 X
May
3X May
4
IX
4X
17 X
8X
Apr
Jan
Jan
42
May
64 X
Apr
61
May
73
Apr
750
10
May
May
May
May
May
May
20
Jan
900
X
500
10 X
400
X
50
21X
3X
1,200
77
Empire Dlst El 6% pf 100
100
100
..100
100
Empire Power part stock.*
58 X
58 X
60
63
64 X
63
Mar
3X
14
Jan
Jan
IX
Jan
29 X
Apr
5X May
79
Feb
90
71X
Mar
62 X
72
Mar
28
Jan
11
Jan
X
11,800
22 X
525
3X
2,200
X
20
20
...1
3
3
8X
7X
10
5
4X
38,500
17X
8X
6X
7X
193*
10X
3,200
5X
7X
700
com..50
Falrchlld Eng A Airplane. 1
6X
...1
Fanny Farmer Candy
1
Falstaff Brewing
Fansteel Metallurgical..
5
For footnotes see page
May
63
3333
6,200
1,200
750
May
May
24X May
8X Mar
X May
20
May
3
May
23 X
Jan
7X May
4X May
6X May
17X May
8X May
5X May
•11
Feb
25 X
6X
Mar
31
Apr
Apr
May
6X May
10 X
Apr
12 X
28
15X
Apr
Mar
8X May
Apr
123X May
May
38
6X May
IX May
in Mar
27
May
106 X
105
10634
85
105
May
107X 112
8
1,000
1,650
20X
24X
62
64
50
»i«
'""600
107X May
5X
Feb
20X
May
62
May
X May
X
Jan
Jan
400
"Tx Tx
X
m
300
20%
ix
16
1,000
IX
4X May
May
16
IX May
May
ix
1,200
1234
X4X
300
11
10,000
4
8X
8X
200
4X
8X
150
8
7X
23X
100
ix
11
4X
4
7X
23X
100
May
Jan
May
7X May
233* May
2534 May
8
834
400
8
May
675
60
May
60
72
1334
1534
1,100
ex
6X
400
634
62 X
634
800
133* May
63* May
63* May
1134
400
93* May
93*
29J*
Feb
Jan
3
Apr
120
Jan
26
30
700
26
May
70
110
Feb
U0X 112X
135
Jan
493*
1034
Apr
Apr
23*
Jan
34
Jan
3934
1113*
11434
Mar
Jan
Jan
14
Apr
403* May
7034
Apr
134
X
Jan
Feb
Mar
2
834
Apr
Jan
29
33* May
213*
Feb
734
Jan
14
12 34
11
2734
27
Apr
Apr
Mar
Jan
Mar
13
Apr
92
May
223*
Apr
10
Jan
12
Jan
14
Jan
1434
Feb
Apr
Apr
363*
3 34
120
Jan
3534 Apr
1123* May
13X
50
5X
13X
100
1334 May
193*
Apr
48
51X
6,200
4734 May
68
Jan
5x
ex
3,700
43*
Feb
93* Way
Jan
May
X
1034
Feb
83*
Jan
1034
Feb
2
Apr
23*
Feb
3
Jan
34
50
5X
IX
28X
2X
21X
4X
4X
4X
30
2X
23 X
ix
37X
3X
24X
5X
4X
600
1,550
4,100
4,800
6,100
5
Jan
13* May
283* May
23* Mar
213* May
43* Mar
434 May
47 X
Apr
534 May
3334 Apr
934 May
Mar
6034
6
5X
7X
ex
12 x
5X
5X
7X
8X
ex
9X
4,800
Jan
734
6334
5J4
50
Illuminating Shares A
275
Equity Corp common.. 10c
53 conv preferred
1
1
Illinois Zinc Co
450
150
—
._..*
*
Imperial Chemical Indus—
Am dep rets regis
£1
Imperial OU (Can) coup..*
Registered
*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain A Ireland
£1
Indiana Pipe Line
10
Indiana Service 6% pf.100
7% preferred—
100
Mar
Mar
68
Jan
1143*
500
110
Apr
Apr
May
88
1434
Baking..*
Horn A Hardart....
*
5% preferred
..100
Hubbell (Harvey) Ino._.'.6
Humble Oil A Ref....—*
Hummel-Ross Fibre Corp
Hussmann-Llgonler Co...
{Huylers of Del Ino—
Common
.....1
7% pref stamped
100
7% pref unstamped. .100
Hydro-Electric Securities *
Hygrade Food Prod
6
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co—*
5% conv preferred
60
70
68X
24X
hi
1,200
8
113*
8,800
Horn A Hardart
70
62X
24X
834
Co com*
X May
60
Equip..5
...
58
63
24X
100
150
39
C) Co common
Dlv arrear ctfs
6% preferred
634% preferred
7% preferred..
8% preferred
1233* 12334
Horder's, Inc...
May
May
114,400
4,700
6,600
5
64
60
1,500
Henry
12 X
50
51
283*
May
4X May
134
5
Holophane Co common..*
26
13X
42
May
5
32 34
Holllnger Consol G M
400
15
20
100
9734
iht
Feb
900
27
2
25
25
10
1
(R) A Co class A—10
11,300
IX May
Apr
17
1,500
7
Feb
Apr
Apr
25
May
27 X
107X
he
13*
Jan
Feb
Apr
63* Apr
934 May
32 34
Apr
Apr
1134
105
Apr
12
53*
63*
134
common..5
Apr
2,500
2,325
3,150
May
May
534
300
5
38
Participating class A.
Hewitt Rubber
Hoe
1,000
15
May
Apr
734
Henry Holt & Co—
Jan
Empire Gas A Fuel Co—
Fedders Mfg Co
ex-warr
Jan
2X
13
56 X
15
Falrchlld Aviation
Preferred
IX
"""400
47X
1
4
Jan
Preferred ww
2X
8X
X
"~"X
2X
13X
1
Elgin Nat Watch Co
Emerson Elec Mfg..
78
Heller Co common
450
2
15X
14
..*
Electrol Inv v t c com
Mar
May
6
21
88
90
Class A
600
6
7,40
26
14X
14X
*
*
56
Jan
May
Mar
5X May
8
Mar
May
5X May
"sTooo
37
""h
preferred
preferred
Elec P A L 2d pref A
55
IX
68 X
5X
67
49
Jan
Apr
93
5
Corp
Holt (H)— See
»
*
$7 preferred series A
6434 May
26 X May
107 X Mar
12X
Jan
Jan
20
434
B non-vot common
X
""x "I
*
Easy Washing Mach B
*
Economy Grocery Stores.*
Elec Bond A Share com..5
Apr
40 X
50
450
14
Haverty Furniture conv
X
1,075
Iron__25
Eastern States Corp
7X
25X May
6
98 X
20
Hat Corp of America—
28
10
25
1
.*
1
Mar
91
1,200
21X
93
15,700
Feb
mx
8734
Jan
4X May
IX
5
Co
Hall Lamp
Apr
May
4X May
5X Mar
67
Mar
200
12
Gypsum Lime A Alabast.*
17 X
Heyden Chemical
Hires (ChasE) Co
70
64
100
Durham Hosiery cl B com *
Duro-Test Corp common.l
Duval Texas Sulphur....*
Duke Power Co
Common
25
Gulf States UtU $5.50 pf.*
$6 preferred
*
11X
May
Apr
Mar
May
he
25
*
4
May
103*
41
25
1
10
Jan
25X
106
Jan
May
.*
Gorham Inc class A
Feb
Jan
May
32
Co......60
8
Apr
102
70
6%
5X
5X
19
9X
4X
48
20
*
Class B
Jan
13 X
110
L34
4X
6X
20
Mar
"32
46
19*
13
103X
4X
*
*
5X May
.
Jan
Apr
Gilchrist Co
Hazeltlne
Am dep rets
81
X May
1,100
preferred
Grand Rapids Varnish
Distillers Co Ltd—
I
""25
X
May]
94
Gorham Mfg common.. 10
Apr
Apr
Apr
9X
Feb
IX
48
"32"
Feb
Apr
253* May
X May
102
*
preferred
32
IX
26
Georgia Power 16 pref...*
20X May
100
Mar
70
1
May
8*
75
90
X
100
6% preferred A
Gen Water G A E com
X May
IX
Feb
X Mar
13
May
100
May
*
7
15X
65
1
16 conv preferred
$3
Apr
Mar
hi
65
General Tire A Rubber—
7X May
May
200
8
he
25X
Jan
15X
65
Mar
60
25
50
stock...*
2
1534
41
Jan
Feb
General ShareboldlngsCorp
IX May
15%
Feb
65
65
4X May
33* May
1,200
16 X
May
»i«
.....
...
Gen Outdoor Adv 6% pf 100
Gen Pub Serv $6 pref
*
Gulf OU Corp
IX
Mar
Apr
Apr
Apr
i«4
Apr
IX
15 3*
9
2,100
100
'
he
50
*
preferred
98
13*
Jan
May
25
Gen Gas A El 6% pref B.»
General Investment com.l
112
5
IX
6
900
6
Jan
May
Jan
X May
900
Gen Electric Co Ltd—
May
Feb
Jan
87
12
4X
Apr
Feb
Feb
16
Eureka Pipe Line
Jan
"13"
85 X
100
Esquire Inc
19
12"
Godchaux Sugars class A.*
Jan
Apr
32 X
20
Feb
Apr
Apr
2034
17
800
3,900
86
Feb
10 X
xllX
May
19X May
1,200
18
86
84 X
8434
8X May
93*
834
Gamewell Co $6 conv pf..»
Gatlneau Power Co com..*
10
64 X
May
35
93
*
10
100
Jan
17 X
50
93
Draper Corp
Driver Harris Co
IX
Jan
12X
50
223*
Grocery Sts Prod com..25c
Guardian Investors
1
m
Mar
143*
33
Greenfield Tap A Die
Dominion Steel A Coal B 25
May
30
Feb
5X
9
"13"
*
Feb
634
225
conv preferred... 100
4%
Apr
ord reg...£l
Dlvco-Twln Truck com__l
Dobeckmun Co common.l
Dominion Bridge Co Ltd.*
JCIO
13X
IX
X
May
193*
1
May
Feb
400
13
Emsco Derrick A
Fuller (Geo A) Co com
27 X
■
Jan
Apr
x9
17
1
Feb
8
Feb
17 X
17
IX May
3,800
"26"
15
IX
4
A conv preferred
"
834
1
Common
Conv partlo pref
Fruehaaf Trailer Co
he May
*
Mfg—1
6% preferred w w
20
Detroit Gray Iron Fdy_..l
Det Mich Stove Co com_.l
Detroit Paper Prod
1
Detroit Steel Prod
10
De Vllbiss Co common.. 10
7% preferred
10
Mar
33*
4,500
14 x
14
Detroit Gasket A
113
10
100 frcs
50
8% debenture
7%
Amer dep rets
Fox (Peter) Brewing Co..6
Froedtert Grain A Malt—
20
Derby Oil A Ref Corp com*
May
1
*
19
he
Feb
9
*
Class B voting
IX
70
84 X
1.100
IX
Ap
May
x9
9
8X
8X
a-8X May
1
$6 prior pref
534 %
Class A non-vot
IX
92
Feb
Ti«
55
10
84 X
Am dep rets ord ref.._£l
Ford Motor of Canada—
55
Mar
12
Jan
»t« May
6,000
55
com..5
50
Stores
Dennlson Mfg cl A
X
36 X
May
9X
Gladding McBean A Co..*
Glen Alden Coal
*
May
21
1,500
X
24X May
Jan
ex
Apr
x
ix Apr
May
3
'""650
43*
Apr
May
108
80
24
4X
Apr
X
17 X
35
1
Feb
5X May
IX May
"2,700
Davenport Hosiery
Decca Records common..
Feb
22 X
6X
com—5
Mills.*
Dayton Rubber Mfg
1
Feb
Jan
X
Curtis Mfg Co (Mo)
Darby Petroleum
lix May
30
Apr
May
18
50
180
108
108
108
Jan
5X May
u>x« May
800
3,100
6
534
Jan
10 X
Jan
May
3X May
3,300
18X
»n
Jan
X
8X May
7X
Jan
14 X
1166
5X
Jan
98
Feb
IX
2,900
1,100
2X
6X
IX
19
2X
»1«
Apr
6X May
May
May
59
2,500
4
Jan
IX
6X
Feb
7
*
Jan
6X
X
IX
77 X
2X
13 X
3X May
X May
1,400
1,000
""26
65
59
134
1
Co...*
Crown Cent Petrol (Md).5
Crown Cork Internat A..*
Crown Drug Co com
25o
7% conv preferred
25!
Crystal Oil Ref com
*'
$6 preferred
10
Cuban Atlantic Sugar
5
Dejay
May
IX
59
*
1
50
A conv
May
,
6X May
2,300
73*
634
23
Crowley, Mllner A
Class
Jan
X
Croft Brewing Co
Cuneo Press 6 34 %
May
IX
3X May
85
May
"53*
.....
£1
5
Crocker Wheeler Elec
8634
Feb
120
Jan
100
6,600
7
.....
*
*
Creole Petroleum
134
85
Copper Range Co
♦
Cornucopia Gold Mines 6o
Corroon A Reynolds
1
6% conv preferred
Courtaulds Ltd
50
33*
"434
Fdy...*
*
Cosden Petroleum com..
1,700
Apr
2X May
.....
Cook Paint A Varnish
$6 preferred A
23*
75
134
—...
com
750
20
Feb
Jan
IX
2,700
134
33*
.....
pf 100
S3 prior preference
112
75
Continental Oil of Mex—1
Cooper-Bessemer
240
IX
.....
334
Cont Roll A Steel
1.400
112 34
193*
.....
Consol Steel Corp com—*
Cont G & E 7% prior
72 3*
69
134
13*
100
10
preferred
8%
69
.....
Consol Gas Utilities.
200
2
112
693*
100
434% series B pref
May
X May
IX May
2,500
34
X
2
2
1
Consol G E L P Bait com.*
Consol Biscuit Co
33
he
*
$3 conv Btock
Conn Gas A Coke Secur—
Conn Telep & Elec
Florida P A L $7 pref
Ford Motor Co Ltd—
High
Low
Share
Ford Motor of France—
Commonwealth A Southern
Commonw Distribution.
High
Fed Compress A W'h'se 25
Flat Amer dep rets
Fldello Brewery
1
Fire Association (Phlla) 100
1, 1940
Range Since Jan.
Wee
] Prices
0
Low
Price
Par
High
Low
Shares
2%
2
234
Sale
(.Continued)
for
Week's Range
Last
STOCKS
1,1940
Range Since Jan.
STOCKS
Club Alum Utensil Co—*
Sale
Friday
{Continued)
Colt'
3329
New York Curb Exchange—Continued—Page 2
ISO
Jan
May
1234
Jan
Jan
63*
6
Mar
Jan
500
53* May
200
73* May
1234
133*
Apr
2434
Feb
73*
Mar
Jan
7
500
193*
53*
10
13
120
10
Mar
22
Apr
11
12X
130
1034
Mar
2134
Aim:
ex
Feb
New York Curb Exchange—Continued—Page 3
3330
Sales
Friday
Week's Range
STOCKS
Sale
(Continued)
Par
Price
Indpla P & L 6 ** % pf—100
Indian Ter Ilium Oil—
Non-voting class A
Week
Low
High
105 M 107
1
Class B
Friday
for
of Prices
1
X
X
X
Low
Shares
Par
Jan
Midland Oil Corp—
$2 conv preferred
300
J* May
J* May
'•;:l
Feb
100
10
00
20**
OX
"54"
International Cigar Mach *
50**
19
60
Pref S3.60 series
Internat Industries Inc—1
150
5%
1H
Internat Paper & Pow warr
International Petroleum—
5
2**
"~2X
7
W
6
"lX
Internat Metal Indus A—.*
3%
X
Apr
Mid-West Abrasive
16 x
73 X
Apr
Apr
Midwest Oil Co
50** aMy
19
May
1,000
200
3**
.23 X
Apr
5H
Low
5** May
1**
Feb
100
15**
Jan
2**
Apr
5
1,900
2,700
12**
Jan
May
1** May
42,100
5** May
10** May
19?*
Apr
19**
Feb
3
May
5?*
May
12**
22,000
1,200
ox
300
6
X
98
50c
IX
—10
300
6X
Mar
6
Jan
12
May
19
Apr
400
98
4%
May
120**
1**
Jan
6** May
2H
Apr
1,300
105**
IX
7
8**
May
200
Midwest Piping A Sup..
Mississippi River Power6% preferred
100
Common...
Feb
Molybdenum
9
9
Corp
Jan
IX
Apr
9X
Mar
Apr
X
Jan
10**
9
250
23**
150
18**
Jan
37
Jan
1,300
43** May
116** 117
ZX
3X
50
116** May
117?*
Feb
500
ZX May
5X
Apr
Vitamin—1
2X
2%
3
2,COO
2% May
7
7
7H
3,200
7
May
500
9
May
23**
6
9
Interstate Hosiery Mills—*
H
Monogram Pictures com.l
pref.*
1
::'fclO
3**
11,500
38
Mar
4**
May
10 x
13 X
Apr
Mar
X
"~a~
24**
1,600
X
145
*
Mountain City Cop com.5c
Mountain Producers
10
4
150
Mar
%
Jan
12
14
550
12
May
17 X
Mar
1
12
12
15**
**
2**
3,200
12
17X
Feb
400
May
**
Apr
23**
X
5,900
2**
Murray Ohio Mfg Co
*
Muskegon Piston RIng.2}*
Italian Superpower A_.__*
X
Jan
157**
Jan
lj* May
ZX May
I 000
1
May
2?*
Feb
80
85
75
80
May
95?*
Apr
24**
90
90
90
92** May
102
May
97
"19 A
100
97
May
109
Mar
30
Jan
National Candy Co
*
National City Lines com.l
$3 conv preferred
L.50
National Container (Del)_l
National Fuel Gas
*
23}*
120
8,400
115"
""26
5**
300
ZX3X
100
115"
Kansas G A E 7% pref. 100
115
May
27**' Mar
Mar
120
Keith (Geo E)7%
1st pf 100
5
Ken-RadTube A Lamp A *
5**
Kennedy's Inc
5** May
3** May
Klrby Petroleum
Mar
Apr
Nat Mfg A Stores com
Jan
112**
Jan
May
111
85
»n
Mar
National Oil Products...4
National P A L $0 pref
*
National Refining com
*
85
85
2
Klrkl'd Lake G M Co Ltd.l
"llX
X
11X
May
95
Mar
Nat Rubber Mach
May
73**
Mar
2~,700
1
May
2
Jan
2
May
2?*
Jan
** May
11** May
9
May
4** May
IX
15
Apr
National Tea 5 ** % pref. 10
National Transit
12.60
Nat Tunnel A Mines
*
10**
8**
Jan
Nat Union Radio
Apr
Navarro OH Co
10
100
300
12
Klelnertd B)Rubber Co. 10
Knott Corp common.....1
Kobacher Stores Inc
*
KoppersCo6% pref—.100
4**
"75"
4**
'""266
"75" "May
~78~~
""36
11**
4X
200
600
40
"l2 54 ~13**
2,200
12**
ZVh
4,400
May
Jan
Jan
76"
65
100
Kress (S H) special pref. 10
Kreuger Brewing Co
11?*
4%
1
Lackawanna RR (N J). 100
Lake Shore Mines Ltd
1
Lakey Foundry A Mach__ 1
Lane Bryant 7% pref. .100
12 X
Feb
Lane Wells Co common..1
90** May
2%
95
95
10
2**
271
10
300
9**
Class B.
Apr
Apr
May
43**
Mar
May
25**
Jan
ht
3% cum 4%non-cum.l00
New Engl Pow Assoc
*
0% preferred
100
Apr
6 **
*
Lehigh Coal A Nav
*
Leonard Oil
Le Tourneau
*
Develop
25
(R G) Inc.-l
Line Material Co
1X
"22 A
4>*
1**
X
21
3,700
700
8X
common
ex
Mar
X
Feb
ex
Apr
3
Mar
H
Jan
21
May
35**
Jan
8
May
12**
Apr
Jan
16**
1st preferred
»
Nelson (Herman) Corp...5
Neptune Meter class A...*
Nestle Le Mur Co cl A...»
5**
2,200
4** May
6** May
600
22?*
Mar
IX
IX
Apr
1
1,000
Loblaw Groceterias cl A..*
Class B
*
Locke Steel Chain.
Lone Star Gas Corp
6
*
10
11%
8X
10
2,350
May
13**
Mar
10,400
7** May
1
5,300
** May
27
29
175
27
May
1**
48**
25
7H
28
700
25
May
44**
Jan
May
2**
Mar
May
Apr
May
0**
106**
Apr
Mar
2
*
7% pref class A
100
0% pref class B.....100
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P A L $0 pref..*
X
25
"i"
IX
3**
99
IX
4**
99
10,200
;
*25"
"25*"
25
25
22 X
22**
24**
600
{Majestic Radio A Tel..1
he
**
X
IX
'it
1,500
-X
IX
6,800
$5
conv
1
preferred
99
20
Conv 7% 1st pref
100
Conv 7 % 1st pf v t o. 100
Lynch Corp common
5
Mangel Stores
IX
3X
800
Ludwlg Bauman A Co com*
10** May
1:
80
21
Jan
50
20
Jan
25
Jan
Jan
"ix
30
*
Apr
ht
400
100
30
39
Jan
10
Jan
"25" """loo
25
May
29
Feb
May
IX
IX
Apr
Apr
Mar
Marconi Internat Marine
*
1
*
common
1
14**
2X
800
"ix "~2x
31
2**
Y,206
26**
32**
1,850
May
2X May
2%
Jan
1** May
21**
Jan
17
Apr
4**
2**
Feb
Jan
5
Jan
42
Apr
May Hosiery Mills Inc—
$4
preferred
*
McCord Rad A Mfg B
*
Mo Williams Dredging...*
Mead Johnson A Co
*
ix
123
3**
Mercantile Stores com...*
Merchants A Mfg cl A
1
11
IX
5X
138**
4**
11
3**
300
3,100
470
1,400
100
3**
100
1** May
4** May
123
May
2X
2
2X
1,500
X
11
3**
50
55
**
2**
1
Metal Textile Corp
25c
Partlc preferred......15
100
X
200
Jan
May
5**
Apr
May
18**
Apr
Apr
Mar
4
Jan
May
30**
4?*
Mar
Feb
X
Mar
**
May
Mar
50
3,100
2X
Feb
9**
X
2
100
**
2**
170?*
May
3**
25
6**% A preferred... 100
Mesabl Iron Co
IX
4**
124"
Memphis Nat Gas com..5
Participating preferred. *
Merrltt Chapman A Scott *
Warrants
2** May
Apr
38
67
Jan
Jan
X
Jan
zx
Feb
42**
Jan
Metropolitan Edison—
$0
preferred
Preferred
Class B
X
104** 105 J*
**
X
4**
5
X
**
4
1
4
2**
10
3X
1
•n
'it
Middle West Corp com..5
5**
5**
v t
c
Fnr footnotes see page 3333.
May
Jan
.
21?*
142
:.T'U May
12** May
Apr
May
13**
17**
Mar
Mar
Apr
*"l66
8X
7X
3,700
3,600
7
May
10
May
81**
8X May
5X May
X May
11**
Jan
11**
X
Apr
Apr
11X
Feb
17 X
Apr
19 X May
Feb
10
1,000
12
650
14**
38
38
42
8**
10**
7?*
10**
10**
4,200
11**
6,300
31**
35?*
800
78
78
84**
1,150
1**
200
2
** May
4
3,200
Jan
Jan
47**
Apr
14** May
Jan
13**
Feb
3**
May
7?* May
10** May
IX May
31X May
44
78
May
97**
Jan
Jan
3X
Apr
OX
Feb
2X
zx
31
38
12**
ZX May
Jan
25
32
175
25
May
54 »*
Jan
7
8
4,000
7
May
5?*
5X
76
Mar
10 X
2,600
5X May
Jan
8X
11**
8**
IX
X
9%
4,500
1
9
IX
1
ht
8
ht
8
12**
Apr
IX
X
Feb
May
12X
Jan
Feb
117**
Apr
9,500
8** May
14**
Mar
30
84** May
zx May
May
1,100
8
"lis""'
9X
8X
10X
84**
"ZX
Feb
X May
900
84**
ZX
4
200
6
5**
500
Jan
Jan
7
Apr
Jan
1
Jan
Jan
IX
May
1**
25
6
May
5
,**
30**
Apr
Apr
11
55
55
400
68**
119* .119"
~"io
5X
Apr
55
May
76**
Jan
23** May
119
May
25**
Jan
10**
4X
10**
11**
1,200
1,700
4** May
10** May
49
49
54
4,600
49
May
1
1
1
600
1
Feb
2X
2%
800
13**
Jan
136 ^ Apr
,
8**%lay
15**
07
33
Feb
1**
30
2
Feb
3?*
15
Apr
Apr
Jan
Apr
Apr
preferred
15**
15**
7X
100
7X
Apr
15
28**
Jan
9**
Mar
118**
109
Jan
50
108
May
30
98
May
2,600
11
May
20
99
May
108
Jan
May
29
112
98
Apr
May
7X May
15**
99**
109
*
900
18
Jan
ShlpbuUdlng Corp—
Founders shares
1
New York State El A Gas—
6**%
preferred
100
New York Transit Co
5
N Y Water Serv
6% pf.100
Niagara Hudson Power—
Common
10
5% 1st preferred
100
5% 2d preferred
13
11
15**
99
99
99
5X
5**
17
ZX
200
5**
17
4
14,100
73
ZX
10
75
5**
17
ZX May
23?* Apr
7?*
May
Apr
Jan
OH
Jan
Class A opt warrants
Class B opt warrants
73
May
92
Mar
z7Z
73
100
Jan
87
Apr
>31
1,000
Jan
700
2* May
1,400
X
X
ZX May
ht
Feb
1
Feb
OX
Feb
Feb
Niagara ShareClass B common...
Class A preferred
N
5
ZX
4
93**
"53"
*
N1 pissing Mines
Noma Electric
ZX
100
lles-Bement-Pond
Nineteen Hundred Corp B1
"ei"" t3~,666
May
99 H
53
May
71** May
9** Mar
8X
""x~"x "ljoo
May
1**
Jan
5**
Jan
May
IX
103**
Mar
May
26?*
Apr
zx
1,900
X May
ZX May
X
13,000
X May
63
73
825
63
15
15**
1,500
15
44**
ZX
zx
X
5
...»
50
500
2,000
100
X
6
90
1,800
1,700
3,100
4,100
104
Feb
** May
4** May
X Mar
Class B common
*
0% prior preferred...50
Nor Ind Pub Ser
0% pf.100
100
99
6?*
7
9**
*
Ohio Brass Co cl B
com..*
Ohio Edison $0
pref
*
Ohio Oil 0% preferred..100
Ohio Power 0%
pref...100
Ohio P S 7% 1st
pref... 100
Jan
**
Mar
5** May
»16
9X
Jan
Jan
Jan
May
52
Feb
Mar
""9OO
**
2**
180
95
30
1st preferred—100
Ollstocks Ltd common
5
Oklahoma Nat Gas
99
May
500
0
May
7
May
12
May
400
30
May
20
100
19**
| 95
95
106
12
30**
19**
95
14
30
98
50
~
500
105
130
111
$5**
conv
6
15**
42
prior pref —*
100
1
1
Overseas
6
13**
39
com!l5
Securities!!!!"*
95
Jan
May
•i«
Jan
3?*
Mar
110
May
117** May
9X
Apr
Jan
15**
21
Apr
38** May
24** May
110?* Mar
70
3?*
""156
3,300
94?* May
110?* May
107
116**
Feb
105
May
May
110**
108?*
Mar
103
94?* 102
110?* 112**
go
preferred
May
May
3,100
1,050
:
0%
Oliver United FUters
B._.*
Omar Inc
4X
14
Novadel-Agene Corp
8
2** May
20?*
44**
99**
6
preferred
Oldetyme Distillers
IX
2X
Northern Pipe Line
10
Northern Sts Pow cl A—25
Northwest
Engineering. _*
Jan
ex
2**
96
May
120
98
7%
Jan
16
95
Jan
aMy
"l5X
No Am Utility Securities. *
Nor Central Texas Oil.. 6
108?*
**
Apr
Apr
Apr
4
......—1
$6 preferred
.II*
North Amer Rayon cl
A..*
$3
Michigan Bumper Corp..1
Michigan Steel Tube—2.50
Michigan Sugar Co
*
Middle States Petroleum
Class A v t c
N Y
12
•
City Omnibus—
Common
*
Master Electric Co
Jan
Feb
Nor Amer Lt A Power-
Communlca'ns ord reg £1
Massey Harris
100
Warrants
N Y A Honduras Rosarlo 10
N Y Merchandise
10
N Y Pr A Lt 7% pref..100
Jan
32
25*
Mapes Consol Mfg Co...*
Marlon Steam Shovel
Mass Utll Assoc v t c
N Y
Jan
29 **
Manl8cbewltz(The B) Co.*
Margay OH Corp
New Mex A Ariz Land
1
New Process Co
1
N Y Auction Co
com....*
Jan
25
22** May
X May
** May
IX May
10
ManatI Sugar opt warr
550
*
New Idea Inc common
*
New Jersey Zinc
—25
Apr
7X
Long Island Lighting—
Common
preferred
$6
10
100
X
New England Tel A Tel 100
New Haven Clock Co
*
Mar
Jan
Feb
10**
18**
*
Feb
900
Llpton (Thos J) class A—1
0% preferred
..25
Lit Brothers
Mar
**
Apr
4** May
1** May
** May
100
16 X
800
24
8
6
4**
1**
'it
Apr
X May
Jan
4?*
4?*
Nevada Calif Elec com. 100
4?* Mar
100
May
12** May
15**
1
*
12**
*6 %
$2
*
Lefcourt Realty com
Conv preferred
5X
1
§Nche'. (Oscar) Co com...*
Nebraska Pow 7% pref. 100
Nehl Corp new common
*
Langendorf Utd BakeriesClass A
Corp
May
4**
Jan
4**
Jan
2** May
7
~~8X
*
75
11** May
OH
2X
Jan
Jan
30
70
National Steel Car Ltd...*
National Sugar Refining.*
3,000
"ix
1
20
400
izx
7
*
64
We
1
Kelln (D Emll) Co com..*
Kresge Dept Stores—
4% conv 1st pref
7**
OH
*
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Jan
May
23** May
21,500
3
National Breweries com..*
18}* May
26** May
18**
171
150
7
13
Muskogee Co common...*
0% preferred
100
Nachman-Sprlngfllled
02X
May
138
7
*
Nat Automotive Fibres..1
Nat Bellas Hess com
1
Jersey Central Pow A Lt—
Jan
145
230
12 X
2**
4X
12
1
common
1
1**
Jan
Apr
May
Mountain States Power—
1
.....1
Jeannette Glass Co..—
1
2**
7?*
X May
Mountain Sts Tel A Tel 100
Irving Air Chute—
5**
Jan
6
Mtge Bank of Col Am shs
12
**
Apr
Apr
20
Montgomery Ward A
*
3**
11**
9**
41
Jan
IX May
""loo
~~6
May
5?* May
500
1
A
Montana Dakota Utll...10
Iron Fireman Mfg v t c
Kings Co Ltg 7 % pfB.100
6% preferred D.....100
Kingston Products—
1
70?* May
90
May
May
5
1,700
6X
6X
5X
33
{Moore (Tom) Dist Stmp 1
Equip..1
5
6**
Moody Investors part pf.*
23**
Key Co common
Feb
200
54**
Montreal Lt Ht A Pow.
May
23**
Jones A Laughlln Steel. 100
Julian A Kokenge com..*
Jan
1
X
9** May
** May
90
116**
..$2.50
—1
May
**
300
**
*
5**% preferred.....100
6% preferred
...100
7% preferred
100
11
X
Monarch Machine Tool..*
May
$3.50 prior pref....
*
Warrants series of 1940.
Jacobs (F L) Co
May
43**
45
Missouri Pub Serv com.
Monroe Loan Soc
e
——1
Investors Royalty
High
1,100
55*
15
12
Mining Corp of Canada..*
Minnesota Mln A Mfg
*
M innesota PAL7%pflOO
"zx
10**
"z"
......
Interstate Power $7
5%
99
....
Jan
Razor B_*
Interstate Home
*
dlv shares.*
non cum
Jan
9
International Utility—
Internatlonal
$2
Feb
14
International Products—1
J 1.76 preferred....
Range Since Jan. 1, 1940
Shares
Mock Jud Voehrlnger—
10%
Coupon shares
Registered shares
Price
Midland Steel Products—
X
Internat Hydro Elec—
Class B._
Week
Mldvale Co...
Insurance Co of No Am. 10
_.
for
of Prices
Low
High
113
1#
100
preferred
Class A
Week's Range
Sale
105** May
1
V t c common
Internat Safety
Last
Hihg
Industrial Finance—
7%
1940
Sales
STOCKS
(Continued)
Range Since Jan. 1, 1940
20
1
May 25,
6
May
8?*
13** May
May
21**
550
39
104
150
100
4
18,600
6
150
IX
May
Feb
Apr
Apr
Apr
Apr
50
Mar
117
Mar
4** May
5
May
8X
Feb
2**
May
3**
Feb
Volume
Last
Week's Range
for
Sale
of Prices
Week
High
Low
Price
2854
Apr
Jan
Feb
3454
3154
10834
9534
101
May
110
72
4
200
4
May
May
Feb
lOlH
72
X
"""50
76
20
73
Pacific Public Service.—.*
*
SI.30 1st preferred
May
May
28
1,700
30 34
28
101
pref—100
Pacific P & L 7%
1534
2734 May
pf_25
534% 1st preferred..-25
Pacific Lighting $5 pref—*
Paramount Motors Corp.l
Feb
Feb
20
"~6H
:v
400
100
8
$1.40 preferred
Jan
Selby Shoe Co
Feb
1
Convertible stock
5
Feb
111
May
$5.50 prior stock
25
Allotment certificates...
11
100
100
154
1H
IK
34 Mar
254 Mar
154 May
13,700
1354
113*
UK
7,700
Apr
May
3234
Apr
54 May
May
30
com.l
1634
36 34
2854 May
>
1134
Jan
3
Mar
64
K
K
104 34 10334
*
*
50
com 20
pref
Mar
106 34
200
K May
10334 May
Jan
Seton Leather
Jan
bherwln-WIlllams
2
Jan
5%
11354
Line stamped
Mar
Feb
Apr
Mar
Simmons H'ware & Paint.*
53
22
26
150
22
May
2834
Mar
1,100
4
May
854
834
Jan
Jan
"IVs
5 X
554
1,000
3034
3034
4
2334
20 34
28
134
134
6K
Pioneer Gold Mines Ltd—1
6K
6K
Singer Mfg Co
Feb
Skinner Organ
Feb
Solar Mfg Co
Sonotone Corp
Soss Mfg com
May
47 94
1854
Apr
May
South Coast Corp com
9J4
Jan
34 May
54
Feb
Southwest Pa Pipe Line.
1
834
44
Pittsburgh & Lake Erie. 60
9
8
43
5334
10
Pittsburgh Metallurgical 10
10
Pittsburgh Plate Glass.. 25
77 34
Wine Co.l
~234
2 54
2454
8
May
43
May
9
May
76
4,600
1,050
May
"w
354
Metals of Am—1
434
K
*
May
854
Feb
Jan
8154
Jan
300
1634 May
2434
Apr
2,300
75
3434 May
6,800
»i« May
900
4J4
600
800
34 May
234 May
400
834 May
5
May
Jan
42
Mar
10
May
May
95
60
134
Spanish & Gen Corp—
Am dep rets ord reg—£1
Spencer Shoe Corp
*
Stahl-Meyer Inc
*
Standard Brewing Co
*
Standard Cap & Seal com.l
Conv preferred
10
Standard Dredging Corp—
Feb
54 May
534
Jan
934
Feb
934
Apr
10234 May
11034
Jan
107
11334
$5 preferred
Mar
67
May
700
42
35
105
35
May
59 34
50
100
May
10934
Feb
Standard Silver Lead
105
May
11334 May
Standard Steel Spring
May
May
86
Jan
29
Standard Tube clB
63
58
14
68
18
1,675
16
16 K
14
* 20 34
2,050
7,600
1154
754
50
754
14
754 May
Jan
1054
734
5
May
520
105
May
125
142
May
164
V
8
25
8
May
K
6
100
554 May
600
634 May
5
;
34
OK
3434
854
3434
20
34
"T" """760
"~x
1634
1734
common.*
60c
Reliance Elec & Engg
6
454
454
400
34
«n
U34
534
43.800
li«
600
Reiter-Foster Oil
1034
454
1
{Reynolds Investing
.1
Rheem Mfg Co
1
Rice Stix Dry Goods
*
Richmond Radiator..—1
1234
10 34
454
12 34
1 354
1,500
700
700
200
4
4
134
154
1,900
34
Jan
6
634
34
1934
i534
254
Jan
1234 May
4
May
134 May
Jan
Feb
Mar
Apr
Apr
Mar
Jan
Apr
Rio Grande Valley Gas Co-
1
Voting trust ctfs
Rochester G&E16% pf C100
250
50
95
99
Ino—*
Jan
May
10434
99
May
10534 May
11634
Feb
"""loo
11
11
hi
Jan
95
11634
Rochester Tel 634% prflOO
Roeser & Pendleton
34
2,400
10034
95
100
6% preferred D
*i6
34
11
6
Feb
14
May
Feb
Jan
Rolls Royce Ltd—
ord reg—£1
Rome Cable Corp com—6
Roosevelt Held Inc
6
Root Petroleum Co
1
Am deprcts
$1.20
conv
Rossi a International
Jan
334
Mar
2,100
134 May
Feb
200
534 May
334
734
*
*
300
134
134
534
IK
1,000
234
534
*
Royalite Oil Co Ltd
1234
Jan
834
2
20
pref
May
6
Royal Typewriter.
Russeks Fifth Ave
"ox
Salt Dome Oil Co
Samson United Corp com.
Sanford Mills
Scovill
5
Mar
8
May
1554
Jan
50
40
May
May
50
Apr
234
Jan
54 May
2
Feb
434
Jan
Apr
Apr
800
134
2,400
200
2
434
34
34~700
2
May
1534
454
625
50
May
8134 May
6
5,900
4J4 May
954 May
34
34
Mfg
$0 pref
For footnotes see page
934
2434
3333
9
2254
"""k """£66
10
2734
700
4,600
May
34
500
29
"~54
5
*
25
*
May
59
~~2%
2
50
—
Savoy Oil Co
Schiff Co common
Scranton Elec
254 May
9
2x
50
554
1
1
Mar
6,900
134
34
6
.100
Feb
65
500
2
*
pref-.50
preferred
*u
Apr
May
254
40
154
St Lawrence Corp Ltd
7%
43
Jan
1034
8
40
"Ik"
*
Ryerson & Haynes com.. 1
Petrol
Class A $2 conv
550
47
43
254
$2.50 Conv pref
St Regis Paper com
34
r,
43""
2 34
1
Rustless Iron & Steel
Ryan Consol
154
9
Mar
I34
85
2254 May
,
Jan
1
May
54 May
May
Jan
Jan
14
Jan
34
May
'
Inc—*
Tubize Chatillon Corp.—1
mm 1
01H£6 A ■'
Tung-Sol Lamp Works... 1
80c conv preferred
*
Udyllte Corp
IXJlen & Co ser A pref
*
Series B pref......
*
May
44
Jan
Jan
35
Feb
100
40
May
4634
Mar
1,000
27
May
25
134
700
3054
3034
Mar
24 54
200
2454 May
134 May
Mar
Feb
L400
434 May
434
Jan
234
Jan
1434
Jan
534 May
134
1034
1,100
134 May
8
460
8
May
Jan
634
May
150
1734
834
1634
834
1834
5,500
33
2,800
110
100
300
1534 May
2634
103
103
3i»
34
1
May
34
200
Jan
Jan
34
1654
Mar
24
Mar
2H
Feb
Jan
14
Mar
11
Mar
1634
May
2634
May
Feb
4154 May
May
11034 May
103
2034
Mar
3i«
2,300
34
34
Apr
834 May
1234
100
Mar
16
Jan
T,7OO
■
Apr
254
Mar
134
17
May
734
2
"634 "9""
1534
20
234
134
1654
Jan
Apr
434 May
Mar
100
134
Apr
Mar
*
May
vll
200
34
134
"_7k"
Jan
72
17034
654
1154
'u
1
1
Jan
2
Jan
in
he Mar
Mar
20
54
34
Jan
Jan
734
*11
"2034
19
1,500
Apr
*!•
4,600
May
hi May
*11
Jan
19
May
Jan
4034
134
Feb
21
Feb
6
600
2534
6
2734
1034
;:vl
6
100
22
22
21
Mar
7i# May
2,300
7i»
57
Apr
12
2
254
1,700
""734
*734
534
134
134
334
154
334
150
654
134
134
3,100
334
350
300
2,300
Jan
2
May
33
234
Jan
6
May
534
Jan
134
Jan
134 May
334 May
634
834
100
8
8
300
134
Jan
Jan
Jan
62
Feb
15
Apr
454
38,
934
934
Feb
Apr
May
Apr
2
Jan
334
Feb
Jan
Mar
454
34
May
1054
634 May
1354
Apr
Apr
Apr
3X#
""8k "l"650
*1"
8
8
May
15
2
Jan
34
Jan
"2234
2234
154
22,300
3654
26
300
134 May
3354
Feb
4034
Apr
500
2234 May
36
Jan
13
134
154
13
Jan
334
2734
34
K
11
4,700
000
Jan
6
254
2534
34
34
,
10
834
"254
14
10
100
1,100
11,500
:
May
254 May
2534 May
34 Apr
34
Jan
834 May
934
Jan
6
Jan
3654
Jan
34
Jan
134 ' Apr
I654
114
Feb
Mar
20
103
May
254
900
2
May
254
1634
1,750
1234 May
2434
Jan
Apr
15
Apr
108
103
2
1234
1,000
934 *10
9
May
34
Jan
134
Apr
"4834 "4834 """loo
454
1,400
334 May
1034
54
434
4834 May
Mar
55
May
76
Apr
May
109
Mar
May
115
334
57
55
5954
425
97 34
95
99
180
95
60
104
104
10634
104
59
Jan
534 May
1054
54
Apr
Jan
Apr
Jan
hi
°i«
1
134
2
254
4,200
3,900
Apr
hi
611
Jan
3t
Jan
1
Jan
154
Apr
2
May
354
Feb
34 May
•11
Jan
Jan
18 34
Jan
454 May
1034
3954
Feb
400
si#
"19
"ie
500
454
554
4,500
Tri-Continental warrants
Trunz Pork Stores
28
2834
.
Jan
34
1354
1
Stetson (J B) Co com
*
Stlnnes (Hugo) Corp.—5
Stroock (S) Co
....*
Sullivan M acbinery
*
Sun Ray Drug Co
1
Sunray Oil
1
534% conv pref
50
Superior Oil Co (Calif) -.25
Superior Port Cement
$3.30 A part
*
Class B common
*
Swan Finch Oil Corp.;.—15
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor Distilling Co
1
Technicolor Inc common.*
Texas P&L7% pref—100
Texon Oil & Land Co....2
Thew Shovel Co com
5
Tilo Roofing Inc
1
TIshman Realty & Constr *
Tobacco & Allied Stocks._*
Tobacco Prod Exports.—*
Tobacco Secur Tr—
Ordinary reg—
£1
Def registered
5e
Todd Shipyards Corp
*
Toledo Edison 0% pref 100
7% preferred.:
100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Ney
Trans Lux Corp
—1
Transwestern Oil Co
10
Sterling Inc..
Mar
Feb
2654
1034 May
434 May
in
Feb
2 34
Jan
6% 1st preferred
50
6% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Feb
4034
134
34 May
1634 May
454 May
1,200
Reeves (Daniel)
34
14
*
Co common..*
*
Apr
Apr
Jan
40
Inc.20
c.l
Sterchl Bros Stores..
Feb
Feb
Jan
Stein (A) &
Feb
1034
1
5
1
Phos¬
234
27
Ordinary shares
Mar
13 ■>
May
54
*
*
1,800
Steel Co of Canada—
May
„
Wholesale
phate & Acid Wks
Feb
200
700
6
3334
Starrett (The) Corp v t
Apr
11034
8
*
60c
Standard
May
150
5
*
Republic Aviation—
3234
142
100
*
Ry & Light Secur com...*
Railway & Util Invest A_1
Raymond Concrete Pile—
0% preferred
Quebec Power Co
Reed Roller Bit Co
Jan
105
Pyrene Manufacturing.. 10
Quaker Oats common
*
234
154
*
Preferred
May
120
58
Pyle-National Co com...6
preferred
102J4
110 X
100
5
Mar
8
Common class B——*
10634 May
Standard Products Co.—1
6% prior lien pref
100
7% prior lien pref... 100
Puget Sound P & L—
$5 prior preferred.....*
$6 preferred
*
Puget Sound Pulp & Tim *
May
134
134
1
Standard Pow & Lt
6,325
82
67
Public Service of Okla—
Common
10
25
100
Standard Oil (Ohio) com
May
Public Service of Indiana—
73
334
"534 "554
Standard Invest $534 pref *
Standard Oil (Ky)
r10434 May
*
.*
Jan
300
66
$1.60 conv preferred..20
Public Service of Colorado
Jan
234 May
10554 Mar
34
Feb
154
Jan
600
1
Common
May
Apr
155
154
354
134
134
334
134
*
*
95
167
25
5% 1st preferred
Apr
Feb
400
Spalding (A G) & Bros... 1
>
May
v
May
1,200
Jan
May
108
134
3
Preferred A
Mar
2,900
8
Soutnern Union Ga
May
%
734
Apr
34
700
95
Jan
Feb
1
'""eoo
234
434
100
100
100
96
..10
Southern Pipe Line
•
i~"~K
Southern Phosphate Co. 10
15
254 May
534
95
95
Apr
11
Apr
1,700
v:
"""376
11934
134
Southland Royalty Co...5
5
*
*
conv
Apr
Mar
100
Jan
634
K
334
854
34
234
*
Providence Gas.—
$3
434
134
954
300
South New Engl Tel.—100
154
134
"18""
36
7% preferred
Jan
Jan
154
Jan
54
834
Nev.,20
Prosperity Co class B
Raytheon Mfg com
Red Bank Oil Co
Apr
Jan
134
12,500
434
40
Southern Colo Pow cl A.25
Apr
Mar
104
754 May
7
16 34
13J4
6134
1334
134 May
300
IK
*i»
$6 preferred
Apr
2234
22
534% pref series C...25
8134
3434
$7 prior preferred
1534
Jan
28
31
Feb
600
1
0% 1st preferred
7% 1st preferred
May
10
2734
'I'ioo
34
25
Penn Oil
134
6% original preferred. 25
6% preferred B
25
"mK
Prentice-Hail Inc com.—*
$6 preferred
8
400
8
Southern Calif Edison—
South
1
1
1
1
Jan
13
Pratt & Lambert Co——*
Prudential Investors
Mar
Apr
34
Apr
Canada..*
6% 1st preferred
100
Producers Corp of
1134
95
854
754
K
Powdrell & Alexander.—6
Pressed
Jan
May
54
2
Power Corp. of
Premier Gold Mining
11454
2
154 May
10
25c
5
Potero Sugar common
100
May
108
634 May
1,100
2,700
80
76
IK
7.60
Polaris Mining Co
May
954
5,100
45
Jan
66
106
1
3,600
May
1854
160
5
1654 Mar
39
834
654
May
"2,250
434
100
2034
Pitts Bess ALE RR_—50
Apr
Apr
Feb
May
10834
8
Amer dep rets ord reg_£l
Sioux City G & E 7 % pf 100
Pitney-Bowes Postage
Meter
Mar
'7534
Singer Mfg Co Ltd—
May
100
Mar
"66"
Simplicity Pattern com—1
Simpson'8 Ltd B stock...*
Jan
120
134
234
334
1134
*
pref
5
400
34
IK
34
conv
334 May
2,350
12
1
Jan
$3
3134
634
50,300
10
series A. 10
Jan
9034
May
30
400
8
7254
May
534 May
11434 May
""""50
354
Pierce Governor common.*
Pneumatic Scale com
1
8,800
434
Feb
Jan
May
8i6
1,900
34
Simmons-Boar dm an Pub—
900
5%
Plough Inccom
:
19
25
.*
Sllex Co common
Feb
500
60
Feb
Jan
Apr
Apr
734
May
63
5934
May
Jan
54
634
May
38
700
Shreveport El Dorado Pipe
112
1634
254
May
May
3954
250
106
107
185
6034
454
Jan
Jan
54
1,150
334
6634
com..25
AAA 100
May
53
1
Pleasant Valley
cum pref ser
May
5334
4
Mar
134
834
11
234
600
4834
•
n
7
164
53
»
Pittsburgh Forglngs
34
3
4834
54
*
common
100
53 34
Philadelphia Co common.
Phlla Elec Co $5 pref
*
Pnlla Elec Pow 8% pref-25
Conv $3 pref
5,100
200
5
Shawlnlgan Wat & Pow__*
3854 May
22
Pines Winter front Co
6,900
34
Shattuck Denn Mining
254 Mar
5334 May
1
Common
54
454
3954
12
100
Phillips Packing Co
Phoenix Securities—
Apr
234
75
16434
164
234
Penn Water & Power Co
Pharls Tire & Rubber
40
38
38
50
103
100
100
Penn Traffic Co—
Pepperell Mfg Co
Perfect Circle Co
Apr
3534 May
54
Jan
334 May
854 May
300
Sherwin-Williams of Can.*
100
*
Pennsylvania c,ugar
1
£1
Sentry Safety Control....1
Serrlck Corp
1
Apr
Pennsylvania Gas & Elec—
Penn Salt Mfg Co
Mar
Amer dep rets reg
65
Apr
37
$5 series pref
$2.80 series pref
$6 preferred
Jan
54
Selfrldge Prov Stores—
2 34
2254
Jan
Pennsylvania Edison Co—
Penn Pr & Lt $7
1
500
7i#
Common
Jan
4934
234
com..—1
Class A common
•in May
54
3634
54
1034
3534
2934
Feb
3,100
3,500
454
34
Selected Industries Ino—
May
28H
9 34
534
'u
*
*
com
May
__60c
Penn Cent Airlines
Seiberling Rubber
May
11
Penn-Mex Fuel.
Feb
41
e
Mar
334
....
20
:
May
Mar
53
Jan
54
3534
70
1,500
2934
May
he
40
7H
2334
130
24
454
Warrants
Securities Corp general.—*
Seeman Bros Inc
*
4154
41
*
com*
—25
Pennroad Corp
Scranton Spring Brook
Water Service $6 pref—*
Scui in Steel Co com
*
354
1234
May
High
Low
Shares
4534
2334
20
6feV
20
Patchogue-PlymouthMillfl*
Pender (D) Grocery A-—*
Penn Traffic Co
Price
*
common
634
234 May
Jan
354
10
10
Parkersburg Rig & Reel—1
37,600
354
354
10
Class B
Week
Segal Lock & Hardware..1
3K
2
2%
American shares
Peninsular Telephone
for
of Prices
Low
High
Scran ton Lace
Jan
654
Pantepec Oil of Venezuela-
Parker Pen Co
Week's Range
Sale
Par
Feb
1334
Last
High
Low
Shares
Pacific Can Co common—*
Pacific G & E 6% 1st
Range Since Jan. 1, 1940
STOCKS
(Continued)
1, 19 40
Range Since Jan.
STOCKS
0Continued)
Par
Sales
Friday
Sates
Friday
3331
Exchange—Continued—Page 4
New York Curb
149
834
534
24
20
m m m mm m m m m m m
134
634
"334
500
354
34
2 34
7
1,800
500
7,600
4
34
500
20
May
Apr
Jan
Jan
134 May
634 May
334
8
Jan
354 May
34 May
654
Apr
34 May
1*
Jan
Jan
New York Curb
3332
Friday
STOCKS
Last
Week'i Range
Salt
(<Concluded)
Par
price
10
Unexcelled Mfg Co
of Price*
High
Low
1X
IX
2X
Sts.l
14X
200
VA
1.800
14 x
May
3X
13X
3X
19 X
Jan
64 X
2X
16
•u
Corp warrant®—
United
"\lx
"6300
8X
200
69 X
"is
100
15,700
X
1,100
8X
69 X
X
X
8te._10c
United
"11"
12
Elastic Corp...
1
$7 pref. non-voting.*
United Gas Corp com
let
IX
Sfl
*
1st preferred
36,400
1,200
1,200
»«!•
1,000
16X
23X
10,400
22 X
125
92
170
81
X
X
X
80
110
Jan
16
66
Apr
IX
Mar
*X
Feb
lolx
May
•is
Jan
Jan
Jan
Jan
IX
Jan
IX
Jan
39
Apr
27
Apr
74
Mar
Feb
4X
United NJRRA Canal 100
United Profit sharing.-25o
X
X
400
61 X
43
"3,300
X
54
42 X
42 X
3X
3X
4X
"Tx
4X
6X
300
X
300
1
......6
4
U S and Int'l Securities..*
$6 1st pref with warr—*
U S Lines pref...
2X
21X
U S Rubber Reclaiming..*
1
Apr
X
May
May
May
nM
Jan
28 X
Apr
May
May
63
35X
2X
Apr
28X
IX
600
1,000
1
4X
2,100
2X
Feb
X
100
ht
Feb
Mar
Jan
1
IX
19X
26
6
Feb
IX
IX
4X
Jan
7,700
IX
May
8
♦Issue of Oct 1927
111
111
6
May
IX
X
X
Jan
•i«
1921
IX
15X
X
X
Jan
X
Feb
14 X
Jan
17 X
Mar
♦5X8
♦Santiago 7b
.....1949
Elig
a
a
a
Alabama
Power
200
IX
100
49 X
May
May
May
23 X
3,300
Feb
IX
Feb
Amer Seating 6s stp
X May
IX
Jan
May
14 X
500
IX
Tooo
V
325
40
200
IX
55X
Apr
Mar
•is
Jan
IX
May
2X
Apr
May
20 X
10
3,900
X
May
Jan
Mar
""400
IX
Jan
29
Apr
22
May
30
Apr
Waco Aircraft Co
•
Apr
4
4X
6,000
3
Wagner Baking v t 0....*
5
5
May
May
100
7% preferred—....100
May
X
5
74
WahI Co common.......*
Apr
Apr
IX
100
IX
6X
10
Apr
Apr
74
Apr
2
3X
Feb
May
May
IX
600
.3*
X
200
13
1,300
2
IX
92X
2,200
1
May
May
May
120
92
May
IX
1,700
2,600
2
Feb
5X
X
4X
*
Walker
IX
3X
May
May
May
Apr
IX
Feb
15 X
May
4
Jan
2
Jan
102
Feb
Jan
2X
7X
6X
100
31
36 X
160
31
Western Tablet A Statlon'y
Common..
•
May
69 X
14
14
May
17X May
May
11X
4X
Western Grocer com....20
6
Western Maryland Ry—
Jan
1st A ref 6s
14X
4
X
.
8
6X
100
9X
5X
5X
25
6
5X
3,200
1,600
1
200
8X
6X
100
275
2,500
99
50
3X
3X
420
4X
4X
5
1,300
4X
1
9X
3X
5X
May
1st mtge 4s....
3X
4X
13,800
600
AND
8
May
6X
May
a
z
bbb3
bbb3
104 X
bbb3
103 X
Arkansas Pr A Lt 6s
...1956
Associated Elec 4Xs
z
♦Conv deb 5s......
1950
z
dddl
♦Debenture
1968
z
1977
z
Feb
Mar
2
Jan
11X
9X
Jan
Mar
dddl
♦Conv deb 6X8
Atlantic City
6s with
120
25
110
A ctfs of dep. 1945
15
bb
2
B ctfs of dep. 1945
C ctfs of dep. 1945
15
1957
z
aa
3
1960
1
aa
3
97
2
140
1968 z bbb3
1959 y bb 3
3
93
C
...
1953
z
15
94 X
101
99X 103X
125
173,000
91
12,000
97
105X
103X
74.000
106 X
111X
14,000
103 X
123
129
3,000
50,000
89,000
38 X
12 X
13
108
102X 108
62 X
30
10
12X
53,000
1)
26 X
10
12 X
12 X
51,000
10
105,000
12X
7,000
10
28 X
28 X
53
104 X
60
9,000
107
23,000
104 X 105 X
5,000
10 X
34 X
53
75
101X 107 X
103 X HO
100
95 X
100
92 X
114X 799.000
95
96 X 101
125,000
100 X
96
55,000
146 X
59,000
96 X
116
96
117
140
152
105
95
98 X
130X
140
90
91
96 X
94 X
*69
71X
96
90
91
99 X
97
103 X
100 X
64
103 X
95 X
73
20"666
69 X
69
64
103X
48,000
48.000
20,000
103X
59,000
99 X
69
64
83 X
103 X 107 X
95 X 101X
98
9.000
1
26 X
25 X
31
27,000
1
26 X
25 X
31
54.000
25X
41X
2
65X
64X
68
51,000
64 X
83
Cent States P A L 6XS...1953 y b
25X
41
Chicago A Illinois Midland—
Ry 4 Xs series A
103X 103 X
1956 z bbb3
1927
z
bb
—1952
y
37
1955 y
1966 yb
1
3
3
1950 y b
1958 yb
3
Debenture 5s
1969 yb
3
Cities Serv P A L 5 Xs
1952 yb
4
1949 yb
4
1957 y bb 3
1951 * aaa4
37
41
78
bb 4
bb 4
Conv deb 5s
(Bait) 3Xb
ser
82 X
*78
14,000
24,000
103 X 106
49
37
93 X
4,000
78
90
95 X
"lV.066
70
80
85
70 X
70
73 X
68
65X
65X
78 X
67 X
69
66
71X 727,000
70 X 141,000
66
77 X
67
72
43,000
66
76X
76 X
76 X
82
158.000
76X
76 X
75 X
81
82
97.000
92 X
92 X
90
61,000
75 X
81
85
*.—. 130
133
97 X
135X
May
May
29
105 X 107 X
105
106X
22,000
105X 111X
12,000
105
...1954 * aaa4
124 X 125X
8,000
1971 z aaa4
Feb
*28X"
6s ser A stamped
Cont'l Gas A El 5s
1943 yb
1958 y bb
Feb
Cuban Tobacco 5s
1944 y b
Cudahy Packing 3Xs
Delaware El Pow 6Xs
Detroit Internat Bridge—
4
4
2
^1955 z a
2
1959 z bbb4
Feb
11X
Feb
15
25
IIX~Jan
1951
17
35
12
♦Bogota (City) 8s ctfs 1945
Bogota (see Mtge Bank of)
♦Caldas 7Xs ctfs of dep *46
15
40
15
30
♦Cauca
8X
15
30
15
30
♦Prov Banks 6s B..1951
17
35
14
Feb
15X
♦6 series A..
17
35
14 X
Feb
16
8X
Aug 1 1952 z c
Eastern Gas A Fuel 4s
1956 y bb
2
1,000
Jan
8X May
"nX~"3an
13
15
May
Jan
Apr
Federal Wat Serv 5 Xs
Finland Residential Mtge
1954 y b
new
93
22,000
104
4X
7,000
4
X
7,000
X
74 X
153,000
79
39,000
108X
74 X
108
108
99X
107
5
6X
6X
1
85X
112
70
74
110
244,000
2,000
110
120
103
103
7,000
103
106
101X 103 X
70
84 X
33,000
101X 105X
108X 109
10,000
95
33,000
*20 X
92
89
41
1961 y cccl
1966 z bbb3
90X
94
61X
110
3
...1954 * bbb3
75 X
42,000
X
1
4
109
124X 127X
80 X
168,000
3,000 -60
6X
4
79
30,000
86
96 X
105X
*4
102 X
1952 * bbb2
Ercole Mare ill Eleo Mfg—
6X8 series A
1953 yb
Erie Lighting 5s
1967 z a
100
100X
99
100
30
S1H
41
3,000
101
54,000
102X 246,000
47 X
108 X
89
109 X
101X
22 X
98 X
104X
100
57
105
Gary Electric A Gas—
5s
ex-warr
stemped
1944 y bb 3
2
Gatlneau Power 3Xs A—-1969 * a
Attention Is directed to the
95
104
Empire Dlst El 5s
Banks 6s-5s stpd
May
"95""
104 X
108 X
71
Florida Power 4s ser C
Florida Power A Lt 5s
Cent Bk of German State A
81
53 X
(Bost) 3X8,--1965 z aaa4
Elec Power A Light 5s
2030 yb
4
Elmlra Wa Lt A RR 5S...1956 z a
4
El Paso Eleo 5s A
1950 z bbb3
Edison El 111
25
♦7s 3d ser ctfs of dep *67
Feb
UX
25
15
12 X
75 X
80 X
50
1
Aug 1 1952 z cc
♦Certificates of deposit
z c
Feb
76
80 X
1
1
♦Deb 7s
12 X
106
1969 z aaa4
N
Gen mtge 4Xs
Consol Gas Utll Co—
25
15
59,000
109
1954 y cc
6X8
♦6Xs
D ctfs of dep. 1945
For footnotes see page 3333.
104X 107X
104
105X
100X 106X
1948 y cc
Cent States Eleo 6s...
1st ref mtge 3s ser P
Consol Gas (Bait City)—
35
♦7s 1st ser ctfs of dep '67
♦7s 2d ser ctfs of dep '57
..1952
91
2
a
Canadian Pac Ry 6s...—.1942 z a
2
Carolina Pr A Lt 6s...
1958 z bbb2
Cent Power 6s ser D_.
1967 y bb 4
Jan
25
1948
97 X
1st 5e series B
Feb
22 X
25
15
♦7s ctfs of deposit.. 1948
♦7Xs ctfs of dep
1946
100
5s series
6X
25
Valley 7s
z
Bethlehem Steel 6s.......1998 z aa
lombia—
♦Baden 7s
105
BeJl Telep of Canada—
12 X
Antioqula (Dept of) Co¬
ser
104
102 X 104 X
38 X
46
£90
*90
2
♦Convertible 6s........1950
Apr
3X May
35
♦7s
104X
1947 y bb
Jan
35
ser
3
5s without warrants
5X
24
25
HO
ser
17,000
28,000
7,000
31,000
Baldwin Looom Works—
May
35
120
110
110
♦7
105X
106X 107X
104 X 104 X
10X
~53X
105
2
Cities Service 5s
Sale*
♦6s ctfs of dep
♦7
100 X
10
3
...1947 y bb
Conn Lt A Pr 7s A
♦7s ctfs of dep. Jan *47
♦6s ctfs of dep... Aug '47
ser
11
......
2
Eleo 3Xs— *64 z aa
warrants
Jan
S
♦7s
Jan. 1
Avery A Sons (B F)—
Jan
for
Apr '48
105
104 X 105
104 X 105
U1X
1955 z a
4X
Apr
Week
1947
Since
I
Consol Gas El Lt A Power—
BONDS
Jan
z
A '65 y b
Assoc TAT deb 5 Xa
Atlanta Gas Lt 4 Xs
7X
112
38 X
dddl
5s......
Community Pr A Lt 5s
MUNICIPALITIES-
♦7s ctfs of dep. Apr '46
Range
for
Week
High
123
Broad River Pow 5s..—.1964 y bb
GOVERNMENT
♦20-year 7s
3
dddl
dddl
May
3X
4X
4X
z
1953 y b
{Associated Gas A El Co—
♦Conv deb 4Xs
1948
♦Conv deb 4Xs..
1949
May
May
3
z
z
{♦Chic Rys 5s ctfs
Cincinnati 8t Ry 5 Xs A
6s series B
98
10 X
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
Low
100
1963
5X8..
FOREIGN
ioox
Debentures 4Xs
1948
Appaiac Power Deb 6a ....2024
Birmingham Eleo 4 Xs
Birmingham Oas 5s
Apr
Feb
6X
4
Debenture 5s
6s
"Tx
105 X
105
bbb3
Jaw
7X
X
*
Apr
7X
Jan
May
May
4
Ltd—
Wright Hargreaves Ltd..*
1
Apr
Winnipeg Electrlo B com.*
98
1
_
1968 y bbbl
1st A ref 4Xs
Canada Northern Pr 5s
Tx
Range
of Prices
Appalachian Eleo Pow—
X
43 X
2r
4
Jan
Co—
15X
10
Wichita River Oil Corp..lu
Mar
Sale*
Weeks'
1946
z
12
2
Price
z
May
Wolverine Portl Cement.10
Last
Sale
z
7
98
Friday
<fe
See A
BONDS
1966
700
6X
6
2~, 000
15X
Rating
1951
8 X
...»
Bank
RAILROAD and INDUSTRIALS
1946
7
7% pf 100
Tooo
91
Williams (R C) A Co
*'
Williams OlJ-O-Mat Ht..*
Apr
Govt 6XS..1919
♦Russian
1st A ref 6s......
Vogt Manufacturing.....*
T~
Mar
Mar
2,000
16 X
10 X
1st 5s.............
Jan
May
1
25X
46 X
Jan
16
6
Apr
Apr
9H
20
♦Parana (8tate) 7s
1958
♦Rio de Janeiro 6X8.1959
25 X
16
40
20
"14 X "Mar
40
110
Jan
99X 102
9X
6X
5X
Apr
Mar
I2"
99 X
•
26 X
"26 X"
40
91X
1
Jan
"Feb
20
110
110
2016 y bb
IX
3X
Jan
40
..1967 y bbbl
92
Mar
26
Am Pow A Lt deb 6s..
2
Apr
13 X
15
"26"
Apr
13
10X
May
May
40
dep
1946
♦7s ctfs of dep
1947
♦6Xs ctfs of dep... 1947
Mtge Bk of Denmark 5s '72
♦78 ctfs of
IX
53
X
1|~
28
Apr
May
4X
May
8X
28
110
1st A ref 6a........
17
Westmoreland Coal new.20 ~
8
2
X
Feb
20
120
♦7 ctfs of dep. .Oct *47
♦Mtge Bk of ChUe 6s. 1931
Mtge Bank of Colombia—
Apr
12 X
Jan
20
HO
120
Mar
*u
"Tx
15
-
Apr
8
3,000
15
♦6X8 ctfs of dep
1964
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
♦7 ctis of dep. May '47
Mar
84
Araer dep rets
14
8
Mar
May
Petroleum
8
16
6X
24
63
Woolwortb (F W)
16
1958
12
72
X
2X
160
Woodley
1958
Jan
Mar
X
11
20
Mar
IX
Western Air Express..... 1
13
13
40
92 X
14
May
May
X
*
May
7X
4
14X
IX
*
6
20
17
♦Medellin 7s stamped. 1951
♦7s ctfs of deposit—1951
♦6X8 stamped
♦Maranhao 7s
IX
Mining Co.
1
Wayne Knitting Mills...6
Wellington Oil Co
1
Weutworth Mfg
1.26
Weet Texas Utll *6 pref..*
t?M
1939
♦Hanover (Prov) 6X8-1949
Lima (City) Peru—
7
7X
3,000
800
1
oom
♦Hanover (City) 7s
Mar
4 000
8X
Mar
3,600
Tube
10
1947
7
IX
6X
X
Wolverine
7
7X
6Xs
♦Secured 6s
2
67 X
Co
12 X
♦External
Apr
2X May
63
Wisconsin P A L
1952
♦German Con Munic 7s '47
Jan
Apr
7% pref.. 100
Wilson-Jones
Mar
4
22
Wilson Products Ino
Jan
49
16
Van Norman Mach Tool.6
Weyenberg Shoe Mfg
62
May
50
10
7% 1st preferred
May
20
6.700
fUtll Pow A Lt 7% Df.100
Valapar Corp com
1
$4 conv preferred
6
West Va Coal A Coke
18
1,000
Danzig Port A Waterways
4
49 X
Utility A Ind Corp com..6
Conv preferred...
7
Class B
1,000
20
Apr
Mar
1
Watt A Bond class A
22
20
16
X
2X
49 X
Utility Equities com—lOo
$6 60 priority stock
1
30
22
1963
5X May
•is
400
High
1965
5X»
5s
May
May
May
May
"Tx"
6
Utah Pow A Lt *7 pref...*
Va Pub Serv
Ext
16
3X
16
Universal Products Co...*
Petroleum
Feb
4
Insurance—..8
Radio Produots
Apr
7X
8
May
1,600
IX
Universal Pictures com...1
Utah-Idaho Sugar
7X
May
May
4X
*
Venezuelan
3X
3X
7,100
Universal Cooler class A—*
Corp t t o
Apr
1,100
United Wall Paper—...2
Universal ConBol Oil....10
Universal
45
3
*
Universal
Jan
2X
United Stores common.60o
B
Apr
22 X
IX
2X
X
50o
1st 17 oonv pref
250
IX
7X
83 X
May
42 X
Feb
21
"Th
1
U 8 Radiator com
U S Stores common
Class
Jan
26
1
...20
Plywood
SIX oonv pref
230
65
—-*
S
Feb
May
1,400
9,700
3
Specialties com—1
US Foil Co class B
U S Graphite oom.
Feb
243 X
Apr
69 X
26
Preferred
6X
May
10
10% preferred
United rfhoe Maob oom.26
United
Apr
239
Danish
Apr
89
Low
46
15
Range Since Jan. 1, 1940
$
46
♦6s ctfs of dep..Oct *61
Cundinamarca (Dept of)
♦6Xs ctfs of dep.—1959
Feb
May
16X May
20
May
Am dep rots 3rd reg
Utah
*10
Feb
Molasses Co—
United
U
May
May
X
X
Week
High
,
Apr
15X May
May
Jan
X
Jan
6X
liU May
88
May
Feb
X
for
of Price*
Low
Colombia (Republic of)♦6« ctfs of dep._July *61
Apr
70
18X
....*
S3 partlc pref
Mar
Jan
6X
8X May
59 X May
6,900
X
IX
•jl
88
>*
803
Products...*
Milk
United
X
20
90X
Option warrants
United O A E 7% pref. 100
United Lt A Pow com A—*
Common class B......*
May
Week'* Range
Sale
Price
High
Feb
IX
100
Sale*
Last
BONOS
0Continued1
Low
900
Un Stk Yds of Omaha..
Un Cigar-Whelan
Range Since Jan. 1,1940
Week
Share*
IX
7X
7X
Union Investment com...*
100
United Aircraft Prod....1
United Chemical* oom...*
S3 cum A oart pref
*
Friday
64 X
Union Gas of Canada..—*
Union Premier Foods
for
May 25, 1940
Exchange—Continued—Page 5
Sale*
column In this tabulation
pertaining to bank
97 X
65
97 X
65
99
56,000
68 X
61,000
eligibility and rating of bonds.
97 X 102
65
87 X
See
Volume
New York Curb Exchange—Concluded—page 6
149
Sales
3333
Sales
Bank
Friday
Bank
Friday
Elio. dk
Last
Week's Range
far
Range
Elig. <fc
Last
Week's Range
for
BONDS
Rating
Sale
Week
Since
BONDS
Rating
Sale
of Prices
Week
(Continued)
See A
Price
of Prices
Low
High
Jan. 1
(Concluded)
See a
Price
General Pub Serv 6s
1953 yb
Gen Pub UtU 6%s A
1956
1948
y
♦General Rayon 6s A—
Gen Wat Wks A El 5s
1943
y
bb
4
"51"
Georgia Power ref 5s
x
a
1
104
Georgia Pow St Lt 5s
1967
1978
y
b
4
60
*90
83
94
98 % 102
100
Pittsburgh Steel 6s
♦Pomeranian Elec 6s
1953
♦Portland Gas A Coke 5s—1940
83
70
1,000
70
75
89
86%
ccc2
77.000
70
bb
z
$
94
30.000
89
101
%
103% 105% 171,000
65
60
5,000
100%
103 % 107%
60
75
♦Gesfruel 6s
1953
z
b
1
Glen Alden Coal 4s
1965
y
bb
3
Gobel
1941
y
ccc4
*—
90
70
91
Grand Trunk West 4s
1950
x
a
3
*65
72
70
78
Gr Nor Pow 5a stpd
(Adolf) 4%s
1950
x
a
2
x
aa
2
100
1945
y
b
2
106
"69% '75%
13,000
106%
99 % 100
61%
54%
Guantanamo A West 6s—1958 y ccc2
155T666
72
69%
106%
Green Mount Pow 3%s—1963
Grocery Store Prod 6s
50
t7
"69 %
*40
1948 y c
1
27
26%
♦Hamburg Eleo 7s.--
1935 zdd
1
*7
54%
49
53
27
42 %
106
40
"2^606
♦Hamburg El Underground
A St Ry
1938
conv
deb 6 Ha
Houston Lt St Pr 3%s
cccl
x
bbb3
1943
1966
—
z
1943
5%a
Houston Gulf Gas 6s
y
bb
x
102
3
Hygrade Food 6s A
*7
68
68
"jlooo
68
68
1,000
27,000
y
b
x
aa
111 Pr A Lt 1st 6s ser A
1953
1st A ref 5%s ser B
1954
x
1956
x
bbb3
8 f deb 5%s—.May
1957
y
bb
Indiana Hydro Elec 5s
1958
1st A ret
6s
ser
C
106% 106%
bbb3
191%
101
bbb3
x
106%
100%
3
y bbbl
1950 y b
2
Indiana Service 5s
1963
y
z
58
bb
x
'95 %
1st lien & ref 5s
♦Indianapolis Gas 5s A
56
a
105 %
y
y
b
b
b
1957
y
b
1952
y
ccc2
1957
y
1961
y
bbb4
bbb4
1958
..1952
1963
x
aa
y
b
Interstate Power 5s
Debenture 6s
Iowa-Neb L & P 6s
6s series B
Iowa Pow St Lt 4 Mis
Isarco Hydro
Elec 7s
Italian Superpower 6s
JacksonvlUe Gas
5s
67
79
52 %
30
95 %
99%
57
63
56
64%
61
105% 105%
107%
1942
Jersey Central Pow St Lt—
.——-1947
6s series B__
«b
22
51%
60
72.000
51%
43%
49%
47%
71%
37
36,000
29
51
103 % 104%
4,000
104%
3,000
103 % 106 %
103% 106 %
107
1,000
107
42%
10,000
39
32
43,000
30%
43,000
4
83%
82
84
*7
*7
40
1953 z b
1
J.-1958 z cccl
Safe Harbor Water 4%s...1979 x aa 3
San Joaquin L A P 6s B...1952 x aaa2
11,000
39
53%
104
1966
2022
x
aa
102% 102%
x
a
117
Lake Sup Dlst Pow 3%s... 1966
x
a
1946
z
cccl
Long Island Ltg 6s
1945
Louisiana Pow A Lt 5s —.1957
x
bbb3
x
a
4
z
dd
1
*7
104%
120
4,000
30,000
8,000
104% 105%
40
*7
103% 103%
387666
103% 104%
33,000
9,000
60
1,000
101%
y
b
83
89%
7,000
83
Metropolitan Ed 4s E
4s series G
.....—.1965
x
aa
109%
aa
*107% 108
108 % 108%
107
x
"6"66o
108
111
1945
1943
1967
1978
y
bb
5,000
93
y
bb
x
bbb2
99%
x
bbb3
1955
99%
103
Middle States Pet 6%s
Midland Valley RR5s
Milw Gas Light 4%S
MinnP AL4%s
108%
x
bbb3
Mississippi Power 5s
1955
x
bbb2
Lt 5s
...1957
1951
x
bbb3
x
aa
1st A re! 5s
Miss Power A
Miss River Pow 1st 5s
'"98"
93
95
*57
93
60
527600
98% 100%
75,000
38,000
102% 103%
96
101%
97
109
Missouri Pub Serv 5s—..I960 y bb
61
98% 103
88%
103%
110
90
38,000
72,000
6,000
2,000
100%
70
98% 104%
9^% 103%
102% 107
96
104%
97
90
5,000
11,000
97% 100%
109% 178,000
106%
106% 106%
52,000
106%
106% 106%
104
104%
22,000
13,000
2
"37%
37
104%
104
bb
90
1945 x bbb4
105
38
104%
94
11,000
6,000
40
50
14,000
23,000
12,000
60%
81,000
59%
56%
57%
56%
3
3
60
58
60
58%
3
60%
56
1950 z ccc2
15
14%
15%
1940 z
....
31
31
32%
_
20
20
20
1,000
22
29
13,000
60
1948 yb
3
3
1951 yb
3
Deo 1 1966 yb
1957 y b
1957 y b
1948 yb
Debentures 68
Debenture 6s
6s gold debs
Standard Pow A Lt 6s
♦Starrett Corp Inc 5s
.
1953 yb
I960 x bbb4
60%
"I62"
105
106%
59,000
60% 281,000
60
77,000
60%
88,000
60
60% 107,000
16,000
2,000
101% 104% 132,000
69,000
104% 105%
2,000
111% 111%
"88%
17,000
88%
92%
56
60% 101,000
see Leonard—
Tr5%s—1952 yb
Conv 6s 4th stp
4
57
7%
8
116% 116%
1950 z
1949 x aaa4
United El Service 7s
..1956 ybb
1
"28%
United Light A Pow CoDebenture 6s
1975 y b
2
Debenture 6%s
1974 yb
2
1st lien A cons 5%s_—1959 x bbb3
Un Lt A Rys (Del) 5%s...1952 ybb 3
United Lt A Rys (Me)—
68 series A
1973 y b
3,000
31
16
19
5,000
18
18
4,000
73
77%
40,000
74% 80
107% 108%
78
84%
49,000
74
75
107%
79
111
1952 x bbb3
Deb 6s series A
16,000
26%
♦United Industrial 6%s—1941 z cccl
♦1st s f 6s
1945 zb
I.
104%
108% 110%
98
88%
87
87
97%
4
United Elec N J 4s
95
41,000
1961 x bbb3
(stamped)
Conv 6s (stamped)
71%
99
1947
1971
aa
2022 ybb
6s
Twin City Rap
{Ulen A Co—
99
Mengel Co conv 4%s
aa
1956 x a
65
21,000
73
3
3
4
aa
6s series A..
2022 y bbb2
Tide Water Power 5s.—..1979 y bb
99
14,000
73
102
103% 106"
103% 108
60
60
70
69
57%
69
Spalding (A G) 6s
1989 z b
Standard Gas A Electric—
(L)
20,000
2,000
104%
104% 108
4
I,000
157666
"76"
2
1946 z
bbb2
14
4
7s 2d stamped 4s
Ternl Hydro El 6%s
Texas Elec Service 5s
x
133
31
*24
100% 101
101
1957 y bbb2
8'western Assoc Tel 5s
So'west Pow A Lt 6s
8'west Pub Serv 6s
Tietz
1948 yb
109%
133
2
Stinnes (Hugo) Corp—
782d stamped 4s
105%
102% 107%
117
127%
McCord Rad A Mfg—
6s stamped-
2
Texas Power A Lt 5s
9,000
53,000
109
2
x a
1970 x a
7,000
35
14
104
102% 105
50
Memphis Comml Appeal—
Deb 4 Ha
1952
ino 3s
109"
cccl
1951 z cc
1st 4%s series D
109%
Mansfeld Mln A 8melt—
1941
z
Shawlnlgan WAP 4%s..-1967
42
45
102% 102%
-
17,000
87%
52
104 %
♦7s mtges f
86
81
Sou Calif Edison Ltd—
Ref M 3%s
May 1 1960 x
Ref M 3%s B
July 1 "60 x
Sou Counties Gas 4%s
1968 x
Sou Indiana Ry 4s
1951 y
73%
78%
24
102%
104 %
83
82
56
21%
a
♦I-eonard Tlets 7%s
86
84
105
12,000
a
4
88
2
2
26,000
12,000
x
Kansas Gas St E ec 6s
2
1947 y b
20,000
x
Kansas Eleo Pow 3 %s
bb
y
2025 y bb
109%
1,000
7,000
81,000
ser C
1950 y bb
1st A ref 4%s ser D
1950 ybb
Queens Boro Gas A Eleo—
1st A ref 5s
Southeast PAL 6s
26%
1961
4 Ha series C
106%
91%
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
39
3
131
106
101%
95% 100
'
73%
30%
y cc
131
4
37
—
stamped-
Puget Sound PAL 5%S—1949
3
x a
57
60%
16
y aa
1966
6,000
21,000
34,000
51,000
3,000
26%
40
*7
1
99,000
107
3
b
96% 105
23
29
z
98% 107
104
103 %
1954
1947 y ccc2
Power Corp (Can) 4%sB_._1959 x a
2
50,000
24
y
1957
1952
♦Prussian Electric 6s
Public Service of N J—
Scullln Steel
81
24
1965
7s series E
4
101
66%
21%
6%s series C
7s series F
104% 101,000
98 % 103
96 % 101 %
95
87
60%
b
1952
Indpls Pow St Lt 3%s
1968
International Power Seo—
98
a
1943 x bbb2
1951 y b
2
35
b
1967
x
Scripp (E W) Co 5%s
106% 111%
c
y
1949
-
1961
106% 109%
6,000
107% 107%
aa
z
Idaho Power 3%s
6s series B
103 %
6,000
108
1937
105
100
2,000
11,000
*107% 110
*47
51
65
65%
108
4
♦Saxon Pub Wks 6s
♦Schulte Real Est 6s
100 %
2,000
~5T66o
78
a
4s series A
20
79
79
x
46,000
80%
2
1956
6% perpetual certificates
Pub Serv of Oklahoma—
100%
108%
1
b
Potomac Edison 5s E
4 %s series F
Potrero Sug 7s stpd
%
High
*7
78%
bb
1952 y bb
16
24,000
100
1963
1949
♦Hungarian Ital Bk 7%s,
2
b
y
5%s series A
♦Ruhr Gas Corp 6%s
♦Ruhr Housing 6%s
15%
35
*7
100% 102
100
z
99
2
z
Stamped
63%
6,000
50%
Guardian Investors 5s
108 %
99% 105%
16,000
1948 y bb
Low
116
73
74%
98
94
II,000
60,000
25,000
4,000
98
87
2
19,000
Utah Power A Light Co—
1st lien A gen 4%s
1944 x bbb3
2022 x bb 2
5s—1945
y
bb
16.000
98
100%
2026
2030
y
bbb2
110
109
110
28,000
101
112%
y
bbb2
101
101
106
47,000
101
107%
{♦Nat Pub Serv 5s ctfs...l978
z
♦17
21
1981
x
~5766o
x
aa
1948
x
bbb3
106
110
Wash Ry A Elec 4s
62
83
87
7,000
14,000
Waldorf-Astoria Hotel—
2022
108% 111%
120
128%
Nassau & Suffolk Ltg
Nat Pow A Lt 6s A
Deb 5s series B
Nebraska Power 4%s
6s series A
Nelsner Bros Realty 6s
98
aaa2
1956
y
1947
—1948
71%
23^000
4,000
62
51
60
50,000
y
b
52
56
10,000
52
y
b
52
59%
36,000
52
1961
1948
...1954
x
aaa3
y
bb
3
y
bb
3
1942
y
bb
1949
y
bb
3
3
1950
1980
1964
2004
y
bbb2
x
a
4
x
a
4
Conv deb 5s
3%s
New Eng Pow Assn 5s
Debenture 5%s
4
105% 107%
88%
94
93
11,000
17,000
96% 312,000
71%
71%
105% 110
88%
91
Deb 6s series A
Va Pub Service 5% A
99%
1946 y bb
3
.1950 ybb 3
1946 yb
3
1st ref 5s series B
Deb s f 6s
26
115% 122%
51
71%
y b
..1950
5B
New Eng Power
5,000
115% 116%
aaa2
Elec 5s
N E Gas A El Assn 6s
111%
120
20%
*105% 109%
bb
x
111
120
New Amsterdam Gas 5s... 1948
Nevada-Calif
99%
1954 z cc
♦5s Income debt
4
2030 * bbb3
West Penn Traction 5s...1960 x aa 2
West Newspaper Un 68—1944 y bb 2
Wheeling Elec Co 5s.. —.1941 x aaa2
Wise Pow A Light 4s
1966 * bbb3
2
Yadkin River Power 5s
1941 x a
{♦York Rys Co 5s
1937 z bb
1
1947 ybb 2
♦Stamped5s
99% 101%
95
99%
98
99%
83,000
11,000
15,000
■■A'--}
6% 104,000
*107% 110
2
■
1951 x aa
West Penn Elec 5s..
100%
100%
105
105
105%
39~66o
108%
108% 109%
14,000
45
*100
105%
104
103%
2,000
46
105%
51 "066
2,000
103% 103%
93
92%
93
95
95
95
9,000
13,000
New Orleans Pub Serv—
5s stamped
♦Income 6s series A
New
York
100% 100%
97
4,000
102
25,000
94
23,000
100% 102%
97
103%
Penn A Ohio—
♦Ext 4%s stamped
N Y State E A G 4%s
1st mtge 3%s
N Y A Weetch'r Ltg 4s
1954
Debenture 5s
x
aa
1953 yb
Nippon El Pow 6%s
37,000
104% 107
23,000
81
95%
102% 105%
104% 109
102% 102%
25,000
102
113% 114
aaa3
x
102% 103%
16,000
91%
3
106%
113% 114%
55
1
56
3,000
52
94
102
59,000
94
17,000
104
106
65
y
b
x
aa
y
b
1957
x
bbb4
1945
3%S-,-.1968
y
bb
2
x
aa
4
1962
Okla Nat Gas 3%s B
1955
Okla Power A Water 5s...1948
x
a
3
x
x
bb
N'western Pub Serv 5s
Ogden Gas 1st 5s
Ohio Pow 1st mtge
Ohio Public
Serv 4s
96 %
104
3
40
41
3,000
40
49%
38,000
43,000
106
bbb3
104% 106
25,000
4
101% 102
16,000
101% 105
107% 107%
88
92%
20,000
107% 110%
106
106
105%
32,00
27,000
109%
x
aaa2
Pacific Invest 5s ser A
1948
y
b
Pacific Ltg A Pow 58
1942
1955
1964
1977
x
aaa4
1979
1971
—1941
1
107%
88
*104
11,000
88
bbbl
"87%
87
92%
867666
82
z
ccc2
40
40
41%
12,000
40
x
bbb2
98%
97% 100%
58,000
x
bbb2
104% 104%
2,000
104
107%
x
aa
2
100
5,000
100
106
1962
x
aa
2
104% 107%
16,000
104% 108%
6s series A
1950
y
104 %
104% 106
39,000
1959
y
102%
102
105
57,000
102
107%
Penn Pub Serv 6s C._
1947
1954
x
aa
106
106
107%
11,000
106
x
aa
105
105
106%
2,000
105
108%
108%
92%
94%
95%
96%
51,000
68,000
Penn Cent LAP 4%s
1st 5s
Penn Electric 4s F
58 series H
101
97%
43%
week.
None.
Cash sales transacted during the current
e
week and not included In weekly or
.
„v,,';v:\}y'.
No Sales.
Under the-rule sales transacted
y
during the current week and not
Included Id
weekly or yearly range:
No sales.
v
Deferred delivery sales transacted
during the current week and not
Included In
weekly or yearly range:
104% 109%
Deb 5%s series B..
bb
bb
Park Lexington 3s
No sales being transacted during current
Bonds being traded flat.
97%
y
Paclflo Pow A Ltg 5s
d Ex-
Cash sales not In¬
yearly range:
109% 112
111%
r
T Called for redemption:
104% 109
103%
107% 109%
103% 106
year's range,
Ex-dlvldend.
| Reported in receivership.
102
107
102
107 %
Pacific Gas A Elec Co—
1st 68 series B
♦
106%
107% 111%
103% 109%
103
x
♦ Friday's bid and asked price.
No Amer Lt A Power—
5%s series A
1956
No Boat Ltg Prop 3%s—1947
Nor Cont'l UtU 5%S
1948
No par value,
a Deferred delivery sales not Included in
n Under the rule sales not lnoluded In year's range,
cluded In year's range,
103
104%
♦
Interest.
Nosales.
97% 104%
Abbreviations
v
deposit; "cons," consolidated
convertible; "M," mortgage; "n-v," non-voting stock'
w." with wan-ants: "j-w
Used Above—"cod." certificates of
"cum,'' cumulative; "conv,"
•
t c " voting trust
certificates; "w 1." when issued: "w
wlthout warrants
Penn Ohio Edison—
5s series D
Peoples Gas L A Coke—
4s series B
4s series D...
1981 xbbb2
—...1961 x bbb2
1972 x aa 3
1962 y bb 2
1
Pledm't Hydro El 6%s... I960 yb
Pittsburgh Coal 6s—....1949 y bb 3
94
96
Phlla Elec Pow 6%s
PhUa Rapid Transit 6s
"93%
111% 112%
92
99%
25%
27%
105% 105%
7,000
92%
98%
95% 100%
110% 115
92
102%
25% 48%
2,000
104% 106%
28,000
8,000
A
Bank
Rating Column—x Indicates those bonds which we
Investment.
Eligibility and
believe eligible for bank
Indicates those bonds we believe are not bank eligible due either
status or some provision in the bond tending to make it speculative.
y
to rating
reorganization.
The rating symbols in this column are 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 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
a
Indicates issues In default,
in bankruptcy, or In process of
highest single rating Is shown.
A great
majority of the Issues bearing symbols ccc or lower are
lower are in default.
fRsues bearing ddd or
Attention Is directed to the new column In this
tabulation pertaining to bank eligibility
and rating of bonds.
See note A above.
in default.
All
The Commercial & Financial Chronicle
3334
May 25, 1940
Other Stock Exchanges
Baltimore Stock
Exchange
Sales
Friday
*
c-
<
,
I
v
v.v
\
Last
Week's Range
for
v. '
Sale
Stocks—
■
*
Bait Transit Co com vtc*
Arundel Corp
100
Consol Gas E L A Pow—*
454% pref B
100
1st pref v t c
11
1
Pref vtc
Fidelity A Deposit
20
Fidelity A Gur Fire CorplO
Finance Co of Am A com.5
112
....1
.1
Common class A
Monon W Pa P S
1.40
553
636
297
754
19
1854
2554
9154 106
25
2854
35c
Apr
May
May
May
1854
800
May
9154
150
35c
35c
2.50
May
25
286
1454
12
~-
Jan
6
70
954
55c
112
,
311
954
Jan
Mar
1.35 May
130
9854
mm -"~
Vml H.Davis &
2154
70
1,465
we
High
May
30c
3
112 54
•
Low
11
3,939
7354
70
70
Shares
31c
1.35
mmm
Range Since Jan. 1, 1940
1454
30c
mmm —
pref....—100
Mar Tex Oil
11
cl
Eastrn Sgrs Assn com v t
Houston Oil
May
954
Mar
12
May
35c May
83 54
11954
3154
Apr
130
Jan
32 54
Feb
Friday
10
Feb
Last
1954
Apr
Sale
70c
Jan
27c
100
25c
Apr
55c
90
26 54
May
2954
Mar
43
97
4154 May
48
12
12
1754
Owings Mills Distillery.-.1
Penna Water A Pow com.*
12
1.05
.2
5
1,305
1.05
612
Apr
1.45
Jan
May
100
23c
Feb
40c
Jan
57
May
7254
Jan
13
May
16
61
226
13
25
30c
1454
1754
34
1554
May
8454
13
Western National Bank.20
May
1.00
Jan
369
86
55
Seaboard Comml com...10
U 8 Fidelity A Guar
1354
1.00
55
Par
Price
3454
6,094
120
1454 May
3354
Jan
Mar
90
Mar
Jan
2354
37
Mar
com.5
Ball Brng Mfg com 1
Bonds—
23
28
1975
30
3154
4% 1947
Bnd Co 5%-1946
103
100
Finan Co of Amer
Interstate
26
.
Range Since Jan. 1,1940
for
$40,650
23
May
3554
30
May
4054
Apr
Apr
103
16,900
3,000
103
10354
Jan
100
$1,000
100
May
May
101
Feb
10
25
Allls-Chalmers Mfg. Co..*
Amer Pub Serv Co pref. 100
Amer Tel & Tel Co cap. 100
"iik
854
11%
1454
854
Boston Stock
Exchange
50
17
550
11 >4
207
80
1154
%
%
54
Automatic Washer com..3
3
"2H
54
554
254
14
154
Last
Week's Range
Sale
Price
of Prices
High
Low
Low
High
American Pneumatic Ser—•
Apr
7
354
pref
60
.....60
6%
non-cum
1st preferred
IH
100
147%
100
*
Bird & Son
Boston & Albany
100
Boston Edison Co
100
Boston Elevated..
100
Prior
125
30c
Apr
154
1354
50
16
70
72
Apr
Feb
10
100
4%
2% May
Jan
2
27%
2554
3154
1,400
854
854
"1554
954
354
1654
1,150
354
1354
Apr
Bunte Bros common
10
Feb
Burd Piston Ring Co com.l
May
654
655
5
May
154
15
14954
Jan
6054
2054
Mar
1054
Jan
Apr
154 May
154 May
3
May
254 May
154
19
13 54
240
12
May
16
Apr
12
8
12
May
1954
Jan
Mar
454
30c
Camp Wy & Can Fdy cap*
Castle (AM) com (new) .10
Cent 111 Pub Ser $6 pref..*
1754
1754
1054
Butler Brothers
Cumul conv pref
Mar
Chicago Corp common—1
54
Mar
Convertible preferred..*
26
14%
1254
1454
282
1254 May
Mar
109
65c
59
754
60c
295
Feb
5454 May
754 May
154 May
240
1054
60
1,600
3 54
Apr
15
2-2254
Mar
Jan
1.00
66
May
1754
254
754
Chi Flexible Shaft
6
com
Cities Service Co
5
1254 May
1854
Jan
2,025
16 54
26 54
Apr
10
23%
454
3054
Feb
454
454
454
,
154
......
12
32
154
16
254
5
350
5
20
254
13
*
108
50c
554
55c
3,190
Pennsylvania RR..
50
1,884
Qulncy Mining Co
25
16?4
154
1
154
560
154
754
154
50
954
439
554
654
2,438
60c
60c
100
71
78
Feb
Crane Co
854
May
65
54
Feb
"
92c
May
60c
Apr
1654
Apr
26c
Jan
754 May
14J4 May
2454
154
Jan
154
1
Feb
May
Apr
154
754 May
554 May
57c
Jan
Jan
54
Jan
554 May
%
Jan
%
Jan
Mar
4%
May
40
60
40
280
95
170
Jan
60
60
6254
550
54
166
54
May
May
v
Jan
12054
654
77
May
Feb
15% May
54 May
21
26% May
37
Feb
60
95
18
10554
84
Apr
May
%
Apr
IH
54
May
10554 May
70
105J4 109
116
754
118
754
May
1154
6354
554
254
1.641
54 J4
4
May
91
30
20
2554
28
22,350
10
27 54
854
5454
454
254
30
~60"
12
650
"2M
Feb
2)4 May
1.450
Jan
Jan
30
May
654
354
38
Apr
Mar
Jan
May
Mar
Apr
2554 May
Aye
May
16 54
Mar
1
550
33
10
1,000
2
May
354
554 May
8
Jan
Jan
Feb
54 May
May
1854 May
454
%
1954
33
Apr
2%
10
May
10
Jan
Apr
51
May
72
May
350
12
19
Feb
9
1054
600
9
May
May
1954
Jan
154
100
154 May
1354 May
254
2354
Mar
May
1154
Apr
4% May
1054
Feb
Common
35c
45c
5,450
554
%
6
May
60c
Apr
Apr
554 May
754
Mar
354
Apr
Fox
(Peter) Brewing
Gardner Denv
83
cum conv
com
.6
Series 6C 6s
1948
106
Series D 6s
1948
10354 106
89
May
89
May
1,000
4,500
10354
10154
98
Apr
Mar
Feb
10154
10654
Mar
Mar
106 54
Apr
May 18 to May 24, both inclusive, compiled from official sales lists
Friday
Sales
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Shares
Range Since Jan. 1, 1940
3954
Godchaux Sugars Inc cl A.*
Goldblatt Bros Inc com
*
54
650
40%
220
7%
214
8
200
2%
200
50 54 May
3354 May
754 May
Hamilton Mfg cl A pt pref 10
854
2 54
May
11
Apr
Illinois Brick Co cap.
10
Illinois Central RR com 100
4
Jan
Indep Pneumatic Tool vtc »
com
Apr
Apr
4%
May
May
1254
Feb
354 May
1554
Jan
1754
5
Apr
18
Feb
60
100
60
66
Apr
4254
460
3654 May
6754
Jan
10
150
10
May
1254
Apr
2
1,500
1% May
3654 May
254
Jan
38
4054
4354
5.50
466
2,400
38
May
May
354
50
354 May
454
454
854
1254
954
454
454
230
4% May
150
1,500
9
454
854
1254
9>4
May
4954 Apr
Apr
754
Apr
66 54
654
Apr
454 May
May
1254
Feb
May
26
Apr
1254
2754
2054
Feb
954
May
15
777
1054
2054
950
2.750
May
1754 May
1154
415
954 May
754
60
5
100
5
Mar
6
8
8..
1,950
8
May
10
754
350
1754
954
220
1054
1054
Hupp Motor Car
4954
Jan
700
1054
*
Jan
4
1 300
39
Apr
3054 May
3
36
70 54
454
29 54
754
1854
10
6154
Jan
May
5
954
9
Houdallle-Hershey cl B__*
5054
3454
Apr
May
3
21
16
Horders Inc
Abbott Laboratories—
17 54
1154 May
7
com.
com
May
1554
Hlbbard Spen Bart com.25
High
Mar
14
354
Gillette Safety Razor—
Common
Hein-Werner Motor Parts 3
Low
1454
38
May
354
1554
3654
Harnischfeger Corp com. 10
Heileman Brewing cap
1
160
300
4
154
com
Hall Printing Co com
1,400
Mar
May
May
•
10
Gen Amer Trans Corp cm_5
General Candy cl A
5
General Finance Corp coml
Gossard Co (H W) com..*
Great Lakes DAD com.
2,950 5
9
3654
(new) .*
pref (new) 20
Goodyear T A Rub
354
■:
60
354
15%
.....
Chicago Stock Exchange
Jan
15
1
Gen Motors Corp com.. 10
General Outdoor Adv com *
6,400
4
com .5
Fuller Mfg Co com
General Foods
Bonds—
$8,000
150
3054
4454
92 54
106
500
31
100
11
Four-Wheel Drive Auto. 10
Eddy Paper Cerp(The)cm*
9%
150
31
9
*
com
Fairbanks Morse & Co cm*
4154 May
90
1054
31
Class A
Dodge Mfg Co
Jan
269
89
10
*
75c May
Apr
Jan
Dixie-Vortex Co-
1254
4254
89
554
954
10
250
2454
3254
4154
May
954
6
1154
354
42
54
354
17
954
*
Diamond T Mot Car com_2
21
6% cum preferred
25
Utah Metal A Tunnel Co.l
84
*
com
De Mets Inc pref
Elec Household Util cap.
Jan
35c
154
1354
10
Elgin Natl Watch Co...15
Mar
774
Decker & Cohn—
Feb
8454
154
2454
40
1354
Feb
4554
3354
543
1354 May
60
25
com
12
May
854
54
Apr
100
12
55
3337.
May
12
Deere & Co
137
Apr
3854 May
2254 May
see page
20
88 54
May
61
Apr
May
May
lu
45c
75
For footnotes
14% May
71
Cudahy Pckg 7% pfd. .100
CunninghamDrugStores2 54
Common
1,449
"7H
100
570
900
115
Feb
1,816
Adams Mfg (J D) com
*
Adams Oil & Gas Co com.*
Jan
Apr
705
May
3854
5054
Apr
2254
1654
154
2554
6154
*
2354
1954
1254
654
55
25
Mar
1854
1354
Jan
Apr
3854
Price
May
Apr
454
754
10
Mar
2254
1948
10 %
500
8,000
1,200
Common pt sh v t c B._*
Container Corp com
20
Continental Steel com
*
58 H
Eastern Mass St Ry—
Series A4548
1948
1,000
254
H
Feb
24
.......
19
110
Apr
*
United Shoe Mach Corp.26
40c
May
2% May
4% May
1754 May
2.898
254
17
63
135
*
13
554
25
108
418
"38%
200
200
154
com.
Jan 'a 2
18
May
454
vV', 10
30c
554
Feb
1
May
5
3i#
1054
1754
Suburban Elec Sees com..*
Feb
1154
Consolidated Oil Corp
*
Consumer Co pref v t c__50
Consolidated Biscuit
May
1,045
65
30c
"~8
25
Compressed Ind Gases cap5
Capital
May
Apr
20
May
154
30
Coleman Lp & Stove com.*
Commonwealth Edison—
'I.:'"'.' May
100
754
1454
Reece Folding Machine. 10
Apr
Mar
May
6
1554
54
2654
""2k
Club Alum Utensil com.
May
254
12
2,300
31«
47c
15
322
99
120
65
;
554
654
Feb
10
1,500
26 54
10
May
154
12
154
112
Mar
com
42
May
33
30c
com
Apr
554
Dayton Rubber Mfg com.l
6
12
554
May
454 May
28
210
1254
15
12
50
526
33
6
"~2X
..
5
454
28
May
May
*
Chrysler Corp common..5
12 54
854
Common
2254
654
Chicago Yellow Cab com.*
1954
2354
30
Convertible pref
Jan
1654
2354
1654
*
Acme Steel Co
May
2% May
454 May
Chicago Towel—
Jan
2254
100
Par
16
350
454
*
com
Apr
2254
1254
Natl Tunnel & Mines Co.*
Stocks—
19
1454
15
Chic & N West Ry com 100
....100
Series B 6s
Jan
95
354
6554
2454
689
Loews Theatres (Boston) 25
Maine Central-
...
2554
40
May
May
342
4054
*
*
Jan
13 % May
600
154
2
.154
Hathaway Bakeries pref..*
2nd pref
May
3.650
54
$7 preferred........—*
Prior lien pref
*
26
*
Torrlngton Co (The)
Jan
Feb
54
Central States Pr & Lt pfd *
38%
*
*
5 54
1154
50c
Common new
Feb
154
Stone & Webster..
May
2354
300
Feb
5
*
Apr
May
2,100
654
54
154
154
Shawmut Assn T C
Apr
36 54
554
54
Common
654
4
2.50
1154
1854
12
Apr
Feb
Central & S W—
854
1%
Paclflo Mills Co
1854
Apr
May
1
Central 111 Secur conv pref*
Jan
754
New England Tel & Tel 100
New River 6% cum pref 100
N YNH&HRR
100
Apr
354 May
13 >4 May
150
4,550
1454
7154
May
4%
Warren Bros
—10
5
May
100
Waldorf System
254
354
Adjustment
100
Steamship Lines com*
Old Colony RR
254
454
Preferred B
6% cum pref
100
Mass Utilities Assoc v t c.l
Jan
54
854
454
754
50
654
14 %
13
13
254
"4 ~54
125
60c
Mergenthaler Linotype
*
Narragansett Racing Assn
Inc
....1
May
May
Jan
254
v
Apr
Apr
400
440
10
6
825
1
254
10
1,000
5454
North Butte
Class A pref
2H
154
v.- 4
60c
Common
Common..........—1
554
354
54 54
Isle Royal Copper Co...15
18
86
9
70
126
17
100
Gillette Safety Razor....*
16
*
6
38%
100
General Capital Corp
Gilchrist Co
16
Bruce Co (E L) com
850
1st preferred
Economy Grocery Stores.*
Employers Group
cap..*
Jan
363
Common
Preferred
,
7
May
Brown Fence & Wire—
Chain Belt
East
1654
Apr
1854
154
454
*
....
454% prior pref.....100
6% preferred—
100
Eastern Mass St Ry—
1354
Brach & Sons (E J)
East Gas & Fuel Assn—
Common.
15
Jan
12
3 54
--.-5
Common
54
May
May
May
May
154
...5
25
7%
3%
2554
8%
5
Apr
16
12
__*
com
Copper Range
12 54
400
354
32%
1254
5
100
Calumet & Hecla
100
700
9
14
4% May
1554 May
854 May
"3%
Jan
ht
154
554
Boston Per Prop Trusts..*
Boston A Providence—100
Brown-Dorrell
May
Apr
May
2,350
3,850
854
354
1554 May
17
39
Class A 1st pref std-.lOO
Cl C 1st pref std
%
%
200
20
Mar
470
13154
3854 3954
60c
Maine—
preferred
354 May
100
17554
14654 May
1,192
74
126
129J4
Boston Herald Traveler..*
Boston &
100
154
154
16
40 c
14654 15454 10,47 8
40
54
54
50
1554 1554
99
9
1054
Associated Gas & El cl A._l
Common
11% May
Borg Warner Corp—
40c
Common..—.——*
Amer Tel & Tel
Jan
Mar
4
200
454
Bendlx Aviation com
Apr
154
Berghoff Brewing Corp...l
Binks Mfg Co capital
1
Bliss & Laughlin Inc com.5
Range Since Jan. 1, 1940
for
Week
Shares
754
17
4554
1554
10
Mar
Jan
454
Mfg Co com
17554
May
Belmont Radio Corp—--*
Sales
May
May
%
1554
754
Jan
100
30 %
354
54
54
854
Apr
May
146 %
31
1254
Mar
4154
2,911
7,800
1,050
1,850
(W H) com
1
Barlow & Seellg Mfg Acom5
Bastlan-Blessing Co com
"12k
11
May
100
5
30%
354
75
Feb
Feb
21
22% May
85
Jan
1354
2054
May
29
4
Athey Truss Wheel Co cap4
Auburn Auto Auto Co com*
Belden
Friday
8
11% May
8% May
800
14654 15454
common—6
Aro Equipment Co com..l
Asbestos Mfg Co com
1
Aviation & Transport cap.l
950
75
Armour & Co
Aviation Corp (Del)
9
22%
Barber Co
May 18 to May 24, both inclusive, compiled from official sales lists
Par
High
4
2% May
1,800
1154
Allied Laboratories com..*
Allied Products com
Class A
3
Backstay Welt Co com—*
Stocks—
Low
Shares
8
9
Associates Invest Co com.*
Bait Transit 4s flat—1975
of Prices
High
Low
Week
254
Advance Alum Cstgs
Aetna
k
8454
30c
—
(Continued)
Stocks
Sales
Week's Range
Jan
2754
4154
Northern Central Ry—60
Municipal Dept. OGO. 521
405-406
La Salle St., CHICAGO
S.
10
Apr
Mt Vern WWodb Mills-
100
New Amsterdam Casualty 5
North Amer Oil Co com—1
Bell System Teletype
Feb
14
270
Preferred
Members Principal Exchanges
Trading Dept. OGO.
Apr
2654
mmm «•»«»■»
7% pfd25
A 5s flat
Unlisted
Week
Price
of Prices
Low
High
'--'A-
•
SECURITIES
Liited and
Par
1
1
<1
CHICAGO
both inclusive, compiled from official sales lists
May 18 to May 24,
2%
'19
254
654
19
Jan
754 May
36
May
1054 May
1054
42
9
May
1654
170
850
654
754
888
% Apr
254 May
6% May
19
May
Feb
Apr
Mar
Apr
565
350
Apr
Apr
«
20
Jan
Feb
1554
254
54
1
20
7
1
Feb
Jan
1354
Jan
28
Apr
Volume
The Commercial & Financial Chronicle
ISO
Sales
Friday
Stocks
(Concluded)
Par
Week's Range
for
Sale
of Prices
Low
High
Jan. 1, 1940
Price
2
Jan
1%
100
Stocks (Concluded)
High
Low
3%
Mar
Par
Cin Advertising Prod,
Cln Ball Crank 5
5
74%
499
66% May
90%
Jan
47%
772
40
May
62%
Jan
Iron Fireman Mfg v t c
Jarvls (W B) Co—
Common
*
13
14%
350
13
May
17
Feb
Cln Gas & Elec pref
CNO&TP
100
*
9
9
May
17
Jan
100
23%
Apr
Preferred
Cln Street
50
10%
1,950
17%
18%
250
44%
44%
50
4%
1,400
1,000
4
60
100
9%
Jefferson Electric Co com.*
Joslyn Mfg <fe Supply com-6
Katz Drug Co com.
1
Kellogg Switchboard com.*
Preferred
*4%
4
5%
100
100
Ken-Rad Tube&Lp comA*
Kentucky Util Jr cum pf .50
6% pref
100
Kerlyn Oil Co cl A com..6
La Salle Ext Univ
5
com
4
38
38%
93%
2%
%
450
300
24%
60
5%
1,500
1%
1%
19%
23%
.1
■
23%
*
5
LlbbyMcNelll&Libby com7
Lincoln Printing Co com.*
$3.50 pref
*
...10
Lion Oil Refg Co cap
Mapes Consol Mfg cap...*
*
com
Class A com
1
Middle West Corp cap...5
Midland United conv pf A*
Common
6
3%
4%
745
2
142
2
May
49%
103%
7%
395
Feb
Jan
1% May
3%
Jan
%
1%
Mar
i
Feb
Montgomery Ward
Eagle-PIcher.
Jan
6%
6%
pf.*
15
98
Feb
105
Apr
21
20
21
Mar
23
May
Preferred
113
113
6
110
Jan
115
Feb
..100
15
15
16%
441
13%
25
26%
416
25
5
May
9
Apr
4%
8
1%
May
3%
Apr
Hatfield prior pref
Part pref
70
19%
Mar
Jan
Hobart A
*
36%
37
10
13%
13%
45
12%
May
4%
26
Kroger
*
11%
1%
May
Jan
2%
Apr
Lunkenhelmer
22%
May
28%
Apr
P & G
Jan
30%
Apr
May
16%
Feb
Rapid
Jan
U S Printing
5,100
300
8%
3,300
7%
3% May
20
Apr
4
Mar
30
3%
25
Jan
*
19
53%
Mar
224
May
8%
1%
100
1% May
2%
Feb
Feb
9
9
10
138
9
May
17%
Mar
10
9%
8%
10%
535
4%
May
13
Mar
25
10%
2,081
9% May
10% May
17
Apr
14
Jan
7%
56%
51%
Apr
.50
Wurlitzer
Unlisted—
Am Rolling Mill
Jan
9%
11%
May
City Ice
*
10%
11%
50
%
May
Columbia Gas
*
4%
4%
2,195
May
6%
10
39%
38%
5%
43%
796
4% May
38% May
36%
38%
195
36% May
5
1,100
8%
Jan
Apr
50
8% May
11%
12% May
24
Apr
3%
Jan
2,129
32
May
55%
200
7
May
4
Jan
11%
4%
Jan
1%
28%
Jan
300
25%
3%
1,200
1,150
11%
950
8%
1,800
8
12%
%
3,940
24
14
100
10%
150
23
10
Apr
20% May
3
May
8
May
36
Feb
10
Ohio Listed and Unlisted Securities
Jan
Members Cleveland Stock Exchange
Apr
5%
May
12
Feb
12
Jan
12% May
20%
Apr
8% May
8%
80
50
50
6
8%
8%
105
9%
10
8%
Peabody Coal Co B com..5
50
150
%
8%
22%
Jan
May
50
70
Jan
May
14%
12%
Jan
%
RUSSELL co.
G1LL1S
North West Util—
100
*
Mar
May
Tlmken R Bearings
Apr
100
General Motors
Jan
7%
4%
1%
3%
14
Apr
Apr
150
8%
38%
10
Northwest Bancorp com..*
Feb
4% May
9%
3
Apr
225
4%
%
100
June
71%
230
5
4%
Jan
20%
20%
22
Apr
53% May
1,811
Apr
5
1%
*
18
25
34%
Apr
224
224
"4%
59%
23%
Mar
23
North Illinois Finance cm-*
100
55
100
*
23%
19
*
8%
Apr
7
Nor Amer Car Corp com 20
Prior lien pref
24%
Jan
4%
4%
1%
Natl Rep Inv Trust con pf *
National Standard com. 10
7% preferred
Feb
107
be
3
Mar
15
Feb
1%
32
*34 %
3%
2,078
43
Jan
5%
4%
800
Jan
101
10
27
Jan
6
8
102
102
100
150
26
7
7
4%
Apr
Apr
29%
6% Mar
14% May
Mar
Apr
1st pref
400
18
Northwest Eng Co cap...*
Apr
7
4%
500
8%
Noblltt-Sparks Ind com..5
May
9
7%
14%
18%
100
4%
13,850
1,950
17%
com
Jan
4%
12
Jan
May
6
1
Nachman Sprlngfllled com *
Natl Pressure Cooker Co.2
119%
36% May
*
3
23%
Jan
100
2%
3*
5
12%
6% May
Jan
Feb
21
Jan
May
*
com
7%
2%
100
5%
llenlOO
Omnibus Corp com
Parker Pen Co com
10
25
398
Mar
6
100
2
"5%
Jan
...»
Preferred
Early & Daniel
*
40
3%
25%
3%
Feb
%
Mar
200
4%
-
87
Feb
119%
2% May
100% Mar
14% Mar
Jan
May
Apr
110
3% May
2
*
28
10%
2%
Mar
370
*
6
Gibson Art
400
3%
25%
3%
3%
*
env
515
*
Preferred
$2 cumul part pref
*
Mickelberry's Food com.l
Miller & Hart Inc
381
12%
Formica Insulation
9%
13%
1%
23%
8%
3%
9%
McCord Rad & Mfg A...*
Merch & Mfrs Sec—
Minneapolis Brewing
Modlne Mfg Co com
91
6
Mar
28
5
com
pr
85%
11%
*
Mar
11%
1%
22%
*
Lynch Corp
6%
89
1% May
85% May
11% May
932
30
1,500
9
*
Loudon Packing com
Midland Util
May
Jan
Mar
8
May
110
May
6%
4%
Liquid Carbonic Corp com*
Field
May
79
75
Crosley Corp
101
Lindsay Lgt & Chem—
Marshall
101
62
Kahn
Cumulative pref
Common
177
80
110
Dow Drug
2%
%
1%
106
79
110
Apr
93%
3%
101
iio"
Feb
10
1%
May
6%
Jan
200
%
;i
*
com
8%
Jan
5%
1% May
May
38
500
5
10
107
2
Cln Union Stock Yds.
Cohen (Dan)
2%
3
'Tx
Apr
3%
250
93%
•
Feb
60
7%
2
102
20
Cin Telephone
6%
8%
5%
1%
50
Apr
May
Shares
5
50
5% May
650
40
3%
Kingsbury Brewing cap._l
Leath & Co
6%
100%
17% May
44% May
:l
High
Low
7%
66%
1940
Week
*
40
*
for
of Prices
Low
High
Price
Churngold
International Harvest com*
Inland Steel Co cap
Week's Range
Sale
Shares
2
Range Since Jan. 1,
Last
Week
Indiana Steel Prod com__l
Sales
Friday
Range Since
Last
3335
Mar
7% May
%
Jan
Union Commerce Building,
35
35
350
35
May
40
Mar
13%
1%
13%
150
13%
May
15%
Mar
1%
50
1%
2%
Jan
15
18
960
15
May
May
Jan
Peoples G Lt&Coke cap 100
25
27
725
25
May
24%
38%
Perfect Circle (The) Co... *
Pines Winterfront com
1
23%
25%
320
800
23% May
% May
Cleveland
A. T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
Jan
6% preferred
.100
Penn Elec Switch
conv
A 10
13%
Penn Gas & Elec A com..*
Penn RR capital
50
"16 X
«!•
Potter Co (The) com
Pressed Steel Car
1
com
7%
Process Corp (The) com..*
Quaker Oats Co common.*
Preferred
6%
185
5%
May
%
200
%
Mar
7
..1
%
6%
%
Poor & Co class B
9%
1,550
100
150%
145
100
1,070
190
145
%
100
112
Feb
Jan
%
Jan
12%
Feb
%
Jan
14%
% May
123% Feb
%
5
..10
Reliance Mfg com
9
3
22
Sangamo Elec com (new).*
Schwltzer Cummins cap__l
Sears Roebuck & Co cap..*
9%
3
Rollins Hsry Mls(new)cm-4
6
28%
10
12
12
20%
23%
1%
Sou Bend Lathe Wks cap.5
22%
South Colo Pow A com..25
Spiegel Inc
May
May
154
1%
'95"
95
1%
1
May
May
9
12
1%
Feb
22
May
6
May
30%
10%
1,650
100
10
Jan
31
Apr
28
12
May
15
Jan
20%
May
30
Apr
1%
May
95
May
1%
101
Mar
Apr
6%
1,485
5
May
11
Jan
...20
1,400
8
May
14
1
21%
1%
24%
1,150
10
12
£
1
25
21%
*
1%
1%
1,100
200
100
1
May
2%
28%
10
May
14
Jan
2
1
%
985
20
25
4,500
15%
18%
18
21%
2,700
18
20%
3,850
18
38%
747
4%
4%
2,650
11%
63%
12%
12%
69%
350
11%
1,079
63%
12%
58%
41%
Feb
2%
22
Swift International cap.. 15
Swift A Co
25
5
Texas Corp capital
4%
18%
"4%
2
com
Union Carb A Carbon cap *
United Air Lines Tr cap..5
U S Gypsum Co com
20
United States Steel com..*
pref
100
18
33%
25
Thompson (J R) common25
4%
43%
.....
Utah Radio Products com 1
5%
15%
67%
58%
41%
51%
103% 111%
1
%
757
376
3,800
431
2,000
Jan
Mar
Apr
Jan
Apr
Feb
9
29%
32%
25%
May
Feb
Mar
Apr
Jan
47%
5%
Apr
May
16%
Apr
May
May
88
Jan
23%
Apr
May
May
87%
68%
Jan
May
May
33% May
4
103% May
% May
Jan
124%
Apr
1%
Jan
Utility A Ind Corp—
Convertible
Viking Pump Co
1%
7
pref
*
com
"l9""
19
1%
750
20
80
300
1% May
19
Jan
1% May
16% May
14% May
14% May
76% May
1%
19%
2,350
16%
157
Western Un Telegcom.100
1%
16%
14%
14%
16%
635
Westh'se El A Mfg com.50
76%
83%
122
5%
450
4
150
91
Wahl
Co
*
common
Walgreen Co common
*
Wayne Pump Co cap
*17%
1
Wieboldt Stores
*
Cumul prior pref
4
*
com
91
Woodall Indust Inc cap..2
Wrlgley (Wm Jr) cap....*
Yates-Amer Mach cap
1,900
3%
72%
2%
2%
200
8%
10%
3,950
110% 110%
73%
5
Zenith Radio Corp com.-*
91
4%
4
78%
$3,000
3%
Wisconsin Bankshrs com.*
"9%
250
839
May
May
3% ,May
3% May
72%
2%
8%
2%
Apr
24% May
2
Feb
23%
24%
May
28 %
117%
Jan
Jan
7%
Jan
Jan
95
Apr
5%
Feb
6%
May
May
93%
Apr
Apr
3%
Apr
May
17%
Apr
110% May
131
Apr
Sale
Exchange
Sales
Par
Stocks—
Price
Week's Range
of Prices
High
Low
20
*
Burger Brewing
Champ Paper & Fibre.
For footnotes see
3%
19%
100
page3337.
3%
44
*
.100
13%
8
..50
Preferred
Preferred
13%
...8
Baldwin
100
15%
8
3%
250
May
4%
Apr
276
45%
May
Apr
Bond Stores com..
125
19
May
66%
29%
Shares
City Ice & Fuel
*
Cl Builders Realty
*
Cl Cliffs Iron pref
*
c
High
222
66
118
25
19%
60
40
13% May
7
Feb
3%
Jan
5
Cliffs Corp com
1
Colonial Finance
43
Jan
19% May
100
May
18
Apr
Apr
3%
11
100
Dow Chemical pref
Eaton Mfg
38%
Elect Controller
Faultless Rubber
c
Fostorla Pressed Steel
2
General T & R
c
Glidden Co com
Goodyear Tire & Rubber.
Great Lakes Towing...100
230
1%
$5 cum—.
45
240
•
26
May
554
17%
12%
10%
May
May
990
100
113% May
Interlake Iron com
30
Apr
Feb
Apr
Apr
Apr
150
39
May
50
15%
May
17%
Jan
21%
Jan
6%
Apr
65
Jan
41
278
26% May
10% May
223
11
May
19%
Jan
697
10
May
20%
Apr
674
12% May
24%
Apr
50
23%
Feb
60
215
41%
11%
May
May
50
32
96
May
5
5
230
16%
May
13
105%
29
Jan
Jan
May
Jan
Jan
Mar
Jan
Jan
380
6
May
12%
Interlake Steamship.
35
39
423
35
May
44
Apr
Kelley Isl Lime & Tran—
Lamson & Sessions
12
13
444
12
May
13
Jan
2%
10
Leland Electric
c
2%
10
031% 037
17%
17%
Martin (Glen L) com—
135
2%
May
4
Jan
100
10
May
13%
Mar
222
29% May
46%
Apr
80
16%
Feb
18
Mar
McKee (A G) B
30
30
89
30
May
35
Apr
Medusa Portland Cem...
14
14
70
14
May
17%
1%
Apr
40%
Apr
McKay Machine
Metro Paving
National Acme
May
20
24%
Jan
41
Apr
al7%
330
13%
Jan
21%
Apr
225
39
35
New York Central
Ohio Brass B
—
775
9%
40
19%
Jan
290
5%
May
35
12%
May
May
400
12%
12%
Ohio Confection A
13% May
May
May
May
%
%
09% oll%
19%
19%
06%
o5%
Nestle LeMur A
Ohio Oil com.
2%
%
a7
Packer Corp
11%
—
Republic Steel com.
32"
Thompson Products Inc..
c Tlmken Roller Bear com
Twin Coach com
08%
1,205
7
9
Otis Steel
Reliance Electric
9%
122
9
May
814
12
May
12
14
c
27
3%
1
Jan
Apr
Jan
18%
Jan
24%
Apr
8%
May
15
Mar
Jan
12%
10% May
14%
Mar
alO% oll%
014% al7%
31
34%
11%
May
14%
Apr
1,251
14
May
1,225
31
May
23%
40%
Mar
a4%
60
3% May
8%
Jan
a31%
a36% a36%
07%
a6%
a43% 051%
320
27%
May
38%
Apr
25
35%
May
52
6%
May
13%
May
68%
Jan
a3%
a28
20
130
Jan
Jan
Mar
Works...
1,258
42
3
3%
505
3
Jan
4%
Apr
1
United States Steel com.
Youngstown Sheet &
Jan
013% al5
2%
2%
—
Natl Malleable St com.
Van Dorn Iron
23%
al5
Natl Refining (new)
c
170
39
Monarch Machine Tool..
c
182
023% 028%
Midland Steel Prod
c
1% May
1%
1%
Brick
1
200
1
Apr
1%
Feb
164
7%
May
10%
Jan
545
7%
May
13%
Apr
28% May
12% May
48%
Jan
28%
Jan
7%
07%
8%
a9
559
Tube
Youngstown Stl Dr cm.
34%
28%
012% 016
85
Mar
105
Apr
117
37
Jan
47
13
Mar
May
May
Feb
a98
18%
Jan
Feb
Apr
22
303
41%
11%
36
.
Apr
Mar
446
030%
a58
43%
Jan
2,712
May
016% 019%
6
7%
Industrial Rayon—
2
63%
May
3%
097
14%
Jan
46
12%
41%
11%
Halle Bros com
c
400
70
a58
Greif Bros Cooperage
c
2
50
a9% al2%
012% ol5%
Goodrich (B F)
Hanna (M A)
May
220
a27
General Electric com
7
May
10%
alO% al2%
alO% al2%
1
Firestone T&R
4%
300
*
a26% a31%
20
25%
12%
13%
11
10%
113% 113%
28%
23%
40
270
16
15%
al2% 015%
5%
5%
...
Weinberger Drug...
10%
1%
46
1
100
Cl Graphite Bronze
Cleve Railway
Warren Refining
Low
al9% a20%
5%
4%
alO
alO%
.1
Brewing Corp of Amer.-.3
c
Range Since Jan. 1, 1940
for
Week
44
102
Jan
4
White Motor.
Am Laundry Mach
4
19%
May
a51
c
Last
High
Low
13
70
4
Seiberling Rubber.......
18 to May 24, both inclusive, compiled from official sales lists
Friday
ol3% al3%
<z46
Rlchman Bros
iy
for
Week
Shares
*
c
Cincinnati Stock
High
Amer Home Prod com..l
Patterson-Sargent.
Bonds—■
Commonw Edison 3 %sl958
of Prices
Low
Range Since Jan. 1, 1940
c
c
21% May
Sunstrand Mach T'l com.5
Stewart Warner
Price
Addressograph-Mul cmlO
Akron Brass Mfg...
Mar
Sterling Brewers Inc com.l
cum
Mar
9%
Stein Co (A) com
7%
2%
5
Common (new)..
(The)
Apr
Feb
Apr
88
*
95
Apr
May
%
Jan
62%
500
110
Jan
4%
8
Standard Oil of Ind
Trane Co
c
Feb
Jan
%
.2
common
Stand Dredge—
Preferred (new)
650
1%
28%
1
Signode Steel Strap pref.30
Sivyer Steel Castings com.*
Southwest Lt & Pow pref.*
450
24
1,084
62%
Serrick Corp cl B com
120
1,250
7%
67%
1%
62%
Sale
Par
Stocks—
Week's Range
-
Raytheon Mfg Co—
6% pref
Last
official sales lists
Sales
Friday
Mar
c
.
100
May
% May
150
%
103""
7
29
Cleveland Stock Exchange
May 18 to May 24, both inclusive, compiled from
Detroit Stock
Exchange—See page 3301.
The Commercial & Financial Chronicle
3336
May 25, 1940
Sales
Friday
Range Since Jan. 1, 1940
Last
Stocks
Wm.Cavalier&Co.
of Amer.....*
Republic Steel Corp.....*
Seaboard Oil Co of Del...*
Sears Roebuck A Co—..*
Radio Corp
MEMBERS
New York
Lot
San Francisco Stock Exchange
Angelee Stock Exchange
Lot Angeles
623 W. 6th St.
8ocony-Vacuum Oil Co—15
Southern Ry Co
*
Chicago Board of Trade
Stock Exchange
Par
(Concluded)
Inc....*
Standard Oil Co (N J)—25
Stone A Webster Inc
*
Studebaker Corp
1
Standard Brands
Teletype L.A. 290
Par
for
Sale
Stocks—
West's Range
of Prices
Low
High
Week
Price
Range Since Jan. 1. 1940
Shares
3
22%
25c
25c
25c
400
a4c
a4o
a4c
40
1 %
1%
1%
1%
1%
1,365
1,400
2%
5%% pref..60
Berkey & Gay Furn Co.—1
Barker Bros
Warrants,.
Blue Diamond Corp
1%
Bolsa Cblca Oil A com..10
High
2% Maj
22% Ma>
200
25c
4%
30
A pi
May
1%
Feb
100
4
5%
30
11
May
14%
1
Chapman's Ice Cream
*
Chrysler Corp
-.6
Consolidated Oil Corp—»
57%
Consolidated Steel Corp. .*
1
3%
a6%
Douglas Aircraft Co...
Electrical Prods Corp....4
a75
8%
Farmers & Merchs NatllOO
1
Jan
Jar
964
4
800
7
8
1,075
7
May
11
Apr
4%
5
435
4%
May
0
Apr
6
6%
87%
Jan
6%
Jan
Apr
3% May
88%
10%
Mar
8
11
8
25c
375
Mar
641
a0%
a0%
074% o85%
8%
9%
8%
Emsco Derrick & Equip..6
Exeter Oil Co A com
1
1
Jan
12
3%
4%
26
IOC
20
0%
0
7%
Preferred....
1
15% May
8% May
300
57%
57%
6
Creameries of Amer v t c.l
315
9
25c
8%
29c
57% May
0
May
3% May
112
8,906
500
May
90%
Jan
6%
Apr
25c May
1,400
375
Jan
8
43o
Apr
Jan
Jan
375
10
38%
38%
40
2,272
38%
General Paint Corp com..*
a4
a4
a4
30
6%
Jan
0%
Apr
Gladding McBean & Co..*
Globe Grain & Milling..26
4
702
3%
May
May
May
6%
Apr
8%
Mar
24%
Feb
May
40
Apr
10
General Motors com
375
3%
6%
0%
4%
6%
100
May
6%
Goodyear Tire A Rubber.*
13%
12%
15%
525
15%
Hancock Oil Co A com
27
27
28
827
27
*
Holly Development Co..l
45c
45c
00c
700
Hudson Motor Car Co...*
a3%
o3%
a3%
25
1
Lane-Wells Co
10
Lincoln Petroleum Co.. 10c
10
12c
Lockheed Aircraft Corp__l
31%
12c
29
10
12c
35
80c
Jan
Mar
100
12%
May
1,000
1,764
7o
Jan
100
Mar
27%
Mar
41%
Apr
3% May
1%
Jan
4%
Jan
4%
May
40c
Apr
50c
Jan
400
30o May
47o
Feb
300
3%
May
4%
Apr
8c May
10c
Jan
3%
3%
3%
3
3%
4%
39,108
Mt Diablo Oil Mng A D..1
44c
44c
45c
950
Oceanic Oil Co
30c
31c
.*
3%
3%
3%
1
Pacific Clay Products
alOc
alOc
olOc
Paclflo Distillers Inc
Paclflo Finance Corp com 10
10
Pacific Gas A Elec com..26
<z26%
Paclflo Lighting Corp com *
Pacific Public Serv com..*
37%
Puget Sound Pulp A Tlmb*
Republic Petroleum com.l
5%% pref
60
Rice Ranch Oil Co
1
9%
a26
4
2
a
1%
6
8
8
5
4%
*
Signal Oil A Gas Co A
*
Solar Aircraft Co
a35%
27%
8%
8%
20%
3%
5%
3%
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..26
Original pref
25
6% preferred B
26
5%% preferred C....26
So Calif Gas 0% pref A..25
Southern Pacific Co
*
Standard Oil Co of Calif..*
Superior Oil Co (The)...25
Transamerlca Corp......2
21%
2%
6%
8%
a34%
27%
22
5%
24
24
6%
a35%
30%
8%
22
4%
5%
25%
39
39
39
27%
27%
25
24%
28%
25
30
30
30
100
4
Jan
12
1,475
May
Jan
6
28
Apr
Jan
May
2,500
2
May
2%
Jan
90
30
May
40%
Jan
271
12% May
23%
6
10
Apr
Apr
al6%
U 8 Rubber Co
•
Warner Bros Pictures Inc. 5
Westlnghouse ElecA Mfg50
Willys-Overland Motors..!
U S Steel Corp
Par
Stocks—
*
100
American Stores..
American Tel A Tel
pref..50
Barber Co
10
Bell Tel Co of Pa pref..100
Budd (E G) Mfg
Co
*
Budd Wheel Co
for
of Prices
Low
High
3%
Apr
Mar
Week
Price
9%
Chrysler Corp
5
115%
58%
10
General Motors..
'25%
39
Horn A Hardart (Pa) com*
6
1%
Pennsylvania RR
10%
Penna Salt Mfg
50
164%
2%
Penn Traffic com
57 %
64%
2%
28%
38
44%
111% 112%
May
207
113%
3
Apr
May
3%
May
300
57% May
111% May
30
May
1% May
50
2
642
1%
5%
1%
107
6%
600
1%
8,558
14%
17%
104% 168
2%
2%
9,293
37%
1%
80
100
67
115
4%
United Gas Imprvmt com-*
10%
_.__..*
110%
*
"io"
Jan
Apr
35%
May
2%
Mar
1% May
3%
Feb
5%
1%
May
8%
Apr
Mar
2%
14% May
164% May
24%
Jan
175%
Apr
May
2% May
114
May
Jan
Jan
2% Mar
Jan
120%
Jan
31%
8% May
49
48%
Mar
May
% May
%
%
May
%
2,170
%
110
%
i%
28%
10
11%
107% 111%
1,914
15
22,616
461
10
20
12%
10
Jan
Apr
55%
125%
270
9%
90%
4%
33%
May
70
®16
%.
%
Feb
39
42%
1%
28%
Jan
6%
34% May
37%
Preferred
*
38
Jan
6
28% May
4% May
35%
Transit Invest Corp
May
Jan
Feb
Feb
15%
125%
145
1,171
5
®i»
*
2
Apr
15
25
30%
39
Tacony-Palmyra Bridge..*
Tonopah Mining
1
*
8%
70
28%
Westmoreland Coal
255
30
1
*
Preferred.
175%
25% May
25
Westmoreland Inc
140% May
10% May
181
40
Salt Dome OH Corp
Preferred
738
1,078
1,349
Phila Elec Pow pref
United Corp common
14%
25%
114
Phila Elec of Pa $5 pref... *
Scott Paper
9% May
1%
1
50
Pennroad Corp vtc
High
1,787
3,374
1,420
3
4
30
Horn A Hardart(N Y)com*
Lehigh Coal A Navigation*
Lehigh Valley
50
Nat'l Power A Light
*
3
Low
Shares
2%
Curtis Pub Co common..*
Electric Storage Battery 100
9%
11%
140% 153%
11
10%
11
8%
115% 116%
3%
3%
*
Feb
17c May
33
%
May
1% May
28% May
10
Apr
Feb
1
Jan
2%
Jan
41%
Feb
May
15%
Jan
107% May
117%
Feb
9%
7%
May
Apr
12
Apr
12% May
52%
Apr
May
33%
May
170
May
8% May
20% May
2% May
385
2,170
1,346
3,240
5%
8%
8%
31
4%
7
May
Mar
21
May
May
39
May
46%
Jan
May
Jan
30%
Apr
May
Par
Stocks—'
Week's Range
for
Sale
of Prices
Week
Price
Allegheny Ludl Steel com.*
Armstrong Cork Co
*
Jan
Copperweld Steel
Jan
7
Mar
14
8,711
4%
May
May
Columbia Gas A Elec Co.*
6
Duquesne Brewing Co
5
8% May
15%
Jan
Electric Products
*
4%
Jan
14
Apr
1% May
416
3
Mar
FollansbeeBros
pref
Fort Pitt Brewing
_
1
100
4%
4%
4%
110
7c
7c
7%c
7,000
Cons Chollar GAS Mln_.l
1.10
1.00
1.10
200
May
6%
Apr
7%c May
4%
14 %o
Jan
2%
Jan
1
May
5
May
10
Jan
162
47%
May
47%
Jan
May
174%
Mar
23% May
31%
Apr
Apr
1,450
1,325
195
148
4%
May
7%
785
15
May
24%
10
22
May
22
1,223
5
May
8%
Apr
May
Apr
May
735
13
May
19%
a8
a8%
120
a30%
310
687
Mar
Feb
Feb
12%
34%
o66% o79%
11%
31%
73%
Apr
026
84
300
23%
Feb
a4%
a5
a4%
Commercial Solvents Corp*
a9
a8 %
a8%
Commonw A Sou Corp...* a87 %c a87%c al.00
Continental Motors Corp. 1
3%
3%
3%
185
23%
May
26% May
Apr
63%
Jan
11%
Feb
13%
685
5%
May
315
6%
May
5%
1,375
6%
Apr
4%
5
2,540
5%
4%
May
7%
Apr
25c
1,000
25c May
1.00
17%
75
6%
175
8
594
15
10
10%
4%
9
"T%
75
1%
75
5
11%
1%
2,589
1,310
150
1,210
125
81
Jan
15%
4
Jan
Jan
25
Apr
Mar
6%
13% May
17%
10
14
Mar
May
4%
9
1%
75
Jan
Mar
6%
Mar
May
May
20
Jan
May
91
May
May
May
Jan
1%
8%
2,156
7%
5%
4,017
4%
May
May
10%
4%
75c
1.00
410
75c
May
1.50
1%
28
May
May
4
May
Apr
7%
1%
com
.
Ruud Mfg Co
San Toy Mining
100
365
6%
Jan
2%
Jan
30%
6%
Apr
Apr
1%
100
1%
Feb
1%
Feb
80%
345
77%
May
104%
6
700
4%
May
8%
3
3
50
3
Mar
5
5%
408
5
May
5,666
4
100
Pittsburgh Screw A Bolt. *
Pittsburgh Steel Foundry.*
1%
30
28
*
Pittsburgh OH A Gas
5
Pittsburgh Plate Glass..25
7%
77%
4%
5
1
4%
1%
77%
4%
160
lc
Apr
Jan
4
Mar
9%
Mar
FeD
lc
lc
Feb
lc
Shamrock Oil A Gas com.l
1%
1%
100
1%
May
2%
Jan
United States Glass vtc..1
15c
15c
200
10c
Apr
15c
May
28
30%
500
17%
15%
20%
1,793
83%
77%
89%
384
1%
1%
60
Vanadium-Alloys Steel...*
Westlnghouse Air Brake.. *
Westlnghouse E. A Mfg.50
34
28
May
15%
May
28%
Jan
77% May
117%
Jan
2%
Mar
May
Apr
al3% al6%
a2% a3
a43
a47%
04%
a5%
4%
Supply Co
10
Corp...*
Pittsburgh Brewing com..*
Pittsburgh Coal
'
400
226
High
May
Mt Fuel
Preferred
Unlisted—
10
Natl Flreproofing
Lone Star Gas Co com...*
Mining—
Alaska Juneau Gold Mln 10
Black Mammoth Cons. 10c
29%
7%
13%
10
100
-
.
Koppers Co pref
23%
6%
6%
6
10
Devonian Oil Co
Jan
709
19
17%
4%
Crandall McK A Hend...*
17%
12
Low
Shares
25c
Byers (A M) Co com
*
Clark ( DL) Candy Co...*
36
7,273
High
5%
25
Blaw-Knox Co
15%
26%
17% May
25% May
100
Low
16
Consolidated Ice Co pref.l
Jan
Range Since Jan. 1, 1940
Last
Apr
27%
200
1,280
1,903
Sales
Friday
Jan
13
1%
Range Since Jan. 1,1940
Wset's Range
Bankers Sec Corp
34% May
13
Feb
Apr
Apr
May
5,418
13
25
Last
May
15
4%
115
Last
May
15
2% May
Sales
Friday
7
a21% 021%
5%
6%
235
28
9%
15
a21 %
5%
2%
2%
077% o89%
o2%
02%
51%
Philadelphia Stock Exchange
30
19%
4%
66
May 18 to May 24, both inclusive, compiled from official sales lists
24% May
19%
4%
38%
May
37%
11%
1%
25
Aviation Corp (The) (Del)3
Baldwin Locomo Wks v t c.
o2%
May
45
80
255
1%
Atlantic Refining Co
o82%
43% May
23
1,800
Pittsburgh Stock Exchange
8%
Atchsn Topk A S Fe RylOO
2%
634
242
49%
45
May 18 to May 24, both inclusive, compiled from official sales lists
1%
4%
45
Apr
Jan
9%
6
43%
12%
110
Apr
1%
19%
Feb
18%
Apr
Yosemlte Por Cement pf 10
50
Jan
Feb
23%
47%
12%
43% 43%
fll0
018%
18%
o34%
7
0
5.50
Anaconda Copper..
Armour A Co (111)
12
12%
May
Feb
12%
228
148
Mar
May
215
Jan
Jan
43%
United Air Lines Trans p. 5
3,400
4,259
148
10
1,155
18%
Apr
10
8%
148
40%
175
Feb
8%
20
25%
4%
5%
5%
a3l% a36%
292
Apr
7%
Jan
8%
5%
5
Apr
May
4%
12%
a34 %
276
May
May
May
7%
10
*
5%
o3l% 035%
o5% 00%
5%
0%
5
Apr
7%
3%
26
Amer Rad A Std Sanl
14
11,530
Universal Consol Oil
Amer Smelting A Refining.
Amer Tel A Tel Co.
100
50
11
12
25%
525
82%
30%
29%
7
8%
09%
May
Mar
Feb
Feb
17%
25%
4%
7%
19%
7%
08%
May
Jan
14c
1,100
5,132
1,300
Union Oil of Calif
Vega Airplane Co
Mar
49%
28
a17c
6%
Shell Union Oil Corp
13%
34%
37% May
a16c
Ryan Aeronautical Co
Safeway Stores Inc
*
Security Co units ben Int..
May
May
233
35
Richfield Oil Corp com...*
Roberts Public Markets..2
1
9%
602
30
17c
500
2,000
Jan
37%
4
15
16%
30
156
Apr
o27%
37%
4
10
Apr
6%
...1
30c
Apr
56
45c May
Los Angeles Investment. 10
1
405
May
6%
9%
Menasco Mfg Co
3,006
105
Jan
15%
05%
0%
85
Apr
Apr
May
10%
14%
11%
11%
061% u05%
287
May
alO
15%
8%
032%
412
7%
23%
11%
87%
12%
17%
005% 009%
Mar
4
May
May
2%
4
9
5%
200
High
May
033% 038
o9% ol0%
6c May
3
alO
15%
a9
Low
4%
14%
11%
fl9%
Apr
4
a
11%
a62%
7%
Shares
512
5
5
5
15
High
Mar
45c
0c May
1%
Jan
10
Broadway Dept Store—
Byron Jackson Co
Calif Packing Corp com..*
Central Investment
100
District Bond Co
Low
1,305
22%
2%
22%
1
Bandlnl Petroleum Co
Low
065%
United Aircraft Corp
Sales
Last
Price
Oil...10
(The)——26
Tide Water Assoc
Exchange
compiled from official sales lists
Friday
West
Union Carbide A Carbon.*
Texas Corp
May 18 to May 24, both inclusive,
for
of Prices
5%
18%
45%
10%
78%
25
Swift A Co
Los Angeles Stock
West's Range
Sale
Barnsdall Oil Co
Bendix Aviation Corp
Bethlehem Steel Corp
5
Borg-Warner Corp
5
a8
a26 %
a67%
al4%
5
*
Canadian Pacific Ry Co.25
Caterpillar Tractor Co...*
Cities Service Co
10
a2%
a45%
a4 %
Columbia Gas A Elec
Continental Oil Co (Del) .5
18 %
18%
Curtlss-Wrlght Corp. ....1
8%
a23%
7%
Class A
l
a3%
a2%
29 %
27
General Foods Corp.....*
Goodrich (B F) Co
»
Intl Nickel Co of Can
*
*
Kennecott Copper Corp..*
Loew's Inc
*
McKesson & Robbins
Mountain City Copper._5c
New York Central RR_._*
Nor American Aviation. 10
North American Co......*
Ohio Oil Co
*
Packard Motor Car Co..*
Pure Oil Co.
Pennroad Corp vtc
1
1%
May
Jan
5% May
13%
Jan
7%
Apr
175
16%
Apr
226
87 %c May
1%
Jan
435
2% May
20% May
4%
20%
Feb
Friday
May
Last
Week's Range
for
May
11%
29%
Mar
Sale
of Prices
Week
50
28
2,916
195
7%
28%
Apr
Feb
St. Louis Stock
Exchange
May 18 to May 24, both inclusive, compiled from official sales lists
Par
Stocks—
Mar
8
40
Jan
A S Aloe Co com
030% a40%
alO
all%
325
41
May
American Inv pref
16%
May
47%
20%
Feb
165
Apr
American Inv
a20%
a2%
a20
a23%
a2%
263
24%
May
38%
Jan
Brown Shoe com
2%
May
4%
Jan
Bruce (E L)
a27
a27
a27
312
33% May
Jan
Burkart Mfg com
a22
a22
a23%
04%
a4%
032% a38
130
35%
36%
35%
Price
Sales
Low
High
Range Since Jan. 1, 1940
Shares
High
Low
Jan
May
a35%
2%
a2%
2%
9%
9%
17%
17%
alG
al5
5%
2%
a8
3337.
2%
11
20%
al7%
90
5%
Jan
120
6%
Apr
357
45%
May
100
1,678
1,831
352
2% May
9%
May
17% May
20%
Mar
5%
a
6%
675
2%
5%
200
185
4%
2%
4%
May
2%
4%
4%
Apr
Apr
27
al5%
For footnotes see page
6
51%
724
1
*
Feb
Apr
220
...60
.
3%
51
03%
29%
a4%
Montgomery Ward A Co.*
.
50
Unlisted—
a36%
a 10
Intl Tel A Tel Corp
Pennsylvania RR
10%
a21% a25
Eleo Pow A Light Corp.._*
General Electric Co
*
Paramount Pictures Inc
20
145
24%
Apr
15% al6%
45
21%
a7%
08
60
9
7%
47%
4%
18%
26%
23%
7%
Feb
7% pref
Chic & Sou Air L pref
*
*
May
5
Jan
Dr Pepper com
*
Feb
Ely & Walker D Gds com25
2nd pref
100
Emerson Electric pref. .100
16
1
7
Apr
Falstaff Brew
4
May
8%
Apr
Genl Shoe
Jan
24%
Jan
Jan
Hydraulic Pr Brick pref 100
15%
Jan
9
com
com
Apr
46
Apr
155
29%
May
May
32
70
10
18
20
685
15%
70
16%
36%
Apr
70
May
Jan
29
May
Feb
210
12
Jan
20
29%
105
27
May
34
1.00
1.05
460
1.00
May
2.00
Jan
15
215
14
May
19%
Mar
15%
15%
25
15%
May
27
16
17%
410
16
May
19%
Jan
102%
38
93
Feb
102%
May
5
81
Jan
85.
85
98
Apr
Jan
May
1
1.50
6%
May
10%
11%
12%
180
11%
Feb
35
355
30
May
May
15%
30
Grlesedieck-West Br com.*
Mar
56%
May
100
Columbia Brew com
May
May
30
14
1.00
Apr
Apr
44
577
15
Coca-Cola Bottling com..l
Collins-Morris Shoe com._l
100
38
27
18
10
Apr
49
30
70
100
__1
May
29%
30
Jan
48
48
44
5%..50
com
55
100
48
20
45
Apr
6%
1.50
7%
1.51
1,935
315
1.50
May
2.00
Apr
May
Volume
The Commercial
150
3337
& Financial Chronicle
Sales
Friday
Range Since Jan. 1,
Last
Stocks
ST. LOUIS, MO.
(Concluded)
ST.
(MEMBER)
'
7
8)4
2,120
3,685
5% May
7)4 May
11
2.75
50
4
Jan
18
19
80
2)4 May
18
May
28
May
9
340
8)4 May
11
8)4
(Concludes)
WeeVs Range
for
Sale
Stocks
of Prices
Low
High
Week
Price
Par
International Shoe com___*
Johnson-S-S Shoe com
27 %
*
Key Co com
Meyer Blanke com
200
*
100
Rlce-Stix Dry Gds com...*
3%
St Lou Bk Bldg Eaulp com*
St Louis Pub Serv com A.l
i~oi
5%
*
5%
70c
70c
34%
34%
1
5%
6%
24
775
15
22
22%
114
May
4)4 May
Jan
*
Jan
6%
May
Apr
1.37
Jan
16
May
107
115
May
35
147
May
154
392
30
May
30
Jan
2.00
2.10
790
2.00 May
4.00
Jan
12
12
220
12
May
24)4
Mar
1,338
14
May
505
26
Jan
29% May
37)4 May
1.85
2.00
6)4
5)4
76c
75c
Warrants
Schlesinger Co (B F) com.*
Apr
7% preferred
Signal Oil & Gas Co A
"3)4
4)4
6)4
1.50
1
22
30
May
Apr
$2,000
72
1934
5,000
33
May
34
34
5,000
34
May
St Louis Pub Serv 5s..1959
55
56
2,400
55
75)4 May
May
38)4
Jan
66)4
Jan
May
33
May
39
160
22
22
22)4
350
24
21
27
4)4
100
20
9,887
9,058
22
182
19)4
Super Mold Corp cap...10
22
22
30
39
Mississippi Valley Tr Co—
27
Mercantile
33
36
30
Ask
Bid
Ask
Bk
Commerce
110
A Trust Co—
St Louis Union Trust Co..
120
48
open
Coast
Stock
Exchanges,
which
9
10
14%
1,028
1,182
12)4
May
23)4
May
15)4
4%
Agricultural
5
"IS"
com
*
Sale
Gold
Alaska-Juneau
Bandini Petroleum
Exchange
1
3%
com
Preferred
20
"12)4
21)4
*
California Ink Co cap
—
~
6%
m m mmm m
12c
1.60
10
14
1,425
95
300
575
1,110
21%
410
2.50
250
37
7%
8
12c
35
110
*
19)4
1
9
Jan
Feb
Jan
Claude Neon
com.
Cons Edison Co of N Y_.*
21%
14
Jan
Domlnguez Oil Fields Co.*
Apr
Elec Bond A Share Co.
Mar
General Electric Co.....*
'a.28%
alOVs
""S %
May
6
Apr
Goodrich (B F) Co com..*
25c
Feb
40%
26%
52%
Mar
Guggenhime A Co pref...*
Idaho Mary Mines Corp_.l
4%
Mar
Feb
Int Nickel Co of Can
*
Intl Tel A Tel Co
5,670
2%
May
275
19%
May
400
4%
May
6
May
May
21
May
Matson Navigation Co
95
May
McBryde Sugar Co
5
Montgomery Ward A Co.*
13,035
12%
649
75%
1.90
700
1.50
May
May
26% May
May
4% May
8% May
14% May
35
May
10%
8%
10% May
Apr
20%
Feb
44%
36%
45%
5
36
35
39)4
40
40
40
83
77
87%
190
77
19%
20%
557
1.25
1.25
325
19% May
1.25 May
17%
17%
40
6%
43%
700
2,763
4%
575
Jan
May
com
Italo Pet Corp of Am pfd.l
Kenn Copper Corp com..*
Galland Merc Laundry
General Metals cap
Genl Mtrs Corp com
*
......
2)4
6
10
38
General Paint Corp com..*
Preferred
*
4%
28
Golden State Co Ltd
7%
*
Hale Bros Stores Inc
*
Hawaiian Pine Co Ltd
*
Holly Development
1
--mmm—
Jan
Jan
Mountain City Copper
5
Jan
Honolulu Oil Corp cap...*
7%
13%
14%
29%
4)4
8
11%
Nash-Kelvinator
6
Corp
No
American
13%
100
16%
494
28
3%
7%
13%
May
May
Apr
Feb
Packard Motor Co com..*
Mar
Mar
May
14%
May
50c
May
35
May
May
11%
12
570
10
128
9
May
2.00
100
2
Jan
11%
4%
11%
*
5
546
11%
4%
36%
38
330
36% May
1
"22)4
21
23%
Lockheed Aircraft Corp__l
29 %
29
34
G) Inc
*
2)4
4%
5
606
66c
60c
66c
940
Machine..6
12%
12X
9%
Lyons-Magnils A
Magna vox Co Ltd
Calcul
965
3,121
Meier A Frank Co Inc—10
Mfg Co com
1
3%
3
14
9%
4
21
May
May
May
27%
Mar
4%
Feb
50c
Feb
6%
11H
10
LeTourneau (R
Apr
34
May
35
475
7%
Pennsylvania RR Co
52c
Feb
18% May
8%
Feb
1.50 May
14
.....
"
9%
Mar
174%
Apr
91c May
31J*
Jan
4
May
25%
Jan
8%
Jan
4% May
9%
Mar
8%
Apr
5%
Jan
26% May
5%
Apr
35%
Apr
90c
9%
May
Jan
2
May
14%
Jan
Apr
Apr
76
May
85
10
70
May
86%
1.00 May
1.25
5)4 ,(• 5 %
%
%
a24% a26%
6)4
6)4
4%
Feb
400
%
Feb
May
270
345
Apr
10% May
28
6% May
Feb
6% May
%
Mar
Apr
Shasta Water Co com
So Calif Edison com
32%
Apr
7%
11%
Mar
Apr
Jan
Standard Brands
Ino
Feb
Studebaker Corp com
Jan
Jan
Title Guaranty Co
Mar
Feb
Jan
a29%
307
35%
Mar
27%
a25
22
o35
2%
10
2,965
25
35
4)4
5
a31% a38%
2%
35%
35
22
May
4
May
4%
May
55%
May
4%
Apr
7%
Feb
497
39%
5,200
3
Jan
7
2%
pref-
—
"a2%
4% May
295
Apr
966
24% May
14% May
26
21
al6%
20%
Mar
26%
23%
Feb
135
40)4
19
40%
Apr
41%
a2%
a3%
al4)4 al7
228
3
May
4%
Jan
351
18
May
23%
Apr
9
May
12
al6
9
—ifi
9
30
4)4
5
520
3)4
21%
7
300
3%
21%
24
May
20
May
7
May
1,653
24
May
28)4
26
3%
20
24)4
26)4
4% May
25
7
25
"27)4
955
0,
m.
m
«•
-
»
5
5)4
"740
5)4
a34
6%
926
038)4
380
a34
1)4
1
65c
44)4
Apr
55c
42)4
1
Utah-Idaho Sugar com—5
5
26 % May
25
' May
5
May
7%
a2
a2
Apr
5%
25% Mar
Jan
12%
30%
Apr
30% May
Apr
30%
Apr
7%
12%
Feb
46%
May
10
17
May
20
Jan
693
44
May
51%
2%
Apr
70c
1,900
1,998
a2%
*
1%
May
May
4.50 May
x
Apr
1.15
Jan
100
1
May
66%
1%
Apr
128
2
May
4%
Feb
55c
42% May
a Odd lot sales, b Ex-stock dividend,
c Admitted
d Deferred delivery, r Cash sale—Not Included
Ex-divldend.
y Ex-rlghta.
* Listed,
t In default.
No par value,
Jan
Apr
Mar
275
1
Jan
44%
1%
48)4
Jan
5% May
Apr
Apr
Jan
150
40)4
U S Petroleum Co
Warner Bros Pictures
Feb
a4)4
a4
18)4
a 16)4
United States Steel com..*
Jan
May
al7)4 a20%
a4
United Corp of Del......*
year,
Jan
May
1.55
Feb
trading privileges,
1.75
4%
85c May
17
Apr
14,945
2% May
44
Apr
May
May
Jan
170
3,000
17
12%
9%
25
Jan
2)4
44
19%
12%
Apr
Apr
*
1.30
425
70
United Aircraft Corp cap .5
Jan
1,066
Apr
1.05
Apr
5
Jan
20%
225
8%
85c
16%
8%
41%
41
'"90c
44
35
Mar
May
Apr
Feb
Texas Corp common
Jan
5%
34 %
17
38H
1
4
36
120
100
539
25
79%
.*
76c
May
29)4
a4
a3%
a27% a30%
alO% a.22%
May
*
26
6% preferred........25
6)4% pref
25
25
May
5% May
20% May
*
Preferred
7%
248
Schumacb Wall Bd com..*
Apr
17%
12%
2,859
10,690
20
Radio Corp of America...*
15%
20%
44
10
5)4
60
Jan
May
800
11%
7%
Feb
May
Cot
11)4
May
May
224
May
Mar
56
4%
I
ClasB
■*» m> mm m
20%
Aviation.. 1
North American Co com.10
2.20
38
60c
2.00
10
Langendorf Utd Bak A...*
Leslie Salt
Menasco
470
'
8
153
70
National Distillers Prod..*
99%
33%
22
35%
50c
9
Honolulu Plantation Co.20
March
536
4,405
Jan
5)4
20%
2)4
Pacific Port Cement pfd 100
17% May
6
May
35
50c
Home F A M Ins Co cap. 10
Hunt Brothers pref
28
3%
Gladding McBean A Co..*
Feb
2.90
70
*
Pioneer Mill Co
1.25
Foster A Kleiser com...2)4
w
■
227
Apr
3.50
Fireman's Fund Ins Co..25
10
Jan
May
Fireman's Fund Indem„10
62
22
20 %
*
4%
15%
26)4
3.50 May
19%
1.50
50
Apr
22)4 May
May
1.00
8)4
40
19)4
135
a24)4
Feb
12c May
35
50
750
30
Mar
Mar
197
200
May
May
17
70
1.00
.10
2.00
37
2,979
8%
100
590
3,826
1,045
>
Lights com.l
3.25
16
796
76
70
10
16%
8%
14%
68
7%
6
76
1
82%
Emporium Capwell Corp.*
a3
100
51
Electrical Products Corp.4
Food Mach Corp com
6% pref 27
2.95
450
5)4
-
*
17
488
676
450
9)4
Curtiss-Wright Corp.
May
5
14
9)4
Consolidated Oil Corp
6%
8
14
9)4
Jan
350
5
400
1
Mar
9
4%
90c
1.05
Calwa Co com
Cities Service Co
2.25 May
170
2,415
12,250
1,340
a3%
26)4
19
May
*
Preferred
7%
125
Feb
May
25
a%
90c
15%
12%
100
4)4
13
1.50 May
314
a5%
153
26)4
May
75)4
10
15
490
1.90
1.75
a.7%
Corp...5
May
13
*
320
16
95c
Bendix Aviation
12%
19%
78
Crown Zellerbach com...6
Preferred
1.50
May
May
7%
120
3
4%
Central Eureka MIn com.l
Cons Chem Ind A
Creameries of Am com
El Dorado Oil Works
3%
103
50
1,000
10
21)4
9
-
..5
14
3.00
Di Giorgio Fruit com
7)4
6%
4%
Aviation Corp. of Del
50
50
Preferred
12)4
21)4
35
*
Calif Packing Corp com..*
Preferred
3
37
Caiif Cotton Mills com. 100
Calif-Engels Mining Co 25c
6%
May
2.50
*
100
Calif Art Tile A
May
3%
9
*
20
Preferred
Calaveras Cement
4%
370
1.50
..1
Byron Jackson Co
Calamba Sugar com
High
255
115
Feb
Apr
50
1.50
*
Blair A Co Inc cap
Low
3%
3%
100
301
Bunker Hill A Sulll van.2 )4
Cal Ore Pwr 6% pfd n c 100
Week
4%
103
105
Bank of California N A..80
May
74
100
18)4
8)4
Bait A Ohio RR com...100
3)4
'
May
97
85c
6
Atlas Corp common
Range Since Jan. 1, 1940
Shares
"98c
(Del)—1
Atchison T A8 F Ry...l00
4%
10
Atlas Imp Diesel Engine. .5
Bishop Oil Co
of Prices
High
24
276% May
15)4 May
153
Anaconda Copper Min._60
Sales
Low
May
a%
a5)4
a5 )4
Amer Toll Bridge
May 18 to May 24, both inclusive, compiled from official sales lists
Price
Jan
8
15
a%
Sanitary*
Argonaut Mining Co
Par
3
275
1.50
Amer Rad A Std
Anglo Nat Corp A com
Stocks—
Apr
300
276)4 276)4
15)4
16)4
American Tel A Tel Co. 100
for
14
Jan
1,219
3)4
8)4
25)4
Unlisted—
Private Wire to own otfioes in San Francisco and Los Angeles
Week's Range
Apt
Jan
10)4
97
97
Yosemlte Ptld Cem pref. 10
Cortlandt 7-4150
Last
8
3)4
8)4
24
20
100
Western Pipe A Steel Co. 10
Broadway, New York
Friday
9
12
9
I:
1
Wells Fargo Bk A U Tr.100
Stock Exchange
Francisco Stock
Jan
Jan
Apr
17 %
May
8
1 )4
Amer A For Pwr
San
Mar
15o
12%
13%
United Air Lines Corp
6
Universal Consol Oil....10
Weill A Co (R) com
are
Schwabacher & Co.
111
Feb
6)4
May
May
12
12%
25
Yellow Checker Cab serl 50
York
20c
May
8c
52
until 5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
Members New
May
4%
6%
12c
Waialua
Pacific
on
Jan
Jan
Feb
565
4%
80
Victor Equip Co com
Preferred
solicited
Feb
Jan
15%
26%
33)4
7%
15c
4%
8c
Vega Airplane Co
Orders
34%
13%
12c
4%
com
100)4
May
10c
May
6%
12c
Transamerlca Corp......2
Treadwell-Yukon Corp
1
Union Oil Co of Calif...25
Union Sugar
22
Jan
Mar
42
6)4
2,030
19,494
2,600
4,613
Texas Consolidated Oil—.1
St. Louis Bank and Trust Companies
197
99)4
30)4
8)4
Standard Oil Co of Calif..*
7)4
Mar
30)4
6% May
17)4 May
99
28)4
6)4
17)4
So Cal Gas Co pref ser A.25
Southern Pacific Co
»
Apr
1.90
4)4 May
6,498
Jan
Feb
7
22
May
21
May
98)4 May
28)4 May
Jan
1.50
17)4
May
1.50 May
100
4)4
*
25
Jan
8)4
3% May
11,548
Soundvlew Pulp Co com.5
Preferred
100
1,648
9
Jan
19)4
13
400
1.50
38)4
5)4 May
76c May
506
75c
13
13
...1
Feb
May
12)4 May
1,786
6,557
6)4
2.75
34
60
Richfield Oil Corp com...*
29% May
1.80 May
1,180
14
Apr
Jan
Jan
Apr
35
Ryan Aeronautical Co
Feb
1.35
1.00
12)4
12)4
Feb
43%
200
3,998
34
Feb
Jan
1.05
12)4
96c
Apr
Jan
Mar
21%
....1
Roos Bros com..
Jan
Feb
15)4
16)4
5)4% preferred A....50
Rheem Mfg Co
9
72
Flrst National Bank
3)4 May
Jui
Jan
50
742
18)4
36)4
33
Boatmen's National Bank.
May
26
Jan
72
Bid
May
2,015
14
May
10
Bonds—
on
34
100
108)4
5)4
21%
138)4
26
May
St Louis Car 6s extd
Quotations
25% May
1,842
671
1
com
May
May
United Railway 4s
4s c-d's
34)4
31)4
Preferred
.......25
Republic Petroleum com.l
Rayonler Inc
70c
25
Sterling Alum com
Wagner Electric com
Feb
5)4
40
*
com
Jan
Apr
4)4
1.05
....100
34)4
5)4
600
Scullln Steel com..
Preferred
1.60
34 H
147)4
30
*
6
160
5
Warrants
Mar
99
Feb
2)4
Scruggs-V-B Inc com
Securities Inv
Jan
12)4
May
3)4
1.00
7
6
6%
105)4
May
85
20
R. E. A R. Co Ltd com
May
25% May
28% May
116
147
~30~~
95c
6,932
2,988
2,294
17)4
115
Feb
1,445
3)4 May
4)4
16
*
May
100
29)4
27)4
35)4
3)4
115
Apr
9)4
15)4 May
5% May
10
100
Apr
May
324
1.01
Jan
12
111
275
3
3
1.01
11)4
7)4
5
<4
39)4
Apr
15)4 May
133
101
16
Pig'n Whistle pref
*
Puget Sound PAT com..*
com
May
May
1.00
34
100
100
Parafflne Co's
Feb
May
100
18
91
112% 112H
4
3%
Preferred
100
Apr
May
10 %
100
7%
85
100
100
9
101
7%
*
1st pref
10%
10%
10%.
Nat Bear'gs Metals pfd 100
580
Apr
4)4
May
9
295
Pacific Tel A Tel
20
14)4 May
25
14 %
10
9
29
75
Feb
com..
Feb
5%
28
25)4
28)4
25)4
4
Apr
Mar
6)4
Feb
5
26)4
35)4
101
9)4
May
2)4 May
29
__*
8
15
1,845
34 %
14%
Midwest Plpg 4c Sply com *
com
25
Mo Port Cement
2nd pre!
3
29
29
25
15%
2%
$5 dividend
23)4
3
3)4
95c
Pacific Pub Serv com....*
1st preferred
....*
15 %
5)4 May
6)4 May
115
5
5
2%
*
Natl Candy com...
7%
15
5
_
13)4
200
6%
20
com
Lemp Brew com.
McQuay-Norrls com__
75
7
6%
13%
Knapp Monarch com
*
Laclede-Christy C Pr com *
1,363
31%
13%
Jan
36)4
May
May
25%
16% May
10
3)4
26)4
25
com
6% 1st preferred
25
5)4% 1st preferred...25
Pac Light Corp com
*
High
Law
Shares
25%
13%
5%
*
Laclede Steel
1,1940
Range Since Jan.
Last
Pao Q A E Co
240
1,350
5)4
5)4
__*
Paclfio Clay Prod cap
*
Pacific Coast Aggregatee.5
Sales
28c
3)4
10
Pacific Can Co com
Feb
Jan
17)4
3
Pacific Amer Flshlerles cm5
Jan
Feb
26
May
10c
10c
16)4
16)4
3)4
10)4
800
lOo
_.*
23
44
23
23
*
Class B
St. L. 494
Friday
Apr
Mar
5)4
7)4
Oliver Utd Filters A
A. T.8c T. Tel.
Garfield 3450
High
Low
Shares
2.50
1
Occidental Petroleum....1
LOUIS BANK STOCKS
OLIVE ST.
418
Price
6% preferred
100
No American Oil Consol. 10
Occidental Insurance Co 10
ACTIVE IN:
LOUIS STOCK EXCHANGE ISSUES
1940
Week
*
com
Natomas Co
McKinney
Inc.
ST
for
of Prices
Low
High
No Amer Invest com....10
Natl Auto Fibres
Gatch Bros., Jordan &
Par
Week's Range
Sale
Jan
to unlisted
In range for
The Commercial & Financial Chronicle
3338
May 25, 1940
Canadian Markets
LISTED AND UNLISTED
Montreal Stock
Service
Securities.
Stocks
Sale
Gatineau
Members
Greenshields & Co
Exchange
507 Place
Montreal Curb Market
5%
Low
High
114
720
10
8154
814
..100
preferred
82
115
8114 May
2
65
6
3,466
80
160
2
—
*
2
554
44
80
Preferred
MR
Shares
High
10
Power
Rights
General Steel Wares
d'Armes, Montreal
Low
Range Since Jan. 1, 1940
for
Week
of Prices
Price
Par
(Concluded)
Sales
Week's Range
Last
.
Montreal Slock
Exchange
Thurs.
all Canadian
on
80
May
164
964
2
May
44 May
80
Jan
Feb
6
Jan
10%
Feb
96
May
Feb
•
Gurd (Charles)
Provincial and Municipal Issues
Bid
6s
Ask
Bid
6s
July
4%s_
Oct
12 1949
1 1953
70
75
68
72
Province of Manitoba—
4%s
June
6s
Deo
70
75
2 1950
70
1 1958
65
Feb
*
2834
28
3054
28
May
46%
Jan
International Petroleum. _*
1654
1554
19
24
Feb
65
70
75
Prov of Saskatchewan
15 1960
70
75
5s
65
70
5% 8
Nov
4%s
Oct
—
*
100
Preferred..
16
100
Preferred
Lang 6c Sons (John A)
Laura Secord
50
57
15 1946
50
57
50
55
McColl-Frontenac Oil
Cottons
15 1952
68
72
Montreal
5s
Mar
1 1960
70
75
84
63
70
515
110
15
1154
20
Ask
Bid
Ask
Canadian Pacific Ry—
124 May
39
4%s
Sept
1 1946
56
5s
Deo
1 1954
56
60
60
4%s
July
1 1960
51
55%
16 1944
1 1944
92
93
May
9%
2,530
24 May
6%
405
54 May
9%
70
25
60
Jan
81
Mar
112
112
22
107
Jan
120
Feb
.-
200
26
May
200
40
Feb
60
45
28
27 54
30
2,310
2654
m
*
-
37
37
45
38
37
45
1,692
*
20
20
22
75
Noranda Mines Ltd
*
5154
50
55
2,432
23
2554
Preferred
*
*
.
.
100
Bid
Ask
Sept
1 1951
4%s
June
15 1965
4%s
Feb
1 1956
4%s_...._July
7814
79 %
81
78%
7914
6%s
*
July
1 1946
60
98
9814
*
14
Regent Knitting
*
St Lawrence
Grand Trunk Pacific Ry—
80%
4s
Jan
1 1962
74
78
July
1 1957
1 1969
79 %
6s
84
85
3s
Jan
1 1962
67
71
6s
Oct
1 1969
83
84
6s
..Feb
1 1970
83
84
100
1154
19
St Lawrence Paper pref. 100
2554
1754
Shawlnlgan W & Power..*
Sher Wms of Can pref.. 100
Montreal Stock Exchange
May 18 to May 23, both inclusive, compiled from official sales lists
Southern Canada Power.
Co of Canada
Preferred
Thurs.
Last
Sale
Stocks—
Par
Acme Glove Works Ltd..*
Agnew-Surpass Shoe
*
Preferred
100
Alberta Pacific Grain A..*
Algoma Steel Corp
*
Amalgamated Elec Corp..*
Anglo-Can Tel Co pref..50
Sales
Week's Range
of Prices
High
Range Since Jan. 1, 1940
for
115
Low
1
3
10
10
107
107
1.50
3
1114
108
1.50
Low
70
3
May
4
Apr
290
10
May
12
Mar
9
108
Apr
110
Feb
3
Mar
25
Feb
1
16
Feb
72
Mar
30
58
Feb
754
1,186
6
May
13 54
12,995
9
May
24
Jan
65
235
60
May
80%
Feb
476
14
May
17%
354
115
125
34 May
12% May
19%
135
96
May
102
50
100
May
107%
Mar
2
3
12,571
2
May
5%
Jan
1054
12 54
6,380
75
22
May
30
10
120
Mar
125
20
32
1,068
20
May
1754
4,356
16
May
36
115
May
16
115
115
50
6
45
6
May
834
Feb
15
46
Mar
4954
1434 May
1254 May
2614
Jan
Mar
Jan
126
Mar
15
Jan
May
86%
Jan
63
65
50
63
May
83
Jan
150
150
2
150
May
May
160
Mar
......
......
3
354
3
3
150
50
55
170
50
Feb
26
25
27
135
25
May
55
55
60
20
55
Feb
16
16
17
420
16
*
1.20
1.40
1.15
1.15
354
1,050
3
2%
Feb
;
9
Jan
Jan
6%
4%
Apr
60
Apr
37
Mar
60
May
24%
735
May
1.15 May
120
1.10 May
2%
Apr
Jan
2%
Banks—
194
Apr
65
854
*
6
Jan
Jan
52%
24%
308
25
Winnipeg Electric A
Apr
Apr
22
120
320
*
1654
21
10% May
19
11
*
May
Jan
66
*
May
Jan
96
100
10
Western Grocers Ltd
Wllslls Ltd
4...
14
Feb
65
53
8
Jan
6
10
100
1,655
Jan
11%
66
*
9
Mar
Mar
ay
*
Tuckett Tobacco pref.. 100
United Steel Corp
*
8
......
13%
11%
May
74
*
.
Preferred-
High
9
50
Jan
74 May
10% May
Viau Biscuit
Shares
9
1454
754
Wabasso Cotton
Price
Apr
1254
*
Steel
Feb
12
120
100
Simon (H) & Sons
162
94 May
354
254
St Lawrence Flour Mills..*
Preferred
23
May
146% May
57
14
Jan
100
50
Corp
Apr
50
12 54
96
100
*
A preferred
Jan
32%
78%
33%
12
354
Roll and Paper vt
Saguenay Power pref
69
Jan
May
45
9
Mar
May
May
30
60
41%
Jan
37
12
1054
100
Jan
Jan
37
10 54
6
Feb
31%
45
26%
10 54
12
7
Jan
30
954
8
Jan
56%
38%
May
27?4 May
57
.
*
Preferred
82 %
954
Mar
25
331
146 54 150
8
........
*
Power Corp of Canada
Price Bros & Co Ltd
-
954
Quebec Power
Ask
Canadian Northern Ry—
4%s
..........
*
Ottawa Car Aircraft
5% preferred
(American Dollar Prices)
Bid
23
*
100
.
Penman*
Closing bid and asked quotations, Tnursday, May 23
-
Car Corp.*
Ottawa Electric Rys
Government Guaranteed Bonds
Canadian National Ry—
2
4,840
Ontario Steel Products
Jan
6
2754
Ottawa L H & Power.
Dominion
13
3
46
60
65
Jan
Feb
354
41
25
Jan
16%
554
26
Ogllvle Flour Mills
38
62
27
Jan
2
40
Preferred
4s perpetual debentures.
July
128
120
10
45
National Steel
6s
Dec
15?4 May
Apr
5
1454
Niagara Wire Weaving
5s
Jan
National Breweries
(American Dollar Prices)
4%a
Feb
41
Closing bid and asked quotations, Thursday, May 23
15 1942
94
135
45
Telegraph
Jan
May
1314 May
Montreal Tramways...100
Montreal
Sept
84
6
254
.
Montreal LH&P Cons..*
Railway Bonds
Bid
May
70
Montreal Cottons pref. 100
Canadian Pacific Ry—-
3
5
554
100
Sept
154 May
254
*
4%s
,
3
25
*
Legare
254
.
1454
1154
__3
6,179
3,684
13154 13154
1554
1754
110
*
preferred
Massey-Harrls.
1 1951
June 15 1943
84
13154
380
2754
254
Jamaica P S Co Ltd prf.100
Lake of the Woods
*
70
1 1961
Mar
4%s
Apr
15 1961
Province of Nova Scotia—
Apr
Feb
Feb
80
Feb
Prov of New Brunswick—
6s
29
77
May
Jan
28%
15 1965
4s
Feb
23
Jan
4%s
Jan
15%
16%
Apr
4%s
72
34
104 May
13% May
May
International Power
72
May
2,527
May
72
68
20
6,433
15
69
68
920
12
1354
24
1 1962
2 1959
23
Apr
25
June
15 1954
106
140
4s
4%s
13
May
200
Preferred—
95
Province of Quebec—
1 1941
Aug
6s
1054
90
16
Intl Nickel of Can
Sept
5s
20
11
13
Jan
201
21
97
6s
9054
Apr
16
83
33
90
Apr
15
23%
2354
95
30
2,040
Mar
8%
21
80
1 1956
Prov of British Columbia—
775
16
Feb
10%
5%
2354
15 1943
1 1959
Oct
11
1154
2134
Acceptance—*
May
6s
24 May
3
May
11
May
11% May
21
Industrial
94
35
54 May
1,515
Intl Bronze Powders
1*1942
31
Oct
4%s
Ask
Province of Ontario—
1 1948
240
1,900
4
90
Imperial Oil Ltd
*
Imperial Tobacco of Can.5
Jan
_
554
354
3
11
*
Hudson Bay Mining
(American Dollar Prices)
554
254
124
100
Preferred..
Closing bid and asked quotations, Thursday, May 23
province of Alberta—
534
254
84
*
Gypsum Lime & Alabas..*
Hamilton Bridge
—*
Hollinger Gold
5
Howard Smith Paper
*
B
Preferred
100
Zellers
7
100
7
10
10
_*
7
10
200
9%
Jan
May
12
Apr
Jan
13
Apr
"48 %
48 %
4814
Asbestos Corp
»
17
14 X
17
2,854
Associated Breweries
*
13
12 %
112
14 %
1,355
145
145
155
8
145
8
110 \4
Apr
1124
Feb
Canadlenne
Commerce
100
112
100
151
151
159
153
151
176
10
May
614
4,830
64
May
May
1554
Jan
Montreal
100
197
197
197
37
197
212
Mar
Jan
Nova Scotia
100
300
30054
16
300
May
May
311
Mar
Royal
100
160
165
143
160
May
190
Mar
Preferred
100
Bathurst Pow & Paper A.*
Bawlf (N) Grain
'"8H
*
10c
Preferred100
Bell Telephone...
100
Brazilian Tr Lt & Power.*
152
British Col Power Corp A *
25
38
.........
B
5%
_...*
Bruck SUk Mills
»
150 %
514
24
15c
10
391
6%
26
214
4%
650
38
153
214
4%
5
7,485
490
10c
25 J4
Feb
45
Apr
May
150
169
1054
May
30
Mar
210
234
Jan
3
Mar
44
May
May
7
Feb
13
12
1414
305
12
6
14
14
1414
615
14
100
4
414
2,890
Canada Cement pref__.100
Can Forglngs clA
*
Can North Power Corp..*
Canada Steamship (new).*
5% preferred
Canadian Bronze
60
*
Canadian Car & Foundry.*
Preferred
26
Canadian Celanese..
*
Preferred 7%
Rights
85
262
85
11
12
205
11
11%
1114
1114
110
3%
414
3,884
12%
314
10H
1314
4,094
334 May
104 May
36
36
37
7
290
Feb
May
23
1134 May
18
634
May
16541
2,025
1254
May
3,296
20
May
2854 | Jan
Feb
3754
110
May
25
20
105
110
70
101
1.90
1.75
IMar
Jan
22
Jan
120
May
' May
2,100
1.65 May
5,025
1.75 May
354
Jan
354
Jan
May
1954
Feb
5%
11,564
4
854
Mar
360
5
30
514
3214
May
May
4,142
29
May
4854
Jan
26
2614
45
28 34
Jan
32
Apr
23
1.445
1954
May
Apr
2514
1,902
2334
May
2754
4034
18 4
715
17
May
22
Feb
20
117
May
125
Jan
12,380
7
May
1554
Jan
3,690
4
May
854
Apr
4
*§i"
5
*21
17
1914
23 %
17
117
"714
3%
7
314
82
*
~76
76
*
4
4
Enamel & Heating Prod..*
English Electric B
*
Foundation Co. of Canada*
1.85
128
8
4%
100
Dominion Textile...
Dry den Paper
Eastern Dairies
1.90
Jan
40
8
24%
♦
1.75
8
100
Dom Tar & Chem
Jan
16
21
Dominion Steel & Coal B 25
Apr
2614
21
25
2154
fcMay
on
12%
*
Bridge
Mar
20
62
Crown Cork & Seal Co...*
Distillers Seagrams
*
Jan
854
13 %
105
60c
8
117
9
414
82
79
54
60c
10
9
Jan
Jan
8554 May
89
170
76
May
9054
2,985
4
May
1154
Jan
Apr
1.00
Jan
534
Apr
Apr
100
75c
2
2
4
4
5
3
May
6
8
1,895
6
May
10
160
Thurs.
Sales
Last
Week's Range
for
Sale
of Prices
Week
Feb
23
5,680
254
Mar
May 23, both inclusive, compiled from official sales lists
May
Stocks—
554
1554
Jan
Mar
Par
Abltibl Pow & Paper Co..*
6%
cum pref
cum
pref
*
2%
3%
Brewers & Dlsts of
Canada <fc Dom Sugar Co. •
Canada Malting Co Ltd..*
Can Nor P
7%
cum pref 100
Cndn Breweries Ltd
*
Preferred
*
Cndn Industries Ltd B
7%
cum pref
5%
cum
1
preferred
7%
•
High
Canadian Wineries Ltd
Apr
8
8,440
10
12
May
32
Jan
100
115
971
100
May
145
122
35
Jan
122
Apr
May
1.85
3%
2%
1,005
4%
3,406
5% May
115%
1% May
3% May
5
6%
Jan
Jan
Jan
80
80
30
95
Jan
96
Feb
140
10
130
Jan
150
Mar
4
10
4
May
5%
Feb
15
18
4,417
15
May
23%
Jan
15
180
14% May
19%
30
30%
880
29% May
35
Jan
33
34%
145
33
May
39
Feb
16
97
May
111
Feb
Jan
■
97
1.30
97
1.25
100
1.75
1,435
1.25 May
2%
Apr
Apr
157
22
27
1,265
22
May
205
24
205
5
205
May
238
Mar
155
157
23
155
May
160
May
-
90c
90c
3
90c
275
3
6
530
May
3
May
5
Apr
8%
Jan
33
2%
3
8
8%
75
2% May
8
May
*
4
4
75
4
13
150
2%
31%
90c
100
cum pref
2%
17%
12
5%
Mar
1.40
Apr
Jan
4% May
Catelll Food Prods Ltd
.*
Celtic Knitting Co Ltd...*
12%
12%
Jan
2%
Feb
Commercial
1.90
1.75
2.00
2,445
1.75 May
3.50
Mar
5%
5%
25
5% May
6%
Jan
*
Alcohols
Commercial Alcohol pref .5
2
Feb
Feb
Low
1.00 May
4
*
Cndn Vickers Ltd
22,170
14%
17%
*
100
Cndn Marconi Co
Cndn P & P Inv—
1.30
Range Since Jan. 1, 1940
Shares
140
80
100
Vane.5
Brit Amer Oil Co Ltd
*
British Columbia Packers'*
1.00
High
119
...100
pref
Low
12
5%
100
Bathurst P 4 P Co B
cum
1.05
100
Beauharnols Power Corp.*
Belding-Corticelli Ltd. .100
7%
Price
..100
7% cum pref
Aluminium Ltd
6%
714
to
Feb
454
99
36
Apr
%
Montreal Curb Market
May 18
Jan
1754
2354
May
115
Cockshutt Plow..
*
Consol Mining & Smeltlng5
Preferred
85
.....
110
Canadian Locomotive
*
Canadian Pacifio Ry_._25
Dominion Coal pref
Dominion Glass
May
34 May
100
Canadian Cottons
100
Cndn Industrial Alcohol.*
Class B
*
Dominion
8 4
..
164
Apr
2,955
Bulolo
..
May
Mar
May
514
24
Building Products A (new) *
Calgary Power
1.75
Jan
•
No par value,
r
Canadian market.
2
135
12% May
2
18
Feb
The Commercial &
Volume 150
Financial Chronicle
3339
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Thiers.
Stocks (Concluded)
Par
for
of Prices
Week
Price
Q
55
3X
3X
4%
22,981
1.00
1.00
1.20
3,655
13 X
*
B
High Shares
Low
Q
Cub Aircraft Corp Ltd..*
David & Frere Limitee A.*
2H
Dom Engineering Works.*
Dom Woolens & Worsteds
1.25
1.25
1.25
50
May
3H
May
May
90c
13 H May
2H
20
May
May
1.50 May
Feb
10
8 H
4
Jan
iiiili
11 Jordan
3%
cum
pref.
100
(Winnipeg Grain Exchange
9%
Feb
May
May
May
8%
5
May
7
4
May
8%
2X May
6H
10
Jan
Jan
Toronto Stock
May
4
5
Ford Motor of Can A
*
15
14
Fraser Cos Ltd
*
8
6
Voting trust..
Freiman Ltd, A J—
*
9
7H
2%
2H
*
4H
■
3%
4%
5
16
8H
11
Apr
Jan
4
May
10
Feb
14
22 H
Feb
6
20
Jan
7% May
21%
Jan
Bank of Nova Scotia...100
Bank of Toronto.
100
31
100
6% cum pref
9,621
32
15
20
International Utilities B
_.
1
Lake St John P & P
38
Jan
35
*
Mackenzie Air Service
*
25c
"nx
15
May
675
25c
38
Mar
May
16 %
Apr
60c
Jan
28
12
May
30c
May
1,068
11
May
22
Jan
75
17
May
17 %
Apr
245
27
May
59
Jan
30
96
10
12
30c
30c
MacLaren Pow & Paper. _*
100
15
25c
12
12
11
13
17
17X
27
32
96
775
96
Jan
55c
Apr
Maritime Tel & Tel—
(Continued)
'27 %
"~4X
7
6X
39
4X
1,255
9
1,270
39
4%
75
5k
5
Par
Jan
3H
6 H
39
May
May
May
101H May
6)4
15 H
Mar
Jan
47%
Apr
6 H May
Price
Barkers pref
Base Metals
300
28
*
8%
*
1
Beatty A
4%e
85c
85c
*
100
Bldgood Klrkland
1
Big Missouri
1
152 H
18c
"""Be
.._*
Bralorne
Brantford Cordage
8.10
60
5
•
100
May
May
Brazilian Traction
10
111 H
Jan
"~5H
Brewers & Distillers
6
3
4X
5%
4
May
7
Feb
British American Oil
*
90
5
Jan
Brit Columbia Power A. .*
44
100 X
75c
May
May
Feb
British Dominion Oil
65c
101
4
4X
5
"99"
Jan
X
5%
112
17c
7.90
5H
17 H
14H
25
25
1.25
Apr
65
100
Jan
70c
Jan
841
30
May
43%
Feb
B uffaloAnkerlte
1
17
112
17
May
29%
Feb
Buffal o-Canadian
*
12 H
12
Mines—
15c
17c
5,900
15c
May
35c
Jan
6c
6c
1,500
6c
May
9c
500
7c
Apr
16 Ho
11c
Jan
9c
17c
Feb
47c
50c
2,000
47c
May
87c
Jan
Big Missouri Mines
Cndn Malartic Gold
-
Gold
lHc
1,000
2 He
Feb
7C
8c
5,600
May
20o
Mar
1.55
Mines Ltd
1.55
250
1.55 May
2.40
Feb
7Ho May
May
1 He
Feb
2.25 May
39c
May
2.80 May
21c
May
lHc May
2 He May
16c
lHc
7c
Central Patricia Gold
9c
1,500
Dome Mines Ltd
17
Duparquet Mining
lHc
lHc
8,000
2.40
2.25
2.90
40c
39c
45c
7,000
3,550
7Xc
Chlbougamau
East Malartic M Ltd
Eldorado Gold
Falcon bridge Nickel.....
%
18
335
2.80
225
"21c
26c
26c
4,300
J-M Consol Gold
lHc
lHc
lHc
9,356
Jollet-Quebec Mines
2Hc
2Xc
3c
10,000
5c
200
19H
7c
17 H
2,000
85c
21
lHc May
Francoeur Gold
2.80
....
Klrkland Gold Rand.....
5c
75c
Klrklancl Lake Gold
Lake Shore Mines Ltd...
21
45
2c
2c
1,000
2.95
2.50
2.95
975
Mclntyre-Porcupine M's.
42X
42 X
42 H
McKenzie Red Lake G M
1.00
1.00
1.01
7Xc
7 He
Lebel-Oro Mines.
Macassa Mines Ltd
McVittie Graham Mines.
"35c
Normetal Mining
O'Brien Gold
1
5,455
2,000
1.25
1.25
1.37
...1
22c
22c
23c
~~4
100
Preferred
84
7c May
Canada Wire A
*
25
Cndn Bk of Commerce. 100
Preferred
150
19
B
*
9
Can Car & Foundry.....*
7
Jan
7Hc May
Jan
Canadian
Can
Preferred...
Mar
2He
Feb
Apr
Canadian Malartic
104
104
200
200
Jan
Jan
Jan
2.05
2.05
500
2.55 May
*
118 X
4H
Canadian Wallpaper A...*
*
1.12
1,900
1.00 May
2.10
Jan
1.15
1.50
1,950
1.15 May
2 11
Jan
Canadian Wirebound
2.65
850
2.50 May
4.15
Jan
Cariboo
Canadian
Wineries
*
*
—1
Preston-East Dome Mines
1.60
1.60
1.65
500
1.75 May
2.40
Jan
64c
61c
69c
15,298
68c May
Carnation pref
Sherrltt-Gordon Mines...
1.15
Jan
SIscoe Gold....
65c
64c
71c
7,675
95c
Apr
1
1
29c
29c
1,700
15,350
64c May
3234 c May
50c May
2.15 May
3.05 May
Castle-Trethewey
Central Patricia...
61c
Jan
...1
1.00
Jan
Porcelain
Chemical Research
100
4.15
100
Central
15
2.05
Jan
Chestervllle-Larder Lake.l
Jan
Chromium.
50c
6,050
2.20
150
14,365
38c
42c
5H
Apr
3.85
3.85
4.25
400
May
6.00
Jan
9 He
lie
10,500
9 He May
310
Jan
Cochenour-Williams Gold 1
Cockshutt Plow.........*
5.50
5.50
505
5.50 May
8.20
Jan
Commoll
*
Conduits
1
"~3%
3H
3H
15
Coniaurum
*
1.15
1.10
1.27
8,125
15
14
■
.......
'
50c
Anglo-Canadian Oil Co
55c
2,200
100
50c
May
1.03
15c
Apr
19 He
2.35
Apr
40c
Mar
Corp Ltd
Calgary <fc Edmonton
9 He
9 Ho
1.26
1.26
1.31
300
Dalhousle Oil Co Ltd
24c
24c
24c
2,000
1.31 May
24c May
1,000
17 He May
Brown Oil
17 He 17 He
Davies Petroleums Ltd...
Jan
Jan
Homestead Oil & Gas
Apr
44c
100
44c May
70c
Mar
1.60
1.30 May
2 He May
3.10
Jan
3c
8,325
3,500
7c
Jan
3c
1.60
1.40
2 He
Home Oil Co Ltd
33c
44c
Foothills Oil & Gas Co
3c
500
3c May
565
18 He May
Pacalta Oils Ltd
"l9
Royalite Oil Co Ltd
18 H
21
3c May
36c
Jan
Consolidated .Bakeries...*
Consol Chlbougamau.... 1
Cons
.5
100
Smelters...
Consumers Gas
Cosmos
Davies Petroleum-.
Distillers Seagrams......*
....100
Last
Apr
...100
25
Dominion Foundry
*
Dom Scottish Inv pref..60
Dominion Steel B......25
Dominion Stores..
*
Dominion Tar.
♦
Dominion Woollens pref.20
Dorval-SIscoe
1
Jan
East
Sales
Sale
Par
Stocks—
Range Since Jan. 1, 1940
Week
Shares
Low
High
1.00 May
1.35
9,201
5X
5%
7H
5,150
5H
4c
4c
4c
1,000
4c
12c
12c
500
12c May
21c
Jan
Eastern Steel..
1.50
preferred
1.00
1.50
1.55
100
1.50 May
2 87
Apr
Eastern Theatres
Acme Gas
1
Alberta Pacific Consol
Alberta Pacific Grain.
14 He
Aldermac Copper
8
Algoma Steel.
14Hc 16Hc
10
7%
30
26
May
May
May
2.50
17H
6c
36
24,200
14He May
38c
325
7H May
May
16 %
Mar
East Malartic
Anglo-Can Hold Dev
*
Anglo-Huron
Arntfleld Gold
Jan
English Electric B.
Extension Oil
Feb
82 H
85
82%
95
Jan
Falconbrldge
2c
2Xc
6,400
2c
Apr
6Hc
Jan
Fanny Farmer..
51c
50c
57c
32,100
50c
May
1.03
Jan
2 00
300
2.00 May
3.00
Jan
5Hc
6 He
3 He
4,500
2 He
—
.
•«.
•
5Hc
2Hc
1.02
Astoria Que
Aunor Gold Mines...
1.00
1.17
6c
7 He
45,371
3,000
10c
8c
12C
10,941
X
1
.....1
*
pref-.100
....—1
Eldorado
82%
3,500
5Hc May
2c
Apr
1.00 May
Jan
*
A
No par value.
Jan
64c
Jan
1.05
Jan
680
Jan
78c
Jan
9X
Jan
33c
Apr
Feb
4H
Jan
1.05 May
1.98
Jan
Feb
3H
14
May
19
7 He
May
May
May
22 H May
29 H
157
16c
Jan
49
Jan
178
Feb
31X
Apr
34 H May
85
27
Jan
95
May
3 %
Jan
16c
16c
20c
Apr
5c
16c May
5c
Apr
35o
5c
8c
Jan
18 H
23 X
92
18 X May
27 H
90 H
97 H
May
Mar
"20%
92
92
18 H
17
H
19H
15
6,270
17 H
194
29
194
18
10
18
19
"22
197
18
195
23 H
27
27
"~7%
2,908
19
25
27
8,140
7
2.35
9
3X
3H
3H
3X
4X
4H
1,025
1,115
2c
3%
3H
4H
7
2c
500
4 He
2.25
2.95
3,000
61,070
710
"41c
8
9
220
97
8H
100
35
Jan
31
Apr
15X
5H
8H
9H
Jan
Jan
3H May
3H May
3H May
2c May
3 He May
2.25 May
8
May
97
May
100
3H May
15c May
2.75 May
21H May
2Hc May
2c May
2.75
3.00
23 H
2,640
15,700
2C
2c
3Hc
2Xc
5Xc
5X
16H
14
36H
May
May
2,000
2Ho
15 H
Jan
Mar
17c
21X
4
29
210
3H
2.80
6X0
May
May
May
May
18,650
22%
2%e
"4 H
Jan
37c May
*
Ford
Jan
28o
15c May
Jan
14c
184
.1
Jan
lOXc
May
38c
4
Jan
2.55
1,255
27,600
2,000
2,855
—..*
2.68
May
30c
Apr
Mar
76c
1.25
15c
Jan
15c
46c
May
May
May
May
May
May
117
22 H
33
3H
Jan
5c
2.67
95c
—*
17c
Federal -Kirkl and
62c May
1.50 May
May
22 H
33
37c
4Hc
5c
111
50c
—1
Fernland
1
Firestone Petroleum...25c
Fleet Aircraft
*
8c
1,200
6,681
3Hc
Jan
2.00
Gold Mines
32 H
165
1.95 May
114
Jan
13X May
95c
Crest
2Hc
.100
Preferred
Bagamac....
Bankfield Cons
26
26
100
Preferred
Amm
of Prices
High
Low
for
Dominion Coal
1.00
Abltlbl
6%
Price
Week's Range
....—*
1,000
300
9c
7 He
29 H
1
Denlson
Dominion Bank
May 18 to May 23, both inclusive, compiled from official sales lists
Thurs.
.*
*
19c
15
157
100
Cub Aircraft Corp.
Dome Mines
Exchange
9c
31H
157
—
Crows Nest Coal
Preferred
Toronto Stock
19C
Mar
Apr
6c
4
May
May
8%
12
1.90
38c
24
123
22
5c
4
Apr
May
Jan
May
May
1.50
16c
4
Jan
Feb
85o
3H
1.60
51c
118H
Feb
20
14 %
5Hc
30c
May
47c May
16c May
Mar
3.62
245
50
46c
9
129
240
1,065
2,050
11,900
15,585
6,700
1,600
16,228
1,300
7,000
1,745
30c
1.65 May
Jan
13
9 He
"
Feb
Jan
Wood-Cadlllao Mines
Oil—
37 %
16H
Mar
Waite-Amulet Mines
Wrlght-Hargreaves
Jan
20
Feb
9H
9H
5
10
62c
15c
Feb
29
May
lien
"~49c
Feb
14
104
62c
....
Feb
May
6% May
12 H May
7H
200
135
16
116
10H
22
50
2,220
30
118X 120
4
5X
9H
9X
9X
9H
4
3X
15
i6x
1.95
178
Mar.
19
May
May
"62c
.1
3.35
4.15
47 He
600
May
6H May
150
5
1.90
9
12
*
26
2.50
300
50c
..100
Preferred...
C P R
350
1,565
200
...»
Apr
Apr
Apr
2,870
9
Apr
31H
7H
17 H
100
.50
9
24
21H May
796
1.65
65
May
2.76
6X
1.90
Jan
8H May
21H
Apr
1.20 May
10
26 X
113
Canadian Oil....
1.82
-
16 %
7H
20
Cndn Industrial Alcohol A*
55
300
23
Canadian Locomotive
54c
Cndn General Electric
Apr
Apr
160
Feb
26
100
7H
*
25
39 H
104 H
3,263
20
12 H
Celanese..
May
May
May
3H May
11
May
1,246
25
13 H
Preferred
Canadian
906
32 H
98
1.75
160
6H
*
57 He
1.45
2.35
64c
21H
"19
lOHc
2.15
18
1.20
152
1.00 May
3.25
1.60
20
2 He May
2.00 May
50c
16%
•
_*
A
Jan
300
2.15
55
.*
B
Canadian Breweries
13 H
55
Jan
1.45
31%
1,500
3.05
Mar
Jan
1.20
"57c
Feb
Mar
Apr
3c
Sylvanite Gold
99
22
680
3H
11
Jan
Jan
106
5 05
4Ho Feb
8 Ho Mar
3H
13
8X
May
860
»
..50
Jan
Feb
May
4
Steamships
Preferred
68
12
Canada
32 X
Jan
47c
104
Jan
33H
14
31
Jan
....*
3Ho
Jan
Jan
Feb
Jan
Apr
110
20
85
104 X
12
12
1,440
May
3H May
84
May
1.25
Malting
2.50
Sullivan Cons Mines.
4X
45
4.10
75c
Teck Hughes Gold
84
104
415
25
45
3X
Can Cycle & Motor pref 100
Canada Foundry A
*
Perron Gold...
...
45
*
Pickle-Crow Gold
Sladen Malartic Mines...
9
81
1.01
1.00
14 H
2c
6%
B
Metals Co
2.39
2c
140
73c
2~05
1.25 May
22c May
3.95
16
1.00
Pato Cons Gold Dredging.
Pend Oreille Mines &
11,475
6,400
3.50
lXc
460
2Hc
Paraour Porcupine Mines.
Pandora-Cadillac Gold...
4Ho
17 H
410
lHc May
12
May
2o May
6X May
3.50
lHc
230
7 He May
35c May
73c May
Jan
45,550
11,000
2,916
7,500
87
500
3,000
Jan
69o
19 Ho
8.60
9Xc
50
Jan
Mar
8c May
3.50 May
37c
8c
7H
Canada Bread B
30
Apr
Apr
28c May
28c
*
Calmont
May
Apr
180
31c
2c
25
6c May
8Hc
*
23 H
600
..*
Burlington Steel
Calgary & Edmonton
May
36
May
35C
80
14 H
7c
Apr
Jan
Jan
11.00 May
20%
10H
5H
3
$45
1.00
35c
10,984
14c
May
5H May
81
600
3,500
160
140
Jan
2c
Newbec Mines Ltd
9,345
Jan
19
81
56 H
1.49
Feb
6X
3H
18 H
25H
Apr
Jan
Mar
llHo
140
Feb
65c May
2c May
35
5H
6H
169
52Ho
*
50%
44c
5,495
9 He May
1.19 Mar
Jan
Canada
10
100
8.50
12c
Jan
5
8 Ho May
4He May
7.90 May
Can Permanent Mtge.-lOO
Feb
10,300
24c 190,300
575
Jan
Canada Packers...
4 80
28c
633
Jan
Jan
2.50 May
81c
894
Apr
Apr
15H
Jan
Apr
65c
71c
365
4
28
7
May
2H May
4Xc May
85c May
3
May
3H May
150
May
Jan
5c
28c
..
Malartic Gold Fields.
95c
8,000
10,000
6H
33o
2%e
Feb
1 He
5c
Mar
11 He May
29 %
Jan
2c
McWatters Gold Mines
4c
1.00 May
22% May
100
.1
.
Brown Oil
Canada Cement Co
Cent Cadillac G M Ltd..
May
*
Brouian-Porcuplne
Bunker Hill
Aldermac Copp Corp Ltd.
Arntfield Gold
28
6,900
1,685
2H
7c
*
Building Products (new).*
17
Jan
20 X
3
17
~~31%
5
14,400
34 %
150
Feb
5
5Xc
30
1.00
268
8 He
65
Thrift Stores Ltd
United Dist of Can Ltd..
Walker-Good & Worts (H)
$1 cum pref
Feb
May
4Xc
20
pref-25
635
101
315
245
115
8 He
1
...
211
5
3H
150
High
May
May
156
3
4
3H
....
Low
198 H
300
8
50
15c
10
2H
4Xc
Bell Telephone Co
Bobjo
7
1
Bear Exploration
Beattie Gold
6X
28
llXc
Shares
15
247
6H
12o
B
High
245
50
Bathurts Power A
Low
198 H 198 H
300
304
98 X 101
1.00
1.00
...
.
Week
*
Beauharnols
pref
10
Massey-Harris 5% cmpflOO
MeColl-Fr Oil6%cm prflOO
Melchers Distilleries pf__10
Mitchell (Robt) Co Ltd..
Moore Corp Ltd
Noorduyn Aviation
Page-Hersey Tubes Ltd..
Provincial Transport Co.
Sarnia Bridge Co Ltd A__
Sou Can Pr 6% cum pf.100
cum
for
of Prices
Bank of Montreal..... 100
780
May
May
Stocks
Barkers
6% cum pref
Cartier-Malartic
Range Since Jan. 1,1940
Week's Range
Sale
2,775
2,785
1,142
International Paints—
Consol
Sales
Last
4
..100
Fairchlld Aircraft Ltd
Fleet Aircraft Ltd..
7%
Exchange
Thvrs.
Eastern Dairies, Ltd—
7% cum pref
TORONTO
Street
Feb
East Kootenay Power—
7%
unlisted
and
(The Toronto Stock Exchange
.
Feb
3H
3
480
listed
Mar
44
4
115
4,435
on
Mining and Industrial Securities
Members
Feb
3%
incited
F. J. CRAWFORD & CO.
Apr
3%
17
25
5H
3
■
Canadian
High
Low
9
15
...»
4
3X
4X
3H
*
B
100
55
4
Donnacona Paper A
50
13H
2H
20
20
Common....
Preferred
1.1940
Range Since Jan.
Week's Range
Sale
Consol Div Sec pref._2.60
Consolidated Paper Corp.*
Inquiries
Sales
Last
5,547
1,800
500
1,860
7,952
5Hc May
4
May
14
May
22 H
Feb
Apr
Feb
4o
Jan
80
Apr
4.10
Jan
18 H
Jan
May
100
123
Jan
6
Feb
26c
Feb
6 00
30
6
He
5 He
8Hc
10H
22H
Apr
Mar
Apr
Jan
Jan
Jan
Jan
The Commercial & Financial Chronicle
3340
May 25, 1940
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Thurs,
Last
Week't Range
Sale
Stocks (Continued)
Par
Low
Petroleum.25c
7c
Francoeur
*
24c
Gatineau Power..
*
Foundation
Gillies
for
Range Since Jan.
7%c
28c
97
Feb
St Anthony
10%
Feb
10%c
2%o
Jan
St Lawrence Corp
A
Apr
Jan
Sand River
23c
Jan
22o
Jan
Senator-Rouyn
Shawl nigan
26o
Jan
11c
11c 13%c
9c
11c
10c
9%c
l%c
10c
4,900
l%c
500
70
70
75
...
Goodyear Tire A Rubber
11c May
9c May
23,650
9%c
9c
70
52%
1%C
50
52%
52%
53%
81
Graham-Bousquet
1
l%c
1%C
l%c
Grandoro
*
4c
4c
1,500
3,800
Great Lakes vot trust
*
4
4
115
4
Great West Saddlery
*
2%
2%
200
1%
3c
67%
3%c
5%c
Mar
Feb
l%c
35
May
May
May
May
May
May
May
3%
.........1
5%c May
15c
Jan
7c
5%C
Sigma
7c
4 800
24c
8,200
17%
556
20c
16
2c
2c
81c
92c
4 350
70c
43.240
58c May
1.18
5,999
4.85 May
8.75
Jan
4%
10
6%
7%
21%
Feb
Preferred
12%
Feb
•
5%
5%
17
9
45
85
84
93
72c
30c
5%
3%0
3%c
Mar
3%c
2%c
3%c
2%c
2c
2,000
l%c May
5~50
Halinor
Hamilton Bridge
5.50
4
Hamilton Cottons pref..30
Hamilton Theatres...
1
200
4%
1,795
35
3%
70c
4,500
10c
10c
*
9
9
Holllnger Consolidated.-.5
10%
10%
11%
Home Oil
1.46
1.40
1.60
2%c
2%c
Co...
Homestead Oil
*
1
*
~21%
21%
..1
25%C
24 %c
Hudson Bay Min A Sm._*
Hunts A......
20 %
Honey Dew
Howey Gold
24
28c
310
75
5
5%
59
60
11
11
15
18
30
193
193
196
13
*
11
10
12
15,976
5
Imperial Oil
Imperial Tobacco
12H
12%
14
340
6%
8
215
Intl Metals A.........
Preferred A
100
International Nickel
*
International Petroleum..*
Intl Utilities A
8
19%c
Jan
Sudbury Basin
Jan
Jan
2%c May
17%
Jan
7%c
Feb
5
May
8
May
57
May
10
May
193
May
10
May
12% May
6% May
15c
Landed Bank A Loan.. 100
25
20,056
35
13,625
15c
50
Jan
7c
May
10% May
1%C
Jan
2.20
9,125
22%
22
25%
750
22
May
20
20
24
650
20
May
2.70
2.30
3.00
17,760
1.20
1.10
1.46
.1
33c
280
34c
17,178
24,979
1
67c
67c
82c
60,350
Mar
2.75
32c
Feb
7.50
32%
1,770
1,620
5c
6
595
97
5%
87
41%
186
6%c
45
65c
6c
6c
3c
3%c
5
5%
600
30c
38c
*
35c
45c
...5
3%
3%
500
......___1
72c
80c
11,440
7,500
7,600
...»
70c
l
14c
50
108
._*
75c
18c
108
2.660
1,200
10
4%
»
25c
»
4%
7%
*
8
25c
29c
6,300
3c
3%c
4,500
3c
100
95c
97
Jan
6%0
Apr
Wright Hargreaves
*
5.40
5.40
5.90
22,640
8.15
Jan
*
5c
2,500
5.40 May
4c May
5%C
Apr
*
7%
240
6
11
Jan
$400
82
97- :>
Feb
Feb
Uchl...
Jan
War Loan 1948-1952.
67c May
1.45
Mar
l%o
5% May
87
May
5%
Jan
101
Jan
Can Bud Brew
Canada Vinegars
Jan
Jan
Dalhouste
13c May
2c May
1.00 May
Jan
Apr
Jan
Apr
8%
Mar
Klrkland-Townsite.
Mandy
26%
10%
Mar
Montreal Power
Jan
Osisko Lake....
Pend-Orellle
37%o
4%c
1.40
Jan
30c May
35c May
60c
Jan
55c
Jan
May
4%
1.81
16c May
108
May
Jan
Jan
25c May
3c May
97
May
112
Jan
10
92
1% May
24
Jan
55c
Mar
Jan
May
3%
Apr
25%
935
40c
45c
9,900
40c May
1.05
Jan
9c
9c
9c
500
9c May
15c
Apr
9c
9c
9c
5,000
Mar
13%c
Jan
May
31%
Feb
26%
26
27%
9c
26
7,141
40
May
Jan
6c
«.«. — —
*
-
-
6c
500
6c May
10c
99c
1.20
20,855
99c May
2.35
Jan
1%
1.05
2%
1,950
3%
Feb
10
1% May
31
May
34
10
30
36
31
31
30
31
*
30
70c
.
70c
100
May
70c May
1.25
Jan
Mar
Jan
Apr
No par value.
has
Jan
lOo
Apr
Jan
1.50
12,375
*
Pickle-Crow
Pioneer Gold
1
2.55
2.25
2.70
18,644
1
2.11
2.05
2.30
4 075
Powell Rou
2.55 May
2.05
Feb
l
87c
80c
95c
9,810
80c May
*
7
5%
7%
640
5%
80c
95c
11,250
18 %
Jan
NOTICES
which
530
Photo Engraving
CURRENT
—Malcolm Weikel & Co., Ltd., announce the change in corporate name
H.
10%C
86
concern
20c May
1.15 May
2.35
Seneschal Corp., managers for industrial organizations and financial
Weikel,
Jan
Vice-President
been
elected
also
and
director
Secretary
includes
in
its
and
the
company.
director
of the
personnel:
Clifton
D.
management
Dale
Parker,
Chairman
Feb
4.25
Jan
Adviser.
2.35
Apr
2.12
24
Jan
—Kaiser & Co. specialists in State and Municipal Bonds
2.18
Jan
May
11%
Jan
Chicago office in the Field Building
80c May
1.42
Jan
been in their main office in San Francisco,
office
6%
6%
7%
590
6% May
12%
Feb
1.52
1.73
54,660
Jan
2,050
1.52 May
20c May
2.38
20c 20 %c
570
Jan
2%c May
of
a
executive
of the Board; C. Shelby Carter, President; Charles Goodrich
King III, Vice-President; Charles Warren Rippitt, Treasurer; Theodore PI.
Seymour, and Cecil C. Agata, Consultants.
C. Reinold Noyes is Economic
1.60
9,500
24
25
25
1%
1%
23c May
3,500
Feb
Jackson
3%c May
3%c
65
15
25c
92
Apr
Jan
6,000
2%C
May
55
23c
92
Feb
8%
Feb
2,500
"3c
50
50
23c
1.40
6%c
111
71,650
1
10
consultants, with offices in Rockefeller Plaza and the resignation of Malcolm
4c
L
May
to The
25c
...1
5
Feb
20c
..........1
50
61o
3%c
Pressed Metals..........*
6
4% May
9% May
22c
Preston E Dome..
5
65c May
Jan
3%
3%c
..........1
3%c May
May
...1
Apr
34o
Jan
Jan
1.35
Apr
Apr
72c May
65c May
*
25
Jan
6
15%
3
50
*
__
3%c
Jan
6% May
2%c Mar
2,025
*
Thayere 1st pref
Walkvill Brw
25
20,089
*
Jan
4
860
85c
.
Apr
Jan
5
l%o
4%
*
78%
3
210
High
Apr
5
*
.
Rodgers Majestic A..
Supertest ordinary
Jan
7%
lc
65c
*
May
60
Low
5,000
3
*
Foothills
Apr
lc
4
*
100
Dominion Bridge
80
lc
6%
3%c
*
2%c
37%
69
Range Since Jan. 1, 1940
Shares
70c
De Havllland pref
Disher Steel
May
May
May
May
May
High
5
Machinery
Jan
1
22
Canada
90
3c May
lc
Jan
Low
*
1.33
1
1.15
Price
*
93 %c
48
l
19
Week
lc
May
May
Perron
1.16
for
of Prices
Brett Treth
50c
30
Apr
Mar
Paymaster
22
Par
48c May
35
May
6c
100%
Sales
Week's Range
Sale
Jan
Jan
1.47
May
99% May
12,900
Last
Stocks—
Jan
7
17,095
58
82
99%
Thurs.
Apr
14%C
May
May 18 to May 23, both inclusive, compiled from official sales lists
Jan
Partanen-Malartlo
3%c
82
99%
99%
Jan
6%
59%
9%
6
Toronto Stock Exchange—Curb Section
Apr
9%
4%c
Bonds—
6%
185
271
1.10
Jan
3%C
Jan
92c May
3c May
3c
Apr
Jan
62o
150
102
92c
85
30c
2.55
5
5,000
35
Jan
10c May
4.75
24
6,192
Apr
3,200
26c May
7
2c
15
10c
2.30 May
1.10 May
37
1.05
May
10c
Jan
10
55
10
10c
York Knitting
2,013
1.00
1,095
1
Jan
7
50
12
Jan
46
2c
5
Noranda Mines....
•
Normetal
.........*
May
Wood Cadillac
Jan
650
56,300
60
Jan
88c
7
17c
Jan
2.62
3.40
37
13c
50
99
28%
26%
140
25
10
10
11
60
1.10 May
May
1.90 May
5,500
25
Apr
2
60
May
l%c May
Ymlr Yankee
47c
10,200
l%c
13,800
Feb
2
*
Consolidated Press A.
Consolidated Sand pref. 100
30
Jan
Jan
20%
8c
Jan
v
16o
2
May ■'X: 5
350
Apr
1%C
6.05
43%
1,500
12%
30
17 %o May
60
Canadian Marconi
1
Jan
1.25
Consolidated Paper...
781
13c
97c May
4.35
1%C
Jan
5,210
1,000
8o
Jan
6%
Feb
3.50 May
13,315
4.40
59c
2.10 May
13c May
90
Jan
23,910
13c 17 %c
3.50
:
1.10
58c
*
24
13c
100
iltsey-Coghlan
15%c
210
60c
Preferred
25c May
8%
48c 55 %c
35
40
Wendlgo
3,995
4,500
95c May
5c May
Murphy
National Steel Car
•
Nay bob
.............1
Newbeo
*
May
May
May
3
50,075
41% May
10,000
18,000
3c
5,255
77c
2.30
2,300
7%c
30c
25c
3
66c
3,000
National Breweries...
National Grocers
•
National Grocers pref
20
National Sewer A........*
Feb
2.15
11,610
1.05
5c
....1
Mar
10
67c
5c May
95c
8
39
Feb
42
5
l%c
Jan
6c
17
30
120
85
May
2,070
55c
12% May
130
5%
3%
1
7
10,930
51c
14
33
W
9
3
1
Jan
Winnipeg Electric A.....*
Jan
3%
25c
1.12
Jan
Apr
4%
Preferred
Mar
May
2
May
3% May
2%c May
26
May
2
8
40c May
Jan
55
%c
3%
2%
"30c
45c
22 %o
13
6%
1
Apr
8,070
1,090
3%
»
6
4
"Too
2%
2.25
Westons
40
2%
5
2% May
.1
Jan
52
2%
Molntyre..
5
12%
13
.*
27
1,000
6c
Jan
2%
40c
*
lc
26
Feb
35c
45c
Western Canada Flour...*
6
•
5%
87%
90
May
10c May
..*
West Grocers
8%
»
United Steel
Jan
lc
*
Apr
80
2,100
5
Jan
1.54
5
100
49
10
12c
30
Gas
32
8%
McDougall-Segur
40
10c
B
Jan
May
72c May
19% May
16% May
5.65 May
Little Long Lac.........*
A...
*
27
Jan
8%c
5,500
5
Jan
32
1
52
1.96
Jan
1.90
May
47% Mar
May
2c
*
80
Feb
110
19
290
17
55c
*
48
Feb
1.35 May
100
23
48
106%
1,142
47c
2.00
1.35
19
80
*
20
19
l%c
Corp.......
1.35
19
1
113%
108
17
*~50c
Cons
108
17
l
»
May
May
15c
62
..1
Porcupine......*
Pandora-Cadillac
1
Jan
2.25
30
919
Pamour
3.30 May
1.10 May
4.15
3,020
4,530
11%
Page-Hersey
12
14,935
1.30
36
10%
...
225
3.30
*
10%
...
10%
3.00
30
3
Orange Crush
10
3.50
8,900
Preferred
Oro Plata
Feb
31%
9c
Ontario Loan
Mar
1
7c
Omega
4%
3.45
*
8c
Okalta Oils
4% May
2.07 May
10
May
*
l
Northern Canada
North Star pref
20
11,575
Vermllata Oils...
6.20
Nipls8ing
4%
2.55
Waite Amulet..
Walkers
5.65
»
4%
Jan
Laura Secord
Moore Corp
Morris-Kir kl and
Jan
Apr
2.07
Jan
~5~90
...»
•
1.02
Apr
500
Monarch Oils....
Moneta
52c May
5c
42.501
1,990
*
Feb
8,475
19o
15c
.....*
8%c
62c
27c
90c
McVittle
Jan
4c May
52c
Upper Canada...
Lapa-Cadillac
McWatters Gold
2.05
Ventures
20%
16%
Mercury Mills....
Mining Corp
1.00 May
4%c
4,470
1,500
Jan
72c
1
1.15
Apr
19%
16%
....
1.00
65c
75c
Preferred
Mar
1.09
20 X
*
Jan
11%
1
McColl Frontenac
8%o
20%c
Feb
2%
May
1
100
10c May
1.25 May
3%c
25c May
.....1
Preferred
16%
Twin City
Uchl Gold
7
1.99
Preferred
Apr
7 200
120
1.76
Maple Leaf Milling
3.10
15 000
500
1.80
Massey-H arris
76,625
4c
12c
500
1
10
1.57
80c
Kerr-Addison
Preferred
1.25
3%c
25c
-
2%c May
6c May
1.76 May
Maple Leaf Gardens
Jan
May
7
25c
80c
500
Manitoba A Eastern
Mar
Union
1,500
10,560
52,256
Gold
83
United Fuel A
6c
1
63
1
Jan
17c
Mines
Towagmac
Feb
2%c
MacLeod Cockshutt
Madsen Red Lake
175
Toronto Elevator pref. ..50
Toronto General Trusts 100
Jan
Apr
6c
*
Jan
47
17c
B__
Feb
15%
16%
24
2%c
Loblaw
12
220
May
6c
Leitch
68
Jan
10%
*
15
2%c
(new)..
Lebel-Oro......
63
1
Toronto Elevator
85
May
27% May
1
*
Jan
Jan
2.00
1.10
Toburn
17,724
1
G
6%
86%
3.00
Jan
15,886
Jacola.....
Lake of the Woods
50c May
4
May
64% May
4c
*
Apr
18%
80c
Mar
4%
10%
74%
30%
1
460
14
May
200
Tip Top Tailors pref.-.100
85
7
60c
8
2.20
common
15
50
55
Jan
"56c
Hughes
Texas-Canadian
27%
Jelllcoe
Kirkland Lake
Lake Shore
Mar
Jan
670
.1
Teck
85
80c May
17c May
Klrkland-Hudson
11
Tamblyn
Jan
7%0
Apr
10c
....
16%
...50c
Jack Walte.
Jan
Jan
7%c
1.31
SupersilkB
Sylvanlte Gold
Mar
2%c May
2%c May
4c
Sullivan
25
2,500
5,000
4
1
Sudbury Contact
Jan
3.10
34
610
1.05
1.30 May
28 %
1
Island Mountain
10c May
40 %c
Mar
950
25c May
68
Steep Rock Iron Mines..
Sturgeon River.....
24 %c May
20
May
105
60c May
65
Straw Lake Beach
85
*
Intl Utilities B
Jan
Jan
16
84
Feb
Feb
66%
25
Jan
15
14,750
Preferred
100
May
Jan
May
4
•
1.48
4%
220
8
50c
May
5%
66
Preferred
May
May
59c
May
6
11
3
"60c
*
15
Jan
18,550
11.875
3%C
8
Steel of Canada
3%c May
11
6
..100
20% preferred
100
Imperial Bank of Can.. 100
Feb
7,218
54,410
7,500
2,930
B
Huron & Erie
2.50
9
23
Standard Paving
Apr
Mar
250
20
Feb
8%
1,500
9
....
Hinde A Dauch
Standard Chemical.....
7.75
32,350
4C
60c
1
......
Feb
38%
50
1
Jan
3% May
May
75c May
325
59c
3
1
3
3%c
*
Hard Rock
75C
Slave Lake
South End Petroleum....*
5.50 May
34
55
75c
Harding Carpets
Hlghwood
6.00
3%
34
100
May
5% May
20
7
60c
Preferred
4
15
17
7
B
25c
1%C
Jan
5.90
64c
1
1.24
58c
25c
Hal 11 well
Jan
4%
Slscoe Gold
lc May
Jan
5%c
2c May
81c May
4.85
Sladen Malartio
2% May
Jan
24
May
63c
....
Jan
4,155
57c
Feb
5.00
...
Sim peons A
Mar
21o
17c May
16
2,100
81c
50c
2c
Apr
12.500
Roche L
Jan
64c
lc
Reno Gold
2.50
14%
3%
Premier
1.45 May
35c May
lc
Power
26,755
12% May
2%
Pacalta Oils
1.80
25
lc
O'Brien
1.45
10
2%
McKenzie.
1.53
25
1
Malartio
Apr
8,800
*
Macassa
Jan
20%
39c
Gypsum
Lamaque
2% May
11% May
5%
35
12%
Hal crow-Swazey .....
Barker
300
20c
Jan
35
17% May
17,400
30
Feb
Jan
Jan
36%
12c
36c
37c
May
8c May
2%
12%
Gunnar...
May
15
11%
30
50
Greening Wire
18
70
8c
17%
Feb
Apr
1,035
2%
11%
Sherrltt-Gordon
Mar
15
"ii%
1
1%C May
Mar
21%
High
190
May
"ioc
87
8
Low
154
106
18
*
50
Shawkey
Sheep Creek
Sllverwoods
165
15
San Antonio......
69o
May
Range Since Jan. 1, 1940
Shares
High
154
19
25c May
1,500
12,416
8,500
Low
Russell Ind Ltd (new)...10
5
May
4%c May
l%c
Jan
2c
Preferred
Jan
Jan
81% May
35c
Golden Gate.......
165
70o
55
2c
Goidale
Week
Price
16%
20c May
1,930
25c
Gold
for
of Prices
100
16,000
30c
God's Lake.——
Week's Range
Par
Royal Bank....
Royallte Oil
Jan
6%
4%c
4%C
.....
Stocks (Concluded)
81%
5
5%
4%c
Glenora
Preferred
llo
11
600
*
Eagle........
Good Ash
7c May
14,950
High
81%
81%
Sales
Last
11
...1
Lake
Low
1,500
20c
1,1940
Sale
Shares
11
100
Preferred
General Steel Wares
7c
Exchange
Thurs
Week
of Prices
High
Price
Toronto Stock
Sales
6%0
Jan
as
resident
partner.
as
of June 1.
opening their
wiil be in charge of the Chicago
The telephone number of the
Franklin 1527 and the teletype if CGO. 1687.
in Los
are
Hugh J. Jacks, who has
new
office
Other offices of this firm
Angeles and New York.
I
.
'
I
is
are
Volume
The Commercial & Financial Chronicle
150
Quotations
Bid
15 1969
a 3a
Jail
1
Feb
1
a4Ms Mar
93 M
93 M
a4M" Apr
a4Ma Apr
97 M
a4Ms June
1975
a3Ms May
a3M8 Nov
1
1
1
1954
1954
101M 103 M
101M 103 M
a3
1
1960
100
102
95 M
1
1
111H
1964
1966
15
Federal Intermediate Credit Bank Debentures
Ask
Bid
90 M
91M
91M
1979
o3MsJuly
City Bonds
Ask
88 M
1977
c3a
Over-the-Counter Securities—Friday May 24
on
New York
a2H8 July
3341
1972
1
1974
a4Ms Feb
a4Ms Jan
15
1976
112
1
1977
a4Ms Nov
15
1978
'
'
112
10
.
111M 113K
111M 113m
114
99
101
1
1981
105
107
1
1957
107 M
1
1957
111
113
1959
1977
105 m
107
107 m
a4Ms Mar
1
1963
113
115
109
a4 mb June
1
1965
1
1980...
109 M
a4 Ms July
1
1967
a4MsSept
i
I960i_,
107 M
109
111
a4Ms Dec
15
1971
a4Jis Mar
1
1962..,
109 M
111M
o4Ms Deo
1
1979
113M 115h
114M 116 J*
115M 117m
117
119m
Ask
1 1940 6.20%
1 1940
III
6.20%
11940 6 .25%
11940 6 .25%
Bid
M % due.
M% due
M % due
Ask
3 1940 6 .30%
Sept
,.
Oct
11940 6.30%
Dec
2 1940 6 .30%
2 1941 6 .35%
—
110M U2*A
105 m
a4M8 Mar
a4Ms May
a4Ms Nov
112X u4 x
112M 114h
113
u5m
Bid
i-
M% due
May
M% A 1% due June
M%&1% due July
M% due
Aug
3
Mar
a3Ms Jan
15
1976
a 4s
May
1
1957
a 4s
Nov
1
1958
a 4s
a 4s
May
May
1
1
a4a
Oct
...
62.45
less 1
3a 1981
62.50
less 1
Canal & Highway—
6a Jan A Mar 1964 to '71
62.65
...
Highway Imp 4 Ms Sept '63
Canal Imp 4 Ms Jan 1964__
Can A High Imp 4Mb 1965
Highway
133 M
135 M
Canal Imp 4s J&J '60 to '67
126 M
131
Barge CT 4M» Jan 11945.
4s Mar & Sept 1958 to
...
112 M
...
Ask
Ask
Bid
107
6.25
—
187
Bid
ser
Gen & ref 3Ms
6.50
1942-1960
M&S
106 M
—
FRANCISCO—
3a aerial
rev
2Mb aerial
Bid
Government—
1959
1953-1975..
1945-1952
62.25
rev
Ms
15 1941 100.8
May
Corp—
M%
July 20 1941 100.15 100.19
notes
M%
M%
Nov
1 1941
Bid
Bank of Yorktown__66 2-3
42
1 1942 100.18 100.22
U S Housing Authorlty-
2.75
Bensonhuret National...50
75
26 M
Ask
15
13.55
Par
100
Ask
Bid
103
Fifth Avenue
120
ioo"
159
28
165
100
650
4MB July
5s
Apr
1952
1955
99
101
4Ms July 1952
110
43
22
23M
10
12
Penn Exchange
10
Peoples National
Feb
1952
101
104
5s
106
109
5 Ms Aug
1941
103
114
24M
25M
1565
20
Sterling Nat Bank & Tr 26
25
120
110
104 M
no
UM
9M
42
50
17 M
114
6s
100
Ask
38
12 M
National Safety Bank.l2M
7(0
First National of N Y..100 1525
Merchants Bank
Bid
National Bronx Bank...50
National City
13M
Commercial National.. 100
U 8 Panama 3s June 11961
100.15 100.19
15 1942 100.15 100.19
Jan
July
New York Bank Stocks
92
103
100.12
Reconstruction Finance
100.18 100.20
Par
Bank of Manhattan Co. 10
699 to
Ask
100
Ask
Bid
Public National
4Mb Oct
33 M
31M
Home Owners' Loan Corp
1%
96 m
95
1980
United States Insular Bonds
Philippine
12M
Ask
Chase
3 Ms a f revenue
M&S
SAN
1M% notes Feb 11944._ 101.10 101.16
Call July 3 *40 at 102
94 m
95m
99
101
1977
Trlborough Bridge—
1941
100
Bkof AmerNT&SA
Federal Home Loan Banks
2a
Deo
1 1940 100.26 100.30
2s
Apr 1 1943 102.12 102.18
107 m
Inland Terminal 4Mb ser D
498
IMS Jan 3 1944r—
3 Ms *76
Gen & ref 4th aer 3a 1976
M&S
Ask
293
478
67
181
Commodity Credit Corp—
M%
Aug
1 1941 100.3
100.7
1%
Nov 15 1941 100.23 100.27
105 m
100 m 102 m
Gen & ref 4s Mar 11975.
Gen & ref 3d
Holland Tunnel 4Mb ser E
1941
MAS
64
100
Call May 16 '40 at 100 M 100.28 101.12
Port of New York-
105
Bid
283
Northern Trust Co
Federal Natl Mtge Aasn—
2s May 16 1943—
Authority Bonds
Bid
San Fran-Oakland 4a *76
33 1-3
...
126 M
California Toll Bridge—
Par
Harris Trust & Savings. 100
Improvement—
'67
Public
1942-1960
61.40
Ask
200
Obligations of Governmental Agencies
World War Bonus—
4Mb April 1940 to 1949.
Bid
190
Continental Illinois Natl
Ask
Bid
3a 1974
Par
American National Bank
& Trust
100
Bank & Trust
First National
Ask
Jan
Chicago & San Francisco Banks
New York State Bonds
Bid
M% due
Govt of Puerto Rico—
July 1948 opt 1943.
New York Trust
109 M
Conversion 3s 1947
Par
mmm
Federal Land Bank Bonds
3s 1955 opt 1945.
3s 1956 opt 1946.
J&J
101M 102
J&J
101 M
335
360
44m
46m
22
35
18
100
67
...20
County new.
Brooklyn........
.1
72
Ask
Central Hanover
101M 102
Joint Stock Land
Bank Bonds
77
80
39m
50
30
40
25
Continental Bank & Tr.10
Bid
Bid
Ask
99
Lafayette Ms, 2s
99
Lincoln 4Mb
Lincoln 5s__
"Tom Tim
78
Ms, 1Mb
Burlington
17
15
r
Denver 2a,
3s
42 m
43 m
Carolina—
•.
99
81
mmm
99
3s, 3Ms._.
99
mmm
First New Orleans—
10
8m
9m
mm
-
r44
—
F H A
—
100
47 M
99
First Texas 2s, 2 Ms
First Trust Chicago—
mmm
99
•
mmm
100
4Mb, 4MB
Fletcher Ms, 3Ms
mmm
99
Fremont 4Ms, 5Ms
63
Illinois Midwest 4Ms, 5s__
m m
m
'
m
..
....
"
.
98
4Mb
m
mm
'
99 M
100
Indianapolis 5s
'
mmm
Par
Bid
100
74
78
44
48
100
{50
58
Atlantic
Dallas..
27m
29m
31m
20
49
51
88 m
91m
.....
New York
25
12
2
Trade Bank & Trust
10
11
13
U nderwrlters
100
80
90
United States.
100 1485
3
1535
MORTGAGES
NEW JERSEY
TEXAS
FLORIDA
---
5s
103
mmm
Phoenix
4 Ms
102
mmm
Potomac 1Mb
St. Louis
r22
99 M
San Antonio Ms, 2s
Southern Minnesota
Southwest (Ark)
Travers King & Co.
mmm
24
One Wall Street
99
rl2M
81
5s
Union Detroit 2 Ms
Virginian Is, 1Mb
Virginia Carolina Is
13 M
Phone
86
99
\
New York
4-8050
mmm'
mmm
FHA Insured
Bid
Par
Ask
New York
WHitehall
mmm
99
100
Joint Stock Land Bank Stocks
Atlanta
30 m
....20
Preferred....
NEW YORK
PENNSYLVANIA
98 M
Pennsylvania lMs, lMs...
25
Manufacturers.
m
88
-
Phoenix
Is, 2a
Iowa 4Mb,
Oregon-Washington
10
10m
9m
1550
Kings County........ 100 1500
85
82
Pacific Coast Portland 5s..
IMS, 2s
First Montgomery—
232
mmm
'
First
220
227
'mmm
85
North Carolina Ms, lMs..
3M
99
Lincoln 5 Ms
New York 5s
r3
Chicago
20
Empire
Ask
99
Atlantic
Ask
205
100
...
Title Guarantee & Tr
Corn Exch Bk & Tr
Atlanta lMs, 2s
Bid
100
Guaranty
Irving
41m
Clinton Trust
4a 1946 opt 1944
Chemical Bank & Trust-10
Colonial Trust
3s 1956 opt 1946. ...M&N
102
Par
Fulton
Lawyers
102 M 103
108 % 109 m
3Ms 1965 opt 1945..M&2V
JAJ
Ask
10
Bronx
Bid
Ask
Bid
Bank of New York..__ 100
110M
Bankers
Bid
Companies
'
U S conversion 3s 1946
Hawaii 4 Ms Oct 1956
Ask
100
3
North Carolina
100
85
100
30
34
100
100
110
100
90
95
on
Request
90
Pennsylvania
Mortgages
Offerings Wanted—Circular
100
47
51
Potomac
Des Moines
100
54
58
San Antonio..
First Carollnas
100
14
18
Virginia
Fremont
100
2M
5
Lincoln
100
4M
6
WHITEHEAD &
FISCHER
7
Denver
•
5
...
Virginia-Carolina
2M
100
100
44 Wall
3
105
Telephone: WHitehall 3-6850
Telephone and Telegraph Stocks
Par
Bid
Par
Ask
89
Bid
99
111
.100
Bid
16
12
16
of Canada... 100
pref___100
87
97
114
116
Cuban Teleph 6% pref.100
*
27
31
25
28
32
Emp & Bay State Tel. .100
Franklin Telegraph
100
25
Florida 4M8
21
Bell Telep of Pa
Peninsular Telep com
Preferred A
Rochester Telephone—
Mtn States Tel & Tel.. 100
«.
m
m
76
127
101
102m
101M 102 m
101M 102m
Pennsylvania 4Ms
101
Tennessee 4Mb.....
Alabama 4Mb
Arkansas
4Mb.
5s
Delaware 4Mb
43
Int Ocean Telegraph... 100
101M 102m
101M 102m
102
103m
101M 102m
102
103m
New Jersey 4Ms
New Mexico 4Mb
District of Columbia 4Mb.
Telegraph
48
Bell Telep
131
100
110
25
13
Sou New Eng Telep... 100
144
$6.50 1st pref
So & Atl Telegraph
mmm
18
148M
Georgia 4Mb
Illinois 4Mb
Indiana 4Mb...
Louisiana 4Mb
.....
102
Maryland 4Mb
Par
Bid
Bid
Ask
102
103
Michigan 4Mb
Par
Ask
101M 102 m
102
103m
Massachusetts 4M8
Chain Store Stocks
101
102M
Minnesota 4Mb
4
B
/G Foods Inc common..*
Bohack (H C) common
*
6
1H
*
7% preferred
2M
1M
17
100
Kobacker Stores—
7% preferred
pref
100
Fishman (M H) Co Inc..*
Kress (S
•
No
108M
H) 6% pref.._100
par
/Flat price,
maturities,
value,
a
6M
11M
65
Miller (I) Sons common..5
1
3
.50
12
Reeves (Daniel) pref... 100
U nlted Cigar- Wheian Stores
99
South Cardlina 4Mb
Texas
m
——————
Insured Farm Mtges4Ms
Virginia 4Mb
West Virginia 4Mb
101
8m
12M
$5 preferred
6 Basis price,
*
d Coupon,
M% to M% must be deducted from interest rate.
SPECIALIZING
The best "Hedge" security for Banks and Insurance Co's,
15M
e Ex
18M
Quotation based on $89.50 of principal amount.
Circular
on
request
coupon.
STORMS AND CO.
Commonwealth Building
Phone Atlantic 1170
5% was paid on July 2 and
102
101M 102 m
F.H.A. INSURED MORTGAGES
^
n Nominal quotation,
r In receivorshlp.
Quotation shown la for all
wi When Issued
to-s With stock,
x Ex-dlvldend.
y Ex-rlghta.
Rhode Island 4Mb
17
preferred
.
Interchangeable,
Sept. 25
103
101m 102 m
102m 103m
102
103m
101m 102M
101m 103
101m 103
101
102m
4Mb..
«...
t Ex S90 dividend.
•
Quotation not furnished by sponsor or Issuer.
•
102
102
North Carolina 4Mb
N Y (Metrop area)
i
.100
fNow listed on New York Stock Exchange.
•
101
New York State 4Mb
1M
20
8M
Diamond Shoe
Asked
101M 102m
101M 102m
102 m 103m
A servicing tee from
Berland Shoe Stores
Bid
Asked
114
Teleg (N J) com.*
Preferred
FHA Insured Mortgages
Ask
New York Mutual Tel..25
Pac & Atl
Am Dlst
Street, New York, N. Y.
PITTSBURGH, PA.
Chronicle
The Commercial & Financial
3342
Quotations
May 25, 1940
Over-the-Counter Securities—Friday May 24—Continued
on
Insurance
Stocks
Guaranteed
Par
96
100
41
43
24M
25
65
10
5
Aetna Life—
Agricultural
American Alliance
Mrmkm T^rw York St<xk Excbomgo
American Equitable
H
120 Broadway
Dealers in
Tel. RE ctor
ft
|| GUARANTEED t|
NEW YORK
10
American of Newark—2M
American Re-Insurance .10
American Reserve
10
American Surety
...25
Automobile
......10
Baltimore American—2M
2-6600
STOCKS
Guaranteed Railroad Stocks
(Guarantor in Parentheses)
Bid
in DoUars
Asked
Camden Fire
Carolina
27
30
Continental Casualty....5
72
74
Eagle Fire
11
14
Employers Re-Insurance 10
3.00
53
18M
55 M
19M
Jersey Insurance of N Y.20
Knickerbocker
—5
33
36 M
18
34
38
Excess
77
79
Federal
7
8
1
1M
1M
2M
2M
Bonding A Ins.. 12M
9M
7
5
Lincoln Fire
Maryland Casualty
——6
52 M
55 M
34
36
Merch Fire Assur com
6
36
40
16
18
Merch A Mfrs Fire N Y..6
6
7
41M
32 M
43 M
"24
27
9
11
Mass
34 M
5M
6M
15M
25M
18M
17M
27M
National Fire
8
2
28M
30
39M
44
12M
14
28M
30M
Northern
8M
..—5
—10
39
12M
...5
Northeastern
1M
11M
—10
2M
10
94
117
124
25
108
115
Phoenix
.......10
Preferred Accident
71M
5
73 M
12
14M
28M
58
63M
Fidelity A Dep of
Md...20
97
72
75
50
52M
Providence-Washington. 10
26 M
45
10
Fireman's Fd of San Fr.25
Firemen's of Newark
5
Franklin Fire...
—5
78
82
Reinsurance Corp (N Y) .2
6M
24
25M
General Reinsurance Corp 5
34
36
25M
St Paul Fire A Marine..25
201
Gibraltar Fire A Marine. 10
23M
18M
•'
34 M
20M
36M
Seaboard Fire A Marine. .5
—5
Seaboard Surety
10
'30
33
Security New Haven
10
28
31
—
Fire Assn of Phlla
m
—
2.00
43
46
5.50
48
55
9.00
145
34
38
600
800
10
Georgia Home
3.875
22 M
24
6.00
46
50
Glens Falls Fire
88
30
35
1.50
36
42
5
Globe A Rutgers Fire—15
2d preferred
15
3.00
76
18
Great American
7.00
167
171
7.00
145
6.64
50
4.00
84
4.50
«.
Republic
Globe A
6
-
m
—10
—10
10
Hartford Steam Boiler.. 10
8M
Republic (TexaS)
24 M
19M
21
3M
4
214
6M
7M
J*
14
Sprlnglleld Fire A Mar. .25
98
61M
66M
21M
Stuyvesant
5
Sun Life Assurance—100
240
290
11
Travelers
100
394
404
10
U S Fidelity A Guar Co..2
U 8 Fire
4
8M
6
Halifax
Hanover
20
21M
Hartford Fire
137
7M
23
10
Revere (Paul) Fire.....10
Rhode Island
5
20
Great Amer Indemnity... 1
56
130
6.00
8M
7M
155
4.00
50.00
V
M
21
National .25
Pacific Fire..
41M
102
88M
19M
2.50
M
3
2
12.50
North River
Northwestern
50
5
71M
54M
3.00
60
6.00
128
236
43
5.00
53
57
6.00
55
60 y
Alabama Mills Inc
..♦
1
60
60
3.50
20
24
American Arch
♦
28
31
3.00
53
56
Amer Bern berg A com..
*
12M
15M
5% conv pref 1st ser..l0
10M
10M
11M
11M
2M
42 M
Peosl-Cola
64
2.50
Ohio Match Co
16M
42
59
27
28M
50
5.00
15M
40
240 M
6.00
3M
137
10.00
103M
2H
10
73M U S Guarantee
56M (Westchester Fire
100
mm
—
Industrial Stocks and Bonds
47
Par
Bid
Equipment Bonds
2d
1M
Nat Paper A
5%
Type com...1
preferred
50
2
pflO
*
American Hard ware....25
39M
4M
25M
32 M
34 M
Pharmacal...2M
14M
16
10 M
Pan Amer Match Corp..25
12M
Petroleum
Co
10
20
1.00
Missouri Pacific 4Mb
53 00
2.00
2.25
Nash Chat A St Louis 2Ms
62.50
2 00
Amer
18
19M
20M
Petroleum Heat A Power.*
63.00
61.75
1.25
Nat Steel Car Lines 6s
63 00
1.50
American Mfg 5% pref
100
67M
72
Pollak
Boston A Maine 5s
New York Central 4Mb
100
*
17M
21
38M
44
10
12M
63.50
2.60
62 25
1.75
67.00
6 00
62.50
2.00
Arlington Mills
Armstrong Rubber A
Canadian Pacific 4 Ms
67.00
6.00
N Y Chic A St Louis 4s...
63.50
2.50
Art Metal Construction. 10
Central RR of N J 4Ms—
63.00
1.50
N Y N H A Hartford 3s...
63.25
2.25
Autocar Co
Central of Georgia 4s....t
64.50
3.50
North Amer Car 4Mb~5Mb
64..50
3.50
Bankers Indus Service A.*
Chesapeake A Ohio 4 Ms—
62.00
1.00
Northern Pacific 2Ms-2Ms
62.25
1.50
Botany Worsted Mills cl A5
2Mb
61.50
1.00
62.50
2.00
62.40
1.75
Cessna Aircraft
4% preferred
—..60
Remington Arms com....*
Safety CarHtg ALtg...50
7
M
1M
2M
Singer Manufacturing. .100
3M
15M
Singer Mfg Ltd
£1
Skenandoa Rayon Corp..*
2M
$ 1.25 preferred
10
Buckeye Steel Castings..*
Brown A Sharpe Mfg...50
2.25
Exploration
1
Manufacturing...*
Postal Telegraph System—
Pilgrim
5M
10
com
M
Chic Burl A Qulncy 2Ms__
Chic Mllw A St Paul 5s...
61.85
1.40
No W Refr Line 3 Ms-4s
65.00
4.50
Pennsylvania 4 Ms series D
Chic A Northwestern 4Ms.
Cllnchfleld 2Ms
63.00
2.25
4s series E
62.50
2 00
2 Ms series
Del Lack A Western 4s
63.50
2.75
Pere Marquette—
Denv A Rio Gr West 4 Ms.
63.25
2.50
2.00
Chilton Co
10
2M
3M
63.00
2.25
2Ms-2Ms and 4Ms.
Reading Co 4 Ms
62.75
Erie 4 Ms
62.50
1.75
City A Suburban Homes 10
5M
Soovlll
14
220
1
Conversion
198
61.50
Canadian National 4 Ms-5s
12
♦
Bessemer A Lake Erie 2Mb
17M
3M
*
Baltimore A Ohio 4 Ms
Products...*
Ask
*
Atlantic Coast Line 4Ms—
Maize
Bid
22
New Britain Machine
Norwich
series
Amer Distilling Co 5%
American Enka Corp
Ask
Bid
Ask
Par
Ask
American Cyanamld—
Bid
7
134
2.00
100
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore (Penn-Reading)
Railroad
6
125
New Hampshire Fire...10
New Brunswick
25M
45
49M
2
20
New Amsterdam Cas.
24
2M
47
..—.10
National Liberty
National Union Fire
5.00
Pittsburgh Youngstown A Ashtabula pref (Penna)..100
Rensselaer A Saratoga (Delaware A Hudson) —...100
Preferred
10
New York Fire
19M
7
National Casualty
3.50
(Pennsylvania) —
........60
Oswego A Syracuse (Del Lack A Western)
60
Pittsburgh Bessemer A Lake Erie (U S Steel)
60
Preferred
60
—100
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)
..100
Valley (Delaware Lackawanna A Western)
100
Vicksburg Shreveport A Pacific (Illinois Central)-.100
68
5.00
100
(Terminal RR)
115
63
2.00
Northern Central
St Louis Bridge 1st pref
Second preferred
109
8.50
25
Fort Wayne A Jackson pref (N Y Central).....—100
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western)
100
Michigan Central (New York Central)
100
Morris A Essex (Del Lack A Western)
60
Pittsburgh Fort Wayne A Chicago (Penna) pref
16M
10
95
8.75
...
New York Lackawanna A Destern (D L A W)
10
Ins Co of North Amer
563
6.00
...
Delaware (Pennsylvania)
Homestead Fire
70
90
10.50
69
2M
26M
543
City of New York
10
City Title
5
Connecticut Gen Life...10
63
6.00
(Illlnola Central)
100
Albany A Susquehanna (Delaware A Hudson)——100
Allegheny A Western (Buff Roch A Pitts)
100
Beech Creek (New York Central)
60
Boston A Albany (New York Central)
—100
Boston A Providence (New Haven)
—100
Canada Southern (New York Central)
100
Carolina Cllnchfleld A Ohio com (L A N-A C L)—100
Cleve Cln Chicago A St Louis pre! (N Y Central)__ 100
Cleveland A Pittsburgh (Pennsylvania)
60
Betterment stock
....60
Alabama A Vicksburg
26M
1M
25
Boston
Ask
25
10
-—100
5
10
Bankers A Shippers
Dividend
Bid
..6
Home Fire Security
16M
8M
American Home
[Sine®18551
Par
Home
17M
Co com 5
Amer Fidel A Cas
Companies
Ash
10
10
—10
Aetna Cas .A Surety
Aetna
3o$epb Walkers Sons
Btd
Manufacturing..25
3
2
1%
12M
2M
14M
4M
3M
4M
3M
43 M
40
24M 26
111
107
2M
1M
3M
5M
6M
63.50
G A H
13M
148
2
33
36
common
St Louis-San Fran 4s-4Ms_
63.00
2.25
Coca Cola Bottling (N Y) *
62.00
1.25
St Louis S'western 4Mb...
62.75
2.00
66 00
5.00
64.50
3.50
Great Northern Ry 2s
61.75
1.40
Shippers Car Line 5s
Southern Pacific 4Mb
62.50
2.00
Illinois Central 3s
62.75
2.00
Southern Ry 4s
62.10
1.75
Columbia Baking com...*
{1 cum preferred
•
1.00
Texas A Pacific 4s-4Ms—
62.60
2.00
62.00
1.50
13 conv pref
Crowell-Colller
Kansas City Southern 3s..
61.75
Lehigh A New Engl 4Ms._
Long Island 4 Ms
62.50
1.60
Union Pacific 2Ms...
63.25
2.25
Louisiana A Ark
63.25
2.50
Virginian Ry 4Ms
Western Maryland 2s
63.00
2.25
Maine Central 5s
Merchants
Despatch
63.00
2Mb. 4Mb A 5s
2.00
61.50
1.00
62.25
Western Pacific 5s
63.25
2.50
62.00
1.25
Wheeling A Lake Erie 2Ms
61.90
1.25
...
10M
Tennessee Products
21
Time Inc
58 M
*
17M
Boston A Albany 4Ms
1943
70
Boston A Maine 5s
1940
69
72
48
52
4Mb
Cambria A Clearfield 4s
1955
97
Chicago
Chicago
Chicago
Chicago
1956
50
56
65
73
Indiana A Southern 4s
St Louis A New Orleans 5s
•
•••
4M
1%
Dictaphone Corp
*
Dixon (Jos) Crucible... 100
29M
33M
21
24 M
Veeder-Root Inc com
pf_»
26M
29M
Welch Grape Juice com
*
60 M
65M
1M
2M
7M
9
cum
*
30
1M
7%
*
2M
100
preferred
West Dairies Inc com v t c 1
$3 cum preferred
*
Wfckwlre Spencer Steel..*
Wilcox A Gibbs com
50
22
*
100
Preferred
2M
100
Worcester Salt
York Ice Machinery
44
41
Gen Fire Extinguisher...*
Gen Machinery Corp com •
11
12M
17M
24M
26
2
4
*
3M
100
Preferred
1
45 M
1M
Amer Writ Paper
6S..1961
97 M
98M
/31
99M
1948
73M
76M
34 M
Carrier Corp 4Ms
Chic Daily News 3Ms. 1950
10
Comml Mackay 4s w 1.1969
31
Harrlsburg Steel Corp
99M
Interstate Bakeries com..*
48
55
6M
7 M
22 M
24 M
56
Lawrence Portl Cement 100
Long Bel) Lumber..
101M
101M
110
-
-
-
-
'
100
New London Northern 4s
100
96
94
96 M
10
36
New York A Hoboken Ferry 5s
85
1949
40
1941
100
13
McCrory Stores 3Ms—1955
10
Mead Corp 4
50 M
Minn A Ont Pap
Ms
1955
6s.—1945
8
10M
41M
11M
43 M
1 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
53M
56 M
Scovlll Mfg 5Ms
100
Muskegon Piston Ring. 2 M
National Casket
*
Preferred
103
1947
98M 99M
101 M 102 M
1945
114
12M
13M
Superior Oil 3Ms
1950
United Biscuit 3 Ms—1955
12
17
23M
24
27
29M
32
104M 105M
Woodward Iron Co—
95
t
/21M
116
-
-
2d conv Income 5s._ 1962
94
103
95M
104
103
50
Philadelphia A Reading Terminal 6s
Pittsburgh Bessemer A Lake Erie 5s
100M 101M
85
preferred
42
1961
47
Marlln Rockwell Corp.. .1
Merck Co Ino common..1
30
Kresge Foundation 3s. 1950
*
*
26
1937
/39M
Inland Steel 3s...
33 M
102M 102M
95
Pennsylvania A New York Canal 5s extended to..—
11
22
100
preferred
Mallory (P R) A Co
$6
f8
1948
J5
Deep Rock Oil 7s
Stamped
King Seeley Corp com
1
Landers Frary A Clark..25
101
New Orleans Great Northern Income 5s
1M
17 M
95
90
3Ms
1
*
60
50
Memphis Union Station 5s
8M
5
preferred
50
96M
1965
A..1946
38
77
/47
...I960
31M
15
3M
13
3 Ms
Brown Co 5Ms ser
Beth Steel 3s
31
100 M
4M
8M
5M
50 M
5M
Great Northern Pa per.. 2 5
42
Louisville A Nashville 3Ms
7
2M
30
42 M
11M
Great Lakes SS Co com..*
98 M
Kansas Oklahoma A Gulf 5s
20
Bonds—
Giddings A Lewis
73
Hoboken Ferry 5s
Illinois Central—Louisville Div A Terminal 3Ms
Indiana Illinois A Iowa 4s
18
108M
1M
25
3M
*
54
.
%
3
50
100
7% preferred
112
27
2
47 M
19M
50
1945
Philadelphia A Norfolk 4s
M
M
United Artists Theat com. *
109
1995
Connecting Railway of Philadelphia 4s
Cuba RR improvement and equipment 5s
Elgin Jollet A Eastern 3MsserA
Florida Southern 4s__
M
13
30M
3M
United Piece Dye Works.*
Machine Tool
97
96 %
Union Station 3M serF...
Cleveland Terminal A Valley 4b
11M
28 M
15
Good Humor Corp
Graton A Knight com
100
Stock Yards 5s
2M
*
54 M
Garlock Packings com...*
»
6M
130
2
13
American shares
71M
1M
126
...5
Common
Foundation Co-
44 M
3
5M
Trlco Products Corp
63
20
51M
44
43
*
Dentists Supply com...10
Devoe A Raynolds B com *
Federal Bake Shops
Preferred
1944
_*
4M
Triumph Explosives
42
/38
/42
Baltimore A Ohio 4s secured notes
New York
8M
18
.*
Draper Corp
Akron Canton A Youngstown 5Ms.
18M
Tokhelm Oil Tank A Pump
Pub
Domestic Finance
Asked
Bid
38
3M
17
Farnsworth Telev A Rad.l
Railroad Bonds
New York A Harlem
•
1.75
West Fruit Exp 4ms-4m8.
3Ms
14.25 preferred
37
36
Tampax Inc com
..1
Taylor Wharton Iron A
Steel common
*
65
Consolidated Aircraft—
Express
4s, 4Mb and 4Ms
32 M
25
*
*
Stromberg-Carlson
Sylvania Indus Corp
91
60
Colgate-Palmolive-Peet—
Grand Trunk Western 6s..
Fruit Growers
20
Stanley Works Inc
3
100
Chic Burl A Quincy
Standard Screw
152
1
Norwich A Worcester 4Mb
Portland Terminal 4s
Providence A Worcester 4s
85
92
67
Sugar Securities
80
72
Tennessee Alabama A Georgia 4s
96
100
109
Toledo Terminal 4Ms
Toronto Hamilton A Buffalo 4s
90
Union Pacific ref mtge 3MserA
100 M
105
United New Jersey Railroad A Canal 3Ms
m
95
•
102
67
70
Washington County Ry 3Ms
1954
38
41
50
54
/20
25
/50
55
/40
45
1989
/14
17
New Niquero Sugar—
3 Ms
1940-1942
/23
see
page
Par
Bid
Ask
7
8
1
19
22
Preferred
*
Punta Alegre Sugar Corp. *
Savannah Sugar Refg—1
Vertientes-Camaguey
Haytlan Corp com
1954
For footnotes
Stocks
Eastern Sugar Assoc com. 1
1947
—
1968
6s
Haytlan Corp 4s
5s
—
85
Vermont Valley 4Mb
Vlcksburgh Bridge 1st 4-Gs
-
Ask
Baraqua Sugar Estates—
107
Toledo Peoria A Western 4s_.
Virginia A Pittsburgh 4s
Bid
Antilla Sugar Estates—
6s
1951
106
Terre Haute A Peoria 6s
West
Bonds
Sugar Co
3341.
5
West Indies Sugar Corp.. 1
1M
6M
29
1M
8
31
2
2M
5M
6
Volume
The
ISO
Quotations
3343
Over-the-Counter Securities—Friday May 24-Continued
on
"Public Utility Preferred
Bought
Sold
.
.
Investing Companies
Stocks"
Par
Quoted
Jackson & Curtis
Members
Investors Fund C_.
8.95
Keystone Custodian Funds
1.91
2.09
Series B-l
12
13%
Series B-2
2.41
2.07
Series B-3
5.86
6.47
Series B-4
.23
.26
Series K-l
11.93
3%
4%
Series K-2
6.57
7.24
3
8.07
...
24.26
26,49
....
16.88
18.51
11.32
12.42
5.41
....
5.95
13.08
Series 8-2
10.08
6.45
7.14
2.59
2.92
5.39
6%
.
Knickbocker Fund......1
4.90
4
5%
3
Manhattan Bond Fund lno
5.41
5.98
Maryland Fund Inc.—lOo
3.25
4.20
Mass Investors Trust....1
15.77
16.96
8.01
8.75
♦5% preferred......
Basic Industry Shares.. 10
Boston Fund Inc....
British Type Invest A
1
■;
.13
.28
Broad St Invest Co Inc..6
Bullock Fund Ltd
..1
Teletype N.Y. 1-1600
9.69
Series 8-4
Bankers Nat Investing—
New York City
BArclay 7-1600
7.56
....1
Series 8-3...
3%
♦Class A
Tel.
Ask
9.47
8.23
Am Insurance Stock
Corp*
Assoc Stand Oil Shares...2
Principal Stock and Commodity Exchanges
115 Broadway
Bid
Par
8.90
Amer Foreign Invest Inc..
Amer Gen Equities lno 25c
ESTABLISHED 1879
Ask
Bid
Admlnls'd Fund lno
*
Aeronautical Securities
Affiliated Fund Inc
1%
♦Arnerex Holding Corp..*
Amer Business Shares....
17.80
19.24
2.94
*
-
12.62
11.74
10
11%
Mutual Invest Fund... 10
'-T
Nationwide Securities—
:V
Bid
Par
Alabama Power 17 pref..*
Amer Cable A Radio w 1. 5
92
89%
1%
.
AmerG &
2%
100
E4%% pref.100
Amer Util Serv 6% pref .25
Arkansas Pr A Lt 7% pf..*
103
6
4%
86
88%
Nassau A Suf Ltg
$6.50 preferred
*
%
preferred-.
*
97
7% pf 100
63
$7
90%
93%
95%
97%
96%
99
preferred.
5%
09
'
7%
preferred';/ •••;<
82
48
'.M'V'
Derby Gas A El $7 pref—*
Federal Water Serv Corp—
$6 cum preferred
...»
$6.50
84%
43%
100
29%
31%
88%
1.92
53%
♦Crum A Forster com..10
10
♦8% preferred..
21%
96%
98
105
♦Crum A Forster Insurance
♦Common B shares... 10
♦7% preferred
100
Cumulative Trust Shares. *
100%
107%
16%
19
50%
Delaware Fund—........
Deposited Bank Sha ser A1
Deposited Insur Shs A...1
67
69%
Diversified Trustee Shares
O
1
100
103%
D
95%
preferred
100
preferred.
100
Okla G A E 7% pref...100
Pacific PrALt 7% pf.,100
Panhandle Eastern Pipe
108
*
Penna Edison $5 pref
Penn Pow & Lt $7 pref
19
19%
21
24
Jamaica Water Supply...*
Jer Cent P A L 7% pf..l00
28
31
31
'"'v
95
97%
27
7%
26%
29
$2 preferred
19%
21%
5% conv partlc pref.. 50
Mississippi Power $6 pref.*
28%
72%
29%
75%
$7 preferred
*
Mississippi P A L $6 pref.*
Missouri Kan Pipe Line..5
Monongahela West Penn
8*5
89
71
74
....*
Mass Utilities Associates—
Pub Serv
7% pref
28%
14%
40%
26%
15
Mountain States Power
12%
38
__*
5% preferred.
Public
Bid
Amer Gas A Elec
3%s
s
3%s
s
2%s 1950
f debs....... 1060
f debs....
1070
8.72
9.36
20.76
22.32
F
.
19
14.56
5.04
106
106%
Amer Gas A Pow 3-5s_ 1953
42
44 H
75 h
2.02
48
2.98
7.61
Income deb 4s
1978
Income deb 4Hb
1978
/io%
flOH
/ll%
f!2
...1973
22%
*
3.61
1973
/18
/19
Cony deb 6Hb
1973
8s without warrants 1040
/19
/43
Conv deb 4%s-
Conf deb 6s
22.33
16
18
98
Aviation shares....
13%
15%
Building shares
97%
99%
shares.....
3.90
3.15
f7
f7
Sink fund Inc 5s....1983
8 fine
1986
4%s-5%s
Sink fund lnc 5-0s—1980
Blackstone Valley Gas
& Electric 3 Hb
17
77
Cent Ark Pub Serr 5s. 1948
105
90
5.55
6.04
Electrical Equipment...
Food shares
6.47
......
3.51
2.46
$3 pref
*
Utah Pow A Lt $7 pref...*
4.02
4.38
49
52%
Mining shares
4.32
4.71
Petroleum
3.31
3.61
shares
shares
Washington Ry A Ltg Co—
Participating units
16%
18%
3.99
4.35
91%
93%
Tobacco shares...
4.41
■
'
'
1
.05
11.83
12.72
1.95
♦Huron Holding
-
Corp
1.93
Institutional Securities Ltd
Kan Pow A Lt 3%s
1969
Kentucky Util 4s.....1970
4%s
1955
Bank Group shares
A sk
Bid
Kansas Power Co 4s.. 1964
.84
1954
107% 108%
98%
99%
97%
98%
1.00
1.11
13.74
Centra] Pow A Lt 3 Hb 1969
Central Public UtilityIncome 6%s with stk '52
Cities Service deb 5s.. 1963
...1964
3%s
Pub Serv of Colo 3%s.l964
Debenture 4s
.1949
102
A
s
f debs
3%s
1968
1970
1960
United Pub Util 6s A. 1960
Investment
1941
22
/45
51%
101% 108%
-
-
♦First Boston Corp
12
Pomeroy Inc com... 10c
%
Bid
Penna State Water—
101 %
4%s..l966
99
....1950
98
..1948
100
Pinellas Water Co 5%s.'59
Pittsburgh Sub Wat 5s '58
99
1954
104
Plalnfleld Union Wat 5s '61
103
104
■
5%8 series B
..1946
72
77
Richmond W W Co 5s 1957
—
1946
74
79
Roch A L Ont Wat 5s. 1038
100
St
105
5s..
Joseph Wat 4s ser A
Scranton Gas A Water Co
4%s
1958
Scranton-Sprlng Brook
Water—
1954
6s series B
99
1954
102
—.1962
-
104
-
*
103%
38% 42
100% 101%
103
103%
64
66%
97%
94%
104% 106
103% 104%
'
104
97
93%
95%
105
103
10>%
102% 103%
1958
90
101
102
JopUn W W Co 5s
1957
Kankakee Water 4%s. 1939
Kokomo W W Co 58—1958
104
Springfield City Water—
Monmouth Consol W 5s '66
95
67
101
4s A..............1956
100
104
Texarkana Wat 1st 5s. 1958
Monongahela Valley Water
5%s
1950
Morgantown Water 5s 1965
Munde Water Works 5s '65
—
104
Union Water Serv 5%s '51
100
100
99
102
105
W Va Water Serv 4s..1961
102
Western N Y Water Co—
98
1950
5s series B__
•
New Rochelle Water—
93
1951
1950
1st mtge 5s
1st mtge 5%s.
91
101
—1951
91
1951
92
97
Westmoreland Wate r 5 s'52
91
96
99
Wichita Water—
5s series B_.
5%s
1956
100
.....1960
1949
101
1952
101
5s series B_.
'53
Ohio Valley Water 5s. 1955
Ohio Water Service 4a. 1964
Ore-Wash Wat Serv 5s 1957
Ohio Cities Water 6%s
95
For footnotes see page
100
103
90
3341.
5* series O
68 series A....
107
96
105% 105%
105%
88
1st & ref 5S A...—.1967
Shenango Val 4s ser B. 1061
South Bay Cons Water—
5s.
.1950
106
New York Wat Serv 5s '51
96
101
Water Service 5s. 1961
Indianapolis Water—
1st mtge 3%S
1966
Indianapolis W W Secure—
5s
'
-
99
6s series A..
17
/15
102% 103%
101% 102%
99% 100 i
104
Wis Mich Pow 3%8._196i
13%
♦Schoellkopf Hutton A
1957
6s
Wash Wat Pow 3%s._1964
Service—
5%s
1960
Wisconsin G A E 3%s.l966
2
Peoria Water Works Co—
128
West Penn Power 3S..1970
10
104%
95
1%
25
1
1st 58 series O...
Huntington
126
West Texas Util 3% 8.1969
%
♦Central Nat Corp cl A..*
♦Class B
—*
Community Water Service
Western Public
Inland Gas Corp—
-
12.23
Banking
♦Blair A Co
1st coll trust
City Water (Chattanooga)
98% 101
...1957
5s
80
1.63
11.09
1
Fund
99
106% 107%
103
B'western Gas A El 3 %s '70
S'western Lt A Pow 3%s'69
1st mtge3%s
B
Wellington
105
Utica Gas & Electric Co—
..1952
.72
Ask
100
102
Toledo Edison 3%s
6Hb stamped
.52
.64
12%
5s series B.
1947
City'G
47
Iowa Pub Serv 394s..1969
.47
Trusteed Industry Shs 25c
U S El Lt A Pr Shares A...
Phlla Suburb Wat 4s.. 1965
100% 100%
E4aIIl966
4%s
46%
77
4.06
100
St Joseph Ry Lt Ht A Pow
83%
101
1
101
61%
67%
73%
101%
B
1948
65%
44
Dayton Pow A Lt 3s..1970
Federated trill 5Hb
1957
♦Series
Trusteed Amer Bank Shs—
Class B
25c
City of New Castle Water
89
Sou Cities Util 5s A...1958
70%
•»
4.51
Prior lien 5s
104
77
1962
Dallas Ry A Term 6s. 1951
1
1948
1951
Collateral 5s
Sioux
107
A
1st consol 4s
1948
Consol E A G 6s A....1962
Dallas Pow A Lt 3%s.l967
♦Series
1st consol 5s..
107
93
59
atf-W
.*
1st A ref 5s
104
Portland Electric Power—
6s
1950
106
.
103% 106
103% 104%
103% 104%
3%s 1964
107
55
.1
Calif Water Service 4s 1961
Penn Wat A Pow
3%s.
1970
Peoples Light A Power—
1st Hen 3-6s....... 1961
104
...1
104
Parr Shoals Power 5s. 1952
10
Texas Public Serv 5S..1961
Coll lnc 6s (w-s)
1954
Cumberl'd Co PAL 3%s'66
D
100%
75
10
Crescent Public Service—
2.03
C__
♦Series
Atlantic County Wat 5s '68
Butler Water Co 5s...1957
70
Old Dominion Pow 5s. 1961
Tel Bond A Share 5s..1958
6s series B.
2.08
1.93
♦Series
Trustee Stand Oil Shs—
93
Nor States Power (Wise)
85%
1962
1.98
«r
Trustee Stand Invest Shs—
104
5s
45
-
8.14
Ashtabula Wat Wks 5s '58
Northern Indiana—
1%
68%
/%
7.49
105
Corp
.1965
4s
io
104
2.03
2.98
1
Alabama Wat Serv 5s. 1957
104
N Y State Elec A Gas
Cons Cities Lt Pow A Trac
5s
Bid
100% ,102
21
99% 100%
1
2
87%
Republic Service—
102
AA
14.85
54
52
100%
55%
B
73
Pub Util Cons 5%s
100
.28
2.83
Water Bonds
50
84%
48
98
Cent Ohio Lt & Pow 4s 1964
.94
Insurance Group shares.
Investm't Co of Amer.-10
99% 101
Util—
4%s._
96
1968
52
Corporations
Cent D1 El & Gas 3%s. 1964
Central Illinois Pub Serv—
3%s
12.72
.18
.25
Incorporated Investors..5
Independence Trust Shs.*
v, v
Pub Serv of Indiana 4s 1969
1st mtge
".54
11.98
Standard Utilities Inc. 50c
4.81
86%
89%
84%
.49
2.96
22
RR Equipment shares..
Steel shares
2.71
21
West Texas Util $6 pref. . *
86
1946
7.39
10c
.*
Sovereign Investors
Spencer Trask Fund.
3.83
2.25
Merchandise
1st lien coll trust 0s. 1946
1st lien coll tr SHb—
73.11
3.44
7.04
Investing shares
70
Central Gas A Eleo—
2.78
6.78
7.99
22
'62
9%
100%
8.45
71.67
4.48
25%
New Eng G A E Assn 5s
•
1968
3.44
4.11
....
23
NY PA NJ Utilities 5s 1956
10
7.95
2.44
4.25
7.35
20
Public Service 3%s.l969
nh
6.25
97%
Clark Fund Inc
Supervised Shares...
Chemical shares
13
45
.32
11.94
Selected Income Shares.. 1
4.35
95
20
23
.28
5.35
Selected Amer Shares..2%
24.01
3.99
Group Securities—
Agricultural shares.....
104%
....
11.16
♦State St Invest Corp...*
■;
*
Montana-Dakota
Assoc Gas A Elec Co—
Cons ret deb 4Mb... 1958
Sink fund lno 4%s._1983
■
*
General Capital Corp
5%
Automobile
10%
12
2.19
Super Corp of Amer cl A.2
B__
General Investors Trust. 1
11%
/l 5
1973
Conv deb 4s
*
20
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
Marlon Res Pow 3%s.l960
Assoc Gas A Elec
2.19
1
Plymouth Fund Inc.—10c
Putnam (Geo) Fund
Quarterly Inc Shares. -10c
5% deb series A
Representative Tr Shs.. 10
Republic Invest Fund
2.26
2.63
78
46
2.24
1
Scudder, Stevens and
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
2
Ask
102 H 103%
104
105
-1
Series 1958.......
5.59
4.68
Utility Bonds
Amer Utility Serv 6s.. 1964
Associated Electric 5s. 1961
Corp—
Income deb ZHb... 1978
Income deb 3%s.—1978
19%
13.81
West Penn Power coin... *
3%
2%
5.40
.98
13.58
$2.75 pref.
4.97
42
Series 1956...—
5.15
4.50
3.98
101
4.61
Series 1955—
v
2.90
12.77
Texas Pow A Lt 7% pf.100
United Pub Utilities Corp
4.25
1.85
Fundament'l Tr Shares A 2
5% pf.100
2.17
No Amer Bond Trust ctfs.
74%
•
5.81
2.00
No Amer Tr Shares 1953. *
Insurance stk series. 10c
08%
5.60
5.35
2 25
72
100
Southern Nat Gas com.7 %
6.63
5.16
...
1.20
$7 prior Hen pref..——*
S'western G A E
Mass Pow A Lt Associates
14 39
13.31
3.70
4.8% preferred.
6.12
Railroad equipment
Steel
3.84
3.25
4%
8.35
Oils
tm
Foundation Trust Shs.A.l
Fundamental Invest Iho.2
100
6.06
7.72
Metals..
m
Bank stock series... 10c
Southern Indiana G A E—
'
100
preferred
^
69%
6% preferred D
7.86
5.59
...
Railroad
m
Fixed Trust Shares A...10
Sierra Pacific Pow com...*
Long Island Lighting—
30
26%
110%
67%
29"
7.29
4.40
Electrical equipment...
Insurance stock
25%
Fiscal Fund lno—
Rochester Gas A Eleo—
Kansas Pow A Lt 4% % 100
Kings Co Ltg 7% pref. 100
6.73
7.26
Machinery
22
116
15.72
First Mutual Trust Fund.
61%
103% 106%
16%
13%
5.88
4.05
supplies
Chemical.
.89
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Fidelity Fund Inc..
—*
Pub Serv Co of Indiana—
Interstate Natural Gas...*
110%
74%
10.44
Building
_
14.64
Series
58%
*
^
25c
104% 107
71%
3.90
9.66
Bank stock..
^
Eaton A Howard Manage¬
ment Fund series A-l...
;
•.
98%
28
6%
7%
Indlanap Pow & Lt com.. *
Hartford Electric Light.25
2.50
Dividend Shares
;i
Ohio Public Service—
68
86
preferred
100
3.60
Aviation
''
5.42
Automobile
'
2.23
100
*
(Del) 7% pref...
(Minn) 5% pref
Agriculture
1.95
1.92
2.23
47
55%
28
cum
1
1
93%
*
Peoples Lt A Pr $3 pref.25
Philadelphia Co—
$5 cum preferred
*
*
Florida Pr A Lt $7 pref—*
7%
*
Line Co
26
6%
...1
8
96%
Continental Gas A Elec—
♦Continental Shares pf 100
Corporate Trust Shares..1
Accumulative series._.l
19
*
7% cum preferred—.100
N Y Water Serv 6% pf.100
$4 preferred
Northern States Power—
100
7%
9.97
2.93
Series ACC mod
Northeastern El Wat & El
$6 preferred
.100
Cent Pr A Lt 7% pref—100
Consol Elec A Gas $6 pref.*
Consumers Power $5 pref.*
9.24
2.70
New England Fund.—.1
N Y Stocks Inc—
57%
8
__*
99%
66
Central Maine Power—
9.15
56
51
$6 cum preferred
Cent Indian Pow
5.04
8.45
Series AA mod
40
Carolina Power A Light—
1.04
4.73
1
54
New Orleans Pub Service.*
preferred..
.90
National Investors Corp.l
Series AA
New York Power & Light—
$7
(Colo) ser B shares....*
(Md) voting shares..25o
21,81
54%
—*
—*
*[
$7 prior lien pref
$6 prior lien pref
$6 cum preferred-
79*"
37%
26
New Eng Pub Serv Co—
1%
76
$3.50 prior preferred..50
3%
3.05
20.28
Chemical Fund
20%
4%
23
H% Pf-*
New Eng Pr Assn 6%pf 100
New Eng G A E 5
122%
Birmingham Elec $7 pref.*
Birmingham Gas—
16
7%pf 100
National Gas A El Corp. 10
Associated Gas A Electric
Atlantic City El 0% pref.*
Ask
Bid
Par
Ask
2.25
Century Shares Trust.—*
Utility Stocks
3.02
Canadian Inv Fund Ltd..l
Commonwealth Invest... 1
Public
W'msport Water 5s
104
1
The Commercial & Financial Chronicle
3344
Quotations
on
May 25, 1940
Over-the-Counter Securities—Friday May 24-Concluded
Real Estate Bonds and Title Co. Mortgage Certificates
If You Don't Find the Securities Quoted Here
Bid
3s. 1957
probably find them In
monthly Bank and Quotation Record.
our
cation
quotations
stocks and
bonds.
Banks and Trust
are
14
The classes of securities
Companies—
covered
are:
Public Utility Stocks
Foreign Government Bonds
Railroad Bonds
60
18
11
15
19
4
6
i
N Y Title A Mtge Co—
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
18
.1948
1950
44
Oilerom Corp vtc..
1 Park Avenue—
21
26
Eastern Ambassador
Hotel units
Deposit
34%
54%
41
12
3
52
1
-
,48%
32%
23
23
1957
1st 3%b
Title Guarantee and Safe
52%
37
48
Dorset 1st A fixed 2s
Stocks
45
5Mb series C-2
5Mb series F-l
2d mtge 6s
1951
103 E 57th St 1st 0s... 1941
33
45
Railroad Stocks
31
34
33
19"
36
36
15
17
32
105 Broadway Building—
Sec 8 f ctfs 4%b (w-s) '58
2M
Equit Off Bldg deb 5s 1952
Deb 5s 1952 legended...
18
Prudence Secur Co—
Stocks
Mill Stocks
U. S. Government Securities
60 Broadway Bldg—
1st income 3s
Mining Stocks
U. S. Territorial Bonds
500 Fifth Avenue—
6%b stamped
-■
1940
12
15
32
6Mb (stamped 4s)-.1949
Your subscription should be sent to
65
35M
5s Income..
1943
53M
56
1957
60
65
Roxy Theatre—
1st leasehold 3s. Jan 1 '62
Film Center Bldg 1st 4s '49
36
13
15
125
1400 Broadway Bldg—
1st 4s stamped
1948
37
Fuller Bldg debt
0S...1944
20
1st 2)4-4s (w-e)
1949
Graybar Bldg lstlshld 5s '40
30
35"
75
1st mtge 4s.
40
40 Wall St Corp 0S...1958
42 Bway 1st 6s
1939
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
1961
Realty Assoc Sec Corp—
52d A Madison Off Bldg—
Quotation Record is published monthly and
sells for $ 12.50 per year.
1955
Corp—
stmp..l956
4s with stock
5Mb series Q
4s '45
1st 4s (w-s)__
Industrial Bonds
The Bank and
67
2s
N Y Majestic
Court A Remsen St Off Bid
Industrial Stocks
ties
63
5Mb series BK
Federal Land Bank Bonds
Joint Stock Land Bank Securi¬
33
57
Cheseborough Bldg 1st 6s '48
Colonade Construction—
Chanln Bldg 1st mtge
Public Utility Bonds
Investing Company Securities
Ask
1945
19 M
30
1957
3s
Canadian
Out-of-Town)
8 f deb 5s
6
Brooklyn Fox Corp—
Domestic
Canadian
Bid
Metropol Playhouses Ino—
'
N Y Athletic Club—
Broadway Motors Bldg—
4-0s
1948
Municipal Bonds—
Domestic (New York and
1
117 M
B'way Barclay inc 2S..1956
B'way A 41st Street—
1st leasehold 3)4-5s 1944
In this publi¬
carried for all active over-the-counter
Ask
128
Beacon Hotel Inc 4s.. 1958
Aid en Apt 1st mtge
in which you have interest, you will
79
Savoy Plaza Corp¬
us with stock
...
Sheraeth
1950
£
8
9.1;:
Corp—
1st 5% b(w-b)
1956
60 Park Place (Newark)—
...
1st 3Mb
18M
9M
1947
32
36
3Mb with stock.... 1950
20
23
61 Broadway Bldg—
Harriman Bldg 1st 08.1951
113
15
Prop 0s' 42
41
40
Hotel St George 4s... 1950
Foreign Stocks, Bonds and Coupons
24
27
Hearst Brisbane
Inactive Exchanges
616 Madison Ave—
38 with stock
Syracuse Hotel
Lefcourt Manhattan
Bldg
1st 4-5s
BRAUNL
1955
67
72
45
1948
52
Textile Bldg—
1st 3-5s.._
_1958
24
27
Lewis Morris Apt Bldg—
1st 4s
1951
45
Trinity Bidgs Corp—
1st 5Mb
1939
/ 25
28
139 M
41
1st lease 4-6)4 8
& CO., INC.
St., N. Y.
23
(Syracuse)
1st 3s
1948
Lef court State Bldg—
52 William
1957
Tel. HAnover 2-5422
34
37"
2 Park Ave
59
63 M
Walbridge Bldg (Buffalo)—
1950
10
13
30
Lexington Hotel units
Building—
Income 5Mb whs
1903
London Terrace Apts—
1st A gen 3-48
1952
Ludwig Baumann—
1st 5s (Bklyn)
1947
1st 5s (L I)
1951
35
Wall A Beaver St Corp—
1st 4Mb w-s
1951
15
18
Westlnghouse Bldg—
1st mtge 4s
1948
50
.
54
Bldg 1st 4-5s'46
Lincoln
Foreign Unlisted Dollar Bonds
Due to the European situation some of the quotations shown
nominal.
Bid
Anhalt 7b to
/6
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Mb '32
Hungarian Discount A Ex¬
...1940
/60
7%. 1947
/18
1948
Bank of Colombia
/18
/28
7s
Barranqulila 8s'35^4O40-48
Bavaria 6 Mb to
1946
Bavarian Palatinate Cons
Citie8 7b to
1945
Bogota (Colombia) 6Mb '47
8s
1946
:
Bollva
(Republic)
88.1947
7b
1968
7b
1909
0s
1940
Brandenburg Eleo 08.1953
Brazil funding 5s. .1931-61
Brazil funding scrip
Bremen (Germany) 7s. 1935
08
change Bank 7s
1930
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
/6
/4
/12
/II
13 M
/33
18
Leipzig O'land Pr 6Ma '40
Leipzig Trade Fair 7s_1953
Luneberg Power Light A
3%
7 Mb
1948
17
13
rnmm
■
—
6Ma
1953
Buenos Aires scrip
Burmelster A Wain 0s. 1940
110
Caldas (Colombia) 7Ks '40
17
120
9
14
0
17
11
2M
20
...
m—m
—-
Call
(Colombia) 7s... 1947
(Peru) 73^8--.1944
Cauoa Valley 7Mb
1940
Ceara (Brazil) 8s
1947
Central Agric Bank—
mmm
9
William J. Price 3rd, the two present
Meridlonale Eleo 7s..1957
30
35
/37
Montevideo scrip
Munich 7s to
Munto Bk Hessen 7s to '45
Madgeburg 0s
19
57
City Savings Bank
Budapest 7s
1953
/3
Colombia 4s
1940
70
75
Cordoba 7s stamped.. 1937
Costa Rica funding 5s. '51
/40
/10
/12
48
Nassau Landbank 6Mb '38
Nat Bank Panama—
165
160
of
Hungary 7Mb
1962
National Hungarian A Ind
vestment
Stock
/10
13
/6
8
6)48..1959
15
1947
1945
/9
16
/6
East Prussian Pow 0s. 1953
/10
Electrlo Pr (Ger'y) 6Ma '60
6 Mb
1953
19
/9
Dulaburg 7% toL_
1945
Panama
..1940
1952
City 6Mb
5% scrip
...1956
7s
1907
7s Income
1907
Farmers Natl Mtgo 7s. '03
Frankfurt 7s to
1946
French Nat Mall SS 0s '52
an
German Atl Cable 7s. .1945
German Building A Landbank 6Mb
1948
Agricultural 0s
8%
Guatemala 8s
6Mb
30
30 M
30
15
19
19
18
6M
0S-
1957
70
75"
Active as
Its main office is in
has
been
riding,
tennis
planned for the all-day outing,
as
tournament,
well
as
the traditional
was
An elaborate program of
baseball
including
game
18 holes of
and horseback
The
special features of entertainment and swimming.
the humorous newspaper
published
by the
club each year for the field day, will make its regular appearance,
18 M
17
/I
/15
/13
Edward C.
of the field
George, of Harriman Ripley & Co., Inc., is general chairman
day.
Fred D. Blake of Farwell, Chapman & Co., Frank S.
Kelly of Knight, Dickinson & Kelly, and Donald Royce of Blyth & Co.,
Inc.
15 M
/62
66
/12
14
15
19
19
19
are
vice-chairmen.
6
7M
The chairmen of the various committees are: Reception—Barrett Wendell,
Lee
Higginson Corporation; Golf—Fred D. Stone Jr., John Nuveen & Co.;
Tennis—George S.
De Staebler,
Anderson,
150
Becker
17
1956
/12
19
17
&
Haskell,
Smith,
F. S. Moseley & Co.;
Charles
K.
Morris
&
Barney &
Co.; Baseball—Eugene L.
Dinner and Entertainment—John H.
Co.;
Publicity—Arthur
Co.; Riding—Perry Dryden, E. H. Rollins &
J. Preston Burlingham of Bacon,
Curtis,
A.
G,
Sons; Trophies—
Whipple & Co.
—Hornblower & Weeks, 40 Wall St., New York City, members of the
74
78
/10
13
Britain A Ireland 4s. 1990
62
/37
Unterelbe Electrlo 0s.. 1953
/9
Vest en Eleo Ry 7s
18
Wurtemberg 7s to
1947
1945
New York Stock Exchange, have published a folder
of
Kingdom of Great
SM% War Loan
Uruguay conversion scrip..
17
1953
a
Chicago Journal of Comics,
/12
Toho Electrlo 7s..... 1955
Tollma 7s
1947
Hanover Har* Water Wks
Curb
—The 27th annual field day of the Bond Club of Chicago will be held
2M
40
York
Two of the present partners are of the
New York and Baltimore Stock Exchanges.
17
1956
Stettin Pub Utfl 7s... 1946
the Baltimore
New
Friday, June 7, 1940, at the Knollwood Club in Lake Forest, 111., it
Mtge Bk Jugoslavia
United
Haiti 08
1951
on
ington.
7M
2d series 5s
128%
flM
f7
the most
Baltimore, branches being maintained in New York» Chicago and Wash¬
5s
Kingdom
Hamburg Electric 6s..19381
Housing A Real Imp 7s '46
1947
Sao Paulo (Brazil) 08.1943
Saxon Pub Works 7S..1945
8tate
1948
1948
Saxon State Mtge 6s.. 1947
Slem A Halske deb 6s.2930
German Conversion Office
See United
1967
Santa Fe 4s stamped. 1942
Santander (Colom) 78.1948
/10
Funding 3s
....1940
German scrip
Graz (Austria) 8s
1954
Great Britain A Ireland—
.
the
family of Alexander Brown, its founder.
activities
8s ctfs of deposit. 1948
Santa Catharina (Brazil)—
/10
1938
among
'"
17
1941
5s
8s....
German Central Bank
'
on
announced by Barrett Wendell, club president.
7s ctfs of deposit.
/10
''
1940
many) 7s
Prov Bk Westphalia 6s '33
68 1936
7s 1957
90
membership
19
17
4s scrip
80
close business
underwriter and distributor of investment securities, the firm is a member
of the
Salvador
/6
a
membership
16
Rio de Janeiro 0 %
1933
Rom Cath Church 6Mb '40
R C Church Welfare 7s *40
/16
/2
/16
/2
/3
associate
''"Vv'v'
sixth generation of the
16
18
150
120
11
as
Porto Alegre 7b
1908
Protestant Churoh (Ger¬
Saarbruecken M Bk 0s.'47
European Mortgage A In¬
vestment 7 Mb
1900
7Mb Income
1900
a
Established in Baltimore in 1800, Alex. Brown & Sons is one of the oldest
20
4s
banking business and holding
banking houses in the country.
13
golf,
Dortmund MunUtil0)4b'48
Duesseldorf 7s to
1945
firms, which have enjoyed
number of years, are understood to have been in progress
Exchange and
Exchange.
13
1948
North German Lloyd—
Mtge 7s
Poland 3s
13
a
Marburg, Price & Co., organized in 1933, has been
19
(A A B) 4s...1940-1947
(C A D) 4s...1948-1949
Panama
Costa Rica Pac Ry 7Mb '49
5s.1949
Cundlnamaroa
60"
Co.,
for several months.
110
1908
Price &
Conservations looking
active of the younger investment houses in Baltimore, doing a general in¬
Oberpfals Eleo 7s
1934
to the combination of the two
relationship for
16
16
1945
7s to
Chilean Nitrate 5s
the New York
partners of Marburg,
will become general partners of Alex. Brown & Sons.
Oldenburg-Free State—
German Central Bk
Central German Power
see
made that, subject to final approval of
19
Water 7s
Nat Central Savings Bk
Callao
was
NOTICES
combined with that of Alex. Brown & Sons and F. Grainger Marburg and
...
Brown Coal Ind Corp—
/45
Announcement
19
Mannheim A Palat 7s. 1941
Municipal Gas A Eleo Corp
Recklinghausen 7s.. 1947
1940
Kingdom
Hungarian Bank—
1902
CURRENT
Stock Exchange, the business of Marburg, Price & Co., Baltimore, will be
4
21%
—
15
12
19
19
British see United
British
15
110
3%
65
,
10
1943
3%
47
For footnotes see page 3341.
10
Land M Bk Warsaw 8s '41
19
120%
13
14
12%
12%
13
*
Ask
13
13
15
Koholyt 6Mb
3s
,
Bid
Ask
...1940
Antioquia 8b
below are
56
19
19
16
General
Motors
Corporation and
achievements during recent years.
—Alexander H. Bright, partner of
outlining the position
calling attention to its outstanding
,
.
Elmer H. Bright & Co., Boston, Mass.
has been admitted to membership in the Chicago
Stock Exchange.
Volume
The Commercial & Financial Chronicle
150
General
3345
Corporation and Investment News
RAILROAD—PUBLIC UmiTY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
OF
REGISTRATION
SECURITIES
it is not always
are
always
STATEMENTS
possible
as near
to arrange companies in exact
alphabetical position
UNDER
ACT
The
following additional registration statements (Nos. 4406
to 4413, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately $8,121,750.
Pennsylvania Glass Sand Corp. (2,4406, Form A-2), of Lewiston, Pa.,
has filed a registration statement covering $3,700,000 of 1st mortgage
sinking fund bonds, due 1960. Proceeds of the issue will be used toward the
redemption of the 4)4 % first mortgage B's, due 1960. William J. Woods is
President of the company. Harriman Ripley & Co., Inc. and Smith, Barney
Alabama Gas
by amend¬
(See "Chronicle" of May 18, page 3212 for
Filed May 16, 1940.
further details).
Co.—Earnings—
'
1CVIQ
1940
$2,332,606
1,953,640
$1,910,140
1,587,893
Net operating income
Other income
$378,966
3,095
Dr 12,332
Income before interest, &c
Interest on 1st mortgage bonds 4)4%
Interest on income note 6)4%
$382,061
63,405
Taxes assumed
on
expense
interest
356
______
Net income--
$322,247'
$309,914
63,594
97,500
3,579
6,992
97,500
3,717
6,853
-
Miscellaneous interest
Amortization of debt discount and
$210,230
___
$138,249
—V. 145, p. 3488.
Allied
Motors Securities Co., Inc. (2-4407, Form A-2) of Shreveport, La. has
filed
alphabetical order.
possible.
12 Months Ended March 31—
Total operating revenue
Total operating expenses
& Co. have been named underwriters and others will be named
ment.
as
Mills, Inc.—7B-Cent Dividend—
a registration statement covering 1,500 collateral trust notes.
140 of the
collateral trust notes will be offered at $3,000 each; 460 at $2,000 each;
420 at $1,000 each and the remaining 500 will be offered at $500 each.
Proceeds of the issue will be used for working capital.
George D. Wray is
Directors have declared a dividend of 75 cents per share on the common
stock, payable June 15 to holders of record May 28.
This compares with
25 cents paid on Dec. 15, last; 75 cents on June 12,1939; 25 cents on Dec. 27,
President of the company.
1940.
p.
There will be
no
Filed May 16,
underwriter.
1938; 50 cents
drilling, equipment, development, and working capital.
President of the company.
1940.
There will be
no
underwriter.
H. J. Miller is
Filed May 16,
V:'T,-V--:-v-'':v':
.
Fleming Wilson Mercantile Co. (2-4409, Form A-2) of Topeka, Kan.,
has filed
registration statement covering 3,500 shares of $100 par 5%
cumulative preferred stock.
2,000 shares will first be offered in exchange
on a share for share basis for the $100
par 6% cumulative preferred stock,
and will be exchanged through underwriter at $105, and 1,500 shares will be
offered through underwriter at $105 per share. Proceeds of the issue will be
used to retire the $100 par 6% cumulative preferred stock and for working
capital. O. A. Fleming is President of the company. Estee, Synder & Co.,
Inc. has been named underwriter. Filed May 17, 1940.
a
Empire Lumber Co., bondholders' committee (2-4410, Form Dl), of
Camden, N. J., has filed a registration covering $529,000 certificates of
deposits for the 6% 20-year 1st mtge. sinking fund gold bonds, due 1945.
Filed May 20, 1940.
Peerless Bottlers, Inc. (2-441, Form Al) of Chicago, 111., have filed
registration statement covering 150,000 shares of $1 par capital stock
25,000 warrants for the $1 par capital stock.
110,000 shares of
capital stock will be offered by issuer through underwriters at $5 per share,
15,000 shares will be offered by the three underwriters at $5 per share and
25,000 shares are reserved for warrants at $5 to $8 per share.
Of the
25,000 warrants registered 10,000 were issued to three underwriters for
a
and
services and may be offered at $1 each or at market, and 15,000 warrants
are to be issued to the three underwriters for services and
may be offered
as the preceding warrants.
If underwriters exercise warrants the 25,000
shares reserved for the warrants will be publicly offered at $6 or market.
Issuer's part of proceeds will be used for acquisition of subsidiaries stock,
for advances to subsidiaries and for working capital.
Arthur Hardgrave
is President of the company.
F.
named underwriters.
Filed May
Wilcox
9. Yantis & Co., Inc., et al., have been
20, 1940.
He
Freeland Mining Co. (2-4413, Form AOl) of Denver, Colo., has filed
a registration statement covering 2,000,000 shares of 10-cent
par common
stock, which will be offered at 10 cents per share.
Proceeds of the issue
Aluminum Co. of America—To Pay
our
an initial dividend of 10 cents per share on the
stock, payable July 1 to holders of record June 15.—V. 149, p.4018.
American Bakeries
Co.—Preferred Stock Called—
Holders of $1,733,100 par value of the 7 % cum. pref. stock out of $1,900,000 par value outstanding have accepted the company's offer of March 15,
1940, to receive in exchange for each share of such pref. stock $55 in cash
and one share of the class B stock of the company.
The time for deposits
under the offer expired May 9, 1940, and the directors have called for
redemption the remaining $166,900 par value of the pref. stock at the
redemption price of $110 per share and accumulated dividends, to be
paid on July 22, 1940.
Dividends—
Directors have declared a dividend of $1 per share on the class B stock,
payable July 1 to holders of record June 14.
Like amount was paid on
April 1, last; dividend of $2.37 )4 was paid on Dec. 27, last; 75 cents was paid
on Oct. 2, last; 37 )4 cents was paid on July 1, 1939, and previously regular
quarterly dividends of 25 cents per share were distributed.
Directors also declared an extra dividend of 25 cents per share in addi¬
tion to the regular quarterly dividend of 50 cents per share on the class A
participating stock, both payable July 1 to holders of record June 14.
Like amounts were paid on April 1, last, Dec. 27, Oct. 2, July 1 and April 1,
1939; Dec. 27, Oct. 1, July 1 and April 1, 1938.—V. 150, p. 2076.
Bosch
American
Corp.-—Swedish
previous list of registration statements
May 18, page 3191.
Abbott Laboratories f&
x
y
Cost of goods sold.
American
___
special committee has been formed by the corporation to examine its
The
committee was formed at a meeting held May 22.—V. 150, p. 2407.
American
was
given
Colortype Co.—New Directors—
American Encaustic
11,167
$7,975,045
5,276,523
13,716
$6,943,631
4,629,921
25,605
Directors
funds
more
may
$954,558
CV45.389
90,063
$2,684,806
Ol 15,762
223,483
143,978
457,936
374,137
$745,491
.
$822,531
018,834
79,552
164,394
_________
$617,835
$2,119,150
$1,770,831
$2,288,104
Cr98,597
241,733
have
American Laundry
to
Less discounts, returns and allowances,
y
Includes royalties, shipping
p. 3191.
freight to branches and branch rent.—V. 150,
Abitibi Power & Paper Co.
Ltd.— Bondholders
Apply to
Sale of Assets—
Justice W. E. Middleton of the Supreme Court of Ontario at Toronto,
will be asked May 25 to approve the sale of assets of the company.
Notice
was
filed
asking for judgment
and
effects
on
behalf of the bondholders protective committee,
order "that all the real and present property,
or an
(of the
company) including its undertakings, rights,
privileges and franchises and including all property and assets in possession
of Geoffrey T. Clarkson, receiver and manager of the property, be im¬
mediately sold with the approbation of the court."—V. 150, p. 3191.
Acme Gas & Oil
Co., Ltd .-—Dividend Resurfled—-
Directors have declared
a
dividend of
one cent per
share
stock, payable June 10 to holders of record May 31.
common
on
the
common
This Will be the first
dividend paid in some time.—V. 147, p. 1914.
Alexandra Apartments,
Ltd.—Pays Interest—
Unable to meet the principal of the bonds which became due
on
May 15,
the company paid the interest.
The company is at present endeavoring to arrange through The Canada
Permanent Trust Co., the trustee for the bondholders, a satisfactory
solution of the problem.
The time for payment of the principal will prob¬
ably require to be extended and a reduction made in the rate of interest
payable on the bonds.
1937
loss$29,3H
have
Pref. Stock—
Machinery Co.—Extra Dividend—
extra dividend of 10c. per share in addition
dividend of 20c. per share on the common stock,
declared
the regular quarterly
both
2562.
authorized the use of $525,000 of the company's surplus
an
payable June 1 to holders of record May 20.—V. 149, p. 1316.
American Pneumatic Service
Netprofit...
loss$21,348
for the purchase of outstanding preferred stock at a price of not
than $100 with the view of retiring the acquired shares.
Tenders
be made through May 27.—Y. 149, p. 4018.
Directors
.
$3,869
1938
1939
$10,472
After interest, depreciation and ordinary taxes.—Y. 150, p.
American Hard Rubber Co.—To Redeem
1940—12 Mos —1939
$2,889,195 $12,008,929 $10,196,365
873,896
4.033,884
3,252,735
$2,015,299
1,183,285
9,483
Tiling Co., Inc.—Earnings—
1940
3 Mos. End. Mar. 31—
Net profit—
Subs.)—Earnings—
$2,287,311
1,321,586
.
of motion
f
Centrifugal Corp.—Committee Formed—
A
business and prospects with a view to possibilities of new financing.
1940—3 Mos.—1939
$3,412,716
1,125,405
.
assets
to
Lyndon Dodge and Theodore Regensteiner have been elected directors,
succeeding Edmund Osborne Jr. and Henry F. Scheetz Jr.—V. 160, p. 2562.
Period End. Mar. 31—
Gross sales
Court for
Reported
The company announced May 20 that 535,000 shares of capital stock
formerly owned by Mendelssohn & Co. of Amsterdam, Holland, have been
acquired by interests identified with the Stockholm Ensilda Bank, of
Stockholm, Sweden.
No changes in management of the company will be made as a result of the
purchase, the announcement said.—V. 150, p. 3192.
x
x
Interests
Acquire Stock—
x
expenses,
Common Dividend—
Amalgamated Sugar Co.—Initial Dividend—
issue of
Other income.
Other charges
stroke.
a
P.
May 22, 1940.
The last
21 of
Directors have declared
common
will be used for mining equipment, development, mill and working capital.
C. J. Cooper is President of the company.
No underwriter named.
Filed
in
Co.—Obituary—
General Otto Falk, Chairman of the Board, died on May
would have been 75 on June 18.—V. 150, p. 3036.
Directors have declared a dividend of $1 on company's common stock,
payable June 11 to holders of record May 31.
Similar amount was paid on
April 15, last.
Cash dividend of $6 and a stock dividend of one share of
Niagara Hudson Power Corp. common for each three shares of Aluminum
Co. common held, were paid on Dec. 27, last, these latter being the first
dividends paid on the common shares since 1928.—V. 150, p. 2407.
Gay Corp
(2-4412, Form A2) of Charlotte, Mich., has filed
a registration statement covering 73,610 shares of $1
par common stock,
35,970 shares were sold prior to registration at $2.78 per share and a re¬
cession offering will be made if reacquired and the shares will be resold at
$5 maximum, 15,000 shares will be offered by issuer and optioned to two
officers and to be resold to underwriter and reoffered to public at $5 per
share, and 22,640 shares will be offered for the account of certain stock¬
holders and will be offered through underwriter at $5 per share, the last
mentioned shares include 6,640 shares now held by underwriter.
Issuer's
part of proceeds will be used for plant improvement and working capital.
Chester M. Wilcox is President of the company.
Van Grant & Co. has
been named underwriter.
Filed May 20, 1940.
June 23, 1938 and $1.50 paid on June 15, 1937.—V. 150,
Allis-Chalmers Mfg.
Hughes Petroleum Corp. (2-4408, Form 9-10) of St. Louis, Mo. has
a registration statement covering 268 units of participating interests in
filed
oil production, which will be offered at $400
per unit.
The units convey
1-500 interest of all oil produced from three wells located in Clinton County
and one well in Jefferson County, IU. Proceeds of the issue will be used for
on
3191.
Co.—May Recapitalize—
reported that a committee has been formed to draw up a plan of
readjustment of the capitalization of this company and has already had
two or three meetings.
The committee consists of Lester Watson, Chair¬
It
is
; Grenvillo L. Hancock, Edgar J. Driscoll and Edwin K. Porter, all
and Philip L. Garret of New York, and H. H. Knox of Syracuse.
Company has long suffered from a complicated corporate structure with
number of its subsidiaries not operating but subject to irreducible ex¬
man
of Boston,
a
penses.
The
of stocks are
balance sheet, because of the values at which its three issues
carried, shows a heavy surplus deficit.
Dividends in arrears
7% cumulative first preferred stock aggregate about $800,000.
The management believes that a substantial reduction in expense burden
can
be effected by a reorganization of the company's capital and corpo¬
rate structure with certain consolidations and eliminations of non-operating
companies.
When the committee has completed its work its recommenda¬
tions will be submitted to the stockholders.—V. 150, p. 2409.
;
;
:
on
the
.
American Public Service Co.—Dividend—
Directors have declared a dividend of $1.75 per share on account of ac¬
cumulations on the 7% cumulative preferred stock, par $100, payable June
20 to holders of record May 31.
Like amount was paid on March 20, last;
dividend of $2 was paid on Dec. 20, last; $1.50 was paid on June 20, 1939;
dividend of $2.50 was paid on Dec. 20, 1938, and last previous payment
was $1.75 per share made on Dec. 16, 1937.—V. 150, P. 1127.
American Seating
All
of
the outstanding
Co.—Notes Called—
10-year 6% convertible gold notes,
due July 1,
1936, extending to July 1, 1946, have been called for redemption on July 31
102 and accrued interest.
Payment will be made at the Guaranty
Trust Co., New York.—V. 150, p. 2866.
at
American Power
& Light Co. (&
O^atogrevenues
10,591.397
additional shares of common
March 31—
44,502
$10,529,071
construct
Pref. divs. to public
$4,776,965
7,171,739
16,023,803
Cr337,435
7,171.713
$59,269
63,790
Kv
Net equity
American Power &
15,895,375
19.298
applic. to minority interests.—...-
Portion
,
4,039,169
C'rl ,356
1,792,934
3,947,519
Cr4,166
1,792,935
•
15,818
Light Co.—
18,139
Other income
$4,795,104
—
129,068
Expenses, incl. taxes
Int. & other deductions.
Gross Income
707,209
,
3B&I2121C0c&rriGct "tocon-"
solidated earn. surp.
American Power &
a
-1*1
"""
■
$3,958,827
Sinking
$9,304,508
1939
1940
39,179,000
39,367,000
39,154,000
43,150.000
51,473,000
51,054,000
..51,331,000
51,895,000
as
an
&
37.701,000 50,723.000 44,605,000
•
.
19,500
accrued..
55,213
232,593
2,504
196,070
24,397
28,030
on
16,547
Taxes accrued
Sundry accruals
Consumers' depos.
Def. credit items.-
375,124
84,070
10,383
24,232
2.80L444
178,591
——*
1,780,390
Capital surplus-
178,591
Donated surplus..
210,791
Earned surplus—
1,438,026
Reserves
1,663
11,446
210,791
750,329
11,674
9,536
2,563
186,171
20,901
11,574
Service ext. depos.
78,885
19,500
60,446
170,515
5,143
_
14,509,246 14,633,387
14,509,246 14,633,387
Total
Automobile Co.—Suspended From Dealings—
of the New York Stock Exchange at its meeting
recommendation of the Committee on Stock List that
the three-year 4M% convertible debentures due Jan. 1, 1939, and the
common stock of the company be suspended from dealings at the close of
trading May 24.
The Committee on Stock List stated that this recom¬
mendation was made because the markets for these securities in relation to
each other have failed to reflect the Exchange ratio under the company's
plan of reorganization, which was adjudged binding upon all creditors and
stockholders by the Court on April 20, 1940.—V. 150, p. 2711.
•
.
Baldwin Locomotive
Electric Co. for the month of
increase of 27 %.
For the four months ended
318,633
6% pf.stk.
Div.
The Board of Governors
output of the
power
51M67
Accounts
May 22 adopted a
1938
1937
■
1936
38,313,000 50,513,000 45,791,000
38,666,000 .50,876,000 44,433,000
39,542,000 51,191,000 44,766,000
r
, >
,
.
electric subsidiaries of the American Water
April totaled 219,321,660 kwh.,
compared with 172,272,593 kwh. for the corresponding month of 1939,
The
Works
6,247,000
payable.
Notes payable
Auburn
five
Monthly Power Output—
/
6,197,000
pref. stk. 1,300,000
149, p. 3402.
—V.
the
2,343,625
Bonds
work
Total
■
1,300,000
2,343,625
cum.
Interest
in progress
Output of electric energy of the electric properties of American Water
week ended May 18, 1940, totaled 51,895,000
Week Ended—
143,597
352,251
Other def. debits.
Works & Electric Co. for the
kwh., an increase of 20.2% over the output of 43,150,000 kwh. for
corresponding week of 1939.
Comparative table of weekly output of electric energy for the last
years follows:
Apr. 27
May
4
May 11
May 18
221,874
'.property—
Appl'ces on rental.
Inc.■—--Weekly
"
'
11,514
leased
to
Retirement
American Watei* Works & Electric Co.,
15,726
and expense
Impts.
*
Output—
854,969
-
Mdse.i materials &
supplies -----Prepaid Ins., taxes,
Interest, &c
Unamort. dt. disc.
$6 preferred stock
payable July 1 to holders
April 1 and on Jan. 2,
record of previous dividend payments.
1939
M $
,
S
Com. stk.($25 par)
Other receivables.
dividends of $1.12 Yi on the no par
3544, for
78,000
398,416
1940
188,881
160,336
695,519
183,859
178,071
Accts. receivable.
and 93 'AA cents on no par $5 preferred stock, both
of record June 6.
Similar payments were made on
See also V. 149, p.
$485,475
78,000
468,725
Liabilities—
$
and
fund
Cash
Accumulated Dividend—
last.
$645,209
-
1939
-v-v
$
eq.12 ,576,570 12,919,114 6%
special deposits.
■
Light Co. in income of subsidiaries.
—V. 150. P. 3192.
22,854
5,053
4,570
—-
for retirements.
Before provision
Assets—
'
$2,687,484 $11,494,975
$806,476
293,094
22,874
—
—
1940
N0te—Operating revenues for the 3 months and 12 months ended Feb. 28,
1939 reflect an adjustment by one of the subsidisries in December, 1938,
following settlement of a rate case, removing from revenues $582,309
applicable to the first 11 months of 1938. ,
Company declared
$963,350
«■
----
Balance Sheet March 31
$3,516,804 $14,839,969 $12,640,587
104,448
463,709
429.395
724,872
2,881,285
2,906,684
Prop., plant <fe
•
$1,046,178
239,702
and expense
Net income--i-------i------«---------.
Preferred dividends
----------—-.
Common dividends-.
•
$1,015,290
30,888
$1,204,450
241,101
..
Gross income
Interest
Amortization of debt discount
$3,494,348 $14,745,208 $12,564,036
22,456
94,761
76,551
^75,965
Total
19,261
Provision for retirements
$3,494,348 $14,745,208 $12,564,036
$4,698,521
3,683,231
income
Other deductions-
■
aNetequity
Crl5,271
1939
1940
$1,185,189
Net operating revenues
a
•
other
—
Int. charged to
17.997
Non operating
&
public
to
deductions
_
$5,605,487
4,420,298
and taxes.-- —
$9,344,393 $37,856,320 $35,485,907
—
Gross income
Int.
$9,326,396 $37,707,725 $35,354,219
131,688
148,595
revenues...$10,484,569
Net oper.
Other income (net)
Operating revenues
Operating expenses
9.706,384
10,133,031
2,540,073
2.635.721
Light Co.—Earnings—
Atlanta Gas
12 Mos. Ended
Prd?plefrSUap™%ps!^
stock, upon official notice of issuance.—Y.
3193.
p.
13.885,450
14.838.734
3,500,458
4,076.036
Stock Exchange has
The Chicago
1940—12 Aloss—1939
$25,314.5071102.902.190 $97,205,675
9,947,580 40,222.700 38,259,622
$27,787,723
(Watinf expenses
Co.—Listing—
approved the application to list 38,500
150,
Associates Investment
Subs.)—Earnings—
1940—3 Mos.1939
29—
Period End. Feb.
May 25, 1940
Financial Chronicle
The Commercial &
3346
The
April 30, 1940, power output totaled 897,755,743 kwh., as against 756,995,497 kwh. for the same period last year,
an increase of 19%.—V. 150, p. 3193.
dollar value of orders
Works-—Bookings—
taken in April by the Baldwin
Locomotive
subsidiary companies, including the Mid vale Co., was an¬
nounced May 23 as $3,902,844, as compared with $2,641,764 for April,
1939,
The month's bookings brought the total for the consolidated group
for the four months of 1940 to $11,584,640, as compared with $24,270,797
in the same period of 1939.
J
J .
Consolidated shipments, including Midvale, in April aggregated $4,794,-
Works
.
and
.
A. P. W. Paper Co.,
9
236 Days
'
Sales..
Inc.—Earnings—
Mos.
End.
1937
1938
1939
Apr. 6, '40
$2,640,786
1,904,774
-
Cost of sales
31
Mar.
$2,315,714
1,706,059
!$2,268,239
1,677,004
$2,429,293
1,674,378
$754,9 1 5
$736,012
$609,655
Dr4,517
$591,235
Drl5,145
$723,462
$576,090
122,154
431,848
148,835
$762,206
117,580
491,947
$126,747
$2,788
Gen. & admin, expenses.
Interest
148,614
$605,138
115,820
383,392
148,292
$19,342
$42,365
-
—
—..
Net loss
On
30,
April
.
7,291
155,468
—V. 150, p. 2867.
A. P. W. Properties,
1938
1939
1940
$20,765
128
Interest earned
$20,891
Total
$28,808
48
$25,226
126
Inc.
758
Administrative expense
Int. on collections received on acct. of
$28,856
$25,354
1,556
2,624
2,525
1,482
subs, to class A stock
"6.199
_
,
Period End. April 30—
Gross oper.
a
Net
rev.
1940—Month—1939
$548,352
337,302
revenues.$597,783
336,923
Oper.expenses
$261,760
64,383
$211,050
51,922
$940,755
237,066
$1,000,196
236,413
$197,377:
Drl 1,129
$159,128
Dr4,935
$703,689
Dr26,098
$763,783
Dr27,616
$186,248
from opers.
4,933
$11,327
14,874
Other income.
$154,193
61,576
2.172
62,782
2,652
$677,591
247,085
11,841
$736,167
251,923
10,937
$122,500
$88,759
$418,665
$473,307
-
..
Gross income
funded debtOther deductions
Interest
on
-
Net incomea
_
1940—4 Mos.—1939
$2,328,457 $2,414,185
1,387,702
1,413,989
_
_
-
_
_
_
_
Including maintenance and
depreciation.—Y. 150, p. 2712.
9,322
4,980
$8,928
10,711
..
6.010
5,006
Taxes
....
„
Aroostook RR.-—Earnings—
Bangor &
Operating income
Inc.- —Earnings—
Rental from A. P. W. Paper Co.
.
,
Tax accruals
9 Months Ended March 31—
* V
„
unfilled orders, including Midvale,
compared with $44,215,799 on Jan. 1, 1940J
and with $30,281,147 on April 30, 1939.
All figures are without intercompany elimination.—V. 150, p. 3194.
M?:1;
116,093
478,096
Total income
Depreciation
of 1939.
1940, consolidated
for the four months
amounted to $38,899,103, as
Dr 12,551
Gross profit
Other income
519, as compared with $1,907,168 in April, 1939.
Consolidated shipments
for the four months of 1940 were $16,962,048, as compared with $7,587,635
Depreciation
■■o
Bayuk Cigars, Inc.—25'Cent
Dividend—
dividend of 25 cents per share on the common
holders of record May 31.
Like amount was
previously regular quarterly dividends of 18 M
share were distributed.—V. 150, p. 2713.
Directors have declared a
Net profit
...
Dividends
The A.
..
P
W.
$9,453
11,772
.
Properties, Inc. was organized under the plan
for con¬
solidation of plants of A. P. W. Paper Co., Inc. to finance the remodeling
of the latter's Liberty Mill and the construction of a new storage warehouse
and office building.
The A. P. W. Properties, Inc. owns, free from all
liens, the land (1,457 acres more or less) just north of the Liberty Mill, the
storage warehouse and office building erected upon it, together with the
two sealing machines used by the A. P. W. Papier Co., Inc., all of which is
under lease to the A. P. W. Paper Co., Inc. for a rental sufficient (after
provide 4% dividends on all of the
outstanding class A stock, and 6% dividends on all of the outstanding class
B shares of the A. P. W. Properties, Inc.—V. 150, p. 1270.
v
payment of ah operating expenses) to
.
stock, payable June 15 to
paid on March 15 last and
cents per
Beatrice Creamery Co.—Preferred Stock Called—
$5,000 shares of $5 cumulative preferred stock (without war¬
have been called for redemption on July 1 at $105 per share and
accrued dividend.
Payment will be made at the Continental Illinois Na¬
tional Bank & Trust Co. of Chicago or at the Guaranty Trust Co. of N. Y.
—V. 150, p. 123.
A total of
rants)
Beattie Gold Mines,
Anaconda
Copper Mining Co.—50-Cent Dividend—
Directors have declared
a
dividend of 50 cents per share on the common
stock, payable June 24 to holders of record June 4.
This compares with
25 cents paid on March 25, last; 50 cents paid on Dec. 21, last; 25 cents
paid on Sept. 21, June 22, and March 23, 1939, and on Dec. 22 and March
28^ 1938; dividends of 50 cents paid on Dec. 20, Sept. 27, and June 28,1937,
and a dividend of 25 cents per share distributed on March 9, 1937.—
V. 150, p.3193.
Artloom
Corp.-
■
Earning s-12 Weeks-
-3
Months
2 '38 Mar. 31 '37
x$75,2581ossy$112666
x$45,574
Mar. 23 '40 Mar. 25 '39 April
Period—
Net profit.
y $42,069
before Federal taxes,
y After depreciation,
inventory adjustments and Federal and State taxes.—V. 150, p. 1589.
x
After depreciation, &c., but
stock,
no
Asbestos
Corp., Ltd.—Extra Dividend—:
Directors have declared
an extra
Beech-Nut Packing Co.—Extra Dividend—
20 declared an extra dividend of 25 cents per share
regular quarterly dividend of $1 per share on the common
stock, both payable July 1 to holders of record June 10.
Regular quarterly dividend of $1 and extras of 25 cents have been paid
by this company in each of the 14 preceding quarters.
In addition, special
dividend of 75 cents was paid on Dec. 15, last; 50 cents was paid on Dec. 15,
1938, and one of $1 was paid on Dec. 15, 1937.—V. 150, p. 2565.
Directors on May
in addition to the
Belding Heminway Co.—Earnings—
3 Mos. End. Mar. 31—
Gross
operating profit-_
quarterly dividend of 15 cents per share on the common
stock, both payable June 30 to holders of record June 15.
Similar payments
were made on March 31, last.
Extra of 35 cents was paid on Dec. 31,
last, and an extra of 15 cents was paid on Sept. 30, 1939.—V. 150, p. 1270.
Associated Gas & Electric
Co.—Weekly Output—
Utility Management Corp. reports that for the week ended May 17
net electric output of the Associated Gas & Electric group was 92,748,900
units (kwh.).
This is an increase of 11,316,199 units, or 13.9% above
The
production of 81,432,701 units a year ago.—V. 150, p. 3193.
Depreciation
dividend of 15 cents per share in addition
the regular
-
par
Sell., gen. & adm. exps._
to
Ltd.—Interim Dividend—•
interim dividend of 4 cents per share on the
value, payable June 17 to holders of record June
1.
Like amount was paid on March 15, last, and dividends of 5 cents
were paid on Dec. 7, Aug. 15, and April 3, 1939, and on Dec. 20 and Aug.
20, 1938.—V. 150, p. 2868. ;■'
Directors have declared an
common
Operating profit
Other income
Total income.
Exps. of idle plants—net
Miscellaneous charges—
Net profit
Common dividends
Earns, per sh. on 465,032
shs. com. stk. (no par)
1940
1939
1938
$494,060
330,458
18,971
$457,106
302,612
18,577
$346,045
263,737
14,111
1937
$524,018
327,955
13,613
$144,632
11,655
$135,917
4,381
$68,198
8,958
$182,449
16,658
$156,287
$140,298
5,927
1,056
$77,156
$199,108
1,750
7,951
$133,315<
$191,157
116,258
$0.41
3.759
947
85,780
77.584
$75,406
57,319
$0.33
$0.29
$0.16
$151,581
r
Volume
The Commercial
150
& Financial Chronicle
Comparative Balance Sheet
Assets—
Mar.31/40 Dec.31,'391
Cash In banks, on
hand & in transit
Accts.,
x
5119,753
Accrued
trade accept, rec.
49,574
Accts.
.
Depos. with broker
86,891
4,001
1,579
3,530
credit
rec.,
41,114
balances
Mis cell, llabs
2,221,742
2,233,931
407,826
173,073
Inv. in & advs. to
affil. companies
Cash depos. under
.
Common
Cos
assumed
Austin
Co.
for
additions
that
payment sufficiently large to start plant expansion.—V.
150,
p.
3195.
Warning that "unassented bonds will lose the right to share in the cash
distribution under the plan which is now expected to be $300 per $1,000
for Deposit of Bonds
bond and will not
participate in the sinking fund on the new bonds," and
'no bonds will be
purchased in order to effectuate the plan," W. S.
Trowbridge, Vice-President, May 23 issued a final request to holders of
$10,000,000 of the road's bonds to assent to the plan of exchange.
In his
statement, Vice-President Trowbridge said that the railroad "has repeatedly
been asked what can, or will be done about unassented bonds if the plan is
consummated without their assent.
The holders of some of these bonds
apparently hope that the plan cannot be consummated without retiring
5,000
77,126
709,885
76,118
Fixed assets
Fixed
is
the
with
licensing arrangement have not been
the Allied contract provides an initial
and
that
Other assets
z
it
placed
contract
1,149,111
Thread
y
but
been
has
Allied
1,214.912
Dec. 31, 1932..
stk. of the
Summit
announced,
the
launch a
floor space
1,413,158
Earned surp. since
agreem't to pur.
cap.
already
2.,
of
will
increasing the company's
Boston & Maine RR.—Final Request
to Assent to Plan
of Exchange—
1,619,913
a
Terms
immediately
Boeing
contract
1,621,803
1,415,833
stock-
Capital surplus..,
Mdse. inventories.
Contract
to Plant No.
&c
25,247
17,836
37,869
106,615
resu^ °* the
a
a
$2,000,000 plant expansion program,
577,000 square feet, or about 75%.
$153,781
Accrued taxes
768,047
1,104,382
&
accts.
notes rec
293,363
expenses,
wages,
trade
Misc.
Mar.31/40 Dec.31,'39
$286,000
Accounts payable.
5160,021
&
notes,
«
Liabilities—
Notes payable—.
3347
725,407
assets, in¬
active mills
108,636
186,113
108,803
1
1
$4,967,812
$4,490,120
Deferred charges..
Goodwill
their bonds."
187,872
,
Stating that there still remains unassented about $10,000,000 of bonds,
Vice-President Trowbridge went on to say, "We wish to emphasize that
Total
After
x
reserves
$4,967,812 $4,490,120
Total
March 31,1940, $36,419;
Reserve for discounts, March 31, 1940, $68,580;
for doubtful accounts and notes,
Dec. 31, 1939, $37,552.
Dec. 31, 1939, $29,194
y After reserve for depreciation of $1,354,444 in 1940, and $1,403,345 in
1939. z After reserves for depreciation and obsolescence of $67,604 in 1940
and $67,447 in 1939.
a Represented by 428,700 no par shares in 1940 and
$429,000 in 1939, after deducting 36,332 shares in 1940 and 35,832 shares in
1939, held in treasury for cancellation.—V. 150, p. 3194.
Belt
Ry. Co. of Chicago—Annual Report—
Income Statement Years Ended Dec. 31
1938
1939
$5,296,594
Total railway operating revenues
Railway operating
3,397,522
expenses
$4,696,334
3,230,110
the
railroad is under absolutely no compulsion, legal or otherwise, to retire any
of these bonds prior to their
maturity. No bonds will be purchased in order
to effectuate the
those
plan.
If the plan is consummated without the assent of
bondholders, their unmatured bonds will simply remain outstanding.
application to list
"If the plan is consummated, the railroad will make
a", bonds issued under the plan and to delist all unassented bonds.
'Further, as interest matures on any unassented bonds, the railroad has a
right, it is advised, to delay payment without danger of default under the
mortgage.
"While such action would be disagreeable to bondholders, it would, we
believe, be entirely justified since we do not feel that we owe any consider¬
ation to speculators who seriously endanger successful consummation of the
plan by attempting to obtain some special advantage for themselves at the
expense of the vast majority of bondholders, who have supported the plan.
"We again urge all holders of unassented bonds to assent at the earliest
possible date and in any event before June 9, since by that date the railroad
must decide whether to:
Net
revenue
$1,466,224
$1,899,073
690,979
from railway operations
Railway tax accruals
486,664
$1,208,093
870,407
$979,560
999,706
Total income'.,......
Rents payable
$2,078,500
$1,979,266
344,704
Net railway operating income
Other income
$1,657,896
58,700
$1,634,562
$1,716,595
$1,699,651
Railway operating income
Rent income
420,605
Total income
923
920
1,639,265
121
1,631,130
Cr204
13,571
Miscellaneous rents
Miscellaneous income charges
Rent for leased roads and equipment
Interest
on
unfunded debt
Net income.
1939
Assets—
Road
§343
1,285,745
7,105
1,200,699
Loans & bills ree'le
Traffic &
66,519
63,312
payable..
215,902
210,405
Misc. accts. pay'le
29,446
40,465
1,488
758
Audited
wages
673
Other
accts.
curr.
266,602
petition in bankruptcy;
of June 13 in the hope that sufficient
as
16,248
Misc. accts. ree'le.
518,055
Material & suppl's
424,435
11,532
Deferred assets
Boston Revere Beach &
Lynn RR.—Equipment Sold—
Final papers in the sale of all equipment of the road were
passed May 20
District Court at
sold as scrap to
Samuel Gordon & Sons, Inc., Chelsea.
The buyer expected to sell one of
the ferries, The Newtowne, to a Portland, Me., firm, reportedly for service
months after its closing was authorized by the U. S.
Boston.
The equipment, including four ferryboats, was
seven
between Portland and Peake's Island.—V. 150, p. 1755.
Boston Terminal Co.—Time
on
Plan Extended—
Federal Judge Francis J. W. Ford, in the U. S. District Court, Boston,
May 20 extended the time for filing a reorganization plan for the company
from May 20 to Nov. 20.
Early in May Judge Ford ordered removed from the records a plan of
reorganization filed by trustees of the Old Colony RR.
That plan, which
the Old Colony trustees claimed the right to file because of their holdings
of more than 10% of the stock of the Terminal Co., proposed a 50% re¬
duction in the bonded debt of the Terminal and exemption of its property
from taxation.
&
liabs..
At a hearing before Judge Ford on May 6, Damon E. Hall, counsel for
the mutual savings banks, which hold about 51% of the Terminal bonds,
and Robert G. Davidson, counsel for the Webster & Atlas National Bank,
as trustee under the mortgage, asked the court to extend for not less than
521,588
671,745
six months the time within
412,461
367,881
plan and also to strike from the records the plan filed by the Old Colony
trustees.
Judge Ford has now ruled in favor of both these petitions.
—V. 150, p. 3040.
283,545
243,339
deprec'n,
equipment
487,217
419,011
Res. for deprec. on
eqpt. leased
24,009
Res. for
replacem't
physical
prop, retired &
1,248,989
debits 1,001,465
516,378
699,380
liability
Accrued
49,185
47,476
69,669
Corporate surplus.
14,089
59,054
1.087
not replaced
Operating expenses
x
x
$5,347,1141
$5,478,066
.$5,478,066
Total.
Net earnings
...
Light & Power Co., Ltd.— Earns J
$3,087,970
1,516,882
$1,571,088
Before depreciation and
$1,607,691
$6,031,699
British American Tobacco Co.,
Ltd.—Interim Div.—
Company declared on May 22 an interim common
free the
Corp. (& Subs.)—Earnings—
1939
1940
3 Mos. End. Mar. 31—
1937
1938
profit
$1,933,080
$1,023,996 loss$561,605
$806,508
Earnings per share
$0.92
$0.49
Nil
$0.38
x After depreciation, interest and Federal income taxes,
y On 2,097,663
shares (par $5) of capital stock.
For the 12 months ended March 31, 1940 the net profit amounted to
$5,395,856, or $2.57 a share, while for the corresponding 12 months of the
previous year the net was only $1,741,648, or 83 cents a share.—V. 150,
p. 2080.
Net
y
Boston
Fund, Inc.—Earnings—
Statement of Income 3 Months
Ended April 30
1940
1939
$54,483
450
$54,933
12,797
Total..
Expenses.
Net income.
$39,001
8,238
$42,136
...
$38*608
393
$30,763
Net
Taxes
rev.
on
Drl,005
6,537
inc.
.
Undivided earnings, April 30--
$112,228
70,823
$41,405
...
1939
1940
Assets—
$37,300
41,906
$79,206
42,062
$37,144
Accrued expensesDue for sec. pur. <fc
1939
$1,264
168,880
capital stock re¬
821,822
Cash...
2,938
receivable......
Bal. to B.-M.T. Sys
•
Period End. April 30—
ered)
but
deliv¬
3,765
..........
13,148
7,397
70,823
42,062
41,405
37,144
e442,568 bl,500,015
Capital stock
Surplus (exclus. of
d6,415,477 c2,518,496
Total
$6,991,049 $4,106,378
b Authorized 1,000,000shares par $5 each; outstand¬
ing (less 570 shares in treasury) 300,003 shares,
c Equal to $13.52 per
share on 300,003 shares of outstanding capital stock,
d Equal to $15.59
per share on 442,568 shares of outstanding capital stock,
e Authorized
1,000,000 shares of a par value of $1 each; outstanding (less 8,081 shares in
treasury) 442,568 shares.—V. 150, p. 1272.
a
$74,853
$221,769
$202,714
6,950
41,808
11,812
$56,067
$67,903
$179,961
$190,902
Taxes
on
System]
1940—2 Mos.—1939
$4,845,352
$4,896,225
1,457,861
3,046,237
3,004,336
$915,094
333,113
$1,799,115
663,533
$1,891,889
$549,495
oper. props
$2,372,955
$866,432
316,937
Operating income
$581,981
$1,135,582
$1,213,133
678,756
Gross income
Total income deducts—
carried
67,597
57,44 5
166,173
125,285
$617,092
585,627
$639,426
577,766
$1,301,755
1,175,551
$1,338,418
1,158,126
$31,465
Net non-oper. income —
inc.
1940—Month—1939
$61,660
$126,204
$180,292
to
Brooklyn & Queens Transit System —Earnings—
Period End. April 30—
Total operating revenues
Total oper. expenses
1940—Month—1939
$1,775,907
1,430,346
$1,749,512
1,396,277
1940—2 Mos.—1939
$3,546,717
$3,607,987
2,823,609
2,916,486
Net rev. from oper—
$353,235
Taxes on oper. props...
191,011
$345,561
208,293
$723,108
390,779
$691,501
420,798
$162,224
; 13,049
$137,268
14,599
$332,329
26,579
$270,703
28,314
$175,273
131,537
$151,867
138,674
$358,908
263,343
$299,017
276,595
$43,736
$13,193
$96,565
$22,422
Cost $6,204,878.
Boeing Airplane Co.—-Allies Order Planes—
An
has
1,391,880
15,598
yet received
undiv. earnings)
$6,991,049 $4,106,3781
Total
$1,594,594
1,375,800
$2,393,482
1,527,050
Total oper. revenues
Total oper. expenses
surplus
Undivided earnings
sold
yet
$1,597,569
1,099,554
—V. 150, p. 2870.
Distribution paybl.
brokers
from
(seers,
not
3,600
$769,870
695,017
$75,201
B.&Q. T. Corp
Curr.
acquired but not
and interest
Divs.
Due
1940
$5,177
-
quotations.a$6,162,525 $3,920,750
ket
$760,737
685,536
surplus
Accruing to min. int. of
Balance Sheet April 30
Securities, at mar¬
147,915
$1,465,909
128,685
$702,511
541,406
to
Net rev. from oper
Distribution
$1,449,654
58,226
$710,283
59,587
$1,251,689
[Excluding Brooklyn & Queens Transit
$41,131
71,097
Total
Undivided earnings, Feb. 1
carried
$2,565,463
$1,210,458
507,947
Total income deductions
Curr.
$2,503,966
1,054,312
19,134
from oper
oper. props...
s
_
....
,
Brooklyn-Manhattan Transit System—Earnings—
[Including Brooklyn & Queens Transit System]
Period End. AprilZO—
1940—Month—1939
1940—2 Mos—1939
Total oper. re venues
$4,131,462
$4,138,367
$8,368,874 $8,481,992
Total oper. expenses
2,921,004
2,886,678
5,864,908
5,916,529
t~
divided earnings.
dividend of lOd. tax
ago.—V. 150, p. 3040.
Gross income
'
Interest
same as a year
Operating income.
Net non-oper. income...
(Exclusive of gains or losses on investment securities)
Income—Dividends
$6,587,075
amortization.—V. 150, p. 2713.
$5,347,114
—V. 146, P. 2840.
Bendix Aviation
required to file a
1940—Month—1939
1940—4 Mos.—1939_
$3,127,526 $11,939,899 $12,802,425
1,519,835
5,908,200
6,215,350
Apr. 30—
Gross earnings from oper
Other unadj. creds.
which the debtor should be
Brazilian Traction,
Period End.
of fixed
x
and
thereby give assented bondholders the right to withdraw their assents."—
V. 150, p. 3039.
<;■'
• ;:V
Deferred llabs
241,234
14,035
from
Total
a
Tax
baLs. receivable.
agts. & conds...
Unadjusted
car-serv.
bals. payable
car-serv.
rec.
1938
$3,120,000 $3,120,000
Capital stock
415,836
359
1939
Liabilities—
$343
1,287,438
8,432
Other investments 1,200,559
Cash...
744,807
Inv. in affil. cos
$53,90
Balance Sheet Dec. 31
1938
Equipment......
Net bal.
$76,611
............
Comparative General
Traffic &
65,089
(1)—Abandon the plan and file
(2)—Declare the plan operative
additional assents may be obtained to permit it to be consummated;
(3)—Extend the period in which the plan can be declared operative,
Allied
been
order
for
placed with
$23,000,000
worth
of twin-engined
this company under a license from
Operating income
Net non-oper. income—
Gross income
Total income deducts.
Curr.
attack bombers
Douglas Aircraft
inc.
carried
surplus
—V. 150, P.
2713.
to
The Commercial & Financial Chronicle
3348
Corp.—Earnings—
Bowman-Biltmore Hotels
Period End.
Profit
x
I,
$3,009
$1,402
loss$4,871
115,631
rental and Interest, but before amortization and
;; income taxes.—V. 150, p. 2565.
7
x
After ordinary taxes,
8 347,992 10,617,085
20 805,067 17,235,619
less reserves
In
communication now being mailed to all known security holders of
a
x
bondholders protective committees, the general
and the preferred stockholders committee,
together with representatives of the common stockholders and the debtor
company, join in urging prompt acceptance of the plan of reorganization
recently riled in the Federal Court of Portland, Maine.
''Reorganization under the plan will restore working capital, rehabilitate
plants and terminate the trusteeship," the letter states.
"In order to
obtain these advantages, all interested parties should act without delay.
Every bondholder, general creditor and stockholder, no matter how small
his individual interest, should forward his assent to the plan promptly."
Forms of acceptance are enclosed with the letter and additional forms
are available through the company's office at Portland, Me.
It is pointed
out that confirmation by the court must await acceptance by two-thirds in
the
the
company,
two
creditors and
Total—--
the common stockholders have already
548,479
1,085,060
941,120
1,733,533
payable
Res. for Fed. taxes
1,176,415
Pref. stk. not pre¬
123,120
sented for red..
11,515,200
(par $100)
9,411,200
Common stock. 9,411,200
Capital surplus
13,733.577 13,733,577
Earned surplus.—16,260,400 13,637,174
Pf. stk.
y
Total——53,114,683 52,939,513
53,114,683 52,939,513
-
1,011,137
payroll &
depreciation of $13,702,550 in 1940 and $12,422,260
y Represented by 1,882,240 no par shares,
z $3,250,000 current
and $4,500,000 not current.—V. 150, p. 27X5.
x
majority in amount of each class of
a
1
1,832,408
After reserve for
in 1939.
'•
The letter states that more than the necessary majority of
stockholders.
777v: i ;7:7"7
equipment, &C-19, 811,515 19,963,123
Prepaid insurance
34,476
38,114
taxes, &C—
creditors advisory committee
amount of each class of
trade-inks.,
goodwill.—
Land, buildings,
and
$
2,150,596
z7,750,000
expenses
Dividends
Pats.,
(Maine)—Acceptance of Plan Urged—
Accrued
1939
$
V
Accounts payable.
Notes payable
Notes & accts. rec.
Inventories
Brown Co.
5,085,571
1940
-
.
Liabilities—
S
Assets—
$7,180
April 30
v
1939
1940
1940—4 Mos.—1939
1940—Month—1939
Apr. 30—
May 25, 1940
Balance Sheet
accepted the plan.
Canadian Pacific Ry.—Earnings—
Earnings for the Week Ended May 14
A:.. '-V*
''•*.'* '•
•*.'r,v
'*tvK'K.'"V-" V:';
Traffic earnings
the appeal for deposits are the debtor company; Charles
Adams, Chairman,
Serge Semenenko, Vice-chairman;
Robert
Braun, Sherman Damon, Edgar C. Hirst, Ernest M. Hopkins, John R.
Macomber, Willard D. Rand and Lee P. Stack, in behalf of one bondholders
committee; Lee S. Buckingham, Chairman; Stanley Stanger, Vice-Chair¬
man; Arthur J. Bergeron, Gouverneur F. Helbig, Wayland M. Minot and
Joining in
1Q3Q
104-0
-
—
;.Vv
TtlPTPfl^P
$493,000
$2,716,000
$3,209,000
—V. 150, p. 3196.
Francis
Celanese
Victor M.
Drury, R. G, Ivy, William B. Joyce, H. Nelson McDougall,
Shumway and Laurence F. Whittemore, for the preferred
committee; and Orton B. Brown and C. M. Keys for the
common stockholders.
: .V:7-/•-'■v.7\
--7.
The reorganization committee comprises Serge Semenenko, Chairman;
C. M. Keys, Stanley Stanger, V. C. Bruce Wetmore, John R. McLane,
counsel for the preferred stockholders committee, and Leonard A. Pierce,
of counsel to the trustees.—V. 150, p. 3040.
N.
stockholders
;
.
(a)
an
bentures
Brush-Moore Newspapers, Inc.
3 Months Ended March 31—
7—V. 149,
7
1940
$97,428
$1.21
1939
$64,130
$0.54
3109.
p.
Budd Wheel
Co.—Participation Dividend—
The board of directors at their recent meeting declared the regular
quarterly dividend of $1.75 per share plus a participating dividend of 25c,
dividend.
were
March 30, last.—V. 150,
on
p.
2714,
dividend of 50 cents per share on the common
a
payable June 28 to holders of record June 13. This compares with 25
paid on March 29, last and on Dec. 23, 1939, and March 31, 1938;
$1.25 paid on Dec. 22, 1937; dividends of 25 cents paid in each of the three
preceding quarters, and a dividend of $1.25 paid on Dec. 22, 1936.—V. 150.
p. 1423.
777:777v 77/777 7777-;
.
cents
.
Co.—Earnings—
<3 Months Ended March 31—
Revenue
1939
$678,468
388,098
146,013
Depreciation
1940
$689,618
395,464
147,868
1,300
105,244
7,500
62,558
Net loss..
$30,316
$33,471
Operating and maintenance
expenses.
Real estate taxes, bad debts, &c
Reserve against investment in subsidiary.
Interest
on
Interest
on
funded debt, &c
income notes
_
....
,
,_
rearranging the capital structure of the company
considered advantageous.
H. Blancke, Secretary
stock
Bush Terminal
de¬
and
if and when market conditions are
Pay 50-Cent Common Dividend—
Directors have declared
.
,
additional capital and in
Bullard Co.—To
,
increase to $50,000,000 in the aggregate amount of bonds,
similar securities which the company is authorized to issue;
or
If the foregoing changes are approved and adopted by the stockholders
the accomplishment of the above-mentioned program would be considerably
facilitated.
Moreover, directors would have greater latitude in securing
Ser share on the preferred stock of the company, both payable June 29 to
olders of record at the close of business June 15.
Similar amounts
paid
,
(b) changes in the dates on which and the method by which the presently
outstanding 7% cumulative series prior preferred stock may be redeemed.
These changes have been recommended by the directors.
The change
with respect to the prior preferred stock would permit the company, in
addition to being able to redeem such stock on any quarterly dividend date
on 30 days prior notice, to redeem such stock or any part thereof at any
time without giving prior notice provided the company deposits in a bank or
trust company an amount equivalent to $120 per share plus accrued divs.
to the date of redemptoin and an amount equivalent to 30 days additional
(& Subs.)—Earnings—•
.
Net income after all charges
Earns, per share on 50,000 shares.
■
in a letter to holders of 7% cumulative series
prior preferred stock and common stock states:
Although approximately $22,500,000 has been expended by it for the
expansion of plant facilities since 1933, the present capacity of company
is not sufficient to serve the markets available for company's present
products.
In addition, manufacturing capacity should be provided for
various new products developed by company for which markets are available.
The management believes it is desirable therefore to formulate and put
into effect an adequate and comprehensive program for the expansion of
plant, production and sales and has arranged for a special meeting of stock¬
holders to be held on June 20, 1940 for the purpose of taking action on the
following changes;
*,
v
.
■
Chairman; Arvid J. Anderson, Arthur F. Bennett, Hariy M. Griffiths,
Benjamin S. Haskell, John F. Reynolds and V. C. Bruce Wetmore, for the
General creditors advisory committee; Edward H.
Osgood, Chairman;
Sherman
Vote Increase in Bond
Expansion—
Camille Dreyfus, President,
in behalf of the other bondholders committee; C. Claflin Young,
Oscar Ware,
Corp. of America—To
Issue to Finance
107,696
7,500
62,632
—V. 150, p. 2083.
Callaway Mills—Dividend—
Company paid a dividend of 11 ^ cents per share on its common stock on
May 20 to holders of record May 10. This compares with 15M cents paid
on Feb. 20, last; 15 cents paid on Jan. 20, last, Dec. 20,1939 and on Nov. 20,
1939; 30 cents paid on Sept. 20, 1939, two cents paid on Aug. 20, 1939;
seven cents paid on July 20, 1939 ; 22 cents paid on June 20, 1939; 19 cents
on April 20, 1939; 11 cents paid on March 20, 1939, and a dividend of 15
cents per share distributed on Feb. 20, 1939.—V. 149,
p._3404.
further states:
The plan in effect if approved and adopted would give the directors the
right'to issue from time to time up to not exceeding $50,000,000 principal
amount (including the $20,000,000 principal amount already authorized)
of bonds, debentures or other funded debt, secured or unsecured, and at
such rates of interest, maturity or maturities, sinking fund or other amortiza¬
tion provisions and other terms and conditions, as the board of directors
in its sole discretion may from time to time determine. While it is deemed
advisable that consent be given now to the issuance of such bonds, de¬
bentures or other funded obligations up to a total of $50,000,000, it is not
contemplated that the initial offering will equal that amount.
It is not
possible at this time to give a precise description of the bonds, debentures
or other funded obligations which may be issued other than to state that the
management presently intends that such obligations will bear interest at
rates per annum not less than 2% and not more than 4%, and will have a
final maturity, except in the case of bank loans, of not less than 10 years.
Such obligations may also contain provisions for sinking fund or other
amortization
payments which the management contemplates will not
exceed more than 5% of the principal thereof annually, and provisions con¬
cerning (including restrictions on) the declaration of dividends, the use of
working capital and such other terms and conditions as the board of directors
in its discretion may fix.
The management naturally will endeavor to
arrange any such financing on the best terms available at the time.
It is of
course impossible to state what price the company may be able to obtain
for any bonds it may issue pursuant to the authority sought herein but
your management feels that the financial position and industry status of
your company is such that it should be able to sell such obligations in the
neighborhood of par. No commitments or arrangements exist at the present
time for the issue of any such obligations.
It is not possible at this time to state in detail the use or uses to which
the proceeds of obligations issued pursuant to the foregoing authority will be
put.
However, your management is of the opinion that as much as $30.000,000 may usefully be expended in the construction of new and ad¬
ditional plants and facilities over the next few years to take care of the
increasing demands for the company's present products and for products
which the company has developed and for which markets appear to be
available. In addition such proceeds in whole or in part may be used for the
redemption of the outstanding debentures, the outstanding bank loans, and
the outstanding 7% cumulative series prior preferred stock, for working
capital and for other corporate purposes.
At the present time the corporation has outstanding sinking fund de¬
bentures, due Sept. 1, 1948, bearing interest at 3 2-3% per annum, in the
principal amount of $10,000,000. It also has serial notes payable to banks
in the face amount of $5,000,000 bearing interest at 2
% per annum, and
in the face amount of $1.080,000 bearing interest at 3 yi % Per annum.
It is also proposed at the special meeting to authorize a modification of the
provisions of the outstanding 7 % cumulative series prior preferred stock
which deal with redemption.
There are outstanding 164.818 shares of 7%
cumulative series prior preferred stock (par $100).
The terms of said
class of stock at present provide for redemption on any quarterly dividend
date, either in whole or in such portions as from time to time the board
may determine, at $120 per share, and, in addition thereto any unpaid
cumulative dividends accumulated thereon to the date fixed for such re¬
demption.
It is further provided that at least 30 days' notice in advance
of any such redemption shall be mailed to each holder of said stock so to be
redeemed.
The proposed modification of the terms of said class of stock
would provide an alternative method of redemption, viz., that the corpo¬
ration may redeem in whole or in part the outstanding shares of 7% cumu¬
lative series prior preferred stock on any date by depositing in a bank or
trust company an amount equivalent to $120 per outstanding share so to be
redeemed plus unpaid cumulative dividends accumulated to a date 30 days
after the date of such redemption, and that thereupon the shares of 7%
cumulative series prior preferred stock so called for redemption should no
longer be deemed to be outstanding. The purpose of the proposed modifica¬
tion is to make feasible a refunding of the said class of stock if and when
market conditions are, in the judgment of the board, advantageous to the
corporation.
The approval of a majority of the 7% cumulative series prior
preferred stock and of the common stock voting as classes is necessary to
,
Canada Cement Co.,
Directors
have
accumulations
on
Ltd.—Accumulated Dividend—
a dividend of $1.25 per share on account of
6}4% cum. pref. stock, par $100, payable June 20
declared
the
holders of record May 31.
Like amount was paid on March 20, last,
Dec. 20, Sept. 20 and on June 30, 1939.—V. 150, p. 683.
to
Canadian
Breweries, Ltd.—Accumulated Dividend—
Directors have declared
accumulations
record June
on
the
$3
15, leaving
dividend of 75 cents per share on account of
a
cum.
arrears
pref. stock, payable July 2 to holders of
of $6.75 per share.—V. 150, p. 3196.
.
*
Canadian Consolidated Felt Co.—Assets Sold—
Offer of Dominion Rubber Co. to purchase this firm's assets and assume
has been accepted by shareholders of the company by formal
liabilities
vote
at
recent
special meeting.
Dominion Rubber has controlled the
through stock ownership.
Among other considerations it offered
Canadian Consolidated Felt $50,000 cash to release it from indebt¬
a
company
to
pay
edness of $198,000 to Dominion Rubber and
ness
and other liabilities.
Directors have
the company's affairs.—V.
up
Canadian
National
147,
p.
to
assume
now
been
bank
indebted¬
to
wind
\7*-777777v
Ry.—Earnings—
Earnings of the System for the Week Ended May 14
7-
1Q40
Cariboo Gold
a
an
extra dividend of two cents per
quarterly dividend of four cents
per
«?/>
$730,332
on,A£ril * ant* on Jan- 2, last.
Extras of
July 3 and April 1, 1939.—V. 150,
p.
on the common stock,
Like amounts were paid
one cent were paid on Oct. 2,
1273.
Caterpillar Tractor Co.—Earnings—
l2Mps.End.Apr.S0—
1940
share in addi¬
share
payable July 2 to holders of record June 4.
Net sales
Tnrran
>'
Quartz Mining Co., Ltd.—Extra Div.—
Directors have declared
tion to
1 Q*^Q
——$4,613,996 $3,883,664
—VSY5e0VepU?196"
both
the
authorized
2082.
1939
•
1938
(
4
1937
-$60,576,467 $50,963,579 $54,803,232 $60,986,254
Cost of sales, oper. exps.,
&c., less miscell. inc„ 49,666,089
Depreciation
2,538,214
44,215,227
2,452,632
43,869,353
2,258,676
46,112,808
1,989,250
$8,372,163
247,691
71,810
$4,295,720
328,868
14,077
$8,675,203
481,587
9,851
12,884,195
520,238
9,182
$8,548,044
1,875,361
$4,610,511
1,202,226
$9,146,940 $13,395,252
1,712.663
2,393,076
$6,672,683
$3,408,285 x$7.434,277 x$11002,175
—_ —
Balance—
Interest earned
Interest paid
Net profit before Fed.
taxes
Prov. for Federal taxes._
Net profit..
x
Before deducting provision for any amount which may become due for
on undistributed earnings.
Surtaxes
■
:
,
,
,
_
effect this modification.
We
are
advised by counsel that upon
outstanding 7%
redemption of all or any part of the
cumulative series prior preferred stock, the stock so re¬
but unissued prior preferred stock with the
deemed becomes authorized
general rights set forth in the certificate of
incorporation as amended of
the company and that such stock may be
dividend rate or rates, than that of the
reissued by the Board at a different
outstanding 7% cumulative series
prior preferred stock and otherwise on such terms as the Board may fix by
resolution. If the outstanding prior preferred stock is redeemed, the manage¬
ment does not now intend to issue any new prior preferred stock at dividend
rates exceeding 5% per annum.
While it is impossible at the
present time to describe how the proceeds
will be used, it may be said that such pro¬
of any new prior preferred stock
ceeds may be used for substantially similar purroses for
of bonds, debentures or other funded debt may be used.
No commitments
or
which the proceeds
the issue
it is imopssible to state what price
arrangements exist at the present time for
of any such new prior preferred stock and
& Financial Chronicle
The Commercial
Volume ISO
Central & Southwest Utilities Co.—Accumulated Divs.
.The directors have declared dividends as payments against arrears of
therefor may be obtained, if it should be decided to issue any such new prior
preferred stock.
However, the management will naturally endeavor at the
time
such comitments or arrangements are made to arrange
financing on the best terms available at the time.—V. 150, P. 2871
any
3349
such
|L75 per share
TPer share
on the prior lien preferred stock, $7 dividend series, and
011 the prior lien preferred stock, $6 dividend series, to be
May 31.
Similar amounts were paid in
paid June 20 to holders of record
Celluloid
Corp.—Earnings—
Calendar Years—
Selling, gen. and admin,
Depreciation
150,
V
2715.
p.
Certain-teed Products Corp. (& Subs.)—Earnings—
$5,009,110
4,175,644
799,265
208,699
$5,668,040
4,414,021
$282,382 loss$174,499
54,312
83,194
$181,958
103,980
loss$91,305
102,825
$285,939
125,475
Operating profit.
Miscellaneous income (less miscell. charges)______
Extraordinary credits (less extraord. charges)
$160,463
167,714
Total income.
Interest on debenture bonds
Provision for income taxes
$6,598,114
5,263,036
799,788
expenses
252,906
Net operating profit—
Other income..
Total income,
Income deductions
preceding quarters.—V.
1937
1938
1939
;
Gross sales, less returns & allowancesCost of goods sold (excl. of deprec.)__
$336,694
113,869
20,000
_______
___
Provision for Federal income tax
3 Months Ended March 31—
Sales (less discounts & allowances)
Cost of sales
878,792
193,268
Depreciation & depletion".I
Selling, general & administrative
$202,825 def$194,130
83,587
...
;,4
Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand, $2,301,040; U. S. Govt, securities,
$240,000; trade notes and accounts receivable (net), $754,076; other accounts
and interest receivable,
$19,699; inventories, $1,515,588; mortgage
on
property sold, $6,000; investment in affiliated company (not consolidated),
$23,935; miscellaneous investment, $16,250; real estate, plant and equip¬
ment (less reserve for depreciation of $4,245,537), $4,276,734; patents and
licenses (less reserve for amortization of $17,776), $4,574; experimental
research expenditures,
less amortization,
$482,055; prepaid expenses,
deposits, advances, and deferred charges, $80,068; total, $9,720,020.
liabilities—Accounts
payable,
trade,
$162,203; accrued liabilities,
$150,449; provision for Federal income tax, $20,000; due to affiliated
companies (not consolidated), $71,715; $7 1st pref. partic. stock (23,882
shares, no par), $2,388,200; $7 div. pref. stock (24,551 shares, no par),
$2,455,100;
common
stock
(194,951.75 shares, par $15),' $2,924,276;
surplus (arising from decrease of capital Dec. 31, 1932), $l,326,57i; earned
surplus (since Dec. 31, 1932), $221,507; total, $9,720,020.—V. 150, p. 2714.
Net Profit
.
Central of
2,416,714
124,965
616,524
value of Canadian
ferred charges.
$69,658
64,335
159,106
loss$48,388
25,147
$293,099
loss$23,241
125,417
____,
_____________ _
_
-
_
_
_
_
122,658
_
______!.
-
19,111
V.
$151,330 loss$148,659
_
current
and
assets
de¬
2,268
________
$149,062 loss$148,659
Note—The Sloane-Blabon Corp. reports a net profit after taxes and all
charges for the quarter ended March 31, 1940 of $80,971 which compares
with a net profit of $27,858 for the same period of 1939.
No part of the
net profits of Sloane-Blabon Corp. applicable to Certainteed Products
period
Corp. investment therein has been included in the foregoing income statement.—V. 150, p. 2716.
Champion Paper & Fibre Co.—25-Cent Dividend—
Directors have declared a dividend of 25c. per share on the common
stock, payable June 15 to holders of record May 31.
This compares with
15c. paid on March 15 last, and 10c. paid on Dec.
15 last, this latter
being the first dividend paid since Feb. 15, 1938, when 25c. per share
was distributed.—Y. 150, p.
1273,
Cherry-Burrell Corp. (& Subs.)—Earnings—1
listing and registration the Macon & Northern Division first mortgage
5% bonds due Jan. 1, 1946, and the Middle Georgia & Atlantic Division
purchase money 5% bonds due Jan. 1, 1947.
These securities were sus¬
pended from dealings on March 30, 1940.
The basis for the action, as
stated in the application, is, in the case of each of the issues mentioned, the
from
,
net
Net credit to surplus for
Georgia Ry.—Delisting Hearing—
considered in the light of the
150, p. 2871.
.* "
;
111,597
668,809
Unrealized loss arising from decline in conversion
The New York Stock Exchange has been advised by the Securities and
Exchange Commission that a public hearing will be held at the Commis¬
sion's New York offices on June 13 on the Exchange's application to strike
small amount of the bonds outstanding when
mall indicated aggregate market value.—V.
_
1939
$3,066,899
2,334,882
expenes
_______________
Net income....
Dividends on 1st pref. partic. stock..
■
1940
$3,227,862
6 Mos. End.
Net income
stock outst'g_
After interest, depreciation, taxes,
on undistributed profits,
x
-
com.
1938
1939
$205,435
y444,345
$0.38
1940
Apr. 30—
$236,244
y444,345
Earnings per share.$0.45
Shs.
1937
;
$612,257
$199,389
y444,345
zl48,115
$0.36
$3.89
&c., but before any provision for
y Par $5.
z No par shares.
as of April 30, 1940 amounted to $5,422,634 and current
$1,156,422, against
$4,901,989 and $587,638, respectively,
1939.—V. 150, p. 430.
v
Federal surtax
Current assets
Central Illinois Electric & Gas
Co.—Earnings—
1940
1939
$5,207,612
2,892,310
$4,753,449
2,736,859
$2,315,302
Dr7,696
$2,016,590
D/T3.245
$2,307,606
516,227
$2,003,345
462,410
$1,791,380
695,428
7,503
50,654
$1,540,935
840,147
7,178
5,179
11,104
3,705
12 Months Ended March 31—
Operating
Operating
a
revenues
expenses
.
and taxes
Net operating revenues
Non-operating income
a
liabilities
.
Grossincome-...--^......-......,.....
Provision for retirements!
were
April 30,
on
Chesebrough Mfg. Co.—Extra Dividend—■
declared
have
Directors
an
dividend
extra
of 50c. per share in addition
quarterly dividend of $1 per 6hare on the common stock,
both payable June 24 to holders of record May 31.
Similar amounts were
paid in preceding quarters.—Y. 150, p. 2416.
the
to
regular
Chicago & Eastern Illinois RR.—Director—
Grass income
Long-term debt interest
Other interest
Amortization of debt discount and expense
Federal and State tax on long-term debt interest
Other deductions
a
4,162
_
Net income.
Dividends
6,7.57
-
_
_
L
on common
_
1939
v
5
$
Liabilities—
'•
" ".(£•
Prop., plant & eq.28,239,538 27,643,955
Miscell. investm'ts
2,486
2,486
Sinking fund and
4,647
special deposits.
352
6,310,570
6,310,570
Long-term debt—17,625,000 16,655,000
Cash
65,778
Taxes accrued....
345,154
Sundry accruals..
Consumers'deps..
151,052
70,151
U. S. Treas. ctfs._
700,000
450,000
Accts. receivable..
384,737
349,515
67,360
61,163
Other
receivables.
Appl'ces
on
80,515
47,422
rental.
334,540
393,017
45,288
240,883
Accounts payable.
Interest accrued242,970
Chicago Flexible Shaft Co.—Extra
4,646,839
179,571
4,391,087
413,083
surplus... 1,085,913
870,547
Def. credit items
.
.
973,379
Directors
declared
have
an
■
'
Impts.
Net lncome__.
dividends.-
Preferred
to
$1,922,747 $2,247,749 $2,290,283
$3 £>.23
$30.73
$29.58
$34.58
x Exclusive of profit on sale of $2,500,000 Indiana Harbor Belt RR. bonds
sold during the year at a profit of $2,625,000.
Balance Sheet Dec. 31
leased
agreement
Retirement
105,000
Total
2,430,000
75,558
6,922
b Cash at
31,090,302
acct..28,384,737 28,434,737
acc't
and
611,184
bankers. 2,072,939
Int.
&
1940
$2,287,680
1,808,688
$439,470
Dr9,116
Non-operating income.
$478,992
Provision for retirements.
Gross income.
Interest
$315,398
227,960
$318,235
225,314
■
-
—. _
on
-
669
556
550
i.
1.123
1,196
$85,089
—_—
Net income.
-----
-
__
669
Liabilities—
6H%
11,165,311 11,138,852
1,228
1,225
equipment
Special deposits
1940
$
cum,
S
,
1939
500,000
Common stock..
4,648,970
4,648,970
Cash
158,133
159,949
1st mtge. bonds—
2,956,000
323,305
9,448
301,208
Prop, purch. oblig.
96,235
Notes payable
1,625,000
Accounts payable.
173,969
2,956,000
152,928
1,625,000
Other
receivables.
5,097
Applic. on rental..
Merch.,
mater.
&
; •
7,711
854
Interest accrued..
:
143,535
4,353
139,011
11,480
12,149
10,821
12,336
1,766
supplies-_;
Prepaid insur., &c.
expense
progress
Total.
a
________
accruals._
Consumers' deps..
Sundry
Service exten. deps.
Reserves.
Retirement work in
Other def. debits..
180,477
56,858
153,041
2,200
2,062
145,245
137,842
18,626
1,254,479
30,768
1,181
6,459
Unamort. debt dis¬
count &
57,483
186,518
Taxes accrued
11,834,476
11,780,9381
Earned surplus
Total..
169,751
1,252,330
84,663
...11,834,476 11,780,938
Represented by 54,000 no par shares.—V. 149, p. 3110.
Ended March 31—
after all charges.
P.
4,502,812
37,888,860 34,172,838
the Union Stock Yards & Transit Co.,
Chicago Junction Ry. Co. and other
Co. (& Subs.)-— Earnings—
^
1940
£$39
: $143,006 loss$34,794
___
1425.
Chicago Milwaukee
Accts. receivable..
a
150,
—V,
■
500,000
2,430,000
2416.
Chicago Mill & Lumber
pref.
stock
Total
63,030
Liabilities--Bonds guaranteed as to principal and interest:
RR. Co. 4% bonds (due March 1, 194o), $2,327,000.
Contingent
3 Months
1939
S
Property, plant and
,
5,565
v
Chicago Junction
—V. 150, p.
Net income
Comparative Balance Sheet March 31
1940
.
6,551,176
:
b Cash in banks, $2,064,497 ($1,472,758 in 1938); collateral
trust gold bonds (due 1915).coupon account, $123; mortgage & collateral
trust refunding gold bonds, coupon account, $8,305 ($5,440 in 1938); cash
on hand, New York office, $14 ($39 in 1938).
,
c Includes $2,675,000 realized from sale of collateral.
r
Before provision for retirements.
Assets—
132 000 shares capital stock of
shares capital stock of the
invSmeSs
$90,506
bond interest
Other deductions
a
.
106,784
_.
Amortization of debt discount and expense
Federal and State tax
a
55 000
$425,019
Gross income
_
37,888,860 34,172,838
Total
Drh 3,973
$430,355
114,957
a
Surplus
430
430
8,430
Unpaid coupons..
18,824
Inc. tax payableRes. bond retlre't. 4,145,000
1939
$2,650,108
2,210,638
12 Months Ended March 31—
165,000
165,000
bonds.___
XJnpd. dlv. vouchers
Co.—Earnings—
Operating revenues
Operating expenses and taxes
6,001
pay.
& coll. trust ref.
Represented by 74,242 no par shares.—V, 149, p. 3110.
Central Indiana Gas
accts.
Int. accr. on mtge.
31,090,302 29,394,726
Total
29,394,726
Pf. 8tk.
gold
a
$
Bondretlre't fund.c6,820,000
Investm't
receivable
105,000
62,468
4,880
1938
$
(par $100) 6,500,000
6,500,000
Com.stk.(par$100) 6,500,000
6,500,000
:>
729,741 4% 40-yr. mtge. &
Coll. trust rfdg.
I
1,478,361
gold bonds
14,000,000 14,000,000
1,100,000
a
work
in progress
Other def. debits..
1939
Liabilities—
S
Notes receivable..
43,110
Interest
_
■'
/
1938
1939
Street lighting sys¬
tem
$2,680,283
390,000
$2,637,749
390,000
$1,997,552
Balance
77,939
39,542
1,312,747
390,000
$2,387,552
390,000
Earns, per share on com.
Assets****'
property
Dividend—
extra dividend
to the
Unamort. dt. disc.
and expense.
Commis¬
Board of
8,774
6,858
10,786
Capital surplus...
Earned
&c
:
11,195
Service exts, deps.
242,725
161,188
415,010
;v 20,849
139,405
48,274
Prepaid insurance,
taxes,
aCommon stock..
Reserves
Mdse., materials &
supplies—-.—
this
Chicago Junction Rys. & Union Stock Yards Co.—
[Incl. Union Stock Yards & Transit Co. and Chicago Junction Ry.]
Calendar Years—
1939
£938.
Gross earnings
x$5,662,473
$5,577,776 $5,701,208 $5,479,955
Expenses, taxes and int.
3,274,920
3,265,028
3,063,459
2,799,672
Comparative Balance Sheet March 31
'>■
'
an
of 25c. per share in addition
regular quarterly dividend of $1.25 per share on the common stock,
both payable June 29 to holders of record June 19.
Like amounts were
paid in preceding quarters.—V. 150, p. 2416.
y
Before provision for retirements.
ASSCtS
'
on May 15 filed with the Interstate Commerce
application for permission to serve another term on the
railroad.—V. 150, p. 3197.
sion
1939
stock.
1940
'V'
Picture Producers and Distributors
President of the Motion
Hays.
America", Inc.,
of
$673,622
538,254
$1,026,875
631*057;
-----
__
_
Will
St. Paul & Pacific RR.— $5,000,000
Certificates—
has applied to the Interstate Commerce Commission for
issue $5,000,000 IH% trustees certificates of indebtedness
provide funds to refinance matured equipment trust certificates series
A and C to L, inclusive.
These certificates are now outstanding in the
amount of $5,283,400.
The carrier proposes to use $283,400 of treasury
The company
authority to
to
cash in
connection with the operation.
of the proposed financing, if the certificates
The result
f
of indebtedness
sold on July 1, and without deducting expenses in connection with
issuance, will be to effect a savings in interest payments of $302,206.
are
tjieir
& Hutzler associated with Dick & Merle Smith and
Stroud & Co., Inc., have offered to buy the new certificates at par and
accrued interest to date of delivery.
The proposed financing of the unpaid principal of the matured equipment
obligations would modify provisions of the ICC approved final plan of
r*v>rtranization for the carrier which called for payment of the equipments
rW K
Salomon
n
r I
Bros.
0vt0n,l«l
basis.—V.
150. -
"a-™
Chicago & North Western
Ry.-—Move to Delay Revamp¬
Overruled—•
ing Hearing
The judge's ruling means
investment banking circles, was elected a Vice-President and a member
of the Executive Committee.
Theodore Stone was named Assistant Treas¬
urer in charge of the company's transfer department.—V. 150, p.
2873.
stockholders has been cut off.
No good reason has been
disclosed, the judge said, for granting further time.
It is the intention
that hereafter the legal department of the road will devote its full time to
railroad law matters and leave the reorganization proceedings solely in the
hands of the trustee.—V. 150, p. 2873.
1939
yl940
3 Mos. End. Mar. 31—
Net profit..
$356,834
1938
1937
$185,219
$221,284
■
_
$1.31
$0.12
$0.02
$0.53
monstock
Federal income taxes and other charges but ex¬
clusive of profits earned by certain foreign subsidiaries operating in countries
having exchange restrictions,
y Earnings of all foreign subsidiaries have
been excluded, owing to unsettled conditions existing abroad.—V. 150,
p. 2088.
After depreciation,
x
Chicago Rock Island & Pacific
The Interstate Commerce
ance
Ry.—Trustees1 Ctfs.—
Commission on May 18 authorized the issu¬
2j^% trustees' certificates, to be de¬
of outstanding 3% certifi¬
of not exceeding $4,500,000 of
livered to the holders of a like principal amount
cates in exchange therefor.
outstanding certificates are willing to reduce the
2 lA% per annum, effective as soon as new
certificates bearing the reduced rate are delivered in exchange for the out¬
standing certificates, on condition that in lieu of the present redemption
provision, the new certificates will be redeemable as a whole, but not in
part, at the option of the trustees, upon the taking effect, prior to June 1,
1941. of a plan of reorganization for the Chicago Rock Island & Pacific.
The issue or $4,500,000 of new certificates is necessary to enable the trustees
to secure the benefit of the proposed reduction in the interest rate.
The
new certificates will be in substantially the same form and
will contain
12,194,276
11,507,013
11,755,420
$2,860,462
income.366,999
$1,481,547
359,369
$2,337,544
422,076
$3,227,462
473,117
509,300
.,840,915
$2,759,621
450,366
505,204
469,080
492,756
292,533
434,389
240,445
159,485
237,097
*344,249
$1,518,122
$485,416
$1,216,438
71,653
349,916
272,002
366,168
$63,847
$578,268
Profit
Other
-------
-
Total income
— -
and notes pay le
& amort
Prov.
for
sundry chgs.,
doubtful
accounts, &c. (net)-.Federal & State taxes on inc.—est
Interest on mortgages
Prov. for deprec.
Profit--
-
-
of net
pref.
&
profit of subs, applic. to
of subs,
not
Co.
dompany s funded
debt
stks.
com.
owned by City Stores
Int- on parent
$859,300
undistributed profits of $59,708.
Includes surtax on
x
Consolidated Balance Sheet Jan. 31
o o
of
y
vSR
..
-
'
2
'-'-r
1,042,969
8,891,049
customers
..
vendors &
'
55,250
5,067,404
40,413
36,117
-
26,530 common shares were offered to the common shareholders of
record Dec. 30, 1939, at $12 per share in the ratio of two-fifths of a common
share for each common share held
Rights expired Feb. 5, 1940.
Common
shares not purchased were for a period of two days following the expiration
of such rights offered by the company to others (whether or not share¬
holders) at $12 per share.
The underwriters agreed to purchase at $12
per share, such common shares available for sale.
Application of Net Proceeds—Working capital and balance to be used in
printing presses and electric drives, and
building to house such additional equipment.
Exchange of Debentures—Times Publishing Corp., the company's whollyowned subsidiary, printers and publishers of the "Daily Times" and the
"Sunday Times" in Chicago, 111., had outstanding $2,000,000 series A and
$1,000,000 series B debentures due Nov. 1, 1944, all of which debentures
were held by International Paper Co. which, through its subsidiary, Inter¬
national Paper Sales Co., Inc., was one of the principal creditors of Times
Publishing Corp. on open account.
The chief advantages derived by the
company from the success of the above offering resulted from an agree¬
ment between the company and International Paper Co., providing that if
the company was successful in adding $300,000 to its capital from the sale
of common shares such holder of the series A and series B debentures
would exchange them for $3,000,000 new debentures.
The old debentures
have all been exchanged for the new debentures.
>
partial
payment
warehouse under
243,449
69,147
1,73^
2,156
Authorized
1,000 sbs.
100,000 shs.
5% debs, dated Sept. 30,1939, due Dec. 31,1949 $3,000,000
_
Outstanding
849 shs.
92,852 shs.
$3,000,000
Until the company declares a dividend on its common shares the new
debentures bear interest at the rate of only 4% per annum and bear an
additional 1% per annum only until additional interest equal to such
dividend shall have accrued.
The new debentures will bear interest at the
6%
p.2228.
per annum on
both/past
due principal and interest.—V. 149,
subsidiary
Permanent assets
(book values) ..19,705,656 19,285,071
The directors have declared a dividend of $33.25 per share on the common
stock, payable June 15 to holders of record May 27.
Similar payment was
made on March 15, last, and compares with $66.10
paid on pec. 15 last,
^^nds,?f $23-50 paid
on Sept. 15, June 15 and on March 15, 1939;
1938; $13.50 paid on Sept. 15, 1938; $8.25 paid on
1938; $39.30 paid Dec. 15, 1937; $28.50 paid on
Sept. 16, 1937; $38.50 in June, 1937; $13.50 paid March 15, 1937; $39.10
paid on Dec. 16, 1936, and $30.50 paid on Sept. 16, 1936.—V. 150, p. 2873.
$27.50 paid on Dec. 15,
June 15 and March 15,
Cities Service Co.—New
Officials—
Henry L.
16
O'Brien
was
on
May
elected
First
Vice-President
of
this
the first organization meeting of the newly-elected Board of
the company it was announced by W. Alton Jones, President.
O'Brien also was elected a director and a member of the Executive
company
663,112
Deferred income.
132,907
630,542
116.370
Minority interests:
Pf. stk. of subs. 3,953,600
4,090,20a
of
_
l
Acer, undeclared
382,766
divs.to Jan.31
1,236,140
319,562
1,179,419
319,562
237,938
6,047,707
167,459
6.047,707
2,726,020
Capital surplus— 1,202,257
1,792,556
1,133,957
Com. stk., subs.
applic.
Surplus
thereto.----x
Common stock.-
Earned surplus—
37,329,138 33,999,472
Total.--.
x
Par $5 per share,
y
.37,329,138 33,999,472
Total---
After deducting depreciation.—V, 149, p.
3712*
3551,1757.-
Columbus Auto Parts
have declared
Directors
a
Co.—Accumulated Dividend■—
dividend of $1 per share on account of ac¬
convertible preferred stock, payable June 1
Dividends of $1.50 was paid on Dec. 1, last.
cumulations on the cumulative
May 24.
to holders of record
—V.
149,
3551.
p.
Colorado & Southern
Ry.—Annual Report—
(Consolidated)
Operating Statistics for Calendar Years
1939
Revenue freight (tons)--
5,592,845
1938
5,598,34 1
Rev. freight (ton-miles).1078,4292301082141,379
$h.os
Av. frt. rec. per tr. mile.
$4.96
$2,151
Av. rev. per ton of frt
$2.06
Passengers carried.
Pass, carried one mile—
_
Av. pass. rev. per tr. m_
Av. rev. per passenger
301,665
53,161,498
$0.88
$3,161
309,935
56,534,839
$0.92
$3,458
1937
$5.20
$2,039
353,550
65,097,634
$0.99
$3,253
Consolidated Income Account for Calendar
Operating Revenues—
Freight--Passenger
1939
1936
1937
1 938
-$11,498,468 $12,041,610 $14,201,988
1,149,996
'953/560 * 1,071,829
737,446
730,967
726,135
Mail and express
All other transportation-
Incidental,
r.
353,048
153,200
Dr639,881
Joint facility.,
339,225
166,160
Dr694,902
$5.06
$2,084
310,512
60.388,784
$1.00
:
$3,332
Years
—"
—I
1936
6,964,180
5,920,350
1384315,345 1141,802533
376,472
167,372
Dr771,874
$12,340,184
1,034,640
755,933
356,529
140,594
Dr571,854
Totaloper.revenues..$13,049,362 $13,650,058 $15,861,400 $14,056,026
Operating Expenses—
1,464,166
2,394,424
1,361,007
2,225,003
1,567,238
2,683,745
396,308
390,173
391,256
4,797,581
Traffic.
1,405,998
2,406,963
388,337
Mamt. of way & struct
Maint. of equipment
100,071
5,137,065
107,045
5,556,467
105,945
5,021,603
Miscellaneous operations
General...
634,757
8,250
650,689
10,434
715,637
13,459
794,106
15,890
Total oper. expenses
$9,498,507 $10,093,633 $11,005,747
$10,136,276
Net
$3,550,855
1,443,339
409,209
325,874
$3,556,425
1,446,524
564,701
283,519
$4,855,653
al ,234,559
503,127
312,669
$3,919,751
1,246,160
$1,372,432
$1,261,681
$2,805,297
$1,889,046
108,035
33,994
1,174
101,481
41,176
91,124
934
872
91,472
77,871
1,237
$1,515,635
$1,405,272
$2,961,291
$2,059,626
5,952
Transportation..
i
Trans, for invest.—Cr
revenue.
Railway tax accruals
Hire of equip, (net)—Dr.
Jc.facil. rents (net)—Dr.
Net ry. oper. income
Non-Oper. Income—
Miscellaneous incom 8
Gross income
63,997
Deductions—
471,821
312,724
'
2,324,769
21,221
2,301,942
2,343,970
2,472,387
fd. dt,
9,842
44,493
4,895
44,662
44,560
55,077
charges-
11,316
13,606
19,106
12,434
Net profit
Div. approp. of income.
b$880,739
b$981,054
$544,352
b$488,143
Bal. transf. to P. & L-
b$880,739
b$981,054 sur$544,219
Miscellaneous rents.___
Int.
on
funded debt
Int.
on
unfunded debt--
Amort, of disc,
on
Miscell. income
—
^
132
at
Directors
conv
6%
1
Divs. & miscell. interest.
Pay $33.25 Dividend—
2,637,500
10-yr.
347,898
'i-iii;
Deferred charges..
Miscell. rent income
Christiana Securities Co.—To
3,167,000
coll.
Lit
Reserves i.——-
Capitalization and Funded Debt (Approximate)
„
3,167,000
6%
notes, 1944
Stk. of City Stores
Co.
owned
by
'
Preferred shares ($100 par)
shares (no par)
8,775,000
gen.
coll. conv. notes 2,629,700
47,101
on
The new debentures in contrast with the series A and series B debentures
will, (1) mature Dec. 31, 1949, instead of Nov. 1, 1944; (2) bear "fixed
interest" at the rate of 4% per annum and, in the event dividends are paid
on common shares, "additional interest" at the rate of 1% per annum until
additional interest" equal to such dividends shall have accrued, instead of
interest payable absolutely on series B debentures at the rate of 5% per
annum and on series A debentures at the rate of 4% per annum, plus an
additional 1% per annum on the series A debentures payable out of net
earnings, but cumulative and payable in any event at maturity of the
series A debentures; (3) require 25% instead of 50% of annual net earnings
to be put into a sinking fund to retire new debentures; (4) release and cancel
interest on the old debentures "payable out of net earnings" but in any
event at the maturity of the old debentures, which on Nov..30, 1939, had
accumulated to a sum of $394,659; and (5) remove the necessity of paying
such accumulated interest before paying dividends on common shares.
Business—Company, through its wholly-owned subsidiary Times Publish¬
ing Corp., was engaged in publishing a daily (except Saturday and Sunday)
newspaper called
Daily Times" and a Sunday newspaper called "Sunday
Times" in tabloid form in Chicago, 111.
This has been the company's
business since Sept. 3,1929.
During the 10 years which have followed, the
newspaper for a portion of the time was published directly by the company,
but since Nov. 30, 1934, had been published by the subsidiary.
The
liquidation of Times Publishing Corp. was completed Dec. 31, 1939, and
its assets, liabilities and operations were assumed by the company.
For a
part of the 10 year period referred to the newspaper was published on each
day of the week except Sunday.
On March 20, 1932, publication of the
Saturday edition was suspended and of the Sunday edition was commenced.
Prior to Aug. 21, 1929, and since the Incorporation of the company on
May 25, 1928, the company was engaged in publishing Chicago "Daily
Journal,' which in the latter part of August, 1929, was sold to another
Chicago newspaper in anticipation of the company introducing to Chicago
readers its only tabloid newspaper the "Daily Times."
8,567,000
stk.
72,720
47,101
2,877
1,000,000
current
10-yr.
-
208,000
2,608
Fund, debt, parent:
Claims agst. closed
Goodwill--
493,137
342,000
_
Mtg. pay. by subs.
599,780
242,050
investm'ta
Sundry notes & ac¬
counts rec., &c.
for additional
structural alterations
rat® of
Mtge.instal.due
not
construct'n, &c.
y
116,090
428,532
214,086
Def'd obligation-Notes pay. to bks.
of
banks
.
Fed. income taxes.
12,414
16,033
and interest
Sundry
115,934
600,478
mtges.,
on
taxes, &c
Cash held by trust,
The
.
Int.
34.066
for sinking fund,
99,020
2,428,595
Accrued accounts:
Int. on fund. dt.
life insurance...
Chicago Times, Inc.—Stock Sold—The offering of 26,530
common shares (no par value) has been completed ana the
portion which was not taken down has been
retained by Fuller, Cruttenden & Co. (underwriters) in its
investment portfolio.
Accounts payable-
Cash surrender val.
cost
103,635
3,085,104
Other notes
127,814
125,848
6,800,239
Market. securities-
of
250.000
due 1940
?
Mdse. inventories-
bal.
445,000
453,300
rowed moneyBank loan instal.
Accts. & notes rec.
tenants, &c_.—
$
$
Notes payable—
Banks for bor¬
7,641,129
Notes & accts. rec.,
from
•
Liabilities—
.
1,391,232
Cash
1939
1940
1939
1940
'.I A
Cash restricted for
small unsold
347,820
for period
Net profit
The holders of all the
substantially the same terms, provisions, and conditions, and will have the
same maturity, as the outstanding certificates, with the exception of the
reduced rate of interest and the change in the redemption provision.
The
trustees are of the opinion that the change in the redemption provision is
of no practical importance, as they deem it unlikely that the existing
option of prepayment will be exercised by them.
The certificates will be
issued at par directly to the holders of the outstanding certificates and in
exchange therefor, whereupon the surrendered certificates will be canceled.
—V. 150, p. 3043.
profit---——-$15,054,738 $12,988,560 $14,092,965
Total gross
Selling, admin. & gen. expenses------
rate of interest thereon from 3 to
26,368,005
—$14,761,698 $12,736,300 $13,816,454
carrying charges, &C-293,041
2o2,260
276,511
Instalm't acct.
Ami-..
24.114,578
26,689,079
profit on sales-
Gross
$421,137
share on com-
incl. sales of
cStoflo^Ssold-l.--------------
Subs.)—Earnings— '
1939
1938
$36,850,878 $40,184,459
1940
leased depts...$41,450,777
31—
Years Ended Jan.
Net sales
tion of common
Chicago Pneumatic Tool Co. (&
(& Subs.)—Earnings-
City Stores Co.
that the court reorganization hearings
24 as earlier scheduled.
judge held that while Samuel H. Cady, general counsel of the road,
and its legal department will no longer represent the common stockholders
in the reorganization proceedings, this does not mean that the representa¬
The
x
that John M. McMillan, for many years an
in charge of securities issues and widely known
executive of the company
will get under way June
Earns, per
1940
also announced
Jones
Mr
May 25,
in
Federal Judge John I\ Barnes at Chicago has overruled a motion by a
special committee of the board of directors of the company asking three
months additional time before the hearings on the plan of reorganization
begin.
Chronicle
The Commercial & Financial
3350
Mr.
Committee.
a
Includes credit adjustments of accruals
amounting to $178,523.
ment Act of 1935
b$488,143
in 1936 under Railroad Retire¬
b Deficit.
Vhime
The Commercial & Financial Chronicle
150
corporation in its answer was necessitated
completely its legal rights.
Whether we will
Fort Worth
Southern
& Denver
Railway
City Ry.
Ry.Co.
$31,879,213
CV45.126
$2,097,416
Investment in road and equipment..$82,515,192
Improvements
on
leased
ry. property.
Sinking fund
Miscellaneous physical property
Investments in affiliated companies..
Other investments
Cash
30
373,876
26,526,661
13,324
1,072,277
car serv.
.
•
29,219
390,275
102,100
1,180,139
\
6,953
balances receivable
Net bal. rec'lefrom agts. & conductors
Miscellaneous accounts receivable...
Material and supplies
Int. and dividends receivable
Other current assets
>
Working fund advances
Other deferred assets
451,453
59,163
2,325
23,588
25,183
<
3,897
2,338
2,126,796
184
28
1,930
—..$115,133,501 $35,609,059
.
Tji.fl.h'j.J/jf.%^.jt--*—*
v
.
283
454,125
*
6,3i7
42,017
73,346
$3,143,768
Rents & insur. prems. paid in advance
Discount on funded debt
Other unadjusted debits
Total
132,150
331,100
50,070
517,078
594,472
838
722
2,344
35,266
333,20O
...
860,083
810
184,074
Special deposits..
Traffic &
by the desire to preserve
seek to make a constitu¬
tional test of the Act and of any order issued by the Commission will
depend entirely upon the possibility .of working out with the Commission
a
plan which does not lead to the destruction of property values but
ooes
lead to the advancement of the interest of the corporation, its in¬
vestors and consumers and the public.
The several answers show the development of the subsidiary utility com¬
panies,. the strengthening and simplification of their corporate structures,
the reduction in rates effected, and high average use attained throughout
the territory served (the average residential use in the 12 months ending
March 31, 1940, being 1,226 kwh. and the average residential rate for
the first quarter of 1940 being 2.93c. per kwh.), the success of the refund¬
ing operations undertaken by the Northern companies and the develop¬
ment of the service and facilities of all of the
companies as subsidiaries
of the corporation during the
past 10 vears.
As a matter of interest to
stockholders, the following 10-year record is quoted from the corporation's
answer:
Yv
-'Y ..''.Y: '
' Y'Y
I
■'/'■■■..
::
Y'
"When Commonwealth was organized in May, 1929, $45,000,000 in cash
was paid to it for
2,250,000 shares of its common stock and option war¬
rants to purchase a like number of shares of common stock; $11,944,200
was paid to Southeastern Power &
Light Co. upon the exercise of options
to
purchase 238,884 shares of its common stock, which
shares were
thereupon surrendered for 1,074,978 shares of common stock and 637,489
option warrants of Commonwealth; $4,338,685 was paid to Penn-Ohio
Edison Co. upon the exercise of options to purchase 96,459 shares of its
common
stock, which shares were thereupon surrendered fox 337,606%
shares of common stock and 168,803% option warrants of Commonwealth;
making $61,282,885 total cash paid in for 3,662,584% shares of common
stock and 2,956,292% option warrants of Commonwealth."
Substantially all of the remaining common stock and option warrants
of Commonwealth were issued in exchange for common stock and options
of its predecessor companies, which companies during their existence as
unrelated holding companies had issued a substantial amount of common
stocks and options for cash.
For example, Commonwealth Power Corp.
had
realized
$28,690,425 cash from the direct sale of 38.70% of its
common
stock and Penn-Ohio Edison
Co.
had realized $7,105,602 cash
from the direct sale of 20.17% of its common stock prior to the organiza¬
tion of Commonwealth.
However, the larger part of the common stock
of the predecessor holding
companies outstanding prior to the organ¬
ization of Commonwealth wa3 issued to acquire securities of subsidiary
companies.
;vYYY
Y
Yv': v Yv- ■;
--V: ■■■:.. ■! 1
Y^'
Early in 1930 the $6 preferred stock of Commonwealth was issued to
the total of 1,354,931 1/3 shares in exchange for 1,399,492 shares of out¬
standing preferred stocks of predecessor companies and 145,068 2/3 shares
were sold in
the same year for net proceeds of $14,117,063.66, making a
total of 1,500,009 shares of $6 preferred stock presently outstanding.
The
preferred stocks of the predecessors had been issued in part for cash and
in part for exchange for other securities.
At the same time, Commonwealth assumed outstanding debentures of
predecessor companies, the greater part of which has been issued for cash
and the balance for securities, as follows:
Wichita
Valley
Colorado &
1
.
Assets—
'•
•,
4,179
1,254,332
170,489
.
Y- 1
•
Common stock
$31,000,000
17,000,000
Grants in aid of construction
148,138
Long-term debt
47,890,503
Traffic & car-service bals. payable..
218,247
Audited accounts & wages payable..
473,533
Miscellaneous accounts payable.
39,815
Interest matured unpaid
12,787
* .-V "•
598
V'
$9,243,800
$1,020,000
171,643
8,176,000
208,737
387,388
20,874
457
4,477
13,921
769,000
46,056
263,074
1,742
230,700
Preferred stock
Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Deferred liabilities
Tax liability
Accrued depreciation—equipment—.
Other unadjusted credits
Additions to property thru inc. &surp
Funded debt retired thru inc. & surp.
Sinking fund reserve
Prof it and loss
5,000
332,955
30,125
25,886
438,918
943,639
8,143,940
1,999,872
353,639
27,253
68,928
146,317
27,017
50,973
1,486,472
435
551,826
3,590
Drl61
12,497
30,565
4,147,444
6i,635
6,751,882
482,100
5,594,375
6,114,233Drl,285,950
$3,143,768
$115,133,501 $35,609,059
—'V. 150, p. 2874.
■■
—
30
Total
Y'^YY/YYyY
Commonwealth
&
;
Southern
3351
the
General Balance Sheet Dec. 31, 1939
■
■
^
Corp.—Annual Report—
Wendell L. Willkie, President, says in part:
.
/
,
Corporate Income and
aggregated $11,787,840.
Dividends—Corporation's total income for 1939
Of this total income, $11,571,781 came from
dividends and interest on investments
in
subsidiary companies and the
balance
of $216,058
from interest on temporary cash investments and
profit on the sale
of United
States
Government
securities.
General
expenses and taxes amounted to $1,094,884.
After other deductions, the
net
income of the
corporation alone for 1939 amounted to $7,540,286,
equal to $5.03 per share on its outstanding $6.00 preferred stock.
Y The foregoing income figures do not include interest and dividends
received by the corporation during the year from the Tennessee companies
frior to sale of amount
331,266, which the electric propertiesdirectly tocompanies, amounting to
credited
of such earned surplus.
Southeastern Power & Light Co. 6s, due
Edison Co. 6s, due 1950
$41,491,000
2025—
Penn-Ohio
Penn-Ohio Edison Co. 5%s, due 1959
:
6,998,600
8,000,000
.—
.
——————-J.——
Total
$55,489,500
has purchased in the open market the
YY
Y.YY
Southeastern Power & Light Co. 6s, due 2025
$ 8,105,000
Penn-Ohot Edison Co. 6s, due 1950——277,000
Penn-Ohio Edison Co. 6%s, due 1959...
.......—..——...
250,000
which Commonwealth
of
following:
■
was
Four
dividend payments of
75c. per share, totaling $3, were made
during the year on the corporation's
$6 cumulative preferred ' stock,
leaving
dividends accumulated and unpaid thereon at Dec. 31,
1939,
amounting to $15 per share, or $22,500,000, which must be provided for
before any distribution can be made on the common stock.
'
- V
tYYYV;
Public Utility Holding Company Act of 1935
After the United States Supreme Court held the provision of the Act
requiring the public utility holding companies to register thereunder to
be constitutional, this corporation on March 28, 1938, registered there¬
under with the Securities and Exchange Commission and has been con¬
forming to such decision by filing with the Commission statistical and
other information required by it.
The Supreme Court did not pass upon
the constitutionality of the other provisions of the Act or of Section 11
thereof.
The Commission is given broad discretionary powers under the
Act, particularly under Section 11, which contains the so-called "death
sentence."
With
particular reference to this section, the Commission
served upon this corporation
and each <of its subsidiary companies its
order dated March 6, 1940, requiring them to file their joint or several
answers
which "may include a statement of the claim of the respondents
or any of them as to
(a) the action, if any, which is necessary and should
be required to be taken
.
.
.
to limit the operations
to a
single integrated public utility system
.
.
.;
(b)
the extent
to
which"
: the
.corporation "should be permitted to continue to
control one or more additional integrated public utility systems as mav
meet the requirements of clauses (A), (B) and (C) of Section 11(b)(1)
...
.
.
1940, the corporation filed with the Commission its answer
(in which all of its subsidiaries joined) and the 10 public utility subsidi¬
ary companies of the corporation filed separate answers setting forth
in
some
detail the benefits to their investors and consumers through
the
ownership of their common stocks by the corporation.
The answer states
that the corporation
and its subsidiary companies
lawfully acquired and became lawfully possessed of the securities and other
assets owned by them in the manner provided by law; that each of them
is advised by counsel that they are lawfully entitled to own and retain
the securities and other assets owned by them until such time as thev
determine in their own judgment voluntarily to dispose of them; that,
with the exception of the corporation, the service company and the 10
electric and gas operating subsidiary companies,, it is contemplated that
all
of the companies, none of
which own any electric or gas utility
assets, will be disposed of as rapidly as possible without sacrificing any
material part of their real value and with due regard to the public inter¬
est ;
that the Commonwealth & Southern Corp. (New York), a mutual
service company duly approved as such by order of the Commission pur¬
suant to
Section 13 of said Act, is performing services, without profit,
for the corporation and its subsidiaries; that the mutual service company
has no securities outstanding in the hands of the public,
its securities
consisting solely of capital stock all owned by the subsidiaries; that the
management and operation of each of the public utility subsidiaries, in¬
cluding the issuance of securities, is under the control of the Board of
Directors of the respective company; that each of such companies, other
than those operating in Florida and Mississippi, is subject to the juris¬
diction of, and regulation by, a State public service commission; that the
continuation of the ownership by the corporation of the common stocks
of its public utility subsidiaries is not detrimental to the public interest;
that
each of
the public utility systems owned by
such companies is
operated economically and efficiently and cannot be operated, if any
involuntary disposition is made, without the lose of substantial economics
secured by the ownership of such stock by the corporation; and that any
order of the Commission which would require the corporation to divest
itself of its subsidiaries would be unconstitutional and that the Public
Utility Holding Company Act, if construed to authorize any such order,
would likewise be unconstitutional and void.In the
judgment fo the officers of the Commonwealth & Southern Corp.,
continued ownership by it of the operating companies presently owned
the public interest and their forced disposition by order of the
Commission would lead to great destruction of value to the security holders
the
$51,857,500
date
greater part of the securities referred to above of Commonwealth
and
its predecessor
intermediate or sub-public holding companies were
issued and sold upon the express representation that such companies owned
all or substantially all of the outstanding shares of common stock of their
The
utility
public
thereof
owners
subsidiaries,
have
the
and
right
purchasers
the
that
such
voluntarily altered by Commonwealth.
All of the securities of subsidiaries
thereof
ownership
and
shall
YY.
Commonwealth
the
present
until
continue
.Y,'YY'V'-;YY:Y'Y
of
now outstanding
subsequent to the organization of Commonwealth were issued
the understanding that all of the outstanding common stock
company was owned by Commonwealth,
and the purchasers and
issued
as
and sold upon
such
of
have the right that such ownership shall continue
altered by Commonwealth.
Y Y/YY;
present owners thereof
until voluntarily
Simplification of Corporate Structure
Upon the organization of Commonwealth in 1929, it was determined to
simplify the corporate structure of Commonwealth and its subsidiaries.
At that time there were 165 companies.
This simplification plan em¬
braced the following points and objectives:
;YY Y/
1. To reduce operating expenses and cost of financing by bringing all
the electric, gas and kindred operations in each State under one company
as
far as practicable, which company should have only three classes of
securities
outstanding—
Y '
.
Bonds, secured by a mortgage in up-to-date form under which bonds
issuable in series limited in amount to such percentage of the
(a)
On April 30,
purchased and retired..............—..—...—..$ 8,632,000
Leaving debentures outstanding at
Act."
the
of
.
Total
be
would
capital
expenditures
be negotiated
could
to
in
be
funded
and by such
borrowing at lowest rates.
earnings restrictions as
Y'Y'Y Y
equal rank in case
at different rates
(b) Preferred stock, shares of which should be all of
of liquidation and issuable in series bearing dividends
to meet the market conditions at the time of issue.
(
(c) Common stock all of one class.
:
To eliminate all intermediate or sub-public utility holding companies
and as many of the non-operating and non-functioning
companies as
possible;
.w •
.•
y
3. In order that each operating company should be in a. position as far
as
could be foreseen to finance itself completely and advantageously and
have
sufficient
working capital,
Commonwealth should be liberal in
increasing its cash investments in 'the common stocks of the operating
companies, and to the extent that it held second preferred stock or
unfunded debt, it should surrender such second preferred stock and such
amount of the debt as could not be funded in bonds or first preferred
stock,
without harmfully disturbing the ratios of earnings applicable
thereto, and increase its investment in the common stock correspondingly.
In the case of companies having debentures outstanding with the public,
2.
ways
and means should be found of retiring such debenture indebtedness
rapidly as possible.
To separate, as far as possible, operations showing losses into sepa¬
rate companies and thus remove the burden thereof from the gas and
electric operations and rates.
Under this heading would come t ran spolia¬
tion
operations showing loss or inadequate and declining net income.
This would
improve the ratio of earnings to fixed charges and reduce
as
,
.
4.
capital
requirements of
the
munerative operations had
gas
and electric business from
which unre-
been divested.
carrying out such simplification, the following are among the major
accomplishments:
Intermediate or Sub-Public Utility Holding Companies 'Eliminated—Com¬
monwealth Power Corp., Southeastern Power & Light Co., and Penn-Ohio
Edison Co., all intermediate or sub-public utility holding companies, were
eliminated in 1930 by merger or consolidation into, or by transfer of all
their assets to, Commonwealth.
"
Generating and Transmission Companies Eliminatedr—During the war
In
.
post-war years the demands for power in eastern Ohio and in central
Illinois had increased so rapidly that towards the end of 1922 the existing
and
at
generating plants of the companies operating in those sections were being
operated at their full capacity, and to meet further demands and provide
adequate reserves it was necessary to build additional generating plants and
transmission lines in those sections.
These were built in 1923 by three so-called generating and transmission
places and times to prevent the forced sale of our properties and the
jeopardy of the investments of this corporation.
The position taken by
companies, i.e., Ohio River Edison Co. and Ohio River Transmission Co.
in Ohio, and Illinois Electric Power Co. in Illinois, as the operating com-
is
in
of the Commonwealth
effort
possible
ferences
& Southern Corp.
to work
out
the
all
We intend to make
integration problem at
with members of the SEC.
every
sincere
round table
We expect to do all in
our
con¬
power
TheCommercial & Financial
3352
panics
in position
not
were
to finance the large
expenditures required.
three companies were eliminated in the unification
after of the properties in the respective States.
These
mentioned here¬
Michigan Unification—The property of Southern Michigan Light & Power
Co. was conveyed in 1930 to Consumers Power Co.
As of Jan. 1, 1934,
Consumers Power Co. acquired the properties of Michigan Federated Utili¬
ties and Lower .Peninsula
Power Co.
In 1938 Consumers Power Co.
acquired the properties of the Citizens Light & Power Co. in Adrian and
vicinity.
All the gas and electric business in Michigan of Commonwealth's
by Consumers Power Co.
,
Ohio Unification—The Ohio Edison Co. (Springfield), the PennsylvaniaOhio Power & Light Co., the Akron Steam Heating Co., the London Light &
Power Co., Northern Ohio Power & Light Co., Ohio River Edison, and Ohio
River Transmission Co. were, by consolidation or purchase of property,
unified.in 1930 into the present Ohio Edison Co., so that all the electric
business in Ohio of Commonwealth's subsidiaries is now being done by
subsidiaries
is now being done
Ohio Edison Co.
:Georgia Unification—Columbus Electric & Power Co., substantially all
of the common stock of which was acquired by Commonwealth through
issuance of its common stock and options,
was consolidated into Georgia
Power Co. in 1930, so that all the electric business in Georgia of Com¬
monwealth's subsidiaries is now being done by Georgia Power Co.
the electric, gas and heat¬
Power Co. and Illinois Electric Power Co. were
properties of Central Illinois Light Co., so that
all the electric, gas and heating business in Illinois of Commonwealth's sub¬
sidiaries is now being done by Central Illinois Light Co.
In 1938 Central
Illinois Light Co. acquired the adjoining properties of Suburban Electric
Illinois
Unification—By sale and otherwise,
ing properties of Illinois
unified in 1933 with the
Co.
Acquisition and Unification of Other Properties—Shortly prior to the
organization of Commonwealth, Southeastern Power & Light Co. had contracted to sell its gas properties, a3 a result of which, through the acqui¬
sition by Commonwealth of all of the assets of Southeastern Power &
Light Co., Commonwealth came into possession of $6,663,200 of 6% col¬
Utilities
of Central Public Service Corp., due 1936.
Common¬
subsidiary, also owned 83,678 74/80 shares of Central
Public Utility Corp. class A stock, the latter company being formed as a
result of a reorganization of the former corporation and its affiliates.
A
total value of $6,673,659.86 was assigned to these securities, all of which
were surrendered
as of Jan, 1, 1934, in consideration for the conveyance
and delivery of properties to the companies and for the considerations
trust notes
lateral
through
wealth,
/shown
a
/
below:
Power Co., $4,624,159
Michigan Federated Utilities
Consumers
To
of
assets
tw
for all of the properties and other
and Lower Peninsula Power Co.,
subject to $554,000 bonds outstanding.
To South Carolina Power Co., $1,670,000 for all of the properties and
other assets of South Carolina Public Service Co.
To Gulf Power Co., $379,500 for all of the properties and other assets
of Florida Public Utilities Co. in and in the vicinity of Pensacola, utilized
by that company
standing. '
in
the
gas
business, subject to $200,000
bonds out¬
carried at a net total of $12,850,531 on the books
of the Michigan Federated Utilities, Lower Peninsula Power Co., South
Carolina Public Service Co., and Florida Public Utilities Co., all subsidi¬
aries of Central Public Service interests.
Other Companies EHminatedr- The 10 public utility subsidiaries of Com¬
monwealth were formed from 75 companies which were directly combined
or
eliminated in simplifying the operating structure.
In addition, there
were 68
subsidiaries of said companies and 89 other companies, making a
combined total of 232 companies, of which 165 were in existence when
These properties were
was organized.
public utility units own five subsidiary companies (which own
properties or are continued merely for the purpose
of holding franchises or to meet mortgage requirements or for other corpo¬
rate purposes) and there are 23 other companies, principally transportation
and landowning companies, making a present total of companies, including
Commonwealth and the mutual service company, of 40; so that of the 232
companies referred to above, 192 companies have been eliminated.
Of the
present 40 companies, seven are proposed to be eliminated during the
'present year.
.
Ten Public Utility Operating Subsidiaries
'
Commonwealth
The
10
real estate, water or ice
These companies
and
of
the order of the Commission
Commonwealth & Southern Corp. (Del.) owns 100% of
listed under Section 2 of
which the
stock are as follows:
of Business—Consumers Power Co. (Mich), elec¬
tric, gas, heating and water; Central Illinois Light (111.), electric, gas
and heating; Southern Indiana Gas & Electric Co.
(Ind.), electric, gas.
transportation, heating and.water; Ohio Edison Co. (Ohio), electric and
heating; Pennsylvania Power Co. (Pa.), electric.
,7';/*
Southern Group—Nature of Business—Alabama Power Co.
(Ala.), elec¬
tric, gas and transportation; Georgia Power Co.
(Ga.),, electric, gas,
transportation and heating; Gulf Power Co. (Fla.), electric, gas and ice;
Mississippi Power Co. (Miss.), electric; South Carolina Power Co. (S. C.),
electric, gas and transportation.
V./
Northern Group—The public utility properties of the five public utility
companies, namely, Consumers Power Co., Central Illinois Light Co.,
Southern Indiana Gas & Electric Co., Ohio Edison Co., and Pennsylvania
Power
Co., constituting the Northern Group, are located in adjoining
States and, with Consumers Power Co.
as a base, constitute Common¬
wealth's primary public utility system.
Consumers Power Co., the largest
of the Northern group of subsidiaries of
Commonwealth, in 1939 sold
44.78% of the kilowatt hours sold in total by the Northern group of com¬
panies and 75.26% of the gas in cubic feet sold by the Northern group
of companies.
Its electric customers totaled 446,039, or 55.29%, and its
gas meters in active service totaled 201,302, or 72.79%
of the total of
the Northern group.
Its gross revenues were $40,528,894, or 52.14% of the
total of the Northern group.
The common ownership of the Northern
group and the services rendered to it by the mutual service company have
Northern Group—Nature
in
insuring
to
the
the use of funds
communities in which the properties are
high standard at rates for such service
located electric and gas service of a
otherwise obtainable.
Southern Group—The five operating
not
properties constituting the Southern
group are in the five adjoining States of Alabama, Florida, Georgia, Missis¬
sippi and South Carolina and, since the common ownership of the common
stocks of the companies, have been constructed and developed as an engi¬
neering unit.
They are physically interconnected in the generation and transmission of electric power so that their generating plants and trans¬
mission lines operate as a unit.
The combined power, including power
purchased from and interchanged with the Tennessee Valley Authority, is
transmitted to the greatest economy of each company in the group.
The
entire operation is under the supervision
of engineering experts of the
derived therefrom to the acquisition of
specified
utility fsicilities in the State of Tennessee and in certain
coun¬
ties in Mississippi and Alabama, and to certain other purposes such as the
construction of tie lines in specified areas.
While the amendment did not
establish a geographical limitation beyond which the TVA could not ex¬
tend its lines, representatives of the TVA inforced Congress by testimony
before the House Military Affairs Committee and by a letter addressed to
the Chairman of that committee that the area it had already acquired,
described in the amendment, would provide it with
together with the area
market
a
House
The
sufficient to absorb the entire output of its
committee which considered the legislation,
16-dam system.
in its report to
limitations."
Congress, referred to the Authority's "self-imposed
In August, 1939, Commonwealth consummated with
the TVA the carry¬
contract providing for the sale to it and other public agencies
of"all the electric properties owned by Commonwealth's subsidiaries in
Tennessee.
Such agencies in December, 1939, also acquired from Missis¬
sippi Power Co, electric properties in certain specified counties in Missis¬
sippi and are about to acquire from Alabama Power Co. properties in
certain specified counties in Alabama, all as referred to in said amend¬
ment to the Tennessee Valley Authority Act.
;
■ -7
ing out of a
the present
At
Southern
the
the remaining property owned by
Commonwealth will be free from
time it appears that
of subsidiaries of
Group
competition from the TVA.
Interchange agreements have been
made between the five companies in the Southern group and the TVA pro¬
viding for substantial
purchases by the former companies of electric
energy from the TVA.
It appears very likely that as soon as the invest¬
ment'market has come to understand the extent to which the relations of
the Government and the Southern group of subsidiaries of Commonwealth
have been stabilized in this area the securities of such subsidiaries can
be refunded with substantial savings of annual interest charges and pos¬
further
of
sibly preferred dividend charges as has been done by the subsidiaries
the Northern group."
Sale of Tennessee Electric Properties—After lengthy negotiations, often
broken off, between the corporation and the TVA, a contract was signed
1939, for the sale by the corporation of the
to the TVA and other public agencies for
on
May 12,
in
Tennessee
electric properties
the sum of $78,-
600,000, subject to certain adjustments.
The transaction was carried out
on
Aug. 15, 1939, by a wholly-owned subsidiary company, the Tennessee
Utilities Corp., to which the common stock of the Tennessee Electric
Power Co. owned by the corporation had been transferred.
The carrying
out of the
transaction paid out the bonds and preferred stock of the
Electric Power Co. without
The entire loss on sale will
stock, of which the corporation
Tennessee
thereof.
common
loss to the original purchasers
be borne by the holders of its
held 99.35%.
The only money
corporation has so far received is for bonds and preferred stock of the
Electric Power Co. and indebtedness of Southern Tennessee
Co. that it owned and in which it had invested part of its current
fundi.
The loss which will result to the corporation because of its com¬
mon stock ownership has not been
determined and hence is not reflected
in its financial statements.
After providing for the bonds and preferred
stock
of the Tennessee Electric Power Co., a balance,
amounting to
approximately $6,100,000, remains in the Tennessee Utilities Corp. until
distribution thereof to the corporation is permitted by the SEC.
Claims
have been
made by holders of some bonds that • their payment at the
the
Tennessee
Power
all obligations with respect thereto, and
As stated in the notes to the
agreed to indemnify the trustees
of the mortgages
in connection with such transactions.
The remaining
properties and other assets of the Tennessee Electric Power Co., consisting
principally of the transportation properties in Nashville and Chattanooga,
and certain water and ice properties, are being held by its directors as
principal amount did not satisfy
litigation relating thereto is pending.
financial statements, the corporation has
pending further distribution to its common stock¬
disposition thereof.
order to provide additional facilities to meet increas¬
ing demands for service,
$31,106,950 were expended in 1939 for new
plants and other equipment.
The largest expenditure was made for electric
additions and amounted to $28,483,010, or 92% of the total expenditure.
Of the total electric additions to the system, 26% was spent for generat¬
ing stations, 11% for substations, 8% for transmission facilities, 52% for
distribution facilities, and 3% for miscellaneous.
Gas department additions
liquidation
in
trustees
holders
the sale or other
or
Fixed Capital—In
were
poses
$1,420,391.92 ; transportation, other additions, and
amounted to $1,203,548.02.
.
system in 1939 further increased its generating
The
.
for general pur¬
capacity 105,000
kilowatts.
operating expense, and for the
as compared with $21,912,015 for
$8,402,761, or 38.3%, not including for
either year amounts applicable to construction or to the Tennessee com¬
panies.
This was due to both the increase in number of operating em¬
ployees and the increase in hourly wages paid.
At Dec. 31, 1939, the
corporation and subsidiary companies were affording employment to 19,231
year 1939
amounted to $30,314,776,
the year 1934, an
increase of
.
engaged in operating the business—many more were employed
the .year in carrying out the construction work—as compared
at the end of 1934, exclusive of the Tennessee companies.
In¬
cidentally, taxes for 1939 amounted to $1,026 per operating employee.
individuals
throughout
with
15,932
Statement of
Consolidated .Income for Years Ended
Subsidiary operating
$115,027,184
companies—Electric
Gas.
—
—
Transportation—
Water, ice, heating and miscellaneous.
Non-operating
—
a
Dec. 31
1939
Gross Revenue—
-
—
12,684,373
10,421,626
2,071,212
446,577
by the
and the
larger population centers of Birmingham and Atlanta.
From 1925 to 1930
a
large number of utility properties were absorbed into the present five
operating companies, and financial resources were made available for
expanding the market, for developing large power sources at locations best
adapted for lowest cost and for construction of transmission lines and
interconnections to move this power over the entire area and thus shut
down higher cost plants.
As a result, there was made available to the
public an abundant supply of electricity at increasingly lower rates.
Today some 200 old and uneconomical plants have been eliminated from
service and thus, under common ownership,
there has been developed a
finely balanced and fully coordinated system which is now adequate to
serve
all
requirements at increasingly lower costs.
Contracts between
companies for the interchange of power reflect a fair division of the
benefits.
Costs are reduced through the greater utilization of the output
of both hydro and steam plants, the pooling of risks, the diversification
in loads and stream flows and the operation of the most economical plants
wherever located.
Such reductions in costs by these operations alone are
The
first
and
larger hydro undertakings weTe completed in 1914
Georgia companies to serve expanding industries
conservatively estimated to exceed $1,500,000 per year.
Commonwealth with respect to this Southern group of
—$140,868,041
$129,540,959
.
$49,850,618
21,903,484
1,549,602
225,453
11,754,862
1,396,581
205,501
11,719,626
1,137,924
381,930
0516,273
1,104,926
428,315
0530,992
$13,413,636
Federal and State income taxes——„-
— _
—
.
.
Interest on long-term debt
J
Amortization of debt discount, premium
$10,204,848
and
.
Other interest charges
Dividends on pref. stock
*_■;
...
of sub. companies
Amort, of pref. stock premium, discount, com¬
mission
$46,435,179
21,906,373
8,666,942
16,508,010
—
General taxes
expense.
13,351,125
6,383,985
—
depreciation and retirement res.
Gross income
and expense
.'
Miscellaneous deductions
Interest charged to
construction
great
from the passage by Congress of an amendment to
Act, which amendment was approved July
amendment provided for the issuance of bonds by the
encouragement
the
Tennessee
26,
1939.
Valley Authority
The
Net income
Dividends
on
—
77,589
43,115,989
8,290,449
14,995,659
12,538,634
4,165,048
46,107,360
_
Maintenance..
Provisions for
—
pref. stock of Commonwealth &
Southern Corp.
Principally profit on
Government securities.
b Certain subsidiary
4,498,792
4,498,732
sale of and interest earned on United States
companies prior to date of their acquisition by
issued $55,500,000 principal amount of
and affiliated companies as part consideration
Commonwealth & Southern Corp.
bonds to their then parent
for
properties and investments acquired
therefrom and cancellation of
wnich bonds were sold at discounts (including
aggregating $4,092,892.
During 1939, the unexpired
Dec. 31, 1938 was reflected on
the books of the respective subsidiary companies in debt discount and
expense in process of amortization.
The expired portion applicable to the
period since date of acquisition by Commonwealth & Southern Corp. to
Dec. 31, 1938 ($1,045,863) has been reflected as a charge to consolidated
earned surplus and the amortization applicable to 1939 (approximately
$109,000) has been included in the statement of consolidated income for
certain indebtedness thereto,
certain
expenses)
portion of such discount and expense as at
that year.
Note—The
electric
properties
of
Southern Tennessee Power Co. were
subsidiaries takes
11,987,597
9,688,127
1,950,806
218,125
$129,463,370
Total gross revenue
Operation
a
1938
$105,618,713
Total subsidiary operating companies
$140,650,973
Holding companies.
—>
— —
217,067
mutual service company.
Alabama
1940
General—Payroll is the largest item of
the common
resulted
but limited
TVA
May 25,
Chronicle
Tennessee Electric Power
conveyed on Aug. 15, 1939
Co. and
and sub¬
sequently to the Tennessee Valley Authority and other public agencies, and
those companies have been dissolved, the former company being in process of
liquidation at, Dec. 31, 1939 and the latter company having been fully
liquidated prior to that date.
Accordingly, the income accounts of said
Volume
The Commercial & Financial Chronicle
ISO
companies for the
1939 and 1938 and of Tennessee Utilities Corp. for
years
territory served, for the week ended May 16, 1940, amounted
to 149,678,774 as
compared with 131,625.537 for the corresponding week
in
1939, an increase of 18 053,237, or 13.72%.;, The 1939 figure does not
include the output of the Tennessee Electric Power
Co., the electric prop¬
erties of which were sold on
Aug. 15, 1939, to the Tennessee Valley
Authority and other governmental agencies.
1939, and all interest and dividends received from them by Commonwealth
Southern Corp. during such years have been eliminated from the fore¬
going statement of consolidated income.
Net income of such companies
for the year 1939 has been credited direct to consolidated earned surplus.
&
Summary of Consolidated Earned Surplus for Year Ended Dec. 31, 1939
Balance, Dec. 31, 1938
«.
827,662,330
13,413,636
_
Net income for the year ended Dec. 31, 1939_>_
3353
conditions of
Monthly Output— v'
•
.
Electric
Total.
Net charge.
a
b
_____________
Appropriations for and amortization._i______
output of the Commonwealth & Southern Corp. system for the
April was 689,801,197 kwh. as compared with 596,261,005 kwh.i
for April,
1939, an increase of 15.69%.
For the four months ended
Apn
30, 1940, the output was 2,842.838,099 kwh. as compared with
2,445,162,189 kwh. for the corresponding period in 1939, an increase of
$41,075,966
8.007.430
4,000,368
1,789,829
1,189,015
"
___ —
Provision for reserve
d Reduction of consolidated fixed
capital
- —
e Amortization of debt
discount and
expense
______
Miscellaneous surplus charges, less credits..
Dividends declared on preferred stock of Commonwealth &
Southern Corp....
c
__
month of
16.26%.
Total output for the year ended April 30, 1940, was
8,242,846,270
kwh,, as compared with 7 091,559,600 kwh. for the year ended
April 30,
1,045,863
151,453
_____
1939,
Balance Dec. 31, 1939
$20,393,214
Tennessee Valley Authority and other public
agencies, less consolidated net
income ($741,777) of said
companies and Tennessee Utilities Corp. for the
year 1939,
after deducting dividends on preferred stock and eliminating
interest and preferred stock dividends paid
For estimated loss
Authority and certain co-operatives and municipalities and on adjacent
electric properties to be sold or otherwise
disposed of, less miscellaneous
credits in connection therewith,
d Representing adjustment for prior years
items of Georgia Power Co.
formerly reflected in connsolidation as charge
to surplus at date of
acquisition of that company,
e On bonds of certain
subsidiary companies transferred from consolidated fixed capital applicable
to the period from date of
acquisition of such subsidiary companies to
Dec. 31, 1938..
'
1939
1938
$
Assets—
$
v-
Property, plant and equipment
1,016,329,314 1,103,650,196
Invest, in sees, of various cos., &c
3,555,811
3,957,332
Sinking fund and special deposits.
6,239,392
4,692,657
Debt disct., prem. & exp. in process of amort._
21,509,194
20,786,113
Deferred charges
7,847,029
8,172,166
Cash.
v..
40,550,660
19,443,254
Bank certificates of deposit.
2,000,000
2,055,000
U.S. Government securities
18,289,794
20,829,334
Accounts and notes receivable
14,451,865
18,230,619
Materials and surplies
11,343,264
10,816,356
Prepayments ^ i;^
i,
1,043,955
1,233,410
_
___,
_
_____
_
_
_
_
_
__
_
_
_
_ _
_
______
! Total
b Common stock
:_
_
_
150,000,000
168,366,640
203,277,039
78,003
51,857,500
441,047,100
631,212
794,290
5,820,107
12,676,534
3,125,520
5,428,922
971,173
72,113,616
1,872,703
2,105,058
840,527
543,367
127,782
20,393,214
_.
Subsidiary companies—Preferred stock
Minority common stock and surplus
Corporate funded debt
Subsidiary companies funded debt
Property purchase obligations, &c_
Deferred liabilities
Accounts payable
Accrued taxes
Customers deposits
Int. and pref. divs. accrued
Miscellaneous
Depreciation
payable
reserve
Contingency
reserve
Injuries and damages,
Other
or
current liabilities
reserve
1
reserve
_.i
Contributions in aid of construction, &c
Capital surplus
Earned surplus
_______
Suspense
c
Total.
a
_
_
150,000,000
168,366,640
226,649,239
172,125
51,874,500
483,647,800
680,440
769,128
5,897,475
11,978,950
3,507,706
5,726,891
798,867
69,251,294
1,642,183
_
_
_
no
1,143 160,279 1.213,866,439
par value,
b Represented by
33,673,328 shares of no par value, c
Representing net amount received by
Commonwealth & Southern Corp. in payment of bonds and
preferred
stocks of Tennessee Electric Power Co. in
The
excess
common
1937
stocks
$9,470,333
$7,244,845
2,566,311
76,136
Net inc. carr'd tosurp.
Previous surplus
$6,272,976
2,404,852
$9,887,292 $11,368,994
543,116
468,608
321,073
a.569,365
3,073,635
3,073,635
$8,760,431
500,417
a320,339
3,077,819
$5,949,468
8,806,005
$7,540,286
9,972,421
$4,861,856
$7,257,385
6,284,767
82,603
6,098,562
Balance.
Preferred dividends
Direct surplus items
.$17,512,708 $14,755,473 $13,542,152 $10,960,418
4,498,792
4,498,732
4,498,672
4,498,568
d531,387
c237,475
Int. & pref. divs. rec__
Cr331,267
b Paym't in settlement of
e
Federal income taxes.
177,082
Refund of Fed. taxes
Misc. surp. adjustment.
Cr218,229
Cr28,839
102,771
Surplus, bal. Dec. 31_$13,242,411
$9,972,421
$8,806,005
$6,284,767
a
Including provision for Federal surtax on undistributed profits, b Of
predecessor companies, applicable to prior years,
including interest thereon,
c Write-down
of investment in a subsidiary
company, representing losses
of a subsidiary land
company since date of acquisition arising principally
from sale of capital assets,
d Write-down of investment in a
subsidiary
company in connection with the abandonment during the
year of the rail¬
way property of a subsidiary transportation
company,
e During the year
from Tennessee Electric Power
Co., Southern Tennessee Power Co. and
Tennessee Utilities Corp.
.-i.
Balance Sheet Dec. 31 (Company Only)
1939
1938
S
$
Assets—
Inv.
in
sub.
loans to
and
subs_362,289,586 366,735,451
650,000
U.
8.
Govt,
curities, &c
924,781
7,450,658
$
*
x
Com. Btock___ 168,366,640
168,366,640
51,874,500
int.
51,857,500
on
2,325,000
6,547,000
long-term dt.
Accrued taxes..
1,002,539
Mfec. curr. liab.
se¬
—
1938
$
\
150,000,000
Accrued
851,958
20,049,595
Cash
Liabilities—
Pref. stock___ 150,000,000
Long-term debt.
Acer. int. & divs.
receivable, &c
1939
;
y
Special funds
40,585
Divs. payable.
Capital surplus.
12,018
18,172
127,782
127,782
13,242,411
1,089,969
9,972,421
z
Total.......386,166,139 381,657,890|
426,694
_
Earned surplus.
Suspense
Total
1,002,929
285,952
9,492
386,166,139 381,657.890
Represented by 33,673,328 shares of no par value, y Represented
by
1,500,000 shares of no par value,
z Representing net amount received
in
payment of bonds and preferred stocks of Tennessee Electric Power Co. in
of book cost thereof.
Weekly Output—
The
the
14.33%.—V.
150,
-v
-Kilowatt Hour Output
1940
V
1939 >'■■'■■■■
145,594,000
140,911,000
142,621,000
142,220,000
—V.
Per Cent
Increase
10.6
8.6
9.6
131,693,000
129,701,000
130,112,000
132,799,000
7.1
150, p. 3198.
Congress Cigar Co.—New DirectorsAt
special meeting held May 17 a new Board of Directors was elected.
Board consists of John C. Adams and Nathaniel F.
Glidden, repre¬
senting bondholders; Gordon Auchincloss, trustee for Porto Rican American
Tobacco Co., parent of Congress Cigar;
George H. Weber, representing
the company's auditors, and P. R. Moses.
The previous Board had con¬
sisted of Mr. Moses, Thomas C. Breen, Stewart C.
Pratt, L. R. Granger
and H. Lewis Brown.—V. 149. p. 3257.
a
The
Connecticut Light & Power Co.—Ecrnings—
12 Months Ended
Gross earnings
a
April 30—
Earnings
a
per
i
>
1940
•
1939
___$20,195,188 $18,965,761
3,637,187
3,715,277
_____
Net income
______
share of
common
stock.
$3.16
$3.23
After expenses, taxes, charges and preferred dividends.—V.
150, p.2720.
Consolidated
Edison
Output—
Co.
of
New
York, Inc.— Weekly
'
.
Consolidated
Edison Co. of New York announced production of the
of its system for the week ending May 19, amounting to
135,800.000 kwh„ compared with 132.900,000 kwh. for the corresponding
week of 1939. an increase of 2.2%.—V. 150, p. 8198. av,;
electric
p'atns
Consolidated Film
Directors
have
accumulations
holders
of
declared
the
on
record June
(quarters.—Y.
150,
p.
$2
Industries, Inc.—Accumulated Div.
a
dividend
cumulative
15.
Similar
1930.
of
25c,
preferred
amounts
per
share on account
stock, payable July 1
were
distributed
in
of
to
preceding
,
Consolidated Investment Trust—To
Pay Special Div.—
Trustees have declared a special dividend of 10 cents in addition to a
regular quarterly dividend of 30 cents per share on the capita] stock, both
payable June 15 to holders of record May 21.
Like amounts were paid on
March 15, last.
Special dividend of 20 cents was paid on Dec. 15, last, and
a special 15 cents was paid on June 15, 1938.—V.
150, p. 1430.
have
on
declared
the
a
dividend of $1.25 per share on account of
7% cumulative convertible preferred stock, payable
weekly kilowatt hour output of electrical
& Southern Corp,, adjusted
Commonwealth
energy
to
of
show
subsidiaries
general
Container
All
of
Corp. of America—Bonds Called—
the
outstanding first mortgage s. f. 6% 20-year gold bonds due
June 15, 1946, have been called for redemption on June 15 at 101% and
accrued interest.
Payment will bo made at the National City Bank of
New York or at the Continental National Bank & Trust Co., Chicago.*—
V. 150, p. 2875.
Continental
Aviation
&
Engineering
*
Corp.—New
Aircraft Motor Company Plans Initial Public Financing—
Subsidiary of Continental Motors Registering 260,000 Common
Shares—
Plans for the initial public financing by the corporation, recently In¬
corporated as a subsidiary of Continental Motors Corp., were announced
May 23 by C. J. Reese, President of both companies.
Mr. Reese stated that Continental Aviation & Engineering Corp. expects
to file shortly with the Securities and Exchange Commission a registration
statement covering 260,000 shares of common stock, of which Van AJstyne,
Noel & Co., New York, are named as the underwriters. The proceeds from
the contemplated offering will be used to furnish working capital for the new
company for payment for tools, dies, patterns and equipment and other
OPMr?iJlfe^e^8
announcement
marks
the
active
entrance
of
Continental
Motors Corp., through its new subsidiary, into the field of development and
manufacture of "high output" aircraft engines of 500 or more horsepower.
Such engines, rendering maximum horsepower from given cylinder displace¬
ment, and of extremely low weight per horsepower to meet military and
commercial aircraft needs, have engaged the Continental Motors' research
and design staff for many years.
Continental Aviation & Engineering Corp., according to Mr. Reese,
has been organized primarily to acquire from Continental Motors all of
its business in connection with high-power airplane engines.
This includes
certain development and manufacturing programs presently negotiated and
to be negotiated with military and commercial users.
Upon its incorporation on May 13, 1940, corporation acquired from
Continental Motors assets valued at $712,192, Mr. Reese said, in return
for which Continental Motors received 270,000 shares, (par $1) of common
stock of the subsidiary valued at $2.60 per share, making a total of $702,000.
In addition, the subsidiary has agreed to sell to Continental Motors warrants
for the purchase of 51,000 additional shares of common stock at 20 cents per
^
_
warrant, aggregating $10,200.
Upon the issuance and sale of 260,000 shares of Continental Aviation
stock covered in the registration statement, Mr. Reese asserted,
common
the corporation will have outstanding 530,000 common shares, of a total
authorized Issue of 1,000,000 shares, while 110,000 additional shares will be
x
excess
of
-
the output and percentage comparisons for the last
are
May 11_»!
May
Apr. 27
accumulations
$8,787,482
2,508,224
73,287
2,101,449
216,059
$11,787,840
741,536
428,111
3,077,906
Interest.
increase
June 1 to holders of record May 22.—V. 147, p. 3759.
Int. on bonds & loans.
Inc. from outside sources
Total income
General expenses.
an
vx
following
Directors
1936
pref. and
Taxes.
1939,
Consolidated Sand & Gravel, Ltd.—Accumulated Div.—
{Company Only)
1938
Income from sub. cos.—
on
30,
.
of book cost thereof.
Income Account for Years Ended Dec. 31
Dividends
.
Week Ended—
'
1939
ended April
year
four weeks and the
corresponding periods last year:
1,089,969
Represented by 1,500,000 shares of
the
Commonwealth Edison Co.—Weekly Output—
2,114,810
2,484,772
513,504
127,782
27,662,330
Co.,
The electricity output of the Commonwealth Edison
Co. group (inter¬
company sales deducted) for the week ended May 18, 1940 was
145,594,000
kwh. compared with
131,693,000 kwh. in the corresponding period last
year, an increase of 10.6%.
..1,143,160,279 1,213,866,439
Liabilities—
Preferred stock_____
a
the
3198.
p.
_
_
for
May.:18_*___;
Consolidated Balance Sheet Dec. 31
_
feet
electric
properties and related
during the year by Mississippi Power Co. to Tennessee Valley
assets sold
on
:-V
.
by said companies to Common¬
wealth & Southern Corp., but before
applying credit of $1,089,969 carried
in "suspense" in the consolidated balance sheet,
b Of retirements and
abandonments of railway properties, including miscellaneous adjustments
c
16.23%.
for the
compared with 1,367,702,800 cubic feet for April, 1939, an increase of 14.52%.
For the four
months ended April 30,
1940, the output was 7,662,699.900 cubic feet as
compared with 6,274 956 500 cubic feet for the
corresponding period in
1939, an increase of 22.12%,
Total output for the year ended April 30,
1940, was 17,373,499,700 cubic feet as compared with 15,196 156,600 cubic
In connection with the sale of the electric
properties and related assets
of Tennessee Electric Power Co.
and Southern Tennessee Power Co. to
a
applicable thereto,
increase of
an
The above excludes the
output of the Tennessee Electric Power
electric properties of which were sold
in August, 1939.
Gas output of
the Commonwealth & Southern
Corp. system
worth of April was 1,566,267,700 cubic feet as
4,498,792
___.
of
business
by the company for issuance upon the exercise of warrants. Upon
by the underwriter of the contemplated 260,000 shares of the subsidiary
company's common stock, Continental Motors Corp. will continue to own
more than 50% of the outstanding common stock of Continental
Motors
Aviation & Engineering Corp.
The aviation
subsidiary's plant, acquired from Continental Motors
-
reserved
sale
Corp., is located In Detroit. It includes adequate land facilities, Mr. Reese
stated, on which are located two buildings equipped respectively for testing,
research and engineering purposes, and for maintenance and storage.
The
company will likewise lease from Continental Motors space for executive
(
The Commercial &
3354
new
convenient to the
engineering facilities in a building
offices and drafting and
3198
company's plant.—V. 150, p.
Suba.)- -Earnings
Continental-Diamond Fibre Co. (&
Consolidated Income Account
[Company and
for Calendar Years
1938
1937
1936
$6,894,614
$4,148,720
$6,773,166
4,446,603
3,670,464
5,148,548
4,875,469
210,731
937,430
231,988
868,034
280,263
986,244
322,976
983,208
$5,925,144
.
depreciation
—
Depreciation of bldgs.,
mach'y & equipment
Sell., admin. & gen. exps.
Res. provided against in¬
„00
property in
24,000
40,093
y$621,767
$330,380
16,304
19,454
..
$688,961
25,025
$318,018
20,717
y$605,463
$338,734
$713,986
94,214
10,692
63,173
118,927
Consolidated Balance Sheet Dec. 31
33,009
35,638
1938
$
684,972
4,780
233,745
1,004,439
673,652
Assets—
bonds
Marketable
$222,610
y$651,792
$595,060
912,400
$275,561
x570,250
charged to capital surplus for excess
paid by parent company over its net income, y Indicates loss.
zAdjustment arising from translation of net current assets, &c.,
foreign subsidiary companies on basis explained in appended statement
assets and liabilities or foreign subsidiary companies,
,
■
...
Of which $337,044 was
Earnings for 3 Months
of
of
Ended March 31
1937
1938
1940
1939
$1,713,613
$1,340,475
1,220,806
1,039,910
931,939
231,518
231,158
232,047
$1,956,511
1,407,717
266,561
Cost of sales.
Sell.,admin. & gen. exps.
$984,528
Operating profit
(net)
$261,290
8,852
$69,406 loss$179,458
3,777
4,596
$282,234
3,714
Profit-
$270,142
$73,184 loss$174,861
51,731
61,993
4,143
1,900
$285,948
69,211
32,548
Other income
41,104
45,769
Depreciation.
Prov. for foreign inc. tax
Res. for adv. to
3,000
owned sub
$17,309 loss$238,755
$181,188
Note—The consolidated profit and loss statement for the first quarter of
1940 does not include results of operations of the French Subsidiary, as
statements are not now available, though information received indicates a
profit was realized during the first quarter of 1940.
The results for the
first quarter of 1939, 1938, and 1937 are complete including the results of
$181,169
operations of all subsidiaries.
Included in the above profit and loss statement for the first quarter of
the year 1940 is a profit of the Canadian Company in the amount of $13,434,
the result of translating the Canadian dollar profit into United States dollars
at the rate of $.9009 per Canadian dollar, and a profit of the English Com¬
pany of $4,054.25, the result of
United States dollars at the rate
translating the pounds sterling profit into
of $4.02 per pound sterling.
March 31, 1940, of the domestic companies
amounted to approximately $2,607,600 of which $597,900 represented cash.
current
assets
on
Comparative Consolidated Balance Sheet Dec. 31
ajNotes&accts.rec
826,413
1,990,368
Inventories--
Accounts
$328,141
642,531
1,852,302
1938
payable,
Capital stock... 2,136,515
$395,049
2,136,515
3,263,329
3,040,719
vendors, &c
c
Surplus
Invest, in Dom. of
Companies]
1939
LiabUUies—
1938
1939
$602,749
$638,829
10,682
Can.ref.2J4s '44
4,506,726
47,525
23,995
97,427
15,800
derwriters
Adv. to empl., &c.
1,009,948
930,243
944,425
80,749
50,212
of
C. G. Hussey &
Other assets
Sundry
investm'ts
Prep'd ins., tax, &c
bL'd, water rights,
12,341,679 11,839,457
Total
12,341,679 11,839,457
Total
a Copper District Power Co.; 9,000 shares $3 cum. pref. at cost, $417,600.
17,400 shares common, at cost, $650,104. Copper Range RR. Co.;
shares 5% non-cum. pref. stock, $912,458; 14,465 shares common stock,
$429,037, and sundry investments in other companies at cost or nominal
values, $20,933.
b After reserves for depreciation,
c Represented by 565,000 shares, less
49 3-5 shares in treasury,
d Includes $700,000 due in 1941 and 1942.—V.
10,549
148, p. 2580.
Copper Range RR.—Earnings-
'
1936
1938
1937
$325,063
293,877
$307,102
281,865
$305,466
310,219
$290,208
257,386
profit..
$31,186
$25,237
15,345
15,346
def$4,752
13,861
$32,822
Railway tax accruals—
$15,841
2,683
16,329
$9,890
2,770
16,292
def$18,614
2,913
17,522
$22,725
1,931
14,746
$2,195
7,934
def$3,632
11,033
def$33,223
Adjs. applic. to prior yrs.
2,128
$9,909
4,762
Net deficit for year.
$5,739
def.$14,665
def.$31,096
prof.$5,147
1939
Calendar Years—
Total oper. re venues
Total oper. expenses
Net operating
Operating income
paid & other chgs.
Net profit for year—
x
•
10,097
and amortization of discount on bonds.
Note—Under the reorganization plan approved by the Interstate Com¬
merce
Commission and completed as at June 30, 1938, the 1st mtge.
bonds with the Oct. 1, 1934 and all succeeding interest coupons are retired
and canceled in exchange for non-cum. preferred and common stock.
The
results for the years 1936, 1937 and 1938 are before any provision for bond
interest or amortization of bond discount.
Excl. of bond interest
x
Balance Sheet Dec. 31
$153,108
24,225
Accts. receivable—
Mat'l & sup. inv'y
99,153
3,046,874
a Inv. in rd. & eq.
LiabUUies—
1938
1939
Assets—
Cash
vl938
1939
$190,338
24,253
Accounts payable.
$51,917
Accr'd liabilities..
14,371
$28,183
17,708
101,169
1,893,200
955,000
495,446
surplus.._
5,401
2,100,000
955,000
236,428
11,141
6,726
9,098
5% non-cum. pref.
stock ($100 par)
Com. stk.($50 par)
Unadjusted debits
Spec, fund to pur.
pref. stock.
—
8,411
5,493
Cap. liab. adjust..
a
49,952
27,556
100,018
12,315
15,974
4,457,847
977,469
b Plant & equip,
3,018,109
Earned
76,840
■
$3,415,336 $3,348,460
Total
Dep. with ins. un¬
1,458,428
527,929
and
Other assets
[Including Company and Wholly-Owned Subsidiary
Assets—
Cash
1,587,074
890,018
Capital surplus
195,185
8,586,506
mach'y
smelter
Rents
Net profit
254,285
37,040
Capital stock
Earned surplus
Rents rec. & other inc..
2,100
d950
min'l
ber tracts,
partially
Miscellaneous adjust
Net
c
2,429,132 a2,531,501
Investments
Co. division
$317,340
of dividends
$294,689
$651,792
_.sur$222,610
61,484
8,586 606
& other exps
Adv. pay. on contr
1,422,927
414,319
387,870
Supplies
mines, &c.
Net profit.
Dividends paid
20,950
105,806
contracts
payable
Accounts payable.
94,175
117,510
1,217,789
delivered
Inventories
at
&
993,000
Accrd. wages,taxes
rights & devel's.
&c
Sales, less returns, allow¬
ances, &c
Notes
$
d860,000
Bank loans
6,705
1938
ClQQ
$
LiabUUies—
$
Copper sold «fc not
b Bldgs. &
translation of net cur¬
x
1
1939
Mines & 1'ds, tim¬
Federal &
Balance, deficit..
arbitrary.
would be other than
less reserve
$349,833
Total profit
foreign income taxes..
zAdjustment arising from
rent assets,
and development, except for sales of timber in 1936,
1939 as the book value of the properties is believed by the
to be less than the fair value of ore content and
standing timber.
While, theoretically, the discovery, acquisition, explor¬
ation and development costs of assets subject to depletion should be reduced
by charges against income so that the costs would be amortized over the
production that might reasonably be expected from the properties, the
available data do not permit a calculation of depletion based on cost which
1937, 1938, and
Accts. denotes rec.;
of
Operating profit
Allowance for
(2) No depletion
and mineral rights
Cash
Chicago,&c
Other income (net)-.
consolidated as at Dec. 31, 1936 and 1937, due to its being in process
under Section 77-B of the Federal Bankruptcy Act.
has been provided on mines and lands, timber tracts,
of reorganization
'
vestment & advances
Loss from sale of part
is not
officers of the company
Wholly-Owned Subsidiaries]
1939
Sales, less returns, allowances, &c
Cost of sales, exclusive of
May 25, 1940
Financial Chronicle
After reserve
in 1939.—V.
for depreciation of
Total
$3,415,336 $3,348,460
$1,316,503 in 1938 and $1,213,586
150, P. 2420.
Cuban-American Sugar
Plan to Shareholders—Would
Co.—To Submit Recapitalization
Eliminate $54.50 Arrearage on
•
&
mach.
bldg.,
2,623,714
equipment
7% Preferred—Creates New 5^% Shares■—
2,659,467
1
1
Pats. & tr-marks.
The
company
is submitting to
stockholders a recapitalization plan to
the 7% preferred stock, which on
eliminate accrued dividend arrears on
$6,038,674 $5,572,283
Total
$6,038,674 $5,572,283
Total
a After allowance for doubtful accounts of $47,753 in 1939and $45,565 in
1938.
b After allowance for depreciation of $7,473,005 in 1939 and $7,320;099 in 1938.
c Represented by 505,000 shares less 55,000 shares in
treasury.—V. 150, p. 2721.
Copper Range Co, (&
Subs.)—Earnings—
shares held.
Consolidated Income Statement for the Years Ended Dec.
'
1939
31
\
1936
1937
1938
$3,874,464
$6,194,869
products
$5,623,966
$4,935,923
smelting
taxes,
freight, fabrieating costs & deprec.)
Sell. & admin, expenses
at
stock.
any
plan requires approval of
tion by the holders
/"
;
3,987,254
4,948,026
3,199,970
4,789,011
632.396
520,736
587,755
525,330
$614,447
$153,758
$247,200
$423,339
.(
entitled
will be con¬
of common
convertible preferred stock will be
the rate of 5 H % per annum and
time prior to redemption into seven shares
.
The
(incl. mine
exp.,
oper.
1
Each share of the new 5%%
to cumulative dividends at
vertible
Sales of copper & copper
Cost of sales
July 1,1940, will amount to $54.50 a share.
(The plan provides for creation
of a new class of 5H% convertible preferred stock (par $100) and authoriza¬
tion of additional common stock for conversion purposes.
Holders of each share of present 7 % preferred stock with accumulated
dividends thereon will be offered in exchange, 1.4 shares of 5M% con¬
vertible preferred stock and $14.50 in cash.
Holders of common will remain such without any change in number of
amendments to the certificate of incorpora¬
of outstanding stock and a
of two-thirds of each class
special meeting has been called for that purpose for June 19.
The plan will
be declared in effect upon the discretion of directors and in any event will
be declared effective if holders of 90% of the 7 % preferred accept the offer
of exchange.
Prof. fr. copper opers
Sales from co. stores, and
^ sundry inc. less costs
F&
bus
1,705
4,209
4,717
4,520
3,412
4,517
3,256 *
747
16,141
12,240
co.
operation
Excess of income over ex¬
from sales of
timber, rentals, &c._
Excess of expenses over
penses
income
of
changes in capitalization are embodied in the plan.
of 5 K % convertible preferred stock would be
Dr2,948
Dr691
Copper Co.
on
the basis of 100%
and outstanding or held in
On the basis of complete
Douglass
A new
created
exchange, would replace the present 73,115
7% preferred shares outstanding.
The present authorized common stock
would be increased from 1,000,000 to 1,698,027 shares, the additional
698,027 shares plus 18,500 shares now in the treasury to be reserved for
preferred conversion purposes.
The present outstanding 981,500 common
shares would remain undisturbed as would 5,823 7% preferred shares issued
and now held in the treasury.
The 100,000 shares of 7% preferred currently
authorized would be reduced to 78,938 shares, the amount presently issued
which,
2,187
expenses...
Net profit from
The following
issue of 102,361 shares
the treasury.
exchange, the annual
'
,
preferred dividend require¬
$562,985 compared with $511,805 on the current preferred
Dividends on the new preferred will be cumulative from July 1,1940,
ments would be
Total
Non-oper. exps. less inc
$619,086
18,797
$177,521
24,789
$267,984
Cr 18,803
$420,167
Cr 1,496
issue.
prior to the payment date of the initial dividend, and
dividends have been paid prior to issuance
after said initial dividend payment date.
7% preferred is not exchanged under the plan, dividends
on the common stock cannot be paid until all arrears of dividends on the
unexchanged outstanding preferred stock shall have been paid in full, but
dividends on the 7% preferred accrued to July 1, 1940, cannot be paid
unless and until all current dividends from such date on the unexchanged
7% stock and issued 5K% convertible preferred stock shall have been paid
or provided for.—V. 150, p. 276.
upon shares issued
from the latest date to which
Net
inc.,
before
inc.
taxes
on sale of Copper
Range RR. pf. stock..
$600,289
$152,731
$286,787
$429,662
Loss
Prov.for Pa.& Fed.taxesi
Net inc. for year
Dividend paid from cap
x
90,129
17,500
$492,660
There is no Federal income tax
82,520
$347,143
272,211
the income of Copper Range
$152,731
payable
on
x$286,787
Co. for the reason that in filing its 1937 tax return the company is allowed
amounting to $505,617 in 1938 and $447,498 in 1937 (of which $31,764 is the amount claimed by company for Globe
Mine in 1938), based upon the March 1, 1913, value as determined by the
Treasury Department, which depletion charge is not included in expenses.
Notes—(1) The companies consolidated are Copper Range Co., Copper
Range Motor Bus Co., C. G. Hussey & Co., Inc., Douglass Copper Co.,
St. Mary's Canal Mineral Land Co. and Champion Copper Co., the last
three being inactive: also C. G. Hussey & Co., Inc. (inactive) for the year
1937, 1938 and 1939 and Douglass Copper Co. not included in 1938. The
Douglass Copper Co. is in process of dissolution. The Copper Range RR.
a
deduction for depletion of mines
upon shares issued
If all the existing
Cumberland County Power
& Light Co.—Hearing—
hearing has been set for June 3 in the Securities and Bxchange Com¬
mission's Washington offices on the application (File 70-11) of company
regarding the proposed purchase of outstanding 5% bonds, maturing Nov. 1,
1949 ; Zl/z% bonds maturing July 1, 1951, and capital stock of Portland
RR.
The company proposes to acquire the securities in the open market
from time to time with such funds as it may have available.
Company
A
_
also
cost
to purchase from its subsidiary, Cumberland Securities
of the capital stock of Portland RR. at a price equal
of the shares to the subsidiary company.—V. 150, p. 3199.
proposes
1,763
shares
Corp.,
to the
The Commercial A Financial Chronicle
Volume 150
Detroit & Mackinac Ry.- -Earnings—
Curtiss-Wright Corp.—Special Meeting—
;
special meeting on July 2 will consider the election
of 15 directors and independent public accountants for the current fiscal
year.—V. 150, p. 3199.
Stockholders
at
a
Deep Rock Oil Corp.—Noteholders to Receive Second Pay¬
ment
of $120
on
Each Note—
v/;:
to receive $120 for each note or certificate of deposit
note in the principal amount of $1,000 and the sum of $60
for each note or certificate of deposit representing a note in the principal
amount of $500.
All holders of notes or certificates of deposit therefor
which do not bear the legend showing the payment of the first distribu¬
tion directed by order entered as of May 9,
1939, will be entitled to
receive $240 for each note or certificate of deposit representing a note in
the principal amount of $1,000 and the sum of $120 for each note^ or
certificate of deposit representing a note in the principal amount of $500.
Holders of notes or certificates of deposit therefor on and after May 23
is
entitled
General
entitled
to
participate
reorganization
the
in
Oil
Deep Rock
of
Corp.
Standard has taken an appeal from that order.
The Reorganization
Committee and the other parties appellee have moved to dismiss the appeal
and such motion is to be heard at Denver, Colo., by the Circuit Court of
for the Tenth Circuit on June 10.
If Standard is unable to
procure a
reversal of the order eliminating it from participation, it is
the belief and hope of the Reorganization Committee that a plan of
reorganization will be consummated by agreement of all other parties
before the end of the year.
Recent progress in the formulation and pre¬
sentation of the plan indicates that this result is well within the range
of possibility.—V. 150, p. 2876.
Appeals
Denver & Salt Lake
1938
1937
$233,146
43,708
$2,602,325
84,941
68,171
70,174
70,366
$2,652,728
90,805
66,622
6,995
33,985
10,230
38,393
9,138
37,655
•_
All other
$247,256
34,889
$190,801
35,134
$198,178
21,118
$189,437
Dr54,109
$212,367
Dr52,312
$155,667
Dr61,121
$177,060
Dr43,676
$135,328
Net oper. revenues
.
.
Railway tax accruals
Railway
oper.
income
Other income.
1
Total income
$160,055
$94,546
$133,384
Miscellaneous rents
30
979
Y
115,163
30
861
30
790
109,360
10,074
1,112
$12,017
20
989
3,853
3,139
95,547
10,296
2,062
$16,080
Miscell income charges.
Net
30
1,064
114,280
Miscell. tax accruals
Interest on funded debt
Int. on unfunded debt
$39,754
def$14,250
_
income
Condensed Balance Sheet Dec. 31
Assets—
1939
Liabilities—
1938
Cash
174,040
4,540
3,936
8,368
13,394
20,540
13,247
22,123
178,654
175,330
Special deposits...
Traffic &
313
affiliated
ag'ts & cond'rs.
Miscell. acc'ts rec.
Mat'l & supplies..
Other curr. assets.
Traffic &
235,000
568
235,000
cos
car serv.
42,996
42,718
payable..
39,918
Misc. acc'ts pay..
8,493
29,540
9,523
4,525
954,221
38,425
5,916
42,780
9,523
1,899
944,501
Audited acc'ts and
wages
'>*"689
8,324
9,798
Deferred assets
2,622,000
balances payable
33
Unadjusted debits
313
2,622,000
Non-negot. debt to
from
rec.
2,000,000
Long-term debt
receiv.
$950,000
2,000,000
$950,000
stock
Gr'ts in aid of const
car serv.
balances
Net bal.
Common
119,809
6,380
1938
1939
Investments......$7,172,711 $7,220,620 Preferred stock
Int. mat'dunpaid.
Unamt'd Int. accr.
Other current I lab.
Unadjust. credits.
Add'ns to property
throught income
1936
$2,078,187
75,262
Express
602
and
6,290
35,899
Mail
124
42,061
782
286.450
1,856,947
1,173,668
1,866,947
surplus
for Calendar Years
1939
__
190
41,532
Profit & loss deficit 1,176,737
$2,113,691
66,766
Operating Revenues—
128
36,910
1,898
Ry.—Earnings—
Income Account
Freight
Passenger
$803,484
126,113
140,203
10,954
Transp. for invest.—Cr
a
present such notes or certificates of deposit to H. N. Greis, trustee,
through either First National Bank & Trust Co. of Tulsa, Tulsa, Okla., or
the National Bank of Tulsa, Tulsa, Okla.
Upon presentation the payment
will be made and an appropriate legend stamped upon the note, or cer¬
tificate of deposit, which will then be returned to the holder.
v ,
The committee
further states:
"Under date of Feb. 29,
1940, the
District Court entered an order holding that Standard Gas & Electric Co.
not
1936
$885,445
143,950
184,640
11,415
313,699
______
may
was
1937
$877,856
138,121
139,265
11,840
306,233
315
37,094
3,128
Traffic
1938
299,690
Maint. of way & struc..
Maint. of equipment
Miscellaneous operations
Reorganization Committee, in a letter dated May 17, announced
that on May 9, 1440, the United States District Court for the Northern
District of Oklahoma, at Tulsa, Okla., upon the petition fo the com¬
mittee,
entered
an
order directing a
second interim distribution of
$1,200,000 to the holders of notes or certificates of deposit therefor.
Pursuant to the order the holder of each note or certificate of deposit
therefor
1939
$876,809
129,267
168,762
11,665
Calendar Years—
Total oper. revenues
Transportation—rail line
■/
The
representing
3355
Total
Total
$7,576,739 $7,576,365
'
—V. 150, p. 2878.
Distillers Corp.-Seagrams,
-
$7,676,739 $7,576,365
'
-
,
?
'
Ltd.—Dividend—
Company announced a dividend of 55 K cents payable in Canadian funds
June 15 to holders of record June 1.
Arrangements have been made
with the Manufacturers Trust Co., New York, whereby United States
stockholders may at their option, receive 47^ cents per share in United
States currency, being an amount equal to 60 cents per share in United
States currency less the regular 5% Canadian income withholding tax.
A similar dividend was paid in March.—V. 150, p. 2722.
on
Total oper. revenues
$2,290,818
$2,264,604
$2,806,256
$2,856,949
Transportation
349,605
489,191
30,978
710,127
111,207
461,185
654,864
29,219
810,801
117,737
438,259
711,201
27,978
721,573
General
Crl26
272,015
458,029
29,156
693,143
122,733
Cr4,724
$1,690,981
$1,570,352
__
Operating Expenses—
Maint. of way & struc..
Maint. of equipment
Traffic..
..
Trans p. for investment.
115,784
Cr76,127
Cr51,654
Divco-Twin Truck Co.
599,837
694,252
353,310
48,047
Joint facility rent income
349,805
50,230
Cr601,064
Cr584,330
$2,022,153
784,103
: y; 317,277
109,625
Cr572,959
Net railway oper. inc.
$800,866
$877,224
$930,161
.
Tax
.
accruals
Hire of equip.—net
i
Other Income—
Miscellaneous income
Inc. from funded secur_
Income
7,541
2,510
7,157
655
_
$1,938,668
$1,090,810
918,280
270,548
97,324
Cr540,402
5,998
18,414
6,450
8,191
unfunded
from
106
securities and accounts
Total oper. & oth. inc.
$944,909
$887,275
$808,678
$1,115,222
Deductions—
Rent for leased roads:
RR. Co
Interest
345.900
345,900
60,576
2.031
345,900
107,445
150
Cost of sales
60,000
412,500
;
603
59,081
605,000
6,824
60,000
385,000
4,156
7,800
12 Months
$2,261,462
1,586,769
975,227
„
$402,089
8
u>
$674,693
<->•-/
t
;
Total income
13,282
26,904
$415,371
$701,597
189,355
40,797
litigation..-.-—--*-.--..-.-.-—-
374,963
60,497
$185,218
$0.82
$266,136
$1.18
sales
.
—-
—
Administrative, engineering, selling, adverti
service and general expense..
Provision for Federal income tax
Net profit
—
Earnings per share on 225,000 shares common
—
stk_.
9,620
11,129
$806,857
$886,429
$936,218
$1,112,767
VW, 846
8,691
and expense.
112
151
\
Consolidated Balance Sheet April 30,1940
Assets—Cash in banks and on hand,
$235,883; notes receivable, title re"
tabling and accounts receivable (less reserve of $1,000), $246,395; inven¬
(reserve for service parts of $8,602), $442,481; property, plant ,
and equipment (less reserve for depreciation of $44,594), $469,091; dies,
tories
First mtge. bonds
Income mtge. bonds..
330,000
1,527
Int. on unfunded debt..
Miscell. income charges.
34
and
tools
patterns,
1,820
and loss.
1;
2,455
y
Comparative Balance Sheet Dec. 31
$17,121; prepaid taxes, insurance and other items,
$11,449; patents, at nominal value, $1; total, $1,422,421.
Liabilities—Accounts payable, trade, $187,526; accrued wages, taxes
other expenses,
Total deductions
Net income bal. transf'd
to profit
...
Gross profit..
91,472
...
rents
83,461
60,000
345,900
funded debt:
on
6 Months
$1,377,316
Net sales
Note—Depreciation and amortization have been charged to cost of
Moffat
Tunnel
Northwestern
Terminal
Miscellaneous
(& Subs.)—Earnings—
1940—
Period Ended April 30,
Total oper. expenses..
Net operating revenue
and
$12,185; Federal, State and general taxes, $79,156; mortgage
payable, payments due within one year, $36,000; long-term obligation,
$226,000; deferred income, royalties, $904; reserve for contingencies,
$20,246; common stock (par $1), $225,000; capital surplus, $141,199;
earned surplus, $494,206; total, $1,422,421.
■
^^
Impts.
21,990
19,978
591,783
Traffic & car serv.
40,754
payable..
132,562
82,390
150,960
Miscell. accts. pay.
23,784
39,134
wages
serv.
receiv.
from agents and
stock, payable June
40 cents paid on Oct.
14,887
Unmatured
J,
16,430
rec.
160,570
139,146
11,017
Dividend Shares,
140,600
24.570
•
37,603
inter¬
est accrued
Other current liab.
330,000
22.287
Deferred liabilities
18,927
"conductors
on
332,367
423,224
10,249
11,574
61
254
Unadjusted credits 1,504,904
1,397,858
Other curr. assets.
160
486
Corporate surplus:
282
722
134,406
debits
Add'ns to
113,474
thru,
See
,
prop,
637,686
19,489,457 19,461,721
-V. 150, p. 2878.
f
.
Total
19,489,457 19,461,721
Derby Oil & Refining Corp. (& Sub.)—Earnings—
3 Months Ended March 31—
1940
Detroit Edison Co.
$15,215
(& Subs.)—Earnings—
1939
$41,092
excl. of deprec'n— 2±,082,566
excl. of deprec.
1,402,084
Utility expenses
.—111,019
Gross corporate income
funded and unfunded debt..
Interest charged to construction
Amortization of debt discount and expense
o
.
;
594
$16,157,486 $15,398,830
5,793,880
5,856,018
Cr70,851
Crl92,917
379,350
269,424
....$10,055,107
Net income.
a
$9,466,304
Including all operating and maintenance charges, current appropriations
retirement
$1,597,648
92,342
$3,532,114
See x
647,916
$2,585,088
See x
385,776
$1,689,991
—
51,921
136,434
229,135
272,643
$2,884,197
$2,147,392
$1,051,778
;
1,910,672
Net profit....------------------
$3,390,277
(depreciation) reserve and accruals for all taxes.—V.
2572.
>
81,059
income
before depreciation
depreciation
Fed'l normal Income tax (estimated).
Fed'l surtax on undist. profits (est'd)
Profit
on
49,440
$2,510,138
74,950
$5,382,008
Provision for
.$16,046,467 $15,398,235
utility operations
Other miscellaneous income
Interest
787,694
$2,5i9,978
789,530
132,799
141,836
Operating profit
Experimental costs written off
Other deduction from income
Profit
" :7;-
1940
V
1939
$61,355,366 $56,733,323
45,308,898 41,335,088
12 Months Ended April 30—
Gross earnings from utility operations
Income from
1,212,109
$4,056,193
1,496,615
Selling & admin, exps.,
Other
150.
Loss
-----
-
applicable to capital stock of sub.
(now merged with the co.) held by
the minority interest during part of
the
Dividends
Balance,
$2,884,197
1,800,000
-
$2,147,392
1,712,040
$1,084,197
$435,352
$4.81
$3.76
depreciation of $22,388 ($157,864 in 1938)
surplus
—
Earnings per share
above figures.
29,735
....
paid
Provision for
i,
;
period
Consolidated net profit
x
*
1937
$27,866,658 $28,347,474 $20,950,361
23,079,172
17,642,689
Net sales
'
Net loss after taxes, depletion, depreciation, minor¬
ity interest, surrendered leases, &c
—V. 149, P. 3258.
a
1938
1939
Cost of goods sold,
Total
Sub.)—Earnings-—*
Years Ended Nov. 30 (Incl. Sub.)
70,391
654,888
above.—V. 147, p. 1773.
Douglas Aircraft Co., Inc. (&
Income Account for
70,391
Ltd.—Acquisition—
Canadian Consolidated Felt Co.,
income
and
surplus..
Prof. & loss def.
reports total net assets on
Dominion Rubber Co.,
24,807
Mat'l & supplies..
Unadjusted
Inc.—Net Assets—
April 30, 1940, on the basis of
value, were $42,494,850 compared with $38,116,747
April 30, 1939, and $46,356,042 on Oct. 31, 1939—V. 149, p. 3553.
The company
securities at market
385,000
Accr'd int. receiv.
Deferred assets...
dividend of 25 cents per share on the common
15 to holders of record June 5.
This compares with
26, last, and 10 cents paid on Jan. 4, 1938.—V. 150,
3199.
p.
payable
Int. matured unpd.
Net bal. receivable
Miscell. accts.
balance
Pay 25-Cent Dividend—
Directors have declared a
Audited accts. and
606,649
deposits..
To
s
509,080
v
Cash.
balances
1938
$
5,393,082
5,393,081
Govt, grants
103,066
102,903
Long-term debt.-.12,500,000 12,500,000
39,134
Inv. in affil. cos.,
Traffic & car
; 1939
Y
Capital stock.
510,748
railway property
Special
......
Liabilities—
$
17,584,272 17.452,932
leased
on
■-yvi
1938
1939
$
Assets—
Road & equlpm't.
„
$1,081,513
$1,081,513
$1.84
included in
The Commercial
3356
S. du Pont is 70 years old and Irenee du Pont is 64.
Lammot
Pont is 60.
The latter announced that he had terminated his services
President because he had reached an age when he realized that a younger
man
must soon succeed him, and because he wished more leisure than
the dutic of the office allowed.
Mr. Carpenter has been connected with the du Pont company since 1909
Pierre
Year Ended Nov. 30, 1939
Consolidated Surplus Accounts
May 25, 1940
Financial Chronicle
4c
du
Capital Surplus—
Balance at Dec. 1, 1938
S3,783,131
received on sale of 29,320 shs. of capital
allocated to capital stock value
Add excess of amount
stock over amount
(
221,924
$4,005,054
.
connection with sale and listing of
Deduct exp's In
add'l shares- -
11,613
as
and
30, 1939
Balance at Nov.
$3,993,441
-
Earned Surplus—
1938
Consolidated net profit for the year
Restoration to surplus of portion of reserve
$2,683,053
2,884,197
—
provided for loss
for
contract
$6,446,081
1,800,000
Cash dividends paid ($3 per share)
Provision for additional Federal taxes on
surplus
to
46,755
income of prior years
possible loss under two contracts (credit to be made
the related products are delivered, at which time
Provision for
as
Erofit and loss of the period in which the delivery occurs
charged)—
e
Balance at Nov. 30,
1939-
will
775,000
$3,824,326
-
-
1938
1939
1938
$
$
$
S
9,661,141
1,323,007
Assets—
Liabilities—
Cash val. of life ins
80,389
Domestic corp.bds
41,658
Accts. pay.
3,558,093
1,115,189
4,084,055
71,729
24,919
Cash.Accts.
(trade)
rec.
8,710.063
Inventories
Disputed claims
785,675
2,007,335
Deferred charges.
-
473,198
324,949
197,784
5,482,438
311,999
900,989
on con¬
tracts
3,007,924
Federal taxes on in¬
8,559
563,691
991,727
4,360,104
3,783,131
2,683,053
694,064
138,271
(estimated)
come
Reserves
6,000,000
Capital stock
Capital surplus... 3,993,441
a
24,583,770 13,947,3461
Represented by 600,000
a
3,824,326
(570,680 in 1938) no par shares.—V. 150,
meeting of stockholders, held on May 20, three
the Board.
They are:
J. Henry Harrison and
the annual
added
were
Shickhaus,
J.—V.
to
of Newark,
150, p. 3199.
both
N.
Selby
E.
William
and
J.,
directors
Edward
549.80
548.86
549.33
1936
550.31
$1,985,761
109,210
$1,515,168
139,244
$2,403,070
$2,500,423
74,444
Revenue—
Dividend—-
Interim
May 20 declared an interim dividend of $1.75 per share
stock, payable June 14 to holders of record May 27.
Like
paid on March 14, last, and compares with a year-end dividend
of $3.25 paid on Dec. 14, last; $1.25 on Sept. 14, June 14, and March 14,
on
common
77,248
159,193
78,121
33,579
141,724
1937
1938
32,630
31,731
125,783
69,392
187,711
78,786
34,480
142,226
$2,327,828
Passenger
$1,832,785
$2,846,273
$2,913,041
382,299
351,235
55,011
428,908
495,053
53,980
1,065,140
409,470
Mail
Express
-
Miscellaneous.
—
Total
Expenses—
455,545
Maint. of way & struc--
415,332
Malnt. of equipment
67,813
expenses
465,090
52,108
.1,033,110
62,825
996,420
85,327
Cr2,487
898,008
65,477
$2,017,949
$1,747,744
$2,146,299
$2,019,843
85,041
Transportation expenses
General expenses
Transp. for investment-
Dec. 14, 1938; 75 cents on Sept. 14, 1938; 50 cents on June
14, 1938; $2 paid on Dec. 14, 1937; $1.50 on Sept. 15, 1937;
1939; $1.50 on
14, and March
$2 on June 15,
P.
1937, and 75 cents per share on
March 15, 1937.—V. 150,
2572.
Duval Texas Sulphur
Co.—25-Cent Dividend—
have declared a dividend of 25c. per share on
payable Mav 31 to holders of record May 20.
Last
tribution was the 50c. dividend paid in November, 1936.—V.
Directors
the common
previous dis¬
143, p. 2677.
Subsidi¬
Electric Co. below.—V. 150,
Light & Power Co.—To Merge
Eagt Tennessee
ary—See Tennessee Eastern
p. 1762.
Fuel Associates (& Subs.)—Earnings—
1940
1939
Total consolidated income
$10,566,643 $8,221,868
Federal income taxes (estimated)
631,242
381,068
Eastern Gas &
12 Months Ended
April 30—
4,292,014
Depreciation and depletion
Debt discount and expense
106,439
Cr3,220
Cr4,285
Cr2,762
4,061,770
-
available for dividend requirementsof 4H% prior preferred stock
2878.
\
$2,204,057
$210,411
$8.95
$0.85
Earned per share
—V.
150,
p.
Eastern
2,928,819
639,800
2,822%963
616,367
Interest------
,
Freight
Traffic
training."
Net income
1939
Average mileage oper—
been
has
of Orange.
Atlantic Ry.—Annual Report—
Duluth South Shore &
Calendar Years—
in years but long in training and in the service
The vigor of the du Pont company's management always
piemued upon its principal executives being men comparatively
young but with long experience with the company.
"The new President, Walter S. Carpenter Jr., typifies the policy here
mentioned.
A man in the prime of managerial life, of proven ability, and
extraordinary energy, he is selected from the many of long experience and
of the company.
-
Directors—
Driver-Harris Co.—New
At
N.
24,583,770 13.947,346
Total
"It
positions are younger men
stock,
Earned surplus
Total
41,202
.
and
taxes
69,542 Deps. rec'd
69,542
agst. U.S. Govt.
42,385
commission pay.
Accrued
Property, plant <fc
3.902,127
equip, (net)
10,167
Intangibles
689,707
(trade) 3,034,657
del. planes.,
Accrd. payroll
where
amount was
Prov.for add'l costs
on
time-honored philosophy of management.
It will be observed
retiring from active positions are men who have reached an
retirement is not only normal but frequently incidental to a
for relief from responsibilities.
will be observed, likewise, that those elected to fill the vacated
tbor
that
The directors on
Consolidated Balance Sheet Nov. 30
1939
,
(May 20) is indicative of the
the Board today
company's
desire
878,830
following statement at the close of the
the
issued
Pont
meeting of the directors;
"The action taken by
age
experimental military project equal to
costs expended during 1939, such costs being charged against
operations of 1939
under
Pa., on
x
8, 1888.
du
Lammut
Balance at Dec. 1,
He was born in Wilkes-Barre,
Vice-President since 1919.
a
Jan.
Corp. (& Subs.)—Earnings—
Earnings for 3 Months Ended March 31, 1940
$1,305,941
1.167,801
sales
Cost of sales—
Net
Selling, general and
122,192
administrative expenses
Net profit from operations
Other deductions—net
Interest
Net
on
'
long-term debt
loss
provision for depreciation and depletion included
and other expenses amounts to $78,607.
Consolidated Balance Sheet March 31, 1940
Note—The
sales
$15,948
19,416
34,086
$37,554
in cost of
$668,362; marketable securities, $7,450; receivables, less
$550,869; inventories, $1,943,827; prepaid insurance, $45,823;
&c., $279,110; plant, property and timberlands,
$4,185,768; total, $7,681,210.
Assets—Cash,
reserves,
Total
-
Net operating revenue-Taxes accrued---
309,879
171,478
162,000
699,974
xll7,190
893,198
xl42,692
Operating income
Hire of equip, (net)—Dr.
$138,401
39,915
$582,784
101,160
18,114
$750,506
15,398
Dr$76,960
31,853
18,052
Non-oper. income (net)-
$83,087
62,327
865,794
Dr$126,865
65,606
Dr884,946
$463,509
411,644
X>r5l4,808
$637,194
932,127
Drl,251
Net deficit to surplus-
$845,034
$1,077,417
•
miscellaneous investments,
Liabilities—Accounts payable,
$284,633; current maturities of long-term
$75,000; accrued liabilities, $193,280; long-term debt, $3,058,650;
for contingencies, $200,000; prior preferred stock (30,320.75 shares),
$606,415; common stock (200,169.2 shares), $2,001,692; capital surplus,
$1,226,183; earned surplus since Dec. 31, 1938, $35,358; total, $7,681,210.
—V. 150, p. 838.
debt,
Joint fac. rents (net)—Dr
Net railway oper. inc.
on funded debt-
Interest
•
x
86,247
27,064
$462,342
$296,184
undistributed profits
Imposed under the Revenue Act of 1936.
General Balance Sheet Dec. 31
1939
1939
$
Liabilities—
&
42,637,253 42,642,541
2,541,185
6,383
Equipment
2,549,767
Sinking funds
6,458
Deposit in lieu of
mtgd. prop, sold
869
Miscell.phys. prop.
148,675
Inv.inaffil. cos... 1,506,907
Other investments
102,627
Cash
308,564
1,505,114
204,000
181,453
38,439
15,685
Special deposits
869
132,829
1,280
Loans & bills rec..
36,042
57,889
balances receiv.
14,210
84,666
231,231
22,058
conductors
Misc. accts. rec..-
-
95,589
Material & supplies
171,006
Int. and dlvs. rec.
4,000
Other curr. assets.
2,240
4,000
2,101
Working fund adv.
1,089
159,491
1,034
138,474
Other def'd assetsprem.
paid in advance.
828
1,260
Other unadj. debits
47,754
59,046
Profit and loss
24,928,902 24,054,670
'
a
72,790,407
71,858,0751
Includes 494,000 unmatured
1,000
40,780
wages
45,550
ctfs.
3,000,000
2,295
99,989
8,904
funded debt
110,822
Tax liability
11,413
Other current liab.
536
depre. eqpt.
Other unadj .credits
Additions to prop,
654
1,320,143
Other def'd liabil..
1,276,815
32,542
39,350
60,798
.
60,798
a
(551,000 in 1938) and $20,000,000 ma¬
dividend of 25 cents per share on the common
(E. I.) du Pont de Nemours & Co.—New President,
&C;—
Jr., formerly Vice-President, was on May 20
of the company.
Pierre S. du Pont retired as Chairman
of the Beard and Lammot du Pont gave up his post as President to become
Chairman of the Board.
Irenee
bers
of
Carpenter
ceeded
Eliason,
du
Mr.
former President, resigned as Vice-Chairman of the
du Ponts will continue as directors and mem¬
Committee.
Angus B. Echols, a Vice-President, suc¬
Pont,
a
three
The
the
senior
Finance
Carpenter
who
as
continues
director.
$2,151,587
9,386
$2,167,491
£>r30,560
$156,627
$167,130
36,163
3,972
$2,160,974
438,716
11,523
$2,136,931
504,998
10,595
$126,994
G. & E. Co.
$1,710,735
77,652
$1,621,338
77,652
—
$1,633,083
$1,543,686
36,008
4,601
Int. and amortization
Balance
-
$116,017
Preferred dividend deductions—B. V.
24,671
24,380
$1,608,411
309,824
$1,519,306
309,824
$1,918,235
$1,829,130
Applicable to minority interest
Applicable to Eastern Utilities Associates
Noh-subsidiary income
Total income
— -
139,782
Balance.
Chairman of the Finance Committee.
as
Treasurer, became a Vice-President
Balance available for dividends
—V. 150, p.
131,636
$1,778,453
596
$1,697,494
J. B.
and a
and surplus--
and surplus
$1,777,857
$1,697,494
2723.
Inc.-—Weekly Input—
1940 the kilowatt-hour system
input of the
operating companies which 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:
Increase
1939
Amount
%
110,890,000 10,388,000
9.4%
56,104,000
6,379,000 11.4%
Nat. Power & Light Co
80,174,000
73,881,000
6,293,000
8.5%
The above figures do not include the system inputs of any companies
not appearing in both periods.—V. 150, p. 3200.
1940
Operating Subsidiaries of—
elected President
Board.
$164,892
2,238
Ebasco Services,
paid on Sept. 11, 1939.—V. 150, p. 1277.
S.
$152,133
4,493
Non-oper. income—net-
For the week ended May 16,
stock, payable June 15 to holders of record June 1.
This compares with
35 cents paid on Feb. 24, last; 25 cents paid on Nov. 12, 1939; and 20 cents
Walter
764,758
1,160,860
Amount not available for dividends
72,790,407 71.858,075
Mfg. Co.—25-Cent Dividend—
Directors have declared
1,301,759
Expenses, taxes and interest
through inc. and
Total
778,201
98,884
Balance
Unmatured Int. on
surplus
63,708
103,941
3,000,000
2,058
unpaid
Accr.
30,218
64,510
(incl. inc. taxes)—
Miscell. deductions
168,883
186,155
unpaid
unpaid.24,413,749 23,553,824
inc.
Retirement res. accruals
Balance
payable
vouchers
Mat'd int.
381,910
—
Maintenance
18,043
Traffic & car-serv.
(& Subs.)—Earnings—
1940—12 Mos—1939
$724,050 $8,988,499 $8,605,374
364,386
4,330,323
4,179,945
32,181
426,628
332,320
1940—Month—1939
$732,713
Operating revenues
Net oper. revenues
1,000
10,384
Co
balances
Eastern Utilities Associates
Period End. April 30—
Operation
payment amount to $46.50 per
Arrearages after current
2722.
p.
884,668
920,432
Misc. accts. pay..
Audited
ceding quarters.
share.—V. 150,
Taxes
2878.
tured unpaid.—-V. 150, p.
Duncan Electric
196,059
135,836
a20,494,000 20,551,000
Non-negot. debt to
Can. Pac. Ry._
South Shore Dk.
Matured
Due from agents <fe
Total
Funded debt
&
Traffic & car-serv.
Rent <fc ins.
construction
Ry.—Accumulated Div.—
Street
declared a dividend of $1.50 per share on account of
accumulations. on the 1st preferred stock, series A, payable June 15 to
holders of record June 1.
Similar payments were made in the six pre¬
have
$
stock.--12,000,000 12,000,000
Preferred stock.-.10,000,000 10,000,000
Grants
in
aid of
Common
equipment:
Road...
1938
$
1938
$
Assets—
Eastern Massachusetts
Directors
No deductions included for estimate of surtax on
Investment In road
reserve
Amer. Power & Light Co.-121,278,000
Elec. Power & Light Corp.. 62,483,000
Emerson Electric Mfg.
Co.—Listing & Registration—
The common stock, par $4, has been admitted to listing
by the New York Curb Exchange.—V. 145, p. 2573.
Empire Lumber Co.—Registers
See list given on
first page of
with SEC—
this'department.
and registration
Volume
The Commercial & Financial Chronicle
150
Electric Boat Co. (&
Subs.)—Earnings—
Assets—
,
Consolidated Income
Account for Calendar Years
1939
Gross earnings
Costs and expenses
$4,184,586
74,801
'
Liabilities—
,
band and on deposit.
$314,325 in transit
56,568
$4,358,251
$2,960,264
152,516
7,768
145,004
72,525
238",705
on
Accrued accounts
124,067
241,789
986
.
71",758
6,752
3,055,961
27,388
1,948,346
27.388
517,610
56,604
415,165
61,088
Paid-in surplus
8,970
$1,085,516
451,636
Net profit
stock
$562,829
451,636
Total
x
$358,115
450,316
?
$
a
Plant & prop'ty_$2,148,166
Patent
rights
Accounts payable-
383,725
Accrued taxes
375,172
2,400,000
I?rl41,822
268,014
181,134
144,448
115,367
b
$2,037,887
c
1
1
goodwill
15,097
325,983
5,958,306
115,389
Investments
Dep. in susp. bks.
2,998
Deferred assets...
152,556
13,261,871
9,803,278
Marketable
sees..
Acc'ts & notes
2,801,541
2,067,818
rec.
Inventories
Total....
2,400,000
Capital stock
Treasury stock.. Drl41,822
Accrued
3,468,612
75,389
2,462,925
1,285,517
3,309
143,656
Cash
p.
Res.
payroll.
for
_
contr.—
..13,261,871
Total....
depreciation reserve of $2,919,538 in 1939 and $2,776,104 in
1938.
b Represented by $3 par value shares,
c Represented by 47,274
shares of capital stock.—V. 150, p. 3200.
a
After
Elk Horn Coal
Corp.—Earnings
4,544,554
397,653
excess
$832,346
109,699
:
Loss
..
100,524
29,905
equity and option to
amount charged to
of
operating costs
Sundry deductions
Other income-
103,662
41,015
$1,012,205
84,449
._
Operating loss
Depreciation, depletion and amortization—
Interest expense
Amortization of "leasehold
$161,684
321,597
218,636
$4,573,487
..
Operating costs—coal and other activities
Selling, administrative and general expense
$3,959,830
3,680,201
441,312
$368,720
338,373
160,436
Gross income from all sources
repurchase" in
1938
1939
Years Ended Dec. 31—
.
—
.. .
.
not
for redemption July 1 of $350,000 1st
1952, at 105.
Redemption will be made
proceeds of sale of properties.—V. 150,
v,";:'7 '
1,
from
■
i
for
Hammond, President, in
the
corporation was filed In Delaware
letter to stockholders Dec. 28,
1939,
.*;/'•
v
corporation consist almost exclusively of stocks of
mining companies and are carried at book or cost valuations which do not
reflect the present worth, which is much lower.
The corporation has no
financial resources with which to aid in the development of these properties,
or to assist the companies in which it is interested.
The activities of the
corporation are therefore necessarily limited to the holding of its securities
and the maintenance of its corporate existence.
During the first 11 months
of 1939, taxes, rent and other administrative expenses incurred by the
corporation amounted to $1,964.
It is anticipated that there will also be
similar expenses in the future.
Any income realized by the corporation is
subject to the burdensome laws now affecting holding companies.
Under these circumstances the management feels that the maintenance of
the corporate existence is no longer justified and that the dissolution of the
corporation will be for the best interests of the stockholders by eliminating
the inevitable expenses incident to the maintenance of the corporation.
As the corporation is a holding company, its assets for the most part can
be distributed in kind to the stockholders upon dissolution.
In connection with the proposed dissolution, the directors requested the
stockholders for authority to take certain action with respect to some of the
holdings of the corporation as follows:
(1) The corporation owned 667,763 shares of a total of 2,500,000 shares
of Utah Central Mines Co.
That company recently voted an assessment
on its stockholders.
Directors felt that the prospects of the company did
not warrant the payment thereof and accordingly the assessment was not
paid.
The stock was offered at auction and bought in by the Utah Central
9,803,278
25,730
Earned surplus
and
stated in part:
The assets of the
4,611,341
Advances
funds
993.
Harris
•
5,463,278
reserve
.
call
a
A certificate of dissolution
Feb. 9, 1940.
2,890,688
112,436
3,977,461
Fed. taxes, &c__
After
z
Engineers Exploration & Mining Corp.—Dissolution—
guaranty
under
reserve
shares.
current
$19,184,409
of
$57,668.
y After reserve for
for depreciation of $516,718.
for amortization of $819,886.
b Represented by 412,853
:y;•••
/-!' \■
-.••••""
:
Directors have authorized
from
$
b6,880,883
1,630,925
1,237,992
—
Total
doubtful accounts
mortgage 4% bonds, due Jan.
1938
;
$
Liabilities—
and
for
reserve
Bonds Called—
f;:
1939
1938
$
After
a
no par
$508,870
451,636
$19,184,409
After
depreciation and amortization,
Consolidated Balance Sheet Dec. 31
1939
4,500,000
....
Earned surplus......
890
scrapped and sold
241
48,170
215,800
7% cum. pref.stk. ($100 par)
Cum.preference stk (par $50)
1
280,245
"A,780
Sundries
Assets—
Deferred income.......
a234,252
(nominal value)
Deferred charges
250,000
2,284,000
306,815
______
Commonstock
26,532
2,329
Res. for guar, under con¬
tract, Fed. taxes, &c_
Amort, of developmentLoss
on
capital assets
on cap.
Funded debt.
Reserves
z5,179,210
Goodwill
259,935
8,593
....
Instalments on funded debt,
due within one year.—
123,444
investments
Foreign exchange
Uncollectible accounts
Divs.
operations..
Leaseholds
Interest, discount, &c..
Depreciation
Inventory adjustments.
Loss
store
223,000
income)
Federal taxes on income, est'd
2,747,446
10,213
109,634
Prop., flxts. & equipment... y6,018,552
$1,087,735
$1,452,609
$1,338,297
Taxes (other than Fed'l taxes
on
Marketable securities
Investments & other assets..
,,
Accounts payable.
$1,220,198
(trade).. x3,384,658
Real estate not used in dept.
Total income
Jan. 31, 1940
,
Merchandise inventories, incl.
$1,031,167
$1,306,897
145,712
$2,885,463
173,665
Operating profit-....
Other income.
on
Accounts receivable
n
$7,889,643
6,858,476
$9,060,930
7,754,033
$14,518,281 $11,518,251
10,333,695
8,632,788
.
Casn
1936
1937
1938
3357
Balance Sheet
a
,
Mines Co.
-
The corporation owns 344,500 shares out of a total of 500,000 shares
Hydraulic Gold Co.. Inc., and also holds a mortgage of $50,000
and an open account receivable of approximately $17,500.
In order to
make possible the distribution in dissolution of these obligations of Shasta
(2)
of Shasta
$722,647
$927,756
Net loss.
3 Months Ended March 31—
Net loss after taxes, depreciation,
tization of leasehold equity,
1940
1939
$229,210
$336,491
Hydraulic Gold Co., Inc., the directors believe that it would be advisable
obligations into securities or stock of the Shasta Hydraulic
Gold Co., Inc.
(3) It will also be necessary to sell some or all of the shares of Leviathan
Sulphur Co. or Park City Consolidated Mines Co., in order to pay the debts
of the corporation, the expenses of dissolution and, if it be deemed advisable
by the directors, to enable the distribution of cash instead of stock.
The
stockholders are requested to authorize the sale of such shares.
After the above transactions have been carried out, the corporation will
have available for distribution to stockholders the following assets (in
each case the number of shares is subject to diminution to the extent sold):
9,750 shs. of Leviathan Sulphur Co.; 810,307 shs. of Park City Consoli¬
dated Mines Co.; 887,492 shs. of Golden Chariot-War Eagle Mines Co.;
344,500 shs. of Shasta Hydraulic Gold Co., Inc., together with such addi¬
tional shares or securities as may result from the conversion of the present
indebtedness held by this corporation.
Of the above securities, only the Park City Consolidated Mines Co.
stock is listed on any exchange, and its current price is around 11 cents per
share.
The stock of Leviathan Sulphur Co. is not listed on any exchange,
nor is it dealt with over the counter.
It is believed, however, to have an
intrinsic value of around $5 a share.
The stock of Shasta Hydraulic Gold
Co., Inc., has no present market value, but may have a potential value.
The stock of Golden Chariot-War Eagle Mines Co. is of questionable value.
The company owns a lease on mining property in Idaho and at the present
time is indebted to the extent of approximately $23,000.
:
depletion, amor¬
&c
to convert these
Balance Sheet Dec. 31
25,730
464,996
b Receivables
b Stocks and bonds
b Officers' note rec
notes
90,161
441,081
242,780
Inventories
Other
Liabilities—
$
$
1938
1939
1938
1939
Assets—
339,954
1,087,078
25,000
1,087,078
21,000
$
Notes payable
165,075
105,000
108,880
35,054
13,453
63,057
9,541
128,126
2,177,300
93,636
1,845,350
payroll
Unpd. lease rentals
246,737
599,001
109,079
Accounts payable.
Accrued taxes and
89,913
693,632
1,845,350
Comp. awards due
and
) acc'ts receivable
254,957
821
J.'-in- 666
within
236,151
Sink, fund deposit
Prop., plant & eq.
7,535,338
(net)
Deferred charges—
19,188
8,209,614
19,388
Other
one
curr.
year..
liabs..
Deferred liabilities
Funded debt
2,169,300
Reserve
1st
pref. 4%
non-
stock
(par
cum.
5100)..
2nd pref. 4% noncum.
stock
$100)..
_
i
(par
1,963,700
dl,573,500 al,562,500
2,806,796
2,841,992
1,949,160
1,149,531
—.;7 1,963,700
Common stock
Capital surplus
c
Deficit
Income and
Expense, 11 Months Ended Nov. 30,1939
Dividends received
Total
9.655,888
10,445,0941
9,655,888 10,445,094
Total
authorized, 500,000 shares; issued, 314,700
(312,000 in 1938) shares, incl. 120,500 shares issued to voting trustees, of
which voting trust certificates representing 40,000 shares are held by
corporation; reserved for option granted to officer, 9,500 shares,
b After
reserve,
c Since March 1, 1937.
d Represented by 314,700 no par shares,
stated value $5per share; reserved for option granted to officer, six shares.
—V. 149, p. 3259.
a
...
Stated value of $5 per share,
112,360
assessment
pay
$109,450
190,289
Deficit, 11 months ended Nov. 30, 1939
Deficit Dec. 31, 1938
1939
Deficit Nov. 30,
-^7,. ■ :;Sv,■■■ ^• v,;!
$299,738
Balance Sheet Nov. 30,
Emporium Capwell Co.—Earnings—
Condensed Income Account
Net
Net
A
:*
1940
1939
sales of department stores
$25,094,973 $23,534,960
profits of units before deb. int. & Fed. inc. tax:
Department stores
Real estate used in operation
1,619,358
98,330
less24,228
loss87,068
V •'
•"
' /. -1
'yxy.r*
$14,438
$4,432 Accounts payable............
banks
reserve)..
100
731,827
Equip.& office turn.(less depre.)
246
Notes receivable (less
a
1939
Liabilities—
Investments
Accrued
Accts.
Jan.
interest
22
payable (deferred
15, 1940)
until
19,376
loss58,256
$1,144,125
.,,
loss51,989
$1,606,391
in
.V
200,780
Real estate not used in operations
General administrative
X /'•,
q/>/
«?
bash
■
Years Ended Jan. 31—
$4,875
1,964
—
Administrative expenses
Loss on Utah Central Mines Co. investment due to refusal to
—
1,053,591
Capital stock (par $1)
Paid-in surplus
Total
Total
Debenture bond interest
Consolidated net profit
Preferred dividends..
.
profits tax
-—--—
Consolidated net profit avail, to
*256,275
yl90",365
$1,350,116
217,606
Provision for Federal normal tax..
Provision for undistributed
$951,011
217,645
2,749
...
—
........
capital stock.. $1,132,510
$733,367
$2.74
$1.74
y After deducting $657 additional Federal and State taxes for prior years,
z Includes $169 Federal and State taxes for prior years.
For purposes of simplification and economy, and pursuant to action of
the stockholders in special meeting on Nov. 1, 1939, approving previous
action by directors, the Emporium Capwell Corp. was merged into its
subsidiary, the Emporium Capwell Co., at the close of business, Jan. 31,
1940, and the common stock of the company is being exchanged, share for
share for the outstanding capital stock of the corporation.
The net assets
of the corporation, which (aside from its investment in the subsidiary)
were nominal in amount, were transferred to the company at the latter
date
and therefore, only the financial statements of the company, after
the merger, are submitted with this report.
Funded and long-term debt was reduced during the year by $1,800,000.
The principal change in funded and long-term debt was represented by
payment of the balance ($2,050,000) on the 6% first mortgage obligation
on the H
C. Capwell Co. store property.
To supplement cash on hand,
a loan from a local bank for $500,000, with $100,000 annual serial maturities,
was contracted at a more favorable interest rate.
The mortgage retirement
premium ($105,803) and the deferred loan cost ($11,303) were charged
to the year's profit and loss.
Due to the foregoing, cash on hand at the
end of the fiscal year was $1,220,198, a reduction of $760,101 from Jan. 31,
Earnings per share on common
1939.
475,884
526,623
299,738
Deficit
a
$736,605
-
Total
.
$736,605
Nov. 30, 1939
Shares
Book Cost
Investments in and Advances to Other Mining Companies,
810,307
Park City Consolidated Mines Co..
...
Golden Chariot-War Eagle Mines Co.—
638,676
Direct ownership
ownership
100%
Through
Alaska
of
Shasta
.248,816—
Co
Hydraulic Gold Co., Inc
887,492
9,750
344,500
137,
Erie
172,400
114,700
64,434
$731,827
Total..
-V.
87,962
Idaho-
Corp——
Leviathan Sulphur
...
$292,331
7
'
P.
2278.
•
RREarning s[Including Chicago & Erie RR.]
1940
April—
Gross from railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income—
—V. 150, p. 2723.
1939
1938
1937
$6,172,644
1,410,987
$5,323,642
825,427
17,358
$7,557,939
2,400,515
1,535,295
543,975
$6,076,115
1,574,179
774,411
26,217,786
6,473,685
24,493,277
5,980,492
21,045,535
3,034,532
28,927,449
9.073,732
3,002,959
2,823,145
def251,850
5,730,163
Eversharp, Inc.—Initial Preferred Dividend—
Directors
have declared an initial dividend of $1.16 2-3 on the newly-
created 5% $20 par cumulative preferred stock, payable June 1 on pre¬
sentation of certificates of old 7% $100 preferred stock of the Wahl Co.
Stockholders of record May 20 will
the successor company.
be entitled to the dividend declared by
May 7, Eversharp,
changed to Eversharp, Inc.
Wahl preferred is to be exchanged for six shares of the new
ferred and five shares of new common, with each 2K shares
mon to receive one share of the new common.
The special
on the
new preferred was a part of the recapitalization
p. 3047.
/
the name of the latter
and
profit from sales._
Sell. & admin, exps., &c.
profit from sales.
$371,349
3,774
Net
812,914
Interest received
$609,257
16,694
29,936
$1,133,008
15,423
53,518
43,556
28,687
40,023
Total profit
Interest paid
yl09,399
a$385,702
39,513
contingencies .
Fire loss .standing timber
Adv. royalties chgd. offBad debts writ, off (net)
Exps. registration of sec.
Exps. coll. trust notes._
Prov. for
1,012,948
14,194
49,693
79,872
$242,419
Miscell. deductions
Prov. for Income taxes..
20,829
12,441
58,104
7,992
a$524,580
58,579
56,410
10,675
29,903
138,825
46,000
$422,769
183,096
Net
profit
Dividends paid
$242,419 def$524,580
$239,673
$370,882
244,191
244,191
244,191
244,189
$0.99
Nil
$1.73
$3.02
a Loss,
x $676,272 deducted for engineering and development expenses*
y Includes provision for royalties (at rate offered by company) charged
against income of prior years in excess of amount paid in settlement thereof
pursuant to court decision in the amount of $59,755, profit on disposal of
capital assets of $20,314, and miscellaneous income of $29,329.
Balance, surplus
(par $5)
Earnings per share
.
Consolidated Balance Sheet Dec. 31
$581,197
$629,214
Accounts payableTimber pur. con tr_
23,350
825,085
965,742
327,755
919,728
871,468
1,057,352
Accruals, inc.Fed.,
1,115,023
equipment. 1,378,521
1,477,025
Long-term indebt¬
1
1
accounts receiv.
Inventories
Other assets
y
Timberiands
taxes on
359,683
income.
49,205,
&c...—
35,349
200,853
Net
profit
dividends
$2,709,219
$2,962,374
Consolidated Balance Sheet Jan. 31
Liabilities—
3,033.862
State and
obligat'ns
S„
U.
mun.
:
-
.
acc'ts
Customers'
&
:
.
notes
24,000
724,559
171,119
1,220,953
Faber, Coe & Gregg, Inc.- -Balance Sheet—*
Feb.29,'40
i.. $447,491
Assets—
Cash
Feb. 28,'39
$304 286 Notes
8,598,569
5.374.6J68
Sundry debtors
239,841
Mdse. on hand
11,06.8,765
Mdse. in transit..
827,904
243,638
496,613
740,631
583,090
Less reserve
Inventories
Investments
to
$250,000
.....
894,550
&
taxes
806,115
10,166>178
747,728
2,595,055 2,734,474
Miscell. assets
50,409
69,290
$270,134
256,007
6,587
30,000
6,746
495,200
30,000
1,642,748
1,583,853
payable-.
Res've for collision
46,827 Prepaid stock
64,721 x Common stock.
463,800
.
Surplus
Prepaid ins., taxes,
17,245
47,524
8,499
Interest, &c
Automobiles, furn.
7,421
and fixtures
trade¬
&
1
marks...
$2,413,269 $2,621,806
Total
$2,413,269 $2 621,806
Total
Represented by 30,000 shares no par
stock.—V. 150, p. 1434.
(The) Fair, Chicago—Earnings—
Years End. Jan. 31—
Net sales
1940
1939
1938
1937
$15,479,435 $15,898,330 $18,279,760 $18,335,419
; ,: v
^ '
Cost of goods sold, gen.,
15,451,399
224,529
15,816,855
252,345
17,926,398
266,982
17,759,320
$196,493
40,714
$170,870
59,244
x$86,380
22.998
x$328,019
73,921
$155,779
$111,626
x$ 109,378
17,919
selling & adm. exps..
Deprec. & amortization
x$401,940
62,193
6,450
x$91,459
245,000
x$333,297
245.000
Net loss after deprec.
Miscellaneous income.
.
Total loss
Prov. for Federal taxes
248,080
i
1,028
Net
16,529
$154,752
loss
$95,097
dividends
Preferred
$95,097
$154,752
Deficit
Profit
$153,541
1940
5,601,587
1
1
68,194
72,765
144,802
Goodwill, &o
109,124
Deferred charges.
794,512
891,142
1,377,216
2.429,998
647,715
Accounts payable.
954", 247
662,594
234,000
'
405",927
Accruals..
1939
3,480,000
5,085,357
35,800
386,225
2,685,946
and cash
Inventories
35,800
Z279.687
799,496
Surplus
Mtge. payable
deposits
Receivables
Common stock..
Long-term debt...
;
Demand
x
3,480,000
5,085,357
Reserves
Sundry investm'ts,
accounts, claims,
&c
Preferred stock...
1,441,981
10,733,981 10,838,224
Represented by 372,100 shares of no par value,
y Mortgage payable
only,
z Includes $40,457 principal amount of purchase money mortgage
notes maturing within one year.—V. 150, p. 2724.
x
Fall River Gas Works
Co.—-Earnings—
Period End. Apr. 30— 1940—Month—1939
1940—12 Mos.—1939
Operating revenues.....
$83,067
$79,969
$938,205
$895,701
Operation
42,042
41,162
491,962
495,674
Maintenance
6,613
4,195
72,956
55,902
Taxes
14,678
14,200
168,723
161,438
Net oper. revenues
$19,733
$20,412
Balance..
Retire,
reserve
accruals.
Gross income
Interest charges
Net income
Dividends declared.,
—V
150,p
2724.
$204,564
$182,687
3
Non-operating inc. (net)
$19,733
5,000
$20,412
$14,733
$15,412
5,000
588
789
$14,145
$14,623
Min.
int.
in
com.
stocks of subs.. 6,147,898
5,993,887
803,032
4 4}4 % cum. pf. stk.11,225,000 11,765,000
y Capital
116,250
116,250
Common stock..
9,208,980
9,201,630
10,007,279 10,202,323
6,089,084 5,116,056
60,337,562 60,395,629
Total
First Mortgage
Acceptance Corp., Omaha-*-Promoters
Sentenced—
The Department of Justice and the Securities and Exchange Commission
May 15 reported that Federal Judge Robert C. Bell in United States Dis¬
trict Court at Omaha imposed sentences on three defendants in a case
involving
1933 in
violations of the fraud section of the Securities Act of
with the sale of the securities of the corporation.
Leo
S.
of Omaha, President, was found guilty on 18 counts, given a
sentence of 15 years' imprisonment, and fined $25,000.
This is the most
severe
sentence imposed in a criminal case under the Securities Act of
Holmes
entered a plea
six years' im¬
prisonment and fined $1,000.
J. W. McCormack of Chicago also entered
a plea of no contest and was sentenced to 15 months'
imprisonment.
of
no
The
George
contest
M.
as
securities
Hauser, also of Omaha, Vice-President,
the trial started and was sentenced to
sold
were
termed
"participation
certificates,"
of
which
face amount were outstanding in February, 1939, when the
forced into bankruptcy.
The 19-eount indictment, based on
violations of the Securities Act of 1933, the Mail Fraud Statute and
Conspiracy, charged that the defendants employed a scheme and artifice
to defraud numerous investors by
means of misrepresentations as to the
financial condition of the company and other fraudulent devices.
It was
charged in the indictment that Messrs. Holmes and Hauser, who con¬
trolled First Mortgage Acceptance Corp. and its affiliates, Conservative
Mortgage Acceptance Corp. and Nebraska Agricultural Corp., purchased
numerous real estate mortgages from the defendant McCormack and
others
at large discounts from the face amount of these mortgages so that First
Mortgage Acceptance Corp and Conservative Mortgage Acceptance Corp.
could set up fictitious profits.
The pretended profits
were used,
the indictment charged, to make
interest and maturity payments on the securities sold to the public, in
order to create a fictitious picture of profits earned by First Mortgage
Acceptance Corp.
For the same purpose, mortgages and real property
were
acquired by Conservative Mortgage Acceptance Corp. from J. W.
McCormack Co., Inc., Realty Exchange Corp., Mid-Western Realty Devel¬
opment Co., and Omaha-Chicago Mortgage & Loan Co., all of which were
controlled by the defendant McCormack, the indictment alleged.
Among the misrepresentations charged in the indictment were state¬
ments by the defendants: that First Mortgage Acceptance Corp. had $3 in
assets for every $1 invested in the participation certificates; that First
Mortgage Acceptance Corp. was in good financial condition and was earn¬
ing profits; that it had always redeemed its securities at maturity; and
that the funds invested bv the public would be used to purchase first
mortgage on real estate.V. 149, p. 877.
$1,350,000
company
was
Corp.—Suit Dismissed—
Sweeney in the Boston District Court has dismissed the
and Carbria Lavalle of Northampton to prevent
to the United States Rubber Co.
68
$204,567
60,000
$182,755
$144,567
8,004
$122,755
11,518
$136,563
115,817
$111,238
95,962
60,000
The dismissal
the defendants
give the court Federal jurisdiction.
Judge Sweeney, in dismissing the suit without costs, said it would be far
better for the plaintiffs at this early stage to file a new action or to have a
final determination of the jurisdicational question by an appellate court.
A motion to amend the complaint to substitute a resident of Arizona and
California was likewise dismissed.—Y. 150, p. 2423.
was
based
on
the fact that the complainants and certain of
reside in Massachusetts which would not
Fleming Wilson Mercantile Co.—Registers with SEC—
See list
Total
Pref. stocks of subs
Represented by 920,898 (920,163 in 1939) no par shares,
y Arising
conversion of preferred shares into common stock.—Y. 150, p. 2724.
given on first page of this department.—V.
Florida East Coast
....10,733,981 10,838,2241
Total
533,953
9,583,360 11,025,200
1,914,800 2,000,600
Real estate mtges.
60,337,562 60,395,629
Total
2,146
570,666
contingencies.
out of
suit brought by Roland
the sale of the
company
$
$
Liabilities—
$
$
5,954,935
757,200
2,146
pref. stks.
Earned surplus
Fisk Rubber
1939
1940
/!■;■
&
on
for insurance
Paid-in surplus...
Federal Judge
Comparative Balance Sheet Jan. 31
Assets
829,951
4
Deferred charges..
Divs.
Res.
sur$88,297
w
Fixed assets
25,383,562 25,816,286
Fixed assets.
1933.
Federal
insurance
.of
preferred stock.
Life insur. policies.
Fund for redemp
Goodwill
payable
450,360 Accts.
income taxes
8,094,695
6,384,797
connection
Feb. 29,*40 Feb. 28,'39
banks
Accts. denotes rec.,
941,000
Res've for Federal
less reserves:
Instal. terms
L022.480
$5,047,235 $5,545,116
x After reserve of $48,207 in 1939 and $103,729 in 1938.
y After allow,
ance for depreciation of $608,974 in 1939 and $696,365 in 1938.—V. 150,
P. 3201.
,■>.i
v/'.-/": +
Total
Liabilities—
151,064
169,649
971,068
1,351,729
1,264,899
surplus
960,912
Acer. sals. & exps.
rec.,
Reg. retail terms
x
2,389,603
2,619,190
Notes pay., current
600,000
160,647
1,341,230 Long-term dt., cur.
Sundry creditors..
190,350
232,700
451,111
161,977
$
$
Accounts payable.
trade credit
1,375,250
and other bonds
5,073,694
1939
1940
1939
1940
120,723
Cap. stock ($5 par) 1,220,953
Capital surplus... 1,351,729
$5,047,235 $5,545,116
Total
x
$2,756,223
z524,149
yl75,449
z505,551
z486,427
1,832,950
1,608,532
1,150,204
1,150,571
918,863
920,163
920,163
Shs .com .stk .out. (no par)
920,898
$3.03
$2.45
$2.37
Earnings per share.. —
$3.10
x Includes $71,014 net credit from sale and adjustment in price of mar¬
ketable securities,
y Two dividends aggregating $1,41 2-3 per share from
Oct 1, 1936 to Jan, 31, 1937,
z Four quarterly dividends or $1.0625 each,
to Jan. 31, 1940, Jan. 31, 1939 and 1938, respectively.
__
x
t 172,953
edness..
Earned
'
529,517
575,806
Preferred
Common dividends..
Goodwill
Reserves.........
Prepaid insurance,
x
97,072
396,590
foreign
indebtedness
Patents & licenses.
taxes,
&
State
plant
Property,
and
96,487
352,554
94,031
Current long-term
deposit.....
Customers' notes &
x
$500,000
$135,000
241,264
Notes payable....
Cash on hand and
on
1938
1939
Liabilities—
:
1938
^94.684
498,824
Y. World's
to quoted
price...------- ---Subsidiary pref. divs.Minority interest
366,189
Shs. outst g
1939
223,791
439,805
;:■
Cash
Assets—
270,040
------
---
$737,071
Provision for surtax
96,000
289,135
$3,340,224
Interest
Reduc. of N.
Fair debs,
1,238,032
817,000
103,000
undist. profits
Surtax on
1,286,841
647,000
1,414,044
757,200
941,000
Federal taxes
$1,076,113
17,488
39,407
6,921
33,931
—
1936
$563,011
9,434
36,812
a$502,022
$409,054
37,070
Miscellaneous—
Total
$2,089,061
1937
$
105,908,984 107,672,940 103,209.531
4.837
Dr61,074
70,987
Depreciation..—
$280,344 x$l,458,828
782,366
895,317
$1,184,263
31
110,130,882 105,913,821 107.611,866 103,280,518
103,242,572 100,248,178 102,102.104 96,837,999
'
Cost of sales & expenses
1937
1938
1939
Calendar Years—
Gross
sales
110,114,135
Other income (net)..—
16,747
Net
initial dividend
plan.—V. 150,
Co. (& Subs.)—Earnings—
Evans Products
Subs.)—Earns.
Consolidated Income Account for Years Ended Jan.
1940*
1939
1938
$
$
$
Eversharp pre¬
of the old com¬
' V::.; V
May 25, 1940
Federated Department Stores, Inc. (&
by stockhold¬
the Wahl Co.
Each share of
recapitalization plan of the Wahl Co., approved
Inc., a subsidiary, was merged with
Under the
ers on
Chronicle
The Commercial & Financial
3358
Ry.—Groups Agree
148, p. 3845.
on
Plan—
has been reached on a proposed plan of reorganization for
the institutional group of holders of the first mortgage
4M% bonds, headed by Eugene Conroy of Newark, and the committee
representing the first refunding 5% bonds, headed by Arthur M. Anderson,
of J. P. Morgan & Co., Inc., according to a report submitted to Judge
Louis Strum of the U. S. District Court at Jacksonville, Fla., by the
committee for the first 5% bonds.
*
The
institutional committee represents approximately 45%
of the
$12,000,000 of first 4 Hs which are held by five insurance companies and the
Anderson committee represents slightly more than 50% of the $45,000,000
of outstanding 5% bonds.
f
The plan which has been tentatively agreed upon by the two com¬
mittees proposes to create a new mortgage of $18,000,000.
An exchange
of $12,000,000 of the new bonds issued under this mortgage would be
made for the $12,000,000 of 4 M % bonds now outstanding.
The new bonds
would have a fixed interest of 3 % %» with the provision that if in each of
the two years after the consummation of the plan earnings are not less
than $1,250,000, then interest will be payable at the rate of 4% per annum.
The $18,000,000 of new bonds would mature in 25 years.
New financing
for the reorganized company would be secured through the sale of the
remaining $6,000,000 of the bonds after the exchange of $12,000,000 for the
present 4 ^ % bonds.
There is a provision in the plan that the issuance
of the new first mortgage is subject to approval of two-thirds of the present
bondholders.
The remainder of the capital of the new company would
An agreement
the company between
The Commercial
Volume ISO
& Financial Chronicle
be made up in income bonds and capital stock, which would be deliverable
to the present holders of the $45,000,000 of outstanding 5% bonds.
Details
have not yet been
decided upon, but it is said that no difficulty is expected by the two com¬
mittees in agreeing upon the future details.—V. 150, p. 2879.
of the amount of income bonds and stock to be issued
3359
Foote Bros. Gear & Machine
Corp.—Preferred Dividend
Directors have declared a dividend of 50 cents per share on
accumulations on the 5% preferred stock, payable July 1 to
record June 15.—V. 150, p. 839.
account of
holders of
Foote-Burt Co.—Common Dividend—
Fonda Johnstown & Gloversville RR.—Earnings—
Period End.
$13,956
20,917
2,575
Total
Net
oper. expenses. 7V
from ry. oper.
rev.
Railway tax accruals
Railway
oper.
income.
Net ry. oper. income.
Other income
available
$9,721
351
476
$23,081
2,159
$9,245
$20,922
V
;
66
:
.
550
11,668
1,352
$33,232
4,548
11,694
$22,664
493
$16,649
2,475
46,677
1,971
$13,396
Net deficit
$4,328
$34,473
Loss.—V. 150, p. 2575.
Motor
V;
:
2,225
47,152
1,971
v
Detroit—1939
Co.,
extra dividend of five cents per share
Freeland Mining Co.-—Registers
Fuller Manufacturing Co.
3 Months Ended March 31—
Net income after all charges
Shares outstanding
Earnings per share
—V. 149, p. 4174.
equal to $7.65 a share, a profit in 1935 of $3,565,617, or $1.03 a share, a
profit in 1934 of $6,860,462, or $1.98 a share, and a loss in 1933 of $3,480,331.
Last year the company's production in the United States and Canada
totaled 885,352 units, contrasting with 652,771 in 1938, according to Ward's
compilations.
Ford-Mercury output in 1939 was 862,987 and Lincoln
22,365; in 1938 Ford-Mercury output was 632,364 and Lincoln 20,407.
The company's 1939 production was 23.72% of the total for the "Big
Three," contrasting with 24.59% in 1938.
In 1937 the Ford output was
1,187,014 units.
The 1937 figure has been topped only twice since 1929,
first in 1930 and again in 1935.
One of the company's most colorful developments for 1939 came late in
the year with the shipment of the first plantation rubber from Fordlandia
on the Tapajoas
River, a tributary of the Amazon, where Henry Ford
pioneered with farsighted planting of 75,000 trees some half dozen years
ago.
Also announcement was made that Mr. Ford had started a second
plantation at Santarem on the Amazon.
While labor costs in the Brazilian
jungle lands are in a fair competitive position with those of the Middle
East, Mr. Ford has not attempted to take advantage of this, but has pro¬
vided his workers with a "model city" built in a former wilderness.
In February of last year the 27,000,000th Ford car to be built since the
at Richmond, Calif., and
International Exposition.
Henry Ford established the
company was founded in 1903 was assembled
driven to the Ford exhibit at the Golden Gate
announced then that the output since
comprised almost exactly one-third of the total world
of automobiles.
>>
v;:.
Condensed Balance Sheet Dec. 31
VVV
company
production
At
1937
$
1938
1939
; r
1940
$
$
$
129,309,938 130,398,265 122,375,918 123,275,143
Assets—
Real estate
Mach'y & equipment—163,875,337 145,006,010 125,645,403 118,519,374
Inventory
87,499,430 83,237,332 135,943,385 95,002,834
♦Cash .1
309,216,442 307,973,616 317,387,396 378,119,715
Deferred charges
2,010,802
6,881,061
3,570,439
2,442,300
691,911,949 673,496,284 704,922,541 717,359,366
Total
Liabilities—
.
Capital stock
17,264,500
17,264,500 17,264,500 17,264,500
payable, &c— 59,534,537
57,521,618
70,387,417 79,729,171
Reserves
13,873,406
9,888,891
9,184,688
17,699,023
Profit and loss
601,239,506 588,821,275 608,085,936 602,666,672
Accounts
-
•New Directors, &c.-
Gamewell Co.—75-Cent Common Dividend—
Directors have declared
dividend of 75 cents per share on the common
a
♦
V.
691,911,949 673,496,284 704,922,541
--
Includes notes and accounts
150,
p.
717,359,366
receivable, securities, patent rights, &c.—
2575.
Fort Worth & Denver City
Ry.—Earnings-—
1937
668,921
Drll9,377
$6,910,911
677,553
Drl83,705
1936
$5,464,428
605,024
8,773
936,040
220,990
2,084,362
338,145
66,724
4,371
$6,478,991
673,746
1,056,671
228,300
2,240,466
353,039
66,120
6,748
$7,404,759
646,200
1,111,814
218,580
2,263,413
357,938
63,904
v
5,032
$6,078,225
530,552
989,673
223,002
1,898,994
380,469
55,863
4,242
$4,289,305
$4,611,594
$4,656,817
$4,074,311
Tax accruals, &c
$1,718,398
453,409
$1,867,397
452,725
$2,747,942
357,668
$2,003,914
408,949
$1,414,672
(net)—Dr.
Jt. facil. rent (net—) Dr.
$1,364,989
228,563
233,196
303,524
204,040
$2,390,274
293,676
215,719
$1,594,965
150,882
232,511
$803,230
$907,108
$1,880,879
$1,211,572
1938
1939
Calendar Years—
Freight revenues
Passenger revenue
Mail, express, &c
$5,486,012
588,428
Dr66,737
$5,929,447
Total oper. revenue—
Maint. of way & struc—
$6,007,703
647,415
15, last; and 25 cents paid on Jan. 2 last and on
Sept. 15, 1939, this latter being the first dividend paid on the common
shares since May 25, 1938, when a similar amount was distributed.
Prior
to then no dividends had been paid for six years.—V. 150, p. 2424.
Gar Wood Industries, Inc.
(& Subs.)—Earnings1937
1938
1939
Calendar Years—
of equipment-__
Traffic
Transportation
General
Miscellaneous
Transp. for invest.—Cr.
,
allowances & discounts
Cost of sales
$7,085,384
5,381,264
$7,894,634
5,935,629
Sell., gen. & admin, and
$9,313,134
6,689,762
;V k
■
1,741,495
1,725,196
2,038,941
1,901,828
Net profit from oper—
Other income
$217,509
96,378
loss$21,076
35,675
$584,431
65,535
$1,222,246
84,479
$313,888
$14,599
46,253
$649,966
63,334
$1,306,725
104,260
"4"900
x94,100
x290,950
Total income
44,802
13,820
Income deductions
Canadian
exchange (loss)
55,050
Prov. for income taxes._
$492,532
$911,515
:
200,000
440,000
Earns, per share
$0.25
Nil
$0.61
$1.14
x
Including $25,200 in 1937 and $88,950 in 1936 surtax on undistributed
Net profit
Dividends paid.
profits.
lojss$36,554
$200,215
—
WV:;
V.;:.,
.
amortization of patents and
1939 amount to $136,516 and $32,011,
Note—Provisions for depreciation and for
licenses included above for the year
respectively.
1939
$841,319
Cash.
a
Accts.
rec.
(trade)-—. 1,297,214
2,138,568
Inventories
.
Prop.,
Acer, liabilities
68,066
Notes
361,148
118,980
Min.
345,459
37,500
in
int.
e27,500
345,459
$6,745,660
Capital surplus.— 1,174,371
$6,123,8051
income
$6,745,660 $6,123,805
Gaylord Container Corp. (& Sub.)—Earnings— :s
Consolidated Income Statement :
Year End.
Nontper. Income—
Miscell. rent income
Misc. non op. phys.prop.
Inc. from funded securs. V-
668
821.
11.190
12,455
2,015
6.599
1,666
26,290
668
668
10,416
9,578
1,729 V *v 2,096
31,359
48,118
disc'ts & allowances. .$13,659,686
Cost of goods sold
10,611,419
Sell., admin. & gen. expenses
2,209,674
$11,914,593
8,840,607
1,965,015
$6,774,487
4,573,427
1,044,876
$838,592
89,762
$1,108,971
85,911
$1,156,183
27,978
$928,354
119,320
X146.993
$1,194,882
126,194
199,617
$1,184,161
$662,042
$869,070
$773,598
Gross sales, less
Operating profit—..........
Other income
Total Income
Income charges
Surtax on
—
146
560
Miscellaneous income
299
423
Net profit—-
279,947
270,145
137,213
377,455
539,128
394,448
x After deducting over provision for prior year in the amount of $188.
Note—Depreciation and depletion and amortization included in the above
statement for 1938 amounted to $588,008.
Consolidated Balance Sheet Dec. 31 (Co. and Subs.) ,:V.
>V v>
Preferred dividends
Common dividends
-
Cash
-
Inventories
1,119,318
1,125,417
1,979,858
1,750,623
800,297
1,553,663
439
$825,826
Gross income
$947,817
Int.
on
712,457
327,040
3,627
8,603
727,004
327,040
3,858
10,424
724,988
327,957
3,502
121,305
726,379
436,144
3,760
V;V
80,742
Int.
on
Amortization, &c
—
Net deficit.
—V. 150, p. 2879.
$225,901
$120,509
pf.$748,161
60,208
33,107
176,268
267,958
53,144
47,297
Amt. pay. to
341,194
226,993
8,233,888
6,344
sink.
58,747
fund
8,034,390
6,847
1
247,785
54,595
Prop, lease-purch.
500,000
contract/*"
M
Res. for workmen's
—
-—-
Defer red charges.-
1
199,091
f4,649
5,315,150
2,696,105
60,183
4,869,160
2,696,105
Capital surpius— 3,233,623
Goodwill
3,230,620
392,210
306,376
392,210
com pen.
claims.
Preferred stock
Common stock
Paid-in surplus.—
Earned surplus.—
Total
funded debt
unfunded debt—
'
467,129
663,365
taxes—cap,
stock & gen
Income, est
Sundry inv., adv.,
$1,272,876
Deductions—
Rent for leased road
Acer,
payable.
54,595
58,747
of pref. stock —
541
$1,925,913
Accounts
Fed. & State tax on
Sink, fund for rd.
Prop., plant & eq.
Pats. & trade-mks.
$
Liabilities—
$
$
1938
7 $
1939
1938
1939
Assets—
------
303
596
>
65,748
215,242
129,573
undistributed profits
Inc. from unfunded sees.
and accounts
Junelb. '37
Dec. 31, '39 Dec. 31, '38 to Dec.31,'37
Period—
Ac
Inc. from lease of road--
1,524,880
—
Total
a After reserve for doubtful accounts and notes of $148,767 in 1939 and
$137,974 in 1938. b After reserve for depreciation of $126,092 in 1939 and
$119,108 in 1938. c After reserves for depreciation of $850,565 in 1939 and
$811,013 in 1938. d After reserve for amortization, e Land contract and
service contract payable.—V. 149, p. 3261.
Cash val.of lifeins.
Net oper.
25,100
2,400,000
1,174,371
1,324,665
Com.stk. (par $3) 2,400,000
132,528
Earned surplus.
Total
25,000
25,932
sub.
consolidated
1,412,870
Goodwill
(non-
pay.
Mtge. payable
&
equipment
1,423,048
d Pats.
licenses133,517
411,710
160,458
914,920
263,056
—
current)
374,366
96,595
plant
15,000
contra, pay., &c.
1,383,840
1,455,076 Accts. payable
108,792
Prepaid expenses.
b Prop .not used in
operations—.
$565,000
$400,000
Notes payable
Curr. instal. of I'd
$832,621
1938
1939
Liabilities—
1938
notes
&
V-V.vV'rVV
:■
Consolidated Balance Sheet Dec. 31
,
Assets—.
Receivables
Hire ofeqpt.
$9,425,968
6,301,894
branch office expenses
\VV;,VV-VV; 7
Net revenue
1936
less returns
Gross sales
Taxes on income
Maint.
This compares with
50 cents paid on March
Year End.
Total
1939
$41,789
294,136
$0.14
$84,260
294,701
$0.29
-
special meeting of directors, held May 21, Richard Inglis and John
H. Briggs were elected directors to succeed R. Hosken Damon and H. M.
Preston, both of Chicago, who resigned.
Mr. Briggs was also elected Secretary and Treasurer, while R. F. Moyer,
formerly Treasurer, becomes Assistant Secretary and Assistant Treasurer.—
V. 150, p. 3201.
c
1936
..vV,vv
a
Other assets
(As filed with Massachusetts Commissioner of Corporations)
in addi¬
-Earnings—
(Del.)
»
.
Gabriel Co.
with SEC—
of this department.
stock, payable June 15 to holders of record June 5.
Company has filed with the Massachusetts Commissioner of Corporations
and Taxation its balance sheet as of Dec. 31,1939.
The balance sheet shows a profit and loss account of $601,239,506 com¬
pared with $588,821,275 at the end of 1938, an increase of $12,418,231.
In addition, reserves increased from $9,888,891 to $13,873,406, or by
$3,984,515.
The combined increase in surplus and reserves was $16,402,746.
Apparently this was the profit for the year, unless money was taken
out of the business for the payment of dividends.
However, there is no
information available on this point, the company being a close corporation
with the Ford family owning all the stock.
This indicated profit of $16,402,746, exclusive of dividend payments, if
any, is equal to $4.75 a share on the 3,452,900 shares of $5 par stock out¬
standing.
It compares with an indicated loss of $18,560,459 in 1938,
an indicated loss in 1937 of $3,095,070, a profit in
1936 of $27,426,698,
was
an
dividend of 2 H cents per share on the common
$1, both payable June 15 to holders of record June 5.
par
See list given on first page
Profit Indicated at
$16,400,000—
It
stock,
$28,684
493
♦
>
deductions
Ford
Frankenmuth Brewing Co.—Extra Dividend—
tion to the regular quarterly
$32,553
1,409
$22,274
5,624
$8,409
550
;
$31,144
2,089
7
$9,906
1,497
x$685
charges
Rent for leased roads
was
Directors have declared
661
1,738
no par
of 25 cents
for
Interest deductions
x
$45,526
12,974
$1,053 I
Misc. deduc. from Inc.-
Other
$35,462
12,381
$987 7V
iiy
Total income
fixed
$12,651
2,930
■
dividend of 35 cents per share on the common
a
value, payable June 15 to holders of record June 5. A dividend
paid on March 15, last; and dividends of 20 cents were paid
on Dec. 15 and on Oct. 27, last, this latter being the first dividend paid
since March 15, 1938, when a regular quarterly dividend of 20 cents was
paid.—V. 150, p. 1600.
- ;
stock,
$177,907
132,380
7V.
Net rents...
Income
$173,501
138,040
$1,338
ry. oper. revs..
Railway
$45,049
32,398
$4,663
3,325
All other revenues
$19,936
22,040
3,073
$37,448
32,785
Freight revenue
Passenger revenue
Directors have declared
1940—4 Mos. —1939
$68,271
$68,446
98,101
93,403
11,535
11,652
1940—Month--1939
April 30—
.12,966,701 12,872,792
Total
301,735
12,966,701 12,872,792
-Y. 150. p. 2576.
General Bronze Corp.—Removed from
The New York Curb
Unlisted Trading
Exchange has removed the 10 year 6%
convertible
.
pf.$25,851
gold debentures, due May 1, 1940, from unlisted trading.
As previously announced, the principal of the 10-year 6% convertible
debentures due May 1, 1940, which remain undeposited under the corpora-
The Commercial & Financial Chronicle
3360
tion's exchange offers were to be paid on
May 20, with interest from May 1
(Adolf) Gobel, Inc.—Meeting Further Adjourned—
May 20. 1940.
to
The debentures were stricken
from dealings on the New York Curb on
May 20, and the Committee on Security Rulings rules that in settlement
of all contracts in said debentures on which interest ordinarily would be
computed through May 20, 1940, interest shall be computed
including May 20, 1940.—V. 150, p. 2576.
General Cable
up to
but not
Directors have declared an extra dividend of 15 cents per share in addi¬
tion to the regular
plaintiff asked the court to decree the plan unfair and unauthorized.
a
Palmer,
G.
President said at the meeting that the court
vote on the plan premature.—V. 150, p. 2880.
Genera 1 Gas & Electric
Quar. End. Mar. 31—
Corp,-—New Transfer Agency—
The Transfer and Paying Agency has been discontinued
Net loss
x
as
in the
first
Great Northern Paper
',
—V.
10
days of May retailed a total of 30,299
new
passenger
and commercial cars, it was announced on May 15 by
William E. Holler, general sales manager.
The figure is 30.3% in advance
of that reported for the same period last; year, when 23,253 new units
retailed.
wer^
and
car
1939
over
used
that
sales
car
likewise
characterized
have
continued
Chevrolet's
the
1940
total of 5,413 new trucks
Mr.
he
which
said,
last
year.
Used
represents
increase
an
L
54.379
totaling
during the 10 days,
over
the same period
15,8%
of
::\ v4:
units gained
.
sales
delivered at retail
were
P.
5,334
of
shares
company's
meeting
April
22,
to
stock and 4,000 shares of
in company's treasury.—Y. 150,
General Realty & Utilities
name
1940
1939
$157,352
112,331
a Net operating revenues
Non-operating income
40,152
Dr3,165
45,020
Dr4,174
$36,987
14,644
$40,847
13,429
$27,417
14,550
3202.
$41,366
Gross
$22,343
14,550
651
639
Sundry deductions
266
258
$6,875
13,500
$11,970
7,000
Net income——
Dividends on capital stock
Eerlod one-half ownership. The latter's share in this company's&loss after
of Central Park Plaza Corp., in which General Realty Utilities
a
depreciation amounted to $6,706.—Y. 149, p. 3556.
General Theatres Equipment
a
Balance Sheet March 31,1940
.
"
Year Ended Year Ended Year Ended June 1 '36 to
Dec. 31, '39 Dec. 31, *38 Dec. 31, '37 Dec. 31, '36 V
$8,401,601
$8,326,247
$9,498,474
$5,998,159
6,184,528
6,267,303
6,826,943
4,188,699
1,252,476
1,323,335
1,268,257
exps—
542,698
553,877
608,633
Net profit from opers.
723,905
416,242
$421,900
$181,731
$794,642
Other income--
531,050
743,495
815,774
$669,311
662,456
Total income
$952,950
100,622
$925,226
114,958
$1,610,416
278,701
104,600
78,000
119,400
114,233
51,665
225,000
12,900
Assets—Property, plant and equipment, $857,832: cash, $35,885: accounts
receivable, $21,565; other receivables, $673; appliances on rental, $538;
merchandise, materials and supplies, $20,864; deferred debit items, $2,154;
total, $939,510.
Liabilities—Capital stock ($100 par), $200,000; bonds, $291,000; accounts
payable, $7,880; interest accrued, $6,789; taxes accrued, $5,213; sundry
accruals, $814; consumers* deposits, $13,374; service extension deposits, $48;
reserves, $208,239; earned surplus, $206,152; total, $939,510.
Note—The name of the company was changed from Hagerstown
Light &
Heat Co. of Washington County on Dec. 26. 1939.—V. 149, P. 3262.
$1,331,768
199,475
58,550
Other deductions
Hamilton United
1436.
p.
Consol. net profit
Dividends paid.
$696,062
476,338
$507,267
597,283
$1,199,415
715,140
$959,509
xl.051,461
no
A
$
,
1,847,181
1939
Liabilities—
■
Accts. pay.
1,635,589
Prov.
Capital assets.
Goodwill
-
_
-
2,516
1,670,246
Other
5,016,816
5,017,071
630,016
582,248
-
2
2
277,180
85,352
286,396
90,673
12,427,869
12,258,207
—
subs, (not cons.)
Deferred charges.-
b Represented
136,975
by
597,887
no
par
accts.
of
the
the
Irrevocably
on
Board
of
Directors
Chairman
companies: International Projector Corp., National Theatre Supply Co.,
Theatre Equipment Contracts Corp., J. E. McAuley Mfg. Co. and the
Board.
V.
150, p.
Corp.
of
Mr.
succeeded
Strong Electric Corp. but excludes the following subsidiaries: Cinema
Building Corp., and J. M. Wall Machine Co., Inc. (and Zephyr Shaver
the
and
of
Executive
Catlin
was
by Guy Lemmon.
2728.
Mr.
.
—Week End. May 14—
1940
1939
Operating revenues
—V. 150, P. 3202.
(est.)
Glidden Co.—To
$19,350
$17,400
1
1940
to
Trust
•
May
14—
1939
$393,664
■V;V
$369,188
[
Pay 30-Cent Common Dividend—
Directors have declared a dividend of 30 cents per share on the common
stock, payable July 1 to holders of record June 18.
This compares with
50 cents paid on Dec. 23,1939 and a regular quarterly payment of 50 cents
made on Jan. 3, 1938.—V. 150, p. 434.
elected
been
will
for
Randolph Catlin,
Chairman of the
eight years until
continue
.
.
Hillcrest Colleries, Ltd.—-Bond Plan
President.—
as
from
•
,
'/.
■>
yyyy
Proposed—
Bondholders of this company (in receivership), will hold a special meeting
May 28 to consider a plan of compromise or arrangement on the com¬
pany's first mortgage bonds, which matured on March 1, 1940.
The plan, which would take effect as of Dec. 31, 1939, would cancel
$200,000 of the bonds now held by the company, leaving $325,000 out¬
standing.
—Jan.
Lemmon
Committee.
company
Heyden Chemical Co.—75-Cent Dividend—
.
Georgia & Florida RR.—Earnings—
has
the
Directors have declared a dividend of 75 cents per share on the common
stock, par $10, payable June 1 to holders of record May 24.
This compares
with a special of 25 cents and
regular of 50 cents paid on March 1, last,
and previously regular quarterly dividends of 40 cents per share were
distributed.
In addition, an extra dividend of 40 cents was paid on Dec. 1,
1939.—V. 150, p. 841.
5% 40 year sinking fund gold bonds due
July 1, 1952 have been called for redemption on July 1 at 105 and accrued
&
of
(Walter E.) Heller & Co.—Suspended from Dealings—
Georgia Carolina Power Co.—Bonds Called—
Payment will be made at the Central Hanover Bank
Co. of New York.—V. 149, p. 2230.
Executive
the
Committee,
President
The 10-year 4% notes due Oct.
1, 1946, have been suspended
dealings by the New York Curb Exchange.—V. 150, p. 2425.
A total of $69,500 first mortgage
interest.
Chairman
Co., Shinola-Bixby, American Linseed and Standard Milling com¬
became the present Hecker Products Corp.
Mr. Morrow stated
doctor's orders he was giving up his executive responsibilities to
pay
more
attention to his health, but that he hoped to continue
to
advise in the company's affairs and give it the benefit of his 17 years'
experience as its chief executive.
He will continue as a member of the
1939 Include the following subsidiary
No provision has been made in the above balance sheet, or in the ac¬
companying statements of profit and loss and surplus, for the minority In¬
terest represented by common stock of subsidiary companies in the hands of
the public, consisting of less than 1 % of the common stock of International
Projector Corp. and of National Theatre Supply Co., respectively.
All the
preferred stocks of these companies are owned by General Theatres Equip¬
ment Corp.
The accumulated dividend preference and the liquidating
preference of these preferred stocks respectively exceeded the net profits of
such companies for the year ended Dec. 31, 1939, and their net worth at
said date.—V. 150, p. 2726. >
as
panies
12,427,869 12,258,207
or
May 22 that he had resigned
on
Directors
Dalley
authorized to be issued.
Note—The above statements for
of
founders and
that
outstanding
Board
of this corporation.
Mr. Morrow was one of
organizers and the first President of the original Gold
Dust Corp., which evolved from the reorganization of American Cotton Oil
Co. in
1923, and which through a series of absorptions of the F. F.
77,849
79,029
180,527
160.426
Reserves
36,940
40,918
Capital stock
6,014,870 b6,014,870
Paid-in surplus..- 4,683,097
4,751,796
Earned surplus-.859,266
643,977
Total
of
called
George K. Morrow stated
pay.
& accr. liablls-.
shares
2578.
Hecker Products Corp.—Chairman Resigns—
Def'd cred. to Inc.
Inv. In &amts. due
Total
162,917
Federal taxes...
2,925,697
•
p.
430,217
&
2,887,207
2,945
1,728,938
Investments
%
412,405
31, 1937.—V. 150,
$44,500 15-year 4%% debentures dated May 1, 1936, has
for
redemption on June 20 at 103 and accrued interest.
Payment will be made at the Chemical Bank & Trust Co., New York
City.—V. 149, p. 2368.
1938
*
(trade)
State
for
par
total
been
1938
Notes & accts. rec.
Inventories-.-
$100, payable June 29 to
Hartford Times, Inc.—Debentures Called—
Consolidated Balance Sheet Dec. 31
1939
(net)-----
par
-vy
was
June 30 and March
$356,070 charged to paid-in surplus, $695,391 charged to earned surplus.
Note—The provision for depreciation amounted to $98,518 in 1939,
$98,210 in 1938, $100,646 in 1937 and $80,537 in 1936. o v;
Int. receivable
yy^yyyy >yyyy<r*:
a dividend of 20 cents per share on the common
value, payable June 14 to holders of record June 8.
Like
paid on March 13 last, compares with 25 cents paid on Dec. 22,
Sept. 30 and on June 1, 1939; 12
cents paid on March 3l. 1938; 60 cents
paid on Dec. 24, 1937, and 25 cents per share distributed on Sept. 30,
x
$
dividend of $1.50 per share on account of
a
7% cum, pref. stock,
(M. A.) Hanna Co.—To Pay 20-Cent Dividend—
stock,
amount
Assets—
the
Directors have declared
Prov. for Fed. surtax on
undistrib. profits (est.)
Cash
on
holders of record May 31, leaving arrearages of $9.75
per share.—V. 150,
in
and advs. to sub
Theatres, Ltd.—Accumulated Div.—
The directors have declared
accumulations
Prov. for normal Federal
income tax (est.)
Res. against invests,
—
—
Before provision for retirements.
Corp.—Earnings—
Consolidated Statement of Earnings from Beginning of Business June 1, 1936,
to Dec. 31, 1939
-;.r'
-
income
interest
Other interest
Bond
■
Selling expenses
Gen. & adminis.
and taxes
Corp.—Earnings—
Note—There has been excluded from income the share of loss of Lefcourt
Realty Corp. for the same period applicable to the stockholdings of General
Realty & Utilities Corp., which share amounted to $145,322 after making
provision for dividends on the Lefcourt preference stock.
There has also
been excluded from income the results of operations for the six months'
Cost of sales
revenues
expenses
common
p.
t
Net sales..
'' y
$159,523
119,371
Operating
Operating
Earnings for 6 Months Ended Mar. 31, 1940
■
of the company was changed from Hagerstown Light & Heat
12 Mmths Ended March 31—
eliminate
Net income after depreciation
Period—
Engineering Corp.—Unfilled Orders
Hagerstown Gas Co.—Earnings—
The
'
as
$688,249
$0.69
-
3115.
a Gross income
Provision for retirements
voted
preferred
stock heretofore acquired and now
■V
on
1940
Co. of Washington County on Dec. 26, 1939.
General Railway Signal Co#—Treasury Stock Eliminated
at their annual
Co# (& SubB.)~~Earnings—
Months Ended March 31,
orders
.
Stockholders,
1938
1937
$449,982 prof$10,891
.
16.5%.
During the first
days of May last year 46,663 used cars were sold.—V, 150, p. 3048.
10
car
1939
$352,022
currently total approximately $9,500,000. a new record
high, Leroy R. Grumman, President, announced on May 20.
This is an increase of $3,500,000 over the $6,000,000 backlog reported
for March 1 last.
y/;yyyy'-y-'V'y-y
Vs.. "iOrders now are being filled by Grumman for pursuit fighters for the
French Government, and for twin-engined patrol planes for the Portu¬
guese.—V. 150, p. 2882.
substantial
record,
149,
Unfilled
Holler announced.
A
Earnings for 3
■
Grumman Aircraft
v
■
Commercial
gains
1940
$320,842
-
Net profit after deprec., deple., Fed. income taxes, &c
Earns, per sh. on 997,480 sbs. of capital stock..
General Motors Corp.—Chevrolet Sales—
dealers
'
;
After depreciation, interest, Federal income taxes, &c.—V. 150, p. 2578.
x
transfer agent
for the $6 cumulative preferred stock, series B, of this corporation, and
the Lawyers Trust Co., New York City, has been appointed as transfer
agent for said stock.—V. 150, p. 2725.
Chevrolet
Corp.—-Accumulated Dividend— "
Graham-Paige Motors Corp. (& Subs.)—Earnings—
'Tifj.--
>
yUyyyyyyyy^/yy:y^y^'yy^
Directors have declared a dividend of 62 H cents per share on account of
accumulations on the prior preferred stock, payable May 14.—V.145, p.3345.
The court ruled that the meeting could be held but that the
company was
hearing was held.
R.
-■
Gosnold Mills
to take no steps to put the plan into effect until a
Dwight
semi-annual dividend of 25 cents per share on the com¬
stock, both payable July 2 to holders of record June 15—V. 149, p.
mon
223i.yy ,l:yy:y^
-
order made
-
.
Goderich Elevator & Transit Co., Ltd.—Extra Div.—
Corp.—Meeting Adjourned—
special meeting of stockholders held on May 23 to act on a plan of
recapitalization was adjourned until June 6 owing to a restraining order
filed on May 22 in the Chancery Court in Jersey City by John L. Loeb,
trustee for several stockholders.
A court hearing on the order has been set
The
f
adjourned annual meeting of stockholders has been further ad¬
journed until June 26.
The successive adjournments have been at the
request of the Reconstruction Finance Corporation pending final action
on the company's $900,000 loan
application.—V. 150, p. 2726.
^
The
A
for June 3.
May 25, 1940
The date of maturity would be extended to Nov. 1, 1964 and
1, 1938, and up to Dec.
the payment of the interest accrued since March
31,
1940,
would
be
deferred
until
net
current
assets
exceed
$250,000.
Arrears of interest would only be paid when such payment would not impair
this financial position.
The interest rate would be reduced from the fixed rate of 5% to 3%
whenever the net current assets are less than $250,000 on any interest date.
The remaining 2% would then be payable on the same basis as the other
arrears
of interest.
A sinking fund of
$6,500 annually would be set
up,
250,000.—V. 147, p. into
fayments to be made 2372.it only if net current assets were greater than
Volume
The Commercial & Financial Chronicle
ISO
Houdaille-Hershey Corp.—Class B Dividend—
Indianapolis Water Co.— -Earnings-
Directors have declared
a dividend of 50 cents
per share on the class B
value, payable June 15 to holders of record June 5.
This
compares with 25 cents paid on March 14, last; 50 cents paid on Dec. 21
last, and 25 cents paid on June 26, 1939, this latter being the first dividend
stock,
no
12 Mos. End. Apr. 30
Gross revenues
par
Hudson & Manhattan
& retirement
Gross oper. revenue....
Oper. exps. and taxes
..
Net
$2,526,075
1,763,511
$775,438
42,210
$762,564
43,874
$199,424
10,232
$817,648
$806,438
625,934
*
506,700
$198,962
10.632
$2,653,274
851,790
626,233
810,124
584,686
813,210
595,642
888,888
406,120
$1,269,107
483,945
112,477
$1,231,955
483,945
'124,961
$1,183,378
483,945
123,781
$1,358,266
666,556
116,046
$672,686
$623,049
$575,652
$575,664
deprec
income
1937
1938
5,592,231
..
-
..
Bal. avail, for divs...
—V. 150, p. 2729.
'
Operating income
Non-oper. income.
or
Interest charges
Other deductions
1940—4 Mos.—1939
$2,534,912
1,759,474
1939
$2,626,765
All Fed. & local taxes...
RR.—Earnings—
1940—Month—1939
$638,207
$635,977
438,783
h 437,015
1940
$2,747,131
....
Operation, maintenance,
ution
§aid onof 37M sharesper share was made.—V. 150, p. 3203.quarterly distrithe B cents since Dec. 15, 1937, when a regular
Period End. Apr. 30—
3361
,
.
.
.
,
.
Indian Motorcycle Co.—Dividends—
Directors
Gross income
$209,656
154,533
120,650
Income charges...
a Interest..
—
Deficit...
'
$209,594
156,334
125,275
$65,528
618,304
;
$72,015
'i
482,600
the
on
as soon
On adjustment income bonds
outstanding in the hands of the public.
a
—-v. 150, p.
and
department.
,
The
adjourned annual meeting of stockholders, scheduled to be held
Richmond, Va., on May 15 was further adjourned to June 5, due to delay
completing the auditing of the company's report for the year 1939
and because of lack of
a
quorum.—V.
outstanding.—V. 150,
proposed
Consolidated Income Account for Calendar Years
recapitalization whereby additional common stock
preferred stock retired has been deferred due to
market
Operating Revenue—
Freight
Passenger....
was
un¬
conditions.
exchange for preferred,
demption on July 1. \
and
the
preferred will
not
be
called
for
Miscellaneous.
Incidental
Joint facil.
revenue
Operating Expenses—
J
1,845,571
2,268,098
364,612
1,931,506
2,329,933
376,119
Transportation
expenses
4,864,201
5,324,364
Miscellaneous operations
168,366
479,400
13,960
190,177
486,160
20,698
General expenses..
Transp. for invest.—Cr.
Total oper.
Net
expenses.
oper. revenue
Taxes.
Railway
$9,976,289 $10,617,561
1,440,524
1,183,648
718,961
694,846
oper. income
Other Ope'.
Murray in his monthly report states:
Traffic—The Subway Division during the month of April carried 65,474,
improved the monthly results by approximately 2.5%. The rate of traffic
actually declined by almost 3 %. The lines which reported increased traffic
were the Lexington Avenue, Pelham Bay Park, and
Brooklyn Lines, while
the Broadway-Seventh Avenue, Lenox Avenue and White Plains Road and
Queens lines reported losses. The heaviest loss, 5.68%, was on the Queens
line where the comparison was with unusual conditions last
year on account
of preparations for the World's Fair.
The Manhattan Division during the month of April carried 12,393,278
passengers, a decrease of 93,126, or 0.75%, as compared with April, 1939.
The Third Avenue Line was the only line which reported increased traffic.
$1,536,119
242,516
11,762
85,728
88,201
187,937
11,983
89,031
81,538
184,643
11,115
87,783
$1,152,447
$865,954
$1,901,199
$1,693,263
522,316
249,609
387,420
13,227
184,347
602,969
260,346
378,543
18,452
207,993
785,035
309,290
378,189
28,503
202,963
672,967
317,491
342,514
30,657
181,987
x$204,471
48,026
x$602,349
43,517
$197,218
56,717
$147,647
43,556
x$156,444
2,692
7,590
2,794,909
5,493
2,954
x$558,832
2,133
6,923
2,805,934
4,761
>.2,476
$253,935
1,946
6,515
2,816,959
7,464
873
$191,203
2,061
5,169
2,827,984
10,071
4,830
$3,381,059
$2,579,823
$2,658,914
Joint facility rents
in the
Net ry. oper. income.
Total non-oper. income.
Gross income.
„■
Miscellaneous rents
Miscell. tax accruals
Int. on funded debt
Int. on unfunded debt..
Miscell. income charges.
case
of the Queens line of the Subway Division, the loss can largely be attributed
Net deficit.
to World's Fair
preparations last year. Allowing for the irregularity of the
calendar, the rate of traffic on this division was off to the extent of ap¬
proximately 3.25%, as compared with April, 1939.
The number of passengers carried on the entire system in
April was
77,867,440, a decrease of 292,418, or approximately 0.37%, as compared
with April, 1939.
During the first 10 months of the fiscal year starting July 1, 1939, the
number of passengers carried was 756,659,188, a decrease of
11,627,296, or
approximately 1.51 %, as compared with the corresponding months of the
preceding fiscal year.
■:■.>>>
'
>
Subway Division Operations
$11,054,983 $10,190,578
2,016,973
1,950,570
y480,854
y620,452
$488,802
Rent for pass. tr. cars
Rent for work equipm't.
as
'
>
.
1,761,334
2,415,624
373,256
4,978,558
136,988
535,245
10,428
90,878
balance
Rent for locomotives
actually lower than indicated by
particularly heavy, but
'
$1,330,118
97,506
165,007
14,188
86,444
Hire
the above loss, as the month had one less
Saturday and one less Sunday
than in the corresponding month of last year. This variation in the calendar
was
1
$2,970,082
Total oper. income—
of fr't cars—debit
Thomas E.
162 passengers, a decrease of 199,292, or approximately
0.30%, as compared
the Second Avenue line
414,087
230,059
414,578
172,576
23,587
$721,563
Rent from work equip
Joint facility rent income
Interborough Rapid Transit Co.—Earnings—
on
$9,960,992
925,269
Income—
Rent from locomotives.
Rent from pass. tr. cars.
The listing of new stock trust certificates for 375,698 shares of capital
stock has been approved by the Chicago Stock Exchange.—V. 150, p. 2728.
The loss
1936
•
'
'
'
1,919,850
2,394,104
385,594
5,648,867
189,786
532,766
15,984
•
Maint. of way & struc..
Maint. of equipment...
Traffic expense.........
Independent Pneumatic Tool Co.—Listing—
was
1937
Total oper. revenue..$11,416,814 $11,801,209 $13,071,957 $12,141,148
Lamp Prices Reduced—-
The rate of traffic
1938 '
$9,553,201 $10,506,265
945,707
1,123,440
427,720
415,096
211,123
268,499
401,214
454,072
252,822
263,048
22,046
28,913
re¬
Corporation announced that, effective June 1, it will in general meet
reduction in price of electric incandescent and fluorescent
lamps as
put in effect by the two large electrical manufacturing companies.
A reduction of approximately
17% on fluorescent lamps follows a re¬
duction of about 15% in March, 1940.
It is estimated that these reductions
in price will represent a lower cost to the
public on these two products
amounting to approximately $9,000,000 a year.
Although these reductions will probably affect earnings of corporation
adversely in the second quarter, larger sales of fluorescent lamps and
economies in operation are expected to compensate for this to a con¬
siderable degree in the second half year,
according to the corporation.
—V. 150, p. 3050.
April, 1939.
,
Express
the
with
1939
$9,181,090
864,687
423,916
238,756
442,330
247,396
18,637
Mail
At a special meeting of stockholders held at the
company's offices at
Salem on May 21, Chairman E. J. Poor announced that it was deemed
inadvisable to proceed with the recapitalization
plan and it was decided
to defer putting it into effect until market and
investment conditions
are more favorable.
There will, therefore, be no offer of common stock
in
3050.
International Great Northern RR.—Annual
Report—
150, p. 3410.
to be issued and the
favorable
p.
Directors have declared a stock dividend of 2^% on the Bank
Group
Sliares, payable July 1 to holders of record May 31.—Y. 150, p. 1938.
Hygrade Sylvania Corp.—Plan Deferred—
The
exchanged.—V. 150, p. 2257.
Co.—Listing of Bonds—
Institutional Securities, Ltd.—Stock Dividend—
Hupp Motor Car Corp.-—Meeting Adjourned—
in
their stock has been
The New York Stock Exchange has authorized the
listing of $36,000,000
first mortgage 3% bonds, series
F, due April 1, 1961, all of which are issued
Hughes Petroleum Corp.—Registers with SEC—
in
as
Inland Steel
2728.•.
See list given on first page of this
v
on May 21 declared an initial dividend of 30 cents
per share on
$10 par preferred stock and an initial dividend of 25 cents per share
stock, both payable July 1 to holders of record June 5. •
new common
Directors stated that they had reserved sufficient
money to pay this
dividend to present holders of old preferred and old common
stockholders
$326,196
$283,256
new
the
v:
x Deficit,
y The provision of $186,204 made in 1936 under the Federal
Retirement Act of 1935 has been credited to income of 1937 as a result of
the
repeal of that Act in 1937.
Consolidated Balance Sheet Dec. 31
1939
•
•
V'*
$SCtS'"
'
1938
^
$
'•
"
1939
V ■'
Invest, in road...59,674,507 59,761,831
To adjust, value as
Liabilities—
Capital stock
Grants
in
$
'
7,500,000
aid
of
1938
n
$
7,600,000
i:'
.
shown
above
to
construction
396,347
375,187
Long-term debt...49,936,218 50,043,978
Loans & bills pay.
432,971
432,971
.
Period End. April 30—
Gross oper. revenue
Operating expenses
1940—Month—1939
1940—10 Mos.—1939
$3,554,116
$3,573,409 $34,665,770 $34,526,636
2,238,662
2,168,813
22,970,535
21,985,915
Net oper. revenue
Taxes
$1,315,454
203,166
..
Balance—
-
$1,404,596 $11,695,235 $12,540,721
v
202,800
2,017,178
1,988,768
$1,201,797
218,707
$9,678,057 $10,551,954
2,187,076
2,187,076
of enterprise..
issued in reorg.,
Traffic
Nov. 30'22—Cr. 12.492,370
12,492,370
408,794
357,390
47,182,136 47,269,461
wages
1,429,077
Invest, in equip.. 10,046,316
9,859,266 Misc. accts. pay..
75,156
Int. mat'd unpaid. 10,105,350
Depos. in lieu of
189,445
274,379 Unmai'd int. accr,
mtgd. prop, sold
4,443
1,175,595
Misc. phys. prop..
Inv. in affil. cos.—
567,780
256,264 Unmat'd
Other
240 518
Other investments:
decl'd payable..
9,690,000
$863,597
$1,040,160
7,690
7,690 Deferred liabilities
$7,126,440
$8,124,360
Cash............
454,023
Special deposits...
136,779
433,965 Tax liability
111,001 Accrued deprec'n.
186,750
272,253
4,769,062
V
-
Pledged
Unpledged.....
...
1,043,613
172,344
Unpledged
under
Loans & bills
$863,597
$1,040,160
879,495
$7,126,440
8,796,859
$8,124,360
8,796,136
rec..
v'Vv,;.
x$16,157
Dr 122
$160,665 x$l,670,418
Dr62
Drl,012
x$617,776
x$16,279
$160,602 x$l,671,430
charges
48
48
133,259
Nonoperating income—
49,734
Oth. unadj. credits
8,670,000
>
589
274,040
4,418,276
378,416
339,043
270,510
268,812
Add'ns to property
through
and
Agents' & conduc¬
income
surplus
131,919
126,096 Appropriated
rec.
470,569
549,646
255
Mat'ls <fc supplies.
Other curr. assets.
1,400,503
1,414,325
10,332
x$671,521
Work. fund ad vs..
4,924
tors'
6,240
>1,162
1,021,229 Adj. mtge. bd. int.
accrued but not
227,244
197,785
bal. receivable..
balances..
Miscell. accts.
75,798
8,499,094
1,135
37,703
$8,364,878
879,754
;:
Other def. assets..
9,714
8,497
5,783
13,450
Manhattan Division Operations
Rents <fc ins. paid.
Other unadj. debs.
38,897
235,370
sur- >>"■:
plus not specific¬
ally invested
48,113
25,000
Profit & loss def..23,642,118 20,584,326
41,870
175,110
Balance...
deficit.
liabils.
364,541
Net inc. from oper
or
rent accr.
curr.
$7,490,981
Traffic & car serv.
Loss
ser¬
Cr57,071
Gross inc. from oper..
x
car
$983,089
Contract No. 3--..
Fixed
&
vice balances
29,982
....
Balance—City & Co_^
city
basis of par value
of securs. of co.
J $893,579
Used for purch. of assets
to
:?•/
...
Audited accounts &
Income from operation $1,112,287
Current rent deductions218,708
Payable
?
'
Period End. April 30—
Gross oper. revenue
1940—Month—1939
$670,285
$678,383
809,329
768,232
Operating expenses
.
1940—10 Mos.—1939
$7,773,008
8,692,207
$6,696,500
8,209,037
Total
62,300,189 61.928,5831
Total
62,300,189 61,928,583
—V. 150, P. 2884.
Net operating loss
Rental of jointly oper.
$139,045
$89,848
$1,512,537
5.222
3,144
3,525
2,040
4,902
3,091
51,701
31,839
3,539
2,137
35,021
20,757
$919,199
International Harvester
lines:
Co.—Official Retires—
Retirement of Charles R. Morrison, Vice-President in Charge of Domestic
Queensboro line
Lexington Ave. line..
'
White Plains Rd. line.
Other rent items
51,098
35,847
37,001
39,914
and Canadian Sales, after 42 years of service with the company and one
of its predecessors, has been announced by Sydney G. McAllister, President
of the company.
J. L. McCaffrey
has been elected Vice-President in Charge of Sales to
succeed Mr. Morrison.—V. 150, p. 2729.
Bal. of net oper.._def.
,
$152,976
$103,518
$1,651,855
$1,083,058
Mayor and Comptroller Authorized to Set Unification Date—
The Board of Estimate at a special meeting
May 23 authorized Mayor
LaGuardia and Comptroller Joseph D. McGoldrick to designate any date
between June 1 and July 1 as the date for consummation of the unification
Elan between the city ■'.and: the Interborough Rapid Transit Co. and ManRailway.
attan
>
At the
of the
same
-
time the Board adopted 32 resolutions to carry out the intent
agreement with the Brooklyn-Manhattan Transit Co.
unification
system and the Brooklyn-Queens Transit Co.—Y. 150, p. 2883.J
'
>
V
International
to
Restore
Expected—
Telephone & Telegraph Corp.—Spain
Plants—Officials Say War Damage Less Than
■
The Spanish Government is ready to restore to private management the
properties of the company, according to an Associated Press dispatch
from Madrid May 23.
For over a year, or since the end of the civil war,
Sosthenes Behn, President of the I. T. & T., has been negotiating for the
return of the properties.
He will return from France to Spain within the
next two or three days and then it is expected that the Spanish Government
The Commercial &
3362
According to the report from Madrid, the
free some of the millions of pesetas accumulated
so that foreign exchange may be made available for the purchase of materials
for use in the manufacture of telephone parts, electrical apparatus and
precision machinery.
These manufacturing activities are carried on by
the Standard Electric Co., a subsidiary of I. T. & T.
It was said that
this company, employing 1,000 persons, is faced with a shutdown if raw
materials are not made available.—V. 150. p. 3051.
«
will make Its
announcement.
Government will also try to
Iowa Southern
Utilities Co. of
Delaware—Bond Under¬
writers—
20 with the Securities and Exchange Commission an
registration statement reporting the underwriting syndi¬
ganization and approved the purchase by the Reconstruction Finance
Corporation, at a price not in excess of their principal amount and accrued
exceed $1,112,000 of 2M% equipment trust certificates,
interest, of not to
g0rieS 0^
its proposed issues
cate for
of $10,000,000 first mortgage 4%
fund
bonds, due
1, 1970, and $2,660,000 gen. mtge. 4M% sinking
bonds, due
on May 1, 1950.
The underwriters for both issues and the amounts to be,
underwritten by each are as follows:
$525,000
W. C. Langley & Co
$1,975,000
525,000
Halsey, Stuart & Co., Inc
1,975,000
263,000
Bonbright & Co., Inc
263,000
First Boston Corp
987,000
210,000
Glore, Forgan & Co
790,000
210,000
Stone & Webster and Blodget, Inc
790,000
168,000
A. C. Allyn & Co.. Inc
632,000
158,000
Hemphill, Noyes & Co592,000
May
987,000
Republic Ry
Whipple & Co—Eadgar, Rlcker & Co
H. H. Pay son & Co
Quail & Co
474,000
395,000
158,000
Central
Bacon,
—
158,000
87,000
126,000
105,000
42,000
42,000
23.000
Jersey Central Power
& Light Co.—Amends Registration
Placed at $38,000,000—
—New Financing
The refinancing program
of the company originally
planned for Novem¬
1939, was revised May 18 by an amendment to its registration state¬
filed with the Securities and Exchange Commission.
According
to the amendment the company will offer to the
public $38,000,000
first mortgage 3H% bonds due on March 1, 1965, through an under¬
writing syndicate composed of 56 Investment banking firms.
In addi¬
tion, the company will borrow a maximum of $2,650,000 from the Central
Hanover Bank & Trust Co.
Originally company's registration statement covered $39,000,000 of firstber,
ment
mortgage bonds due in 1964 and $3,225,000 of serial
1949 which were to have been offered to the public.
Proceeds from the sale of the new bonds will be used
as originally planned
bonds due in 1947, and
due in 1961, which will
require $43,683,938.
Any funds necessary for this operation, in addition
to those derived from the new bonds and the bank loan, will be supplied
$10,225,000 first mortgage series B 5%
$32,000,000 first mortgage series 0 4^% bonds
company's treasury.
the following underwriters:
First Boston Corp., E. H. Rollins & Sons, Inc., and Halsey, Stuart &
Co., Inc., $3,700,000 each; Dillon, Read & Co., $2,775,000; Bljdh & Co.,
Inc., $1,550,000; W. C. Langley & Co., $1,450,000; Harriman, Ripley &
Co., Inc., Mellon Securities Corp. and Smith, Barney & Co., $1,200,000
each; H. H. Byllesby & Co., $950,000; Eastman, Dillon & Co., $800,000;
Glore, Forgan & Co., Goldman, Sachs & Co., Harris, Hall & Co., Inc.,
Kidder, Peabody & Co., Stone and Webster & Blodget, Inc., White, Weld
& Co., $750,000 each- A. C. Allyn & Co., Inc., Central Republic Co.,
$625,000 each; W. E. Hutton & Co., Lee Higgison Corp., Union Securities
Corp., Dean Witter & Co., $700,000 each; Blair & Co., Inc., Coffin &
Burr, Inc., F. S. Moseley & Co., Otis & Co., Shields & Co., $400,000 each;
Bodell & Co., Graham, Parsons & Co., Hayden Stone & Co., Hemphill,
Noyes & Co., Tucker, Anthony & Co., $300,000each: Riter & Co., $275,000;
A. G. Becker & Co., Inc., E. W. Clark & Co., Schollkopf, Hutton & Pomeroy. Inc., Whiting, Weeks & Stubbs, Inc., Wisconsin Co., $250,000 each;
Alex Brown & Sons, Eastabrook & Co., Granbery, Marache & Lord, Hayden
Miller & Co., Newton, Abbe & Co., Arthur Perry & Co., Inc., Starkweather
& Co., Stern, Wampier & Co., Inc., Stroud & Co., Inc., $200,000 each;
Bacon, Whipple & Co., Blair, Bonner & Co., Coggeshall & Hocks, R. L.
Day & Co., Equitable Securities Corp., the Illinois Co. of Chicago, Minsch
Monell & Co., Inc., Jackson & Curtis, $150,000 each.—V. 150, p. 2884.
The amendment
reports
Johns-Manville Corp.—75-Cent Common Dividend—
20 declared a dividend of 75 cents per share on the
stock, payable June 24 to holders of record June 10.
This com¬
pares with $2 paid on Dec. 22, 1939 ; 75 cents paid on Sept. 25, 1939, and
50 cents paid on Dec. 23, 1938.—V. 150, p. 2581.
Directors on May
common
Public Service Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$528,446
$533,285 $6,297,765 $6,382,917
expenses-.—
417,642
420,059
5,141,925
5,214,198
Kansas City
30—
Period End. Apr.
Corp.—Special Dividend—
Copper
Kennecott
dividend of 50 cents per share in addi¬
dividend of 25 cents per share on the common stock,
no par value, both payable June 29 to holders of record May 31.
Dividend
of 25 cents was paid on March 30, last; $1.25 paid on Dec. 23, 1939, and
25 cents paid on Sept. 30, June 30 and March 31, 1939.
See V. 150,
p. 1282 for detailed record of previous dividend payments.—V. 150, p. 2103.
Directors have
declared a special
tion to the regular
Co.—Accumulated Dividend—
Key West Electric
dividend of $1.75 per share on account of
preferred stock, payable June 1 to holders of record
May 20.
Like amount was paid on March 1 and on Dec. 1, last, this latter
being the first dividend paid on this issue since June 1, 1933.—V. 150,
p.3052.
./-■,// • ■
,■.
■
have declared a
Directors
accumulations on the
Keystone Steel &
Wire Co.—25-Cent Dividend—
share on the common
payable June 15 to holders of record May 31. Like
amount was paid on March 15 last and compares with 20 cents paid on
Dec. 15, last; 15 cents paid on Sept. 15 and on June 15, 1939; 20 cents
paid on April 15, 1939, dividends of 10 cents paid on Feb. 1, 1939, and on
Nov. 1, 1938; 40 cents paid on June 27, 1938; 15 cents paid on April 15,
1938 ; 25 cents paid on Nov. 1, 1937; 15 cents on Aug. 2, May 1 and on
Feb. 1, 1937, and dividends of 50 cents per share paid on this class of
stock on Nov. 1 and on Aug. 1, 1936.—V. 150, p. 2730.
Directors have
declared a dividend of 25 cents per
Earnings—
Inc.-
•3
„
—9 Mos.—
Months—
Mar. 31, '40 Dec. 31, '39 Sept.
Period—
$20,891
$16,619
$0.05
Net income
$0.04
Earns, per share..
After all
x
V. 150, P. 2730.
Island Lighting Co. below.-
Kinner Motors,
x
-New Director-
Lighting Co.
Kings County
See Long
notes due in 1940 to
to redeem
from the
.
Oklahoma & Gulf Ry.—$3 Dividend—
Directors have declared a dividend of $3 per share on the series C noncumulative preferred stock, payable June 1 to holders of record May 23.
Dividend of $4 was paid last December and a dividend of $2 per share
was distributed in June, 1939.—V. 150, p. 2885.
Kansas
stock, no par value,
3204.
—V. 150, p.
issuance of the certificates.—V.
time the ICC approved the
At the same
150, P. 3205.
Company filed May
amendment to its
May 25, 1940
Financial Chronicle
30, '39 Mar. 31, '40
$6,214
$43,724
$0.01
$0.10
charges.—V. 150, p. 998.
Lake Shore Mines,
Ltd.—50-Cent Dividend—
dividend of 50 cents per share on the common
stock, par $1, payable June 15 to holders of record June 1.
Like amount
was paid on March 15, last; dividend of 75 cents was paid on Dec. 15, 1939
and previously regular quarterly dividends of $1 per snare were distributed.
Directors have declared a
—V. 150, p.
2582.
Lake Superior
District Power Co.— -Earnings—
1940—12 Mos.—1939
1940—3 Moi.—1939
Period End. Mar. 31—
$566,207
424,487
Balance..
$172,089
8,418
$611,105
$663,805
35,237
$180,507
59,596
$637,989
231,157
$699,042
241,711
$120,911
59,179
$406,832
236,717
$457,331
236,717
$30,537
Net income
Pref. stock dividends—
$2,077,369
1,413,564
$89,716
59,179
Gross income
Int. & other deductions.
$2,271,191
1,660,086
$148,141
58,425
Net oper. income
Other income (net)
$534,403
362,315
$141,720
6,421
Operating revenues
Oper. exps. and taxes
$61,731
$170,115
$220,614
26,884
-V. 149, p. 3266.
Co.—Sales—
Lane-Wells
Registering another new high for any month in its history, company
had a record April with gross income from services, sales and royalties
amounting to approximately $279,700, an increase of more than 53%
over the $181,200 reported in April, 1939, according to Rodney 8. Durkee,
President.
This new peak made last month represents a gain of $3,600
over the previous high month of $276,100 made In March, 1940.—V. 150,
p. 3205.
.
.
.
Total oper. re venues
Operating
on
on
$1,155,840
22,125
10,189
220,975
123,846
122,927
$80,912
$791,271
3,369
$794,640
483,047
104
124
$811,019
2,197
$81,335
3,713
15,614
$81,036
40,146
$813,216
315,964
4,412
$81,231
Gross income
Int.
$113,226
19,420
10,153
Operating income
Non-oper. income
Int.
$1,168,719
254,521
$110,804
Net oper. revenue
General taxes
Social security taxes
funded debt
RFC obligations.
Depreciation
65,843
6,605
66,130
Net loss
$8,247
$31,845
Other fixed charges
56,774
325,552
Lehigh Coal & Navigation
its order giving
on
808,196
$619,428
1940, to determine whether they will affirm the
& Susquehanna RR. from Lehigh Coal & Navigation
reject the lease.
Although it is understood that the order had been
issued, the Court, at the request of Lehigh Coal & Navigation Co., is re¬
opening the case for a hearing.
Officials of the Lehigh Com & Navigation Co. said that the interest due
Co.
or
July 1
more
$693,269
Newark, N. J., will hold a hearing on May
the trustees of the Central RR. Co. of New Jersey an
The Federal District Court at
27
extension until Oct. 30,
lease of the Lehigh
85,747
845,275
on
the company's bonds would be paid, and that the
had a year ago.—V. 150, p. 3205.
150, p. 2581.
Electric Co.—Earnings—
31—
1940—Month—1939
1940—12 Mos.—1939
$6,230,347
$6,395,557
$497,110
$530,123
2,479,663
2,604,852
204,882
212,840
896,604
900,260
73,821
Kansas Gas &
Period End. Mar.
Operating revenues
Operating expenses
Direct taxes
79,962
Amort,
of
Lehigh & Hudson River
on
6,271
$181,930
Other int. &
Int. chg'd to
deductions.
$162,950
$2,225,295
6,877
7,367
$181,969
60,000
15,000
9,748
$163,124
$2,232,172
Net income
720,000
180,000
112,499
Cr 63 2
720,000
180,000
109,714
Cr37,264
$78,375
$1,220,305
$1,222,726
520,784
520,784
$701,942
pref. Btocks for the period
2884.
Kansas City
1940—Month—19Z9
$1,099,630 $1,030,434
702,371
668,551
$204,924
39,330
$187,533
36,577
$209,310
2,787
$156,470
$244,255
$224,110
Total interest accrued--
41
43
184
695
652
713
434
$205,828
235,350
$155,777
211,815
$243,498
235,350
$223,492
235,350
$29,522
$56,038
sur$8,148
$11,858
$4.37
$3.31
$5.17
$4.75
deductions
Net
inc<
Balance, deficit
Earns, per sh. on 47,070
shares (par $100)
General Balance Sheet Dec.
Invest. In eqjulp..
$397,259
103,000
rev.
Railway oper. income.
Equipment rents (net)..
Joint facility rents (net) _
Net ry. oper.
income-
$294,259
47,000
9,899
$237,360
$361,883
99,000
$262,883
35,002
7,348
$220,533
$1,751,506
402,000
$1,349,506
187,665
40,571
$1,121,269
$1,545,206
396,000
$1,149,206
133,358
36,751
$979,096
Reconstruction Financing—
The Interstate Commerce Commission on May 20 found the company
on the basis of present and prospective earnings, reasonably to be expected
to meet its fixed charges without reduction thereof through judicial reor¬
1,025,256
21,792
11,850
Misc. phys. propInvest. in aflil. cos.
677,388
160,452
Investments
on
hand
1,047,589
,
21,842
12,283
1 699,786
94,424
14,671
126,081
159,577
from
5,379
rec.
Mat'Is & supplies.
Int. & divs. rec
5,429
389
_
106
37,669
paid
864
18,115
Oth. unadj. debits
Total
25,797
93.026
37,669
Other curr. assets.
Insur. prems.
In advance
4,863
20,599
86,109
4,710
ag'ts & conduc's
Insur., &c., funds
balance
14,344
22,401
114,660
payable
82,817
4,346
Audited acc'ts and
wages
payable
Miscell. acc'ts pay.
200
paid
—
252
247
Other curr. liabils.
bal. receivable..
rec.
1938
Traffic <fc car serv.
DIvb. matured, un¬
Traffic & car serv.
Miscell. acc'ts
1939
$4,707,000 $4,707,000
$5,279,384 Capital stock
46,804
5,611
Special deposits...
31
LiabUities—
1938
1939
Assets—
Invest. In road-_.$5,270,489
Net bal.
from ry. oper.
Railway tax accruals—
Net
income_
Time drafts & dep.
1940—4 Mos.—1939
$4,652,281 $4,183,175
2,900,775
2,637,969
88,434
56,398
$128,218
28,252 *
Cash
Southern Ry.—Earnings—
Period End. April 30—
151,771
78,619
66,516
$184,118
25,193
Net ry. oper.
Other
Railway operating revsRailway operating exps.
1,049,925
170,082
83,728
61,995
$1,566,898
1,077,216
157,316
Other income-
Dividends-
Balance
—V. 150, P.
$1,650,949
1,149,118
$1,493,950
$2,195,176
60,000
15,000
9,749
1936
1937
1938
$1,594,003
1,092,973
183,999
70,993
61,919
$2,187,809
174
construct'n
Divs. applic. to
Railway oper. revenues.
Railway oper. expensesRailway tax accruals
Equipment rents
Joint facility rents
Other
$699,521
mtge. bonds
deb. bonds
Ry.—Earnings—
1939
660,000
6,150
$97,221
Gross income
on
660,000
457
39
Net oper. revenues—
Other income (net)
Int.
55,000
limited-term
investments
Int.
55,000
391
Prop, retire, res. approp.
company has
cash today than it
Calendar Years—
-V.
Co.—Hearing May 27—
1,858
13,454
$7,525,559 $7,511,760
-V. 150, p. 2885.
206
615
liability
Insur. & casualty
55,797
34,049
Tax
40,000
35,000
835,522
802,528
41,031
reserve
46,564
3,289
3,289
1,772,902
Accrued deprec. on
equipment
Other
unadjusted
credits
Add'ns to property
through Income
and surplus
Profit and loss
Total.
1,713,258
.$7,525,659 $7,511,760
The Commercial & Financial Chronicle
Volume ISO
Liquid Carbonic Corp.—Earnings—
r-
1940—6 Mos.—1939
Period End. Mar. 31— 1940—3 Mos.—1939
Net sales
—$3,903,285
$3,694,171
Profit before charges
266,091
299,643
Interest
39,853
38,855
Depreciation
Federal income tax, &c_.
Net loss
:...
—V. 150. P. 2731.
....
$6,255,679
296,787
188,054
81,766
72,193
385,177
225,033
73,438
367,558
162,106
$9,032
197,236
109,803
$6,854,598
457,674
$224,729
$306,315
$80,801
Profit.—
y
Earnings
x
per
share—_
After depreciation
1940—4 Mos.—1939^
$585,581
$515,891
$1.30
$1.15
1940—Month—1939
$195,783
$200,030
$0.43
$0.44
and Federal income taxes,
p. 2582.
On 450,000 shares
y
stock.—V. 150,
common
Long Island Lighting Co.—New Director—
Gen. Charles G. Blakeslee, General Counsel of this company, has
elected a director.
.
--v.:;-.- •.
been
i
Oeorge Link Jr. has been elected
a
director of Queens Borough Gas &
Electric Co.
.
Robert G.
elected
a
Olmsted, Treasurer of Long Island Lighting Co., has
director of Kings County Lighting Co.—V.
Los Angeles
4 Months Ended
Railway Corp.—Earnings—
1939_
1940
$4,161,173
284
21,129
Gross income
$280,168
265,702
1,619
Operating income
Non-operating income
$277,882
2,286
$129,832
operating revenue
Taxes
$583,708
305,825
$128,923
909
...
$4,019,323
2,956,785
478,830
$449,323
Operating revenue
Operating expenses
Depreciation.
$3,983,312
430
35,581
$4,182,586
3,268,426
464,837
April 30—
revenue
Other revenue from transportation
Revenue from other rail & coach operations
Net
been
150, p. 3052.
320,400
Passenger
283,038
2,344
_Benjamin Simon, who, according to Assistant District Attorney Irving
Kaufman, "lived by his wits," and was associated with Mr. Coster from his
bootlegging days, was sentenced to three years.
earliest
Trustee Seeks Recovery of $5,000,000—
proceeding had been delayed until the criminal trial has been completed.
under authority of an order signed by Judge Alfred G. Coxe, Mr. Wardell
began a civil suit in Federal Court by filing a complaint against George,
Arthur and Robert Musica, brothers of Coster; his sister, Marie Girard,
and his widow, Carol Jenkins Coster; two brothers of Mrs. Coster, John O.
Jenkins and Leonard Jenkins; and Benjamin Simon, Irving Feinberg and
Jacob Simon, Coster's alleged associates.
The trustee also asks in his complaint for an accounting from the de¬
fendants for any property wrongfully taken from McKesson & Robbins.
This action climaxed a series of legal moves by the trustee, which began
early in 1939 when he was granted an injunction to prevent the dispersal of
assets alleged to have been fraudulently withdrawn from the company.
At the present time there are approximately $500,000 of known assets tied
up by this injunction.
The trustee has already obtained judgments and settlements amounting
to $231,900, and has brought suit against Coster's estate for full recovery
for alleged damages sustained by McKesson & Robbins through the Coster
frauds.—V. 150, p. 3206."
McLouth Steel Co.—Z^Cent Dividend—
Directors have declared a dividend of 35 cents per share on the common
stock, payable May 29 to holders of record May 25.
Initial dividend of
25 cents was paid on Feb. 15, last.-—V. 150, p. 1285.
~
Macassa Mines, Ltd .—Eight-Cent
Dividend—
I
Directors have declared a dividend of 8 cents per share on the common
$1, payable June 15, to holders of record May 31.
Extra of
addition to regular quarterly dividend of 5 cents was paid on
March 15, last; extra of 5 cents was paid on Dec. 15, last; extras of 2%
cents were paid on Sept. 16, June 15, and March 15, 1939, and an extra
of 5 cents was paid on Dec. 15, 1938.—V. 150, p. 1139.
stock,
par
3 cents in
400
Miscellaneous rents
Interest on funded debt
Interest on unfunded debt
Net loss-
$5,614
$137,488
—V. 150, p. 2731.
Louisiana Land &
and
William J. Wardall, trustee, has moved to recover damages of $5,000,000
from six of those sentenced and from four others. He pointed out that this
(R. G.) Le Tourneau, Inc.—Earnings—
Period End. Apr. 30—
x
Jenkins
-Followingsentence of several associates of the late F. Donald Coster,
:
.
3363
Leonard Jenkins, two brothers-in-iaw who signed
assumed names to letters at Coster's direction, were sentenced to a year
and a day each.
Leonard's sentence was suspended, with five years' pro¬
bation.
John, who was shown at the trial to have told two different stories
under oath, must serve his sentence.
John
Exploration Co.—Option Renewed—
Stockholders at their recent annual meeting approved a proposal
renewing
an option granted in 1936 to the Vice-President of the corporation allowing
him to purchase 1,000 shares of the corporation's capital stock.
In
approving the renewal they also voted to reduce the purchase price payable
upon exercise of the option to $8.55 from $11.22 as originally granted.
The renewed option may be exercised on or before March 16, 1943.—
V. 150, p. 1442.
Louisville Gas & Electric Co.
(Ky.) (& Subs.)—Earns.
Years Ended March 31—
1940
Operating revenue
Operation
Maintenance
Appropriation for retirement reserve
Amortization of limited-term investments
Taxes
Provision for Federal and State income taxes
1939
$11,465,587 $10,765,392
3,459,528
3,293,761
637,995
595,602
1,281,000
1,206,000
1,428
1,426
1,105,163
1,127,581
651,144
582,154
Net operating income
$4,329,330
217,002
$3,958,868
209,076
$4,546,331
1,030,450
Other income
$4,167,944
1,030,450
160,227
87,478
Macon Gas
Co.—Earnings—
1940
1939
$692,721
554,768
$540,525
424,474
$137,953
17,842
$116,052
18,572
$155,795
30,280
$134,624
19,221
$125,515
40,703
5,041
$115,403
40,311
5,095
12 Months Ended March 31—
Operating
Operating
i
revenues
expenses
and taxes,
a Net operating revenues
Non-operating income
a
Gross income
Provision for retirements,,.
Gross
income
Interest
Amortization of debt discount and expenseOther deductions
761
dividends
Common
a
Before
313
$79,010
1,000
71,325
Net income
Preferred dividends
$69,683
1,000
65,381
provision for retirements.
Balance Sheet March 31, 1940
■Assets—Property, plant and equipment * $1,602,227; cash, $74,839;
receivable, $3,565; accounts receivable, $129,858; other receivables,
$538; merchandise, materials and supplies, $28,997; deferred debit items,
$63,574; total, $1,903,598.
Liabilities—2d pref. 5%, non-cumulative stock, $20,000; common stock
($100 par) $475,500; bonds, $720,000; notes payable, $140,000; accounts
payable, $65,776; interest accrued, $11,520; taxes accrued, $35,288; sundry
accruals, $812; consumers' deposits, $23,588; reserves, $258,468; earned
surplus, $152,545; total, $1,903,598.—V. 149, p. 3267.
notes
,
Gross income
funded debt
Amortization of debt discount and expense
Interest
on
160,227
Other interest
29,906
Amortization of flood and rehabilitation
expense..
250,060
Amortization of contractural capital expenditures
Interest charged to construction
37,000
Cr6,134
23,997
Cr7,321
$3,020,885
$2,586,067
1,357,792
1,093,032
Miscellaneous deductions
Net income
_
Earned surplus, beginning of period
Insur. refund & int. applicable to prior years
Dividend received on deposit in closed bank pre¬
viously written off
x Items previously charged or credited
Adjustment of reserve for doubtful accounts
Adjustment of taxes, prior years
250,000
37,000
24,044
22,132
30,295
18,640
56,000
17,000
Manila Gas Corp .—Bonds
date.
■'
The drawn bonds should be presented for payment at the office of the
Philippine Trust Co. , in Manila, Philippine Islands, or, at the option of the
holder, at the principal office of The Chase National Bank of the City of
New. York.—v. 149, p. 3562..■>
Marion-Reserve Power
$4,419,448
1,595,000
990,064
Preferred dividends
Common dividends
Tax deficiencies and interest applicable to prior yrs.
Adjustment of gas and fuel stock inventories
Miscellaneous
charges
...
...
$3,782,394
1,595,000
804,427
11,643
,,
Non-oper. income,--—
Gross
3,292
2,419
Federal income taxes
17,561
9,703
14,809
24,899
—
,,
Maintenance—_...—
Earned surplus, end of period...
$1,820,322
$1,357,792
x Direct to
surplus (which were applicable to the period prior to May 31,
1936 and which consisted of (a) $29,621 of the above dividend received
on deposit in closed bank, and (b) miscellaneous prior years' charges and
credits to surplus) transferred to contingency reserve in a net amount.
Rates Reduced—
and adds $223,300 to gas.—V. 150, p. 3205.
The corporation's application to list
9,023 additional shares of common
official notice of issuance, has been approved by the Chicago
150, p. 2583.
,
Stock Exchange.—V.
McKesson & Robbins, Inc.—Seven Sentenced—
-
John H. McGloon, who was Controller and Vice-President of the company
during the decade while the ex-convict, Philip Musica, alias F. Donald
Coster, was inflating its assets by $21,000,000, was sentenced for com¬
plicity May 22 in Federal District Court to one year and a day and fined
$5,000.
The single count on which McGloon was found guilty by a jury May 18
was the signing of a false financial statement filed for McKesson & Robbins
with the Securities and Exchange Commission and with the Stock Exchange,
covering 1937.
It was the first conviction for such a false report under the
Securities and Exchange Act of 1934.
In sentencing McGloon, Judge Grover M. Moscowitz said the trial had
convinced him of the wisdom of Congress in enacting this law for the pro¬
tection of investors.
He added:
"I think the jury would have been amply justified in finding him guilty
on each of the other 12 counts on which he was acquitted."
Notice of appeal from the conviction was filed for McGloon by his coun¬
sel, Frederick Ironside, and he was continued in $2,500 bail pending the
outcome.
Sentences also were pronounced on six of Coster's relatives and associates
who had pleaded guilty after indictment.
Without any fines, five got
prison terms to be served, and one was released with a suspended sentence on
probation.
George Dietrich, otherwise George Musica, admittedly the right-hand
man in his brother Philip's frauds, and chief Government witness at the
trial, was sentenced to two years and six months.
George Vernard, other¬
wise Arthur Musica, outside man and maker of fake invoices sent to Mc¬
Kesson & Robbins, got three years.
Robert Dietrich, otherwise Robert
Musica, custodian of the fictitious crude drug inventories of McKesson &
Robbins, was sentenced to a year and six months.
$2,954,471
1,303,824
$1,005,948
355,250
27,587
$929,571
$79,833
22,604
2,995
4,594
3,160
$45,174
$580,668
14,128
166,734
$36,180
$31,046
$413,933
other deduct'ns
;
Bal. avail, for common
stock—
.
214,508
67,680
208,366
230,522
42,443
$49,640
13,461
&
Net income—
Div. accrued on $5 pref.
stock
Lynch Corp.—Listing—
upon
Net earnings—-- —
Int. on mtge. debt —on serial notes
+
Amort, of debt disc, and
Interest
exp.
The State Public Service Commission of Kentucky has approved a new
which will reduce customers' costs by $325,000 annually,
effective June 1.
The new schedule cuts $538,600 from electric rates
rate schedule
stock,
Prov. for retire, reserve
$3,200,979
1,411,423
206,338
101,035
187,927
288,308
$81,989
31,354
2,300
119,643
General taxes,.—-
1940—12 Mos.—1939
$3,179,868
$2,925,689
21,111
28,782
$255,227
111,605
17,876
5,644
14*143
23,971
$266,448
revenues
Operation
21,883
...
Co.—Earnings—,
1940—Month—1939
$264,373
$253,691
2,075
1,536
Period End. Apr. 30—
Total oper. revenues
Total
Called—
Corporation is notifying holders of its first mortgage 6% 20-year gold
bonds, dated July 1, 1926, that, through operation of the sinking fund,
$43,000 principal amount of these bonds have been drawn by lot for re¬
demption on July 1, 1940 at 100% and accrued interest to the redemption
150, p. 2886, 2732, 2106.
—V.
Marlin-Rockwell Corp. (& Sub.)
Earnings—
1940
3 Months Ended March 31—
Net profit after deprec., Fed. income taxes, &c
Earns, per sh. on 339,245 shs. of capital stock....
—v.
i5o.
1939
$719,735
$219,988
$0.65
.
$2.12
1773.
p.
(Glenn L.) Martin Co.—Earnings—
license fees
1939
1940
3 Mos. End. Mar. 31—
Net sales incl. royalties &
$3,540,511
2,608,591
$8,911,394
1 6,155,077
....
Cost of sales,.——
•
1938
1937
$4,360,711, $1,691,866
3,395,046/
Adm. & sales expenses—J
1,217,858
48,271
26,456
$931,920
9,873
$965,665
10,021
$425,736
12,102
$2,782,773
$941,793
$975,686
55,792
15,319
54,866
$437,838
18,501
103,675
515,000
1,428
170,600
32,905
272,700
4,238
60,000
18,384
Net profit
—
$2,162,670
Earnings per share,....
$1.98
$682,497
$628,563
t$339,468
$0.62
$0.72
$0.40
Net prof, from opers—
Other income——....
Total income
.....
$2,756,317
Interest—
Depreciation
Amort,
—
of note disc't &
expense..
Miscellaneous—
x
After
all
1,484
—
Prov. for normal Federal
income taxes
appropriate
charges
depreciation, experimental and
provision for possible excess profit
for
—
development, and taxes, but without
and undistributed earnings taxes.
The Commercial & Financial Chronicle
3364
Balance Sheet March 31
1940
1939
$
S
Assets—
4,229,256
4,006,057
234,679
Cash...
714,799
10,000
Accts. receivable-.
15,961,790
Inventories
Investments
6,247,833
905,430
Cash surr., value—
Life insurance..
Prop,
185,928
S
Accounts payable.
818,562
946,949
terms of contr'ts
7,370,615
828,054
Accrued liabilities.
1,848,006
1,075,018
1,094,532
1,092,308
Advs.
rec'd
and copyrights
Other assets
Capital surplus
11,542,567 10,612,993
Surp. from oper'ns 7,481,768
2,983,282
Deferred
5,370,352
120,847
1,352,762
867,110
30,156,050 17,538,606
Total
After
reserve
Total
....30,156,050 17,538,606
<
Madsen Red Lake Gold
Directors have declared an initial dividend of three cents per share on
common stock, payable June 25 to holders of record June 15.
Maryland & Pennsylvania RR.—Earnings—
1939
Calendar Years—
Other oper.
1938
1937
1936
$553,845
428,716
46,116
Gross income
$527,042
444,755
44,753
$561,664
$79,013
13,481
$58,072
12,517
$37,534
14,808
$68,992
12,657
$70,589
$52,341
$81,649
79,705
79,845
79,326
operating primarily in Wisconsin, Illinois, Kentucky and somewhat into
Michigan.
The utility assets and businesses of these companies constitute
one
or more additional
integrated public utility systems, the company
x$9,256
x$26,985
Central
Illinois Public Service and Kentucky Utilities are physically
and might be viewed as one system, whereas the Lake
interconnected
Superior group and the Wisconsin group might each be viewed as a system.
Just how these properties in the second area will be divided into so-called
integrated systems is a matter which remains to be worked out with the SEC.
P. L. Smith, President of Middle West, explained.
Middle West Corp. in its answer listed 48 companies which It denied were
its subsidiaries as the Commission had charged.
These included the Mid¬
land United Co., Midland Utilities Co., Gary Electric & Gas Co., Central
Indiana Power Co., Public Service Co. of Indiana, Northern Indiana Public
Service Co., Indiana Service Corp., Chicago South Shore & South Bend RR.,
Inland Power & Light Corp., Commonwealth Light & Power Co., Kansas
Power Co., and Michigan Public Service Co.
In addition to the integration proposal filed by the parent company, each
subsidiary holding company and each subsidiary operating company also
filed an answer to the SEC's order.—V. 150, p. 3207.
77,766
$12,789
Net ry. oper. income.
Non-operating income..
$475,806
381,273
36,461
$92,494
charges
$3,883
Hentals, interest & mis¬
cellaneous inc. charges
446,728
45,944
Mexican
Net income,
Light & Power Co., Ltd.—Earnings—
Canadian
Deficit.
x
Period End. Mar. 31—
Gross earns, from oper
General Balance Sheet Dec. 31
Assets—
1938
1939
Road and equlp't.
Impt.on leased
Liabilities—
$4,602,626 $4,686,212
ry.
33,621
33,521
1,966
5,877
263,973
137,782
264,109
97.265
27,081
26,612
7,223
property
5,711
--
Miscell. phys. prop
Inv. lnatfU.cos
Cash
Special deposits-..
Traffic & car
conduc¬
tors'balances
1939
1938
Capital stock .....$1,979,500 51,979,500
Funded debt
1,445,000
1,445,000
Traffic & car serv.
balances
wages payable
Misc. accts.
Unmat'd
.
29,984
17,232
75
225
unpaid.
642
1,832
20,283
20,283
3,193
296,469
1,168,951
143,465
287,871
1,168,951
130,953
and
rentals
16,490
13.251
Other
12,260
11,399
54,676
Deferred liabilities
74,235
808
808
2,896
7,751
25,535
..
Freight in transit.
Unadjust. debits..
Total
22,588
$5,203,449 $6,132,727
curr.
liabs..
Approp. surplus..
Profit and loss
$1,855,933
1,440,856
$1,854,814
1,533,292
$138,327
....
Micromatic Hone
_
rec.
522,708
$72,394
$415,077
$321,522
77,978
pay..
int.
1940—3 Mos.—1939
475,868
—V. 150, P. 3053.
115,885
Mat'ls A suppliesInt. & divs. rec
Miscell. accts.
Net earnings
currency]
1940—Month—1939
$614,195
$595,102
Oper. exps. & deprec
Aud. vouchers and
Int. mat'd
serv.
balances
Agents &
■
claims.
Mines, Ltd.—Initial Dividend—
the
Total oper. revenue
Total oper. expenses
■
Properties in the second area, comprise Central Illinois Public Service
Co., Kentucky Utilities Co. and subsidiaries, Kentucky Power & Light Co.,
Wisconsin Power & Light Co. and Lake Superior District Power Co.,
for depreciation of $1,671,442 in 1940 and $1,323,S39 in
1939.—V. 149, p. 3722.
single integrated public utility system as defined by the Act, the company
claims.
15,680
120,670
charges.
The above-mentioned companies contribute approximately 8% of the
system's present gross revenues.
The remainder of the properties Middle
West Corp. divides into two areas, the first of which would be its Southwest
properties, namely, Central Power & Light Co., West Texas Utilities Co.,
Pecos Valley Power & Light Co., Southwestern Light & Power Co., Public
Service Co. of Oklahoma, Oklahoma Power & Water Co. and Southwestern
Gas & Electric Co.
The assets and businesses of these companies constitute
a
17,420
.
Michigan, as well as certain non-utility properties.
The companies which
would be disposed of are Central Power Co., Kansas Electric Power Co.,
Michigan Gas & Electric Co., Missouri Gas & Electric Co., the Albion
Gas Light Co., Arkansas-Missouri Power Corp. and Northwestern Public
Service Co.
under
plant and
equipment
7,334,043
Pats., trademarks
x
1939
$
Cap.stk. (51 par).
Adv. to vendors..
a
1940
Liabilities—
May 25, 1940
Corp.-—Listing—
York Curb Exchange has approved the listing of 125,992 out¬
standing shares common stock, par $1, with authority to add to the
list
9,008 additional shares upon official notice of issuance.—V. 150,
p. 2584.
The New
2,901
Milwaukee Electric Ry. &
Transport Co. (& Subs.)—
Earnings—
Consolidated Income Statement for the 12 Months Ended March, 1940
Total operating revenues
Total operating expenses and taxes
Total......
$9,321,130
8,535,389
.$5,203,449 $5,132,727
Net operating revenues
Non-operating revenues
-V. 148, p. 2902.
$785,741
5,514
—
Master Electric Co.—60-Cent Dividend—
Directors on May 21 declared a dividend of 60 cents per share on the
stock, par $1, payable June 30 to holders of record June 5.
Similar
payment was made on March 20, last; an additional dividend of 40 cents
as well as a quarterly dividend of 40 cents was
paid on Dec. 22, last; stock
dividend of 15% was distributed on Dec. 13, 1939; dividend of 40 cents was
common
paid on Sept. 20, 1939, and previously regular quarterly dividends of 25
cents per share were distributed.—V. 150, p. 2732; V. 149, p.
3877,3562.
Gross income
Interest
on
funded debt
Amortization of bond expense....
Other interest charges
—
—
Net income
$791,254
400,000
771
1,318
$389,165
Note—No provision was made for income taxes for the period since it is
that the company has no taxable net income for the period.
estimated
Merck &
Co., Inc.—To Pay 40-Cent Dividend—
—v. 150, p. 3207.
Directors have declared
stock, payable July
a dividend of 40 cents per share on the common
to holders of record June 20.
Regular quarterly
1
dividends of 25 cents were
of 75 cents was paid on
previously distributed.
In addition,
Dec. 22 last.—V. 149, p. 3413.
a
dividend
RR.—Earnings—
Avge. mileage operated.
Metropolitan Edison Co.—New Transfer Agent—
150, p. 1605.
Middle West Corp. (&
Subs.)—Earnings—
3 Months Ended March 31—
1940
revenues
Maintenance
Depreciation
Taxes
—
Income taxes..
Charges in lieu of income taxes
Freight
1939
$16,334,904 $15,381,502
5,868,351
5,192,454
843,821
777,132
2,136,112
2,081,134
1,656,141
1,575,007
407,889
555,405
318,130
52,878
$5,104,461
134,424
a
$5,238,885
2,018,880
322,878
;
43,384
43,580
1,391,449
Dividends declared
a
Dividends
$5,210,453
2,316,038
248,934
27,415
46,708
not
declared
(incl.
$14,836
and
$44,839, respectively, of unearned requirements
of direct subsidiaries)
Minority common stock interest in net income
of subsidiary companies
$78,463
$73,389
~2~,719
~2~571
18
1~776
Express
4,266
5,735
5,929
2,725
4,895
5,652
$83,514
$73,667
$91,754
$88,696
24,397
32,639
6,182
2,018
37,744
4,574
37,307
31,718
8,386
1,858
41,952
8,584
8.094
1,804
39,344
5,407
requirements
for
the
period
on
Traffic expenses
Transportation expenses
General expenses
above
statement
of
consolidated
150,531
54,936
$793,284
income
stocks
of
sub¬
net income.
includes approxi¬
mately $340,000 and
$213,000 for 1940 and 1939 periods, respectively,
which could not be distributed as dividends on
junior preferred and com¬
mon stocks of subsidiaries owned
by Middle West Corp. because of prior
lien dividend arrearages or because of restrictions occasioned
by preferred
stock agreement and trust indentures.
4,548
4,744
7,991
3,568
1,953
37,869
5,546
Cr8
Crl
Cr4
Cr32
$73,327
10,188
8,612
$83,150
def9,483
7,175
$98,083
def6,329
x9,580
$86,335
2,361
x8,456
prof$l,575
Total
Net oper. profit.
Taxes accrued-
Hire of eqpt. (net)
Dr
Joint facil. rents (net) Cr
$16,659
17,626
10,365
$15,909
22,396
9,940
$6,094
19,073
10,079
Net ry. oper. deficit-Int. on funded debt
$28,364
40,000
Dr41,295
$15,088
40,000
Dr41,470
$109,659
$96,558
17,180
8,856
$6,748
$23,921
Dr8l",692
3,690
Dr78,121
$88,440
$105,732
No deduction included for
estimated surtax
imposed under Revenue Act of 1936.—V. 148,
Minnesota Power & Light
Period End. Mar, 31—
Operating
revenues
Operating expenses
Direct
taxes
Prop, retire,
res. approp.
of limited-term
investments
p.
undistributed
profits
Co.—Earning
1940—Month—1939
$559,434
213,782
81,773
50,000
on
2903.
$525,885
170,981
82,185
41,667
1940—12 Mos.—1939
$6,885,244
2,059,857
1,150,970
625,000
$6,222,305
1,762,385
1,045,364
550,000
Amort,
Net oper. revenues
574
571
6,870
6,803
$213,305
$230,481
$3,042,547
1,399
$2,857,753
1,034
$2,858,787
1,625,518
70,802
Crl ,631
Other income
22
64
$213,327
134,219
$230,545
135,429
5,756
6,043
CrllO
Cr49
$3,043,946
1,615,645
70,615
Crl,907
Net income
$73,462
$89,122
Divs. applic. to pref. stocks for the period
$1,359,593
990,825
$1,164,098
990,835
$368,768
$173,263
Statement of Income (Corporation Only)
,
3 Months Ended March 31—
Income Subsidiary companies consolidated—
Preferred stocks, dividends
Common stocks, dividends-
Bonds, interest
Note, interest
v
1940
1939
$247,705
103,537
11,494
7,750
Other companies:
Dividends
44,206
3,428
Interest
Other income
101
Total
General and administrative
Taxes, other than income
Income taxes
Net income
$418,221
29,315
5,516
12,817
$370,573
Files Integration
The corporation
v
Transp. for investment.
x
414,988
preferred
•
Expenses—
Maint. of way & struc..
Maint. of equipment
Net def. to surplus—
219,265
sidiary companies held by the public, and minority interest in
,
$60,469
"
1,308,150
$1,048,918
j
Net income
.
$71,738
—
Passenger
$5,147,492
62,961
...
Gross income
Interest on long-term debt
Amortization of bond discount and expense
General interest (net)
Other income deductions
Note—The
1936
43.75
Mail
_
Net operating income
Other income (net)
Dividend
1937
43.71
Total
(Exclusive of Central Illinois Public Service Co. and Lake Superior District
Power Co.)
a
1938
33.82
Miscellaneous
New York City, has been appointed as Transfer Agent for said stock.—V. i
a
1939
26.41
Revenues—
The Transfer and Paying Agency has been discontinued as transfer
agent
for the $6 cumulative preferred stock, and the Chemical Bank & Trust Co.
Operating
Operation
Mineral Range
Calendar Years—
$202,470
58,687
12,588
23,077
34,940
9,903
7,353
$349,018
24,902
22,273
$296,645
Proposal with SEC—
Other int. & deductions.
Int. chgd. to construct'n
Balance
-V. 150. p. 2584.
Minneapolis & St. Louis RR.—Annual Report—
Traffic Statistics for Calendar Years
5,198
May 20 filed an integration proposal with the Securi¬
ties and Exchange Commission in answer to the Commission's
show-cause
order.
Under the company's proposal, it would
dispose of properties in
Kansas, Missouri, Nebraska, South Dakota and the lower portion of
on
Gross income
Int. on mtge. bonds
1939
Average miles operated
Passengers carried
Passengers carried one mile
Rate per passenger per mile
Revenue freight, tons
Revenue freight carried one mile
Rate per ton per mile
Earnings per passenger train mile
Earnings per freight train mile
1,518
89,332
5,142,747
1938
1,524
104,167
6,134,940
1.852 cts.
4,564,649
1.842 cts.
4,590,303
809,392,854 774,423,876
1.073 cts.
1.103 cts.
$0.40
$0.41
$5.52
$5.20
Voltlme
The Commercial& Financial Chronicle
ISO
Receiver's Income Account, Calendar Years
■■■'
i,
$94,711
8,687,455
432,971
$113,601
8,543,356
422,719
$9,215,137
_
Total operating revenue
....
Operating
Transportation
1,382.763
1,475,910
3,232,461
574,407
429,112
1,462,630
1,465,309
3,375,972
536,485
446,770
$2,120,485
559,200
$1,792,510
549,200
$1,561,285
$1,243,310
514,704
expenses
Traffic expenses
General, &c
Railway operating income
Hire of equipment—net (Dr.)
Joint facility rent—net (Dr.)
489,986
24,714
48,977
Non-operating income
$1,046,586
69,923
Net oper.
Gross income
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
$1,116,509
26,784
12,956
95,206
$750,308
26,630
25,097
45,955
$981,562
$652,626
operating income
Net income
Balance Sheet Dec. 31
al939
\
al938
Liabilities--
Equipment
9,091,439
General
3,158,773
Misc. phys. prop..
302,202
Invest, in af fil. cos.
290,794
Other Investments
2,888
Deposits in lieu of
mtge. prop, sold
180
746,365
Special deposits...
577,086
562,200
78,581
58,539
Mat'd Int. unpald.42,865,087 40,025,782
58,000 Unmat. int. accr.
308,187
306,529
Other curr, liab._.
62,554
53,870
114,148 Deferred liabilities 10,321,032 10,188,074
253,268 Tax liability
287,838
287,754
701,494 Ins. & casualty res.
181,707
203,566
22 Accrued
deprec'n
9,220
2,369,162
(equipment)
2,083,623
4,172 Oth. unadj. credits 1,071,852
969,267
7,913,695 Add'ns to property
10,000
92,939
Net bai. rec. from
agents & conduc.
Misc. accts. receiv.
122,509
363,622
838,929
Material <fc suppl.
Rents receivable..
Other
22
curr. assets.
$
887,305
wages payable..
11,408 Misc. accts. pay..
car serv.
receiv.
•
%
25,286,003 25,285,735
Stk. liab. for conv.
506,865
506,697
Capital stock..
8,912,489 Grants in aid of
construction...
3,171,450
186,596
193,866
295,359 Funded debt
.44,270,407 44,144,930
284,165 Receiver'8 ctfS
327,380
3,600 Traffic & car serv.
balances payable
312.082
367,057
180 Audited accts. and
_.
Cash
al938
al939
$
Invest, in rd. &eq.:
Road
.47,837,825 47,887,466
balances
revenue.
_
$110,027
54,273
.
_
12,169
thru,
paid in advance.
12,646
Disc, on cap. stlc.. 8,339,183
Disc, on fund, debt
706,455
Oth. unadj. debits 1,020,599
18,507
8,339,183
income
Equipment
$55,754
rents
1936
$933,014
790,217
$920,228
717,926
$142,796
43,378
$202,302
48,742
$97,451
247
2.166
~
13.859
Net deficit
486
9,200
1.646
$106,382
$164,892
60,626
46,239
9,646
8,504
116,855117,801
14.239
16,499
51,568
10,320
116,855
14,100
10,163
116,855
MiscgII^iigoiis
4,122
$102,653"
$61,242
56,402
rents
$153,560
$99,418
838
2,004
2.799
634
2,105
2.749
Joint facility rents
Int. on funded debt
$136,037
182,345
Deficit....
$90,190
182,345
$94,985
182,345
$24,152
181,399
$318,382
Sinking fund deductions
$272,535
$277,330
$205,551
Balance Sheet Dec. 31
Assets—
1939
Liabilities—
1938
1938
1939
Investment
$8,522,918 $8,529,986 Capital stock. ....$3,940,000 $3,940,000
Cash....
128,630
134,948 Long-term debt.. 2,380,900
2,187,100
Time deposits
100,000
100,000 Loans & bills pay.
220,000
220,000
Traffic & car serv.
Gov't, grants
885
balances receiv.
25,157
18,794 Traffic & car serv.
Due from agents
balances payable
27,930
24,035
and conductors.
10,822
5,364 Audited accts. and
Miscellaneous
ac¬
65 508
wages payable..
40 298
counts recelv'le.
14,609
17,266 Miscell. accts. pay.
1,958
1,592
Mat'ls & supplies.
' 88,869
101,215 Int. mat'd unpaid
296,194
351,311
-
,
Interest receivable
656
306
Unmatured
828
827
Other
Other def'd assets.
6,736
Unadjust. debits..
4,013
1,497
8,926
Working fund ad¬
est
vances
inter¬
accrued....
curr.
llabils.
Other unadj. cred.
Add'ns to property
14,000
4,422
5,110
479,854
6,035
462,308
m
42,134
43,304
Sink, fund reserve 3,417,005
3,234,660
Deficit...
1,630,725
through
Total
—V.
$8,903,139 $8,919,131
surplus
$8,903,139 $8,919,131
150, p. 2888.
Earnings—
12 Months Ended March 31—
1940
1939
$883,541
703,866
Gross indome
Interest
$178,555
50,129
$160,181
47,017
Gross income
Provision for retirements
$151,976
26,579
$208,869
48,689
Net operating revenues
Non-operating income
$709,765
557,788
$179,675
29,194
Operating revenues
Operating expenses and taxes
a
1,953,552
...
Total
Mobile Gas Service Corp.-
a
762,777
1,055.186
'
1937
4
Miscellaneous.
&
surplus
116,170
113,254
Profit & loss def. .47,560,586 45,288,277
$151,896
54,445
Operating income
Equipment
...
Wkg. fd. advances
3,143
Other def'd assets. 7,984,593
Rents & ins. prems.
1938
$793,933
642,038
Joint facility rents
$679,629
70,679
Traffic &
$863,319
753,293
expenses
Gross income
Net revenue from railway operations
Railway tax accruals
Assets—
1939
Tax accruals
Expenses—
Maintenance of way, &c
Maintenance of equipment
Net railway
Calendar hears—
Gross operating revenue
$9,079,676
;
....
Mississippi Central RR.— ■Annual Report—.
1938
1939
Passenger revenue
Freight revenue
Mail, express, &c
ill,
3365
$128,426
46,949
876
661
Sundry income charges
-
Total
80,937,277 80,683,0941
Total
80,937,277 80,683,094
Corporate and receivers, report.—V. 150, p. 3054.
a
Monongahela Ry.
Earnings—
Calendar Years—
1939
1937
$4,676,597
10,740
29,053
$3,440,045
517,889
786,857
43,819
$4,468,538
829,129
1,018,584
49,397
1*4,716,390
$2,490,851
393,243
$2,091,480
323,098
$2,571,427
365,615
$2,894,341
441,628
Railway oper. income. $2,097,608
Non-oper. income..
12,672
$1,768,382
13,856
$2,205,812
17,508
$2,452,713
12,763
Gross income.
Hire of equip.—Dr
$2,110,280
812,136
31,241
462,920
$1,782,238
798,756
34,118
467,587
$2,223,320
975,620
33,059
472,240
$2,465,476
950,683
31,492
476,907
176,829
178,111
174,226
173,649
$627,153
$303,665
120,000
120,000
$568,173
120,000
624,500
$832,745
120,000
811,850
Net
rev,
from ry
.
$4,155,889
736,453
oper.
Railway tax accruals.—
Joint facility rents—-Dr.
Int. on funded debt
Miscell. deductions from
income
gross
Net Income
Sinking & other
Dividends
,
res.
fds.
437,150
_
$70,003
804.769
974,051
43,228
j
Balance Sheet March 31, 1940
Assets—Property, plant and equipment, $2,864,352; cash, $65,120;
receivable, $515; accounts receivable, $143,037; other receivables,
$1,117; appliances on rental, $5,452; merchandise, materials and supplies,
$49,450; deferred debit items, $20,828; total, $3,148,869.
Liabilities—Common stock ($5,000 no par shares), $430,701; 1st mortgage
bonds, $1,833,000; accounts payable, $76,733; interest accrued, $684;
taxes accrued, $19,722; sundry accruals, $979; consumers' deposits, $26,841;
service extension deposits, $40,093; reserves, $687,268; capital surplus,
$32,848; total, $3,148,869 —V. 150, p. 1605.
notes
Mock, Judson, Voehringer Co., Inc.—No Common Div.
at their recent meeting took no action on payment of the
on
the common stock ordinarily due at this time.
Regular
quarterly dividend of 25 cents waspaid on March 11, last.—Y. 148, p. 1175.
Directors
dividend
Mode
$183,665 def$176.327
def$99,105
General Balance Sheet Dec. 31
1938
opt
©
q
Inv. inroad &
Impts.
■
—■
$.
1939
,
_
railway property
Sinking funds
229,370
20
936,544
936,938
233,025
979,351
21,345
783,277
119,934
116,307
16,105
18,043
17,199
20,396
from
agts. & conduct.
Miscell. accts. rec.
car serv.
balance
payable
184,473
,
158,113
95,784
Monsanto Chemical Co.—New Plant—
Construction of
-
employees.
9,640
15,889
Misc. accts. pay..
Int. mat'd unpaid.
87,170
7,584
85,487
460
680
accr.
76,893
Unmat. rents accr.
Other curr. llabils.
2,432
77,673
2,420
828
Material & suppl's
196,491
179,158
Other def'd liabils.
l"607
19
2
200,326
Other def'd assets.
57,459
Tax liability.-...
Railroad retire, tax
Insur.
prem.
1,488
273,650
56,727
9,640
Unempl, ins. tax..
11,889
*. 287 Acer, deprec.—eqp 1,492,657
44,545 Other unadj .credits
19,357
paid
in advance.
3,419
37,843
7,583
2,045
1,428,075
25,244
Add'ns to property
thru.lqc. Asurp 1,782,009
1,782,008
thru. inc. & surp
1,054,513
Sinking fund res've
120,020
Profit and loss.... 5,157,060
Total
28,158,965 27,932,308
150,
p.
plant in Springfield, Mass., for the manufacture
934,003
120,530
5,112,532
Total.........28,158,965 27,932,308
Montgomery Ward & Co., Inc. (&
z
Withdraws Proposed
At
a
meeting May
common
Operating revenues
operating expenses and taxes..—
.
....
Total
Net operating revenues_
Non-operating revenues..—...
...
al939
$4,185,297
2,150,957
$3,908,098
1,266,753
,
Stock Offering—New Controller—
,
17 of the board of directors it was determined to
subscription rights to its common stock
The following letter will be mailed to
stock holders:
■:
..
x
.
,
their effect upon the financial
board of directors today decided to withdraw the plan
previously described to you of offering additional shares of common stock."
The directors on May 17 elected Earl G. Ward Controller to fill the
vacancy created by the recent resignation of John R. Donaldson.
"Due to recent international events and
markets,
your
Listinq of Additional Shares—
Chicago Stock Exchange has approved
tional shares of common stock upon
the listing of 772.910 addi¬
official notice of issuance. —V. 150, p.
3207.
■■■J1-:/
Montour
income..
1940
$161,067
58,214
61,137
1939
$21,432
def31,786
def1,469
Gross from railway.....
615,770
Net from railway.
210,534
249,998
428,312
93,731
ry.
oper.
-
RR.—Earnings—
April—
Earnings—
1940
1940
$4,928,331
$0.88
withdraw the plan of offering stock
holders as previously announced.
Net
Mississippi River Power Co.
12 Months Ended March 31—
Subs.)—Earnings—
1939
1938
1937
$4,423,175 z$2,101,946 x$3,466,355
$0.78
$0.33
$0.60
x After provision of $70,000 for Federal surtax on undistributed profits,
After depreciation, amortization and Federal taxes and other charges,
After provision for Federal surtax on undistributed profits.
;
Quar. End. Apr. 30—
y Net profit.......i....
Earns, per sh. on com
Gross from railway.....
Net from railway......
2889.
announced on May 19,
the Monsanto Plastics Division.
The
Fund, debt retured
—V.
new
Vice-President of this
company and General Manager
Construction, authorized at a meeting
in St. Louis, will begin as soon as contracts can be let. The Resinox Corp.
was bought by the Monsanto from Corn Products Refining Co, and the
Commercial Solvents Corp. in May, 1939.—V. 150, p. 3054.
y
Other curr. assets.
Other unadj .debits
a
by John C. Brooks,
90,394
RR. retire, taxes—
share) on the
stock, both payable June 24 to holders of record June 14.
See
2432.
;
W ^';v'
-
payable..
Unmat'd int.
car serv.
bals. receivablerec.
$
Audited accts. and
wages
Cash...
Net bal.
1938
$
Liabilities—
Traffic &
530
Misc. phys. prop.
Inv. in af fil. cos.:
Traffic &
dividend of 25 cents per share (or a total of 60 cents per
also V. 150, P.
6,245,000
Fund, debt unmat.11,534,000 11,651,000
Advances
a
common
eq..25,543,971" 25,527,079 Cap.stk. (par $50) 6,245,000
leased
on
O'Day Corp.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addition
to
or
c
$85,907
Before provision for retirements,
b Premiums paid in prior years to a
c Reserved for interest on income bonds.
i::;\
self-insurance fund,
of Resinox phenolic plastic molding materials was
Balance transferred to
Profit and loss
A
$112,503
Net earnings
a
1936
$4,421,576
10,792
36,170
891,169
37,416
Total..............
Maintenance
Transportation
All other oper. exps—_
$80,602
5,305
c
1938
$3,409,909
8,776
21,359
Freight revenues.$4,125,964
Passenger revenues.....
7,152
All other
22,773
$112,503
Remainder
b Partial return
-
Net ry. oper. income...
—V. 150, P. 2585.
151,766
.
1938
$87,119
12,115
23,387
1937
$161,991
60,185
70,835
435,204
712,869
90,260
130,500
273,342
269,493
/■v
$2,034,339
123,915
$2,641,345
125,363
$2,158,254
$2,766,708
934,206
14,975
941,834
40,590
14,766
$1,169,025
$1,769,518
May 15, 1940, maturing May 15, 1960, has been placed
privately through Collier, Norris & Henderson, Ltd., at
96.60, to yield 3.75%.
forma- sub¬
sidiary, to date of dissolution, Nov. 23, 1938.—V. 149, p. 3268.
^
*
The purpose of the issue is stated to be to defray the cost of capital
expenditures and to provide additional working capital.—V 150 p. 3055,
_ ..
.
....
...
-
Montreal
Light, Heat & Power Consolidated—Bonds
fund
& collateral trust bonds, 1960 series, dated
Sold—A new issue of $6,000,000 3lA% 20-year sinking
Gross income
Interest
on
..
...
funded debt
_
Amortization of bond discount and expense....
Other deductions
^
Net income..
a
Includes
the accounts
—
of Missouri
..
—
40,048
Transmission Co.,
a
/;
first mortgage
The Commercial & Financial Chronicle
3366
given on first page of this department.—V. 148, p.
*
"/'
3381.
/Vr:
Co.—Users
Power
States
Against
Public
districts in all instances in
Lincoln County,
Voters In the towns of
the Tilla¬
1,205 "for" and 1,533 "against."
Wheeler and Nehalem turned down proposal for annexation to
mook district which was formed in 1933.—V. 150, p. 2585.
J i
$25,854
K,,;;
.
Series B
Series B-Ung
1939
$19,150
v
Series O.
Series D
(F. E.) Myers & Bro. Co.— -Earnings6 Mos. End. Apr. 30—
Manufacturing profit
Expenses
.
Depreciation
—
Series BB
V-i
V
1.55 %
2.04%
2.25%
2.08%
2.11%
2.31%
2.40%
2.02%
1.88%
1.95%
2.18%
Mortgage Security, series A.
Series AA
1940
Net income after charges and taxes,
—V. 150, p. 1606.
.........
Series AI_
Inc.- -Earnings-—
3 Months Ended March 31—
-
Series AG__
Series AH
par
Mutual System,
,
Series AF
a dividend of 25 cents per share on the common
value, payable June 15 to holders of record June 1.
This
compares with 75 cents paid on Dec. 15, last, and 25 cents paid on June 15,
1939 and on Dec. 15 and June 15, 1938.—V. 150, p. 1775.
no
Series A A
Series A B
Series AO....
Series AE
Directors have declared
stock,
Mortgage Guarantee, series A
.
^
Series E_
Series Mich
Series Mich. 2
—
1938
1937
$1,014,740
$1,168,823
426,167
42,391
399,659
40,405
$449,701
13,899
$546,181
$728,759
16,303
$463,601
$562,030
86,000
$745,062
National Reserve, series CA
Series CB
$626,562
350,000
$276,562
2.51%
2.78%
4.00%
2.94%
2.21 %
2.00%
2.69%
2.98%
2.00%
2.00%
National Mortgage, series B_
Series C
1939
1940
SI,177,397
470,708
44,091
$925,568
433,188
$662,598
5,763
$668,361
130,000
42,678
Series Mich3__r--_Series C. T. A
Total income
Prov. for Fed. tax (est.).
15.849
91,000
Common dividends
300,000
300,000
Balance, surplus
$238,361
$72,600
$126,030
$1.86
$2.38
Earns, per sh. on 200,000
shs. com. stk. (no par)
$2.69
Cash
Notes & acc'ts
Series O—
—
a205,406
Accounts payable
rec.
975,466
Mdse. Inventory..
1,068,509
1,162,156
1,098,369
taxes <fc contlng.
Common stock..
264.582
1,000,000
1,000,000
Real est., mach'y
and equipment.
899,504
31,461
3,244,907
Deferred assets...
2.02%
f?l
1.92%
1.77%
1.56 %
3.00 %
1.48%
1.66%
83%
80%
81
l".52%
1.34%
3,161,417
holders of record as of the close of business May
National Container Corp.
3 Months Ended March 31—
(Del.)—Earnings—
$4,668,416 $4,629,866
Total....
x Represented
by 200,000 no-par shares,
v Less allowance for depre¬
ciation of $1,039,234 on April 30, 1940. and $1,017,088 on Jan. 31, 1940.
z Includes
payroll,
a Includes accrued interest of $1,031.—V. 150, p. 1445.
mission
the application and declaration (File 70-63)
proposed issuance and sale, after competitive
bidding, of 180,000 shares of cumulative preferred stock ($50 par).
The
dividend rate will be determined after the bids are received.—V. 150, p. 3208.
s
Washington offices
on
Interest, amortization, &c
Federal income tax, &c
—Earnings—
1939
1938
$1,585,713
215,351
291,616
$1,725,663
$1,916,753
178,349
174,086
186,980
284,550
$1,078,746
$0.53
$1,373,228
$0.67
$1,445,223
.
„
Profit after depreciation
W A hearing has been set for June 4 at the Securities and Exchange Com¬
$51,076
$0,15
$202,117
$0.61
National Distillers Products Corp.3 Mos. End. Mar. 31—
Narragansett Electric Co.—Hearing June 4—
1939
1940
>
»
deprec., Fed. taxes, &c—
Earnings per share
—V. 150, p. 3208.
Net profit after
-$4,668,416 $4,629,8661
Total...
%
88%
89%
82%
92 %
87%
.44%
general funds realized from the liquidation of other assets.
15 to participation certificate
31.
Transfer books will be
closed for a period not exceeding 15 days beginning June 1.—V. 150, p. 1941.
39,442
Miscell. assets
79%
1.78%
.98%
.98%
1.08%
.23%
2.22%
2.02%
Distributions are payable on or before June
257,103
5,444
y
x
2.75%
58%
from
local
916,030
7,089
and
ill
Lni
These
$211,341
State
Series G_..__.
1.30%
distributions are being paid from the proceeds of dividends re¬
ceived from the Superintendent of Insurance of the State of New York on
account of the corporation's claim against National Surety Co. and(or)
Apr. 30*40 Jan. 31 *40
$158,928
z
204,719
_
Series F
Res. for Fed. inc.,
and
sees.
.
Title Investment, series B
Union Mortgage, series AN.
^
Profit & loss surp.
-.$1,480,982 $1,203,706
Govt,
marketable
Series B
$3.13
>'-V'
Liabilities—
Apr. 30*40 Jan. 31 *40
Assets—
S.
;?
Balance Sheet
;'
U.
$372,601
$538,361
Southern Securities, series A.
66%
65%
63%
72%
71%
62%
50%
83%
1.31%
1.02%
2.05%
Series CC
118,500
$476,030
350,000
income
Net
if
86%
83% v
3.79%
1.35%
.
III
82%
.22%
2.41%
83%
92%
86%
78%
84%
85%
89%
82%
"'.06%
2.70%
Series Ky-2
Operating income
Int. earned on other inc.
79%
81%
.49%
1.45%
1.96%
.75%
.92%
.89%
1.69%
1.60%
.98%
.12%
.05%
.82%
3.49%
1.51%
Series F
73%
68%
71%
83%
70%
66%
.63%
1.97%
Mortgage bond, series E
tributed
1.2%
3.91%
2.03%
2-09%
tributed
to Date
Dis¬
Funds
2.37%
1.88%
Dis¬
iously
General
Funds
vv
..,y
Series AD
Muskogee Co.—To Pay 25-Cent Dividend—
v
Claim
Series D
the territory in which this company operates, according to complete re¬
turns from May 17 balloting released by the company.
The vote in Coos County was 2,922 "for" and 5,017 "against" and, In
From
From
.;
Meline, series B
Series C
Ownership—
Oregon voters have defeated proposed utility
-Ve:.-'Vi<;
■
:Vvvi
1
Mountain
Total
■Amount Authorized— Amt. Prer
Co., Inc.—Registers with SEC—
Motors Securities
See list
*1940
May 25,
—
1940
^
of the company regarding the
Narragansett Racing Association, Inc.—50-Cent Div.—f
Directors have declared a dividend of 50 cents per share on the common
This compares
with|25 cents paid on Dec. 18, last; dividends of 40 cents paid on Oct. 20
and on June 1, 1939, 35 cents paid on Jan. 4, 1939; 25 cents paid on Oct. 20,
1938; 50 cents paid on Nov. 26, 1937; $1 paid on Dec. 21 and on Nov. 12,
1936, and a dividend of 25 cents paid on Dec. 6,1935.—V. 149, p. 3563.
stock, par $1, payable June 10 to holders of record May 29.
Nash-Kelvinator
Corp.—Earnings—
Period End. Mar. 31—
1946—3 Mos.—1939
zEarns, per share
x
1940—6 Mos.—1939
$405,939 y$l,439,198
$0.09
Nil
$140,508
$0.03
After depreciation, Federal income taxes, &c.
shares
common
y
Loss,
z
stock
National Oil Products Co., Inc.-—Earnings—
1940
Earnings
Earns, per sh. on
$182,950
719,825
$1.02
179,829
$0.88
$4)
share
per
—V. 150, p. 2889.
1939
$157,703
3 Months Ended March 31—
Net profit after all charges and taxes
Shares capital stock outstanding (par
■
,
& Type Co .—Earnings—
depreciation & taxes._
64,392 shs. com. stk. (par $1)—
—V. 149, P. 4036.
1939
1940
$87,556
$1.07
6 Months Ended Feb. 29—
Net profit after all charges,
On4,291,306
$0.70
$45,613
$0.42
"
stock, par $5.—V. 150, p. 440.
National Acme
National Public Service
Co.—Earnings—
The New
3 Months Ended March 31—
Net profit after all charges and taxes
Earns, per sh. on 500,000 shs. com. stk. (par $1)_.
—V. 150, P. 1775.
; ,r. .•
1939
1940
$515,546
$1.03
$53,836
$0.11
1
National Aviation Corp.-
-Earnings—
3 Months Ended March 31—
'i
York
Trust Co.,
v
company's debentures, has
Corp.—Earnings—
1940
|
1938^
$3,200,926
1,248,675
$6,869,314
1,578,206
1939
$5,167,356
1,519,935
468,006
813,909
600,282
620,470
590,027
273,588
$4,009,193
$1.82
$2,426,669
$1,088,636
$1.10
$0.45
3 Months Ended March 31—
Operating profit
Depreciation and depletion
Interest-
Federal income tax
National Battery Co.—Will Not Redeem Pref. Stock—
Corp.—Sale Postponed—
trustee for the
postponed to June 26 from May 22, the sale at public auction of a single
block of 712,411 shares of Jersey Central Power & Light Co. common
stock, collateral supporting the debentures.
The stock was originally
scheduled to be auctioned on Sept. 28, 1936, but the sale has been postponed
from time to time.—V. 150, p. 2734.
National Steel
1939
1940
xTNet income after all charges and taxes..,.
$174,464
$121,446
x Includes net profit on sales of securities of $220,176 in 1940 and $149,912
in 1939.—V. 150, p. 1001.
>
:/
)
profit
National Paper
$382,941
$0.09
x'Net profit
Net
Earns, per sh. on common
—V. 150, P. 1445.
—
.
_
_
w
It is reported that due to market conditions, directors of this company
have voted to withdraw previously issued call for redemption on July 1,
1940, of all of the company's outstanding preferred stock at $35 a share.
V. 150, P. 3208.
National Biscuit
W Period End. Mar. 31—
See
1940—3 Mos.—1939
1940—12 Mos.—1939
Net profit after all chgs.
and taxes.....
$2,803,101
Earns, per sh. on 6,289,
448 shs. common stock
$0.38
$2,969,333 $11,767,470 $12,355,801
$0.40
$1.60
$1.69
—V. 150, p. 1445.
on
account of
stock.
principal have been authorized
on
the follow¬
1940—Month—1939
$678,472
$666,332
285,373
327,839
103,344
104,318
52,500
52,500
Period End. Mar. 31—
Operating revenues
Operating expenses
Direct taxes.
Prop, retire, res. approp.
1940—12 Mos.—1939
$8,423,422
$8,206,996
3,365,453
3,704,287
1,303,970
1,299,763
630,000
592,500
Amortization of limited-
1,800
1,945
22,905
23,497
$192,015
$223,170
$2,766,467
$2,921,576
;
term investments
National Bondholders Corp.—Distributions—
Distributions
on common
^Nebraska Power Co.—Earnings—
Co.—Earnings—
v
Net profit
Earnings per share
—V. 150, p. 2262.
Net oper. revenues
Other income
61
61
'2,119
2,079
$223,231
$2,768,586
$2,923,655
742,500
210,000
742,500
210,000
109,463
Crl6,813
ing series at the rates indicated:
-Amount Authorized-
Tota1
Gross income
Claim
General
tributed
mtge. bonds.
deb. bonds..
$192,076
61,875
17,500
Funds
Fumds
to Dale
Other int. & deductions.
9,890
61,875
17,500
9,192
2.55%
1.34%
1.61%
2.45%
2.66%
2.39%
2.44%
2.44%
2.43%
2.65%
2.63%
62%
81%
Int. chgd. to construct'n
Cr283
Cr343
Dr856
01°
$103,094
$135,007
Divs. applic. to pref. stocks for the period.
$1,703,536
499,100
$1,878,505
$1,204,436
$1,379,405
From
Alabama, series B__
Amortization, series A..._
Central Funding, series A.
1.56r
t Series C
Series C___.
B
1.56%
Series D
Empire Bond, series A
Series C
Federal Home, series A
Series B_
Series C
Series D_
Series F
....
...
2.32%
Guaranty Title, series A
Series B
Series C
Home Bond, series A
Instalment Mortgage, ser. A.
Series C
Series D
-±m
Investment securities, ser. A
Series B
1.57%
1.35%
2.37%
2.18%
2.21%
2.13%
1.82%
1.92%
.
...
Series D
Series E
Investors Mortgage, series A
Series B
2.39%
1.44%
2.19%
1.15%
44%
1.41 %
1.98 %
1.82%
2.05%
1.96%
1.82%
1.79%
1.87%
18%
•
1.33%
2.00%
Series D
2.00%
Dis¬
79%
79%
82%
78
%
Interest
on
Interest
on
Net income
Balance
i
..
111,694 ;
499,100
-V. 150. P. 2585.
64%
83?
Ill
Nehi
78%
common
stock (no par),
authorized the listing of 1,030,000
all of which are issued and outstanding.
Consolidated Income Account 3 Months Ended
March 31,1940
73%
3.68%
3.61%
Corp.—Listing of Common Stock—
The New York Stock Exchange has
shares of
84%
4.08%
Net sales of product
Cost of sales, selling,
Gross
100%
93%
84%
84%
"".67%
II
profit.
Purchase discount,
86%
75%
78%
—
profit on other sales, &c
Total.
Discounts allowed and other deductions
Provision for depreciation
Provision for Federal and State income taxes
$187,666
14,413
$202,079
27,995
9,240
35,000
$129,843
Net income
Note—Inasmuch
'
$958,189
770,523
advertising and admin, expenses
1.56%
1.81%
3.85%
7.56%
4.59%
3.02%
.18%
.95%
4.04%
2.00%
Series C
From
as
approximately only 16% of the volume of business is
of the year, $116,668 of advertising expenses
incurred during the first quarter have been
derived during the first quarter
and $17,186 of selling expenses
::r
Volume
The Commercial
150
deferred to subsequent
New
the
periods in order to equalize such expenses over
Because of the seasonal nature of the business, the results of
operations for the three months ended March 31, 1940, should not be con¬
sidered as indicative of the results of operations for the entire year.—V.
entire year.
Pay
.V
meeting of the directors held on May 20 a dividend of $1.50 per share
on the common stock, payable June 29, to stockholders of
of business June 7.
Dividend of $1.75 was paid on
March 30, last; $2 was paid on Dec. 23, last; and previously regular quarAt
a
declared
was
record at the close
Gas
England
Association—System
Electric
&
Output—
V
;•-
terly^vidends^£$1.50 pershar^we^^stributed.—V. 150, p. 3209.
New Method Laundry Co., Ltd .-—Bonds Offered—R. A.
;l
Gas & Electric System reports
electric output of 7,973,800 kwh.
This is an increase of 630,741 kwh., or
8.59% above production of 7,343,741 kwh. for the corresponding week a
For the week ended May 17, New England
year ago.
reported at 94,883,000 cu. ft., an increase of 5,068,000 cu.
ft., or 5.64% above production of 89,815,000 cu. ft. in the corresponding
week a year ago.—Y. 150, p. 3209.
Gas output is
New Orleans Texas & Mexico
Ry.—Annual Report—
General Statistics for Calendar Years
i
1939
1938
1937
Average miles operated1,759
1,765
1,764
Revenue tons carried
5,457,672
5,323,257
5,861,118
Rev. tons carried one m_877,542,761 843,577,591 956,485,358
Rev. per ton per mile
1.56 cts.
1.54 cts.
1.51 cts.
Passengers carried
425,887
439,407
477,330
Pass, carried one mile
27,025,225
28,191,256
33,208,042
Rev. per pass, per mile.
1.69cts.
1.75 cts.
1.69 cts.
1
•.
-
'1
.
1936
1,763
5,003.804
731,884,086
1.52 cts.
420,660
(,D»4.UU*
27,584.004
1.65 cts.
_
Consolidated Income Account, Years Ended Dec.
;,
Co.—To
& Telegraph
England Telephone
Dividend—
150, p. 3208.
New
3367
& Financial Chronicle
Railway Oper. Revenue1939
1938
Freight
$13,650,198 $12,973,149
494,139
Passenger
457,803
Mail
237,272
233,254
131,584
Express.
145,051
113,637
Miscellaneous
116,645
112,201
Incidental
127,812
132,477
Joint facility...
168,247
31
Principal and interest (J-D) payable in lawful money of Canada at the
principal office of the company's bankers in Toronto, or in Montreal, at
the holders' option.
Coupon bonds in denom. of $1,000 and $500, registerable as to principal.
Red. as a whole or in part on any int. date prior
to maturity, on 30 days' notice, at 101 and int.
In case of partial redemp¬
tion, bonds will be redeemed in order of their maturity.
Trustee, Toronto
General Trusts Corp. Dated June 1, 1940; to mature serially June 1, 1941
193658
to 1948.
...
Purpose—Proceeds, together with other company funds, will be used
presently outstanding $170,000 6% 1st mtge.
to retire on June 1 next the
bonds.
History and Business—Company was incorporated under the laws of
the Province of Ontario in 1929 to acquire the business, assets, undertaking
and goodwill of the predecessor company, New Method Laundry Ltd.
456,333
227,918
134,450
118,176
68,032
128,380
562,414
249,301
154,897
126,955
118,966
149,122
operation for over
time it constitutes one of the
The business has now been in continuous and successful
35 years.
1936
1937
$14,398,111 $11,109,418
...
Daly Co., Ltd., Toronto, recently offered at 100 and int.
$170,000 4% first (closed) mortgage serial bonds.
It has grown until at the present
Company's plant,
largest units in the retail laundry business in Canada.
completed in 1930, is one of the most modern in the industry
a high degree of efficiency.
In addition to
the laundry business the company carries on a dry cleaning business which
has been in successful operation since 1930.
It is now acquiring all the
outstanding shares of the capital stock of Spick & Span, Ltd., a cleaning
and pressing business having 27 well-located branch shops in Toronto.
Assets—The balance sheet as at Dec. 31, 1939, shows depreciated fixed
which
was
and has been maintained at
including land, buildings, machinery and plant of $611,083, and
assets of $73,031.
Total net tangible assets are shown at
or equal to $4,244 for each $1,000 bond of this issue.
The
balance sheet does not include the stock of Spick & Span, Ltd., nor the
assets
....$14,899,012 $14,194,460 $15,759,766 $12,242,708
Total..
Railway Oper. Expenses
1,915,889
2,281,095
2,274,972
2,421,825
565,296
4,847,546
30,449
592,218
2,338,418
2,222,748
551,046
4,673,247
33,157
585.728
31,947
35,651
31,210
11,945
$10,319,276 $10,368,692
$10,712,964
$9,225,266
$4,579,736
868,295
$3,825,769
859.719
$5,046,802
x597,713
$3,017,442
$3,711,441
$2,966,050
$4,449,089
$2,248,996
331,871
93,008
241,283
30,546
273.422
128,581
31,930
1,695
305,368
103,082
28,162
3,162
24,380
3,742
$4,170,029
$3,370,257
$4,884,717
$2,686,557
933,836
317,446
115,953
11,192
3,991
934,971
241,672
112,501
1,184,066
266,308
144,691
1,029,107
Rent for pass, train cars.
Rent for float, equip
Rent for work equipm'ts
Joint facility rents
319.743
2,296,991
2,359,808
537,752
4,534,004
expenses
Transportation expenses
Miscellaneous operations
General expenses
537,802
3,909,733
22,056
570.635
29,486
605,048
Transportation for inv.
*
credit
.
.
Other Oper. Income—
Rent from locomotives.
_
Rent from pass .train care
3
Rent from work equip..
Joint facil. rent income.
.
!?otal
income..
oper.
.
134,802
x768,446
949
Deducts.from Oper.Inc.
Hire
of frt.
current
$721,547,
Maint.of way & structs.
Maint. of equipment
Traffic
net
cars—debit
\
balances
Rent for locomotives
220,682
110,638
"
"¥,404
10",057
390,352
1,628
313,593
324,183
liability which will be owing by the company upon the acquisition of this
stock and of an obligation of approximately $10,000 due by Spick & Span,
Ltd., which is being acquired by the company in connection with the
acquisition of the stock.
As a result of such acquisitions the company will
have an additional liability of $30,000 represented by unsecured non-interest
bearing notes dated June 1, 1940, maturing $2,000 on Dec. 31, 1940, and
$4,000 on each Dec. 31 thereafter until the whole amount has been paid.
Earnings—The annual earnings from operations of New Method Laundry
Co., Ltd., after eliminating surplus adjustments of a non-recurring nature
for the five years ended Dec. 31,1939, as certified to by Pye, Vasey, Smith
& Co., were as follows:
a Net
■:'r.:Y- U>.■■
b Net
Earns.
Deprec.
Earns.
Calendar Years—
$83,940
$52,094
,
$31,845
69,658
35,058
34,599
69,885
35,594
34,290
1937-....
——..--.-..i.
65,706
58,634
7,072
—
75,688
44,081
31,606
LSe
fet
income. $2,467,863
ry. oper.
$991,889
$2,894,896
$1,765,892
Newport Industries,
1
Non-Oper. Income—
25,943
30,953
110,930
79,850
3,254
5.606
6,701
900
yl3,105
22", 996
physical
74,417
property
Dividend income
Inc. from funded
""915
84
2,351
1,304
19,567
5,016
2,632
$2,602,453
$1,9237080
$3,039,420
$1,124,790
979
3,127
1,049
420
2,715,563
34,024
secure.
Inc. from unfunded
1,004
sees.
Miscellaneous income
Gross income
t
Deducts from
Rent from
I
3,981
1,263
Gross Inc.
leased
roads
& equipment
Miscellaneous rents
1,937
4,838
1,137
Miscell. tax accruals
1,208
2,681,446
121,390
611
2,692,286
119,317
565
2,703,126
123,892
Interest
Int.
on
funded debt.
unfunded debt..
on
Amort, of disc,
on
fund.
I debt
'Miscell. income charges.
k
»
23,737
20,599
$925,868 prf$177,745
$243,579
Net loss
20,599
$1,650,505
8,171
12,354
of the Act in 1937.
y Includes the companies proportion of undistributed
profits of the fund administered by The Railroad Credit Corp. for the years
1932.to 1937, inclusive, amounting to $12,234 of which $10,771 was allo¬
cated to the companies in 1937, but taken into the accounts in 1938.
■
1
.
Consolidated Balance Sheet Dec. 31
1939
Liabilities—
$
^
x
Invest, inroad and
1938
$
1938
1939
Assets—
$
Capital stock... 14,832,900 14,832,900
Fund, debt
unmat.40,851,900 41,079,900
equipment
70,885,995 72,930,260
Non-negot. debt to
Dep. in lieu of mtg.
affiliated cos... 14,449,785 13,952,197
property sold...
48,224
13,371
Grants in aid of
Miscell.
physical
construction
67,847
59,265
$ property
2,540,716
471,738
►
>
certificates
3,380,630
—pledged
\
1.757,631
cos.—unpledged
Other
1,714,678
investment
10,508
1,708,511
311,330
Special deposits...
5,272
1,415,075
—unpledged....
Cash
342,239
501,483
balances recelv.
Net
bal'ce
507,465
2,367,100
636,177
68,074
34,503
Equipment
6.401,229
Miscell. physical
property
6,263
54
1,428
5,883
5,155
Other
6,048
unadjusted
credits
394,789
617,655
200,652
316,669
37,711
42,139
74,496
84,114
and 200 55-ton
Dec.
310,546
over cost
acq'n
thereof 5,534,283
5,803,872
Add. to prop. thru.
premium paid in
advance
Inc.and8urplus. 2,512,706
2,506,640
Approp. surp. not
Discount on fund.
—
spec,
invested..
Deficit
unadjusted
steel box cars.
Equipment Trust
x
83,610,437 83,988,823
148,329 shares of common stock par
Total.
Certificates Authorized—
Commission on May 16 authorized the com¬
obligation and liability in respect of not exceeding $10,400,000, 2% equipment-trust certificates, to be issued by First National
Bank, New York, as trustee, and sold at 101.0549% of par and accrued
dividends in connection with the procurement of certain equipment.
The certificates will be exchangeable for definitive certificates, which
will be dated June 1, 1940, will be in the denom. of $1,000, payable to
bearer or registrable as to principal, will have dividend warrants attached
entitling the holder to dividends at the rate of 2 % per annum payable
semi-annually on June 1 and Dec. 1, commencing Dec. 1, 1940, and will
mature in 10 equal annual instalments of $1,040,000 on June 1 in each of
the years 1941 to 1950, inclusive.
Pursuant to the terms of the agreement
the company will endorse upon each of the certificates,,its unconditional
guaranty of the prompt payment, when due, of the principal thereof and
to assume
the dividends thereon.
:
New Directors—
stockholders.
George A. Ranney
!
elected on May 22 at the annual meeting
v
■
43,544
131,000
15,892,490
of the system,
of Chicago succeeds the late James
succeeds Walter P. Chrysler, New
New Haven & Hartford
New York
York.—V. 150, p. 3209.
RR.—ICC Urged to
Reconsider Plan—
Various New
-
Interstate Commerce
reorganization for the
reconsideration were the special rail¬
the Old Colony RR., the City of Boston
England interests on May 22 urged the
Commission to reconsider and revise
New Haven.
Among those asking
road commission
of Massachusetts,
its final plan of
and the Boston Port Authority.
On the other hand, however,
,
„
„
an insurance group holding more than
$55,000,000 of New Haven securities said it was in "complete agreement"
with the Commission's plan and urged that the plan be certified imme¬
diately to the Federal Court at New Haven.
The Old Colony Commuters & Shippers League has Joined in a move for
"The
League, supported by
petition with
conditions
150,
15,364;i76
p.
officials, has filed a
the ICC.
The League based its action on grounds that
changed since the New Haven plan was approved.—V.
have
York
The Interstate
at
State and community
of the New Haven,
of the Old Colony
2890.
New
83,610,437 83,988,823
$100.—V. 150, p. 2890.
of
.
,
...
Simpson, also of
Chicago; Malcolm P. Aldrich, New York, succeeds the late Edward S.
Harkness, New York, and Raymond D. Star buck. Executive Vice-President
this time any
& Western Ry.—ICC Refuses to
Reorganization at Present Time—
Ontario
Approve Plan of
Total..
of $900,000 each on
Chase National Bank, New York, trustee.
in equal annual installments
1, 1940-49, inclusive.
The Interstate Commerce
pany
437,822
at dates of
basis of 2.29%, was announced May
reopening of ICC hearings on the reorganization plan
which was approved without providing for operation
ofsec.ofsub.cos.
9,795
Rents & insurance
debits
.....
deprec.—
Excess of book val.
& other
7,393
debt
6,051,391
1,157,235
26,882
Other^defd. assets .
Other
52,334
116,408
Accrued
ad¬
.ji......
funds
1
87,303
208,408
Tax liability
trust
representing a premium of
Jesse H. Jones, Federal Loan Administrator.
The
purchasers were Salomon Brothers and Hutzler and Dick and
Merle Smith, New York, and Stroud & Co., Philadelphia.
The certificates have been placed privately.
The certificates were issued to finance the purchase of five Diesel electric
locomotives, 3,500 55-ton steel hopper cars, 300 55-ton steel auto box cars,
lia¬
Deferred liabilities
108,089
746,142
27
Other curr. assets.
Insurance
634,325
Nil
17 by
ma¬
current
1,258,066
.
Int. & div. receiv.
Working fund
4,340
1,286,628
19,933
9,536,260
16,340
2,354,100
Other
115,803
Mat'l8 & supplies
unp'd
debt
726,410
conductors
246,444
tured unpaid...
bilities
Miscell. accts. rec.
vances
Funded
receiv.
from agents and
}
1,226,731
Miscell. accts. pay.
28,687
Int. matur. unpaid 9,490,007
Divs. mat'd
416
Traffic & car serv.
(
payable..
Unmat. int. accrd.
204
Loans & bills rec_.
305,700
Audited accts. and
wages
plus int.,
101
Three new directors were
balances payable
3,380,993
Invest .in affiliated
at
$90,000 and an interest
Traffics car service
cos.
loss5,722
Reconstruction
...
Invest, in affil.
$0.11
Central RR.—-$9,000,000 Equipment Trusts,
New York
3,638
x
500,184
$0.80
68,986
$0.26
The certificates mature
The provision of $177,756 made in 1936 under the Federal Retirement
Act of 1935 has been credited to the income of 1937 as a result of the repeal
I
.
159,860
;
Sold by RFC, Placed Privately—The sale by the
Finance Corporation of $9,000,000 2^% equipment
-
20,599
15,335
1940—12 Mos.- -1939
$4,846,496 $3,627,412
chgs.,
after
int. & Fed. taxes
31,504
66,454
300
Miscell. rent income
25,943
32,225
equipment
Misc. non-oper.
profit
Inc.—Earnings—
1940—3 Mos.—1939
$1,253,358
$980,191
Period End. Mar. 31—
sales...
—-
Net
Earns.per sh.on cap.stk.
—V. 150, p. 2586.
Inc. from lease of road &
b After depreciation.
five-year period were
$72,975, or equal to 10.3 times annual interest requirements on the new
bonds, and after depreciation were $27,883, or equal to 4.1 times such annual
interest requirements.
Interest requirements on the new bonds amount
to $6,800 in the first year and thereafter will decline as principal is paid off.
—v. 150, p. 1446.
i-
Net
F
-
Before deprec., income taxes and bond interest,
The average earnings before depreciation for the
a
Commerce Commission on May 14 refused to approve
plan of reorganization.
The company alone of interested
The Commercial <£ Financial Chronicle
3368
the only plan
parties presented
to the
Commission.,
The report of the
Commission states in part:
The
debtor's
plan
paid on
reorganization,
of
the only
plan
filed
in
this
ceeding, was proposed when the anthracite coal traffic originating
debotr
lines had dininished to
s
a
Undisturbed obligations
Fixed-interest bonds
Fixed
Interest
$419,026
2,000,000
5,000,000
Conting. int. bonds
debt
Total
Preferred
stock
b
Contingent
North American Aviation Inc. (&
3 Mos. End. Mar. 31—
profit after taxes,
depreciation, &c
'
$138,655
190,687
$0.73
Subs.)—Earnings—
1939
1938
a$520,659 b$l,355,952
1937
d$212,085
c$70,319
a Equal to 15 cents per share on 3,435,952 shares,
b After provision for
estimated Federal income tax amounting to $369,000.
c After deprecia¬
tion of
but including an accounted profit of $1,268 realized on
d After depreciation charges amounting to $234,861.
$167,306
the sale of securities,
—V.
149,
3121.
p.
North American Cement
Corp.—Earnings—
12 Months Ended March 31—
1940
Net loss after all charges
—V. 150, p. 1943.
1939
$415,387
—
$780,770
North American Co.—Sells Radio Unit—
a$225,000
This company sold the entire outstanding capital stock of Wired Radio,
on April 1 to Associated Music Publishers, Inc., of which Warner
Brothers Pictures, Inc., owns about 40%.
Two other stockholders each
$225,000
17,670,747
13,482,300
1940
1939
$286,049
237,500
$1.20
—
Net
Dividends
$95,515
1940
&c—
capital stock outstanding...
Earnings per share
—V. 150, P. 1448.
Shares
Preferred
Interest
3 Months Ended March 31—
Net profit after depreciation. Fed. taxes,
$15,515
80,000
$7,419,026
Common no-par stock
NobIitt-Spark8 Industries, Inc.—Earnings—
the
lower volume than the volume in years
Amount
1940
25,
pro¬
on
prior thereto, and after a coal company, controlled by the debtor, had
filed a petition in bankruptcy and had ceased production.
. V
The plan, based upon the debtor's obligations existing as of Sept. 30,
1938 and the estimate of prospective earnings would be effective as of July 1,
1939, or later.
It contemplated consolidation of the debtor and the
leased lines of which it owned all the securities.
It provided for fixedinterest obligations necessary to raise $2,000,000 of new money for
working
capital, and further provided for assumption by the reorganized company
of $12,000 Public Works Administration notes, $60,000 or equipment trust
certificates, and an estimated (the accounting was not yet complete)
$408,038 of New York State Grade Crossing Elimination bonds.
By
Dec. 31, 1939, the PWA notes had been reduced to $7,454, the equipment
trust certificates had been paid, and the unpaid grade crossing bonds
amounted to $411,572.
Applied to the obligations of the debtor as of Dec. 31, 1939, the capitali¬
zation, fixed and contingent interest, and preferred dividend requirements
under the plan are shown In the table below:
Principal
May
Stock dividend payable in United Aircraft Corp. stock wa.
June 15, 1939.
See details in V. 148, p. 3077.—V. 150, p. 1288
Dec. 15, 1938.
Inc.,
$883,537
30% of Associated.
own
The sale was made pursuant to
contract dated
a
May 29, 1939.
Total
$95,515 '
.$38,572,073
$225,000
$883,537
Contingent-capital fund (estimated $135,918, or 2% of revenues)
1st mtge. sinking-fund payment $160,000 would be prior to con¬
b No-par stock included at $100 a share.
The new 1st mtge. bonds would constitute a first lien on all
property
of the debtor except equipment subject to lien of equipment trust.
They
would mature in 20 years and bear fixed Interest at the rate of 4%.
The
mortgage would contain provisions for a capital fund and sinking fund.
The new general mortgage would constitute a lien junior to the lien of
the first mortgage on the same property as the first mortgage.
Bonds
issued thereunder in consummation of the plan would mature in 50 years
and bear interest contingent upon earnings at the rate of 4y%% per year,
a
and
North Central Texas Oil
3 Mos. End. Mar. 31—
Admin. & gen. expense..
Legal & purchase exp
Depreciation
Taxes—Sundry
Depletion & properties
charged off
*
sinking
provisions similar to the first mortgage.
Preferred stock would have a par value of $100 a share and would be
entitled to dividends of 5% per annum, payable out of available net income
as defined in the plan, but only as and when declared.
Dividends would
the extent
earned
and
Net
Net
some
other source of traffic, not now apparent.
Under the provisions of Section 77 it is our duty, after a plan has been
and hearings held thereon, to render a report either
approving a
filed
plan
or
refusing to
be advised of
may
approve
any
views.
our
plan,
We conclude that
we
should not approve a
New York & Richmond Gas
Period End. April 30—
Operating
inc.
after
$100,356
$1,224,370
$1,195,770
26,403
12,062
24,267
11,637
326,965
158,737
313,746
162,097
retire¬
ment accruals
Net income
.....
—V. 150, p. 2891.
New
York
Susquehanna &
Western
RR.- -Report-
(Excluding the Wilkes-Barre & Eastern RR. Co.]
Calendar Years—
Railway operating
Railway operating
1939
$2,957,895
2,030,376
$1,007,097
351,687
$927,519
408,500
$655,410
391,073
$519,019
470,192
Net railway operating income
Other income..
$264,337
74,369
$48,826
64,745
Total income.__....
• 1
Miscellaneous deductions from income
$338,706
$113,572
11,783
expenses......
17,187
21,100
22,845
$16,640
$26,443
$26,948
$16,640
225
before
384,583
74
52
accruals
.
575
Furn.
3,675
1,359,715
Mineral rights
1,374,240
&
769
x
459
55,235
7,809
reserve
credits..
Com. stk. (par $5) 1,350,000
Treasury stock
Drl45,500
Capital surplus
126,905
Earned surplus
...$1,487,906 $1,492,212 |
After
....
After
y
reserve
Total
$1,487,906 $1,492,212
for depreciation of $7,472 in
$315,925
Comparative General Balance
1939
in
road
$
ry.
property
in lieu
25,350
25,560
of
Stocks
397
397
19,582
19,582
an interim dividend of 10 cents per share on
$5, payable July 1 to holders of record June 17. Like
Dec. 15, and July 1, 1939, and on Dec. 15 and on
July 1, 1938 and 1939 dividend of 20 cents was paid on Dec. 15, 1937.—V.
150, p. 2589.
common
amount
stock,
was
paid
par
on
North European Oil Corp.—Suspended from
Dealing—
Exchange has suspended from dealings the $1 par
The New York Curb
capital stock.
The Curb Exchange has received notice from the corporation that because
properties of its principal subsidiary are located in a
European
belligerent country, financial data for the year 1939 are not available, and
consequently the corporation is not in a position to issue an adequately
informative report.
Pending the receipt and availability of such informa¬
tion, the Committee on Formal Listing has suspended dealings in the
capital stock until further notice.—V. 139, p. 2213.
the
Northern States Power Co. (Del.) (&
Years Ended Feb. 29—
Operating
revenues
Maintenance
Approps. for retire,
538,841
3,598,761
552,857
726
Advances
817
investments
214,792
390,868
800,000
9,900
500,000
22,546
95,682
78,251
Demand loans and
car serv.
balances
receiv.
balance
rec.
105,838
72,707
35,039
13,421
5,277
242
610
13,310
Other def'd assets.
Rents
and
insur.
189,679
76,916
46,416
rec
Mat'l & supplies..
Int. & divs. rec...
Other curr. assets.
paid
15,478
'
307
Other unadj. debits
335
163,170
82,213
...
on
funded debt.
Interest
on
......
.
Non-negot. debt
affiliated
Traffic &
cos
70,380
39,516,535 42,400,845
12,000
8,239.500
40,000
_
$7,639,344
1,375,000
$6,389,916
1,375,000
%
Applicable to current period-_
Applicable to prior period
27,134
Chippewa & Flambeau Improvement Co
29,070
29,070
$6,208,140
$4,766,171
Minority interest in undistributed
sub. company
...
net
income
of
CV6.449
i
Net income
Dividends
on
36,180
189,945
capital stock of subsidiary companies
held
by public.
Weekly Output—
771,441
786,249
payable..
335,596
327,882
Misc. acc'ts pay..
Int. mat'd unpaid.
275,994
1,047,594
4,306,408
114,252
4,306,408
114,410
Electric output of the Northern States Power Co. system for the week
ended May 18, 1940, totaled 28,142,288 kwh.. an increase of 10.0% com¬
pared with the corresponding week last year.—Y. 150, p. 3211.
519,390
1,666,456
wages
Funded
debt
ma¬
Unmat. rents
accr.
492
454
Other current liab.
11,961
12,173
Other def'd liablls.
12,500
887
liabilities....
933,989
838,258
Acer, depr., equip.
Oth. unadj. credits
281,325
274,576
155,873
134,596
153,859
Northern States Power Co. (Wis.)
Years Ended March 31—
Operating
revenues
Operation
Maintenance
Depreciation
165,771
Tax
accr.
Fund, debt retired
thru. inc. &
Total
but.
Net operating income
50,000
6,946,910
39,516,535 42,400,845
Interest on funded debt
Amortization of debt discount and expense
Other interestAmortization of sundry fixed assets
Interest charged to construction.
Miscellaneous deductions
Dividends paid by subsidiary company
Net income
-V. 150, p. 1781.
-Earns.
1940
1939
$6,150,232
1,966,180
$6,277,766
266,981
645,857
873,581
221,656
Provision for Federal and State income taxes
Gross income
50,000
10,270,084
(& Subs.); '
Taxes
Other income
dividend of 75 cents per share on the common
stock, payable June 15 to holders of record June 5.
Cash dividends of
50 cents were paid on March 15. last; Dec. 15, and March 15,
1939; and o i
_
Balance
Northern States Power Co. (Minn.)
Northern States Power Co. (Wis.):
6,402,826
car serv.
Nilec-Beme*"»t-Pond Co.—75-Cent Dividend—
a
a
a
150. p. 2891.
Directors have declared
.
Amortization of sundry fixed assets...
Interest charged to construction
M iscellaneous deductions
a
6,402,826
$12,168,453 $11,049,255
3,505,450
3,728,648
143,575
103,206
691,347
662,548
44,932
94,003
41,843
41,843
Cr 106,100
Cr27,654
129,616
135,191
_
Amortization of debt discount and expense
223,237
to
bal. payable
4
Subs.)—Earnings
1940
1939 5
$38,147,531 $35,935,129
14.034,231
13,725.725
1,686,389
1.764,165
3,597,432
3,176,491
4,868,777
4,877,945
1,897,501
1,379,083
$12,063,201 $11,011,720
105,252
37,535
...
bank loans
12,964,844
69,746
Equip, obligations
Mortgage bonds.. 8,239,500
Deficit
Total
.
operating income
Interest
a
223,237
Add'ns to property
thru. inc. & sur.
in
advance
-V.
—
Otherincome
for
liability
conversion
Unamt'd int.
conductors
prems.
Stock
tured unpaid.._
from agents and
Misc. acc'ts
& depreciation
1938
12,816,319
Audited acc'ts and
deposits..
Special deposits
Net
reserve
........
Provision for Federal and State income taxes
$
Miscell. obligations
598,761
Cash.
Traffic &
$
Common stock...12,816,319
Preferred stock
12,964,844
Governm't grants.
mtged. prop.sold
Misc. phys. prop..
Inv. in affil. cos.;
Other
1939
Liabilities—
&
equipment
36,792,879 36,809,863
Improv. on leased
Depos.
Sheet Dec. 31
1938
$
Assets—
Invest,
647,560
$545,771
1940,
The directors have declared
the
Gross income..
...
139,771
...
Interim Dividend—
Other interest
Net deficit
1,350,000
Drl22,600
118,462
120,480
for depreciation and depletion of $1,209,524 in 1940, and
$1,176,465 in 1939.
and $7,605 in 1939.
Net
6,339
648,292
31,849
11,309
12,611
8,723
29,205
& fixtures
Deferred assets
Total
1939
$198
Federal taxes
Deferred
Taxes
Railway operating income
Net rents—debit.
$27,173
1940
Accounts payable-
Operation
Railway tax
$26,443
Liabilities—
secur.
leases
y
1939
$71,537
(cost)
x
1938
$3,005,614
1,998,517
revenues..
18,099
$19,754
1940
Marketable
1940—12 Mos.—1939
$102,074
131
3,000
$19,754
income
Cash
Co.—Earnings—
1940—Month—1939
revenues
142
3,000
securities
Accounts receiv—
that the court and the parties
so
plan of reorganization for the debtor unless and until further operations
of the property disclose the possibility of more profitable
operation than
is at present apparent.
This conclusion is without prejudice to con¬
tinuation of the reorganization proceedings.—Y. 150, p. 2890.
Gross
on
Assets—
Since the
covered
390
4,125
Comparative Balance Sheet March 31
share equally with common stock after payment
Conclusion of Interstate Commerce Commission
closing of the Monarch Mine with the consequent reduction
of coal traffic, there is little prospect that revenues of the debtor or its
income available for fixed charges will equal the prospective
year used in
preparing the plan.
The results of the recent operations or the debtor
show clearly that it cannot be expected to earn the expenses incurred in
the operation of the property until there has been developed a solution
for the difficulties of the coal companies supplying the debtor's traffic
which will insure a continual supply of such traffic, or there has been dis¬
1937
$66,576
12,638
1,013
12,694
805
235
Federal taxes
not
paid.
The preferred stock
105, would participate up to a maximum of $1
of a $5 common stock
dividend, and would have voting rights.
Common stock would be without
par value, but would be distributed at a price of $100 a share.
1938
$64,186
3,900
operating income
Int. & divs.
be redeemable at
would
a
1939
$53,109
13,014
1,752
_
fund
to
Co., Inc.- -Earnings-
1940
$56,325
12,774
1,563
Operating income
such interest to be cumulative to the maximum amount at any one time
of 18%.
The general mortgage would contain capital fund and
cumulative
of
system
converting audio-frequency into radiofrequency and back is employed by Muzac Corp., a subsidiary of Asso¬
ciated, in distributing musical programs transmitted over telephone wires to
apartment houses and restaurants.—V. 150, p. 3210.
tingent interest,
be
Radio
Wired
The
1,959,153
282,603
642,743
929,207
215,441
$2,175,976
87,017
$2,248,619
36,428
$2,262,993
29,070
$2,285,047
990,274
62,086
5,509
41,843
Cr3,369
15,336
29,070
$1,489,255
$1,144,298
612,500
94,036
10,316
i
41,843
Cr 16,924
2,895
Volume
The Commercial & Financial Chronicle
ISO
Northwestern Electric
Period End. Mar. 31-—
$380,217
185,097
61,082
25,000
Direct taxes,
Prop, retire,
res. approp.
Amortization of
limited
Oliver United Filters,
Co.—Earnings—
169,868
68,453
25,000
Net oper. revenues...
$124,870
17,624
$1,330,730
214,073
$90,924
<
68
$107,246
Dr74
$1,116,657
$90,992
30,292
10,500
1,853
$107,172
26,860
$1,120,961
340,260
54,250
148,265
Crl74
Gross income
mtge. bonds
Interest on debentures._
Other int. & deductions.
Int. chgd. to constructs
on
V.
...
_
17,526
Operating revenues
Oper.exps. and taxes._.
$743,499
537,872
Net operating income.
$815,837
33,870
$220,385
111,388
$849,707
427,564
$108,997
$422,143
1
.
70,062
y
Norwalk Tire & Rubber
After all charges,
y
?'
,•
1938
1939
y$104,582
prior
5%
an
$798,113
$0.43
$0.35
3566.
p.
1939
share
$1.34
income
1937
1938
$179,862
$261,243
$220,144
$0.92
$1.13
y .y
taxes,
y
195,000 shares
On
par $10, both payable July 1 to holders of record June 15.
Extra
of 25 cents was paid on April 1, last; one of 20 cents was paid on Jan. 3,
last; and extras of 10 cents were paid in each of the 11 preceding quarters.
—V. 150, p. 1290.
•,
yy
V,fvv,
Packard Motor Car Co.
Quar. End. Mar. 31—
-Earnings—
(& Subs.)
1940
1939
.
I 1938
.
1937
Net prof, after deprec. &
Federal taxes, &c
per sh.on 15,000,000 shs. cap. stock (no
par)
-V. 150, p. 1782.
$230,329 loss$389,430
$38,409
$2,610,701
Nil
).17
Earns,
Preferred Dividend—
payable July
per
-^yyy
1940
stock,
y$42,9l7
;
/?
initial quarterly dividend of $1.25 per share
preference stock,
66,000
$957,627
Pacific Indemnity Co.—Extra Dividend—
,
Ogden Corp.—To Borrow $4,400,000—
the
Earnings
1937
.
y$39,217
Before Federal income tax.—V. 149.
Directors have declared
68,000
$1,121,000
779,567
Directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 40 cents per share on the common
•yyy--'
y:;v
Corporation has filed with the Securities and Exchange Commission an
application (File 70-59) regarding a proposal to borrow $4,400,000 from
Manufacturers Trust Co., payable in 12 months with interest at the rate
of 2 Yi % per annum and with the privilege to renew the loan for a period
not exceeding two years.
The application stated the proceeds from the loan will be applied to
the redemption of 96,414.72 shares of 5% preferred stock of the company,
issued or issuable under the provisions of the plan of reorganization of
Utilities Power & Light Corp., which have not yet been called for re¬
demption.—V. 150, p. 3211.
on
$933,999
69,886
$488,048
$2.50
x After
depreciation and Federal
capital stock .—V. 150, p. 1782.
280,247
280,247
.
Co.—Earnings—
Ohio Finance Co.—Initial
$1,136,781
111,154
Co.—Earnings—
Net profits
y
$413,159
y-yy-.,;yy
yyyy
:•■■■.
70,062
-
.
% Mos. End, Mar. 21—
1940
Net profit
loss$29,267
x
Pacific Can
$852,655
439,496
'
$154,432
of common stock
12 Mos. End. Mar. 31—
$843,294
9.361
requirements
$404,538
732,243
...
Net income......
Earnings per share on 2,000,000 shs.
$2,956,269
2,112,974
$2,962,823
2,146,986
$762,428
545,114
Preferred stock dividend
$825,480
564,566
$1,390,046
129,046
140,000
...
—V. 150, p. 2737.
$113,895
—V. 150, p. 2737.
1938
$2,127,904
1,973,472
$0.51
income
Miscellaneous deductions
Federal income taxes
j
$217,314
3,071
Net income
1939
$2,054,502
1,649,964
1940—12 Mos—1939
$221,952
108,057
Int. & other deductions.
x
Other
Total income
$165,392
$205,627
16,325
Gross income.
1940
$2,567,263
1,741,783
Net operating profit
x
x
Other income
(& Subs.)—Earnings—
Expenses.
$499,572
334,180
Northwestern Public Service Co.—Earnings—
Period End. Mar. 31— 1940—3 Mos.—1939
$0.52
■■■■■■
$244,172
i'
Balance...
—V. 150, p. 3057.
Otis Elevator Co.
3 Months Ended March 31—
Gross profit from operations
231,070
Cr257
$578,360
334,188
$48,347
$62,786
Dlvs. applic. to pref. stocks for the period
\
$0.47
Nil
$0.13
P. 2891.
$1,062,412
332,027
'
•
■
.
4,304
x$132,658
Before provision for Federal surtax on undistributed profits.
Net profit for the 12 months ended March 31, last, was $287,686, equal
to 86 cents a share on class B
stock, comparing with $138,414 or 11 cents a
share on class B stock for the 12 months ended March 31, 1939.—V. 150,
$1,062,017
395
<
1937
1938
x$122.108
loss$32,022
x
$1,272,115
210,098
Operating income
Other income (net)
Net income
per share on 198,891 shares cl. B stock.
23
$109,038
18,114
Rent for lease of plant..
1939
$55,110
Earns,
•
24
Inc.—Earnings—
1940
and taxes
300,000
>
.
term investments
Int.
$4,411,109
2,095,155
743,816
$4,788,671
2,394,141
763,776
300,000
$388,191
y,.."
3 Mos. End. Mar. 31Net profit after charges
1940—12 Mos.—1939
1940—Month—1939
Operating revenues
Operating expenses
3369
1 to
holders of record
$0,002
$0.01
Pacolet Mfg. Co .—Common Dividend Resumed—
Directors have declared a dividend of $3 per share on the common stock,
payable June 30 to holders of record June 20. This will be the first dividend
paid on the common shares in some time.—V. 131, p. 3720.
Paraffine Companies, Inc.—50-Cent Dividend—
y
Directors have declared a dividend of 50 cents per share on the common
stock, payable June 27 to holders of record June 10.
Dividends of 75 cents
were paid on March 27, last; and on Dec. 23, last; and previously regular
quarterly dividends of 50 cents per share were distributed.—V. 150, p. 2738.
June 10—V. 150, p. 2590.
Oklahoma Gas & Electric
Paramount Pictures,
Co.—Earnings—
Years Ended March 31—
,
1940
1939
1
-
Operating revenues
Operation....
$13,736,274 $13,289,427
4,642,808
4,738,026
745,978
850,681
Appropriation for retirement reserve
1,400,000
1,300,000
Amortization of limited-term electric investments_
21,945
19,197
Taxes
1,495,490
1,445,538
Provision for Federal and State Income taxes
561,500
466,250
Maintenance and repairs
.....
quarter of partially-owned non-consolidated subsidiaries.
This com¬
with earnings for the first quarter ended April 1, 1939, of $1,300,000,
including $678,000 representing Paramount's direct and indirect net inter¬
est
as
a
stockholder in the combined
undistributed earnings
for the
the
pares
partially-owned non-consolidated subsidiaries.
outstanding as of March 30, 1940, 144,672 shares of cumu¬
($100 par) 6% first preferred stock and 555,071 sharesof cumulative convertible ($10 par)
6% second preferred stock.
After
deducting $300,268 of dividends accrued for the quarter on these pre-'
ferred shares, the remaining $1,305,732 of estimated combined consolidated
and share of undistributed earnings for the quarter represent $0.53 per
share
on
the
2,465,927
shares
of
common
stock
outstanding
on
quarter
Net operating income
Other Income...
y
$4,868,553
-
......
Gross income
Interest
funded debt
on
Amortization of debt discount and expense
Other interest
.
Interest charged to construction
Miscellaneous deductions.......
$4,469,735
22,800
11,297
..........
$4,879,850
1,651,333
267,007
102,280
Cr7,131
$4,492,535
1,670,186
268,854
89,381
Crl3,424
-38,508
32,298
Netincome
$2,834,062
—V. 150, p. 3059.
$2,439,029
<
Inc.—Earnings—
Company estimates
its consolidated earnings after interest and all
changes for the first quarter ended March 30, 1J940, at $1,606,000.
This
amount includes
$716,000, representing Paramount's direct and indirect
net interest as a stockholder in the combined undistributed earnings for
of
There
were
lative convertible
March 30,
1940. '
and its consolidated companies had on hand at March 30,
approximately $12,000,000 of cash.
The non-consolidated companies
which Paramount has interests are in a strong position, with cash on
Paramount
1940,
in
hand
Oklahoma Natural Gas
12 Months Ended
April 30—
approximating $8,500,000.
panies is in most cases 50%.
Co.—Earnings—
1940
Operating revenues
$9,198,472
Operationw^.i^i.w.*-^.w..w.
3,196,977
Maintenance..—........
243,506
General taxes
754,847
Federal and State income taxes
287,432
^
1939
$8,238,080
-
Net operating revenues
$4,715,710
Non-operating income (net).......
2,957,636
235,312
722,182
151,528
$4,171,422
1,280
3,874
$4,716,990
1,226,949
$4,175,296
1,079,311
$3,490,041
1,004,098
51,506
36,897
13,307
$3,095,985
1,297,397
52,390
111,112
13,965
$2,384,232
$1,621,120
56,240
181,695
133,200
273,155
273,150
$1,873,142
on
funded debt
Other interest
Amortization of debt prem., disc't&exp. (net)
Taxes on tax free covenant securities..
Netincome
.
..
...
;
„
provements and additions to its
Convertible 6% prior preference
$5.50 convertible prior preferred
—
Preferred
Balance for common stock and surplus
Pro Forma Statement
Gross income—
$3,490,041
Estimated additional Federal & State income taxes due to de¬
creased interest charges
34,306
—
Bond interest—series B 3%s, 1955
Interest on bank loans
Other interest
....
Amortization of premium on debt
on
tax free covenant securities
_
_
Net income
$3,455,735
633,750
203,500
51,506
Cr5,000
13,307
$2,558,672
Annual preferred stock dividend requirements:
$5.50 convertible prior preferred
1
Preferred
....
Balance for common stock and surplus
—-V. 150, P.
its
and
in
these
com¬
y--Vy,:
consolidated
subsidiaries
properties.—V. 150,
p.
3212.
1939
1940
3 Months Ended March 31—
$73,313
$157,647
profit after charges and Federal taxes_ —
3417.
—V. 149, p.
Period End. Mar. 31—
Operating
Total income.
319,000
273,165
$1,966,507
2737-
__
Net profit after all
$3,381,699 $12,347,137 $11,534,562
3,078,044
3,145,804
3,219,235
3,358,844
11,087,828
11,321,162
10,838,757
11,131,160
2,516,643
4,895,138
$0.51
2,695,472
4,894,051
$0.55
9,075,373
4,895,138
$1.85
9,054,083
4,894,051
chgs.
taxes
Shs.cap.stk.out.(no par)
Earnings per share
—V. 150, p. 1289.
;■
$1.85
;Mr
...
Company reports total stores net sales for three months ended April 30,
1940, of $1,973,948 as compared with $2,100,132 in the corresponding
period of the previous year, a decrease of 6%.—V. 150, p. 2434.
y.ry;
Parkersburg Rig & Reel Co.—Earnings—
Earnings for 3 Months Ended March 31, 1940
all charges and taxes
—
Earnings per share on 182,000 shares common
—V. 150, p. 3060.
Park Utah Consolidated Mines
3 Mos. End. Mar. 31—
Net profit after all exps_
—V. 150, p. 2591.
$99,984
$0.31
int. & Fed. taxes.....
Earns, per sh. on 721,905
shs. cap. stk. (no par).
1940
stock
Co.—Earnings—
loss$33,424
1937
1938
1939
1940
$76,031
Parmelee Transportation Co.
Quar. End. Mar. 31—
Net loss after deprec.,
$128,692
loss$39,502
(& Subs.)—Earnings—
1939
$84,794
$40,167
Nil
Nil
1937
1938
$40,424
prof$63,788
„
Nil
$0.09
—V. 150, P. 2892.
Peerless Bottlers, Inc.—Registers with
given on first page of this department.
SEC—
See list
Peerless Cement Corp.—Earnings—
3 Mos. Ended March
Net loss after charges
Oppenheim Collins & Co., Inc.—Sales—
&c_
1940—12 A/os.--1939
1940—3 Mos.—1939
$3,473,802
profit
Profit after deprec.,
Net profit after
for 12 Mos. End. April 30, 1940
[Giving effect to present capitalization resulting from refinancing by sale
of securities in August, 1939 showing current level of earnings based on
operations for the 12 months ended April 30, 1940.1
Taxes
interests
y^y^yyyy^yyyy'
Park & Tilford, Inc.—Earnings—•
and
Preferred stock dividend requirements:
Balance
Paramount's
Paramount
Parke, Davis & Co. (& Subs.)—Earnings-—
Gross income.
Interest
of
reorganization in 1935 amount to over $17,000,000.
During this
period interest charges have been reduced by upwards of $1,700,000 an¬
nually.
Paramount and its consolidated subsidiaries also reported that
since reorganization they have expended upwards of $10,000,000 in im¬
Est. net
Retirement accruals
reductions
since
$1,214,770
...........
Balance
debt
Total
31—
"
1940
$21,011
1939
$16,712
—V. 149, p. 3273.
Pennsylvania Class Sand Corp.—Registers with SEC—
See list given on
first page of this department,—V. 150, p. 3212.
The Commercial <f Financial Chronicle
3370
Pennsylvania RR.—To Pay 50-Cent Common Dividend—
Cash in banks and
on
x
000 shs. cap. stock...
—V. 150, P. 3212.
$1,113,918
$1,245,081
$1,724,403
$7.43
$8.30
$11.50
y
1,463,101
Sundry accts. pay.
122,818
71,908
36,222
Notes payable..
Fed. income tax..
1 ,600,000
222,257
600,000
3 Mos. End. Mar. 31—
a
1939
1938
1937
$5,358,333
171,982
$5,169,489
152,861
14,064
61,368
$5,422,766
284,163
15,118
61,368
61,368
Surplus
Shares
com.
Earnings
•
stk. (no par)
share
per
61,368
$162,548
245,474
$0.91*:
$97,769
245,474
$77,429
245,474
$0.57
$0.65
$1.10
1939
4,015,097
x6,273,816
764,308
11,271,308
1,158,618
...
Transp. for invest.—Cr.
Total
oper.
4,388
3,628,611
*5,687,012
753,400
10,266,651
1,153.588
1,925
4.313,144
x6,860,148
792,353
11,762,403
1,210,655
11,416,638
1,175,092
8,918
2,870
3,570,892
6,580,285
775,924
expenses.$23,478,759 $21,487,335 $24,929,785 $23,515,961
6,753,880
3,957,266
7,299,325
8,943,119
1,975,413
1,806,326
1,644,506
2,014,947
890,617
773,886
608,982
690,066
535,765
523,453
584,792
659,757
Net oper. revenue..
Net ry. oper. income.
$3,352,085
360,563
Other income
T°tal
$853,602
313,997
$4,461,045
608,634
deductions....
Income applic. to sink¬
ing fund, &c., reserve.
$1,167,599
3,278,514
71,278
77,610
$5,069,679
3,257,677
74,594
67,550
$6,165,835
3,270,406
69,635
67,790
1,150
Miscell.
1,150
5,826
5.598
$327,006 def$2,260,953 $1,664,032
1.260.000
...
per sh. on com.stk
$1.07
depreciation of $2,346,947 in
$2,566,683 in
31,064,322
38,850,011
40,732,245
$623,034
297,402
$3,712,364
113,772
$3,313,474
254,998
$1,536,177
144,254
$325,632
3,023,526
441,210
$3,598,592
2,973,137
487,949
$3,058,476
x2,973,274
1,270,025
$1,391,923
x3,007,701
811,692
$3,790,368
$7,059,678
$7,301,775
$5,211,316
Total loss
Interest
x
Includes interest accrued but not paid of $2,968,104 in 1940, $2,971,463
in 1939, $2,971,074 in 1938 and $1,326,328 in 1937.—V. 149, p. 3274.
Philadelphia Suburban Water Co.—Earnings'
12 Mos. End. Apr. 30
Gross
1939
1939,
$2,752,406
2,240,000
$3.48
,396,508 in 1938 and
1938
$
8
impts., &c__.
Inv. in affil.
cos.
Other investm 'ts
1939
Bal. avail, for divs.--
$600,336
132,802
159,464
$1,694,792
97,011
239,671
676,425
24,090
121,398
234,648
$1,679,002
676,359
25,851
107,624
230,981
$612,968
$638,229
$638,188
—V. 150, p. 2739.
Pines Winterfront Co.—Dealing's Suspended—Company
May Discontinue Operations—
The Executive Committee of the Chicago
Stock Exchange on May 21
ordered the suspension from trading of 357,241
shares of the company's
pending clarification of the company's ihtention to dis¬
continue operations upon consummation of the proposed sale of its equip¬
ment, inventory, and goodwill.—V. 149, p. 3725.
stock,
common
Pittsburgh Brewing Co.—Accumulated Dividend—
Directors have declared
cumulations
15
to
a dividend of $1
per share on account of ac¬
on
the $3.50 cum. preferred stock, no par value, payable
holders of record June 1.
Similar payments were made on
Dec. 21, Oct.
10, Aug. 5 and June 3, 1939.—V. 149,
p.
3725.
Pittsburgh Coal Co. (& Subs.)—Earnings—
Period End. Mar. 31— 1940—3 Mos.—1939
Sales,
Cost,
oper.
1940—12 Mos.—1939
& other inc..$10,767,148 $10,170,804 $36,649,339
&C-9,495,298
9,358,072
32,667,959
expenses,
$1,271,850
$34,576,298
32,722,235
215,344
764,380
34
$812,732
241,883
923,269
17,494
3,981,380
911,749
3,470,457
5,955
$1,854,063
Interest....
Deple., deprec. & amort.
Minority interest
x$292,092
$369,914
$406,781
$2,780,505
Net loss...
x
Profit—V.
150,
p.
982,226
3,643,376
8,966
2266.
The
1938
W.
$
$
Prior pref. stock
11,200,000
11,200,000
holders
Y.
Cocken
of
mortgage
Jr.
that
upon
cumulative income
unanimous approval
bonds
the
of
notified by
directors and of
are
12,429,000
12,429,000
2,563,677
Common stock.
46,046,000
45,046,000
vania
Govt, grants...
444,588
69,491,000
337,803
70,967,000
sale
Long-term debt.
7,170,483
44,428
UnadJ. credits 29,512,421
28,997,648
37,500
1,066,301
1,403,449
1,982,676
445,085
1,054,201
1,081,420
1,663,044
473,691
789,178
576,061
debits..
Total
130,181
SI ,637,139ft
676,000
11,489
$2,493,377
654,910
14,151,773
47,307
2,505,028
3,157,825
UnadJ.
129,737
$1,630,049
676,000
Amortiz. & other deducs
11,840
Federal income tax
97,315
Retire'texps. (or deprec.)
244,558
earnings
Interest charges
1937
1938
$2,513,539
685,945
Preferred stock.
2,611,473
14,032,273
40,481
deposits
Special deposit-
Deferred assets.
1939
$2,434,304
666,983
the voting trustees for common stock the company on May 2, 1940, entered
into an agreement with Fort Pitt Hotel,
Inc., a newly-formed Pennsyl¬
Cash....
Demand loans &
Oth. curr. assets
Mat'l & supplies
692,074
Pittsburgh (Pa.) Hotels, Inc.—Sells Hotel—
Liabilities—
equip..154,399,013 155,825,242
Leased property,
\
1940
$2,451,860
revenues
Operation (incl. maint.).
Taxes (not incl. Federal
income tax).
1937.
Assets—
1937
28,683,210
Comparative General Balance Sheet Dec. 31
Road &
1938
Loss from operations.
Other income
Profit
Net income
Prior preferred dividends
Includes
$5,578,349
587,486
$3,712,648
3,240,012
67,599
76,881
Interest on debt.
Rent for leased roads
x
1939
Cost and expenses, incl.
June
Earns,
15,572,395 13,911,998
...
Railway tax accruals...
Equipment rents (net)..
Joint facility rents (net)
_
Total
1940
Net
1938
Total oper. revenue..$30,232,639 $25,444,602
$32,229,110 $32,459,080
Miscellaneous-
3,597,837
$28,060,176 $27,351,958 $35,536,537 $39,196,068
Net loss
1937
1936
$27,621,804 $22,979,447 $29,200,150 $29,776,922
936,359
987,521
1,081,006
935,001
452,401
410,416
422,967
408,627
258,300
201,115
269,711
278,104
963,773
866,103
1,255,276
1,060,426
Transportation
4 ,148,241
other oper¬
&
Other charges
Income Account for Calendar Years
Traffic
3,183
7,798,534
After reserve for doubtful
ating income
General Statistics for Calendar Years
Maint. of way & struc.^
Maint. of equipment...
7 ,798,534
deprec. and depletion-
1939
1938
1937
1936
Average miles operated.
2,115
2,115
2,115
2,116
Passenger revenue
$936,359
$987,521
$1,081,006
$935,001
Passengers carried
333,834
373,000
452,107
367,508
Pass, carried one mile.40,636,102
44,375,021
53,874,413
42,879.713
Earns, per pass, per mile
2.304 cts.
2.225 cts.
2.007 cts.
2.181 cts.
Freight revenue
$27,621,804 $22,979,446 $29,200,150 $29,776,922
Revenue tons carried.-. 13,885,126
12,053,945
16,229,638
16,214,205
Rev. tons carried 1 mile. 2604569585 2224592,253
2831700,194 2823513,211
Earns, per rev. ton 1 m.
1.061 cts.
1.033 cts.
1.031 cts.
1.055 cts.
Express
249,549
Common stock..
Earned surplus...
12 Mos.End.Mar. 31—
Marquette Ry.—Annual Report-
Miscellaneous
Mint. int. in subs.
z
...15,572,395 13,911,998
Net sales
Directors on May 17 declared a dividend of $5 per share on the common
stock, payable June 10 to holders of record May 24.
Dividend of $15
was paid on Dec. 8, last.—V. 150, p. 2113.
Freight revenue
Passenger..
256,116
1,575
177,484
Philadelphia & Reading Coal & Iron Corp. (& Subs.)
$207,677
245,474
150, P. 3212.
Mail
Res. for Insurance.
111,084
debts and discounts of $116,102 in 1940 and
$137,773 in 1939.
y After reserve for depreciation of $7,248,318 in 1940
and $6,892,758 in 1939.
z Represented by 441,354 no par shares,
c In¬
cludes $200,000 current.—V. 150, p. 2265.
Pepsi-Cola Co.—To Pay $5 Dividend—
Pere
99,403
162,868
x
After depreciation, amortization, miscellaneous expenses and Federal
Income taxes.—V.
166,096
c
7,097,709
831,461
Total
1940
Preferred dividends
Common dividends
Real est. mach.
equipment- 7,470,029
831,347
Def. cbgs. to oper.
12,845
Net profit
24,624
2,231,934
626,213
and
$5,631,225
223,916
Net sales
17,083
3,780,318
691,962
Goodwill...-
Peoples Drug Stores, Inc. (& Subs.)—Earnings—-
32,379
Acer, taxes & int..
Invest. & advs
$11.77
47,714
47.749
agents
Inventories
1937
1,270,039
1,633,672
Due from em pi. &
1938
$
1 ,275,737
1,437,864
Customers' accts.
and notes
Pennsylvania Salt Mfg. Co.—Earnings—
1939
5
Accounts payable.
Acer. sals. & wages
934,140
hand
Misc. accts. recelv.
1939
Liabilities—
S
$
Assets-
1940
1939
1940
Directors on May 22 declared a dividend of 50 cents per share on the
capital stock, par $50, payable June 26 to holders of record June 1.
This
compares with Slpald on Dec. 18, last, 50 cents paid on Dec. 20, 1938;
75 cents paid on Dec. 20, 1937; 50 cents on July 22, 1937; $1 on Dec. 21
and on Feb. 29, 1936; and dividends of 50 cents per share distributed on
March 15, 1935, Sept. 15 and March 15, 1934.—v. 150, p. 2892.
\2Mos.End. Mar.31—
1940
Net profit after deprec.,
Federal taxes, &c
$1,766,127
Earns, per sh, on 150,-
May 25, 1940
Consolidated Balance Sheet March 31
179,965,255
37,500
179,878,9471
Current liabils..
Deferred liabils.
x
Add'ns
to
6,481,737
50,968
prop,
throug Income
and surplus..
Profit & loss bal.
Total
260,055
4,367,278
260,954
4,107,836
179,965,255 179,878,947
,n?o?omprises insurance and casualty reserves $88,521 in 1939 ($85,122 in
il93$o:^ccrHed depreciation of equipment $28,419,996 in 1939 ($27,882,764
in
1938); other unadjusted credits $1,003,903 in 1939
($1,029,762 in 1938).
—V. 150, p. 2739.
corporation controlled by Lebis Hotel Corp., New York, for the
of the Fort Pitt Hotel for $825,000.
The consideration is payable
$250,000 in cash instalments running to March 1, 1944, when title will
be conveyed to the purchaser,
and $575,000 purchase money mortgage.
The mortgage will bear interest at .5% per annum from March 1, 1944,
will mature March 1, 1954, and will provide for amortization payments
at the rate of $12,000
per annum,
plus one-half of the gross revenues
from room rentals in excess of $400,000 realized in any fiscal year during
the life of the mortgage.
Of the cash to be received,
arrangements have been made with the
mortgagee under the first mortgage to permit the company to retain the
first $50,000 to augment its working capital, to pay $100,000 in instal¬
ments in reduction of said first mortgage,
and to deposit the remaining
$100,000 for sinking fund purposes with the Peoples-Pittsburgh Trust Co.,
trustee
under
the
indenture securing
the mortgage cumulative income
bonds.
Under the schedule of instalment cash payments, the application
thereof
Perron Gold Mines, Ltd.—Extra Dividend—
under
Directors have declared an extra dividend of 1 cent
per share in addi¬
tion to the regular
quarterly dividend of 4 cents per share on the com¬
mon
stock, both payable June 21 to holders of record June 1.
Like amounts
were paid on March
21, last; extra of 3 cents was paid on Dec. 21, last;
and one of 1 cent was
paid on Sept. 21, 1939.—V. 150, p. 1291.
Petroleum Exploration Inc,-r-Extra Dividend—
Directors have declared an extra dividend of 15 cents per share in addi¬
regular quarterly dividend of 25 cents per share on the common
to
the
the
reduction
The
under
of
indenture
April,
purchase
the
the
securing
1941.
commence
first
mortgage will
mortgage,
originally
money
first
and to the sinking fund
cumulative income bonds will
mortgage
the mortgage
be deposited with the mortgagee
$1,000,000
but now reduced by
amortization
payments to $850,000 as collateral security, and upon pay¬
ment
of the
first mortgage, which will mature in
1947, the purchase
money
mortgage will be assigned to and deposited with the PeoplesPittsburgh Trust Co., trustee under the indenture securing the mortgage
cumulative income bonds.—V. 147, p. 2700.
tion to the
stock, both payable June 15 to holders of record June 3.
Extra of 10 cents
was paid on March
15, last, and extras of 25 cents were paid on Dec. 15.
Sept. 15 and on June 15, 1939.—V. 150, p. 1451.
Pet Milk Co. (&
3 Mos. End. Mar. 31—
1940
Net Sales.
$7,297,500
Depreciation
Loss
;
_
Other income
Interest..
Red. in val. of invest, in
I
sub......
Federal income tax
Minority interest
Net loss
Common dividends-
1939
1938
1937
$6,870,575
6,621,904
175,424
$6,987,767
6,886,243
$6,520,617
6,447,998
150,246
$62,041 prof$73,246
1,403
849
$67,051
1,277
$77,627
$60,638 prof$74,095
7,026
5,117
$65,774
12,562
$24,090
7,986
7.178,847
180,695
168,575
53,537
10,400
9,506
17",842
""170
42
"3",795
617
488
636
$78,994
110,339
$36,509
110,338
$59,820
$189,333
$146,847
1937
1938
$175,847
$959,827
186,674
179,850
200,142
$80,359
y$4,003
5,587
1,929
1,509
$759,685
1,438
$287,355
$82,288
y$2,494
1"5".36O
Operating profit
Total income
Other deductions
30,319
83,164
129.380
$517,523
247
Interest
66",157
75,114
15,937
78,577
$22i;i98
y$8,126
y$97,255
Depreciation..
Federal tax provision
Net profit
Loss.—V. 150.
p.
Pleasant Valley Wine Co.-
per
share of capital stock—
—Y. 150, p. 2265.
$761,123
'
737
2591.
3 Months Ended Jan. 31—
Net profit after expenses, deprecia¬
tion, Fed. income taxes, &c
Earnings
$197,951
1939
$267,033
Other income
y
$87,612 prof$50,519
110,339
110,339
1940
$484,450
202,682
$281,768
Expenses
Subs.)—Earnings—
Costs and expenses
Pittsburgh Screw & Bolt Corp.—Earnings—
Quar. End. Mar. 31—
Gross profit on sales
-Earnings—
1940
1939
1938
$33,055
$36,043
$20,345
$0.13
$0.14
$0.08
Volume
The Commercial
ISO
& Financial Chronicle
cents was
Pittsburgh, Steel Co.—Earnings—
r
3 Mos.End. Mar. 31—
1939
$5,573,841
5,511,466
$652,037
63,687
Costs and expenses
$62,375
37,773
Balance...
Other income
1937
1938
1940
$7,263,703
6,611,666
Net sales
-
$4,783,606 $10,448,386
4,628,201
9,455,175
$993,211
68,478
$155,405
30,144
Total income
Deprec. and depletion..
Federal and State income
^
$100,148
97,836
379,471
$1,061,689
113,840
336,106
3 Months Ended March 31—
Net profit after depreciation, interest,
8^Net profit
$203,008
......
Loss.—V.
$489,743
x$277,230
x$377,159
stock
mon
on 536,509 shs. of
($1 par)
;V/'
3 Mos. End. Mar. 31—
Net profit after all chgs.
and
taxes...
Shares
1940
1938
,
1937
$40,655
169.742
$0.58
169,742
Nil
<
169,742
$0.24
169,742
$0.20
2435.
p.
Subs.)—Earnings—
1940—12 Mos.—1939
--$11,652,446 $11,258,891$136.289,158$129,015,347
Net income from
8,318,353
oper.
$3,334,093
Bal.avail.for divs. &
150, p. 2592.
^
-
-1,058,794
sur,
7,776,571
92,471,441
96,757,844
$3,482,320 $39,531,314 $36,543,906
2,147,981
25,561,308
24,246,511
Public Service Co. of Oklahoma—Earnings—
Period End. Mar. 31—
Operating
Approved by
1940—12 Mos.—1939
$6,911,586
$6,384,309
4,260,495
3,975.344
1940—3 Mos.—1939
$1,751,912
$1,601,459
1,091,155
991,890
revenues
Oper. expenses and taxes
Porto Rican American Tobacco Co.—Plan
SEC~
:'
-
$34,158
loss$5,687
$97,974
of
150.
W
1939
_
'
—V.
:,
capital stock
(nopar) outstanding..
Earnings per share..
—V.
Co.—Earnings—
Nil
-
'
1940—Month—1939
__
Pond Creek Pocahontas
Nil
$0.72
Public Service Corp. of N. J. (&
Period End. April 30—
Gross earnings
x$336,081
x$237,906
com¬
Loss.—V. 150, p. 1784.
x
1938
1939
1940
$436,914
Oper, exp., maint., de¬
preciation and taxes
1945.
150, p.
taxes, &c-
Earns, per sh.
122,000
56,000
1292.
Pressed Steel Car Co., Inc.—Earnings—
■
taxes
x
$185,549
104,729
359,350
Crl.300
$715,724
88,957
367,759
March 1, last, and previously regular quarterly dividends
addition, extra dividend of 20
on
of 10 cents per share were distributed.
In
cents was paid on Dec. 1, last.—V. 150, p.
^
Interest and discount...
paid
3371
Net operating income.
Other income (net)
:
$660,757
36,116
$609,568
15,232
$2,651,090
106,082
$2,408,965
64,825
Gross income.
Int. & other deductions.
$696,873
204,668
$624,801
$2,757,172
$2,473,790
296,315
827,126
810,152
$492,205
133,395
$418,486
133,425
$1,930,047
533,609
$1,663,638
534,865
$358,810
$285,060
$1,396,437
$1,128,773
A plan for the reorganization was
approved May 22 by the Securities and
Exchange Commission in a report filed in Federal Court at New York.
The plan, which was proposed by the trustee, Gordon Auchincloss,
has the approval of both of the bondholders' committees, according to
a
joint statement made by Nathaniel F. Glidden and John C. Adams,
chairmen of the two committees.
Hearings on the plan have been held
by U. S. District Judge Henry W. Goddard and, if he approves the plan,
it will be submitted to the security holders for voting.
The reorganization plan is based on an offer made by Consolidated Cigar
Corp. for the purchase of the assets of Congress Cigar Co., Inc., excluding
an intercorporate claim of $204,000,
for $4,000,000 of 4% 10-year notes
of Consolidated Cigar Corp.
Each holder of a $1,000 bond of Porto Rican
American Tobacco Co. is to receive presently $940 in Consolidated Cigar
Corp. notes and note scrip and 10 shares of common stock in a reorganized
company.
Each holder of 100 shares of class A stock of Porto Rican
American Tobacco Co. will receive five shares of such common stock.
Each
which
holder
Porto
of
100 shares of the stock of Congress Cigar Co., Inc.,
American Tobacco Co. is a majority stockholder,
Rican
of
is
to receive
Net income
Prior lien stock divs
Balance...
| —V. 150, p. 1946.
Pullman, Inc. (& Subs.)—Earnings—
Period End. Mar. 31—
$5,723,899
3,068,082
Netprofit! jii.-1". $2,655,817
955,048
Dividends paid
$1,363.79 of Consolidated Cigar Corp. notes and note scrip and
a ratable portion of any other assets of Congress Cigar Co., Inc., remaining
on its final liquidation.
Earns, per sh. of cap. stk.
Porto Rican American Tobacco Co. bondholders and Congress Cigar
Co., Inc., minority stockholders desiring to receive cash in lieu of notes
of doing so at the rate of 90% of the notes to which
they would otherwise be entitled.
^
the French
■
will have the privilege
Earnings for the Month of March, 1940
receipts
Disbursements, incl. adm. & shipping exp. of Congress Cigar Co.,
Total
.
....
Inc
58,370
32
_
Loss after provision for taxes, &c
—V. 150, p. 2894.
Porto Rico Gas & Coke
Gross income
Gross income_
$142,390
39,628
$116,898
31,153
565
485
$102,762
32,129
299
437
—$84,695
$69,896
stock—69,230
29,670
_
_
Interest---interest
--------
Other deductions--
Before
-
-
-----
-
Net income
Dividends on preferred
a
i
—
on
$141,189
1,201
$154,349
37,451
_
Provision for retirements
Government tax
1939
$306,960
165,771
$151,845
2,504
...»
-
provision for retirements.
,
plant
and
equipment,
$1,782,980;
miscellaneous
investments, $500; sinking fund and special deposits, $2,799; cash, $30,356;
receivable, $37,186; other receivables, $1,134; merchandise,
materials and supplies, $54,757; pref. debit items, $8,101; total, $1,917,814.
Liabilities•—6% cumulative preferred stock, $494,500; common stock
($25 par), $250,000; bonds, $506,200; accounts payable, $14,800; interest
accrued
$7,593; taxes accrued, $11,535; sundry accruals, $2,114; con¬
sumers' deposits, $28,819; service extension deposits, $5,066; reserves,
$427,161 earned surplus, $170,025; total, $1,917,814.—V. 149, p. 3274.
accounts
,
Pressed Metals of America,
subsidiary.—V. 150,
p.
1946.
Pyle National Co. (& Subs.)—Earnings—
Inc.—Bankers Enjoined
shares
on
The Securities and Exchange
$387,737
x
Exclusive of
$0.42
_
$277,206
,:
„
$0.31
_
Quarterly Income Shares, Inc.—Report—
The report for the quarter
of company's common
value
ended April 15, 1940, shows the liquidating
stock, with investment valued at market
quotations at close of period was $8.19 a share, as compared with $8.16 a
share on Jan. 15,1940, and $7.78 a share on April 15,1939.—V. 150, p. 851.
Commission reported May 17 that a final
by Judge Edward A. Conger of the U. S.
Long Island Lighting Co., above.—V. 150, p.
2741.
Radio-Keith-Orpheum Corp. (Del.)-—Listing—
Curb Exchange has approved the listing of the option
purchase not in excess of 2,559,573 shares of common stock
the plan of reorganization of Radio-Keith-Orpheum Corp., a
Maryland corporation
(predecessor corporation).
Each option warrant
entitles the holder thereof to purchase, at his option, either one share of
common stock for $15 on or before Jan.
31, 1950, or one-half of a share
of common stock for $5 on or before Jan. 31, 1945—-V. 150, p. 3214.
The
New
warrants
York
to
under
Railroad Employees Corp.
(& Subs.)—Earnings*—
Earnings per share
'
$42,064
86,563
$0.38
-
—V. 150, p. 1785.
Period End. Apr. 30—
Porter, Inc.
was
market price on the New York Curb Exchange; that on or about Dec. 22,
1939, Porter, Inc. reduced the initial offering price from $12.50 a share to
$10 a share, and thereafter the offering price was to be determined by the
prevailing market price on the New York Curb Exchange.
On the same
date Porter, Inc. publicly offered the stock at $10 a share.
The complaint alleged that during the period from on or about Nov. 10,
1939, to on or about Jan. 2, 1940, all of the defendants used the facilities
of the New York Curb Exchange to effect alone and with other persons,
1940—Month—1939
1940—4 Mas.—-Wo
$4,765,239
$4,188,867 $19,960,967 $17,515,641
3,410,698
3,171,596
14,246,002 12,822,442
$4,693,199
$1,354,541
$1,017,271
$5,714,965
388,725
330,681
1,601,117
1,298,342
Railway oper. income
Equip, rents (net)
-Joint facility rents (net)
$965,816
Dr39,002
Cr3,735
$686,590
ilr24,717
Dr916
$4,113,848
Dr337,258
CrlO.912
$3,394,857
Drl44,020
Drl0,119
Net ry. oper. income
—Y. 148, p. 2895.
$930,549
$660,957
$3,787,502
Net
rev.
fromry. oper.
Reed Roller Bit
Co.—Earnings—
1940
After charges
Reliance Mfg.
1940
Federal income taxes
Directors have declared
an extra
dividend of 10 cents per share in addition
1937
Co. of Illinois—Earnings—
Quar. End. Mar. 31—
prevailing market price on the New York Curb Exchange, when the fact
to the regular quarterly dividend of 20 cents per share on the common
stock, both payable June 1 to holders of record May 20.
Dividend of 20
,,
Reliance Grain Co.—Accumulated Dividend—
Directors have declared a dividend of $1,623^ per share on account of
accumulations on the 63^% cumul. pref. stock, payable June 15 to holders
of record May 31.—V. 150, p. 1004.
—V. 150, p.
Progress Laundry Co.—Extra Dividend—•
1938
1939
$406,445
$420,648
$409,974
but before Federal income taxes.—V. 150, p. 1785.
$307,188
xNet profit.
x
$3,240,718
(i
3 Mos. End. Mar. 31-—
directly and indirectly, a series of transactions in the common stock of
Pressed Metals of America, Inc., and thereby created actual and apparent
active trading in such stock and raised its price for the purpose of inducing
the purchase of the stock by others.
It further was charged that during the period from Dec. 22, 1939, to on
or about Jan. 6, 1940, defendants sold the common stock of Pressed Metals
of America, Inc., and in making such sales made untrue statements of
material facts to purchasers and prospective purchasers, namely, that the
underwriter was not engaging and would not engage in any activities to
increase the market price prior to or during the public offering, when in
fact the defendants during this period engaged in the manipulative acts and
practices specified above.
It also was alleged that in selling this stock the
defendants represented that it was being sold and offered for sale at the
was, and the defendants omitted to state, that the market price was an
artificial price created by the acts and practices of the defendants set forth
above.—V. 150, p. 3061.
*
$0.32
-
,
named underwriter in a registration statement filed by Pressed Metals of
America, Inc., covering a proposed issue of 50,000 shares of common stock
($1 par), and that Porter, Inc. committed itself to purchase 20,000 shares of
this stock at $10 per share and acquired an option to purchase an additional
30,000 shares at the same price, to be exercised within six months after the
effective date of the registration statement.
It was charged that Porter, Inc., prior to Nov. 6, 1939, proposed to
offer the stock to the public at an initial offering price of $12.50 a share
and thereafter the offering price was to be determined by the prevailing
-
\
Railway tax accruals
•
,
v
Section 9 (a)
Commission in its complaint alleged that A. W.
1939
1940
$65,063
135,125
Quarter Ended March 31—
Consol.net profit after all charges and taxes..
Shares of common stock outstanding
ing A. W. Porter, Inc., A. W. Porter, and Arthur H. Johnson from further
manipulative activities in connection with transactions effected by them in
the common stock of
Pressed Metals of America, Inc., in violation of
(2) of the Securities Exchange Act of 1934, and from further
selling this stock in violation of the fraud provisions of the Securities Act
Director—
Queens Borough Gas & Electric Co.—New
See
Railway oper. revenues
Railway oper. expenses
-v-,
$0.12
$101,472
capital stock.
District Court for the Southern District of New York permanently enjoin¬
The
$38,000
$0.32
Reading Co.—-Earnings—
judgment had been entered
1939
^
$68,000
$0.30
$0.11
inter-company sales.—V. 150, p. 2266.
$291,116
Earns, per sh. on 927,305
fSale of Stock—
of 1933.
1940
3 Months Ended March 31—
Net income after charges (estimated)....
— Earns, per sh. on 149,058 shs. of common stock—
—V. 150, p. 2266.
issued
,
Balance Sheet March 31, 1940
Assets—Property,
expenses
Quaker State Oil & Refining Corp. (& Subs.)—Earns.
1940
1939
1938_
1937
1940
Net operating revenues
Non-operating income
and Federal income taxes and excluding Enterprises
Industrielles Charentaises results in 1940 and 1939.
x Revised to exclude
After
a
Net profit
$336,298
184,453
a
$2,109,288df$2,275,497
$1.55
$0.65
$1,700,769 def$219,283
$0.69
$0.19
Surplus
$2,499,860
4,775,357
$5,929,528
3,820,239
$735,764
955,047
Quar.End.Mar.31—
Co.—Earnings—
12 Months Ended March 31—
Operating revenues.*
Operating expenses and taxes
a
$68,897
1940—12 Mos.-xl939
$3,841,556 $18,348,074 $14,959,78 6
3,105,792
12,418,546
12,459,926
1940—3 Mos.—xl939
Earnings
Depreciation, &c
a
^^tndTfxes^f.y$80,759
x
Before surtax on
1938
1939
I
.
1937
y$39,988 loss$175,377
undistributed profits,
y
x$190,742
Equal after dividend re¬
quirements on 7% preferred stock to 27 cents per share on 222,855 shares
compared with 8 cents per share for like quarter in 1939.
of common stock,
xLoss.
:■
851.
Republic Steel Corp. (& Subs.)—Earnings—
Interest
Net
1939
$4,492,806
1,055,781
$739,377
1,096,020
2,705,921
2,978,483
2,774,126
....
725,000
130,000
5,838,066 com. shs.
$3,111,723
$0.43
Depreciation and depletion
profit
Earns, per sh. on
x Loss.
.1938
1940
$7,832,356
1,017,150
Quarter Ended March 31—
Profit after minority interest
$532,899 x$3,062,564
Nil
Nil
Accumulated Dividend—
dividend of $1.50 per share on account
the 6 % cumulative convertible preferred stock, payable
Directors on May 21 declared a
of accumulations on
The Commercial & Financial Chronicle
3372
June 12. Dividends of $6 was paid on May 1,
April 1, last and a dividend of $7.50 per share was paid on
last.—V. 150, p. 2592.
July X to holders of record
last: $1.50 on
Dec. 21,
Savannah & Atlanta Ry.—Annual Report—
1938
1939
$1,750,391
$4,509,733
$0.59
$2.32
i
Fredericksburg & Potomac RR.— -Earnings
Richmond
1937
1938
Calendar Years—
1939
Ry. oper. revenues
$8,752,235
Ry. oper. expenses.....
6,374,277
Ry. tax accruals
.
762,870
Equip. & jt. facil. rents.
400,178
$7,754,108
6,060,527
628,208
628,208
430,367
430,367
1936
$7,638,029
5,754,395
535,542
501,709
$8,603,221
6,336,810
687,069
476,774
Income Account for Calandar Years
■W.v-1939
Net revenue from
Net ry. oper. income. $1,214,910
Non-operating income..
217,951
$635,005
220,106
$1,102,567
205,727
$846,382
182,314
$1,432,862
329,249
14,275
$855,111
314,989
24,812
$1,308,294
311,135
16,886
$1,028,696
311,135
13,401
$1,089,337
573,376
$515,310
215,016
$980,273
573,376
$704,160
573,376
$515,961
$300,294
$406,897
-
-
deductions
Other
Net Income
Cash dividends
Balance, surplus
1939
1939
$
Liabilities—
500,400
equip.—Road..25.297,503 25,435,137 Guaranteed stock.
Equipment..... 9,260,668
9,507,890 Dib.oblig. stock.. 9,017,600
Gen. expend
185,185
186.539 Non-voting 6% stk 4,000,000
Govt, grants
lieu of
mtge. prop, sold
Misc. pbys. prop—
Depos.
in
129,000
551,982
811,202
723,093
Inv.ln affll.cos—
Other
investments
Cash
1,880,279
90
Special deposits
322
Loaas & bills rec._
Traffic &
car serv.
balances rec
Net bal. rec
136,026
4,000
35,625
Long-term debt... 7,846,000
550,665 Traffic & car serv.
balances payable
773,313
723,103 Audited acc'ts and
wages payable..
1,123,602
25,102 Misc. acc'ts pay..
Int. mat'd unpaid.
Divs. mat'd unpaid
105,474 Unmat. int. accr__
-
on
Interest on
—
—
Liabilities—
Mlscell.
$604,000
1,259,000
269,000 Long-term debt
684,303 Capital liability adjustments
1,257,000
2,210,963
Invests, in affiliated cos
Cash
ances
126,146
-
-
and
service
car
Traffic
bal¬
receivable....
13,337
-
Interest and divs. receivable.
18,068
22,177
—equipment... 5,534,740
297,603
1,022,618
12,045 Profit and loss
9,975,161
3,658
196,851
6,426,416
240,166
1,022,618
9,558,085
Working fund adv.
3,180
3,179
Other unadj. cred.
.
.
car-service
-
Materials and supplies
Working fund advances
Rents and insur. premiums
bal¬
172,272
and
accts.
wages
72,706
1,083
14,461
.
.
Mat'ls & supplies.
Int. & divs. rec—
Rents
&
ins.
in advance
7,521
5,198
270,259
Other def'd assets.
on
1,471 Profit
paid in advance....
debits
funded
debt
Approp. surplur.
paid
Oth. unadj. debits
liability
Prem.
Total
40,729,903 39,974,119
-V. 150, p. 2742.
Schenley Distillers Corp, (& Subs.)- -Earnings—
Net profit
stk. (par $5)-Earnings per share
Shs. cap.
Antelope Copper Mines, Ltd.—Dividend—
have
declared
dividend
of
32 cents on American shares,
payable June 6 to holders of record May 31.
In 1939 payments on Ameri¬
can shares were 40 cents on June 7 and 16 cents on Dec. 12.
a
The Irving Trust Co., as depositary, on May 21 sent holders
cates for "American shares" a notice which read as follows:
of certifi¬
Holders of certificates for "American shares" so-called, are hereby noti¬
fied (by Irving Trust Co.) that it has received, subject to the conditions
hereinafter set forth, a dividend on the deposited ordinary stock being
interim dividend No. 9 in respect of the year ending June 30, 1940, at the
rate of 6 pence sterling on each 5 shilling unit of ordinary stock less British
income tax at 4 shillings in the pound being the standard rate of 7 shillings
6 pence in the poiind less 3 shillings 6 pence Dominion income tax relief
making a net dividend of 4.8 pence per unit of ordinary stock.
"We
were permitted under existing British regulations to receive the
dividend on the deposited ordinary stock for distribution to holders of
"American share" certificates subject to our undertaking to distribute it
only to such holders as lodged with us a declaration in the form enclosed
acting on behalf of an enemy of, nor
ordinarily resident in, the United Kingdom of Great Britain and Northern
Ireland.
Subject to this undertaking, the National Provincial Bank, Ltd.,
London, England, our agent to hold the deposited ordinary stock, has
us
converted into dollars at the official rate
of
$4.02^ less commission of H of 1 %.
The amount received, after deduc¬
tion of our expenses and remuneration provided for by the deposit agree¬
ment, and after carrying forward the balance due from previous distribu¬
tions, results in there being distributable a dividend at the rate of 32 cents
for each'American share.'
"The New York Stock Exchange on which the 'American shares' are listed
required 10 days notice of the taking of record for such dividend so that
May 31, 1940 has been set as the record date of the holders of 'American
shares'
entitled to the dividend of 32 cents for each such share.
This
dividend will be payable on and after June 6,1940 subject to the conditions
hereinafter set forth.
'If you are a holder of 'American shares' as of the close of business May 31,
1940 the record date, you should complete the enclosed form of declaration,
sign it and have your signature guaranteed by a bank or trust company
having an office or correspondent in New York City or by a member of the
New York Stock Exchange or a member of the New York Curb
Exchange
Clearing House and forward it to us promptly.
The dividend payable
on and after June 6, 1940 will be
paid in dollars only to such holders as are
entitled thereto and who have lodged with us the declaration form
properly
completed, executed and guaranteed. It may be necessary for us to return
to England to be held in a blocked
sterling account the dividend payable
to holders who shall not have
compiled with these conditions on or before
the sixth day of August, 1940.
"We have been informed by our agent In London that the British Gov¬
Root Petroleum Co.
*
Oldetyme, Mr. Rosenthiel said.
Acquisition of Oldetyme brings Schenley its first plants in Maryland and
Mr. Rosenstiel stated, and with plants already established in
Pennsylvania, Kentucky, Indiana and California, Schenley's production
will now be carried on in six States.
The new facilities, on the basis of
New Jersey,
Oldetyme sales in recent years, will add more than $13,000,000 annually to
Schenley's sales.
Principal Oldetyme brands are Green River and Three
Feathers.—V. 150, p. 2896.
;
.
Schulte Retail Stores
$53,715
[Excluding Schulco Co., Inc.]
Period End. Mar. 31-
ended May 11,
sales of $140,974,782, for
Stores in operation for the
2,999 a year earlier.—V. 150,
over
the corresponding period ended
May 13. 1939.
1940 period were 2,737, compared with
P» 2ti*±2t*
Vr"
and
taxes
1940
$23,417
1939
loss$43,868
1938
loss$50,123
Earns; per sh. on 167,715
(no par) shares
—V. 150, p. 853.
$0.14
Nil
Nil
1937
$41,749
was on
Potsdam, Executive Vice-President and General Manager
May 16 elected President ofthe company, Neil O. Broderson, Chair¬
of
Plan Abandoned
unfavorable
The company had
3064.J
p.
condi¬
temporarily
'■
•
proposed a new $8,378,000 issue of convertible de¬
bentures carrying a lower interest rate than the present
bH% issue.—V. 150,
/
■
Scudder, Stevens & Clark Fund, Inc.—Earnings—
Net profit
a
Exclusive of loss
1939.
on
1939
$71,549
1940
i
$93,713
Quarter Ended March 31—
a
securities sold of $56,520 in
1940 and $86,914 in
V,/;-;''.■
V ' "
Seaboard Air Line
on Plan Postponed—
Hearings on the petition by a committee or bondholders to effect reorgan¬
ization under Section 77 ofthe Bankruptcy Act, rather than in equity, have
been postponed from May 21 to June 25.
In the meantime, renewed study
is being given to the question of traffic, revenues and other factors with a
view toward working out a plan that might prove acceptable to representa¬
tives of the principal security holders.
It is believed that if a plan satis¬
factory to the principal interests can be evolved, the proposal to invoke
provisions of the Bankruptcy Act will be abandoned and the road reorganized
under the old equity method.—V. 150, P. 3216.
Ry.—Hearings
Corp.—Earning s1940
1939
1938
1937
$298,181
sales
$227,153
$331,873
$394,625
16,341
z26,405
5,606
21,334
Net profit after charges
and Federal taxes
_
Loss.—V. 150, p. 2705.
Co.—Earnings—
..
-
-
—V.
150,
p.
—V.
150,
p.
$5,902,000
$1.35
$1.06
Bros., Inc.—Earnings—
Federal taxes
Shs. cap. stk. outst'g
per
—
$7,641,000
3064.
Period End. Mar. 31—
Net prof, after charges &
Earnings
1939
1940
3 Months Ended Apr. 30—
Net income after charges and taxes (est.)
Earnings per share
share.
853.
1940—3 Mos.—1939
$65,915
107,500
$0.61
$109,511
107,500
$1.02
1940—9 Mos.—1939
$306,886
$219,969
107.500
$2.87
107,500
$2.05
-Earnings—
3 Mos. End.Mar. 31—
xNet profit
1940
loss$6,624
1939
$36,019
1938
1937
Shs.cap.stk.out, (no par)
Earnings per share..
1,257,506
Nil
1,257,506
$124,325
1,365,500
1,269.170
$0.03
$0.10
$0.14
$0.25
Samson-United Corp.—New President—
Harold A.
because
that
advised
(Frank G.) Shattuck Co. (& Subs.)
Savage Arms Corp. -Earnings—
Quar.End. Mar. 31—
Net profit after all chgs.
been
prevailing the proposed refinancing plan has been
Seeman
5.98%
have
$207,896
$118,653
$44,266
abandoned.
Safeway Stores, Inc.—Sales—
Company reports sales for the four weeks ended May 11,1940 of $31,194,002, against sales of $29,808,845 for the same period ended May 13, 1939,
a gain of
now
Sears Roebuck &
an extra dividend of 25 cents
per share in addi¬
quarterly dividend of 25 cents per share on the common
stock, par $50, both payable June 20 to holders or record June 7. Extra of
$1 was paid on Dec 20, last.—Y, 150, p. 1454.
$149,408,342,
$27,343
Scoville Manufacturing Co.—Financing
Stockholders
tions
St. Joseph Lead Co.—Extra Dividend—
Directors have declared
tion to the regular
1940—3 Mos.—1939
1940—Month—1939
exjps. &
depreciation but before
special chgs. & credits
—V. 150, P. 2439.
z
in <?<^e§®les ofthe company for the 20 weeks
1940 totaled
Corp. (&Subs.)—Earnings—
Loss after adm.
Quar. End. Mar. 31—
Loss after int., depreciation, depletion,
&c., charges
the sale of Oldetyme
ment and distributors of
Net
—V. 149, p. 3276.
.
Acquisition—
"""
[Exclusive of Cromwell-Franklin Oil Co.]
Earnings for Quarter Ended March 31, 1940
y After interest, Fedcharges, but before preferred
Final consummation in Wilmington on May 21 of
Sea grave
(& Subs.)—Earnings—
1,260,000
$0.65
Distillers Corp. to this corporation was announced by L. S. Rosenstiel,
Chairman of this company. There will be no change in the present manage¬
,
ernmental authorities have ruled that future distributions of dividends will
be subject to the same declaration until such time as the
present restric¬
tions are either amended or withdrawn."—V.
150, p. 2436.
1938
1937
*$364,712 x$l,813,272
1,260,000
1,260,000
$0.09
$1.24
1939
$1,061,542
eral income and capital stock taxes and other
dividends.
that they were not enemies of, not
remitted the dividend funds to
1940
$1,233,011
1,260,000
$0.79
Before Federal surtax on undistributed profits
x
Roan
Directors
$6,045,66
1
Total
5,045,567
Total
-V. 148, p. 2756.
3 Mos. End. Mar. 31—
40,729,903 39,974,119
and loss
28,786
Other unadjusted
y
Total...
14,668
8,102
245,840
27,104
95,927
—
Accrued deprecia'n
Other curr. assets.
Mlscell. accts. receivable.
and
62,440
payable
payable
57,876
13,373 Mlscell. accts. payable
161,138 Unmatured int. accrued
4,156 Other liabilities
319 Deferred liabilities
835 Unadjusted credits
Appropriated surplus..
and conductors
Other current assets........
7,530
3,543
ances
Audited
Net balance rec. from agents
3,974
Tax
/
$4,684,905 Common stock. J
49,940 Preferred stock—
physical property..
76,128 Giants in aid of construction
Improv. on leased ry. prop..
52,068
146,063
128,903
47,779
532,284
732,533
$77,492
General Balance Sheet Dec. 31, 1939
,
A 8 SCtS
35,273
51,683
164,390
275,686
llabil..
$102,808
and loss--
35,000
Invest, in road and equip't..
26
curr.
$77,492
account.
Trustees'
90
Other
$136,210
19,478
4,240
$128,808
26,000
-—j.
Income balance transferred to profit
334,175
122,876
60,174
649,684
750,196
6,293
2,047
ag'ts & conduc's
Misc. acc'ts rec.
i
----— —
sinking fund
Income applied to
364,911
131,511
from
$184,883
19,531
33,860
2,684
and equipment
funded debt
unfunded debt
Net income.—-
Traffic
141,745
$237,337
101,127
2,712
Rent for leased roads
Interest
S
1,316.900
500,400
9,017,500
4,000,000
35,625
7,920,000
1,316,900
44,696
$228,743
8,594
-
—
income
1938
$
Common stock...
oo,2lU
$178,136
9,459
$187,596
balance
Miscellaneous deductions
x
1938
S
Assets—
$332,667
59,227
operating income
Net railway
Other income
General Balance Sheet Dec. 31
Invest, inroad and
784,057
$340,628
operations
Railway tax accruals
Net rents, debit
$130,784
Gross income..
xl938
-51.165,681
-
$1,116,724
825,053
Total operating revenues
Total operating expenses
Total
Int. on funded debt..
announced. Mr. Potsdam succeeds A. O. Samuels, who
time the former was named Executive Vice-
ofthe Board,
resigned on April 4, at which
President.-—V. 150, P. 2437.
Subs.)-—Earnings-
Remington Rand, Inc. (&
Years Ended March 21—
1940
Net profit after charges and taxes. ..-x$2,232.000
Earnings per share on common stock.
$0.88
xEstimated.—V. 150, p. 2741.
man
May 25, 1940
x
$179,885
After depreciation and Federal taxes.
On Jan. 1, 1940, company changed its
month basis to a 12-period yearly basis.
accounting basis from a calendar
Consolidated results this year,
therefore reflect company's operations for the period ended March 24, 1940,
and operation of subsidiaries for the period ended March 31,1940.—V. 150,
p.
2116.
«
Volume
The Commercial
ISO
Servel, Inc. (& Subs.)—Earnings—
Shs.com.stk.out.(par $1)
Earnings per share.—_
■
$1,114,710
1,781,426
$0.61
other charges, and after-deducting
$1,047,066
1,781,426
$0.59
$0.46
After depreciation, interest and
x
1940—6 Mos.—1939
1,781,426
1,781,426
$0.39
estimated undistrubted profits tax.—V.
150,
1455.
p.
plan was preferable.
Accordingly, such a plan was prepared and was to be
submitted to bondholders about Jan. 1, 1940.
However, in December,
1939, the Securities and Exchange Commission advised the company that
it might be held to be a
subsidiary of a registered holding company (North
American Gas & Electric Co.) as defined by the Public Utility Holding
:
Company Act of 1935.
The board believed it inadvisable to submit a plan
Accordingly, the matter
for hearing before the SEC.
In the meantime, certain changes, or steps to effect changes, were volun¬
tarily made or taken to support the company's claim for exemption from the
ProvM°ns of the Holding Company Act.
The major changes were as
Sharp & Dohme, Inc.—Earnings—
Quar. End. Mar. 31—
_
Grossprofit
Expenses.
Charges (net).
Depreciation.
1940
....
.....
Federal taxes
Net profit....
_
of reorganization as long as this question existed.
$303,687
_
Earns. per sh. on 776,627
shs. com. stk. (no par)
$0.13
l
$1,280,651
1,037,050
_
$1,821,517
1,136,203
28,396
37,077
68,614
$173,935
_
40,138
37,427
3,843
$182,026
'j >K' Nil
$539,485
__
_
$0.43
Nil
For the 12 months ended March 3 l7l9407consolidated reports shows net
profit of $1,023,931 after all charges and Federal income tax, equal after
preference dividends, to 29 cents a share on the common stock.
V.,150,
p. 3064. »
yv-r;;Q:
;:v
Shell
Transport & Trading Co., Ltd.—Report Delayed—
London advices announce that as result of confusion caused by enemy
action, inevitable delay will occur in presentation of accounts for 1939.
Normally accounts to Dec. 31 are submitted in June.—V. 150, p. 1146. m
Sheep Creek Gold Mines, Ltd.—Earnings—
9 Months
3 Months
J
„
Period Ended—
.
Feb. 29 '40
Feb. 28 '39
Feb. 29 *40
Feb. 28 '39
$92,010
$101,734
$286,160
$284,139
$0.04
$0.05
$0.15
$0.15
Net inc. after all charges
Earns, per sh. on 1,875,000 shs. capital stock.
—V. 150, p. 702.
Earnings for 3 Months Ended March 31, 1940
Development, operating & administrative
$895,927
695,795
costs
Operating profit
Non-operating revenue
$200,132
2,728
Total.----Provision for taxes
$202,859
4,300
Realized profit before write-offs
Capital expenditures
$198,559
193768254
18.600
—V. 150, P. 3217.
'
Sierra Pacific Power
1940—12 Mos.—1939
$176,566
$163,358
$2,164,660
$2,000,389
68,628
57,423
73,265
61,964
910,163
775,789
852,294
717,733
re¬
Net income
150, P. 2743.
Sign ode Steel Strapping Co.—Earnings—
3 Months Ended March 31—
Net profit after interest, depreciation,
Federal income taxes, &c
Earns, per sh. on 133,324 shs. com.stk
—V. 150, p. 702.
1940
,
$112,281
$0.69
1939
$87,599
$0.51
1938
loss$4,964
of record
May 27.
75 cents was paid
Like amount was paid on March 1, last; dividends of
on Dec. 12 last; one of 50 cents was paid on Sept. 1,
June 10 and March 10, 1939; dividend of $1.50 was
paid on Dec. 15, 1938,
|nd^a re^ariq^rterlj^dividend of 75 cents per share was paid
Siscoe Gold
1939
$194,988
1938
and directors and officers of its subsidiaries, and are now in active charge of
the affairs of the company.
These directors are serving without compensa¬
tion other than nominal fees for attendance at directors' meetings.
As a result of the making of these changes, company has been advised
that the Commission does not
propose at this time to find it to be a sub¬
sidiary of North American.
It is the opinion of counsel for the company
that until further action by the Commission, Southeastern Gas & Water Co.
is exempt from
regulations as a subsidiary of a registered holding company
under the Public
Utility Holding Company Act.
$321,260
$0.04
$0.06
$0.07
After depreciation, Federal and Provincial taxes.—V.
;
Essentially, the object of such
plan would be to provide cash for the
a
gradual reduction of company's indebtedness and for necessary well
The drilling of new gas wells is essential to maintain revenues and to
them over a period of time.
court reorganization would be substantially more drastic and would involve
greater delay and expense than a voluntary reorganization.
Directors
believe that further financial statements in addition to the data given
above are not necessary for the exercise of prudent judgment in this matter.
Before proceeding further, directors consider it necessary that the
holders themselves express thier views for the guidance of the board.
$80,972
Liabilities—
':[•
Notes receivable
Accounts receivable
•■.
^"V.:
1940—Month—1939
$200,764
Ml
Gas
&
$26,284
Water
May 17 addressed
':
92,541
2,106
1,330
18,967
Other accounts receivable....
Accrued interest receivable...
Inventories
690
Deposits for bond income tax.
V:
•'
a
1940—4 Mos.—1939
$737,800
Co.—Seeks
Current liabilities
$80,669
.
203,130
21,024
1,227,165
1,012
177,691
212,021
.
Consumers' deposits
Deprec. & deple. reserves
Miscellaneous reserves
Partic. class A stock (par $1).
Common stock (par 50c.)
com. stk. (par 50c.)
Class B
49,977
Earned deficit—
_
127,484
476,459
175,890
—
Capital surplus.
26,119
Total
$5,563,295
-
55,663,295
Total
-V. 150, P. 3217.
Southeastern
Greyhound Lines—Eamings-
Gross earnings
Net profit after deprec
and ordinary taxes...
1940—Month—1939
after
income
1939
1940—3 Mos
$943,853
$347,911
$296,583
48,124
48,602
35,750
35,763
27,987
,276
75,096
37,368
I 55,658
int.,
amort., Fed. taxes, &c
Preferred dividends
88,548
88,589
74,612
11,442
Earns.per sh.on com.stk.
67,885
11,427
149,882
$0.22
Common dividends
$0.28
—V. 150, p. 445.
Bondholders9
letter to the bondholders which
7-•:
■
53,293,200
Long-term debt
Other assets
Southern Colorado Power Co.-
Reorganization—
on
80
Total income
N^ profit p. 2897.
after charges
V. 15U,
The directors
55,353,657
17,827
Cash
Net
Co.—Earnings—
Period End. Apr. 30—
states:
$27,859
bond¬
Consolidated Balance Sheet March 31, 1940
Fixed assets
Penod End. Mar. 31—
1939
drilling.
increase
The alternative to a voluntary plan would be filing a petition for reorgan¬
ization under Chapter X of the Ba nkruptcy Act.
Directors believe that a
1948.
p.
1940
NvPf?ofcaftoeo^harges
—V. 149, p. 2244.
on
150,
Corp.—Earnings—
Quarter Ended March 31—
Southeastern
In the interim, however,
Com¬
this act,
securing
company's 1st lien bonds and general lien bonds must be prepared and
qualified with the SEC before the plan of reorganization can be submitted
to bondholders.
This procedure will involve delay and considerable ex¬
pense.
Directors do not consider themselves justified in incurring this
expense without expression from the bondholders of their general sympathy
with a voluntary plan.
With the cooperation of the holders of both 1st lien and general lien bonds,
it Is believed that a reorganization of the financial structure of the company,
without resort to the courts, can be accomplished.
Since refunding or
maturities now appears to be impossible, it is contemplated that such a
plan would involve an extension of maturity and a modification of the
sinking fund provisions of the 1st lien bonds, and an extension of maturity
and placing the general,lien bonds on an income interest and sinking fund
basis, with appropriate restrictions upon the payment of dividends on the
1937
$289,056
$0.03
Soundview Pulp
between company and
Following these changes, the remaining directors of the company, Donald
B. Adams, Charles J. Gregory and E. McLain Watters, were elected officers
Deferred charges
1940
$143,909
-
com..
Sloane-Blabon
Views
on March '
Mines, Ltd.—Earnings—
3 Mos. End. Mar, 31—
Net profit-
Earns, per sh. on
v.'
Company has outstanding in the hands of the public the following bonds,
shown on the consolidated balance sheet as or March
31, 1940:
(sinkingfund) 6% gold bonds, due Jan. 1,1941....
$1,115,500
1st lien 6% gold bonds, due Sept. 15, 1951
112,500
General lien 6% gold bonds, due June 1,1944
1,739,500
as
1st lien
*
(3) the modification of the management contract
Loeb & Eames, Inc.
Assets—
Directors have declared a dividend of $1 per share on account of accumu¬
lations on the $3 convertible preferred stock, payable June 1 to holders
x
canceled.
Nil
Simmons-Boardman Publishing Corp.—Accum. Div.—
x
(1) The retirement from the board of Leland E. Yeager and Paul H.
Eames, and their resignations together with the resignations of all of their
associates in the North American Gas & Electric Co. organization from
ofricerships and directorships of Southeastern Gas & Water Co. and its
subsidiaries.
(2) The sale or surrender of the voting and non-voting stocks of South¬
eastern Gas & Water Co., formerly owned
by North American or individuals
connected with North American, substantially all of which shares have been
stock of the company.
Co.—Earnings—
Period End. April 30— 1940—Month—1939
Operating revenues.....
—V.
on
pany has been advised by counsel that, under the provisions of
proposed indentures supplemental to the indentures presently
Ltd.—Earnings—
Net return from metal sales
income after
tirement accruals
,
brought
the Trust Indenture Act of 1939 became effective on Feb. 4, 1940.
Sherritt Gordon Mines,
Gross
was
1937""
1938
1939
$1,636,237
$1,364,387
1,223,150
1,094,969
36,813 /
41,991
35,445
37,580
37,142
7,821
——
3373
whether it would be necessary that the company go through the long)
complicated and expensive procedure of a reorganization in the courts.
After careful consideration, directors were convinced that a voluntary
or
Period End. Apr. 30— 1940—3 Mos.—1939
Net profit—.$692,890
$836,226
x
& Financial Chronicle
....
Earnings—
1939
1940
Years Ended March 31—
$2,441,278
Operating revenues
Operation
...
Maintenance and repairs
1.
Appropriation for retirement reserve..
TfliXCs
—
*
Provision for Federal and State income
taxesl
889,567
124,433
300,000
328,337
67,250
$2,348,799
837,796
124,362
300,000
331,536
S
67,355
.....
Since organization company has conducted an unceasing
struggle to meet
its
obligations,-having been handicapped from the first by a debt structure
large for its earnings capacity and by a decline in its gross revenues.
decline was due principally to reduced sales of natural gas to the
large pipe-line companies as a result of the depression, the
company's
inability to spend enough money each year to drill new gas wells to offset
depletion and the competition of new, large high-pressure gas wells drilled
Net operating income
Other income
—
—
$731,690
2,156
$687,749
$733,846
409,698
$688,510
409,698
34,174
12,085
761
far too
This
by others since 1935.
•
K Despite material reductions in operating expenses, the
heavy burden of
interest charges, together with the decline in gross revenues, has
resulted
every year, with one exception, in a substantial deficit, as shown in the
following table (on a consolidated basis):
Gross
Year—
Revenues
$765,697
703,261
695,362
697,243
651,630
690,416
664,568
599,972
593,911
623,149
1939.
1940-b
_
_
.....
Interest
a
Operation
$566,959
511,659
496,067
507,860
459,274
483,967
470,763
444,319
433,610
450,564
202,993
204,393
203,391
202,616
202,649
Interest
Deficit
$21,656
54,415
21,780
16 938
11,344
prof3 456
10,588
47 738
-
42,315
30.064
includes maintenance,
on
_
funded debt
34,174
10,622
Cr435
Amortization of debt discount and expense
Other interest
Interest charged to construction
Miscellaneous deductions..
—
Dividends on preferred stock
4,318
•
*
Cr410
5,639
$275,468
Net income.
—
——.—
$227,323
170,064
85,032
Note—In the above statement of income accounts net income for "the
Net
Charges
$220,394
246,017
221,075
206,321
203 700
Gross income
year ended March 31, 1939, has been reduced by $2,848 to reflect adjust¬
ment applicable to the period prior to April 30, 1938, Included therein of
amortization of debt discount and expense on 1st mtge. gold bonds, series A
6%, due July 1. 1947, outstanding at March 31, 1940, charged to surplus
as of April 30, 1938, which has been applied retroactively in the accounts.
Accumulated Dividend—
Directors halve declared a dividend of $1 per share on account
mulations
on
of accu¬
the 7% cum. pref. stock, par $100, payable June 15 to holders
Similar amount was paid in preceding quarters.—-V. 150,
of record May 31.
p.
2897.
taxes, depreciation, depletion and other charges.
b 12 months ended Mar. 31, 1940.
These annual deficits have not only
reduced working capital but have impaired the company's credit.
Southern Ice Co., (Del.) Charleston, S. C.—Plan for
Refunding and Reduction of Debt—
On June 1, 1940, the following payments will be due: Interest on 1st lien
bonds, $33,465; interest on general lien bonds, $52,185; 1st lien sinking fund.
$125,000; past due obligations, $5,000; total, $215,650.
► These obligations cannot be paid in full.
Present plans provide only for
the payment of 1st lien bond interest.
V In (addition, company's largest subsidiary, Southeastern Gas Go., has
notes in the amount of $45,500 maturing on June 1,1940.
t
In October, 1939, directors reached the conclusion that the basic problems
of the company could be solved only by a reorganization.
The question
was whether this could be accomplished by the informal and
relatively
Company faces the problem of financing the payment of its outstanding
$511,000 1st mtge. & ref. 8% bonds which mature on April 1, 1942.
The financial condition or the company has Improved since the issuance
of such bonds in 1934 as evidenced by the retirement of $181,600 of 1st
mtge. bonds and the stronger cash position of the company.
Notwith¬
standing this improvement and the fact that the present market for highgrade bonds is favorable, the company does not believe that the sale of
a new tasue of its bonds to the public, in view of the burdensome cost of
registration under the Securities Act or 1933 and other expenses increasing
the cost of the money, is warranted if another method of refinancing is
available.
Moreover, owing to the uncertainty of future economic con-
a
nexpensive method of
a
plan voluntarily adopted by the security holders.
The Commercial & Financial Chronicle
3374
ditions, it is difficult to forecast what the situation will be at the time the
bonds become due in 1942.
The directors believe that
1940
20, 1938, and an initial dividend of
150, p. 2/45.
1939; 30 cents paid on Dec.
June 30,
20 cents paid on
June 21, 1939.—V.
bondholders are primarily interested in re¬
ceiving interest in cash regularly, an orderly retirement of their bonds and
avoiding expensive and lengthy foreclosure proceedings in the event of
payment of principal of the 1st mtge. bonds at maturity.
With this in mind the directors have concluded that it is for the best interests
of the bondholders to endeavor to consummate, without delay, a plan for
a reduction in the company's debt and refunding of its
1st mtge. bonds
due in 1942.
After discussions of the problem with the holders of a
substantial amount of such 1st mtge. bonds, the directors have formulated
default in the
a
on
May 25,
plan for refunding and reduction of debt, dated as of April 1, 1940.
The plan is designed primarily to give the holders of the present
Standard Gas & Electric
kwh., an increase of 15.4%
week last year.—V. 150, p. 3217.
531,341
bonds, which carry interest payable in cash at the rate of 5% per
annum and in
non-interest, non-voting scrip, without a fixed maturity
date, at the rate of 3% per annum.
(1) New bonds of an equal principal amount, due in 15 years, with an
equivalent security, carrying interest payable in cash at the rate of 5M%
per annum, redeemable at the option of the company, at premiums prior
to the last year, and having the benefits of a sinking fund which, based
on the present level of earnings, should afford bondholders assurance of
the retirement of a substantial amount of bonds prior to maturity in
1955;or
(2) The privilege of obtaining cash for 1st mtge. bonds to the extent
same can be purchased through
the application of $80,000, or such
as the board of directors may determine, at a price of
87M % of the principal amount of such bonds and accrued interest thereon
at the rate of 5% per annum to the date of purchase; and
(3) An opportunity to sell their bond interest scrip at 20% of the face
amount of such scrip, if they elect to exchange their 1st mtge. bonds or
the
Mar
3 Mos End
x
(Including Coastal Plains Oil
31—
1940
1939
Netprofit-'.^!-*.----
Corp.)
depreciation, depletion, amount of
costs, and other deductions.—V, 150, p. 2745.
Standard Products Co. (&
all
$149,930
charges and taxes
—V. 150. p.
Subs.)— -Earnings—
1940—9 Mos.—1939
cm-ooo
Earns, per share on capistock (par $1).—1—
>
,
1937
$113,489
intangible development
1940—3 Mos.—1939
Period End. Mar. 31—
Net profit after
.
1938
$168,908
$14,674
359,862
After taxes,
x
the Standard
totaled 124,compared with the corresponding
Kansas—Earnings—
Standard Oil Co. of
1st
mtge.
Co.—Weekly Output—
Electric output of the public utility operating companies in
Gas & Electric Co. system for the week ended May 18, 1940,
$340,404
$257,589
*1.13
$115,823
„
$0.86
,0
$0.43
$0.50
855.
greater amount
tender them for sale for cash.
Standard Tube Co.—Earnings—
31, 1940
Federal taxes, &c _
class B com. stock (par $1)
Earnings for Three Months Ended March
Net profit after depreciation.
Earns, per sh. on 410,000 shs.
—V. 150, p.
$41,243
$0.09
3544.
Earnings for Years Ended Dec. 31
1937
1938
1939
Gross sales and earnings-
(L. S.) Starrett Co.—75-Cent
1936
$1,037,447
$1,065,231
399,726
$1,056,068
422,440
99,435
$976,828
372,557
95,248
109,454
424,001
86,113
$521,876
357,925
$467,805
357,840
$509,181
372,058
$510,115
359,592
Taxes
$163,950
47,674
$109,965
46,221
$137,123
47,121
$150,522
39,181
Operating Income
Non-oper. income—net.
$116,276
7,686
$63,744
8,162
$90,001
17,230
$111,340
28,422
$71,906
$107,232
Net sales—Ice
Coal
Net sales—Ice & coal.
Deliv., sell. &
gen. exps.
Balance
Gross income
a
$123,963
a Before
provision for retirements,
requirements.
1939
1938
Property, plant &
equipment
$1,518,260 $1,530,717
Preferred stock
$493,100
Sterling Aluminum Products, Inc.—Earnings—
3 Months Ended March 31—
124,117
Sou. Ice Co. 8s—
37,497
594,900
594,900
Notes receivable.,
4,253
140,502
23,306
2,982
66,062
Acc'ts receivable.Mat'ls & suppliesIce inventory
Fuel inventory
Common
stock
5,762
Non-int. bear .scrip
109,206
Accounts payable.
Miscell. liabilities.
35,511
22,888
596
524
967
Int accrued—Cash
6,387
4,128
5,472
2,478
563,312
53,376
Scrip
Prepayments
16,418
18,002
Taxes accrued
Miscell. investm'ts
60,068
53
38,868
Retirement
3,217
986
4,910
2,255
83,900
98,832
35,614
UnadJ.
debits
v
Reacquired securs.
declared
a
quarters.—V. 150, p. 1457.
Sullivan Consolidated Mines,
44,500
Sinking fund
Unam. reorg. exp,
54
620,449
reserve-
4,373
3,139
surplus.--
132,803
123,397
Operating
Earned
reserve
Ltd.—Earnings—
$2,044,126 $1,963,802
depreciation, &c
$2,044,126 $1,963,802
-V. 137, P. 4710.
Southern Pacific Co.
Co.—Earnings
1940
1939
$674,242
$0.45
Railway
Railway
Net
oper.
oper.
from ry. oper.
$3,715,373 $14,856,594 $13,536,086
1,479,351
6,082,232
5,942,878
828,268
3,614,636
3,059,022
75,317
275,202
254,964
Net ry. oper. income—
—V. 150, p. 2743.
$1,332,436
$1,524,623
Southern Ry.—Retires Another
$4,279,222
$4,884,524
$8,000,000 RFC Loan—
The company has retired an additional $8,000,000 of its debt to the
Reconstruction Finance Corporation, reducing such debt to approximately
$16,900,000.
The latest reduction in RFC loans was effected through
proceeds of the sale to the Gulf Mobile & Northern RR., for slightly more
than $7,500,000, of* Southern's holdings of general mortgage bonds of
Mobile &
Ohio
RR., and cash from the company's treasury.
South re¬
& O. holdings, plus interest of 2% annually
ceived $7,295,000 for its M.
from Sept. 1, 1938.—
$663,026
1940
New
Week of May
1939
$2,533,434
Jan. 1 to May 14
1940
1939
$2,247,575 $49.605 960 $46,100,901
election,
and to fill the vacancy in the board thus created, Harry A.
was elected a director for a term of three years.
The stockholders authorized and approved,
subject to the approval of
the Interstate Commerce Commission, the purchase by this company
deButts
the rights,
franchises and all the properties of the Georgia Midland
Ry. Co., Georgia Midland Terminal Co., Asheville & Craggy Mountain
Ry. Co., and Asheville Southern Ry. Co.
In the case of Georgia Midland
Ry. Co. the property will be acquired subject to the lien of its first mortgage
dated April 1, 1896, securing $1,650,000 of
3% bonds maturing April 1,
1946.—V. 150, p. 3217.
Southwest Natural Gas Co.—Accumulated Dividend—
Directors have declared
on
a dividend of 25 cents per share on account of
the $6 preferred class A stock, par $10, payable July 1
to holders of record June 20
and Oct.
2, 1939, and
on
Dividend of like amount
was
paid
on
Dec. 27
Period
End.
Mar.
31—
1940—3
Mos—1939
1940—12
Oper. expenses & taxes..
$760,250
516,715
$2,834,721
1,930,908
$2,672,074
1,880,837
Net operating incomeOther income (net)
$265,762
1,063
$243,535
1,342
$903,813
4,574
$791,237
4,467
Gross income
Int. & other deductions-
$266,825
75,051
$244,877
97,136
$908,386
372,878
$795,704
388,858
Net income
150,
p.
7,790
loss$89,430
2,732
$189,38512,568
$207,196
123,187
$67,337
74,070
Ioss$86,698
54,469
$201,953
Other income
Profit
-
Deprec., int., taxes, &c.
$84,009
$0.74
Net profit
Earns, per sh. on cap.stk
—V. 150, p. 2270.
x
x
p.
After expenses,
$191,774
$147,741
$535,509
$406,847
Corp. (& Subs.)—Earnings—
3 Months Ended March 31—
Net profit after deprec., Federal income taxes, &c.
Shares common stock outstanding
$86,120
$0.75
Nil
Nil
1938
$35,144
depreciation, &c., but before Federal taxes,
703.
iv
1939
$25,621
1937
$29.040-V.
150.
.
1937
1940
3 Months Ended March 31—
$243,752
$0.57
Net
profit after all charges and taxes
Earnings per share on capital stock
—V. 150,
_
$240,823
$0.56
Tacony Palmyra Bridge Co.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per
share in addition
to the regular quarterly dividend of 50 cents per share on the common and
class A stocks, all payable June 29 to holders of record June 15.
Similar
distributions were made on March 30, last; Dec. 30, Sept. 30 and June 30,-
1939—V. 150, p. 2746.
Tampa Electric Co.—Earnings—
Period End. April 30—
Operating
1940—Month—1939
$422,578
$388,817
revenues
1940—12 Mos.—1939
$4,819,596
$4,483,149
1,495,311
1,488,202
1,501,206
1,493,200
Gross income after retire¬
134,637
134,002
ment accruals
Net income
p.
134,344
133,747
2746.
Taylor-Wharton Iron & Steel Co.—Interest Payment—
voted to pay the interest for the
1939, on the collateral trust
Directors at their meeting held May 17
six-months'
period
ended
June 30,
Tennessee Central
registered holders of said
150, p. 2271.
Ry.—Earnings—
1939
Calendar Years—
1938
$2,306,880
63,641
Freight revenue
$2,266,689
Passenger revenue._
50,379
Mail, express, all other
$2,100,506
51,359
$2,312,965
61,497
transp., &c., incident-
145,082
127,309
137,6/1
143,670
Total ry.oper. revenue
$2,462,150
410,323
851,427
575,309
$2,279,175
356,124
813,722
518,719
$2,512,134
392,618
886,614
;
567,077
$2,514,191
417,620
829,730
536,998
$625,090
161,291
$590,611
$665,824
120,190
$729,842
$463,799
$545,634
31,688
$439,522
18,183
27,539
$639,282
11,105
$495,487
$457,705
$573,173
$650,387
410,361
413,013
453,162
473,602
$85,126
35,000
$44,691
35.000
$120,011
a70,000
$176,785
Maint. of way & struc__
expenses
General & other expenses
share
rev.
from ry. oper.
Railway tax accruals.--
1940
1939
$120,627
$158,075
216,503
215 972
$0.36
$0.53
Ry. oper. income
Non-operating income._
Gross income
Deduction from gross inc
(A. E.) Staley Mfg. Co.—40-Cent Dividend—
May 21 declared a dividend of 40 cents per share on the
common stock par $10,
payable June 30 to holders of record June 10.
Like amount was paid on Dec. 20, last, and compares with 20 cents paid
Directors
115,833
loss$6,733 loss$141,167
Inc.—Earnings—
Sweets Co. of America,
Quar. Ended Mar. 31—
1940
Net profit-.
loss$61,806
Net
per
$58,573
8,764
„
•
1456.
Standard Cap & Seal
Earaings
2,129,588
$199,406
Operating profit
Transportation
—V.
1937
$2,318,968
620,155
Mos.—1939
$832,490
566,727
revenues
1938
$530,725
1,232,255
cumulative income bonds on, June 1, 1940, to the
bonds at the close of business May 31, 1940.—V.
Oct. 1, 1938—V. 149, p. 4041.
Southwestern Light & Power Co. (& Subs.)—Earnings
Operating
1939
$1,290,828
Costs and expenses
—V. 150,
accumulations
1940
$1,933,842
1,734,436
3 Mos. End. Mar. 31—
Net sales
Pl1616.
Director—Acquisition-—
At the annual meeting of the stockholders held on May 21, Guy Cary,
Milbank, and Ernest E. Norris, whose terms expire in 1940,
were reelected for a further term of three years.
For reasons of his own,
Richard S. Reynolds requested that his name be not presented for re¬
Jeremiah
of
$0.44
Sylvania Industrial Corp.—Earnings—
—Second
Gross earnings
and taxes. — s
Earnings per share on common stock-—V. 150, p. 1297.
Superior Steel Corp.—Earnings—
$4,103,131
Railway tax accruals
1,526,126
982,069
Equipment rents (net)-_
Joint facil. rents (net)__
70,312
rev.
Net profit after all charges
-Earnings—
Earnings of the Transportation System
Apr. 30—
1940—Month—1939
1940—4 Mos.—1939
revenues $17,967,553 $16,366,461 $69,055,762 $63,566,793
expenses
13,864,422
12,651,088
54,199,167
50,030,706
Period End.
_
—V. 149, p. 2707.
Sunshine Mining
Total
1939
$135,885-
194(1
$140,569
3 Months Ended March 31—
Net income before taxes,
3 Months Ended March 31—
Total
Dividend—
dividend of $1 per share on account of accu¬
mulations on the 7% cumulative preferred stock, payable July 1 to holders
of record June 15.
Dividends of like amounts were paid in preceding
have
Directors
6,880
3,833
stock-_
Strawbridge & Clothier, Inc.—Accumulated
37,497
182,929
$71,828
$0.29
$94,210
$0.38
all charges and depreciation
Earnings per share on 246,500 shs. capital
150, p. 2440.
—V.
$493,100
Cash
58,575
June 30 at $110 a share
this stock outstanding in the
Net profit after
Liabilities—
1938
1939
redeem the outstanding 6% preferred stock
and accrued dividend. There are 2,705 shares of
hands of the public. The original issue was
6,075 shares, but from time to time the company has bought in stock for
the sinking fund and also to hold in its treasury.
Necessary funds for this
redemption will be taken from the company's cash assets.—V. 150,p. 1789.
Directors voted on May 22 to
$139,763
Comparative Balance Sheet Dec. 31
As set 8—
stock, payable June
Pref. Stock Called—
•
on
and interest
amortization expense,
Dividend—
dividend of 75 cents per share on the no par
29 to holders of record June 12. Dividends
of 50 cents were paid on March 30, last, and on Dec. 30, last, and previously
regular quarterly dividends of 25 cents per share were distributed.
Directors have declared a
common
on
Net income.
Dividends
a
14%
on
preferred stock.
151,089
90,560-
Volume
The Commercial & Financial Chronicle
ISO
3375
Comparative Balance Sheet Dec. 31
1939
Impt.
on
87,515,801
railway prop
636
636
30,842
37,956
-
Misc. phys. prop..
44,188
8500,000
96,146
5,090,000
5,135,000
213,974
218,651
175,750
137,874
14,862
8500,000
7% pref. stock
Govt, grants
leased
Long-term debt
First 5s, due 1961
ice bals. pay
Audited accts. and
19,127
Loans & bills
rec__
19,668
491,772
Advances
Cash
Special deposits.
458,531
9,654
83,000
14,479
Miscell. accts. pay.
66,575
90,875
Int. matur. unpaid
260
290
2,170
32,662
ice bals., rec'd..
2,000
7,000
52,286
53,223
wages
payable.
Divs. unpaid.
Traffic & car-serv¬
14,439
26,402
Funded
debt
_
_—
■
and
rec.
Mat'l <fe supplies..
46,416
debits
■
est accrued
Other curr. liabils.
4,229
237,371
Unadjust. credits-
1,056,322
420
r,V 290
1,157
Deferred liabilities
148
Add'ns to
68,893
5H% notes which are pledged under Alleghany Corp.'s three collateral
trust indentures.
The plan of readjustment, upon certain conditions, is to
permit the securities representing the Kansas City Properties themselves
to be so applied.—-V. 132, p. 1056.
'
prop,
394,120
1,029,117
392,313
986,060
.
Texas Corp.—Postpones
>
-.88,631,139 88,551,528
$8,631,139 $8,551,528
Total.--
.
,
Eastern
Electric
:
,
,
«,
,
.
Underwriters for Bonds
Co.—Reorganization Plan
Holders of more than the necessary
97 % of the preferred stock
of the
which also provides for
Light & Power Co., a
——
250,000
250,000
Eastman, Dillon & Co
Emanuel & Co.
300,000
250,000
Estabrook & Co
Corp
First of Michigan Corp
Glore, Forgan & Co
Goldman, Sachs & Co
Graham, Parsons & Co
Eddleman
&
-
-
2,500,000
200,000
1,000,000
700,000
250,000
100,000
Harriman, Ripley & Co., Inc..
Harris, Hall & Co., Inc
Hawley, Huller & Co..
Hayden, Miller & Co
Hayden, Stone & Co
Hemphill, Noyes& Co
—
-
400,000
-
Cassatt
100,000
Mitchell, Hutchlns & Co 700,000
Morgan Stanley & Co., Inc— 3,500,000
F. S. Mosely & Co
900,000
G. M.-P. Murphy & Co
400,000
100,000
Neuhaus & Co., Inc
Otis & Co
300,000
Paine, Webber & Co
R. W. Pressprich & Co
250,000
200,000
—
250,000
700,000
450,000
Reinholdt & Gardner
Riter & Co——-
E. H. Rollins & Sons, Inc
-
100,000
100,000
George V. Rotan Co
Russ, Roe & Co
Salomon Bros. & Hutzler
200,000
300,000
1,250,000
—
Schwabacher & Co.
Aber-
cromble
Halsey, Stuart & Co., Inc
1,000,000
1,750,000
400,000
100,000
350,000
500,000
1,250,000
Shields & Co
—
200,000
3,000,000
Singer, Deane & Scrlbner
Smith, Barney & Co
—
F. S. Smithers & Co
150,000
200,000
100,000
-
W. R. Staats Co
-
Starkweather & Co
—-
Stern Wampler & Co.,
200,000
700,000
Inc—
Stone & Webster and Blodget.
300,000
J.J. B.Hilliard&Sons
100,000
Spencer Trask & Co
W. E. Hutton & Co
400,000
200,000
Tucker, Anthony &Co
Union Securities Corp—
250,000
G.H. Walker & Co
100,000
900,000
Watling, Lerchen & Co
100,000
White, Weld & Co
900,000
Whiting, Weeks & Stubbs, Inc.
250,000
The Wisconsin Co
160,000
250,000
The Illinois Co. of Chicago
Jackson & Curtis
-
—
—
Kay, Richards & Co
Kidder, Peabody & Co
Knight,
Dickinson
&
-
Kelly,
100,000
Inc.
Kuhn, Loeb&Co----W. C. Langley & Co
—
Lazard Freres & Co
-
—V. 150, p. 3220.
3,250,000
900,000
-—-
300,000
1,250,000
200,000
—
-
Dean Witter & Co...—
—100,000
Yarnail & Co
1,000,000
'
j
Resumed—
Tex-O-Kan Flour Mills—Common Div.
Directors have declared a dividend of 15 cents per
share on the common
stock, payable May 30 to holders of record May 15.
common dividend paid in several years.—V. 149, p.
This will be the first
2989.
;
;^
;
Texas & Pacific
Ry.—Earnings-
Period End. April 30—
Operating revenues
Operating expenses
Railway tax accruals—
Equip, rentals (net).
Joint facil. rents (net)--
1940—Month—1939
!,158,800
$2,122,087
1,531,380
1,562,231
149,217
154,605
122,242
103,668
v
4,913
3,692
608,113
443,475
18,582
$314,335
31,140
$1,511,353
134,614
$1,328,725
130,445
$345,475
9,319
324,931
$1,645,967
charges
$368,332
5,519
321,011
20,000
1,291,086
$1,459,170
34,038
1,300,926
income
$41,802
$11,225
$334,881
$124,206
Net ry. oper.
$334,604
33,728
income.
Total income
Miscell. deductions
Fixed
Net
—V. 150, p.
Missouri Pacific RR.
Pacific railroads and
:
2746.
Texas Public Service Co.
property from the trustee in bankruptcy of the present Missouri Pacific
will assume the obligations of said trustee under the agreement and under
the note for $5,400,000; that upon such assumption such trustee shall be
1940—4 Mos.—1939
$8,661,476
$8,477,087
6,078,192
6,105,981
651,054
382,400
10,688
Other income
at 3
Period End. Mar. 31—
Earnings-
1940—3 Mos.—1939
1940—12 Mos.—1939
$1,705,717
$1,578,174
944,656
989,617
52,197
55,046
81,714
85,684
1,722
24,994
$532,407
333,401
15,056
21,251
9,978
$437,320
$152,720
Dr2,095
$125,086
$550,375
.Dr 154
Drl0,108
$497,885
Dr5,879
Retirement accruals
$150,625
19,930
$124,931
18,165
$540,267
116,740
$492,006
112,084
$130,695
2,905
$106,767
4,088
$423,527
13,326
$379,922
Other income deductions!
$127,790
46,197
$102,679
48,109
$410,202
184,787
$362,924
$81,593
Dividends declared and paid.
$54,570
$225,414
100,000
$168,284
Operating revenues
Operation
Maintenance
General taxes
Federal income taxes—
respect
jurisdiction, of authority to extend the lines of raUroad of the Missouri
Pacific RR. through operations by the trustee in bankruptcy of Missouri
Pacific RR. under and by means of trackage rights over all tracks of North
Kansas City Bridge & RR
A plan of readjustment in respect of five-year 5 M % secured gold notes of
Terminal Shares, Inc., dated March 12, 1940, has also been executed where¬
by the cash and notes, as received under the aforesaid agreement, are first
to be applied to the payment of the legal and other fees and expenses which
Merrill, Turben & Co
400,000
The First Boston
2,750,000
E. A. Pierce &
Merrill Lynch,
1,000,000
1,250,000
Drexel & Co
Gregory,
Laurence M. Marks <fc Co
1,250,000
200,000
Coffin & Burr, Inc
200,000
300,000
Co.
Mellon Securities Corp
40,000
Dominick & Dominick
is from the quarterly statement of Alleghany
Corp. for the period ended March 31, 1940.
Securities owned by Terminal Shares, Inc., consist of all the capital stock
of St. Joseph Belt Ry., all capital stock and certain open accounts of Union
Terminal Ry. (collectively referred to as St. Joseph Properties), certain
notes and 2-3 of capital stocks of North Kansas City Bridge & RR. and
North Kansas City Development Co. and 2-3 of capital stocks of other
companies owning properties or rights in Kansas City and North Kansas
City, Mo., collectively referred to as Kansas City Properties).
Prior to Jan. 1, 1937, the securities owned by Terminal Shares, Inc. and
pledged to secure its $14,245,000 five-year
secured gold notes were the
subject of contracts looking toward their sale to Missouri Pacific RR.,
which contracts expired on that date.
Prior to that time the trustee in
bankruptcy of Missouri Pacific RR. had brought actions, which are still
pending, to set aside these contracts, to recover payment of $3,200,000, with
interest, made on account of said contracts, and to establish a lien for said
sum on these securities.
Pursuant to said contracts the amount of $1,762,067 was received in respect of principal, which is carried in the accounts as a
deferred credit and is treated in the consolidated balance sheet as a de¬
duction from the cost of securities owned by Terminal Shares, Inc., and the
amount of $1,437,932 was received in respect of interest, which was included
in income account of the years in which received.
Should the actions be
decided in the company's favor, a liability may arise for income tax on the
payments of $1,762,067 which were received as principal as above stated.
If, however, the transfer with respect to the St. Joseph Properties is con¬
summated, it is believed that there will not be any income tax on said pay¬
ments of $1,762,068.
An agreement dated March 12.1940 has been executed between Terminal
Shares, Inc. and Guy A. Thompson, as trustee in bankruptcy of Missouri
Pacific RR., for the settlement of the aforesaid actions, which includes the
sale, transfer and assignment by Terminal Shares, Inc. to Guy A. Thomp¬
son, as trustee in bankruptcy of Missouri Pacific RR., of the foregoing
securities owned by Terminal Shares, Inc., contingent, among other things,
upon the approval of the reorganization court and of certain regulatory
bodies. On transfer of the St. Joseph Properties, (a) Terminal Shares, Inc.,
is to receive $1,050,000 in cash ($650,000 to be withdrawn from the St.
Joseph Properties in partial payment of certain obligations of Union Ter¬
minal Ry. to Terminal Shares, Inc. and $400,000 to be paid by the trustee
in bankruptcy of Missouri Pacific RR), (b) the actions by the trustee in
bankruptcy are to be dismissed and the claims of Terminal Shares, Inc.
and the trustee in bankruptcy of Missouri Pacific RR. against one another
in respect of the sales agreements are to be discharged, and (c) out of the
$1,050,000 Terminal Shares, Inc., is to make certain payments aggregating
approximately $18,000.
On the transfer of the Kansas City Properties,
Terminal Shares,' Inc. is to receive from the trustee in bankruptcy of the
Missouri Pacific RR. $600,000 in cash together with promissory note
executed by the trustee in bankruptcy of the Missouri Pacific RR., secured
by a purchase money mortgage on such Kansas City Properties, payable
over a period of years in the principal amount of $5,400,000 bearing interest
3,000,000
Carl M. Loeb, Rhoades &
2,000,000
150,000
Central Republic Co
Central Republic Co
Inc.—Present Status—
acquisition by the trustee in bankruptcy of Missouri Pacific RR. from the
Interstate Commerce Commission, and any other regulatory body having
...
Alex. Brown & Sons.-----
The following statement
1,400,000
Lee Higginson Corp
Lehman Brothers
350,000
Blyth & Co., Inc
of these
crossing over the rights of way and tracks of the Chicago Burlington & Quincy
RR., and the Wabash RR. and certain lead tracks connecting the tracks
on the overhead crossing with all existing tracks of the North Kansas City
Bridge & RR. serving industries located in North Kansas City; and (4) the
400,000
200,000
Bonbright <fe Co., Inc
two subsidiaries.—V.
discharged of all liability thereafter; and that thereupon the obligations of
the assuming corporation, both as with respect to the agreement and with
to the note shall be the general obligation of such corporation
secured only by the purchase money mortgage referred to above.
The agreement also provides that the said transaction with respect to the
St. Joseph Properties and with respect to the settlement and dismissal of the
actions brought by the trustee in bankruptcy of the Missouri Pacific RR.
are to be concurrent, but are not to be conditional upon consummation of the
transaction with respect to the Kansas OityTProperties.
The transfer of the Kansas City Properties is contingent, among other
things, upon the satisfaction of the following conditions: (1) The consum¬
mation of the transaction with respect to the St. Joseph Properties; (2) a
final determination (either in the pending condemnation suit instituted by
the Chicago Burlington & Quincy RR. for the condemnation of certain
properties of the North Kansas City Bridge & RR., or otherwise) that the
Chicago Burlington & Quincy RR. has no right to condemn certain prop¬
erties of the North Kansas City Bridge & RR.; (31 the acquisition by the
North Kansas City Bridge & RR. of all necessary right and authority to
construct and use in interstate and intrastate commerce an overhead
$7,500,000
250,000
Bodell&Co
gage bonds at par in payment on account of the indebtedness to it of these
companies and another concern, Tennessee Realty Co.
The properties of
Tennessee Eastern and Tennessee Realty will be acquired by East Tennessee
XA % per annum.
The agreement contemplates that the reorganized
other corporation which acquires the Missouri
J
,
and Exchange Com¬
amendment to its
Blair Bonner & Co
5% first mortgage bonds at par and 9,542 shares of common stock, and
Tennessee Eastern will sell to Cities Service $484,000 5% refunding mort¬
Terminal Shares,
an
Dillon, Read & Co
A. C. Allyn & Co., Inc__.
Bacon, Whipply & Co
A. G. Becker & Co., Inc
_
Light, which will cease to be a holding company upon dissolution
140, p. 4251; V. 150, p. 1789.
'
Named—
registration statement covering the $60,000,000
2 V\ % debentures, due May 15,1965, giving a list of the underwriters and the
amount of debentures each has agreed to underwrite:
mission
subsidiary of Cities Service Power & Light Co.
Under the plan East Tennessee Light will issue 1,335 shares of 6% pref.
stock for each share of Tennessee Eastern 6% preferred, and 1.3908 1-3 shs.
of 6% preferred for each Tennessee Eastern $7 preferred.
In addition, a
cash diivdend of $3 will be paid on the new stock to be issued for the period
Oct. 1, 1939 to April 1, 1940.
>
East Tennessee will issue and sell to Cities Service Power & Light $271,000
or
2% % bonds on May 20 decided to
The corporation on May 17 filed with the Securities
Approved,—'; • •-':v
company have approved a plan of reorganization
its consolidation into its parent, East Tennessee
v
Offering of Debentures—
The underwriters of the $60,000,000
postpone the offering which was scheduled for May 22.
—V. 150, p. 2898.
Tennessee
Bell System Teletype N. Y. 1-752
Tel. Bowling Green 9-3100
Corporate surplus:
Profits & loss bal__
■
New York
15 Broad Street
207
1,761
69,599
through Income
and surplus.—
Total.--
STOCK EXCHANGE
NEW YORK
MEMBERS
2,294
185,312
DEPARTMENT
Eastman, Dillon 8 Co.
inter¬
974,946
curr. assets-
Deferred assets
Unadjusted
42,386
49,046
45,815
conductors.
Miscell. accts.
Unmatured
TRADING
ma¬
tured unpaid—
Net balance receiv.
from agents
Texas Public Service Co.
Traffic & car-serv¬
Invest.in affll cos.:
Other
1938
1939
Liabilities—
1938
57 ,620,383
Assets—
Investments
a
Net oper. revenues.
Other income
aGross income
'
1
Balance.
Int.
on
_
-
-
1st mtge. bonds-
Net income
a
273,791
14,834
19,859
3,750
Before retirement accruals.
Balance Sheet March 31, 1940
' '• -VV'''...
16,998
194,640
125.000
:
.
.
,
'
c
plant and equipment, $6,387,980; investments in
associated company, $265,964; other investments, $201; cash, $235,143;
special deposits, $21,640; notes and warrants receivable, $64,227; accounts
receivable, $191,250; receivables from associated companies, $541; materials
and supplies, $52,412; prepayments, $26,579; deferred debits, $1,043; total,
$7 246 978
Liabilities—Common stock (12,500 no par shares), $1,250,000; long-term
debt, $3,695,750; accounts payable, $92,063; customers' deposits, $98,978:
taxes accrued, $55,903; interest accrued, $49,658; other current and accrued
liabilities, $12,846; deferred credits, $123,144; reserves, $1,217,084; capital
surplus, $456,817; earned surplus, $194,735; total, $7,246,978.—V. 150,
p. 1298.
.y
Assets—Property,
have been incurred and may hereafter be incurred in connection with the
formulation and carrying out of the plan of readjustment and the aforesaid
agreement with the trustee in bankruptcy of Missouri Pacific RR., the
amount of which may be substantial but cannot be determined at this time
has been made therefor in these statements; the balance
remaining after the payment of such fees and expenses to be appliied ratably
b
Terminal Shares, Inc. toward payment of the principal of its five-year
and no provision
Thermoid
Co.—Preferred Dividend—
Directors have declared
a
dividend of $1 per share on account of ac¬
cumulations on the $3 cum. pref. stock, payable June 15 to holders
record June 3.
This compares with 75 cents paid on March 15, last;
of
$2
paid on Dec. 15, last; one of 75 cents paid on Sept. 15, 1939; 60 cents paid
on June 15. 1939: and 40 cents paid on March 15, 1939, this latter being the
first dividend paid since Dec. 15, 1937, when a regular
bution of 75 cents per share was made.—V. 150, p. 2746.
3 Mos. End.
Thomson Electric Welding Co.—To Pay $1 Dividend—
directors have declared a dividend of $1 per share on the com¬
stock, payable June 1 to holders of record May 9.
This compares
with 50 cents paid on Dec. 1, last; 25 cents paid on June 1, 1938, and on
March 1, 1938: $1.50 paid on Dec. 29, 1937; $3 paid on Dec. 1, 1937; 50
cents paid on Sept. 1, 1937, and quarterly dividends of 25 cents per share
previously distributed.—V. 149, p. 3731.
The
1940
3 Mos. End. Mar. 31—
Shs.
1938
1939
V
$2,887,518
Net profit.
1937
x$273,266 *$3,168,206
$1,907,393
stock out¬
common
2,413,380
2,411,380
2,411,380
2,411,380
$1.20
$0.79
$0.11
$1.31
possible surtax on undistributed profits,
y After deprec. and
standing (no par)
Earnings per share—
Before
x
Federal taxes, &c.
de-
.
generaf expenses^$857,464
oSnS income20.025
$797,343
$768,231
$1,799,913
$877,489
$811,298
$792,976
133,314
102,222
$1,834,181
120,912
307,837
Total income
HQ'Slt
Depreciation
Options Exercised—
filed with the New York Stock Exchange
that options to purchase the company's stock at $5 a share have
as follows: W. E. Umstattd, President, 800 shares; L. M.
been exercised
Res. for Fed. inc. taxes--
148,714
116,413
$588,728
734,300
$560,163
734,300
$557,440
734,300
$1,405,432
733,084
Earnings per share-----
$0.80
$0.76
$0.76
$1.92
exclude equity in net income of non consolidated
Note—Above earnings
affiliated and subsidiary
companies.—V. 150, p. 2748.
Co. of Missouri (& Subs.)—Earnings—
31—
J;?!0
1^39
$33,337,103 $30,673,879
expenses and taxes
20,523,281 18,380,858
Union Electric
Klinedinst, Vice-President, 300; R. C. Brower, Secretary-Treasurer, 250;
250.—V. 150. P. 3067.
Total
operating
—_
$12,797,104 $12,296,635
4,458,834
4,438,706
483.072
482,525
Gross income
Title Guarantee & Trust Co.—New Trustee—
At a meeting of the board of trustees held May 21, Gordon S. Braislin
elected
a
trustee of the
company.—V. 150, p. 446.
Toledo Peoria & Western
Net ry. oper. income
Other income
a
-
Gross income
Int. on funded debt
-
Other interest
deductions
Net income
-
applied to
ing fund...
icome
$329,071
20,097
$329,896
21,491
$358,130
16,092
$457,984
63,090
3,735
7,764
$349,168
68,820
6,708
8,162
$351,387
73,319
16,513
8,999
$374,222
87,730
$383,396
$265,478
$252,556
$273,561
6,560
7,900
15,000
$2,281,623
1,490,587
348,052
$442,984
4,337
8.594
Net loss
Net income
Dividends.
$258,561
75,000
$244,656
75,000
$258,918
75,000
Assets—
1939
Inv. inaffil.cos—
18,000
18,000
217,919
Cash
314,468
33,201
Special deposits
Traffic &
32,640
car serv.
rec.
39,639
25,566
18,376
670
24,696
59,870
290,733
1,012
336
300
57,678
61,266
from
agents & cond'rs
Misc. accts.receiv.
Material & suppl's
Other curr. assets-
72,479
488,346
Deferred assets
Unadjust. debits._
84,972
90,536
126,670
4,395
.
1940—4 Mos.—1939
Period End. Apr. 30—
1940—Month—1939
Freight revenues
$10,047,976
$9,638,622 $39,412,224 $37,471,641
4,621,093
4,640,175
1,256,915
Passenger revenues
1,169,859
440,798
1,746,728
1,697,985
Mail revenues
442,214
163,329
604,242
586,687
Express revenues
164,738
transportation
payable
-
32,640
32,501
19,219
1,421
179,370
.
Misc. accts. pay..
Int. mat'd unpaid
Funded
20,283
9,272
curr.
700
liablls.
Deferred liabilities
2,046
315,534
through
2,965
2,965
Total
Railway oper. income $1,734,206
Equipment rents (net)-614,416
28,193
$1,504,349
743,357
53,981
$6,854,153
2,395,883
179,305
$5,827,354
2,481,115
168,928
$1,091,597
$707,011
$4,278,965
$3,177,311
Net ry. oper. income
Bonds Authorized—
The Interstate Commerce Commission on
demption of first lien and refunding mortgage
37,240
28,901
2,167,122
1,892,503
$5,185,894 $4,883,991
All of the outstanding first
Tidewater
RR.
Co.,
United Amusement Corp.,
Affirms
Ltd.—ICC
have
Directors
The Interstate Commerce Commission
on May 16 affirmed a previous
authorizing abandonment of company's line of road built primarily
to provide a rail outlet for Borate Ore in Death Valley in California and
to serve the Beatty, Goldfield & Tonopah mining districts in Nevada.
The line extends from Crucero, Calif., to
Beatty, Nev., about 143 miles.
ously
a
declared
United Chemicals,
Quar. End. Mar. 31—
Western Talc Co., Pacific Talc Co. and Sierra Talc Co.
The capital stock of the road is owned by Pacific Coast Borax
—V.
Co. which
by Borax Consolidated, Ltd., of London.—V. 149,
1774.
dividend
Ltd.—To Pay 40-Cent Div.—
of
40c.
share
per
Forgings Corp.—Earnings—
3 Months Ended March 31—
1940
Gross profit
Operating profit
$101,471
26,447
28,134
Total income.
Net profit after depreciation, Federal
income taxes, &c
Earns, per share on capital stock
—V. 150, P. 1618.
22,789
$0.17
1938
1939
$79,447
7,454
loss$742
loss67,618
8,843
$1,483
$31,401
$38,922
7,930
loss68,219
$0.06 f
Nil ^
_
art
.
.
SA
Twentieth Century Fox Film Corp. (& Subs.)—Earns.
►
T3 Weeks Ended—
y Mar. 30, *40 Apr. 1, *39 Mar. 26, '38 Mar. 27, '37
Inc. from sales & rent...$12,562,362 $14,283,813 $13,515,285 $13,984,321
Prop, of prof, of control.
subs, (not consol.)
17,812
Dividend income
1,185
53,756
35,096
.1
Other income.
220,203
265,048
300,444
286,725
Total income——$ 12,801,562 $14,602,617 $13,850,825 $14,271,047
Expenses, &c-_._
2,847,063
3,463,238
3,480,550
3,494,137
Amort, of produc'n costs
8,437,912
8,476,252
6,743,976
6,751,686
Partic. in film rentals.1,027,527
1,141,578
1,642.580
1,523,568
Interest
930
4,773
44,900
33,158
Amort,
of discount
(& Subs.)—Earnings—
from debs
expense
per
common
x
5,538
67,816
share
82,753
52,000
72,525
220,000
66,577
221,148
337,100
$353,376
.
Net profit
Earnings
$1,224,250
$1,641,538
$2,067,599
$0.50
$0.73
$1.00
on
stock.
Nil
Not Includingdepreciation of studio and equipment absorbed in pro¬
y Does not include Roxy Theatre, Inc.—V. 150, p. 2596.
duction costs,
Twin Coach
XT
150,
,
/ $220,856
3 Mos. End. Mar.31—
1940
1939
$74,588
$55,985
1938
$21,389
Earns. per sh. on 472,000
$0.16
2274.
p.
United Electric Coal
Cos.—Earnings—
1940—3 Mos.—1939
Period End. Mar. 31—
before
royalties, depl. & depr.
Royalties, depl. & depr-
1940—9 Mos.—19391
Interest
$291,227
152,260
28,891
7,253
20,130
Other deductions—NetFederal income tax.
-
x
Net income
Write off
and
-.
on
$816,826
478,905
104,872
20,303
34,555
$56,345
$242,486
$178,191
sale of land
46,317
equipment
carried to
Remainder
surplus
x
$874,696
470,362
92,547
16,951
52,350
$82,694
-
$284,917
173,531
35,875
7,350
11,816
Before
_
-
abandoned in 1933.
purposes at
$82,694
_
deductim
nornina
write off on
Land
was
$56,345
sale of land
shares
Includes
a
1937
*$166,224
t*,
$0.16
$0.12
$0.05
non-recurring profit of $25,257 but before
tributed profits.—V. 149, p. 3731.
Ulen &
$178,191
$196,169
and
equipment at mine
sold to Illinois State Park Board for
park
,lue.—V. 150, P. 1299.
United Gas Improvement Co.—SEC Agrees to Map
Set-Up for Company—To Get Outline for Compliance with the
Holding Company Act—
Company scored. May 23, an important point for all holding companies
subject to the Holding Company Act when it won from the Securities and
Exchange Commission an agreement to supply the company with a state¬
ment of what the SEC believes U.G.I, should do to meet the requirements
of the "death sentence"
$0.35
^
provision of the Act.
While the SEC did not admit in its opinion
deficient, as U. G. I. had asserted,
company had asked specifically for its view on
it would be glad to supply that information.
was
Accordingly, the SEC will, in
a
that its original show cause
it did declare that since the
what it must do to comply,
surtax
onlundis-
*
Co.—Receipts—
Company reports total receipts of $102,752 during April and disburse¬
ments of $187,349.
Cash on hand on April 30 amounted to $229,906.
against $314,503 on April 1.—V.|150, p.12900.
*4
few days, serve a supplemental show cause
U. G. I. setting forth in detail why it believes the present set-up
of the system does not meet the geographical integration requirements of the
"death sentence."
The SEC also postponed the U. G. I. hearing scheduled for June 3 until
order
on
.^
x
$57,379
$0.04
Profit from oper.
order
Co.—Earnings—
Net profit after all ch ges
and Federal taxes_
common
Federal income
taxes, «fec_
Earns, per share on common stock
—V.
1939
1940
Net profit after interest, deprec..
and
D eprec. of fixed assets
Federal taxes
x
1937
$21,250
150, p. 2749.
United Drug, Inc.
1O8S68,219
the class A
1938
1939
3 Months Ended March 31—
Transue & Williams Steel
on
Inc. (& Subs.)—Earnings—
1940
Net profit after deprec.,
taxes, &c
controlled
a
payable 'May 31 to holders of record May 15.
Previ¬
dividend of 45c. was paid on Nov. 30 last.—V. 149, p. 270.
The original authorization for abandonment of the line was made effective
Dec. 31, 1939, but the Commission reconsidered the case on protest of
I*
107M and
Bank.—V.
stocks,
B
and clasB
decision
p.
lien and refunding mortgage bonds maturing
June 1, 2008 have been called for redemption on Sept. 1 at
accrued interest. Payment will be made at the Chase National
Decision to Abandon Line—
is
bonds.—V. 150, p. 3067.
Bonds Called—
150, p. 3067.
—V. 150, p. 2899.
turn
May 21 authorized the company
$81,602,000 of refunding mortgage bonds, series A,
and accrued interest and the proceeds applied to the re¬
to issue not exceeding
to be sold at par
Income
credit balance--
ln
$2,823,697 $12,281,115 $10,983,056
1,319,348
5,426,962
5,155,702
Joint facility rents (net)
190,580
and surplus
Profit and loss—
&
_
$3,116,688
1,382,482
way operations
Railway tax accruals
398,153
170,701
Add'ns to property
thru. Inc. &surp
Tonopah
Net revenue from rail-
264,580
277.881
466,645
Tax liability
Acer. depr. equip.
Fund, debt retired
$5,185,894 $4,883,991
Cr595
Cr94
Transportation for inv't
debt mat.
Acer. depr. road-.
Other unadj. cred.
Total
501,633
,257,007
236,274
488,799
-
Transportation expenses
operations
Miscellaneous
General expenses
unpaid
Other
expenses
-
•
635,140
$12,001,417 $48,284,751 $46,223,758
4,083,128
4,297,781
1,221,202
9,599,977
9,667,157
2,425,839
1,599,626
1,681,445
472,598
17,132,466
17,575,708
4,315,057
1,014,773
957,138
263,627
1,811,327
1,824,407
479,491
Rt. oper. revenues --$12,298,589
,204,836
Maint. of way & struc's
,493,352
Maint. of equipment
-
1,309,050
518,220
1,265,324
362,745
139,008
330,956
142,846
revenues-
90,090
car serv.
bals. payable
Audited accts. and
wages
bals. receivable-
Net bal.
$5,000
1,578,000
$6,804,773
company.—V.
RR.—Earnings—
Union Pacific
Traffic
$5,000
1,572,000
Capital stock
Funded dt. unmat.
Traffic &
1938
1939
Liabilities—
1938
Inv.in rd.<& equip. $3,668,264 $3,486,731
Misc. phys. prop..
568,148
671,547
4,520
$7,184,510
-
operations of subsidiary land and development
150, P. 2748.
:
'
"
General Balance Sheet Dec. 31
30~983
From
a
Incidental revenues---
$375,663
100,000
42,954
Cr26,319
497,818
18,673
Cr24,382
-------
prop. & plant-
Other deductions
All other
t
Inc. transf. to P. & L.
494,068
2,109
54,217
146,677
Other interest charges—
Minority interest
1936
$2,424,294
1,627,946
438,218
7,733
expenses——
Taxes & rents (net)
Other
1937
1938
$2,149,274
$2,393,236
1,448,8431,683,848
371,360
379,492
15,000
revenues
debt
discount and expense
Amortization of bond
Int. during construction charged to
Preferred dividends of subsidiaries
RR.—Earnings—
1939
Calendar Years—
Operating
Operating
Interest on funded
^
$12,813,822 $12,293,021
Drl6,718
3,615
Net operating revenues—
Non-operating revenues
and W. H. Richardson,
was
34,268
24,745
13,955
12 Months Ended March
Total operating revenues
The company in a statement
announces
Combined inc. after
Combined net incomeShs. com. stk. outst'g—
Earnings—
Timken Roller Bearing Co.
May 25, 1940
Underwood Elliott Fisher Co. (& Subs.)—Earningi
Mar. 31
1940
1939
1938
1937
quarterly distri¬
mon
y
Chronicle
The Commercial & Financial
3376
such time
as
the company has had a
_
chance to study the supplemental order
to be served by the SEC.
*
The company had contended that it was^not suff icien t* for theTSEO
merely to state in a show-cause order that the system didTnot conform
to the law's requirements, but that it should|.indicate_in what reepects it
believed the set-up to beldeficient.j
_
Volume
The Commercial & Financial Chronicle
ISO
8ince the U. G. I. ruling must be regarded as a precedent.
It is
supposed here that the SEC would grant any similar request which it re¬
garded as reasonable. This would serve to delay for some time the starting
of the prolonged hearings which will be necessary as a basis for final SEC
orders.
Commissioner Robert E. Healy disagreed with the majority in agreeing to
"enlarge our original notice" so that the Commission "should not go beyond
issuing a tentative designation or description of the integrated systems of
the respondents."
.
Weekly Output—1
■
The electric output for the U. G. I. system companies for the weekjust
closed and the figures for the same week last year are as follows:
Week
ended May 18,
1940, 100,638,866 kwh.; same week last year, 91,388,789
kwh., an increase of 9,250,077 kwh. or 10.1%.-—V. 150, P. 3221.
United States Freight Co.
(& Subs.)—Earnings—
Period End. Mar. 31— 1940—3 Mos.—1939
1940—12 Mos—1939
Gross revenue
$9,164,683
$8,976,148 $38,937,355 $36,175,188
Gross income-
177,785
56,382
-.-
Net profit.
Earns, per sh. on 299,566
shs. cap. stk. (no par)—V.
150,
p.
'
Nil
$0.16
United States Gypsum Co. (&
Subs.)—Earnings—
per
1940—12 Mos.—1939
$7,438,071
$5,027,845
1,194,960
1,194,156
1,194,960
1,194,156
$0.77
ing ($20 par)
x
Nil
$1.53
1299.
Period End. Mar. 31— 1940—3 Mos.—1939
x Net income
$1,062,921
$990,696
Common stock outstand
Earned
444,322
loss70,458
948,755
458,304
18,422
lossl04,018
$0.71
$5.77
share
After interest, depreciation, Federal taxes, &c.—V.
United States
150,
$3.75
p.
1790.
Playing Card Co. (& Subs.)—Earnings—
Earnings for Quarter Ended March 31, 1940
Net profit after charges and taxes
Earns, per share on 385,603 shares capital stock (par $10)
—V. 150, P. 2749.
$264,758
$0.69
-.
United States Steel
—
Corp.—Bond Issue Syndicate Closed—
The underwriting syndicate,
headed by Morgan Stanley & Co.,
Inc.,
for the recently issued $75,000,000 serial debentures was terminated before
the opening or business, May 23, and all price restrictions were removed.
It was reported there remained in the account. May 23 , about $1,390,000 of
the debentures. All the maturities were priced at par. Most of them slipped
well below par following the lifting of the restrictions .- -V, 150, p. 3221.
United
Stockyards Corp. (& Subs.)- -Earnings—
6 Months Ended April 30—
Net income after all charges
1940
$206,203
1938 ^
$183,563
1939
$173,659
—V. 150, p. 2750.
United Wall Paper
*
Factories, Inc.— Earnings—
9 Months Ended March 31—
1940
1939
Net profit after int., deprec., 6c Fed. income taxes-
$224,817
Earns. per share on 1,188,090 shares common stock
—v. .150, p. 2130.
^
$0.16
Universal Cooler
1940
Quarter Ended March 31—
on
1939
$41,113
$0.05
$31,245
$0.02
306,386 class B shs. (no par)--
For the six months ended March 31, 1940, net profit was $19,316, or
19 cents a share on the class A stock, comparing with $15,693, or i5 cents
share on class A stock, for the corresponding period of 1939.—V. 150.
a
p.448.
Universal-Cyclops Steel Corp.—Earnings—
x
y
Earnings
per
1939
1940
$411,713
3 Mos. End. Mar. 31—
Net loss—
1938
$171,523
$0.34
$0,82
share-—-
1937
x$7,920prof$345,834
Nil
$0.69
x After charges and taxes,
y On 500,000 shares capital stock,
inventory write-down to market basis of $12,537.—V. 150, P. 2598.
Vadsco Sales Corp.
Net
z
After
(& Subs.)-—Earnings—
*1940
3 Mos. End. Mar. 31—
xl939
xl938
xl937
y$28,519
y$33,833 loss$46,585
y$21,992
x Does not Include Vadsco Realty Corp.
y Before provision for income
taxes,
z After charges, depreciaiton and Federal taxes,
a Exclusive of
Malor Realty Corp.—V. 149, p. 3280.
z
profit--
.
There are now on deposit with the committee $2,745,500 of bonds
(nearly 59% of all of the outstanding first and refunding bonds), How¬
ever, the participation in the plan of substantial additional amounts of
bonds is necessary before the plan can be carried out on a satisfactory basis.
If too large a proportion of the assets available is required to be used for
payment of the distributive shares of non-assenting bondholders, so that
the sums remaining will not adequately cover the
reorganization costs and
provide minimum working capital for the new company, it will be impossible
to consummate the
plan.
Accordingly, the committee urges that all bondholders who have not,
heretofore deposited their bonds with the committee, deliver or forward
their bonds at once to City Bank Farmers Trust Co., 22 William St., New
,
York, the depositary for the committee. Under the plan, deposits must be
made prior to June 30. 1940, unless the committee extends the time for
deposits.
Proceedings for the foreclosure of the mortgage securing the bonds and
for the enforcement against unmortgaged assets of the debts due to the
bank creditors have reached a point where it would be possible to consum¬
mate them in' a relatively short time after sufficient additional bonds are
deposited with the committee to enable it to proceed with the consum¬
mation of the plan.
The committee believes that, in view of the possibility
of new moratoria legislation in Cuba or other
developments which might
delay or prevent the conclusion of these proceedings, it is important that
the foreclosure and other proceedings be completed and the plan carried
out at the earliest possible date.
Against bonds deposited,
May 25, 1931, as amended. All bonds deposited should bear the July 1,
1931 and all subsequent coupons.
Bondholders whose bonds are already deposited uhter the deposit agree¬
ment should not send their certificates of deposit to the depositary.
Copies of the plan and prospectus can be obtained from the committee's
secretary, John M. Whitbeck, 44 Wall St., New York.—-V. 146, p. 3036.
Warren Brothers Co.
(& Subs.)—Report of Operations—
Charles R. Gow, President, states:
Considering current operations alone, the combined net earnings for
1939 of the parent company and its wholly-owned subsidiaries, together
with its proportional share of the net profits and losses of its controlled
subsidiaries (but before certain liquidating and other non-operating charges)
were $35,286, after provision for depreciation of fixed assets or all com¬
panies in the amount of $266,250 but before interest on the parent com¬
pany's funded debt.
The comparable figure for the year 1938 was a loss
of $40,489.
This figure, however, reflects profits of approximately $114,000
derived from the company's miscellaneous Polish investments which have
never been realized and which corresponding item has been eliminated from
the 1939 figures.
The Improvement, therefore, in the operating results of 1939 over those
of 1938, exclusive of Poland, was approximately $189,775.
However, it was necessary to include charges against 1939 earnings which
either pertained to reorganization proceedings or to the collection and
liquidation of certain of the company's assets acquired in prior years.
After making these adjustments, the net loss for 1939 was $324,095 which
likewise excludes interest on the parent company's notes and debentures.
The similar figure for the year 1938 was a loss of $650,116 which included
substantial unrealized loss on foreign exchange.
On account of the dismemberment of Poland and of exchange restrictions
in
Hungary, there was charged to deficit the amount of $663,349 in order
write down the company's direct and indirect investments in those
a nominal value of $2.
Earnings from the company's Polish
investments in the amount of $30,955 were similarly eliminated from the
profit and loss statement and are not included in the charge to deficit.
Exclusive of Polish and Hungarian items which were charged to deficit
account, non-current assets of the parent company and wholly-owned
subsidiaries were reduced during the year in the net amount of $612,964
and reserves for possible losses show a net increase of $73,307.
Contracts secured by the several domestic and Canadian operating com¬
panies during the year 1939 amounted to $8,667,644, an increase of 10%
over the figure for 1938.
With the carryover from the preceding year
this provided a total volume of work for the year which aggregated $10,340,556.
Of this total volume, $7,961,239 had been completed by Dec. 31,
leaving a carryover of $2,379,317 available for 1940 operations, or approxi¬
mately 34% in excess of the carryover from 1938.
These figures do not
include any work in Poland.
to
countries to
Consolidated Income Account for Calendar Years
—
1939
1938
1937
$4,468,623
Gross income
$4,511,099
$4,966,141
Interest accrued on tax liens held by
3,071
4,905
11,788
$4,471,694
$4,516,004
$4,977,929
4,297,731
4,558,322
4,921,107
operating companies
Valley Mold & Iron Corp.—To Pay 50-Cent Dividend—
dividend of 50 cents per share on the common
stock, payable June 1 to holders of record May 20.
This compares with
$4 paid on Dec. 26, last; 25 cents paid on Dec. 24,1938; $2 paid on Dec. 24,
1937; $1 paid on Sept. 10 and May 1, 1937, and an initial dividend of
$2 per share paid on Dec. 19, 1936.—V. 149, p. 4044.
Directors have declared
Ry.—Reconstruction
Trusts to Be Issued—
Co.—-Listing—
Chicago Stock Exchange, May 16, approved the application of the com¬
pany to list 117,078 shares of (new) common stock, ($1 par), to be admitted
to trading upon notice of issuance and registration under the Securities
Exchange Act of 1934.—V. 150, p. 3069.
Ward Baking Co.
(& Subs.)—Earnings—
12 Weeks
Periods—
xNet loss
a
Total income
Expenses of parent & non-oper. units.
b Interest charges, provision for loss
179,032
273,592
$136,714
296,249
$330,414
301,237
30,768
156,366
46,028
12,500
securities, &c
144,348
$35,286 loss$248,831 loss$271,537
359,381
401,285
Net profit before extraord'y charges
Charges applic. to reorganization
$324,095
$650,116
$271,537
Except expenses applicable to parent and non-operating companies.
Deficit
a
b Other than interest on funded debt of parent.
Note—The company is operating under Section 77B of the Bankruptcy
Act Since Feb .1. lQ.a7.'OPv/rVO-'.;—
Condensed ConsolidatedlBalance Sheet Dec. 31
1939
'
S
Assets—
625,772
Cash——
$0.25
172,555
$42,318 prof$56,822
—8,273
Property share of net losses of controlled licensee companies
02,110
Prov. for Federal income taxes.
11,471
on
13 Weeks.
12 Weeks
Mar. 26 '38 Mar. 20 '37
$90,793 prof$33,140 prof$64,164
256,008
Nil
$0.13
shs. of7%pref. stockNil
After interest, depreciation and Federal taxes.- -V. 150, p. 1009.
$225,474
-
Mar. 25 '39
Earns, per sh. on
prof$173,963
51,511
Other credits
12 Weeks
Mar. 23 '40
$259,710
Cost of sales, construction and gen.
administrative expenses—-------
Operating loss-
Loan Canceled—Equipment
The Interstate Commerce Commission on May 14 approved the purchase
by the Reconstruction Finance Corporation, at par and accrued dividends,
or not to exceed $9,150,000 of 2K% equipment trust certificates, series H.
At the same time the Commission canceled the certificate of Dec. 15,1939,
approving a loan of not to exceed $9,300,000 to the receivers of the Wabash
—V. 150, p. 3069.
T
Wahi
Total
a
,
Wabash
transferable certificate or
appropriate
an
certificates of deposit, stamped to indicate irrevocable assent to the plan
in respect of bonds represented thereby, will be issued.
Bonds so deposited
will also be subject to the provisions of the deposit agreement, dated as of
a
Corp.—Earnings—
Net profit after charges Sc Fed. income taxes
Earnings per sh.
def$22^420
3377
taken up due to the failure of bondholders or bank creditors to assent to
the plan will be available for issuance for
general corporate purposes.
1939
1938
v,<:
Liabilities—
s
Loan
of Ar¬
gentine sub----
Accts. 6c notes rec.
-
_
$
80,381
pay.
684,209
557,498
182,364 Accts. payable and
▼ 193,826
accrd.exps., &c.
obligations,
tax liens, <fec
12,457,662 12,545,394 Reserve tor Federal
(less reserves)
1938•
$
2,000
$421,808 Notes payable
——
68,324
Inventories
Warner Sugar
Corp.—Reorganization Plan-
A bondholders' protective committee for the first and refunding mortgage
7% bonds, consisting of E. G. Burland, V. A. Johnston and Harry T.
Peters has announced the adoption of a plan of reorganization.
A registratration statement relating to the plan, filed with the Securities and Exchange
Commission, became effective May 14,
y The plan provides for the acquisition by a new company of substantially
all of the corporation's Cuban sugar properties.
Bondholders who assent
to the plan will, as stockholders or the new company, share in any benefits
that may accrue from the future operation of such properties and any
enhancement of their value.
Bondholders who do not assent to the plan
will not participate in any such benefits and will be entitled only to receive
such amounts as may be distributable in respect of their bonds after provi¬
sion for foreclosure expenses and other charges allocable thereto.
The initial capitalization of the new company will consist solely of 300,000
shares of common stock of a par value of not less than $10 per share, of
which 186,256 shares will be issuable in respect of first and refunding bonds
(if all holders thereof assent to the plan) at the rate (subject to adjustment
m certain events as provided in the plan) of 40 shares for each $1,000
principal amount of bonds, 26,725 shares will be issuable to bank creditors
at the rate of 25 shares for each $1,000 principal amount of their claims and
an%stimated 2,200 shares will be issued to employees of the corporation in
satisfaction of unpaid salary claims.
•
This distribution conforms to the tentative plan outlined in the earlier
prospectus, dividing the stock to be issued to bondholders and bank creditors
on a oasis of approximately 87 H % to first and refunding bonds and approxi¬
mately 12 H% to the bank creditors.
No stock of the new company is to be issued In exchange for any other
claims against, or capital stock of, Warner Sugar Corp.
Any shares not
,
..
.
.
254,460
314,466
15,813
12,500
1,1937—- 6,473,006
2,724,721
6,475,489
2,486,846
Govt,
income taxes...
Investments & ad¬
vances, &o
Fixed assets.—
1,735,083
1,282,755
Misc.deferredexps.
191,005
Pats.,license agree¬
ments & goodwill
1
a
2,389,568
1,543,371
232,338
b Llabils.
of War¬
ren Bros
Feb.
Co. at
Reserves-.-——
c
$1 cum 1st pref.
stock—-—--—
273,700
273,700
d$1.16 2-3 cumul.
78,200
78,200
pref stock.—— 2,045,350
2,045,350
7,564,519
1,400,720
2d pref. stock-e
$3 cumul. conv.
f Common stock—
Deficit-—Totala
-17,043,604 17,999,056
After reserve for depreciation
7,564,518
2,388,165
Total-——17,043,604 17,999,056
of $2,393,310 in 1939 and $1,927,802 in
b Date of filing petition under Section 77B.
c Represented by
16,422 shares of no par value,
d Represented by 4.692 no par shares,
e Represented by 40,907 no par shares,
f Represented bv 472,923 shares
1938.
of no par value,
g Includes cash in foreign banks subject to exchange
regulations restricting withdrawals from foreign countries In the amount of
$67,581.
Webster Eisenlohr
Inc.—Earnings—
Quar. End. Mar. 31—
1940
Net loss
——prof$10,556
—V. 150. P. 1955.
1939
$58,867
1938
$62,771
•
1937
$59,509
May 25, 1940
Chronicle
The Commercial & Financial
3378
owned by Arden Farms Co. and Arden Farms, Inc.
The
preferred and common shares required in connection with the
Tirefprred stock
Welch Grape Juice Co.—Stock Dividend—
declared a stock dividend of 5% on the common stock
Dayable July 1 to holders of record June 8. Directors also declared a regular
quarterly cash dividend of 40 cents per share on the common stock, payable
June 14 to holders of record May 23. Stock dividend of 5 % was also paid on
June 15. 1939.—V. 150, p. 1458.
Directors have
'sn'nrt
$5,570,437
3,578,078
$423,785
1,357
$444,643
2,018
$1,992,360
7,688
$2,027,018
8,732
$425,142
$446,662
305,558
$2,000,048
1,030,805
$2,035,751
1,229,066
$182,658
109,006
$141,104
109,006
$969,243
436,026
$806,685
436,026
$73,651
income
(net)
—
Other income
Gross income
Int. & other
$32,097
$533,217
$370,659
of preferred stock and
811,073
859,983
242,484
deductions
(incl.
goods sold
Net income
Dividend requirements
_
a
p.
At stated rate for
period
on
$959,461
528,747
$993,014
509,732
$526,470
21,851
$533,067
20,245
$430,713
14,606
$483,281
16,552
$548,320
earnings
$553,313
101,946
30,000
111,869
30,000
$445,319
116,762
19,000
$499,833
127,876
32,000
$416,374
$411,444
$309,557
$339,957
$2,219,513
71,318
1,531,649
178,177
291,500
$2,290,831
1,416,999
237,676
73,146
$1,853,094
1,281,890
233,821
$1,366,844
$563,010
-
-
Dairies^ Inc.—To Merge Certain Subsidiaries—
To Borrow $1,500,000 Privately—To Change Name—
special stockholders' meeting will be held
July 2 to consider two pro-
of its subsidiaries.
In the case of
Inc.. the meeting is called to consider
the proposed merger.
The management is convinced that both are bene¬
ficial to the business and recommends to the stockholders that they be
authorized.
The merger, in order to be successful, requires favorable action
by the stockholders of all companies concerned.
The certificate of incor¬
poration of Western Dairies, Inc., requires that the borrowing to be author¬
ized have favorable action by the holders of two-thirds in amount of the
outstanding preferred stock.
The proposal is to merge Arden Farms Co. (a Delaware corporation
formerly named Western Dairy Products Co.), Arden Farms, Inc. (a Mary¬
land corporation formerly named Western Dairy Products, Inc., and
California Dairies, Inc.) and Arden Protected Milk Co. (a Delaware cor¬
poration formerly named California Cooperative Creamery Co.) into
Western Dairies, Inc. (Del.), which will be the corporation surviving the
Western
Dairies,
Inc.,
certain
Tne loan has been arranged
with the Travelers Insurance Co., Hartford,
favorable.
It is to be
evidenced by the promissory notes of Western Dairies, Inc., bearing interest
at the rate of 4% per annum, maturing serially in equal annual amounts
over a period of 10 years, the last maturity being May
15, 1950.
The
notes will be issued pursuant to a loan agreement dated May 14, 1940.
The proceeds of the loan are to be placed in a special account, not to be
mingled with other funds, and to be applied by the company, except as the
Insurance company otherwise consents, exclusively to one or more of the
following purposes; To the acquisition or redemption of the publicly-held
bonds and debentures of Arden Protected Milk Co., the debentures of
Arden Farms Co. and of Arden Farms, Inc. (or to make reimbursement for
such expenditures), and for certain other outlays which may be required in
connection with the merger below described.
Any part of the proceeds
not required for these purposes is to be added to working capital.
Capitalization—The following tabulation sets forth the outstanding funded
debt and stocks (including treasury holdings) of the corporations to be
merged into this company and the amount of each held by the public:
Conn.,
terms which the management considers
on
(a) Arden Farms Co.—
15-year 624% sinking fund deben—tjiires, due Dec. 1,1941
#f§sk A stock.-stock
___
Hela by
Public
Outstanding
$960,000
128,795 shs.
295,478 shs.
——
irden Farms, Inc
15-year 624% sinking fund deben
$1,021,500
yl, 1942.
v series A.
43,325 shs.
14,985 shs.
iSeries B
85,000 shs.
on
23.5%
1.7%
740 shs.
None
None
None
%Milk Co.—
bonds
ngXupd debs
Common stock
$628,000
319,000
2,000 shs.
1,000 shs.
100%
100%
100 %
None
$628,000
319,000
2,000 shs.
None
afcBeflM^kflbMfifcteiniJMtes that, after it has been authorized by
tfceoitockhodldsis of the several corporations but prior to its becoming effec¬
tive, this company's hoIdi$gsi<q$ jietventures of Arden Farms Co. and of
The merger
cancellation and that the pub¬
licly-held bonds ana^jftef^nt^eqio^ijtraen Protected Milk Co., of Arden
Co..and of Ardentcflgiligbe called for redemption at the
Faroe^dnc.,
MWW
KS?
the other
CbeiElPwn
corpwatiQiw^i^ Wftjgad 4§»d|,blws%$»itefa-ations' holdings of
of this company
come
Wiomp^y's holdings of stocks of
treasury
wiif
jihe I, the 1,025 snarefe of preferred stock
heldrfwr .fod$noBHTia>
i^g^grFqrms, Inc., will be¬
stockiftq00;b&-dPluMiply f^^^'qref^^Mjcdfpopations to be
'P^.^qres ^fg^errq^^Tor^j^Bimon stock
iknftfajfswPti Farms Cp. shall 1^3cxmy^bed
00Wsbarwil£TS>mmon sJock&fS>ern Dairies, Inc.
Each
share of
into
a
pf Western Dairies, Inc.
__
1,005,575
Sundry notes and
accts. receivable
c
thqi&#ttjnon stoAlfcKl
cumulati
®r°5
^
0461
4,439,111
2,440,014
459,899
414,395
943,171
32,633
$3 cum. & part.
459,899
4,474,356 Capital surplus48,949 Earned surplus.—
405,524
1,169,284
$7,423,152 $7,146,307
After reserves,
b After reserve for depreciation of $5,118,596 in 1938
$4,889,747 in 1939.
c Represented by 61,000 no par shares,
d Rep¬
Total
$7,423,152 $7,146,307
Total
resented by shares
of $1 par.
Accumulated Dividend—
Directors have
a dividend of 75 cents per share on account of
cumulative preferred stock, no par value, payable
record June 10.—V. 149, p. 1933.
declared
accumulations on the $3
June 20 to holders of
Union Telegraph
Western
Co.—To Reduce and Refund
Bank Loans—
B.
R.
22 that on June 1, 1940, the
White announced May
would reduce its bank loans of $5,100,000, due Jan. 1, 1941, to
$3,100,000 by making a payment of $2,000,000, and that, subject to the
approval of the New York State Public Service Commission, arrangements
has been made to refund the balance.—V. 150, p. 3223.
company
Western Pacifi
RR.—■Annual Report—
c
General Statistics and Equipment
Miles of road
operated.
Locomotives
for Calendar Yean
1938
1939
1,207
166
167
86
8,137
75,161
Passenger train cars
Freight train cars
Rev. passengers carried-
88
8,246
50,516
y
„
8,375
.9!'5Z9
43,484,247
22,987,53 1
29,565,295
Rev. per pass, per mile._
/1.47 cts.
1.47 cts.
1-48 cts.
Revenue tons carried—
4 163,079
3,675,363
4,183,136
Rev. tons carried 1 mile. 1848208198 1585914,925 1860589,260
Rev. per ton per mile
0.85 cts.
0.88 cts.
0.84 cts.
Income Account
—
Mail-..
Incidental
-
Joint facilities
,.1937
1938
&
swuZ.
2,361,235
S.!1,!".1!"!!::: 2-?f?:?5S
6,319,105
146,975
Transportation
Miscell. operations
General
556,886
9,243
Transp. for invest.—Cr_
Operating
$12,998,764
expenses
Net from ry. operations-
Railway tax accruals
111,766
124,56o
5,63o
$16,310,973 $14,959,900
3,627,214
3,109,799
3'69l:ill
3,591,154
2'lfW
6,683,022
5,722,385
114,510
106,262
582,166
463,518
97,854
60,879
47,917
$13,542,195 515,311,709 $12,886,816
1,042,484
999,264
2,073,084
1,034,499
772,075
948,610
6,111,058
108,650
555,625
Miscell. rent income
$7,985
$227,189
$1,124,474
466,170
464,626
148,269
8,039
470,956
190,325
7,809
561,132
463,164
289,622
15,137
438,637
429,829
325,763
15,18o
86,029
43,965
80,403
44,036
68,212
732,523
64,420
715,783
3,780
Inc. from lease of road—
9,412
15,919
539
82
phys.
secur—
sees.
and accounts
on
42,651
,
472,035
Jt. facil. rent income
property
Inc. from funded
3,691,225
1,001,405
A936
$14,151,068
427,675
$2,689,820
Operating income
Non-Oper. Income—
Equipment rentals
Miscell. non-oper.
—
$15,670,744 $13,895,345 $15,452,515
640,197
337,551
437,469
36,734
36,677
42,837
59,424
75,438
96,783
114,443
106,324
131,430
162,949
129,761
147,526
5,499
3,582
2,412
Operating income—-$16,689,989 $14,584,678
Mam7°of wa'y
8,999
00
28.457,185
1.50 cts.
3,733,530
1665103,247
0.85 cts.
for Calendar Years
1939
Operating Retenue—
_
179
89
156
88
Pass, carried one mile..
Freight..
Passenger
1936
1937
l'?9i
^
1,207
-
.
prems.
on
873
21
783
30
235
184
$1,227,638
3,917,457
$1,269,923
1,277,908
$2,146,128
2,373.318
$1,990,238
3,114,712
1,623,992
327,999
1,546,831
330,729
3,600
26,977
55,082
2,843,361
732,596
1-750,456
306,123
1-588,276
292,679
3,600
27,244
56,987
2,828,100
836,845
138.453
funded debt
Miscellaneous income...
Non-oper. income
608#K)faicome
SqSt^Kentals
on
unfunded debt
-.
^®^TKCiiftiefchae^eJdorlb£ioo
369
5,197
]>»££
including It fa© jffiafreVtrf
3>600
27,243
0
51.849
3,241,094
211,737
178,319
27,176
49,120
3,268,456
122,088
IfMfl
44,5/1
48,748
28,062
I3®0tajrtted«ett4&nsdoz9-a8fi^8fti0»« o$5,728,398
jama-U3gq867bfi38W 4,450,489
$5,824,283
3,450,965
$5,535,846
2,421,134
fafid055
—18 .-uAA .brc'S .-unjQ
pre3em$$fiie thisQjb&i&ny hds^distending62^025-shares off
ferred stock and 460,013 shares of common stock,
115,000
cos
d Common stock—
348,437
362,283
equip—
71,940
125,000
sidiary
Res. for compensa¬
tion insurance.-
Deferred charges..
Int.
on
239,780
169,909
preferred stock, 2,440,014
-
cipally stocks of
and advances to
a
1,550,000
interests in sub¬
363,106
432,589
247,976
Investments, prin¬
and
47,196
1,325,000
of
debt
Funded
materials &
supplies
Prepaid expenses.
55,449
Min. stockholders'
products,
ished
raw
Fed'l
subsidiaries
iadd^CtedflL
.
104,767
129,872
Mift&HShebttft
-fjtfe
323,379
Inventories of fin¬
(dPtSbSEd lines
converted shall
332,720
for
Reserve
income taxes.—
JWhfifl^feteility^rents
of the other corporations are
$781,313
ftmpt .^hifteJtftirfilPdtaBrq 137,904
EkRjboabhreeaf pssuorredStQCkPf)A wep Protected Milk Co. shall be converted
—into 1 share of preferred stock and s.gha.res r>f nnmmr>n ct.nrfr of Western
8S4>MeiSi.ilMpSM)JI__
latoT
030,006.71 K>9.St0.TI
J/rtoT
Sept. 1, 1937, the date ujUujH
$42,461
897,891
Accrued liabilities.
1,182,589
Customers' notes
Release
A, of Arden Farms, Inc., shall be
02eo»V^te«feaflai«,a24uSnaBpsiof9pref<)rred stock and 5 shares of common
shares
Accounts payable-
Notes payable
& aects. receiv'le
a
1938
1939
Liabilities—
1938
$561,337
Inc. from unfunded
class.gr#^(scg<^i.Aiden Farms Co. shall be converted into
00343T>f 1 sbOtffiQf
Each share of prefer#»op .Sttfrab, 8?i»<>s
>.------
3596,100
hand
Miscellaneous
None
$465,652
Consolidated Balance Sheet Dec. 31
Express
$240,000
$632,144
1939
Assets—
%JIeld
8.3%
3.4%
2.3%
$943,171
87,577
Cash in banks and
by Public
$80,000
4,337 shs.
6,793 shs.
91,501
$1,169,284
"
"
91,501
$599,150
133,498
on
President
merger.
12,295
$769,112
136,968
...
affil.cos.(atcost)
into
2,445
$1,034,671
—
dividends.--abandonment of
containers
by Arden
Farms Co. (net)
Loss
b Plant &
Arden Farms Co. and Arden Farms,
8,809
$331,148
255,707
Preferred
37,154
Western
8,541
$301,016
465,652
bonds and de¬
bentures retired
Total
Western Public Service Co.—Accumulated Dividend—
The directors have declared a dividend of 37K cents per share on account
of accumulations on the $1.50 series A pref. stock, no par value, payable
June 1 to holders of record May 20.
Like amount was paid on March 1,
last, Dec. 1, Sept. 1, June 1 and March 1, 1939; Dec. 1 and Sept. 1, 1938,
and compares with 18 ^ cents paid June 1, 1938, and Dec. 1, 1937; 37 H
cents paid Sept. 1 and June 1, 1937; 5624 cents paid March 1, 1937; 75
cents paid Dec. 1, 1936; 5624 cents per share paid Sept. i, 1936, and 3724
cents paid June 1, 1936.—V. 150, p. 3070. >
8,917
$402,527
632,144
on
—V. 150, P. 1458.
A
11,183
$405,191
943,171
$1,348,362
income
Net
Previous surplus
$300,228
and depletion..
Int. and amortization of debt expense
Provision for Federal income taxes—
Provisions for deprec.
Net profit..
apphc.
pref. & class A stock
of subsidiaries- ......
$1,696,690
156,404
$3,368,170
income
----
Portion of earns,
Profit
83,863
Other income, net
Total
1938
1939
17 n«n 924
518,199
charges _
-—
i
Prov. for Fed. inc . taxes
Earnings—
Subs.)
nis
$1,051,266
income
Net oper.
y
Profits from operations,
397
ic
oAa
532,960
Other income
$6 cumulative preferred
West Virginia Pulp & Paper Co. (&
End. April 30—
1940
before prov.
for deprec., depl. & Fed. inc. taxes $3,284,307
QOO
to
3281.
6 Mos.
;
1A
oon
$1,059,429
Depreciation
Net
Balance
1936
1937
$19,286,473 $18,073,248
.
and
delivery
selling,
Ended Dec. 31
$18,002,710 $17,433,612
Net sales.
Interest
a
33,360.25 shares of common
Consolidated Income Account for Years
1939
1938
$5,522,581
3,495,563
$
Operating revenues
Oper. expenses & taxes....
Net oper.
8t
1940—12 Mos.—1939
31—
Jfl 10 shares
merger are
Cost of
Utilities Co.—Earnings-
West Texas
Period End„ Mar.
numiSrof
Volume
The Commercial & Financial Chronicle
150
Balance Sheet Dec. 31
■
50-Cent Dividend
1938
1939
Assets—
Miscellaneous physical properties
750,000
209,035
1,344,199
193,286
805,978
27,519
27,116
981.591
:
—
Miscellaneous accounts receivable
Interest and dividends receivable
Other current assets
11,265
-
Discount on funded" debt—
Materials and supplies.......
843,687
2 ,198,657
196,965
1 ,106,488
353,450
-
Agents and conductors........^
Unadjusted debits
.....
.
.....
Otherdeferred assets.....
47,500,000
178,605
Grants in aid of construction........
First mortgage bonds......
.......
Trustees' certificates
49,290,100
10,000,000
2,302,000
................
Equipment trust certificates
—
47,500,000
178,201
49,290,100
10,000,000
2,530,000
Pullman Co.—Purchase of lounge cars
191,130
Traffic, &c., balances
746,817
Loans and bills payable
2,445,610
Due to affiliated companies
8,093,073
Accounts and wages
753,315
Accrued interest......865,827
17,311,140
7,964,800
48,214
13,987
187,761
Funded debt matured unpaid
Miscellaneous accounts payable
Unmatured rents accrued
;
Other current liabilities
2,445,610
7,810,887
719,683
894,895
14,430,855
7,970,800
118,196
3,987
272,550
350,678
6,135
11,084,691
7,171,169
77,150
5,262
11,539,210
7,171,169
Accrued depreciation..........
.............
Sur. inv. eq. and other property pur............
Unadjusted credits....
98,520
......
56
279
10,224,434
649,674
10,223,541
649,674
Sinking fund—.—326
29,840,208
Additions to property through income and surplus.
Funded debt retired through income and surplus.
_
Deficit...:.........-.-
2902.
Western Pacific RR. Corp.—Annual
Interest
Div.
-
_
_
^
1939
jNGt).
$4,950
a
•
On
24,040
Interest.
$508,120
-
$523,043
$509,264
$501,641
56,632
3,129
/
2,356,151
$0.88
a$0.75
$1.51
common
■ '
" '
5,341,512
2,031,230
$2.00
!
(par $50).
stock
March 31, 1940 amounted to $82,637,841, as
Lamp Prices Reduced—
that
announced
;
compared
price
v
approximately
,
reductions
averaging
17 % affecting more than 100 types and sizes of lamps will go into effect
June 1.—Y. 150, p. 3223.
?'
Westvaco Chlorine Products
x
3 Mos. End. Mar. 31—
Net profit
Shs.
per
Corp.(&Subs)—Earnings
1940
(no par)
share..
1938
1939
$360,596
339,362
$0.85
stock
com.
Earnings
$245,063
339,362
$0.51
After deprec., Federal taxes, &c.
profits.—V. 150, p. 1796.
x
y
1937
fy$173,837
*
339,362
$0.30
Before surtax
$221,874
339,362
$0.44
undistributed
on
Weyenberg Shoe Mfg. Co.—Dividends—
have declared a dividend of 37H cents per share on the
stock, par $1, payable June 15 to holders of record June 1.
This
with 50 cents paid on Dec. 20, last, and 25 cents paid on July 6,
1939, and on Dec. 31, 1938, this last being the first payment made since
Dec. 28, 1937, when a quarterly dividend of 25 cents per share was dis¬
tributed.—V. 149, p. 3575.
■*;
':;Vv\t;v %
Directors
common
compares
(S. S.) White Dental Mfg. Co. (& Subs.)—Earnings—
3 Mos. End. Mar. 31—
1940
xNet profit..
Earnings
per
1939
%
$63,372
$0.21
share.._.
1938
$39,898
$0.13
1937
$10,315
$0.03
$138,404
$0.50
After interest, depreciation, foreign exchange losses, Federal,
foreign income taxes,
y On common stock.—V. 149, p. 3575.
White Rock Mineral Springs
Quar. End. Mar. 31—
Net profit after charges
$29,080
468,232
$19,975
58*224
2,783
468,232
$4,950
$4,950
41,417
3,421
468,232
Total income—------
on
' 'V'
,
with $46,924,240 on March 31, 1939.
and
General expenses
'
4,041,429
2,592,155 shares
Unfilled orders
$5,040
15,025
$4,950
$4,950
_.
46,673,300
State
1936
capital stock of
on
cloprGC
Federal taxes, &c-__'_'
Earns, per sh. on com¬
bined pref. & com. shs.
and
1937
Western Realty Co—.
1937
$74,242,584
■
x
Report-
1938
$0.85
Westinghouse Electric & Mfg. Co. (& Subs.)—Earnings
y
Calendar Years—
$0.04
$0.12
..
326
.$176,461,504 $175150,626
Total
-V. 150, p.
$0.58 ;?' ;
3 Mos. End. Mar. 31—
1940
1939
1938
Orders received
$65,250,169 $50,120,832 $37,998,569
Net sales billed
51,448,038;:,41,291,981
42,067,250
27,705,064
Deferred liabilities
y$135,029 x$2,639,354
$399,015
^
Includes $1,546,248 profit from sale of stock in foreign company but
Company
607", 172
293,073
Tax liability
Premium on funded debt
x
30,311
Electro-Motive Corp, contract
Matured interest
$1,847,140
1937
1938
1939
1940
Net profit
before Federal surtax on undistributed profits,
y Before surtax on undistributed profits,
z After depreciation, taxes, &c.—V. 150, p. 1622.
188,799
125,866
1,742
Baldwin Locomotive Works—Lease
3 Mos. End. Mar. 31—
z
Earnings per share on
capital stock (no par).
2,424,336
134,738
1,207,686
342,305
Total.—$176,461.504 $175150,626
1938
Liabilities—
1939
Preferred stock
...........—.$28,300,000 $28,300,000
Common stock
Westinghouse Air Brake Co. (& Subs.)—Earnings—
194.450
2 ,465,053
215,712
744,715
14,830
Special deposits
Cash
Traffic, &c., balances
^
.
77.154
1 ,250,000
Time drafts and deposits
27.
compares with $1 paid on the old stock on Oct. 10, last; 50 cents paid on
Dec. 20/1938; 25 cents paid on Dec. 20,
1937; 50 cents on Sept. 20,
1937; 25 cents on May 14, 1937 and a dividend of 60 cents paid on Dec. 10,
1936.—V. 150, p. 2751.
326
326
76,154
Other investments
dividend of 50 cents per share on the new com¬
a
stock, now outstanding, payable June 10 to holders of record May
This
316,687
331,867
Deposits in lieu of mortgaged property sold
Sinking fund
mon
New Stock—
on
Directors have declared
$143 ,822,776 $143937,425
18,573,748
18 ,824,720
3,812,079
3 ,795,802
Road and equipment
Invested in affiliated companies
3379
x
58,624
2,582
469,515
taxes
Equal
(7
5 cents
to
Co.—Earnings-*-*:
1939
1940
:
,,
1938
1937
x$34,114
x.$38,927
$71,421
$97,430
cents in 1939) per share on common stock.
Issues Statement In Proxy Contest—
President
Richard C. Harrison, President, has addressed a letter to stockholders in
with the solicitation, dated, May 14, of Cecil P. Stewart and
connection
Net loss.
Notes—The income account for
1939 does not include accrued interest
of $902,649 receivable by the corporation on bonds and other indebtedness
of the Western Pacific RR. Co. and its affiliate, and $262,552 on obligations
Grande Western RR. Co., inasmuch as the named
in process or reorganization under Section 77 of the
Act as amended, and the collectibility of such interest
Denver & Rio
of the
companies are now
Federal Bankruptcy
is largely dependent
No deduction has
upon
the plans of reorganization finally adopted.
been made in the above income account for $2,325,995
(before elimination of $902,649 intercompany interest) reported net loss
of wholly-owned subsidiaries*
Balance Sheet Dec. 31
,
1939
1938
1939
Assets—
Liabilities—
$
:
Investments and
114,429,333 114,424,383
23,059
19,564
advances
Cash
$
40,000,000
60,000,000
9,299,850
Due to the West¬
and
Furniture
1938
3
6% pref. stock__ 40,000,000
Common stock. 60,000,000
Notes payable._
9,299,850
2,867
3,061
fixtures
943,000
903,000
2,737,176
2,268,944
2,976
6,300
2,557
Realty Co.
Accrued interest
ern
payable
Prov.
for
State
franchise tax.
Accrd. legal feeUnclaimed divs.
invest'ts,
Messrs. Stewart and Pell state that
shares
of
direct competition with White Rock.
the statement of Messrs. Stewart and Pell
greater values can be created they will
benefit every other stockholder, as well as ourselves, and will enable the
company at the same time to do a better job for the benefit of its workers
and the public which it serves."
However, in view of the active connection of Messrs. Stewart and Pell
with Vitamin Beverage Corp. and Vitawater Corp., it has not been your
management's thought that it was as important to your company as it
might be to its said competitors that those gentlemen should be on your
the sale of V. V. Vitawater in
Your management agrees with
"If by good management
that
Board.
2,684,488
114,455,453
Corp. (&Subs.)
1939
1938
$112,201
CY1.135
44,607
11,700
$171,747
2,733
$52,806
13,688
$57,028
$104,021
13,688
13,688
$39,118
$284,121
Surplus—
43,394
21,600
$43,340
$90,333
Consolidated Balance Sheet March 31
Liabilities—
1939
1940
$419,335
$562,511
127,518
232,479
545,030
Marketable secure,
x
324,635
1,021,771
Notes & accts. re¬
ceivable—trade.
Inventories
1,201,906
Invest, in and acct.
rec.
from Weston
1940
1939
Accts. pay'le—pur¬
77,285
45,439
bl66,245
z41,948
$6,675,937
—.
——:
-—-----———.
2,399,835
394,043
18,295
Cr4,593
—
__
construction charged to property and plant
—
Provision for contingent losses
-
„
27,692
1,250,000
__
On investment in
— __—
$2,590,665
transportation subsidiary and in certain transporta¬
tion properties.
,
,,
Note—The foregoing income statement reflects the results of operations
Electric Power Co. and its subsidiary land company, Wis¬
Ry., for the year endedMarcb 31,1940.—V. 150,p.3224.
consin General
162,504
127,504
c2,500,000 a2,500,000
471,522
927,520
2
46,417
$3,873,041 $3,812,876
reserve
Wisconsin Gas &
for doubtful
by
Total
..$3,873,041 $3,812,876
accounts of $41,965 in 1940 and $23,933 in
27,376
shares
of class A and
160,583
shares
after deducting 3,417 shares reacquired out of surplus and held in
treasury both of no par value.
b Includes $91,035 for Federal
,
1939
$6,390,693
5,235,880
$1,261,826
Dr7,557
$1,154,812
Dr6,715
$1,254,269
407,006
33,935
5,866
$1,148,097
380,950
32,435
Cr4,552
Gross income
Interest on
-
funded debt
deducting 3,417
-
Amortization of bond discount and expense
Other interest charges
Interest
18,145
Cr6,072
34,125
$793,869
$699,988
6,670
during construction charged to property
and plant
Other deductions
taxes on income-balance for year
Represented by 160,583 no par shares after
reacquired out of surplus and held in treasury.
c
1940
$6,669,889
5,408,062
—
and taxes
Net operating revenues
Total non-operating revenues
1939.
y After reserve for depreciation of $1,373,642 in 1940 and $1,348,820
in 1939.
z Includes $26,347 for Federal taxes on income-balance for year
Represented
Electric Co.—Earnings—
12 Months Ended March 31—
Total operating revenues
1,366.763
2
40,659
charges.
a
Interest on funded debt
Interest during
464,035
——
-
Total operating expenses
1,397,855
equipment
1938.
$6,211,902
-
of Wisconsin
76,233
74,920
Pats, and goodwill
common
...
Amortization of debt discount and expense
a
Property, plant &
After
Gross income
•
—.—$22,090,177
15,878,276
Net income carried to surplus
income—1939
Earned surplus...
65,817
(Engl.)
Other assets
x
Net operating revenues
Non-operating revenues
Ended March, 1940
.-.j.——
$170,467
Accrd. accts.—pay¬
rolls & expenses.
Capital stock
of Sangamo Wes¬
Total
Wisconsin Electric Power Co.—Earnings—
Earnings for the 12 Months
Total operating revenues
Total operating expenses and taxes
a
$295,481
200,000
(estimated)
Corp.—Registers with SEC—*
given on first page of this department.
Res. for conting.&c
Invest, in cap. stk.
Deferred
board are your President,
sales, Mr. Burchell; your
Mr. Compton, and your Treasurer
Secretary, Mr. Wood.—V. 150, p. 3224.
Other deductions
chases, royalties,
taxes, &c
Notes pay.tobk..
on
182,066
Co., Ltd., Engl.
y
a
Other interest charges
Res. for Fed'l taxes
Elec. Instrument
ton Ltd.
in
Vice-President in charge of production,
1937
$105,448
Cr4,919
41,961
15.600
$284,121
Net profit
misleading statements in the communication you
Pell, it may be added (a) that adjust¬
in 1939 in the salaries of your executive officers, which
reduction in their aggregate annual amount by about 10%,
and (b) that your four officers who are on your
Mr. Harrison; your Vice-President in charge of
-Earns•
1940
Class A dividends.
y.;;:
of certain
114,446,814
$401,677
4,650
42,307
70,600
Federal taxes
Assets
view
Wilcox Gay
Depreciation
Cash
Vitamin Beverage Corp. and the
Corp. of New York, its Metropolitan New York licensee, and
Vitawater
Mr. Stewart is a member of the Advisory Board of Vitamin Beverage Corp.
The business of these two corporations (which were recently organized) is
See list
3 Mos. End. Mar. 31—
ownership of the common shares mentioned above has
been of long duration.
Mr. Pell is the President of both the
and
Profit after expenses
Other deductions (net)..
are
when it is considered that there are 258,617 shares of
of all classes, presently issued and outstanding. Neither
think their beneficial
-V. 149, p. 1933.
Weston Electrical Instrument
/
the beneficial owners of 1,500
unimportance of their holdings
,
they
The relative
stock.
Mr. Pell nor Mr. Stewart is a record stockholder in company and we do not
result
2,684,488
587,799
&c_
Total
common
becomes apparent
stock of company,
In
1,095,919
Treasury stock_Drl,807,944 Drl,807,944
114.455,453 114,446,814)
of
ments were made
Earned surplus.
Total
proxies to be voted at the annual meeting to be held on
Mr. Harrison states in part:
June 5:
received from Messrs. Stewart and
1,808
Surp. aris'gfrom
revaluation
Hamilton Pell for
..
1939.
shares
Net income
—V. 149, p.
----------
3282.
v/:/
The Commercial & Financial Chronicle
3380
May 25, 1940
Consolidated. Balance Sheet Dec. 31
1939
A
(Alan) Wood Steel Co.
BOUGHT
Vermilye Brothers
Y. CITY
BROAD ST., N.
30
Teletype N. Y. 1-894
HAnover-2-7881.
1939
%
Ac....J.
Patents,
b Class B
b
Common stock.
800,000
800,000
payable. 4,507,915
Accounts
3,375,090
Accrued liabilities.
895,829
752,040
Fed. income taxes.
083,900
83,553
m
Reserve for depre¬
ciation, Ac
.10,398,158 11,090,833
339,948
Sundry reserves.. 1,087,905
Res. for unrealized
1
1
stock—.14,398,000 14,398,000
stock— 2,199,985
2,199,985
sj
in inter¬
sales..
possible
profits
Net profit after
interest,
deprec., & Fed. taxes
150, p. 3070.
'
Earned surplus...
^
$525,588
a
Co.—Preferred Dividends—
dividend of $1.50 per share on the 6%
cum.
pref. stock (par $100), and a dividend of $1.75 per share on the
7% cum, pref. stock (par $100), both payable on account of accumulations
on June 15 to holders of record May 31.
Similar amounts were paid on
March 15 last; Dec. 15 and on Sept. 15, 1939.
and
Securities
filed an application
Act regarding a proposal to borrow from Continental Illinois National
Bank & Trust Co., Chicago, $1,850,000 on unsecured notes.
The notes
will bear interest at the rate of 2 M % per annum and will be repaid in 10
semi-annual instalments of $185,000 each on Dec. 1, 1941 to and incl.
June 1, 1946.
The application stated that the company may also borrow not more than
$1,000,000 not later than June 1, 1941, which will be repaid with interest
at the rate of 2% % per annum in four semi-annual instalments of $185,000
each on Dec. 1, 1946, to and incl. June 1, 1948, and one instalment of
$260,000 Dec. 1,1948.
The proceeds of the $1,850,000 loan will be applied to the redemption of
a like principal amount of the company's outstanding 4% serial debentures.
The proceeds from the other loans, if made, will be applied to the cost of
an additional 30,000-kw. steam generating unit to be installed in the com¬
pany's Edgewater generating station at Cheboygan, Wis.
The loans are to be made in accordance with the provisions of the bank
loan agreement between the company and Continental Illinois National
Bank & Trust Co. of Chicago, the application states.—V. 150, p. 1459.
,
Wisconsin Public Service Corp.
(& Subs.)—Earnings—
1940
1939
$9,345,081
2,927,097
$8,977,862
541,928
Directors have declared a dividend of $1.75 per share on the 7% cumu¬
lative preferred stock, par $100, payable July 1 to holders
Dividends are in arrears on this issue.—V. 150, p. 2902.
1,093,546
1,015,000
1,268,570
509,520
1,236,705
332,500
$3,004,419
$2,814,628
25,238
revenues
Operation
-
1,362
Maintenance
Depreciation
.
Prov. for Federal and State income taxes..
Net operating
income
Other income
on
$2,815,989
1,038,267
147,714
funded debt
14,375
50,000
35,141
50,000
Amortization of abandoned street railway property
Interest charged to construction
...
Cr 3,851
49,386
150,
p.
$1,716,832
$182,326
$1.41
129,500 shares capital stock
150, p. 706.
(L. A.) Young Spring & Wire Corp. (& Subs.)- -Report—
Consolidated Income Account for Calendar Years
1939
Gross profit from
Other income
sales.
.
administration
$3,928,191
80,001
$1,559,094
$946,951
$3,854,002
$4,008,192
1,142,444
1,202,360
353,358
1,646,934
311,844
38,135
325,000
55,000
1,372,196
249,507
4,815
415,492
67,200
$1,477,089
919,481
$1,898,982
1,328,138
408,658
$4.65
exps..
Depreciation
Interest charges
—
b?4,672
63", 519
Foreign exchange adjust.
$207,273 Ioss$700,182
Net profit
Dividends paid
com.
Earnings
outst.
per
408,658
(no par)
,
$0.51
share
Amount not stated,
a
61,782
29,633
71,185
Prov. for Fed. taxes, &c.
Prov. for Fed. surtax
Shs.
1939
1938
$698,867
$396,517
21,995
12,378
$200,613
9,088
$720,862
272,939
$408,895
294,962
88,369
15,558
bl940
profit
Other income
Total
408,658
$3.61
408,658
Nil
b Includes miscellaneous deductions of $10,688*
3 Months Ended March 31—
Gross
1936
$3,762,878
91,124
130,102
Total profit
Selling, shipping & gen.
1937
1938
$912,387
34,565
$1,428,992
Income..
Expenses
Depreciation
a
19,683
15,841
Interest...
Other deductions.
$209,701
340,336
90,986
15,649
$412,399
$10,006 loss$237,270
121,349
$412,399
80,015
$131,355 loss$237,270
22,000
9,000
c$332,384
c$109,355 loss$246,270
Extraordinary profit.
Cr35,822
31,334
$1,528,729
Miscellaneous deductions
Net income
Earns, per share on
—V.
150,289
Amortization of debt discount and expense
Other interest
—V.
Earnings for 3 Months Ended March 31, 1940
3,042,961
$3,029,657
1,073,253
Gross income
Interest
of record June 14.
Net income after all charges and taxes
536,068
Years Ended March 31—
_
b Represented by shares of $1 each.
After reserves,
.
,
Taxes.
104,937
...59,350,000 55,404,422
Total.
WJR, The Goodwill Station—Earnings—
Commission May 14 announced that
(File 70-58) under the Holding Company
Exchange
company
Operating
—59,350,000 55,404,422
Preferred Dividend—
a
To Borrow SI,850,000—
The
1,305,091
$321,297
Total
Wisconsin Power & Light
414,542
Paid-in surplus...21,045,488 21,045,488
—V.
The directors have declared
023,183
chase agreement
1940—12 Mos.—1939
$113,017
$135,638
-w
loss under repur¬
Machine Corp.—Earnings—
Mos.—1939
for
200,000
150,000
company
White Sewing
S
Liabilities—
Preferred
Res.
Period End. Mar. 31— 1940—3
1938
$
1938
$
—
buildings,
machinery, Ac. 17,544,147 17,839,252
Investments
11,021,112 10,611,209
223,446
Notes receivable..
273,729
Cash
5,576,825 0,135,110
4,752,200
a Accts. receivable 4,790,409
Inventories
17,704,419 12,990,951
11,836
Sight drafts, &C-.
27,889
84,257
Prepaid expenses.
81,738
2,160,099
Deferred charges.. 1,675,730
SOLD
QUOTED
c
Land,
Federal income tax.
Net profit
3071.
—
Report states that the provision for depreciation for the March quarter
b Operations of L. A. Young Industries of Canada,
Ltd., and its subsidiary for March quarter have been consolidated on the
basis of the official rate of exchange prevailing during the quarter and re¬
sulted in a net profit of $39,064, after adjustment for appropriate transla¬
tion of their assets and liabilities at March 31, 1940.
c Equal to 81 cents
(27 cents in 1939) per share on 408,658 shares common stock.
a
Wiser Oil Co.—Extra Dividend—
Directors have declared
an
amounted to $100,229.
extra dividend of 25 cents
dition to the regular quarterly dividend of 25 cents per
per
share in ad¬
share on the common
See also V. 149,
stock, both payable July 1 to nolders of record June 11.
P.
3886.
Wolverine Tube
Co.—Earnings—
*
Consolidated Balance Sheet Dec. 31
1939
1940
3 Months Ended March 31—
Net income after oper. expenses, de¬
preciation & Federal income taxes
Earns, per sh. on 396,122 shs. com. stk.
1938
$96,237
$0.23
$86,106
$0.20
loss$15,185
Nil
—V. 150, p. 2276.
(Alan) Wood Steel Co. (& Subs.)—Earnings—
1940
$297,246
$0.86
Quarter Ended March 31—
Net income after all charges and taxes
Earns, per share on 200,000 shares capital stock..
—V. 150, p. 1955.
800,426
Receivables
1,952,712
Inventory..
2,100,192
Misc. investments
245,388
545,111
1,660,611
1,714,479
216,692
Land, bldgs..ma¬
chinery & equip.
Goodwill A patents
Garment
hanger
5,941,890
1
devel. A license.
Deferred charges..
127,500
173,979
1938
$
%
Liabilities—
$
S
Cash
a
1939
loss$12,771
Nil
1939
1938
1939
Assets—
5,789,331
1
Accounts
631,809
Bank loans
d2,750,000 e2,000,000
Accrued expenses.
28,536
Land contra, pay.
23,000
Reserve for taxes.
70,122
50,578
Res .for com pen .Ins
17,100
b Capital stock... 5,587,500
5,587,500
768,914
payrolls, Ac
c
318,782
payable,
Treasury stock.. Dr147,533
Earned surplus...
2,327,449
Dr147,533
2,099,553
Worthington Pump & Machinery Co.—Earnings—
Total
[Including Domestic Subsidiaries]
3 Months Ended March 31—
Net profit after charges and Federal
income taxes
on
1939
1940
1938
profits of domestic
subsidiaries.
y$552,805 loss$214,490
x$239,665
Profit before Federal income taxes,
y Equal to $1.52 a share on 250,514
shares of common stock.—Y. 150, p. 2752.
„
a
11,402,088 10,245,007'
11,402,088 10,245,007
Total
After deducting depreciation reserve of
$3,206,248 in 1939 and $2,879,-
665 in 1938.
b Represented by 412,500 shares (no par),
c Represented
by 3,842 shares at cost,
d $1,500,000 current and $1,250,000 not current,
e $250,000 current and $1,750,000 not current.—V. 149, p. 3282.
x
Quar. End. Mar. 31—
1940
1939
1938
Operating profits
x$5,762,010 x$5,349,838 x$4,858,973
Expenses
2,274,029
2,532,065
2,956,608
Depreciation
174,540
158,364
145,618
Federal taxes (estd.)
702,258
466,053
322,924
Foreign exchange loss
153,348
Youngstown Steel Car Corp.—Earnings—
1939
Years Ended Dec. 31—
Net sales.
(William) Wrigley Jr. Co. (&Subs.)—Earnings—
1937
$4,530,142
2,233,668
155,516
359,792
$1,076,163
864,922
Cost of sales
General administrative and selling expenses
1938
$485,804
422,731
92,460
$119,741
19,151
31,799
(net)
loss? 11,734
1,915
loss$9,819
$68,791
Other income
74,808
$118,781
960
Operating profit
loss$28,436
10,000
$68,791
$0.69
1os8$18,436
_.
Net profit before provision for depreciation
„
Net profit
Shares
$2,457,835
stock
standing (no par)
Earnings per share
cap.
$2,193,356
$1,433,823
$1,781,166
1,961,667
$1.25
1,959,467
1,959,467
$0.73
Provision
$1.12
$0.90
x Includes other income of $308,929
($229,798 in 1937).
Note—No provision has been made for surtax on undistributed profits.
—V. 150, p. 2445.
for depreciation
Taxes, interest, and miscellaneous expenses
Net profit
Non-recurring income
Earnings for the Years Ended Dec. 31
1939
1938
$58,862,137 $43,334,283
11,666,954
7,161.977
7,699,108
6,831,142
913,470
1,074,738
Profit-
Selling and administrative
Provision for depreciation
expenses
Net profit from operations and outside investm'ts $3,054,377 loss$743,902
Company's proportion of net porfits of subs, not
consolidated
866,898
905,918
Net
income
before
Federal
income
special adjustments
taxes
_
Provision for Federal income taxes
per
share
on
capital stock
(& Subs.)—Earnings—
Net sales
and
..$3,921,275
667,043
$162,016
15,224
$3,254,231
22,242
$146,791
368,192
Net income before special adjustments...
Special adjustments.
—
Net profit
Earnings
Yellow Truck & Coach Mfg. Co.
a
r
—
a
$3,276,474
$514,983
2,015,720
1,007,860
After all expenses incident thereto except selling and administrative
and provision for depreciation.
—
Balance Sheet Dec. 31,
Nil
1939
Assets—Cash on hand and in banks, $15,280; accounts receivable (less
for doubtful of $8,804), $136,518; inventory, $242,955; other assets,
$2,370; fixed assets (less reserve for depreciation of $733,607), $687,846;
patents (unamortized balance), $3,349; deferred assets, $12,285; total,
$1,100,606.
Liabilities—Notes payable, $65,000; accounts payable, $100,946; accrued
taxes for
year 1939, $17,419; deferred credit (reserve for profit on unfinished
contracts), $1,020; reserve for general contingencies, $2,000; common
capital stock (par $5), $497,635; capital surplus, $404,393; surplus, $12,192*
total, $1,100,606.—V. 150, p. 2279.
reserve
Zonite Products Corp.
Quar. End. Mar. 31—
Operating profit
Depreciation
Fed. income taxes, &c
Prov. for future advances
toe01™-,
Dividends paid on 7 % cumulative preferred stock
expenses
18,616
1,959,467
out¬
Net profit—
x
Equivalent to $0.08 per
150, p. 2902.
—V.
(& Subs.)—Earnings—
1940
$148,949
10,043
16,870
51,500
1939
$67,965
11,048'
6,580
_
38,000
1938
^
1937'
$100,956
17,390
5,466
$110,432
16,835
13,811
50,000
40,000
$28,100
$39,786
share of capital stock In 1940 and $0.01 in 1939.
x$70,536
x$12,337
Volume
The Commercial & Financial Chronicle
150
338 L
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
from 11 to 20 points, were staged
COMMERCIAL EPITOME
Friday Night, May 24,
Coffee—On the 18th inst. futures closed 2 to 5
lower.
The market for futures
only three lots.
1940.
points net
quiet, with sales totaling
were only 124 lots.
was
The week's total sales
The Coffee Institute of Sao Paulo
reported that warehouse
amounted on Apr.
and railway stocks of coffee in Sao Paulo
30 to 7,318,000
bags, which
according to
ayear ago,
compares
with 7,824,000 bags
cable to the Exchange .^Santos
a
and 5,600
for New York.
Afloat supplies from Brazil were 482,600
bags and afloat and in stock Brazilian coffee in the United
States amounted to 960,207 bags.
On the 20th inst. futures
closed unchanged to 6 points net higher.
Transactions
totaled 11 lots.
Santos coffee futures were up 1 to 3 points
May 16 cleared 5,100 bags of coffee for Boston
on
early this afternoon in quiet trading.
In Brazil th8 spot
Rio 7s dropped 500 reis to 12 milreis even per 10 kilos.
Cost and freight offers, however, held steady.
Mild coffees
tended toward the firm side.
Registered spot sales in
price
on
Santos last week were 150,000 for
States
delivery in the United
compared with 175,000 in the previous week,
as
and
14,000 for European delivery compared with 36,000 bags a
week earler.
On the 21st inst. futures closed 2 to 3 points
net" lower for the Santos contracts, with sales totaling only
Coffee futures declined 5 points in
5 lots.
quiet trading,
points during early afternoon.
This put Sept. at a new seasonal low by a point.
Actuals
were dull and generally unchanged.
Coffee afloat from Brar
zil to the United States today amounted to 517,800 bags,
with Sept. at 5.66c., off 5
with
and
afloat
in^stock supplies of Brazilians totaling
Port stock at" Santos was lT5l l^OOOTbags.
On the 22d inst. futures closed unchanged to 3 points net
999,217 bags.
higher, this range covering both Rio and Santos contracts.
Sales totaled only 4 lots, two^in Santos and two in Rio_con-
extremely" dull.
market ~ was
tract™ The
There
was
in actuals. Brazilian clearances to the United
States of 50,000 bags were instrumental in bringing a slight
increase in stocks now being shipped to this country.
On the 23rd inst. futures closed 1 point down to 3 points
nothing
new
compared with previous finals. Sales were 16 lots, all in
the Santos contract.
The coffee futures market continued
up
quiet and steady today. It was a holiday in most Latin
American countries, which served to curtail interest. There
was
little
new
in actuals.
Forward shipment coffees were
said to have firmed, but nearby
lots were offered at about
watching but not buying
The slightly heavier ship¬
ments from Brazil may reflect the fact that freight rates
will increase 13c. per bag, from here to there, on June 1st.
Today futures closed 3 points net higher for the December
contract, with sales of only 7 lots, all Santos December con¬
unchanged values, with buyers
except where urgently
Coffee futures were irregular and
tracts.
Santos
needed.
quiet.
December
selling at 5.90c. early this afternoon, a rise of
was
points, while the spot May position, in final trading with
one notice issued, was selling at 5.48c., off 3.
Actuals were
5
quiet and steady.
obtained of
a
So far no official confirmation has been
in this hemisphere
report that coffee producers
will meet next month to
from the
discuss mutual problems resulting
It is said that acceptances have been received
war.
from all but Mexico, Nicaragua
Rio coffee
and Peru.
prices closed as follows:
December
May
July_
w.
September
3.79
3.79
Santos coffee
3.89
March
prices closed as follows:
December
May-—July
5.88
.5.65
3eptember.
March '41
5.96
.5.76
May '41
6.02
Cocoa—On the 18th inst. futures closed 20 to 25 points
aet
decline.
Trading
was
heavy for the short session, with
12,743 tons. The extreme nervous
reaction in speculative circles to reports of steady German
sales totaling
progress
951 lots
or
in Belgium and France, caused a sell-off of 15 to 49
points on the opening call, prices fluctuating wildly on sales
}f 134 lots.
The September delivery broke 21 to 37 points
m' the
opening, while the first call saw December futures
plunge 35 to 46 points.
Rallies which brought prices back
Heavy hedge selling against Bahia
been attracted by the
within the'first half-hour.
belived to have
cocoas was
steady selling by outside long account.
Local
closing: May, 4.75; July, 4.78; Sept., 4.81; Dec., 4.92;
Jan., 4.94; Mar., 5.00. On the 20th inst. futures closed 12.
to 6
points net lower.
futures
were
Transactions totaled 307 lots.
nervous.
The
market
advanced
Cocoa
about
10
points early but lost the gain and stood unchanged to 5
points lower this afternoon with July at 4.75c., off 5 points.
Trading was small, totaling only 185 lots to that hour.
It
developed today that manufacturers absorbed the liquidation
of speculators last week.
The May position still is 178 lots.
May 24 will be last trading day.
Warehouse stocks were
unchanged over the week-end.
They now total 1,037,405
lots
against 1,388,431 lots a year ago.
Local closing:
May, 4.65; July, 4.68; Sept., 4.75; Dec., 4.85; Mar., 4.94.
On the 21st inst. futures closed 19 to 16 points net lower.
Transactions totaled 678 lots.
Panicky selling in the cocoa
futures market broke prices 28 to 30 points during early after¬
noon.
Trading was heavy, sales to that time totaling 525
lots.
The selling represented liquidation and catching of
stop-loss orders on the decline.
Trade firms were cautious
buyers on a scale down.
Warehouse stocks were unchanged.
They total 1,037,523 bags compared with 388,431 bags a
year ago.
Arrivals continue to fall behind last year's figures.
So far this year they have totaled 1,348,300 bags.
Ayear
ago arrivals in the corresponding period were 2,422,607 bags.
Local closing: May, 3.46: July, 4.51; Sept., 4.57; Dec., 4.66;
Mar., 4.78.
On the 22d inst. futures closed 10 to 6 points
net higher.
Trading was on a more normal scale today, with
the undertone of the market much steadier.
A recovery in
security values led to a reinstatement of some of the specula¬
tive long accounts which had been liquidated earlier this
week and during last week, while a continuance of manu¬
facturer support also aided in the advance.
Another factor
which lent strength to the market was dealer covering of
hedges against previous sales of actual cocoa to manu¬
facturers.
Turnover for the day reached 286 lots, or 3,832
tons.
Fifty more notices against the May contract—bring¬
ing the total issued so far to 479—were believed to have been
stopped by the leading manufacturer interest who had
absorbed nearly all of the other May T. N's.
Local closing:
May, 4.55; July, 4.59; Sept., 4.65; Oct., 4.67; Dec., 4.74;
Mar., 4.84.
Oo the 23d inst. futures closed 3
points up to unchanged.
Buying by dealers and manu¬
contracts duriog
the forenoon, when
much as 8 points. However, the market lost
Transactions totaled 453 lots.
facturers
prices
absoroed
rose as
its advance
when other commodities
weakened.
It stood
1
point lower to 2 points higner in mid-afternoon with July
selling at 4.58c. Sales to that time totaled 354 lots. Ware¬
house stocks increased 1,740 bags overnight.
Tney now
total 1,042,461 bags.
Local closing: May, 4.57; July, 4.61;
Sept., 4.67; Dec., 4.75; Jan., 4.78; Mar., 4.84.
Today
futures closed 2 to 4 points net higner, with sales totaling
113 lots.
Conditions were more staple in tne cocoa market
than heretofore, indicating that it had been pretty well
purged of weak accounts.
Prices during early afternoon
were 4 to 5 points higher
with July at 4.65, up 4 points.
Today was the last trading day foi May. Seventy-six notices
were issued and ali were quickly stopped by manufacturers
who apparently were giad to get the cocoa.
Sales to early
afternoon
totaled
150
lots.
Warenouse
stocks
increased
total 1,045,755 bags. At this time
a yeaf ago
they totaled 1,390,665 bags.
Local closing:
Mav, 4.59; July, 4.64; Sept., 4.69; Dec., 4.79; Jan', 4.62.
2,800 bags.
They
row
Sugar—On the 18th inst. futures closed 3^ to 3 points net
lower for the world contract.
Sales totaled 414 lots.
The
in the world contract was 7 to 13 points net
lower.
Some good outside buying developed and most of
these early losses were erased.
The domestic contract ruled
narrow, with sales totaling 330 lots.
For the week the world
sugar contract was 27^ to 32 points lower, while the do¬
mestic contract was only 7 to 12 points net lower.
The
week's trading exceeded 5,000 lots in the two contracts,
which was the best since the first week of the war in Sept.
On the 20th inst. futures closed 4 to 2 points net lower, with
sales totaling 73 lots for the domestic contract.
The world
sugar contract closed
points net higher to unchanged,
with sales totaling 271 lots.
Sugar futures were irregular.
After opening 3 to 43^ points lower, world futures quickly
rallied when it appeared that urgent liquidation had run
its course.
During early afternoon this market stood 13^
to 5 points net higher or about 10 points above the extreme
lows of last week.
To that time about 10,000 tons had been
traded.
No sales of raws to Europe were noted.
France's
purchases of American refined sugar amounting to 12,000
opening
tons
range
were
consummated
before
the
recent
severe
break.
The Commercial & Financial
3382
London cabled that British
a
sharply on active short covering for specula¬
influenced apparently by expectations of favor¬
able news from Washington early this week relative to large
purchases by the Government for relief purposes.
The
export trade-in lard remains very slow and no improvement
in the foreign demand was disclosed.
Late prices on hogs
at Chicago were 25c. to 40c. below Friday's finals, with sales
ranging from $5.35 to $5.90.
Western hog marketings
totaled 109,000 head against 74,100 head for the same day a
prices advancing
candy manufacturers would take
July 1 except where the
tive account,
10% in their sugar ration
cut of
present allotment was 40% less.
In the domestic market
recovered early losses of a point, but sagged again
contracts
the later trading.
In the raw market the spot price
dropped 2 points further when Sucrest purchased 5,000 bags
of Puerto Ricos in port at 2.78c.
On the 21st inst. domestic
futures closed 8 to 11 points net lower.
Transactions totaled
340 lots.
Sugar markets continued to give way under a
wave of liquidation.
The world sugar market broke 13 to
14 points with Sept. falling 13 points to 1.15 a pound.
All
positions registered new seasonal low prices, more than 10
points under the lowest prices quoted last Aug. when Ger¬
in
Losses since May 13 have ranged
pound. The domestic
sugar market while more orderly, also weakened.
Losing a
point at a time, prices fell 5 to 7 points with Sept. going to
1.87c., off 7 points.
In the raw market 6,000 bags of Puerto
Ricos in port were offered at 2.75c. a pound, 2 points under
the lowest spot price of the year but found no buyers.
Off¬
shore refined was offered at 4.22He. a pound.
The world
sugar market closed 15H to 19H points lower.
The domes¬
tic market closed 8 to 11 points lower.
On the 22d inst.
futures closed 3 to 6
points net lower for the domestic con¬
962 lots. The world sugar contract
tract, with sales totaling
closed 7 to 3 points net
lower, with sales totaling 699 lots.
occurred in the sugar markets on the opening
due to execution of selling orders "at the market."
After
that selling had subsided prices rebounded strongly.
In
the domestic market initial losses ranged from 9 to 12 points.
Drastic breaks
Trading was at the heaviest pace of years with the sole ex¬
ception of Sept. 8, 1939.
The raw market was a nominal
affair.
However, one lot of Puerto Ricos in port and in a
position was believed to be available at 2.65c.,
duty free basis.
May and June shipment Cubas were offered
distress
on
a
basis with the future market,
which
means a
variable
price.
World sugar futures cracked as much as 13 H points.
Sept. broke through the lc. level with'sales at 0.97He.,
lowest price for any future month since Oct., 1938.
On
the subsequent rally prices recovered nearly 10 points.
On the 23d inst. futures closed 2 to 3 points net lower for
the domestic contract, with sales totaling 485 lots.
The
contract closed 1H points up to unchanged,
lots. Trading in both markets was
fairly active.
The only sugars offered in the raw market
were those hedged on the futures market.
Consequently
the asking prices fluctuated with futures. A parcel of Puerto
world
sugar
with sales totaling 245
6,000 bags, was offered even
Cubas were offered even with
July and July shipment sugars even with September. Re¬
finers continued to maintain their price at 4.50c. a pound.
In the world sugar market early advances of 5 to 6 H points
were
completely erased, the market standing H to 1H
points net lower during early afternoon. . Today futures
closed 6 to 8 points net higher, with sales totaling 247 lots
for the domestic contract. The world sugar contract closed
2 to 5 points net higher, with sales totaling 183 lots. Sugar
markets were firm today.
The domestic contract was bid
up 7 to 8 points after publication of a reassuring statement
by the head of the sugar section of the Agricultural Adjust¬
ment Administration.
It advised the trade that the world
and the domestic sugar markets had been divorced and should
not be confused with each other because of the fall in world
sugar prices. This afternoon September futures were selling
at 1.87c., up 8 points.
Cuban raws for June shipment were
offered even with September futures in the raw market, or
at 1.87c. this afternoon against actual sales at 1.80c. yester¬
day. World sugar contracts were bid up 3 to 6 points, with
September selling at 1.09c., up 5 points.
Ricos in port, aggregating
with July.
June shipment
Prices closed
follows:
as
1.83
January '41
May-..
July
September
I...
.
1.85
U.80 March '41
1.85 May'41
1.90
—-
November,*-..1.90
Italian Beet Sugar
Production Reached New Record
in 1939-40 Season
Beet sugar
'
production in Italy during the current 1939-40
reached
season
.
all-time high record with an
an
output of
442,000 long tons, raw value, an increase of 45,000 tons, or
11.3%
over
York.
New
when
the 1938-39 output, according to Lamborn
The
previous high
was
434,000 tons were harvested.
& Co.,
recorded in 1929-30,
Tlie firm's announce¬
ment further said:
amounted to 416,000 long
tons in the previous
year, an increase of 26,090 tons, or approximately 6.7%.
Consumption
has
been
rising each year since 1933, when it totaled 319,000 tons.
Consumption during the current year, however, is expected to fall due to
rationing instituted by the Government.
Sugar
tons,
an
consumption in Italy during
all-time
high,
as
compared
1938-39
with
390,000
Lard—On the 18th inst. futures closed 42 to 50
lower.
Heavy liquidation resulted in
a
points net
break of 50 to 75
the active months.
A partial recovery followed
the setback, but at the end, prices were still 42 to 50 points
off from previous finals.
The weakness in grains was the
chief bearish influence.
Western hog receipts today totaled
18,300 head against 12,100 head for the same day last year.
Hog prices at Chicago remained nominally steady at P'riday's
points
finals.
higher.
on
On the 20th inst. futures closed 17 to 25 points net
The lard market was strong and active today, with
closed 55 to 60 points
regarded as distinctly
liquidation, especially by specula¬
tive interests.
The active deliveries declined 37 to 42 points
as
a
result of this pressure during the morning.
The
declines were extended still further on additional pressure
during the late afternoon.
During the past week hog receipts
at 11 of the principal markets in the West, including Chicago,
totaled 348,192 head against 361,063 head for the preceding
week, and 309,991 for the corresponding week last year.
On
the 22d inst. futures closed 32 to 40 points net higher.
The
market's strength today was due largely to the proposed
program to reduce stocks.
The opening range was 2 to 5
points higher.
Later, when other markets firmed up,
speculative covering lifted values 17 to 30 points over the
previous finals.
During the early afternoon the news from
Washington attracted additional covering and further gains
were registered.
Lard exports from the Port of New York
today totaled 60,000 pounds, with destination Europe.
Hog sales ranged from $5 to $5.70.
Western hog receipts
totaled 61,800 head against 56,800 head for the same day
The news from Europe was
bearish and induced heavy
points or half a cent a
from 45 to 50
On the 21st inst. futures
year ago.
net lower.
invaded Poland.
many
May 25, 1940
Chronic!e
.
last year.
On the 23d inst.
Prices
on
futures closed 15 to 20 points net lower.
the active months declined at one
time close to
points from the early highs. The weakness in other com¬
modities induced heavy selling.
Adverse war news around
40
midday attracted a good deal of selling in all markets and
liquidation by nervous speculative interests made its appear¬
ance and wiped out the early gains.
Receipts of hogs for the
Western run today totaled 55,800 head against 54,400 head
for the same day last year.
Early hog prices at Chicago
were mostly 10c. higher. Scattered sales were reported during
the day at prices ranging from $5 to $5.80.
Today futures
closed 17 to 20 points net higher.
Trading was fairly active
with the market favorably influenced by reports from
Washington and the stronger action of the grain markets.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat.
Man.
Tues.
Wed.
Thurs,
Fri.
5.15
5.25
5.45
May
July
September
5.10
5.22
5.42
5.27
5.42
5.65
4.77
4.82
5.07
5.10
5.25
5.45
4.95
5.05
5.27
October
5.50
5.72
5.72
5.87
5.15
5.27
5.55
5.65
5.35
5.50
mess,
$20.75 18-10 pieces to barrel);
December
Pork—-(Export),
!
5.55
5.67
family (50-60 pieces to barrel), $16.25 (200 pound barrel).
Beef:
Family (export),Unquoted.
(export), steady.
Cut
c.a.f.—-4 to 6 lbs.,
HMc.; 6 to 8 lbs., 11c.; 8 to 10 lbs., 10Hc. Skinned, Loose,
c.ai.—14 to 16 lbs., 16J£c.; 18 to 20 lbs., 14Hc« Bellies:
Clear, f.o.b. New York—-6 to 8 lbs., 11 He.; 8 to 10 lbs., 11c.;
12 to 14 lbs., 10c.
Bellies: Clear, Dry Salted, Boxed, N. Y.
—16 to 18lbs., 7Hc.; 18 to 20lbs., 7Hc.; 20 to 25 lbs., 7Hc.;
25 to 30 lbs., 7He. Butter: Creamery, Firsts to Higher than
Extra and Premium Marks: 26H to 27c.
Cheese: State,
Held *39,20 to 21c. Eggs: Mixed Colors, Checks to Special
Meats:
Pickled Hams:
Packs:
Picnic, Loose,
14H to 18Hc.
Oils-—Linseed oil in tank
cars
is quoted 9.8 to
mand for linseed meal continues
quotations currently are easy.
quite ample,
10.0.
De¬
slow, and with
supplies
Quotations:
Tanks, spot—23 to 25He.; Tanks, shipment—
21H to 22c.; Drums—23 to 26Hc- Coconut: Crude: Tanks,
Chinawood:
May-Aug.—.03 bid; Sept., forward—.03H bid; Pacific
Coast—.02H to .02H nominal. Corn: Crude: West, tanks,
nearby—.06 bid nominal.
Olive:
Denatured:
Drums,
spot, afloat—$1.25 bid, nominal.
Soy Bean: Tanks, West
—.04M to .05 nominal; New York, l.c.l., raw—.073 bid.
Edible: Coconut: 76 degrees—.08H to .08%.
Lard: Ex.
winter prime—8H offer; strained, 8H offer.
Cod: Crude—
no quote.
Turpentine: 33H to 35HRosins: $5.15 to
$7.50.
Cottonseed Oil sales,
contracts.
June
July
August
September
yesterday, including switches, 90
Crude, S. E., val. 5c nom. Prices closed as follows:
6.00®
6.02®
6.06®
6.09®
.
October
6.12®
6.07 November--
6.12®
n
n
December
6.12 January'41
Rubber—On the 18th inst. futures
net lower.
6.17®
6.16
n
6.20
6.19® 6.23
closed 65 to 45 points
The
opening range was 45 to 110 points lower,
with the leading deliveries sharing the greater losses.
Most
of this activity was reported as distress selling and continued
speculative operations.
Transactions totaled 2,460 tons,
of which 10 tons were exchanged for physicals.
Certificated
rubber stocks in licensed warehouses showed another increase
to 910
tons,
a
gain of 30 tons.
Spot standard No. 1 ribbed
smoked sheets in the trade declined to 22He. per pound.
Local closing: May, 21.50;
July, 20.11; Sept., 18.55; Dec.,
On the 20th inst. futures
points lower to 31 points higher.
After opening
18.00; Jan., 17.80; Mar., 17.45.
closed 25
about
90 points
principally in the
upward on trade
During the early
lower on commission house liquidation,
Dec. delivery, the market started to move
buying.
The volume was rather small.
afternoon July stood 54 points net higher
Volume
The Commercial & Financial Chronicle
ISO
at 20.65 and
Sept. 40 points higher at 18.95c., respectively.
Transactions to that time totaled 104 lots, of which 20 tons
remained
exchanged for physicals.
Certificated stocks increased
by 10 tons to a total of 920 tons.
Tender of 160 tons was
made on contracts.
London closed steady 3-16 to %d.
lower.
Singapore was 1-16 to y8d. lower.
Local closing:
May, 21.25; July, 20.40; Dec., 17.75; Jan., 17.62; Mar.,
17.45.
On the 21st inst. futures closed 83 to 40 points net
Transactions
totaled
227
lots.
broke alone with other markets but in
ket.
a
Rubber.. futures
less hvsterical mar
The opening was irregular, 60
points lower to 20 points
The selling was in sympathy with declines in com¬
modities generally rather than to any news.
It had been
expected that the rubber quota would be unchanged.
Dur¬
ing the early afternoon July stood at 20c., off 40 points;
Sept. at 18.20, off 30; and Dec. at 17.56, off 19.
Sales to
higher.
that
time
totaled
126
lots.
The
London rubber
up
dull, 1-16 to yd. lower.
The Singapore market
closed steady, 1-32 to l-16d. higher.
Local closing: May,
20.57; July, 19.57; Aug., 18.81; Oct., 17.57; Dec., 17.35;
Mar., 17.05.
On the 22d inst. futures closed 53 to 30 points
net lower.
Transactions totaled 208 lots.
erratic.
975,099 hides.
Sept. 9.88; Dec. 10.15.
The
Tender of 160 tons
on
Freights—Chartering was light during most of
Developments in Europe are causing no little
demoralization in the shipping trade.
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-June, 87s 6d per ton.
Time:
Round trip West coast South American trade, May-June,
$5 per ton.
Three months West Indies trade, end Mayearly June, $4.75 per ton. Trip down, Canada to New York,
May-June, $4 per ton.
West Indies or Canadian trade,
$5.25 per ton. Sugar: Philippines to United States Atlantic,
$14 per ton. San Domingo to Casablanca $18 per ton. San
Domingo to Marseilles, $19 per ton.
Cuba to Bordeaux,
contract was
Singapore market closed weak, 3^ to 15-32d.
16.75.
On the 23d inst. futures closed 45 points net lower to 10
points net higher. Transactions totaled 218 lots. Forenoon
prices of rubber futures were as much as 20 points higher after
an irregular
opening.
However, following Mr. Churchill's
speech in Parliament the market suffered a setback under
renewed liquidation.
Sales to early afternoon totaled 81
lots.
Primary markets were firm and shipment offerings
were high.
Singapore closed 5-32d to Yd higher. London,
on the other hand, was
Yd to 5-16d lower. Local closing:
May, 19.65; July, 18.65; Sept., 17.61; Oct., 17.25; Dec.,
17.05; Jan., 16.95; Mar., 16.85. Today futures closed 19 to
40 points net higher.
Transactions totaled 205 lots. Rubber
futures were heavy on the opening, showing initial losses of as
much as 10 points, due to weak primary markets. However,
prices firmed up later in sympathy with other commodity
markets, with the result that this afternoon Sept. was 9
points net higher at 17.70c., and Dec. 5 higher at 17.10c.
Sales to that time totaled 113 lots.
40 tons to
total of 930 tons.
$22 per ton.
San Domingo to Nantes, $20 per ton. Queens¬
Montreal, $22 per ton. Net form: A steamer, Atlantic
range to Brest or Bordeaux, June 8-25, Is 5d per cubic foot,
option Havre, Is 53^d.
Gulf to London, June, 31c. per
land to
cubic foot.
in the
probably the most active Saturday session the market has
ever witnessed.
The trading was the third heaviest in the
Exchange's history.
The opening range was 60 to 105 points
lower under heavy liquidation by nervous holders.
Prices
later registered a maximum drop of 149 points.
A large part
of the offerings were believed to have been for foreign account.
Transactions totaled 30,520,000 pounds compared with 30,800,000 pounds on Friday, 21,080,000 pounds on Thursday
and 22,480,000 pounds on Wednesday, or a total of 104,880,000 pounds for the last four sessions.
Prices have dropped
sharply since the Germans first invaded Holland.
The list
reveals losses ranging from 342 to 349 points since
May 9th.
The spot hide market remained very largely nominal.
Based on recent hide futures prices, observers state that
light native cow hides would be around 10c. a pound.
Local closing:
June, 10.06; Sept., 10.40; Dec., 10.65;
mately
Transactions totaled 513 lots.
to 30
Raw hide futures opened 13
points lower.
Prices were steady during the morning.
June sold at 9.30, off 15; Sept. at 9.53, off 20; Dec., at 9.75,
off 30.
Transactions totaled 280 lots up to early afternoon,
of which volume 120,000 pounds were exchanged for physical.
The market was governed by the action of stocks.
Packers
Since May 15th, when
per ton, little new
10c.
placed. The only movement was reported
and buckwheat sizes, for which the burning
now
on.
The stocks in the hands of wholesalers
;
are
38,700
.
tons.
.
points net lower. The opening range was 14 to 38 points
lower, with lows of 29 to 38 points registered early, and highs
of 8 to 17 down registered on a later rally.
Large scale
liquidation on the war news affected prices early but trade
support and short covering helped later.
Transactions
were estimated at 1,500,000 pounds or 300 contracts.
Spot
tops declined lc. or 10 points to an even $1 a pound.
Local
closing: May, 9.30; July, 92.0; Oct., 91.0; Dec., 91.0; Mar.,
On the 20th inst. futures closed at 1 point decline to
points advance.
Orders were generally smaller over the
day, with a large number of 5,000 and 10,000 pound trans¬
actions put through.
Total business was estimated at about
150 contracts, or 750,000 pounds, possibly somewhat more.
Spot tops were unchanged at $1 a pound.
Local closing:
May, 93.0; July, 91.9; Oct., 91.3; Dec., 91.0; Mar., 91.0.
On the 21st inst. futures closed 50 to 57 points net decline.
Opening levels were 10 to 19 points off and the list dipped at
one time to 45 to 68 points loss.
There was a recovery of
7 to 19 points later in the session, but a large part of this
improvement was later wiped out.
Wool top futures experienced one of the most active days in many months,
with transactions totaling approximately 2,000,000 pounds.
Spot tops suffered a break of 60 points or 6c. a pound.
Local closing: May, 88.0; July, 86.4; Oct., 85.6; Dec., 85.7;
Mar., 85.5.
On the 22d inst. futures closed 14 to 25 points
net lower.
Wool top futures continued active today with
about 400 contracts or 2,000,000 pounds privately estimated
to have been sold.
The market was better early, opening
unchanged to 7 points up, but later broke 31 to 36 points from
early highs on commission house liquidation.
Demand was
limited, with the trade and spot houses best buyers.
Later
a rally of about 17 to 18 points took place.
Spot tops were
lc. lower at 93c. a pound.
Local closing: May, 85.7; July,
85.0; Oct., 83.3; Dec., 83.1.
On the 23d inst. futures closed 18 to 17 points net higher.
Firmer outside markets and an improved sentiment in the
wool trade resulted in a better demand for wool top future
today. Prices opened 10 to 13 points above the last quota¬
tions of the preceding day and continued to improve during
the early trading.
Later, the early highs of the morning
91.0.
3
higher.
to early afternoon, of which seven lots were exchanged for
physical.
Heavy liquidation by commission houses was
induced by the bad break in the stock market.
Certificated
stocks increased by 2,695 hides to 968,805 hides.
Local
closing: June, 9.45; Sept., 9.73; Dec., 10.05; Mar., 10.30.
On the 22d inst. futures closed 17 to 3 points net
higher.
advanced
yyool Top8—On the 18th inst. futures closed 24 to 29
Mar., 10.93.
up
were
reported low. As some or any appreciable
demand arises, buying activity will no doubt take a corre¬
sponding spurt. It is said that the movement to the lake
ports and Canada is proceeding at a fairly high rate and it is
expected to continue for more than a month based on the
forward orders already placed.
According to the figures
furnished by the Association of American Railroads, the
shipments of anthracite into eastern New York and New
England for the week ended May 4th have amounted to
1,917 cars as compared with 2,961 cars during the same
week in 1939, showing a decrease of 774 cars, or approxi¬
Hides—On the 18th inst. futures closed 104 to 105 points
lower.
Hide futures continued to decline sharply in
On the 21st inst. futures closed 102
is
and dealers
net
Dec., 11.10; Mar., 11.35.
pea
season
Certificated stocks in¬
to 109 points net lower. Transactions totaled 639 lots. Raw
hide futures opened 57 to 45 points lower.
Further sharp
declines set in following the opening.
Sales totaled 393 lots
levels
business has been
London
On the 20th inst. futures closed 38 to 45 points
Transactions totaled 16,600,000 pounds.
The
active months opened from 20 points lower to 32
points
higher.
The tone of the market gradually improved as the
session progressed.
News of stiffening Allied resistance
which brought forth considerable buying in the securities
market, did much to influence the wave of buying in the hide
futures market which sent prices sharply higher.
Certifi¬
cated stocks of hides increased by 2,028 hides to 966,110
hides.
The domestic spot hide market remained largely
nominal today.
Local closing:
June, 10.48; Sept., 10.82;
decidedly smaller t,his week.
wholesale
to l-16d
net
'
Coal—Latest reports state that the demand for anthracite
coal is
was unchanged
higher, but Singapore closed 1-16 to y8d lower.
Local closing: July, 18.85; Sept., 17.80; Dec., 17.45; Jan.,
17.35; Mar., 17.15.
a
June 9.65;
the week.
lower, a fact which affected the market here.
London
Yd. lower to yd. higher.
Local closing: May, 20.10;
July, 19.04; Sept., 17.60; Dec., 17.05; Jan., 16.95; Mar.,
creased
Local closing:
Ocean
Rubber futures
The market opened 32
time totaled 117 lots.
points.;-Sales volume amounted to 4,600,000 pounds.
4,976 hides to
points lower to 2 points
higher, holding fairly steady during the remainder of the
session.
During early afternoon Sept. stood at 17.95, off
20 points, and Dec. at 17.40, up 5 points.
Sales to that
made.
10
increased
The commission house
offerings were readily absorbed by
trade and dealer interests.
Certificated stocks increased-
market
closed
were
withdrawn from the spot markets.
Certificated
by 976 hides to 969,781 hides.
Local
closing: June, 9.57; Sept., 9.90; Dec., 10.08; Mar., 10.33.
On the 23d inst. futures closed 7 to 30
points net lower.
Transactions totaled 368 lots. The opening range was 18 to
27 points higher.
Prices receded immediately after^the
opening. Sales up to early afternoon totaled 216 lots. In
the domestic spot market sales totaled 8,900 hides,
including
May light native cows at 11c. The decline in futures caught
stop loss orders. Selling was due to Prime Minister Churchill's
war comments.
Local closing: June 9.50; Sept. 9.60; Dec.
9.90; Mar. 10.16. Today futures closed 15 to 28 points net
higher. Transactions totaled 218 lots. Raw hides futures
opened unchanged to 6 points higher. In the later trading
September sold at 9.80, up 20 points; December at 10.00,
stocks
were
lower.
3383
,
The Commercial & Financial Chronicle
3384
were
pared slightly
on realizing operations.
Total trans¬
the New York exchange to noon were estimated
actions
on
in
Receipts to
May 24
Charleston
finals
Lake
during the early afternoon session.
Local closing:
July, 86.8; Oct., 85.1; Dec., 84.8; Mar., 84.6.
Silk—On the 20th inst. futures closed
Transactions totaled 92 lots.
lower.
lower in
were
decline in the Japanese market.
with the July
delivery at $2.60 and the September delivery at $2.54 a
pound.
Sales to that time totaled 580 bales, all on the No. 1
contract.
Ten bales were delivered on contract, making the
total for May 590 bales to date.
Certificated stocks de¬
Prices
sympathy with
lHc. to 5 He. net
Raw silk futures
creased
10
This
Week
Brownsville
:
Houston
Corpus Christi—.
Beaumont
...
New Orleans
Mobile
Pensacola, &c
Jacksonville
Savannah
—
Since Aug
Week
1 1938
1940
660,908
481,084
1,012,238
292,612
16,678
3",280 806,892
790
64,514
12,279
693,114
38,933
92,537
571,375
653,998
71.978
60,574
1,416
114,209
28,814
440,191
47,200
z3,897
1,387
4,222
5,464
11,415
27,524
3*486
248
"14
1,906
34,889
16,096
211
Norfolk-
—
30.828
309
25,515
100
188
23,621
1,328
1,250
1,949
1,275
8,436
——
406
Baltimore
20,904
6,891,777'
42,308
—
_
145,703
38,771
12,805
15,252
New York.
Boston
Totals.
44,989
31,792
1.900
Charles
Wilmington
a
1939
955,501
8,427
11,260 1,730,524
41,153
11",387 2,050,944
6
179,215
432
67,907
18,303 2,404,032
115
161,105
54,593
1,882
3
63,685
95
38,565
1
45,971
10
9,259
291
22.038
Galveston—
Stock
This
Since Aug
1 1939
16,953 3.304.054 2,459,132 1.846,173
off 2 to 3 cents this afternoon
were
closed 37
1938-39
1939-40
trade at approximately
the
1,000,000 pounds of tops.
Local closing: July, 86.8; Oct., 85.1; Dec., 84.8; Mar., 84.7.
Today futures closed unchanged to 1 point net lower. Wool
top futures moved within a narrow range today at levels
Blightly under^ last night's closing. Total sales on the New
York exchange to middav were estimated in the trade at
approximately 200,000 pounds of tops.
Prices at the low
point of the morning were 5 to 9 points below the last quota¬
tions of the previous dav.
A slight rally occurred later in
the day and prices stood only 1 to 4 points under previous
.
May 25, 1940
bales
to
1,440 bales.
The Yokohama Bourse
49 yen lower as
to
compared with last Friday.
The price of spot grade D silk declined 35 yen to 1,525 yen a
bale.
Local closing:
No. 1 contracts:
May, 2.66; July,
2.58H; Aug., 2.54H; Oct., 2.52; Dec., 2.50.
On the 21st
inst. futures closed 4Hc. lower to lHc. higher.
Trans¬
actions totaled 1,420 bales, all in the No. 1 contract.
The
Receipts included in Corpus Christi.
x
z
Gulfport not included.
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
11.260
11.387
1937-38
1936-37
1935-36
18 303
4,879
1,965
5,100
790
490
1,760
3,004
14,800
2,754
3
Orleans-
8,427
3,486
3.280
115
Houston
New
1938-39
1939-40
Receipts at—
Galveston
211
314
"""472
Mobile
Savannah
1934-35!
4,510
4,482
655
16,329
8,970
20.107
3,533
1,596
"""488
"""407
""319
8,103
370
651
Brunswick
Charleston
""95
—
Wilmington
10
..
1
*""309
291
Norfolk
60
203
1,408
"""499
75
;
318
market ruled heavy during most of the session, influenced by
the weakness of the security and commodity markets and the
Newport News
All others.—.
""844
"""450
"""688
"1,861
"~l",029
1,685
gessimistic news from Europe regarding the Allied however.
loth of the primary markets ruled slightly steadier, reverses,
Total this wk.
42.308
16,953
14,112
25,457
52,470
21,846
Futures at Yokohama
24 to 32 yen
higher, while at
better.
Grade D at Kobe
advanced 15 yen to 1,540 yen.
The Yokohama spot market
report was mutilated.
Spot sales in Kobe amounted to 75
Kobe futures
were
13 to 25 yen
were
bales, while futures transactions at both centers equaled
4,850 bales.
Local closing: No. 1 contracts: May, 2.61 H;
July, 2.55; Sept., 2.52; Oct., 2.50; Dec., 2.51.
On the 22d
inst. futures closed 7 to 2 cents net
55 lots, all in the No. 1 contract.
higher, with sales totaling
Silk futures firmed after
opening 1 to 4 cents lower.
During early afternoon July
stood at $2.58, up 3c. and Oct. at $2.51, up lc.
Sales to
that time totaled only 17 lots, all on the No. 1 contract.
The price of crack double extra silk in the uptown market
declined 1HC- to $2.50 a pound.
The Yokohama Bourse
closed 19 to 36 yen lower.
The price of spot grade D silk
declined 10 yen to 1,525 yen a bale.
Local closing: No. 1
contracts:
June, 2.66; July, 2.62; Aug., 2.58H; Oct., 2.56;
Nov., 2.54; Dec., 2.53,
On the 23d inst. futures closed He. higher to 2 He. net
lower.
Transactions totaled 59 lots, all in the No. 1 con¬
tract.
Silk futures reflected firm primary markets and
rumors that silk would be
required in substantial quantities
to construct parachutes for Army use.
However, trading
was light.
Sales to early afternoon totaled only 23 lots. The
price of crack double extra silk in the uptown market ad¬
vanced 4c. to $2.84 a pound.
On the Yokohama Bourse
prices were 39 to 49 yen higher. Spot grade D silk advanced
30 yen to 1,555 yen a bale.
Here 140 bales were tendered
on the
May contract. Local closing: No. 1 contracts: June,
2.66H; Aug., 2.62H; Oct., 2.56; Nov., 2.53H; Dec., 2.53.
Today futures closed 2 He. down to He. net higher.
Silk
futures were neglected, sales to early afternoon
totaling only
six lots.
The market's tone was heavy in
sympathy with
the Japanese market.
Sept. stood at $2.52, off 4c. In the
uptown spot market crack double extra silk declined 3He.
to $2.80 H. a pound.
Certificated stocks increased by 60
bales to a total of 1,410 bales.
The Yokohama Bourse
closed 31 to 38 yen higher.
Local closing: June, 2.65; July,
2.60; Sept., 2.56; Oct., 2.55; Nov., 2.54; Dec., 2.52.
"
Since Aug. 1__ 6.891,777 3.304,054 6,959,794 6,146,695 6,518.588 3,939,675
The exports
for the week ending this evening reach a total
Great Britain, 7,110
to France, 7,389 to Italy, 3,799 to Japan, 1,889 to China,
and 4,236 to other destinations.
In the corresponding week
last year total exports were 43,700 bales.
For the season
to date aggregate exports have been 5,704,314 bales, against
3,101,079 bales in the same period of the previous season.
Below are the exports for the week:
of 32,372 bales, of which 7,949 were to
May
24,
1940
Great
Exportsfrom—
Ger¬
Britain
France
Galveston
Houston
1Receipts at-
Sat.
Mon.
Wed.
Tues.
271
3,799
1,889
69
7,949
7,110
7,389
3,799
1,889
4,236
32,372
5,885
4,213
6,519
4,870
6,095
9,137
16,798
2,050
2,531
1,809
1,002
6,100
100
11,673
43,700
34,982
131
Total
Total
1939
Total
1938
From
Exported to—
Aug. 1,1939fo
May 24, 1940
Great
Ger¬
Exportsfrom
Britain
Galveston
365,060 141,252
466,667 149,351
Houston
France
Thurs.
Fri.
Italy
many
Japan
286 145,985
71,308
27,424
10,242
8,496
6,861
4,334
705,494 413,123
8", 169
Beaumont
18,329
400
Orleans.
Lake Charles
185
16,290
65,755
.
♦Mobile
855
1,976
Houston
309
421
2,883
686
K
Corpus Christi—
Beaumont
New Orleans.
Mobile
2,008
1,436
2,124
1,127
212,575
84",699
491
5,231
4,179
19,494
1,704
2~, 106
11,170
1,135
22,878
Jacksonville..
550
Pensacola, &c.
6,182
"75
42,700
10,281
26,235
t)
"432
4",656
l',209
4",872
18
39
16
Savannah
2",634
432
.
4,353
18,303
16
2
579
26
115
1
Charleston
Lake Charles
3
""95
95
1
1
1
Wilmington
4
Norfolk
Baltimore
11,260
11,387
65
""28
136
"""4
:
6
58
10
291
406
■406
b
Totals this week.
5,907
The
3,786
8,334
6,231
4,283
1,575
Savannah
Charleston
Wilmington
_
211
50
"486
811
2",708
196
8,837
100
11,267
75,278
27,810
6,773
-
Norfolk
Gulfport
6,773
13,235
11,507
17,424
♦New York..
♦Boston
1,825
1,271
284
199
50
100
Los Angeles..
54", 368
7",821
♦SanFranclsco
24,393
9,994
1,050
300
,
9,521
1
1
"214
191,871
29,850
62,040
1,336
66,286
11,186
21,558
346,364
124,759
12
12
"200
Seattle
1902,887 783,701
33,456 581,267
445,567 387,356
432,217 287,305
834,003 493,082
1938-39
1937-38 1562,252 738,783
860,224 393,493 1149286 5704,314
834,822
600,738
91,289 622,523 3101,079
89,741 965,913 5284,512
~~
~
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
May 24 at—
Leaving
Ger¬
Great
Britain France
Galveston
Houston
New Orleans.
6,000
8,530
4,826
_
Other
Coast¬
many
Foreign
wise
2,000
9,100
7,838
9,029
21,347
1,331
Stock
Total
17,100
17,699
35.202
Other
ports
Total 1940—
Total 1939
Total
*
"343
'343
Mobile
Norfolk
19,699
2,272
8,574
1938
21,347
1,727
3,220
2",466
25,967
13,080
8,291
26,830J
cotton
for
■
3,331
2,610
5,6651
643,808
675,415
618,796
114,209
28,814
71,635
25,515
210,596
70,344 2,388,788
22,155 1,824,018
52,580 2,495,647
Estimated.
Speculation
past week
in
future
delivery
during
the
fairly active, with the trend of prices gen¬
was
,
42,308
following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks
tonight, compared
with last year:
23,719
11,791
28,667
9,971
7,388
Baltimore-
erally lower.
13,767
585
71,342 218,851 1714,253
9,324
31,419
10",510
125,740
1,872
Savannah
Total
1,414
7,408
Total
Other
51,360 410,702 1317,731
234,388 197,310 367,834 1618,710
37,586
10,390 25,452 200,731
4,309
3,922
27,922
8,257 194,903
Corpus Christi
Brownsville-_
China
203,086
Charleston
Galveston
1,457
7,373
17,654
5,888
3,268
♦Figures revised.
Friday Night, May 24, 1940
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 42,308
bales, against 39,262 bales last week and 41,104 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,891,777 bales, against 3,304,054 bales for the same period
of 1938-39, showing an increase since
Aug. 1, 1939, of
3,587,723 bales.
Total
628
2,531
Total
the
Other
4,105
Los Angeles
New
China
7", 034
7",818
New Orleans
Total
The Movement of
Japan
753
76
Total
COTTON
Italy
many
ment
was
Contributing largely to the downward move¬
the
grave
news
concerning
Allied
reverses.
Weather and crop reports were also generally bearish and
contributed their share to the bearish sentiment that pre¬
vailed
in
the
trade.
In
the
spot
markets
business
was
Volume
difficult.
The Commercial & Financial Chronicle
ISO
The basis is firm, and mills are only buying
what
they absolutely need.
On the 18th inst. prices closed 27 to 31
points net lower.
regarded as one of the heaviest selling waves of
the week, cotton futures declined yesterday as much as $1.75
In what
was
3385
ton
rallied the futures market. ' July stood 25 points net
higher during early afternoon.
Other months were 15 to 20
points higher.
In spite of lower Bombay prices, our mar¬
ket opened 4 to 5 points
higher, with trade buyers and
Wall
Street absorbing offerings, together with buying by
Orleans and local professionals.
The offerings were
to $2.15 a bale.
New
with
chiefly hedge sales, but along with these was Southern sell¬
ing.
Foreign interests sold little cotton today.
After the
opening local operators ran the market up some 6 points
above last night's close.
July showed relative strength,
standing 15 points higher around midday and increasing
Recoveries of 7 to 12 points from the lowest
left the market with net losses of 27 to 31 points at the close.
Greatest pressure occurred at the opening when brokers
Bombay connections sold 40,000 bales and prices
slumped to losses of 31 to 40 points.
Weakness at Bombay,
uncertainty regarding international trade and transfer of
funds were seen as combining to influence liquidation of
straddle accounts between the New York and Bombay
markets.
Other liquidation was induced by the sharpness
of the break while buying was limited to trade and local
professional account.
Saturday's decline carried May,
1941, cotton futures down to 8c. a pound before the decline
was checked.
Last year a cotton loan was instituted at a
basis of 8.30c. at interior points with added allowances for
freight on cotton nearer ports.
Southern spot markets were
generally 10 to 30 points lower today except for the 21-point
advance at New Orleans.
On the 20th inst. prices closed
27 to 37 points net higher.
The opening range was 2 to 8
points up I after which the market turned strong and ad¬
vanced to the highs of the day or to net gains of 27 to 37
points.
After the impact of selling orders amounting to
about 15,000 bales of July, Oct. and Mar. cotton, traders
found contracts
despite adverse
scarce
news
and
sentiment turned
from the European
more
bullish
fronts and the
market.
Again little
war
late downward reaction in the stock
attention was paid to the weather in
the South.
There
scattered showers in Texas and Oklahoma, but little
were
rain elsewhere in the belt.
While the weather is considered
favorable for the growing crop,
.
its
premium
over
than
usual.
The
May 18 to May 24—
Sat.
Middling upland % (nominal)
9.46
Middling upland 15-16 (nom'l). 9.66
war
news
unsettled the cotton futures market,
out.
During
below
last
early afternoon prices were 3 to 10 points
night's close.
The opening was firm, 8 to 12
points net higher, with trading moderately active.
mill
local
and
South
and
brokers
were
interests
New
were
credited
the best buyers, while the
supplied the contracts.
Bombay
of October delivery.
Cooperatives
buyers
with
December.
Most of
the
early selling consisted of hedges in July.
Gains were ex¬
tended after the opening, due principally to a lack of
supply
of contracts from foreign sources.
After 11 o'clock, follow,
ing
a
pessimistic statement
on
the
war
by Prime Minister
on
the
Belgian front.
gains had been erased.
cated
that actual
By early afternoon
contract
on
New Contract-—Basis
in
spot markets
Today prices closed 28 to 19 points net higher.
Buying
July contracts on the theory of scarcity of old crop cot¬
10.57
quotations of
10
and
,
staple
premiums
J^-inch
cotton
,>,v
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 23.
Old Contract
New Contract
%
15-16
1 In.
%
29-32
15-16
31-32
Inch
Inch
and Up
Inch
Inch
Inch
Inch
1 In.
and
Up
White—
Mid.
Fair
.54
.36
on
.45 on
.54
on
.60
.31
on
.39
on
.49
on
.55
on
.61
.53 on
.63
on
.25
on
.33
on
.43
on
.49
on
.55
on
.30
on
on
.12
on
.20
on
.30
on
.37
on
.44
on
on
.14
on
on
on
.40 on
.51
Basis
.11
on
.21 on
.18 off
.10 off
Basis
.06
.50 off
Mid
St
on
.69 on
on
Mid
St
.74
.59 on
.43
Mid
Good
.65
.49 on
St. Good Mid-
.39 off
.29 off
.66 off
.59 off
.50 off
Low Mid
.66
on
on
on
.45 off
.38 off
Low Mid
.00 off
.95 off
♦St.
.53 off
.49 off
1.04 off
.94 off
.87 off 1.21 off 1.14 off 1.05 off
Good Ord_. 1.52 off 1.44 off 1.38 off 1.69 off 1.65 off 1.55 off
♦Good Ord
2.09 off 1.99 off 1.95 off 2.21 off 2.18 off 2.10 off
Extra White—
Good Mid..
.08 off
.05 off
.49
on
,55 on
.44
on
.14
on
.53
on
.63
on
.40
on
.51
on
.37
on
.11
on
.21
on
.18 off
.10 off
Even
.06
on
.29 off
.66 off
.59 off
.50 off
.45 off
.43
on
St. Mid
.30
on
Mid
Even
St. Low Mid
.49 off
.39 oft
1.04 off
.94 off
Low Mid
.25
on
.12
on
.33
on
.20
on
.43
on
.30
on
.38 off
.87 off 1.21 off 1.14 off 1.05 off 1.00 off
.95 off
♦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
•Good Ord
2.09 off 1.99 off 1.95 off 2.21 off 2.18 Oil 2.10 off 2.08 off 2.05 off
Spatted—
Good Mid
.08
.18
on
St. Mid
.07 off
.03
on
Mid..
.60 off
.49 off
.49 off
.41 off
on
.27
.11 Off
on
.02 off
.06 on
.12
.19
on
on
.25 off
on
.16 off
.07 off
.01 off
.06 on
.41 off a:77 off a.69 off a.60 off 0.55 off a.49 off
♦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
•Low Mid
1.87 off 1.82 off 1.79 off 2.05 off 2.03 off 1.97 off 1.95 off 1.92 off
.13
Tinted—
Good Mid
.34 off ♦.67 off ♦.02 off ♦.54 off ♦.50 off *.44 off
St. Mid
.69 off
.62 off
.55 off ♦.87 off *.83 off *.75 off *.72 off ♦.66 off
1.26 off 1.22 off 1.19 off 1.42 off 1.41 off 1.37 off 1.36 off 1.33 off
♦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
•Low Mid
2.32 off 2.31 off 2.31 off 2.49 off 2.49 oif 2.49 off 2.48 off 2.47 off
♦Mid
Yellow Stained-
Good Mid
1.01 Off
.94 off
.86 off ♦1.18off ♦l.lSoff *1.06off *1.03 off ♦.96 off
1.36 off 1.35 off 1.33 off 1.54 off 1.53 off 1.52 off 1.51 off 1.49 off
l.fc6 off 1.85 off 1.85 off.2.03 off 2.03 off 2.03 off 2.02 off 2.01 Off
♦St. Mid
•Mid
GrayGood Mid
.60 off
tat. Mid-..-.-—
Mid
.52 off
.43
off'♦.77
off ♦.73 ott ♦.65 off, ♦.60 off *.52 off
.74 off
.66 off
.67 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
•Not'deliverable
on
future oontract.
Middling spotted sball be tenderable
a
only when and if the Secretary of Agriculture establishes a type for such grade'
New York
Quotations for 32 Years
The
quotations for middling upland at New York
May 24 for each of the past 32 years have been as follows:
1940
10.37c
1932
6.65c.
1924
1939
9.85c.
8.08c.
-13.27c.
11.74c.
1931
8.65c.
1923
1930
16.20c.
1922
18.55c.
1928 —21.10c.
1921
1920
1938
1937-
1936
—
1929
on
-.32.85c.
1916
-28.65c.
1915
-21.50c.
1914
14.20c.
--13.05c.
-,40.00c.
-
-
1913
12.00c.
1912
11.60c.
—
12.90c.
9.50c.
12.30c.
11.60c.
1927
16.50c.
1919
34.00c.
1911
15.80c.
1934
1926
18.90c.
1918
.28.50c.
1910
1933
9.00c.
1925
23.95c.
1917
-22.00c.
1909
15.25c.
11.65c
1935
-.
—
-
Market and Sales at New York
The total sales of cotton
week at New York
For
on the spot each day during the
indicated in the following statement.
of the reader we also show how the
are
the convenience
market for spot
and futures closed
on
the
same
days:
Contract
Spot
Old
Old
New
New
Total
New
Old
t
300
Saturday
Monday- .
Tuesday——————
Wednesday
Thursday
Friday
Total week
Since Aug. 1—
t
11
"loo
800
til 1 1
t
1~506
4
»
300
•
4
1
1
1
1
1
1
4
1,300
2,400
1',36O
T,§66
l",506
2,700
7,000
103,016
83,900
—
3,300
1,400
3,200
1
»
3,366
9,700
1,300
3,500 186,916
3,500
1,300
Futures Market Closed
Spot Market Closed
Old
SaturdayMonday
Tuesday
Wednesday
ThursdayFriday
-
equally with futures.
of
on
most
Information from the South indi¬
cotton has not declined
Fri.
10.37
10.19
represent 60% of the average premiums over
at the 10 markets on May 23.
Churchill, cotton broke 4 to 8 points in quick time under
liquidation induced by his revelations of the gravity of the
conditions
9.99
10.96
Old Contract—Basis Middling %-inch, established for de¬
liveries
were
purchases of
Thurs.
9.96
9.96
designated by the Secretary of Agriculture.
Trade,
Orleans
Wed.
9.76
average
markets
stimulus from the action of the Government in
Unfavorable
Tues.
19.9V
10.11
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for
grade and
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the
market
with the result that promising early recoveries were wiped
points against 55 points
Mon.
—
spot houses have received
today received its chief
requesting
the Chicago Board of Trade to fix minimum wheat futures
prices and announcement of a wheat loan a cent higher than
last year, all of which had a bullish influence.
On the 21st
inst. prices closed 24 to 35 points net lower.
The opening
range was 13 to 18 points lower, and then immediately prices
broke to losses of 20 to 30 points.
There was further foreign
liquidation, but it was not heavy.
The decline seemed to
be caused more by the lack of buying power than by any
large scale selling orders.
In the afternoon the break
in the stock market and weakness in other commodities,
induced some long liquidation and prices broke 25 to 40
points.
Liverpool remained closed, but Bombay turned
lower.
Technically the market appeared stronger despite
the decline in prices.
Most of the forced selling in cotton
occurred last week.
The market continues dominated by
war news from Europe and the action of outside markets.
The pace of trading slowed up, however.
Little attention
is paid to weather reports, but the weekly report today is
expected to be more favorable. Southern spot markets
were 15 to 59 points lower except for
Memphis which was
50 points higher.
Sales in these spot markets totaled 5,001
bales compared with 4,002 bales on Monday and 2,880
bales a year ago.
On the 22d inst. prices closed 4 to 16
points net higher.
Sentiment in the cotton exchange was
better with the result that prices rallied, standing at one time
about $1.25 a bale or more higher.
During early afternoon
the market had lost a portion of its gain, but nevertheless
stood 12 to 15 points net higher in local professional trading.
The opening was firm, with prices 1 to 3 points higher than
last night's close, with the exception of new July, which was
off 2 points.
Good trade demand developed almost immedi¬
ately, converging on the July and Dec. positions.
It soon
developed that not much cotton was for sale.
As a result
prices speedily stood 14 to 16 points net higher.
Wall
Street buying came into the market on the rally, centering
on new crop months.
Good demand for May, 1941, was an
early feature of the trading.
Offerings this morning came
from Bombay, which continued to liquidate July, Oct. and
Mar. contracts.
Some Southern hedging in Oct. and Dec.
deliveries was reported.
Leading spot firms were buyers of
July.
On the 23d inst. prices closed 14 points up to 5 points off.
62
The official quotation for middling
upland cotton in the
New York market each
day for the last week has been:
reports that the crop is late, except Texas cotton which is
earlier
October to
last night.
Nominal
Nominal
Nominal
Nominal
Nominal
Nominal
Steady
Steady
Steady
Steady
Steady
Very steady
New
Steady
Steady
Steady
Steady
Steady
Very steady
Chronicle
The Commercial & Financial
3386
Futures—The highest, lowest and closing prices at New
York for the past week have been as follows:
Saturday
Monday
May 20
May 21
May 22
Thursday
Friday
May 23
Wednesday
Tuesday
May 18
May 24
1940
that is, the
the movement,
Towns,
Interior
the
At
May 25,
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:
J«O«(1940)
Movement to May 26,
1940
Movement to May 24,
(old)
1939
Range-.
9.32a
9.32a
9.60a
Ship¬
June (new)
Range
Closing
9.38 n
9.63a
9.26 n
.
9.55a
9.51a
W
8.84- 9.00
8.96- 9.28
8.98- 9.13
9.02- 9.28
9.10- 9.32
9.19- 9.47
Eufaula
Closing.
8.91
9.26
9.02
9.16- 9.18
9,17
9.45- 9.40
7
Montgom'y
—
—
—
—
-
184
53
Selma
(new)
Range..
9.08- 9.14
9.14- 9.50
9.19- 9.29
9.21- 9.40
9.33- 9.50
9.43- 9.60
Closing.
9.11
9.48a
9.23a
9.36
9.40
9.06a
—
—
—
41
Ark., Blytbev.
Forest City
"380
Helena
Aug.—
Range..
Closing
9.08a
9.33n
9.01»
.
9.21a
9.20a
75
Hope
Jonesboro
9.46a
7
Rock
1,103
NewportBluff
"867
Walnut Rge
6
Little
Sept.—
Range—
Closing
8.79a
9.06w
8.76»
.
8.94a
8.91a
9.13a
Pine
Oct.—
Range..
8.43- 8.61
8.56- 8.85
8.47- 8.65
8.52
Closing
8.62- 8.63
8.80
8.51- 8.52
8.67
.
—
8.78
8.53- 8.82
8.63- 8.82
8.02
—
8-81
—
Range..
8.75 n
8.46a.
8.61a
Range—
8.36- 8.62
8.46- 8.72
8.38- 8.54
8.44- 8.68
8.43- 8.73
8.54- 8.73
Closing.
8.43
8.70- 8.71
8.41
8.56
8.51
8.73
8.56a
8.77a
Range..
8.29- 8.30
8.58- 8.63
8.32- 8.42
8.53- 8.53
Closing
8.36
8.63
8.33n
8.49a
.
—
8.46- 8.53
8.44a
8.60a
8.25a
8.39a
8.30a
8.60a
8.29- 8.55
8.18- 8.36
8.19- 8.42
8.20- 8.47
8.32-8.58
8.52
8.18
8.30
8.29- 8.30
8.55a
—
—
2,857
3,471
1
400
38,426
161
1,015
163,953
21,500
238,952
34,160
"649
10
260
955
55
31,488
9,799
56,789
73,077
157,722
49,920
51,201
286
1.048
*606
441
106
180
46,651
"143
34,401
127,030
39,076
113,073
544
10
40,197
172
137
135,848
762
48,611
13,443
1,497
2,447
300
41
40,733
"170,
13,693
33,414
320
31,711
118,904
124,503
11,900
28,222
3.049
84,991
132,747
33,700
27,661
32,712
2,589
600
749
24
16,867
38
63
556
76,650
844
86,132
134,764
2,458
81
28,144
94
2,896
40,433
35,738
71,534
36,133
15,954
18,319
44,103
2,931
466
200,428
816
14,559
13,849
245
32,923
7,887
119
"959
""13
29,087
343
27
5,498
1,832
7,258
27,670
48,119
"55
Mo., St. Louis
86
183
14,570
32,011
353,428
4,790
8,741
5,007
6,477
45,515
175,840
55
1,314
176
5,787
112
1,720
333,405
116,817
8",648
88
459
15 towns *.
Range..
8.15a
8.46a
8.11a
8.23a
8.23a
8.48 a
S. C., Gr'ville
Range..
8.00- 8.18
8.10- 8.40
8.02- 8.25
8.07- 8.26
8.05- 8.33
8.20- 8.43
Texas, Abilene
Closing.
8.09a
8.40
8.05a
8.16
8.17
8.42
Closing.
'
May—
3,462
2,660
41,428
181,091
69,521
624,246
9,593
1,452
1,178
174
338,958
92,390
2,864
264,050
1,614
62,133
643,836
12,527
4,683
2,849
1,857
30,136 3325,710
26,950
7,422
3
15,724
201
52,094
132
76,208
6,518
""13
4,141
11
37,110
5
56,049
Tenn., Mem's
Austin
Brenham
Nominal.
DallasParis-—
Range for future prices at New York for the week ended
May 17,1940, and since trading began
on
Robstown—
San Marcos
each option:
Texarkana.
Waco
Range for Week
Option for—
716
1940—
*
old—.
1
1
7.63 Sept.
7.90 Sept.
8.84 May 18
9.47
9.08 May 18
9.60 May 24
1 1939 10.60 Jan.
1 1939 10.82 Jan.
8.08 Aug. 31 1939
9.54 Dec.
8.43 May
New.....
8.82 May 23
8.25 Nov.
May 24
August
September
18
710
2
34
1,168
22,720
12,833
129
14
""25
45,843
216
5
63,238
35
6,479
13,306
28,330
55,078
15
680
41
2,209
35,973
21,852
572
491
26,799
141
33,254
23,226
3
112
40,035
42,254
264
51,288 6336,621
335
34,447 4575,337
84,272 2288,087
58,928 2667,674
15 towns in Oklahoma.
Includes the combined totals of
3 1940
1 1939 10.29
Apr.
7 1939
17 1940
November..
show
totals
above
The
3 1940
.
October
134
120
973
1,452
17,609 1951,851
14
21,996
21
15,490
5
14,774
1
New
July old
5
Range Since Beginning of Option
Total,50 towns
June
26
1,025
Oklahoma—
April— r
n
429
32
7
N.C., Gr'boro
8.10- 8.30
8.22
.
May
131,791
38,998
60,275
38,930
19,324
104,723
""54
Yazoo City.
Range..
Closing
2,954
11,440
368
Vlcksburg.
Afar.—
138
45
""26
38,355
104,654
118,682
29,500
29,429
36,876
57,589
42,840
33,170
57,837
Natchez
8.57n
228
16,701
108,304
Jackson
8.29 n
684
1,089
33
136
570
11
:■
Greenwood...
Range..
1,272
1,450
234
Columbus..
Feb.—
Closing.
Stocks
Week
71,439
14,331
86,185
44,835
34,481
369
581
64
Rome
La., Shrevep't
Miss., Clarksd
Jan. (1941)
170
290
586
Macon..
—
2,625
280
17,538
7,978
74,806
52,712
129,713
36,256
36,598
32,909
25,593
124,273
24,327
70,355
14,946
500
Columbus-
Dec.—
720
40,018
152,391
154,586
15,200
3,436
1,083
Augusta..
8.47n
—
Season
3
Athens
Atlanta—i
Closing.
Ship¬
ments
Week
22
Ga., Albany.
Nov.—
50,830
16,400
65,956
29,074
170,712
32,280
69,167
41,100
9,281
112,084
38,659
139,098
62,718
225
Ala., Birm'am
Range..
July
24
Receipts
9.81a
(old)
July
Season
Week
—
May
Week
Receipts
Towns
Stocks
ments
9.17a
9.41»
9.06a
Closing.
that
the
interior
stocks
have
decreased
during the week 32,984 bales and are tonight
379,587 bales less than at the same period last year.
The
receipts of all the towns have been 16,841 bales more than
in the
week last year.
same
8.35 May 18
8.73
May 23
8.35 May 18 1940 10.18
Apr.
17 1940
January
February.
8.29 May 18
8.63 May 20
8.29 May 18 1940 10.14
Apr.
17 1940
March
8.10 May
18
8.58 May 24
8.10 May 18 1940 10.08
Apr.
17 1940
for the week and since Aug.
8.00 May 18
8.43 May 24
8.00 May
8.02 May
17 1940
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
December.
.
1941—
Overland Movement for the Week and Since Aug. 1—
We
April
May
181940
give below
a
statement showing the overland movement
1,
as
made
up
from telegraphic
'
Volume of Sales for Future Delivery—The
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
1938-39
1939-40-
V;,:
May 24—
Since
':/>vr
1
•
Since
Week
New York
May 17 May 18 May 20 May 21 May 22 May 23
Contracts
May 23
4,300
3,500
800
50,400
54 100
4L300
—
37,600
79,700
New.
52,400
2,200
37"600
13J00
.l
38,600
28,000
1,100
28,300
55 200
97
97
39~6(k)
20",000 20",660
1,500
366,000
Via Mounds,
7,574
December—Old
inn
32,200
oaj.
2,000
5,000
37,000
1,600
38,000
......
March
May
5,900
1,500
15,200
2,400
900
100
14,500
6,800
13,600
7,800
13~§66
10,800
10,500
131,300
22,500
9,408
414,850
13,614
700,378
Deduct Shipments—
Overland to N. Y., Boston, &c—
Between interior towns
;v
406
176
Inland, &c„ from South
—
Leaving total net overland *
*
200
•
210,300 191,500 127,900 156,400
97,700 101,900 1,090,200
94
185
3,436
182
9.038
-1938-39
1939-40—
Since
Aug. 1
6,891,777
1,153,097
6,042,000
Sight and Spinners'
Takings
Week
Receipts at ports to May 24
42,308
Net overland to May 24
16,968
South'n consumption to May 24--135.000
Total
Excess
August, 1940
6,498
2,150
Including movement by rail to Canada.
marketed
Interior stocks in
Inactive months—
Total all futures
349,673
3,600
10,134
Virginia points
Via other routes, &c
In
263,300
1941—
January
8,156
16,968 1,1.53,097
1,153,097
Via
onn
......
New
23,932
8,813
382,105
&c
Via Rock Island
Via Louisville
October—Old
inn
188
8,741
2,300
200
149
Total to be deducted
50,600
1,115,228
20,926
8,355
320,392
Via St. Louis
1940—
July—Old...
23,022
Week
May—Old
New
10,659
Aug. 1
176.173
169,971
3,304
8,478
161,092
596,210
1,502,770
Open
Aug. 1
350,756
245,400
11,911
8,644
163,078
722,981
Shipped—
over
of
194,276
*32,984
excess
Southern
14^086,874
*127,921
Since
Week
Aug. 1
3,304,054
700,378
5,143,000
16,953
13,614
110,000
140,567
*24,481
9,147,432
714,781
mill
takings
consumption to May 1
98,952
620,488
Came into sight during week..— .161,292
Total in sight May 24
116,086
9,961,165
14,579,441
Open
New Orleans
May 15 May 16 May 17 May 18 May 20 May 21
Contracts
North, spinn's'takings to May 24-
1,464,797
14,618
24,402
1,214,699
May 21
*
Decrease.
1940
May—Old
2,600
2,950
24~350
17,650
New
July—Old
Movement into sight in previous years:
550
800
NT AW
11*700
10,200
6~550
1,600
7",650
500
52",850
3,800
October—Old
New
December
31*156
25,250
20L550
19"200
11,550
6,750
7,600
5,900
100
300
4,450
3,400
750
700
450
1,450
1,150
4,300
39,250
42,650
169,850
87,336
.108,946
132,829
le'eoo 26~,306
3,400
6,850
57",800
26,950
Bales
Since Aug. 1
Bale
1938—May 26
1937—May 28
1936—May 29
22,600
150
Week—
1937
—
1936
.
1935
...
—
.....
14,381,245
13,786,088
12,855,708
Quotations for Middling Cotton at Other Markets
1941—
800
January
March
3,050
200
May......
.
Total all futures....
73,700
5,250
1,000
59,650
40,700
39,450
1,550
Closing Quotations for Middling Cotton on—
Week Ended
1940
291,000
1939
345,000
1938
401,000
Middling upland, Liverpool
Egypt, good Giza, Liverpool....Liverpool
Broach, fine, Liverpool
Cotton
Peruvian Tanguis, g'd fair, L'pool Market
C. P. Oomra No. 1 staple, super- closed
fine, Liverpool-.
5.48d.
4.46d.
Tuesday
Wednesday
Thursday
Friday
%
1937
185,000
7.36d.
~3.76d~.
5.28d.
5.46d.
8.91d.
4.33d.
3.91d.
6.05d.
~6.15d~.
%
15-16
%
15-16
K
15-16
%
15-16
%
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
9.62
9.42
9.62
9.70
9.90
Galveston..
New Orleans
9.01
9.21
9.36
9.56
9.17
9.37
9.42
9.52
9.72
9.86 10.06
9.67
9.87
9.80 10.00
9.80 10.00 10.10 10.30
Mobile
8.81
8.91
9.16
9.26
8.92
9.02
9.21
9.31
9.22
9.32
Savannah
9.36
9.51
9.71
9.86
9.47
9.62
9.62
9.77
9.82
9.97 10.10 10.25
Norfolk
9.50
9.65
9.85 10.00
9.60
9.75
9.75
9.90
9.75
9.90
9.95 10.10
8.90
9.00
9.25
9.35
9.10
9.20
9.40
9.50
9.55
9.65
9.85
Montgomery
Augusta
4".24d".
15-16
In.
Supply of Cotton—Due to war conditions
we are obliged to omit our usual table of the visible
supply
of cotton and can give only the stock at Alexandria.
May 24—
Monday
May 24
The Visible
Stock in Alexandria, Egypt
Saturday
9.50
9.60
9.95
10.01 10.10 10.36 10.51 10.12 10.27 10.27 10.42 10.27 10.42 10.65 10.70
Memphis
.
9.20
9.40
9.55
9.75 10.05 10.25 10.05 10.25 10.05 10.25 10.05 10.25
9.42
9.62
9.37
9.57
9.37
9.57
9.65
9.85
Little Rook.
8.90
9.10
9.25
9.45
9.00
9.20
9.15
3.35
9.40
9.60
9.70
9.90
Dallas.
8.67
8.87
9.02
9.22
8.80
9.001
9.03
9.23
9.03
9.23
9.31
9.51
Houston
....
9.07
9.27
./
9.22
9.42
Volume
Commercial & Financial
Chronicle
The
ISO
New Orleans Contract Market—The
for
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday
Monday
Tuesday
May 18
May 20
May 21
May 22
New
9.00- 9.05
..
9.59- 9.60
9.16- 9.17 9.306-9.3 la 9.306-9.32a
9.36
9.556
9.346
9.486
9.486
9.776
8.54- 8.55
8.83- 8.84
8.55- 8.56
8.71- 8.72
8.63- 8.66
8.85- 8.86
8.47
8.74
8.45n
8.60/1
9.19fr-9.21a
...
October
..
December.
8.576-8.59a 8.766-8.77a
1941—
January
March
._
...
May
8.686
8.496
8.526
8.356-8.36a 8.326-8.33a 8.576-8.58a
8.23n
8.106-8.13a 8.406-8.42a 8.106-8.12a 8.226-8.24a 8.196-8.21a 8.446-8.46a
8.396
8.686
8.22
8.51
8.366
Dull
Spot
Old futures Barely st'y
Steady
Steady
Steady-
Quiet.
Steady
Steady
Steady
Very
Steady
Barely st'y
Barely st'y
Steady.
New fut'es Barely st'y
Steady.
Very
New
Member
of
New
York
Cotton
Quiet.
stdy.
stdy.
Exchange—The
Managers of the New York Cotton Exchange
on
May 21 elected E. Harold Saer of New Orleans, La.,
member of the
and General
who
is also
Manager of Volkart Bros., Inc., New Orleans,
engaged
are
in
the
cotton
business,
merchandising
member of the New Orleans Cotton Exchange.
a
Cotton Ginned from the
the Census will
Crop of 1939—The Bureau of
shortly issue the annual bulletin
Production in the United States from the crop
statistics
from
a
Mr. Saer, who is Vice-President
Exchange.
were
Joseph R.
Eugene R. Burnett, James B. Irwin, and James C. Royce
have been nominated for Inspectors of Election. The annual
election of the Exchange is to be held on June 3, and the new
officers will
assume
office
on
June 5.
■■
Tone—
Board of
Board of
members
Hobbs, Stanley H. Lowton, Robert J. Murray, Max W. Stoehr,
Walker, Philip B. Weld and Arthur O. Wellman.
May 24
1940—
July old
Clayton B. Jones. The only new member for the
Governors is William J. Jung.
Fourteen present
of the Board have been renominated. These are:
Ames Stevens, Frank J. Knell, Bernard J. Conlin, Kenneth W. Marriner,
E. Malcolm Deacon, Marshall Geer Jr., Lawrence P. Hills, Marland C.
Friday
Thursday
May 23
Wednesday
3387
Cotton
on
of 1939.
The
compiled from the individual returns collected
11,885 active ginneries located in 898 counties in 18
Activity in the Cotton Spinning Industry for April,
on
May 20 that,
according to preliminary figures, 24,921,986 cotton spinning
spindles were in place in the United States on April 30, 1940
of which 22,301,218 were operated at some time during the
month, compared with 22,555,036 for March, 22,803,796
for February, 22,872,414 for January, 22,777,936 for Decem¬
ber, 22,774,170 for November, and 22,122,902 for April,
1939. The aggregate number of active spindle hours reported
for the month was 8,011,952,643.
Based on an activity of
80 hours per week, the cotton spindles in the United States
were operated
during April, 1940 at 92.1% capacity. This
percentage compares, on the same basis, with 94.4 for
March, 99.6 for February, 102.6 for January, 100.7 for
December, 101.3 for November, and 84.7 for April, 1939.
The average number of active spindle hours per spindle in
place for the month was 321. The total number of cotton
spinning spindles in place, the number active, the number of
active spindle hours, and the average hours per spnidle in
place by States, are shown in the following statement:
1940—The Bureau of the Census announced
States.
The final figures of cotton ginned are 11,481,300
running bales, counting round as half bales, equivalent to
11,815,759- bales of 500 pounds each.
The total is 4,167
running bales in excess of the preliminary figure issued on
March 20..
ginnings by States and by coun¬
It will also show the
ginnings to specified dates throughout the season, by States
.and by counties, for the crop of 1939.
These detailed figures
are of local
interest, and permit of a closer analysis of the
the crops of 1936
to 1939.
statistics.
In Place
Active Dur¬
April 30
ing April
Total
Average per
Spindle in Place
United States
24,921,986
22,301,218
8,011,952.643
321
Cotton growing States
18,212,748
5,957,778
6,384,190,335
1,450,801,691
351
New England States.
17,016,604'
4,685,278
599,336
following tabular statement presents the final figures
<of cotton ginned by States for the last three crops.
The
quantities are given in both running bales, counting round
as half bales, and in
equivalent 500-pound bales.
GINNED
FROM
THE
(Linters
CROPS OF
are not
1939,
included)
1938 AND
v
1937
••
:'y:'r-'r
235
1,727,044
693,572,458
330
524,852
460,354
3,224,350
684,572
123,338,186
1,091,467.369
339
3,333,428
2,914,838
592,676
2,486,022
150,704
143,608
368,630
330,616
248,602
263,464
North Carolina......
5,850,794
Rhode Island.......
947,784
5,442,814
816,984
5,294,810
552,584
220,840
Alabama....
751,460
1,800,532
.......
Connecticut.
Maine
...
Massachusetts..
Mississippi..
New Hampshire
New York
South Carolina
Tennessee
5,567,158
554,860
236,002
639,706
........—
Texas
Running Bales
ICounting Round
as
Equivalent 500-Pound Bales
(Gross Weight)
Half Bales
244
176,960,617
All other States
Georgia
The
OTTON
Spindle Hours
for April
'
The bulletin will show the
ties for
Active
Spinning Spindles
State
Virginia....
....
567,288
569,290
707,998
AU other States
235
216,646,513
739,306,357
47,388,842
95,006,767
78,505,723
1,951,700,890
261,315,876
2,177,623,569
213,136,654
80,775,998
188,360,406
153,809,035
316
222
314
258
237
334
276
391
384
342
294
217
State
1939
1938
Alabama
769,696
1,064,422
Arizona
199,830
191,888
L359.884
435,085
9,671
1,301,275
415,466
21,950
908,990
850,691
4,130
2,332
11,604
651,537
1,655,956
329,401
92,275
398,467
545,196
641,679
473,761
Arkansas
-California
Florida
•Georgia
Illinois
New Mexico..
13,037
717,921
1,536.263
427,824
93,831
North Carolina
461,715
Kentucky
Louisiana
Mississippi
Missouri
__
-Oklahoma
South
Carolina
Tennessee
Texas
Virginia
511,850
852,081
432,383
2,736,764
10,345
2,964,238
11,083
1937
1,566,602
310,199
1,808,840
723,035
35,363
1,473,984
3,089
15,409
1939
781,602
202,502
1,421,694
442,327
9,026
919,349
4,360
12,632
744,898
1,585,149
431,774
95,320
1,050,629
2,561,778
390,219
153,812
780,594
756,419
996,175
633,335
4,952,378
517,373
873,288
445,489
2,858,525
40,215
10,285
460,166
1938
1,081,936
196,164
1,358,182
424,532
20,867
855,721
2,360
1937
1,636,363
312,908
1,915,206
738,700
34,605
1,505,946
3,272
10,906
15,471
673,520
1,103,622
2,692,427
397,226
1,706,906
331,434
93,502
156,409
390,416
556,545
649,132
487,494
781,483
763,403
3,093,911
10,812
1,023,319
660,394
5,163,895
40,379
United States 11,481,300 11,623,221 18,252,075 11,815,759 11,944,340 18,945,028
Liverpool Cotton Market Closed Indefinitely—DiiecLiverpool Cotton Association closed tue market
on May 20 for toree days in an effort toward stabilization
tors of the
prices aad then on May 22 the member^ of the Association
the Directors full powers to use tUeir discretion when
to reopen the market.
This later action indicates the Liver¬
pool market will remain closed indefinitely. A London dis¬
patch to the "Wall Street Journal" of May 23 reported the
following:
^
oi
gave
Directors have decided that the next settlement day will be May 24.
Striking prices for such settlement shall be the closing values of the respec¬
May 16.
Settlement statements will be
exchanged May 23. Settlement applies only to contracts made up to the
close of business on May 16.
•
During the time the market remains closed, members and firms will be
permitted either to sell actual cotton at a fixed price or to fix existing
sales at a price which has been mutually agreed upon.
"On call" contracts
also may be made. In fact, any transaction for actual cotton can be entered
into provided no Liverpool futures contracts are passed.
tive future delivery contracts on
.
,
Loss of Scandinavian Markets Affects British Cotton
Textile
Industry—Recent developments in Scandinavia
proved a severe blow to Britain's cotton manufacturing
industry, centered in Lancashire, accordingvto > report t§
the U. S. Department of Commerce
Kfrofflj the American
Consul in Manchester, George Tait.
Denmark, says the
Consul's advices from Manchester, "has been for years the
foremost European outlet for this area's cotton textile ex¬
ports and for the duration of the war, at least, this market is
inevitably lost.
The bulk of the trade with Norway also
must be considered gone, while the existing situation renders
trade with Sweden extremely uncertain."
Consul Rait,
according to the Department, adds:
have
by Telegraph—Telegraphic advices to us this
denote that cotton stands are mostly fair and
Returns
evening
chopping is progressing in Texas.
Planting is nearing com¬
pletion except in the northwest, although delayed awaiting
rain in
some
dry areas.
Bain
Days
———-
92
89
-
3
2.01
89
60
75
3
2
2
2
3.95
0.95
0.34
2.98
88
85
89
92
52
51
57
48
70
68
73
70
3
1
3
1.04
0.86
3.14
88
100
84
48
56
68
78
69
4
5
3
2.53
2.43
1.06
84
86
92
54
56
50
56
4
5.20
94
52
3
3
4
4
1
1.66
1.14
1.81
1.53
0.01
86
85
85
88
88
52
54
52
49
68
1
1
2
0.13
0.78
91
92
88
54
52
58
73
72
88
92
65
78
72
93
51
59
58
92
66
90
65
-
Dallas—
—
El Paso
-
Lampasas.
Luling
Nacogdoches
-
Kerrville.
—
-
Palestine
Paris
San Antonio
Taylor.
Weatherford
Oklahoma—Oklahoma City—
Arkansas—Fort Smith
Little Rock.—.
Louisiana—New Orleans
..
.
Shreveport
for
Officers
and
Governors
of New
Top Exchange—Frank J. Knell, who is now a
member of the Board of Governors, has been nominated for
President of the New York Wool Top Exchange, to succeed
Robert J. Murray. Bernard J. Conlin, who is also at present
a member of the Board of Governors, has been nominated as
First Vice-President to succeed Philip B. Weld. Kenneth W.
Marriner has been renominated for Second Vice-President.
William J. Jung has been nominated
for Treasurer to succeed
73
69
72
Mean
Christi
Corpus
-
of pre-war
Nominations
Low
84
89
Brenham
Brownsville..-
Abilene.
Houston
York Wool
-Thermometer
High
0.65
1.01
0.70
1.95
0.01
62
48
48
56
63
—
Amarillo
The extent to which Lancashire cotton textile exporters have suffered as a
result of German activities in Scandinavia is revealed by an examination
export statistics.
The latest available figures covering last
August 8how that in that month Lancashire exported cotton piece-goods to
Denmark totaling 5,124,000 square yards, valued at £122,251 ($562,400).
During the same period Sweden purchased 2,251,000 square yards, valued
at £75,454 ($347,000), while shipments to Norway amounted to 966,000
square yards valued at £28,533 C$129,250).
For the entire year 1938 ex¬
ports of cotton piece-goods from Lancashire to Scandinavia amounted to
88,661,000 square yards valued at £2,480,465 ($12,150,000), and in addi¬
tion approximately £1,000,000 ($4,900,000) worth of cotton yarn was
exported to the three Scandinavian countries.
In 1938 Scandinavia ac¬
counted for more than 6% of the aggregate volume of cotton textiles ex¬
ported from Lancashire and about 8% of the value.
Rainfall
Inches
1
3
4
1
Texas—Galveston
Mississippi—Meridian
Vicksburg
Alabama—Mobile
Birmingham
Montgomery—
Florida—Jacksonville
3
dry
73
69
70
69
69
78
73
76
0.13
94
58
55
1
0.08
94
56
75
1
0.01
93
54
74
0.01
dry
0.38
dry
Tampa
Macon
69
68
74
0.12
2
...
Atlanta..
93
76
76
79
78
78
76
74
^
2
Georgia—Savannah .
Augusta
0.42
0.35
3
1
1
74
1
—
Miami
Pensacola..
0.59
96
;
-
-
87
93
68
Rain
Charlotte.—
Inches
-
Low
82
60
84
:•
:
2
1.49
Chattanooga
2
Nashville..—.......—
2
53
65
52
70
.:v
88
59
88
'
■'
52
71
74
50
v
Foreign Cotton
69
V
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
May 25, 1940
May 26, 1939
Feet
Feet
Nashville
Shreveport..
Vicksburg
8.4
V>.■
Above zero of gauge.
.Above zero of gauge.
...Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Orleans
Memphis
9.8
11.8
12.3
9.4
v
'
Liverpool Imports, Stocks, &c.
Liverpool—The Liverpool Cotton Exchange will remain
the directors of
the exchange and we are therefore obliged to omit our usual
closed until a further notice is issued by
10.4
8.2
,
consumption; they
12.8
simply
are
a
18.0
BREADSTUFFS
which finally reaches the market through the outports:
Stocks at Interior Towns
Receipts at Ports
Week
Friday Night, May 24, 1940
Flour—During most of the week heavy flour contracting
statement of the
weekly movement from the plantations of that part of the
crop
was
the
Receipts from Plantations
reported, but it now seems to have run its course, for
being at least.
As a result of the recent heavy
time
bookings
1938
1939
1940
1938
1939
1940
1939
Feb.
21,337
86,337 2845,482 3138,203 2543,310
70,930
Nil
69,413
82,658
92,663
57,994
47,032
44,595
2500,609
88,704
49,956
82,552
Nil
Mar.
21.
74,870
25,736
27,264
32,436
21,973
29.
87.760
19,979
5.
72,250
12.
54,785
46,094
50,671
11,788
21,385
1. 138.982
8. 107,381
15. 115,052
3096,651
3051,323
3012,260
2986,670
2951.233
2479,799
2460,874
2431.771
36,348
2397,991
38,925
51,480 2570,714 2907,928
26,976 2527,094 2870,759
30,687 2480,117 2831,695
45,944 2454,769 2795.440
2362,621
2338,818
2322,171
2289,937
2795,204
2737,778
2705,278
2666,756
2617,890
Nil
39,967
71,853
49,069
17,929
Nil
10,815
25,074
Nil
16,110
11,165
13,145
25,323
Nil
3,173
14,040
13,710
Nil
Nil
,V
/
Apr.
19.
26.
13,296
12,397
Nil
Nil
May
35,572
41,104
39,262
42,308
3.
10.
17.
24.
16,498
10,724
15,932
16,953
24,610 2411,420
16,918 2360,407
17,042 2321,071
14,112 2288,087
2757,237 2263,791
2725,840 2237,238
Nil
Nil
Nil
Nil
Nil
Nil
2692,155 2216,336
2667,674 2194,843
Nil
Nil
Nil
9,324
Nil
Nil
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1939, are 6,844,007 bales;
in 1938-39 they were 4,392,943 bales, and in 1937-38 were
8,410,924 bales.
(2) That, although the receipts at the
outports the past week were 42,308 bales, the actual move¬
ment from plantations was 9,324 bales, stock at interior towns
having decreased 32,984 bales during the week.
from the
Receipts and Shipments—The following
receipts and shipments for the past week and for the
corresponding week of the previous two years, as received
by cable:
Alexandria
the
are
1939-40
1938-39
1937-38
49,000
8,369.935
Alexandria, Egypt,
May 22
125,000
7.705,635
210,000
9,905,101
(Receipts Cantors)—
This week
Since Aug. l._
This
Exports (bales)—
To Liverpool-
This
Since
This
Aug. 1
Week
Aug. 1
Week
r
Manchester,
&c
To Continent & India.
To
Since
Week
12",666
7,000
To America....
19,000
Total exports
Note—A cantar is 99 lbs.
Since
Aug. 1
166.523
159.524
648,785
25,223
201,257
160,134 5,400
558,689 19,150
850
43.463
155,918
166,184 6". 500
602,343 16,650
963,543 25,400
950,229 23,350 1000,055
200
25,784
Egyptian bales weigh about 760 lbs.
This statement shows that the receipts for the week ended May
22 were
49.000 cantars and the foreign shipments 19,000 bales.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is nominal.
We give prices today below and
leave
those for previous weeks of this and last year
for
comparison:
1939
1940
8K Lbs. Shirt¬
32s Cop
Twist
d.
Cotton
ings, Common
Middi'g
to Finest
Upl'ds
8.
d.
s.
d.
Cotton
32s Cop
8H Lbs. Shirt¬
ings, Common
Middi'g
Twist
to Finest
Upl'ds
d.
d.
8.
d.
8.
d.
d.
Feb.
8.04
8K@ 9H
8
9®
6.15
9
Unquoted
12
i—
14.54
12
1K@12
4K
7.99
9
@
9
14.54
12
4K
8.03
8
9
@
9
14.18
12
1)4 @12
@12
8H@ 9H
8K @ 9H
8
8__
16-
3
7.68
9
9
@
9
3
8H
8X
8 10H@
9
IK
8
23..
1K@12
4K
Mai*
iviar
i
21..
14,20
12
@12
3
7.55
29—
14.31
12
@12
3
7.70
@10
@
@
9H
9H
5.29
5.40
5.27
5.16
9
@
9
4.95
@
9
4.92
Apr.
8H@ 9M
8K@ 9K
8K@.9K
8K@ 9K
8
9
8
7K@ 8 10K
8
9
8
7K@
8.14
8H@ 9H
8H@ 9%
7.42
9
5-
14.40
12
3
@12
6
7.84
12-
14.55
12
3
@12
6
8.12
19—
14.75
12
14.78
12
7K
7K
8.09
26-
4^ @12
4K@12
3—
14.85
12
4 J4@12
7K
8.18
10-
14.74
12
4K@12
7K
17..
14.08
24—
Nominal
11 10K©12
IK
Nominal
8.07
@
4.93
4.99
9
9 10K
5.00
8 10K@
9
5.28
8 10K@
9
IK
9
@
9
3
5.54
9
@
9
3
5.48
M Qtf
ivj.it y
Shipping
News—As
Closed
shown
@10
8»@ 9H
on
a
previous
IK
5.33
page,
the
exports of cotton from the United States the past week
have reached 32,372 bales.
The shipments in detail, as
made up
from mail and telegraphic reports,
are as
To France
.
HOUSTON—
76
753
_
To Italy..
To Spain.
628
To Italy
To Spain
...
To Italy
To South America
7,818
7,034
2,531
271
4,105
3,268
LOS ANGELES—
To Great Britain
NEW ORLEANS—
To Great Britain
To France
follows:
Bales
Bales
GALVESTON-
To Japan
To China
To Manila
Total
...
some
in
time
general would appear to be well
to
Although
come.
the bookings
1938
were
23. 122.734
consumers
for
covered
End.
1940
Liverpool prices.
tables of
11.4
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern
war
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
statement has also been received by tele¬
The following
Statistics—Regulations due to the
in Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
74
52
89
95
are no
65
•
0.52
0.93
Tennessee—Memphis
45
87
dry
r
*
York
71
May 25, 1940
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
Cotton
Mean
88
0.31
0.18
1.28
1
3
2
—
Wilmington
High
dry
—
Raleigh.
-Thermometer
Rainfall
Days
Carolina—Charleston..
North Carolina—Ashevllle
South
New
Chronicle
The Commercial & Financial
3388
131
3,799
1,889
69
32.372
on
large scale, no estimates on the volume of
very
a
closed
contracts
were
Large
reported.
mills
made
no
changes in the price schedule recently.
Wheat—On the 18th inst. prices closed
market
of
to 7%c. net
collapsed again today in a hectic
frightened by the world-wide economic implications
The price of wheat
lower.
the
toppled
German thrust through
as
much
as
10c.
decline to around 34c.,
in modern grain
a
western Europe.
Values
bushel, extending the Week's
the sharpest and swiftest price break
market history.
Board of Trade rules
prohibit price fluctuations greater than this in any single
session.
It
was
the third time this week that the market had
dropped the limit. At Winnipeg, Minneapolis and Kansas
City wheat prices crashed to the 10c. limit. So drastic was
the break that the Canadian Government requested the
Winnipeg Exchange to peg prices at yesterday's closing level
and after the end of trading. Henry A. Wallace, Secretary
of
Agriculture,
asked
American
exchanges
to
prohibit
temporarily trading below final figures today. Announce¬
ment of the Canadian action helped to bolster the Chicago
market, which already had started to rally, but when the
final bell was rung blackboards at Chicago were 5% to 7%
points off. On the 20th inst. prices closed 4%c. to 6^c. net
higher. With the collapse of grain prices ended by a special
exchange order forbidding trades at lower than Saturday's
close, the wheat market today staged a strong comeback as
gains ranged up to almost 8c. Other cereals also were higher.
Greater expanded flour business, encouraged by the fixing
of minimum prices for wheat, brought large milling orders
into the pit.
Another move to bolster prices was the an¬
nouncement of the new government wheat loan rate, but
some traders said the loan price averaging around 64c., or
about a cent higher than a year ago, was lower than had been
expected. Wheat's higher trend, which was the only direc¬
tion it could go, began at the opening bell.
Quotations were
3 to 6c. net higher in first trades and at no time during the
session did the market get nearer than 3c. to the minimums.
At best levels during the final hour prices were 7^c. to 7%c.
higher.
On the 21st inst. prices closed l^c. to 23^c. net
lower.
Wheat futures tumbled as much as 43^c. a bushel
today, but the downturn encouraged enough buying support
to wipe out more than half of the losses.
Reports of con¬
tinued German successes against the Allies, a sharp fall in
securities and moderate to fair moisture in the domestic
southwest, depressed trade from the start, but pressure was
rather light.
The market was sensitive to small buying or
selling orders and prices fluctuated rapidly and at times
nervously within a range of about 3c. At their lows, with
May 81c. and July 80, wheat futures were 2 and 13^c.,
respectively, within minimum price pegs established Sunday.
Support from mills was lighter than recently, but helped
lift prices as much as 3Mc. from the day's lows.
The May
delivery, on which trading will end tomorrow, lagged some¬
what in rallying periods.
Winnipeg wheat prices fall more
than 2c. to or within small fractions of pegged levels.
On
the 22d inst. prices closed Kc. to 2%g. net higher.
Wheat
prices scored net gains amounting to more than 2c. a bushel
at one stage today, but lost about half of this advance before
the close.
The better tone of securities and reports of some
success in Allied counter attacks, imparted strength to the
grain market.
Mav wheat ran up as much as 2%c. just
before the close to 85 V2 as previous ''short" sellers evened up
accounts.
This was the last session in which trading in these
contracts could be done.
With trade showing unusual
composure considering the erratic market action of the past
12 days, quiet buying gave the market frequent support to
keep prices on the upgrade, although there were fractional
setbacks from the early highs.
The stronger securities
market and more reassuring news from Europe were factors
bolstering wheat. Furthermore, various measures to check
distress selling and to strengthen trading accounts imparted
some
confidence.
Volume
The Commercial & Financial Chronicle
ISO
On the 23d inst prices closed
wheat
traders
remained
% to l%c. net lower. Most
sidelines today, with all
the
on
as prices
paralleled the
trend of securities values much of the day, and domestic
trade factors were virtually ignored.
Wheat prices are
only slightly above a year ago levels, despite the fact that
the prospective United States crop is expected to be ma¬
eyes
confused
the
on
situation
war
lc. and then tumbled 2c.
rose
terially smaller than last
considered
unable
to
war
determine
the
Europe,
of
course
Most
harvest.
first
of
events
dealers
but were
importance,
because
of
the
complex battle situation, and were inclined to await devel¬
opments.
Strength in securities was taken as a cue by
wheat
buyers, while attention also was given to reports of
spreading black rust in the domestic Southwest. * The prob¬
lem of feeding refugees in France and England and the
methods to be used caused much uncertainty in the trade
here.
<
.
Today prices closed 1 to l^c. net higher.
who sold
the
or
Grain traders
otherwise eliminated their market positions in
drastic liquidation since the start of Germany's west¬
drive in Europe showed little inclination to reenter the
market in todays sluggish session.
The result was an un¬
ern
usually quiet trade characterized by nervous and narrow
price fluctuations, although wheat closed with net gains of
more than lc.
A rally in stocks and reports that stem rust
has spread northward caused some late
buying.
In view
of the confused war situation and stagnant
export market,
crop developments attracted more attention, particularly
in as much as the harvest
period is
recently has been favorable for wheat progress, and
with plants already ripening in the far
Southwest, many
traders confidently expect yields to be at least
up to recent
expectations.
Widespread extension of rust infection and
unusually high temperatures remain
to
the
crop,
as the only possible
Open interest tonight,
experts said.
78,852,000 bushels.
DAILY CLOSING PRICES
No. 2 red
DAILY
CLOSING
PRICES
OF
WHEAT IN NEW YORK
Mon. Tues.
Wed. Thurs. Fri.
FUTURES
Sat.
Man. Tues.
85#
82#
-85#
82
78#
84
82#
,
May
July--.-.—
—
IN
CHICAGO
Wed.
Thurs.
85
82 #
83#
82#
83#
83#
79
79
September
December.
....
Fri.
.
83#
84#
84#
Season's High and When Made
I
Season's Low and When Made
May
—113
Apr. 22, 1940 May
63#
July 24,1939
July—
Ill#
Apr. 22, 1940 July..
74#
May 18, 1940
September —111#
Apr. 18, 1940 September
74#
May 18,1940
December
85#
May 23, 1940 December
82#
May 23, 1940
.
...
DAILY
CLOSING PRICES
OF
WHEAT
FUTURES IN WINNIPEG
Sat. Mon. Tues.
69#
72#
70#
__
May.......
July......
:■
October
72#
-
75#
Wed.
Thurs,
71
72
74#
74#
71#
72#
71H
74#
Fri.
H,j|
O
L
1
Corn—On the
18th inst. prices closed 1H to
2%c. net
Corn tumbled as much as 8c., the limit for
lower.
any one
day's decline.
There
substantial
were
rallies
from
these
levels in the later session
largely as a result of short covering.
oversold and responded quickly to
the buying.
There were substantial declines registered
at the close, however.
On the 20th inst. prices closed 3%
to 4c. net higher.
Corn closed near the day's best level and
at no time were prices near the minimums.
Although No.
The
1
market appeared
yellow
quoted
high as 68H<# here, about lie.
over the farm loan rate, last week's
price slash has curtailed
country marketings.
Bookings to arrive were only 60,000
bushels.
On the 21st inst. prices closed H to lc. net lower.
Corn futures were dominated by the action of
wheat, but
trade was very light.
Some buying was attributed to cash
interests.
The cash market was steady with the basis
1 to 2c. higher.
Receipts totaled only 23 cars, and were
applied mostly on previous business.
The Commodity
Credit Corp. announced that producers
may deliver corn
was
as
from the 1937 crop in payment of their loans.
About 15,000,000 bushels of this corn remains under seal on farms,
and it
said
was
that
abroad under the
a
new
substantial part would be
shipped
export program.
On the 22d inst.
prices closed % to lc. net higher.
Late buying
who did not wish to deliver corn, strengthened the
by shorts
May con¬
tract, but deferred deliveries, although up a cent
at
or
more
time, lagged behind.
Receipts were only 51 cars,
and only 52,000 bushels were booked, indicating the extent
to which country marketings has dropped as a result of the
sharp price decline of the last week.
No. 1 yellow was
quoted 5% to 6^c. over July contracts at the close.
one
On the 23d inst. prices closed Ys to
weakened despite the
country
selling.
He. net lower.
Corn
sharp supply reduction due to limited
The
12
principal markets received only
396,000 bushels, compared with 532,000 bushels a week ago
and 966,000 bushels a year ago.
Shippers here sold 53,000
bushels
of
Bookings of corn to arrive totaled only
41,000 bushels.
Today prices closed % to %c. net higher.
Trading was light, with prices holding steady most of the
session.
Open interest in corn was 24,975,000 bushels, ac¬
corn.
cording to latest reports.
DAILY
CLOSING
OF
CORN
IN
When Made
July 26, 1939
Oct. 23,1939
May 18,1940
May 24,1940
52#
52#
58#
Oats—On
the 18th inst. prices closed H to Ho. net
Trading in this grain was relatively quiet, with
fluctuations narrow comparatively.
Attention of the trade
appeared to be focused on the other grains.
On the 20th
inst. prices closed 1H to 2c. net higher.
Influenced by the
unusual strength in other grains, oats made substantial
gains.
On the 21st inst. prices closed H to Ilia, net
lower.
Oats weakened with other grains after holding com¬
paratively steady during the earlier trading.
On the 22d
inst. prices closed H to He. net lower.
May oats touched
the minimum of 37He. at the close.
The heaviness of oats
was due
largely to the release of trade commitments in May
by those who did not wish to take delivery.
On the 23d inst. prices closed H to %c. net lower.
July
lower.
oats sold off to
3314c., the minimum.
Shippers sold 54,000
Today prices closed % to He. net higher.
Trading was light and fluctuations narrow, with the under¬
tone of the market steady.
bushels of oats.
DAILY
CLOSING
PRICES
OF
OATS
Sat.
May
July
September
.......
May
43#
July
38#
September... 36
DAILY
Tues.
39#
34#
32#
CHICAGO
IN
Wed.
38#
34#
-32
I
PRICES
OF
OATS
Sat.
33
July
Oct.
May
29#
IN
33#
31#
30#
Fri.
33#
31#
24,1939
9,1939
15,1940
WINNIPEG
Wed.
Tues.
34#
32#
31#
31#
October-*
FUTURES
Mon.
33#
31#
When Made
...
May
July
Thurs.
37#
33#
31#
Season's Low and
18, 1940 May
27#
19, 1940 I July
30#
19,1940 (September
30
Apr.
Apr.
Apr.
CLOSING
FUTURES
Mon.
37#
33#
31#
_
Season's High and When Made
Thurs.
33#
31#
32#
31#
30#
30#
Fri.
H
O
L
Rye—On the 18th inst. prices closed 3H to 4Hc. net
lower.
Rye values dropped the permissible limit of 10c. at
one time during the session.
From these levels there was a
sharp rally on short covering and buying by consumers.
Subsequently prices fell off on fresh selling, and at the close
losses
net
prices closed 4H
rye
On
-recorded.
were
4%g.
to
buying of
consumer
net higher.
the
20th
inst.
was
good
There
futures, and short covering also
played a part in sharp rise.
There was some heavy profittaking on the bulge, but the market made an excellent
showing at the close, almost paralleling the rise in wheat.
On the 21st inst. prices closed 2H to 2 He. net lower.
The
same factors responsible for
the heavy declines in wheat,
were largely responsible for the heavy declines in rye futures.
What support there was came largely from short covering.
On the 22d inst. prices closed ZA to
net higher.
Trading
was relatively light, with the undertone of the market quite
firm at the close.
On
the
23d
inst.
prices closed 1H
1*4c.
to
net
lower.
Influenced by the declines in wheat and the action of the
other
markets, with their bearish trend, rather heavy sell¬
ing developed in rye futures and prices closed at the lows
of the day.
Today prices closed % to He. net higher.
Trading in this market was relatively quiet. However, the
response to the fairly substantial gains in wheat values
was rather weak, prices for rye futures closing only frac¬
tionally higher.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
43#
47#
45#
46
46
——
44#
49#
46#
47#
47#
46#
.
May
July
September
46#
51
48#
49
48#
Season's Low and When Made
Season's High and When Made
May
77#
Dec. 26, 1939 May
43#
May 18, 1940
38#
July———— 76
Dec. 18,1939 July
May 18, 1940
September
76#
Apr. 22, 1940 September... 40#
May 18,1940
.....
—
DAILY
CLOSING PRICES
OF
RYE
Sat.
-
October
DAILY CLOSING
PRICES
50#
—
on
1940
Rye
46#
46#
Wed. Thurs.
47#
46
47#
46#
47
45#
Fri.
H
O
L
OF BARLEY FUTURES IN WINNIPEG
—
October
Tues.
49#
50#
Sat.
May
July
Loan
FUTURES IN WINNIPEG
Mon.
47#
48#
48#
May
July
Mon.
37#
37#
37#
Tues.
Wed.
35#
39#
36#
39#
36#
Crop Announced
Department
Thurs.
Fri.
36#
35#
37#
36#
37# ^6#
H
O
by
L
Agriculture
The
Department of Agriculture announced May 22 that a
the 1940 rye crop will be available to producers co¬
operating in the AAA Farm Program in the major ryeloan
on
producing States of Michigan, Minnesota, Montana, Ne¬
braska, North Dakota, South Dakota, Wisconsin, and
Wyoming.
The Department explained:
The loan will be available on farm-stored rye
grading No. 2
grading No. 3 solely on the basis of test weight.
case
last year, will vary with the 1940 loan rate for
Also
as
or
The loan rate,
better
as was
or
the
No. 2 hard winter wheat.
under the 1939 loan program, the rye loan rate for any area will be
22 cents less than the applicable 1940 wheat loan rate, but not more than
38 cents per bushel.
This will be the second successive year that a loan on rye has been made
in connection with the AAA
Loans will be made by the Com¬
Program.
modity Credit Corporation and local administration
State and county AAA committees.
In order to be
1940
PRICES
70
60
substantial
104# 101# 1Q1# 100# 101#
WHEAT
•
■'
OF
Sat.
98
—....
May 10, 19401July
May 10,19401 September
May 23,1940 fDecember
Weather in most
near.
areas
threats
When Made
I
Season's Low and
May 10. 1940 May
42
69#
Market action
season's
still
news
in
Season's High and
69
May
July
September
December
3389
total
■
will be handled by
Y-j'xL
eligible for a loan, a farmer must have planted within his
Interest on the loans will be 3%,
soil-depleting allotment.
compared with 4% in 1939.
NEW YORK
'
„
DAILY
Sat.
;
,,
No. 2 yellow.
-
76#
.
CLOSING PRICES
OF
December
_
80#
CORN
Sat.
May
July---September
Mon.
59#
58#
58#
Tues.
Wed.
79#
79#
FUTURES
Mon.
63#
62#
62#
Tues.
63#
62
61#
IN
Wed.
64
62#
61#
Thurs.
78#
Fri.
79#
CHICAGO
Thurs.
62
61#
59#
__
Fri.
These will be demand loans, callable at any time the rye is needed to
supply seed for other sections of the country; otherwise the loans will mature
10 months from their respective dates.
A storage allowance of 7 cents per
bushel will be paid if the rye is delivered to the Corporation in settlement
of the loan.
The full storage allowance will also be paid if loans are called
62#
61#
prior to maturity by Commodity
59^
supplying seed for other sections.
Credit Corporation for the purpose of
The Commercial & Financial Chronicle
3390
is being offered,
The loan
officials said, in order to give producers
an
Wheat
opportunity to market their rye in an orderly manner over the full marketing
a
a
Barley
Bushels
Bushels
157,000
7,000
128,000
6,000
89,000
179,000
17,000
4,000
3,000
194,000
81,000
19,000
11,000
5,000
350,000
Orleans
New
sharp decline in exports has been the principal
rye
Rye
Bushels
Philadelphia
Baltimore *
parity price on that date of 92 cents per bushel.
factor in accumulation
In 1939, exports amounted to only
800,000 bushels, and about the same volume of exports is anticipated for
1940, as contrasted with average annual exports during the 1923-32 period
A
of
Oats
Bushels
New York
April 15, 1940, the average farm price of rye was 57 cents, compared
On
with
Corn
Bushels
United States-
rather than having to market their crop soon after harvest.
year
May 25, 1940
GRAIN STOCKS
563,000
297,000
2,000
101,000
9,000
1,630,000
surplus, officials pointed out.
m
—
-
—
-»
89,000
6,415,000
..
'■
'
10,000
1,949,000
..
5,008,000
.
Omaha.
1940 will be 3,214,000 acres, compared with 3,811,000 acres
)
rye.
of May 10, 987,000 bushels
by farmers through repayment of loans, and about
redeemed
125,000
3,000
84,000
604,000
93,000
225,000
513,000 bushels remained under loan.
446,000
173,000
388,000
1,097,000
18,000
....
—
38.000
648,000
446,000
199,000
m
100,000
131,000
59,000
155,000
434,000
169,000
17,127,000
3,722,000
3,166,000
1,177,000
891,000
2.755,000
3,982,000
351,000
683.000
1,200,000
,.
Milwaukee
1,848,000
.
_
.
.
.
- -
-
-—
835,000
2,000
3,000
2,000
270,000
3,019,000
2,429,000
835,000
684,000
755,000
411,000
.
.
3,306,000
110,000
.
401,000
25,141,000
_
Detroit
Buffalo..—
"
7,000
_
1,000
11,565,000
-
Minneapolis
Duluth
245,000
3,908,000
..
afloat.
^
.
made to 2,700 farmers on 1,500,000 bushels of
Commodity Credit Corporation reports that as
been
12,000
1,266,000
540,000
Chicago
estimated at 36,476,000 bushels, compared with
39,249,000 bushels and the 1929-38 average production
38,095,000 bushels.
In 1939, loans were
34,000
2,223,000
-
Peoria
Rye production in 1940 is
had
265,000
..
Indianapolis.
and about 1% less than the 1929-38 average of 3,250,000 acres.
1939 production of
of
453,000
236,000
_
reporting board estimated on May 10 that the rye acreage
harvested in
25,000
2,080,000
446,000
1,656,000
average crop of rye
marketing year.
will be carried over into the 1940-41
last year
1,099,000
5.343,000
850,000
of the 10-year
22,515,000 bushels or approximately 60%
The crop
17,000
22,371,000
..
As a result, it is estimated that about
than 14,000,000 bushels.
more
105,000
..
of
_
afloat..
On Canal
Closing quotations were as follows:
81,000
65,000
—
.
98,959,000 29,865,000
5,003,000
9,848,000
.
98,773,000 31,309,000
5,898,000
8,091,000
9.722,000
8,378,000
8,789,000
6,824,000
4,832,000
FLOUR
60,151,000 33,127,000
_
4.20 @4.40
Spring pat. high protein.. 5.3 5 @5.50 Rye flour patents
Spring patents
5.15 @ 5.3 5 Seminola, bbl., bulk basis.5.65@
2.95
4.65 @ 4.85 Oats good
2.05
Hard winter straights....5.15@5.35 Corn flour.
Hard winter patents
5.35@5.50 Barley goods—
Coarse
.Prices Withdrawn
Hard winter clears....—...Nominal
Fancy pearl (new) Nos.
Clears, first spring
1.2-0.3-0.2
4.75@6.75
Buffalo
not
included above:
Oats—Buffalo, 308,000 bushels,
420,000; total, 728,000 bushels, against 594,000 bushels in 1939.
grain
afloat,
Barley—New York,
217,000 bushels; Buffalo, 892,000; Baltimore, 156,000; total,
1,265,000 bushels, against 763,000 bushels in 1939.
Wheat—New York, 519,000
New York afloat, 68,000; Boston, 1,199,000; Philadelphia, 1,681,000;
Baltimore, 1,231,000; Portland, 3,000; Chicago afloat, 66,000; Buffalo, 5,915,000;
Buffalo afloat, 459,000; Duluth, 2,732,000; Erie, 2,054,000; Albany, 4,472,000;
bushels;
in
GRAIN
S.), 2,600,000;
r.'X'*.
(U.
rail
transit,
bushels in 1939.
Wheat. New YorkNo. 2 red, c.i.f., domestic—101
Manitoba No. 1, f.o.b. N. Y. 85
Oats, New York—
No. 2 white
%
48
All the statements below
64%
59%
53-64N
regarding the movement of
gram
—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
of the last three years:
,
V.
Flour
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
1940.-258,323,000
1940
265,655,000
1939
116,680,000
8,106,000
9,208,000
7,747,000
3,093,000
7,929,000
2,281,000
6,161,000
5,003,000
9,848,000
8,378,000
8,106,000
3,449,000
7,729,000
Total May 18,
Total May 11,
Total May 20,
9,000
40,000
32,000
Summary—
Canadian........
1940—357,282,000 29,865,000 13,109,000 13,297,000 16,107,000
Total May 11, 1940
364,428,000 31,309,000 15,106,000 12,815,000 16,718,000
Total May 20, 1939
176,831,000 33,127,000 15,838,000 9,105,000 10,993,000
~
world's"shipments of wheat and
The
16,000
167,000
302,000
347,000
28,000
80,000
14,000
1,000
316,000
53,000
11,000
77,000
24,000
665,000
257,000
128,000
20,000
20,000
7,000
"4", 000
*3*666
16*660
1,416,000
221,000
379,000
12,000
133,000
10,000
179,000
18,000
2,226,000
366,000
381,000
Same wk '38
347,000
8,708,000
5,053,000
Wheat
Since
Since
Jul]/ 1,
1939
July 1,
1938
Bushels
Bushels
Bushels
850,000
6,591,000
729,000
1,868,000
2,537,000
262,000
1,602.000
1,490,000
232,000
1,173,000
Argentina.
Australia
.
India
83,519,000 25,686,000 101181,000
91,751,000 22,653,000 87,118,000
98,764,000 24,564,000 88,938.000
1937
—
18,772,000 291,887,000 228,133,000
16,027,000 261,499,000 269,390,000
July 1,
1939
1938
Bushels
Bushels
Bushels
15,000
26,128,000
70,826,000
171,000
4,484,000
16,808,000
2,973,000 104,682,000 122,123,000
7,344,000
Total
256,000
21,304,000
1,003.000
31,784,000
general
Report for the
summary
of
the
40,477,000
42,788,000
4,162,000 178,082,000 250,234,000
12,208,000 406,444,000 515,214,000
Weather
of flour and grain at the seaboard ports for
the week ended Saturday, May 18, 1940, follow:
Total receipts
Since
July 1,
1940
Other
countries
....
Since
May 17,
4,676.000 183,838,000 214,670,000
85,191,000
38,348,000
976,000
85,577,000
6,300,000 151,661,000
11,293,000 90,648,000
Black Sea.
'
Week
1940
No. Amer.
are
Corn
Week
Exports
8,000
Since Aug. 1
1939
18,041,000 323,519,000 196,957,000
1
furnished'by
,
May 17,
18,000
4,638,000
6,060,000
8,007,000
Same wk '39
1938
corn, as
May 17 and since July 1, 1939, and July 1, 1938,
following:
shown in the
45*666
42,000
Tot. wk. '40
.
98,959,000 29,865,000
258,323,000
American
3,000
Joseph.
i
7,729,000
ended
68,000
166,000
8,000
Sioux City.
Buffalo
3,449,000
581,000
179,000
641,000
118,606
Wichita
2,137,000
4,737,000
517,000
237,000
Indianapolis
Kansas City
Omaha
855,000
963,000
1,522,000
102,000
2,000
6,000
Toledo
Louis..
Other Can. & other elev.143,766,000
206,000
196,000
Iff, 000
Peoria
Bushels
964,000
193,000
761,000
85,000
Duluth
Bushels
1,463,000
1,471,000
5,172,000
BroomhalLto the New York Produce Exchange for the week
1,668,000
Minneapolis
St.
Barley
384,000
201,000
Milwaukee.
St.
Rye
87,000
...
Barley
Bushels
Bushels
Lake, bay .river & seab'd 46,739,000
Ft. William & Pt. Arthur 67,818,000
bush 56 lbs bush 48 lbs
2,430,000
Chicago
against 6,921,000
Rye
Total May 18,
■
bbls 196 lbs
Receipts at—
bushels,
Oats
Corn
Bushels
Canadian—
22,999,000
total,
Wheat
Rye, United States, c.i.f
I Barley, New York—
40 lbs. feeding
Chicago, cash
79%
Corn, New York—
No. 2 yellow .all rail
16,000 bushels Argentine oats in store.
♦Baltimore also has
Note—Bonded
Week Ended May 22—The
weather
bulletin issued
by
the
Department of Agriculture, indicating the influence of the
New
York.
Flour
Wheat
Corn
Oats
bbls 196 lbs
Receipts at—
bush 60 lbs
bush 56 lbs
bush 32 Ibi
176,000
18,000
99,000
Barley
Rye
bush 56 Ibi bush 48 lbs
553,000
3,000
60,000
*8*666
Baltimore..
14,000
43,000
34,000
15",000
New Orl'ns*
21,000
9,000
78,000
14,000
—
_.
Galveston.
Montreal
14.666
the
St. John W.
the
109,000
51,000
120,000
region,
48,531,000
13,199,000
2,119,000
1,535,000
1,124,000
300,000
3,660,000
264,000
78,000
7,000
325,000
5,940,000
27,073,000
9,625,000
1,327,000
379,000
990.000
Since Jan. 1
1939
warmer
normal,
than
in
except
the
extreme
■
for the week were decidedly low in the Lake
Mississippi Valley, and the northern Great Plains.
Some
localities
in
Upper Michigan reported below 60 degrees as the
highest for the week, while maximum readings in the Ohio and middle
Mississippi Valleys were mostly in the low 80's.
They were rather high,
ranging in the low 90's, from the Middle Atlantic States southward, and
also
in
the interior of the west Gulf area.
The highest temperature
reported was 106 degrees at Phoenix, Ariz., on the 14th.
Substantial to heavy rains occurred
in the Atlantic area, the Lake
region, the Ohio and middle and upper Mississippi Valleys, the lower
Missouri Valley, and much of the southern Great Plains.
In the Plains
area,
Kansas especially had widespread and mostly heavy rainfall, while
substantial
amounts
occurred
in
eastern
Colorado,
extreme
southern
Nebraska, and considerable portions of Oklahoma.
The South had very
little rain, with a good many stations in the Southeast reporting no
measurable amounts; also west of the Rocky Mountains the week was
almost entirely rainless.
Except for temperatures too low for favorable plant growth over a large
interior area during part of the period, and the persistence of droughty
conditions in much of the South, the weather of the week just closed was
generally favorable in the principal agricultural sections of the country.
The widespread and substantial precipitation that occurred in the Lake
region, the Mississippi and lower Missouri Valleys, and much of the
southern Great Plains was especially helpful.
Farm work made generally
good progress,
except where rainfall was most frequent, such as the
Maximum
74,000
4,920,000
1940
somewhat
sections.
5,356,000
Since Jan. 1
Week 1939.
was
normal
333,000
Halifax
week
Southeast, while in the Great Basin of the West the plus departures from
temperature ranged from 6 degrees to 8 degrees, except in northern
1,405,000
265,000
by
erally
St. John...
Tot. wk. '40
characterized
was
below
2,089,000
710,000
Sorel
week
weekly mean temperatures were mostly from 2 degrees to 4 degrees
normal, and in the Lake region and upper Mississippi Valley gen¬
from 4 degrees to about 6 degrees below.
In the Atlantic States
3,000
_
—
May 22, follows:
persistent cool weather throughout the
country, with some light frost reported in central-northern
districts, but moderate warmth to abnormally high temperatures prevailed
in more eastern sections and quite generally from the Rocky Mountains
westward.
In the Ohio, middle Mississippi, and lower Missouri Valleys
The
interior of the
4,000
23,000
31,000
Boston
Philadelphia
weather for the week ended
the
temperatures
upper
.
*
on
Receipts do not include grain passing through New Orleans for foreign ports
through hills of lading.
The exports
ended
from the several seaboard ports for the week
Saturday, May 18, and since July 1 are shown in
the annexed statement:
Wheal,
Exports from—
Corn,
Flour,
Oats,
Rye,
Barley,
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York..
132,000
Boston
212,000
New Orleans
45,155
2,000
"4,660
14,000
Sorel...
1,405,000
Montreal
:
2,089,000
St. John, West..
St. John
710,000
Halifax
333,000
Total week 1940.
109,000
Lake
5,004,000
2,000
a49,155
Since July 1, 1939 132,023,000 26,020,000 3,730,126
of
4,195*,000 3,5*54*666
10,284,000
has
is
Total week 1939.
4.117,000
9,000
107,705
Since July 1, 1938 120,531,000 68,381,000 5,035,280 3,530,000
a
172,000
323,000
1,838*666
16,901,000
The
visible
supply
of
grain,
comprising the
stocks
in
at principal points of accumulation at lake and
seaboard ports Saturday, May 18, were as follows:
formed
needed
eastern
,
,
.
for present needs throughout most
in South Dakota, where the soil
dry crust, rains would be helpful.
Additional moisture
of Nebraska, but Kansas had too much rain in the
The
a
in
hard,
most
third of the State.
South
is
rather
badly
-
in
need
of
moisture,
.
especially east of the
from North Carolina to Alabama had less
than normal rainfall during the month of April, and May, so far, has
been outstandingly dry, having had generally less than half the normal.
May has been much drier than normal also in South Dakota and Nebraska,
but Kansas and portions of the adjoining States have had more .than
normal.
West of the Rocky Mountains high temperatures and practically
Mississippi
Export data not available from Canadian ports.
granary
region.
In general, soil moisture is sufficient
the interior of the country, though
River.
The States
Volume
an
entire
The Commercial & Financial Chronicle
J50
absence of
rainfall
soil needs moisture in
resulted
in
rapid
evaporation,
and the top
places.
many
SMALL
GRAINS—Generally favorable conditions prevailed for the
winter wheat crop, especially in much of the western belt where substantial
rains occurred.
In the Ohio Valley wheat continued to make mostly good
advance, although only fair progress was noted on some drier areas in
eastern sections.
Some heading is reported northward to the lower Ohio
In the Atlantic States favorable conditions prevailed and all
small grains made good to excellent development.
In Missouri progress was generally good, with plants heading in many
Valley.
sections.
In Kansas good rains were general and wheat improved, although
in the western portion fields are very weedy; plants have come into head
in
the
southeast
quarter,
and
beginning to head in northeastern and
weekly progress was mostly good,
also, although there were some complaints of heading on short straw and
conditions continue spotted, ranging from poor to good. v'
Wheat is beginning to ripen
in the north-central portions of Texas,
with
conditions
mostly fairly good, except poor in shme northwestern
localities.
In
Nebraska, where rain is needed, slight deterioration was
reported.
In the upper Mississippi Valley progress was favorable.
From
the Rocky Mountains westward and in Montana the previous favorable
condition has been maintained, although good rains are needed in the
southwestern
counties.
In
are
Oklahoma
wheat
mostly
mostly headed, but some short; condition spotted,
ranging from poor to good.
Oats fair to good progress; condition only
iauv
Progress of corn good; conditions good to very good; good stands,
out some weedy.
Planting cotton good advanced and nearing completion;
much up to good
stands; condition fair to excellent.
Minor crops mostly
satisfactory advance.
Arkansas—Little Rock: Weather favorable for farm activity.
Nights
too cool for most crops; more rain needed,
except in southwest.
Cotton
planting good progress; about 80% completed; coolness retarded growth;
chopping begun.
Progress and condition of corn fair.
Wheat and oats
rapidly111"' oa^ beading in south. Setting sweet potato plants progressed
Tennessee—Nashville: Com planting good
some
early planted 6 inches high in
progress; possibly 80% seeded
west.
Cotton planting good
coming up and growing nicely,
lrogress and condition of winter wheat good.
Setting tobacco progressing;
some blue mold.
Sweet potato transplanting under way.
Pasture, grass,
and clover good.
All vegetation backward.
and
advance
under
better
In
the
belt conditions were generally favorable, with
everywhere, except that in South Dakota the
dry, crusted top soil is retarding germination of some late-seeded grain.
Seeding has been about completed generally.
Oats are mostly up to good stands and made fair to good progress rather
generally.
Rjce planting progressed rapidly in Arkansas and the crop is
growing well in Louisiana; planting is nearly done in Texas, but con¬
siderable irrigation is necessary for germination.
spring
ample
wheat
practically
CORN—While
planting made mostly good progress, low tempera¬
Valleys (luring much of the week retarded germina¬
in the southern portion of the belt.
Planting was
general in the Ohio Valley, with more than half completed in Illinois,
while in Missouri seeding is well along with much corn up.
In the Great
Plains planting was reported in progress as far north as North Dakota,
with cultivation begun in southeastern Kansas.
In Oklahoma progress of
the crop was mostly good, while plants are beginning to tassel in some
tures
tion
the
in
and
central
corn
Interior
growth
Texas
also
counties.
the
crop
is from one-half to three-fourths planted in
western counties, but warmer weather is needed.
In Iowa
planting made rapid progress, with about 80% done by the 19th, which
is considerably more tl-an in an average year; 10 days ago planting was
somewhat behind normal in this State, but now ranges up to 95% comMinnesota
In
southern
and
pleted in
northern counties.
some
COTTON—In
the cotton belt temperatures averaged considerably below
districts, but near normal in other sections, and
generally was light.
Conditions were mostly favorable in the
western belt, but rather unfavorable in most sections east of the Missis¬
sippi River.
In
Texas planting
is nearing completion, except in the northwest,
although delayed, awaiting rain, in some dry areas; stands are mostly fair
and chopping is progressing.
In Oklahoma, also, seeding is nearly done
and much cotton is up to good stands, with general condition ranging
normal
in
north-central
rainfall
from
fair
to
excellent.
In
Arkansas
warmer
weather
needed
was
for
germination as planting is well along, while in Louisiana stands are in
all stages of development, with some just coming up. i
ti;1;.:;
In Tennessee
planting made good progress, with the soil mostly in
favorable condition, but in most other States east of the Mississippi River
rain is needed, with progress and condition of the crop reported mostly as
rather poor.
In South Carolina stands are irregular in places, and it is
too
dry for germination in the northern interior.
In much of North
Carolina conditions were improved decidedly by substantial rainfall near
the close of the week.
In this eastern belt planting is about finished to
the northern limits of the belt.
Tlie weather bulletin
furnished
the following resume
of
conditions in different States:
[Based
on
numerous
Temperatures somewhat above normal, precipita¬
tion moderate, and sunshine adequate.
Week favorable for growing crops
and farm work.
Potatoes and truck excellent, especially cabbage, which
is best for several years.
Strawberry harvest in full swing on eastern
shore.
Sweet potatoes being set out.
Peanut and late truck planting at
height.
Corn coming up siowly; cotton planting about over.
Some hail
damage Monday.
North Carolina—Raleigh: Temperatures favorable for all growing crops.
Soil too dry for truck and vegetables until last of week.
Slight local blue
mold damage.
Small grains mostly headed.
Condition of corn rather poor.
Satisfactory progress gathering and marketing strawberries.
Progress of
cotton fairly good; condition rather poor account poor stands.
Pastures
and
meadows
South
sweet
potato
deteriorating.
tions ; stands
northern
fair.
Carolina—Columbia:
Lack
nights.
Temperatures favorable, but still some cool
of rain and drying soil retarding growth of gardens and
transplanting.
Corn, minor crops, pastures, and meadows
Chopping and cultivation of cotton fair on lower eleva¬
irregular in places; soil too dry for regular germination in
interior.
Georgia—Atlanta:
Soil moisture badly depleted.
Temperatures favor¬
able, except some cool nights.
Condition of cotton rather poor due to dry
soil; chopping good advance where stands up.
Corn late, but condition
fairly good.
Wheat and oats ripening in south.
Potatoes being harvested
in
southwest,
but late most sections.
Dry soil unfavorable for corn,
tobacco, truck, pastures, and oats.
Peaches in good condition, but late.
Florida—Jacksonville: Temperatures favorable, but lack of rain being
felt and soil too dry.
Progress and condition of cotton rather poor.
Corn
fair.
Potatoes of good quality being dug.
Too dry to set out sweet
potatoes.
Truck season nearly over.
Citrus groves need rain, with some
dropping of new fruit reported.
Alabama—Montgomery: Temperatures favorable, but some cool nights.
Lack of rain being felt and germination slow.
Still planting cotton in
north, but about finished; progress and condition generally poor.
Corn,
gardens, and truck need rain.
Transplanting sweet potatoes, except in
extreme north,
but soil too dry.
Pastures mostly only fair; cattle now
fair to good.
Afissimppi-^Vicksburg: Somewhat cool, with no rain of importance and
lack
being felt.
Cotton chopping becoming general, with many poor
stands; condition mostly poor.
Corn poor progress generally; unsatis¬
factory color.
Oats beginning to ripen in central.
Some alfalfa being
harvested.
Progress of gardens, pastures, and truck generally poor.
All
cropB urgently
needing' favorable temperatures and adequate rains.
Louisiana—New Orleans: Warm days and abundant sunshine favorable,
but nights too cool for cotton, which is in all stages of development;
some
just coming up; progress fairly good; chopping rapid advance.
Progress of corn good; condition good and some early laid by.
Rice
growing well;need rain.
stands good.
eginning to
•
Truck and gardens doing well. Most crops
O
V::
.
Texas—Houston:
Temperatures
favorable
generally,
although
nights
somewhat too cool in central and upper coast.
Rains scattered and more
needed.
Winter wheat beginning to ripen in north-central; condition gen¬
erally fairly good, except in northwest, where some poor.
Oats improved
and some practically ready for harvest in north-central; con¬
generally fair.
Corn improved in north-central and beginning to
tassel in central; elsewhere stands generally fair to good, but more rain
needed in most sections.
Cotton planting nearing completion,
except
extreme northwest, although delayed in some local dry areas awating rain;
somewhat
dition
and chopping progressing rapidly.
Ranges generally
to good.
Truck and gardens mostly fair, although
locally poor where moisture needed.
Condition of fruit trees very spotted.
Planting rice nearing completion, but considerable irrigation necessary to
start germination.
Oklahoma—Oklahoma City: Temperatures mostly favorable.
Rains ade¬
stands generally fair
fair.
Livestock fair
^
quate
for
extreme
present needs,
south-central.
but subsoil still
Favorable
growing
New York,
dry,
except
week.
in southeast and
Progress
of
winter
Friday Night, May 24, 1940
favorable, and with the
commodity markets owing
clearly affecting con¬
sumer
buying, retail trade during the past week gave a
rather spotty account.
While the impending huge arma¬
ment program is expected ultimately to stimulate industrial
employment and thus help the buying power of important
segments of the populace, the present deflation in security
and commodity values is
beginning to hamper the sale of
higher-priced merchandise items in urban districts, while
at the same time
diminishing buying potentialities in rural
sections.
Department store sales, the country over, for
the week ended May 11,
according to the Federal Reserve
Board, increased 7% over the corresponding week of last
year.
In New York and Brooklyn stores a decrease of
1.3% was registered, whereas Newark establishments scored
a gain of
3.2%.
Trading in the wholesale dry goods markets turned very
quiet as the serious war developments abroad caused whole¬
to
the grave turn of events abroad
salers and retailers alike to redouble their cautious attitude
in covering forward
requirements.
Many observers, how¬
adhered to the belief that a revival in buying activities
may occur, once the situation abroad shows a definite
clarification, one way or the other.
Business in silk goods
remained dull, with interest confined to some
types of sheer
fabrics.
Trading in rayon yarns proceeded at an active
pace.
Most producers were said to have sold their entire
output until the end of June, and with existing moderate
reserve stocks
resuming their decline, predictions were heard
that a shortage in a number of wanted counts will develop
and that, consequently, a moderate
markup in yarn prices
is not far off, particularly in view of the elimination of im¬
portant foreign supply sources, due to war developments.
ever,
Cotton
Goods—Trading in the gray cloths
its previous desultory fashion, and
prices of most constructions showed further recessions. Early
in the period under review, a slight
flurry in buying occurred,
chiefly as the result of the opening of bids on large amounts
of cotton goods by Government relief agencies.
Subse¬
quently, however, business came to a virtual standstill as
the sensational developments in the European war, and the
resulting break in security and commodity prices caused
widespread caution among buyers.
During the latter part
of the week sentiment improved somewhat, partly under the
influence of a mild rally in the raw cotton market, and also
because of the belief that users are in need of supplies, and
are withholding purchases merely because of the unsettled
situation abroad.
Business in fine goods also marked time,
but prices held fairly steady, reflecting the better balance
of supply and demand, owing to
widespread curtailment
measures on the part of mills.
Closing prices in print cloths
were as follows:
39-inch 80s, 6^c.; 39-inch 72-76s, 6%c.;
39-inch 68-72s, 5^c.; 3834-inch 64-60s, 4%c.; 383^-inch
60-48s, 43^ to4^c.
markets continued
Virginia—Richmond:
conditions;
With weather conditions none too
serious upset in the security and
Domestic
reports collected at the offices named]
soil
THE DRY GOODS TRADE
eastern Great Basin.
moisture
3391
good;
in
Woolen
Goods—Trading in men's wear fabrics quieted
clothing manufacturers, in view of the grave
abroad, showed little disposition to cover
more
than their immediate requirements. -Mills, on the
other hand, generally refrained from pressing their goods on
the market, inasmuch as the belief prevailed that the
pending armament program is bound to have a favorable
bearing on the demand for wool goods and that, moreover,
materially
as
uncertainties
the gradual elimination of major European supply sources
an enhancement of export order possibilities.
will result in
Active interest existed in
tweeds, and lightweight materials,
tropical worsteds and gabardines continued to move
in fair volume.
Reports from retail clothing centers made
a less favorable showing, largely because of adverse weather
conditions and the retarding effect of the European war
such
as
news.
Business in women's
wear
ligible although sampling of the
at
an
materials remained neg¬
new
fall lines proceeded
active pace.
Foreign Dry Goods—Trading in linens continued inactive*
with the chaotic conditions in important foreign primaiy
centers remaining the paramount factor.
In the domestic
field, household as well as fancy linens moved in fairly good
volume.
Business in burlap turned quiet, and prices,
after early further firmness, lost part of their recent advance
as the primary center displayed some disappointments over
the failure of expected additional large British sandbag
purchases to materialize.
Domestically lightweights were
quoted at 6.10c,, heavies at 8.15c.
The Commercial £ Financial Chronicle
3392
State and
May 25, 1940
City Department
Fifth—Railroad
finds
Specialists in
be
to
banks may
bonds
which
Bank
the
Commissioner
legal investments are shown below.
Savings
invest not exceeding 25% of their deposits and
surplus therein.
Illinois & Missouri Bonds
Cleveland A Pittsburgh—
Guar. gen. 3Ms, 1948
Santa Fe
Atchison Topeka 8c
Stifel. Nicolaus & Cajnc.
Transcontinental Short Line 4s, 1958
Bangor & Aroostook System
DIRECT
CHICAGO
WIRE
ST.
LOUIS
Consolidated refunding 4s, 1951
First mortgage 5s, 1943
Piscataquis Division 5s, 1943
Van Buren Extension 5s, 1943
Boston 8c
News Items
First mortgage
are
shown in
a
separate com¬
pilation which appears at the end of the section.
The following table shows the State and municipal bonds
which are considered legal investments:
First—Bonds ol the United States, or Charleston.
those for which the faith of the United
W.
Chelsea. Mass.
Va
States Is pledged, Including
the District of Columbia,
the Ponds of Chicago Htn., IU.
Chioopee, Maes
U 8. Panama Canal 3s, 1961
Cincinnati, Ohio
Treasury bonds and notes, all Issues
Clarkshurg, W. Va.
Home Owners' Loan Corporation (guar- Colorado Spgs., Col.
anteed)-~All issues
Concord, N. H.
Federal
Farm
Mortgage
Finance
tt-anaton, R. I.
Corporation Danvuie, ill.
notes.
(If guaranteed)
United States Housing Authority
Davenport, Iowa
Massilon, Ohio
Medford, Mass.
Melrose, Mass.
Mlddletown, N.Y.
Mlddletown, Ohio
Milwaukee. Wis.
Minneapolis, Minn.
Mollne, 111.
Newark, Ohio
New
Nevada
Arizona
New Hampshire
Eranston, 111.
Oshkosh, Wis.
New Jersey
New Mexico
Evansvlile Ind.
Fverett, Mass.
New York
North Carolina
Everett, Wash.
Fall River, Mass.
Parkersburg, w. Va,
Pasadena, Calif.
Peoria, HI.
Pittsfleld, Mass.
Port Huron, Mich.
Portland, Me.
Pottsvilie, Pa.
Providence, R. I.
Qulncy, 111.
Qulncy, Mass.
Racine, Wis.
Second
Legally issued bonds and in-
terest-bearing obligations of the following
States:
(Savings banks may invest not exceedlng 10% of their deposits and surplus
therein.)
California
Colorado
Connecticut
Delaware
Florida
North Dakota
Fargo, N. Dak.
Georgia
Ohio
Idaho
Oklahoma
Illinois
Oregon
Pennsylvania
Fltchburg, Mass.
Fond-du-lae, Wis
Fort Wayne, Ind.
Fresno Calif.
Galesburg, 111.
Gary, Ind.
Glendaie, Calif.
Gloucester, Mass.
Gloversvllie, N Y.
Green Bay, Wis.
Hamilton, Ohio
Hammond, Ind.
Harrlshurg, Pa.
Baverblll, Mass.
Holyoke, Mass.
Huntington, W. Va.
Indiana
Iowa
Rhode Island
Kansas
South Carolina
Kentucky
i
South Dakota
•
Louisiana
Tennessee
Maine
Texas
Maryland
Utah
Massachusetts
Vermont
Michigan
Virginia
Washington
West Virginia
Minnesota
Mississippi
Wisconsin
Wyoming
Missouri
Montana
Third—Legally issued bonds and obllga"
Hons of any county, town, city, borough
•chool district, fire district, taxing district
district in State of Connecticut,
and in the obligations of the Metropolitan
District of Hartford County, provided
or sewer
the investment in the obligations of such
county, town, city, borough, school dietfict, fire district, sewer district or metropolltan district shall not exceed 2% of the
deposits and surplus of any such savings
bank
Fourth—Legally authorized bonds of
the following cities outside of Connecticut
and which are the direct obligations of the
city Issuing the same.
"Special Assess-
ments" and "Improvement" bonds which
are not the direct obligations of the
city
and for which its faith and credit are not
nlulaul
pledged
an
ollnmiM.
are not allowable.
Alameda, Calif.
Alharabra, Calif.
Alton, HI.
Altoona, Pa.
Ashtabula, Ohio
Atlanta, Ga.
Augusta, Ga.
Aurora, Hi
Bakersfleld, Calif
Bangor, Me.
Battle Creek, Mich.
_
.
Bay City, Mich.
Belleville, 111.
Belhngham, Wash.
Beloit, Wis.
Berkeley, Calif. '
Berlin. N
H.
Beverly, Mass.
Bingham ton, N. Y
Bloomington, Hi.
Boise City, Idaho
Brockton. Mass.
Burlington, Iowa
Butte, Mont.
Cambridge, Mass.
Canton, Ohio
Cedar Rapids, Iowa
Central Falls. R. I.
Reading, Pa.
Richmond, Ind.
Gen. mtge. A 4s. I960
Gen. series B 5s, 1974
Gen. series C 4Mb, 1977
Rock Island, HI.
Sacramento, Calif.
Saginaw, Mich.
St. Cloud, Minn.
St. Louis, Mo.
Salem, Mass.
Salt Lake City, Utah
Park» San
Diego, Calif.
Sandusky, Ohio
San Francisco, Calif
v? v
San Jose, Calif.
i®.
vT ,,
Santa Ana, Calif.
Santa Monica, Calif.
,r,,' Wlfl*
Scran ton, Pa.
Sheboygan, Wis.
Sioux City, Iowa
Sioux Falls, S. Dak.
'*«,:•
*
Somervllle, Mass.
Kokomo, Inc.
Tji rjfnaqo
Wfq
South Bend, Ind.
Lafayette' Ind *
Spokane, Wash.
L&kewnnd
nhin
Springfield, HI.
Lancaster' Pa
Springfield, Mass.
Lanslns Mich
Springfield, Mo.
Lawrence Mass
Springfield, Ohio
Lebanon Pa
Steubenville, Ohio
Lewiston Me
Taunton, Mass.
Terre Haute. Ind.
Lexington, Ky.
Lincoln. Neb;
Topeka, Kan.
Lock port, N. Y.
Waltham, Mass.
Lowell. Mass.
Warren. Ohio
Lynchburg, Va.
Waterloo. Iowa
Lynn, Mass.
Wauwatosa, wis.
Macon, Ga.
Wheeling, W. Va.
Wichita, Kan.
Madison, Wis.
Maiden, Mass.
Wllkes-Barre, Pa.
Manchester, N. H Williams port, Pa.
Manitowoc, Wis.
Wilmington, Del.
Mansfield, Ohio
Woonsocket, R. I.
Marlon, Ind.
Worcester, Mass.
Marion^ Ohio
York, Pa.
Mason City, Iowa
Zanesvllle, Ohio
8c
Gen, series D 4Mb. 1981
Pitts. Youngstown a Ashtabula RR.
general 4s. 1948
Pitts.
System
United New Jersey RR. A Canal Co.—
General 4s. 1648
General 4s, 1944
General 3 Ms. 1951
Allegheny & Western Ry. 1st 4s, 1998
Clearfield & Mahoning Ry. 1st 5s. 1943
Central Ry. of New Jersey System
General 4 Ms,
1941
Chesapeake 8c Ohio RR.
Craig Valley Branch 1st 5s. 1940
Rich. & Allegheny Dlv. 1st 4s, 1989
1973 and 1979
(guar.) 1st 3 Ms & 4s. 1945
Wash. Term,
Pitts. Cin. Chic. 8c St. L. RR.
N. Y. A Long Branch RR. gen. 4s & 5s,
^
Consolidated gold A 4 Ms, 1940
Consolidated gold B 4 Ms, 1942
Consolidated gold C 4 Ms, 1942
Consolidated gold D 4s, 1945
Consolidated gold E 3 Ms, 1949
Rich. & Allegheny Dlv. 2nd 4s, 1989
Consolidated gold F 4s, 1953
Warm Springs Valley
Consolidated gold G 4s, 1957
Consolidated gold H 4s, 1960
Consolidated gold I 4 Ms, 1963
Consolidated gold J 4 Ms. 1964
General mortgage A 5s, 1970
General mortgage B 5s, 1975
Branch 1st 5s. 1941
Green Brier Ry. 1st 4s, 1940
Big Sandy Ry. 1st 4s, 1944
Paint Creek Branch 1st 4s, 1945
Coal River Ry. 1st 4s, 1945
Potts Creek Branch 1st 4s, 1946
Kanawha Bridge A Terminal 1st 5s, 1948
General mortgage 4 Ms,
1992
Refdg. A Inapt., series D 3Ms, 1996
Refdg. & Impt., series E 3 Ms. 1996
Refdg. & impt., series F 3 Ms, 1963
Hocking Valley Ry. 1st eonsol. 4Ms. 1999
Col. A Hock. Val. RR. 1st ext. 4s, 1948
Columbus A Toledo RR. 1st ext. 4s, 1955
Norfolk Term. A Trans. Co. 1st 5s, 1948
Del.
Lack.
&
Western
System
General mortgage C 4 Ms
Vandalia RR cons. A 4s
Vandalla RR
N. Y. Lack. A West, (guar.) 1st 4s and
Pittsburgh 8c Lake Erie
Reading Company
Delaware A
dated
Bound Brook
RR. consoli¬
3 Ms,
1955
East Pennsylvania 1st 4s, 1958
Terminal Railroad Association of
St. Louis
Consolidated mortgage 5s, 1944
Union Pacific RR.
Illinois Central System
Chicago St. Louis A New Orleans—
Consol 3 Ms and 5s,
First mortgage 4s, 1947
Oregon Short Line—
1951
Consolidated 1st 5s, 1946
Consolidated 4s, 1960
Memphis Division 4s, 1951
New York Central System
N. Y. A Harlem RR. ref. 3 Ms, 2000
Y. N.
1977
1955
B 4s. 1957
Gen. refunding mtge. 4s. 1953
4Mb. 1973
N.
cons.
Monongabela Ry. (guar.) 1st 4s. 1960
Morris & Essex RR (guar.) ref. 3 Ms, 2000
Warren RR. (guar.) ref. 3 Ms, 2000
H.
8c Hartford
System
Holyoke A Westfleld RR. 1st 4Ms. 1951
Norwich A Worcester 1st 4 M8.1947
Norfolk 8c Western System
Cincinnati Union Terminal—
Virginian Ry.
1st A ref. 3Ms. 1966
Wheeling 8c Lake Erie
First consolidated 4s. 1949
3Ms, 1969
Other Roads
Consolidated mortgage 4s, 1996
Norfolk Terminal Ry. 1st 4s, 1961
Scioto Val. A New Eng. RR. 1st 4s. 1989
Winston-Salem Southbound—
Guar, 1st 4s, 1960
Winston Salem
Inoome 5s, 1946
Oregon-Washington RR. A NaT. Co
1st A ref. (guar.) 4s, 1961
Refunding mortgage 5s and 4s, 2008
Ref. series E 2Ms, serially to 1949
Ref. series F 3 Ms, 1966
Guar, series C 1st 5s, 1957
Guar, series D 1st 3 Ms. 1971
Guar, series E
Term, (guar.)
1st 3Ms,
1970
Chattanooga
Station 1st 4s, 1957 (guar¬
anteed by Cin. N. O. A Texas)
Connecticut A Fassumpsic River 4s, 1943
Detroit A Toledo Shore Line 1st 4s. 1953
*Elgin Jollet A Eastern Ry. 1st 3Ms. 1970
New London Northern RR. 1st 4s, 1940
Portland A Rumford Falls Ry. 5s. 1951
Sixth—Equipment trust obligations as follows (savings
invest not exceeding 6% of their deposits and
banks may
surplus
therein):
Atchison Topeka 8c
Cincinnati New Orleans 8c Texas
Santa Fe
Series C 2Mb, 1940 to 1949
Series H, 2 Ms. serially. 1938 to 1952
Bangor 8c Aroostook RR. Co.
Riverside, Calif.
Rockford, Hi.
Rochester
Buffalo
Nashua, N. H.
Alabama
(If guaranteed.)
Commodity Credit Corporation notes.
(if guaranteed.)
4Mb. 1943
Terminal 3 Ms, 1951
Terminal 3 Ms. 1952
Refunding 5s, 1963
Improvement 4Ma. 1978
Muskegon, Mich.
Albany, Ind.
New Bedford, Mass,
Decatur, HI.
New Castle, Pa.
Denver, Colo.
Dea Moines, Iowa
Newport, Ky.
Newport, R. I.
Dulutb, Minn.
East Liverpool, Ohio Newton, Mass.
Eau Claire, Wis
Nor. Adams, Mass.
Elgin, 111.
Northampton, Mass
Norwood, Ohio
Elkhart, Ind.
Oakland, Calif.
Elmira, N. Y,
Ogden, Utah
Elyrla, Ohio
Erie. Pa
Omaha, Neb.
notes.
Philadelphia Baltimore A Wash.—
First 4s, 1943
Refunding 6s. 1946
Corporation
(guaranteed)—All Issues
Reconstruction
Ohio Connecting Ry. 1st 4s. 1943
Phlla. A Baltimore Central 1st 4s, 1951
Albany RR.
Debentures, 5s, 1942
Connecticut—List of Legal Investments for Savings Banks
—Complying with Chapter 209 of the Public Acts of 1937,
Walter Perry, Bank Commissioner, issued on May 1, 1940,
the list of bonds and obligations which he finds upon investi¬
gation are legal investments for savings banks.
This list is
revised semi-annually on May 1 and Nov. 1.
The Com¬
missioner again calls attention to the wording of the law,
which discriminates against the "special assessment" or
"improvement" bonds, or other bonds or obligations which
are not direct obligations of
the city issuing the same, and
for which the faith and credit of the issuing city are not
pledged.
Few changes have been made in the list in the
past six months, the public utility obligations showing the
main revisions, as had been the case with the previous re¬
vision.
The last list published was for Nov. 1, 1939, and
appeared in the "Chronicle" of Dec. 2, 1939, on pages 3586
and 3587.
We give herewith the May 1, 1940 list in full,
indicating by means of an asterisk (*) the securities added
since Nov. 1,1939.
Those securities that have been dropped
from the list since November
Columbia & Port Deposit 1st 4s, 1940
Connecting Ry. 4s. 4Mb and 5s. 1951
Elmira A Wllllamsport RR. 1st 4s, 1950
Erie A Pittsburgh RR. gen. 3 Ms, 1940
Little Miami RR. 1st 4s. 1962
Aroostook Northern 5s, 1947
105 W. Adams St.
,
Guar. gen. 3Ms, 1950
Guar. gen. 3 Ms and 4Mb, 1942
Guar. gen. A ref. 4Ms, 1977 A 1981
Gen. mtge. 4s, 1995
Founded 1890
314 N. Broadway
Pennsylvania System
Albany 8c Susquehanna RR. Co.
First mortgage 3 Ms. 1946
Series K 2Ms, serially, 1938 to
Series L 2Ms, serially,
Union Pacific
1947
1939 to 1950
Series E, 2Mb. serially, 1938 to 1952
Chesapeake 8c Ohio Ry. Co.
Series W 4 Ms. serially 1926-40
Series of 1929 4 M8, serially 1930-44
Virginian Railway
Series E, 4Mb. serially, 1926 to 1940
Series of 1930 4Mb. serially 1931-45
Wheeling 8c Lake Erie
Series of 1935 3s. serially 1936-50
Series of 1936 2 Ms, serially 1937-46
Series of 1937 2s, serially 1938-47
Series D, 2 Ms. serially, 1937 to 1946
Series E. 2Mb. serially. 1937 to 1941
Series of 1939 2Mb. serially
♦Series F
1940-49
2Ms, serially, 1940 to 1949.
«
>
Other securities in which banks may
invest are (savings
invest not exceeding 2% of their deposits and
therein):
banks may
surplus
Seventh—
Bonds of Water Cos. In Connecticut
Savings banks may Invest not exceed¬
ing two per centum of thrtr deposits and
surplus therein
Bridgeport Hydraulic Co.—
Series H 3 Ms. 1968
Series I 3Ms, 1974
New Haven Water Co.—
1st A ref. 3Ms, series A. 1962
4 Ms, series B, 1970
1st A ref. series C 4 Ms, 1981
Eighth—
Bonds
of
Telephone Cos. In
Conn.
Savings banks may invest not exceed¬
ing two per centum of their deposits and
surplus therein.
So
New England Telephone Co
—
1st 5s. 1948
Debenture 3M*» 1
Debenture
'66
3 Ms, 1968
1st A ref
1st A ref. series D 4 Ms. 1983
Stamford Water Co. 1st 5s, 1952
Also under Subdivision 22 any bonds
Interest-bearing obligations of the fol¬
lowing water companies:
or
Ansonla Water Co.
Bridgeport Hydraulic Co,
Greenwich Water Co.
Naugatuck Water Co.
Ninth—
Bonds of Telep. Cos. Outside of Conn.
Savings banks may invest not exceed
lng two percentum of their deposits and
surplus therein.
Amer. Tel. A Tel. Co.—
Debentures, 3Ms, 1966
Debentures. 3Ms. 1961
Debentures, 5 Ms, 1943
1st 5s, 1952
B 4 Ms, '61
C 3 Ms. '68
New Haven Water Co.
New England Tel. A Tel
Stamford Water Co.
New England Tel. A Tel. eer
Torrington Water Co.
New England Tel. A Tel. ser.
Volume
& Financial Chronicle
The Commercial
150
Kings County Lighting Co.—
1st ref. 5s and 6 Ms, 1954
Also undei Subdivision 34.
Savings banks may Invest not exceed¬
population filing income tax returns for 1934, 1936 and
1937, and tax delinquency for the years 1933, 1937 and 1939.
of their deposits and surplus in Lake Superior District Power Co.—
1st 3 Ms. 1966
the following bonds, but not more than
2% in the bonds of any one such tele¬ Metropolitan Edison Co.—
First mtge." series D4Ms. 196S
phone company.
First mtge. series E 4s, 1971
Bell Telephone Co. of Pa.—
ing 5%
First mtge
1st A ref. 6s, 1948
series G4s, 1905
V
Narragansett Electric Co.—
1st series A 3 Ms. 1966
1st A ret. 5b, 1960
Dlinois Bell TelephoneSeries B 3 Ms. 1970
1st 3Ms, 1901
Jersey Power A Light Co.—
New England Power Co.
New
N. Y. Tel. Co. ref. 3 Ms. 1967
Pacific Tel. A Tel. ref. 3 Ms, 1960
Southwestern Bell Telephone Co.—
1st mtge. 4Ms.
1960
N. Y. A Queens El. Lt.
1st A cons. 3 Ms, 1965
1st ref. 3Ms, 1964
1st A
1st ref. 3s, 1968
cons.
A Power Co.
3Ms, 1968
New York Edison Co.—
Edis. El
Tenth—
Bonds
111. of N. Y. 1st eons.
1st A ref. 3Ms,
of Gas and Electric Lighting
5s, 1995
1965
1st A ref. 3Ms, 1969
Companies in Connecticut
Bridgeport Gas Light Co. 1st 4s, 1952
N. Y. Gas, E. L., H. A P. 1st 5s, 1948
N Y.Gas, E. L
H. A P. pur. M.4s'49
Niagara Falls Power Co.—
1st A ref 3Ms. 1966
Ohio Public Service Co. 1st 4s, 1962
i
Connecticut Power Co.—
Pacific Gas A Electric Co.—
Savings banks may invest not exceed¬
ing two percentum of the r deposits and
surplus therein
or a total of
25% in gas
and electric bonds of all companies:
1st A ref
1964
4s
1st A ref. 3 Ms
Connecticut Light A Power Co.—
1st A ref
6s, 1947
Serv. 1st A ref. 5s, 1954
Northern Conn. Lt
Providence Gas Co—
A Pr. Co. 1st 5s. 1946
Stamford Gas A Elec. Co.
eons
5s, 1948
Phlla.
Utility
Savings banks may invest not
,
and 1968
1st A ref. 8s, 2037
1st A ref. 5s, 2037
than
25% of their deposits and surplus in the
following bonds, but not more than 5% in
'
Gas A Elec. Co. of Bergen County-
Gen. 5s, 1954
the bonds of any one such corporation.
Atlantic City Elec. Co gen. mtge. 3Ms,
Consol. 5s, 1949
Paterson A Passaic Gas A Electric Co.
1964
Bangor Hydro-Elec. Co
consol. 5s,
1st 3Ms, 1966
Co. 1st 4s, 1943
Trenton Gas A Elec. Co. 1st 5s, 1949
';i:
1941
cons.
Newark Gas Co. 1st 6s, 1944
Hudson County Gas Co. 1st 5s,
Public Service Co. of N. H.—
3Ms, 1966
Central Maine Power Co.—
1st mtge. series E, 3 Ms.
1st A gen. 4s, 1960 A 1964
1st A gen. 3 Ms, 1968
Gen. mtge. 3 Ms. 1962
Northern New York Utilities—
1946
•
'
Gen. mtge. series J. 3Ms, 1969
San Diego Consol. Gas A Electric Co.—
Syracuse Lighting Co. 1st 5s, 1951
Southern California Edison Co
Gen. mtge. 3Ms, 1965
Toledo Edison Co. 1st mtge. 3Ms, 1968
•Commonwealth Edison Co.—
♦1st mtge. 3Ms,
♦1st 3Ms, 1968
Gas Eleetrle Light A Power Co.—
Cons. Gas of Baltimore gen. 4Ms
1954
Consumers Power Co.—
1st mtge. 3 MS, 1965, 1967 and 1970
Equit. Gas A Elec. 1st 5s, 1942
Ref. A ext. 5s, 1957
West Penn Power Co.—
1st mtge
;
3 Ms, 1966
1968
♦1st mtge. series K 3s, 1970
Wheeling Elec. Co. 1st 5s. 1941
Wisconsin Gas A Electric Co.—
4Ms. 1961
1965
Intimate,^amounting to $581,048,834.
The city tax rate may be fixed
the total of assessments reached
for any reductions that may have been granted
by the Tax Commission.
Before the final vote was taken on the 21st, the council rejected, 19 to
2, a minority report submitted by Councilman Baldwin of Manhattan
in which it was sought to reduce the budget by $25,000,000 by paring items
voted for various departments.
The taxpayers were paying for past ex¬
travagances of the city, the report said, and it was evident that real estate
would continue to feel the burden of the taxes under present conditions.
The majority report of the Finance Committee, while criticizing certain
items in the Budget submitted by the Board of Estimate, felt that it had
little choice but to adopt it as being less than last year.
It had no power
to increase certain allowances for low salaries where the committee be¬
lieved that it was desirable to increase them.
The budget now goes to Mayor LaGuardia for signature.
He will give
a formal hearing on it before taking final action.
This"is~$67461,005
less than last year.
but final figures will depend on
after making allowance
l9t mtge. 3Ms. 1966
Gen. A ref. 3 Ms, 1966
Duke Power Co. 1st A ref. 3 Ms A 4s, 1967
Wisconsin Michigan Power Co.—
1st mtge. 3Ms,
Duquesne Light Co. 1st mtge. 3 Ms, 1965
1st 4s. 1961
1st 4s, 1963
1965
Fall River Elec. Lt. Co. 1st M. 3Mb,
Jersey Central Power A Light Co.—
1901
Wisconsin Public Service Corp.—
111. Co. of Boston—
'68
York Haven Water A Power Co.—
1st mtge
First mtge. 5s, 1947
First mtge. 4 Ms,
series I
1st mtge. series J 3 Ms,
1st mtge 3Ms. 1966
Detroit Edison Co —
3 Ms
1970
Utica Gas A Electric Co.—
1st mtge. series E 5«, 1963
1st mtge. 3Ms, 1966 A 1969
Cumberland County Pr. A Lt. Co.—
First mtge
—
Ref. mtge 3Ms, 1980
♦Pacific Light A Power Co. 1st 5s, 1942
Cleveland Electric Illuminating Co.—
New York, N. Y.—Budget Approved by City Council—
Acting upon the recommendation of its Finance Committee,
the City Council on May 21, unanimously adopted the city
budget for 1940-1941, already approved by the Board of
at 2.81
1st mtge. 48, 1965
♦Central Vermont Pub. Serv. Corp.—
1st A ref. 3 Ms, 1966
V
Edison Elec
Gen. mtge. series F 4s, 1960
Gen. mtge. series G 3Ms, 1966
Gen. mtge. series H 3Ms, 1967
Gen. mtge. series I 3Ms, 1967
1st A ref. 6s, 1947
Syracuse Gas Co. 1st 5s, 1946
Gen. A ref. 4s
1961
1st mtge series F 3Ms, 1066
Rochester Gas A Electric Co.—
Central New York Power Co.—
Gen. A ref
1949
George U. Harvey, Republican, of Queens, the sole dissenter.
Borough Presidents John J. Cashmore of Brooklyn and James J. Lyons
of the Bronx, both Democrats, explaning their affirmative votes, declared
they were going along with the transit unification program because of the
assurances given by leaders of the La Guardia Administration that the fivecent fare could not be increased without action by the Board of Estimate.
In asking the Board to authorize the Mayor and himself to fix the date
of closing the Interborough-Manhattan deal for any time between June 1
and July 1, Comptroller McGoldrick declared that "due to a variety of factors,
among which may be mentioned the present world and market conditions,
it is of the utmost importance that the city bo ready to act promptly at
anytime."
The factors to which the Comptroller referred have already affected the
city bonds to be used in the unification transactions.
These bonds are
listed on the Stock Exchange on a "when issued" basis and are currently
quoted about 10 points below par.
The unification contracts permit any of the various parties to withdraw
in case of unusual declines in the market value of the city's securities, but
there is no present indication that any of the traction groups are disposed
to take any possible advantage of the present situation.
The resolutions adopted by the Board in connection with the B. M. T.
transaction dealt with technical matters covered in the contracts between
the city and the B, M. T. system units.
They also covered the issuance of
temporary certificates to be issued by Mr. McGoldrick to serve until they
can be replaced by formal bonds.
? v
;
y ^
^
1st mtge. series C and D 3 Ms, 1960
1st A gen. 3 M». 1966
1st A ref. 7s,
Newark Consolidated Gas Co.—
Consol. 5s, 1948
(corp.) 3 Ms. 1965 A 1967
Central Illinois Light Co.—
1st A
Traction
Somerset Union A Middlesex Lighting
Cons. 3Ms, 1966
Kings Co. El. L. A P. nur. M. 6s. 1997
Central Hudson Gas A Elec. Co.—
First A ref.
:
V
Co. 1st 5s, 1953
"
Cons. 3s, 1968
1949
South Jersey Gas, Electric A
Brooklyn F.dison Co.—
Consol
'
1965
1st A ref. 3 Ms. 1966
33.
more
.
Co. of N. J. 1st 4s, 1949
1st A ref. 3 Ms,
Companies
Subdivision
under
3Ms, 1967
.
I?
i':i'-■:
Public Service Electric A Gas Co.—
United Elec
Public
First A ref. 5s,
execute numerous legal documents in
city's acquisition of all B. M. T. system
properties on June 1 jor $175,000,000.
The authorizations were adopted bv"a vote of 15 to 1, with"Borough
to
President
Electric 1st A ref
First mtge. 4s, 1963
Eleventh—
of
May 23 to
_
Penn. Pub
Philadelphia Electric Co.—
Authorized
on
connection with the
series H 5s, 1962
Penn. Pub. Serv. 1st A ref
Co. 1st 58. 1953
Comptroller McGoldrick
system at the contract price of
The Board also authorized the Mayor and
Mr. McGoldrick
1st A ref. series G 4s, 1961
Danbury A Bethel Gas A Electric Light
Co. series A mtge bonds 6s. 1948
New Britain Gas Light Co 3 Ms 1961
Bonds
York, N. Y.—Time Set for City to Acquire Transit
Board of
Estimate authorized Mayor
Guardia and
$151,248,187.
Pennsylvania Electric Co.—
1st A ref. series F 4s, 1971
1st A ref. H 3Ms, 1968
Danbury A Bethel Gas A Electric Light
La
Interborough-Manhattan
1966
1st A ref. 3Ms, 1961
1st A ref. G3Ms, 1966
New
Properties—The
fix any time between June 1 and July 1, inclusive, as the date
for the city's acquisition of the transit properties of the
1st A ref. 6s, 1941
1st A ref. A 7s, 1951
1st A ref. F 3 Ms, 1966
Massachusetts—New Edition of Municipal Statistics Com¬
piled—Tyler & Co., Inc., Boston, are making free distribu¬
tion of the 27th edition of their booklet in the quarterly
series, giving up-to-date financial statistics of the Common¬
wealth: of Massachusetts, its counties, cities, towns and
districts. This edition contains an outline map of the Com¬
monwealth, showing all its political subdivisions.
The statistics given show population, assessed valuation,
gross and net debt, net debt ratio and per capita, tax levy,
tax collections, tax titles, and a comparison of tax rates.
Copies are available upon request.
,
1st A gen. 3*is. 1965
1st 5s. 1956
3393
5s, 1951
1961
New York
St&te—Appellate Court Asked to Fix Type of
Housing Bonds—The Appellate Division, Third Department,
was asked
on May 23 by Edward Weinfeld,
State Com¬
missioner of Housing, and Morris S. Tremaine, Comptroller,
to decide what form of bonds the State may issue to finance
low-rent housing projects.
The question, which will have
invest not exceeding 10%
bonds or interest-bearing
obligations of the Government .
.
.
of the Dominion
of Canada or any of its Provinces, provided that such
bonds or obligations are payable in United States dollars
within this country, and such bonds or obligations have
a fixed
and definite date of maturity, and shall be the
direct obligations of such Government or Province and
an important effect on the rents to be charged in housing
projects built by local agencies under the State publichousing law, will be argued on May 27.
that the full faith and credit of such Government or Province
preliminary step
final decision.
,
■
.
State Constitution, Mr. Tremaine pointed out, the
State must pay back its borrowings in equal annual instalments.
This
means that a smaller sum is paid each year, because as the principal is
Twelfth—Savings banks
may
of their deposits and surplus in the
.
shall be
pledged for their payment, principal and interest,
provided the Province issuing such bonds or obligations,
or said Dominion, shall have not defaulted for more than
ninety days in the payment of any part of either principal
or interest of any bond or interest-bearing obligation for the
five years next preceding the making of such investment.
The investment of any savings bank in the bonds or interestbearing obligations of any one Province shall not exceed two
per cent of the deposits and surplus of such savings bank.
Removals—The following is the list mentioned in the intro¬
duction, showing the securities which have been dropped
since the publication of the Nov. 1, 1939, legal investment
and
list:
.
.N :-.i-V;/ v.:';:
Municipalities—Baltimore, Md.; Kenosha, Wis.
Illuminating Co. 1st 4s,
1940; Brooklyn Boro. Gas Co.
A ref. 5s, 1961; Consumers Power Co. 1st mtge. 3Ms, 1905.
Public Utilities—United
gen.
California—Comparative Municipal Statistics Compiled—
containing comparative city statistics has been
A circular
prepared by Heller, Bruce & Co. of San Francisco, for dis¬
tribution to interested parties. The study, which is alphabeti¬
cally arranged by cities, includes the following information:
estimated population; assessed valuation for 1938-1939; di¬
rect debt as of June 30, 1939; total debt, including direct
and overlapping; tax-supported debt; debt to assessed valua¬
tion; per capita debt; retail sales per capita; percentage of
Mr. Weinfeld asked
issued to finance the
that the $20,000,000 in
are
State-housing bonds to be
provide for the level-pay¬
Fort Greene housing project
plan, whereby total annual
the same for each year of the
ment
payments of amortization plus interest
50-year period.
Comptroller Tremaine,
declined the
the use
Appellate
to its consideration by the Court of Appeals,
acting on the advice of Attorney General John J. Bennett jr.,
request on the ground that the State Constitution does not permit
of the plan.
It was then decided to put the question up to the
Division
as a
which will make the
.
,
According to the
reduced the interest rate on the principal also declines.
Under the level
payment plan, the amount to be paid each year is set at a sum which
Includes payments both on the principal and the interest, and does not vary*
New York State—Gain of 7% on Income Tax Yield Reported—Announcing a 7% gain in the personal income tax
yield during the April collection period, compared to last
year, Mark Graves, Commissioner of Taxation and Finance,
on May 20 predicted New York State's share of income tax
revenue in the current fiscal year would slightly exceed Gov¬
ernor Lehman's estimate of $93,500,000.
of personal income tax collections in the previous
approximately $89,250,000.
,
,
_
.
points to generally improved business
conditions in 1939 over those which prevailed in 1938," Commissioner
Graves commented.
"More persons were in the wage and salary brackets
affected by the income tax and their reported aggregate earnings were
greater
Some part of the increase in the number of returns and In the
tax yield is due to the fact that Federal employees were subject to the
State income tax for the first time."
.
•
A total of 1,080,677 personal income tax returns were received in the
1940 collection period, compared to 1,042,411 returns filed in the correspond¬
The
State's share
fiscal year was
"A review
„
of current collections
t
ing peribd a year ago.
The taxpayer returns
.
....
this year brought Initial payments aggregating
$72,303,075, In contrast to payments a year ago totaling $67,399,473.
In
addition to the amounts paid with the ordinary returns, the Income Tax
Bureau received a total of $3,354,304 from employers as withholding
agents,
covering the tax on income of non-residents.
than for last year.
lected was $350,000 greater
The sum thus col¬
The
3394
Commercial,&Financial
Chronicle
Income taxpayers who elected to use the Instalment plan will pay an
additional $20,497,252—half of this by June 15 and the balance by Oct. 15.
At this time last year, deferred instalments totaled $19,936,985.
The total tax on 1939 Incomes, including payments received with in¬
dividual
returns
period, as well
from withholding agents, in the recent collection
the instalment payments yet to be made, is $96,154,633.
a year ago, as based on 1938 Incomes,
and
as
May 25, 1940
KERN COUNTY (P. O. Bakerafield) Calif.—SCHOOL BOND OFFER¬
bids will be received until 11:30 a. m. on June 3, by R. J.
County Clerk, for the purchase of $48,000 not to exceed 5% semiGreenfield Union Elementary School District bonds. Denom. $1,000.
ING—Sealed
Veon,
ann.
Dated May 13, 1940. Due May 13, as follows: $3,000 in 9141, and $5,000
1942 to 1950.
Prin. and int. payable at the County Treasurer's office
in
The
corresponding total tax figure
in lawful money.
was
$90,342,458.
crued interest to the date of
Pennsylvania—Special Legislative
Session Ends—The
May 16 appropriated a total of $71,850,000 for relief, adopted eVery other recommendation of
Governor Arthur H. James and adjourned the 1940 special
session after eight days' work at 9:52 p.m. EDT.
State Legislature on
Governor James summoned the General Assembly, May 6, with the
knowledge relief funds would be exhausted by the end of the month.
Seventeen bills, introduced for the administration, were passed by the
Republican majorities in the House and Senate and sent to the Governor.
He signed all of them as fast as they reached his desk.
Most of the measures provided for relief financing by transfers from
special State funds-—motor license, gas tax, liquor license, fire insurance
tax, State school and veterans' compensation.
The transfers, objected to by the Democratic
Each bid must state that the bidder offers par and ac¬
delivery, and state separately the premium,
if any, and the rate of interest offered for the bonds bid for.
Bids will
be received for all or any portion of the bonds. In the event that the bidder
submits a proposal to purchase a portion of the bonds, the bid shall desig¬
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 10% of the amount
of the bonds bid for, payable to the County Clerk.
nate
COLORADO
^^
ESTES PARK SANITATION DISTRICT (P. O. Este. Park) Colo.—
TO PUBLIC—A $45,000 issue of 3% sewage disposal
BONDS OFFERED
plant building, general obligation bonds is being offered for general invest¬
at prices to yield from 1.75% to 2.93%, according to maturity.
Denominations $1,000 and $500.
Dated May 1, 1940. Due on May 1 as
follows: $2,000 in 1943 to 1951, and $3,000 in 1952 to 1960. Prin. and int.
(M-N) payable at the First National Bank of Denver.
Legality to be
approved by Myles P. Tallmadge of Denver.
ment
minority,
are to
be repaid
by the end of the biennium, June 1, 1941.
Aside from relief, the Legislature also:
1 Authorized extension of the Pennsylvania turnpike to
Philadelphia,
linking the Pittsburgh steel center with tidewater as a National defense
measure.
2 Provided $1,000,000 for financially distressed school districts.
P 3 Amended the election code to permit issuance of a special election call
to fill a legislative vacancy when the General Assembly is in recess.
»
Is 4 Exempted employers from unemployment compensation taxes on
salaries over $3,000 a year, to conform to the Federal law.
5 Extended from 16 to 18 the maximum age for children in school to
receive aid from the special State fund established for fatherless families.
6 Placed the 45 janitors and charwomen of the new Liquor Control Board
building under supervision of the department of property and supplies.
DURANGO, Colo.—BOND OFFERING—It is reported that sealed bids
will be received until June 15, by J. S. Barnholt, City Clerk, for the purchase
of $3,500 Sidewalk Improvement District No. 7 bonds.
CONNECTICUT
ROCKY HILL, Conn.—BOND SALE—F. W. Horne & Co. of Hartford
awarded an issue of $60,000 2H % funding bonds at a price of 101.71,
a basis of about 2.32%.
Dated May 1, 1940. Denom. $1,000. Due $3,000
on Nov. 1 from 1941 to 1960 incl.
Principal and Interest (M-N) payabe
were
Hartford-Connecticut Trust Co., Hartford.
Legality approved by
Howard of Hartford.
Putnam & Co. of Hartford, only
named a price of 100.54.
at the
Day, Berry &
Bond
other bidder,
Proposals and Negotiations
Conn .—BOND SALE—The $330,000
NEW BRITAIN,
coupon
bonds
offered May 24 were awarded to an account composed of Bacon, Stevenson
Co., Roosevelt & Weigold, Inc., both of New York, and F. W. Horne
& Co. of Hartford, as 2Ms, at a price of 99.0, a basis of about 2.33%.
Sale
&
consisted of:
ARIZONA BONDS
$230,000 water fund, 13th series, 5th Issue bonds. Dated Feb. 1,1940 and
due $10,000 on Feb. 1 from 1942 to 1964, incl.
Interest F-A.
16th series, 1st issue bonds.
Dated June 1, 1940.
r V
Due $10,000 on June 1 from 1941 to 1950, incl.
Interest J-D.
F 100,000 sewer fund,
Markets in all Municipal I$eue»
►""Denom. $1,000.
Principal and semi-annual Interest payable at the First
Legality approved
National Bank of Boston or at the New Britain Bank.
REFSNES, ELY, BECK & CO.
by Storey, Thorndike, Palmer & Dodge of Boston.
Second high bid of
99.28 for 2Mb was made by the Harris Trust & Savings Bank of Chicago.
WINDSOR
PHOENIX, ARIZONA
Hartford and
LOCKS. Conn.—BOND SALE—F. W. Horne & Co. of
F. Childs & Co. of New York, jointly were awarded
O.
May 22 an issue of $130,000 coupon, registerable as to principal only,
high school bonds, issue of 1940, as 3s, at a price of 100.997, a basis of
about 2.89%. Dated June 1,1950. Denom. $1,000. Due June 1 as follows:
$6,000 from 1941 to 1955 incl.; $8,000 from 1956 to 1960 incl.
Principal
on
ARIZONA
CHANDLER, Ariz .—BOND OFFERING—Sealed bids will be
received
until 7:30 p. m. on June 6, by the Town Clerk, according to report, for the
purchase of $13,500 4% seml-ann. refunding bonds.
It is said that these
bonds will be used to retire general obligation water improvement bonds
due since 1936.
PHOENIX, Arlz.—BOND OFFERING—It is stated by W. O. Glick,
City Clerk, that he will offer for sale on sealed bids at 7:30 p. m. on June 4,
a $78,000 issue of
3%% semi-ann. library building bonds. Dated Oct. 1,
1938.
Denom. $1,000.
Due July 2, as follows: $3,000 in 1941, $1,000 in
1942, $2,000 in 1943, $3,000 In 1944, $1,000 in 1945, $5,000 in 1946, $4,000
In*1947, $5,000 in 1948 and 1949, $3,000 in 1950, $5,000 in 1951, $9,000 in
1952, $10,000 in 1953, $8,000 in 1954, $3,000 in 1955 to 1958. and $2,000
in 1959,
No bids for less than the entire amount of the bond issue will be
(J-D) payable at the Hartford-Connecticut Trust Co., Hart¬
Legality approved by Day, Berry & Howard of Hartford. The pur¬
re-offered the bonds to yield from 0.50% to 2.80%, according to
maturity.
Other bids, also for 3% bonds, were as follows:
Bidder—
Rate Bid
Putnam & Co.
100.625
Cooiey & Co. and R. L. Day & Co
....
Par
and interest
ford.
chasers
ILLINOIS
ALTON
SCHOOL
DISTRICT,
111.—PLANS
BOND
An election will be held shortly to vote on proposed issues
bonds
ELECTION—
of new capita
aggregating $275,000.|
considered, and all bids must offer to pay not less than par and accrued
Interest.
The city will furnish to the purchaser the legal opinion of Chap¬
man & Cutler of Chicago, and ail bids must be so conditioned.
prBERWYN, III.—BONDS NOT SOLD—It is reported that no bids wer.
submitted for an issue of $646,000 not to exceed 3% interest judgment
SAFFORD, Arizona—-MATURITY—It is now reported by the Town
Clerk that the $40,000 municipal building bonds sold to Refsnes, Ely
funding bonds offered May 21.
Dated Jan. 1, 1940.
Denom.
Due Jan. 1 as follows: $26,000 in 1944; $35,000,1945 to 1950 incl.;
Beck & Co. of Phoenix, as 3s, at 100.729, as noted here—Y. 150, p. 3085—are due $2,000 on Feb. 1 in 1942 to 1961,
giving a basis of about 2.92%.
$1,000*
$40,000»
1951 to 1959 incl. and $50,000 in 1960.
Prin. and int. (J-J) payable at
the Continental Illinois TNational Bank & Trust Co., Chicago.
Legality
approved jby Chapman jac Cutler of Chicago
~
(
III.—BONDED DEBT CUT $31,000,000
beeen cut from $127,138,306 six years ago
to $96,388,210 at the close of last year, or an average annual reduction of
.$5,125,016, it is shown in figures recently given out by R. J. Dunham,
President of the board of park commissions, who was just re-elected to
head the board another year.
He has served continuously since 1934.
CHICAGO PARK DISTRICT,
ARKANSAS
—Debt of the park district has
BONDS
Markets in all State, County & Town Issues
111.—BOND SALE NOT CONSUMMATED—Failure
May 7 election nullified the sale
water revenue bonds to Lewis, Pickett &
to*
SI
J*
GREENVILLE,
of the voters to authorize the issue at the
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIE, MO.
last December of $32,000 3H%
Co. of Chicago. | *
m
,
Ill—BONDS SOLD—Lewis, Pickett & Co .'of Chicago
**OQUAWKA.
purchased an issue of $66,000 4% electric light plant and system
revenue certificates of indebtedness.
Dated Jan. 1,1940.
Denom. $1,000.
Due Jan. 1 as follows: $1,000, 1944 and 1945; $2,000, 1946 to 1948 incl.;
$3,000, 1949 and 1950; $4,000, 1951 to 1953 incl.; $5,000, 1954 and 1955,
and $6,000 from 1956 to 1960 incl.
Callable on any interest payment date
on 30 days' notice at par and accrued interest in inverse numerical order.
Prin. and int. (J-J)) payable at the Continental Illinois National Bank &
Trust Co., Chicago.
Legality approved by Chapman & Cutler of Chicago.
have
ARKANSAS
BATESVILLE, Ark.—BONDS SOLD—It is reported that $7,000 fire
equipment bonds
were purchased on
Co. of Batesville at a price of 102.00.
May 16 by the Citizens Bank & Trust
PEACH
ORCHARD
TOWNSHIP
(P.
O.
Melvin),
III.—BONDS
DEFEATED—At the election on May 11 a proposal to issue $7,000 high¬
California
Municipals
way
improvement bonds was defeated.
INDIANA
BANKAMERICA COMPANY
San Francisco
Los Angeles
New York Representative
62 Wall St.
Telephone WHltehaU 3-3470
CASS TOWNSHIP (P. O. Dugger , Ind
Chowning, Trustee, will receive sealed bids until
BERKELEY, Calif.—BONDS OFFERED—Sealed bids were received
May 24, by Florence E. Turner, City Clerk, for the purchase of
$125,000 not to exceed 3% semi-ann. civic center bonds.
Due $25,000 on
June 1 in 1941 to 1945, incl.
These bonds were approved by the voters at
the election held on May 7.
BURBANK, Calif.—BOND OFFERING DETAIL—In connection with
scheduled for June 4 of the $350,000 power plant bonds, noted
on May
11—V. 150, p. 3085—it is now reported that the legality of
the bonds will be approved by Gibson, Dunn & Crutcher of Los
Angeles.
the offering
here
CALIFORNIA, State of—WARRANTS OFFERED—Bids were received
.^ate Controller, until 11 a. m. on May 24, for the purchase of
£7
$1,983,408 registered warrants
for general fund purposes.
The issue is
May 29 and is expected to be called for retire¬
Outstanding warrants now total $102,958,387,
of which $21,444,406 is expected to be retired about May 28.
to be dated and delivered
ment about May 28, 1941.
FRESNO, Calif.—BOND SALE— The $165,000 coupon semi-aim. city
hall bonds offered for sale on May 23—V. 150, p. 3085—were awarded to
Kaiser & Co. of San Francisco, for a premium of $17, equal to 100.01, a
net interest cost of about
1.965%, on the bonds divided as follows: $50,000
lHs, due on July 1, 1941; the remaining $115,000 as 2s, due on July 1:
$11,000 in 1942, and $13,000 in 1943 to 1950.
as
Sullivan.
of 1 %.
accompanied
1959 incl.
Prin. and int. (J-J) payable at the Sullivan State Bank,
Bidder to name a single rate of interest, expressed in a multiple of
by
until
O.
Purchase of 1, 1940. not to exceed 4%Due $3,500 on July 1 froni 1950 to
>ated July $35,000
interest coupon school aid bonds.
Denom. $500.
of the civil township and bids must be
certified check for 5% of the iss
"
/
Bonds are the obligation
CALIFORNIA
E
10 a. m. on June 15 for the
a
EVANSVILLE. Ind.—BOND SALE—The $150,000 unlimited tax airport
improvement bonds offered May 21—V. 150, p. 2765—were awarded to
the Harris Trust & Savings Bank of Chicago, as 2Hs, at par plus a premium
of $2,354, equal to 101.569, a basis of about 2.31%.
Dated Jan. 1, 1940
and due Jan. 1
as
1951
$8,000 from 1941 to 950 incl. and $7,000 from
i»Haisey,tStuart & Co., second high bidder, offered
m
k5 '
-
follows:
to 1960 incl.
100.558 for 2Ms.
FUGIT TOWNSHIP SCHOOL TOWNSHIP (P. O. R. D. F. No. 8,
Greensburg), Ind.—BOND OFFERING—Willim C. Gauck, Trustee, will
12 for the purchase of $7,000 3%
school bonds.
Dated June 15,1940. ■ Denom. $700.
Due $700 on June 15
and Dec. 15 from 1942 to 1946 incl*
interest J-D.
A certified check
for $100, payable to order of the Trustee, is required.
**
receive sealed bids until 10 a. m. on June
INDIANAPOLIS SCHOOL CITY, Ind.—BOND OFFERING—A. B.
Good, Business Director of Board of School Commissioners, will receive
sealed bids until 12:15 p. m. (CST) on June 4 for the purchase of $21,000
not to exceed 5% interest coupon building bonds.
Dated June 10, 1940.
Due July 1 as follows: $2,000 in 1941 and 1942; $1,000,
1943; $5,000 in 1944 and $11,000 in 1945.
Bidder to name a single rate
expressed in a multiple of H ot 1%.
Principal and Interest
(J-J) payable at office of the Treasurer of the Board of School Commis¬
sioners.
The bonds are payable from unlimited ad valorem taxes on all
of the school city's taxable property.
Legality of issue to be determined
Denom. $1,000.
of interest,
Volume
The Commercial
ISO
byTthe purchaser.
Bidder must submit offer on bid blank.
A certified
check for 3% of the bonds bid for, payable to order of the Board of School
Commissioners, must accompany each proposal.
MUNCIE, Ind.—BOND OFFERING—John D. Lewis, City Comptroller,
10 a. m. on May 31, for the purchase of $19,000
to exceed 4>6% interest series B of 1940 refunding bonds.
Dated
June 15, 1940.
Denom. $500.
Due Dec. 15, 1949.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1%.
The bonds are
being issued to refund June 1 and June 15 maturities and will be direct
obligations of the city, payable out of unlimited ad valorem taxes to be
levied on all of the city's taxable property.
A certified check for $500,
payable to order of the city, must accompany each proposal. Legal opinion
of Matson, Boss, McCord & Ice of Indianapolis will be furnished the success¬
will receive sealed bids until
not
ful
bidder,
O. Falmo"th), Ky.—BONDS OFFERED—Sealed bids were received until 1 p. m.
May 23, by R. A. Thompson, Secretary-Treasurer, for the pin-chase of
$50,000 3H% coupon semi-ann. first mortgage bonds.
Dated May 1,
1940.
Denom. $1,000.
Due May 1, as follows: $2,000 in 1942 to 1947,
$3,000 in 1948, $2,000 in 1949, $3,000 in 1950, $2,000 in 1951, $3,000 in
1952 to 1958, and $6,000 in 1959, subject to prior redemption on any
interest due date upon 30 days' notice, but only in the inverse order of
maturities at par, plus a premium of 4% plus accrued interest if the re¬
demption occurs during the first five years from May 1, 1940 and on similar
terms thereafter except that if the redemption occurs during the second
rive years from the date the premium shall be 3 %, if the redemption occurs
during the third five years from the date the premium shall be 2%, and if
the redemption occurs thereafter the premium shall be 1%.
PENDLETON
DAVENPORT, Iowa—BOND OFFERING— It is stated by
F. A. Hess,
City Clerk, that sealed bids will be received until 2 p. m. (CST) on June 6
purchase of an issue of $1,100,000 bridge revenue refunding bonds.
Interest rate is not to exceed 2J^%, payable M-N.
Denom. $1,000.
Dated June 1, 1940. j Due as follows: $40,000 on Nov. 1 in 1941 to 1950,
and $700,000 on May 1, 1960.
The bonds of this issue which mature on
May 1, I960 may be redeemed, when selected by lot, on any interest pay¬
ment date from moneys in the sinking fund for the bonds of this issue
not required for paying (a) the interest payable on such interest payment
date on all of the refunding bonds which shall then be outstanding, (b) the
principal, if any, maturing on such interest payment date, (c) the inter¬
est payable on the next succeeding interest payment date on all of the re¬
funding bonds which shall then be outstanding, and (d) the next matur¬
ing instalment of principal of refunding bonds which mature on or before
Nov. 1, 1950.
Such redemption may be made upon 30 days' notice by
payment of the principal amount of the bonds to be redeemed and accrued
interest, together with a premium of 3% if redeemed on or prior to May 1,
1946, 2% if redeemed thereafter and on or prior to May 1, 1951, 1% if re¬
deemed thereafter and on or prior to May 1, 1966, and without premium if
redeemed thereafter.
Rate of interest to be in a multiple of
of 1 %, and
must be the same for all of the bonds.
Principal and interest payable at the
Chase National Bank, New York.
The bonds will be subject to registration
in the names of the holders as to principal alone and also as to both prin¬
cipal and interest.
No bid of less than par and accrued interest will be
considered.
The bonds now offered, if awarded, will be delivered and pay¬
ment therefore made at the Davenport Bank & Trust Co., on or about June
17, and the proceeds of the bonds will be deposited in trust with the Daven¬
port Bank & Trust Co., as trustee, for the purpose of enabling the bank to
call all of the outstanding bonds for redemption on Aug. 1, 1940, in accord¬
ance with
the terms of the trust indenture securing such outstanding
bonds.
The amounts required in addition to the proceeds of the bonds for
paying the redemption premium on the outstanding bonds and the interest
payable thereon Aug. 1, 1940, will be paid from the sinking fund for the
outstanding bonds and will be deposited in trust for the purpose of making
such payments: any balance remaining in the sinking fund for the outstand¬
ing bonds, after making the foregoing payments, will be transferred to the
sinking fund for the bonds now offered.
The bonds are to be issued by the
city to provide funds, with other moneys in the sinking fund available for
such purpose, for redeeming all of the outstanding $1,055,000 bridge re¬
funding, 4% bonds, dated Feb. 1, 1934, maturing Feb. 1, 1954, and re¬
deemable on Aug. 1, 1940, at par plus a premium of 4%.
The principal
and interest of the bonds now offered will be payable solely from the net
revenues of the Davenport Bridge commonly known as the Iowa-Illinois
Memorial Bridge.
The bonds will be secured by a trust indenture to be
executed by and between the city and the Davenport Bridge Commission,
and the Davenport Bank & Trust Co., as trustee, and the trust indenture
securing the bonds now offered will contain substantially the same provisions
and covenants as the trust indenture securing the bonds to be refunded.
purchaser will be furnished with the approving opinion of Masslich &
Mitchell of New York, without charge, and will not be required to bear the
expense either of printing the bonds on steel engraved borders or of print¬
ing the indenture securing the bonds.
Bids are required on forms to be
furnished by the City Clerk.
Enclose a certified check for $20,000, pay¬
The
able to the city.
MONROE, Iowa—MA TURITY—It is stated by the Town Clerk that
works bonds sold to the Monroe State Bank as
due on June 1 as follows:
the $28,000 refunding water
2s, at 100.21, as noted here^—Y. 150, p. 3240—are
$2,000, 1941 to 1948, and $3,000, 1949 to 1952,
1.97%.
giving a basis of about
(P.
on
WALTON, Ky.—BOND OFFERING— Sealed bids will be received
(CST), on May 29, by D. H. Vest, Town Clerk, for the purchase
semi-ann. water works revenue refunding bonds.
Dated
Due Jan. 1, as follows: $500 in 1941 to 1945, $1,000 in
1946 to 1955, $1,500 in 1956 to 1959, and $2,000 in 1960 to 1965.
The bonds
may be called for payment in reverse order of numbering on and after Jan.
1, 1945.
The bonds will be ready for delivery to the purchaser on June 29,
and the purchaser may use either of the following options in payment of
his bid: (1) He may pay the entire amount of his bid in cash and receive
from the town the entire issue of the bonds, being 61 in number and each in
the denomination of $500, and the town will use the fund thus paid by
the purchaser for the retirement of the present outstanding bonds of the
same amount as and when they shall severally be presented for payment on
and (or) after July 1, 1940: or (2) the purchaser may, if he prefers, deposit
in escrow the amount of his bid with the Dixie State Bank, Walton, and the
town will simultaneously deposit in escrow with the bank the bonds to be
sold and delivered, and on and after July 1, the bank under the direction
of the purchaser will pay for the present outstanding bonds as and when
presented for payment, and deliver to the purchaser in numerical order a
corresponding number of the bonds proposed to be sold.
The bonds are
issued for the purpose of retiring the same amount of similar bonds now
outstanding.
A transcript of the proceedings of the town authorizing the
sale of the bonds will be furnished to the purchaser free of cost, and there
will also be furnished free to him, before delivery of the bonds, the written
of $30,500 4%
Jan. 1, 1940.
legal opinion of Chapman & Cutler, of Chicago, as to the validity
bonds.
Enclose a certified check for $1,000, payable to the town.
SHENANDOAH, Iowa—BOND OFFERING—It is reported that bids
until May 29, by Mayor Paul Ambler, for the purchase of
will be received
$13,000,000 swimming pool bonds.
-
'
DISTRICT (P. O. Urbandale) Iowa—BOND OFFERING—It is reported that bids will be received
until May 27, by the District Secretary, for the purchase of $15,000 building
URBANDALE INDEPENDENT SCHOOL
It is reported that the voters approved the issuance of $85,000 in
School District building bonds at an election held on May 14.
La.—BOND OFFERING—Sealed bids will be received
by Allen R. Lecompte, City Clerk, for the purchase
exceed 6 % semi-annual street improvement bonds.
Dated
July 1, 1940.
Denom. $500.
Due July 1, 1941 to 1954.
Prin. and int.
payable at the office of the Commissioner of Finance.
These bonds were
authorized at an election held on Jan. 23.
A certified transcript and theapproving opinion of Frank E. Powell, of De Ridder, as to the legality of
the bonds will be furnished the purchaser.
Enclose a certified check for
not less than $1,500, payable to the city.
DE
RIDDER,
of $66,000 not to
SEWAGE DISTRICT NO. 3
OFFERING—It is stated by L. Paul.
sealed bids until
of not to exceed
4H% semi-annual sewer bonds.
Dated Oct. 1, 1939. Denom. $1,000.
Due Oct. 1, as follows:
$1,000 in 1940, 1942, 1944 and 1948, $2,000 in1949, $1,000 in 1950, $2,000 in 1951, $1,000 in 1952, $2,000 in 1954 and
1955, $1,000 in 1956 and 1957, $2,000 in 1958 and 1959, $1,000 in 1960,
$2,000 in 1961, $1,000 in 1962
$2,000 in 1963 to 1966, $3,000 in 1967,
$2,000 in 1968 and 1969, $3,000 in 1970 to 1972, $4,000 in 1973, $3,000
in 1974 and 1975, $4,000 in 1976 and 1977, $5,000 in 1978, and $4,000 in
1979. These bonds are part of an issue of $195,000 authorized at an election
held on June 20, 1939.
A certified transcript, and the approving opinion
of Chapman & Cutler of Chicago, will be furnished the purchaser.
Enclose
a certified check for $1,000, payable to E. L. Gass, President Police Jury.
WASHINGTON PARISH (P. O. Franklinton) La.—BOND OFFER¬
ING—Sealed bids will be received by L. C. Bateman, Secretary of the
Parish Police Jury, until 11 a. m. on June 14, for the purchase of $15,000
5% annual improvement bonds.
Denom. $1,000. Dated June 1, 1940.
,
F-A.
MASSACHUSETTS
HOPKINSVILLE, Ky.—BOND OFFERING—It is reported that sealed
until 10 a. m. on May 27, by the City Clerk, for the
following 3semi-annual water revenue
bonds ag-
Due in from 1 to 30 years.
i
250,000 series B bonds.
Due in 30 years.
The series B bonds are callable in 7 years,
but only in the event that
and the series A bonds in 20
all of the series B bonds have been retired.
KENTUCKY, State of—WARRANT CALU-lt is reported by Ernest
E. Shannon, State Treasurer, that he is calling for payment on June 1,
1K%, State of Kentucky, Series No. 1, warrants Nos. 2,463 to 2,860
issued lVd[<iiF 1 1939«
After payment of the above warrants the State will have outstanding
$5,757,000 in uncalled interest-bearing warrants as compared to $6,125,642.40 last June 30.
However, on the treasurer's books appears $357,000
in outstanding warrants called and no longer bearing interest, but not
presented for payment.
Such warrants are paid as presented.
PAINTSVILLE,
Ky.—BONDS SOLD—It is stated by the City Clerk
bonds were purchased on May 6 by
Co. of Cincinnati, as 3M», paying a premium of $139.90
$120,000 water works revenue
Nelson, Browning &
equal to 100.116, a basis of about 3.24%.
Dated May 1, 1940.
May 1 as follows: $5,000, 1941 to 1947; $6,000, 1948 to 1953, and
1954 to 1960, but with the option reserved to redeem any of the
Due on
$7,000 in
bonds as
May 1, 1942, on any interest-paying date prior to
be outstanding on
maturity at a decreasing scale of 105 to 101.,
Denom. $1,000.
Prin. and int. (M-N) payable at the Second National
Bank of Paintsville, or the Fidelity & Columbia Trust Co. of Louisville,
may
Legality approved by
Chapman & Cutler of Chicago.
bidder, named a rate
of 0.27%.
•;
BOSTON, Mass.—NOTE SALE—The First Boston
was awarded on May 22 an issue of $5,000,000 notes
Corp. of New York
at 0.65% discount,
Nov. 7, 1940. The
and an¬
the award.
plus a premium of $42. Dated May 24, 1940 and due
bankers reoffered a limited portion of the notes to yield 0.50%
nounced their distribution before close of business on day of
^Bidder—
Chase National
;v
Y
0.85%
Premium
$55.00
0.85%
22,.00
JnL Rate
Halsey, Stuart &
bids will be received
National Bank of Boston, at
due $200,000 each on Nov. 22
Bank of Boston, second high
awarded to the Second
0 25% discount.
Dated May 23, 1940 and
and Dec. 20, 1940.
The National Shawmut
1941 to 1965.
.
of $400,000 notes;
NOTE SALE—The issue
offered May 20, was
purchased by Granberry &
CAMPBELLSVILLE, Ky.—BONDS OFFERED TO PUBLIC—& group
composed of Stein Bros. & Boyce, Almstedt Bros., the Bankers Bond Co.,
all of Louisville, and the Security & Bond Co. of Lexington, is offering for
general investment at prices to yield from 2.00% to 3.65%, according to
maturity, a $19,000 issue of 4% school building revenue bonds.
Denom.
$1,000.
Dated Nov. 1, 1936. Due $1,000 on Nov. 1 in 1940 to 1958 incl.
Prin. and int. (M-N) payable at the City Treasurer's office. These bonds
are subject to redemption at the option of the city, on any interest payment
date prior to maturity at 100 and interest plus a premium of
of 1% for
each year or fraction thereof from the redemption date to the stated maturity
date. •/
-VSr'
1
,;:V
Feb. 1.
MAINE
ARLINGTON,
Ky.—BONDS SOLD—It is reported that $95,000
450,000 $700,000:
fregating series A bonds.
Interest payable
MAINE-NEW HAMPSHIRE INTERSTATE BRIDGE AUTHORITY,.
Me.—BOND SALE—Tripp & Co. of New York recently purchased from
the Reconstruction Finance Corporation an issue of $1,769,000 4% bridge
revenue bonds.
Dated Feb. 1, 1939 and due Feb. 1, 1969. interest
Legality approved by Ropes, Gray, Boyden & Perkins of Boston, and
Thomson, Wood & Hoffman of New York City.
WICHITA, Kan.—BONDS SOLD—It is reported that $99,900 refunding
bonds were purchased on May 20 by the Harris Trust & Savings Bank of
Chicago, and Estes, Snyder & Co. of Topeka, jointly, as 1
paying
a price of 100.089, a basis of about 1.73%.
Dated June 1, 1940. Due on
June 1 as follows:
$9,900 in 1941; $10,000 in 1942 to 1950 incl.
BARBOURVILLE,
PARISH
ROUGE
BATON
EAST
(P. O. Baton Rouge), La .—BOND
Amiss, Secretary of the Police Jury, that he will receive
10 a. m. on June 18, for the purchase of a $75,000 issue
KANSAS
4% semi-ann. water revenue bonds have been
Co. of New York, at a price of 101.064. Due in
VOTED—
Haughton
until 4 p. m. on June 10
bonds.
KENTUCKY
of the
LOUISIANA
(P. O. Benton) La.—SCHOOL BONDS
BOSSIER PARISH
Due in three years.
,
OTTUMWA, Iowa—BOND OFFERING—Bids will be received until
May 27, by Alvah C. Orvis, City Clerk, for the purchase of $16,283.32
5% annual special assessment, sewer improvement bonds.
Denom. $500,
one for $283.32.
Dated March 4, 1940.
Interest payable May 1.
that
CORPORATION
unti1
for the
years,
BRIDGE
COUNTY
6 p.m.
IOWA
purchase of the
3395
& Financial Chronicle
Co., Inc—
Bank of New
Hutzler and R. W.
York, Salomon Bros. &
Presspnch & Co.
-
EVERETT, Mass.—NOTE OFFERING—Emil W. Lundgren, City Treas¬
urer, will receive bids until 11 a. m. (DST) on May 27 for
at discount of $500,000 revenue anticipation notes of 1940. Dated
27
1940.
Denoms. $25,000, $10,000 and $5,000. Due $250,000
on
Feb
27 and April 2, 1941.
Notes will be authenticated as to genuineness
and'validity by the National Shawmut Bank of Boston, under advice
the Purchase
May
each
of
Storey,
Thorndike, Palmer & Dodge
of Boston.
Mass.—NOTE SALE—The First National Bank of Boston was
awarded on May 22 an issue of $400,000 notes at 0.58% discount.
Due
$200,000 each on March 6 and March 20, 1940.
Other bids: Leavitt
LYNN
Co., 0.59%;
Security Trust Co. of Lynn, 0.605%;
National Bank of Lynn, 0.639%.
&
Day Trust Co., 0.62%;
Manufacturers
OFFERING—J. Howard Hughes, City Trea¬
until noon (DST) on May 28 for the purchase
municipal relief bonds. Dated June 1, 1940. Denom.
$1 000
Due $14,000 on June 1 from 1941 to 1950 incl.
Bidder to name
one rate of interest in a multiple of M of 1%.
Principal and interest (J-D)
payable at the First National Bank of Boston.
The bonds are unlimited
tax obligations of the city and the approving legal opinion of Ropes, Gray,
Boyden & Perkins of Boston will be furnished the successful bidder.
MALDEN, Mass.—BOND
will receive sealed bids
surer
of $140,000 coupon
OFFERING—Timothy J. Crowley,
11a. m, (DST) on May 28 for the
anticipation notes. Dated
each on Feb. 14, March 14,
April 15 and May 15, 1941. Notes will be authenticated as to genuineness
and validity by the First National Bank of Boston, under advice of Storey,
NEW
BEDFORD, Mass.—NOTE
wil receive bids until
City Treasurer,
purchase at discount of $1,000,000 revenue
Mav 29 1940.
Due in instalments of $250,000
Thorndike,
Palmer & Dodge
of Boston.
NORTHAMPTON, Mass.—BOND OFFERING—Albina L. Richard,
City Treasurer, will receive sealed bids until 5 p. m. (DST) on May 27
for the purchase of $26,000 coupon high school bonds. Dated June 1,1940.
Denom. $1,000.
Due June 1 as follows:
$2,000 from 1941 to 1946 incl.
and $1,000 from 1947 to 1960 incl.
Bidder to name the rate of interest
in multiples of X of 1%.
Principal and interest (J-D) payable at
Merchants National
Palmer &
Bank of Boston.
Dodge of Boston
the
Throndike,
successful bidder.
Legal opinion of Storey,
will be furnished the
The Commercial & Financial Chronicle
3396
STONEHAM, Ma...—NOTh OFFERING—Bids will be received until
noon on May 27 for the purchase at discount of $100,000 notes, payable
Dec. 2. 1940.
W1NCHENDON, Mass.—NOTE SALE—The Second National Bank of
was awarded on May 17 an issue of $60,000 revenue notes at
0.397%
Due April 15, 1941.
The National Shawmut Bank of Boston,
second high bidder, named a rate of 0.41%.
1940
25,
COUNTY (P. O. Meadville), Miss.—BONDS SOLD—
that $12,500 3% semi-ann. funding bonds have been pur¬
T. Allen Co. of Hazlehurst.
Dated Jan. 1, 1940.
FRANKLIN
-
Boston
It is reported
discount.
chased
by the Max
HANCOCK
COUNTY
(P.
O.
Bay St. Louis), Miss.—BOND SALE
DETAILS—It is now reported that the $200,000 4M% road and seawall
MICHIGAN
bonds sold to Wolking, Rogers & Crowell of Orlando, at par, as noted here
—V. 150, p. 3241—are dated May 1,1940, and mature in 1941 to 1960, incl.
It is also stated that the $75,000 (not $75,999) 5% road protection bonds
BLOOMFIELD, TROY, ROYAL OAK, AND SOUTHFIELD TOWNFRACTIONAL SCHOOL DISTRICT NO. 1 (P. O. Birming¬
SHIPS
ham), Mich.—TENDERS WANTED—John H. Rosso, District Secretary,
will receive sealed tenders of 1936 refunding bonds, series A to E
incl.,
dated March 2, 1936, until 4 p. m. on May 28.
Offerings should be firm
for eight days and fully describe the securities tendered for sale.
BURTON TOWNSHIP SCHOOL DISTRICT NO. 5
sold to the same firm, at
Mich.—BONDS PURCHASED—Reporting
are
dated May 1,
JACKSON
SEPARATE
SCHOOL
DISTRICT
(P.
O.
Jackson)
is stated by D. W. McGehee,
City Auditor, that the $479,500 school of 1940 bonds scheduled for sale
on May 21—V. 150, p. 3088—were not awarded, the offering being post¬
poned due to unfavorable market conditions.
Dated June 1, 1940. Due
Miss.—BOND SALE POSTPONED—It
(P. O. 618 Judd
dearborn township school district no. 8
102.50, as noted in the same issue,
1940, and mature in 1941 to 1950.
Road, R. F. D. No. 2, Flint), Mich.—TENDERS WANTED—Nels E.
Aegesen, District Treasurer, will receive sealed tenders of District bonds
until 8 p. m. (EST) on May 25.
ster),
May
May 20—V. 150, p. 3241—were awarded as 3 Ms, for a premium of $25
equal to 100.208, a basis of about 3.72%, according to the Superintendent
of schools. Due $500 in 1941 to 1944, and $1,000 in 1945 to 1954, all incl.
June 1 in 1941 to 1955 incl.
on
,
COUNTY (P. O. Monticello) Miss.—BONDS SOLD—
Clerk of the Chancery Court that $34,000 4% semi-ann.
county-wide road refunding bonds have been purchased by the Leland
Speed Co. of Jackson.
Dated Feb. 1, 1940.
LAWRENCE
(p. o. Ink-
call for tenders of
1936 series A refunding bonds and certificates of indebtedness dated Jan. 1,
1936, Mrs. Ruby Dickison, Treasurer of the Board of Education, advises
that two bonds were purchased at a price of 95; two at 96; two at 97; two
at 98; and par was paid for the certificates tendered.
It is stated by the
on
PASCAGOULA, Miss.—BONDS OFFERED TO PUBLIC—A $360,000
of 6% gas revenue bonds is being offered by Wolking, Higgins &
of Orlando, for general investment.
Denom. $1,000.
Dated
April 1, 1940.
Due on April 1 as follows:
$10,000 in 1942 and 1943;
$15,000 in 1944; $20,000, 1945 and 1946; $25,000, 1947 to 1950; $30,000,
1951; $35,000, 1952, and $40,000 in 1953 to 1955.
Prin. and int. (A-O),
payable in N. Y. City.
issue
DETROIT,
Mich .—OFFERINGS
WANTED—Donald
Slutz,~City
Comptroller, will receive sealed offerings until 10 a. m. (EST) on May 28
Crowell
130,000 for the 1 p. m. the following day) under the the amount of about
ito be firm until Water Board Sinking Fund,of bonds in following conditions:
If callable bonds are offered at a premium:
(a) when the interest rate is
4M% or higher, the yield shall be computed to the first call date; (b) when
the interest rate is less than 4 M % the yield shall be computed to the third
call
B-l
C-l
C-2
15—Public building, series A, 4M%. aggregating $830,000.
Due Jan, 15, 1963.
Park and playground, series A, 4M%.
aggregating $2,199,000.
Dated
Jan. 15, 1933.
Due Jan. 15, 1963.
2n,A?£oJL~"£ubIJ?
sewer, series A, 4M%, aggregating $5,000.
Due Feb. 1,1963.
widening, series D, 4M%. aggregating $4,920,500.
Due Aug. 1, 1962.
Feb^A6?t939^DteUCF^bh<^»1:
^
1939.
Due Feb. 16, 1964.
,
1, 1933.
On
an
average yield of
Dated
a24,500
incl.)
1591 to 1691, incl.
H-l
1693 to 1699, incl.
1709 to 1819, incl.,
b219,000
H-2
1820 to 1901, incl.
b82,000
al25,500
b $1,000.
$500;
bonds being the outstanding remainder of an issue of
TUNICA COUNTY (P. O. Tunica), Miss.—NOTE SALE
DETAILS—
Co.
of Memphis,
at
100.20,
as
noted here—V. 150, p. 3241—are
1 in 1941 to 1945, giving a
dated May 1, 1940, and mature $7,000 on May
basis of about _1.43%.
aggregating
bonds
a
1553 to 1590,
a61,000
a7,000
a30,000
a63,500
,
It is stated by* the Attorney for the County that the $35,000 1M% semi¬
annual school building notes soldtto the Union Planters National Bank &
Trust
he city
Purchasedpurchased callable refunding bonds
for the City Retirement System at
G-2
b55,000
$1,239,000,
4% general refunding bonds of the county, dated July 1, 1936.
Under the
provisions of the resolution pursuant to which the bonds were issued, the
Board of Supervisors shall purchase bonds tendered at the time aforesaid
at the lowest price or prices, provided that such bonds are tendered at a
price of less than par and accrued interest.
Dated April
1—Hamtramch School Dist. No. 6, series A,
5%
Dated June 1. 1933.
Due June 1, 1954.
BONDS PURCHASED—A total of $100,000 non-callable
a30,500
/574 to 691, incl. 1
1697 to 829, incl.)
Denominations:
Dated Feb. 16,
Due April 1, 1963.
Dec.
$30,000.
1411 to 1496, inclr.l
1499 to 1539, incl. I
1540 to 1550, incl.
a9,000
514 to 573, incl.
The
Dated June
—p.ublic sewer, series A, 6%, aggregating $5,000.
G-l
924, incl.\a$152,500
1351 to 1354, incl. J
332 to 377, incl./
378 to 499, incl.
500 to 513, incl.
D-3
W'800' Dat«>
..JlJPbli-£ scboo!. series A-l, 4M%. aggregating $3,200.
1355 to 1397, incl.
1399 to 1410, incl.
/314 to 328, incl. 1
C-3
D-l
D-2
following shows the bonds
July
Street
F
296 to 313, incl.
Dated Jan. 15,1933.
Feb. 1, 1933.
D-5
1 935 to 1144, incl.)
1145 to 1276, incl.
bl32,000
1277 to 1348, incl. 1
b76,000
259 to 295, incl.
16, 1964, with redemption dates ranging from July 15, 1940 to Dec.
1,1940.
30, 1933.
/ 830 to
E
244 to 256, incl.
B-3
D-4
a68,500
116 to 155, incl
156 to 242, incl.
B-2
Amount
Bond. Nos.
Series
Amount
a$12,000
a,33,000
al2,000
a20,000
25, incl.
91, incl.
92 to 115, incl.
26 to
A-2
Feb.
™
Bond Nos.
2 to
A-l
BONDS CALLED FOR PAYMENT—City Controller Donald Slutz has
called for redemption $7,997,500 aggregate principal amount of
refunding
bonds.
The issues called comprise Street Widening, Park and
Playground,
Public Building, Public Sewer and School bonds, due from June 1, 1954 to
On
O.
Charleston),
Miss.—BOND
Mrs. L. N. Henry, Clerk of the
described bonds of the county, as follows:
Series
maturing beyond 1959 will be accepted.
The city reserves the right on bonds purchased, which are delivered
subsequent to June 5, 1940, to pay accrued interest up to that date only.
DESCRIPTION OF BONDS CALLED—The
on the various redemption dates:
(P.
INVITED—It is stated by
of Supervisors, that she will receive sealed tenders until June 1,
at 10 a.m., for the purchase by the county of any or all of the outstanding
Board
Offerings shall show the purpose, the rate of interest, date of maturity, the
dollar value and the yield.
Offerings will be accepted on the basis of the
highest net yield to the city, as computed from the dollar price.
No bonds
to be redeemed
COUNTY
TALLAHATCHIE
TENDERS
date.
If bonds are offered at par or less than par; yield shall be computed to the
date of maturity.
The yield on non-callable bonds shall be computed to
the date of maturity.
All offerings shall be in writing and shall be sealed.
were
MISSOURI
an average to $280,821.49 at
yield of 3.4874%.
amounting
'
3.419%.
KANSAS
FENTON, Mich.—BOND OFFERING—Walter M. Conrad, Village
Clerk, will receive sealed bids until 8 p. m. (EST) on June 3 for the purchase
$36,000 not to exceed 5% interest coupon general obligation Bonds.
Dated March 31, 1940.
Denoms. $1,000, $500 and $100.
Due $3,600 on
CITY, Mo.—BOND OFFERING—We are informed by Horace
R. Mc Morris, Director of Finance, that he will receive sealed bids until
2 p. m. on June 10, for the purchase of a $650,000 issue of public improve¬
ment refunding bonds.
Dated July 1, 1940.
Due on July 1 in 1941 to
1960, incl.
Interest rate to be specified by the bidder, multiples of X of
1%. No bid isfto be for less than par and accrued interest. Legal opinion
in
of Bowersock,
of
March 31 from 1942 to 1951 incl.
Rate or rates of interest to be expressed
multiples of M of 1%.
Principal and interest (Mar. 31 and Sept. 30)
payable at the State Savings Bank of Fenton.
Bonds are
payable from
unlimited ad valorem taxes on all of the
village's taxable property.
A
certified check for 2% of the issue, payable to order of the
Village Treasurer,
is required. Bids
shall be conditioned upon the
approving le?al opinion of
Miller, Canfield, Paddock & Stone of Detroit, cost of which will be paid for by
village.
Cost of printing the bonds also will be borne by the village.
homestead township fractional school district
7 (P. O. Honor), Mich.—BOND SALE
DETAILS—The $12,000
Fizzell & Rhodes of Kansas City.
_
CHARLES, Mo.-MATURITY—It is stated by the City Clerk
that the $51,000 1% % semi-annual water works refunding bonds sold to the
Mercantile-Commerce Bank & Trust Co. of St. Louis, at 100.97, as noted
here—V. 150, p. 2767—are due on April 1 as follows:
$3,000 in 1941;
$4,000, 1942 and 1943; $3,000 in 1944; $4,000, 1945 to 1948; $5,000in 1949;
$4,000, 1950; $5,000. 1951; $4,000, 1952, and $3,000 in 1953, giving a basis
of about 1.61%.
ST.
NO.
MONTANA
.55, a basis of about 3.09%—V. 150,
& Better of Detroit.
The one other
from Paine, Webber & Co.
I MUSKEGON, Mich.—NOTE SALE—An
ticipation notes
was
••GALLATIN COUNT^KP. O. Bozeman), Mont.— MATURITY—It
issue of $15,000 1% tax
an¬
sold to the National Lumberman's Bank of
Muskegon.
Due March 31, 1941.
here—V.
^STRICT no. 4 (P. O. Box
940,
Route 3,
Hazel Park),
Mich.—
TENDERS WANTED—Leonard R. Maker, District
Secretary, will receive
tenders of certificates of
indebtedness, dated July 1, 1938, until
sealed
h.",/?1* (EST1) on May 24.
certificates.
WARREN
About $1,200 is available for the purchase
of
MINNESOTA
y°®eo8e«£ April 20, will be sold to the State:
basis of about 1.63 %.
„
State of—BONDS SOLD BY RFC—It is reported that
$259,000 4% semi-annual insane asylum revenue bonds were purchased
recently from the Reconstruction Finance Corporation by Brown, Schlessman, Owen & Co. of Denver, Ferris & Hardgrove of Spokane, and Boettcher
& Co. of Denver, jointly.
MONTANA,
PLENTYWOOD,
Mont.—BOND OFFERING—Sealed bids will be
17, by Floyd Willard, City Clerk, for the
received until 8 p. m. on June
Eurchase of $15,000 not to exceed 6% semi-ann. street the entire issue may
>ated July 1, 1940.
If amortization bonds are sold improvement bonds.
be put into
cil
may
one'single bond oridivided into several bonds, as the City Coun¬
upon at the time of sale, both principal and interest
determine
be payable semi-annually in installments during a period of 10 years
from the date of issue.
If serial bonds are issued and sold they will be in
to
the amount of
and
a
$1,500 each;
similar amount
the bonds
on
one
the
of the bonds being payable on July 1, 1941,
day each year thereafter until all of
same
paid, unless the bonds shall be previously redeemed.
The
bonds, whether amortization or serial, will be redeemable in full on any
interest payment date from, and after five full years from the date of issue.
The bonds will be sold for not less than their par value with accrued in¬
terest, and all bidders must state the lowest rate of interest at which they
will purchase the bonds at par.
Enclose a certified check for $1,500, pay¬
able to the City Clerk.
are
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 17 (P. O. Culvert,
son), Mont.—BOND SALE—The $18,540 coupon semi-annual refunding
bonds offeredjfor/sale on May 17—V. 150, p. 2767—were purchased by the
State Board of Land Commissioners, as 3 Ms, at par, according to the
District Clerk.
No other bid was received.
f
xr1?^EE^ATIN» Minn.—BONDS TO BE SOLD—It is reported by the
Village Clerk that the following bonds,
aggregating $38,000, approved by
«i
"
TOWNSHIP
SCHOOL
DISTRICT
NO.
7,
Macomb
County, Mich.—BOND OFFERING—Walter Schofield, Secretary of the
Board of Education, will receive sealed bids until
8 p. m. (EST) on June
6 for the purchase of $50,000 not to exceed
5% interest school bonds.
Dated June 1
1940.
Denom. $1,000.
Due July 1 as follows: $15,000 in
1941 and 1942; $10,000 in 1943 and 1944.
Rate or rates of interest to be
expressed in multiples of M of 1%.
Principal and interest (J-J) payable
at the Detroit
Bank, Detroit. A certified check for $1,000 must accompany
each proposal.
District will furnish transcript of proceedings and cost of
printing the bonds and of a legal opinion approving the issue must be paid
for by the successful bidder.
The school district is authorized and required
by law to levy upon all the taxable property therein such ad valorem
taxes
as may be
necessary to pay the bonds and interest thereon, within the
limitations prescribed by Section 21 of Article X of
the Constitution of
Michigan.
In 1938 the district voted an increase of 10 mills; the limitation
for the years 1940 to 1943 inclusive is
25 mills for all purposes.
in 1941 to
fefli
150, p. 3242—are due on June 30 as follows: $17,000
1947. and $19,000 in 1948. giving a
an5 troy townships fractional school
is
stated by the County /Treasurer that the $138,000 refunding bonds sold to
the United States Nationa1 Bank of Denver, as 1%b at 100.507, as noted
$32,000
sewage
disposal
plant, $3,500 sidewalk construction, and $2,500 curb and
gutter bonds.
MISSISSIPPI
NEBRASKA
SOLD—It is stated by the Town Clerk
3M% semi-ann. electric plant bonds have been purchased
at par by O. B. Walton & Co. of
Jackson.
Dated Aug. 1, 1939.
Due as
follows: $700 in 1940 to
1944; $1,500, 1945 to 1951; $2,000, 1952 to 1954,
and $1,500 in 1955 to 1964.
Legal approval by Charles & Trauernicht
of St. Louis.
CLARKSON, Neb.—BONDS SOLD—It is stated by the Village Clerk
that $22,500 3M% semi-annual street improvement bonds were purchased
on May 16
by the Bank of Clarkson. Dated May 1,1940.
that
$35,000
DE
SOTO COUNTY
(P. O. Hernando) Miss.—BOND OFFERING—
We are informed by J. F.
Conger, Clerk of the Board of County Super¬
visors, that both sealed and open bids will be received until June
5, at
2 p. m., by the said Board, for the purchase of an issue of
$135,000 court
house construction bonds.
Denominations will be $500 or $1,000, to suit
pimchaser.
Dated June 3, 1940.
Bonds are serial, maturing as follows:
$6,000 in 1941 to 1945, and $7,000 in 1946 to 1960, all incl.
Bonds will
not contain optional right of redemption.
FERNWOOD
ernwood)
RURAL
SEPARATE SCHOOL DISTRICT
(P. O
Miss.—BOND SALE—The $12,000 building bonds offered o "
NEW
HAMPSHIRE
W
NASHUA, N. H.—NOTE OFFERING—Alfred O. Poulin, City Trea¬
surer, will receive bids until 11 a. m. (DST) on May 27 for the purchase
at discount of $200,000 current year revenue anticipation notes.
Dated
May 28, 1940 and payable Dec. 30, 1940.
Notes will be authenticated
as to
genuineness and validity by the First National Bank of Boston,
under advice of Storey, Thorndike, Palmer & Dodge of Boston.
■
NEW HAMPSHIRE (State of)—REJECTED BIDS—Following are the
were rejected by the State in connection with the offering o
May 14 of $6,599,000 bonds.
This action was previously reported n
V. 150, p. 3242.
Each group named an interest rate of 2%.
in
bids which
Volume
The Commercial & Financial Chronicle
ISO
Bidder—
Rate Bid
National City Bank, New York; First National Bank, New York;
Harriman Ripley & Co., Inc.; Harris Trust & Savings Bank.
Chicago; 8alomon Bros. & Hutzler; R. L. Day & Co.; First of
Michigan Corp.; Adams, McEntee & Co.; Alexander Brown &
Sons; National Shawmut Bank, Boston; and Weeden & Co.,
jointly
100.8599
Halsey, Stuart & Co.; Laden burg, Thalmann & Co.; Shields & Co.;
Equitable Securities Corp.; F. L. Dabney & Co.; Dougherty,
Corkran & Co.; Kaiser & Co.; Eldredge &
Co.;Stern, Wampler
& Co.; Stern Bros. & Co.; Putnam &
Co.; and Watling, Lerchen
^
___!
& Co., jointly
100.709
Bankers Trust Co., New York; First Boston Corp.; First National
Bank, Chicago; Estabrook & Co.; F. 8. Moseley & Co.; Blair &
Co., Inc.: R. W. Pressprich & Co.; Mercantile-Commerce Bank
Trust Co., St. Louis; E. H. Rollins & Sons; Geo. B. Gibbons
Co., Inc.; B. J. Van Ingen & Co.; Roosevelt & Weigold;
Bacon, Stevenson & Co.; Charles Clark & Co.; Otis & Co.; E.
Lowber Stokes & Co.; and Ballou, Adams & Co., jointly
100.6099
&
HAMPSHIRE
(State of)—NOTE SALE—Eyer & Co. of New
interest, payable in
York purchased an issue of $2,500,000 notes at
0.15%
90 days.
NEW
1, 1940.
Denom. $1,000. Bidder to
name a single rate of
interest, expressed in a multiple of M of 1 %. Principal
and interest (J-D) payable at the State Bank of Albany.
The bonds are
unlimited tax obligations of the county and the purchaser will be furnished
with the
to start of the auction
BEDFORD (P. O. Katonah), N. Y.—BOND OFFERING—Edward P.
Barrett, Town Supervisor, will receive sealed bids until 11:30 a. m. (EST)
May 28 for the purchase of $60,000 not to exceed 4% interest coupon
or registered highway bonds.
Dated April 1, 1940. Denom. $1,000. Due
$15,000 on April 1 from 1941 to 1944 incl.
Bidder to name a single rate
of interest, expressed in a multiple of
}i or 1-10th of 1%. Principal and
interest
A-O) payable at the Mount Kisco National Bank & Trust Co.,
Mount Kisco.
The bonds are general obligations of the town, payable
from unlimited taxes.
A certified check for $1,200, payable to order of
the town, must accompany each proposal. Legal opinion of Dillon, Vandewater & Moore of New York City will be furnished the successful bidder.
BUFFALO, N. Y.—BOND SALE—The issue of $2,500,000 refunding
bonds offered
JERSEY
(P. O. Cape May, C. H.), N. J .—PROPOSED
REFUNDING REJECTED—The proposal to refund $378,000 of callable
refunding bonds was recently rejected by the State Funding Commission
on the
ground that the matter could not be properly consummated in time
to permit the calling of the bonds at the next interest date.
Pointing out
that the call must be issued as of June 1, the Commission declared that there
is not sufficient time in which to
prepare the necessary documents regarding
the proposed refunding.
Co. of Buffalo, and Adams, McEntee & Co., Inc., New York, as 2%s, at a
price of 100.169,
basis of about 2.72%.
Dated June 1, 1940, and due
$50,000 from 1941 to 1945, incl., and $450,000 from
Re-offered to yield from 0.75% to 2.70%, according to
maturity.
Other bids:
Bidder—
Int. Rate
Rate Bid
Halsey,
Other
coupon or
bids:
jnt. Rate
of
100.60
100.125
Par
100.516
Par
100.16
100.34
2%%
2H%
3%
3%
3H%
3M%
Hightstown__
Boland & Co.
M. M. Freeman & Co
HILLSDALE, N. 3.—REFUNDING PROPOSED DEFERRED—The
Funding Commission deferred consideration of the borough's pro¬
posal to issue $69,000 refunding bonds pending submission of additional
State
financial information by the community.
Issue would mature June 1 as
follows:
$13,000, 1941 to 1943, incl.; $2,000, 1944; $3,000, 1945 and 1946;
$4,000, 1947 and 1948; $5,000 in 1949 and 1950 and $4,000 in 1951.
RUJMNEMEDE, N.
Funding Commission
3.—REFUNDING PLAN STUDIED—'The State
May 13 took under advisement the borough's
proposal to issue $335,000 4% refunding bonds.
on
UNION COUNTY (P. O. Elizabeth), N. J.—OTHER BIDS—The
$95,000 hospital bonds awarded to the Union County Trust Co. of Eliza¬
beth, as 2s, at par plus a premium of $152, equal to 100.16, a basis of about
1.979%—V. 150, p. 3242—were also bid for as follows:
Bidder—
Int.
National State Bank of Elizabeth
J. S.
Rippel & Co. and C. A. Preim & Co___
J A. Rippel.Inc
Minsch, Monell & Co. and Dougherty, Corkran & Co
Halsey, Stuart & Co., Inc
Colyer, Robinson & Co
_
Adams & Mueller
Fidelity Union Trust Co. of Newark
Premium
Rate
2,10%
2.20%
2.25%
2.30%
2.40%
2.40%
2.50%
2.50%
,
$165.00
402.50
133.34
28.59
198.55
160.00
594.00
342.00
inc...
2.50%
BOND
&
Co.;
& Co.,
George
B.
Inc.,
Gib¬
F.
W.
Davis &
Reichard
Co.: E. Lowber Stokes & Co.;
Co., and Martin, Burns &
&
ISSUE—It
2.90%
100.339
Phelps, Fenn & Co., Inc.; Marine Trust Co. of
Buffalo; Chemical Bank & Trust Co.: Paine,
Webber & Co.; Mercantile-Commerce Bank &
Trust Co.; C. F. Childs & Co.; Stern, Wampler &
Co.; Boatmen's National Bank of St. Louis; First
of Michigan Corp.; Equitable Securities Corp.,
and R. D. White & Co
v.
100.28
3%
NEWS LETTER ISSUED—Appropos of the above offering City Comp¬
announced that
after careful consideration and con¬
troller Frank Davis
ferences
with many
bond distributors and buyers, his office has decided
periodic news letter.
The first number, dated May 1, 1940,
only one other American city has a better tax payment record
than that of Buffalo.
The $2,500,000 refunding bonds to be sold May 21
constitute the only portion of.the total debt service of $12,410,889 due in
to
issue
a
states that
the fiscal year
beginning July 1\ 1940, which includes $8,348,096 of maturing
bond principal which will not be provided for from tax revenues.
in the current fiscal year amounted to $3,500,000.
In addition,
304.00
subsequently reported
that the above issue had been awarded to M. M. Freeman & Co., Inc. of
Philadelphia, who re-offered the bonds to yield from 0.30% to 1.85%,
according to maturity.
was
July 1, 1940, will be almost $9,000,000, as compared with practically no
such margin two years earlier.
The creation of such a reserve in two years
described as a "record worth talking about."
The $2,500,000 re¬
funding bonds will be sold to mature over a 10-year period, although the
city could legally have spread the debt over a 20-year period.
Mr. Davis
also notes in the new letter that aside from the refunding loan and $500,000
is aptly
work relief bonds (WPA-sponsor's share) which will be purchased by local
sinking funds, the city will not undertake any other financing for a con¬
whole fiscal year of 1940-1941."
siderable period—"perhaps during the
DANSVILLE, N.Y.—BOND SALE—The $70,000 coupon or registered
089—were awarded to the Marine Trust Co. offered May 22—V. White
feneral obligation sewage disposal plant bonds of Buffalo and R. D. 150, p.
& Co. of New York, jointly, as 2^is, at par plus a premium of $188.25,
equal to 100.269, a basis of about 2.47%.
Dated June 1, 1940 and due
June 1 as follows:
$3,000 from 1941 to 1950 incl. and $4,000 from 1951 to
1960 incl. Reoffered to yield from 0.50% to 2.50%, according to maturity.
Other bids:
Int. Rale
B. Gibbons & Co., Inc. and Roosevelt &
Weigold, Inc
2H%
Manufacturers & Traders Trust Co
—2.90%
Sage, Rutty & Co
—
—
2.90%
Genesee Valley National Bank & Trust Co
3%
Blair & Co., Inc.
——
3.20%
CALDWELL
(P. O. Caldwell), N. 3.—BOND OFFERING—
Borough Clerk, will receive sealed bids until 8:30
p. m. (DST) on June 5 for the purchase of $18,000 not tb exceed 4% interest
registered improvement bonds. Dated June 15, 1940. Denom. $1,000. Due
$2,000
W.
on
interest.
Jacobus,
June 15 from 1941 to 1949 incl. Bidder to name a single rate of
Principal and interest (J-D) payable at the Caldwell National
Bank of Caldwell.
will
Approving legal opinion of J. Henry Harrison of Newark
bidder.
A certified check for 2% of the
payable to order of J. Monroe Harrison, Borough Collector,
accompany each proposal.
be furnished the successful
bonds bid for,
must
NEW
VEGAS, N. Mex.—BONDS TO BE SOLD—It is reported by the
City Clerk that the following bonds, aggregating $22,000, approved by the
voters at an election held on
April 2, will be purchased by the State Trea¬
surer:
$5,000 airport; $5,000 street and alley improvement; $4,000 muni¬
cipal building, and $8,000 park bonds.
NEW MEXICO NORMAL UNIVERSITY (P. O. Santa
Fe), N. Mex*
BONDS SOLD—An $85,000 issue of 4% semi-annual dormitory and student
union
building revenue bonds has been purchased by Brown, Schlessman,
Owen & Co. of Denver, and E. J. Prescott & Co. or Minneapolis, jointly.
Dated April 1, 1940.
Due April 1, as follows:
$3,000 in 1942 to 1968,
and $4,000 in 1969, callable at 103 and accrued interest, in the inverse order
of maturities, on April 1, 1950 and any interest date thereafter.
Prin. and
interest payable at the office of the State Fiscal Agent, the First National
Bank of Santa Fe.
Legality approved by Fletcher, Dorsey; Barker,
Colman & Barber of Minneapolis.
MUNICIPAL
DISTRICT
SCHOOL
NO.
-
Government Bonds
YORK
PTALBANY COUNTY (P. O. Albany), N. Y.—BOND OFFERING—
John M. Smith, County Treasurer, will sell at public auction at 11 a. m.
(DST) on May 28 a total of $800,000 coupon or registered bonds to bear
interest at a rate of not more than 5%, and divided as follows:
Due $100,000 on June 1 from 1941 to
1944 incl.
Due $40,000 on June
bonds.
s
Other bids were as follows:
for 2s.
Int. Rate
Bidder—
Manufacturers
&
McEntee & Co.,
Traders
Trust
Co.; Adams,
Inc., and Kean, Taylor & Co___
Halsey, Stuart & Co., Inc
First of Michigan Corp
Bankers Trust Co. of New York, and Bacon,
son
Tru^t
100.383
100.34
Steven-
Co. of Buffalo, and R. D. White &
LARCHMONT,
100.53
2.20%
2.20%
& Co
Marine
Rate Bid
2.10%
2100.27
100.2§8
Co. 2.40%
N. Y.—BOND OFFERING—Hugh E.
Cailler, Village
Treasurer, will receive sealed bids until 3:45 p. m. on May 28 for the pur¬
not to exceed 5% interest coupon or registered general
chase of $8,000
village bonds issued to finance various local improvements.
Dated June 15,
1940.
Denom. $500.
Due June 15 as follows: $1,500 from 1941 to 1944
incl. and $2,000 in 1945.
Bidder to name a single rate of interest, ex¬
of $85,500 not to exceed
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
400,000 public welfare
1950 incl.
Roosevelt & Weigold,
about 1.97%.
1941 to 1946,
incl.; $20,000. 1947 to 1949, incl., and $10,000 from 1950 to 1959, incl.
Re-offered to yield from 0.25% to 2%. according to maturity.
The success¬
ful bid topped the second high offer by a margin of only 75 cents on the entire
issue, the Harris Trust & Savings Bank of New York having bid 100.2199
Inc., both of New York, as 2s, at a price of 100.2202, a basis of
Dated June 1, 1940, and due June 1 as follows: $15,000 from
will receive sealed
NEW YORK, N. Y.
Bell
$400,000 tax revenue bonds of 1939.
istered public impt. work project bonds offered May
was awarded to George B. Gibbons & Co., Inc., and
LIBERTY, N. Y.—BOND OFFERING—Chandler Borden, Village Clerk,
bids until 4:30 p.m. (DST) on June 4 for the purchase
4% interest coupon or registered sewer bonds of
1940.
Dated June 15, 1940.
One bond for $500, others $1,000 each.
Due June 15 as follows: $3,500 in 1941; $4,000,1942 to 1949 incl.; and $5,000
from 1950 to 1959 incl.
Bidder to name a single rate of interest, expressed
in a multiple of Yx or 1-10th of 1%.
Prin. and int. (J-D) payable at the
National Bank or Liberty, with Now York Exchange.
The bonds are
unlimited tax obligations of the village and the approving legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
A certified check for $1,710, payable to order of the
Tilney & Company
NEW
100.35
(P. O. Poughkeepsie), N. Y.—MAY ISSUE
BONDS—A resolution introduced in the Board of Supervisors meeting of
May 13 authorizes an issue of $175,000 bonds to finance the purchase of
land for rights of way for State highways.
Final passage of the resolution
is not scheduled until May 20.
The bonds, if authorized and issued, would
be dated June 1, 1940, and mature March 1, as follows: $20,000 from 1941
to 1945, incl., and $15,000 from 1946 to 1950, Incl.
May 29 has been
tentatively set as the date on which sealed bids for the issue would be re¬
ceived at the office of Paul J. Miller, County Treasurer.
Legal opinion
to be furnished by Dillon, Vandewater & Moore of New York City.
pressed in a multiple of H or l-10th of 1%.
Prin. and int. (J-D) payable
at the Central Hanover Bank & Trust Co., New York.
The bonds are
general obligations of the village, payable from unlimited taxes.
A certified
check for $160, payable to order of the village, must accompany each pro¬
posal.
Legal opinion of Dillon, Vandewater & Moore of New York City
will be furnished the successful bidder.
Housing Authority Bonds
76 BEAVER STREET
100.399
100.16
l0o.21
DUTCHESS COUNTY
11
(P. O. Raton)
N. Mex.—BOND SALE—The $45,000 school bonds offered for sale on
May 21—V. 150, p. 2615—were awarded jointly to the First National
Bank, and the International State Bank, both of Raton, as 2^s, at par,
according to the County Treasurer.
Dated May 1, 1940.
Due $5,000 on
June 1, 1942 to 1950 incl.
Municipal Bonds
100.22
ELMIRA, N. Y.—BOND SALE—The issue of $250,000 coupon or reg¬
21—V. 150, p. 3089—
MEXICO
LAS
RATON
Rate Bid
George
—
WEST
William
Refunding
it is noted,
city has placed in the 1940-1941 budget over $500,000 which could
legally have been covered by bond issues.
Despite substantial and wide¬
spread reductions in assessed valuations, the city's debt service margin on
the
Bidder—
Bacon, Stevenson & Co. and Roosevelt & Weigold,
BANKERS RE-OFFER
Paul H.
Rate Bid
2^%
Graham, Parsons & Co
Joseph G. Kress & Co
E. H. Rollins & Sons, Inc
W. E Wetzel & Co.
First National Bank
Inc.; Blair
Thalmann
Corbett
registered
improvement bonds offered May 21—V. 150, p. 3242—were awarded to
Sherwood & Co. of New York, as 2>£s, at par plus a premium of $200,
equal to 100.333, a basis of about 2.44%.
Dated May 1, 1940 and due
May 1 as follows:
$5,000 from 1941 to 1945 incl. and $7,000 from 1946
1950 incl.
Bidder—
Co.,
Stuart &
Ladenburg;
bons & Co., Inc.; Bacon, Stevenson & Co.; Roose¬
velt & Weigold, Inc.; Otis & Co.; Eldredge & Co.;
1945.
HIGHTSTOWN, N.J.—BOND SALE—The $60,000
to
a
1 as follows:
1946 to 1950, incl.
June
ELIZABETH, N. J .—BOND SALE— The City Insurance Fund Com¬
mission purchased $22,600
2%% school improvement bonds. Dated May
15, 1940.
Denom. $1,000.
Due as follows:
$4,000, 1941 to 1943 incl.;
1944 and $5,600 in
May 21—V. 150, p. 3243—was awarded to a group composed
City Bank of New York, Manufacturers & Traders Trust
of the National
CAPE MAY COUNTY
$5,000 in
approving legal opinion of Sullivan, Donovan & Heenehan of New
York, and also, if desired, will be furnished, after the sale and prior to
delivery, with a certified transcript of proceedings and other proofs necessary
to evidence the validity of the bonds. A certified check for $16,000, payable
to order of the County Treasurer, must be deposited by each bidder prior
on
&
NEW
3397
All of the bonds will be dated June
1 from
1941 to
village, must accompany
each proposal.
RUMORS PROVOKE DISCUSSION
partially confirmed by their refunding agents,"
intended to withhold interest payments due June 1
on their outstanding bonds, as a preliminary to a general refunding, led
Harvey L. Schwamm, senior partner in the firm of H. L. Schwamm &
Co
municipal bond dealers of 60 Broad street, New York, to send a letter
of protest to Mayor Theodore Ornstein, of Long Beach, on May 21.
LONG BEACH, N.Y—DEFAULT
"Persistent
rumors,
that the above city
The Commercial & Financial
3398
May 25, 1940
May 28 for the purchase by the respective sinking funds, im
and on behalf of the issuing units,, of the following bonds:
Buncombe refunding bonds, dated July 1, 1936.
City of Ashevilie general refunding bonds, dated July 1, 1936.
City of Ashevilie water refunding bonds, dated July 1, 1936.
Ashevilie Local Tax School District refunding bonds, dated July 1, 1936.
West Buncombe Special School Tax District refunding 6% bonds, dated
until noon on
In his letter to the municipal officials of Long Beach, Mr. Schwamm
quoted Section 2, Article 8, of the new State Constitution, which makes
mandatory for the fiscal officer of any county, city, town, village or
school district to set apart from the first revenues received sufficient funds
to meet the interest payments and amortization charges on all outstanding
the name of
Countv of
it
the part of municipalities to compel adoption of pro¬
by withholding interest due bond holders, when
due and on hand, have in the past," said Mr. Scbwamm,
"resultedin serious damage being inflicted on the credit of the community.
"No undertaking of this character has ever been attempted in New
York State.
In other States, where this procedure has been countenanced
it has provoked the opinion that the bonds of a municipality are a 'fifth'
rather than a'first'lien on its revenues."
"Attempts'
Chronicle
upon
posed refunding schemes
Beaverdam^Water and
such payments are
Sewer District refunding bonds, dated July 1, 1936.
South Buncombe Water and Watershed District refunding
July 1, 1936.
Swannanoa Water and Sewer District refunding bonds, dated
Woodfin Sanitary Water and Sewer District refunding bonds,
All
Y.—BONDS CALLED FOR REDEMPTION—August
City Treasurer, announces the call for redemption on June 1,
1940, at par and accrued interest, upon presentation at the Marine Midland
Trust Co., New York City, of the following refunding bonds:
General—Nos. 52, 54, 62, 64, 65, 70 and 71, bearing 6% interest; Nos. 77,
91, 94, 99, 107, 110, 113, 88, 92, 98,
106, 108, 112 and 114, bearing
5M% interest; Nos. 124, 127, 128 and 132, bearing 4.80% interest, aggre¬
gating $24,000.
Water—Nos. 1, 5, 8, 9, 12, 15, 18, and 23, bearing 6% Interest; No. 27,
bearing 5.75% interest; Nos. 42 and 49, bearing 5.25% interest, aggregating
LONG BEACH, N.
tenders must be
ing, unless otherwise
oonds, dated
July 1, 1936.
dated July 1,
considered firm for five days following date of open¬
specified in the tender.
N. Gandia,
„
.
SALE—The $110,000 issue of general
for sale on May 21—V. 150, p. 3243—was pur¬
Securities Corp. of Nashville, paying a premium
of $36.90, equal to 100.033, a net interest cost of about 4.45%, on the bonds
divided as follows:
$96,000 maturing Dec. 1, $4,000 in 1940 to 1942,
$5,000 in 1944 to 1946 and 1951, $12,000 in 1953 and 1954, $13,000 in
1955 and 1956, $14,000 in 1957, as 4^s, and $14,000 maturing Dec. 1,
1958, as 4^8.
.'.vaV< ■■■' V' ■ r'.."--.v
i'VY';p v'/'>
FOREST CITY, N. C.—BOND
refunding bonds offered
chased by the Equitable
,
$11,000.
Dated Dec. 1,
LEXINGTON, N. C.—BONDS NOT SOLD—The following bonds
aggregating $349,000, offered for sale on May 21—V. 150, p. 3243—were
sold as all bids were rejected, according to the Secretary of the Local
Government Commission:
These bonds have been drawn
on presenta-
Due Dec. 1, 1949.
1933.
by lot for redemption through the
ion with all unmatured coupons
sinking fund and will be paid
not
attached.
the foregoing matter, it was later reported that the
be followed in the matter of June 1 interest
be considered by the City Council early next week. The
firm of Norman 8. Taber & Co. of New York, refunding agents for the
city, previously had denied that they confirmed the rumor of the city's
In connection with
$138,000 refunding water and light bonds,
1948 to 1953, incl., $18,000, 1954,
question of the procedure to
payments would
$5,000,.
181 000 refunding street and sidewalk bonds, maturing annually,
1946. $15,000, 1947 to 1950, incl., $30,000, 1951, $30,000,
intention to postpone the interest payment.
N. Y.—BOND SALE—The $6,100 coupon or registered
tax revenue bonds offered May 20—V. 150, p. 3243—were awarded to
Morgan, Kennedy & Co. of New York, as 1.90s, at a price of 100.018, a basis
of about 1.89%.
Dated June 1, 1940, and due June 1 as follows: $2,100
in 1941; $2,000 in 1942 and $1,000 in 1943 and 1944.
Other bids:
Bidder—
Int. Rate
Premium
Nassau County National Bank of Rockville Centre. 2%
$11.00
R. D. White & Co
2%
V" 6.71
Manufacturers & Traders Trust Co
2.20%
2.99
Tilney & Co
2.20%
.90
BacOn, Stevenson & Co
3.40%
8.05
South Shore Trust Co
3%%
Par
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.
the
1954,1955.
24,000 water and sewer
anticipation notes at 0.17% interest. Dated May 15, 1940 and due July 31,
1940.
The following 3% bonds aggregating $415,000 were purchased at
par by the city sinking fund, according to Samuel A.
Roberts, Chief
to 1946,
Denom. $1,000; principal and interest (J-D) payable in lawful money in
City; coupon bonds registerable as to principal only; general
obligations; unlimited tax; delivery at place of purchaser's choice.
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 either issue (having the earliest maturities) and another rate
for the balance, but no bid may name more than two rates for either issue,
and each bidder must specify in his bid the amount of the bonds of each
rate.
The bonds will be awarded to the bidder offering to purchase the
bonds at the lowest interest cost to the city, such cost to be determined by
deducting the total amount of the premium bid from the aggregate amount
of interest upon all of the bonds until their respective maturities.
Bids must be accompanied by a certified check upon an incorporated
NEW ALBION UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Cattaraugus), N. Y.—BOND OFFERING—W. J. Krager, District Clerk,
(EST) on May 31, for the purchase of
$30,000 series H coupon or registered series H refunding bonds.
Dated
Nov. 1, 1939.
Denom. $1,000.
Due $3,000 on Nov. 1 from 1940 to 1949,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
M or l-10th of 1%.
Principal and interest (M-N) payable at the Bank of
Cattaraugus, with New York exchange..
The bonds are direct general
obligations of the school district, payable from unlimited taxes. A certified
check for $600, payable to order of J. J. McCarthy, District Treasurer,
must accompany each proposal.
Approving legal opinion of Dillon, Vandewater & Moore of New York City will be furnished the successful bidder.
will receive sealed bids until noon
bank or trust company,
Treasurer for
SHALLOTTE, N. C.—BOND OFFERING—Sealed bids will be received
(EST), on May 28, by W. E. Easterling, Secretary of the
Commission, at his office in Raleigh, for the purchase
of the following bonds, aggregating $17,000, all of which are to be dated
April 1, 1940, maturing on April 1 in the years hereinafter stated, without
option of prior payment:
.
$10,000 water bonds, maturing
1959 and $1,000 1960.
7,000 sanitary sewer bonds,
legal
Due June 1
as
trust company,
°n
,
1Mb, at
to
1946,
(public impt., work relief project bonds).
Due June 1
Due $50,000
on
as
order of the State Treasurer
opinion of Masslich and Mitchell,
purchaser.
(P. O. Clinton), N. C.—NOTES
New York.
SOLD—At is
reported that $25,000 revenue notes were sold on May 15 to the
Bank & Trust Co. of Winston-Salem, at 1%, plus a premium of $1.57.
'
follows: $10,000 from
June 1 from 1941 to 1943, incl.
*JL?£ thfe p,?nds will be dated June 1,1940. of Finance.and interest (J-D)
Principal
the office of the Commissioner
The bonds are
payable at
unlimited tax
obligations of the county and were approved as to legality
by Hawkins, Delafield & Longfellow of New York City.
Other bids:
-
'
''
a
,1941 to 1950» incl. and $6,000 in 1951.
150,000 home relief bonds.
mterest) is
Wachovia
were
June 1 from 1941 to 1943, incl.
106,000 highway acquisition bonds.
payable unconditionally to the
$340.
The approving
City, will be furnished the
for
SAMPSON COUNTY
incl. and $3,000 in 1947.
105,000 general of 1940-series 6
.
less than par and accrued
aggregate
Y.—BOND
1941
auction.
bid for each issue (not
by deducting the total amount of the premium bid from the
amount of interest upon all of the bonds until their respective maturities.
Bids must be on a form to be furnished with additional information and
must be accompanied by a certified check upon an incorporated bank or
Sale consisted of:
follows: $5,000 from
"
for
another
0.70%.
^b^^.P9,4^000. c?uP°n or registred bonds offered May 17
awarded to the Chemical Bank & Trust Co. of New
basis of about 1.47%.
1956, both
principal and interest (A-O)
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of % of 1%; each bid may name one rate
part of the bonds of any issue (having the earliest maturities) and
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 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
$22 premium.
a
incl., $1,000
A
,
There will be no
A separate
SYRACUSE
N
Y.- NOTE SALE—An issue of $450,000 notes was
May 22 to the Bank of the Manhattan Co. of New York, at
0.32% interest. Payable Nov 25, 1940. Other bids: National City Bank
of New York, 0.34%; Chase National Bank of New York, 0.43%, plus
$33,000 park bonds.
r
payable in New York City in
tender; general obligations; unlimited tax; coupon bonds registerable
principal only; delivery on or about June 14 at place of purchaser s
choice.
awarded
price of 100.08,
to
as
ORLEANS COUNTY (P. O. Albion), N. Y.—BONDS AUTHORIZED
Board of Supervisors recently authorized the issuance of $68,000
refunding and $132,000 funding bonds.
as
annually, $500 1943 to 1958,
maturing annually, $500 1943 to
inclusive.
Denom. $500;
—The
York,
of the State
reserved. The approv¬
Washburn & Clay, New York City, will be
Local Government
City Tunnel Authority and the Triborough Bridge Authority had been
signed for construction of the $80,000,000 Brooklyn-Battery Tunnel.
The Mayor said the start of work on the double vehicular tube which
will link the new high-speed roadways of Brooklyn and Queens with those
of Manhattan and the Bronx, awaited only the approval of the form of
a bond agreement between the
Reconstruction Finance Corporation and
the New York City Tunnel Authority.
He referred to means of handling
the loan of $57,000,000 to be advanced by the R.F.O. for construction.
The approval of the bond agreement, which is being negotiated in Wash¬
ington, might be delayed -for a "week or so," Mayor LaGuardia said.
He said that the other preliminaries, already completed, included authori¬
zation by the Board of Estimate, the signing of the contracts by the Mayor
and the amendment of the city's capital outlay budget.
"We are ready to go for the acquisition of land," the Mayor said. 1 Only
one thing has yet to be done and that is the approval of the bond agree¬
ment in Washington.
Of course, the semicolon boys (the Mayor's favorite
description of lawyers) will play with that for a week or so."
N.
payable unconditionally to the order
The right to reject all bids is
until 11 a. m.
ON PROJECT EXPECTED—Mayor F. H. LaGuardia announced May 22,
that all the formal contracts among the City of New York, the New York
Plains),
$1,620.
ing opinion of Reed, Hoyt,
furnished the purchaser.
AUTHORITY, N. Y.—EARLY START
White
„
refunding bonds maturing annually $4,000 1941
inclusive.
New York
Accountant:
$150,000 home relief bonds.
Due $15,000 from 1941 to 1950, incl.
150,000 public works projects bonds.
Due $15,000 from 1941 to 1950, incl.
115,000 public works projects bonds.
Due as follows:
$12,000 in 1941
and 1942 and $13,000 from 1943 to 1949, incl.
All of the bonds will be dated June 1, 1940.
O.
will be received
,
N. Y.—BOND AND NOTE FINANCING— The
First National Bank of Mount Vernon purchased an issue of $350,000 tax
(P.
:
by W. E. Easterling, Secretary of the
his office in Raleigh, for the purchase
of the following bonds, aggregating $81,000, all of which are to be bear
date of June 1, 1940, maturing annually on June 1, in the years hereinafter
stated, without option of prior payment:
$57,000 school and improvement refunding bonds maturing annually $5,000
;
1941 to 1945, inclusive, $4,000 1946 to 1950, incl., $4,000 1952*
N. Y.—BONDS DEFEATED—P. E. Benedict, City
proposal to issue $36,000 park improve¬
heavily rejected at the May 17 election, the vote being 48
for and 653 against the measure.
COUNTY
^
SALISBURY, N. C.—BOND OFFERING—Sealed bids
MIDDLETOWN,
WESTCHESTER
that $38,000
and sewer bonds were purchased on May 15 at par by
Reconstruction Finance Corporation.
until 11 a. m. (EST), on May 28,
Local Government Commission, at
ment bonds was
The Merchants National Bank of Syracuse bid a rate of
unlimited tax; coupon bonds registerable
LILESVILLE, N.C .—BONDS SOLD TO RFC—It is reported
4% semi-ann. water
Clerk and Treasurer, states that the
NEW YORK CITY TUNNEL
and interest (J-D) payable in N. Y. City in
$1,000; principal
legal tender; general obligations;
as to principal alone.
...
VERNON,
1952,
$35,000, 1953, and $21,000, 1954.
MALVERNE,
MOUNT
maturing annually $10,000*
$30,000, 1955, and $30,000,
1956.
omoif::■
AKRON, Ohio—BOND OFFERING—P. W. Ferguson, Director of
Finance, will receive sealed bids until noon (EST) on June 10 for the
purchase of $2,972,000 4% refunding bonds, divided as follows:
obli¬
$1,022,000 bonds issued to refund at a lower rate of interest general
gation bonds heretofore issued to refund bonds for sundrypublic purposes. The debt to be refunded is callable Oct. 1,1940.
or on any subsequent interest date.
Bonds now offered would
mature Oct. 1 as follows: $113,000 from 1941 to 1944 incl. and
$114,000 from 1945 to 1949 incl.
1,044,000 bonds issued to refund at a lower rate of interest general obligation bonds heretofore issued to refund bonds for sundrypublic purposes. Debt to be refunded is callable Oct. 1, 1940,
or on any subsequent interest date.
Bonds now offered would
mature $116,000 annually on Oct. 1 from 1941 to 1949 incl.
906,000 bonds issued to refund at a lower rate of interest general obli¬
gation bonds heretofore issued to refund bonds for sundry
;
public purposes.
The debt to be refunded is callable Oct. 1,
1940, or on any subsequent interest date.
Bonds now offered
would mature Oct. 1 as follows:
$100,000 from 1941 to 1943
incl. and $101,000 from 1944 to 1949 incl.
.
.
MarineTrust C6. of Buffalo and R. D. White & Co
Bacon, Stevenson & Co. and Roosevelt & Weigold,"
Halsey, Stuart
% 9?* *00 219
\W%
&Co"incI-I"lI"III"IIIIIII2I'
Chase National Bank of New York..
100!058
<)or
inn a(\
2%
10o!o69
ino'n^
George B. Gibbons & Co., Inc., Adams,_McEntee"&
Go-, Inc. and Manufacturers & Traders Trust Go.
of Buffalo—„ •
County Trust Co. of White
PlainsI_CIlI"IIIIIIIII
•-■
YONKERS, N. Y.—TO ISSUE $600,000 CERTIFICATES—William
fater tha^
A
rf.^ive informal bids on or about May 28!
May 29
1941
certificates of indebtedness, to mature not
NORTH
CAROLINA
/
BUNCOMBE COUNTY (P. O. Ashevilie), N. C.—BOND TENDERS
INVITED—It is stated by Curtis Bynum, Secretary of the Sinking Fund
Commissioners, that, pursuant to the provisions of the respective bond
orders and ordinances authorizing their issuance, tenders will be received
All of the bonds will be
dated July 1, 1940, with
interest payable each
mature until April
of the Director or
provided that
fractional rates are expressed in a multiple of M of 1%.
Bonds may be
registered as to principal only, or may be exchanged for registered bonds.
No formal bidding blank required and bonds will be furnished by the city.
Make bids for each separate issue, or for the entire total. A certified check
for 2% of the amount bid for, payable to order fo the Director of Finance,
must accompany each proposal.
Make bid subject to approval of bidder s
attorney as to legality of issue, such opinion to be paid for by the purchaser
April 1 and Oct. 1, except that the first coupon will not
1, 1941.
Principal and interest payable at the office
Finance.
of the
Bidder
bonds.
may
name
a
different rate of interest
Volume
The Commercial & Financial Chronicle
150
FRANKLIN, Ohio—BOND SALE—The*$25,000 waterworks mortgage
bonds offered May 7—V. 150, p. 2617—were awarded to VanLahr, Doll &
Isphording of Cincinnati, as 23^s, at par plus a premium of $25, equal to
100.10, a basis of about 2.49%.
Due April 1 as follows: $1,000 from 1942
to 1951, incl. and $1,500 from 1952 to 1961, incl.
GNADENHUTTEN, Ohio—BOND OFFERING—R. M. Blackburn,
Village Clerk, will receive sealed bids until noon on June 1 for the purchase
4% village portion sewer bonds.
Dated April 1, 1940.
Denom.
$1,600.
Due $1,600 on Oct. 1 from 1941 to 1955, incl.
Bidder may name
a different rate of interest
provided that fractional rates are expressed in a
multiple of M of 1%.
Interest A-O.
A certified check for $500, payable
to order of the village, must accompany each
proposal.
of $24,000
GREENVILLE,
Ohio—BONDS DEFEATED—The proposal to issue
$125,000 municipal building bonds was defeated at the election on May 14.
LEBANON, Ohio—BOND SALE—The $135,000 electric light and power
plant system extension first mortgage revenue bonds offered May 17—
V. 150, p. 3090—were awarded to the BancOhio Securities Co. of Columbus.
Dated May 1, 1940 and due May 1 as follows:
$6,000, 1942; $7,000, 1943
to 1947, incl.; $8,000, 1948 to
1953, incl.; $9,000, 1954 to 1957, incl., and
$10,000 in 1958.
Bonds maturing May 1, 1954 and thereafter are callable
May 1, 1942 or on any subsequent interest payment date.
NILES, Ohio—BOND OFFERING—Homer Thomas, City Auditor, will
receive sealed bids until noon on June 12 for the purchase of $82,299.79 3%
coupon special street improvement bonds.
Dated April 1, 1940.
One
bond for $299.79, others $1,000 each.
Due Oct. 1 as follows: $8,000 from
1941 to 1949 incl. and $10,299.79 in 1950.
Bidder may name a different
rate of interest provided that fractional rates are expressed in a multiple
of
K of 1%,
A certified check for $825, payable to order of the city,
proposal.
(These are the bonds originally offered May 17, the sale having been
postponed because of legal irregularities.)
must accompany each
SCIOTO COUNTY
(P. O. Portsmouth), Ohio—BOND SALE—The
delinquent tax bonds offered May 22—V. 150, p. 3090—
Roth & Irving Co. of Cincinnati, as 2^s, at
par. plus a premium of $17, equal to 100.068, a basis of about 2.48%.
Dated June 1, 1940 and due Oct. 1 as follows:
$25,000
were
coupon
$3,000 from 1941 to 1945 incl. and $5,000 in 1946 and 1947.
_
The
BancOhio Securities Co. of Columbus, second high bidder, offered 100.45
and
are
divided
as
follows:
$20,000 water works
(voted) bonds.
Due $1,000 on Nov. 1 from 1941 to
1960, incl.
24,000 first mortgage waterworks revenue bonds.
Due May 1 as follows:
$500 from 1945 to 1951, incl.; $1,000,1952 to 1961, incl. and $1,500
from 1962 to 1968, incl.
All of the bonds will be dated May 1,
1940.
OKLAHOMA
CHANDLER SCHOOL DISTRICT (P. O. Chandler), Okla.—BOND
OFFERING—Sealed bids will be received until 7:30 p. m. on May 29 by
A. C. Schreiber, Clerk of the Board of Education, for the purchase of
$20,000 not to exceed 5% semi-ann. building bonds.
Dated June 1, 1940.
Dated June 1, 1940.
Due $2,000 June 1, 1943 to 1952.
The bonds will
be sold
lowest
the
to
rate
bidder
a
offers par and accrued interest and bids the
These bonds were authorized at the election held
who
of interest.
May 7, by
on
vote of 463 to 251.
Enclose
a
certified check for 2%.
CHICKASHA, Okla.-
to 1948, and $2,000 in 1949.
The bonds will be sold to the bidder offering
the lowest rate of interest and agreeing to pay par and accrued interest.
These are the bonds authorized at the election held on April 24, by a vote
of 433 to 76.
Enclose a certified check for 2% of bid.
INOLA SCHOOL DISTRICT (P. O.
Inola), Okla.—BONDS OFFERED
—Sealed bids were received until 10 a. m. on May 24, by W. L. Butler,
Clerk of the Board of Education, for the purchase of $8,900 building bonds.
Interest rate was to be fixed by the bidder.
Due $1,000 in 1944 to 1951,
and $900 in
1952.
OKLAHOMA, State of—BONDED DEBT TO BE REDUCED—It is
officially reported that the bonded indebtedness of the State, now totaling
$25,622,781, will be reduced $1,781,000 by the end of the fiscal year June
30.
Interest payments will add $572,053 to the service charge.
Principal bonded debt of the state is represented by $18,156,681 of
1939 funding bonds, of which $750,000 will be paid off June 30.
Another
$721,000 principal will be paid on the $5,296,000 of 1935 funding bonds
and $310,000 will be paid on the Series A 1935 funding bonds of which
$2,170,000 is currently outstanding.
PUTNAM
(P.
u
the
6. and $10,000 in 1947 to 1953, all incl. Prin. and int. (J-J) payable at
City
Treasurer's office.
The
approving opinion of Teal, Winfree.
be furnished.
A certified
McCulloch, Shuler & Kelley of Portland, will
check for $4,000, is required with bid.
WASCO
Ore.—BOND OFFERING— Sealed bids will be received until
8 p. m. on
May 27, by E. F. Feldman, City Recorder, for the purchase of
$17,000 not to exceed 5% semi-ann. refunding, series A bonds. Dated June
15, 1940. Denom. $500. Due June 15, as follows: $2,000 in 1945 and 1946,
$2,500 in 1947 to 1950, and $3,000 in 1951, subject to call on June 15, 1943.
The approving opinion of
Teal, Winfree, McCulloch, Shuler & Kelley, of
Portland, t^ill be furnished. Enclose a certified check for $500.
PENNSYLVANIA
BEAVER,
Pa.—BOND
SALE—The issue of $75,000 coupon bonds
2923—was awarded to the Fort Mcintosh
Dated June 1, 1940 and due June 1 as follows:
$5,000 from 1942 to 1952 incl. and $10,000 in 1953 and 1954.
offered May 16—V. 150,
National Bank of Beaver.
p.
BURNSIDE, Pa .—BONDS SOLD—Johnson & McLean, Inc. of Pitts¬
burgh exercised their option to purchase as 4Ms the $5,500 improvement
bonds offered April 15.—V. 150, p. 2617.
Dated April 1, 1940 and due
April 1, 1970.
Callable after 10 years.
EAST
PITTSBURGH, Pa .—BONDS AUTHORIZED—An issue of
$25,000 not to exceed 3M% interest improvement bonds was authorized
by the Borough Council.
Dated June 1, 1940.
Denom. $1,000.
Due
$5,000 on June 1 in 1943, 1945, 1947, 1949 and 1951.
Prin. and int.
(J-D) payable at the First National Bank & Trust Co., East Pittsburgh.
LEHIGH COUNTY (P. O. Allentown), Pa .—NOTE SALE— C. C.
Collings & Co. of Philadelphia were awarded on May 17 an issue of $250,000
anticipation notes at 0.49% interest.
Dated May 24, 1940 and due
Oct. 24, 1940.
Other bids:
Smith, Barney & Co., 0.50%; Eyer & Co.,
0.625%.
tax
MONESSEN, Pa.—BOND OFFERING—John C. Lermann, City Clerk,
will receive sealed bids until 10 a. m. (EST) on June 12 for the purchase
of $75,000 not to exceed 5% interest coupon improvement bonds.
Dated
June 1, 1940.
Denom. $1,000. Due June Pas follows: $5,000 from 1941
to 1945 incl. and $10,000 from 1946 to 1950 incl.
Rate of interest to be
a multiple of \i of 1% and payable J-D.
Bonds will be sold
subject to favorable legal opinion of Moorhead & Knox of Pittsburgh,
which will be furnished without charge to the purchaser.
City will defray
expense of printing the bonds.
A certified check for 2% of the bonds
bid for, payable to order of the City Treasurer, must accompany each
proposal.
expressed in
SEAMAN, Ohio—BOND SALE—The $44,000 bonds offered May 17—
150, p. 3090—were awarded to Nelson, Browning & Co. of Cincinnati
V.
$88,000 not to exceed 3M% coupon refunding, series C bonds.
Denom.
Dated July 1, 1940. Due on Jan. 1 as follows: $9,000 in 1945 and
awarded to the Weil,
for 3s.
3399
CITY
CONSOLIDATED
SCHOOL
DISTRCT
NO.
1
O.
Oklahoma City, R. 2, Box 441), Okla.—BONDS SOLD—It is
reported that $40,000 school bonds were purchased by R. J. Edwards, Inc.
or Oklahoma City, at par, divided as follows: $12,000 as 2s, $9,000 as 2
Ms,
and $19,000 as 3s, giving a net interest cost of about 2.73%.
STILLWELL, Okla.—BOND OFFERING—Sealed bids will be received
until 10
May 27, by T. N. Dannenberg, Town Clerk, for the pur¬
chase of $7,000 sewage disposal plant bonds.
Due $1,000 in 1943 to 1949.
Bidders are to name the rate of interest.
No bid for less than par will be
considered.
A certified check for 2% of the bid is required.
a.
m.
on
VINITA, Okla.—BOND OFFERING—Sealed biids will be received
a. m. on May 28, by C. H. Webb, City Clerk, for the purchase of
$8,000 fire fighting equipment bonds.
Due $500 in 1943 to 1958.
Bidders
are to name the rate of interest.
No bid for less than par will be considered.
A certified check for 2% of the bid is required.
(These bonds are in addition to the $32,000 water works issue being
offered the same day.)
until 10
VINITA, Okla.—BOND OFFERING—It is stated by C. H. Webb, City
Clerk, that he will receive sealed bids until 10 a. m. on May 28, for the
purchase of a $28,000 issue of water works improvement and extension
bonds.
Due $1,500 in 1943 to 1962, and $2,000 in 1963.
The bonds will
be sold to the bidder offering the lowest rate of interest and agreeing to
pay par or better.
A certified check for 2% of the bid is required.
MOUNT
LEBANON
in
on
Due $5,000
General.
*
OREGON
NYSSA, Ore.—BOND OFFERING— Sealed bids will be received until
8 p. m. on May 27, by M. F. Solomon, City Clerk, for the purchase of an
issue of $7,497.73 not to exceed 4% semi-ann. coupon funding bonds.
Dated
April 1, 1940.
Denom. $500, one for $497.73.
Due April 1, as
$1,000 in 1941 to 1947, and $497.73 in 1948. All bonds maturing
be subject to optional redemption for
retirement or refunding purposes on any interest paying date on and after
one year from issue date, upon 30 days' notice thereof given in the manner
provided by law.
The bonds will be sold for not less than the par value
and the entire amount of the accrued interest.
In determining the highest
Mount Lebanon),
Pa.—
OXFORD, Pa.—BOND OFFERING—C. C. Baer, Borough Secretary,
(EST) on June 3 for the purchase of
$145,000 1, 1X, 1H, 12, 2H, 2M, 2%, 3, 3M or 3M% coupon, registerable as to principal only, sewer bonds. Dated June 1, 1940. Denom.
$1,000.
Due June 1 as follows:
$1,000 in 1944; $3,000, 1945 and 1946;
$4,000, 1947; $5,000, 1948; $4,000, 1949 and 1950; $5,000, 1951; $4,000,
1952; $5,000,1953 to 1957 incl.; $6,000,1958 and 1959; $5,000,1960; $6,000.
1961; $7,000, 1962; $6,000, 1963 and 1964; $7,000, 1965 to 1968 incl.;
$8,000 in 1969 and $9,000 in 1970. Bidder to name a single rate of interest,
payable J-D.
A certified check for 2% of the bonds bid for, payable to
order of the Borough Treasurer, must accompany each proptssal.
Bonds
were authorized at the primary election on April 23 and will be issued
subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
PHILADELPHIA, Pa .—APPROVES $19,000,000 HOUSING PLAN—
Reversing its stand of a few days ago, the City Council has approved the
$19,000,000 housing program for this city.
The council's agreement was
conditioned on the provision that they be allowed some voice in the selec¬
tion of sites.
The agreement was reached at a meeting of the councilmen
and the members of the Philadelphia Housing Authority in Mayor Lamberton's reception room.
PINE
GROVE, Pa .—BOND OFFERING—John J. Long, Borough
Secretary, will receive sealed bids until 7 p. m. (EST) on June 6, for the
purchase of $37,000 2, 2M. 2M, 2h, 3, 3X, 3M, 3% or 4% coupon,
registerable as to principal only, refunding and waterworks improvement
bonds.
Dated June 1, 1940.
Denom. $1,000.
Due Dec. 1 as follows:
$2,000 from 1941 to 1958. incl. and $1,000 in 1959. Bidder to name a single
payable J-D.
A certified check for 2 % of the bonds bid for,
payable to order of the Borough Treasurer, is required.
Bonds will be
issued subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia.
rate of interest,
Pa .—BOND SALE—The issue
offered May 21—V. 150, p. 2923—was
Union Trust Co. of Pittsburgh, Mellon
Securities Corp., Mellon National Bank, all of Pittsburgh; Bankers Trust
Co. and Chase National Bank, both of New York; and Drexel & Co. of
Philadelphia, as 2^s, at a price of 100.678, a basis of about 2.69%. Dated
June 15, 1940 and due $60,000 on June 15 from 1941 to 1965 incl.
Other
PITTSBURGH SCHOOL DISTRICT,
of $1,500,000 school building bonds
awarded to a syndicate composed of
k*^Bidder—
Int. Rate
Halsey, Stuart & Co., Inc., Blair & Co., Inc., Roose¬
velt & Weigold, Inc., Equitable Securities Corp. and
E. Lowber Stokes & Co;
-- — National City Bank
SEWICKLEY,
2M%
Rate Bid
100.445
of New York, Harriman Ripley &
Co., Inc., Mercantile-Commerce Bank
and Dougherty, Corkran & Co
& Trust Co.
,
2%%
100.25
$72,000 coupon fire truck,
150, p. 2771—
l%s.
Dated
June 1 from 1941 to 1952 incl.
Pa.—BOND SALE— The
street improvement and funding bonds offered May 15—V.
were awarded
to the Union Trust Co. of Pittsburgh, as
and due $6,000 on
June 1, 1940
DAKOTA
SOUTH
BENNETT COUNTY (P. O. Martin),
S. Dak.—BOND OFFERING—
sealed and oral bids will be received until May 28 at
for the purchase of an issue of $136,000 refunding bonds.
Dated July 1, 1940. Denom. $1,000.
Due July 1,
1955
The bonds shall be redeemable at the option of the county at par
and accrued interest on July 1 as follows: $8,000 in 1941 to 1943, $10,000 in
1944 to 1953, and $12,000 in 1954.
Bidder to name rate of interest.
No
bid for less than par and accrued interest can be considered.
The approv¬
ing legal opinion of Fletcher, Dorsey, Barker, Colman & Barber of Min¬
neapolis, and the printed bond forms, will be furnished without cost to the
purchaser.
Enclose a certified check for $2,500, payable to the County
It is reported that
10
6,000 fire fighting equipment bonds.
Due $1,000 in 1943 to 1948, incl.
These bonds were approved by the voters on May 7.
Bonds will be issued in coupon form.
Prin. and int. (J-D) payable at
the fiscal agency in New York.
Legality approved by the Attorney-
O.
will receive sealed bids until 8 p. m.
May 27,
1944 to 1959.
(P.
(EST) on June 10 for the purchase of $300,000 coupon
improvement bonds.
Dated June 1, 1940.
Denom. $1,000.
Due $15,000
on June 1 from 1941 to 1960 incl.
Bidder to name a single rate of interest,
expressed in a multiple of H or 1-10th of 1%.
Interest J-D.
Sale of the
bonds will be subject to approval of proceedings by the Pennsylvania De¬
partment of Internal Affairs.
Legal opinion of Burgwin, Scully & Churchill
of Pittsburgh will be furnished the successful bidder.
A certified check for
$2,000, payable to order of the Township Treasurer, must accompany
each proposal.
WOODWARD, Okla.—BOND OFFERING—It is stated by C. C. Miller,
City Manager, that he will receive sealed bids until 8 p. m.
for the purchase of the following bonds aggregating $86,000:
$80,000 waterworks extension, repair and improvement bonds.
TOWNSHIP
BOND OFFERING—A. W. Johns, Township Secretary, will receive sealed
bids until 7 P. m.
a. m.
by Roy Bos, County Auditor,
(These bonds were
originally scheduled for sale on May 16, as noted here
2618.)
—V. 150, P.
GETTYSBURG,
S. Dak.—BOND OFFERING—Sealed and orafbids
L. Klein, City Auditor, until June 3, at 8 p. m., for
coupon semi-ann. funding bonds.
follows:
will be received by V.
after one year from issue date shall
the purchase of $17,000 not to exceed 4%
Dated June 15, 1940.
Denom. $1,000.
bid received, the City Council will take into consideration such premiums as
offered and such items of cost as may be charged by the bidder in con¬
are
nection with the
purchase of bonds. Enclose a certified check for not less
bonds offered for sale.
than 2% of the par value of the
PORTLAND, Ore.—BONDS VOTED— It is stated by Will E. Gibson,
City Auditor, that it appears the voters approved the issuance of the
$1,250,000 water front highway bonds at the election held on May 17.
SEASIDE, Ore—BOND OFFERING— Sealed bids will be received until
on May 27, by Gault Patton, City Auditor, for the purchase of
8 p. m.
Due $1,000 June and Dec. 15,
1951, provided, however, that each, any and all of the
redemption at the option of the
City Council at par and accrued interest on any interest payment date in
the manner provided by law.
Prin. and int. payable at any suitable bank
or trust company designated by the purchaser.
The city will furnish the
1943
to June
bonds
shall
15,
be subject to payment and
Krinted bonds and the approving iegal opinions of K. J.of Minneapolis. A
Morgan of Gettysurg, and Fletcher, Dorsey, Barker, Colman & Barber
certified check for $500 is required.
PERKINS
COUNTY
(P.
O.
Bison)
S.
Dak.—BOND TENDERS
refunding bonds,
ACCEPTED—In connection with the call for tenders of
it is stated by Agnes E. Almen, Couhty Treasurer, that
the county accepted tenders on $6,000 bonds at 89.50; $5,000 at 91.00,
and $5,000 at 90.00.
issue
of
1938,
STANLEY COUNTY (P. O. Fort Pierre), S. Dak.—BOND SALE—The
for sale on May 17—V. 150,
2618—-was purchased by the Fischer Co., Inc. of Fort Pierre, as 3Ms, at
according to the County Auditor.
Dated July 1, 1940.
Denom.
$1,000.
Due July 1, 1955.
The bonds shall be redeemable at the option
of the county at par and accrued interest, as follows:
$5,000 Jan. and
$10,000 July 1, 1941, $10,000 July 1, 1942 and 1943, $12,000 July 1, 1944
to 1947, $14,000 July 1, 1948 and 1949, and $9,000 July 1, 1950.
Dated May 2, 1940.
Denom. $1,000.
Due May 1, as follows: $20,000
1946, and $50,000 in ^1947.
Prin. and int. payable at the County
Treasurer's office.
The county will pay for the printing of the bonds,
p.
In
par.
and the legal opinion of Chapman
fied check for $1,400" ^-
BRADLEY COUNTY (P. O. Cleveland), Tenn.—PURCHASERS—
It is now reported that the $75,000 3% refunding bonds, and the $58,000
2*A% refunding bonds sold at 100.546, as noted here—V. 150. p. 3245—
purchased jointly by Booker & Davidson, and the Fidelity-Bankers
both of Knoxville.
$31,000:
building bonds.
Due $2,000 on June 1
A certified check for $900, payable to the County
$18,000 Solway Elementary School
Trustee, is required with bid.
High
School
gymnasium
Due
bonds.
on
June
1
as
$1,000 in 1943 to 1951, and $4,000 in 1952.
A certified
the County Trustee, must accompany
check for $650, payable to
this bid.
Denom. $1,000
Dated June 1, 1940.
The bonds will be sold at par
and accrued interest to date of delivery at the lowest interest cost to the
after deducting premium, if any.
The purchaser will bear all
expense of the sale including cost of printing bonds and attorney's opinion
as to validity of the bonds.
Delivery will be made in Knoxville.
county
.
BURNET COUNTY WATER CONTROL AND
IMPROVEMENT
DISTRICT NO. 1 (P. O. Burnet), Texas—BONDS SOLD—It is stated
by the Attorney for the District that $45,000 5% water improvement
bonds approved by the voters on April 12, have been sold.
Dated
Due in 1941 to 1965: optional after 1950.
revenue
May 1, 1940.
GEORGE
WEST
INDEPENDENT
SCHOOL
DISTRICT
O*
(P.
George West), Texas—BONDS SOLD—A $15,000 issue of 4% vocational
building bonds approved by the voters on March 30, have been purchased
by the State Board of Education.
PITTSBURGH
Pittsburgh)
INDEPENDENT
Texas—BONDS SOLD
SCHOOL
TO
DISTRICT
RFC—The
(P.
by
purchased at par
Oct. 1, 1939.
the
Reconstruction
•
Finance
Corporation.
of
Dated
TEXAS. State of—SCHOOL BONDS SOLD—It is reported that the
following bonds have been purchased by the State Board of Education:
$10,000 Grassland Indep. Sch. Dist. Z%% bonds, due in 20 years.
4,995 Ellis Co. Com. Sch. Dist. No. 9 4% bonds, due in 30 years.
3,500 Erath Co. Com. Sch. Dist. No. 4 3M% bonds, due in 30 years.
$4,000 Wood County Common School District No. 5 3M% bonds.
Due
in 20 years.
t
.
12,000 San Patricio County Common School District No. 8 3%% bonds.
Due in 20 years.
5,000 Panola County Common School District No. 27 4% bonds.
Wis.—BOND SALE—The $10,000 coupon 3% semi¬
offered for sale on May 16, as noted here—V. 150, p.
Mairs-Shaughnessy & Co. of St. Paul, paying a
premium of $50, equal to 100.50, a basis of about 2.90%.
Due $1,000 on
May 16 in 1941 to 1950, inclusive.
The Bank of Ellsworth offered a premium of $25 for the bonds.
ELLSWORTH,
3245—were awarded to
O. Superior), Wis.—PRICE PAID—It is
Clerk that the $200,000 3% semi-annual corporate
COUNTY (P.
Eurpose bonds p. 3246—were
ere—v, 150, sold to T. J.
TAYLOR COUNTY (P. O. Medford), Wis.—BOND OFFERING—
Sealed and oral bids were received by Mark Hirsch, County Clerk, for the
purchase of $75,000 2H % semi-annual funding bonds until 2 p. m. (CST),
on May 24.
Denom. $1,000.
Dated June 1, 1940.
Due on June 1 as
follows:
$6,000 in 1941 and 1942; $7,000, 1943 and 1944; $8,000, 1945 to
1949, and $9,000 in 1950.
RAPIDS, Wis.—BOND OFFERING CANCELED—It is
WISCONSIN
$160,000 not to exceed 2M% semi-ann. general
obligation coupon storm sewer bonds which had been scheduled for May 22
—V. 150, p. 3246—was canceled.
Dated June 1, 1940.
Due $80,000 on
June 1 in 1950 and 1951.
stated that the sale of the
WOOD COUNTY
(P. O. Wisconsin Rapids) Wis .—BOND OFFERING
A. Schindler, County Clerk, until 10
(CST), on May 29, for the purchase of $100,000 2% semi-ann. county
highway bonds. Dated June 1, 1939. Denom. $1,000. Due $5,000 in 1946,
$15,000 in 1947 to 1952, and $5,000 in 19,53. Prin. and int. payable at the
County Treasurer's office. The bonds will be sold at not less than par and
accrued interest and no bids will be received for less than the total amount
of the bonds. The bonds are being issued to raise money for the improve¬
—Sealed bids will be received by J.
a. m.
ment
of
portions of the county trunk highway systems and the county
State highways in the county. The bonds are
system of the prospective
being issued subject to the favorable opinion of Chapman & Cutler, of
Chicago, which will be furnished the purchaser by the county.
Enclose a
certified check for not less than 2% of the par value of the bonds, payable
to the County Treasurer.
Due
WYOMING
Due
in 20 years.
2,500 Roanoke Independent School District bonds.
O.
N.
EVANSTON, Wyo.—BONDS VOTED—It is stated by the Town Clerk
election held on May 14 the voters approved the issuance
of the $75,000 sewage disposal plant bonds.
that at the primary
Due in 20 years.
WINNSBORO, Texas—BONDS SOLD—The following 4M % semi-ann.
bonds
KEMMERER, Wyo —BOND SALE—The $250,000 water bonds offered
on May 17—V. 150, p. 2772—were awarded to the State of Wyom¬
Due on Jan. 1 in 1942 to 1965.
aggregating $28,000, are said to have been purchased at par by
Burt
&
Co.
for sale
Dallas:
of
$18,000 refunding bonds.
10,000 water works and
Due April 10 in 1944 to 1955.
sewer system bonds.
Due on March 1 in 1945 to
ing, as 4s, according to report.
1953.
CANADA
AMOS, Que.—BOND SALE—An issue of $7,600 4 H% improvement
bonds was sold to Credit Anglo-Francais, Ltd. of Montreal. Due $6,300 in
VIRGINIA
JARRETT, Va.—BONDS SOLD—It is stated that $16,000 4% semi¬
annual
water
Mason of
bonds
have been purchased
Due $1,000 in 1945 to I960.
system
Lynchburg.
by
Scott,
Horner
All the other bids were also from local
RICHMOND,
MENTS—Three
accounts
on
an
people.
_________
Va .-BACK-TAXES BEING PAID
IN
INSTAL¬
delinquent taxpayers are paying up overdue
instalment basis, according to the Municipal Finance
thousand
Fewer than
100
however, have taken advantage of permission, given within the
last year, to pay current taxes in instalments.
The citizen's payments on back taxes are accepted as deposits and are
applied to his tax debt only after enough has been deposited to cover the
persons,
delinquent tax bill for an entire year.
The plan is being used for both
delinquent real estate and personal property taxes.
Under a new Virginia
law, delinquent personal property taxes are collectible only within a fiveyear period.
More than three-fourths of the cities in the United
States over 30,000
collect property taxes in instalments, according to the
Approximately 150 of these cities allow payment in 2 instal¬
and 53 in 4 instalments.
Of the remainder, 11 cities permit payment
now
Association.
ments,
in 3 instalments, and 18
permit from 5 to 12 instalments.
a. m. for the purchase of $264,000 not to exceed
Legality to be approved by Preston,
3M% semi-ann. court house bonds.
Thorgrimson & Turner of Seattle.
.
COUNTY WATER DISTRICT
NO.
14
(P. O. Bryn Mawr),
^Q.QFFERING—Sealed bids will be received until June 1,
by Arthur J. Hill, Secretary of the Board of Commissioners, for the pur¬
or $1,000 not to exceed
6% semi-annual general obligations bonds.
Dated July 1,1940.
Due $200 on July 1 in 1942 to
chase
check for
1946, incl.
10% of the bid, payable to the district, is required.
A certified
WOODLAND, Wash.—BOND OFFERING—Sealed
.
bids will be received
m-on May 31, by E. E. Heald, Town Clerk, for the purchase
?
of
$4,000 not to exceed 4% semi-ann. general obligation bonds.
Dated
July1, 1940. Denom. $1,000. Due $1,000 July 1,1942 to 1945. The bids
shall specify, first, the lowest rate of interest and
premium, if any, above
par at which the bidder will purchase such bonds, and, second, the lowest
rate
of interest at which the bidder will
The
budget and levy taxes
annually within and as part of the 15-mill limitation of taxes permitted
to cities and towns without a vote of the
people, an amount sufficient
town has
Jj®
its
the principal and interest of the bonds
The bonds will be sold with the
2
purchase the bonds at par.
irrevocably pledged itself to include in
as the same shall accrue.
opinion of Preston, Thorgrimson & Turner
9%$»' ^PProviug the legality of the
for 5% of the amount of the bid.
same.
Enclose
a
certified check
WISCONSIN
ASHLAND COUNTY
(P. O. Ashland) Wis.—BONDS NOT SOLD—
It is stated by Edwin H. Quistorff, County Clerk, that the $70,000 not
to exceed 3% semi-ann. highway improvement, series C bonds offered on
May 21—V. 150, p. 3246—were not sold as all bids were rejected.
AND TREASURY BILL FINANC¬
purchased $250,000,000 1% notes,
The Bank also purchased $75,000,000 Treasury bills at an average cost of 0.739%. Due $15,000,000 each on
May 15 and May 31, and on June 14; $10,000,000 each on July 3, July 16
CANADA (Dominion
of)—NOTE
ING—The Bank of Canada of Ottawa
dated May 1, 1940 and due in one year.
and
Aug. 1, all in 1940.
FARNHAM, Que.—BOND SALE— The issue of $60,600 improvement
20—V. 150, p. 3246—was awarded to Rene T. Lerclerc*
Inc., and Banque Canadienne Nationals, both of Montreal, jointly, as 4s»
at a price of 98.02, a basis of about 4.20%.
Due serially in 25 years.
bonds offered May
FOREST
HILL, Ont.—BOND SALE—An issue of $52,972 3
hydro-electric and local improvement bonds was awarded to the Dominion
Securities Corp. of Toronto, at a price of 101.27, a basis of about 3.35%.
Dated June 1, 1940 and due as follows:
$1,206 in 1945; $5,562 in 1950;
$6,734 in 1955 and $39,470 in 1960. Among other bidders were the follow¬
ing:
Cochran, Murray & Hay of Toronto, 101.15; Dyment, Anderson &
Co., 100.68; Harris, Ramsay & Co., 100.61; R. A. Daly & Co., 100.31;
Wood, Gundy & Co., 100.21.
FORT
WILLIAM,
Ont .—BOND SALE—S.
T.
Douglass
& Co.
of
Among other bidders were the following: Bell, Gouinlock
Co., 101.20; McLeod, Young, Weir & Co., 101.11; Fairclougb & Co.,
100.67; A. E. Ames & Co., 100.58; Wood,_Gundy & Co., 100.57; Cochran,
Murray & Hay, 100.42; Harrison & Co., 100.32; Dominion Securities
Corp., 100.31.
»
&
(p. O. Vancouver), Wash.—BOND OFFERING—
It is stated by Fred F.
Strickling, County Treasurer, that he will receive
KING
issue of $100,000 3% general
1941 to 1965 incl.
WASHINGTON
June 17, at 11
an
from 1941 to 1950 incl.
Toronto purchased an issue of $61,589 4% improvement bonds at a price of
101.68, a basis of about 3.81%. Dated May 15, 1940 and due serially from
F CLARK COUNTY
01/Jint
Ont.—BOND SALE—The Bank of Montreal pur¬
hospital bonds at par. Due serially
BRANTFORD,
chased
Association of the United States and Canada.
population
1956 and $1,300 in 1957.
&
PATRICK COUNTY (P. O. Stuart) Va.—BOND SALE—The $5,000
6% coupon semi-ann. school refunding bonds offered for sale on May 20—
V. 150, p. 3092—were awarded to W. L. Joyce of Stuart, paying a price of
106.35, a basis of about 4.54%. Dated April 1,1940. Due on April 1,1945.
Officers
Grace of Chicago, and associates,on May 1
purchased at par.
Due $20,000
as noted
inclusive.
in 1941 to 1950,
in 20 years.
2,600 Parker County Common School District No. 45 3 Yi % bonds.
obligation of the entire
levied against all the
annual well bonds
O.
Superintendent
Schools states that $80,000 4% refunding, series of 1939 bonds have been
du Chien), Wis.—BOND
principal on the bonds as they become due which when collected shall be
set apart in a separate fund irrevocably pledged to be used solely for the
payment of the interest and principal on the bonds as they become due.
The purpose of this issue is to refund at lower rates of interest a prior
indebtedness incurred for court house improvements.
Bids may be condi¬
tioned subject to the approving opinion of Chapman & Cutler of Chicago,
or Lines, Spooner & Quarles of Milwaukee, which opinion together with
printed bonds must be paid for by the purchaser.
A certified check for
$500 is required.
stated by the County
(P. O.
Rockport) Texan—BOND DISPOSAL REPORT—It is said that $11,000
3M% semi-ann. refunding bonds are being handled through Crummer &
Co. of Dallas.
Due on April 10 in 1941 to 1945.
°
Prairie
These bonds shall be the direct general
payable from unlimited ad valorem taxes
DOUGLAS
TEXAS
ARANSAS COUNTY COMMON SCHOOL DISTRICT NO. 3
O.
Enclose a certi¬
taxable property in the county.
A direct annual irrepealable tax has been
levied upon all the taxable property in the county, to pay the interest and
KNOX COUNTY (P. O. Knoxville), Tenn .—BOND OFFERING—
Sealed bids will be received until 10 a. m. on June 4, by W. H. Hall, County
Court Clerk, for the purchase of the following coupon bonds aggregating
follows:
(P.
of delivery.
county
Trust Co.,
13,000 Farragut
COUNTY
CRAWFORD
& Cutler, of Chicago.
OFFERING—Sealed bids will be received until 3 p. m. on May 27, by Lester
Daugherty, County Clerk, for the purchase of $27,500 not to exceed 1M %
semi-annual coupon refunding bonds.
Dated June 1,1940. Denom. $1,000,
one for $500.
Due June 1, as follows:
$3,000 in 1941 to 1948, $2,000 in
1949
and $1,500 in 1950.
Principal and interest payable at the County
Treasurer's office.
Bids must be at least par plus accrued interest to date
TENNESSEE
in 1943 to 1951.
May 25, 1940
BONDS REOFFERED—Sealed bids will again be received by the abov
named Clerk, until 10 a. m. on June 3, for the purchase of the said bonds
$120,000 issue of refunding bonds offered
were
Chronicle
The Commercial & Financial
3400
HAMILTON,
Ont.—BOND SALE—A.
E. Ames & Co. of Toronto
of 100.25, a
obtained award of $9,000 3% improvement bonds at a price
basis of about 2.95%. Due serially from 1941 to 1949 incl.
MONTREAL,
Que.—UNDER
CONTROL
OF
PROVINCIAL
COM¬
United Press dispatch from Quebec, dated May 17, re¬
ported in part as follows:
*
The City of Montreal, with its credit gone, today was placed under the
Quebec Municipal Commission.
The bill passed the third reading in the Legislature and was then rushed
to the legislative council chambers for another reading.
Later LieutenantGovernor Sir Eugene Fiset affixed his signature to the bill making it law.
L. Eugene Potvin has been named by the commission as city manager
and it generally was believed Montreal alderman will retain their positions.
MISSION—A
Demand that the civic government of Montreal be handed over to the
Municipal Commission was made when the city discovered it could not
meet several outstanding financial obligations.
Financial circles in the province and through Canada and the United
States who hold Montreal bonds were not pressing forward for payment
following indication by Premier Adelard Godbout that the Government
would meet all civic
New taxes
are
obligations.
„■
,,,
expected to be employed In order to aid in
re-establishment
outcome of
"pot."
of the city's financial position and banking heads are awaiting
the first commission steps before throwing more money into the
an
RED DEER, Alta.—BOND SALE—Tanner &
issue of $45,000 5% improvement bonds at a
about 5.14%.
Co. of Calgary purchased
price of 98.50, a basis of
Due serially from 1941 to 1970 incl.
RIDGETOWN, Ont.—BOND SALE—Harris, Ramsay & Co. of Toronto
an issue of $80,000 4% improvement bonds at a price of 105.56,
purchased
a
basis of about 3.40%.
Due in I960.
@FedFRASER